Interim Report and Unaudited Accounts
BlackRock Global Funds (BGF)
R.C.S. Luxembourg: B.6317
28 February 2017
Contents
Board of Directors
2
Management and Administration
2
General Information
3
Chairman’s Letter to Shareholders
5
Investment Adviser’s Report
8
Statement of Net Assets
16
Three Year Summary of Net Asset Values
22
Statement of Operations and Changes in Net Assets
52
Statement of Changes in Shares Outstanding
64
Portfolio of Investments
ASEAN Leaders Fund
Asia Pacific Equity Income Fund
Asian Dragon Fund
Asian Growth Leaders Fund
Asian Local Bond Fund
Asian Multi-Asset Growth Fund
Asian Tiger Bond Fund
China Fund
Continental European Flexible Fund
Emerging Europe Fund
Emerging Markets Bond Fund
Emerging Markets Corporate Bond Fund
Emerging Markets Equity Income Fund
Emerging Markets Fund
Emerging Markets Local Currency Bond Fund
Euro Bond Fund
Euro Corporate Bond Fund
Euro Reserve Fund
Euro Short Duration Bond Fund
Euro-Markets Fund
European Equity Income Fund
European Focus Fund
European Fund
European High Yield Bond Fund
European Special Situations Fund
European Value Fund
Fixed Income Global Opportunities Fund
Flexible Multi-Asset Fund
Global Allocation Fund
Global Corporate Bond Fund
Global Dynamic Equity Fund
Global Enhanced Equity Yield Fund
Global Equity Income Fund
Global Government Bond Fund
88
89
91
93
95
98
106
113
115
117
119
129
133
136
138
143
159
169
171
181
183
185
187
189
194
196
198
261
276
290
305
315
320
322
Global High Yield Bond Fund
Global Inflation Linked Bond Fund
Global Long-Horizon Equity Fund
Global Multi-Asset Income Fund
Global Opportunities Fund
Global SmallCap Fund
India Fund
Japan Flexible Equity Fund
Japan Small & MidCap Opportunities Fund
Latin American Fund
Natural Resources Growth & Income Fund
New Energy Fund
North American Equity Income Fund
Pacific Equity Fund
Renminbi Bond Fund
Strategic Global Bond Fund
Swiss Small & MidCap Opportunities Fund(1)
United Kingdom Fund
US Basic Value Fund
US Dollar Core Bond Fund
US Dollar High Yield Bond Fund
US Dollar Reserve Fund
US Dollar Short Duration Bond Fund
US Flexible Equity Fund
US Government Mortgage Fund
US Growth Fund
US Small & MidCap Opportunities Fund
World Agriculture Fund
World Bond Fund
World Energy Fund
World Financials Fund
World Gold Fund
World Healthscience Fund
World Mining Fund
World Real Estate Securities Fund
World Technology Fund
332
352
358
359
410
413
416
418
419
421
423
425
427
429
431
433
449
450
451
453
482
499
501
514
516
526
527
529
531
544
546
548
550
552
554
556
Notes to the Financial Statements
558
Appendix I – Share Classes
569
Appendix II – Eligibility for French “Plan d’Epargne
en Actions” (“PEA”)
572
Appendix III – Supplementary Information
573
(1)
Fund closed to subscriptions, see Note 1, for further details.
Subscriptions may be made only on the basis of the current Prospectus and relevant KIID for the Funds, together with the most recent annual report and audited accounts and interim report
and unaudited accounts. Copies are available from the Investor Services Centre, the Transfer Agent, the Management Company or any of the Distributors.
Interim Report and Unaudited Accounts
1
Board of Directors(1)(2)(3)
Management
and Administration continued
Nicholas C. D. Hall (Chairman)
Frank P. Le Feuvre
Alexander C. Hoctor-Duncan (resigned effective 6 October 2016)
Francine Keiser
Geoffrey D. Radcliffe
Bruno Rovelli (resigned effective 6 October 2016)
Barry O’Dwyer (appointed effective 17 October 2016)
Robert Hayes (appointed effective 17 October 2016)
Administrator
The Bank of New York Mellon (International) Limited
Luxembourg Branch
2-4, rue Eugène Ruppert
L-2453 Luxembourg
Grand Duchy of Luxembourg
(1)
All Directors of BlackRock Global Funds are non-executive Directors.
Frank P. Le Feuvre, Geoffrey D. Radcliffe, Barry O’Dwyer and Robert Hayes are employees
of the BlackRock Group (of which the Management Company, Investment Advisers
andPrincipal Distributor are part). Nicholas C. D. Hall is a former employee ofthe
BlackRockGroup.
(3) Francine Keiser is an independent Director.
(2)
Management
and Administration
Management Company
BlackRock (Luxembourg) S.A.
35A, avenue J.F. Kennedy, L-1855 Luxembourg,
Grand Duchy of Luxembourg
Investment Advisers
BlackRock Financial Management, Inc.
Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055,
USA
BlackRock Investment Management, LLC
100 Bellevue Parkway, Wilmington, Delaware 19809, USA
BlackRock Investment Management (UK) Limited
12 Throgmorton Avenue, London EC2N 2DL, UK
BlackRock (Singapore) Limited
# 18-01 Twenty Anson, 20 Anson Road, Singapore, 079912
Sub-Investment Advisers
BlackRock Asset Management North Asia Limited
16/F Champion Tower, 3 Garden Road, Central, Hong Kong
BlackRock Japan Co. Limited
1-8-3 Marunouchi, Chiyoda-ku, Tokyo 100-8217, Japan
BlackRock Investment Management (Australia) Limited
Level 26, 101 Collins Street, Melbourne 3000, Australia
Principal Distributor
BlackRock Investment Management (UK) Limited
12 Throgmorton Avenue
London EC2N 2DL
UK
Depositary
The Bank of New York Mellon (International) Limited
Luxembourg Branch
2-4, rue Eugène Ruppert
L-2453 Luxembourg
Grand Duchy of Luxembourg
2
BlackRock Global Funds (BGF)
Transfer Agent and Registrar
J.P. Morgan Bank Luxembourg S.A.
European Bank & Business Center
6, route de Trèves, Building C
L-2633 Senningerberg
Grand Duchy of Luxembourg
Auditor
PricewaterhouseCoopers, Société coopérative
2, rue Gerhard Mercator
L-2182 Luxembourg
Grand Duchy of Luxembourg
Legal Advisers
Linklaters LLP
35 avenue John F. Kennedy, L-1855 Luxembourg
Grand Duchy of Luxembourg
Listing Agent
J.P. Morgan Bank Luxembourg S.A.
European Bank & Business Center
6, route de Trèves, Building C
L-2633 Senningerberg
Grand Duchy of Luxembourg
Securities Lending Agent
BlackRock Advisors (UK) Limited
12 Throgmorton Avenue
London EC2N 2DL
UK
Paying Agents
A list of Paying Agents is to be found on pages 3 and 4.
Registered Office
2-4, rue Eugène Ruppert
L-2453 Luxembourg
Grand Duchy of Luxembourg
Enquiries
In the absence of other arrangements, enquiries regarding
the Company should be addressed as follows:
Written enquiries:
BlackRock Investment Management (UK) Limited
c/o BlackRock (Luxembourg) S.A.
P.O. Box 1058
L-1010 Luxembourg
Grand Duchy of Luxembourg
All other enquiries:
Telephone: + 44 207 743 3300
Fax: + 44 207 743 1143
Website: www.blackrockinternational.com
Email: [email protected]
General Information
Current Prospectus
The Company’s Prospectus dated 30 June 2016 and the relevant KIID for the Funds along with copies of the Account Opening
and Dealing Form may be obtained from the Local Investor Services Centre, the Management Company or any of the
Representatives or Distributors. Copies of the Company’s Articles of Association and the Annual Report and Audited Accounts
and Interim Report and Unaudited Accounts may also be obtained free of charge from any of these offices and from the Paying
Agents. All these documents are also available from www.blackrockinternational.com
Representatives
The representative in Hong Kong is BlackRock Asset Management North Asia Limited, 16/F, Champion Tower, 3 Garden Road
Central, HongKong.
The representative in Switzerland is BlackRock Asset Management Switzerland Limited, Bahnhofstrasse 39, 8001 Zurich, Switzerland.
The representative in Poland is Dubiński Fabrycki Jeleński, ul. Zielna 37, 00-108 Warszawa, Poland.
Authorised Status
The Company is an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under the Luxembourg law of
17 December 2010 as amended. Regulatory consents have been obtained or appropriate notifications have been made for the
distribution of shares of the Company’s Funds in the umbrella in the following countries:
Austria, Canada, Czech Republic, Denmark, Finland, France, Germany, Gibraltar, Hungary, Iceland, Ireland, Luxembourg,
Netherlands, Norway, Poland, Slovakia, Spain, Sweden and the United Kingdom.
Regulatory consents have been obtained or appropriate notifications have been made for the distribution of shares of certain
Funds in the umbrella in the following countries:
Belgium, Brunei, Chile, Greece, Hong Kong, Italy, Japan, Korea, Macau, Peru, Portugal, Singapore, Switzerland andTaiwan.
Shares of certain Funds in the umbrella may also be offered in Malta, Mauritius and Singapore by private placement.
The Company is duly registered with the Comisión Nacional de Mercado de Valores in Spain under number 140.
Paying Agents
Austria
Raiffeisen Bank
International AG
Am Stadtpark 9
1030 Vienna
France
CACEIS Bank
1/3, Place Valhubert 75013,
Paris, France
Belgium
J.P. Morgan Chase Bank
Brussels Branch
1 Boulevard duRoiAlbertII
Brussels
B1210 - Belgium
Luxembourg
(Central Paying Agent)
J.P. Morgan Bank
Luxembourg S.A. European Bank
& Business Center,
6, route de Trèves, BuildingC
L-2633 Senningerberg
Grand Duchy ofLuxembourg
Czech Republic
UniCredit Bank Czech Republic
and Slovakia, A.S.
Prague 4 - Michle,
Zeletavská1525/1,
140 92, Czech Republic
Interim Report and Unaudited Accounts
Switzerland
State Street Bank International
GmbH,
Munich, Zurich branch
Beethovenstrasse 19,
CH-8027 Zurich,
Switzerland
Italy
Allfunds Bank S.A.
Succursale di Milano
Via Santa Margherita 7
20121 Milan
Italy continued
RBC Investor Services Bank S.A.
Succursale di Milano
Via Vittor Pisani, 26
I-20121 Milan
Banca Monte dei Paschi
di Siena S.p.A.
Piazza Salimbeni 3
53100 Siena
Société Générale Securities
Services S.p.A.
Via Benigno Crespi, 19/A, MAC II
20159 Milan
Banca Sella HoldingS.p.A.
Piazza Gaudenzio Sella 1
13900 Biella
State Street Bank GmbH
–Succursale Italia
Registered Office
Via Ferrante Aporti, 10
20125 Milan
BNP Paribas Securities
Services
Succursale di Milano
Via Ansperto 5
20123 Milan
Poland
Bank Handlowy
w Warszawie S.A.
ul. Senatorska 16
00-923 Warsaw
3
General Information continued
Paying Agents continued
United Kingdom
J.P. Morgan Europe Limited
UK Paying Agency
3 Lochside View
Edinburgh
United Kingdom
EH12 9DH
Germany
J.P. Morgan AG
CIB/Investor Services -Trustee
&Fiduciary
Taunustor 1 (Taunus Turm)
60310 Frankfurt am Main
Germany
Gibraltar
Hassans International Law Firm
57/63 Line Wall Road
Gibraltar
Mauritius Subsidiary
Directors
Nicholas C.D. Hall
Couldip Basanta Lala
Kapildeo Joory
Frank P. Le Feuvre
Geoffrey D. Radcliffe
Mauritian Auditor to the Subsidiary
PricewaterhouseCoopers
18 Cybercity, Ebène, Réduit 72201
Mauritius
Indian Investment Adviser
DSP BlackRock Investment Managers Private Limited
Mafatlal Chambers, 10th Floor
Nariman Point
Mumbai - 400 021
India
Investment Manager
BlackRock Investment Management (UK) Limited
12 Throgmorton Avenue
London EC2N 2DL
United Kingdom
Mauritian Administrator
International Financial Services Limited
IFS Court, Bank Street
Twenty Eight, Cybercity
Ebene 72201
Mauritius
Publication of Prices and Notices to Shareholders
Notices are sent to registered shareholders and (when legally required) published in such newspapers as decided by the
Directors and on the Recueil des Sociétés et Associations in Luxembourg. The previous Dealing Day’s prices for shares may be
obtained during business hours from the local Investor Service Centre and are also available from the BlackRock website. They
will also be published in such countries as required under applicable law and at the discretion of the Directors in a number of
newspapers worldwide. The Company cannot accept any responsibility for error or delay in the publication or non-publication
of prices. Historic dealing prices for all shares are available from the Administrator or local Investor Services Centre.
Purchases and Sales
A detailed list of investments purchased and sold for any Fund during the period is available upon request, free of charge, from
the Registered office, or the offices of the Representatives as mentioned above.
Disclosure Policy
Details of month end holdings and valuations for all BlackRock Global Funds will be made available upon request from the
Investor Services Centre to any BlackRock Global Funds shareholder no earlier than 10 business days after a given month end.
BlackRock Global Funds reserves the right to require shareholders to sign an appropriate non-disclosure document prior to
providing such information.
4
BlackRock Global Funds (BGF)
Chairman’s Letter to Shareholders
1 September 2016 to 28 February 2017
Dear Shareholder,
I am writing to update you on the activities of BlackRock Global Funds (‘BGF’) over the six months to the end of February 2017.
The Funds’ performance is covered in more detail in the separate Investment Adviser’s report in which you will see that equity
markets have moved significantly higher over the period, driven by more positive economic growth and expectations of fiscal
stimulus from the world’s major economies.
In contrast, bond markets have been significantly more volatile as inflation expectations have revived. With the prospect of
deflation dimmed, it became more difficult to justify low or negative bond yields. Yields on the major government bonds rose
over the period, though they have been more stable recently.
Although the election of Donald Trump as US President appeared to be the catalyst both for higher equity markets and weaker
bond markets, the trend was already well established. The Purchasing Manager’s Index had been turning higher for some time,
while commodity prices had stabilised. Inflation figures had started to move up and in the US, wage growth was rising.
Donald Trump’s election accelerated the process. His manifesto promises cuts in tax rates for corporates and middle income
earners across the US fuelled expectations of higher growth.
The US Federal Reserve responded to improving growth and employment numbers with a quarter point rise in the Fed Funds
rate. Markets are expecting another two, or possibly three, rises by the end of the year, taking the base rate to almost 2%.
However, their actions have been tempered to some extent by the persistently high level of the US Dollar, which is acting as a
brake on US economic activity.
While stock markets rose in aggregate, there was a notable rotation away from defensive companies, with stable, predictable
earnings, cashflow and dividends that had dominated since the credit crisis. Instead investors sought out more economically
sensitive areas, such as financials and resources, where valuations were far lower. These looked likely to benefit more from an
inflationary environment. This rotation was evident across almost all markets.
In geographic terms, the US continued to dominate, in spite of higher valuations. For international investors, returns were
enhanced by the strong dollar. US stock markets were supported by continued strong economic growth and the promise
ofsome loosening of the government purse strings.
Elsewhere, Japan had a strong run, particularly in domestically-focused small and mid cap stocks. To date, Japan is the only
country that has committed to significant fiscal stimulus and this appears to be reflected in improving economic figures. The
country’s gross domestic product growth for the final quarter of 2016 was recently revised higher to 1.2%, suggesting the
country may have put deflation on the back burner for the time being.
Europe is facing a tumultuous year, with general elections in the Netherlands, France and Germany. Each has its own brand of
populist candidate making an impact. Of these, the greatest risk to the wider European project remains France’s Marine le Pen,
the far right candidate promising the chance of a ‘Frexit’ should she be elected.
However, for the time being, all is calm. The European Central Bank stimulus package appears to be working to get credit
moving around the system once again. Economic figures are improving for the peripheral countries as well as the core. Only
Italy remains the laggard, with a banking system at breaking point, political inertia and a weakened economy. Its stock markets
marginally lagged other developed markets over the period.
For the UK, there was plenty of noise around Brexit – the triggering of article 50, the role of parliament and the final deal sought
by the UK government. However, the UK stock market performed relatively well over the period, buoyed by a higher weighting
in mining and banking companies.
Emerging markets had a mixed period. There was an immediate sell off following the election of Donald Trump as investors
fretted about the impact of increased protectionism on developed market economies. Mexico has taken the biggest early hit,
with a significant devaluation of the peso. However, Asia was also weak.
The information stated in this report is historical and not necessarily indicative of future performance.
Interim Report and Unaudited Accounts
5
Chairman’s Letter to Shareholders
1 September 2016 to 28 February 2017 continued
Emerging markets had recovered some ground by the end of the period, as investors concluded that President Trump may
struggle to implement some of his headline policies. The supply chains are too complex, US labour too expensive and the
logistics of repatriated manufacturing and production too difficult. Within emerging markets, Asia remains the laggard, while
Brazil has forged ahead. Emerging Europe has been notably stronger.
Bond markets appear to be in the dying days of the near-three decade long bull market. Yields have responded to a new
environment, where deflation is no longer a risk and interest rates looks set to rise. The yield on the 10-year UK government
bond, for example, has moved from 0.73% at the start of August to 1.19% at the end of February. That said, relatively few
people are predicting a significant sell off in bonds, given that there are still significant deflationary forces at work – high debt,
an ageing population, low business investment.
Regulatory change continued throughout Europe and a number of these future changes could have implications for investors.
Key changes included:
Revisions to the Markets in Financial Instruments Directive (MiFID II) and the new Markets in Financial Instruments Regulation
(MiFIR): the revised directive and new regulation have been finalised and are due to come into effect at the beginning
of2018. Requirements being introduced include restrictions on how financial advisers may be remunerated which could
result in advisers amending their services.
European Market Infrastructure Regulation (EMIR): the Joint Committee of the European Supervisory Authorities published
the final draft of the Regulatory Technical Standards in March 2016, which provide the framework for EMIR. This aims to
increase the transparency and reduce the risk relating to over-the-counter derivatives.
Packaged Retail Investment and Insurance-based Investment Products (PRIIPs): The European Parliament voted to reject the
current regulatory technical standards proposed for the Key Investor Information Document (KIID). The Commission and
Council will now discuss and redraft the standards. The start date has been delayed to 2018.
UCITS V came into effect in March 2016. UCITS V aims to increase the level of protection already offered to investors in
UCITS and to improve investor confidence in UCITS. It aims to do so by enhancing the rules on the responsibilities of
depositaries and by introducing remuneration policy requirements for UCITS fund managers. It also aims to ensure that all
EU regulators responsible for the supervision of UCITS funds and their managers have a common minimum set of powers
available to investigate infringements.
Securities Financing Transactions Regulation (Regulation (EU) 2015/2365) (“SFTR”) came into force on 12 January 2016 and,
amongst other requirements, introduces new disclosure requirements in UCITS funds’ annual and half-yearly reports published
after 13 January 2017 detailing the funds’ use of securities financing transactions and total return swaps (“TRS”). As a result,
additional disclosures have been included in the Supplementary Information section (Appendix III) to the Interim Report.
The assets under management in the BGF range decreased from US$128.7bn to US$126.6bn over the period, as strong inflows
into the Asian, emerging market and global multi-asset funds was offset by weakness in the European funds. The European
funds saw outflows on the back of weaker performance.
Asian and emerging markets focused funds generally fared well as investors concluded that higher global economic growth
might compensate for the Trump effect and took advantage of lower valuations: The Asian Growth Leaders Fund also saw
strong growth, up 29% to US$1.78bn. Assets in the Asian Dragon Fund rose 45% to US$3.12bn.
Emerging market bond and equity funds also proved popular. Assets in the Emerging Markets Bond Fund and Emerging
Markets Corporate Bond Fund rose 12% and 9% respectively to US$2.91bn and US$141.36m. Assets in the Emerging Markets
Local Currency Bond Fund rose 52% to US$2.46bn.
Assets in the Global Multi-Asset Income Fund rose 18% to US$4.62bn.
Financial and natural resources funds benefited significantly from the reflation trade. The World Financials Fund, for example,
saw assets rise 107% to US$521.29m. The World Mining Fund grew 25% to US$5.80bn.
The information stated in this report is historical and not necessarily indicative of future performance.
6
BlackRock Global Funds (BGF)
Chairman’s Letter to Shareholders
1 September 2016 to 28 February 2017 continued
The European funds were a weak spot as investors saw political turmoil ahead. The European Equity Income Fund, European
Focus Fund and European Fund lost 22%, 24% and 17% of their assets respectively.
As the global bond market turned a corner, the demand for fixed income funds waned. The Fixed Income Global Opportunities
Fund saw assets remain flat over the period at US$7.84bn. The Global Government Bond Fund shed 17% of its assets to
US$641.89m. High yield funds saw stronger inflows.
There were no changes to the fund range during the period under review.
Should you have any questions on any of this material, please contact us via our website: www.blackrockinternational.com or via
email: [email protected].
Yours faithfully,
Nicholas C.D. Hall
Chairman
March 2017
The information stated in this report is historical and not necessarily indicative of future performance.
Interim Report and Unaudited Accounts
7
Investment Adviser’s Report
Performance overview
1 September 2016 to 28 February 2017
Market Review
Asset class performance over the last six months has been
dominated by rising expectations of inflation. This has seen
equity markets move higher at the same time as there has
been volatility in bond markets.
After moving sideways over the summer, markets started to
break out of a narrow trading range following the election of
Donald Trump in November and have continued their steady
rise higher ever since. They have not been derailed by raising
rate rise expectations, or political turmoil in Europe, or even
some erratic pronouncements from the White House.
However, there has been a notable change in leadership,
away from defensive, stable companies, and towards those
areas with more exposure to economic growth – banks
and resource companies. This has been evident across all
geographic regions. Gold has been a laggard, compared
to other natural resources, as investors predict better times
ahead.
Swiss Small & MidCap Opportunities Fund registered a gain
of 11.09%, building on its strength in the previous six months,
compared to 8.66% for its benchmark, the SPI Extra Index.
The US Small & MidCap Opportunities Fund rose by 7.11%,
underperforming the S&P US Mid Small Cap Index, which
was up by 10.37%.
European equities were weak relative to some of their
developed market peers, in spite of the huge quantitative
easing programme announced during the period and
generally improving economic data. The Continental
European Flexible Fund rose by 5.63%, underperforming the
FTSE World Europe ex UK Index, which rose by 9.00%. The
European Value Fund benefited from the broader market
move to value strategies, rising 7.42%. This was behind the
MSCI Europe Value Index, which rose 12.38%. The European
Equity Income Fund rose by 2.85%. This was significantly
behind the MSCI Europe Index, its benchmark, which rose
8.77%. The European Focus Fund was up 5.32% while the
European Special Situations Fund rose by 3.57%. Both are
benchmarked to the MSCI Europe Index, which rose 8.77%.
Bond prices appear to have finally turned a corner after a
lengthy bull run. The prospect of both higher inflation and,
by consequence, higher interest rates, has seen prices fall
and yields rise. Nevertheless, the sell-off stabilised in the last
two months of the period under review. The government
bond market has a number of price-insensitive buyers who
continue to support valuations.
Funds with a focus on US equities were stronger, as the
world’s biggest economy continued to strengthen. The US
Growth Fund producing a positive return of 7.00%, behind
the Russell 1000 Growth Index, which was up 9.15%. The US
Basic Value Fund rose by 8.12% underperforming the Russell
1000 Value Index, which was up by 11.07% over the period.
There are parts of the bond market that continue to attract
support. Emerging market debt and, in particular, high yield
has been reasonably strong. Higher quality corporate bonds
have also survived the rout in many cases.
Japanese funds did particularly well over the period as
the economy improved and the yen weakened. The Japan
Flexible Equity Fund rose 16.49%, ahead of the MSCI Japan
Index, which rose 15.08%.
Fund Performance
Performance data stated is for the main (A) share class of the
relevant Fund, stated in the base currency of the Fund, net
offees.
Performance across emerging markets funds was mixed,
held back initially by the election of Donald Trump, but
recovery at the start of 2017. Asia was the weakest spot. The
Asian Growth Leaders Fund rose 5.40% outperforming its
benchmark, the MSCI All Country Asia ex Japan Index, which
rose 4.54%. The Asian Dragon Fund rose 4.74% (against the
same benchmark).
Equity Fund Performance
Global equities climbed steadily higher over the period, with
the US leading the way. The Global Equity Income Fund rose
2.05%, behind its benchmark, the MSCI ACWI Index, which
rose by 7.53%. The Global Opportunities Fund rose 4.97%,
trailing its MSCI ACWI Index benchmark.
Shares of small and medium sized companies were relatively
strong, as investors saw them as natural beneficiaries of a
stronger economic climate. The Global SmallCap Fund rose
5.74%, well behind its benchmark, the MSCI AC World Small
Cap, which rose 8.47%. Of the individual country funds, the
Japan Small & MidCap Opportunities Fund was particularly
strong after a period of weakness, rising 16.77%, behind the
S&P Japan Mid Small Cap Index, which rose 19.70%. The
The India Fund rose 1.18%, against its MSCI India Index
benchmark performance of 0.76%. The Emerging Markets
Fund, which has a more broad exposure across the emerging
markets investment universe, rose by 2.22%, behind the
benchmark MSCI Emerging Markets Index, which was up
by 5.51%. The Emerging Markets Equity Income Fund,
which shares the same benchmark, was up 6.86%. The Latin
American Fund rose 7.69%, slightly behind its benchmark,
the MSCI Emerging Markets Latin America Index, which rose
9.55%. The Emerging Europe Fund rose 18.73%, well ahead
of its benchmark, the MSCI Emerging Markets Europe 10/40
Index, which rose 16.22% over the period.
The information stated in this report is historical and not necessarily indicative of future performance.
8
BlackRock Global Funds (BGF)
Investment Adviser’s Report
Performance overview
1 September 2016 to 28 February 2017 continued
In natural resources, the New Energy Fund was hit by the
wider recovery in the resources sector, rising 0.25%, ahead
of its benchmark, the MSCI World Index (Net) (USD), which
was flat over the period. The World Mining Fund rose 17.69%
underperforming its benchmark, the Euromoney Global
Mining Constrained Weights Net Total Return Index, which
was up by 19.61%. The World Agriculture Fund rose by 6.23%
behind its benchmark, the DAX Global Agribusiness Index,
which was up by 6.79%. The World Gold Fund fell 7.97%,
marginally behind its benchmark, the FTSE Gold Mines Index,
which fell 7.59%.
Among specialist strategies, the World Real Estate Securities
Fund was a weak spot seeing a fall of 2.47%, outperforming
its benchmark, which was down 3.11%.
Mixed Asset Fund Performance
The diversified Global Allocation Fund – which invests in
a mixture of fixed income securities, equities and cash –
gained 3.48% ahead of its reference benchmark, which rose
by 2.85% (the benchmark comprises 36% S&P 500 Index,
24%FTSE World Index (Ex-US) Index, 24% BofA ML Cur
5-Yr US Treasury Index, 16% Citigroup Non-USD World Govt
Bond Index). The Global Dynamic Equity Fund gained 9.14%
ahead of its reference benchmark, which rose by 8.27%
(thebenchmark comprises of 60% S&P 500 Index/40% FTSE
World (ex US) Index).
The Flexible Multi-Asset Fund, rose by 4.91%, a little
ahead of its reference benchmark, 50% MSCI World Index,
50%Citigroup World Government Bond Euro Hedged Index,
which was up 4.46%. The Fund invests in an actively-managed
portfolio of global equities and bonds, with some tactical
exposure to alternative assets and specialist markets.
The Global Multi-Asset Income Fund rose by 2.62% over the
period. The Fund combines the ability to allocate actively
across a full range of asset classes and geographies at
a top-down level with a focus on adding value through
bottom-up security selection by specialist teams in each key
asset class. It does not have a benchmark.
Fixed Income Fund Performance
For bond asset classes, yields on higher quality sectors rose
over the period, but high yield and emerging markets were
resilient. The Global Government Bond Fund fell 2.91%,
marginally behind its benchmark, the Citigroup World
Government Bond USD Hedged Index, which fell 2.69%.
The Euro Corporate Bond Fund fell 0.49%, compared to
a fall of 0.77% for its benchmark, the BofA Merrill Lynch
Euro Corporate Index. The Global Corporate Bond Fund
fell 2.09%, compared to a fall of 1.00% for its benchmark,
the Bloomberg Barclays Global Aggregate Corporate Bond
USDHedgedIndex.
The Euro Bond Fund fell 2.48%, against a fall in its
benchmark, the Bloomberg Barclays Euro-Aggregate
500mm+ Bond Index, of 2.73%. The Euro Short Duration
Bond Fund rose 0.13%, against a flat return from the
Bloomberg Barclays Eur Aggregate 500mm 1-3 yr Index.
The Global High Yield Bond Fund rose 4.54%, against a rise
in its benchmark, the BofA Merrill Lynch Global High Yield
Constrained USD Hedged Index, of 5.29%. The Emerging
Markets Local Currency Bond Fund rose 0.69% over the
period, ahead of its benchmark, the JP Morgan GBI-EM
Global Diversified Index, which fell 0.27%. The broader
Emerging Markets Bond Fund rose 1.91%, compared to a
fall of 0.29% for its benchmark, the JP Morgan EMBI Global
Diversified Index.
Asian bonds were weaker with the Asian Local Bond Fund
down 4.66% against a fall of 3.72% for its benchmark, the
Markit iBoxx ALBI Index.
The flagship Fixed Income Global Opportunities Fund
delivered a positive absolute return of 1.95%.
Outlook
The markets closed the period at an apparent inflection point.
After some time when deflation seemed to be the greater
risk, inflationary pressures are now re-emerging. Commodity
prices are rising, wage pressures are being felt in a number
of key economies and inflation has already edged up to and
beyond the 2% target in some cases.
The effects of this for global markets are clear. Global inflation
may bring higher interest rates, which makes low-yielding
bonds a poor option for long-term investors, particularly if
governments increasingly look to fiscal policy to stimulate
their economies from here.
Particularly important has been the election of Donald
Trump. His first weeks in office have been frenetic and he
seems intent on implementing all his campaign promises to
the extent that Congress allow him to do so. At the time of
writing, he has not yet laid out the plans for fiscal expansion
that have got markets so excited, but most believe it is only a
matter of time. In the meantime, equity markets continue to
rally and bond yields to rise.
Within equity markets, the move from more defensive areas
to more economically sensitive areas continues. While a
number of commentators continue to doubt the strength of
the reflation trade, pointing out that many deflationary factors
remain in place, the outperformance of growth over value
has been a persistent trend and, as such, may take time to
unwind.
The information stated in this report is historical and not necessarily indicative of future performance.
Interim Report and Unaudited Accounts
9
Investment Adviser’s Report
Performance overview
1 September 2016 to 28 February 2017 continued
The biggest risks looking into 2017 once again appear to
be political. A wave of general elections in Europe – notably
Germany and France – could prove destabilising for the
European project as populist parties whip up support for
isolationism. Politicians such as Marine Le Pen in France and
the Five Star Movement in Italy have found resonance with
segments of the French and Italian populations and are
calling for their respective countries to leave the currency
union. The European Union may be able to weather a Brexit,
a ‘Frexit’ would almost certainly spell an end to the Union in
its current form. Nevertheless, the early result from the Dutch
election suggests the forces of populism may not be as
strong as currently thought.
In the UK, the triggering of Article 50 looks certain to create
some volatility, both domestically and across Europe.
Although markets appear to be factoring in a more benign
outcome than they were six months ago, there are likely to
be implications both for the UK currency and the UK stock
market.
Emerging markets will be a key area to watch, particularly
China. Concerns remain about China’s debt levels and the
real pace of growth in its economy. There remains a danger
of the property market unwinding. Nevertheless, the country
appears stable for the time being. Elsewhere in emerging
markets, investors will be watching Trump’s trade policies
closely. Will his bite be as bad as his bark?
The question for bond markets in this environment is
whether income-starved buyers start returning to the asset
class at a certain level of yield. There will be a point at which
developed market government bonds look attractive, relative
to equity markets and relative to the level of inflation. That
said, if inflation surges, the outlook for the bond market is
likely to be very different.
Both bonds and equities have seen enduring bull markets
and, in aggregate, cannot be considered cheap. However,
that masks considerable disparity in underlying valuations,
with defensive and dependable companies still look
expensive relative to their more economically sensitive
peers, in spite of the recent shift in market leadership. This
will create opportunities for those with the flexibility to take
advantage.
March 2017
The information stated in this report is historical and not necessarily indicative of future performance.
10
BlackRock Global Funds (BGF)
Investment Adviser’s Report
Performance overview
1 September 2016 to 28 February 2017 continued
Disclosed in the table below are the performance returns for the A Class Non-Distributing Share Class for each Fund, net of
fees, which has been selected as a representative Share Class. Performance returns for any other Share Class can be made
available on request.
Calculation methodology is based on industry standards.
Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a
product. All financial investments involve an element of risk. Therefore, the value of an investment and the income from it will
vary and the initial investment amount cannot be guaranteed. The Fund invests a large portion of assets which are denominated
in currencies other than US dollar; hence changes in the relevant exchange rate will affect the value of the investment. The
performance figures do not consider charges and fees that may be levied at the time of subscription or redemption of shares.
Levels and bases of taxation may change from time to time. Subscriptions may be made only on the basis of the current
Prospectus, of which the most recent annual report and audited accounts and interim report and unaudited accounts form an
integral part, as well as Key Investor Information Documents (KIIDs). Copies are available from Investor Services, the Transfer
Agent, the Management Company or any of the Representatives or Distributors. The BGF range is only available for investment
by non-US persons. It is not offered for sale or sold in the US, its territories or possessions.
The Funds are not registered for sale to the public in all jurisdictions. Further details on distribution of shares of the Funds are
included in the Authorised Status on page 3.
Performance
fortheperiod
ended
28February
Performance
for the 10 year
period ended
28 February
Calendar Year Performance
2017
2016
2015
2014
2017
Launch Date
ASEAN Leaders Fund 'A' Non Dist (USD)
-1.37%
7.89%
-19.07%
3.76%
–
8/8/2012
MSCI South-East Asia Index (Net) (USD)
-1.33%
5.98%
-18.52%
6.22%
–
Asia Pacific Equity Income Fund 'A' Non Dist (USD)
5.83%
7.94%
-10.62%
4.60%
–
MSCI All Country Asia Pacific ex Japan Index (Net) (USD)
5.91%
6.75%
-9.37%
2.82%
–
Asian Dragon Fund 'A' Non Dist (USD)
4.74%
8.24%
-5.04%
5.72%
49.22%
MSCI All Country Asia ex Japan Index (Net) (USD)
4.54%
5.44%
-9.17%
4.80%
60.00%
Asian Growth Leaders Fund 'A' Non Dist (USD)
5.40%
6.40%
0.98%
9.46%
–
–
MSCI All Country Asia ex Japan Index (Net) (USD)
4.54%
5.44%
-9.17%
4.80%
Asian Local Bond Fund 'A' Non Dist (USD)
-4.66%
0.21%
-3.88%
3.51%
–
Markit iBoxx ALBI Index b1
-3.72%
1.77%
-3.17%
4.36%
–
Asian Multi-Asset Growth Fund 'A' Non Dist (USD)
0.79%
–
–
–
–
Composite (50% MSCI Asia ex Japan Index/25% JP Morgan Asia
Credit Index/25% Markit iBoxx ALBI Index)
1.18%
–
–
–
–
Asian Tiger Bond Fund 'A' Non Dist (USD)
-0.76%
4.70%
2.28%
8.19%
75.74%
JP Morgan Asian Credit Index (USD)
-0.55%
5.81%
2.80%
8.32%
88.16%
China Fund 'A' Non Dist (USD)
7.26%
5.15%
-2.58%
14.61%
–
MSCI China 10/40 Index (Net) (USD)
5.58%
0.43%
-8.01%
8.38%
–
Continental European Flexible Fund 'A' Non Dist (EUR)
5.63%
-2.68%
20.78%
5.13%
116.25%
FTSE World Europe ex UK Index (EUR)
9.00%
3.35%
10.92%
7.38%
43.35%
Emerging Europe Fund 'A' Non Dist (EUR)
18.73%
25.15%
0.26%
-14.31%
-10.68%
MSCI Emerging Markets Europe 10/40 Index (Net) (EUR)
16.22%
29.46%
-4.99%
-19.74%
-11.56%
Emerging Markets Bond Fund 'A' Non Dist (USD)
1.91%
12.56%
-1.63%
5.63%
83.94%
JP Morgan Emerging Markets Bond Index Global Diversified
Index(USD)
-0.29%
10.15%
1.18%
7.43%
102.07%
Emerging Markets Corporate Bond Fund 'A' Non Dist (USD)
0.62%
9.74%
-0.49%
2.74%
–
JP Morgan Corporate Emerging Markets Bond Index Broad Diversified
1.45%
9.65%
1.30%
4.96%
–
18/9/2009
2/1/1997
31/10/2012
30/4/2012
20/1/2016
2/2/1996
24/6/2008
24/11/1986
29/12/1995
1/10/2004
18/2/2013
The information stated in this report is historical and not necessarily indicative of future performance.
Interim Report and Unaudited Accounts
11
Investment Adviser’s Report
Performance overview
1 September 2016 to 28 February 2017 continued
Performance
fortheperiod
ended
28February
Performance
for the 10 year
period ended
28 February
Calendar Year Performance
2017
2016
2015
2014
2017
Launch Date
6.86%
13.25%
-15.84%
-2.93%
–
12/8/2011
MSCI Emerging Markets Index (Net) (USD)
5.51%
11.19%
-14.92%
-2.19%
–
Emerging Markets Fund 'A' Non Dist (USD)
2.22%
8.08%
-19.34%
-2.07%
17.42%
MSCI Emerging Markets Index (Net) (USD)
5.51%
11.19%
-14.92%
-2.19%
32.62%
Emerging Markets Local Currency Bond Fund 'A' Non Dist (USD)
0.69%
12.99%
-14.17%
-6.92%
4.99%
JP Morgan GBI-EM Global Diversified Index (USD)
-0.27%
9.94%
-14.92%
-5.72%
12.18%
Euro Bond Fund 'A' Non Dist (EUR)
-2.48%
3.12%
1.51%
11.40%
62.64%
Emerging Markets Equity Income Fund 'A' Non Dist (USD)
Bloomberg Barclays Euro-Aggregate 500mm+ Bond Index (EUR)
-2.73%
3.31%
1.00%
11.11%
58.55%
Euro Corporate Bond Fund 'A' Non Dist (EUR)
-0.49%
4.86%
0.39%
7.78%
47.91%
BofA Merrill Lynch Euro Corporate Index (EUR) b2
-0.77%
4.75%
0.43%
8.25%
54.98%
Euro Reserve Fund 'A' Non Dist (EUR)
-0.19%
-0.30%
-0.50%
0.05%
–
7 Day Euro LIBID (EUR)
-0.26%
-0.49%
-0.26%
-0.05%
–
Euro Short Duration Bond Fund 'A' Non Dist (EUR)
0.13%
0.57%
0.70%
2.41%
34.43%
Bloomberg Barclays Eur Aggregate 500mm 1-3yr (EUR)
0.00%
0.58%
0.58%
1.79%
32.28%
Euro-Markets Fund 'A' Non Dist (EUR)
5.46%
-0.83%
21.75%
-4.39%
52.70%
MSCI EMU Index (Net) (EUR)
9.79%
4.37%
9.81%
4.32%
17.34%
European Equity Income Fund 'A' Non Dist (EUR)
2.85%
-6.93%
15.52%
12.12%
–
MSCI Europe Index (Net) (EUR) b3
8.77%
2.58%
8.22%
6.84%
–
European Focus Fund 'A' Non Dist (EUR)
5.32%
-6.55%
12.57%
4.65%
66.30%
MSCI Europe Index (Net) (EUR)
8.77%
2.58%
8.22%
6.84%
32.84%
European Fund 'A' Non Dist (EUR)
5.89%
-5.60%
10.97%
2.58%
41.01%
MSCI Europe Index (Net) (EUR)
8.77%
2.58%
8.22%
6.84%
32.84%
European High Yield Bond Fund 'A' Non Dist (EUR)
3.02%
7.00%
–
–
–
Bloomberg Barclays Pan European High Yield 3% Issuer Constrained
Index EURHedged (EUR)
3.28%
9.02%
–
–
–
European Special Situations Fund 'A' Non Dist (EUR)
3.57%
-7.12%
25.76%
6.80%
92.98%
MSCI Europe Index (Net) (EUR)
8.77%
2.58%
8.22%
6.84%
52.55%
European Value Fund 'A' Non Dist (EUR)
7.42%
-0.35%
13.09%
5.04%
45.62%
MSCI Europe Value Index (Net) (EUR)
12.38%
7.41%
0.65%
5.59%
7.21%
1.95%
2.44%
-0.91%
3.52%
35.73%
–
–
–
–
–
Flexible Multi-Asset Fund 'A' Non Dist (EUR)
4.91%
0.87%
1.32%
10.33%
34.46%
Reference (50% MSCI World Index/50% Citigroup World
Government Bond Euro Hedged Index) (EUR)
4.46%
6.63%
5.97%
13.84%
76.33%
Global Allocation Fund 'A' Non Dist (USD)
3.48%
3.24%
-2.27%
1.60%
46.25%
Reference (36% S&P 500 Index/24% FTSE World (Ex-US) Index/24%
BofA ML Cur 5-Yr US Treasury Index/16% Citigroup Non-USD World
Government Bond Index) (USD)
2.85%
6.06%
-0.78%
4.17%
63.59%
Global Corporate Bond Fund 'A' Non Dist (USD)
-2.09%
4.36%
-1.59%
7.33%
–
Bloomberg Barclays Global Aggregate Corporate Bond USD
Hedged Index(USD)
-1.00%
6.22%
-0.24%
7.60%
–
Fixed Income Global Opportunities Fund 'A' Non Dist (USD)
No Index. Absolute Return Style Fund.
The information stated in this report is historical and not necessarily indicative of future performance.
12
BlackRock Global Funds (BGF)
30/11/1993
2/2/2007
31/3/1994
31/7/2006
24/7/2009
4/1/1999
4/1/1999
3/12/2010
14/10/2005
30/11/1993
23/7/2015
14/10/2002
8/1/1997
31/1/2007
4/1/1999
3/1/1997
19/10/2007
Investment Adviser’s Report
Performance overview
1 September 2016 to 28 February 2017 continued
Performance
fortheperiod
ended
28February
Global Dynamic Equity Fund 'A' Non Dist (USD)
Performance
for the 10 year
period ended
28 February
Calendar Year Performance
2017
2016
2015
2014
2017
Launch Date
9.14%
5.41%
-2.22%
3.87%
56.51%
28/2/2006
Reference (60% S&P 500 Index/40% FTSE World (ex US) Index) (USD)
8.27%
9.13%
-0.82%
6.44%
69.72%
Global Enhanced Equity Yield Fund 'A' Non Dist (USD)
4.22%
5.04%
-4.56%
6.28%
16.49%
MSCI ACWI Minimum Volatility (Net) (USD) b4
2.35%
7.43%
2.76%
10.95%
83.47%
Global Equity Income Fund 'A' Non Dist (USD)
2.05%
4.31%
0.50%
2.03%
–
MSCI ACWI Index (Net) (USD) b5
7.53%
7.86%
-2.36%
4.16%
–
Global Government Bond Fund 'A' Non Dist (USD)
-2.91%
2.87%
0.07%
7.83%
40.51%
Citigroup World Government Bond USD Hedged Index (USD) b6
-2.69%
3.75%
1.30%
8.35%
50.15%
Global High Yield Bond Fund 'A' Non Dist (USD)
4.54%
12.22%
-4.67%
1.63%
–
BofA Merrill Lynch Global High Yield Constrained USD Hedged
Index (USD) b7
5.29%
16.21%
-2.03%
2.53%
–
Global Inflation Linked Bond Fund 'A' Non Dist (USD)
-1.65%
8.83%
-1.66%
8.17%
–
Bloomberg Barclays World Government Inflation-Linked Bond
Index (USD)
-1.17%
10.22%
-1.12%
9.04%
–
Global Long-Horizon Equity Fund 'A' Non Dist (USD)
2.83%
–
–
–
–
–
MSCI All Country World Index (Net) (USD)
7.53%
–
–
–
Global Multi-Asset Income Fund 'A' Non Dist (USD)
2.62%
5.34%
-2.35%
4.11%
–
Reference (50% MSCI World Index/50% Bloomberg Barclays Global
Aggregate Bond Index USD Hedged) (USD) b8
2.86%
6.37%
0.30%
6.34%
–
Global Opportunities Fund 'A' Non Dist (USD)
4.97%
2.83%
-1.44%
-3.36%
39.41%
MSCI ACWI Index (Net) (USD) b5
7.53%
7.86%
-2.36%
4.16%
42.00%
Global SmallCap Fund 'A' Non Dist (USD)
5.74%
7.11%
-6.67%
0.67%
62.11%
MSCI ACWI Small Cap Index (USD)
8.47%
11.59%
-1.04%
1.89%
55.50%
India Fund 'A' Non Dist (USD)
1.18%
1.75%
-0.99%
39.02%
71.43%
MSCI India Index (USD)
0.76%
-1.43%
-6.12%
23.87%
52.87%
Japan Flexible Equity Fund 'A' Non Dist (JPY)
16.49%
-3.10%
7.64%
5.36%
-16.44%
MSCI Japan Index (Net) (JPY)
15.08%
-0.74%
9.93%
9.48%
-0.39%
Japan Small & MidCap Opportunities Fund 'A' Non Dist (JPY)
16.77%
1.44%
8.75%
10.34%
3.36%
S&P Japan Mid Small Cap Index (JPY)
19.70%
3.65%
13.40%
14.66%
28.23%
7.69%
24.96%
-30.68%
-9.41%
3.12%
Latin American Fund 'A' Non Dist (USD)
MSCI Emerging Markets Latin America Index (Net) (USD)
9.55%
31.04%
-31.04%
-12.30%
15.70%
Natural Resources Growth & Income Fund 'A' Non Dist (USD)
11.63%
32.13%
-24.88%
-8.46%
–
S&P Global Natural Resources Index (USD)
12.05%
31.46%
-24.50%
-10.18%
–
New Energy Fund 'A' Non Dist (USD)
0.25%
1.32%
-2.82%
-3.11%
-25.71%
MSCI World Index (Net) (USD)
7.78%
7.51%
-22.80%
-11.60%
52.22%
10.49%
13.92%
-2.53%
8.88%
–
S&P 500 Index (Net) (USD)
9.67%
11.23%
0.75%
13.03%
–
Pacific Equity Fund 'A' Non Dist (USD)
7.83%
1.67%
-2.39%
-1.15%
26.53%
MSCI All Country Asia Pacific Index (Net) (USD)
6.10%
4.89%
-1.96%
0.00%
23.69%
Renminbi Bond Fund 'A' Non Dist (CNH)
0.09%
4.47%
3.77%
3.78%
–
Markit iBoxx ALBI China Offshore Index b9
-0.97%
4.65%
3.19%
3.02%
–
North American Equity Income Fund 'A' Non Dist (USD)
13/10/2006
12/11/2010
13/5/1987
8/6/2007
19/6/2009
19/7/2016
28/6/2012
29/2/1996
4/11/1994
2/2/2005
28/2/2005
13/5/1987
8/1/1997
15/4/2011
6/4/2001
9/3/2012
5/8/1994
11/11/2011
The information stated in this report is historical and not necessarily indicative of future performance.
Interim Report and Unaudited Accounts
13
Investment Adviser’s Report
Performance overview
1 September 2016 to 28 February 2017 continued
Performance
fortheperiod
ended
28February
Performance
for the 10 year
period ended
28 February
Calendar Year Performance
2017
2016
2015
2014
2017
Launch Date
Strategic Global Bond Fund 'A' Non Dist (USD)
-2.97%
–
–
–
–
21/7/2016
Reference (Bloomberg Barclays 80% Global Aggregate ex EM
Index/20% EM exKorea Index)
-4.36%
–
–
–
–
11.09%
12.09%
14.91%
13.60%
–
Swiss Small & MidCap Opportunities Fund 'A' Non Dist (CHF)(1)
SPI Extra Index (CHF)
8.66%
8.50%
11.01%
11.37%
–
United Kingdom Fund 'A' Non Dist (GBP)
5.89%
7.07%
10.52%
-0.40%
62.57%
FTSE All-Share Index (GBP)
8.57%
16.75%
0.98%
1.18%
77.29%
US Basic Value Fund 'A' Non Dist (USD)
8.12%
16.41%
-8.39%
9.27%
54.59%
Russell 1000 Value Index (USD)
11.07%
17.34%
-3.83%
13.45%
82.55%
US Dollar Core Bond Fund 'A' Non Dist (USD)
-1.89%
2.19%
-0.56%
6.08%
39.35%
Bloomberg Barclays US Aggregate Index (USD)
-2.19%
2.65%
0.55%
5.97%
52.05%
US Dollar High Yield Bond Fund 'A' Non Dist (USD)
4.96%
13.19%
-5.00%
1.60%
71.78%
Bloomberg Barclays US High Yield 2% Constrained Index (USD)
5.43%
17.13%
-4.43%
2.46%
104.11%
US Dollar Reserve Fund 'A' Non Dist (USD)
0.20%
0.21%
0.00%
0.01%
0.59%
7 Day USD LIBID (USD)
0.21%
0.29%
0.04%
0.00%
10.62%
US Dollar Short Duration Bond Fund 'A' Non Dist (USD)
0.62%
1.33%
0.31%
1.11%
17.87%
BoA ML 1-3 Year US Corporate & Government Index (USD)
0.07%
1.29%
0.67%
0.78%
26.51%
US Flexible Equity Fund 'A' Non Dist (USD)
13.75%
8.37%
-1.39%
12.02%
60.26%
Russell 1000 Index (USD)
10.10%
12.05%
0.92%
13.24%
109.69%
US Government Mortgage Fund 'A' Non Dist (USD)
-1.58%
0.98%
0.44%
5.59%
38.68%
Citigroup Mortgage Index (USD)
-1.28%
1.59%
1.56%
6.12%
51.12%
US Growth Fund 'A' Non Dist (USD)
7.00%
-1.20%
4.54%
9.23%
54.03%
138.19%
Russell 1000 Growth Index (USD)
9.15%
7.08%
5.67%
13.05%
US Small & MidCap Opportunities Fund 'A' Non Dist (USD)
7.11%
5.87%
-2.55%
11.75%
89.18%
10.37%
15.67%
-2.38%
10.26%
118.38%
S&P US Mid Small Cap Index (USD)
World Agriculture Fund 'A' Non Dist (USD)
6.23%
9.17%
-14.04%
3.02%
–
DAX Global Agribusiness Index (USD)
6.79%
12.61%
-12.73%
1.55%
–
World Bond Fund 'A' Non Dist (USD)
-2.34%
2.67%
-0.18%
7.15%
42.61%
Bloomberg Barclays Global Aggregate USD Hedged Index (USD)
-1.87%
3.95%
1.02%
7.59%
52.85%
World Energy Fund 'A' Non Dist (USD)
3.88%
27.48%
-29.91%
-15.37%
-18.13%
MSCI World Energy 10/40 Index (Net) (USD) b10
5.76%
27.83%
-23.46%
-11.60%
19.11%
World Financials Fund 'A' Non Dist (USD)
19.09%
6.47%
-7.63%
0.83%
-16.90%
MSCI ACWI Financials Index (Net) (USD) b11
17.02%
12.38%
-5.59%
4.17%
-9.55%
World Gold Fund 'A' Non Dist (USD)
-7.97%
50.92%
-21.88%
-5.19%
-15.55%
FTSE Gold Mines Index (Cap) (USD)
-7.59%
59.59%
-21.42%
-15.20%
-34.48%
World Healthscience Fund 'A' Non Dist (USD)
2.79%
-8.02%
4.56%
24.40%
156.41%
MSCI World Health Care Index (Net) (USD) b12
2.17%
-6.81%
6.60%
18.10%
118.84%
World Mining Fund 'A' Non Dist (USD)
17.69%
52.34%
-41.35%
-23.08%
-43.09%
Euromoney Global Mining Constrained Weights Net Total Return
Index (USD) b13
19.61%
66.93%
-41.08%
-20.54%
-16.45%
World Real Estate Securities Fund 'A' Non Dist (USD)
-2.47%
1.37%
0.65%
20.41%
–
FTSE EPRA/NAREIT Developed Index
-3.11%
4.06%
-0.79%
15.02%
–
(1)
Fund closed to subscriptions, see Note 1, for further details.
The information stated in this report is historical and not necessarily indicative of future performance.
14
BlackRock Global Funds (BGF)
8/1/2008
31/12/1985
8/1/1997
7/4/1989
29/10/1993
30/11/1993
31/10/2002
31/10/2002
2/8/1985
30/4/1999
13/5/1987
9/2/2010
4/9/1985
6/4/2001
3/3/2000
30/12/1994
6/4/2001
24/3/1997
25/2/2013
Investment Adviser’s Report
Performance overview
1 September 2016 to 28 February 2017 continued
Performance
fortheperiod
ended
28February
Performance
for the 10 year
period ended
28 February
Calendar Year Performance
2017
2016
2015
2014
2017
Launch Date
World Technology Fund 'A' Non Dist (USD)
12.26%
5.92%
3.99%
8.13%
71.17%
3/3/1995
MSCI All Country World Information Technology Index (Net) (USD)
11.84%
12.20%
3.20%
15.20%
126.67%
Fund Performance & Benchmark Information
Unless otherwise stated, performance is shown on a NAV price basis with income reinvested. Fund performance figures
are calculated net of annual fees. All fund and index information is recorded in its base currency and is converted into the
appropriate currency.
b1
b2
b3
b4
b5
b6
b7
b8
b9
b10
b11
b12
b13
The benchmark changed its name from the HSBC Asian Local Bond Index on 30 June 2016.
The benchmark changed its name from the BoA ML EMU Corporate Bond Index (EUR) on 20 July 2015.
The benchmark changed its name from the MSCI Europe Total Return Index (EUR) on 20 July 2015.
The benchmark changed its name from the MSCI World Minimum Volatility Index (USD) on 20 July 2015.
The benchmark changed its name from the MSCI AC World Index (Net) (USD) on 20 July 2015.
The benchmark changed its name from the Citigroup WGBI - USD Hedged Index (USD) on 20 July 2015.
The benchmark changed its name from the BoA ML Global High Yield Constrained USD Hedged Index (USD)
on20July2015.
The benchmark changed its name from the 50% MSCI World Index (Net) (USD)/50% Bloomberg Barclays US Aggregate
Index (USD) on 20 July 2015.
The benchmark changed its name from the HSBC Offshore RMB Index on 30 June 2016.
The benchmark changed its name from the MSCI World Energy Index (Net) (USD) on 30 September 2015.
The benchmark changed its name from the MSCI ACWI World Financials Index (Net) (USD) on 20 July 2015.
The benchmark changed its name from the MSCI World Healthcare Index (Net) (USD) on 20 July 2015.
The benchmark changed its name from the Euromoney Global Mining Index (USD) on 30 September 2015.
Changes in the composition or the name of a benchmark or a fund prior to 1 January 2014 have not been disclosed.
The information stated in this report is historical and not necessarily indicative of future performance.
Interim Report and Unaudited Accounts
15
7,403,457
29,232,929
42,552
194,309,621
92,917,615
290,941,118
22,373,129
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(a,c)
16
BlackRock Global Funds (BGF)
126,623,452,529
Total net assets
94,420,476
135,311,108
4,423,101
35,542,260
104,116,328
159,661,039
2(c)
2(c)
2(c)
2(c)
2(c)
5,6,7,8
6,667,200,177
308,166,214
310,107,584
42,867,879
4,809,626,837
662,957,351
2(a)
15
2(a)
2(a)
2(a)
133,290,652,706
124,741,266,928
2,619,233,750
64,284,546
586,239,296
3,925,488,566
716,919,199
118,488,107,622
6,253,159,306
170,067,184
1,690,641
–
–
–
–
–
135,225
1,547,435
–
–
–
7,981
171,757,825
–
–
–
–
–
–
–
169,775,155
210
–
–
1,979,553
2,907
166,328,941
3,446,214
USD
USD
2(a)
2(a)
15
2(a)
2(a)
2(a)
Note
ASEAN
Leaders
Fund
BlackRock
Global
Funds
Combined
Total liabilities
Liabilities
Cash owed to bank
Due to broker
Income distribution payable
Payable for investments purchased
Payable for Fund shares redeemed
Unrealised depreciation on:
Open exchange traded futures contracts
Open forward foreign exchange contracts
Market value of To Be Announced securities contracts
Market value of swaps
Market value of written options/swaptions
Other liabilities
Total assets
Securities portfolio at market value
Cash at bank
Due from broker
Interest and dividends receivable
Receivable for investments sold
Receivable for Fund shares subscribed
Unrealised appreciation on:
Open exchange traded futures contracts
Open forward foreign exchange contracts
Contracts for difference
Market value of To Be Announced securities contracts
Market value of swaps
Market value of purchased options/swaptions
Other assets
Assets
Securities portfolio at cost
Unrealised appreciation/(depreciation)
Fund Name
as at 28 February 2017
Statement of Net Assets
587,386,422
27,807,470
–
–
–
–
–
1,015,385
5
–
220,691
6,761,665
19,809,724
615,193,892
–
1,700,451
–
–
–
–
–
587,818,294
13,578,571
–
1,980,203
1,430,203
8,686,170
523,330,531
64,487,763
USD
Asia Pacific
Equity
Income
Fund
3,119,150,417
20,589,495
–
–
–
–
–
4,181,515
–
–
–
4,772,740
11,635,240
3,139,739,912
–
433,210
–
–
–
–
704
3,090,729,987
5,488,990
–
7,117,175
3,752,890
32,216,956
2,783,812,770
306,917,217
USD
Asian
Dragon
Fund
1,776,114,631
7,112,228
–
36,168
–
–
–
2,436,480
10
–
–
1,688,613
2,950,957
1,783,226,859
–
–
–
–
–
–
74
1,753,042,080
10,618,705
–
4,097,562
2,868,164
12,600,274
1,573,224,985
179,817,095
USD
Asian
Growth
Leaders
Fund
18,034,326
107,541
–
–
–
57,489
–
33,360
–
–
16,692
–
–
18,141,867
3,961
52,638
–
–
–
–
–
16,547,014
1,289,852
40,000
208,402
–
–
17,126,150
(579,136)
USD
Asian
Local
Bond
Fund
61,732,362
360,570
–
–
–
–
–
52,942
102,768
–
–
204,860
–
62,092,932
188,805
43,963
–
–
555,384
7,753
705
53,711,361
6,914,071
–
279,270
34,869
356,751
49,942,086
3,769,275
USD
Asian
Multi-Asset
Growth
Fund
2,780,080,701
39,426,057
–
–
–
2,012,060
–
3,377,612
–
–
5,958,565
17,032,930
11,044,890
2,819,506,758
421,613
483,897
–
–
–
–
–
2,635,678,455
101,964,432
6,295,000
28,997,023
35,018,072
10,648,266
2,614,688,943
20,989,512
USD
Asian
Tiger
Bond
Fund
1,819,510,481
16,946,343
–
107,126
–
–
–
3,366,748
2
–
–
1,675,512
11,796,955
1,836,456,824
–
–
–
–
–
–
352
1,820,543,289
4,167,397
–
70,085
2,762,697
8,913,004
1,712,957,566
107,585,723
USD
China
Fund
2,405,419,368
29,243,037
–
–
–
–
–
2,683,865
–
–
–
8,962,273
17,596,899
2,434,662,405
87,660
1,146,803
–
–
–
–
2,010,596
2,390,330,154
12,129,553
–
–
7,139,232
21,818,407
2,099,561,340
290,768,814
EUR
Continental
European
Flexible
Fund
1,012,922,518
9,372,243
–
–
–
–
–
2,323,727
3,242,493
–
–
1,618,306
2,187,717
1,022,294,761
–
16,808
–
–
–
–
466,566
1,005,765,148
–
–
34,602
15,009,519
1,002,118
917,741,279
88,023,869
EUR
Emerging
Europe
Fund
–
–
–
–
–
–
–
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(a,c)
Interim Report and Unaudited Accounts
The notes on pages 558 to 568 form an integral part of these financial statements.
2,912,140,439
–
1,078,111
–
2,804,110
2(c)
2(c)
2(c)
5,6,7,8
Total net assets
1,320,120
6,411,396
2(c)
2(c)
34,074,254
–
7,472,379
1,232,375
5,813,237
7,942,526
2(a)
15
2(a)
2(a)
2(a)
2,946,214,693
2,641,325,794
230,881,924
9,750,000
40,266,039
14,719,047
9,271,889
2,548,108,165
93,217,629
141,365,925
1,088,150
–
–
–
67,735
–
83,383
–
540,000
72
392,000
4,960
142,454,075
–
518,110
35
–
13,781
–
–
136,233,685
3,895,636
–
1,742,139
–
50,689
131,583,239
4,650,446
USD
USD
2(a)
2(a)
15
2(a)
2(a)
2(a)
Note
Emerging
Markets
Corporate Bond
Fund
Emerging
Markets
Bond
Fund
Total liabilities
Liabilities
Cash owed to bank
Due to broker
Income distribution payable
Payable for investments purchased
Payable for Fund shares redeemed
Unrealised depreciation on:
Open exchange traded futures contracts
Open forward foreign exchange contracts
Market value of To Be Announced securities
contracts
Market value of swaps
Market value of written options/swaptions
Other liabilities
Total assets
Securities portfolio at market value
Cash at bank
Due from broker
Interest and dividends receivable
Receivable for investments sold
Receivable for Fund shares subscribed
Unrealised appreciation on:
Open exchange traded futures contracts
Open forward foreign exchange contracts
Contracts for difference
Market value of To Be Announced securities
contracts
Market value of swaps
Market value of purchased options/swaptions
Other assets
Assets
Securities portfolio at cost
Unrealised appreciation/(depreciation)
Fund Name
as at 28 February 2017 continued
Statement of Net Assets
444,703,740
4,525,946
–
–
–
277,104
–
215,114
3
–
2,907
3,932,422
98,396
449,229,686
–
–
–
103,261
–
–
–
434,649,854
4,715,613
–
1,318,163
7,434,686
1,008,109
381,973,645
52,676,209
USD
Emerging
Markets
Equity Income
Fund
501,833,787
5,622,649
–
–
–
813,832
–
–
5
–
–
–
4,808,812
507,456,436
–
–
–
–
–
–
–
496,247,930
5,063,878
–
1,418,715
3,112,421
1,613,492
438,651,552
57,596,378
USD
Emerging
Markets
Fund
2,460,503,727
125,386,658
–
–
–
3,238,891
255,109
13,082,274
–
–
332,798
83,568,469
24,909,117
2,585,890,385
–
261,166
4,729,872
167,998
–
–
–
2,330,961,730
80,809,318
–
36,043,590
9,951,404
122,965,307
2,378,645,418
(47,683,688)
USD
Emerging
Markets Local
Currency Bond
Fund
4,560,166,003
270,521,112
–
11,278,211
–
3,612,477
6,697,833
4,901,152
46,238,193
1,120,000
2,614
166,166,879
30,503,753
4,830,687,115
–
–
782,190
–
–
–
–
4,707,341,838
50,641,775
–
27,895,867
23,788,935
20,236,510
4,667,800,964
39,540,874
EUR
Euro
Bond
Fund
1,462,007,430
44,961,995
–
2,588,012
–
1,100,509
2,480,842
789,327
13,957,258
975,000
1,229
20,925,847
2,143,971
1,506,969,425
–
–
248,167
1,213
–
–
–
1,445,194,582
21,895,213
–
12,023,600
4,309,713
23,296,937
1,427,283,172
17,911,410
EUR
Euro
Corporate
Bond
Fund
164,994,483
2,445,124
–
–
–
97,860
–
–
–
–
–
2,002,969
344,295
167,439,607
–
–
–
57,796
–
–
–
166,748,080
100,378
–
117,397
–
415,956
166,713,100
34,980
EUR
Euro
Reserve
Fund
9,662,362,329
754,849,479
–
14,212,479
–
5,989,984
25,855,371
18,312,050
213,823,962
1,560,000
7,883
376,654,718
98,433,032
10,417,211,808
–
–
1,624,462
16,110
–
–
–
10,217,075,275
70,196,030
–
48,321,141
38,737,036
41,241,754
10,116,685,573
100,389,702
EUR
Euro Short
Duration
Bond
Fund
3,027,165,267
36,505,471
–
–
–
3,612,606
–
–
2,520,565
–
–
21,967,734
8,404,566
3,063,670,738
–
–
–
3,401,309
–
713,540
–
3,033,598,143
4
–
905,164
20,128,477
4,924,101
2,822,716,726
210,881,417
EUR
Euro-Markets
Fund
2,631,527,494
31,528,761
–
–
–
3,853,419
–
–
–
–
3,258,400
13,871,484
10,545,458
2,663,056,255
–
–
–
1,758,231
–
10,416,339
–
2,616,681,908
17,824,382
–
8,973,131
1,735,307
5,666,957
2,496,255,491
120,426,417
EUR
European
Equity
Income
Fund
17
1,607,692,186
9,300,367
–
–
–
2,313,524
–
–
–
–
–
1,328,910
5,657,933
1,616,992,553
–
–
–
633,851
–
425,327
–
1,606,517,703
1,297,908
–
1,588,259
3,214,192
3,315,313
1,500,830,418
105,687,285
EUR
European
Focus
Fund
–
5,927,249
–
–
–
–
1,201,348
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(a,c)
18
BlackRock Global Funds (BGF)
* Includes To Be Announced securities, see Note 2, for further details.
3,010,985,389
–
–
–
3,634,060
2(c)
2(c)
2(c)
5,6,7,8
Total net assets
–
–
2(c)
2(c)
60,481,920
47
–
–
2,292,658
54,555,155
2(a)
15
2(a)
2(a)
2(a)
3,071,467,309
2,988,197,728
27,477,547
–
5,289,815
41,391,097
1,982,525
47,314,875
342,199
–
–
–
35,957
1,671
7,294
–
–
–
286,780
10,497
47,657,074
–
1,544
–
2,865
–
–
–
43,346,585
3,677,599
–
625,994
–
2,487
42,903,589
442,996
EUR
2,767,814,965
220,382,763
EUR
European
Fund
2(a)
2(a)
15
2(a)
2(a)
2(a)
Note
European
High
Yield Bond
Fund
Total liabilities
Liabilities
Cash owed to bank
Due to broker
Income distribution payable
Payable for investments purchased
Payable for Fund shares redeemed
Unrealised depreciation on:
Open exchange traded futures contracts
Open forward foreign exchange contracts
Market value of To Be Announced securities
contracts
Market value of swaps
Market value of written options/swaptions
Other liabilities
Total assets
Securities portfolio at market value
Cash at bank
Due from broker
Interest and dividends receivable
Receivable for investments sold
Receivable for Fund shares subscribed
Unrealised appreciation on:
Open exchange traded futures contracts
Open forward foreign exchange contracts
Contracts for difference
Market value of To Be Announced securities
contracts
Market value of swaps
Market value of purchased options/swaptions
Other assets
Assets
Securities portfolio at cost
Unrealised appreciation/(depreciation)
Fund Name
as at 28 February 2017 continued
Statement of Net Assets
1,344,434,669
23,977,058
–
–
–
1,943,471
–
–
–
–
–
–
22,033,587
1,368,411,727
–
–
–
827,641
–
901,991
–
1,342,184,786
18,261,325
–
1,398,308
1,841,009
2,996,667
1,201,549,603
140,635,183
EUR
European
Special
Situations
Fund
2,752,833,054
13,476,988
–
–
–
3,492,183
–
–
–
–
–
975,336
9,009,469
2,766,310,042
–
–
–
1,149,509
–
1,724,056
–
2,720,328,191
31,975,284
–
5,895,735
1,024,041
4,213,226
2,465,116,214
255,211,977
EUR
European
Value
Fund
7,840,487,468
3,511,129,613
–
–
37,323,935
14,047,668
16,763,810
40,909,698
–
71,553,587
271,527
3,305,217,732*
25,041,656
11,351,617,081
33,678,023
53,781,729
55,383,831
–
–
–
31,990
7,085,467,407
733,247,384
48,169,546
55,693,634
3,276,050,739*
10,112,798
7,095,747,278
(10,279,871)
USD
Fixed Income
Global
Opportunities
Fund
301,047,426
6,249,031
–
–
–
629,526
–
553,037
38
2,130,000
–
2,242,689
693,741
307,296,457
–
2,010,119
99,254
68,141
1,246,579
–
–
289,947,725
11,511,673
–
742,187
1,564,708
106,071
269,557,046
20,390,679
EUR
Flexible
Multi-Asset
Fund
18,191,095,391
417,597,193
–
–
58,976,409
21,714,041
33,308,328
21,641,237
5,600,882
193,900,386
–
54,671,208
27,784,702
18,608,692,584
–
15,465,897
208,804,692
3,004,911
–
–
–
18,031,647,124
228,990,699
–
50,079,643
43,596,491
27,103,127
17,101,741,935
929,905,189
USD
Global
Allocation
Fund
2,244,194,088
24,780,054
–
2,366,913
265,606
1,312,756
2,658,447
4,091,263
–
210,000
2,007,242
6,721,907
5,145,920
2,268,974,142
–
–
1,930,577
1,784,643
–
–
–
2,199,740,621
39,955,574
30,000
19,872,445
–
5,660,282
2,217,682,944
(17,942,323)
USD
Global
Corporate
Bond
Fund
632,562,974
20,603,962
–
–
1,800,474
955,843
1,111,535
647,404
259,892
10,390,000
–
3,702,055
1,736,759
653,166,936
–
774,305
10,121,115
179,159
–
–
–
636,687,695
1,422,488
–
1,081,567
2,141,303
759,304
579,188,351
57,499,344
USD
Global
Dynamic
Equity
Fund
854,589,002
12,678,786
–
–
5,021,842
1,239,263
–
–
–
–
3,520,278
–
2,897,403
867,267,788
–
–
–
226,779
2,635,472
313,725
–
796,555,503
58,145,150
–
1,307,529
82,866
8,000,764
757,883,713
38,671,790
USD
Global
Enhanced
Equity Yield
Fund
2,231,001,335
27,289,698
–
–
–
2,743,797
–
–
–
–
757,074
10,202
23,778,625
2,258,291,033
–
–
–
150,873
–
481,400
–
2,207,828,799
37,360,895
–
8,337,762
–
4,131,304
1,959,939,438
247,889,361
USD
Global
Equity
Income
Fund
641,888,330
15,272,828
–
–
70,479
552,988
–
5,421,996
225,752
60,000
27,784
3,694,957
5,218,872
657,161,158
–
63,417
511,746
618,897
132,541
–
–
638,496,898
5,656,168
–
3,797,275
7,353,016
531,200
659,049,843
(20,552,945)
USD
Global
Government
Bond
Fund
–
–
–
–
1,398,643
330,533
–
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(a,c)
Interim Report and Unaudited Accounts
The notes on pages 558 to 568 form an integral part of these financial statements.
* Includes To Be Announced securities, see Note 2, for further details.
2,319,666,434
–
–
–
2,759,782
2(c)
2(c)
2(c)
5,6,7,8
Total net assets
190,202
1,434,751
2(c)
2(c)
33,051,465
–
2,010,000
2,987,552
21,657,017
2,012,161
2(a)
15
2(a)
2(a)
2(a)
2,352,717,899
2,225,892,949
77,506,353
–
34,834,755
6,555,822
6,198,844
2,220,083,174
5,809,775
242,512,939
1,259,156
–
38,970
165,124
151,113
–
640,878
–
130,000
462
–
132,609
243,772,095
–
–
302,655
–
50,068
–
–
240,746,314
1,972,019
–
581,729
–
119,310
242,145,283
(1,398,969)
USD
USD
2(a)
2(a)
15
2(a)
2(a)
2(a)
Note
Global
Inflation
Linked
Bond Fund
Global
High Yield
Bond
Fund
Total liabilities
Liabilities
Cash owed to bank
Due to broker
Income distribution payable
Payable for investments purchased
Payable for Fund shares redeemed
Unrealised depreciation on:
Open exchange traded futures contracts
Open forward foreign exchange contracts
Market value of To Be Announced securities
contracts
Market value of swaps
Market value of written options/swaptions
Other liabilities
Total assets
Securities portfolio at market value
Cash at bank
Due from broker
Interest and dividends receivable
Receivable for investments sold
Receivable for Fund shares subscribed
Unrealised appreciation on:
Open exchange traded futures contracts
Open forward foreign exchange contracts
Contracts for difference
Market value of To Be Announced securities
contracts
Market value of swaps
Market value of purchased options/swaptions
Other assets
Assets
Securities portfolio at cost
Unrealised appreciation/(depreciation)
Fund Name
as at 28 February 2017 continued
Statement of Net Assets
5,145,969
4,117
–
–
–
4,008
–
109
–
–
–
–
–
5,150,086
–
–
–
177
–
–
–
5,001,796
139,722
–
8,391
–
–
4,865,887
135,909
USD
Global
Long-Horizon
Equity
Fund
4,621,233,491
122,231,556
–
210,089
–
6,991,506
–
–
71
–
11,297,437
98,210,414*
5,522,039
4,743,465,047
8,518,279
–
2,568,330
516,708
2,456,008
1,831,301
–
4,415,308,691
219,054,251
–
30,276,217
32,805,995*
30,129,267
4,341,184,853
74,123,838
USD
Global
Multi-Asset
Income
Fund
269,557,670
3,096,645
–
–
9,868
432,415
–
–
–
–
–
2,452,119
202,243
272,654,315
–
–
–
115,381
–
267,029
–
258,385,643
7,328,933
–
336,424
5,965,266
255,639
233,001,072
25,384,571
USD
Global
Opportunities
Fund
369,628,326
3,424,528
–
–
–
608,245
–
–
141,856
–
–
1,712,209
962,218
373,052,854
–
–
–
19,303
–
2,450
–
366,934,000
4,670,551
–
142,730
952,502
331,318
339,119,394
27,814,606
USD
Global
SmallCap
Fund
531,232,753
5,866,492
–
–
–
1,038,669
125,101
–
21
–
–
1,057,893
3,644,808
537,099,245
–
–
–
–
–
–
–
504,567,633
12,584,161
–
490,259
6,850,728
12,606,464
419,393,150
85,174,483
USD
India
Fund
23,482,184,036
875,224,211
–
–
–
34,360,220
–
71,847,615
1,427
–
–
706,655,460
62,359,489
24,357,408,247
–
–
–
–
–
–
–
23,165,204,650
423,861,403
–
41,233,292
700,652,745
26,456,157
21,139,452,599
2,025,752,051
JPY
Japan
Flexible
Equity
Fund
71,733,159,313
1,215,759,927
–
–
–
87,845,423
–
24,520,197
17,950
–
–
913,097,843
190,278,514
72,948,919,240
–
–
–
–
–
–
–
70,485,271,800
767,269,193
–
162,141,304
1,368,184,075
166,052,868
63,123,506,347
7,361,765,453
JPY
Japan
Small & MidCap
Opportunities
Fund
1,474,040,961
32,448,546
–
–
–
2,571,730
–
–
–
–
–
25,159,913
4,716,903
1,506,489,507
–
–
–
–
–
13,005
–
1,436,078,814
47,535,276
–
9,369,825
81,219
13,411,368
1,232,770,424
203,308,390
USD
Latin
American
Fund
44,382,372
662,667
–
–
–
87,516
–
20,441
161,159
–
24
303,204
90,323
45,045,039
–
–
–
12,441
–
–
–
44,203,329
1,334
–
178,018
473,833
176,084
41,216,343
2,986,986
USD
Natural
Resources
Growth
& Income
Fund
19
970,285,980
2,842,327
–
–
–
1,562,644
–
–
–
–
–
–
1,279,683
973,128,307
–
–
–
576,973
–
–
–
961,831,351
8,252,059
–
676,607
–
1,791,317
907,284,480
54,546,871
USD
New
Energy
Fund
–
–
–
–
–
–
3,041
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(a,c)
20
BlackRock Global Funds (BGF)
Fund closed to subscriptions, see Note 1, for further details.
* Includes To Be Announced securities, see Note 2, for further details.
(1)
135,126,579
–
–
–
147,857
2(c)
2(c)
2(c)
5,6,7,8
Total net assets
–
2,454
2(c)
2(c)
685,914
–
–
–
391,762
143,841
2(a)
15
2(a)
2(a)
2(a)
135,812,493
129,222,841
4,859,979
–
327,412
803,960
595,260
109,904,437
19,318,404
161,949,429
2,620,902
–
–
–
286,317
–
–
11,144
–
–
1,836,382
487,059
164,570,331
–
–
–
24
–
–
–
160,265,392
1,043,539
–
365,177
2,364,806
531,393
141,831,092
18,434,300
USD
USD
2(a)
2(a)
15
2(a)
2(a)
2(a)
Note
Pacific
Equity
Fund
North American
Equity Income
Fund
Total liabilities
Liabilities
Cash owed to bank
Due to broker
Income distribution payable
Payable for investments purchased
Payable for Fund shares redeemed
Unrealised depreciation on:
Open exchange traded futures contracts
Open forward foreign exchange contracts
Market value of To Be Announced securities
contracts
Market value of swaps
Market value of written options/swaptions
Other liabilities
Total assets
Securities portfolio at market value
Cash at bank
Due from broker
Interest and dividends receivable
Receivable for investments sold
Receivable for Fund shares subscribed
Unrealised appreciation on:
Open exchange traded futures contracts
Open forward foreign exchange contracts
Contracts for difference
Market value of To Be Announced securities
contracts
Market value of swaps
Market value of purchased options/swaptions
Other assets
Assets
Securities portfolio at cost
Unrealised appreciation/(depreciation)
Fund Name
as at 28 February 2017 continued
Statement of Net Assets
362,661,738
2,042,416
–
–
–
434,241
116,867
–
–
–
126,438
1,364,870
–
364,704,154
–
–
–
–
–
1,604,675
–
332,110,707
22,802,082
–
3,520,906
4,665,191
593
337,855,159
(5,744,452)
CNH
Renminbi
Bond
Fund
73,292,137
8,742,077
–
–
315,238
51,353
245,231
196,084
–
540,000
–
7,394,171*
–
82,034,214
6,991,701
702,681
498,087
2,520
–
–
–
68,841,412
3,028,230
–
657,883
1,311,700*
–
69,864,469
(1,023,057)
USD
Strategic
Global
Bond
Fund
1,020,163,191
6,698,953
–
–
–
1,131,501
–
420,820
–
–
–
–
5,146,632
1,026,862,144
–
–
–
–
–
–
–
1,006,925,044
14,832,580
–
7,141
719,703
4,377,676
678,801,562
328,123,482
CHF
Swiss
Small & MidCap
Opportunities
Fund(1)
151,899,188
346,310
–
–
–
190,682
–
–
343
–
–
–
155,285
152,245,498
–
–
–
–
–
–
–
150,873,199
408,728
–
823,634
23,690
116,247
123,231,775
27,641,424
GBP
United
Kingdom
Fund
1,301,025,727
21,975,859
–
–
–
1,819,659
–
610,893
–
–
–
2,845,730
16,699,577
1,323,001,586
–
–
–
–
–
–
–
1,298,830,846
7,649,767
–
1,888,646
10,230,430
4,401,897
1,112,530,620
186,300,226
USD
US
Basic
Value
Fund
441,814,568
98,400,506
4,423,101
–
3,672
692,819
105,533
36,919
–
–
196,400
90,318,662*
2,623,400
540,215,074
–
11,845
18,920
–
–
–
–
427,881,610
13,769,168
–
2,251,516
95,425,103*
856,912
429,587,293
(1,705,683)
USD
US Dollar
Core
Bond
Fund
4,062,275,341
76,191,735
–
–
–
4,285,294
329,942
–
3,802
9,890,000
10,173,023
16,841,113
34,668,561
4,138,467,076
–
9,262,999
674,311
5
–
188,338
–
3,935,563,319
109,360,123
–
63,970,270
11,474,476
7,973,235
3,839,172,581
96,390,738
USD
US Dollar
High Yield
Bond
Fund
600,988,745
5,365,565
–
–
–
295,996
–
290,310
–
–
–
–
4,779,259
606,354,310
–
–
–
–
–
–
–
525,179,727
55,933,245
–
202,977
–
25,038,361
525,028,148
151,579
USD
US Dollar
Reserve
Fund
1,430,123,256
99,065,334
–
–
–
1,012,852
275,996
1,321,932
–
6,676,000
149,602
82,677,982*
6,950,970
1,529,188,590
79,948,349
6,859,850
949,414
–
–
–
–
1,414,237,959
18,119,764
–
6,396,348
210,401*
2,466,505
1,428,129,491
(13,891,532)
USD
US Dollar
Short Duration
Bond
Fund
786,067,208
26,761,889
–
–
–
930,798
–
421,216
–
–
–
24,253,725
1,156,150
812,829,097
–
–
–
26,014
77,898
–
–
757,348,039
34,435,014
–
1,184,760
1,008,759
18,748,613
588,240,919
169,107,120
USD
US
Flexible
Equity
Fund
8,294
–
–
35,491,694
66,737
–
–
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(a,c)
Interim Report and Unaudited Accounts
The notes on pages 558 to 568 form an integral part of these financial statements.
* Includes To Be Announced securities, see Note 2, for further details.
205,101,553
–
–
–
507,231
2(c)
2(c)
2(c)
5,6,7,8
Total net assets
–
–
2(c)
2(c)
138,590,384
–
–
210,109
137,717,592*
155,452
2(a)
15
2(a)
2(a)
2(a)
343,691,937
194,896,431
2,743,280
–
932,210
105,457,515*
4,095,776
198,626,029
(3,729,598)
263,634,954
2,262,600
–
–
–
328,283
–
90,772
–
–
–
1,351,931
491,614
265,897,554
–
–
–
–
–
–
–
262,409,579
1,846,058
–
129,011
1,376,349
136,557
210,998,951
51,410,628
USD
USD
2(a)
2(a)
15
2(a)
2(a)
2(a)
Note
US
Growth
Fund
US
Government
Mortgage
Fund
Total liabilities
Liabilities
Cash owed to bank
Due to broker
Income distribution payable
Payable for investments purchased
Payable for Fund shares redeemed
Unrealised depreciation on:
Open exchange traded futures contracts
Open forward foreign exchange contracts
Market value of To Be Announced securities
contracts
Market value of swaps
Market value of written options/swaptions
Other liabilities
Total assets
Securities portfolio at market value
Cash at bank
Due from broker
Interest and dividends receivable
Receivable for investments sold
Receivable for Fund shares subscribed
Unrealised appreciation on:
Open exchange traded futures contracts
Open forward foreign exchange contracts
Contracts for difference
Market value of To Be Announced securities
contracts
Market value of swaps
Market value of purchased options/swaptions
Other assets
Assets
Securities portfolio at cost
Unrealised appreciation/(depreciation)
Fund Name
as at 28 February 2017 continued
Statement of Net Assets
409,256,489
11,581,548
–
–
–
610,717
–
–
–
–
–
9,672,332
1,298,499
420,838,037
–
–
–
–
–
4,801
–
399,603,253
12,291,710
–
242,124
4,963,180
3,732,969
340,404,029
59,199,224
USD
US
Small & MidCap
Opportunities
Fund
113,890,546
724,363
–
–
–
188,266
–
116,637
–
–
–
–
419,460
114,614,909
–
–
–
59,650
–
–
–
113,090,491
969,666
–
155,440
29,015
310,647
106,673,179
6,417,312
USD
World
Agriculture
Fund
1,511,071,919
49,998,565
–
–
163,681
704,803
557,236
6,718,521
909,758
600,000
16,435
38,243,774*
2,084,357
1,561,070,484
29,681,575
1,061,400
1,188,438
902,123
–
–
–
1,488,699,941
28,510,859
–
8,940,778
43,986*
2,041,384
1,560,343,384
(71,643,443)
USD
World
Bond
Fund
2,089,510,009
31,849,639
–
–
–
3,367,793
–
–
29
–
–
13,053,678
15,428,139
2,121,359,648
–
–
–
854,798
–
286,211
–
2,086,383,369
1,000,025
–
9,232,919
–
23,602,326
2,116,673,621
(30,290,252)
USD
World
Energy
Fund
521,297,284
11,190,161
–
–
–
710,951
–
–
460,171
–
–
7,409,051
2,609,988
532,487,445
–
–
–
169,428
–
–
–
523,583,677
113,061
–
515,130
–
8,106,149
465,905,362
57,678,315
USD
World
Financials
Fund
4,765,384,405
92,310,550
–
–
–
8,246,390
–
2,380,189
28
–
–
43,709,455
37,974,488
4,857,694,955
–
–
–
–
–
–
–
4,726,116,326
22,103,340
–
806,226
23,494,493
85,174,570
4,135,872,440
590,243,886
USD
World
Gold
Fund
3,093,866,391
26,587,184
–
–
–
4,295,110
–
–
–
–
–
–
22,292,074
3,120,453,575
–
–
–
368,257
–
180,101
–
3,075,389,027
15,703,258
–
5,679,670
7,010,365
16,122,897
2,728,002,699
347,386,328
USD
World
Healthscience
Fund
5,804,101,283
32,083,976
–
–
–
10,017,173
–
1,052,901
20
–
–
–
21,013,882
5,836,185,259
–
–
–
186,652
–
–
–
5,780,722,021
14,310,118
–
17,227,959
–
23,738,509
5,736,366,147
44,355,874
USD
World
Mining
Fund
218,994,162
1,832,803
–
–
–
316,409
–
–
–
–
2,273
1,330,735
183,386
220,826,965
–
–
–
24,113
–
156,264
10,562
209,678,500
5,839,553
–
229,714
4,856,885
31,374
210,361,550
(683,050)
USD
World
Real Estate
Securities
Fund
21
202,296,343
11,789,643
–
–
–
290,402
–
–
2,019,800
–
–
8,720,963
758,478
214,085,986
–
–
–
–
–
–
–
199,669,113
2,545
–
238,070
–
14,176,258
172,226,704
27,442,409
USD
World
Technology
Fund
Three Year Summary of Net Asset Values
as at 28 February 2017
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
170,067,184
183,717,476
154,987,209
282,442,612
USD
USD
GBP
10.78
11.15
9.38
10.93
11.27
8.96
9.37
9.58
6.42
12.69
12.87
7.93
USD
587,386,422
626,820,507
614,891,519
830,073,658
9.80
12.75
12.15
13.05
104.56
93.07
13.40
104.69
15.78
14.64
11.77
11.21
12.20
13.26
12.62
16.44
9.45
15.37
–
10.93
11.58
8.99
11.69
11.12
12.02
95.24
85.94
12.33
96.44
13.94
11.00
10.92
10.39
–
12.06
11.47
14.41
8.77
13.65
–
–
–
11.03
14.16
13.51
14.70
–
–
15.08
117.89
16.49
12.08
13.40
12.78
–
14.50
13.82
16.91
10.73
16.23
–
–
–
ASEAN Leaders Fund
Total net assets
Net asset value per:
A Class non-distributing share
D Class non-distributing share
X Class non-distributing UK reporting fund share
Asia Pacific Equity Income Fund
Total net assets
Net asset value per:
A Class distributing (A) (G) share EUR hedged
A Class distributing (Q) (G) share
A Class distributing (Q) (G) share SGD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share HKD hedged
A Class non-distributing share
A Class non-distributing UK reporting fund share
C Class distributing (Q) (G) share
C Class distributing (Q) (G) share SGD hedged
D Class distributing (A) (G) UK reporting fund share
D Class distributing (Q) (G) share
D Class distributing (Q) (G) share SGD hedged
D Class non-distributing share
E Class distributing (Q) (G) share EUR hedged
E Class non-distributing share
I Class non-distributing share
X Class distributing (S) share
X Class non-distributing share
EUR
USD
SGD
AUD
CNH
ZAR
USD
HKD
USD
GBP
USD
SGD
GBP
USD
SGD
USD
EUR
USD
USD
USD
USD
10.29*
13.31*
12.65*
13.59*
110.19*
97.31*
13.93*
108.67*
16.70*
16.31*
12.20*
11.60*
13.65*
13.89*
13.19*
17.46*
9.75*
16.23*
10.88*
11.48*
12.37*
Asian Dragon Fund
Total net assets
Net asset value per:
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
E Class non-distributing share
I Class distributing (A) share
I Class distributing (A) UK reporting fund share
I Class non-distributing share
X Class distributing (A) UK reporting fund share
X Class non-distributing share
USD
3,119,150,417
2,156,369,178
1,485,073,637
977,577,438
GBP
USD
AUD
CHF
EUR
PLN
SGD
USD
GBP
USD
CHF
EUR
USD
USD
GBP
USD
GBP
USD
28.04
36.23
12.47
11.87
11.97
103.23
11.65
28.37
28.29
38.78
11.99
12.11
33.65
10.18
8.17
10.33
26.96
41.17
25.42
34.59
11.87
11.46
11.54
–
11.15
27.25
25.56
36.89
11.54
11.62
32.21
9.67
7.37
9.81
24.23
38.97
18.45
29.46
10.07
–
–
–
9.49
23.50
18.53
31.18
–
–
27.57
–
5.35
8.28
18.45
32.61
19.59
33.69
11.33
–
–
–
10.87
27.22
19.66
35.39
–
–
31.69
–
–
–
19.61
36.64
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
* Dilution adjustment included, see Note 2(g), for further details.
22
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
1,776,114,631
1,375,477,471
629,168,714
147,938,612
11.57
11.43
11.52
12.12
12.16
11.52
11.62
12.32
19.87
11.50
17.06
9.85
–
–
10.36
8.85
–
–
8.89
17.09
9.74
14.34
–
–
–
10.98
USD 14.43
–
–
8.68
18.18
10.21
14.91
Asian Growth Leaders Fund
Total net assets
Net asset value per:
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share SGD hedged
A Class non-distributing UK reporting fund share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing UK reporting fund share
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share
AUD
CHF
EUR
SGD
GBP
CHF
EUR
GBP
USD
USD
USD
12.22*
11.90*
12.03*
12.74*
13.49*
12.04*
12.17*
13.72*
20.88*
12.17*
18.13*
Asian Local Bond Fund
Total net assets
Net asset value per:
A Class distributing (M) share
A Class distributing (S) share
A Class distributing (S) share HKD hedged
A Class non-distributing share
D Class non-distributing share
I Class non-distributing share
X Class distributing (S) share
X Class non-distributing share
X Class non-distributing UK reporting fund share
USD
18,034,326
20,153,661
19,356,837
26,720,007
USD
USD
HKD
USD
USD
USD
USD
USD
GBP
8.85
8.18
–
10.03
10.12
9.89
8.60
13.81
13.88
9.41
8.76
–
10.52
10.58
10.34
9.15
14.39
13.73
8.72
8.30
64.03
9.51
9.52
9.28
8.57
12.86
10.44
9.68
9.34
72.08
10.22
10.18
9.90
9.52
13.64
10.28
USD
61,732,362
57,409,113
–
–
USD
USD
USD
11.46
11.58
11.67
11.37
11.44
11.49
–
–
–
–
–
–
Asian Multi-Asset Growth Fund
Total net assets
Net asset value per:
A Class non-distributing share
I Class non-distributing share
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
* Dilution adjustment included, see Note 2(g), for further details.
Interim Report and Unaudited Accounts
23
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
2,780,080,701
2,919,115,654
1,170,642,247
710,404,396
USD
USD
AUD
EUR
HKD
NZD
SGD
AUD
CAD
CNH
NZD
ZAR
USD
EUR
GBP
HKD
SGD
USD
EUR
SGD
USD
USD
GBP
USD
HKD
USD
USD
EUR
SGD
USD
EUR
GBP
USD
EUR
USD
EUR
USD
EUR
12.68
12.69
10.90
9.79
11.21
11.41
10.15
11.61
11.19
101.24
12.17
105.44
11.68
10.78
7.76
90.01
9.85
39.12
10.47
13.00
12.86
31.60
10.27
12.70
11.22
12.02
12.84
11.99
12.36
36.38
11.13
10.29
11.06
9.91
11.32
10.61
10.57
10.03
12.95
12.97
11.11
10.10
11.48
11.60
10.40
11.99
11.56
103.48
12.58
108.18
12.04
11.22
8.03
92.96
10.17
39.42
10.65
13.13
13.14
32.04
10.37
12.98
11.49
12.36
12.91
12.17
12.46
36.76
11.34
10.38
11.33
10.22
11.37
10.75
10.80
–
12.20
12.21
10.30
9.61
10.84
10.71
9.74
11.56
11.15
98.92
12.13
102.86
11.59
10.90
7.73
89.68
9.74
35.99
9.83
11.92
12.37
29.62
9.77
12.22
10.85
11.84
11.73
11.17
11.26
33.72
10.51
9.77
–
9.75
10.31
9.84
10.17
–
12.48
12.49
10.31
9.86
11.10
10.58
9.93
11.93
–
–
–
105.11
11.99
–
–
92.94
–
35.38
–
11.68
12.65
29.49
–
12.50
11.11
12.18
11.47
10.97
10.97
33.32
10.43
–
–
–
–
–
10.40
–
Asian Tiger Bond Fund
Total net assets
Net asset value per:
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (M) share AUD hedged
A Class distributing (M) share EUR hedged
A Class distributing (M) share HKD hedged
A Class distributing (M) share NZD hedged
A Class distributing (M) share SGD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share CAD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share NZD hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share EUR hedged
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class distributing (S) share SGD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share SGD hedged
C Class distributing (D) share
C Class non-distributing share
D Class distributing (A) UK reporting fund share GBP hedged
D Class distributing (M) share
D Class distributing (M) share HKD hedged
D Class distributing (S) share
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class non-distributing share SGD hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (A) UK reporting fund share GBP hedged
I Class distributing (M) share
I Class distributing (Q) share EUR hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class distributing (M) share
X Class non-distributing share EUR hedged
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
24
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
1,819,510,481
1,802,339,987
1,738,374,298
975,251,329
GBP
USD
AUD
CNH
EUR
HKD
SGD
USD
SGD
GBP
USD
EUR
HKD
SGD
GBP
EUR
USD
USD
15.10
16.70
14.16
108.42
15.22
16.98
15.38
14.94
13.80
15.20
17.66
15.74
137.02
15.90
10.67
14.62
17.95
16.97
14.14
15.57
13.17
99.63
14.32
15.83
14.37
14.02
12.98
14.19
16.41
14.76
127.20
14.80
9.96
13.79
16.65
15.69
12.53
13.66
11.51
84.85
12.62
13.86
12.57
12.45
11.50
12.56
14.28
12.91
110.60
12.85
8.72
12.21
14.45
–
12.71
13.88
11.53
–
12.79
14.10
12.80
12.81
11.85
12.75
14.41
12.97
111.63
12.99
8.72
12.44
14.54
–
EUR
2,405,419,368
2,147,126,283
2,047,844,391
1,856,845,678
EUR
GBP
GBP
EUR
USD
GBP
EUR
GBP
GBP
USD
EUR
USD
GBP
EUR
GBP
USD
EUR
USD
GBP
EUR
21.14
17.90
19.84
21.56
10.63
18.38
18.80
18.01
19.98
31.16
22.93
28.61
20.57
20.35
12.09
10.82
15.60
10.30
18.09
24.23
20.02
16.91
18.77
20.41
10.01
17.37
17.91
16.95
18.83
29.22
21.64
26.82
19.39
19.32
11.37
–
14.70
9.65
16.94
22.74
19.99
14.48
18.90
20.38
10.01
14.86
18.11
14.51
18.96
29.25
21.44
26.64
19.37
19.39
–
–
14.53
9.56
14.50
22.30
16.75
13.21
15.84
17.04
–
13.54
15.33
13.24
15.88
–
17.79
22.26
16.08
16.29
–
–
12.02
–
13.22
18.31
EUR
1,012,922,518
827,399,691
845,941,776
1,111,489,278
EUR
GBP
EUR
SGD
EUR
GBP
EUR
GBP
EUR
EUR
GBP
EUR
93.08
79.62
97.30
8.95
77.29
79.71
106.46
80.15
88.88
121.16
80.04
10.93
78.39
66.90
81.95
7.50
65.50
66.71
89.33
67.29
75.03
101.03
66.58
9.12
71.39
52.23
74.49
6.79
60.28
52.06
80.59
61.00
68.54
90.01
51.92
8.12
82.96
66.12
86.13
7.96
70.59
65.97
92.49
69.55
79.66
102.03
65.92
9.20
China Fund
Total net assets
Net asset value per:
A Class distributing (A) UK reporting fund share GBP hedged
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CNH hedged
A Class non-distributing share EUR hedged
A Class non-distributing share HKD
A Class non-distributing share SGD hedged
C Class non-distributing share
C Class non-distributing share SGD hedged
D Class distributing (A) UK reporting fund share GBP hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class non-distributing share HKD
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share EUR hedged
I Class non-distributing share
X Class non-distributing share
Continental European Flexible Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class distributing (A) UK reporting fund share GBP hedged
A Class non-distributing share
A Class non-distributing share USD hedged
A Class non-distributing UK reporting fund share
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class distributing (A) UK reporting fund share GBP hedged
D Class distributing (A) UK reporting fund share USD hedged
D Class non-distributing share
D Class non-distributing share USD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
I Class distributing (A) UK reporting fund share
I Class distributing (A) UK reporting fund share USD hedged
I Class non-distributing share
I Class non-distributing share USD hedged
X Class distributing (A) UK reporting fund share
X Class non-distributing share
Emerging Europe Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share SGD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
J Class non-distributing share
X Class distributing (A) UK reporting fund share
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
Interim Report and Unaudited Accounts
25
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
2,912,140,439
2,602,218,614
1,650,846,181
1,493,941,978
USD
USD
USD
AUD
NZD
ZAR
USD
CAD
GBP
HKD
USD
EUR
GBP
USD
USD
USD
USD
EUR
GBP
EUR
USD
EUR
EUR
USD
EUR
USD
CHF
EUR
GBP
14.56
10.13
10.47
9.48
10.54
103.31
9.58
10.53
10.43
73.33
17.64
16.83
11.64
10.13
15.10
10.49
18.68
17.28
15.02
10.38
16.62
11.14
10.71
16.76
11.67
19.92
10.80
18.84
11.49
14.29
10.15
10.48
9.55
10.62
103.63
9.66
10.62
10.56
74.17
17.31
16.66
11.46
10.14
14.91
10.50
18.28
17.05
13.95
10.48
16.35
11.06
10.82
16.39
11.51
19.41
10.64
18.52
11.24
13.22
9.41
9.72
8.97
–
96.16
9.06
–
–
69.78
15.44
15.00
10.23
9.41
13.47
9.74
16.20
15.25
10.52
9.78
14.66
10.00
–
14.51
10.28
17.07
–
16.43
–
13.75
9.78
10.11
9.54
–
–
9.63
–
–
74.23
15.65
15.27
10.35
9.78
13.82
10.13
16.32
15.44
9.84
10.21
14.93
10.24
–
14.59
10.39
17.06
–
16.50
–
USD
141,365,925
129,528,796
111,858,168
111,062,127
USD
EUR
GBP
USD
EUR
USD
EUR
GBP
USD
EUR
USD
11.34
11.07
10.44
11.72
10.08
14.83
10.81
10.44
11.76
11.67
12.12
11.27
11.09
10.58
11.60
10.28
14.77
10.86
10.58
11.63
11.65
11.95
10.23
10.16
9.96
10.45
9.74
13.47
10.00
9.96
10.46
10.57
10.67
10.35
10.33
10.35
10.46
10.19
13.70
10.22
10.36
10.49
10.65
10.61
Emerging Markets Bond Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (R) share AUD hedged
A Class distributing (R) share NZD hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share CAD hedged
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share GBP hedged
C Class distributing (D) share
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class non-distributing UK reporting fund share
E Class distributing (Q) share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (Q) share EUR hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class non-distributing share
X Class non-distributing share CHF Hedged
X Class non-distributing share EUR hedged
X Class non-distributing share GBP hedged
Emerging Markets Corporate BondFund
Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share EUR hedged
D Class distributing (M) UK reporting fund share GBP hedged
D Class non-distributing share
E Class distributing (Q) share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (M) UK reporting fund share GBP hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
26
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
444,703,740
399,622,883
263,742,822
513,334,270
USD
AUD
CNH
NZD
USD
CAD
EUR
GBP
HKD
SGD
USD
GBP
EUR
EUR
CHF
USD
USD
10.50
11.16
111.30
11.26
11.32
11.28
10.95
11.26
87.57
11.17
12.61
10.55
9.82
11.73
9.74
9.92
12.04
9.97
–
–
–
10.77
–
–
–
83.42
–
11.80
9.34
9.45
11.11
9.17
9.34
11.17
9.03
–
–
–
9.84
–
–
–
76.45
–
10.35
6.92
8.66
9.87
8.13
8.38
9.63
11.86
–
–
–
13.02
–
–
–
101.14
–
13.18
8.12
11.50
12.70
10.38
–
12.04
USD
501,833,787
501,894,075
424,153,644
791,744,148
USD
USD
USD
USD
USD
28.11
22.62
30.52
25.69
10.70
27.50
22.27
29.75
25.20
10.38
24.11
19.76
25.88
22.19
8.94
32.23
26.76
34.34
29.82
–
USD
–
–
37,957,634
31,856,247
USD
USD
EUR
USD
USD
–
–
–
–
–
–
–
–
–
–
8.25
8.38
8.06
8.42
8.55
9.52
9.61
9.41
9.64
9.73
Emerging Markets Equity Income Fund
Total net assets
Net asset value per:
A Class distributing (Q) (G) share
A Class distributing (R) share AUD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share NZD hedged
A Class distributing (S) share
A Class distributing (S) share CAD hedged
A Class distributing (S) share EUR hedged
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class distributing (S) share SGD hedged
A Class non-distributing share
D Class non-distributing UK reporting fund share
E Class distributing (Q) (G) share EUR hedged
E Class non-distributing share EUR hedged
I Class non-distributing share CHF hedged
X Class distributing (S) share
X Class non-distributing share
Emerging Markets Fund
Total net assets
Net asset value per:
A Class non-distributing share
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
X Class non-distributing share
Emerging Markets Investment Grade BondFund (2)
Total net assets
Net asset value per:
A Class non-distributing share
D Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
(2) Fund terminated on 21 December 2015.
Interim Report and Unaudited Accounts
27
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
2,460,503,727
1,618,011,494
699,640,200
909,144,631
USD
USD
USD
AUD
AUD
NZD
ZAR
USD
CAD
GBP
HKD
USD
CHF
EUR
PLN
SGD
USD
USD
USD
USD
AUD
GBP
USD
EUR
PLN
SGD
GBP
EUR
USD
EUR
GBP
USD
USD
EUR
USD
GBP
17.64
4.28
4.30
7.33
8.26
10.28
83.93
10.04
10.27
9.97
102.72
23.35
7.90
8.02
9.94
8.38
4.28
20.58
17.72
17.80
7.33
8.01
24.46
8.08
10.16
8.58
14.69
7.86
22.20
7.75
8.02
10.74
24.38
8.29
6.78
9.98
17.52
4.36
4.38
7.44
8.46
10.53
85.60
10.28
10.53
10.26
105.23
23.19
7.94
8.05
9.87
8.35
4.35
20.57
17.56
18.12
7.44
8.19
24.23
8.09
10.07
8.52
14.63
8.10
22.11
7.79
8.18
10.94
24.14
8.30
6.69
–
16.16
4.03
4.05
6.85
7.93
–
80.31
–
–
–
–
20.44
7.12
7.18
8.68
7.36
4.03
18.36
16.18
16.75
6.85
7.59
21.26
7.18
8.81
7.48
12.87
7.56
19.58
6.99
7.59
10.07
21.14
7.35
5.84
–
21.21
5.25
5.28
8.80
–
–
–
–
–
–
–
25.52
9.02
9.06
10.76
9.22
5.25
23.22
21.27
21.84
8.81
9.92
26.41
9.01
10.86
9.31
16.02
9.98
24.58
8.85
9.92
13.19
26.22
9.21
7.20
–
Emerging Markets Local Currency Bond Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (M) share AUD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share NZD hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share CAD hedged
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class distributing (D) share
C Class non-distributing share
D Class distributing (A) share
D Class distributing (M) share
D Class distributing (M) share AUD hedged
D class distributing (M) UK reporting fund share GBP hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class non-distributing share PLN hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class distributing (Q) share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (M) UK reporting fund share GBP hedged
I Class distributing (Q) share
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class non-distributing share
X Class non-distributing share GBP hedged
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
28
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
EUR
4,560,166,003
5,420,970,669
4,206,615,914
3,119,356,480
EUR
GBP
EUR
EUR
EUR
PLN
USD
EUR
EUR
EUR
GBP
GBP
EUR
EUR
CHF
USD
EUR
EUR
GBP
EUR
CHF
USD
EUR
25.76
22.05
19.21
19.20
28.30
98.89
12.06
18.41
22.43
11.41
22.11
10.17
19.23
29.31
11.48
12.24
24.13
25.86
10.19
13.99
10.15
10.34
30.94
26.42
22.55
19.71
19.71
29.02
–
12.27
19.00
23.14
11.69
22.59
10.37
19.74
30.00
11.79
12.44
24.81
26.59
10.38
14.32
10.42
10.50
31.59
24.97
18.27
18.63
18.63
27.34
–
11.47
18.12
22.08
11.04
18.30
–
18.65
28.17
11.15
11.58
23.49
25.17
–
13.42
9.83
–
29.49
24.46
19.50
18.25
18.25
26.59
–
11.16
17.85
21.74
10.82
19.53
–
18.27
27.30
–
11.23
23.04
24.60
–
12.98
–
–
28.41
EUR
1,462,007,430
1,719,998,401
575,130,256
423,643,266
EUR
EUR
EUR
CHF
GBP
USD
EUR
EUR
EUR
CHF
GBP
USD
EUR
EUR
EUR
EUR
CHF
GBP
EUR
13.35
13.11
16.24
9.96
10.04
10.08
13.70
13.11
16.80
9.99
10.06
10.11
14.00
15.17
10.00
10.54
10.00
10.08
17.61
12.72
12.49
15.34
–
–
–
13.18
12.50
15.77
–
–
–
13.36
14.43
–
–
–
–
16.39
12.69
12.46
15.14
–
–
–
13.17
12.47
15.50
–
–
–
13.34
14.32
–
–
–
–
16.03
EUR
164,994,483
203,546,654
234,831,726
46,562,626
EUR
EUR
EUR
EUR
EUR
73.62
70.44
74.12
70.65
9.98
73.76
70.58
74.27
70.87
10.00
73.91
70.72
74.40
71.19
–
73.94
70.75
74.44
71.40
–
Euro Bond Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class distributing (D) share
A Class distributing (M) share
A Class non-distributing share
A Class non-distributing share PLN hedged
A Class non-distributing share USD hedged
C Class distributing (D) share
C Class non-distributing share
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class distributing (A) UK reporting fund share GBP hedged
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share USD hedged
E Class distributing (Q) share
E Class non-distributing share
I Class distributing (A) UK reporting fund share GBP hedged
I Class non-distributing share
I Class non-distributing share CHF hedged
I Class non-distributing share USD hedged
X Class non-distributing share
Euro Corporate Bond Fund
Total net assets
Net asset value per:
A Class distributing (D) share
A Class distributing (M) share
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share GBP hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share GBP hedged
D Class non-distributing share USD hedged
E Class distributing (Q) share
E Class non-distributing share
I Class distributing (Q) share
I Class non-distributing share
I Class non-distributing share CHF hedged
I Class non-distributing share GBP hedged
X Class non-distributing share
13.44*
13.20*
16.32*
10.04*
10.05*
10.06*
13.85*
13.21*
16.85*
10.04*
10.06*
10.06*
14.11*
15.29*
–
10.57*
10.05*
10.06*
17.62*
Euro Reserve Fund
Total net assets
Net asset value per:
A Class non-distributing share
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
* Dilution adjustment included, see Note 2(g), for further details.
Interim Report and Unaudited Accounts
29
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
EUR
9,662,362,329
8,930,939,088
8,782,009,594
6,166,676,585
GBP
GBP
USD
EUR
EUR
EUR
CHF
USD
EUR
EUR
GBP
GBP
USD
GBP
GBP
EUR
CHF
USD
EUR
EUR
EUR
USD
EUR
12.76
10.92
10.93
12.26
12.27
15.93
10.89
11.64
–
12.71
12.80
11.00
10.53
10.48
10.01
16.45
11.06
10.28
14.66
16.38
16.39
10.08
16.92
12.71
10.87
10.84
12.24
12.26
15.91
10.91
11.54
–
12.77
12.73
10.93
10.42
10.44
9.97
16.40
11.06
10.17
14.67
–
16.33
–
16.82
10.88
10.76
10.72
12.22
12.23
15.85
10.94
11.40
11.37
12.89
10.89
10.82
10.31
8.93
9.87
16.28
11.06
10.01
14.69
–
16.20
–
16.62
11.80
10.67
10.66
12.17
12.19
15.72
10.93
11.29
11.42
12.94
11.81
10.73
10.25
9.69
9.79
16.10
11.00
–
14.65
–
15.99
–
16.35
EUR
3,027,165,267
3,290,925,290
3,514,752,442
3,792,641,384
EUR
GBP
EUR
CHF
GBP
SGD
USD
EUR
EUR
GBP
EUR
USD
GBP
CHF
EUR
EUR
EUR
EUR
23.72
21.78
26.86
16.23
12.26
17.86
12.64
21.56
23.81
20.31
29.20
11.31
24.89
13.89
24.64
10.94
28.93
30.31
22.49
20.61
25.47
15.43
11.59
16.86
11.91
20.57
22.49
19.14
27.58
10.61
23.47
13.15
23.42
10.33
27.30
28.50
22.60
17.75
25.35
15.50
11.65
16.67
11.87
20.74
22.60
16.49
27.25
10.51
19.88
13.11
23.43
–
26.90
27.87
Euro Short Duration Bond Fund
Total net assets
Net asset value per:
A Class distributing (A) UK reporting fund share
A Class distributing (A) UK reporting fund share GBP hedged
A Class distributing (A) UK reporting fund share USD hedged
A Class distributing (D) share
A Class distributing (M) share
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share USD hedged
C Class distributing (D) share
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class distributing (A) UK reporting fund share GBP hedged
D Class distributing (A) UK reporting fund share USD hedged
D Class distributing (M) UK reporting fund share
D Class distributing (M) UK reporting fund share GBP hedged
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share USD hedged
E Class non-distributing share
I Class distributing (Q) share
I Class non-distributing share
I Class non-distributing share USD hedged
X Class non-distributing share
Euro-Markets Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share GBP hedged
A Class non-distributing share SGD hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share USD hedged
D Class non-distributing UK reporting fund share
D Class non-distributing UK reporting fund share CHF hedged
E Class non-distributing share
I Class distributing (A) share
I Class non-distributing share
X Class non-distributing share
19.73*
16.88*
21.96*
13.58*
10.10*
–
10.35*
18.19*
19.72*
15.67*
23.43*
–
18.61*
11.41*
20.39*
–
23.07*
23.72*
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
* Dilution adjustment included, see Note 2(g), for further details.
30
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
EUR
2,631,527,494
3,366,713,523
3,633,226,923
1,295,782,125
EUR
EUR
USD
AUD
CAD
CNH
NZD
EUR
GBP
HKD
SGD
USD
EUR
USD
EUR
GBP
GBP
USD
EUR
USD
EUR
EUR
EUR
EUR
GBP
EUR
14.79
14.01
19.33
10.93
8.79
92.14
8.83
10.43
13.05
170.87
10.84
10.78
18.07
11.45
13.44
11.41
12.15
8.80
18.79
9.89
13.66
17.57
13.40
9.62
11.80
11.90
14.38
13.73
18.82
10.80
8.67
90.61
8.74
10.36
12.95
168.70
10.72
10.64
17.57
11.07
13.02
11.12
11.86
8.66
18.20
9.52
13.42
17.13
12.96
9.30
11.44
11.47
15.39
14.70
20.18
11.50
9.22
96.09
9.28
11.12
14.05
182.16
11.44
11.45
18.04
11.38
13.83
10.13
12.71
9.20
18.54
9.72
14.44
17.67
13.73
9.46
10.32
11.57
13.96
13.30
18.41
10.51
–
–
–
10.11
12.79
166.41
10.48
10.48
15.75
–
12.44
9.91
11.43
–
16.06
–
13.13
15.50
12.32
–
10.00
–
EUR
1,607,692,186
2,123,715,066
2,544,485,521
2,664,472,545
EUR
SGD
USD
EUR
EUR
GBP
EUR
EUR
EUR
22.75
16.73
11.85
20.05
24.28
20.70
21.64
24.27
26.03
21.60
15.81
11.18
19.15
22.96
19.54
20.60
22.93
24.46
23.56
17.14
12.21
21.15
24.86
18.13
22.58
24.76
26.16
20.47
–
10.67
18.61
21.44
17.03
19.72
21.29
22.26
European Equity Income Fund
Total net assets
Net asset value per:
A Class distributing (A) (G) share
A Class distributing (Q) (G) share
A Class distributing (Q) (G) share USD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share CAD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share NZD hedged
A Class distributing (S) share
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class distributing (S) share SGD hedged
A Class distributing (S) share USD hedged
A Class non-distributing share
A Class non-distributing share USD hedged
D Class distributing (A) (G) share
D Class distributing (Q) (G) UK reporting fund share
D Class distributing (Q) (G) UK reporting fund share GBP hedged
D Class distributing (S) share USD hedged
D Class non-distributing share
D Class non-distributing UK reporting fund share USD hedged
E Class distributing (Q) (G) share
E Class non-distributing share
I Class distributing (A) (G) share
I Class non-distributing share
X Class distributing (Q) (G) UK reporting fund share
X Class non-distributing share
European Focus Fund
Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share SGD hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class non-distributing share
D Class non-distributing UK reporting fund share
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
Interim Report and Unaudited Accounts
31
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
EUR
3,010,985,389
3,637,373,585
5,303,137,276
5,299,734,340
EUR
GBP
EUR
AUD
CAD
CNH
GBP
HKD
NZD
SGD
USD
EUR
GBP
EUR
USD
GBP
EUR
GBP
EUR
USD
EUR
103.55
88.71
108.62
11.17
10.72
92.59
10.60
15.37
11.51
12.05
15.49
86.41
89.01
118.08
14.11
100.69
99.37
11.42
117.58
11.14
123.44
97.79
83.59
102.58
10.44
10.09
85.31
10.01
14.46
10.74
11.33
14.54
82.11
83.56
111.10
13.19
94.52
94.08
10.69
110.49
10.41
115.57
107.08
78.46
111.40
11.21
10.99
89.76
10.98
15.78
11.43
12.23
15.81
90.30
78.46
119.76
14.24
87.35
102.68
–
118.79
–
123.32
95.69
76.39
98.98
9.87
9.80
–
9.77
14.12
9.91
10.96
14.15
81.25
76.38
105.60
12.64
83.91
91.69
–
104.48
–
107.65
EUR
47,314,875
44,281,905
40,647,927
–
EUR
CHF
SEK
EUR
GBP
EUR
EUR
EUR
EUR
10.58
10.47
105.16
10.20
10.29
10.69
10.08
10.51
10.82
10.27
10.18
102.20
9.87
9.91
10.34
9.93
10.23
10.43
9.90
9.89
98.94
9.86
9.87
9.91
9.91
9.91
9.91
–
–
–
–
–
–
–
–
–
European Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CAD hedged
A Class non-distributing share CNH hedged
A Class non-distributing share GBP hedged
A Class non-distributing share HKD hedged
A Class non-distributing share NZD hedged
A Class non-distributing share SGD hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share USD hedged
D Class non-distributing UK reporting fund share
E Class non-distributing share
I Class distributing (A) UK reporting fund share
I Class non-distributing share
I Class non-distributing share USD hedged
X Class non-distributing share
European High Yield Bond Fund
Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share SEK hedged
D Class distributing (A) share
D Class distributing (A) UK reporting fund share GBP hedged
D Class non-distributing share
E Class distributing (Q) share
E Class non-distributing share
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
32
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
EUR
1,344,434,669
1,580,638,584
1,366,788,003
973,012,365
EUR
AUD
CAD
CNH
GBP
NZD
USD
EUR
EUR
USD
EUR
EUR
EUR
37.67
13.12
12.59
275.04
12.35
–
13.77
31.90
40.93
12.70
35.44
10.92
10.48
36.37
12.53
12.10
258.98
11.91
–
13.21
30.99
39.37
12.13
34.30
–
10.03
36.67
12.47
12.20
253.01
12.14
–
13.35
31.64
39.40
12.17
34.75
–
9.94
29.42
9.90
9.81
–
9.78
9.93
10.79
25.71
31.38
9.77
28.03
9.77
7.84
EUR
2,752,833,054
2,458,714,746
2,872,137,959
2,415,987,363
EUR
GBP
EUR
AUD
CNH
HKD
USD
EUR
GBP
EUR
USD
EUR
EUR
USD
EUR
51.86
47.24
65.31
11.94
108.96
113.30
11.42
49.89
47.42
70.02
11.86
60.97
14.71
11.63
9.63
48.28
43.88
60.80
11.00
98.99
105.23
10.57
46.73
43.88
64.94
10.93
56.90
13.62
10.70
8.89
51.84
40.39
64.21
11.49
–
111.64
11.17
49.98
40.40
68.07
11.47
60.40
14.24
11.20
9.22
46.41
39.39
56.91
10.08
–
99.59
9.96
44.86
39.39
59.88
–
53.81
12.50
–
8.03
European Special Situations Fund
Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CAD hedged
A Class non-distributing share CNH hedged
A Class non-distributing share GBP hedged
A Class non-distributing share NZD hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class non-distributing share
D Class non-distributing share USD hedged
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share
European Value Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CNH hedged
A Class non-distributing share HKD hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share USD hedged
E Class non-distributing share
I Class non-distributing share
I Class non-distributing share USD hedged
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
Interim Report and Unaudited Accounts
33
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
7,840,487,468
7,839,045,320
9,072,127,942
3,779,625,069
USD
EUR
USD
USD
USD
EUR
SGD
AUD
CNH
USD
HKD
USD
CHF
EUR
JPY
PLN
SEK
SGD
GBP
USD
USD
USD
USD
CAD
EUR
GBP
USD
EUR
USD
CHF
EUR
GBP
PLN
SGD
USD
EUR
CAD
USD
EUR
USD
CAD
CHF
EUR
GBP
JPY
USD
GBP
USD
AUD
EUR
USD
AUD
CAD
CHF
EUR
GBP
SEK
9.99
10.07
10.05
10.04
10.07
7.33
14.73
9.62
98.50
12.37
95.71
13.60
10.04
9.94
1,036
15.02
101.19
19.93
10.16
10.05
10.02
12.00
13.56
10.05
10.09
4.95
10.59
7.35
13.88
10.64
10.41
10.85
15.36
20.36
12.90
9.46
9.80
9.86
9.74
11.00
10.46
11.30
10.68
10.90
1,058
10.05
9.86
10.05
10.57
9.82
10.55
11.10
10.38
11.51
11.10
10.58
10.33
9.80
9.95
9.97
9.96
10.01
7.34
14.66
9.59
97.07
12.32
95.50
13.34
9.96
9.83
1,024
14.69
100.12
19.58
10.00
9.97
9.95
11.85
13.27
9.85
9.95
4.86
10.52
7.36
13.59
10.53
10.26
10.66
14.98
19.95
12.68
9.38
9.75
9.80
9.76
10.75
10.25
11.16
10.52
10.70
1,043
9.97
9.84
9.97
10.45
9.82
10.29
10.78
10.14
11.35
10.91
10.36
10.16
9.90
10.15
10.07
10.07
10.08
7.47
14.68
9.77
97.84
12.54
97.58
13.20
10.01
9.82
1,023
14.43
100.32
19.26
9.92
10.07
10.03
11.87
13.40
9.96
–
–
10.60
7.49
13.37
10.53
10.21
10.51
14.64
19.53
12.61
9.42
9.86
9.87
9.93
10.57
10.09
11.15
10.45
10.53
1,035
10.07
9.93
10.07
10.39
10.02
10.07
10.39
9.93
11.28
10.78
10.14
10.07
–
10.35
10.22
10.22
10.24
7.62
14.86
–
–
12.92
100.55
13.18
–
9.85
1,026
14.21
–
19.16
–
10.22
10.18
12.01
13.61
–
–
–
10.76
7.64
13.29
10.56
10.18
10.42
14.34
19.33
12.66
9.49
–
10.01
–
10.49
–
–
10.41
10.42
1,031
10.22
–
10.22
10.31
10.21
–
10.02
–
–
10.68
–
–
Fixed Income Global Opportunities Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) share EUR hedged
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (Q) share
A Class distributing (Q) share EUR hedged
A Class distributing (Q) share SGD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share CNH hedged
A Class distributing (S) share
A Class distributing (S) share HKD hedged
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share JPY hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SEK hedged
A Class non-distributing share SGD hedged
A Class non-distributing UK reporting fund share GBP hedged
C Class distributing (D) share
C Class distributing (Q) share
C Class non-distributing share
D Class distributing (A) share
D Class distributing (A) share CAD hedged
D Class distributing (A) share EUR hedged
D Class distributing (A) UK reporting fund share GBP hedged
D Class distributing (Q) share
D Class distributing (Q) share EUR hedged
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share GBP hedged
D Class non-distributing share PLN hedged
D Class non-distributing share SGD hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (M) share CAD hedged
I Class distributing (Q) share
I Class distributing (Q) share EUR hedged
I Class non-distributing share
I Class non-distributing share CAD hedged
I Class non-distributing share CHF hedged
I Class non-distributing share EUR hedged
I Class non-distributing share GBP hedged
I Class non-distributing share JPY hedged
J Class distributing (M) share
X Class (Q) distributing share GBP hedged
X Class distributing (M) share
X Class distributing (M) share AUD hedged
X Class distributing (M) share EUR hedged
X Class non-distributing share
X Class non-distributing share AUD hedged
X Class non-distributing share CAD hedged
X Class non-distributing share CHF hedged
X Class non-distributing share EUR hedged
X Class non-distributing share GBP hedged
X Class non-distributing share SEK hedged
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
34
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
EUR
301,047,426
331,797,894
431,398,211
258,786,385
13.65
32.55
11.99
26.16
14.34
33.48
12.51
29.83
15.09
13.71
32.59
12.20
26.53
14.30
33.28
12.63
30.02
14.89
13.24
31.69
11.93
26.12
13.71
32.13
12.26
29.34
14.14
Flexible Multi-Asset Fund
Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share USD hedged
C Class non-distributing share
C Class non-distributing share USD hedged
D Class non-distributing share
D Class non-distributing share USD hedged
E Class non-distributing share
E Class non-distributing share USD hedged
X Class non-distributing share
EUR
USD
EUR
USD
EUR
USD
EUR
USD
EUR
14.32*
34.34*
12.51*
27.43*
15.11*
35.45*
13.10*
31.39*
–
Global Allocation Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) share EUR hedged
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share CNH hedged
A Class non-distributing share EUR hedged
A Class non-distributing share GBP hedged
A Class non-distributing share HKD hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) share
D Class distributing (A) share EUR hedged
D Class non-distributing share
D Class non-distributing share AUD hedged
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share GBP hedged
D Class non-distributing share PLN hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share
E Class non-distributing share
E Class non-distributing share EUR hedged
E Class non-distributing share PLN hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
I Class non-distributing share SGD hedged
J Class non-distributing share
X Class distributing (A) share
X Class non-distributing share
X Class non-distributing share AUD hedged
X Class non-distributing share EUR hedged
X Class non-distributing share JPY hedged
USD
18,191,095,391
19,846,661,621
23,006,081,749
23,039,774,065
USD
EUR
USD
AUD
CHF
CNH
EUR
GBP
HKD
PLN
SGD
USD
EUR
USD
EUR
USD
AUD
CHF
EUR
GBP
PLN
SGD
GBP
USD
EUR
PLN
USD
EUR
SGD
USD
USD
USD
AUD
EUR
JPY
51.38
33.15
52.40
15.81
11.68
115.02
35.37
28.27
12.83
15.40
12.63
41.55
28.06
51.58
33.28
56.19
16.34
12.08
37.92
29.20
15.92
13.05
45.18
48.65
34.21
14.92
55.73
37.24
13.10
61.79
11.43
61.38
17.68
10.59
1,034
49.65
32.26
50.64
15.20
11.39
109.03
34.43
27.44
12.42
14.84
12.22
40.40
27.48
49.66
32.27
54.09
15.66
11.74
36.78
28.24
15.29
12.58
41.30
47.13
33.38
14.42
53.60
36.08
12.62
59.20
10.95
58.81
16.86
10.22
998
48.29
31.62
49.18
14.60
11.22
102.67
33.69
26.74
12.11
14.33
11.81
39.73
27.23
48.29
31.63
52.14
14.93
11.48
35.72
27.32
14.66
12.07
33.86
46.00
32.83
14.00
51.56
34.97
12.08
56.52
10.65
56.15
15.92
–
–
50.31
33.07
51.21
14.90
11.81
103.79
35.21
27.80
12.62
14.72
12.28
41.90
28.82
50.32
33.08
53.89
15.13
11.99
37.05
28.18
14.93
12.45
32.50
48.14
34.49
14.44
53.18
36.20
12.44
57.86
11.10
57.48
15.97
–
–
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
* Dilution adjustment included, see Note 2(g), for further details.
Interim Report and Unaudited Accounts
35
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
2,244,194,088
2,628,682,361
1,689,003,230
1,423,823,294
EUR
AUD
CAD
GBP
NZD
USD
AUD
CNH
NZD
USD
HKD
SGD
USD
EUR
SEK
SGD
USD
EUR
GBP
USD
EUR
GBP
USD
CAD
GBP
AUD
USD
EUR
9.24
11.43
10.62
10.44
11.53
10.45
10.95
98.33
9.64
10.84
83.06
9.84
13.10
12.60
100.16
10.18
13.59
13.06
9.53
12.49
12.05
10.10
10.38
10.47
9.46
10.19
14.22
13.70
9.53
11.74
10.96
10.79
11.80
10.76
11.39
100.93
10.03
11.27
86.48
10.24
13.38
12.99
103.28
10.43
13.85
13.43
9.75
12.79
12.45
10.32
10.56
10.68
9.65
10.53
14.45
14.04
9.10
10.94
10.39
10.22
10.94
10.19
10.95
96.01
9.65
10.82
83.35
–
12.41
12.18
97.16
–
12.80
12.54
9.02
11.92
11.74
–
9.74
9.87
9.13
9.98
13.26
13.03
9.41
11.00
10.62
10.50
10.89
10.51
11.43
–
–
11.33
87.43
–
12.52
12.33
–
–
12.85
12.63
–
12.09
11.94
–
–
–
9.38
–
13.24
13.05
USD
632,562,974
713,860,858
926,679,641
1,044,637,971
USD
USD
CNH
EUR
USD
EUR
USD
USD
EUR
USD
EUR
USD
17.92
17.92
107.71
12.39
15.64
11.03
16.20
19.14
12.81
16.96
11.97
21.30
16.41
16.42
96.74
11.41
14.41
10.22
14.78
17.47
11.75
15.58
11.04
19.34
16.19
16.19
92.46
11.30
14.39
10.25
14.58
17.10
11.55
15.44
10.99
18.74
16.74
16.74
–
11.70
15.07
10.75
15.04
17.55
11.87
16.04
11.44
19.04
Global Corporate Bond Fund
Total net assets
Net asset value per:
A Class distributing (A) share EUR hedged
A Class distributing (M) share AUD hedged
A Class distributing (M) share CAD hedged
A Class distributing (M) share GBP hedged
A Class distributing (M) share NZD hedged
A Class distributing (Q) share
A Class distributing (R) share AUD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share NZD hedged
A Class distributing (S) share
A Class distributing (S) share HKD hedged
A Class distributing (S) share SGD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share SEK hedged
A Class non-distributing share SGD hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (A) UK reporting fund share GBP hedged
I Class non-distributing share
I Class non-distributing share CAD hedged
X Class distributing (A) UK reporting fund share GBP hedged
X Class distributing (R) share AUD hedged
X Class non-distributing share
X Class non-distributing share EUR hedged
Global Dynamic Equity Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class non-distributing share
A Class non-distributing share CNH hedged
A Class non-distributing share EUR hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
36
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
854,589,002
754,715,221
744,522,505
341,303,623
USD
EUR
AUD
CAD
CNH
NZD
USD
HKD
GBP
USD
EUR
SGD
USD
USD
USD
EUR
GBP
EUR
USD
EUR
USD
5.30
4.08
8.89
8.85
90.93
8.89
8.97
89.13
8.91
12.36
8.22
10.39
5.29
10.86
5.58
8.49
10.62
9.42
11.49
7.83
10.35
5.27
4.06
8.86
8.83
90.05
8.86
8.93
88.91
8.92
11.86
7.95
9.99
5.26
10.48
5.53
8.18
9.64
9.43
11.06
7.59
10.23
5.38
4.16
9.17
9.17
92.56
9.19
9.21
92.00
9.22
11.28
7.62
9.47
5.37
10.09
5.60
7.78
7.74
9.59
10.57
7.31
–
6.14
4.74
–
–
–
–
–
–
–
12.00
8.14
10.07
6.13
10.87
6.35
8.24
7.59
–
–
7.84
–
USD
–
–
212,835,240
265,737,136
USD
GBP
USD
SGD
USD
GBP
USD
USD
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
6.96
4.67
7.29
10.56
6.47
4.70
7.71
6.95
7.56
4.52
7.59
10.99
6.82
4.53
7.97
7.28
Global Enhanced Equity Yield Fund
Total net assets
Net asset value per:
A Class distributing (Q) (G) share
A Class distributing (Q) (G) share EUR hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share CAD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share NZD hedged
A Class distributing (S) share
A Class distributing (S) share HKD hedged
A Class distributing (S) UK reporting fund share GBP hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share SGD hedged
C Class distributing (Q) (G) share
C Class non-distributing share
D Class distributing (Q) (G) share
D Class non-distributing share EUR hedged
D Class non-distributing UK reporting fund share
E Class distributing (Q) (G) share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (Q) share
Global Equity Fund (3)
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share SGD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
E Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
(3) Fund merged on 25 September 2015.
Interim Report and Unaudited Accounts
37
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
2,231,001,335
2,354,518,241
2,321,983,144
2,969,184,918
12.64
–
12.67
11.70
12.24
9.67
10.51
100.65
104.58
13.03
94.47
102.11
10.55
15.15
10.44
13.66
16.00
14.10
11.29
13.34
14.04
13.05
12.05
9.97
8.03
15.82
12.68
14.06
16.48
14.51
12.36
11.10
14.75
10.71
11.52
16.78
–
11.68
–
11.72
10.91
11.29
7.61
9.81
92.82
96.61
12.11
84.69
95.19
9.78
13.61
9.51
12.37
14.31
12.63
10.58
12.13
12.87
11.98
11.15
7.79
7.41
14.10
11.46
12.64
14.63
12.90
11.49
10.40
13.31
9.52
10.46
14.81
–
12.84
–
12.85
12.02
12.39
7.75
10.83
–
106.15
13.32
90.31
104.90
10.78
14.49
–
13.24
15.05
13.46
11.75
13.08
14.04
13.04
12.20
7.88
8.06
14.91
12.27
13.43
15.27
13.65
12.66
11.52
14.25
–
11.27
15.49
14.11
Global Equity Income Fund
Total net assets
Net asset value per:
A Class distributing (A) (G) share
A Class distributing (A) (G) share EUR hedged
A Class distributing (Q) (G) share
A Class distributing (Q) (G) share EUR hedged
A Class distributing (Q) (G) share SGD hedged
A Class distributing (Q) (G) UK reporting fund share
A Class distributing (R) share AUD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share CNH hedged
A Class distributing (S) share HKD hedged
A Class distributing (S) share SGD hedged
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class distributing (Q) (G) share
C Class non-distributing share
D Class distributing (A) (G) share
D Class distributing (Q) (G) share
D Class distributing (Q) (G) share EUR hedged
D Class distributing (Q) (G) UK reporting fund share
D Class distributing (Q) (G) UK reporting fund share GBP hedged
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share PLN hedged
D Class non-distributing share SGD hedged
E Class distributing (Q) (G) share
E Class distributing (Q) (G) share EUR hedged
E Class non-distributing share
I Class non-distributing share
X Class distributing (Q) (G) share
X Class non-distributing share
X Class non-distributing share GBP hedged
USD
EUR
USD
EUR
SGD
GBP
AUD
CNH
ZAR
USD
CNH
HKD
SGD
USD
CHF
EUR
PLN
SGD
USD
USD
USD
USD
EUR
GBP
GBP
USD
CHF
EUR
PLN
SGD
USD
EUR
USD
USD
USD
USD
GBP
12.89*
10.68*
12.77*
11.70*
12.32*
10.26*
10.54*
102.25*
105.58*
13.08*
96.84*
102.35*
10.57*
15.46*
10.55*
13.83*
16.36*
14.36*
11.31*
13.52*
14.37*
13.20*
12.10*
10.63*
8.08*
16.20*
12.85*
14.29*
16.91*
14.83*
12.43*
11.08*
15.00*
10.98*
11.71*
17.27*
–
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
* Dilution adjustment included, see Note 2(g), for further details.
38
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
641,888,330
779,185,364
588,573,455
530,800,308
USD
EUR
USD
EUR
GBP
HKD
USD
EUR
USD
EUR
USD
USD
EUR
USD
EUR
USD
EUR
USD
EUR
USD
EUR
SEK
20.17
18.88
20.21
18.72
9.73
97.46
27.99
25.77
19.00
17.98
19.93
22.20
20.48
20.23
18.74
28.66
26.72
25.68
23.56
10.06
10.69
97.77
20.84
19.69
20.88
19.52
–
–
28.83
26.79
19.69
18.81
20.66
23.01
21.42
20.90
19.54
29.47
27.72
26.52
24.55
–
11.06
–
19.69
18.79
19.71
18.63
–
–
27.03
25.38
18.69
18.04
19.61
21.84
20.55
19.74
18.65
27.52
26.17
24.98
23.37
–
10.39
–
19.52
18.68
19.54
18.52
–
–
26.61
25.06
18.64
18.04
19.55
21.78
20.54
19.56
18.54
27.01
25.75
24.73
23.19
–
10.16
–
Global Government Bond Fund
Total net assets
Net asset value per:
A Class distributing (D) share
A Class distributing (D) share EUR hedged
A Class distributing (M) share
A Class distributing (M) share EUR hedged
A Class distributing (M) share GBP hedged
A Class distributing (M) share HKD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
C Class distributing (D) share
C Class distributing (D) share EUR hedged
C Class distributing (M) share
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (M) share
D Class distributing (M) share EUR hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
X Class non-distributing share EUR hedged
X Class non-distributing share SEK hedged
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
Interim Report and Unaudited Accounts
39
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
2,319,666,434
2,043,954,338
2,279,439,980
2,518,478,868
GBP
EUR
USD
EUR
USD
AUD
ZAR
USD
HKD
USD
EUR
GBP
PLN
SEK
USD
EUR
USD
EUR
USD
EUR
GBP
USD
EUR
GBP
EUR
USD
EUR
EUR
USD
USD
CAD
EUR
GBP
AUD
EUR
GBP
6.40
5.58
7.99
5.52
12.43
7.15
93.19
7.24
55.89
23.26
16.26
17.33
13.08
12.87
8.16
5.71
20.70
13.29
8.04
5.55
9.54
24.37
16.97
17.96
11.05
21.29
14.88
9.77
10.41
24.44
11.19
9.78
–
9.89
18.93
18.74
5.94
5.50
7.82
5.44
12.16
7.06
91.54
7.15
55.36
22.25
15.67
16.64
12.48
12.42
7.98
5.63
19.93
12.89
7.86
5.47
9.37
23.24
16.31
17.19
10.90
20.42
14.38
9.38
10.18
23.29
10.69
9.36
–
9.69
18.12
17.87
5.07
5.56
7.84
5.50
12.19
7.30
93.02
7.35
57.12
21.29
15.12
15.94
11.85
12.02
8.00
5.69
19.31
12.59
7.88
5.53
9.41
22.11
15.64
16.37
11.03
19.64
13.94
9.47
10.21
22.12
10.18
9.44
–
9.79
17.24
16.87
5.10
6.06
8.49
6.00
–
8.06
101.63
8.11
63.10
22.02
15.73
16.47
12.09
12.48
8.66
6.21
20.22
13.26
8.53
6.03
10.17
22.72
16.17
16.81
12.00
20.41
14.58
10.34
11.05
22.70
–
10.32
11.33
–
17.68
17.17
USD
242,512,939
230,644,023
180,148,469
192,055,024
USD
USD
EUR
USD
USD
USD
USD
EUR
EUR
EUR
13.86
14.28
13.67
12.84
12.83
13.87
14.67
14.04
13.17
14.86
12.86
13.23
12.92
12.13
12.12
12.85
13.52
13.20
12.54
13.85
12.83
13.20
12.92
12.24
12.24
12.82
13.44
13.15
12.60
13.72
Global High Yield Bond Fund
Total net assets
Net asset value per:
A Class distributing (D) UK reporting fund share
A Class distributing (D) UK reporting fund share EUR hedged
A Class distributing (M) share
A Class distributing (M) share EUR hedged
A Class distributing (Q) share
A Class distributing (R) share AUD hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share HKD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share GBP hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SEK hedged
C Class distributing (D) share
C Class distributing (D) share EUR hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (M) share
D Class distributing (M) share EUR hedged
D Class distributing (Q) share GBP hedged
D Class non-distributing share
D Class non-distributing UK reporting fund share EUR hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class distributing (Q) share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (A) share EUR hedged
I Class distributing (M) share
I Class non-distributing share
I Class non-distributing share CAD hedged
X Class distributing (A) share EUR hedged
X Class distributing (M) share GBP hedged
X Class distributing (R) share AUD hedged
X Class non-distributing share EUR hedged
X Class non-distributing UK reporting fund share GBP hedged
Global Inflation Linked Bond Fund
Total net assets
Net asset value per:
A Class distributing (M) share
A Class non-distributing share
A Class non-distributing share EUR hedged
C Class distributing (M) share
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share EUR hedged
X Class non-distributing share EUR hedged
14.10*
14.52*
14.03*
13.14*
13.13*
14.09*
14.89*
14.38*
13.55*
15.18*
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
* Dilution adjustment included, see Note 2(g), for further details.
40
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
5,145,969
4,948,392
–
–
USD
EUR
USD
EUR
USD
EUR
USD
10.16
10.08
10.21
10.31
11.17
10.05
10.27
9.88
9.86
9.89
–
10.88
9.86
9.90
–
–
–
–
–
–
–
–
–
–
–
–
–
–
USD
4,621,233,491
3,920,733,003
2,890,787,273
1,119,915,873
USD
CHF
EUR
USD
USD
AUD
SGD
AUD
CAD
CNH
GBP
NZD
USD
EUR
HKD
SGD
USD
CHF
EUR
USD
USD
CHF
EUR
USD
USD
CHF
EUR
EUR
EUR
USD
EUR
EUR
USD
EUR
USD
AUD
USD
10.23
10.41
9.29
10.28
10.32
10.12
9.22
9.76
9.10
98.76
9.14
9.33
9.68
9.06
95.86
9.31
12.52
10.69
10.36
9.68
10.65
10.49
9.88
9.98
12.55
10.76
10.59
9.16
9.87
14.64
10.22
9.48
10.40
9.61
9.83
9.90
13.60
9.96
10.24
9.12
10.26
10.30
10.07
9.23
9.78
9.12
97.46
9.19
9.35
9.69
9.14
96.17
9.34
12.20
10.51
10.17
9.70
10.44
10.28
9.66
9.95
12.18
10.55
10.36
9.25
9.96
14.29
10.05
9.50
–
–
9.74
9.83
13.13
–
–
9.28
10.37
–
10.02
9.25
9.95
9.32
98.39
9.36
9.54
9.86
9.37
98.09
9.45
11.68
–
9.83
9.85
10.12
–
9.76
10.04
11.57
–
9.93
9.46
–
13.75
9.76
9.57
–
–
9.66
9.83
12.35
–
–
10.15
–
–
10.65
10.02
10.83
10.21
–
10.21
10.37
10.76
–
107.17
10.30
12.03
–
10.17
10.79
10.56
–
10.59
10.87
11.83
–
10.19
10.36
–
14.24
10.15
–
–
–
–
–
12.50
Global Long-Horizon Equity Fund
Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share EUR hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
X Class non-distributing share
Global Multi-Asset Income Fund
Total net assets
Net asset value per:
A Class distributing (A) (G) share
A Class distributing (A) (G) share CHF hedged
A Class distributing (A) (G) share EUR hedged
A Class distributing (M) (G) share
A Class distributing (Q) (G) share
A Class distributing (Q) (G) share AUD hedged
A Class distributing (Q) (G) share SGD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share CAD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share GBP hedged
A Class distributing (R) share NZD hedged
A Class distributing (S) share
A Class distributing (S) share EUR hedged
A Class distributing (S) share HKD hedged
A Class distributing (S) share SGD hedged
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
C Class distributing (S) share
C Class non-distributing share
D Class distributing (A) (G) share CHF hedged
D Class distributing (A) (G) share EUR hedged
D Class distributing (S) share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
E Class distributing (Q) (G) share EUR hedged
E Class distributing (Y) share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (Q) (G) share EUR hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class distributing (Q) (G) share
X Class distributing (R) share AUD hedged
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
Interim Report and Unaudited Accounts
41
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
269,557,670
273,118,436
113,526,910
138,878,704
USD
GBP
USD
SGD
USD
GBP
USD
USD
11.06
13.41
45.17
11.10
36.25
13.48
46.92
41.40
10.53
12.13
43.03
10.58
34.74
12.15
44.53
39.53
10.19
9.98
41.63
10.20
34.03
9.98
42.76
38.44
–
–
42.97
–
35.57
–
43.80
39.88
USD
369,628,326
347,747,353
399,700,589
605,911,623
USD
AUD
USD
USD
USD
91.74
10.56
73.86
97.85
85.38
86.76
9.93
70.28
92.19
80.94
85.85
9.76
70.42
90.54
80.49
92.54
10.32
76.87
96.86
87.21
USD
531,232,753
505,229,486
502,974,542
440,047,168
24.13
31.43
27.07
24.82
33.77
29.85
10.39
18.36
28.11
24.52
18.74
29.98
26.83
–
16.48
27.19
24.01
16.70
28.78
26.08
–
Global Opportunities Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share SGD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
E Class non-distributing share
Global SmallCap Fund
Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share AUD hedged
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
India Fund
Total net assets
Net asset value per:
A Class distributing (A) UK reporting fund share
A Class non-distributing share
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
E Class non-distributing share
X Class non-distributing share
GBP
USD
USD
GBP
USD
USD
USD
25.71*
31.80*
27.22*
26.53*
34.29*
30.13*
10.61*
Japan Flexible Equity Fund
Total net assets
Net asset value per:
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
X Class non-distributing share
JPY
23,482,184,036
22,425,517,877
31,308,870,578
31,275,898,509
GBP
JPY
EUR
USD
JPY
GBP
JPY
EUR
JPY
EUR
JPY
JPY
9.51
1,342
8.40
12.83
1,155
9.65
1,441
8.69
1,269
8.01
1,158
1,515
8.42
1,152
7.25
11.00
999
8.50
1,234
7.47
1,093
6.92
–
1,290
7.00
1,321
8.40
12.79
1,159
7.06
1,403
8.59
1,259
8.06
–
1,453
6.46
1,127
7.17
11.03
1,002
6.51
1,189
7.28
1,080
6.92
–
1,218
JPY
71,733,159,313
63,934,743,479
80,180,440,670
87,379,151,365
GBP
JPY
EUR
USD
JPY
GBP
JPY
EUR
JPY
JPY
GBP
JPY
45.40
6,337
41.32
11.90
5,052
46.31
6,791
42.70
5,789
1,350
46.68
6,970
40.04
5,427
35.51
10.16
4,353
40.69
5,794
36.55
4,970
1,151
40.81
5,917
32.01
5,980
39.51
11.33
4,857
32.45
6,337
40.38
5,504
1,255
32.57
6,404
30.68
5,299
35.08
10.13
4,359
30.95
5,573
35.58
4,902
1,101
31.05
5,575
Japan Small & MidCap Opportunities Fund
Total net assets
Net asset value per:
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
I Class non-distributing share
X Class distributing (A) UK reporting fund share
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
* Dilution adjustment included, see Note 2(g), for further details.
42
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
1,474,040,961
1,391,207,614
1,254,885,493
2,742,293,715
USD
GBP
USD
AUD
CHF
HKD
PLN
SGD
USD
USD
GBP
USD
CHF
EUR
PLN
SGD
GBP
USD
USD
GBP
USD
59.38
46.99
62.07
9.64
6.16
8.52
8.28
6.10
48.90
59.55
47.11
67.05
6.35
50.67
8.56
6.30
41.21
57.71
76.96
46.93
71.87
55.14
41.44
57.64
8.95
5.78
7.92
7.71
5.68
45.69
55.10
41.39
62.04
5.94
47.17
7.94
5.84
38.14
53.72
70.76
40.96
66.08
46.69
29.84
48.59
7.55
4.95
6.71
6.49
4.80
39.00
46.60
29.78
51.91
5.05
39.37
6.64
4.90
32.16
45.51
58.47
29.40
54.57
80.84
47.98
83.92
12.99
8.73
11.60
11.19
8.36
68.21
80.84
47.98
88.96
8.85
68.29
11.36
8.48
55.09
78.99
98.94
47.58
92.31
USD
44,382,372
20,775,807
11,671,107
7,967,000
USD
USD
USD
USD
USD
EUR
USD
6.83
11.00
6.62
–
8.16
6.34
7.94
6.12
9.97
5.99
–
7.31
5.78
7.13
5.57
–
5.49
–
6.46
5.39
6.34
8.56
–
8.36
8.48
9.44
8.35
9.30
USD
970,285,980
959,488,316
921,513,735
1,315,150,461
USD
GBP
USD
USD
USD
GBP
USD
USD
USD
USD
8.04
6.49
8.06
6.67
8.18
6.68
8.78
7.46
8.65
9.79
8.02
6.14
8.04
6.69
8.12
6.30
8.72
7.45
8.58
9.66
7.24
4.72
7.26
6.12
7.33
4.83
7.82
6.77
7.67
8.56
8.45
5.11
8.47
7.22
8.51
5.21
9.05
7.93
8.85
9.78
Latin American Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share HKD hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share PLN hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
J Class non-distributing share
X Class distributing (A) UK reporting fund share
X Class non-distributing share
Natural Resources Growth & Income Fund
Total net assets
Net asset value per:
A Class distributing (A) (G) share
A Class distributing (M) (G) share
A Class distributing (Q) (G) share
A Class distributing (S) share
A Class non-distributing share
E Class distributing (Q) (G) share EUR hedged
E Class non-distributing share
New Energy Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
C Class non-distributing share
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
Interim Report and Unaudited Accounts
43
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
135,126,579
105,082,223
108,668,363
92,849,532
USD
USD
USD
USD
GBP
GBP
GBP
USD
USD
EUR
USD
14.47
15.90
13.58
14.95
18.39
9.25
13.28
18.51
20.35
15.10
9.72
13.21
14.39
12.47
13.60
15.88
8.45
11.36
16.94
18.45
13.76
8.79
12.01
12.83
11.48
12.28
12.19
7.66
8.55
15.48
16.53
12.40
7.86
12.74
13.36
12.34
12.95
11.92
8.05
8.21
16.50
17.31
12.99
–
USD
161,949,429
158,830,864
191,476,430
216,087,498
USD
USD
USD
USD
USD
35.10
28.21
38.06
32.65
10.60
32.55
26.32
35.16
30.36
–
31.19
25.54
33.44
29.23
–
34.34
28.48
36.54
32.35
–
CNH
362,661,738
390,160,969
776,974,074
1,046,029,328
CNH
CNH
CNH
CNH
CNH
CNH
CNH
EUR
CNH
USD
67.55
80.90
67.53
75.77
67.84
79.95
102.16
10.04
–
9.50
68.91
80.83
68.88
76.17
69.19
79.75
102.33
10.38
–
9.91
USD
73,292,137
101,297,169
–
–
USD
EUR
USD
EUR
USD
EUR
USD
9.82
9.70
9.84
9.66
10.77
9.67
9.89
10.12
10.10
10.12
–
11.13
10.09
10.13
–
–
–
–
–
–
–
–
–
–
–
–
–
–
CHF
1,020,163,191
979,800,055
913,366,599
821,723,452
CHF
GBP
GBP
CHF
CHF
380.58
10.34
324.90
19.81
13.33
342.58
9.00
282.76
17.74
11.90
289.95
CHF 9.73
205.54
14.87
9.89
262.96
–
181.27
13.35
–
North American Equity Income Fund
Total net assets
Net asset value per:
A Class distributing (Q) (G) share
A Class non-distributing share
C Class distributing (Q) (G) share
C Class non-distributing share
D Class distributing (Q) (G) UK reporting fund share
D Class distributing (Q) (G) UK reporting fund share GBP hedged
D Class non-distributing UK reporting fund share
E Class distributing (Q) (G) share
E Class non-distributing share
E Class non-distributing share EUR hedged
X Class distributing (Q) (G) share
Pacific Equity Fund
Total net assets
Net asset value per:
A Class non-distributing share
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
I Class non-distributing share
Renminbi Bond Fund
Total net assets
Net asset value per:
A Class distributing (M) share
A Class non-distributing share
C Class distributing (M) share
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (Q) share
X Class distributing (S) share USD hedged
65.09*
73.39*
65.06*
70.01*
65.35*
72.15*
93.38*
9.95*
–
9.72*
66.72
72.51
66.70
70.01
66.99
71.04
92.73
10.29
10.45
–
Strategic Global Bond Fund
Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share EUR hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
X Class non-distributing share
Swiss Small & MidCap Opportunities Fund (1)
Total net assets
Net asset value per:
A Class non-distributing share
D Class distributing (M) UK reporting fund share
D Class non-distributing UK reporting fund share
I Class non-distributing share
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
* Dilution adjustment included, see Note 2(g), for further details.
(1) Fund closed to subscriptions, see Note 1, for further details.
44
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
GBP
151,899,188
194,032,865
212,811,553
261,069,376
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
81.66
95.04
76.14
82.06
101.88
98.23
101.88
86.93
10.61
107.77
77.11
89.75
72.35
77.20
95.83
92.41
95.83
82.29
–
100.88
71.05
81.90
66.86
71.10
86.80
83.70
86.80
75.47
–
90.46
69.19
78.83
65.17
69.23
82.92
79.96
82.92
73.01
–
85.54
USD
1,301,025,727
1,253,232,281
1,612,624,000
1,907,519,409
75.46
57.53
75.88
114.55
52.85
14.93
57.97
48.05
75.95
57.88
81.88
54.39
70.57
45.85
80.03
90.07
70.26
45.56
70.62
–
49.40
13.87
54.64
45.48
70.67
45.81
75.64
50.46
66.01
43.07
73.74
82.37
74.81
45.05
75.19
–
52.72
14.76
58.91
49.16
75.16
45.24
79.93
53.45
70.64
46.20
77.72
86.15
United Kingdom Fund
Total net assets
Net asset value per:
A Class distributing (A) UK reporting fund share
A Class non-distributing share
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing UK reporting fund share
D Class non-distributing UK reporting fund share
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share
US Basic Value Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share CNH hedged
A Class non-distributing share EUR hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
X Class non-distributing share
USD
GBP
USD
CNH
EUR
SGD
USD
EUR
USD
GBP
USD
EUR
USD
EUR
USD
USD
81.59*
65.50*
82.04*
126.43*
56.90*
16.14*
62.29*
51.42*
82.42*
66.15*
88.86*
58.79*
76.11*
49.24*
86.96*
98.25*
US Dollar Core Bond Fund
Total net assets
Net asset value per:
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class non-distributing share
C Class distributing (D) share
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
I Class non-distributing share
USD
441,814,568
509,928,115
533,628,044
212,213,407
USD
USD
GBP
HKD
USD
USD
USD
USD
USD
GBP
USD
USD
16.81
16.81
9.64
97.36
31.20
15.81
24.38
16.81
32.05
10.27
28.83
10.27
17.31
17.32
–
–
31.80
16.29
25.00
17.31
32.60
10.49
29.45
10.43
16.82
16.83
–
–
30.36
15.83
24.17
16.83
31.00
–
28.26
9.90
16.93
16.94
–
–
30.08
15.94
24.25
16.96
30.59
–
28.14
–
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
* Dilution adjustment included, see Note 2(g), for further details.
