2018 SEMI ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS ...

2018 SEMI ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

30 September 2018

Russell Investment Company plcan umbrella fund with segregated liability between sub-funds

Russell Investments Continental European Equity FundRussell Investments Emerging Markets Equity FundRussell Investments Global Bond FundRussell Investments Global Credit FundRussell Investments Global High Yield FundRussell Investments Japan Equity FundRussell Investments Multi-Asset Growth Strategy Euro FundRussell Investments Asia Pacifi c Ex Japan FundRussell Investments Sterling Bond FundRussell Investments U.K. Equity FundRussell Investments U.K. Index Linked FundRussell Investments U.K. Long Dated Gilt FundRussell Investments U.S. Bond FundRussell Investments U.S. Equity FundRussell Investments U.S. Small Cap Equity FundRussell Investments World Equity Fund IIRussell Investments Unconstrained Bond FundRussell Investments Multi-Asset Conservative Strategy FundRussell Investments Emerging Market Debt FundOld Mutual African Frontiers FundOld Mutual Value Global Equity FundCopper Rock Global All Cap Equity FundOld Mutual Global REIT FundOld Mutual Global Aggregate Bond FundOld Mutual Global Currency FundOld Mutual MSCI Africa ex-South Africa Index FundOld Mutual FTSE RAFI® All World Index Fund

* The Fund launched on 13 April 2018

Old Mutual MSCI World ESG Index FundOld Mutual Global Balanced FundOld Mutual Emerging Market Local Currency Debt FundOld Mutual Global Defensive FundOld Mutual Multi-Style Global Equity FundOld Mutual Opportunities Global Equity FundOld Mutual Emulated Opportunities Global Equity FundOld Mutual MSCI Emerging Markets ESG Index FundOld Mutual Blended Global Equity FundOld Mutual Global Macro Equity FundOld Mutual Global Islamic Equity FundOld Mutual Global Managed Volatility FundOld Mutual Quality Global Equity FundOld Mutual Growth Global Equity FundOld Mutual Global Emerging Opportunities FundOld Mutual Titan Global Equity FundOld Mutual Global Managed Alpha FundAcadian European Equity UCITSAcadian Global Equity UCITSAcadian Emerging Markets Equity UCITSAcadian Global Managed Volatility Equity UCITSAcadian Sustainable Global Equity UCITSAcadian Emerging Markets Managed Volatility Equity UCITSAcadian Emerging Markets Equity UCITS IIAcadian Global Leveraged Market Neutral Equity UCITSAcadian Diversifi ed Alpha UCITSAcadian Sustainable Emerging Markets Equity Ex-Fossil Fuel UCITSAcadian Multi-Asset Absolute Return UCITSAcadian Japan Equity UCITS*

Russell Investment Company plc Contents

Contents

Administration of the Company ........................................................................................................................... 4

Background to the Company ............................................................................................................................... 10

Combined Financial Statements ......................................................................................................................... 12

Russell Investments Continental European Equity Fund .................................................................................... 15

Russell Investments Emerging Markets Equity Fund .......................................................................................... 27

Russell Investments Global Bond Fund .............................................................................................................. 47

Russell Investments Global Credit Fund ............................................................................................................. 101

Russell Investments Global High Yield Fund ...................................................................................................... 153

Russell Investments Japan Equity Fund ............................................................................................................. 182

Russell Investments Multi-Asset Growth Strategy Euro Fund ............................................................................ 193

Russell Investments Asia Pacific Ex Japan Fund ............................................................................................... 212

Russell Investments Sterling Bond Fund ............................................................................................................ 228

Russell Investments U.K. Equity Fund ................................................................................................................ 239

Russell Investments U.K. Index Linked Fund* .................................................................................................... 249

Russell Investments U.K. Long Dated Gilt Fund* ............................................................................................... 252

Russell Investments U.S. Bond Fund .................................................................................................................. 255

Russell Investments U.S. Equity Fund ................................................................................................................ 271

Russell Investments U.S. Small Cap Equity Fund .............................................................................................. 283

Russell Investments World Equity Fund II ........................................................................................................... 298

Russell Investments Unconstrained Bond Fund ................................................................................................. 323

Russell Investments Multi-Asset Conservative Strategy Fund ............................................................................ 362

Russell Investments Emerging Market Debt Fund .............................................................................................. 369

Old Mutual African Frontiers Fund ...................................................................................................................... 380

Old Mutual Value Global Equity Fund ................................................................................................................. 388

Copper Rock Global All Cap Equity Fund* .......................................................................................................... 394

Russell Investment Company plc Contents - continued

Contents

Old Mutual Global REIT Fund ............................................................................................................................. 397

Old Mutual Global Aggregate Bond Fund ........................................................................................................... 404

Old Mutual Global Currency Fund ....................................................................................................................... 416

Old Mutual MSCI Africa ex-South Africa Index Fund* ......................................................................................... 423

Old Mutual FTSE RAFI® All World Index Fund ................................................................................................... 426

Old Mutual MSCI World ESG Index Fund ........................................................................................................... 455

Old Mutual Global Balanced Fund** .................................................................................................................... 474

Old Mutual Emerging Market Local Currency Debt Fund* .................................................................................. 480

Old Mutual Global Defensive Fund** ................................................................................................................... 484

Old Mutual Multi-Style Global Equity Fund .......................................................................................................... 489

Old Mutual Opportunities Global Equity Fund* .................................................................................................... 518

Old Mutual Emulated Opportunities Global Equity Fund* ................................................................................... 521

Old Mutual MSCI Emerging Markets ESG Index Fund ....................................................................................... 524

Old Mutual Blended Global Equity Fund* ............................................................................................................ 537

Old Mutual Global Macro Equity Fund ................................................................................................................ 540

Old Mutual Global Islamic Equity Fund ............................................................................................................... 572

Old Mutual Global Managed Volatility Fund*** .................................................................................................... 578

Old Mutual Quality Global Equity Fund**** .......................................................................................................... 585

Old Mutual Growth Global Equity Fund***** ........................................................................................................ 591

Old Mutual Global Emerging Opportunities Fund****** ....................................................................................... 599

Old Mutual Titan Global Equity Fund******* ......................................................................................................... 606

Old Mutual Global Managed Alpha Fund******** ................................................................................................. 613

Acadian European Equity UCITS ........................................................................................................................ 621

Acadian Global Equity UCITS ............................................................................................................................. 633

Acadian Emerging Markets Equity UCITS .......................................................................................................... 647

Acadian Global Managed Volatility Equity UCITS ............................................................................................... 659

Acadian Sustainable Global Equity UCITS ......................................................................................................... 675

Acadian Emerging Markets Managed Volatility Equity UCITS ............................................................................ 688

Acadian Emerging Markets Equity UCITS II ....................................................................................................... 702

Russell Investment Company plc Contents - continued

Contents

Acadian Global Leveraged Market Neutral Equity UCITS .................................................................................. 718

Acadian Diversified Alpha UCITS ........................................................................................................................ 727

Acadian Sustainable Emerging Markets Equity Ex-Fossil Fuel UCITS .............................................................. 736

Acadian Multi-Asset Absolute Return UCITS********* ......................................................................................... 746

Acadian Japan Equity UCITS********** ................................................................................................................ 766

Notes to the Financial Statements ...................................................................................................................... 773

Appendix I - Securities Finance Transactions ..................................................................................................... 836 * Ceased trading during the financial year ended 31 March 2018. ** The Fund launched on 23 August 2017. *** The Fund launched on 14 June 2017. **** The Fund launched on 7 July 2017. ***** The Fund launched on 18 July 2017. ****** The Fund launched on 16 August 2017. ******* The Fund launched on 30 June 2017. ******** The Fund launched on 28 November 2017. ********* The Fund launched on 12 February 2018. ********** The Fund launched on 13 April 2018.

Russell Investment Company plc Administration of the Company

4 Administration of the Company

Board of Directors of the Company* Global Sub-Custodian Mr. James Firn (Chairman) State Street Bank and Trust Company Mr. James Beveridge Copley Place Mr. Peter Gonella 100 Huntington Avenue Mr. Neil Jenkins Boston, MA 02116 Mr. John McMurray United States of America Mr. Tom Murray Mr. William Roberts Company Secretary Mr. David Shubotham MFD Secretaries Limited Mr. Kenneth Willman 32 Molesworth Street Dublin 2 Members of the Manager’s Audit Committee Ireland Mr. David Shubotham (Chairman) Mr. Tom Murray Adviser and Promoter** Mr. William Roberts Russell Investments Limited Rex House Registered Office 10 Regent Street, St James’s 78 Sir John Rogerson’s Quay London, SW1Y 4PE Dublin 2 England Ireland Money Managers for Russell Investments Continental Manager European Equity Fund Russell Investments Ireland Limited Invesco Asset Management Limited 78 Sir John Rogerson’s Quay 30 Finsbury Square Dublin 2 London EC2A 1AG Ireland England Independent Auditors Liontrust Investment Services Limited PricewaterhouseCoopers 2 Savoy Court Chartered Accountants and Statutory Audit Firm London WC2R 0EZ One Spencer Dock England North Wall Quay Dublin 1 Metropole Gestion Ireland 9, rue des Filles, Saint-Thomas 75002 Paris Legal Advisers France Maples and Calder 75 St. Stephen’s Green Numeric Investors, LLC Dublin 2 470 Atlantic Avenue 6th floor Ireland Boston, MA 02210 United States of America Administrator State Street Fund Services (Ireland) Limited Russell Investments Limited 78 Sir John Rogerson’s Quay Rex House Dublin 2 10 Regent Street, St James’s Ireland London, SW1Y 4PE England Depositary State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland * As of 30 September 2018. ** Also acts as Distributor and U.K. Facilities Agent for all Funds with prefix Russell Investments (the "Russell Investments Funds") and all

Funds with prefix Acadian (the "Acadian Funds") and Investment Manager for the Russell Investments Asia Pacific Ex Japan Fund, Russell Investments Continental European Equity Fund, Russell Investments Global Bond Fund, Russell Investments Global Credit Fund, Russell Investments Global High Yield Fund, Russell Investments Multi-Asset Conservative Strategy Fund, Russell Investments Multi-Asset Growth Strategy Euro Fund, Russell Investments Unconstrained Bond Fund, Russell Investments Sterling Bond Fund, Russell Investments U.K. Equity Fund, Russell Investments U.S. Bond Fund, Russell Investments World Equity Fund II and Old Mutual Global Macro Equity Fund.

All Funds with the prefix “Old Mutual” and the Copper Rock Global All Cap Equity Fund are referred to collectively as the Old Mutual Funds.

Russell Investment Company plc Administration of the Company - continued

Administration of the Company 5

Money Managers for Russell Investments Emerging Insight Investment Management Markets Equity Fund 160 Queen Victoria Street Alliance Bernstein Institutional Investment Management London, EC4V 4LA 50 Berkley Street England London W1J 8HA England Pacific Investment Management Company, LLC (PIMCO) 650 Newport Centre Drive Genesis Asset Managers, LLP Newport Beach, CA 92660 21-24 Grosvenor Place United States of America Belgrovia, London SW1X 7HU Russell Investments Limited England Rex House 10 Regent Street, St James’s Harding Loevner Management, L.P. London, SW1Y 4PE 400 Crossing Blvd England 4th Floor Bridgewater, NJ 08807 Russell Investment Management, LLC United States of America 1301 Second Avenue, 18th Floor Seattle, WA 98101 Numeric Investors, L.P. United States of America 470 Atlantic Avenue 6th floor Boston, MA 02210 Schroder Investment Management Inc. United States of America 7 Bryant Park New York, NY 10018-3706 Oaktree Capital Management, L.P. United States of America 333 South Grand Ave., 28th Floor Los Angeles, CA 90071 Money Managers for Russell Investments Global Credit United States of America Fund Bluebay Asset Management Russell Investment Management, LLC 77 Grosvenor Street 1301 Second Avenue, 18th Floor London, W1K 3JR Seattle, WA 98101 England United States of America Columbia Asset Management LLC Somerset Capital Management, LLP 213 W. Liberty St., Suite 110 22 Carlisle Place Ann Arbor, MI 48104 SW1P 1JA United States of America England Kempen Capital Management Westwood Management Corp. Beethovenstraat 300 200 Crescent Court, Suite 1200 1077 WZ Amsterdam Dallas, TX 75201 P.O. Box 75666 United States of America 1070 AR Amsterdam Netherlands Money Managers for Russell Investments Global Bond Fund Pacific Investment Management Company, LLC (PIMCO) BlueBay Asset Management Limited 650 Newport Center Drive 77 Grosvenor Street Newport Beach, CA 92660 London W1K 3JR United States of America England Russell Investments Limited Colchester Global Investors Limited Rex House Heathcoat House 10 Regent Street, St James’s 20 Savile Row London, SW1Y 4PE London W1S 3PR England England T. Rowe Price 100 East Pratt Street Baltimore, Maryland 21202 United States of America



Money Managers for Russell Investments Global High Sompo Japan NipponKoa Asset Management Co Ltd. Yield Fund Otemachi Financial Center Barings LLC 5-4, Otemachi 1-Chome 300 South Tryon Street Chiyoda-Ku Suite 2500 Tokyo, 100-0004 Charlotte, NC 28202 Japan United States of America Money Managers for Russell Investments Multi-Asset DDJ Capital Management, LLC Growth Strategy Euro Fund, Russell Investments U.K. 130 Turner Street Equity Fund and Russell Investments Multi-Asset Building 3, Suite 600 Conservative Strategy Fund Waltham, MA 02453 Russell Investments Limited United States of America Rex House 10 Regent Street, St James’s Hermes Investment Management London, SW1Y 4PE Lloyds Chambers England 1 Portsoken Street London, E1 8HZ Money Managers for Russell Investments Asia Pacific Ex England Japan Fund BlackRock International Limited Pacific Investment Management Company, LLC (PIMCO) 1 Semple Street 650 Newport Center Drive Exchange Place One Newport Beach, CA 92660 Edinburgh, EH3 8BL United States of America United Kingdom Russell Investments Limited Numeric Investors, LLC Rex House 470 Atlantic Avenue 6th Floor 10 Regent Street, St James’s Boston, MA 02210 London, SW1Y 4PE United States of America England Russell Investments Limited Russell Investment Management, LLC Rex House 1301 Second Avenue, 18th Floor 10 Regent Street, St James’s Seattle, WA 98101 London, SW1Y 4PE United States of America England Money Managers for Russell Investments Japan Equity Russell Investment Management, LLC Fund 1301 Second Avenue, 18th Floor Asset Management One Co. Ltd Seattle, WA 98101 Tekko Building United States of America 1-8-2 Marunouchi Chiyoda-Ku, 100-0005 Money Managers for Russell Investments Sterling Bond Japan Fund FIL Investments International Coupland Cardiff Asset Management, LLP Beech Gate 31-32 St. James’s Street Millfield Lane London SW1A 1HD Lower Kingswood England Tadworth, KT20 6RP United Kingdom Numeric Investors LLC 470 Atlantic Avenue 6th Floor Russell Investments Limited Boston, MA 02210 Rex House United States of America 10 Regent Street, St James’s London, SW1Y 4PE Russell Investment Management, LLC England 1301 Second Avenue, 18th Floor Seattle, WA 98101 Russell Investment Management, LLC United States of America 1301 Second Avenue, 18th Floor Seattle, WA 98101 United States of America



Money Managers for Russell Investments U.S. Bond Fund Janus Henderson Group Plc Logan Circle Partners, L.P. 151 Detroit Street 1717 Arch Street, Suite 1500 Denver, CO 80206 Philadelphia, PA 19103 United States of America United States of America Numeric Investors, LLC Reams Asset Management Company 470 Atlantic Avenue 6th Floor 227 Washington Street Boston, MA 02210 Columbus, IN 47201 United States of America United States of America Russell Investments Limited Russell Investments Limited Rex House Rex House 10 Regent Street, St James’s 10 Regent Street, St James’s London, SW1Y 4PE London, SW1Y 4PE England England Russell Investment Management, LLC Russell Investment Management LLC 1301 Second Avenue, 18th Floor 1301 Second Avenue, 18th Floor Seattle, WA 98101 Seattle, WA 98101 United States of America United States of America Sanders Capital, LLC Money Managers for Russell Investments U.S. Equity Fund 390 Park Avenue, Suite 17 HS Management Partners, LLC New York, NY 10022 598 Madison Avenue, 14th Floor United States of America New York, NY 10022 United States of America Wellington Management Company, LLP 280 Congress Street Jacobs Levy Equity Management Boston, MA 02210 100 Campus Drive United States of America P.O. Box 650 Florham Park, NJ 07932-0650 Money Managers for Russell Investments Unconstrained United States of America Bond Fund H2O Asset Management, LLP Russell Investment Management, LLC 10 Old Burlington Street 1301 Second Avenue, 18th Floor London W1S 3AG Seattle, WA 98101 England United States of America Hermes Investment Management Suffolk Capital Management, LLC Lloyds Chambers 810 Seventh Avenue 1 Portsoken Street Suite 3600 London, E1 8HZ New York, NY 10019 England United States of America Post Advisory Group, LLC Money Manager for Russell Investments U.S. Small Cap 1620 26th Street Equity Fund Suite 6500 Russell Investment Management, LLC Santa Monica, CA 90404 1301 Second Avenue, 18th Floor United States of America Seattle, WA 98101 United States of America Putnam Investments Limited 57-59 St James's Street Money Managers for Russell Investments World Equity London, SW1A 1LD Fund II United Kingdom Fiera Capital Corp 1501 McGill College Avenue Russell Investments Limited Suite 800 Rex House Montréal, QC H3A 3M8 10 Regent Street, St James’s Canada London, SW1Y 4PE England



Russell Investment Management, LLC Money Manager for Old Mutual Global REIT Fund 1301 Second Avenue, 18th Floor Heitman, LLC Seattle, WA 98101 191 N. Wacker Drive United States Suite 2500 Chicago, IL 60606 Money Managers for Russell Investments Emerging United States of America Market Debt Fund DuPont Capital Management Money Manager for Old Mutual Global Aggregate Bond One Righter Parkway, Suite 3200 Fund and Old Mutual Global Currency Fund Wilmington, DE 19803 Rogge Global Partners Plc United States of America Sion Hall, 56 Victoria Embankment London EC4Y 0DZ Edmond De Rothschild Asset Management England 47 rue du Faubourg Saint Honoré 75401 Paris Cedex 08 Money Managers for Old Mutual Multi-Style Global France Equity Fund Acadian Asset Management, LLC Russell Investment Management, LLC 260 Franklin Street 1301 Second Avenue, 18th Floor Boston, MA 02110 Seattle, WA 98101 United States of America United States of America Baillie Gifford Money Manager for Old Mutual African Frontiers Fund, Calton Square Old Mutual FTSE RAFI® All World Index Fund, 1 Greenside Row Old Mutual MSCI World ESG Index Fund, Old Mutual Edinburgh, EH1 3AN Global Balanced Fund, Old Mutual Global Defensive Fund, Scotland Old Mutual MSCI Emerging Markets ESG Index Fund, Old Mutual Global Islamic Equity Fund, Old Mutual Global Barrow, Hanley, Mewhinney & Strauss Inc. Managed Volatility Fund, Old Mutual Global Emerging JP Morgan Chase Tower Opportunities Fund, Old Mutual Titan Global Equity Fund, 2200 Ross Avenue, 31th Floor Old Mutual Global Managed Alpha Fund and Distributor Dallas, TX 75201 for all Old Mutual Funds United States of America Old Mutual Investment Group (Pty) Limited Mutual Park Fiera Capital Corp Jan Smuts Drive 1501 McGill College Avenue Pinelands 7405 Suite 800 South Africa Montréal, QC H3A 3M8 Canada Money Manager for Old Mutual Quality Global Equity Fund Old Mutual Investment Group (Pty) Limited Fiera Capital Corp Mutualpark 1501 McGill College Avenue Jan Smuts Drive Suite 800 Pinelands Montréal, QC H3A 3M8 Cape Town, 7405 Canada South Africa Money Manager for Old Mutual Growth Global Equity Money Manager for Old Mutual Global Macro Equity Fund Fund Baillie Gifford Old Mutual Investment Group (Pty) Limited Calton Square Mutual Park 1 Greenside Row Jan Smuts Drive Edinburgh, EH1 3AN Pinelands 7405 Scotland South Africa Money Manager for Old Mutual Value Global Russell Investments Limited Equity Fund Rex House Barrow, Hanley, Mewhinney & Strauss, LLC. 10 Regent Street, St James’s JP Morgan Chase Tower London, SW1Y 4PE 2200 Ross Avenue, 31st Floor England Dallas, TX 75201 United States of America



Money Manager for all the Acadian Funds Paying Agent in Italy Acadian Asset Management, LLC SGSS S.p.A. 260 Franklin Street Via Benigno Crespi, 19/A - MAC 2 Boston, MA 02110 20159 Milan United States of America Italy Paying and Information Agent in Austria Information Agent and Representative in The Netherlands UniCredit Bank Austria AG Deutsche Bank AG Schottengasse 6-8 Amsterdam branch 1010 Vienna Herengracht 450 - 454 Austria 1017 CA Amsterdam The Netherlands Information Agent in Germany* Russell Investments Limited Paying Agent in Switzerland** Zweigniederlassung Frankfurt am Main Banque Cantonale de Genève OpernTurm 17, quai de l’Ile Bockenheimer Landstraße 2-4 1204 Geneva 60306 Frankfurt am Main Switzerland Germany Representative in Switzerland** Representative in Italy Carnegie Fund Services S.A. BNP Paribas Securities, Milan branch 11, rue du Général-Dufour Via Ansperto 5 1204 Geneva 20123 Milan Switzerland Italy * The Company’s Memorandum and Articles of Association, the Prospectus, the Key Investor Information Documents, the unaudited semi-

annual reports, as well as the audited annual reports can be obtained free of charge from the office of the information agent via regular mail or per e-mail. The net asset value of each of the relevant Funds and the subscription and redemption prices of the shares of the Funds are published jointly and daily on “www.fundinfo.com” for information purposes only and do not constitute an invitation to subscribe for or repurchase the Company’s shares at those prices.

