N-Q 1 charlotte_final.htm charlotte_final.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT COMPANY

 

Investment Company Act file number: 811-22619

 

Name of Registrant: Vanguard Charlotte Funds

Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482

 

Name and address of agent for service:

Anne E. Robinson, Esquire
P.O. Box 876
Valley Forge, PA 19482

 

Date of fiscal year end:  October 31

 

Date of reporting period: January 31, 2017

 

Item 1: Schedule of Investments

 


Vanguard Total International Bond Index Fund

Schedule of Investments (unaudited)

As of January 31, 2017

        Face Market
    Maturity   Amount Value
  Coupon Date  Currency (000) ($000)
Australia (2.8%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.1%)        
Australia & New Zealand Banking Group Ltd. 1.375% 9/4/18 EUR 2,000 2,219
Australia & New Zealand Banking Group Ltd. 1.125% 5/13/20 EUR 7,000 7,835
Australia & New Zealand Banking Group Ltd. 5.000% 8/16/23 AUD 2,000 1,662
Australia & New Zealand Banking Group Ltd. 0.450% 11/22/23 EUR 1,000 1,071
Australia & New Zealand Banking Group Ltd. 2.500% 1/16/24 EUR 5,000 6,099
Commonwealth Bank of Australia 1.375% 1/22/19 EUR 5,000 5,576
Commonwealth Bank of Australia 0.750% 11/4/21 EUR 4,000 4,425
Commonwealth Bank of Australia 3.000% 5/3/22 EUR 3,000 3,687
Commonwealth Bank of Australia 3.000% 9/4/26 GBP 1,700 2,309
National Australia Bank Ltd. 1.375% 5/28/21 EUR 700 795
National Australia Bank Ltd. 1.875% 1/13/23 EUR 5,000 5,848
National Australia Bank Ltd. 5.000% 3/11/24 AUD 4,000 3,315
National Australia Bank Ltd. 2.250% 6/6/25 EUR 1,800 2,168
National Australia Bank Ltd. 3.000% 9/4/26 GBP 500 680
National Australia Bank Ltd. 0.875% 2/19/27 EUR 10,000 10,603
Westpac Banking Corp. 2.125% 7/9/19 EUR 2,500 2,847
Westpac Banking Corp. 1.375% 4/17/20 EUR 2,000 2,256
Westpac Banking Corp. 1.500% 3/24/21 EUR 7,000 7,986
Westpac Banking Corp. 5.250% 11/21/23 AUD 2,000 1,687
          73,068
Corporate Bonds (0.4%)          
AGL Energy Ltd. 5.000% 11/5/21 AUD 1,500 1,182
APT Pipelines Ltd. 1.375% 3/22/22 EUR 300 328
APT Pipelines Ltd. 4.250% 11/26/24 GBP 1,000 1,378
APT Pipelines Ltd. 2.000% 3/22/27 EUR 8,400 8,918
Asciano Finance Ltd. 5.000% 9/19/23 GBP 500 690
Asciano Finance Ltd. 5.250% 5/19/25 AUD 5,000 3,763
Aurizon Network Pty Ltd. 2.000% 9/18/24 EUR 3,000 3,275
AusNet Services Holdings Pty Ltd. 3.000% 2/13/24 EUR 4,000 4,856
AusNet Services Holdings Pty Ltd. 1.500% 2/26/27 EUR 2,600 2,764
Australia & New Zealand Banking Group Ltd. 3.750% 7/25/19 AUD 4,000 3,103
Australia Pacific Airports Melbourne Pty Ltd. 1.750% 10/15/24 EUR 11,000 12,381
BHP Billiton Finance Ltd. 3.750% 10/18/17 AUD 1,000 764
BHP Billiton Finance Ltd. 2.125% 11/29/18 EUR 8,800 9,858
BHP Billiton Finance Ltd. 3.000% 3/30/20 AUD 5,140 3,894
BHP Billiton Finance Ltd. 2.250% 9/25/20 EUR 1,000 1,157
BHP Billiton Finance Ltd. 3.250% 9/25/24 GBP 5,000 6,825
BHP Billiton Finance Ltd. 3.250% 9/24/27 EUR 12,700 16,388
BHP Billiton Finance Ltd. 3.125% 4/29/33 EUR 500 625
BHP Billiton Finance Ltd. 4.300% 9/25/42 GBP 3,100 4,699
Brambles Finance plc 4.625% 4/20/18 EUR 2,100 2,389
Commonwealth Bank of Australia 4.250% 1/25/18 AUD 1,000 772
Commonwealth Bank of Australia 2.250% 12/7/18 GBP 2,360 3,061
Commonwealth Bank of Australia 1.625% 2/4/19 EUR 2,000 2,230
Commonwealth Bank of Australia 0.407% 5/2/19 JPY 500,000 4,455
Commonwealth Bank of Australia 3.750% 10/18/19 AUD 10,000 7,759
Commonwealth Bank of Australia 4.375% 2/25/20 EUR 3,500 4,271
Commonwealth Bank of Australia 5.150% 4/9/20 CAD 6,989 5,886

 

 

1 Commonwealth Bank of Australia 2.000% 4/22/27 EUR 10,000 10,841
Macquarie Bank Ltd. 2.500% 9/18/18 EUR 400 449
Macquarie Bank Ltd. 3.250% 3/3/20 AUD 1,000 760
Macquarie Bank Ltd. 6.000% 9/21/20 EUR 1,500 1,890
Macquarie Bank Ltd. 3.500% 12/18/20 GBP 1,000 1,357
Macquarie Bank Ltd. 1.125% 1/20/22 EUR 500 550
National Australia Bank Ltd. 4.000% 5/23/18 AUD 5,000 3,867
National Australia Bank Ltd. 4.625% 2/10/20 EUR 1,000 1,220
National Australia Bank Ltd. 1.875% 2/20/20 GBP 3,500 4,507
National Australia Bank Ltd. 1.000% 4/17/20 CHF 1,000 1,050
National Australia Bank Ltd. 4.000% 7/13/20 EUR 5,850 7,151
National Australia Bank Ltd. 2.000% 11/12/20 EUR 6,000 6,903
National Australia Bank Ltd. 5.125% 12/9/21 GBP 4,000 5,890
National Australia Bank Ltd. 0.875% 1/20/22 EUR 5,000 5,490
1 National Australia Bank Ltd. 7.125% 6/12/23 GBP 200 270
1 National Australia Bank Ltd. 2.000% 11/12/24 EUR 2,000 2,207
National Capital Trust I 5.620% 9/29/49 GBP 1,801 2,350
Origin Energy Finance Ltd. 2.875% 10/11/19 EUR 2,200 2,528
Origin Energy Finance Ltd. 2.500% 10/23/20 EUR 310 355
Perth Airport Pty Ltd. 5.500% 3/25/21 AUD 6,500 5,232
Qantas Airways Ltd. 7.500% 6/11/21 AUD 8,500 7,267
Qantas Airways Ltd. 7.750% 5/19/22 AUD 1,230 1,084
1 QBE Capital Funding IV Ltd. 7.500% 5/24/41 GBP 1,000 1,388
QPH Finance Co. Pty Ltd. 5.750% 7/29/20 AUD 780 635
Rio Tinto Finance plc 2.875% 12/11/24 EUR 300 372
Rio Tinto Finance plc 4.000% 12/11/29 GBP 5,200 7,393
Scentre Group Trust 1 4.500% 9/8/21 AUD 1,600 1,259
Scentre Group Trust 1 2.250% 7/16/24 EUR 3,598 4,167
Scentre Group Trust 1 / Scentre Group Trust          
2 2.375% 4/8/22 GBP 3,000 3,892
Scentre Group Trust 2 3.250% 9/11/23 EUR 6,273 7,723
Scentre Management Ltd. 1.500% 7/16/20 EUR 5,000 5,591
Telstra Corp. Ltd. 4.500% 11/13/18 AUD 6,000 4,690
Telstra Corp. Ltd. 3.750% 5/16/22 EUR 100 126
Telstra Corp. Ltd. 4.000% 9/16/22 AUD 1,000 782
Telstra Corp. Ltd. 2.500% 9/15/23 EUR 3,000 3,597
Telstra Corp. Ltd. 1.125% 4/14/26 EUR 10,600 11,385
Transurban Finance Co. Pty Ltd. 1.875% 9/16/24 EUR 3,000 3,360
Vicinity Centres 3.375% 4/7/26 GBP 1,259 1,689
Wesfarmers Ltd. 4.750% 3/12/20 AUD 10,000 7,913
Wesfarmers Ltd. 3.660% 11/18/20 AUD 1,400 1,070
Wesfarmers Ltd. 1.250% 10/7/21 EUR 500 560
Wesfarmers Ltd. 2.750% 8/2/22 EUR 3,000 3,590
Westpac Banking Corp. 4.125% 5/25/18 EUR 8,000 9,107
Westpac Banking Corp. 5.000% 10/21/19 GBP 500 697
Westpac Banking Corp. 3.250% 1/22/20 AUD 10,000 7,651
Westpac Banking Corp. 0.875% 2/16/21 EUR 15,000 16,591
Woolworths Ltd. 6.000% 3/21/19 AUD 2,900 2,334
          298,451
Sovereign Bonds (2.3%)          
Australian Capital Territory 4.000% 5/22/24 AUD 5,000 4,065
Commonwealth of Australia 5.500% 1/21/18 AUD 53,000 41,643
Commonwealth of Australia 3.250% 10/21/18 AUD 27,800 21,618
Commonwealth of Australia 5.250% 3/15/19 AUD 48,940 39,767
Commonwealth of Australia 2.750% 10/21/19 AUD 122,000 94,703
Commonwealth of Australia 4.500% 4/15/20 AUD 44,350 36,332
Commonwealth of Australia 1.750% 11/21/20 AUD 35,000 26,301

 

 

Commonwealth of Australia 5.750% 5/15/21 AUD 62,540 54,585
Commonwealth of Australia 5.750% 7/15/22 AUD 102,322 91,654
Commonwealth of Australia 5.500% 4/21/23 AUD 50,600 45,376
Commonwealth of Australia 2.750% 4/21/24 AUD 98,800 76,302
Commonwealth of Australia 3.250% 4/21/25 AUD 142,790 113,440
Commonwealth of Australia 4.250% 4/21/26 AUD 220,500 188,891
Commonwealth of Australia 4.750% 4/21/27 AUD 74,351 66,557
Commonwealth of Australia 2.750% 11/21/27 AUD 10,000 7,557
Commonwealth of Australia 2.250% 5/21/28 AUD 32,000 22,897
Commonwealth of Australia 3.250% 4/21/29 AUD 80,000 62,758
Commonwealth of Australia 4.500% 4/21/33 AUD 42,000 37,163
Commonwealth of Australia 2.750% 6/21/35 AUD 28,365 19,686
Commonwealth of Australia 3.750% 4/21/37 AUD 41,000 32,332
Commonwealth of Australia 3.250% 6/21/39 AUD 20,000 14,406
Commonwealth of Australia 3.000% 3/21/47 AUD 25,000 16,338
New South Wales Treasury Corp. 6.000% 2/1/18 AUD 20,000 15,790
New South Wales Treasury Corp. 3.500% 3/20/19 AUD 20,000 15,663
New South Wales Treasury Corp. 6.000% 5/1/20 AUD 5,000 4,254
New South Wales Treasury Corp. 4.000% 4/8/21 AUD 10,000 8,112
New South Wales Treasury Corp. 6.000% 3/1/22 AUD 34,000 30,217
New South Wales Treasury Corp. 4.000% 4/20/23 AUD 8,000 6,575
New South Wales Treasury Corp. 5.000% 8/20/24 AUD 17,000 14,918
New South Wales Treasury Corp. 4.000% 5/20/26 AUD 5,000 4,124
New South Wales Treasury Corp. 3.000% 3/20/28 AUD 10,000 7,538
New South Wales Treasury Corp. 6.000% 5/1/30 AUD 3,000 2,930
Queensland Treasury Corp. 6.000% 2/21/18 AUD 20,000 15,816
Queensland Treasury Corp. 6.250% 2/21/20 AUD 45,000 38,179
Queensland Treasury Corp. 5.500% 6/21/21 AUD 22,000 18,820
Queensland Treasury Corp. 6.000% 7/21/22 AUD 25,000 22,260
2 Queensland Treasury Corp. 4.250% 7/21/23 AUD 43,000 35,511
Queensland Treasury Corp. 5.750% 7/22/24 AUD 10,000 9,053
2 Queensland Treasury Corp. 4.750% 7/21/25 AUD 42,000 35,986
2 Queensland Treasury Corp. 3.250% 7/21/26 AUD 18,500 14,132
2 Queensland Treasury Corp. 2.750% 8/20/27 AUD 3,000 2,170
2 Queensland Treasury Corp. 3.250% 7/21/28 AUD 8,000 6,015
SGSP Australia Assets Pty Ltd. 5.125% 2/11/21 GBP 1,000 1,423
SGSP Australia Assets Pty Ltd. 5.500% 3/12/21 AUD 4,000 3,240
SGSP Australia Assets Pty Ltd. 2.000% 6/30/22 EUR 3,700 4,200
South Australian Government Financing          
Authority 4.750% 8/6/19 AUD 7,500 6,059
South Australian Government Financing          
Authority 5.000% 5/20/21 AUD 10,000 8,393
South Australian Government Financing          
Authority 4.250% 11/20/23 AUD 5,000 4,135
South Australian Government Financing          
Authority 2.750% 4/16/25 AUD 11,000 8,165
Tasmanian Public Finance Corp. 3.250% 2/19/26 AUD 9,000 6,835
Treasury Corp. of Victoria 5.500% 11/15/18 AUD 25,000 20,147
Treasury Corp. of Victoria 6.000% 6/15/20 AUD 10,000 8,533
Treasury Corp. of Victoria 6.000% 10/17/22 AUD 22,000 19,827
Treasury Corp. of Victoria 5.500% 12/17/24 AUD 10,000 9,072
Treasury Corp. of Victoria 5.500% 11/17/26 AUD 15,000 13,811
Treasury Corp. of Victoria 3.000% 10/20/28 AUD 8,000 5,984
Western Australian Treasury Corp. 7.000% 10/15/19 AUD 15,000 12,824
Western Australian Treasury Corp. 2.500% 7/22/20 AUD 59,000 45,006
Western Australian Treasury Corp. 2.750% 10/20/22 AUD 5,000 3,802
Western Australian Treasury Corp. 2.500% 7/23/24 AUD 10,000 7,360

 

 

Western Australian Treasury Corp. 5.000% 7/23/25 AUD 12,000 10,360
          1,621,610
Total Australia (Cost $2,070,198)         1,993,129
Austria (1.4%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.1%)        
BAWAG PSK Bank fuer Arbeit und Wirtschaft          
und Oesterreichische Postsparkasse AG 1.875% 9/18/19 EUR 500 568
Erste Group Bank AG 4.000% 1/20/21 EUR 2,000 2,500
Erste Group Bank AG 3.500% 2/8/22 EUR 600 756
Erste Group Bank AG 0.750% 2/5/25 EUR 2,500 2,738
HYPO NOE Gruppe Bank AG 3.000% 5/9/22 EUR 2,000 2,462
KA Finanz AG 1.625% 9/25/18 EUR 2,000 2,222
Raiffeisen-Landesbank Steiermark AG 2.375% 6/14/28 EUR 300 370
Raiffeisenlandesbank Niederoesterreich-Wien          
AG 1.750% 10/2/20 EUR 1,700 1,952
UniCredit Bank Austria AG 1.250% 7/30/18 EUR 500 551
UniCredit Bank Austria AG 4.125% 2/24/21 EUR 2,000 2,514
UniCredit Bank Austria AG 1.375% 5/26/21 EUR 5,000 5,693
UniCredit Bank Austria AG 2.375% 1/22/24 EUR 5,100 6,220
UniCredit Bank Austria AG 0.750% 2/25/25 EUR 500 545
          29,091
Corporate Bonds (0.0%)          
Erste Group Bank AG 0.625% 1/19/23 EUR 4,000 4,405
JAB Holdings BV 1.750% 5/25/23 EUR 700 782
OMV AG 4.250% 10/12/21 EUR 1,000 1,272
OMV AG 3.500% 9/27/27 EUR 2,400 3,121
1 OMV AG 6.750% 6/29/49 EUR 1,000 1,149
1 OMV AG 5.250% 12/29/49 EUR 1,500 1,775
1 OMV AG 6.250% 12/29/49 EUR 3,000 3,717
Telekom Finanzmanagement GmbH 3.125% 12/3/21 EUR 5,000 6,049
Telekom Finanzmanagement GmbH 4.000% 4/4/22 EUR 500 631
1 UNIQA Insurance Group AG 6.000% 7/27/46 EUR 3,000 3,523
1 Vienna Insurance Group AG Wiener          
Versicherung Gruppe 5.500% 10/9/43 EUR 1,200 1,447
          27,871
Sovereign Bonds (1.3%)          
3 Autobahnen- Und Schnellstrassen-          
Finanzierungs-AG 4.375% 7/8/19 EUR 11,000 13,231
3 Autobahnen- und Schnellstrassen-          
Finanzierungs-AG 1.375% 4/9/21 EUR 7,000 7,997
3 Autobahnen- Und Schnellstrassen-          
Finanzierungs-AG 3.375% 9/22/25 EUR 2,000 2,665
3 Autobahnen- Und Schnellstrassen-          
Finanzierungs-AG 2.750% 6/11/32 EUR 500 646
3 Autobahnen- Und Schnellstrassen-          
Finanzierungs-AG 2.750% 6/20/33 EUR 1,200 1,552
Erdoel-Lagergesellschaft mbH 2.750% 3/20/28 EUR 2,000 2,485
3 Hypo Alpe-Adria-Bank International AG 2.375% 12/13/22 EUR 3,000 3,554
HYPO NOE Gruppe Bank AG 1.625% 4/23/18 EUR 700 766
HYPO NOE Gruppe Bank AG 0.500% 9/11/20 EUR 10,000 10,971
3 KA Finanz AG 0.375% 8/11/20 EUR 10,900 11,943
3 Kaerntner Ausgleichszahlungs-Fonds 0.000% 1/14/32 EUR 5,000 4,568
3 OeBB Infrastruktur AG 3.500% 10/19/20 EUR 6,000 7,350
3 OeBB Infrastruktur AG 3.625% 7/13/21 EUR 1,000 1,252
3 OeBB Infrastruktur AG 2.250% 7/4/23 EUR 10,000 12,131

 

 

3 OeBB Infrastruktur AG 1.000% 11/18/24 EUR 7,000 7,864
3 OeBB Infrastruktur AG 3.500% 10/19/26 EUR 1,800 2,442
3 OeBB Infrastruktur AG 2.250% 5/28/29 EUR 3,000 3,675
3 OeBB Infrastruktur AG 3.375% 5/18/32 EUR 7,000 9,699
3 Oesterreichische Kontrollbank AG 2.000% 12/17/18 GBP 2,000 2,584
3 Oesterreichische Kontrollbank AG 2.125% 7/23/19 CHF 3,500 3,785
3 Oesterreichische Kontrollbank AG 2.625% 11/22/24 CHF 10,610 12,990
3 Oesterreichische Kontrollbank AG 2.875% 2/25/30 CHF 100 135
2 Republic of Austria 1.150% 10/19/18 EUR 14,250 15,833
2 Republic of Austria 4.350% 3/15/19 EUR 25,000 29,797
2 Republic of Austria 1.950% 6/18/19 EUR 60,000 68,584
2 Republic of Austria 0.250% 10/18/19 EUR 19,400 21,362
2 Republic of Austria 3.900% 7/15/20 EUR 20,450 25,380
2 Republic of Austria 3.500% 9/15/21 EUR 40,000 50,581
2 Republic of Austria 3.650% 4/20/22 EUR 53,000 68,473
2 Republic of Austria 3.400% 11/22/22 EUR 30,000 38,807
2 Republic of Austria 0.000% 7/15/23 EUR 75,000 80,114
2 Republic of Austria 1.650% 10/21/24 EUR 36,500 43,392
2 Republic of Austria 1.200% 10/20/25 EUR 30,000 34,336
2 Republic of Austria 4.850% 3/15/26 EUR 20,000 29,805
2 Republic of Austria 0.750% 10/20/26 EUR 120,000 130,237
Republic of Austria 6.250% 7/15/27 EUR 14,750 24,874
2 Republic of Austria 2.400% 5/23/34 EUR 24,600 31,816
2 Republic of Austria 4.150% 3/15/37 EUR 30,000 49,019
2 Republic of Austria 3.150% 6/20/44 EUR 18,180 27,006
2 Republic of Austria 1.500% 2/20/47 EUR 9,000 9,594
2 Republic of Austria 1.500% 11/2/86 EUR 24,071 21,360
          924,655
Total Austria (Cost $1,030,752)         981,617
Belgium (2.3%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.1%)        
Belfius Bank SA/NV 1.250% 1/28/19 EUR 2,000 2,221
Belfius Bank SA/NV 1.375% 6/5/20 EUR 11,500 13,008
Belfius Bank SA/NV 0.625% 10/14/21 EUR 11,000 12,149
Belfius Bank SA/NV 2.125% 1/30/23 EUR 3,000 3,587
KBC Bank NV 1.000% 2/25/19 EUR 1,000 1,106
KBC Bank NV 1.250% 5/28/20 EUR 3,000 3,393
KBC Bank NV 0.450% 1/22/22 EUR 5,000 5,478
          40,942
Corporate Bonds (0.2%)          
Anheuser-Busch InBev SA 2.750% 3/17/36 EUR 10,500 11,920
Anheuser-Busch InBev SA/NV 4.000% 4/26/18 EUR 1,173 1,328
Anheuser-Busch InBev SA/NV 2.000% 12/16/19 EUR 750 855
Anheuser-Busch InBev SA/NV 0.625% 3/17/20 EUR 15,000 16,456
Anheuser-Busch InBev SA/NV 4.000% 6/2/21 EUR 5,000 6,248
Anheuser-Busch InBev SA/NV 0.875% 3/17/22 EUR 10,600 11,665
Anheuser-Busch InBev SA/NV 9.750% 7/30/24 GBP 800 1,532
Anheuser-Busch InBev SA/NV 2.875% 9/25/24 EUR 4,000 4,928
Anheuser-Busch InBev SA/NV 1.500% 3/17/25 EUR 15,600 17,304
Anheuser-Busch InBev SA/NV 2.000% 3/17/28 EUR 16,000 17,880
1 Argenta Spaarbank NV 3.875% 5/24/26 EUR 15,200 17,037
Belfius Bank SA/NV 2.250% 9/26/18 EUR 5,000 5,592
Belfius Bank SA/NV 3.125% 5/11/26 EUR 1,700 1,836
Delhaize Le Lion / De Leeuw BV 3.125% 2/27/20 EUR 300 353
KBC Bank NV 0.375% 9/1/22 EUR 32,000 34,841

 

 

KBC Group NV 0.750% 10/18/23 EUR 12,900 13,517
KBC IFIMA SA 2.125% 9/10/18 EUR 5,500 6,142
Solvay SA 1.625% 12/2/22 EUR 300 337
Solvay SA 2.750% 12/2/27 EUR 300 355
          170,126
Sovereign Bonds (2.0%)          
4 Dexia Credit Local SA 0.200% 7/31/18 EUR 4,000 4,343
4 Dexia Credit Local SA 1.625% 10/29/18 EUR 3,000 3,340
4 Dexia Credit Local SA 1.375% 9/18/19 EUR 5,000 5,598
4 Dexia Credit Local SA 0.250% 3/19/20 EUR 10,000 10,862
4 Dexia Credit Local SA 2.000% 1/22/21 EUR 8,000 9,261
4 Dexia Credit Local SA 0.625% 1/21/22 EUR 7,000 7,662
4 Dexia Credit Local SA 0.750% 1/25/23 EUR 8,000 8,738
4 Dexia Credit Local SA 1.250% 11/26/24 EUR 17,200 19,194
4 Dexia Credit Local SA 2.125% 2/12/25 GBP 3,000 3,810
Eandis CVBA 4.500% 11/8/21 EUR 1,500 1,932
Eandis CVBA 2.875% 10/9/23 EUR 1,000 1,232
Eandis CVBA 1.750% 12/4/26 EUR 6,000 6,859
2 Kingdom of Belgium 4.000% 3/28/18 EUR 35,000 39,788
Kingdom of Belgium 1.250% 6/22/18 EUR 33,000 36,537
Kingdom of Belgium 1.125% 12/21/18 GBP 4,000 5,084
Kingdom of Belgium 4.000% 3/28/19 EUR 80,000 94,785
Kingdom of Belgium 3.000% 9/28/19 EUR 24,000 28,302
2 Kingdom of Belgium 3.750% 9/28/20 EUR 62,342 77,412
2 Kingdom of Belgium 4.250% 9/28/21 EUR 61,000 79,469
Kingdom of Belgium 4.000% 3/28/22 EUR 28,950 37,890
Kingdom of Belgium 4.250% 9/28/22 EUR 80,000 107,023
Kingdom of Belgium 2.250% 6/22/23 EUR 69,500 85,001
2 Kingdom of Belgium 0.200% 10/22/23 EUR 30,000 32,238
2 Kingdom of Belgium 2.600% 6/22/24 EUR 80,000 99,958
2 Kingdom of Belgium 0.800% 6/22/25 EUR 62,000 67,799
2 Kingdom of Belgium 4.500% 3/28/26 EUR 7,000 10,097
2 Kingdom of Belgium 1.000% 6/22/26 EUR 96,364 105,765
2 Kingdom of Belgium 0.800% 6/22/27 EUR 24,200 25,212
Kingdom of Belgium 5.500% 3/28/28 EUR 23,000 36,831
2 Kingdom of Belgium 1.000% 6/22/31 EUR 38,000 39,213
Kingdom of Belgium 4.000% 3/28/32 EUR 33,000 48,715
2 Kingdom of Belgium 3.000% 6/22/34 EUR 41,970 56,200
2 Kingdom of Belgium 5.000% 3/28/35 EUR 41,000 69,677
2 Kingdom of Belgium 1.900% 6/22/38 EUR 40,000 45,256
2 Kingdom of Belgium 4.250% 3/28/41 EUR 47,250 76,993
Kingdom of Belgium 3.750% 6/22/45 EUR 19,000 29,169
2 Kingdom of Belgium 1.600% 6/22/47 EUR 15,000 14,949
2 Kingdom of Belgium 2.150% 6/22/66 EUR 20,000 20,804
Proximus SA 3.875% 2/7/18 EUR 1,000 1,123
Proximus SA 2.375% 4/4/24 EUR 3,100 3,677
          1,457,798
Total Belgium (Cost $1,752,610)         1,668,866
Bermuda (0.0%)          
Corporate Bonds (0.0%)          
Bacardi Ltd. 2.750% 7/3/23 EUR 2,000 2,372
Total Bermuda (Cost $2,664)         2,372
Brazil (0.0%)          
Corporate Bonds (0.0%)          
BRF SA 2.750% 6/3/22 EUR 2,440 2,704

 

 

Total Brazil (Cost $2,670)         2,704
Bulgaria (0.1%)          
Sovereign Bonds (0.1%)          
Republic of Bulgaria 2.000% 3/26/22 EUR 3,000 3,433
Republic of Bulgaria 1.875% 3/21/23 EUR 6,000 6,706
Republic of Bulgaria 2.950% 9/3/24 EUR 800 941
Republic of Bulgaria 2.625% 3/26/27 EUR 3,000 3,353
Republic of Bulgaria 3.000% 3/21/28 EUR 25,000 28,539
Republic of Bulgaria 3.125% 3/26/35 EUR 3,000 3,178
Total Bulgaria (Cost $45,725)         46,150
Canada (5.7%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.3%)        
Bank of Montreal 1.000% 5/7/19 EUR 25,000 27,688
Bank of Montreal 0.250% 1/22/20 EUR 10,000 10,896
Bank of Montreal 0.100% 10/20/23 EUR 10,000 10,521
Bank of Nova Scotia 0.100% 1/21/19 EUR 10,000 10,858
Bank of Nova Scotia 1.000% 4/2/19 EUR 5,000 5,535
Bank of Nova Scotia 0.500% 7/23/20 EUR 15,000 16,470
Bank of Nova Scotia 0.750% 9/17/21 EUR 10,000 11,092
Caisse Centrale Desjardins 1.125% 3/11/19 EUR 3,000 3,326
Canadian Imperial Bank of Commerce 1.250% 8/7/18 EUR 3,000 3,313
National Bank of Canada 1.250% 12/17/18 EUR 2,000 2,219
National Bank of Canada 1.500% 3/25/21 EUR 5,000 5,711
National Bank of Canada 0.500% 1/26/22 EUR 14,000 15,320
National Bank of Canada 0.000% 9/29/23 EUR 3,500 3,662
Royal Bank of Canada 3.770% 3/30/18 CAD 5,000 3,956
Royal Bank of Canada 1.250% 10/29/18 EUR 10,000 11,078
Royal Bank of Canada 1.625% 8/4/20 EUR 11,500 13,113
Royal Bank of Canada 0.875% 6/17/22 EUR 2,000 2,228
Toronto-Dominion Bank 0.625% 7/29/19 EUR 15,000 16,505
Toronto-Dominion Bank 0.375% 1/12/21 EUR 10,000 10,926
Toronto-Dominion Bank 0.750% 10/29/21 EUR 6,000 6,652
Toronto-Dominion Bank 0.250% 4/27/22 EUR 5,000 5,394
Toronto-Dominion Bank 0.375% 4/27/23 EUR 1,000 1,077
          197,540
Corporate Bonds (1.0%)          
407 International Inc. 4.300% 5/26/21 CAD 1,500 1,271
407 International Inc. 5.750% 2/14/36 CAD 995 945
407 International Inc. 4.190% 4/25/42 CAD 5,500 4,443
407 International Inc. 3.600% 5/21/47 CAD 5,000 3,657
Aeroports de Montreal 5.170% 9/17/35 CAD 325 298
Aeroports de Montreal 5.670% 10/16/37 CAD 2,000 1,963
2 Algonquin Power Co. 4.090% 2/17/27 CAD 800 610
Alimentation Couche-Tard Inc. 3.600% 6/2/25 CAD 2,900 2,283
AltaGas Ltd. 4.500% 8/15/44 CAD 1,757 1,290
AltaLink LP 3.668% 11/6/23 CAD 2,000 1,668
AltaLink LP 3.990% 6/30/42 CAD 2,925 2,286
AltaLink LP 4.922% 9/17/43 CAD 3,000 2,703
AltaLink LP 3.717% 12/3/46 CAD 4,000 2,997
American Express Canada Credit Corp. 2.310% 3/29/18 CAD 4,000 3,114
Bank of Montreal 6.020% 5/2/18 CAD 4,000 3,255
Bank of Montreal 2.100% 10/6/20 CAD 5,100 3,968
Bank of Montreal 3.400% 4/23/21 CAD 3,000 2,447
Bank of Montreal 1.610% 10/28/21 CAD 10,000 7,580
Bank of Montreal 2.120% 3/16/22 CAD 15,300 11,814

 

 

Bank of Montreal 4.609% 9/10/25 CAD 5,000 4,458
1 Bank of Montreal 3.340% 12/8/25 CAD 10,750 8,477
1 Bank of Montreal 3.320% 6/1/26 CAD 10,600 8,340
Bank of Nova Scotia 2.242% 3/22/18 CAD 7,700 5,986
Bank of Nova Scotia 2.400% 10/28/19 CAD 9,700 7,625
Bank of Nova Scotia 2.130% 6/15/20 CAD 20,000 15,606
Bank of Nova Scotia 2.090% 9/9/20 CAD 8,400 6,543
Bank of Nova Scotia 3.270% 1/11/21 CAD 5,000 4,063
Bank of Nova Scotia 1.900% 12/2/21 CAD 2,000 1,526
1 Bank of Nova Scotia 3.036% 10/18/24 CAD 5,000 3,972
1 Bank of Nova Scotia 3.367% 12/8/25 CAD 7,000 5,524
1 Bank of Nova Scotia 2.580% 3/30/27 CAD 4,550 3,433
Bell Canada Inc. 5.520% 2/26/19 CAD 2,000 1,658
Bell Canada Inc. 3.350% 6/18/19 CAD 5,000 3,997
Bell Canada Inc. 3.250% 6/17/20 CAD 5,350 4,291
Bell Canada Inc. 3.000% 10/3/22 CAD 5,200 4,112
Bell Canada Inc. 3.350% 3/22/23 CAD 5,000 4,008
Bell Canada Inc. 3.550% 3/2/26 CAD 3,000 2,372
Bell Canada Inc. 7.850% 4/2/31 CAD 5,000 5,218
Bell Canada Inc. 4.750% 9/29/44 CAD 3,500 2,775
Bell Canada Inc. 4.350% 12/18/45 CAD 3,150 2,346
1 BMO Capital Trust II 10.221% 12/31/07 CAD 700 620
BP LP 3.244% 1/9/20 CAD 1,047 826
Brookfield Asset Management Inc. 4.540% 3/31/23 CAD 6,875 5,743
Brookfield Asset Management Inc. 5.040% 3/8/24 CAD 1,500 1,289
Brookfield Asset Management Inc. 3.800% 3/16/27 CAD 4,310 3,320
Brookfield Infrastructure Finance ULC 3.538% 10/30/20 CAD 850 674
Brookfield Renewable Energy Partners ULC 3.752% 6/2/25 CAD 5,301 4,182
Bruce Power LP 3.969% 6/23/26 CAD 5,000 3,978
Caisse Centrale Desjardins 2.795% 11/19/18 CAD 4,000 3,153
Caisse Centrale Desjardins 1.748% 3/2/20 CAD 10,150 7,825
Caisse Centrale Desjardins 2.091% 1/17/22 CAD 2,590 1,994
Cameco Corp. 4.190% 6/24/24 CAD 3,500 2,736
Canadian Imperial Bank of Commerce 2.220% 3/7/18 CAD 3,000 2,333
Canadian Imperial Bank of Commerce 1.700% 10/9/18 CAD 10,000 7,731
Canadian Imperial Bank of Commerce 0.375% 10/15/19 EUR 10,000 10,942
Canadian Imperial Bank of Commerce 1.850% 7/14/20 CAD 250 193
Canadian Imperial Bank of Commerce 1.900% 4/26/21 CAD 4,000 3,078
Canadian Imperial Bank of Commerce 1.640% 7/12/21 CAD 250 190
1 Canadian Imperial Bank of Commerce 3.000% 10/28/24 CAD 12,000 9,363
1 Canadian Imperial Bank of Commerce 3.420% 1/26/26 CAD 10,000 7,884
Canadian National Railway Co. 2.800% 9/22/25 CAD 5,000 3,932
Canadian Natural Resources Ltd. 2.890% 8/14/20 CAD 400 314
Canadian Natural Resources Ltd. 3.310% 2/11/22 CAD 5,000 3,969
Canadian Pacific Railway Co. 6.250% 6/1/18 CAD 5,000 4,085
Canadian Pacific Railway Co. 6.450% 11/17/39 CAD 1,750 1,707
Capital Desjardins Inc. 5.187% 5/5/20 CAD 5,355 4,526
1 Capital Desjardins Inc. 4.954% 12/15/26 CAD 3,000 2,581
Capital Power Corp. 5.276% 11/16/20 CAD 4,650 3,862
CI Financial Corp. 2.645% 12/7/20 CAD 5,200 4,027
1 CIBC Capital Trust 10.250% 6/30/08 CAD 225 228
Cogeco Communications Inc. 4.175% 5/26/23 CAD 250 203
CU Inc. 6.800% 8/13/19 CAD 900 782
CU Inc. 4.543% 10/24/41 CAD 1,000 848
CU Inc. 3.805% 9/10/42 CAD 450 341
CU Inc. 4.722% 9/9/43 CAD 3,000 2,622
CU Inc. 4.085% 9/2/44 CAD 5,400 4,292

 

 

CU Inc. 3.964% 7/27/45 CAD 3,000 2,335
Enbridge Gas Distribution Inc. 4.040% 11/23/20 CAD 350 292
Enbridge Gas Distribution Inc. 3.310% 9/11/25 CAD 240 193
Enbridge Gas Distribution Inc. 2.500% 8/5/26 CAD 2,000 1,494
Enbridge Gas Distribution Inc. 4.000% 8/22/44 CAD 2,000 1,552
Enbridge Gas Distribution Inc. 4.950% 11/22/50 CAD 1,000 897
Enbridge Inc. 4.530% 3/9/20 CAD 9,700 8,017
Enbridge Inc. 3.190% 12/5/22 CAD 5,000 3,958
Enbridge Inc. 4.240% 8/27/42 CAD 2,375 1,700
Enbridge Inc. 4.570% 3/11/44 CAD 1,400 1,052
Enbridge Income Fund 3.950% 11/19/24 CAD 3,000 2,436
Enbridge Pipelines Inc. 3.450% 9/29/25 CAD 5,240 4,194
Enbridge Pipelines Inc. 4.550% 8/17/43 CAD 1,000 795
Enbridge Pipelines Inc. 4.550% 9/29/45 CAD 5,600 4,459
EPCOR Utilities Inc. 4.550% 2/28/42 CAD 2,900 2,500
Fairfax Financial Holdings Ltd. 5.840% 10/14/22 CAD 2,800 2,422
Fairfax Financial Holdings Ltd. 4.500% 3/22/23 CAD 2,500 2,019
Fairfax Financial Holdings Ltd. 4.950% 3/3/25 CAD 575 471
First Capital Realty Inc. 4.790% 8/30/24 CAD 5,000 4,229
Great-West Lifeco Inc. 1.750% 12/7/26 EUR 500 540
Great-West Lifeco Inc. 6.670% 3/21/33 CAD 2,000 1,985
Great-West Lifeco Inc. 5.998% 11/16/39 CAD 1,000 969
Greater Toronto Airports Authority 5.300% 2/25/41 CAD 3,100 2,972
Home Trust Co. 3.400% 12/10/18 CAD 350 274
HSBC Bank Canada 2.078% 11/26/18 CAD 10,000 7,773
HSBC Bank Canada 2.491% 5/13/19 CAD 5,000 3,923
HSBC Bank Canada 2.938% 1/14/20 CAD 2,250 1,794
HSBC Bank Canada 2.449% 1/29/21 CAD 150 117
HSBC Bank Canada 2.908% 9/29/21 CAD 3,000 2,398
1 Industrial Alliance Insurance & Financial          
Services Inc. 3.300% 9/15/28 CAD 5,000 3,924
Inter Pipeline Ltd. 3.776% 5/30/22 CAD 2,300 1,884
Inter Pipeline Ltd. 3.173% 3/24/25 CAD 4,950 3,838
Inter Pipeline Ltd. 4.637% 5/30/44 CAD 3,000 2,303
John Deere Canada Funding Inc. 2.350% 6/24/19 CAD 3,675 2,876
John Deere Canada Funding Inc. 2.050% 9/17/20 CAD 800 619
Kraft Canada Inc. 2.700% 7/6/20 CAD 1,865 1,459
Laurentian Bank of Canada 2.810% 6/13/19 CAD 1,107 869
Laurentian Bank of Canada 2.500% 1/23/20 CAD 300 234
Loblaw Cos. Ltd. 3.748% 3/12/19 CAD 2,800 2,243
1 Manufacturers Life Insurance Co. 2.640% 1/15/25 CAD 200 156
1 Manufacturers Life Insurance Co. 2.100% 6/1/25 CAD 9,000 6,914
1 Manufacturers Life Insurance Co. 3.181% 11/22/27 CAD 5,000 3,977
1 Manulife Finance Delaware LP 5.059% 12/15/41 CAD 1,000 805
1 Manulife Financial Capital Trust II 7.405% 12/31/08 CAD 4,000 3,496
Manulife Financial Corp. 7.768% 4/8/19 CAD 300 259
Metro Inc. 5.970% 10/15/35 CAD 5,048 4,555
National Bank of Canada 2.794% 8/9/18 CAD 850 668
National Bank of Canada 2.404% 10/28/19 CAD 15,400 12,114
National Bank of Canada 1.742% 3/3/20 CAD 500 386
National Bank of Canada 1.809% 7/26/21 CAD 5,000 3,824
NAV Canada 1.949% 4/19/18 CAD 2,000 1,553
NBC Asset Trust 7.235% 12/29/49 CAD 150 124
North West Redwater Partnership / NWR          
Financing Co. Ltd. 4.250% 6/1/29 CAD 250 206
North West Redwater Partnership / NWR          
Financing Co. Ltd. 4.750% 6/1/37 CAD 5,000 4,273

 

 

North West Redwater Partnership / NWR          
Financing Co. Ltd. 3.700% 2/23/43 CAD 4,000 2,917
North West Redwater Partnership / NWR          
Financing Co. Ltd. 4.050% 7/22/44 CAD 3,350 2,589
Nova Scotia Power Inc. 5.610% 6/15/40 CAD 4,300 4,098
Ottawa MacDonald-Cartier International          
Airport Authority 3.933% 6/9/45 CAD 775 601
Pembina Pipeline Corp. 3.710% 8/11/26 CAD 4,850 3,797
Pembina Pipeline Corp. 4.240% 6/15/27 CAD 3,000 2,426
Pembina Pipeline Corp. 4.750% 4/30/43 CAD 3,000 2,260
Pembina Pipeline Corp. 4.810% 3/25/44 CAD 2,000 1,524
Plenary Properties LTAP LP 6.288% 1/31/44 CAD 4,544 4,508
RioCan REIT 3.850% 6/28/19 CAD 1,025 827
Rogers Communications Inc. 2.800% 3/13/19 CAD 300 236
Rogers Communications Inc. 4.700% 9/29/20 CAD 400 337
Rogers Communications Inc. 5.340% 3/22/21 CAD 6,000 5,191
Rogers Communications Inc. 4.000% 3/13/24 CAD 4,000 3,319
Rogers Communications Inc. 6.680% 11/4/39 CAD 3,144 3,116
Rogers Communications Inc. 6.110% 8/25/40 CAD 2,000 1,864
Royal Bank of Canada 2.260% 3/12/18 CAD 7,500 5,827
Royal Bank of Canada 0.750% 10/23/18 CHF 2,000 2,058
Royal Bank of Canada 2.770% 12/11/18 CAD 28,000 22,069
Royal Bank of Canada 2.980% 5/7/19 CAD 7,000 5,562
Royal Bank of Canada 2.350% 12/9/19 CAD 6,750 5,299
Royal Bank of Canada 1.583% 9/13/21 CAD 4,700 3,553
Royal Bank of Canada 1.968% 3/2/22 CAD 25,100 19,211
1 Royal Bank of Canada 3.040% 7/17/24 CAD 400 312
1 Royal Bank of Canada 2.990% 12/6/24 CAD 14,225 11,303
1 Royal Bank of Canada 3.310% 1/20/26 CAD 5,900 4,649
1 Royal Bank of Canada 3.450% 9/29/26 CAD 10,000 7,904
Royal Office Finance LP 5.209% 11/12/32 CAD 7,049 6,504
Saputo Inc. 2.654% 11/26/19 CAD 250 197
1 Scotiabank Capital Trust 5.650% 12/31/56 CAD 200 177
Shaw Communications Inc. 5.500% 12/7/20 CAD 100 86
Shaw Communications Inc. 4.350% 1/31/24 CAD 10,000 8,262
Shaw Communications Inc. 6.750% 11/9/39 CAD 2,850 2,635
Sun Life Financial Inc. 4.570% 8/23/21 CAD 3,000 2,553
1 Sun Life Financial Inc. 2.600% 9/25/25 CAD 350 273
1 Sun Life Financial Inc. 3.050% 9/19/28 CAD 5,000 3,879
1 Sun Life Financial Inc. 5.400% 5/29/42 CAD 850 733
Suncor Energy Inc. 5.800% 5/22/18 CAD 5,000 4,062
Suncor Energy Inc. 4.340% 9/13/46 CAD 5,154 3,885
TELUS Corp. 5.050% 12/4/19 CAD 150 126
TELUS Corp. 5.050% 7/23/20 CAD 300 254
TELUS Corp. 3.200% 4/5/21 CAD 750 599
TELUS Corp. 2.350% 3/28/22 CAD 9,800 7,503
TELUS Corp. 3.350% 4/1/24 CAD 10,700 8,455
TELUS Corp. 3.750% 1/17/25 CAD 2,460 1,982
TELUS Corp. 3.750% 3/10/26 CAD 900 717
TELUS Corp. 4.400% 4/1/43 CAD 3,000 2,180
TELUS Corp. 4.850% 4/5/44 CAD 4,250 3,301
TELUS Corp. 4.750% 1/17/45 CAD 1,430 1,094
TELUS Corp. 4.400% 1/29/46 CAD 250 181
Teranet Holdings LP 4.807% 12/16/20 CAD 8,875 7,372
Teranet Holdings LP 5.754% 12/17/40 CAD 1,200 981
Thomson Reuters Corp. 4.350% 9/30/20 CAD 4,439 3,676
Toronto-Dominion Bank 2.171% 4/2/18 CAD 12,150 9,433

 

 

  Toronto-Dominion Bank 2.447% 4/2/19 CAD 5,000 3,923
  Toronto-Dominion Bank 1.693% 4/2/20 CAD 15,000 11,551
  Toronto-Dominion Bank 2.045% 3/8/21 CAD 5,000 3,870
  Toronto-Dominion Bank 2.621% 12/22/21 CAD 2,450 1,943
1 Toronto-Dominion Bank 5.828% 7/9/23 CAD 450 367
  Toronto-Dominion Bank 3.226% 7/24/24 CAD 5,450 4,422
1 Toronto-Dominion Bank 2.982% 9/30/25 CAD 7,400 5,768
1 Toronto-Dominion Bank 4.859% 3/4/31 CAD 5,150 4,381
  TransAlta Corp. 5.000% 11/25/20 CAD 350 280
  TransCanada PipeLines Ltd. 3.650% 11/15/21 CAD 5,000 4,142
  TransCanada PipeLines Ltd. 3.690% 7/19/23 CAD 5,240 4,349
  TransCanada PipeLines Ltd. 4.550% 11/15/41 CAD 2,000 1,598
  TransCanada PipeLines Ltd. 4.350% 6/6/46 CAD 4,000 3,094
  Union Gas Ltd. 4.880% 6/21/41 CAD 3,500 3,086
  Union Gas Ltd. 4.200% 6/2/44 CAD 2,400 1,926
  Veresen Inc. 3.430% 11/10/21 CAD 3,000 2,328
  VW Credit Canada Inc. 2.500% 10/1/19 CAD 10,000 7,802
  Wells Fargo Canada Corp. 2.944% 7/25/19 CAD 2,000 1,589
  Wells Fargo Canada Corp. 3.040% 1/29/21 CAD 10,000 8,009
  Westcoast Energy Inc. 5.600% 1/16/19 CAD 275 227
            695,726
Sovereign Bonds (4.4%)          
  Canada 1.250% 2/1/18 CAD 60,200 46,548
  Canada 1.250% 3/1/18 CAD 47,325 36,611
  Canada 0.250% 5/1/18 CAD 90,000 68,818
  Canada 4.250% 6/1/18 CAD 86,105 69,282
  Canada 0.500% 8/1/18 CAD 21,600 16,549
  Canada 1.250% 9/1/18 CAD 9,125 7,071
  Canada 0.500% 11/1/18 CAD 78,300 59,926
  Canada 0.500% 2/1/19 CAD 85,000 64,962
  Canada 1.750% 3/1/19 CAD 5,860 4,593
  Canada 3.750% 6/1/19 CAD 34,510 28,331
  Canada 1.750% 9/1/19 CAD 47,970 37,739
  Canada 3.500% 1/13/20 EUR 2,000 2,404
  Canada 1.500% 3/1/20 CAD 19,945 15,594
  Canada 3.500% 6/1/20 CAD 45,000 37,459
  Canada 0.750% 9/1/20 CAD 21,720 16,545
  Canada 0.750% 3/1/21 CAD 45,240 34,314
  Canada 3.250% 6/1/21 CAD 45,205 37,897
  Canada 0.750% 9/1/21 CAD 41,765 31,575
  Canada 0.500% 3/1/22 CAD 25,000 18,570
  Canada 2.750% 6/1/22 CAD 74,900 62,019
  Canada 1.500% 6/1/23 CAD 33,218 25,686
  Canada 8.000% 6/1/23 CAD 6,000 6,447
  Canada 2.500% 6/1/24 CAD 45,609 37,399
  Canada 2.250% 6/1/25 CAD 30,740 24,715
  Canada 1.500% 6/1/26 CAD 30,274 22,756
  Canada 1.000% 6/1/27 CAD 14,800 10,450
  Canada 8.000% 6/1/27 CAD 7,000 8,478
  Canada 5.750% 6/1/29 CAD 25,580 27,563
  Canada 5.750% 6/1/33 CAD 73,523 83,285
  Canada 5.000% 6/1/37 CAD 48,435 52,839
  Canada 4.000% 6/1/41 CAD 55,743 55,058
  Canada 3.500% 12/1/45 CAD 40,879 38,281
  Canada 2.750% 12/1/48 CAD 33,379 27,593
  Canada 2.750% 12/1/64 CAD 12,500 10,597
2,5 Canada Housing Trust No 1 1.750% 6/15/18 CAD 20,175 15,713