Interim Report and Unaudited Accounts
45
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
4,062,275,341
4,319,694,539
5,208,058,569
5,362,826,953
GBP
USD
USD
AUD
CAD
EUR
GBP
NZD
SGD
AUD
ZAR
USD
CNH
HKD
SGD
USD
AUD
CHF
EUR
SGD
USD
USD
GBP
USD
AUD
SGD
AUD
CHF
EUR
SGD
GBP
USD
GBP
USD
USD
EUR
USD
USD
11.39
5.84
5.90
11.58
10.39
10.02
10.25
11.28
10.08
9.92
93.97
5.33
–
40.99
10.10
30.92
15.64
10.48
202.12
13.61
5.85
24.82
11.38
10.10
–
10.11
16.09
10.64
210.03
13.96
25.82
28.73
9.86
9.52
12.97
10.76
10.94
34.86
10.89
5.70
5.76
11.25
10.17
9.85
10.04
10.93
9.85
9.79
91.91
5.25
–
40.49
9.96
29.46
14.83
10.09
193.89
12.98
5.71
23.80
10.85
9.86
–
9.88
15.21
10.20
200.92
13.27
23.29
27.44
9.40
9.29
12.31
10.28
10.67
32.98
10.90
5.71
5.76
11.12
10.22
9.94
10.07
10.73
9.80
10.09
93.04
5.37
–
41.63
–
28.12
13.97
9.76
186.50
12.32
5.72
23.01
10.85
9.87
–
9.83
14.23
9.83
192.11
12.52
18.80
26.33
9.40
9.30
11.67
9.81
–
31.04
11.76
6.15
6.21
11.74
10.97
10.77
10.84
11.19
10.53
11.12
101.17
5.92
179.60
45.78
–
28.99
14.11
10.17
193.25
12.66
6.16
24.02
11.70
10.64
11.79
10.57
14.28
10.18
197.77
12.79
17.88
27.28
–
10.02
11.93
–
–
31.53
USD
600,988,745
587,815,015
609,324,935
354,612,589
USD
GBP
USD
GBP
USD
GBP
USD
151.23
189.94
150.54
190.31
145.44
182.09
10.05
150.93
190.38
150.25
190.57
145.34
182.74
10.01
150.82
190.45
150.13
190.44
145.58
183.26
–
150.79
190.09
150.11
190.08
145.93
183.38
–
US Dollar High Yield Bond Fund
Total net assets
Net asset value per:
A Class distributing (A) UK reporting fund share GBP hedged
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (M) share AUD hedged
A Class distributing (M) share CAD hedged
A Class distributing (M) share EUR hedged
A Class distributing (M) share GBP hedged
A Class distributing (M) share NZD hedged
A Class distributing (M) share SGD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share CNH hedged
A Class distributing (S) share HKD hedged
A Class distributing (S) Share SGD hedged
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share SGD hedged
C Class distributing (D) share
C Class non-distributing share
D Class distributing (A) UK reporting fund share GBP hedged
D Class distributing (M) share
D Class distributing (M) share AUD hedged
D Class distributing (M) share SGD hedged
D Class non-distributing share AUD hedged
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share
E Class non-distributing share
I Class distributing (A) UK reporting fund share GBP hedged
I Class distributing (M) share
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class distributing (S) share
X Class non-distributing share
US Dollar Reserve Fund
Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share GBP hedged
C Class non-distributing share
D Class non-distributing share GBP hedged
E Class non-distributing share
E Class non-distributing share GBP hedged
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
46
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
1,430,123,256
1,532,772,836
1,497,665,243
952,088,045
USD
USD
SGD
USD
EUR
USD
USD
USD
USD
EUR
USD
USD
EUR
USD
8.57
8.56
9.85
13.06
10.18
8.58
10.92
9.82
13.25
10.03
12.07
10.08
10.04
14.31
8.60
8.59
9.90
12.98
10.20
8.61
10.92
9.86
13.15
10.03
12.02
10.00
10.04
14.16
8.63
8.62
9.87
12.84
10.20
8.63
10.94
9.89
12.97
–
11.96
–
–
13.90
8.72
8.71
9.94
12.80
10.22
8.73
11.05
10.00
12.88
–
11.98
–
–
13.74
USD
786,067,208
647,520,706
771,782,796
1,014,234,806
USD
EUR
GBP
USD
CNH
EUR
USD
EUR
USD
GBP
USD
EUR
USD
EUR
USD
USD
29.38
20.32
23.59
29.36
123.74
20.25
24.39
15.92
30.15
24.22
31.90
21.99
27.42
18.24
18.86
35.10
25.82
17.93
19.69
25.81
106.60
17.87
21.57
14.14
26.40
20.14
27.94
19.34
24.17
16.14
16.50
30.59
24.57
17.16
15.94
24.56
–
17.10
20.79
13.70
25.00
16.22
26.39
18.36
23.11
15.52
15.54
28.60
24.74
17.29
14.90
24.72
–
17.22
21.19
13.97
25.01
15.07
26.36
18.36
23.38
15.71
15.49
28.29
USD
205,101,553
200,070,790
173,468,499
96,999,246
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
9.51
9.51
18.68
10.04
15.83
9.53
19.18
17.28
9.71
9.70
10.28
9.81
9.81
18.98
10.35
16.18
9.82
19.46
17.60
10.01
10.00
10.40
9.79
9.79
18.41
10.33
15.89
9.81
18.80
17.16
–
9.99
9.99
9.91
9.92
18.09
10.46
15.81
9.94
18.41
16.94
–
–
–
US Dollar Short Duration Bond Fund
Total net assets
Net asset value per:
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (M) share SGD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
C Class distributing (D) share
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class non-distributing share
US Flexible Equity Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) share EUR hedged
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share CNH hedged
A Class non-distributing share EUR hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
X Class non-distributing share
US Government Mortgage Fund
Total net assets
Net asset value per:
A Class distributing (D) share
A Class distributing (M) share
A Class non-distributing share
C Class distributing (D) share
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
E Class non-distributing share
I Class distributing (M) share
X Class distributing (M) share
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
Interim Report and Unaudited Accounts
47
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
263,634,954
368,335,860
439,760,860
405,123,901
USD
USD
EUR
GBP
USD
USD
USD
GBP
USD
USD
20.08
16.05
14.91
12.90
13.08
19.37
17.19
13.82
14.94
10.65
18.77
15.00
14.04
11.45
12.31
18.04
16.01
12.22
14.00
–
18.27
14.59
13.72
9.48
12.12
17.41
15.46
10.04
13.69
–
16.90
13.50
12.68
8.14
11.36
15.99
14.19
8.56
12.73
–
USD
409,256,489
374,734,909
445,479,650
427,432,998
USD
AUD
USD
USD
USD
204.83
12.27
163.55
219.42
187.33
191.24
11.39
153.64
204.09
175.33
186.12
10.98
151.41
197.13
171.49
182.97
10.57
150.73
192.34
169.44
USD
113,890,546
106,579,501
116,627,185
169,763,684
EUR
GBP
USD
EUR
HKD
PLN
SGD
USD
EUR
GBP
USD
EUR
SGD
GBP
USD
USD
USD
11.86
11.76
12.79
11.96
12.78
10.53
12.31
11.72
12.04
11.94
13.47
12.53
12.72
8.13
12.35
13.50
13.08
11.21
11.12
12.04
11.31
12.02
9.88
11.59
11.10
11.35
11.25
12.63
11.80
11.92
7.66
11.66
12.64
12.19
11.05
10.94
11.77
11.15
11.75
9.62
11.30
10.98
11.15
11.03
12.26
11.55
11.54
7.48
11.45
12.23
11.87
12.82
12.59
13.46
12.83
13.43
10.86
12.94
12.72
12.94
12.71
13.91
13.18
13.12
8.48
13.16
13.85
13.72
US Growth Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing UK reporting fund share
C Class non-distributing share
D Class distributing (A) share
D Class non-distributing share
D Class non-distributing UK reporting fund share
E Class non-distributing share
I Class non-distributing share
US Small & MidCap Opportunities Fund
Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share AUD hedged
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
World Agriculture Fund
Total net assets
Net asset value per:
A Class distributing (A) share EUR hedged
A Class distributing (A) UK reporting fund share GBP hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share HKD
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
D Class distributing (A) share EUR hedged
D Class distributing (A) UK reporting fund share GBP hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
I Class non-distributing share
X Class distributing (A) share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
48
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
1,511,071,919
1,611,410,206
1,553,779,869
1,162,234,536
USD
USD
CNH
GBP
HKD
USD
EUR
GBP
USD
USD
USD
CHF
EUR
GBP
USD
USD
USD
CHF
DKK
EUR
GBP
NOK
NZD
55.51
55.37
101.30
9.62
97.25
73.53
188.19
11.36
55.90
55.43
76.48
10.21
191.32
11.28
69.00
9.86
80.51
14.13
111.18
198.02
11.92
12.68
10.74
57.13
56.98
–
–
–
75.29
194.47
11.68
57.59
57.05
78.16
10.56
197.31
11.57
70.83
–
82.03
14.56
114.37
203.60
12.19
12.94
10.87
54.59
54.45
–
–
–
71.08
185.57
11.04
55.06
54.51
73.49
10.09
187.54
10.88
67.20
–
76.67
13.83
108.29
192.35
11.40
12.07
–
54.52
54.38
–
–
–
70.25
184.03
10.88
55.11
54.44
72.34
–
185.23
10.69
66.76
10.12
75.02
13.66
106.70
188.83
11.13
11.66
–
USD
2,089,510,009
1,925,613,472
1,731,221,772
2,226,925,624
16.87
12.83
17.00
7.04
5.37
5.01
8.19
4.96
14.03
4.49
16.92
12.96
18.40
5.52
5.33
5.10
15.74
4.79
18.16
5.40
21.26
15.98
10.34
16.03
6.63
5.14
4.78
7.76
4.68
13.39
4.34
16.02
10.44
17.22
5.25
5.04
4.79
14.92
4.59
16.96
5.09
19.65
26.94
16.19
26.99
11.03
8.86
8.16
13.08
7.94
22.83
7.50
27.08
16.38
28.77
8.98
8.54
8.05
25.24
7.88
28.25
8.60
32.41
World Bond Fund
Total net assets
Net asset value per:
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (R) share CNH hedged
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing UK reporting fund share GBP hedged
C Class distributing (D) share
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share
X Class non-distributing share CHF hedged
X Class non-distributing share DKK hedged
X Class non-distributing share EUR hedged
X Class non-distributing share GBP hedged
X Class non-distributing share NOK hedged
X Class non-distributing share NZD hedged
World Energy Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share HKD hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share SGD hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class non-distributing share
USD
GBP
USD
AUD
CHF
EUR
HKD
SGD
USD
EUR
USD
GBP
USD
CHF
EUR
SGD
USD
EUR
USD
EUR
USD
17.52*
14.04*
17.66*
7.37*
5.54*
5.19*
8.50*
5.16*
14.48*
4.63*
17.64*
14.23*
19.19*
5.72*
5.54*
5.33*
16.32*
4.95*
18.96*
5.62*
22.31*
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
* Dilution adjustment included, see Note 2(g), for further details.
Interim Report and Unaudited Accounts
49
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
521,297,284
252,158,584
474,539,057
392,863,029
13.28
17.30
14.10
19.16
10.26
13.01
18.49
13.72
20.32
10.62
World Financials Fund
Total net assets
Net asset value per:
A Class non-distributing UK reporting fund share
C Class non-distributing share
D Class non-distributing UK reporting fund share
E Class non-distributing share
X Class non-distributing share
GBP
USD
GBP
USD
USD
18.10*
18.70*
19.44*
20.94*
11.60*
14.44*
15.80*
15.45*
17.63*
9.66*
World Gold Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share HKD hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
A Class non-distributing UK reporting fund share
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class non-distributing share
USD
4,765,384,405
5,049,415,306
2,320,723,287
3,749,702,324
USD
GBP
USD
AUD
CHF
EUR
HKD
PLN
SGD
GBP
USD
EUR
USD
USD
CHF
EUR
SGD
GBP
USD
EUR
USD
EUR
USD
31.51
25.33
31.51
10.01
5.43
5.14
6.27
94.21
5.59
25.34
25.21
4.57
32.49
34.23
5.66
5.52
5.77
20.03
28.82
4.91
33.86
5.56
39.25
34.24
26.14
34.24
10.88
6.03
5.69
6.84
–
6.12
26.14
27.56
5.09
35.17
37.06
6.26
6.09
6.30
21.90
31.39
5.45
36.61
6.12
42.23
19.52
12.68
19.52
6.29
3.53
3.32
3.91
–
3.55
12.68
15.91
3.01
19.91
20.97
3.64
3.52
3.62
12.36
17.99
3.19
20.66
3.53
23.60
32.48
19.59
32.48
10.40
6.03
5.62
6.52
–
5.93
19.59
26.81
5.15
32.88
34.63
6.17
5.91
6.02
20.39
30.08
5.42
34.04
5.91
38.46
USD
3,093,866,391
3,189,100,272
3,941,871,023
2,395,969,859
USD
AUD
CNH
HKD
SGD
USD
USD
USD
USD
35.41
12.44
96.61
125.08
12.55
29.28
38.01
32.75
40.29
34.45
12.07
92.26
121.93
12.23
28.66
36.84
31.94
38.86
35.98
12.46
93.19
127.84
12.72
30.31
38.19
33.53
39.87
31.16
10.56
–
110.79
10.99
26.58
32.82
29.18
33.93
World Healthscience Fund
Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CNH hedged
A Class non-distributing share HKD hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
X Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
* Dilution adjustment included, see Note 2(g), for further details.
50
BlackRock Global Funds (BGF)
Three Year Summary of Net Asset Values
as at 28 February 2017 continued
Currency
28 February 2017
31 August 2016
31 August 2015
31 August 2014
USD
5,804,101,283
4,634,980,296
3,513,263,319
7,657,065,351
USD
GBP
USD
AUD
CHF
EUR
HKD
PLN
SGD
USD
EUR
GBP
USD
CHF
EUR
PLN
SGD
GBP
USD
EUR
USD
EUR
USD
USD
EUR
33.22
25.98
33.99
7.33
5.07
3.05
6.12
5.33
3.24
27.29
2.71
26.09
36.93
5.25
3.25
5.50
4.86
21.57
31.16
2.91
36.43
3.33
40.38
42.85
3.50
28.22
20.96
28.88
6.22
4.36
2.61
5.21
4.53
2.76
23.32
2.34
20.97
31.26
4.49
2.78
4.66
4.12
18.36
26.54
2.50
30.79
2.83
33.97
36.04
2.96
23.79
15.03
24.34
5.34
3.75
2.24
4.41
3.83
2.35
19.91
2.03
14.99
26.16
3.84
2.36
3.92
3.48
15.40
22.49
2.15
25.70
2.40
28.07
29.78
2.49
46.10
27.04
46.85
10.23
7.43
4.39
8.50
7.37
4.57
38.80
4.03
27.07
49.96
7.54
4.60
7.47
4.64
29.44
43.50
4.24
48.98
4.67
52.94
56.17
4.78
USD
218,994,162
194,685,541
7,635,043
6,283,719
CNH
USD
USD
USD
USD
USD
AUD
102.93
10.16
13.03
10.39
10.72
10.74
10.99
–
–
13.36
10.61
11.03
10.92
11.11
–
–
11.86
9.35
9.84
9.52
–
–
–
11.80
–
–
–
–
USD
202,296,343
167,551,475
147,426,605
136,103,256
USD
USD
USD
USD
21.43
17.63
22.75
19.99
19.09
15.80
20.19
17.85
17.05
14.29
17.90
16.03
17.22
14.62
17.94
16.27
World Mining Fund
Total net assets
Net asset value per:
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share HKD hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share PLN hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
J Class non-distributing share
X Class non-distributing share
X Class non-distributing share EUR hedged
World Real Estate Securities Fund
Total net assets
Net asset value per:
A Class distributing (R) share CNH hedged
A Class distributing (S) share
A Class non-distributing share
D Class non-distributing share
E Class non-distributing share
X Class non-distributing share
X Class non-distributing share AUD hedged
World Technology Fund
Total net assets
Net asset value per:
A Class non-distributing share
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
Prices are quoted in the Dealing Currency(ies) of the relevant Share Class. In the case of those Share Classes for which two or more Dealing Currencies are available, the Base Currency
oftherelevant Share Class is presented. The additional dealing currency prices are calculated by converting the price at the relevant spot exchange rate at the time of valuation.
Interim Report and Unaudited Accounts
51
Statement of Operations and Changes in Net Assets
For the Period Ended 28 February 2017
Fund Name
Note
BlackRock
Global
Funds
Combined
ASEAN
Leaders
Fund
Asia Pacific
Equity
Income
Fund
USD
USD
USD
183,717,476
626,820,507
Net assets at the beginning of the period
Income
Bank interest
Bond interest
Swap interest
Equity linked note income
Interest from money market deposits
Collective investment scheme income
Dividends, net of withholding taxes
Contracts for difference dividends, net of withholding taxes
Securities lending
Management fee rebate
2(b)
2(b)
2(c)
2(c)
2(b)
2(b)
2(b)
2(c)
2(b)
5
1,020,439
809,111,258
27,381,235
30,044,828
2,230,088
4,298,737
516,584,544
12,569
13,316,591
733,630
–
–
–
–
–
11,013
545,319
–
49
–
1,591
–
–
–
–
57,142
5,467,125
–
45,803
–
Total income
2(b)
1,404,733,919
556,381
5,571,661
2(b)
2(c)
2(c)
2(b)
7
2(h), 8
6
9
5
5
1,907,397
7,226
11,318,597
1,134,871
102,800,407
10,507,189
35,958,089
25,665,060
644,844,247
(424,144)
680
–
–
–
87,762
48,564
–
19,180
291,038
–
–
–
–
–
724,334
126,017
81,024
140,599
4,102,907
–
Total expenses
833,718,939
447,224
5,174,881
Net income/(deficit)
Net realised appreciation/(depreciation) on:
Investments
To Be Announced securities contracts
Contracts for difference
Exchange traded futures contracts
Options/Swaptions contracts
Swaps transactions
Forward foreign exchange contracts
Foreign currencies on other transactions
571,014,980
109,157
396,780
850,467,543
42,447,128
168,856
101,202,390
7,996,956
40,090,057
(263,360,922)
2,976,128
982,631
–
–
–
–
–
(2,265)
(25,517)
21,918,561
–
–
–
–
–
(10,456,599)
(266,411)
781,988,136
954,849
11,195,551
1,964,807,606
(2,964,774)
28,775
(19,415,170)
100,823,535
43,950,647
(97,651,399)
4,382,660
(2,874,876)
–
–
–
–
–
–
1,709
9,855,471
–
–
–
–
–
4,408,904
53,711
Net change in unrealised appreciation/(depreciation) for the period
1,993,961,880
(2,873,167)
14,318,086
Increase/(Decrease) in net assets as a result of operations
Expenses
Bank interest
Contracts for difference interest
Swap interest
Negative yield on financial assets
Administration fees
Custodian and depositary fees
Distribution fees
Tax
Management fees
Less Management fee waiver
127,357,246,219*
2(a)
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(i)
Net realised appreciation/(depreciation) for the period
Net change in unrealised appreciation/(depreciation) on:
Investments
To Be Announced securities contracts
Contracts for difference
Exchange traded futures contracts
Options/Swaptions contracts
Swaps transactions
Forward foreign exchange contracts
Foreign currencies on other transactions
2(a)
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(i)
3,346,964,996
(1,809,161)
25,910,417
Movements in share capital
Net receipts as a result of issue of shares
Net payments as a result of repurchase of shares
37,933,619,153
(40,990,083,958)
11,361,220
(23,202,351)
213,955,022
(274,444,289)
Increase/(Decrease) in net assets as a result of movements in share capital
(3,056,464,805)
(11,841,131)
(60,489,267)
(4,855,235)
Dividends declared
Foreign exchange adjustment
Net assets at the end of the period
16
(318,517,808)
–
2(e)
(705,776,073)
–
–
126,623,452,529
170,067,184
587,386,422
* The opening balance was combined using the average foreign exchange rates for the period (see Note 2(e)). The same net assets when converted using the average exchange rates for
the year ended 31 August 2016 reflected a figure of USD128,653,435,042.
52
BlackRock Global Funds (BGF)
China
Fund
Continental
European
Flexible
Fund
Emerging
Europe
Fund
Emerging
Markets
Bond
Fund
USD
USD
EUR
EUR
USD
57,409,113
2,919,115,654
1,802,339,987
2,147,126,283
827,399,691
2,602,218,614
–
380,022
7,704
–
–
–
–
–
260
–
4,618
462,553
2,654
–
–
4,354
126,592
–
–
5,786
211,322
58,116,516
–
–
–
–
2,623
–
877,763
–
7,846
–
–
–
–
184,630
3,593,978
–
297,012
–
–
–
–
–
–
–
13,148,356
–
53,940
–
–
–
–
–
–
–
6,923,461
–
196,575
51,366
185,703
79,655,604
–
–
–
–
–
–
563,868
–
8,833,703
387,986
606,557
59,208,224
4,083,466
13,202,296
7,171,402
80,405,175
7,053
–
–
–
2,873,719
418,129
288,673
631,072
15,159,622
–
12,080
–
–
–
1,574,664
242,528
59,263
338,217
8,161,103
–
261
–
232
–
10,827
17,359
–
3,546
66,170
–
–
–
12,781
–
8,530
87,848
–
2,805
3,044
–
–
–
324,596
–
2,119,884
127,967
251,146
703,980
13,917,917
–
–
–
–
–
2,181,908
272,950
125,639
431,475
12,828,999
–
12,618
–
–
40,718
2,368,492
143,067
414,654
496,628
11,501,060
–
8,541
–
–
17,101
1,167,829
514,490
142,644
250,124
7,893,568
–
–
–
4,737,652
–
1,484,804
101,852
372,096
489,858
11,587,958
–
19,378,268
10,387,855
98,395
115,008
17,445,490
15,840,971
14,977,237
9,994,297
18,774,220
(4,119,670)
(1,554,152)
289,591
491,549
41,762,734
(11,757,505)
(1,774,941)
(2,822,895)
61,630,955
23,437,485
–
–
–
–
–
(1,461,152)
(789,031)
60,828,805
–
–
–
–
–
(1,727,307)
(677,311)
(159,558)
–
–
(19,719)
–
(50,678)
(80,291)
(48,193)
2,258,715
–
–
(80,502)
(63,352)
(1,086,081)
(77,173)
(6,609)
614,497
–
–
(9,679,841)
–
(2,196,453)
(2,399,902)
(880,973)
33,243,012
–
–
–
–
–
(4,727,250)
142,640
61,593,387
–
–
2,868,094
–
–
9,957,318
342,337
9,379,043
–
–
–
–
–
(5,903)
(242,758)
41,901,144
–
–
15,989,584
–
(13,191,096)
(40,025,886)
(1,499,960)
21,187,302
58,424,187
(358,439)
944,998
(14,542,672)
28,658,402
74,761,136
9,130,382
3,173,786
121,673,971
–
–
–
–
–
817,452
261,323
24,940,468
–
–
–
–
–
108,534
77,395
(850,779)
–
–
1,133
–
(58,122)
48,739
29,935
(1,052,671)
–
–
127,514
(15,158)
442,967
78,273
2,702
(71,907,364)
–
–
1,255,627
–
794,814
1,731,449
92,484
105,403,629
–
–
–
–
–
648,576
(1,136)
65,139,990
–
–
(19,719)
–
–
2,297,652
18,771
153,823,489
–
–
–
–
–
28,493
(122,547)
(61,670,100)
–
–
(1,225,419)
–
4,596,402
(11,243,731)
3,620
122,752,746
25,126,397
(829,094)
(416,373)
(68,032,990)
106,051,069
67,436,694
153,729,435
(69,539,228)
139,820,378
81,996,432
(897,942)
1,020,174
(40,812,928)
122,951,966
140,422,889
160,036,922
(4,734,487)
1,342,767,229
(519,806,368)
640,217,495
(321,576,767)
181,730
(1,295,678)
3,419,954
(116,879)
1,345,779,425
(1,405,141,377)
730,305,838
(836,087,310)
543,583,930
(425,713,734)
209,354,918
(183,869,013)
1,803,475,537
(1,479,554,984)
822,960,861
318,640,728
(1,113,948)
3,303,075
(59,361,952)
(105,781,472)
117,870,196
25,485,905
323,920,553
–
–
(107,445)
–
(38,860,073)
–
–
–
(9,264,241)
–
–
–
–
–
–
–
–
–
3,119,150,417
1,776,114,631
18,034,326
61,732,362
2,780,080,701
1,819,510,481
2,405,419,368
1,012,922,518
2,912,140,439
Asian
Dragon
Fund
Asian
Growth
Leaders
Fund
Asian
Local
Bond
Fund
Asian
Multi-Asset
Growth
Fund
Asian
Tiger
Bond
Fund
USD
USD
USD
USD
2,156,369,178
1,375,477,471
20,153,661
–
–
–
–
–
279,334
14,740,589
–
238,675
–
–
–
–
–
–
218,319
8,509,586
–
105,798
–
15,258,598
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
53
Statement of Operations and Changes in Net Assets
For the Period Ended 28 February 2017 continued
Fund Name
Note
Emerging
Markets
Corporate
Bond
Fund
Emerging
Markets
Equity Income
Fund
Emerging
Markets
Fund
USD
USD
USD
129,528,796
399,622,883
501,894,075
2(b)
2(b)
2(c)
2(c)
2(b)
2(b)
2(b)
2(c)
2(b)
5
4,401
3,409,076
–
–
–
–
–
–
27,720
–
5,895
–
–
–
–
–
4,071,177
–
17,933
–
–
–
–
–
–
–
2,960,626
–
35,383
–
2(b)
3,441,197
4,095,005
2,996,009
2(b)
2(c)
2(c)
2(b)
7
2(h), 8
6
9
5
5
–
–
110,901
–
33,640
12,848
11,201
11,303
206,795
–
–
–
–
–
178,350
85,229
12,425
42,726
474,470
–
2,479
–
–
–
555,841
98,962
164,340
109,524
3,133,452
–
386,688
793,200
4,064,598
3,054,509
3,301,805
(1,068,589)
282,301
–
–
286,467
–
172,387
(296,058)
(33,862)
5,243,261
–
–
–
–
–
(575,418)
63,731
7,850,293
–
–
–
–
–
(7,895)
135,291
411,235
4,731,574
7,977,689
(1,892,603)
–
–
20,351
(55,825)
(245,370)
(186,202)
833
22,036,728
–
–
–
–
–
471,246
46,017
1,299,117
–
–
–
–
–
–
33,544
Net change in unrealised appreciation/(depreciation) for the period
(2,358,816)
22,553,991
1,332,661
Increase/(Decrease) in net assets as a result of operations
1,106,928
30,587,370
8,241,761
Movements in share capital
Net receipts as a result of issue of shares
Net payments as a result of repurchase of shares
19,668,288
(8,925,226)
19,866,430
(5,304,287)
126,397,772
(134,699,821)
Increase/(Decrease) in net assets as a result of movements in share capital
10,743,062
14,562,143
(8,302,049)
16
(12,861)
(68,656)
–
2(e)
–
–
–
141,365,925
444,703,740
501,833,787
Net assets at the beginning of the period
Income
Bank interest
Bond interest
Swap interest
Equity linked note income
Interest from money market deposits
Collective investment scheme income
Dividends, net of withholding taxes
Contracts for difference dividends, net of withholding taxes
Securities lending
Management fee rebate
Total income
Expenses
Bank interest
Contracts for difference interest
Swap interest
Negative yield on financial assets
Administration fees
Custodian and depositary fees
Distribution fees
Tax
Management fees
Less Management fee waiver
Total expenses
Net income/(deficit)
Net realised appreciation/(depreciation) on:
Investments
To Be Announced securities contracts
Contracts for difference
Exchange traded futures contracts
Options/Swaptions contracts
Swaps transactions
Forward foreign exchange contracts
Foreign currencies on other transactions
2(a)
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(i)
Net realised appreciation/(depreciation) for the period
Net change in unrealised appreciation/(depreciation) on:
Investments
To Be Announced securities contracts
Contracts for difference
Exchange traded futures contracts
Options/Swaptions contracts
Swaps transactions
Forward foreign exchange contracts
Foreign currencies on other transactions
Dividends declared
Foreign exchange adjustment
Net assets at the end of the period
54
BlackRock Global Funds (BGF)
2(a)
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(i)
Emerging
Markets Local
Currency Bond
Fund
Euro
Bond
Fund
Euro
Corporate
Bond
Fund
Euro
Reserve
Fund
Euro Short
Duration
Bond
Fund
EuroMarkets
Fund
European
Equity
Income
Fund
European
Focus
Fund
European
Fund
USD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
1,618,011,494
5,420,970,669
1,719,998,401
203,546,654
8,930,939,088
3,290,925,290
3,366,713,523
2,123,715,066
3,637,373,585
104,541
57,938,018
–
–
–
–
1,290
–
124,263
–
–
27,755,880
381,019
–
–
20,819
–
–
508,359
1,002
–
10,786,000
208,331
–
–
184,058
–
–
105,609
17,951
–
–
–
–
–
–
–
–
–
–
–
45,603,018
574,656
–
–
172,394
–
–
526,646
25,185
–
–
–
–
–
–
37,150,193
–
558,407
–
–
–
–
–
–
–
24,482,102
–
305,374
–
–
–
–
–
–
–
13,894,612
–
33,816
–
–
–
–
–
–
–
35,010,858
–
77,443
–
58,168,112
28,667,079
11,301,949
–
46,901,899
37,708,600
24,787,476
13,928,428
35,088,301
–
–
28,454
–
821,174
398,325
118,986
303,678
5,018,906
–
84,708
–
1,093,472
184,280
2,983,123
456,200
933,407
953,045
13,787,688
–
30,156
–
404,089
64,549
897,880
100,305
720,450
289,259
3,868,030
–
562
–
–
256,325
67,752
17,882
30,237
8,258
392,555
(392,555)
89,533
–
1,320,203
431,328
2,973,414
894,386
2,301,510
1,872,388
25,532,202
–
6,123
–
–
46,236
3,048,775
207,893
462,065
590,935
17,200,915
–
258,809
–
–
–
3,401,444
173,636
1,026,823
643,721
19,301,244
–
151,098
–
–
–
1,654,772
103,061
811,103
315,656
11,948,566
–
127,747
–
–
–
3,343,599
195,055
529,194
644,733
17,806,692
–
6,689,523
20,475,923
6,374,718
381,016
35,414,964
21,562,942
24,805,677
14,984,256
22,647,020
51,478,589
8,191,156
4,927,231
(381,016)
11,486,935
16,145,658
(18,201)
(1,055,828)
12,441,281
(25,929,011)
–
–
(314,018)
(2,337,302)
(484,648)
2,023,912
2,184,540
5,053,039
–
–
33,621,410
(798,089)
1,888,659
7,794,623
(3,575,780)
17,995,292
–
–
10,396,806
(202,847)
1,443,435
(1,496,584)
153,498
4,431
–
–
–
–
–
–
–
9,229,010
–
–
40,647,626
(1,434,861)
3,746,018
22,972,214
(8,489,633)
139,425,477
–
–
–
–
–
4,471,112
(156,773)
14,509,433
–
–
–
–
–
27,811,849
744,180
45,748,474
–
–
2,212,422
–
–
2,299,695
978,881
32,397,334
–
–
–
–
–
32,929,445
(3,102,196)
(24,856,527)
43,983,862
28,289,600
4,431
66,670,374
143,739,816
43,065,462
51,239,472
62,224,583
(10,117,234)
–
–
(324,468)
(1,486,905)
293,555
(20,217,903)
1,336,119
(160,752,034)
–
–
(2,029,008)
112,319
(383,345)
(14,080,184)
417,506
(38,740,899)
–
–
(2,171,271)
30,739
(1,068,325)
(2,185,220)
73,405
(1,212)
–
–
–
–
–
–
–
10,818,760
–
–
(9,000,022)
192,309
(1,233,369)
(41,754,846)
340,913
5,856,118
–
–
–
–
–
1,469,688
801
46,824,869
–
–
–
–
–
22,062,682
(924)
49,995,472
–
–
–
–
–
809,594
(10,812)
137,873,096
–
–
–
–
–
11,409,361
(54,480)
(30,516,836)
(176,714,746)
(44,061,571)
(1,212)
(40,636,255)
7,326,607
68,886,627
50,794,254
149,227,977
(3,894,774)
(124,539,728)
(10,844,740)
(377,797)
37,521,054
167,212,081
111,933,888
100,977,898
223,893,841
1,465,652,346
(617,027,825)
1,348,124,969
(2,084,363,351)
532,830,159
(779,946,853)
26,578,877
(64,753,251)
4,233,957,479
(3,539,854,177)
695,905,551
(1,126,877,655)
263,273,400
(1,085,652,428)
381,009,766
(998,010,544)
414,100,657
(1,264,382,694)
848,624,521
(736,238,382)
(247,116,694)
(38,174,374)
694,103,302
(430,972,104)
(822,379,028)
(617,000,778)
(850,282,037)
(2,237,514)
(26,556)
(29,537)
–
(201,115)
–
(24,740,889)
–
–
–
–
–
–
–
–
–
–
–
2,460,503,727
4,560,166,003
1,462,007,430
164,994,483
9,662,362,329
3,027,165,267
2,631,527,494
1,607,692,186
3,010,985,389
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
55
Statement of Operations and Changes in Net Assets
For the Period Ended 28 February 2017 continued
Fund Name
Note
European
High
Yield Bond
Fund
European
Special
Situations
Fund
European
Value
Fund
EUR
EUR
EUR
44,281,905
1,580,638,584
2,458,714,746
2(b)
2(b)
2(c)
2(c)
2(b)
2(b)
2(b)
2(c)
2(b)
5
–
1,046,865
1,363
–
–
–
–
–
6,757
–
–
–
–
–
–
–
8,377,664
–
42,878
–
–
–
–
–
–
–
24,888,227
–
236,232
–
2(b)
1,054,985
8,420,542
25,124,459
2(b)
2(c)
2(c)
2(b)
7
2(h), 8
6
9
5
5
11,194
–
–
–
(1,422)
10,807
4,537
5,641
101,273
–
21,885
–
–
9,812
1,767,739
90,874
315,589
337,833
9,595,371
–
186,231
–
–
–
2,607,390
135,993
407,118
548,458
15,539,238
–
Total expenses
132,030
12,139,103
19,424,428
Net income/(deficit)
Net realised appreciation/(depreciation) on:
Investments
To Be Announced securities contracts
Contracts for difference
Exchange traded futures contracts
Options/Swaptions contracts
Swaps transactions
Forward foreign exchange contracts
Foreign currencies on other transactions
922,955
(3,718,561)
5,700,031
357,495
–
–
(33,423)
(11,695)
(63,723)
(424,140)
148,383
51,622,889
–
–
–
–
–
8,396,392
(1,034,583)
5,401,016
–
–
–
–
–
9,668,838
553,529
(27,103)
58,984,698
15,623,383
553,417
–
–
(1,671)
–
37,796
138,552
(42,482)
(3,450,881)
–
–
–
–
–
2,122,409
(28,636)
184,002,451
–
–
–
–
–
3,202,635
281,414
Net assets at the beginning of the period
Income
Bank interest
Bond interest
Swap interest
Equity linked note income
Interest from money market deposits
Collective investment scheme income
Dividends, net of withholding taxes
Contracts for difference dividends, net of withholding taxes
Securities lending
Management fee rebate
Total income
Expenses
Bank interest
Contracts for difference interest
Swap interest
Negative yield on financial assets
Administration fees
Custodian and depositary fees
Distribution fees
Tax
Management fees
Less Management fee waiver
2(a)
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(i)
Net realised appreciation/(depreciation) for the period
Net change in unrealised appreciation/(depreciation) on:
Investments
To Be Announced securities contracts
Contracts for difference
Exchange traded futures contracts
Options/Swaptions contracts
Swaps transactions
Forward foreign exchange contracts
Foreign currencies on other transactions
2(a)
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(i)
Net change in unrealised appreciation/(depreciation) for the period
685,612
(1,357,108)
187,486,500
Increase/(Decrease) in net assets as a result of operations
1,581,464
53,909,029
208,809,914
Movements in share capital
Net receipts as a result of issue of shares
Net payments as a result of repurchase of shares
2,027,896
(565,687)
179,132,253
(469,245,197)
670,593,120
(585,284,726)
Increase/(Decrease) in net assets as a result of movements in share capital
1,462,209
(290,112,944)
85,308,394
Dividends declared
Foreign exchange adjustment
Net assets at the end of the period
56
BlackRock Global Funds (BGF)
16
(10,703)
–
–
2(e)
–
–
–
47,314,875
1,344,434,669
2,752,833,054
Fixed Income
Global
Opportunities
Fund
Global
Allocation
Fund
Flexible
Multi-Asset
Fund
Global
Corporate
Bond
Fund
Global
Dynamic
Equity
Fund
Global
Enhanced
Equity
Yield
Fund
Global
Equity
Income
Fund
Global
Government
Bond
Fund
Global
High Yield
Bond
Fund
USD
EUR
USD
USD
USD
USD
USD
USD
USD
7,839,045,320
331,797,894
19,846,661,621
2,628,682,361
713,860,858
754,715,221
2,354,518,241
779,185,364
2,043,954,338
51,951
124,503,075
10,306,446
–
–
77,652
4,336,260
–
737,670
3,799
–
725,031
–
–
–
39,682
1,255,716
–
20,058
14,063
–
58,788,860
11,040,989
–
–
–
88,198,014
–
2,313,675
72,323
–
34,651,023
–
–
–
240,569
–
–
158,088
55,001
–
217,340
–
–
–
–
5,078,529
–
79,619
–
11,954
–
–
–
–
–
7,309,730
–
94,787
–
24,504
–
–
–
–
96,758
25,214,711
–
193,409
–
–
5,243,634
31,455
–
–
52,866
72
–
67,079
6,701
–
61,908,399
298,056
–
–
–
368,911
–
256,467
–
140,016,853
2,054,550
160,413,861
35,104,681
5,375,488
7,416,471
25,529,382
5,401,807
62,831,833
–
5,337
1,362,552
–
3,595,294
785,330
3,569,882
1,209,721
22,348,992
–
30,109
–
128,617
–
288,007
95,766
358,554
76,677
1,754,099
–
339,664
–
190,493
–
13,944,870
1,045,543
9,235,171
3,496,034
100,205,288
–
2,063
–
999,865
–
1,168,569
148,323
98,386
380,961
5,361,864
–
11,601
–
–
–
726,938
160,195
320,015
140,633
3,790,133
–
–
–
–
–
894,338
72,651
94,676
185,858
5,530,461
–
–
–
–
–
2,451,882
105,048
1,027,784
484,807
12,467,003
–
14,723
–
63,384
–
460,878
66,383
214,466
146,772
1,970,375
–
12,785
–
–
–
1,417,115
112,098
910,350
486,160
11,087,917
–
32,877,108
2,731,829
128,457,063
8,160,031
5,149,515
6,777,984
16,536,524
2,936,981
14,026,425
107,139,745
(677,279)
31,956,798
26,944,650
225,973
638,487
8,992,858
2,464,826
48,805,408
(91,140,212)
43,530,635
143,583
33,574,417
(20,198,190)
52,947,784
(135,916,166)
10,526,406
6,841,873
–
–
(354,683)
(818,360)
(1,861,620)
3,267,175
55,655
186,178,118
–
–
(40,575,001)
30,729,212
(12,892,470)
(64,870,341)
198,570
(24,660,177)
–
–
1,800,276
(2,166,963)
(4,113,031)
(18,777,787)
29,387
16,912,115
–
–
684,318
2,375,418
(401,857)
6,889,339
210,981
(2,162,928)
–
–
4,170,547
9,407,565
–
(810,893)
(65,344)
37,021,224
–
–
–
–
–
(15,928,796)
158,479
(2,941,678)
–
–
(898,459)
(647,617)
(449,456)
15,615,148
(719,012)
13,622,312
–
–
(5,140,120)
131,184
2,542,322
(28,840,348)
6,417,499
(106,531,743)
7,130,040
98,768,088
(47,888,295)
26,670,314
10,538,947
21,250,907
9,958,926
(11,267,151)
(47,911,809)
(2,968,342)
18,213
4,055,655
1,637,154
17,511,075
(19,954,869)
674,149
9,030,962
–
–
733,815
(73,894)
1,294,061
443,097
3,171
295,786,130
(33,482)
–
(24,885,942)
97,786,183
16,406,488
(25,919,279)
(30,624)
(112,153,392)
–
–
1,797,593
(329,175)
5,914,029
(4,600,630)
(55,014)
24,375,112
–
–
(888,480)
5,891,181
401,857
(1,147,601)
11,749
21,188,170
–
–
2,544,114
(2,294,846)
–
1,331,961
48,457
199,067
–
–
–
–
–
2,913,188
(7,020)
(47,570,617)
–
–
1,062,658
(28,429)
532,486
(3,073,340)
193,371
16,030,792
–
–
2,517,886
(453,610)
(1,031,428)
(3,548,118)
(27,033)
(46,938,774)
11,431,212
359,109,474
(109,426,589)
28,643,818
22,817,856
3,105,235
(48,883,871)
13,488,489
(46,330,772)
17,883,973
489,834,360
(130,370,234)
55,540,105
33,995,290
33,349,000
(36,460,119)
51,026,746
1,537,324,265
(1,470,638,285)
20,751,052
(69,385,493)
1,704,599,757
(3,850,000,347)
537,016,165
(778,616,448)
42,460,594
(179,298,583)
325,357,954
(230,704,319)
384,334,982
(528,555,157)
286,151,545
(386,764,786)
779,711,321
(533,800,977)
66,685,980
(48,634,441)
(2,145,400,590)
(241,600,283)
(136,837,989)
94,653,635
(144,220,175)
(100,613,241)
245,910,344
(18,913,060)
–
–
(12,517,756)
–
(28,775,144)
(12,645,731)
(223,674)
(21,224,994)
–
–
–
–
–
–
–
–
–
7,840,487,468
301,047,426
18,191,095,391
2,244,194,088
632,562,974
854,589,002
2,231,001,335
641,888,330
2,319,666,434
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
57
Statement of Operations and Changes in Net Assets
For the Period Ended 28 February 2017 continued
Fund Name
Note
Global
Inflation
Linked
Bond
Fund
Global
Long-Horizon
Equity
Fund
Global
Multi-Asset
Income
Fund
USD
USD
USD
230,644,023
4,948,392
3,920,733,003
2(b)
2(b)
2(c)
2(c)
2(b)
2(b)
2(b)
2(c)
2(b)
5
–
927,683
–
–
–
16,501
–
–
20,981
–
145
–
–
–
–
–
23,142
–
–
–
110,927
57,508,829
491,729
30,044,828
–
1,794,467
11,724,359
–
172,359
453,559
2(b)
965,165
23,287
102,301,057
2(b)
2(c)
2(c)
2(b)
7
2(h), 8
6
9
5
5
6,232
–
7,449
–
127,966
25,764
110,666
45,709
455,757
–
–
–
–
–
761
3,606
24
251
189
–
–
–
1,532
–
3,723,773
252,249
2,280,334
979,460
27,230,861
–
Total expenses
779,543
4,831
34,468,209
Net income/(deficit)
Net realised appreciation/(depreciation) on:
Investments
To Be Announced securities contracts
Contracts for difference
Exchange traded futures contracts
Options/Swaptions contracts
Swaps transactions
Forward foreign exchange contracts
Foreign currencies on other transactions
185,622
18,456
67,832,848
(1,192,843)
–
–
520,758
213,337
819,316
(857,406)
1,038,813
(23,076)
–
–
–
–
–
(628)
(708)
24,091,607
(245,004)
–
14,184,863
(5,001,571)
200,275
(69,297,309)
(1,157,895)
541,975
(24,412)
(37,225,034)
(11,684,511)
–
–
75,094
13,815
(92,549)
(1,819,407)
18,462
194,051
–
–
–
–
–
(156)
(365)
8,552,919
22,713
–
(511,263)
947,197
545,664
10,163,998
151,272
Net change in unrealised appreciation/(depreciation) for the period
(13,489,096)
193,530
19,872,500
Increase/(Decrease) in net assets as a result of operations
(12,761,499)
187,574
50,480,314
146,992,878
(122,361,468)
10,003
–
1,963,706,387
(1,235,287,863)
24,631,410
10,003
728,418,524
16
(995)
–
(78,398,350)
2(e)
–
–
–
242,512,939
5,145,969
4,621,233,491
Net assets at the beginning of the period
Income
Bank interest
Bond interest
Swap interest
Equity linked note income
Interest from money market deposits
Collective investment scheme income
Dividends, net of withholding taxes
Contracts for difference dividends, net of withholding taxes
Securities lending
Management fee rebate
Total income
Expenses
Bank interest
Contracts for difference interest
Swap interest
Negative yield on financial assets
Administration fees
Custodian and depositary fees
Distribution fees
Tax
Management fees
Less Management fee waiver
2(a)
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(i)
Net realised appreciation/(depreciation) for the period
Net change in unrealised appreciation/(depreciation) on:
Investments
To Be Announced securities contracts
Contracts for difference
Exchange traded futures contracts
Options/Swaptions contracts
Swaps transactions
Forward foreign exchange contracts
Foreign currencies on other transactions
2(a)
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(i)
Movements in share capital
Net receipts as a result of issue of shares
Net payments as a result of repurchase of shares
Increase/(Decrease) in net assets as a result of movements in share capital
Dividends declared
Foreign exchange adjustment
Net assets at the end of the period
58
BlackRock Global Funds (BGF)
Global
Opportunities
Fund
Global
SmallCap
Fund
India
Fund
Japan
Flexible
Equity
Fund
Japan
Small & MidCap
Opportunities
Fund
Latin
American
Fund
Natural
Resources
Growth & Income
Fund
New
Energy
Fund
North American
Equity Income
Fund
USD
USD
USD
JPY
JPY
USD
USD
USD
USD
273,118,436
347,747,353
505,229,486
22,425,517,877
63,934,743,479
1,391,207,614
20,775,807
959,488,316
105,082,223
5,605
–
–
–
–
–
1,830,898
–
33,264
–
2,198
–
–
–
–
–
1,250,573
–
179,863
–
18,608
–
–
–
–
–
1,831,222
–
–
–
–
–
–
–
–
–
187,529,745
–
6,364,555
–
–
–
–
–
–
–
410,196,030
–
73,860,685
–
18,751
548,831
–
–
–
–
15,311,062
–
32,718
–
73
597
–
–
–
1,777
370,687
–
2,988
–
–
–
–
–
–
92,760
5,247,109
–
396,796
–
4,273
–
–
–
–
–
1,084,608
–
1,912
–
1,869,767
1,432,634
1,849,830
193,894,300
484,056,715
15,911,362
376,122
5,736,665
1,090,793
–
–
–
–
328,406
24,338
79,188
65,547
1,933,710
–
–
–
–
–
448,989
61,528
109,537
92,646
2,514,133
–
–
–
–
–
857,690
206,587
173,035
121,875
3,504,949
–
415,239
–
–
–
28,543,613
2,144,876
13,670,649
5,818,552
141,584,513
–
1,304,981
–
–
–
86,682,662
6,063,363
6,209,932
17,947,035
352,826,279
–
–
–
–
–
1,685,821
287,317
182,744
333,764
11,308,967
–
–
–
–
–
16,602
15,610
30,911
9,610
226,393
–
2,726
–
–
–
1,102,312
48,835
294,506
217,605
7,527,813
–
–
–
–
–
83,943
20,806
171,129
21,220
512,918
–
2,431,189
3,226,833
4,864,136
192,177,442
471,034,252
13,798,613
299,126
9,193,797
810,016
(561,422)
(1,794,199)
(3,014,306)
1,716,858
13,022,463
2,112,749
76,996
(3,457,132)
280,777
9,413,074
–
–
–
14,889
–
(88,770)
(148,205)
12,794,500
–
–
–
–
–
17,555
(27,789)
26,936,072
–
–
803,090
–
–
3,940
(300,303)
1,154,786,834
–
–
–
–
–
320,959,650
283,146
3,437,902,008
–
–
–
–
–
340,114,030
(38,281,907)
(8,861,239)
–
–
–
–
–
(193,558)
(367,831)
992,809
–
–
–
10,191
–
(127,932)
26,836
30,213,415
–
–
–
–
–
–
(18,550)
4,631,885
–
–
–
–
–
(10,144)
(436)
9,190,988
12,784,266
27,442,799
1,476,029,630
3,739,734,131
(9,422,628)
901,904
30,194,865
4,621,305
3,864,402
–
–
–
26,314
–
288,978
2,180
8,590,048
–
–
–
–
–
4,999
12,235
(11,611,660)
–
–
(231,011)
–
–
–
9,975
2,346,215,162
–
–
–
–
–
(155,783,165)
(1,475,172)
7,340,036,321
–
–
–
–
–
(88,397,261)
38,241,951
106,651,620
–
–
–
–
–
63,571
(108,234)
1,813,514
–
–
–
5,257
–
(32,108)
734
(24,358,435)
–
–
–
–
–
–
(21,773)
6,138,987
–
–
–
–
–
(3,461)
(180)
4,181,874
8,607,282
(11,832,696)
2,188,956,825
7,289,881,011
106,606,957
1,787,397
(24,380,208)
6,135,346
12,811,440
19,597,349
12,595,797
3,666,703,313
11,042,637,605
99,297,078
2,766,297
2,357,525
11,037,428
13,552,990
(29,925,196)
77,644,872
(75,361,248)
101,865,271
(88,457,801)
16,172,986,590
(18,783,023,744)
24,410,977,136
(27,655,198,907)
288,472,328
(304,936,059)
28,117,115
(7,228,349)
142,415,889
(133,975,750)
49,016,617
(29,583,571)
(16,372,206)
2,283,624
13,407,470
(2,610,037,154)
(3,244,221,771)
(16,463,731)
20,888,766
8,440,139
19,433,046
–
–
–
–
–
–
(48,498)
–
(426,118)
–
–
–
–
–
–
–
–
–
269,557,670
369,628,326
531,232,753
23,482,184,036
71,733,159,313
1,474,040,961
44,382,372
970,285,980
135,126,579
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
59
Statement of Operations and Changes in Net Assets
For the Period Ended 28 February 2017 continued
Fund Name
Note
Pacific
Equity
Fund
Renminbi
Bond
Fund
Strategic
Global
Bond
Fund
USD
CNH
USD
158,830,864
390,160,969
101,297,169
Net assets at the beginning of the period
Income
Bank interest
Bond interest
Swap interest
Equity linked note income
Interest from money market deposits
Collective investment scheme income
Dividends, net of withholding taxes
Contracts for difference dividends, net of withholding taxes
Securities lending
Management fee rebate
2(b)
2(b)
2(c)
2(c)
2(b)
2(b)
2(b)
2(c)
2(b)
5
435
–
–
–
–
13,279
1,238,212
–
30,960
–
1,822
8,777,679
–
–
512,078
–
–
–
60,683
–
–
1,121,057
18,906
–
3,075
–
4,840
–
–
–
Total income
2(b)
1,282,886
9,352,262
1,147,878
2(b)
2(c)
2(c)
2(b)
7
2(h), 8
6
9
5
5
–
–
–
–
193,005
51,356
124,055
38,265
1,021,864
–
–
–
–
–
269,769
114,053
223,875
86,294
1,231,982
–
4,126
–
38,480
–
13,201
18,931
49
3,841
182
–
1,428,545
1,925,973
78,810
(145,659)
7,426,289
1,069,068
8,072,777
–
–
–
–
–
(112)
(143,006)
4,546,290
–
–
(713,888)
–
–
(3,187,470)
458,766
(2,048,852)
(201,400)
–
757,272
(309,102)
(480,797)
(760,834)
8,695
7,929,659
1,103,698
(3,035,018)
4,089,821
–
–
–
–
–
–
11,541
(10,775,879)
–
–
(101,911)
–
–
2,532,227
(50,007)
(1,977,857)
7,714
–
(200,364)
50,225
565,758
224,684
39,368
4,101,362
(8,395,570)
(1,290,472)
Increase/(Decrease) in net assets as a result of operations
11,885,362
134,417
(3,256,422)
Movements in share capital
Net receipts as a result of issue of shares
Net payments as a result of repurchase of shares
28,302,216
(37,069,013)
55,939,229
(82,690,772)
252,868
(25,001,478)
(8,766,797)
(26,751,543)
(24,748,610)
16
–
(882,105)
–
2(e)
–
–
–
161,949,429
362,661,738
73,292,137
Expenses
Bank interest
Contracts for difference interest
Swap interest
Negative yield on financial assets
Administration fees
Custodian and depositary fees
Distribution fees
Tax
Management fees
Less Management fee waiver
Total expenses
Net income/(deficit)
Net realised appreciation/(depreciation) on:
Investments
To Be Announced securities contracts
Contracts for difference
Exchange traded futures contracts
Options/Swaptions contracts
Swaps transactions
Forward foreign exchange contracts
Foreign currencies on other transactions
2(a)
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(i)
Net realised appreciation/(depreciation) for the period
Net change in unrealised appreciation/(depreciation) on:
Investments
To Be Announced securities contracts
Contracts for difference
Exchange traded futures contracts
Options/Swaptions contracts
Swaps transactions
Forward foreign exchange contracts
Foreign currencies on other transactions
2(a)
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(i)
Net change in unrealised appreciation/(depreciation) for the period
Increase/(Decrease) in net assets as a result of movements in share capital
Dividends declared
Foreign exchange adjustment
Net assets at the end of the period
(1)
60
Fund closed to subscriptions, see Note 1, for further details.
BlackRock Global Funds (BGF)
United
Kingdom
Fund
US
Basic
Value
Fund
US Dollar
Core
Bond
Fund
US Dollar
High Yield
Bond
Fund
US Dollar
Reserve
Fund
US Dollar
Short Duration
Bond
Fund
US
Flexible
Equity
Fund
US
Government
Mortgage
Fund
CHF
GBP
USD
USD
USD
USD
USD
USD
USD
979,800,055
194,032,865
1,253,232,281
509,928,115
4,319,694,539
587,815,015
1,532,772,836
647,520,706
200,070,790
–
–
–
–
–
–
525,996
–
64,869
–
–
–
–
–
–
3,889
2,039,247
–
12,914
–
39,555
–
–
–
–
–
10,243,595
–
91,956
–
20,198
7,461,572
215,002
–
18,727
–
424
–
8,396
–
46,547
123,080,747
1,429,945
–
–
–
961,952
–
425,541
–
966
730,796
–
–
1,970,467
–
–
–
–
–
17,228
18,406,800
2,172,375
–
162,713
–
1,002
–
58,545
–
28,838
–
–
–
–
–
4,521,174
–
37,746
–
8,143
4,034,341
3,121
–
–
–
–
–
–
–
590,865
2,056,050
10,375,106
7,724,319
125,944,732
2,702,229
20,818,663
4,587,758
4,045,605
286,741
–
–
–
968,510
66,647
–
200,154
5,024,076
–
3
–
–
–
193,293
12,085
22,832
37,364
933,430
–
–
–
–
–
1,513,529
59,724
393,600
312,944
8,386,464
–
–
–
68,203
–
322,405
71,132
450,173
102,894
1,621,123
–
–
–
–
–
2,236,903
157,362
300,628
729,406
20,225,498
–
–
–
–
–
227,459
22,054
99,729
29,392
1,364,638
–
–
–
31,056
–
460,768
71,844
835,074
282,237
3,508,174
–
–
–
–
–
720,349
25,713
251,002
155,691
3,973,121
–
–
–
–
–
136,743
42,449
105,377
46,518
612,659
–
6,546,128
1,199,007
10,666,261
2,635,930
23,649,797
1,743,272
5,189,153
5,125,876
943,746
(5,955,263)
857,043
(291,155)
5,088,389
102,294,935
958,957
15,629,510
(538,118)
3,101,859
40,596,476
–
–
–
–
–
–
(731)
11,928,883
–
–
–
–
–
–
(3,899)
33,804,422
–
–
599,825
–
–
(3,222,261)
(52,494)
(4,373,340)
196,164
–
(983,970)
351,089
722,523
487,963
62,807
53,393,243
–
–
(11,143,822)
503,290
13,691,476
(21,569,086)
4,180,952
211,306
–
–
–
–
–
(1,204,799)
(55,062)
(14,872,398)
(1,199,308)
–
5,323,744
(108,795)
(1,403,230)
7,619,973
1,543,502
42,863,704
–
–
286,162
–
–
(2,482,282)
49,944
(2,651,823)
810,680
–
(583,332)
(854)
(21,512)
–
–
40,595,745
11,924,984
31,129,492
(3,536,764)
39,056,053
(1,048,555)
(3,096,512)
40,717,528
(2,446,841)
71,472,614
–
–
–
–
–
(420,820)
(58)
(4,580,564)
–
–
–
–
–
–
2,384
67,769,666
–
–
–
–
–
(892,842)
(18,371)
(11,498,960)
(105,631)
–
(190,231)
(8,500)
271,301
59,207
43,938
23,703,845
–
–
5,013,601
(949,675)
(4,238,587)
(375,486)
(5,025)
44,256
–
–
–
–
–
(350,294)
321
(5,084,676)
95,941
–
(29,750)
(80,656)
2,501,138
(1,395,081)
62,826
47,502,543
–
–
77,898
–
–
(687,315)
(2,805)
(4,093,177)
(47,688)
–
23,122
13,102
4,037
–
(19)
71,051,736
(4,578,180)
66,858,453
(11,428,876)
23,148,673
(305,717)
(3,930,258)
46,890,321
(4,100,623)
105,692,218
8,203,847
97,696,790
(9,877,251)
164,499,661
(395,315)
8,602,740
87,069,731
(3,445,605)
5,901,976
(71,231,058)
29,794,045
(80,131,569)
473,837,291
(523,740,635)
125,688,317
(182,574,237)
1,705,302,009
(2,067,836,639)
1,222,771,778
(1,209,202,733)
378,226,218
(488,608,007)
172,811,438
(121,334,667)
155,518,140
(146,003,496)
(65,329,082)
(50,337,524)
(49,903,344)
(56,885,920)
(362,534,630)
13,569,045
(110,381,789)
51,476,771
9,514,644
–
–
–
(1,350,376)
(59,384,229)
–
(870,531)
–
(1,038,276)
–
–
–
–
–
–
–
–
–
1,020,163,191
151,899,188
1,301,025,727
441,814,568
4,062,275,341
600,988,745
1,430,123,256
786,067,208
205,101,553
Swiss
Small & MidCap
Opportunities
Fund(1)
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
61
Statement of Operations and Changes in Net Assets
For the Period Ended 28 February 2017 continued
Fund Name
Note
US
Growth
Fund
US
Small & MidCap
Opportunities
Fund
World
Agriculture
Fund
USD
USD
USD
368,335,860
374,734,909
106,579,501
Net assets at the beginning of the period
Income
Bank interest
Bond interest
Swap interest
Equity linked note income
Interest from money market deposits
Collective investment scheme income
Dividends, net of withholding taxes
Contracts for difference dividends, net of withholding taxes
Securities lending
Management fee rebate
2(b)
2(b)
2(c)
2(c)
2(b)
2(b)
2(b)
2(c)
2(b)
5
2,926
–
–
–
–
–
894,898
–
16,142
–
6,182
–
–
–
–
–
1,744,338
–
75,956
–
–
–
–
–
–
4,325
898,148
–
19,552
–
Total income
2(b)
913,966
1,826,476
922,025
2(b)
2(c)
2(c)
2(b)
7
2(h), 8
6
9
5
5
–
–
–
–
368,824
19,363
100,219
65,237
1,505,986
–
–
–
–
–
467,944
16,914
114,353
95,836
2,736,193
–
135
–
–
–
119,639
14,153
61,247
24,491
767,346
–
Total expenses
2,059,629
3,431,240
987,011
Net income/(deficit)
Net realised appreciation/(depreciation) on:
Investments
To Be Announced securities contracts
Contracts for difference
Exchange traded futures contracts
Options/Swaptions contracts
Swaps transactions
Forward foreign exchange contracts
Foreign currencies on other transactions
(1,145,663)
(1,604,764)
(64,986)
26,829,270
–
–
–
–
–
(534,145)
10,811
22,393,560
–
–
–
–
–
51,551
(11,892)
4,042,522
–
–
–
–
–
(581,194)
(15,292)
26,305,936
22,433,219
3,446,036
(9,484,298)
–
–
–
–
–
(146,471)
(16)
5,699,677
–
–
–
–
–
15,121
297
2,269,705
–
–
–
–
–
(122,594)
954
Net change in unrealised appreciation/(depreciation) for the period
(9,630,785)
5,715,095
2,148,065
Increase/(Decrease) in net assets as a result of operations
Expenses
Bank interest
Contracts for difference interest
Swap interest
Negative yield on financial assets
Administration fees
Custodian and depositary fees
Distribution fees
Tax
Management fees
Less Management fee waiver
2(a)
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(i)
Net realised appreciation/(depreciation) for the period
Net change in unrealised appreciation/(depreciation) on:
Investments
To Be Announced securities contracts
Contracts for difference
Exchange traded futures contracts
Options/Swaptions contracts
Swaps transactions
Forward foreign exchange contracts
Foreign currencies on other transactions
2(a)
2(c)
2(c)
2(c)
2(c)
2(c)
2(c)
2(i)
15,529,488
26,543,550
5,529,115
Movements in share capital
Net receipts as a result of issue of shares
Net payments as a result of repurchase of shares
30,074,695
(150,305,089)
107,806,758
(99,828,728)
32,468,534
(30,686,604)
Increase/(Decrease) in net assets as a result of movements in share capital
(120,230,394)
7,978,030
1,781,930
16
–
–
–
2(e)
–
–
–
263,634,954
409,256,489
113,890,546
Dividends declared
Foreign exchange adjustment
Net assets at the end of the period
62
BlackRock Global Funds (BGF)
World
Bond
Fund
World
Energy
Fund
World
Financials
Fund
World
Gold
Fund
World
Healthscience
Fund
World
Mining
Fund
World
Real Estate
Securities
Fund
World
Technology
Fund
USD
USD
USD
USD
USD
USD
USD
USD
1,611,410,206
1,925,613,472
252,158,584
5,049,415,306
3,189,100,272
4,634,980,296
194,685,541
167,551,475
–
15,897,933
103,707
–
–
99,204
–
–
111,547
18,077
–
–
–
–
–
79,233
24,937,819
–
528,404
–
469
–
–
–
–
4,476
2,068,018
–
83,995
–
–
–
–
–
–
267,983
14,728,493
–
298,101
–
70,882
–
–
–
–
–
16,640,916
–
251,839
–
–
–
–
–
–
246,510
38,384,467
–
440,322
–
2,897
–
–
–
–
–
2,501,559
12,569
5,131
–
–
–
–
–
–
204
651,438
–
46,009
–
16,230,468
25,545,456
2,156,958
15,294,577
16,963,637
39,071,299
2,522,156
697,651
81,485
–
157,490
–
529,958
125,785
84,778
172,739
1,960,489
–
537
–
–
–
2,441,554
58,702
397,636
505,418
16,614,293
–
–
–
–
–
448,990
38,366
115,839
106,229
2,422,376
–
1,532
–
–
–
5,567,466
181,817
1,015,550
1,129,821
38,642,220
–
–
–
–
–
3,592,623
105,460
889,664
720,990
20,666,592
–
1,298
–
–
–
6,298,211
329,899
718,534
1,325,613
43,613,361
–
–
1,889
–
–
221,661
33,732
1,284
49,018
1,375,669
–
1,539
–
–
–
215,542
15,935
130,097
45,333
1,199,196
–
3,112,724
20,018,140
3,131,800
46,538,406
25,975,329
52,286,916
1,683,253
1,607,642
13,117,744
5,527,316
(974,842)
(31,243,829)
(9,011,692)
(13,215,617)
838,903
(909,991)
(25,972,382)
(444,639)
–
(4,840,263)
(1,426,892)
197,870
19,083,854
(180,844)
30,291,315
–
–
–
–
–
(8,260,550)
92,767
9,778,898
–
–
–
–
–
(2,264)
39,081
(188,138,845)
–
–
–
–
–
(13,945,862)
(252,792)
21,192,497
–
–
–
50,075
–
69,661
133,546
(108,540,641)
–
–
–
–
–
(8,559,049)
(1,515,338)
1,427,257
–
25,273
35,897
–
–
(29,890)
6,084
8,490,499
–
–
–
–
–
(484)
(17,352)
(13,583,296)
22,123,532
9,815,715
(202,337,499)
21,445,779
(118,615,028)
1,464,621
8,472,663
(73,910,123)
64,001
–
4,007,236
(126,628)
297,205
(4,085,320)
262,741
44,010,149
–
–
–
–
–
742,639
1,698
55,159,152
–
–
–
–
–
–
2,389
(226,457,907)
–
–
–
–
–
(4,029,158)
42,969
69,268,355
–
–
–
–
–
194,807
(12,400)
948,526,732
–
–
–
–
–
(1,047,745)
(140,120)
(6,237,921)
–
10,562
–
–
–
358,380
260
11,698,610
–
–
–
–
–
–
3,375
(73,490,888)
44,754,486
55,161,541
(230,444,096)
69,450,762
947,338,867
(5,868,719)
11,701,985
(73,956,440)
72,405,334
64,002,414
(464,025,424)
81,884,849
815,508,222
(3,565,195)
19,264,657
205,911,279
(232,154,414)
947,528,262
(856,037,059)
409,732,418
(204,596,132)
2,771,200,551
(2,591,206,028)
656,624,757
(833,743,487)
1,525,755,936
(1,172,143,171)
35,085,550
(7,207,035)
107,228,318
(91,748,107)
(26,243,135)
91,491,203
205,136,286
179,994,523
(177,118,730)
353,612,765
27,878,515
15,480,211
(138,712)
–
–
–
–
–
(4,699)
–
–
–
–
–
–
–
–
–
1,511,071,919
2,089,510,009
521,297,284
4,765,384,405
3,093,866,391
5,804,101,283
218,994,162
202,296,343
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
63
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
2,768,995
3,104,165
10,090,756
565,549
519,372
9,520
1,853,355
260,956
107,634
1,481,189
3,362,581
9,992,642
451,312
2,086,654
24,883,946
1,101,790
323
170,787
2,104,124
685,340
10,408,045
3,437,514
395,349
94,685
20,172
1,743,729
20,014
2,899,071
634,302
701,276
–
500
500
138,246
3,543,489
181,826
1,056,744
–
210,373
3,603,996
554,130
3,657,556
284,738
3,057
–
2,037
101,421
–
812,363
53,157
590,833
744,650
91,992
6,457
20,484
2,966,287
7,526,448
1,161,773
–
105,546
1,599,089
522,968
5,337,428
271,657
65,269
–
6,344
1,430,074
–
989,731
119,734
121,642
20,733
–
6
569,074
2,663,856
17,539,324
996,761
323
275,614
4,109,031
716,502
8,728,173
3,450,595
333,137
94,685
15,865
415,076
20,014
2,721,703
567,725
1,170,467
723,917
92,492
6,951
1,380,972
30,350,144
372,833
24,690
1,514
–
3,399,510
907,769
5,419,242
13,497,836
21,190
5,383
1,726,916
596
7,870,747
11,945,004
172
1,949,060
163,553
27,181,119
84,801
2,180
178,379
7,269
1,607,445
278,692
1,930,447
3,401,264
17,200
67,594
885,155
6
1,904,685
13,555,321
–
26,438
35,101
8,073,223
198,678
7,075
42,230
–
209,118
278,257
431,798
3,058,793
10,775
5,634
903,973
–
3,088,950
3,950,786
–
153,051
1,509,424
49,458,040
258,956
19,795
137,663
7,269
4,797,837
908,204
6,917,891
13,840,307
27,615
67,343
1,708,098
602
6,686,482
21,549,539
172
1,822,447
472,133
62,490
264,144
1,047,752
36,563,795
105,480
573,676
30,545,212
994,173
15,468,703
4,494,928
298,790
129,476
1,486,635
808,623
19,904,988
316,587
194,548
8,215,253
657,463
11,475,241
293,639
51,970
11,150
97,054
259,923
9,023,261
3,502
134,389
8,102,760
206,385
3,408,333
9,786
718,953
180,816
1,653,725
1,596,452
47,445,522
418,565
633,835
30,657,705
1,445,251
23,535,611
4,778,781
ASEAN Leaders Fund
A Class non-distributing share
D Class non-distributing share
X Class non-distributing UK reporting fund share
Asia Pacific Equity Income Fund
A Class distributing (A) (G) share EUR hedged
A Class distributing (Q) (G) share
A Class distributing (Q) (G) share SGD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share HKD hedged
A Class non-distributing share
A Class non-distributing UK reporting fund share
C Class distributing (Q) (G) share
C Class distributing (Q) (G) share SGD hedged
D Class distributing (A) (G) UK reporting fund share
D Class distributing (Q) (G) share
D Class distributing (Q) (G) share SGD hedged
D Class non-distributing share
E Class distributing (Q) (G) share EUR hedged
E Class non-distributing share
I Class non-distributing share
X Class distributing (S) share
X Class non-distributing share
Asian Dragon Fund
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
E Class non-distributing share
I Class distributing (A) share
I Class distributing (A) UK reporting fund share
I Class non-distributing share
X Class distributing (A) UK reporting fund share
X Class non-distributing share
Asian Growth Leaders Fund
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share SGD hedged
A Class non-distributing UK reporting fund share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing UK reporting fund share
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share
64
BlackRock Global Funds (BGF)
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
500
500
1,309,048
36,468
500
652,058
400
320
–
–
–
–
–
21,018
–
–
–
–
3,900
473
–
143,882
–
–
500
500
1,305,148
35,995
500
529,194
400
320
500
500
4,995,638
–
261,007
42,535
–
–
10,351
500
261,507
5,027,822
5,329,488
30,277,803
1,524,818
996,038
78,512,779
387,841
3,158,258
16,779,615
1,600,856
151,816
1,068,370
1,171,316
48,459,856
880,695
2,436,082
13,504,317
8,860,793
18,080,590
682,238
2,822,039
385,422
517,545
99,126
1,386,237
3,452
1,209,399
14,046,699
3,018,260
328,279
1,405,966
134,690
51,500
445
3,515,289
11,291,490
445
410,575
–
683,795
17,042,990
288,423
368,449
50,811,782
161,628
495,461
8,598,291
1,017,171
1,298
760,718
659,154
28,088,163
421,855
1,638,228
9,901,827
8,933,253
7,272,564
547,451
786,591
478
67,741
37,594
713,053
16,991
177,048
2,534,100
509,536
16,478
197,445
214,105
20,200
–
12,803
3,464,882
200,213
5,165
472
1,205,947
20,578,772
402,268
184,339
69,430,265
66,976
720,458
7,068,451
477,539
313
648,852
688,941
20,064,893
50,363
790,946
6,797,464
1,343,723
9,329,284
179,946
1,226,379
47,606
197,917
99,361
262,998
–
53,389
10,404,946
643,915
62,995
198,008
24,592
7,310
–
14,775
6,631,121
1,813
–
–
4,807,336
26,742,021
1,410,973
1,180,148
59,894,296
482,493
2,933,261
18,309,455
2,140,488
152,801
1,180,236
1,141,529
56,483,126
1,252,187
3,283,364
16,608,680
16,450,323
16,023,870
1,049,743
2,382,251
338,294
387,369
37,359
1,836,292
20,443
1,333,058
6,175,853
2,883,881
281,762
1,405,403
324,203
64,390
445
3,513,317
8,125,251
198,845
415,740
472
Asian Local Bond Fund
A Class distributing (M) share
A Class distributing (S) share
A Class non-distributing share
D Class non-distributing share
I Class non-distributing share
X Class distributing (S) share
X Class non-distributing share
X Class non-distributing UK reporting fund share
Asian Multi-Asset Growth Fund
A Class non-distributing share
I Class non-distributing share
X Class non-distributing share
Asian Tiger Bond Fund
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (M) share AUD hedged
A Class distributing (M) share EUR hedged
A Class distributing (M) share HKD hedged
A Class distributing (M) share NZD hedged
A Class distributing (M) share SGD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share CAD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share NZD hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share EUR hedged
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class distributing (S) share SGD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share SGD hedged
C Class distributing (D) share
C Class non-distributing share
D Class distributing (A) UK reporting fund share GBP hedged
D Class distributing (M) share
D Class distributing (M) share HKD hedged
D Class distributing (S) share
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class non-distributing share SGD hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (A) UK reporting fund share GBP hedged
I Class distributing (M) share
I Class distributing (Q) share EUR hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class distributing (M) share
X Class non-distributing share EUR hedged
Interim Report and Unaudited Accounts
65
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
91,686
81,624,463
2,856,463
3,630
2,536,018
144,868,936
1,418,767
1,221,641
1,313
5,055
4,720,302
6,181
510
642
1,500,325
541,273
1,652,220
367
28,674
33,624,077
1,697,565
4,919
1,020,799
40,535,991
212,245
300,355
–
13
3,469,675
43,484
–
–
31,569
155,631
311,130
91,056
20,394
38,158,610
2,088,645
8,541
2,501,453
39,435,572
437,926
366,997
–
9
3,981,059
15,991
–
–
106,239
242,939
74,318
3,068
99,966
77,089,930
2,465,383
8
1,055,364
145,969,355
1,193,086
1,154,999
1,313
5,059
4,208,918
33,674
510
642
1,425,655
453,965
1,889,032
88,355
854,834
2,121,362
762,140
1,287,873
9,640,296
27,047,101
1,184,658
7,734,597
3,203,485
99,860
24,730,744
4,160,568
2,825,519
6,431,462
1,409,223
–
20,695,674
1,183,206
216
6,774
41,818
6,026
39,564
124,114
4,676,155
2,583,088
47,127
3,203,942
785,489
7,715
8,497,050
519,355
771,609
315,807
1,456,034
126,926
7,691,278
204,552
–
111,566
87,597
192,185
48,881
476,239
3,398,053
5,196,450
192,618
984,447
726,905
44,426
3,620,025
1,405,998
862,484
872,764
232,343
–
4,763,256
1,070,431
–
3,030
809,055
1,935,203
752,823
935,748
10,918,398
24,433,739
1,039,167
9,954,092
3,262,069
63,149
29,607,769
3,273,925
2,734,644
5,874,505
2,632,914
126,926
23,623,696
317,327
216
115,310
20,901
22,265
8,731,973
142,217
99,208
4,452
691,420
43
481,390
29,785
40
1,199
21,691
11,188
1,893,292
33,194
36,238
62
268,545
959
65,147
5,636
–
18,156
4,873
10,526
1,585,099
24,217
18,866
3,122
259,396
–
107,370
5,196
–
1,215
37,719
22,927
9,040,166
151,194
116,580
1,392
700,569
1,002
439,167
30,225
40
18,140
China Fund
A Class distributing (A) UK reporting fund share GBP hedged
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CNH hedged
A Class non-distributing share EUR hedged
A Class non-distributing share HKD
A Class non-distributing share SGD hedged
C Class non-distributing share
C Class non-distributing share SGD hedged
D Class distributing (A) UK reporting fund share GBP hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class non-distributing share HKD
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share EUR hedged
I Class non-distributing share
X Class non-distributing share
Continental European Flexible Fund
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class distributing (A) UK reporting fund share GBP hedged
A Class non-distributing share
A Class non-distributing share USD hedged
A Class non-distributing UK reporting fund share
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class distributing (A) UK reporting fund share GBP hedged
D Class distributing (A) UK reporting fund share USD hedged
D Class non-distributing share
D Class non-distributing share USD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
I Class distributing (A) UK reporting fund share
I Class distributing (A) UK reporting fund share USD hedged
I Class non-distributing share
I Class non-distributing share USD hedged
X Class distributing (A) UK reporting fund share
X Class non-distributing share
Emerging Europe Fund
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share SGD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
J Class non-distributing share
X Class distributing (A) UK reporting fund share
X Class non-distributing share
66
BlackRock Global Funds (BGF)
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
1,893,438
3,273,397
6,752,299
519,511
744
18,474
6,167,340
658
348
2,496,025
43,350,428
8,185,800
2,591
436,996
1,223,484
226,358
4,996,470
5,465,479
14,895,807
59,247
4,839,928
336,017
7,410,630
7,612,669
19,304,778
11,564,429
1,212,611
9,386,074
804,295
1,549,138
985,736
11,446,027
1,104,268
23,251
144,907
12,645,013
39,531
141,744
10,451,663
34,895,953
4,229,161
35,001
12,921
543,165
672,104
4,382,890
8,992,352
5,596,008
88,907
1,317,262
421,793
182,971
16,855,741
2,308,346
1,217,314
–
932,472
–
437,350
402,347
10,920,094
406,395
11,353
44,319
7,938,803
6,113
–
5,424,677
32,217,072
3,058,597
2,352
71,489
148,033
103,951
5,555,695
1,225,858
9,795,971
18,285
1,264,979
226,810
7,497,582
3,425,108
6,877
7,848,213
475
166,792
344
3,005,226
3,856,786
7,278,232
1,217,384
12,642
119,062
10,873,550
34,076
142,092
7,523,011
46,029,309
9,356,364
35,240
378,428
1,618,616
794,511
3,823,665
13,231,973
10,695,844
129,869
4,892,211
531,000
96,019
21,043,302
21,606,247
4,933,530
1,212,136
10,151,754
803,951
850,101
813,633
310
8,474
72,586
189,248
47,088
310
161,767
50,266
8,627,255
177,108
89,495
1,082
32,479
23,117
63,711
9,309
–
990,484
89,820
187,587
210,669
188,999
–
8,459
11,562
21,394
11,246
–
127,523
101,516
75,435
816,540
714,129
1,392
32,494
84,141
231,565
45,151
310
1,024,728
38,570
8,739,407
227,378
–
–
–
2,930
–
–
–
412
–
791,644
7,439,580
184,887
180,355
621
23,578
26,178,383
49,358
982
348
723
68,634
670
476
403
–
15,473
1,038,902
128,223
21,284
338,155
–
365
–
28,167
–
–
–
4,460
–
–
–
–
92
140,177
133,225
6,850
78,455
–
–
68,931
248,569
982
348
723
67,104
670
476
403
412
15,381
1,690,369
7,434,578
199,321
440,055
621
23,943
26,109,452
Emerging Markets Bond Fund
A Class distributing (A) share
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (R) share AUD hedged
A Class distributing (R) share NZD hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share CAD hedged
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share GBP hedged
C Class distributing (D) share
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class non-distributing UK reporting fund share
E Class distributing (Q) share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (Q) share EUR hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class non-distributing share
X Class non-distributing share CHF Hedged
X Class non-distributing share EUR hedged
X Class non-distributing share GBP hedged
Emerging Markets Corporate BondFund
A Class non-distributing share
A Class non-distributing share EUR hedged
D Class distributing (M) UK reporting fund share GBP hedged
D Class non-distributing share
E Class distributing (Q) share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (M) UK reporting fund share GBP hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class non-distributing share
Emerging Markets Equity Income Fund
A Class distributing (Q) (G) share
A Class distributing (R) share AUD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share NZD hedged
A Class distributing (S) share
A Class distributing (S) share CAD hedged
A Class distributing (S) share EUR hedged
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class distributing (S) share SGD hedged
A Class non-distributing share
D Class non-distributing UK reporting fund share
E Class distributing (Q) (G) share EUR hedged
E Class non-distributing share EUR hedged
I Class non-distributing share CHF hedged
X Class distributing (S) share
X Class non-distributing share
Interim Report and Unaudited Accounts
67
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
13,211,944
550,284
1,749,104
1,501,885
3,503,833
3,280,344
152,539
433,620
556,978
894,795
3,555,748
179,419
723,803
659,607
107,107
12,936,540
523,404
1,458,921
1,399,256
4,291,521
435,011
4,569,462
6,255,222
1,033
575
744
560
500
14,658
5,036
390
15,696,482
541,488
12,341,749
419,285
176,430
709,485
353,047
18,275
311,355
512
12,116
8,216,760
897,385
1,484
641
83,286
25,281
846,301
692,741
310
11
11,879,473
23,792,987
48,484,478
–
207,756
543,109
3,063,854
1,348
–
37,771
–
86,648
–
19,210
–
12,073,748
67,144
2,373,651
496,221
383,350
2,458
91,127
169,550
749,433
–
820,925
10,694,743
4,238,950
–
–
182,795
36,734
223,502
66,452
872,774
9,638,499
10,693,088
3,873,063
34,696,643
14,748,689
41,007
1,046,626
1,751,994
–
–
–
–
–
638
338
–
6,585,835
61,555
8,815,613
175,005
25,263
122,335
140,100
11,349
7,605
–
14,673
3,816,371
786,138
–
–
49,755
14,059
197,206
93,967
873,075
–
9,117,769
4,596,744
1,724,657
–
601,760
4,065,945
7,567,082
2,381
575
38,515
560
87,148
14,020
23,908
390
21,184,395
547,077
5,899,787
740,501
534,517
589,608
304,074
176,476
1,053,183
512
818,368
15,095,132
4,350,197
1,484
641
216,326
47,956
872,597
665,226
9
9,638,510
13,454,792
23,069,306
81,456,464
14,748,689
Emerging Markets Fund
A Class non-distributing share
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
X Class non-distributing share
Emerging Markets Local Currency Bond Fund
A Class distributing (A) share
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (M) share AUD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share NZD hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share CAD hedged
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class distributing (D) share
C Class non-distributing share
D Class distributing (A) share
D Class distributing (M) share
D Class distributing (M) share AUD hedged
D class distributing (M) UK reporting fund share GBP hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class non-distributing share PLN hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class distributing (Q) share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (M) UK reporting fund share GBP hedged
I Class distributing (Q) share
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class non-distributing share
X Class non-distributing share GBP hedged
68
BlackRock Global Funds (BGF)
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
4,952,081
48,619
866,795
897,781
67,584,354
–
3,639,199
15,724
1,222,126
2,101,445
305,191
347
164,267
56,670,939
2,432,349
2,543,689
1,318,658
11,803,101
347
64,104,117
5,166,374
498
3,792,945
433,932
40,960
126,200
67,445
14,944,955
198
370,638
–
103,175
1,860,651
363,325
–
58,200
9,865,716
371,121
63,614
281,122
759,875
–
38,648,327
133,104
–
123,964
512,497
75,279
268,318
532,730
22,402,864
–
2,306,110
12,196
392,303
289,996
109,441
–
33,426
27,516,430
539,819
429,074
369,625
3,196,099
–
24,166,376
4,741,193
–
2,625,978
4,873,516
14,300
724,677
432,496
60,126,445
198
1,703,727
3,528
932,998
3,672,100
559,075
347
189,041
39,020,225
2,263,651
2,178,229
1,230,155
9,366,877
347
78,586,068
558,285
498
1,290,931
125,441
225,179
25,935,773
495
13,505
500
1,051,051
2,986
36,482,651
495
380
500
1,667,401
14,803,465
–
14,541,630
495
380
14,539,439
51,960
51,857
5,158,403
–
–
–
129,562
14,880
13,076,321
–
–
–
238,454
2,147,792
1,698,435
14,848,613
–
–
1,071,778
8,480
34,271
14,030,376
–
369
–
221,204
1,380
22,740,991
–
–
–
304,705
1,581,830
27,383
2,016,322
–
–
6,851,749
168,921
242,765
17,063,800
495
13,136
500
959,409
16,486
26,817,981
495
380
500
1,601,150
15,369,427
1,671,052
27,373,921
495
380
8,759,468
2,146,690
208,775
25,223
403,315
456
147,129
63,269
1,941
157,364
100
536,497
127,880
456
228,327
–
1,757,322
144,164
26,708
332,352
556
Euro Bond Fund
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class distributing (D) share
A Class distributing (M) share
A Class non-distributing share
A Class non-distributing share PLN hedged
A Class non-distributing share USD hedged
C Class distributing (D) share
C Class non-distributing share
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class distributing (A) UK reporting fund share GBP hedged
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share USD hedged
E Class distributing (Q) share
E Class non-distributing share
I Class distributing (A) UK reporting fund share GBP hedged
I Class non-distributing share
I Class non-distributing share CHF hedged
I Class non-distributing share USD hedged
X Class non-distributing share
Euro Corporate Bond Fund
A Class distributing (D) share
A Class distributing (M) share
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share GBP hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share GBP hedged
D Class non-distributing share USD hedged
E Class distributing (Q) share
E Class non-distributing share
I Class distributing (Q) share
I Class non-distributing share
I Class non-distributing share CHF hedged
I Class non-distributing share GBP hedged
X Class non-distributing share
Euro Reserve Fund
A Class non-distributing share
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
X Class non-distributing share
Interim Report and Unaudited Accounts
69
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
4,555,598
1,440,047
1,055,924
2,559,786
312,510
208,215,303
4,292,226
20,788,512
6,970,026
3,191,477
3,310,587
4,391,558
7,346,227
688,921
156,079,816
5,482,133
709,760
50,377,227
–
90,761,270
–
3,977,934
638,811
372,075
9,004
398,438
229,947
81,827,512
949,042
1,967,387
2,094,267
1,417,854
859,378
719,983
523,631
321,498
57,690,710
3,839,375
1,850,690
9,097,400
291
56,376,985
5,693,469
40,808,825
658,971
510,499
151,428
836,923
71,403
76,670,512
1,572,981
8,295,363
2,724,380
1,024,840
255,580
2,059,991
6,206,655
311,508
76,911,956
1,705,209
419,341
13,387,158
–
29,656,020
–
3,954,005
4,535,438
1,301,623
913,500
2,121,301
471,054
213,372,303
3,668,287
14,460,536
6,339,913
3,584,491
3,914,385
3,051,550
1,663,203
698,911
136,858,570
7,616,299
2,141,109
46,087,469
291
117,482,235
5,693,469
40,832,754
4,791,138
137,283
53,726,277
617,298
444,408
404
9,288,360
704,923
3,150,868
196,686
110,422
959,491
27,912,867
1,336,938
6,947,080
445
21,872,427
1,742,472
519,165
1,140
5,747,138
20,565
40,391
–
456,530
33,444
942,124
17,704
36,588
863,498
4,611,905
42,223
455,168
19,176
13,245,994
23,812
693,262
34,710
14,168,117
62,495
143,275
–
3,475,735
134,343
2,548,248
40,164
77,841
417,005
13,471,442
289,248
1,221,964
960
8,589,935
171,744
4,617,041
103,713
45,305,298
575,368
341,524
404
6,269,155
604,024
1,544,744
174,226
69,169
1,405,984
19,053,330
1,089,913
6,180,284
18,661
26,528,486
1,594,540
Euro Short Duration Bond Fund
A Class distributing (A) UK reporting fund share
A Class distributing (A) UK reporting fund share GBP hedged
A Class distributing (A) UK reporting fund share USD hedged
A Class distributing (D) share
A Class distributing (M) share
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class distributing (A) UK reporting fund share GBP hedged
D Class distributing (A) UK reporting fund share USD hedged
D Class distributing (M) UK reporting fund share
D Class distributing (M) UK reporting fund share GBP hedged
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share USD hedged
E Class non-distributing share
I Class distributing (Q) share
I Class non-distributing share
I Class non-distributing share USD hedged
X Class non-distributing share
Euro-Markets Fund
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share GBP hedged
A Class non-distributing share SGD hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share USD hedged
D Class non-distributing UK reporting fund share
D Class non-distributing UK reporting fund share CHF hedged
E Class non-distributing share
I Class distributing (A) share
I Class non-distributing share
X Class non-distributing share
70
BlackRock Global Funds (BGF)
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
25,954,627
7,122,868
3,845,607
13,589,428
331,550
43,471
599,938
9,402,354
1,107,022
1,025,062
42,346,000
54,185,907
23,553,767
11,841,533
1,983,084
2,798,728
6,585,603
119,139
21,249,927
3,808,979
16,783,361
13,061,326
3,614,711
16,774,029
1,306,373
8,511
2,152,615
362,160
99,246
106,777
75,501
10,034
32,171
726,764
66,870
984
650,660
617,394
2,305,361
267,395
670,394
801,165
1,558,168
82,817
3,870,395
132,764
1,347,520
568,140
726,715
1,398,376
5,415
109,934
3,972,458
1,172,155
1,252,478
2,432,133
26,877
15,437
68,507
1,239,741
331,159
322,747
7,805,804
13,073,612
12,212,296
3,134,704
457,137
620,805
2,809,203
–
15,935,727
2,039,490
2,535,949
2,824,429
–
9,420,690
378,313
21,999
24,134,784
6,312,873
2,692,375
11,264,072
380,174
38,068
563,602
8,889,377
842,733
703,299
35,190,856
41,729,689
13,646,832
8,974,224
2,196,341
2,979,088
5,334,568
201,956
9,184,595
1,902,253
15,594,932
10,805,037
4,341,426
8,751,715
933,475
96,446
29,588,242
392
7,122,750
886,142
232,282
22,955,853
14,811,924
15,760,216
8,060,159
1,413,468
–
14,535
23,098
12,485
2,943,111
1,207,845
10,869,832
456,546
9,973,275
–
1,993,695
194,352
2,890
16,454,563
2,892,142
5,150,463
7,865,870
21,028,435
392
5,143,590
714,888
241,877
9,444,401
13,127,627
21,479,585
650,835
223,439
22,891
11,420,451
994,385
318,434
306
583,122
31,807,864
455,795
2,542,213
56,797,616
456,324
7,181
215,794
5,802,701
7,937,822
1,477,974
27,227
2,017,446
500
2,026,712
50,996
56
711,656
30,410
1,430
–
15,528
644,133
12,647
16,600
1,369,695
15,310
1,443
37,525
618,436
423,486
20,119
4,573
1,313,448
–
931,832
128,855
7,027
4,271,334
260,865
38,727
–
98,400
9,492,703
151,697
440,598
15,313,239
90,370
43
109,238
3,058,759
3,143,430
266,236
27,216
726,468
–
552,165
145,580
15,920
7,860,773
763,930
281,137
306
500,250
22,959,294
316,745
2,118,215
42,854,072
381,264
8,581
144,081
3,362,378
5,217,878
1,231,857
4,584
2,604,426
500
2,406,379
European Equity Income Fund
A Class distributing (A) (G) share
A Class distributing (Q) (G) share
A Class distributing (Q) (G) share USD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share CAD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share NZD hedged
A Class distributing (S) share
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class distributing (S) share SGD hedged
A Class distributing (S) share USD hedged
A Class non-distributing share
A Class non-distributing share USD hedged
D Class distributing (A) (G) share
D Class distributing (Q) (G) UK reporting fund share
D Class distributing (Q) (G) UK reporting fund share GBP hedged
D Class distributing (S) share USD hedged
D Class non-distributing share
D Class non-distributing UK reporting fund share USD hedged
E Class distributing (Q) (G) share
E Class non-distributing share
I Class distributing (A) (G) share
I Class non-distributing share
X Class distributing (Q) (G) UK reporting fund share
X Class non-distributing share
European Focus Fund
A Class non-distributing share
A Class non-distributing share SGD hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class non-distributing share
D Class non-distributing UK reporting fund share
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share
European Fund
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CAD hedged
A Class non-distributing share CNH hedged
A Class non-distributing share GBP hedged
A Class non-distributing share HKD hedged
A Class non-distributing share NZD hedged
A Class non-distributing share SGD hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share USD hedged
D Class non-distributing UK reporting fund share
E Class non-distributing share
I Class distributing (A) UK reporting fund share
I Class non-distributing share
I Class non-distributing share USD hedged
X Class non-distributing share
Interim Report and Unaudited Accounts
71
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
1,402,404
480
430
460
325
10,034
59,957
68,308
2,730,000
2,449
–
–
2,020
–
–
105,531
90,185
–
5,690
–
–
–
–
–
17,616
32,295
–
1,399,163
480
430
2,480
325
10,034
147,872
126,198
2,730,000
25,641,131
299,746
34,011
115
25,806
16,821,727
506,381
7,899,858
1,157,280
3,093,586
–
11,149
2,773,232
24,308
–
–
5,579
570,832
16,376
653,345
123,482
285,034
3,272,938
152,493
5,771,913
96,258
4,906
–
21,270
9,268,086
154,179
2,830,859
783,229
703,308
60,226
3,873
22,642,450
227,796
29,105
115
10,115
8,124,473
368,578
5,722,344
497,533
2,675,312
3,212,712
159,769
578,488
14,065
18,642,269
1,093,252
328
410,678
22,889,917
471,862
1,903
5,757,958
986,355
2,059,404
36,611,583
2,366,215
2,486,544
206,412
71
6,328,681
27,491
–
9,627
892,584
38,602
562
1,924,718
97,728
277,586
6,567,413
1,151,529
237,999
176,719
71
3,775,982
320,353
–
91,362
7,632,059
141,919
542
1,228,164
214,386
362,903
8,729,182
1,226,977
789,799
608,181
14,065
21,194,968
800,390
328
328,943
16,150,442
368,545
1,923
6,454,512
869,697
1,974,087
34,449,814
2,290,767
1,934,744
European High Yield Bond Fund
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share SEK hedged
D Class distributing (A) share
D Class distributing (A) UK reporting fund share GBP hedged
D Class non-distributing share
E Class distributing (Q) share
E Class non-distributing share
X Class non-distributing share
European Special Situations Fund
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CAD hedged
A Class non-distributing share CNH hedged
A Class non-distributing share GBP hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class non-distributing share
D Class non-distributing share USD hedged
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share
European Value Fund
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CNH hedged
A Class non-distributing share HKD hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share USD hedged
E Class non-distributing share
I Class non-distributing share
I Class non-distributing share USD hedged
X Class non-distributing share
72
BlackRock Global Funds (BGF)
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
154,253
1,547,957
3,987,163
431,641
10,670,533
704,419
143,515
200,711
308
437,889
94,843
81,698,390
2,823,323
17,346,421
986,491
20,859,820
1,044,519
2,148,050
45,854
1,158,351
2,473,251
13,802,875
1,559,482
2,445
759,115
332,620
22,226,825
441,781
58,990,176
7,396,712
46,469,454
1,706,373
1,240
31,728
35,209,164
53,663,098
610
39,441,017
4,930,086
40,696,985
570
19,813
22,586,153
25,137,165
47,534,181
2,081,667
17,941,587
2,975,572
2,252,725
231,702
4,538,923
15,029,243
47,156,409
881,847
453,009
31,079,389
46,305,143
4,526
527,383
2,856,232
10,815
1,025,413
27,709
23,990
26,262
–
49,758
73
6,868,926
767,925
6,424,602
2,469
20,057,698
123,927
683,470
74,223
18,391
35,728
949,249
53,400
394,170
545,158
1,161,196
1,846,299
171,211
11,396,449
586,929
15,846,508
1,240,305
26,000
–
4,277,667
16,402,782
–
497,848
1,602,167
4,992,420
–
282,358
17,361,536
10,644,862
1,309,600
150,679
6,519,132
111,146
39,866
55,585
63,479
584,758
541,872
–
683,886
–
66,473,055
27,431
204,900
2,429,045
62,140
2,221,313
106,151
46,199
–
–
238,615
–
26,581,573
405,139
6,563,918
489,240
22,032,908
195,932
99,825
19,541
136,942
598,494
3,321,764
5,125
635
29,000
648
4,263,144
163,758
15,104,930
1,006,315
18,724,432
217,085
8,703
12,091
9,218,763
10,168,745
–
9,001
–
8,114,873
–
12,353
1,750,369
119,187
259,446
331,044
22,591
647,189
307,804
32,281
4,418
3,030,190
–
–
53,725
70,161
1,406,567
131,348
1,870,440
4,414,350
380,316
9,474,633
625,977
121,306
226,973
308
249,032
94,916
61,985,743
3,186,109
17,207,105
499,720
18,884,610
972,514
2,731,695
100,536
1,039,800
1,910,485
11,430,360
1,607,757
395,980
1,275,273
1,493,168
19,809,980
449,234
55,281,695
6,977,326
43,591,530
2,729,593
18,537
19,637
30,268,068
59,897,135
610
39,929,864
6,532,253
37,574,532
570
289,818
38,197,320
35,662,840
48,584,335
1,901,302
24,438,128
2,439,529
1,984,787
255,006
4,597,984
12,583,811
47,698,281
881,847
1,083,170
31,009,228
111,371,631
Fixed Income Global Opportunities Fund
A Class distributing (A) share
A Class distributing (A) share EUR hedged
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (Q) share
A Class distributing (Q) share EUR hedged
A Class distributing (Q) share SGD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share CNH hedged
A Class distributing (S) share
A Class distributing (S) share HKD hedged
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share JPY hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SEK hedged
A Class non-distributing share SGD hedged
A Class non-distributing UK reporting fund share GBP hedged
C Class distributing (D) share
C Class distributing (Q) share
C Class non-distributing share
D Class distributing (A) share
D Class distributing (A) share CAD hedged
D Class distributing (A) share EUR hedged
D Class distributing (A) UK reporting fund share GBP hedged
D Class distributing (Q) share
D Class distributing (Q) share EUR hedged
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share GBP hedged
D Class non-distributing share PLN hedged
D Class non-distributing share SGD hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (M) share CAD hedged
I Class distributing (Q) share
I Class distributing (Q) share EUR hedged
I Class non-distributing share
I Class non-distributing share CAD hedged
I Class non-distributing share CHF hedged
I Class non-distributing share EUR hedged
I Class non-distributing share GBP hedged
I Class non-distributing share JPY hedged
J Class distributing (M) share
X Class (Q) distributing share GBP hedged
X Class distributing (M) share
X Class distributing (M) share AUD hedged
X Class distributing (M) share EUR hedged
X Class non-distributing share
X Class non-distributing share AUD hedged
X Class non-distributing share CAD hedged
X Class non-distributing share CHF hedged
X Class non-distributing share EUR hedged
X Class non-distributing share GBP hedged
X Class non-distributing share SEK hedged
Interim Report and Unaudited Accounts
73
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
1,568,479
766,804
1,295,787
319,182
11,465,423
90,283
5,869,849
908,641
7
35,859
52,251
154,216
29,023
865,510
1,830
125,339
65,372
–
527,773
139,984
231,334
60,980
2,233,103
4,047
982,759
296,958
7
1,076,565
679,071
1,218,669
287,225
10,097,830
88,066
5,012,429
677,055
–
14,004,458
3,338,969
153,497,039
7,637,666
3,496,509
97,000
30,000,662
2,659,443
9,672,174
2,935,477
10,721,206
22,503,928
2,760,621
573,290
48,054
3,453,692
37,680
1,035,714
8,723,803
1,397,239
1,362
25,162
13,155,488
21,078,559
15,080,139
251,077
30,043,568
5,047,311
14,015,769
667,636
149,985,755
33,531,490
4,520,837
17,901,317
234,577
2,130,396
831,572
11,437,455
432,861
117,385
12,175
1,620,659
246,336
2,905,752
341,920
334,580
491,392
165,526
930,305
41,843
1,340,798
–
11,207
1,983,057
108,030
–
22,668
1,574,460
2,337,157
1,041,877
42,912
849,529
2,249,165
–
–
1,076,138
3,959,390
934,487
3,184,397
932,205
1,453,843
304,850
25,249,657
1,327,576
587,238
35,832
4,891,602
413,421
1,797,222
759,889
1,705,995
4,286,659
466,075
815,644
3,173
530,001
28,000
884,800
2,136,901
179,628
–
25,148
3,114,922
2,642,405
2,178,065
7,041
8,394,253
63,726
3,599,684
118,054
22,654,525
8,868,383
763,149
21,085,264
374,161
14,681,011
3,865,691
139,684,837
6,742,951
3,026,656
73,343
26,729,719
2,492,358
10,780,704
2,517,508
9,349,791
18,708,661
2,460,072
687,951
86,724
4,264,489
9,680
162,121
8,569,959
1,325,641
1,362
22,682
11,615,026
20,773,311
13,943,951
286,948
22,498,844
7,232,750
10,416,085
549,582
128,407,368
28,622,497
4,692,175
450
792,621
Flexible Multi-Asset Fund
A Class non-distributing share
A Class non-distributing share USD hedged
C Class non-distributing share
C Class non-distributing share USD hedged
D Class non-distributing share
D Class non-distributing share USD hedged
E Class non-distributing share
E Class non-distributing share USD hedged
X Class non-distributing share
Global Allocation Fund
A Class distributing (A) share
A Class distributing (A) share EUR hedged
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share CNH hedged
A Class non-distributing share EUR hedged
A Class non-distributing share GBP hedged
A Class non-distributing share HKD hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) share
D Class distributing (A) share EUR hedged
D Class non-distributing share
D Class non-distributing share AUD hedged
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share GBP hedged
D Class non-distributing share PLN hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share
E Class non-distributing share
E Class non-distributing share EUR hedged
E Class non-distributing share PLN hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
I Class non-distributing share SGD hedged
J Class non-distributing share
X Class distributing (A) share
X Class non-distributing share
X Class non-distributing share AUD hedged
X Class non-distributing share EUR hedged
X Class non-distributing share JPY hedged
74
BlackRock Global Funds (BGF)
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
430,288
299,580
532,510
339,004
129,050
386,310
5,175,531
5,498,573
295,726
44,479,718
3,502,310
145,844
18,587,223
4,354,284
3,552
8,954
6,161,953
16,313,949
1,242,922
919,307
2,212,487
345
500
590
34,155,568
2,843,697
8,410,852
42,242,895
1,352
20,308
555
300,825
–
755
1,940,496
686,592
176,870
17,797,370
1,130,615
148,654
7,596,128
2,124,678
49,504
–
2,339,854
3,073,029
78,795
37,673
322,579
–
2,332,850
–
1,363,784
438,667
1,151,417
1,737,565
55,767
100,993
46,648
90,282
70,961
121,239
1,750,557
2,131,792
137,366
16,559,689
1,896,628
3,905
9,248,319
1,449,810
3,530
672
1,644,632
4,291,742
931,320
230,188
496,261
–
485
–
18,082,534
–
2,166,357
2,690,126
375,873
218,895
486,417
549,547
58,089
265,826
5,365,470
4,053,373
335,230
45,717,399
2,736,297
290,593
16,935,032
5,029,152
49,526
8,282
6,857,175
15,095,236
390,397
726,792
2,038,805
345
2,332,865
590
17,436,818
3,282,364
7,395,912
41,290,334
136,599
24,224,914
310
553,650
2,124,689
111,276
1,097,933
7,303,810
78,291
3,286,421
234,961
3,924,653
8,449
1,631,238
–
176,767
76,760
16,519
7,256
135,309
31,810
466,474
20,024
–
20,769
7,891,701
–
123,274
329,223
13,793
136,251
1,587,690
12,002
551,199
36,491
–
124,279
17,964,451
310
607,143
1,872,226
114,002
968,938
5,851,429
98,099
3,201,696
218,494
3,924,653
Global Corporate Bond Fund
A Class distributing (A) share EUR hedged
A Class distributing (M) share AUD hedged
A Class distributing (M) share CAD hedged
A Class distributing (M) share GBP hedged
A Class distributing (M) share NZD hedged
A Class distributing (Q) share
A Class distributing (R) share AUD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share NZD hedged
A Class distributing (S) share
A Class distributing (S) share HKD hedged
A Class distributing (S) share SGD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share SEK hedged
A Class non-distributing share SGD hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (A) UK reporting fund share GBP hedged
I Class non-distributing share
I Class non-distributing share CAD hedged
X Class distributing (A) UK reporting fund share GBP hedged
X Class distributing (R) share AUD hedged
X Class non-distributing share
X Class non-distributing share EUR hedged
Global Dynamic Equity Fund
A Class distributing (A) share
A Class non-distributing share
A Class non-distributing share CNH hedged
A Class non-distributing share EUR hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
X Class non-distributing share
Interim Report and Unaudited Accounts
75
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
28,921,466
343,705
8,889,189
494,716
6,798,962
1,577,106
28,399,290
5,416,610
290,864
3,186,405
310,726
1,349
2,649,167
385,552
782,312
10,043
248,444
10,682
657
64,641
4,974,424
9,979,868
28,247
3,405,508
300,261
1,790,252
523,608
19,217,795
731,408
110,524
1,535,722
31,573
–
49,731
1,584
96,206
–
11,641
73,750
331
4,563
2,239,239
12,483,746
44,255
3,294,471
182,398
1,016,649
671,904
8,962,267
1,274,129
86,146
1,866,679
73,798
1,333
813,743
121,194
218,906
1,269
120,250
3,010
–
39,460
484
26,417,588
327,697
9,000,226
612,579
7,572,565
1,428,810
38,654,818
4,873,889
315,242
2,855,448
268,501
16
1,885,155
265,942
659,612
8,774
139,835
81,422
988
29,744
7,213,179
693,045
–
21,018,366
3,166,920
3,588,014
576,412
6,494,752
103,794
240,800
10,837,645
254,119
138,273
15,378,778
37,226,466
90,065
2,889,664
4,434,668
2,054,919
4,751,916
7,822,046
1,361,786
4,548,097
536,453
1,261,906
3,245,471
26,504,151
386,050
1,787,369
1,397
49,039
1,891,272
438,891
1,645,079
15
11,021,534
6,133,283
843,267
12,047
683,334
650,081
18,725
181,730
701,670
37,985
52,361
2,629,355
48,875
179,216
773,891
3,681,778
27,640
457,012
5,328,678
76,341
568,415
678,423
90,520
802,243
473,605
699,301
559,871
2,478,422
510,150
650,329
–
–
299,171
53,556
303,634
2,409,182
133,031
5,716,518
130,406
–
3,344,544
1,446,468
838,831
98,701
2,000,814
55,184
107,177
3,546,496
86,926
65,730
2,780,741
8,019,137
31,554
757,690
5,919,553
403,854
699,499
2,017,566
112,541
2,309,839
482,173
697,427
1,152,399
5,264,773
62,721
493,206
–
28,943
333,445
68,965
281,059
13,090
–
2,083,187
1,405,906
12,047
18,357,156
2,370,533
2,767,908
659,441
5,195,608
86,595
185,984
9,920,504
216,068
251,759
13,371,928
32,889,107
86,151
2,588,986
3,843,793
1,727,406
4,620,832
6,482,903
1,339,765
3,040,501
527,885
1,263,780
2,652,943
23,717,800
833,479
1,944,492
1,397
20,096
1,856,998
423,482
1,667,654
2,396,107
11,154,565
9,766,614
Global Enhanced Equity Yield Fund
A Class distributing (Q) (G) share
A Class distributing (Q) (G) share EUR hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share CAD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share NZD hedged
A Class distributing (S) share
A Class distributing (S) share HKD hedged
A Class distributing (S) UK reporting fund share GBP hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share SGD hedged
C Class distributing (Q) (G) share
C Class non-distributing share
D Class distributing (Q) (G) share
D Class non-distributing share EUR hedged
D Class non-distributing UK reporting fund share
E Class distributing (Q) (G) share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (Q) share
Global Equity Income Fund
A Class distributing (A) (G) share
A Class distributing (A) (G) share EUR hedged
A Class distributing (Q) (G) share
A Class distributing (Q) (G) share EUR hedged
A Class distributing (Q) (G) share SGD hedged
A Class distributing (Q) (G) UK reporting fund share
A Class distributing (R) share AUD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share CNH hedged
A Class distributing (S) share HKD hedged
A Class distributing (S) share SGD hedged
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class distributing (Q) (G) share
C Class non-distributing share
D Class distributing (A) (G) share
D Class distributing (Q) (G) share
D Class distributing (Q) (G) share EUR hedged
D Class distributing (Q) (G) UK reporting fund share
D Class distributing (Q) (G) UK reporting fund share GBP hedged
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share PLN hedged
D Class non-distributing share SGD hedged
E Class distributing (Q) (G) share
E Class distributing (Q) (G) share EUR hedged
E Class non-distributing share
I Class non-distributing share
X Class distributing (Q) (G) share
X Class non-distributing share
76
BlackRock Global Funds (BGF)
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
144,727
90,523
3,226,966
342,308
–
–
11,256,722
3,110,738
32,825
6,275
2,651
337,080
201,427
90,489
466,904
742,199
5,059,099
809,251
1,259,229
–
1,825,213
–
2,778
21,895
1,333,805
31,511
382
390
2,044,469
796,703
–
–
–
250,985
40,206
19,427
17,117
779,801
1,934,593
70,823
86,519
500
108,380
8,186,929
52,550
26,414
2,939,291
125,731
–
–
6,860,662
1,302,721
20,886
–
–
42,640
54,889
54,426
159,584
409,976
1,794,081
182,617
395,994
–
574,359
–
94,955
86,004
1,621,480
248,088
382
390
6,440,529
2,604,720
11,939
6,275
2,651
545,425
186,744
55,490
324,437
1,112,024
5,199,611
697,457
949,754
500
1,359,234
8,186,929
2,757,889
426,304
13,247,669
3,055,299
15,696
14,495,434
2,043,838
37,245,792
6,486,618
18,186,057
10,216,188
1,267,808
3,829,277
4,367,776
655,050
95,348
467,741
1,475,648
391,510
668,757
498,897
3,785,277
7,770,638
2,734,810
11,037,709
2,548,557
4,981,953
1,913,258
2,517,141
3,995,117
590
2,961,505
680
4,397,028
51,421
323,885
36,298
3,517,268
596,188
12,370
2,770,698
1,298,993
7,840,215
1,060,066
6,365,855
3,576,391
37,995
3,942,341
1,291,732
16,365
–
90,103
176,988
725,075
285,000
494,801
5,092,585
3,620,861
71,670
3,797,946
790,492
1,367,553
30,567
775,194
4,141,580
–
3,726,708
–
367,192
–
385,853
9,956
3,387,344
472,324
1,522
2,972,770
927,596
7,187,180
685,215
3,903,882
1,976,196
93,010
2,035,763
761,255
137,386
66,778
151,627
142,123
21,058
–
27,822
3,890,787
1,418,051
1,623,438
1,246,809
591,275
769,465
10
–
996,656
–
–
–
3,665,913
16,514
2,695,921
452,646
13,377,593
3,179,163
26,544
14,293,362
2,415,235
37,898,827
6,861,469
20,648,030
11,816,383
1,212,793
5,735,855
4,898,253
534,029
28,570
406,217
1,510,513
1,095,527
953,757
965,876
4,987,075
9,973,448
1,183,042
13,588,846
2,747,774
5,580,041
1,943,815
3,292,335
7,140,041
590
6,688,213
680
1,098,307
34,907
Global Government Bond Fund
A Class distributing (D) share
A Class distributing (D) share EUR hedged
A Class distributing (M) share
A Class distributing (M) share EUR hedged
A Class distributing (M) share GBP hedged
A Class distributing (M) share HKD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
C Class distributing (D) share
C Class distributing (D) share EUR hedged
C Class distributing (M) share
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (M) share
D Class distributing (M) share EUR hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
X Class non-distributing share EUR hedged
X Class non-distributing share SEK hedged
Global High Yield Bond Fund
A Class distributing (D) UK reporting fund share
A Class distributing (D) UK reporting fund share EUR hedged
A Class distributing (M) share
A Class distributing (M) share EUR hedged
A Class distributing (Q) share
A Class distributing (R) share AUD hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share HKD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share GBP hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SEK hedged
C Class distributing (D) share
C Class distributing (D) share EUR hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (M) share
D Class distributing (M) share EUR hedged
D Class distributing (Q) share GBP hedged
D Class non-distributing share
D Class non-distributing UK reporting fund share EUR hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class distributing (Q) share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (A) share EUR hedged
I Class distributing (M) share
I Class non-distributing share
I Class non-distributing share CAD hedged
X Class distributing (A) share EUR hedged
X Class distributing (R) share AUD hedged
X Class non-distributing share EUR hedged
X Class non-distributing UK reporting fund share GBP hedged
Interim Report and Unaudited Accounts
77
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
291,659
1,762,497
743,379
64,506
361,072
10,277
3,063,855
2,881,758
1,609,810
4,010,580
126,574
1,206,794
844,989
17,606
22,836
165,571
3,167,099
2,724,156
1,515,464
171,448
132,201
645,838
1,080,091
–
63,894
22,087
4,909,958
1,208,595
259,127
3,343
286,032
2,323,453
508,277
82,112
320,014
153,761
1,320,996
4,397,319
2,866,147
4,178,685
500
450
500
–
450
450
497,500
–
–
508
447
–
–
–
–
–
–
–
–
–
–
500
450
1,008
447
450
450
497,500
263,189
495
2,244,569
24,075,884
416,997
386,846
233,009
26,599,100
836,245
323
2,397,480
2,265,320
85,353,931
2,807,048
1,803,549
112,715,238
28,901,626
10,495
10,530,426
10,599,867
3,447,412
11,495
1,546,990
7,307,439
9,320,227
23,995
15,580,530
26,781,299
723,565
15,478,729
2,127,667
6,148,923
–
–
14,792,386
1,546,407
18,604
46,370
1,630
1,915,057
22,925,653
556,815
95,791
103,988
2,716,263
186,247
5,010
1,677,356
423,981
19,245,825
2,667,061
1,135,003
8,598,026
43,222,810
15,000
4,948,681
1,011,804
272,165
5,000
581,008
3,805,134
2,556,406
11,500
8,186,755
12,250,837
1,415,563
14,367,818
1,539,848
18,134
500
24,553,852
–
63,545
488,921
7,672
–
257,534
552,915
485
75,481
26,258
5,417,361
125,489
313
535,068
658,074
17,972,691
398,424
416,499
18,209,764
23,803,810
10,480
13,330,135
1,572,460
960,904
480
57,565
1,747,852
1,608,929
480
21,032,604
2,797,029
47,835
7,544,973
323,961
1,072
–
83,438
–
–
22,864
301,887
2,125
3,902,092
46,448,622
973,327
407,156
310,739
23,898,002
897,003
5,020
3,539,768
2,031,227
86,627,065
5,075,685
2,522,053
103,103,500
48,320,626
15,015
2,148,972
10,039,211
2,758,673
16,015
2,070,433
9,364,721
10,267,704
35,015
2,734,681
36,235,107
2,091,293
22,301,574
3,343,554
6,165,985
500
24,470,414
14,792,386
1,609,952
484,661
Global Inflation Linked Bond Fund
A Class distributing (M) share
A Class non-distributing share
A Class non-distributing share EUR hedged
C Class distributing (M) share
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share EUR hedged
X Class non-distributing share EUR hedged
Global Long-Horizon Equity Fund
A Class non-distributing share
A Class non-distributing share EUR hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
X Class non-distributing share
Global Multi-Asset Income Fund
A Class distributing (A) (G) share
A Class distributing (A) (G) share CHF hedged
A Class distributing (A) (G) share EUR hedged
A Class distributing (M) (G) share
A Class distributing (Q) (G) share
A Class distributing (Q) (G) share AUD hedged
A Class distributing (Q) (G) share SGD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share CAD hedged
A Class distributing (R) share CNH hedged
A Class distributing (R) share GBP hedged
A Class distributing (R) share NZD hedged
A Class distributing (S) share
A Class distributing (S) share EUR hedged
A Class distributing (S) share HKD hedged
A Class distributing (S) share SGD hedged
A Class non-distributing share
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
C Class distributing (S) share
C Class non-distributing share
D Class distributing (A) (G) share CHF hedged
D Class distributing (A) (G) share EUR hedged
D Class distributing (S) share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
E Class distributing (Q) (G) share EUR hedged
E Class distributing (Y) share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class distributing (Q) (G) share EUR hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class distributing (Q) (G) share
X Class distributing (R) share AUD hedged
X Class non-distributing share
78
BlackRock Global Funds (BGF)
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
511
1,477,769
4,980,953
138,262
212,493
29,801
203,636
438,009
1,442
11,815
224,841
15,240
9,842
660
41,676
32,817
–
94,877
492,027
1,908
50,860
19
42,967
86,566
1,953
1,394,707
4,713,767
151,594
171,475
30,442
202,345
384,260
3,212,509
21,152
212,711
476,735
123,353
703,813
56,824
24,985
99,890
55,143
718,295
27,717
61,136
44,279
53,095
3,198,027
50,259
176,560
532,346
125,401
54,164
12,938,607
591,151
248,956
1,054,352
1,243,934
500
7,103
6,610,893
140,775
53,703
514,902
201,790
178,550
12,104
5,345,490
204,862
213,286
872,773
245,023
244
49,163
14,204,010
527,064
89,373
696,481
1,200,701
178,806
68,448
8,361,043
316,542
886,676
848,651
21,585
2,953,963
3,078,865
843,332
2,794,269
–
872,628
59
5,820,251
186,373
1,333,638
66,834
5,846
1,872,848
2,001,510
1,405,567
173,820
507
8,967
16,648
7,825,229
202,279
1,640,209
153,664
14,982
1,847,508
1,167,721
1,465,058
483,640
–
114,619
51,859
6,356,065
300,636
580,105
761,821
12,449
2,979,303
3,912,654
783,841
2,484,449
507
766,976
841
3,034,696
221,094
4,802,869
101,586
299
6,672,845
30,326
233,506
478
171,507
28,332
–
856,474
1,182,550
1,361,148
52,975
10
1,604,814
2,062
214,145
–
–
–
84
1,249,667
1,006,536
3,464,118
14,765
–
1,477,832
2,972
224,934
–
–
28,329
757
2,641,503
397,108
2,699,899
139,796
309
6,799,827
29,416
222,717
478
171,507
3
Global Opportunities Fund
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share SGD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
E Class non-distributing share
Global SmallCap Fund
A Class non-distributing share
A Class non-distributing share AUD hedged
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
India Fund
A Class distributing (A) UK reporting fund share
A Class non-distributing share
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
E Class non-distributing share
X Class non-distributing share
Japan Flexible Equity Fund
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
X Class non-distributing share
Japan Small & MidCap Opportunities Fund
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share USD hedged
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
I Class non-distributing share
X Class distributing (A) UK reporting fund share
X Class non-distributing share
Interim Report and Unaudited Accounts
79
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
45,673
42,859
20,337,625
76,694
15,332
243,656
908,397
481,139
283,610
987
9,312
2,053,968
40,481
2
1,592
790
1,148
838,724
325,999
64
214
1,910
629
3,297,751
573,088
9,080
183,197
877,363
155,243
51,619
9,020
772
1,005,389
–
43,936
–
–
1,304
242,190
25,694
–
3,534
8,254
3,430
3,323,015
411,529
–
191,098
695,381
92,275
100,827
–
1,961
1,347,981
564
–
–
–
1,531
260,932
37,259
–
185
39,329
40,058
20,312,361
238,253
24,412
235,755
1,090,379
544,107
234,402
10,007
8,123
1,711,376
39,917
43,938
1,592
790
921
819,982
314,434
64
3,563
173,552
500
319,787
1,008,761
399,589
1,101,117
93,962
–
87,502
2,671,925
121,619
641,245
19,277
–
18,304
589,303
116,856
210,454
248,237
500
388,985
3,091,383
404,352
1,531,908
418,176
399,514
96,225,252
1,553,678
214,841
279,725
5,204,818
13,294,230
83,994
2,055,719
128,872
29,858
5,677,663
299,237
5,631
164,390
1,052,925
1,694,626
8,492,970
–
31,032
28,730
12,076,286
220,994
1,956
45,759
1,915,544
2,473,783
–
308,113
516,016
400,642
89,826,629
1,631,921
218,516
398,356
4,342,199
12,515,073
8,576,964
1,747,606
533,405
1,964,746
606,879
1,599,793
27,581
7,004
1,031,774
61,839
40,101
12,214
2,553,914
81,597
320,451
22,850
82,612
12,735
5,782
365,806
35,632
40,473
5,289
3,641,217
140,776
644,126
105,734
500,652
4,756
477
438,344
8,042
10,278
3,127
302,538
474,226
1,641,071
523,995
1,181,753
35,560
12,309
959,236
89,429
70,296
14,376
5,892,593
Latin American Fund
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share HKD hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share PLN hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
J Class non-distributing share
X Class distributing (A) UK reporting fund share
X Class non-distributing share
Natural Resources Growth & Income Fund
A Class distributing (A) (G) share
A Class distributing (M) (G) share
A Class distributing (Q) (G) share
A Class non-distributing share
E Class distributing (Q) (G) share EUR hedged
E Class non-distributing share
New Energy Fund
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
C Class non-distributing share
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share
North American Equity Income Fund
A Class distributing (Q) (G) share
A Class non-distributing share
C Class distributing (Q) (G) share
C Class non-distributing share
D Class distributing (Q) (G) UK reporting fund share
D Class distributing (Q) (G) UK reporting fund share GBP hedged
D Class non-distributing UK reporting fund share
E Class distributing (Q) (G) share
E Class non-distributing share
E Class non-distributing share EUR hedged
X Class distributing (Q) (G) share
80
BlackRock Global Funds (BGF)
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
2,660,783
428,910
1,010,359
837,285
–
580,581
13,658
165,553
88,719
500
730,463
110,528
164,077
131,513
–
2,510,901
332,040
1,011,835
794,491
500
614,498
2,291,508
47,690
39,169
89,648
799,052
763,348
106,686
500
471
627,611
–
–
–
21,663
39,294
–
–
99,028
608,717
47,680
16,850
58,575
16,154
150,459
24,324
–
515,941
2,310,402
10
22,319
31,073
804,561
652,183
82,362
500
500
450
500
–
450
450
9,997,500
–
–
1,364
447
485
22,666
–
–
–
153
–
–
–
2,612,330
500
450
1,711
447
935
23,116
7,385,170
1,289,221
3,201,318
755,484
8,432,785
6,432,245
25
2,514
14,700
–
–
65,296
95,754
57,263
111,524
1,923,311
1,223,950
3,108,078
712,921
8,321,261
4,508,934
402,900
691,001
10,926
56,963
10,786
11,677
699,516
74,583
–
202,973
3,662
86,250
10,607
4,849
1,779
1,349
182,590
17,212
385
9,944
28,139
156,519
2,128
3,318
717
800
655,771
7,536
–
163
378,423
620,732
19,405
58,494
11,848
12,226
226,335
84,259
385
212,754
Pacific Equity Fund
A Class non-distributing share
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
I Class non-distributing share
Renminbi Bond Fund
A Class distributing (M) share
A Class non-distributing share
C Class distributing (M) share
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
E Class non-distributing share
E Class non-distributing share EUR hedged
X Class distributing (S) share USD hedged
Strategic Global Bond Fund
A Class non-distributing share
A Class non-distributing share EUR hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
X Class non-distributing share
Swiss Small & MidCap Opportunities Fund (1)
A Class non-distributing share
D Class distributing (M) UK reporting fund share
D Class non-distributing UK reporting fund share
I Class non-distributing share
X Class non-distributing share
United Kingdom Fund
A Class distributing (A) UK reporting fund share
A Class non-distributing share
C Class non-distributing share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing UK reporting fund share
D Class non-distributing UK reporting fund share
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share
(1)
Fund closed to subscriptions, see Note 1, for further details.
Interim Report and Unaudited Accounts
81
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
27,244
20,796
9,788,615
328
867,441
67,412
638,810
15,416
150,511
170,990
2,609,011
103,164
722,520
180,263
1,273,561
119,931
12,829
2,652
3,869,691
–
237,142
210,159
278,681
2,715
128,053
10,040
960,850
334,853
69,779
82,947
51,215
30,132
6,663
1,460
4,079,038
–
235,514
168,786
190,384
6,400
94,582
12,517
1,483,505
74,450
83,321
63,531
106,916
119,935
33,410
21,988
9,579,268
328
869,069
108,785
727,107
11,731
183,982
168,513
2,086,356
363,567
708,978
199,679
1,217,860
30,128
2,915,263
915,086
–
–
4,765,678
1,754,276
2,195,915
3,018,537
2,958,681
328
290,707
4,919,801
260,330
479,263
378
390
1,717,325
66,239
185,311
489,623
878,988
19,084
16,579
1,614,372
1,194,231
615,580
–
–
2,688,213
395,809
1,031,797
838,259
569,411
318
56,253
252,962
1,981,362
778,769
378
390
3,794,790
1,424,706
1,349,429
2,669,901
3,268,258
19,094
251,033
6,281,211
US Basic Value Fund
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share CNH hedged
A Class non-distributing share EUR hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
X Class non-distributing share
US Dollar Core Bond Fund
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class non-distributing share
C Class distributing (D) share
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
I Class non-distributing share
82
BlackRock Global Funds (BGF)
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
76,912
9,311,872
27,357,076
1,633,485
915,950
234,968
852,844
258,584
917,426
18,075,615
775,112
240,264,139
11,041,531
408,157
22,241,925
341,232
20,771
854,397
45,952
2,448,999
1,022,930
394,341
9,113,512
611
9,956
56,447
72,638
557
6,037,113
613,924
4,115,176
8,400
82,332,231
29,749,254
339,436
162
54,334
2,510,557
15,129,720
486,200
623,165
123,710
438,362
431,856
143,682
5,057,092
846,379
40,413,823
4,795,799
689,406
23,981,684
214,451
38,775
46,034
54,163
55,753
977,880
13,270
831,519
–
–
66,004
26,350
–
7,225,164
264,016
35,001
7,266,431
4,424,729
9,804,509
5,561,364
4,244
9,755
1,958,133
11,205,695
556,886
238,791
100,719
325,565
485,293
247,158
3,978,613
632,585
37,509,731
3,935,373
113,712
26,434,951
177,677
1,187
770,776
1,688
392,050
377,311
23,236
7,070,388
–
460
–
6,985
–
6,612,396
132,135
812,602
2,154,288
33,186,904
3,297,242
10,485
6
121,491
9,864,296
31,281,101
1,562,799
1,300,324
257,959
965,641
205,147
813,950
19,154,094
988,906
243,168,231
11,901,957
983,851
19,788,658
378,006
58,359
129,655
98,427
2,112,702
1,623,499
384,375
2,874,643
611
9,496
122,451
92,003
557
6,649,881
745,805
3,337,575
5,120,543
53,570,056
36,256,521
5,890,315
4,400
2,636,767
86,880
538,446
17
570,873
17,940
500
7,844,522
42,579
80,262
–
67,715
23,687
32,607
7,579,096
34,059
194,958
–
169,437
9,688
5,605
2,902,193
95,400
423,750
17
469,151
31,939
27,502
3,197,484
3,683,468
694
32,369,855
2,091,677
915,717
2,293,432
2,161,818
24,458,975
40,162
23,976,748
500
455
25,787,318
1,843,714
1,128,326
49,751
9,841,058
2,859,694
16,012
634,469
1,310,640
8,168,627
156,568
3,905,753
1,026,844
–
476,407
1,265,376
2,512,629
673
13,168,641
2,256,261
247,263
1,056,757
799,385
10,674,607
54,566
7,482,812
364,754
–
299,577
3,775,822
2,299,165
49,772
29,042,272
2,695,110
684,466
1,871,144
2,673,073
21,952,995
142,164
20,399,689
662,590
455
25,964,148
US Dollar High Yield Bond Fund
A Class distributing (A) UK reporting fund share GBP hedged
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (M) share AUD hedged
A Class distributing (M) share CAD hedged
A Class distributing (M) share EUR hedged
A Class distributing (M) share GBP hedged
A Class distributing (M) share NZD hedged
A Class distributing (M) share SGD hedged
A Class distributing (R) share AUD hedged
A Class distributing (R) share ZAR hedged
A Class distributing (S) share
A Class distributing (S) share HKD hedged
A Class distributing (S) Share SGD hedged
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share SGD hedged
C Class distributing (D) share
C Class non-distributing share
D Class distributing (A) UK reporting fund share GBP hedged
D Class distributing (M) share
D Class distributing (M) share SGD hedged
D Class non-distributing share AUD hedged
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share
E Class non-distributing share
I Class distributing (A) UK reporting fund share GBP hedged
I Class distributing (M) share
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class distributing (S) share
X Class non-distributing share
US Dollar Reserve Fund
A Class non-distributing share
A Class non-distributing share GBP hedged
C Class non-distributing share
D Class non-distributing share GBP hedged
E Class non-distributing share
E Class non-distributing share GBP hedged
X Class non-distributing share
US Dollar Short Duration Bond Fund
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (M) share SGD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
C Class distributing (D) share
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class non-distributing share
Interim Report and Unaudited Accounts
83
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
2,508
787
408,418
11,894,589
328
2,123,457
1,207,919
43,625
289
72,154
3,914,195
68,174
1,173,141
645,415
4,160,617
1,292,753
4,346
1,548
6,345
1,502,471
–
108,862
111,891
1,720
–
3,038
3,564,215
19,234
187,605
42,270
345,759
227,048
476
–
23,255
1,842,112
–
216,077
243,056
14,314
–
2,674
1,125,122
8,470
295,873
109,856
318,901
410,761
6,378
2,335
391,508
11,554,948
328
2,016,242
1,076,754
31,031
289
72,518
6,353,288
78,938
1,064,873
577,829
4,187,475
1,109,040
1,533,672
3,124,755
3,823,133
502,836
644,140
776,268
647,846
639,985
500
500
3,338,268
185,146
4,500,267
4,321,927
1,608
77,991
177,100
1,291,759
42,474
–
–
–
344,220
1,654,317
5,170,238
123,429
344,772
18,162
859,443
341,323
–
–
–
1,374,598
5,970,705
2,974,822
381,015
377,359
935,206
1,080,162
341,136
500
500
3,338,268
60,544
556,354
770,074
4,836,811
1,128,196
2,682,198
1,221,488
11,404,238
703,428
–
7,916
58,542
16,152
720,603
52,926
5,804
763,662
254,469
40,003
500
15,750
129,833
7,756
2,038,911
254,553
362,090
267,168
6,439,473
102,317
–
52,710
485,063
778,470
3,518,503
926,569
2,325,912
1,717,982
5,219,234
641,114
500
US Flexible Equity Fund
A Class distributing (A) share
A Class distributing (A) share EUR hedged
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share CNH hedged
A Class non-distributing share EUR hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share EUR hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
X Class non-distributing share
US Government Mortgage Fund
A Class distributing (D) share
A Class distributing (M) share
A Class non-distributing share
C Class distributing (D) share
C Class non-distributing share
D Class distributing (M) share
D Class non-distributing share
E Class non-distributing share
I Class distributing (M) share
X Class distributing (M) share
X Class non-distributing share
US Growth Fund
A Class distributing (A) share
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing UK reporting fund share
C Class non-distributing share
D Class distributing (A) share
D Class non-distributing share
D Class non-distributing UK reporting fund share
E Class non-distributing share
I Class non-distributing share
84
BlackRock Global Funds (BGF)
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
1,673,053
73,841
70,284
110,871
118,206
405,099
274,203
31,561
18,803
153,436
351,924
247,437
34,347
45,019
137,636
1,726,228
100,607
67,498
84,655
134,006
22,431
148,566
3,842,467
534,849
900,538
152,665
304,171
547,149
347
31,139
1,445,893
53,014
548
6,235
858,645
296,803
610,044
781
1,024
1,236,976
324,730
18,438
778,618
33,929
16,576
–
12,618
269,127
257,802
–
2,370
240,716
233
7,901
4,487
19,091
1,409,485
148,015
267,663
220,372
52,831
91,707
–
8,685
166,412
229,744
–
–
133,419
7,235
126,452
18,725
130,499
3,669,958
711,564
651,313
710,911
285,269
472,018
347
35,072
1,548,608
81,072
548
8,605
965,942
289,801
491,493
85,669
629,254
–
–
–
4,209,973
170,367
196,741
108,848
96
1,079,675
614,485
130,099
18,395
290,137
–
4,034,974
8,074,083
5,500,586
1,044,687
14,768,339
31,741,827
795
31,131
131,232
350
378
390
579,901
23,095
97,368
6,205
–
233,844
238,055
55,635
25,544
43,043
3,419,054
119,847
–
–
173,172
2,052,980
–
–
49,525
445,239
–
–
–
609,226
29,130
20,852
19,029
–
687,420
12,050
107,726
–
85,664
925,404
509,954
–
–
103,165
–
–
–
67,275
315,247
350
378
390
4,180,648
164,332
273,257
96,024
96
626,099
840,490
78,008
43,939
247,516
2,493,650
3,644,867
8,074,083
5,500,586
1,114,694
16,821,319
31,741,827
795
US Small & MidCap Opportunities Fund
A Class non-distributing share
A Class non-distributing share AUD hedged
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
World Agriculture Fund
A Class distributing (A) share EUR hedged
A Class distributing (A) UK reporting fund share GBP hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share HKD
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
D Class distributing (A) share EUR hedged
D Class distributing (A) UK reporting fund share GBP hedged
D Class non-distributing share
D Class non-distributing share EUR hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
I Class non-distributing share
X Class distributing (A) share
World Bond Fund
A Class distributing (D) share
A Class distributing (M) share
A Class distributing (R) share CNH hedged
A Class distributing (S) share GBP hedged
A Class distributing (S) share HKD hedged
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing UK reporting fund share GBP hedged
C Class distributing (D) share
D Class distributing (M) share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
I Class non-distributing share
X Class non-distributing share
X Class non-distributing share CHF hedged
X Class non-distributing share DKK hedged
X Class non-distributing share EUR hedged
X Class non-distributing share GBP hedged
X Class non-distributing share NOK hedged
X Class non-distributing share NZD hedged
Interim Report and Unaudited Accounts
85
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
843,587
315,715
83,514,010
2,279,604
496,495
10,367,755
1,206,683
15,260,539
1,627,054
423,236
93,588
1,326,652
6,787,477
957,805
3,858,352
2,902
4,222,236
2,942,454
2,894,673
847
934,425
180,048
29,563
36,900,593
3,472,892
61,100
7,011,553
1,173,835
7,512,936
271,204
81,126
67,840
94,524
3,522,982
124,498
5,574,598
–
2,103,594
662,183
1,580,997
63,750
658,885
113,287
43,628
33,242,618
3,426,475
180,885
2,780,315
549,389
5,407,600
278,396
34,787
14,708
901,259
4,240,093
288,187
3,114,666
919
1,161,610
593,367
2,124,235
10,000
268,841
910,348
301,650
87,171,985
2,326,021
376,710
14,598,993
1,831,129
17,365,875
1,619,862
469,575
146,720
519,917
6,070,366
794,116
6,318,284
1,983
5,164,220
3,011,270
2,351,435
54,597
1,324,469
10,825,101
632,416
1,275,370
679,234
563
12,714,002
357,366
5,531,525
653,255
38,287
7,070,797
152,071
2,149,104
311,465
71
16,468,306
837,711
4,657,791
1,021,024
38,779
162,327
1,215,566
18,942,488
787,789
2,684,888
24,532,930
1,524,717
–
7,426,184
92,661,773
1,587,046
1,156,961
134,667
8,754,603
1,739,172
12,116,684
14,210
218,955
8,811,497
9,070,881
3,816,888
1,315,664
194,829
281,195
295,308
5,604,650
6,952,628
367,541
14,887,885
25,642,837
27,065
4,220,712
58,527,485
565,091
979,843
53,325
3,923,651
374,392
8,328,076
10,052
373,938
7,296,171
5,529,012
2,421,723
1,458,855
214,393
65,846
211,867
4,787,854
5,662,289
247,177
9,342,258
23,817,022
19,710
2,605,904
58,020,305
490,225
420,391
28,372
4,486,010
124,377
7,083,900
576
92,917
7,528,213
4,536,597
1,501,744
1,327,855
64,105
377,676
1,299,007
19,759,284
2,078,128
2,805,252
30,078,557
3,350,532
7,355
9,040,992
93,168,953
1,661,912
1,716,413
159,620
8,192,244
1,989,187
13,360,860
23,686
499,976
8,579,455
10,063,296
4,736,867
1,446,664
345,117
World Energy Fund
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share HKD hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) share
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share SGD hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class non-distributing share
World Financials Fund
A Class non-distributing UK reporting fund share
C Class non-distributing share
D Class non-distributing UK reporting fund share
E Class non-distributing share
X Class non-distributing share
World Gold Fund
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share HKD hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
A Class non-distributing UK reporting fund share
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
X Class non-distributing share
86
BlackRock Global Funds (BGF)
Statement of Changes in Shares Outstanding
For the Period Ended 28 February 2017 continued
Shares outstanding
at the beginning
of the period
Shares
issued
Shares
redeemed
Shares outstanding
at the end
of the period
73,265,014
2,226,856
8,052
159,131
635,848
2,367,537
5,485,652
6,595,403
4,013,167
14,988,743
645,568
1,135
28,280
305,953
289,233
2,456,533
1,545,122
138,349
20,602,334
851,570
1,083
44,122
90,756
483,323
1,471,164
1,206,413
872,939
67,651,423
2,020,854
8,104
143,289
851,045
2,173,447
6,471,021
6,934,112
3,278,577
878,115
319,044
135,954,340
2,655,709
2,179,802
24,026,136
912,256
9,850,995
17,783,688
1,043,661
1,176,742
1,087,861
4,439,700
689,082
8,807,274
1,796
21,598
12,606
6,262,145
10,269,299
3,068,256
2,012
71,636
476,687
537
354,920
47,645
35,088,128
9,378,089
236,833
12,453,361
2,765,419
17,330,954
3,179,534
210,304
558,301
131,860
2,509,888
314,255
2,060,163
–
3,350
152,159
2,817,742
6,575,959
291,571
262,810
9,583
255,272
–
60,790
40,931
26,590,386
8,319,626
339,284
6,880,117
2,146,020
14,901,577
2,478,698
165,646
277,972
109,199
1,242,121
57,352
2,175,609
–
18,931
19,614
2,504,601
4,938,335
1,536,212
20,652
31,177
100,498
–
1,172,245
325,758
144,452,082
3,714,172
2,077,351
29,599,380
1,531,655
12,280,372
18,484,524
1,088,319
1,457,071
1,110,522
5,707,467
945,985
8,691,828
1,796
6,017
145,151
6,575,286
11,906,923
1,823,615
244,170
50,042
631,461
537
–
–
13,604,171
192,699
5,014
5,529
1,293,294
340
105,093
1,154,761
1,768,167
102,099
38,083
–
–
–
344,114
246,823
11,210
5,899
679
340
105,093
14,414,818
1,714,043
95,903
37,713
1,292,615
5,662,913
552,051
1,054,823
1,648,285
2,988,059
248,365
1,893,160
155,780
3,056,863
242,323
1,171,428
194,560
5,594,109
558,093
1,776,555
1,609,505
World Healthscience Fund
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CNH hedged
A Class non-distributing share HKD hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
X Class non-distributing share
World Mining Fund
A Class distributing (A) share
A Class distributing (A) UK reporting fund share
A Class non-distributing share
A Class non-distributing share AUD hedged
A Class non-distributing share CHF hedged
A Class non-distributing share EUR hedged
A Class non-distributing share HKD hedged
A Class non-distributing share PLN hedged
A Class non-distributing share SGD hedged
C Class non-distributing share
C Class non-distributing share EUR hedged
D Class distributing (A) UK reporting fund share
D Class non-distributing share
D Class non-distributing share CHF hedged
D Class non-distributing share EUR hedged
D Class non-distributing share PLN hedged
D Class non-distributing share SGD hedged
D Class non-distributing UK reporting fund share GBP hedged
E Class non-distributing share
E Class non-distributing share EUR hedged
I Class non-distributing share
I Class non-distributing share EUR hedged
J Class non-distributing share
X Class non-distributing share
X Class non-distributing share EUR hedged
World Real Estate Securities Fund
A Class distributing (R) share CNH hedged
A Class distributing (S) share
A Class non-distributing share
D Class non-distributing share
E Class non-distributing share
X Class non-distributing share
X Class non-distributing share AUD hedged
World Technology Fund
A Class non-distributing share
C Class non-distributing share
D Class non-distributing share
E Class non-distributing share
Interim Report and Unaudited Accounts
87
ASEAN Leaders Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
44,900
COMMON STOCKS (SHARES), WARRANTS & P NOTES
Hong Kong
360,600
AIA Group Ltd
2,278,729
1.34
3,878,904
7,551,583
6,330,115
8,124,225
3,031,705
3,527,660
3,668,420
3,155,590
2.28
4.44
3.72
4.78
1.78
2.07
2.16
1.86
7,698,533
4.53
46,966,735
27.62
2,952,703
3,007,218
3,993,611
5,167,939
2,977,803
1.73
1.77
2.35
3.04
1.75
643,593
2,478,561
0.38
1.46
21,221,428
12.48
2,597,371
1.53
3,198,448
2,236,762
4,392,525
3,868,434
1.88
1.32
2.58
2.27
16,293,540
9.58
1,760,954
1.03
Indonesia
67,180,600
12,281,454
13,506,948
9,066,500
31,710,446
34,339,324
10,234,738
14,870,300
26,666,921
Ace Hardware Indonesia Tbk PT
Astra International Tbk PT
Bank Negara Indonesia Persero Tbk PT
Bank Rakyat Indonesia Persero Tbk PT
Cikarang Listrindo Tbk PT
Ciputra Development Tbk PT
Jasa Marga Persero Tbk PT
Perusahaan Gas Negara Persero Tbk
Telekomunikasi Indonesia Persero
Tbk PT
Malaysia
4,600,000
275,300
3,567,733
4,370,600
3,946,700
853,000
2,684,100
Astro Malaysia Holdings Bhd
British American Tobacco Malaysia Bhd
CIMB Group Holdings Bhd
Genting Malaysia Bhd
IJM Corp Bhd
IJM Corporation Berhad
(Wts° 29/12/2023)
KPJ Healthcare Bhd
Philippines
14,348,400
2,113,290
16,517,500
2,723,094
4,222,900
CEMEX Holdings Philippines Inc
International Container Terminal
Services Inc
Metro Pacific Investments Corp
Metropolitan Bank & Trust Co
Puregold Price Club Inc
Singapore
328,500
Citigroup Global Markets Hold
(P Note 8/2/2018 - Singapore
Exchange Ltd)
° Wts is an abbreviation for warrants.
Sector Breakdown
as at 28 February 2017
% of net
assets
Financials
Telecommunication Services
Consumer Discretionary
Consumer Staples
Industrials
Real Estate
Materials
Energy
Utilities
Information Technology
Healthcare
Other Net Assets
35.92
12.64
11.49
8.88
7.90
6.63
5.14
4.39
3.64
1.74
1.46
0.17
100.00
88
BlackRock Global Funds (BGF)
608,612
524,800
377,905
630,600
3,213,200
571,008
1,059,300
Description
Citigroup Global Markets Hold
(P Note 8/2/2018 - United
Overseas Bank Ltd)
DBS Group Holdings Ltd
Keppel Corp Ltd
Oversea-Chinese Banking Corp Ltd
Singapore Exchange Ltd
Singapore Telecommunications Ltd
United Overseas Bank Ltd
UOL Group Ltd
Market
Value
(USD)
% of
Net
Assets
689,979
8,143,762
2,553,217
2,553,998
3,378,796
9,044,421
8,770,563
4,987,136
0.41
4.79
1.50
1.50
1.99
5.32
5.16
2.93
41,882,826
24.63
4,741,768
6,472,793
2,963,209
6,377,758
1,032,411
7,458,787
5,494,019
2,779,516
1,760,721
2.79
3.81
1.74
3.75
0.61
4.39
3.23
1.63
1.03
39,080,982
22.98
Thailand
991,100
3,765,600
2,433,700
1,162,500
3,399,700
655,800
371,650
3,896,400
2,594,300
Advanced Info Service PCL
CP ALL PCL
Hana Microelectronics PCL
Kasikornbank PCL
Precious Shipping PCL
PTT PCL
Siam Cement PCL/The
Supalai PCL
Thai Beverage PCL
United States
153,200
DBS Group Holdings Ltd
(Wts 8/2/2018)
Total Common Stocks (Shares), Warrants & P Notes
2,050,915
1.20
169,775,155
99.83
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
169,775,155
99.83
Total Portfolio
169,775,155
99.83
Other Net Assets
Total Net Assets (USD)
292,029
0.17
170,067,184
100.00
Asia Pacific Equity Income Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
3,995,445
FUNDS
Hong Kong
43,047
BlackRock Premier Funds
- China A-Shares Fund~
6,779,389
1.15
Ireland
6,550,000
Institutional Cash Series Plc
- Institutional US Dollar
Liquidity Fund~
Total Funds
6,550,000
1.12
13,329,389
2.27
15,958,000
79,165
9,836,000
Description
Deutsche Bank AG London
(P Note 31/3/2023 - Shenzhen
Airport Co Ltd)
Guangshen Railway Co Ltd 'H'
Kweichow Moutai Co Ltd 'A'
PetroChina Co Ltd 'H'
Market
Value
(USD)
% of
Net
Assets
4,874,479
9,971,219
4,097,526
7,489,176
0.83
1.70
0.70
1.27
120,817,801
20.57
8,438,756
1.44
4,998,668
9,815,391
6,296,213
2,576,934
10,397,704
14,430,158
7,041,324
0.85
1.67
1.07
0.44
1.77
2.46
1.20
55,556,392
9.46
34,310
0.01
12,654,327
4,529,435
3,090,546
5,317,688
2.15
0.77
0.53
0.90
25,626,306
4.36
8,256,580
1.40
4,822,700
0.82
4,211,957
0.72
3,040,135
2,777,897
0.52
0.47
5,818,032
0.99
13,690,512
2,560,827
13,888,052
14,914,356
13,472,272
16,697,020
2.33
0.44
2.37
2.54
2.29
2.84
75,223,039
12.81
8,050,174
4,448,713
10,516,459
1.37
0.76
1.79
Hong Kong
1,335,400
AIA Group Ltd
658,255
977,346
133,863
2,636,960
4,257,268
777,644
1,028,546
Axis Bank Ltd
Bharat Petroleum Corp Ltd
Hero MotoCorp Ltd
JSW Energy Ltd
NTPC Ltd
Reliance Industries Ltd
Tata Motors Ltd
India
COMMON / PREFERRED STOCKS (SHARES),
WARRANTS & P NOTES
Australia
609,098
3,230,047
899,940
859,027
170,044
10,945,663
822,514
3,401,672
325,135
127,096
1,855,868
698,763
113,563
667,376
AGL Energy Ltd
Alumina Ltd*
Australia & New Zealand Banking
Group Ltd
BHP Billiton Ltd
Commonwealth Bank of Australia
Fairfax Media Ltd*
GrainCorp Ltd 'A'
Incitec Pivot Ltd*
LendLease Group*
National Australia Bank Ltd
Orora Ltd
QBE Insurance Group Ltd
Ramsay Health Care Ltd*
Westpac Banking Corp*
11,284,535
4,577,458
1.92
0.78
21,359,507
16,495,520
10,751,916
7,944,985
5,641,751
9,589,096
3,803,495
3,122,952
4,233,726
6,607,043
6,086,772
17,275,064
3.64
2.81
1.83
1.35
0.96
1.63
0.65
0.53
0.72
1.12
1.04
2.94
128,773,820
21.92
482,100
4,315,031
0.73
1,862,411
Spark New Zealand Ltd*
3,749,821
5,230,948
4,968,965
1,825,886
6,435,106
0.64
0.89
0.85
0.31
1.09
4,597,900
Puregold Price Club Inc
22,210,726
3.78
6,167,937
6,584,311
22,777,076
6,585,188
9,440,495
12,690,367
1.05
1.12
3.88
1.12
1.61
2.16
6,140,918
7,857,696
1.05
1.34
9,305,365
1.58
6,836,048
1.16
Indonesia
55,800
27,001,300
47,376,117
8,622,495
25,058,900
Japan
Giordano International Ltd
5,940,000
322,898
1,190,400
431,520
241,300
KWG Property Holding Ltd
Melco Crown Entertainment Ltd
Sands China Ltd
Sunjuice Holdings Co Ltd
Tencent Holdings Ltd
Philippines
Cayman Islands
Singapore
227,200
986,900
7,880,000
11,998,000
9,736,000
Agricultural Bank of China Ltd 'H'
Aluminum Corp of China Ltd 'H'*
Bank of China Ltd 'H'
BBMG Corp 'H'
China CITIC Bank Corp Ltd 'H'
China Life Insurance Co Ltd 'H'
China Longyuan Power Group
Corp Ltd 'H'
China Oilfield Services Ltd 'H'*
China Petroleum & Chemical
Corp 'H'
Chongqing Rural Commercial
Bank Co Ltd 'H'
DBS Group Holdings Ltd
Singapore Telecommunications Ltd
South Korea
China
13,373,000
13,206,000
44,986,000
14,081,000
13,748,000
4,165,000
7,157,000
JSR Corp
New Zealand
Bermuda
7,918,000
Astra International Tbk PT
Bank Negara Indonesia Persero
Tbk PT
Cikarang Listrindo Tbk PT
Jasa Marga Persero Tbk PT
Perusahaan Gas Negara Persero Tbk
419,527
37,753
55,393
11,273
7,926
404,286
Doosan Bobcat Inc
Kumho Petrochemical Co Ltd
POSCO
Samsung Electronics Co Ltd (Pref)
Samsung Electronics Co Ltd
Shinhan Financial Group Co Ltd
Taiwan
5,126,000
1,340,000
17,607,760
Cathay Financial Holding Co Ltd
Chunghwa Telecom Co Ltd
CTBC Financial Holding Co Ltd
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
89
Asia Pacific Equity Income Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
6,422,000
2,313,000
80,000
3,223,220
Description
CTCI Corp
Delta Electronics Inc
Largan Precision Co Ltd
Taiwan Semiconductor
Manufacturing Co Ltd
Market
Value
(USD)
% of
Net
Assets
10,639,407
12,873,632
11,873,648
1.81
2.19
2.02
19,828,100
3.38
78,230,133
13.32
7,846,331
10,497,927
3,631,546
2,656,105
1.33
1.79
0.62
0.45
24,631,909
4.19
Thailand
1,640,000
1,913,500
1,779,100
3,723,400
Advanced Info Service PCL
Kasikornbank PCL
PTT Global Chemical PCL
Supalai PCL
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
564,400
DBS Group Holdings Ltd
(Wts 8/2/2018)
Market
Value
(USD)
% of
Net
Assets
7,555,723
1.29
574,488,905
97.80
United States
Total Common / Preferred Stocks (Shares),
Warrants & P Notes
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
587,818,294
100.07
Total Portfolio
587,818,294
100.07
Other Net Liabilities
Total Net Assets (USD)
(431,872)
(0.07)
587,386,422
100.00
~ Investment in connected party fund, see further information in Note 11.
* All or a portion of this security represents a security on loan.
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
Sales
Counterparty
Sector Breakdown
as at 28 February 2017
Unrealised
appreciation/
Maturity (depreciation)
USD
date
AUD Hedged Share Class
AUD
USD
14,602,119
767,372
USD
AUD
11,157,782
1,000,858
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
54,872
(1,164)
53,708
CNH Hedged Share Class
CNY
USD
36,179
62
USD
CNY
5,267
426
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
8
–
8
EUR Hedged Share Class
EUR
USD
11,733,587
356,075
USD
EUR
12,542,589
336,365
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
% of net
assets
Financials
Information Technology
Materials
Energy
Consumer Discretionary
Utilities
Industrials
Telecommunication Services
Investment Funds
Consumer Staples
Real Estate
Healthcare
Consumer, Non-cyclical
Other Net Liabilities
100.00
(91,303)
(862)
(92,165)
HKD Hedged Share Class
HKD
USD
86,120,980
1,029,471
USD
HKD
11,106,746
7,986,389
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(9,514)
375
Summary of Financial Derivative Instruments
(9,139)
Open forward foreign exchange contracts
SGD Hedged Share Class
SGD
USD
245,170,492
15,364,122
USD
SGD
173,252,099
21,794,106
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
1,914,399
(207,069)
1,707,330
ZAR Hedged Share Class
USD
ZAR
172,681
29,328,671
ZAR
USD
2,248,812
2,203,735
Net unrealised appreciation
Total net unrealised appreciation
(USD underlying exposure – USD 230,052,466)
90
33.95
13.51
13.02
8.32
6.93
6.85
6.37
3.38
2.27
1.99
1.74
1.04
0.70
(0.07)
BlackRock Global Funds (BGF)
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
643
40,066
40,709
1,700,451
Unrealised
appreciation
USD
1,700,451
Asian Dragon Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
FUNDS
Institutional Cash Series Plc
- Institutional US Dollar
Liquidity Fund~
Total Funds
33,557,192
1.08
33,557,192
1.08
27,638,978
0.88
36,355,905
33,758,136
95,772,864
40,266,134
27,777,451
15,780,307
16,315,168
35,582,534
1.17
1.08
3.07
1.29
0.89
0.51
0.52
1.14
55,133,566
175,686,132
1.77
5.63
532,428,197
17.07
40,927,179
75,133,568
43,950,669
120,797,154
92,193,311
1.31
2.41
1.41
3.87
2.96
40,398,608
36,316,915
1.30
1.16
48,374,246
1.55
15,249,106
0.49
17,377,611
0.56
14,469,248
1,784,901
39,146,938
15,375,880
27,173,010
12,288,772
0.46
0.06
1.26
0.49
0.87
0.39
640,957,116
20.55
COMMON / PREFERRED STOCKS (SHARES),
WARRANTS & P NOTES
Bermuda
50,717,000
Giordano International Ltd
3,100,128
4,328,756
109,344
7,006,688
655,967
1,483,409
27,556,797
22,312,188
4,828,921
53,457,762
4,683,880
3,640,120
Cayman Islands
29,861,740
3,652,000
932,459
14,742,666
41,542,916
974,093
8,956,000
8,524,400
42,370,800
6,587,780
3SBio Inc*
Airtac International Group
Alibaba Group Holding Ltd ADR
China Resources Land Ltd
Li Ning Co Ltd
Melco Crown Entertainment Ltd
MGM China Holdings Ltd*
Sands China Ltd
Semiconductor Manufacturing
International Corp*
Tencent Holdings Ltd*
China
82,086,700
148,393,000
93,979,000
146,733,000
30,258,000
47,083,000
36,420,000
62,372,000
21,718,000
14,243,838
280,230
1,706,200
62,651,000
297,065
35,688,000
9,397,757
Aluminum Corp of China Ltd 'H'*
Bank of China Ltd 'H'
BBMG Corp 'H'
China Construction Bank Corp 'H'
China Life Insurance Co Ltd 'H'
China Longyuan Power Group
Corp Ltd 'H'
China Oilfield Services Ltd 'H'*
China Petroleum & Chemical
Corp 'H'
Chongqing Rural Commercial
Bank Co Ltd 'H'
Deutsche Bank AG London
(P Note 31/3/2023 - Shenzhen
Airport Co Ltd)
Deutsche Bank AG London
(P Note 8/6/2026 - Kweichow
Moutai Co Ltd)
Dongfang Electric Corp Ltd 'H'
Guangshen Railway Co Ltd 'H'
Kweichow Moutai Co Ltd 'A'
PetroChina Co Ltd 'H'
Shenzhen Gas Corp Ltd 'A'
Kasikornbank PCL (Wts 10/3/2025)
228,776
0.01
56,242,786
27,848,789
1.80
0.89
6,756,517
0.22
15,728,564
57,578,283
0.50
1.85
164,154,939
5.26
Hong Kong
8,900,200
23,547,000
272,153
10,242,000
3,937,629
AIA Group Ltd
CNOOC Ltd
Hong Kong Exchanges & Clearing
Ltd (Restricted)*
Melco International Development
Ltd*
Sun Hung Kai Properties Ltd
Axis Bank Ltd
Bharat Petroleum Corp Ltd
Blue Dart Express Ltd
Godrej Industries Ltd
Hero MotoCorp Ltd
J Kumar Infraprojects Ltd
JSW Energy Ltd
NTPC Ltd
Oberoi Realty Ltd
Suzlon Energy Ltd
Tata Motors Ltd
UPL Ltd
23,541,804
43,473,278
7,024,729
52,719,171
30,853,245
4,962,576
26,929,507
54,493,989
23,410,427
14,502,452
32,065,380
39,189,854
0.75
1.39
0.23
1.69
0.99
0.16
0.86
1.75
0.75
0.46
1.03
1.26
353,166,412
11.32
54,689,680
1.76
64,652,989
2.07
38,134,798
24,379,600
1.22
0.78
Indonesia
88,944,100
137,953,973
42,557,800
255,001,075
201,719,200
Astra International Tbk PT
Bank Negara Indonesia Persero
Tbk PT
Bank Rakyat Indonesia Persero
Tbk PT
Cikarang Listrindo Tbk PT
Perusahaan Gas Negara
Persero Tbk
42,806,336
1.37
224,663,403
7.20
15,857,277
26,330,011
20,590,304
0.51
0.84
0.66
62,777,592
2.01
22,972,804
8,757,223
0.74
0.28
31,730,027
1.02
67,029,358
17,730,882
14,190,127
34,937,078
47,362,693
56,994,050
74,433,321
34,453,974
140,673,569
52,311,556
32,189,090
2.15
0.57
0.45
1.12
1.52
1.83
2.39
1.10
4.51
1.68
1.03
572,305,698
18.35
43,552,170
58,032,456
1.40
1.86
Philippines
87,598,800
16,322,980
22,477,000
CEMEX Holdings Philippines Inc
Metropolitan Bank & Trust Co
Puregold Price Club Inc
Singapore
4,285,500
1,634,400
Citigroup Global Markets Hold
(P Note 8/2/2018 - Singapore
Exchange Ltd)
Singapore Exchange Ltd
South Korea
2,054,023
343,897
209,198
139,594
60,997
83,049
296,880
26,042
82,761
1,266,623
421,271
Doosan Bobcat Inc
Korea Aerospace Industries Ltd
Kumho Petrochemical Co Ltd
LG Chem Ltd
LG Household & Health Care Ltd
NAVER Corp
POSCO
Samsung Electronics Co Ltd (Pref)
Samsung Electronics Co Ltd
Shinhan Financial Group Co Ltd
S-Oil Corp
Taiwan
Germany
41,700
% of
Net
Assets
India
Ireland
33,557,192
Description
Market
Value
(USD)
7,825,000
391,000
19,999,952
Delta Electronics Inc
Largan Precision Co Ltd
Taiwan Semiconductor
Manufacturing Co Ltd
123,032,572
3.94
224,617,198
7.20
59,468,684
38,738,379
55,167,102
1.91
1.24
1.77
153,374,165
4.92
Thailand
10,839,600
3,406,000
3,731,850
Kasikornbank PCL
PTT PCL
Siam Cement PCL/The
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
91
Asian Dragon Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
21,526,365
0.69
United States
205,013
1,270,858
Other Transferable Securities
Holding
Description
Market
Value
(USD)
% of
Net
Assets
9,952,110
6,100,590
0.32
0.20
16,052,700
0.52
COMMON / PREFERRED STOCKS (SHARES)
China Biologic Products Inc*
Hong Kong Exchanges
& Clearing Ltd
(Wts 8/2/2018)
Total Common / Preferred Stocks (Shares),
Warrants & P Notes
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
31,551,229
1.01
53,077,594
1.70
3,041,120,095
97.49
China
260,322
159,576
Didi Taxi (Pref)**
Didi Taxi**
Total Common / Preferred Stocks (Shares)
16,052,700
0.52
Total Other Transferable Securities
16,052,700
0.52
3,090,729,987
99.09
Total Portfolio
Other Net Assets
3,074,677,287
98.57
Total Net Assets (USD)
28,420,430
0.91
3,119,150,417
100.00
~ Investment in connected party fund, see further information in Note 11.