** ADDITIONAL INFORMATION FOR QUALIFIED INVESTORS IN SWITZERLAND

Only the Acadian European Equity UCITS, Acadian Global Equity UCITS, Acadian Emerging Markets Equity UCITS, Acadian Global Managed Volatility Equity UCITS, Acadian Sustainable Global Equity UCITS, Acadian Emerging Markets Managed Volatility Equity UCITS, Acadian Emerging Markets Equity UCITS II, Acadian Global Leveraged Market Neutral Equity UCITS, Acadian Diversified Alpha UCITS, Acadian Sustainable Emerging Markets Equity Ex-Fossil Fuel UCITS and Acadian Multi-Asset Absolute Return UCITS of The Russell Investment Company Plc (the "Funds") are compliant with Swiss law for distribution to qualified investors in Switzerland.

The Company and the Funds mentioned above are compliant with Swiss law for distribution to qualified investors in Switzerland. The Swiss representative is Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 Geneva, Switzerland. The Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva, Switzerland. Investors in Switzerland can obtain the documents of the Company, such as the Prospectus, the Articles of Association, the Key Investor Information Documents (KIIDs), and the financial reports free of charge from the Swiss representative. This document may only be issued, circulated or distributed so as not to constitute an offering to the general public in Switzerland. Recipients of the document in Switzerland should not pass it on to anyone without first consulting their legal or other appropriate professional adviser, or the Swiss representative.

Each time performance data is published, it should be noted that the past performance is no indication of current or future performance, and that it does not take account of the commissions and costs incurred on the issue and redemption of shares.

The list of the purchases and sales and further information can be obtained free of charge from the representative in Switzerland. For the shares of the Fund distributed to non-qualified investors in and from Switzerland and for the shares of the Fund distributed to qualified investors in Switzerland, the place of jurisdiction is Geneva.

Russell Investment Company plc Background to the Company

10 Background to the Company

Russell Investment Company plc (the “Company”), was incorporated in Ireland as a public limited company on 31 March 1994. The Company operates under the Companies Act, 2014 (the "Companies Act") and has been authorised since 11 April 1994 by the Central Bank of Ireland (the “Central Bank”) under registration number 215496. The Company is an open-ended investment company with variable capital and is authorised by the Central Bank under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”) and under the Central Bank (Supervision & Enforcement) Act 2013 (Section 48(1) (Undertakings for Collective Investment in Transferable Securities)) Regulations 2015, as amended (the “Central Bank UCITS Regulations”). The Company is organised in the form of an umbrella fund with segregated liability between sub-funds and as at 30 September 2018 had fifty constituent sub-funds available for investment (each a “Fund”, collectively the “Funds”). Russell Investments Eurozone Aggressive Equity Fund and Russell Investments Global Real Estate Securities Fund remained unfunded as at 31 March 2018. The Adviser, the Manager and their affiliated group companies are referred to collectively as “Russell Investments” in these financial statements. The net assets under management for the Company at 30 September 2018 amounted to USD 22,344,108,647 (as at 31 March 2018: USD 23,662,881,582, as at 30 September 2017 amounted to USD 22,309,528,073) and are broken down as follows:

Fund Funded during the year ended

Functional Currency

Net Assets 30 September 2018

‘000

Net Assets 31 March 2018

‘000


‘000 Russell Investments Continental European Equity Fund 31 March 1998 EUR 553,090 524,693 551,348 Russell Investments Emerging Markets Equity Fund 31 March 1995 USD 2,927,184 3,349,195 3,276,901 Russell Investments Global Bond Fund 31 March 1995 USD 1,682,856 1,872,688 1,917,073 Russell Investments Global Credit Fund 24 March 2010 USD 3,431,600 3,957,487 3,654,698 Russell Investments Global High Yield Fund 31 March 2012 EUR 512,007 586,866 680,104 Russell Investments Japan Equity Fund 31 March 1996 JPY 64,696,087 53,514,822 60,790,424 Russell Investments Multi-Asset Growth Strategy Euro Fund 31 March 2013 EUR 408,019 371,130 403,012 Russell Investments Asia Pacific Ex Japan Fund 31 March 1996 USD 101,054 125,035 132,264 Russell Investments Sterling Bond Fund 31 March 1999 GBP 118,752 114,864 101,118 Russell Investments U.K. Equity Fund 31 March 1998 GBP 140,334 122,449 131,035 Russell Investments U.K. Index Linked Fund† 31 March 1999 GBP - - 14,745 Russell Investments U.K. Long Dated Gilt Fund†† 31 March 2004 GBP - - 12,214 Russell Investments U.S. Bond Fund 31 March 2002 USD 93,709 102,258 106,115 Russell Investments U.S. Equity Fund 31 March 1998 USD 783,533 766,116 747,748 Russell Investments U.S. Small Cap Equity Fund 31 March 1998 USD 118,486 118,860 117,639 Russell Investments World Equity Fund II 31 March 2007 USD 895,164 935,603 845,259 Russell Investments Unconstrained Bond Fund 31 March 2014 USD 632,834 572,363 489,791 Russell Investments Multi-Asset Conservative Strategy Fund 31 March 2015 EUR 6,859 7,490 8,025 Russell Investments Emerging Market Debt Fund 31 March 2016 USD 53,278 63,740 82,273 Old Mutual African Frontiers Fund 31 March 2011 USD 263,351 276,411 201,569 Old Mutual Value Global Equity Fund 31 March 2003 USD 264,778 261,468 362,327 Old Mutual Global REIT Fund 31 March 2011 USD 73,963 78,528 101,422 Old Mutual Global Aggregate Bond Fund 31 March 2003 USD 141,984 142,831 132,643 Old Mutual Global Currency Fund 31 March 2005 USD 141,149 195,524 140,239 Old Mutual MSCI Africa ex-South Africa Index Fund††† 31 March 2012 USD - - 6,868 Old Mutual FTSE RAFI® All World Index Fund 31 March 2012 USD 483,347 558,276 503,510 Old Mutual MSCI World ESG Index Fund 31 March 2014 USD 428,983 412,072 391,047 Old Mutual Global Balanced Fund 31 March 2018 USD 132,850 136,062 138,511 Old Mutual Emerging Market Local Currency Debt Fund† 31 March 2013 USD - - 103,816 Old Mutual Global Defensive Fund* 31 March 2018 USD 10,365 10,413 10,159 Old Mutual Multi-Style Global Equity Fund 31 March 2013 USD 559,150 578,845 619,849

Russell Investment Company plc Background to the Company - continued

Background to the Company 11

Fund Funded during the year ended

Functional Currency


‘000

Net Assets 31 March 2018

‘000


‘000 Old Mutual MSCI Emerging Markets ESG Index Fund 31 March 2015 USD 42,871 63,789 50,313 Old Mutual Global Macro Equity Fund 31 March 2017 USD 524,634 508,628 510,098 Old Mutual Global Islamic Equity Fund 31 March 2017 USD 90,901 77,378 67,468 Old Mutual Global Managed Volatility Fund 31 March 2018 USD 38,369 36,663 35,777 Old Mutual Quality Global Equity Fund 31 March 2018 USD 138,600 138,039 124,962 Old Mutual Growth Global Equity Fund 31 March 2018 USD 90,575 93,363 80,668 Old Mutual Global Emerging Opportunities Fund 31 March 2018 USD 85,010 102,721 46,917 Old Mutual Titan Global Equity Fund 31 March 2018 USD 104,053 106,250 103,481 Old Mutual Global Managed Alpha Fund* 31 March 2018 USD 53,520 51,214 - Acadian European Equity UCITS 24 March 2010 EUR 666,136 262,795 120,375 Acadian Global Equity UCITS 31 March 2012 EUR 318,725 285,450 285,235 Acadian Emerging Markets Equity UCITS 31 March 2006 GBP 208,048 222,777 209,239 Acadian Global Managed Volatility Equity UCITS 31 March 2012 EUR 1,117,430 1,048,837 1,015,580 Acadian Sustainable Global Equity UCITS 31 March 2013 EUR 301,031 343,701 342,240 Acadian Emerging Markets Managed Volatility Equity UCITS

31 March 2015 USD 321,037 323,496 329,905

Acadian Emerging Markets Equity UCITS II 31 March 2015 USD 1,981,680 2,276,840 1,762,213 Acadian Global Leveraged Market Neutral Equity UCITS 31 March 2015 USD 37,237 98,697 118,304 Acadian Diversified Alpha UCITS 31 March 2016 USD 110,891 118,486 68,906 Acadian Sustainable Emerging Markets Equity Ex-Fossil Fuel UCITS

31 March 2017 USD 108,462 124,893 107,490

Acadian Multi-Asset Absolute Return UCITS** 31 March 2018 USD 14,220 14,906 - Acadian Japan Equity UCITS*** 31 March 2019 JPY 5,621,808 - - * The Fund launched on 28 November 2017 † The Fund ceased trading on 24 October 2017 ** The Fund launched on 12 February 2018 †† The Fund ceased trading on 26 October 2017 *** The Fund launched on 13 April 2018. ††† The Fund ceased trading on 9 October 2017 All shares in Russell Investments U.K. Index Linked Fund, Russell Investments U.K. Long Dated Gilt Fund, Copper Rock Global All Cap Equity Fund, Old Mutual Blended Global Equity Fund, Old Mutual Emerging Market Local Currency Debt Fund, Old Mutual Emulated Opportunities Global Equity Fund, Old Mutual MSCI Africa ex-South Africa Index Fund, Old Mutual Opportunities Global Equity Fund and Acadian Emerging Markets Small-Cap UCITS have been redeemed and the Funds have been closed and are no longer available for investment. The Company intends to apply to the Central Bank to revoke the Fund's approval following final disbursement of assets in the Fund. All references to “net assets” throughout this document refer to net assets attributable to holders of redeemable participating shares unless otherwise stated. U.K. Reporting Fund Status The Company conducts its affairs so as to enable U.K. reporting fund status to be obtained under the United Kingdom Income and Corporation Taxes Act, 1988 for the purposes of U.K. taxation for each applicable Fund. Investment Objectives Except where noted below there were no changes in the Funds’ Investments Objectives during the six months to 30 September 2018. The investment objective of Acadian Japan Equity UCITS, which launched during the six month period, is to generate long-term capital appreciation. The Acadian Japan Equity UCITS will seek to achieve its objective by primarily investing in equity and equity related securities of Japanese issuers listed or traded on the Japanese equity market such equity and equity related securities shall include ordinary stock, preferred stock, depository receipts, rights issued by a Japanese issuer to allow holders to subscribe for additional securities issued by that company and warrants related to equities issued by such Japanese companies.

Russell Investment Company plc Combined Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 12 Combined Balance Sheet

Total 30 September 2018

(Unaudited) USD ‘000

Total 31 March 2018

(Audited) USD ‘000

Assets Financial assets at fair value through profit or loss ....................................................... 22,187,645 23,569,842

Cash at bank .................................................................................................................. 328,259 253,119 Cash held with brokers and counterparties for open financial derivative instruments ... 137,384 168,645

Debtors:

Receivable for investments sold ................................................................................. 434,875 315,997 Receivable on fund shares issued ............................................................................... 53,099 25,525 Dividends receivable .................................................................................................. 28,757 44,402 Interest receivable ...................................................................................................... 57,201 63,411 Prepayments and other debtors .................................................................................. 1,199 1,491

23,228,419 24,442,432 Liabilities Financial liabilities at fair value through profit or loss .................................................. (101,688) (125,366)

Creditors – amounts falling due within one financial year:

Cash due to brokers and counterparties for open financial derivative instruments .... (50,887) (39,098) Bank overdraft ........................................................................................................... (34) (8,426) Payable for investments purchased ............................................................................ (679,310) (469,369) Payable on fund shares redeemed .............................................................................. (10,827) (96,539) Distributions payable on income and hybrid accumulation share classes .................. (10,636) (13,505) Capital gains tax payable ........................................................................................... (10,972) (6,612) Management fees payable .......................................................................................... (14,403) (15,807) Performance fees payable .......................................................................................... (57) (57) Depositary fees payable ............................................................................................. (1,301) (466) Sub-custodian fees payable ........................................................................................ (2,267) (1,354) Administration fees payable ....................................................................................... (1,077) (749) Audit fees payable ...................................................................................................... (420) (974) Income purification payable ....................................................................................... (170) (225) Other fees payable ...................................................................................................... (261) (1,003)

(884,310) (779,550) Net assets attributable to redeemable participating shareholders .......................... 22,344,109 23,662,882

Russell Investment Company plc Combined Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements.

Combined Profit and Loss Account 13

Total Six months ended

30 September 2018 (Unaudited)

USD ‘000



USD ‘000 Income

Dividends ................................................................................................................... 271,885 230,382 Interest income ........................................................................................................... 122,642 108,761 Securities lending income .......................................................................................... 165 207

394,692 339,350 Net gain (loss) on investment activities ......................................................................... (931,860) 1,537,676 Total investment income (expense) ............................................................................ (537,168) 1,877,026 Expenses

Management fees ....................................................................................................... (94,090) (89,486) Less: Management fees reimbursement ..................................................................... 1,768 2,291 Depositary fees ........................................................................................................... (2,162) (1,321) Sub-custodian fees ..................................................................................................... (3,560) (4,311) Administration and transfer agency fees .................................................................... (3,739) (3,276) Audit fees ................................................................................................................... (420) (477) Professional fees ........................................................................................................ (196) (504) Income purification .................................................................................................... (130) (95) Other fees ................................................................................................................... (1,137) (1,915)

Total operating expenses ............................................................................................. (103,666) (99,094) Net income (expense) ................................................................................................... (640,834) 1,777,932

Finance costs

Distributions ............................................................................................................... (165,780) (158,236) Profit (loss) for the financial period before taxation ................................................ (806,614) 1,619,696

Taxation

Capital gains tax ......................................................................................................... (6,285) (4,986) Withholding tax ......................................................................................................... (36,031) (29,679)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ..................................................................... (848,930) 1,585,031 All amounts in respect of the six months ended 30 September 2018 arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Combined Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 14 Combined Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders



USD ‘000



USD ‘000 Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ..................................................................... (848,930) 1,585,031 Share transactions

Reinvestment of deemed distributions on accumulation shares and hybrid accumulation shares ................................................................................................... 144,847 139,879 Net increase (decrease) in net assets resulting from redeemable participating share transactions ................................................................................................................ (292,166) 42,468

Total net increase (decrease) in net assets attributable to redeemable participating shareholders .......................................................................................... (996,249) 1,767,378 Foreign currency translation (Note 1) ............................................................................ (322,524) 388,977 Net assets attributable to redeemable participating shareholders

Beginning of financial period .................................................................................... 23,662,882 20,153,173 End of financial period .............................................................................................. 22,344,109 22,309,528

Russell Investment Company plc Russell Investments Continental European Equity Fund Balance Sheet As at 30 September 2018


Russell Investments Continental European Equity Fund 15

30 September 2018 (Unaudited) EUR ‘000

31 March 2018 (Audited) EUR ‘000

Assets Financial assets at fair value through profit or loss ....................................................... 549,431 519,029

Cash at bank (Note 2) .................................................................................................... 2,167 3,777 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) .......................................................................................................................... 869 2,170

Debtors:

Receivable for investments sold ................................................................................. 1,296 4,919 Receivable on fund shares issued ............................................................................... 100 55 Dividends receivable .................................................................................................. 1,479 1,560

555,342 531,510 Liabilities Financial liabilities at fair value through profit or loss .................................................. (56) (514)


Payable for investments purchased ............................................................................ (923) (4,864) Payable on fund shares redeemed .............................................................................. (685) (809) Distributions payable on income share classes ........................................................... - (99) Management fees payable .......................................................................................... (451) (459) Depositary fees payable .............................................................................................. (25) (10) Sub-custodian fees payable ........................................................................................ (84) (29) Administration fees payable ....................................................................................... (20) (17) Audit fees payable ...................................................................................................... (8) (16)

(2,252) (6,817)

Net assets attributable to redeemable participating shareholders .......................... 553,090 524,693

Russell Investment Company plc Russell Investments Continental European Equity Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 16 Russell Investments Continental European Equity Fund

Six months ended 30 September 2018

(Unaudited) EUR ‘000



Income Dividends .................................................................................................................... 12,347 10,990

Net gain (loss) on investment activities ......................................................................... 12,930 17,666 Total investment income (expense) ............................................................................. 25,277 28,656 Expenses

Management fees (Note 4) ......................................................................................... (2,963) (2,994) Depositary fees (Note 5) ............................................................................................. (38) (32) Sub-custodian fees (Note 5) ....................................................................................... (125) (124) Administration and transfer agency fees (Note 5) ...................................................... (95) (101) Audit fees ................................................................................................................... (8) (8) Professional fees ......................................................................................................... (1) (8) Other fees ................................................................................................................... (25) (26)

Total operating expenses ............................................................................................. (3,255) (3,293) Net income (expense) ................................................................................................... 22,022 25,363 Finance costs

Distributions (Note 7) ................................................................................................. (7,759) (6,711) Profit (loss) for the financial period before taxation ................................................. 14,263 18,652 Taxation

Withholding tax (Note 8) ............................................................................................ (1,048) (507) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ..................................................................... 13,215 18,145 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments Continental European Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ...................................................................... 13,215 18,145

Share transactions

Reinvestment of deemed distributions on accumulation shares (Note 7) .................... 7,312 6,319 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) .................................................................................................... 7,870 724

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ............................................................................................ 28,397 25,188

Net assets attributable to redeemable participating shareholders

Beginning of financial period ...................................................................................... 524,693 526,160

End of financial period ................................................................................................ 553,090 551,348

Russell Investment Company plc Russell Investments Continental European Equity Fund Schedule of Investments 30 September 2018


Number of Shares

Fair Value EUR ‘000

Fund %

Transferable Securities (96.59%) Common Stock (96.59%) Austria (0.64%) Banks

54,004 Erste Group Bank AG ......... 1,932 0.35 Oil and Gas

33,576 OMV AG ............................. 1,625 0.29 3,557 0.64 Belgium (1.72%) Beverages

26,653

Anheuser-Busch InBev SA/NV ................................. 2,005 0.36

Insurance 98,806 Ageas ................................... 4,576 0.83

Pharmaceuticals 33,716 UCB SA .............................. 2,610 0.47

Telecommunications 15,369 Proximus SADP .................. 316 0.06

9,507 1.72 Denmark (4.17%) Banks

10,511 Jyske Bank A/S ................... 438 0.08 Beverages

40,853 Carlsberg A/S ...................... 4,220 0.76 41,287 Royal Unibrew A/S ............. 2,929 0.53

Building Products 1,069 Rockwool International A/S 394 0.07

Commercial Services and Supplies 17,334 ISS A/S ................................ 526 0.09

Energy Equipment and Services 33,190 Vestas Wind Systems A/S ... 1,934 0.35

Health Care Equipment and Supplies 10,401 Coloplast A/S ...................... 916 0.17 31,680 GN Store Nord A/S ............. 1,329 0.24

Insurance 16,141 Tryg A/S .............................. 346 0.06

Pharmaceuticals 23,290 Novo Nordisk A/S ............... 944 0.17

Software 54,667 SimCorp A/S ....................... 4,076 0.74

Transport 3,016 AP Moller - Maersk A/S ..... 3,648 0.66 17,651 DSV A/S ............................. 1,382 0.25

23,082 4.17 Faeroe Islands (0.03%) Food Products

3,429 Bakkafrost P/F ..................... 180 0.03

Number of Shares


Fund %

Finland (3.78%) Iron and Steel

219,318 Outokumpu OYJ ................. 1,111 0.20 Machinery

23,810 Kone OYJ ........................... 1,096 0.20 37,000 Metso OYJ .......................... 1,130 0.20 33,822 Valmet OYJ ........................ 650 0.12

Paper and Forest Products 210,587 Stora Enso OYJ .................. 3,469 0.63 202,295 UPM-Kymmene OYJ ......... 6,838 1.23

Telecommunications 125,827 Elisa OYJ ............................ 4,596 0.83 420,000 Nokia OYJ .......................... 2,006 0.37

20,896 3.78 France (23.45%) Advertising

102,321 Publicis Groupe SA ............ 5,267 0.95 Aerospace and Defence

4,331 Dassault Aviation SA ......... 6,904 1.25 13,555 Safran SA ............................ 1,636 0.29 7,648 Thales SA ........................... 936 0.17

Auto Components

16,700

Cie Generale des Etablissements Michelin SCA .................................... 1,719 0.31

Automobiles 343,295 Peugeot SA ......................... 7,975 1.44 44,040 Renault SA .......................... 3,281 0.60

Banks 126,603 BNP Paribas SA .................. 6,673 1.21 7,050 Credit Agricole SA ............. 87 0.02 445,989 Natixis SA .......................... 2,606 0.47 199,439 Societe Generale SA ........... 7,373 1.33

Building Products 104,544 Cie de Saint-Gobain ............ 3,883 0.70 18,074 Imerys SA ........................... 1,150 0.21

Chemicals 28,664 Arkema SA ......................... 3,058 0.55

Commercial Services and Supplies 23,372 Edenred ............................... 767 0.14

Computers and Peripherals 53,872 Atos SE ............................... 5,522 1.00 10,270 Capgemini SE ..................... 1,113 0.20

Construction and Engineering 64,657 Bouygues SA ...................... 2,407 0.44 36,287 Eiffage SA .......................... 3,489 0.63

Electrical Equipment 1,225 Mersen SA .......................... 37 0.01 42,914 Schneider Electric SE ......... 2,974 0.53

Russell Investment Company plc Russell Investments Continental European Equity Fund Schedule of Investments - continued 30 September 2018



Number of Shares


Fund %

Food Products 353,886 Carrefour SA ....................... 5,839 1.06 26,099 Danone SA .......................... 1,741 0.31

Home Furnishings 8,865 SEB SA ............................... 1,300 0.23

Household Products 14,650 Societe BIC SA ................... 1,155 0.21

Insurance 196,687 AXA SA .............................. 4,553 0.82 61,032 CNP Assurances .................. 1,267 0.23 15,281 SCOR SE ............................. 611 0.11