 

 

2 Canada Housing Trust No 1 2.050% 6/15/18 CAD 10,000 7,829
2 Canada Housing Trust No 1 2.350% 12/15/18 CAD 45,000 35,546
2,5 Canada Housing Trust No 1 4.100% 12/15/18 CAD 10,000 8,147
2 Canada Housing Trust No 1 1.950% 6/15/19 CAD 28,000 21,981
2 Canada Housing Trust No 1 2.000% 12/15/19 CAD 43,800 34,427
2,5 Canada Housing Trust No 1 3.750% 3/15/20 CAD 10,000 8,226
2 Canada Housing Trust No 1 1.200% 6/15/20 CAD 9,050 6,889
2 Canada Housing Trust No 1 1.450% 6/15/20 CAD 15,000 11,512
2 Canada Housing Trust No 1 1.250% 12/15/20 CAD 30,000 23,045
2 Canada Housing Trust No 1 3.350% 12/15/20 CAD 12,000 9,946
2,5 Canada Housing Trust No 1 1.250% 6/15/21 CAD 30,000 22,858
  Canada Housing Trust No 1 1.150% 12/15/21 CAD 75,854 57,165
2 Canada Housing Trust No 1 1.500% 12/15/21 CAD 1,000 766
2 Canada Housing Trust No 1 2.650% 3/15/22 CAD 16,500 13,247
2 Canada Housing Trust No 1 2.400% 12/15/22 CAD 10,000 7,970
2 Canada Housing Trust No 1 2.350% 9/15/23 CAD 210 166
2 Canada Housing Trust No 1 3.150% 9/15/23 CAD 30,000 24,931
2 Canada Housing Trust No 1 2.900% 6/15/24 CAD 14,000 11,450
2 Canada Housing Trust No 1 2.550% 3/15/25 CAD 13,000 10,260
2 Canada Housing Trust No 1 1.950% 12/15/25 CAD 20,000 14,958
2 Canada Housing Trust No 1 2.250% 12/15/25 CAD 5,225 4,004
2 Canada Housing Trust No 1 1.900% 9/15/26 CAD 32,250 24,005
5 Canada Post Corp. 4.360% 7/16/40 CAD 3,650 3,319
  CDP Financial Inc. 4.600% 7/15/20 CAD 350 296
  City of Montreal 5.000% 12/1/18 CAD 400 328
  City of Montreal 3.500% 9/1/23 CAD 7,450 6,084
  City of Montreal 3.000% 9/1/25 CAD 7,000 5,464
  City of Montreal 4.100% 12/1/34 CAD 3,175 2,573
  City of Toronto 4.500% 12/2/19 CAD 5,000 4,164
  City of Toronto 3.900% 9/29/23 CAD 4,742 3,990
  City of Toronto 2.950% 4/28/35 CAD 6,250 4,378
  City of Toronto 5.200% 6/1/40 CAD 1,220 1,149
  City of Toronto 4.700% 6/10/41 CAD 2,000 1,770
  City of Toronto 4.150% 3/10/44 CAD 4,950 4,064
  CPPIB Capital Inc. 1.400% 6/4/20 CAD 700 536
  Export Development Canada 1.875% 12/17/18 GBP 3,000 3,871
  Export Development Canada 3.500% 6/5/19 AUD 10,000 7,786
  Export Development Canada 1.375% 12/16/19 GBP 3,500 4,498
  Financement-Quebec 2.450% 12/1/19 CAD 9,240 7,322
  Financement-Quebec 5.250% 6/1/34 CAD 3,000 2,869
  Hydro One Inc. 2.780% 10/9/18 CAD 2,000 1,574
  Hydro One Inc. 4.400% 6/1/20 CAD 3,000 2,510
  Hydro One Inc. 1.840% 2/24/21 CAD 400 309
  Hydro One Inc. 3.200% 1/13/22 CAD 450 367
  Hydro One Inc. 2.770% 2/24/26 CAD 4,800 3,716
  Hydro One Inc. 6.930% 6/1/32 CAD 1,000 1,051
  Hydro One Inc. 5.360% 5/20/36 CAD 1,000 922
  Hydro One Inc. 5.490% 7/16/40 CAD 3,525 3,369
  Hydro One Inc. 4.390% 9/26/41 CAD 5,115 4,236
  Hydro One Inc. 4.590% 10/9/43 CAD 5,500 4,739
  Hydro One Inc. 3.720% 11/18/47 CAD 1,441 1,079
  Hydro One Inc. 3.790% 7/31/62 CAD 2,000 1,475
  Hydro-Quebec 1.000% 5/25/19 CAD 9,840 7,538
  Hydro-Quebec 11.000% 8/15/20 CAD 450 459
  Hydro-Quebec 10.500% 10/15/21 CAD 2,000 2,140
  Hydro-Quebec 9.625% 7/15/22 CAD 12,000 12,858
  Hydro-Quebec 6.000% 8/15/31 CAD 4,270 4,375

 

 

Hydro-Quebec 6.500% 1/16/35 CAD 280 309
Hydro-Quebec 6.500% 2/15/35 CAD 14,000 15,453
Hydro-Quebec 6.000% 2/15/40 CAD 11,000 12,012
Hydro-Quebec 5.000% 2/15/45 CAD 18,950 18,779
Hydro-Quebec 5.000% 2/15/50 CAD 20,900 21,181
Hydro-Quebec 4.000% 2/15/55 CAD 1,270 1,107
2,5 Labrador-Island Link Funding Trust 3.760% 6/1/33 CAD 3,000 2,480
2,5 Labrador-Island Link Funding Trust 3.860% 12/1/45 CAD 3,790 3,220
2,5 Labrador-Island Link Funding Trust 3.850% 12/1/53 CAD 2,070 1,780
5 Maritime Link Financing Trust 3.500% 12/1/52 CAD 4,600 3,594
Municipal Finance Authority of British          
Columbia 2.050% 6/2/19 CAD 7,150 5,583
Municipal Finance Authority of British          
Columbia 4.450% 6/1/20 CAD 400 336
Municipal Finance Authority of British          
Columbia 1.650% 4/19/21 CAD 4,500 3,435
Municipal Finance Authority of British          
Columbia 4.150% 6/1/21 CAD 4,050 3,414
Municipal Finance Authority of British          
Columbia 2.950% 10/14/24 CAD 6,000 4,751
Municipal Finance Authority of British          
Columbia 2.500% 4/19/26 CAD 1,850 1,405
2,5 Muskrat Falls / Labrador Transmission Assets          
Funding Trust 3.630% 6/1/29 CAD 5,300 4,405
2,5 Muskrat Falls / Labrador Transmission Assets          
Funding Trust 3.830% 6/1/37 CAD 1,000 839
2,5 Muskrat Falls / Labrador Transmission Assets          
Funding Trust 3.860% 12/1/48 CAD 3,500 2,996
Newfoundland & Labrador Hydro 3.600% 12/1/45 CAD 1,500 1,070
Ontario Electricity Financial Corp. 10.125% 10/15/21 CAD 2,500 2,628
Ontario Electricity Financial Corp. 8.900% 8/18/22 CAD 10,250 10,700
Ontario Electricity Financial Corp. 8.250% 6/22/26 CAD 7,000 7,829
Province of Alberta 1.250% 6/1/20 CAD 15,900 12,153
Province of Alberta 1.350% 9/1/21 CAD 12,000 9,084
Province of Alberta 2.350% 6/1/25 CAD 9,300 7,076
Province of Alberta 2.200% 6/1/26 CAD 20,000 14,873
Province of Alberta 2.900% 9/20/29 CAD 6,000 4,567
Province of Alberta 3.900% 12/1/33 CAD 2,000 1,658
Province of Alberta 3.450% 12/1/43 CAD 14,075 10,824
Province of Alberta 3.300% 12/1/46 CAD 17,265 12,929
Province of British Columbia 4.650% 12/18/18 CAD 2,270 1,835
Province of British Columbia 4.100% 12/18/19 CAD 25,000 20,759
Province of British Columbia 3.250% 12/18/21 CAD 2,270 1,875
Province of British Columbia 2.700% 12/18/22 CAD 5,000 4,020
Province of British Columbia 3.300% 12/18/23 CAD 11,000 9,116
Province of British Columbia 2.850% 6/18/25 CAD 5,185 4,142
Province of British Columbia 2.300% 6/18/26 CAD 15,000 11,394
Province of British Columbia 5.700% 6/18/29 CAD 13,500 13,495
Province of British Columbia 6.350% 6/18/31 CAD 5,000 5,352
Province of British Columbia 4.700% 6/18/37 CAD 3,300 3,085
Province of British Columbia 4.950% 6/18/40 CAD 7,000 6,846
Province of British Columbia 4.300% 6/18/42 CAD 10,725 9,666
Province of British Columbia 3.200% 6/18/44 CAD 12,800 9,680
Province of British Columbia 2.800% 6/18/48 CAD 14,000 9,752
Province of British Columbia 4.900% 6/18/48 CAD 3,000 3,034
Province of Manitoba 4.750% 2/11/20 CAD 5,250 4,437
Province of Manitoba 4.150% 6/3/20 CAD 6,000 5,016

 

 

Province of Manitoba 1.600% 9/5/20 CAD 3,000 2,314
Province of Manitoba 3.300% 6/2/24 CAD 3,000 2,457
Province of Manitoba 2.450% 6/2/25 CAD 7,000 5,365
Province of Manitoba 4.400% 9/5/25 CAD 3,500 3,066
Province of Manitoba 2.550% 6/2/26 CAD 19,000 14,639
Province of Manitoba 3.250% 9/5/29 CAD 2,270 1,782
Province of Manitoba 5.700% 3/5/37 CAD 3,000 3,042
Province of Manitoba 4.600% 3/5/38 CAD 3,000 2,692
Province of Manitoba 4.650% 3/5/40 CAD 4,000 3,637
Province of Manitoba 4.100% 3/5/41 CAD 5,000 4,217
Province of Manitoba 3.350% 3/5/43 CAD 2,000 1,495
Province of Manitoba 4.050% 9/5/45 CAD 5,000 4,229
Province of Manitoba 2.850% 9/5/46 CAD 8,000 5,424
Province of Manitoba 4.700% 3/5/50 CAD 235 222
Province of Manitoba 3.150% 9/5/52 CAD 250 178
Province of New Brunswick 4.450% 3/26/18 CAD 2,000 1,599
Province of New Brunswick 2.850% 6/2/23 CAD 5,000 3,995
Province of New Brunswick 3.650% 6/3/24 CAD 11,000 9,195
Province of New Brunswick 2.600% 8/14/26 CAD 5,000 3,807
Province of New Brunswick 4.550% 3/26/37 CAD 7,000 6,159
Province of New Brunswick 4.800% 9/26/39 CAD 2,420 2,207
Province of New Brunswick 4.800% 6/3/41 CAD 2,990 2,734
Province of New Brunswick 3.550% 6/3/43 CAD 3,000 2,275
Province of New Brunswick 3.800% 8/14/45 CAD 7,965 6,317
Province of Newfoundland and Labrador 2.300% 6/2/25 CAD 5,000 3,705
Province of Newfoundland and Labrador 3.000% 6/2/26 CAD 1,000 769
Province of Newfoundland and Labrador 6.150% 4/17/28 CAD 1,000 976
Province of Newfoundland and Labrador 4.650% 10/17/40 CAD 2,270 1,951
Province of Newfoundland and Labrador 3.300% 10/17/46 CAD 8,950 6,156
Province of Newfoundland and Labrador 3.700% 10/17/48 CAD 3,000 2,219
Province of Nova Scotia 4.150% 11/25/19 CAD 250 207
Province of Nova Scotia 4.100% 6/1/21 CAD 11,000 9,298
Province of Nova Scotia 2.100% 6/1/27 CAD 16,000 11,551
Province of Nova Scotia 5.800% 6/1/33 CAD 2,000 2,001
Province of Nova Scotia 4.700% 6/1/41 CAD 2,000 1,827
Province of Nova Scotia 4.400% 6/1/42 CAD 2,000 1,755
Province of Nova Scotia 3.450% 6/1/45 CAD 3,000 2,274
Province of Nova Scotia 3.500% 6/2/62 CAD 5,270 4,041
Province of Ontario 2.100% 9/8/18 CAD 10,000 7,828
Province of Ontario 4.400% 6/2/19 CAD 15,000 12,379
Province of Ontario 2.100% 9/8/19 CAD 11,500 9,032
Province of Ontario 4.000% 12/3/19 EUR 35,000 42,291
Province of Ontario 2.375% 5/7/20 CHF 1,100 1,216
Province of Ontario 4.200% 6/2/20 CAD 48,000 40,214
Province of Ontario 4.850% 6/2/20 CAD 10,000 8,540
Province of Ontario 3.000% 9/28/20 EUR 7,750 9,310
Province of Ontario 6.250% 9/29/20 AUD 9,535 8,090
Province of Ontario 4.000% 6/2/21 CAD 23,670 19,966
Province of Ontario 1.350% 3/8/22 CAD 30,000 22,704
Province of Ontario 3.150% 6/2/22 CAD 73,000 59,795
Province of Ontario 2.850% 6/2/23 CAD 35,090 28,203
Province of Ontario 1.875% 5/21/24 EUR 5,000 5,906
Province of Ontario 3.500% 6/2/24 CAD 46,250 38,461
Province of Ontario 0.875% 1/21/25 EUR 5,000 5,491
Province of Ontario 2.600% 6/2/25 CAD 53,465 41,628
Province of Ontario 2.400% 6/2/26 CAD 28,280 21,441
Province of Ontario 7.600% 6/2/27 CAD 15,000 16,425

 

 

Province of Ontario 6.500% 3/8/29 CAD 16,560 17,342
Province of Ontario 6.200% 6/2/31 CAD 13,000 13,644
Province of Ontario 5.850% 3/8/33 CAD 14,750 15,156
Province of Ontario 5.600% 6/2/35 CAD 20,000 20,342
Province of Ontario 4.700% 6/2/37 CAD 29,700 27,491
Province of Ontario 4.600% 6/2/39 CAD 34,000 31,306
Province of Ontario 4.650% 6/2/41 CAD 35,675 33,268
Province of Ontario 3.500% 6/2/43 CAD 44,000 34,609
Province of Ontario 3.450% 6/2/45 CAD 53,785 42,001
Province of Ontario 2.900% 12/2/46 CAD 49,467 34,747
Province of Ontario 2.800% 6/2/48 CAD 24,550 16,827
Province of Prince Edward Island 3.600% 1/17/53 CAD 2,994 2,213
Province of Saskatchewan 3.200% 6/3/24 CAD 9,500 7,737
Province of Saskatchewan 2.550% 6/2/26 CAD 5,000 3,812
Province of Saskatchewan 5.750% 3/5/29 CAD 3,000 2,940
Province of Saskatchewan 5.000% 3/5/37 CAD 240 226
Province of Saskatchewan 4.750% 6/1/40 CAD 2,400 2,217
Province of Saskatchewan 3.400% 2/3/42 CAD 3,500 2,650
Province of Saskatchewan 2.750% 12/2/46 CAD 11,950 7,977
Province of Saskatchewan 3.300% 6/2/48 CAD 6,000 4,471
PSP Capital Inc. 2.090% 11/22/23 CAD 4,000 3,042
PSP Capital Inc. 3.290% 4/4/24 CAD 375 307
Quebec 4.750% 4/29/18 EUR 1,000 1,148
Quebec 4.500% 12/1/18 CAD 5,140 4,203
Quebec 5.000% 4/29/19 EUR 9,300 11,226
Quebec 4.500% 12/1/19 CAD 13,000 10,883
Quebec 4.500% 12/1/20 CAD 22,500 19,229
Quebec 4.250% 12/1/21 CAD 15,000 12,880
Quebec 3.500% 12/1/22 CAD 22,220 18,514
Quebec 9.375% 1/16/23 CAD 3,000 3,256
Quebec 2.250% 7/17/23 EUR 12,500 15,075
Quebec 3.000% 9/1/23 CAD 20,240 16,405
Quebec 2.375% 1/22/24 EUR 1,000 1,217
Quebec 3.750% 9/1/24 CAD 19,650 16,634
Quebec 0.875% 1/15/25 EUR 4,000 4,398
Quebec 5.350% 6/1/25 CAD 5,000 4,672
Quebec 2.750% 9/1/25 CAD 28,480 22,383
Quebec 2.500% 9/1/26 CAD 37,500 28,610
Quebec 2.750% 9/1/27 CAD 5,000 3,859
Quebec 6.000% 10/1/29 CAD 15,000 15,263
Quebec 6.250% 6/1/32 CAD 10,275 10,897
Quebec 5.750% 12/1/36 CAD 12,240 12,761
Quebec 5.000% 12/1/38 CAD 16,900 16,339
Quebec 5.000% 12/1/41 CAD 30,690 29,961
Quebec 4.250% 12/1/43 CAD 34,125 30,204
Quebec 3.500% 12/1/45 CAD 36,600 28,724
Quebec 3.500% 12/1/48 CAD 18,000 14,167
Regional Municipality of Peel Ontario 5.100% 6/29/40 CAD 1,600 1,509
Regional Municipality of York 2.600% 12/15/25 CAD 5,000 3,799
Regional Municipality of York 2.500% 6/2/26 CAD 3,000 2,248
Regional Municipality of York 4.050% 5/1/34 CAD 2,400 1,956
          3,173,589
Total Canada (Cost $4,285,036)         4,066,855
Chile (0.0%)          
Sovereign Bonds (0.0%)          
2 Corp. Nacional del Cobre de Chile 2.250% 7/9/24 EUR 3,000 3,356

 

 

Republic of Chile 1.625% 1/30/25 EUR 4,000 4,533
Republic of Chile 1.875% 5/27/30 EUR 5,900 6,640
Total Chile (Cost $15,399)         14,529
China (0.0%)          
Sovereign Bonds (0.0%)          
Export-Import Bank of China 0.375% 4/26/19 EUR 18,100 19,630
Sinopec Group Overseas Development 2013          
Ltd. 2.625% 10/17/20 EUR 2,350 2,717
2 Sinopec Group Overseas Development 2015          
Ltd. 0.500% 4/27/18 EUR 1,000 1,084
Sinopec Group Overseas Development 2015          
Ltd. 0.500% 4/27/18 EUR 3,000 3,253
2 Sinopec Group Overseas Development 2015          
Ltd. 1.000% 4/28/22 EUR 1,000 1,081
State Grid Europe Development 2014 plc 2.450% 1/26/27 EUR 2,240 2,501
Total China (Cost $29,998)         30,266
Czech Republic (0.2%)          
Sovereign Bonds (0.2%)          
CEZ AS 4.500% 6/29/20 EUR 550 677
CEZ AS 5.000% 10/19/21 EUR 2,000 2,610
CEZ AS 4.875% 4/16/25 EUR 3,500 4,844
CEZ AS 3.000% 6/5/28 EUR 500 612
Czech Republic 0.850% 3/17/18 CZK 35,300 1,441
Czech Republic 5.000% 6/11/18 EUR 9,000 10,392
Czech Republic 4.600% 8/18/18 CZK 100,000 4,328
Czech Republic 5.000% 4/11/19 CZK 250,000 11,230
Czech Republic 1.500% 10/29/19 CZK 450,000 18,958
Czech Republic 4.125% 3/18/20 EUR 7,000 8,559
Czech Republic 3.750% 9/12/20 CZK 100,000 4,593
Czech Republic 3.625% 4/14/21 EUR 3,000 3,730
Czech Republic 3.850% 9/29/21 CZK 350,000 16,661
Czech Republic 3.875% 5/24/22 EUR 2,000 2,579
Czech Republic 4.700% 9/12/22 CZK 130,000 6,599
Czech Republic 0.450% 10/25/23 CZK 100,000 4,078
Czech Republic 5.700% 5/25/24 CZK 220,000 12,337
Czech Republic 2.400% 9/17/25 CZK 250,000 11,707
Czech Republic 2.500% 8/25/28 CZK 320,000 15,354
Czech Republic 4.200% 12/4/36 CZK 50,000 3,163
Czech Republic 4.850% 11/26/57 CZK 80,000 5,872
Total Czech Republic (Cost $156,953)         150,324
Denmark (0.7%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.1%)        
BRFkredit A/S 0.250% 7/1/23 EUR 8,000 8,534
BRFkredit A/S 0.500% 10/1/26 EUR 3,500 3,627
Danske Bank A/S 3.500% 4/16/18 EUR 900 1,016
Danske Bank A/S 0.375% 8/26/19 EUR 6,000 6,566
Danske Bank A/S 4.125% 11/26/19 EUR 1,000 1,209
Danske Bank A/S 1.625% 2/28/20 EUR 5,000 5,681
Danske Bank A/S 0.250% 6/4/20 EUR 3,800 4,143
Danske Bank A/S 1.250% 6/11/21 EUR 10,000 11,340
Danske Bank A/S 3.750% 6/23/22 EUR 500 642
Nordea Kredit Realkreditaktieselskab 1.000% 10/1/21 DKK 100,000 14,990
Nordea Kredit Realkreditaktieselskab 3.500% 10/1/44 DKK 2,754 423
Nykredit Realkredit A/S 2.000% 4/1/18 DKK 30,000 4,481

 

 

Nykredit Realkredit A/S 2.000% 10/1/18 DKK 20,000 3,007
Nykredit Realkredit A/S 1.750% 1/28/19 EUR 5,000 5,570
Nykredit Realkredit A/S 1.000% 7/1/21 DKK 100,000 15,063
Nykredit Realkredit A/S 2.000% 10/1/47 DKK 67,899 8,876
Realkredit Danmark A/S 1.000% 4/1/19 DKK 230,000 34,251
Realkredit Danmark A/S 4.000% 10/1/41 DKK 775 118
          129,537
Corporate Bonds (0.1%)          
AP Moeller - Maersk A/S 3.375% 8/28/19 EUR 2,000 2,329
AP Moeller - Maersk A/S 4.000% 4/4/25 GBP 4,500 5,917
Carlsberg Breweries A/S 2.625% 7/3/19 EUR 3,000 3,434
Danske Bank A/S 0.500% 5/6/21 EUR 6,000 6,524
1 Danske Bank A/S 5.375% 9/29/21 GBP 600 795
1 Danske Bank A/S 2.750% 5/19/26 EUR 9,000 10,268
ISS Global A/S 2.125% 12/2/24 EUR 500 570
1 Nykredit Realkredit A/S 2.750% 11/17/27 EUR 7,500 8,228
TDC A/S 4.375% 2/23/18 EUR 2,000 2,254
TDC A/S 5.625% 2/23/23 GBP 3,100 4,444
TDC A/S 1.750% 2/27/27 EUR 5,000 5,196
          49,959
Sovereign Bonds (0.5%)          
DONG Energy A/S 6.500% 5/7/19 EUR 1,000 1,236
DONG Energy A/S 4.875% 12/16/21 EUR 3,000 3,939
DONG Energy A/S 2.625% 9/19/22 EUR 1,000 1,197
DONG Energy A/S 4.875% 1/12/32 GBP 1,000 1,541
DONG Energy A/S 5.750% 4/9/40 GBP 1,000 1,768
DONG Energy A/S 4.875% 7/8/49 EUR 1,500 1,699
1 DONG Energy A/S 6.250% 6/26/13 EUR 1,045 1,283
Kingdom of Denmark 0.250% 11/15/18 DKK 80,000 11,793
Kingdom of Denmark 4.000% 11/15/19 DKK 85,000 13,902
Kingdom of Denmark 3.000% 11/15/21 DKK 287,000 48,023
Kingdom of Denmark 1.500% 11/15/23 DKK 350,100 55,604
Kingdom of Denmark 7.000% 11/10/24 DKK 73,860 16,369
Kingdom of Denmark 1.750% 11/15/25 DKK 370,000 59,714
Kingdom of Denmark 0.500% 11/15/27 DKK 140,000 19,869
Kingdom of Denmark 4.500% 11/15/39 DKK 472,950 115,007
Kommunekredit 0.250% 3/29/23 EUR 700 754
          353,698
Total Denmark (Cost $559,181)         533,194
Finland (0.6%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.1%)        
Aktia Bank plc 1.125% 6/25/18 EUR 1,200 1,321
Danske Bank Oyj 0.250% 11/26/20 EUR 10,000 10,907
Danske Bank Oyj 3.875% 6/21/21 EUR 2,000 2,519
Nordea Bank Finland plc 1.375% 8/28/18 EUR 10,000 11,095
Nordea Bank Finland plc 2.250% 5/3/19 EUR 4,350 4,976
Nordea Bank Finland plc 1.375% 1/15/20 EUR 11,400 12,864
Nordea Bank Finland plc 1.000% 11/5/24 EUR 5,000 5,601
Nordea Bank Finland plc 0.625% 3/17/27 EUR 13,000 13,746
OP Mortgage Bank 3.500% 7/11/18 EUR 500 569
OP Mortgage Bank 0.750% 6/11/19 EUR 10,000 11,043
OP Mortgage Bank 1.500% 3/17/21 EUR 10,000 11,458
OP Mortgage Bank 0.625% 9/4/22 EUR 10,000 11,038
          97,137

 

 

Corporate Bonds (0.0%)          
Citycon Oyj 3.750% 6/24/20 EUR 500 599
Nordea Bank Finland plc 0.625% 10/19/22 EUR 300 331
OP Corporate Bank plc 1.250% 5/14/18 EUR 5,825 6,394
OP Corporate Bank plc 2.000% 3/3/21 EUR 3,000 3,463
OP Corporate Bank plc 0.875% 6/21/21 EUR 8,000 8,833
OP Corporate Bank plc 0.750% 3/3/22 EUR 1,000 1,095
Sampo Oyj 1.500% 9/16/21 EUR 5,800 6,481
Sampo Oyj 1.000% 9/18/23 EUR 500 532
          27,728
Sovereign Bonds (0.5%)          
Fortum Oyj 6.000% 3/20/19 EUR 1,000 1,214
Fortum Oyj 4.000% 5/24/21 EUR 5,000 6,196
Fortum Oyj 2.250% 9/6/22 EUR 9,500 11,048
2 Republic of Finland 1.125% 9/15/18 EUR 9,000 9,993
Republic of Finland 1.000% 12/17/18 GBP 2,000 2,538
2 Republic of Finland 4.375% 7/4/19 EUR 14,000 16,927
Republic of Finland 1.500% 12/19/19 GBP 1,950 2,515
2 Republic of Finland 3.375% 4/15/20 EUR 18,000 21,823
2 Republic of Finland 0.375% 9/15/20 EUR 15,000 16,626
2 Republic of Finland 3.500% 4/15/21 EUR 13,000 16,261
2 Republic of Finland 1.625% 9/15/22 EUR 7,000 8,255
2 Republic of Finland 1.500% 4/15/23 EUR 35,000 41,110
2 Republic of Finland 0.000% 9/15/23 EUR 23,250 24,823
2 Republic of Finland 2.000% 4/15/24 EUR 28,850 35,055
2 Republic of Finland 4.000% 7/4/25 EUR 10,363 14,499
2 Republic of Finland 0.875% 9/15/25 EUR 10,000 11,136
2 Republic of Finland 0.500% 4/15/26 EUR 15,000 16,016
2 Republic of Finland 2.750% 7/4/28 EUR 11,228 14,738
2 Republic of Finland 0.750% 4/15/31 EUR 24,700 25,651
2 Republic of Finland 2.625% 7/4/42 EUR 13,000 17,978
          314,402
Total Finland (Cost $466,629)         439,267
France (11.4%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.9%)        
AXA Bank Europe SCF 1.875% 9/20/19 EUR 9,000 10,247
BNP Paribas Home Loan SFH 3.750% 4/20/20 EUR 3,000 3,646
BNP Paribas Home Loan SFH 1.375% 6/17/20 EUR 7,500 8,512
BNP Paribas Home Loan SFH 3.125% 3/22/22 EUR 7,000 8,728
BNP Paribas Home Loan SFH 0.875% 11/14/24 EUR 5,000 5,569
BPCE SFH SA 1.500% 2/28/18 EUR 1,000 1,102
BPCE SFH SA 1.500% 1/30/20 EUR 5,000 5,663
BPCE SFH SA 0.375% 7/28/20 EUR 700 767
BPCE SFH SA 2.125% 9/17/20 EUR 13,000 15,147
BPCE SFH SA 3.750% 9/13/21 EUR 6,300 7,942
BPCE SFH SA 4.000% 3/23/22 EUR 3,000 3,870
BPCE SFH SA 2.375% 11/29/23 EUR 5,000 6,112
BPCE SFH SA 1.750% 6/27/24 EUR 20,000 23,541
BPCE SFH SA 1.000% 2/24/25 EUR 5,000 5,565
Caisse de Refinancement de l'Habitat SA 4.000% 4/25/18 EUR 4,525 5,144
Caisse de Refinancement de l'Habitat SA 5.000% 4/8/19 EUR 3,000 3,611
Caisse de Refinancement de l'Habitat SA 1.375% 10/25/19 EUR 11,500 12,954
Caisse de Refinancement de l'Habitat SA 3.500% 6/22/20 EUR 5,000 6,062
Caisse de Refinancement de l'Habitat SA 2.500% 3/29/21 CHF 1,000 1,128
Caisse de Refinancement de l'Habitat SA 3.600% 9/13/21 EUR 2,000 2,517

 

 

Caisse de Refinancement de l'Habitat SA 4.000% 6/17/22 EUR 14,870 19,389
Caisse de Refinancement de l'Habitat SA 3.300% 9/23/22 EUR 9,500 12,065
Caisse de Refinancement de l'Habitat SA 4.300% 2/24/23 EUR 7,000 9,418
Caisse de Refinancement de l'Habitat SA 3.900% 10/20/23 EUR 5,000 6,688
Caisse de Refinancement de l'Habitat SA 3.600% 3/8/24 EUR 10,600 14,016
Caisse de Refinancement de l'Habitat SA 2.400% 1/17/25 EUR 1,000 1,239
Caisse Francaise de Financement Local 3.625% 2/26/18 EUR 3,000 3,375
Caisse Francaise de Financement Local 0.375% 9/16/19 EUR 3,000 3,288
Caisse Francaise de Financement Local 1.750% 7/16/20 EUR 10,000 11,486
Caisse Francaise de Financement Local 3.500% 9/24/20 EUR 8,551 10,438
Caisse Francaise de Financement Local 4.250% 1/26/21 EUR 7,000 8,846
Caisse Francaise de Financement Local 4.250% 1/26/22 EUR 3,000 3,904
Caisse Francaise de Financement Local 0.625% 1/26/23 EUR 17,300 19,062
Caisse Francaise de Financement Local 0.200% 4/27/23 EUR 15,600 16,717
Caisse Francaise de Financement Local 5.375% 7/8/24 EUR 4,000 5,865
Caisse Francaise de Financement Local 1.125% 9/9/25 EUR 12,000 13,437
Caisse Francaise de Financement Local 3.000% 10/2/28 EUR 9,500 12,401
Caisse Francaise de Financement Local 1.250% 1/22/35 EUR 500 516
Cie de Financement Foncier SA 4.500% 5/16/18 EUR 2,600 2,980
Cie de Financement Foncier SA 1.125% 3/11/19 EUR 10,500 11,665
Cie de Financement Foncier SA 3.500% 11/5/20 EUR 19,400 23,733
Cie de Financement Foncier SA 4.375% 4/15/21 EUR 8,128 10,371
Cie de Financement Foncier SA 2.250% 10/13/21 CHF 3,000 3,390
Cie de Financement Foncier SA 0.250% 3/16/22 EUR 16,000 17,313
Cie de Financement Foncier SA 0.625% 2/10/23 EUR 22,000 24,154
Cie de Financement Foncier SA 2.000% 5/7/24 EUR 14,000 16,708
Cie de Financement Foncier SA 0.500% 9/4/24 EUR 10,000 10,730
Cie de Financement Foncier SA 0.750% 1/21/25 EUR 16,000 17,386
Cie de Financement Foncier SA 4.000% 10/24/25 EUR 15,300 21,032
Cie de Financement Foncier SA 3.875% 4/25/55 EUR 4,000 6,250
CIF Euromortgage SA 3.750% 10/23/19 EUR 7,000 8,360
Compagnie De Financement Foncier SA 2.375% 8/24/18 CHF 14,000 14,827
Compagnie De Financement Foncier SA 4.875% 5/25/21 EUR 16,544 21,547
Compagnie De Financement Foncier SA 5.750% 10/4/21 EUR 500 681
Compagnie De Financement Foncier SA 4.250% 1/19/22 EUR 1,000 1,298
Compagnie De Financement Foncier SA 2.375% 11/21/22 EUR 5,800 7,014
Compagnie De Financement Foncier SA 5.500% 1/26/27 GBP 2,350 3,809
Credit Agricole Home Loan SFH 3.500% 6/14/18 EUR 2,000 2,274
Credit Agricole Home Loan SFH 1.625% 3/11/20 EUR 8,400 9,575
Credit Agricole Home Loan SFH 3.875% 1/12/21 EUR 2,500 3,117
Credit Agricole Home Loan SFH 4.000% 1/17/22 EUR 5,000 6,443
Credit Agricole Home Loan SFH 0.625% 11/28/22 EUR 15,000 16,565
Credit Agricole Home Loan SFH 4.000% 7/16/25 EUR 2,000 2,763
Credit Agricole Home Loan SFH 1.250% 3/24/31 EUR 8,000 8,674
Credit Agricole Public Sector SCF 1.875% 9/20/19 EUR 1,500 1,709
Credit Agricole Public Sector SCF 1.875% 6/7/23 EUR 6,200 7,350
Credit Mutuel - CIC Home Loan SFH 1.125% 2/6/19 EUR 6,300 6,995
Credit Mutuel - CIC Home Loan SFH 1.375% 4/22/20 EUR 6,500 7,364
Credit Mutuel - CIC Home Loan SFH 0.500% 1/21/22 EUR 5,000 5,502
Credit Mutuel - CIC Home Loan SFH 4.125% 1/16/23 EUR 6,100 8,097
Credit Mutuel - CIC Home Loan SFH 2.500% 9/11/23 EUR 3,000 3,693
Credit Mutuel Arkea Home Loans SFH 2.375% 7/11/23 EUR 6,000 7,310
HSBC SFH France SA 1.875% 10/28/20 EUR 2,000 2,320
HSBC SFH France SA 0.375% 3/11/22 EUR 5,000 5,475
HSBC SFH France SA 2.000% 10/16/23 EUR 2,500 2,997
La Banque Postale Home Loan SFH 0.175% 4/22/22 EUR 5,000 5,416
La Banque Postale Home Loan SFH 2.375% 1/15/24 EUR 4,800 5,888

 

 

Societe Generale SCF SA 3.375% 4/16/18 EUR 4,900 5,525
Societe Generale SCF SA 5.000% 3/27/19 EUR 8,000 9,619
Societe Generale SCF SA 4.250% 2/3/23 EUR 4,600 6,151
Societe Generale SFH 1.750% 3/5/20 EUR 3,000 3,432
Societe Generale SFH 1.625% 1/5/21 EUR 1,000 1,151
Societe Generale SFH 4.000% 1/18/22 EUR 2,000 2,577
Societe Generale SFH 2.000% 4/29/24 EUR 5,000 6,003
Societe Generale SFH SA 0.125% 2/27/20 EUR 1,000 1,090
          688,300
Corporate Bonds (1.8%)          
Accor SA 2.625% 2/5/21 EUR 2,000 2,318
Air Liquide Finance SA 2.125% 10/15/21 EUR 300 351
Air Liquide Finance SA 0.500% 6/13/22 EUR 1,300 1,406
Air Liquide Finance SA 1.250% 6/3/25 EUR 5,500 6,054
Air Liquide Finance SA 1.250% 6/13/28 EUR 1,000 1,070
Air Liquide SA 2.908% 10/12/18 EUR 5,800 6,573
Air Liquide SA 2.375% 9/6/23 EUR 2,300 2,755
Airbus Group Finance BV 2.375% 4/2/24 EUR 3,500 4,191
Airbus Group Finance BV 2.125% 10/29/29 EUR 700 810
Alstom SA 3.625% 10/5/18 EUR 8,000 9,128
APRR SA 4.875% 1/21/19 EUR 1,000 1,181
APRR SA 2.250% 1/16/20 EUR 2,000 2,288
APRR SA 1.125% 1/15/21 EUR 2,200 2,441
APRR SA 1.875% 1/15/25 EUR 2,400 2,737
APRR SA 1.125% 1/9/26 EUR 400 427
APRR SA 1.250% 1/6/27 EUR 300 318
Arkema SA 3.850% 4/30/20 EUR 600 723
Auchan Holding SA 3.625% 10/19/18 EUR 100 115
Auchan Holding SA 6.000% 4/15/19 EUR 500 610
Auchan Holding SA 1.750% 4/23/21 EUR 3,100 3,532
Auchan Holding SA 2.375% 12/12/22 EUR 2,000 2,367
Auchan Holding SA 2.250% 4/6/23 EUR 6,000 7,041
Autoroutes du Sud de la France SA 4.125% 4/13/20 EUR 2,000 2,426
Autoroutes du Sud de la France SA 2.875% 1/18/23 EUR 3,400 4,134
Autoroutes du Sud de la France SA 2.950% 1/17/24 EUR 5,200 6,378
AXA SA 7.125% 12/15/20 GBP 500 755
AXA SA 5.250% 4/16/40 EUR 2,350 2,814
1 AXA SA 5.125% 7/4/43 EUR 7,000 8,646
1 AXA SA 3.375% 7/6/47 EUR 10,500 11,265
1 AXA SA 3.875% 5/20/49 EUR 950 1,047
1 AXA SA 6.686% 7/29/49 GBP 1,800 2,478
1 AXA SA 6.772% 10/29/49 GBP 2,574 3,431
1 AXA SA 3.941% 11/29/49 EUR 9,480 10,546
1 AXA SA 5.625% 1/16/54 GBP 8,870 11,512
Banque Federative du Credit Mutuel SA 0.250% 6/14/19 EUR 8,500 9,221
Banque Federative du Credit Mutuel SA 4.000% 10/22/20 EUR 4,000 4,858
Banque Federative du Credit Mutuel SA 2.625% 2/24/21 EUR 3,000 3,535
Banque Federative du Credit Mutuel SA 3.250% 8/23/22 EUR 5,500 6,790
Banque Federative du Credit Mutuel SA 3.000% 11/28/23 EUR 8,000 9,860
Banque Federative du Credit Mutuel SA 2.625% 3/18/24 EUR 10,000 12,039
Banque Federative du Credit Mutuel SA 3.000% 5/21/24 EUR 17,324 19,974
Banque Federative du Credit Mutuel SA 1.250% 1/14/25 EUR 1,100 1,201
Banque Federative du Credit Mutuel SA 2.375% 3/24/26 EUR 11,000 11,826
Banque Federative du Credit Mutuel SA 1.875% 11/4/26 EUR 800 817
1 BNP Paribas Cardif SA 4.032% 11/29/49 EUR 1,200 1,294
BNP Paribas SA 1.500% 3/12/18 EUR 15,000 16,474
BNP Paribas SA 1.375% 11/21/18 EUR 4,500 4,978

 

 

BNP Paribas SA 2.000% 1/28/19 EUR 5,000 5,608
BNP Paribas SA 2.375% 11/20/19 GBP 3,350 4,374
BNP Paribas SA 2.250% 1/13/21 EUR 12,500 14,518
BNP Paribas SA 1.125% 8/16/22 GBP 4,000 4,870
BNP Paribas SA 2.875% 10/24/22 EUR 5,000 6,048
BNP Paribas SA 1.125% 1/15/23 EUR 1,000 1,100
BNP Paribas SA 2.875% 9/26/23 EUR 5,000 6,091
BNP Paribas SA 2.375% 5/20/24 EUR 6,000 7,087
BNP Paribas SA 2.375% 2/17/25 EUR 5,000 5,375
1 BNP Paribas SA 2.875% 3/20/26 EUR 6,000 6,710
BNP Paribas SA 2.875% 10/1/26 EUR 4,700 5,156
1 BNP Paribas SA 2.625% 10/14/27 EUR 3,000 3,290
Bouygues SA 3.641% 10/29/19 EUR 2,500 2,955
Bouygues SA 4.500% 2/9/22 EUR 20,800 26,725
Bouygues SA 3.625% 1/16/23 EUR 2,500 3,131
Bouygues SA 5.500% 10/6/26 GBP 8,100 12,522
Bouygues SA 1.375% 6/7/27 EUR 500 528
BPCE SA 2.000% 4/24/18 EUR 10,000 11,064
BPCE SA 1.375% 5/22/19 EUR 5,000 5,563
BPCE SA 2.125% 3/17/21 EUR 8,600 9,938
BPCE SA 4.625% 7/18/23 EUR 1,500 1,879
BPCE SA 2.875% 1/16/24 EUR 8,500 10,428
1 BPCE SA 2.750% 7/8/26 EUR 9,000 9,957
BPCE SA 5.250% 4/16/29 GBP 3,000 4,074
6 Caisse Centrale du Credit Immobilier de          
France SA 0.250% 11/25/18 EUR 6,000 6,537
Caisse Francaise de Financement Local 0.625% 4/13/26 EUR 1,000 1,066
Cap Gemini SA 1.750% 7/1/20 EUR 23,300 26,199
Cap Gemini SA 2.500% 7/1/23 EUR 6,000 7,048
CARMILA SAS 2.375% 9/16/24 EUR 4,000 4,489
Carrefour SA 1.750% 5/22/19 EUR 6,900 7,733
Carrefour SA 4.000% 4/9/20 EUR 6,000 7,242
Carrefour SA 0.750% 4/26/24 EUR 8,100 8,564
Carrefour SA 1.250% 6/3/25 EUR 2,000 2,165
Cie de Saint-Gobain 0.000% 3/27/20 EUR 15,000 16,081
Cie Financiere et Industrielle des Autoroutes          
SA 5.250% 4/30/18 EUR 5,000 5,749
1 CNP Assurances 6.000% 9/14/40 EUR 4,000 4,886
1 CNP Assurances 6.875% 9/30/41 EUR 500 639
1 CNP Assurances 7.375% 9/30/41 GBP 1,000 1,419
1 CNP Assurances 4.250% 6/5/45 EUR 2,200 2,462
1 CNP Assurances 4.500% 6/10/47 EUR 17,500 19,543
Compagnie De St. Gobain SA 3.625% 3/28/22 EUR 5,000 6,228
Compagnie Financiere et Industrielle des          
Autoroutes SA 5.000% 5/24/21 EUR 21,500 27,788
1 Credit Agricole Assurances SA 4.750% 9/27/48 EUR 10,000 10,970
1 Credit Agricole Assurances SA 4.250% 1/29/49 EUR 2,000 2,124
1 Credit Agricole Assurances SA 4.500% 10/31/49 EUR 2,100 2,235
Credit Agricole SA 3.875% 2/13/19 EUR 4,000 4,659
Credit Agricole SA 5.875% 6/11/19 EUR 4,000 4,882
Credit Agricole SA 2.375% 11/27/20 EUR 5,000 5,840
Credit Agricole SA 0.875% 1/19/22 EUR 12,000 13,167
Credit Agricole SA 3.125% 7/17/23 EUR 700 864
Credit Agricole SA 2.375% 5/20/24 EUR 2,000 2,367
Credit Agricole SA 3.125% 2/5/26 EUR 4,100 5,152
Credit Agricole SA 2.625% 3/17/27 EUR 33,400 36,149
Credit Mutuel Arkea SA 1.000% 1/26/23 EUR 8,000 8,691

 

 