* All or a portion of this security represents a security on loan.
** Security subject to a fair value adjustment as detailed in Note 2(j).
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
Sales
Counterparty
Sector Breakdown
as at 28 February 2017
Unrealised
appreciation/
Maturity (depreciation)
USD
date
AUD Hedged Share Class
AUD
USD
4,460,442
936,521
USD
AUD
3,407,437
1,221,612
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
17,641
(1,527)
16,114
CHF Hedged Share Class
CHF
USD
570,832
4,110
USD
CHF
571,956
4,146
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(3,067)
(22)
(3,089)
EUR Hedged Share Class
EUR
USD
2,950,102
512,470
USD
EUR
3,150,547
483,271
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
% of net
assets
Information Technology
Financials
Materials
Consumer Discretionary
Energy
Utilities
Industrials
Real Estate
Consumer Staples
Healthcare
Investment Funds
Consumer, Non-cyclical
Telecommunication Services
Other Net Assets
100.00
(20,001)
(358)
(20,359)
PLN Hedged Share Class
PLN
USD
756,768
1,314
USD
PLN
185,463
5,353
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
468
(1)
Summary of Financial Derivative Instruments
467
Open forward foreign exchange contracts
SGD Hedged Share Class
SGD
USD
56,417,530
291,416
USD
SGD
39,867,643
409,006
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
440,883
(806)
Net unrealised appreciation
440,077
Total net unrealised appreciation
(USD underlying exposure – USD 49,361,765)
433,210
92
25.43
22.25
11.91
8.79
8.13
6.45
5.97
3.89
2.67
1.86
1.08
0.46
0.20
0.91
BlackRock Global Funds (BGF)
Unrealised
appreciation
USD
433,210
Asian Growth Leaders Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Holding
143,173,600
FUNDS
Ireland
60,339,213
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Institutional Cash Series Plc
- Institutional US Dollar
Liquidity Fund~
Total Funds
279,374,197
114,117,300
60,339,213
3.40
60,339,213
3.40
Description
Bank Negara Indonesia Persero
Tbk PT
Cikarang Listrindo Tbk PT
Perusahaan Gas Negara
Persero Tbk
Market
Value
(USD)
% of
Net
Assets
67,099,200
26,709,814
3.78
1.50
24,216,552
1.36
134,449,854
7.57
37,652,530
15,392,024
2.12
0.87
53,044,554
2.99
10,494,448
32,879,292
16,643,849
56,683,451
127,468,158
37,188,408
0.59
1.85
0.94
3.19
7.18
2.09
281,357,606
15.84
46,323,336
54,605,795
83,263,958
31,562,601
2.61
3.07
4.69
1.78
215,755,690
12.15
26,359,753
40,013,279
1.49
2.25
Philippines
23,342,242
16,802,400
COMMON STOCKS (SHARES), WARRANTS & P NOTES
Metropolitan Bank & Trust Co
Puregold Price Club Inc
Bermuda
47,460,000
Giordano International Ltd
25,864,027
1.45
South Korea
Cayman Islands
12,358,214
3,755,000
11,091,333
1,411,674
3,608,557
169,733
21,203,000
330,990
3,625,900
3SBio Inc
Airtac International Group
China Resources Land Ltd
JD.com Inc ADR
Melco Crown Entertainment Ltd
NetEase Inc
Semiconductor Manufacturing
International Corp*
TAL Education Group
Tencent Holdings Ltd*
15,045,810
34,710,241
30,293,374
43,578,376
58,458,623
51,836,458
0.85
1.95
1.71
2.45
3.29
2.92
27,589,685
28,839,159
96,697,271
1.55
1.62
5.45
387,048,997
21.79
18,977,247
31,021,945
1.07
1.75
321,588
637,706
245,372
226,084
74,992
486,699
Doosan Bobcat Inc
Korea Aerospace Industries Ltd
Kumho Petrochemical Co Ltd
POSCO
Samsung Electronics Co Ltd
S-Oil Corp
Taiwan
27,961,000
9,811,000
561,000
3,227,000
CTCI Corp
Delta Electronics Inc
Largan Precision Co Ltd
Nien Made Enterprise Co Ltd
China
24,591,122
62,220,000
72,474,000
104,645,000
5,311,581
3,772,747
6,329,932
68,016,049
Air China Ltd 'H'
Aluminum Corp of China Ltd 'H'*
China Petroleum & Chemical
Corp 'H'
Chongqing Rural Commercial
Bank Co Ltd 'H'
Deutsche Bank AG (P Note
22/5/2017 - Guangshen Railway
Co Ltd)
Deutsche Bank AG London (P Note
20/3/2017 - Wuliangye Yibin
Co Ltd)
Guangshen Railway Co Ltd 'A'
Guangshen Railway Co Ltd 'H'
56,209,118
3.16
73,475,582
4.14
4,113,910
0.23
21,728,669
4,914,586
42,499,242
1.22
0.28
2.39
252,940,299
14.24
Kasikornbank PCL (Wts 10/3/2025)
1,384,727
AIA Group Ltd
Axis Bank Ltd
Bharat Petroleum Corp Ltd
Hero MotoCorp Ltd
NTPC Ltd
UPL Ltd
3.74
1,682,115,642
94.70
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
1,742,454,855
98.10
3,722,914
6,864,311
0.21
0.39
10,587,225
0.60
Other Transferable Securities
China
97,382
179,553
89,248,345
Didi Taxi (Pref)**
Didi Taxi**
5.02
India
3,028,265
6,571,156
305,002
17,108,296
2,742,773
66,373,032
Total Common Stocks (Shares), Warrants & P Notes
0.08
Hong Kong
14,123,200
Kasikornbank PCL
Siam Cement PCL/The
COMMON / PREFERRED STOCKS (SHARES)
Germany
252,400
Thailand
4,804,700
2,706,750
22,996,090
65,993,485
14,345,693
41,784,306
29,528,937
1.29
3.72
0.81
2.35
1.66
174,648,511
9.83
16,242,039
182,249
0.92
0.01
Total Common / Preferred Stocks (Shares)
10,587,225
0.60
Total Other Transferable Securities
10,587,225
0.60
1,753,042,080
98.70
Total Portfolio
Other Net Assets
Total Net Assets (USD)
23,072,551
1.30
1,776,114,631
100.00
Indonesia
281,303,700
296,400
Ace Hardware Indonesia Tbk PT
Astra International Tbk PT
~ Investment in connected party fund, see further information in Note 11.
* All or a portion of this security represents a security on loan.
** Security subject to a fair value adjustment as detailed in Note 2(j).
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
93
Asian Growth Leaders Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
Sales
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
USD
date
AUD Hedged Share Class
AUD
USD
9,075,330
205,601
USD
AUD
6,933,968
268,709
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
34,784
(735)
34,049
CHF Hedged Share Class
CHF
USD
7,259,909
61,727
USD
CHF
7,272,481
62,032
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(37,292)
(94)
(37,386)
EUR Hedged Share Class
EUR
USD
28,017,605
407,136
USD
EUR
29,929,373
384,376
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(198,050)
(750)
(198,800)
SGD Hedged Share Class
SGD
USD
21,071,461
498,656
USD
SGD
14,885,795
702,310
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
169,092
(3,123)
Net unrealised appreciation
165,969
Total net unrealised depreciation
(USD underlying exposure – USD 60,145,410)
(36,168)
Sector Breakdown
as at 28 February 2017
% of net
assets
Information Technology
Financials
Consumer Discretionary
Industrials
Materials
Energy
Utilities
Investment Funds
Consumer Staples
Real Estate
Healthcare
Telecommunication Services
Other Net Assets
25.07
18.15
12.34
10.74
9.78
8.97
5.21
3.40
2.09
1.71
0.85
0.39
1.30
100.00
Summary of Financial Derivative Instruments
Open forward foreign exchange contracts
94
BlackRock Global Funds (BGF)
Unrealised
depreciation
USD
(36,168)
Asian Local Bond Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
British Virgin Islands
USD 200,000
USD 200,000
CNH 1,200,000
China Cinda Finance 2014 Ltd
5.625% 14/5/2024
China Shenhua Overseas Capital
Co Ltd 3.875% 20/1/2025
Proven Honour Capital Ltd
4.125% 19/5/2025
Unican Ltd 5.6% 18/9/2017
IDR 5,100,000,000
219,080
1.21
IDR 1,200,000,000
203,384
1.13
IDR 2,200,000,000
203,256
175,171
1.13
0.97
800,891
4.44
CNH 1,000,000
CNH 1,000,000
China Government Bond 3.25%
4/7/2021
China Government Bond 4%
22/5/2024
Power Construction Corp of
China 4.2% 15/5/2017
70,524
0.39
144,216
0.80
145,721
0.81
360,461
2.00
USD 200,000
HKD 3,000,000
HKD 2,000,000
HKD 1,200,000
HKD 2,500,000
HKD 100,000
CRCC Yupeng Ltd FRN 1/8/2019
(Perpetual)
Hong Kong Government Bond
0.93% 19/2/2018
Hong Kong Government Bond
0.97% 20/6/2022
Hong Kong Government Bond
2.39% 20/8/2025
Hong Kong Government Bond
2.53% 22/6/2020
Hong Kong Government Bond
Programme 2.13% 16/7/2030
INR 15,000,000
INR 10,000,000
INR 25,000,000
INR 36,000,000
INR 20,000,000
INR 46,200,000
Housing Development Finance
Corp Ltd 7.875% 21/8/2019
India Government Bond 7.16%
20/5/2023
India Government Bond 7.28%
3/6/2019
India Government Bond 7.83%
11/4/2018
India Government Bond 8.2%
24/9/2025
India Government Bond 8.3%
31/12/2042
Indiabulls Housing Finance Ltd
8.567% 15/10/2019
MYR 250,000
MYR 770,000
MYR 100,000
204,000
1.13
MYR 800,000
387,526
2.15
MYR 1,900,000
251,508
1.40
163,675
0.91
335,901
1.86
13,377
0.07
1,355,987
7.52
303,972
1.69
225,738
1.25
PHP 2,000,000
PHP 5,283,792
PHP 10,000,000
152,468
0.85
380,665
2.11
SGD 500,000
569,004
3.15
SGD 809,000
323,447
1.79
SGD 181,000
681,574
3.78
SGD 70,000
2,636,868
14.62
Indonesia
IDR 2,900,000,000
IDR 1,250,000,000
IDR 700,000,000
IDR 1,263,000,000
Indonesia Treasury Bond 6.125%
15/5/2028
Indonesia Treasury Bond 7%
15/5/2022
Indonesia Treasury Bond 7%
15/5/2027
Indonesia Treasury Bond 7.875%
15/4/2019
Indonesia Treasury Bond 8.25%
15/7/2021
SGD 38,000
455,517
2.52
SGD 251,000
215,174
1.19
SGD 520,000
90,322
0.50
53,474
0.30
98,163
0.54
171,252
0.95
399,948
2.22
93,491
0.52
177,925
0.99
1,755,266
9.73
Malaysia Government Bond
3.26% 1/3/2018
Malaysia Government Bond
3.654% 31/10/2019
Malaysia Government Bond
3.844% 15/4/2033
Malaysia Government Bond
4.736% 15/3/2046
Malaysia Government Bond
4.935% 30/9/2043
Malaysia Government Investment
Issue 4.07% 30/9/2026
Malaysia Government Investment
Issue 4.444% 22/5/2024
Rantau Abang Capital Bhd
4.3% 3/12/2020
112,739
0.62
158,287
0.88
52,224
0.29
174,807
0.97
22,916
0.13
369,760
2.05
184,968
1.03
431,659
2.39
1,507,360
8.36
Philippine Government Bond
3.625% 9/9/2025
Philippine Government Bond
3.625% 21/3/2033
Philippine Government Bond
4.625% 9/9/2040
Philippine Government Bond
8.125% 16/12/2035
Philippine Government
International Bond 6.25%
14/1/2036
56,586
0.32
35,563
0.20
103,403
0.57
141,097
0.78
221,921
1.23
558,570
3.10
355,243
1.97
588,418
3.26
137,416
0.76
53,179
0.30
531,742
2.95
30,590
0.17
198,342
1.10
Singapore
SGD 700,000
IDR 7,000,000,000
Indonesia Treasury Bond 8.25%
15/5/2036
Indonesia Treasury Bond 8.375%
15/3/2024
Indonesia Treasury Bond 8.75%
15/2/2044
Indonesia Treasury Bond 9%
15/3/2029
% of
Net
Assets
Philippines
PHP 3,000,000
PHP 5,000,000
India
INR 20,000,000
MYR 700,000
MYR 1,650,000
Hong Kong
Description
Market
Value
(USD)
Malaysia
MYR 500,000
China
CNH 500,000
Holding
IDR 2,250,000,000
BONDS
USD 200,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Housing & Development Board
2.088% 30/8/2022
Singapore Government Bond
2% 1/7/2020
Singapore Government Bond
2.75% 1/4/2042
Singapore Government Bond
2.75% 1/3/2046
Singapore Government Bond
3% 1/9/2024
Singapore Government Bond
3.375% 1/9/2033
Singapore Government Bond
3.5% 1/3/2027
Singapore Government Bond
4% 1/9/2018
387,652
2.15
2,282,582
12.66
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
95
Asian Local Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
% of
Net
Assets
Holding
THB 3,983,000
South Korea
KRW 650,000,000
KRW 215,000,000
KRW 700,000,000
KRW 435,000,000
KRW 12,000,000
KRW 105,000,000
KRW 12,930,000
KRW 320,000,000
KRW 100,000,000
KRW 200,000,000
KRW 380,000,000
KRW 321,190,000
KRW 150,000,000
KRW 220,680,000
Korea Monetary Stabilization
Bond 1.25% 2/8/2018
Korea Monetary Stabilization
Bond 1.33% 2/10/2018
Korea Monetary Stabilization
Bond 1.46% 2/4/2018
Korea Monetary Stabilization
Bond 1.73% 2/12/2017
Korea Treasury Bond 1.5%
10/9/2066
Korea Treasury Bond 2%
10/3/2046
Korea Treasury Bond 2.625%
10/9/2035
Korea Treasury Bond 3%
10/12/2042
Korea Treasury Bond 3.375%
10/9/2023
Korea Treasury Bond 3.5%
10/3/2024
Korea Treasury Bond 4%
10/12/2031
Korea Treasury Bond 4.25%
10/6/2021
Korea Treasury Bond 5.5%
10/3/2028
Korea Treasury Bond 5.75%
10/3/2026
573,023
3.18
THB 3,000,000
189,466
1.05
THB 10,000,000
618,969
3.43
THB 2,000,000
385,601
2.14
THB 2,000,000
8,382
0.05
THB 2,500,000
88,370
0.49
THB 13,000,000
12,106
0.07
THB 1,000,000
325,714
1.81
THB 2,750,000
95,875
0.53
THB 2,000,000
193,554
1.07
411,660
2.28
312,034
1.73
175,644
0.97
252,635
1.40
3,643,033
20.20
Thailand
THB 1,000,000
THB 1,000,000
THB 1,586,000
Thailand Government Bond
2.875% 17/6/2046
Thailand Government Bond
3.25% 16/6/2017
Thailand Government Bond
3.4% 17/6/2036
25,142
0.14
28,798
0.16
45,791
0.25
Description
Thailand Government Bond
3.58% 17/12/2027
Thailand Government Bond
3.625% 16/6/2023
Thailand Government Bond
3.65% 17/12/2021
Thailand Government Bond
3.775% 25/6/2032
Thailand Government Bond
3.8% 14/6/2041
Thailand Government Bond
3.85% 12/12/2025
Thailand Government Bond
3.875% 13/6/2019
Thailand Government Bond
4.675% 29/6/2044
Thailand Government Bond
4.85% 17/6/2061
Thailand Government Bond
4.875% 22/6/2029
Market
Value
(USD)
% of
Net
Assets
120,943
0.67
92,451
0.51
306,929
1.70
61,009
0.34
60,693
0.34
78,630
0.43
391,351
2.17
34,538
0.19
100,444
0.56
68,202
0.38
1,414,921
7.84
United Kingdom
USD 225,000
Vedanta Resources Plc 6.375%
30/7/2022
Total Bonds
231,075
1.28
16,547,014
91.75
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
16,547,014
91.75
Total Portfolio
16,547,014
91.75
Other Net Assets
Total Net Assets (USD)
1,487,312
8.25
18,034,326
100.00
Open Exchange Traded Futures Contracts
as at 28 February 2017
Number
of contracts
Currency
36
2
(2)
(2)
KRW
KRW
USD
USD
Total
96
BlackRock Global Funds (BGF)
Unrealised
appreciation/
(depreciation)
USD
Contract/Description
Expiration
date
Underlying
exposure
USD
Korean 3 Year Bond
Korean 10 Year Bond
US Treasury 10 Year Note (CBT)
US Ultra 10 Year Note
March 2017
March 2017
June 2017
June 2017
3,487,455
221,641
249,344
267,969
3,555
1,326
(250)
(670)
4,226,409
3,961
Asian Local Bond Fund continued
Interest Rate Swaps as at 28 February 2017
Nominal
Value
CNY 8,600,000
THB 24,417,500
THB 10,177,500
THB 24,417,500
THB 10,177,500
CNY 775,000
THB 48,835,000
THB 20,355,000
KRW 252,905,000
CNY 825,000
KRW 126,455,000
HKD 3,200,000
SGD 282,752
HKD 1,324,229
HKD 2,327,982
KRW 126,450,000
SGD 171,430
HKD 1,300,000
TWD 12,500,000
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
USD
Fund receives Fixed 3.005%; and pays Floating CNY CNRR 3 Month
Bank of America
Fund receives Fixed 1.7925%; and pays Floating THB BKIBOR 6 Month
Bank of America
Fund receives Floating THB BKIBOR 6 Month; and pays Fixed 2.3075%
Bank of America
Fund receives Fixed 1.7925%; and pays Floating THB BKIBOR 6 Month
BNP Paribas
Fund receives Floating THB BKIBOR 6 Month; and pays Fixed 2.3075%
BNP Paribas
Fund receives Fixed 3.0375%; and pays Floating CNY CNRR 3 Month
Citibank
Fund receives Fixed 1.7825%; and pays Floating THB BKIBOR 6 Month
Citibank
Fund receives Floating THB BKIBOR 6 Month; and pays Fixed 2.2875%
Citibank
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.8775%
Citibank
Fund receives Fixed 3.035%; and pays Floating CNY CNRR 3 Month
Goldman Sachs
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.91%
Goldman Sachs
Fund receives Fixed 0.845%; and pays Floating HBOR 3 Month
HSBC Bank Plc
Fund receives Fixed 1.615%; and pays Floating SGD SGDOW 6 Month
HSBC Bank Plc
Fund receives Fixed 1.265%; and pays Floating HBOR 3 Month
HSBC Bank Plc
Fund receives Fixed 1.62%; and pays Floating HBOR 3 Month
HSBC Bank Plc
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.9%
HSBC Bank Plc
Fund receives Fixed 2.18%; and pays Floating SGD SGDOW 6 Month
HSBC Bank Plc
Fund receives Fixed 1.74%; and pays Floating HBOR 3 Month
JP Morgan
Fund receives Fixed 1.44%; and pays Floating TWD TAIBOR 3 Month
JP Morgan
15/3/2019
21/6/2019
21/6/2022
21/6/2019
21/6/2022
15/3/2019
21/6/2019
21/6/2022
15/3/2027
15/3/2019
15/3/2027
5/8/2018
12/7/2021
21/9/2021
21/9/2026
15/3/2027
14/7/2031
16/12/2020
16/12/2025
(13,347)
(20)
(1,031)
(20)
(1,031)
(1,132)
(312)
(1,512)
457
(1,211)
(104)
(3,351)
(3,387)
(5,388)
(18,824)
(2)
(8,256)
(930)
1,912
(13,347)
(20)
(1,031)
(20)
(1,031)
(1,132)
(312)
(1,512)
457
(1,211)
(104)
(3,351)
(3,387)
(5,388)
(18,824)
(2)
(8,256)
(930)
1,912
(57,489)
(57,489)
Description
Total (USD underlying exposure – USD 7,632,848)
Market
Value
USD
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
CNH
HKD
HKD
SGD
USD
1,958,074
6,109,641
139,508
415,570
12,548
USD
USD
USD
USD
SGD
CNY
KRW
MYR
PHP
THB
TWD
USD
USD
USD
USD
1,658,320
77,696,918
508,210
22,228,141
2,467,801
11,233,845
57,990
869,276
287,273
96,866
USD
USD
USD
USD
CNH
CNY
CNY
196,241
196,083
25,464
16,157
1,361,244
162,339
11,974,839
PHP
PHP
1,780,000
24,199,253
Sales
Counterparty
284,977
HSBC Bank Plc
787,797
UBS
17,990
HSBC Bank Plc
293,523
UBS
17,851 Bank of America
Standard
USD
240,598 Chartered Bank
USD
67,855
Citibank
USD
114,102 Goldman Sachs
USD
444,563
HSBC Bank Plc
USD
70,529
BNY Mellon
USD
362,675
Citibank
IDR
773,581,467
HSBC Bank Plc
INR
58,432,724
UBS
INR
19,495,174
HSBC Bank Plc
KRW 111,738,743
HSBC Bank Plc
Standard
PHP
9,920,000 Chartered Bank
PHP
9,915,930
Citibank
THB
891,460
BNY Mellon
TWD
499,733
HSBC Bank Plc
USD
192,029
UBS
USD
23,419
Citibank
USD
1,689,452 Bank of America
Standard
USD
34,902 Chartered Bank
USD
473,886
Citibank
Unrealised
appreciation/
Maturity (depreciation)
USD
date
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
476
(519)
(13)
3,391
(205)
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
1,135
907
240
(2,926)
159
3,741
58
(5,364)
(4,537)
(2,023)
16/3/2017
16/3/2017
16/3/2017
16/3/2017
18/4/2017
19/4/2017
19/4/2017
(853)
(930)
(71)
(143)
5,903
185
51,631
15/6/2017
15/6/2017
122
2,274
Net unrealised appreciation
(USD underlying exposure – USD 6,948,771)
Summary of Financial Derivative Instruments
Market
Value
USD
Swaps
Interest Rate Swaps
(57,489)
Market value of swaps
(57,489)
Unrealised
appreciation
USD
Open exchange traded futures contracts
Open forward foreign exchange contracts
3,961
52,638
52,638
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
97
Asian Multi-Asset Growth Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
FUNDS
France
1,630
Lyxor iBoxx $ Liquid Emerging Markets
Sovereigns UCITS -ETF
4,273
Institutional Cash Series Plc
- Institutional US Dollar
Liquidity Fund~
Source Physical Gold P-ETC - ETF
BlackRock Global Funds - India Fund∞
Woodford Patient Capital Trust Plc
Total Funds
624,169
1.01
1,749,319
2.83
4,500
115,610
215,049
0.35
30,372
2,758,831
4.47
8,600
56,693
514,000
23,200
4,800
323,000
226,705
14,069
34,955
74,616
24,366
2,789
15,228
102,015
0.37
0.02
0.06
0.12
0.04
0.00
0.02
0.17
494,743
0.80
136,966
295,800
16,524
262,201
0.22
0.48
0.03
0.43
45,993
30,888
53,659
81,629
382,850
49,511
5,050
56,233
9,199
506,542
448,632
6,679
0.07
0.05
0.09
0.13
0.62
0.08
0.01
0.09
0.02
0.82
0.73
0.01
248,532
236,732
1,426,764
80,939
39,907
15,232
0.40
0.38
2.31
0.13
0.06
0.03
4,436,462
7.19
5,996
166,419
0.01
0.27
Bermuda
Giordano International Ltd
Global Brands Group Holding Ltd
Haier Electronics Group Co Ltd
Jardine Matheson Holdings Ltd
Johnson Electric Holdings Ltd
K Wah International Holdings Ltd
Nine Dragons Paper Holdings Ltd
NWS Holdings Ltd
Aluminum Corp of China Ltd 'H'
Bank of China Ltd 'H'
Bank of Communications Co Ltd 'H'
BYD Co Ltd 'H'
China CITIC Bank Corp Ltd 'H'
China Construction Bank Corp 'H'
China Galaxy Securities Co Ltd 'H'
China Life Insurance Co Ltd 'H'
China Merchants Bank Co Ltd 'H'
China Pacific Insurance Group Co Ltd 'H'
China Petroleum & Chemical Corp 'H'
China Vanke Co Ltd 'H'
Chongqing Rural Commercial Bank Co
Ltd 'H'
CITIC Securities Co Ltd 'H'
Deutsche Bank AG (P Note 22/5/2017
- Guangshen Railway Co Ltd)
Deutsche Bank AG London (P Note
20/3/2017 - Wuliangye Yibin Co Ltd)
GF Securities Co Ltd 'H'
Guangshen Railway Co Ltd 'A'
Guangshen Railway Co Ltd 'H'
Haitong Securities Co Ltd 'H'
Huatai Securities Co Ltd 'H'
Industrial & Commercial Bank
of China Ltd 'H'
Maanshan Iron & Steel Co Ltd 'H'
Ping An Insurance Group Co
of China Ltd 'H'
Shanghai Pharmaceuticals Holding
Co Ltd 'H'
Weichai Power Co Ltd 'H'
Zhejiang Expressway Co Ltd 'H'
Zijin Mining Group Co Ltd
ZTE Corp 'H'
0.16
0.85
COMMON / PREFERRED STOCKS (SHARES),
WARRANTS & P NOTES
416,000
120,000
19,000
1,200
8,500
5,000
12,000
56,000
546,000
330,000
11,000
2,000
30,000
288,000
12,000
10,000
18,000
23,400
636,000
1,300
909,000
100,000
524,169
United Kingdom
184,628
Description
0.28
Luxembourg
164,564
Holding
170,294
Ireland
100,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
4,000
34,000
6,900
17,000
40,000
38,000
2,000
Cayman Islands
112,500
32,000
22,000
96,000
51,000
2,500
85,000
60,000
12,402
14,000
8,000
62,000
34,000
31,268
1,469
1,600
191,000
2,717
53,500
103,500
44,000
10,500
3SBio Inc
Airtac International Group
China Lesso Group Holdings Ltd
China Resources Land Ltd
China Yongda Automobiles Services
Holdings Ltd
CK Hutchison Holdings Ltd
Fufeng Group Ltd
Geely Automobile Holdings Ltd
JD.com Inc ADR
Kingboard Chemical Holdings Ltd
KWG Property Holding Ltd
Lee & Man Paper Manufacturing Ltd
Lonking Holdings Ltd
Melco Crown Entertainment Ltd
NetEase Inc
Sands China Ltd
Semiconductor Manufacturing
International Corp
TAL Education Group
Tencent Holdings Ltd
WH Group Ltd
Xinyi Glass Holdings Ltd
Zhongsheng Group Holdings Ltd
98
Agricultural Bank of China Ltd 'H'
Air China Ltd 'H'
BlackRock Global Funds (BGF)
% of
Net
Assets
272,227
167,084
8,772
11,762
20,600
237,094
11,765
30,469
47,887
85,768
493,267
3,266
0.44
0.27
0.01
0.02
0.03
0.38
0.02
0.05
0.08
0.14
0.80
0.01
638,247
9,624
1.03
0.02
89,542
0.15
174,924
18,946
44,017
321,168
42,503
9,795
0.28
0.03
0.07
0.52
0.07
0.02
211,811
1,531
0.34
0.00
181,346
0.29
17,779
29,918
44,989
14,344
3,257
0.03
0.05
0.07
0.02
0.01
3,416,117
5.53
807,603
3,955
165,422
22,030
91,059
102,773
26,303
121,732
5,578
83,229
50,061
5,782
190,094
1.31
0.00
0.27
0.03
0.15
0.17
0.04
0.20
0.01
0.13
0.08
0.01
0.31
1,675,621
2.71
142,695
30,059
4,550
20,042
589,476
6,272
232,119
16,295
13,461
8,550
3,545
0.23
0.05
0.01
0.03
0.95
0.01
0.38
0.03
0.02
0.01
0.01
Hong Kong
127,800
1,000
15,000
18,000
19,000
77,000
22,000
93,000
2,000
194,000
61,000
6,000
13,000
AIA Group Ltd
BOC Hong Kong Holdings Ltd
China Mobile Ltd
CSPC Pharmaceutical Group Ltd
Galaxy Entertainment Group Ltd
HKT Trust & HKT Ltd
Hua Hong Semiconductor Ltd
New World Development Co Ltd
Shanghai Industrial Holdings Ltd
Shenzhen Investment Ltd
SJM Holdings Ltd
Sun Art Retail Group Ltd
Sun Hung Kai Properties Ltd
Indonesia
China
13,000
215,649
Market
Value
(USD)
2,471,400
236,500
7,400
17,300
1,257,800
7,000
2,427,871
3,300
10,200
66,100
30,900
Ace Hardware Indonesia Tbk PT
Adaro Energy Tbk PT
Astra International Tbk PT
Bank Central Asia Tbk PT
Bank Negara Indonesia Persero Tbk PT
Bank Rakyat Indonesia Persero Tbk PT
Cikarang Listrindo Tbk PT
Gudang Garam Tbk PT
Indo Tambangraya Megah Tbk PT
Japfa Comfeed Indonesia Tbk PT
Kalbe Farma Tbk PT
Asian Multi-Asset Growth Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
1,005,000
447,000
8,000
22,200
Description
Perusahaan Gas Negara Persero Tbk
Telekomunikasi Indonesia Persero
Tbk PT
Unilever Indonesia Tbk PT
United Tractors Tbk PT
Market
Value
(USD)
% of
Net
Assets
213,269
0.34
129,045
25,300
41,034
0.21
0.04
0.07
1,475,712
2.39
44,841
32,206
0.08
0.05
77,047
0.13
55,574
22,292
38,046
4,189
66,393
18,250
0.09
0.03
0.06
0.01
0.11
0.03
204,744
0.33
14,129
34,837
3,973
8,962
330,791
133,104
44,759
0.02
0.06
0.01
0.01
0.54
0.21
0.07
570,555
0.92
Ireland
365
603
Accenture Plc 'A'
Mallinckrodt Plc
Malaysia
47,000
4,100
23,300
7,500
32,900
29,900
Genting Malaysia Bhd
Kuala Lumpur Kepong Bhd
Petronas Chemicals Group Bhd
Press Metal Bhd
Sime Darby Bhd
Unisem M Bhd
Philippines
16,500
2,220
165
2,230
205,070
145,300
3,390
Aboitiz Power Corp
Ayala Corp
GT Capital Holdings Inc
Jollibee Foods Corp
Metropolitan Bank & Trust Co
Puregold Price Club Inc
SM Investments Corp
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
106
2,730
1,105
40
899
153
1,137
3,265
822
142
1,386
4,368
13
Description
NAVER Corp
POSCO
Posco Daewoo Corp
Samsung Electronics Co Ltd (Pref)
Samsung Electronics Co Ltd
SeAH Steel Corp
Shinhan Financial Group Co Ltd
SK Hynix Inc
SK Innovation Co Ltd
SK Telecom Co Ltd
SL Corp
S-Oil Corp
Young Poong Corp
Ascendas Real Estate Investment Trust
DBS Group Holdings Ltd
Jardine Cycle & Carriage Ltd
Singapore Technologies Engineering Ltd
Singapore Telecommunications Ltd
Wilmar International Ltd
Yanlord Land Group Ltd
75,549
73,595
6,102
79,659
143,272
168,509
272,652
0.12
0.12
0.01
0.13
0.23
0.28
0.44
819,338
1.33
157
1,766
1,161
596
5,859
687
983
1,190
2,075
101
164
7,789
130
827
Aekyung Petrochemical Co Ltd
Cheil Worldwide Inc
Dongbu Insurance Co Ltd
Doosan Bobcat Inc
E-MART Inc
Hyosung Corp
Hyundai Development Co-Engineering
& Construction
Hyundai Heavy Industries Co Ltd
Hyundai Marine & Fire Insurance Co Ltd
Hyundai Steel Co
KB Financial Group Inc
Korea Aerospace Industries Ltd
Korea Electric Power Corp
KT Corp
KT Skylife Co Ltd
Kumho Petrochemical Co Ltd
LG Corp
LG Display Co Ltd
LG Uplus Corp
Lotte Chemical Corp
LOTTE Himart Co Ltd
72,745
684,462
23,991
52,921
1,528,081
15,154
46,958
134,845
112,314
29,072
30,398
333,756
11,382
0.12
1.11
0.04
0.09
2.48
0.02
0.08
0.22
0.18
0.05
0.05
0.54
0.02
4,140,156
6.71
Cathay Financial Holding Co Ltd
CTCI Corp
Delta Electronics Inc
Formosa Chemicals & Fibre Corp
Getac Technology Corp
Hon Hai Precision Industry Co Ltd
Innolux Corp
Largan Precision Co Ltd
Lite-On Technology Corp
Nien Made Enterprise Co Ltd
Pegatron Corp
Quanta Computer Inc
Sercomm Corp
Taiwan Semiconductor
Manufacturing Co Ltd
116,214
409,208
478,656
136,039
2,799
337,043
22,784
742,103
153,073
273,862
21,013
111,960
8,095
0.19
0.66
0.78
0.22
0.00
0.55
0.04
1.20
0.25
0.44
0.03
0.18
0.01
578,255
0.94
3,391,104
5.49
253,465
35,258
352,569
7,059
54,159
0.41
0.06
0.57
0.01
0.09
702,510
1.14
203,671
0.33
43,410
38,452
12,093
51,390
46,495
46,020
42,300
48,989
8,402
49,815
10,812
43,876
11,150
45,565
12,935
44,892
2,437
10,464
44,357
0.07
0.06
0.02
0.08
0.08
0.08
0.07
0.08
0.01
0.08
0.02
0.07
0.02
0.07
0.02
0.07
0.00
0.02
0.07
Thailand
46,200
3,100
23,850
1,600
79,800
Kasikornbank PCL
PTT PCL
Siam Cement PCL/The
Siam Commercial Bank PCL/The
Thai Beverage PCL
United Kingdom
South Korea
253
287
57
2,825
215
451
481
% of
Net
Assets
Taiwan
74,000
247,000
86,000
43,000
2,000
115,700
56,000
5,000
91,319
28,000
8,000
54,000
3,000
94,000
Singapore
42,300
5,500
200
30,300
50,900
64,800
262,300
Market
Value
(USD)
2,629
4,810
3,080
92,189
39,549
52,449
0.00
0.01
0.00
0.15
0.06
0.08
18,632
22,840
50,602
64,172
24,720
302,082
26,490
26,471
17,628
140,749
5,609
3,974
88,171
41,906
35,325
0.03
0.04
0.08
0.10
0.04
0.49
0.04
0.04
0.03
0.23
0.01
0.01
0.14
0.07
0.06
295
Goldman Sachs International
(Wts 14/2/2018)
United States
232
619
235
523
623
54
914
278
184
276
438
898
115
691
378
755
147
379
297
3M Co
AbbVie Inc
Agilent Technologies Inc
Alaska Air Group Inc
Altria Group Inc
Amazon.com Inc
American Airlines Group Inc
Amgen Inc
Archer-Daniels-Midland Co
Boeing Co/The
Boston Scientific Corp
Brown-Forman Corp 'B'
Caterpillar Inc
CBS Corp
Cisco Systems Inc
Cognizant Technology Solutions Corp 'A'
Conduent Inc
Corning Inc
Cummins Inc
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
99
Asian Multi-Asset Growth Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
161
678
315
789
350
460
607
517
346
335
221
116
799
757
256
54
1,320
1,693
392
413
102
294
447
75
218
367
432
251
865
137
280
392
500
145
183
180
921
165
678
597
307
488
467
2,738
99
64
143
59
292
345
190
810
591
867
818
376
544
440
1,059
68
525
49
736
674
Description
Danaher Corp
DaVita Inc
Diamond Offshore Drilling Inc
Dow Chemical Co/The
Dun & Bradstreet Corp/The
Edwards Lifesciences Corp
EI du Pont de Nemours & Co
Eli Lilly & Co
Equifax Inc
Facebook Inc 'A'
FedEx Corp
First Solar Inc
Fluor Corp
FMC Corp
Franklin Resources Inc
Goldman Sachs Group Inc/The
Goodyear Tire & Rubber Co/The
H&R Block Inc
Harris Corp
Hershey Co/The
Hess Corp
Hewlett Packard Enterprise Co
HP Inc
International Business Machines Corp
International Paper Co
Intuit Inc
Mastercard Inc 'A'
Mattel Inc
Merck & Co Inc
Microchip Technology Inc
Micron Technology Inc
Monsanto Co
Motorola Solutions Inc
Murphy Oil Corp
National Oilwell Varco Inc
NetApp Inc
News Corp 'A'
Northrop Grumman Corp
Nucor Corp
Occidental Petroleum Corp
Owens-Illinois Inc
Pfizer Inc
Philip Morris International Inc
Pitney Bowes Inc
Praxair Inc
PVH Corp
QUALCOMM Inc
Ralph Lauren Corp
Raytheon Co
S&P Global Inc
Sealed Air Corp
Southern Co/The
Texas Instruments Inc
Total System Services Inc
TripAdvisor Inc
United Parcel Service Inc 'B'
VeriSign Inc
Vertex Pharmaceuticals Inc
Viacom Inc 'B'
Western Digital Corp
Western Union Co/The
Whirlpool Corp
Xerox Corp
Yum! Brands Inc
Total Common / Preferred Stocks (Shares),
Warrants & P Notes
100
BlackRock Global Funds (BGF)
Market
Value
(USD)
% of
Net
Assets
13,825
46,707
5,346
49,407
37,132
43,419
47,862
42,989
45,506
45,513
43,031
4,354
44,688
43,762
11,046
13,335
46,253
34,486
43,536
44,811
5,237
6,547
7,831
13,545
11,495
46,092
47,593
6,488
56,978
10,005
6,630
44,488
39,580
4,104
7,457
7,456
12,028
40,772
42,328
38,948
6,115
16,631
51,249
38,250
11,668
5,902
8,057
4,686
45,432
44,771
8,854
40,832
45,495
47,494
33,882
40,179
44,809
39,644
46,024
5,224
10,553
8,715
5,498
43,904
0.02
0.08
0.01
0.08
0.06
0.07
0.08
0.07
0.07
0.07
0.07
0.01
0.07
0.07
0.02
0.02
0.08
0.06
0.07
0.07
0.01
0.01
0.01
0.02
0.02
0.08
0.08
0.01
0.09
0.02
0.01
0.07
0.06
0.01
0.01
0.01
0.02
0.07
0.07
0.06
0.01
0.03
0.08
0.06
0.02
0.01
0.01
0.01
0.07
0.07
0.01
0.07
0.07
0.08
0.06
0.07
0.07
0.06
0.08
0.01
0.02
0.01
0.01
0.07
2,430,332
3.94
24,038,112
38.94
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
202,722
52,083
0.33
0.08
BONDS
Australia
USD 200,000
USD 48,000
USD 150,000
APT Pipelines Ltd 4.2% 23/3/2025
Asciano Finance Ltd 6% 7/4/2023
Virgin Australia Holdings Ltd
7.875% 15/10/2021
157,125
0.26
411,930
0.67
183,675
0.30
211,250
0.34
201,500
0.33
200,003
204,000
0.32
0.33
200,000
0.32
203,013
0.33
190,552
0.31
223,359
0.36
406,966
0.66
201,066
0.33
144,967
0.24
201,574
0.33
214,494
0.35
198,446
0.32
200,500
0.32
Bermuda
USD 200,000
Li & Fung Ltd 5.25% 3/11/2021
(Perpetual)
British Virgin Islands
USD 200,000
USD 200,000
USD 200,000
USD 200,000
USD 200,000
USD 200,000
USD 200,000
USD 200,000
USD 400,000
USD 200,000
CNY 1,000,000
USD 200,000
USD 200,000
USD 200,000
USD 200,000
CNH 1,300,000
Baoxin Auto Finance I Ltd FRN
15/12/2019 (Perpetual)
CCCI Treasure Ltd FRN 21/4/2020
(Perpetual)
Chang Development International
Ltd 3.625% 20/1/2020
Easy Tactic Ltd 5.75% 13/1/2022
FUXIANG Investment
Management Ltd 3.625%
30/11/2019
Huarong Finance 2017 Co Ltd
FRN 24/1/2022 (Perpetual)
Huarong Finance II Co Ltd FRN
14/9/2021 (Perpetual)
King Power Capital Ltd 5.625%
3/11/2024
Minmetals Bounteous Finance BVI
Ltd 4.2% 27/7/2026
Proven Glory Capital Ltd 3.25%
21/2/2022
Sinochem Offshore Capital Co Ltd
3.55% 13/5/2017
SmarTone Finance Ltd 3.875%
8/4/2023
Studio City Co Ltd 7.25%
30/11/2021
Tewoo Group Finance No 2 Ltd
4.5% 16/12/2019
Xinhu BVI Holding Co Ltd 6%
1/3/2020
Yunnan Energy Investment
Overseas Co Ltd 5.5%
21/10/2017
186,877
0.30
3,388,567
5.49
200,286
0.32
196,044
0.32
208,223
0.34
206,498
0.33
197,041
0.32
63,808
0.10
206,841
0.34
Cayman Islands
USD 200,000
USD 200,000
USD 200,000
USD 200,000
USD 200,000
USD 65,554
USD 200,000
USD 200,000
ABQ Finance Ltd 3.5% 22/2/2022
Azure Nova International Finance
Ltd 2.625% 1/11/2021
CDBL Funding 1 4.25%
2/12/2024
China Aoyuan Property Group Ltd
6.35% 11/1/2020
Formosa Group Cayman Ltd
3.375% 22/4/2025
Kaisa Group Holdings Ltd 7.56%
30/6/2020
New World China Land Ltd 4.75%
23/1/2027
Powerlong Real Estate Holdings
Ltd 4.875% 15/9/2021
192,750
0.31
1,471,491
2.38
Asian Multi-Asset Growth Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
China
USD 200,000
CNY 500,000
USD 200,000
USD 200,000
Changsha Pilot Investment
Holdings Group Co Ltd 3.1%
2/12/2019
China Government Bond 4%
22/5/2024
China Life Insurance Co Ltd FRN
3/7/2075
Shougang Corp 3.375%
9/12/2019
Description
Market
Value
(USD)
% of
Net
Assets
104,997
0.17
International
INR 7,000,000
199,872
0.32
71,932
0.12
200,720
0.33
200,396
0.32
672,920
1.09
INR 6,200,000
International Finance Corp 6.3%
25/11/2024
International Finance Corp 8.25%
10/6/2021
99,121
0.16
204,118
0.33
202,039
0.33
201,737
0.33
Isle of Man
USD 200,000
Gohl Capital Ltd 4.25%
24/1/2027
Japan
Hong Kong
USD 200,000
USD 200,000
HKD 550,000
HKD 2,000,000
HKD 900,000
HKD 500,000
HKD 2,050,000
USD 200,000
Bank of East Asia Ltd/The FRN
2/12/2020 (Perpetual)
Dah Sing Bank Ltd FRN
30/11/2026
Hong Kong Government Bond
0.79% 18/6/2018
Hong Kong Government Bond
0.93% 19/2/2018
Hong Kong Government Bond
0.97% 20/6/2022
Hong Kong Government Bond
2.24% 27/8/2029
Hong Kong Government Bond
2.53% 22/6/2020
Vanke Real Estate Hong Kong Co
Ltd 3.95% 23/12/2019
USD 200,000
USD 250,000
197,750
0.32
201,923
0.33
70,858
0.11
258,351
0.42
MYR 386,000
113,179
0.18
MYR 130,000
67,638
0.11
MYR 610,000
275,438
0.45
MYR 430,000
205,427
0.33
MYR 50,000
1,390,564
2.25
India
USD 200,000
INR 30,000,000
INR 37,200,000
USD 200,000
INR 40,000,000
Adani Ports & Special Economic
Zone Ltd '144A' 3.95%
19/1/2022
Housing Development Finance
Corp Ltd 7.875% 21/8/2019
Indiabulls Housing Finance Ltd
8.567% 15/10/2019
NTPC Ltd 4.25% 26/2/2026
NTPC Ltd 7.375% 10/8/2021
ORIX Corp 3.95% 19/1/2027
Universal Entertainment Corp
'144A' 8.5% 24/8/2020
259,705
0.42
461,442
0.75
101,465
0.17
87,284
0.14
27,156
0.04
135,945
0.22
97,619
0.16
11,458
0.02
292,354
0.47
112,273
0.18
Malaysia
MYR 450,000
MYR 1,300,000
MYR 501,000
MYR 1,053,000
202,961
0.33
455,957
0.74
548,799
204,563
605,580
0.89
0.33
0.98
USD 200,000
2,017,860
3.27
USD 200,000
Malaysia Government Bond
3.26% 1/3/2018
Malaysia Government Bond
3.654% 31/10/2019
Malaysia Government Bond
3.844% 15/4/2033
Malaysia Government Bond
3.955% 15/9/2025
Malaysia Government Bond
4.736% 15/3/2046
Malaysia Government Bond
4.935% 30/9/2043
Malaysia Government Investment
Issue 3.743% 26/8/2021
Malaysia Government Investment
Issue 4.07% 30/9/2026
Rantau Abang Capital Bhd 4.3%
3/12/2020
239,230
0.39
1,104,784
1.79
192,750
201,500
0.31
0.33
394,250
0.64
200,257
0.33
Mauritius
Greenko Investment Co 4.875%
16/8/2023
Neerg Energy Ltd 6% 13/2/2022
Indonesia
USD 200,000
USD 200,000
IDR 4,000,000,000
IDR 2,900,000,000
IDR 1,100,000,000
IDR 675,000,000
IDR 1,350,000,000
IDR 2,570,000,000
IDR 600,000,000
IDR 1,200,000,000
USD 200,000
Bukit Makmur Mandiri Utama PT
7.75% 13/2/2022
Indonesia Government
International Bond 5.25%
8/1/2047
Indonesia Treasury Bond 6.125%
15/5/2028
Indonesia Treasury Bond 7%
15/5/2022
Indonesia Treasury Bond 7%
15/5/2027
Indonesia Treasury Bond 8.25%
15/7/2021
Indonesia Treasury Bond 8.25%
15/5/2036
Indonesia Treasury Bond 8.375%
15/3/2024
Indonesia Treasury Bond 8.75%
15/2/2044
Indonesia Treasury Bond 9%
15/3/2029
Pertamina Persero PT 5.625%
20/5/2043
205,976
0.33
Netherlands
USD 200,000
USD 200,000
214,192
0.35
260,295
0.42
215,174
0.35
79,483
0.13
52,462
0.08
102,751
0.17
201,543
0.33
46,746
0.07
97,050
0.16
201,696
0.33
1,677,368
2.72
Equate Petrochemical BV 4.25%
3/11/2026
PB International BV 7.625%
26/1/2022
206,160
0.33
406,417
0.66
91,767
0.15
16,003
0.03
58,709
0.09
70,549
0.11
221,921
0.36
Philippines
PHP 4,660,000
PHP 900,000
PHP 3,000,000
PHP 2,500,000
PHP 10,000,000
USD 200,000
Philippine Government Bond
3.5% 20/3/2021
Philippine Government Bond
3.625% 21/3/2033
Philippine Government Bond
4.625% 9/9/2040
Philippine Government Bond
8.125% 16/12/2035
Philippine Government
International Bond 6.25%
14/1/2036
Philippine Government
International Bond 9.5%
2/2/2030
318,799
0.52
777,748
1.26
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
101
Asian Multi-Asset Growth Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Singapore
USD 200,000
SGD 500,000
USD 200,000
SGD 646,000
SGD 100,000
SGD 40,000
SGD 387,000
SGD 83,000
SGD 139,000
SGD 300,000
USD 200,000
BPRL International Singapore Pte
Ltd 4.375% 18/1/2027
Housing & Development Board
2.088% 30/8/2022
Jubilant Pharma Ltd/SG 4.875%
6/10/2021
Singapore Government Bond
2% 1/7/2020
Singapore Government Bond
2.75% 1/4/2042
Singapore Government Bond
2.75% 1/3/2046
Singapore Government Bond
3% 1/9/2024
Singapore Government Bond
3.375% 1/9/2033
Singapore Government Bond
3.5% 1/3/2027
Singapore Government Bond
4% 1/9/2018
United Overseas Bank Ltd FRN
16/9/2026
Description
KRW 130,000,000
KRW 400,000,000
KRW 260,000,000
KRW 7,000,000
KRW 221,500,000
KRW 66,770,000
KRW 5,000,000
KRW 180,000,000
KRW 110,500,000
KRW 55,460,000
KRW 111,170,000
KRW 211,000,000
KRW 178,570,000
KRW 83,200,000
KRW 123,000,000
USD 200,000
USD 200,000
Korea Monetary Stabilization
Bond 1.25% 2/8/2018
Korea Monetary Stabilization
Bond 1.33% 2/10/2018
Korea Monetary Stabilization
Bond 1.46% 2/4/2018
Korea Monetary Stabilization
Bond 1.73% 2/12/2017
Korea Treasury Bond 1.5%
10/9/2066
Korea Treasury Bond 2%
10/3/2020
Korea Treasury Bond 2%
10/3/2046
Korea Treasury Bond 2.625%
10/9/2035
Korea Treasury Bond 3%
10/12/2042
Korea Treasury Bond 3.125%
10/3/2019
Korea Treasury Bond 3.375%
10/9/2023
Korea Treasury Bond 3.5%
10/3/2024
Korea Treasury Bond 4%
10/12/2031
Korea Treasury Bond 4.25%
10/6/2021
Korea Treasury Bond 5.5%
10/3/2028
Korea Treasury Bond 5.75%
10/3/2026
Woori Bank FRN 27/9/2021
(Perpetual)
Woori Bank 4.75% 30/4/2024
203,351
0.33
355,243
0.57
199,000
0.32
THB 2,378,000
469,861
0.76
THB 1,612,000
75,920
0.12
THB 2,400,000
30,388
0.05
THB 1,300,000
293,977
0.48
THB 4,000,000
66,815
0.11
THB 2,750,000
109,839
0.18
THB 7,500,000
223,646
0.36
THB 2,378,000
201,217
0.33
2,229,257
3.61
National Savings Bank 8.875%
18/9/2018
573,023
THB 2,500,000
0.35
Thailand Government Bond
2.875% 17/6/2046
Thailand Government Bond
3.25% 16/6/2017
Thailand Government Bond
3.4% 17/6/2036
Thailand Government Bond
3.58% 17/12/2027
Thailand Government Bond
3.625% 16/6/2023
Thailand Government Bond
3.65% 17/12/2021
Thailand Government Bond
3.85% 12/12/2025
Thailand Government Bond
3.875% 13/6/2019
Thailand Government Bond
4.85% 17/6/2061
Thailand Government Bond
4.875% 22/6/2029
55,313
0.09
68,482
0.11
46,541
0.07
72,876
0.12
40,062
0.06
122,772
0.20
86,493
0.14
225,780
0.37
86,856
0.14
114,561
0.18
353,697
0.57
0.37
USD 1,696,300
4,889
0.01
USD 1,846,100
197,604
0.32
Vedanta Resources Plc 6.375%
30/7/2022
United States Treasury Floating
Rate Note FRN 30/4/2017
United States Treasury Floating
Rate Note FRN 31/7/2017
United States Treasury Floating
Rate Note FRN 31/10/2017
26,784,168
43.39
53,581,111
86.80
100,672
0.16
53,172
0.09
Other Transferable Securities
107,587
0.17
COMMON STOCKS (SHARES)
228,580
0.37
China
3,407
130,250
0.21
Total Common Stocks (Shares)
Didi Taxi**
130,250
0.21
Total Other Transferable Securities
130,250
0.21
53,711,361
87.01
Total Portfolio
196,880
207,659
0.32
0.34
3,024,456
4.90
2.75
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
0.30
0.23
1,696,852
Total Bonds
183,214
140,663
2.76
2.99
0.01
0.16
1,704,532
8.50
4,682
97,424
0.66
1,848,121
0.09
0.28
410,800
5,249,505
56,195
173,480
0.14
1.44
United States
USD 1,704,300
230,474
85,253
890,428
United Kingdom
0.93
USD 400,000
Other Net Assets
** Security subject to a fair value adjustment as detailed in Note 2(j).
BlackRock Global Funds (BGF)
214,549
Thailand
THB 2,200,000
Total Net Assets (USD)
∞ Cross umbrella holding and investment in connected party fund, see further information in Note 2(e) and Note 11.
~ Investment in connected party fund, see further information in Note 11.
102
% of
Net
Assets
Sri Lanka
USD 200,000
South Korea
KRW 650,000,000
Market
Value
(USD)
8,021,001
12.99
61,732,362
100.00
Asian Multi-Asset Growth Fund continued
Open Exchange Traded Futures Contracts
as at 28 February 2017
Number
of contracts
Currency
46
19
15
(11)
(3)
3
22
1
50
7
8
5
4
2
(5)
EUR
EUR
EUR
EUR
GBP
JPY
KRW
KRW
USD
USD
USD
USD
USD
USD
USD
Unrealised
appreciation/
(depreciation)
USD
Contract/Description
Expiration
date
Underlying
exposure
USD
EURO STOXX 600 Bank Index
STOXX Europe 600 Health Care Index
EURO STOXX 50 Index
STOXX Europe 600 Basic Resources Index
FTSE 100 Index
TOPIX Index
Korean 3 Year Bond
Korean 10 Year Bond
SGX Nifty 50 Index
NASDAQ 100 E-Mini Index
US Treasury 2 Year Note (CBT)
US Treasury 10 Year Note (CBT)
US Treasury 5 Year Note (CBT)
US Ultra Bond (CBT)
US Ultra 10 Year Note
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
June 2017
June 2017
June 2017
June 2017
June 2017
276,854
749,490
527,513
246,968
270,404
410,442
2,131,223
110,820
892,000
747,705
1,732,000
623,359
471,344
323,437
669,922
(3,659)
89,064
27,404
(7,816)
(14,191)
13,588
1,362
663
243
77,737
484
2,305
797
2,500
(1,676)
10,183,481
188,805
Total
Interest Rate Swaps as at 28 February 2017
Nominal
Value
CNY 1,025,000
THB 15,195,000
THB 6,335,000
THB 15,195,000
THB 6,335,000
CNY 425,000
THB 30,390,000
THB 12,670,000
KRW 150,640,000
CNY 4,050,000
KRW 75,320,000
HKD 1,770,000
SGD 156,682
HKD 947,230
HKD 2,426,998
KRW 75,320,000
SGD 95,000
TWD 6,900,000
Description
Fund receives Fixed 3.005%; and pays Floating CNY CNRR 3 Month
Fund receives Fixed 1.7925%; and pays Floating THB BKIBOR 6 Month
Fund receives Floating THB BKIBOR 6 Month; and pays Fixed 2.3075%
Fund receives Fixed 1.7925%; and pays Floating THB BKIBOR 6 Month
Fund receives Floating THB BKIBOR 6 Month; and pays Fixed 2.3075%
Fund receives Fixed 3.0375%; and pays Floating CNY CNRR 3 Month
Fund receives Fixed 1.7825%; and pays Floating THB BKIBOR 6 Month
Fund receives Floating THB BKIBOR 6 Month; and pays Fixed 2.2875%
Fund receives Floating KRW KORIBOR 3 Month;
and pays Fixed 1.8775%
Fund receives Fixed 3.035%; and pays Floating CNY CNRR 3 Month
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.91%
Fund receives Fixed 0.845%; and pays Floating HBOR 3 Month
Fund receives Fixed 1.615%; and pays Floating SGD SGDOW 6 Month
Fund receives Fixed 1.265%; and pays Floating HBOR 3 Month
Fund receives Fixed 1.62%; and pays Floating HBOR 3 Month
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.9%
Fund receives Fixed 2.18%; and pays Floating SGD SGDOW 6 Month
Fund receives Fixed 1.09%; and pays Floating TWD CPTW90DY 3 Month
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
USD
Bank of America
Bank of America
Bank of America
BNP Paribas
BNP Paribas
Citibank
Citibank
Citibank
15/3/2019
21/6/2019
21/6/2022
21/6/2019
21/6/2022
15/3/2019
21/6/2019
21/6/2022
(1,587)
(12)
(642)
(12)
(642)
(619)
(194)
(942)
(1,587)
(12)
(642)
(12)
(642)
(619)
(194)
(942)
Citibank
Goldman Sachs
Goldman Sachs
HSBC Bank Plc
HSBC Bank Plc
HSBC Bank Plc
HSBC Bank Plc
HSBC Bank Plc
HSBC Bank Plc
JP Morgan
15/3/2027
15/3/2019
15/3/2027
5/8/2018
12/7/2021
21/9/2021
21/9/2026
15/3/2027
14/7/2031
16/3/2026
272
(5,930)
(62)
(1,853)
(1,877)
(3,854)
(19,625)
(1)
(4,575)
(5,900)
272
(5,930)
(62)
(1,853)
(1,877)
(3,854)
(19,625)
(1)
(4,575)
(5,900)
(48,055)
(48,055)
Total (USD underlying exposure – USD 4,560,761)
Market
Value
USD
Credit Default Swaps as at 28 February 2017
Nominal
Value
USD 102,545
USD 97,455
USD 72,007
USD 72,007
USD 55,986
Description
Fund receives default protection on Thailand (Kingdom of);
and pays Fixed 1%
Fund receives default protection on Thailand (Kingdom of);
and pays Fixed 1%
Fund receives default protection on Thailand (Kingdom of);
and pays Fixed 1%
Fund receives default protection on Thailand (Kingdom of);
and pays Fixed 1%
Fund receives default protection on Thailand (Kingdom of);
and pays Fixed 1%
Total (USD underlying exposure – USD 409,109)
Counterparty
Expiration
Date
Unrealised
depreciation
USD
Market
Value
USD
Barclays
20/6/2021
(2,018)
(2,138)
BNP Paribas
20/6/2021
(1,802)
(2,032)
JP Morgan
20/6/2021
(1,478)
(1,501)
JP Morgan
20/6/2021
(1,449)
(1,502)
Morgan Stanley
20/6/2021
(1,081)
(1,167)
(7,828)
(8,340)
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
103
Asian Multi-Asset Growth Fund continued
Total Return Swaps as at 28 February 2017
Nominal
Value
USD (24)
USD (55)
EUR 449,064
USD 1,160
USD 617,869
USD 299,179
USD 5,287,129
Description
Fund receives USD LIBOR 3 Month BBA + 10bps; and pays Dow Jones
US Select Home Builders Index + 0bps
Fund receives USD LIBOR 3 Month BBA - 0bps; and pays Dow Jones
US Select Home Builders Index + 0bps
Fund receives BNP European Share Buyback Basket Index + 0bps;
and pays EUR EURIBOR 3 Month BBA + 5bps
Fund receives Citi Emerging Lifestyle Trends Index + 0bps;
and pays USD LIBOR 6 Month BBA + 20bps
Fund receives USD LIBOR 3 Month BBA + 3.5bps; and pays MSCI USA
Minimum Volatility Index + 0bps
Fund receives USD LIBOR 3 Month BBA + 9bps; and pays MSCI USA
Minimum Volatility Index + 0bps
Fund receives MSCI All Country Asia Ex Japan Index + 0bps;
and pays USD LIBOR 3 Month BBA + 26.4bps
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
USD
Bank of America
15/12/2017
(13,315)
(13,315)
Bank of America
15/12/2017
(34,783)
(34,783)
BNP Paribas
31/10/2017
41,067
41,067
Citibank
1/9/2017
104,293
104,293
Citibank
6/10/2017
(29,206)
(29,206)
Citibank
6/10/2017
(14,106)
(14,106)
HSBC Bank Plc
29/9/2017
Market
Value
USD
557,234
557,234
611,184
611,184
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
USD
Market
Value
USD
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Societe Generale
Societe Generale
Societe Generale
Societe Generale
Societe Generale
Societe Generale
Societe Generale
Societe Generale
Societe Generale
Societe Generale
Societe Generale
Societe Generale
Societe Generale
Societe Generale
14/12/2017
14/12/2017
14/12/2017
14/12/2017
14/12/2017
14/12/2017
14/12/2017
15/12/2017
15/12/2017
15/12/2017
15/12/2017
15/12/2017
15/12/2017
15/12/2017
13/12/2019
20/12/2019
14/12/2017
14/12/2017
14/12/2017
14/12/2017
14/12/2017
14/12/2017
15/12/2017
15/12/2017
15/12/2017
15/12/2017
15/12/2017
15/12/2017
13/12/2019
20/12/2019
77
165
204
63
(662)
(836)
(1,331)
70
(26)
14
91
674
927
1,332
(598)
363
605
245
111
(4,317)
(6,666)
(2,363)
(248)
41
(67)
4,314
6,677
2,358
(2,634)
2,012
Total (USD underlying exposure – USD 9,768,193)
Variance Swaps as at 28 February 2017
Nominal
Value
KRW 32,938
KRW 33,134
KRW 32,938
KRW 33,330
KRW 25,370
KRW 31,566
KRW 30,977
USD 29
USD 29
USD 29
USD 29
USD 22
USD 27
USD 27
JPY 1,550
GBP 14
KRW 66,047
KRW 32,715
KRW 32,945
KRW 62,997
KRW 91,903
KRW 30,796
USD 58
USD 29
USD 29
USD 53
USD 78
USD 26
JPY 4,130
GBP 36
Description
KOSPI 200 Index strike price KRW 17
KOSPI 200 Index strike price KRW 17.05
KOSPI 200 Index strike price KRW 17.05
KOSPI 200 Index strike price KRW 17.1
KOSPI 200 Index strike price KRW 17.75
KOSPI 200 Index strike price KRW 17.8
KOSPI 200 Index strike price KRW 18.15
S&P 500 Index strike price USD 17
S&P 500 Index strike price USD 17.05
S&P 500 Index strike price USD 17.05
S&P 500 Index strike price USD 17.1
S&P 500 Index strike price USD 17.75
S&P 500 Index strike price USD 17.8
S&P 500 Index strike price USD 18.15
NIKKEI 225 Index strike price JPY 26.5
FTSE 100 Index strike price GBP 21.5
KOSPI 200 Index strike price KRW 16.95
KOSPI 200 Index strike price KRW 17.05
KOSPI 200 Index strike price KRW 17.05
KOSPI 200 Index strike price KRW 18.6
KOSPI 200 Index strike price KRW 18.8
KOSPI 200 Index strike price KRW 18.85
S&P 500 Index strike price USD 16.95
S&P 500 Index strike price USD 17.05
S&P 500 Index strike price USD 17.05
S&P 500 Index strike price USD 18.6
S&P 500 Index strike price USD 18.8
S&P 500 Index strike price USD 18.85
NIKKEI 225 Index strike price JPY 26.96
FTSE 100 Index strike price GBP 21.96
Total (USD underlying exposure – USD 72,008)
104
BlackRock Global Funds (BGF)
595
77
165
204
63
(662)
(836)
(1,331)
70
(26)
14
91
674
927
1,332
(598)
363
605
245
111
(4,317)
(6,666)
(2,363)
(248)
41
(67)
4,314
6,677
2,358
(2,634)
2,012
595
Asian Multi-Asset Growth Fund continued
Purchased Call Options as at 28 February 2017
Number of
contracts
subject
to Call
5
Issuer/Description
Counterparty
Strike Price
Euro Stoxx 50 Index
Exchange Traded
EUR 4,000
Expiration
Date
15/12/2017
Total (USD underlying exposure – USD 10,523)
Unrealised
depreciation
USD
Market
Value
USD
(1,100)
551
(1,100)
551
Unrealised
depreciation
USD
Market
Value
USD
(762)
(672)
(780)
(23,500)
(5,299)
1,616
1,584
1,542
1,350
1,110
(31,013)
7,202
Purchased Put Options as at 28 February 2017
Number of
contracts
subject
to Put
42
42
42
9
4
Issuer/Description
Counterparty
Strike Price
Expiration
Date
SX5E Index Link
SX5E Index Link
SX5E Index Link
S&P 500 Index
S&P 500 Index
BNP Paribas
BNP Paribas
BNP Paribas
Exchange Traded
Exchange Traded
EUR 3,225
EUR 3,150
EUR 3,100
USD 2,200
USD 2,250
16/6/2017
15/9/2017
15/12/2017
17/3/2017
17/3/2017
Total (USD underlying exposure – USD 154,420)
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
Sales
Counterparty
CNH
HKD
HKD
SGD
1,454,644
3,248,696
173,584
80,823
USD
USD
USD
USD
211,708
418,897
22,384
57,086
1,126,646
423,353
USD
USD
163,460
61,418
679,875,844
2,957,459
5,553,003
2,119,144
4,418,460
7,453,613
722,070
156,408
146,718
USD
USD
USD
USD
USD
USD
INR
INR
KRW
50,828
43,711
111,060
42,502
126,196
240,633
48,537,578
10,624,024
167,999,461
USD
75,865
USD
75,814
USD
56,022
INR
55,490,484
CNH
310,834
CNY
93,226
CNY
7,346,576
USD
54,221
AUD
170,291
EUR
85,000
EUR
250,000
IDR 2,027,100,000
INR
17,650,100
SEK
3,695,886
USD
150,000
PHP
17,302,859
PHP
PHP
THB
USD
USD
USD
USD
MYR
USD
GBP
USD
USD
USD
EUR
THB
USD
3,835,000
3,833,908
1,961,215
808,310
43,849
13,449
1,036,481
242,476
130,000
72,344
267,334
150,000
260,000
390,000
5,261,565
338,807
USD
USD
PHP
PHP
1,600,000
1,604,632
HSBC Bank Plc
UBS
HSBC Bank Plc
UBS
Standard
Chartered Bank
HSBC Bank Plc
Standard
Chartered Bank
UBS
HSBC Bank Plc
UBS
BNY Mellon
Citibank
UBS
HSBC Bank Plc
Citibank
Standard
Chartered Bank
Citibank
BNY Mellon
Bank of America
UBS
Citibank
Bank of America
Goldman Sachs
BNP Paribas
Barclays
Barclays
Morgan Stanley
Nomura
Morgan Stanley
Deutsche Bank
Citibank
Standard
Chartered Bank
Citibank
CNY
CNY
IDR
INR
PHP
PHP
THB
TWD
USD
USD
USD
31,373
31,457
Unrealised
appreciation/
Maturity (depreciation)
USD
date
15/3/2017
15/3/2017
15/3/2017
15/3/2017
353
(276)
(16)
659
16/3/2017
16/3/2017
397
153
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
86
558
(731)
(398)
367
2,483
(4,455)
(2,616)
(1,962)
16/3/2017
16/3/2017
16/3/2017
5/4/2017
18/4/2017
19/4/2017
19/4/2017
16/5/2017
9/6/2017
9/6/2017
9/6/2017
9/6/2017
9/6/2017
9/6/2017
9/6/2017
15/6/2017
(330)
(360)
(156)
20,692
1,348
76
29,291
(109)
516
371
(954)
351
1,879
(4,069)
(613)
1,655
15/6/2017
15/6/2017
(110)
(117)
Net unrealised appreciation
(USD underlying exposure – USD 7,187,690)
Summary of Financial Derivative Instruments
Market
Value
USD
Swaps
Credit Default Swaps
Interest Rate Swaps
Total Return Swaps
Variance Swaps
(8,340)
(48,055)
611,184
595
Market value of swaps
555,384
Purchased options
Purchased Call Options
Purchased Put Options
551
7,202
Market value of purchased options
7,753
Unrealised
appreciation
USD
Open exchange traded futures contracts
Open forward foreign exchange contracts
188,805
43,963
43,963
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
105
Asian Tiger Bond Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 12,850,000
BONDS
Australia
USD 2,206,000
USD 7,010,000
USD 4,831,000
USD 6,932,000
USD 2,350,000
USD 200,000
USD 10,240,000
USD 3,617,000
USD 1,590,000
USD 9,000,000
APT Pipelines Ltd 3.875%
11/10/2022
APT Pipelines Ltd 4.2% 23/3/2025
Asciano Finance Ltd 6% 7/4/2023
Australia & New Zealand Banking
Group Ltd/United Kingdom
FRN 15/6/2026 (Perpetual)*
Broadspectrum Ltd '144A' 8.375%
15/5/2020
Broadspectrum Ltd 8.375%
15/5/2020
GAIF Bond Issuer Pty Ltd 3.4%
30/9/2026
QBE Insurance Group Ltd FRN
17/6/2046
SGSP Australia Assets Pty Ltd
3.3% 9/4/2023
Virgin Australia Holdings Ltd
7.875% 15/10/2021*
2,247,488
7,105,406
5,241,983
7,499,006
2,473,375
211,000
0.08
0.25
0.19
0.27
0.09
0.01
USD 12,000,000
USD 9,175,000
HKD 82,000,000
USD 5,710,000
USD 4,757,000
USD 4,149,000
USD 1,518,000
CGN New Energy Holdings Co
Ltd 4% 19/8/2018
China Resources Gas Group Ltd
4.5% 5/4/2022*
China Singyes Solar Technologies
Holdings Ltd 7.95% 15/2/2019
Haitong International Securities
Group Ltd 25/10/2021
(Zero Coupon)
Li & Fung Ltd 5.25% 3/11/2021
(Perpetual)*
Noble Group Ltd FRN 24/6/2019
(Perpetual)
Noble Group Ltd 3.625%
20/3/2018*
Noble Group Ltd 6.75%
29/1/2020
USD 8,425,000
USD 5,520,000
USD 18,300,000
USD 18,300,000
CNH 11,400,000
USD 30,700,000
USD 6,900,000
USD 8,500,000
USD 6,754,000
106
1MDB Global Investments Ltd
4.4% 9/3/2023
Baoxin Auto Finance I Ltd FRN
15/12/2019 (Perpetual)
Bluestar Finance Holdings Ltd
FRN 17/12/2018 (Perpetual)
Bluestar Finance Holdings Ltd
3.125% 30/9/2019
Bluestar Finance Holdings Ltd
3.5% 30/9/2021*
Bohai General Capital Ltd 6.4%
16/10/2017
CCCI Treasure Ltd FRN 21/4/2020
(Perpetual)*
CDBI Treasure I Ltd 2.25%
2/8/2021*
Chang Development International
Ltd 3.625% 20/1/2020
China Cinda Finance 2015 I Ltd
4.25% 23/4/2025*
BlackRock Global Funds (BGF)
USD 4,100,000
USD 1,800,000
USD 17,800,000
9,961,452
0.36
3,790,960
0.13
USD 14,600,000
1,594,062
0.06
9,427,500
0.34
49,552,232
1.78
USD 14,650,000
USD 8,485,000
USD 19,094,000
4,373,530
0.16
USD 15,800,000
12,674,808
0.46
USD 4,244,000
9,335,563
0.33
USD 3,163,000
USD 11,000,000
10,892,668
0.39
USD 20,000,000
5,243,921
0.19
USD 27,350,000
3,924,525
0.14
USD 14,200,000
4,071,206
0.15
USD 6,000,000
1,478,152
0.05
51,994,373
1.87
British Virgin Islands
USD 6,000,000
USD 13,262,000
USD 8,600,000
USD 4,000,000
Bermuda
USD 4,300,000
USD 3,500,000
USD 2,500,000
USD 3,700,000
5,677,500
0.20
8,898,906
0.32
5,616,600
0.20
18,383,631
0.66
18,327,541
0.66
1,214,864
0.04
30,930,250
1.11
6,697,335
0.24
8,500,128
0.31
6,764,991
0.24
USD 5,000,000
USD 33,800,000
USD 18,700,000
USD 21,498,000
USD 12,250,000
USD 10,000,000
USD 3,945,000
HKD 24,000,000
Description
China Great Wall International
Holdings III Ltd 2.625%
27/10/2021
China Merchants Finance Co Ltd
5% 4/5/2022
China Yangtze Power International
BVI 1 Ltd 9/11/2021
(Zero Coupon)
Chinalco Capital Holdings Ltd 4%
25/8/2021
Cosmos Boom Investment Ltd
0.5% 23/6/2020
CP Foods Holdings Ltd 0.5%
22/9/2021
Easy Tactic Ltd 5.75% 13/1/2022
Fita International Ltd 7%
10/2/2020
FUXIANG Investment
Management Ltd 3.625%
30/11/2019
Huaneng Hong Kong Capital Ltd
FRN 25/1/2019 (Perpetual)
Huaneng Hong Kong Capital Ltd
3.375% 11/6/2018
Huarong Finance 2017 Co Ltd
FRN 24/1/2022 (Perpetual)
Huarong Finance II Co Ltd FRN
14/9/2021 (Perpetual)
Huarong Finance II Co Ltd 4.625%
3/6/2026*
Huarong Finance II Co Ltd 4.875%
22/11/2026
Huarong Finance II Co Ltd 5.5%
16/1/2025*
King Power Capital Ltd 5.625%
3/11/2024
Minmetals Bounteous Finance BVI
Ltd 4.2% 27/7/2026*
Minmetals Bounteous Finance BVI
Ltd 4.75% 30/7/2025
Oceanwide Holdings International
2015 Co Ltd 9.625% 11/8/2020
Oceanwide Real Estate
International Holding Co Ltd
11.75% 8/9/2019
PCCW-HKT Capital No 5 Ltd
3.75% 8/3/2023
Prosperous Ray Ltd 4.625%
12/11/2023
Proven Glory Capital Ltd 3.25%
21/2/2022
Proven Glory Capital Ltd 4%
21/2/2027
Proven Honour Capital Ltd 4.125%
19/5/2025*
Proven Honour Capital Ltd 4.125%
6/5/2026
Rail Transit International
Investment Co Ltd 2.5%
13/5/2019
Reward International Investment
Ltd 7.25% 25/1/2020
Shine Power International Ltd
28/7/2019 (Zero Coupon)
Market
Value
(USD)
% of
Net
Assets
12,435,692
0.45
3,772,965
0.14
13,802,427
0.50
4,091,680
0.15
1,748,250
0.06
17,755,500
8,772,000
0.64
0.32
4,435,066
0.16
14,600,029
0.52
14,663,478
0.53
8,545,871
0.31
19,381,670
0.70
15,053,602
0.54
4,289,655
0.15
3,259,120
0.12
11,849,569
0.43
22,335,850
0.80
27,826,287
1.00
14,968,618
0.54
6,648,968
0.24
2,755,907
0.10
3,805,633
0.14
5,364,002
0.19
33,980,154
1.22
18,770,125
0.67
21,847,977
0.79
12,388,780
0.45
9,926,089
0.36
4,020,510
0.14
3,118,281
0.11
Asian Tiger Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 20,000,000
USD 32,600,000
USD 14,200,000
USD 6,500,000
USD 15,000,000
USD 7,975,000
USD 1,187,000
USD 12,100,000
USD 10,500,000
USD 5,400,000
USD 8,200,000
Description
Sinopec Group Overseas
Development 2013 Ltd 4.375%
17/10/2023
Sinopec Group Overseas
Development 2014 Ltd 4.375%
10/4/2024*
Sinopec Group Overseas
Development 2015 Ltd 3.25%
28/4/2025
Skysea International Capital
Management Ltd 4.875%
7/12/2021
SmarTone Finance Ltd 3.875%
8/4/2023
SPIC 2016 US dollar Bond Co Ltd
3.875% 6/12/2026*
Star Energy Geothermal Wayang
Windu Ltd 6.125% 27/3/2020
Studio City Co Ltd 7.25%
30/11/2021
Tewoo Group Finance No 2 Ltd
4.5% 16/12/2019
Xinhu BVI Holding Co Ltd 6%
1/3/2020
Zhaohai Investment BVI Ltd 4%
23/7/2020*
Market
Value
(USD)
% of
Net
Assets
CNOOC Nexen Finance 2014
ULC 4.25% 30/4/2024*
21,282,220
0.77
USD 5,350,000
HKD 2,000,000
USD 6,420,000
USD 24,350,000
USD 12,900,000
USD 7,750,000
USD 5,600,000
USD 11,726,000
USD 4,500,000
USD 6,000,000
USD 4,610,000
USD 3,000,000
USD 9,326,000
USD 10,750,000
USD 2,500,000
USD 16,250,000
ABQ Finance Ltd 3.5% 22/2/2022
Alibaba Group Holding Ltd 3.6%
28/11/2024*
Alibaba Group Holding Ltd 4.5%
28/11/2034*
ASM Pacific Technology Ltd 2%
28/3/2019
Avi Funding Co Ltd 2.85%
16/9/2020*
Azure Nova International Finance
Ltd 2.625% 1/11/2021*
CDBL Funding 1 4.25%
2/12/2024
Central China Real Estate Ltd 8%
28/1/2020
Champion MTN Ltd 3.75%
17/1/2023*
China Aoyuan Property Group Ltd
6.35% 11/1/2020
China Aoyuan Property Group Ltd
6.525% 25/4/2019*
China Overseas Finance Cayman
V Ltd 3.95% 15/11/2022
China Overseas Finance Cayman
VI Ltd 5.95% 8/5/2024
China Overseas Finance
Investment Cayman V Ltd
5/1/2023 (Zero Coupon)
CIFI Holdings Group Co Ltd
7.75% 5/6/2020*
Country Garden Holdings Co Ltd
7.25% 4/4/2021
Ctrip.com International Ltd '144A'
1.25% 15/9/2022
DIB Sukuk Ltd 3.664% 14/2/2022
USD 4,750,000
USD 8,800,000
34,619,733
1.25
USD 11,923,000
13,929,054
0.50
USD 20,000,000
USD 7,000,000
7,050,781
0.25
USD 3,991,000
15,118,080
0.54
USD 6,500,000
8,224,777
0.30
USD 20,260,000
1,225,577
0.04
EUR 10,000,000
12,976,888
0.47
10,418,433
0.37
USD 5,640,000
5,413,500
0.19
USD 28,700,000
8,304,017
0.30
USD 12,650,701
595,788,561
21.43
USD 6,500,000
USD 3,000,000
25,856,492
0.93
15,321,879
0.55
11,962,238
0.43
5,573,015
0.20
298,056
0.01
6,448,261
0.23
23,868,357
0.86
13,430,358
0.48
8,089,062
0.29
Cayman Islands
USD 15,300,000
USD 11,800,000
Holding
USD 4,773,000
Canada
USD 24,695,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
5,656,141
0.20
12,106,991
0.44
4,652,066
0.17
USD 15,000,000
USD 4,990,000
USD 25,750,000
USD 5,925,000
USD 2,000,000
USD 6,000,000
USD 4,175,000
USD 7,950,000
Description
DP World Crescent Ltd 3.908%
31/5/2023
ENN Energy Holdings Ltd
26/2/2018 (Zero Coupon)
ENN Energy Holdings Ltd 6%
13/5/2021
Fantasia Holdings Group Co Ltd
7.375% 4/10/2021*
Formosa Group Cayman Ltd
3.375% 22/4/2025*
Future Land Development
Holdings Ltd 5% 16/2/2020
Global A&T Electronics Ltd 10%
1/2/2019
Golden Eagle Retail Group Ltd
4.625% 21/5/2023
Goodman HK Finance 4.375%
19/6/2024*
Hutchison Whampoa Europe
Finance 13 Ltd FRN 10/5/2018
(Perpetual)
Hutchison Whampoa International
11 Ltd 4.625% 13/1/2022
Hutchison Whampoa International
14 Ltd 3.625% 31/10/2024
Kaisa Group Holdings Ltd 7.56%
30/6/2020
Link Finance Cayman 2009 Ltd/The
3.6% 3/9/2024*
Logan Property Holdings Co Ltd
5.75% 3/1/2022*
New World China Land Ltd 4.75%
23/1/2027
Powerlong Real Estate Holdings
Ltd 4.875% 15/9/2021
Tencent Holdings Ltd 3.8%
11/2/2025*
Times Property Holdings Ltd
6.25% 23/1/2020
United Laboratories International
Holdings Ltd/The 4.5%
5/12/2021
VLL International Inc 7.375%
18/6/2022
Xinyuan Real Estate Co Ltd 7.75%
28/2/2021
Yuzhou Properties Co Ltd 6%
25/1/2022*
Market
Value
(USD)
% of
Net
Assets
4,850,561
0.17
4,901,406
0.18
9,730,692
0.35
12,309,663
0.44
19,704,115
0.71
6,990,655
0.25
2,713,880
0.10
5,980,000
0.22
21,019,750
0.76
10,940,369
0.39
6,111,481
0.22
29,549,635
1.06
12,313,803
0.44
6,643,526
0.24
3,018,750
0.11
15,513,060
0.56
4,809,112
0.17
26,477,489
0.95
6,081,924
0.22
2,440,000
0.09
6,553,365
0.24
4,143,688
0.15
8,120,052
0.29
393,051,908
14.14
11,892,384
0.43
10,427,396
0.38
16,057,602
0.58
10,575,000
0.38
3,893,164
0.14
12,649,365
0.46
China
USD 11,900,000
USD 10,700,000
6,169,791
0.22
5,225,882
0.19
USD 16,000,000
USD 10,000,000
3,076,110
0.11
USD 3,931,000
10,083,737
0.36
11,290,757
0.41
2,584,375
16,297,856
0.09
0.59
USD 12,850,000
Changsha Pilot Investment
Holdings Group Co Ltd 3.1%
2/12/2019
Chengdu Xingcheng Investment
Group Co Ltd 3.25%
29/11/2021
China Life Insurance Co Ltd FRN
3/7/2075
CRRC Corp Ltd 5/2/2021
(Zero Coupon)
Gansu Provincial Highway Aviation
Tourism Investment Group Co
Ltd 3% 18/11/2019
Industrial & Commercial Bank
of China Ltd/Dubai 2.5%
16/6/2021
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
107
Asian Tiger Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 4,600,000
USD 6,880,000
USD 16,200,000
USD 23,500,000
USD 13,400,000
Description
Industrial & Commercial Bank of
China Ltd/New York 2.635%
26/5/2021
Jinan West City Investment &
Development Group Co Ltd
3.125% 11/10/2021
Shougang Corp 3.375%
9/12/2019
Union Life Insurance Co Ltd 3%
19/9/2021
Zhuzhou City Construction
Development Group Co Ltd
2.98% 19/10/2019
Market
Value
(USD)
% of
Net
Assets
USD 6,300,000
USD 6,641,000
USD 6,750,000
USD 8,000,000
USD 8,126,000
USD 17,731,000
USD 5,000,000
USD 9,992,000
USD 12,000,000
USD 17,295,000
USD 10,600,000
USD 4,070,000
USD 11,550,000
USD 11,950,000
USD 12,925,000
AIA Group Ltd 3.2% 11/3/2025*
AIA Group Ltd 4.875%
11/3/2044*
Bagan Capital Ltd 23/9/2021
(Zero Coupon)
Bank of East Asia Ltd/The FRN
2/12/2020 (Perpetual)*
Caiyun International Investment
Ltd 3.125% 12/7/2019
CGNPC International Ltd 4%
19/5/2025*
Chalieco Hong Kong Corp Ltd
FRN 15/1/2020 (Perpetual)
China Clean Energy Development
Ltd 4% 5/11/2025
CITIC Ltd FRN 22/11/2018
(Perpetual)
CITIC Ltd 2.8% 14/12/2021
CITIC Ltd 6.8% 17/1/2023
CRCC Yupeng Ltd FRN 1/8/2019
(Perpetual)
Dah Sing Bank Ltd FRN
30/11/2026
Hainan Airlines Hong Kong Co Ltd
3.625% 7/2/2020
ICBCIL Finance Co Ltd 3.25%
17/3/2020*
Industrial & Commercial Bank of
China Asia Ltd FRN 21/7/2021
(Perpetual)
Vanke Real Estate Hong Kong Co
Ltd 3.95% 23/12/2019
Holding
USD 12,000,000
4,553,651
0.16
USD 11,362,000
INR 392,000,000
6,640,507
0.24
INR 392,000,000
16,232,035
0.58
INR 630,000,000
22,348,876
0.80
INR 500,000,000
13,166,693
0.47
128,436,673
4.62
7,357,795
0.26
619,920
0.02
6,499,237
0.23
6,566,289
0.24
6,633,664
0.24
8,187,816
0.29
Hong Kong
USD 7,500,000
USD 571,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
INR 650,000,000
USD 6,000,000
USD 13,400,000
USD 3,500,000
USD 4,222,000
INR 250,000,000
USD 9,000,000
USD 27,908,000
USD 13,625,000
8,416,830
0.30
18,081,214
0.65
USD 1,780,000
5,480,250
9,905,894
14,187,744
0.20
0.36
0.51
USD 9,800,000
17,640,900
0.63
USD 8,047,000
USD 11,000,000
INR 1,270,000,000
INR 500,000,000
INR 393,000,000
USD 5,644,000
108
Adani Ports & Special Economic
Zone Ltd '144A' 3.95%
19/1/2022
Adani Transmission Ltd 4%
3/8/2026*
Export-Import Bank of India 4%
14/1/2023
Housing Development Finance
Corp Ltd 7.875% 21/8/2019
Housing Development Finance
Corp Ltd 8.49% 27/4/2020
Housing Development Finance
Corp Ltd 8.7% 18/5/2020
ICICI Bank Ltd/Dubai 4%
18/3/2026*
BlackRock Global Funds (BGF)
Indian Oil Corp Ltd 5.625%
2/8/2021
Indian Oil Corp Ltd 5.75%
1/8/2023*
LIC Housing Finance Ltd 7.2%
24/4/2020
LIC Housing Finance Ltd 8.6%
28/12/2020
LIC Housing Finance Ltd 8.67%
26/8/2020
Mahanagar Telephone Nigam Ltd
8.24% 19/11/2024
Mahanagar Telephone Nigam Ltd
8.29% 28/11/2024
NTPC Ltd 4.25% 26/2/2026*
NTPC Ltd 4.75% 3/10/2022
Oil India Ltd 5.375% 17/4/2024*
ONGC Videsh Ltd 4.625%
15/7/2024*
Power Finance Corp Ltd 8.96%
21/10/2019
Power Grid Corp of India Ltd
3.875% 17/1/2023
Reliance Industries Ltd 5.875%
5/2/2018 (Perpetual)*
State Bank of India/London
3.25% 24/1/2022
% of
Net
Assets
13,218,840
0.48
12,732,950
0.46
5,821,735
0.21
6,047,018
0.22
9,734,201
0.35
7,736,580
0.28
10,118,318
6,136,893
14,366,421
3,816,976
0.36
0.22
0.52
0.14
4,465,909
0.16
3,911,666
0.14
9,267,224
0.33
28,605,700
1.03
13,711,791
0.49
225,334,819
8.11
658,778
0.02
10,092,814
0.36
25,305,580
0.91
9,372,151
0.34
12,320,520
0.44
15,600,600
0.56
16,064,370
0.58
21,286,584
0.77
27,771,174
1.00
18,612,507
0.67
7,322,000
0.26
Indonesia
EUR 22,300,000
USD 9,125,000
10,701,924
0.39
4,154,758
0.15
11,650,531
0.42
USD 12,000,000
USD 15,000,000
11,664,992
0.42
13,275,720
0.48
161,025,478
5.79
USD 15,000,000
USD 18,700,000
India
USD 17,400,000
Description
Market
Value
(USD)
USD 21,547,000
17,657,607
7,897,586
11,428,687
0.64
0.28
0.41
19,302,191
0.69
7,653,665
0.28
6,067,793
0.22
5,635,068
0.20
USD 18,456,000
USD 7,000,000
USD 8,433,000
Berau Coal Energy Tbk PT
(Defaulted) 7.25% 13/3/2017
Bukit Makmur Mandiri Utama PT
7.75% 13/2/2022*
Indonesia Government
International Bond 3.375%
30/7/2025
Indonesia Government
International Bond 3.7%
8/1/2022
Indonesia Government
International Bond 3.75%
25/4/2022*
Indonesia Government
International Bond 4.35%
8/1/2027*
Indonesia Government
International Bond 5.25%
8/1/2047
Indonesia Government
International Bond 5.875%
15/1/2024*
Indonesia Government
International Bond 6.75%
15/1/2044*
Pertamina Persero PT 5.625%
20/5/2043
Pertamina Persero PT 6%
3/5/2042
Pertamina Persero PT 6.45%
30/5/2044
9,337,820
0.34
173,744,898
6.25
21,214,095
0.76
Isle of Man
USD 21,000,000
Gohl Capital Ltd 4.25%
24/1/2027
Asian Tiger Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Japan
USD 8,500,000
USD 10,000,000
JPY 700,000,000
JPY 980,000,000
JPY 280,000,000
JPY 690,000,000
USD 15,100,000
JPY 290,000,000
JPY 500,000,000
JPY 850,000,000
JPY 330,000,000
USD 27,250,000
Asahi Mutual Life Insurance Co
FRN 24/1/2022 (Perpetual)*
Dai-ichi Life Insurance Co Ltd/The
FRN 24/7/2026 (Perpetual)*
HIS Co Ltd 30/8/2019
(Zero Coupon)
Iwatani Corp 22/10/2020
(Zero Coupon)
Kandenko Co Ltd 31/3/2021
(Zero Coupon)
Kansai Paint Co Ltd 17/6/2019
(Zero Coupon)
ORIX Corp 3.95% 19/1/2027
Resorttrust Inc 1/12/2021
(Zero Coupon)
Shimizu Corp 16/10/2020
(Zero Coupon)
Tohoku Electric Power Co Inc
3/12/2020 (Zero Coupon)
Transcosmos Inc 22/12/2020
(Zero Coupon)
Universal Entertainment Corp
'144A' 8.5% 24/8/2020
9,074,311
0.33
9,700,000
0.35
6,518,933
0.23
USD 7,000,000
USD 11,978,000
9,313,454
0.33
USD 16,000,000
2,700,244
6,546,655
15,231,144
0.10
0.23
0.55
USD 6,876,000
USD 11,800,000
USD 6,666,000
2,664,467
0.10
USD 4,875,000
4,919,098
0.18
USD 5,350,000
7,797,318
0.28
USD 9,000,000
3,000,334
0.11
28,307,845
1.02
105,773,803
3.81
9,015,913
0.32
USD 8,557,000
Luxembourg
USD 8,721,903
Dragon Aviation Finance
Luxembourg SA 4% 28/11/2022
USD 11,000,000
8,828,223
0.32
USD 7,500,000
Malaysia
USD 29,600,000
USD 15,000,000
USD 3,000,000
USD 18,600,000
1MDB Energy Ltd 5.99%
11/5/2022
Axiata SPV2 Bhd 4.357%
24/3/2026*
IOI Investment L Bhd 4.375%
27/6/2022
RHB Bank Bhd 2.503% 6/10/2021
32,145,600
1.16
15,634,155
0.56
3,082,373
18,152,391
0.11
0.65
69,014,519
2.48
USD 12,851,000
USD 9,800,000
Greenko Investment Co 4.875%
16/8/2023
Neerg Energy Ltd 6% 13/2/2022*
12,385,151
9,873,500
0.45
0.35
22,258,651
0.80
Mongolia
USD 7,185,000
USD 15,610,000
CNH 20,000,000
USD 1,102,000
USD 11,414,000
Development Bank of Mongolia
LLC (Restricted) 5.75%
21/3/2017*
Mongolia Government
International Bond 5.125%
5/12/2022
Mongolia Government
International Bond 7.5%
30/6/2018
Mongolia Government
International Bond 10.875%
6/4/2021*
Trade & Development Bank
of Mongolia LLC 9.375%
19/5/2020
USD 1,650,000
15,786,778
0.57
7,437,489
0.27
12,216,513
0.44
16,020,560
7,236,990
0.57
0.26
12,125,078
0.43
6,872,606
0.25
5,025,150
0.18
5,608,994
0.20
USD 8,640,000
USD 27,125,000
USD 22,960,000
7,382,587
0.27
USD 11,530,000
USD 8,817,000
14,595,350
0.52
2,816,655
0.10
USD 3,000,000
USD 6,745,000
SGD 6,500,000
1,259,035
0.04
12,127,375
0.44
38,181,002
1.37
9,358,875
0.34
97,689,033
3.51
Philippine Government
International Bond 3.7%
2/2/2042
Philippine Government
International Bond 7.75%
14/1/2031
Philippine Government
International Bond 9.5%
2/2/2030
Rizal Commercial Banking Corp
3.45% 2/2/2021
SMC Global Power Holdings
Corp FRN 7/11/2019
(Perpetual)
24,421,594
0.88
12,264,534
0.44
17,533,945
0.63
7,603,125
0.28
1,759,312
0.06
63,582,510
2.29
7,510,149
0.27
135,000
0.01
3,153,600
0.11
27,579,439
0.99
13,087,200
0.47
11,472,350
0.41
8,665,190
0.31
3,103,380
0.11
7,284,600
0.26
4,566,898
0.17
5,362,500
0.19
770,323
0.03
Singapore
USD 7,400,000
USD 3,000,000
Mauritius
Bharti Airtel International
Netherlands BV 5.125%
11/3/2023
Bharti Airtel International
Netherlands BV 5.35%
20/5/2024
Comfeed Finance BV 6%
2/5/2018
Equate Petrochemical BV 4.25%
3/11/2026
Greenko Dutch BV 8% 1/8/2019
ICTSI Treasury BV 4.625%
16/1/2023*
Jababeka International BV 6.5%
5/10/2023*
PB International BV 7.625%
26/1/2022*
Royal Capital BV FRN 5/5/2019
(Perpetual)*
Royal Capital BV FRN 5/5/2021
(Perpetual)
Philippines
Jersey
West China Cement Ltd 6.5%
11/9/2019*
% of
Net
Assets
Netherlands
USD 14,990,000
USD 24,741,000
USD 8,638,000
Description
Market
Value
(USD)
USD 5,200,000
USD 725,000
Alam Synergy Pte Ltd 6.625%
24/4/2022
Bakrie Telecom Pte Ltd
(Restricted) (Defaulted) 11.5%
7/5/2015
Berau Capital Resources Pte Ltd
(Defaulted) 12.5% 8/7/2015
BPRL International Singapore Pte
Ltd 4.375% 18/1/2027
Bumi Investment Pte Ltd
(Defaulted) 10.75% 6/10/2017
Jubilant Pharma Ltd/SG 4.875%
6/10/2021
ONGC Videsh Vankorneft Pte Ltd
3.75% 27/7/2026*
Oversea-Chinese Banking Corp
Ltd 4.25% 19/6/2024*
STATS ChipPAC Pte Ltd 8.5%
24/11/2020
Suntec Real Estate Investment
Trust 1.75% 5/9/2021
TBG Global Pte Ltd 5.25%
10/2/2022*
TML Holdings Pte Ltd 5.75%
7/5/2021
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
109
Asian Tiger Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 12,000,000
USD 8,650,000
Description
United Overseas Bank Ltd FRN
16/9/2026*
United Overseas Bank Ltd FRN
8/3/2027*
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market
Value
(USD)
% of
Net
Assets
Holding
12,073,002
0.44
USD 8,750,000
8,423,001
0.30
USD 12,425,000
113,186,632
4.07
USD 6,000,000
KRW 3,200,000,000
USD 22,750,000
USD 15,000,000
USD 10,210,000
USD 19,900,000
USD 18,700,000
Busan Bank Co Ltd 3.625%
25/7/2026*
GS Engineering & Construction
Corp 4.5% 21/7/2021
Kakao Corp 11/5/2021
(Zero Coupon)
Korea International Bond 2.75%
19/1/2027*
Shinhan Bank FRN 7/12/2026
Shinsegae Inc FRN 8/5/2045
Woori Bank FRN 27/9/2021
(Perpetual)
Woori Bank 4.75% 30/4/2024
4,708,438
0.17
6,367,350
0.23
USD 12,566,000
2,822,198
0.10
22,544,681
15,284,415
10,049,089
0.81
0.55
0.36
USD 8,950,000
USD 1,887,000
USD 6,250,000
USD 10,023,000
USD 2,567,000
USD 7,102,000
USD 16,330,000
USD 11,404,000
National Savings Bank 8.875%
18/9/2018
Sri Lanka Government
International Bond 5.75%
18/1/2022
Sri Lanka Government
International Bond 6%
14/1/2019
Sri Lanka Government
International Bond 6.125%
3/6/2025*
Sri Lanka Government
International Bond 6.25%
4/10/2020
Sri Lanka Government
International Bond 6.25%
27/7/2021
Sri Lanka Government
International Bond 6.825%
18/7/2026
Sri Lanka Government
International Bond 6.85%
3/11/2025
SriLankan Airlines Ltd 5.3%
27/6/2019
USD 23,004,000
Kasikornbank PCL/Hong Kong
2.375% 6/4/2022*
Thai Oil PCL 3.625% 23/1/2023*
19,589,595
19,416,135
0.71
0.70
100,781,901
3.63
BlackRock Global Funds (BGF)
USD 1,743,000
HNAG Funding Ltd 2.874%
4/2/2020
USD 21,939,000
Vietnam Government
International Bond
4.8% 19/11/2024
0.33
12,760,475
0.46
13,772,843
0.49
35,584,536
1.28
1,743,044
0.06
22,379,645
0.81
Total Bonds
2,635,232,095
94.79
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
2,635,232,095
94.79
12,865,431
0.46
Other Transferable Securities
9,303,033
0.34
BONDS
1,966,754
0.07
6,323,906
0.23
10,673,242
0.38
2,740,182
0.10
7,420,738
0.27
17,073,750
0.61
11,458,625
0.41
79,825,661
2.87
17,899,213
23,488,280
0.64
0.85
41,387,493
1.49
Hong Kong
CNH 5,951,623
China City Construction
International Co Ltd
(Defaulted) 5.35%
3/7/2017**
Total Bonds
Total Other Transferable Securities
* All or a portion of this security represents a security on loan.
** Security subject to a fair value adjustment as detailed in Note 2(j).
110
9,051,218
Vietnam
Thailand
USD 18,500,000
Vedanta Resources Plc 6%
31/1/2019
Vedanta Resources Plc 6.375%
30/7/2022
Vedanta Resources Plc 8.25%
7/6/2021
United States
Sri Lanka
USD 11,993,000
% of
Net
Assets
United Kingdom
South Korea
USD 4,900,000
Description
Market
Value
(USD)
Total Portfolio
Other Net Assets
Total Net Assets (USD)
446,360
0.02
446,360
0.02
446,360
0.02
2,635,678,455
94.81
144,402,246
5.19
2,780,080,701
100.00
Asian Tiger Bond Fund continued
Interest Rate Swaps as at 28 February 2017
Nominal
Value
THB 500,000,000
THB 500,000,000
THB 1,000,000,000
KRW 21,760,690,000
KRW 10,880,345,000
KRW 10,880,345,000
Description
Fund receives Floating THB BKIBOR 6 Month; and pays Fixed 2.3075%
Fund receives Floating THB BKIBOR 6 Month; and pays Fixed 2.3075%
Fund receives Floating THB BKIBOR 6 Month; and pays Fixed 2.2875%
Fund receives Floating KRW KORIBOR 3 Month;
and pays Fixed 1.8775%
Fund receives Floating KRW KORIBOR 3 Month;
and pays Fixed 1.91%
Fund receives Floating KRW KORIBOR 3 Month;
and pays Fixed 1.9%
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
USD
Bank of America
BNP Paribas
Citibank
21/6/2022
21/6/2022
21/6/2022
(50,655)
(50,654)
(74,306)
(50,655)
(50,654)
(74,306)
Citibank
15/3/2027
39,264
39,264
Goldman Sachs
15/3/2027
(8,943)
(8,943)
HSBC Bank Plc
15/3/2027
Total (USD underlying exposure – USD 95,895,643)
Market
Value
USD
(151)
(151)
(145,445)
(145,445)
Credit Default Swaps as at 28 February 2017
Nominal
Value
JPY 769,230,770
JPY 1,230,769,230
USD 12,254,099
JPY 461,538,462
USD (10,000,000)
EUR 890,000
EUR 1,740,000
USD 11,645,901
USD (10,000,000)
USD (5,000,000)
USD (5,000,000)
USD (5,000,000)
USD (10,000,000)
USD (5,000,000)
EUR 1,350,000
USD 3,976,143
USD 6,023,857
JPY 769,230,770
JPY 384,615,384
USD 8,604,860
USD 8,604,861
JPY 384,615,384
EUR 460,000
USD 6,690,279
Description
Fund receives default protection on ITRAXX.JPN.25.V1;
and pays Fixed 1%
Fund receives default protection on ITRAXX.JPN.25.V1;
and pays Fixed 1%
Fund receives default protection on Thailand (Kingdom of);
and pays Fixed 1%
Fund receives default protection on ITRAXX.JPN.25.V1;
and pays Fixed 1%
Fund provides default protection on PCCW-HKT Telephone Ltd;
and receives Fixed 1%
Fund receives default protection on Standard Chartered Bank;
and pays Fixed 1%
Fund receives default protection on Standard Chartered Bank;
and pays Fixed 1%
Fund receives default protection on Thailand (Kingdom of);
and pays Fixed 1%
Fund provides default protection on Reliance Industries Ltd;
and receives Fixed 1%
Fund provides default protection on Reliance Industries Ltd;
and receives Fixed 1%
Fund provides default protection on Hongkong Land Co Ltd;
and receives Fixed 1%
Fund provides default protection on Hongkong Land Co Ltd;
and receives Fixed 1%
Fund provides default protection on PCCW-HKT Telephone Ltd;
and receives Fixed 1%
Fund provides default protection on Reliance Industries Ltd;
and receives Fixed 1%
Fund receives default protection on Standard Chartered Bank;
and pays Fixed 1%
Fund receives default protection on Australia & New Zealand
Banking; and pays Fixed 1%
Fund receives default protection on Australia & New Zealand
Banking; and pays Fixed 1%
Fund receives default protection on ITRAXX.JPN.25.V1;
and pays Fixed 1%
Fund receives default protection on ITRAXX.JPN.25.V1;
and pays Fixed 1%
Fund receives default protection on Thailand (Kingdom of);
and pays Fixed 1%
Fund receives default protection on Thailand (Kingdom of);
and pays Fixed 1%
Fund receives default protection on ITRAXX.JPN.25.V1;
and pays Fixed 1%
Fund receives default protection on Standard Chartered Bank;
and pays Fixed 1%
Fund receives default protection on Thailand (Kingdom of);
and pays Fixed 1%
Total (USD underlying exposure – USD 151,200,132)
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
USD
Bank of America
20/6/2021
(108,193)
(165,361)
Bank of America
20/6/2021
(178,289)
(264,578)
Barclays
20/6/2021
(241,057)
(255,507)
Barclays
20/6/2021
(63,799)
(99,217)
BNP Paribas
20/6/2020
176,640
66,337
BNP Paribas
20/12/2020
(27,851)
(9,739)
BNP Paribas
20/12/2020
(53,166)
(19,041)
BNP Paribas
20/6/2021
(215,338)
(242,826)
Citibank
20/6/2020
299,794
10,065
Citibank
20/6/2020
171,858
5,033
Citibank
20/9/2020
83,880
54,222
Citibank
20/9/2020
114,220
54,222
Deutsche Bank
20/6/2020
162,457
66,337
Goldman Sachs
20/9/2020
176,344
(6,220)
Goldman Sachs
20/12/2020
(26,550)
(14,773)
JP Morgan
20/12/2020
(68,535)
(84,087)
JP Morgan
20/12/2020
(106,005)
(127,392)
JP Morgan
20/6/2021
(104,920)
(165,361)
JP Morgan
20/6/2021
(45,964)
(82,681)
JP Morgan
20/6/2021
(176,743)
(179,418)
JP Morgan
20/6/2021
(173,221)
(179,418)
JP Morgan
20/6/2021
(52,460)
(82,681)
Morgan Stanley
20/12/2020
(14,582)
(5,034)
Morgan Stanley
20/6/2021
(129,202)
(139,497)
(600,682)
(1,866,615)
Market
Value
USD
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
111
Asian Tiger Bond Fund continued
Open Exchange Traded Futures Contracts
as at 28 February 2017
Number
of contracts
Currency
(15)
(64)
(112)
2,421
1,647
359
239
(67)
(144)
(742)
EUR
EUR
EUR
KRW
USD
USD
USD
USD
USD
USD
Contract/Description
Expiration
date
Euro BOBL
Euro Schatz
Euro Bund
Korean 3 Year Bond
US Treasury 2 Year Note (CBT)
US Long Bond (CBT)
US Ultra Bond (CBT)
US Treasury 5 Year Note (CBT)
US Treasury 10 Year Note (CBT)
US Ultra 10 Year Note
March 2017
March 2017
March 2017
March 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
2,143,779
7,645,401
19,735,404
234,531,358
356,575,500
54,422,157
38,650,781
7,895,008
17,952,750
99,416,406
(30,544)
(29,525)
(441,514)
278,337
93,828
521,758
289,062
(2,314)
(8,797)
(248,678)
838,968,544
421,613
Total
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency Purchases
Currency
CNH
USD
USD
USD
122,625,070
35,910,607
2,928,844
276,681
USD
EUR
HKD
HKD
USD
USD
USD
USD
USD
3,203,138
1,558,103
32,713,785
4,654,752
4,572,303
JPY
JPY
JPY
JPY
SGD
CNY
KRW
PHP
USD
USD
200,495,104
9,719,784,274
1,472,039,015
8,295,812
22,933,086
USD
USD
USD
INR
INR
USD
USD
USD
USD
USD
14,552,423
14,546,650
8,117,707
9,314,785
9,310,630
PHP
PHP
INR
INR
INR
Sales
Counterparty
17,846,757
HSBC Bank Plc
33,589,411 Bank of America
22,714,207
UBS
2,144,667 Bank of America
Standard
364,525,000 Chartered Bank
178,924,000
Barclays
3,684,899,759 Bank of America
526,512,500 Goldman Sachs
6,473,466
UBS
Standard
29,088,880 Chartered Bank
8,488,524
Citibank
29,440,780
HSBC Bank Plc
557,644,488
UBS
1,557,729,858
HSBC Bank Plc
Standard
735,625,000 Chartered Bank
735,624,070
Citibank
548,351,095 Bank of America
631,542,437
Citibank
631,540,000
HSBC Bank Plc
Unrealised
appreciation/
(depreciation)
USD
Underlying
exposure
USD
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Unrealised
appreciation/
Maturity (depreciation)
USD
date
15/3/2017
15/3/2017
15/3/2017
15/3/2017
29,775
265,078
1,931
323
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
(52,093)
(39,699)
(192,605)
(47,039)
(52,819)
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
70,672
113,537
(193,768)
(51,189)
(383,513)
16/3/2017
16/3/2017
19/4/2017
19/4/2017
19/4/2017
(63,245)
(69,000)
(63,008)
(107,040)
(111,160)
Net unrealised depreciation
Currency Purchases
Currency
Sales
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
USD
date
GBP Hedged Share Class
GBP
USD
27,174,561
667,080
USD
GBP
34,125,517
533,936
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(315,478)
2,770
(312,708)
HKD Hedged Share Class
HKD
USD
2,331,498,232
20,082,369
USD
HKD
300,700,075
155,805,201
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(271,800)
5,887
(265,913)
NZD Hedged Share Class
NZD
USD
21,431,646
1,081,357
USD
NZD
15,433,374
1,505,799
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
19,233
(4,352)
14,881
SGD Hedged Share Class
SGD
USD
228,514,028
1,015,410
USD
SGD
161,492,010
1,438,112
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
1,773,977
(12,076)
1,761,901
(944,862)
ZAR Hedged Share Class
AUD Hedged Share Class
AUD
USD
235,760,797
4,967,248
USD
AUD
180,099,132
6,480,322
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
936,551
(8,849)
927,702
CAD Hedged Share Class
CAD
USD
25,766,602
1,309,420
USD
CAD
19,625,321
1,713,239
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
15,562,989
USD
USD
EUR
7,231,771
9,574,893
BNY Mellon 14/3/2017
3,276
3,276
120,136,783
1,130,105
Net unrealised depreciation
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
BlackRock Global Funds (BGF)
(1,642)
282,655
281,013
Total net unrealised appreciation
(USD underlying exposure – USD 1,134,731,374)
483,897
Market
Value
USD
Swaps
Credit Default Swaps
Interest Rate Swaps
(1,866,615)
(145,445)
Market value of swaps
(2,012,060)
(860,807)
(6,550)
Unrealised
appreciation
USD
(867,357)
Open exchange traded futures contracts
Open forward foreign exchange contracts
112
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
Summary of Financial Derivative Instruments
2,265,722
EUR Hedged Share Class
112,400,857
1,192,671
ZAR
USD
(114,036)
Net unrealised appreciation
EUR
USD
551,609
128,844,690
(126,999)
12,963
CNH Hedged Share Class
CNY
USD
ZAR
421,613
483,897
China Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Hong Kong
BlackRock Premier Funds
- China A-Shares Fund~
2,412,362
10,540,769
0.58
13,143,104
Ireland
4,973,334
Institutional Cash Series Plc
- Institutional US Dollar
Liquidity Fund~
Total Funds
4,973,334
0.27
15,514,103
0.85
COMMON STOCKS (SHARES), WARRANTS & P NOTES
Haitong International Securities
Group Ltd*
7,237,099
65,872,000
118,674,000
11,295,800
69,360,150
47,108,000
5,691,500
Bermuda
41,129,207
Holding
37,094,000
FUNDS
66,931
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
25,010,385
1.38
3SBio Inc
33,514,701
58.com Inc ADR
11,657,890
Alibaba Group Holding Ltd ADR*
164,340,622
Baidu Inc ADR
35,690,730
Changyou.com Ltd ADR
26,563,862
China State Construction
International Holdings Ltd
16,103,309
Fufeng Group Ltd
15,670,970
Hang Seng Composite SmallCap
Index Total Return (Wts 16/5/2017) 55,027,612
Harmonicare Medical Holdings Ltd
5,773,045
JD.com Inc ADR*
25,014,208
KWG Property Holding Ltd
18,757,944
Li Ning Co Ltd*
13,450,401
Semiconductor Manufacturing
International Corp*
22,207,237
Tencent Holdings Ltd
152,679,761
Vipshop Holdings Ltd ADR
20,923,541
1.84
0.64
9.03
1.96
1.46
1.22
8.39
1.15
617,375,833
33.93
Cayman Islands
27,528,053
309,392
1,600,045
203,784
969,484
9,842,000
24,824,000
122,489
9,980,000
810,308
29,714,000
20,115,916
17,066,525
5,725,100
1,604,566
0.89
0.86
3.02
0.32
1.38
1.03
0.74
China
86,264,000
3,058,000
46,867,300
3,806,037
5,856,500
221,920,900
82,135,000
81,402,000
40,978,000
16,907,000
128,421,820
28,346,000
32,502,000
18,210,000
67,918,600
24,145,000
Agricultural Bank of China Ltd 'H'*
Air China Ltd 'H'*
Aluminum Corp of China Ltd 'H'*
Anhui Conch Cement Co Ltd 'A'
BAIC Motor Corp Ltd 'H'
Bank of China Ltd 'H'
BBMG Corp 'H'
China CITIC Bank Corp Ltd 'H'
China Coal Energy Co Ltd 'H'*
China Communications
Construction Co Ltd 'H'
China Construction Bank Corp 'H'
China Life Insurance Co Ltd 'H'
China Longyuan Power Group
Corp Ltd 'H'
China Oilfield Services Ltd 'H'*
China Petroleum & Chemical
Corp 'H'
China Railway Group Ltd 'H'
39,786,952
2,359,893
23,367,322
11,375,729
6,586,890
112,361,830
38,411,647
55,897,236
21,698,046
2.19
0.13
1.28
0.63
0.36
6.18
2.11
3.07
1.19
21,825,406
105,722,574
86,367,625
1.20
5.81
4.75
27,887,679
18,158,458
1.53
1.00
Description
Chongqing Rural Commercial
Bank Co Ltd 'H'
Deutsche Bank AG (P Note
22/5/2017 - Guangshen
Railway Co Ltd)
Deutsche Bank AG London
(P Note 31/3/2023 - Shenzhen
Airport Co Ltd)
Guangshen Railway Co Ltd 'A'
Guangshen Railway Co Ltd 'H'
Huadian Fuxin Energy Corp Ltd 'H'
Huatai Securities Co Ltd 'H'
Industrial & Commercial Bank
of China Ltd 'H'
PetroChina Co Ltd 'H'
Ping An Insurance Group Co
of China Ltd 'H'*
% of
Net
Assets
26,045,231
1.43
1,868,415
0.10
16,034,705
5,618,914
41,159,552
28,896,513
23,051,555
0.88
0.31
2.26
1.59
1.27
45,483,707
35,868,251
2.50
1.97
30,356,740
1.67
899,988,441
49.46
98,720,673
5.42
48,946,596
16,748,066
36,530,454
12,494,225
2.69
0.92
2.01
0.69
213,440,014
11.73
17,078,036
0.94
Hong Kong
8,951,716
20,897,800
14,161,000
86,978,000
53,580,000
China Mobile Ltd
China Taiping Insurance Holdings
Co Ltd*
CNOOC Ltd
Poly Property Group Co Ltd*
Sinotrans Shipping Ltd
Jersey
129,960,000
West China Cement Ltd
United States
664,700
Hong Kong Exchanges & Clearing
Ltd (Wts 8/2/2018)
16,502,318
0.91
Total Common Stocks (Shares), Warrants & P Notes
1,789,395,027
98.35
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
1,804,909,130
99.20
11,407,182
4,226,977
0.63
0.23
15,634,159
0.86
Other Transferable Securities
COMMON / PREFERRED STOCKS (SHARES)
China
298,383
110,567
Didi Taxi (Pref)**
Didi Taxi**
Total Common / Preferred Stocks (Shares)
15,634,159
0.86
Total Other Transferable Securities
15,634,159
0.86
1,820,543,289
100.06
Total Portfolio
Other Net Liabilities
Total Net Assets (USD)
52,676,058
21,121,513
Market
Value
(USD)
(1,032,808)
(0.06)
1,819,510,481
100.00
2.89
1.16
~ Investment in connected party fund, see further information in Note 11.
* All or a portion of this security represents a security on loan.
** Security subject to a fair value adjustment as detailed in Note 2(j).
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
113
China Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
Sales
Counterparty
Sector Breakdown
as at 28 February 2017
Unrealised
appreciation/
Maturity (depreciation)
USD
date
AUD Hedged Share Class
AUD
USD
40,638,087
4,254,939
USD
AUD
31,052,080
5,553,582
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
153,038
(9,534)
143,504
CNH Hedged Share Class
CNY
USD
925
4
USD
CNY
135
28
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
–
–
–
% of net
assets
Financials
Information Technology
Energy
Industrials
Telecommunication Services
Materials
Consumer Discretionary
Utilities
Real Estate
Healthcare
Investment Funds
Other Net Liabilities
100.00
EUR Hedged Share Class
EUR
USD
25,140,361
1,922,850
USD
EUR
26,868,383
1,816,602
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(190,286)
(4,855)
(195,141)
Summary of Financial Derivative Instruments
GBP Hedged Share Class
GBP
USD
17,381,060
660,189
USD
GBP
21,829,666
530,026
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(204,501)
743
(203,758)
SGD Hedged Share Class
SGD
USD
20,246,080
1,270,043
USD
SGD
14,305,993
1,792,885
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
159,185
(10,916)
Net unrealised appreciation
148,269
Total net unrealised depreciation
(USD underlying exposure – USD 102,091,593)
(107,126)
114
36.97
23.33
7.97
7.27
5.65
5.19
4.51
3.12
3.04
2.16
0.85
(0.06)
BlackRock Global Funds (BGF)
Open forward foreign exchange contracts
Unrealised
depreciation
USD
(107,126)
Continental European Flexible Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
FUNDS
Institutional Cash Series plc
- Institutional Euro Assets
Liquidity Fund~
Total Funds
16,471,915
0.68
16,471,915
0.68
656,935
330,080
4,758,060
5,996,187
1,733,735
1,260,706
COMMON STOCKS (SHARES)
KBC Group NV
Telenet Group Holding NV
Chr Hansen Holding A/S
Danske Bank A/S
DSV A/S
Genmab A/S
ISS A/S
Nets A/S
Novo Nordisk A/S 'B'
Pandora A/S*
1.43
1.00
58,372,062
2.43
33,321,527
73,034,603
68,274,015
35,243,367
16,570,996
31,219,607
56,233,706
27,722,818
1.38
3.04
2.84
1.46
0.69
1.30
2.34
1.15
2,358,067
1,084,189
1,557,787
1,692,208
3,199,876
341,620,639
14.20
15,984,282
39,889,413
0.66
1.66
55,873,695
2.32
164,019
1,185,085
223,437
46,688
10,774
87,426
76,985
Konecranes OYJ 'B'
Nokian Renkaat OYJ
58,442,581
38,189,811
69,490,724
31,308,391
33,428,859
49,602,527
37,052,074
39,390,360
59,820,811
2.43
1.59
2.89
1.30
1.39
2.06
1.54
1.64
2.48
416,726,138
17.32
75,343,895
27,051,983
33,223,719
16,084,369
3.13
1.12
1.38
0.67
4,954,086
12,867,938
57,945,709
17,784,250
64,903,133
14,970,010
51,694,152
0.21
0.54
2.41
0.74
2.70
0.62
2.15
376,823,244
15.67
Banco Santander SA
Industria de Diseno Textil SA
Telefonica SA
Assa Abloy AB 'B'
Atlas Copco AB 'A'
Hexagon AB 'B'
Securitas AB 'B'
Volvo AB 'B'
AXA SA
Edenred*
Eiffage SA
Kering
Legrand SA
Remy Cointreau SA*
Renault SA
Thales SA
Vinci SA
Germany
724,809
499,022
173,311
496,968
62,973
379,082
743,561
172,328
737,871
451,584
880,800
Bayer AG
Brenntag AG
Continental AG
Deutsche Post AG
Fresenius Medical Care AG
& Co KGaA
Innogy SE
LEG Immobilien AG
Merck KGaA
SAP SE
Scout24 AG
Symrise AG
Actelion Ltd
Cie Financiere Richemont SA
Lonza Group AG
Partners Group Holding AG
Sika AG
Straumann Holding AG
Swiss Re AG
274,888,931
11.43
53,033,859
35,583,857
56,040,650
2.20
1.48
2.33
144,658,366
6.01
43,400,629
33,420,134
58,790,888
24,287,033
39,507,960
1.81
1.39
2.44
1.01
1.64
199,406,644
8.29
41,567,838
82,067,635
38,457,225
22,949,982
57,159,156
34,807,021
6,487,852
1.73
3.41
1.60
0.95
2.38
1.45
0.27
283,496,709
11.79
74,762,110
14,892,711
6,678,504
3.11
0.62
0.27
Bank of Ireland
CRH Plc
Kingspan Group Plc
United Kingdom
1,255,651
2,389,269
302,429
British American Tobacco Plc
Hunting Plc
Weir Group Plc/The
96,333,325
4.00
Total Common Stocks (Shares)
2,354,452,889
97.88
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
2,370,924,804
98.56
18,634,767
770,583
0.78
0.03
Other Transferable Securities
COMMON STOCKS (SHARES)
United Kingdom
72,669
3,005
The Hut Group**
The Hut Group**
19,405,350
0.81
Total Common Stocks (Shares)
19,405,350
0.81
Total Other Transferable Securities
19,405,350
0.81
2,390,330,154
99.37
Total Portfolio
Ireland
92,066,000
1,956,075
779,461
3.13
0.35
3.31
1.26
1.04
2.34
Switzerland
France
2,628,996
1,794,634
1,033,473
135,681
625,306
589,734
442,730
427,181
881,273
75,284,751
8,308,114
79,530,973
30,412,660
24,948,447
56,403,986
Sweden
Finland
475,157
1,071,432
10,327,918
1,172,450
5,794,711
34,309,172
24,062,890
Denmark
595,273
2,328,033
1,473,178
189,018
453,365
1,965,018
1,677,404
258,564
ASML Holding NV*
ASR Nederland NV*
RELX NV
Steinhoff International Holdings NV*
STMicroelectronics NV
Unilever NV
Spain
Belgium
594,510
452,395
% of
Net
Assets
Netherlands
Ireland
16,471,915
Description
Market
Value
(EUR)
21,083,114
62,721,545
22,448,477
0.88
2.61
0.93
106,253,136
4.42
Other Net Assets
Total Net Assets (EUR)
15,089,214
0.63
2,405,419,368
100.00
~ Investment in connected party fund, see further information in Note 11.
* All or a portion of this security represents a security on loan.
** Security subject to a fair value adjustment as detailed in Note 2(j).
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
115
Continental European Flexible Fund continued
Open Exchange Traded Futures Contracts
as at 28 February 2017
Number
of contracts
Currency
461
EUR
Contract/Description
Expiration
date
EURO STOXX 50 Index
March 2017
Total
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
CHF
Purchases
121,791,767
Currency
EUR
Sales
114,397,458
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
JP Morgan 17/3/2017
Net unrealised depreciation
(11,655)
(11,655)
GBP Hedged Share Class
EUR
GBP
2,904,063
138,778,109
GBP
EUR
2,467,253
163,095,157
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
11,296
(382,650)
(371,354)
USD Hedged Share Class
EUR
USD
10,922,097
227,963,885
USD
EUR
11,560,203
213,324,120
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
28,200
1,501,612
Net unrealised appreciation
1,529,812
Total net unrealised appreciation
(EUR underlying exposure – EUR 505,862,899)
1,146,803
Sector Breakdown
as at 28 February 2017
% of net
assets
Industrials
Consumer Discretionary
Healthcare
Financials
Information Technology
Materials
Consumer Staples
Real Estate
Telecommunication Services
Investment Funds
Energy
Utilities
Other Net Assets
26.34
14.99
12.66
11.55
11.23
8.52
7.50
2.41
2.33
0.68
0.62
0.54
0.63
100.00
Summary of Financial Derivative Instruments
Open exchange traded futures contracts
Open forward foreign exchange contracts
116
BlackRock Global Funds (BGF)
Unrealised
appreciation
EUR
87,660
1,146,803
Underlying
exposure
EUR
Unrealised
appreciation
EUR
15,286,760
87,660
15,286,760
87,660
Emerging Europe Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
FUNDS
Institutional Cash Series plc Institutional Euro Assets
Liquidity Fund~
1,632
0.00
11,386,762
1.12
11,388,394
1.12
21,786,529
2.15
9,915,982
25,720,766
24,926,570
0.98
2.54
2.46
60,563,318
5.98
20,794,745
2.05
United Kingdom
3,142,218
BlackRock Emerging Europe Plc~
Total Funds
COMMON / PREFERRED STOCKS (SHARES)
Austria
789,510
Erste Group Bank AG
British Virgin Islands
1,581,400
460,776
1,201,075
Lenta Ltd GDR
Luxoft Holding Inc 'A'
Mail.Ru Group Ltd GDR
Globaltrans Investment Plc GDR
MD Medical Group Investments
Plc GDR
17,163,527
1.70
37,958,272
3.75
Moneta Money Bank AS
27,544,692
2.72
25,974,255
28,200,359
15,842,314
2.57
2.78
1.56
70,016,928
6.91
14,947,102
1.48
Greece
15,189,623
117,501,498
1,879,278
Alpha Bank AE*
National Bank of Greece SA
OPAP SA
Hungary
712,030
Richter Gedeon Nyrt*
Jersey
1,114,316
Wizz Air Holdings Plc*
21,706,182
2.14
Luxembourg
1,035,504
8,102,677
0.80
MHP SA GDR
Gazprom PJSC ADR
Inter RAO UES PJSC
LUKOIL PJSC ADR
Magnit PJSC
MegaFon PJSC GDR
MMC Norilsk Nickel PJSC ADR
Mobile TeleSystems PJSC
Mobile TeleSystems PJSC ADR
Novatek PJSC GDR
Sberbank of Russia PJSC ADR
Severstal PJSC GDR
Surgutneftegas OJSC ADR
Surgutneftegas OJSC ADR (Pref)
Tatneft PJSC ADR
Transneft PJSC (Pref)
VTB Bank PJSC
91,163,525
10,426,669
39,494,761
29,869,467
18,368,323
17,801,084
25,379,446
2,402,869
61,855,774
85,439,681
6,405,096
2,055,118
7,670,705
5,551,594
6,022,978
30,208,979
9.00
1.03
3.90
2.95
1.81
1.76
2.51
0.24
6.11
8.43
0.63
0.20
0.76
0.55
0.59
2.98
440,116,069
43.45
10,338,558
17,273,214
4,645,777
9,397,295
12,853,922
29,263,699
9,400,261
31,225,941
27,381,450
29,842,035
1.02
1.70
0.46
0.93
1.27
2.89
0.93
3.08
2.70
2.95
181,622,152
17.93
994,376,754
98.17
Turkey
Czech Republic
8,624,576
Societatea Nationala de Gaze
Naturale ROMGAZ SA
Russian Federation
21,485,044
166,286,163
791,643
202,483
1,680,791
1,192,219
5,693,618
246,574
507,352
8,324,513
480,401
437,307
1,461,833
167,502
2,029
28,373,460,075
Cyprus
3,669,499
1,733,584
% of
Net
Assets
Romania
1,306,576
Ireland
1,632
Description
Market
Value
(EUR)
2,013,198
1,890,568
487,124
2,427,580
2,628,158
1,321,823
6,630,054
10,103,521
12,238,597
10,187,408
AvivaSA Emeklilik ve Hayat AS
Coca-Cola Icecek AS
Ford Otomotiv Sanayi AS
KOC Holding AS
Koza Altin Isletmeleri AS*
Tupras Turkiye Petrol Rafinerileri AS
Turk Hava Yollari AO*
Turkcell Iletisim Hizmetleri AS*
Turkiye Garanti Bankasi AS*
Turkiye Halk Bankasi AS*
Total Common / Preferred Stocks (Shares)
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
1,005,765,148
99.29
Total Portfolio
1,005,765,148
99.29
Other Net Assets
Total Net Assets (EUR)
8,933,985
0.88
10,509,768
8,296,837
768,798
1.04
0.82
0.08
42,651,250
4.21
7,157,370
0.71
1,012,922,518
100.00
Poland
323,745
278,649
279,518
5,501,155
4,607,672
Bank Pekao SA*
KGHM Polska Miedz SA*
PGE Polska Grupa Energetyczna SA
Powszechna Kasa Oszczednosci
Bank Polski SA*
Powszechny Zaklad
Ubezpieczen SA*
38,852,195
3.83
101,078,848
9.98
~ Investment in connected party fund, see further information in Note 11.
* All or a portion of this security represents a security on loan.
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
117
Emerging Europe Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
Sales
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
GBP Hedged Share Class
EUR
GBP
2,820
83,981
GBP
EUR
2,400
98,700
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
6
(235)
(229)
SGD Hedged Share Class
EUR
SGD
38,411
1,432,184
SGD
EUR
57,421
946,995
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
(251)
17,288
Net unrealised appreciation
17,037
Total net unrealised appreciation
(EUR underlying exposure – EUR 1,104,743)
16,808
Sector Breakdown
as at 28 February 2017
% of net
assets
Financials
Energy
Telecommunication Services
Consumer Staples
Industrials
Information Technology
Materials
Healthcare
Consumer Discretionary
Investment Funds
Utilities
Other Net Assets
37.38
24.80
7.64
6.51
6.05
5.00
4.48
3.18
2.02
1.12
1.11
0.71
100.00
Summary of Financial Derivative Instruments
Open forward foreign exchange contracts
118
BlackRock Global Funds (BGF)
Unrealised
appreciation
EUR
16,808
Emerging Markets Bond Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 5,434,000
FUNDS
Luxembourg
5,600,000
BlackRock Global Funds
- Emerging Markets
Corporate Bond Fund∞
Total Funds
67,872,000
2.33
67,872,000
2.33
Total Common Stocks (Shares)
5,860,569
0.20
18,928,307
0.65
9,478,422
0.33
4,131,032
0.14
1,173,127
0.04
2,840,505
0.10
6,736,261
0.23
1,804,125
0.06
21,561,910
0.74
9,591,983
0.33
14,374,005
0.49
4,439,584
0.15
765,000
0.03
483,438
0.02
996,836
0.03
14,850,058
0.51
Bahrain
USD 9,070,000
USD 4,001,000
Canada
Pacific Exploration and Production
Corp
State Oil Co of the Azerbaijan
Republic 6.95% 18/3/2030
% of
Net
Assets
Bahrain Government International
Bond 7% 12/10/2028
Belarus
COMMON STOCKS (SHARES)
13,768
Description
Market
Value
(USD)
545,860
0.02
545,860
0.02
Republic of Belarus International
Bond 8.95% 26/1/2018
Belize
USD 2,578,300
Belize Government International
Bond 5% 20/2/2038
Brazil
USD 2,778,000
BONDS
Angola
USD 34,980,000
Angolan Government International
Bond 9.5% 12/11/2025
USD 6,373,000
35,482,838
1.22
USD 1,700,000
Argentina
EUR 7,375,000
USD 2,770,000
USD 12,743,000
USD 7,715,000
USD 750,000
USD 8,115,000
USD 10,683,530
USD 7,430,801
USD 7,200,000
Argentine Republic Government
International Bond 5% 15/1/2027* 7,258,971
Argentine Republic Government
International Bond 6.625%
6/7/2028*
2,686,900
Argentine Republic Government
International Bond 6.875%
22/4/2021*
13,609,524
Argentine Republic Government
International Bond 6.875%
26/1/2027
7,707,456
Argentine Republic Government
International Bond 7.125%
6/7/2036
717,188
Argentine Republic Government
International Bond 7.5%
22/4/2026*
8,496,405
Argentine Republic Government
International Bond 8.28%
31/12/2033
11,404,668
Argentine Republic Government
International Bond 8.28%
31/12/2033
7,780,049
Provincia de Buenos Aires/Argentina
7.875% 15/6/2027
7,218,000
66,879,161
0.25
0.09
USD 4,414,000
Republic of Armenia International
Bond 6% 30/9/2020*
Republic of Armenia International
Bond 7.15% 26/3/2025*
USD 9,743,000
USD 16,404,000
0.47
0.27
USD 4,571,000
USD 800,000
USD 500,000
0.02
USD 889,000
USD 13,693,000
0.29
USD 3,745,000
0.39
USD 40,300,000
0.25
USD 4,890,000
2.30
USD 698,000
USD 1,400,000
2,095,047
0.07
4,636,907
0.16
6,731,954
0.23
USD 300,000
USD 30,877,000
Australia
USD 2,539,000
CNOOC Curtis Funding No 1 Pty
Ltd 4.5% 3/10/2023
2,716,485
0.09
Azerbaijan
USD 400,000
USD 12,821,000
Republic of Azerbaijan International
Bond 4.75% 18/3/2024
407,000
State Oil Co of the Azerbaijan
Republic 4.75% 13/3/2023
12,660,738
USD 8,680,000
USD 7,400,000
0.01
0.44
3,761,852
0.13
82,205,557
2.82
British Virgin Islands
0.27
Armenia
USD 2,001,000
USD 23,285,000
Banco Nacional de
Desenvolvimento Economico e
Social 4% 14/4/2019*
Banco Nacional de
Desenvolvimento Economico e
Social 5.5% 12/7/2020
Banco Nacional de
Desenvolvimento Economico e
Social 5.75% 26/9/2023
Brazilian Government International
Bond 2.625% 5/1/2023
Brazilian Government International
Bond 4.25% 7/1/2025
Brazilian Government International
Bond 5% 27/1/2045
Brazilian Government International
Bond 5.625% 7/1/2041*
Brazilian Government International
Bond 5.625% 21/2/2047
Brazilian Government International
Bond 5.625% 21/2/2047
Brazilian Government International
Bond 7.125% 20/1/2037
Brazilian Government International
Bond 6% 7/4/2026
Caixa Economica Federal 2.375%
6/11/2017*
1MDB Global Investments Ltd 4.4%
9/3/2023*
38,133,875
CNOOC Finance 2013 Ltd 3%
9/5/2023*
4,805,951
CNOOC Finance 2013 Ltd 4.25%
9/5/2043
680,653
Sinopec Group Overseas
Development 2014 Ltd 4.375%
10/4/2024
1,486,737
Sinopec Group Overseas
Development 2015 Ltd 2.5%
28/4/2020
299,458
Sinopec Group Overseas
Development 2015 Ltd 3.25%
28/4/2025*
30,287,845
Sinopec Group Overseas
Development 2016 Ltd 2.75%
29/9/2026*
8,071,619
Sinopec Group Overseas
Development 2016 Ltd 3.5%
3/5/2026*
7,330,512
91,096,650
1.31
0.17
0.02
0.05
0.01
1.04
0.28
0.25
3.13
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
119
Emerging Markets Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Republic of Cameroon International
Bond 9.5% 19/11/2025
5,870,831
0.20
USD 2,200,000
USD 7,090,000
EP PetroEcuador via Noble
Sovereign Funding I Ltd FRN
24/9/2019
Lamar Funding Ltd 3.958%
7/5/2025*
Vale Overseas Ltd 6.875%
21/11/2036
USD 7,174,000
4,591,940
0.16
USD 8,879,000
2,058,375
0.07
USD 10,290,000
7,773,830
0.27
14,424,145
0.50
USD 1,465,000
USD 2,034,000
USD 5,750,000
USD 10,771,000
USD 4,949,000
USD 8,949,000
USD 8,800,000
USD 445,000
USD 5,030,000
USD 3,389,000
USD 952,000
Banco del Estado de Chile '144A'
3.875% 8/2/2022
Banco del Estado de Chile 3.875%
8/2/2022
Banco del Estado de Chile 4.125%
7/10/2020*
Cencosud SA 5.15% 12/2/2025*
Corp Nacional del Cobre de Chile
3% 17/7/2022
Corp Nacional del Cobre de Chile
3.875% 3/11/2021
Corp Nacional del Cobre de Chile
4.25% 17/7/2042
Corp Nacional del Cobre de Chile
4.5% 16/9/2025
Corp Nacional del Cobre de Chile
'144A' 4.5% 16/9/2025
Corp Nacional del Cobre de Chile
5.625% 21/9/2035*
Corp Nacional del Cobre de Chile
5.625% 18/10/2043
Empresa Nacional del Petroleo
4.75% 6/12/2021*
USD 1,679,000
USD 1,545,000
Chile
USD 150,000
USD 12,875,000
USD 1,069,000
Cayman Islands
USD 4,490,895
Holding
USD 2,223,000
Cameroon
USD 5,295,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
156,556
0.01
1,529,034
0.05
2,156,040
6,051,875
0.07
0.21
10,849,381
0.37
5,218,490
0.18
USD 4,390,000
USD 3,867,000
USD 22,178,380
8,535,109
0.29
9,350,000
0.32
472,813
0.02
USD 7,600,000
5,654,404
0.19
3,882,523
0.13
USD 9,505,000
1,005,276
0.04
USD 6,343,000
54,861,501
1.88
USD 8,142,000
7,858,584
0.27
USD 9,644,000
Colombia
USD 14,815,000
USD 1,600,000
USD 19,380,000
USD 16,930,000
USD 4,800,000
USD 13,321,000
USD 15,578,000
USD 12,076,000
Colombia Government International
Bond 2.625% 15/3/2023*
Colombia Government International
Bond 3.875% 25/4/2027
Colombia Government International
Bond 4% 26/2/2024
Colombia Government International
Bond 4.5% 28/1/2026*
Colombia Government International
Bond 5% 15/6/2045
Colombia Government International
Bond 5.625% 26/2/2044
Colombia Government International
Bond 6.125% 18/1/2041
Ecopetrol SA 5.875% 28/5/2045
USD 2,278,000
14,254,808
0.49
1,598,000
0.05
19,951,710
0.69
USD 10,400,000
17,903,475
0.61
USD 9,868,000
4,771,200
0.16
USD 5,850,000
14,413,322
0.50
USD 5,990,000
17,618,718
10,981,914
0.61
0.38
USD 8,100,000
101,493,147
3.49
USD 7,873,000
120
Banco de Costa Rica 5.25%
12/8/2018
BlackRock Global Funds (BGF)
0.08
12,456,563
0.43
999,515
0.03
6,725,625
0.23
7,591,545
0.26
10,161,375
0.35
1,676,901
0.06
1,525,687
0.05
3,742,475
0.13
4,128,023
0.14
51,883,190
1.78
610,466
0.02
Ivory Coast Government
International Bond 5.375%
23/7/2024*
Ivory Coast Government
International Bond (Step-up
coupon) 5.75% 31/12/2032*
Ivory Coast Government
International Bond 6.375%
3/3/2028
3,671,563
0.12
20,903,123
0.72
7,524,000
0.26
32,098,686
1.10
Croatia Government International
Bond 5.5% 4/4/2023
Croatia Government International
Bond 6% 26/1/2024
Croatia Government International
Bond '144A' 6.375% 24/3/2021*
Croatia Government International
Bond 6.375% 24/3/2021
Croatia Government International
Bond 6.75% 5/11/2019
Croatia Government International
Bond 6.625% 14/7/2020
10,236,885
0.35
7,024,873
0.24
291,632
0.01
8,986,732
0.31
10,584,290
0.36
2,502,953
0.09
39,627,365
1.36
10,556,000
0.36
10,312,060
0.35
5,988,937
0.20
6,454,225
0.22
8,322,750
0.29
8,620,935
0.30
8,121,590
0.28
Dominican Republic
USD 7,451,000
Costa Rica
USD 600,000
2,265,015
Croatia
China
Export-Import Bank of China/The
2.875% 26/4/2026*
Banco Nacional de Costa Rica
4.875% 1/11/2018
Costa Rica Government International
Bond 4.25% 26/1/2023
Costa Rica Government International
Bond '144A' 4.375% 30/4/2025
Costa Rica Government International
Bond 4.375% 30/4/2025
Costa Rica Government International
Bond 5.625% 30/4/2043
Costa Rica Government International
Bond 7% 4/4/2044
Costa Rica Government International
Bond 7.158% 12/3/2045
Costa Rica Government International
Bond '144A' 7% 4/4/2044
Instituto Costarricense de
Electricidad 6.375% 15/5/2043*
Instituto Costarricense de
Electricidad 6.95% 10/11/2021
% of
Net
Assets
Cote d'Ivoire (Ivory Coast)
USD 3,790,000
USD 265,000
USD 8,140,000
Description
Market
Value
(USD)
Dominican Republic International
Bond 5.5% 27/1/2025
Dominican Republic International
Bond 5.875% 18/4/2024
Dominican Republic International
Bond 5.95% 25/1/2027*
Dominican Republic International
Bond 6.6% 28/1/2024
Dominican Republic International
Bond 6.85% 27/1/2045*
Dominican Republic International
Bond 6.875% 29/1/2026
Dominican Republic International
Bond 7.45% 30/4/2044
Emerging Markets Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 419,000
USD 6,090,000
Description
Dominican Republic International
Bond '144A' 7.45% 30/4/2044
Dominican Republic International
Bond 7.5% 6/5/2021
Market
Value
(USD)
% of
Net
Assets
456,710
0.02
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
USD 8,386,000
USD 12,450,000
Ecuador Government International
Bond 7.95% 20/6/2024
Ecuador Government International
Bond 10.5% 24/3/2020*
Ecuador Government International
Bond 10.75% 28/3/2022
6,714,225
0.23
65,547,432
2.25
14,966,460
USD 4,423,000
0.51
BGEO Group JSC 6% 26/7/2023
Georgia Government International
Bond 6.875% 12/4/2021*
Georgian Railway JSC 7.75%
11/7/2022
USD 16,350,000
USD 2,689,000
USD 5,815,000
EGP 55,000,000
EGP 55,000,000
EGP 10,000,000
Egypt Government International
Bond 5.875% 11/6/2025*
Egypt Government International
Bond 6.125% 31/1/2022
Egypt Government International
Bond 6.875% 30/4/2040
Egypt Government International
Bond 8.5% 31/1/2047
Egypt Treasury Bills 1/8/2017
(Zero Coupon)
Egypt Treasury Bills 8/8/2017
(Zero Coupon)
Egypt Treasury Bills 10/10/2017
(Zero Coupon)
9,224,600
0.32
GHC 10,000,000
13,912,875
0.48
38,103,935
1.31
USD 14,659,000
USD 3,990,000
USD 7,201,000
USD 7,405,000
El Salvador Government
International Bond 5.875%
30/1/2025
El Salvador Government
International Bond 6.375%
18/1/2027
El Salvador Government
International Bond 7.375%
1/12/2019
El Salvador Government
International Bond 7.625%
1/2/2041
El Salvador Government
International Bond 8.625%
28/2/2029
USD 18,319,715
USD 8,390,000
18,805,050
0.64
USD 342,000
17,023,702
0.58
USD 5,830,000
2,544,466
0.09
6,316,544
0.22
3,215,690
0.11
3,203,837
0.11
564,522
0.02
51,673,811
1.77
USD 494,000
USD 7,476,000
10,707,094
0.37
13,138,129
0.45
USD 9,122,000
USD 5,454,000
USD 5,556,000
4,069,800
0.14
6,453,896
0.22
7,515,353
0.26
41,884,272
1.44
USD 3,556,000
USD 3,985,000
0.17
0.53
Ghana Government Bond 24.75%
1/3/2021
Ghana Government Bond 24.75%
19/7/2021
Ghana Government International
Bond 7.875% 7/8/2023*
Ghana Government International
Bond 8.125% 18/1/2026
Ghana Government International
Bond '144A' 8.125% 18/1/2026
Ghana Government International
Bond 9.25% 15/9/2022
189,354
0.01
2,379,766
0.08
17,834,243
0.61
8,117,325
0.28
330,885
0.01
6,099,637
0.21
34,951,210
1.20
Guatemala Government Bond
4.875% 13/2/2028*
4,857,543
0.17
Honduras Government International
Bond 6.25% 19/1/2027
4,553,548
0.16
Hungary Government International
Bond 4.125% 19/2/2018
Hungary Government International
Bond 5.375% 21/2/2023*
Hungary Government International
Bond 5.375% 25/3/2024
Hungary Government International
Bond 6.25% 29/1/2020
Hungary Government International
Bond 6.375% 29/3/2021*
MFB Magyar Fejlesztesi Bank Zrt
6.25% 21/10/2020
6,926,323
0.24
8,254,476
0.28
10,143,664
0.35
6,013,035
0.21
6,236,610
0.21
3,928,313
0.14
41,502,421
1.43
Export-Import Bank of India 3.375%
5/8/2026*
2,611,579
Export-Import Bank of India 4%
14/1/2023
11,860,899
14,472,478
8,267,650
0.28
468,374
0.02
8,736,024
0.30
0.09
0.41
0.50
Indonesia
Gabon
Gabon Government International
Bond 6.375% 12/12/2024
Gabon Government International
Bond 6.95% 16/6/2025*
4,898,473
15,432,460
India
USD 2,715,000
USD 2,223,000
USD 8,570,000
USD 21,304,314
0.11
Hungary
USD 6,780,000
Ethiopia
Ethiopia International Bond 6.625%
11/12/2024
Ethiopia International Bond '144A'
6.625% 11/12/2024
3,339,000
Honduras
USD 4,474,000
USD 11,416,000
USD 8,720,000
0.25
Guatemala
USD 4,821,000
El Salvador
USD 12,022,000
7,194,987
Ghana
GHC 800,000
Egypt
USD 19,140,000
% of
Net
Assets
Georgia
USD 7,060,000
USD 3,000,000
Ecuador
USD 14,892,000
Market
Value
(USD)
USD 16,656,000
20,478,772
0.71
3,860,469
0.13
24,339,241
0.84
USD 11,490,000
USD 2,806,000
Indonesia Government International
Bond 3.375% 15/4/2023*
2,225,579
Indonesia Government International
Bond 3.75% 25/4/2022
8,798,905
Indonesia Government International
Bond 4.125% 15/1/2025*
17,107,877
Indonesia Government International
Bond 4.75% 8/1/2026
12,289,359
Indonesia Government International
Bond 4.875% 5/5/2021
3,016,254
0.08
0.30
0.59
0.42
0.10
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
121
Emerging Markets Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 2,300,000
USD 5,015,000
USD 500,000
USD 3,701,000
USD 5,078,000
USD 3,041,000
USD 3,240,000
USD 3,300,000
USD 1,901,000
USD 1,490,000
USD 3,000,000
USD 2,923,000
USD 4,375,000
USD 3,634,000
USD 1,900,000
USD 9,310,000
Description
Market
Value
(USD)
Indonesia Government International
Bond 5.125% 15/1/2045*
2,417,047
Indonesia Government International
Bond 5.25% 17/1/2042
5,344,661
Indonesia Government International
Bond 5.25% 8/1/2047
535,479
Indonesia Government International
Bond 5.875% 13/3/2020
4,066,381
Indonesia Government International
Bond 5.875% 15/1/2024
5,780,389
Indonesia Government International
Bond 6.75% 15/1/2044
3,919,438
Indonesia Government International
Bond 11.625% 4/3/2019
3,860,492
Pertamina Persero PT 4.3%
20/5/2023*
3,400,617
Pertamina Persero PT 4.875%
3/5/2022
2,014,870
Pertamina Persero PT 5.25%
23/5/2021
1,598,137
Pertamina Persero PT 5.625%
20/5/2043
3,025,440
Pertamina Persero PT 6% 3/5/2042
3,057,458
Pertamina Persero PT 6.45%
30/5/2044
4,844,417
Pertamina Persero PT 6.5%
27/5/2041*
4,026,981
Perusahaan Listrik Negara PT 5.25%
24/10/2042
1,851,645
Perusahaan Listrik Negara PT 5.5%
22/11/2021
10,132,352
103,313,778
% of
Net
Assets
Iraq International Bond 5.8%
15/1/2028
Holding
USD 232,000
0.08
0.18
USD 2,609,000
0.02
USD 9,190,000
0.14
0.20
USD 4,102,000
0.13
USD 2,512,000
0.13
USD 9,609,000
0.12
USD 4,841,000
0.07
USD 3,697,000
0.06
USD 4,445,000
0.10
0.11
0.17
0.14
0.06
0.35
3.55
Iraq
USD 60,962,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
1.85
USD 14,210,000
KES 286,000,000
KES 288,500,000
8,871,120
0.30
Ireland
USD 8,214,000
USD 4,556,000
USD 8,410,000
USD 1,000,000
USD 2,334,000
Russian Railways via RZD Capital Plc
5.7% 5/4/2022
Vnesheconombank Via VEB Finance
Plc 4.224% 21/11/2018
Vnesheconombank Via VEB Finance
Plc 5.942% 21/11/2023
Vnesheconombank Via VEB Finance
Plc 6.8% 22/11/2025
Vnesheconombank Via VEB Finance
Plc 6.902% 9/7/2020
Jamaica Government International
Bond 6.75% 28/4/2028
4,661,357
0.16
9,039,068
0.31
1,117,500
0.04
2,596,575
0.09
26,285,620
0.90
USD 7,520,000
USD 24,910,000
USD 5,427,000
USD 5,185,000
USD 3,285,000
USD 10,670,000
USD 5,825,000
11,733,493
USD 3,867,000
Jordan Government International
Bond 5.75% 31/1/2027
Jordan Government International
Bond 6.125% 29/1/2026*
USD 4,348,000
USD 445,000
122
Development Bank of Kazakhstan
JSC 4.125% 10/12/2022
KazAgro National Management
Holding JSC 4.625% 24/5/2023
Kazakhstan Government
International Bond 3.875%
14/10/2024
BlackRock Global Funds (BGF)
0.01
2,520,946
0.09
9,966,555
0.34
4,829,080
0.17
2,725,520
0.09
9,560,955
0.33
5,332,361
0.18
4,099,049
0.14
4,817,269
0.16
60,717,657
2.08
3,677,175
0.12
14,041,256
0.48
2,530,113
0.09
2,555,664
0.09
5,231,881
0.18
28,036,089
0.96
Lebanon Government International
Bond 6% 27/1/2023
Lebanon Government International
Bond 6.1% 4/10/2022*
Lebanon Government International
Bond 6.2% 26/2/2025
Lebanon Government International
Bond 6.25% 27/5/2022*
Lebanon Government International
Bond 6.25% 4/11/2024
Lebanon Government International
Bond 6.375% 9/3/2020
Lebanon Government International
Bond 6.6% 27/11/2026
7,552,900
0.26
25,361,494
0.87
5,342,203
0.18
5,262,775
0.18
3,235,725
0.11
11,030,113
0.38
5,821,359
0.20
63,606,569
2.18
9,765,702
0.34
271,500
0.01
5,514,022
0.19
Lithuania
11,663,820
0.40
3,967,542
0.14
15,631,362
0.54
USD 8,327,000
USD 200,000
11,922,395
0.41
4,271,910
0.15
447,447
0.01
Lithuania Government International
Bond 6.625% 1/2/2022*
Luxembourg
USD 240,000
USD 5,334,000
Kazakhstan
USD 12,055,000
Kenya Government International
Bond 5.875% 24/6/2019
Kenya Government International
Bond 6.875% 24/6/2024
Kenya Infrastructure Bond 11%
12/10/2026
Kenya Infrastructure Bond 12%
6/10/2031
Kenya Infrastructure Bond 12.5%
12/5/2025
0.40
Jordan
USD 12,000,000
224,170
Lebanon
Jamaica
USD 10,453,000
Kazakhstan Government
International Bond '144A' 4.875%
14/10/2044
Kazakhstan Government
International Bond 4.875%
14/10/2044
Kazakhstan Government
International Bond 5.125%
21/7/2025*
Kazakhstan Government
International Bond 6.5%
21/7/2045
Kazakhstan Temir Zholy National Co
JSC 6.375% 6/10/2020
KazMunayGas National Co JSC
5.75% 30/4/2043
KazMunayGas National Co JSC
6.375% 9/4/2021
KazMunayGas National Co JSC 7%
5/5/2020
KazMunayGas National Co JSC
9.125% 2/7/2018
% of
Net
Assets
Kenya
USD 3,540,000
KES 566,600,000
53,951,370
Description
Market
Value
(USD)
Evraz Group SA 8.25% 28/1/2021
Russian Agricultural Bank OJSC Via
RSHB Capital SA 5.1% 25/7/2018
Russian Agricultural Bank OJSC
Via RSHB Capital SA 5.298%
27/12/2017
204,500
0.01
5,990,022
0.21
Emerging Markets Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
USD 3,423,000
Petronas Capital Ltd 3.5%
18/3/2025*
Petronas Capital Ltd 7.875%
22/5/2022*
Holding
USD 12,359,000
Malaysia
USD 11,353,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
11,628,509
0.40
4,240,149
0.14
15,868,658
0.54
USD 1,700,000
USD 6,000,000
USD 1,510,000
USD 3,368,000
USD 4,878,000
USD 8,662,000
USD 13,614,000
USD 5,597,000
USD 3,926,000
USD 13,802,000
USD 12,777,000
USD 2,065,000
USD 2,374,000
USD 2,200,000
USD 3,730,000
USD 4,700,000
USD 15,991,000
USD 9,030,000
USD 7,146,000
Comision Federal de Electricidad
4.875% 26/5/2021
Comision Federal de Electricidad
5.75% 14/2/2042
El Puerto de Liverpool SAB de CV
3.95% 2/10/2024*
Mexico City Airport Trust 4.25%
31/10/2026*
Mexico Government International
Bond 3.6% 30/1/2025
Mexico Government International
Bond 4% 2/10/2023
Mexico Government International
Bond 4.75% 8/3/2044
Mexico Government International
Bond 5.75% 12/10/2110
Mexico Government International
Bond 4.125% 21/1/2026*
Petroleos Mexicanos 3.5%
30/1/2023
Petroleos Mexicanos 4.25%
15/1/2025*
Petroleos Mexicanos 4.5%
23/1/2026
Petroleos Mexicanos 4.625%
21/9/2023*
Petroleos Mexicanos 4.875%
24/1/2022
Petroleos Mexicanos 5.625%
23/1/2046
Petroleos Mexicanos 6.5%
13/3/2027
Petroleos Mexicanos 6.5% 2/6/2041
Petroleos Mexicanos 6.625%
15/6/2035
Petroleos Mexicanos 6.75%
21/9/2047
Petroleos Mexicanos 6.875%
4/8/2026
Mozambique International Bond
10.5% 18/1/2023*
USD 6,925,000
0.36
Namibia International Bonds 5.25%
29/10/2025*
USD 6,264,000
USD 3,200,000
USD 8,865,000
Mongolia Government International
Bond 4.125% 5/1/2018*
Mongolia Government International
Bond 5.125% 5/12/2022
Mongolia Government International
Bond 10.875% 6/4/2021*
Trade & Development Bank of
Mongolia LLC 9.375% 19/5/2020
2,439,030
0.08
1,636,250
0.06
USD 4,820,000
5,835,000
0.20
USD 4,997,500
1,506,527
0.05
3,346,108
0.11
5,003,609
0.17
8,268,044
0.28
13,217,833
0.45
5,734,126
0.20
3,728,915
0.13
13,155,100
0.45
12,093,431
0.42
2,070,782
0.07
2,436,317
0.08
USD 200,000
Morocco Government International
Bond 4.25% 11/12/2022
OCP SA '144A' 4.5% 22/10/2025
0.50
4,376,798
0.15
7,063,500
0.24
1,913,560
5,746,000
0.20
7,697,580
0.26
5,073,050
0.17
16,238,860
0.56
8,967,241
0.31
7,811,471
0.27
123,925,131
4.26
2,920,140
5,856,840
USD 5,131,000
USD 523,000
Nigeria Government International
Bond 7.875% 16/2/2032
3,656,000
0.13
9,419,062
0.32
21,852,042
0.75
USD 16,642,000
0.07
0.01
0.25
Oman Government International
Bond 4.75% 15/6/2026*
24,724,779
0.85
Pakistan Government International
Bond 7.25% 15/4/2019
Pakistan Government International
Bond 8.25% 15/4/2024*
Pakistan Government International
Bond 8.25% 30/9/2025
5,192,099
0.18
5,752,266
0.20
591,356
0.02
11,535,721
0.40
Panama Government International
Bond 3.875% 17/3/2028
Panama Government International
Bond 4% 22/9/2024
Panama Government International
Bond 4.3% 29/4/2053*
10,002,025
0.34
31,122,256
1.07
15,934,715
0.55
57,058,996
1.96
9,471,000
0.33
Paraguay
USD 9,240,000
USD 300,000
Paraguay Government International
Bond 5% 15/4/2026
Paraguay Government International
Bond 6.1% 11/8/2044
310,500
0.01
9,781,500
0.34
5,753,594
0.20
24,820,939
0.85
17,730,721
0.61
6,558,420
0.23
Peru
USD 5,750,000
USD 21,057,000
USD 13,763,000
USD 5,016,000
USD 1,378,000
2,117,902
196,500
7,265,025
Panama
0.10
0.20
0.18
0.81
Pakistan
USD 4,851,000
USD 29,605,000
0.14
0.16
5,147,425
23,664,055
Oman
USD 25,130,000
0.07
3,962,752
4,560,175
GTH Finance BV 7.25% 26/4/2023
Kazakhstan Temir Zholy Finance BV
6.95% 10/7/2042
Petrobras Global Finance BV 7.375%
17/1/2027
Republic of Angola Via Northern
Lights III BV 7% 16/8/2019*
Nigeria
USD 6,870,000
USD 9,830,000
Morocco
USD 2,034,000
0.42
14,457,120
Netherlands
USD 5,200,000
USD 7,194,000
Mongolia
USD 2,929,000
12,142,718
Namibia
MTN Mauritius Investment Ltd 6.5%
13/10/2026
10,506,000
Mexico
USD 2,334,000
OCP SA 4.5% 22/10/2025*
% of
Net
Assets
Mozambique
USD 6,557,000
Mauritius
USD 10,200,000
Description
Market
Value
(USD)
Fondo MIVIVIENDA SA 3.5%
31/1/2023*
Peruvian Government International
Bond 5.625% 18/11/2050*
Peruvian Government International
Bond 6.55% 14/3/2037*
Peruvian Government International
Bond 7.35% 21/7/2025
Peruvian Government International
Bond 8.75% 21/11/2033
2,076,725
0.07
56,940,399
1.96
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
123
Emerging Markets Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
USD 4,899,000
USD 4,278,000
USD 6,824,000
USD 2,211,000
Philippine Government International
Bond 3.7% 1/3/2041
Philippine Government International
Bond 4.2% 21/1/2024*
Philippine Government International
Bond 5.5% 30/3/2026*
Philippine Government International
Bond 6.375% 15/1/2032
Philippine Government International
Bond 7.75% 14/1/2031
743,182
0.03
USD 6,291,000
5,348,165
0.18
USD 7,400,000
5,112,467
0.18
USD 20,482,000
8,888,362
0.30
3,168,971
0.11
23,261,147
0.80
USD 11,343,000
USD 4,423,000
USD 5,945,000
Republic of Poland Government
International Bond 3.25%
6/4/2026
2,974,080
Republic of Poland Government
International Bond 5% 23/3/2022 12,483,765
Republic of Poland Government
International Bond 5.125%
21/4/2021*
4,857,007
Republic of Poland Government
International Bond 3%
17/3/2023*
5,971,185
26,286,037
0.10
0.43
0.17
0.20
0.90
Romania
USD 3,656,000
USD 3,834,000
USD 8,284,000
Romanian Government International
Bond 4.375% 22/8/2023*
Romanian Government International
Bond 4.875% 22/1/2024
Romanian Government International
Bond 6.75% 7/2/2022
USD 35,800,000
USD 15,400,000
USD 13,400,000
USD 600,000
Russian Foreign Bond - Eurobond
4.5% 4/4/2022
Russian Foreign Bond - Eurobond
4.75% 27/5/2026
Russian Foreign Bond - Eurobond
4.875% 16/9/2023
Russian Foreign Bond - Eurobond
5% 29/4/2020
Russian Foreign Bond - Eurobond
5.625% 4/4/2042
3,852,510
0.13
4,159,890
0.14
9,609,440
0.33
17,621,840
0.60
USD 1,900,000
Senegal Government International
Bond 6.25% 30/7/2024
Senegal Government International
Bond 8.75% 13/5/2021
USD 3,890,000
USD 3,603,000
USD 4,303,000
USD 10,640,000
19,001,500
0.65
USD 434,000
37,572,100
1.29
USD 4,600,000
16,608,900
0.57
USD 7,069,000
14,472,000
0.50
USD 11,463,000
658,500
0.02
88,313,000
3.03
USD 2,090,000
USD 7,590,000
1,584,596
USD 6,275,000
Serbia International Bond 4.875%
25/2/2020
Serbia International Bond 5.875%
3/12/2018
2,163,625
0.07
3,748,221
0.13
124
Eskom Holdings SOC Ltd 5.75%
26/1/2021
BlackRock Global Funds (BGF)
% of
Net
Assets
6,219,000
0.21
6,530,058
0.23
7,144,700
0.25
21,188,629
0.73
10,006,450
0.34
3,525,950
0.12
1,570,594
0.05
4,179,805
0.14
4,010,139
0.14
4,744,058
7,375,177
0.16
0.25
101,734,565
3.49
Bank of Ceylon 5.325% 16/4/2018
Bank of Ceylon 6.875% 3/5/2017
National Savings Bank 8.875%
18/9/2018
Sri Lanka Government International
Bond 5.75% 18/1/2022*
Sri Lanka Government International
Bond 5.875% 25/7/2022
Sri Lanka Government International
Bond '144A' 6.125% 3/6/2025
Sri Lanka Government International
Bond 6.125% 3/6/2025*
Sri Lanka Government International
Bond 6.25% 4/10/2020*
Sri Lanka Government International
Bond 6.25% 27/7/2021*
Sri Lanka Government International
Bond 6.825% 18/7/2026
Sri Lanka Government International
Bond 6.85% 3/11/2025
3,507,303
2,238,428
0.12
0.08
536,373
0.02
8,866,466
0.30
11,071,292
0.38
439,132
0.02
4,654,395
0.16
7,527,601
0.26
12,236,351
0.42
2,183,799
0.07
7,935,687
0.27
61,196,827
2.10
992,500
0.03
Suriname
USD 1,000,000
Republic of Suriname 9.25%
26/10/2026
Trinidad and Tobago
30,652,560
1.05
USD 509,208
6,598,162
0.23
USD 12,120,000
37,250,722
1.28
USD 2,840,000
South Africa
USD 24,867,000
Eskom Holdings SOC Ltd 6.75%
6/8/2023
Eskom Holdings SOC Ltd 7.125%
11/2/2025*
Republic of South Africa
Government International Bond
4.3% 12/10/2028
Republic of South Africa
Government International Bond
4.665% 17/1/2024*
Republic of South Africa
Government International Bond
4.875% 14/4/2026
Republic of South Africa
Government International Bond
5% 12/10/2046
Republic of South Africa
Government International Bond
5.375% 24/7/2044
Republic of South Africa
Government International Bond
5.5% 9/3/2020
Republic of South Africa
Government International Bond
5.875% 30/5/2022
Republic of South Africa
Government International Bond
5.875% 16/9/2025
Transnet SOC Ltd 4% 26/7/2022
0.06
Serbia
USD 29,616,000
Description
Market
Value
(USD)
Sri Lanka
USD 3,445,000
USD 2,223,000
USD 500,000
USD 8,530,000
Senegal
USD 1,566,000
USD 1,523,000
USD 7,478,000
Russian Federation
USD 17,800,000
USD 9,715,000
USD 3,635,000
Poland
USD 3,000,000
Holding
USD 6,000,000
Philippines
USD 750,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
25,240,005
0.87
Petroleum Co of Trinidad & Tobago
Ltd 6% 8/5/2022*
500,297
Trinidad & Tobago Government
International Bond 4.5%
4/8/2026*
12,256,350
Trinidad Generation UnLtd 5.25%
4/11/2027
2,851,360
15,608,007
0.02
0.42
0.10
0.54
Emerging Markets Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 6,972,000
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Tunisia
USD 21,160,081
Banque Centrale de Tunisie
International Bond 5.75%
30/1/2025
USD 39,183,941
6,658,260
0.23
Description
Uruguay Government International
Bond 4.375% 27/10/2027
Uruguay Government International
Bond 5.1% 18/6/2050
Turkey
USD 2,223,000
USD 2,800,000
USD 7,540,000
USD 10,525,000
USD 21,170,000
USD 15,412,000
USD 5,552,000
USD 12,168,000
USD 6,220,000
USD 8,280,000
USD 1,545,000
USD 1,934,000
USD 4,702,000
Export Credit Bank of Turkey '144A'
5% 23/9/2021
Export Credit Bank of Turkey 5.375%
24/10/2023*
Turkey Government International
Bond 4.25% 14/4/2026
Turkey Government International
Bond 4.875% 9/10/2026
Turkey Government International
Bond 4.875% 16/4/2043
Turkey Government International
Bond 5.125% 25/3/2022*
Turkey Government International
Bond 5.625% 30/3/2021
Turkey Government International
Bond 5.75% 22/3/2024
Turkey Government International
Bond 6% 14/1/2041
Turkey Government International
Bond 6.625% 17/2/2045
Turkey Government International
Bond 6.75% 3/4/2018
Turkey Government International
Bond 7% 11/3/2019
Turkey Government International
Bond 7.5% 7/11/2019
0.08
USD 59,480,090
2,758,000
0.09
USD 3,422,940
6,932,087
0.24
USD 6,325,000
10,038,219
0.34
USD 44,564,935
17,756,337
0.61
USD 8,182,723
15,700,975
0.54
USD 7,200,000
5,808,780
0.20
USD 7,000
12,548,250
0.43
USD 33,375,800
6,064,500
0.21
USD 4,614,800
8,694,000
0.30
USD 18,500,000
1,614,332
0.05
USD 1,778,000
2,079,050
0.07
USD 29,734,000
5,172,200
0.18
USD 23,911,800
97,370,279
3.34
Ukraine
USD 16,685,000
USD 18,725,000
USD 12,040,000
USD 8,460,000
USD 9,890,000
USD 9,600,000
Ukraine Government International
Bond 7.75% 1/9/2019
Ukraine Government International
Bond 7.75% 1/9/2020
Ukraine Government International
Bond 7.75% 1/9/2021*
Ukraine Government International
Bond 7.75% 1/9/2022
Ukraine Government International
Bond 7.75% 1/9/2024
Ukraine Government International
Bond 7.75% 1/9/2026*
Ukraine Government International
Bond 7.75% 1/9/2027
14,163,374
0.49
16,634,945
0.57
18,453,487
0.63
11,726,960
0.40
ZMW 20,000,000
USD 4,612,000
8,020,080
0.27
USD 13,151,000
9,232,315
0.32
USD 15,614,000
8,932,800
0.31
USD 7,586,000
87,163,961
2.99
ZMW 20,000,000
7,033,020
4,538,208
0.16
0.40
United States
USD 5,000,000
SUAM Finance BV 4.875%
17/4/2024
5,248,500
0.18
3,274,368
0.11
36,979,844
1.27
62,154,896
2.13
Petroleos de Venezuela SA 6%
16/5/2024*
Petroleos de Venezuela SA 6%
15/11/2026
Petroleos de Venezuela SA 8.5%
27/10/2020*
Petroleos de Venezuela SA 9%
17/11/2021*
Petroleos de Venezuela SA 9.75%
17/5/2035
Petroleos de Venezuela SA 12.75%
17/2/2022*
Venezuela Government International
Bond FRN 15/4/2020
Venezuela Government International
Bond 7.75% 13/10/2019
Venezuela Government International
Bond 8.25% 13/10/2024
Venezuela Government International
Bond 9% 7/5/2023
Venezuela Government International
Bond 9.375% 13/1/2034
Venezuela Government International
Bond 11.75% 21/10/2026
Venezuela Government International
Bond 11.95% 5/8/2031
Venezuela Government International
Bond 12.75% 23/8/2022*
23,494,636
0.81
1,291,989
0.04
5,139,063
0.18
25,433,208
0.87
4,072,950
0.14
4,852,800
0.17
446
0.00
21,861,149
0.75
2,255,253
0.08
9,805,000
0.34
884,555
0.03
17,623,342
0.60
14,197,631
0.49
11,827,793
0.40
142,739,815
4.90
Vietnam Government International
Bond 4.8% 19/11/2024
2,379,858
0.08
Zambia Government Bond
11% 26/5/2020
Zambia Government International
Bond 5.375% 20/9/2022*
Zambia Government International
Bond 8.5% 14/4/2024
Zambia Government International
Bond 8.97% 30/7/2027
Zambia Government International
Bond '144A' 8.97% 30/7/2027
Zambia Government International
Bond 11% 23/5/2021
1,665,797
0.06
12,230,430
0.42
16,160,490
0.55
7,946,335
0.27
928,085
0.03
1,629,074
0.06
40,560,211
1.39
Total Bonds
2,572,906,617
88.35
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
2,641,324,477
90.70
0.24
11,571,228
0.75
Zambia
United Kingdom
Ukreximbank Via Biz Finance Plc
9.625% 27/4/2022
Ukreximbank Via Biz Finance Plc
9.75% 22/1/2025
21,900,684
Vietnam
USD 2,333,000
USD 886,000
USD 7,005,000
% of
Net
Assets
Venezuela
2,203,549
USD 17,099,600
USD 14,044,000
Market
Value
(USD)
Uruguay
USD 3,763,641
Uruguay Government International
Bond 4.125% 20/11/2045*
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
125
Emerging Markets Bond Fund continued
Portfolio of Investments 28 February 2017
Other Transferable Securities
Holding
Description
Market
Value
(USD)
% of
Net
Assets
1,159
0.00
BONDS
United States
USD 16,111
USD 16,111
Lehman Brothers Holdings Inc
(Defaulted) 31/12/2049
(Zero Coupon)**
Lehman Brothers Special Finance
(Defaulted) 31/12/2049
(Zero Coupon)**
158
0.00
1,317
0.00
Total Bonds
1,317
0.00
Total Other Transferable Securities
1,317
0.00
2,641,325,794
90.70
Total Portfolio
Other Net Assets
Total Net Assets (USD)
270,814,645
9.30
2,912,140,439
100.00
∞ Cross umbrella holding and investment in connected party fund, see further information
in Note 11.