Lodging 20,770 Accor SA ............................. 918 0.17

Metals and Mining 18,359 Eramet ................................. 1,672 0.30

Oil and Gas 265,581 Total SA .............................. 14,831 2.68

Personal Products 6,889 L'Oreal SA ........................... 1,431 0.26

Pharmaceuticals 113,548 Sanofi .................................. 8,693 1.57

Real Estate Investment Trust 2,870 Klepierre SA ....................... 88 0.02

Software 1,504 Dassault Systemes SE ......... 194 0.04

Telecommunications

70,500

Eutelsat Communications SA ....................................... 1,435 0.26

472,102 Orange SA ........................... 6,484 1.17 Textile and Apparel

10,640 Christian Dior SE ................ 3,926 0.71 5,822 Kering SA ........................... 2,688 0.49

5,833

LVMH Moet Hennessy Louis Vuitton SE ................. 1,777 0.32

Water Utilities 13,730 Veolia Environnement SA ... 236 0.04

129,696 23.45 Germany (15.45%) Automobiles

13,330

Bayerische Motoren Werke AG ....................................... 1,036 0.19

Banks

255,386

Deutsche Pfandbriefbank AG ....................................... 3,294 0.60

Chemicals 38,836 BASF SE ............................. 2,973 0.54 100,697 Covestro AG ....................... 7,035 1.27 35,154 Evonik Industries AG .......... 1,085 0.20 4,640 Linde AG ............................. 945 0.17

Construction and Engineering 26,561 Hochtief AG ........................ 3,793 0.69

Number of Shares


Fund %

Diversified Financials 24,098 Deutsche Boerse AG ........... 2,781 0.50

Insurance 62,480 Allianz SE ........................... 11,996 2.17 5,594 Hannover Rueck SE ............ 681 0.12

17,326

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ........................... 3,305 0.60

18,772 Talanx AG .......................... 615 0.11 Internet Software and Services

11,640 Scout24 AG ........................ 467 0.08 Iron and Steel

69,392 ThyssenKrupp AG .............. 1,509 0.27 Machinery

39,105 Deutz AG ............................ 300 0.05 Media

6,185 Axel Springer SE ................ 358 0.06 Miscellaneous Manufacturers

82,250 Siemens AG ........................ 9,075 1.64 Other Finance

12,810

Aurelius Equity Opportunities SE & Co KGaA .................................. 584 0.11

Pharmaceuticals 25,600 Merck KGaA ...................... 2,278 0.41

Real Estate 74,880 Deutsche Wohnen SE ......... 3,094 0.56

Retail Trade 12,300 Hugo Boss AG .................... 816 0.15

Semiconductor Equipment and Products 49,693 Siltronic AG ........................ 5,240 0.95

Software 59,412 SAP SE ............................... 6,298 1.14 69,669 Software AG ....................... 2,735 0.49

Telecommunications 529,845 Deutsche Telekom AG ........ 7,357 1.33

85,426

Telefonica Deutschland Holding AG ........................ 311 0.06

Textile and Apparel 10,986 Adidas AG .......................... 2,317 0.42

Transport 102,709 Deutsche Post AG ............... 3,154 0.57

85,432 15.45 Ireland (1.06%) Airlines

124,692 Ryanair Holdings Plc .......... 1,636 0.30 Building Products

91,116 CRH Plc .............................. 2,568 0.46 Paper and Forest Products

49,200 Smurfit Kappa Group Plc ... 1,676 0.30 5,880 1.06



Number of Shares


Fund %

Italy (7.55%) Banks

186,162 Banca Mediolanum SpA ..... 1,091 0.20

5,463

Banca Monte dei Paschi di Siena SpA ............................ 12 0.00

1,810,827 Intesa Sanpaolo SpA ........... 3,986 0.72 Banks

512,822 Banco BPM SpA ................. 1,089 0.20

322,586

Mediobanca Banca di Credito Finanziario SpA ...... 2,776 0.50

633,349 UniCredit SpA ..................... 8,211 1.48 Commercial Services and Supplies

78,939 ASTM SpA ......................... 1,473 0.27 Electric Utilities

650,500 Enel SpA ............................. 2,870 0.52 Electrical Equipment

14,241 El.En. SpA ........................... 302 0.06 Energy Equipment and Services

10,950 Falck Renewables SpA ........ 20 0.00 Hotels, Restaurants and Leisure

366,322 Technogym SpA .................. 3,872 0.70 Insurance

270,800 Unipol Gruppo SpA ............ 1,039 0.19 Oil and Gas

622,411 Eni SpA ............................... 10,134 1.83 Telecommunications

1,595,000 Telecom Italia SpA .............. 834 0.15 Textile and Apparel

109,080 Moncler SpA ....................... 4,047 0.73 41,756 7.55 Luxembourg (1.06%) Iron and Steel

40,560 ArcelorMittal ....................... 1,087 0.20 Media

5,289 RTL Group SA .................... 325 0.06 Oil and Gas Services

211,072 Subsea 7 SA ........................ 2,687 0.48 Telecommunications

23,488

Millicom International Cellular SA SDR ................. 1,161 0.21

31,269 SES SA ................................ 591 0.11 5,851 1.06 Netherlands (4.56%) Automobiles

64,060

Fiat Chrysler Automobiles NV ....................................... 970 0.18

Banks 32,360 ABN AMRO Group NV ..... 759 0.14 203,155 ING Groep NV .................... 2,272 0.41 8,700 SNS REAAL NV ................ - 0.00

Biotechnology 98,400 Pharming Group NV ........... 97 0.02

Number of Shares


Fund %

Chemicals 13,047 Koninklijke DSM NV ......... 1,190 0.21

Commercial Services and Supplies 10,923 Randstad NV ....................... 502 0.09

Construction and Engineering 11,359 Boskalis Westminster ......... 308 0.06

Food Products

209,715

Koninklijke Ahold Delhaize NV ...................................... 4,142 0.75

Health Care Equipment and Supplies 112,504 Koninklijke Philips NV ...... 4,414 0.80

Insurance 46,650 NN Group NV .................... 1,793 0.32

Machinery 454,240 CNH Industrial NV ............. 4,701 0.85

Media 1,377 Wolters Kluwer NV ............ 74 0.01

Other Finance 5,840 EXOR NV .......................... 338 0.06

Personal Products 76,162 Unilever NV ....................... 3,653 0.66

25,213 4.56 Norway (2.84%) Chemicals

16,963 Yara International ASA ...... 717 0.13 Food Products

319,671 Austevoll Seafood ASA ...... 3,792 0.69 36,735 Marine Harvest ASA .......... 732 0.13 70,447 Orkla ASA .......................... 512 0.09

Metals and Mining 339,643 Elkem ASA ......................... 1,460 0.26

Oil and Gas 158,065 Equinor ASA ...................... 3,835 0.69

Oil and Gas Services

6,640

TGS Nopec Geophysical Co ASA .................................... 233 0.04

Telecommunications 264,546 Telenor ASA ....................... 4,450 0.81

15,731 2.84 Portugal (1.04%) Electric Utilities

1,513,959

EDP - Energias de Portugal SA ....................................... 4,811 0.87

Oil and Gas 54,362 Galp Energia SGPS SA ....... 929 0.17

5,740 1.04 Spain (8.23%) Airlines

56,500

International Consolidated Airlines Group SA .............. 418 0.08

Auto Components 90,769 CIE Automotive SA ............ 2,447 0.44




Number of Shares


Fund %

Banks

790,000

Banco Bilbao Vizcaya Argentaria SA ...................... 4,337 0.79

455,951 Bankia SA ........................... 1,540 0.28 903,201 CaixaBank SA ..................... 3,557 0.64

Banks 725,000 Banco Santander SA ............ 3,143 0.57

Electric Utilities 29,699 Endesa SA ........................... 553 0.10 177,200 Iberdrola SA ........................ 1,123 0.20

Insurance 123,285 Mapfre SA ........................... 333 0.06

Lodging 415,691 NH Hotel Group SA ............ 2,613 0.47

Machinery 28,983 Zardoya Otis SA .................. 233 0.04

Media

245,369

Mediaset Espana Comunicacion SA ............... 1,543 0.28

Oil and Gas 267,852 Repsol SA ........................... 4,598 0.83

Paper and Forest Products 399,293 Ence Energia y Celulosa SA 3,494 0.63

Real Estate Investment Trust 162,964 Merlin Properties Socimi SA 1,904 0.35

Software 63,260 Amadeus IT Group SA ........ 5,062 0.92

Telecommunications 754,592 Telefonica SA ...................... 5,145 0.93

Transport

115,860

Cia de Distribucion Integral Logista Holdings SA ........... 2,563 0.46

24,691 Construcciones y Auxiliar de Ferrocarriles SA .................. 885 0.16

45,491 8.23 Sweden (6.53%) Agriculture

129,226 Swedish Match AB ............. 5,692 1.03 Automobiles

40,900 Volvo AB ............................ 622 0.11 Banks

12,000

Skandinaviska Enskilda Banken AB .......................... 115 0.02

Biotechnology

145,006

Swedish Orphan Biovitrum AB ....................................... 3,650 0.66

Chemicals 23,602 Nolato AB ........................... 1,252 0.23

Construction and Engineering 312,633 Peab AB .............................. 2,462 0.45

Hand and Machine Tools 26,160 Sandvik AB ......................... 400 0.07

Number of Shares


Fund %

Iron and Steel 118,721 SSAB AB (A Shares) .......... 514 0.09 443,900 SSAB AB (B Shares) .......... 1,550 0.28

Lodging 302,989 Scandic Hotels Group AB ... 2,929 0.53

Machinery 91,691 Atlas Copco AB .................. 2,274 0.41 91,691 Epiroc AB ........................... 881 0.16 4,520 Hexagon AB ....................... 228 0.04

Metals and Mining 113,705 Boliden AB ......................... 2,729 0.49 34,697 SKF AB .............................. 589 0.11

Oil and Gas 110,680 Lundin Petroleum AB ......... 3,645 0.66 394,090 Tethys Oil AB ..................... 3,730 0.67

Real Estate 35,620 Fabege AB .......................... 425 0.08

Retail Trade 60,753 Dustin Group AB ................ 493 0.09

Telecommunications 43,317 Tele2 AB ............................ 449 0.08 197,787 Telia Co AB ........................ 782 0.14

Toys, Games and Hobbies 15,629 G5 Entertainment AB ......... 461 0.08

Transport 41,509 Nobina AB .......................... 256 0.05

36,128 6.53 Switzerland (12.63%) Banks

46,150 UBS Group AG .................. 630 0.11 Chemicals

491 EMS-Chemie Holding AG .. 253 0.05 373 Givaudan SA ....................... 793 0.14

Commercial Services and Supplies 33,536 Adecco Group AG .............. 1,523 0.28 243 SGS SA ............................... 553 0.10

Computers and Peripherals 9,340 Logitech International SA ... 361 0.07

Construction and Engineering 1,344 Flughafen Zurich AG .......... 235 0.04

Diversified Financials 41,761 Cembra Money Bank AG ... 3,269 0.59 5,642 Partners Group Holding AG 3,871 0.70

Food Products 181,790 Nestle SA ............................ 13,110 2.37

Health Care Equipment and Supplies 3,623 Sonova Holding AG ........... 624 0.11

Insurance 481 Helvetia Holding AG .......... 254 0.05 2,543 Swiss Life Holding AG ....... 834 0.15 36,376 Swiss Re AG ....................... 2,905 0.52



Number of Shares


Fund %

Machinery 124,673 ABB Ltd .............................. 2,548 0.46

Pharmaceuticals 201,997 Novartis AG ........................ 15,027 2.72 85,688 Roche Holding AG .............. 17,957 3.24

Retail Trade 9,982 Swatch Group AG ............... 3,434 0.62

Telecommunications

16,024

Sunrise Communications Group AG ............................ 1,255 0.23

1,133 Swisscom AG ...................... 445 0.08 69,881 12.63 United Kingdom (1.85%) Oil and Gas

241,664

Royal Dutch Shell Plc (A Shares) ................................. 7,147 1.29

23,077

Royal Dutch Shell Plc (B Shares) ................................. 697 0.13

Oil and Gas Services 87,600 TechnipFMC Plc ................. 2,374 0.43

10,218 1.85 Total Common Stock ........ 534,239 96.59

Total Transferable Securities ............................ 534,239 96.59

Number of Shares


Fund %

Investment Funds (2.68%) Ireland (2.68%)

14,839

Russell Investment Company III plc Russell Investments Euro Liquidity Fund - Class R Roll-Up Shares ................ 14,683 2.66

76

Russell Investment Company III plc Russell Investments Sterling Liquidity Fund - Class R Roll-Up Shares ...... 86 0.02

20

Russell Investment Company III plc Russell Investments U.S. Dollar Cash Fund II - Class R Roll-Up Shares ...... 18 0.00

Total Investment Funds .... 14,787 2.68

Total Investments excluding Financial Derivative Instruments ..... 549,026 99.27

Financial Derivative Instruments (0.06%) Open Futures Contracts (0.04%)

Notional Amount

EUR ‘000

Average Cost Price

EUR

Unrealised Gain (Loss) EUR ‘000

Fund %

651

542.18

6 of Amsterdam Index Futures Long Futures Contracts Expiring October 2018 .................................. 9 0.00

1,984

5,361.99

37 of CAC40 10 Euro Futures Long Futures Contracts Expiring October 2018 .................................. 47 0.01

1,816

12,106.57

6 of DAX Index Futures Long Futures Contracts Expiring December 2018 .............................. 20 0.00

6,981

3,339.97

209 of Euro Stoxx 50 Index Futures Long Futures Contracts Expiring December 2018 .............................. 98 0.02

735

21,011.99

7 of FTSE/MIB Index Futures Long Futures Contracts Expiring December 2018 .............................. (11) 0.00

659

9,408.51

7 of IBEX 35 Index Futures Long Futures Contracts Expiring October 2018 .................................. (3) 0.00




Notional Amount

EUR ‘000

Average Cost Price

EUR


Fund %

980

158.01

62 of OMX 30 Index Futures Long Futures Contracts Expiring October 2018 .................................. 17 0.00

3,135

7,837.41

40 of Swiss Market Index Futures Long Futures Contracts Expiring December 2018 ............................. 61 0.01

Unrealised gain on open futures contracts .................................................................... 252 0.04 Unrealised loss on open futures contracts ..................................................................... (14) 0.00 Net unrealised gain (loss) on open futures contracts ............................................... 238 0.04 Open Forward Foreign Currency Exchange Contracts (0.02%)

Settlement Date

Amount Bought ‘000

Amount Sold ‘000


Fund %

19/12/2018 CHF 1,439 EUR 1,274 (5) 0.00 19/12/2018 CHF 500 EUR 444 (3) 0.00 19/12/2018 CHF 1,439 EUR 1,273 (4) 0.00 05/10/2018 CHF 101 GBP 80 (1) 0.00 19/12/2018 EUR 221 CHF 250 1 0.00 19/12/2018 EUR 178 CHF 200 1 0.00 19/12/2018 EUR 176 CHF 200 - 0.00 05/10/2018 EUR 359 GBP 322 (2) 0.00 19/12/2018 EUR 58 SEK 600 - 0.00 19/12/2018 EUR 77 SEK 800 (1) 0.00 05/10/2018 GBP 1,323 CHF 1,662 21 0.00 05/10/2018 GBP 1,324 CHF 1,662 22 0.00 05/10/2018 GBP 5,464 EUR 6,089 45 0.01 05/10/2018 GBP 5,468 EUR 6,089 49 0.01 05/10/2018 GBP 3 NOK 37 - 0.00 05/10/2018 GBP 113 NOK 1,224 (3) 0.00 05/10/2018 GBP 113 NOK 1,224 (4) 0.00 05/10/2018 GBP 406 SEK 4,810 (9) 0.00 05/10/2018 GBP 406 SEK 4,810 (10) 0.00 05/10/2018 GBP 15 SEK 177 - 0.00 05/10/2018 GBP 54 USD 70 - 0.00 05/10/2018 GBP 54 USD 70 - 0.00 19/12/2018 SEK 4,344 EUR 414 7 0.00 19/12/2018 SEK 4,344 EUR 414 7 0.00 19/12/2018 SEK 1,400 EUR 136 - 0.00 05/10/2018 USD 6 GBP 5 - 0.00

Unrealised gain on open forward foreign currency exchange contracts ....................... 153 0.02 Unrealised loss on open forward foreign currency exchange contracts ........................ (42) 0.00 Net unrealised gain (loss) on open forward foreign currency exchange contracts 111 0.02 Total Financial Derivative Instruments .................................................................... 349 0.06




Fund %

Total Financial Assets at Fair Value through Profit or Loss (99.33%) ........................................................................ 549,431 99.33

Total Financial Liabilities at Fair Value through Profit or Loss (0.00%) .......................................................................... (56) 0.00

Net Financial Assets at Fair Value through Profit or Loss (99.33%) ................................................................................. 549,375 99.33

Other Net Assets (0.67%) ..................................................... 3,715 0.67 Net Assets ............................................................................... 553,090 100.00

Abbreviation used: SDR - Swedish Depository Receipt

Analysis of gross assets % of

gross assets Transferable securities admitted to an official stock exchange listing ............................................................ 96.20 Investment funds (UCITS) .............................................................................................................................. 2.66 Exchange traded financial derivative instruments .......................................................................................... 0.05 Over the counter financial derivative instruments .......................................................................................... 0.03 Other assets ..................................................................................................................................................... 1.06

100.00 The broker for the open futures contracts is Morgan Stanley. The counterparties for the open forward foreign currency exchange contracts are:

Bank of Montreal Citibank Brown Brothers Harriman Royal Bank of Canada Commonwealth Bank of Australia State Street Bank and Trust

Fair Value Hierarchy (Note 11) The following tables analyse within the fair value hierarchy the Fund’s financial assets and liabilities (by investment type) measured at fair value at 30 September 2018 and 31 March 2018. As at 30 September 2018

Level 1

EUR ‘000 Level 2

EUR ‘000 Level 3

EUR ‘000 Total

EUR ‘000 Assets Financial assets at fair value through profit or loss:

Investments at fair value: Transferable securities .................................................. 534,239 - - 534,239 Investment funds ........................................................... - 14,787 - 14,787

Unrealised gains on open futures contracts ...................... 252 - - 252 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 153 - 153

Total assets ......................................................................... 534,491 14,940 - 549,431 Liabilities Financial liabilities at fair value through profit or loss:

Unrealised gain on open futures contracts ........................ (14) - - (14) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (42) - (42)

Total liabilities ................................................................... (14) (42) - (56)




As at 31 March 2018

Level 1

EUR ‘000 Level 2

EUR ‘000 Level 3

EUR ‘000 Total



Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 266 - 266


Unrealised gain on open futures contracts ........................ (446) - - (446) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (68) - (68)


Russell Investment Company plc Russell Investments Continental European Equity Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 26 Russell Investments Continental European Equity Fund

Portfolio Securities Acquisition Cost

EUR ‘000 Portfolio Securities Disposal Proceeds

EUR ‘000 Russell Investment Company III plc Russell Investment Company III plc

Russell Investments Euro Liquidity Fund Russell Investments Euro Liquidity Fund Class R Roll-Up Shares 96,470 Class R Roll-Up Shares (97,804)

Nestle SA 8,341 Koninklijke Ahold Delhaize NV (7,546) Koninklijke Philips NV 6,894 Novartis AG (6,303) Swiss Re AG 5,528 BASF SE (6,273) Bayer AG 5,385 Bayer AG (5,791) CNH Industrial NV 4,910 Fiat Chrysler Automobiles NV (5,044) SAP SE 4,894 Koninklijke Philips NV (4,885) UniCredit SpA 4,847 LVMH Moet Hennessy Louis Vuitton SE (4,501) Swedish Match AB 4,776 Intesa Sanpaolo SpA (4,434) Swedish Orphan Biovitrum AB 4,479 Fresenius Medical Care AG & Co KGaA (4,368) Siltronic AG 4,450 Nestle SA (4,267) Roche Holding AG 4,380 STMicroelectronics NV (4,232) Eni SpA 4,358 Royal Unibrew A/S (4,032) Allianz SE 4,333 Total SA (3,897) Atos SE 4,197 AXA SA (3,771) Fresenius Medical Care AG & Co KGaA 4,056 Wacker Chemie AG (3,463) Hochtief AG 4,009 Deutsche Lufthansa AG (3,453) Novartis AG 3,974 Siemens Healthineers AG (3,430) Ageas 3,956 ASR Nederland NV (3,403) Swatch Group AG 3,710 Repsol SA (3,360)

Russell Investment Company plc Russell Investments Emerging Markets Equity Fund Balance Sheet As at 30 September 2018


Russell Investments Emerging Markets Equity Fund 27


USD ‘000

31 March 2018 (Audited) USD ‘000

Assets Financial assets at fair value through profit or loss ..................................................... 2,890,560 3,293,633

Cash at bank (Note 2) .................................................................................................. 27,439 35,141 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................ 15,313 21,571

Debtors:

Receivable for investments sold ............................................................................... 7,365 19,262 Receivable on fund shares issued ............................................................................. 267 2,457 Dividends receivable ................................................................................................ 3,412 7,683

2,944,356 3,379,747 Liabilities Financial liabilities at fair value through profit or loss ................................................ (4,611) (5,242) Creditors – amounts falling due within one financial year:

Cash due to brokers and counterparties for open financial derivative instruments (Note 2) .................................................................................................................... (160) (455) Payable for investments purchased .......................................................................... (5,381) (14,447) Payable on fund shares redeemed ............................................................................ (115) (328) Distributions payable on income share classes ......................................................... (794) (7) Capital gains tax payable .......................................................................................... (2,407) (5,999) Management fees payable ........................................................................................ (2,926) (3,571) Depositary fees payable ............................................................................................ (121) (52) Sub-custodian fees payable ...................................................................................... (654) (346) Administration fees payable ..................................................................................... (111) (79) Audit fees payable .................................................................................................... (13) (26) Other fees payable .................................................................................................... (6) -

(17,299) (30,552)

Net assets attributable to redeemable participating shareholders ........................ 2,927,184 3,349,195

Russell Investment Company plc Russell Investments Emerging Markets Equity Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 28 Russell Investments Emerging Markets Equity Fund





Income Dividends .................................................................................................................. 58,076 70,726

Net gain (loss) on investment activities ....................................................................... (428,194) 450,643

Total investment income (expense) ........................................................................... (370,118) 521,369