Danone SA 1.250% 6/6/18 EUR 5,000 5,487
Danone SA 1.375% 6/10/19 EUR 2,600 2,896
Danone SA 0.167% 11/3/20 EUR 13,000 14,024
Danone SA 2.250% 11/15/21 EUR 2,000 2,344
Danone SA 0.424% 11/3/22 EUR 15,200 16,231
Danone SA 1.208% 11/3/28 EUR 14,000 14,614
Edenred 1.375% 3/10/25 EUR 6,000 6,351
Engie SA 2.250% 6/1/18 EUR 7,595 8,437
Engie SA 6.875% 1/24/19 EUR 250 307
Engie SA 1.375% 5/19/20 EUR 7,000 7,860
Engie SA 6.375% 1/18/21 EUR 4,500 6,047
Engie SA 6.125% 2/11/21 GBP 700 1,050
Engie SA 2.625% 7/20/22 EUR 800 957
Engie SA 3.000% 2/1/23 EUR 4,000 4,903
Engie SA 7.000% 10/30/28 GBP 850 1,564
Engie SA 1.500% 3/13/35 EUR 4,100 4,143
1 Engie SA 4.625% 1/10/49 GBP 1,800 2,357
1 Engie SA 3.875% 6/2/49 EUR 3,700 4,222
1 Engie SA 3.000% 6/29/49 EUR 2,400 2,683
1 Engie SA 3.875% 7/29/49 EUR 2,000 2,282
1 Engie SA 4.750% 7/29/49 EUR 1,000 1,202
Engie SA 5.000% 10/1/60 GBP 3,150 6,090
Engie SA 5.950% 3/16/11 EUR 1,000 1,682
Eutelsat SA 5.000% 1/14/19 EUR 3,700 4,363
Eutelsat SA 2.625% 1/13/20 EUR 5,000 5,698
Eutelsat SA 3.125% 10/10/22 EUR 4,800 5,747
Fonciere Des Regions 1.750% 9/10/21 EUR 5,700 6,358
Fonciere Des Regions 1.875% 5/20/26 EUR 100 108
Gecina SA 1.500% 1/20/25 EUR 10,500 11,556
Holding d'Infrastructures de Transport SAS 4.875% 10/27/21 EUR 500 650
Holding d'Infrastructures de Transport SAS 2.250% 3/24/25 EUR 4,000 4,636
ICADE 2.250% 4/16/21 EUR 5,000 5,759
ICADE 1.125% 11/17/25 EUR 600 616
Imerys SA 0.875% 3/31/22 EUR 600 648
Infra Park SAS 1.250% 10/16/20 EUR 8,000 8,876
JCDecaux SA 1.000% 6/1/23 EUR 10,000 10,859
Kering 1.875% 10/8/18 EUR 1,300 1,447
Kering 2.500% 7/15/20 EUR 10,500 12,206
Kering 0.875% 3/28/22 EUR 100 109
Klepierre 2.750% 9/17/19 EUR 3,600 4,151
Klepierre 1.875% 2/19/26 EUR 7,600 8,592
Legrand SA 4.375% 3/21/18 EUR 1,000 1,131
Legrand SA 3.375% 4/19/22 EUR 300 372
LVMH Moet Hennessy Louis Vuitton SE 1.250% 11/4/19 EUR 7,400 8,263
Mercialys SA 4.125% 3/26/19 EUR 200 234
Mercialys SA 1.787% 3/31/23 EUR 5,100 5,545
Michelin Luxembourg SCS 1.125% 5/28/22 EUR 200 223
Michelin Luxembourg SCS 1.750% 5/28/27 EUR 100 114
Orange SA 5.625% 5/22/18 EUR 2,000 2,317
Orange SA 1.875% 9/3/18 EUR 1,000 1,111
Orange SA 1.875% 10/2/19 EUR 10,100 11,409
Orange SA 7.250% 11/10/20 GBP 400 615
Orange SA 3.375% 9/16/22 EUR 3,500 4,374
Orange SA 2.500% 3/1/23 EUR 100 119
Orange SA 3.125% 1/9/24 EUR 3,000 3,717
Orange SA 1.000% 5/12/25 EUR 10,000 10,647
Orange SA 5.250% 12/5/25 GBP 2,200 3,394

 

 

Orange SA 0.875% 2/3/27 EUR 800 820
Orange SA 8.125% 11/20/28 GBP 1,000 1,912
Orange SA 8.125% 1/28/33 EUR 600 1,165
1 Orange SA 4.250% 2/28/49 EUR 5,000 5,707
1 Orange SA 5.875% 2/28/49 GBP 700 934
1 Orange SA 4.000% 10/29/49 EUR 11,000 12,506
1 Orange SA 5.250% 12/29/49 EUR 7,150 8,495
Orange SA 5.375% 11/22/50 GBP 3,650 6,358
Pernod Ricard SA 2.000% 6/22/20 EUR 12,900 14,723
Pernod Ricard SA 1.500% 5/18/26 EUR 5,000 5,400
Publicis Groupe SA 1.125% 12/16/21 EUR 10,000 11,062
Publicis Groupe SA 1.625% 12/16/24 EUR 5,200 5,795
RCI Banque SA 3.250% 4/25/18 GBP 500 644
RCI Banque SA 1.125% 9/30/19 EUR 3,000 3,315
RCI Banque SA 1.375% 11/17/20 EUR 4,000 4,458
RCI Banque SA 2.250% 3/29/21 EUR 2,900 3,325
RCI Banque SA 0.625% 11/10/21 EUR 900 962
RCI Banque SA 1.000% 5/17/23 EUR 5,000 5,327
RCI Banque SA 0.500% 9/15/23 EUR 11,600 11,902
Renault SA 3.625% 9/19/18 EUR 5,600 6,388
Renault SA 3.125% 3/5/21 EUR 2,125 2,516
SANEF SA 0.950% 10/19/28 EUR 500 504
Sanofi 4.125% 10/11/19 EUR 11,000 13,173
Sanofi 0.000% 1/13/20 EUR 1,000 1,076
Sanofi 1.875% 9/4/20 EUR 6,000 6,839
Sanofi 1.750% 9/10/26 EUR 7,000 7,919
Schneider Electric SE 2.500% 9/6/21 EUR 1,000 1,186
Schneider Electric SE 0.875% 3/11/25 EUR 2,400 2,565
Societe Generale SA 6.125% 8/20/18 EUR 1,000 1,179
Societe Generale SA 5.000% 12/20/18 GBP 2,790 3,782
Societe Generale SA 2.250% 1/23/20 EUR 9,000 10,318
Societe Generale SA 4.750% 3/2/21 EUR 1,000 1,269
Societe Generale SA 4.250% 7/13/22 EUR 2,500 3,218
Societe Generale SA 4.000% 6/7/23 EUR 4,400 5,335
1 Societe Generale SA 2.500% 9/16/26 EUR 2,000 2,189
Sodexo SA 2.500% 6/24/26 EUR 600 728
Suez 6.250% 4/8/19 EUR 7,750 9,504
Suez 4.078% 5/17/21 EUR 2,000 2,505
Suez 4.125% 6/24/22 EUR 400 518
Suez 2.750% 10/9/23 EUR 3,000 3,656
Suez 5.500% 7/22/24 EUR 2,400 3,486
1 Suez 3.000% 6/23/49 EUR 3,400 3,805
TDF Infrastructure SAS 2.875% 10/19/22 EUR 21,200 24,520
TDF Infrastructure SAS 2.500% 4/7/26 EUR 800 868
Thales SA 1.625% 3/20/18 EUR 2,900 3,187
Total Capital Canada Ltd. 1.875% 7/9/20 EUR 7,800 8,924
Total Capital Canada Ltd. 1.125% 3/18/22 EUR 13,100 14,632
Total Capital International SA 2.125% 11/19/21 EUR 3,300 3,869
Total Capital International SA 4.250% 11/26/21 AUD 2,798 2,222
Total Capital International SA 2.125% 3/15/23 EUR 3,000 3,544
Total Capital International SA 1.375% 3/19/25 EUR 5,500 6,159
Total Capital International SA 2.875% 11/19/25 EUR 4,000 5,002
Total Capital International SA 2.500% 3/25/26 EUR 2,000 2,435
Total Capital International SA 0.750% 7/12/28 EUR 10,000 10,124
Total Capital SA 3.875% 12/14/18 GBP 5,000 6,651
Total Capital SA 4.875% 1/28/19 EUR 1,200 1,422
1 Total SA 2.250% 12/29/49 EUR 9,000 9,607

 

 

1 Total SA 2.625% 12/29/49 EUR 6,000 6,094
Transport et Infrastructures Gaz France SA 4.339% 7/7/21 EUR 2,000 2,497
Unibail-Rodamco SE 2.250% 8/1/18 EUR 400 446
Unibail-Rodamco SE 3.000% 3/22/19 EUR 500 574
Unibail-Rodamco SE 2.375% 2/25/21 EUR 2,000 2,344
Unibail-Rodamco SE 2.500% 2/26/24 EUR 1,790 2,140
Unibail-Rodamco SE 0.875% 2/21/25 EUR 1,000 1,057
Unibail-Rodamco SE 1.000% 3/14/25 EUR 10,000 10,643
Unibail-Rodamco SE 1.375% 3/9/26 EUR 584 632
Unibail-Rodamco SE 2.500% 6/4/26 EUR 500 596
Unibail-Rodamco SE 1.375% 4/15/30 EUR 16,500 17,090
Unibail-Rodamco SE 2.000% 4/28/36 EUR 500 536
Veolia Environnement SA 4.247% 1/6/21 EUR 3,000 3,734
Veolia Environnement SA 4.625% 3/30/27 EUR 4,200 5,929
Veolia Environnement SA 1.590% 1/10/28 EUR 5,700 6,181
Veolia Environnement SA 6.125% 11/25/33 EUR 2,200 3,721
Veolia Environnement SA 6.125% 10/29/37 GBP 4,000 7,269
Vinci SA 3.375% 3/30/20 EUR 1,500 1,781
Wendel SA 6.750% 4/20/18 EUR 4,000 4,661
Wendel SA 5.875% 9/17/19 EUR 3,000 3,705
          1,295,625
Sovereign Bonds (8.7%)          
Aeroports de Paris 1.500% 7/24/23 EUR 5,000 5,655
Aeroports de Paris 3.125% 6/11/24 EUR 2,000 2,512
Aeroports de Paris 1.500% 4/7/25 EUR 4,000 4,480
Aeroports de Paris 2.750% 6/5/28 EUR 1,000 1,240
Agence Francaise de Developpement 4.000% 1/28/19 EUR 5,000 5,858
Agence Francaise de Developpement 1.250% 5/25/19 EUR 6,200 6,924
Agence Francaise de Developpement 2.125% 2/15/21 EUR 10,000 11,697
Agence Francaise de Developpement 0.125% 3/31/21 EUR 10,000 10,826
Agence Francaise de Developpement 1.375% 9/17/24 EUR 30,500 34,522
Agence Francaise de Developpement 2.250% 5/27/25 EUR 10,000 12,002
Agence Francaise de Developpement 2.250% 5/28/26 EUR 3,000 3,579
Agence Francaise de Developpement 0.250% 7/21/26 EUR 6,500 6,509
Agence Francaise de Developpement 3.750% 2/15/27 EUR 3,600 4,842
Bpifrance Financement SA 1.000% 10/25/19 EUR 5,000 5,570
Bpifrance Financement SA 0.750% 10/25/21 EUR 33,000 36,598
Bpifrance Financement SA 0.500% 5/25/25 EUR 10,000 10,470
Bpifrance Financement SA 2.750% 10/25/25 EUR 28,000 34,920
6 Caisse Centrale du Credit Immobilier de          
France SA 1.125% 4/22/19 EUR 19,000 21,111
6 Caisse d'Amortissement de la Dette Sociale 3.250% 3/7/18 EUR 2,000 2,245
Caisse d'Amortissement de la Dette Sociale 1.000% 5/25/18 EUR 15,000 16,489
Caisse d'Amortissement de la Dette Sociale 1.125% 5/25/19 EUR 5,000 5,573
Caisse d'Amortissement de la Dette Sociale 4.000% 10/25/19 EUR 12,700 15,315
Caisse d'Amortissement de la Dette Sociale 4.250% 4/25/20 EUR 3,000 3,706
Caisse d'Amortissement de la Dette Sociale 3.750% 10/25/20 EUR 2,000 2,472
Caisse d'Amortissement de la Dette Sociale 0.050% 11/25/20 EUR 65,000 70,541
Caisse d'Amortissement de la Dette Sociale 3.375% 4/25/21 EUR 3,000 3,706
Caisse d'Amortissement de la Dette Sociale 4.375% 10/25/21 EUR 8,000 10,392
Caisse d'Amortissement de la Dette Sociale 2.500% 10/25/22 EUR 3,000 3,644
Caisse d'Amortissement de la Dette Sociale 4.125% 4/25/23 EUR 5,000 6,626
Caisse d'Amortissement de la Dette Sociale 0.500% 5/25/23 EUR 80,000 86,803
Caisse d'Amortissement de la Dette Sociale 2.375% 1/25/24 EUR 43,500 53,065
Caisse d'Amortissement de la Dette Sociale 1.375% 11/25/24 EUR 15,000 17,033
Caisse d'Amortissement de la Dette Sociale 4.000% 12/15/25 EUR 8,000 10,908
Caisse des Depots et Consignations 4.375% 4/9/18 EUR 3,000 3,419

 

 

Caisse des Depots et Consignations 1.500% 12/23/19 GBP 5,000 6,426
Caisse Nationale des Autoroutes 4.500% 3/28/18 EUR 8,870 10,115
Electricite de France SA 5.375% 5/29/20 EUR 13,600 17,183
Electricite de France SA 6.250% 1/25/21 EUR 7,200 9,590
Electricite de France SA 2.250% 4/27/21 EUR 7,000 8,118
Electricite de France SA 3.875% 1/18/22 EUR 3,000 3,750
Electricite de France SA 2.750% 3/10/23 EUR 5,900 7,028
Electricite de France SA 4.625% 9/11/24 EUR 5,000 6,750
Electricite de France SA 1.000% 10/13/26 EUR 6,100 6,197
Electricite de France SA 4.125% 3/25/27 EUR 4,000 5,269
Electricite de France SA 6.250% 5/30/28 GBP 3,000 4,853
Electricite de France SA 5.875% 7/18/31 GBP 3,700 5,959
Electricite de France SA 5.625% 2/21/33 EUR 4,000 5,984
Electricite de France SA 6.125% 6/2/34 GBP 4,800 7,836
Electricite de France SA 1.875% 10/13/36 EUR 5,000 4,647
Electricite de France SA 5.500% 3/27/37 GBP 2,800 4,347
Electricite de France SA 4.500% 11/12/40 EUR 3,900 5,271
Electricite de France SA 5.500% 10/17/41 GBP 4,000 6,216
1 Electricite de France SA 5.000% 1/22/49 EUR 3,000 3,123
1 Electricite de France SA 4.125% 1/29/49 EUR 5,900 6,273
1 Electricite de France SA 5.375% 1/29/49 EUR 3,400 3,684
1 Electricite de France SA 5.875% 7/22/49 GBP 2,500 2,879
1 Electricite de France SA 4.250% 12/29/49 EUR 4,000 4,395
1 Electricite de France SA 6.000% 12/29/49 GBP 3,800 4,612
Electricite de France SA 5.125% 9/22/50 GBP 4,100 6,258
Electricite de France SA 6.000% 1/23/14 GBP 4,500 7,445
French Republic 0.000% 2/25/18 EUR 85,000 92,301
French Republic 4.000% 4/25/18 EUR 55,000 62,690
French Republic 1.000% 5/25/18 EUR 133,000 146,477
French Republic 4.250% 10/25/18 EUR 135,000 157,844
French Republic 1.000% 11/25/18 EUR 81,000 89,866
French Republic 0.000% 2/25/19 EUR 90,000 98,150
French Republic 4.250% 4/25/19 EUR 45,000 53,702
French Republic 1.000% 5/25/19 EUR 125,850 140,425
French Republic 3.750% 10/25/19 EUR 60,000 72,135
French Republic 8.500% 10/25/19 EUR 10,000 13,431
French Republic 0.500% 11/25/19 EUR 113,000 124,977
French Republic 3.500% 4/25/20 EUR 100,000 121,296
French Republic 0.000% 5/25/20 EUR 233,000 253,948
French Republic 2.500% 10/25/20 EUR 128,000 152,276
French Republic 0.250% 11/25/20 EUR 190,000 208,639
French Republic 3.750% 4/25/21 EUR 58,000 72,906
French Republic 0.000% 5/25/21 EUR 120,000 130,020
French Republic 3.250% 10/25/21 EUR 89,400 111,454
French Republic 3.000% 4/25/22 EUR 109,500 136,263
French Republic 8.250% 4/25/22 EUR 14,000 21,554
French Republic 2.250% 10/25/22 EUR 136,000 164,008
7 French Republic 1.750% 5/25/23 EUR 266,000 312,892
French Republic 4.250% 10/25/23 EUR 70,000 95,136
French Republic 2.250% 5/25/24 EUR 85,000 103,216
French Republic 1.750% 11/25/24 EUR 119,641 140,275
French Republic 0.500% 5/25/25 EUR 141,500 149,803
French Republic 6.000% 10/25/25 EUR 55,000 85,773
French Republic 1.000% 11/25/25 EUR 35,000 38,232
French Republic 3.500% 4/25/26 EUR 62,000 82,254
French Republic 0.500% 5/25/26 EUR 180,000 186,421
French Republic 0.250% 11/25/26 EUR 125,000 124,977

 

 

French Republic 2.750% 10/25/27 EUR 108,950 136,726
French Republic 5.500% 4/25/29 EUR 66,000 105,934
French Republic 2.500% 5/25/30 EUR 70,500 86,779
French Republic 1.500% 5/25/31 EUR 177,000 191,963
French Republic 5.750% 10/25/32 EUR 71,500 123,673
French Republic 4.750% 4/25/35 EUR 61,300 99,190
2 French Republic 1.250% 5/25/36 EUR 105,000 104,642
French Republic 4.000% 10/25/38 EUR 65,000 98,536
French Republic 4.500% 4/25/41 EUR 133,500 218,181
French Republic 3.250% 5/25/45 EUR 68,600 94,023
French Republic 4.000% 4/25/55 EUR 36,400 58,598
French Republic 4.000% 4/25/60 EUR 32,750 53,445
2 French Republic 1.750% 5/25/66 EUR 53,000 48,482
1 La Banque Postale SA 2.750% 4/23/26 EUR 2,000 2,209
La Poste SA 2.750% 11/26/24 EUR 4,200 5,111
La Poste SA 1.125% 6/4/25 EUR 10,000 10,747
Regie Autonome des Transports Parisiens 4.500% 5/28/18 EUR 4,000 4,600
Regie Autonome des Transports Parisiens 2.625% 11/6/19 CHF 3,000 3,307
Region of Ile de France 2.250% 6/10/23 EUR 900 1,084
Region of Ile de France 3.625% 3/27/24 EUR 3,000 3,904
Region of Ile de France 0.625% 4/23/27 EUR 5,000 5,075
RTE Reseau de Transport d'Electricite SA 4.125% 2/3/21 EUR 1,400 1,748
RTE Reseau de Transport d'Electricite SA 2.750% 6/20/29 EUR 1,400 1,683
SA de Gestion de Stocks de Securite 1.750% 10/22/19 EUR 5,000 5,675
SA de Gestion de Stocks de Securite 0.625% 5/25/23 EUR 12,000 12,997
SNCF Mobilities EPIC 4.875% 6/12/23 EUR 4,000 5,475
SNCF Mobilities EPIC 4.125% 2/19/25 EUR 700 944
SNCF Reseau 6.000% 10/12/20 EUR 9,000 11,879
SNCF Reseau 5.500% 12/1/21 GBP 3,000 4,490
SNCF Reseau 4.375% 6/2/22 EUR 7,000 9,176
SNCF Reseau 4.250% 10/7/26 EUR 1,500 2,073
SNCF Reseau 3.125% 10/25/28 EUR 7,000 8,942
SNCF Reseau 5.250% 12/7/28 GBP 17,000 27,734
SNCF Reseau 1.125% 5/25/30 EUR 24,600 24,982
SNCF Reseau 5.000% 10/10/33 EUR 10,500 16,602
SNCF Reseau 1.500% 5/29/37 EUR 18,000 17,558
SNCF Reseau 5.000% 3/11/52 GBP 3,500 6,574
SNCF Reseau 4.830% 3/25/60 GBP 1,000 1,924
Societe Nationale des Chemins de Fer          
Francais 4.375% 7/10/18 EUR 5,000 5,763
Societe Nationale des Chemins de Fer          
Francais 3.625% 6/3/20 EUR 3,711 4,502
UNEDIC 0.040% 5/25/19 EUR 18,000 19,569
6 UNEDIC 1.250% 5/29/20 EUR 5,000 5,651
6 UNEDIC 0.000% 11/25/20 EUR 9,000 9,705
6 UNEDIC 1.500% 4/16/21 EUR 36,000 41,295
6 UNEDIC 0.875% 10/25/22 EUR 18,000 20,048
6 UNEDIC 2.250% 4/5/23 EUR 7,000 8,393
UNEDIC 2.375% 5/25/24 EUR 3,000 3,642
6 UNEDIC 0.625% 2/17/25 EUR 10,000 10,662
6 UNEDIC 0.625% 3/3/26 EUR 10,000 10,472

 

 

6 UNEDIC 1.250% 10/21/27 EUR 1,500 1,624
          6,196,792
Total France (Cost $8,689,865)         8,180,717
Germany (9.5%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.5%)        
Aareal Bank AG 1.000% 6/28/18 EUR 500 549
Bayerische Landesbank 1.000% 7/9/21 EUR 250 282
Bayerische Landesbank 2.000% 7/11/22 EUR 700 832
Bayerische Landesbank 0.350% 12/1/22 EUR 5,000 5,448
Bayerische Landesbank 1.625% 4/18/23 EUR 5,000 5,860
Berlin Hyp AG 1.125% 2/5/18 EUR 5,000 5,476
Berlin Hyp AG 1.250% 4/23/21 EUR 6,000 6,823
Berlin Hyp AG 0.375% 5/3/24 EUR 1,000 1,079
Commerzbank AG 1.000% 6/25/18 EUR 5,000 5,492
Commerzbank AG 1.000% 2/5/19 EUR 3,000 3,318
Commerzbank AG 4.375% 7/2/19 EUR 4,500 5,392
Commerzbank AG 4.125% 4/7/21 EUR 4,500 5,693
Commerzbank AG 0.250% 1/26/22 EUR 4,000 4,350
Commerzbank AG 0.875% 9/8/25 EUR 10,000 11,072
Commerzbank AG 0.500% 6/9/26 EUR 15,000 15,937
Deutsche Bank AG 1.375% 9/7/20 EUR 2,000 2,265
Deutsche Bank AG 0.250% 3/8/24 EUR 9,300 9,906
Deutsche Bank AG 0.250% 8/31/28 EUR 5,000 4,944
Deutsche Genossenschafts-Hypothekenbank          
AG 0.125% 9/30/22 EUR 13,000 13,994
Deutsche Genossenschafts-Hypothekenbank          
AG 0.375% 3/31/26 EUR 5,400 5,691
Deutsche Hypothekenbank AG 1.375% 6/10/20 EUR 1,500 1,699
Deutsche Kreditbank AG 1.625% 6/18/24 EUR 1,000 1,173
Deutsche Kreditbank AG 0.500% 3/19/27 EUR 1,500 1,568
Deutsche Pfandbriefbank AG 2.125% 6/3/19 EUR 1,550 1,764
Deutsche Pfandbriefbank AG 1.875% 12/20/19 GBP 1,300 1,672
Deutsche Pfandbriefbank AG 1.500% 3/18/20 EUR 4,000 4,536
Deutsche Pfandbriefbank AG 0.125% 11/27/20 EUR 10,000 10,859
Deutsche Pfandbriefbank AG 2.375% 5/29/28 EUR 6,000 7,410
Deutsche Postbank AG 3.375% 3/31/20 EUR 5,000 5,994
Dexia Kommunalbank Deutschland AG 4.750% 5/23/18 EUR 2,000 2,298
Dexia Kommunalbank Deutschland AG 0.050% 9/8/21 EUR 10,000 10,730
Dexia Kommunalbank Deutschland AG 0.375% 3/3/22 EUR 8,300 9,019
8 German Postal Pensions Securitisation 2 plc 4.375% 1/18/22 EUR 3,000 3,899
HSH Nordbank AG 0.500% 2/12/18 EUR 5,000 5,413
HSH Nordbank AG 1.375% 10/2/18 EUR 2,500 2,764
HSH Nordbank AG 0.625% 7/17/19 EUR 5,000 5,478
Landesbank Hessen-Thueringen Girozentrale 1.000% 6/26/18 EUR 6,400 7,033
Landesbank Hessen-Thueringen Girozentrale 1.000% 2/25/19 EUR 8,000 8,860
Landesbank Hessen-Thueringen Girozentrale 0.100% 3/4/20 EUR 5,000 5,444
Landesbank Hessen-Thueringen Girozentrale 0.125% 11/21/22 EUR 15,000 16,144
Landesbank Hessen-Thueringen Girozentrale 1.875% 6/26/23 EUR 800 952
LBBW 1.375% 6/1/18 EUR 800 884
LBBW 0.125% 2/21/22 EUR 5,000 5,408
Muenchener Hypothekenbank eG 1.125% 10/4/18 EUR 1,000 1,105
Muenchener Hypothekenbank eG 1.375% 4/16/21 EUR 15,000 17,142
Muenchener Hypothekenbank eG 2.500% 7/4/28 EUR 7,000 8,823
Norddeutsche Landesbank Girozentrale 3.250% 1/18/21 EUR 4,000 4,877
UniCredit Bank AG 0.125% 4/9/21 EUR 5,000 5,427
UniCredit Bank AG 1.875% 9/12/22 EUR 500 591

 

 

UniCredit Bank AG 1.875% 4/9/24 EUR 5,000 5,968
WL BANK AG Westfaelische Landschaft          
Bodenkreditbank 1.125% 5/29/20 EUR 2,500 2,811
WL BANK AG Westfaelische Landschaft          
Bodenkreditbank 2.500% 3/29/22 EUR 10,400 12,611
WL BANK AG Westfaelische Landschaft          
Bodenkreditbank 0.750% 2/2/26 EUR 10,000 10,933
WL BANK AG Westfaelische Landschaft          
Bodenkreditbank 0.500% 4/1/27 EUR 5,000 5,253
WL BANK AG Westfaelische Landschaft          
Bodenkreditbank 0.875% 1/18/30 EUR 7,000 7,390
          318,335
Corporate Bonds (1.1%)          
Allianz Finance II BV 1.375% 3/13/18 EUR 2,100 2,304
Allianz Finance II BV 4.750% 7/22/19 EUR 400 483
Allianz Finance II BV 3.500% 2/14/22 EUR 8,500 10,620
Allianz Finance II BV 3.000% 3/13/28 EUR 2,500 3,148
Allianz Finance II BV 1.375% 4/21/31 EUR 500 516
1 Allianz Finance II BV 5.750% 7/8/41 EUR 27,800 34,650
Allianz Finance II BV 4.500% 3/13/43 GBP 2,600 4,215
1 Allianz SE 5.625% 10/17/42 EUR 2,000 2,531
1 Allianz SE 2.241% 7/7/45 EUR 400 410
1 Allianz SE 3.250% 2/28/49 CHF 1,000 1,059
1 Allianz SE 3.375% 9/29/49 EUR 3,400 3,741
1 Allianz SE 4.750% 10/29/49 EUR 7,500 8,901
alstria office REIT-AG 2.125% 4/12/23 EUR 200 224
BASF SE 1.375% 1/22/19 EUR 1,300 1,438
BASF SE 1.875% 2/4/21 EUR 5,000 5,763
BASF SE 2.000% 12/5/22 EUR 9,600 11,283
BASF SE 0.875% 10/6/31 EUR 600 591
Bayer AG 5.625% 5/23/18 GBP 200 267
Bayer AG 1.875% 1/25/21 EUR 3,000 3,435
1 Bayer AG 3.750% 7/1/74 EUR 5,754 6,320
1 Bayer AG 3.000% 7/1/75 EUR 2,000 2,188
Bayer Capital Corp. BV 1.250% 11/13/23 EUR 500 559
Berlin Hyp AG 1.250% 1/22/25 EUR 400 440
Bertelsmann SE & Co. KGaA 2.625% 8/2/22 EUR 1,400 1,680
1 Bertelsmann SE & Co. KGaA 3.500% 4/23/75 EUR 3,000 3,078
BMW Australia Finance Ltd. 2.750% 2/23/18 AUD 7,000 5,327
BMW Finance NV 1.500% 6/5/18 EUR 1,500 1,653
BMW Finance NV 0.500% 9/5/18 EUR 17,800 19,381
BMW Finance NV 3.375% 12/14/18 GBP 6,350 8,362
BMW Finance NV 3.250% 1/14/19 EUR 8,000 9,177
BMW Finance NV 2.000% 9/4/20 EUR 4,000 4,593
BMW Finance NV 0.875% 11/17/20 EUR 800 884
BMW Finance NV 0.875% 8/16/22 GBP 400 484
BMW Finance NV 1.250% 9/5/22 EUR 1,000 1,119
BMW Finance NV 0.750% 4/15/24 EUR 8,964 9,619
BMW US Capital LLC 0.625% 4/20/22 EUR 15,710 17,031
BMW US Capital LLC 1.000% 4/20/27 EUR 300 315
Commerzbank AG 0.500% 4/3/18 EUR 3,000 3,255
Commerzbank AG 4.000% 9/16/20 EUR 2,500 3,043
Commerzbank AG 1.500% 9/21/22 EUR 5,000 5,585
Commerzbank AG 4.000% 3/23/26 EUR 7,000 7,613
Commerzbank AG 0.125% 12/15/26 EUR 1,800 1,831
Continental AG 3.000% 7/16/18 EUR 5,500 6,187
Continental AG 3.125% 9/9/20 EUR 4,500 5,348

 

 

Covestro AG 1.750% 9/25/24 EUR 10,000 11,236
Daimler AG 1.500% 11/19/18 EUR 5,600 6,207
Daimler AG 2.000% 4/7/20 EUR 400 456
Daimler AG 0.250% 5/11/20 EUR 3,200 3,459
Daimler AG 2.750% 12/4/20 GBP 1,500 1,996
Daimler AG 0.875% 1/12/21 EUR 10,000 11,033
Daimler AG 2.000% 6/25/21 EUR 600 694
Daimler AG 2.250% 1/24/22 EUR 1,750 2,052
Daimler AG 2.375% 9/12/22 EUR 7,000 8,287
Daimler AG 2.375% 3/8/23 EUR 2,500 2,967
Daimler AG 1.400% 1/12/24 EUR 8,570 9,583
Daimler AG 1.375% 5/11/28 EUR 6,000 6,461
Daimler Canada Finance Inc. 2.270% 3/26/18 CAD 5,331 4,144
Daimler Canada Finance Inc. 1.910% 7/8/21 CAD 5,000 3,808
Deutsche Bank AG 1.250% 9/8/21 EUR 11,200 12,008
Deutsche Bank AG 2.375% 1/11/23 EUR 14,500 16,281
Deutsche Bank AG 0.625% 12/19/23 CHF 11,500 11,399
7 Deutsche Bank AG 0.000% 10/15/26 EUR 4,906 3,970
Deutsche Boerse AG 1.125% 3/26/18 EUR 2,000 2,187
Deutsche Boerse AG 2.375% 10/5/22 EUR 500 600
Deutsche Boerse AG 1.625% 10/8/25 EUR 4,098 4,725
Deutsche Hypothekenbank AG 0.250% 2/22/23 EUR 15,000 16,202
Deutsche Hypothekenbank AG 0.250% 5/17/24 EUR 700 747
Deutsche Pfandbriefbank AG 1.250% 2/4/19 EUR 4,500 4,937
Deutsche Pfandbriefbank AG 1.500% 9/17/19 EUR 6,184 6,839
Deutsche Pfandbriefbank AG 1.125% 4/27/20 EUR 4,980 5,449
Deutsche Post AG 2.750% 10/9/23 EUR 2,000 2,449
Deutsche Post AG 2.875% 12/11/24 EUR 2,000 2,489
Deutsche Telekom International Finance BV 2.125% 1/18/21 EUR 6,500 7,509
Deutsche Telekom International Finance BV 0.250% 4/19/21 EUR 700 751
Deutsche Telekom International Finance BV 6.500% 4/8/22 GBP 2,400 3,746
Deutsche Telekom International Finance BV 4.250% 7/13/22 EUR 3,000 3,886
Deutsche Telekom International Finance BV 2.750% 10/24/24 EUR 2,000 2,443
Deutsche Telekom International Finance BV 4.875% 4/22/25 EUR 8,500 11,983
Deutsche Telekom International Finance BV 1.500% 4/3/28 EUR 10,400 11,055
Deutsche Telekom International Finance BV 7.500% 1/24/33 EUR 300 551
DVB Bank SE 1.625% 5/28/18 EUR 2,000 2,196
DVB Bank SE 1.250% 4/22/20 EUR 9,600 10,578
DVB Bank SE 0.875% 4/9/21 EUR 400 433
DVB Bank SE 1.250% 9/15/21 EUR 500 548
DVB Bank SE 1.250% 6/16/23 EUR 1,000 1,081
E.ON International Finance BV 6.000% 10/30/19 GBP 3,500 4,977
E.ON International Finance BV 5.750% 5/7/20 EUR 10,000 12,774
E.ON International Finance BV 6.375% 6/7/32 GBP 2,000 3,468
E.ON International Finance BV 6.750% 1/27/39 GBP 1,000 1,893
Eurogrid GmbH 3.875% 10/22/20 EUR 1,000 1,220
Eurogrid GmbH 1.875% 6/10/25 EUR 3,000 3,419
Evonik Finance BV 0.000% 3/8/21 EUR 300 319
Evonik Industries AG 1.875% 4/8/20 EUR 1,000 1,139
Fresenius SE & Co. KGaA 4.000% 2/1/24 EUR 15,800 19,829
Grand City Properties SA 2.000% 10/29/21 EUR 2,000 2,261
Grand City Properties SA 1.500% 4/17/25 EUR 7,000 7,339
1 Hannover Finance Luxembourg SA 5.750% 9/14/40 EUR 2,000 2,456
1 Hannover Finance Luxembourg SA 5.000% 6/30/43 EUR 2,300 2,859
HeidelbergCement AG 2.250% 6/3/24 EUR 10,700 12,216
Henkel AG & Co. KGaA 0.875% 9/13/22 GBP 13,779 16,886
innogy Finance BV 5.125% 7/23/18 EUR 1,000 1,160

 

 

innogy Finance BV 6.625% 1/31/19 EUR 13,400 16,336
innogy Finance BV 1.875% 1/30/20 EUR 8,700 9,836
innogy Finance BV 6.500% 4/20/21 GBP 1,000 1,497
innogy Finance BV 5.500% 7/6/22 GBP 100 147
innogy Finance BV 5.625% 12/6/23 GBP 1,400 2,132
innogy Finance BV 6.250% 6/3/30 GBP 1,500 2,494
innogy Finance BV 4.750% 1/31/34 GBP 4,200 6,167
innogy Finance BV 6.125% 7/6/39 GBP 8,000 13,999
LANXESS AG 0.250% 10/7/21 EUR 500 532
LANXESS AG 2.625% 11/21/22 EUR 300 357
Linde AG 1.750% 9/17/20 EUR 4,000 4,570
Linde AG 2.000% 4/18/23 EUR 2,500 2,935
Linde Finance BV 1.750% 6/11/19 EUR 8,000 8,993
Linde Finance BV 3.875% 6/1/21 EUR 400 499
Merck Financial Services GmbH 0.750% 9/2/19 EUR 7,000 7,685
Merck Financial Services GmbH 4.500% 3/24/20 EUR 1,000 1,229
1 Merck KGaA 2.625% 12/12/74 EUR 2,000 2,227
Metro AG 3.375% 3/1/19 EUR 1,050 1,202
1 Muenchener Rueckversicherungs          
Gesellschaft In Muenchen AG 6.000% 5/26/41 EUR 500 632
1 Muenchener Rueckversicherungs          
Gesellschaft In Muenchen AG 6.250% 5/26/42 EUR 11,800 15,379
1 Muenchener Rueckversicherungs-          
Gesellschaft AG in Muenchen 6.625% 5/26/42 GBP 2,000 2,926
O2 Telefonica Deutschland Finanzierungs          
GmbH 1.875% 11/22/18 EUR 5,000 5,573
RWE AG 5.750% 2/14/33 EUR 150 229
SAP SE 1.750% 2/22/27 EUR 5,000 5,810
Siemens Financieringsmaatschappij NV 5.625% 6/11/18 EUR 4,000 4,659
Siemens Financieringsmaatschappij NV 1.500% 3/10/20 EUR 4,000 4,525
Siemens Financieringsmaatschappij NV 1.750% 3/12/21 EUR 6,000 6,914
Siemens Financieringsmaatschappij NV 2.750% 9/10/25 GBP 1,000 1,342
Siemens Financieringsmaatschappij NV 2.875% 3/10/28 EUR 500 647
Siemens Financieringsmaatschappij NV 3.750% 9/10/42 GBP 3,000 4,529
Talanx AG 2.500% 7/23/26 EUR 2,000 2,422
1 Talanx Finanz Luxembourg SA 8.367% 6/15/42 EUR 200 271
Vier Gas Transport Gmbh 2.000% 6/12/20 EUR 1,500 1,719
Vier Gas Transport GmbH 3.125% 7/10/23 EUR 7,500 9,311
Vier Gas Transport Gmbh 2.875% 6/12/25 EUR 1,000 1,245
Volkswagen Financial Services NV 1.750% 4/17/20 GBP 3,284 4,157
Volkswagen Financial Services NV 2.750% 10/2/20 GBP 2,250 2,942
Volkswagen International Finance NV 2.000% 3/26/21 EUR 6,400 7,316
Volkswagen International Finance NV 0.875% 1/16/23 EUR 100 108
1 Volkswagen International Finance NV 3.750% 3/29/49 EUR 4,500 5,000
1 Volkswagen International Finance NV 4.625% 3/29/49 EUR 2,000 2,233
1 Volkswagen International Finance NV 3.875% 9/29/49 EUR 1,500 1,667
1 Volkswagen International Finance NV 5.125% 9/29/49 EUR 4,000 4,670
1 Volkswagen International Finance NV 3.500% 12/29/49 EUR 10,000 9,818
Volkswagen Leasing GmbH 2.125% 4/4/22 EUR 9,000 10,316
Volkswagen Leasing GmbH 2.625% 1/15/24 EUR 7,000 8,193
Vonovia Finance BV 3.125% 7/25/19 EUR 8,900 10,288
Vonovia Finance BV 3.625% 10/8/21 EUR 3,000 3,664
Vonovia Finance BV 2.250% 12/15/23 EUR 12,700 14,577
Vonovia Finance BV 1.500% 3/31/25 EUR 10,000 10,744
1 Vonovia Finance BV 4.000% 12/29/49 EUR 2,000 2,241
1 Vonovia Finance BV 4.625% 4/8/74 EUR 3,000 3,393

 

 

WL BANK AG Westfaelische Landschaft          
Bodenkreditbank 0.100% 8/31/26 EUR 1,000 1,023
Wuerth Finance International BV 3.750% 5/25/18 EUR 5,402 6,116
Wuerth Finance International BV 1.750% 5/21/20 EUR 4,130 4,698
          798,425
Sovereign Bonds (7.9%)          
Bayerische Landesbodenkreditanstalt 1.875% 1/25/23 EUR 6,000 7,110
Bayerische Landesbodenkreditanstalt 1.750% 4/24/24 EUR 3,000 3,546
8 Bund Laender Anleihe 1.500% 7/15/20 EUR 5,000 5,710
7 Bundesrepublik Deutschland 0.000% 8/15/26 EUR 232,500 242,251
Bundesschatzanweisungen 0.000% 6/15/18 EUR 100,000 109,021
Bundesschatzanweisungen 0.000% 9/14/18 EUR 100,000 109,197
Bundesschatzanweisungen 0.000% 12/14/18 EUR 270,000 295,352
Deutsche Bahn Finance BV 4.750% 3/14/18 EUR 800 911
Deutsche Bahn Finance BV 3.750% 6/1/21 EUR 2,000 2,503
Deutsche Bahn Finance BV 2.500% 9/12/23 EUR 8,500 10,414
Deutsche Bahn Finance BV 3.000% 3/8/24 EUR 4,000 5,095
Deutsche Bahn Finance BV 1.500% 8/26/24 CHF 1,000 1,121
Deutsche Bahn Finance BV 3.750% 7/9/25 EUR 5,919 8,069
Deutsche Bahn Finance BV 1.250% 10/23/25 EUR 2,500 2,819
Deutsche Bahn Finance BV 3.125% 7/24/26 GBP 500 687
Deutsche Bahn Finance BV 2.750% 3/19/29 EUR 3,500 4,429
1 EnBW Energie Baden-Wuerttemberg AG 3.625% 4/2/76 EUR 3,500 3,838
EnBW International Finance BV 2.500% 6/4/26 EUR 2,000 2,427
EnBW International Finance BV 6.125% 7/7/39 EUR 2,285 3,836
EWE AG 4.125% 11/4/20 EUR 2,000 2,462
Federal Republic of Germany 0.500% 2/23/18 EUR 65,000 71,073
Federal Republic of Germany 0.250% 4/13/18 EUR 29,000 31,672
Federal Republic of Germany 4.250% 7/4/18 EUR 67,000 77,452
Federal Republic of Germany 1.000% 10/12/18 EUR 55,000 61,115
Federal Republic of Germany 3.750% 1/4/19 EUR 63,000 73,905
Federal Republic of Germany 1.000% 2/22/19 EUR 37,650 42,093
Federal Republic of Germany 3.500% 7/4/19 EUR 21,200 25,236
Federal Republic of Germany 0.250% 10/11/19 EUR 142,500 157,788
Federal Republic of Germany 3.250% 1/4/20 EUR 53,000 63,819
Federal Republic of Germany 0.000% 4/17/20 EUR 50,000 55,058
Federal Republic of Germany 3.000% 7/4/20 EUR 79,000 95,883
Federal Republic of Germany 2.250% 9/4/20 EUR 11,900 14,165
Federal Republic of Germany 0.250% 10/16/20 EUR 140,000 155,642
7 Federal Republic of Germany 2.500% 1/4/21 EUR 65,000 78,557
7 Federal Republic of Germany 0.000% 4/9/21 EUR 255,800 281,496
Federal Republic of Germany 3.250% 7/4/21 EUR 17,500 22,010
Federal Republic of Germany 2.250% 9/4/21 EUR 67,400 81,721
Federal Republic of Germany 0.000% 10/8/21 EUR 5,000 5,498
Federal Republic of Germany 2.000% 1/4/22 EUR 52,000 62,681
Federal Republic of Germany 1.750% 7/4/22 EUR 139,246 166,850
Federal Republic of Germany 1.500% 9/4/22 EUR 10,000 11,861
7 Federal Republic of Germany 1.500% 2/15/23 EUR 168,000 199,661
7 Federal Republic of Germany 1.500% 5/15/23 EUR 183,500 218,540
7 Federal Republic of Germany 2.000% 8/15/23 EUR 81,500 100,133
Federal Republic of Germany 1.750% 2/15/24 EUR 24,500 29,773
Federal Republic of Germany 1.500% 5/15/24 EUR 10,000 11,965
Federal Republic of Germany 0.500% 2/15/25 EUR 12,000 13,346
Federal Republic of Germany 1.000% 8/15/25 EUR 12,000 13,834
Federal Republic of Germany 0.500% 2/15/26 EUR 1,500 1,651
Federal Republic of Germany 0.250% 2/15/27 EUR 13,000 13,781
Federal Republic of Germany 6.500% 7/4/27 EUR 20,000 35,018

 

 

Federal Republic of Germany 5.625% 1/4/28 EUR 2,365 3,958
Federal Republic of Germany 4.750% 7/4/28 EUR 63,500 100,813
Federal Republic of Germany 6.250% 1/4/30 EUR 2,000 3,680
Federal Republic of Germany 5.500% 1/4/31 EUR 64,500 114,470
9 Federal Republic of Germany 4.750% 7/4/34 EUR 38,300 67,843
Federal Republic of Germany 4.000% 1/4/37 EUR 95,268 160,626
Federal Republic of Germany 4.250% 7/4/39 EUR 48,400 86,424
Federal Republic of Germany 4.750% 7/4/40 EUR 43,500 83,519
Federal Republic of Germany 3.250% 7/4/42 EUR 74,569 119,055
Federal Republic of Germany 2.500% 7/4/44 EUR 112,500 160,691
Federal Republic of Germany 2.500% 8/15/46 EUR 41,450 59,745
FMS Wertmanagement AoeR 0.625% 3/12/18 EUR 1,900 2,076
8 FMS Wertmanagement AoeR 3.000% 8/3/18 EUR 2,000 2,272
FMS Wertmanagement AoeR 1.125% 9/3/18 EUR 5,000 5,533
FMS Wertmanagement AoeR 1.875% 12/7/18 GBP 10,000 12,889
FMS Wertmanagement AoeR 0.750% 3/14/19 EUR 9,000 9,962
FMS Wertmanagement AoeR 1.875% 5/9/19 EUR 16,000 18,173
FMS Wertmanagement AoeR 0.125% 4/16/20 EUR 4,000 4,375
FMS Wertmanagement AoeR 0.000% 10/20/20 EUR 7,500 8,171
FMS Wertmanagement AoeR 3.375% 6/17/21 EUR 4,000 4,983
FMS Wertmanagement AoeR 0.050% 7/6/21 EUR 10,000 10,881
FMS Wertmanagement AoeR 3.000% 9/8/21 EUR 6,000 7,398
Free and Hanseatic City of Hamburg 1.000% 6/18/21 EUR 9,500 10,741
Free and Hanseatic City of Hamburg 1.875% 9/26/22 EUR 4,000 4,750
Free State of Bavaria 1.875% 2/7/19 EUR 18,000 20,312
Gemeinsame Deutsche Bundeslaender 2.375% 9/21/18 EUR 700 790
Gemeinsame Deutsche Bundeslaender 3.500% 10/7/19 EUR 3,000 3,569
Gemeinsame Deutsche Bundeslaender 1.375% 10/11/19 EUR 2,459 2,774
Gemeinsame Deutsche Bundeslaender 0.375% 6/23/20 EUR 5,000 5,503
Gemeinsame Deutsche Bundeslaender 1.500% 1/29/21 EUR 5,000 5,747
Gemeinsame Deutsche Bundeslaender 1.750% 6/13/22 EUR 14,000 16,462
Gemeinsame Deutsche Bundeslaender 1.750% 1/31/23 EUR 8,000 9,454
Gemeinsame Deutsche Bundeslaender 1.125% 9/30/24 EUR 1,000 1,140
Gemeinsame Deutsche Bundeslaender 0.500% 2/5/25 EUR 15,000 16,279
8 KFW 0.625% 2/12/18 EUR 5,000 5,466
8 KFW 6.250% 2/23/18 AUD 16,000 12,668
8 KFW 3.125% 6/15/18 EUR 17,000 19,301
8 KFW 0.875% 6/25/18 EUR 1,500 1,653
8 KFW 3.750% 7/18/18 AUD 10,000 7,764
8 KFW 1.125% 10/16/18 EUR 25,000 27,776
8 KFW 2.000% 12/6/18 GBP 7,000 9,056
8 KFW 0.000% 12/7/18 EUR 30,000 32,727
8 KFW 4.000% 1/16/19 AUD 10,000 7,847
8 KFW 3.875% 1/21/19 EUR 10,000 11,747
8 KFW 0.875% 3/18/19 EUR 20,000 22,254
8 KFW 1.875% 3/20/19 EUR 15,000 17,033
8 KFW 5.000% 5/22/19 NOK 20,000 2,636
8 KFW 0.375% 7/22/19 EUR 10,000 11,030
8 KFW 1.750% 10/29/19 CAD 1,937 1,505
8 KFW 6.250% 12/4/19 AUD 3,000 2,517
8 KFW 1.125% 12/23/19 GBP 500 638
8 KFW 1.125% 1/15/20 EUR 27,000 30,516
8 KFW 1.375% 1/28/20 CAD 15,270 11,761
8 KFW 2.750% 4/16/20 AUD 5,000 3,827
8 KFW 0.125% 6/1/20 EUR 50,000 54,896
8 KFW 6.000% 8/20/20 AUD 10,000 8,464
8 KFW 0.125% 10/27/20 EUR 20,000 21,973

 

 