* All or a portion of this security represents a security on loan.
** Security subject to a fair value adjustment as detailed in Note 2(j).
126
BlackRock Global Funds (BGF)
Emerging Markets Bond Fund continued
Open Exchange Traded Futures Contracts
as at 28 February 2017
Number
of contracts
Currency
(174)
(333)
(198)
(389)
(689)
EUR
EUR
USD
USD
USD
Unrealised
appreciation/
(depreciation)
USD
Contract/Description
Expiration
date
Underlying
exposure
USD
Euro Bund
30 Year Euro-BUXL
US Treasury 10 Year Note (CBT)
US Ultra Bond (CBT)
US Long Bond (CBT)
March 2017
March 2017
June 2017
June 2017
June 2017
30,660,359
61,393,388
24,685,031
62,908,594
104,448,094
(706,607)
(771,906)
41,766
100,289
16,338
284,095,466
(1,320,120)
Total
Credit Default Swaps as at 28 February 2017
Nominal
Value
USD 6,450,000
USD 15,000,000
USD 9,500,000
USD 17,500,000
USD 16,000,000
USD 10,500,000
EUR 70,000,000
USD 20,000,000
USD 13,000,000
USD 11,000,000
EUR 30,000,000
USD 16,000,000
USD 6,600,000
USD 10,000,000
USD 14,000,000
USD 20,000,000
USD 13,500,000
USD 6,750,000
Description
Fund receives default protection on Mexico (United Mexican States)
(Government); and pays Fixed 1%
Fund receives default protection on Turkey (Republic of);
and pays Fixed 1%
Fund receives default protection on Brazil Federative Republic of
(Government); and pays Fixed 1%
Fund receives default protection on Thailand (Kingdom of);
and pays Fixed 1%
Fund receives default protection on Turkey (Republic of);
and pays Fixed 1%
Fund receives default protection on Brazil Federative Republic of
(Government); and pays Fixed 1%
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
Fund receives default protection on Turkey (Republic of);
and pays Fixed 1%
Fund receives default protection on Mexico (United Mexican States)
(Government); and pays Fixed 1%
Fund receives default protection on Mexico (United Mexican States)
(Government); and pays Fixed 1%
Fund receives default protection on ITRAXX.XO.26.V1;
and pays Fixed 5%
Fund receives default protection on Turkey (Republic of);
and pays Fixed 1%
Fund receives default protection on Turkey (Republic of);
and pays Fixed 1%
Fund receives default protection on Turkey (Republic of);
and pays Fixed 1%
Fund receives default protection on South Africa (Republic of);
and pays Fixed 1%
Fund receives default protection on Turkey (Republic of);
and pays Fixed 1%
Fund receives default protection on Mexico (United Mexican States)
(Government); and pays Fixed 1%
Fund receives default protection on Mexico (United Mexican States)
(Government); and pays Fixed 1%
Total (USD underlying exposure – USD 383,260,415)
Counterparty
Expiration
Date
Unrealised
depreciation
USD
Market
Value
USD
Bank of America
20/12/2021
(115,647)
109,693
Barclays
20/12/2021
(160,394)
909,938
Barclays
20/12/2021
(225,573)
505,897
BNP Paribas
20/12/2021
(361,141)
(359,338)
BNP Paribas
20/12/2021
(300,122)
970,600
Citibank
Citigroup
20/12/2021
20/12/2021
(302,834)
(1,417,183)
559,150
(6,658,380)
Citigroup
20/12/2021
(395,338)
1,213,250
Goldman Sachs
20/12/2021
(185,059)
221,086
Goldman Sachs
20/12/2021
(175,696)
187,073
Goldman Sachs
20/12/2021
(391,167)
(2,853,591)
HSBC Bank Plc
20/12/2021
(303,324)
970,600
JP Morgan
20/12/2021
(71,231)
418,631
JP Morgan
20/12/2021
(214,562)
606,625
Morgan Stanley
20/12/2021
(405,115)
563,020
Morgan Stanley
20/12/2021
(205,712)
1,213,250
UBS
20/12/2021
(357,669)
229,590
UBS
20/12/2021
(152,527)
(5,740,294)
114,795
(1,078,111)
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
127
Emerging Markets Bond Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
EGP
EGP
Purchases
24,284,000
13,000,000
Currency
USD
USD
Sales
1,300,000
677,789
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
USD
date
Citibank 14/3/2017
Citibank 20/3/2017
Net unrealised appreciation
202,593
117,392
Summary of Financial Derivative Instruments
Swaps
Credit Default Swaps
(1,078,111)
Market value of swaps
(1,078,111)
319,985
Unrealised
depreciation
USD
AUD Hedged Share Class
AUD
USD
11,960,367
275,828
USD
AUD
9,140,387
361,359
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
43,722
(1,652)
42,070
CAD Hedged Share Class
CAD
USD
403,412
33,660
USD
CAD
307,400
43,916
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(2,127)
428
(1,699)
CHF Hedged Share Class
CHF
USD
13,107,104
65,548
USD
CHF
13,136,594
65,704
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(74,115)
68
(74,047)
EUR Hedged Share Class
EUR
USD
838,587,812
421,552
USD
EUR
896,415,035
397,455
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(6,534,035)
(212)
(6,534,247)
GBP Hedged Share Class
GBP
USD
11,173,496
89,286
USD
GBP
14,034,608
71,896
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(132,769)
(164)
(132,933)
HKD Hedged Share Class
HKD
USD
574,412,099
2,749,970
USD
HKD
74,081,277
21,334,213
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(64,650)
922
(63,728)
NZD Hedged Share Class
NZD
USD
254,932
86,966
USD
NZD
183,654
120,872
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
156
(185)
(29)
ZAR Hedged Share Class
USD
ZAR
193,725
14,974,294
ZAR
USD
2,537,356
1,112,022
Net unrealised appreciation
Total net unrealised depreciation
(USD underlying exposure – USD 1,007,424,948)
128
Market
Value
USD
BlackRock Global Funds (BGF)
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
(389)
33,621
33,232
(6,411,396)
Open exchange traded futures contracts
Open forward foreign exchange contracts
(1,320,120)
(6,411,396)
Emerging Markets Corporate Bond Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
BONDS
USD 1,745,000
USD 1,200,000
USD 1,400,000
USD 839,000
USD 1,800,000
USD 1,446,000
USD 800,000
USD 500,000
Argentine Republic Government
International Bond 5.625%
26/1/2022
Argentine Republic Government
International Bond 6.875%
26/1/2027
Banco Hipotecario SA 9.75%
30/11/2020
Pampa Energia SA 7.5% 24/1/2027*
Petrobras Argentina SA 7.375%
21/7/2023*
Provincia de Buenos Aires/Argentina
'144A' 5.75% 15/6/2019
YPF SA 8.5% 23/3/2021
YPF SA 8.5% 28/7/2025*
YPF SA 8.875% 19/12/2018
USD 500,000
348,277
1,743,294
1,350,000
1,419,600
870,211
0.25
1.23
0.95
1.00
0.62
Suzano Austria GmbH 5.75%
14/7/2026*
Intercorp Peru Ltd 5.875%
12/2/2025
USD 1,200,000
USD 700,000
USD 1,523,000
USD 1,200,000
USD 900,000
1.32
1.13
0.61
0.39
USD 1,000,000
USD 200,000
10,608,697
7.50
USD 800,000
USD 1,300,000
1,236,068
0.87
USD 1,885,000
USD 700,000
Bahamas
USD 1,000,000
USD 1,300,000
1,867,500
1,594,215
868,073
547,527
Austria
USD 1,200,000
1,035,000
Bahrain Government International
Bond 7% 12/10/2028
773,322
0.55
CBQ Finance Ltd 3.25% 13/6/2021
Digicel Group Ltd 8.25% 30/9/2020
Digicel Ltd 6% 15/4/2021*
Tengizchevroil Finance Co
International Ltd 4% 15/8/2026
501,563
2,022,422
2,744,348
0.36
1.43
1.94
1,736,100
1.23
7,004,433
4.96
USD 2,600,000
USD 1,747,000
USD 1,300,000
Banco Bradesco SA/Cayman Islands
5.9% 16/1/2021
Banco do Brasil SA/Cayman FRN
20/10/2020 (Perpetual)*
Banco do Brasil SA/Cayman FRN
15/4/2024 (Perpetual)
Itau Unibanco Holding SA/Cayman
Island 5.125% 13/5/2023
USD 1,000,000
USD 1,000,000
USD 1,871,000
USD 1,400,000
USD 800,000
USD 523,000
USD 500,000
USD 1,000,000
Brazil
USD 800,000
856,000
0.61
2,806,050
1.98
1,426,163
1.01
USD 500,000
USD 500,000
USD 500,000
USD 500,000
0.36
506,874
0.36
1,303,900
0.92
1,260,364
744,527
0.89
0.53
1,617,956
1.14
1,235,525
0.87
959,284
1,043,750
0.68
0.74
98,000
0.07
870,000
0.62
1,285,381
0.91
2,089,994
1.48
Central American Bottling Corp
5.75% 31/1/2027*
Franshion Development Ltd 6.75%
15/4/2021
Huarong Finance Co Ltd 4%
17/7/2019
Huarong Finance II Co Ltd 5%
19/11/2025
Wanda Properties Overseas Ltd
4.875% 21/11/2018
768,250
0.54
14,291,283
10.11
AES Gener SA 5% 14/7/2025
Cencosud SA 5.15% 12/2/2025
Corp Nacional del Cobre de Chile
3.875% 3/11/2021*
Empresa de Transporte de Pasajeros
Metro SA 5% 25/1/2047
Empresa Nacional de
Telecomunicaciones SA 4.75%
1/8/2026
Empresa Nacional del Petroleo
'144A' 3.75% 5/8/2026
SACI Falabella 3.75% 30/4/2023
SACI Falabella '144A' 4.375%
27/1/2025
1,016,635
1,052,500
0.72
0.74
1,972,883
1.40
1,443,400
1.02
820,000
0.58
508,650
510,611
0.36
0.36
1,036,250
0.73
8,360,929
5.91
1,065,895
0.76
China
1,329,250
0.94
6,417,463
4.54
USD 1,000,000
USD 1,400,000
British Virgin Islands
USD 2,267,000
507,478
Chile
Bermuda
USD 500,000
USD 2,282,000
USD 2,943,000
USD 1,800,000
Alibaba Group Holding Ltd 3.125%
28/11/2021
Alibaba Group Holding Ltd 3.6%
28/11/2024
Alpha Star Holding Ltd 4.97%
9/4/2019
Country Garden Holdings Co Ltd
7.25% 4/4/2021
FWD Ltd 5% 24/9/2024*
GrupoSura Finance SA 5.5%
29/4/2026
Hutchison Whampoa International
14 Ltd 3.625% 31/10/2024
Longfor Properties Co Ltd 6.75%
29/1/2023
MAF Sukuk Ltd 4.5% 3/11/2025
Odebrecht Finance Ltd 4.375%
25/4/2025
Shimao Property Holdings Ltd
8.125% 22/1/2021*
TVB Finance Ltd 3.625%
11/10/2021
Vale Overseas Ltd 6.25%
10/8/2026*
Vale Overseas Ltd 6.875%
10/11/2039*
0.73
Bahrain
USD 740,000
% of
Net
Assets
Cayman Islands
USD 500,000
Argentina
USD 345,000
Description
Market
Value
(USD)
Bank of China Ltd 5% 13/11/2024
Industrial & Commercial Bank of
China Ltd 4.875% 21/9/2025
1,485,247
1.05
2,551,142
1.81
1,323,922
2,200,862
1,493,800
0.93
1.56
1.06
5,018,584
3.55
1,099,219
0.78
Colombia
USD 1,262,000
2,367,881
1.67
562,864
0.40
509,196
0.36
521,456
0.37
511,250
0.36
4,472,647
3.16
USD 2,133,000
USD 1,400,000
Banco de Bogota SA 6.25%
12/5/2026
Ecopetrol SA 5.375% 26/6/2026
Ecopetrol SA 7.375% 18/9/2043
Curacao
USD 1,049,000
SUAM Finance BV '144A' 4.875%
17/4/2024
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
129
Emerging Markets Corporate Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Aeropuertos Dominicanos Siglo XXI
SA 6.75% 30/3/2029
2,150,400
1.52
Georgian Oil and Gas Corp JSC
6.75% 26/4/2021
USD 1,100,000
USD 1,400,000
USD 1,005,000
Georgia
USD 1,000,000
Holding
USD 200,000
Dominican Republic
USD 2,048,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
1,056,250
0.75
USD 1,915,000
Hong Kong
USD 1,000,000
USD 1,300,000
USD 1,008,000
Lenovo Group Ltd 4.7% 8/5/2019
Vanke Real Estate Hong Kong Co
Ltd 3.95% 23/12/2019
Wheelock Finance Ltd 2.75%
2/7/2017
1,038,242
0.73
USD 800,000
1,335,275
0.94
USD 200,000
1,010,657
0.72
USD 200,000
3,384,174
2.39
India
USD 1,000,000
Reliance Industries Ltd 4.125%
28/1/2025
USD 1,800,000
USD 500,000
1,020,549
0.72
1,806,408
1.28
USD 1,030,000
1,394,250
0.99
USD 1,000,000
214,250
0.15
USD 700,000
224,250
0.16
USD 1,430,000
1,219,500
0.86
Indonesia
USD 1,754,000
Bukit Makmur Mandiri Utama PT
7.75% 13/2/2022
USD 200,000
USD 200,000
USD 1,200,000
USD 200,000
Alfa Bank AO Via Alfa Bond Issuance
Plc 8% 3/2/2022 (Perpetual)
MMC Norilsk Nickel OJSC via MMC
Finance DAC 5.55% 28/10/2020
MMC Norilsk Nickel OJSC via MMC
Finance DAC 6.625% 14/10/2022
Novolipetsk Steel via Steel Funding
DAC 4.5% 15/6/2023
Rosneft Oil Co via Rosneft
International Finance Ltd
4.199% 6/3/2022
USD 600,000
AngloGold Ashanti Holdings Plc
5.125% 1/8/2022
Sasol Financing International Ltd
4.5% 14/11/2022
201,500
0.14
3,253,750
2.30
USD 1,100,000
Delek & Avner Tamar Bond Ltd
'144A' 5.082% 30/12/2023
Israel Electric Corp Ltd '144A' 5%
12/11/2024*
833,000
0.59
610,011
0.43
1,443,011
1.02
Polyus Gold International Ltd
4.699% 28/3/2022
1,268,250
0.90
1,156,375
0.82
2,424,625
1.72
USD 750,000
KazMunayGas National Co JSC
5.75% 30/4/2043
Zhaikmunai LLP 7.125% 13/11/2019
USD 592,000
USD 500,000
USD 1,223,000
USD 1,000,000
1,408,750
1.00
USD 500,000
USD 1,600,000
562,175
735,956
0.40
0.52
1,298,131
0.92
USD 1,475,000
USD 500,000
USD 700,000
Luxembourg
USD 1,000,000
USD 1,400,000
130
ALROSA Finance SA 7.75%
3/11/2020
Evraz Group SA 6.5% 22/4/2020
BlackRock Global Funds (BGF)
1,148,125
1,446,375
0.81
1.02
1,030,125
0.73
1,977,238
1.40
826,000
0.58
205,126
0.15
200,480
0.14
1,969,200
1.39
546,562
0.39
12,190,117
8.62
Greenko Investment Co 4.875%
16/8/2023
992,663
0.70
BBVA Bancomer SA/Texas 4.375%
10/4/2024
Gruma SAB de CV 4.875%
1/12/2024
Grupo Financiero Santander
Mexico SAB de CV FRN
20/1/2022 (Perpetual)
Petroleos Mexicanos FRN 11/3/2022
Trust F/1401 5.25% 30/1/2026*
Trust F/1401 6.95% 30/1/2044
1,026,328
0.73
740,250
0.52
1,435,899
847,054
1,389,582
389,000
1.02
0.60
0.98
0.27
5,828,113
4.12
USD 1,123,000
1,147,500
1,490,636
0.81
1.06
OCP SA 4.5% 22/10/2025
OCP SA 5.625% 25/4/2024
581,640
531,875
0.41
0.38
1,113,515
0.79
1,425,883
884,000
1.01
0.62
1,125,025
0.80
1,283,844
0.91
935,160
0.66
2,451,998
1.73
402,500
0.28
1,401,040
0.99
1,552,438
1.10
559,475
0.40
736,313
1,201,610
0.52
0.85
13,959,286
9.87
Netherlands
USD 2,416,000
Kazakhstan
USD 565,000
USD 804,000
USD 1,400,000
USD 400,000
USD 1,344,000
USD 800,000
USD 1,100,000
Jersey
USD 1,400,000
0.14
Morocco
Israel
USD 1,200,000
202,750
Mexico
Isle of Man
USD 800,000
Gazprom Neft OAO Via GPN Capital
SA 4.375% 19/9/2022
Gazprom OAO Via Gaz Capital SA
4.95% 19/7/2022
Kernel Holding SA 8.75% 31/1/2022*
Raizen Fuels Finance SA '144A'
5.3% 20/1/2027
Rumo Luxembourg Sarl 7.375%
9/2/2024
Rumo Luxembourg Sarl '144A'
7.375% 9/2/2024
Sberbank of Russia Via SB Capital SA
5.125% 29/10/2022
Sberbank of Russia Via SB Capital SA
5.4% 24/3/2017
Severstal OAO Via Steel Capital SA
5.9% 17/10/2022
VTB Bank OJSC Via VTB Capital SA
6.95% 17/10/2022
% of
Net
Assets
Mauritius
Ireland
USD 1,300,000
Description
Market
Value
(USD)
GTH Finance BV 6.25% 26/4/2020
GTH Finance BV 7.25% 26/4/2023
Lukoil International Finance BV
4.563% 24/4/2023
Myriad International Holdings BV
5.5% 21/7/2025
Petrobras Global Finance BV
4.375% 20/5/2023
Petrobras Global Finance BV
5.375% 27/1/2021
Petrobras Global Finance BV
5.625% 20/5/2043
Petrobras Global Finance BV
6.85% 5/6/2115
Petrobras Global Finance BV
7.375% 17/1/2027
Petrobras Global Finance BV
8.375% 23/5/2021
VimpelCom Holdings BV 5.95%
13/2/2023
VTR Finance BV 6.875% 15/1/2024
Emerging Markets Corporate Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Oman
USD 990,000
Oman Government International
Bond 3.625% 15/6/2021*
Global Bank Corp 4.5%
20/10/2021
995,569
0.70
USD 600,000
USD 800,000
1,300,000
USD 708,000
Corp Financiera de Desarrollo SA
3.25% 15/7/2019
InRetail Consumer '144A' 5.25%
10/10/2021
Rizal Commercial Banking Corp
3.45% 2/2/2021
1,338,350
611,250
909,200
0.95
0.43
0.64
2,858,800
2.02
2,947,763
2.09
United Kingdom
USD 2,700,000
408,000
0.29
731,293
0.52
1,139,293
0.81
783,629
0.55
Philippines
USD 773,000
Abu Dhabi National Energy Co
PJSC 4.375% 22/6/2026
DP World Ltd 3.25% 18/5/2020
DP World Ltd 6.85% 2/7/2037
0.92
Peru
USD 400,000
% of
Net
Assets
United Arab Emirates
USD 1,300,000
Panama
USD 1,300,000
Description
Market
Value
(USD)
Fresnillo Plc 5.5% 13/11/2023
United States
USD 700,000
Cemex Finance LLC 6% 1/4/2024
Total Bonds
729,750
0.52
136,233,685
96.37
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
136,233,685
96.37
Total Portfolio
136,233,685
96.37
Singapore
USD 1,300,000
Theta Capital Pte Ltd 7% 11/4/2022
1,372,947
0.97
Total Net Assets (USD)
South Africa
USD 1,300,000
Transnet SOC Ltd 4% 26/7/2022
Other Net Assets
1,282,125
0.91
500,458
510,312
0.35
0.36
610,500
2,375,232
0.43
1.68
600,000
0.43
632,250
0.45
1,396,528
0.99
6,625,280
4.69
5,132,240
3.63
141,365,925
100.00
Turkey
USD 500,000
USD 500,000
USD 600,000
USD 2,400,000
USD 600,000
USD 600,000
USD 1,400,000
KOC Holding AS 3.5% 24/4/2020
KOC Holding AS 5.25% 15/3/2023
Turkcell Iletisim Hizmetleri AS 5.75%
15/10/2025
Turkiye Is Bankasi 5.5% 21/4/2022
Turkiye Sise ve Cam Fabrikalari AS
4.25% 9/5/2020*
Yapi ve Kredi Bankasi AS FRN
9/3/2026*
Yapi ve Kredi Bankasi AS 5.75%
24/2/2022
* All or a portion of this security represents a security on loan.
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
131
Emerging Markets Corporate Bond Fund continued
Open Exchange Traded Futures Contracts
as at 28 February 2017
Number
of contracts
Currency
(6)
(58)
USD
USD
Contract/Description
Expiration
date
Underlying
exposure
USD
Unrealised
appreciation
USD
US Ultra Bond (CBT)
US Treasury 10 Year Note (CBT)
June 2017
June 2017
970,312
7,230,969
1,547
12,234
8,201,281
13,781
Total
Purchased Call Options as at 28 February 2017
Number of
contracts
subject
to Call
Issuer/Description
Counterparty
Strike Price
Expiration
Date
14,000,000
OTC USD/KRW
BNP Paribas
USD 1,170
3/3/2017
Unrealised
depreciation
USD
Market
Value
USD
(55,825)
35
(55,825)
35
Expiration
Date
Unrealised
depreciation
USD
Market
Value
USD
20/12/2021
20/12/2021
(31,943)
(9,553)
106,505
50,735
20/12/2021
(38,227)
53,252
20/12/2021
(25,118)
34,013
20/12/2021
20/12/2021
20/12/2021
(67,024)
(33,541)
(39,964)
106,505
121,325
45,775
(245,370)
518,110
Total (USD underlying exposure – USD 22,884)
Credit Default Swaps as at 28 February 2017
Nominal
Value
USD 2,000,000
USD 1,000,000
USD 1,000,000
USD 2,000,000
USD 2,000,000
USD 2,000,000
USD 1,500,000
Description
Counterparty
Fund receives default protection on Brazil Federative Republic of
(Government); and pays Fixed 1%
Bank of America
Fund receives default protection on CDX.EM.26.V1; and pays Fixed 1%
Bank of America
Fund receives default protection on Brazil Federative Republic of
(Government); and pays Fixed 1%
Barclays
Fund receives default protection on Mexico (United Mexican States)
(Government); and pays Fixed 1%
Barclays
Fund receives default protection on Brazil Federative Republic of
(Government); and pays Fixed 1%
Barclays
Fund receives default protection on Turkey (Republic of); and pays Fixed 1%
Citibank
Fund receives default protection on Russian Federation; and pays Fixed 1%
Citibank
Total (USD underlying exposure – USD 12,896,070)
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
Sales
Counterparty
Unrealised
Maturity depreciation
USD
date
EUR Hedged Share Class
EUR
USD
10,375,438
720,236
USD
EUR
11,091,138
680,804
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(81,074)
(2,206)
(83,280)
GBP Hedged Share Class
GBP
17,820
USD
22,273
Net unrealised depreciation
Total net unrealised depreciation
(USD underlying exposure – USD 11,747,948)
BNY Mellon 14/3/2017
(103)
Summary of Financial Derivative Instruments
Swaps
Credit Default Swaps
518,110
Market value of swaps
518,110
Purchased options
Purchased Call Options
35
Market value of purchased options
35
(103)
Unrealised
appreciation/
(depreciation)
USD
(83,383)
Open exchange traded futures contracts
Open forward foreign exchange contracts
132
BlackRock Global Funds (BGF)
Market
Value
USD
13,781
(83,383)
Emerging Markets Equity Income Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
COMMON / PREFERRED STOCKS (SHARES) & P NOTES
Bermuda
36,977
Credicorp Ltd
929,244
786,458
2,330,620
479,381
AES Tiete Energia SA
AES Tiete Energia SA (Pref)
AES Tiete Energia SA
BB Seguridade Participacoes SA
CCR SA
EcoRodovias Infraestrutura
e Logistica SA
Hypermarcas SA
Itau Unibanco Holding SA ADR
Kroton Educacional SA
Qualicorp SA
Holding
Description
256,240
301,577
Biocon Ltd
Housing Development Finance
Corp Ltd
Indiabulls Housing Finance Ltd
InterGlobe Aviation Ltd
NTPC Ltd
Sun TV Network Ltd
Tata Consultancy Services Ltd
6,110,079
1.37
1,015,743
2,001,548
500,387
4,305,923
2,573,454
0.23
0.45
0.11
0.97
0.58
9,055,243
8,091,694
10,054,866
10,240,960
3,037,163
2.04
1.82
2.26
2.30
0.68
50,876,981
11.44
6,503,246
6,016,307
6,700,921
4,951,756
4,610,738
4,898,513
5,304,259
5,571,743
1.46
1.35
1.51
1.12
1.04
1.10
1.19
1.25
44,557,483
10.02
5,464,386
8,150,945
4,590,922
1.23
1.83
1.03
1,109,551
5,317,628
1.20
5,623,154
5,860,121
1.26
1.32
61,240,191
98,258
537,371
89,862
6,443,816
1.45
Brazil
196,638
1,945,877
486,469
468,054
442,565
3,065,377
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
717,734
379,888
4,360,826
787,315
114,223
ANTA Sports Products Ltd
Bizlink Holding Inc
Hengan International Group Co Ltd*
NetEase Inc
Silergy Corp
Silicon Motion Technology Corp ADR*
Sino Biopharmaceutical Ltd
Tongda Group Holdings Ltd*
19,732,552
8,575,000
4,442,000
1,581,890
1,438,364
Anhui Conch Cement Co Ltd 'H'*
China Construction Bank Corp 'H'
China Machinery Engineering Corp 'H'
Deutsche Bank AG London
(P Note 8/6/2026 - Kweichow
Moutai Co Ltd)
Industrial & Commercial Bank
of China Ltd 'H'
Jiangsu Expressway Co Ltd 'H'
UBS AG (P Note 14/4/2017 - Hangzhou
Hikvision Digital Technology Co Ltd)
UBS AG (P Note 22/12/2017 - Weifu
High-Technology Group Co Ltd)
636,800
934,000
1,016,000
3,710,000
AIA Group Ltd
China Mobile Ltd
China Overseas Land
& Investment Ltd
CSPC Pharmaceutical Group Ltd
185,796
Richter Gedeon Nyrt
0.97
6,192,795
9,373,101
4,879,079
10,650,628
8,416,120
4,222,238
1.39
2.11
1.10
2.39
1.89
0.95
57,163,999
12.85
5,597,490
2,456,211
1.26
0.55
8,053,701
1.81
6,474,109
1.46
4,763,505
1.07
4,596,109
1.04
7,520,357
4,269,314
1.69
0.96
16,385,780
3.69
9,922,222
2.23
4,072,431
5,198,831
5,553,729
11,619,156
0.92
1.17
1.25
2.61
26,444,147
5.95
4,631,782
1.04
2,429,317
5,317,568
6,601,592
5,768,084
0.55
1.19
1.48
1.30
20,116,561
4.52
6,386,389
13,252,346
3,174,183
1.44
2.98
0.71
22,812,918
5.13
Luxembourg
528,288
Grupo Aeroportuario del Pacifico
SAB de CV 'B'
Grupo Aeroportuario del Sureste
SAB de CV ADR
Grupo Mexico SAB de CV 'B'
Mexico
47,522
1,421,793
Poland
Powszechny Zaklad Ubezpieczen SA*
Russian Federation
Inter RAO UES PJSC
LUKOIL PJSC ADR
Mobile TeleSystems PJSC ADR
Novatek PJSC GDR
Singapore
1.12
46,426,444
10.44
4,024,112
10,300,272
0.91
2.32
3,128,381
4,540,729
0.70
1.02
21,993,494
4.95
222,883
0.93
146,196
33,544
4,136,402
Centamin Plc
Ternium SA ADR
4,975,472
Hungary
Bank Negara Indonesia Persero
Tbk PT
Media Nusantara Citra Tbk PT
181,536
151,800
Hong Kong
4,310,881
Jersey
2,988,125
China
1,568,000
9,901,000
6,599,000
102,988
% of
Net
Assets
Indonesia
11,943,700
Cayman Islands
2,148,000
978,000
784,500
16,214
274,000
119,944
6,145,000
16,570,000
Market
Value
(USD)
Jardine Cycle & Carriage Ltd*
South Africa
204,257
405,937
1,265,450
419,507
Bidvest Group Ltd/The
Mr Price Group Ltd*
Sanlam Ltd*
SPAR Group Ltd/The
South Korea
Hyundai Marine & Fire Insurance
Co Ltd
KT&G Corp
Samsung Life Insurance Co Ltd
India
1,303,879
461,718
Ambuja Cements Ltd
Bharat Petroleum Corp Ltd
4,482,168
4,636,989
1.01
1.04
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
133
Emerging Markets Equity Income Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
200,616
Tupras Turkiye Petrol
Rafinerileri AS
Taiwan
1,530,164
3,950,378
5,169,000
4,086,000
1,385,000
449,572
309,000
3,162,000
Far EasTone Telecommunications
Co Ltd
Lite-On Technology Corp
Mega Financial Holding Co Ltd
Primax Electronics Ltd
Taiwan Semiconductor
Manufacturing Co Ltd
Taiwan Semiconductor
Manufacturing Co Ltd ADR
Tripod Technology Corp
TSRC Corp
Advanced Info Service PCL
Land & Houses PCL
PTT PCL
Siam Commercial Bank
PCL/The
* All or a portion of this security represents a security on loan.
134
BlackRock Global Funds (BGF)
% of
Net
Assets
4,710,306
1.06
3,963,649
0.89
434,649,854
97.74
Turkey
3,685,522
6,621,787
4,020,997
6,250,656
0.83
1.49
0.90
1.41
United Kingdom
2,014,446
Ferrexpo Plc
1.92
Total Common / Preferred Stocks (Shares)
& P Notes
14,166,014
806,608
3,710,193
3.19
0.18
0.83
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
434,649,854
97.74
47,781,803
10.75
Total Portfolio
434,649,854
97.74
7,454,971
4,547,412
7,019,767
1.67
1.02
1.58
8,302,339
1.87
27,324,489
6.14
8,520,026
Thailand
1,558,200
16,196,900
617,200
1,881,800
Market
Value
(USD)
Other Net Assets
Total Net Assets (USD)
10,053,886
2.26
444,703,740
100.00
Emerging Markets Equity Income Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
USD
ZAR
Purchases
3,830,319
56,976,000
Currency
ZAR
USD
Sales
56,976,000
3,990,622
Counterparty
Sector Breakdown
as at 28 February 2017
Unrealised
appreciation/
Maturity (depreciation)
USD
date
BNP Paribas 11/5/2017
BNP Paribas 11/5/2017
Net unrealised depreciation
(483,982)
323,680
(160,302)
AUD Hedged Share Class
AUD
USD
11,227
130
USD
AUD
8,577
169
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
44
–
44
CAD Hedged Share Class
CAD
USD
7,732
90
USD
CAD
5,889
118
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(38)
1
% of net
assets
Financials
Information Technology
Industrials
Consumer Discretionary
Energy
Materials
Healthcare
Telecommunication Services
Consumer Staples
Utilities
Real Estate
Consumer, Non-cyclical
Consumer, Cyclical
Other Net Assets
22.00
13.65
12.15
8.43
7.46
7.45
6.61
6.07
5.79
4.10
1.72
1.19
1.12
2.26
100.00
(37)
CHF Hedged Share Class
CHF
USD
6,159
90
USD
CHF
6,173
90
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(34)
–
(34)
Open forward foreign exchange contracts
CNH Hedged Share Class
CNY
USD
39,725
88
USD
CNY
Summary of Financial Derivative Instruments
5,783
604
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
Unrealised
depreciation
USD
(215,114)
9
–
9
EUR Hedged Share Class
EUR
USD
7,371,135
221,922
USD
EUR
7,877,817
209,410
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(55,819)
(295)
(56,114)
GBP Hedged Share Class
GBP
USD
4,637
89
USD
GBP
5,824
71
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(55)
–
(55)
HKD Hedged Share Class
HKD
USD
36,876
73
USD
HKD
4,756
564
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(4)
–
(4)
NZD Hedged Share Class
NZD
USD
8,341
92
USD
NZD
6,007
128
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
7
(1)
6
SGD Hedged Share Class
SGD
USD
176,309
2,379
USD
SGD
124,582
3,348
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
Total net unrealised depreciation
(USD underlying exposure – USD 16,948,503)
1,385
(12)
1,373
(215,114)
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
135
Emerging Markets Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
COMMON / PREFERRED STOCKS (SHARES),
WARRANTS & P NOTES
Argentina
150,827
277,613
Grupo Financiero Galicia SA ADR
YPF SA ADR
4,764,625
5,768,798
0.95
1.15
10,533,423
2.10
54,707
Brilliance China Automotive
Holdings Ltd*
Credicorp Ltd
Holding
200,119
890,694
1,266,925
471,037
135,692
Description
Larsen & Toubro Ltd
NTPC Ltd
Vakrangee Ltd
Voltas Ltd
Yes Bank Ltd
6,208,475
9,039,785
1.24
1.80
15,248,260
3.04
4,566,380
21,162,100
10,833,900
22,980,900
22,090,600
Bank Central Asia Tbk PT
Bumi Serpong Damai Tbk PT
Semen Indonesia Persero Tbk PT
Summarecon Agung Tbk PT
Telekomunikasi Indonesia
Persero Tbk PT
Brazil
902,887
191,913
1,827,721
1,394,056
914,419
736,210
2,763
51,929
917,720
2,138,065
530,482
Ambev SA
BRF SA
EcoRodovias Infraestrutura
e Logistica SA
Itau Unibanco Holding SA ADR
Kroton Educacional SA
Linx SA
Multiplan Empreendimentos
Imobiliarios SA Receipt
Multiplan Empreendimentos
Imobiliarios SA
Petroleo Brasileiro SA ADR
Rumo Logistica Operadora
Multimodal SA
Telefonica Brasil SA (Pref)
5,177,605
2,505,792
1.03
0.50
5,399,159
17,823,006
4,018,042
3,921,253
1.08
3.55
0.80
0.78
58,529
0.01
1,073,134
9,287,326
0.21
1.85
5,896,698
7,828,502
1.18
1.56
62,989,046
12.55
22,006,850
5,385,648
4.39
1.07
423,000
105,918
6,962,000
879,235
Alibaba Group Holding Ltd ADR*
Ctrip.com International Ltd ADR
New Oriental Education & Technology
Group Inc ADR
Silergy Corp
SINA Corp/China
Sino Biopharmaceutical Ltd*
Tencent Holdings Ltd
7,073,156
7,118,037
7,528,651
6,009,480
23,447,868
1.41
1.42
1.50
1.20
4.67
78,569,690
15.66
12,150,244
14,388,402
4,875,958
6,140,828
2.42
2.87
0.97
1.22
Anhui Conch Cement Co Ltd 'H'*
Bank of China Ltd 'H'
Jiangsu Expressway Co Ltd 'H'
Kweichow Moutai Co Ltd 'A'
UBS AG (P Note 22/12/2017 - Weifu
High-Technology Group Co Ltd)
5,565,048
1.11
43,120,480
8.59
428
0.00
11,583,632
2.31
2,758,484
0.55
4,914,140
1,520,925
7,490,556
2,689,930
0.98
0.30
1.49
0.54
Germany
78
Kasikornbank PCL (Wts 10/3/2025)
China Overseas Land & Investment Ltd
India
274,670
239,309
116,463
1,906,028
177,560
136
Bharat Petroleum Corp Ltd
Housing Development Finance
Corp Ltd
Indiabulls Housing Finance Ltd
ITC Ltd
Jubilant Foodworks Ltd
BlackRock Global Funds (BGF)
0.88
0.43
1.20
0.53
0.59
37,570,929
7.49
5,290,235
2,903,917
7,819,157
2,360,815
1.05
0.58
1.56
0.47
6,377,385
1.27
24,751,509
4.93
3,962,845
0.79
6,828,623
6,737,348
6,906,888
1.36
1.34
1.38
20,472,859
4.08
3,460,212
0.69
5,734,523
1.14
3,046,254
9,675,810
19,042,339
0.61
1.93
3.79
31,764,403
6.33
16,018,470
2,889,509
3.19
0.58
18,907,979
3.77
2,976,865
4,406,724
4,432,586
7,337,602
7,961,420
5,128,384
9,109,106
3,622,417
2,898,085
11,920,921
0.59
0.88
0.88
1.46
1.59
1.02
1.81
0.72
0.58
2.38
59,794,110
11.91
2,667,828
1,201,523
2,345,879
0.53
0.24
0.47
21,401,182
3,182,177
4.27
0.63
30,798,589
6.14
Luxembourg
107,686
Globant SA
Mexico
1,231,638
1,358,932
3,502,298
Arca Continental SAB de CV
Grupo Financiero Banorte SAB de CV
Wal-Mart de Mexico SAB de CV
Netherlands
166,813
Morgan Stanley BV (Wts 12/4/2019)
Philippines
3,555,050
Metropolitan Bank & Trust Co
45,808,802
182,873
1,749,411
Inter RAO UES PJSC
LUKOIL PJSC ADR
Sberbank of Russia PJSC ADR
South Africa
99,296
553,886
25,893
94,732
48,899
29,318
11,601
1,121,648
36,332
2,738
1,705
288,642
Hong Kong
3,762,000
4,406,779
2,175,379
6,023,323
2,636,925
2,954,488
Naspers Ltd
Sanlam Ltd
South Korea
China
3,486,500
28,417,900
3,696,000
118,642
1,608,805
% of
Net
Assets
Russian Federation
Cayman Islands
214,262
112,201
146,200
Market
Value
(USD)
Indonesia
Bermuda
3,950,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
AMOREPACIFIC Group
GS Retail Co Ltd
KT&G Corp
LG Chem Ltd
NAVER Corp
Pan Ocean Co Ltd
POSCO
Samsung Electronics Co Ltd (Pref)
Samsung Electronics Co Ltd
SK Hynix Inc
Taiwan
169,000
115,000
808,000
679,187
2,712,000
Ennoconn Corp
Land Mark Optoelectronics Corp
Powertech Technology Inc
Taiwan Semiconductor
Manufacturing Co Ltd ADR*
TSRC Corp
Emerging Markets Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
635,055
987,500
218,289
Kasikornbank PCL
PTT PCL
Siam Cement PCL/The
Market
Value
(USD)
% of
Net
Assets
3,484,066
11,231,400
3,226,918
0.70
2.24
0.64
17,942,384
3.58
5,707,668
1.14
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Thailand
Turkiye Garanti Bankasi AS*
United Kingdom
1,066,871
374,561
Ferrexpo Plc
Fresnillo Plc
% of
Net
Assets
4,340,109
0.86
496,247,930
98.89
United States
Turkey
2,405,505
Description
Market
Value
(USD)
2,099,189
6,895,663
0.42
1.37
8,994,852
1.79
20,988
MercadoLibre Inc
Total Common / Preferred Stocks (Shares),
Warrants & P Notes
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
496,247,930
98.89
Total Portfolio
496,247,930
98.89
Other Net Assets
Total Net Assets (USD)
5,585,857
1.11
501,833,787
100.00
* All or a portion of this security represents a security on loan.
Sector Breakdown
as at 28 February 2017
% of net
assets
Information Technology
Financials
Materials
Consumer Discretionary
Consumer Staples
Energy
Industrials
Real Estate
Telecommunication Services
Consumer, Non-cyclical
Healthcare
Consumer, Cyclical
Utilities
Other Net Assets
26.39
21.47
10.31
8.25
8.11
7.72
5.66
3.58
2.83
1.22
1.20
1.11
1.04
1.11
100.00
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
137
Emerging Markets Local Currency Bond Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
FUNDS
% of
Net
Assets
3,865,069
0.16
Hungary
HUF 1,166,000,000
Luxembourg
140,000
BlackRock Strategic Funds
- Emerging Markets Flexi
Dynamic Bond Fund~
Total Funds
USD 5,496,000
17,721,200
0.72
17,721,200
0.72
IDR 79,649,000,000
Argentina
ARS 60,300,000
ARS 120,400,000
Argentine Bonos del Tesoro
15.5% 17/10/2026
Argentine Bonos del Tesoro
18.2% 3/10/2021
IDR 115,748,000,000
4,523,832
0.18
9,258,561
0.38
13,782,393
0.56
BRL 102,297,000
BRL 158,894,000
BRL 45,083,000
BRL 315,575,000
BRL 58,153,000
BRL 55,458,000
USD 3,878,000
Brazil Letras do Tesouro
Nacional 1/1/2018
(Zero Coupon)
Brazil Letras do Tesouro
Nacional 1/1/2019
(Zero Coupon)
Brazil Letras do Tesouro
Nacional 1/1/2020
(Zero Coupon)
Brazil Notas do Tesouro
Nacional Serie F 10%
1/1/2018
Brazil Notas do Tesouro
Nacional Serie F 10%
1/1/2021
Brazil Notas do Tesouro
Nacional Serie F 10%
1/1/2025
Brazil Notas do Tesouro
Nacional Serie F 10%
1/1/2027
Brazilian Government
International Bond
4.875% 22/1/2021
Chile Government International
Bond 5.5% 5/8/2020
IDR 49,951,000,000
IDR 84,253,000,000
60,817,485
2.47
IDR 96,514,000,000
IDR 508,449,000,000
27,700,139
1.12
IDR 1,092,485,000,000
39,026,391
1.59
IDR 214,975,000,000
IDR 111,051,000,000
14,460,424
0.59
IDR 217,073,000,000
101,302,195
4.12
18,842,649
0.77
17,590,343
0.71
4,068,022
0.16
283,807,648
11.53
IDR 125,125,000,000
KES 960,000,000
MYR 42,278,000
MYR 134,064,000
1,343,112
0.06
Colombia
Colombian TES 6% 28/4/2028
Colombian TES 10% 24/7/2024
Colombian TES 11%
24/7/2020
29,163,424
56,363,202
1.19
2.29
Czech Republic Government
Bond 1% 26/6/2026
MYR 105,798,000
MYR 28,000,000
20,465,530
0.83
105,992,156
4.31
MYR 37,240,000
MYR 23,937,000
Czech Republic
CZK 122,000,000
4,966,517
EGP 110,000,000
EGP 10,000,000
Egypt Treasury Bills 1/8/2017
(Zero Coupon)
Egypt Treasury Bills 8/8/2017
(Zero Coupon)
Egypt Treasury Bills 10/10/2017
(Zero Coupon)
BlackRock Global Funds (BGF)
Indonesia Treasury Bond
5.25% 15/5/2018
Indonesia Treasury Bond
6.125% 15/5/2028
Indonesia Treasury Bond
7% 15/5/2022
Indonesia Treasury Bond
7.875% 15/4/2019
Indonesia Treasury Bond
8.25% 15/7/2021
Indonesia Treasury Bond
8.25% 15/6/2032
Indonesia Treasury Bond
8.25% 15/5/2036
Indonesia Treasury Bond
8.375% 15/3/2024
Indonesia Treasury Bond
8.375% 15/9/2026
Indonesia Treasury Bond
8.75% 15/5/2031
Indonesia Treasury Bond
9% 15/3/2029
Indonesia Treasury Bond
9.5% 15/7/2031
Indonesia Treasury Bond
11% 15/9/2025
Kenya Infrastructure Bond
12.5% 12/5/2025
Malaysia Government Bond
3.418% 15/8/2022
Malaysia Government Bond
3.759% 15/3/2019
Malaysia Government Bond
3.8% 17/8/2023
Malaysia Government Bond
3.9% 30/11/2026
Malaysia Government Bond
3.955% 15/9/2025
Malaysia Government Bond
4.232% 30/6/2031
Malaysia Government Bond
4.392% 15/4/2026
Malaysia Government Bond
4.498% 15/4/2030
0.20
0.41
5,893,345
0.24
7,532,169
0.31
11,785,615
0.48
3,815,805
0.16
33,662,387
1.37
6,437,602
0.26
7,345,876
0.30
39,873,173
1.62
87,121,904
3.54
17,184,619
0.70
8,981,257
0.36
18,295,593
0.74
11,304,925
0.46
259,234,270
10.54
8,864,465
0.36
32,322,941
1.31
9,600,629
0.39
29,975,321
1.22
4,883,108
0.20
23,578,180
0.96
6,148,731
0.25
8,521,586
0.35
5,404,527
0.22
120,435,023
4.90
10,878,537
0.44
9,632,135
0.39
18,112,628
0.74
92,289,938
3.75
Mexico
Egypt
EGP 110,000,000
0.25
9,976,621
Malaysia
MYR 146,589,000
MYR 22,000,000
COP 92,345,400,000
COP 138,079,400,000
COP 52,493,500,000
6,111,552
Kenya
Chile
CLP 828,500,000
IDR 158,840,000,000
IDR 433,113,000,000
Brazil
BRL 205,276,000
Hungary Government Bond
3% 27/10/2027*
Hungary Government
International Bond
5.375% 25/3/2024
Indonesia
BONDS
138
Description
Market
Value
(USD)
MXN 222,377,200
6,431,380
0.26
MXN 201,853,500
6,407,674
0.26
564,522
0.03
13,403,576
0.55
MXN 403,051,400
MXN 1,870,702,500
Mexican Bonos 4.75%
14/6/2018
Mexican Bonos 5%
11/12/2019
Mexican Bonos 5.75%
5/3/2026
Mexican Bonos 6.5%
10/6/2021
Emerging Markets Local Currency Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
MXN 45,744,400
MXN 1,240,442,300
MXN 203,652,200
MXN 448,552,600
MXN 205,640,800
MXN 1,410,647,400
MXN 550,973,400
Description
Mexican Bonos 6.5%
9/6/2022
Mexican Bonos 7.75%
29/5/2031
Mexican Bonos 7.75%
13/11/2042
Mexican Bonos 8% 11/6/2020
Mexican Bonos 8% 7/12/2023
Mexican Bonos 8.5%
13/12/2018
Mexican Bonos 10%
5/12/2024
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market
Value
(USD)
% of
Net
Assets
Holding
2,241,821
0.09
ZAR 616,412,810
62,728,323
2.55
PEN 68,239,000
PEN 116,901,000
Peruvian Government
International Bond
5.7% 12/8/2024
Peruvian Government
International Bond
6.35% 12/8/2028
Peruvian Government
International Bond
6.95% 12/8/2031*
ZAR 334,978,700
10,288,344
23,168,356
10,761,363
0.42
0.94
0.44
72,872,759
2.96
ZAR 487,900,000
ZAR 356,691,388
32,307,367
1.31
345,281,571
14.03
ZAR 642,251,508
ZAR 197,365,456
8,783,821
0.36
ZAR 285,528,730
21,151,258
0.86
ZAR 164,100,000
37,785,205
1.53
67,720,284
2.75
ZAR 926,595,162
Philippines
PHP 217,000,000
PHP 191,000,000
Philippine Government
International Bond
4.95% 15/1/2021
Philippine Government
International Bond
6.25% 14/1/2036
ZAR 43,520,000
4,445,659
0.18
4,238,687
0.17
8,684,346
0.35
PLN 95,117,000
PLN 214,657,000
PLN 128,122,000
PLN 130,511,000
PLN 174,627,000
PLN 278,277,000
Republic of Poland Government
Bond 25/10/2018
(Zero Coupon)
Republic of Poland Government
Bond 1.5% 25/4/2020
Republic of Poland Government
Bond 2.5% 25/7/2018
Republic of Poland Government
Bond 2.5% 25/7/2026*
Republic of Poland Government
Bond 2.5% 25/7/2027*
Republic of Poland Government
Bond 3.75% 25/4/2018
Republic of Poland Government
Bond 5.5% 25/10/2019
TRY 11,700,000
88,610,998
3.60
TRY 70,717,960
22,659,001
0.92
TRY 93,700,000
53,201,280
2.16
TRY 137,777,680
28,550,572
1.16
TRY 36,704,649
28,526,645
1.16
TRY 79,363,700
43,932,397
1.79
TRY 79,800,000
73,814,099
3.00
TRY 109,653,111
339,294,992
13.79
Russian Federation
RUB 1,328,709,000
RUB 3,737,990,000
RUB 4,710,194,000
RUB 1,605,954,000
RUB 1,896,317,000
Russian Federal Bond - OFZ
6.7% 15/5/2019
Russian Federal Bond - OFZ
7% 16/8/2023
Russian Federal Bond - OFZ
7.5% 18/8/2021
Russian Federal Bond - OFZ
8.15% 3/2/2027
Russian Federal Bond - OFZ
8.5% 17/9/2031
Republic of South Africa
Government Bond
6.75% 31/3/2021*
Republic of South Africa
Government Bond
7% 28/2/2031
Republic of South Africa
Government Bond
7.25% 15/1/2020
Republic of South Africa
Government Bond
7.75% 28/2/2023
Republic of South Africa
Government Bond
8% 21/12/2018
Republic of South Africa
Government Bond
8% 31/1/2030
Republic of South Africa
Government Bond
8.25% 31/3/2032
Republic of South Africa
Government Bond
8.75% 31/1/2044
Republic of South Africa
Government Bond
10.5% 21/12/2026*
Transnet SOC Ltd 9.5%
13/5/2021
45,342,582
1.84
21,207,496
0.86
36,919,004
1.50
26,655,125
1.08
49,623,899
2.02
13,770,117
0.56
19,965,459
0.81
11,522,613
0.47
78,948,870
3.21
3,226,621
0.13
307,181,786
12.48
23,866,599
0.97
11,482,047
0.47
3,080,364
0.12
17,813,715
0.72
25,186,279
1.02
35,950,855
1.46
10,015,471
0.41
21,814,449
0.89
22,026,844
0.90
Turkey
TRY 89,851,020
TRY 49,250,270
Poland
PLN 372,698,000
% of
Net
Assets
South Africa
Peru
PEN 28,664,000
Description
Market
Value
(USD)
Turkey Government Bond
6.3% 14/2/2018*
Turkey Government Bond
7.1% 8/3/2023
Turkey Government Bond
8.5% 10/7/2019
Turkey Government Bond
8.5% 14/9/2022
Turkey Government Bond
8.7% 11/7/2018*
Turkey Government Bond
9.2% 22/9/2021*
Turkey Government Bond
10.4% 20/3/2024*
Turkey Government Bond
10.5% 15/1/2020
Turkey Government Bond
10.6% 11/2/2026
Turkey Government Bond
10.7% 17/2/2021
Total Bonds
30,247,403
1.23
201,484,026
8.19
2,313,240,530
94.02
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
2,330,961,730
94.74
3.19
Total Portfolio
2,330,961,730
94.74
1.12
Other Net Assets
22,055,347
0.90
60,314,750
2.45
78,589,151
27,691,262
33,137,234
1.35
221,787,744
9.01
Total Net Assets (USD)
129,541,997
5.26
2,460,503,727
100.00
~ Investment in connected party fund, see further information in Note 11.
* All or a portion of this security represents a security on loan.
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
139
Emerging Markets Local Currency Bond Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Sales
Counterparty
BRL
EGP
USD
EGP
KZT
BRL
BRL
BRL
BRL
BRL
BRL
121,867,533
33,624,000
1,989,605
20,500,000
1,569,132,170
13,160,470
7,452,740
10,284,900
28,244,780
4,289,030
77,856,800
USD
USD
EGP
USD
USD
USD
USD
USD
USD
USD
USD
39,362,898
1,800,000
33,624,320
1,068,822
4,535,064
4,224,192
2,385,258
3,302,370
9,065,130
1,390,962
24,985,980
BRL
BRL
17,542,760
27,117,660
USD
USD
5,606,507
8,703,685
10,983,286,790
12,214,883,810
14,068,916,490
22,708,270,820
USD
USD
USD
USD
17,047,428
19,012,548
4,843,001
7,838,547
COP 17,215,632,270
COP 242,623,061,950
COP 7,333,715,940
COP 3,341,500,400
EUR
5,389,510
EUR
2,943,610
HUF 12,654,075,806
HUF 7,684,661,348
IDR 102,153,935,500
IDR 68,969,832,430
IDR 14,886,645,300
INR
263,872,140
KRW 9,216,639,450
MXN
297,508,040
MXN
88,180,350
MXN
271,569,750
MXN
114,955,870
PEN
24,852,720
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
5,977,650
84,383,848
2,549,084
1,157,430
5,730,745
3,130,023
43,554,437
26,520,188
7,645,108
5,148,155
1,114,771
3,918,505
8,020,048
14,779,012
4,322,164
13,384,326
5,654,030
7,657,190
PEN
PEN
PHP
PHP
PLN
PLN
PLN
PLN
RUB
RUB
RUB
RUB
RUB
RUB
TRY
TRY
TRY
TRY
TRY
TRY
USD
USD
USD
USD
USD
USD
USD
USD
USD
2,994,067
USD
57,421,095
USD
1,615,357
USD
23,839,063
USD
5,686,841
USD
9,728,817
USD
36,931,243
USD
5,773,640
USD
6,483,019
USD
9,274,759
USD
3,581,294
USD
8,402,776
USD
57,443,836
USD
21,102,362
USD
6,563,663
USD
767,926
USD
14,115,384
USD
26,641,239
USD
5,416,185
USD
5,860,213
BRL
65,660,030
BRL
10,690,190
BRL
10,246,210
BRL
290,420,220
BRL
9,829,200
BRL
135,168,430
COP 6,624,512,640
COP 15,604,584,180
BNY Mellon
Citibank
JP Morgan
Citibank
Citibank
Goldman Sachs
JP Morgan
Citibank
BNP Paribas
RBS Plc
Barclays
Standard
Chartered Bank
UBS
Standard
Chartered Bank
HSBC Bank Plc
Morgan Stanley
BNP Paribas
Standard
Chartered Bank
Deutsche Bank
Goldman Sachs
Credit Suisse
Morgan Stanley
UBS
Barclays
Societe Generale
UBS
Morgan Stanley
Societe Generale
Nomura
Morgan Stanley
Barclays
Societe Generale
JP Morgan
Citibank
HSBC Bank Plc
Standard
Chartered Bank
Goldman Sachs
Morgan Stanley
HSBC Bank Plc
Goldman Sachs
JP Morgan
Barclays
HSBC Bank Plc
Societe Generale
UBS
Goldman Sachs
JP Morgan
Barclays
HSBC Bank Plc
HSBC Bank Plc
UBS
Societe Generale
Morgan Stanley
Barclays
JP Morgan
JP Morgan
Goldman Sachs
BNP Paribas
Barclays
UBS
BNY Mellon
Morgan Stanley
Barclays
CLP
CLP
COP
COP
140
Purchases
9,875,930
188,972,640
80,905,160
1,185,397,390
23,112,600
39,636,990
149,698,110
23,514,690
378,478,640
540,625,720
207,464,350
489,584,680
3,345,024,120
1,233,231,550
24,485,962
2,830,307
50,889,540
98,877,770
20,529,950
21,846,850
20,874,274
3,395,867
3,295,932
92,088,685
3,112,969
43,372,535
2,286,680
5,420,140
Currency
BlackRock Global Funds (BGF)
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Unrealised
appreciation/
Maturity (depreciation)
USD
date
2/3/2017
14/3/2017
14/3/2017
20/3/2017
20/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
(189,729)
280,513
(90,928)
185,118
456,615
(16,405)
(2,399)
(13,986)
(34,448)
(19,633)
(92,884)
23/3/2017
23/3/2017
2,427
(33,375)
23/3/2017
23/3/2017
23/3/2017
23/3/2017
(150,695)
(221,122)
(41,362)
(88,348)
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
(102,056)
(1,578,021)
(46,130)
(16,996)
(9,096)
(5,007)
(50)
(70,156)
(13)
13,476
(669)
28,581
139,664
85,581
83,650
184,294
89,586
(53,738)
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
23/3/2017
27,379
393,276
(9,766)
(314,433)
(9,145)
8,156
(157,352)
2,830
(22,176)
(45,975)
(39,761)
(45,291)
(342,400)
(50,408)
149,566
8,049
(163,178)
467,730
212,439
129,461
(119,158)
(22,099)
19,918
(767,156)
(29,714)
155,234
25,773
94,387
Currency
Purchases
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
8,277,278
5,006,973
6,585,600
6,075,023
4,569,929
19,341,969
25,975,582
1,397,263
4,893,522
760,157
61,577,177
3,793,683
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
16,542,684
5,803,334
1,023,739
29,206,599
5,768,768
17,525,523
4,526,701
18,172,052
24,988,504
5,484,237
2,774,712
148,636,042
4,011,264
5,186,241
44,521,162
6,265,709
21,935,557
2,551,524
687,964
5,313,808
4,398,680
9,186,130
38,639,845
17,777,979
17,324,354
4,803,356
14,378,765
18,384,410
107,813,821
27,320,383
2,971,625
4,690,761
15,474,918
1,409,610
11,389,711
21,516,172
41,651,721
2,839,889
4,207,560
4,433,123
1,092,705
16,626,164
2,239,505
USD
USD
USD
USD
USD
USD
ZAR
ZAR
ZAR
ZAR
4,746,463
29,233,817
58,347,285
15,352,982
2,182,024
39,778,668
132,859,940
46,462,040
87,415,630
376,356,127
Currency
Sales
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
USD
date
COP 23,845,722,030
Deutsche Bank 23/3/2017
CZK 127,769,927
UBS 23/3/2017
EUR
6,199,320 Bank of America 23/3/2017
EUR
5,744,360 Goldman Sachs 23/3/2017
HUF 1,321,212,080
HSBC Bank Plc 23/3/2017
HUF 5,613,446,430 Societe Generale 23/3/2017
IDR 347,877,787,370
BNY Mellon 23/3/2017
IDR 18,693,983,387 Societe Generale 23/3/2017
IDR 65,255,115,830
UBS 23/3/2017
IDR 10,187,317,130
Citibank 23/3/2017
IDR 822,696,377,553
HSBC Bank Plc 23/3/2017
IDR 50,596,786,040 Morgan Stanley 23/3/2017
Standard
IDR 221,506,540,090 Chartered Bank 23/3/2017
INR
387,952,860
UBS 23/3/2017
INR
68,611,020 Goldman Sachs 23/3/2017
INR 1,968,384,730
HSBC Bank Plc 23/3/2017
KRW 6,550,435,860
UBS 23/3/2017
KRW 19,979,096,010 Morgan Stanley 23/3/2017
MXN
92,930,690
Barclays 23/3/2017
MXN 363,184,030
JP Morgan 23/3/2017
MXN 494,959,790 Morgan Stanley 23/3/2017
MXN 109,630,438
RBS Plc 23/3/2017
MXN
56,917,380 Goldman Sachs 23/3/2017
MXN 3,066,482,370
HSBC Bank Plc 23/3/2017
MXN
81,371,150
Deutsche Bank 23/3/2017
MXN 106,073,820
Credit Suisse 23/3/2017
MXN 889,432,634
Citibank 23/3/2017
PEN
20,457,540 Goldman Sachs 23/3/2017
PEN
72,080,240
Citibank 23/3/2017
PEN
8,389,410
Barclays 23/3/2017
PHP
34,651,360 Societe Generale 23/3/2017
PLN
21,441,450 Goldman Sachs 23/3/2017
PLN
17,775,240
HSBC Bank Plc 23/3/2017
PLN
37,362,380 Societe Generale 23/3/2017
PLN 154,637,318 Morgan Stanley 23/3/2017
PLN
71,919,400
Barclays 23/3/2017
PLN
70,381,756
Citibank 23/3/2017
RUB 280,948,310 Bank of America 23/3/2017
RUB 831,667,770 Societe Generale 23/3/2017
RUB 1,069,035,830
JP Morgan 23/3/2017
RUB 6,425,380,300 Morgan Stanley 23/3/2017
RUB 1,577,077,450
Barclays 23/3/2017
TRY
10,890,740
JP Morgan 23/3/2017
TRY
16,963,762
UBS 23/3/2017
TRY
56,125,153 Morgan Stanley 23/3/2017
TRY
5,063,870
BNP Paribas 23/3/2017
TRY
41,440,261
Citibank 23/3/2017
TRY
79,282,030
HSBC Bank Plc 23/3/2017
TRY
153,809,417 Goldman Sachs 23/3/2017
TRY
10,513,080 Bank of America 23/3/2017
TRY
15,578,365
Barclays 23/3/2017
TRY
16,270,830
Credit Suisse 23/3/2017
ZAR
14,402,730 Bank of America 23/3/2017
ZAR 216,986,475
Citibank 23/3/2017
ZAR
28,994,450
JP Morgan 23/3/2017
Standard
ZAR
61,663,678 Chartered Bank 23/3/2017
ZAR 385,467,331 Morgan Stanley 23/3/2017
ZAR 785,334,030
UBS 23/3/2017
ZAR 201,797,003
Deutsche Bank 23/3/2017
ZAR
29,398,303
HSBC Bank Plc 23/3/2017
ZAR 521,697,050
Barclays 23/3/2017
USD
9,980,689
Citibank 23/3/2017
USD
3,519,185 Bank of America 23/3/2017
USD
6,461,342
JP Morgan 23/3/2017
USD
28,416,667
Barclays 23/3/2017
138,873
(14,652)
4,234
(23,345)
22,415
20,904
(59,233)
(1,775)
9,896
(2,252)
7,429
7,072
(34,637)
207
(2,567)
(237,148)
(30,490)
(162,450)
(116,456)
26,047
258,499
6,698
(69,089)
(4,576,657)
(54,337)
(113,596)
81,847
6,920
(116,703)
(15,136)
295
46,637
32,126
7,924
652,618
110,714
34,817
7,411
181,730
135,369
(1,871,022)
398,787
(14,250)
39,866
87,283
21,267
28,180
(220,301)
(517,664)
(42,445)
(63,505)
(27,793)
(7,299)
53,891
25,063
36,920
(206,127)
(1,632,352)
(59,200)
(63,262)
(65,778)
166,446
29,339
214,999
327,413
Emerging Markets Local Currency Bond Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
ZAR
KZT
CZK
CZK
CZK
USD
USD
USD
Purchases
30,901,113
1,866,509,540
27,986,390
632,861,300
288,903,530
11,216,916
5,684,755
6,197,183
Currency
USD
USD
USD
USD
USD
TWD
EGP
EGP
Sales
Counterparty
2,322,649
5,344,365
1,103,653
24,902,770
11,363,418
342,564,600
110,000,000
110,000,000
HSBC Bank Plc
Citibank
JP Morgan
Morgan Stanley
Barclays
Morgan Stanley
Citibank
Deutsche Bank
Unrealised
appreciation/
Maturity (depreciation)
USD
date
23/3/2017
13/4/2017
24/5/2017
24/5/2017
24/5/2017
24/5/2017
2/8/2017
10/8/2017
Net unrealised depreciation
37,414
570,773
2,652
114,307
56,971
(20,764)
(619,522)
(92,472)
(8,913,581)
AUD Hedged Share Class
AUD
USD
26,412
78
USD
AUD
20,221
101
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
61
–
Net unrealised appreciation
61
CAD Hedged Share Class
CAD
145,978
USD
111,177
BNY Mellon 14/3/2017
(710)
Net unrealised depreciation
(710)
CHF Hedged Share Class
CHF
USD
4,370,045
11,967
USD
CHF
4,379,120
12,052
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
(23,954)
(44)
Net unrealised depreciation
(23,998)
EUR Hedged Share Class
EUR
USD
284,838,391
3,453,967
USD
EUR
304,494,639
3,255,775
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(2,233,772)
(935)
(2,234,707)
GBP Hedged Share Class
GBP
USD
158,474,771
11,454
USD
GBP
199,083,648
9,220
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(1,912,522)
(17)
(1,912,539)
HKD Hedged Share Class
HKD
40,573
USD
5,233
BNY Mellon 14/3/2017
(5)
Net unrealised depreciation
(5)
NZD Hedged Share Class
NZD
USD
404,477
1,836
USD
NZD
291,331
2,559
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
304
(9)
Net unrealised appreciation
295
PLN Hedged Share Class
PLN
USD
8,038,050
146,916
USD
PLN
1,990,431
596,210
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
(15,553)
433
Net unrealised depreciation
(15,120)
SGD Hedged Share Class
SGD
4,512,933
USD
3,206,428
BNY Mellon 14/3/2017
17,921
Net unrealised appreciation
17,921
ZAR Hedged Share Class
USD
ZAR
22
48,243
ZAR
USD
294
3,582
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
–
109
Net unrealised appreciation
Total net unrealised depreciation
(USD underlying exposure – USD 2,591,760,314)
109
(13,082,274)
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
141
Emerging Markets Local Currency Bond Fund continued
Purchased Put Options as at 28 February 2017
Number of
contracts
subject
to Put
111,000,000
80,400,000
Unrealised
appreciation
USD
Market
Value
USD
271,059
2,249,705
1,376,910
3,286,061
2,520,764
4,662,971
Unrealised
depreciation
USD
Market
Value
USD
(254,187)
(485,537)
(284,800)
22,338
13
44,550
(1,024,524)
66,901
Counterparty
Expiration
Date
Unrealised
appreciation
USD
Market
Value
USD
Citibank
4/1/2021
261,166
261,166
261,166
261,166
Issuer/Description
Counterparty
Strike Price
Expiration
Date
OTC EUR/USD
OTC USD/MXN
Citibank
Deutsche Bank
EUR 1.05
USD 20.75
10/5/2017
4/4/2017
Total (USD underlying exposure – USD 106,243,588)
Purchased Call Options as at 28 February 2017
Number of
contracts
subject
to Call
122,900,000
107,900,000
94,100,000
Issuer/Description
Counterparty
Strike Price
Expiration
Date
OTC USD/TWD
OTC USD/KRW
OTC USD/INR
Citibank
Deutsche Bank
Deutsche Bank
USD 32
USD 1,170
USD 69
17/3/2017
2/3/2017
5/4/2017
Total (USD underlying exposure – USD 4,447,649)
Interest Rate Swaps as at 28 February 2017
Nominal
Value
BRL 10,346,169
Description
Fund receives Fixed 12.375%; and pays Floating BRL BROIS 1 Day
Total (USD underlying exposure – USD 3,557,377)
Open Exchange Traded Futures Contracts
as at 28 February 2017
Number
of contracts
Currency
312
265
USD
USD
Contract/Description
Expiration
date
Underlying
exposure
USD
US Treasury 10 Year Note (CBT)
US Ultra Bond (CBT)
June 2017
June 2017
38,897,625
42,855,469
(126,750)
(128,359)
81,753,094
(255,109)
Total
Summary of Financial Derivative Instruments
Market
Value
USD
Swaps
Interest Rate Swaps
261,166
Market value of swaps
261,166
Purchased options
Purchased Call Options
Purchased Put Options
66,901
4,662,971
Market value of purchased options
4,729,872
Unrealised
depreciation
USD
Open exchange traded futures contracts
Open forward foreign exchange contracts
142
BlackRock Global Funds (BGF)
(255,109)
(13,082,274)
Unrealised
depreciation
USD
Euro Bond Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 100,000
FUNDS
Ireland
166,567,925
Institutional Cash Series plc
- Institutional Euro Assets
Liquidity Fund~
Total Funds
166,567,925
3.65
166,567,925
3.65
EUR 3,313,000
Argentina
EUR 8,442,000
Argentine Republic Government
International Bond 5%
15/1/2027
EUR 200,000
7,834,851
0.17
EUR 250,000
AUD 15,505,000
AUD 33,518,000
AUD 17,875,000
EUR 200,000
EUR 6,825,000
EUR 340,000
EUR 2,200,000
EUR 11,400,000
EUR 1,541,663
EUR 828,000
EUR 12,515,000
EUR 5,820,000
EUR 500,000
Australia & New Zealand Banking
Group Ltd 0.45% 22/11/2023
Australia Government Bond 2.75%
21/11/2028
Australia Government Bond 3%
21/3/2047
Australia Government Bond 3.75%
21/4/2037
Commonwealth Bank of Australia
0.375% 10/2/2021
Commonwealth Bank of Australia
0.5% 27/7/2026
Commonwealth Bank of Australia
1.375% 22/1/2019
Commonwealth Bank of Australia
3% 3/5/2022
National Australia Bank Ltd 0.875%
16/11/2022
SMART ABS Series 2014-2E Trust
'2014-2E AE' FRN 14/6/2021
Telstra Corp Ltd 1.125% 14/4/2026
Westpac Banking Corp 0.625%
14/1/2022
Westpac Banking Corp 0.75%
22/7/2021
Westpac Banking Corp 2.125%
9/7/2019
251,669
0.01
11,115,482
0.24
21,177,495
0.46
13,599,964
0.30
203,363
0.00
6,684,712
0.15
350,588
0.01
2,523,938
0.06
11,847,934
0.26
1,540,164
843,426
0.03
0.02
12,843,132
0.28
6,003,848
0.13
527,577
0.01
89,513,292
1.96
Austria
EUR 300,000
EUR 200,000
USD 4,800,000
EUR 15,400,000
EUR 200,000
EUR 100,000
EUR 200,000
EUR 14,294,000
EUR 6,080,000
EUR 1,766,000
BAWAG PSK Bank fuer Arbeit und
Wirtschaft und Oesterreichische
Postsparkasse AG 8.125%
30/10/2023
Erste Group Bank AG FRN
15/10/2021 (Perpetual)
Erste Group Bank AG FRN
26/5/2025
Erste Group Bank AG 0.625%
19/1/2023
Erste Group Bank AG 0.625%
18/1/2027
Raiffeisen Bank International AG
FRN 21/2/2025
Raiffeisen Bank International AG
6.625% 18/5/2021
Republic of Austria Government
Bond '144A' 1.5% 20/2/2047*
Republic of Austria Government
Bond '144A' 1.95% 18/6/2019*
Republic of Austria Government
Bond '144A' 4.15% 15/3/2037
EUR 300,000
EUR 7,100,000
Australia
EUR 10,800,000
EUR 500,000
EUR 700,000
EUR 3,100,000
EUR 3,890,000
EUR 7,600,000
EUR 5,500,000
EUR 74,410,000
EUR 9,173,762
EUR 16,204,957
EUR 10,584,000
EUR 3,800,000
EUR 3,200,000
223,714
0.01
4,664,779
0.10
15,858,805
0.35
198,927
0.00
103,625
0.00
229,947
0.01
14,599,191
0.32
6,459,330
0.14
2,726,773
0.06
0.00
1.00
Anheuser-Busch InBev SA/NV/old
1.875% 20/1/2020
Anheuser-Busch InBev SA/NV/old
2% 17/3/2028
Anheuser-Busch InBev SA/NV/old
2.75% 17/3/2036
Belfius Bank SA/NV 0.125%
14/9/2026
Belfius Bank SA/NV 0.25%
10/3/2022
Belfius Bank SA/NV 0.625%
14/10/2021*
BNP Paribas Fortis SA 24/10/2023
(Zero Coupon)
ING Belgium SA/NV 0.5%
1/10/2021
KBC Bank NV 0.375% 1/9/2022
KBC Bank NV 2% 31/1/2023
KBC Group NV FRN 19/3/2019
(Perpetual)*
KBC Group NV 0.75% 1/3/2022
KBC Group NV 0.75% 18/10/2023
Kingdom of Belgium Government
Bond '144A' 0.5% 22/10/2024
Kingdom of Belgium Government
Bond '144A' 0.8% 22/6/2025
Kingdom of Belgium Government
Bond '144A' 0.8% 22/6/2027
Kingdom of Belgium Government
Bond '144A' 1.9% 22/6/2038
Solvay SA 1.625% 2/12/2022*
UCB SA 4.125% 4/1/2021
2,282,311
0.05
849,537
0.02
3,604,688
0.08
190,029
0.00
303,195
0.01
7,309,942
0.16
10,639,904
0.23
511,645
712,089
3,447,785
0.01
0.02
0.07
3,976,163
7,603,040
5,433,037
0.09
0.17
0.12
75,730,777
1.66
9,497,963
0.21
16,373,489
0.36
11,611,177
4,016,485
3,603,184
0.25
0.09
0.08
167,696,440
3.68
Fidelity International Ltd 7.125%
13/2/2024
1,353,529
0.03
14,242,308
0.31
202,566
0.00
8,391,080
0.18
112,324
0.00
206,911
0.01
407,010
0.01
480,802
0.01
203,205
0.00
275,615
0.01
12,493,481
0.27
8,929,367
0.20
13,368,312
0.29
Canada
EUR 14,425,000
EUR 8,375,000
0.01
111,608
45,558,752
Bermuda
GBP 900,000
EUR 200,000
382,053
UNIQA Insurance Group AG FRN
27/7/2046
% of
Net
Assets
Belgium
EUR 2,165,000
EUR 800,000
BONDS
Description
Market
Value
(EUR)
EUR 110,000
EUR 200,000
EUR 400,000
EUR 475,000
EUR 200,000
GBP 200,000
EUR 12,735,000
EUR 8,687,000
EUR 12,950,000
Bank of Montreal 0.1%
20/10/2023*
Bank of Montreal 0.25%
22/1/2020
Bank of Nova Scotia/The 0.125%
13/1/2022
Bank of Nova Scotia/The 0.5%
23/7/2020
Bank of Nova Scotia/The 0.75%
17/9/2021
Caisse Centrale Desjardins 0.375%
25/11/2020
Canadian Imperial Bank of
Commerce 0.25% 28/1/2020
Canadian Imperial Bank of
Commerce 0.375% 15/10/2019
Glencore Canada Financial Corp
7.375% 27/5/2020
National Bank of Canada
29/9/2023 (Zero Coupon)
National Bank of Canada 1.25%
17/12/2018
Province of Quebec Canada
0.875% 15/1/2025
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
143
Euro Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 700,000
EUR 9,310,000
EUR 14,125,000
EUR 6,925,000
Description
Royal Bank of Canada 0.5%
16/12/2020
Royal Bank of Canada 1.625%
4/8/2020
Toronto-Dominion Bank/The
0.375% 12/1/2021*
Toronto-Dominion Bank/The
0.375% 27/4/2023*
Market
Value
(EUR)
% of
Net
Assets
Holding
715,145
0.02
EUR 1,446,000
9,865,896
0.22
EUR 2,000,000
EUR 12,515,000
14,374,040
0.32
Trafford Centre Finance Ltd/The
FRN 28/7/2035
EUR 4,610,000
6,995,441
0.15
91,263,503
2.00
EUR 334,000
Cyprus Government International
Bond 3.75% 26/7/2023
Cyprus Government International
Bond 3.875% 6/5/2022
493,989
0.01
EUR 400,000
Raiffeisenbank AS 0.75%
5/11/2019
UniCredit Bank Czech Republic &
Slovakia AS 0.625% 30/4/2020
4,002,635
0.09
352,004
0.01
4,354,639
0.10
EUR 5,230,000
EUR 5,775,000
DKK 137,929,000
EUR 560,000
EUR 2,115,000
DKK 167,100,000
DKK 1,500,000
DKK 135,085,326
DKK 85,500,000
DKK 93,480,000
DKK 244,600,000
DKK 172,266,220
DKK 30,523,156
DKK 92,060,000
DKK 167,800,000
DKK 5,060,000
DKK 197,035,650
144
Danske Bank A/S 0.125% 9/3/2021
Danske Bank A/S 0.125%
14/2/2022
Danske Bank A/S 0.25% 4/6/2020*
Danske Bank A/S 0.5% 6/5/2021
Denmark Government Bond 4%
15/11/2019
DONG Energy A/S FRN 6/11/3015
Kommunekredit 0.875%
3/11/2036
Nordea Kredit
Realkreditaktieselskab 1%
1/4/2022
Nordea Kredit
Realkreditaktieselskab 2%
1/10/2019
Nordea Kredit
Realkreditaktieselskab 2%
1/10/2047
Nykredit Realkredit A/S 1%
1/10/2020
Nykredit Realkredit A/S 1%
1/1/2021
Nykredit Realkredit A/S 1%
1/1/2022
Nykredit Realkredit A/S 2%
1/10/2047
Nykredit Realkredit A/S 2%
1/10/2047
Realkredit Danmark A/S 1%
1/1/2021
Realkredit Danmark A/S 1%
1/4/2022
Realkredit Danmark A/S 2%
1/1/2020
Realkredit Danmark A/S 2%
1/10/2047
BlackRock Global Funds (BGF)
EUR 575,000
% of
Net
Assets
7,599,917
0.16
402,010
0.01
8,001,927
0.17
10,416,738
502,592
5,298,526
5,892,608
0.23
0.01
0.12
0.13
20,896,077
580,044
0.46
0.01
1,957,771
0.04
EUR 500,000
EUR 4,900,000
EUR 5,500,000
EUR 21,300,000
EUR 3,100,000
EUR 2,400,000
EUR 800,000
EUR 700,000
EUR 525,000
EUR 11,000,000
EUR 7,100,000
23,397,830
0.51
EUR 2,700,000
213,901
0.00
EUR 1,200,000
EUR 2,200,000
17,591,162
0.39
EUR 1,600,000
11,969,544
0.26
USD 200,000
12,921,395
0.28
34,100,710
0.75
22,745,811
0.50
3,959,406
0.09
12,894,350
0.28
23,501,829
0.52
724,649
0.02
26,003,081
0.57
235,568,024
5.17
Danske Bank Oyj 1.625%
27/9/2019
Fingrid OYJ 3.5% 3/4/2024
Finland Government Bond '144A'
15/4/2022 (Zero Coupon)
Finland Government Bond '144A'
1.375% 15/4/2047
Nordea Mortgage Bank Plc 0.25%
21/11/2023
Nordea Mortgage Bank Plc 1%
5/11/2024
Nordea Mortgage Bank Plc 2.25%
3/5/2019
OP Corporate Bank plc 0.75%
3/3/2022
OP Mortgage Bank 0.25%
11/5/2023
1,516,650
2,423,720
0.03
0.05
12,717,555
0.28
4,789,260
0.11
4,911,478
0.11
525,836
0.01
316,681
0.01
8,717,680
0.19
578,298
0.01
36,497,158
0.80
13,774,066
0.30
507,129
0.01
4,855,680
0.11
5,533,880
0.12
21,528,123
0.47
3,083,756
2,677,760
927,884
708,015
524,118
0.07
0.06
0.02
0.02
0.01
11,065,230
0.24
7,081,966
0.16
2,798,752
0.06
1,313,731
0.03
2,193,996
0.05
1,683,531
0.04
191,647
5,784,405
7,356,314
18,101,586
0.00
0.13
0.16
0.40
4,859,110
2,074,295
203,163
8,107,855
415,390
7,489,125
499,447
407,369
3,254,512
6,855,591
0.11
0.05
0.00
0.18
0.01
0.16
0.01
0.01
0.07
0.15
15,390,844
0.34
France
EUR 13,900,000
Denmark
EUR 10,325,000
EUR 500,000
EUR 300,000
EUR 8,475,000
Czech Republic
EUR 7,610,000
EUR 4,900,000
EUR 500,000
Cyprus
EUR 3,849,000
Description
Market
Value
(EUR)
Finland
Cayman Islands
GBP 550,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
EUR 5,750,000
GBP 6,400,000
EUR 17,675,000
EUR 4,900,000
EUR 2,000,000
EUR 200,000
EUR 8,300,000
EUR 400,000
EUR 7,500,000
EUR 500,000
EUR 400,000
EUR 3,100,000
EUR 6,500,000
EUR 13,500,000
Agence Francaise de
Developpement 0.375%
30/4/2024
Agence Francaise de
Developpement 0.5%
25/10/2022
Agence France Locale 0.25%
20/3/2023
Air Liquide Finance SA 0.125%
13/6/2020
Air Liquide Finance SA 0.375%
18/4/2022
Autoroutes du Sud de la France SA
1% 13/5/2026
AXA SA FRN 16/4/2040
AXA SA FRN 4/7/2043*
AXA SA FRN 6/7/2047*
AXA SA 1.125% 15/5/2028*
Banque Federative du Credit
Mutuel SA FRN 3/6/2020
Banque Federative du Credit
Mutuel SA 0.375% 13/1/2022
Banque Federative du Credit
Mutuel SA 1.625% 19/1/2026
Banque Federative du Credit
Mutuel SA 2.625% 24/2/2021
BNP Paribas Cardif SA FRN
25/11/2025 (Perpetual)
BNP Paribas Home Loan SFH SA
1.375% 17/6/2020
BNP Paribas SA FRN 19/8/2025
(Perpetual)
BNP Paribas SA 0.75% 11/11/2022
BNP Paribas SA 1.125% 16/8/2022
BNP Paribas SA 1.125% 15/1/2023
BNP Paribas SA 1.125%
10/10/2023
BNP Paribas SA 1.625% 23/2/2026
BNP Paribas SA 2.75% 27/1/2026
BPCE SA 0.375% 5/10/2023
BPCE SA 1.125% 14/12/2022
BPCE SA 1.125% 18/1/2023
BPCE SFH SA 0.375% 21/2/2024
BPCE SFH SA 1.5% 28/2/2018
BPCE SFH SA 1.5% 30/1/2020
BPCE SFH SA 1.75% 29/11/2019
Bpifrance Financement SA 2.5%
25/5/2024
Euro Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 22,900,000
EUR 400,000
EUR 16,600,000
EUR 5,000,000
EUR 4,500,000
EUR 100,000
EUR 6,600,000
EUR 500,000
EUR 400,000
EUR 4,200,000
EUR 6,200,000
EUR 500,000
EUR 300,000
EUR 3,700,000
EUR 4,600,000
EUR 200,000
EUR 2,800,000
EUR 13,100,000
EUR 500,000
EUR 200,000
EUR 700,000
EUR 1,000,000
EUR 700,000
EUR 4,300,000
EUR 2,300,000
EUR 2,300,000
EUR 500,000
EUR 1,250,000
EUR 600,000
EUR 6,300,000
EUR 5,600,000
EUR 400,000
EUR 500,000
EUR 3,000,000
EUR 10,100,000
EUR 600,000
Description
Caisse Centrale du Credit
Immobilier de France SA 0.375%
31/7/2020
Caisse de Refinancement de
l'Habitat SA 3.6% 13/9/2021
Caisse Francaise de Financement
Local 0.2% 27/4/2023
Caisse Francaise de Financement
Local 0.375% 16/9/2019
Caisse Francaise de Financement
Local 0.625% 26/1/2023*
Caisse Francaise de Financement
Local 0.75% 11/1/2027
Caisse Francaise de Financement
Local 1.125% 1/12/2031
Caisse Francaise de Financement
Local 1.75% 16/7/2020
Caisse Francaise de Financement
Local 3.5% 24/9/2020
Capgemini SA 1.75% 1/7/2020
Carrefour SA 1.75% 22/5/2019
Carrefour SA 4% 9/4/2020
Casino Guichard Perrachon SA
3.248% 7/3/2024
Casino Guichard Perrachon SA
4.048% 5/8/2026
Casino Guichard Perrachon SA
4.407% 6/8/2019
Casino Guichard Perrachon SA
4.561% 25/1/2023
Christian Dior SE 1.375%
19/6/2019
Cie de Financement Foncier SA
0.125% 18/2/2020*
Cie de Financement Foncier SA
0.325% 12/9/2023
Cie de Financement Foncier SA
0.375% 17/9/2019
Cie de Financement Foncier SA
0.375% 29/10/2020
Cie de Financement Foncier SA
0.625% 12/11/2021
Cie de Financement Foncier SA
0.625% 10/2/2023
Cie de Saint-Gobain 27/3/2020
(Zero Coupon)
CNP Assurances FRN 10/6/2047
Credit Agricole Assurances SA FRN
27/9/2048
Credit Agricole Home Loan SFH
SA 0.25% 23/2/2024
Credit Agricole Home Loan SFH
SA 0.375% 21/10/2021
Credit Agricole Home Loan SFH
SA 0.375% 24/3/2023
Credit Agricole Home Loan SFH
SA 0.5% 3/4/2025
Credit Agricole Home Loan SFH
SA 1.375% 3/2/2032
Credit Agricole SA FRN 23/6/2021
(Perpetual)
Credit Agricole SA 2.625%
17/3/2027
Credit Agricole SA/London 0.75%
1/12/2022
Credit Agricole SA/London 0.875%
19/1/2022
Credit Agricole SA/London 1%
16/9/2024
Market
Value
(EUR)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 6,300,000
23,267,087
0.51
EUR 225,000
466,854
0.01
EUR 6,600,000
16,583,974
0.36
EUR 300,000
5,080,395
0.11
4,621,945
0.10
EUR 7,500,000
EUR 400,000
EUR 600,000
EUR 21,050,000
99,498
0.00
EUR 4,650,000
6,478,375
0.14
EUR 15,350,000
532,666
0.01
EUR 14,900,000
452,380
4,400,928
6,457,964
561,440
0.01
0.10
0.14
0.01
330,156
0.01
EUR 3,400,000
3,938,317
0.09
5,052,364
0.11
EUR 800,000
EUR 1,289,000
EUR 500,000
EUR 1,484,453
224,358
0.00
2,877,448
0.06
13,220,758
0.29
EUR 6,775,000
EUR 8,300,000
EUR 10,213,000
EUR 56,468,000
499,867
0.01
EUR 12,279,950
203,092
0.00
EUR 14,925,000
712,702
0.02
EUR 46,689,000
1,027,848
0.02
716,192
0.02
EUR 6,000,000
4,297,893
2,360,783
0.09
0.05
EUR 20,378,000
EUR 28,138,004
2,330,337
0.05
EUR 7,328,218
496,666
0.01
EUR 48,939,000
1,275,913
0.03
EUR 7,162,000
606,658
0.01
EUR 4,874,000
6,299,622
0.14
EUR 31,498,052
5,673,528
0.12
EUR 36,654,564
416,000
0.01
EUR 5,626,966
504,426
0.01
3,031,155
0.07
10,313,295
0.23
601,344
0.01
EUR 100,000
EUR 300,000
EUR 4,600,000
EUR 2,000,000
EUR 700,000
Description
Credit Agricole SA/London 1.875%
20/12/2026
Credit Mutuel - CIC Home Loan
SFH SA 0.375% 12/9/2022
Credit Mutuel - CIC Home Loan
SFH SA 1.125% 6/2/2019
Credit Mutuel - CIC Home Loan
SFH SA 1.375% 22/4/2020
Danone SA 0.167% 3/11/2020
Danone SA 0.709% 3/11/2024
Danone SA 1.25% 6/6/2018
Dexia Credit Local SA 0.2%
16/3/2021
Dexia Credit Local SA 0.25%
19/3/2020
Dexia Credit Local SA 0.625%
21/1/2022
Dexia Credit Local SA 0.75%
25/1/2023
Dexia Credit Local SA 1.625%
29/10/2018
Electricite de France SA 1%
13/10/2026*
Electricite de France SA 1.875%
13/10/2036
Engie SA FRN 2/6/2019 (Perpetual)
Engie SA 2.25% 1/6/2018
Engie SA 5.125% 19/2/2018
FCT GINKGO Compartment
Sales Finance '2013-SF1 A' FRN
23/12/2040
French Republic Government
Bond OAT 25/5/2020
(Zero Coupon)
French Republic Government
Bond OAT 0.1% 1/3/2021*
French Republic Government
Bond OAT 0.25% 25/11/2020*
French Republic Government
Bond OAT 1.75% 25/11/2024*
French Republic Government
Bond OAT '144A' 1.75%
25/6/2039†
French Republic Government
Bond OAT 2.5% 25/5/2030
French Republic Government
Bond OAT 2.75% 25/10/2027*
French Republic Government
Bond OAT 3% 25/4/2022*
French Republic Government
Bond OAT 3.25% 25/5/2045
French Republic Government
Bond OAT 3.5% 25/4/2020*
French Republic Government
Bond OAT 3.5% 25/4/2026*
French Republic Government
Bond OAT 4% 25/4/2060*†
French Republic Government
Bond OAT 4.5% 25/4/2041†
French Republic Government
Bond OAT 4.75% 25/4/2035*†
French Republic Government
Bond OAT 5.75% 25/10/2032
Groupama SA 6% 23/1/2027
HSBC SFH France SA 2%
16/10/2023
ICADE 2.25% 16/4/2021
Imerys SA 2.5% 26/11/2020
JCDecaux SA 2% 8/2/2018
Market
Value
(EUR)
% of
Net
Assets
6,281,667
0.14
228,184
0.01
6,783,744
0.15
314,996
7,533,825
397,154
610,870
0.01
0.17
0.01
0.01
21,044,106
0.46
4,683,727
0.10
15,606,512
0.34
15,124,492
0.33
6,974,990
0.15
7,881,306
0.17
2,949,279
826,270
1,327,946
526,080
0.06
0.02
0.03
0.01
1,487,168
0.03
10,341,329
0.23
60,230,214
1.32
12,538,734
0.27
16,370,015
0.36
47,797,864
1.05
6,980,246
0.15
24,000,382
0.53
32,539,832
0.71
9,573,887
0.21
54,993,797
1.21
8,907,587
0.20
7,677,876
0.17
48,935,663
1.07
56,139,115
1.23
9,183,402
102,240
0.20
0.00
335,528
4,915,652
2,155,480
714,365
0.01
0.11
0.05
0.02
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
145
Euro Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 255,000
EUR 9,600,000
EUR 700,000
GBP 1,700,000
EUR 6,500,000
EUR 600,000
EUR 10,600,000
EUR 4,700,000
EUR 12,500,000
USD 200,000
EUR 13,600,000
EUR 1,300,000
EUR 300,000
EUR 5,000,000
EUR 6,500,000
EUR 4,225,000
EUR 400,000
EUR 9,400,000
EUR 2,200,000
Description
Orange SA FRN 1/10/2026
(Perpetual)
Orange SA 1% 12/5/2025*
Orange SA 1.875% 3/9/2018
RCI Banque SA 3% 9/5/2019
Renault SA 3.625% 19/9/2018
Renault SA 4.625% 18/9/2017
RTE Reseau de Transport
d'Electricite SA 1% 19/10/2026
RTE Reseau de Transport
d'Electricite SA 1.625%
27/11/2025
SapphireOne Mortgages FCT
'2016-3 A' FRN 27/6/2061
Societe Generale SA FRN
13/9/2021 (Perpetual)
Societe Generale SA 0.75%
26/5/2023
Societe Generale SA 1% 1/4/2022
Societe Generale SA 4% 7/6/2023
Societe Generale SFH SA 1.75%
5/3/2020
TOTAL SA FRN 26/2/2021
(Perpetual)
Unibail-Rodamco SE 1.5%
22/2/2028
Valeo SA 0.625% 11/1/2023
Veolia Environnement SA 0.314%
4/10/2023
WPP Finance SA 2.25% 22/9/2026
Market
Value
(EUR)
% of
Net
Assets
271,447
9,579,360
721,529
2,072,611
6,871,534
616,074
0.01
0.21
0.02
0.05
0.15
0.01
10,485,997
0.23
EUR 7,500,000
EUR 19,921,000
EUR 19,443,395
EUR 89,650,000
EUR 446,000
EUR 28,279,699
EUR 2,000,000
EUR 1,707
EUR 130,857
EUR 19,860
EUR 319,000
EUR 178,000
EUR 11,800,000
EUR 5,373,749
EUR 2,600,000
EUR 2,400,000
EUR 1,000,000
EUR 9,000,000
146
Allianz SE FRN 6/7/2047*
Bertelsmann SE & Co KGaA FRN
23/4/2075
Bund Laender Anleihe 1.5%
15/7/2020
Bundesrepublik Deutschland
15/8/2026 (Zero Coupon)*
Bundesrepublik Deutschland 0.5%
15/2/2026
Bundesrepublik Deutschland 1%
15/8/2025*
Bundesrepublik Deutschland 2%
15/8/2023*
Bundesrepublik Deutschland 2.5%
4/7/2044*
Bundesrepublik Deutschland 2.5%
15/8/2046†
Bundesrepublik Deutschland
3.25% 4/7/2042
Bundesrepublik Deutschland 4%
4/1/2037
Bundesrepublik Deutschland 5.5%
4/1/2031
Commerzbank AG 0.125%
23/2/2023
Commerzbank AG 0.125%
15/12/2026
Commerzbank AG 0.5% 9/6/2026
Compartment VCL 24 'A' FRN
21/8/2022
Compartment VCL 24 'B' FRN
21/8/2022
Daimler AG 0.875% 12/1/2021
Deutsche Bank AG 1.25%
8/9/2021
Deutsche Bank AG 1.5%
20/1/2022
BlackRock Global Funds (BGF)
Holding
EUR 100,000
EUR 2,222,414
EUR 15,100,000
EUR 2,950,000
EUR 9,400,000
EUR 14,400,000
4,969,837
0.11
EUR 960,000
12,522,925
0.27
EUR 700,000
190,469
0.00
EUR 450,000
13,631,416
1,302,490
337,695
0.30
0.03
0.01
EUR 8,075,000
5,300,433
0.12
EUR 4,000,000
EUR 350,000
6,521,450
0.14
EUR 18,261,000
4,245,808
400,382
0.09
0.01
EUR 6,640,000
EUR 41,177,000
9,151,887
2,428,029
0.20
0.05
903,899,395
19.82
6,120,180
0.13
96,945
0.00
7,960,416
0.17
EUR 2,622,000
EUR 207,000
19,686,207
0.43
EUR 385,429
20,283,948
0.44
97,806,832
2.14
EUR 265,000
EUR 6,205,000
EUR 253,346
516,196
0.01
38,774,493
0.85
2,773,155
0.06
EUR 8,440,000
2,617
0.00
EUR 6,635,000
210,245
0.00
EUR 1,115,000
33,411
0.00
EUR 2,200,000
319,829
0.01
170,977
11,801,947
0.00
0.26
EUR 3,400,000
EUR 835,000
EUR 6,000,000
5,382,632
0.12
2,603,770
2,479,401
0.06
0.05
1,012,504
0.02
9,114,525
0.20
Germany
EUR 6,000,000
EUR 100,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
EUR 13,595,000
EUR 4,325,000
EUR 10,200,000
EUR 687,667
EUR 300,000
EUR 300,000
Description
Deutsche Bank AG 2.125%
1/3/2019
Driver Twelve GmbH FRN
22/5/2020
Erste Abwicklungsanstalt 7/6/2019
(Zero Coupon)
Eurogrid GmbH 3.875%
22/10/2020
FMS Wertmanagement AoeR
20/10/2020 (Zero Coupon)
FMS Wertmanagement AoeR
0.05% 6/7/2021
Globaldrive Auto Receivables
'2016-B B' FRN 20/8/2024
Hella KGaA Hueck & Co 1.25%
7/9/2017
Henkel AG & Co KGaA 13/9/2018
(Zero Coupon)
IHO Verwaltungs GmbH 3.75%
15/9/2026
ING-DiBa AG 0.25% 16/11/2026
Kreditanstalt fuer Wiederaufbau
15/9/2023 (Zero Coupon)
Kreditanstalt fuer Wiederaufbau
0.125% 15/1/2024
Kreditanstalt fuer Wiederaufbau
0.375% 9/3/2026
Kreditanstalt fuer Wiederaufbau
0.375% 23/4/2030*
Landesbank Baden-Wuerttemberg
0.05% 11/11/2021
Landesbank Baden-Wuerttemberg
0.2% 10/1/2024*
Landesbank Hessen-Thueringen
Girozentrale 12/1/2022
(Zero Coupon)
Mahle GmbH 2.5% 14/5/2021
Norddeutsche Landesbank
Girozentrale 0.625% 18/1/2027
Red & Black Auto Germany 2 FRN
15/9/2022
RWE AG FRN 21/4/2075
SAP SE 2.125% 13/11/2019
SC Germany auto 2013-2 UG
haftungsbeschraenkt '2013-2 A'
FRN 12/3/2023
SC Germany Auto 2014-1 UG
haftungsbeschraenkt '2014-1 A'
FRN 11/12/2023
State of Lower Saxony 10/1/2022
(Zero Coupon)*
State of North Rhine-Westphalia
0.625% 17/11/2023*
State of North Rhine-Westphalia
1% 16/1/2025
State of North Rhine-Westphalia
1.25% 13/3/2020
Symrise AG 1.75% 10/7/2019
Techem GmbH 6.125% 1/10/2019
Volkswagen Leasing GmbH
2.375% 6/9/2022
WL BANK AG Westfaelische
Landschaft Bodenkreditbank
0.1% 31/8/2026
WL BANK AG Westfaelische
Landschaft Bodenkreditbank
2.5% 29/3/2022
Market
Value
(EUR)
% of
Net
Assets
104,678
0.00
2,224,275
0.05
15,214,911
0.33
3,356,422
0.07
9,489,065
0.21
14,591,808
0.32
961,373
0.02
705,187
0.02
452,050
0.01
8,241,547
3,901,640
0.18
0.09
351,014
0.01
18,424,436
0.40
6,678,817
0.15
39,021,611
0.86
13,682,144
0.30
4,345,803
0.10
10,242,932
2,793,020
0.22
0.06
207,807
0.00
385,720
252,089
6,627,498
0.01
0.01
0.15
253,459
0.01
687,924
0.02
8,516,677
0.19
6,866,308
0.15
1,180,437
0.03
2,306,072
3,535,932
864,481
0.05
0.08
0.02
6,549,676
0.14
289,485
0.01
338,934
0.01
420,795,462
9.23
Euro Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
5,175,036
0.11
1,680,473
0.04
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Hong Kong
USD 5,500,000
AIA Group Ltd 1.75% 13/3/2018
Iceland Government International
Bond 2.5% 15/7/2020
EUR 450,000
EUR 350,000
EUR 331,191
EUR 200,000
International
EUR 24,130,000
EUR 6,000,000
EUR 42,415,000
EUR 10,190,000
EUR 33,325,000
EUR 17,470,000
EUR 6,655,000
European Investment Bank 0.5%
15/11/2023*
European Investment Bank 1%
14/3/2031
European Stability Mechanism
0.1% 3/11/2020
European Stability Mechanism
0.125% 22/4/2024
European Stability Mechanism
0.5% 2/3/2026*
European Stability Mechanism
1.8% 2/11/2046
European Union 1.375%
4/10/2029
EUR 350,000
24,928,466
0.55
EUR 1,115,000
6,016,559
0.13
EUR 235,000
43,201,098
0.95
EUR 200,000
10,141,949
0.22
EUR 3,815,000
33,286,676
0.73
EUR 540,000
17,789,701
0.39
EUR 4,378,000
7,220,718
0.16
142,585,167
3.13
Ireland
EUR 350,000
EUR 100,000
EUR 100,000
EUR 75,000
EUR 200,000
EUR 12,500,000
EUR 5,350,000
EUR 4,840,000
EUR 850,000
EUR 4,350,000
EUR 500,000
EUR 500,000
EUR 1,825,000
EUR 3,430,000
EUR 2,000,000
EUR 320,000
EUR 10,647,453
EUR 58,065,000
EUR 3,559,149
EUR 10,839,000
EUR 1,152,784
EUR 4,249,000
Avoca Clo XIV DAC 12/7/2028
(Zero Coupon)
Avoca Clo XIV DAC 'E' FRN
12/7/2028
Avoca Clo XIV DAC 'F' FRN
12/7/2028
Bank of Ireland FRN 11/6/2024
Bank of Ireland FRN 11/6/2024
Caterpillar International Finance
Designated Activity Co FRN
27/9/2017
CRH Finance DAC 1.375%
18/10/2028
ESB Finance DAC 1.875%
14/6/2031*
ESB Finance DAC 6.25%
11/9/2017
Fresenius Finance Ireland Plc 1.5%
30/1/2024
Fresenius Finance Ireland Plc
2.125% 1/2/2027*
Fresenius Finance Ireland Plc 3%
30/1/2032
GAS Networks Ireland 1.375%
5/12/2026
GE Capital European Funding
Unlimited Co 1.625% 15/3/2018
GE Capital European Funding
Unlimited Co 2.25% 20/7/2020
Harvest Clo XI DAC FRN
26/3/2029
Ireland Government Bond 1%
15/5/2026
Ireland Government Bond 1.7%
15/5/2037
Ireland Government Bond 2%
18/2/2045
Ireland Government Bond 2.4%
15/5/2030
Magellan Mortgages No4 Plc FRN
20/7/2059
Smurfit Kappa Acquisitions Unltd
Co 2.375% 1/2/2024*
% of
Net
Assets
450,702
331,196
0.01
0.01
331,402
0.01
238,806
0.01
370,533
0.01
1,145,925
0.03
253,531
0.01
212,993
0.00
3,948,759
0.09
540,922
0.01
4,374,920
0.10
7,655,802
9,604,355
38,618
0.17
0.21
0.00
3,881,512
0.09
204,197
0.00
607,342
0.01
7,808,914
0.17
2,055,548
798,480
597,210
0.05
0.02
0.01
28,481,802
0.62
37,179,898
0.82
1,029,501
0.02
7,587,851
0.17
18,819,169
0.41
12,411,163
0.27
24,883,170
0.55
32,814,783
0.72
14,794,609
0.32
23,572,238
0.52
13,090,942
0.29
43,794,743
0.96
98,925
0.00
96,688,051
2.12
22,962,999
0.50
2,431,086
0.05
Italy
Iceland
EUR 1,570,000
Description
Market
Value
(EUR)
314,398
0.01
96,035
0.00
89,039
78,321
208,841
0.00
0.00
0.00
EUR 7,700,000
EUR 9,085,000
EUR 38,000
EUR 3,956,810
EUR 200,000
EUR 600,000
EUR 7,675,000
EUR 1,950,000
12,509,750
0.27
5,283,125
0.12
4,967,534
0.11
878,904
0.02
4,449,411
0.10
517,685
0.01
526,687
0.01
1,857,074
0.04
3,499,210
0.08
2,160,548
0.05
315,135
0.01
10,768,834
0.24
57,815,321
1.27
3,585,689
0.08
12,248,359
0.27
959,070
0.02
4,356,946
0.09
127,485,916
2.80
EUR 800,000
EUR 600,000
EUR 30,000,000
EUR 36,830,000
EUR 1,000,000
EUR 7,220,000
EUR 20,780,000
EUR 11,705,000
EUR 20,780,000
EUR 35,095,000
EUR 12,340,000
EUR 20,913,000
EUR 12,460,000
EUR 38,896,000
EUR 84,000
EUR 92,665,000
EUR 19,382,000
EUR 2,044,000
2i Rete Gas SpA 1.75% 28/8/2026
ACEA SpA 1% 24/10/2026*
Asset Backed European
Securitisation Transaction Nine
Srl FRN 10/12/2028
Assicurazioni Generali SpA FRN
12/12/2042
Assicurazioni Generali SpA FRN
27/10/2047
Assicurazioni Generali SpA FRN
8/6/2048
Assicurazioni Generali SpA 2.875%
14/1/2020
Assicurazioni Generali SpA 4.125%
4/5/2026
Autostrade per l'Italia SpA 1.125%
4/11/2021
Autostrade per l'Italia SpA 1.75%
1/2/2027
Banca Monte dei Paschi di Siena
SpA 1.25% 20/1/2022
Banca Popolare di Milano Scarl
0.625% 8/6/2023
BPER Banca 3.375% 22/10/2018
Enel SpA 5.25% 20/6/2017
Fondi Immobili Pubblici Funding
SRL FRN 10/1/2023
Intesa Sanpaolo SpA FRN
11/1/2027 (Perpetual)
Intesa Sanpaolo SpA 0.625%
23/3/2023*
Intesa Sanpaolo SpA 1.125%
14/1/2020
Intesa Sanpaolo SpA 3%
28/1/2019
Italgas SpA 0.5% 19/1/2022
Italgas SpA 1.625% 19/1/2027
Italy Buoni Poliennali Del Tesoro
0.65% 15/10/2023*
Italy Buoni Poliennali Del Tesoro
0.7% 1/5/2020
Italy Buoni Poliennali Del Tesoro
1.5% 1/8/2019
Italy Buoni Poliennali Del Tesoro
1.65% 23/4/2020
Italy Buoni Poliennali Del Tesoro
'144A' 1.65% 1/3/2032
Italy Buoni Poliennali Del Tesoro
1.7% 15/9/2018
Italy Buoni Poliennali Del Tesoro
2.1% 15/9/2021
Italy Buoni Poliennali Del Tesoro
'144A' 2.25% 1/9/2036*
Italy Buoni Poliennali Del Tesoro
2.35% 15/9/2019
Italy Buoni Poliennali Del Tesoro
'144A' 2.35% 15/9/2024
Italy Buoni Poliennali Del Tesoro
2.5% 1/5/2019*
Italy Buoni Poliennali Del Tesoro
3.75% 1/5/2021*
Italy Buoni Poliennali Del Tesoro
4% 1/2/2037
Italy Buoni Poliennali Del Tesoro
4.5% 1/2/2018*
Italy Buoni Poliennali Del Tesoro
4.5% 1/5/2023*
Italy Buoni Poliennali Del Tesoro
4.5% 1/3/2024
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
147
Euro Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 72,375,000
EUR 26,312,000
EUR 3,006,000
EUR 1,080,000
EUR 750,000
EUR 1,900,000
EUR 600,000
EUR 808,000
EUR 243,000
EUR 2,900,000
EUR 900,000
EUR 200,000
EUR 400,000
EUR 300,000
EUR 1,035,000
Description
Italy Buoni Poliennali Del Tesoro
4.5% 1/3/2026*
Italy Buoni Poliennali Del Tesoro
'144A' 4.75% 1/9/2028
Italy Buoni Poliennali Del Tesoro
'144A' 4.75% 1/9/2044
Italy Buoni Poliennali Del Tesoro
5.25% 1/11/2029
Leonardo SpA 4.875% 24/3/2025
Snam SpA 25/10/2020
(Zero Coupon)
Snam SpA 0.875% 25/10/2026
Snam SpA 1.375% 19/11/2023*
Snam SpA 1.5% 21/4/2023
Sunrise Srl '2016-1 A1' FRN
31/7/2040
Telecom Italia SpA/Milano 4.875%
25/9/2020
UniCredit SpA FRN 3/6/2022
(Perpetual)
UniCredit SpA FRN 28/10/2025
UniCredit SpA 2% 4/3/2023
UniCredit SpA 2.125% 24/10/2026
Market
Value
(EUR)
% of
Net
Assets
Holding
86,964,942
1.91
EUR 450,000
32,580,389
0.71
EUR 5,061,000
3,863,982
0.08
USD 565,000
1,410,284
894,521
0.03
0.02
USD 1,605,000
EUR 6,875,000
GBP 900,000
UBS Group Funding Jersey Ltd
1.25% 1/9/2026
UBS Group Funding Jersey Ltd
1.5% 30/11/2024
WPP Plc 6% 4/4/2017
1,887,779
563,796
831,298
252,279
0.04
0.01
0.02
0.01
2,906,950
0.06
1,024,987
0.02
215,828
428,720
306,906
1,014,569
0.00
0.01
0.01
0.02
561,239,827
12.31
Latvia Government International
Bond 0.375% 7/10/2026
5,237,406
EUR 1,942,502
EUR 4,500,000
EUR 48,651,000
EUR 29,560,000
EUR 5,985,000
EUR 31,207,000
EUR 4,801,000
EUR 3,785,000
EUR 4,750,000
EUR 6,000,000
EUR 1,925,000
EUR 3,820,000
EUR 375,000
EUR 1,310,499
148
Compartment VCL 22 FRN
21/8/2021
Compartment VCL 23 FRN
21/1/2022
DH Europe Finance SA 1.7%
4/1/2022
European Financial Stability Facility
29/3/2021 (Zero Coupon)
European Financial Stability Facility
17/11/2022 (Zero Coupon)
European Financial Stability Facility
0.2% 28/4/2025
European Financial Stability Facility
0.4% 31/5/2026
European Financial Stability Facility
1.7% 13/2/2043
European Financial Stability Facility
1.75% 29/10/2020
GELF Bond Issuer I SA 1.625%
20/10/2026
KBC IFIMA SA 2.125% 10/9/2018
SELP Finance Sarl 1.25%
25/10/2023
SES SA FRN 2/1/2022 (Perpetual)*
SES SA FRN 29/1/2024 (Perpetual)
Silver Arrow SA Compartment 5
FRN 15/10/2022
BlackRock Global Funds (BGF)
EUR 300,000
EUR 7,500,000
EUR 200,000
EUR 600,000
EUR 3,320,000
0.12
EUR 7,600,000
6,973,553
1,060,415
0.15
0.02
13,271,374
0.29
EUR 500,000
EUR 5,635,000
EUR 300,000
1,050,190
0.02
Luxembourg
EUR 1,842,168
% of
Net
Assets
America Movil SAB de CV 1.5%
10/3/2024
Petroleos Mexicanos 3.75%
15/3/2019
Petroleos Mexicanos 5.375%
13/3/2022*
Petroleos Mexicanos 6.5%
13/3/2027
454,817
0.01
5,318,807
0.12
558,718
0.01
1,607,813
0.03
7,940,155
0.17
5,480,068
0.12
310,802
0.01
7,415,812
0.16
199,236
0.00
636,153
0.01
3,650,526
202,189
399,435
0.08
0.00
0.01
807,764
0.02
7,678,698
0.17
507,963
0.01
6,621,765
0.15
304,992
0.01
406,286
2,955,894
5,118,121
0.01
0.06
0.11
8,092,500
0.18
1,060,107
1,341,746
0.02
0.03
188,211
0.00
5,849,822
0.13
7,403,877
0.16
181,216
0.00
9,427,890
0.21
7,686,914
0.17
5,703,319
0.12
1,731,141
0.04
822,796
1,899,924
2,725,854
0.02
0.04
0.06
210,877
0.00
Netherlands
EUR 5,200,000
EUR 200,000
EUR 400,000
EUR 800,000
Latvia
EUR 1,112,000
Description
Market
Value
(EUR)
Mexico
Jersey
EUR 5,400,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
EUR 400,000
EUR 2,922,000
EUR 5,020,000
EUR 7,500,000
1,851,277
0.04
1,941,939
0.04
4,823,888
0.10
49,047,749
1.07
EUR 1,250,000
EUR 200,000
29,515,364
0.65
EUR 5,800,000
5,851,541
0.13
EUR 7,800,000
30,562,107
0.67
EUR 150,000
4,824,789
0.11
EUR 9,345,000
4,070,717
0.09
USD 8,500,000
4,669,250
6,218,604
0.10
0.14
EUR 5,778,000
1,890,831
3,976,792
400,706
0.04
0.09
0.01
1,310,935
0.03
150,956,489
3.31
EUR 1,030,000
EUR 1,647,000
EUR 750,000
EUR 1,900,000
EUR 2,550,000
EUR 210,000
ABN AMRO Bank NV FRN
30/6/2025
ABN AMRO Bank NV 0.875%
14/1/2026
ABN AMRO Bank NV 1%
13/4/2031
ABN AMRO Bank NV 1.125%
12/1/2032
ABN AMRO Bank NV 1.5%
30/9/2030
Achmea Bank NV 2.75%
18/2/2021
Aegon Bank NV 0.25% 1/12/2020
Aegon Bank NV 0.25% 25/5/2023
ASML Holding NV 0.625%
7/7/2022*
ASML Holding NV 1.375%
7/7/2026*
ASML Holding NV 1.625%
28/5/2027
ASML Holding NV 3.375%
19/9/2023
ASML Holding NV 5.75%
13/6/2017
ATF Netherlands BV 2.125%
13/3/2023
BMW Finance NV 0.5% 5/9/2018
BMW Finance NV 0.5% 21/1/2020
Brenntag Finance BV 5.5%
19/7/2018
Cooperatieve Rabobank UA FRN
29/6/2020 (Perpetual)
CRH Funding BV 1.875% 9/1/2024
de Volksbank NV 0.75%
24/10/2031
Deutsche Bahn Finance BV
19/7/2021 (Zero Coupon)
Deutsche Bahn Finance BV 0.875%
11/7/2031
Deutsche Bahn Finance BV 4.375%
23/9/2021
Deutsche Telekom International
Finance BV 0.625% 3/4/2023
Deutsche Telekom International
Finance BV 2.485% 19/9/2023
Enel Finance International NV
1.375% 1/6/2026
Enel Finance International NV
1.966% 27/1/2025
Enel Finance International NV
5.75% 24/10/2018
Enexis Holding NV 0.875% 28/4/2026
Enexis Holding NV 1.5% 20/10/2023
Euro-Galaxy IV CLO BV '2015-4X D'
FRN 30/7/2028
Euro Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 340,000
EUR 200,000
EUR 750,000
EUR 15,904,000
EUR 875,000
EUR 400,000
EUR 100,000
EUR 2,900,000
EUR 700,000
EUR 6,300,000
EUR 2,395,000
EUR 725,000
EUR 10,500,000
EUR 200,000
EUR 114,000
USD 200,000
EUR 2,500,000
EUR 625,000
EUR 2,900,000
EUR 6,650,000
EUR 1,000,000
EUR 26,830,119
EUR 20,307,000
EUR 3,700,000
EUR 4,160,000
EUR 2,962,000
EUR 790,000
EUR 2,275,000
EUR 4,800,000
EUR 8,265,000
EUR 1,471,000
USD 6,857,000
USD 2,624,000
USD 5,002,000
EUR 250,000
EUR 7,775,000
Description
Euro-Galaxy IV CLO BV '2015-4X E'
FRN 30/7/2028
Euro-Galaxy IV CLO BV '2015-4X F'
FRN 30/7/2028
Evonik Finance BV 8/3/2021
(Zero Coupon)
Evonik Finance BV 0.375%
7/9/2024*
Evonik Finance BV 0.75% 7/9/2028
F Van Lanschot Bankiers NV
0.875% 15/2/2027
Gas Natural Fenosa Finance BV
FRN 18/11/2022 (Perpetual)
Gas Natural Fenosa Finance BV
FRN 24/4/2024 (Perpetual)
Gas Natural Fenosa Finance BV
1.25% 19/4/2026
Gas Natural Fenosa Finance BV
1.375% 19/1/2027
Goodyear Dunlop Tires Europe BV
3.75% 15/12/2023
Heineken NV 1% 4/5/2026
Iberdrola International BV 1.125%
21/4/2026*
Iberdrola International BV 1.75%
17/9/2023
ING Bank NV 1.875% 22/5/2023
ING Groep NV FRN 16/4/2022
(Perpetual)
Koninklijke DSM NV 0.75%
28/9/2026
Linde Finance BV 0.25%
18/1/2022
Louis Dreyfus Co BV 3.875%
30/7/2018
Nederlandse Financierings
Maatschappij voor
Ontwikkelingslanden NV 0.125%
20/4/2022
Nederlandse Gasunie NV 3.625%
13/10/2021*
Netherlands Government Bond
'144A' 0.25% 15/7/2025*
Netherlands Government Bond
'144A' 0.5% 15/7/2026*
Netherlands Government Bond
'144A' 1.75% 15/7/2023*
Netherlands Government Bond
5.5% 15/1/2028*
NN Group NV FRN 15/1/2026
(Perpetual)
NN Group NV FRN 8/4/2044
NN Group NV 0.875% 13/1/2023
NN Group NV 1% 18/3/2022
North Westerly CLO IV 2013 BV
'IV-X A-1' FRN 15/1/2026
North Westerly CLO IV 2013 BV
'IV-X D' FRN 15/1/2026
Petrobras Global Finance BV
4.375% 20/5/2023
Petrobras Global Finance BV
6.85% 5/6/2115
Petrobras Global Finance BV
8.375% 23/5/2021
Repsol International Finance BV
FRN 25/3/2075
Shell International Finance BV
0.375% 15/2/2025
Market
Value
(EUR)
% of
Net
Assets
323,789
0.01
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 300,000
EUR 3,375,000
180,835
0.00
EUR 1,955,000
747,454
0.02
EUR 2,655,000
15,404,932
807,914
0.34
0.02
EUR 385,000
401,146
0.01
103,793
0.00
2,813,899
0.06
EUR 6,950,000
693,840
0.02
EUR 440,000
6,219,706
0.14
2,548,400
717,699
0.06
0.02
EUR 250,000
EUR 550,000
10,466,463
0.23
213,744
126,467
0.00
0.00
192,715
0.00
2,451,750
0.05
632,034
0.01
3,021,466
0.07
0.15
1,167,929
0.03
27,009,881
0.59
20,656,687
0.45
4,169,715
0.09
6,406,610
0.14
2,970,439
839,063
2,295,327
4,923,298
0.06
0.02
0.05
0.11
8,287,960
0.18
0.03
6,046,338
0.13
2,166,540
0.05
5,277,481
0.12
253,494
0.01
7,580,703
0.17
303,142
0.01
3,414,555
0.07
2,110,545
0.05
2,521,892
0.06
379,632
0.01
262,039,666
5.75
ANZ New Zealand Int'l Ltd/London
0.125% 22/9/2023
ANZ New Zealand Int'l Ltd/London
1.5% 2/10/2018
Chorus Ltd 1.125% 18/10/2023
Westpac Securities NZ Ltd/London
0.125% 16/6/2021
6,843,387
0.15
452,376
252,350
0.01
0.01
551,248
0.01
8,099,361
0.18
356,562
0.01
4,950,561
0.11
403,073
0.01
513,550
0.01
1,617,360
0.03
10,679,619
0.23
16,710,768
0.37
404,520
0.01
914,382
0.02
314,767
0.01
3,163,036
0.07
2,733,255
1,991,318
0.06
0.04
44,752,771
0.98
6,413,214
0.14
Norway
EUR 350,000
EUR 4,500,000
EUR 400,000
EUR 500,000
EUR 1,600,000
EUR 9,600,000
EUR 400,000
EUR 900,000
EUR 300,000
EUR 3,000,000
EUR 2,660,000
EUR 2,030,000
DNB Boligkreditt AS 0.375%
20/10/2020
DNB Boligkreditt AS 1.875%
21/11/2022
Eika Boligkreditt AS 0.375%
20/4/2023
Eika Boligkreditt AS 0.625%
28/10/2021
Eika Boligkreditt AS 1.25%
6/11/2017
Eika Boligkreditt AS 2.125%
30/1/2023
SpareBank 1 Boligkreditt AS
0.05% 25/1/2022
SpareBank 1 Boligkreditt AS
0.375% 9/3/2023
SpareBank 1 Boligkreditt AS
1.25% 28/2/2018
SpareBank 1 Boligkreditt AS
1.5% 20/1/2020
SpareBank 1 Boligkreditt AS
1.5% 12/6/2020
Sparebanken Vest Boligkreditt AS
1.5% 11/9/2018
Statoil ASA 0.75% 9/11/2026*
Poland
EUR 6,350,000
EUR 5,380,000
1,473,304
Telefonica Europe BV FRN
15/3/2022 (Perpetual)
TenneT Holding BV 1.875%
13/6/2036
TenneT Holding BV 2.125%
1/11/2020
Teva Pharmaceutical Finance
Netherlands II BV 1.125%
15/10/2024
Volkswagen International Finance
NV FRN 20/3/2022 (Perpetual)
% of
Net
Assets
New Zealand
EUR 16,700,000
6,695,187
Description
Market
Value
(EUR)
Republic of Poland Government
International Bond 0.5%
20/12/2021*
Republic of Poland Government
International Bond 1%
25/10/2028
5,127,194
0.11
11,540,408
0.25
176,922
0.00
1,169
0.00
Portugal
EUR 176,323
EUR 1,263
GAMMA Sociedade de
Titularizacao de Creditos SA/
Atlantes Finance FRN 20/3/2033
Portugal Obrigacoes do Tesouro
OT '144A' 2.875% 21/7/2026
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
149
Euro Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 4,240,000
EUR 4,411,000
EUR 19,123,078
EUR 3,426,779
Description
Portugal Obrigacoes do Tesouro
OT '144A' 4.75% 14/6/2019*
Portugal Obrigacoes do Tesouro
OT '144A' 4.8% 15/6/2020
TAGUS - Sociedade
de Titularizacao
de Creditos SA/Volta IV
2.423% 12/2/2021
TAGUS-Sociedade
de Titularizacao
de Creditos SA/Volta II
Electricity Receivables
2.98% 16/2/2018
Market
Value
(EUR)
% of
Net
Assets
4,651,068
0.10
RUB 263,200,000
Russian Federal Bond - OFZ
7.5% 18/8/2021
Russian Federal Bond - OFZ
8.15% 3/2/2027
EUR 400,000
4,915,662
0.11
EUR 17,800,000
19,522,617
0.43
Slovenia Government Bond
1.75% 9/10/2017
3,479,345
0.08
32,746,783
0.72
32,995,022
0.72
4,279,252
0.10
EUR 11,200,000
37,274,274
0.82
EUR 34,377,000
EUR 500,000
EUR 4,900,000
EUR 300,000
EUR 700,000
EUR 600,000
EUR 300,000
EUR 2,900,000
EUR 300,000
EUR 500,000
EUR 500,000
EUR 3,200,000
EUR 8,200,000
EUR 7,300,000
EUR 400,000
EUR 300,000
EUR 400,000
EUR 800,000
EUR 100,000
EUR 300,000
EUR 200,000
EUR 200,000
EUR 4,700,000
EUR 5,500,000
EUR 9,900,000
150
Amadeus Capital Markets SAU
0.125% 6/10/2020
Amadeus Capital Markets SAU
1.625% 17/11/2021
Auto ABS '2016-1 A' FRN
31/12/2032
Ayt Cedulas Cajas Global 3.75%
14/12/2022
Ayt Cedulas Cajas Global 4%
21/3/2017
Ayt Cedulas Cajas Global 4%
24/3/2021
AyT Cedulas Cajas V Fondo de
Titulizacion de Activos 4.75%
4/12/2018
AyT Cedulas Cajas X Fondo de
Titulizacion de Activos 3.75%
30/6/2025
Banco Bilbao Vizcaya Argentaria
SA 3.5% 5/12/2017
Banco de Sabadell SA 0.125%
20/10/2023*
Banco de Sabadell SA 0.625%
3/11/2020
Banco Popular Espanol SA 3.5%
11/9/2017
Bankia SA FRN 22/5/2024
Bankia SA 1% 14/3/2023*
Bankia SA 1% 25/9/2025
Bankia SA 1.125% 5/8/2022
Bankia SA 3.5% 17/1/2019
Bankia SA 4% 3/2/2025
Bankia SA 4.125% 24/3/2036
Bankia SA 4.25% 25/5/2018
CaixaBank SA FRN 15/2/2027
CaixaBank SA 0.625% 12/11/2020
CaixaBank SA 1.25% 11/1/2027
Caja Rural de Navarra SCC 0.5%
16/3/2022*
Caja Rural de Navarra SCC
0.625% 1/12/2023
BlackRock Global Funds (BGF)
EUR 4,200,000
EUR 5,200,000
EUR 400,000
EUR 600,000
EUR 45,700,000
6,662,268
0.15
Spain
EUR 300,000
EUR 7,800,000
EUR 550,000
Slovenia
EUR 6,582,000
Holding
EUR 6,000,000
Russian Federation
RUB 2,097,260,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
EUR 10,438,000
EUR 55,340,000
300,512
0.01
EUR 40,564,000
530,895
0.01
EUR 19,908,000
4,890,952
0.11
EUR 17,031,000
356,469
0.01
EUR 6,420,000
701,493
0.02
EUR 28,350,000
694,173
0.01
EUR 7,566,000
EUR 10,646,000
325,842
0.01
EUR 5,551,000
3,565,474
0.08
EUR 45,164,000
308,612
0.01
EUR 47,276,000
488,733
0.01
EUR 7,700,000
510,511
0.01
EUR 700,000
3,262,050
8,418,448
7,548,433
404,550
312,647
425,602
997,191
129,567
316,228
206,486
204,385
4,834,905
0.07
0.18
0.17
0.01
0.01
0.01
0.02
0.00
0.01
0.00
0.00
0.11
EUR 500,000
5,565,225
0.12
9,939,400
0.22
Description
Cajamar Caja Rural SCC 3.75%
22/11/2018
Deutsche Bank SA Espanola
0.625% 15/12/2021
FADE - Fondo de Amortizacion
del Deficit Electrico 0.85%
17/9/2019
FADE - Fondo de Amortizacion
del Deficit Electrico 3.375%
17/3/2019
Gas Natural Capital Markets SA
4.125% 26/1/2018
Ibercaja Banco SA 0.25%
18/10/2023
Iberdrola Finanzas SA 1% 7/3/2024
Kutxabank SA 1.25% 22/9/2025
Programa Cedulas TDA Fondo de
Titulizacion de Activos 4.25%
10/4/2031
Spain Government Bond 0.4%
30/4/2022
Spain Government Bond 1.15%
30/7/2020*
Spain Government Bond 1.4%
31/1/2020*
Spain Government Bond '144A'
1.95% 30/7/2030
Spain Government Bond '144A'
2.35% 30/7/2033
Spain Government Bond '144A'
2.9% 31/10/2046*
Spain Government Bond '144A'
3.45% 30/7/2066
Spain Government Bond '144A'
3.8% 30/4/2024
Spain Government Bond '144A'
4.3% 31/10/2019
Spain Government Bond 4.5%
31/1/2018*
Spain Government Bond '144A'
4.8% 31/1/2024
Spain Government Bond '144A'
5.4% 31/1/2023
Spain Government Bond '144A'
5.5% 30/4/2021*
Spain Government Bond '144A'
5.85% 31/1/2022*
Spain Government Inflation Linked
Bond '144A' 0.55% 30/11/2019*
Telefonica Emisiones SAU 1.46%
13/4/2026*
Telefonica Emisiones SAU 2.318%
17/10/2028
Telefonica Emisiones SAU 4.797%
21/2/2018
Market
Value
(EUR)
% of
Net
Assets
6,392,075
0.14
408,694
0.01
18,168,594
0.40
8,348,795
0.18
571,502
0.01
4,120,862
5,250,492
416,558
0.09
0.11
0.01
785,779
0.02
11,149,015
0.24
35,655,398
0.78
47,596,605
1.04
10,393,457
0.23
56,171,298
1.23
41,148,174
0.90
21,018,184
0.46
20,219,454
0.44
7,162,625
0.16
29,603,539
0.65
9,501,542
0.21
13,544,891
0.30
6,774,166
0.15
57,110,377
1.25
49,256,226
1.08
7,604,798
0.17
712,660
0.02
524,320
0.01
524,848,863
11.51
1,922,930
0.04
2,199,600
2,760,687
125,515
0.05
0.06
0.00
643,256
0.01
4,256,696
0.09
Sweden
EUR 2,000,000
SEK 21,031,436
EUR 2,650,000
EUR 125,000
EUR 625,000
EUR 4,050,000
Atlas Copco AB 0.625% 30/8/2026
Bluestep Mortgage Securities No2
Ltd FRN 10/11/2055
Nordea Bank AB FRN 10/11/2025
Nordea Bank AB FRN 7/9/2026
Skandinaviska Enskilda Banken AB
0.625% 30/1/2023
Skandinaviska Enskilda Banken AB
1.5% 25/2/2020
Euro Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 400,000
EUR 2,300,000
EUR 1,000,000
EUR 6,775,000
EUR 2,650,000
EUR 6,975,000
EUR 28,592,000
EUR 2,750,000
EUR 200,000
Description
Market
Value
(EUR)
Skandinaviska Enskilda Banken AB
1.625% 4/11/2020
426,095
Stadshypotek AB 0.05% 20/6/2022
2,299,931
Stadshypotek AB 0.625%
10/11/2021
1,031,154
Svenska Handelsbanken AB
1.125% 14/12/2022
7,090,756
Svenska Handelsbanken AB 2.25%
14/6/2018
2,736,708
Swedbank AB 1% 1/6/2022*
7,258,671
Swedbank Hypotek AB 0.125%
18/7/2022
28,677,776
Swedbank Hypotek AB 0.15%
10/2/2021
2,779,054
Telefonaktiebolaget LM Ericsson
1.875% 1/3/2024
200,916
64,409,745
% of
Net
Assets
EUR 350,000
EUR 500,000
EUR 350,000
EUR 4,050,000
EUR 4,215,000
EUR 200,000
Credit Suisse AG/Guernsey 0.75%
17/9/2021
Credit Suisse AG/Guernsey 1%
12/3/2019
Credit Suisse AG/Guernsey 1.75%
15/1/2021
Credit Suisse AG/London 0.625%
20/11/2018
Credit Suisse AG/London 1%
7/6/2023
UBS AG FRN 12/2/2026
UBS AG/London 1.375%
16/4/2021
EUR 5,000,000
GBP 600,000
0.02
GBP 400,000
0.16
GBP 2,076,000
0.06
0.16
EUR 700,000
EUR 2,200,000
0.63
GBP 3,985,000
0.06
GBP 8,545,000
0.01
GBP 2,028,591
1.41
GBP 1,615,729
593,164
0.01
GBP 900,000
358,486
0.01
534,440
0.01
GBP 291,715
GBP 1,020,000
GBP 1,888,533
EUR 802,128
354,877
0.01
4,155,401
4,643,118
0.09
0.10
GBP 1,600,460
211,345
0.01
GBP 3,510,000
10,850,831
0.24
EUR 4,400,000
GBP 4,894,000
Turkey
USD 4,742,000
Turkey Government International
Bond 6% 25/3/2027
4,594,262
0.10
Glencore Finance Dubai Ltd
2.625% 19/11/2018
EUR 400,000
GBP 50,000
EUR 2,500,000
GBP 600,134
EUR 250,000
USD 200,000
EUR 2,220,000
EUR 8,775,000
EUR 3,435,000
GBP 750,000
EUR 4,425,000
EUR 300,000
GBP 912,484
Anglo American Capital Plc 1.5%
1/4/2020
Anglo American Capital Plc 2.75%
7/6/2019
Anglo American Capital Plc
6.875% 1/5/2018
Aon Plc 2.875% 14/5/2026
Auburn Securities 5 Plc FRN
1/12/2041
Barclays Bank Plc 6.625%
30/3/2022
Barclays Plc FRN 15/3/2022
(Perpetual)
Barclays Plc FRN 11/11/2025
Barclays Plc 1.875% 8/12/2023
BAT International Finance Plc
0.875% 13/10/2023
BG Energy Capital Plc 5.125%
7/12/2017
BP Capital Markets Plc 1.117%
25/1/2024
BP Capital Markets Plc 1.953%
3/3/2025
Brass No 3 Plc FRN 16/4/2051
GBP 4,995,200
GBP 254,000
104,378
0.00
GBP 1,790,373
United Kingdom
EUR 350,000
GBP 778,691
GBP 697,000
United Arab Emirates
EUR 100,000
Holding
0.01
0.05
Switzerland
EUR 575,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
EUR 1,100,000
358,672
0.01
GBP 104,492
422,000
0.01
GBP 60,160
62,538
2,763,845
0.00
0.06
GBP 1,006,426
674,545
0.01
GBP 230,000
312,257
0.01
GBP 375,000
197,541
2,250,936
8,992,444
0.00
0.05
0.20
EUR 2,800,000
3,456,205
0.08
GBP 6,948,070
909,921
0.02
4,541,908
0.10
EUR 940,000
EUR 400,000
EUR 400,000
322,987
1,074,303
0.01
0.02
EUR 1,132,088
EUR 775,000
Description
Market
Value
(EUR)
British Telecommunications Plc
1.125% 10/6/2019
5,139,589
British Telecommunications Plc
6.625% 23/6/2017
716,316
Canary Wharf Finance II Plc 'C2'
FRN 22/10/2037
340,144
Canary Wharf Finance II Plc 'D2'
FRN 22/10/2037
1,798,728
Centrica Plc FRN 10/4/2076
710,806
Compass Group Plc 1.875%
27/1/2023
2,390,758
Co-Operative Bank Plc/United
Kingdom 4.75% 11/11/2021
5,266,464
Delamare Cards MTN Issuer Plc
'2014-1 A2' FRN 19/5/2021
10,029,617
Driver UK Multi-Compartment SA
Compartment Driver UK three
FRN 25/1/2024
2,381,680
Duncan Funding 2015-1 plc
'2015-1 A1' FRN 17/12/2062
1,904,902
Eastern Power Networks Plc 6.25%
12/11/2036
1,625,728
E-Carat 3 Plc FRN 18/3/2022
342,399
E-CARAT 5 Plc FRN 18/4/2023
1,193,255
E-Carat 6 Plc FRN 18/6/2024
2,225,814
Eddystone Finance Plc '2006-1 A1B'
FRN 19/4/2021
798,799
Eddystone Finance Plc '2006-1 A2'
FRN 19/4/2021
909,602
Eurosail 2006-1 Plc '2006-1X A2C'
FRN 10/6/2044
1,852,320
Eurosail-UK 2007-4bl Plc
'2007-4X A3' FRN 13/6/2045
4,006,886
FCE Bank Plc 1.528% 9/11/2020
4,589,351
Feldspar 2016-1 Plc '2016-1 A'
FRN 15/9/2045
5,762,304
Finsbury Square 2016-2 Plc
'2016-2 A' FRN 16/8/2058
5,895,296
Finsbury Square 2017-1 Plc
'2017-1 A' FRN 12/3/2059
817,815
Finsbury Square 2017-1 Plc
'2017-1 B' FRN 12/3/2059
297,878
Fosse Master Issuer Plc '2014-1X A2'
FRN 18/10/2054
2,103,061
G4S International Finance Plc
1.5% 9/1/2023
1,119,943
Gemgarto '2012-1 A1' FRN
14/5/2045
122,946
Gemgarto 2015-1 Plc '2015-1 X1'
FRN 16/2/2047
69,726
Gemgarto 2015-2 Plc '2015-2 A'
FRN 16/2/2054
1,189,995
Gemgarto 2015-2 Plc '2015-2 B'
FRN 16/2/2054
268,613
Gosforth Funding 2014-1 Plc
'2014-1 A2' FRN 19/10/2056
442,194
Gosforth Funding 2016-1 Plc
'2016-1X A2A' FRN 15/2/2058
2,807,622
Gosforth Funding 2016-2 Plc
'2016-2X A1A' FRN 24/7/2058
1,134,634
Greene King Finance Plc FRN
15/12/2033
7,977,201
Hammerson Plc 2.75% 26/9/2019
1,001,897
HSBC Bank Plc 3.125% 15/11/2017
409,514
HSBC Bank Plc 3.875%
24/10/2018
427,231
Imperial Brands Finance Plc
1.375% 27/1/2025
787,001
% of
Net
Assets
0.11
0.02
0.01
0.04
0.02
0.05
0.12
0.22
0.05
0.04
0.04
0.01
0.03
0.05
0.02
0.02
0.04
0.09
0.10
0.13
0.13
0.02
0.01
0.05
0.02
0.00
0.00
0.03
0.01
0.01
0.06
0.02
0.17
0.02
0.01
0.01
0.02
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
151
Euro Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 200,000
EUR 307,000
GBP 300,000
GBP 4,460,000
EUR 525,738
EUR 430,149
GBP 2,940,198
GBP 121,000
GBP 974,000
EUR 675,000
EUR 600,000
GBP 4,000,000
EUR 300,000
EUR 425,000
EUR 307,000
EUR 5,450,000
GBP 71,714
GBP 570,000
GBP 2,795,764
GBP 378,659
GBP 812,752
GBP 313,000
GBP 836,353
GBP 805,217
GBP 2,861,711
EUR 1,670,000
EUR 1,351,000
EUR 5,000,000
EUR 400,000
EUR 531,000
EUR 490,000
EUR 100,000
GBP 700,000
EUR 3,425,000
EUR 3,800,000
EUR 3,125,000
USD 800,000
EUR 400,000
152
Description
Lloyds Bank Plc 0.5% 22/7/2020
Lloyds Bank Plc 0.625% 14/9/2022
Lloyds Bank Plc 5.125% 7/3/2025
Logistics UK 2015 Plc '2015-1X E'
FRN 20/8/2025
Ludgate Funding Plc '2007-1 BB'
FRN 1/1/2061
Ludgate Funding Plc '2007-1 MB'
FRN 1/1/2061
Marketplace Originated Consumer
Assets 2016-1 Plc '2016-1 A' FRN
20/10/2024
Marketplace Originated Consumer
Assets 2016-1 Plc '2016-1 B' FRN
20/10/2024
Mitchells & Butlers Finance Plc FRN
15/6/2036
Motability Operations Group Plc
1.625% 9/6/2023
Motability Operations Group Plc
(Restricted) 3.25% 30/11/2018
Motor 2016-1 Plc '2016-1 A' 1.3%
25/11/2025
Nationwide Building Society
0.125% 25/1/2021
Nationwide Building Society 0.5%
23/2/2024
Nationwide Building Society 0.75%
26/10/2022
Nationwide Building Society 2.25%
25/6/2029
Nemus II Arden Plc '2006-2 C' FRN
15/2/2020
Paragon Mortgages NO 23 Plc 'C'
FRN 15/1/2043
Paragon Mortgages NO 24 Plc
FRN 15/7/2043
Precise Mortgage Funding No 1
Plc FRN 12/3/2047
Punch Taverns Finance Plc 'A2F'
7.32% 15/10/2025
Punch Taverns Finance Plc 'A2V'
7.32% 15/10/2025
Residential Mortgage Securities 25
Plc FRN 16/12/2050
Residential Mortgage Securities 26
Plc FRN 14/2/2041
Rochester Financing No 1 Plc FRN
16/7/2046
Royal Bank of Scotland Group Plc
2.5% 22/3/2023
Royal Bank of Scotland Plc/The
5.5% 23/3/2020
Royal Bank of Scotland Plc/The
6.934% 9/4/2018
Santander UK Plc 0.25% 9/8/2021
Santander UK Plc 1.625%
26/11/2020
Santander UK Plc 2% 14/1/2019
Santander UK Plc 2.625%
16/7/2020
Sky Group Finance Plc 5.75%
20/10/2017
Sky Plc 2.25% 17/11/2025
Sky Plc 2.5% 15/9/2026
Smiths Group Plc 2% 23/2/2027
SSE Plc FRN 1/10/2017 (Perpetual)
Standard Chartered Plc 1.625%
20/11/2018
BlackRock Global Funds (BGF)
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market
Value
(EUR)
% of
Net
Assets
204,062
314,547
447,048
0.00
0.01
0.01
GBP 638,000
5,208,497
0.11
GBP 1,465,000
424,053
0.01
GBP 1,195,000
371,758
0.01
EUR 475,000
Holding
EUR 400,000
EUR 1,314,000
3,450,275
0.08
GBP 498,013
141,988
0.00
GBP 909,940
875,582
0.02
GBP 521,391
722,689
0.02
GBP 6,800,000
635,873
0.01
GBP 97,499
4,709,267
0.10
GBP 3,718,000
302,055
0.01
GBP 1,874,400
428,428
0.01
GBP 718,000
316,682
0.01
GBP 1,000,000
6,235,640
0.14
GBP 1,474,000
GBP 11,764,000
76,570
0.00
GBP 1,716,742
657,967
0.01
3,337,520
0.07
444,747
0.01
GBP 5,508,004
GBP 3,050,000
1,187,870
0.03
EUR 2,087,000
473,579
0.01
EUR 679,000
1,001,417
0.02
961,848
0.02
3,360,520
0.07
1,723,866
0.04
1,568,698
0.03
5,358,350
403,964
0.12
0.01
564,568
509,452
0.01
0.01
108,317
0.00
847,466
3,666,109
4,139,510
3,179,641
771,304
0.02
0.08
0.09
0.07
0.02
411,709
0.01
Description
Market
Value
(EUR)
Standard Chartered Plc 1.75%
29/10/2017
404,942
Stanlington Plc '2017-1 A' FRN
12/6/2046
748,214
Stonegate Pub Co Financing Plc
FRN 15/4/2019
1,727,494
Stonegate Pub Co Financing Plc
5.75% 15/4/2019
1,428,547
Taurus 2015-2 DEU Ltd '2015-DE2 D'
FRN 1/2/2026
474,796
Taurus 2015-2 DEU Ltd '2015-DE2 E'
FRN 1/2/2026
1,303,133
Tesco Property Finance 1 Plc
7.623% 13/7/2039
711,092
Tesco Property Finance 3 Plc
5.744% 13/4/2040
1,100,597
Tesco Property Finance 4 Plc
5.801% 13/10/2040
621,239
Towd Point Mortgage Trust
'2017-A1' FRN 20/5/2045
7,986,909
Turbo Finance 4 Plc 'A' FRN
20/1/2021
114,378
Unique Pub Finance Co Plc/The
6.464% 30/3/2032
4,177,619
Unique Pub Finance Co Plc/The
6.542% 30/3/2021
2,406,218
Unique Pub Finance Co Plc/The
7.395% 28/3/2024
916,859
United Kingdom Gilt 4.75%
7/12/2030
1,669,093
United Kingdom Gilt 5% 7/3/2025
2,287,769
United Kingdom Gilt Inflation
Linked 0.125% 22/3/2026
17,235,602
Warwick Finance Residential
Mortgages No One Plc 'A' FRN
21/9/2049
2,004,973
Warwick Finance Residential
Mortgages No Two Plc FRN
21/9/2049
6,554,215
Western Power Distribution East
Midlands Plc 5.25% 17/1/2023
4,297,608
WPP Finance 2013 3%
20/11/2023*
2,415,447
Yorkshire Building Society 0.75%
10/11/2022
698,782
% of
Net
Assets
0.01
0.02
0.04
0.03
0.01
0.03
0.02
0.02
0.01
0.17
0.00
0.09
0.05
0.02
0.04
0.05
0.38
0.04
0.14
0.09
0.05
0.01
228,027,093
5.00
1,688,643
193,410
5,883,752
0.04
0.00
0.13
1,108,743
0.02
8,064,599
0.18
409,530
0.01
2,486,180
0.05
1,815,658
0.04
5,809,518
0.13
4,519,561
6,088,342
5,763,474
6,643,625
0.10
0.13
0.13
0.14
United States
EUR 1,625,000
EUR 200,000
EUR 5,325,000
EUR 1,100,000
EUR 7,925,000
EUR 400,000
EUR 2,373,000
EUR 1,925,000
EUR 5,680,000
EUR 4,305,000
EUR 6,125,000
EUR 5,900,000
EUR 6,525,000
Amgen Inc 1.25% 25/2/2022
AT&T Inc 2.45% 15/3/2035
AT&T Inc 2.75% 19/5/2023
Bank of America Corp FRN
7/2/2022
Bank of America Corp FRN
7/2/2025
Becton Dickinson and Co 1%
15/12/2022
Becton Dickinson and Co 1.9%
15/12/2026
Berkshire Hathaway Inc 1.625%
16/3/2035
BMW US Capital LLC 0.625%
20/4/2022
BMW US Capital LLC 1.125%
18/9/2021
Citigroup Inc 0.75% 26/10/2023
Citigroup Inc 1.5% 26/10/2028
Citigroup Inc 1.75% 29/1/2018
Euro Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 400,000
EUR 4,600,000
EUR 1,065,000
EUR 4,050,000
USD 12,800,000
EUR 20,425,000
EUR 7,815,000
EUR 4,575,000
USD 4,674,000
USD 8,290,000
EUR 6,690,000
EUR 350,000
EUR 4,825,000
EUR 1,725,000
EUR 6,500,000
EUR 3,000,000
USD 275,000
EUR 850,000
EUR 11,900,000
EUR 5,000,000
EUR 500,000
EUR 3,390,000
EUR 600,000
USD 76,951
Description
Coca-Cola Co/The FRN 9/9/2019
Coca-Cola Co/The 1.125%
9/3/2027
Dover Corp 1.25% 9/11/2026
FedEx Corp 1% 11/1/2023
Ford Motor Credit Co LLC FRN
6/12/2017
Goldman Sachs Group Inc/The
FRN 29/4/2019
Goldman Sachs Group Inc/The
1.25% 1/5/2025
Goldman Sachs Group Inc/The
1.375% 26/7/2022
Goodyear Tire & Rubber Co/The
5% 31/5/2026
Holmes Master Issuer Plc
'2011-3A A6' '144A'
FRN 15/10/2054
JPMorgan Chase & Co 0.625%
25/1/2024
JPMorgan Chase & Co 1.5%
27/1/2025
JPMorgan Chase & Co 1.5%
29/10/2026
Levi Strauss & Co 3.375%
15/3/2027
McDonald's Corp 1% 15/11/2023
Metropolitan Life Global Funding I
4.625% 16/5/2017
Microsoft Corp 4.25% 6/2/2047
Molson Coors Brewing Co 1.25%
15/7/2024
Morgan Stanley 1% 2/12/2022
Morgan Stanley 1.375%
27/10/2026
Morgan Stanley 1.75% 11/3/2024
Morgan Stanley 3.75% 21/9/2017
National Grid North America Inc
1.75% 20/2/2018
Paragon Mortgages No 13 Plc FRN
15/1/2039
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market
Value
(EUR)
% of
Net
Assets
Holding
401,634
0.01
EUR 4,000,000
4,678,502
1,064,526
4,136,346
0.10
0.02
0.09
EUR 1,428,852
12,082,384
0.26
EUR 2,350,000
20,628,433
0.45
EUR 1,825,000
7,800,542
0.17
USD 30,209,600
4,764,698
0.10
EUR 1,175,000
USD 57,950,000
4,488,716
0.10
EUR 875,000
7,989,747
0.17
EUR 7,875,000
6,619,220
0.14
EUR 4,885,000
363,940
0.01
4,929,003
0.11
1,759,500
6,648,911
0.04
0.15
3,030,750
267,468
0.07
0.01
858,725
12,116,699
0.02
0.27
4,917,250
523,800
3,465,156
0.11
0.01
0.08
611,406
0.01
68,368
0.00
EUR 2,800,000
EUR 600,000
EUR 2,450,000
Description
SES GLOBAL Americas Holdings
GP 1.875% 24/10/2018
SLM Student Loan Trust 2003-10
FRN 15/12/2027
Thermo Fisher Scientific Inc 1.5%
1/12/2020
Thermo Fisher Scientific Inc 2.15%
21/7/2022*
Toyota Motor Credit Corp 1.8%
23/7/2020
United States Treasury Inflation
Indexed Bonds 0.125%
15/7/2026*
United States Treasury Inflation
Indexed Bonds 0.625%
15/1/2026*
Verizon Communications Inc 0.5%
2/6/2022
Verizon Communications Inc
0.875% 2/4/2025
Walgreens Boots Alliance Inc
2.125% 20/11/2026
Wells Fargo & Co 1% 2/2/2027
Wells Fargo & Co 1.5% 12/9/2022
Wells Fargo & Co 2% 27/4/2026
Total Bonds
Market
Value
(EUR)
% of
Net
Assets
4,131,745
0.09
1,398,630
0.03
1,230,395
0.03
2,540,688
0.06
1,943,525
0.04
28,186,125
0.62
56,899,320
1.25
872,729
0.02
7,688,678
0.17
5,082,617
2,699,298
631,371
2,611,742
0.11
0.06
0.01
0.06
280,607,622
6.15
4,540,773,913
99.58
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
4,707,341,838
103.23
Total Portfolio
4,707,341,838
103.23
Other Net Liabilities
Total Net Assets (EUR)
(147,175,835)
(3.23)
4,560,166,003
100.00
~ Investment in connected party fund, see further information in Note 11.