Expenses

Management fees (Note 4) ........................................................................................ (20,483) (23,523) Depositary fees (Note 5) ........................................................................................... (194) (175) Sub-custodian fees (Note 5) ...................................................................................... (1,073) (1,490) Administration and transfer agency fees (Note 5) .................................................... (384) (449) Audit fees .................................................................................................................. (13) (13) Professional fees ....................................................................................................... (36) (98) Other fees .................................................................................................................. (140) (133)

Total operating expenses ........................................................................................... (22,323) (25,881)

Net income (expense) ................................................................................................. (392,441) 495,488

Finance costs Distributions (Note 7) ............................................................................................... (29,096) (34,127)

Profit (loss) for the financial period before taxation ............................................... (421,537) 461,361

Taxation (Note 8) Capital gains tax ....................................................................................................... 2,038 (2,980) Withholding tax ........................................................................................................ (6,426) (7,804)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................... (425,925) 450,577 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments Emerging Markets Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................... (425,925) 450,577

Share transactions

Reinvestment of deemed distributions on accumulation shares (Note 7) ................. 27,309 33,129 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................ (23,395) (1,046,344)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ........................................................................................ (422,011) (562,638)


Beginning of financial period ................................................................................... 3,349,195 3,839,539

End of financial period ............................................................................................. 2,927,184 3,276,901

Russell Investment Company plc Russell Investments Emerging Markets Equity Fund Schedule of Investments 30 September 2018


Number of Shares

Fair Value USD ‘000

Fund %

Transferable Securities (95.96%) Common Stock (93.15%) Argentina (0.39%) Banks

99,554 Banco Macro SA ADR ........ 4,119 0.14

81,250

Grupo Financiero Galicia SA ADR .................................... 2,066 0.07

Building Products

44,893

Loma Negra Cia Industrial Argentina SA ADR ............. 397 0.01

Oil and Gas 318,075 YPF SA ADR ...................... 4,914 0.17

11,496 0.39 Bermuda (1.68%) Automobiles

6,770,599

Brilliance China Automotive Holdings Ltd ....................... 10,954 0.37

Banks 50,902 Credicorp Ltd ...................... 11,355 0.39

Diversified Financials 22,615 PPLA Participations Ltd .. 6 0.00

Gas Utilities

1,655,172

China Resources Gas Group Ltd ....................................... 6,737 0.23

Home Furnishings

3,286,280

Haier Electronics Group Co Ltd ....................................... 8,925 0.31

Iron and Steel 4,190,000 China Oriental Group Co Ltd 3,384 0.12

Metals and Mining 2,030,236 Petra Diamonds Ltd ............. 1,000 0.03

Telecommunications

74,313

Liberty Latin America Ltd (Class A) ............................. 1,549 0.05

252,453

Liberty Latin America Ltd (Class C) .............................. 5,208 0.18

49,118 1.68 Brazil (7.16%) Aerospace and Defence

766,000 Embraer SA ......................... 3,804 0.13 Agriculture

94,433 SLC Agricola SA ................ 1,442 0.05 Airlines

280,894 Azul SA ADR ..................... 4,997 0.17 Auto Components

101,008 Tupy SA .............................. 513 0.02 Banks

177,000 Banco Bradesco SA ............. 1,141 0.04 1,737,437 Banco Bradesco SA ADR ... 12,301 0.42 698,700 Banco do Brasil SA ............. 5,152 0.18

872,343

Banco Santander Brasil SA ADR .................................... 7,685 0.26

2,297,754

Itau Unibanco Holding SA ADR .................................... 25,229 0.86

Number of Shares


Fund %

Beverages 1,050,509 Ambev SA ADR ................. 4,801 0.16

Commercial Services and Supplies 846,700 Estacio Participacoes SA .... 5,298 0.18

Diversified Financials 647,400 B3 SA - Brasil Bolsa Balcao 3,793 0.13 274,741 Banco BTG Pactual SA ...... 1,465 0.05

Electric Utilities

544,200

Centrais Eletricas Brasileiras SA ....................................... 2,114 0.07

Food Products 763,979 BRF SA ADR ..................... 4,187 0.14

116,856

Cia Brasileira de Distribuicao ADR ............... 2,510 0.09

195,651 JBS SA ................................ 460 0.02 653,552 M Dias Branco SA .............. 6,446 0.22

Health Care Providers and Services

221,300

Notre Dame Intermedica Participacoes SA ................. 1,461 0.05

Hotels, Restaurants and Leisure

397,528

CVC Brasil Operadora e Agencia de Viagens SA ...... 4,311 0.15

Insurance

988,600

BB Seguridade Participacoes SA ....................................... 5,966 0.20

481,010

Hapvida Participacoes e Investimentos SA ................ 2,891 0.10

199,300 IRB Brasil Resseguros SA .. 3,316 0.11 309,600 Odontoprev SA ................... 993 0.04 163,558 Porto Seguro SA ................. 2,428 0.08

Internet Software and Services 750,400 B2W Cia Digital ................. 5,205 0.18

Iron and Steel 202,400 Gerdau SA ADR ................. 852 0.03 383,100 Vale SA .............................. 5,739 0.19 1,159,823 Vale SA ADR ..................... 17,212 0.59

Machinery 896,790 WEG SA ............................. 4,435 0.15

Oil and Gas 914,823 Petrobras Distribuidora SA . 4,467 0.15

510,611

Petroleo Brasileiro SA ADR (Voting Rights) ................... 6,163 0.21

1,174,921

Petroleo Brasileiro SA ADR (Non-voting Rights) ........... 12,290 0.42

60,636 Ultrapar Participacoes SA ... 567 0.02

34,292

Ultrapar Participacoes SA ADR .................................... 318 0.01

Paper and Forest Products 337,700 Fibria Celulose SA .............. 6,386 0.22 74,000 Suzano Papel e Celulose SA 891 0.03

Real Estate 824,269 BR Malls Participacoes SA . 1,986 0.07

Russell Investment Company plc Russell Investments Emerging Markets Equity Fund Schedule of Investments - continued 30 September 2018



Number of Shares


Fund %

Retail Trade

554,058

Arezzo Industria e Comercio SA ....................................... 5,946 0.20

278,100 Lojas Americanas SA .......... 832 0.03 119,400 Raia Drogasil SA ................. 2,166 0.07 592,100 Via Varejo SA ..................... 2,212 0.08

Software 200,652 Linx SA ............................... 822 0.03 198,400 TOTVS SA .......................... 1,247 0.04

Telecommunications 150,500 Tim Participacoes SA ADR 2,181 0.08

Textile and Apparel 810,446 Cia Hering ........................... 3,606 0.12 669,496 Grendene SA ....................... 1,128 0.04

Transport 2,160,008 Rumo SA ............................. 8,102 0.28

209,457 7.16 Canada (0.28%) Metals and Mining

711,822 First Quantum Minerals Ltd 8,101 0.28 Cayman Islands (8.90%) Biotechnology

1,016,883 Ascletis Pharma Inc ............. 1,002 0.03 Building Products

61,500 Asia Cement China Holdings Corp ..................................... 63 0.00

2,820,000

China Resources Cement Holdings Ltd ....................... 3,283 0.11

Chemicals

5,298,000

China Lumena New Materials Corp ..................... 7 0.00

Commercial Services and Supplies

219,500

China Conch Venture Holdings Ltd ....................... 766 0.03

25,444

New Oriental Education & Technology Group Inc ADR 1,883 0.06

Electrical Equipment

486,000

AAC Technologies Holdings Inc ....................................... 5,049 0.17

1,098,000

Tianneng Power International Ltd .................. 970 0.04

151,000

Zhen Ding Technology Holding Ltd ......................... 337 0.01

Environmental Control

729,359

China Metal Recycling Holdings Ltd ....................... - 0.00

11,610,546

CT Environmental Group Ltd ....................................... 1,350 0.05

Food Products

3,981,532

China Mengniu Dairy Co Ltd ....................................... 13,255 0.45

4,911,214 Dali Foods Group Co Ltd .... 3,534 0.12

1,086,000

Tingyi Cayman Islands Holding Corp ....................... 1,996 0.07

Number of Shares


Fund %

6,861,000

Want Want China Holdings Ltd ...................................... 5,778 0.20

8,811,500 WH Group Ltd .................... 6,205 0.21 Gas Utilities

1,023,700 ENN Energy Holdings Ltd . 8,896 0.30 Health Care Equipment and Supplies

172,597

Hengan International Group Co Ltd ................................. 1,593 0.05

Internet Software and Services 102,808 51job Inc ADR .................... 7,915 0.27 111,723 58.com Inc ADR ................. 8,223 0.28

178,966

Alibaba Group Holding Ltd ADR .................................... 29,486 1.01

10,800 Autohome Inc ADR ............ 836 0.03 74,268 Baidu Inc ADR ................... 16,984 0.58

231,433

Ctrip.com International Ltd ADR .................................... 8,602 0.29

64,921 JD.com Inc ADR ................ 1,694 0.06 660,770 Tencent Holdings Ltd ......... 27,292 0.93 97,940 Weibo Corp ADR ............... 7,162 0.25 31,802 YY Inc ADR ....................... 2,383 0.08

Lodging 3,793,652 Sands China Ltd .............. 17,187 0.59

Machinery 1,930,000 Lonking Holdings Ltd ......... 624 0.02

Metals and Mining 1,275,274 Real Gold Mining Ltd ..... - 0.00

Miscellaneous Manufacturers 282,960 Airtac International Group .. 2,771 0.09

249,100

Sunny Optical Technology Group Co Ltd ...................... 2,875 0.10

Paper and Forest Products

3,389,900

China Forestry Holdings Co Ltd ...................................... - 0.00

Personal Products 133,000 Chlitina Holding Ltd ........... 1,006 0.03

Pharmaceuticals

1,366,000

China Shineway Pharmaceutical Group Ltd .. 1,868 0.06

4,242,851 Sino Biopharmaceutical Ltd 3,958 0.14 Real Estate

1,186,000 Agile Group Holdings Ltd .. 1,676 0.06

2,421,000

China Aoyuan Property Group Ltd ........................... 1,640 0.05

1,014,000 China Evergrande Group .... 2,844 0.10 1,312,000 China Resources Land Ltd .. 4,594 0.16

848,000

Country Garden Holdings Co Ltd ................................. 1,070 0.03

784,000

Future Land Development Holdings Ltd ....................... 508 0.02

224,000

Greentown China Holdings Ltd ...................................... 209 0.01

124,500 Longfor Group Holding Ltd 321 0.01

3,661,000

Shimao Property Holdings Ltd ...................................... 9,133 0.31



Number of Shares


Fund %

103,000 Sunac China Holdings Ltd .. 317 0.01 4,083,000 Times China Holdings Ltd .. 4,362 0.15 2,002,000 Yuzhou Properties Co Ltd ... 814 0.03

Retail Trade 777,000 ANTA Sports Products Ltd . 3,729 0.12 590,000 China Lilang Ltd ................. 552 0.02 156,000 Li Ning Co Ltd .................... 148 0.01

319,500

Xtep International Holdings Ltd ....................................... 185 0.01

Semiconductor Equipment and Products

493,391

ASM Pacific Technology Ltd ....................................... 5,025 0.17

6,654,583

Semiconductor Manufacturing International Corp ..................................... 7,178 0.25

Software 197,000 Momo Inc ADR ................... 8,629 0.30

Textile and Apparel

836,000

Shenzhou International Group Holdings Ltd ............ 10,727 0.37

260,494 8.90 Chile (0.44%) Banks

87,343 Banco Santander Chile ADR 2,793 0.10 Beverages

450,090 Cia Cervecerias Unidas SA . 6,257 0.21

10,398

Embotelladora Andina SA ADR .................................... 238 0.01

Electric Utilities 11,514,564 Enel Americas SA ............... 1,767 0.06

Telecommunications

217,661

Empresa Nacional de Telecomunicaciones SA ...... 1,841 0.06

12,896 0.44 China (13.19%) Airlines

624,939 Spring Airlines Co Ltd ........ 3,262 0.11 Auto Components

506,800

Fuyao Glass Industry Group Co Ltd (Class A) ................. 1,843 0.06

2,173,948

Fuyao Glass Industry Group Co Ltd (Class H) ................. 8,041 0.28

790,570

Huayu Automotive Systems Co Ltd ................................. 2,585 0.09

3,335,000 Weichai Power Co Ltd ........ 4,134 0.14 Automobiles

5,443,000 BAIC Motor Corp Ltd ......... 4,361 0.15

1,440,215

Chongqing Changan Automobile Co Ltd ............. 1,163 0.04

1,782,000

Dongfeng Motor Group Co Ltd ....................................... 1,836 0.06

720,365

Zhengzhou Yutong Bus Co Ltd ....................................... 1,536 0.05

Banks

37,108,000

Agricultural Bank of China Ltd ....................................... 18,210 0.62

Number of Shares


Fund %

20,557,000 Bank of China Ltd .............. 9,142 0.31

4,659,000

Bank of Communications Co Ltd ...................................... 3,495 0.12

26,428,000 China CITIC Bank Corp Ltd 16,921 0.58

36,097,920

China Construction Bank Corp .................................... 31,555 1.08

1,191,979

China Merchants Bank Co Ltd ...................................... 4,844 0.17

23,667,841

Industrial & Commercial Bank of China Ltd .............. 17,301 0.59

Beverages

282,203

Jiangsu Yanghe Brewery Joint-Stock Co Ltd .............. 5,250 0.18

1,034,624 Wuliangye Yibin Co Ltd ..... 10,218 0.35 Building Products

1,136,888

Anhui Conch Cement Co Ltd (Class A) ............................. 6,079 0.21

4,252,635

Anhui Conch Cement Co Ltd (Class H) ............................. 25,680 0.88

15,317,380

China National Building Material Co Ltd .................. 13,605 0.46

909,366 Huaxin Cement Co Ltd ....... 2,662 0.09 Commercial Services and Supplies

268,000 Jiangsu Expressway Co Ltd 344 0.01 Construction and Engineering

2,972,000

China Communications Services Corp Ltd ............... 2,738 0.10

11,279,000 China Railway Group Ltd ... 11,185 0.38 Distributors .........................

357,571 Zhejiang Supor ................... 2,805 0.10 Diversified Financials

2,764,267 CITIC Securities Co Ltd ..... 4,917 0.17 Electric Utilities

5,726,038

China Longyuan Power Group Corp Ltd .................. 4,815 0.16

12,439,000

Datang International Power Generation Co Ltd .............. 3,148 0.11

6,472,000

Huaneng Power International Inc ....................................... 4,260 0.15


1,393,507

Han's Laser Technology Industry Group Co Ltd ........ 8,581 0.29

3,119,969

Hangzhou Hikvision Digital Technology Co Ltd ............. 13,032 0.45

Home Furnishings 915,029 Midea Group Co Ltd ........... 5,359 0.18


496,710

China International Travel Service Corp Ltd ................. 4,910 0.17

Insurance

1,110,192

China Pacific Insurance Group Co Ltd ...................... 4,285 0.15

9,894,000

PICC Property & Casualty Co Ltd ................................. 11,683 0.40

2,392,000

Ping An Insurance Group Co of China Ltd (Class H) ........ 24,303 0.83

125,200

Ping An Insurance Group Co of China Ltd (Class A) ........ 1,246 0.04




Number of Shares


Fund %

Iron and Steel 6,395,528 Angang Steel Co Ltd ........... 5,721 0.19 2,320,800 Hunan Valin Steel Co Ltd ... 2,830 0.10

Media

748,381 China South Publishing & Media Group Co Ltd ........... 1,313 0.04

Metals and Mining

12,064,000

Aluminum Corp of China Ltd ....................................... 5,365 0.18

2,182,775

China Shenhua Energy Co Ltd ....................................... 4,988 0.17

Oil and Gas

11,734,000

China Petroleum & Chemical Corp .................... 11,757 0.40

12,010,000 PetroChina Co Ltd ............... 9,731 0.33 Oil and Gas Services

8,083,095 China Oilfield Services Ltd . 8,770 0.30 Pharmaceuticals

401,980

Jiangsu Hengrui Medicine Co Ltd ................................. 3,710 0.13

1,136,400 Sinopharm Group Co Ltd .... 5,562 0.19 Real Estate

3,666,800

Guangzhou R&F Properties Co Ltd ................................. 6,739 0.23

Retail Trade

2,804,100

Shanghai Pharmaceuticals Holding Co Ltd ................... 7,009 0.24

Software 3,194,713 TravelSky Technology Ltd .. 8,308 0.28

Telecommunications 5,952,000 China Telecom Corp Ltd ..... 2,959 0.10

Textile and Apparel 262,000 Weiqiao Textile Co ............. 92 0.00

386,188 13.19 Colombia (0.20%) Banks

67,335 Bancolombia SA ................. 723 0.02 116,161 Bancolombia SA ADR ........ 4,846 0.17

Oil and Gas 11,400 Ecopetrol SA ADR .............. 307 0.01

5,876 0.20 Cyprus (0.00%) Commercial Services and Supplies

25,233

Global Ports Investments Plc GDR .................................... 78 0.00

Czech Republic (0.16%) Banks

112,776 Komercni Banka AS ........ 4,629 0.16 Egypt (0.37%) Banks

768,314

Commercial International Bank Egypt SAE ................. 3,601 0.12

Number of Shares


Fund %

111,432

Commercial International Bank Egypt SAE GDR (UK Listed) ................................. 508 0.02

1,353,893

Commercial International Bank Egypt SAE GDR (US Listed) ................................. 6,174 0.21

Food Products

182,395

Arabian Food Industries Co DOMTY GDR .................... 110 0.00

498,740 Edita Food Industries SAE . 461 0.02 10,854 0.37 Finland (0.21%) Auto Components

151,935 Nokian Renkaat OYJ ...... 6,228 0.21 Greece (0.72%) Banks

6,301,224 Alpha Bank AE ................... 9,068 0.31 4,587,966 Eurobank Ergasias SA ........ 3,458 0.12 1,070,753 National Bank of Greece SA 2,176 0.07

Entertainment 169,666 OPAP SA ............................ 1,781 0.06

Retail Trade 308,077 Jumbo SA ........................... 4,580 0.16

21,063 0.72 Hong Kong (4.39%) Automobiles

3,840,500 Sinotruk Hong Kong Ltd .... 8,363 0.29 Banks

3,218,000 CITIC Ltd ........................... 4,795 0.16 Computers and Peripherals

7,082,000 Lenovo Group Ltd .............. 5,177 0.18 Diversified Financials

1,726,000 China Everbright Ltd .......... 3,093 0.10

220,902

Hong Kong Exchanges & Clearing Ltd ........................ 6,324 0.22

Gas Utilities

462,500

Beijing Enterprises Holdings Ltd ...................................... 2,595 0.09


508,000

China Travel International Investment Hong Kong Ltd 164 0.01

Insurance 2,263,680 AIA Group Ltd ................... 20,222 0.69 554,500 Fosun International Ltd ....... 978 0.03

Metals and Mining 6,270,300 MMG Ltd ............................ 3,245 0.11

Oil and Gas 2,843,000 CNOOC Ltd ........................ 5,632 0.19 81,690 CNOOC Ltd ADR .............. 16,137 0.55

Pharmaceuticals

5,624,500

China Resources Pharmaceutical Group Ltd .. 8,927 0.30



Number of Shares


Fund %

1,918,000

CSPC Pharmaceutical Group Ltd ....................................... 4,074 0.14

Real Estate

888,370

China Overseas Land & Investment Ltd .................... 2,782 0.09

686,000 Poly Property Group Co Ltd 242 0.01

1,920,000

Sino-Ocean Group Holding Ltd ....................................... 847 0.03

974,000 Yuexiu Property Co Ltd ...... 174 0.01 Semiconductor Equipment and Products

2,801,000

Hua Hong Semiconductor Ltd ....................................... 6,035 0.21

Telecommunications 1,055,500 China Mobile Ltd ................ 10,407 0.35

15,606,000

China Unicom Hong Kong Ltd ....................................... 18,388 0.63

128,601 4.39 Hungary (0.72%) Banks

503,065 OTP Bank Nyrt ................... 18,643 0.64 Pharmaceuticals

127,359 Richter Gedeon Nyrt ........... 2,383 0.08 21,026 0.72 India (6.72%) Aerospace and Defence

1,238,062 Bharat Electronics Ltd ......... 1,371 0.05 Auto Components

576,120

Motherson Sumi Systems Ltd ....................................... 2,041 0.07

Automobiles 427,241 Mahindra & Mahindra Ltd .. 5,095 0.18 47,059 Maruti Suzuki India Ltd ...... 4,752 0.16

Banks 535,605 Axis Bank Ltd ..................... 4,554 0.16 6,058,331 Federal Bank Ltd ................. 5,905 0.20 131,306 HDFC Bank Ltd .................. 3,638 0.12 3,045,690 ICICI Bank Ltd ................... 12,857 0.44 1,564,555 ICICI Bank Ltd ADR .......... 13,283 0.45 579,403 Kotak Mahindra Bank Ltd ... 9,079 0.31 706,310 Yes Bank Ltd ...................... 1,794 0.06

Beverages 434,325 United Spirits Ltd ................ 3,081 0.10

Chemicals 209,951 UPL Ltd .............................. 1,925 0.07


852,963

Adani Ports & Special Economic Zone Ltd ............. 3,871 0.13

33,110 Quess Corp Ltd ................... 407 0.02 Computers and Peripherals

147,604 Infosys Ltd .......................... 1,490 0.05 1,524,157 Infosys Ltd ADR ................. 15,501 0.53

451,623

Tata Consultancy Services Ltd ....................................... 13,619 0.46

112,358 Wipro Ltd ............................ 500 0.02

Number of Shares


Fund %

Diversified Financials

647,277

Housing Development Finance Corp Ltd ................ 15,626 0.53

279,226

Indiabulls Housing Finance Ltd ...................................... 3,293 0.11

1,409,081 LIC Housing Finance Ltd ... 8,099 0.28 1,339,824 Muthoot Finance Ltd .......... 7,347 0.25

Electrical Equipment 65,886 Graphite India Ltd ............... 770 0.02 55,606 HEG Ltd ............................. 2,571 0.09

Gas Utilities 552,276 GAIL India Ltd ................... 2,895 0.10 541,836 Indraprastha Gas Ltd ........... 1,817 0.06 441,862 Mahanagar Gas Ltd ............. 4,950 0.17

Hotels, Restaurants and Leisure 111,550 Hero MotoCorp Ltd ............ 4,483 0.15