8 KFW 1.625% 1/15/21 EUR 43,000 50,013
8 KFW 3.375% 1/18/21 EUR 25,350 31,405
8 KFW 6.250% 5/19/21 AUD 9,000 7,791
8 KFW 5.550% 6/7/21 GBP 19,000 28,622
8 KFW 0.000% 6/30/21 EUR 51,300 55,917
8 KFW 2.500% 1/17/22 EUR 10,000 12,234
8 KFW 5.500% 2/9/22 AUD 18,000 15,347
8 KFW 0.625% 7/4/22 EUR 20,000 22,368
8 KFW 0.375% 3/15/23 EUR 25,000 27,438
8 KFW 0.000% 9/15/23 EUR 32,000 34,162
8 KFW 5.000% 3/19/24 AUD 10,000 8,499
8 KFW 0.050% 5/30/24 EUR 3,000 3,176
8 KFW 1.500% 6/11/24 EUR 2,460 2,894
8 KFW 0.625% 1/15/25 EUR 18,675 20,599
8 KFW 2.500% 8/25/25 CHF 6,500 8,049
8 KFW 0.375% 3/9/26 EUR 5,000 5,325
8 KFW 6.000% 12/7/28 GBP 10,000 18,111
8 KFW 0.375% 4/23/30 EUR 10,000 9,979
8 KFW 5.750% 6/7/32 GBP 1,000 1,887
8 KFW 1.250% 7/4/36 EUR 23,000 24,797
8 KFW 4.875% 3/15/37 GBP 4,000 7,360
  Land Thueringen 1.625% 8/17/20 EUR 2,462 2,835
  Land Thueringen 0.500% 5/12/25 EUR 4,500 4,883
  Landesbank Baden-Wuerttemberg 0.250% 7/21/20 EUR 400 437
  Landesbank Berlin AG 5.875% 11/25/19 EUR 1,500 1,817
  Landeskreditbank Baden-Wuerttemberg          
  Foerderbank 3.750% 1/23/18 AUD 5,000 3,851
  Landeskreditbank Baden-Wuerttemberg          
  Foerderbank 0.250% 11/25/19 EUR 4,500 4,930
8 Landwirtschaftliche Rentenbank 2.000% 2/20/19 EUR 3,000 3,399
8 Landwirtschaftliche Rentenbank 4.750% 3/12/19 NZD 5,000 3,800
8 Landwirtschaftliche Rentenbank 2.250% 5/22/19 NOK 10,000 1,235
2,8 Landwirtschaftliche Rentenbank 1.875% 11/21/19 CAD 2,655 2,070
8 Landwirtschaftliche Rentenbank 1.875% 11/21/19 CAD 3,000 2,339
8 Landwirtschaftliche Rentenbank 4.000% 1/30/20 NZD 8,513 6,366
8 Landwirtschaftliche Rentenbank 5.500% 3/9/20 AUD 15,000 12,400
8 Landwirtschaftliche Rentenbank 1.875% 5/11/20 EUR 1,500 1,736
8 Landwirtschaftliche Rentenbank 2.875% 8/30/21 EUR 13,000 15,986
8 Landwirtschaftliche Rentenbank 1.250% 5/20/22 EUR 5,000 5,771
8 Landwirtschaftliche Rentenbank 4.250% 1/24/23 AUD 7,500 6,051
8 Landwirtschaftliche Rentenbank 0.375% 1/22/24 EUR 5,000 5,443
8 Landwirtschaftliche Rentenbank 4.250% 1/9/25 AUD 10,000 8,098
8 Landwirtschaftliche Rentenbank 0.625% 2/20/30 EUR 20,000 20,655
  NRW Bank 0.500% 7/23/18 EUR 10,000 10,931
  NRW Bank 1.250% 10/22/18 EUR 5,000 5,543
  NRW Bank 3.875% 1/27/20 EUR 4,000 4,848
  NRW Bank 0.500% 5/11/26 EUR 12,000 12,842
  State of Baden-Wurttemberg 1.000% 7/18/22 EUR 5,000 5,667
  State of Baden-Wurttemberg 2.000% 11/13/23 EUR 8,000 9,640
  State of Baden-Wurttemberg 0.625% 2/9/27 EUR 10,000 10,764
  State of Berlin 3.250% 5/23/18 EUR 1,500 1,697
  State of Berlin 1.500% 8/28/20 EUR 2,000 2,289
  State of Berlin 1.500% 1/21/21 EUR 3,300 3,790
  State of Berlin 3.125% 8/17/21 EUR 2,300 2,840
  State of Berlin 0.750% 11/11/22 EUR 10,000 11,187
  State of Berlin 1.875% 6/12/23 EUR 1,800 2,148
  State of Berlin 0.500% 2/10/25 EUR 10,000 10,856

 

 

State of Berlin 0.625% 3/20/26 EUR 25,000 27,100
State of Berlin 1.000% 5/19/32 EUR 15,000 15,635
State of Berlin 0.625% 8/25/36 EUR 1,500 1,407
State of Brandenburg 3.500% 6/15/21 EUR 15,000 18,716
State of Bremen 1.375% 4/28/21 EUR 1,000 1,145
State of Bremen 0.500% 7/30/21 EUR 15,000 16,580
State of Bremen 0.500% 3/3/25 EUR 13,000 14,040
State of Hesse 1.375% 2/5/20 EUR 8,000 9,056
State of Hesse 3.500% 3/10/20 EUR 5,000 6,024
State of Hesse 1.750% 6/19/20 EUR 3,730 4,293
State of Hesse 3.000% 8/23/21 EUR 12,000 14,762
State of Hesse 1.750% 1/20/23 EUR 3,000 3,546
State of Hesse 0.375% 3/10/23 EUR 18,000 19,682
State of Hesse 1.375% 6/10/24 EUR 4,000 4,643
State of Hesse 0.500% 2/17/25 EUR 10,500 11,394
State of Hesse 0.250% 6/10/25 EUR 15,000 15,909
State of Hesse 0.750% 8/4/36 EUR 12,000 11,499
State of Lower Saxony 4.250% 2/27/18 EUR 4,000 4,534
State of Lower Saxony 1.375% 9/26/19 EUR 7,000 7,895
State of Lower Saxony 1.000% 8/18/22 EUR 11,000 12,485
State of Lower Saxony 2.125% 10/11/23 EUR 1,000 1,214
State of Lower Saxony 0.000% 8/2/24 EUR 42,000 44,139
State of Lower Saxony 0.625% 1/20/25 EUR 10,000 10,965
State of North Rhine-Westphalia 2.000% 9/13/18 EUR 1,000 1,121
State of North Rhine-Westphalia 1.000% 2/15/19 EUR 7,000 7,764
State of North Rhine-Westphalia 2.250% 3/1/19 CHF 2,000 2,147
State of North Rhine-Westphalia 0.875% 12/16/19 EUR 5,000 5,576
State of North Rhine-Westphalia 1.250% 3/13/20 EUR 5,000 5,647
State of North Rhine-Westphalia 1.500% 1/14/21 EUR 4,000 4,596
State of North Rhine-Westphalia 0.375% 10/19/21 EUR 10,000 11,002
State of North Rhine-Westphalia 1.375% 5/16/22 EUR 5,050 5,828
State of North Rhine-Westphalia 1.875% 9/15/22 EUR 11,150 13,232
State of North Rhine-Westphalia 0.375% 2/16/23 EUR 4,300 4,702
State of North Rhine-Westphalia 0.200% 4/17/23 EUR 20,000 21,608
State of North Rhine-Westphalia 0.200% 2/16/24 EUR 35,800 38,349
State of North Rhine-Westphalia 1.875% 3/15/24 EUR 1,950 2,336
State of North Rhine-Westphalia 0.500% 3/11/25 EUR 3,000 3,250
State of North Rhine-Westphalia 2.000% 10/15/25 EUR 3,000 3,646
State of North Rhine-Westphalia 0.500% 4/16/26 EUR 10,000 10,711
State of North Rhine-Westphalia 1.625% 10/24/30 EUR 10,000 11,442
State of North Rhine-Westphalia 0.625% 7/21/31 EUR 15,000 14,902
State of North Rhine-Westphalia 2.375% 5/13/33 EUR 6,400 8,003
State of North Rhine-Westphalia 1.250% 5/12/36 EUR 4,000 4,190
State of Rhineland-Palatinate 1.250% 1/16/20 EUR 5,745 6,480
State of Rhineland-Palatinate 0.500% 9/3/21 EUR 5,000 5,528
State of Rhineland-Palatinate 2.375% 2/23/22 EUR 2,500 3,021
State of Rhineland-Palatinate 0.500% 1/21/25 EUR 6,000 6,515
State of Saxony-Anhalt 1.625% 4/25/23 EUR 4,000 4,700
State of Saxony-Anhalt 1.875% 4/10/24 EUR 9,000 10,788
Wirtschafts- und Infrastrukturbank Hessen 1.750% 12/6/22 EUR 2,500 2,933
          5,665,985
Total Germany (Cost $7,100,823)         6,782,745
Hong Kong (0.1%)          
Corporate Bonds (0.0%)          
CK Hutchison Finance 16 II Ltd. 0.875% 10/3/24 EUR 500 515
CK Hutchison Finance 16 Ltd. 1.250% 4/6/23 EUR 17,000 18,409

 

 

1 Hutchison Whampoa Europe Finance 13 Ltd. 3.750% 5/29/49 EUR 1,200 1,330
Hutchison Whampoa Finance 14 Ltd. 1.375% 10/31/21 EUR 100 111
          20,365
Sovereign Bonds (0.1%)          
Hong Kong Special Administrative Region 1.470% 2/20/19 HKD 35,000 4,548
Hong Kong Special Administrative Region 0.910% 11/5/20 HKD 100,000 12,681
Hong Kong Special Administrative Region 2.220% 8/7/24 HKD 30,000 3,997
          21,226
Total Hong Kong (Cost $42,697)         41,591
India (0.0%)          
Corporate Bonds (0.0%)          
Bharti Airtel International Netherlands BV 3.000% 3/31/20 CHF 3,000 3,213
Bharti Airtel International Netherlands BV 3.375% 5/20/21 EUR 875 1,018
Total India (Cost $4,423)         4,231
Indonesia (0.0%)          
Sovereign Bonds (0.0%)          
2 Republic of Indonesia 2.875% 7/8/21 EUR 2,500 2,835
Republic of Indonesia 3.750% 6/14/28 EUR 5,000 5,667
Total Indonesia (Cost $9,339)         8,502
Ireland (0.7%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.0%)        
AIB Mortgage Bank 0.625% 2/3/22 EUR 3,000 3,291
Bank of Ireland Mortgage Bank 2.750% 3/22/18 EUR 8,000 8,925
Bank of Ireland Mortgage Bank 1.750% 3/19/19 EUR 5,000 5,612
          17,828
Corporate Bonds (0.1%)          
CRH Finance DAC 1.375% 10/18/28 EUR 10,000 10,342
CRH Finance Ltd. 3.125% 4/3/23 EUR 10,850 13,240
CRH Finance Switzerland AG 1.375% 9/30/22 CHF 5,300 5,629
CRH Finland Services Oyj 2.750% 10/15/20 EUR 5,488 6,402
Dali Capital plc 4.799% 12/21/37 GBP 150 228
Freshwater Finance plc 4.607% 10/17/36 GBP 1,125 1,719
Kerry Group Financial Services 2.375% 9/10/25 EUR 10,500 12,198
Ryanair Ltd. 1.875% 6/17/21 EUR 2,000 2,262
          52,020
Sovereign Bonds (0.6%)          
DAA Finance plc 6.587% 7/9/18 EUR 500 590
ESB Finance Ltd. 4.375% 11/21/19 EUR 2,000 2,415
ESB Finance Ltd. 6.500% 3/5/20 GBP 2,000 2,907
ESB Finance Ltd. 3.494% 1/12/24 EUR 1,000 1,247
ESB Finance Ltd. 2.125% 6/8/27 EUR 6,000 6,831
Ireland 4.500% 10/18/18 EUR 20,000 23,435
Ireland 4.400% 6/18/19 EUR 10,000 12,031
Ireland 5.900% 10/18/19 EUR 30,081 37,956
Ireland 4.500% 4/18/20 EUR 62,000 77,089
Ireland 5.000% 10/18/20 EUR 24,000 30,937
Ireland 0.800% 3/15/22 EUR 47,000 52,507
Ireland 3.900% 3/20/23 EUR 7,000 9,149
Ireland 3.400% 3/18/24 EUR 54,950 70,384
Ireland 5.400% 3/13/25 EUR 10,450 15,190
Ireland 1.000% 5/15/26 EUR 21,050 22,411
Ireland 2.400% 5/15/30 EUR 28,790 34,047
Ireland 1.700% 5/15/37 EUR 19,690 20,184

 

 

Ireland 2.000% 2/18/45 EUR 16,500 17,036
          436,346
Total Ireland (Cost $525,228)         506,194
Israel (0.3%)          
Corporate Bonds (0.1%)          
Teva Pharmaceutical Finance IV BV 2.875% 4/15/19 EUR 2,000 2,276
Teva Pharmaceutical Finance Netherlands II          
BV 1.125% 10/15/24 EUR 10,800 11,025
Teva Pharmaceutical Finance Netherlands II          
BV 1.625% 10/15/28 EUR 15,000 14,656
          27,957
Sovereign Bonds (0.2%)          
State of Israel 6.000% 2/28/19 ILS 44,000 13,030
State of Israel 2.250% 5/31/19 ILS 74,000 20,440
State of Israel 5.000% 1/31/20 ILS 69,000 20,670
State of Israel 4.625% 3/18/20 EUR 1,000 1,230
State of Israel 5.500% 1/31/22 ILS 20,000 6,422
State of Israel 4.250% 3/31/23 ILS 73,000 22,527
State of Israel 2.875% 1/29/24 EUR 3,400 4,141
State of Israel 3.750% 3/31/24 ILS 37,000 11,126
State of Israel 1.750% 8/31/25 ILS 75,000 19,350
State of Israel 6.250% 10/30/26 ILS 29,360 10,554
State of Israel 5.500% 1/31/42 ILS 66,000 23,825
          153,315
Total Israel (Cost $183,253)         181,272
Italy (7.9%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.2%)        
Aeroporti Di Roma SPA 5.441% 2/20/23 GBP 250 363
Banca Monte dei Paschi di Siena SPA 2.875% 7/16/24 EUR 5,500 6,368
1 Banca Monte dei Paschi di Siena SPA 2.875% 4/16/59 EUR 4,000 4,610
Banca Popolare dell'Emilia Romagna SC 0.875% 1/22/22 EUR 5,000 5,487
Banca Popolare di Milano Scarl 0.625% 6/8/23 EUR 10,000 10,594
Banco Popolare SC 0.750% 3/31/22 EUR 10,000 10,840
Cassa di Risparmio di Parma e Piacenza SPA 0.875% 6/16/23 EUR 10,000 10,829
Credito Emiliano SPA 1.875% 2/27/19 EUR 5,000 5,615
Intesa Sanpaolo SPA 3.750% 9/25/19 EUR 4,300 5,102
Intesa Sanpaolo SPA 0.625% 1/20/22 EUR 5,000 5,461
Intesa Sanpaolo SPA 3.625% 12/5/22 EUR 4,200 5,352
Intesa Sanpaolo SPA 3.375% 1/24/25 EUR 10,500 13,470
Intesa Sanpaolo SPA 3.250% 2/10/26 EUR 9,000 11,498
Mediobanca SpA 3.625% 10/17/23 EUR 5,000 6,451
UniCredit SPA 1.875% 1/31/19 EUR 3,600 4,034
UniCredit SPA 2.750% 1/31/20 EUR 1,310 1,527
UniCredit SPA 2.625% 10/31/20 EUR 5,000 5,897
UniCredit SPA 5.250% 4/30/23 EUR 9,000 12,480
Unione di Banche Italiane SpA 3.125% 10/14/20 EUR 8,500 10,182
Unione di Banche Italiane SpA 5.250% 1/28/21 EUR 2,500 3,238
Unione di Banche Italiane SpA 1.000% 1/27/23 EUR 10,000 11,060
Unione di Banche Italiane SpA 3.125% 2/5/24 EUR 3,000 3,769
Unione di Banche Italiane SpA 1.250% 2/7/25 EUR 2,500 2,773
Unione di Banche Italiane SpA 0.375% 9/14/26 EUR 10,000 9,932
          166,932
Corporate Bonds (0.5%)          
2i Rete Gas SPA 3.000% 7/16/24 EUR 4,700 5,672

 

 

Aeroporti di Roma SPA 3.250% 2/20/21 EUR 3,000 3,561
Assicurazioni Generali SPA 2.875% 1/14/20 EUR 3,120 3,614
Assicurazioni Generali SPA 5.125% 9/16/24 EUR 6,900 9,469
Assicurazioni Generali SPA 4.125% 5/4/26 EUR 2,000 2,273
1 Assicurazioni Generali SPA 10.125% 7/10/42 EUR 2,200 3,069
1 Assicurazioni Generali SPA 7.750% 12/12/42 EUR 16,000 20,325
Atlantia SPA 4.500% 2/8/19 EUR 1,000 1,175
Atlantia SPA 2.875% 2/26/21 EUR 3,000 3,546
Atlantia SPA 6.250% 6/9/22 GBP 1,320 2,006
Atlantia SPA 5.875% 6/9/24 EUR 300 431
Autostrade per l'Italia SpA 1.875% 11/4/25 EUR 18,935 20,941
Autostrade per l'Italia SpA 1.750% 2/1/27 EUR 300 320
Enel Finance International NV 3.625% 4/17/18 EUR 104 117
Enel Finance International NV 5.750% 10/24/18 EUR 5,400 6,396
Enel Finance International NV 2.750% 12/17/18 CHF 3,000 3,187
Enel Finance International NV 4.875% 3/11/20 EUR 14,740 18,139
Enel Finance International NV 5.000% 7/12/21 EUR 2,000 2,576
Enel Finance International NV 5.000% 9/14/22 EUR 4,000 5,346
Enel Finance International NV 4.875% 4/17/23 EUR 5,000 6,652
Enel Finance International NV 5.625% 8/14/24 GBP 3,000 4,531
Enel Finance International NV 1.966% 1/27/25 EUR 4,000 4,487
Enel Finance International NV 1.375% 6/1/26 EUR 25,000 26,290
Enel Finance International NV 5.750% 9/14/40 GBP 9,300 15,028
Enel SPA 6.250% 6/20/19 GBP 5,550 7,774
Enel SPA 5.750% 6/22/37 GBP 1,000 1,605
Eni SPA 3.750% 6/27/19 EUR 4,000 4,690
Eni SPA 4.250% 2/3/20 EUR 2,570 3,102
Eni SPA 2.625% 11/22/21 EUR 3,000 3,541
Eni SPA 3.250% 7/10/23 EUR 2,360 2,908
Eni SPA 3.750% 9/12/25 EUR 3,300 4,243
Eni SPA 1.625% 5/17/28 EUR 3,000 3,180
Eni SPA 3.625% 1/29/29 EUR 6,000 7,651
Exor SpA 2.125% 12/2/22 EUR 5,000 5,616
FCA Capital Ireland plc 1.250% 6/13/18 EUR 1,000 1,093
FCA Capital Ireland plc 2.625% 4/17/19 EUR 2,000 2,257
Intesa Sanpaolo SPA 4.000% 11/8/18 EUR 500 574
Intesa Sanpaolo SPA 3.000% 1/28/19 EUR 11,000 12,474
Intesa Sanpaolo SPA 1.125% 1/14/20 EUR 5,000 5,451
Intesa Sanpaolo SPA 4.125% 4/14/20 EUR 2,100 2,498
Intesa Sanpaolo SPA 2.000% 6/18/21 EUR 5,000 5,609
Intesa Sanpaolo SPA 3.500% 1/17/22 EUR 8,000 9,521
Intesa Sanpaolo SPA 4.000% 10/30/23 EUR 4,000 4,954
1 Intesa Sanpaolo Vita SPA 4.750% 12/29/49 EUR 3,900 4,145
Luxottica Group SPA 3.625% 3/19/19 EUR 2,000 2,324
Luxottica Group SPA 2.625% 2/10/24 EUR 8,800 10,761
Snam SPA 0.000% 10/25/20 EUR 3,700 3,932
Societa Iniziative Autostradali e Servizi SPA 4.500% 10/26/20 EUR 1,000 1,232
Terna Rete Elettrica Nazionale SPA 4.875% 10/3/19 EUR 900 1,093
Terna Rete Elettrica Nazionale SPA 4.750% 3/15/21 EUR 6,000 7,594
Terna Rete Elettrica Nazionale SPA 0.875% 2/2/22 EUR 6,466 7,036
UniCredit SPA 3.625% 1/24/19 EUR 3,000 3,446
UniCredit SPA 1.500% 6/19/19 EUR 3,000 3,317
UniCredit SPA 3.250% 1/14/21 EUR 1,500 1,749
UniCredit SPA 5.000% 10/31/21 EUR 3,000 3,956
UniCredit SPA 0.375% 10/31/26 EUR 11,000 10,882
Unione di Banche Italiane SpA 2.875% 2/18/19 EUR 8,500 9,619
          328,978

 

 

Sovereign Bonds (7.2%)          
A2A SPA 3.625% 1/13/22 EUR 4,100 5,025
A2A SPA 1.750% 2/25/25 EUR 2,000 2,197
ACEA SPA 2.625% 7/15/24 EUR 3,000 3,509
Cassa Depositi e Prestiti SPA 2.750% 5/31/21 EUR 2,000 2,320
Ferrovie dello Stato SPA 4.000% 7/22/20 EUR 2,000 2,403
Hera SPA 5.200% 1/29/28 EUR 6,000 8,643
Poste Italiane SPA 3.250% 6/18/18 EUR 650 730
Republic of Italy 4.500% 2/1/18 EUR 31,700 35,812
Republic of Italy 0.250% 5/15/18 EUR 145,000 157,202
Republic of Italy 3.500% 6/1/18 EUR 91,500 103,458
Republic of Italy 4.500% 8/1/18 EUR 105,000 121,008
Republic of Italy 0.300% 10/15/18 EUR 50,000 54,225
Republic of Italy 3.500% 12/1/18 EUR 40,000 45,904
Republic of Italy 4.250% 2/1/19 EUR 125,000 146,081
Republic of Italy 4.500% 3/1/19 EUR 85,000 99,993
Republic of Italy 0.100% 4/15/19 EUR 50,000 53,892
Republic of Italy 2.500% 5/1/19 EUR 41,000 46,524
Republic of Italy 1.500% 8/1/19 EUR 61,000 67,883
Republic of Italy 4.250% 9/1/19 EUR 50,000 59,478
Republic of Italy 1.050% 12/1/19 EUR 73,000 80,493
Republic of Italy 4.500% 2/1/20 EUR 155,000 187,891
Republic of Italy 4.250% 3/1/20 EUR 49,000 59,133
Republic of Italy 0.700% 5/1/20 EUR 60,000 65,389
Republic of Italy 4.000% 9/1/20 EUR 57,000 69,165
Republic of Italy 0.650% 11/1/20 EUR 105,000 113,899
Republic of Italy 3.750% 3/1/21 EUR 70,000 84,999
Republic of Italy 3.750% 5/1/21 EUR 125,000 151,780
Republic of Italy 0.450% 6/1/21 EUR 99,100 105,653
Republic of Italy 3.750% 8/1/21 EUR 50,000 60,972
Republic of Italy 4.750% 9/1/21 EUR 27,500 34,876
Republic of Italy 0.350% 11/1/21 EUR 90,000 94,494
Republic of Italy 2.150% 12/15/21 EUR 85,000 96,902
Republic of Italy 5.000% 3/1/22 EUR 36,665 47,226
Republic of Italy 1.350% 4/15/22 EUR 87,000 95,032
Republic of Italy 5.500% 9/1/22 EUR 62,000 82,325
Republic of Italy 5.500% 11/1/22 EUR 70,000 93,136
Republic of Italy 0.950% 3/15/23 EUR 50,900 53,612
Republic of Italy 4.500% 5/1/23 EUR 103,000 131,567
2 Republic of Italy 4.750% 8/1/23 EUR 45,000 58,516
Republic of Italy 0.650% 10/15/23 EUR 120,000 122,188
Republic of Italy 9.000% 11/1/23 EUR 20,000 31,870
Republic of Italy 4.500% 3/1/24 EUR 93,000 119,156
Republic of Italy 3.750% 9/1/24 EUR 58,000 71,058
Republic of Italy 2.500% 12/1/24 EUR 96,000 108,291
2 Republic of Italy 5.000% 3/1/25 EUR 90,700 120,331
Republic of Italy 1.500% 6/1/25 EUR 112,500 116,948
Republic of Italy 2.000% 12/1/25 EUR 85,000 90,991
Republic of Italy 4.500% 3/1/26 EUR 150,000 192,652
Republic of Italy 1.600% 6/1/26 EUR 70,000 71,957
Republic of Italy 7.250% 11/1/26 EUR 10,000 15,568
Republic of Italy 1.250% 12/1/26 EUR 50,000 49,175
Republic of Italy 6.500% 11/1/27 EUR 15,000 22,525
Republic of Italy 6.000% 8/4/28 GBP 8,900 13,433
2 Republic of Italy 4.750% 9/1/28 EUR 54,000 71,425
Republic of Italy 5.250% 11/1/29 EUR 53,000 73,782
2 Republic of Italy 3.500% 3/1/30 EUR 82,000 97,432

 

 

Republic of Italy 6.000% 5/1/31 EUR 95,000 143,003
Republic of Italy 5.750% 2/1/33 EUR 96,800 144,334
2 Republic of Italy 2.450% 9/1/33 EUR 90,000 93,050
Republic of Italy 5.000% 8/1/34 EUR 82,000 114,585
2 Republic of Italy 2.250% 9/1/36 EUR 50,000 49,164
Republic of Italy 4.000% 2/1/37 EUR 73,500 91,489
Republic of Italy 5.000% 8/1/39 EUR 42,500 59,623
Republic of Italy 5.000% 9/1/40 EUR 75,500 105,361
2 Republic of Italy 4.750% 9/1/44 EUR 41,900 57,000
2 Republic of Italy 3.250% 9/1/46 EUR 49,500 53,180
2 Republic of Italy 2.700% 3/1/47 EUR 11,822 11,373
2 Republic of Italy 2.800% 3/1/67 EUR 67,170 59,856
          5,154,147
Total Italy (Cost $5,995,242)         5,650,057
Japan (21.9%)          
Corporate Bonds (0.5%)          
American Honda Finance Corp. 1.875% 9/4/19 EUR 350 396
American Honda Finance Corp. 1.375% 11/10/22 EUR 5,100 5,737
American Honda Finance Corp. 0.750% 1/17/24 EUR 7,200 7,728
Bank of Tokyo-Mitsubishi UFJ Ltd. 0.410% 4/20/17 JPY 800,000 7,092
Bank of Tokyo-Mitsubishi UFJ Ltd. 1.560% 1/20/21 JPY 400,000 3,733
Bank of Tokyo-Mitsubishi UFJ Ltd. 0.875% 3/11/22 EUR 5,000 5,463
Bank of Tokyo-Mitsubishi UFJ Ltd. 1.390% 5/31/22 JPY 100,000 937
East Japan Railway Co. 4.875% 6/14/34 GBP 5,500 8,978
Kirin Holdings Co. Ltd. 1.239% 9/24/21 JPY 300,000 2,784
Mizuho Bank Ltd. 0.270% 1/24/18 JPY 600,000 5,328
Mizuho Bank Ltd. 0.410% 4/20/18 JPY 900,000 8,009
Mizuho Bank Ltd. 0.395% 7/25/18 JPY 500,000 4,451
Mizuho Bank Ltd. 0.285% 1/25/19 JPY 1,000,000 8,896
Mizuho Bank Ltd. 0.300% 4/26/19 JPY 1,000,000 8,899
Mizuho Financial Group Inc. 0.100% 7/22/21 JPY 300,000 2,628
Nippon Telegraph & Telephone Corp. 1.820% 3/20/18 JPY 100,000 904
Nippon Telegraph & Telephone Corp. 1.310% 12/18/20 JPY 500,000 4,638
Nippon Telegraph & Telephone Corp. 1.020% 9/17/21 JPY 500,000 4,618
Nissan Motor Co. Ltd. 0.415% 3/20/18 JPY 100,000 889
Nissan Motor Co. Ltd. 0.150% 3/19/21 JPY 1,500,000 13,242
Nomura Europe Finance NV 1.875% 5/29/18 EUR 8,200 9,063
Nomura Europe Finance NV 1.500% 5/12/21 EUR 5,500 6,136
Nomura Holdings Inc. 1.808% 6/24/20 JPY 600,000 5,580
Norinchukin Bank 0.400% 5/26/17 JPY 1,400,000 12,414
Norinchukin Bank 0.350% 6/27/17 JPY 700,000 6,208
Norinchukin Bank 0.300% 1/26/18 JPY 1,500,000 13,322
Norinchukin Bank 0.300% 4/27/18 JPY 500,000 4,443
Norinchukin Bank 0.400% 9/27/18 JPY 1,000,000 8,911
Norinchukin Bank 0.250% 9/27/19 JPY 1,200,000 10,687
Norinchukin Bank 0.280% 6/26/20 JPY 1,000,000 8,923
Norinchukin Bank 0.270% 7/27/20 JPY 1,400,000 12,490
Panasonic Corp. 1.081% 3/20/18 JPY 1,400,000 12,543
Panasonic Corp. 0.387% 3/19/20 JPY 1,400,000 12,484
Resona Bank Ltd. 1.780% 3/15/22 JPY 500,000 4,756
Shinkin Central Bank 0.400% 4/27/17 JPY 700,000 6,205
Shinkin Central Bank 0.350% 5/26/17 JPY 100,000 887
Shinkin Central Bank 0.350% 6/27/17 JPY 200,000 1,774
Shinkin Central Bank 0.300% 7/27/17 JPY 200,000 1,774
Shinkin Central Bank 0.300% 9/27/17 JPY 200,000 1,775
Shinkin Central Bank 0.200% 3/27/18 JPY 1,000,000 8,876

 

 

  Shinkin Central Bank 0.350% 9/27/18 JPY 500,000 4,452
  Shinkin Central Bank 0.250% 6/27/19 JPY 2,000,000 17,801
  Shinkin Central Bank 0.200% 8/27/19 JPY 450,000 4,001
  Shinkin Central Bank 0.225% 11/27/19 JPY 1,000,000 8,902
  Shinkin Central Bank 0.250% 6/26/20 JPY 2,000,000 17,832
  Sumitomo Mitsui Banking Corp. 0.280% 10/20/17 JPY 300,000 2,662
  Sumitomo Mitsui Banking Corp. 1.430% 9/28/20 JPY 600,000 5,548
  Sumitomo Mitsui Banking Corp. 2.250% 12/16/20 EUR 18,500 21,489
  Sumitomo Mitsui Financial Group Inc. 0.849% 9/12/24 JPY 500,000 4,513
  Sumitomo Mitsui Trust Bank Ltd. 1.620% 3/22/22 JPY 500,000 4,723
  Toyota Finance Australia Ltd. 4.250% 5/15/19 AUD 1,000 785
  Toyota Finance Corp. 0.244% 6/20/19 JPY 400,000 3,553
  Toyota Motor Corp. 2.010% 12/20/18 JPY 200,000 1,826
  Toyota Motor Credit Corp. 1.000% 9/10/21 EUR 3,000 3,329
  Toyota Motor Credit Corp. 1.000% 9/27/22 GBP 2,300 2,831
  Toyota Motor Credit Corp. 2.375% 2/1/23 EUR 400 477
            359,325
Sovereign Bonds (21.4%)          
  Central Nippon Expressway Co. Ltd. 0.501% 3/20/18 JPY 400,000 3,562
  Central Nippon Expressway Co. Ltd. 0.294% 3/20/19 JPY 1,000,000 8,900
  Central Nippon Expressway Co. Ltd. 0.262% 6/2/20 JPY 2,700,000 24,054
  Central Nippon Expressway Co. Ltd. 0.030% 7/14/21 JPY 900,000 7,949
  Central Nippon Expressway Co. Ltd. 0.030% 9/17/21 JPY 1,000,000 8,828
  Deposit Insurance Corp. of Japan 0.200% 10/20/17 JPY 1,000,000 8,830
10 Deposit Insurance Corp. of Japan 0.100% 1/17/20 JPY 700,000 6,216
  Development Bank of Japan Inc. 0.460% 3/17/17 JPY 500,000 4,430
  Development Bank of Japan Inc. 0.101% 3/20/18 JPY 400,000 3,546
10 Development Bank of Japan Inc. 0.240% 1/21/19 JPY 300,000 2,669
10 Development Bank of Japan Inc. 1.400% 2/17/20 JPY 200,000 1,846
10 Development Bank of Japan Inc. 0.819% 9/20/22 JPY 286,000 2,641
10 Development Bank of Japan Inc. 1.700% 9/20/22 JPY 500,000 4,836
10 Development Bank of Japan Inc. 0.645% 3/18/24 JPY 501,000 4,608
10 Development Bank of Japan Inc. 0.450% 3/13/25 JPY 400,000 3,628
  East Nippon Expressway Co. Ltd. 0.180% 3/19/20 JPY 650,000 5,776
  East Nippon Expressway Co. Ltd. 0.262% 6/19/20 JPY 1,850,000 16,486
  East Nippon Expressway Co. Ltd. 0.030% 6/18/21 JPY 500,000 4,418
  East Nippon Expressway Co. Ltd. 0.060% 6/18/21 JPY 280,000 2,477
  Japan 0.100% 3/20/18 JPY 10,100,000 89,842
  Japan 0.400% 3/20/18 JPY 14,210,000 126,824
  Japan 1.700% 3/20/18 JPY 6,600,000 59,758
  Japan 0.300% 6/20/18 JPY 16,500,000 146,947
  Japan 0.400% 6/20/18 JPY 2,500,000 22,341
  Japan 0.100% 8/15/18 JPY 3,000,000 26,710
  Japan 0.200% 9/20/18 JPY 5,000,000 44,587
  Japan 0.300% 9/20/18 JPY 5,000,000 44,663
  Japan 1.500% 9/20/18 JPY 9,250,000 84,226
  Japan 0.100% 11/15/18 JPY 50,000,000 445,404
  Japan 0.100% 12/15/18 JPY 15,000,000 133,659
  Japan 0.200% 12/20/18 JPY 8,902,250 79,463
  Japan 1.300% 12/20/18 JPY 4,800,000 43,722
  Japan 1.400% 12/20/18 JPY 5,000,000 45,628
  Japan 0.100% 1/15/19 JPY 3,000,000 26,732
  Japan 0.200% 3/20/19 JPY 10,400,000 92,867
  Japan 1.300% 3/20/19 JPY 4,000,000 36,549
  Japan 2.600% 3/20/19 JPY 200,000 1,876
  Japan 0.100% 6/20/19 JPY 16,900,000 150,644
  Japan 0.200% 6/20/19 JPY 17,500,000 156,362

 

 

Japan 0.100% 9/20/19 JPY 16,500,000 147,139
Japan 0.200% 9/20/19 JPY 9,130,000 81,634
Japan 1.400% 9/20/19 JPY 5,900,000 54,407
Japan 0.100% 12/20/19 JPY 33,300,000 297,070
Japan 1.300% 12/20/19 JPY 7,700,000 71,058
Japan 0.100% 3/20/20 JPY 32,300,000 288,290
Japan 1.300% 3/20/20 JPY 4,400,000 40,738
Japan 0.100% 6/20/20 JPY 22,000,000 196,401
Japan 1.100% 6/20/20 JPY 5,100,000 47,056
Japan 1.300% 6/20/20 JPY 4,500,000 41,790
Japan 0.100% 9/20/20 JPY 35,050,000 312,977
Japan 0.800% 9/20/20 JPY 3,800,000 34,784
Japan 1.000% 9/20/20 JPY 5,000,000 46,094
Japan 0.100% 12/20/20 JPY 7,500,000 66,983
Japan 1.200% 12/20/20 JPY 7,137,350 66,443
Japan 0.100% 3/20/21 JPY 15,000,000 134,010
Japan 1.300% 3/20/21 JPY 9,500,000 89,043
Japan 0.100% 6/20/21 JPY 53,500,000 478,089
Japan 1.200% 6/20/21 JPY 6,000,000 56,182
Japan 2.000% 6/21/21 JPY 4,000,000 38,685
Japan 0.100% 9/20/21 JPY 59,000,000 527,372
Japan 1.100% 9/20/21 JPY 6,400,000 59,809
Japan 0.100% 12/20/21 JPY 10,500,000 93,881
Japan 1.000% 12/20/21 JPY 11,000,000 102,614
Japan 1.100% 12/20/21 JPY 4,200,000 39,362
Japan 0.900% 3/20/22 JPY 4,700,000 43,730
Japan 1.000% 3/20/22 JPY 8,000,000 74,797
Japan 0.800% 6/20/22 JPY 5,000,000 46,369
Japan 0.900% 6/20/22 JPY 7,500,000 69,914
Japan 0.800% 9/20/22 JPY 4,000,000 37,154
Japan 0.700% 12/20/22 JPY 4,000,000 37,010
Japan 0.800% 12/20/22 JPY 5,500,000 51,177
Japan 1.700% 12/20/22 JPY 3,500,000 34,221
Japan 0.600% 3/20/23 JPY 10,800,000 99,493
Japan 1.000% 3/20/23 JPY 530,000 4,999
Japan 0.800% 6/20/23 JPY 13,593,500 126,875
Japan 0.800% 6/20/23 JPY 600,000 5,601
Japan 1.800% 6/20/23 JPY 2,500,000 24,749
Japan 0.600% 9/20/23 JPY 1,000,000 9,229
Japan 0.800% 9/20/23 JPY 1,100,000 10,281
Japan 1.900% 9/20/23 JPY 3,000,000 29,980
Japan 0.600% 12/20/23 JPY 18,000,000 166,259
Japan 1.900% 12/20/23 JPY 1,800,000 18,053
Japan 0.600% 3/20/24 JPY 16,180,000 149,376
Japan 1.900% 3/20/24 JPY 500,000 5,028
Japan 0.600% 6/20/24 JPY 11,500,000 106,226
Japan 0.500% 9/20/24 JPY 1,100,000 10,094
Japan 2.100% 9/20/24 JPY 1,150,000 11,794
Japan 0.300% 12/20/24 JPY 10,500,000 94,915
Japan 0.500% 12/20/24 JPY 7,500,000 68,838
Japan 0.400% 3/20/25 JPY 17,500,000 159,496
Japan 0.400% 6/20/25 JPY 8,000,000 72,944
Japan 1.900% 6/20/25 JPY 1,150,000 11,761
Japan 2.100% 6/20/25 JPY 3,000,000 31,118
Japan 0.400% 9/20/25 JPY 14,100,000 128,554
Japan 0.300% 12/20/25 JPY 9,000,000 81,380
Japan 2.000% 12/20/25 JPY 3,260,000 33,817

 

 

Japan 0.100% 3/20/26 JPY 13,500,000 119,926
Japan 2.100% 3/20/26 JPY 780,000 8,184
Japan 2.200% 3/20/26 JPY 800,000 8,456
Japan 0.100% 6/20/26 JPY 25,900,000 230,133
Japan 0.100% 9/20/26 JPY 40,250,000 357,534
Japan 0.100% 12/20/26 JPY 22,000,000 195,082
Japan 2.100% 12/20/26 JPY 5,000,000 53,007
Japan 2.000% 3/20/27 JPY 1,000,000 10,543
Japan 2.100% 12/20/27 JPY 2,000,000 21,457
Japan 2.200% 3/20/28 JPY 3,950,000 42,878
Japan 2.400% 3/20/28 JPY 5,850,000 64,638
Japan 2.400% 6/20/28 JPY 950,000 10,531
Japan 2.100% 9/20/28 JPY 6,050,000 65,413
Japan 2.200% 9/20/28 JPY 1,200,000 13,095
Japan 1.900% 12/20/28 JPY 7,160,000 76,137
Japan 2.100% 12/20/28 JPY 600,000 6,504
Japan 1.900% 3/20/29 JPY 4,150,000 44,237
Japan 2.100% 3/20/29 JPY 4,400,000 47,815
Japan 2.100% 6/20/29 JPY 3,950,000 43,034
Japan 2.100% 9/20/29 JPY 8,500,000 92,834
Japan 2.100% 12/20/29 JPY 7,500,000 82,128
Japan 2.200% 12/20/29 JPY 3,000,000 33,184
Japan 2.200% 3/20/30 JPY 6,300,000 69,813
Japan 2.300% 5/20/30 JPY 170,000 1,907
Japan 1.600% 6/20/30 JPY 500,000 5,201
Japan 2.000% 6/20/30 JPY 5,000,000 54,341
Japan 1.800% 9/20/30 JPY 1,400,000 14,907
Japan 1.900% 9/20/30 JPY 4,300,000 46,293
Japan 2.000% 12/20/30 JPY 3,000,000 32,709
Japan 2.000% 3/20/31 JPY 11,900,000 129,884
Japan 2.200% 3/20/31 JPY 500,000 5,581
Japan 1.800% 6/20/31 JPY 2,000,000 21,380
Japan 1.900% 6/20/31 JPY 5,900,000 63,752
Japan 1.700% 9/20/31 JPY 25,000,000 264,251
Japan 1.800% 9/20/31 JPY 5,500,000 58,816
Japan 1.700% 12/20/31 JPY 5,200,000 54,993
Japan 1.800% 12/20/31 JPY 26,350,000 282,101
Japan 1.700% 3/20/32 JPY 2,000,000 21,160
Japan 1.800% 3/20/32 JPY 1,000,000 10,707
Japan 1.500% 6/20/32 JPY 6,300,000 65,053
Japan 1.600% 6/20/32 JPY 600,000 6,273
Japan 1.700% 9/20/32 JPY 13,330,000 141,185
Japan 1.700% 12/20/32 JPY 3,545,000 37,567
Japan 1.800% 12/20/32 JPY 6,000,000 64,378
Japan 1.100% 3/20/33 JPY 450,000 4,402
Japan 1.500% 3/20/33 JPY 4,275,000 44,126
Japan 1.600% 3/20/33 JPY 3,000,000 31,412
Japan 1.700% 6/20/33 JPY 7,875,000 83,468
Japan 1.700% 6/20/33 JPY 800,000 8,484
Japan 1.700% 9/20/33 JPY 6,800,000 72,076
Japan 1.600% 12/20/33 JPY 4,600,000 48,093
Japan 2.000% 12/20/33 JPY 500,000 5,516
Japan 1.500% 3/20/34 JPY 15,550,000 160,303
Japan 2.400% 3/20/34 JPY 3,700,000 42,966
Japan 1.500% 6/20/34 JPY 6,600,000 68,037
Japan 2.500% 6/20/34 JPY 2,000,000 23,552
Japan 1.400% 9/20/34 JPY 13,900,000 141,183

 

 

  Japan 2.500% 9/20/34 JPY 400,000 4,717
  Japan 1.200% 12/20/34 JPY 10,100,000 99,449
  Japan 2.400% 12/20/34 JPY 2,300,000 26,810
  Japan 1.200% 3/20/35 JPY 5,440,000 53,521
  Japan 2.300% 3/20/35 JPY 2,500,000 28,777
  Japan 1.300% 6/20/35 JPY 5,700,000 56,875
  Japan 2.300% 6/20/35 JPY 3,580,000 41,227
  Japan 1.200% 9/20/35 JPY 11,600,000 113,927
  Japan 2.500% 9/20/35 JPY 1,000,000 11,838
  Japan 1.000% 12/20/35 JPY 6,300,000 59,719
  Japan 2.300% 12/20/35 JPY 2,510,000 28,911
  Japan 0.400% 3/20/36 JPY 5,200,000 44,259
  Japan 2.500% 3/20/36 JPY 2,200,000 26,070
  Japan 0.200% 6/20/36 JPY 13,000,000 106,189
  Japan 2.500% 6/20/36 JPY 1,400,000 16,626
  Japan 0.500% 9/20/36 JPY 14,350,000 123,820
  Japan 2.500% 9/20/36 JPY 600,000 7,128
  Japan 0.600% 12/20/36 JPY 15,000,000 131,434
  Japan 2.300% 12/20/36 JPY 750,000 8,673
  Japan 2.400% 3/20/37 JPY 3,600,000 42,283
  Japan 2.500% 3/20/38 JPY 2,800,000 33,575
  Japan 2.400% 9/20/38 JPY 2,500,000 29,665
  Japan 2.300% 3/20/39 JPY 4,430,000 51,923
  Japan 2.200% 9/20/39 JPY 8,870,000 102,729
  Japan 2.300% 3/20/40 JPY 4,450,000 52,607
  Japan 2.000% 9/20/40 JPY 20,200,000 227,989
  Japan 2.200% 3/20/41 JPY 13,150,000 154,054
  Japan 2.000% 9/20/41 JPY 7,800,000 88,512
  Japan 2.000% 3/20/42 JPY 12,390,850 140,892
  Japan 1.900% 9/20/42 JPY 7,500,000 84,145
  Japan 1.800% 3/20/43 JPY 7,300,000 80,488
  Japan 1.900% 6/20/43 JPY 343,200 3,863
  Japan 1.800% 9/20/43 JPY 600,000 6,622
  Japan 1.700% 12/20/43 JPY 2,900,000 31,472
  Japan 1.700% 3/20/44 JPY 7,650,000 82,961
  Japan 1.700% 6/20/44 JPY 5,250,000 56,985
  Japan 1.700% 9/20/44 JPY 4,150,000 45,077
  Japan 1.500% 12/20/44 JPY 2,900,000 30,237
  Japan 1.500% 3/20/45 JPY 9,565,000 99,632
  Japan 1.600% 6/20/45 JPY 1,200,000 12,778
  Japan 1.400% 9/20/45 JPY 1,795,000 18,319
  Japan 1.400% 12/20/45 JPY 1,400,000 14,301
  Japan 0.800% 3/20/46 JPY 4,500,000 39,902
  Japan 0.300% 6/20/46 JPY 4,000,000 30,789
  Japan 0.500% 9/20/46 JPY 14,400,000 117,531
  Japan 0.600% 12/20/46 JPY 5,000,000 41,858
  Japan 2.400% 3/20/48 JPY 800,000 10,129
  Japan 2.200% 3/20/49 JPY 1,560,000 19,086
  Japan 2.200% 3/20/50 JPY 1,220,000 15,019
  Japan 2.200% 3/20/51 JPY 2,500,000 30,918
  Japan 2.000% 3/20/52 JPY 4,800,000 57,156
  Japan 1.900% 3/20/53 JPY 3,100,000 36,127
  Japan 1.700% 3/20/54 JPY 7,080,000 78,874
  Japan 1.400% 3/20/55 JPY 4,275,000 44,090
  Japan 0.400% 3/20/56 JPY 4,000,000 29,602
10 Japan Bank for International Cooperation 2.300% 3/19/18 CAD 1,295 1,005
10 Japan Bank for International Cooperation 2.625% 12/15/20 GBP 2,000 2,656

 

 