* All or a portion of this security represents a security on loan.
† Securities pledged or given in guarantee, see Note 14, for further details.
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
153
Euro Bond Fund continued
Interest Rate Swaps as at 28 February 2017
Nominal
Value
KRW 53,431,550,000
PLN 35,160,000
PLN 32,720,000
HUF 2,451,210,000
HUF 2,352,945,000
JPY 544,000,000
JPY 554,000,000
JPY 596,000,000
PLN 35,440,000
HUF 2,459,115,000
KRW 6,444,959,600
EUR 1,400,000
SEK 87,450,000
EUR 24,455,000
EUR 23,460,000
SEK 222,950,000
KRW 10,515,460,400
EUR 155,288,000
SEK 35,220,000
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
Fund receives Fixed 1.601563%; and pays Floating KRW KORIBOR
3 Month
Bank of America
Fund receives Fixed 2.62%; and pays Floating PLN WIBOR 6 Month
Barclays
Fund receives Fixed 2.63%; and pays Floating PLN WIBOR 6 Month
Barclays
Fund receives Floating HUF BUBOR 6 Month; and pays Fixed 1.58%
Barclays
Fund receives Floating HUF BUBOR 6 Month; and pays Fixed 1.585%
Barclays
Fund receives Floating JPY LIBOR 6 Month; and pays Fixed 0.477%
Barclays
Fund receives Floating JPY LIBOR 6 Month; and pays Fixed 0.74963%
Barclays
Fund receives Floating JPY LIBOR 6 Month; and pays Fixed 0.85%
Barclays
Fund receives Fixed 2.623%; and pays Floating PLN WIBOR 6 Month
Citibank
Fund receives Floating HUF BUBOR 6 Month; and pays Fixed 1.593%
Citibank
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.8425%
Citibank
Fund receives Fixed 0.09%; and pays Floating EUR EURIBOR 6 Month
Citigroup
Fund receives Floating SEK STIBOR 3 Month; and pays Fixed 1.165%
Citigroup
Fund receives Floating EUR EURIBOR 6 Month; and pays Fixed 0.7%
Citigroup
Fund receives Fixed 0.201%; and pays Floating EUR EURIBOR 6 Month Goldman Sachs
Fund receives Floating SEK STIBOR 3 Month; and pays Fixed 0.435%
Goldman Sachs
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.86%
HSBC Bank Plc
Fund receives Fixed 0.0947%; and pays Floating EUR EURIBOR 6 Month
JP Morgan
Fund receives Floating SEK STIBOR 3 Month; and pays Fixed 0.8175%
Morgan Stanley
15/3/2020
15/3/2022
15/3/2022
15/3/2022
15/3/2022
6/10/2046
6/12/2046
24/1/2047
15/3/2022
15/3/2022
15/3/2027
1/3/2022
13/12/2026
20/1/2027
3/2/2022
3/2/2022
15/3/2027
8/10/2021
7/11/2026
(29,604)
43,645
44,156
(24,788)
(25,638)
444,476
111,198
(15,503)
45,142
(29,876)
28,152
941
(112,191)
(130,132)
153,677
(241,885)
31,912
408,541
71,514
(29,605)
43,645
44,156
(24,788)
(25,638)
444,476
111,198
(15,503)
45,142
(29,876)
28,152
941
(112,191)
(118,460)
153,677
(241,885)
31,912
408,541
71,514
773,737
785,408
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
Market
Value
EUR
Bank of America
20/6/2021
(3,290)
(35,265)
Bank of America
20/6/2021
(4,977)
(17,546)
Bank of America
20/6/2021
1,526
(31,512)
Bank of America
Bank of America
20/12/2021
20/12/2021
1,123
(1,851)
(4,280)
(10,142)
Barclays
20/6/2021
(3,033)
(5,795)
Barclays
Barclays
20/6/2021
20/6/2021
10,570
(1,775)
1,045
(2,777)
Barclays
Barclays
Barclays
20/6/2021
20/12/2021
20/12/2021
38
(40,045)
(279)
2,898
103,091
(5,441)
Barclays
20/12/2021
(200)
12,063
Barclays
20/12/2021
(484)
2,755
Barclays
Barclays
20/12/2021
20/12/2021
1,981
(203)
(106,762)
(3,523)
Barclays
Barclays
20/12/2021
20/12/2021
(104)
4,616
7,575
(1,028)
Barclays
Barclays
Barclays
Barclays
Barclays
Barclays
Barclays
20/12/2021
20/12/2021
20/12/2021
20/12/2021
20/12/2021
20/12/2021
20/12/2021
370
3,300
10,339
2,916
7,453
(6)
1,188
(1,113)
(735)
(263,158)
(455)
(8,882)
(263,158)
3,432
BNP Paribas
BNP Paribas
20/6/2021
20/6/2021
452
(1,081)
7,824
(1,416)
BNP Paribas
20/6/2021
45,377
79,454
Description
Total (EUR underlying exposure – EUR 361,720,003)
Market
Value
EUR
Credit Default Swaps as at 28 February 2017
Nominal
Value
EUR 1,200,000
EUR 800,000
EUR 1,200,000
EUR 500,000
EUR 500,000
EUR 400,000
EUR (400,000)
EUR 200,000
EUR (200,000)
EUR 3,250,000
EUR 253,000
EUR (750,000)
EUR (220,000)
EUR 540,000
EUR 220,000
EUR (605,000)
EUR (242,000)
EUR 540,000
EUR (173,000)
EUR 1,445,000
EUR (495,000)
EUR (280,000)
EUR 1,445,000
EUR 280,000
EUR (540,000)
EUR 102,000
EUR (5,484,000)
154
Description
Fund receives default protection on Koninklijke DSM NV;
and pays Fixed 1%
Fund receives default protection on Continental AG;
and pays Fixed 1%
Fund receives default protection on Wolters Kluwer NV;
and pays Fixed 1%
Fund receives default protection on Koninklijke KPN NV;
and pays Fixed 1%
Fund receives default protection on Valeo SA; and pays Fixed 1%
Fund receives default protection on ITRAXX.EUR.25.V1;
and pays Fixed 1%
Fund provides default protection on Rolls-Royce Plc;
and receives Fixed 1%
Fund receives default protection on BAE Systems Plc; and pays Fixed 1%
Fund provides default protection on ITRAXX.EUR.25.V1;
and receives Fixed 1%
Fund receives default protection on Tesco Plc; and pays Fixed 1%
Fund receives default protection on Akzo Nobel NV; and pays Fixed 1%
Fund provides default protection on Anheuser Busch Inbev NV;
and receives Fixed 1%
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Fund receives default protection on Heidelbergcement AG;
and pays Fixed 5%
Fund receives default protection on Solvay SA; and pays Fixed 1%
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Fund provides default protection on Repsol SA; and receives Fixed 1%
Fund receives default protection on Lafargeholcim Ltd;
and pays Fixed 1%
Fund provides default protection on Repsol SA; and receives Fixed 1%
Fund receives default protection on Wendel SE; and pays Fixed 5%
Fund provides default protection on Telefonica SA; and receives Fixed 1%
Fund provides default protection on Tesco Plc; and receives Fixed 1%
Fund receives default protection on Wendel SE; and pays Fixed 5%
Fund receives default protection on Metro AG; and pays Fixed 1%
Fund provides default protection on ITRAXX.EUR.25.V1;
and receives Fixed 1%
Fund receives default protection on BAE Systems Plc; and pays Fixed 1%
Fund provides default protection on ITRAXX.EUR.25.V1;
and receives Fixed 1%
BlackRock Global Funds (BGF)
Euro Bond Fund continued
Credit Default Swaps as at 28 February 2017
Nominal
Value
EUR 1,000,000
EUR (400,000)
EUR 1,300,000
EUR (160,000)
EUR 3,250,000
EUR (400,000)
EUR 400,000
EUR (200,000)
EUR 18,300,000
EUR 500,000
EUR 550,000
EUR (155,000)
EUR (540,000)
EUR 750,000
EUR (190,000)
EUR 48,000
EUR 615,000
EUR 560,000
EUR (290,000)
EUR 400,000
EUR 190,000
EUR (520,000)
EUR 450,000
EUR 200,000
EUR 520,000
EUR (290,000)
EUR 36,610,000
EUR (560,000)
EUR (253,000)
EUR 400,000
EUR (375,000)
EUR 320,000
EUR (530,000)
EUR 495,000
EUR (313,000)
EUR 3,250,000
EUR (760,000)
EUR 250,000
EUR 313,000
EUR 155,000
EUR (251,000)
EUR 251,000
EUR (252,000)
EUR (365,000)
EUR 290,000
EUR 4,750,000
USD (8,363,000)
Description
Counterparty
Fund receives default protection on Auchan Holding SA;
and pays Fixed 1%
BNP Paribas
Fund provides default protection on ITRAXX.EUR.25.V1;
and receives Fixed 1%
BNP Paribas
Fund receives default protection on ITRAXX.EUR.26.V1;
and pays Fixed 1%
BNP Paribas
Fund provides default protection on Enel SpA; and receives Fixed 1%
BNP Paribas
Fund receives default protection on Tesco Plc; and pays Fixed 1%
BNP Paribas
Fund provides default protection on Rolls-Royce Plc; and receives Fixed 1%
BNP Paribas
Fund receives default protection on BAE Systems Plc; and pays Fixed 1%
BNP Paribas
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
BNP Paribas
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
BNP Paribas
Fund receives default protection on TDC A/S; and pays Fixed 1%
BNP Paribas
Fund receives default protection on Pernod-Ricard SA; and pays Fixed 1%
BNP Paribas
Fund provides default protection on Repsol SA; and receives Fixed 1%
BNP Paribas
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
BNP Paribas
Fund receives default protection on ITRAXX.EUR.26.V1;
and pays Fixed 1%
BNP Paribas
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
BNP Paribas
Fund receives default protection on BAE Systems Plc; and pays Fixed 1%
Citibank
Fund receives default protection on Akzo Nobel NV; and pays Fixed 1%
Citibank
Fund receives default protection on Solvay SA; and pays Fixed 1%
Citibank
Fund provides default protection on Tesco Plc; and receives Fixed 1%
Citibank
Fund receives default protection on Lafargeholcim Ltd; and pays Fixed 1%
Citibank
Fund receives default protection on Lafargeholcim Ltd; and pays Fixed 1%
Citibank
Fund provides default protection on Royal Dutch Shell Plc;
and receives Fixed 1%
Citibank
Fund receives default protection on Daimler AG; and pays Fixed 1%
Citibank
Fund receives default protection on Pernod-Ricard SA; and pays Fixed 1%
Citibank
Fund receives default protection on TOTAL SA; and pays Fixed 1%
Citibank
Fund provides default protection on ITRAXX.EUR.25.V1;
and receives Fixed 1%
Citigroup
Fund receives default protection on ITRAXX.XO.26.V1;
and pays Fixed 5%
Citigroup
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Citigroup
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Citigroup
Fund receives default protection on ITRAXX.EUR.26.V1;
and pays Fixed 1%
Citigroup
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Citigroup
Fund receives default protection on BAE Systems Plc; and pays Fixed 1%
Credit Suisse
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Credit Suisse
Fund receives default protection on ITRAXX.EUR.26.V1;
and pays Fixed 1%
Credit Suisse
Fund provides default protection on Royal Dutch Shell Plc;
and receives Fixed 1%
Credit Suisse
Fund receives default protection on Tesco Plc; and pays Fixed 1%
Credit Suisse
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Credit Suisse
Fund receives default protection on Koninklijke KPN NV;
and pays Fixed 1%
Credit Suisse
Fund receives default protection on TOTAL SA; and pays Fixed 1%
Credit Suisse
Fund receives default protection on ITRAXX.EUR.26.V1;
and pays Fixed 1%
Credit Suisse
Fund provides default protection on Royal Dutch Shell Plc;
and receives Fixed 1%
Credit Suisse
Fund receives default protection on TOTAL SA; and pays Fixed 1%
Credit Suisse
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Credit Suisse
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Credit Suisse
Fund receives default protection on Metro AG; and pays Fixed 1%
Credit Suisse
Fund receives default protection on Koninklijke DSM NV;
and pays Fixed 1%
Deutsche Bank
Fund provides default protection on Italy (Republic of);
and receives Fixed 1%
Goldman Sachs
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
20/6/2021
355
(20,138)
20/6/2021
201
5,795
20/12/2021
20/12/2021
20/12/2021
20/12/2021
20/12/2021
1,939
(844)
(36,480)
3,403
(858)
(16,277)
(324)
103,091
(616)
(4,810)
20/12/2021
20/12/2021
20/12/2021
20/12/2021
20/12/2021
(603)
17,502
(13,567)
98
4,179
2,504
(1,641,323)
2,192
(11,695)
(659)
20/12/2021
(1,305)
6,761
20/12/2021
1,762
(9,391)
20/12/2021
20/6/2021
20/12/2021
20/12/2021
20/12/2021
20/12/2021
20/12/2021
(368)
(567)
(627)
(1,852)
7,720
830
134
2,379
(667)
(13,226)
(8,968)
(9,199)
(824)
(392)
20/12/2021
20/12/2021
20/12/2021
20/12/2021
240
350
506
505
8,073
(10,393)
(4,253)
(12,415)
20/6/2021
295
4,202
20/12/2021
61,018
20/12/2021
(199)
7,012
20/12/2021
(29)
3,168
20/12/2021
282
(5,008)
20/12/2021
20/6/2021
417
(2,849)
4,695
(4,443)
20/12/2021
(858)
6,636
20/12/2021
854
(6,198)
20/12/2021
20/12/2021
1,025
(39,327)
4,859
103,091
20/12/2021
(1,567)
9,516
20/12/2021
20/12/2021
674
(179)
(2,140)
(7,473)
20/12/2021
(460)
(1,941)
20/12/2021
20/12/2021
811
(127)
3,897
(5,992)
20/12/2021
367
3,155
20/12/2021
20/12/2021
(556)
1,094
4,570
3,555
20/12/2017
(22,499)
(35,828)
20/6/2021
71,886
(131,410)
Market
Value
EUR
(3,283,542)
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
155
Euro Bond Fund continued
Credit Default Swaps as at 28 February 2017
Nominal
Value
EUR (48,000)
EUR (102,000)
EUR 900,000
EUR (300,000)
EUR (1,300,000)
EUR (500,000)
EUR 760,000
EUR (500,000)
EUR 160,000
EUR (290,000)
EUR 620,000
EUR 420,000
EUR 560,000
EUR (155,000)
EUR (460,000)
EUR 23,427,862
EUR 2,646,000
EUR 1,322,000
EUR (160,000)
EUR (140,000)
EUR 70,000
EUR 160,000
EUR (100,000)
EUR 50,000
EUR 551,000
EUR 252,000
EUR (356,000)
EUR (495,000)
EUR 356,000
EUR 36,600,000
EUR 290,000
EUR 820,000
EUR 495,000
EUR (560,000)
EUR 500,000
EUR (500,000)
EUR (1,850,000)
EUR 80,000
EUR (295,000)
EUR 295,000
EUR 380,000
EUR 520,000
EUR (380,000)
Description
Fund provides default protection on Rolls-Royce Plc;
and receives Fixed 1%
Goldman Sachs
Fund provides default protection on Rolls-Royce Plc;
and receives Fixed 1%
Goldman Sachs
Fund receives default protection on UCB SA; and pays Fixed 5%
Goldman Sachs
Fund provides default protection on ITRAXX.EUR.25.V1;
and receives Fixed 1%
Goldman Sachs
Fund provides default protection on BP Plc; and receives Fixed 1%
Goldman Sachs
Fund provides default protection on BP Plc; and receives Fixed 1%
Goldman Sachs
Fund receives default protection on Heidelbergcement AG;
and pays Fixed 5%
Goldman Sachs
Fund provides default protection on Telefonica SA;
and receives Fixed 1%
Goldman Sachs
Fund receives default protection on ITRAXX.EUR.26.V1;
and pays Fixed 1%
Goldman Sachs
Fund provides default protection on Enel SpA; and receives Fixed 1%
Goldman Sachs
Fund receives default protection on Galp Energia SA;
and pays Fixed 5%
Goldman Sachs
Fund receives default protection on Vodafone Group Plc;
and pays Fixed 1%
Goldman Sachs
Fund receives default protection on Solvay SA; and pays Fixed 1%
Goldman Sachs
Fund provides default protection on Enel SpA; and receives Fixed 1%
Goldman Sachs
Fund provides default protection on ITRAXX.EUR.25.V1;
and receives Fixed 1%
HSBC Bank Plc
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5% HSBC Bank Plc
Fund receives default protection on Banco Santander SA;
and pays Fixed 1%
JP Morgan
Fund receives default protection on Banco Santander SA;
and pays Fixed 1%
JP Morgan
Fund provides default protection on Rolls-Royce Plc; and receives Fixed 1%
JP Morgan
Fund provides default protection on Rolls-Royce Plc; and receives Fixed 1%
JP Morgan
Fund receives default protection on BAE Systems Plc; and pays Fixed 1%
JP Morgan
Fund receives default protection on BAE Systems Plc; and pays Fixed 1%
JP Morgan
Fund provides default protection on Rolls-Royce Plc; and receives Fixed 1%
JP Morgan
Fund receives default protection on BAE Systems Plc; and pays Fixed 1%
JP Morgan
Fund receives default protection on Standard Chartered Bank;
and pays Fixed 1%
JP Morgan
Fund receives default protection on Akzo Nobel NV; and pays Fixed 1%
JP Morgan
Fund provides default protection on Royal Dutch Shell Plc;
and receives Fixed 1%
JP Morgan
Fund provides default protection on Telefonica SA; and receives Fixed 1%
JP Morgan
Fund receives default protection on TOTAL SA; and pays Fixed 1%
JP Morgan
Fund receives default protection on ITRAXX.XO.26.V1;
and pays Fixed 5%
Merrill Lynch
Fund receives default protection on ITRAXX.EUR.26.V1;
and pays Fixed 1%
Merrill Lynch
Fund receives default protection on ITRAXX.EUR.26.V1;
and pays Fixed 1%
Merrill Lynch
Fund receives default protection on ITRAXX.EUR.26.V1;
and pays Fixed 1%
Morgan Stanley
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Morgan Stanley
Fund receives default protection on ITRAXX.EUR.26.V1;
and pays Fixed 1%
Morgan Stanley
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Morgan Stanley
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Morgan Stanley
Fund receives default protection on ITV Plc; and pays Fixed 5%
Societe Generale
Fund provides default protection on Enel SpA; and receives
Fixed 1%
Societe Generale
Fund receives default protection on ITRAXX.EUR.26.V1;
and pays Fixed 1%
Societe Generale
Fund receives default protection on Galp Energia SA;
and pays Fixed 5%
Societe Generale
Fund receives default protection on ITV Plc; and pays Fixed 5%
Societe Generale
Fund provides default protection on Repsol SA; and receives Fixed 1%
Societe Generale
Total (EUR underlying exposure – EUR 210,732,868)
156
Counterparty
BlackRock Global Funds (BGF)
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
Market
Value
EUR
20/6/2021
1,539
125
20/6/2021
20/6/2021
3,085
(7,030)
266
(169,737)
20/6/2021
20/12/2021
20/12/2021
87
(2,807)
(1,314)
4,346
13,450
5,173
20/12/2021
(920)
(150,258)
20/12/2021
3,159
(460)
20/12/2021
20/12/2021
303
(1,530)
(2,003)
(587)
20/12/2021
(1,542)
(96,111)
20/12/2021
20/12/2021
20/12/2021
(1,754)
(2,658)
76
(3,766)
(8,968)
(314)
20/6/2021
20/12/2021
150
15,524
6,665
(2,101,239)
20/12/2020
(84,632)
(11,390)
20/12/2020
20/6/2021
20/6/2021
20/6/2021
20/6/2021
20/6/2021
20/6/2021
(41,144)
2,583
2,670
(416)
(1,087)
2,252
(402)
(5,691)
418
366
(972)
(2,222)
261
(694)
20/12/2021
20/12/2021
(6,800)
(407)
(3,412)
(5,420)
20/12/2021
20/12/2021
20/12/2021
804
2,890
(30)
5,527
(455)
(8,499)
20/12/2021
39,306
(3,282,645)
20/12/2021
622
(3,631)
20/12/2021
278
(10,267)
20/12/2021
1,014
(6,198)
20/12/2021
(1,318)
7,012
20/12/2021
854
(6,260)
20/12/2021
(510)
6,260
20/12/2021
20/12/2021
1,225
768
23,163
(14,257)
20/12/2021
(1,557)
(597)
20/12/2021
589
(3,694)
20/12/2021
20/12/2021
20/12/2021
(1,773)
4,993
11,887
(58,907)
(92,667)
(1,615)
23,674
(11,483,149)
Euro Bond Fund continued
Inflation Swaps as at 28 February 2017
Nominal
Value
EUR 22,697,000
GBP 26,615,000
EUR 22,697,000
EUR 44,060,000
EUR 22,541,000
EUR 22,541,000
Description
Fund receives default protection on CPTFEMU + 0bps;
and pays Fixed 1.13%
Fund provides default protection on UKRPI + 0bps;
and receives Fixed 3.275%
Fund provides default protection on CPTFEMU + 0bps;
and receives Fixed 1.4225%
Fund provides default protection on CPTFEMU + 0bps;
and receives Fixed 1.48%
Fund receives default protection on CPTFEMU + 0bps;
and pays Fixed 1.125%
Fund provides default protection on CPTFEMU + 0bps;
and receives Fixed 1.4072%
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
Market
Value
EUR
Citigroup
9/12/2021
147,590
147,590
Citigroup
15/10/2026
(721,756)
(721,757)
Citigroup
9/12/2026
(105,598)
(105,598)
Citigroup
20/1/2027
65,432
89,211
Deutsche Bank
8/12/2021
152,523
152,523
Deutsche Bank
8/12/2026
(142,439)
(142,439)
(604,248)
(580,470)
Total (EUR underlying exposure – EUR 165,704,554)
Open Exchange Traded Futures Contracts
as at 28 February 2017
Number
of contracts
Currency
(738)
3,665
1,319
749
81
62
28
23
16
8
3
1
1
(2)
(103)
(130)
(1,620)
(2,932)
41
605
286
(1)
(372)
1,912
(1)
(1)
(2)
(9)
(46)
(203)
(279)
(1,194)
(2,517)
AUD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
JPY
USD
CAD
GBP
GBP
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Unrealised
appreciation/
(depreciation)
EUR
Contract/Description
Expiration
date
Underlying
exposure
EUR
Australian 10 Year Bond
Euro Schatz
Euro-BTP
Euro-OAT
Euro BOBL
Euro Schatz
30 Year Euro-BUXL
Euro Bund
Euro Schatz
Euro Bund
Euro-BTP
30 Year Euro-BUXL
Euro-OAT
Euro-BTP
Euro-BTP
Euro BOBL
Euro BOBL
Euro Bund
Japanese 10 Year Bond (OSE)
90 Day Euro $
Canadian 10 Year Bond
Long Gilt
Long Gilt
90 Day Euro $
US Ultra Bond (CBT)
US Ultra Bond (CBT)
US Treasury 10 Year Note (CBT)
US Treasury 10 Year Note (CBT)
US Long Bond (CBT)
US Ultra 10 Year Note
US Treasury 5 Year Note (CBT)
US Treasury 10 Year Note (CBT)
90 Day Euro $
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
December 2017
68,547,447
412,825,600
175,519,330
112,484,820
10,915,560
6,983,680
4,867,520
3,821,450
1,802,240
1,329,200
399,210
173,840
150,180
225,360
11,606,040
17,518,800
218,311,200
487,151,800
51,946,218
141,032,793
28,062,939
149,232
55,514,467
444,989,109
152,487
152,487
235,110
1,057,994
6,575,238
25,646,171
30,999,473
140,360,584
584,221,395
(457,678)
1,928,374
267,270
1,419,005
97,170
29,265
134,573
31,630
8,240
21,090
4,730
2,740
2,070
(480)
(23,080)
(178,909)
(1,010,380)
(8,371,022)
232,594
(50,336)
224,911
(2,158)
(625,263)
(135,020)
177
177
(367)
(1,650)
(45,897)
(104,678)
(22,301)
(218,902)
146,272
3,045,728,974
(6,697,833)
Total
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
157
Euro Bond Fund continued
Purchased Put Options as at 28 February 2017
Number of
contracts
subject
to Put
Issuer/Description
Counterparty
16,625,000
16,535,372
16,630,000
16,535,550
OTC EUR/JPY
OTC EUR/JPY
OTC EUR/USD
OTC EUR/USD
Barclays
Barclays
RBS Plc
RBS Plc
Strike Price
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
Market
Value
EUR
EUR 112.5
EUR 112.5
EUR 1.04
EUR 1.04
9/6/2017
9/6/2017
9/6/2017
9/6/2017
(14,726)
12,307
(2,130)
(21,300)
184,110
183,117
208,072
206,891
(25,849)
782,190
Total (EUR underlying exposure – EUR 19,611,333)
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
EUR
32,370,309
EUR
223,230
EUR
3,259,945
EUR
123,409,101
EUR
11,765
EUR
582,927
EUR
158,251,124
EUR
5,566,666
EUR
1,098,481
EUR
7,900,433
EUR
187,417
EUR
664,234
EUR
6,079,113
EUR
718,893
EUR
1,293,224
EUR
204,777,618
EUR
2,462,902
EUR
1,623,770
GBP
3,180,000
SEK
4,580,000
USD
4,210,000
USD
9,345,482
CAD
12,983,138
CAD
1,966,862
EUR
4,845,694
IDR 70,500,000,000
JPY 2,208,000,000
MXN
83,041,667
RUB
101,310,000
RUB
101,300,000
RUB
77,900,000
RUB
826,258,800
RUB
279,370,000
RUB
279,370,000
USD
9,767,078
USD
610,626
USD
8,501,989
USD
4,682,337
USD
19,265,932
USD
9,963,370
USD
9,383,202
USD
7,125,604
USD
1,940,215
USD
6,691,814
USD
29,904,846
USD
13,049,043
USD
2,574,930
Currency
Sales
Counterparty
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
AUD
46,980,000
Citibank 7/3/2017
DKK
1,660,000
JP Morgan 7/3/2017
DKK
24,250,000
RBS Plc 7/3/2017
DKK 917,990,000
Barclays 7/3/2017
GBP
10,000 Deutsche Bank 7/3/2017
GBP
500,000 HSBC Bank Plc 7/3/2017
GBP 133,780,000
Barclays 7/3/2017
GBP
4,690,000
UBS 7/3/2017
SEK
10,760,000
JP Morgan 7/3/2017
TRY
30,660,000
Citibank 7/3/2017
USD
200,000 Bank of America 7/3/2017
USD
700,000
UBS 7/3/2017
USD
6,490,000 Morgan Stanley 7/3/2017
USD
770,000
RBS Plc 7/3/2017
USD
1,390,000
Barclays 7/3/2017
USD 220,310,000
Citibank 7/3/2017
USD
2,620,000 Deutsche Bank 7/3/2017
USD
1,730,000
JP Morgan 7/3/2017
EUR
3,622,501 HSBC Bank Plc 7/3/2017
EUR
483,015 HSBC Bank Plc 7/3/2017
EUR
3,969,661
Barclays 7/3/2017
KRW 11,180,000,000 Morgan Stanley 13/3/2017
USD
9,842,160
Credit Suisse 16/3/2017
USD
1,490,946
Citibank 16/3/2017
IDR 70,500,000,000 Deutsche Bank 16/3/2017
EUR
4,892,436
UBS 16/3/2017
USD
19,297,157
RBS Plc 16/3/2017
USD
3,802,654
JP Morgan 16/3/2017
USD
1,672,886
JP Morgan 16/3/2017
USD
1,665,297
Barclays 16/3/2017
USD
1,337,333
Credit Suisse 16/3/2017
USD
12,712,163
UBS 16/3/2017
USD
4,457,084 HSBC Bank Plc 16/3/2017
USD
4,452,112 Bank of America 16/3/2017
AUD
13,060,000
UBS 16/3/2017
CAD
800,078
JP Morgan 16/3/2017
CAD
11,135,591 Morgan Stanley 16/3/2017
CAD
6,137,975
Barclays 16/3/2017
CAD
25,276,356
Credit Suisse 16/3/2017
JPY 1,122,000,000
Credit Suisse 16/3/2017
KRW 10,725,000,000
UBS 16/3/2017
RUB 427,750,000
Barclays 16/3/2017
RUB 117,480,000
JP Morgan 16/3/2017
RUB 389,800,000
Credit Suisse 16/3/2017
RUB 1,943,740,200
UBS 16/3/2017
RUB 801,748,800
Citibank 16/3/2017
RUB 155,500,000 Bank of America 16/3/2017
Net unrealised depreciation
(1,642,756)
(91)
(2,422)
(88,644)
39
(3,389)
1,376,462
67,023
(25,510)
(61,936)
(1,120)
4,354
(38,912)
(6,975)
(17,108)
(2,905,302)
(6,933)
(7,074)
106,468
(4,588)
(958)
(515,827)
(16,297)
(2,396)
(129,093)
82,351
397,031
330,746
56,292
63,282
(4,776)
1,336,808
302,250
306,935
(245,850)
4,876
70,895
35,319
130,310
(53,365)
(102,218)
(178,915)
(64,975)
23,899
(3,144,787)
(624,398)
(79,591)
(5,280,866)
CHF Hedged Share Class
CHF
EUR
33,690,180
1,988,720
EUR
CHF
31,587,654
2,118,260
Net unrealised appreciation
158
BlackRock Global Funds (BGF)
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
52,504
(646)
51,858
Currency
Purchases
Currency
Sales
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
GBP Hedged Share Class
GBP
7,048
EUR
8,281
BNY Mellon 14/3/2017
Net unrealised depreciation
(19)
(19)
PLN Hedged Share Class
PLN
19,549
EUR
4,531
BNY Mellon 14/3/2017
Net unrealised depreciation
(5)
(5)
USD Hedged Share Class
EUR
USD
357,628
47,591,331
USD
EUR
379,555
44,520,595
Net unrealised appreciation
Total net unrealised depreciation
(EUR underlying exposure – EUR 1,023,770,094)
Summary of Financial Derivative Instruments
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
(52)
327,932
327,880
(4,901,152)
Market
Value
EUR
Swaps
Credit Default Swaps
Inflation Swaps
Interest Rate Swaps
(11,483,149)
(580,470)
785,408
Market value of swaps
(11,278,211)
Purchased options
Purchased Put Options
782,190
Market value of purchased options
782,190
Unrealised
depreciation
EUR
Open exchange traded futures contracts
Open forward foreign exchange contracts
(6,697,833)
(4,901,152)
Euro Corporate Bond Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
Ireland
71,697
Holding
DKK 55,400,000
FUNDS
31,792,585
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Institutional Cash Series plc Institutional Euro Assets
Liquidity Fund~
iShares € Corporate Bond
1-5 year UCITS ETF~
Total Funds
DKK 26,000,000
31,792,585
2.17
7,930,692
0.55
39,723,277
2.72
DKK 62,936,806
EUR 1,900,000
Australia
AUD 5,018,000
AUD 5,718,000
EUR 4,300,000
EUR 183,000
Australia Government Bond 2.75%
21/11/2028
Australia Government Bond 3.75%
21/4/2037
Telstra Corp Ltd 3.75% 16/5/2022
Telstra Corp Ltd 4.75% 21/3/2017
3,597,387
0.24
4,350,467
5,102,205
183,474
0.30
0.35
0.01
13,233,533
0.90
Erste Group Bank AG FRN
26/5/2025
1,360,561
0.09
Belgium
EUR 2,000,000
EUR 5,600,000
EUR 8,180,000
EUR 6,000,000
EUR 1,800,000
EUR 3,600,000
EUR 7,000,000
EUR 3,100,000
EUR 3,000,000
AG Insurance SA FRN 30/6/2047
Anheuser-Busch InBev SA/NV
1.25% 24/3/2017
Anheuser-Busch InBev SA/NV/old
2.75% 17/3/2036
KBC Group NV FRN 19/3/2019
(Perpetual)*
KBC Group NV FRN 11/3/2027
KBC Group NV 0.75% 1/3/2022
KBC Group NV 0.75% 18/10/2023
Proximus SADP 2.375% 4/4/2024
Solvay SA 1.625% 2/12/2022
1,977,650
0.13
5,604,788
0.38
8,900,196
0.61
6,132,900
1,822,870
3,601,440
6,914,775
3,471,849
3,170,909
0.42
0.12
0.25
0.47
0.24
0.22
41,597,377
2.84
Cyprus
EUR 1,175,000
EUR 10,000
Cyprus Government International
Bond 3.75% 26/7/2023
Cyprus Government International
Bond 3.875% 6/5/2022
GBP 1,500,000
EUR 5,000,000
EUR 3,000,000
DKK 17,084,998
DKK 30,900,000
DKK 61,000,000
DKK 25,300,000
DKK 4,012,129
DKK 67,466,196
Carlsberg Breweries A/S 2.5%
28/5/2024*
Danske Bank A/S FRN 29/9/2021*
Danske Bank A/S 0.125%
9/3/2021
DONG Energy A/S FRN 8/7/3013
Nordea Kredit
Realkreditaktieselskab 2%
1/10/2047
Nykredit Realkredit A/S 1%
1/10/2020
Nykredit Realkredit A/S 1%
1/1/2021
Nykredit Realkredit A/S 1%
1/1/2022
Nykredit Realkredit A/S 2%
1/10/2047
Nykredit Realkredit A/S 2%
1/10/2047
EUR 3,800,000
EUR 10,700,000
EUR 5,600,000
EUR 2,500,000
EUR 3,300,000
EUR 4,000,000
EUR 4,000,000
EUR 5,000,000
EUR 3,000,000
EUR 4,300,000
EUR 4,800,000
EUR 3,000,000
EUR 4,000,000
EUR 200,000
EUR 1,400,000
1,221,901
0.08
10,539
0.00
1,232,440
0.08
Denmark
EUR 1,500,000
7,759,580
0.53
3,641,523
0.25
8,305,862
0.57
59,375,654
4.06
CRH Finland Services OYJ 2.75%
15/10/2020
Nordea Mortgage Bank Plc 0.25%
21/11/2023
2,178,111
0.15
1,904,451
0.13
4,082,562
0.28
3,823,408
0.26
10,814,597
0.74
5,975,760
2,589,325
3,387,334
0.41
0.18
0.23
3,979,040
0.27
4,260,891
5,057,250
0.29
0.35
3,017,790
0.21
4,331,734
0.30
4,787,808
0.33
3,109,725
0.21
3,987,140
0.27
218,955
0.01
1,396,179
1,408,377
4,683,903
0.10
0.10
0.32
1,983,310
0.14
3,007,728
1,624,774
3,047,865
4,102,910
2,832,865
3,842,358
4,992,750
3,031,335
10,792,752
3,060,871
0.21
0.11
0.21
0.28
0.19
0.26
0.34
0.21
0.74
0.21
3,112,170
0.21
2,661,025
0.18
768,838
3,052,320
0.05
0.21
2,260,852
0.15
France
Austria
USD 1,400,000
Realkredit Danmark A/S 1%
1/1/2021
Realkredit Danmark A/S 1%
1/4/2022
Realkredit Danmark A/S 2%
1/10/2047
% of
Net
Assets
Finland
EUR 2,000,000
BONDS
Description
Market
Value
(EUR)
1,658,957
1,865,739
0.11
0.13
5,044,425
3,161,300
0.34
0.22
2,224,853
0.15
4,325,835
0.30
8,431,805
0.58
3,527,179
0.24
520,446
0.03
8,908,150
0.61
EUR 1,400,000
GBP 4,075,000
EUR 2,000,000
EUR 2,900,000
EUR 1,529,000
EUR 3,000,000
EUR 4,000,000
EUR 2,900,000
EUR 3,700,000
EUR 5,000,000
EUR 3,000,000
EUR 10,300,000
EUR 3,000,000
EUR 3,000,000
EUR 2,500,000
EUR 700,000
EUR 3,000,000
EUR 2,200,000
Air Liquide Finance SA 0.125%
13/6/2020
Air Liquide Finance SA 0.375%
18/4/2022
Arkema SA FRN 29/10/2020
(Perpetual)*
Arkema SA 1.5% 20/1/2025
Arkema SA 4% 25/10/2017*
Autoroutes du Sud de la France
SA 1% 13/5/2026*
Autoroutes du Sud de la France
SA 4% 24/9/2018
AXA SA FRN 6/7/2047*
Banque Federative du Credit
Mutuel SA FRN 3/6/2020*
Banque Federative du Credit
Mutuel SA 0.25% 14/6/2019
Banque Federative du Credit
Mutuel SA 0.375% 13/1/2022
Banque Federative du Credit
Mutuel SA 1.625% 19/1/2026
Banque Federative du Credit
Mutuel SA 2.375% 24/3/2026
Banque Federative du Credit
Mutuel SA 2.625% 24/2/2021
BNP Paribas Cardif SA FRN
25/11/2025 (Perpetual)
BNP Paribas SA 0.75% 11/11/2022
BNP Paribas SA 1.125% 16/8/2022
BNP Paribas SA 1.125%
10/10/2023
BNP Paribas SA 1.625%
23/2/2026
BNP Paribas SA 2.5% 23/8/2019
BNP Paribas SA 2.875% 1/10/2026
BPCE SA FRN 30/11/2027
BPCE SA 0.375% 5/10/2023
BPCE SA 1.125% 14/12/2022
BPCE SA 1.125% 18/1/2023
BPCE SA 2.875% 22/4/2026
Capgemini SA 1.75% 1/7/2020
Carrefour SA 1.25% 3/6/2025*
Casino Guichard Perrachon SA
3.58% 7/2/2025
Casino Guichard Perrachon SA
4.048% 5/8/2026
Casino Guichard Perrachon SA
4.407% 6/8/2019
Christian Dior SE 0.75% 24/6/2021
Christian Dior SE 1.375%
19/6/2019
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
159
Euro Corporate Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 3,700,000
EUR 11,823,000
EUR 2,000,000
EUR 2,200,000
EUR 4,000,000
EUR 15,000,000
EUR 6,000,000
EUR 3,500,000
EUR 2,000,000
EUR 3,400,000
EUR 10,200,000
EUR 7,000,000
EUR 1,000,000
EUR 1,050,000
EUR 2,500,000
EUR 2,500,000
EUR 4,500,000
EUR 350,000
EUR 2,000,000
EUR 1,800,000
EUR 3,500,000
EUR 4,086,000
EUR 2,700,000
EUR 2,500,000
EUR 6,300,000
EUR 4,400,000
EUR 2,700,000
EUR 6,965,000
EUR 3,000,000
EUR 7,000,000
EUR 1,925,000
EUR 4,229,000
EUR 2,143,000
EUR 3,800,000
EUR 3,500,000
EUR 1,200,000
EUR 2,200,000
EUR 5,000,000
EUR 8,200,000
EUR 400,000
EUR 3,000,000
EUR 2,500,000
EUR 2,000,000
EUR 5,100,000
160
Description
Cie de Saint-Gobain 27/3/2020
(Zero Coupon)
Cie de Saint-Gobain 4.75%
11/4/2017
CNP Assurances FRN 10/6/2047
Credit Agricole Assurances SA
FRN 27/9/2048
Credit Agricole SA 2.625%
17/3/2027
Credit Agricole SA/London 0.75%
1/12/2022
Credit Agricole SA/London
0.875% 19/1/2022
Credit Agricole SA/London
1.875% 20/12/2026
Danone SA 0.424% 3/11/2022
Dexia Credit Local SA 0.25%
19/3/2020
Electricite de France SA 1%
13/10/2026*
Electricite de France SA 1.875%
13/10/2036*
Electricite de France SA 4.5%
12/11/2040
Electricite de France SA 5%
5/2/2018
Engie SA FRN 2/6/2019
(Perpetual)
Engie SA FRN 2/6/2024
(Perpetual)
Engie SA 0.5% 13/3/2022
Engie SA 2.25% 1/6/2018
Eutelsat SA 2.625% 13/1/2020*
Eutelsat SA 4.125% 27/3/2017
Eutelsat SA 5% 14/1/2019
French Republic Government
Bond OAT 0.1% 1/3/2021†
HSBC France SA 0.625%
3/12/2020
Imerys SA 2.5% 26/11/2020
Kering 1.25% 10/5/2026
La Banque Postale SA FRN
19/11/2027
La Banque Postale SA 3%
9/6/2028*
Orange SA FRN 1/10/2021
(Perpetual)*
Orange SA FRN 1/10/2026
(Perpetual)
Orange SA 1% 12/5/2025*
RCI Banque SA 0.5% 15/9/2023
RCI Banque SA 0.75% 12/1/2022
RCI Banque SA 4.25% 27/4/2017
Renault SA 4.625% 18/9/2017
RTE Reseau de Transport
d'Electricite SA 1% 19/10/2026
RTE Reseau de Transport
d'Electricite SA 2.625%
9/10/2034
Sanofi 13/1/2020 (Zero Coupon)
Sanofi 13/9/2022 (Zero Coupon)
Societe Generale SA 0.75%
26/5/2023
Societe Generale SA 1% 1/4/2022
Societe Generale SA 4% 7/6/2023
Suez FRN 30/3/2022 (Perpetual)
Thales SA 1.625% 20/3/2018
TOTAL SA FRN 26/2/2021
(Perpetual)
BlackRock Global Funds (BGF)
Market
Value
(EUR)
% of
Net
Assets
3,698,187
0.25
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 2,900,000
EUR 4,500,000
11,887,613
2,052,855
0.81
0.14
2,229,018
0.15
EUR 4,000,000
EUR 6,300,000
EUR 4,000,000
4,035,408
0.28
15,155,775
1.04
6,126,710
0.42
3,489,815
2,003,000
0.24
0.14
3,424,661
0.23
9,685,461
0.66
6,072,045
0.41
1,258,386
0.09
1,101,139
0.07
2,582,094
0.18
2,634,833
4,562,321
360,575
2,123,377
1,810,548
3,828,343
0.18
0.31
0.02
0.14
0.12
0.26
4,358,232
0.30
2,756,483
2,694,350
6,309,751
0.19
0.18
0.43
4,528,227
0.31
2,767,878
0.19
7,340,100
0.50
3,193,494
6,984,950
1,846,681
4,219,464
2,157,197
3,901,802
0.22
0.48
0.13
0.29
0.15
0.27
3,462,358
0.24
1,345,650
2,206,171
4,917,350
0.09
0.15
0.34
8,218,942
400,766
3,376,950
2,544,466
2,038,097
0.56
0.03
0.23
0.17
0.14
0.35
TOTAL SA FRN 6/10/2026
(Perpetual)
Unibail-Rodamco SE 1.5%
22/2/2028
Valeo SA 1.625% 18/3/2026*
Veolia Environnement SA 0.314%
4/10/2023
Veolia Environnement SA 1.59%
10/1/2028*
% of
Net
Assets
2,874,045
0.20
4,522,163
4,098,900
0.31
0.28
6,133,711
0.42
4,081,978
0.28
319,523,089
21.85
2,343,151
4,182,123
0.16
0.29
2,714,460
0.19
3,049,080
0.21
822,664
0.06
222,412
0.01
445,267
4,661,613
2,069,613
0.03
0.32
0.14
1,807,628
2,785,807
2,481,554
6,280,259
0.12
0.19
0.17
0.43
958,657
0.06
6,987,803
0.48
4,268,838
0.29
9,065,080
0.62
2,275,540
0.15
2,586,729
0.18
4,082,500
0.28
1,017,782
356,850
0.07
0.02
104,055
0.01
Germany
EUR 2,400,000
EUR 4,100,000
EUR 2,800,000
EUR 3,000,000
EUR 600,000
EUR 148,040
EUR 264,000
EUR 4,500,000
EUR 2,000,000
EUR 1,700,000
EUR 2,704,000
EUR 2,290,000
EUR 6,200,000
EUR 1,000,000
EUR 6,900,000
EUR 4,200,000
EUR 8,500,000
EUR 2,000,000
EUR 2,575,000
EUR 4,000,000
EUR 1,074,000
EUR 335,000
EUR 100,000
EUR 3,500,000
Allianz SE FRN 7/7/2045
Allianz SE FRN 6/7/2047
Bertelsmann SE & Co KGaA FRN
23/4/2075*
Bertelsmann SE & Co KGaA
1.125% 27/4/2026
Bundesrepublik Deutschland 2.5%
4/7/2044†
Bundesrepublik Deutschland
4.75% 4/7/2028†
Bundesrepublik Deutschland
4.75% 4/7/2034†
Commerzbank AG 4% 23/3/2026
Covestro AG 1% 7/10/2021
CRH Finance Germany GmbH
1.75% 16/7/2021
Daimler AG 1.5% 19/11/2018
Daimler AG 2% 25/6/2021
Deutsche Bank AG 1% 18/3/2019
Deutsche Bank AG 1.125%
17/3/2025
Deutsche Bank AG 1.5%
20/1/2022
Deutsche Post AG 0.375%
1/4/2021
Eurogrid GmbH 1.625%
3/11/2023
Eurogrid GmbH 3.875%
22/10/2020
Henkel AG & Co KGaA 13/9/2018
(Zero Coupon)
IHO Verwaltungs GmbH 3.75%
15/9/2026*
Kreditanstalt fuer Wiederaufbau
0.375% 23/4/2030
Mahle GmbH 2.5% 14/5/2021
Volkswagen Leasing GmbH 3.25%
10/5/2018
WPP Finance Deutschland GmbH
1.625% 23/3/2030*
3,454,103
0.24
69,023,568
4.72
1,881,831
0.13
1,720,927
0.12
1,692,575
0.12
4,336,329
0.30
3,250,125
0.22
Hong Kong
USD 2,000,000
AIA Group Ltd 1.75% 13/3/2018
International
EUR 1,690,000
European Stability Mechanism
1.8% 2/11/2046
Ireland
EUR 1,714,000
EUR 4,225,000
EUR 3,000,000
5,116,830
Description
Market
Value
(EUR)
CRH Finance DAC 1.375%
18/10/2028
ESB Finance DAC 1.875%
14/6/2031
ESB Finance DAC 2.125%
8/6/2027
Euro Corporate Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 4,900,000
EUR 3,650,000
EUR 1,715,000
EUR 5,200,000
EUR 4,800,000
EUR 8,000,000
EUR 10,000,000
EUR 2,000,000
EUR 2,991,000
EUR 11,834
Description
Fresenius Finance Ireland Plc 1.5%
30/1/2024
GAS Networks Ireland 1.375%
5/12/2026
GE Capital European Funding
Unlimited Co 1.625% 15/3/2018
GE Capital European Funding
Unlimited Co 2.25% 20/7/2020
Kerry Group Financial Services
2.375% 10/9/2025*
Lunar Funding V for Swisscom AG
1.875% 8/9/2021*
Ryanair DAC 1.125% 10/3/2023*
Ryanair DAC 1.125% 15/8/2023
Smurfit Kappa Acquisitions Unltd
Co 2.375% 1/2/2024*
Talisman-7 Finance Ltd FRN
22/4/2017
Market
Value
(EUR)
% of
Net
Assets
Holding
5,011,980
0.34
EUR 2,850,000
3,714,149
0.25
EUR 3,775,000
1,749,605
0.12
EUR 2,000,000
5,617,425
0.39
5,287,352
0.36
EUR 1,000,000
EUR 2,000,000
EUR 4,030,000
EUR 2,415,000
EUR 2,104,000
EUR 1,975,000
EUR 5,000,000
EUR 7,355,000
EUR 3,350,000
EUR 2,875,000
EUR 4,700,000
EUR 8,800,000
EUR 33,020,000
EUR 2,310,000
EUR 2,381,000
EUR 3,500,000
EUR 2,645,000
EUR 5,125,000
EUR 389,000
EUR 2,000,000
EUR 3,800,000
EUR 1,850,000
EUR 3,000,000
EUR 940,000
2i Rete Gas SpA 1.75% 16/7/2019
Asset Backed European
Securitisation Transaction Nine
Srl FRN 10/12/2028
Assicurazioni Generali SpA FRN
12/12/2042
Assicurazioni Generali SpA FRN
27/10/2047
Autostrade per l'Italia SpA 1.125%
4/11/2021*
Autostrade per l'Italia SpA 1.75%
1/2/2027
Banca Monte dei Paschi di Siena
SpA 1.25% 20/1/2022
Banca Popolare di Milano Scarl
0.625% 8/6/2023
Buzzi Unicem SpA 2.125%
28/4/2023
Enel SpA FRN 15/1/2075
Enel SpA 4.875% 20/2/2018*
Intesa Sanpaolo SpA FRN
11/1/2027 (Perpetual)
Intesa Sanpaolo SpA 3%
28/1/2019
Italgas SpA 1.625% 19/1/2027*
Italy Buoni Poliennali Del Tesoro
1.5% 1/8/2019
Italy Buoni Poliennali Del Tesoro
1.65% 23/4/2020
Italy Buoni Poliennali Del Tesoro
'144A' 2.35% 15/9/2024
Italy Buoni Poliennali Del Tesoro
3.75% 1/5/2021
Mediobanca SpA 2.25%
18/3/2019
Snam SpA 25/10/2020
(Zero Coupon)
Snam SpA 1.375% 19/11/2023
Terna Rete Elettrica Nazionale SpA
2.875% 16/2/2018
UniCredit SpA FRN 28/10/2025
UniCredit SpA 2% 31/7/2017
UniCredit SpA 2% 4/3/2023*
UniCredit SpA 2.125% 24/10/2026
Description
Market
Value
(EUR)
% of
Net
Assets
2,764,186
0.19
3,829,115
0.26
Jersey
8,630,031
10,132,724
2,021,970
0.59
0.69
0.14
3,066,986
0.21
6
0.00
54,511,257
3.73
Italy
EUR 651,000
EUR 106,789
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
EUR 2,000,000
EUR 3,400,000
EUR 2,425,000
EUR 2,200,000
0.05
USD 150,000
106,857
0.01
1,194,028
0.08
2,117,332
0.14
4,171,297
0.29
2,419,125
0.17
2,102,520
0.14
1,963,663
0.13
5,190,450
7,864,812
3,514,502
0.35
0.54
0.24
2,935,332
0.20
EUR 5,000,000
EUR 1,350,000
EUR 5,000,000
EUR 347,361
0.34
0.60
33,994,130
2.32
EUR 7,800,000
EUR 3,500,000
EUR 600,000
EUR 3,050,000
2,427,692
0.17
2,683,761
0.18
EUR 12,000,000
3,940,806
0.27
EUR 4,040,000
2,750,532
0.19
5,092,036
400,217
0.35
0.03
EUR 1,435,000
EUR 3,451,000
EUR 3,075,000
EUR 10,000,000
0.14
0.28
0.13
0.21
0.06
111,249,326
7.61
DH Europe Finance SA 1%
8/7/2019
DH Europe Finance SA 1.7%
4/1/2022
DH Europe Finance SA 2.5%
8/7/2025
GELF Bond Issuer I SA 1.625%
20/10/2026
GELF Bond Issuer I SA 1.75%
22/11/2021
Glencore Finance Europe SA
1.75% 17/3/2025
Holcim US Finance Sarl & Cie SCS
'144A' 6% 30/12/2019
KBC IFIMA SA 2.125% 10/9/2018*
SELP Finance Sarl 1.25%
25/10/2023
SES SA FRN 2/1/2022 (Perpetual)*
Silver Arrow SA Compartment 5
FRN 15/10/2022
102,508
0.01
2,143,950
0.15
3,832,601
0.26
2,383,775
0.16
2,300,463
0.16
4,009,240
0.27
154,798
5,182,170
0.01
0.36
1,326,038
5,205,225
0.09
0.36
347,477
0.02
26,988,245
1.85
America Movil SAB de CV 1%
4/6/2018
America Movil SAB de CV 1.5%
10/3/2024
Petroleos Mexicanos 2.75%
21/4/2027
1,014,705
0.07
7,883,499
0.54
3,080,577
0.21
11,978,781
0.82
1,580,789
611,859
0.11
0.04
3,353,646
1,924,937
0.23
0.13
4,326,789
0.30
12,124,260
0.83
4,107,226
1,451,646
3,518,453
0.28
0.10
0.24
3,126,460
0.21
10,790,000
0.74
2,238,575
0.15
5,231,200
0.36
10,268,350
0.70
Netherlands
EUR 1,900,000
EUR 4,300,000
2,058,227
4,072,840
1,866,039
3,069,060
921,444
0.15
0.60
Mexico
EUR 1,000,000
EUR 1,500,000
4,954,397
8,759,080
2,111,780
8,705,081
Luxembourg
EUR 100,000
EUR 4,000,000
679,147
UBS Group Funding Jersey Ltd
1.25% 1/9/2026
UBS Group Funding Jersey Ltd
1.5% 30/11/2024
UBS Group Funding Jersey Ltd
1.75% 16/11/2022
EUR 2,175,000
EUR 5,000,000
EUR 10,000,000
ABN AMRO Bank NV FRN
30/6/2025
Achmea Bank NV 2% 23/1/2018
Achmea Bank NV 2.75%
18/2/2021
Alliander NV 0.875% 22/4/2026
Amadeus Finance BV 0.625%
2/12/2017*
ASML Holding NV 1.375%
7/7/2026
ASML Holding NV 5.75%
13/6/2017
BMW Finance NV 0.5% 5/9/2018
BMW Finance NV 0.5% 21/1/2020
BMW Finance NV 0.75%
12/7/2024
Brenntag Finance BV 5.5%
19/7/2018*
Cooperatieve Rabobank UA FRN
29/6/2020 (Perpetual)
Cooperatieve Rabobank UA FRN
26/5/2026
Cooperatieve Rabobank UA 1.25%
23/3/2026
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
161
Euro Corporate Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 2,451,000
EUR 4,100,000
EUR 3,700,000
EUR 5,750,000
EUR 500,000
EUR 14,690,000
USD 9,557,000
EUR 2,700,000
EUR 7,569,000
EUR 5,200,000
EUR 3,975,000
EUR 12,325,000
EUR 1,700,000
EUR 5,600,000
EUR 900,000
EUR 7,725,000
EUR 3,000,000
EUR 2,550,000
EUR 6,000,000
EUR 6,500,000
EUR 2,000,000
EUR 2,100,000
EUR 2,500,000
EUR 1,250,000
EUR 1,600,000
EUR 3,490,000
EUR 1,040,000
EUR 1,300,000
EUR 5,950,000
EUR 2,000,000
EUR 1,050,000
EUR 1,290,000
EUR 4,055,000
EUR 1,775,000
EUR 1,650,000
EUR 2,000,000
Description
CRH Funding BV 1.875% 9/1/2024
de Volksbank NV FRN 5/11/2025
Deutsche Bahn Finance BV
19/7/2021 (Zero Coupon)
Deutsche Bahn Finance BV
0.875% 11/7/2031
Deutsche Post Finance BV 1.875%
27/6/2017
Deutsche Telekom International
Finance BV 0.625% 3/4/2023
Deutsche Telekom International
Finance BV 2.485% 19/9/2023
ELM BV for Swiss Reinsurance Co
Ltd FRN 1/9/2025 (Perpetual)
Enel Finance International NV
1.375% 1/6/2026
Enexis Holding NV 0.875%
28/4/2026
Enexis Holding NV 1.5%
20/10/2023
Evonik Finance BV 0.375%
7/9/2024*
Gas Natural Fenosa Finance BV
FRN 18/11/2022 (Perpetual)
Gas Natural Fenosa Finance BV
1.375% 19/1/2027
Generali Finance BV FRN
21/11/2025 (Perpetual)
Goodyear Dunlop Tires Europe BV
3.75% 15/12/2023*
Heineken NV 1.25% 10/9/2021*
Heineken NV 2.125% 4/8/2020
Iberdrola International BV 1.125%
21/4/2026*
Iberdrola International BV 3.5%
1/2/2021
ING Bank NV FRN 25/2/2026
ING Bank NV FRN 11/4/2028
Koninklijke DSM NV 0.75%
28/9/2026
Louis Dreyfus Co BV 3.875%
30/7/2018
NN Group NV FRN 15/1/2026
(Perpetual)
NN Group NV FRN 8/4/2044
NN Group NV FRN 13/1/2048
NN Group NV 0.875% 13/1/2023
NN Group NV 1% 18/3/2022
TenneT Holding BV 1% 13/6/2026
TenneT Holding BV 1.875%
13/6/2036*
TenneT Holding BV 2.125%
1/11/2020
Teva Pharmaceutical Finance
Netherlands II BV 1.125%
15/10/2024*
Unilever NV 29/4/2020
(Zero Coupon)
Unilever NV 0.5% 29/4/2024
Vonovia Finance BV 1.25%
6/12/2024
Market
Value
(EUR)
% of
Net
Assets
2,630,896
4,316,644
0.18
0.30
3,731,783
0.26
162
Chorus Ltd 1.125% 18/10/2023
BlackRock Global Funds (BGF)
Holding
5,457,986
0.37
503,065
0.03
14,820,300
1.01
8,642,804
0.59
2,636,361
0.18
7,471,171
0.51
5,199,792
0.36
EUR 870,293
0.29
EUR 5,000,000
EUR 2,900,000
EUR 1,000,000
EUR 900,000
EUR 300,000
EUR 1,300,000
0.82
1,764,481
0.12
5,528,628
0.38
885,604
0.06
EUR 4,000,000
EUR 1,430,000
8,219,786
3,140,592
2,739,605
0.56
0.22
0.19
EUR 4,000,000
EUR 3,700,000
0.41
EUR 5,000,000
7,346,846
2,176,896
2,213,830
0.50
0.15
0.15
EUR 5,000,000
EUR 3,000,000
2,451,750
0.17
EUR 3,400,000
1,302,356
0.09
1,604,559
3,706,746
1,054,290
1,311,615
6,102,838
2,015,321
0.11
0.25
0.07
0.09
0.42
0.14
1,062,306
0.07
1,392,636
0.10
EUR 5,250,000
3,851,703
0.26
1,781,638
1,638,648
0.12
0.11
2,024,390
0.14
EUR 5,186,000
EUR 1,675,000
207,550,259
14.20
EUR 8,250,000
0.57
1,351,931
0.09
990,112
2,055,930
0.07
0.14
4,397,973
0.30
TAGUS - Sociedade de
Titularizacao de Creditos SA/Volta IV
2.423% 12/2/2021
5,937,291
TAGUS-Sociedade de Titularizacao
de Creditos SA/Volta II Electricity
Receivables 2.98% 16/2/2018
883,643
0.41
0.06
6,820,934
0.47
Amadeus Capital Markets SAU
1.625% 17/11/2021
Bankia SA FRN 22/5/2024
Bankia SA 1% 14/3/2023
Bankia SA 4.25% 25/5/2018
CaixaBank SA FRN 15/2/2027
CaixaBank SA 2.5% 18/4/2017
Enagas Financiaciones SAU 1.375%
5/5/2028
Ibercaja Banco SA FRN 28/7/2025
Merlin Properties Socimi SA
2.225% 25/4/2023
Santander Consumer Finance SA
1.5% 12/11/2020
Telefonica Emisiones SAU 1.46%
13/4/2026
Telefonica Emisiones SAU 1.477%
14/9/2021*
Telefonica Emisiones SAU 2.318%
17/10/2028
Telefonica Emisiones SAU 3.961%
26/3/2021*
Telefonica Emisiones SAU 4.797%
21/2/2018
955,611
5,133,200
2,998,692
1,054,094
929,187
300,989
0.07
0.35
0.21
0.07
0.06
0.02
1,295,502
4,022,000
0.09
0.28
1,478,942
0.10
4,155,662
0.28
3,654,254
0.25
5,226,450
0.36
5,090,425
0.35
3,434,057
0.23
3,565,377
0.24
43,294,442
2.96
6,064,921
3,967,882
302,606
799,976
0.42
0.27
0.02
0.05
2,010,533
0.14
5,252,205
0.36
Sweden
EUR 6,308,000
EUR 3,880,000
EUR 300,000
EUR 800,000
EUR 1,925,000
EUR 2,825,000
8,352,785
DNB Bank ASA 2.75% 21/3/2017
DNB Boligkreditt AS 1.875%
21/11/2022
Statoil ASA 0.875% 17/2/2023
Spain
11,938,241
5,980,836
% of
Net
Assets
Portugal
EUR 5,815,782
EUR 900,000
4,249,126
Description
Market
Value
(EUR)
Norway
EUR 1,350,000
EUR 900,000
EUR 2,000,000
New Zealand
EUR 8,275,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Atlas Copco AB 0.625% 30/8/2026
PZU Finance AB 1.375% 3/7/2019*
Scania CV AB 1.625% 14/9/2017
Stadshypotek AB 0.05% 20/6/2022
Svenska Handelsbanken AB FRN
15/1/2024
Svenska Handelsbanken AB 0.25%
28/2/2022
Svenska Handelsbanken AB 1.125%
14/12/2022
2,956,662
0.20
21,354,785
1.46
5,799,763
0.40
1,698,339
0.12
8,565,851
0.58
1,684,985
0.11
Switzerland
USD 1,725,000
Credit Suisse AG FRN 18/9/2025
Credit Suisse AG/London 0.625%
20/11/2018
Credit Suisse AG/London 1.125%
15/9/2020
Credit Suisse Group AG FRN
29/7/2022 (Perpetual)
Euro Corporate Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 4,915,000
EUR 4,000,000
EUR 4,000,000
Description
Credit Suisse Group AG 3.574%
9/1/2023
UBS AG FRN 12/2/2026
Zuercher Kantonalbank FRN
15/6/2027
Market
Value
(EUR)
% of
Net
Assets
4,632,185
4,406,280
0.32
0.30
EUR 3,033,000
4,062,400
0.28
EUR 2,675,000
30,849,803
2.11
EUR 1,123,000
EUR 3,500,000
EUR 1,475,000
EUR 5,725,000
EUR 4,175,000
EUR 3,000,000
EUR 1,210,000
EUR 1,500,000
EUR 5,000,000
GBP 1,700,000
EUR 2,000,000
EUR 4,200,000
EUR 5,000,000
EUR 151,108
EUR 2,100,000
EUR 2,000,000
EUR 5,200,000
EUR 3,600,000
EUR 2,000,000
EUR 4,650,000
GBP 27,865
GBP 100,000
GBP 100,000
EUR 2,700,000
EUR 1,000,000
EUR 5,000,000
EUR 2,000,000
EUR 1,323,000
EUR 4,100,000
EUR 1,050,000
EUR 2,790,000
Aon Plc 2.875% 14/5/2026
Aviva Plc FRN 5/7/2043
Barclays Bank Plc 6.625%
30/3/2022
Barclays Plc FRN 15/9/2019
(Perpetual)*
Barclays Plc 1.875% 8/12/2023
BAT International Finance Plc
0.875% 13/10/2023
BP Capital Markets Plc 0.83%
19/9/2024
BP Capital Markets Plc 1.117%
25/1/2024
BP Capital Markets Plc 1.373%
3/3/2022
British Telecommunications Plc
0.625% 10/3/2021
British Telecommunications Plc
1.125% 10/6/2019
British Telecommunications Plc
1.75% 10/3/2026
BUPA Finance Plc 5% 8/12/2026
Centrica Plc FRN 10/4/2076*
Compass Group Plc 1.875%
27/1/2023
Compass Group Plc 3.125%
13/2/2019
Eddystone Finance Plc
'2006-1 A1B' FRN 19/4/2021
FCE Bank Plc 1.528% 9/11/2020
FCE Bank Plc 1.75% 21/5/2018
FCE Bank Plc 1.875% 18/4/2019
G4S International Finance Plc 1.5%
9/1/2023
G4S International Finance Plc
2.625% 6/12/2018
G4S International Finance Plc
2.875% 2/5/2017
Gemgarto '2012-1 A1' FRN
14/5/2045
Gemgarto 2015-2 Plc '2015-2 B'
FRN 16/2/2054
Gosforth Funding 2014-1 Plc
'2014-1 A2' FRN 19/10/2056
Imperial Brands Finance Plc
1.375% 27/1/2025
Imperial Brands Finance Plc 4.5%
5/7/2018
Imperial Brands Finance Plc 5%
2/12/2019
Lloyds Bank Plc 1.875%
10/10/2018
Motability Operations Group Plc
3.75% 29/11/2017
Nationwide Building Society 0.5%
29/10/2019
Nationwide Building Society 0.5%
23/2/2024
Nationwide Building Society
1.625% 3/4/2019
7,616,052
3,530,393
0.52
0.24
2,498,052
0.17
1,145,584
3,586,730
0.08
0.25
1,484,106
0.10
5,716,556
0.39
4,285,304
0.29
3,157,591
0.22
Holding
EUR 500,000
United Kingdom
EUR 6,889,000
EUR 3,000,000
EUR 2,000,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
EUR 2,950,000
EUR 3,200,000
EUR 2,958,000
EUR 4,614,000
EUR 2,000,000
EUR 125,000
EUR 2,000,000
GBP 293,529
GBP 500,000
GBP 4,920,000
EUR 3,000,000
1,221,389
0.08
1,541,877
0.11
GBP 1,000,000
5,157,594
2,179,685
2,030,874
0.35
0.15
0.14
EUR 1,000,000
4,564,174
0.31
5,324,862
0.36
Description
Paragon Mortgages No 12 Plc
FRN 15/11/2038
Rio Tinto Finance Plc 2%
11/5/2020
Royal Bank of Scotland Group Plc
2.5% 22/3/2023
Sky Plc 2.25% 17/11/2025
Smiths Group Plc 2% 23/2/2027
Smiths Group Plc 4.125%
5/5/2017
SSE Plc FRN 1/10/2017 (Perpetual)
SSE Plc FRN 1/4/2021 (Perpetual)
Taurus 2015-2 DEU Ltd
'2015-DE2 E' FRN 1/2/2026
Tesco Plc 3.375% 2/11/2018
Tesco Property Finance 3 Plc
5.744% 13/4/2040
Unique Pub Finance Co Plc/The
6.464% 30/3/2032
United Kingdom Gilt Inflation
Linked 0.125% 22/3/2026
WPP Finance 2013 0.75%
18/11/2019
Market
Value
(EUR)
% of
Net
Assets
439,275
0.03
3,228,036
0.22
2,761,282
3,157,671
3,255,952
0.19
0.22
0.22
2,978,691
4,755,558
1,984,150
0.20
0.33
0.14
123,966
2,109,450
0.01
0.15
355,031
0.02
561,810
0.04
7,208,361
0.49
3,071,190
0.21
132,579,007
9.07
1,175,066
0.08
1,016,380
2,753,787
2,209,860
4,924,026
0.07
0.19
0.15
0.34
2,515,500
0.17
4,024,740
0.27
2,620,359
0.18
1,986,060
0.14
4,150,099
0.28
4,190,780
0.29
1,989,349
0.14
3,114,915
0.21
452,736
0.03
5,359,433
3,056,596
3,516,696
1,685,754
0.37
0.21
0.24
0.11
2,625,947
0.18
1,096,219
0.07
5,436,216
5,497,552
0.37
0.38
2,455,154
9,191,880
4,095,720
0.17
0.63
0.28
United States
EUR 2,650,000
EUR 2,000,000
EUR 4,365,000
EUR 2,500,000
EUR 4,000,000
150,480
2,190,372
2,047,575
5,419,548
0.01
0.15
0.14
0.37
EUR 2,000,000
3,665,268
0.25
EUR 4,000,000
2,091,221
0.14
EUR 4,000,000
4,672,599
0.32
EUR 2,000,000
32,786
0.00
EUR 3,000,000
116,788
0.01
EUR 480,000
117,918
0.01
EUR 5,105,000
2,741,809
0.19
1,062,822
0.07
EUR 3,075,000
EUR 3,600,000
EUR 1,500,000
EUR 2,500,000
5,693,237
0.39
EUR 2,575,000
EUR 1,000,000
2,068,877
0.14
EUR 5,345,000
1,361,883
0.09
4,165,579
0.29
1,058,468
0.07
2,890,531
0.20
EUR 5,500,000
EUR 2,375,000
EUR 9,000,000
EUR 4,000,000
Ahold Finance USA LLC 6.5%
14/3/2017
American International Group Inc
5% 26/6/2017
Amgen Inc 1.25% 25/2/2022
AT&T Inc 2.75% 19/5/2023
Ball Corp 4.375% 15/12/2023
Bank of America Corp FRN
26/7/2019
Bank of America Corp FRN
7/2/2022
Bank of America Corp FRN
7/2/2025
Bank of America Corp 0.75%
26/7/2023
Bank of America Corp 1.875%
10/1/2019
Becton Dickinson and Co 1.9%
15/12/2026*
Berkshire Hathaway Inc 1.125%
16/3/2027
Berkshire Hathaway Inc 1.3%
15/3/2024
Berkshire Hathaway Inc 1.625%
16/3/2035
BMW US Capital LLC 1.125%
18/9/2021
Citigroup Inc 0.75% 26/10/2023
Citigroup Inc 1.5% 26/10/2028
Citigroup Inc 5% 2/8/2019
Coca-Cola Co/The 1.125%
22/9/2022
Coca-Cola Co/The 1.875%
22/9/2026
Coca-Cola Co/The 1.125%
9/3/2027
Dover Corp 1.25% 9/11/2026
Eastman Chemical Co 1.875%
23/11/2026*
FedEx Corp 1% 11/1/2023
FedEx Corp 1.625% 11/1/2027
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
163
Euro Corporate Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 710,000
EUR 6,160,000
EUR 2,200,000
EUR 4,500,000
EUR 3,500,000
EUR 1,085,000
USD 1,491,000
EUR 2,300,000
EUR 2,250,000
EUR 4,350,000
EUR 6,000,000
EUR 2,000,000
EUR 2,250,000
EUR 1,000,000
EUR 1,800,000
EUR 9,100,000
EUR 4,183,000
EUR 7,700,000
EUR 7,025,000
EUR 1,560,000
EUR 896,000
EUR 6,000,000
EUR 2,000,000
EUR 3,200,000
EUR 1,575,000
EUR 4,000,000
EUR 1,500,000
EUR 157,717
USD 5,716,000
USD 16,983,400
EUR 5,425,000
EUR 9,000,000
Description
General Electric Co 1.25%
26/5/2023
Goldman Sachs Group Inc/The
1.25% 1/5/2025
Goldman Sachs Group Inc/The
1.375% 26/7/2022
Goldman Sachs Group Inc/The
1.625% 27/7/2026
Goldman Sachs Group Inc/The 2%
27/7/2023
Goldman Sachs Group Inc/The
2.625% 19/8/2020
Goodyear Tire & Rubber Co/The
5% 31/5/2026
International Business Machines
Corp 1.875% 6/11/2020
Johnson & Johnson 0.25%
20/1/2022*
Johnson & Johnson 0.65%
20/5/2024
JPMorgan Chase & Co 0.625%
25/1/2024
JPMorgan Chase & Co 1.5%
27/1/2025
Levi Strauss & Co 3.375%
15/3/2027
Liberty Mutual Group Inc 2.75%
4/5/2026
McDonald's Corp 0.5% 15/1/2021
McDonald's Corp 1% 15/11/2023*
Molson Coors Brewing Co 1.25%
15/7/2024
Morgan Stanley 1% 2/12/2022
Morgan Stanley 1.375%
27/10/2026
Morgan Stanley 3.75% 21/9/2017
Morgan Stanley 5.5% 2/10/2017
Oracle Corp 2.25% 10/1/2021
Pfizer Inc 5.75% 3/6/2021
Philip Morris International Inc
1.75% 19/3/2020
PPG Industries Inc 0.875%
13/3/2022
Praxair Inc 1.5% 11/3/2020
SES GLOBAL Americas Holdings
GP 1.875% 24/10/2018
SLM Student Loan Trust 2003-7
FRN 15/12/2033
United States Treasury Inflation
Indexed Bonds 0.125%
15/7/2026
United States Treasury Inflation
Indexed Bonds 0.625%
15/1/2026
Verizon Communications Inc
0.875% 2/4/2025
Verizon Communications Inc
1.375% 2/11/2028
Market
Value
(EUR)
% of
Net
Assets
749,242
0.05
BlackRock Global Funds (BGF)
Holding
EUR 6,185,000
EUR 1,400,000
6,148,604
0.42
EUR 3,300,000
EUR 2,000,000
Description
Walgreens Boots Alliance Inc
2.125% 20/11/2026*
Wells Fargo & Co 1.125%
29/10/2021
Wells Fargo & Co 1.5% 12/9/2022
Wells Fargo & Co 2.625%
16/8/2022
2,291,221
0.16
4,520,272
0.31
3,751,422
0.26
1,175,514
0.08
1,431,895
0.10
2,468,212
0.17
2,264,490
0.15
Other Transferable Securities
4,410,509
0.30
BONDS
5,936,520
0.41
Market
Value
(EUR)
% of
Net
Assets
6,435,207
0.44
1,455,078
3,472,540
0.10
0.24
2,227,857
0.15
223,807,085
15.31
Total Bonds
1,405,471,305
96.13
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
1,445,194,582
98.85
United Kingdom
EUR 350,000
Lehman Brothers UK Capital
Funding III LP (Defaulted)
3.875% 29/12/2049**
2,079,659
0.14
2,295,000
0.16
Total Bonds
1,067,271
1,822,788
9,308,475
0.07
0.12
0.64
Total Other Transferable Securities
4,225,938
7,840,217
0.29
0.54
6,908,736
1,594,585
926,173
6,527,563
2,485,517
0.47
0.11
0.06
0.45
0.17
3,375,640
0.23
1,621,421
4,196,920
0.11
0.29
1,549,404
0.11
143,704
0.01
5,333,136
0.36
16,675,477
1.14
5,296,644
0.36
8,653,410
0.59
Total Portfolio
Other Net Assets
~ Investment in connected party fund, see further information in Note 11.
* All or a portion of this security represents a security on loan.
** Security subject to a fair value adjustment as detailed in Note 2(j).
† Securities pledged or given in guarantee, see Note 14, for further details.
164
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Total Net Assets (EUR)
–
0.00
–
0.00
–
0.00
1,445,194,582
98.85
16,812,848
1.15
1,462,007,430
100.00
Euro Corporate Bond Fund continued
Open Exchange Traded Futures Contracts
as at 28 February 2017
Number
of contracts
Currency
(63)
106
(4)
(24)
(31)
(34)
(508)
(802)
199
(178)
609
9
(4)
(14)
(87)
(310)
(808)
AUD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
USD
GBP
USD
USD
USD
USD
USD
USD
USD
Unrealised
appreciation/
(depreciation)
EUR
Contract/Description
Expiration
date
Underlying
exposure
EUR
Australian 10 Year Bond
Euro-BTP
Euro Schatz
Euro-OAT
30 Year Euro-BUXL
Euro-BTP
Euro Bund
Euro BOBL
90 Day Euro $
Long Gilt
90 Day Euro $
US Treasury 2 Year Note (CBT)
US Ultra Bond (CBT)
US Long Bond (CBT)
US Treasury 5 Year Note (CBT)
US Treasury 10 Year Note (CBT)
90 Day Euro $
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
December 2017
5,851,611
14,105,420
450,560
3,604,320
5,389,040
3,831,120
84,404,200
108,077,520
46,389,299
26,563,374
141,735,548
1,837,269
609,948
2,001,159
9,666,502
36,442,028
187,545,049
(12,723)
173,113
(2,095)
(45,331)
(258,083)
(7,620)
(1,199,470)
(714,320)
(16,557)
(325,907)
(43,006)
796
707
(13,969)
(6,954)
(56,834)
47,411
678,503,967
(2,480,842)
Total
Interest Rate Swaps as at 28 February 2017
Nominal
Value
EUR 27,000,000
EUR 7,515,000
EUR 5,300,000
EUR 70,000,000
Description
Fund receives Fixed 0.09%; and pays Floating EUR EURIBOR 6 Month
Fund receives Floating EUR EURIBOR 6 Month; and pays Fixed 0.7%
Fund receives Fixed 0.298%; and pays Floating EUR EURIBOR 6 Month
Fund receives Fixed 0.119%; and pays Floating EUR EURIBOR 6 Month
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
Citigroup
Citigroup
Goldman Sachs
RBS Plc
1/3/2022
20/1/2027
26/2/2020
19/1/2022
18,150
(39,990)
64,334
184,530
18,150
(36,403)
64,334
184,530
227,024
230,611
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
Market
Value
EUR
20/12/2020
20/9/2018
20/9/2018
20/9/2018
20/3/2019
20/6/2020
20/6/2020
20/12/2020
(12,683)
(10,587)
(10,468)
(7,762)
(25,334)
(3,201)
(10,114)
(25,706)
179,693
(10,323)
(10,323)
(7,742)
(52,157)
(4,540)
(15,738)
(3,960)
20/6/2021
(13,275)
115,907
20/6/2021
20/6/2021
20/6/2021
(10,371)
(9,238)
948
(32,606)
24,494
306,919
20/6/2021
20/6/2021
20/12/2021
20/12/2021
(14,205)
3,145
2,055
12,522
(44,666)
23,222
(25,041)
(318,703)
20/12/2021
20/12/2021
20/12/2021
20/12/2021
20/12/2021
39,918
(7)
(15,238)
(2,487)
(135,050)
241,714
(318,703)
(112,112)
(48,539)
(6,378)
Total (EUR underlying exposure – EUR 110,120,284)
Market
Value
EUR
Credit Default Swaps as at 28 February 2017
Nominal
Value
EUR 4,000,000
EUR 800,000
EUR 800,000
EUR 600,000
EUR 3,300,000
EUR 300,000
EUR 1,040,000
EUR 920,000
EUR (8,000,000)
EUR 1,460,000
EUR (1,540,000)
EUR (10,000,000)
EUR 2,000,000
EUR (1,460,000)
EUR 2,000,000
EUR 1,750,000
EUR (2,695,000)
EUR 1,750,000
EUR 1,250,000
EUR 2,257,000
USD 10,000,000
Description
Counterparty
Fund receives default protection on Banco Santander SA;
and pays Fixed 1%
Bank of America
Fund receives default protection on Pernod-Ricard SA; and pays Fixed 1%
Barclays
Fund receives default protection on Pernod-Ricard SA; and pays Fixed 1%
Barclays
Fund receives default protection on Pernod-Ricard SA; and pays Fixed 1%
Barclays
Fund receives default protection on Deutsche Telekom AG; and pays Fixed 1%
Barclays
Fund receives default protection on Vodafone Group Plc; and pays Fixed 1%
Barclays
Fund receives default protection on Vodafone Group Plc; and pays Fixed 1%
Barclays
Fund receives default protection on Banco Santander SA; and pays Fixed 1%
Barclays
Fund provides default protection on ITRAXX.EUR.25.V1;
and receives Fixed 1%
Barclays
Fund receives default protection on EnBW Energie Baden Wuerttemberg;
and pays Fixed 1%
Barclays
Fund provides default protection on Engie SA; and receives Fixed 1%
Barclays
Fund provides default protection on Siemens AG; and receives Fixed 1%
Barclays
Fund receives default protection on EnBW Energie Baden Wuerttemberg;
and pays Fixed 1%
Barclays
Fund provides default protection on Engie SA; and receives Fixed 1%
Barclays
Fund receives default protection on ITRAXX.EUR.26.V1; and pays Fixed 1%
Barclays
Fund receives default protection on Wendel SE; and pays Fixed 5%
Barclays
Fund provides default protection on ITRAXX.XO.26.V1;
and receives Fixed 5%
Barclays
Fund receives default protection on Wendel SE; and pays Fixed 5%
Barclays
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
Barclays
Fund receives default protection on Akzo Nobel NV; and pays Fixed 1%
Barclays
Fund receives default protection on Saudi Arabia; and pays Fixed 1%
Barclays
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
165
Euro Corporate Bond Fund continued
Credit Default Swaps as at 28 February 2017
Nominal
Value
EUR 3,330,000
EUR 3,000,000
EUR (5,000,000)
EUR (2,000,000)
EUR (7,400,000)
EUR 3,500,000
EUR 2,000,000
EUR 1,270,000
EUR 1,270,000
EUR 3,070,000
EUR 2,320,000
EUR 3,340,000
EUR 1,270,000
EUR 1,040,000
EUR 500,000
USD 3,182,000
EUR 5,485,000
EUR 10,000,000
EUR (3,754,647)
EUR 1,250,000
EUR 4,640,000
EUR 260,000
EUR 280,000
EUR 150,000
EUR 330,000
EUR 520,000
EUR (5,000,000)
EUR 15,000,000
EUR (1,615,000)
EUR 5,075,000
EUR 3,330,000
EUR 4,925,000
EUR 1,000,000
EUR (14,925,000)
EUR 740,000
USD (2,350,000)
EUR 4,000,000
EUR (7,600,000)
EUR 2,971,676
EUR 800,000
EUR 529,000
EUR 1,058,000
EUR 1,650,000
USD 2,300,000
USD 203,665
EUR 2,000,000
166
Description
Counterparty
Fund receives default protection on Tesco Plc; and pays Fixed 1%
Barclays
Fund receives default protection on Metro AG; and pays Fixed 1%
BNP Paribas
Fund provides default protection on Danske Bank A/S;
and receives Fixed 1%
BNP Paribas
Fund provides default protection on Engie SA; and receives Fixed 1%
BNP Paribas
Fund provides default protection on ING Bank NV; and receives Fixed 1%
BNP Paribas
Fund receives default protection on Deutsche Telekom AG;
and pays Fixed 1%
BNP Paribas
Fund receives default protection on Barclays Bank Plc; and pays Fixed 1%
BNP Paribas
Fund receives default protection on Banca Monte dei Paschi di Siena SpA;
and pays Fixed 5%
BNP Paribas
Fund receives default protection on Banca Monte dei Paschi di Siena SpA;
and pays Fixed 5%
BNP Paribas
Fund receives default protection on Accor SA; and pays Fixed 1%
BNP Paribas
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
BNP Paribas
Fund receives default protection on Tesco Plc; and pays Fixed 1%
BNP Paribas
Fund receives default protection on Banca Monte dei Paschi di Siena SpA;
and pays Fixed 5%
BNP Paribas
Fund receives default protection on Vodafone Group Plc; and pays Fixed 1%
Citibank
Fund receives default protection on Vodafone Group Plc; and pays Fixed 1%
Citibank
Fund receives default protection on General Motors Co; and pays Fixed 5%
Citibank
Fund receives default protection on Akzo Nobel NV; and pays Fixed 1%
Citibank
Fund receives default protection on Daimler AG; and pays Fixed 1%
Citibank
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Citigroup
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
Citigroup
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
Citigroup
Fund receives default protection on Louis Dreyfus Company BV;
and pays Fixed 5%
Credit Suisse
Fund receives default protection on Vodafone Group Plc;
and pays Fixed 1%
Credit Suisse
Fund receives default protection on Vodafone Group Plc;
and pays Fixed 1%
Credit Suisse
Fund receives default protection on Vodafone Group Plc;
and pays Fixed 1%
Credit Suisse
Fund receives default protection on Vodafone Group Plc;
and pays Fixed 1%
Credit Suisse
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Credit Suisse
Fund receives default protection on ITRAXX.EUR.26.V1; and pays Fixed 1%
Credit Suisse
Fund provides default protection on ITRAXX.XO.26.V1;
and receives Fixed 5%
Credit Suisse
Fund receives default protection on Volvo AB; and pays Fixed 1%
Credit Suisse
Fund receives default protection on Tesco Plc; and pays Fixed 1%
Credit Suisse
Fund receives default protection on Volvo AB; and pays Fixed 1%
Credit Suisse
Fund receives default protection on Koninklijke DSM NV;
and pays Fixed 1%
Deutsche Bank
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Deutsche Bank
Fund receives default protection on Louis Dreyfus Company BV; and
pays Fixed 5%
Goldman Sachs
Fund provides default protection on Italy (Republic of);
and receives Fixed 1%
Goldman Sachs
Fund receives default protection on Metro AG; and pays Fixed 1%
Goldman Sachs
Fund provides default protection on BNP Paribas SA;
and receives Fixed 1%
HSBC Bank Plc
Fund receives default protection on ITRAXX.XO.26.V1;
and pays Fixed 5%
HSBC Bank Plc
Fund receives default protection on Pernod-Ricard SA;
and pays Fixed 1%
JP Morgan
Fund receives default protection on Banco Santander SA;
and pays Fixed 1%
JP Morgan
Fund receives default protection on Banco Santander SA;
and pays Fixed 1%
JP Morgan
Fund receives default protection on Banco Santander SA;
and pays Fixed 1%
JP Morgan
Fund receives default protection on Westpac Banking Corp;
and pays Fixed 1%
JP Morgan
Fund receives default protection on Australia & New Zealand Banking;
and pays Fixed 1%
JP Morgan
Fund receives default protection on ING Bank NV; and pays Fixed 1%
JP Morgan
BlackRock Global Funds (BGF)
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
20/12/2021
20/12/2020
(41,031)
(87,622)
105,629
(1,105)
20/6/2021
20/6/2021
20/6/2021
34,075
2,209
14,893
119,269
31,811
121,117
20/6/2021
20/6/2021
3,862
(71,912)
(83,426)
45,506
20/12/2021
(42,001)
(56,667)
20/12/2021
20/12/2021
20/12/2021
20/12/2021
(42,001)
5,947
2,219
(37,490)
(56,667)
(12,686)
(208,080)
105,946
20/12/2021
20/6/2020
20/6/2020
20/12/2020
20/12/2021
20/12/2021
(39,412)
(9,100)
(5,682)
(142,963)
(5,594)
(32)
(56,667)
(15,738)
(7,566)
(448,810)
(117,960)
(230,946)
20/12/2021
20/12/2021
20/12/2021
8,078
(16,959)
7,733
47,011
(112,112)
(416,161)
20/12/2019
(2,646)
(23,629)
20/6/2020
(3,349)
(4,237)
20/6/2020
(1,793)
(2,270)
20/6/2020
(3,959)
(4,994)
20/6/2020
(5,882)
(7,869)
20/12/2021
20/12/2021
3,833
(46,172)
62,604
(187,811)
20/12/2021
20/12/2021
20/12/2021
20/12/2021
19,398
(43,396)
(40,295)
(42,368)
144,849
(75,407)
105,629
(73,179)
20/12/2017
(4,736)
(7,543)
20/12/2021
(22,382)
186,871
20/12/2019
(7,321)
(67,251)
20/6/2021
20/6/2021
20,200
1,814
(36,926)
23,989
20/6/2021
(74,240)
34,663
20/12/2021
1,969
(266,529)
20/9/2018
(12,327)
(10,323)
20/12/2020
(16,464)
(2,277)
20/12/2020
(33,840)
(4,554)
20/12/2020
(26,982)
(7,103)
20/12/2020
(40,113)
(45,868)
20/12/2020
20/12/2020
(3,686)
(63,406)
(4,061)
20,200
Market
Value
EUR
Euro Corporate Bond Fund continued
Credit Default Swaps as at 28 February 2017
Nominal
Value
EUR (2,500,000)
EUR (14,400,000)
EUR 2,500,000
EUR 1,615,000
EUR (5,000,000)
EUR 2,695,000
EUR 15,000,000
EUR 4,640,000
USD 1,996,335
USD 2,300,000
USD 2,200,000
EUR (3,000,000)
EUR 870,000
EUR (5,000,000)
EUR 1,540,000
EUR 8,260,000
Description
Fund provides default protection on Skandinaviska Enskilda Banken AB;
and receives Fixed 1%
Fund provides default protection on BNP Paribas SA; and receives
Fixed 1%
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
Fund receives default protection on Jaguar Land Rover Automotive Plc;
and pays Fixed 5%
Fund provides default protection on ITRAXX.XO.26.V1;
and receives Fixed 5%
Fund receives default protection on Jaguar Land Rover Automotive
Plc; and pays Fixed 5%
Fund receives default protection on ITRAXX.EUR.26.V1; and pays
Fixed 1%
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
Fund receives default protection on Australia & New Zealand Banking;
and pays Fixed 1%
Fund receives default protection on Commonwealth Bank of Australia;
and pays Fixed 1%
Fund receives default protection on National Australia Bank Limited;
and pays Fixed 1%
Fund provides default protection on ITRAXX.EUR.26.V1;
and receives Fixed 1%
Fund receives default protection on Vodafone Group Plc;
and pays Fixed 1%
Fund provides default protection on Engie SA; and receives Fixed 1%
Fund receives default protection on Enbw Energie Baden
Wuerttemberg; and pays Fixed 1%
Fund receives default protection on ITRAXX.EUR.26.V1;
and pays Fixed 1%
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
Market
Value
EUR
JP Morgan
20/6/2021
21,747
66,194
JP Morgan
JP Morgan
20/6/2021
20/12/2021
(134,530)
(37,308)
65,677
(224,224)
JP Morgan
20/12/2021
(30,993)
(217,594)
JP Morgan
20/12/2021
116,236
448,449
JP Morgan
20/12/2021
(45,684)
(363,106)
Merrill Lynch
Merrill Lynch
20/12/2021
20/12/2021
5,076
4,983
(187,811)
(416,160)
Morgan Stanley
20/12/2020
(32,282)
(39,808)
Morgan Stanley
20/12/2020
(42,086)
(46,331)
Morgan Stanley
20/12/2020
(32,865)
(44,288)
Morgan Stanley
20/12/2021
6,265
37,562
Societe Generale
Societe Generale
20/6/2020
20/12/2020
(9,561)
111,615
(13,165)
85,109
Societe Generale
20/6/2021
(1,480)
(34,393)
Societe Generale
20/12/2021
Total (EUR underlying exposure – EUR 287,447,822)
14,901
(103,421)
(1,244,030)
(2,608,220)
Inflation Swaps as at 28 February 2017
Nominal
Value
GBP 8,770,000
EUR 13,545,000
Description
Fund provides default protection on UKRPI + 0bps;
and receives Fixed 3.275%
Fund provides default protection on CPTFEMU + 0bps;
and receives Fixed 1.48%
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
Citigroup
15/10/2026
(237,828)
Citigroup
20/1/2027
Total (EUR underlying exposure – EUR 23,815,457)
Market
Value
EUR
(237,828)
20,115
27,425
(217,713)
(210,403)
Purchased Put Options as at 28 February 2017
Number of
contracts
subject
to Put
5,275,000
5,245,839
5,275,000
5,247,472
Issuer/Description
Counterparty
Strike Price
Expiration
Date
OTC EUR/JPY
OTC EUR/JPY
OTC EUR/USD
OTC EUR/USD
Barclays
Barclays
RBS Plc
RBS Plc
EUR 112.5
EUR 112.5
EUR 1.04
EUR 1.04
9/6/2017
9/6/2017
9/6/2017
9/6/2017
Total (EUR underlying exposure – EUR 6,222,112)
Unrealised
appreciation/
(depreciation)
EUR
Market
Value
EUR
(4,672)
3,904
(676)
(6,759)
58,417
58,094
66,000
65,656
(8,203)
248,167
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
167
Euro Corporate Bond Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
SEK
USD
CAD
CAD
USD
USD
USD
USD
Purchases
4,068,152
52,714,325
175,649
326,189
457,827
19,084,042
176,482
9,214,242
178,935
2,520,659
54,774,952
90,270,000
9,070,000
3,795,071
574,929
5,617,749
2,508,784
1,638,311
387,976
Currency
AUD
DKK
GBP
GBP
GBP
GBP
GBP
SEK
USD
USD
USD
EUR
EUR
USD
USD
CAD
CAD
CAD
CAD
Sales
Counterparty
5,900,000
392,130,000
150,000
280,000
390,000
16,110,000
150,000
90,230,000
190,000
2,670,000
58,780,000
9,483,786
8,468,001
2,876,939
435,815
7,359,475
3,285,912
2,146,264
508,349
Barclays
RBS Plc
HSBC Bank Plc
Citibank
UBS
Barclays
Deutsche Bank
Barclays
HSBC Bank Plc
Credit Suisse
UBS
RBS Plc
RBS Plc
Credit Suisse
Citibank
Credit Suisse
Morgan Stanley
Barclays
JP Morgan
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
Net unrealised depreciation
(203,391)
(39,159)
(246)
(2,147)
500
192,946
587
(211,194)
(175)
3,690
(636,068)
(54,172)
82,151
(4,764)
(700)
45,735
20,920
13,330
3,098
(789,059)
CHF Hedged Share Class
CHF
14,840
EUR
13,913
BNY Mellon 14/3/2017
Net unrealised appreciation
24
24
GBP Hedged Share Class
GBP
139,291
EUR
163,677
BNY Mellon 14/3/2017
Net unrealised depreciation
(362)
(362)
USD Hedged Share Class
USD
10,068
EUR
9,418
Net unrealised appreciation
Total net unrealised depreciation
(EUR underlying exposure – EUR 188,077,734)
168
BlackRock Global Funds (BGF)
BNY Mellon 14/3/2017
70
70
(789,327)
Summary of Financial Derivative Instruments
Market
Value
EUR
Swaps
Credit Default Swaps
Inflation Swaps
Interest Rate Swaps
(2,608,220)
(210,403)
230,611
Market value of swaps
(2,588,012)
Purchased options
Purchased Put Options
248,167
Market value of purchased options
248,167
Unrealised
depreciation
EUR
Open exchange traded futures contracts
Open forward foreign exchange contracts
(2,480,842)
(789,327)
Euro Reserve Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
Holding
EUR 2,000,000
FUNDS
Ireland
6,662,152
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Institutional Cash Series plc
- Institutional Euro Assets
Liquidity Fund~
Total Funds
EUR 1,000,000
6,662,152
4.04
6,662,152
4.04
EUR 3,000,000
EUR 500,000
EUR 2,000,000
COMMERCIAL PAPER
EUR 1,000,000
Canada
EUR 500,000
EUR 1,000,000
The Toronto-Dominion Bank
17/3/2017 (Zero Coupon)
The Toronto-Dominion Bank
27/3/2017 (Zero Coupon)
EUR 500,000
500,211
0.30
EUR 1,000,000
1,000,634
0.61
1,500,845
0.91
EUR 2,000,000
Finland
EUR 6,000,000
EUR 1,000,000
EUR 500,000
OP Corporate Bank Plc 1/3/2017
(Zero Coupon)
OP Corporate Bank Plc 13/4/2017
(Zero Coupon)
OP Corporate Bank Plc 9/5/2017
(Zero Coupon)
6,000,327
3.64
EUR 1,000,000
1,000,626
0.61
EUR 500,000
500,457
0.30
EUR 500,000
7,501,410
4.55
EUR 2,000,000
2,000,114
4,001,052
1.21
2.43
4,000,888
2.42
10,002,054
6.06
France
EUR 2,000,000
EUR 4,000,000
EUR 4,000,000
Antalis SA 2/3/2017 (Zero Coupon)
Antalis SA 20/3/2017 (Zero Coupon)
Banque Federative Du Credit
Mutuel 14/3/2017 (Zero Coupon)
EUR 1,000,000
EUR 2,000,000
EUR 2,000,000
EUR 3,000,000
EUR 3,000,000
Ireland
EUR 1,000,000
EUR 1,000,000
EUR 500,000
EUR 1,000,000
EUR 2,000,000
Matchpoint Finance Plc 16/3/2017
(Zero Coupon)
Matchpoint Finance Plc 19/4/2017
(Zero Coupon)
Matchpoint Finance Plc 28/4/2017
(Zero Coupon)
Matchpoint Finance Plc 10/5/2017
(Zero Coupon)
Matchpoint Finance Plc 23/6/2017
(Zero Coupon)
EUR 2,000,000
1,000,217
0.61
EUR 1,000,000
1,000,558
0.61
EUR 2,000,000
500,318
0.30
EUR 2,000,000
1,000,747
0.61
EUR 6,000,000
2,002,181
1.21
5,504,021
3.34
EUR 500,000
United States
EUR 4,000,000
EUR 500,000
EUR 3,000,000
EUR 3,000,000
EUR 500,000
EUR 2,000,000
Albion Capital Corporation SA
16/3/2017 (Zero Coupon)
Colgate-Palmolive Co 30/3/2017
(Zero Coupon)
Collateralized Commercial Paper III
Co LLC 1/3/2017 (Zero Coupon)
Collateralized Commercial Paper III
Co LLC 2/3/2017 (Zero Coupon)
Collateralized Commercial Paper III
Co LLC 7/3/2017 (Zero Coupon)
Collateralized Commercial Paper III
Co LLC 8/3/2017 (Zero Coupon)
EUR 2,000,000
4,001,034
2.43
500,225
0.30
3,000,163
1.82
3,000,204
1.82
500,068
0.30
2,000,299
1.21
EUR 4,000,000
EUR 4,000,000
EUR 2,500,000
EUR 5,000,000
Description
Collateralized Commercial Paper III
Co LLC 13/3/2017 (Zero Coupon)
Collateralized Commercial Paper III
Co LLC 8/5/2017 (Zero Coupon)
Collateralized Commercial Paper III
Co LLC 26/7/2017 (Zero Coupon)
Collateralized Commercial Paper III
Co LLC 31/7/2017 (Zero Coupon)
Collateralized Commercial Paper III
Co LLC 1/9/2017 (Zero Coupon)
General Electric Capital Corp
3/3/2017 (Zero Coupon)
General Electric Capital Corp
31/3/2017 (Zero Coupon)
Honeywell International Inc
10/4/2017 (Zero Coupon)
Honeywell International Inc
24/4/2017 (Zero Coupon)
Honeywell International Inc
8/5/2017 (Zero Coupon)
Honeywell International Inc
11/5/2017 (Zero Coupon)
Honeywell International Inc
17/5/2017 (Zero Coupon)
Honeywell International Inc
19/5/2017 (Zero Coupon)
Honeywell International Inc
31/5/2017 (Zero Coupon)
Nordea Bank AB 31/3/2017
(Zero Coupon)
Nordea Bank AB 5/4/2017
(Zero Coupon)
Nordea Bank AB 22/6/2017
(Zero Coupon)
Procter & Gamble Company
13/4/2017 (Zero Coupon)
Procter & Gamble Company
20/4/2017 (Zero Coupon)
Procter & Gamble Company
11/5/2017 (Zero Coupon)
Procter & Gamble Company
17/5/2017 (Zero Coupon)
Procter & Gamble Company
18/5/2017 (Zero Coupon)
Procter & Gamble Company
7/6/2017 (Zero Coupon)
Sumitomo Mitsui Banking Corp
8/5/2017 (Zero Coupon)
Svenska Handelsbanken AB
20/3/2017 (Zero Coupon)
Svenska Handelsbanken AB
5/7/2017 (Zero Coupon)
Svenska Handelsbanken AB
6/7/2017 (Zero Coupon)
Svenska Handelsbanken AB
17/7/2017 (Zero Coupon)
United Parcel Service Inc 14/3/2017
(Zero Coupon)
Total Commercial Paper
Market
Value
(EUR)
% of
Net
Assets
2,000,436
1.21
1,000,902
0.61
3,005,087
1.82
500,872
0.31
2,002,969
1.21
1,000,082
0.61
500,232
0.30
1,000,585
0.61
1,000,752
0.61
2,001,804
1.21
1,000,932
0.61
500,495
0.30
500,505
0.30
2,002,248
1.22
2,000,996
1.21
2,001,094
1.21
3,003,886
1.82
3,001,880
1.82
2,001,417
1.21
1,000,932
0.61
2,001,980
1.21
2,002,000
1.21
6,007,110
3.64
2,001,804
1.21
500,156
0.30
4,005,910
2.43
4,005,958
2.43
2,504,013
1.52
5,001,037
3.03
72,060,067
43.67
96,568,397
58.53
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
169
Euro Reserve Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
CERTIFICATES OF DEPOSIT
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
KBC Bank 6/4/2017 (Zero Coupon)
KBC Bank 3/5/2017 (Zero Coupon)
KBC Bank 15/5/2017 (Zero Coupon)
Banque Federative du Credit Mutuel
10/5/2017 (Zero Coupon)
3.03
1.21
0.61
8,005,329
4.85
EUR 1,000,000
4,003,190
2.43
EUR 3,000,000
EUR 2,000,000
DZ Bank AG 27/4/2017
(Zero Coupon)
DZ Bank AG 4/5/2017
(Zero Coupon)
DZ Bank AG 12/6/2017
(Zero Coupon)
2,001,685
1.21
3,002,811
1.82
2,002,857
1.22
7,007,353
4.25
Mitsubishi UFJ Trust and Banking
Corporation 6/3/2017
(Zero Coupon)
Cooperatieve Rabobank UA
8/9/2017 (Zero Coupon)
Credit Suisse Group AG 1/3/2017
(Zero Coupon)
GE Capital European Funding
Unlimited Co 1% 2/5/2017
EUR 4,000,000
Cooperatieve Rabobank UA FRN
19/2/2018
Cooperatieve Rabobank UA
3.375% 21/4/2017
EUR 130,000
3,000,346
1.82
1,001,616
0.61
500,020
0.30
Nordea Bank AB 2.25% 5/10/2017
EUR 2,000,000
EUR 3,000,000
EUR 1,000,000
EUR 2,000,000
EUR 1,000,000
EUR 1,500,000
EUR 3,500,000
EUR 2,500,000
Total Certificates of Deposit
1,000,354
0.61
2,001,864
1.21
3,002,828
1.82
1,000,326
0.60
2,000,708
1.21
1,000,902
0.61
1,501,597
0.91
3,504,447
2.12
2,502,661
1.52
17,515,687
10.61
41,033,541
24.87
~ Investment in connected party fund, see further information in Note 11.
170
BlackRock Global Funds (BGF)
115,241
0.07
11,061,985
6.70
4,020,220
2.44
15,082,205
9.14
131,986
0.08
Credit Suisse AG/London FRN
30/3/2017
500,168
0.30
102,378
0.06
United Kingdom
EUR 100,000
HSBC Bank Plc 3.125% 15/11/2017
United States
United States
Citibank NA (London Branch)
23/3/2017 (Zero Coupon)
HSBC Bank Plc 11/5/2017
(Zero Coupon)
HSBC Bank Plc 12/5/2017
(Zero Coupon)
Mizuho Corporate Bank Ltd
21/3/2017 (Zero Coupon)
Mizuho Corporate Bank Ltd
23/3/2017 (Zero Coupon)
Mizuho Corporate Bank Ltd
8/5/2017 (Zero Coupon)
Norinchukin Bank (London Branch)
25/5/2017 (Zero Coupon)
Norinchukin Bank (London Branch)
15/6/2017 (Zero Coupon)
Sumitomo Mitsui Banking Corp
25/5/2017 (Zero Coupon)
0.06
Switzerland
EUR 500,000
EUR 5,450,000
Coca-Cola Co/The FRN 9/3/2017
Total Bonds
EUR 1,000,000
100,000
Netherlands
EUR 11,000,000
Switzerland
EUR 500,000
OP Corporate Bank plc FRN
3/3/2017
Ireland
EUR 115,000
Netherlands
EUR 1,000,000
0.61
Sweden
Japan
EUR 3,000,000
Canadian Imperial Bank of
Commerce FRN 8/9/2017
Finland
EUR 100,000
Germany
EUR 2,000,000
1,001,630
Canada
5,002,655
2,001,703
1,000,971
France
EUR 4,000,000
% of
Net
Assets
BONDS
Belgium
EUR 5,000,000
EUR 2,000,000
EUR 1,000,000
Description
Market
Value
(EUR)
5,450,382
3.30
22,483,990
13.62
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
166,748,080
101.06
Total Portfolio
166,748,080
101.06
Other Net Liabilities
Total Net Assets (EUR)
(1,753,597)
(1.06)
164,994,483
100.00
Euro Short Duration Bond Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
FUNDS
419,043
Institutional Cash Series Plc
- Institutional Euro
Liquidity Fund~
iShares € Corporate Bond
1-5 year UCITS ETF~
Total Funds
EUR 507,000
416,948,328
4.32
46,352,022
0.47
463,300,350
4.79
Cyprus Government International
Bond 3.75% 26/7/2023
Cyprus Government International
Bond 3.875% 6/5/2022
Raiffeisenbank AS 0.75%
5/11/2019
UniCredit Bank Czech Republic &
Slovakia AS 0.625% 30/4/2020
Argentina
Argentine Republic Government
International Bond 5%
15/1/2027
AUD 34,238,000
AUD 60,151,000
AUD 33,167,000
EUR 40,000,000
EUR 6,015,015
0.14
Australia & New Zealand Banking
Group Ltd 0.375% 19/11/2019
Australia Government Bond 2.75%
21/11/2028
Australia Government Bond 3%
21/3/2047
Australia Government Bond 3.75%
21/4/2037
BHP Billiton Finance Ltd FRN
28/4/2020
SMART ABS Series 2014-2E Trust
'2014-2E AE' FRN 14/6/2021
EUR 19,500,000
EUR 14,100,000
EUR 8,200,000
EUR 9,920,000
EUR 1,100,000
EUR 22,200,000
EUR 12,500,000
EUR 10,000,000
Anheuser-Busch InBev SA/NV/old
FRN 19/10/2018*
Anheuser-Busch InBev SA/NV/old
FRN 17/3/2020*
Belfius Bank SA/NV 1.125%
22/5/2017
KBC Bank NV 1.25% 28/5/2020
KBC Group NV FRN 19/3/2019
(Perpetual)*
KBC Group NV FRN 25/11/2024
KBC Group NV 0.75% 1/3/2022
Solvay SA FRN 1/12/2017
UCB SA 4.125% 4/1/2021
28,727,922
0.30
DKK 308,100,000
24,545,106
0.25
38,004,878
0.39
DKK 350,000,000
25,234,687
0.26
DKK 154,980,000
40,038,000
0.42
DKK 496,700,000
6,009,164
0.06
DKK 386,973,654
162,559,757
1.68
EUR 32,800,000
EUR 15,475,000
EUR 10,225,000
EUR 27,425,000
Bank of Nova Scotia/The 0.5%
23/7/2020*
Canadian Imperial Bank of
Commerce 25/7/2022
(Zero Coupon)
Canadian Imperial Bank of
Commerce 0.1% 14/12/2018
Canadian Imperial Bank of
Commerce 0.375% 15/10/2019
Toronto-Dominion Bank/The
0.375% 12/1/2021*
15,055,800
0.16
19,695,000
0.20
14,143,639
8,582,161
0.15
0.09
10,139,728
1,145,884
22,208,880
12,559,813
11,259,950
0.10
0.01
0.23
0.13
0.12
114,790,855
1.19
Trafford Centre Finance Ltd/The
FRN 28/7/2035
DKK 342,700,000
DKK 402,955,000
DKK 167,301,934
534,330
0.01
7,469,526
0.08
33,220,924
0.35
24,422,107
0.25
57,643,031
0.60
20,371,557
0.21
77,963,042
0.81
56,009,169
0.58
43,935,205
0.45
48,998,135
0.51
21,422,313
0.22
69,247,027
0.71
51,095,505
0.53
60,113,902
0.62
60,647,983
0.63
47,998,073
0.50
57,707,679
0.60
0.33
15,588,749
0.16
10,388,866
0.11
27,908,534
0.29
106,814,514
1.10
808,346
0.01
22,079,080
0.23
617,217,113
6.39
OP Corporate Bank plc 1.125%
17/6/2019
24,827,471
0.26
5,911,859
0.06
12,878,848
0.13
8,921,721
17,598,099
0.09
0.18
15,189,543
0.16
19,845,386
0.20
13,665,202
0.14
13,412,134
2,544,128
25,990,112
0.14
0.03
0.27
France
EUR 12,800,000
USD 9,700,000
32,556,808
Denmark Government Bond 3%
15/11/2021
Nordea Kredit
Realkreditaktieselskab 1%
1/4/2022
Nordea Kredit
Realkreditaktieselskab 2%
1/10/2019
Nykredit Realkredit A/S 1%
1/10/2020
Nykredit Realkredit A/S 1%
1/1/2021
Nykredit Realkredit A/S 1%
1/1/2022
Nykredit Realkredit A/S 2%
1/10/2047
Realkredit Danmark A/S 1%
1/4/2020
Realkredit Danmark A/S 1%
1/1/2021
Realkredit Danmark A/S 1%
1/4/2022
Realkredit Danmark A/S 2%
1/1/2020
Realkredit Danmark A/S 2%
1/10/2047
Finland
EUR 24,100,000
EUR 5,900,000
Cayman Islands
GBP 900,000
DKK 430,452,000
DKK 433,000,000
Canada
EUR 19,950,000
DKK 498,780,000
DKK 400,000,000
Belgium
EUR 15,000,000
0.07
Denmark
13,566,673
Australia
EUR 28,275,000
6,935,196
Czech Republic
EUR 33,265,000
EUR 24,300,000
BONDS
EUR 14,618,000
% of
Net
Assets
Cyprus
EUR 6,669,000
Ireland
416,948,328
Description
Market
Value
(EUR)
EUR 17,400,000
EUR 15,100,000
EUR 19,700,000
EUR 13,700,000
EUR 13,525,000
EUR 2,500,000
EUR 25,000,000
Air Liquide Finance SA FRN
13/6/2018
Air Liquide Finance SA 0.125%
13/6/2020*
Air Liquide Finance SA 1.75%
27/9/2021
APRR SA FRN 3/1/2020*
Banque Federative du Credit
Mutuel SA FRN 3/6/2020
Banque Federative du Credit
Mutuel SA 0.25% 14/6/2019
Banque Federative du Credit
Mutuel SA 0.375% 13/1/2022
BNP Paribas SA 1.125%
10/10/2023*
BNP Paribas SA 1.5% 12/3/2018
BNP Paribas SA 2% 28/1/2019*
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
171
Euro Short Duration Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 10,000,000
EUR 12,400,000
EUR 14,400,000
EUR 5,000,000
EUR 37,200,000
EUR 34,000,000
EUR 15,000,000
EUR 600,000
EUR 37,100,000
EUR 45,400,000
EUR 10,400,000
EUR 1,200,000
EUR 4,735,000
EUR 8,000,000
EUR 6,100,000
EUR 10,000,000
EUR 23,300,000
EUR 80,250,000
EUR 33,800,000
EUR 19,290,000
EUR 9,500,000
EUR 15,300,000
EUR 27,400,000
USD 21,400,000
EUR 24,400,000
GBP 77,800,000
EUR 24,350,000
EUR 23,600,000
EUR 26,100,000
EUR 4,000,000
EUR 3,887,854
EUR 330,480,625
EUR 34,895,000
EUR 130,304,000
EUR 523,212,000
EUR 15,333,000
EUR 5,600,000
EUR 6,000,000
EUR 4,653,000
EUR 10,000,000
172
Description
Market
Value
(EUR)
BNP Paribas SA 2.875%
27/11/2017
10,229,400
BPCE SA 0.625% 20/4/2020
12,590,115
BPCE SA 1.125% 18/1/2023*
14,379,120
BPCE SA 3.75% 21/7/2017
5,076,300
BPCE SFH SA 1.5% 30/1/2020
39,054,141
BPCE SFH SA 1.75% 29/11/2019
35,860,014
BPCE SFH SA 2.125% 17/9/2020*
16,201,087
BPCE SFH SA 3.75% 13/9/2021
701,442
Caisse Centrale du Credit
Immobilier de France SA 0.25%
25/11/2018
37,454,491
Caisse Centrale du Credit
Immobilier de France SA 0.375%
31/7/2020*
46,127,762
Caisse Francaise de Financement
Local 0.375% 16/9/2019
10,567,221
Caisse Francaise de Financement
Local 1.75% 16/7/2020*
1,278,398
Carrefour SA 1.75% 22/5/2019
4,932,009
Carrefour SA 4% 9/4/2020
8,983,035
Casino Guichard Perrachon SA
4.407% 6/8/2019
6,699,874
Casino Guichard Perrachon SA
5.731% 12/11/2018
10,961,800
Christian Dior SE 1.375%
19/6/2019
23,944,478
Cie de Financement Foncier SA
0.375% 29/10/2020
81,706,136
Cie de Financement Foncier SA
1.125% 11/3/2019*
34,749,665
Cie de Financement Foncier SA
4.375% 25/4/2019
21,217,997
Cie de Saint-Gobain 27/3/2020
(Zero Coupon)
9,495,346
Credit Agricole SA/London 0.75%
1/12/2022
15,458,891
Credit Mutuel - CIC Home Loan
SFH SA 1.125% 6/2/2019
28,162,816
Credit Mutuel - CIC Home Loan
SFH SA 1.5% 16/11/2017
20,182,307
Danone SA 0.167% 3/11/2020*
24,510,044
Dexia Credit Local SA 0.875%
7/9/2021
90,333,481
Dexia Credit Local SA 1.625%
29/10/2018
25,068,783
Engie SA FRN 2/6/2019 (Perpetual) 24,374,965
Engie SA 1.375% 19/5/2020
27,293,573
Eutelsat SA 4.125% 27/3/2017
4,023,440
FCT GINKGO Compartment
Sales Finance '2013-SF1 A' FRN
23/12/2040
3,894,964
French Republic Government
Bond OAT 25/5/2020
(Zero Coupon)*
334,633,213
French Republic Government
Bond OAT 25/5/2021
(Zero Coupon)
35,179,394
French Republic Government
Bond OAT 0.1% 1/3/2021*†
138,985,582
French Republic Government
Bond OAT 0.5% 25/11/2019*†
537,219,013
French Republic Government
Bond OAT 3.5% 25/4/2020
17,230,019
Imerys SA 2.5% 26/11/2020
6,035,344
Orange SA FRN 1/10/2021
(Perpetual)
6,323,130
RCI Banque SA 0.375% 10/7/2019
4,691,069
RCI Banque SA 0.625%
10/11/2021
9,991,849
BlackRock Global Funds (BGF)
% of
Net
Assets
0.11
0.13
0.15
0.05
0.40
0.37
0.17
0.01
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
GBP 3,225,000
EUR 7,000,000
EUR 42,900,000
EUR 23,600,000
EUR 24,800,000
EUR 1,800,000
EUR 30,000,000
EUR 9,100,000
0.39
EUR 2,600,000
EUR 10,270,000
0.48
EUR 8,809,000
0.11
EUR 9,600,000
0.01
0.05
0.09
0.07
0.11
0.25
0.85
0.36
EUR 16,713,269
EUR 9,493,623
EUR 4,700,000
EUR 6,250,000
0.22
0.10
EUR 26,800,000
0.16
EUR 4,108,883
0.29
EUR 1,054,569
0.21
0.25
EUR 68,000,000
0.26
0.25
0.28
0.04
0.04
EUR 26,900,000
EUR 8,000,000
EUR 16,800,000
EUR 30,000,000
EUR 1,500,000
EUR 18,200,000
3.46
0.36
1.44
5.56
0.18
0.06
0.07
0.05
0.10
RCI Banque SA 3% 9/5/2019
Renault SA 3.625% 19/9/2018
Renault SA 4.625% 18/9/2017
Sanofi 13/1/2020 (Zero Coupon)*
SapphireOne Mortgages FCT
'2016-3 A' FRN 27/6/2061
SapphireOne Mortgages FCT
'2016-3 B' FRN 27/6/2061
Societe Generale SA FRN
19/2/2018
Societe Generale SA 0.75%
25/11/2020
Societe Generale SA 1% 1/4/2022
TOTAL SA FRN 26/2/2021
(Perpetual)*
Veolia Environnement SA 5.375%
28/5/2018
Vivendi SA 4% 31/3/2017
% of
Net
Assets
3,931,865
7,398,864
44,049,291
23,666,198
0.04
0.08
0.46
0.24
24,845,483
0.26
1,813,669
0.02
30,058,800
0.31
9,313,137
2,604,979
0.10
0.03
10,303,890
0.11
9,409,950
9,646,656
0.10
0.10
2,098,801,522
21.72
Germany
EUR 171,936,708
EUR 10,450,000
EUR 19,300,000
0.93
Description
Market
Value
(EUR)
EUR 9,050,000
EUR 4,200,000
EUR 112,000,000
EUR 50,000,000
EUR 637,710
EUR 18,600,000
EUR 354,684
Bundesobligation 9/4/2021
(Zero Coupon)
177,135,146
Bundesrepublik Deutschland 2%
4/1/2022*
18,877,617
Compartment VCL 24 'A' FRN
21/8/2022
9,509,316
Compartment VCL 24 'B' FRN
21/8/2022
4,706,815
Continental AG 5/2/2020
(Zero Coupon)
6,257,125
Covestro AG FRN 10/3/2018
10,482,029
Deutsche Bank AG 1%
18/3/2019
19,549,838
Deutsche Bank AG 1.5%
20/1/2022
27,141,030
Driver Twelve GmbH FRN
22/5/2020
4,112,322
Driver Twelve GmbH FRN
21/6/2020
1,051,536
Erste Abwicklungsanstalt
7/12/2018 (Zero Coupon)
68,435,200
Erste Abwicklungsanstalt 7/6/2019
(Zero Coupon)
27,104,709
Eurogrid GmbH 3.875%
22/10/2020
9,102,160
FMS Wertmanagement AoeR
20/10/2020 (Zero Coupon)*
16,959,180
FMS Wertmanagement AoeR
0.05% 6/7/2021
30,399,600
Globaldrive Auto Receivables
'2016-B B' FRN 20/8/2024
1,502,146
Hella KGaA Hueck & Co 1.25%
7/9/2017
18,334,862
Henkel AG & Co KGaA 13/9/2018
(Zero Coupon)
9,091,223
IHO Verwaltungs GmbH 2.75%
15/9/2021
4,349,625
Kreditanstalt fuer Wiederaufbau
30/6/2021 (Zero Coupon)
113,944,186
Kreditanstalt fuer Wiederaufbau
3.5% 4/7/2021
58,564,437
Red & Black Auto Germany 2 FRN
15/9/2022
638,192
Red & Black Auto Germany 2 FRN
15/11/2027
18,632,104
SC Germany auto 2013-2 UG
haftungsbeschraenkt '2013-2 A'
FRN 12/3/2023
354,843
1.83
0.20
0.10
0.05
0.06
0.11
0.20
0.28
0.04
0.01
0.71
0.28
0.09
0.18
0.31
0.02
0.19
0.09
0.05
1.18
0.61
0.01
0.19
0.00
Euro Short Duration Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 1,212,160
EUR 44,925,000
EUR 54,000,000
EUR 11,200,000
EUR 1,113,000
EUR 1,520,000
EUR 13,725,000
EUR 2,893,000
EUR 7,384,000
Description
SC Germany Auto 2014-1 UG
haftungsbeschraenkt '2014-1 A'
FRN 11/12/2023
State of Hesse 0.375% 4/7/2022
State of Lower Saxony 0.4%
10/7/2020
Symrise AG 1.75% 10/7/2019
Symrise AG 4.125% 25/10/2017*
Techem GmbH 6.125% 1/10/2019
Volkswagen Financial Services AG
FRN 16/10/2017
Volkswagen Leasing GmbH FRN
11/8/2017
Volkswagen Leasing GmbH 1%
4/10/2017
Market
Value
(EUR)
% of
Net
Assets
AIA Group Ltd 1.75% 13/3/2018
1,212,612
46,051,719
0.01
0.48
55,276,876
11,647,776
1,147,981
1,573,665
0.57
0.12
0.01
0.02
EUR 6,434,000
EUR 669,989
13,723,559
0.14
EUR 5,885,152
2,892,537
0.03
7,433,805
0.08
797,195,771
8.25
Iceland Government International
Bond 2.5% 15/7/2020
EUR 132,805,000
EUR 34,000,000
EUR 31,710,000
EUR 21,145,000
EUR 7,885,000
European Investment Bank 1%
13/7/2018*
European Stability Mechanism
18/10/2022 (Zero Coupon)
European Stability Mechanism
0.05% 17/12/2018*
European Stability Mechanism
0.1% 3/11/2020*
European Stability Mechanism
0.5% 2/3/2026*
European Stability Mechanism
1.8% 2/11/2046*
3,359,876
0.03
EUR 10,000,000
EUR 20,000,000
0.21
133,255,209
1.38
EUR 9,000,000
EUR 150,000
EUR 150,000
EUR 37,248,000
EUR 17,100,000
EUR 15,475,000
EUR 10,722,000
EUR 9,017,000
EUR 780,000
EUR 58,369,612
EUR 78,115,000
EUR 35,000,000
AIB Mortgage Bank 4.875%
29/6/2017
Aquarius + Investments plc for Relx
Finance BV FRN 22/5/2017
Avoca Clo XIV DAC 'E' FRN
12/7/2028
Avoca Clo XIV DAC 'F' FRN
12/7/2028
Bank of Ireland Mortgage Bank
1.875% 13/5/2017
Caterpillar International Finance
Designated Activity Co 0.75%
13/10/2020*
Fresenius Finance Ireland Plc
0.875% 31/1/2022
GE Capital European Funding
Unlimited Co 1.625% 15/3/2018
GE Capital European Funding
Unlimited Co 2.25% 20/7/2020
Harvest Clo XI DAC FRN
26/3/2029
Ireland Government Bond 1%
15/5/2026
Ireland Government Bond 1.7%
15/5/2037
Ireland Government Bond 5%
18/10/2020
EUR 14,300,000
EUR 100,000,000
EUR 210,000,000
34,346,800
0.36
EUR 45,000,000
32,297,697
0.33
EUR 57,265,000
21,120,683
0.22
EUR 299,430,000
8,029,296
0.08
249,476,902
2.58
EUR 40,754,000
EUR 37,200,000
Ireland
EUR 20,000,000
EUR 4,100,000
EUR 16,130,000
0.10
20,427,217
20,339,200
0.21
9,006,435
0.09
144,053
133,558
0.00
0.00
EUR 184,735,000
EUR 75,130,000
EUR 34,409,000
EUR 36,908,000
EUR 21,547,000
37,404,814
0.39
EUR 31,910,000
17,570,592
0.18
15,689,638
0.16
EUR 11,475,000
EUR 26,050,000
EUR 18,433,000
10,938,347
0.11
EUR 12,225,000
9,740,830
0.10
EUR 7,873,172
768,141
0.01
59,035,026
0.61
77,779,106
0.81
EUR 5,505,000
0.44
% of
Net
Assets
2,070,827
5,299,909
0.02
0.06
307,836,301
3.19
6,712,185
0.07
670,416
0.01
5,861,051
4,368,140
0.06
0.04
16,118,651
43,840,684
2,768,781
10,693,150
755,092
0.17
0.45
0.03
0.11
0.01
6,756,028
0.07
10,174,481
0.10
21,082,541
14,272,830
0.22
0.15
99,245,770
1.03
211,135,554
2.18
45,386,944
0.47
59,809,724
0.62
314,685,607
3.26
43,212,689
0.45
44,545,425
0.46
189,143,484
1.96
90,074,472
0.93
38,784,352
0.40
38,776,925
0.40
22,482,463
0.23
32,312,977
11,541,268
0.33
0.12
26,213,985
0.27
18,934,792
0.20
12,146,369
0.13
7,895,256
5,512,872
0.08
0.06
1,455,914,958
15.07
33,457,482
0.35
Description
Magellan Mortgages No4 Plc FRN
20/7/2059
Ryanair DAC 1.875% 17/6/2021
2i Rete Gas SpA 1.75% 16/7/2019
Asset Backed European
Securitisation Transaction Nine
Srl FRN 10/12/2028
Asset-Backed European
Securitisation Transaction Ten Srl
FRN 10/12/2028
Atlantia SpA 3.625% 30/11/2018
Banca Monte dei Paschi di Siena
SpA 1.25% 20/1/2022
BPER Banca 3.375% 22/10/2018
Enel SpA FRN 10/1/2074
Enel SpA FRN 15/1/2075*
Enel SpA 5.25% 20/6/2017
Fondi Immobili Pubblici Funding
SRL FRN 10/1/2023
Intesa Sanpaolo SpA 1.125%
14/1/2020
Intesa Sanpaolo SpA 3%
28/1/2019
Italgas SpA 0.5% 19/1/2022*
Italy Buoni Poliennali Del Tesoro
0.05% 15/10/2019*
Italy Buoni Poliennali Del Tesoro
0.3% 15/10/2018
Italy Buoni Poliennali Del Tesoro
0.75% 15/1/2018*
Italy Buoni Poliennali Del Tesoro
1.25% 27/10/2020
Italy Buoni Poliennali Del Tesoro
1.65% 23/4/2020*
Italy Buoni Poliennali Del Tesoro
1.7% 15/9/2018
Italy Buoni Poliennali Del Tesoro
2.1% 15/9/2021
Italy Buoni Poliennali Del Tesoro
2.15% 12/11/2017*
Italy Buoni Poliennali Del Tesoro
2.35% 15/9/2019*
Italy Buoni Poliennali Del Tesoro
'144A' 2.35% 15/9/2024
Italy Buoni Poliennali Del Tesoro
2.5% 1/5/2019*
Italy Buoni Poliennali Del Tesoro
4.5% 1/2/2018
Italy Buoni Poliennali Del Tesoro
4.75% 1/6/2017*
Mediobanca SpA 0.75% 17/2/2020
Mediobanca SpA 0.875%
14/11/2017
Mediobanca SpA 1.125%
17/6/2019
Snam SpA 25/10/2020
(Zero Coupon)
Sunrise Srl '2015-2 A' FRN
27/12/2032
UniCredit SpA FRN 10/4/2017
Jersey
EUR 32,000,000
41,915,825
Market
Value
(EUR)
Italy
9,973,705
International
EUR 20,000,000
EUR 5,000,000
EUR 41,470,000
EUR 2,560,000
EUR 10,000,000
EUR 743,000
EUR 6,887,090
Iceland
EUR 3,139,000
Holding
EUR 2,489,095
Hong Kong
USD 10,600,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Heathrow Funding Ltd 4.6%
15/2/2018
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
173
Euro Short Duration Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
EUR 3,571,697
EUR 271,102
EUR 211,455,000
EUR 45,180,000
EUR 61,000,000
EUR 491,000
EUR 12,425,000
EUR 3,142,041
Compartment VCL 22 FRN
21/8/2021
Compartment VCL 23 FRN
21/1/2022
E-Carat SA-Compartment 6 '2014-1
A' FRN 18/9/2021
European Financial Stability Facility
29/3/2021 (Zero Coupon)
European Financial Stability Facility
0.1% 19/1/2021*
European Financial Stability Facility
1.25% 22/1/2019*
HeidelbergCement Finance
Luxembourg SA 2.25%
12/3/2019
John Deere Bank SA FRN
19/3/2019
Silver Arrow SA Compartment 5
FRN 15/10/2022
Holding
EUR 14,185,000
Luxembourg
EUR 3,684,337
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
3,702,554
0.04
EUR 1,471,000
3,570,662
0.04
EUR 12,575,000
271,316
0.00
EUR 6,425,000
213,179,416
2.21
USD 11,221,000
45,840,606
0.47
USD 4,961,000
63,014,677
0.65
USD 8,262,000
EUR 3,500,000
513,808
0.01
EUR 7,925,000
12,488,119
0.13
GBP 6,745,000
3,143,085
0.03
345,724,243
3.58
EUR 12,000,000
Description
North Westerly CLO IV 2013 BV
'IV-X A-1' FRN 15/1/2026
North Westerly CLO IV 2013 BV
'IV-X D' FRN 15/1/2026
PACCAR Financial Europe BV FRN
19/5/2017*
PACCAR Financial Europe BV
0.125% 24/5/2019
Petrobras Global Finance BV
4.375% 20/5/2023
Petrobras Global Finance BV
6.85% 5/6/2115
Petrobras Global Finance BV
8.375% 23/5/2021
Schaeffler Finance BV 3.25%
15/5/2025
Unilever NV 29/4/2020
(Zero Coupon)
Volkswagen Financial Services NV
1.75% 21/8/2017
Volkswagen International Finance
NV FRN 15/4/2019
Mexico
EUR 23,300,000
MXN 545,000,000
MXN 601,435,300
USD 36,400,000
EUR 9,734,000
USD 1,335,000
America Movil SAB de CV 1%
4/6/2018
Mexican Bonos 6.5% 10/6/2021
Mexican Bonos 6.5% 9/6/2022
Mexico Government International
Bond 5.95% 19/3/2019
Petroleos Mexicanos 3.75%
15/3/2019*
Petroleos Mexicanos 5.375%
13/3/2022*
23,642,627
25,352,365
27,792,287
0.24
0.26
0.29
0.39
10,229,850
0.11
1,320,157
0.01
125,727,222
1.30
Netherlands
EUR 10,000,000
EUR 934,000
EUR 16,275,000
EUR 17,800,000
EUR 18,700,000
EUR 4,660,000
EUR 425,000
EUR 605,000
EUR 300,000
EUR 20,650,000
EUR 300,000
EUR 9,638,000
EUR 12,345,402
EUR 7,000,000
EUR 6,610,000
EUR 11,500,000
EUR 7,525,000
174
Achmea Bank NV 0.875%
17/9/2018
Amadeus Finance BV 0.625%
2/12/2017
ASML Holding NV 5.75%
13/6/2017
BMW Finance NV 0.125%
12/1/2021
BMW Finance NV 0.5% 21/1/2020
Brenntag Finance BV 5.5%
19/7/2018
Cooperatieve Rabobank UA FRN
29/6/2020 (Perpetual)
Euro-Galaxy IV CLO BV '2015-4X D'
FRN 30/7/2028
Euro-Galaxy IV CLO BV '2015-4X E'
FRN 30/7/2028
Euro-Galaxy IV CLO BV '2015-4X F'
FRN 30/7/2028
Evonik Finance BV 8/3/2021
(Zero Coupon)
Gas Natural Fenosa Finance BV
FRN 18/11/2022 (Perpetual)
Heineken NV 2.5% 19/3/2019
Highway 2015-I BV FRN 26/5/2025
Iberdrola International BV 3.5%
1/2/2021
Louis Dreyfus Co BV 3.875%
30/7/2018
Nederlandse Gasunie NV
18/11/2019 (Zero Coupon)
NN Group NV 0.875% 13/1/2023
BlackRock Global Funds (BGF)
EUR 5,700,000
6,761,321
0.07
EUR 12,600,000
10,062,300
0.10
EUR 7,200,000
949,542
0.01
USD 21,300,000
16,384,531
18,147,920
0.17
0.19
20,177,300
0.21
4,796,212
0.05
426,774
0.00
576,154
0.01
271,253
0.00
20,579,893
0.21
311,379
10,167,292
12,367,130
0.00
0.11
0.13
7,911,988
0.08
6,886,860
0.07
11,550,715
7,592,236
0.12
0.08
14,224,406
0.15
1,473,304
0.02
12,578,647
0.13
6,483,339
0.07
9,894,408
0.10
4,096,115
0.04
8,717,023
0.09
3,794,157
0.04
7,954,639
0.08
7,936,896
0.08
12,055,320
0.13
245,129,054
2.54
ANZ New Zealand Int'l Ltd/London
1.5% 2/10/2018
Westpac Securities NZ Ltd/London
0.875% 24/6/2019
17,128,590
0.18
11,552,647
0.12
28,681,237
0.30
6,688,074
0.07
10,960,385
0.11
5,734,029
0.06
12,708,128
0.13
7,345,152
0.07
19,979,191
0.21
Norway
EUR 6,565,000
EUR 10,700,000
EUR 6,650,000
% of
Net
Assets
New Zealand
EUR 16,660,000
EUR 11,275,000
37,389,936
Market
Value
(EUR)
EUR 9,100,000
DNB Boligkreditt AS 0.375%
20/10/2020*
DNB Boligkreditt AS 1.125%
12/11/2018
Santander Consumer Bank AS
0.375% 17/2/2020
Santander Consumer Bank AS
0.625% 20/4/2018
Santander Consumer Bank AS
1% 25/2/2019
SpareBank 1 Boligkreditt AS
1.25% 2/5/2018
SpareBank 1 Boligkreditt AS
1.5% 20/1/2020
9,547,932
0.10
72,962,891
0.75
70,202,346
0.73
291,921
0.00
45,287,581
0.47
80,951,669
0.84
33,611,103
0.35
Portugal
EUR 70,100,000
EUR 290,933
EUR 41,285,000
EUR 72,640,832
EUR 32,923,238
EUR 6,282,427
Banco Santander Totta SA 1.5%
3/4/2017
GAMMA Sociedade
de Titularizacao
de Creditos SA/Atlantes
Finance FRN 20/3/2033
Portugal Obrigacoes do Tesouro
OT '144A' 4.75% 14/6/2019*
Portugal Obrigacoes do Tesouro
OT '144A' 4.8% 15/6/2020
TAGUS - Sociedade
de Titularizacao de Creditos
SA/Volta IV 2.423% 12/2/2021
TAGUS-Sociedade
de Titularizacao de Creditos
SA/Volta II Electricity
Receivables 2.98% 16/2/2018
6,378,800
0.06
236,723,420
2.45
Euro Short Duration Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
RUB 4,163,870,000
RUB 452,400,000
Russian Federal Bond - OFZ
7.5% 27/2/2019
Russian Federal Bond - OFZ
7.5% 18/8/2021
Russian Federal Bond - OFZ
8.15% 3/2/2027
Holding
EUR 180,303,000
Russian Federation
RUB 5,860,161,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
93,475,125
0.97
EUR 7,700,000
65,507,843
0.68
EUR 5,000,000
7,355,371
0.07
166,338,339
1.72
Description
Market
Value
(EUR)
% of
Net
Assets
Spain Government Inflation Linked
Bond '144A' 0.55% 30/11/2019* 187,855,262
Telefonica Emisiones SAU 0.318%
17/10/2020*
7,724,255
Telefonica Emisiones SAU 4.797%
21/2/2018
5,243,201
0.05
970,703,427
10.05
3,343,392
20,835,373
11,519,183
0.03
0.22
0.12
18,007,560
0.19
15,208,275
0.16
6,897,106
0.07
22,712,085
0.23
10,173,200
22,113,419
0.10
0.23
130,809,593
1.35
11,183,500
0.12
14,343,973
0.15
10,097,800
0.10
24,410,452
0.25
24,114,169
0.25
4,448,610
31,958,697
0.05
0.33
120,557,201
1.25
9,257,311
0.10
1,131,494
10,405,385
0.01
0.11
28,767,494
0.30
5,090,500
1,758,096
0.05
0.02
5,047,060
0.05
26,237,603
0.27
3,725,629
0.04
12,566,821
0.13
4,234,426
0.04
340,144
0.00
1.94
0.08
Sweden
SEK 31,967,781
Slovenia
EUR 40,525,000
EUR 5,657,545
Slovenia Government Bond
1.75% 9/10/2017
Slovenia Government Bond
3.5% 23/3/2017
41,019,202
0.42
5,669,709
0.06
46,688,911
0.48
Spain
EUR 5,100,000
EUR 8,200,000
EUR 9,800,000
EUR 3,000,000
EUR 13,100,000
EUR 22,600,000
EUR 20,250,000
EUR 3,100,000
EUR 4,000,000
EUR 11,500,000
EUR 4,475,584
EUR 43,800,000
EUR 8,100,000
EUR 8,700,000
EUR 3,500,000
EUR 3,250,000
EUR 7,000,000
EUR 38,255,000
EUR 15,100,000
EUR 5,300,000
EUR 23,200,000
EUR 201,690,000
EUR 111,404,000
EUR 70,000,000
EUR 54,743,000
EUR 45,104,000
Amadeus Capital Markets SAU
0.125% 6/10/2020
5,108,695
Auto ABS '2016-1 A' FRN
31/12/2032
8,184,858
Autonomous Community of
Madrid Spain 2.875% 6/4/2019 10,375,396
Ayt Cedulas Cajas Global 4%
21/3/2017
3,006,400
Banco Popular Espanol SA 3.5%
11/9/2017
13,354,018
Bankia SA FRN 22/5/2024
23,202,064
Bankia SA 4.25% 25/5/2018*
21,345,412
Bankinter SA 0.625% 9/10/2020*
3,166,983
Bankinter SA 4.125% 22/3/2017
4,009,325
Cajamar Caja Rural SCC 3.75%
22/11/2018*
12,251,477
Driver Espana Three FT FRN
21/12/2026
4,519,391
FADE - Fondo de Amortizacion
del Deficit Electrico 0.85%
17/9/2019
44,706,988
FADE - Fondo de Amortizacion
del Deficit Electrico 3.375%
17/3/2019
8,669,903
Gas Natural Capital Markets SA
4.125% 26/1/2018
9,040,126
Gas Natural Capital Markets SA
6% 27/1/2020
4,110,166
Gas Natural Capital Markets SA
6.375% 9/7/2019
3,744,081
Ibercaja Banco SA FRN 28/7/2025 7,038,500
Instituto de Credito Oficial 0.5%
15/12/2017
38,472,097
Santander Consumer Finance SA
1.1% 30/7/2018
15,357,530
Santander Consumer Finance SA
1.5% 12/11/2020
5,506,252
Santander International Debt
SAU 1.375% 25/3/2017
23,221,112
Spain Government Bond 1.15%
30/7/2020*
209,190,367
Spain Government Bond 1.4%
31/1/2020*
116,027,400
Spain Government Bond '144A'
2.35% 30/7/2033
71,051,515
Spain Government Bond '144A'
4.1% 30/7/2018*
58,122,310
Spain Government Bond 4.5%
31/1/2018*
47,098,343
EUR 20,000,000
EUR 11,420,000
EUR 18,000,000
EUR 15,000,000
EUR 6,825,000
0.05
0.09
0.11
SEK 211,700,000
EUR 10,000,000
SEK 211,000,000
Bluestep Mortgage Securities No2
Ltd FRN 10/11/2055
Nordea Bank AB FRN 10/11/2025
Scania CV AB 1.625% 14/9/2017
Svenska Handelsbanken AB 0.25%
28/2/2022
Svenska Handelsbanken AB
3.375% 17/7/2017
Swedbank Hypotek AB 0.15%
10/2/2021
Swedbank Hypotek AB 1%
16/12/2020
Telefonaktiebolaget LM Ericsson
5.375% 27/6/2017
Volvo Treasury AB FRN 24/8/2018
0.03
0.14
0.24
0.22
0.03
0.04
Switzerland
EUR 10,000,000
EUR 14,300,000
EUR 10,000,000
0.13
EUR 24,075,000
0.05
EUR 23,225,000
EUR 4,301,000
0.46
EUR 31,675,000
Credit Suisse AG FRN 18/9/2025
Credit Suisse AG/London FRN
15/12/2017
Credit Suisse AG/London 0.375%
11/4/2019
Credit Suisse AG/London 0.625%
20/11/2018
Credit Suisse AG/London 1.125%
15/9/2020
Credit Suisse AG/London 5.125%
18/9/2017
UBS AG/London 0.5% 15/5/2018
0.09
0.09
Turkey
USD 9,555,000
0.04
United Kingdom
0.04
0.07
GBP 1,006,676
0.40
EUR 10,000,000
EUR 28,525,000
0.16
EUR 5,000,000
0.06
GBP 1,493,280
EUR 5,000,000
0.24
2.17
EUR 25,525,000
GBP 3,253,750
1.20
GBP 10,700,000
0.74
GBP 3,600,000
0.60
GBP 400,000
0.49
Turkey Government International
Bond 6% 25/3/2027
Auburn Securities 5 Plc FRN
1/12/2041
Barclays Plc 1.875% 23/3/2021
BAT International Finance Plc
0.375% 13/3/2019*
BAT International Finance Plc
5.375% 29/6/2017
Brass No 3 Plc FRN 16/4/2051
British Telecommunications Plc
0.625% 10/3/2021
British Telecommunications Plc
1.125% 10/6/2019*
Broadgate Financing Plc FRN
5/1/2022
Bumper 8 UK Finance Plc 'A' FRN
20/11/2027
Bumper 8 UK Finance Plc 'B' FRN
20/11/2027
Canary Wharf Finance II Plc 'C2'
FRN 22/10/2037
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
175
Euro Short Duration Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
GBP 4,526,000
GBP 10,200,000
GBP 9,600,000
GBP 21,375,000
GBP 4,310,755
GBP 3,191,465
GBP 510,058
GBP 1,595,000
GBP 3,469,464
EUR 1,570,257
GBP 1,554,971
GBP 525,000
GBP 3,293,084
EUR 8,660,000
EUR 6,000,000
GBP 8,935,000
GBP 8,617,136
GBP 1,541,000
GBP 544,000
GBP 1,230,000
GBP 6,978,104
EUR 20,000,000
EUR 15,000,000
GBP 139,322
GBP 2,013,286
GBP 112,190
GBP 2,009,697
GBP 475,000
GBP 18,823,000
GBP 7,864,951
EUR 5,600,000
EUR 2,022,663
GBP 18,678,047
GBP 1,713,548
GBP 10,215,451
EUR 5,525,000
176
Description
Canary Wharf Finance II Plc 'D2'
FRN 22/10/2037
Compartment Driver UK Four SA
FRN 25/3/2025
Compartment Driver UK Four SA
FRN 25/3/2025
Delamare Cards MTN Issuer Plc
'2015-1 A1' FRN 19/4/2020
Driver UK Multi-Compartment SA
Compartment Driver UK three
FRN 25/1/2024
Duncan Funding 2015-1 plc
'2015-1 A1' FRN 17/12/2062
E-Carat 3 Plc FRN 18/3/2022
E-CARAT 5 Plc FRN 18/4/2023
E-Carat 6 Plc FRN 18/6/2024
Eddystone Finance Plc '2006-1 A1B'
FRN 19/4/2021
Eddystone Finance Plc '2006-1 A2'
FRN 19/4/2021
EI Group Plc 6.375% 15/2/2022
Eurosail 2006-1 Plc '2006-1X A2C'
FRN 10/6/2044
FCE Bank Plc 1.875% 18/4/2019
FCE Bank Plc 2.875% 3/10/2017
Feldspar 2016-1 Plc '2016-1 A'
FRN 15/9/2045
Finsbury Square 2016-2 Plc
'2016-2 A' FRN 16/8/2058
Finsbury Square 2017-1 Plc
'2017-1 A' FRN 12/3/2059
Finsbury Square 2017-1 Plc
'2017-1 B' FRN 12/3/2059
Finsbury Square 2017-1 Plc
'2017-1 C' FRN 12/3/2059
Fosse Master Issuer Plc '2014-1X A2'
FRN 18/10/2054
G4S International Finance Plc
2.625% 6/12/2018
G4S International Finance Plc
2.875% 2/5/2017
Gemgarto '2012-1 A1' FRN
14/5/2045
Gemgarto 2015-1 Plc '2015-1 A'
FRN 16/2/2047
Gemgarto 2015-1 Plc '2015-1 X1'
FRN 16/2/2047
Gemgarto 2015-2 Plc '2015-2 A'
FRN 16/2/2054
Gemgarto 2015-2 Plc '2015-2 B'
FRN 16/2/2054
Globaldrive Auto Receivables UK
2016-A Plc '2016-UKA A' FRN
20/9/2024
Gosforth Funding 2015-1 Plc
'2015-1 A1' FRN 16/6/2057
Gosforth Funding 2016-1 Plc
'2016-1X A2A' FRN 15/2/2058
Gosforth Funding 2016-2 Plc
'2016-2X A1A' FRN 24/7/2058
Greene King Finance Plc FRN
15/12/2033
Greene King Finance Plc 4.064%
15/3/2035
Hawksmoor Mortgages 2016-1 Plc
'2016-1 A' FRN 25/5/2053
Imperial Brands Finance Plc 0.5%
27/7/2021
BlackRock Global Funds (BGF)
Market
Value
(EUR)
% of
Net
Assets
3,921,505
0.04
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 11,232,290
GBP 2,257,643
12,031,728
0.12
EUR 10,939,950
11,282,741
0.12
GBP 10,353,000
25,111,826
0.26
GBP 6,800,000
5,061,069
0.05
GBP 9,605,000
3,762,653
598,679
1,865,923
4,089,090
0.04
0.01
0.02
0.04
EUR 1,099,269
EUR 908,092
GBP 3,029,204
1,563,740
0.02
1,816,389
659,651
0.02
0.01
GBP 202,000
3,811,309
9,025,631
6,106,680
0.04
0.09
0.06
GBP 1,526,000
10,520,268
0.11
EUR 10,925,000
10,169,877
0.10
GBP 150,258
1,808,111
0.02
EUR 4,953,685
637,976
0.01
GBP 5,353,473
1,442,483
0.01
GBP 1,240,000
8,196,829
0.08
GBP 5,577,335
20,912,213
0.22
GBP 617,524
15,072,900
0.16
GBP 3,878,566
GBP 2,775,000
163,927
0.00
GBP 2,000,000
GBP 1,347,300
2,363,395
0.02
GBP 519,000
130,029
0.00
GBP 4,562,880
2,376,260
0.02
GBP 1,280,793
554,743
0.01
GBP 4,701,381
22,091,183
0.23
EUR 1,735,000
9,225,650
0.10
5,615,243
0.06
EUR 1,700,000
EUR 3,015,000
EUR 3,435,000
GBP 1,403,000
2,027,213
0.02
GBP 261,000
21,444,594
0.22
GBP 2,205,000
2,193,942
0.02
GBP 2,255,000
12,144,442
0.13
EUR 2,695,909
5,566,051
0.06
Description
Market
Value
(EUR)
Kensington Mortgage Securities Plc
'2007-1X A3B' FRN 14/6/2040
10,857,794
Lanark Master Issuer Plc
'2012-2X 2A' FRN 22/12/2054
2,667,530
Lanark Master Issuer Plc
'2014-2X 1A' FRN 22/12/2054
10,955,047
Lanark Master Issuer Plc
'2015-1X 1A' FRN 22/12/2054
12,162,048
Logistics UK 2015 Plc '2015-1X A'
FRN 20/8/2025
7,984,828
Logistics UK 2015 Plc '2015-1X E'
FRN 20/8/2025
11,216,954
Ludgate Funding Plc '2007-1 BB'
FRN 1/1/2061
886,654
Ludgate Funding Plc '2007-1 MB'
FRN 1/1/2061
784,822
Marketplace Originated Consumer
Assets 2016-1 Plc '2016-1 A' FRN
20/10/2024
3,554,722
Marketplace Originated Consumer
Assets 2016-1 Plc '2016-1 B' FRN
20/10/2024
237,037
Mitchells & Butlers Finance Plc FRN
15/6/2036
1,371,806
Mitchells & Butlers Finance Plc
6.469% 15/9/2030
2,939,895
Nationwide Building Society 0.75%
25/6/2019*
11,177,914
Nemus II Arden Plc '2006-2 C' FRN
15/2/2020
160,432
Paragon Mortgages NO 23 Plc 'A1'
FRN 15/1/2043
4,940,106
Paragon Mortgages NO 23 Plc 'A2'
FRN 15/1/2043
6,313,258
Paragon Mortgages NO 23 Plc 'C'
FRN 15/1/2043
1,431,367
Paragon Mortgages NO 24 Plc
FRN 15/7/2043
6,658,096
Precise Mortgage Funding No 1
Plc FRN 12/3/2047
725,302
Premiertel Plc 6.175% 8/5/2032
5,176,316
Punch Taverns Finance Plc FRN
15/10/2027
3,258,449
Punch Taverns Finance Plc 'A2F'
7.32% 15/10/2025
1,969,132
Punch Taverns Finance Plc 'A2V'
7.32% 15/10/2025
785,263
Residential Mortgage Securities 25
Plc FRN 16/12/2050
5,463,417
Residential Mortgage Securities 26
Plc FRN 14/2/2041
1,529,934
Rochester Financing No 1 Plc FRN
16/7/2046
5,520,853
Santander UK Plc 0.875%
25/11/2020
1,777,414
Santander UK Plc 1.75% 15/1/2018
1,729,521
Sky Plc 2.25% 17/11/2025
3,227,246
SSE Plc FRN 1/10/2017 (Perpetual)
3,540,386
Stanlington Plc '2017-1 A' FRN
12/6/2046
1,645,368
Stanlington Plc '2017-1 E' FRN
12/6/2046
306,088
Stonegate Pub Co Financing Plc
FRN 15/4/2019
2,600,085
Stonegate Pub Co Financing Plc
5.75% 15/4/2019*
2,695,710
Taurus 2015-2 DEU Ltd '2015-DE2 A'
FRN 1/2/2026
2,691,003
% of
Net
Assets
0.11
0.03
0.11
0.13
0.08
0.12
0.01
0.01
0.04
0.00
0.01
0.03
0.12
0.00
0.05
0.07
0.01
0.07
0.01
0.05
0.03
0.02
0.01
0.06
0.02
0.06
0.02
0.02
0.03
0.04
0.02
0.00
0.03
0.03
0.03
Euro Short Duration Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 2,004,000
EUR 2,502,000
EUR 10,000,000
GBP 1,055,422
GBP 1,951,967
GBP 1,091,971
GBP 14,200,000
GBP 300,000
GBP 417,125
GBP 12,300,000
GBP 7,065,000
GBP 11,760,000
GBP 1,096,522
GBP 6,465,000
GBP 2,999,040
GBP 2,767,000
GBP 33,470,000
GBP 7,968,408
GBP 8,000,000
GBP 11,491,340
GBP 19,865,000
EUR 10,000,000
EUR 18,825,000
Description
Market
Value
(EUR)
Taurus 2015-2 DEU Ltd '2015-DE2 D'
FRN 1/2/2026
2,003,138
Taurus 2015-2 DEU Ltd '2015-DE2 E'
FRN 1/2/2026
2,481,309
Tesco Corporate Treasury Services
Plc 1.375% 1/7/2019
10,220,950
Tesco Property Finance 1 Plc
7.623% 13/7/2039
1,506,994
Tesco Property Finance 3 Plc
5.744% 13/4/2040
2,360,958
Tesco Property Finance 4 Plc
5.801% 13/10/2040
1,301,085
Towd Point Mortgage Trust
'2017-A1' FRN 20/5/2045
16,678,546
Trinity Square 2015-1 Plc
'2015-1X B' FRN 15/7/2051
341,185
Turbo Finance 4 Plc 'A' FRN
20/1/2021
489,341
Turbo Finance 4 Plc 'B' FRN
20/1/2021
14,398,025
Turbo Finance 6 Plc 'A' FRN
20/2/2023
8,316,872
Turbo Finance 7 Plc 'B' FRN
20/6/2023
13,825,122
Unique Pub Finance Co Plc/The
5.659% 30/6/2027
1,404,414
Unique Pub Finance Co Plc/The
6.464% 30/3/2032
7,264,203
Unique Pub Finance Co Plc/The
6.542% 30/3/2021
3,849,950
Unique Pub Finance Co Plc/The
7.395% 28/3/2024
3,533,356
United Kingdom Gilt Inflation
Linked 0.125% 22/3/2026
49,037,369
Warwick Finance Residential
Mortgages No One Plc 'A' FRN
21/9/2049
9,306,257
Warwick Finance Residential
Mortgages No One Plc 'B' FRN
21/9/2049
9,008,541
Warwick Finance Residential
Mortgages No Two Plc FRN
21/9/2049
13,674,047
Westfield Stratford City Finance Plc
FRN 4/11/2019
23,208,384
WPP Finance 2013 0.43%
23/3/2018
10,043,050
WPP Finance 2013 0.75%
18/11/2019*
19,271,717
% of
Net
Assets
EUR 23,025,000
EUR 5,000,000
3M Co 0.375% 15/2/2022
Bank of America Corp FRN
26/7/2019
Bank of America Corp FRN
7/2/2022
Bank of America Corp 1.375%
10/9/2021
EUR 2,845,000
EUR 42,200,000
0.03
EUR 18,075,000
0.11
0.02
USD 35,000,000
USD 24,900,000
0.02
EUR 20,925,000
0.01
EUR 19,975,000
0.17
EUR 6,000,000
0.00
EUR 2,000,000
0.00
USD 3,800,000
0.15
EUR 1,085,000
0.09
USD 10,000,000
0.14
EUR 11,350,000
0.01
USD 1,505,000
0.07
EUR 6,800,000
EUR 15,000,000
EUR 7,000,000
USD 127,435
0.04
0.04
EUR 8,000,000
0.51
EUR 22,725,000
0.10
USD 32,004,000
0.09
USD 106,430,000
0.14
USD 25,000,000
0.24
EUR 12,000,000
Description
0.20
7.34
6,989,394
0.07
18,765,630
23,167,410
Market
Value
(EUR)
Bank of America Corp 1.875%
10/1/2019
2,951,758
Bank of America Corp 4.75%
3/4/2017
42,383,992
BMW US Capital LLC 0.625%
20/4/2022
18,487,153
Citigroup Inc FRN 24/11/2017
33,095,901
Ford Motor Credit Co LLC FRN
6/12/2017
23,504,012
General Electric Co FRN
28/5/2020
21,000,539
Goldman Sachs Group Inc/The
0.75% 10/5/2019
20,346,635
Goldman Sachs Group Inc/The
2.5% 18/10/2021
6,576,110
Goldman Sachs Group Inc/The
4.375% 16/3/2017
2,005,100
Holmes Master Issuer Plc '2011-3A A6'
'144A' FRN 15/10/2054
3,662,369
International Business Machines
Corp 1.875% 6/11/2020
1,164,352
Interpublic Group of Cos Inc/The
2.25% 15/11/2017
9,458,989
Johnson & Johnson 0.25%
20/1/2022*
11,423,094
Kinder Morgan Inc/DE 2%
1/12/2017
1,422,025
McDonald's Corp 0.5% 15/1/2021
6,886,088
Morgan Stanley 2.25% 12/3/2018
15,382,453
Morgan Stanley 3.75% 21/9/2017
7,155,190
Paragon Mortgages No 13 Plc FRN
15/1/2039
113,222
SES GLOBAL Americas Holdings
GP 1.875% 24/10/2018
8,263,490
Thermo Fisher Scientific Inc 1.5%
1/12/2020
23,796,370
United States Treasury Inflation
Indexed Bonds 0.125%
15/7/2026*
29,860,334
United States Treasury Inflation
Indexed Bonds 0.625%
15/1/2026*
104,500,338
Volkswagen Group of America
Finance LLC FRN 20/11/2017*
23,559,074
ZF North America Capital Inc
2.25% 26/4/2019
12,488,700
0.10
709,137,205
5,211,346
Holding
0.02
Total Bonds
% of
Net
Assets
0.03
0.44
0.19
0.34
0.24
0.22
0.21
0.07
0.02
0.04
0.01
0.10
0.12
0.02
0.07
0.16
0.07
0.00
0.09
0.25
0.31
1.08
0.24
0.13
483,621,068
5.00
9,753,774,925
100.95
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
10,217,075,275
105.74
0.19
Total Portfolio
10,217,075,275
105.74
0.24
Other Net Liabilities
United States
EUR 6,885,000
EUR 18,650,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
0.05
Total Net Assets (EUR)
(554,712,946)
(5.74)
9,662,362,329
100.00
~ Investment in connected party fund, see further information in Note 11.