Household Products

70,879

Godrej Consumer Products Ltd ...................................... 757 0.03

Metals and Mining 257,682 Bharat Forge Ltd ................. 2,139 0.07 1,862,558 Vedanta Ltd ........................ 5,970 0.21

Miscellaneous Manufacturers 96,637 Escorts Ltd .......................... 815 0.03

Oil and Gas 1,188,080 Bharat Petroleum Corp Ltd . 6,145 0.21 502,063 Reliance Industries Ltd ....... 8,688 0.30

Pharmaceuticals 292,799 Cipla Ltd ............................. 2,625 0.09

311,067

Sun Pharmaceutical Industries Ltd ...................... 2,674 0.09

Retail Trade 222,469 Titan Co Ltd ........................ 2,468 0.08

Software 88,540 HCL Technologies Ltd ....... 1,326 0.05 42,782 KPIT Technologies Lt ........ 126 0.00 361,712 Tech Mahindra Ltd ............. 3,727 0.13

Telecommunications 351,359 Bharti Airtel Ltd ................. 1,648 0.06

Textile and Apparel 2,008 Page Industries Ltd ............. 928 0.03

196,650 6.72 Indonesia (1.69%) Banks

5,577,029 Bank Central Asia Tbk PT .. 9,038 0.31

59,186,920

Bank Rakyat Indonesia Persero Tbk PT ................... 12,511 0.43

Building Products

394,400

Indocement Tunggal Prakarsa Tbk PT ................. 490 0.02

7,229,000

Semen Indonesia Persero Tbk PT ................................ 4,815 0.16




Number of Shares


Fund %

Construction and Engineering

20,818,120

Sarana Menara Nusantara Tbk PT ................................ 682 0.02

Distributors 18,392,811 AKR Corporindo Tbk PT .... 4,530 0.16

Gas Utilities

18,092,272

Perusahaan Gas Negara Persero Tbk ......................... 2,732 0.09

Machinery 1,038,582 United Tractors Tbk PT ....... 2,300 0.08


3,389,300

Indah Kiat Pulp & Paper Corp Tbk PT ........................ 3,946 0.14

Pharmaceuticals 42,398,142 Kalbe Farma Tbk PT ........... 3,926 0.13

Retail Trade 9,045,700 Astra International Tbk PT .. 4,462 0.15

49,432 1.69 Jersey, Channel Islands (0.13%) Building Products

8,147,100 West China Cement Ltd ...... 1,531 0.05 Metals and Mining

32,687 Randgold Resources Ltd ..... 2,323 0.08 3,854 0.13 Kenya (0.34%) Banks

4,834,835 Equity Group Holdings Ltd . 1,919 0.07 Beverages

543,276 East African Breweries Ltd . 1,024 0.03 Telecommunications

28,892,321 Safaricom Plc ...................... 7,022 0.24 9,965 0.34 Korea, Republic of (12.33%) Auto Components

291,118 Hankook Tire Co Ltd .......... 13,149 0.45 324,770 Hanon Systems .................... 3,704 0.13

Automobiles 57,722 Hyundai Motor Co .............. 6,739 0.23 286,450 Kia Motors Corp ................. 9,064 0.31

Banks 395,253 Industrial Bank of Korea ..... 5,434 0.19 656,872 Woori Bank ......................... 10,008 0.34

Chemicals

97,400

Kumho Petrochemical Co Ltd ....................................... 8,649 0.30

Computers and Peripherals 9,416 SK Holdings Co Ltd ............ 2,436 0.08


59,590

GS Engineering & Construction Corp ............... 2,810 0.10

71,481

Hyundai Engineering & Construction Co Ltd ............ 4,350 0.15

Number of Shares


Fund %

320,785

Samsung Engineering Co Ltd ...................................... 5,581 0.19

81,476

Taeyoung Engineering & Construction Co Ltd ........... 933 0.03

Distributors 10,782 LG Corp .............................. 706 0.02

Diversified Financials 677,673 Hana Financial Group Inc ... 27,217 0.93 389,376 KB Financial Group Inc ...... 19,026 0.65 79,840 Samsung Card Co Ltd ......... 2,649 0.09

184,665

Shinhan Financial Group Co Ltd ...................................... 7,491 0.26


10,509

Samsung Electro-Mechanics Co Ltd ................................. 1,317 0.05

Gas Utilities 63,541 Korea Gas Corp .................. 3,477 0.12

Home Furnishings 64,808 Coway Co Ltd ..................... 5,071 0.17 32,574 Hanssem Co Ltd ................. 2,249 0.08 13,037 LG Electronics Inc .............. 834 0.03

Insurance 101,830 Orange Life Insurance Ltd .. 3,130 0.11

13,120

Samsung Fire & Marine Insurance Co Ltd ................. 3,359 0.11

Internet Software and Services 6,719 NAVER Corp ..................... 4,337 0.15

Iron and Steel 51,860 POSCO ............................... 13,769 0.47

Metals and Mining 6,159 Korea Zinc Co Ltd .............. 2,421 0.08

Oil and Gas 51,849 S-Oil Corp .......................... 6,404 0.22

Personal Products 42,119 Amorepacific Corp ............. 9,910 0.34 30,875 Korea Kolmar Co Ltd ......... 2,082 0.07

8,016

LG Household & Health Care Ltd .............................. 9,221 0.31

Retail Trade 46,702 E-MART Inc ....................... 8,736 0.30 54,633 GS Retail Co Ltd ................ 1,896 0.06

Semiconductor Equipment and Products 2,176,243 Samsung Electronics Co Ltd 91,130 3.11

1,211

Samsung Electronics Co Ltd GDR (UK Listed) ............... 1,268 0.04

3,448

Samsung Electronics Co Ltd GDR (UK Listed) (Non-voting) ................................. 2,927 0.10

15,603

Samsung Electronics Co Ltd GDR (US Listed) .............. 16,336 0.56

1,231

Samsung Electronics Co Ltd GDR (US Listed) (Non-voting) ................................. 1,045 0.04

352,751 SK Hynix Inc ...................... 23,246 0.79



Number of Shares


Fund %

Shipbuilding

798,584

Samsung Heavy Industries Co Ltd ................................. 5,817 0.20

Telecommunications 230,000 KT Corp ADR ..................... 3,416 0.12 152,893 LG Uplus Corp .................... 2,522 0.08 19,370 SK Telecom Co Ltd ............. 4,924 0.17

360,790 12.33 Luxembourg (0.45%) Agriculture

165,551 Kernel Holding SA .............. 2,246 0.08 Commercial Services and Supplies

208,502 Corp America Airports SA .. 1,781 0.06 Metals and Mining

206,704 Tenaris SA ADR ................. 6,929 0.24 Textile and Apparel

580,023 Samsonite International SA . 2,150 0.07 13,106 0.45 Malaysia (0.52%) Commercial Services and Supplies

7,259,215 Westports Holdings Bhd ..... 6,665 0.23 Diversified Financials

3,282,000 Bursa Malaysia Bhd ............ 6,202 0.21 Holding Companies - Diversified Operations

4,760,521 IJM Corp Bhd ...................... 2,071 0.07 Miscellaneous Manufacturers

143,300 Supermax Corp Bhd ............ 112 0.00 Retail Trade

674,050

7-Eleven Malaysia Holdings Bhd ...................................... 239 0.01

15,289 0.52 Mexico (3.18%) Banks

3,584,698

Grupo Financiero Banorte SAB de CV .......................... 25,953 0.89

846,536

Grupo Financiero Inbursa SAB de CV .......................... 1,332 0.04

Beverages

45,534

Fomento Economico Mexicano SAB de CV ......... 4,506 0.15

Building Products 716,852 Cemex SAB de CV ............. 5,047 0.17

477,774 Grupo Cementos de Chihuahua SAB de CV ....... 3,124 0.11

Chemicals 1,504,496 Alpek SAB de CV ............... 2,442 0.08


463,913

Grupo Aeroportuario del Centro Norte SAB de CV .... 3,318 0.11

31,513

Grupo Aeroportuario del Sureste SAB de CV ADR .... 6,464 0.22


2,785,643

Bolsa Mexicana de Valores SAB de CV .......................... 5,704 0.20

Number of Shares


Fund %

Food Products 528,562 Gruma SAB de CV ............. 6,725 0.23

Household Products

1,784,331

Kimberly-Clark de Mexico SAB de CV ......................... 3,168 0.11

Insurance

1,593,400

Qualitas Controladora SAB de CV .................................. 4,238 0.15

Pharmaceuticals

5,242,923

Genomma Lab Internacional SAB de CV ......................... 4,579 0.16

Retail Trade 684,557 Alsea SAB de CV ............... 2,327 0.08

1,946,500

Wal-Mart de Mexico SAB de CV .................................. 5,909 0.20

Telecommunications

92,053

America Movil SAB de CV ADR .................................... 1,478 0.05

1,224,170

Megacable Holdings SAB de CV ...................................... 6,318 0.22

486,248 Telesites SAB de CV .......... 380 0.01 93,012 3.18 Morocco (0.04%) Banks

26,813 Attijariwafa Bank ................ 1,280 0.04 Netherlands (1.05%) Beverages

18,764 Heineken Holding NV ........ 1,700 0.06 40,187 Heineken NV ...................... 3,770 0.13

Building Products 42,066 Rhi Magnesita NV .............. 2,572 0.09

Food Products 233,791 X5 Retail Group NV GDR .. 5,284 0.18

Internet Software and Services 461,979 Yandex NV ......................... 15,194 0.52

Semiconductor Equipment and Products 24,800 NXP Semiconductors NV ... 2,120 0.07

30,640 1.05 Nigeria (0.35%) Banks

26,944,296 FCMB Group Plc ................ 126 0.00 46,262,034 Guaranty Trust Bank Plc ..... 4,637 0.16

Beverages 2,657,411 Nigerian Breweries Plc ....... 667 0.02

Building Products 7,578,423 Dangote Cement Plc ........... 4,261 0.15

Food Products 174,915 Nestle Nigeria Plc ............... 660 0.02

10,351 0.35




Number of Shares


Fund %

Pakistan (0.10%) Banks

2,345,858 United Bank Ltd .................. 2,909 0.10 Panama (0.25%) Airlines

91,560 Copa Holdings SA ............... 7,310 0.25 Philippines (0.53%) Banks

742,386 Security Bank Corp ............. 2,116 0.07 Food Products

16,181,765 Century Pacific Food Inc ..... 4,253 0.15 12,010,649 D&L Industries Inc .............. 2,190 0.07 896,910 Universal Robina Corp ........ 2,399 0.08

Real Estate 1,892,400 Ayala Land Inc .................... 1,403 0.05

Retail Trade 1,127,000 Puregold Price Club Inc ...... 939 0.03

Water Utilities

24,768,228

Metro Pacific Investments Corp ..................................... 2,177 0.08

15,477 0.53 Poland (0.54%) Banks

88,099

Bank Handlowy w Warszawie SA ..................... 1,845 0.06

Insurance

614,964

Powszechny Zaklad Ubezpieczen SA .................. 6,623 0.23

Metals and Mining 271,383 KGHM Polska Miedz SA .... 6,560 0.22

Oil and Gas 21,248 Grupa Lotos SA ................... 433 0.01

286,088

Polskie Gornictwo Naftowe i Gazownictwo SA ................ 502 0.02

15,963 0.54 Portugal (0.12%) Food Products

238,617 Jeronimo Martins SGPS SA 3,516 0.12 Romania (0.05%) Banks

2,413,564 Banca Transilvania SA ........ 1,396 0.05 Russia (5.45%) Banks

2,310,888 Sberbank of Russia PJSC .... 7,174 0.25

2,066,787

Sberbank of Russia PJSC ADR .................................... 26,207 0.90

800,520

Sberbank of Russia PJSC ADR (US Listed) ................. 10,067 0.34

Number of Shares


Fund %

Chemicals 284,641 PhosAgro PJSC GDR ......... 3,865 0.13

Diversified Financials 383,100 Moscow Exchange PJSC .... 569 0.02

Electric Utilities 298,480,000

Federal Grid Co Unified Energy System PJSC .......... 752 0.02

45,013,000 Inter RAO UES PJSC ......... 2,806 0.10 Food Products

50,786 Magnit PJSC ....................... 2,974 0.10 Metals and Mining

542,569 Alrosa PJSC ........................ 885 0.03 63,176 Polyus PJSC GDR .............. 1,984 0.07 238,120 TMK PJSC .......................... 986 0.03

Oil and Gas 3,479,578 Gazprom PJSC ADR .......... 17,398 0.60

480,000

Gazprom PJSC ADR (US Listed) ................................. 2,386 0.08

364,714 Lukoil PJSC ADR ............... 27,879 0.95

335,522

Lukoil PJSC ADR (UK Listed) ................................. 25,735 0.88

57,851 NovaTek PJSC ADR .......... 10,645 0.36 363,745 Surgutneftegas PJSC ........... 1,506 0.05 205,255 Tatneft PJSC ADR .............. 15,661 0.54

159,479 5.45 Singapore (0.18%) Diversified Financials

670,000 BOC Aviation Ltd ............... 5,197 0.18 South Africa (4.47%) Agriculture

115,757 Astral Foods Ltd ................. 2,017 0.07 Banks

181,345 Absa Group Ltd .................. 1,946 0.07 580,800 FirstRand Ltd ...................... 2,786 0.09 151,474 Nedbank Group Ltd ............ 2,833 0.10 721,426 Standard Bank Group Ltd ... 8,921 0.30

Beverages 14,455 Distell Group Holdings Ltd 109 0.00

Chemicals 298,636 Sasol Ltd ............................. 11,555 0.39

Containers and Packaging 70,644 Nampak Ltd ........................ 77 0.00

Diversified Financials 623,851 JSE Ltd ............................... 7,018 0.24 414,077 RMB Holdings Ltd ............. 2,316 0.08

Food Products 194,227 Bid Corp Ltd ....................... 4,048 0.14 502,987 Bidvest Group Ltd .............. 6,576 0.23 329,228 Shoprite Holdings Ltd ......... 4,459 0.15 146,269 Tiger Brands Ltd ................. 2,739 0.09



Number of Shares


Fund %

Health Care Equipment and Supplies

275,097

Aspen Pharmacare Holdings Ltd ....................................... 3,293 0.11

Holding Companies - Diversified Operations 347,880 AVI Ltd ............................... 2,613 0.09 435,780 Barloworld Ltd .................... 3,793 0.13 417,333 Imperial Holdings Ltd ......... 5,161 0.18

Insurance 548,987 Discovery Ltd ...................... 6,595 0.23 1,310,055 Sanlam Ltd .......................... 7,324 0.25

Internet Software and Services 91,336 Naspers Ltd ......................... 19,695 0.67

Metals and Mining

565,384

AngloGold Ashanti Ltd ADR .................................... 4,851 0.17

Miscellaneous Manufacturers 428,806 Aeci Ltd ............................... 3,173 0.11

Office Electronics 200,441 Reunert Ltd ......................... 1,076 0.04

Retail Trade 166,580 Clicks Group Ltd ................. 2,060 0.07 834,726 Foschini Group Ltd ............. 10,226 0.35 255,437 Pick n Pay Stores Ltd .......... 1,242 0.04

Telecommunications 294,772 MTN Group Ltd .................. 1,824 0.06 116,083 Telkom SA SOC Ltd ........... 424 0.02

130,750 4.47 Switzerland (0.28%) Beverages

158,326 Coca-Cola HBC AG ............ 5,395 0.18 Retail Trade

34,993

Cie Financiere Richemont SA ....................................... 2,866 0.10

8,261 0.28 Taiwan (8.52%) Building Products

1,359,000 Asia Cement Corp ............... 1,847 0.06 125,000 Taiwan Cement Corp .......... 168 0.01

Chemicals

390,000

China Petrochemical Development Corp .............. 178 0.01

1,772,000

Formosa Chemicals & Fibre Corp ..................................... 7,429 0.25

1,215,000 Formosa Plastics Corp ......... 4,656 0.16 Computers and Peripherals

1,202,000 Innolux Corp ....................... 417 0.02 1 Lite-On Technology Corp ... - 0.00 1,721,000 Primax Electronics Ltd ........ 2,753 0.09


2,556,000

China Development Financial Holding Corp ....... 954 0.03

Number of Shares


Fund %

12,635,034

CTBC Financial Holding Co Ltd ...................................... 9,518 0.33

2,845,429

E.Sun Financial Holding Co Ltd ...................................... 2,101 0.07

5,987,000

Fubon Financial Holding Co Ltd ...................................... 10,157 0.35

1,409,000

Mega Financial Holding Co Ltd ...................................... 1,269 0.04

10,636,000

Yuanta Financial Holding Co Ltd ................................. 5,608 0.19

Electrical Equipment 7,126,000 AU Optronics Corp ............. 3,011 0.10

3,271,000

Compeq Manufacturing Co Ltd ...................................... 2,582 0.09

711,000 Coretronic Corp .................. 1,253 0.04

2,653,380

Hon Hai Precision Industry Co Ltd ................................. 6,883 0.24

774,937 Sinbon Electronics Co Ltd .. 2,162 0.08 2,067,629 Tripod Technology Corp .... 5,641 0.19 95,000 Walsin Technology Corp .... 663 0.02 645,463 Yageo Corp ......................... 9,703 0.33

Food Products

4,741,000

Uni-President Enterprises Corp .................................... 12,375 0.42

Home Furnishings

627,000

Nien Made Enterprise Co Ltd ...................................... 4,908 0.17

Hotels, Restaurants and Leisure 452,219 Giant Manufacturing Co Ltd 1,940 0.07

Insurance

1,926,000

Cathay Financial Holding Co Ltd ...................................... 3,312 0.11

8,502,448

Shin Kong Financial Holding Co Ltd ................... 3,328 0.12

Metals and Mining 569,547 Catcher Technology Co Ltd 6,268 0.21

Miscellaneous Manufacturers 74,000 Largan Precision Co Ltd ..... 8,810 0.30

Pharmaceuticals 40,000 TCI Co Ltd .......................... 643 0.02

Retail Trade 79,000 President Chain Store Corp . 928 0.03

Semiconductor Equipment and Products 626,000 MediaTek Inc ...................... 5,054 0.17 1,370,000 Nanya Technology Corp ..... 2,607 0.09

352,000

Novatek Microelectronics Corp .................................... 1,741 0.06

1,982,000 Realtek Semiconductor Corp 8,828 0.30

6,371,343

Taiwan Semiconductor Manufacturing Co Ltd ........ 54,776 1.87

705,604

Taiwan Semiconductor Manufacturing Co Ltd ADR 31,159 1.06

30,795,500

United Microelectronics Corp .................................... 16,289 0.56

1

Vanguard International Semiconductor Corp ........... - 0.00




Number of Shares


Fund %

Textile and Apparel 427,310 Eclat Textile Co Ltd ............ 5,290 0.18

1,941,000 Far Eastern New Century Corp ..................................... 2,269 0.08

249,478 8.52 Thailand (2.26%) Banks

1,625,900 Siam Commercial Bank PCL 7,491 0.26 Beverages

3,266,436 Thai Beverage PCL ............. 1,626 0.05 Chemicals

640,500

PTT Global Chemical PCL NVDR ................................. 1,609 0.05

Diversified Financials 1,222,299 Tisco Financial Group PCL . 3,165 0.11

Food Products

7,191,900

Charoen Pokphand Foods PCL ..................................... 5,615 0.19

4,113,093 Thai Union Group PCL ....... 2,277 0.08 Health Care Providers and Services

4,839,400

Bangkok Dusit Medical Services PCL ....................... 3,816 0.13

Insurance

4,868,816

Bangkok Life Assurance PCL NVDR ......................... 4,893 0.17

Oil and Gas

909,261

PTT Exploration & Production PCL NVDR ....... 4,358 0.15

5,010,900 PTT PCL NVDR ................. 8,406 0.29 901,100 Thai Oil PCL ....................... 2,466 0.08

Real Estate 2,779,018 Central Pattana PCL ............ 7,132 0.24 34,600 Central Pattana PCL NVDR 89 0.00 3,295,316 Pruksa Holding PCL ............ 2,160 0.08

Retail Trade 2,760,000 CP ALL PCL ....................... 5,889 0.20 4,048,100 Minor International PCL ..... 5,132 0.18

66,124 2.26 Turkey (1.55%) Automobiles

50,220 Ford Otomotiv Sanayi AS ... 550 0.02

719,983

Tofas Turk Otomobil Fabrikasi AS ........................ 2,562 0.09

Banks 2,702,940 Turkiye Garanti Bankasi AS 3,469 0.12 3,089,424 Turkiye Is Bankasi AS ........ 2,273 0.08 1,246,484 Yapi ve Kredi Bankasi AS .. 390 0.01

Beverages

460,838

Anadolu Efes Biracilik Ve Malt Sanayii AS .................. 1,617 0.05

132,923 Coca-Cola Icecek AS .......... 747 0.03 Construction and Engineering

1,673,821 Enka Insaat ve Sanayi AS ... 1,452 0.05

Number of Shares


Fund %

472,705

TAV Havalimanlari Holding AS ....................................... 2,461 0.08

Distributors

2,347,632

Turkiye Sise ve Cam Fabrikalari AS ..................... 2,282 0.08

Food Products 201,963 BIM Birlesik Magazalar AS 2,735 0.09 170,366 Ulker Biskuvi Sanayi AS .... 480 0.02

Health Care Providers and Services 1,069,107 MLP Saglik Hizmetleri AS . 2,157 0.07

Holding Companies - Diversified Operations

641,860

Haci Omer Sabanci Holding AS ....................................... 815 0.03

824,555 Tekfen Holding AS ............. 2,968 0.10 Iron and Steel

2,899,462

Eregli Demir ve Celik Fabrikalari TAS .................. 5,324 0.18

690,518

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS . 467 0.02

Oil and Gas

372,078

Tupras Turkiye Petrol Rafinerileri AS .................... 8,312 0.28

Real Estate

3,836,366

Emlak Konut Gayrimenkul Yatirim Ortakligi AS .......... 1,143 0.04

Retail Trade ........................ 544,144 Sok Marketler Ticaret AS ... 803 0.03

Telecommunications

1,232,777

Turkcell Iletisim Hizmetleri AS ....................................... 2,368 0.08