10 Japan Expressway Holding & Debt          
  Repayment Agency 1.700% 5/26/17 JPY 2,000,000 17,809
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.900% 8/31/17 JPY 500,000 4,478
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.500% 12/27/17 JPY 273,000 2,451
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.600% 2/28/18 JPY 100,000 901
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.800% 6/29/18 JPY 2,100,000 19,071
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.700% 7/31/18 JPY 900,000 8,174
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.600% 10/31/18 JPY 501,000 4,560
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.300% 1/30/19 JPY 100,000 908
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.500% 5/31/19 JPY 75,000 687
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.500% 6/28/19 JPY 702,000 6,438
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.400% 7/31/19 JPY 301,000 2,757
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.200% 12/27/19 JPY 100,000 916
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.300% 5/29/20 JPY 100,000 923
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.000% 8/31/20 JPY 100,000 916
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.000% 9/30/20 JPY 100,000 917
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.900% 10/30/20 JPY 1,300,000 11,886
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.900% 11/30/20 JPY 100,000 915
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.200% 12/28/20 JPY 100,000 926
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.895% 6/30/22 JPY 1,200,000 11,122
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.839% 7/29/22 JPY 500,000 4,628
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.801% 8/31/22 JPY 800,000 7,386
  Japan Expressway Holding & Debt          
  Repayment Agency 0.765% 9/20/22 JPY 200,000 1,835
  Japan Expressway Holding & Debt          
  Repayment Agency 0.796% 9/20/22 JPY 300,000 2,757
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.819% 9/30/22 JPY 1,500,000 13,868
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.805% 11/30/22 JPY 1,500,000 13,872
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.834% 1/31/23 JPY 900,000 8,346
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.815% 2/28/23 JPY 500,000 4,639
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.668% 3/17/23 JPY 800,000 7,371

 

 

10 Japan Expressway Holding & Debt          
  Repayment Agency 0.541% 4/28/23 JPY 700,000 6,389
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.911% 7/31/23 JPY 1,000,000 9,345
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.669% 11/30/23 JPY 1,000,000 9,213
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.693% 12/28/23 JPY 500,000 4,616
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.660% 2/29/24 JPY 2,000,000 18,418
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.645% 3/29/24 JPY 1,000,000 9,217
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.669% 4/30/24 JPY 1,000,000 9,216
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.660% 5/31/24 JPY 1,000,000 9,212
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.601% 7/31/24 JPY 2,000,000 18,329
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.539% 10/31/24 JPY 1,000,000 9,126
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.495% 11/29/24 JPY 1,520,000 13,827
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.466% 12/27/24 JPY 2,000,000 18,180
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.320% 1/31/25 JPY 400,000 3,597
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.414% 2/28/25 JPY 409,000 3,706
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.450% 3/31/25 JPY 1,000,000 9,068
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.509% 5/30/25 JPY 480,000 4,384
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.379% 12/26/25 JPY 1,000,000 9,051
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.320% 1/30/26 JPY 751,000 6,748
  Japan Expressway Holding & Debt          
  Repayment Agency 2.450% 3/19/26 JPY 180,000 1,907
  Japan Expressway Holding & Debt          
  Repayment Agency 2.340% 10/20/27 JPY 700,000 7,500
  Japan Expressway Holding & Debt          
  Repayment Agency 2.420% 6/20/28 JPY 880,000 9,572
10 Japan Expressway Holding & Debt          
  Repayment Agency 2.100% 12/28/29 JPY 500,000 5,405
10 Japan Expressway Holding & Debt          
  Repayment Agency 1.427% 7/31/34 JPY 600,000 6,025
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.970% 1/31/35 JPY 1,900,000 17,853
10 Japan Expressway Holding & Debt          
  Repayment Agency 0.149% 7/31/36 JPY 2,000,000 16,024
  Japan Expressway Holding & Debt          
  Repayment Agency 0.500% 9/17/38 JPY 200,000 1,598
  Japan Expressway Holding & Debt          
  Repayment Agency 0.500% 3/18/39 JPY 200,000 1,592
10 Japan Expressway Holding & Debt          
  Repayment Agency 2.300% 2/29/40 JPY 200,000 2,310

 

 

  Japan Expressway Holding & Debt          
  Repayment Agency 2.960% 3/19/46 JPY 250,000 3,276
  Japan Expressway Holding & Debt          
  Repayment Agency 2.870% 12/20/46 JPY 80,000 1,039
  Japan Expressway Holding & Debt          
  Repayment Agency 2.700% 3/20/48 JPY 200,000 2,491
  Japan Finance Corp. 0.100% 5/25/17 JPY 1,360,000 12,048
  Japan Finance Corp. 0.009% 5/11/18 JPY 650,000 5,755
10 Japan Finance Corp. 0.194% 3/18/20 JPY 500,000 4,450
10 Japan Finance Corp. 0.160% 9/16/20 JPY 800,000 7,108
10 Japan Finance Organization for Municipalities 0.400% 1/30/18 JPY 1,150,000 10,228
  Japan Finance Organization for Municipalities 1.970% 6/20/18 JPY 500,000 4,547
10 Japan Finance Organization for Municipalities 1.900% 6/22/18 JPY 500,000 4,536
  Japan Finance Organization for Municipalities 1.770% 9/25/18 JPY 400,000 3,645
10 Japan Finance Organization for Municipalities 1.600% 10/16/18 JPY 200,000 1,819
10 Japan Finance Organization for Municipalities 0.250% 10/29/18 JPY 900,000 8,005
10 Japan Finance Organization for Municipalities 1.400% 12/14/18 JPY 310,000 2,816
10 Japan Finance Organization for Municipalities 1.400% 4/15/19 JPY 800,000 7,300
10 Japan Finance Organization for Municipalities 0.202% 4/24/20 JPY 2,000,000 17,811
10 Japan Finance Organization for Municipalities 0.001% 6/30/20 JPY 1,400,000 12,372
10 Japan Finance Organization for Municipalities 0.900% 11/17/20 JPY 100,000 915
  Japan Finance Organization for Municipalities 0.875% 9/22/21 EUR 5,000 5,465
10 Japan Finance Organization for Municipalities 0.576% 9/24/21 JPY 600,000 5,444
10 Japan Finance Organization for Municipalities 0.900% 3/14/22 JPY 600,000 5,552
  Japan Finance Organization for Municipalities 0.801% 10/28/22 JPY 800,000 7,356
10 Japan Finance Organization for Municipalities 0.815% 2/17/23 JPY 1,500,000 13,912
10 Japan Finance Organization for Municipalities 0.668% 3/17/23 JPY 370,000 3,409
  Japan Finance Organization for Municipalities 0.678% 3/28/23 JPY 500,000 4,574
  Japan Finance Organization for Municipalities 0.576% 4/28/23 JPY 800,000 7,275
10 Japan Finance Organization for Municipalities 0.882% 6/16/23 JPY 1,000,000 9,328
10 Japan Finance Organization for Municipalities 0.311% 7/28/23 JPY 1,800,000 16,195
10 Japan Finance Organization for Municipalities 0.669% 11/17/23 JPY 1,579,000 14,557
10 Japan Finance Organization for Municipalities 0.669% 4/12/24 JPY 1,500,000 13,828
10 Japan Finance Organization for Municipalities 0.660% 5/21/24 JPY 2,970,000 27,355
10 Japan Finance Organization for Municipalities 0.644% 6/14/24 JPY 2,000,000 18,404
10 Japan Finance Organization for Municipalities 0.320% 1/19/26 JPY 1,000,000 8,986
  Japan Finance Organization for Municipalities 2.290% 4/27/29 JPY 80,000 867
10 Japan Highway Public Corp. 1.600% 7/15/20 JPY 500,000 4,667
  Japan Highway Public Corp. 1.540% 12/20/22 JPY 500,000 4,792
  Major Joint Local Government Bond 1.900% 6/23/17 JPY 200,000 1,785
  Major Joint Local Government Bond 1.650% 12/25/17 JPY 100,000 899
  Major Joint Local Government Bond 1.570% 2/23/18 JPY 500,000 4,503
  Major Joint Local Government Bond 1.550% 9/25/18 JPY 100,000 908
  Major Joint Local Government Bond 1.500% 10/25/18 JPY 100,000 909
  Major Joint Local Government Bond 1.570% 5/24/19 JPY 453,900 4,162
  Major Joint Local Government Bond 1.640% 6/25/19 JPY 100,000 920
  Major Joint Local Government Bond 1.400% 7/25/19 JPY 300,000 2,746
  Major Joint Local Government Bond 1.540% 8/23/19 JPY 100,000 919
  Major Joint Local Government Bond 1.340% 10/25/19 JPY 300,000 2,751
  Major Joint Local Government Bond 1.320% 12/25/19 JPY 100,000 918
  Major Joint Local Government Bond 1.380% 3/25/20 JPY 100,000 922
  Major Joint Local Government Bond 1.440% 4/24/20 JPY 200,000 1,850
  Major Joint Local Government Bond 1.290% 6/25/20 JPY 130,000 1,200
  Major Joint Local Government Bond 1.170% 7/24/20 JPY 1,100,000 10,119
  Major Joint Local Government Bond 0.900% 10/23/20 JPY 300,000 2,741
  Major Joint Local Government Bond 1.280% 2/25/21 JPY 200,000 1,859
  Major Joint Local Government Bond 1.180% 5/25/21 JPY 500,000 4,642

 

 

  Major Joint Local Government Bond 1.050% 8/25/21 JPY 500,000 4,628
  Major Joint Local Government Bond 1.030% 9/24/21 JPY 400,000 3,701
  Major Joint Local Government Bond 1.030% 11/25/21 JPY 200,000 1,853
  Major Joint Local Government Bond 1.070% 12/24/21 JPY 400,000 3,716
  Major Joint Local Government Bond 0.890% 6/24/22 JPY 800,000 7,392
  Major Joint Local Government Bond 0.720% 12/22/22 JPY 400,000 3,671
  Major Joint Local Government Bond 0.680% 3/24/23 JPY 700,000 6,415
  Major Joint Local Government Bond 0.910% 7/25/23 JPY 500,000 4,655
  Major Joint Local Government Bond 0.660% 11/24/23 JPY 700,000 6,418
  Major Joint Local Government Bond 0.710% 12/25/23 JPY 700,000 6,456
  Major Joint Local Government Bond 0.760% 1/25/24 JPY 1,500,000 13,851
  Major Joint Local Government Bond 0.674% 5/24/24 JPY 400,000 3,674
  Major Joint Local Government Bond 0.659% 6/25/24 JPY 800,000 7,341
  Major Joint Local Government Bond 0.611% 7/25/24 JPY 700,000 6,402
  Major Joint Local Government Bond 0.566% 8/23/24 JPY 500,000 4,559
  Major Joint Local Government Bond 0.554% 9/25/24 JPY 1,500,000 13,665
  Major Joint Local Government Bond 0.456% 12/25/24 JPY 2,400,000 21,703
  Major Joint Local Government Bond 0.448% 2/25/25 JPY 1,000,000 9,036
  Major Joint Local Government Bond 0.470% 3/25/25 JPY 2,750,000 24,953
  Major Joint Local Government Bond 0.406% 4/25/25 JPY 3,650,000 32,946
  Major Joint Local Government Bond 0.553% 5/23/25 JPY 1,000,000 9,112
  Major Joint Local Government Bond 0.548% 6/25/25 JPY 2,500,000 22,831
  Major Joint Local Government Bond 0.553% 7/25/25 JPY 1,000,000 9,136
  Major Joint Local Government Bond 0.500% 8/25/25 JPY 600,000 5,445
  Major Joint Local Government Bond 0.496% 11/25/25 JPY 1,000,000 9,095
  Major Joint Local Government Bond 0.180% 1/25/27 JPY 3,000,000 26,468
  Metropolitan Expressway Co. Ltd. 0.030% 6/18/21 JPY 500,000 4,398
  Metropolitan Expressway Co. Ltd. 0.030% 9/17/21 JPY 300,000 2,641
10 Nuclear Damage Liability Facilitation Fund 0.151% 11/17/17 JPY 1,000,000 8,871
  Osaka Prefecture 1.453% 9/26/34 JPY 270,000 2,697
  Shoko Chukin Bank Ltd. 0.400% 4/27/17 JPY 500,000 4,432
  Shoko Chukin Bank Ltd. 0.350% 6/27/17 JPY 300,000 2,660
  Shoko Chukin Bank Ltd. 0.150% 8/25/17 JPY 800,000 7,090
  Shoko Chukin Bank Ltd. 0.150% 2/27/18 JPY 2,000,000 17,738
  Shoko Chukin Bank Ltd. 0.150% 5/25/18 JPY 800,000 7,097
  Shoko Chukin Bank Ltd. 0.140% 6/27/18 JPY 1,800,000 15,968
  Shoko Chukin Bank Ltd. 0.170% 9/27/18 JPY 2,500,000 22,194
  Shoko Chukin Bank Ltd. 0.020% 12/27/19 JPY 1,700,000 15,057
  Shoko Chukin Bank Ltd. 0.230% 10/27/20 JPY 1,300,000 11,586
  Tokyo Metropolitan Government 1.580% 6/20/19 JPY 200,000 1,840
  Tokyo Metropolitan Government 1.380% 9/20/19 JPY 450,000 4,136
  Tokyo Metropolitan Government 1.400% 3/19/20 JPY 400,000 3,702
  Tokyo Metropolitan Government 0.990% 9/17/21 JPY 200,000 1,848
  Tokyo Metropolitan Government 1.020% 9/17/21 JPY 500,000 4,625
  Tokyo Metropolitan Government 0.770% 9/20/22 JPY 300,000 2,759
  Tokyo Metropolitan Government 0.760% 12/20/22 JPY 185,000 1,703
  Tokyo Metropolitan Government 0.860% 3/20/23 JPY 800,000 7,414
  Tokyo Metropolitan Government 0.700% 9/20/23 JPY 450,000 4,138
  Tokyo Metropolitan Government 0.730% 12/20/23 JPY 2,000,000 18,436
  Tokyo Metropolitan Government 0.635% 3/19/24 JPY 700,000 6,415
  Tokyo Metropolitan Government 0.386% 3/19/25 JPY 1,000,000 8,999
  Tokyo Metropolitan Government 0.435% 3/19/25 JPY 2,338,000 21,121
  Tokyo Metropolitan Government 0.499% 6/20/25 JPY 750,000 6,811
  Tokyo Metropolitan Government 0.456% 9/19/25 JPY 500,000 4,525
  Tokyo Metropolitan Government 0.444% 12/19/25 JPY 600,000 5,425
  Tokyo Metropolitan Government 1.980% 6/20/31 JPY 100,000 1,070
  Tokyo Metropolitan Government 1.293% 6/20/35 JPY 100,000 973

 

 

  West Nippon Expressway Co. Ltd. 0.170% 5/22/26 JPY 220,000 1,932
            15,329,276
Total Japan (Cost $15,416,459)         15,688,601
Jersey, C.I. (0.0%)          
Sovereign Bonds (0.0%)          
  Bailiwick of Jersey 3.750% 6/9/54 GBP 1,250 1,930
Total Jersey, C.I. (Cost $2,119)         1,930
Latvia (0.0%)          
Sovereign Bonds (0.0%)          
  Republic of Latvia 5.500% 3/5/18 EUR 2,000 2,291
2 Republic of Latvia 2.625% 1/21/21 EUR 1,000 1,186
  Republic of Latvia 2.625% 1/21/21 EUR 1,000 1,186
  Republic of Latvia 2.875% 4/30/24 EUR 1,000 1,255
Total Latvia (Cost $6,743)         5,918
Lithuania (0.0%)          
Sovereign Bonds (0.0%)          
  Republic of Lithuania 4.850% 2/7/18 EUR 4,200 4,757
  Republic of Lithuania 2.125% 10/29/26 EUR 2,800 3,345
Total Lithuania (Cost $8,980)         8,102
Luxembourg (0.1%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.0%)        
  Nord/LB Covered Finance Bank SA 0.250% 3/10/20 EUR 10,000 10,860
Corporate Bonds (0.0%)          
  SES GLOBAL Americas Holdings GP 1.875% 10/24/18 EUR 10,100 11,230
Sovereign Bonds (0.1%)          
  Grand Duchy of Luxembourg 3.375% 5/18/20 EUR 4,000 4,846
  Grand Duchy of Luxembourg 2.250% 3/21/22 EUR 4,000 4,844
  Grand Duchy of Luxembourg 2.250% 3/19/28 EUR 3,000 3,771
            13,461
Total Luxembourg (Cost $35,599)         35,551
Malaysia (0.5%)          
Sovereign Bonds (0.5%)          
11 Federation of Malaysia 3.260% 3/1/18 MYR 105,000 23,766
  Federation of Malaysia 3.580% 9/28/18 MYR 20,000 4,545
11 Federation of Malaysia 3.654% 10/31/19 MYR 275,000 62,453
  Federation of Malaysia 4.378% 11/29/19 MYR 110,000 25,451
  Federation of Malaysia 3.492% 3/31/20 MYR 30,000 6,770
  Federation of Malaysia 4.160% 7/15/21 MYR 190,000 43,816
  Federation of Malaysia 4.048% 9/30/21 MYR 30,000 6,894
  Federation of Malaysia 3.418% 8/15/22 MYR 15,000 3,308
11 Federation of Malaysia 3.795% 9/30/22 MYR 160,000 36,064
  Federation of Malaysia 3.480% 3/15/23 MYR 110,000 24,226
11 Federation of Malaysia 3.800% 8/17/23 MYR 50,000 11,223
  Federation of Malaysia 4.181% 7/15/24 MYR 92,000 21,030
11 Federation of Malaysia 3.955% 9/15/25 MYR 240,000 53,279
  Federation of Malaysia 4.392% 4/15/26 MYR 10,000 2,289
11 Federation of Malaysia 4.498% 4/15/30 MYR 140,000 31,522
  Federation of Malaysia 4.232% 6/30/31 MYR 20,000 4,364
  Federation of Malaysia 4.127% 4/15/32 MYR 25,000 5,342
11 Federation of Malaysia 4.254% 5/31/35 MYR 40,000 8,531
11 Federation of Malaysia 4.736% 3/15/46 MYR 20,000 4,466

 

 

Total Malaysia (Cost $451,355)         379,339
Mexico (0.8%)          
Corporate Bonds (0.1%)          
America Movil SAB de CV 1.000% 6/4/18 EUR 3,500 3,816
America Movil SAB de CV 1.125% 9/12/18 CHF 1,000 1,032
America Movil SAB de CV 3.000% 7/12/21 EUR 2,500 2,952
America Movil SAB de CV 4.750% 6/28/22 EUR 5,005 6,478
America Movil SAB de CV 1.500% 3/10/24 EUR 600 643
America Movil SAB de CV 5.000% 10/27/26 GBP 1,500 2,221
America Movil SAB de CV 2.125% 3/10/28 EUR 10,000 10,623
America Movil SAB de CV 5.750% 6/28/30 GBP 200 312
America Movil SAB de CV 4.375% 8/7/41 GBP 4,000 5,497
1 America Movil SAB de CV 5.125% 9/6/73 EUR 6,000 6,764
1 America Movil SAB de CV 6.375% 9/6/73 GBP 3,700 4,934
1 America Movil SAB de CV 6.375% 9/6/73 EUR 5,000 6,072
          51,344
Sovereign Bonds (0.7%)          
Mexican Bonos 5.750% 3/5/26 MXN 850,000 36,363
Petroleos Mexicanos 3.125% 11/27/20 EUR 1,000 1,118
Petroleos Mexicanos 8.250% 6/2/22 GBP 2,250 3,310
Petroleos Mexicanos 5.500% 2/24/25 EUR 12,000 14,014
Petroleos Mexicanos 3.750% 4/16/26 EUR 700 710
United Mexican States 7.750% 12/14/17 MXN 220,000 10,659
United Mexican States 4.750% 6/14/18 MXN 775,000 36,243
United Mexican States 8.500% 12/13/18 MXN 600,000 29,621
United Mexican States 5.000% 12/11/19 MXN 765,000 34,957
United Mexican States 8.000% 6/11/20 MXN 470,000 23,217
United Mexican States 2.375% 4/9/21 EUR 4,667 5,210
United Mexican States 6.500% 6/10/21 MXN 765,000 35,856
United Mexican States 6.500% 6/9/22 MXN 550,000 25,558
United Mexican States 2.750% 4/22/23 EUR 7,000 7,901
United Mexican States 8.000% 12/7/23 MXN 472,600 23,514
United Mexican States 1.625% 3/6/24 EUR 3,000 3,136
United Mexican States 10.000% 12/5/24 MXN 911,000 50,422
United Mexican States 1.375% 1/15/25 EUR 28,540 28,716
United Mexican States 7.500% 6/3/27 MXN 225,000 10,730
United Mexican States 3.625% 4/9/29 EUR 4,000 4,569
United Mexican States 8.500% 5/31/29 MXN 200,000 10,172
United Mexican States 3.375% 2/23/31 EUR 8,000 8,616
United Mexican States 7.750% 5/29/31 MXN 445,000 21,148
United Mexican States 7.750% 11/23/34 MXN 370,000 17,379
United Mexican States 10.000% 11/20/36 MXN 160,000 9,169
United Mexican States 8.500% 11/18/38 MXN 425,000 21,329
United Mexican States 7.750% 11/13/42 MXN 658,000 30,635
United Mexican States 3.000% 3/6/45 EUR 7,400 6,683
United Mexican States 5.625% 3/19/14 GBP 4,000 4,708
United Mexican States 4.000% 3/15/15 EUR 2,700 2,355
          518,018
Total Mexico (Cost $762,944)         569,362
Morocco (0.0%)          
Sovereign Bonds (0.0%)          
Kingdom of Morocco 4.500% 10/5/20 EUR 2,000 2,390
Kingdom of Morocco 3.500% 6/19/24 EUR 2,000 2,301

 

 

Total Morocco (Cost $5,107)         4,691
Netherlands (3.0%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.2%)        
ABN AMRO Bank NV 1.875% 7/31/19 EUR 22,500 25,562
ABN AMRO Bank NV 4.250% 4/6/21 EUR 5,000 6,355
ABN AMRO Bank NV 3.500% 1/18/22 EUR 3,000 3,782
ABN AMRO Bank NV 3.500% 9/21/22 EUR 500 639
ABN AMRO Bank NV 2.500% 9/5/23 EUR 6,000 7,386
ABN AMRO Bank NV 2.375% 1/23/24 EUR 10,000 12,261
ABN AMRO Bank NV 1.500% 9/30/30 EUR 24,700 27,694
ABN AMRO Bank NV 1.000% 4/13/31 EUR 5,600 5,843
ING Bank NV 5.250% 6/5/18 EUR 10,000 11,603
ING Bank NV 4.750% 5/27/19 EUR 950 1,144
ING Bank NV 2.000% 8/28/20 EUR 10,000 11,599
ING Bank NV 3.625% 8/31/21 EUR 500 628
ING Bank NV 1.875% 5/22/23 EUR 17,400 20,642
NIBC Bank NV 1.250% 4/8/19 EUR 9,000 10,004
NIBC Bank NV 0.625% 6/1/58 EUR 1,600 1,687
          146,829
Corporate Bonds (0.7%)          
ABN AMRO Bank NV 2.500% 12/18/18 GBP 6,000 7,799
ABN AMRO Bank NV 4.750% 1/11/19 EUR 9,500 11,201
ABN AMRO Bank NV 4.750% 2/5/19 AUD 6,000 4,706
ABN AMRO Bank NV 6.375% 4/27/21 EUR 4,500 5,895
ABN AMRO Bank NV 4.125% 3/28/22 EUR 5,500 7,038
ABN AMRO Bank NV 0.625% 5/31/22 EUR 100 109
ABN AMRO Bank NV 7.125% 7/6/22 EUR 6,500 8,882
ABN AMRO Bank NV 2.500% 11/29/23 EUR 3,000 3,626
1 ABN AMRO Bank NV 2.875% 6/30/25 EUR 10,000 11,295
Achmea BV 2.500% 11/19/20 EUR 2,500 2,907
1 Achmea BV 6.000% 4/4/43 EUR 2,000 2,377
Aegon NV 6.625% 12/16/39 GBP 1,000 1,838
1 Aegon NV 4.000% 4/25/44 EUR 2,400 2,614
Akzo Nobel NV 4.000% 12/17/18 EUR 2,500 2,898
Akzo Nobel NV 1.125% 4/8/26 EUR 6,500 6,965
ASML Holding NV 3.375% 9/19/23 EUR 1,000 1,242
ASML Holding NV 1.625% 5/28/27 EUR 1,400 1,497
Cooperatieve Rabobank UA 7.250% 4/20/18 AUD 5,250 4,206
Cooperatieve Rabobank UA 3.500% 10/17/18 EUR 1,700 1,948
Cooperatieve Rabobank UA 1.750% 1/22/19 EUR 8,400 9,388
Cooperatieve Rabobank UA 2.000% 2/6/19 CHF 1,000 1,059
Cooperatieve Rabobank UA 3.625% 7/2/19 CHF 2,500 2,765
Cooperatieve Rabobank UA 4.125% 1/14/20 EUR 10,050 12,139
Cooperatieve Rabobank UA 3.750% 11/9/20 EUR 9,000 10,845
Cooperatieve Rabobank UA 4.125% 1/12/21 EUR 5,000 6,221
Cooperatieve Rabobank UA 2.000% 9/16/21 CHF 8,900 9,854
Cooperatieve Rabobank UA 4.000% 1/11/22 EUR 5,800 7,354
Cooperatieve Rabobank UA 4.750% 6/6/22 EUR 5,000 6,614
Cooperatieve Rabobank UA 4.125% 9/14/22 EUR 8,000 9,866
Cooperatieve Rabobank UA 4.000% 9/19/22 GBP 3,187 4,492
Cooperatieve Rabobank UA 2.375% 5/22/23 EUR 5,000 5,981
Cooperatieve Rabobank UA 3.875% 7/25/23 EUR 5,000 6,144
Cooperatieve Rabobank UA 4.125% 7/14/25 EUR 5,000 6,751
Cooperatieve Rabobank UA 1.250% 3/23/26 EUR 10,000 10,870
1 Cooperatieve Rabobank UA 2.500% 5/26/26 EUR 5,000 5,555
Cooperatieve Rabobank UA 3.125% 9/15/26 CHF 4,000 5,094

 

 

Cooperatieve Rabobank UA 1.375% 2/3/27 EUR 100 109
Cooperatieve Rabobank UA 5.250% 9/14/27 GBP 11,312 15,884
Cooperatieve Rabobank UA 4.625% 5/23/29 GBP 4,500 5,968
Cooperatieve Rabobank UA 4.550% 8/30/29 GBP 3,608 5,464
Cooperatieve Rabobank UA 5.250% 5/23/41 GBP 800 1,377
1 Delta Lloyd Levensverzekering NV 9.000% 8/29/42 EUR 3,000 4,048
1 Eneco Holding NV 3.250% 12/29/49 EUR 3,500 3,902
F Van Lanschot Bankiers NV 3.125% 6/5/18 EUR 1,500 1,685
Heineken NV 2.000% 4/6/21 EUR 1,000 1,151
Heineken NV 2.875% 8/4/25 EUR 5,900 7,212
ING Bank NV 1.875% 2/27/18 EUR 9,000 9,918
ING Bank NV 1.250% 12/13/19 EUR 5,896 6,581
ING Bank NV 0.750% 11/24/20 EUR 1,600 1,761
ING Bank NV 4.875% 1/18/21 EUR 1,000 1,274
ING Bank NV 4.500% 2/21/22 EUR 10,500 13,595
1 ING Bank NV 6.125% 5/29/23 EUR 1,000 1,159
1 ING Bank NV 6.875% 5/29/23 GBP 2,300 3,083
1 ING Bank NV 3.500% 11/21/23 EUR 3,500 3,972
1 ING Bank NV 3.625% 2/25/26 EUR 15,000 17,475
JAB Holdings BV 2.125% 9/16/22 EUR 3,000 3,443
JAB Holdings BV 1.625% 4/30/25 EUR 4,000 4,354
Klepierre 3.250% 2/26/21 EUR 7,182 8,658
Koninklijke DSM NV 1.750% 11/13/19 EUR 1,000 1,129
Koninklijke DSM NV 2.375% 4/3/24 EUR 1,500 1,798
Koninklijke DSM NV 1.000% 4/9/25 EUR 3,200 3,464
Koninklijke KPN NV 6.000% 5/29/19 GBP 400 559
Koninklijke KPN NV 3.750% 9/21/20 EUR 1,200 1,455
Koninklijke KPN NV 3.250% 2/1/21 EUR 5,630 6,736
Koninklijke KPN NV 5.000% 11/18/26 GBP 3,660 5,360
Koninklijke KPN NV 5.750% 9/17/29 GBP 3,000 4,712
NIBC Bank NV 2.000% 7/26/18 EUR 7,000 7,752
1 NN Group NV 4.625% 4/8/44 EUR 2,600 2,951
1 NN Group NV 4.500% 7/15/49 EUR 5,500 5,888
PostNL NV 7.500% 8/14/18 GBP 2,580 3,563
Rabobank Capital Funding Trust IV 5.556% 10/29/49 GBP 200 264
Robert Bosch Investment Nederland BV 1.625% 5/24/21 EUR 800 912
Robert Bosch Investment Nederland BV 2.625% 5/24/28 EUR 1,000 1,233
Schlumberger Finance BV 1.500% 3/4/19 EUR 10,000 11,130
Shell International Finance BV 4.375% 5/14/18 EUR 1,000 1,141
Shell International Finance BV 2.000% 12/20/19 GBP 5,000 6,488
Shell International Finance BV 1.625% 3/24/21 EUR 10,000 11,403
Shell International Finance BV 0.750% 5/12/24 EUR 15,000 16,096
Shell International Finance BV 0.375% 2/15/25 EUR 15,000 15,432
Unilever NV 1.125% 4/29/28 EUR 7,000 7,566
Wolters Kluwer NV 2.875% 3/21/23 EUR 2,000 2,434
          451,574
Sovereign Bonds (2.1%)          
Alliander NV 2.875% 6/14/24 EUR 500 624
1 Alliander NV 3.250% 11/29/49 EUR 1,000 1,127
Bank Nederlandse Gemeenten NV 0.750% 5/21/18 EUR 19,600 21,489
Bank Nederlandse Gemeenten NV 1.875% 12/7/18 GBP 2,800 3,603
Bank Nederlandse Gemeenten NV 1.000% 3/19/19 EUR 14,000 15,551
Bank Nederlandse Gemeenten NV 1.875% 6/6/19 EUR 18,000 20,443
Bank Nederlandse Gemeenten NV 2.500% 10/14/19 CHF 3,920 4,303
Bank Nederlandse Gemeenten NV 3.750% 1/14/20 EUR 5,000 6,040
Bank Nederlandse Gemeenten NV 2.250% 10/14/20 CHF 7,000 7,811
Bank Nederlandse Gemeenten NV 1.875% 1/14/21 EUR 12,000 13,972

 

 

Bank Nederlandse Gemeenten NV 0.375% 1/14/22 EUR 5,000 5,485
Bank Nederlandse Gemeenten NV 0.500% 8/26/22 EUR 37,000 40,732
Bank Nederlandse Gemeenten NV 2.250% 8/30/22 EUR 5,000 6,027
Bank Nederlandse Gemeenten NV 4.750% 3/6/23 AUD 5,000 4,111
Bank Nederlandse Gemeenten NV 3.875% 5/26/23 EUR 3,000 3,975
Bank Nederlandse Gemeenten NV 5.250% 5/20/24 AUD 5,000 4,237
Bank Nederlandse Gemeenten NV 0.250% 6/7/24 EUR 1,000 1,067
Bank Nederlandse Gemeenten NV 0.050% 7/13/24 EUR 15,000 15,768
Bank Nederlandse Gemeenten NV 1.125% 9/4/24 EUR 1,400 1,589
Bank Nederlandse Gemeenten NV 1.000% 1/12/26 EUR 5,000 5,568
Bank Nederlandse Gemeenten NV 5.200% 12/7/28 GBP 3,200 5,259
Bank Nederlandse Gemeenten NV 1.375% 10/21/30 EUR 6,000 6,655
Enexis Holding NV 1.875% 11/13/20 EUR 1,500 1,725
2 Kingdom of Netherlands 0.000% 4/15/18 EUR 90,000 97,921
2 Kingdom of Netherlands 4.000% 7/15/18 EUR 16,800 19,361
2 Kingdom of Netherlands 1.250% 1/15/19 EUR 24,000 26,860
2 Kingdom of Netherlands 4.000% 7/15/19 EUR 75,000 90,135
Kingdom of Netherlands 0.250% 1/15/20 EUR 55,000 60,803
2 Kingdom of Netherlands 3.500% 7/15/20 EUR 30,603 37,633
2 Kingdom of Netherlands 3.250% 7/15/21 EUR 63,900 80,118
2 Kingdom of Netherlands 0.000% 1/15/22 EUR 50,000 54,469
2 Kingdom of Netherlands 2.250% 7/15/22 EUR 57,500 70,204
Kingdom of Netherlands 3.750% 1/15/23 EUR 10,000 13,256
2 Kingdom of Netherlands 1.750% 7/15/23 EUR 77,000 92,173
2 Kingdom of Netherlands 2.000% 7/15/24 EUR 69,600 84,888
2 Kingdom of Netherlands 0.250% 7/15/25 EUR 31,000 32,968
2 Kingdom of Netherlands 0.500% 7/15/26 EUR 72,000 77,129
Kingdom of Netherlands 5.500% 1/15/28 EUR 45,000 73,380
2 Kingdom of Netherlands 2.500% 1/15/33 EUR 36,700 48,786
2 Kingdom of Netherlands 4.000% 1/15/37 EUR 52,000 86,315
2 Kingdom of Netherlands 3.750% 1/15/42 EUR 53,800 90,805
2 Kingdom of Netherlands 2.750% 1/15/47 EUR 33,850 49,987
Nederlandse Financierings Maatschappij voor          
Ontwikkelingslanden NV 0.125% 4/20/22 EUR 6,347 6,845
Nederlandse Gasunie NV 3.625% 10/13/21 EUR 3,500 4,368
Nederlandse Gasunie NV 2.625% 7/13/22 EUR 1,500 1,809
Nederlandse Waterschapsbank NV 0.750% 3/5/18 EUR 10,000 10,937
Nederlandse Waterschapsbank NV 2.000% 12/28/18 GBP 3,000 3,875
Nederlandse Waterschapsbank NV 1.125% 1/28/19 EUR 2,000 2,222
Nederlandse Waterschapsbank NV 0.625% 7/3/19 EUR 10,000 11,040
Nederlandse Waterschapsbank NV 1.625% 8/23/19 EUR 9,000 10,194
Nederlandse Waterschapsbank NV 3.875% 2/17/20 EUR 1,500 1,817
Nederlandse Waterschapsbank NV 1.750% 7/9/20 EUR 2,000 2,303
Nederlandse Waterschapsbank NV 3.500% 1/14/21 EUR 5,000 6,170
Nederlandse Waterschapsbank NV 2.375% 1/27/23 CHF 3,000 3,508
Nederlandse Waterschapsbank NV 3.250% 3/9/27 EUR 10,000 13,337
Nederlandse Waterschapsbank NV 3.000% 9/11/31 EUR 6,000 8,017
Nederlandse Waterschapsbank NV 5.375% 6/7/32 GBP 10,000 17,530
Nederlandse Waterschapsbank NV 1.250% 5/27/36 EUR 18,200 18,944
TenneT Holding BV 3.875% 2/21/18 EUR 540 607
TenneT Holding BV 2.125% 11/1/20 EUR 3,900 4,511

 

 

TenneT Holding BV 4.500% 2/9/22 EUR 1,500 1,954
          1,514,340
Total Netherlands (Cost $2,236,093)         2,112,743
New Zealand (0.2%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.0%)        
ANZ New Zealand International Ltd. 0.625% 1/27/22 EUR 5,000 5,475
Corporate Bonds (0.0%)          
ANZ New Zealand International Ltd. 0.625% 6/1/21 EUR 1,200 1,309
Bank of New Zealand 4.426% 6/18/20 NZD 2,000 1,492
BNZ International Funding Ltd. 1.250% 5/23/18 EUR 2,800 3,074
Chorus Ltd. 6.750% 4/6/20 GBP 1,100 1,601
Fonterra Co-operative Group Ltd. 4.500% 6/30/21 AUD 1,500 1,180
          8,656
Sovereign Bonds (0.2%)          
New Zealand 6.000% 12/15/17 NZD 24,000 18,218
New Zealand 5.000% 3/15/19 NZD 30,000 23,219
New Zealand 3.000% 4/15/20 NZD 42,300 31,479
New Zealand 6.000% 5/15/21 NZD 27,500 22,836
New Zealand 5.500% 4/15/23 NZD 25,000 20,938
New Zealand 2.750% 4/15/25 NZD 10,000 7,072
New Zealand 4.500% 4/15/27 NZD 11,000 8,853
New Zealand 3.500% 4/14/33 NZD 20,000 14,311
New Zealand 2.750% 4/15/37 NZD 10,000 6,058
New Zealand Local Government Funding          
Agency Ltd. 6.000% 5/15/21 NZD 4,000 3,235
New Zealand Local Government Funding          
Agency Ltd. 5.500% 4/15/23 NZD 5,000 4,023
New Zealand Local Government Funding          
Agency Ltd. 4.500% 4/15/27 NZD 2,000 1,491
          161,733
Total New Zealand (Cost $179,667)         175,864
Norway (0.6%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.2%)        
DNB Boligkreditt AS 1.125% 11/12/18 EUR 5,000 5,530
DNB Boligkreditt AS 0.375% 10/20/20 EUR 14,000 15,339
DNB Boligkreditt AS 2.750% 3/21/22 EUR 17,500 21,349
DNB Boligkreditt AS 1.875% 11/21/22 EUR 13,000 15,315
DNB Boligkreditt AS 0.250% 4/18/23 EUR 1,000 1,072
Eika Boligkreditt AS 2.000% 6/19/19 EUR 10,000 11,341
Eika Boligkreditt AS 2.125% 1/30/23 EUR 2,000 2,380
Nordea Eiendomskreditt AS 4.050% 6/21/17 NOK 5,000 614
SpareBank 1 Boligkreditt AS 1.250% 2/28/18 EUR 5,000 5,494
SpareBank 1 Boligkreditt AS 1.500% 1/20/20 EUR 5,000 5,654
SpareBank 1 Boligkreditt AS 1.500% 6/12/20 EUR 11,000 12,491
SpareBank 1 Boligkreditt AS 3.375% 9/7/21 EUR 10,000 12,407
SpareBank 1 Boligkreditt AS 0.750% 9/5/22 EUR 10,000 11,083
Sparebanken Vest Boligkreditt AS 1.250% 1/16/19 EUR 5,000 5,549
          125,618
Corporate Bonds (0.1%)          
DNB Bank ASA 4.250% 1/27/20 GBP 6,500 8,953
DNB Bank ASA 4.375% 2/24/21 EUR 3,000 3,769
DNB Bank ASA 4.250% 1/18/22 EUR 300 385
1 DNB Bank ASA 3.000% 9/26/23 EUR 3,500 3,929
Santander Consumer Bank AS 0.250% 9/30/19 EUR 600 647

 

 

SpareBank 1 Boligkreditt AS 0.125% 11/12/18 EUR 10,000 10,865
SpareBank 1 SMN 1.500% 5/20/19 EUR 5,600 6,234
SpareBank 1 SMN 0.750% 6/8/21 EUR 1,220 1,334
SpareBank 1 SR Bank ASA 2.125% 2/3/20 EUR 1,500 1,712
SpareBank 1 SR-Bank ASA 2.000% 5/14/18 EUR 10,100 11,178
SpareBank 1 SR-Bank ASA 2.125% 2/27/19 EUR 5,000 5,621
SpareBank 1 SR-Bank ASA 2.125% 4/14/21 EUR 10,000 11,515
SpareBank 1 SR-Bank ASA 0.375% 2/10/22 EUR 1,500 1,594
          67,736
Sovereign Bonds (0.3%)          
Avinor AS 1.000% 4/29/25 EUR 100 107
2 Kingdom of Norway 4.500% 5/22/19 NOK 372,850 49,123
2 Kingdom of Norway 3.750% 5/25/21 NOK 229,100 30,894
2 Kingdom of Norway 2.000% 5/24/23 NOK 86,650 10,902
2 Kingdom of Norway 3.000% 3/14/24 NOK 214,900 28,741
2 Kingdom of Norway 1.750% 3/13/25 NOK 175,000 21,448
2 Kingdom of Norway 1.500% 2/19/26 NOK 125,000 14,900
Kommunalbanken AS 5.000% 3/28/19 NZD 10,000 7,623
Kommunalbanken AS 0.875% 4/8/19 EUR 5,000 5,533
Kommunalbanken AS 4.500% 7/18/22 AUD 3,500 2,847
Kommunalbanken AS 4.500% 4/17/23 AUD 5,248 4,278
Statkraft AS 6.625% 4/2/19 EUR 2,950 3,633
Statkraft AS 2.500% 11/28/22 EUR 2,500 2,987
Statoil ASA 2.000% 9/10/20 EUR 3,000 3,449
Statoil ASA 5.625% 3/11/21 EUR 22,700 29,856
Statoil ASA 0.875% 2/17/23 EUR 20,800 22,706
Statoil ASA 2.875% 9/10/25 EUR 6,400 7,952
Statoil ASA 6.875% 3/11/31 GBP 2,750 5,100
Statoil ASA 1.625% 2/17/35 EUR 5,000 5,099
Telenor ASA 4.125% 3/26/20 EUR 500 607
Telenor ASA 2.750% 6/27/22 EUR 5,000 6,023
Telenor ASA 2.500% 5/22/25 EUR 2,400 2,911
          266,719
Total Norway (Cost $483,245)         460,073
Peru (0.0%)          
Sovereign Bonds (0.0%)          
Republic of Peru 3.750% 3/1/30 EUR 3,000 3,663
Total Peru (Cost $3,297)         3,663
Poland (0.6%)          
Sovereign Bonds (0.6%)          
Republic of Poland 3.750% 4/25/18 PLN 45,000 11,515
Republic of Poland 2.250% 5/15/18 CHF 3,000 3,136
Republic of Poland 5.625% 6/20/18 EUR 2,000 2,332
Republic of Poland 2.500% 7/25/18 PLN 62,550 15,761
Republic of Poland 0.000% 10/25/18 PLN 50,000 12,073
Republic of Poland 1.625% 1/15/19 EUR 20,000 22,282
Republic of Poland 3.250% 5/15/19 CHF 1,500 1,643
Republic of Poland 3.250% 7/25/19 PLN 55,800 14,254
Republic of Poland 5.500% 10/25/19 PLN 53,000 14,334
Republic of Poland 4.200% 4/15/20 EUR 8,000 9,761
Republic of Poland 1.500% 4/25/20 PLN 120,000 29,004
Republic of Poland 5.250% 10/25/20 PLN 50,000 13,599
Republic of Poland 4.000% 3/23/21 EUR 2,000 2,485
Republic of Poland 1.750% 7/25/21 PLN 40,000 9,498
Republic of Poland 5.750% 10/25/21 PLN 126,100 35,272

 

 

Republic of Poland 4.500% 1/18/22 EUR 5,000 6,475
Republic of Poland 5.750% 9/23/22 PLN 41,000 11,529
Republic of Poland 3.750% 1/19/23 EUR 4,600 5,868
Republic of Poland 4.000% 10/25/23 PLN 107,875 27,765
Republic of Poland 3.375% 7/9/24 EUR 5,000 6,300
Republic of Poland 5.250% 1/20/25 EUR 7,000 9,918
Republic of Poland 3.250% 7/25/25 PLN 130,000 31,438
Republic of Poland 1.500% 9/9/25 EUR 5,000 5,576
Republic of Poland 1.500% 1/19/26 EUR 29,000 32,385
Republic of Poland 2.500% 7/25/26 PLN 175,000 39,335
Republic of Poland 0.875% 5/10/27 EUR 9,900 10,205
Republic of Poland 2.500% 7/25/27 PLN 30,000 6,611
Republic of Poland 5.750% 4/25/29 PLN 23,850 6,999
Total Poland (Cost $435,088)         397,353
Portugal (0.1%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.0%)        
Caixa Geral de Depositos SA 3.000% 1/15/19 EUR 7,300 8,313
Corporate Bonds (0.1%)          
EDP Finance BV 2.625% 4/15/19 EUR 1,000 1,133
EDP Finance BV 4.125% 6/29/20 EUR 5,400 6,475
EDP Finance BV 4.875% 9/14/20 EUR 2,670 3,280
EDP Finance BV 2.625% 1/18/22 EUR 10,955 12,422
EDP Finance BV 2.375% 3/23/23 EUR 600 667
EDP Finance BV 8.625% 1/4/24 GBP 6,600 10,851
EDP Finance BV 1.125% 2/12/24 EUR 24,900 25,222
          60,050
Total Portugal (Cost $71,152)         68,363
Romania (0.1%)          
Sovereign Bonds (0.1%)          
Republic of Romania 4.875% 11/7/19 EUR 7,000 8,527
Republic of Romania 4.625% 9/18/20 EUR 3,000 3,746
Republic of Romania 3.625% 4/24/24 EUR 5,000 6,032
2 Republic of Romania 2.750% 10/29/25 EUR 11,600 13,082
Republic of Romania 2.875% 5/26/28 EUR 30,000 32,797
Total Romania (Cost $67,136)         64,184
Russia (0.2%)          
Sovereign Bonds (0.2%)          
Russian Federation 7.400% 4/19/17 RUB 295,000 4,886
Russian Federation 7.500% 3/15/18 RUB 500,000 8,242
Russian Federation 6.700% 5/15/19 RUB 300,000 4,846
Russian Federation 6.800% 12/11/19 RUB 1,135,715 18,303
Russian Federation 6.400% 5/27/20 RUB 1,150,000 18,188
Russian Federation 7.600% 7/20/22 RUB 300,000 4,916
Russian Federation 7.000% 1/25/23 RUB 500,000 7,939
Russian Federation 7.000% 8/16/23 RUB 800,000 12,693
Russian Federation 8.150% 2/3/27 RUB 2,000,000 33,546
Russian Federation 7.050% 1/19/28 RUB 2,050,000 31,495
Total Russia (Cost $162,986)         145,054
Singapore (0.4%)          
Sovereign Bonds (0.4%)          
Housing & Development Board 2.288% 9/19/19 SGD 20,000 14,385
Housing & Development Board 3.140% 3/18/21 SGD 10,000 7,397
Housing & Development Board 2.035% 9/16/26 SGD 9,750 6,446

 

 