* All or a portion of this security represents a security on loan.
† Securities pledged or given in guarantee, see Note 14, for further details.
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
177
Euro Short Duration Bond Fund continued
Interest Rate Swaps as at 28 February 2017
Nominal
Value
KRW 98,350,270,000
PLN 73,237,287
PLN 68,150,000
HUF 5,104,482,793
HUF 4,899,858,658
JPY 916,000,000
JPY 1,021,000,000
JPY 1,285,000,000
PLN 73,825,472
HUF 5,120,942,407
KRW 12,423,750,400
SEK 164,730,000
EUR 48,430,000
KRW 20,270,329,600
EUR 300,239,000
SEK 64,750,000
EUR 46,400,000
SEK 440,970,000
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
Fund receives Fixed 1.601563%; and pays Floating KRW
KORIBOR 3 Month
Bank of America
Fund receives Fixed 2.62%; and pays Floating PLN WIBOR 6 Month
Barclays
Fund receives Fixed 2.63%; and pays Floating PLN WIBOR 6 Month
Barclays
Fund receives Floating HUF BUBOR 6 Month; and pays Fixed 1.58%
Barclays
Fund receives Floating HUF BUBOR 6 Month; and pays Fixed 1.585%
Barclays
Fund receives Floating JPY LIBOR 6 Month; and pays Fixed 0.477%
Barclays
Fund receives Floating JPY LIBOR 6 Month; and pays Fixed 0.74963%
Barclays
Fund receives Floating JPY LIBOR 6 Month; and pays Fixed 0.85%
Barclays
Fund receives Fixed 2.623%; and pays Floating PLN WIBOR 6 Month
Citibank
Fund receives Floating HUF BUBOR 6 Month; and pays Fixed 1.593%
Citibank
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.8425%
Citibank
Fund receives Floating SEK STIBOR 3 Month; and pays Fixed 1.165%
Citigroup
Fund receives Floating EUR EURIBOR 6 Month; and pays Fixed 0.7%
Citigroup
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.86%
HSBC Bank Plc
Fund receives Fixed 0.0947%; and pays Floating EUR EURIBOR 6 Month
JP Morgan
Fund receives Floating SEK STIBOR 3 Month; and pays Fixed 0.8175%
Morgan Stanley
Fund receives Fixed 0.198%; and pays Floating EUR EURIBOR 6 Month
RBS Plc
Fund receives Floating SEK STIBOR 3 Month; and pays Fixed 0.43%
RBS Plc
15/3/2020
15/3/2022
15/3/2022
15/3/2022
15/3/2022
6/10/2046
6/12/2046
24/1/2047
15/3/2022
15/3/2022
15/3/2027
13/12/2026
20/1/2027
15/3/2027
8/10/2021
7/11/2026
3/2/2022
3/2/2022
(54,493)
90,910
91,970
(51,620)
(53,389)
748,419
204,935
(33,426)
94,037
(62,215)
54,269
(211,334)
(257,710)
61,515
789,886
131,473
297,034
(467,060)
Description
Total (EUR underlying exposure – EUR 701,670,437)
Market
Value
EUR
(54,493)
90,910
91,970
(51,620)
(53,389)
748,419
204,935
(33,426)
94,037
(62,215)
54,269
(211,334)
(234,596)
61,515
789,886
131,473
297,034
(467,060)
1,373,201
1,396,315
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
Market
Value
EUR
20/12/2021
20/12/2021
20/12/2020
20/12/2021
20/12/2020
20/12/2021
20/12/2021
20/12/2021
47,684
14,097
(893,450)
(67,157)
256,909
32,658
21,513
49,168
(580,961)
(1,322,027)
(2,804,853)
36,172
301,946
(580,961)
(1,240,359)
(2,645,848)
20/12/2017
(56,838)
(90,513)
20/12/2020
(66,345)
(301,946)
20/6/2021
184,800
(337,821)
20/6/2021
20/12/2021
20/12/2017
20/12/2021
20/12/2021
(337,303)
12,514
(69,914)
(56,662)
31,671
(785,667)
(1,693,754)
(10,537)
36,150
(2,644,951)
Credit Default Swaps as at 28 February 2017
Nominal
Value
EUR 46,400,000
EUR 14,740,000
USD 19,886,000
EUR 1,667,000
EUR (20,000,000)
EUR 46,400,000
EUR 99,064,647
EUR 29,500,000
EUR 12,000,000
EUR 20,000,000
USD (21,499,000)
USD (50,000,000)
EUR 18,884,591
EUR 4,000,000
EUR 1,666,000
EUR 29,490,000
EUR 1,667,000
Description
Counterparty
Fund receives default protection on ITRAXX.EUR.26.V1; and pays Fixed 1%
Barclays
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
BNP Paribas
Fund receives default protection on General Motors Co; and pays Fixed 5%
Citibank
Fund receives default protection on Deutsche Bank AG; and pays Fixed 1%
Citibank
Fund provides default protection on ITRAXX.EUR.24.V1; and receives Fixed 1%
Citigroup
Fund receives default protection on ITRAXX.EUR.26.V1; and pays Fixed 1%
Citigroup
Fund receives default protection on ITRAXX.EUR.26.V1; and pays Fixed 1%
Citigroup
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
Citigroup
Fund receives default protection on Koninklijke DSM NV;
and pays Fixed 1%
Deutsche Bank
Fund receives default protection on ITRAXX.EUR.24.V1;
and pays Fixed 1%
Deutsche Bank
Fund provides default protection on Italy (Republic of);
and receives Fixed 1%
Goldman Sachs
Fund provides default protection on Italy (Republic of);
and receives Fixed 1%
HSBC Bank Plc
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5% HSBC Bank Plc
Fund receives default protection on Deutsche Bank AG; and pays Fixed 1%
JP Morgan
Fund receives default protection on Deutsche Bank AG; and pays Fixed 1%
JP Morgan
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
Merrill Lynch
Fund receives default protection on Deutsche Bank AG;
and pays Fixed 1%
Morgan Stanley
20/12/2021
Total (EUR underlying exposure – EUR 456,432,320)
(69,232)
36,172
(965,887)
(14,629,758)
Inflation Swaps as at 28 February 2017
Nominal
Value
EUR 43,187,000
GBP 46,270,000
EUR 43,187,000
EUR 87,265,000
EUR 42,787,000
EUR 42,787,000
Description
Fund receives default protection on CPTFEMU + 0bps;
and pays Fixed 1.13%
Citigroup
Fund provides default protection on UKRPI + 0bps; and receives Fixed 3.275%
Citigroup
Fund provides default protection on CPTFEMU + 0bps;
and receives Fixed 1.4225%
Citigroup
Fund provides default protection on CPTFEMU + 0bps;
and receives Fixed 1.48%
Citigroup
Fund receives default protection on CPTFEMU + 0bps;
and pays Fixed 1.125%
Deutsche Bank
Fund provides default protection on CPTFEMU + 0bps;
and receives Fixed 1.4072%
Deutsche Bank
Total (EUR underlying exposure – EUR 313,399,324)
178
Counterparty
BlackRock Global Funds (BGF)
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
9/12/2021
15/10/2026
280,830
(1,254,769)
280,830
(1,254,769)
9/12/2026
(200,929)
(200,929)
20/1/2027
129,595
176,691
8/12/2021
289,516
289,516
8/12/2026
Market
Value
EUR
(270,375)
(270,375)
(1,026,132)
(979,036)
Euro Short Duration Bond Fund continued
Open Exchange Traded Futures Contracts
as at 28 February 2017
Number
of contracts
Currency
(1,354)
2,548
993
(454)
(626)
(971)
(3,037)
(15,269)
80
1,231
(571)
4,179
(74)
(90)
(876)
(1,757)
(5,410)
AUD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
JPY
USD
GBP
USD
USD
USD
USD
USD
USD
Unrealised
appreciation/
(depreciation)
EUR
Contract/Description
Expiration
date
Underlying
exposure
EUR
Australian 10 Year Bond
Euro Schatz
Euro-OAT
Euro-BTP
30 Year Euro-BUXL
Euro-BTP
Euro Bund
Euro BOBL
Japanese 10 Year Bond (OSE)
90 Day Euro $
Long Gilt
90 Day Euro $
US Treasury 2 Year Note (CBT)
US Long Bond (CBT)
US Treasury 5 Year Note (CBT)
US Treasury 10 Year Note (CBT)
90 Day Euro $
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
December 2017
125,763,203
287,006,720
149,128,740
51,156,720
108,823,840
129,210,970
504,597,550
2,057,650,440
101,358,474
286,960,940
85,211,722
972,599,103
15,106,434
12,864,596
97,331,679
206,544,008
1,255,716,228
(835,564)
667,719
1,791,234
(101,720)
(4,019,044)
(804,704)
(4,708,133)
(16,834,627)
405,104
(102,420)
(839,009)
(295,109)
(4,957)
(89,799)
(70,022)
(322,119)
307,799
6,447,031,367
(25,855,371)
Total
Purchased Put Options as at 28 February 2017
Number of
contracts
subject
to Put
Issuer/Description
Counterparty
34,530,000
34,337,850
34,535,000
34,343,570
OTC EUR/JPY
OTC EUR/JPY
OTC EUR/USD
OTC EUR/USD
Barclays
Barclays
RBS Plc
RBS Plc
Total (EUR underlying exposure – EUR 40,729,038)
Strike Price
Expiration
Date
Unrealised
appreciation/
(depreciation)
EUR
Market
Value
EUR
EUR 112.5
EUR 112.5
EUR 1.04
EUR 1.04
9/6/2017
9/6/2017
9/6/2017
9/6/2017
(30,584)
25,556
(4,424)
(44,239)
382,394
380,267
432,098
429,703
(53,691)
1,624,462
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
179
Euro Short Duration Bond Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
BRL
49,730,000
USD
15,494,625
DKK
20,190,000
EUR
58,959,713
EUR
378,298,336
EUR
1,986,776
EUR
13,733,765
EUR
15,932,427
EUR
541,416,464
EUR
1,404,610
EUR
51,978,605
EUR
45,341,946
EUR
840,265
EUR
17,846,850
EUR
8,415,862
EUR
438,425,431
EUR
77,414,929
GBP
3,560,000
GBP
1,210,000
GBP
6,710,000
SEK
10,060,000
USD
24,080,000
USD
3,350,000
USD
17,813,258
CAD
23,873,342
CAD
3,616,658
EUR
69,045,515
EUR
9,141,522
IDR 133,000,000,000
JPY 4,208,000,000
MXN
146,864,330
RUB
121,545,000
RUB
367,392,545
RUB
192,750,000
RUB
773,182,874
RUB 1,398,713,600
RUB
588,090,000
RUB
588,090,000
USD
18,644,200
USD
1,212,529
USD
18,986,931
USD
9,638,777
USD
37,447,313
USD
18,745,699
USD
18,945,757
USD
20,068,163
USD
23,615,665
USD
26,704,250
USD
13,751,458
USD
63,375,984
USD
57,711,066
USD
16,676,630
USD
9,860,741
Currency
Sales
Counterparty
USD
14,397,800
BRL
49,730,000
EUR
2,715,772
AUD
85,570,000
DKK 2,814,010,000
GBP
1,710,000
GBP
11,780,000
GBP
13,630,000
GBP 457,620,000
GBP
1,200,000
MXN 1,129,230,000
SEK
444,140,000
USD
900,000
USD
19,000,000
USD
8,780,000
USD 471,680,000
USD
82,250,000
EUR
4,191,352
EUR
1,376,956
EUR
7,690,976
EUR
1,057,684
EUR
22,374,934
EUR
3,158,417
KRW 21,310,000,000
USD
18,097,725
USD
2,741,545
BRL
250,000,000
IDR 133,000,000,000
EUR
9,229,702
USD
36,776,466
USD
6,725,230
USD
1,937,744
USD
5,973,513
USD
3,168,667
USD
12,501,186
USD
21,519,498
USD
9,382,419
USD
9,371,952
AUD
24,930,000
CAD
1,588,726
CAD
24,868,380
CAD
12,634,407
CAD
49,128,487
JPY 2,111,000,000
KRW 21,655,000,000
RUB 1,203,150,419
RUB 1,450,193,600
RUB 1,548,020,000
RUB 825,500,000
RUB 3,920,590,421
RUB 3,751,075,000
RUB 1,038,594,579
RUB 618,515,000
Citibank
RBS Plc
BNY Mellon
Citibank
Barclays
Deutsche Bank
HSBC Bank Plc
JP Morgan
Barclays
UBS
Citibank
JP Morgan
RBS Plc
UBS
Bank of America
Citibank
Deutsche Bank
RBS Plc
HSBC Bank Plc
UBS
BNY Mellon
UBS
Barclays
Morgan Stanley
Credit Suisse
Citibank
BNY Mellon
Deutsche Bank
UBS
RBS Plc
JP Morgan
Societe Generale
JP Morgan
Barclays
Credit Suisse
UBS
HSBC Bank Plc
Bank of America
UBS
JP Morgan
Morgan Stanley
Barclays
Credit Suisse
Credit Suisse
UBS
Bank of America
Citibank
HSBC Bank Plc
Barclays
Credit Suisse
UBS
JP Morgan
Societe Generale
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
2/3/2017
2/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
7/3/2017
13/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
Net unrealised depreciation
1,496,820
(462,607)
401
(2,992,138)
(272,114)
(18,424)
(79,835)
(50,543)
4,796,760
(2,548)
(1,342,790)
(1,052,966)
(8,152)
(64,164)
139,089
(6,220,204)
(120,907)
(16,783)
41,929
177,382
(6,815)
324,919
(422)
(983,210)
(29,967)
(4,405)
(6,406,876)
(243,538)
155,358
756,660
584,944
132,810
291,840
120,412
680,290
2,262,985
636,253
646,116
(469,299)
9,683
158,325
73,319
254,229
(100,405)
(206,390)
(479,047)
(1,117,424)
216,394
(345,282)
(3,462,722)
(6,068,882)
(1,022,984)
(675,841)
(20,370,766)
CHF Hedged Share Class
CHF
EUR
126,261,351
2,197,841
EUR
CHF
118,391,058
2,339,432
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
187,387
761
188,148
GBP Hedged Share Class
EUR
GBP
558,785
64,800,074
GBP
EUR
472,241
76,144,047
Net unrealised depreciation
180
BlackRock Global Funds (BGF)
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
5,100
(168,211)
(163,111)
Currency
Purchases
Currency
Sales
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
USD Hedged Share Class
EUR
USD
2,518,704
292,827,531
USD
EUR
2,670,184
273,919,919
Net unrealised appreciation
Total net unrealised depreciation
(EUR underlying exposure – EUR 3,358,846,636)
Summary of Financial Derivative Instruments
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
2,421
2,031,258
2,033,679
(18,312,050)
Market
Value
EUR
Swaps
Credit Default Swaps
Inflation Swaps
Interest Rate Swaps
(14,629,758)
(979,036)
1,396,315
Market value of swaps
(14,212,479)
Purchased options
Purchased Put Options
1,624,462
Market value of purchased options
1,624,462
Unrealised
depreciation
EUR
Open exchange traded futures contracts
Open forward foreign exchange contracts
(25,855,371)
(18,312,050)
Euro-Markets Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
FUNDS
% of
Net
Assets
26,752,703
112,999,336
43,223,718
50,742,187
0.88
3.73
1.43
1.68
233,717,944
7.72
45,292,447
1.50
63,573,914
64,470,637
23,043,160
25,129,632
82,039,296
6,319,355
104,389,902
44,042,060
55,091,202
64,382,193
50,756,322
60,695,492
2.10
2.13
0.76
0.83
2.71
0.21
3.45
1.45
1.82
2.13
1.68
2.00
643,933,165
21.27
42,534,986
1.41
65,951,911
68,233,639
134,709,980
2.18
2.25
4.45
268,895,530
8.88
Italy
Ireland
15,547,508
Description
Market
Value
(EUR)
Institutional Cash Series plc Institutional Euro Assets
Liquidity Fund~
Total Funds
15,547,508
0.51
15,547,508
0.51
11,355,137
27,791,278
8,071,656
2,830,016
Banco BPM SpA*
Enel SpA
FinecoBank Banca Fineco SpA
Moncler SpA
Luxembourg
2,927,760
COMMON STOCKS (SHARES)
Netherlands
Belgium
1,001,029
728,806
Ontex Group NV
Telenet Group Holding NV
28,984,795
38,765,191
0.96
1.28
67,749,986
2.24
49,219,018
20,262,482
36,308,371
1.62
0.67
1.20
105,789,871
3.49
84,935,748
139,525,195
73,600,786
21,088,528
45,197,249
65,491,183
74,901,148
11,629,721
86,037,504
58,310,627
30,664,849
54,199,655
73,718,427
2.81
4.61
2.43
0.70
1.49
2.16
2.48
0.38
2.84
1.93
1.01
1.79
2.44
819,300,620
27.07
25,298,935
110,562,592
60,286,379
119,466,756
60,138,893
74,189,377
58,639,272
28,947,144
28,312,823
0.83
3.65
1.99
3.95
1.99
2.45
1.94
0.96
0.93
565,842,171
18.69
75,076,638
47,029,760
44,759,779
2.48
1.55
1.48
166,866,177
5.51
Finland
1,167,434
602,333
750,018
Kone OYJ 'B'*
Konecranes OYJ 'B'
Wartsila OYJ Abp
France
928,361
6,276,437
1,342,835
19,794
672,178
334,822
689,063
138,268
1,028,050
912,958
293,584
587,785
1,086,011
Arkema SA*
AXA SA
BNP Paribas SA
Dassault Aviation SA
Eiffage SA
Iliad SA*
Pernod Ricard SA
Remy Cointreau SA
Renault SA
Schneider Electric SE
Teleperformance
Thales SA
Vinci SA
Germany
243,376
576,748
742,626
3,691,233
802,601
2,185,576
568,210
873,217
729,336
Bayer AG
Continental AG
Deutsche Boerse AG
Deutsche Post AG
Fresenius SE & Co KGaA
Innogy SE
Merck KGaA
Scout24 AG
United Internet AG*
Tenaris SA
2,944,600
562,571
915,501
322,837
4,081,557
102,537
39,082,704
1,506,484
3,295,914
12,693,650
3,527,194
1,356,627
ABN AMRO Group NV
ASML Holding NV
ASR Nederland NV
Heineken NV
Koninklijke Ahold Delhaize NV
Koninklijke DSM NV
Koninklijke KPN NV
NN Group NV
RELX NV
Steinhoff International Holdings NV*
STMicroelectronics NV*
Unilever NV
Portugal
3,062,274
Galp Energia SGPS SA
Spain
4,942,069
11,037,470
13,929,271
Acerinox SA
Banco Bilbao Vizcaya Argentaria SA
Telefonica SA
United Kingdom
2,385,217
Royal Dutch Shell Plc 'A'*
Total Common Stocks (Shares)
58,127,738
1.92
3,018,050,635
99.70
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
3,033,598,143
100.21
Total Portfolio
3,033,598,143
100.21
Other Net Liabilities
Total Net Assets (EUR)
(6,432,876)
(0.21)
3,027,165,267
100.00
Ireland
2,341,389
647,347
1,554,159
CRH Plc
Kerry Group Plc 'A'
Kingspan Group Plc
~ Investment in connected party fund, see further information in Note 11.
* All or a portion of this security represents a security on loan.
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
181
Euro-Markets Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
Sales
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
CHF Hedged Share Class
CHF
EUR
25,100,182
670,196
EUR
CHF
23,532,055
713,679
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
40,800
(57)
40,743
GBP Hedged Share Class
EUR
GBP
84,290
4,245,622
GBP
EUR
71,476
4,989,273
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
487
(11,430)
(10,943)
SGD Hedged Share Class
EUR
SGD
56
7,274
SGD
EUR
82
4,808
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
–
90
90
USD Hedged Share Class
EUR
USD
4,748,772
99,933,772
USD
EUR
5,032,468
93,497,052
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
6,362
677,288
Net unrealised appreciation
683,650
Total net unrealised appreciation
(EUR underlying exposure – EUR 128,284,247)
713,540
Sector Breakdown
as at 28 February 2017
% of net
assets
Industrials
Financials
Consumer Discretionary
Consumer Staples
Telecommunication Services
Materials
Utilities
Information Technology
Energy
Healthcare
Investment Funds
Other Net Liabilities
20.10
17.90
11.58
10.91
10.06
7.68
6.18
5.70
4.83
4.76
0.51
(0.21)
100.00
Summary of Financial Derivative Instruments
Open forward foreign exchange contracts
182
BlackRock Global Funds (BGF)
Unrealised
appreciation
EUR
713,540
European Equity Income Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
COMMON STOCKS (SHARES)
Danske Bank A/S
ISS A/S
Pandora A/S
51,540,115
26,012,186
22,725,797
1.96
0.99
0.86
100,278,098
3.81
Finland
1,797,622
821,818
1,034,305
Kone OYJ 'B'*
Sampo Oyj 'A'
Wartsila OYJ Abp
75,787,743
35,231,338
50,070,705
2.88
1.34
1.90
161,089,786
6.12
103,775,620
49,448,026
50,118,552
102,589,833
77,345,459
3.94
1.88
1.90
3.90
2.94
383,277,490
14.56
37,395,892
64,443,667
68,683,464
51,931,227
258,507
1.42
2.45
2.61
1.97
0.01
222,712,757
8.46
49,164,144
99,133,309
1.87
3.77
148,297,453
5.64
31,089,605
20,690,445
66,308,975
41,086,071
108,306,737
39,730,920
59,041,308
1.18
0.79
2.52
1.56
4.12
1.51
2.24
366,254,061
13.92
1,086,904
52,029,990
108,966,117
0.04
1.98
4.14
162,083,011
6.16
48,318,074
35,589,825
1.84
1.35
83,907,899
3.19
France
4,668,269
774,198
2,210,300
479,728
1,139,444
AXA SA
Schneider Electric SE
SPIE SA
Unibail-Rodamco SE
Vinci SA
5,125
6,519
260,992
Sika AG
Swiss Re AG
Zurich Insurance Group AG
Deutsche Boerse AG*
Deutsche Post AG
Innogy SE
LEG Immobilien AG
ProSiebenSat.1 Media SE
Italy
2,225,629
24,381,040
Atlantia SpA
Enel SpA
27,189,593
549,384
67,712,441
1.04
0.02
2.57
95,451,418
3.63
79,446,622
55,450,170
103,474,394
45,039,786
78,574,820
37,779,314
105,725,043
38,845,958
31,224,730
42,317,415
41,825,951
31,483,816
101,091,125
51,258,681
49,792,110
3.02
2.11
3.93
1.71
2.98
1.43
4.02
1.48
1.19
1.61
1.59
1.20
3.84
1.95
1.89
893,329,935
33.95
2,616,681,908
99.44
United Kingdom
1,454,980
7,493,213
1,737,882
11,232,897
4,063,098
6,061,015
2,372,405
4,910,870
13,051,580
4,792,021
1,164,677
678,790
3,961,400
7,266,518
1,106,963
AstraZeneca Plc
BAE Systems Plc
British American Tobacco Plc
Direct Line Insurance Group Plc
GlaxoSmithKline Plc
IG Group Holdings Plc
Imperial Brands Plc
Informa Plc
ITV Plc*
John Wood Group Plc
London Stock Exchange Group Plc
Rightmove Plc*
Royal Dutch Shell Plc 'B'*
RSA Insurance Group Plc
Unilever Plc
Germany
460,654
1,991,153
2,023,375
666,383
6,837
% of
Net
Assets
Switzerland
Denmark
1,642,880
711,666
211,958
Description
Market
Value
(EUR)
Total Common Stocks (Shares)
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
2,616,681,908
99.44
Total Portfolio
2,616,681,908
99.44
Other Net Assets
Total Net Assets (EUR)
14,845,586
0.56
2,631,527,494
100.00
Netherlands
271,288
822,028
3,298,954
666,657
40,549,134
1,359,019
3,532,235
ASML Holding NV
ASR Nederland NV
Koninklijke Ahold Delhaize NV
Koninklijke DSM NV
Koninklijke KPN NV
NN Group NV
RELX NV
Spain
50,413
2,593,072
11,267,306
Cia de Distribucion Integral Logista
Holdings SA
Endesa SA
Telefonica SA
Sweden
1,280,288
1,230,464
Hexagon AB 'B'
Loomis AB 'B'
* All or a portion of this security represents a security on loan.
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
183
European Equity Income Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
Sales
Counterparty
Sector Breakdown
as at 28 February 2017
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
AUD Hedged Share Class
AUD
EUR
127,934,219
3,020,907
EUR
AUD
91,424,159
4,185,329
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
1,152,580
(7,687)
1,144,893
CAD Hedged Share Class
CAD
EUR
3,408,155
41,228
EUR
CAD
2,428,177
57,407
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
2,224
291
2,515
% of net
assets
Industrials
Financials
Consumer Staples
Utilities
Telecommunication Services
Healthcare
Real Estate
Energy
Information Technology
Consumer Discretionary
Materials
Other Net Assets
100.00
CNH Hedged Share Class
CNY
EUR
3,775,877
33,570
EUR
CNY
515,426
243,965
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
3,352
52
3,404
GBP Hedged Share Class
EUR
GBP
2,587,229
77,944,290
GBP
EUR
Summary of Financial Derivative Instruments
2,202,737
91,623,273
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
4,597
(236,308)
(231,711)
HKD Hedged Share Class
EUR
HKD
692,837
126,198,515
HKD
EUR
5,696,740
15,226,306
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
1,086
97,954
99,040
NZD Hedged Share Class
EUR
NZD
58,045
5,087,443
NZD
EUR
85,704
3,427,610
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
(188)
29,137
28,949
SGD Hedged Share Class
EUR
SGD
11,507,110
400,078,211
SGD
EUR
17,268,448
264,476,138
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
(119,612)
4,894,697
4,775,085
USD Hedged Share Class
EUR
USD
40,786,106
670,004,364
USD
EUR
43,249,797
626,825,281
Net unrealised appreciation
Total net unrealised appreciation
(EUR underlying exposure – EUR 1,165,947,818)
184
22.55
20.23
12.36
8.36
8.26
6.00
5.87
5.45
4.22
3.54
2.60
0.56
BlackRock Global Funds (BGF)
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
29,091
4,565,073
4,594,164
10,416,339
Open forward foreign exchange contracts
Unrealised
appreciation
EUR
10,416,339
European Focus Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
COMMON STOCKS (SHARES)
KBC Group NV
Telenet Group Holding NV
% of
Net
Assets
29,365,688
1.83
43,223,326
2.69
28,802,088
42,282,353
25,591,520
1.79
2.63
1.59
96,675,961
6.01
40,408,659
33,168,651
2.52
2.06
73,577,310
4.58
36,635,381
27,108,052
29,048,131
38,892,256
12,150,783
77,715,022
37,898,854
36,323,284
44,866,967
28,804,884
32,423,652
45,345,338
37,269,104
33,072,018
2.28
1.68
1.81
2.42
0.75
4.83
2.36
2.26
2.79
1.79
2.02
2.82
2.32
2.06
517,553,726
32.19
1,606,517,703
99.93
Norway
5,569,066
Belgium
394,623
693,450
Description
Market
Value
(EUR)
22,773,693
36,884,606
1.42
2.29
59,658,299
3.71
Norsk Hydro ASA
Spain
4,469,375
Telefonica SA*
Sweden
Denmark
1,223,958
519,050
1,137,322
Danske Bank A/S
DSV A/S
Nets A/S
38,397,775
24,055,224
18,069,425
2.39
1.50
1.12
80,522,424
5.01
1,564,891
1,120,359
2,072,739
Assa Abloy AB 'B'
Hexagon AB 'B'
Volvo AB 'B'*
Switzerland
Finland
515,923
614,642
Konecranes OYJ 'B'
Wartsila OYJ Abp
17,355,650
29,754,819
1.08
1.85
47,110,469
2.93
583,515
6,252
Cie Financiere Richemont SA
Sika AG
United Kingdom
France
2,205,188
493,634
408,916
255,181
AXA SA*
Renault SA
Thales SA
Vinci SA
49,021,329
41,312,230
37,706,144
17,321,686
3.05
2.57
2.34
1.08
145,361,389
9.04
40,536,499
2.52
51,513,981
41,856,359
39,934,169
26,067,005
3.21
2.60
2.49
1.62
199,908,013
12.44
Germany
211,458
654,811
537,102
386,959
786,335
Continental AG
Fresenius Medical Care AG
& Co KGaA
LEG Immobilien AG*
Merck KGaA
Scout24 AG
1,195,975
496,455
6,285,015
5,255,673
803,173
1,305,246
850,427
4,113,246
55,818,372
802,095
5,623,991
527,861
1,687,692
10,371,607
Associated British Foods Plc
AstraZeneca Plc
Auto Trader Group Plc
BAE Systems Plc
BHP Billiton Plc
British American Tobacco Plc
Imperial Brands Plc
John Wood Group Plc*
Lloyds Banking Group Plc
London Stock Exchange Group Plc
Merlin Entertainments Plc*
Reckitt Benckiser Group Plc
Weir Group Plc/The*
Worldpay Group Plc
Total Common Stocks (Shares)
Ireland
72,791,409
1,287,757
Bank of Ireland
CRH Plc
16,669,233
41,259,129
1.04
2.56
57,928,362
3.60
Jersey
354,979
1,029,765
Randgold Resources Ltd
Shire Plc
31,243,437
58,939,695
1.94
3.67
90,183,132
5.61
32,985,134
2.05
41,107,620
31,783,162
31,477,684
28,096,004
2.55
1.98
1.96
1.75
132,464,470
8.24
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
1,606,517,703
99.93
Total Portfolio
1,606,517,703
99.93
Other Net Assets
Total Net Assets (EUR)
1,174,483
0.07
1,607,692,186
100.00
Luxembourg
2,132,200
Tenaris SA*
Netherlands
3,196,549
11,899,349
6,206,168
627,984
ING Groep NV
Koninklijke KPN NV
Steinhoff International Holdings NV*
Unilever NV
* All or a portion of this security represents a security on loan.
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
185
European Focus Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
Sales
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
SGD Hedged Share Class
EUR
SGD
31
6,615
SGD
EUR
46
4,372
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
–
81
81
USD Hedged Share Class
EUR
USD
1,452,350
62,546,807
USD
EUR
1,543,182
58,514,944
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
(1,890)
427,136
Net unrealised appreciation
425,246
Total net unrealised appreciation
(EUR underlying exposure – EUR 60,438,234)
425,327
Sector Breakdown
as at 28 February 2017
% of net
assets
Industrials
Financials
Consumer Staples
Consumer Discretionary
Healthcare
Information Technology
Materials
Telecommunication Services
Energy
Real Estate
Other Net Assets
15.97
15.03
14.04
13.88
11.05
9.24
9.14
4.67
4.31
2.60
0.07
100.00
Summary of Financial Derivative Instruments
Open forward foreign exchange contracts
186
BlackRock Global Funds (BGF)
Unrealised
appreciation
EUR
425,327
European Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
COMMON / PREFERRED STOCKS (SHARES)
KBC Group NV
Telenet Group Holding NV
51,029,663
53,402,973
1.70
1.77
104,432,636
3.47
63,932,230
26,523,591
18,674,587
11,968,468
2.12
0.88
0.62
0.40
121,098,876
4.02
30,820,323
1.02
63,355,366
38,138,333
52,650,689
31,738,987
57,225,213
28,521,787
38,125,608
39,606,777
59,542,775
2.10
1.27
1.75
1.05
1.90
0.95
1.27
1.31
1.98
408,905,535
13.58
34,468,261
60,320,705
62,916,768
1.15
2.00
2.09
77,977,468
63,317,349
68,387,131
30,407,285
15,233,188
2.59
2.10
2.27
1.01
0.51
413,028,155
13.72
32,265,745
65,311,172
1.07
2.17
Norsk Hydro ASA
Danske Bank A/S
DSV A/S
Nets A/S
Pandora A/S*
Banco Santander SA
Telefonica SA
Wartsila OYJ Abp
AXA SA
BNP Paribas SA
Kering
Pernod Ricard SA*
Renault SA
Schneider Electric SE
Teleperformance
Thales SA
Vinci SA
Germany
331,585
314,662
1,942,775
991,197
845,020
662,666
2,053,159
459,523
Bayer AG
Continental AG
Deutsche Wohnen AG*
Fresenius Medical Care AG
& Co KGaA*
Fresenius SE & Co KGaA
Merck KGaA
Schaeffler AG (Pref)
Scout24 AG
Assa Abloy AB 'B'
Hennes & Mauritz AB 'B'*
Hexagon AB 'B'*
Lundin Petroleum AB*
Volvo AB 'B'
663,650
46,932
3,517
Cie Financiere Richemont SA
Geberit AG
Sika AG
Bank of Ireland
CRH Plc
97,576,917
3.24
54,963,625
90,837,182
44,093,087
1.83
3.02
1.46
189,893,894
6.31
Jersey
624,481
1,587,062
1,981,973
Randgold Resources Ltd
Shire Plc
WPP Plc
1.08
2.29
101,481,292
3.37
27,218,857
25,244,729
70,097,038
12,054,542
65,732,509
0.90
0.84
2.33
0.40
2.18
200,347,675
6.65
45,958,042
19,090,526
18,658,692
1.53
0.63
0.62
83,707,260
2.78
47,489,820
63,030,759
25,820,792
66,344,157
22,300,794
110,660,815
89,351,288
46,649,853
46,462,195
51,310,542
45,880,873
39,469,517
65,196,106
31,170,777
519,006
34,070,232
62,715,276
27,652,208
1.58
2.09
0.86
2.20
0.74
3.68
2.97
1.55
1.54
1.70
1.52
1.31
2.17
1.04
0.02
1.13
2.08
0.92
876,095,010
29.10
2,988,197,728
99.24
United Kingdom
1,550,322
1,154,341
5,586,730
8,965,363
1,474,094
1,858,580
2,004,988
5,282,626
57,802,974
1,428,783
7,958,191
2,098,879
758,942
810,095
20,338
757,439
2,839,995
8,671,918
Associated British Foods Plc
AstraZeneca Plc
Auto Trader Group Plc*
BAE Systems Plc
BHP Billiton Plc
British American Tobacco Plc
Imperial Brands Plc
John Wood Group Plc*
Lloyds Banking Group Plc
London Stock Exchange Group Plc
Merlin Entertainments Plc
Prudential Plc
Reckitt Benckiser Group Plc
Rio Tinto Plc
Royal Dutch Shell Plc 'B'
Unilever Plc
Weir Group Plc/The
Worldpay Group Plc
Ireland
140,898,450
2,038,456
32,674,380
68,806,912
Switzerland
France
2,849,994
695,828
228,172
291,987
683,776
446,560
365,013
429,528
877,177
0.81
Sweden
1,478,870
1,012,475
1,857,367
625,490
5,323,886
Finland
636,652
24,554,565
Spain
6,363,073
7,114,767
Denmark
2,037,888
572,311
1,175,412
111,627
% of
Net
Assets
Norway
4,656,659
Belgium
884,243
1,004,004
Description
Market
Value
(EUR)
Total Common / Preferred Stocks (Shares)
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
2,988,197,728
99.24
Total Portfolio
2,988,197,728
99.24
Other Net Assets
Total Net Assets (EUR)
22,787,661
0.76
3,010,985,389
100.00
Luxembourg
3,555,868
Tenaris SA
55,009,278
1.83
33,373,239
55,572,973
51,611,859
66,325,529
18,663,887
34,920,451
20,778,374
1.11
1.85
1.71
2.20
0.62
1.16
0.69
281,246,312
9.34
Netherlands
291,215
4,321,382
837,447
24,831,722
638,409
6,884,947
464,425
ASML Holding NV*
ING Groep NV
Koninklijke DSM NV
Koninklijke KPN NV
NN Group NV
Steinhoff International Holdings NV*
Unilever NV
* All or a portion of this security represents a security on loan.
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
187
European Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
Sales
Counterparty
Sector Breakdown
as at 28 February 2017
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
AUD Hedged Share Class
AUD
EUR
8,824,270
195,558
EUR
AUD
6,306,230
270,213
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
79,255
26
79,281
CAD Hedged Share Class
CAD
EUR
3,058,064
26,875
EUR
CAD
2,178,805
37,298
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
1,941
278
2,219
CNH Hedged Share Class
CNY
EUR
28,718
48
EUR
CNY
3,911
349
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
35
–
35
GBP Hedged Share Class
EUR
GBP
263,996
5,537,709
GBP
EUR
223,774
6,507,791
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
1,628
(15,019)
(13,391)
HKD Hedged Share Class
EUR
HKD
1,966,907
369,736,456
HKD
EUR
16,183,722
44,611,977
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
1,726
285,043
286,769
NZD Hedged Share Class
EUR
NZD
162,419
3,892,359
NZD
EUR
239,230
2,622,357
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
(129)
22,371
22,242
SGD Hedged Share Class
EUR
SGD
560,382
26,418,550
SGD
EUR
837,686
17,463,321
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised appreciation
(3,625)
324,169
320,544
USD Hedged Share Class
EUR
USD
45,099,565
760,377,278
USD
EUR
47,787,762
711,391,453
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
66,159
5,163,391
Net unrealised appreciation
5,229,550
Total net unrealised appreciation
(EUR underlying exposure – EUR 845,668,082)
5,927,249
Summary of Financial Derivative Instruments
Open forward foreign exchange contracts
188
BlackRock Global Funds (BGF)
Unrealised
appreciation
EUR
5,927,249
% of net
assets
Financials
Industrials
Consumer Discretionary
Consumer Staples
Healthcare
Materials
Information Technology
Telecommunication Services
Energy
Real Estate
Other Net Assets
16.36
15.40
15.34
13.27
13.22
8.92
6.35
4.49
3.80
2.09
0.76
100.00
European High Yield Bond Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
Australia
EUR 200,000
EUR 200,000
Holding
EUR 100,000
BONDS
EUR 100,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
BHP Billiton Finance Ltd FRN
22/4/2076
Origin Energy Finance Ltd FRN
16/6/2071
Origin Energy Finance Ltd FRN
16/9/2074
EUR 100,000
111,372
0.24
EUR 100,000
214,598
0.45
EUR 166,000
EUR 100,000
EUR 100,000
EUR 100,000
EUR 100,000
204,680
0.43
530,650
1.12
Austria
EUR 200,000
EUR 100,000
Erste Group Bank AG FRN
15/10/2021 (Perpetual)
Sappi Papier Holding GmbH 4%
1/4/2023
223,714
0.47
EUR 100,000
EUR 350,000
106,375
0.23
EUR 184,000
330,089
0.70
Canada
EUR 200,000
Valeant Pharmaceuticals International
Inc 4.5% 15/5/2023
159,680
0.34
Cayman Islands
GBP 189,728
GBP 276,433
EUR 200,000
EUR 100,000
Punch Taverns Finance B Ltd 5.267%
30/3/2024
Punch Taverns Finance B Ltd 5.943%
30/9/2022
UPCB Finance IV Ltd 4% 15/1/2027*
Viridian Group FundCo II Ltd 7.5%
1/3/2020
EUR 200,000
Aroundtown Property Holdings Plc
1.5% 18/1/2021
Aroundtown Property Holdings Plc
3% 5/5/2020
220,279
0.47
EUR 300,000
335,802
206,595
0.71
0.44
EUR 200,000
106,023
0.22
868,699
1.84
Danske Bank A/S FRN 6/4/2020
(Perpetual)
103,570
USD 100,000
EUR 200,000
EUR 300,000
EUR 100,000
EUR 100,000
EUR 100,000
EUR 310,000
EUR 125,000
Autodis SA FRN 1/5/2022
Autodis SA 4.375% 1/5/2022
BiSoho SAS 5.875% 1/5/2023
BNP Paribas Cardif SA FRN
25/11/2025 (Perpetual)
BNP Paribas SA FRN 25/6/2037
(Perpetual)
Casino Guichard Perrachon SA
3.248% 7/3/2024
Casino Guichard Perrachon SA
4.561% 25/1/2023
Casino Guichard Perrachon SA
5.976% 26/5/2021
CMA CGM SA 7.75% 15/1/2021
Credit Agricole Assurances SA FRN
14/10/2025 (Perpetual)
Credit Agricole SA FRN 23/6/2021
(Perpetual)
Crown European Holdings SA
3.375% 15/5/2025
EUR 275,000
264,920
0.56
368,490
0.78
EUR 100,000
EUR 100,000
USD 200,000
105,568
0.22
EUR 100,000
0.22
0.22
0.34
USD 200,000
EUR 250,000
99,727
0.21
EUR 200,000
101,835
0.21
EUR 100,000
220,104
0.46
336,537
0.71
117,895
98,355
0.25
0.21
EUR 100,000
EUR 300,000
EUR 100,000
EUR 300,000
EUR 400,000
98,845
0.21
EUR 220,000
322,400
0.68
129,830
0.27
% of
Net
Assets
111,298
0.23
100,562
0.21
101,505
174,093
102,239
102,000
106,018
0.21
0.37
0.22
0.22
0.22
106,717
99,127
0.23
0.21
357,532
0.76
193,909
0.41
124,629
367,395
386,691
0.26
0.78
0.82
251,327
0.53
190,469
0.40
329,082
0.70
206,422
0.44
213,007
0.45
293,307
0.62
105,566
0.22
5,917,133
12.50
103,591
120,785
0.22
0.26
190,759
0.40
103,910
0.22
105,830
0.22
50,917
0.11
258,906
0.55
208,000
0.44
102,063
107,963
313,500
106,767
0.22
0.23
0.66
0.23
312,957
0.66
419,626
0.89
232,730
0.49
Germany
EUR 100,000
103,305
104,676
160,729
Crown European Holdings SA 4%
15/7/2022
Dry Mix Solutions Investissements
SAS FRN 15/6/2021
Dry Mix Solutions Investissements
SAS FRN 15/3/2023
Faurecia 3.625% 15/6/2023
Groupama SA 6% 23/1/2027
Groupe Fnac SA 3.25% 30/9/2023
HomeVi SAS 6.875% 15/8/2021
Horizon Holdings I SAS 7.25%
1/8/2023
Loxam SAS 3.5% 3/5/2023
NEW Areva Holding SA 4.875%
23/9/2024
Orange SA FRN 1/10/2021
(Perpetual)
Orange SA FRN 1/4/2023
(Perpetual)
Rexel SA 3.5% 15/6/2023
SFR Group SA 5.375% 15/5/2022
Societe Generale SA FRN 16/6/2018
(Perpetual)
Societe Generale SA '144A' FRN
13/9/2021 (Perpetual)
Solvay Finance SA FRN 2/6/2021
(Perpetual)
Tereos Finance Groupe I SA 4.125%
16/6/2023
TOTAL SA FRN 18/5/2022
(Perpetual)
Verallia Packaging SASU 5.125%
1/8/2022
WFS Global Holding SAS 9.5%
15/7/2022
0.22
France
EUR 100,000
EUR 100,000
EUR 150,000
EUR 100,000
EUR 200,000
EUR 100,000
Denmark
EUR 100,000
EUR 350,000
EUR 370,000
GBP 200,000
USD 200,000
Cyprus
EUR 100,000
GBP 100,000
Description
Market
Value
(EUR)
Commerzbank AG 4% 23/3/2026
Commerzbank AG 7.75% 16/3/2021
Deutsche Bank AG '144A' 4.25%
14/10/2021
Deutsche Pfandbriefbank AG 4.6%
22/2/2027
FTE Verwaltungs GmbH 9%
15/7/2020
HSH Nordbank AG 7.25% 30/6/2017
(Perpetual)
IHO Verwaltungs GmbH 2.75%
15/9/2021
IHO Verwaltungs GmbH 3.25%
15/9/2023
IHO Verwaltungs GmbH 3.75%
15/9/2026
LANXESS AG FRN 6/12/2076
PCF GmbH 7.875% 1/8/2019
ProGroup AG 5.125% 1/5/2022
Senvion Holding GmbH 6.625%
15/11/2020
Trionista TopCo GmbH 6.875%
30/4/2021
Unitymedia Hessen GmbH & Co
KG / Unitymedia NRW GmbH 4%
15/1/2025
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
189
European High Yield Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 80,000
EUR 81,000
EUR 200,000
Description
Unitymedia Hessen GmbH & Co KG /
Unitymedia NRW GmbH 5.625%
15/4/2023
Unitymedia Hessen GmbH & Co KG /
Unitymedia NRW GmbH 5.75%
15/1/2023
Unitymedia Hessen GmbH & Co KG /
Unitymedia NRW GmbH 6.25%
15/1/2029*
Market
Value
(EUR)
% of
Net
Assets
EUR 200,000
EUR 342,000
EUR 138,000
EUR 100,000
EUR 480,000
EUR 125,000
EUR 100,000
EUR 300,000
EUR 300,000
EUR 125,000
EUR 200,000
EUR 100,000
EUR 100,000
EUR 119,000
EUR 100,000
EUR 100,000
GBP 125,000
Adagio V Clo Designated Activity Co
'V-X E' FRN 15/10/2029
Allied Irish Banks Plc FRN 3/12/2020
(Perpetual)
Allied Irish Banks Plc FRN
26/11/2025*
Arbour CLO IV DAC FRN 15/1/2030
Ardagh Packaging Finance Plc /
Ardagh Holdings USA Inc 4.125%
15/5/2023
Ardagh Packaging Finance Plc /
Ardagh Holdings USA Inc 4.25%
15/1/2022
Ardagh Packaging Finance Plc /
Ardagh Holdings USA Inc 6.75%
15/5/2024
Avoca CLO XVII DAC FRN 15/1/2030
Bank of Ireland FRN 11/6/2024
Cadogan Square CLO VII BV FRN
25/5/2029
Cadogan Square CLO VIII DAC FRN
15/1/2030
eircom Finance DAC 4.5%
31/5/2022
Euro-Galaxy V CLO BV FRN
10/11/2030
Harvest CLO XVI DAC FRN
15/10/2029
OZLME BV FRN 18/1/2030
Smurfit Kappa Acquisitions Unltd Co
2.375% 1/2/2024
St Paul's CLO VII DAC FRN
30/4/2030
Virgin Media Receivables Financing
Notes I DAC 5.5% 15/9/2024
86,230
0.18
EUR 300,000
EUR 400,000
EUR 100,000
EUR 300,000
EUR 200,000
EUR 200,000
GBP 100,000
EUR 400,000
190
Assicurazioni Generali SpA FRN
12/12/2042
Assicurazioni Generali SpA FRN
27/10/2047
Banca Popolare di Milano Scarl
2.75% 27/7/2020
Banca Popolare di Milano Scarl
4.25% 30/1/2019
Banca Popolare di Vicenza 0.5%
3/2/2020
Enel SpA FRN 10/1/2074
Enel SpA FRN 15/1/2075
Enel SpA FRN 10/9/2075
Intesa Sanpaolo SpA FRN 19/1/2021
(Perpetual)*
BlackRock Global Funds (BGF)
EUR 100,000
EUR 100,000
86,562
0.18
EUR 50,000
EUR 50,000
229,464
0.48
3,140,560
6.64
EUR 200,000
EUR 125,000
EUR 100,000
EUR 500,000
99,718
0.21
208,000
0.44
356,643
132,455
0.75
0.28
EUR 250,000
0.23
EUR 400,000
EUR 400,000
106,750
496,397
EUR 233,000
EUR 100,000
138,911
99,421
313,261
0.29
0.21
0.66
0.64
123,184
0.26
GBP 100,000
USD 200,000
210,306
0.44
EUR 100,000
100,596
0.21
EUR 350,000
99,349
118,501
0.21
0.25
EUR 299,000
EUR 200,000
102,540
0.22
94,930
0.20
151,327
0.32
3,252,668
6.87
119,403
0.25
EUR 193,000
317,600
0.67
GBP 100,000
409,612
0.87
GBP 100,000
104,998
0.22
EUR 207,000
297,970
216,311
213,863
130,277
0.63
0.46
0.45
0.28
EUR 182,000
EUR 100,000
EUR 100,000
0.85
204,197
0.43
99,117
0.21
102,495
54,335
0.22
0.11
55,371
0.12
236,469
0.50
133,788
104,431
0.28
0.22
529,565
1.12
248,230
0.52
269,785
428,720
465,558
0.57
0.91
0.98
5,143,699
10.87
SoftBank Group Corp 4% 30/7/2022
110,946
0.23
Adient Global Holdings Ltd 3.5%
15/8/2024
Avis Budget Finance Plc 4.125%
15/11/2024
CPUK Finance Ltd 7% 28/8/2020
HBOS Capital Funding LP 6.85%
23/6/2017 (Perpetual)
Lincoln Finance Ltd 6.875%
15/4/2021
Mercury Bondco Plc 7.125%
30/5/2021
Mercury Bondco Plc 8.25%
30/5/2021
RZB Finance Jersey IV Ltd FRN
16/5/2017 (Perpetual)
128,681
0.27
224,177
124,336
0.47
0.26
193,062
0.41
108,068
0.23
348,187
0.74
307,007
0.65
192,500
0.41
1,626,018
3.44
291,628
114,449
0.62
0.24
106,635
0.23
205,159
0.43
120,321
0.25
122,124
0.26
211,964
0.45
189,280
0.40
104,000
0.22
104,131
0.22
Luxembourg
EUR 272,000
EUR 100,000
EUR 100,000
401,604
Intesa Sanpaolo SpA FRN 11/1/2027
(Perpetual)
Intesa Sanpaolo SpA 2.855%
23/4/2025
Intesa Sanpaolo SpA 3.928%
15/9/2026
Intesa Sanpaolo SpA 5% 23/9/2019
Intesa Sanpaolo SpA 5.15%
16/7/2020
Intesa Sanpaolo SpA 6.625%
13/9/2023
LKQ Italia Bondco SpA 3.875%
1/4/2024
Snai SpA 6.375% 7/11/2021
Telecom Italia SpA/Milano 3.25%
16/1/2023
Telecom Italia SpA/Milano 3.625%
19/1/2024
UniCredit SpA FRN 3/6/2022
(Perpetual)
UniCredit SpA FRN 28/10/2025
UniCredit SpA 6.95% 31/10/2022
% of
Net
Assets
Jersey
EUR 125,000
EUR 225,000
300,379
Description
Market
Value
(EUR)
Japan
1.05
Italy
EUR 100,000
Holding
EUR 200,000
Ireland
EUR 100,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Altice Financing SA 5.25%
15/2/2023
Altice Finco SA 9% 15/6/2023
Altice Luxembourg SA 6.25%
15/2/2025
Altice Luxembourg SA 7.25%
15/5/2022
Amigo Luxembourg SA 7.625%
15/1/2024
B&M European Value Retail SA
4.125% 1/2/2022
Befesa Zinc SAU Via Zinc Capital SA
8.875% 15/5/2018
Bilbao Luxembourg SA 10.5%
1/12/2018
Bilbao Luxembourg SA '144A' 10.5%
1/12/2018
BMBG Bond Finance SCA 3%
15/6/2021
European High Yield Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
GBP 100,000
EUR 100,000
EUR 250,000
EUR 200,000
EUR 184,000
GBP 100,000
EUR 200,000
EUR 100,000
EUR 200,000
EUR 219,000
EUR 100,000
EUR 190,000
EUR 200,000
EUR 140,000
EUR 220,000
EUR 450,000
USD 200,000
EUR 200,000
USD 200,000
Description
Cabot Financial Luxembourg SA
6.5% 1/4/2021
CNH Industrial Finance Europe SA
2.875% 27/9/2021
CNH Industrial Finance Europe SA
2.875% 17/5/2023
ContourGlobal Power Holdings SA
5.125% 15/6/2021
Fiat Chrysler Finance Europe 4.75%
15/7/2022
Garfunkelux Holdco 3 SA 8.5%
1/11/2022
Horizon Parent Holdings Sarl 8.25%
15/2/2022
INEOS Group Holdings SA 5.375%
1/8/2024
JH-Holding Finance SA 8.25%
1/12/2022
Matterhorn Telecom SA 3.875%
1/5/2022
Monitchem HoldCo 3 SA 5.25%
15/6/2021
Swissport Investments SA 6.75%
15/12/2021
Telecom Italia Finance SA 7.75%
24/1/2033
Telenet Finance V Luxembourg SCA
6.75% 15/8/2024
Trinseo Materials Operating SCA /
Trinseo Materials Finance Inc
6.375% 1/5/2022
Wind Acquisition Finance SA 4%
15/7/2020
Wind Acquisition Finance SA '144A'
4.75% 15/7/2020
Wind Acquisition Finance SA 7%
23/4/2021*
Wind Acquisition Finance SA '144A'
7.375% 23/4/2021
Market
Value
(EUR)
% of
Net
Assets
120,942
0.26
106,965
0.23
EUR 100,000
260,656
0.55
EUR 100,000
213,054
0.45
EUR 700,000
203,242
0.43
GBP 200,000
122,619
0.26
EUR 100,000
207,750
0.44
EUR 250,000
106,000
0.22
EUR 200,000
EUR 100,000
217,572
0.46
EUR 125,000
USD 258,000
EUR 200,000
EUR 100,000
EUR 200,000
EUR 100,000
EUR 100,000
EUR 100,000
EUR 260,000
EUR 100,000
EUR 400,000
EUR 350,000
ATF Netherlands BV 2.125%
13/3/2023
Axalta Coating Systems Dutch
Holding B BV 3.75% 15/1/2025
Constellium NV '144A' 7.875%
1/4/2021
Cooperatieve Rabobank UA FRN
29/6/2021 (Perpetual)
Darling Global Finance BV 4.75%
30/5/2022
Gas Natural Fenosa Finance BV FRN
18/11/2022 (Perpetual)
Gas Natural Fenosa Finance BV FRN
24/4/2024 (Perpetual)
Hertz Holdings Netherlands BV
4.125% 15/10/2021
Koninklijke KPN NV FRN 14/9/2018
(Perpetual)
LGE HoldCo VI BV 7.125%
15/5/2024
OI European Group BV 3.125%
15/11/2024
PortAventura Entertainment
Barcelona BV 7.25% 1/12/2020
Repsol International Finance BV FRN
25/3/2075
Holding
EUR 100,000
228,323
0.48
104,054
0.22
209,220
0.44
262,108
0.55
155,760
0.33
237,596
Description
Samvardhana Motherson
Automotive Systems Group BV
4.125% 15/7/2021
Schaeffler Finance BV 3.25%
15/5/2025
Telefonica Europe BV FRN
18/9/2018 (Perpetual)
Telefonica Europe BV FRN
4/12/2019 (Perpetual)
Telefonica Europe BV FRN
26/11/2020 (Perpetual)
Telefonica Europe BV FRN
15/3/2022 (Perpetual)
United Group BV 7.875%
15/11/2020
UPC Holding BV 6.75% 15/3/2023
Ziggo Secured Finance BV 4.25%
15/1/2027
Market
Value
(EUR)
% of
Net
Assets
103,062
0.22
108,404
0.23
107,773
0.23
734,944
1.55
252,559
0.53
101,048
0.21
262,164
217,756
0.55
0.46
105,540
0.22
4,494,670
9.50
291,000
108,030
0.61
0.23
399,030
0.84
184,500
0.39
Norway
EUR 300,000
EUR 100,000
Norske Skog AS 11.75% 15/12/2019
Silk Bidco AS 7.5% 1/2/2022
Portugal
EUR 600,000
EUR 200,000
0.50
459,221
0.97
192,590
0.41
EUR 200,000
209,020
0.44
EUR 200,000
196,833
0.42
EUR 200,000
5,383,216
11.38
Novo Banco SA (Restricted) 4%
21/1/2019
Novo Banco SA (Restricted) 4.75%
15/1/2018
58,000
0.12
242,500
0.51
220,504
0.47
202,110
0.43
197,770
615,984
103,243
0.42
1.30
0.22
101,326
0.21
Spain
EUR 600,000
EUR 100,000
EUR 100,000
Netherlands
EUR 100,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
101,572
0.21
130,572
0.28
EUR 100,000
263,038
0.56
216,052
0.46
USD 200,000
106,526
0.23
EUR 100,000
207,586
0.44
97,031
0.20
100,248
0.21
107,362
0.23
Banco Bilbao Vizcaya Argentaria SA
FRN 14/4/2021 (Perpetual)
Banco Popular Espanol SA FRN
10/10/2018 (Perpetual)*
Banco Santander SA FRN 12/3/2019
(Perpetual)
Bankia SA FRN 22/5/2024*
CaixaBank SA FRN 15/2/2027
Cellnex Telecom SA 2.375%
16/1/2024
NH Hotel Group SA 3.75%
1/10/2023
105,058
0.22
1,545,995
3.27
194,709
108,892
0.41
0.23
303,601
0.64
219,550
0.46
Sweden
Swedbank AB FRN 17/3/2022
(Perpetual)
Verisure Holding AB 6% 1/11/2022
Switzerland
EUR 200,000
USD 200,000
297,479
0.63
102,396
0.22
EUR 200,000
416,667
0.88
EUR 100,000
354,891
0.75
UBS Group AG FRN 19/2/2022
(Perpetual)
UBS Group AG FRN 19/2/2025
(Perpetual)
202,928
0.43
422,478
0.89
211,524
0.45
109,145
0.23
United Kingdom
Anglo American Capital Plc 2.5%
29/4/2021
Anglo American Capital Plc 3.25%
3/4/2023
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
191
European High Yield Bond Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 202,000
GBP 100,000
GBP 156,530
GBP 100,000
USD 200,000
GBP 200,000
EUR 100,000
EUR 100,000
GBP 150,000
EUR 336,000
EUR 100,000
EUR 300,000
GBP 100,000
GBP 100,000
USD 100,000
GBP 100,000
EUR 300,000
GBP 100,000
GBP 100,000
GBP 100,000
USD 250,000
EUR 250,000
GBP 200,000
GBP 100,000
EUR 215,000
EUR 100,000
USD 200,000
USD 200,000
GBP 246,779
GBP 100,000
Description
Anglo American Capital Plc 3.5%
28/3/2022
Anglo American Capital Plc 6.875%
1/5/2018
Annington Finance No 5 Plc 13%
15/1/2023
Arrow Global Finance Plc 5.125%
15/9/2024
Barclays Plc FRN 15/3/2022
(Perpetual)
Cognita Financing Plc 7.75%
15/8/2021
CVC Cordatus Loan Fund VIII DAC
FRN 23/4/2030
CVC Cordatus Loan Fund VIII DAC
FRN 23/4/2030
IDH Finance Plc 6.25% 15/8/2022*
Ineos Finance Plc 4% 1/5/2023
Inovyn Finance Plc 6.25% 15/5/2021
International Game Technology Plc
4.75% 15/2/2023
Jerrold Finco Plc 6.125% 15/1/2024
Jerrold Finco Plc 6.25% 15/9/2021
National Westminster Bank Plc FRN
31/3/2017 (Perpetual)
Old Mutual Plc 8% 3/6/2021
OTE Plc 3.5% 9/7/2020
Pension Insurance Corp Plc 6.5%
3/7/2024
Pizzaexpress Financing 2 Plc 6.625%
1/8/2021
Punch Taverns Finance Plc FRN
15/10/2027
Royal Bank of Scotland Group Plc
FRN 15/8/2021 (Perpetual)
Synlab Bondco Plc 6.25% 1/7/2022
Tesco Plc 5% 24/3/2023
Tesco Plc 6% 14/12/2029
Thomas Cook Group Plc 6.25%
15/6/2022
Titan Global Finance Plc 3.5%
17/6/2021
Tullow Oil Plc 6% 1/11/2020
Tullow Oil Plc '144A' 6.25%
15/4/2022
Unique Pub Finance Co Plc/The
5.659% 30/6/2027
Unique Pub Finance Co Plc/The
6.464% 30/3/2032
Market
Value
(EUR)
% of
Net
Assets
223,495
0.47
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
GBP 276,000
Virgin Media Secured Finance Plc
4.875% 15/1/2027*
Virgin Media Secured Finance Plc
5.125% 15/1/2025
Virgin Media Secured Finance Plc
6.25% 28/3/2029
Vue International Bidco Plc 7.875%
15/7/2020
GBP 100,000
125,077
0.26
GBP 300,000
212,176
0.45
GBP 200,000
120,336
0.25
197,541
0.42
248,635
0.53
97,950
0.21
93,900
168,659
350,727
106,454
0.20
0.36
0.74
0.22
327,906
116,419
121,435
0.69
0.25
0.26
EUR 100,000
USD 127,000
77,899
137,669
303,024
0.16
0.29
0.64
EUR 300,000
EUR 150,000
EUR 100,000
EUR 100,000
120,606
0.25
EUR 100,000
121,286
0.26
EUR 100,000
117,421
0.25
EUR 200,000
248,988
271,905
260,381
133,462
0.53
0.57
0.55
0.28
229,894
0.49
103,905
179,455
0.22
0.38
176,561
0.37
0.67
112,362
0.24
% of
Net
Assets
326,809
0.69
124,704
0.26
382,694
0.81
244,743
0.52
6,821,219
14.42
230,126
106,689
0.49
0.22
211,500
0.45
99,353
94,527
0.21
0.20
111,979
102,000
0.24
0.21
121,546
316,638
150,656
112,286
0.26
0.67
0.32
0.24
102,000
0.21
102,580
0.22
106,062
211,734
0.22
0.45
United States
EUR 204,000
EUR 100,000
EUR 200,000
Ball Corp 4.375% 15/12/2023
Belden Inc 5.5% 15/4/2023
Cemex Finance LLC 4.625%
15/6/2024
Gates Global LLC / Gates Global Co
5.75% 15/7/2022
Hertz Corp/The 7.375% 15/1/2021
Huntsman International LLC 5.125%
15/4/2021
Levi Strauss & Co 3.375% 15/3/2027
Meccanica Holdings USA Inc '144A'
6.25% 15/1/2040
PSPC Escrow Corp 6% 1/2/2023
Quintiles IMS Inc 3.25% 15/3/2025
Sealed Air Corp 4.5% 15/9/2023
Silgan Holdings Inc 3.25%
15/3/2025
Veritas US Inc / Veritas Bermuda Ltd
7.5% 1/2/2023
WMG Acquisition Corp 4.125%
1/11/2024
XPO Logistics Inc 5.75% 15/6/2021
EUR 100,000
USD 100,000
EUR 100,000
Total Bonds
2,179,676
4.61
43,346,585
91.61
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
43,346,585
91.61
Total Portfolio
43,346,585
91.61
Other Net Assets
Total Net Assets (EUR)
316,072
Market
Value
(EUR)
3,968,290
8.39
47,314,875
100.00
* All or a portion of this security represents a security on loan.
Credit Default Swaps as at 28 February 2017
Nominal
Value
EUR (40,000)
EUR (70,000)
EUR (40,000)
Description
Fund provides default protection on Unicredit SpA; and receives Fixed 1%
Fund provides default protection on Hellenic Telecom Org SA;
and receives Fixed 5%
Fund provides default protection on Unicredit SpA; and receives Fixed 1%
Total (EUR underlying exposure – EUR 153,651)
192
BlackRock Global Funds (BGF)
Counterparty
Expiration
Date
Unrealised
appreciation
EUR
Barclays
20/12/2021
806
(1,382)
Barclays
JP Morgan
20/12/2021
20/12/2021
9
502
4,308
(1,382)
1,317
Market
Value
EUR
1,544
European High Yield Bond Fund continued
Open Exchange Traded Futures Contracts
as at 28 February 2017
Number
of contracts
Currency
(7)
(10)
(2)
EUR
EUR
USD
Unrealised
appreciation/
(depreciation)
EUR
Contract/Description
Expiration
date
Underlying
exposure
EUR
Euro Bund
Euro BOBL
US Treasury 5 Year Note (CBT)
June 2017
June 2017
June 2017
1,140,510
1,327,000
222,218
(1,330)
(400)
59
2,689,728
(1,671)
Total
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
EUR
EUR
EUR
329,894
5,708,866
3,129,715
GBP
GBP
USD
Sales
280,000
4,870,000
3,330,000
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
Barclays 16/3/2017
Morgan Stanley 16/3/2017
Morgan Stanley 16/3/2017
Net unrealised depreciation
1,617
(813)
(8,050)
Summary of Financial Derivative Instruments
Swaps
Credit Default Swaps
1,544
Market value of swaps
1,544
(7,246)
Unrealised
depreciation
EUR
CHF Hedged Share Class
CHF
5,005
EUR
4,692
BNY Mellon 14/3/2017
Net unrealised appreciation
8
8
Market
Value
EUR
Open exchange traded futures contracts
Open forward foreign exchange contracts
(1,671)
(7,294)
GBP Hedged Share Class
GBP
3,331
EUR
3,914
BNY Mellon 14/3/2017
Net unrealised depreciation
(8)
(8)
SEK Hedged Share Class
SEK
45,050
EUR
4,754
BNY Mellon 14/3/2017
Net unrealised depreciation
Total net unrealised depreciation
(EUR underlying exposure – EUR 9,192,979)
(48)
(48)
(7,294)
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
193
European Special Situations Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
% of
Net
Assets
Holding
602
0.00
2,359,275
16,189
5,682,651
1,821,433
1,158,573
271,233
602
0.00
FUNDS
Ireland
602
Institutional Cash Series plc Institutional Euro Assets
Liquidity Fund~
Total Funds
Belgium
KBC Group NV
Telenet Group Holding NV
18,723,028
19,561,580
1.39
1.46
38,284,608
2.85
34,790,017
27,040,890
19,924,963
16,683,986
2.59
2.01
1.48
1.24
Danske Bank A/S
DSV A/S
Genmab A/S
Nets A/S
98,439,856
7.32
12,584,085
0.94
Konecranes OYJ 'B'
12,842,208
19,569,126
14,965,111
22,079,185
16,325,078
20,696,816
12,691,027
0.96
1.46
1.11
1.64
1.21
1.54
0.94
119,168,551
8.86
29,936,457
32,080,742
33,726,063
14,146,265
14,052,088
12,409,258
2.23
2.39
2.51
1.05
1.04
0.92
136,350,873
10.14
24,374,883
19,238,671
1.81
1.43
43,613,554
3.24
8,853,604
0.66
25,711,699
1.91
France
196,304
291,034
279,931
116,852
194,092
304,903
461,408
Alten SA
Eiffage SA
Legrand SA*
LVMH Moet Hennessy Louis Vuitton SE*
Remy Cointreau SA*
Vinci SA
Worldline SA/France
Germany
287,989
411,661
383,425
426,735
239,429
1,552,710
Bayer AG
LEG Immobilien AG
SAP SE
Scout24 AG
Symrise AG
Tele Columbus AG
Ireland
760,171
237,750
CRH Plc
DCC Plc
Italy
2,658,740
Enav SpA
3,371,475
5,475,594
582,897
3,110,144
Banco Bilbao Vizcaya Argentaria SA
Banco Santander SA
Industria de Diseno Textil SA
Telefonica SA
1,061,698
625,737
536,492
1,755,029
Assa Abloy AB 'B'*
Atlas Copco AB 'A'
Hexagon AB 'B'
Volvo AB 'B'
382,908
77,246
4,680
115,830
168,856
Cie Financiere Richemont SA
Lonza Group AG
Sika AG
Tecan Group AG
VAT Group AG
Shire Plc
Luxembourg
24,432
206,852
Eurofins Scientific SE*
Stabilus SA
2.26
0.07
1.13
0.69
1.24
0.77
128,181,820
9.53
20,842,458
28,117,175
17,690,924
30,078,203
1.55
2.09
1.31
2.24
96,728,760
7.19
19,540,734
19,288,348
20,247,210
21,668,845
1.45
1.44
1.51
1.61
80,745,137
6.01
26,516,540
13,295,322
24,828,741
18,228,690
15,371,799
1.97
0.99
1.85
1.36
1.14
98,241,092
7.31
15,724,014
12,794,467
23,429,889
9,930,742
24,978,753
12,135,079
51,707,069
15,345,864
15,366,717
14,242,288
22,198,403
13,772,141
10,681,441
20,387,314
21,929,736
21,632,931
24,113,120
21,272,344
18,433,121
24,457,470
22,422,164
17,409,155
1.17
0.95
1.74
0.74
1.86
0.90
3.85
1.14
1.14
1.06
1.65
1.02
0.80
1.52
1.63
1.61
1.79
1.58
1.37
1.82
1.67
1.30
434,364,222
32.31
1,342,184,184
99.83
United Kingdom
513,316
234,317
5,069,421
441,037
726,195
802,135
868,435
784,965
467,302
473,464
2,930,109
877,032
1,713,646
8,521,664
610,651
251,827
1,365,284
458,631
479,057
543,731
1,015,364
5,459,628
Associated British Foods Plc*
AstraZeneca Plc
Auto Trader Group Plc
AVEVA Group Plc
Berkeley Group Holdings Plc
BHP Billiton Plc
British American Tobacco Plc
Burberry Group Plc
Derwent London Plc (Reit)*
Dignity Plc
Great Portland Estates Plc (Reit)*
Hargreaves Lansdown Plc*
IG Group Holdings Plc
ITV Plc
London Stock Exchange Group Plc
Reckitt Benckiser Group Plc
RELX Plc*
Rightmove Plc
Rio Tinto Plc
Unilever Plc
Weir Group Plc/The*
Worldpay Group Plc
Jersey
449,222
30,340,277
997,728
15,178,361
9,238,308
16,671,865
10,437,046
Switzerland
Finland
374,081
ING Groep NV
Koninklijke DSM NV
Koninklijke KPN NV
Steinhoff International Holdings NV*
STMicroelectronics NV*
TKH Group NV
% of
Net
Assets
Sweden
Denmark
1,108,958
583,473
106,862
1,050,120
Description
Market
Value
(EUR)
Spain
COMMON STOCKS (SHARES)
324,433
367,768
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
9,721,493
11,194,830
0.73
0.83
20,916,323
1.56
Total Common Stocks (Shares)
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
1,342,184,786
99.83
Total Portfolio
1,342,184,786
99.83
Netherlands
268,623
166,720
132,807
ASML Holding NV*
ASR Nederland NV
Heineken NV*
30,784,196
4,196,342
10,337,697
~ Investment in connected party fund, see further information in Note 11.
* All or a portion of this security represents a security on loan.
194
BlackRock Global Funds (BGF)
2.29
0.31
0.77
Other Net Assets
Total Net Assets (EUR)
2,249,883
0.17
1,344,434,669
100.00
European Special Situations Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
CHF
Purchases
68,064,744
Currency
EUR
Sales
63,932,349
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
JP Morgan 17/3/2017
(6,514)
Net unrealised depreciation
(6,514)
AUD Hedged Share Class
AUD
EUR
3,210,568
155,004
EUR
AUD
2,295,067
214,430
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
28,188
(162)
Net unrealised appreciation
28,026
CAD Hedged Share Class
CAD
EUR
373,585
4,702
EUR
CAD
266,182
6,521
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
226
51
Net unrealised appreciation
277
CNH Hedged Share Class
CNY
EUR
32,150
77
EUR
CNY
4,379
557
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
39
–
Net unrealised appreciation
39
GBP Hedged Share Class
EUR
GBP
17,524
140,039
GBP
EUR
14,915
164,574
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
36
(382)
Net unrealised depreciation
(346)
USD Hedged Share Class
EUR
USD
10,825,295
129,964,259
USD
EUR
11,481,228
121,599,390
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
5,808
874,701
Net unrealised appreciation
880,509
Total net unrealised appreciation
(EUR underlying exposure – EUR 200,224,813)
901,991
Sector Breakdown
as at 28 February 2017
% of net
assets
Industrials
Information Technology
Financials
Consumer Discretionary
Consumer Staples
Healthcare
Materials
Real Estate
Telecommunication Services
Other Net Assets
19.85
17.10
13.64
13.57
10.43
9.65
7.04
5.18
3.37
0.17
100.00
Summary of Financial Derivative Instruments
Unrealised
appreciation
EUR
Open forward foreign exchange contracts
901,991
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
195
European Value Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(EUR)
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
% of
Net
Assets
Holding
40,497,473
1.47
3,354,148
13,626,145
9,191,149
63,180,060
24,167,049
2.29
0.88
87,347,109
3.17
27,467,228
42,548,647
45,601,494
1.00
1.54
1.66
115,617,369
4.20
93,869,132
80,884,761
33,811,534
44,666,860
48,114,302
67,901,921
54,489,590
28,834,989
69,312,539
3.41
2.94
1.23
1.62
1.75
2.46
1.98
1.05
2.52
521,885,628
18.96
41,068,670
43,174,099
61,766,748
50,060,495
1.49
1.57
2.24
1.82
COMMON / PREFERRED STOCKS (SHARES)
KBC Group NV
Acerinox SA
Banco Bilbao Vizcaya Argentaria SA
Telefonica SA
Denmark
2,013,912
661,185
Danske Bank A/S
ISS A/S
Finland
816,505
992,504
941,985
Konecranes OYJ 'B'
Sampo Oyj 'A'
Wartsila OYJ Abp
France
4,222,633
1,475,730
31,736
664,290
574,911
1,063,127
2,403,069
312,710
1,021,104
AXA SA
BNP Paribas SA
Dassault Aviation SA
Eiffage SA
Renault SA
Schneider Electric SE
SPIE SA
Thales SA
Vinci SA
Germany
395,081
225,217
598,515
3,380,182
Bayer AG
Continental AG
Merck KGaA
Schaeffler AG (Pref)*
196,070,012
7.12
Ireland
1,820,739
CRH Plc
58,335,622
2.12
Italy
1,729,083
17,594,349
1,917,113
3,116,902
4
Buzzi Unicem SpA*
Enel SpA
Prysmian SpA
UniCredit SpA
UniCredit SpA (Right 11/3/2017)
40,460,542
71,538,623
46,259,937
39,304,134
41
1.47
2.60
1.68
1.43
0.00
197,563,277
7.18
48,572,241
30,525,023
1.76
1.11
79,097,264
2.87
32,099,368
1.17
48,599,392
21,809,201
79,836,037
49,167,193
71,495,715
24,978,267
25,053,347
1.76
0.79
2.90
1.79
2.60
0.91
0.91
320,939,152
11.66
Jersey
848,630
1,372,092
Shire Plc
WPP Plc
Luxembourg
2,074,943
Tenaris SA*
Netherlands
2,251,014
866,476
6,208,090
2,446,129
26,767,396
854,396
4,939,540
ABN AMRO Group NV
ASR Nederland NV*
ING Groep NV
Koninklijke Ahold Delhaize NV
Koninklijke KPN NV
NN Group NV
Steinhoff International Holdings NV*
* All or a portion of this security represents a security on loan.
196
BlackRock Global Funds (BGF)
% of
Net
Assets
44,761,105
84,236,829
88,887,602
1.62
3.06
3.23
217,885,536
7.91
47,742,464
31,057,230
33,913,845
66,692,972
1.74
1.13
1.23
2.42
179,406,511
6.52
36,589,742
22,054,076
1.33
0.80
58,643,818
2.13
76,933,344
62,412,420
39,295,509
51,904,565
8,030,487
59,917,550
42,117,089
24,690,399
41,934,944
133,161,541
26,582,114
47,960,090
2.79
2.27
1.43
1.88
0.29
2.18
1.53
0.90
1.52
4.84
0.97
1.74
614,940,052
22.34
2,720,328,191
98.82
Spain
Belgium
701,741
Description
Market
Value
(EUR)
Sweden
1,650,623
2,163,924
10,957,498
5,401,677
Loomis AB 'B'
Securitas AB 'B'*
SSAB AB 'B'
Volvo AB 'B'
Switzerland
791,694
4,157
Julius Baer Group Ltd
Sika AG
United Kingdom
1,408,952
8,434,051
1,142,419
871,752
1,288,348
1,344,513
17,604,461
2,795,939
1,167,712
5,218,125
12,081,772
2,171,822
AstraZeneca Plc
BAE Systems Plc
Berkeley Group Holdings Plc*
British American Tobacco Plc
IG Group Holdings Plc*
Imperial Brands Plc
ITV Plc
John Wood Group Plc
London Stock Exchange Group Plc
Royal Dutch Shell Plc 'B'
Tesco Plc
Weir Group Plc/The*
Total Common / Preferred Stocks (Shares)
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
2,720,328,191
98.82
Total Portfolio
2,720,328,191
98.82
Other Net Assets
Total Net Assets (EUR)
32,504,863
1.18
2,752,833,054
100.00
European Value Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
Sales
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
EUR
date
AUD Hedged Share Class
AUD
EUR
10,118,166
412,694
EUR
AUD
7,230,818
571,546
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
90,966
(889)
Net unrealised appreciation
90,077
CNH Hedged Share Class
CNY
EUR
36,588
119
EUR
CNY
4,983
866
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
44
–
Net unrealised appreciation
44
HKD Hedged Share Class
EUR
HKD
173,299
38,630,625
HKD
EUR
1,425,315
4,661,730
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
224
29,178
Net unrealised appreciation
29,402
USD Hedged Share Class
EUR
USD
24,818,678
247,298,837
USD
EUR
26,263,351
231,510,866
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
69,094
1,535,439
Net unrealised appreciation
1,604,533
Total net unrealised appreciation
(EUR underlying exposure – EUR 270,569,182)
1,724,056
Sector Breakdown
as at 28 February 2017
% of net
assets
Financials
Industrials
Consumer Discretionary
Healthcare
Materials
Energy
Consumer Staples
Telecommunication Services
Utilities
Other Net Assets
25.64
25.38
10.12
8.28
7.24
6.91
6.82
5.83
2.60
1.18
100.00
Summary of Financial Derivative Instruments
Open forward foreign exchange contracts
Unrealised
appreciation
EUR
1,724,056
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
197
Fixed Income Global Opportunities Fund
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
ARS 42,249,870
FUNDS
United States
3,194,215
381,900
SPDR Bloomberg Barclays High
Yield Bond - ETF
SPDR S&P500 ETF Trust
Total Funds
ARS 43,552,000
118,808,827
90,384,273
1.52
1.15
ARS 198,555,000
209,193,100
2.67
ARS 99,278,000
EUR 2,028,004
COMMON / PREFERRED STOCKS (SHARES) & WARRANTS
Canada
5,883
99,749
Norbord Inc
Northern Graphite Corp (Unit)
ARS 2,999,000
173,078
23,775
0.00
0.00
196,853
0.00
EUR 2,269,000
2,795
0.00
USD 15,774,000
131,257
0.00
USD 40,009,000
321,184
0.00
USD 2,872,000
62,918
0.00
EUR 1,733,071
394,487
0.01
Cayman Islands
147,094
Vantage Drilling Co
Greece
198,658
Eurobank Ergasias SA
Italy
393,056
Telecom Italia SpA/Milano
Japan
3
Wessex Ltd (Wts 24/6/2019)
United Kingdom
31,813
Sky Plc
USD 2,812,000
United States
20,766
165,161
49,413
78,557
61,003
13,987
57,534
57,326
280,000
9,634
36,081
70,724
273,732
97,230
9,481
24,979
19,458
42,259
Apple Inc
Bank of America Corp
BB&T Corp
Boyd Gaming Corp
Citigroup Inc
Concho Resources Inc
Delta Air Lines Inc
Energen Corp
GMAC Capital Trust I (Pref)
Goldman Sachs Group Inc/The
JPMorgan Chase & Co
Matador Resources Co
MGIC Investment Corp
Morgan Stanley (Pref)
Pioneer Natural Resources Co
United Continental Holdings Inc
UnitedHealth Group Inc
Wells Fargo & Co
2,843,696
4,041,490
2,374,295
1,552,286
3,642,489
1,838,871
2,889,357
2,994,710
7,204,400
2,379,116
3,242,960
1,703,034
2,915,246
2,527,980
1,747,728
1,856,439
3,234,698
2,445,951
0.04
0.05
0.03
0.02
0.05
0.02
0.04
0.04
0.09
0.03
0.04
0.02
0.04
0.03
0.02
0.03
0.04
0.03
51,434,746
0.66
724,879
0.01
Vietnam
366,692
Vingroup JSC
Total Common / Preferred Stocks (Shares)
& Warrants
USD 1,115,000
USD 2,249,000
USD 2,593,000
USD 570,000
USD 277,000
USD 4,426,000
EUR 300,000
USD 4,420,000
USD 500,000
EUR 2,000,000
0.68
EUR 100,000
BONDS
EUR 410,000
Argentina
USD 1,362,000
ARS 3,401,120
ARS 149,146,446
USD 7,972,886
198
Arcor SAIC '144A' 6% 6/7/2023
Argentina Bogar Bonds FRN
4/2/2018
Argentina Bonar Bonds FRN
28/3/2017
Argentina Bonar Bonds 9%
29/11/2018
BlackRock Global Funds (BGF)
1,442,017
0.02
187,584
0.00
9,635,021
0.12
8,790,187
0.11
Argentine Bonos del Tesoro
16% 17/10/2023
Argentine Bonos del Tesoro
18.2% 3/10/2021
Argentine Bonos del Tesoro
21.2% 19/9/2018
Argentine Bonos del Tesoro
22.75% 5/3/2018
Argentine Republic Government
International Bond FRN
31/12/2033
Argentine Republic Government
International Bond FRN
31/12/2033
Argentine Republic Government
International Bond 3.875%
15/1/2022
Argentine Republic Government
International Bond '144A'
5.625% 26/1/2022
Argentine Republic Government
International Bond '144A'
6.25% 22/4/2019
Argentine Republic Government
International Bond 6.875%
22/4/2021
Argentine Republic Government
International Bond 7.82%
31/12/2033
Cablevision SA/Argentina '144A'
6.5% 15/6/2021*
Generacion Mediterranea SA /
Generacion Frias SA / Central
Termica Roca SA '144A' 9.625%
27/7/2023
Pampa Energia SA '144A' 7.5%
24/1/2027
Petrobras Argentina SA '144A'
7.375% 21/7/2023
YPF SA '144A' 8.5% 23/3/2021
YPF SA 8.5% 28/7/2025*
YPF SA '144A' 8.875% 19/12/2018
% of
Net
Assets
3,129,890
0.04
3,160,769
0.04
13,593,758
0.17
6,687,916
0.09
2,226,060
0.03
1,466,072
0.02
2,373,281
0.03
15,872,587
0.20
42,279,511
0.54
3,067,296
0.04
1,913,810
0.03
1,165,175
0.01
2,973,536
0.04
2,272,052
0.03
2,703,118
628,425
300,570
4,846,711
0.04
0.01
0.00
0.06
130,715,346
1.67
31,480,176
0.40
354,345
0.00
5,078,741
0.06
526,250
0.01
2,163,505
0.03
65,625
0.00
113,795
0.00
444,997
0.01
814,370
0.01
Australia
AUD 46,980,000
USD 187,500
53,269,119
Description
Market
Value
(USD)
USD 777,000
USD 3,550,000
Australia Government Bond 3%
21/3/2047
BHP Billiton Finance Ltd FRN
22/4/2076
BHP Billiton Finance USA Ltd 5%
30/9/2043
Broadspectrum Ltd '144A' 8.375%
15/5/2020
Cromwell SPV Finance Pty Ltd 2%
4/2/2020
Linc Energy Ltd (Defaulted)
10/4/2018 (Zero Coupon)
Origin Energy Finance Ltd FRN
16/6/2071
Origin Energy Finance Ltd FRN
16/9/2074
QBE Insurance Group Ltd FRN
17/6/2046
Virgin Australia Holdings Ltd
7.875% 15/10/2021
3,718,625
0.05
44,760,429
0.57
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
EUR 1,000,000
EUR 3,200,000
EUR 600,000
EUR 100,000
USD 1,555,000
EUR 600,000
BAWAG PSK Bank fuer Arbeit und
Wirtschaft und Oesterreichische
Postsparkasse AG 8.125%
30/10/2023
Erste Group Bank AG FRN
15/10/2021 (Perpetual)
Raiffeisen Bank International AG
FRN 21/2/2025
Raiffeisen Bank International AG
6.625% 18/5/2021*
Sappi Papier Holding GmbH 4%
1/4/2023
Suzano Austria GmbH '144A' 5.75%
14/7/2026*
UNIQA Insurance Group AG FRN
27/7/2046*
USD 2,850,000
4,457,014
0.06
1,186,290
0.02
Anheuser-Busch InBev SA/NV/old
2% 17/3/2028
3,516,755
0.04
731,604
0.01
USD 1,100,000
112,815
0.00
USD 1,600,000
1,601,738
0.02
USD 2,600,000
710,189
0.01
12,316,405
0.16
USD 2,600,000
USD 2,000,000
USD 2,100,000
788,348
0.01
USD 1,675,000
USD 836,000
USD 837,000
HKD 36,000,000
USD 1,145,000
CNH 6,000,000
USD 738,000
USD 619,000
USD 1,047,000
HKD 882,588
HKD 10,296,854
USD 565,000
China Singyes Solar Technologies
Holdings Ltd 5% 8/8/2019
China Singyes Solar Technologies
Holdings Ltd 7.95% 15/2/2019
Digicel Group Ltd '144A' 7.125%
1/4/2022
Digicel Group Ltd '144A' 8.25%
30/9/2020*
Haitong International Securities
Group Ltd 25/10/2021
(Zero Coupon)
Inkia Energy Ltd '144A' 8.375%
4/4/2021
IT Ltd 6.25% 15/5/2018
Li & Fung Ltd 5.25% 3/11/2021
(Perpetual)
Noble Group Ltd FRN 24/6/2019
(Perpetual)
Noble Group Ltd 3.625%
20/3/2018*
REXLot Holdings Ltd 6% 28/2/2017
REXLot Holdings Ltd (Restricted)
4.5% 17/4/2019
United Photovoltaics Group Ltd
8.25% 25/1/2020
138,597
0.00
1,704,312
0.02
687,310
0.01
741,791
0.01
4,782,147
0.06
1,185,075
869,589
0.01
0.01
677,761
0.01
510,675
0.01
1,027,369
107,453
0.01
0.00
1,286,780
0.02
574,153
0.01
14,293,012
0.18
Brazil
BRL 15,130,000
EUR 2,300,000
Brazil Notas do Tesouro Nacional
Serie B 17.845% 15/5/2021
Brazilian Government International
Bond 2.875% 1/4/2021*
USD 3,088,000
USD 2,350,000
Bermuda
CNY 1,000,000
USD 1,750,000
USD 4,400,000
Belgium
EUR 700,000
Holding
USD 4,100,000
Austria
EUR 3,300,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
USD 1,217,000
USD 671,000
USD 970,000
USD 6,275,000
USD 3,500,000
USD 615,000
HKD 6,000,000
USD 1,175,000
USD 1,800,000
USD 1,600,000
USD 1,025,000
0.19
2,558,158
0.03
17,330,764
0.22
GBP 1,000,000
USD 7,020,000
USD 2,223,000
British Virgin Islands
USD 1,000,000
USD 1,225,000
USD 2,700,000
USD 2,700,000
USD 1,781,000
Asia View Ltd 1.5% 8/8/2019
Baoxin Auto Finance I Ltd FRN
15/12/2019 (Perpetual)
Bluestar Finance Holdings Ltd
3.125% 30/9/2019
Bluestar Finance Holdings Ltd 3.5%
30/9/2021
Central American Bottling Corp
'144A' 5.75% 31/1/2027
1,050,500
0.01
USD 1,060,000
1,293,906
0.02
USD 3,950,000
2,712,339
0.03
CAD 29,260,000
2,704,063
0.03
CAD 14,910,000
1,860,254
0.02
Chang Development International
Ltd 3.625% 20/1/2020
China Cinda Finance 2015 I Ltd
4.25% 23/4/2025
China Great Wall International
Holdings III Ltd 2.625%
27/10/2021
China Yangtze Power International
BVI 1 Ltd 9/11/2021
(Zero Coupon)
CNOOC Finance 2012 Ltd 5%
2/5/2042
Cosmos Boom Investment Ltd
0.5% 23/6/2020
CP Foods Holdings Ltd 0.5%
22/9/2021
Easy Tactic Ltd 5.75% 13/1/2022*
Franshion Capital Ltd 6.8%
31/3/2017 (Perpetual)
FUXIANG Investment Management
Ltd 3.625% 30/11/2019
Huarong Finance 2017 Co Ltd FRN
24/1/2022 (Perpetual)
Huarong Finance II Co Ltd FRN
14/9/2021 (Perpetual)*
Huarong Finance II Co Ltd 4.625%
3/6/2026
Huarong Finance II Co Ltd 4.875%
22/11/2026
PB Issuer No 4 Ltd 3.25% 3/7/2021
Proven Glory Capital Ltd 3.25%
21/2/2022
Proven Glory Capital Ltd 4%
21/2/2027
Reward International Investment
Ltd 7.25% 25/1/2020
Shine Power International Ltd
28/7/2019 (Zero Coupon)
SPIC 2016 US dollar Bond Co Ltd
3.875% 6/12/2026*
Studio City Co Ltd 7.25%
30/11/2021*
Tewoo Group Finance No 2 Ltd
4.5% 16/12/2019
Xinhu BVI Holding Co Ltd 6%
1/3/2020
% of
Net
Assets
4,100,062
0.05
2,854,638
0.04
1,693,577
0.02
4,579,300
0.06
1,201,062
0.02
1,554,000
0.02
2,593,500
2,652,000
0.03
0.03
2,202,000
0.03
2,100,004
0.03
3,134,524
0.04
2,238,985
0.03
1,230,092
0.02
691,391
946,962
0.01
0.01
6,308,446
0.08
3,513,125
0.05
626,772
0.01
779,570
0.01
1,211,801
0.02
1,930,446
0.02
1,587,571
0.02
1,027,563
0.01
60,378,453
0.77
4,196,113
0.05
7,252,070
0.09
1,461,506
0.02
7,074,208
0.09
2,245,230
0.03
1,070,600
0.01
4,068,500
0.05
21,905,901
0.28
12,307,331
0.16
Canada
USD 4,156,522
USD 6,874,000
14,772,606
Description
Market
Value
(USD)
Air Canada 2015-2 Class B Pass
Through Trust '144A' 5%
15/12/2023
Canbriam Energy Inc '144A' 9.75%
15/11/2019
Glencore Canada Financial Corp
7.375% 27/5/2020
Manulife Financial Corp FRN
24/2/2032
Niska Gas Storage Ltd / Niska Gas
Storage Canada Finance Corp
6.5% 1/4/2019
NOVA Chemicals Corp '144A' 5%
1/5/2025
NOVA Chemicals Corp '144A'
5.25% 1/8/2023
Province of Alberta Canada 1.35%
1/9/2021
Province of Ontario Canada 4.2%
2/6/2020
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
199
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
CAD 31,900,000
USD 5,012,000
USD 4,567,000
USD 3,259,000
EUR 206,000
USD 430,000
USD 5,887,000
Description
Province of Ontario Canada 4.4%
2/6/2019
Seven Generations Energy Ltd
'144A' 6.75% 1/5/2023
Stoneway Capital Corp '144A' 10%
1/3/2027
Transcanada Trust FRN 15/8/2076
Valeant Pharmaceuticals
International Inc 4.5% 15/5/2023
Valeant Pharmaceuticals
International Inc '144A' 5.375%
15/3/2020
Valeant Pharmaceuticals
International Inc '144A' 6.75%
15/8/2018*
Market
Value
(USD)
% of
Net
Assets
25,897,593
0.33
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 5,000,000
GBP 800,000
5,325,250
0.07
USD 1,200,000
4,622,717
3,495,278
0.06
0.04
174,428
0.00
EUR 983,000
EUR 100,000
USD 775,000
389,150
0.01
USD 500,000
USD 1,225,000
5,857,565
0.08
107,343,440
1.37
4,856,936
0.06
USD 784,000
894,167
2,080,000
0.01
0.03
USD 2,106,000
Cayman Islands
USD 4,850,000
HKD 6,000,000
USD 2,000,000
USD 1,858,000
USD 321,000
USD 4,000,000
USD 1,500,000
USD 3,050,000
USD 322,000
USD 2,750,000
USD 1,607,000
USD 1,275,000
USD 1,046,000
HKD 6,000,000
USD 207,000
USD 1,972,270
USD 1,218,000
HKD 13,765,456
USD 1,902,000
USD 611,000
GBP 1,231,337
GBP 495,400
USD 2,000,000
USD 1,200,000
USD 1,690,000
USD 4,519,000
USD 402,000
USD 2,300,000
200
ABQ Finance Ltd 3.5% 22/2/2022
ASM Pacific Technology Ltd 2%
28/3/2019
AYC Finance Ltd 0.5% 2/5/2019
China Aoyuan Property Group Ltd
6.35% 11/1/2020*
China Evergrande Group 8.75%
30/10/2018*
China Overseas Finance Investment
Cayman V Ltd 5/1/2023
(Zero Coupon)
Ctrip.com International Ltd '144A'
1.25% 15/9/2022
DIB Sukuk Ltd 3.664% 14/2/2022
DP World Crescent Ltd 3.908%
31/5/2023
ENN Energy Holdings Ltd
26/2/2018 (Zero Coupon)
Fantasia Holdings Group Co Ltd
7.375% 4/10/2021
Future Land Development Holdings
Ltd 5% 16/2/2020
Global A&T Electronics Ltd 10%
1/2/2019
HC International Inc 5% 27/11/2019
Honghua Group Ltd 7.45%
25/9/2019
Kaisa Group Holdings Ltd 7.56%
30/6/2020
Mongolian Mining Corp (Defaulted)
8.875% 29/3/2017
Munsun Capital Group Ltd 7.25%
4/2/2018
New World China Land Ltd 4.75%
23/1/2027
Powerlong Real Estate Holdings Ltd
4.875% 15/9/2021
Punch Taverns Finance B Ltd 5.267%
30/3/2024
Punch Taverns Finance B Ltd 5.943%
30/9/2022
Shui On Development Holding Ltd
FRN 4/6/2020 (Perpetual)
Silergy Corp 4/8/2021
(Zero Coupon)
Suzano Trading Ltd '144A' 5.875%
23/1/2021
Tecnoglass Inc '144A' 8.2%
31/1/2022
TICP CLO III Ltd '2014-3A B1' '144A'
FRN 20/1/2027
Times Property Holdings Ltd 6.25%
23/1/2020*
BlackRock Global Funds (BGF)
Description
TPK Holding Co Ltd 8/4/2020
(Zero Coupon)
Trafford Centre Finance Ltd/The FRN
28/7/2035
United Laboratories International
Holdings Ltd/The 4.5% 5/12/2021
UPCB Finance IV Ltd 4% 15/1/2027*
Viridian Group FundCo II Ltd 7.5%
1/3/2020
Xinyuan Real Estate Co Ltd 7.75%
28/2/2021
Xinyuan Real Estate Co Ltd 8.125%
30/8/2019*
Yuzhou Properties Co Ltd 6%
25/1/2022
Market
Value
(USD)
% of
Net
Assets
4,968,750
0.06
762,031
0.01
1,464,000
1,076,889
0.02
0.01
112,442
0.00
769,188
0.01
508,750
0.01
1,251,203
0.02
59,317,940
0.76
808,304
0.01
2,150,735
0.03
Chile
USD 590,000
1,918,368
0.02
332,877
0.00
4,101,480
0.05
1,550,625
3,058,982
0.02
0.04
327,233
0.00
2,837,656
0.04
1,659,115
0.02
1,273,298
0.02
711,280
720,822
0.01
0.01
Empresa de Transporte de Pasajeros
Metro SA '144A' 5% 25/1/2047*
GNL Quintero SA '144A' 4.634%
31/7/2029
GNL Quintero SA 4.634%
31/7/2029
602,533
0.01
3,561,572
0.05
1,383,036
0.02
2,183,780
0.03
5,816,250
0.07
465,476
0.01
916,930
2,304,548
0.01
0.03
China
CNH 10,000,000
CNY 15,000,000
USD 5,500,000
USD 470,000
USD 950,000
USD 2,300,000
USD 5,100,000
212,693
0.00
1,919,747
0.02
USD 7,623,000
790,482
0.01
USD 127,000
1,675,909
0.02
1,967,056
0.03
588,851
0.01
EUR 100,000
1,516,160
0.02
EUR 700,000
638,231
0.01
2,125,000
0.03
1,473,000
1,796,892
4,613,899
403,012
2,360,916
0.02
0.02
0.06
0.01
0.03
China Government Bond 3.3%
4/7/2023
China Railway Construction Corp
Ltd 1.5% 21/12/2021
CRRC Corp Ltd 5/2/2021
(Zero Coupon)
Gansu Provincial Highway Aviation
Tourism Investment Group Co Ltd
3% 18/11/2019
Jinan West City Investment &
Development Group Co Ltd
3.125% 11/10/2021
Shougang Corp 3.375% 9/12/2019
Union Life Insurance Co Ltd 3%
19/9/2021
4,850,182
0.06
17,920,202
0.23
8,099,437
0.11
Colombia
Colombia Government International
Bond 4.375% 12/7/2021
Colombia Government International
Bond 11.75% 25/2/2020
160,909
0.00
8,260,346
0.11
109,841
0.00
Cyprus
Aroundtown Property Holdings Plc
1.5% 18/1/2021
Aroundtown Property Holdings Plc
3% 5/5/2020
983,355
0.01
1,093,196
0.01
223,917
0.00
4,709,438
0.06
5,789,678
0.08
Denmark
EUR 200,000
DKK 34,100,055
DKK 42,084,882
DKK 53,111,988
Danske Bank A/S FRN 6/4/2020
(Perpetual)
Nordea Kredit Realkreditaktieselskab
2% 1/10/2047
Nykredit Realkredit A/S 2%
1/10/2047
Realkredit Danmark A/S 2%
1/10/2047
7,335,109
0.09
18,058,142
0.23
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Holding
4,186,312
0.05
EUR 503,000
USD 3,760,000
USD 2,093,000
1,145,326
0.01
GBP 200,000
3,609,609
0.05
USD 250,000
8,941,247
0.11
109,559
166,520
858,148
404,559
0.00
0.00
0.01
0.01
846,118
0.01
813,000
0.01
108,000
754,119
0.00
0.01
5,339,657
0.07
Egypt
USD 4,035,000
USD 1,100,000
USD 3,323,000
Egypt Government International
Bond 5.75% 29/4/2020
Egypt Government International
Bond 6.125% 31/1/2022
Egypt Government International
Bond 8.5% 31/1/2047
France
EUR 100,000
EUR 150,000
EUR 800,000
EUR 356,000
EUR 800,000
USD 800,000
USD 100,000
EUR 700,000
USD 5,390,000
EUR 2,400,000
EUR 900,000
EUR 1,500,000
EUR 100,000
EUR 100,000
EUR 700,000
EUR 1,300,000
EUR 100,000
EUR 1,100,000
USD 600,000
EUR 1,400,000
EUR 427,000
EUR 300,000
EUR 100,000
EUR 300,000
EUR 2,850,000
EUR 1,000,000
EUR 200,000
EUR 106,000
EUR 100,000
EUR 200,000
EUR 2,350,000
EUR 495,000
GBP 100,000
EUR 510,000
EUR 1,400,000
Autodis SA FRN 1/5/2022
Autodis SA 4.375% 1/5/2022
AXA SA FRN 6/7/2047*
BiSoho SAS 5.875% 1/5/2023
BNP Paribas Cardif SA FRN
25/11/2025 (Perpetual)
BNP Paribas SA FRN 19/8/2025
(Perpetual)
BNP Paribas SA FRN 25/6/2037
(Perpetual)
BNP Paribas SA 2.75% 27/1/2026
BNP Paribas SA '144A' 4.375%
12/5/2026
Casino Guichard Perrachon SA
3.248% 7/3/2024
Casino Guichard Perrachon SA
3.58% 7/2/2025
Casino Guichard Perrachon SA
4.048% 5/8/2026
Casino Guichard Perrachon SA
5.976% 26/5/2021
CMA CGM SA 7.75% 15/1/2021
CNP Assurances FRN 10/6/2047
Credit Agricole Assurances SA FRN
13/1/2025 (Perpetual)*
Credit Agricole Assurances SA FRN
14/10/2025 (Perpetual)
Credit Agricole SA FRN 23/6/2021
(Perpetual)
Credit Agricole SA FRN 23/1/2024
(Perpetual)
Credit Agricole SA 2.625%
17/3/2027
Crown European Holdings SA
3.375% 15/5/2025*
Dry Mix Solutions Investissements
SAS FRN 15/6/2021
Dry Mix Solutions Investissements
SAS FRN 15/3/2023
Faurecia 3.625% 15/6/2023
French Republic Government Bond
OAT 25/2/2020 (Zero Coupon)
Groupama SA 6% 23/1/2027
Groupe Fnac SA 3.25% 30/9/2023
HomeVi SAS 6.875% 15/8/2021
Horizon Holdings I SAS 7.25%
1/8/2023
Loxam SAS 3.5% 3/5/2023
NEW Areva Holding SA 4.875%
23/9/2024*
Orange SA FRN 1/10/2021
(Perpetual)
Orange SA FRN 1/4/2023
(Perpetual)
Rexel SA 3.5% 15/6/2023
SapphireOne Mortgages FCT
'2016-3' FRN 27/6/2061
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
USD 650,000
EUR 1,600,000
EUR 310,000
EUR 200,000
EUR 100,000
EUR 509,000
EUR 250,000
EUR 250,000
2,801,153
0.04
990,176
0.01
EUR 600,000
1,693,276
0.02
125,033
104,310
761,998
0.00
0.00
0.01
EUR 434,000
EUR 1,400,000
EUR 3,500,000
USD 4,925,000
Description
SFR Group SA 5.375% 15/5/2022
SFR Group SA '144A' 6% 15/5/2022
SFR Group SA '144A' 7.375%
1/5/2026
Societe Generale SA FRN 16/6/2018
(Perpetual)
Societe Generale SA '144A' FRN
13/9/2021 (Perpetual)
Societe Generale SA FRN 13/9/2021
(Perpetual)
Societe Generale SA 4% 7/6/2023
Solvay Finance SA FRN 2/6/2021
(Perpetual)*
Tereos Finance Groupe I SA 4.125%
16/6/2023
THOM Europe SAS 7.375%
15/7/2019
TOTAL SA FRN 18/5/2022
(Perpetual)
Verallia Packaging SASU 5.125%
1/8/2022
WFS Global Holding SAS 9.5%
15/7/2022*
Market
Value
(USD)
% of
Net
Assets
557,517
3,915,100
0.01
0.05
2,174,104
0.03
266,543
0.00
252,500
0.00
656,500
1,910,078
0.01
0.03
360,639
0.01
218,919
0.00
111,358
0.00
574,923
0.01
282,785
0.00
279,893
0.00
43,550,459
0.56
Germany
EUR 12,472,000
1,357,827
0.02
EUR 200,000
104,829
0.00
EUR 100,000
1,213,259
0.02
USD 2,453,000
610,292
0.01
EUR 425,000
1,497,901
0.02
EUR 400,000
470,349
0.01
EUR 175,000
319,951
0.00
107,650
333,673
0.00
0.01
3,059,872
1,084,292
216,350
119,183
0.04
0.01
0.00
0.00
EUR 225,000
EUR 390,000
EUR 1,765,000
EUR 1,102,000
EUR 1,092,000
EUR 497,000
113,178
210,257
0.00
0.00
EUR 100,000
2,545,906
0.03
553,240
0.01
USD 2,070,000
132,174
567,758
0.00
0.01
USD 8,957,000
1,496,033
0.02
Bertelsmann SE & Co KGaA FRN
23/4/2075
616,885
Commerzbank AG 4% 23/3/2026
476,805
Commerzbank AG 7.75% 16/3/2021
1,793,365
Deutsche Bank AG 1.5% 20/1/2022
3,759,129
Deutsche Bank AG '144A' 4.25%
14/10/2021
4,981,820
Deutsche Bundesrepublik Inflation
Linked Bond 0.1% 15/4/2026*
15,123,704
Deutsche Pfandbriefbank AG 4.6%
22/2/2027
220,402
FTE Verwaltungs GmbH 9%
15/7/2020
112,237
HSH Nordbank AG 7.25%
30/6/2017 (Perpetual)
662,310
IHO Verwaltungs GmbH 2.75%
15/9/2021
466,787
IHO Verwaltungs GmbH 3.25%
15/9/2023*
441,185
IHO Verwaltungs GmbH 3.75%
15/9/2026
189,423
LANXESS AG FRN 6/12/2076*
257,623
ProGroup AG 5.125% 1/5/2022
441,598
RWE AG FRN 21/4/2075*
1,780,657
Senvion Holding GmbH 6.625%
15/11/2020
1,219,194
Unitymedia Hessen GmbH & Co KG /
Unitymedia NRW GmbH 3.5%
15/1/2027*
1,183,792
Unitymedia Hessen GmbH & Co KG /
Unitymedia NRW GmbH 4%
15/1/2025
557,589
Unitymedia Hessen GmbH & Co KG /
Unitymedia NRW GmbH 4.625%
15/2/2026
115,049
Unitymedia Hessen GmbH & Co KG /
Unitymedia NRW GmbH '144A'
5% 15/1/2025
2,137,275
Unitymedia Hessen GmbH & Co KG /
Unitymedia NRW GmbH '144A'
5.5% 15/1/2023
9,393,654
0.01
0.01
0.02
0.05
0.06
0.19
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.02
0.02
0.01
0.01
0.00
0.03
0.12
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
201
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 721,600
EUR 412,290
EUR 300,000
Description
Unitymedia Hessen GmbH & Co KG /
Unitymedia NRW GmbH 5.625%
15/4/2023
Unitymedia Hessen GmbH & Co KG /
Unitymedia NRW GmbH 5.75%
15/1/2023
Unitymedia Hessen GmbH & Co KG /
Unitymedia NRW GmbH 6.25%
15/1/2029*
Market
Value
(USD)
% of
Net
Assets
EUR 3,044,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 764,290
EUR 1,910,000
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2023
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2024
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2025
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2026
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2027
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2028
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2029
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2030
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2031
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2032
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2033
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2034
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2035
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2036
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2037
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2038
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2039
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2040
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2041
Hellenic Republic Government Bond
(Step-up coupon) 3% 24/2/2042
Hellenic Republic Government
Bond '144A' 4.75% 17/4/2019
Holding
USD 1,550,000
824,883
0.01
USD 1,000,000
USD 1,900,000
467,275
0.01
USD 2,350,000
365,034
0.00
47,587,675
0.61
USD 2,375,000
CNH 3,000,000
Greece
EUR 764,290
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
667,704
0.01
2,604,234
0.03
641,685
0.01
631,512
0.01
INR 2,130,000,000
622,426
0.01
INR 420,000,000
596,127
0.01
INR 458,000,000
578,960
0.01
INR 338,000,000
566,521
0.01
INR 830,000,000
555,972
0.01
USD 1,019,000
546,513
0.01
INR 1,144,000,000
535,530
0.01
INR 458,000,000
527,533
0.01
0.01
514,188
0.01
510,305
0.01
507,302
0.00
505,709
0.00
504,684
505,559
0.00
0.00
INR 250,000,000
INR 458,000,000
INR 800,000,000
USD 1,580,000
INR 200,000,000
INR 1,300,000,000
INR 500,000,000
INR 700,000,000
USD 2,208,000
USD 1,400,000
505,713
0.00
USD 116,049
1,917,020
0.02
15,065,046
0.19
Guernsey
USD 1,651,146
Doric Nimrod Air Alpha 2013-1
Class A Pass Through Trust '144A'
5.25% 30/5/2023
USD 1,834,000
USD 1,200,000
202
Bagan Capital Ltd 23/9/2021
(Zero Coupon)
Bank of East Asia Ltd/The FRN
2/12/2020 (Perpetual)
Baosteel Hong Kong Investment
Co Ltd 1/12/2018
(Zero Coupon)
BlackRock Global Funds (BGF)
1,605,475
0.02
1,096,050
0.01
1,918,269
0.02
2,293,952
0.03
2,439,446
0.03
435,712
0.01
16,462,459
0.21
Adani Ports & Special Economic
Zone Ltd '144A' 3.95%
19/1/2022
Food Corp of India 9.95%
7/3/2022
Housing Development Finance
Corp Ltd 7.875% 21/8/2019
Housing Development Finance
Corp Ltd 8.7% 18/5/2020
Housing Development Finance
Corp Ltd 9.45% 21/8/2019
Housing Development Finance
Corp Ltd 9.65% 17/1/2019
ICICI Bank Ltd/Dubai 4%
18/3/2026*
India Government Bond 7.16%
20/5/2023
LIC Housing Finance Ltd 7.2%
24/4/2020
LIC Housing Finance Ltd 8.25%
23/10/2025
LIC Housing Finance Ltd 8.6%
28/12/2020
Mahanagar Telephone Nigam
Ltd 8.29% 28/11/2024
NTPC Ltd 5.625% 14/7/2021
NTPC Ltd 9.17% 22/9/2024
Power Finance Corp Ltd 8.36%
26/2/2020
Power Finance Corp Ltd 8.65%
28/11/2019
Power Finance Corp Ltd 8.96%
21/10/2019
Reliance Industries Ltd 5.875%
5/2/2018 (Perpetual)
Suzlon Energy Ltd (Step-up
coupon) 5.75% 16/7/2019
Videocon Industries Ltd 2.8%
31/12/2020
3,247,376
0.04
35,065,665
0.45
6,383,401
0.08
7,071,372
0.09
5,264,637
0.07
12,870,453
0.16
1,017,387
0.01
17,216,294
0.22
6,801,925
0.09
3,830,278
0.05
7,065,139
0.09
12,453,314
1,741,417
3,234,698
0.16
0.02
0.04
20,111,377
0.26
7,773,777
0.10
10,952,666
0.14
2,263,200
0.03
1,494,500
0.02
98,207
0.00
165,957,083
2.12
418,213
0.01
2,677,685
0.03
4,305,903
0.05
3,270,501
0.04
Indonesia
USD 1,130,000
1,721,319
0.02
USD 2,600,000
USD 3,919,000
Hong Kong
USD 3,500,000
Chalieco Hong Kong Corp Ltd
FRN 15/1/2020 (Perpetual)
CITIC Ltd FRN 22/11/2018
(Perpetual)
Dah Sing Bank Ltd FRN
30/11/2026
Industrial & Commercial Bank of
China Asia Ltd FRN 21/7/2021
(Perpetual)*
Vanke Real Estate Hong Kong
Co Ltd 3.95% 23/12/2019
Yufu Eternity Ltd 5.625%
26/11/2017
% of
Net
Assets
India
USD 3,200,000
519,849
Description
Market
Value
(USD)
3,610,688
0.05
1,813,367
0.02
1,249,500
0.02
USD 3,243,000
USD 6,178,000
Berau Coal Energy Tbk PT
(Defaulted) 7.25% 13/3/2017
Bukit Makmur Mandiri Utama PT
7.75% 13/2/2022*
Indonesia Government
International Bond
5.875% 13/3/2020
Pertamina Persero PT 5.625%
20/5/2043
Pertamina Persero PT 6.45%
30/5/2044*
6,840,870
0.09
17,513,172
0.22
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
International
EUR 10,600,000
European Stability Mechanism 0.5%
2/3/2026
Description
Market
Value
(USD)
% of
Net
Assets
3,232,624
0.04
2,708,600
0.03
164,866
0.00
1,553,608
0.02
256,451
0.00
1,105,658
0.01
2,279,370
0.03
1,238,403
0.01
2,114,082
0.03
651,616
0.01
222,709
524,195
226,811
145,073
0.00
0.01
0.00
0.00
2,213,592
0.03
1,384,233
0.02
3,508,120
0.04
6,199,012
0.08
1,366,530
0.02
1,173,962
57,625
0.01
0.00
176,171
0.00
1,379,318
3,166,830
0.02
0.04
5,186,902
0.07
5,515,207
0.07
20,897,085
0.27
16,396,336
0.21
7,784,847
0.10
27,488,535
0.35
653,816
136,289
110,753
0.01
0.00
0.00
2,151,526
0.03
1,522,005
0.02
Isle of Man
11,228,812
USD 3,200,000
Gohl Capital Ltd 4.25% 24/1/2027
EUR 2,550,000
EUR 155,355
2i Rete Gas SpA 1.75% 28/8/2026
Asset Backed European
Securitisation Transaction Nine Srl
FRN 10/12/2028
Asset-Backed European
Securitisation Transaction Ten Srl
FRN 10/12/2028
Assicurazioni Generali SpA FRN
8/2/2022 (Perpetual)
Assicurazioni Generali SpA FRN
10/7/2042
Assicurazioni Generali SpA FRN
12/12/2042
Assicurazioni Generali SpA FRN
27/10/2047
Autostrade per l'Italia SpA 1.75%
1/2/2027
Banca Popolare di Milano Scarl
2.75% 27/7/2020
Banca Popolare di Milano Scarl
4.25% 30/1/2019
Enel SpA FRN 10/1/2074
Enel SpA FRN 15/1/2075
Enel SpA FRN 10/9/2075
Fondi Immobili Pubblici Funding
SRL FRN 10/1/2023
Intesa Sanpaolo SpA FRN 19/1/2021
(Perpetual)*
Intesa Sanpaolo SpA '144A' FRN
17/9/2025 (Perpetual)*
Intesa Sanpaolo SpA FRN 11/1/2027
(Perpetual)
Intesa Sanpaolo SpA 2.855%
23/4/2025*
Intesa Sanpaolo SpA 3.928%
15/9/2026*
Intesa Sanpaolo SpA 5% 23/9/2019
Intesa Sanpaolo SpA 5.15%
16/7/2020
Intesa Sanpaolo SpA 6.625%
13/9/2023
Italgas SpA 1.625% 19/1/2027
Italy Buoni Poliennali Del Tesoro
0.35% 1/11/2021
Italy Buoni Poliennali Del Tesoro
1.25% 1/12/2026
Italy Buoni Poliennali Del Tesoro
2.1% 15/9/2021
Italy Buoni Poliennali Del Tesoro
2.15% 12/11/2017*
Italy Buoni Poliennali Del Tesoro
2.25% 22/4/2017
Italy Buoni Poliennali Del Tesoro
2.35% 15/9/2019
LKQ Italia Bondco SpA 3.875%
1/4/2024
Marcolin SpA FRN 15/2/2023
Snai SpA 6.375% 7/11/2021
Telecom Italia SpA/Milano 1.125%
26/3/2022
Telecom Italia SpA/Milano 3.25%
16/1/2023*
0.14
Italy
Ireland
USD 1,922,000
EUR 1,300,000
EUR 845,000
EUR 175,000
EUR 1,072,000
USD 6,911,000
USD 1,100,000
USD 500,000
EUR 425,000
EUR 550,000
EUR 150,000
EUR 150,000
EUR 1,787,000
EUR 235,000
EUR 4,658,000
EUR 800,000
EUR 462,000
EUR 2,700,000
EUR 3,000,000
EUR 4,350,000
EUR 730,000
EUR 7,122,000
USD 372,000
EUR 2,339,978
EUR 200,000
EUR 886,545
EUR 942,117
GBP 750,000
AerCap Ireland Capital DAC /
AerCap Global Aviation Trust 3.5%
26/5/2022
Allied Irish Banks Plc FRN 3/12/2020
(Perpetual)
Allied Irish Banks Plc FRN
26/11/2025*
Ardagh Packaging Finance Plc /
Ardagh Holdings USA Inc 4.125%
15/5/2023
Ardagh Packaging Finance Plc /
Ardagh Holdings USA Inc 4.25%
15/1/2022
Ardagh Packaging Finance Plc /
Ardagh Holdings USA Inc '144A'
4.625% 15/5/2023
Ardagh Packaging Finance Plc /
Ardagh Holdings USA Inc '144A'
6% 30/6/2021
Ardagh Packaging Finance Plc /
Ardagh Holdings USA Inc '144A'
6.25% 31/1/2019
Ardagh Packaging Finance Plc /
Ardagh Holdings USA Inc 6.75%
15/5/2024
Avoca Clo XIV DAC 12/7/2028
(Zero Coupon)
Avoca Clo XIV DAC 'E' FRN
12/7/2028
Avoca Clo XIV DAC 'F' FRN
12/7/2028
Bank of Ireland FRN 18/6/2020
(Perpetual)*
Bank of Ireland FRN 11/6/2024*
Bank of Ireland FRN 11/6/2024*
Carlyle Global Market Strategies
Euro CLO 2015-3 DAC
'2015-3X D' FRN 15/1/2029
eircom Finance DAC 4.5%
31/5/2022
Fresenius Finance Ireland Plc 1.5%
30/1/2024
Fresenius Finance Ireland Plc 2.125%
1/2/2027
Fresenius Finance Ireland Plc 3%
30/1/2032*
Harvest Clo XI DAC FRN 26/3/2029
Ireland Government Bond 1.7%
15/5/2037
Johnson Controls International plc
4.5% 15/2/2047
Magellan Mortgages No4 Plc FRN
20/7/2059
Smurfit Kappa Acquisitions 2.375%
1/2/2024
Taurus 2016-2 DEU DAC
'2016-DE2 C' FRN 3/1/2027
Taurus 2016-2 DEU DAC
'2016-DE2 D' FRN 3/1/2027
Virgin Media Receivables Financing
Notes I DAC 5.5% 15/9/2024
1,960,036
0.03
EUR 1,470,944
1,433,852
0.02
934,527
0.01
GBP 200,000
EUR 800,000
198,121
0.00
EUR 1,800,000
1,175,737
0.01
EUR 1,103,000
EUR 1,990,000
7,066,497
0.09
EUR 600,000
1,145,705
0.01
508,530
0.01
500,892
0.01
EUR 200,000
EUR 457,000
EUR 200,000
GBP 105,000
EUR 2,127,719
EUR 1,300,000
523,965
0.01
USD 3,740,000
152,774
0.00
EUR 5,725,000
141,644
0.00
EUR 1,300,000
2,029,443
260,263
5,158,375
0.03
0.00
0.07
EUR 1,080,000
EUR 50,000
EUR 150,000
832,064
0.01
EUR 1,100,000
515,218
0.01
2,928,901
0.04
EUR 3,000,000
EUR 5,000,000
3,294,158
0.04
EUR 5,600,000
4,859,589
762,425
0.06
0.01
EUR 16,455,000
EUR 15,100,000
7,520,698
0.10
EUR 7,295,000
382,616
0.00
2,064,628
0.03
217,497
0.00
949,337
0.01
1,010,755
0.01
962,933
0.01
49,491,180
0.63
EUR 21,619,000
EUR 576,000
EUR 125,000
EUR 100,000
EUR 2,100,000
EUR 1,355,000
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
203
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 1,167,000
USD 2,360,000
EUR 5,275,000
EUR 3,512,000
EUR 450,000
EUR 1,900,000
EUR 2,200,000
Description
Telecom Italia SpA/Milano 3.625%
19/1/2024*
Telecom Italia SpA/Milano '144A'
5.303% 30/5/2024
UniCredit SpA FRN 3/6/2022
(Perpetual)
UniCredit SpA FRN 28/10/2025
UniCredit SpA FRN 3/1/2027
UniCredit SpA 2% 4/3/2023*
UniCredit SpA 6.95% 31/10/2022
Market
Value
(USD)
% of
Net
Assets
1,318,551
0.02
JPY 20,000,000
JPY 40,000,000
JPY 380,000,000
JPY 80,000,000
JPY 360,000,000
JPY 16,138,800,000
JPY 70,000,000
JPY 140,000,000
JPY 80,000,000
JPY 20,000,000
USD 2,961,000
USD 900,000
USD 8,443,000
JPY 130,000,000
JPY 40,000,000
USD 2,300,000
JPY 200,000,000
JPY 150,000,000
USD 100,000
EUR 160,000
USD 7,660,000
JPY 80,000,000
JPY 50,000,000
JPY 320,000,000
JPY 120,000,000
JPY 40,000,000
USD 6,250,000
204
USD 3,000,000
2,406,704
0.03
6,037,094
3,992,049
490,859
2,061,415
2,715,590
0.08
0.05
0.01
0.03
0.03
140,682,398
1.79
Chugoku Electric Power Co Inc/
The 23/3/2018 (Zero Coupon)
357,876
Chugoku Electric Power Co Inc/
The 25/3/2020 (Zero Coupon)
180,253
Ezaki Glico Co Ltd 30/1/2024
(Zero Coupon)
380,662
HIS Co Ltd 30/8/2019
(Zero Coupon)
3,538,849
Iida Group Holdings Co Ltd
18/6/2020 (Zero Coupon)
752,253
Iwatani Corp 22/10/2020
(Zero Coupon)
3,421,269
Japan Government Two Year
Bond 0.1% 15/9/2017
144,313,698
Kandenko Co Ltd 31/3/2021
(Zero Coupon)
675,061
Kansai Paint Co Ltd 17/6/2019
(Zero Coupon)
1,328,307
Kansai Paint Co Ltd 17/6/2022
(Zero Coupon)
739,398
LIXIL Group Corp 4/3/2022
(Zero Coupon)
187,069
Mitsubishi UFJ Financial Group Inc
2.998% 22/2/2022
2,990,681
Mitsui OSK Lines Ltd 24/4/2020
(Zero Coupon)
884,025
Mizuho Financial Group Inc
2.953% 28/2/2022
8,469,368
Nagoya Railroad Co Ltd
11/12/2024 (Zero Coupon)
1,257,073
Nipro Corp 29/1/2021
(Zero Coupon)
408,746
ORIX Corp 3.95% 19/1/2027
2,319,976
Resorttrust Inc 1/12/2021
(Zero Coupon)
1,837,563
Shimizu Corp 16/10/2020
(Zero Coupon)
1,475,730
Shizuoka Bank Ltd/The 25/4/2018
(Zero Coupon)
99,037
SoftBank Group Corp 4.75%
30/7/2025
191,125
Sumitomo Mitsui Trust Bank Ltd
'144A' 2.05% 6/3/2019
7,662,758
Takashimaya Co Ltd 11/12/2018
(Zero Coupon)
723,784
Tohoku Electric Power Co Inc
3/12/2018 (Zero Coupon)
451,026
Tohoku Electric Power Co Inc
3/12/2020 (Zero Coupon)
2,935,461
Transcosmos Inc 22/12/2020
(Zero Coupon)
1,091,031
Unicharm Corp 25/9/2020
(Zero Coupon)
423,739
Universal Entertainment Corp
'144A' 8.5% 24/8/2020
6,492,625
BlackRock Global Funds (BGF)
Holding
USD 500,000
Description
Yamaguchi Financial Group Inc
20/12/2018 (Zero Coupon)
Yamaguchi Financial Group Inc FRN
26/3/2020
EUR 350,000
0.00
EUR 100,000
0.00
EUR 750,000
0.00
EUR 606,912
0.04
EUR 300,000
0.01
USD 400,000
0.04
USD 412,000
Adient Global Holdings Ltd 3.5%
15/8/2024
Avis Budget Finance Plc 4.125%
15/11/2024
CPUK Finance Ltd 7% 28/8/2020
HBOS Capital Funding LP 6.85%
23/6/2017 (Perpetual)
Lincoln Finance Ltd 6.875%
15/4/2021
Mercury Bondco Plc 7.125%
30/5/2021
Mercury Bondco Plc 8.25%
30/5/2021
RZB Finance Jersey IV Ltd FRN
16/5/2017 (Perpetual)
Tullow Oil Jersey Ltd 6.625%
12/7/2021
West China Cement Ltd 6.5%
11/9/2019
1.84
0.01
0.02
0.01
% of
Net
Assets
581,375
0.01
3,221,610
0.04
199,391,428
2.54
218,355
0.00
369,831
320,429
0.01
0.00
204,750
0.00
114,611
0.00
791,286
0.01
660,892
0.01
306,231
0.00
494,008
0.01
430,025
0.01
3,910,418
0.05
7,769,968
0.10
574,220
242,756
0.01
0.00
350,582
0.01
629,064
0.01
319,013
0.00
259,036
0.00
540,815
0.01
893,400
0.01
138,044
0.00
128,264
0.00
272,258
0.00
414,655
0.01
311,815
0.00
3,531,289
0.05
373,247
0.01
186,261
0.00
130,043
0.00
2,189,276
0.03
578,360
0.01
Luxembourg
USD 7,693,000
EUR 505,000
0.00
EUR 200,000
EUR 310,000
0.04
EUR 558,000
0.01
GBP 250,000
0.11
GBP 200,000
0.02
EUR 498,000
0.01
0.03
EUR 810,000
EUR 125,000
0.02
GBP 100,000
0.02
EUR 240,000
0.00
EUR 375,000
0.00
EUR 276,000
0.10
USD 3,488,761
0.01
EUR 318,000
0.01
EUR 159,000
0.04
GBP 100,000
0.01
EUR 2,100,000
0.01
EUR 525,000
0.08
Market
Value
(USD)
Jersey
EUR 200,000
GBP 243,000
USD 200,000
Japan
JPY 40,000,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Actavis Funding SCS 3.8%
15/3/2025
Altice Financing SA 5.25%
15/2/2023
Altice Finco SA 9% 15/6/2023
Altice Luxembourg SA 6.25%
15/2/2025
Altice Luxembourg SA 7.25%
15/5/2022
Amigo Luxembourg SA 7.625%
15/1/2024
B&M European Value Retail SA
4.125% 1/2/2022
Befesa Zinc SAU Via Zinc Capital SA
8.875% 15/5/2018
Bilbao Luxembourg SA 10.5%
1/12/2018
BMBG Bond Finance SCA 3%
15/6/2021
Cabot Financial Luxembourg SA
6.5% 1/4/2021
CNH Industrial Finance Europe SA
2.875% 27/9/2021
CNH Industrial Finance Europe SA
2.875% 17/5/2023
ContourGlobal Power Holdings SA
5.125% 15/6/2021
Dragon Aviation Finance
Luxembourg SA 4% 28/11/2022
Fiat Chrysler Finance Europe 4.75%
22/3/2021
Fiat Chrysler Finance Europe 4.75%
15/7/2022
Garfunkelux Holdco 3 SA 8.5%
1/11/2022
GELF Bond Issuer I SA 1.625%
20/10/2026
Horizon Parent Holdings Sarl 8.25%
15/2/2022*
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 100,000
EUR 800,000
EUR 480,000
USD 729,000
EUR 317,000
EUR 200,000
USD 1,619,000
USD 3,143,000
EUR 2,275,000
EUR 2,000,000
EUR 251,000
USD 100,000
USD 100,000
EUR 600,000
EUR 729,000
EUR 400,000
EUR 849,000
USD 200,000
EUR 200,000
USD 410,000
Description
INEOS Group Holdings SA
5.375% 1/8/2024
JH-Holding Finance SA 8.25%
1/12/2022
Matterhorn Telecom SA 3.875%
1/5/2022
Minerva Luxembourg SA '144A'
6.5% 20/9/2026
Monitchem HoldCo 3 SA 5.25%
15/6/2021*
Play Finance 2 SA 5.25% 1/2/2019
Raizen Fuels Finance SA '144A'
5.3% 20/1/2027*
Rumo Luxembourg Sarl '144A'
7.375% 9/2/2024
SELP Finance Sarl 1.25%
25/10/2023
SES SA FRN 29/1/2024 (Perpetual)*
Swissport Investments SA 6.75%
15/12/2021
Telecom Italia Capital SA 6%
30/9/2034
Telecom Italia Capital SA 6.375%
15/11/2033
Telecom Italia Finance SA 7.75%
24/1/2033
Telenet Finance V Luxembourg
SCA 6.75% 15/8/2024
Trinseo Materials Operating SCA /
Trinseo Materials Finance Inc
6.375% 1/5/2022
Wind Acquisition Finance SA
4% 15/7/2020
Wind Acquisition Finance SA
'144A' 4.75% 15/7/2020
Wind Acquisition Finance SA
7% 23/4/2021*
Wind Acquisition Finance SA
'144A' 7.375% 23/4/2021
Market
Value
(USD)
% of
Net
Assets
112,417
0.00
USD 1,000,000
1MDB Energy Ltd 5.99%
11/5/2022
Cahaya Capital Ltd 18/9/2021
(Zero Coupon)
MXN 39,836,000
922,977
0.01
USD 2,270,000
530,731
0.01
722,658
0.01
349,819
215,442
0.01
0.00
1,659,475
0.02
CNH 5,000,000
3,245,147
0.04
USD 3,864,000
2,369,906
2,266,483
0.03
0.03
293,124
0.00
98,750
0.00
EUR 1,700,000
101,000
0.00
USD 74,359
833,928
0.01
EUR 3,160,000
860,170
0.01
EUR 200,000
USD 5,000,000
Greenko Investment Co 4.875%
16/8/2023
Neerg Energy Ltd 6% 13/2/2022
918,849
0.01
204,250
0.00
USD 259,000
221,674
0.00
USD 1,006,000
427,938
0.01
EUR 200,000
36,645,249
0.47
USD 5,918,000
EUR 400,000
USD 894,000
EUR 350,000
USD 2,700,000
Mexican Bonos 4.75% 14/6/2018
Mexican Udibonos 3.5%
14/12/2017
Mexico Government International
Bond 4% 2/10/2023
Petroleos Mexicanos 2.5%
21/8/2021
Petroleos Mexicanos 4.625%
21/9/2023
Petroleos Mexicanos 4.875%
21/2/2028
Petroleos Mexicanos 5.5%
27/6/2044
USD 3,946,000
EUR 800,000
EUR 100,000
0.06
964,125
0.01
5,525,325
0.07
Petroleos Mexicanos '144A'
6.5% 13/3/2027*
Petroleos Mexicanos 7.65%
24/11/2021
Trust F/1401 6.95% 30/1/2044
% of
Net
Assets
6,764,301
0.09
1,861,995
2,207,575
0.02
0.03
36,928,389
0.47
Development Bank of Mongolia
LLC (Restricted) 5.75% 21/3/2017
Mongolia Government International
Bond 5.125% 5/12/2022
Mongolia Government International
Bond 7.5% 30/6/2018
Trade & Development Bank of
Mongolia LLC 9.375%
19/5/2020
2,866,725
0.04
1,738,165
0.02
704,164
0.01
4,105,500
0.05
9,414,554
0.12
1,878,282
0.02
74,564
0.00
3,404,681
0.04
215,442
0.00
166,173
0.00
4,155,746
0.05
280,044
0.00
1,061,330
0.01
218,308
0.00
916,528
0.01
112,975
0.00
4,298,220
0.06
383,389
0.01
520,138
0.01
287,675
1,566,768
0.00
0.02
1,337,770
0.02
834,862
860,945
0.01
0.01
425,271
0.01
689,789
0.01
893,872
0.01
332,477
0.01
1,456,102
0.02
Netherlands
0.01
USD 4,300,000
EUR 360,000
EUR 515,000
2,454,671
5,037,500
0.03
0.07
EUR 300,000
7,492,171
0.10
EUR 1,600,000
EUR 1,300,000
11,168,276
0.14
EUR 800,000
4,825,374
0.06
USD 818,000
EUR 400,000
6,070,389
0.08
426,113
0.01
896,503
0.01
378,843
0.00
2,329,020
0.03
Mexico
MXN 228,300,000
MXN 16,749,900
USD 1,859,000
458,145
4,561,200
Description
Market
Value
(USD)
Mongolia
USD 2,790,000
EUR 150,000
Mauritius
USD 2,547,000
Holding
USD 6,367,000
Malaysia
USD 4,200,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
USD 675,000
USD 867,000
EUR 292,000
EUR 1,200,000
ABN AMRO Bank NV FRN
22/9/2020 (Perpetual)
AE-Rotor Holding BV 4.969%
28/3/2018
ASML Holding NV 1.625%
28/5/2027
ATF Netherlands BV 2.125%
13/3/2023
Axalta Coating Systems Dutch
Holding B BV 3.75% 15/1/2025
Bharti Airtel International
Netherlands BV 5.125%
11/3/2023
Constellium NV '144A' 7.875%
1/4/2021
Constellium NV '144A' 8%
15/1/2023
Cooperatieve Rabobank UA FRN
29/6/2020 (Perpetual)
Cooperatieve Rabobank UA FRN
29/6/2021 (Perpetual)*
Darling Global Finance BV 4.75%
30/5/2022
Deutsche Telekom International
Finance BV '144A' 3.6%
19/1/2027
Euro-Galaxy IV CLO BV '2015-4X D'
FRN 30/7/2028
Euro-Galaxy IV CLO BV '2015-4X E'
FRN 30/7/2028
Euro-Galaxy IV CLO BV '2015-4X F'
FRN 30/7/2028
Evonik Finance BV 0.75% 7/9/2028
Gas Natural Fenosa Finance BV
FRN 24/4/2024 (Perpetual)
Generali Finance BV FRN
21/11/2025 (Perpetual)
Greenko Dutch BV 8% 1/8/2019
Hertz Holdings Netherlands BV
4.125% 15/10/2021*
ING Groep NV FRN 16/4/2022
(Perpetual)
Jababeka International BV 6.5%
5/10/2023*
Koninklijke KPN NV FRN 14/9/2018
(Perpetual)
LGE HoldCo VI BV 7.125%
15/5/2024
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
205
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 3,454,000
USD 1,534,000
EUR 1,900,000
EUR 1,471,000
EUR 100,000
USD 850,000
USD 2,220,000
EUR 700,000
USD 1,149,000
USD 20,417,000
USD 808,000
USD 5,640,000
USD 1,218,000
USD 15,421,000
USD 570,000
EUR 900,000
EUR 2,472,000
USD 538,000
EUR 100,000
EUR 100,000
EUR 1,200,000
GBP 200,000
EUR 500,000
EUR 2,500,000
EUR 400,000
EUR 200,000
EUR 181,000
EUR 100,000
USD 750,000
Description
LYB International Finance II BV 3.5%
2/3/2027
Marfrig Holdings Europe BV '144A'
8% 8/6/2023
North Westerly CLO IV 2013 BV
'IV-X A-1' FRN 15/1/2026
North Westerly CLO IV 2013 BV
'IV-X D' FRN 15/1/2026
OI European Group BV 3.125%
15/11/2024
PB International BV 7.625%
26/1/2022*
Petrobras Global Finance BV 4.375%
20/5/2023
Petrobras Global Finance BV 4.75%
14/1/2025
Petrobras Global Finance BV 4.875%
17/3/2020
Petrobras Global Finance BV 5.375%
27/1/2021
Petrobras Global Finance BV 5.75%
20/1/2020
Petrobras Global Finance BV 6.85%
5/6/2115
Petrobras Global Finance BV 7.375%
17/1/2027
Petrobras Global Finance BV 8.375%
23/5/2021
Petrobras Global Finance BV 8.75%
23/5/2026*
PortAventura Entertainment
Barcelona BV 7.25% 1/12/2020
Repsol International Finance BV
FRN 25/3/2075*
Royal Capital BV FRN 5/5/2024
(Perpetual)*
Samvardhana Motherson
Automotive Systems Group BV
4.125% 15/7/2021
Schaeffler Finance BV 3.25%
15/5/2025
Telefonica Europe BV FRN
4/12/2019 (Perpetual)
Telefonica Europe BV FRN
26/11/2020 (Perpetual)
Telefonica Europe BV FRN
18/9/2021 (Perpetual)*
Telefonica Europe BV FRN
15/3/2022 (Perpetual)
United Group BV 7.875%
15/11/2020
UPC Holding BV 6.75% 15/3/2023
Ziggo Bond Finance BV 4.625%
15/1/2025
Ziggo Secured Finance BV 4.25%
15/1/2027
Ziggo Secured Finance BV '144A'
5.5% 15/1/2027
Market
Value
(USD)
% of
Net
Assets
Holding
3,437,422
0.04
USD 3,150,000
1,612,617
0.02
EUR 222,000
2,020,627
0.03
USD 3,519,000
1,562,500
0.02
NZD 5,570,000
206
Chorus Ltd 1.125% 18/10/2023
New Zealand Government Bond
2.536% 20/9/2035
New Zealand Government Bond
3% 20/9/2030
BlackRock Global Funds (BGF)
Description
Market
Value
(USD)
% of
Net
Assets
3,308,870
0.04
228,377
0.00
3,756,533
458,281
0.05
0.01
7,752,061
0.10
880,785
0.01
Norway
EUR 400,000
108,595
0.00
876,180
0.01
2,076,055
0.03
752,058
0.01
1,179,627
0.02
20,784,506
0.27
848,400
0.01
DNB Bank ASA FRN 26/3/2022
(Perpetual)
Norske Skog AS 11.75%
15/12/2019
Norwegian Air Shuttle ASA 2016-1
Class B Pass Through Trust
'144A' 7.5% 10/11/2023
Silk Bidco AS 7.5% 1/2/2022
Panama
USD 851,000
USD 1,972,000
AES Panama SRL '144A' 6%
25/6/2022
Avianca Holdings SA / Avianca
Leasing LLC / Grupo Taca
Holdings Ltd 8.375%
10/5/2020
2,019,328
0.03
2,900,113
0.04
3,084,656
0.04
23,190,035
0.29
Philippines
USD 3,125,000
4,938,666
0.06
1,281,945
0.02
17,255,328
0.22
PLN 99,141,000
650,763
0.01
PLN 86,111,000
994,258
0.01
2,658,296
0.03
524,897
0.01
109,302
0.00
EUR 200,000
114,967
0.00
EUR 1,800,000
1,336,180
0.02
EUR 2,000,000
267,849
0.00
EUR 13,504,442
621,048
0.01
2,679,127
0.03
444,857
230,939
0.01
0.00
204,282
0.00
111,929
0.00
757,500
0.01
RUB 1,376,604,000
96,812,071
1.23
RUB 1,657,472,000
Philippine Government
International Bond
3.7% 2/2/2042
Poland
New Zealand
EUR 1,125,000
NZD 4,931,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
1,204,324
3,613,548
0.01
0.05
4,548,256
0.06
9,366,128
0.12
Republic of Poland Government
Bond 1.75% 25/7/2021
Republic of Poland Government
Bond 2.25% 25/4/2022
20,323,543
0.26
43,513,578
0.55
89,126
0.00
60,981
0.00
587,010
0.01
615,114
0.01
14,621,250
0.18
Portugal
EUR 83,754
EUR 2,665,273
GAMMA Sociedade
de Titularizacao
de Creditos SA/Atlantes
Finance FRN 20/3/2033
Novo Banco SA (Restricted)
2.625% 8/5/2017
Novo Banco SA (Restricted)
4% 21/1/2019
Novo Banco SA (Restricted)
4.75% 15/1/2018
TAGUS - Sociedade
de Titularizacao
de Creditos SA/Volta IV
2.423% 12/2/2021
TAGUS-Sociedade
de Titularizacao
de Creditos SA/Volta II
Electricity Receivables
2.98% 16/2/2018
2,869,993
0.04
18,843,474
0.24
21,692,482
0.28
27,654,767
0.35
Russian Federation
RUB 1,786,674,000
Russian Federal Bond - OFZ
7.05% 19/1/2028
Russian Federal Bond - OFZ
7.5% 18/8/2021
Russian Federal Bond - OFZ
8.15% 3/2/2027
30,807,394
0.39
80,154,643
1.02
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Singapore
USD 478,000
USD 2,350,000
USD 4,125,000
USD 4,200,000
USD 1,000,000
USD 1,288,000
USD 1,200,000
SGD 2,000,000
USD 424,000
USD 2,200,000
USD 1,300,000
Alam Synergy Pte Ltd 6.625%
24/4/2022
Berau Capital Resources Pte Ltd
(Defaulted) 12.5% 8/7/2015
BPRL International Singapore Pte
Ltd 4.375% 18/1/2027
Bumi Investment Pte Ltd
(Defaulted) 10.75%
6/10/2017
Enercoal Resources Pte Ltd
(Defaulted) 9.25% 7/4/2018
ONGC Videsh Vankorneft Pte
Ltd 3.75% 27/7/2026
STATS ChipPAC Pte Ltd 8.5%
24/11/2020*
Suntec Real Estate Investment
Trust 1.75% 5/9/2021
TML Holdings Pte Ltd 5.75%
7/5/2021
United Overseas Bank Ltd FRN
16/9/2026
United Overseas Bank Ltd FRN
8/3/2027
Description
USD 600,000
KRW 3,600,000,000
KRW 45,000,000,000
KRW 39,300,000,000
USD 3,356,000
USD 2,950,000
USD 3,100,000
GS Engineering & Construction
Corp 4.5% 21/7/2021
Hyundai Heavy Industries Co Ltd
29/6/2020 (Zero Coupon)
Kakao Corp 11/5/2021
(Zero Coupon)
Korea Monetary Stabilization
Bond 1.46% 2/4/2018
Korea Treasury Bond 1.5%
10/6/2019
Shinhan Bank FRN 7/12/2026
Woori Bank FRN 27/9/2021
(Perpetual)
Woori Bank 4.75% 30/4/2024
485,115
0.01
USD 549,000
857,750
0.01
USD 2,500,000
4,194,108
0.05
USD 2,329,000
2,394,000
0.03
USD 875,000
392,500
0.00
USD 2,100,000
1,265,823
0.02
USD 4,950,000
1,296,000
0.02
USD 300,000
1,405,199
0.02
450,506
0.00
2,213,384
0.03
1,265,885
0.02
16,220,270
0.21
2,122,450
0.03
580,122
0.01
3,174,972
0.04
39,790,858
0.51
34,637,787
3,419,633
0.44
0.04
2,903,985
3,218,718
0.04
0.04
89,848,525
1.15
Sri Lanka Government International
Bond 5.75% 18/1/2022
Sri Lanka Government International
Bond 6% 14/1/2019
Sri Lanka Government International
Bond 6.125% 3/6/2025
Sri Lanka Government International
Bond 6.25% 4/10/2020
Sri Lanka Government International
Bond 6.25% 27/7/2021
Sri Lanka Government International
Bond 6.825% 18/7/2026
Sri Lanka Government International
Bond 6.85% 3/11/2025
SriLankan Airlines Ltd 5.3%
27/6/2019
EUR 800,000
EUR 2,000,000
EUR 2,500,000
EUR 1,600,000
EUR 2,000,000
EUR 6,200,000
EUR 2,000,000
EUR 10,400,000
EUR 200,000
EUR 2,300,000
EUR 200,000
EUR 600,000
Banco Bilbao Vizcaya Argentaria
SA FRN 19/2/2019 (Perpetual)
Banco Bilbao Vizcaya Argentaria
SA FRN 18/2/2020 (Perpetual)
Banco Bilbao Vizcaya Argentaria
SA FRN 14/4/2021 (Perpetual)*
Banco Popular Espanol SA FRN
10/10/2018 (Perpetual)*
Banco Popular Espanol SA FRN
10/4/2020 (Perpetual)*
Banco Santander SA FRN
12/3/2019 (Perpetual)*
Bankia SA FRN 22/5/2024
BPE Financiaciones SA 2%
3/2/2020
CaixaBank SA FRN 15/2/2027
Cellnex Telecom SA 2.375%
16/1/2024
Ibercaja Banco SA FRN
28/7/2025
NH Hotel Group SA 3.75%
1/10/2023
Santander Issuances SAU 3.25%
4/4/2026
1,819,029
0.02
572,203
0.01
2,529,562
0.03
2,480,094
0.03
934,032
0.01
2,194,248
0.03
5,175,448
0.07
416,619
0.01
833,670
0.01
2,338,536
0.03
2,679,326
0.03
1,482,060
0.02
2,097,433
6,750,525
0.03
0.09
301,437
0.00
16,006,053
0.20
836,530
0.01
2,684,461
144,355
0.04
0.00
3,665,346
0.05
604,889
0.01
7,976,738
205,339
870,354
0.10
0.00
0.01
574,750
0.01
931,368
0.01
Sweden
SEK 7,541,873
USD 2,600,000
EUR 125,000
Bluestep Mortgage Securities No2
Ltd FRN 10/11/2055
Swedbank AB FRN 17/3/2022
(Perpetual)
Verisure Holding AB 6% 1/11/2022
Switzerland
EUR 510,000
USD 7,700,000
USD 200,000
EUR 745,000
USD 550,000
EUR 800,000
USD 700,000
Credit Suisse AG FRN 18/9/2025
Credit Suisse Group AG FRN
29/7/2022 (Perpetual)
UBS AG FRN 22/5/2023
UBS AG FRN 12/2/2026
UBS Group AG FRN 22/3/2021
(Perpetual)
UBS Group AG FRN 19/2/2022
(Perpetual)*
UBS Group AG FRN 19/2/2025
(Perpetual)
753,249
0.01
11,916,687
0.15
3,980,000
0.05
1,064,750
0.01
Taiwan
USD 4,000,000
Spain
EUR 400,000
% of
Net
Assets
Sri Lanka
USD 1,750,000
South Korea
USD 2,000,000
Market
Value
(USD)
USD 1,000,000
USD 1,500,000
Advanced Semiconductor
Engineering Inc 27/3/2018
(Zero Coupon)
Nanya Technology Corp 24/1/2022
(Zero Coupon)
Neo Solar Power Corp 27/10/2019
(Zero Coupon)
1,541,250
0.02
6,586,000
0.08
2,435,828
0.03
2,141,575
0.03
1,826,739
0.02
2,840,139
0.04
Thailand
2,134,838
11,387,322
0.03
0.14
214,921
0.00
2,452,661
0.03
222,837
0.00
655,326
0.01
33,666,074
0.43
THB 79,000,000
Bangkok Dusit Medical Services PCL
18/9/2019 (Zero Coupon)
Tunisia
EUR 1,937,000
Banque Centrale de Tunisie
International Bond 4.5%
22/6/2020
Turkey
USD 1,865,209
Turkish Airlines 2015-1 Class A
Pass Through Trust '144A' 4.2%
15/3/2027
United Arab Emirates
USD 2,800,000
Abu Dhabi National Energy Co
PJSC FRN 12/1/2023*
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
207
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market
Value
(USD)
% of