45,375 1.55 United Arab Emirates (0.67%) Banks

1,333,116

Abu Dhabi Commercial Bank PJSC .......................... 2,878 0.10

Commercial Services and Supplies 242,066 DP World Ltd ..................... 4,623 0.16

Oil and Gas

10,035

ADES International Holding Ltd ...................................... 136 0.00

Real Estate 6,602,960 Aldar Properties PJSC ........ 3,290 0.11 5,632,242 Emaar Properties PJSC ....... 7,590 0.26

Retail Trade

1,027,670

Abu Dhabi National Oil Co for Distribution PJSC .......... 669 0.02

Telecommunications

103,108

Emirates Telecommunications Group Co PJSC .............................. 469 0.02

19,655 0.67 United Kingdom (1.17%) Banks

338,522 Bank of Georgia Group Plc . 7,555 0.26



Number of Shares


Fund %

Health Care Providers and Services 605,578 Mediclinic International Plc 3,388 0.12

Metals and Mining 358,550 KAZ Minerals Plc ............... 2,570 0.09

Oil and Gas 3,003,939 Tullow Oil Plc ..................... 10,314 0.35 676,570 Vivo Energy Plc .................. 1,139 0.04

Personal Products 250,960 Georgia Capital Plc ............. 3,651 0.12 1,351,659 PZ Cussons Plc .................... 4,121 0.14

Pharmaceuticals 63,814 Hikma Pharmaceuticals Plc . 1,540 0.05

34,278 1.17 United States (0.76%) Computers and Peripherals

46,228

Cognizant Technology Solutions Corp ..................... 3,567 0.12

35,841 EPAM Systems Inc ............. 4,935 0.17 Oil and Gas

703,670 Gran Tierra Energy Inc ........ 2,678 0.09 Personal Products

43,700 Colgate-Palmolive Co ......... 2,926 0.10 Retail Trade

9,844 FirstCash Inc ....................... 807 0.03 15,892 PriceSmart Inc ..................... 1,286 0.04 172,300 Yum China Holdings Inc ..... 6,049 0.21

22,248 0.76 Vietnam (0.46%) Banks

337,350

Vietnam Technological & Commercial Joint Stock Bank .................................... 422 0.01

Food Products 959,164 Vietnam Dairy Products JSC 5,645 0.19

Miscellaneous Manufacturers 1,470,736 Hoa Phat Group JSC ........... 2,667 0.09

Real Estate 2,084,649 Vincom Retail JSC .............. 3,744 0.14

Retail Trade

147,970

Mobile World Investment Corp ..................................... 807 0.03

13,285 0.46 Virgin Islands, British (0.18%) Chemicals

44,994,000 Tianhe Chemicals Group Ltd - 0.00 Internet Software and Services

175,997 Mail.Ru Group Ltd GDR ..... 4,755 0.15 Retail Trade

199,396 Lenta Ltd GDR .................... 706 0.03 5,461 0.18 Total Common Stock ........ 2,726,636 93.15

Number of Shares


Fund %

Preferred Stock (2.06%) Brazil (0.88%) Banks

604,708

Banco do Estado do Rio Grande do Sul SA ............... 2,268 0.08

5,900,000 Bco Nacional SA ................ - 0.00 397,090 Itau Unibanco Holding SA . 4,388 0.15

Electric Utilities

58,900

Centrais Eletricas Brasileiras SA ....................................... 275 0.01

Food Products

113,917

Cia Brasileira de Distribuicao ........................ 2,496 0.08


1,346,651

Itausa - Investimentos Itau SA ....................................... 3,406 0.12

Iron and Steel 2,039,100 Gerdau SA .......................... 8,777 0.30

Retail Trade 1,018,118 Lojas Americanas SA ......... 4,046 0.14

25,656 0.88 Chile (0.09%) Beverages

49,953

Embotelladora Andina SA (Class B) ............................. 195 0.01

48,938

Embotelladora Andina SA (Class A) ............................. 164 0.00

Chemicals

47,600

Sociedad Quimica y Minera de Chile SA ......................... 2,172 0.08

2,531 0.09 Colombia (0.01%) Banks

25,774 Bancolombia SA ................. 272 0.01 Korea, Republic of (1.03%) Insurance

2,212

Samsung Fire & Marine Insurance Co Ltd ................. 366 0.01

Semiconductor Equipment and Products 871,164 Samsung Electronics Co Ltd 29,726 1.02

30,092 1.03 Philippines (0.00%) Banks

3,771,656 Security Bank Corp ............. - 0.00 Russia (0.04%) Oil and Gas

2,418,600 Surgutneftegas OJSC .......... 1,410 0.04




Number of Shares


Fund %

Taiwan (0.01%) Diversified Financials

124,979

CTBC Financial Holding Co Ltd ....................................... 256 0.01

Total Preferred Stock ........ 60,217 2.06

Principal Amount

Long Term Bonds and Notes (0.00%) Brazil (0.00%)

Vale SA BRL 46,604 1.000%* .............................. - 0.00

Total Long Term Bonds and Notes ............................ - 0.00

Number of Shares

Warrants (0.75%) Australia (0.16%)

2,310,777

Macquarie Bank Ltd (FPT Corp)** ............................... 4,586 0.16

United Kingdom (0.36%)

242,261 HSBC Bank ......................... 2,842 0.10

258,427

HSBC Bank Plc (Al Tayyar AB)** .................................. 1,592 0.05

192,810

HSBC Bank Plc (Savola Group)** ............................. 1,563 0.05

109,304

HSBC Bank Plc (Almarai Co)** ................................... 1,415 0.05

292,808

HSBC Bank Plc (Herfy Food Services Co)** .................... 3,264 0.11

10,676 0.36

Number of Shares


Fund %

Switzerland (0.23%) 2,293,640 UBS AG (Delta One)** ...... 6,714 0.23

Total Warrants .................. 21,976 0.75 Rights (0.00%) Tunisia (0.00%)

1

Societe Frigorifique et Brasserie de Tunis SA ......... - 0.00

Total Rights ....................... - 0.00

Total Transferable Securities ........................... 2,808,829 95.96


4

Russell Investment Company III plc Russell Investments Euro Liquidity Fund - Class R Roll-Up Shares ................ 5 0.00

74,855

Russell Investment Company III plc Russell Investments U.S. Dollar Cash Fund II - Class R Roll-Up Shares ...... 77,096 2.63


Total Investments excluding Financial Derivative Instruments ..... 2,885,930 98.59


Notional Amount

USD ‘000

Average Cost Price

USD

Unrealised Gain (Loss) USD ‘000

Fund %

1,246 19.68

633 of BIST 30 Futures Long Futures Contracts Expiring October 2018 ..................................... 91 0.00

6,367 3,577.00

178 of FTSE JSE TOP 40 Index Futures Long Futures Contracts Expiring December 2018 ................................. (63) 0.00

26,717 3,515.37

152 of Hang Seng Index Futures Long Futures Contracts Expiring October 2018 ..................................... 359 0.01

26,820 1,382.50

388 of HSCEI Futures Long Futures Contracts Expiring October 2018 ..................................... 610 0.02



Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

14,682 0.26

222 of KOSPI 200 Index Futures Long Futures Contracts Expiring December 2018 ................................. 409 0.01

3,730 2,703.21

138 of Mexico Bolsa Index Futures Long Futures Contracts Expiring December 2018 ................................. (25) 0.00

21,319 1,029.88

414 of MSCI Emerging Markets Long Futures Contracts Expiring December 2018 ................................. 410 0.02

(51,985) (1,023.32)

1,016 of MSCI Emerging Markets Short Futures Contracts Expiring December 2018 ................................. (1,340) (0.05)

34,736 410.10

847 of MSCI Taiwan Index Futures Long Futures Contracts Expiring October 2018 ..................................... 42 0.00

10,521 11,051.94

476 of SGX CNX NIFTYR 50 Index Futures Long Futures Contracts Expiring October 2018 ..................................... (89) 0.00

Unrealised gain on open futures contracts ...................................................................... 1,921 0.06 Unrealised loss on open futures contracts ....................................................................... (1,517) (0.05) Net unrealised gain (loss) on open futures contracts ................................................. 404 0.01 Open Forward Foreign Currency Exchange Contracts ((0.02)%)

Settlement Date


Amount Sold ‘000


Fund %

02/10/2018 BRL 10,226 USD 2,469 92 0.00 02/10/2018 BRL 28,800 USD 6,968 244 0.02 05/11/2018 BRL 25,300 USD 6,224 96 0.00 12/10/2018 CLP 3,444,115 USD 5,177 46 0.00 12/10/2018 COP 6,015,476 USD 2,009 17 0.00 16/10/2018 HKD 17,540 USD 2,237 5 0.00 19/12/2018 HKD 36,991 USD 4,721 12 0.00 19/12/2018 HKD 33,000 USD 4,212 10 0.00 19/12/2018 HKD 8,000 USD 1,024 (1) 0.00 19/12/2018 HKD 81,640 USD 10,418 27 0.00 19/12/2018 HKD 81,640 USD 10,419 26 0.00 19/12/2018 HKD 81,640 USD 10,419 26 0.00 08/11/2018 IDR 141,912,702 USD 9,603 (122) 0.00 13/12/2018 INR 196,966 USD 2,817 (124) 0.00 13/12/2018 INR 1,144,033 USD 16,257 (614) (0.04) 19/12/2018 INR 938,750 USD 12,737 90 0.00 15/11/2018 KRW 2,612,722 USD 2,336 21 0.00 15/11/2018 KRW 11,854,012 USD 10,597 100 0.00 15/11/2018 KRW 869,712 USD 768 17 0.00 19/12/2018 KRW 4,000,000 USD 3,559 54 0.00 16/10/2018 MXN 81,765 USD 4,256 107 0.00 19/12/2018 MXN 16,641 USD 850 29 0.00 19/12/2018 MXN 17,000 USD 875 24 0.00 19/12/2018 MXN 16,641 USD 850 29 0.00 19/12/2018 MXN 16,641 USD 848 31 0.00




Settlement Date


Amount Sold ‘000


Fund %

19/12/2018 MXN 16,641 USD 850 30 0.00 29/11/2018 MYR 43,391 USD 10,763 (291) (0.01) 12/10/2018 PEN 5,120 USD 1,549 2 0.00 16/10/2018 THB 254,461 USD 7,777 95 0.00 16/10/2018 TRY 17,695 USD 2,781 136 0.01 19/12/2018 TRY 1,904 USD 277 24 0.00 19/12/2018 TRY 2,100 USD 315 17 0.00 19/12/2018 TRY 1,904 USD 277 24 0.00 19/12/2018 TRY 1,904 USD 277 25 0.00 19/12/2018 TRY 1,904 USD 277 24 0.00 01/10/2018 USD 306 BRL 1,234 (3) 0.00 02/10/2018 USD 2,467 BRL 10,226 (93) 0.00 02/10/2018 USD 7,065 BRL 28,800 (146) 0.00 05/11/2018 USD 145 BRL 600 (5) 0.00 12/10/2018 USD 1,992 COP 6,015,476 (34) 0.00 16/10/2018 USD 2,236 HKD 17,540 (6) 0.00 19/12/2018 USD 1,922 HKD 15,000 2 0.00 19/12/2018 USD 1,021 HKD 8,000 (2) 0.00 08/11/2018 USD 4,508 IDR 66,561,820 61 0.00 13/12/2018 USD 1,904 INR 139,483 (3) 0.00 13/12/2018 USD 1,863 INR 132,158 56 0.00 19/12/2018 USD 949 INR 70,000 (8) 0.00 19/12/2018 USD 685 INR 50,000 2 0.00 19/12/2018 USD 383 INR 28,000 - 0.00 15/11/2018 USD 1,053 KRW 1,161,231 5 0.00 15/11/2018 USD 25,045 KRW 28,323,790 (512) (0.02) 15/11/2018 USD 5,138 KRW 5,731,938 (35) 0.00 15/11/2018 USD 1,547 KRW 1,729,324 (13) 0.00 15/11/2018 USD 5,642 KRW 6,298,384 (42) 0.00 19/12/2018 USD 1,344 KRW 1,500,000 (11) 0.00 19/12/2018 USD 1,757 KRW 1,971,000 (24) 0.00 16/10/2018 USD 4,336 MXN 81,765 (28) 0.00 19/12/2018 USD 622 MXN 12,000 (12) 0.00 12/10/2018 USD 1,555 PEN 5,120 4 0.00 14/11/2018 USD 10,040 RUB 665,054 (70) 0.00 16/10/2018 USD 5,293 THB 171,562 (14) 0.00 16/10/2018 USD 12,257 TRY 79,401 (833) (0.04) 19/12/2018 USD 375 TRY 2,450 (13) 0.00 19/12/2018 USD 1,155 ZAR 17,000 (34) 0.00 16/10/2018 ZAR 92,212 USD 6,127 377 0.03 14/11/2018 ZAR 16,187 USD 1,132 5 0.00 19/12/2018 ZAR 21,880 USD 1,420 111 0.00 19/12/2018 ZAR 17,000 USD 1,104 85 0.00 19/12/2018 ZAR 7,000 USD 490 (1) 0.00 19/12/2018 ZAR 21,880 USD 1,420 110 0.01 19/12/2018 ZAR 21,880 USD 1,420 110 0.01 19/12/2018 ZAR 21,880 USD 1,419 112 0.01

Unrealised gain on open forward foreign currency exchange contracts .......................... 2,520 0.09 Unrealised loss on open forward foreign currency exchange contracts ........................... (3,094) (0.11) Net unrealised gain (loss) on open forward foreign currency exchange contracts .. (574) (0.02)



Total Return Swaps (0.01%)

Ccy

Notional Amount

‘000 Fund Pays

Fund Receives

Termination Date


Fund %

BRL 23,843 0.00% Bovespa Index

Future 17/10/2018

189 0.01 Total return equity swaps at fair value ........................................................................ 189 0.01 Total Financial Derivative Instruments ....................................................................... 19 0.00


Fund %

Total Financial Assets at Fair Value through Profit or Loss (98.75%) .......................................................................... 2,890,560 98.75

Total Financial Liabilities at Fair Value through Profit or Loss ((0.16)%) .......................................................................... (4,611) (0.16)

Net Financial Assets at Fair Value through Profit or Loss (98.59%) ................................................................................... 2,885,949 98.59

Other Net Assets (1.41%) ....................................................... 41,235 1.41 Net Assets ................................................................................. 2,927,184 100.00

Abbreviation used: ADR - American Depository Receipt GDR - Global Depository Receipt NVDR - Non-Voting Depository Receipt * Perpetual bond. ** Equity Linked Note (ELN). The first named entity is the issuer of the ELN and the underlying entity of the ELN follows in brackets


gross assets Transferable securities admitted to an official stock exchange listing ....................................................... 94.61 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) ........................... 0.75 Investment funds (UCITS) ........................................................................................................................ 2.61 Exchange traded financial derivative instruments ..................................................................................... 0.07 Over the counter financial derivative instruments ..................................................................................... 0.09 Other assets ................................................................................................................................................ 1.87 100.00

The broker for the open futures contracts is Goldman Sachs. The counterparties for the open forward foreign currency exchange contracts are:

Bank of America Merrill Lynch JP Morgan Bank of Montreal Morgan Stanley Barclays Bank Natwest Markets Plc Brown Brothers Harriman Royal Bank of Canada Citibank Standard Chartered Bank Deutsche Bank State Street Bank and Trust Company HSBC Westpac Banking Corp

The counterparty for total return swaps is Goldman Sachs.





Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total

USD ‘000 Assets Financial assets at fair value through profit or loss:

Investments at fair value: Transferable securities .................................................. 2,808,829 - - 2,808,829 Investment funds ........................................................... - 77,101 - 77,101

Unrealised gain on open futures contracts ........................ 1,921 - - 1,921 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 2,520 - 2,520 Total return equity swaps at fair value ............................. - 189 - 189

Total assets ......................................................................... 2,810,750 79,810 - 2,890,560 Liabilities Financial liabilities at fair value through profit or loss:

Unrealised loss on open futures contracts ........................ (1,517) - - (1,517) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (3,094) - (3,094)

Total liabilities ................................................................... - (3,094) - (4,611) As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 3,151,389 22,691 7 3,174,087 Investment funds ........................................................... - 115,603 - 115,603

Unrealised gain on open futures contracts ........................ 1,374 - - 1,374 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 2,493 - 2,493 Total return equity swaps at fair value ............................. - 76 - 76

Total assets ......................................................................... 3,152,763 140,863 7 3,293,633 Liabilities Financial liabilities at fair value through profit or loss:

Unrealised loss on open futures contracts ........................ (2,578) - - (2,578) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (2,289) - (2,289) Total return equity swaps at fair value ............................. - (375) - (375)

Total liabilities ................................................................... (2,578) (2,664) - (5,242)

Russell Investment Company plc Russell Investments Emerging Markets Equity Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 46 Russell Investments Emerging Markets Equity Fund


USD ‘000 Portfolio Securities Disposal Proceeds

USD ‘000 Russell Investment Company III plc Russell Investment Company III plc

Russell Investments U.S. Dollar Cash Fund II Russell Investments U.S. Dollar Cash Fund II Class R Roll-Up Shares 423,737 Class R Roll-Up Shares (463,394)

Alibaba Group Holding Ltd ADR 19,973 Alibaba Group Holding Ltd ADR (34,568) China CITIC Bank Corp Ltd 17,586 Taiwan Semiconductor Manufacturing Co Ltd ADR (22,696) Baidu Inc ADR 16,340 Tencent Holdings Ltd (20,683) Sberbank of Russia PJSC ADR 14,164 Bank of China Ltd (17,164) Ping An Insurance Group Co of China Ltd 13,537 China Construction Bank Corp (17,018) Tata Consultancy Services Ltd 13,206 Infosys Ltd ADR (16,816) China Mobile Ltd 12,270 Hana Financial Group Inc (12,890) Infosys Ltd ADR 11,685 SK Hynix Inc (12,399) Yandex NV 11,338 China Mobile Ltd (12,330) Vale SA 11,082 Turk Hava Yollari AO (11,269) China Petroleum & Chemical Corp 11,034 Petroleo Brasileiro SA ADR (10,631) Samsung Electronics Co Ltd 10,942 Baidu Inc (10,601) ICICI Bank Ltd 10,372 Itau Unibanco Holding SA ADR (10,219) Wuliangye Yibin Co Ltd 10,240 Galaxy Entertainment Group Ltd (9,865) Gazprom PJSC ADR 10,112 POSCO (9,727) Taiwan Semiconductor Manufacturing Co Ltd 9,901 Nanya Technology Corp (9,179) Yageo Corp 9,897 Samsung Electronics Co Ltd (8,835) Woori Bank 9,668 Standard Bank Group Ltd (8,782) Sino-American Silicon Products Inc 9,649 CIFI Holdings Group Co Ltd (8,781)

Russell Investment Company plc Russell Investments Global Bond Fund Balance Sheet As at 30 September 2018


Russell Investments Global Bond Fund 47


USD ‘000


Assets Financial assets at fair value through profit or loss ..................................................... 1,862,485 1,996,947 Cash at bank (Note 2) .................................................................................................. 9,163 5,925 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................ 35,021 27,140 Debtors:

Receivable for investments sold .............................................................................. 178,239 96,176 Receivable on fund shares issued ............................................................................ 395 381 Interest receivable .................................................................................................... 9,684 10,765 Prepayments and other debtors ................................................................................ 71 63


Bank overdraft (Note 2) ........................................................................................... - (8,426) Cash due to brokers and counterparties for open financial derivative instruments (Note 2) .................................................................................................................... (10,442) (1,445) Payable for investments purchased .......................................................................... (366,855) (218,499) Payable on fund shares redeemed ............................................................................ (1,353) (3,583) Distributions payable on income share classes ........................................................ (4,120) (4,199) Management fees payable ........................................................................................ (1,067) (1,186) Depositary fees payable ........................................................................................... (156) (31) Sub-custodian fees payable ...................................................................................... (61) (78) Administration fees payable .................................................................................... (77) (51) Audit fees payable ................................................................................................... (16) (30)

(412,202) (264,709) Net assets attributable to redeemable participating shareholders ........................ 1,682,856 1,872,688

Russell Investment Company plc Russell Investments Global Bond Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 48 Russell Investments Global Bond Fund





Income Dividends ................................................................................................................. 22 - Interest income ........................................................................................................ 22,902 19,878

22,924 19,878 Net gain (loss) on investment activities ...................................................................... (129,263) 120,080 Total investment income (expense) ......................................................................... (106,339) 139,958 Expenses

Management fees (Note 4) ...................................................................................... (6,979) (7,177) Depositary fees (Note 5) ......................................................................................... (266) (93) Sub-custodian fees (Note 5) .................................................................................... (69) (250) Administration and transfer agency fees (Note 5) .................................................. (311) (291) Audit fees ................................................................................................................ (15) (15) Professional fees ..................................................................................................... (4) (25) Other fees ................................................................................................................ (76) (70)

Total operating expenses .......................................................................................... (7,720) (7,921) Net income (expense) ................................................................................................ (114,059) 132,037 Finance costs

Distributions (Note 7) ............................................................................................. (23,964) (22,534) Profit (loss) for the financial period before taxation ............................................. (138,023) 109,503 Taxation (Note 8)

Capital gains tax ..................................................................................................... (85) (73) Withholding tax ...................................................................................................... (165) (202)

Net increase (decrease) in net assets attributable to redeemable participating

shareholders resulting from operations ................................................................ (138,273) 109,228 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments Global Bond Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................... (138,273) 109,228 Share transactions

Reinvestment of deemed distributions on accumulation shares (Note 7) ................ 17,869 15,685 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................ (69,428) 193,110

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ........................................................................................ (189,832) 318,023 Net assets attributable to redeemable participating shareholders

Beginning of financial period .................................................................................. 1,872,688 1,599,050

End of financial period ............................................................................................ 1,682,856 1,917,073

Russell Investment Company plc Russell Investments Global Bond Fund Schedule of Investments 30 September 2018


Principal Amount


Fund %

Transferable Securities (101.58%) Long Term Bonds and Notes (92.60%) Australia (1.93%)