Republic of Singapore 2.375% 4/1/17 SGD 22,000 15,649
Republic of Singapore 0.500% 4/1/18 SGD 35,650 25,141
Republic of Singapore 2.500% 6/1/19 SGD 15,000 10,937
Republic of Singapore 1.625% 10/1/19 SGD 10,000 7,145
Republic of Singapore 2.000% 7/1/20 SGD 20,000 14,412
Republic of Singapore 2.250% 6/1/21 SGD 45,000 32,666
Republic of Singapore 3.125% 9/1/22 SGD 19,000 14,342
Republic of Singapore 2.750% 7/1/23 SGD 10,000 7,393
Republic of Singapore 3.000% 9/1/24 SGD 16,000 12,004
Republic of Singapore 2.375% 6/1/25 SGD 40,000 28,632
Republic of Singapore 2.125% 6/1/26 SGD 20,000 13,905
Republic of Singapore 3.500% 3/1/27 SGD 20,000 15,591
Republic of Singapore 2.875% 7/1/29 SGD 3,000 2,208
Republic of Singapore 2.875% 9/1/30 SGD 10,000 7,325
Republic of Singapore 3.375% 9/1/33 SGD 11,800 9,146
Republic of Singapore 2.250% 8/1/36 SGD 10,000 6,544
Republic of Singapore 2.750% 4/1/42 SGD 10,950 7,848
Republic of Singapore 2.750% 3/1/46 SGD 12,500 8,959
Temasek Financial I Ltd. 5.125% 7/26/40 GBP 2,000 3,587
Total Singapore (Cost $287,123)         271,662
Slovakia (0.2%)          
Sovereign Bonds (0.2%)          
Republic of Slovakia 2.125% 4/25/18 CHF 15,000 15,641
Republic of Slovakia 1.500% 11/28/18 EUR 2,000 2,229
Republic of Slovakia 1.375% 10/16/19 CHF 2,000 2,116
Republic of Slovakia 4.000% 4/27/20 EUR 15,750 19,375
Republic of Slovakia 4.000% 3/26/21 EUR 1,000 1,266
Republic of Slovakia 3.000% 2/28/23 EUR 5,000 6,368
Republic of Slovakia 0.000% 11/13/23 EUR 8,800 9,257
Republic of Slovakia 3.375% 11/15/24 EUR 20,000 26,212
Republic of Slovakia 4.350% 10/14/25 EUR 6,500 9,340
Republic of Slovakia 1.375% 1/21/27 EUR 11,200 12,361
Republic of Slovakia 3.625% 1/16/29 EUR 3,000 4,042
Republic of Slovakia 1.625% 1/21/31 EUR 4,500 4,923
Total Slovakia (Cost $116,514)         113,130
Slovenia (0.1%)          
Sovereign Bonds (0.1%)          
Republic of Slovenia 4.375% 2/6/19 EUR 2,000 2,365
Republic of Slovenia 4.125% 1/26/20 EUR 2,000 2,426
Republic of Slovenia 2.250% 3/25/22 EUR 11,072 13,236
Republic of Slovenia 4.625% 9/9/24 EUR 4,000 5,566
Republic of Slovenia 1.500% 3/25/35 EUR 2,000 1,927
Republic of Slovenia 3.125% 8/7/45 EUR 10,000 12,076
Total Slovenia (Cost $38,180)         37,596
South Africa (0.4%)          
Sovereign Bonds (0.4%)          
Republic of South Africa 8.000% 12/21/18 ZAR 95,000 7,061
Republic of South Africa 7.250% 1/15/20 ZAR 236,500 17,196
Republic of South Africa 6.750% 3/31/21 ZAR 500,000 35,238
Republic of South Africa 7.750% 2/28/23 ZAR 450,000 32,217
Republic of South Africa 3.750% 7/24/26 EUR 700 783
Republic of South Africa 10.500% 12/21/26 ZAR 450,000 36,911
Republic of South Africa 8.000% 1/31/30 ZAR 246,000 16,489
Republic of South Africa 7.000% 2/28/31 ZAR 160,000 9,722

 

 

Republic of South Africa 8.250% 3/31/32 ZAR 225,000 15,148
Republic of South Africa 8.875% 2/28/35 ZAR 472,727 33,279
Republic of South Africa 6.250% 3/31/36 ZAR 230,000 12,206
Republic of South Africa 8.500% 1/31/37 ZAR 438,000 29,402
Republic of South Africa 9.000% 1/31/40 ZAR 200,000 14,000
Republic of South Africa 6.500% 2/28/41 ZAR 145,000 7,680
Republic of South Africa 8.750% 1/31/44 ZAR 317,430 21,596
Republic of South Africa 8.750% 2/28/48 ZAR 270,000 18,293
Total South Africa (Cost $358,553)         307,221
South Korea (2.6%)          
Corporate Bonds (0.0%)          
Hyundai Capital Services Inc. 3.500% 6/3/21 AUD 395 297
Sovereign Bonds (2.6%)          
Bank of Korea 1.960% 2/2/17 KRW 20,000,000 17,212
2 Export-Import Bank of Korea 2.711% 12/5/19 CAD 3,420 2,691
Export-Import Bank of Korea 2.000% 4/30/20 EUR 1,800 2,057
Korea Development Bank 1.500% 5/30/18 EUR 600 660
Korea Railroad Corp. 1.000% 11/16/18 CHF 4,000 4,138
Republic of Korea 3.000% 6/30/17 KRW 10,000,000 8,669
Republic of Korea 2.500% 9/30/17 KRW 10,000,000 8,672
Republic of Korea 2.000% 12/10/17 KRW 140,000,000 121,294
Republic of Korea 2.750% 3/10/18 KRW 107,000,000 93,283
Republic of Korea 2.500% 4/30/18 KRW 30,000,000 26,076
Republic of Korea 1.625% 6/10/18 KRW 30,000,000 25,828
Republic of Korea 3.250% 9/10/18 KRW 5,000,000 4,411
Republic of Korea 3.125% 3/10/19 KRW 44,000,000 38,963
Republic of Korea 1.500% 6/10/19 KRW 70,000,000 59,938
Republic of Korea 2.750% 9/10/19 KRW 15,000,000 13,260
Republic of Korea 2.000% 11/30/19 KRW 10,000,000 8,661
Republic of Korea 1.250% 12/10/19 KRW 20,000,000 16,974
Republic of Korea 2.000% 2/29/20 KRW 30,000,000 25,954
Republic of Korea 2.000% 3/10/20 KRW 60,000,000 51,966
Republic of Korea 2.000% 3/31/20 KRW 10,000,000 8,653
Republic of Korea 1.750% 5/31/20 KRW 20,000,000 17,184
Republic of Korea 5.000% 6/10/20 KRW 96,500,000 91,650
Republic of Korea 1.750% 6/30/20 KRW 10,000,000 8,592
Republic of Korea 1.750% 7/31/20 KRW 38,000,000 32,640
Republic of Korea 1.750% 8/31/20 KRW 30,000,000 25,731
Republic of Korea 2.000% 9/10/20 KRW 45,000,000 38,938
Republic of Korea 1.750% 10/31/20 KRW 10,000,000 8,570
Republic of Korea 1.750% 11/30/20 KRW 20,000,000 17,466
Republic of Korea 1.750% 12/31/20 KRW 10,000,000 8,717
Republic of Korea 1.750% 1/31/21 KRW 10,000,000 8,695
Republic of Korea 1.500% 4/30/21 KRW 20,000,000 17,081
Republic of Korea 4.250% 6/10/21 KRW 45,000,000 42,545
Republic of Korea 1.250% 7/31/21 KRW 20,000,000 16,782
Republic of Korea 1.250% 8/31/21 KRW 17,000,000 14,228
Republic of Korea 1.375% 9/10/21 KRW 83,000,000 69,773
Republic of Korea 1.250% 11/30/21 KRW 10,000,000 8,317
Republic of Korea 1.500% 11/30/21 KRW 40,000,000 33,680
Republic of Korea 1.500% 12/31/21 KRW 40,000,000 33,623
Republic of Korea 3.000% 3/10/23 KRW 34,000,000 30,902
Republic of Korea 3.375% 9/10/23 KRW 20,000,000 18,662
Republic of Korea 2.125% 6/10/24 EUR 4,300 5,102
Republic of Korea 3.000% 9/10/24 KRW 95,000,000 86,655
Republic of Korea 2.250% 6/10/25 KRW 79,000,000 68,437

 

 

Republic of Korea 2.250% 12/10/25 KRW 30,000,000 25,977
Republic of Korea 5.750% 3/10/26 KRW 14,000,000 15,570
Republic of Korea 1.875% 6/10/26 KRW  172,000,000 144,239
Republic of Korea 1.500% 12/10/26 KRW 30,000,000 24,263
Republic of Korea 5.250% 3/10/27 KRW 15,500,000 17,041
Republic of Korea 5.500% 3/10/28 KRW 20,000,000 22,824
Republic of Korea 5.500% 12/10/29 KRW 16,000,000 18,858
Republic of Korea 4.750% 12/10/30 KRW 28,000,000 31,410
Republic of Korea 4.000% 12/10/31 KRW 41,000,000 43,293
Republic of Korea 3.750% 12/10/33 KRW 76,500,000 79,889
Republic of Korea 2.625% 9/10/35 KRW 49,000,000 44,876
Republic of Korea 1.500% 9/10/36 KRW 45,000,000 34,292
Republic of Korea 3.000% 12/10/42 KRW 31,000,000 30,658
Republic of Korea 2.750% 12/10/44 KRW 38,000,000 36,330
Republic of Korea 2.000% 3/10/46 KRW 65,000,000 53,487
          1,866,337
Total South Korea (Cost $1,903,647)         1,866,634
Spain (5.2%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.5%)        
AyT Cedulas Cajas Global 4.500% 12/2/19 EUR 5,000 6,070
AyT Cedulas Cajas Global 4.000% 3/24/21 EUR 7,000 8,697
AyT Cedulas Cajas Global 3.750% 12/14/22 EUR 800 1,016
AyT Cedulas Cajas Global 4.250% 10/25/23 EUR 1,000 1,321
AyT Cedulas Cajas Global 4.750% 5/25/27 EUR 7,600 10,796
AyT Cedulas Cajas IX Fondo de Titulizacion          
de Activos 4.000% 3/31/20 EUR 7,000 8,454
AyT Cedulas Cajas VIII Fondo de Titulizacion          
de Activos 4.250% 11/18/19 EUR 11,000 13,249
AyT Cedulas Cajas X Fondo de Titulizacion          
de Activos 3.750% 6/30/25 EUR 10,000 13,022
Banco Bilbao Vizcaya Argentaria SA 3.500% 10/7/20 EUR 1,000 1,213
Banco Bilbao Vizcaya Argentaria SA 3.500% 1/24/21 EUR 5,000 6,113
Banco Bilbao Vizcaya Argentaria SA 3.875% 1/30/23 EUR 6,000 7,795
Banco Bilbao Vizcaya Argentaria SA 2.250% 6/12/24 EUR 3,000 3,608
Banco Bilbao Vizcaya Argentaria SA 4.000% 2/25/25 EUR 2,100 2,831
Banco de Sabadell SA 0.875% 11/12/21 EUR 10,000 11,046
Banco Popular Espanol SA 3.750% 1/22/19 EUR 5,000 5,800
Banco Popular Espanol SA 2.125% 10/8/19 EUR 4,000 4,551
Banco Popular Espanol SA 1.000% 4/7/25 EUR 37,000 39,384
Banco Santander SA 0.750% 9/9/22 EUR 20,000 22,077
Banco Santander SA 3.875% 2/6/26 EUR 400 539
Banco Santander SA 4.625% 5/4/27 EUR 1,100 1,588
Banco Santander SA 2.000% 11/27/34 EUR 6,500 7,293
Bankia SA 4.250% 5/25/18 EUR 3,450 3,932
Bankia SA 5.000% 6/28/19 EUR 2,000 2,413
Bankia SA 0.875% 1/21/21 EUR 2,700 2,987
Bankia SA 4.500% 4/26/22 EUR 4,050 5,281
Bankia SA 1.125% 8/5/22 EUR 15,000 16,726
Bankia SA 4.000% 2/3/25 EUR 12,300 16,314
Bankia SA 1.000% 9/25/25 EUR 1,200 1,283
Bankia SA 4.125% 3/24/36 EUR 4,700 6,397
Bankinter SA 0.875% 8/3/22 EUR 10,000 11,025
Bankinter SA 1.000% 2/5/25 EUR 5,000 5,422
CaixaBank SA 3.000% 3/22/18 EUR 4,500 5,026
CaixaBank SA 4.625% 6/4/19 EUR 10,400 12,440
CaixaBank SA 3.625% 1/18/21 EUR 5,000 6,120

 

 

CaixaBank SA 2.625% 3/21/24 EUR 5,600 6,837
CaixaBank SA 3.875% 2/17/25 EUR 12,000 15,926
CaixaBank SA 0.625% 3/27/25 EUR 13,000 13,622
Caja Rural de Navarra SCC 2.875% 6/11/18 EUR 1,700 1,907
Cajamar Caja Rural SCC 3.750% 11/22/18 EUR 400 461
Cajamar Caja Rural SCC 1.250% 1/26/22 EUR 3,000 3,324
Cedulas TDA 5 Fondo de Titulizacion de          
Activos 4.125% 11/29/19 EUR 10,400 12,493
Cedulas TDA 6 Fondo de Titulizacion de          
Activos 3.875% 5/23/25 EUR 7,000 9,213
Cedulas TDA 6 Fondo de Titulizacion de          
Activos 4.250% 4/10/31 EUR 6,000 8,249
IM Cedulas 10 Fondo de Titulazion de Activos 4.500% 2/21/22 EUR 1,300 1,676
IM Cedulas 7 Fondo de Titulazion de Activos 4.000% 3/31/21 EUR 10,000 12,407
Kutxabank SA 1.750% 5/27/21 EUR 5,000 5,743
Programa Cedulas TDA Fondo de Titulizacion          
de Activos 4.125% 4/10/21 EUR 11,500 14,363
          378,050
Corporate Bonds (0.4%)          
Abertis Infraestructuras SA 4.750% 10/25/19 EUR 3,500 4,245
Abertis Infraestructuras SA 4.375% 3/30/20 EUR 700 854
Abertis Infraestructuras SA 3.750% 6/20/23 EUR 3,000 3,790
Abertis Infraestructuras SA 1.375% 5/20/26 EUR 700 744
Abertis Infraestructuras SA 1.000% 2/27/27 EUR 1,300 1,314
Banco Bilbao Vizcaya Argentaria SA 0.750% 1/20/22 EUR 9,000 9,939
1 BBVA Subordinated Capital SAU 3.500% 4/11/24 EUR 8,000 8,998
CaixaBank SA 3.125% 5/14/18 EUR 500 561
Criteria Caixa SAU 2.375% 5/9/19 EUR 400 451
Criteria Caixa SAU 1.625% 4/21/22 EUR 3,000 3,242
Distribuidora Internacional de Alimentacion          
SA 1.500% 7/22/19 EUR 100 111
Enagas Financiaciones SAU 2.500% 4/11/22 EUR 1,900 2,252
Enagas Financiaciones SAU 1.250% 2/6/25 EUR 5,200 5,644
Enagas Financiaciones SAU 1.375% 5/5/28 EUR 200 210
Ferrovial Emisiones SA 3.375% 6/7/21 EUR 700 844
Ferrovial Emisiones SA 2.500% 7/15/24 EUR 5,000 5,801
Gas Natural Capital Markets SA 5.000% 2/13/18 EUR 100 113
Gas Natural Capital Markets SA 5.375% 5/24/19 EUR 7,600 9,197
Gas Natural Capital Markets SA 4.500% 1/27/20 EUR 400 486
Gas Natural Fenosa Finance BV 3.500% 4/15/21 EUR 2,300 2,791
Gas Natural Fenosa Finance BV 3.875% 4/11/22 EUR 3,800 4,747
Gas Natural Fenosa Finance BV 2.875% 3/11/24 EUR 4,000 4,822
Gas Natural Fenosa Finance BV 1.375% 1/21/25 EUR 5,000 5,427
Gas Natural Fenosa Finance BV 1.250% 4/19/26 EUR 8,600 9,049
Iberdrola Finanzas SAU 4.125% 3/23/20 EUR 1,050 1,271
Iberdrola Finanzas SAU 6.000% 7/1/22 GBP 6,500 9,855
Iberdrola Finanzas SAU 7.375% 1/29/24 GBP 5,000 8,297
Iberdrola International BV 4.250% 10/11/18 EUR 1,000 1,156
Iberdrola International BV 3.500% 2/1/21 EUR 14,000 16,952
Iberdrola International BV 3.000% 1/31/22 EUR 3,000 3,616
Iberdrola International BV 2.500% 10/24/22 EUR 2,600 3,080
Iberdrola International BV 1.750% 9/17/23 EUR 10,000 11,341
Iberdrola International BV 1.875% 10/8/24 EUR 400 455
Iberdrola International BV 0.375% 9/15/25 EUR 1,700 1,700
Iberdrola International BV 1.125% 4/21/26 EUR 2,000 2,109
Inmobiliaria Colonial SA 2.728% 6/5/23 EUR 2,200 2,487
Inmobiliaria Colonial SA 1.450% 10/28/24 EUR 500 509

 

 

  Mapfre SA 1.625% 5/19/26 EUR 1,400 1,483
  Merlin Properties Socimi SA 2.225% 4/25/23 EUR 200 220
  Metrovacesa SA 2.375% 5/23/22 EUR 300 335
  Red Electrica de Espana Finance BV 3.875% 1/25/22 EUR 2,000 2,508
  Red Electrica Financiaciones SA Unipersonal 2.375% 5/31/19 EUR 800 909
  Red Electrica Financiaciones SA Unipersonal 4.875% 4/29/20 EUR 2,100 2,606
  Red Electrica Financiaciones SA Unipersonal 2.125% 7/1/23 EUR 6,700 7,834
  Repsol International Finance BV 2.625% 5/28/20 EUR 7,800 9,051
  Santander Consumer Finance SA 0.750% 4/3/19 EUR 500 546
  Santander Consumer Finance SA 0.900% 2/18/20 EUR 15,200 16,605
  Santander Consumer Finance SA 1.500% 11/12/20 EUR 500 556
  Santander Consumer Finance SA 1.000% 5/26/21 EUR 100 109
  Santander International Debt SAU 4.000% 1/24/20 EUR 5,400 6,456
  Santander Issuances SAU 2.500% 3/18/25 EUR 14,100 14,811
  Santander Issuances SAU 3.250% 4/4/26 EUR 500 544
  Telefonica Emisiones SAU 5.375% 2/2/18 GBP 100 131
  Telefonica Emisiones SAU 2.736% 5/29/19 EUR 6,000 6,857
  Telefonica Emisiones SAU 4.693% 11/11/19 EUR 7,400 8,955
  Telefonica Emisiones SAU 3.961% 3/26/21 EUR 6,000 7,335
  Telefonica Emisiones SAU 5.289% 12/9/22 GBP 1,000 1,455
  Telefonica Emisiones SAU 3.987% 1/23/23 EUR 4,300 5,383
  Telefonica Emisiones SAU 5.375% 2/2/26 GBP 1,600 2,367
  Telefonica Emisiones SAU 1.460% 4/13/26 EUR 900 938
  Telefonica Emisiones SAU 5.445% 10/8/29 GBP 5,750 8,781
  Telefonica Emisiones SAU 2.932% 10/17/29 EUR 8,500 9,588
  Telefonica Emisiones SAU 1.930% 10/17/31 EUR 7,000 6,855
  Telefonica Europe BV 5.875% 2/14/33 EUR 600 913
            272,591
Sovereign Bonds (4.3%)          
  Adif - Alta Velocidad 1.875% 1/28/25 EUR 15,100 16,738
  ADIF Alta Velocidad 3.500% 5/27/24 EUR 12,000 14,879
  Autonomous Community of Madrid Spain 4.688% 3/12/20 EUR 2,000 2,447
  Autonomous Community of Madrid Spain 2.875% 7/17/23 EUR 8,950 10,671
  Autonomous Community of Madrid Spain 4.125% 5/21/24 EUR 21,500 27,473
  Autonomous Community of Madrid Spain 1.826% 4/30/25 EUR 5,000 5,440
  Autonomous Community of Madrid Spain 4.300% 9/15/26 EUR 5,800 7,552
12 FADE - Fondo de Amortizacion del Deficit          
  Electrico 3.875% 3/17/18 EUR 13,000 14,663
12 FADE - Fondo de Amortizacion del Deficit          
  Electrico 3.375% 3/17/19 EUR 19,000 21,978
12 FADE - Fondo de Amortizacion del Deficit          
  Electrico 0.850% 9/17/19 EUR 4,000 4,401
12 FADE - Fondo de Amortizacion del Deficit          
  Electrico 5.900% 3/17/21 EUR 2,000 2,638
12 Instituto de Credito Oficial 4.000% 4/30/18 EUR 3,000 3,405
12 Instituto de Credito Oficial 4.750% 4/30/20 EUR 9,000 11,139
12 Instituto de Credito Oficial 6.000% 3/8/21 EUR 5,000 6,629
  Kingdom of Spain 0.250% 4/30/18 EUR 85,000 92,379
2 Kingdom of Spain 4.100% 7/30/18 EUR 48,000 55,190
  Kingdom of Spain 3.750% 10/31/18 EUR 58,000 67,004
  Kingdom of Spain 0.250% 1/31/19 EUR 130,000 141,457
  Kingdom of Spain 2.750% 4/30/19 EUR 40,000 45,951
2 Kingdom of Spain 4.600% 7/30/19 EUR 30,102 36,256
2 Kingdom of Spain 4.300% 10/31/19 EUR 80,000 96,508
  Kingdom of Spain 1.400% 1/31/20 EUR 138,000 155,017
2 Kingdom of Spain 4.000% 4/30/20 EUR 73,000 88,755
  Kingdom of Spain 1.150% 7/30/20 EUR 80,000 89,443

 

 

2 Kingdom of Spain 4.850% 10/31/20 EUR 24,000 30,413
2 Kingdom of Spain 5.500% 4/30/21 EUR 62,000 81,663
Kingdom of Spain 0.750% 7/30/21 EUR 90,000 98,875
2 Kingdom of Spain 5.850% 1/31/22 EUR 108,000 147,357
2 Kingdom of Spain 5.400% 1/31/23 EUR 119,000 163,515
2 Kingdom of Spain 4.400% 10/31/23 EUR 78,000 103,179
2 Kingdom of Spain 4.800% 1/31/24 EUR 40,000 54,166
2 Kingdom of Spain 3.800% 4/30/24 EUR 35,000 44,780
2 Kingdom of Spain 2.750% 10/31/24 EUR 137,000 164,209
2 Kingdom of Spain 1.600% 4/30/25 EUR 90,000 99,053
2 Kingdom of Spain 4.650% 7/30/25 EUR 18,000 24,462
2 Kingdom of Spain 2.150% 10/31/25 EUR 31,100 35,451
2 Kingdom of Spain 1.950% 4/30/26 EUR 118,610 132,459
2 Kingdom of Spain 5.900% 7/30/26 EUR 90,000 134,024
2 Kingdom of Spain 1.300% 10/31/26 EUR 25,045 26,296
2 Kingdom of Spain 5.150% 10/31/28 EUR 77,500 113,022
Kingdom of Spain 6.000% 1/31/29 EUR 25,000 39,005
2 Kingdom of Spain 1.950% 7/30/30 EUR 131,000 139,850
Kingdom of Spain 5.750% 7/30/32 EUR 35,000 55,665
2 Kingdom of Spain 4.200% 1/31/37 EUR 60,000 82,092
2 Kingdom of Spain 4.900% 7/30/40 EUR 37,000 55,549
2 Kingdom of Spain 4.700% 7/30/41 EUR 31,000 45,563
2 Kingdom of Spain 5.150% 10/31/44 EUR 29,000 45,343
2 Kingdom of Spain 2.900% 10/31/46 EUR 25,000 27,100
2 Kingdom of Spain 3.450% 7/30/66 EUR 48,000 53,872
2 Spain Government Bond 1.500% 4/30/27 EUR 19,167 20,293
          3,035,269
Total Spain (Cost $3,800,390)         3,685,910
Supranational (3.3%)          
Sovereign Bonds (3.3%)          
African Development Bank 5.250% 3/23/22 AUD 10,900 9,128
Asian Development Bank 3.500% 7/25/18 AUD 8,850 6,848
Asian Development Bank 3.500% 5/22/19 AUD 15,000 11,702
Asian Development Bank 6.250% 3/5/20 AUD 5,000 4,223
Asian Development Bank 1.375% 6/11/20 CAD 23,495 18,014
Asian Development Bank 5.000% 3/9/22 AUD 13,000 10,898
Corp. Andina de Fomento 0.500% 2/26/26 CHF 3,000 3,043
Council Of Europe Development Bank 1.125% 10/22/18 EUR 15,000 16,618
Council Of Europe Development Bank 1.875% 12/22/18 GBP 5,000 6,447
Council Of Europe Development Bank 3.000% 7/13/20 EUR 6,000 7,202
EUROFIMA 6.250% 12/28/18 AUD 5,980 4,875
EUROFIMA 3.375% 12/29/20 CHF 4,000 4,633
EUROFIMA 4.000% 10/27/21 EUR 5,000 6,374
EUROFIMA 3.000% 5/22/24 CHF 5,000 6,160
EUROFIMA 3.000% 5/15/26 CHF 6,500 8,285
EUROFIMA 4.550% 3/30/27 CAD 655 581
European Bank for Reconstruction &          
Development 1.875% 12/17/18 GBP 5,000 6,446
European Bank for Reconstruction &          
Development 0.000% 4/7/27 ZAR 10,000 311
European Bank for Reconstruction &          
Development 5.625% 12/7/28 GBP 1,000 1,732
4 European Financial Stability Facility 1.250% 2/5/18 EUR 5,000 5,493
4 European Financial Stability Facility 0.875% 4/16/18 EUR 30,000 32,921
4 European Financial Stability Facility 1.250% 1/22/19 EUR 23,500 26,231
4 European Financial Stability Facility 2.625% 5/2/19 EUR 10,000 11,547

 

 

European Financial Stability Facility 0.125% 11/4/19 EUR 60,000 65,694
4 European Financial Stability Facility 1.500% 1/22/20 EUR 31,800 36,246
4 European Financial Stability Facility 1.625% 7/17/20 EUR 16,000 18,421
4 European Financial Stability Facility 1.750% 10/29/20 EUR 23,000 26,706
European Financial Stability Facility 0.100% 1/19/21 EUR 20,000 21,856
4 European Financial Stability Facility 3.375% 7/5/21 EUR 1,675 2,094
4 European Financial Stability Facility 2.250% 9/5/22 EUR 33,000 40,135
4 European Financial Stability Facility 0.500% 1/20/23 EUR 37,000 40,932
4 European Financial Stability Facility 1.875% 5/23/23 EUR 16,000 19,188
4 European Financial Stability Facility 2.125% 2/19/24 EUR 6,500 7,943
4 European Financial Stability Facility 1.750% 6/27/24 EUR 27,000 32,271
4 European Financial Stability Facility 0.200% 4/28/25 EUR 3,000 3,158
4 European Financial Stability Facility 0.400% 5/31/26 EUR 30,000 31,582
4 European Financial Stability Facility 2.750% 12/3/29 EUR 1,500 1,978
4 European Financial Stability Facility 3.875% 3/30/32 EUR 5,000 7,565
4 European Financial Stability Facility 3.000% 9/4/34 EUR 5,000 7,020
4 European Financial Stability Facility 3.375% 4/3/37 EUR 10,000 15,040
4 European Financial Stability Facility 2.350% 7/29/44 EUR 13,600 17,054
European Financial Stability Facility 1.200% 2/17/45 EUR 21,500 20,703
European Financial Stability Facility 1.375% 5/31/47 EUR 4,500 4,429
European Investment Bank 2.625% 3/15/18 EUR 20,000 22,356
European Investment Bank 1.000% 7/13/18 EUR 16,700 18,429
2 European Investment Bank 2.625% 9/24/18 CAD 841 661
European Investment Bank 2.500% 10/15/18 EUR 8,700 9,875
European Investment Bank 4.750% 10/15/18 GBP 10,000 13,491
European Investment Bank 0.000% 1/15/19 EUR 18,600 20,275
European Investment Bank 7.500% 1/30/19 ZAR 25,000 1,832
European Investment Bank 1.500% 2/1/19 GBP 38,300 49,055
2 European Investment Bank 2.125% 2/4/19 CAD 2,000 1,563
European Investment Bank 2.125% 2/4/19 CAD 15,315 11,969
European Investment Bank 2.500% 2/8/19 CHF 2,000 2,149
European Investment Bank 2.500% 3/15/19 EUR 5,000 5,738
European Investment Bank 4.250% 4/15/19 EUR 1,300 1,550
European Investment Bank 3.000% 4/23/19 SEK 100,000 12,258
European Investment Bank 3.000% 5/22/19 NOK 25,000 3,152
European Investment Bank 1.250% 8/2/19 CHF 3,000 3,185
European Investment Bank 6.500% 8/7/19 AUD 8,000 6,657
European Investment Bank 6.000% 10/21/19 ZAR 50,000 3,488
European Investment Bank 1.375% 11/15/19 EUR 33,000 37,387
European Investment Bank 1.125% 2/18/20 CAD 1,650 1,261
European Investment Bank 2.250% 3/7/20 GBP 12,000 15,776
European Investment Bank 4.625% 4/15/20 EUR 20,500 25,688
European Investment Bank 0.125% 6/15/20 EUR 10,000 10,975
European Investment Bank 2.375% 7/10/20 CHF 2,500 2,792
European Investment Bank 1.500% 7/15/20 EUR 30,000 34,474
European Investment Bank 6.000% 8/6/20 AUD 17,500 14,725
European Investment Bank 1.375% 9/15/20 EUR 4,000 4,584
European Investment Bank 0.250% 10/15/20 EUR 50,000 55,087
2 European Investment Bank 1.250% 11/5/20 CAD 3,500 2,660
European Investment Bank 1.250% 11/5/20 CAD 650 494
European Investment Bank 5.000% 12/1/20 SEK 25,000 3,358
European Investment Bank 1.500% 4/15/21 EUR 38,000 43,980
European Investment Bank 6.250% 6/8/21 AUD 12,000 10,356
European Investment Bank 1.125% 9/7/21 GBP 5,000 6,298
European Investment Bank 1.375% 9/15/21 EUR 35,000 40,476
European Investment Bank 2.750% 9/15/21 EUR 5,000 6,126
2 European Investment Bank 1.125% 9/16/21 CAD 13,340 10,002

 

 

European Investment Bank 3.000% 9/28/22 EUR 4,000 5,053
European Investment Bank 2.250% 10/14/22 EUR 7,000 8,523
European Investment Bank 2.500% 10/31/22 GBP 5,500 7,383
European Investment Bank 1.625% 3/15/23 EUR 36,150 42,628
European Investment Bank 0.000% 10/16/23 EUR 30,000 31,881
European Investment Bank 0.500% 11/15/23 EUR 20,000 22,081
European Investment Bank 2.125% 1/15/24 EUR 17,000 20,877
European Investment Bank 4.125% 4/15/24 EUR 10,000 13,843
European Investment Bank 1.500% 8/2/24 CHF 2,000 2,287
European Investment Bank 0.875% 9/13/24 EUR 33,000 36,968
European Investment Bank 1.625% 2/4/25 CHF 2,500 2,899
European Investment Bank 0.125% 4/15/25 EUR 20,000 21,069
European Investment Bank 2.750% 9/15/25 EUR 20,000 25,813
European Investment Bank 4.500% 10/15/25 EUR 15,000 21,869
European Investment Bank 1.000% 9/21/26 GBP 200 233
European Investment Bank 1.250% 11/13/26 EUR 6,000 6,907
European Investment Bank 3.500% 4/15/27 EUR 5,000 6,935
European Investment Bank 3.750% 12/7/27 GBP 3,800 5,620
European Investment Bank 6.000% 12/7/28 GBP 14,000 25,029
European Investment Bank 4.500% 6/7/29 GBP 12,000 19,133
European Investment Bank 4.000% 4/15/30 EUR 7,125 10,654
European Investment Bank 2.750% 9/13/30 EUR 10,000 13,344
European Investment Bank 1.000% 3/14/31 EUR 48,000 51,229
European Investment Bank 1.000% 4/14/32 EUR 20,000 21,118
European Investment Bank 3.000% 10/14/33 EUR 5,000 6,924
European Investment Bank 2.625% 3/15/35 EUR 7,100 9,379
European Investment Bank 3.125% 6/30/36 CHF 1,000 1,518
European Investment Bank 1.125% 9/15/36 EUR 17,000 17,698
European Investment Bank 4.600% 1/30/37 CAD 208 182
European Investment Bank 3.875% 6/8/37 GBP 3,800 6,037
European Investment Bank 5.000% 4/15/39 GBP 2,000 3,702
European Investment Bank 2.750% 3/15/40 EUR 18,550 25,509
European Investment Bank 3.625% 3/14/42 EUR 600 949
European Investment Bank 4.500% 3/7/44 GBP 8,500 15,314
European Investment Bank 1.750% 9/15/45 EUR 5,000 5,644
European Investment Bank 4.625% 10/12/54 GBP 1,700 3,470
European Stability Mechanism 1.250% 10/15/18 EUR 15,000 16,681
European Stability Mechanism 0.875% 10/15/19 EUR 66,000 73,787
European Stability Mechanism 1.375% 3/4/21 EUR 37,500 43,174
European Stability Mechanism 0.000% 10/18/22 EUR 15,000 16,134
European Stability Mechanism 2.125% 11/20/23 EUR 3,000 3,670
European Stability Mechanism 0.125% 4/22/24 EUR 41,500 44,141
European Stability Mechanism 1.000% 9/23/25 EUR 20,000 22,453
European Stability Mechanism 1.125% 5/3/32 EUR 25,000 26,760
European Stability Mechanism 1.625% 11/17/36 EUR 15,000 16,835
European Stability Mechanism 1.750% 10/20/45 EUR 10,000 10,978
European Stability Mechanism 1.850% 12/1/55 EUR 5,000 5,420
European Union 3.250% 4/4/18 EUR 11,150 12,568
European Union 2.375% 10/4/18 EUR 5,000 5,655
European Union 0.250% 7/4/20 EUR 20,000 21,991
European Union 3.500% 6/4/21 EUR 21,000 26,295
European Union 2.750% 9/21/21 EUR 5,000 6,126
European Union 2.750% 4/4/22 EUR 20,600 25,542
European Union 3.000% 9/4/26 EUR 7,125 9,489
European Union 2.500% 11/4/27 EUR 9,000 11,569
European Union 2.875% 4/4/28 EUR 5,000 6,678
European Union 1.375% 10/4/29 EUR 16,000 18,402

 

 

European Union 3.375% 4/4/32 EUR 11,000 15,819
European Union 1.125% 4/4/36 EUR 20,000 21,501
European Union 3.375% 4/4/38 EUR 6,000 9,059
European Union 3.750% 4/4/42 EUR 7,000 11,302
Inter-American Development Bank 3.750% 10/9/18 AUD 10,253 7,988
Inter-American Development Bank 3.250% 2/7/20 AUD 9,000 7,002
Inter-American Development Bank 1.875% 3/20/20 CAD 6,750 5,272
Inter-American Development Bank 6.000% 2/26/21 AUD 13,000 11,131
Inter-American Development Bank 3.750% 7/25/22 AUD 7,300 5,797
International Bank for Reconstruction &          
Development 3.500% 1/24/18 AUD 8,128 6,251
International Bank for Reconstruction &          
Development 3.750% 1/23/19 AUD 10,000 7,814
International Bank for Reconstruction &          
Development 3.875% 5/20/19 EUR 13,000 15,408
International Bank for Reconstruction &          
Development 1.875% 5/30/19 CAD 12,900 10,082
International Bank for Reconstruction &          
Development 5.750% 10/21/19 AUD 7,000 5,783
International Bank for Reconstruction &          
Development 3.750% 2/10/20 NZD 5,000 3,728
International Bank for Reconstruction &          
Development 1.125% 3/11/20 CAD 2,450 1,869
International Bank for Reconstruction &          
Development 2.500% 3/12/20 AUD 20,000 15,207
International Bank for Reconstruction &          
Development 5.750% 10/1/20 AUD 9,000 7,587
International Bank for Reconstruction &          
Development 1.375% 12/15/20 GBP 26,000 33,490
International Bank for Reconstruction &          
Development 2.800% 1/13/21 AUD 4,000 3,055
International Bank for Reconstruction &          
Development 5.400% 6/7/21 GBP 200 300
International Bank for Reconstruction &          
Development 0.375% 6/15/21 GBP 500 617
International Bank for Reconstruction &          
Development 4.625% 10/6/21 NZD 5,804 4,445
International Bank for Reconstruction &          
Development 3.375% 1/25/22 NZD 12,000 8,702
International Bank for Reconstruction &          
Development 4.875% 12/7/28 GBP 400 663
International Bank for Reconstruction &          
Development 0.500% 4/16/30 EUR 400 406
International Bank for Reconstruction &          
Development 5.750% 6/7/32 GBP 6,000 11,275
International Bank for Reconstruction &          
Development 0.625% 1/12/33 EUR 14,000 13,960
International Finance Corp. 3.500% 6/6/18 AUD 5,000 3,863
International Finance Corp. 3.625% 5/20/20 NZD 8,500 6,297
International Finance Corp. 2.700% 2/5/21 AUD 15,000 11,398
Nordic Investment Bank 4.125% 3/19/20 NZD 16,495 12,397
Nordic Investment Bank 5.000% 4/19/22 AUD 9,000 7,509
Total Supranational (Cost $2,501,862)         2,374,936
Sweden (1.3%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.6%)        
Landshypotek Bank AB 0.625% 6/17/20 SEK 63,000 7,247

 

 

Lansforsakringar Hypotek AB 2.500% 6/19/19 SEK 50,000 6,055
Lansforsakringar Hypotek AB 1.125% 5/7/20 EUR 5,000 5,596
Lansforsakringar Hypotek AB 3.250% 9/16/20 SEK 100,000 12,563
Nordea Hypotek AB 2.000% 6/20/18 SEK 140,000 16,422
Nordea Hypotek AB 2.250% 6/19/19 SEK 650,000 78,513
Nordea Hypotek AB 3.250% 6/17/20 SEK 50,000 6,274
Nordea Hypotek AB 1.000% 4/8/22 SEK 300,000 34,424
Skandinaviska Enskilda Banken AB 3.000% 6/20/18 SEK 125,000 14,956
Skandinaviska Enskilda Banken AB 3.000% 6/19/19 SEK 150,000 18,251
Skandinaviska Enskilda Banken AB 1.500% 2/25/20 EUR 10,000 11,327
Skandinaviska Enskilda Banken AB 1.625% 11/4/20 EUR 5,000 5,731
Skandinaviska Enskilda Banken AB 1.500% 12/15/21 SEK 100,000 11,777
Stadshypotek AB 3.000% 3/21/18 SEK 165,000 19,575
Stadshypotek AB 1.000% 6/19/18 EUR 5,000 5,504
Stadshypotek AB 3.000% 12/19/18 SEK 117,000 14,151
Stadshypotek AB 1.000% 4/1/19 EUR 5,000 5,558
Stadshypotek AB 4.250% 6/17/20 SEK 150,000 19,317
Stadshypotek AB 1.625% 10/30/20 EUR 10,000 11,469
Stadshypotek AB 0.625% 11/10/21 EUR 15,000 16,582
Stadshypotek AB 0.375% 2/22/23 EUR 5,000 5,416
Sveriges Sakerstallda Obligationer AB 4.000% 12/19/18 SEK 20,000 2,465
Sveriges Sakerstallda Obligationer AB 2.000% 6/17/20 SEK 50,000 6,054
Sveriges Sakerstallda Obligationer AB 1.000% 3/17/21 SEK 200,000 23,380
Sveriges Sakerstallda Obligationer AB 0.625% 10/7/21 EUR 2,900 3,205
Swedbank Hypotek AB 3.750% 9/19/18 SEK 150,000 18,260
Swedbank Hypotek AB 3.750% 6/19/19 SEK 300,000 37,355
Swedbank Hypotek AB 1.125% 5/7/20 EUR 5,000 5,611
Swedbank Hypotek AB 5.700% 5/12/20 SEK 100,000 13,433
Swedbank Hypotek AB 0.375% 9/29/20 EUR 19,300 21,149
Swedbank Hypotek AB 0.375% 3/11/22 EUR 5,000 5,458
          463,078
Corporate Bonds (0.3%)          
Alfa Laval Treasury International AB 1.375% 9/12/22 EUR 400 444
Atlas Copco AB 2.500% 2/28/23 EUR 4,500 5,371
Investor AB 4.500% 5/12/23 EUR 2,000 2,677
Lansforsakringar Hypotek AB 0.250% 4/12/23 EUR 500 534
Molnlycke Holding AB 1.500% 2/28/22 EUR 5,000 5,492
Molnlycke Holding AB 1.750% 2/28/24 EUR 200 218
Nordea Bank AB 1.375% 4/12/18 EUR 10,000 10,980
Nordea Bank AB 0.875% 9/25/18 CHF 1,000 1,033
Nordea Bank AB 2.125% 11/13/19 GBP 200 260
Nordea Bank AB 4.500% 3/26/20 EUR 2,000 2,428
Nordea Bank AB 4.000% 6/29/20 EUR 13,743 16,778
Nordea Bank AB 4.000% 3/29/21 EUR 6,110 7,507
Nordea Bank AB 3.250% 7/5/22 EUR 5,400 6,672
1 Nordea Bank AB 1.875% 11/10/25 EUR 5,000 5,558
Securitas AB 2.625% 2/22/21 EUR 3,000 3,506
Skandinaviska Enskilda Banken AB 2.000% 3/18/19 EUR 500 563
Skandinaviska Enskilda Banken AB 1.875% 11/14/19 EUR 2,620 2,971
Skandinaviska Enskilda Banken AB 2.000% 2/19/21 EUR 5,000 5,763
1 Skandinaviska Enskilda Banken AB 2.500% 5/28/26 EUR 13,900 15,688
1 Skandinaviska Enskilda Banken AB 1.375% 10/31/28 EUR 1,200 1,256
Svenska Cellulosa AB SCA 2.500% 6/9/23 EUR 700 824
Svenska Handelsbanken AB 2.250% 6/14/18 EUR 2,500 2,784
Svenska Handelsbanken AB 4.000% 1/18/19 GBP 1,750 2,336
Svenska Handelsbanken AB 2.250% 8/27/20 EUR 5,000 5,795
Svenska Handelsbanken AB 3.000% 11/20/20 GBP 300 404

 

 

Svenska Handelsbanken AB 4.375% 10/20/21 EUR 1,280 1,641
Svenska Handelsbanken AB 1.125% 12/14/22 EUR 4,000 4,453
1 Svenska Handelsbanken AB 2.656% 1/15/24 EUR 12,000 13,468
Sveriges Sakerstallda Obligationer AB 0.250% 1/20/21 EUR 8,000 8,713
Swedbank AB 1.500% 3/18/19 EUR 5,000 5,572
Swedbank Hypotek AB 1.000% 12/16/20 SEK 350,000 40,754
Telia Co. AB 1.375% 2/18/19 EUR 1,000 1,108
Telia Co. AB 4.750% 11/16/21 EUR 3,000 3,899
Telia Co. AB 4.000% 3/22/22 EUR 350 441
Telia Co. AB 3.875% 10/1/25 EUR 2,000 2,650
Telia Co. AB 3.500% 9/5/33 EUR 3,000 3,787
Volvo Treasury AB 2.375% 11/26/19 EUR 300 344
          194,672
Sovereign Bonds (0.4%)          
Kingdom of Sweden 4.250% 3/12/19 SEK 247,000 31,118
Kingdom of Sweden 0.750% 5/2/19 EUR 5,000 5,535
2 Kingdom of Sweden 0.050% 2/12/20 EUR 1,200 1,309
Kingdom of Sweden 5.000% 12/1/20 SEK 214,000 29,381
Kingdom of Sweden 3.500% 6/1/22 SEK 285,000 38,487
Kingdom of Sweden 1.500% 11/13/23 SEK 213,200 26,295
Kingdom of Sweden 2.500% 5/12/25 SEK 127,000 16,845
Kingdom of Sweden 1.000% 11/12/26 SEK 340,000 39,815
Kingdom of Sweden 2.250% 6/1/32 SEK 130,000 16,660
Kingdom of Sweden 3.500% 3/30/39 SEK 130,000 19,728
Kommuninvest I Sverige AB 2.250% 3/12/19 SEK 100,000 12,044
Kommuninvest I Sverige AB 2.500% 12/1/20 SEK 25,000 3,096
Kommuninvest I Sverige AB 1.000% 9/15/21 SEK 100,000 11,668
SBAB Bank AB 1.375% 5/2/18 EUR 3,600 3,953
SBAB Bank AB 2.375% 9/4/20 EUR 4,000 4,654
Stockholms Lans Landsting 0.750% 2/26/25 EUR 5,000 5,463
Svensk Exportkredit AB 1.125% 11/20/18 EUR 5,000 5,533
Svensk Exportkredit AB 1.875% 12/21/18 GBP 2,000 2,577
Vattenfall AB 6.750% 1/31/19 EUR 1,000 1,223
Vattenfall AB 6.125% 12/16/19 GBP 3,000 4,303
Vattenfall AB 6.250% 3/17/21 EUR 2,000 2,680
Vattenfall AB 6.875% 4/15/39 GBP 3,700 7,198
1 Vattenfall AB 3.000% 3/19/77 EUR 3,000 2,932
          292,497
Total Sweden (Cost $1,008,114)         950,247
Switzerland (1.5%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.5%)        
Credit Suisse AG 2.875% 10/18/18 EUR 500 568
Credit Suisse AG 1.000% 3/12/19 EUR 7,000 7,735
Credit Suisse AG 1.750% 1/15/21 EUR 7,000 8,045
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 0.875% 8/13/19 CHF 20,000 20,918
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 2.250% 2/25/20 CHF 3,000 3,283
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 0.000% 7/6/20 CHF 20,000 20,429
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 2.375% 1/27/21 CHF 5,000 5,605
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 1.000% 8/13/21 CHF 19,000 20,299

 

 

Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 2.875% 2/14/22 CHF 3,000 3,505
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 1.625% 3/15/22 CHF 2,000 2,206
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 1.375% 8/15/22 CHF 7,500 8,219
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 2.125% 6/28/23 CHF 36,000 41,414
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 1.250% 9/29/23 CHF 3,000 3,291
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 2.375% 1/25/24 CHF 3,500 4,126
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 1.375% 2/14/24 CHF 8,000 8,836
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 1.000% 5/21/24 CHF 5,000 5,410
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 0.375% 10/15/25 CHF 5,000 5,138
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 2.500% 3/30/26 CHF 1,000 1,225
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 2.750% 12/15/26 CHF 3,000 3,780
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 2.500% 2/16/27 CHF 2,000 2,473
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 0.500% 6/15/29 CHF 15,000 15,259
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 1.375% 9/20/29 CHF 2,000 2,262
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 1.625% 7/3/30 CHF 2,000 2,330
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 1.875% 9/15/31 CHF 3,000 3,619
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 2.250% 8/13/32 CHF 3,000 3,815
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 0.625% 4/25/33 CHF 5,000 5,086
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 1.500% 8/2/33 CHF 17,500 20,323
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 0.875% 5/7/35 CHF 2,000 2,102
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 0.500% 10/5/35 CHF 5,000 4,941
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 3.500% 6/21/18 CHF 2,500 2,674
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 2.750% 10/2/18 CHF 3,000 3,204
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 0.875% 12/3/18 CHF 800 831
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 3.250% 9/10/19 CHF 5,000 5,549
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 1.500% 9/3/20 CHF 4,000 4,316
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 1.000% 2/17/21 CHF 2,000 2,130
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 0.875% 4/16/21 CHF 2,000 2,121

 

 

Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 1.250% 2/3/22 CHF 4,000 4,339
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 0.875% 6/20/22 CHF 15,000 16,009
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 1.000% 9/9/22 CHF 8,500 9,158
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 1.125% 4/28/23 CHF 6,675 7,247
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 2.250% 6/16/23 CHF 10,500 12,170
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 0.000% 7/25/23 CHF 8,000 8,103
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 0.750% 4/15/24 CHF 1,000 1,063
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 0.750% 9/23/24 CHF 2,200 2,340
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 0.500% 7/28/25 CHF 5,000 5,214
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 2.000% 10/30/25 CHF 3,000 3,526
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 1.375% 3/19/27 CHF 8,000 8,985
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 1.375% 11/5/27 CHF 3,000 3,381
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 1.000% 9/22/28 CHF 5,000 5,422
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 1.500% 5/21/29 CHF 1,000 1,146
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 0.500% 4/30/30 CHF 5,000 5,068
UBS AG 1.375% 4/16/21 EUR 5,000 5,674
          355,912
Corporate Bonds (0.4%)          
ABB Finance BV 2.625% 3/26/19 EUR 2,700 3,077
ABB Ltd. 2.250% 10/11/21 CHF 2,000 2,234
Adecco International Financial Services BV 4.750% 4/13/18 EUR 2,950 3,367
Adecco International Financial Services BV 2.750% 11/15/19 EUR 400 463
Adecco International Financial Services BV 1.000% 12/2/24 EUR 1,000 1,062
1 Aquarius and Investments plc for Zurich          
Insurance Co. Ltd. 4.250% 10/2/43 EUR 1,810 2,132
1 Cloverie plc for Swiss Reinsurance Co. Ltd. 6.625% 9/1/42 EUR 3,000 4,008
Cloverie plc for Zurich Insurance Co. Ltd. 1.750% 9/16/24 EUR 5,400 6,074
Coca-Cola HBC Finance BV 2.375% 6/18/20 EUR 500 574
Coca-Cola HBC Finance BV 1.875% 11/11/24 EUR 200 226
Credit Suisse AG 0.500% 3/29/18 EUR 10,000 10,855
Credit Suisse AG 0.750% 7/11/19 CHF 5,000 5,150
Credit Suisse AG 4.750% 8/5/19 EUR 6,000 7,227
Credit Suisse AG 1.375% 11/29/19 EUR 10,000 11,164
Credit Suisse AG 3.500% 4/29/20 AUD 9,000 6,852
Credit Suisse AG 1.125% 9/15/20 EUR 5,800 6,447
Credit Suisse AG 1.375% 1/31/22 EUR 3,000 3,360
Credit Suisse AG 1.000% 6/7/23 EUR 10,000 10,825
Credit Suisse AG 1.500% 4/10/26 EUR 800 878
Credit Suisse Group Funding Guernsey Ltd. 1.250% 4/14/22 EUR 5,000 5,410
1 Demeter Investments BV for Swiss Life AG 4.375% 12/29/49 EUR 100 111
1 ELM BV for Swiss Life Insurance & Pension          
Group 4.500% 12/29/49 EUR 500 551

 

 

1 ELM BV for Swiss Reinsurance Co. Ltd. 2.600% 12/29/49 EUR 9,150 9,475
Flughafen Zuerich AG 1.500% 4/17/23 CHF 3,000 3,274
Glencore Canada Financial Corp. 7.375% 5/27/20 GBP 4,850 7,104
Glencore Finance Dubai Ltd. 2.625% 11/19/18 EUR 2,500 2,804
Glencore Finance Europe SA 4.625% 4/3/18 EUR 3,300 3,741
Glencore Finance Europe SA 2.625% 12/3/18 CHF 3,000 3,149
Glencore Finance Europe SA 6.500% 2/27/19 GBP 300 414
Glencore Finance Europe SA 1.625% 1/18/22 EUR 500 548
Glencore Finance Europe SA 6.000% 4/3/22 GBP 3,000 4,305
Glencore Finance Europe SA 1.750% 3/17/25 EUR 11,500 12,067
Holcim Finance Luxembourg SA 1.375% 5/26/23 EUR 500 548
Holcim Finance Luxembourg SA 3.000% 1/22/24 EUR 1,000 1,207
Holcim Overseas Finance Ltd. 3.375% 6/10/21 CHF 2,000 2,303
LafargeHolcim Ltd. 3.000% 11/22/22 CHF 3,000 3,469
LGT Bank AG 1.500% 5/10/21 CHF 1,000 1,080
Nestle Finance International Ltd. 1.750% 9/12/22 EUR 1,100 1,282
Nestle Finance International Ltd. 2.250% 11/30/23 GBP 900 1,193
Nestle Holdings Inc. 1.750% 12/9/20 GBP 10,000 13,007
Novartis AG 0.625% 11/13/29 CHF 2,750 2,814
Novartis Finance SA 1.625% 11/9/26 EUR 5,000 5,757
Pfandbriefbank schweizerischer          
Hypothekarinstitute AG 0.500% 5/5/28 CHF 8,000 8,201
Pfandbriefzentrale der schweizerischen          
Kantonalbanken AG 0.125% 3/12/24 CHF 5,000 5,089
Roche Finance Europe BV 2.000% 6/25/18 EUR 3,000 3,333
Roche Finance Europe BV 5.375% 8/29/23 GBP 1,000 1,555
Roche Finance Europe BV 0.875% 2/25/25 EUR 500 547
Roche Holdings Inc. 6.500% 3/4/21 EUR 16,195 22,117
1 Swiss Reinsurance Co. via ELM BV 6.302% 3/29/49 GBP 5,300 7,176
Syngenta Finance NV 1.875% 11/2/21 EUR 5,800 6,618
UBS AG 6.625% 4/11/18 GBP 1,750 2,353
UBS AG 0.500% 5/15/18 EUR 6,500 7,068
UBS AG 1.125% 6/30/20 EUR 5,000 5,575
UBS AG 1.250% 9/3/21 EUR 6,700 7,528
UBS Group Funding Jersey Ltd. 2.125% 3/4/24 EUR 800 903
UBS Group Funding Jersey Ltd. 1.250% 9/1/26 EUR 38,000 38,776
Willow No.2 Ireland plc for Zurich Insurance          
Co. Ltd. 3.375% 6/27/22 EUR 1,000 1,231
1 Zurich Insurance Co. Ltd. 4.625% 5/29/49 CHF 3,000 3,147
          292,805
Sovereign Bonds (0.6%)          
Canton of Basel-City 1.875% 5/31/19 CHF 3,300 3,526
Canton of Basel-City 3.250% 1/31/20 CHF 3,000 3,376
Canton of Geneva Switzerland 2.125% 6/15/20 CHF 5,000 5,489
Canton of Geneva Switzerland 2.250% 2/22/21 CHF 2,000 2,231
Canton of Geneva Switzerland 1.625% 7/30/29 CHF 3,550 4,116
Canton of Geneva Switzerland 1.500% 3/5/32 CHF 1,600 1,843
Canton of Zurich 0.500% 12/3/20 CHF 4,595 4,820
Canton of Zurich 1.250% 7/29/22 CHF 7,300 7,995
Lunar Funding V for Swisscom AG 1.875% 9/8/21 EUR 2,000 2,302
Swiss Confederation 3.000% 5/12/19 CHF 8,200 9,033
Swiss Confederation 2.250% 7/6/20 CHF 9,500 10,619
Swiss Confederation 2.000% 4/28/21 CHF 3,200 3,609
Swiss Confederation 2.000% 5/25/22 CHF 29,000 33,383
Swiss Confederation 4.000% 2/11/23 CHF 2,305 2,971
Swiss Confederation 1.250% 6/11/24 CHF 21,200 23,956
Swiss Confederation 1.500% 7/24/25 CHF 7,450 8,624

 

 

Swiss Confederation 1.250% 5/28/26 CHF 30,800 35,210
Swiss Confederation 3.250% 6/27/27 CHF 9,000 12,271
Swiss Confederation 0.000% 6/22/29 CHF 30,000 30,090
Swiss Confederation 0.500% 5/27/30 CHF 5,000 5,325
Swiss Confederation 2.250% 6/22/31 CHF 17,500 22,945
Swiss Confederation 3.500% 4/8/33 CHF 10,600 16,282
Swiss Confederation 2.500% 3/8/36 CHF 6,150 8,777
Swiss Confederation 1.250% 6/27/37 CHF 25,200 30,351
Swiss Confederation 1.500% 4/30/42 CHF 29,200 37,762
Swiss Confederation 4.000% 1/6/49 CHF 4,500 9,418
Swiss Confederation 0.500% 5/30/58 CHF 5,000 5,203
Swiss Confederation 2.000% 6/25/64 CHF 6,800 11,292
Swisscom AG 3.250% 9/14/18 CHF 15,000 16,029
Swisscom AG 2.625% 8/31/22 CHF 11,000 12,727
Swisscom AG 1.750% 7/10/24 CHF 2,000 2,250
Zuercher Kantonalbank 2.125% 2/5/18 CHF 3,500 3,634
          387,459
Total Switzerland (Cost $1,056,760)         1,036,176
Thailand (0.5%)          
Sovereign Bonds (0.5%)          
Kingdom of Thailand 3.450% 3/8/19 THB 200,000 5,892
Kingdom of Thailand 3.875% 6/13/19 THB 2,200,000 65,641
Kingdom of Thailand 3.650% 12/17/21 THB 1,200,000 36,419
Kingdom of Thailand 1.875% 6/17/22 THB 500,000 13,935
Kingdom of Thailand 5.500% 3/13/23 THB 130,000 4,346
Kingdom of Thailand 3.625% 6/16/23 THB 600,000 18,227
Kingdom of Thailand 3.850% 12/12/25 THB 1,250,000 38,821
Kingdom of Thailand 3.580% 12/17/27 THB 1,077,000 32,716
Kingdom of Thailand 4.875% 6/22/29 THB 1,740,000 58,877
Kingdom of Thailand 3.650% 6/20/31 THB 300,000 8,914
Kingdom of Thailand 3.775% 6/25/32 THB 100,000 2,993
Kingdom of Thailand 3.400% 6/17/36 THB 485,000 13,814
Kingdom of Thailand 4.260% 12/12/37 THB 155,000 4,898
Kingdom of Thailand 3.800% 6/14/41 THB 150,000 4,510
Kingdom of Thailand 4.675% 6/29/44 THB 739,000 25,376
Kingdom of Thailand 2.875% 6/17/46 THB 722,700 18,142
Kingdom of Thailand 4.000% 6/17/66 THB 85,000 2,578
Total Thailand (Cost $372,261)         356,099
United Arab Emirates (0.0%)          
Sovereign Bonds (0.0%)          
Emirates Telecommunications Group Co.          
PJSC 1.750% 6/18/21 EUR 2,000 2,253
Emirates Telecommunications Group Co.          
PJSC 2.750% 6/18/26 EUR 3,000 3,597
IPIC GMTN Ltd. 5.875% 3/14/21 EUR 3,000 3,923
IPIC GMTN Ltd. 3.625% 5/30/23 EUR 3,000 3,768
IPIC GMTN Ltd. 6.875% 3/14/26 GBP 640 1,078
Total United Arab Emirates (Cost $15,563)         14,619
United Kingdom (7.9%)          
Asset-Backed/Commercial Mortgage-Backed Securities (0.5%)        
AA Bond Co. Ltd. 4.249% 7/31/20 GBP 1,800 2,404
AA Bond Co. Ltd. 6.269% 7/31/25 GBP 2,000 3,037
Annington Finance No 4 plc 0.000% 12/7/22 GBP 6,740 7,438
Annington Finance No 4 plc 0.000% 1/10/23 GBP 1,000 1,077

 

 

  Annington Repackaging No 1 Ltd. 5.324% 1/10/23 GBP 1,400 1,992
  Arqiva Financing plc 4.882% 12/31/32 GBP 3,000 4,179
  Artesian Finance II plc 6.000% 9/30/33 GBP 1,990 3,484
  Aspire Defence Finance plc 4.674% 3/31/40 GBP 2,494 3,733
  Aspire Defence Finance plc 4.674% 3/31/40 GBP 959 1,435
  Bank of Scotland plc 4.875% 6/4/19 EUR 1,000 1,206
  Bank of Scotland plc 4.500% 7/13/21 EUR 6,160 7,922
  Bank of Scotland plc 4.750% 6/8/22 EUR 1,840 2,450
  Bank of Scotland plc 4.875% 12/20/24 GBP 1,000 1,532
  Barclays Bank plc 4.000% 10/7/19 EUR 1,600 1,918
  Barclays Bank plc 4.000% 1/12/21 EUR 15,500 19,322
  Barclays Bank plc 4.250% 1/12/22 GBP 1,000 1,438
1 Broadgate Financing plc 4.999% 10/5/33 GBP 4,000 6,016
  Broadgate Financing plc 5.098% 4/5/35 GBP 5,212 7,556
1 Canary Wharf Finance II plc 6.455% 10/22/33 GBP 287 535
  Clydesdale Bank plc 4.625% 6/8/26 GBP 13,000 19,653
  Co-Operative Bank plc 4.750% 11/11/21 GBP 5,000 6,983
  Coventry Building Society 4.625% 4/19/18 GBP 1,300 1,714
13 CTRL Section 1 Finance plc 5.234% 5/2/35 GBP 1,297 2,030
  Derby Healthcare plc 5.564% 6/30/41 GBP 1,182 1,863
  Dignity Finance plc 3.546% 12/31/34 GBP 913 1,258
  Dignity Finance plc 4.696% 12/31/49 GBP 1,656 2,468
  Greene King Finance plc 5.318% 9/15/31 GBP 1,097 1,569
  High Speed Rail Finance (1) plc 4.375% 11/1/38 GBP 1,000 1,541
  Highbury Finance BV 7.017% 3/20/23 GBP 696 1,003
  Integrated Accommodation Services plc 6.480% 3/31/29 GBP 695 1,101
1 Intu SGS Finance plc 4.625% 3/17/33 GBP 2,000 2,829
  Juturna European Loan Conduit No 16 plc 5.064% 8/10/33 GBP 4,283 6,321
  Leeds Building Society 4.250% 12/17/18 GBP 2,000 2,688
  Lloyds Bank plc 4.000% 6/25/18 EUR 500 572
  Lloyds Bank plc 1.375% 4/16/21 EUR 35,800 40,659
  Lloyds Bank plc 4.875% 1/13/23 EUR 8,000 10,886
  Lloyds Bank plc 5.125% 3/7/25 GBP 12,200 19,006
  Lloyds Bank plc 4.875% 3/30/27 GBP 3,081 4,782
  Lloyds Bank plc 6.000% 2/8/29 GBP 15,350 26,747
1 Longstone Finance plc 4.791% 4/19/36 GBP 876 1,265
1 Marston's Issuer plc 5.158% 10/15/27 GBP 1,150 1,445
  Mitchells & Butlers Finance plc 5.574% 12/15/30 GBP 444 639
1 Mitchells & Butlers Finance plc 6.469% 9/15/32 GBP 644 970
  Nationwide Building Society 0.750% 6/25/19 EUR 8,900 9,815
  Nationwide Building Society 4.625% 2/8/21 EUR 1,000 1,274
  Nationwide Building Society 4.375% 2/28/22 EUR 17,000 22,127
  Nationwide Building Society 5.625% 1/28/26 GBP 1,500 2,457
  Nationwide Building Society 0.625% 3/25/27 EUR 9,990 10,387
  Nationwide Building Society 2.250% 6/25/29 EUR 5,000 6,031
  Nats En Route plc 5.250% 3/31/26 GBP 3,498 5,108
1 Octagon Healthcare Funding plc 5.333% 6/30/36 GBP 871 1,328
  Royal Bank of Scotland plc 3.875% 10/19/20 EUR 12,000 14,782
  Royal Bank of Scotland plc 5.125% 1/13/24 GBP 500 769
  Santander UK plc 1.625% 11/26/20 EUR 18,000 20,581
  Santander UK plc 0.250% 8/9/21 EUR 10,000 10,826
  Santander UK plc 1.250% 9/18/24 EUR 6,700 7,555
1 Santander UK plc 5.750% 3/2/27 GBP 5,855 9,591
  Santander UK plc 5.250% 2/16/29 GBP 758 1,255
  Sceptre Funding No. 1 plc 5.253% 2/9/27 GBP 108 162
  Telereal Secured Finance plc 4.010% 12/10/31 GBP 423 549
1 Telereal Securitisation plc 5.389% 12/10/33 GBP 2,608 3,816

 

 

1 Telereal Securitisation plc 5.553% 12/10/33 GBP 943 1,395
  Yorkshire Building Society 4.750% 4/12/18 GBP 1,300 1,714
  Yorkshire Building Society 1.250% 6/11/21 EUR 7,000 7,890
            378,078
Corporate Bonds (2.2%)          
  A2Dominion Housing Group Ltd. 3.500% 11/15/28 GBP 2,500 3,091
  ABP Finance plc 6.250% 12/14/26 GBP 4,300 6,793
  Admiral Group plc 5.500% 7/25/24 GBP 2,000 2,664
  Affinity Sutton Capital Markets plc 5.981% 9/17/38 GBP 300 556
  Affinity Sutton Capital Markets plc 4.250% 10/8/42 GBP 2,500 3,816
14 Anglian Water Services Financing plc 5.837% 7/30/22 GBP 5,000 7,704
  Anglian Water Services Financing plc 6.625% 1/15/29 GBP 615 1,110
  AstraZeneca plc 5.750% 11/13/31 GBP 5,000 8,682
1 Aviva plc 6.125% 11/14/36 GBP 3,250 4,450
1 Aviva plc 6.875% 5/22/38 EUR 9,030 10,494
1 Aviva plc 6.625% 6/3/41 GBP 1,000 1,400
1 Aviva plc 6.125% 7/5/43 EUR 1,000 1,255
1 Aviva plc 3.875% 7/3/44 EUR 300 331
1 Aviva plc 3.375% 12/4/45 EUR 3,000 3,136
1 Aviva plc 6.125% 9/29/49 GBP 1,200 1,586
1 Aviva plc 5.902% 11/29/49 GBP 300 398
1 Aviva plc 6.875% 11/29/49 GBP 3,500 4,678
1 Aviva plc 5.125% 6/4/50 GBP 3,000 3,749
1 Aviva plc 6.875% 5/20/58 GBP 2,327 3,424
  Babcock International Group plc 1.750% 10/6/22 EUR 7,800 8,667
  Bank of Scotland plc 9.375% 5/15/21 GBP 1,620 2,609
  Barclays Bank plc 6.000% 1/14/21 EUR 2,500 3,134
  Barclays Bank plc 2.125% 2/24/21 EUR 5,000 5,825
  Barclays Bank plc 10.000% 5/21/21 GBP 6,533 10,468
  Barclays Bank plc 6.625% 3/30/22 EUR 7,159 9,461
  Barclays plc 1.500% 4/1/22 EUR 1,000 1,088
1 Barclays plc 2.625% 11/11/25 EUR 5,000 5,370
  BAT International Finance plc 6.375% 12/12/19 GBP 2,611 3,768
  BAT International Finance plc 1.000% 5/23/22 EUR 700 764
  BAT International Finance plc 0.875% 10/13/23 EUR 15,615 16,611
  BAT International Finance plc 2.750% 3/25/25 EUR 7,850 9,395
  BAT International Finance plc 4.000% 9/4/26 GBP 1,500 2,094
  BAT International Finance plc 6.000% 11/24/34 GBP 1,000 1,719
  BAT International Finance plc 2.250% 9/9/52 GBP 3,000 2,938
  BG Energy Capital plc 3.625% 7/16/19 EUR 3,500 4,103
  BG Energy Capital plc 1.250% 11/21/22 EUR 6,200 6,913
  BG Energy Capital plc 5.125% 12/1/25 GBP 5,000 7,752
  BG Energy Capital plc 2.250% 11/21/29 EUR 3,618 4,139
  BP Capital Markets plc 4.325% 12/10/18 GBP 700 938
  BP Capital Markets plc 2.994% 2/18/19 EUR 12,400 14,195
  BP Capital Markets plc 1.000% 8/28/20 CHF 2,000 2,092
  BP Capital Markets plc 3.497% 11/9/20 CAD 12,000 9,755
  BP Capital Markets plc 2.177% 9/28/21 EUR 5,700 6,644
  BP Capital Markets plc 1.373% 3/3/22 EUR 2,500 2,803
  BP Capital Markets plc 1.526% 9/26/22 EUR 11,000 12,407
  BP Capital Markets plc 0.830% 9/19/24 EUR 7,000 7,393
  BP Capital Markets plc 1.953% 3/3/25 EUR 6,500 7,397
  BP Capital Markets plc 2.972% 2/27/26 EUR 4,000 4,917
  BP Capital Markets plc 2.213% 9/25/26 EUR 5,100 5,897
  BP Capital Markets plc 1.573% 2/16/27 EUR 4,000 4,353
  BPHA Finance plc 4.816% 4/11/44 GBP 1,000 1,582
  Brambles Finance Ltd. 2.375% 6/12/24 EUR 400 463

 

 

  British Telecommunications plc 1.125% 6/10/19 EUR 1,600 1,767
  British Telecommunications plc 0.625% 3/10/21 EUR 10,800 11,641
  British Telecommunications plc 1.750% 3/10/26 EUR 8,000 8,713
  British Telecommunications plc 5.750% 12/7/28 GBP 4,390 7,160
  British Telecommunications plc 6.375% 6/23/37 GBP 1,500 2,776
  BUPA Finance plc 3.375% 6/17/21 GBP 6,300 8,480
  Centrica plc 7.000% 9/19/18 GBP 4,600 6,350
  Centrica plc 6.375% 3/10/22 GBP 4,400 6,808
  Centrica plc 4.375% 3/13/29 GBP 4,800 7,036
  Centrica plc 7.000% 9/19/33 GBP 1,400 2,670
  Centrica plc 4.250% 9/12/44 GBP 5,250 7,750
1 Centrica plc 5.250% 4/10/75 GBP 5,000 6,545
  Circle Anglia Social Housing plc 7.250% 11/12/38 GBP 2,650 5,481
  Coca-Cola European Partners plc 1.125% 5/26/24 EUR 5,000 5,402
  Coca-Cola European Partners plc 1.750% 5/26/28 EUR 5,000 5,412
  Community Finance Co. 1 plc 5.017% 7/31/34 GBP 400 665
  Compass Group plc 3.125% 2/13/19 EUR 1,590 1,824
  Coventry Building Society 2.500% 11/18/20 EUR 5,246 6,060
  Coventry Building Society 5.875% 9/28/22 GBP 5,487 8,334
1 CPUK Finance Ltd. 7.239% 2/28/42 GBP 2,700 4,362
  Crh Finance UK plc 4.125% 12/2/29 GBP 4,200 5,934
  Delphi Automotive plc 1.500% 3/10/25 EUR 5,822 6,132
  Delphi Automotive plc 1.600% 9/15/28 EUR 3,330 3,351
  Diageo Finance plc 1.125% 5/20/19 EUR 500 553
1 Direct Line Insurance Group plc 9.250% 4/27/42 GBP 1,500 2,328
  DS Smith plc 2.250% 9/16/22 EUR 100 112
  Dwr Cymru Financing Ltd. 6.907% 3/31/21 GBP 567 876
14 Dwr Cymru Financing Ltd. 6.015% 3/31/28 GBP 500 852
  East Finance plc 5.486% 6/15/42 GBP 297 511
  Eastern Power Networks plc 4.750% 9/30/21 GBP 1,000 1,441
  Eastern Power Networks plc 8.500% 3/31/25 GBP 1,000 1,842
  easyJet plc 1.750% 2/9/23 EUR 800 881
  EE Finance plc 4.375% 3/28/19 GBP 2,950 3,969
  ELM BV for RELX Finance 2.500% 9/24/20 EUR 1,000 1,168
  EMH Treasury plc 4.500% 1/29/44 GBP 394 598
  ENW Finance plc 6.125% 7/21/21 GBP 1,000 1,510
  Eversholt Funding plc 5.831% 12/2/20 GBP 800 1,165
  Eversholt Funding plc 6.359% 12/2/25 GBP 500 813
  Eversholt Funding plc 6.697% 2/22/35 GBP 1,800 3,048
  Experian Finance plc 4.750% 11/23/18 GBP 800 1,076
  Experian Finance plc 4.750% 2/4/20 EUR 4,000 4,895
  Experian Finance plc 3.500% 10/15/21 GBP 3,815 5,222
  FCE Bank plc 1.750% 5/21/18 EUR 1,385 1,528
  FCE Bank plc 1.875% 4/18/19 EUR 10,000 11,203
  FCE Bank plc 2.759% 11/13/19 GBP 2,100 2,730
  FCE Bank plc 1.114% 5/13/20 EUR 16,199 17,820
  FCE Bank plc 1.528% 11/9/20 EUR 3,100 3,450
  FCE Bank plc 1.875% 6/24/21 EUR 5,000 5,617
  FCE Bank plc 1.134% 2/10/22 EUR 1,330 1,440
  Fidelity International Ltd. 7.125% 2/13/24 GBP 2,000 3,147
  Firstgroup plc 8.750% 4/8/21 GBP 7,000 11,095
  Firstgroup plc 5.250% 11/29/22 GBP 10,114 14,632
  Firstgroup plc 6.875% 9/18/24 GBP 2,660 4,252
  G4S International Finance plc 2.625% 12/6/18 EUR 7,000 7,884
  G4S plc 7.750% 5/13/19 GBP 4,977 7,087
1 Gatwick Funding Ltd. 5.250% 1/23/26 GBP 1,000 1,493
1 Gatwick Funding Ltd. 6.125% 3/2/28 GBP 5,050 8,125

 

 

1 Gatwick Funding Ltd. 5.750% 1/23/39 GBP 500 863
GlaxoSmithKline Capital plc 0.625% 12/2/19 EUR 5,327 5,840
GlaxoSmithKline Capital plc 4.000% 6/16/25 EUR 1,000 1,346
GlaxoSmithKline Capital plc 3.375% 12/20/27 GBP 3,000 4,151
GlaxoSmithKline Capital plc 5.250% 12/19/33 GBP 7,339 12,475
GlaxoSmithKline Capital plc 6.375% 3/9/39 GBP 845 1,661
GlaxoSmithKline Capital plc 4.250% 12/18/45 GBP 400 632
Great Places Housing Group Ltd. 4.750% 10/22/42 GBP 500 770
Great Rolling Stock Co. Ltd. 6.250% 7/27/20 GBP 3,700 5,366
Great Rolling Stock Co. Ltd. 6.875% 7/27/35 GBP 842 1,393
Guinness Partnership Ltd. 4.000% 10/24/44 GBP 978 1,410
Gwynt Y Mor Ofto plc 2.778% 2/17/34 GBP 945 1,211
Hammerson plc 2.000% 7/1/22 EUR 7,100 7,891
Hammerson plc 6.000% 2/23/26 GBP 4,000 6,240
Hammerson plc 7.250% 4/21/28 GBP 10,700 18,748
1 HBOS plc 4.500% 3/18/30 EUR 3,000 3,587
Heathrow Funding Ltd. 6.250% 9/10/18 GBP 3,700 5,026
1 Heathrow Funding Ltd. 4.600% 2/15/20 EUR 500 565
Heathrow Funding Ltd. 6.000% 3/20/20 GBP 8,000 11,410
Heathrow Funding Ltd. 5.225% 2/15/23 GBP 2,200 3,252
Heathrow Funding Ltd. 7.125% 2/14/24 GBP 3,320 5,347
1 Heathrow Funding Ltd. 1.875% 5/23/24 EUR 200 230
Heathrow Funding Ltd. 6.450% 12/10/31 GBP 2,500 4,463
1 Heathrow Funding Ltd. 1.500% 2/11/32 EUR 9,700 10,012
Heathrow Funding Ltd. 5.875% 5/13/41 GBP 6,000 10,786
Heathrow Funding Ltd. 4.625% 10/31/46 GBP 300 473
1 Hiscox Ltd. 6.125% 11/24/45 GBP 1,000 1,339
1 HSBC Bank Capital Funding Sterling 1 LP 5.844% 11/29/49 GBP 250 358
1 HSBC Bank Capital Funding Sterling 2 LP 5.862% 4/29/49 GBP 1,000 1,332
HSBC Bank plc 2.375% 4/4/18 CHF 1,000 1,044
HSBC Bank plc 3.875% 10/24/18 EUR 9,500 10,949
HSBC Bank plc 4.000% 1/15/21 EUR 9,500 11,804
1 HSBC Bank plc 5.000% 3/20/23 GBP 3,680 4,797
HSBC Bank plc 6.500% 7/7/23 GBP 5,000 7,707
1 HSBC Bank plc 5.375% 11/4/30 GBP 1,000 1,394
HSBC Bank plc 5.375% 8/22/33 GBP 2,000 2,960
HSBC Bank plc 6.250% 1/30/41 GBP 66 112
HSBC Holdings plc 6.000% 6/10/19 EUR 2,000 2,448
HSBC Holdings plc 1.500% 3/15/22 EUR 20,600 22,967
1 HSBC Holdings plc 3.375% 1/10/24 EUR 7,915 8,950
HSBC Holdings plc 3.000% 6/30/25 EUR 25,500 29,099
HSBC Holdings plc 2.625% 8/16/28 GBP 15,875 18,786
HSBC Holdings plc 6.750% 9/11/28 GBP 2,750 4,198
HSBC Holdings plc 7.000% 4/7/38 GBP 500 825
HSBC Holdings plc 6.000% 3/29/40 GBP 2,250 3,345
Hyde Housing Association Ltd. 5.125% 7/23/40 GBP 275 446
ICAP Group Holdings plc 3.125% 3/6/19 EUR 1,000 1,134
Imperial Brands Finance plc 4.500% 7/5/18 EUR 2,000 2,295
Imperial Brands Finance plc 7.750% 6/24/19 GBP 5,600 8,131
Imperial Brands Finance plc 9.000% 2/17/22 GBP 2,500 4,207
Imperial Brands Finance plc 3.375% 2/26/26 EUR 400 496
Imperial Brands Finance plc 4.875% 6/7/32 GBP 7,050 10,591
InterContinental Hotels Group plc 3.875% 11/28/22 GBP 2,500 3,415
Intu Metrocentre Finance plc 4.125% 12/6/23 GBP 2,000 2,755
1 Intu SGS Finance plc 3.875% 3/17/28 GBP 1,100 1,487
Investec plc 4.500% 5/5/22 GBP 1,300 1,680
ITV plc 2.125% 9/21/22 EUR 100 111

 

 

1 Land Securities Capital Markets plc 5.396% 7/31/32 GBP 3,400 5,624
1 Land Securities Capital Markets plc 5.125% 2/7/36 GBP 500 825
Leeds Building Society 2.625% 4/1/21 EUR 12,000 13,636
Leeds Building Society 1.375% 5/5/22 EUR 5,000 5,341
1 Legal & General Group plc 10.000% 7/23/41 GBP 2,000 3,248
1 Legal & General Group plc 5.375% 10/27/45 GBP 400 520
1 Legal & General Group plc 5.875% 3/29/49 GBP 400 523
1 Legal & General Group plc 5.500% 6/27/64 GBP 2,100 2,556
Libra Longhurst Group Treasury plc 5.125% 8/2/38 GBP 1,797 2,823
1 Liverpool Victoria Friendly Society Ltd. 6.500% 5/22/43 GBP 600 738
Lloyds Bank plc 6.500% 3/24/20 EUR 2,000 2,526
Lloyds Bank plc 0.625% 4/20/20 EUR 5,000 5,465
Lloyds Bank plc 7.500% 4/15/24 GBP 1,000 1,700
Lloyds Bank plc 7.625% 4/22/25 GBP 7,290 11,772
1 Lloyds Bank plc 5.750% 7/9/25 GBP 1,000 1,370
Lloyds Bank plc 6.500% 9/17/40 GBP 1,350 2,629
Lloyds Banking Group plc 1.000% 11/9/23 EUR 100 105
London & Quadrant Housing Trust 2.625% 5/5/26 GBP 4,000 5,197
London & Quadrant Housing Trust 4.625% 12/5/33 GBP 500 791
London & Quadrant Housing Trust 5.500% 1/27/40 GBP 400 717
London Power Networks plc 5.125% 3/31/23 GBP 3,000 4,461
Manchester Airport Group Funding plc 4.750% 3/31/34 GBP 2,000 3,118
Marks & Spencer plc 4.750% 6/12/25 GBP 1,500 2,087
Motability Operations Group plc 6.625% 12/10/19 GBP 1,500 2,190
Motability Operations Group plc 1.625% 6/9/23 EUR 500 567
Motability Operations Group plc 4.375% 2/8/27 GBP 7,100 10,558
Motability Operations Group plc 5.625% 11/29/30 GBP 2,000 3,423
National Grid Electricity Transmission plc 6.500% 7/27/28 GBP 4,694 8,237
National Grid Gas Finance plc 2.125% 9/22/28 GBP 10,508 12,620
National Grid plc 4.375% 3/10/20 EUR 1,000 1,214
Nationwide Building Society 5.625% 9/9/19 GBP 400 562
Nationwide Building Society 6.750% 7/22/20 EUR 5,500 7,106
Nationwide Building Society 2.250% 4/29/22 GBP 5,675 7,356
Nationwide Building Society 1.125% 6/3/22 EUR 14,900 16,436
1 Nationwide Building Society 4.125% 3/20/23 EUR 12,600 14,098
Nationwide Building Society 1.250% 3/3/25 EUR 3,000 3,253
Nationwide Building Society 3.000% 5/6/26 GBP 19,750 25,691
Next plc 5.375% 10/26/21 GBP 3,000 4,336
Next plc 3.625% 5/18/28 GBP 7,000 8,883
1 NGG Finance plc 5.625% 6/18/73 GBP 500 686
1 NGG Finance plc 4.250% 6/18/76 EUR 1,500 1,738
Northern Gas Networks Finance plc 5.875% 7/8/19 GBP 750 1,054
Northern Gas Networks Finance plc 4.875% 6/30/27 GBP 300 460
Northern Gas Networks Finance plc 4.875% 11/15/35 GBP 900 1,465
Northern Gas Networks Finance plc 5.625% 3/23/40 GBP 2,423 4,388
Northern Powergrid Holdings Co. 7.250% 12/15/22 GBP 1,060 1,711
Northern Powergrid Yorkshire plc 5.125% 5/4/35 GBP 1,733 2,871
Northumbrian Water Finance plc 5.125% 1/23/42 GBP 350 605
Notting Hill Housing Trust 3.750% 12/20/32 GBP 2,200 3,032
Orbit Capital plc 3.500% 3/24/45 GBP 1,967 2,554
Peabody Capital No 2 plc 4.625% 12/12/53 GBP 150 251
Peabody Capital plc 5.250% 3/17/43 GBP 1,000 1,713
Places For People Treasury plc 2.875% 8/17/26 GBP 9,500 11,364
Porterbrook Rail Finance Ltd. 6.500% 10/20/20 GBP 1,000 1,480
Porterbrook Rail Finance Ltd. 7.125% 10/20/26 GBP 3,000 5,176
Prudential plc 1.750% 11/27/18 GBP 200 256
Prudential plc 5.875% 5/11/29 GBP 1,111 1,831

 

 

  Prudential plc 6.125% 12/19/31 GBP 9,000 13,757
1 Prudential plc 11.375% 5/29/39 GBP 200 303
1 Prudential plc 5.700% 12/19/63 GBP 1,000 1,256
  RELX Capital Inc. 1.300% 5/12/25 EUR 2,000 2,167
  Rentokil Initial plc 3.375% 9/24/19 EUR 6,000 7,026
1 RL Finance Bonds No. 2 plc 6.125% 11/30/43 GBP 1,100 1,465
  RL Finance Bonds No. 3 plc 6.125% 11/13/28 GBP 500 658
  Rolls-Royce plc 6.750% 4/30/19 GBP 4,950 7,025
  Rolls-Royce plc 2.125% 6/18/21 EUR 1,500 1,736
  Rolls-Royce plc 3.375% 6/18/26 GBP 2,000 2,686
  Royal Bank of Scotland Group plc 1.625% 6/25/19 EUR 3,700 4,085
  Royal Bank of Scotland plc 6.625% 9/17/18 GBP 800 1,096
  Royal Bank of Scotland plc 5.375% 9/30/19 EUR 3,000 3,666
  Royal Bank of Scotland plc 5.500% 3/23/20 EUR 2,000 2,496
1 RSA Insurance Group plc 5.125% 10/10/45 GBP 2,000 2,588
  RSL Finance No 1 plc 6.625% 3/31/38 GBP 642 1,108
  SABMiller Holdings Inc. 1.875% 1/20/20 EUR 3,000 3,394
  Sanctuary Capital plc 5.000% 4/26/47 GBP 1,112 1,920
  Santander UK plc 2.000% 1/14/19 EUR 2,000 2,238
  Santander UK plc 1.875% 2/17/20 GBP 1,900 2,426
  Santander UK plc 2.625% 7/16/20 EUR 5,000 5,806
  Santander UK plc 1.125% 1/14/22 EUR 11,000 12,104
  Santander UK plc 1.125% 3/10/25 EUR 11,100 11,960
  Santander UK plc 3.875% 10/15/29 GBP 2,000 2,769
  Saxon Weald Capital plc 5.375% 6/6/42 GBP 296 478
  Scotland Gas Networks plc 4.875% 12/21/34 GBP 1,000 1,607
  Scottish Widows Ltd. 5.500% 6/16/23 GBP 2,500 3,384
  Scottish Widows Ltd. 7.000% 6/16/43 GBP 2,000 2,816
  Severn Trent Utilities Finance plc 3.625% 1/16/26 GBP 2,500 3,462
  Severn Trent Utilities Finance plc 4.875% 1/24/42 GBP 2,240 3,731
  Sky plc 2.875% 11/24/20 GBP 6,150 8,191
  Sky plc 1.500% 9/15/21 EUR 1,737 1,932
  Sky plc 1.875% 11/24/23 EUR 5,000 5,595
  Sky plc 2.250% 11/17/25 EUR 500 565
  Sky plc 2.500% 9/15/26 EUR 21,500 24,587
  Sky plc 4.000% 11/26/29 GBP 4,800 6,722
  Smiths Group plc 1.250% 4/28/23 EUR 10,000 10,698
  Society of Lloyd's 4.750% 10/30/24 GBP 1,500 1,986
  South East Water Finance Ltd. 5.658% 9/30/19 GBP 400 559
  South Eastern Power Networks plc 5.625% 9/30/30 GBP 2,350 3,900
  South Eastern Power Networks plc 6.375% 11/12/31 GBP 2,000 3,608
  Southern Electric Power Distribution plc 5.500% 6/7/32 GBP 206 346
15 Southern Gas Networks plc 4.875% 12/21/20 GBP 1,300 1,860
  Southern Gas Networks plc 6.375% 5/15/40 GBP 70 138
  Southern Water Services Finance Ltd. 5.000% 3/31/21 GBP 4,000 5,756
16 Southern Water Services Finance Ltd. 6.192% 3/31/29 GBP 3,000 5,221
1 Southern Water Services Finance Ltd. 4.500% 3/31/38 GBP 1,000 1,371
  Sovereign Housing Capital plc 4.768% 6/1/43 GBP 289 467
  SPD Finance UK plc 5.875% 7/17/26 GBP 1,000 1,607
  SSE plc 5.000% 10/1/18 GBP 1,000 1,344
  SSE plc 2.000% 6/17/20 EUR 7,200 8,234
  SSE plc 8.375% 11/20/28 GBP 1,150 2,271
  SSE plc 6.250% 8/27/38 GBP 2,000 3,731
1 SSE plc 3.875% 12/29/49 GBP 700 881
  Stagecoach Group plc 4.000% 9/29/25 GBP 300 405
  Standard Chartered Bank 7.750% 4/3/18 GBP 1,150 1,553
1 Standard Chartered Bank 5.375% 6/29/49 GBP 1,000 1,257

 

 

  Standard Chartered plc 1.625% 6/13/21 EUR 5,800 6,482
  Standard Chartered plc 3.625% 11/23/22 EUR 1,700 1,953
  Standard Chartered plc 3.125% 11/19/24 EUR 500 553
1 Standard Chartered plc 4.000% 10/21/25 EUR 4,000 4,485
  Standard Chartered plc 5.125% 6/6/34 GBP 4,700 5,795
  Standard Chartered plc 4.375% 1/18/38 GBP 1,080 1,456
1 Standard Life plc 5.500% 12/4/42 GBP 3,500 4,646
1 Standard Life plc 6.546% 11/29/49 GBP 2,000 2,657
  Swan Housing Capital plc 3.625% 3/5/48 GBP 2,114 2,760
  Thames Water Utilities Cayman Finance Ltd. 4.000% 6/19/25 GBP 3,000 4,316
  Thames Water Utilities Cayman Finance Ltd. 4.375% 7/3/34 GBP 1,795 2,724
  Thames Water Utilities Cayman Finance Ltd. 5.500% 2/11/41 GBP 2,175 3,905
  Thames Water Utilities Cayman Finance Ltd. 4.625% 6/4/46 GBP 4,945 8,214
  THFC Funding No. 3 plc 5.200% 10/11/43 GBP 4,900 8,181
  Together Housing Finance plc 4.500% 12/17/42 GBP 430 647
  Unilever NV 1.750% 8/5/20 EUR 2,200 2,518
1 UNITE USAF II plc 3.374% 6/30/28 GBP 1,000 1,344
  United Utilities Water Ltd. 4.250% 1/24/20 EUR 3,000 3,620
  United Utilities Water Ltd. 5.750% 3/25/22 GBP 2,250 3,411
  United Utilities Water Ltd. 5.625% 12/20/27 GBP 6,210 10,160
  University of Cambridge 3.750% 10/17/52 GBP 700 1,177
  Vodafone Group plc 8.125% 11/26/18 GBP 2,900 4,120
  Vodafone Group plc 0.875% 11/17/20 EUR 10,800 11,847
  Vodafone Group plc 1.250% 8/25/21 EUR 9,000 9,998
  Vodafone Group plc 1.750% 8/25/23 EUR 13,200 14,800
  Vodafone Group plc 1.875% 9/11/25 EUR 4,400 4,930
  Vodafone Group plc 5.625% 12/4/25 GBP 3,400 5,214
  Vodafone Group plc 1.600% 7/29/31 EUR 500 491
  Vodafone Group plc 5.900% 11/26/32 GBP 1,000 1,599
  Vodafone Group plc 3.000% 8/12/56 GBP 5,000 5,032
  Wales & West Utilities Finance plc 6.250% 11/30/21 GBP 1,000 1,538
  Wales & West Utilities Finance plc 5.750% 3/29/30 GBP 5,000 8,450
  Wellcome Trust Finance plc 4.000% 5/9/59 GBP 2,000 3,645
  Western Power Distribution East Midlands plc 5.250% 1/17/23 GBP 2,500 3,711
  Western Power Distribution South Wales plc 5.750% 3/23/40 GBP 850 1,535
  Western Power Distribution South West plc 5.750% 3/23/40 GBP 200 362
  WHG Treasury plc 4.250% 10/6/45 GBP 4,000 5,821
  WM Morrison Supermarkets plc 2.250% 6/19/20 EUR 600 690
  Wm Morrison Supermarkets plc 3.500% 7/27/26 GBP 5,000 6,537
  Wm Morrison Supermarkets plc 4.750% 7/4/29 GBP 5,150 7,326
  WM Treasury plc 4.625% 12/3/42 GBP 2,000 3,048
  WPP Finance 2013 3.000% 11/20/23 EUR 9,000 11,031
  WPP Finance SA 6.375% 11/6/20 GBP 3,200 4,774
  Yorkshire Building Society 2.125% 3/18/19 EUR 18,713 20,992
  Yorkshire Building Society 1.250% 3/17/22 EUR 21,403 23,007
  Yorkshire Water Services Bradford Finance          
  Ltd. 6.000% 8/21/19 GBP 3,105 4,394
  Yorkshire Water Services Bradford Finance          
  Ltd. 3.625% 8/1/29 GBP 500 705
            1,527,833
Sovereign Bonds (5.2%)          
13 LCR Finance plc 4.500% 12/7/28 GBP 5,500 8,731
13 LCR Finance plc 4.500% 12/7/38 GBP 1,100 1,889
13 LCR Finance plc 5.100% 3/7/51 GBP 1,200 2,482
13 Merseylink Issuer plc 3.842% 3/31/43 GBP 300 471
13 Network Rail Infrastructure Finance plc 4.625% 7/21/20 GBP 200 285
13 Network Rail Infrastructure Finance plc 2.750% 10/6/21 CHF 2,500 2,909

 

 

13 Network Rail Infrastructure Finance plc 4.750% 1/22/24 GBP 5,000 7,700
13 Network Rail Infrastructure Finance plc 4.375% 12/9/30 GBP 3,200 5,136
13 Network Rail Infrastructure Finance plc 4.750% 11/29/35 GBP 4,200 7,302
  Transport for London 2.250% 8/9/22 GBP 900 1,186
  Transport for London 3.875% 7/23/42 GBP 2,400 3,701
  Transport for London 3.625% 5/15/45 GBP 1,900 2,833
  Transport for London 4.000% 4/7/64 GBP 1,200 2,132
  United Kingdom 5.000% 3/7/18 GBP 17,750 23,519
  United Kingdom 1.250% 7/22/18 GBP 110,000 140,688
  United Kingdom 4.500% 3/7/19 GBP 40,800 55,984
  United Kingdom 1.750% 7/22/19 GBP 166,400 217,128
  United Kingdom 3.750% 9/7/19 GBP 12,000 16,473
  United Kingdom 4.750% 3/7/20 GBP 25,000 35,747
  United Kingdom 2.000% 7/22/20 GBP 188,000 249,144
  United Kingdom 3.750% 9/7/20 GBP 28,500 40,147
  United Kingdom 1.500% 1/22/21 GBP 129,000 168,327
  United Kingdom 8.000% 6/7/21 GBP 11,000 18,287
  United Kingdom 3.750% 9/7/21 GBP 68,100 97,898
  United Kingdom 4.000% 3/7/22 GBP 42,800 62,830
  United Kingdom 1.750% 9/7/22 GBP 147,800 195,577
  United Kingdom 2.250% 9/7/23 GBP 69,500 94,747
  United Kingdom 2.750% 9/7/24 GBP 64,950 91,498
  United Kingdom 5.000% 3/7/25 GBP 41,500 67,703
  United Kingdom 2.000% 9/7/25 GBP 34,000 45,375
  United Kingdom 1.500% 7/22/26 GBP 118,000 149,767
  United Kingdom 4.750% 12/7/30 GBP 61,800 107,202
  United Kingdom 4.250% 6/7/32 GBP 53,500 89,698
  United Kingdom 4.500% 9/7/34 GBP 93,700 164,384
  United Kingdom 4.250% 3/7/36 GBP 136,000 234,486
  United Kingdom 4.750% 12/7/38 GBP 6,708 12,608
  United Kingdom 4.250% 9/7/39 GBP 59,596 105,577
  United Kingdom 4.250% 12/7/40 GBP 52,900 94,930
  United Kingdom 4.500% 12/7/42 GBP 23,600 44,703
  United Kingdom 3.250% 1/22/44 GBP 128,900 203,145
  United Kingdom 3.500% 1/22/45 GBP 79,750 131,655
  United Kingdom 4.250% 12/7/46 GBP 54,700 103,601
  United Kingdom 1.500% 7/22/47 GBP 26,000 29,105
  United Kingdom 4.250% 12/7/49 GBP 26,000 50,983
  United Kingdom 3.750% 7/22/52 GBP 91,100 168,913
  United Kingdom 4.250% 12/7/55 GBP 74,100 154,543
  United Kingdom 4.000% 1/22/60 GBP 14,200 29,310
  United Kingdom 2.500% 7/22/65 GBP 40,000 60,800
  United Kingdom 3.500% 7/22/68 GBP 67,000 130,798
  Urenco Finance NV 2.500% 2/15/21 EUR 3,000 3,479
  Urenco Finance NV 2.375% 12/2/24 EUR 4,000 4,585
            3,742,101
Total United Kingdom (Cost $6,149,188)         5,648,012
United States (2.5%)          
Corporate Bonds (2.5%)          
  3M Co. 1.875% 11/15/21 EUR 400 465
  3M Co. 0.375% 2/15/22 EUR 17,000 18,369
  3M Co. 0.950% 5/15/23 EUR 2,000 2,210
  3M Co. 1.500% 11/9/26 EUR 200 226
  3M Co. 1.750% 5/15/30 EUR 1,517 1,708
  AbbVie Inc. 0.375% 11/18/19 EUR 3,800 4,118
  AbbVie Inc. 1.375% 5/17/24 EUR 3,300 3,564