Net
Assets
EUR 100,000
EUR 200,000
EUR 100,000
EUR 456,000
GBP 860,000
GBP 614,854
USD 1,800,000
GBP 100,000
GBP 890,521
EUR 750,000
EUR 800,000
EUR 800,000
USD 275,000
GBP 450,000
EUR 2,910,000
USD 4,928,000
USD 10,020,000
GBP 328,158
GBP 1,000,000
GBP 4,392,000
EUR 2,200,000
GBP 200,000
GBP 24,274
EUR 785,000
GBP 1,430,000
GBP 10,240,000
GBP 425,000
GBP 390,000
GBP 454,836
GBP 2,485,000
GBP 1,130,000
GBP 1,325,000
GBP 187,198
GBP 781,000
GBP 967,000
GBP 863,136
GBP 950,000
EUR 2,400,000
GBP 107,312
208
Anglo American Capital Plc 1.5%
1/4/2020
108,682
Anglo American Capital Plc 2.5%
29/4/2021
112,165
Anglo American Capital Plc 2.875%
20/11/2020
228,131
Anglo American Capital Plc 3.25%
3/4/2023
115,753
Anglo American Capital Plc 3.5%
28/3/2022
535,068
Anglo American Capital Plc 6.875%
1/5/2018
1,140,782
Annington Finance No 5 Plc 13%
15/1/2023
883,892
Aon Plc 4.75% 15/5/2045
1,820,460
Arrow Global Finance Plc 5.125%
15/9/2024
127,621
Auburn Securities 5 Plc FRN
1/12/2041
1,061,536
Barclays Bank Plc 6.625%
30/3/2022
993,483
Barclays Plc FRN 15/9/2019
(Perpetual)*
865,495
Barclays Plc FRN 15/12/2020
(Perpetual)
927,974
Barclays Plc FRN 15/3/2022
(Perpetual)
288,062
Barclays Plc FRN 15/9/2022
(Perpetual)*
586,754
Barclays Plc 1.875% 8/12/2023
3,162,651
Barclays Plc 3.684% 10/1/2023
4,978,253
Barclays Plc 5.2% 12/5/2026
10,423,075
Brass No 3 Plc FRN 16/4/2051
409,743
Canary Wharf Finance II Plc 'C2'
FRN 22/10/2037
901,843
Canary Wharf Finance II Plc 'D2'
FRN 22/10/2037
4,035,787
Centrica Plc FRN 10/4/2076*
2,369,209
Cognita Financing Plc 7.75%
15/8/2021
263,687
DECO 12-UK 4 plc '2007-C4X C'
FRN 27/1/2020
29,914
EC Finance Plc 5.125% 15/7/2021
865,576
E-CARAT 5 Plc 'B' FRN 18/4/2023
1,774,176
EI Group Plc 6% 6/10/2023*
13,521,174
EI Group Plc 6.375% 15/2/2022
566,333
EI Group Plc 6.875% 15/2/2021
535,655
Eurosail 2006-4np Plc '2006-4X A3C'
FRN 10/12/2044
555,226
Eurosail-UK 2007-4bl Plc
'2007-4X A3' FRN 13/6/2045
3,008,527
Eurosail-UK 2007-4bl Plc
'2007-4X A4' FRN 13/6/2045
1,290,081
Finsbury Square 2016-1 Plc
'2016-1 B' FRN 16/2/2058
1,661,907
Finsbury Square 2016-1 Plc
'2016-1 X' FRN 16/2/2058
232,875
Finsbury Square 2016-2 Plc
'2016-2 B' FRN 16/8/2058
981,172
Finsbury Square 2016-2 Plc
'2016-2 C' FRN 16/8/2058
1,219,237
Finsbury Square 2016-2 Plc
'2016-2 X' FRN 16/8/2058
1,074,044
Finsbury Square 2017-1 Plc
'2017-1 C' FRN 12/3/2059
1,181,562
G4S International Finance Plc 1.5%
9/1/2023
2,591,446
Gemgarto 2015-1 Plc '2015-1 X1'
FRN 16/2/2047
131,906
BlackRock Global Funds (BGF)
Holding
GBP 455,000
United Kingdom
EUR 100,000
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
0.00
GBP 615,000
0.00
GBP 5,390,000
0.00
GBP 10,544,718
0.00
GBP 1,419,797
0.01
GBP 3,220,000
0.02
EUR 1,435,000
0.01
0.02
USD 10,252,000
GBP 200,000
0.00
0.01
GBP 175,000
EUR 2,900,000
0.01
EUR 661,000
EUR 251,000
EUR 380,000
0.01
USD 528,000
0.00
EUR 1,825,000
GBP 225,000
GBP 225,000
EUR 2,649,125
0.01
0.01
0.04
0.06
0.13
0.01
GBP 200,000
EUR 600,000
0.01
USD 5,358,000
0.05
0.03
GBP 6,300,000
0.00
GBP 8,830,000
0.00
0.01
0.02
0.17
0.01
0.01
EUR 1,003,681
0.01
GBP 325,000
GBP 2,000,000
EUR 860,297
GBP 161,000
0.04
0.02
GBP 2,137,000
GBP 426,000
GBP 355,000
USD 400,000
0.00
GBP 143,428
0.01
GBP 600,000
0.02
0.01
GBP 100,000
EUR 542,000
EUR 115,753
0.02
EUR 427,609
0.03
EUR 475,000
0.02
0.00
Description
Gemgarto 2015-2 Plc '2015-2 B'
FRN 16/2/2054
Gosforth Funding 2014-1 Plc
'2014-1 A2' FRN 19/10/2056
Great Hall Mortgages No 1 Plc
'2007-2X BA' FRN 18/6/2039
Greene King Finance Plc FRN
15/12/2033
Greene King Finance Plc 4.064%
15/3/2035
Hawksmoor Mortgages 2016-1 Plc
'2016-1 B' FRN 25/5/2053
HSBC Holdings Plc FRN 29/9/2023
(Perpetual)*
HSBC Holdings Plc 4.375%
23/11/2026
Iceland Bondco Plc 6.75%
15/7/2024
IDH Finance Plc 6.25% 5/8/2016
Imperial Brands Finance Plc 1.375%
27/1/2025
Ineos Finance Plc 4% 1/5/2023*
Inovyn Finance Plc 6.25% 15/5/2021
International Game Technology Plc
4.75% 15/2/2023
International Game Technology Plc
'144A' 6.25% 15/2/2022
ITV Plc 2% 1/12/2023*
Jerrold Finco Plc 6.125% 15/1/2024
Jerrold Finco Plc 6.25% 15/9/2021*
Kensington Mortgage Securities Plc
'2007-1X A3B' FRN 14/6/2040
Ladbrokes Group Finance Plc
5.125% 8/9/2023*
Leek Finance Number Nineteen Plc
FRN 21/12/2038
Lloyds Banking Group Plc 3%
11/1/2022
Logistics UK 2015 Plc '2015-1X A'
FRN 20/8/2025
Logistics UK 2015 Plc '2015-1X E'
FRN 20/8/2025
Ludgate Funding Plc '2007-1 BB'
FRN 1/1/2061
Ludgate Funding Plc '2007-1 MB'
FRN 1/1/2061
Marketplace Originated Consumer
Assets 2016-1 Plc '2016-1 B' FRN
20/10/2024
Marks & Spencer Plc 3% 8/12/2023
Mitchells & Butlers Finance Plc FRN
15/6/2036
Motor Plc 3.75% 25/11/2025
Motor Plc 4.25% 25/11/2025
Motor Plc 5.25% 25/11/2025
National Westminster Bank Plc FRN
31/3/2017 (Perpetual)
Nemus II Arden Plc '2006-2 C' FRN
15/2/2020
New Look Secured Issuer Plc 6.5%
1/7/2022*
Old Mutual Plc 8% 3/6/2021
OTE Plc 3.5% 9/7/2020
Paragon Mortgages No 10 Plc FRN
15/6/2041
Paragon Mortgages No 11 Plc FRN
15/10/2041
Paragon Mortgages No 12 Plc FRN
15/11/2038
Market
Value
(USD)
% of
Net
Assets
563,557
0.01
769,103
0.01
5,507,852
0.07
12,839,526
0.16
1,927,892
0.03
4,014,459
0.05
1,635,789
0.02
10,372,133
0.13
267,414
208,681
0.00
0.00
3,123,195
731,744
283,376
0.04
0.01
0.00
440,493
0.01
572,880
1,988,366
277,801
289,770
0.01
0.03
0.00
0.00
2,715,835
0.04
237,536
0.00
639,178
0.01
5,360,757
0.07
7,845,576
0.10
10,936,187
0.14
858,566
0.01
788,529
0.01
200,364
410,759
0.00
0.01
1,906,758
2,708,675
529,655
441,826
0.02
0.04
0.01
0.01
330,460
0.00
162,410
0.00
654,469
146,004
580,608
0.01
0.00
0.01
105,375
0.00
389,044
0.01
442,576
0.01
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 1,165,000
EUR 2,795,000
EUR 4,714,733
GBP 5,091,544
GBP 1,175,000
GBP 100,000
GBP 550,000
GBP 546,084
GBP 33,411
GBP 5,160,000
GBP 1,142,400
GBP 425,000
GBP 1,414,600
GBP 544,000
EUR 1,162,632
GBP 800,000
USD 225,000
USD 3,175,000
GBP 9,224,994
EUR 2,640,000
EUR 2,225,000
GBP 475,000
GBP 4,567,000
GBP 2,215,000
GBP 818,000
GBP 209,000
GBP 895,000
GBP 735,000
EUR 302,000
EUR 183,000
EUR 2,544,081
EUR 1,821,000
EUR 2,309,000
GBP 314,000
GBP 200,000
GBP 954,906
GBP 2,172,114
GBP 981,790
EUR 540,000
Description
Paragon Mortgages No 13 Plc FRN
15/1/2039
Paragon Mortgages No 14 Plc FRN
15/9/2039
Paragon Mortgages NO 23 Plc 'A1'
FRN 15/1/2043
Paragon Mortgages NO 23 Plc 'A2'
FRN 15/1/2043
Paragon Mortgages NO 23 Plc 'C'
FRN 15/1/2043
Pension Insurance Corp Plc 6.5%
3/7/2024
Pizzaexpress Financing 2 Plc 6.625%
1/8/2021*
Precise Mortgage Funding 2014-1
Plc '2014-1 A' FRN 12/9/2047
Punch Taverns Finance Plc FRN
15/7/2021
Punch Taverns Finance Plc FRN
15/10/2027
Punch Taverns Finance Plc 7.274%
15/10/2026
Punch Taverns Finance Plc 7.274%
15/10/2026
Punch Taverns Finance Plc 'A2F'
7.32% 15/10/2025
Punch Taverns Finance Plc 'A2V'
7.32% 15/10/2025
RMAC Securities No 1 Plc
'2007-NS1X M1C' FRN 12/6/2044
Rochester Financing No.1 Plc FRN
16/7/2046
Royal Bank of Scotland Group Plc
FRN 15/8/2021 (Perpetual)
Sensata Technologies UK Financing
Co Plc '144A' 6.25% 15/2/2026
Silverstone Master Issuer Plc
'2015-1X 1A' FRN 21/1/2070
Sky Plc 2.25% 17/11/2025
Smiths Group Plc 2% 23/2/2027
Spirit Issuer Plc FRN 28/12/2028
Spirit Issuer Plc FRN 28/12/2031
Spirit Issuer Plc FRN 28/12/2036
Spirit Issuer Plc 6.582% 28/12/2027
Stanlington Plc '2017-1 E' FRN
12/6/2046
Stonegate Pub Co Financing Plc
FRN 15/4/2019
Stonegate Pub Co Financing Plc
5.75% 15/4/2019*
Synlab Bondco Plc 6.25% 1/7/2022
Synlab Unsecured Bondco Plc
8.25% 1/7/2023
Taurus 2015-2 DEU Ltd
'2015-DE2 A' FRN 1/2/2026
Taurus 2015-2 DEU Ltd
'2015-DE2 D' FRN 1/2/2026
Taurus 2015-2 DEU Ltd
'2015-DE2 E' FRN 1/2/2026
Tesco Plc 5% 24/3/2023
Tesco Plc 6% 14/12/2029
Tesco Property Finance 1 Plc 7.623%
13/7/2039
Tesco Property Finance 3 Plc 5.744%
13/4/2040
Tesco Property Finance 4 Plc 5.801%
13/10/2040
Thomas Cook Group Plc 6.25%
15/6/2022
Market
Value
(USD)
% of
Net
Assets
1,025,031
0.01
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
EUR 100,000
GBP 360,000
2,307,720
0.03
4,986,463
0.06
6,367,883
0.08
USD 403,000
USD 200,000
USD 800,000
USD 200,000
1,438,450
0.02
GBP 85,618
127,907
0.00
GBP 4,613,948
707,457
0.01
GBP 12,850,000
679,353
0.01
GBP 4,061,200
40,960
0.00
GBP 1,484,000
6,425,772
0.08
USD 2,000,000
1,782,298
0.02
USD 2,225,000
688,292
0.01
USD 2,394,000
2,192,664
0.03
GBP 418,000
872,920
0.01
GBP 2,484,000
1,050,790
0.01
GBP 100,000
993,942
0.01
GBP 510,000
237,656
0.00
GBP 7,353,910
3,444,875
0.04
GBP 6,200,000
11,489,787
2,996,928
2,400,964
618,843
5,370,547
2,741,338
1,117,173
0.15
0.04
0.03
0.01
0.07
0.04
0.01
259,944
0.00
1,119,256
0.01
USD 750,000
931,841
348,347
0.01
0.00
USD 500,000
214,847
0.00
USD 265,000
2,693,192
0.03
USD 400,000
1,930,416
0.03
USD 1,000,000
2,428,539
433,547
283,084
0.03
0.01
0.00
USD 2,613,851
1,446,017
0.02
2,786,287
0.04
1,240,626
0.02
612,364
0.01
GBP 4,795,000
Description
Market
Value
(USD)
Titan Global Finance Plc 3.5%
17/6/2021
110,196
Trinity Square 2015-1 Plc '2015-1X B'
FRN 15/7/2051
434,209
Tullow Oil Plc '144A' 6% 1/11/2020
387,384
Tullow Oil Plc 6% 1/11/2020
190,320
Tullow Oil Plc 6.25% 15/4/2022*
752,000
Tullow Oil Plc '144A' 6.25%
15/4/2022
187,250
Turbo Finance 4 Plc 'A' FRN
20/1/2021
106,522
Unique Pub Finance Co Plc/The
5.659% 30/6/2027
6,267,266
Unique Pub Finance Co Plc/The
6.464% 30/3/2032
15,312,646
Unique Pub Finance Co Plc/The
6.542% 30/3/2021
5,529,105
Unique Pub Finance Co Plc/The
7.395% 28/3/2024
2,009,740
Vedanta Resources Plc 6%
31/1/2019
2,068,850
Vedanta Resources Plc 6.375%
30/7/2022
2,285,075
Vedanta Resources Plc 8.25%
7/6/2021
2,623,921
Virgin Media Secured Finance Plc
4.875% 15/1/2027
524,915
Virgin Media Secured Finance Plc
6.25% 28/3/2029*
3,360,546
Voyage Care Bondco Plc 6.5%
1/8/2018
126,458
Vue International Bidco Plc 7.875%
15/7/2020
661,880
Warwick Finance Residential
Mortgages No One Plc 'A' FRN
21/9/2049
9,108,554
Warwick Finance Residential
Mortgages No One Plc 'B' FRN
21/9/2049
7,404,297
Westfield Stratford City Finance Plc
FRN 4/11/2019
5,941,179
% of
Net
Assets
0.00
0.01
0.01
0.00
0.01
0.00
0.00
0.08
0.20
0.07
0.03
0.03
0.03
0.03
0.01
0.04
0.00
0.01
0.12
0.09
0.08
295,992,728
3.77
2,302,941
0.03
750,138
0.01
504,698
0.01
264,999
0.00
401,646
0.01
990,692
0.01
880,334
0.01
1,298,964
0.02
1,009,582
6,318,941
0.01
0.08
United States
USD 2,180,000
USD 1,726,886
USD 1,000,000
USD 6,245,000
1211 Avenue of the Americas Trust
'2015-1211 A1A2' '144A' 3.901%
10/8/2035
ACAS CLO 2012-1 Ltd '2012-1A CR'
'144A' FRN 20/9/2023
ACAS CLO 2013-2 Ltd
'2013-2A A2BR' '144A' FRN
25/10/2025
ACAS CLO 2014-1 Ltd '2014-1A C'
'144A' FRN 18/7/2026
ACAS CLO 2015-1 Ltd '2015-1A A1'
'144A' FRN 18/4/2027
ACAS CLO 2015-1 Ltd '2015-1A D'
'144A' FRN 18/4/2027
ACE Securities Corp Home Equity
Loan Trust Series '2007-HE4 A2A'
FRN 25/5/2037
Ace Securities Manufactured
Housing Loan Trust 15/8/2030
(Zero Coupon)
Adirondack Park CLO Ltd
'2013-1A D' '144A' FRN
15/4/2024
Aetna Inc 4.375% 15/6/2046
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
209
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 250,000
USD 7,187,712
USD 1,930,997
USD 2,722,399
USD 2,383,735
USD 4,167,129
USD 2,140,000
USD 1,050,000
USD 280,000
USD 5,661,000
USD 2,180,000
USD 250,000
USD 310,000
USD 2,685,000
USD 3,225,000
USD 5,070,000
USD 400,000
USD 510,000
USD 1,000,000
USD 655,000
USD 390,000
USD 433,000
USD 260,000
USD 500,000
USD 425,000
USD 831,000
USD 1,235,000
USD 720,000
USD 275,000
USD 1,708,626
USD 4,327,090
USD 1,445,856
USD 2,573,898
210
Description
AIMCO CLO Series '2015-AA E'
'144A' FRN 15/1/2028
Ajax Mortgage Loan Trust (Step-up
coupon) '2015-C A' '144A'
3.875% 25/3/2057
Ajax Mortgage Loan Trust (Step-up
coupon) '2016-C A' '144A' 4%
25/10/2057
Ajax Mortgage Loan Trust (Step-up
coupon) '2016-B A' '144A' 4%
25/9/2065
Ajax Mortgage Loan Trust (Step-up
coupon) '2016-1 A' '144A' 4.25%
25/7/2047
Ajax Mortgage Loan Trust (Step-up
coupon) '2016-A A' '144A' 4.25%
25/8/2064
Alcatel-Lucent USA Inc 6.45%
15/3/2029
Allegro CLO II Ltd '2014-1A CR'
'144A' FRN 21/1/2027
Allegro CLO II Ltd '2014-1A D'
'144A' FRN 21/1/2027
Allstate Corp/The 4.2% 15/12/2046
Ally Financial Inc 8% 1/11/2031
ALM V Ltd '2012-5A DR' '144A' FRN
18/10/2027
ALM VI Ltd '2012-6A A2R' '144A'
FRN 15/7/2026
ALM VI Ltd '2012-6A CR' '144A' FRN
15/7/2026
ALM VI Ltd '2012-6A DR' '144A'
FRN 15/7/2026
ALM VII Ltd '2012-7A A1R' '144A'
FRN 15/10/2028
ALM X Ltd '2013-10A B' '144A' FRN
15/1/2025
ALM X Ltd '2013-10A C' '144A' FRN
15/1/2025
ALM XI Ltd '2014-11A A2A' '144A'
FRN 17/10/2026
ALM XI Ltd '2014-11A C' '144A' FRN
17/10/2026
ALM XI Ltd '2014-11A D' '144A'
FRN 17/10/2026
ALM XII Ltd '2015-12A B' '144A'
FRN 16/4/2027
ALM XII Ltd '2015-12A C1' '144A'
FRN 16/4/2027
ALM XII Ltd '2015-12A D' '144A'
FRN 16/4/2027
ALM XIV Ltd '2014-14A A1' '144A'
FRN 28/7/2026
ALM XIV Ltd '2014-14A B' '144A'
FRN 28/7/2026
ALM XIV Ltd '2014-14A C' '144A'
FRN 28/7/2026
ALM XVII Ltd '2015-17A C1' '144A'
FRN 15/1/2028
ALM XVIII Ltd '2016-18A D' '144A'
FRN 15/7/2027
Alternative Loan Trust '2005-38 A3'
FRN 25/9/2035
Alternative Loan Trust '2005-72 A3'
FRN 25/1/2036
Alternative Loan Trust '2005-76 2A1'
FRN 25/2/2036
Alternative Loan Trust
'2006-23CB 2A5' FRN 25/8/2036
BlackRock Global Funds (BGF)
Market
Value
(USD)
% of
Net
Assets
255,476
0.00
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 3,139,478
USD 942,116
7,054,034
0.09
USD 1,115,244
USD 1,497,398
1,925,337
0.02
USD 5,297,258
2,723,990
0.03
USD 8,837,215
USD 1,902,447
2,366,294
0.03
USD 10,954,414
4,188,105
0.05
USD 5,472,883
2,386,100
0.03
USD 1,740,286
1,053,597
0.01
USD 5,671,928
275,101
5,779,940
2,683,144
0.00
0.07
0.03
USD 4,500,000
249,871
0.00
USD 8,509,000
USD 2,363,000
USD 1,492,754
310,504
0.00
2,644,748
0.03
3,162,579
0.04
USD 3,352,756
USD 4,693,059
5,076,341
0.06
400,376
0.01
USD 927,679
507,287
0.01
USD 1,876,000
1,007,367
0.01
USD 725,000
653,324
0.01
USD 3,170,000
364,753
0.00
USD 1,796,000
434,418
0.01
260,230
0.00
USD 7,202,000
USD 530,000
494,447
0.01
USD 710,000
425,955
0.01
USD 280,000
836,474
0.01
USD 1,365,000
1,237,827
0.02
USD 670,000
730,054
0.01
USD 450,000
279,701
0.00
USD 260,000
1,509,931
0.02
USD 250,000
3,788,742
0.05
USD 830,000
1,294,801
0.02
USD 1,320,000
962,326
0.01
Description
Alternative Loan Trust
'2006-OA6 1A2' FRN 25/7/2046
Alternative Loan Trust
'2006-OA8 1A1' FRN 25/7/2046
Alternative Loan Trust
'2006-OA11 A4' FRN 25/9/2046
Alternative Loan Trust '2006-J7 2A1'
FRN 20/11/2046
Alternative Loan Trust
'2006-OA14 1A1' FRN 25/11/2046
Alternative Loan Trust
'2007-OA2 1A1' FRN 25/3/2047
Alternative Loan Trust
'2007-OA3 1A1' FRN 25/4/2047
Alternative Loan Trust
'2007-OH3 A1A' FRN 25/9/2047
Alternative Loan Trust
'2007-9T1 1A1' 6% 25/5/2037
Alternative Loan Trust
'2006-15CB A1' 6.5% 25/6/2036
Alternative Loan Trust '2007-25 1A3'
6.5% 25/11/2037
Altice US Finance I Corp '144A'
5.375% 15/7/2023
Amazon.com Inc 4.95% 5/12/2044
American Airlines Group Inc '144A'
4.625% 1/3/2020
American Home Mortgage
Assets Trust '2006-3 2A11' FRN
25/10/2046
American Home Mortgage
Assets Trust '2006-4 1A12'
FRN 25/10/2046
American Home Mortgage Assets
Trust '2006-5 A1' FRN
25/11/2046
American Home Mortgage Assets
Trust '2007-1 A1' FRN 25/2/2047
American Homes 4 Rent 2014-SFR2
Trust '2014-SFR2 E' '144A' 6.231%
17/10/2036
American Municipal Power Inc
6.449% 15/2/2044
AmeriGas Partners LP / AmeriGas
Finance Corp 5.5% 20/5/2025
AmeriGas Partners LP / AmeriGas
Finance Corp 5.625% 20/5/2024
Amgen Inc 4.4% 1/5/2045
AMMC CLO 15 Ltd '2014-15A D'
'144A' FRN 9/12/2026
AMMC CLO 16 Ltd '2015-16A C'
'144A' FRN 14/4/2027
AMMC CLO 16 Ltd '2015-16A D'
'144A' FRN 14/4/2027
AMMC CLO 17 Ltd '2015-17A B'
'144A' FRN 15/11/2027
AMMC CLO 17 Ltd '2015-17A C'
'144A' FRN 15/11/2027
AMMC CLO 18 Ltd '2016-18A D'
'144A' FRN 26/5/2028
Ammc Clo 19 Ltd '2016-19A C'
'144A' FRN 15/10/2028
Ammc Clo 19 Ltd '2016-19A D'
'144A' FRN 15/10/2028
AMMC CLO IX Ltd '2011-9A DR'
'144A' FRN 15/1/2022
AMMC CLO IX Ltd '2011-9A ER'
'144A' FRN 15/1/2022
Market
Value
(USD)
% of
Net
Assets
2,664,508
0.03
788,843
0.01
863,936
0.01
903,516
0.01
4,397,225
0.06
6,184,694
0.08
1,630,095
0.02
9,264,360
0.12
3,680,735
0.05
1,261,544
0.02
4,389,552
0.06
4,707,225
9,862,029
0.06
0.13
2,410,260
0.03
1,190,804
0.02
2,261,200
0.03
2,446,883
0.03
549,215
0.01
2,065,652
0.03
911,282
0.01
3,217,550
0.04
1,863,350
7,095,716
0.02
0.09
537,835
0.01
716,680
0.01
273,869
0.00
1,369,489
0.02
673,155
0.01
456,045
0.01
261,191
0.00
248,694
0.00
830,602
0.01
1,328,293
0.02
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 500,000
USD 3,288,000
USD 572,000
USD 250,000
USD 840,000
USD 1,270,000
USD 340,000
USD 770,000
USD 2,375,000
USD 1,098,969
USD 590,000
USD 500,000
USD 1,812,500
USD 1,625,000
USD 390,000
USD 390,000
USD 330,000
USD 2,259,330
USD 867,610
USD 4,668,000
USD 250,000
USD 6,405,000
USD 390,000
USD 2,255,000
USD 1,235,000
USD 500,000
USD 19,957,000
USD 1,110,000
Description
AMMC CLO X Ltd '2012-10A D'
'144A' FRN 11/4/2022
Analog Devices Inc 3.5% 5/12/2026
Analog Devices Inc 4.5% 5/12/2036
Anchorage Capital CLO 2012-1
Ltd '2012-1A DR' '144A' FRN
13/1/2027
Anchorage Capital CLO 2013-1
Ltd '2013-1A A1' '144A' FRN
13/7/2025
Anchorage Capital CLO 2013-1
Ltd '2013-1A A2A' '144A' FRN
13/7/2025
Anchorage Capital CLO 2013-1
Ltd '2013-1A B' '144A' FRN
13/7/2025
Anchorage Capital CLO 3 Ltd
'2014-3A A2AR' '144A' FRN
28/4/2026
Anchorage Capital CLO 3 Ltd
'2014-3A BR' '144A' FRN
28/4/2026
Anchorage Capital CLO 3 Ltd
'2014-3A C' '144A' FRN
28/4/2026
Anchorage Capital CLO 6 Ltd
'2015-6A D' '144A' FRN
15/4/2027
Anchorage Capital CLO 6 Ltd
'2015-6A E1' '144A' FRN
15/4/2027
Anchorage Capital CLO 7 Ltd
'2015-7A C' '144A' FRN
15/10/2027
Anchorage Capital CLO 7 Ltd
'2015-7A D' '144A' FRN
15/10/2027
Anchorage Capital CLO 8 Ltd
'2016-8A D' '144A' FRN
28/7/2028
Anchorage Capital CLO 9 Ltd
'2016-9A D' '144A' FRN
15/1/2029
Anchorage Capital CLO 9
Ltd '2016-9A E' '144A' FRN
15/1/2029
Angel Oak Mortgage Trust I LLC
(Step-up coupon) '2016-1 A1'
'144A' 3.5% 25/7/2046
Angel Oak Mortgage Trust LLC
(Step-up coupon) '2015-1 A'
'144A' FRN 25/11/2045
Anheuser-Busch InBev Finance Inc
4.9% 1/2/2046
Annisa CLO Ltd '2016-2A E' '144A'
FRN 20/7/2028
Antero Resources Corp '144A' 5%
1/3/2025
Antero Resources Corp 5.375%
1/11/2021
Apidos CLO IX '2012-9AR CR'
'144A' FRN 15/7/2023
Apidos CLO IX '2012-9AR DR'
'144A' FRN 15/7/2023
Apidos CLO IX '2012-9AR ER'
'144A' FRN 15/7/2023
Apidos CLO XII '2013-12A A' '144A'
FRN 15/4/2025
Apidos CLO XIV '2013-14A C1'
'144A' FRN 15/4/2025
Market
Value
(USD)
% of
Net
Assets
510,495
3,274,499
574,345
0.01
0.04
0.01
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 830,000
USD 800,000
USD 1,290,000
251,873
0.00
USD 1,290,000
USD 550,000
839,463
0.01
USD 475,000
1,271,819
0.02
USD 675,000
USD 1,030,000
342,906
0.00
USD 420,000
777,916
0.01
USD 375,000
USD 500,000
2,386,775
0.03
USD 380,000
1,102,951
0.01
580,749
0.01
467,528
0.01
USD 1,070,000
USD 2,232,000
USD 4,932,000
USD 470,000
USD 7,706,958
USD 2,223,187
1,839,751
0.02
USD 3,160,000
1,628,222
393,882
0.02
0.01
USD 1,060,000
USD 9,070,000
USD 639,111
391,033
0.01
USD 740,000
330,092
0.00
USD 750,000
USD 400,000
2,258,494
0.03
USD 3,750,000
873,409
0.01
USD 500,000
5,124,969
0.07
USD 390,000
252,724
0.00
USD 255,000
6,260,887
0.08
USD 515,000
401,212
0.01
USD 380,000
2,257,820
0.03
USD 250,000
1,250,361
0.02
USD 1,125,000
503,860
0.01
USD 800,000
19,971,677
0.25
USD 840,000
1,119,364
0.01
Description
Apidos CLO XIX '2014-19A DR'
'144A' FRN 17/10/2026
Apidos CLO XIX '2014-19A E'
'144A' FRN 17/10/2026
Apidos CLO XV '2013-15A A1'
'144A' FRN 20/10/2025
Apidos CLO XV '2013-15A A1R'
'144A' FRN 20/10/2025
Apidos CLO XV '2013-15A D'
'144A' FRN 20/10/2025
Apidos CLO XVI '2013-16A C'
'144A' FRN 19/1/2025
Apidos CLO XVII '2014-17A A1R'
'144A' FRN 17/4/2026
Apidos CLO XVIII '2014-18A A1'
'144A' FRN 22/7/2026
Apidos CLO XVIII '2014-18A C'
'144A' FRN 22/7/2026
Apidos CLO XVIII '2014-18A D'
'144A' FRN 22/7/2026
Apidos CLO XXI '2015-21A C'
'144A' FRN 18/7/2027
Apidos CLO XXII '2015-22A D'
'144A' FRN 20/10/2027
Apidos CLO XXIII '2015-23A D2'
'144A' FRN 14/1/2027
Apple Inc 3.35% 9/2/2027
Apple Inc 3.85% 4/8/2046
Apple Inc 4.25% 9/2/2047
APS Resecuritization Trust
'2016-3 3A' '144A' FRN
27/9/2046
APS Resecuritization Trust
'2016-3 4A' '144A' FRN
27/4/2047
Arbor Realty Commercial Real Estate
Notes 2016-FL1 Ltd '2016-FL1A A'
'144A' FRN 15/9/2026
Arconic Inc 5.87% 23/2/2022
Ares Capital Corp 3.625%
19/1/2022
ARES CLO Ltd '2012-2A AR' '144A'
FRN 12/10/2023
ARES CLO Ltd '2012-2A CR' '144A'
FRN 12/10/2023
ARES CLO Ltd '2012-2A DR' '144A'
FRN 12/10/2023
Ares XLI Clo Ltd '2016-41A D'
'144A' FRN 15/1/2029
Ares XXV CLO Ltd '2012-3A BR'
'144A' FRN 17/1/2024
Ares XXV CLO Ltd '2012-3A CR'
'144A' FRN 17/1/2024
Ares XXVII CLO Ltd '2013-2A D'
'144A' FRN 28/7/2025
Ares XXXII CLO Ltd '2014-32A BR'
'144A' FRN 15/11/2025
Ares XXXII CLO Ltd '2014-32A CR'
'144A' FRN 15/11/2025
Ares XXXIII CLO Ltd '2015-1A A2R'
'144A' FRN 5/12/2025
Ares XXXIII CLO Ltd '2015-1A B2R'
'144A' FRN 5/12/2025
Ares XXXIII CLO Ltd '2015-1A CR'
'144A' FRN 5/12/2025
Ares XXXIII CLO Ltd '2015-1A D'
'144A' FRN 5/12/2025
Ares XXXIX CLO Ltd '2016-39A E'
'144A' FRN 18/7/2028
Market
Value
(USD)
% of
Net
Assets
830,136
0.01
792,925
0.01
1,298,691
0.02
1,290,000
0.02
525,292
0.01
468,406
0.01
675,000
0.01
1,030,676
0.01
421,726
0.01
367,517
0.00
497,441
0.01
378,969
0.01
1,065,844
2,265,511
4,714,043
478,757
0.01
0.03
0.06
0.01
7,726,226
0.10
2,228,744
0.03
3,184,011
1,155,281
0.04
0.01
8,998,166
0.11
639,997
0.01
741,921
0.01
754,854
0.01
395,307
0.01
3,763,271
0.05
502,356
0.01
390,462
0.01
256,094
0.00
517,858
0.01
380,000
0.00
250,000
0.00
1,125,000
0.01
797,136
0.01
845,249
0.01
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
211
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 1,445,000
USD 500,000
USD 835,000
USD 280,000
USD 6,140,368
USD 1,905,000
USD 720,000
USD 900,000
USD 2,036,000
USD 9,650,000
USD 1,966,000
USD 975,000
USD 300,000
USD 610,000
USD 1,110,000
USD 500,000
USD 550,000
USD 3,000,000
USD 1,710,000
USD 1,110,000
USD 644,000
USD 830,000
USD 385,000
USD 1,250,000
USD 780,000
USD 2,185,000
USD 16,913,453
USD 931,495
USD 1,411,872
USD 129,413
USD 5,110,000
USD 1,000,000
USD 260,000
USD 300,000
USD 2,070,000
EUR 401,000
USD 310,000
212
Description
Ares XXXVII CLO Ltd '2015-4A C'
'144A' FRN 15/10/2026
Ares XXXVII CLO Ltd '2015-4A D1'
'144A' FRN 15/10/2026
Ares XXXVII CLO Ltd '2015-4A D2'
'144A' FRN 15/10/2026
Ares XXXVIII CLO Ltd '2015-38A D'
'144A' FRN 20/1/2027
Argent Mortgage Loan Trust
'2005-W1 A2' FRN 25/5/2035
Arizona Health Facilities Authority
FRN 1/1/2037
Arrowpoint CLO 2016-5 Ltd
'2016-5A D' '144A' FRN
15/7/2028
Ashland LLC 3.875% 15/4/2018
AT&T Inc 3.8% 1/3/2024
AT&T Inc 4.25% 1/3/2027
AT&T Inc 5.25% 1/3/2037
Atlas Senior Loan Fund III Ltd
'2013-1A A' '144A' FRN
18/8/2025
Atlas Senior Loan Fund IV Ltd
'2013-2A A3L' '144A' FRN
17/2/2026
Atlas Senior Loan Fund V Ltd
'2014-1A AR' '144A' FRN
16/7/2026
Atlas Senior Loan Fund V Ltd
'2014-1A BR' '144A' FRN
16/7/2026
Atlas Senior Loan Fund VI Ltd
'2014-6A DR' '144A' FRN
15/10/2026
Atlas Senior Loan Fund VII
Ltd '2016-7A D' '144A' FRN
30/11/2028
Atrium IX '144A' FRN 28/2/2024
Atrium VIII '144A' FRN 23/10/2024
Atrium VIII '144A' FRN 23/10/2024
Atrium X '144A' FRN 16/7/2025
Atrium X '144A' FRN 16/7/2025
Atrium XII '144A' FRN 22/10/2026
Atrium XII '144A' FRN 22/10/2026
Aviation Capital Group Corp '144A'
7.125% 15/10/2020
Avis Budget Car Rental LLC /
Avis Budget Finance Inc 5.5%
1/4/2023*
B2R Mortgage Trust '2015-2 XA'
'144A' FRN 15/11/2048
B2R Mortgage Trust '2015-1 A1'
'144A' 2.524% 15/5/2048
B2R Mortgage Trust '2015-2 A'
'144A' 3.336% 15/11/2048
Babson CLO Ltd '2012-2A A1R'
'144A' FRN 15/5/2023
Babson CLO Ltd '2013-IA A' '144A'
FRN 20/4/2025
Babson CLO Ltd '2014-IA B' '144A'
FRN 20/7/2025
Babson CLO Ltd '2016-1A E' '144A'
FRN 23/4/2027
Babson CLO Ltd '2016-2A E' '144A'
FRN 20/7/2028
Ball Corp 4% 15/11/2023
Ball Corp 4.375% 15/12/2023
Ballyrock CLO 2014-1 LLC
'2014-1A A2' '144A' FRN
20/10/2026
BlackRock Global Funds (BGF)
Market
Value
(USD)
% of
Net
Assets
1,452,257
0.02
500,872
0.01
847,921
0.01
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 2,030,000
USD 1,917,000
USD 2,925,000
284,637
0.00
4,934,182
0.06
1,624,689
0.02
USD 1,767,000
USD 5,000,000
710,971
919,125
2,057,254
9,820,853
2,025,329
0.01
0.01
0.03
0.13
0.03
976,357
0.01
USD 580,000
300,654
0.00
USD 13,165,001
611,522
0.01
USD 19,000,000
1,115,109
0.01
USD 4,000,000
500,210
0.01
USD 5,361,000
550,000
3,029,426
1,719,234
1,130,202
644,884
836,069
390,611
1,264,288
0.01
0.04
0.02
0.01
0.01
0.01
0.01
0.02
USD 301,316
USD 4,173,646
USD 506,377
USD 882,771
USD 257,261
USD 22,619
898,950
0.01
USD 2,250,000
2,171,344
0.03
USD 4,640,000
973,454
0.01
USD 2,884,000
922,824
0.01
USD 14,429,000
1,424,589
0.02
USD 12,420,000
129,968
0.00
USD 18,730,000
5,111,185
0.07
USD 1,016,000
1,002,446
0.01
USD 1,389,000
261,661
0.00
USD 2,380,000
299,244
2,075,175
479,742
0.00
0.03
0.01
USD 280,000
USD 960,000
313,464
0.00
Description
Market
Value
(USD)
BAMLL Commercial Mortgage
Securities Trust '2013-DSMZ M'
'144A' FRN 15/9/2018
2,033,786
BAMLL Commercial Mortgage
Securities Trust '2013-DSNY F'
'144A' FRN 15/9/2026
1,914,547
BAMLL Commercial Mortgage
Securities Trust '2014-FL1 D'
'144A' FRN 15/12/2031
2,846,716
BAMLL Commercial Mortgage
Securities Trust '2015-200P F'
'144A' FRN 14/4/2033
1,673,051
BAMLL Commercial Mortgage
Securities Trust '2016-ISQ E'
'144A' FRN 14/8/2034
4,316,500
Banc of America Commercial
Mortgage Trust '2015-UBS7 XA'
FRN 15/9/2048
243,107
Banc of America Commercial
Mortgage Trust '2007-1 AMFX'
FRN 15/1/2049
506,860
Banc of America Commercial
Mortgage Trust '2007-3 AJ' FRN
10/6/2049
589,342
Banc of America Commercial
Mortgage Trust '2016-UB10 XA'
FRN 15/7/2049
1,628,396
Banc of America Commercial
Mortgage Trust '2017-BNK3 XB'
FRN 15/2/2050
1,038,635
Banc of America Commercial
Mortgage Trust '2017-BNK3 XD'
'144A' FRN 15/2/2050
386,780
Banc of America Commercial
Mortgage Trust '2007-5 AM' FRN
10/2/2051
5,438,612
Banc of America Commercial
Mortgage Trust '2008-1 A4' FRN
10/2/2051
307,240
Banc of America Funding 2006-A Trust
'2006-A 3A2' FRN 20/2/2036
717,661
Banc of America Merrill Lynch
Commercial Mortgage Inc
'2005-3 AM' 4.727% 10/7/2043
257,414
Banc of America Re-REMIC Trust
'2010-UB4 A4B' '144A' FRN
20/12/2041
22,598
Bank of America Corp FRN
10/3/2026 (Perpetual)
2,467,264
Bank of America Corp FRN
20/1/2048
4,729,645
Bank of America Corp 3.248%
21/10/2027
2,759,961
Bank of America Corp 3.5%
19/4/2026
14,325,768
Bank of America Corp 4.25%
22/10/2026
12,675,784
Bank of America Corp 4.45%
3/3/2026
19,434,510
Bank of New York Mellon Corp/The
FRN 20/9/2026 (Perpetual)
989,330
Bank of New York Mellon Corp/The
3% 30/10/2028
1,329,031
BankAmerica Manufactured
Housing Contract Trust
'1998-2 B1' FRN 10/12/2025
2,121,878
Battalion Clo 2007-I Ltd '2007-1A C'
'144A' FRN 14/7/2022
278,439
Battalion CLO VII Ltd '2014-7A A2'
'144A' FRN 17/10/2026
960,592
% of
Net
Assets
0.03
0.02
0.04
0.02
0.06
0.00
0.01
0.01
0.02
0.01
0.01
0.07
0.00
0.01
0.00
0.00
0.03
0.06
0.04
0.18
0.16
0.25
0.01
0.02
0.03
0.00
0.01
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 680,000
USD 710,000
USD 250,000
USD 320,000
USD 3,535,000
USD 3,345,000
USD 1,780,000
USD 460,132
USD 772,210
USD 7,480,805
USD 476,155
USD 1,011,177
USD 8,854,772
USD 1,561,516
USD 577,097
USD 1,450,000
USD 20,840,000
USD 11,710,000
USD 985,076
USD 551,069
USD 1,628,658
USD 1,512,021
USD 2,588,784
USD 1,159,464
USD 4,526,142
USD 239,317
USD 1,281,257
USD 2,429,751
Description
Battalion CLO VII Ltd '2014-7A B'
'144A' FRN 17/10/2026
Battalion CLO VII Ltd '2014-7A C'
'144A' FRN 17/10/2026
Battalion CLO VIII Ltd '2015-8A C'
'144A' FRN 18/4/2027
Battalion CLO VIII Ltd '2015-8A D'
'144A' FRN 18/4/2027
Bay Area Toll Authority 6.918%
1/4/2040
Bay Area Toll Authority 7.043%
1/4/2050
Baylor Scott & White Holdings
4.185% 15/11/2045
Bayview Commercial Asset Trust
'2006-1A A2' '144A' FRN
25/4/2036
Bayview Commercial Asset Trust
'2006-3A A2' '144A' FRN
25/10/2036
Bayview Commercial Asset Trust
'2007-4A A1' '144A' FRN
25/9/2037
Bayview Commercial Asset Trust
'2007-5A A3' '144A' FRN
25/10/2037
Bayview Commercial Asset
Trust '2008-4 A3' '144A' FRN
25/7/2038
Bayview Financial Revolving Asset
Trust '2004-B A1' '144A' FRN
28/5/2039
Bayview Financial Revolving Asset
Trust '2005-E A1' '144A' FRN
28/12/2040
Bayview Opportunity Master Fund
IIIb RPL Trust (Step-up coupon)
'2015-3 A1' '144A' 3.623%
28/4/2030
BBCMS Trust '2015-SLP D' '144A'
FRN 15/2/2028
BBCMS Trust '2015-SRCH XA'
'144A' FRN 10/8/2035
BBCMS Trust '2015-SRCH XB' '144A'
FRN 10/8/2035
BCAP LLC 2010-RR11-I Trust
'2010-RR11 4A1' '144A' FRN
27/3/2047
BCMSC Trust '1999-A M1' FRN
15/3/2029
BCMSC Trust '2000-A A2' FRN
15/6/2030
BCMSC Trust '2000-A A3' FRN
15/6/2030
BCMSC Trust '2000-A A4' FRN
15/6/2030
Bear Stearns ALT-A Trust
'2006-6 1A1' FRN 25/11/2036
Bear Stearns ALT-A Trust II
'2007-1 1A1' FRN 25/9/2047
Bear Stearns ARM Trust '2004-5 2A'
FRN 25/7/2034
Bear Stearns Asset Backed Securities
I Trust '2007-FS1 1A3' FRN
25/5/2035
Bear Stearns Asset Backed Securities
I Trust '2006-EC2 M2' FRN
25/2/2036
Market
Value
(USD)
% of
Net
Assets
685,215
0.01
711,526
0.01
251,602
0.00
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 6,104,465
USD 5,322,365
USD 1,670,397
317,098
0.00
4,860,307
0.06
4,812,686
0.06
USD 1,002,241
USD 1,292,010
1,778,101
0.02
USD 3,064,980
406,701
0.01
USD 5,594,403
660,849
0.01
USD 4,308,411
6,583,886
0.08
USD 5,106,680
462,853
0.01
USD 696,635
1,053,478
0.01
USD 1,110,000
6,316,446
0.08
USD 410,654
1,300,461
0.02
USD 790,340
581,541
0.01
1,429,712
0.02
USD 1,186,738
USD 965,286
1,547,891
0.02
227,584
0.00
USD 1,330,000
902,749
0.01
EUR 200,000
USD 3,415,000
470,935
0.01
703,234
0.01
741,191
0.01
USD 500,000
USD 1,020,000
1,341,957
0.02
992,049
0.01
3,318,499
0.04
USD 610,000
USD 1,000,000
238,641
0.00
USD 500,000
1,122,482
2,194,407
0.01
Description
Bear Stearns Asset Backed Securities
I Trust '2006-HE7 1A2' FRN
25/9/2036
Bear Stearns Asset Backed Securities
I Trust '2006-HE9 2A' FRN
25/11/2036
Bear Stearns Asset Backed Securities
I Trust '2007-AQ2 A2' FRN
25/1/2037
Bear Stearns Asset Backed Securities
I Trust '2007-HE1 21A2' FRN
25/1/2037
Bear Stearns Asset Backed Securities
I Trust '2007-HE2 22A' FRN
25/3/2037
Bear Stearns Asset Backed Securities
I Trust '2007-HE2 23A' FRN
25/3/2037
Bear Stearns Asset Backed Securities
I Trust '2007-HE3 1A4' FRN
25/4/2037
Bear Stearns Asset Backed
Securities I Trust (Step-up coupon)
'2005-AC9 A5' 6.25% 25/12/2035
Bear Stearns Asset Backed
Securities I Trust (Step-up coupon)
'2006-AC1 1A2' 6.25% 25/2/2036
Bear Stearns Asset Backed Securities
Trust '2005-4 M2' FRN 25/1/2036
Bear Stearns Commercial Mortgage
Securities Trust '2007-PW17 AMFL'
'144A' FRN 11/6/2050
Bear Stearns Commercial Mortgage
Securities Trust '2007-PW18 AM'
FRN 11/6/2050
Bear Stearns Mortgage Funding
Trust '2007-AR2 A1' FRN
25/3/2037
Bear Stearns Mortgage Funding
Trust '2007-AR3 1A1' FRN
25/3/2037
Bear Stearns Mortgage Funding
Trust '2007-AR4 2A1' FRN
25/6/2037
Bear Stearns Second Lien Trust
'2007-SV1A M1' '144A' FRN
25/12/2036
Belden Inc 5.5% 15/4/2023
Benefit Street Partners CLO IV
Ltd '2014-IVA A1R' '144A' FRN
20/1/2029
Benefit Street Partners CLO IX
Ltd '2016-9A E' '144A' FRN
20/7/2028
Benefit Street Partners CLO VI
Ltd '2015-VIA A2' '144A' FRN
18/4/2027
Benefit Street Partners CLO VI
Ltd '2015-VIA C' '144A' FRN
18/4/2027
Benefit Street Partners CLO VI
Ltd '2015-VIA D' '144A' FRN
18/4/2027
Benefit Street Partners CLO VIII
Ltd '2015-8A B' '144A' FRN
20/1/2028
Market
Value
(USD)
% of
Net
Assets
6,113,396
0.08
4,661,034
0.06
1,607,106
0.02
940,916
0.01
1,055,530
0.01
2,419,570
0.03
3,557,775
0.05
3,769,539
0.05
3,941,243
0.05
671,102
0.01
1,097,220
0.01
420,875
0.01
659,430
0.01
995,175
0.01
808,618
0.01
1,281,253
226,296
0.02
0.00
3,423,537
0.04
502,987
0.01
1,023,830
0.01
609,836
0.01
953,093
0.01
506,543
0.01
0.03
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
213
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 680,000
USD 500,000
USD 600,000
USD 460,000
USD 2,400,000
USD 280,000
USD 470,000
USD 280,000
USD 1,100,000
USD 330,000
USD 1,020,000
USD 2,280,000
USD 840,000
USD 790,000
USD 840,000
USD 530,000
USD 480,000
USD 889,000
USD 750,000
USD 280,000
USD 280,000
USD 250,000
USD 250,000
USD 530,000
214
Description
Benefit Street Partners CLO VIII
Ltd '2015-8A C' '144A' FRN
20/1/2028
Benefit Street Partners CLO VIII
Ltd '2015-8A D' '144A' FRN
20/1/2028
Betony CLO Ltd '2015-1A CR'
'144A' FRN 15/4/2027
Betony CLO Ltd '2015-1A D' '144A'
FRN 15/4/2027
BHMS 2014-ATLS Mortgage Trust
'2014-ATLS AFL' '144A' FRN
5/7/2033
Birchwood Park CLO Ltd
'2014-1A D1' '144A' FRN
15/7/2026
BlueMountain CLO 2012-1
Ltd '2012-1A B' '144A' FRN
20/7/2023
BlueMountain CLO 2012-1
Ltd '2012-1A C' '144A' FRN
20/7/2023
BlueMountain CLO 2012-1
Ltd '2012-1A D' '144A' FRN
20/7/2023
BlueMountain CLO 2012-2 Ltd
'2012-2A DR' '144A' FRN
20/11/2028
BlueMountain CLO 2013-2
Ltd '2013-2A A' '144A' FRN
22/1/2025
BlueMountain CLO 2013-3
Ltd '2013-3A A' '144A' FRN
29/10/2025
BlueMountain CLO 2013-3
Ltd '2013-3A C' '144A' FRN
29/10/2025
BlueMountain CLO 2014-2
Ltd '2014-2A A' '144A' FRN
20/7/2026
BlueMountain CLO 2014-4 Ltd
'2014-4A A1R' '144A' FRN
30/11/2026
BlueMountain CLO 2014-4
Ltd '2014-4A E' '144A' FRN
30/11/2026
BlueMountain CLO 2015-1
Ltd '2015-1A C' '144A' FRN
13/4/2027
BlueMountain CLO 2015-1
Ltd '2015-1A D' '144A' FRN
13/4/2027
BlueMountain CLO 2015-2
Ltd '2015-2A E' '144A' FRN
18/7/2027
BlueMountain CLO 2015-4 Ltd
'2015-4A D2' '144A' FRN
20/1/2027
BlueMountain CLO 2015-4
Ltd '2015-4A E' '144A' FRN
20/1/2027
BlueMountain CLO 2016-2
Ltd '2016-2A D' '144A' FRN
20/8/2028
BlueMountain CLO 2016-3
Ltd '2016-3A E' '144A' FRN
15/11/2027
BlueMountain CLO II Ltd
'2006-2A B' '144A' FRN
15/7/2018
BlackRock Global Funds (BGF)
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 4,315,000
679,244
0.01
USD 750,000
USD 13,448,000
477,185
0.01
600,000
0.01
452,997
0.01
USD 9,986,000
USD 7,055,000
2,404,981
0.03
USD 1,950,000
281,362
0.00
USD 3,590,000
470,535
0.01
USD 250,000
USD 3,962,000
280,460
0.00
USD 2,730,000
1,102,665
0.01
USD 2,002,000
330,475
0.00
USD 2,079,000
1,020,063
0.01
2,286,385
0.03
USD 5,390,000
846,270
0.01
USD 1,005,000
USD 1,000,000
793,292
0.01
USD 1,735,000
840,850
0.01
USD 1,000,000
522,253
0.01
USD 1,000,000
477,402
0.01
872,175
0.01
720,321
0.01
284,114
0.00
USD 1,520,000
USD 2,184,000
USD 1,070,000
USD 1,500,000
USD 435,000
USD 1,002,708
USD 580,000
283,495
0.00
USD 330,000
256,825
0.00
USD 250,000
251,877
0.00
USD 930,000
529,921
0.01
Description
Boyd Gaming Corp 6.875%
15/5/2023
Bristol Park CLO Ltd '2016-1A E'
'144A' FRN 15/4/2029
Broadcom Corp / Broadcom
Cayman Finance Ltd '144A' 3%
15/1/2022
Broadcom Corp / Broadcom
Cayman Finance Ltd '144A'
3.625% 15/1/2024
Broadcom Corp / Broadcom
Cayman Finance Ltd '144A'
3.875% 15/1/2027
Brooklyn Arena Local Development
Corp 5% 15/7/2042
Buckeye Tobacco Settlement
Financing Authority 5.875%
1/6/2047
Burnham Park Clo Ltd '2016-1A E'
'144A' FRN 20/10/2029
BWAY 2013-1515 Mortgage
Trust '2013-1515 F' '144A' FRN
10/3/2033
BWAY 2013-1515 Mortgage Trust
'2013-1515 D' '144A' 3.633%
10/3/2033
BWAY 2015-1740 Mortgage
Trust '2015-1740 E' '144A' FRN
13/1/2035
Caesars Entertainment Resort
Properties LLC / Caesars
Entertainment Resort Prope 8%
1/10/2020
Caesars Growth Properties Holdings
LLC / Caesars Growth Properties
Finance Inc 9.375% 1/5/2022
California Health Facilities Financing
Authority 5% 15/8/2033
California Pollution Control
Financing Authority '144A' 5%
21/11/2045
California State Public Works Board
8.361% 1/10/2034
California Statewide Communities
Development Authority '144A' 5%
1/12/2025
California Statewide Communities
Development Authority '144A' 5%
1/12/2026
Calpine Corp 5.375% 15/1/2023
Calpine Corp 5.5% 1/2/2024
Calpine Corp 5.75% 15/1/2025
Calpine Corp '144A' 5.875%
15/1/2024
Calpine Corp '144A' 6% 15/1/2022
Canyon Capital CLO 2006-1
Ltd '2006-1A A1' '144A' FRN
15/12/2020
Canyon Capital CLO 2012-1
Ltd '2012-1A DR' '144A' FRN
15/1/2026
Canyon Capital CLO 2015-1
Ltd '2015-1A C' '144A' FRN
15/4/2027
Canyon Capital CLO 2016-1
Ltd '2016-1A E' '144A' FRN
15/4/2028
Canyon Capital CLO 2016-2
Ltd '2016-2A E' '144A' FRN
15/10/2028
Market
Value
(USD)
% of
Net
Assets
4,678,841
0.06
751,875
0.01
13,490,402
0.17
10,093,145
0.13
7,106,311
0.09
2,120,908
0.03
3,478,746
0.04
235,605
0.00
3,833,775
0.05
2,693,607
0.03
1,949,522
0.03
2,185,549
0.03
5,848,150
0.07
1,156,850
0.01
1,038,280
0.01
2,537,941
0.03
1,103,415
0.01
1,099,325
1,527,600
2,162,160
1,064,650
0.01
0.02
0.03
0.01
1,590,000
456,206
0.02
0.01
999,925
0.01
591,017
0.01
334,110
0.00
251,166
0.00
931,577
0.01
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 13,503,000
USD 660,000
USD 250,000
USD 1,225,000
USD 1,625,000
USD 2,900,000
USD 1,455,000
USD 500,000
USD 1,190,000
USD 250,000
USD 660,000
USD 715,000
USD 485,000
USD 525,000
USD 485,000
USD 250,000
USD 280,000
USD 380,000
USD 370,000
USD 642,830
USD 500,000
USD 1,885,000
USD 1,306,752
USD 1,318,698
Description
Capital One Financial Corp 3.75%
28/7/2026
Carlyle Daytona CLO Ltd
'2007-1A A3L' '144A' FRN
27/4/2021
Carlyle Global Market Strategies
24/2/2029 (Zero Coupon)
Carlyle Global Market Strategies
CLO 2012-2 Ltd '2012-2A B1R'
'144A' FRN 20/7/2023
Carlyle Global Market Strategies
CLO 2012-2 Ltd '2012-2A C1R'
'144A' FRN 20/7/2023
Carlyle Global Market Strategies
CLO 2012-2 Ltd '2012-2A ER'
'144A' FRN 20/7/2023
Carlyle Global Market Strategies
CLO 2012-3 Ltd '2012-3A CR'
'144A' FRN 14/10/2028
Carlyle Global Market Strategies
CLO 2013-1 Ltd '2013-1A D'
'144A' FRN 14/2/2025
Carlyle Global Market Strategies
CLO 2013-3 Ltd '2013-3A B'
'144A' FRN 15/7/2025
Carlyle Global Market Strategies
CLO 2013-3 Ltd '2013-3A C'
'144A' FRN 15/7/2025
Carlyle Global Market Strategies
CLO 2014-1 Ltd '2014-1A CR'
'144A' FRN 17/4/2025
Carlyle Global Market Strategies
CLO 2014-5 Ltd '2014-5A C'
'144A' FRN 16/10/2025
Carlyle Global Market Strategies
CLO 2015-1 Ltd '2015-1A C'
'144A' FRN 20/4/2027
Carlyle Global Market Strategies
CLO 2015-1 Ltd '2015-1A D'
'144A' FRN 20/4/2027
Carlyle Global Market Strategies
CLO 2015-1 Ltd '2015-1A E1'
'144A' FRN 20/4/2027
Carlyle Global Market Strategies
CLO 2015-2 Ltd '2015-2A C'
'144A' FRN 27/4/2027
Carlyle Global Market Strategies
CLO 2015-2 Ltd '2015-2A D'
'144A' FRN 27/4/2027
Carlyle Global Market Strategies
CLO 2015-3 Ltd '2015-3A D'
'144A' FRN 28/7/2028
Carlyle Global Market Strategies
CLO 2015-4 Ltd '2015-4A D'
'144A' FRN 20/10/2027
Carlyle Global Market Strategies
CLO 2015-4 Ltd '2015-4A SBB1'
'144A' 9.53% 20/10/2027
Carlyle Global Market Strategies
CLO 2016-1 Ltd '2016-1A D'
'144A' FRN 20/4/2027
Carrington Mortgage Loan Trust
Series '2006-FRE1 A4' FRN
25/4/2036
Carrington Mortgage Loan Trust
Series '2006-NC2 A3' FRN
25/6/2036
Carrington Mortgage Loan Trust
Series '2006-FRE2 A2' FRN
25/10/2036
Market
Value
(USD)
% of
Net
Assets
13,232,623
0.17
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 3,753,665
USD 3,487,106
654,724
0.01
250,000
0.00
USD 1,080,000
1,225,415
0.02
USD 1,690,000
1,636,486
0.02
USD 2,629,110
2,906,732
0.04
USD 406,264
1,480,959
0.02
USD 1,347,301
504,540
0.01
USD 1,100,000
1,196,409
0.02
USD 1,285,000
USD 1,168,759
250,125
0.00
USD 195,385
660,000
0.01
USD 5,840,584
715,973
0.01
USD 1,525,000
USD 6,270,000
487,660
0.01
USD 530,000
522,830
0.01
USD 16,000,000
472,867
0.01
USD 1,633,923
250,816
0.00
USD 455,000
272,323
0.00
USD 2,200,000
373,621
0.00
USD 680,000
USD 11,600,000
368,122
0.00
USD 2,431,635
658,565
0.01
USD 1,515,000
502,953
0.01
USD 540,000
1,283,325
0.02
USD 450,000
1,220,062
0.02
EUR 275,000
USD 1,130,000
823,744
0.01
Description
Carrington Mortgage Loan Trust
Series '2006-FRE2 A3' FRN
25/10/2036
Carrington Mortgage Loan Trust
Series '2006-FRE2 A5' FRN
25/10/2036
Carrington Mortgage Loan Trust
Series '2006-NC4 A3' FRN
25/10/2036
Carrington Mortgage Loan Trust
Series '2007-RFC1 A4' FRN
25/12/2036
Carrington Mortgage Loan Trust
Series '2006-NC5 A3' FRN
25/1/2037
Carrington Mortgage Loan Trust
Series '2006-NC5 A5' FRN
25/1/2037
Carrington Mortgage Loan Trust
Series '2007-HE1 A2' FRN
25/6/2037
Catamaran CLO 2012-1 Ltd
'2012-1A BR' '144A' FRN
20/12/2023
Catholic Health Initiatives 4.35%
1/11/2042
C-BASS 2006-CB9 TRUST
'2006-CB9 A2' FRN 25/11/2036
C-BASS 2006-CB9 TRUST
'2006-CB9 A4' FRN 25/11/2036
C-BASS 2007-CB1 TRUST (Step-up
coupon) '2007-CB1 AF2' 3.846%
25/1/2037
CCO Holdings LLC / CCO Holdings
Capital Corp 5.25% 30/9/2022
CCO Holdings LLC / CCO Holdings
Capital Corp '144A' 5.75%
15/2/2026
CCRESG Commercial Mortgage
Trust '2016-HEAT D' '144A' FRN
10/4/2029
CCRESG Commercial Mortgage
Trust '2016-HEAT X' '144A' FRN
10/4/2029
CD 2006-CD3 Mortgage Trust
'2006-CD3 AM' 5.648%
15/10/2048
CD 2007-CD5 Mortgage Trust
'2007-CD5 AJ' FRN 15/11/2044
CD 2007-CD5 Mortgage Trust
'2007-CD5 AJA' FRN 15/11/2044
CD 2017-CD3 Mortgage Trust
'2017-CD3 A4' 3.631% 10/2/2050
CD 2017-CD3 Mortgage Trust
'2017-CD3 A4' FRN 10/2/2050
CDGJ Commercial Mortgage Trust
'2014-BXCH EPA' '144A' FRN
15/12/2027
CDW LLC / CDW Finance Corp
5.5% 1/12/2024
Cedar Funding III CLO Ltd
'2014-3A C' '144A' FRN
20/5/2026
Cedar Funding III CLO Ltd
'2014-3A D' '144A' FRN
20/5/2026
Cemex Finance LLC 4.625%
15/6/2024
Cemex Finance LLC (Restricted)
'144A' 9.375% 12/10/2022*
Market
Value
(USD)
% of
Net
Assets
2,356,337
0.03
2,167,512
0.03
798,970
0.01
1,023,159
0.01
1,811,937
0.02
334,490
0.00
1,266,285
0.02
1,100,000
0.01
1,151,701
0.01
683,305
0.01
116,554
0.00
2,553,924
0.03
1,584,094
0.02
6,724,575
0.09
522,227
0.01
803,125
0.01
1,637,213
0.02
463,360
0.01
2,244,817
0.03
706,347
0.01
918,778
0.01
2,447,450
0.03
1,594,537
0.02
544,104
0.01
444,338
0.01
308,419
0.00
1,233,112
0.02
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
215
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 306,000
USD 8,110,000
USD 290,000
USD 5,430,000
USD 2,270,000
USD 14,685,465
USD 5,439,000
USD 1,820,000
USD 752,000
USD 4,297,098
USD 3,088,000
USD 1,984,000
USD 10,190,000
USD 730,000
USD 575,000
USD 270,000
USD 385,000
USD 205,000
USD 755,000
USD 3,041,114
USD 132,189
USD 1,250,000
USD 490,000
USD 670,000
USD 1,550,000
USD 200,000
USD 440,000
216
Description
Cent CLO 24 Ltd '2015-24A D2'
'144A' FRN 15/10/2026
CF Industries Inc '144A' 4.5%
1/12/2026
CFCRE Commercial Mortgage
Trust '2016-C3 D' '144A' FRN
10/1/2048
CFCRE Commercial Mortgage
Trust '2016-C3 XD' '144A' FRN
10/1/2048
CFCRE Commercial Mortgage Trust
'2016-C4 C' FRN 10/5/2058
CFCRE Commercial Mortgage Trust
'2016-C4 XA' FRN 10/5/2058
CFCRE Commercial Mortgage Trust
'2016-C4 XB' FRN 10/5/2058
CGBAM Commercial Mortgage
Trust '2015-SMRT E' '144A' FRN
10/4/2028
CG-CCRE Commercial Mortgage
Trust '2014-FL1 E' '144A' FRN
15/6/2031
CGGS Commercial Mortgage Trust
'2016-RNDB AFL' '144A' FRN
15/2/2033
CGGS Commercial Mortgage Trust
'2016-RNDB CFL' '144A' FRN
15/2/2033
CGGS Commercial Mortgage Trust
'2016-RNDB DFL' '144A' FRN
15/2/2033
Charter Communications Operating
LLC / Charter Communications
Operating Capital 6.484%
23/10/2045
Chesapeake Bay Bridge & Tunnel
District 5% 1/7/2041
Chesapeake Bay Bridge & Tunnel
District 5% 1/7/2051
Chesapeake Funding LLC
'2013-1A B' '144A' FRN 7/1/2025
Chesapeake Funding LLC
'2014-1A B' '144A' FRN 7/3/2026
Chesapeake Funding LLC
'2014-1A C' '144A' FRN 7/3/2026
Chesapeake Funding LLC
'2014-1A D' '144A' FRN 7/3/2026
CHL Mortgage Pass-Through Trust
'2006-OA4 A1' FRN 25/4/2046
CHLUPA Trust '2013-VM A' '144A'
3.326% 15/8/2020
CIFC Funding 2012-II Ltd
'2012-2A B2R' '144A' FRN
5/12/2024
CIFC Funding 2012-III Ltd
'2012-3A A3R' '144A' FRN
29/1/2025
CIFC Funding 2012-III Ltd
'2012-3A B1R' '144A' FRN
29/1/2025
CIFC Funding 2013-I Ltd
'2013-1A A2' '144A' FRN
16/4/2025
CIFC Funding 2013-II Ltd
'2013-2A B1L' '144A' FRN
21/4/2025
CIFC Funding 2013-IV Ltd
'2013-4A DR' '144A' FRN
27/11/2024
BlackRock Global Funds (BGF)
Market
Value
(USD)
% of
Net
Assets
306,261
0.00
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 2,020,000
USD 750,000
8,291,088
0.11
USD 4,750,000
210,858
0.00
USD 1,390,000
642,776
0.01
USD 280,000
2,335,775
0.03
1,804,857
0.02
312,226
0.00
USD 1,013,000
USD 1,266,000
1,814,368
0.02
USD 745,000
752,995
0.01
USD 2,345,000
4,309,045
0.06
USD 280,000
3,099,690
0.04
USD 990,000
1,998,297
0.03
USD 680,000
11,816,253
0.15
810,964
0.01
USD 970,000
USD 250,000
619,847
0.01
269,269
0.00
USD 940,000
380,989
0.01
USD 940,000
USD 2,455,000
201,398
0.00
USD 300,000
754,305
0.01
1,488,559
0.02
131,694
0.00
USD 563,500
USD 8,700,000
1,253,906
0.02
USD 190,000
492,323
0.01
USD 6,834,000
680,885
0.01
USD 335,000
1,559,299
0.02
USD 57,142,221
200,485
0.00
USD 2,420,000
440,000
0.01
Description
CIFC Funding 2014 Ltd '2014-1A A'
'144A' FRN 18/4/2025
CIFC Funding 2014 Ltd '2014-1A E'
'144A' FRN 18/4/2025
CIFC Funding 2014-II Ltd
'2014-2A A1LR' '144A' FRN
24/5/2026
CIFC Funding 2014-II Ltd
'2014-2A B1L' '144A' FRN
24/5/2026
CIFC Funding 2014-III Ltd
'2014-3A B1' '144A' FRN
22/7/2026
CIFC Funding 2014-III Ltd
'2014-3A C1' '144A' FRN
22/7/2026
CIFC Funding 2014-III Ltd
'2014-3A D' '144A' FRN
22/7/2026
CIFC Funding 2014-IV Ltd
'2014-4A D' '144A' FRN
17/10/2026
CIFC Funding 2014-V Ltd
'2014-5A A1R' '144A' FRN
17/1/2027
CIFC Funding 2014-V Ltd
'2014-5A CR' '144A' FRN
17/1/2027
CIFC Funding 2015-I Ltd
'2015-1A A1R' '144A' FRN
22/1/2027
CIFC Funding 2015-I Ltd
'2015-1A D' '144A' FRN
22/1/2027
CIFC Funding 2015-II Ltd
'2015-2A A' '144A' FRN
15/4/2027
CIFC Funding 2015-II Ltd
'2015-2A D' '144A' FRN
15/4/2027
CIFC Funding 2016-I Ltd '2016-1A E'
'144A' FRN 21/10/2028
CIT Group Inc 4.25% 15/8/2017
CIT Group Inc '144A' 5.5%
15/2/2019
Citigroup Commercial Mortgage
Trust '2015-SHP2 F' '144A' FRN
15/7/2027
Citigroup Commercial Mortgage
Trust '2015-SSHP D' '144A' FRN
15/9/2027
Citigroup Commercial Mortgage
Trust '2013-SMP XB' '144A' FRN
12/1/2030
Citigroup Commercial Mortgage
Trust '2013-375P D' '144A' FRN
10/5/2035
Citigroup Commercial Mortgage
Trust '2013-375P E' '144A' FRN
10/5/2035
Citigroup Commercial Mortgage
Trust '2014-GC21 D' '144A' FRN
10/5/2047
Citigroup Commercial Mortgage
Trust '2014-GC23 XA' FRN
10/7/2047
Citigroup Commercial Mortgage
Trust '2014-GC25 XE' '144A' FRN
10/10/2047
Market
Value
(USD)
% of
Net
Assets
2,026,584
0.03
699,380
0.01
4,749,995
0.06
1,389,242
0.02
280,397
0.00
1,019,345
0.01
1,256,388
0.02
739,528
0.01
2,345,000
0.03
280,000
0.00
990,000
0.01
687,243
0.01
974,123
0.01
248,993
0.00
932,881
950,575
0.01
0.01
2,593,094
0.03
297,199
0.00
555,355
0.01
18,394
0.00
187,984
0.00
6,565,117
0.08
282,916
0.00
3,415,122
0.04
174,659
0.00
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 3,350,000
USD 51,052,353
USD 8,241,379
USD 1,190,000
USD 1,340,000
USD 260,000
USD 500,000
USD 7,212,000
USD 10,794,000
USD 24,220,000
USD 13,953,000
USD 4,293,000
USD 4,230,000
USD 715,000
USD 1,010,000
USD 795,000
USD 860,000
USD 1,025,000
USD 220,000
USD 860,000
USD 835,000
USD 2,160,000
USD 720,000
USD 1,407,417
USD 132,103
USD 4,261,000
USD 640,000
USD 7,516,000
USD 100,000
USD 750,000
USD 4,160
USD 1,740,000
Description
Citigroup Commercial Mortgage
Trust '2015-GC27 C' FRN
10/2/2048
Citigroup Commercial Mortgage
Trust '2015-P1 XA' FRN 15/9/2048
Citigroup Commercial Mortgage
Trust '2016-P3 XA' FRN 15/4/2049
Citigroup Commercial Mortgage
Trust '2016-C1 C' FRN 10/5/2049
Citigroup Commercial Mortgage
Trust '2016-GC37 D' '144A'
2.788% 10/4/2049
Citigroup Commercial Mortgage
Trust '2016-SMPL D' '144A' 3.52%
10/9/2031
Citigroup Commercial Mortgage
Trust '2016-SMPL E' '144A'
4.509% 10/9/2031
Citigroup Inc FRN 10/1/2028
Citigroup Inc 2.9% 8/12/2021
Citigroup Inc 3.2% 21/10/2026
Citigroup Inc 4.125% 25/7/2028
Citigroup Inc 4.75% 18/5/2046
Citigroup Mortgage Loan Trust
'2006-NC1 A2D' FRN 25/8/2036
City of Houston TX Airport System
Revenue 5% 1/7/2024
City of Portland OR Sewer System
Revenue 5% 15/6/2023
City of San Jose CA Airport Revenue
5% 1/3/2037
Clark County School District 5%
15/6/2023
Clark County School District 5%
15/6/2024
Clark County School District 5%
15/6/2026
Clark County School District 5%
15/6/2027
Clark County School District 5%
15/6/2028
Clear Channel Worldwide Holdings
Inc 6.5% 15/11/2022
Colorado Health Facilities Authority
5.25% 1/2/2031
COLT 2015-1 LLC '2015-1 A1V'
'144A' FRN 26/12/2045
COLT 2016-1 Mortgage Loan Trust
'2016-1 A1' '144A' 3% 25/5/2046
Comcast Corp 3.4% 15/7/2046
COMM '2013-GAM A2' '144A'
3.367% 10/2/2028
COMM 2007-C9 Mortgage Trust
'2007-C9 AJFL' '144A' FRN
10/12/2049
COMM 2013-300P Mortgage
Trust '2013-300P D' '144A' FRN
10/8/2030
COMM 2013-300P Mortgage Trust
'2013-300P A1' '144A' 4.353%
10/8/2030
COMM 2013-CCRE11 Mortgage
Trust '2013-CR11 XA' FRN
10/10/2046
COMM 2013-WWP Mortgage Trust
'2013-WWP D' '144A' 3.898%
10/3/2031
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 1,390,000
3,158,948
0.04
USD 100,000
2,546,004
0.03
962,599
0.01
1,186,265
0.02
USD 1,915,000
USD 1,447,000
904,543
0.01
USD 1,020,000
258,061
0.00
USD 8,430,000
487,790
7,285,043
10,841,709
23,244,322
13,874,040
4,308,264
0.01
0.09
0.14
0.30
0.18
0.06
3,381,913
0.04
799,123
0.01
USD 6,905,000
USD 3,725,000
USD 1,090,000
USD 29,156,333
1,197,294
0.02
796,912
0.01
1,011,106
0.01
USD 920,000
USD 1,950,000
1,212,662
0.02
261,416
0.00
1,008,617
0.01
USD 5,320,000
USD 41,554,481
976,457
0.01
2,241,000
0.03
767,318
0.01
USD 2,715,000
USD 23,570,957
1,406,676
0.02
133,598
3,675,801
0.00
0.05
USD 4,146,000
654,049
0.01
USD 5,706,674
USD 11,055,331
7,393,227
0.09
USD 127,952
103,858
0.00
USD 1,275,000
USD 2,545,000
816,521
0.01
USD 750,000
221
0.00
USD 1,450,000
USD 945,000
1,754,877
0.02
Description
COMM 2014-277P Mortgage
Trust '2014-277P A' '144A' FRN
10/8/2049
COMM 2014-CCRE18 Mortgage
Trust '2014-CR18 C' FRN
15/7/2047
COMM 2014-FL4 Mortgage
Trust '2014-FL4 D' '144A' FRN
13/7/2031
COMM 2014-PAT Mortgage
Trust '2014-PAT D' '144A' FRN
13/8/2027
COMM 2014-PAT Mortgage
Trust '2014-PAT E' '144A' FRN
13/8/2027
COMM 2014-PAT Mortgage
Trust '2014-PAT F' '144A' FRN
13/8/2027
COMM 2014-PAT Mortgage
Trust '2014-PAT G' '144A' FRN
13/8/2027
COMM 2014-TWC Mortgage
Trust '2014-TWC E' '144A' FRN
13/2/2032
COMM 2015-3BP Mortgage
Trust '2015-3BP F' '144A' FRN
10/2/2035
COMM 2015-CCRE22 Mortgage
Trust '2015-CR22 XA' FRN
10/3/2048
COMM 2015-CCRE23 Mortgage
Trust '2015-CR23 CMD' '144A'
FRN 10/5/2048
COMM 2015-CCRE23 Mortgage
Trust '2015-CR23 CME' '144A'
FRN 10/5/2048
COMM 2015-CCRE23 Mortgage
Trust '2015-CR23 D' FRN
10/5/2048
COMM 2015-CCRE23 Mortgage
Trust '2015-CR23 XA' FRN
10/5/2048
COMM 2015-CCRE25 Mortgage
Trust '2015-CR25 D' FRN
10/8/2048
COMM 2015-CCRE25 Mortgage
Trust '2015-CR25 XA' FRN
10/8/2048
COMM 2015-LC19 Mortgage
Trust '2015-LC19 D' '144A' FRN
10/2/2048
COMM 2015-LC21 Mortgage Trust
'2015-LC21 XA' FRN 10/7/2048
COMM 2016-DC2 Mortgage Trust
'2016-DC2 XA' FRN 10/2/2049
Commercial Mortgage Trust
'2006-GG7 AM' FRN 10/7/2038
Commercial Mortgage Trust
'2007-GG11 AM' FRN 10/12/2049
Commonwealth Financing Authority
4.144% 1/6/2038
Commonwealth of Massachusetts
5% 1/7/2028
Commonwealth of Pennsylvania 5%
15/9/2025
Communications Sales & Leasing
Inc / CSL Capital LLC 8.25%
15/10/2023
Market
Value
(USD)
% of
Net
Assets
1,451,481
0.02
103,226
0.00
1,883,146
0.02
1,448,197
0.02
1,022,225
0.01
8,205,415
0.10
6,237,701
0.08
3,736,712
0.05
946,459
0.01
1,579,205
0.02
872,062
0.01
1,768,745
0.02
4,048,108
0.05
2,263,608
0.03
2,131,562
0.03
1,426,643
0.02
3,243,934
0.04
250,997
0.00
772,028
0.01
127,950
0.00
1,294,991
0.02
2,500,564
0.03
925,646
0.01
1,688,308
0.02
1,029,010
0.01
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
217
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 4,931,000
USD 1,689,771
USD 2,082,229
USD 4,712,058
USD 1,374,350
USD 3,789,685
USD 2,100,273
USD 1,434,270
USD 1,581,713
USD 1,157,449
USD 298,079
USD 741,314
USD 2,422,463
USD 1,580,071
USD 10,995
USD 358,086
USD 850,000
USD 890,000
USD 8,992,000
USD 2,480,000
USD 250,000
USD 4,760,000
USD 13,340,000
USD 9,240,000
USD 4,180,000
USD 3,352,031
USD 1,555,050
USD 2,532,197
USD 958,255
USD 900,000
USD 870,000
USD 1,000,000
218
Description
Concho Resources Inc 5.5%
1/4/2023
Conseco Finance Securitizations
Corp '2000-4 A6' FRN 1/5/2032
Conseco Finance Securitizations
Corp '2000-5 A6' 7.96% 1/5/2031
Conseco Finance Securitizations
Corp '2000-4 A5' 7.97% 1/5/2032
Conseco Finance Securitizations
Corp '2000-1 A5' 8.06% 1/9/2029
Conseco Finance Securitizations
Corp '2000-5 A7' 8.2% 1/5/2031
Conseco Financial Corp '1997-3 M1'
FRN 15/3/2028
Conseco Financial Corp '1997-6 M1'
FRN 15/1/2029
Conseco Financial Corp '1999-5 A5'
FRN 1/3/2030
Conseco Financial Corp '1999-5 A6'
FRN 1/3/2030
Conseco Financial Corp '1998-4 M1'
FRN 1/4/2030
Conseco Financial Corp '1998-6 M1'
FRN 1/6/2030
Conseco Financial Corp '1998-8 M1'
FRN 1/9/2030
Conseco Financial Corp '1998-8 A1'
6.28% 1/9/2030
Continental Airlines 2000-1 Class B
Pass Through Trust 8.388%
1/11/2020
Continental Airlines 2010-1 Class B
Pass Through Trust 6% 12/1/2019
Continental Airlines 2012-3 Class C
Pass Through Trust 6.125%
29/4/2018
Contra Costa Community College
District 6.504% 1/8/2034
Core Industrial Trust '2015-CALW G'
'144A' FRN 10/2/2034
Core Industrial Trust '2015-TEXW D'
'144A' FRN 10/2/2034
Core Industrial Trust '2015-TEXW E'
'144A' FRN 10/2/2034
Core Industrial Trust '2015-TEXW F'
'144A' FRN 10/2/2034
Core Industrial Trust '2015-TEXW XA'
'144A' FRN 10/2/2034
Core Industrial Trust '2015-WEST XA'
'144A' FRN 10/2/2037
Cosmopolitan Hotel Trust
'2016-CSMO A' '144A'
FRN 15/11/2033
Countrywide Asset-Backed
Certificates '2007-S3 A3'
FRN 25/5/2037
Countrywide Asset-Backed
Certificates (Step-up coupon)
'2006-S3 A3' 6.287% 25/6/2021
Countrywide Asset-Backed
Certificates (Step-up coupon)
'2006-S3 A4' 6.414% 25/1/2029
Countrywide Commercial Mortgage
Trust '2007-MF1 A' '144A' FRN
12/11/2043
County of Clark NV 5% 1/7/2028
County of Mecklenburg NC 5%
1/12/2025
County of Miami-Dade FL 5%
1/7/2034
BlackRock Global Funds (BGF)
Market
Value
(USD)
% of
Net
Assets
5,128,240
0.07
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 910,000
USD 2,015,000
1,015,862
0.01
USD 1,810,000
1,518,738
0.02
2,723,382
0.03
816,333
0.01
USD 550,000
USD 250,000
USD 2,557,903
2,831,648
0.04
USD 3,271,968
2,086,034
0.03
1,431,287
0.02
1,344,976
0.02
USD 1,750,000
USD 510,000
954,272
0.01
256,921
0.00
683,281
0.01
USD 150,746
USD 168,458
1,998,143
0.03
1,672,680
0.02
USD 824,616
11,167
0.00
USD 942,454
370,261
0.00
USD 531,430
887,187
0.01
1,165,437
0.02
8,753,217
0.11
2,515,509
0.03
USD 555,000
246,927
0.00
USD 890,000
4,463,458
0.06
USD 4,206,881
USD 21,891,639
464,165
0.01
579,487
0.01
USD 7,580,037
4,227,049
0.05
USD 5,452,000
USD 1,990,000
2,775,222
0.04
USD 4,362,000
1,707,322
2,525,572
0.02
USD 590,000
0.03
USD 27,167,000
USD 295,222
USD 870,000
964,622
1,100,871
0.01
0.01
USD 1,301,190
1,065,946
0.01
USD 2,708,147
1,144,165
0.01
Description
Market
Value
(USD)
County of Miami-Dade FL 5%
1/7/2035
1,037,250
County of Miami-Dade FL Aviation
Revenue 2.504% 1/10/2024
1,933,997
County of Miami-Dade FL Aviation
Revenue 5% 1/10/2038
1,949,850
County of Wake NC 5% 1/3/2025
667,761
Credit Acceptance Auto Loan
Trust '2015-1A C' '144A' 3.3%
17/7/2023
251,854
Credit Suisse ABS Repackaging Trust
'2013-A B' '144A' 2.5% 25/1/2030
2,369,715
Credit Suisse Commercial Mortgage
Trust Series '2007-C4 A1AM' FRN
15/9/2039
3,312,769
Credit Suisse Commercial Mortgage
Trust Series '2007-C4 AM' FRN
15/9/2039
1,772,099
Credit Suisse First Boston Mortgage
Securities Corp '2004-C4 F' '144A'
FRN 15/10/2039
534,169
Credit Suisse First Boston Mortgage
Securities Corp '2005-C2 AMFX'
4.877% 15/4/2037
150,883
Credit Suisse First Boston Mortgage
Securities Corp '2005-C3 B'
4.882% 15/7/2037
168,300
Credit-Based Asset Servicing &
Securitization LLC '2007-CB6 A4'
'144A' FRN 25/7/2037
536,648
Credit-Based Asset Servicing &
Securitization LLC '2007-RP1 A'
'144A' FRN 25/5/2046
782,979
Credit-Based Asset Servicing &
Securitization LLC (Step-up
coupon) '2006-CB2 AF4' 3.464%
25/12/2036
395,314
Credit-Based Asset Servicing &
Securitization LLC (Step-up
coupon) '2006-SL1 A2' '144A'
5.556% 25/9/2036
1,067,904
CrownRock LP / CrownRock Finance
Inc '144A' 7.75% 15/2/2023
605,644
CSAIL 2015-C3 Commercial
Mortgage Trust '2015-C3 C' FRN
15/8/2048
873,562
CSAIL 2016-C5 Commercial
Mortgage Trust '2016-C5 XA' FRN
15/11/2048
1,357,559
CSAIL 2016-C6 Commercial
Mortgage Trust '2016-C6 XA' FRN
15/1/2049
915,804
CSC Holdings LLC '144A' 6.625%
15/10/2025
6,010,830
CSC Holdings LLC '144A' 10.125%
15/1/2023
2,298,450
CSC Holdings LLC '144A' 10.875%
15/10/2025
5,245,305
CSMC '2016-MFF A' '144A' FRN
15/11/2033
591,379
CSMC 2017-1 TR 4.5% 25/3/2021
27,167,000
CSMC Series '2010-20R 9A1' '144A'
FRN 27/1/2036
295,208
CSMC Series '2014-4R 16A3' '144A'
FRN 27/2/2036
729,352
CSMC Series '2015-6R 5A1' '144A'
FRN 27/3/2036
1,259,417
CSMC Series '2015-6R 5A2' '144A'
FRN 27/3/2036
1,368,711
% of
Net
Assets
0.01
0.02
0.03
0.01
0.00
0.03
0.04
0.02
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.01
0.08
0.03
0.07
0.01
0.35
0.00
0.01
0.02
0.02
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 1,811,135
USD 1,650,000
USD 570,000
USD 2,316,635
USD 5,689,181
USD 5,140,000
USD 2,884,960
USD 1,390,000
USD 5,600,000
USD 1,320,000
USD 790,000
USD 1,360,000
USD 6,904,000
USD 250,000
USD 2,970,000
USD 337,560
USD 1,555,402
USD 3,154,750
USD 398,002
USD 1,108,186
USD 774,087
USD 499,674
USD 1,567,866
USD 340,000
USD 8,561,000
USD 2,150,000
USD 2,322,000
USD 8,379,320
USD 3,276,526
USD 629,295
Description
CSMC Series '2014-9R 9A1' '144A'
FRN 27/8/2036
CSMC Series '2015-4R 1A4' '144A'
FRN 27/10/2036
CSMC Series '2015-4R 1A2' '144A'
FRN 27/11/2036
CSMC Series '2014-9R 3A1' '144A'
FRN 27/11/2037
CSMC Series '2014-11R 16A1'
'144A' FRN 27/9/2047
CSMC Series '2010-UD1 B' '144A'
FRN 16/12/2049
CSMC Trust '2015-DEAL A' '144A'
FRN 15/4/2029
CSMC Trust '2015-DEAL D' '144A'
FRN 15/4/2029
CSMC Trust '2013-5R 1A6' '144A'
FRN 27/2/2036
CSMC Trust '2014-TIKI D' '144A'
FRN 15/9/2038
CSMC Trust '2014-TIKI E' '144A' FRN
15/9/2038
CSMC Trust '2014-TIKI F' '144A' FRN
15/9/2038
CSX Corp 4.25% 1/11/2066
Cumberland Park CLO Ltd
'2015-2A E' '144A' FRN
20/7/2026
CVS Health Corp 3.875% 20/7/2025
CWABS Asset-Backed Certificates
Trust '2006-11 3AV2' FRN
25/9/2046
CWABS Revolving Home Equity
Loan Trust Series '2004-U 2A' FRN
15/3/2034
CWHEQ Home Equity Loan
Trust Series '2007-S1 A3' FRN
25/11/2036
CWHEQ Home Equity Loan Trust
Series '2006-S2 A3' 5.841%
25/7/2027
CWHEQ Home Equity Loan Trust
Series '2006-S5 A4' 5.842%
25/6/2035
CWHEQ Home Equity Loan Trust
Series '2006-S5 A5' 6.155%
25/6/2035
CWHEQ Revolving Home Equity
Loan Resuritization Trust Series
'2006-RES 5B1B' '144A' FRN
15/5/2035
CWHEQ Revolving Home Equity
Loan Trust Series '2005-B 2A' FRN
15/5/2035
Dallas/Fort Worth International
Airport 5% 1/11/2043
DaVita Inc 5.125% 15/7/2024
DaVita Inc 5.75% 15/8/2022
DBJPM 16-C3 Mortgage Trust
'2016-C3 D' '144A' FRN
10/9/2049
DCP Rights LLC '2014-1A A' '144A'
5.463% 25/10/2044
Deephaven Residential Mortgage
Trust '2016-1A A1' '144A' 4%
25/7/2046
Deutsche ALT-A Securities Inc
ALT '2007-RS1 A2' '144A' FRN
27/1/2037
Market
Value
(USD)
% of
Net
Assets
1,732,477
0.02
734,324
0.01
515,190
0.01
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 938,734
USD 732,640
USD 467,655
2,203,674
0.03
5,657,076
0.07
5,145,809
0.07
2,891,682
0.04
USD 2,315,000
1,397,667
0.02
USD 2,332,000
5,228,814
0.07
USD 1,937,000
1,298,919
0.02
USD 4,743,000
777,901
0.01
USD 6,260,000
1,359,403
6,361,428
0.02
0.08
236,504
3,070,184
0.00
0.04
USD 2,050,000
USD 1,525,000
USD 945,000
USD 945,000
USD 450,000
USD 5,180,000
USD 15,114,000
USD 340,000
319,600
0.00
USD 250,000
1,263,713
0.02
USD 500,000
3,138,192
0.04
USD 250,000
458,612
0.01
USD 250,000
1,120,153
0.01
USD 1,430,000
736,254
0.01
USD 250,000
417,227
0.01
USD 3,065,000
1,373,614
360,262
8,710,817
2,249,437
0.02
0.00
0.11
0.03
USD 7,729,000
USD 1,515,000
USD 4,640,000
1,873,968
0.02
USD 5,375,000
8,459,840
3,286,031
0.11
0.04
USD 2,221,000
USD 3,120,000
USD 2,760,000
1,236,407
0.02
Description
Deutsche Alt-A Securities
Mortgage Loan Trust Series
'2007-OA4 1A1B' FRN 25/8/2047
Deutsche Alt-B Securities Mortgage
Loan Trust Series '2006-AB3 A3'
FRN 25/7/2036
Deutsche Alt-B Securities Mortgage
Loan Trust Series '2006-AB3 A8'
FRN 25/7/2036
Devon Energy Corp 5% 15/6/2045
Diamond 1 Finance Corp /
Diamond 2 Finance Corp '144A'
8.35% 15/7/2046
Diamondback Energy Inc '144A'
4.75% 1/11/2024
Diamondback Energy Inc '144A'
5.375% 31/5/2025
Discover Bank/Greenwood DE
3.45% 27/7/2026
Discover Financial Services 4.1%
9/2/2027
Discovery Communications LLC
4.875% 1/4/2043
DISH DBS Corp 4.25% 1/4/2018
DISH DBS Corp 5.875% 15/7/2022
District of Columbia 5% 15/7/2034
District of Columbia 5% 15/7/2035
Dryden 34 Senior Loan Fund
'2014-34A C' '144A' FRN
15/10/2026
Dryden 34 Senior Loan Fund
'2014-34A D' '144A' FRN
15/10/2026
Dryden 36 Senior Loan Fund
'2014-36A CR' '144A' FRN
15/1/2028
Dryden 36 Senior Loan Fund
'2014-36A DR' '144A' FRN
15/1/2028
Dryden 41 Senior Loan Fund
'2015-41A E' '144A' FRN
15/1/2028
Dryden 43 Senior Loan Fund
'2016-43A E' '144A' FRN
20/7/2029
Dryden XXV Senior Loan Fund
'2012-25A AR' '144A' FRN
15/1/2025
Dryden XXV Senior Loan Fund
'2012-25A CR' '144A' FRN
15/1/2025
Dryden XXVIII Senior Loan Fund
'2013-28A A1L' '144A' FRN
15/8/2025
Duke Energy Corp 3.75% 1/9/2046
Eleven Madison Trust 2015-11MD
Mortgage Trust '2015-11MD A'
'144A' FRN 10/9/2035
Endeavor Energy Resources LP /
EER Finance Inc '144A' 7%
15/8/2021
Endeavor Energy Resources LP /
EER Finance Inc '144A' 8.125%
15/9/2023
Energen Corp 4.625% 1/9/2021
Energy Transfer Partners LP 4.75%
15/1/2026
Energy Transfer Partners LP 5.3%
15/4/2047
Market
Value
(USD)
% of
Net
Assets
812,210
0.01
609,037
0.01
388,805
5,247,112
0.01
0.07
19,642,759
0.25
2,326,575
0.03
2,425,280
0.03
1,900,536
0.02
4,784,651
0.06
5,665,500
2,096,125
1,641,281
1,059,898
1,056,066
0.07
0.03
0.02
0.01
0.01
451,659
0.01
341,675
0.00
252,231
0.00
505,281
0.01
245,026
0.00
243,856
0.00
1,430,618
0.02
250,313
0.00
3,060,720
7,106,897
0.04
0.09
1,569,941
0.02
4,848,800
0.06
5,865,469
2,223,776
0.08
0.03
3,272,404
0.04
2,760,730
0.04
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
219
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 2,110,000
USD 1,570,000
USD 4,353,000
USD 963,000
USD 2,351,000
USD 5,058,000
USD 2,000,000
USD 4,060,813
USD 35,000
USD 610,000
USD 4,230,000
USD 4,710,000
USD 3,395,727
USD 253,636
USD 1,366,931
USD 3,100,000
USD 302,874
USD 25,537,237
USD 39,696,923
USD 3,002,886
USD 960,000
USD 1,840,000
USD 50,359
USD 104,313
USD 71,098
USD 68,600
USD 7,532,000
USD 4,338,000
USD 488,000
USD 940,000
USD 10,799,000
220
Description
Energy Transfer Partners LP 6.125%
15/12/2045
Enterprise Fleet Financing LLC
'2017-1 A3' '144A' 2.6%
20/7/2022
Enterprise Products Operating LLC
4.9% 15/5/2046
Enterprise Products Operating LLC
5.1% 15/2/2045
Equinix Inc 5.375% 1/4/2023
Estee Lauder Cos Inc/The 3.15%
15/3/2027
Fannie Mae Connecticut Avenue
Securities '2013-C01 M2' FRN
25/10/2023
Fannie Mae Connecticut Avenue
Securities '2014-C02 1M2' FRN
25/5/2024
Fannie Mae Connecticut Avenue
Securities '2014-C03 1M2' FRN
25/7/2024
Fannie Mae Connecticut Avenue
Securities '2016-C02 1M2' FRN
25/9/2028
Fannie Mae Connecticut Avenue
Securities '2016-C04 1M2' FRN
25/1/2029
Fannie Mae Connecticut Avenue
Securities '2016-C05 2M2' FRN
25/1/2029
Fannie Mae Connecticut Avenue
Securities '2016-C06 1M2' FRN
25/4/2029
Fannie Mae Connecticut Avenue
Securities '2016-C07 2M2' FRN
25/4/2029
Fannie Mae Connecticut Avenue
Securities '2017-C01 1B1' '144A'
FRN 25/7/2029
Fannie Mae Connecticut Avenue
Securities '2017-C01 1M2' '144A'
FRN 25/7/2029
Fannie Mae Pool '310139' 3.5%
1/11/2025
Fannie Mae Pool 'AL9258' 3.5%
1/10/2030
Fannie Mae Pool 'AL9260' 3.5%
1/6/2031
Fannie Mae Pool 'AL9291' 3.5%
1/9/2031
Fannie Mae Pool 'AM8314' 2.69%
1/4/2025
Fannie Mae Pool 'AN1506' 2.5%
1/5/2026
Fannie Mae Pool 'AX2893' 3.5%
1/11/2029
Fannie Mae Pool 'AY1180' 3.5%
1/6/2030
Fannie Mae Pool 'AZ7439' 3.5%
1/8/2030
Fannie Mae Pool 'BA0339' 3.5%
1/11/2030
FedEx Corp 4.4% 15/1/2047
FedEx Corp 4.75% 15/11/2045
Finn Square CLO Ltd '2012-1A A1R'
'144A' FRN 24/12/2023
Finn Square CLO Ltd '2012-1A A2R'
'144A' FRN 24/12/2023
First Data Corp '144A' 5%
15/1/2024
BlackRock Global Funds (BGF)
Market
Value
(USD)
% of
Net
Assets
2,327,447
0.03
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 640,000
USD 1,276,513
1,568,684
0.02
4,552,879
0.06
USD 694,811
USD 450,000
1,035,290
2,450,917
0.01
0.03
5,063,946
0.06
USD 280,000
USD 1,800,000
2,266,035
0.03
4,109,703
0.05
USD 10,130,000
USD 3,832,000
USD 7,250,000
35,951
0.00
USD 5,270,000
691,321
0.01
USD 4,300,000
4,461,481
0.06
USD 1,000,000
4,982,404
0.06
USD 23,417
USD 21,960
3,568,915
0.05
USD 11,294
265,364
0.00
USD 1,000,000
USD 123,430
1,455,965
0.02
USD 531,744
3,114,251
0.04
USD 1,000,000
316,393
0.00
USD 613,859
26,680,734
0.34
USD 493,544
41,475,468
0.53
USD 239,870
3,145,807
0.04
USD 7,542,601
955,460
0.01
USD 372,198
1,781,544
0.02
USD 186,283
53,252
0.00
USD 54,168,300
110,469
0.00
USD 22,164,241
75,289
0.00
USD 6,999,996
72,650
7,566,820
4,561,361
0.00
0.10
0.06
USD 985,519
489,918
0.01
USD 346,722
940,377
0.01
USD 78,816
11,082,474
0.14
USD 948,664
Description
Market
Value
(USD)
First Data Corp '144A' 5.375%
15/8/2023
667,200
First Franklin Mortgage Loan Trust
'2006-FF5 2A3' FRN 25/4/2036
1,169,930
FirstKey Lending 2015-SFR1 Trust
'2015-SFR1 A' '144A' 2.553%
9/3/2047
691,801
Flatiron CLO 2011-1 Ltd '2011-1A D'
'144A' FRN 15/1/2023
450,362
Flatiron CLO 2012-1 Ltd
'2012-1A BR' '144A' FRN
25/10/2021
279,986
Flatiron CLO 2012-1 Ltd
'2012-1A CR' '144A' FRN
25/10/2021
1,800,000
Ford Motor Co 4.346% 8/12/2026
10,428,891
Ford Motor Co 5.291% 8/12/2046
3,967,624
Fraser Sullivan CLO VII Ltd
'2012-7A A2R' '144A' FRN
20/4/2023
7,256,432
Fraser Sullivan CLO VII Ltd
'2012-7A BR' '144A' FRN
20/4/2023
5,296,508
Fraser Sullivan CLO VII Ltd
'2012-7A CR' '144A' FRN
20/4/2023
4,301,943
Fraser Sullivan CLO VII Ltd
'2012-7A DR' '144A' FRN
20/4/2023
999,357
Freddie Mac Gold Pool 'C09071' 4%
1/2/2045
24,652
Freddie Mac Gold Pool 'C90905' 4%
1/4/2025
23,119
Freddie Mac Gold Pool 'G08558' 4%
1/11/2043
11,890
Freddie Mac Gold Pool 'G08606' 4%
1/9/2044
1,052,760
Freddie Mac Gold Pool 'G08633' 4%
1/3/2045
129,942
Freddie Mac Gold Pool 'G08642' 4%
1/5/2045
559,799
Freddie Mac Gold Pool 'G08655' 4%
1/7/2045
1,052,760
Freddie Mac Gold Pool 'G08669' 4%
1/9/2045
646,247
Freddie Mac Gold Pool 'G08672' 4%
1/10/2045
519,828
Freddie Mac Gold Pool 'G08677' 4%
1/11/2045
252,525
Freddie Mac Gold Pool 'G08688' 4%
1/1/2046
7,940,548
Freddie Mac Gold Pool 'G08694' 4%
1/2/2046
391,835
Freddie Mac Gold Pool 'G08699' 4%
1/3/2046
196,112
Freddie Mac Gold Pool 'G08712' 4%
1/6/2046
57,026,217
Freddie Mac Gold Pool 'G08717' 4%
1/8/2046
23,333,625
Freddie Mac Gold Pool 'G08723' 4%
1/9/2046
7,369,316
Freddie Mac Gold Pool 'G08734' 4%
1/11/2046
1,037,515
Freddie Mac Gold Pool 'G08739' 4%
1/12/2046
998,716
Freddie Mac Gold Pool 'G08743' 4%
1/1/2047
365,015
Freddie Mac Gold Pool 'G14778'
3.5% 1/5/2028
82,382
% of
Net
Assets
0.01
0.02
0.01
0.01
0.00
0.02
0.13
0.05
0.09
0.07
0.06
0.01
0.00
0.00
0.00
0.01
0.00
0.01
0.01
0.01
0.01
0.00
0.10
0.01
0.00
0.73
0.30
0.09
0.01
0.01
0.00
0.00
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 37,832
USD 356,499
USD 175,050,357
USD 6,460,036
USD 38,435
USD 353,798
USD 461,721
USD 992,216
USD 977,292
USD 509,441
USD 667,516
USD 99,040
USD 965,197
USD 20,549
USD 5,009,692
USD 3,709,986
USD 65,255
USD 2,400,585
USD 100,570
USD 2,818,207
USD 49,430
USD 30,591
USD 4,999,998
USD 19,294
USD 6,999,999
USD 489,195
USD 139,705
USD 86,333
USD 2,000,001
USD 434,974
USD 2,934,176
USD 749,058
USD 999,999
USD 2,012,802
USD 49,410
Description
Freddie Mac Gold Pool 'G15219'
3.5% 1/11/2029
Freddie Mac Gold Pool 'G18606'
3.5% 1/6/2031
Freddie Mac Gold Pool 'G60583'
4% 1/3/2046
Freddie Mac Gold Pool 'G60608'
4% 1/5/2046
Freddie Mac Gold Pool 'J27091'
3.5% 1/1/2029
Freddie Mac Gold Pool 'J29034'
3.5% 1/8/2024
Freddie Mac Gold Pool 'Q03657'
4% 1/10/2041
Freddie Mac Gold Pool 'Q21594'
4% 1/9/2043
Freddie Mac Gold Pool 'Q23891'
4% 1/12/2043
Freddie Mac Gold Pool 'Q25329'
4% 1/3/2044
Freddie Mac Gold Pool 'Q26904'
4% 1/6/2044
Freddie Mac Gold Pool 'Q27222'
4% 1/7/2044
Freddie Mac Gold Pool 'Q27298'
4% 1/7/2044
Freddie Mac Gold Pool 'Q28448'
4% 1/9/2044
Freddie Mac Gold Pool 'Q29184'
4% 1/10/2044
Freddie Mac Gold Pool 'Q30211'
4% 1/12/2044
Freddie Mac Gold Pool 'Q30833'
4% 1/1/2045
Freddie Mac Gold Pool 'Q31008'
4% 1/1/2045
Freddie Mac Gold Pool 'Q31605'
4% 1/2/2045
Freddie Mac Gold Pool 'Q32070'
4% 1/3/2045
Freddie Mac Gold Pool 'Q32378'
4% 1/3/2045
Freddie Mac Gold Pool 'Q33842'
4% 1/6/2045
Freddie Mac Gold Pool 'Q33954'
4% 1/6/2045
Freddie Mac Gold Pool 'Q35164'
4% 1/5/2045
Freddie Mac Gold Pool 'Q35386'
4% 1/8/2045
Freddie Mac Gold Pool 'Q35545'
4% 1/8/2045
Freddie Mac Gold Pool 'Q35617'
4% 1/8/2045
Freddie Mac Gold Pool 'Q35660'
4% 1/9/2045
Freddie Mac Gold Pool 'Q35686'
4% 1/8/2045
Freddie Mac Gold Pool 'Q35906'
4% 1/8/2045
Freddie Mac Gold Pool 'Q36114'
4% 1/9/2045
Freddie Mac Gold Pool 'Q36494'
4% 1/9/2045
Freddie Mac Gold Pool 'Q36700'
4% 1/10/2045
Freddie Mac Gold Pool 'Q37175'
4% 1/11/2045
Freddie Mac Gold Pool 'Q37577'
4% 1/12/2045
Market
Value
(USD)
% of
Net
Assets
39,590
0.00
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 573,475
USD 499,287
373,443
0.00
USD 394,309
184,286,005
2.35
USD 4,919,223
6,800,867
0.09
USD 957,753
40,171
0.00
USD 616,226
370,269
0.00
USD 1,216,660
486,210
0.01
USD 674,514
1,044,962
0.01
USD 308,237
1,028,951
0.01
USD 1,497,405
536,319
0.01
USD 27,919
702,734
0.01
USD 23,769
104,270
0.00
USD 2,737,853
1,016,386
0.01
USD 9,939,946
21,633
0.00
USD 165,999
5,274,003
0.07
USD 5,375,703
3,905,725
0.05
USD 300,000
68,698
0.00
USD 947,362
2,527,240
0.03
USD 2,718,308
105,876
0.00
USD 1,332,935
2,966,896
0.04
USD 499,256
52,038
0.00
USD 1,213,568
32,205
0.00
USD 50,626
5,263,798
0.07
USD 4,668,785
20,321
0.00
USD 4,679,410
7,369,318
0.09
USD 989,005
515,005
0.01
USD 599,414
147,076
0.00
USD 480,832
90,888
0.00
USD 201,026
2,105,521
0.03
USD 250,001
457,924
0.01
USD 652,766
3,088,983
0.04
USD 1,973,995
788,578
0.01
USD 4,799,311
1,052,759
0.01
USD 97,829,309
2,118,997
0.03
52,017
0.00
Description
Freddie Mac Gold Pool 'Q37776'
4% 1/12/2045
Freddie Mac Gold Pool 'Q37791'
4% 1/12/2045
Freddie Mac Gold Pool 'Q37878'
4% 1/12/2045
Freddie Mac Gold Pool 'Q38413'
4% 1/1/2046
Freddie Mac Gold Pool 'Q38426'
4% 1/1/2046
Freddie Mac Gold Pool 'Q38470'
4% 1/1/2046
Freddie Mac Gold Pool 'Q38714'
4% 1/2/2046
Freddie Mac Gold Pool 'Q38783'
4% 1/2/2046
Freddie Mac Gold Pool 'Q38808'
4% 1/12/2045
Freddie Mac Gold Pool 'Q39335'
4% 1/3/2046
Freddie Mac Gold Pool 'Q39438'
4% 1/3/2046
Freddie Mac Gold Pool 'Q39440'
4% 1/3/2046
Freddie Mac Gold Pool 'Q39950'
4% 1/4/2046
Freddie Mac Gold Pool 'Q40006'
4% 1/4/2046
Freddie Mac Gold Pool 'Q40104'
4% 1/4/2046
Freddie Mac Gold Pool 'Q40148'
4% 1/4/2046
Freddie Mac Gold Pool 'Q40285'
4% 1/4/2046
Freddie Mac Gold Pool 'Q40649'
4% 1/5/2046
Freddie Mac Gold Pool 'Q41119'
4% 1/4/2046
Freddie Mac Gold Pool 'Q42001'
4% 1/7/2046
Freddie Mac Gold Pool 'Q42101'
4% 1/8/2046
Freddie Mac Gold Pool 'Q42453'
4% 1/6/2046
Freddie Mac Gold Pool 'Q42533'
4% 1/8/2046
Freddie Mac Gold Pool 'Q42584'
4% 1/8/2046
Freddie Mac Gold Pool 'Q42711'
4% 1/8/2046
Freddie Mac Gold Pool 'Q43079'
4% 1/6/2046
Freddie Mac Gold Pool 'Q44465'
4% 1/11/2046
Freddie Mac Gold Pool 'Q45411'
4% 1/1/2047
Freddie Mac Gold Pool 'Q46353'
4% 1/2/2047
Freddie Mac Gold Pool 'V81283'
4% 1/7/2044
Freddie Mac Gold Pool 'V81429'
4% 1/11/2044
Freddie Mac Gold Pool 'V81990'
4% 1/10/2045
Freddie Mac Gold Pool 'V82725'
4% 1/9/2045
Freddie Mac Multifamily Structured
Pass Through Certificates
'K029 X1' FRN 25/2/2023
Market
Value
(USD)
% of
Net
Assets
603,731
0.01
525,629
0.01
415,113
0.01
5,178,761
0.07
1,011,586
0.01
648,738
0.01
1,280,851
0.02
710,101
0.01
324,581
0.00
1,576,617
0.02
29,392
0.00
25,023
0.00
2,882,680
0.04
10,464,377
0.13
174,757
0.00
5,659,325
0.07
315,828
0.00
997,345
0.01
2,862,099
0.04
1,404,274
0.02
525,597
0.01
1,278,143
0.02
53,336
0.00
4,917,217
0.06
4,926,296
0.06
1,041,322
0.01
631,039
0.01
506,201
0.01
211,632
0.00
263,241
0.00
687,206
0.01
2,078,143
0.03
5,052,523
0.06
427,543
0.01
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
221
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 9,476
USD 9,795,486
USD 10,623,617
USD 2,090,653
USD 8,073,601
USD 6,977,210
USD 15,160,448
USD 36,253,122
USD 20,936,265
USD 9,810,698
USD 404,171
USD 2,600,000
USD 2,810,000
USD 2,710,000
USD 1,750,000
USD 109,175,318
USD 6,638,000
USD 2,140,000
USD 285,553
USD 5,458,000
USD 1,330,000
USD 6,942,000
USD 330,000
USD 1,610,000
EUR 380,000
222
Description
Freddie Mac Multifamily Structured
Pass Through Certificates
'K041 X1' FRN 25/10/2024
Freddie Mac Multifamily Structured
Pass Through Certificates
'K044 X1' FRN 25/1/2025
Freddie Mac Multifamily Structured
Pass Through Certificates
'K049 X1' FRN 25/7/2025
Freddie Mac Multifamily Structured
Pass Through Certificates
'K049 X3' FRN 25/10/2043
Freddie Mac Multifamily Structured
Pass Through Certificates
'K056 X1' FRN 25/5/2026
Freddie Mac Multifamily Structured
Pass Through Certificates
'K718 X1' FRN 25/1/2022
Freddie Mac Multifamily Structured
Pass Through Certificates
'K721 X1' FRN 25/8/2022
Freddie Mac Multifamily Structured
Pass Through Certificates
'KC01 X1' FRN 25/12/2022
Freddie Mac Multifamily Structured
Pass Through Certificates
'KW01 X1' FRN 25/1/2026
Freddie Mac Multifamily Structured
Pass Through Certificates'K045 X1'
FRN 25/1/2025
Freddie Mac Structured Agency
Credit Risk Debt Notes
'2015-DN1 B' FRN 25/1/2025
Freddie Mac Structured Agency
Credit Risk Debt Notes
'2016-DNA4 M3' FRN 25/3/2029
Freddie Mac Structured Agency
Credit Risk Debt Notes
'2016-HQA3 M3' FRN 25/3/2029
Freddie Mac Structured Agency
Credit Risk Debt Notes
'2017-DNA1 M2' FRN 25/7/2029
Freddie Mac Structured Agency
Credit Risk Debt Notes
'2017-HQA1 M2' FRN 25/8/2029
FREMF 2015-K718 Mortgage Trust
'2015-K718 X2A' '144A' FRN
25/2/2022
Frontier Communications Corp
8.875% 15/9/2020
Frontier Communications Corp
10.5% 15/9/2022
GAHR Commercial Mortgage Trust
'2015-NRF AFL1' '144A' FRN
15/12/2034
GAHR Commercial Mortgage Trust
'2015-NRF EFX' '144A' FRN
15/12/2034
GAHR Commercial Mortgage Trust
'2015-NRF FFX' '144A' FRN
15/12/2034
GAHR Commercial Mortgage Trust
'2015-NRF GFX' '144A' FRN
15/12/2034
Galaxy XIV CLO Ltd '2012-14A DR'
'144A' FRN 15/11/2026
Galaxy XV CLO Ltd '2013-15A A'
'144A' FRN 15/4/2025
Gates Global LLC / Gates Global Co
5.75% 15/7/2022
BlackRock Global Funds (BGF)
Market
Value
(USD)
% of
Net
Assets
341
0.00
474,490
0.01
447,496
0.01
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 1,707,000
USD 5,099,000
USD 11,210,000
USD 5,199,000
USD 618,455
USD 14,567,000
USD 225,689
USD 190,225
211,734
0.00
USD 106,118
695,444
0.01
USD 665,542
USD 965,132
185,023
0.00
USD 890,209
242,256
0.00
USD 82,748
USD 412,358
1,006,124
0.01
USD 269,980
1,305,255
0.02
USD 342,875
USD 67,504
300,562
0.00
USD 114,237
522,009
0.01
USD 364,822
USD 142,134
2,667,906
0.03
USD 89,469
2,892,683
0.04
USD 140,208
USD 145,545
2,685,463
0.03
USD 476,220
1,749,176
0.02
USD 356,656
USD 177,430
439,016
0.01
USD 1,002,480
7,164,061
0.09
USD 179,129
2,270,412
0.03
USD 177,363
286,879
0.00
USD 5,697,451
USD 4,607,277
5,395,252
0.07
USD 2,182,739
1,297,137
0.02
USD 8,109,832
USD 6,028,784
6,673,924
0.09
USD 16,052,883
331,650
0.00
USD 10,753,159
1,611,983
0.02
USD 4,518,015
400,398
0.01
Description
GATX Corp 3.85% 30/3/2027
General Electric Co 4.5% 11/3/2044
General Motors Co 5.2% 1/4/2045
General Motors Co 6.75% 1/4/2046
GE-WMC Asset-Backed Pass-Through
Certificates Series '2005-2 A2C'
FRN 25/12/2035
Gilead Sciences Inc 4.15% 1/3/2047
Ginnie Mae II Pool '729081' 4.5%
20/11/2039
Ginnie Mae II Pool '736422' 4.5%
20/1/2040
Ginnie Mae II Pool '738761' 4.5%
20/9/2041
Ginnie Mae II Pool '742269' 4.5%
20/1/2040
Ginnie Mae II Pool '742893' 4.5%
20/5/2041
Ginnie Mae II Pool '742896' 4.5%
20/7/2041
Ginnie Mae II Pool '752492' 4.5%
20/8/2040
Ginnie Mae II Pool '752527' 4.5%
20/8/2040
Ginnie Mae II Pool '752723' 4.5%
20/9/2040
Ginnie Mae II Pool '763245' 4.5%
20/4/2041
Ginnie Mae II Pool '763251' 4.5%
20/5/2041
Ginnie Mae II Pool '763298' 4.5%
20/5/2041
Ginnie Mae II Pool '770949' 4.5%
20/7/2041
Ginnie Mae II Pool 'AB1413' 4.5%
20/6/2042
Ginnie Mae II Pool 'AB5467' 4.5%
20/11/2041
Ginnie Mae II Pool 'AH8916' 4.5%
20/8/2038
Ginnie Mae II Pool 'AK1040' 4.5%
20/11/2044
Ginnie Mae II Pool 'AM1091' 4.5%
20/10/2041
Ginnie Mae II Pool 'AM8530' 4.5%
20/5/2045
Ginnie Mae II Pool 'AO8536' 4.5%
20/9/2041
Ginnie Mae II Pool 'AO8590' 4.5%
20/11/2045
Ginnie Mae II Pool 'AQ2794' 4.5%
20/10/2045
Ginnie Mae II Pool 'AR2428' 4.5%
20/1/2046
Ginnie Mae II Pool 'MA2225' 4.5%
20/9/2044
Ginnie Mae II Pool 'MA2523' 4.5%
20/1/2045
Ginnie Mae II Pool 'MA2680' 4.5%
20/3/2045
Ginnie Mae II Pool 'MA2756' 4.5%
20/4/2045
Ginnie Mae II Pool 'MA2828' 4.5%
20/5/2045
Ginnie Mae II Pool 'MA3939' 4.5%
20/9/2046
Ginnie Mae II Pool 'MA4071' 4.5%
20/11/2046
Ginnie Mae II Pool 'MA4129' 4.5%
20/12/2046
Market
Value
(USD)
% of
Net
Assets
1,706,960
5,546,052
11,290,684
6,306,774
0.02
0.07
0.14
0.08
595,602
13,867,711
0.01
0.18
241,965
0.00
203,944
0.00
115,532
0.00
713,361
0.01
1,039,921
0.01
970,609
0.01
88,580
0.00
442,095
0.01
289,449
0.00
369,332
0.00
72,331
0.00
123,364
0.00
390,666
0.01
152,807
0.00
95,782
0.00
152,059
0.00
158,961
0.00
510,327
0.01
385,159
0.01
193,239
0.00
1,073,351
0.01
191,862
0.00
190,063
0.00
6,101,214
0.08
4,933,783
0.06
2,337,424
0.03
8,684,554
0.11
6,456,028
0.08
17,190,509
0.22
11,515,207
0.15
4,838,195
0.06
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 19,442,364
USD 251,319
USD 3,660,000
USD 715,000
USD 703,000
USD 250,000
USD 750,000
USD 750,000
USD 11,262,000
USD 30,740,000
USD 3,335,139
USD 18,317,233
USD 8,103,314
USD 13,775,867
USD 8,442,209
USD 5,320,919
USD 5,720,539
USD 19,011,808
USD 8,271,155
USD 1,313,454
USD 2,228,534
USD 16,253,269
USD 5,748,791
USD 2,111,613
USD 2,964,997
Description
Market
Value
(USD)
Ginnie Mae II Pool 'MA4198' 4.5%
20/1/2047
20,839,840
GMACM Home Equity Loan Trust
'2006-HE4 A2' FRN 25/12/2036
236,198
Golden State Tobacco Securitization
Corp 5.125% 1/6/2047
3,660,531
Golden State Tobacco Securitization
Corp 5.75% 1/6/2047
720,409
GoldenTree Loan Opportunities
IX Ltd '2014-9A D' '144A' FRN
29/10/2026
703,841
Goldentree Loan Opportunities
VIII Ltd '2014-8A DR' '144A' FRN
19/4/2026
250,138
Goldentree Loan Opportunities
XI Ltd '2015-11A D' '144A' FRN
18/4/2027
744,946
Goldentree Loan Opportunities
XI Ltd '2015-11A E' '144A' FRN
18/4/2027
736,879
Goldman Sachs Group Inc/The 3.5%
16/11/2026
11,071,689
Goldman Sachs Group Inc/The
4.25% 21/10/2025
31,590,929
Government National Mortgage
Association '2013-145 SI' FRN
16/4/2040
317,088
Government National Mortgage
Association '2014-172 IO' FRN
16/1/2049
1,016,693
Government National Mortgage
Association '2016-125 IO' FRN
16/12/2057
668,426
Government National Mortgage
Association '2016-113 IO' FRN
16/2/2058
1,254,057
Government National Mortgage
Association '2016-119 IO' FRN
16/4/2058
706,674
Government National Mortgage
Association '2016-110 IO' FRN
16/5/2058
425,816
Government National Mortgage
Association '2016-158 IO' FRN
16/6/2058
442,437
Government National Mortgage
Association '2016-152 IO' FRN
15/8/2058
1,500,336
Government National Mortgage
Association '2016-87 IO' FRN
16/8/2058
643,032
Government National Mortgage
Association '2013-191 IA' 1.23%
16/7/2042
10,160
Government National Mortgage
Association '2015-191 TI' 4%
20/1/2045
350,973
Government National Mortgage
Association '2015-103 CI' 4%
20/7/2045
3,075,718
Government National Mortgage
Association '2015-152 PI' 4%
20/10/2045
790,601
Government National Mortgage
Association '2016-82 IM' 4%
20/2/2046
264,180
Government National Mortgage
Association '2016-82 WI' 4%
20/5/2046
402,953
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 15,796,534
0.27
0.00
USD 2,530,000
0.05
USD 7,520,000
0.01
USD 730,000
0.01
USD 500,000
0.00
USD 2,325,000
USD 2,135,000
0.01
USD 760,000
0.01
USD 1,020,000
0.14
USD 1,382,977
0.40
USD 2,178,335
USD 160,000
0.00
USD 1,820,000
0.01
USD 916,815
0.01
USD 1,648,920
0.02
USD 1,640,000
0.01
USD 4,021,834
USD 580,000
0.01
USD 549,490
0.01
USD 1,439,479
0.02
USD 1,638,346
0.01
USD 2,009,108
0.00
USD 1,513,512
0.00
USD 1,490,000
USD 3,239,000
0.04
USD 406,000
0.01
0.00
0.01
USD 14,840,000
USD 2,060,000
USD 2,140,000
USD 2,171,000
USD 5,348,000
USD 944,000
Description
Government National Mortgage
Association '2014-112 IO' FRN
16/1/2048
GP Portfolio Trust '2014-GPP E'
'144A' FRN 15/2/2027
GRACE 2014-GRCE Mortgage
Trust '2014-GRCE F' '144A' FRN
10/6/2028
Grant County Public Utility District
No 2 4.584% 1/1/2040
Great Lakes Water Authority Water
Supply System Revenue 5.25%
1/7/2033
Great Wolf Trust '2015-WFMZ M'
'144A' FRN 15/5/2032
Great Wolf Trust '2015-WOLF D'
'144A' FRN 15/5/2034
Great Wolf Trust '2015-WOLF F'
'144A' FRN 15/5/2034
Greenpoint Manufactured Housing
'1999-5 M1B' FRN 15/12/2029
Greenpoint Manufactured Housing
'1999-5 M2' FRN 15/12/2029
GreenPoint Mortgage Funding Trust
'2006-AR2 4A1' FRN 25/3/2036
GS Mortgage Securities Corp II
'2005-ROCK H' '144A' 5.713%
3/5/2032
GS Mortgage Securities Corp
Trust '2016-RENT C' '144A' FRN
10/2/2029
GS Mortgage Securities Trust
'2007-GG10 A4' FRN 10/8/2045
GS Mortgage Securities Trust
'2014-GC20 XA' FRN 10/4/2047
GS Mortgage Securities Trust
'2014-GC22 D' '144A' FRN
10/6/2047
GS Mortgage Securities Trust
'2016-GS3 XA' FRN 10/10/2049
GS Mortgage Securities Trust
'2015-GC32 D' 3.345%
10/7/2048
GSAA Trust '2007-2 AF3' FRN
25/3/2037
GSAMP Trust '2007-H1 A1B' FRN
25/1/2047
GSMPS Mortgage Loan Trust
'2005-RP1 1AF' '144A' FRN
25/1/2035
GSMPS Mortgage Loan Trust
'2005-RP2 1AF' '144A' FRN
25/3/2035
GSMPS Mortgage Loan Trust
'2006-RP1 1AF1' '144A' FRN
25/1/2036
GT Loan Financing I Ltd '2013-1A A'
'144A' FRN 28/10/2024
Halcon Resources Corp '144A'
8.625% 1/2/2020
Halcon Resources Corp '144A' 12%
15/2/2022
Halliburton Co 3.8% 15/11/2025
HCA Inc 4.75% 1/5/2023
HCA Inc 5.25% 15/6/2026
HCA Inc 5.875% 1/5/2023
HCA Inc 5.875% 15/2/2026
HD Supply Inc '144A' 5.25%
15/12/2021
Market
Value
(USD)
% of
Net
Assets
936,428
0.01
2,458,323
0.03
7,479,181
0.10
733,884
0.01
568,690
0.01
2,346,611
0.03
2,174,714
0.03
753,198
0.01
1,112,104
0.01
1,220,254
0.02
1,849,301
0.02
184,659
0.00
1,884,315
0.02
918,188
0.01
91,012
0.00
1,315,519
0.02
357,324
0.00
448,072
0.01
247,211
0.00
927,549
0.01
1,426,349
0.02
1,793,891
0.02
1,284,400
0.02
1,494,169
0.02
3,393,662
0.04
475,527
15,226,486
2,160,425
2,265,725
2,352,821
5,708,990
0.01
0.19
0.03
0.03
0.03
0.07
997,100
0.01
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
223
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 3,260,000
USD 785,000
USD 200,000
USD 400,000
USD 250,000
USD 785,000
USD 250,000
USD 430,000
USD 380,000
USD 330,000
USD 340,000
USD 250,000
USD 440,000
USD 250,000
USD 357,000
USD 11,614,868
USD 740,992
USD 3,769,755
USD 1,748,244
USD 820,000
USD 830,000
USD 815,000
USD 1,338,000
USD 1,000,000
USD 520,000
USD 610,000
EUR 200,000
224
Description
HD Supply Inc '144A' 5.75%
15/4/2024
Health & Educational Facilities
Authority of the State of Missouri
5% 15/11/2029
Hertz Corp/The 7.375% 15/1/2021
Highbridge Loan Management
'3A-2014 C' '144A' FRN
18/1/2025
Highbridge Loan Management
'3A-2014 D' '144A' FRN
18/1/2025
Highbridge Loan Management
4-2014 Ltd '4A-2014 B' '144A'
FRN 28/7/2025
Highbridge Loan Management
5-2015 Ltd '5A-2015 E' '144A'
FRN 29/1/2026
Highbridge Loan Management
6-2015 Ltd '6A-2015 D' '144A'
FRN 5/5/2027
Highbridge Loan Management
6-2015 Ltd '6A-2015 E1' '144A'
FRN 5/5/2027
Highbridge Loan Management
7-2015 Ltd '7A-2015 C' '144A'
FRN 15/11/2026
Highbridge Loan Management
7-2015 Ltd '7A-2015 D' '144A'
FRN 15/11/2026
Highbridge Loan Management
7-2015 Ltd '7A-2015 E' '144A'
FRN 15/11/2026
Highbridge Loan Management
8-2016 Ltd '8A-2016 D' '144A'
FRN 20/4/2027
Highbridge Loan Management
8-2016 Ltd '8A-2016 E' '144A'
FRN 20/4/2027
HNAG Funding Ltd 2.874%
4/2/2020
Home Equity Mortgage Loan
Asset-Backed Trust Series INABS
'2006-E 2A3' FRN 25/4/2037
Home Equity Mortgage Loan
Asset-Backed Trust Series SPMD
'2004-A M2' FRN 25/7/2034
Home Equity Mortgage Trust (Step-up
coupon) '2006-2 1A1' 5.867%
25/7/2036
Home Loan Mortgage Loan Trust
'2005-1 A3' FRN 15/4/2036
Horry County School District/SC 5%
1/3/2022
Horry County School District/SC 5%
1/3/2024
Horry County School District/SC 5%
1/3/2025
HPS Loan Management 10-2016 Ltd
'10A-16 C' '144A' FRN 20/1/2028
HPS Loan Management 10-2016 Ltd
'10A-16 D' '144A' FRN 20/1/2028
HPS Loan Management 9-2016
Ltd '9A-2016 D2' '144A' FRN
19/7/2027
Hudson Yards 2016-10HY Mortgage
Trust '2016-10HY A' '144A'
2.835% 10/8/2038
Huntsman International LLC 5.125%
15/4/2021
BlackRock Global Funds (BGF)
Market
Value
(USD)
% of
Net
Assets
3,443,375
0.04
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 1,595,000
USD 1,177,000
897,506
200,500
0.01
0.00
USD 720,000
399,865
0.01
USD 850,000
241,567
0.00
USD 5,804,977
USD 8,519,889
787,694
0.01
USD 2,076,075
242,319
0.00
USD 945,000
426,730
0.01
371,327
0.00
USD 2,690,000
USD 528,302
USD 1,129,806
332,257
0.00
USD 1,350,000
339,292
0.00
USD 1,400,000
244,996
0.00
USD 940,000
448,303
0.01
USD 684,000
252,405
0.00
USD 1,295,000
357,009
0.00
USD 2,170,000
7,803,548
0.10
USD 638,000
USD 140,000
707,223
0.01
USD 886,223
1,695,338
0.02
USD 389,000
USD 1,850,000
1,606,596
0.02
955,099
0.01
993,634
0.01
982,837
0.01
1,340,007
0.02
USD 619,447
934,419
0.01
USD 1,770,000
491,966
0.01
USD 2,710,000
USD 1,170,000
592,617
0.01
237,516
0.00
Description
Huntsman International LLC 5.125%
15/11/2022
Hyundai Auto Receivables Trust
'2013-B CERT' 16/9/2019
(Zero Coupon)
Icahn Enterprises LP / Icahn
Enterprises Finance Corp 4.875%
15/3/2019
Icahn Enterprises LP / Icahn
Enterprises Finance Corp 6%
1/8/2020
Impac CMB Trust Series '2005-7 A1'
FRN 25/11/2035
IndyMac IMSC Mortgage Loan Trust
'2007-HOA1 AXPP' 25/7/2047
(Zero Coupon)
IndyMac INDX Mortgage Loan Trust
'2007-FLX2 A1A' FRN 25/4/2037
Informatica LLC '144A' 7.125%
15/7/2023
Intel Corp 4.1% 19/5/2046
Invitation Homes 2014-SFR1
Trust '2014-SFR1 A' '144A' FRN
17/6/2031
Invitation Homes 2014-SFR2
Trust '2014-SFR2 A' '144A' FRN
17/9/2031
Invitation Homes 2014-SFR2
Trust '2014-SFR2 C' '144A' FRN
17/9/2031
Invitation Homes 2014-SFR2
Trust '2014-SFR2 E' '144A' FRN
17/9/2031
Invitation Homes 2014-SFR3 Trust
'2014-SFR3 D' '144A' FRN
17/12/2031
Invitation Homes 2015-SFR1
Trust '2015-SFR1 E' '144A' FRN
17/3/2032
Invitation Homes 2015-SFR3
Trust '2015-SFR3 E' '144A' FRN
17/8/2032
Iron Mountain Inc '144A' 6%
1/10/2020
Iron Mountain Inc 6% 15/8/2023
Iron Mountain US Holdings Inc
'144A' 5.375% 1/6/2026
Irwin Home Equity Loan Trust
'2006-P1 1A' '144A' FRN
25/12/2036
iStar Inc 4% 1/11/2017
J.P. Morgan Chase Commercial
Mortgage Securities Trust
'2016-WPT A' '144A' FRN
15/10/2033
J.P. Morgan Chase Commercial
Mortgage Securities Trust
'2016-NINE A' '144A' FRN
6/10/2038
JP Morgan Alternative Loan Trust
'2007-A2 2A1' FRN 25/5/2037
JP Morgan Chase Commercial
Mortgage Securities Trust
'2014-DSTY D' '144A' FRN
10/6/2027
JP Morgan Chase Commercial
Mortgage Securities Trust
'2014-PHH B' '144A' FRN
15/8/2027
Market
Value
(USD)
% of
Net
Assets
1,678,737
0.02
1,007,759
0.01
733,500
0.01
886,125
0.01
4,774,595
0.06
479,500
0.01
1,796,104
0.02
919,012
2,713,016
0.01
0.03
528,600
0.01
1,131,515
0.01
1,352,969
0.02
1,403,073
0.02
942,025
0.01
688,748
0.01
1,317,559
0.02
2,281,212
676,280
0.03
0.01
139,300
0.00
800,856
391,431
0.01
0.01
1,869,738
0.02
2,639,553
0.03
524,243
0.01
1,702,370
0.02
1,171,135
0.02
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 970,000
USD 1,595,000
USD 619,247
USD 1,080,000
USD 165,000
USD 2,170,000
USD 1,160,000
USD 520,000
USD 4,957,000
USD 456,836
USD 930,000
USD 752,631
USD 5,000,227
USD 2,230,000
USD 10,620,000
USD 2,996,883
USD 2,241,243
USD 13,985
USD 920,000
Description
JP Morgan Chase Commercial
Mortgage Securities Trust
'2014-CBM E' '144A' FRN
15/10/2029
JP Morgan Chase Commercial
Mortgage Securities Trust
'2014-FL4 C' '144A' FRN
15/12/2030
JP Morgan Chase Commercial
Mortgage Securities Trust
'2014-FL6 A' '144A' FRN
15/11/2031
JP Morgan Chase Commercial
Mortgage Securities Trust
'2014-FL6 BAT1' '144A' FRN
15/11/2031
JP Morgan Chase Commercial
Mortgage Securities Trust
'2014-FL6 BAT2' '144A' FRN
15/11/2031
JP Morgan Chase Commercial
Mortgage Securities Trust
'2014-FL6 DFW1' '144A' FRN
15/11/2031
JP Morgan Chase Commercial
Mortgage Securities Trust
'2014-FL6 DFW2' '144A' FRN
15/11/2031
JP Morgan Chase Commercial
Mortgage Securities Trust
'2014-FL6 VINE' '144A' FRN
15/11/2031
JP Morgan Chase Commercial
Mortgage Securities Trust
'2015-UES E' '144A' FRN
5/9/2032
JP Morgan Chase Commercial
Mortgage Securities Trust
'2002-CIB4 C' '144A' FRN
12/5/2034
JP Morgan Chase Commercial
Mortgage Securities Trust
'2015-SGP A' '144A' FRN
15/7/2036
JP Morgan Chase Commercial
Mortgage Securities Trust
'2006-CB15 AM' FRN 12/6/2043
JP Morgan Chase Commercial
Mortgage Securities Trust
'2014-C20 XA' FRN 15/7/2047
JP Morgan Chase Commercial
Mortgage Securities Trust
'2015-JP1 D' FRN 15/1/2049
JP Morgan Chase Commercial
Mortgage Securities Trust
'2016-JP3 XC' '144A' FRN
15/8/2049
JP Morgan Chase Commercial
Mortgage Securities Trust
'2016-JP4 XA' FRN 15/12/2049
JP Morgan Chase Commercial
Mortgage Securities Trust
'2008-C2 A4FL' FRN 12/2/2051
JP Morgan Chase Commercial
Mortgage Securities Trust
'2008-C2 ASB' FRN 12/2/2051
JP Morgan Chase Commercial
Mortgage Securities Trust
'2014-DSTY A' '144A' 3.429%
10/6/2027
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 1,550,000
980,565
0.01
USD 1,268,812
1,581,785
0.02
USD 960,000
620,553
0.01
USD 1,026,867
1,061,100
0.01
USD 776,681
USD 3,023,399
162,113
0.00
USD 1,362,130
2,132,025
0.03
USD 9,251,142
1,113,600
0.01
USD 974,000
USD 950,000
513,500
0.01
USD 5,022,757
4,827,337
0.06
USD 3,436,436
458,655
0.01
USD 2,299,923
USD 7,006,000
937,544
0.01
USD 2,592,534
753,740
0.01
USD 7,768,924
231,654
0.00
USD 18,691,573
1,993,650
0.03
USD 4,150,000
482,838
0.01
USD 7,310,000
151,238
0.00
USD 8,580,000
USD 2,370,000
2,163,368
0.03
USD 13,760,000
14,016
0.00
USD 9,640,000
USD 17,720,000
939,165
Description
JP Morgan Chase Commercial
Mortgage Securities Trust
'2016-ATRM D' '144A' 5.355%
5/10/2028
JP Morgan Madison Avenue
Securities Trust Series
'2014-CH1 M2' '144A' FRN
25/11/2024
JP Morgan Mortgage Acquisition
Trust '2006-CW1 M1' FRN
25/5/2036
JP Morgan Mortgage Acquisition
Trust (Step-up coupon)
'2006-WF1 A3A' 5.83%
25/7/2036
JP Morgan Mortgage Acquisition
Trust (Step-up coupon)
'2006-WF1 A6' 6% 25/7/2036
JP Morgan Mortgage Acquisition
Trust (Step-up coupon)
'2006-WF1 A5' 6.41% 25/7/2036
JP Morgan Resecuritization Trust
Series '2015-3 1A7' '144A' FRN
26/6/2037
JPMBB Commercial Mortgage
Securities Trust '2014-C21 XA'
FRN 15/8/2047
JPMBB Commercial Mortgage
Securities Trust '2014-C22 C'
FRN 15/9/2047
JPMBB Commercial Mortgage
Securities Trust '2014-C22 D'
'144A' FRN 15/9/2047
JPMBB Commercial Mortgage
Securities Trust '2014-C22 XA'
FRN 15/9/2047
JPMBB Commercial Mortgage
Securities Trust '2014-C23 XA'
FRN 15/9/2047
JPMBB Commercial Mortgage
Securities Trust '2014-C26 XA'
FRN 15/1/2048
JPMBB Commercial Mortgage
Securities Trust '2015-C27 XD'
'144A' FRN 15/2/2048
JPMBB Commercial Mortgage
Securities Trust '2015-C29 XA'
FRN 15/5/2048
JPMBB Commercial Mortgage
Securities Trust '2015-C28 XA'
FRN 15/10/2048
JPMBB Commercial Mortgage
Securities Trust '2015-C33 XA'
FRN 15/12/2048
JPMDB Commercial Mortgage
Securities Trust '2016-C4 XC'
'144A' FRN 15/12/2049
JPMorgan Chase & Co FRN
24/10/2023
JPMorgan Chase & Co FRN
1/10/2024 (Perpetual)*
JPMorgan Chase & Co FRN
22/2/2048
JPMorgan Chase & Co 2.972%
15/1/2023
JPMorgan Chase & Co 3.2%
15/6/2026
JPMorgan Chase & Co 4.125%
15/12/2026
Market
Value
(USD)
% of
Net
Assets
1,588,783
0.02
1,313,094
0.02
797,599
0.01
564,255
0.01
426,684
0.01
1,660,065
0.02
1,265,288
0.02
544,178
0.01
967,756
0.01
774,934
0.01
268,588
0.00
121,936
0.00
125,295
0.00
229,832
0.00
102,446
0.00
456,858
0.01
1,219,345
0.02
190,589
0.00
7,457,381
0.10
9,051,900
0.12
2,390,986
0.03
13,784,713
0.18
9,415,571
0.12
18,168,475
0.23
0.01
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
225
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 8,630,000
USD 240,000
USD 505,000
USD 2,018,000
USD 522,000
USD 1,808,000
USD 1,673,000
USD 331,000
USD 134,404
USD 1,409,000
USD 4,030,000
USD 380,000
USD 845,000
USD 670,000
USD 440,000
USD 830,000
USD 580,000
USD 570,000
USD 480,000
USD 5,630,000
USD 919,848
USD 480,485
USD 1,864,068
USD 1,487,275
USD 1,400,000
USD 7,872,000
USD 1,030,000
EUR 225,000
USD 6,108,143
USD 720,000
USD 2,165,000
USD 1,650,000
USD 948,326
USD 4,556,209
USD 4,856,979
USD 1,882,056
USD 419,894
226
Description
JPMorgan Chase & Co 4.25%
1/10/2027
JPMorgan Commercial MortgageBacked Securities Trust
'2009-RR1 A4B' '144A' FRN
18/3/2051
Keuka Park CLO Ltd '2013-1A D'
'144A' FRN 21/10/2024
Kinder Morgan Inc/DE 5.55%
1/6/2045
KLA-Tencor Corp 4.65% 1/11/2024
LafargeHolcim Finance US LLC
'144A' 3.5% 22/9/2026
LafargeHolcim Finance US LLC
'144A' 4.75% 22/9/2046*
Lam Research Corp 2.8% 15/6/2021
LB-UBS Commercial Mortgage Trust
'2005-C7 D' FRN 15/11/2040
LB-UBS Commercial Mortgage Trust
'2007-C6 AMFL' '144A' 6.114%
15/7/2040
LCCM 2014-909 Mortgage
Trust '2014-909 E' '144A' FRN
15/5/2031
LCM XIV LP '144A' FRN 15/7/2025
LCM XV LP '144A' FRN 25/8/2024
LCM XVI LP '144A' FRN 15/7/2026
LCM XVII LP '144A' FRN 15/10/2026
LCM XVIII LP '144A' FRN 20/4/2027
LCM XVIII LP '144A' FRN 20/4/2027
LCM XVIII LP '144A' FRN 20/4/2027
LCM XVIII LP '144A' FRN 20/4/2027
Lehman ABS Manufactured Housing
Contract Trust '2001-B M1' FRN
15/4/2040
Lehman ABS Manufactured Housing
Contract Trust '2001-B M2' FRN
15/4/2040
Lehman ABS Mortgage Loan
Trust '2007-1 2A1' '144A' FRN
25/6/2037
Lehman Brothers Small Balance
Commercial Mortgage Trust
'2007-1A 1A' '144A' FRN
25/3/2037
Lehman XS Trust Series
'2007-20N A1' FRN 25/12/2037
Lennar Corp 4.125% 1/12/2018
Lennar Corp 4.75% 15/11/2022
Lennar Corp 4.875% 15/12/2023
Levi Strauss & Co 3.375% 15/3/2027
LFRF '2015-1' '144A' 4%
30/10/2027
Lime Street CLO Ltd '2007-1A B'
'144A' FRN 20/6/2021
Limerock CLO III LLC '2014-3A C'
'144A' FRN 20/10/2026
Lincoln National Corp 3.625%
12/12/2026
Lone Star Portfolio Trust
'2015-LSP A1A2' '144A' FRN
15/9/2028
Lone Star Portfolio Trust '2015-LSP E'
'144A' FRN 15/9/2028
Long Beach Mortgage Loan Trust
'2006-1 1A' FRN 25/2/2036
Long Beach Mortgage Loan Trust
'2006-9 2A4' FRN 25/10/2036
Long Beach Mortgage Loan Trust
'2006-10 2A2' FRN 25/11/2036
BlackRock Global Funds (BGF)
Market
Value
(USD)
% of
Net
Assets
8,944,391
0.11
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 4,318,659
USD 1,536,310
USD 7,815,306
240,535
0.00
USD 1,864,093
498,931
0.01
USD 4,187,319
2,131,392
560,722
0.03
0.01
USD 1,285,000
1,780,880
0.02
USD 5,000,000
1,710,643
332,457
0.02
0.00
USD 1,242,049
134,978
0.00
USD 810,000
1,421,393
0.02
USD 11,682,905
USD 9,832,850
3,932,221
380,172
846,145
672,358
442,169
831,045
581,410
553,360
333,493
0.05
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
USD 10,230,000
USD 8,360,545
USD 2,870,000
USD 1,430,000
USD 1,240,000
6,094,112
0.08
USD 580,000
707,563
0.01
USD 3,250,000
304,853
0.00
USD 610,000
1,729,641
0.02
USD 1,100,000
1,243,555
1,436,750
8,147,520
1,061,930
243,394
0.02
0.02
0.10
0.01
0.00
USD 1,710,000
USD 919,000
5,988,258
0.08
711,569
0.01
2,163,821
0.03
USD 2,229,000
USD 434,000
1,654,631
0.02
USD 750,000
953,490
0.01
4,638,972
0.06
3,977,762
0.05
USD 854,000
USD 250,000
838,423
0.01
195,753
0.00
Description
Long Beach Mortgage Loan Trust
'2006-10 2A3' FRN 25/11/2036
Long Beach Mortgage Loan Trust
'2006-10 2A4' FRN 25/11/2036
Long Beach Mortgage Loan Trust
'2006-2 2A3' FRN 25/3/2046
Long Beach Mortgage Loan Trust
'2006-2 2A4' FRN 25/3/2046
Long Beach Mortgage Loan Trust
'2006-3 2A3' FRN 25/5/2046
Los Angeles Department of Power
6.603% 1/7/2050
Los Angeles Department of Water
5% 1/7/2043
LSTAR Securities Investment
Ltd '2015-10 A1' '144A' FRN
1/11/2020
LSTAR Securities Investment
Ltd '2015-10 A2' '144A' FRN
1/11/2020
LSTAR Securities Investment Ltd
'2016-2 A' '144A' FRN 1/3/2021
LSTAR Securities Investment Ltd
'2016-3 A' '144A' FRN 1/9/2021
LSTAR Securities Investment Ltd
'2017-2 A1' '144A' FRN 1/2/2022
LSTAR Securities Investment Trust
'2016-5 A1' '144A' FRN 1/11/2021
Macy's Retail Holdings Inc 2.875%
15/2/2023
Madison Avenue Manufactured
Housing Contract Trust
'2002-A B2' FRN 25/3/2032
Madison Avenue Trust
'2013-650M E' '144A' FRN
12/10/2032
Madison Park Funding Ltd
'2012-9A C1R' '144A' FRN
15/8/2022
Madison Park Funding Ltd
'2012-9A DR' '144A' FRN
15/8/2022
Madison Park Funding Ltd
'2012-9A E' '144A' FRN
15/8/2022
Madison Park Funding Ltd (Step-up
coupon) '2012-9A B2R' '144A'
3.53% 15/8/2022
Madison Park Funding Ltd (Step-up
coupon) '2012-9A C2R' '144A'
4.22% 15/8/2022
Madison Park Funding XI Ltd
'2013-11A A1B' '144A' FRN
23/10/2025
Madison Park Funding XI Ltd
'2013-11A D' '144A' FRN
23/10/2025
Madison Park Funding XIII Ltd
'2014-13A C' '144A' FRN
19/1/2025
Madison Park Funding XIII Ltd
'2014-13A D' '144A' FRN
19/1/2025
Madison Park Funding XIV Ltd
'2014-14A D' '144A' FRN
20/7/2026
Madison Park Funding XIX Ltd
'2015-19A D' '144A' FRN
22/1/2028
Market
Value
(USD)
% of
Net
Assets
2,028,714
0.03
728,206
0.01
3,809,703
0.05
912,532
0.01
1,903,657
0.02
1,827,951
0.02
5,601,500
0.07
1,241,332
0.02
808,481
0.01
11,624,491
0.15
9,708,804
0.12
10,103,480
0.13
8,278,199
0.11
2,718,596
0.03
1,451,165
0.02
1,229,490
0.02
580,878
0.01
3,258,954
0.04
611,854
0.01
1,102,923
0.01
1,714,797
0.02
926,283
0.01
2,251,246
0.03
439,252
0.01
749,793
0.01
857,924
0.01
251,682
0.00
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 340,000
USD 300,000
USD 510,000
USD 260,000
USD 835,000
USD 795,000
USD 1,140,000
USD 500,000
USD 1,294,000
USD 3,714,997
USD 1,401,845
USD 996,580
USD 710,346
USD 100,000
USD 380,000
USD 1,085,000
USD 990,313
USD 782,271
USD 670,000
USD 1,360,000
USD 1,000,000
USD 1,280,000
USD 4,330,000
USD 1,680,000
USD 880,000
USD 3,437,000
USD 1,700,000
USD 3,008,000
USD 8,094,000
USD 500,000
USD 500,000
USD 758,246
USD 1,070,000
Description
Madison Park Funding XV Ltd
'2014-15A CR' '144A' FRN
27/1/2026
Madison Park Funding XVI Ltd
'2015-16A C' '144A' FRN
20/4/2026
Madison Park Funding XX Ltd
'2016-20A E' '144A' FRN
27/4/2027
Marsh & McLennan Cos Inc 4.35%
30/1/2047
Maryland Health & Higher
Educational Facilities Authority
5.25% 1/7/2027
Massachusetts Clean Water Trust/The
5% 1/2/2027
Massachusetts Clean Water Trust/The
5% 1/2/2028
Massachusetts Educational
Financing Authority 5% 1/1/2022
Massachusetts Institute of
Technology 3.885% 1/7/2116
Mastr Asset Backed Securities Trust
'2006-HE2 A3' FRN 25/6/2036
Mastr Asset Backed Securities Trust
'2007-HE1 A4' FRN 25/5/2037
MASTR Resecuritization Trust
'2008-3 A1' '144A' FRN
25/8/2037
Mastr Specialized Loan Trust
'2006-3 A' '144A' FRN 25/6/2046
Meccanica Holdings USA Inc '144A'
6.25% 15/1/2040
Meccanica Holdings USA Inc '144A'
7.375% 15/7/2039
Meritor Inc 6.75% 15/6/2021
Merrill Lynch Mortgage Investors
Trust Series '2006-RM3 A2B' FRN
25/6/2037
Merrill Lynch Mortgage Trust
'2007-C1 A1A' FRN 12/6/2050
Merrill Lynch Mortgage Trust
'2008-C1 AJ' FRN 12/2/2051
Metropolitan Transportation
Authority 6.687% 15/11/2040
Metropolitan Washington Airports
Authority Dulles Toll Road
Revenue 5% 1/10/2053
Metropolitan Washington Airports
Authority Dulles Toll Road Revenue
7.462% 1/10/2046
MGM Resorts International 6%
15/3/2023
Miami-Dade County Educational
Facilities Authority 5.073%
1/4/2050
Michigan Finance Authority 5%
1/6/2039
Microsoft Corp 4.1% 6/2/2037
Microsoft Corp 4.25% 6/2/2047
Microsoft Corp 4.45% 3/11/2045
Microsoft Corp 4.5% 6/2/2057
Mill Creek II CLO Ltd '2016-1A C'
'144A' FRN 20/4/2028
Mill Creek II CLO Ltd '2016-1A E'
'144A' FRN 20/4/2028
ML-CFC Commercial Mortgage Trust
'2007-7 A4' FRN 12/6/2050
Monsanto Co 3.95% 15/4/2045
Market
Value
(USD)
% of
Net
Assets
340,010
0.00
298,671
0.00
518,460
0.01
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 4,966,000
USD 2,416,000
USD 9,717,000
USD 8,850,000
USD 20,830,000
USD 7,632,000
USD 4,014,244
USD 11,026,000
265,836
0.00
USD 3,830,000
952,468
0.01
964,236
0.01
1,372,503
0.02
USD 3,363,756
USD 3,510,000
556,530
0.01
1,136,660
0.01
1,990,442
0.03
USD 39,337,652
USD 120,000
1,044,226
0.01
USD 4,715
682,059
0.01
631,331
0.01
101,500
0.00
USD 10,859,653
USD 5,350,000
418,950
1,133,825
0.01
0.01
USD 3,494,769
314,049
0.00
USD 6,562,276
786,604
0.01
681,553
0.01
1,838,924
0.02
USD 8,700,000
USD 2,234,462
1,046,005
0.01
USD 5,993,025
1,816,602
0.02
USD 480,000
4,722,385
0.06
USD 1,570,000
1,789,771
0.02
956,758
3,536,797
1,753,538
3,188,629
8,369,912
0.01
0.05
0.02
0.04
0.11
USD 700,000
USD 2,513,000
USD 1,750,000
507,357
0.01
USD 1,400,000
509,104
0.01
USD 560,000
759,906
989,874
0.01
0.01
Market
Value
(USD)
% of
Net
Assets
Morgan Stanley FRN 14/2/2020
4,986,753
Morgan Stanley 3.125% 27/7/2026
2,329,552
Morgan Stanley 3.875% 27/1/2026
9,903,960
Morgan Stanley 3.95% 23/4/2027
8,831,322
Morgan Stanley 4.35% 8/9/2026
21,379,954
Morgan Stanley 4.375% 22/1/2047
7,719,310
Morgan Stanley Bank of America
Merrill Lynch Trust '2014-C19 XA'
FRN 15/12/2047
222,667
Morgan Stanley Bank of America
Merrill Lynch Trust '2014-C19 XD'
'144A' FRN 15/12/2047
867,664
Morgan Stanley Bank of America
Merrill Lynch Trust '2014-C19 XF'
'144A' FRN 15/12/2047
319,479
Morgan Stanley Bank of America
Merrill Lynch Trust '2015-C20 XA'
FRN 15/2/2048
249,740
Morgan Stanley Bank of America
Merrill Lynch Trust '2015-C21 XB'
'144A' FRN 15/3/2048
84,738
Morgan Stanley Bank of America
Merrill Lynch Trust '2015-C22 XA'
FRN 15/4/2048
2,556,814
Morgan Stanley Bank of America
Merrill Lynch Trust '2015-C25 C'
FRN 15/10/2048
122,816
Morgan Stanley Bank of America
Merrill Lynch Trust '2015-C25 XA'
FRN 15/10/2048
341
Morgan Stanley Bank of America
Merrill Lynch Trust '2015-C26 XA'
FRN 15/10/2048
768,628
Morgan Stanley Bank of America
Merrill Lynch Trust '2015-C26 XD'
'144A' FRN 15/10/2048
529,035
Morgan Stanley Bank of America
Merrill Lynch Trust '2016-C28 XA'
FRN 15/1/2049
293,188
Morgan Stanley Bank of America
Merrill Lynch Trust '2016-C29 XA'
FRN 15/5/2049
728,547
Morgan Stanley Bank of America
Merrill Lynch Trust '2016-C29 XB'
FRN 15/5/2049
674,600
Morgan Stanley Bank of America
Merrill Lynch Trust '2016-C31 XA'
FRN 15/11/2049
220,798
Morgan Stanley Bank of America
Merrill Lynch Trust '2016-C32 XA'
FRN 15/12/2049
332,823
Morgan Stanley Bank of America
Merrill Lynch Trust '2015-C23 D'
'144A' FRN 15/7/2050
400,331
Morgan Stanley Bank of America
Merrill Lynch Trust '2015-C26 D'
'144A' 3.06% 15/10/2048
1,174,121
Morgan Stanley Capital I Trust
'2015-XLF2 AFSB' '144A'
FRN 15/8/2026
701,313
Morgan Stanley Capital I Trust
'2014-CPT F' '144A' FRN 13/7/2029 2,472,621
Morgan Stanley Capital I Trust
'2014-CPT G' '144A' FRN 13/7/2029 1,702,061
Morgan Stanley Capital I Trust
'2014-150E F' '144A' FRN 9/9/2032 1,273,414
Morgan Stanley Capital I Trust
'2017-PRME D' '144A' FRN
15/2/2034
560,518
0.06
0.03
0.13
0.11
0.27
0.10
Description
0.00
0.01
0.00
0.00
0.00
0.03
0.00
0.00
0.01
0.01
0.00
0.01
0.01
0.00
0.00
0.01
0.02
0.01
0.03
0.02
0.02
0.01
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
227
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 234,952
USD 366,366
USD 2,785,000
USD 716,414
USD 1,040,736
USD 1,149,194
USD 2,220,997
USD 359,647
USD 71,596
USD 5,250,000
USD 582,000
USD 1,240,633
USD 9,707,821
USD 1,630,000
USD 1,215,000
USD 1,159,000
USD 768,000
USD 172,000
USD 12,401
USD 860,000
USD 530,000
USD 4,140,000
USD 370,000
USD 13,086,000
USD 5,299,000
USD 4,895,000
USD 4,510,000
USD 2,150,000
228
Description
Market
Value
(USD)
Morgan Stanley Capital I Trust
'2007-HQ12 AM' FRN 12/4/2049
234,627
Morgan Stanley Capital I Trust
'2007-HQ12 AMFL' FRN 12/4/2049
365,840
Morgan Stanley Capital I Trust
'2007-IQ15 AM' FRN 11/6/2049
2,810,531
Morgan Stanley Capital I Trust
'2005-IQ9 AJ' 4.77% 15/7/2056
713,591
Morgan Stanley Capital I Trust
'2007-IQ13 AM' 5.406%
15/3/2044
1,038,816
Morgan Stanley IXIS Real Estate
Capital Trust '2006-2 A2' FRN
25/11/2036
558,929
Morgan Stanley Mortgage Loan Trust
(Step-up coupon) '2006-15XS A2B'
5.507% 25/11/2036
1,241,685
Morgan Stanley Re-REMIC Trust
'2012-XA A' '144A' 2% 27/7/2049
359,287
Morgan Stanley Re-REMIC Trust
'2009-GG10 A4A' '144A' FRN
12/8/2045
71,546
Morgan Stanley Re-REMIC Trust
'2009-GG10 A4B' '144A' FRN
12/8/2045
5,266,371
Morgan Stanley Re-REMIC Trust
'2010-GG10 A4B' '144A' FRN
15/8/2045
583,081
Morgan Stanley Resecuritization
Trust '2014-R8 3B1' '144A' FRN
26/6/2047
1,139,273
Mortgage Loan Resecuritization
Trust '2009-RS1 A85' '144A' FRN
16/4/2036
8,120,099
Mountain Hawk I CLO Ltd
'2013-1A B1' '144A' FRN
20/1/2024
1,634,063
Mountain Hawk II CLO Ltd
'2013-2A A1' '144A' FRN
22/7/2024
1,210,329
MPLX LP 4.125% 1/3/2027
1,171,377
MPLX LP 5.2% 1/3/2047
784,628
MSBAM Commercial Mortgage
Securities Trust '2012-CKSV D'
'144A' FRN 15/10/2030
158,930
MSCC Heloc Trust '2007-1 A' FRN
25/12/2031
12,401
Muir Woods CLO Ltd '2012-1A B'
'144A' FRN 14/9/2023
860,257
Muir Woods CLO Ltd '2012-1A C'
'144A' FRN 14/9/2023
530,373
Nabors Industries Inc '144A' 5.5%
15/1/2023
4,290,075
Nationstar Home Equity Loan Trust
'2007-C 2AV3' FRN 25/6/2037
354,308
Navient Private Education Loan Trust
'2015-AA A2B' '144A' FRN
15/12/2028
13,269,214
Navient Private Education Loan Trust
'2015-AA A3' '144A' FRN
15/11/2030
5,429,740
Navient Private Education Loan Trust
'2014-CTA B' '144A' FRN
17/10/2044
4,677,396
Navient Private Education Loan Trust
'2016-AA A2B' '144A' FRN
15/12/2045
4,689,581
Navient Private Education Loan Trust
'2016-AA B' '144A' FRN
16/12/2058
1,942,485
BlackRock Global Funds (BGF)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 1,780,000
0.00
0.00
USD 14,638,050
0.04
USD 1,760,000
0.01
USD 3,020,000
0.01
USD 2,278,000
0.01
USD 5,470,000
0.02
USD 500,000
0.00
USD 375,000
0.00
USD 1,300,000
0.07
USD 250,000
0.01
USD 542,000
0.01
USD 250,000
0.10
USD 640,000
0.02
USD 250,000
0.02
0.02
0.01
USD 250,000
USD 910,000
0.00
USD 580,000
0.00
0.01
USD 390,000
0.01
USD 780,000
0.05
USD 1,159,000
0.00
USD 770,000
0.17
USD 1,050,000
0.07
USD 400,000
0.06
USD 1,570,000
0.06
USD 740,000
USD 740,000
0.03
Description
Market
Value
(USD)
Navient Private Education Loan Trust
'2015-AA A2A' '144A' 2.65%
15/12/2028
1,781,876
Navient Private Education Loan Trust
'2014-AA A2A' '144A' 2.74%
15/2/2029
14,720,629
Navient Private Education Loan Trust
'2015-CA B' '144A' 3.25%
15/5/2040
1,750,099
Navient Private Education Loan Trust
'2014-AA B' '144A' 3.5% 15/8/2044 2,794,144
Navient Private Education Loan Trust
'2015-AA B' '144A' 3.5%
15/12/2044
2,177,773
Neuberger Berman CLO XIII Ltd
'2012-13A B' '144A' FRN
23/1/2024
5,476,640
Neuberger Berman CLO XIII Ltd
'2012-13A C' '144A' FRN
23/1/2024