Australia & New Zealand Banking Group Ltd

USD 2,000,000 2.822% due 19/08/20 ....... 2,010 0.12 Australia Government Bond

AUD 2,216,000 4.500% due 15/04/20 ....... 1,664 0.10 5,503,000 5.750% due 15/07/22 ....... 4,503 0.27 3,194,000 2.250% due 21/11/22 ....... 2,316 0.14 755,000 3.250% due 21/04/25 ....... 572 0.03 1,890,000 2.750% due 21/11/27 ....... 1,378 0.08 288,000 3.750% due 21/04/37 ....... 231 0.01

Driver Australia Five Trust 1,100,977 2.780% due 21/07/26 ....... 796 0.05

Firstmac Mortgage Funding Trust

USD 825,377 3.081% due 08/03/49 ....... 823 0.05 Flexi ABS Trust AUD 1,100,000 2.920% due 23/06/23 ....... 797 0.05

FMG Resources August 2006 Pty Ltd

USD 982,000 4.750% due 15/05/22 ....... 976 0.06

Latitude Australia Personal Loans Trust

AUD 500,000 4.135% due 17/01/28 ....... 362 0.02 National Australia Bank Ltd

USD 1,000,000 3.017% due 09/12/19 ....... 1,006 0.06 1,350,000 2.820% due 22/05/20 ....... 1,356 0.08 900,000 2.250% due 16/03/21 ....... 879 0.05

EUR 2,121,000 1.375% due 30/08/28 ....... 2,435 0.14

New South Wales Treasury Corp

AUD 900,000 2.750% due 20/11/25 ....... 946 0.06

Pacific National Finance Pty Ltd

USD 700,000 4.750% due 22/03/28 ....... 674 0.04

Pepper Residential Securities Trust

AUD 1,026,180 2.894% due 13/08/57 ....... 744 0.04 1,300,000 3.035% due 16/09/59 ....... 937 0.06

Queensland Treasury Corp 900,000 3.000% due 22/03/24 ....... 662 0.04 Westpac Banking Corp

USD 4,200,000 2.681% due 01/09/20 ....... 4,212 0.25 2,200,000 2.100% due 25/02/21 ....... 2,140 0.13 32,419 1.93 Austria (0.14%)

Raiffeisen Bank International AG

EUR 400,000 4.500%* ........................... 399 0.02

Principal Amount


Fund %

Republic of Austria Government Bond

700,000 3.900% due 15/07/20 ...... 877 0.05 427,000 1.750% due 20/10/23 ...... 539 0.03 222,000 0.750% due 20/10/26 ...... 263 0.02 148,000 3.150% due 20/06/44 ...... 241 0.02 2,319 0.14 Belgium (0.60%)

European Union 373,000 2.750% due 04/04/22 ...... 477 0.03

Groupe Bruxelles Lambert SA

1,100,000 1.875% due 19/06/25 ...... 1,280 0.08 KBC Group NV

1,710,000 5.625%* .......................... 2,015 0.12

Kingdom of Belgium Government Bond

571,326 4.250% due 28/09/21 ...... 755 0.04 1,381,143 2.600% due 22/06/24 ...... 1,821 0.11 2,560,000 0.800% due 22/06/28 ...... 2,965 0.18 410,979 5.000% due 28/03/35 ...... 741 0.04 10,054 0.60 Bermuda (0.14%)

Aircastle Ltd USD 400,000 5.500% due 15/02/22 ...... 416 0.03 Athene Holding Ltd

980,000 4.125% due 12/01/28 ...... 917 0.05 CAL Funding III Ltd

1,091,125 3.620% due 25/06/42 ...... 1,066 0.06 2,399 0.14 Brazil (1.04%)

Brazil Notas do Tesouro Nacional Serie B

BRL 8,805,000 6.000% due 15/05/45 ...... 7,081 0.42 1,279,000 6.000% due 15/08/50 ...... 1,017 0.06

Brazil Notas do Tesouro Nacional Serie F

4,251,000 10.000% due 01/01/21 .... 1,103 0.07 10,976,000 10.000% due 01/01/23 .... 2,743 0.16 8,971,000 10.000% due 01/01/25 .... 2,177 0.13 14,500,000 10.000% due 01/01/27 .... 3,430 0.20 17,551 1.04 Canada (2.81%)

Bank of Nova Scotia USD 800,000 1.875% due 26/04/21 ...... 774 0.05

Canadian Government Bond CAD 2,805,000 3.500% due 01/06/20 ...... 2,216 0.13

910,000 1.500% due 01/06/23 ...... 679 0.04 6,856,000 2.500% due 01/06/24 ...... 5,344 0.32 2,161,000 3.500% due 01/12/45 ...... 2,027 0.12 910,000 2.500% due 01/12/48 ...... 754 0.04

Russell Investment Company plc Russell Investments Global Bond Fund Schedule of Investments - continued 30 September 2018



Principal Amount


Fund %

Canadian Government Real Return Bond

232,232 1.500% due 01/12/44 ....... 216 0.01

Canadian Natural Resources Ltd

USD 700,000 3.450% due 15/11/21 ....... 697 0.04

Canadian Pacific Railway Co

600,000 4.500% due 15/01/22 ....... 618 0.04 CPPIB Capital Inc

6,880,000 2.391% due 27/12/19 ....... 6,875 0.41

Fairfax Financial Holdings Ltd

CAD 1,940,000 4.700% due 16/12/26 ....... 1,536 0.09 EUR 1,300,000 2.750% due 29/03/28 ....... 1,521 0.09 Golden Credit Card Trust USD 700,000 2.558% due 15/02/21 ....... 701 0.04 National Bank of Canada

1,000,000 2.800% due 20/08/20 ....... 989 0.06 Nutrien Ltd 210,000 3.375% due 15/03/25 ....... 199 0.01 372,000 3.000% due 01/04/25 ....... 343 0.02

Province of British Columbia

CAD 700,000 2.700% due 18/12/22 ....... 543 0.03 Province of Ontario Canada 780,000 4.000% due 02/06/21 ....... 627 0.04 960,000 3.150% due 02/06/22 ....... 756 0.04 700,000 3.500% due 02/06/24 ....... 560 0.03 Province of Quebec Canada 1,430,000 4.250% due 01/12/21 ....... 1,164 0.07 980,000 3.500% due 01/12/22 ....... 784 0.05 800,000 3.000% due 01/09/23 ....... 627 0.04 190,000 6.000% due 01/10/29 ....... 186 0.01 1,200,000 5.000% due 01/12/38 ....... 1,172 0.07 320,000 5.000% due 01/12/41 ....... 319 0.02 Royal Bank of Canada

USD 1,500,000 2.300% due 22/03/21 ....... 1,468 0.09 GBP 1,267,000 1.125% due 22/12/21 ....... 1,637 0.10

Toronto-Dominion Bank USD 4,355,000 2.700% due 01/05/20 ....... 4,318 0.26 GBP 4,441,000 1.072% due 07/06/21 ....... 5,799 0.34 USD 1,000,000 2.500% due 18/01/22 ....... 973 0.06 Trillium Credit Card Trust II

900,000 2.468% due 27/02/23 ....... 901 0.05 47,323 2.81 Cayman Islands (1.26%)

Ambac LSNI LLC 3,180,239 7.396% due 12/02/23 ....... 3,224 0.19

Blackbird Capital Aircraft Lease Securitization Ltd

1,855,667 2.487% due 16/12/41 ....... 1,798 0.11

Principal Amount


Fund %

Canyon CLO 2,100,000 3.115% due 15/07/31 ...... 2,092 0.12

Dryden 50 Senior Loan Fund 1,590,000 3.559% due 15/07/30 ...... 1,591 0.10

ECAF I Ltd 489,026 3.473% due 15/06/40 ...... 485 0.03

Goldentree Loan Management US Clo 2 Ltd

423,000 3.498% due 28/11/30 ...... 424 0.03 LCM XXV Ltd

2,710,000 3.558% due 20/07/30 ...... 2,714 0.16 Phoenix Group Holdings EUR 1,930,000 4.375% due 24/01/29 ...... 2,184 0.13 QNB Finance Ltd USD 1,900,000 3.688% due 12/02/20 ...... 1,917 0.11 Sands China Ltd

650,000 5.400% due 08/08/28 ...... 648 0.04

Shackleton 2013-IV-R CLO Ltd

860,000 3.337% due 13/04/31 ...... 853 0.05 Voya CLO Ltd 2,251,000 3.586% due 17/04/30 ...... 2,255 0.13 1,059,000 3.469% due 15/10/30 ...... 1,059 0.06 21,244 1.26 Chile (0.13%)

Colbun SA 1,229,000 3.950% due 11/10/27 ...... 1,171 0.07

Latam Airlines Pass Through Trust

1,026,721 4.200% due 15/11/27 ...... 993 0.06 2,164 0.13 Colombia (0.43%)

COP Colombian TES 1,670,100,000 11.000% due 24/07/20 .... 621 0.04 3,614,700,000 7.000% due 04/05/22 ...... 1,271 0.08 3,487,900,000 10.000% due 24/07/24 .... 1,386 0.08 6,596,000,000 7.500% due 26/08/26 ...... 2,340 0.14 4,358,700,000 7.750% due 18/09/30 ...... 1,554 0.09

7,172 0.43 Czech Republic (0.02%)

Czech Republic Government Bond

CZK 5,530,000 2.400% due 17/09/25 ...... 255 0.02 Denmark (0.27%) Danske Bank A/S

USD 2,800,000 2.831% due 02/03/20 ...... 2,795 0.16 910,000 6.125%* .......................... 840 0.05

Denmark Government Bond DKK 5,648,040 1.500% due 15/11/23 ...... 951 0.06

4,586 0.27



Principal Amount


Fund %

Dominican Republic (0.01%)

Dominican Republic International Bond

USD 100,000 6.875% due 29/01/26 ....... 107 0.01 Finland (0.20%)

Finland Government Bond EUR 417,000 2.000% due 15/04/24 ....... 535 0.03

Nordea Bank ABP USD 2,100,000 2.787% due 29/05/20 ....... 2,108 0.12

800,000 2.250% due 27/05/21 ....... 775 0.05 3,418 0.20 France (2.60%)

Agence Francaise de Developpement

1,200,000 2.750% due 22/03/21 ....... 1,189 0.07 Altice France SA

400,000 7.375% due 01/05/26 ....... 402 0.02 AXA SA EUR 1,480,000 3.250% due 28/05/49 ....... 1,689 0.10

BPCE SA USD 900,000 4.000% due 12/09/23 ....... 889 0.05

1,348,000 4.625% due 12/09/28 ....... 1,332 0.08

Cie Generale des Etablissements Michelin SCA

EUR 400,000 2.500% due 03/09/38 ....... 476 0.03 Credit Mutuel Arkea SA

1,300,000 3.250% due 01/06/26 ....... 1,555 0.09 Dexia Credit Local SA USD 1,600,000 2.500% due 25/01/21 ....... 1,577 0.09

Electricite de France SA 2,650,000 4.500% due 21/09/28 ....... 2,614 0.16

EUR 1,400,000 4.000%* ........................... 1,633 0.10 600,000 5.000%* ........................... 728 0.04 400,000 5.375%* ........................... 503 0.03

GBP 900,000 6.000%* ........................... 1,204 0.07

French Republic Government Bond OAT

EUR 3,750,000 Zero Coupon due 25/05/22 4,385 0.26 7,425,553 0.750% due 25/05/28 ....... 8,627 0.51 775,000 4.500% due 25/04/41 ....... 1,435 0.09 1,650,000 2.000% due 25/05/48 ....... 2,069 0.12 5,860,000 1.750% due 25/05/66 ....... 6,589 0.39

Pernod Ricard SA USD 900,000 4.250% due 15/07/22 ....... 915 0.06 SCOR SE

1,400,000 5.250%* ........................... 1,224 0.07 SNCF Reseau EPIC

1,800,000 2.000% due 13/10/20 ....... 1,760 0.11

Principal Amount


Fund %

Total Capital International SA

EUR 800,000 1.491% due 04/09/30 ...... 941 0.06 43,736 2.60 Germany (2.34%)

Bayer AG 2,590,000 3.000% due 01/07/75 ...... 3,077 0.18

Bundesobligation 800,000 Zero Coupon due 17/04/20 938 0.06

Bundesrepublik Deutschland Bundesanleihe

74,746 0.250% due 15/02/27 ...... 86 0.01 2,876,127 0.500% due 15/08/27 ...... 3,382 0.20 11,557,000 0.500% due 15/02/28 ...... 13,525 0.80 640,000 1.250% due 15/08/48 ...... 776 0.05 Deutsche Bank AG

USD 5,200,000 2.700% due 13/07/20 ...... 5,096 0.30 600,000 3.307% due 13/07/20 ...... 598 0.04 1,000,000 3.162% due 22/01/21 ...... 989 0.06

EUR 3,000,000 1.500% due 20/01/22 ...... 3,502 0.21 400,000 1.750% due 17/01/28 ...... 431 0.03

Deutsche Bundesrepublik Inflation Linked Bond

641,430 0.100% due 15/04/23 ...... 800 0.05

Kreditanstalt fuer Wiederaufbau

1,169,000 0.625% due 15/01/25 ...... 1,380 0.08

Landwirtschaftliche Rentenbank

200,000 2.875% due 30/08/21 ...... 253 0.01

Red & Black Auto Germany 5 UG

1,056,756 0.128% due 15/01/27 ...... 1,234 0.07

State of North Rhine-Westphalia

1,880,000 0.625% due 17/11/23 ...... 2,231 0.13 Volkswagen Leasing GmbH

900,000 1.000% due 16/02/23 ...... 1,043 0.06 39,341 2.34 Greece (0.64%)

Hellenic Republic Government Bond

9,000,000 3.375% due 15/02/25 ...... 10,225 0.61 535,000 3.750% due 30/01/28 ...... 602 0.03 10,827 0.64 Guernsey, Channel Islands (0.19%)

Credit Suisse Group Funding Guernsey Ltd

USD 800,000 3.125% due 10/12/20 ...... 794 0.05 900,000 4.623% due 16/04/21 ...... 939 0.05 800,000 3.800% due 15/09/22 ...... 797 0.05




Principal Amount


Fund %

Globalworth Real Estate Investments Ltd

EUR 520,000 3.000% due 29/03/25 ....... 608 0.04 3,138 0.19 Hungary (0.12%)

HUF Hungary Government Bond 575,000,000 3.000% due 27/10/27 ....... 1,982 0.12 Iceland (0.22%)

ISK Iceland Rikisbref 151,550,321 8.000% due 12/06/25 ....... 1,540 0.09 220,482,828 6.500% due 24/01/31 ....... 2,102 0.13 3,642 0.22 Indonesia (0.27%)

Indonesia Government International Bond

USD 737,000 5.875% due 15/01/24 ....... 791 0.05 EUR 1,800,000 2.150% due 18/07/24 ....... 2,119 0.13

Pelabuhan Indonesia III Persero PT

USD 1,600,000 4.500% due 02/05/23 ....... 1,598 0.09 4,508 0.27 Ireland (1.88%)

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

600,000 4.625% due 30/10/20 ....... 612 0.04 BAMS CMBS DAC GBP 1,200,000 4.192% due 17/05/28 ....... 1,564 0.09

European Loan Conduit EUR 600,000 0.750% due 26/10/28 ....... 695 0.04

1,125,000 3.250% due 26/10/28 ....... 1,303 0.08

European Residential Loan Securitisation DAC

482,650 0.628% due 24/03/61 ....... 553 0.03 Fastnet Securities 9 DAC

45,158 1.331% due 10/08/53 ....... 53 0.00

GE Capital International Funding Co Unlimited Co

USD 6,633,000 2.342% due 15/11/20 ....... 6,483 0.38 Grand Canal Securities EUR 435,935 0.628% due 24/12/58 ....... 502 0.03

Ireland Government Bond 478,797 3.900% due 20/03/23 ....... 651 0.04 3,629,000 5.400% due 13/03/25 ....... 5,524 0.33 5,042,000 1.000% due 15/05/26 ....... 5,990 0.36 755,000 1.700% due 15/05/37 ....... 889 0.05 1,120,000 2.000% due 18/02/45 ....... 1,363 0.08

Orwell Park CLO Designated Activity Co

960,000 2.700% due 18/07/29 ....... 1,113 0.07

Principal Amount


Fund %

Roadster Finance Designated Activity Co

850,000 1.625% due 09/12/24 ...... 961 0.06

Rochester Financing No 2 Plc

GBP 725,651 2.100% due 20/06/45 ...... 955 0.06 Taurus DEU Ltd EUR 400,000 2.100% due 01/02/26 ...... 466 0.03

Taurus UK DAC GBP 141,261 2.654% due 17/11/27 ...... 185 0.01

119,375 3.304% due 17/11/27 ...... 157 0.01

Virgin Media Receivables Financing Notes I DAC

1,200,000 5.500% due 15/09/24 ...... 1,574 0.09 31,593 1.88 Israel (0.11%)

Israel Government Bond ILS 1,059,000 3.750% due 31/03/24 ...... 332 0.02

Israel Government International Bond

USD 1,600,000 4.125% due 17/01/48 ...... 1,535 0.09 1,867 0.11 Italy (2.13%) Enel SpA

GBP 145,000 7.750% due 10/09/75 ...... 206 0.01 EUR 1,070,000 2.500% due 24/11/78 ...... 1,183 0.07

910,000 3.375% due 24/11/81 ...... 1,006 0.06 Eni SpA

USD 935,000 4.000% due 12/09/23 ...... 926 0.05 318,000 4.750% due 12/09/28 ...... 316 0.02 Intesa Sanpaolo SpA

EUR 590,000 1.750% due 20/03/28 ...... 616 0.04 1,000,000 6.250%* .......................... 1,160 0.07 990,000 7.750%* .......................... 1,237 0.07

Italy Buoni Poliennali Del Tesoro

2,060,000 4.000% due 01/09/20 ...... 2,517 0.15 925,000 1.200% due 01/04/22 ...... 1,046 0.06 6,397,000 0.950% due 01/03/23 ...... 7,032 0.42 1,286,000 1.450% due 15/05/25 ...... 1,379 0.08 117,000 1.250% due 01/12/26 ...... 121 0.01 2,810,000 2.200% due 01/06/27 ...... 3,082 0.18 3,264,000 2.000% due 01/02/28 ...... 3,499 0.21 3,873,000 2.450% due 01/09/33 ...... 4,063 0.24 1,767,000 2.250% due 01/09/36 ...... 1,758 0.10 700,000 3.250% due 01/09/46 ...... 767 0.05 1,123,000 2.700% due 01/03/47 ...... 1,115 0.07 42,000 3.450% due 01/03/48 ...... 47 0.00

Republic of Italy Government International Bond

GBP 1,050,000 6.000% due 04/08/28 ...... 1,603 0.10



Principal Amount


Fund %

Taurus IT Srl EUR 76,285 1.181% due 18/02/27 ....... 89 0.01

UniCredit SpA 200,000 6.625%* ........................... 230 0.01 660,000 9.250%* ........................... 857 0.05 35,855 2.13 Japan (6.56%)

Central Nippon Expressway Co Ltd

USD 1,800,000 2.881% due 04/08/20 ....... 1,804 0.11 1,600,000 2.362% due 28/05/21 ....... 1,551 0.09 1,900,000 2.567% due 02/11/21 ....... 1,844 0.11

Chugoku Electric Power Co Inc

500,000 2.701% due 16/03/20 ....... 495 0.03

Development Bank of Japan Inc

1,700,000 1.625% due 01/09/21 ....... 1,623 0.10 1,400,000 2.125% due 01/09/22 ....... 1,338 0.08 600,000 2.500% due 18/10/22 ....... 582 0.03

Japan Finance Organization for Municipalities

1,500,000 2.000% due 08/09/20 ....... 1,464 0.09

JPY Japan Government Five Year Bond

1,290,900,000 0.100% due 20/12/19 ....... 11,396 0.68 434,450,000 0.100% due 20/03/20 ....... 3,837 0.23 451,000,000 0.100% due 20/09/21 ....... 3,993 0.24

Japan Government Forty Year Bond

87,700,000 0.400% due 20/03/56 ....... 627 0.04

Japan Government Ten Year Bond

309,950,000 1.300% due 20/03/21 ....... 2,823 0.17 1,408,700,000 0.100% due 20/03/27 ....... 12,434 0.74

813,000,000 0.100% due 20/09/27 ....... 7,165 0.43

Japan Government Thirty Year Bond

183,400,000 2.000% due 20/03/42 ....... 2,046 0.12 791,000,000 0.300% due 20/06/46 ....... 6,039 0.36 480,000,000 0.800% due 20/12/47 ....... 4,148 0.25

Japan Government Twenty Year Bond

121,000,000 2.100% due 20/12/27 ....... 1,260 0.07 466,550,000 2.100% due 20/03/30 ....... 4,980 0.30 799,250,000 1.500% due 20/06/34 ....... 8,163 0.48 551,200,000 0.400% due 20/03/36 ....... 4,747 0.28 157,950,000 0.600% due 20/12/36 ....... 1,398 0.08 707,000,000 0.500% due 20/03/38 ....... 6,079 0.36

Japan International Cooperation Agency

USD 800,000 2.750% due 27/04/27 ....... 756 0.04

JPY Japanese Government CPI Linked Bond

826,961,800 0.100% due 10/03/26 ....... 7,579 0.45

Principal Amount


Fund %

Mitsubishi UFJ Financial Group Inc

USD 329,000 4.201% due 01/03/21 ...... 340 0.02 2,361,000 2.985% due 26/07/21 ...... 2,372 0.14

Mizuho Financial Group Inc AUD 3,000,000 3.752% due 19/07/23 ...... 2,182 0.13

Sumitomo Mitsui Banking Corp

USD 1,000,000 2.643% due 18/10/19 ...... 1,001 0.06 800,000 2.514% due 17/01/20 ...... 794 0.05

Sumitomo Mitsui Financial Group Inc

1,400,000 3.482% due 19/10/21 ...... 1,424 0.08

Tokyo Metropolitan Government

2,100,000 2.500% due 08/06/22 ...... 2,038 0.12 110,322 6.56 Jersey, Channel Islands (0.23%)

AA Bond Co Ltd GBP 1,323,000 4.875% due 31/07/24 ...... 1,730 0.10

Atrium European Real Estate Ltd

EUR 1,148,000 3.000% due 11/09/25 ...... 1,345 0.08

HSBC Bank Capital Funding Sterling 1 LP

GBP 503,000 5.844%* .......................... 789 0.05 3,864 0.23 Korea, Republic of (0.05%)