 

 

AbbVie Inc. 2.125% 11/17/28 EUR 6,000 6,490
Air Products & Chemicals Inc. 1.000% 2/12/25 EUR 3,337 3,583
Albemarle Corp. 1.875% 12/8/21 EUR 100 113
American Express Credit Corp. 0.625% 11/22/21 EUR 14,994 16,241
Amgen Inc. 4.375% 12/5/18 EUR 1,000 1,165
Amgen Inc. 2.125% 9/13/19 EUR 2,000 2,272
Amgen Inc. 1.250% 2/25/22 EUR 17,630 19,539
Amgen Inc. 2.000% 2/25/26 EUR 2,500 2,843
Amgen Inc. 5.500% 12/7/26 GBP 4,400 6,810
Amgen Inc. 4.000% 9/13/29 GBP 4,500 6,231
Aon plc 2.875% 5/14/26 EUR 3,400 3,961
Apple Inc. 0.350% 6/10/20 JPY 1,350,000 11,970
Apple Inc. 3.700% 8/28/22 AUD 4,250 3,300
Apple Inc. 1.000% 11/10/22 EUR 6,000 6,664
Apple Inc. 3.600% 6/10/26 AUD 1,190 881
Apple Inc. 1.625% 11/10/26 EUR 4,039 4,577
Apple Inc. 2.000% 9/17/27 EUR 2,080 2,395
Apple Inc. 3.050% 7/31/29 GBP 7,100 9,424
Apple Inc. 0.750% 2/25/30 CHF 5,500 5,645
Apple Inc. 3.600% 7/31/42 GBP 3,000 4,166
Archer-Daniels-Midland Co. 1.750% 6/23/23 EUR 10,000 11,429
AT&T Inc. 3.825% 11/25/20 CAD 1,750 1,421
AT&T Inc. 1.875% 12/4/20 EUR 400 455
AT&T Inc. 1.450% 6/1/22 EUR 7,714 8,551
AT&T Inc. 2.500% 3/15/23 EUR 2,000 2,321
AT&T Inc. 2.750% 5/19/23 EUR 2,000 2,346
AT&T Inc. 1.375% 12/4/24 CHF 500 538
AT&T Inc. 3.500% 12/17/25 EUR 2,000 2,486
AT&T Inc. 5.500% 3/15/27 GBP 3,000 4,514
AT&T Inc. 4.375% 9/14/29 GBP 2,488 3,427
AT&T Inc. 2.600% 12/17/29 EUR 8,775 9,705
AT&T Inc. 3.550% 12/17/32 EUR 2,800 3,318
AT&T Inc. 5.200% 11/18/33 GBP 4,000 5,913
AT&T Inc. 3.375% 3/15/34 EUR 2,500 2,869
AT&T Inc. 7.000% 4/30/40 GBP 5,150 9,312
AT&T Inc. 4.250% 6/1/43 GBP 4,467 5,812
AT&T Inc. 4.875% 6/1/44 GBP 2,350 3,341
Bank of America Corp. 7.750% 4/30/18 GBP 2,450 3,341
Bank of America Corp. 4.625% 9/14/18 EUR 1,500 1,736
Bank of America Corp. 4.250% 3/5/20 AUD 10,540 8,227
Bank of America Corp. 2.500% 7/27/20 EUR 10,500 12,151
Bank of America Corp. 6.125% 9/15/21 GBP 3,600 5,375
Bank of America Corp. 5.500% 11/22/21 GBP 1,800 2,595
Bank of America Corp. 1.625% 9/14/22 EUR 5,000 5,599
Bank of America Corp. 0.750% 7/26/23 EUR 15,000 15,788
Bank of America Corp. 2.375% 6/19/24 EUR 5,000 5,798
Bank of America Corp. 1.375% 3/26/25 EUR 3,000 3,224
Bank of America Corp. 4.250% 12/10/26 GBP 2,900 4,070
Bank of America Corp. 7.000% 7/31/28 GBP 5,500 9,461
Becton Dickinson & Co. 1.900% 12/15/26 EUR 10,432 11,516
Becton Dickinson and Co. 1.000% 12/15/22 EUR 7,630 8,299
Berkshire Hathaway Inc. 0.500% 3/13/20 EUR 8,000 8,731
Berkshire Hathaway Inc. 0.750% 3/16/23 EUR 1,000 1,081
Berkshire Hathaway Inc. 1.300% 3/15/24 EUR 4,400 4,847
Berkshire Hathaway Inc. 1.125% 3/16/27 EUR 7,832 8,197
Berkshire Hathaway Inc. 2.150% 3/15/28 EUR 10,000 11,356
Berkshire Hathaway Inc. 1.625% 3/16/35 EUR 4,000 3,919

 

 

BlackRock Inc. 1.250% 5/6/25 EUR 1,250 1,349
2 Blackstone Holdings Finance Co. LLC 2.000% 5/19/25 EUR 2,000 2,244
2 Blackstone Holdings Finance Co. LLC 1.000% 10/5/26 EUR 8,334 8,374
Bristol-Myers Squibb Co. 1.000% 5/15/25 EUR 1,625 1,755
Bristol-Myers Squibb Co. 1.750% 5/15/35 EUR 4,000 4,161
Brown-Forman Corp. 1.200% 7/7/26 EUR 2,160 2,312
Brown-Forman Corp. 2.600% 7/7/28 GBP 8,620 10,903
Bunge Finance Europe BV 1.850% 6/16/23 EUR 16,370 18,014
Cargill Inc. 1.875% 9/4/19 EUR 1,100 1,242
Cargill Inc. 2.500% 2/15/23 EUR 10,000 11,865
Carnival Corp. 1.125% 11/6/19 EUR 5,000 5,534
Carnival Corp. 1.625% 2/22/21 EUR 8,400 9,459
Carnival Corp. 1.875% 11/7/22 EUR 5,550 6,280
Caterpillar Financial Australia Ltd. 4.750% 5/31/17 AUD 720 550
Caterpillar International Finance Designated          
Activity Co. 0.750% 10/13/20 EUR 200 220
Citigroup Inc. 7.625% 4/3/18 GBP 900 1,221
Citigroup Inc. 5.125% 12/12/18 GBP 7,080 9,539
Citigroup Inc. 3.000% 3/21/19 CHF 1,000 1,083
Citigroup Inc. 5.000% 8/2/19 EUR 13,200 15,994
Citigroup Inc. 7.375% 9/4/19 EUR 1,000 1,282
Citigroup Inc. 1.375% 10/27/21 EUR 10,000 11,153
Citigroup Inc. 3.390% 11/18/21 CAD 4,970 3,981
Citigroup Inc. 0.750% 10/26/23 EUR 500 524
Citigroup Inc. 2.375% 5/22/24 EUR 5,000 5,789
Citigroup Inc. 1.750% 1/28/25 EUR 600 660
Citigroup Inc. 2.400% 10/31/25 JPY 500,000 4,844
Citigroup Inc. 2.125% 9/10/26 EUR 5,400 6,032
Citigroup Inc. 4.500% 3/3/31 GBP 1,000 1,370
Citigroup Inc. 7.375% 9/1/39 GBP 400 822
Coca-Cola Co. 2.600% 6/9/20 AUD 1,000 758
Coca-Cola Co. 1.125% 9/22/22 EUR 1,000 1,117
Coca-Cola Co. 0.750% 3/9/23 EUR 5,500 5,987
Coca-Cola Co. 3.250% 6/11/24 AUD 400 297
Coca-Cola Co. 1.875% 9/22/26 EUR 2,459 2,835
Coca-Cola Co. 1.125% 3/9/27 EUR 3,000 3,211
Coca-Cola Co. 1.625% 3/9/35 EUR 5,400 5,627
Coca-Cola Co. 1.100% 9/2/36 EUR 1,600 1,503
Coca-Cola Enterprises Inc. 2.000% 12/5/19 EUR 1,000 1,137
Coca-Cola Enterprises Inc. 2.375% 5/7/25 EUR 3,000 3,502
Comcast Corp. 5.500% 11/23/29 GBP 4,000 6,639
DH Europe Finance SA 1.000% 7/8/19 EUR 4,400 4,848
DH Europe Finance SA 1.700% 1/4/22 EUR 25,000 28,528
Digital Stout Holding LLC 4.750% 10/13/23 GBP 1,000 1,389
Digital Stout Holding LLC 4.250% 1/17/25 GBP 2,000 2,712
Discovery Communications LLC 2.375% 3/7/22 EUR 1,000 1,139
Dover Corp. 2.125% 12/1/20 EUR 1,300 1,489
Dover Corp. 1.250% 11/9/26 EUR 11,200 11,797
Eastman Chemical Co. 1.500% 5/26/23 EUR 10,000 11,024
Eastman Chemical Co. 1.875% 11/23/26 EUR 5,000 5,411
Ecolab Inc. 1.000% 1/15/24 EUR 7,620 8,172
Eli Lilly & Co. 1.000% 6/2/22 EUR 3,800 4,207
Expedia Inc. 2.500% 6/3/22 EUR 1,350 1,516
FedEx Corp. 0.500% 4/9/20 EUR 1,900 2,064
FedEx Corp. 1.000% 1/11/23 EUR 700 759
FedEx Corp. 1.625% 1/11/27 EUR 3,000 3,238
Flowserve Corp. 1.250% 3/17/22 EUR 3,700 3,984

 

 

Fluor Corp. 1.750% 3/21/23 EUR 7,450 8,319
Ford Credit Canada Ltd. 3.700% 8/2/18 CAD 7,000 5,541
Ford Credit Canada Ltd. 2.923% 9/16/20 CAD 1,450 1,133
Ford Credit Canada Ltd. 2.580% 5/10/21 CAD 5,000 3,822
Ford Credit Canada Ltd. 3.279% 7/2/21 CAD 2,800 2,207
Ford Motor Credit Co. LLC 4.050% 12/10/18 AUD 9,846 7,607
Ford Motor Credit Co. LLC 3.588% 6/2/20 AUD 330 252
GE Capital Canada Funding Co. 5.730% 10/22/37 CAD 1,500 1,494
GE Capital European Funding Unlimited Co. 1.625% 3/15/18 EUR 8,000 8,799
GE Capital European Funding Unlimited Co. 5.375% 1/23/20 EUR 11,300 14,116
GE Capital European Funding Unlimited Co. 2.625% 3/15/23 EUR 15,000 18,180
GE Capital European Funding Unlimited Co. 4.625% 2/22/27 EUR 4,000 5,671
GE Capital European Funding Unlimited Co. 6.025% 3/1/38 EUR 1,500 2,719
GE Capital UK Funding Unlimited Co. 6.750% 8/6/18 GBP 1,000 1,369
GE Capital UK Funding Unlimited Co. 4.375% 7/31/19 GBP 1,000 1,364
GE Capital UK Funding Unlimited Co. 5.875% 11/4/20 GBP 1,400 2,069
GE Capital UK Funding Unlimited Co. 4.125% 9/13/23 GBP 3,249 4,703
GE Capital UK Funding Unlimited Co. 5.875% 1/18/33 GBP 1,500 2,701
GE Capital UK Funding Unlimited Co. 6.250% 5/5/38 GBP 2,414 4,729
General Electric Capital Corp. 2.500% 2/8/18 CHF 3,000 3,121
General Electric Capital Corp. 3.125% 12/6/19 CHF 1,000 1,101
General Electric Capital Corp. 6.250% 9/29/20 GBP 1,657 2,465
General Electric Capital Corp. 5.500% 6/7/21 GBP 1,000 1,481
General Electric Capital Corp. 4.125% 9/19/35 EUR 5,200 7,519
General Electric Capital Corp. 4.875% 9/18/37 GBP 2,236 3,611
General Electric Co. 1.250% 5/26/23 EUR 2,900 3,242
General Electric Co. 1.875% 5/28/27 EUR 13,400 15,415
General Mills Inc. 2.100% 11/16/20 EUR 1,000 1,149
General Mills Inc. 1.000% 4/27/23 EUR 7,000 7,598
General Mills Inc. 1.500% 4/27/27 EUR 2,000 2,160
General Motors Financial Co. Inc. 0.955% 9/7/23 EUR 9,706 10,191
Goldman Sachs Group Inc. 6.375% 5/2/18 EUR 100 117
Goldman Sachs Group Inc. 5.000% 8/21/19 AUD 14,000 11,097
Goldman Sachs Group Inc. 5.125% 10/23/19 EUR 5,000 6,121
Goldman Sachs Group Inc. 5.500% 10/12/21 GBP 2,800 4,028
Goldman Sachs Group Inc. 1.375% 7/26/22 EUR 10,300 11,388
Goldman Sachs Group Inc. 3.250% 2/1/23 EUR 10,900 13,190
Goldman Sachs Group Inc. 2.000% 7/27/23 EUR 14,791 16,721
Goldman Sachs Group Inc. 2.125% 9/30/24 EUR 9,139 10,288
Goldman Sachs Group Inc. 4.250% 1/29/26 GBP 3,100 4,266
Goldman Sachs Group Inc. 2.875% 6/3/26 EUR 5,000 5,889
Goldman Sachs Group Inc. 1.625% 7/27/26 EUR 20,000 21,048
Goldman Sachs Group Inc. 7.250% 4/10/28 GBP 700 1,216
Goldman Sachs Group Inc. 6.875% 1/18/38 GBP 6,100 10,394
Harman Finance International SCA 2.000% 5/27/22 EUR 8,200 9,351
Honeywell International Inc. 0.650% 2/21/20 EUR 5,920 6,471
Honeywell International Inc. 1.300% 2/22/23 EUR 3,300 3,671
Honeywell International Inc. 2.250% 2/22/28 EUR 5,490 6,437
Illinois Tool Works Inc. 1.750% 5/20/22 EUR 400 459
Illinois Tool Works Inc. 1.250% 5/22/23 EUR 3,100 3,441
Illinois Tool Works Inc. 2.125% 5/22/30 EUR 4,200 4,747
Intel Corp. 4.000% 12/1/22 AUD 5,000 3,892
International Business Machines Corp. 1.375% 11/19/19 EUR 3,000 3,363
International Business Machines Corp. 1.875% 11/6/20 EUR 400 460
International Business Machines Corp. 2.750% 12/21/20 GBP 1,000 1,340
International Business Machines Corp. 0.500% 9/7/21 EUR 9,000 9,794
International Business Machines Corp. 2.625% 8/5/22 GBP 500 662

 

 

International Business Machines Corp. 2.875% 11/7/25 EUR 4,000 5,017
International Flavors & Fragrances Inc. 1.750% 3/14/24 EUR 6,960 7,804
Johnson & Johnson 0.250% 1/20/22 EUR 2,300 2,473
Johnson & Johnson 0.650% 5/20/24 EUR 2,200 2,357
Johnson & Johnson 1.150% 11/20/28 EUR 1,200 1,284
Johnson & Johnson 1.650% 5/20/35 EUR 4,100 4,422
Johnson Controls International plc 1.375% 2/25/25 EUR 4,065 4,326
JPMorgan Chase & Co. 1.875% 11/21/19 EUR 5,622 6,377
JPMorgan Chase & Co. 1.875% 2/10/20 GBP 6,200 7,973
JPMorgan Chase & Co. 3.875% 9/23/20 EUR 1,000 1,219
JPMorgan Chase & Co. 3.190% 3/5/21 CAD 270 217
JPMorgan Chase & Co. 1.375% 9/16/21 EUR 5,350 5,992
JPMorgan Chase & Co. 2.750% 2/1/23 EUR 3,000 3,588
JPMorgan Chase & Co. 0.500% 12/4/23 CHF 7,000 7,212
JPMorgan Chase & Co. 1.500% 1/27/25 EUR 10,000 10,974
JPMorgan Chase & Co. 3.000% 2/19/26 EUR 5,600 6,860
JPMorgan Chase & Co. 1.500% 10/29/26 EUR 6,108 6,576
JPMorgan Chase & Co. 3.500% 12/18/26 GBP 5,000 6,828
JPMorgan Chase & Co. 2.875% 5/24/28 EUR 2,500 3,056
Kellogg Co. 1.250% 3/10/25 EUR 5,000 5,326
Kinder Morgan Inc. 1.500% 3/16/22 EUR 2,000 2,192
Kinder Morgan Inc. 2.250% 3/16/27 EUR 800 855
Kraft Heinz Foods Co. 2.000% 6/30/23 EUR 5,000 5,618
Kraft Heinz Foods Co. 1.500% 5/24/24 EUR 400 431
LYB International Finance II BV 1.875% 3/2/22 EUR 15,500 17,426
Mastercard Inc. 1.100% 12/1/22 EUR 12,850 14,194
Mastercard Inc. 2.100% 12/1/27 EUR 7,940 9,269
McDonald's Corp. 1.125% 5/26/22 EUR 200 221
McDonald's Corp. 2.000% 6/1/23 EUR 1,500 1,728
McDonald's Corp. 1.750% 5/3/28 EUR 12,000 13,123
Merck & Co. Inc. 1.125% 10/15/21 EUR 7,600 8,495
Merck & Co. Inc. 0.500% 11/2/24 EUR 1,920 2,019
Merck & Co. Inc. 1.875% 10/15/26 EUR 3,300 3,803
Merck & Co. Inc. 2.500% 10/15/34 EUR 5,260 6,330
Merck & Co. Inc. 1.375% 11/2/36 EUR 2,300 2,294
1 Merrill Lynch & Co. Inc. 5.290% 5/30/22 CAD 12,000 9,147
MetLife Inc. 5.250% 6/29/20 GBP 200 287
MetLife Inc. 5.375% 12/9/24 GBP 2,350 3,667
Metropolitan Life Global Funding I 4.500% 4/16/19 AUD 3,900 3,052
Metropolitan Life Global Funding I 2.375% 9/30/19 EUR 300 343
Metropolitan Life Global Funding I 0.875% 1/20/22 EUR 10,000 10,937
Metropolitan Life Global Funding I 1.000% 9/19/22 CHF 3,000 3,202
Metropolitan Life Global Funding I 2.625% 12/5/22 GBP 1,850 2,465
Metropolitan Life Global Funding I 2.375% 1/11/23 EUR 500 590
Metropolitan Life Global Funding I 2.875% 1/11/23 GBP 2,000 2,680
Microsoft Corp. 2.125% 12/6/21 EUR 2,000 2,345
Microsoft Corp. 3.125% 12/6/28 EUR 11,200 14,555
Microsoft Corp. 2.625% 5/2/33 EUR 4,000 4,901
Mohawk Industries Inc. 2.000% 1/14/22 EUR 4,100 4,657
Molson Coors Brewing Co. 1.250% 7/15/24 EUR 7,600 8,101
Molson Coors International LP 2.750% 9/18/20 CAD 150 117
Molson Coors International LP 3.440% 7/15/26 CAD 2,850 2,153
Mondelez International Inc. 1.000% 3/7/22 EUR 2,150 2,344
Mondelez International Inc. 1.625% 1/20/23 EUR 5,800 6,456
Mondelez International Inc. 1.625% 3/8/27 EUR 1,765 1,866
Mondelez International Inc. 2.375% 3/6/35 EUR 1,162 1,168
Moody's Corp. 1.750% 3/9/27 EUR 4,010 4,330

 

 

Morgan Stanley 2.250% 3/12/18 EUR 5,000 5,524
Morgan Stanley 3.125% 11/21/18 CHF 3,000 3,216
Morgan Stanley 2.375% 3/31/21 EUR 1,200 1,390
Morgan Stanley 3.125% 8/5/21 CAD 9,600 7,635
Morgan Stanley 1.000% 12/2/22 EUR 16,090 17,355
Morgan Stanley 1.875% 3/30/23 EUR 2,900 3,277
Morgan Stanley 3.000% 2/7/24 CAD 10,000 7,682
Morgan Stanley 1.750% 3/11/24 EUR 350 388
Morgan Stanley 1.750% 1/30/25 EUR 12,300 13,465
Morgan Stanley 1.375% 10/27/26 EUR 6,311 6,512
Mylan NV 1.250% 11/23/20 EUR 12,000 13,162
Mylan NV 3.125% 11/22/28 EUR 580 626
Nasdaq Inc. 3.875% 6/7/21 EUR 1,000 1,224
National Grid North America Inc. 1.750% 2/20/18 EUR 1,400 1,538
National Grid North America Inc. 0.750% 2/11/22 EUR 9,000 9,768
New York Life Global Funding 0.375% 2/2/22 CHF 3,000 3,098
Oracle Corp. 2.250% 1/10/21 EUR 400 465
Oracle Corp. 3.125% 7/10/25 EUR 1,000 1,265
PepsiCo Inc. 1.750% 4/28/21 EUR 3,000 3,432
PepsiCo Inc. 2.500% 11/1/22 GBP 400 533
PepsiCo Inc. 0.875% 7/18/28 EUR 3,600 3,692
PerkinElmer Inc. 1.875% 7/19/26 EUR 4,600 4,925
Pfizer Inc. 5.750% 6/3/21 EUR 600 803
Pfizer Inc. 6.500% 6/3/38 GBP 2,350 4,641
Philip Morris International Inc. 1.750% 3/19/20 EUR 2,500 2,829
Philip Morris International Inc. 2.875% 3/3/26 EUR 1,500 1,846
Philip Morris International Inc. 2.875% 5/14/29 EUR 2,500 3,038
Philip Morris International Inc. 3.125% 6/3/33 EUR 1,000 1,234
Philip Morris International Inc. 2.000% 5/9/36 EUR 8,000 8,365
PPG Industries Inc. 0.875% 3/13/22 EUR 2,500 2,735
PPG Industries Inc. 0.875% 11/3/25 EUR 2,600 2,715
PPG Industries Inc. 1.400% 3/13/27 EUR 3,300 3,529
Praxair Inc. 1.500% 3/11/20 EUR 1,500 1,687
Praxair Inc. 1.625% 12/1/25 EUR 2,750 3,090
Priceline Group Inc. 2.375% 9/23/24 EUR 4,000 4,533
Priceline Group Inc. 1.800% 3/3/27 EUR 8,988 9,394
Procter & Gamble Co. 4.125% 12/7/20 EUR 2,150 2,679
Procter & Gamble Co. 2.000% 11/5/21 EUR 4,000 4,668
Procter & Gamble Co. 2.000% 8/16/22 EUR 3,730 4,371
Procter & Gamble Co. 1.125% 11/2/23 EUR 1,270 1,416
Prologis LP 1.375% 10/7/20 EUR 3,683 4,095
Prologis LP 1.375% 5/13/21 EUR 3,400 3,779
Prologis LP 3.375% 2/20/24 EUR 1,500 1,845
Prologis LP 3.000% 6/2/26 EUR 1,600 1,943
Southern Power Co. 1.000% 6/20/22 EUR 24,600 26,519
Southern Power Co. 1.850% 6/20/26 EUR 9,400 10,122
Thermo Fisher Scientific Inc. 1.500% 12/1/20 EUR 800 895
Thermo Fisher Scientific Inc. 2.150% 7/21/22 EUR 800 918
Thermo Fisher Scientific Inc. 0.750% 9/12/24 EUR 4,680 4,830
Thermo Fisher Scientific Inc. 2.000% 4/15/25 EUR 1,000 1,121
Thermo Fisher Scientific Inc. 1.375% 9/12/28 EUR 11,041 11,146
Time Warner Cable Inc. 5.750% 6/2/31 GBP 1,200 1,784
Time Warner Cable Inc. 5.250% 7/15/42 GBP 800 1,135
Time Warner Inc. 1.950% 9/15/23 EUR 800 906
Trinity Acquisition plc 2.125% 5/26/22 EUR 5,526 6,059
Tyco Electronics Group SA 1.100% 3/1/23 EUR 3,727 4,039
United Parcel Service Inc. 1.625% 11/15/25 EUR 11,900 13,544

 

 

United Parcel Service Inc. 5.125% 2/12/50 GBP 550 1,032
United Technologies Corp. 1.125% 12/15/21 EUR 4,700 5,220
United Technologies Corp. 1.250% 5/22/23 EUR 3,100 3,435
United Technologies Corp. 1.875% 2/22/26 EUR 1,660 1,890
Verizon Communications Inc. 2.375% 2/17/22 EUR 2,000 2,324
Verizon Communications Inc. 1.625% 3/1/24 EUR 5,871 6,462
Verizon Communications Inc. 0.875% 4/2/25 EUR 4,200 4,324
Verizon Communications Inc. 3.250% 2/17/26 EUR 2,500 3,069
Verizon Communications Inc. 1.375% 11/2/28 EUR 4,800 4,829
Verizon Communications Inc. 2.625% 12/1/31 EUR 12,829 14,080
Verizon Communications Inc. 4.750% 2/17/34 GBP 1,000 1,451
Verizon Communications Inc. 3.125% 11/2/35 GBP 6,700 7,949
VF Corp. 0.625% 9/20/23 EUR 5,400 5,717
Wal-Mart Stores Inc. 1.900% 4/8/22 EUR 3,100 3,597
Wal-Mart Stores Inc. 2.550% 4/8/26 EUR 6,400 7,842
Wal-Mart Stores Inc. 4.875% 9/21/29 EUR 5,750 8,557
Wal-Mart Stores Inc. 5.625% 3/27/34 GBP 8,000 14,134
Wal-Mart Stores Inc. 5.250% 9/28/35 GBP 700 1,214
Wal-Mart Stores Inc. 4.875% 1/19/39 GBP 1,400 2,357
Walgreens Boots Alliance Inc. 2.875% 11/20/20 GBP 2,643 3,467
Walgreens Boots Alliance Inc. 3.600% 11/20/25 GBP 7,325 9,878
Walgreens Boots Alliance Inc. 2.125% 11/20/26 EUR 6,255 6,838
Wells Fargo & Co. 2.250% 9/3/20 EUR 9,000 10,363
Wells Fargo & Co. 2.222% 3/15/21 CAD 3,075 2,368
Wells Fargo & Co. 3.000% 7/27/21 AUD 11,200 8,341
Wells Fargo & Co. 1.125% 10/29/21 EUR 5,000 5,532
Wells Fargo & Co. 2.250% 5/2/23 EUR 2,000 2,322
Wells Fargo & Co. 3.874% 5/21/25 CAD 350 278
Wells Fargo & Co. 1.625% 6/2/25 EUR 5,000 5,491
Wells Fargo & Co. 2.000% 7/28/25 GBP 30,000 36,213
Wells Fargo & Co. 2.000% 4/27/26 EUR 12,000 13,461
Wells Fargo & Co. 2.975% 5/19/26 CAD 10,100 7,647
Wells Fargo & Co. 1.375% 10/26/26 EUR 6,000 6,341
Wells Fargo & Co. 1.000% 2/2/27 EUR 6,000 6,078
Wells Fargo & Co. 3.500% 9/12/29 GBP 3,330 4,448
Wells Fargo Bank NA 5.250% 8/1/23 GBP 1,650 2,427
Welltower Inc. 4.800% 11/20/28 GBP 1,500 2,144
Welltower Inc. 4.500% 12/1/34 GBP 2,800 3,872
Whirlpool Corp. 0.625% 3/12/20 EUR 2,300 2,501
Whirlpool Finance Luxembourg Sarl 1.250% 11/2/26 EUR 10,700 11,232
WPC Eurobond BV 2.250% 7/19/24 EUR 13,100 14,061
Xylem Inc. 2.250% 3/11/23 EUR 3,800 4,333
Zimmer Biomet Holdings Inc. 1.414% 12/13/22 EUR 5,200 5,687
Zimmer Biomet Holdings Inc. 2.425% 12/13/26 EUR 6,500 7,181
          1,788,798
U.S. Government and Agency Obligations (0.0%)          
17 Tennessee Valley Authority 5.625% 6/7/32 GBP 1,400 2,408
Total United States (Cost $1,879,912)         1,791,206
Temporary Cash Investments (1.7%)          
Time Deposits (1.4%)          
Australian Dollar Time Deposits 1.003% 2/1/17 AUD 59,425 45,068
British Pound Sterling Time Deposits 0.050% 2/1/17 GBP 10,609 13,347
Canadian Dollar Time Deposits 0.050% 2/1/17 CAD 58,699 45,109
Danish Krone Time Deposits (0.400)% 2/1/17 DKK 60,022 8,714
Euro Time Deposits (0.576)% 2/1/17 EUR 447,326 482,891
Hong Kong Dollar Time Deposits 0.005% 2/1/17 HKD 7,525 970

 

 

Japanese Yen Time Deposits (0.210)% 2/1/17 JPY 28,439,273 251,876
New Zealand Dollar Time Deposits 1.270% 2/1/17 NZD 3,766 2,763
Norwegian Krone Time Deposits 0.050% 2/1/17 NOK 9,394 1,139
Singapore Dollar Time Deposits 0.010% 2/1/17 SGD 26,606 18,878
South African Rand Time Deposits 5.350% 2/1/17 ZAR 201,159 14,928
Swedish Krona Time Deposits (0.950)% 2/1/17 SEK 257,018 29,383
Switzerland Dollar Time Deposits (1.450)% 2/1/17 CHF 74,987 75,779
          990,845
Money Market Fund (0.3%)       Shares  
18 Vanguard Market Liquidity Fund 0.856%     1,992,433 199,263
 
Total Temporary Cash Investments (Cost $1,190,102)       1,190,108
Total Investments (99.4%) (Cost $73,974,824)         71,048,929
Other Assets and Liabilities-Net (0.6%)         442,554
Net Assets (100%)         71,491,483

1 The average or expected maturity is shorter than the final maturity shown because of the possibility of interim
principal payments and prepayments or the possibility of the issue being called.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in
transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2017, the
aggregate value of these securities was $6,530,066,000, representing 9.1% of net assets.
3 Guaranteed by the Republic of Austria.
4 Guaranteed by multiple countries.
5 Guaranteed by the Government of Canada.
6 Guaranteed by the Republic of France.
7 Securities with a value of $1,026,805,000 have been segregated as collateral for open forward currency
contracts.
8 Guaranteed by the Federal Republic of Germany.
9 Securities with a value of $1,757,000 have been segregated as initial margin for open futures contracts.
10 Guaranteed by the Government of Japan.
11 Guaranteed by the Federation of Malaysia.
12 Guaranteed by the Kingdom of Spain.
13 Guaranteed by the Government of the United Kingdom.
14 Scheduled principal and interest payments are guaranteed by Municipal Bond Insurance Association.
15 Scheduled principal and interest payments are guaranteed by AMBAC (Ambac Assurance Corporation).
16 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
17 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S.
Treasury nor backed by the full faith and credit of the U.S. government.
18 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.


REIT—Real Estate Investment Trust.
AUD—Australian dollar.
CAD—Canadian dollar.
CHF—Swiss franc.
CZK—Czech koruna.
DKK—Danish krone.
EUR—Euro.
GBP—British pound.
HKD—Hong Kong dollar.
ILS—Israeli shekel.
JPY—Japanese yen.
KRW—South Korean won.

 

MXN—Mexican peso.
MYR—Malaysian ringgit.
NOK—Norwegian krone.
NZD—New Zealand dollar.
PLN—Polish new zloty.
RUB—Russian ruble.
SEK—Swedish krona.
SGD—Singapore dollar.
THB—Thai baht.
USD—U.S. dollar.
ZAR—South African rand.

A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Structured debt securities, including mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer, tranche, nominal or option-adjusted spreads, weighted average coupon, weighted average maturity, credit enhancements, and collateral. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.

B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

C. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine
the fair value of investments).

 

The following table summarizes the market value of the fund's investments as of January 31, 2017, based on the inputs used to value them:

  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
U.S. Government and Agency Obligations — 2,408 —
Asset-Backed/Commercial Mortgage-Backed Securities — 3,630,923 —
Corporate Bonds — 8,889,449 —
Sovereign Bonds — 57,336,041 —
Temporary Cash Investments 199,263 990,845 —
Futures Contracts—Assets1 202 — —
Futures Contracts—Liabilities1 (195) — —
Forward Currency Contracts—Assets — 124,780 —
Forward Currency Contracts—Liabilities — (1,898,513) —
Total 199,270 69,075,933 —

1 Represents variation margin on the last day of the reporting period.

D. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract.

Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded as an asset (liability).

At January 31, 2017, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:

        ($000)
      Aggregate  
    Number of Settlement Unrealized
    Long (Short) Value Long Appreciation
Futures Contracts Expiration Contracts (Short)  (Depreciation)
Euro-Schatz March 2017 2,500 302,869 45

 

Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.

 

Total International Bond Index Fund

E. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. The fund's risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any assets pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded as an asset (liability).

F. At January 31, 2017, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as ordinary income for tax purposes.

     Contract Amount (000)  
          Unrealized
  Contract       Appreciation
  Settlement       (Depreciation)
Counterparty Date   Receive Deliver ($000)
Toronto Dominion Securities 2/2/17 EUR 9,000,892 USD 9,727,266 (10,751)
Barclays Capital 2/2/17 EUR 7,959,404 USD 8,601,728 (9,507)
Bank of America N.A 2/2/17 EUR 6,002,026 USD 6,486,389 (7,169)
Barclays Capital 2/2/17 JPY 460,307,530 USD 4,088,896 (12,132)
Toronto Dominion Securities 2/2/17 JPY 460,211,663 USD 4,088,045 (12,129)
JPMorgan Chase Bank N.A. 2/2/17 GBP 2,817,002 USD 3,544,070 (270)
Credit Suisse International 2/2/17 JPY 380,510,341 USD 3,380,061 (10,028)
BNP Paribas 2/2/17 EUR 3,101,198 USD 3,351,465 (3,704)
Citibank, N.A. 2/2/17 GBP 2,112,998 USD 2,658,363 (203)
Deutsche Bank AG 2/2/17 JPY 264,422,440 USD 2,348,856 (6,969)
Credit Suisse International 2/2/17 EUR 2,101,277 USD 2,270,850 (2,510)
JPMorgan Chase Bank N.A. 2/2/17 EUR 2,035,648 USD 2,199,884 (2,391)
Deutsche Bank AG 2/2/17 EUR 2,000,912 USD 2,162,385 (2,390)

 

 

Citibank, N.A. 2/2/17 EUR 1,998,219 USD  2,159,475 (2,387)
BNP Paribas 2/2/17 JPY 230,145,619  USD 2,044,376 (6,065)
Goldman Sachs Bank AG 2/2/17 CAD 2,663,996  USD 2,043,333 3,926
BNP Paribas 2/2/17 KRW  2,107,683,500  USD 1,808,394 5,291
UBS AG 2/2/17 CAD 1,875,474  USD 1,438,547 2,739
BNP Paribas 2/2/17 CHF 1,059,000  USD 1,073,383 (3,200)
UBS AG 2/2/17 AUD 1,096,246  USD 832,215 (819)
Barclays Capital 2/2/17 SEK 6,237,748  USD 713,571 (449)
Goldman Sachs Bank AG 3/2/17 EUR 500,000 USD 539,588 719
Citibank, N.A. 2/2/17 CAD 655,530 USD 502,803 966
BNP Paribas 2/2/17 AUD 585,903 USD 444,788 (438)
Goldman Sachs Bank AG 2/2/17 MXN 9,216,531  USD 443,940 (1,974)
Toronto Dominion Securities 2/2/17 DKK 3,048,700  USD 443,009 (428)
Citibank, N.A. 2/2/17 AUD 554,976 USD 421,310 (414)
Barclays Capital 2/2/17 AUD 549,875 USD 417,438 (411)
BNP Paribas 2/2/17 THB 13,334,480  USD 378,820 (107)
Deutsche Bank AG 2/3/17 MYR 1,652,000  USD 372,912 (15)
Citibank, N.A. 2/2/17 ZAR 4,680,939  USD 347,251 129
Citibank, N.A. 2/2/17 PLN 1,331,210  USD 332,719 (307)
Toronto Dominion Securities 2/2/17 SGD 415,800 USD 295,145 (115)
Deutsche Bank AG 2/2/17 EUR 250,000 USD 263,781 6,095
Citibank, N.A. 2/2/17 NZD 248,000 USD 181,834 125
Credit Suisse International 2/2/17 ILS 648,500 USD 172,153 (117)
Citibank, N.A. 2/2/17 NOK 1,385,210  USD 168,358 (414)
Credit Suisse International 2/1/17 RUB 8,750,000 USD  145,168 289
BNP Paribas 3/2/17 EUR 127,500 USD 137,881 (102)
BNP Paribas 3/2/17 EUR 127,500 USD 137,739 39
Toronto Dominion Securities 3/2/17 JPY 15,000,000  USD 132,668 280
Toronto Dominion Securities 2/2/17 CZK 3,160,000  USD 126,381 (138)
Barclays Capital 2/2/17 JPY 8,500,000  USD 72,995 2,286
BNP Paribas 3/2/17 GBP 53,991 USD 67,936 18
UBS AG 3/2/17 GBP 51,009 USD 64,206 (5)
BNP Paribas 3/2/17 JPY 5,568,000  USD 49,535 (185)
BNP Paribas 2/2/17 NZD 62,000 USD 45,458 31
JPMorgan Chase Bank N.A. 2/2/17 HKD 171,500 USD 22,102 1
UBS AG 3/2/17 JPY 832,000 USD 7,396 (22)
Bank of America N.A 2/2/17 USD 11,621,388  EUR 11,001,544 (254,839)
Barclays Capital 2/2/17 USD 10,608,021  EUR 10,041,440 (231,772)
Toronto Dominion Securities 3/2/17 USD 9,737,346  EUR 9,000,892 10,857
Barclays Capital 2/2/17 USD 8,951,950 JPY 1,042,460,740 (280,721)
Barclays Capital 3/2/17 USD 8,610,553  EUR 7,959,404 9,510

 

 

Bank of America N.A 3/2/17 USD 6,493,000  EUR 6,002,026 7,129
Deutsche Bank AG 2/2/17 USD 5,658,881  EUR 5,356,797 (123,812)
Toronto Dominion Securities 2/2/17 USD 5,224,802  EUR 4,947,321 (115,858)
Barclays Capital 3/2/17 USD 4,092,103 JPY 460,307,530 12,301
Toronto Dominion Securities 3/2/17 USD 4,091,252 JPY 460,211,663 12,300
JPMorgan Chase Bank N.A. 3/2/17 USD 3,545,873  GBP 2,817,002 334
BNP Paribas 2/2/17 USD 3,481,519  GBP 2,815,035 (59,807)
Credit Suisse International 3/2/17 USD 3,382,634 JPY 380,510,341 10,092
BNP Paribas 3/2/17 USD 3,354,859  EUR 3,101,198 3,662
Toronto Dominion Securities 2/2/17 USD 3,317,976 JPY 386,131,560 (101,841)
Bank of America N.A 2/2/17 USD 3,027,312 JPY 352,577,605 (95,331)
BNP Paribas 2/2/17 USD 2,916,162  EUR 2,760,834 (64,173)
Citibank, N.A. 3/2/17 USD 2,659,578  GBP 2,112,998 113
Citibank, N.A. 2/2/17 USD 2,472,977  GBP 1,999,965 (42,987)
Deutsche Bank AG 3/2/17 USD 2,350,641 JPY 264,422,440 7,010
Credit Suisse International 3/2/17 USD 2,273,127  EUR 2,101,277 2,459
JPMorgan Chase Bank N.A. 3/2/17 USD 2,202,097  EUR 2,035,648 2,348
Deutsche Bank AG 3/2/17 USD 2,164,711  EUR 2,000,912 2,499
Citibank, N.A. 3/2/17 USD 2,161,733  EUR 1,998,219 2,430
BNP Paribas 3/2/17 USD 2,045,984 JPY 230,145,619 6,155
Goldman Sachs Bank AG 3/2/17 USD 2,043,906  CAD 2,663,996 (3,889)
UBS AG 2/2/17 USD 1,970,497  CAD 2,641,639 (59,580)
BNP Paribas 3/3/17 USD 1,808,549  KRW 2,107,683,500 (5,694)
Citibank, N.A. 2/2/17 USD 1,762,965  CAD 2,363,361 (53,258)
BNP Paribas 2/2/17 USD 1,722,123  KRW 2,064,963,500 (54,801)
UBS AG 3/2/17 USD 1,492,592  CAD 1,945,474 (2,880)
BNP Paribas 3/2/17 USD 1,074,887 CHF 1,059,000 3,220
UBS AG 2/2/17 USD 1,019,724 CHF 1,034,000 (25,195)
UBS AG 3/2/17 USD 831,681 AUD 1,096,246 846
UBS AG 2/2/17 USD 783,662  AUD 1,082,980 (37,674)
Barclays Capital 3/2/17 USD 714,408 SEK 6,237,748 433
Citibank, N.A. 2/2/17 USD 687,859 SEK 6,237,748 (25,262)
Citibank, N.A. 3/2/17 USD 502,936 CAD 655,530 (965)
BNP Paribas 3/2/17 USD 444,488 AUD 585,903 437
Toronto Dominion Securities 3/2/17 USD 443,487 DKK 3,048,700 425
Goldman Sachs Bank AG 3/2/17 USD 442,162  MXN 9,216,531 1,958
BNP Paribas 2/2/17 USD 436,398 AUD 603,133 (21,019)
Toronto Dominion Securities 2/2/17 USD 433,097 DKK 3,048,700 (9,484)
Citibank, N.A. 3/2/17 USD 421,026 AUD 554,976 414
Citibank, N.A. 2/2/17 USD 418,240 AUD 578,031 (20,140)
Barclays Capital 3/2/17 USD 417,152 AUD 549,875 406

 

 

Toronto Dominion Securities 2/2/17 USD 409,296  MXN 8,466,531 3,295
Barclays Capital 2/2/17 USD 379,073 AUD 522,857 (17,463)
BNP Paribas 3/2/17 USD 378,525 THB 13,334,480 (86)
Deutsche Bank AG 3/2/17 USD 372,240  MYR 1,652,000 (147)
Deutsche Bank AG 2/3/17 USD 368,298  MYR 1,652,000 (4,599)
Citibank, N.A. 3/2/17 USD 345,551 ZAR 4,680,939 (129)
Citibank, N.A. 3/2/17 USD 332,527 PLN 1,331,210 278
Toronto Dominion Securities 2/2/17 USD 325,856 ZAR 4,480,939 (6,682)
Toronto Dominion Securities 3/2/17 USD 295,216  SGD 415,800 113
HSBC Bank USA N.A. 2/2/17 USD 287,734  SGD 415,800 (7,295)
BNP Paribas 2/2/17 USD 282,789 PLN 1,181,210 (12,167)
Deutsche Bank AG 2/2/17 USD 249,317 THB 8,985,521 (5,882)
Citibank, N.A. 2/2/17 USD 195,248 NZD 280,240 (10,365)
Morgan Stanley Capital Services LLC 2/2/17 USD 188,770 EUR 180,000 (5,541)
Deutsche Bank AG 2/2/17 USD 188,186 JPY 22,000,000 (6,660)
Citibank, N.A. 3/2/17 USD 181,668 NZD 248,000 (134)
Credit Suisse International 3/2/17 USD 172,258 ILS 648,500 109
JPMorgan Chase Bank N.A. 2/2/17 USD 168,610 ILS 648,500 (3,426)
Citibank, N.A. 3/2/17 USD 168,393  NOK 1,385,210 414
BNP Paribas 2/2/17 USD 160,957  NOK 1,385,210 (6,987)
Credit Suisse International 3/1/17 USD 144,177 RUB 8,750,000 (341)
Goldman Sachs Bank AG 2/2/17 USD 138,176 EUR 130,000 (2,160)
Toronto Dominion Securities 3/2/17 USD 126,544 CZK 3,160,000 131
BNP Paribas 2/2/17 USD 123,496 CZK 3,160,000 (2,748)
BNP Paribas 2/2/17 USD 120,765 THB 4,348,959 (2,748)
Toronto Dominion Securities 2/2/17 USD 105,001 CAD 140,000 (2,587)
Toronto Dominion Securities 2/2/17 USD 104,978 GBP 85,000 (1,952)
BNP Paribas 2/1/17 USD 72,129 RUB 4,375,000 (600)
JPMorgan Chase Bank N.A. 2/1/17 USD 71,417 RUB 4,375,000 (1,312)
Goldman Sachs Bank AG 3/3/17 USD 67,267  KRW 78,200,000 (46)
BNP Paribas 3/2/17 USD 45,421 NZD 62,000 (29)
Credit Suisse International 2/2/17 USD 37,626 CAD 50,000 (799)
UBS AG 2/2/17 USD 36,915 GBP 30,000 (825)
Goldman Sachs Bank AG 2/2/17 USD 36,360 PLN 150,000 (1,096)
Goldman Sachs Bank AG 2/2/17 USD 35,711  KRW 42,720,000 (1,050)
Toronto Dominion Securities 2/2/17 USD 34,686  MXN 750,000 (1,279)
Credit Suisse International 2/2/17 USD 33,745 EUR 31,640 (411)
Deutsche Bank AG 2/2/17 USD 24,782 CHF 25,000 (482)
HSBC Bank USA N.A. 2/2/17 USD 22,123 HKD 171,500 19
JPMorgan Chase Bank N.A. 3/2/17 USD 22,110 HKD 171,500 (1)
Barclays Capital 2/2/17 USD 20,731 NZD 29,760 (1,105)

 

 

Toronto Dominion Securities 2/2/17 USD 14,991 ZAR 200,000 149
Morgan Stanley Capital Services LLC 2/2/17 USD 8,084 JPY 927,689 (132)
            (1,773,733)

 

G. At January 31, 2017, the cost of investment securities for tax purposes was $73,974,824,000. Net unrealized depreciation of investment securities for tax purposes was $2,925,895,000, consisting of unrealized gains of $784,506,000 on securities that had risen in value since their purchase and $3,710,401,000 in unrealized losses on securities that had fallen in value since their purchase.


Item 2: Controls and Procedures

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) Internal Control Over Financial Reporting. During the last fiscal quarter, there was no significant change in the Registrant’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3: Exhibits

(a) Certifications

  VANGUARD CHARLOTTE FUNDS
 
By: /s/ F. WILLIAM MCNABB III*
  F. WILLIAM MCNABB III
  CHIEF EXECUTIVE OFFICER
 
Date:   March 22, 2017  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

  VANGUARD CHARLOTTE FUNDS
 
By: /s/ F. WILLIAM MCNABB III*
  F. WILLIAM MCNABB III
  CHIEF EXECUTIVE OFFICER
Date:  March 22, 2017  
  VANGUARD CHARLOTTE FUNDS
 
  /s/ THOMAS J. HIGGINS*
  THOMAS J. HIGGINS
  CHIEF FINANCIAL OFFICER
Date:   March 22, 2017  

 

* By:/s/ ANNE E. ROBINSON
Anne E. Robinson, pursuant to a Power of Attorney filed on October 4, 2016, see file Number
33-32548, Incorporated by Reference.