500,339
Neuberger Berman CLO XIII Ltd
'2012-13A D' '144A' FRN
23/1/2024
375,527
Neuberger Berman CLO XVI Ltd
'2014-16A B2R' '144A' FRN
15/4/2026
1,303,900
Neuberger Berman CLO XVI Ltd
'2014-16A D' '144A' FRN
15/4/2026
245,534
Neuberger Berman CLO XVII Ltd
'2014-17A D' '144A' FRN 4/8/2025
539,254
Neuberger Berman CLO XVII Ltd
'2014-17A E1' '144A' FRN 4/8/2025
237,960
Neuberger Berman CLO XVIII Ltd
'2014-18A CR' '144A' FRN
14/11/2027
640,000
Neuberger Berman CLO XVIII Ltd
'2014-18A DR' '144A' FRN
14/11/2027
246,100
Neuberger Berman CLO XX Ltd
'2015-20A D' '144A' FRN
15/1/2028
251,026
Neuberger Berman CLO XX Ltd
'2015-20A E' '144A' FRN
15/1/2028
913,715
Neuberger Berman CLO XXI Ltd
'2016-21A E' '144A' FRN
20/4/2027
585,393
Neuberger Berman CLO XXIII Ltd
'2016-23A E' '144A' FRN
17/10/2027
392,204
New Jersey Transportation Trust Fund
Authority 5% 15/6/2029
834,959
New York and Presbyterian Hospital/
The 3.563% 1/8/2036
1,099,119
New York City Transitional Finance
Authority Building Aid Revenue 5%
15/7/2040
867,420
New York City Transitional Finance
Authority Future Tax Secured
Revenue 2.28% 1/5/2026
978,716
New York City Transitional Finance
Authority Future Tax Secured
Revenue 5% 1/8/2031
467,322
New York City Water & Sewer System
5.75% 15/6/2041
2,034,830
New York State Dormitory Authority
5% 15/2/2027
892,118
New York State Dormitory Authority
5% 15/2/2028
887,985
% of
Net
Assets
0.02
0.19
0.02
0.04
0.03
0.07
0.01
0.01
0.02
0.00
0.01
0.00
0.01
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.03
0.01
0.01
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 650,000
USD 1,225,000
USD 530,000
USD 70,000
USD 170,000
USD 1,000,000
USD 750,000
USD 2,700,000
USD 4,615,000
USD 1,370,000
USD 660,000
USD 3,165,000
USD 503,374
USD 599,672
USD 106,621
USD 4,520,000
USD 4,850,000
USD 350,000
USD 430,000
USD 1,405,000
USD 450,000
USD 650,000
USD 897,530
USD 746,368
USD 1,580,000
USD 440,000
USD 500,000
USD 390,000
USD 1,540,000
USD 2,110,000
USD 440,000
USD 430,000
Description
New York State Dormitory Authority
5% 15/2/2031
New York State Dormitory Authority
5% 15/3/2032
New York State Urban Development
Corp 5% 15/3/2025
New York State Urban Development
Corp 5% 15/3/2027
New York State Urban Development
Corp 5% 15/3/2028
New York Transportation Development
Corp 5% 1/7/2046
New York Transportation Development
Corp 5.25% 1/1/2050
Newell Brands Inc 4.2% 1/4/2026
Newfield Exploration Co 5.375%
1/1/2026
NextGear Floorplan Master Owner
Trust '2015-1A B' '144A' FRN
15/7/2019
NextGear Floorplan Master Owner
Trust '2014-1A B' '144A' 2.61%
15/10/2019
NGPL PipeCo LLC '144A' 7.119%
15/12/2017
Nomura Asset Acceptance Corp
Alternative Loan Trust Series
'2006-S5 A1' '144A' FRN 25/10/2036
Nomura Asset Acceptance Corp
Alternative Loan Trust Series (Stepup coupon) '2006-AF1 1A4' 6.634%
25/5/2036
Northwest Airlines 2002-1 Class G-2
Pass Through Trust 6.264%
20/11/2021
Novartis Capital Corp 3.1%
17/5/2027
NVIDIA Corp 3.2% 16/9/2026
Oak Hill Credit Partners X Ltd
'2014-10A C' '144A' FRN
20/7/2026
Oak Hill Credit Partners XII Ltd
'2015-12A D1' '144A' FRN
23/1/2027
Oaktree EIF II Series A2 Ltd
'2014-A2 B' '144A' FRN 15/11/2025
Oaktree EIF II Series B1 Ltd
'2015-B1A B' '144A' FRN 15/2/2026
Oaktree EIF II Series B1 Ltd
'2015-B1A C' '144A' FRN 15/2/2026
Oakwood Mortgage Investors Inc
'2001-D A2' FRN 15/1/2019
Oakwood Mortgage Investors Inc
'2001-D A4' FRN 15/9/2031
Ochsner Clinic Foundation 5.897%
15/5/2045
OCP CLO 2012-2 Ltd '2012-2A DR'
'144A' FRN 22/11/2025
OCP CLO 2013-3 Ltd '2013-3A B'
'144A' FRN 17/1/2025
OCP CLO 2014-5 Ltd '2014-5A A1'
'144A' FRN 26/4/2026
OCP CLO 2014-7 Ltd '2014-7A A1A'
'144A' FRN 20/10/2026
OCP CLO 2015-8 Ltd '2015-8A A1'
'144A' FRN 17/4/2027
OCP CLO 2016-12 Ltd '2016-12A C'
'144A' FRN 18/10/2028
Octagon Investment Partners 26 Ltd
'2016-1A C' '144A' FRN 15/4/2027
Market
Value
(USD)
% of
Net
Assets
760,968
0.01
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 600,000
USD 1,500,000
1,426,329
0.02
USD 1,500,000
635,306
0.01
USD 935,000
83,825
0.00
USD 1,730,000
202,667
0.00
USD 335,000
1,050,295
0.01
USD 1,325,000
797,258
2,841,894
0.01
0.04
USD 3,010,000
4,825,582
0.06
USD 450,000
1,370,673
0.02
USD 335,000
659,345
0.01
USD 1,775,000
3,283,688
0.04
USD 3,100,000
460,928
0.01
USD 555,000
USD 460,000
264,326
0.00
USD 255,000
USD 641,000
114,617
0.00
USD 4,870,000
4,532,351
4,717,260
0.06
0.06
USD 280,000
350,441
0.00
USD 1,360,000
USD 43,880,000
431,618
0.01
1,408,600
0.02
451,514
0.01
USD 2,640,920
USD 2,881,485
651,662
0.01
714,775
0.01
684,362
0.01
USD 9,000,000
USD 4,205,000
1,875,040
0.02
442,882
0.01
501,940
0.01
USD 16,601,000
USD 5,425,000
387,088
0.01
1,541,963
0.02
2,115,258
0.03
USD 10,298,000
USD 1,985,000
443,687
0.01
430,983
0.01
Description
Market
Value
(USD)
Octagon Investment Partners 26 Ltd
'2016-1A D' '144A' FRN 15/4/2027
603,599
Octagon Investment Partners 26 Ltd
'2016-1A E' '144A' FRN 15/4/2027 1,508,868
Octagon Investment Partners 27 Ltd
'2016-1A E' '144A' FRN 15/7/2027 1,504,121
Octagon Investment Partners XII Ltd
'2012-1A DR' '144A' FRN 5/5/2023
938,152
Octagon Investment Partners XII Ltd
'2012-1A ER' '144A' FRN 5/5/2023 1,713,630
Octagon Investment Partners XIV Ltd
'2012-1A C' '144A' FRN 15/1/2024
335,897
Octagon Investment Partners XVII Ltd
'2013-1A A1' '144A' FRN
25/10/2025
1,329,344
Octagon Investment Partners XVII Ltd
'2013-1A A2R' '144A' FRN
25/10/2025
3,014,218
Octagon Investment Partners XVIII Ltd
'2013-1A CR' '144A' FRN
16/12/2024
450,000
Octagon Investment Partners XX Ltd
'2014-1A D' '144A' FRN 12/8/2026
335,743
Octagon Investment Partners XXI Ltd
'2014-1A C' '144A' FRN 14/11/2026 1,778,263
Octagon Investment Partners XXI Ltd
'2014-1A D' '144A' FRN 14/11/2026 3,111,150
Octagon Investment Partners XXII Ltd
'2014-1A C1' '144A' FRN 25/11/2025 555,953
Octagon Investment Partners XXII Ltd
'2014-1A D1' '144A' FRN 25/11/2025 462,409
Octagon Investment Partners XXII Ltd
'2014-1A E1' '144A' FRN 25/11/2025 242,894
OHA Credit Partners IX Ltd
'2013-9A A1' '144A' FRN 20/10/2025 645,279
OHA Credit Partners VIII Ltd
'2013-8A A' '144A' FRN 20/4/2025 4,876,069
OHA Credit Partners XI Ltd
'2015-11A E' '144A' FRN
20/10/2028
282,401
OHA Loan Funding 2013-2 Ltd
'2013-2A A' '144A' FRN 23/8/2024 1,364,817
One Market Plaza Trust
'2017-1MKT XCP' '144A' FRN
10/2/2032
295,751
OneMain Financial Issuance Trust
'2014-1A A' '144A' 2.43%
18/6/2024
2,641,279
OneMain Financial Issuance Trust
'2014-2A A' '144A' 2.47%
18/9/2024
2,886,687
OneMain Financial Issuance Trust
'2015-2A A' '144A' 2.57%
18/7/2025
9,003,803
OneMain Financial Issuance Trust
'2014-2A B' '144A' 3.02%
18/9/2024
4,204,175
OneMain Financial Issuance Trust
'2015-2A B' '144A' 3.1%
18/7/2025
16,418,392
OneMain Financial Issuance Trust
'2015-1A A' '144A' 3.19%
18/3/2026
5,480,087
OneMain Financial Issuance Trust
'2014-1A B' '144A' 3.24%
18/6/2024
10,325,920
OneMain Financial Issuance Trust
'2016-1A A' '144A' 3.66%
20/2/2029
2,018,172
% of
Net
Assets
0.01
0.02
0.02
0.01
0.02
0.00
0.02
0.04
0.01
0.00
0.02
0.04
0.01
0.01
0.00
0.01
0.06
0.00
0.02
0.00
0.03
0.04
0.12
0.05
0.21
0.07
0.13
0.03
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
229
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 1,588,000
USD 8,170,000
USD 2,815,000
USD 1,503,000
USD 11,050,000
USD 7,000,000
USD 9,630,000
USD 3,255,000
USD 715,892
USD 6,944,000
USD 940,000
USD 2,060,000
USD 1,330,000
USD 320,000
USD 500,000
USD 1,250,000
USD 1,430,000
USD 280,000
USD 280,000
USD 720,000
USD 720,000
USD 2,380,000
USD 1,400,000
USD 1,030,000
USD 532,000
USD 386,000
USD 2,735,000
USD 725,000
USD 1,315,000
USD 531,000
USD 874,000
230
Description
Market
Value
(USD)
OneMain Financial Issuance Trust
'2016-2A A' '144A' 4.1%
20/3/2028
1,622,800
OneMain Financial Issuance Trust
'2015-2A C' '144A' 4.32%
18/7/2025
8,152,607
OneMain Financial Issuance Trust
'2014-2A C' '144A' 4.33%
18/9/2024
2,824,808
OneMain Financial Issuance Trust
'2015-1A C' '144A' 5.12%
18/3/2026
1,512,708
OneMain Financial Issuance Trust
'2014-2A D' '144A' 5.31%
18/9/2024
11,168,927
OneMain Financial Issuance Trust
'2015-3A C' '144A' 5.82%
20/11/2028
6,886,042
Oracle Corp 4% 15/7/2046
9,356,821
Orange County Local Transportation
Authority 6.908% 15/2/2041
4,468,659
Origen Manufactured Housing
Contract Trust '2001-A M1' FRN
15/3/2032
711,350
OZLM Funding II Ltd '2012-2A A1R'
'144A' FRN 30/10/2027
6,947,238
OZLM Funding II Ltd '2012-2A DR'
'144A' FRN 30/10/2027
946,152
OZLM Funding III Ltd '2013-3A BR'
'144A' FRN 22/1/2029
2,071,412
OZLM Funding IV Ltd '2013-4A A1'
'144A' FRN 22/7/2025
1,330,630
OZLM Funding IV Ltd '2013-4A C'
'144A' FRN 22/7/2025
314,908
OZLM Funding IV Ltd '2013-4A D'
'144A' FRN 22/7/2025
485,592
OZLM Funding Ltd '2012-1A DR'
'144A' FRN 22/7/2027
1,250,527
OZLM Funding V Ltd '2013-5A BR'
'144A' FRN 17/1/2026
1,430,000
OZLM Funding V Ltd '2013-5A C'
'144A' FRN 17/1/2026
280,000
OZLM Funding V Ltd '2013-5A CR'
'144A' FRN 17/1/2026
280,000
OZLM IX Ltd '2014-9A B' '144A' FRN
20/1/2027
721,510
OZLM IX Ltd '2014-9A BR' '144A' FRN
20/1/2027
720,000
OZLM IX Ltd '2014-9A CR' '144A' FRN
20/1/2027
2,380,000
OZLM VI Ltd '2014-6A BR' '144A' FRN
17/4/2026
1,405,165
OZLM VII Ltd '2014-7A A2A' '144A'
FRN 17/7/2026
1,030,190
OZLM VII Ltd '2014-7A C' '144A' FRN
17/7/2026
528,031
OZLM VII Ltd '2014-7A D' '144A' FRN
17/7/2026
368,630
OZLM VIII Ltd '2014-8A A2A' '144A'
FRN 17/10/2026
2,739,814
OZLM VIII Ltd '2014-8A B' '144A' FRN
17/10/2026
727,764
OZLM VIII Ltd '2014-8A C' '144A' FRN
17/10/2026
1,305,139
OZLM XI Ltd '2015-11A B' '144A' FRN
30/1/2027
533,054
OZLM XI Ltd '2015-11A C1' '144A'
FRN 30/1/2027
882,919
BlackRock Global Funds (BGF)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 620,000
0.02
USD 620,000
USD 290,000
0.10
USD 875,000
0.04
USD 1,220,000
USD 335,000
0.02
USD 470,000
0.14
USD 660,000
USD 2,120,000
0.09
0.12
USD 830,000
0.06
USD 440,000
USD 440,000
0.01
USD 250,000
0.09
0.01
USD 530,000
0.03
USD 440,000
0.02
USD 990,000
0.00
0.01
USD 1,040,000
0.02
USD 1,700,000
0.02
0.00
USD 115,182
0.00
USD 2,578,000
0.01
USD 1,506,000
0.01
USD 11,403,000
0.03
USD 2,150,000
0.02
USD 630,000
0.01
USD 5,010,000
USD 1,000,000
0.01
USD 400,000
0.00
USD 360,000
0.04
USD 3,182,000
0.01
0.02
USD 1,070,000
USD 2,875,000
0.01
USD 1,425,000
0.01
Description
Market
Value
(USD)
OZLM XII Ltd '2015-12A A1' '144A'
FRN 30/4/2027
622,377
OZLM XII Ltd '2015-12A A2' '144A'
FRN 30/4/2027
621,823
OZLM XII Ltd '2015-12A B' '144A'
FRN 30/4/2027
290,495
OZLM XII Ltd '2015-12A C' '144A'
FRN 30/4/2027
880,472
OZLM XII Ltd '2015-12A D' '144A'
FRN 30/4/2027
1,141,815
OZLM XIII Ltd '2015-13A C' '144A'
FRN 30/7/2027
338,027
OZLM XIV Ltd '2015-14A C' '144A'
FRN 15/1/2029
473,325
OZLM XIV Ltd '2015-14A D' '144A'
FRN 15/1/2029
639,421
OZLM XV Ltd '2016-15A A1' '144A'
FRN 20/1/2029
2,120,000
OZLM XV Ltd '2016-15A A2A' '144A'
FRN 20/1/2029
834,150
OZLM XV Ltd '2016-15A C' '144A'
FRN 20/1/2029
442,200
OZLM XV Ltd '2016-15A D' '144A'
FRN 20/1/2029
425,524
Palmer Square CLO 2013-2 Ltd
'2013-2A A1A' '144A' FRN
17/10/2025
249,962
Palmer Square CLO 2014-1 Ltd
'2014-1A CR' '144A' FRN
17/1/2027
529,947
Palmer Square CLO 2014-1 Ltd
'2014-1A DR' '144A' FRN 17/1/2027
439,956
Palmer Square Loan Funding 2016-2
Ltd '2016-2A A2' '144A' FRN
21/6/2024
992,443
Palmer Square Loan Funding 2016-2
Ltd '2016-2A B' '144A' FRN
21/6/2024
1,043,855
Palmer Square Loan Funding 2016-2
Ltd '2016-2A C' '144A' FRN
21/6/2024
1,708,728
Paragon Mortgages No 13 Plc FRN
15/1/2039
108,531
Parker-Hannifin Corp '144A' 3.25%
1/3/2027
2,599,146
Parker-Hannifin Corp '144A' 4.1%
1/3/2047
1,524,771
Parsley Energy LLC / Parsley Finance
Corp '144A' 5.375% 15/1/2025
11,631,060
Parsley Energy LLC / Parsley Finance
Corp '144A' 6.25% 1/6/2024
2,273,625
PDC Energy Inc '144A' 6.125%
15/9/2024
656,775
PDC Energy Inc 7.75% 15/10/2022
5,310,600
Pennsylvania Economic Development
Financing Authority 5% 31/12/2022 1,137,150
Pennsylvania Economic Development
Financing Authority 5% 31/12/2038
429,898
Pinnacle Park CLO Ltd '2014-1A D'
'144A' FRN 15/4/2026
357,939
Pioneer Energy Services Corp 6.125%
15/3/2022
2,987,103
Ply Gem Industries Inc 6.5% 1/2/2022 1,116,813
Port Authority of New York & New
Jersey 4.458% 1/10/2062
2,983,445
Port Authority of New York & New
Jersey 4.81% 15/10/2065
1,571,804
% of
Net
Assets
0.01
0.01
0.00
0.01
0.01
0.00
0.01
0.01
0.03
0.01
0.01
0.01
0.00
0.01
0.01
0.01
0.01
0.02
0.00
0.03
0.02
0.15
0.03
0.01
0.07
0.01
0.01
0.00
0.04
0.01
0.04
0.02
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 260,000
USD 1,380,000
USD 2,130,000
USD 2,716,213
USD 5,564,939
USD 3,381,379
USD 386,905
USD 2,505,324
USD 590,000
USD 1,296,953
USD 2,450,000
USD 1,350,000
USD 720,000
EUR 638,000
USD 942,000
EUR 350,000
USD 660,000
USD 745,000
USD 500,000
USD 705,000
USD 1,630,000
USD 510,037
USD 1,518,627
USD 2,507,717
USD 1,623,105
USD 928,341
USD 1,257,550
USD 1,165,501
Description
Port Authority of New York & New
Jersey 4.926% 1/10/2051
Port of Seattle WA 5% 1/1/2042
Post Holdings Inc '144A' 7.75%
15/3/2024
Pretium Mortgage Credit Partners I
2015-NPL4 LLC (Step-up coupon)
'2015-NPL4 A1' '144A' 4.375%
27/11/2030
Pretium Mortgage Credit Partners I
2016-NPL3 LLC (Step-up coupon)
'2016-NPL3 A1' '144A' 4.375%
27/5/2031
Pretium Mortgage Credit Partners I
2016-NPL6 LLC (Step-up coupon)
'2016-NPL6 A1' '144A' 3.5%
27/10/2031
Prime Mortgage Trust 2006-DR1
'2006-DR1 2A1' '144A' 5.5%
25/5/2035
Progress Residential 2015-SFR2 Trust
'2015-SFR2 A' '144A' 2.74%
12/6/2032
Progress Residential 2015-SFR3 Trust
'2015-SFR3 F' '144A' 6.643%
12/11/2032
Progress Residential 2016-SFR1 Trust
'2016-SFR1 A' '144A' FRN
17/9/2033
Progress Residential 2016-SFR1 Trust
'2016-SFR1 E' '144A' FRN
17/9/2033
Progress Residential 2016-SFR2 Trust
'2016-SFR2 E' '144A' FRN
17/1/2034
PRPM 2017-1 LLC (Step-up coupon)
'2017-1A A1' '144A' 4.25%
25/1/2022
PSPC Escrow Corp 6% 1/2/2023
QUALCOMM Inc 4.8% 20/5/2045
Quintiles IMS Inc 3.25% 15/3/2025
Race Point IX CLO Ltd '2015-9A A1'
'144A' FRN 15/4/2027
Race Point V CLO Ltd '2011-5A DR'
'144A' FRN 15/12/2022
Race Point V CLO Ltd '2011-5A ER'
'144A' FRN 15/12/2022
Race Point VI CLO Ltd '2012-6A E'
'144A' FRN 24/5/2023
Race Point VII CLO Ltd '2012-7A CR'
'144A' FRN 8/11/2024
RAIT 2014-FL3 Trust '2014-FL3 C'
'144A' FRN 15/12/2031
RALI Series 2007-QH1 Trust
'2007-QH1 A1' FRN 25/2/2037
RALI Series 2007-QH6 Trust
'2007-QH6 A1' FRN 25/7/2037
RALI Series 2007-QH9 Trust
'2007-QH9 A1' FRN 25/11/2037
RBSSP Resecuritization Trust
'2013-2 1A2' '144A' FRN
26/12/2036
RBSSP Resecuritization Trust
'2013-4 1A1' '144A' FRN
26/12/2037
RCO Mortgage LLC '2015-NQM1 A'
'144A' FRN 25/11/2045
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market
Value
(USD)
% of
Net
Assets
294,211
1,595,335
0.00
0.02
USD 585,000
2,364,300
0.03
USD 1,025,000
Holding
USD 310,000
USD 3,420,000
2,744,796
0.04
USD 232,627
5,620,380
0.07
USD 5,063,000
USD 310,604
3,387,851
0.04
USD 715,000
364,899
0.00
USD 4,185,000
2,498,733
0.03
USD 3,921,000
614,338
0.01
USD 945,000
1,313,774
0.02
USD 3,782,000
USD 1,972,000
2,503,141
0.03
USD 2,181,000
USD 11,110,000
1,366,486
0.02
USD 19,286,000
720,000
714,151
985,927
372,813
0.01
0.01
0.01
0.00
USD 1,975,000
USD 3,650,000
USD 896,158
662,304
0.01
746,854
0.01
EUR 118,000
USD 1,750,000
501,865
0.01
USD 1,590,000
711,357
0.01
USD 250,000
1,630,000
0.02
510,159
0.01
USD 358,000
USD 1,415,000
USD 1,310,000
1,263,976
0.02
USD 560,000
2,175,194
0.03
USD 720,000
1,141,895
0.01
USD 500,000
0.01
EUR 225,000
USD 839,027
880,346
USD 2,395,000
1,237,382
0.02
USD 268,963
1,167,941
0.02
Description
Market
Value
(USD)
Regatta IV Funding Ltd '2014-1A D'
'144A' FRN 25/7/2026
310,675
Regatta V Funding Ltd '2014-1A B'
'144A' FRN 25/10/2026
587,209
Regatta V Funding Ltd '2014-1A C'
'144A' FRN 25/10/2026
1,006,151
Regents of the University of California
Medical Center Pooled Revenue
6.583% 15/5/2049
4,518,538
Reperforming Loan REMIC Trust
'2005-R3 AF' '144A' FRN
25/9/2035
202,247
Resolute Energy Corp 8.5%
1/5/2020
5,208,561
Resource Capital Corp 2014-CRE2 Ltd
'2014-CRE2 A' '144A' FRN
15/4/2032
310,037
Resource Capital Corp 2014-CRE2 Ltd
'2014-CRE2 B' '144A' FRN
15/4/2032
704,382
Reynolds Group Issuer Inc / Reynolds
Group Issuer LLC / Reynolds Group
Issuer Lu '144A' 5.125% 15/7/2023 4,331,684
Reynolds Group Issuer Inc / Reynolds
Group Issuer LLC / Reynolds Group
Issuer Lu 5.75% 15/10/2020
4,038,630
Riverbed Technology Inc '144A'
8.875% 1/3/2023
1,017,056
RSP Permian Inc 6.625% 1/10/2022
4,037,285
RWJ Barnabas Health Inc 3.949%
1/7/2046
1,857,157
Sabine Pass Liquefaction LLC 5.625%
15/4/2023
2,382,655
Sabine Pass Liquefaction LLC 5.625%
1/3/2025
12,139,897
Sabine Pass Liquefaction LLC 5.75%
15/5/2024
21,234,272
Sabre GLBL Inc '144A' 5.25%
15/11/2023
2,015,725
Sabre GLBL Inc '144A' 5.375%
15/4/2023
3,732,125
SACO I Trust '2006-9 A1' FRN
25/8/2036
1,365,378
Sealed Air Corp 4.5% 15/9/2023
140,519
Seneca Park CLO Ltd '2014-1A C'
'144A' FRN 17/7/2026
1,756,803
Seneca Park CLO Ltd '2014-1A D'
'144A' FRN 17/7/2026
1,576,351
Seneca Park CLO Ltd '2014-1A SUB'
'144A' 17/7/2026 (Zero Coupon)
129,418
SESI LLC 6.375% 1/5/2019
360,238
SESI LLC 7.125% 15/12/2021
1,460,988
SG Mortgage Securities Trust
'2006-OPT2 A3D' FRN 25/10/2036
838,249
Shackleton 2017-X CLO Ltd
'2017-10A E' '144A' FRN 20/4/2029
540,400
Shackleton II CLO Ltd '2012-2A B1R'
'144A' FRN 20/10/2023
721,702
Shackleton II CLO Ltd '2012-2A CR'
'144A' FRN 20/10/2023
501,223
Silgan Holdings Inc 3.25% 15/3/2025
243,394
Silver Bay Realty 2014-1 Trust
'2014-1 A' '144A' FRN 17/9/2031
839,551
Sirius XM Radio Inc '144A' 5.375%
15/4/2025
2,450,396
SLC Private Student Loan Trust
'2006-A A5' FRN 15/7/2036
268,988
% of
Net
Assets
0.00
0.01
0.01
0.06
0.00
0.07
0.00
0.01
0.06
0.05
0.01
0.05
0.02
0.03
0.16
0.27
0.03
0.05
0.02
0.00
0.02
0.02
0.00
0.00
0.02
0.01
0.01
0.01
0.01
0.00
0.01
0.03
0.00
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
231
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 3,900,000
USD 13,588
USD 61,401
USD 238,373
USD 169,998
USD 2,685,491
USD 9,010,000
USD 160,918
USD 738,226
USD 1,340,000
USD 4,673,039
USD 6,218,000
USD 88,500
USD 6,050,000
USD 1,305,000
USD 2,840,000
USD 4,350,000
USD 2,475,000
USD 1,184,472
USD 4,235,000
USD 2,690,000
USD 967,300
USD 4,740,000
USD 631,412
USD 1,076,000
USD 2,080,000
USD 2,000,000
232
Description
SLC Private Student Loan Trust
'2006-A C' FRN 15/7/2036
SLM Private Credit Student Loan Trust
'2004-B A2' FRN 15/6/2021
SLM Private Credit Student Loan Trust
'2003-B A2' FRN 15/3/2022
SLM Private Credit Student Loan Trust
'2005-B A2' FRN 15/3/2023
SLM Private Credit Student Loan Trust
'2006-C A4' FRN 15/3/2023
SLM Private Credit Student Loan
Trust '2006-A A4' FRN
15/12/2023
SLM Private Credit Student Loan
Trust '2004-B A3' FRN
15/3/2024
SLM Private Credit Student Loan
Trust '2006-B A4' FRN
15/3/2024
SLM Private Credit Student Loan
Trust '2007-A A2' FRN
15/9/2025
SLM Private Credit Student Loan
Trust '2007-A A3' FRN
15/12/2026
SLM Private Credit Student Loan
Trust '2004-A A3' FRN
15/6/2033
SLM Private Credit Student Loan
Trust '2006-B A5' FRN
15/12/2039
SLM Private Education Loan Trust
'2014-A A1' '144A' FRN
15/7/2022
SLM Private Education Loan Trust
'2013-A A2B' '144A' FRN
17/5/2027
SLM Private Education Loan Trust
'2013-B A2B' '144A' FRN
17/6/2030
SLM Private Education Loan Trust
'2011-B A3' '144A' FRN
16/6/2042
SLM Private Education Loan Trust
'2011-A A3' '144A' FRN
15/1/2043
SLM Private Education Loan Trust
'2013-C B' '144A' FRN 15/6/2044
SLM Private Education Loan Trust
'2012-E A2B' '144A' FRN
15/6/2045
SLM Private Education Loan Trust
'2013-A B' '144A' 2.5% 15/3/2047
SLM Private Education Loan Trust
'2013-B B' '144A' 3% 16/5/2044
SLM Private Education Loan Trust
'2012-B A2' '144A' 3.48%
15/10/2030
SLM Private Education Loan Trust
'2014-A B' '144A' 3.5%
15/11/2044
SLM Student Loan 4.54%
17/10/2044
SM Energy Co 6.5% 15/11/2021
SMB Private Education Loan Trust
'2014-A A2B' '144A' FRN
15/5/2026
SMB Private Education Loan Trust
'2015-B A2B' '144A' FRN
15/7/2027
BlackRock Global Funds (BGF)
Market
Value
(USD)
% of
Net
Assets
3,506,651
0.04
13,583
0.00
61,074
0.00
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 830,000
USD 5,360,000
USD 4,250,000
238,186
0.00
169,654
0.00
USD 1,174,000
2,673,062
0.03
USD 4,590,000
8,798,647
0.11
USD 9,460,000
160,626
0.00
USD 10,410,000
736,474
0.01
USD 3,166,000
1,319,795
0.02
USD 2,440,000
4,532,467
0.06
USD 2,140,000
5,899,865
0.08
USD 4,560,000
88,541
0.00
USD 3,880,000
USD 7,090,000
6,098,432
0.08
USD 1,488,033
1,318,048
0.02
USD 2,343,944
2,965,541
0.04
USD 1,030,000
4,530,256
0.06
USD 930,000
2,485,460
0.03
USD 3,275,000
1,201,872
0.02
4,079,981
0.05
USD 1,175,000
2,613,252
0.03
USD 500,000
981,430
0.01
USD 2,035,000
4,728,055
0.06
USD 250,000
656,359
1,108,280
0.01
0.01
USD 1,190,000
USD 1,340,000
2,105,927
0.03
USD 4,301,000
2,033,059
0.03
Description
Market
Value
(USD)
SMB Private Education Loan Trust
'2015-C A2B' '144A' FRN
15/7/2027
848,481
SMB Private Education Loan Trust
'2016-A A2B' '144A' FRN
15/5/2031
5,544,774
SMB Private Education Loan Trust
'2016-B A2B' '144A' FRN
17/2/2032
4,385,610
SMB Private Education Loan Trust
'2015-B A3' '144A' FRN
17/5/2032
1,220,894
SMB Private Education Loan Trust
'2015-C A3' '144A' FRN
16/8/2032
4,835,838
SMB Private Education Loan Trust
'2016-C A2B' '144A' FRN
15/9/2034
9,589,824
SMB Private Education Loan Trust
'2017-A A2B' '144A' FRN
15/9/2034
10,410,000
SMB Private Education Loan Trust
'2016-B A2A' '144A' 2.43%
17/2/2032
3,133,137
SMB Private Education Loan Trust
'2015-A A2A' '144A' 2.49%
15/6/2027
2,429,513
SMB Private Education Loan Trust
'2016-A A2A' '144A' 2.7%
15/5/2031
2,132,361
SMB Private Education Loan Trust
'2015-B B' '144A' 3.5%
17/12/2040
4,483,937
SMB Private Education Loan Trust
'2015-C B' '144A' 3.5% 15/9/2043
3,748,322
SMB Private Education Loan Trust
'2015-C C' '144A' 4.5% 17/9/2046
7,135,713
SoFi Professional Loan Program
2014-A LLC '2014-A A1' '144A'
FRN 25/6/2025
1,520,803
SoFi Professional Loan Program
2015-d LLC '2015-D A2' '144A'
2.72% 27/10/2036
2,360,117
SoFi Professional Loan Program
2016-C LLC '2016-C A2B' '144A'
2.36% 27/12/2032
1,017,581
SoFi Professional Loan Program
2016-D LLC '2016-D A2B' '144A'
2.34% 25/4/2033
919,766
Solarcity Lmc Series IV LLC
'2015-1 B' '144A' 5.58%
21/8/2045
3,182,973
Sound Point CLO I Ltd '2012-1A C'
'144A' FRN 20/10/2023
1,175,755
Sound Point CLO II Ltd
'2013-1A A1L' '144A'
FRN 26/4/2025
500,604
Sound Point CLO II Ltd
'2013-1A A3L' '144A'
FRN 26/4/2025
2,026,088
Sound Point CLO III Ltd
'2013-2A C1' '144A'
FRN 15/7/2025
250,970
Sound Point CLO III Ltd '2013-2A D'
'144A' FRN 15/7/2025
1,194,675
Sound Point CLO III Ltd '2013-2A E'
'144A' FRN 15/7/2025
1,273,645
Sound Point CLO IV Ltd '2013-3A A'
'144A' FRN 21/1/2026
4,306,242
% of
Net
Assets
0.01
0.07
0.06
0.02
0.06
0.12
0.13
0.04
0.03
0.03
0.06
0.05
0.09
0.02
0.03
0.01
0.01
0.04
0.02
0.01
0.03
0.00
0.02
0.02
0.06
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 1,085,000
USD 700,000
USD 2,025,000
USD 590,000
USD 500,000
USD 1,380,000
USD 1,000,000
USD 1,300,000
USD 650,000
USD 440,000
USD 440,000
USD 660,000
USD 162,465
USD 2,881,000
USD 1,430,000
USD 1,430,000
USD 1,500,000
USD 4,240,000
USD 755,000
USD 2,700,000
USD 16,515,285
USD 5,363,000
USD 13,300,000
USD 11,187,000
USD 2,326,000
USD 3,165,000
USD 25,715,000
USD 9,838,000
USD 1,809,171
USD 1,000,000
USD 755,000
USD 1,210,000
USD 2,575,000
USD 1,360,000
Description
Sound Point CLO IV Ltd '2013-3A D'
'144A' FRN 21/1/2026
Sound Point CLO IX Ltd '2015-2A E'
'144A' FRN 20/7/2027
Sound Point CLO VII Ltd
'2014-3A AR' '144A'
FRN 23/1/2027
Sound Point CLO VII Ltd '2014-3A D'
'144A' FRN 23/1/2027
Sound Point CLO VIII Ltd
'2015-1A D' '144A' FRN
15/4/2027
Sound Point CLO X Ltd '2015-3A E'
'144A' FRN 20/1/2028
Sound Point CLO XI Ltd '2016-1A E'
'144A' FRN 20/7/2028
Sound Point Clo XII Ltd '2016-2A A'
'144A' FRN 20/10/2028
Sound Point Clo XII Ltd '2016-2A E'
'144A' FRN 20/10/2028
Sound Point Clo XIV Ltd '2016-3A C'
'144A' FRN 23/1/2029
Sound Point Clo XIV Ltd '2016-3A D'
'144A' FRN 23/1/2029
Sound Point Clo XIV Ltd '2016-3A E'
'144A' FRN 23/1/2029
Soundview Home Loan Trust
'2004-WMC1 M2' FRN 25/1/2035
South Carolina Public Service
Authority 2.388% 1/12/2023
South Carolina Public Service
Authority 5% 1/12/2049
South Carolina Public Service
Authority 5% 1/12/2050
Southern Baptist Hospital of Florida
Inc 4.857% 15/7/2045
Southern Co/The FRN 15/3/2057
Spectra Energy Partners LP 3.375%
15/10/2026
Spectrum Brands Inc 5.75%
15/7/2025
SpringCastle America Funding LLC
'2016-AA A' '144A' 3.05%
25/4/2029
Springleaf Funding Trust '2016-AA A'
'144A' 2.9% 15/11/2029
Springleaf Funding Trust '2015-AA A'
'144A' 3.16% 15/11/2024
Springleaf Funding Trust '2015-AA B'
'144A' 3.62% 15/11/2024
Sprint Communications Inc '144A'
9% 15/11/2018
Sprint Corp 7.875% 15/9/2023
Sprint Spectrum Co LLC / Sprint
Spectrum Co II LLC / Sprint
Spectrum Co III LLC '144A'
3.36% 20/9/2021
Standard Industries Inc/NJ '144A'
6% 15/10/2025
Stanwich Mortgage Loan Co
2016-NPL2 LLC (Step-up coupon)
'2016-NPL2 NOTE' '144A' 3.721%
16/8/2046
State of California 5% 1/9/2027
State of California 7.3% 1/10/2039
State of California 7.35% 1/11/2039
State of California 7.5% 1/4/2034
State of California 7.55% 1/4/2039
Market
Value
(USD)
% of
Net
Assets
1,079,152
0.01
693,092
0.01
2,030,063
0.03
589,589
0.01
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 2,105,000
USD 750,000
USD 5,035,000
USD 730,000
USD 865,000
USD 4,367,000
USD 1,859,000
USD 4,845,000
USD 1,045,000
493,766
0.01
USD 3,560,000
1,396,622
0.02
USD 5,625
1,013,731
0.01
USD 2,678,865
1,307,131
0.02
649,133
0.01
USD 7,049,831
439,956
0.01
437,008
0.01
USD 721,138
657,690
0.01
155,622
0.00
USD 1,437,245
2,766,365
0.04
1,531,187
0.02
USD 795,000
1,537,851
0.02
1,635,598
4,424,830
0.02
0.06
USD 484,000
729,173
0.01
USD 250,000
2,889,000
0.04
USD 1,370,000
USD 360,000
16,613,353
0.21
USD 250,000
5,377,142
0.07
USD 4,000,000
13,417,956
0.17
USD 1,140,000
11,167,363
0.14
USD 810,000
2,557,158
3,544,800
0.03
0.05
USD 1,275,000
USD 1,275,000
25,759,963
0.33
USD 425,000
10,477,470
0.13
USD 330,000
USD 250,000
1,800,125
1,197,100
1,073,852
1,724,601
3,671,898
2,005,388
0.02
0.02
0.01
0.02
0.05
0.03
USD 250,000
USD 445,000
Description
State of Georgia 5% 1/7/2024
State of Georgia 5% 1/7/2026
State of South Carolina 5%
1/10/2022
State of Washington 5% 1/8/2027
State of Washington 5% 1/7/2028
State Street Corp 2.65% 19/5/2026
Steel Dynamics Inc '144A' 5%
15/12/2026
Steel Dynamics Inc 5.5% 1/10/2024*
Stewart Park CLO Ltd '2015-1A E'
'144A' FRN 15/4/2026
STRIPs 2012-1 Ltd '2012-1A B'
'144A' 0.5% 25/12/2044
STRIPs 2012-1 Ltd '2012-1A A'
'144A' 1.5% 25/12/2044
Structured Asset Mortgage
Investments II Trust
'2006-AR2 A1' FRN
25/2/2036
Structured Asset Mortgage
Investments II Trust
'2006-AR4 3A1'
FRN 25/6/2036
Structured Asset Mortgage
Investments II Trust
'2006-AR5 2A1'
FRN 25/5/2046
Structured Asset Securities Corp
Mortgage Loan Trust Series
'2006-RF4 2A1' '144A' 6%
25/10/2036
Sumter Landing Community
Development District 4.172%
1/10/2047
Sunoco Logistics Partners
Operations LP 3.9%
15/7/2026
Symphony CLO VIII LP '2012-8A CR'
'144A' FRN 9/1/2023
Symphony CLO VIII LP '2012-8A ER'
'144A' FRN 9/1/2023
Symphony CLO XI Ltd '2013-11A B1'
'144A' FRN 17/1/2025
Symphony CLO XI Ltd '2013-11A C'
'144A' FRN 17/1/2025
Symphony CLO XII Ltd '2013-12A A'
'144A' FRN 15/10/2025
Symphony CLO XII Ltd '2013-12A C'
'144A' FRN 15/10/2025
Symphony CLO XV Ltd '2014-15A C'
'144A' FRN 17/10/2026
Symphony CLO XV Ltd '2014-15A D'
'144A' FRN 17/10/2026
Symphony CLO XV Ltd '2014-15A DR'
'144A' FRN 17/10/2026
Symphony CLO XV Ltd '2014-15A E'
'144A' FRN 17/10/2026
Symphony CLO XVI Ltd '2015-16A E'
'144A' FRN 15/7/2028
Symphony CLO XVII Ltd
'2016-17A E' '144A'
FRN 15/4/2028
Symphony CLO XVIII Ltd
'2016-18A D' '144A'
FRN 23/1/2028
Tenet Healthcare Corp 6%
1/10/2020
Market
Value
(USD)
% of
Net
Assets
2,539,914
924,821
0.03
0.01
5,936,542
877,475
1,009,862
4,203,871
0.08
0.01
0.01
0.05
1,919,418
5,141,756
0.02
0.07
1,003,634
0.01
3,462,100
0.04
5,625
0.00
2,111,483
0.03
5,858,431
0.07
550,139
0.01
1,251,838
0.02
785,667
0.01
478,643
0.01
250,057
0.00
1,377,200
0.02
360,296
0.00
250,613
0.00
4,009,286
0.05
1,142,992
0.01
810,000
0.01
1,275,000
0.02
1,275,000
0.02
416,624
0.01
322,080
0.00
253,001
0.00
250,250
0.00
475,038
0.01
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
233
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 952,000
USD 2,110,000
USD 8,975,000
USD 570,000
USD 500,000
USD 1,410,000
USD 2,500,000
USD 670,000
USD 1,466,505
USD 4,820,000
USD 290,000
USD 290,000
USD 1,416,000
USD 757,000
USD 1,028,000
USD 8,892,000
USD 1,096,000
USD 4,340,000
USD 620,000
USD 195,000
USD 2,840,000
USD 1,430,000
USD 2,945,000
USD 2,800,000
USD 3,690,000
USD 2,150,000
USD 1,750,000
USD 11,930,000
USD 1,173,799
USD 450,000
USD 8,778,747
USD 188,217
USD 2,776,915
USD 2,150,000
234
Description
Tenet Healthcare Corp 8.125%
1/4/2022
Tesoro Logistics LP / Tesoro Logistics
Finance Corp 5.25% 15/1/2025
Tesoro Logistics LP / Tesoro Logistics
Finance Corp 6.25% 15/10/2022
Texas Private Activity Bond Surface
Transportation Corp 5%
31/12/2055
Thacher Park CLO Ltd '2014-1A D1'
'144A' FRN 20/10/2026
Thacher Park CLO Ltd
'2014-1A D1R' '144A'
FRN 20/10/2026
THL Credit Wind River 2012-1 CLO
Ltd '2012-1A DR' '144A' FRN
15/1/2026
THL Credit Wind River 2015-1 CLO
Ltd '2015-1A E1' '144A' FRN
20/7/2027
Thornburg Mortgage Securities Trust
'2007-3 4A1' FRN 25/6/2047
TICP CLO I Ltd '2014-1A A1' '144A'
FRN 26/4/2026
TICP CLO I Ltd '2015-1A C' '144A'
FRN 20/7/2027
TICP CLO I Ltd '2015-1A D' '144A'
FRN 20/7/2027
TICP CLO III Ltd '2014-3A A' '144A'
FRN 20/1/2027
Time Warner Inc 3.8% 15/2/2027
Time Warner Inc 4.65% 1/6/2044
Time Warner Inc 4.85% 15/7/2045
T-Mobile USA Inc 5.25% 1/9/2018
T-Mobile USA Inc 6% 15/4/2024
T-Mobile USA Inc 6.731% 28/4/2022
T-Mobile USA Inc 6.836%
28/4/2023
Tobacco Settlement Finance
Authority 7.467% 1/6/2047
Tobacco Settlement Financing
Corp/NJ 5% 1/6/2041
Tobacco Settlement Financing
Corp/VA 6.706% 1/6/2046
Total System Services Inc 3.8%
1/4/2021
TransDigm Inc 6% 15/7/2022
TransDigm Inc 6.5% 15/7/2024
Treman Park CLO Ltd '2015-1A D'
'144A' FRN 20/4/2027
Triaxx Prime CDO 2006-1 Ltd
'2006-1A A2' '144A' FRN
3/3/2039
Tricon American Homes 2015-SFR1
Trust '2015-SFR1 A' '144A' FRN
17/5/2032
Trimaran CLO VII Ltd '2007-1A A3L'
'144A' FRN 15/6/2021
U.S. Residential Opportunity
Fund IV Trust (Step-up coupon)
'2016-2IV NOTE' '144A' 3.475%
27/8/2036
UAL 2007-1 Pass Through Trust
6.636% 2/7/2022
United Airlines 2013-1 Class B Pass
Through Trust 5.375%
15/8/2021
United Rentals North America Inc
5.5% 15/7/2025
BlackRock Global Funds (BGF)
Market
Value
(USD)
% of
Net
Assets
1,017,450
0.01
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 945,000
USD 85,000,100
2,220,775
0.03
9,625,688
0.12
USD 71,868,400
596,471
0.01
USD 66,426,600
497,675
0.01
USD 99,720,000
1,410,000
0.02
USD 18,836,900
2,537,104
0.03
USD 25,635,000
660,079
0.01
USD 51,921,300
1,333,195
0.02
4,834,621
0.06
291,110
0.00
USD 8,430,000
USD 19,140,000
285,441
0.00
1,417,248
749,736
988,770
8,813,332
1,109,700
4,649,225
646,350
0.02
0.01
0.01
0.11
0.01
0.06
0.01
USD 116,195,000
208,102
0.00
USD 82,916,000
2,727,082
0.04
USD 159,272,700
1,375,496
0.02
USD 175,835,000
2,404,136
0.03
USD 790,000
2,902,484
3,800,700
2,217,188
0.04
0.05
0.03
USD 720,000
USD 1,630,000
USD 2,110,000
USD 1,000,000
1,765,027
0.02
USD 66,100,000
USD 36,862,000
USD 24,000,000
USD 4,264,000
561,769
0.01
USD 2,738,723
1,176,605
0.02
USD 822,174
447,343
0.01
USD 9,824,000
8,752,188
0.11
201,627
0.00
USD 4,780,000
USD 1,119,517
USD 5,389,954
2,905,347
0.04
2,276,313
0.03
Description
Market
Value
(USD)
United Rentals North America Inc
5.75% 15/11/2024
1,004,063
United States Treasury Inflation
Indexed Bonds 0.125%
15/4/2019*
89,306,635
United States Treasury Inflation
Indexed Bonds 0.125%
15/4/2020*
75,536,956
United States Treasury Inflation
Indexed Bonds 0.125%
15/4/2021*
68,683,755
United States Treasury Inflation
Indexed Bonds 0.125%
15/7/2026*
98,673,453
United States Treasury Inflation
Indexed Bonds 0.25%
15/1/2025*
19,150,577
United States Treasury Inflation
Indexed Bonds 0.375%
15/1/2027
25,704,554
United States Treasury Inflation
Indexed Bonds 0.625%
15/1/2026*
54,066,324
United States Treasury Inflation
Indexed Bonds 0.75%
15/2/2045†
8,135,609
United States Treasury Inflation
Indexed Bonds 1%
15/2/2046†
20,074,439
United States Treasury Note/Bond
1.125% 28/2/2019
116,054,295
United States Treasury Note/Bond
1.375% 15/2/2020
65,968,317
United States Treasury Note/Bond
1.875% 28/2/2022
36,886,479
United States Treasury Note/Bond
2% 31/12/2021*
24,151,875
United States Treasury Note/Bond
2.125% 29/2/2024
82,650,410
United States Treasury Note/Bond
2.25% 15/2/2027
157,779,518
United States Treasury Note/Bond
3% 15/2/2047†
176,782,860
University of Houston 5%
15/2/2033
908,551
University of Houston 5% 15/2/2034
824,407
University of Houston 5% 15/2/2035 1,859,528
University of Houston 5% 15/2/2036 2,400,072
University of Massachusetts Building
Authority 5% 1/11/2031
1,164,825
University of Southern California
3.028% 1/10/2039
3,852,569
US Airways 2013-1 Class A Pass
Through Trust 3.95%
15/11/2025
2,817,462
US Airways 2013-1 Class B Pass
Through Trust 5.375%
15/11/2021
849,922
US Bancorp FRN 15/4/2027
(Perpetual)
10,036,238
US Bancorp 2.375% 22/7/2026
4,484,144
US Residential Opportunity Fund II
Trust (Step-up coupon)
'2016-1II A' '144A'
3.475% 27/7/2036
1,113,159
US Residential Opportunity Fund II
Trust (Step-up coupon)
'2016-2II A' '144A'
3.475% 27/8/2036
5,373,530
% of
Net
Assets
0.01
1.14
0.96
0.88
1.26
0.24
0.33
0.69
0.10
0.26
1.48
0.84
0.47
0.31
1.05
2.01
2.25
0.01
0.01
0.02
0.03
0.02
0.05
0.04
0.01
0.13
0.06
0.01
0.07
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 2,010,715
USD 6,336,731
USD 13,944,980
USD 9,235,298
USD 9,979,845
USD 4,705,648
USD 1,657,000
USD 1,402,000
USD 1,924,995
USD 1,268,124
USD 310,000
USD 170,000
USD 290,000
USD 310,000
USD 2,570,000
USD 1,075,000
USD 850,000
USD 1,200,000
USD 650,000
USD 1,030,000
USD 250,000
USD 320,000
USD 330,000
USD 470,000
USD 220,000
Description
US Residential Opportunity Fund II
Trust (Step-up coupon)
'2016-3II A' '144A'
3.598% 27/10/2036
US Residential Opportunity Fund III
Trust (Step-up coupon)
'2016-1III A' '144A'
3.475% 27/7/2036
US Residential Opportunity Fund III
Trust (Step-up coupon)
'2016-2III A' '144A'
3.475% 27/8/2036
US Residential Opportunity Fund III
Trust (Step-up coupon)
'2016-3III A' '144A'
3.598% 27/10/2036
US Residential Opportunity Fund IV
Trust (Step-up coupon)
'2016-1IV A' '144A'
3.475% 27/7/2036
US Residential Opportunity Fund IV
Trust (Step-up coupon)
'2016-3IV A' '144A'
3.598% 27/10/2036
Valvoline Inc '144A' 5.5% 15/7/2024
Velocity Commercial Capital Loan
Trust '2014-1 M1' '144A' FRN
25/9/2044
Velocity Commercial Capital Loan
Trust '2015-1 AFL' '144A' FRN
25/6/2045
Velocity Commercial Capital Loan
Trust '2016-2 AFL' FRN
25/10/2046
Velocity Commercial Capital Loan
Trust '2016-2 M1' FRN
25/10/2046
Velocity Commercial Capital Loan
Trust '2016-2 M2' FRN
25/10/2046
Velocity Commercial Capital Loan
Trust '2016-2 M3' FRN
25/10/2046
Velocity Commercial Capital Loan
Trust '2016-2 M4' FRN
25/10/2046
Venture X CLO Ltd '2012-10A BR'
'144A' FRN 20/7/2022
Venture XI CLO Ltd '2012-11A DR'
'144A' FRN 14/11/2022
VENTURE XIII CLO Ltd '2013-13A D'
'144A' FRN 10/6/2025
Venture XIX CLO Ltd '2014-19A AR'
'144A' FRN 15/1/2027
Venture XIX CLO Ltd '2014-19A BR'
'144A' FRN 15/1/2027
Venture XVII CLO Ltd '2014-17A B1'
'144A' FRN 15/7/2026
Venture XX CLO Ltd '2015-20A B1'
'144A' FRN 15/4/2027
Venture XX CLO Ltd '2015-20A C'
'144A' FRN 15/4/2027
Venture XX CLO Ltd '2015-20A D'
'144A' FRN 15/4/2027
Venture XXI CLO Ltd '2015-21A D'
'144A' FRN 15/7/2027
Venture XXII CLO Ltd '2015-22A E'
'144A' FRN 15/1/2028
Market
Value
(USD)
% of
Net
Assets
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 750,000
EUR 200,000
2,007,547
0.03
USD 2,702,000
USD 4,670,000
USD 2,500,000
6,322,773
0.08
USD 645,000
USD 250,000
13,902,173
0.18
USD 440,000
USD 1,310,000
9,216,158
0.12
USD 470,000
USD 830,000
9,949,254
0.13
USD 885,000
4,693,198
1,739,850
0.06
0.02
USD 1,940,000
USD 11,292,452
1,444,060
0.02
USD 2,520,000
1,939,432
0.02
USD 3,090,000
USD 1,480,000
1,269,557
0.02
USD 520,000
314,650
0.00
USD 2,530,000
USD 624,000
173,825
0.00
USD 1,855,000
281,532
0.00
USD 1,210,000
USD 2,640,000
299,500
0.00
USD 1,275,000
2,570,440
0.03
USD 685,000
1,078,053
0.01
USD 440,000
850,187
0.01
USD 415,000
1,201,500
0.02
USD 5,010,000
651,625
0.01
USD 510,000
1,032,649
0.01
USD 295,000
249,965
0.00
USD 775,000
320,861
0.00
USD 275,000
330,707
0.00
USD 275,000
463,951
0.01
USD 330,000
219,110
0.00
Description
Market
Value
(USD)
Venture XXVI CLO Ltd '2017-26A D'
'144A' FRN 20/1/2029
750,000
Veritas US Inc / Veritas Bermuda Ltd
7.5% 1/2/2023
217,581
Viacom Inc FRN 28/2/2057
2,737,200
Viacom Inc 4.375% 15/3/2043
4,065,669
Vibrant CLO II Ltd '2013-2A B'
'144A' FRN 24/7/2024
2,503,032
Vibrant Clo III Ltd '2015-3A A1R'
'144A' FRN 20/4/2026
645,230
Vibrant Clo III Ltd '2015-3A A2R'
'144A' FRN 20/4/2026
249,994
Vibrant Clo III Ltd '2015-3A BR'
'144A' FRN 20/4/2026
441,605
Vibrant Clo IV Ltd '2016-4A C'
'144A' FRN 20/7/2028
1,316,244
Vibrant Clo IV Ltd '2016-4A D'
'144A' FRN 20/7/2028
472,190
Vibrant Clo V Ltd '2016-5A A' '144A'
FRN 20/1/2029
830,180
VNDO 2013-PENN Mortgage Trust
'2013-PENN E' '144A' FRN
13/12/2029
859,125
VNDO Trust '2016-350P E' '144A'
FRN 10/1/2035
1,783,219
VOLT XLVI LLC (Step-up coupon)
'2016-NPL6 A1' '144A' 3.844%
25/6/2046
11,351,893
Voya CLO 2012-2 Ltd '2012-2A BR'
'144A' FRN 15/10/2022
2,526,327
Voya CLO 2012-2 Ltd '2012-2A CR'
'144A' FRN 15/10/2022
3,093,107
Voya CLO 2012-2 Ltd '2012-2A DR'
'144A' FRN 15/10/2022
1,487,474
Voya CLO 2012-2 Ltd '2012-2A ER'
'144A' FRN 15/10/2022
523,939
Voya CLO 2012-3 Ltd '2012-3A BR'
'144A' FRN 15/10/2022
2,540,157
Voya CLO 2013-1 Ltd '2013-1A A1'
'144A' FRN 15/4/2024
624,471
Voya CLO 2013-2 Ltd '2013-2A A1'
'144A' FRN 25/4/2025
1,858,188
Voya CLO 2013-2 Ltd '2013-2A C'
'144A' FRN 25/4/2025
1,210,249
Voya CLO 2013-3 Ltd '2013-3A A1'
'144A' FRN 18/1/2026
2,645,060
Voya CLO 2013-3 Ltd '2013-3A A2'
'144A' FRN 18/1/2026
1,278,121
Voya CLO 2013-3 Ltd '2013-3A B'
'144A' FRN 18/1/2026
686,738
Voya CLO 2014-1 Ltd '2014-1A C'
'144A' FRN 18/4/2026
437,826
Voya CLO 2014-3 Ltd '2014-3A C'
'144A' FRN 25/7/2026
409,162
Voya CLO 2014-4 Ltd '2014-4A A1'
'144A' FRN 14/10/2026
5,019,554
Voya CLO 2014-4 Ltd '2014-4A A2A'
'144A' FRN 14/10/2026
510,033
Voya CLO 2014-4 Ltd '2014-4A B'
'144A' FRN 14/10/2026
295,420
Voya CLO 2014-4 Ltd '2014-4A C'
'144A' FRN 14/10/2026
779,003
Voya CLO 2015-1 Ltd '2015-1A D'
'144A' FRN 18/4/2027
268,100
Voya CLO 2016-2 Ltd '2016-2A D'
'144A' FRN 19/7/2028
268,949
Voya CLO 2016-3 Ltd '2016-3A D'
'144A' FRN 18/10/2027
333,168
% of
Net
Assets
0.01
0.00
0.04
0.05
0.03
0.01
0.00
0.01
0.02
0.01
0.01
0.01
0.02
0.15
0.03
0.04
0.02
0.01
0.03
0.01
0.02
0.02
0.03
0.02
0.01
0.01
0.01
0.06
0.01
0.00
0.01
0.00
0.00
0.00
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
235
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 250,000
USD 3,101,771
USD 5,569,657
USD 690,000
USD 240,000
USD 178,000
USD 2,524,000
USD 936,498
USD 4,000,000
USD 4,000,000
USD 7,220,000
USD 10,740,000
USD 3,399,000
USD 3,780,000
USD 630,000
USD 2,418,142
USD 2,315,002
USD 5,363,805
USD 2,096,540
USD 3,973,096
USD 2,240,000
USD 1,250,000
236
Description
Voya CLO 2016-4 Ltd '2016-4A E2'
'144A' FRN 20/7/2029
Wachovia Asset Securitization
Issuance II LLC 2007-HE2 Trust
'2007-HE2A A' '144A' FRN
25/7/2037
Wachovia Bank Commercial
Mortgage Trust Series '2006-C28 AJ'
FRN 15/10/2048
Wachovia Bank Commercial
Mortgage Trust Series
'2007-C32 AMFL' '144A'
FRN 15/6/2049
Wachovia Bank Commercial
Mortgage Trust Series
'2007-C32 AMFX' '144A'
5.703% 15/6/2049
Walgreens Boots Alliance Inc 4.65%
1/6/2046
Walgreens Boots Alliance Inc 4.8%
18/11/2044
WaMu Mortgage Pass-Through
Certificates Series 2007-OA5 Trust
'2007-OA5 1A' FRN 25/6/2047
Washington Mill CLO Ltd
'2014-1A A1' '144A' FRN 20/4/2026
Washington Mill CLO Ltd
'2014-1A A1R' '144A' FRN
20/4/2026
Washington Mutual Bank / Debt not
acquired by JPMorgan (Defaulted)
1/5/2009 (Zero Coupon)
Washington Mutual Bank / Debt not
acquired by JPMorgan (Defaulted)
6/11/2009 (Zero Coupon)
Washington Mutual Bank / Debt not
acquired by JPMorgan (Defaulted)
16/6/2010 (Zero Coupon)
Washington Mutual Bank / Debt not
acquired by JPMorgan (Defaulted)
4/2/2011 (Zero Coupon)
Washington Mutual Bank / Debt not
acquired by JPMorgan (Defaulted)
5.55% 16/6/2010
Washington Mutual Mortgage
Pass-Through Certificates WMALT
Series 2006-4 Trust (Step-up
coupon) '2006-4 3A1' 6.5%
25/5/2036
Washington Mutual Mortgage
Pass-Through Certificates WMALT
Series 2007-OA1 Trust
'2007-OA1 2A' FRN
25/12/2046
Washington Mutural Asset-Backed
Certificates WMABS Series 2006HE4 Trust '2006-HE4 2A2' FRN
25/9/2036
Washington Mutural Asset-Backed
Certificates WMABS Series 2006HE5 Trust '2006-HE5 1A' FRN
25/10/2036
Washington Mutural Asset-Backed
Certificates WMABS Series 2006HE5 Trust '2006-HE5 2A2' FRN
25/10/2036
Webster Park CLO Ltd '2015-1A C'
'144A' FRN 20/1/2027
Webster Park CLO Ltd '2015-1A D'
'144A' FRN 20/1/2027
BlackRock Global Funds (BGF)
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market
Value
(USD)
% of
Net
Assets
Holding
248,325
0.00
USD 20,880,000
USD 10,389,000
2,758,304
0.04
5,563,271
0.07
USD 4,200,000
USD 2,141,000
USD 14,643,000
USD 1,390,000
USD 16,879,470
687,119
0.01
USD 3,400,000
USD 1,210,000
241,004
0.00
181,801
0.00
2,618,812
0.03
USD 2,290,000
USD 5,483,598
798,547
0.01
USD 2,760,000
4,002,453
0.05
USD 13,178,698
4,000,000
0.05
USD 15,481,964
1,606,450
0.02
USD 10,485,538
2,389,650
0.03
USD 660,000
756,278
0.01
USD 480,000
841,050
0.01
USD 2,200,000
140,175
0.00
USD 430,000
1,797,934
0.02
USD 2,069,000
USD 2,380,000
1,683,205
0.02
USD 830,000
USD 895,000
2,562,596
0.03
USD 890,000
USD 975,000
1,559,237
0.02
USD 810,000
USD 860,000
1,931,238
0.02
USD 330,000
2,243,624
0.03
USD 360,000
1,266,289
0.02
Description
Wells Fargo & Co FRN 11/2/2022
Wells Fargo & Co FRN 15/6/2024
(Perpetual)
Wells Fargo & Co 4.3% 22/7/2027*
Wells Fargo & Co 4.4% 14/6/2046
Wells Fargo & Co 4.75% 7/12/2046
Wells Fargo Commercial Mortgage
Trust '2014-TISH SCH2' '144A'
FRN 15/1/2027
Wells Fargo Commercial Mortgage
Trust '2015-C27 XA' FRN
15/2/2048
Wells Fargo Commercial Mortgage
Trust '2015-NXS1 XB' FRN
15/5/2048
Wells Fargo Commercial Mortgage
Trust '2015-NXS4 D' FRN
15/12/2048
Wells Fargo Commercial Mortgage
Trust '2016-C34 C' FRN
15/6/2049
Wells Fargo Commercial Mortgage
Trust '2016-BNK1 XB' FRN
15/8/2049
Wells Fargo Commercial Mortgage
Trust '2016-BNK1 XD' '144A' FRN
15/8/2049
Wells Fargo Commercial Mortgage
Trust '2015-NXS3 XA' FRN
15/9/2057
Wells Fargo Commercial Mortgage
Trust '2016-C33 XA' FRN
15/3/2059
Wells Fargo Commercial Mortgage
Trust '2016-LC25 XA' FRN
15/12/2059
Wells Fargo Commercial Mortgage
Trust '2015-NXS3 D' '144A'
3.153% 15/9/2057
Wells Fargo Commercial Mortgage
Trust '2015-P2 D' '144A' 3.241%
15/12/2048
Wells Fargo Commercial Mortgage
Trust '2015-C27 D' '144A' 3.768%
15/2/2048
Wells Fargo Commercial Mortgage
Trust '2015-C31 D' 3.852%
15/11/2048
Wells Fargo Commercial Mortgage
Trust '2015-C27 C' 3.894%
15/2/2048
Wesleyan University 4.781%
1/7/2116
West Virginia Hospital Finance
Authority 5% 1/6/2019
West Virginia Hospital Finance
Authority 5% 1/6/2020
West Virginia Hospital Finance
Authority 5% 1/6/2021
West Virginia Hospital Finance
Authority 5% 1/6/2022
West Virginia Hospital Finance
Authority 5% 1/6/2023
West Virginia Hospital Finance
Authority 5% 1/6/2024
Westcott Park CLO Ltd '2016-1A E'
'144A' FRN 20/7/2028
WFRBS Commercial Mortgage Trust
'2012-C8 C' FRN 15/8/2045
Market
Value
(USD)
% of
Net
Assets
20,968,750
0.27
11,001,432
4,370,438
2,107,504
15,266,792
0.14
0.06
0.03
0.19
1,346,338
0.02
971,527
0.01
115,300
0.00
1,032,850
0.01
2,374,185
0.03
578,328
0.01
253,547
0.00
810,739
0.01
1,710,290
0.02
725,652
0.01
459,252
0.01
353,908
0.00
1,641,395
0.02
322,515
0.00
1,834,461
0.02
2,297,840
0.03
891,835
0.01
984,026
0.01
997,401
0.01
1,106,454
0.01
926,924
0.01
988,149
0.01
328,318
0.00
374,308
0.01
Fixed Income Global Opportunities Fund continued
Portfolio of Investments 28 February 2017
Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Holding
USD 8,689,237
USD 10,340,774
USD 4,946,898
USD 14,825,821
USD 1,055,000
USD 5,472,000
USD 1,060,000
EUR 200,000
USD 670,000
USD 1,520,000
USD 1,604,876
EUR 324,000
USD 600,000
USD 930,000
USD 610,000
USD 440,000
USD 1,380,000
USD 1,085,000
USD 430,000
Market
Value
(USD)
Description
WFRBS Commercial Mortgage Trust
'2012-C8 XA' '144A' FRN
15/8/2045
WFRBS Commercial Mortgage Trust
'2012-C9 XA' '144A' FRN
15/11/2045
WFRBS Commercial Mortgage Trust
'2014-C20 XA' FRN 15/5/2047
WFRBS Commercial Mortgage Trust
'2014-C23 XA' FRN 15/10/2057
Whiting Petroleum Corp 5%
15/3/2019
Williams Partners LP 4% 15/9/2025
Williams Partners LP 4.9% 15/1/2045
WMG Acquisition Corp 4.125%
1/11/2024
World Financial Network Credit
Card Master Trust '2012-D B' 3.34%
17/4/2023
World Financial Network Credit
Card Master Trust '2012-C C' 4.55%
15/8/2022
WVUE (Step-up coupon)
'2015-1A A' '144A' 4.5%
25/9/2020
XPO Logistics Inc 5.75% 15/6/2021
York CLO 1 Ltd '2014-1A D' '144A'
FRN 22/1/2027
York Clo-3 Ltd '2016-1A E' '144A'
FRN 20/7/2025
York Clo-4 Ltd '2016-2A D' '144A'
FRN 20/1/2030
York Clo-4 Ltd '2016-2A E' '144A'
FRN 20/1/2030
Zayo Group LLC / Zayo Capital Inc
6% 1/4/2023
Zayo Group LLC / Zayo Capital Inc
6.375% 15/5/2025
Ziggurat CLO Ltd '2014-1A C'
'144A' FRN 17/10/2026
% of
Net
Assets
Other Transferable Securities
Holding
Description
Market
Value
(USD)
% of
Net
Assets
136,952
0.00
8,822,496
0.11
–
0.00
8,739,150
0.12
881,495
0.01
172
0.00
BONDS
618,028
0.01
770,718
0.01
273,017
0.00
514,196
0.01
1,070,825
5,540,966
1,040,656
0.01
0.07
0.01
224,966
0.00
Hong Kong
CNH 1,826,066
Luxembourg
EUR 8,115,961
677,642
0.01
USD 122,260,000
1,558,858
0.02
USD 2,391
1,628,147
363,775
0.02
0.00
USD 2,391
604,613
0.01
901,996
0.01
23
0.00
0.13
Total Bonds
18,580,288
0.24
Total Other Transferable Securities
18,580,288
0.24
7,085,467,407
90.37
0.01
Total Portfolio
433,840
0.01
Other Net Assets
1,466,250
0.02
1,175,869
0.02
0.01
60.47
American Homes 4 Rent
'2015-SFR1 XS' '144A' FRN
17/4/2052
Commonwealth of Puerto Rico
8% 1/7/2035**
CSMC 2014-USA OA LLC
'2014-USA X2' '144A' FRN
15/9/2037**
Lehman Brothers Holdings Inc
(Defaulted) 31/12/2049
(Zero Coupon)**
Lehman Brothers Special Finance
(Defaulted) 31/12/2049
(Zero Coupon)**
9,620,840
585,600
431,387
Atalaya Luxco Pikco 13.25%
30/5/2020**
United States
USD 5,286,138
USD 11,890,000
4,741,468,196
China City Construction
International Co Ltd
(Defaulted) 5.35%
3/7/2017**
Total Net Assets (USD)
755,020,061
9.63
7,840,487,468
100.00
Vietnam
USD 500,000
Vietnam Joint Stock Commercial
Bank for Industry and Trade 8%
17/5/2017
505,413
0.01
Total Bonds
6,804,424,900
86.78
Total Transferable Securities and Money
Market Instruments Admitted to an
Official Stock Exchange Listing or
Dealt in on Another Regulated Market
7,066,887,119
90.13
* All or a portion of this security represents a security on loan.
** Security subject to a fair value adjustment as detailed in Note 2(j).
† Securities pledged or given in guarantee, see Note 14, for further details.
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
237
Fixed Income Global Opportunities Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
EUR
6,593,614
EUR
4,363,355
JPY 1,339,787,051
TRY
13,822,808
BRL
32,547,872
BRL
44,131,602
BRL
90,930,202
MXN
30,742,297
MXN
39,960,524
MXN
30,738,931
MXN
6,146,264
USD
7,567,839
USD
10,293,000
USD
28,969,646
USD
5,306,000
KRW 8,000,000,000
TRY
23,842,296
USD
6,796,537
USD
6,540,000
AUD
1,703,298
AUD
8,516,400
AUD
11,052,186
AUD
802,596
CAD
11,164,655
CAD
11,186,530
CNH
48,212,412
EUR
8,052,154
EUR
8,061,412
EUR
7,539,000
GBP
6,814,213
GBP
6,817,765
USD
17,142,895
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
11,053,274
48,813,942
11,428,060
7,027,247
18,076,005
6,709,556
11,186,000
7,945,857
407,007,774
17,000,652
2,590,605
3,372,003
USD
15,928,951
USD
161,513,513
USD
7,487,543
JPY
466,170,745
JPY
463,064,846
JPY
524,512,986
KRW 6,843,512,000
MXN
8,749,403
MXN
92,083,594
USD
5,980,000
USD
200,000
USD
4,556,000
USD
7,780,000
ZAR
104,648,243
JPY
494,595,024
TRY
8,446,412
TRY
11,830,242
USD
4,400,000
USD
5,390,000
BRL
19,437,300
MXN
34,675,864
238
Currency
Sales
Counterparty
JPY
810,723,082 Deutsche Bank
JPY
536,626,773
JP Morgan
EUR
10,956,969
State Street
USD
3,769,000
Barclays
USD
10,501,685 Morgan Stanley
USD
14,083,000 Goldman Sachs
USD
29,219,303
RBS Plc
USD
1,516,000
Barclays
USD
1,970,800 Goldman Sachs
USD
1,516,000
JP Morgan
USD
303,200 Morgan Stanley
BRL
23,455,002 Goldman Sachs
BRL
32,547,872 Morgan Stanley
BRL
90,930,202
RBS Plc
MXN 108,416,896
Citibank
USD
7,082,780
JP Morgan
USD
6,540,000
Citibank
KRW 8,000,000,000
Nomura
TRY
23,458,653
BNP Paribas
USD
1,315,670
JP Morgan
USD
6,579,285 HSBC Bank Plc
USD
8,515,000
Barclays
USD
620,045
Credit Suisse
USD
8,515,000 HSBC Bank Plc
USD
8,515,000
State Street
USD
7,027,247 Goldman Sachs
USD
8,515,000 Societe Generale
USD
8,515,000 Goldman Sachs
USD
7,963,785
Barclays
USD
8,515,000 HSBC Bank Plc
USD
8,515,000
RBS Plc
AUD
22,623,000
State Street
National Australia
AUD
14,603,000
Bank Ltd
CAD
63,542,000
State Street
CAD
14,882,000
Barclays
CNH
48,422,394 HSBC Bank Plc
DKK 124,835,835 Bank of America
EUR
6,303,000
Northern Trust
EUR
10,590,000 Goldman Sachs
EUR
7,539,000
Citibank
EUR 378,169,000 Morgan Stanley
EUR
15,810,000
State Street
EUR
2,410,000 Deutsche Bank
GBP
2,662,000
State Street
Commonwealth
GBP
12,566,000 Bank of Australia
GBP 129,277,000
Barclays
NZD
10,260,000
BNP Paribas
USD
4,150,000
Barclays
USD
4,114,000 Goldman Sachs
USD
4,666,000
Credit Suisse
USD
5,980,000
Barclays
USD
444,000
Citibank
USD
4,556,000 Goldman Sachs
KRW 6,791,785,000
BNP Paribas
MXN
3,966,754 HSBC Bank Plc
MXN
90,275,072
Barclays
ZAR 102,207,828
Citibank
USD
7,780,000
Citibank
USD
4,400,000 Morgan Stanley
USD
2,245,833 Goldman Sachs
USD
3,144,167
BNP Paribas
JPY
497,222,440 HSBC Bank Plc
TRY
20,386,058
BNP Paribas
USD
6,260,000
Citibank
USD
1,700,000
BNP Paribas
BlackRock Global Funds (BGF)
Unrealised
appreciation/
Maturity (depreciation)
USD
date
1/3/2017
1/3/2017
1/3/2017
1/3/2017
2/3/2017
2/3/2017
2/3/2017
2/3/2017
2/3/2017
2/3/2017
2/3/2017
2/3/2017
2/3/2017
2/3/2017
2/3/2017
3/3/2017
3/3/2017
3/3/2017
3/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
(242,567)
(161,653)
336,725
44,733
(39,478)
102,687
9,352
25,102
32,408
24,933
4,910
28,449
(169,206)
(259,011)
(128,905)
(7,472)
36,156
(278,771)
69,660
(7,490)
(38,456)
(26,617)
(3,630)
(66,944)
(50,391)
6,551
26,307
36,127
33,195
(38,855)
(34,436)
(232,192)
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
6/3/2017
(162,232)
733,067
167,168
(37,186)
261,629
23,661
(47,323)
(51,123)
5,865,716
230,224
34,202
60,763
6/3/2017
6/3/2017
6/3/2017
7/3/2017
7/3/2017
7/3/2017
9/3/2017
9/3/2017
9/3/2017
9/3/2017
9/3/2017
9/3/2017
9/3/2017
9/3/2017
10/3/2017
10/3/2017
10/3/2017
10/3/2017
10/3/2017
14/3/2017
14/3/2017
298,204
706,887
87,920
11,363
19,638
16,166
74,365
(5,879)
55,028
(28,603)
1,367
35,533
(46,385)
233,255
15,723
78,963
111,998
(39,180)
(221,074)
(31,066)
35,001
Currency
Purchases
MXN
101,009,385
MXN
68,215,005
USD
6,260,000
USD
4,200,000
USD
4,200,000
USD
4,890,000
USD
2,600,000
USD
3,200,000
USD
6,500,000
AUD
2,094,817
AUD
4,615,448
AUD
2,710,000
AUD
420,000
AUD
12,510,000
AUD
15,440,000
AUD
2,085,000
AUD
2,085,000
AUD
1,020,000
AUD
7,610,000
AUD
4,170,000
BRL
23,356,648
CAD
11,615,535
CAD
5,880,284
CAD
7,303,185
CAD
1,770,000
CAD
5,441,850
CAD
4,097,630
CAD
5,296,973
CAD
6,824,225
CAD
3,575,620
CAD
2,233,419
CAD
2,154,399
CAD
753,900
CAD
8,975,030
CAD
27,553,609
CAD
23,385,218
CHF
8,472,093
CHF
6,006,044
CHF
3,130,000
CHF
752,897
CHF
9,299,902
CHF
4,279,917
CLP 1,925,547,525
CNH
47,610,000
EUR
4,644,444
EUR
2,085,000
EUR
2,085,000
EUR
4,170,000
EUR
5,210,000
EUR
4,170,000
EUR
5,210,000
EUR
8,340,000
EUR
10,612,000
EUR
1,307,500
EUR
2,290,000
EUR
10,956,969
EUR
21,415,000
EUR
10,655,000
EUR
5,220,000
EUR
5,210,000
EUR
3,200,000
EUR
10,800,000
EUR
26,532,500
EUR
7,720,000
EUR
4,170,000
EUR
1,250,000
Currency
USD
USD
BRL
CAD
JPY
MXN
MXN
MXN
MXN
EUR
EUR
JPY
NZD
NZD
USD
USD
USD
USD
USD
USD
USD
EUR
EUR
EUR
MXN
MXN
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
EUR
NOK
USD
USD
USD
USD
USD
AUD
CAD
CAD
CAD
CAD
CAD
CHF
CHF
GBP
JPY
JPY
JPY
JPY
JPY
MXN
NOK
PLN
RUB
RUB
SEK
SEK
SEK
Sales
Counterparty
4,890,000
3,200,000
19,484,250
5,487,153
473,873,400
99,908,676
51,504,700
65,377,000
134,631,881
1,444,444
3,200,000
234,316,843
445,788
13,087,670
11,802,938
1,596,207
1,599,465
740,563
5,709,018
3,183,566
7,300,000
8,340,000
4,170,000
5,210,000
27,309,388
86,803,254
3,130,000
3,970,000
5,210,000
2,710,000
1,700,000
1,630,000
570,000
6,855,000
21,137,266
17,807,065
7,925,000
5,625,000
25,964,383
755,000
9,245,000
4,170,000
3,015,500
6,900,000
6,627,014
2,913,551
2,900,614
5,843,046
7,256,733
5,851,457
5,538,866
8,907,370
9,053,416
157,696,222
275,768,670
1,339,931,793
2,635,356,240
1,299,793,860
112,655,430
46,446,853
13,736,502
685,368,421
1,692,815,057
73,266,479
39,396,075
11,951,725
Goldman Sachs
Citibank
Goldman Sachs
Deutsche Bank
Goldman Sachs
Goldman Sachs
Toronto Dominion
Morgan Stanley
BNP Paribas
Citibank
Goldman Sachs
BNP Paribas
Morgan Stanley
Westpac
Westpac
Credit Suisse
Barclays
Northern Trust
Morgan Stanley
UBS
RBS Plc
Deutsche Bank
HSBC Bank Plc
Citibank
JP Morgan
Morgan Stanley
JP Morgan
Deutsche Bank
Citibank
Morgan Stanley
Barclays
Goldman Sachs
Northern Trust
UBS
BNP Paribas
Credit Suisse
Bank of America
Deutsche Bank
Citibank
Morgan Stanley
UBS
BNP Paribas
RBS Plc
HSBC Bank Plc
UBS
Morgan Stanley
JP Morgan
Deutsche Bank
RBS Plc
Citibank
Bank of America
UBS
HSBC Bank Plc
Morgan Stanley
Goldman Sachs
State Street
Citibank
Bank of America
Goldman Sachs
Citibank
Bank of America
RBS Plc
JP Morgan
Morgan Stanley
JP Morgan
Goldman Sachs
Unrealised
appreciation/
Maturity (depreciation)
USD
date
14/3/2017
14/3/2017
14/3/2017
14/3/2017
14/3/2017
14/3/2017
14/3/2017
14/3/2017
14/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
163,989
213,127
16,020
47,718
(31,520)
(108,915)
22,971
(71,127)
(236,284)
75,660
148,130
(11,567)
1,090
169,785
52,802
4,778
1,521
42,653
134,387
18,405
183,037
(60,647)
24,552
(2,351)
(26,785)
(224,467)
(29,183)
38,400
(45,876)
(4,206)
(9,895)
307
502
(63,288)
(286,508)
(110,671)
33,629
16,623
18,640
(4,622)
23,784
95,596
(51,798)
40,683
(159,864)
7,846
17,636
3,627
37,503
(2,738)
8,589
(27,046)
(2,768)
(20,701)
(32,453)
(337,995)
(808,017)
(300,015)
(96,272)
(18,155)
20,997
(263,327)
(801,935)
70,159
57,764
1,534
Fixed Income Global Opportunities Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
GBP
GBP
GBP
GBP
GBP
10,630,000
22,117,000
12,694,729
5,340,000
14,700,000
720,000
70,333,000
75,715,000
21,415,000
52,365,271
630,000
8,340,000
9,187,000
3,130,000
15,940,000
7,300,000
SEK
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
GBP
GBP
GBP
GBP
INR
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
KRW
KRW
KRW
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
NOK
NOK
NOK
NOK
NZD
NZD
NZD
NZD
NZD
NZD
NZD
NZD
NZD
NZD
NZD
PLN
PLN
220,000
31,721,097
1,806,667
1,603,333
122,868,000
235,709,296
180,597,520
249,806,205
2,614,655,859
237,099,441
1,327,934,221
3,305,567,219
3,349,422,538
201,915,190
706,542,379
851,522,418
4,534,797,230
2,231,000,000
8,927,872,817
2,446,239,233
1,902,768,160
3,602,943,000
7,801,491,200
2,458,049,000
27,710,589
87,612,930
113,602,950
36,253,350
85,282,755
74,455,520
66,822,370
355,672,525
57,455,111
13,019,490
8,740,571
19,810,686
26,695,188
1,547,666
4,429,236
12,528,323
5,427,830
2,660,000
8,650,000
3,130,000
1,070,000
14,430,000
2,140,000
13,450,000
1,574,802
1,330,909
USD
USD
USD
USD
USD
AUD
EUR
EUR
EUR
SEK
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
CAD
CAD
EUR
USD
USD
USD
USD
USD
USD
EUR
USD
USD
USD
AUD
AUD
AUD
AUD
USD
USD
USD
USD
USD
USD
USD
EUR
EUR
Sales
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
USD
date
101,206,027
BNP Paribas 15/3/2017
23,475,249
BNP Paribas 15/3/2017
13,466,654 Deutsche Bank 15/3/2017
5,601,528
RBS Plc 15/3/2017
15,677,579
Credit Suisse 15/3/2017
765,751
Northern Trust 15/3/2017
74,147,602 HSBC Bank Plc 15/3/2017
80,842,156
Citibank 15/3/2017
22,451,379 Bank of America 15/3/2017
55,509,699
JP Morgan 15/3/2017
661,897 Morgan Stanley 15/3/2017
10,469,878
RBS Plc 15/3/2017
11,615,971 Goldman Sachs 15/3/2017
3,882,076
Citibank 15/3/2017
19,843,610 Deutsche Bank 15/3/2017
9,047,018
JP Morgan 15/3/2017
Standard
271,692 Chartered Bank 15/3/2017
39,924,232
UBS 15/3/2017
2,225,271 Bank of America 15/3/2017
1,973,960 Morgan Stanley 15/3/2017
1,800,000
Nomura 15/3/2017
2,710,000
JP Morgan 15/3/2017
1,507,500
State Street 15/3/2017
2,090,000
JP Morgan 15/3/2017
21,415,000 Bank of America 15/3/2017
18,770,000
BNP Paribas 15/3/2017
11,703,750
BNP Paribas 15/3/2017
28,687,217 Bank of America 15/3/2017
29,623,500
JP Morgan 15/3/2017
1,780,000
Credit Suisse 15/3/2017
6,147,500
RBS Plc 15/3/2017
7,395,000
State Street 15/3/2017
39,317,900 HSBC Bank Plc 15/3/2017
19,487,354 Goldman Sachs 15/3/2017
76,593,463 Morgan Stanley 15/3/2017
21,565,000
Citibank 15/3/2017
16,618,750 Deutsche Bank 15/3/2017
3,130,000 HSBC Bank Plc 15/3/2017
6,670,000
JP Morgan 15/3/2017
2,090,000
RBS Plc 15/3/2017
1,770,000
BNP Paribas 15/3/2017
5,441,850 Morgan Stanley 15/3/2017
5,220,000 Goldman Sachs 15/3/2017
1,700,000
Barclays 15/3/2017
4,170,000
Nomura 15/3/2017
3,760,000 Morgan Stanley 15/3/2017
3,130,000
RBS Plc 15/3/2017
16,730,000 Goldman Sachs 15/3/2017
2,740,000
BNP Paribas 15/3/2017
1,460,000 Morgan Stanley 15/3/2017
1,040,000
JP Morgan 15/3/2017
2,310,000 Morgan Stanley 15/3/2017
3,200,000
Citibank 15/3/2017
1,480,000 Morgan Stanley 15/3/2017
4,170,000
JP Morgan 15/3/2017
11,890,000
Westpac 15/3/2017
5,210,000 Deutsche Bank 15/3/2017
1,923,087 Goldman Sachs 15/3/2017
6,294,822 Morgan Stanley 15/3/2017
2,282,286 Bank of America 15/3/2017
763,288 Deutsche Bank 15/3/2017
10,249,111
JP Morgan 15/3/2017
1,489,265
Northern Trust 15/3/2017
9,621,589
Westpac 15/3/2017
355,000
BNP Paribas 15/3/2017
300,000 Goldman Sachs 15/3/2017
60,878
(4,395)
5,162
65,351
(77,744)
(1,677)
490,713
(492,392)
274,504
61,023
6,667
(93,154)
(185,400)
12,306
(10,879)
35,726
2,035
(456,478)
22,604
20,925
39,303
24,002
12,968
12,850
623,161
36,449
154,788
831,709
287,057
23,116
161,968
209,150
1,178,129
435,618
3,133,011
280,073
373,092
58,457
234,000
85,272
46,856
264,972
143,674
113,644
96,435
(35,219)
212,918
1,063,205
134,303
5,526
3,873
55,960
(11,835)
(20,574)
(8,519)
(96,999)
(87,113)
(5,244)
(58,226)
(25,576)
8,176
154,828
53,661
75,776
10,178
8,624
Currency
PLN
PLN
RUB
RUB
RUB
RUB
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Purchases
3,415,744
7,873,492
908,199,238
133,785,000
975,761,268
374,762,395
49,252,745
49,389,818
59,462,488
61,379,083
35,876,295
65,446,908
18,770,000
37,540,000
14,575,386
20,730,809
536,100,000
3,195,892
6,078,977
3,358,205
3,644,195
744,695
1,908,824
4,280,000
4,800,000
9,800,000
5,095,000
3,750,000
2,605,000
280,000
41,840,345
16,510,000
10,590,000
2,500,000
7,500,000
4,170,000
7,105,000
6,031,000
2,151,662
6,900,000
4,749,222
137,978
5,840,507
27,612,739
4,888,396
19,452,332
63,528,117
28,998,983
50,757,051
110,905,868
9,575,202
564,436
16,678,935
23,525,885
9,708,365
29,034,078
23,984,904
271,302
10,395,344
5,138,342
1,800,000
2,605,000
5,710,000
2,102,975
34,395,000
890,000
Currency
Sales
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
USD
date
EUR
770,000
Barclays 15/3/2017
EUR
1,775,000 Deutsche Bank 15/3/2017
EUR
14,040,000 Deutsche Bank 15/3/2017
EUR
2,160,000 Societe Generale 15/3/2017
EUR
15,125,000
BNP Paribas 15/3/2017
EUR
5,995,000
JP Morgan 15/3/2017
EUR
5,210,000 Bank of America 15/3/2017
EUR
5,210,000 Goldman Sachs 15/3/2017
EUR
6,260,000
JP Morgan 15/3/2017
EUR
6,470,000
UBS 15/3/2017
EUR
3,750,000 Morgan Stanley 15/3/2017
EUR
6,880,000
Citibank 15/3/2017
JPY
233,941,772 Morgan Stanley 15/3/2017
JPY
470,323,649
BNP Paribas 15/3/2017
USD
1,610,000 Morgan Stanley 15/3/2017
USD
2,290,000
Citibank 15/3/2017
USD
58,803,528 Bank of America 15/3/2017
AUD
4,170,000 Deutsche Bank 15/3/2017
AUD
7,930,000
Citibank 15/3/2017
AUD
4,380,000
Westpac 15/3/2017
AUD
5,000,000
JP Morgan 15/3/2017
AUD
1,020,000
Northern Trust 15/3/2017
AUD
2,610,000 Goldman Sachs 15/3/2017
BRL
13,335,550
BNP Paribas 15/3/2017
BRL
15,239,268
UBS 15/3/2017
BRL
31,136,190
RBS Plc 15/3/2017
CAD
6,667,798
Barclays 15/3/2017
CAD
4,873,673 Bank of America 15/3/2017
CAD
3,411,753
UBS 15/3/2017
CAD
372,535
Northern Trust 15/3/2017
CAD
54,718,796 Goldman Sachs 15/3/2017
CAD
21,912,383
JP Morgan 15/3/2017
CAD
14,116,505
Citibank 15/3/2017
CHF
2,464,413 Morgan Stanley 15/3/2017
CHF
7,579,470
UBS 15/3/2017
CHF
4,235,844
Citibank 15/3/2017
CLP 4,574,127,950
RBS Plc 15/3/2017
CLP 3,883,783,070
Credit Suisse 15/3/2017
CNH
14,803,434 HSBC Bank Plc 15/3/2017
CNH
48,444,900
BNP Paribas 15/3/2017
CNH
33,118,697 Deutsche Bank 15/3/2017
EUR
130,000
Credit Suisse 15/3/2017
EUR
5,520,000
Barclays 15/3/2017
EUR
25,935,000 Bank of America 15/3/2017
EUR
4,590,000 HSBC Bank Plc 15/3/2017
EUR
18,535,000
BNP Paribas 15/3/2017
EUR
59,550,000
Citibank 15/3/2017
EUR
27,467,864
JP Morgan 15/3/2017
EUR
48,467,000 Deutsche Bank 15/3/2017
EUR 105,978,200
State Street 15/3/2017
GBP
7,800,000
UBS 15/3/2017
GBP
460,000 Goldman Sachs 15/3/2017
GBP
13,370,000 Deutsche Bank 15/3/2017
GBP
18,855,500 Bank of America 15/3/2017
GBP
7,790,000
JP Morgan 15/3/2017
GBP
23,336,097
Barclays 15/3/2017
GBP
19,265,410
State Street 15/3/2017
GBP
220,000
Northern Trust 15/3/2017
GBP
8,340,000 Morgan Stanley 15/3/2017
HKD
39,829,344 Bank of America 15/3/2017
INR
120,901,500 Deutsche Bank 15/3/2017
JPY
293,858,327
Citibank 15/3/2017
JPY
650,913,777 Morgan Stanley 15/3/2017
JPY
241,561,000
Barclays 15/3/2017
JPY 3,928,833,446
BNP Paribas 15/3/2017
JPY
100,712,133
Credit Suisse 15/3/2017
22,071
50,764
636,909
(3,593)
641,260
48,995
(68,704)
(53,508)
(51,114)
(61,492)
(2,261)
(45,626)
(8,251)
(38,291)
5,845
8,242
629,152
(6,079)
(10,143)
(5,016)
(195,099)
(38,521)
(95,288)
7,538
(82,378)
(175,458)
49,249
61,925
23,210
(1,910)
432,761
(71,849)
(92,442)
43,834
(54,109)
(51,671)
64,741
53,284
(6,413)
(162,396)
(78,889)
20
(17,390)
90,172
17,427
(217,256)
332,866
(150,279)
(676,774)
(1,559,606)
(129,648)
(7,901)
43,827
65,654
15,957
(962)
14,659
(2,424)
18,620
6,004
(9,865)
(19,174)
(102,702)
(54,181)
(689,734)
(9,366)
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
239
Fixed Income Global Opportunities Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
Purchases
Currency
USD
2,090,000
JPY
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
ZAR
ZAR
ZAR
ZAR
ZAR
HUF
HUF
INR
INR
TRY
TRY
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
JPY
USD
MXN
USD
1,463,879
37,376,170
43,184,459
25,340,000
40,369,000
66,482,983
7,930,000
4,170,000
11,260,000
1,700,000
4,170,000
2,600,000
3,130,000
15,170,000
8,550,000
70,000
6,480,000
14,939,393
3,357,769
3,609,590
746,505
485,461
2,619,461
1,005,922
1,400,000
1,610,000
29,549,900
2,290,000
1,410,915
4,170,000
19,310,000
3,020,000
5,840,000
5,630,000
5,210,000
5,210,000
8,550,000
44,785,660
53,322,766
188,085,244
129,589,467
172,776,872
5,686,390,000
5,720,610,000
2,806,219,030
3,740,072,943
3,565,000
3,565,000
38,819,125
40,174,242
40,177,339
155,169,382
3,957,425
1,957,055
7,037,065
1,949,850
2,358,381
1,574,298
2,398,419
3,891,934
330,235,969
4,731,000
325,260,486
15,125,581
240
Sales
Counterparty
237,561,940
UBS
Standard
Chartered Bank
Goldman Sachs
Bank of America
JP Morgan
HSBC Bank Plc
State Street
JP Morgan
HSBC Bank Plc
Nomura
State Street
Barclays
Citibank
Deutsche Bank
Goldman Sachs
JP Morgan
Citibank
Morgan Stanley
Westpac
HSBC Bank Plc
Bank of America
Deutsche Bank
Northern Trust
Citibank
Morgan Stanley
Goldman Sachs
Goldman Sachs
JP Morgan
Morgan Stanley
Barclays
Morgan Stanley
Citibank
Bank of America
Goldman Sachs
Deutsche Bank
BNP Paribas
HSBC Bank Plc
JP Morgan
JP Morgan
Morgan Stanley
Citibank
BNP Paribas
Goldman Sachs
Bank of America
BNP Paribas
Bank of America
HSBC Bank Plc
Deutsche Bank
Barclays
BNP Paribas
UBS
Citibank
HSBC Bank Plc
HSBC Bank Plc
UBS
Credit Suisse
JP Morgan
Citibank
Barclays
BNY Mellon
JP Morgan
Citibank
JP Morgan
RBS Plc
JP Morgan
JPY
166,180,000
JPY 4,221,032,004
JPY 4,957,444,251
JPY 2,917,080,334
JPY 4,685,921,661
JPY 7,816,892,296
KRW 9,011,208,000
KRW 4,857,132,600
KRW 13,128,737,500
MXN
35,752,462
MXN
84,834,480
MXN
54,790,427
MXN
67,079,030
MXN 315,636,100
NOK
71,174,005
NOK
595,284
NOK
54,704,675
NZD
20,850,000
NZD
4,590,000
NZD
5,000,000
NZD
1,070,000
NZD
700,000
NZD
3,750,000
NZD
1,440,000
RUB
83,180,388
SEK
14,543,542
SEK
267,400,000
SEK
20,796,583
SGD
2,000,000
ZAR
55,966,788
ZAR 260,639,437
ZAR
40,785,100
ZAR
78,333,689
ZAR
77,506,521
ZAR
71,867,261
ZAR
71,934,470
ZAR 117,173,825
USD
3,270,000
USD
3,960,000
USD
13,590,000
USD
9,530,635
USD
12,594,365
USD
19,704,314
USD
19,285,538
USD
41,246,109
USD
54,926,659
USD
994,811
USD
994,972
HUF 11,407,000,000
INR 2,731,045,000
INR 2,731,054,606
INR 10,598,717,519
KRW 4,585,666,347
RUB 117,345,000
RUB 421,190,000
RUB 117,225,000
RUB 141,550,000
RUB
94,450,000
THB
85,438,878
TWD 122,985,118
USD
2,942,000
KRW 5,375,456,820
USD
15,827,761
MXN 325,260,486
BlackRock Global Funds (BGF)
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Unrealised
appreciation/
Maturity (depreciation)
USD
date
15/3/2017
(31,443)
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
15/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
16/3/2017
17/3/2017
17/3/2017
23/3/2017
23/3/2017
(20,119)
(317,915)
(1,085,835)
(709,713)
(1,476,580)
(3,322,365)
(44,549)
(128,363)
(358,394)
(88,586)
(74,009)
(140,997)
(225,758)
(620,306)
49,798
(1,094)
(53,296)
(93,325)
48,408
4,622
(24,958)
(19,235)
(84,265)
(32,309)
(22,947)
(2,314)
(94,380)
(15,534)
(18,033)
(110,797)
(625,832)
(99,577)
(151,600)
(298,331)
(286,995)
(292,135)
(412,411)
155,573
118,560
796,295
381,425
621,021
(136,997)
399,533
758,275
1,055,949
(15,345)
(15,506)
(433,262)
(704,912)
(701,960)
(3,475,612)
(100,914)
(49,807)
(166,224)
(54,959)
(62,440)
(41,008)
(48,911)
(119,491)
7,307
(26,551)
423,445
(1,125,625)
Currency
Purchases
USD
3,797,000
ZAR
19,678,180
ZAR
29,537,845
ARS
51,678,810
USD
3,098,250
EUR
2,800,000
USD
2,975,620
BRL
12,166,267
BRL
215,763
RUB
64,080,434
TRY
3,997,705
USD
8,640,000
USD
1,090,000
USD
1,100,000
USD
1,090,000
USD
1,090,000
USD
1,090,000
ZAR
14,422,870
BRL
3,410,610
COP 3,181,710,000
EUR
7,539,000
MXN
108,972,904
USD
7,083,658
USD
1,516,000
USD
1,516,000
USD
2,274,000
MXN
90,634,422
MXN
141,661,442
USD
3,260,000
USD
5,980,000
USD
12,154,545
USD
30,889,718
ZAR
102,800,431
ARS
33,543,720
ARS
33,502,410
USD
4,131,000
USD
5,292,000
USD
11,899,661
USD
4,271,076
USD
2,516,600
USD
34,459,689
USD
9,403,487
USD
3,862,908
USD
10,788,084
USD
10,873,605
USD
10,868,790
MXN
122,169,240
USD
14,945,985
EUR
1,448,139
EUR
379,587
EUR
5,398,958
EUR
910,000
GBP
1,236,134
GBP
303,866
MXN
38,100,000
USD
970,000
USD
4,825,962
USD
2,646,000
USD
34,319,277
EUR
1,128,240
EUR
295,733
EUR
2,051,815
GBP
963,222
GBP
236,778
USD
5,202,024
USD
6,290,750
Currency
Sales
Counterparty
Unrealised
appreciation/
Maturity (depreciation)
USD
date
ZAR
50,322,021 Deutsche Bank 23/3/2017
USD
1,518,800 Goldman Sachs 23/3/2017
USD
2,278,200
Barclays 23/3/2017
USD
3,098,250
BNP Paribas 29/3/2017
ARS
52,918,110
BNP Paribas 29/3/2017
USD
2,944,829
State Street 31/3/2017
EUR
2,800,000
State Street 31/3/2017
USD
3,890,000
RBS Plc 4/4/2017
USD
69,000 Goldman Sachs 4/4/2017
USD
1,100,000
Citibank 4/4/2017
USD
1,090,000
Citibank 4/4/2017
BRL
27,022,248
RBS Plc 4/4/2017
EUR
1,032,591 Goldman Sachs 4/4/2017
GBP
881,258
State Street 4/4/2017
HUF 317,162,314
Barclays 4/4/2017
JPY
123,636,171
JP Morgan 4/4/2017
SEK
9,774,273
Barclays 4/4/2017
USD
1,090,000 Toronto Dominion 4/4/2017
USD
1,090,000
State Street 5/4/2017
USD
1,090,000
Citibank 5/4/2017
USD
7,958,506
Citibank 5/4/2017
USD
5,306,000
Citibank 5/4/2017
KRW 8,000,000,000
JP Morgan 5/4/2017
MXN
30,279,674
UBS 5/4/2017
MXN
30,284,071 Deutsche Bank 5/4/2017
MXN
45,410,584
RBS Plc 5/4/2017
USD
4,556,000
Barclays 6/4/2017
USD
6,520,000 Goldman Sachs 6/4/2017
MXN
69,421,700 Goldman Sachs 6/4/2017
KRW 6,840,821,000
Barclays 11/4/2017
PLN
50,831,086 HSBC Bank Plc 11/4/2017
PLN 128,040,971
BNP Paribas 11/4/2017
USD
7,780,000
Citibank 11/4/2017
USD
2,065,500
BNP Paribas 12/4/2017
USD
2,065,500
Citibank 12/4/2017
ARS
70,987,104
Citibank 12/4/2017
ARS
83,878,200
BNP Paribas 17/4/2017
RUB 723,563,576
Citibank 18/4/2017
RUB 259,930,422
Barclays 18/4/2017
RUB 153,311,282
JP Morgan 18/4/2017
RUB 2,093,870,055
Credit Suisse 18/4/2017
RUB 571,054,615 HSBC Bank Plc 18/4/2017
RUB 232,798,161 Morgan Stanley 18/4/2017
EUR
10,049,661 Goldman Sachs 19/4/2017
INR
737,230,425
Citibank 19/4/2017
INR
737,230,000 HSBC Bank Plc 19/4/2017
USD
6,066,000
Barclays 24/4/2017
BRL
47,751,674
Barclays 3/5/2017
GBP
1,220,105
BNP Paribas 10/5/2017
GBP
319,895
UBS 10/5/2017
GBP
4,662,000
Citibank 10/5/2017
USD
987,795
RBS Plc 10/5/2017
EUR
1,448,446
BNP Paribas 10/5/2017
EUR
356,044
Barclays 10/5/2017
USD
1,894,815
Barclays 10/5/2017
EUR
893,606
RBS Plc 10/5/2017
GBP
3,840,000
RBS Plc 10/5/2017
ARS
45,246,600
BNP Paribas 11/5/2017
KRW 39,292,140,000
BNY Mellon 16/5/2017
GBP
950,731
BNP Paribas 17/5/2017
GBP
249,269
UBS 17/5/2017
GBP
1,757,000 Goldman Sachs 17/5/2017
EUR
1,128,474
BNP Paribas 17/5/2017
EUR
277,392
Barclays 17/5/2017
EUR
4,863,960
Citibank 17/5/2017
GBP
5,036,065
Citibank 17/5/2017
(46,328)
(15,885)
(22,256)
193,480
(272,418)
28,885
1,906
(11,350)
(214)
(9,458)
2,213
25,209
(6,848)
2,929
(2,097)
(15,096)
5,231
9,141
(2,903)
(6,235)
49,976
128,009
(2,506)
6,083
5,864
9,570
(37,059)
543,098
(201,296)
(79,786)
(328,431)
(554,277)
44,934
58,801
56,185
(364,564)
(9,888)
(375,400)
(138,574)
(84,284)
(1,062,252)
(284,301)
(86,450)
106,216
(124,954)
(129,763)
10,513
(186,897)
20,624
5,305
(64,139)
(19,635)
(981)
(229)
(3,839)
19,281
41,894
(186,454)
(499,519)
16,091
4,137
(5,631)
(775)
(181)
25,456
15,541
Fixed Income Global Opportunities Fund continued
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Currency
CNH
USD
USD
TRY
USD
USD
TRY
TRY
TRY
USD
USD
USD
RUB
USD
USD
USD
HKD
USD
USD
USD
USD
Purchases
Currency
26,762,125
3,830,000
15,689,192
327,720,000
41,606,785
41,544,546
117,522,545
15,311,893
31,953,686
242,029
41,805,286
5,115,000
109,181,600
1,760,000
137,482,305
2,090,000
145,126,670
18,325,000
520,513
849,504
837,675
Sales
Counterparty
Open Forward Foreign Exchange Contracts
as at 28 February 2017
Unrealised
appreciation/
Maturity (depreciation)
USD
date
USD
3,830,000 Bank of America 19/5/2017
CNH
26,795,626 HSBC Bank Plc 19/5/2017
MXN 325,260,486
RBS Plc 23/5/2017
USD
81,352,470
RBS Plc 19/6/2017
TRY
163,860,000
Citibank 19/6/2017
TRY
163,860,000
RBS Plc 19/6/2017
USD
30,340,143 HSBC Bank Plc 28/6/2017
USD
3,952,170
RBS Plc 28/6/2017
USD
8,127,400
Citibank 28/6/2017
TRY
928,124 Goldman Sachs 28/6/2017
TRY
163,860,000
Citibank 28/6/2017
ARS
91,302,750
BNP Paribas 28/7/2017
USD
1,760,000 Societe Generale 7/8/2017
RUB 109,296,000 Deutsche Bank 7/8/2017
JPY 16,138,800,000 Bank of America 15/9/2017
JPY
231,770,550 HSBC Bank Plc 14/11/2017
USD
18,325,000 Goldman Sachs 19/1/2018
HKD 143,347,313 Goldman Sachs 19/1/2018
EUR
482,506
Citibank 21/2/2018
EUR
790,198 Morgan Stanley 21/2/2018
EUR
779,160 Deutsche Bank 21/2/2018
Net unrealised depreciation
52,009
(56,869)
(426,057)
6,402,422
(2,270,661)
(2,332,899)
1,051,741
137,846
407,868
(5,885)
(1,963,968)
(413,448)
49,278
(51,174)
(7,947,957)
(5,887)
412,792
(183,053)
(1,458)
(5,325)
(5,214)
(11,413,159)
Currency
Purchases
Currency
Sales
Counterparty
PLN Hedged Share Class
PLN
USD
287,460,941
728,300
USD
PLN
71,202,360
2,964,947
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
189,398,793
20,328,387
USD
AUD
144,679,326
26,511,151
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
(575,904)
SEK Hedged Share Class
SEK
USD
1,247,195,156
226,822
USD
SEK
140,704,448
2,027,000
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
727,027
(2,442,932)
SGD Hedged Share Class
SGD
USD
57,048,998
242,214
USD
SGD
40,313,797
343,528
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
497,857,503
USD
379,174,607
BNY Mellon 14/3/2017
(2,431,645)
(2,431,645)
CHF Hedged Share Class
119,385,963
202,306
USD
CHF
119,609,500
203,163
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
(630,045)
(164)
Net unrealised depreciation
(630,209)
CNH Hedged Share Class
CNY
30,388
USD
4,424
BNY Mellon 14/3/2017
6
Net unrealised appreciation
6
EUR Hedged Share Class
EUR
USD
1,763,461,344
48,478,216
USD 1,885,061,426
EUR
45,660,030
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(13,735,941)
25,530
(13,710,411)
GBP Hedged Share Class
GBP
USD
991,755,314
310,975
USD 1,245,978,944
GBP
248,143
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
Net unrealised depreciation
(12,056,874)
2,241
(12,054,633)
HKD Hedged Share Class
HKD
9,119,370
USD
1,176,158
BNY Mellon 14/3/2017
(1,070)
Net unrealised depreciation
(1,070)
JPY Hedged Share Class
JPY 51,837,827,217
USD
79,322
USD
JPY
442,667
Total net unrealised depreciation
(USD underlying exposure – USD 9,820,223,040)
(40,909,698)
To Be Announced Securities Contracts
as at 28 February 2017
Holding
Description
Market
Value
(USD)
% of
Net
Assets
TBA
United States
Net unrealised depreciation
CHF
USD
445,893
(3,226)
Net unrealised appreciation
CAD Hedged Share Class
CAD
(2,445,050)
2,118
Net unrealised depreciation
755,964
(28,937)
Net unrealised appreciation
(575,741)
(163)
Net unrealised depreciation
AUD Hedged Share Class
AUD
USD
Unrealised
appreciation/
Maturity (depreciation)
USD
date
461,710,984
8,997,367
Net unrealised appreciation
BNY Mellon 14/3/2017
BNY Mellon 14/3/2017
USD (4,293,000) Fannie Mae Pool '2.5 3/17'
2.5% TBA
USD (510,684,000) Fannie Mae Pool '3 3/17'
3% TBA
USD (186,600,000) Fannie Mae Pool '3 4/17'
3% TBA
USD (37,974,000) Fannie Mae Pool '3 3/17'
3% TBA
USD 309,600,000 Fannie Mae Pool '3.5 4/17'
3.5% TBA
USD 800,420,000 Fannie Mae Pool '3.5 3/17'
3.5% TBA
USD (657,000) Fannie Mae Pool '3.5 3/17'
3.5% TBA
USD (298,500,000) Fannie Mae Pool '4 4/17'
4% TBA
USD (543,550,000) Fannie Mae Pool '4 3/17'
4% TBA
USD 118,100,000 Fannie Mae Pool '4.5 3/17'
4.5% TBA
USD (227,545,000) Freddie Mac Gold Pool '3.5 3/17'
3.5% TBA
USD 344,253,000 Freddie Mac Gold Pool '4 3/17'
4% TBA
USD 303,970,000 Ginnie Mae II Pool '3.5 3/17'
3.5% TBA
USD (51,212,000) Ginnie Mae II Pool '4.5 3/17'
4.5% TBA
Total TBA
(4,302,232)
(0.05)
(507,232,910)
(6.47)
(184,989,123)
(2.36)
(39,042,167)
(0.50)
316,777,643
4.04
820,477,405
10.46
(685,166)
(0.01)
(313,296,735)
(4.00)
(571,513,093)
(7.29)
127,022,083
1.62
(233,172,552)
(2.97)
361,902,679
4.62
316,485,022
4.04
(54,752,831)
(0.70)
33,678,023
0.43
To Be Announced (“TBA”) contracts are primarily classified by the country of
incorporation of the issuer of the pass-through agency.
1,181,586
(1,021)
1,180,565
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
241
Fixed Income Global Opportunities Fund continued
Open Exchange Traded Futures Contracts
as at 28 February 2017
Number
of contracts
Currency
(1)
500
(1,012)
489
411
298
44
27
(13)
(367)
(724)
(1,200)
(1,288)
(17)
28
1,161
847
53
(68)
(213)
(86)
(124)
(43)
(232)
(286)
54
317
(105)
(124)
(655)
(841)
(9,188)
(13,242)
272
(317)
(293)
(487)
(392)
HKD
AUD
AUD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
HKD
JPY
KRW
USD
USD
USD
USD
EUR
CAD
EUR
EUR
EUR
GBP
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Unrealised
appreciation/
(depreciation)
USD
Contract/Description
Expiration
date
Underlying
exposure
USD
H-Shares Index
Australian 3 Year Bond
Australian 10 Year Bond
VSTOXX Mini Index
Euro Schatz
EURO STOXX 50 Index
Euro BOBL
FTSE MIB Index
STOXX 600 Bank Index
30 Year Euro-BUXL
Euro-BTP
Euro-OAT
Euro Bund
Hang Seng Index
Nikkei 225 (OSE)
Korean 3 Year Bond
NASDAQ 100 E-Mini Index
Nikkei 225 (CME)
CBOE Volatility Index
S&P 500 E Mini Index
VSTOXX Mini Index
Canadian 10 Year Bond
Euro Schatz
Euro Bund
Euro BOBL
Long Gilt
90 Day Euro $
US Ultra Bond (CBT)
US Ultra 10 Year Note
US Treasury 5 Year Note (CBT)
US Long Bond (CBT)
US Treasury 2 Year Note (CBT)
US Treasury 10 Year Note (CBT)
90 Day Euro $
90 Day Euro $
90 Day Euro $
90 Day Euro $
90 Day Euro $
February 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
March 2017
April 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
June 2017
December 2017
June 2018
September 2018
December 2018
December 2019
66,749
42,880,440
99,688,047
892,000
49,097,810
10,479,931
6,288,417
2,708,835
116,431
67,661,782
102,175,407
191,126,540
226,957,145
2,604,545
4,772,869
112,470,428
90,472,305
5,064,150
914,600
25,179,262
243,522
12,903,765
5,129,001
40,088,213
40,249,882
8,546,428
78,243,525
16,980,469
16,614,063
77,182,538
127,490,344
1,989,202,000
1,650,904,969
66,956,200
77,859,162
71,891,213
119,357,613
95,799,900
883
59,618
(619,149)
(116,214)
158,461
121,246
(329)
27,203
(138)
(2,876,133)
(773,658)
(3,236,284)
(3,488,662)
11,170
178,166
169,401
725,001
14,761
25,981
(41,306)
(8,066)
(104,176)
456
(51,807)
(15,346)
120,221
13,240
(145,381)
(88,901)
6,724
92,014
(318,873)
(6,503,476)
61,200
(68,715)
1,050
(73,050)
(20,942)
5,537,260,500
(16,763,810)
Total
Interest Rate Swaps as at 28 February 2017
Nominal
Value
BRL 66,968,523
MXN 55,991,678
BRL 76,153,463
MXN 48,534,715
MXN 37,929,872
THB 1,055,895,000
BRL 31,959,367
KRW 38,823,750,000
THB 440,145,000
BRL 14,635,561
MXN 90,735,000
MXN 90,735,000
MXN 10,285,479
CZK 394,088,000
KRW 12,532,270,000
USD 8,430,000
MXN 80,656,062
MXN 1,065,934,395
242
Description
Fund receives Floating BRL BROIS 1 Day; and pays Fixed 13.13%
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 4.3%
Fund receives Floating BRL BROIS 1 Day; and pays Fixed 12.1%
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 4.85%
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 4.7%
Fund receives Fixed 1.7925%; and pays Floating THB BKIBOR 6 Month
Fund receives Fixed 11%; and pays Floating BRL BROIS 1 Day
Fund receives Fixed 1.615%; and pays Floating KRW KORIBOR 3 Month
Fund receives Floating THB BKIBOR 6 Month; and pays Fixed 2.3075%
Fund receives Fixed 12.47%; and pays Floating BRL BROIS 1 Day
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 6.31%
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 6.31%
Fund receives Fixed 6.27%; and pays MXN MXIBTIIE 1 Month
Fund receives Floating CZK Interbank 6 Month; and pays Fixed 0.735%
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.925%
Fund receives Floating USD LIBOR 3 Month; and pays USD
CPURNAS 6 Month
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 4.55%
Fund receives Fixed 6.94%; and pays MXN MXIBTIIE 1 Month
BlackRock Global Funds (BGF)
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
USD
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
3/7/2017
7/12/2017
2/1/2018
1/11/2018
6/12/2018
21/6/2019
2/1/2020
15/3/2020
21/6/2022
2/1/2023
11/8/2025
11/8/2025
5/12/2025
15/3/2027
15/3/2027
(72,730)
59,335
(231,204)
93,705
82,208
(853)
236,141
(9,305)
(44,591)
641,138
409,369
409,369
(49,379)
539,533
(25,491)
(72,730)
59,335
(231,204)
93,705
82,208
(853)
236,141
(9,305)
(44,591)
641,138
409,369
409,369
(49,379)
539,533
(25,491)
Bank of America
Barclays
BNP Paribas
15/2/2045
21/3/2018
29/11/2018
(911,328)
109,034
(296,337)
(911,328)
109,034
(296,337)
Market
Value
USD
Fixed Income Global Opportunities Fund continued
Interest Rate Swaps as at 28 February 2017
Nominal
Value
THB 1,055,895,000
THB 440,145,000
MXN 279,950,277
BRL 80,373,674
MXN 393,052,250
MXN 670,800,000
MXN 37,929,873
MXN 37,929,873
THB 2,111,790,000
BRL 17,028,171
THB 880,290,000
BRL 20,137,910
MXN 86,921,000
MXN 274,683,000
CZK 246,045,000
KRW 9,189,670,000
MXN 1,235,687,404
KRW 22,575,222,776
KRW 22,575,222,776
MXN 336,807,890
SEK 181,800,000
SEK 115,000,000
SEK 114,900,000
BRL 15,504,794
MXN 1,213,238,000
AUD 65,700,000
MXN 261,414,000
EUR 12,070,000
EUR 19,120,000
EUR 12,070,000
SEK 199,180,000
MXN 431,700,000
AUD 34,830,000
KRW 4,594,835,000
KRW 4,594,835,000
KRW 35,000,000,000
BRL 7,513,219
MXN 471,662,700
MXN 380,532,808
BRL 15,982,229
BRL 3,455,522
BRL 33,737,878
BRL 34,917,848
BRL 16,995,037
CZK 383,265,000
HUF 6,843,020,000
USD 248,065,000
USD 150,015,000
USD 491,090,000
USD 457,240,000
USD 49,670,000
USD 18,780,000
USD 422,050,000
USD 330,000,000
USD 438,070,000
USD 330,000,000
USD 175,010,000
USD 57,780,000
USD 175,000,000
USD 160,720,000
USD 101,470,000
USD 355,948,000
USD 14,630,000
EUR 18,120,000
SEK 172,180,000
EUR 7,480,000
EUR 20,610,000
USD 190,750,000
USD 23,698,000
USD 46,370,000
USD 21,080,000
JPY 8,277,000,000
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
USD
Fund receives Fixed 1.7925%; and pays Floating THB BKIBOR 6 Month
BNP Paribas
Fund receives Floating THB BKIBOR 6 Month; and pays Fixed 2.3075%
BNP Paribas
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 7.71%
BNP Paribas
Fund receives Floating BRL BROIS 1 Day; and pays Fixed 13.11%
Citibank
Fund receives Fixed 7.07%; and pays MXN MXIBTIIE 1 Month
Citibank
Fund receives Fixed 6.98%; and pays MXN MXIBTIIE 1 Month
Citibank
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 4.77%
Citibank
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 4.76%
Citibank
Fund receives Fixed 1.7825%; and pays Floating THB BKIBOR 6 Month
Citibank
Fund receives Fixed 11.02%; and pays Floating BRL BROIS 1 Day
Citibank
Fund receives Floating THB BKIBOR 6 Month; and pays Fixed 2.2875%
Citibank
Fund receives Fixed 12.27%; and pays Floating BRL BROIS 1 Day
Citibank
Fund receives Fixed 6.325%; and pays MXN MXIBTIIE 1 Month
Citibank
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 4.5939996%
Citibank
Fund receives Floating CZK Interbank 6 Month; and pays Fixed 1.03%
Citibank
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.8775%
Citibank
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 7.3614%
Credit Suisse
Fund receives Fixed 1.92%; and pays Floating KRW KORIBOR 3 Month
Deutsche Bank
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.69%
Deutsche Bank
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 6.3072% Deutsche Bank
Fund receives Floating SEK STIBOR 3 Month; and pays Fixed 1.5275%
Deutsche Bank
Fund receives Floating SEK STIBOR 3 Month; and pays Fixed 1.5275%
Deutsche Bank
Fund receives Floating SEK STIBOR 3 Month; and pays Fixed 1.5275%
Deutsche Bank
Fund receives Fixed 11.097%; and pays Floating BRL BROIS 1 Day
Goldman Sachs
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 7.345% Goldman Sachs
Fund receives Fixed 2.07%; and pays Floating AUD BBSW 6 Month
Goldman Sachs
Fund receives Fixed 6.321%; and pays MXN MXIBTIIE 1 Month
Goldman Sachs
Fund receives Fixed 0.94%; and pays Floating EUR EURIBOR 6 Month
Goldman Sachs
Fund receives Fixed 0.941%; and pays Floating EUR EURIBOR 6 Month Goldman Sachs
Fund receives Fixed 0.942%; and pays Floating EUR EURIBOR 6 Month Goldman Sachs
Fund receives Floating SEK STIBOR 3 Month; and pays Fixed 0.634%
Goldman Sachs
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 8.1755% Goldman Sachs
Fund receives Floating AUD BBSW 6 Month; and pays Fixed 2.37%
Goldman Sachs
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.91%
Goldman Sachs
Fund receives Floating KRW KORIBOR 3 Month; and pays Fixed 1.9%
HSBC Bank Plc
Fund receives Fixed 1.815%; and pays Floating KRW KORIBOR 3 Month
JP Morgan
Fund receives Floating BRL BROIS 1 Day; and pays Fixed 12.85%
JP Morgan
Fund receives Fixed 7.06%; and pays MXN MXIBTIIE 1 Month
JP Morgan
Fund receives Fixed 6.98%; and pays MXN MXIBTIIE 1 Month
JP Morgan
Fund receives Fixed 10.98%; and pays Floating BRL BROIS 1 Day
JP Morgan
Fund receives Fixed 11.375%; and pays Floating BRL BROIS 1 Day
JP Morgan
Fund receives Fixed 12.17%; and pays Floating BRL BROIS 1 Day
JP Morgan
Fund receives Fixed 12.235%; and pays Floating BRL BROIS 1 Day
JP Morgan
Fund receives Fixed 12.4%; and pays Floating BRL BROIS 1 Day
JP Morgan
Fund receives Floating CZK Interbank 6 Month; and pays Fixed 1.015%
JP Morgan
Fund receives Floating HUF BUBOR 6 Month; and pays Fixed 2.185%
JP Morgan
Fund receives Fixed 1.5133%; and pays Floating USD LIBOR 3 Month
Merrill Lynch
Fund receives Fixed 1.52752%; and pays Floating USD LIBOR 3 Month
Merrill Lynch
Fund receives Fixed 1.54332%; and pays Floating USD LIBOR 3 Month
Merrill Lynch
Fund receives Fixed 1.68%; and pays Floating USD LIBOR 3 Month
Merrill Lynch
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.055%
Merrill Lynch
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.025%
Merrill Lynch
Fund receives Fixed 2.18%; and pays Floating USD LIBOR 3 Month
Merrill Lynch
Fund receives Fixed 2%; and pays Floating USD LIBOR 3 Month
Merrill Lynch
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.416%
Merrill Lynch
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.22375%
Merrill Lynch
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 1.0875%
Merrill Lynch
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 1.1075%
Merrill Lynch
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 1.154%
Merrill Lynch
Fund receives Floating USD LIBOR 1 Day; and pays Fixed 1.68%
Merrill Lynch
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.05%
Merrill Lynch
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 1.2255%
Merrill Lynch
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 1.151%
Merrill Lynch
Fund receives Fixed 0.196%; and pays Floating EUR EURIBOR 6 Month
Merrill Lynch
Fund receives Floating SEK STIBOR 3 Month; and pays Fixed 0.4265%
Merrill Lynch
Fund receives Floating EUR EURIBOR 6 Month; and pays Fixed 0.45%
Merrill Lynch
Fund receives Floating EUR EURIBOR 6 Month; and pays Fixed 0.619%
Merrill Lynch
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.29%
Merrill Lynch
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 1.595%
Merrill Lynch
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 1.73%
Merrill Lynch
Fund receives Fixed 2.54125%; and pays Floating USD LIBOR 3 Month
Merrill Lynch
Fund receives Fixed 0.26625%; and pays Floating JPY LIBOR 6 Month
Merrill Lynch
21/6/2019
21/6/2022
19/11/2026
3/7/2017
21/11/2018
28/11/2018
5/12/2018
6/12/2018
21/6/2019
2/1/2020
21/6/2022
2/1/2023
17/7/2025
24/3/2026
15/3/2027
15/3/2027
28/1/2019
10/11/2017
10/11/2017
11/8/2025
9/12/2025
9/12/2025
9/12/2025
2/1/2020
20/2/2020
28/2/2022
6/8/2025
9/12/2025
9/12/2025
9/12/2025
8/9/2026
31/12/2026
28/2/2027
15/3/2027
15/3/2027
13/3/2017
3/7/2017
21/11/2018
28/11/2018
2/1/2020
2/1/2020
4/1/2021
4/1/2021
2/1/2023
15/3/2027
15/3/2027
31/12/2018
31/12/2018
31/12/2018
31/3/2019
19/12/2019
23/1/2020
4/2/2020
11/2/2020
3/2/2021
10/2/2021
20/7/2021
21/7/2021
22/7/2021
31/8/2021
31/8/2021
23/9/2021
3/10/2021
3/2/2022
3/2/2022
5/2/2023
16/11/2023
15/2/2024
18/10/2026
10/11/2026
1/12/2026
15/12/2026
(852)
(44,591)
78,917
(83,368)
(65,301)
(163,863)
79,872
80,292
(13,483)
128,644
(65,411)
788,402
(384,853)
(1,587,925)
61,528
16,581
(82,330)
58,240
(26,389)
1,522,550
(1,085,426)
(686,600)
(686,003)
124,866
(46,047)
(1,137,437)
(1,169,290)
462,254
734,015
464,477
753,555
576,021
1,401,164
(3,777)
(64)
3,021
(4,715)
(82,245)
(92,956)
114,444
36,879
819,347
883,379
716,741
117,650
991,215
(214,772)
(93,266)
(172,133)
157,037
(133,892)
(30,664)
177,455
(448,533)
(498,411)
236,242
430,255
3,403,206
(569,424)
(370,732)
(367,456)
(2,427,917)
46,632
121,110
(190,114)
(77,152)
(140,557)
(1,370,223)
3,851
48,177
68,433
196,634
Description
Market
Value
USD
(852)
(44,591)
78,917
(83,368)
(65,301)
(163,863)
79,872
80,292
(13,483)
128,644
(65,411)
788,402
(384,853)
(1,587,925)
61,528
16,581
(82,330)
58,240
(26,389)
1,522,550
(1,085,426)
(686,600)
(686,003)
124,866
(46,047)
(1,137,437)
(1,169,290)
462,254
734,015
464,477
753,555
576,021
1,401,164
(3,777)
(64)
3,021
(4,715)
(82,245)
(92,956)
114,444
36,879
819,347
883,379
716,741
117,649
991,215
(214,772)
(93,266)
(172,133)
157,037
(133,892)
(30,664)
177,455
(448,533)
(498,411)
236,242
5,952,181
1,918,735
5,470,388
(370,732)
(367,456)
10,723,317
493,694
121,110
(190,114)
(77,152)
(206,562)
(1,370,223)
1,444,501
2,298,694
(118,708)
199,395
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
243
Fixed Income Global Opportunities Fund continued
Interest Rate Swaps as at 28 February 2017
Nominal
Value
USD 24,725,000
USD 440,304,000
PLN 31,925,000
PLN 35,354,000
PLN 19,469,000
USD 5,940,000
USD 2,530,000
USD 7,550,000
USD 870,000
USD 136,020,000
USD 140,170,000
EUR 19,650,000
USD 4,290,000
USD 2,140,000
USD 2,130,000
USD 6,830,000
PLN 80,460,000
JPY 4,750,000,000
EUR 11,260,000
USD 22,275,000
USD 13,560,000
USD 44,030,000
JPY 2,972,000,000
JPY 3,350,000,000
MXN 174,450,000
MXN 566,665,605
MXN 144,525,723
Description
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.332%
Fund receives Fixed 2.3155%; and pays Floating USD LIBOR 3 Month
Fund receives Fixed 3.0325%; and pays Floating PLN WIBOR 6 Month
Fund receives Fixed 3.05%; and pays Floating PLN WIBOR 6 Month
Fund receives Fixed 3.035%; and pays Floating PLN WIBOR 6 Month
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.231%
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.238%
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.245%
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.251%
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 1.7676%
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 1.7665%
Fund receives Fixed 1.461%; and pays Floating EUR EURIBOR 6 Month
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.418%
Fund receives Fixed 2.287%; and pays Floating USD LIBOR 3 Month
Fund receives Fixed 2.3%; and pays Floating USD LIBOR 3 Month
Fund receives Fixed 2.3375%; and pays Floating USD LIBOR 3 Month
Fund receives Floating PLN WIBOR 6 Month; and pays Fixed 2.946%
Fund receives Fixed 0.68875%; and pays Floating JPY LIBOR 6 Month
Fund receives Floating EUR EURIBOR 6 Month; and pays Fixed 2.06%
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.52956%
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.60994%
Fund receives Floating USD LIBOR 3 Month; and pays Fixed 2.64777%
Fund receives Floating JPY LIBOR 6 Month; and pays Fixed 0.89%
Fund receives Floating JPY LIBOR 6 Month; and pays Fixed 0.84125%
Fund receives Fixed 6.32%; and pays MXN MXIBTIIE 1 Month
Fund receives Fixed 6.92%; and pays MXN MXIBTIIE 1 Month
Fund receives Floating MXN MXIBTIIE 1 Month; and pays Fixed 7.64%
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
USD
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Merrill Lynch
Morgan Stanley
UBS
UBS
15/12/2026
10/1/2027
11/1/2027
11/1/2027
12/1/2027
13/1/2027
13/1/2027
13/1/2027
13/1/2027
30/1/2027
31/1/2027
17/2/2027
24/2/2027
28/2/2027
28/2/2027
28/2/2027
15/3/2027
19/12/2036
17/2/2037
15/8/2043
15/11/2043
15/11/2043
15/12/2046
19/12/2046
17/7/2025
28/11/2018
18/11/2026
(542,822)
(6,971,144)
51,683
70,267
32,391
34,769
13,207
34,633
3,519
6,551,693
6,760,099
209,992
(45,441)
(2,864)
(318)
22,401
45,142
121,897
(219,203)
175,771
(113,136)
(706,413)
(343,537)
13,162
(775,134)
(166,716)
75,789
(89,461)
(6,964,109)
51,683
70,267
32,480
34,881
13,255
34,776
3,535
6,551,693
6,760,099
209,992
(45,441)
(2,864)
(318)
22,401
45,142
60,927
(219,203)
175,771
(113,136)
(706,413)
(314,782)
56,217
(775,134)
(166,716)
75,789
6,553,215
34,141,203
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
USD
Market
Value
USD
Bank of America
20/6/2020
232,490
22,510
Bank of America
20/9/2020
(166,127)
10,043
Bank of America
20/6/2021
(44,572)
(66,145)
Bank of America
20/6/2021
(27,928)
(121,419)
Bank of America
20/6/2021
(27,048)
(41,340)
Bank of America
20/6/2021
18,151
(140,643)
Bank of America
20/6/2021
(3,307)
(140,562)
Bank of America
20/12/2021
(5,360)
(2,485)
Bank of America
20/12/2021
(24,243)
(89,032)
Bank of America
Bank of America
20/12/2021
20/12/2021
(199,482)
(6,121)
(85,142)
(46,358)
Bank of America
20/12/2021
(3,422)
(3,032)
Bank of America
20/12/2021
(176,945)
204,767
Bank of America
20/12/2021
(18,987)
21,972
Bank of America
20/12/2021
(177,434)
204,920
Bank of America
20/12/2021
(197,907)
260,075
Bank of America
20/12/2021
(6,133)
(72,887)
Total (USD underlying exposure – USD 6,556,252,496)
Market
Value
USD
Credit Default Swaps as at 28 February 2017
Nominal
Value
USD (16,583,472)
USD 16,583,472
JPY 307,692,308
EUR 5,220,000
JPY 192,307,692
EUR 5,050,000
EUR 4,510,000
USD 350,470
USD 1,479,500
USD 12,008,621
EUR 2,155,000
EUR 333,078
USD 6,710,000
USD 720,000
USD 6,715,000
USD 6,467,000
EUR 700,000
244
Description
Fund provides default protection on Mexico (United Mexican States)
(Government); and receives Fixed 1%
Fund receives default protection on Mexico (United Mexican States)
(Government); and pays Fixed 1%
Fund receives default protection on ITRAXX.JPN.25.V1; and pays
Fixed 1%
Fund receives default protection on Continental AG; and pays
Fixed 1%
Fund receives default protection on ITRAXX.JPN.25.V1; and pays
Fixed 1%
Fund receives default protection on Wolters Kluwer NV; and pays
Fixed 1%
Fund receives default protection on Koninklijke DSM NV; and pays
Fixed 1%
Fund receives default protection on Philippines (Republic of); and pays
Fixed 1%
Fund receives default protection on Argentina Republic of
Government; and pays Fixed 5%
Fund receives default protection on Philippines (Republic of); and pays
Fixed 1%
Fund receives default protection on Valeo SA; and pays Fixed 1%
Fund receives default protection on Stmicroelectronics NV; and pays
Fixed 1%
Fund receives default protection on Russian Federation; and pays
Fixed 1%
Fund receives default protection on Russian Federation; and pays
Fixed 1%
Fund receives default protection on Russian Federation; and pays
Fixed 1%
Fund receives default protection on South Africa (Republic of); and
pays Fixed 1%
Fund receives default protection on Fiat Chrysler Automobiles NV; and
pays Fixed 5%
BlackRock Global Funds (BGF)
Fixed Income Global Opportunities Fund continued
Credit Default Swaps as at 28 February 2017
Nominal
Value
USD 6,710,600
EUR (1,418,000)
USD 726,073
EUR 205,556
EUR 244,444
USD 6,715,000
EUR 4,000,000
USD 720,000
USD 721,072
USD 6,720,000
USD 435,000
USD 720,000
EUR 781,000
USD 4,030,000
USD 1,880,000
USD (3,000,000)
JPY 74,812,967
JPY 142,719,549
JPY 115,384,616
EUR (600,000)
EUR (300,000)
EUR (300,000)
EUR (600,000)
EUR (320,000)
EUR 880,000
USD 2,050,895
EUR (1,500,000)
EUR (1,780,000)
EUR (1,380,000)
EUR (1,860,000)
EUR 1,114,000
USD 55,000
EUR (1,815,000)
EUR (6,340,000)
USD 1,920,000
USD (11,523,000)
EUR (1,390,000)
EUR 720,000
EUR 2,225,000
USD 10,704,307
EUR 800,000
Description
Fund receives default protection on Russian Federation; and pays
Fixed 1%
Fund provides default protection on Deutsche Bank AG; and receives
Fixed 1%
Fund receives default protection on Russian Federation; and pays
Fixed 1%
Fund receives default protection on Jaguar Land Rover Automotive
Plc; and pays Fixed 5%
Fund receives default protection on Jaguar Land Rover Automotive
Plc; and pays Fixed 5%
Fund receives default protection on Russian Federation; and pays
Fixed 1%
Fund receives default protection on Koninklijke KPN NV; and pays
Fixed 1%
Fund receives default protection on Russian Federation; and pays
Fixed 1%
Fund receives default protection on Russian Federation; and pays
Fixed 1%
Fund receives default protection on Russian Federation; and pays
Fixed 1%
Fund receives default protection on Russian Federation; and pays
Fixed 1%
Fund receives default protection on Russian Federation; and pays
Fixed 1%
Fund receives default protection on Marks And Spencer Plc; and pays
Fixed 1%
Fund receives default protection on Russian Federation; and pays
Fixed 1%
Fund receives default protection on Transocean Inc; and pays Fixed 1%
Fund provides default protection on China Peoples Republic of
(Government); and receives Fixed 1%
Fund receives default protection on Sumitomo Corporation; and pays
Fixed 1%
Fund receives default protection on Mitsubishi Corp; and pays Fixed 1%
Fund receives default protection on ITRAXX.JPN.25.V1; and pays Fixed 1%
Fund provides default protection on Deutsche Bank AG; and receives
Fixed 1%
Fund provides default protection on Deutsche Bank AG; and receives
Fixed 1%
Fund provides default protection on Unicredit SpA; and receives Fixed 1%
Fund provides default protection on Unicredit SpA; and receives Fixed 1%
Fund provides default protection on ITRAXX.EUR.25.V1; and receives
Fixed 1%
Fund receives default protection on BAE Systems Plc; and pays Fixed 1%
Fund receives default protection on Thailand (Kingdom of); and pays
Fixed 1%
Fund provides default protection on ITRAXX.EUR.25.V1; and receives
Fixed 1%
Fund provides default protection on Rolls-Royce Plc; and receives
Fixed 1%
Fund provides default protection on Anheuser Busch Inbev NV; and
receives Fixed 1%
Fund provides default protection on Tesco Plc; and receives Fixed 1%
Fund receives default protection on Akzo Nobel NV; and pays Fixed 1%
Fund receives default protection on South Africa (Republic of); and
pays Fixed 1%
Fund provides default protection on ITRAXX.EUR.26.V1; and receives
Fixed 1%
Fund provides default protection on ITRAXX.EUR.26.V1; and receives
Fixed 1%
Fund receives default protection on South Africa (Republic of); and
pays Fixed 1%
Fund provides default protection on CDX.NA.IG.27.V1; and receives
Fixed 1%
Fund provides default protection on Telefonica SA; and receives Fixed 1%
Fund receives default protection on Marks And Spencer Plc; and pays
Fixed 1%
Fund receives default protection on Heidelbergcement AG; and pays
Fixed 5%
Fund receives default protection on Philippines (Republic of); and pays
Fixed 1%
Fund receives default protection on Solvay SA; and pays Fixed 1%
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
USD
Market
Value
USD
Bank of America
20/12/2021
(174,530)
204,785
Bank of America
20/12/2021
67,207
(32,632)
Bank of America
20/12/2021
(18,884)
22,157
Bank of America
20/12/2021
629
(29,372)
Bank of America
20/12/2021
(234)
(34,929)
Bank of America
20/12/2021
(174,644)
204,920
Bank of America
20/12/2021
12,318
(36,313)
Bank of America
20/12/2021
(19,025)
21,972
Bank of America
20/12/2021
(18,754)
22,005
Bank of America
20/12/2021
(177,209)
205,072
Bank of America
20/12/2021
(11,458)
13,275
Bank of America
20/12/2021
(18,987)
21,972
Bank of America
20/12/2021
3,013
19,208
Bank of America
Barclays
20/12/2021
20/12/2017
(106,148)
2,166
122,982
8,389
Barclays
20/9/2020
56,618
32,127
Barclays
Barclays
Barclays
20/12/2020
20/12/2020
20/6/2021
(22,673)
(22,492)
(15,950)
(19,864)
(39,911)
(24,804)
Barclays
20/6/2021
21,200
(10,615)
Barclays
Barclays
Barclays
20/6/2021
20/6/2021
20/6/2021
10,379
1,671
3,038
(5,307)
(8,634)
(17,268)
Barclays
Barclays
20/6/2021
20/6/2021
94
(7,868)
4,917
(12,959)
Barclays
20/6/2021
(40,344)
(42,763)
Barclays
20/6/2021
(1,264)
23,048
Barclays
20/6/2021
53,435
4,933
Barclays
Barclays
Barclays
20/12/2021
20/12/2021
20/12/2021
(670)
59,524
(85)
23,541
(62,572)
(25,408)
Barclays
20/12/2021
(1,662)
2,212
Barclays
20/12/2021
(1,734)
24,101
Barclays
20/12/2021
(15,870)
84,187
Barclays
20/12/2021
(16,145)
77,214
Barclays
Barclays
20/12/2021
20/12/2021
58,683
8,563
197,931
(1,355)
Barclays
20/12/2021
1,563
17,708
Barclays
20/12/2021
8,119
(466,532)
Barclays
Barclays
20/12/2021
20/12/2021
(120,416)
(796)
(75,894)
(13,588)
The notes on pages 558 to 568 form an integral part of these financial statements.
Interim Report and Unaudited Accounts
245
Fixed Income Global Opportunities Fund continued
Credit Default Swaps as at 28 February 2017
Nominal
Value
EUR (3,000,000)
EUR 1,860,000
EUR (300,000)
EUR (900,000)
USD (5,775,000)
EUR (700,000)
USD 2,600,000
EUR (1,202,000)
EUR 3,620,000
USD 5,775,000
EUR (858,000)
EUR (100,000)
USD 2,700,000
EUR 3,100,000
EUR 102,000
EUR 1,390,000
EUR 2,460,000
EUR (3,000,000)
EUR (500,000)
EUR (2,310,000)
EUR 859,000
EUR (570,000)
EUR (9,000,000)
USD 1,949,105
EUR 9,000,000
EUR (400,000)
EUR (555,000)
EUR (5,050,000)
EUR 3,208,000
USD 2,260,000
EUR 3,730,000
EUR 200,000
EUR (870,000)
EUR 200,000
USD 21,498,317
EUR 6,900,000
EUR (15,673,000)
EUR 410,000
USD (3,510,000)
EUR 3,000,000
EUR (414,692)
EUR (181,000)
EUR (28,150,000)
246
Description
Fund provides default protection on ITRAXX.EUR.26.V1; and receives
Fixed 1%
Fund receives default protection on Metro AG; and pays Fixed 1%
Fund provides default protection on Deutsche Bank AG; and receives
Fixed 1%
Fund provides default protection on Deutsche Bank AG; and receives
Fixed 1%
Fund provides default protection on Brazil Federative Republic of
(Government); and receives Fixed 1%
Fund provides default protection on Hellenic Telecom Org SA; and
receives Fixed 5%
Fund receives default protection on Saudi Arabia; and pays Fixed 1%
Fund provides default protection on Repsol SA; and receives Fixed 1%
Fund receives default protection on Lafargeholcim Ltd; and pays Fixed 1%
Fund receives default protection on South Africa (Republic of); and
pays Fixed 1%
Fund provides default protection on Repsol SA; and receives Fixed 1%
Fund provides default protection on Unicredit SpA; and receives Fixed 1%
Fund receives default protection on Simon Property Group Lp; and
pays Fixed 1%
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
Fund receives default protection on Banco Comercial Portugues SA;
and pays Fixed 5%
Fund receives default protection on Standard Chartered Bank; and
pays Fixed 1%
Fund receives default protection on Standard Chartered Bank; and
pays Fixed 1%
Fund provides default protection on ITRAXX.EUR.25.V1; and receives
Fixed 1%
Fund provides default protection on Deutsche Bank AG; and receives
Fixed 1%
Fund provides default protection on ITRAXX.EUR.25.V1; and receives
Fixed 1%
Fund receives default protection on BAE Systems Plc; and pays Fixed 1%
Fund provides default protection on Telecom Italia SpA; and receives
Fixed 1%
Fund provides default protection on ITRAXX.EUR.25.V1; and receives
Fixed 1%
Fund receives default protection on Thailand (Kingdom of); and pays
Fixed 1%
Fund receives default protection on Auchan Holding SA; and pays
Fixed 1%
Fund provides default protection on Telecom Italia SpA; and receives
Fixed 1%
Fund provides default protection on ITRAXX.EUR.25.V1; and receives
Fixed 1%
Fund provides default protection on ITRAXX.EUR.25.V1; and receives
Fixed 1%
Fund receives default protection on Standard Chartered Bank; and
pays Fixed 1%
Fund receives default protection on South Africa (Republic of); and
pays Fixed 1%
Fund receives default protection on TDC A/S; and pays Fixed 1%
Fund receives default protection on Statoil ASA; and pays Fixed 1%
Fund provides default protection on Enel SpA; and receives Fixed 1%
Fund receives default protection on Clariant AG; and pays Fixed 1%
Fund receives default protection on Korea (Republic of); and pays
Fixed 1%
Fund receives default protection on Standard Chartered Bank; and
pays Fixed 1%
Fund provides default protection on ITRAXX.EUR.26.V1; and receives
Fixed 1%
Fund receives default protection on Lanxess; and pays Fixed 1%
Fund provides default protection on CDX.NA.IG.27.V1; and receives
Fixed 1%
Fund receives default protection on Pernod-Ricard SA; and pays Fixed 1%
Fund provides default protection on Unicredit SpA; and receives Fixed 1%
Fund provides default protection on Deutsche Bank AG; and receives
Fixed 1%
Fund provides default protection on ITRAXX.FINSR.26.V1; and receives
Fixed 1%
BlackRock Global Funds (BGF)
Counterparty
Expiration
Date
Unrealised
appreciation/
(depreciation)
USD
Market
Value
USD
Barclays
Barclays
20/12/2021
20/12/2021
(7,510)
7,333
39,836
24,182
Barclays
20/12/2021
9,722
(6,904)
Barclays
20/12/2021
29,165
(20,711)
Barclays
20/12/2021
214,885
(307,532)
Barclays
Barclays
Barclays
Barclays
20/12/2021
20/12/2021
20/12/2021
20/12/2021
361
(35,706)
25,998
3,292
45,688
(1,759)
(5,418)
(7,913)
Barclays
Barclays
Barclays
20/12/2021
20/12/2021
20/12/2021
(111,402)
18,558
2,209
232,246
(3,867)
(3,665)
Barclays
Barclays
20/12/2021
20/12/2021
(2,809)
(74,141)
(33,495)
(294,871)
BNP Paribas
20/12/2020
5,311
3,953
BNP Paribas
20/12/2020
(43,497)
(15,211)
BNP Paribas
20/12/2020
(75,164)
(26,920)
BNP Paribas
20/6/2021
25,303
46,097
BNP Paribas
20/6/2021
19,744
(8,846)
BNP Paribas
BNP Paribas
20/6/2021
20/6/2021
19,483
(9,503)
35,494
(12,649)
BNP Paribas
20/6/2021
1,886
(25,830)
BNP Paribas
20/6/2021
75,909
138,290
BNP Paribas
20/6/2021
(36,039)
(40,640)
BNP Paribas
20/6/2021
18,438
(192,213)
BNP Paribas
20/6/2021
(475)
(18,127)
BNP Paribas
20/6/2021
4,681
8,528
BNP Paribas
20/6/2021
42,593
77,596
BNP Paribas
20/12/2021
(49,731)
(21,068)
BNP Paribas
BNP Paribas
BNP Paribas
BNP Paribas
BNP Paribas
20/12/2021
20/12/2021
20/12/2021
20/12/2021
20/12/2021
(69,162)
(114,116)
(1,740)
(4,882)
(653)
90,888
17,341
(6,449)
(1,868)
(1,169)
BNP Paribas
20/12/2021
(99,654)
(542,619)
BNP Paribas
20/12/2021
(98,558)
(45,314)
BNP Paribas
BNP Paribas
20/12/2021
20/12/2021
(31,282)
1,430
208,117
(6,724)
BNP Paribas
BNP Paribas
BNP Paribas
20/12/2021
20/12/2021
20/12/2021
17,498
4,786
4,160
60,292
(67,651)
(15,197)
BNP Paribas
20/12/2021
4,691
(4,165)
BNP Paribas
20/12/2021
203,184
109,532
Fixed Income Global Opportunities Fund continued
Credit Default Swaps as at 28 February 2017
Nominal
Value
USD (71,055,000)
EUR 1,400,000
EUR (235,000)
EUR 20,000
EUR 5,480,000
EUR 450,000
EUR (450,000)
USD 525,000
EUR (51,836)
EUR (905,000)
EUR (775,000)
EUR (2,900,000)
EUR 4,100,000
EUR (2,300,000)
EUR 2,900,000
USD 3,000,000
EUR (2,700,000)
EUR 411,000
EUR (1,300,000)
USD (400,000)
EUR (400,000)
EUR (810,000)
EUR (270,000)
USD 875,000
EUR (155,000)
EUR (700,000)
EUR (400,000)
EUR 4,500,000
EUR (850,000)
USD 811,806
USD 265,000
USD 14,855,414
EUR 2,730,000
EUR 2,720,000
EUR (1,870,000)
USD 2,157,121
EUR 200,000
EUR 2,465,000
EUR 2,480,000
USD 8,093,800
EUR 484,000
USD 10,749,159
EUR (905,000)
USD 21,498,320
USD 25,514,204
EUR 630,000
Description
Fund provides default protection on CDX.NA.IG.27.V1; and receives
Fixed 1%
Fund receives default protection on Standard Chartered Bank; and
pays Fixed 1%
Fund provides default protection on Deutsche Bank AG; and receives
Fixed 1%
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
Fund receives default protection on ITRAXX.XO.26.V1; and pays Fixed 5%
Fund receives default protection on BAE Systems Plc; and pays Fixed 1%
Fund provides default protection on Rolls-Royce Plc; and receives
Fixed 1%
Fund receives default protection on Macys Inc; and pays Fixed 1%
Fund provides default protection on Unicredit SpA; and receives Fixed 1%
Fund provides default protection on Leonardo SpA; and receives Fixed 5%
Fund provides default protection on Repsol SA; and receives Fixed 1%
Fund provides default protection on ITRAXX.FINSUB.19.V1