Korea Hydro & Nuclear Power Co Ltd

USD 900,000 3.750% due 25/07/23 ...... 894 0.05 Kuwait (0.04%)

Kuwait International Government Bond

700,000 2.750% due 20/03/22 ...... 685 0.04 Luxembourg (0.90%)

Altice Luxembourg SA 700,000 7.750% due 15/05/22 ...... 683 0.04

CPI Property Group SA EUR 600,000 2.125% due 04/10/24 ...... 692 0.04

European Financial Stability Facility

1,310,000 0.950% due 14/02/28 ...... 1,540 0.09 European Investment Bank

AUD 5,567,000 6.000% due 06/08/20 ...... 4,296 0.26 USD 189,000 2.875% due 15/09/20 ...... 189 0.01 EUR 227,000 2.750% due 15/09/25 ...... 305 0.02

228,000 4.000% due 15/10/37 ...... 384 0.02 1,862,000 1.750% due 15/09/45 ...... 2,271 0.14

European Stability Mechanism

1,325,000 0.100% due 31/07/23 ...... 1,535 0.09




Principal Amount


Fund %

Holcim US Finance Sarl & Cie SCS

USD 400,000 6.000% due 30/12/19 ....... 413 0.02 Telecom Italia Finance SA EUR 1,815,000 7.750% due 24/01/33 ....... 2,908 0.17

15,216 0.90 Macedonia (0.09%)

Macedonia Government International Bond

1,375,000 2.750% due 18/01/25 ....... 1,579 0.09 Malaysia (1.29%) Malaysia Government Bond

MYR 3,900,000 4.378% due 29/11/19 ....... 953 0.06 13,917,000 3.659% due 15/10/20 ....... 3,379 0.20 2,271,000 3.441% due 15/02/21 ....... 547 0.03 20,560,000 4.048% due 30/09/21 ....... 5,028 0.30 13,711,000 3.795% due 30/09/22 ....... 3,320 0.20 10,770,000 4.181% due 15/07/24 ....... 2,634 0.15 24,600,000 3.955% due 15/09/25 ....... 5,929 0.35 21,790 1.29 Mexico (2.61%) Mexican Bonos

MXN 25,920,000 5.000% due 11/12/19 ....... 1,342 0.08 191,232,000 8.000% due 11/06/20 ....... 10,270 0.61 95,250,000 6.500% due 10/06/21 ....... 4,943 0.29

192,584,000 10.000% due 05/12/24 ..... 11,425 0.68 31,763,000 7.500% due 03/06/27 ....... 1,654 0.10 66,340,000 7.750% due 29/05/31 ....... 3,475 0.21 1,543,000 10.000% due 20/11/36 ..... 98 0.01 13,303,000 8.500% due 18/11/38 ....... 741 0.04 19,020,000 8.500% due 18/11/38 ....... 1,059 0.06 60,509,000 7.750% due 13/11/42 ....... 3,117 0.18

Mexico Government International Bond

USD 642,000 3.625% due 15/03/22 ....... 644 0.04 Petroleos Mexicanos 1,000,000 6.000% due 05/03/20 ....... 1,031 0.06

MXN 80,000,000 7.470% due 12/11/26 ....... 3,658 0.22 USD 460,000 6.500% due 13/03/27 ....... 471 0.03

43,928 2.61 Morocco (0.04%)

Morocco Government International Bond

749,000 4.250% due 11/12/22 ....... 752 0.04 Netherlands (2.03%) ABN AMRO Bank NV 2,210,000 2.752% due 19/01/21 ....... 2,212 0.13 1,624,000 3.400% due 27/08/21 ....... 1,619 0.10 1,695,000 3.400% due 27/08/21 ....... 1,689 0.10

EUR 700,000 4.750%* ........................... 789 0.05

Principal Amount


Fund %

Achmea BV 559,000 6.000% due 04/04/43 ...... 723 0.04

Argentum Netherlands BV for Givaudan SA

EUR 300,000 1.125% due 17/09/25 ...... 349 0.02 500,000 2.000% due 17/09/30 ...... 586 0.04 Cooperatieve Rabobank UA 800,000 6.875% due 19/03/20 ...... 1,018 0.06 1,000,000 4.625%* .......................... 1,175 0.07

Daimler International Finance BV

GBP 2,100,000 2.000% due 04/09/23 ...... 2,716 0.16

Enel Finance International NV

USD 1,775,000 4.250% due 14/09/23 ...... 1,755 0.10 600,000 4.250% due 14/09/23 ...... 593 0.04 1,400,000 4.625% due 14/09/25 ...... 1,372 0.08 1,054,000 4.875% due 14/06/29 ...... 1,020 0.06 960,000 4.875% due 14/06/29 ...... 929 0.06

Equate Petrochemical BV 1,086,000 3.000% due 03/03/22 ...... 1,049 0.06 ING Groep NV

EUR 400,000 1.000% due 20/09/23 ...... 463 0.03 600,000 2.000% due 20/09/28 ...... 698 0.04

Mondelez International Holdings Netherlands BV

USD 400,000 2.000% due 28/10/21 ...... 382 0.02

Netherlands Government Bond

EUR 800,000 2.250% due 15/07/22 ...... 1,018 0.06 3,046,000 2.500% due 15/01/33 ...... 4,339 0.26 435,631 3.750% due 15/01/42 ...... 796 0.05

SRLEV NV 420,000 9.000% due 15/04/41 ...... 576 0.03 Syngenta Finance NV

USD 1,650,000 3.698% due 24/04/20 ...... 1,647 0.10 700,000 4.892% due 24/04/25 ...... 688 0.04 560,000 5.182% due 24/04/28 ...... 537 0.03 1,000,000 5.676% due 24/04/48 ...... 902 0.05

Telefonica Europe BV EUR 700,000 3.875%* .......................... 766 0.05

Volkswagen International Finance NV

900,000 3.875%* .......................... 1,007 0.06 600,000 4.625%* .......................... 694 0.04 34,107 2.03 New Zealand (1.00%)

New Zealand Government Bond

NZD 1,689,000 6.000% due 15/05/21 ...... 1,240 0.08 3,591,000 5.500% due 15/04/23 ...... 2,742 0.16 2,157,000 5.500% due 15/04/23 ...... 1,647 0.10 7,418,000 2.750% due 15/04/25 ...... 5,071 0.30



Principal Amount


Fund %

619,000 4.500% due 15/04/27 ....... 475 0.03

New Zealand Government Inflation Linked Bond

5,150,000 2.000% due 20/09/25 ....... 3,864 0.23 2,253,917 2.500% due 20/09/40 ....... 1,741 0.10 16,780 1.00 Peru (0.06%)

Peru Government Bond PEN 3,200,000 6.150% due 12/08/32 ....... 992 0.06

Poland (1.25%)

Republic of Poland Government Bond

PLN 8,880,000 1.500% due 25/04/20 ....... 2,413 0.14 4,720,000 5.250% due 25/10/20 ....... 1,377 0.08 15,301,000 2.000% due 25/04/21 ....... 4,179 0.25 12,980,000 5.750% due 25/10/21 ....... 3,929 0.24 20,911,000 4.000% due 25/10/23 ....... 6,063 0.36 11,546,000 2.500% due 25/07/26 ....... 3,003 0.18 20,964 1.25 Portugal (0.05%)

Portugal Obrigacoes do Tesouro OT

EUR 650,000 2.875% due 15/10/25 ....... 831 0.05 Qatar (0.24%)

Qatar Government International Bond

USD 900,000 3.875% due 23/04/23 ....... 908 0.05 1,400,000 3.875% due 23/04/23 ....... 1,412 0.08 900,000 4.500% due 23/04/28 ....... 928 0.06 800,000 5.103% due 23/04/48 ....... 834 0.05 4,082 0.24 Romania (0.03%)

Romanian Government International Bond

496,000 6.750% due 07/02/22 ....... 542 0.03 Saudi Arabia (0.23%)

Saudi Government International Bond

2,200,000 4.000% due 17/04/25 ....... 2,205 0.13 1,700,000 4.500% due 17/04/30 ....... 1,711 0.10 3,916 0.23 Singapore (1.58%)

Oversea-Chinese Banking Corp Ltd

900,000 2.762% due 17/05/21 ....... 901 0.05 Singapore Government Bond

SGD 587,000 1.625% due 01/10/19 ....... 429 0.03 3,160,000 2.000% due 01/07/20 ....... 2,317 0.14 4,007,000 2.250% due 01/06/21 ....... 2,948 0.17

Principal Amount


Fund %

3,464,000 1.250% due 01/10/21 ...... 2,476 0.15 5,970,000 3.125% due 01/09/22 ...... 4,534 0.27 2,523,000 2.750% due 01/07/23 ...... 1,890 0.11 4,213,000 3.000% due 01/09/24 ...... 3,197 0.19 2,840,000 2.375% due 01/06/25 ...... 2,078 0.12 2,463,000 2.125% due 01/06/26 ...... 1,766 0.10 5,240,000 3.500% due 01/03/27 ...... 4,138 0.25 26,674 1.58 Slovakia (0.15%)

Slovakia Government Bond EUR 2,000,000 1.875% due 09/03/37 ...... 2,478 0.15

South Africa (0.09%)

Republic of South Africa Government Bond

ZAR 20,000,000 10.500% due 21/12/26 .... 1,532 0.09 Spain (1.17%)

Autonomous Community of Catalonia

EUR 2,000,000 4.950% due 11/02/20 ...... 2,441 0.14 500,000 5.900% due 28/05/30 ...... 690 0.04 1,056,000 4.220% due 26/04/35 ...... 1,284 0.08

Banco Bilbao Vizcaya Argentaria SA

1,200,000 7.000%* .......................... 1,421 0.08 Banco Santander SA

1,700,000 6.250%* .......................... 1,991 0.12 CaixaBank SA

600,000 6.750%* .......................... 754 0.04 FCC Aqualia SA

1,120,000 2.629% due 08/06/27 ...... 1,303 0.08

Inmobiliaria Colonial Socimi SA

1,000,000 2.500% due 28/11/29 ...... 1,133 0.07 Spain Government Bond 910,000 4.000% due 30/04/20 ...... 1,128 0.07 895,000 5.850% due 31/01/22 ...... 1,236 0.07 398,000 0.450% due 31/10/22 ...... 465 0.03 384,000 1.600% due 30/04/25 ...... 466 0.03 925,000 1.450% due 31/10/27 ...... 1,081 0.06 1,608,000 1.400% due 30/04/28 ...... 1,862 0.11 172,000 5.150% due 31/10/28 ...... 268 0.02 805,000 5.150% due 31/10/44 ...... 1,424 0.08 615,000 3.450% due 30/07/66 ...... 824 0.05 19,771 1.17 Sweden (0.38%)

Skandinaviska Enskilda Banken AB

USD 351,000 2.742% due 17/05/21 ...... 352 0.02 2,200,000 2.742% due 17/05/21 ...... 2,203 0.13




Principal Amount


Fund %

Stadshypotek AB 1,200,000 2.500% due 05/04/22 ....... 1,165 0.07 Svenska Handelsbanken AB 1,275,000 2.782% due 24/05/21 ....... 1,280 0.08 800,000 3.350% due 24/05/21 ....... 799 0.05

Sweden Government Bond SEK 4,665,000 2.500% due 12/05/25 ....... 601 0.03

6,400 0.38 Switzerland (0.36%)

Credit Suisse AG USD 1,290,000 3.000% due 29/10/21 ....... 1,272 0.08

Credit Suisse Group AG 750,000 2.997% due 14/12/23 ....... 716 0.04 700,000 4.207% due 12/06/24 ....... 698 0.04

Swiss Confederation Government Bond

CHF 428,000 1.500% due 24/07/25 ....... 488 0.03 202,000 1.250% due 27/06/37 ....... 235 0.01

UBS AG USD 800,000 2.907% due 08/06/20 ....... 804 0.05

UBS Group Funding Switzerland AG

1,200,000 3.000% due 15/04/21 ....... 1,183 0.07 600,000 2.650% due 01/02/22 ....... 580 0.04 5,976 0.36 Tunisia (0.03%)

Banque Centrale de Tunisie International Bond

EUR 394,000 5.625% due 17/02/24 ....... 448 0.03 United Arab Emirates (0.09%)

DP World Ltd GBP 1,200,000 4.250% due 25/09/30 ....... 1,553 0.09


Alba 2007-1 Plc 1,568,205 0.967% due 17/03/39 ....... 1,938 0.12

Barclays Bank Plc USD 900,000 7.625% due 21/11/22 ....... 977 0.06

Barclays Plc 1,200,000 4.451% due 10/08/21 ....... 1,245 0.07 700,000 3.684% due 10/01/23 ....... 682 0.04

EUR 600,000 0.625% due 14/11/23 ....... 675 0.04 USD 600,000 4.338% due 16/05/24 ....... 593 0.04 EUR 1,660,000 2.000% due 07/02/28 ....... 1,845 0.11

BAT International Finance Plc

USD 900,000 2.750% due 15/06/20 ....... 891 0.05

Business Mortgage Finance 7 Plc

GBP 280,653 2.802% due 15/02/41 ....... 365 0.02

Principal Amount


Fund %

Channel Link Enterprises Finance Plc

EUR 771,000 1.761% due 30/06/50 ...... 906 0.05

European Bank for Reconstruction & Development

AUD 1,800,000 0.500% due 21/12/23 ...... 1,148 0.07 Eurosail Plc

GBP 56,079 0.962% due 10/12/44 ...... 73 0.00 GBP 685,665 1.750% due 13/06/45 ...... 892 0.05 Gemgarto Plc

810,000 2.905% due 16/02/47 ...... 1,064 0.06 EUR 1,450,000 0.211% due 18/06/39 ...... 1,467 0.09

HSBC Holdings Plc USD 400,000 3.400% due 08/03/21 ...... 399 0.02

3,260,000 2.922% due 18/05/21 ...... 3,267 0.19 GBP 860,000 5.875%* .......................... 1,125 0.07 USD 308,000 6.500%* .......................... 298 0.02

Kensington Mortgage Securities Plc

GBP 722,046 1.080% due 14/06/40 ...... 913 0.05 USD 102,594 2.502% due 14/06/40 ...... 100 0.01 Keystone Financing Plc GBP 139,544 9.500% due 15/10/19 ...... 183 0.01 Legal & General Group Plc

330,000 5.875%* .......................... 437 0.03 Lloyds Bank Plc

EUR 1,260,000 10.375% due 12/02/24 .... 1,519 0.09 GBP 1,238,000 6.000% due 08/02/29 ...... 2,178 0.13 USD 600,000 7.500% due 02/04/32 ...... 477 0.03 Lloyds Banking Group Plc

900,000 3.153% due 21/06/21 ...... 904 0.05 Mansard Mortgages Plc GBP 493,742 1.447% due 15/12/49 ...... 636 0.04 Nationwide Building Society USD 800,000 4.363% due 01/08/24 ...... 797 0.05

Network Rail Infrastructure Finance Plc

1,267,000 4.375% due 09/12/30 ...... 2,094 0.12 Newday Funding Plc GBP 390,000 4.022% due 15/11/24 ...... 517 0.03

Newgate Funding Plc 2,021,306 0.969% due 01/12/50 ...... 2,533 0.15

EUR 1,635,533 0.281% due 15/12/50 ...... 1,874 0.11

Paragon Secured Finance No 1 Plc

GBP 362,631 2.802% due 15/11/35 ...... 467 0.03 RAC Bond Co Plc 560,000 4.565% due 06/05/23 ...... 745 0.04 833,000 4.870% due 06/05/26 ...... 1,091 0.06

Reckitt Benckiser Treasury Services Plc

USD 700,000 2.375% due 24/06/22 ...... 672 0.04 4,550,000 2.926% due 24/06/22 ...... 4,550 0.27



Principal Amount


Fund %

Residential Mortgage Securities 29 Plc

GBP 490,000 3.054% due 20/12/46 ....... 651 0.04 Ripon Mortgages Plc

490,000 2.605% due 20/08/56 ....... 637 0.04

Royal Bank of Scotland Group Plc

USD 800,000 3.498% due 15/05/23 ....... 776 0.05 1,000,000 3.875% due 12/09/23 ....... 972 0.06 700,000 3.923% due 25/06/24 ....... 705 0.04 700,000 4.519% due 25/06/24 ....... 699 0.04 600,000 4.892% due 18/05/29 ....... 597 0.04 Santander UK Plc 800,000 3.400% due 01/06/21 ....... 797 0.05

GBP 200,000 5.750% due 02/03/26 ....... 328 0.02 2,030,000 5.250% due 16/02/29 ....... 3,377 0.20

Standard Chartered Plc USD 800,000 4.247% due 20/01/23 ....... 803 0.05 Tesco Property Finance 3 Plc GBP 340,202 5.744% due 13/04/40 ....... 509 0.03

United Kingdom Gilt 1,080,000 1.750% due 07/09/37 ....... 1,378 0.08 1,175,000 3.250% due 22/01/44 ....... 1,933 0.12 4,095,000 3.500% due 22/01/45 ....... 7,051 0.42 400,000 4.250% due 07/12/55 ....... 860 0.05 Vodafone Group Plc

USD 800,000 3.750% due 16/01/24 ....... 792 0.05 570,000 5.000% due 30/05/38 ....... 564 0.03 1,898,000 6.250% due 03/10/78 ....... 1,893 0.11

Warwick Finance Residential Mortgages No One Plc

GBP 800,000 3.004% due 21/09/49 ....... 1,045 0.06 68,904 4.09 United States (48.35%) AbbVie Inc

USD 800,000 2.500% due 14/05/20 ....... 791 0.05 900,000 2.900% due 06/11/22 ....... 875 0.05 543,000 4.250% due 14/11/28 ....... 538 0.03 773,000 4.875% due 14/11/48 ....... 764 0.05

ABFC Trust 1,525,532 2.756% due 25/11/34 ....... 1,529 0.09

Accredited Mortgage Loan Trust

6,380,000 2.486% due 25/09/36 ....... 5,250 0.31

ACE Securities Corp Home Equity Loan Trust

415,962 3.176% due 25/04/35 ....... 418 0.03 480,552 2.366% due 25/07/36 ....... 248 0.01

Adjustable Rate Mortgage Trust

50,889 4.065% due 25/09/35 ....... 48 0.00

Principal Amount


Fund %

Air Lease Corp 600,000 2.625% due 01/07/22 ...... 575 0.03

AK Steel Corp 473,000 7.625% due 01/10/21 ...... 484 0.03

Ally Auto Receivables Trust 900,000 2.720% due 17/05/21 ...... 900 0.05 Ally Master Owner Trust 800,000 2.558% due 15/02/21 ...... 802 0.05 900,000 2.478% due 15/07/22 ...... 903 0.05 Alternative Loan Trust 65,087 5.250% due 25/06/35 ...... 61 0.00 110,606 3.242% due 25/11/35 ...... 105 0.01 58,114 2.845% due 25/12/35 ...... 54 0.00 96,191 5.500% due 25/03/36 ...... 74 0.00 663,128 6.000% due 25/05/36 ...... 565 0.03 556,666 6.000% due 25/10/36 ...... 467 0.03 170,408 3.716% due 25/02/37 ...... 166 0.01 156,367 6.250% due 25/08/37 ...... 134 0.01 88,829 2.406% due 25/09/46 ...... 82 0.01 2,157,679 2.356% due 25/04/47 ...... 2,079 0.12

Ambac Assurance Corp 679 5.100% due 07/06/20 ...... 1 0.00 American Express Co 800,000 3.375% due 17/05/21 ...... 801 0.05 3,800,000 2.961% due 27/02/23 ...... 3,800 0.23

American Express Credit Account Master Trust

1,300,000 1.640% due 15/12/21 ...... 1,292 0.08 5,185,000 2.670% due 17/10/22 ...... 5,166 0.31

American Express Credit Corp

1,500,000 2.909% due 30/10/19 ...... 1,507 0.09

American Home Mortgage Investment Trust

15,519 4.534% due 25/02/45 ...... 16 0.00

American Honda Finance Corp

800,000 2.937% due 09/09/21 ...... 807 0.05 3,300,000 2.691% due 05/11/21 ...... 3,306 0.20

American Tower Corp 800,000 5.900% due 01/11/21 ...... 851 0.05

AmeriCredit Automobile Receivables Trust

66,059 1.510% due 18/05/20 ...... 66 0.00 1,470,968 2.080% due 08/09/20 ...... 1,470 0.09 700,000 2.395% due 19/07/21 ...... 700 0.04

Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Certificates

1,240,000 3.326% due 25/03/35 ...... 1,238 0.07 Andeavor Logistics LP

2,180,000 5.250% due 15/01/25 ...... 2,235 0.13 Antero Resources Corp

486,000 5.375% due 01/11/21 ...... 493 0.03




Principal Amount


Fund %

Apple Inc 2,000,000 2.000% due 06/05/20 ....... 1,973 0.12 330,000 3.440% due 23/02/21 ....... 339 0.02

Ashford Hospitality Trust 600,000 3.158% due 15/05/35 ....... 602 0.04

Asset Backed Securities Corp Home Equity Loan Trust

514,522 3.086% due 25/03/35 ....... 511 0.03

Asset-Backed Pass-Through Certificates

207,392 2.936% due 25/04/35 ....... 208 0.01 AT&T Inc 700,000 2.989% due 15/01/20 ....... 703 0.04 900,000 3.071% due 01/06/21 ....... 908 0.05 800,000 3.200% due 01/03/22 ....... 789 0.05

AvalonBay Communities Inc 1,000,000 3.500% due 15/11/24 ....... 989 0.06 Aviation Capital Group LLC 900,000 3.013% due 30/07/21 ....... 904 0.05 600,000 4.125% due 01/08/25 ....... 590 0.04

Banc of America Funding Trust

1,301,379 4.592% due 20/07/36 ....... 1,346 0.08 123,957 3.752% due 20/10/46 ....... 100 0.01 148,130 3.929% due 20/01/47 ....... 142 0.01

Banc of America Mortgage Trust

167,745 4.030% due 25/05/35 ....... 167 0.01 Bank of America Corp 1,700,000 3.007% due 21/07/21 ....... 1,710 0.10 1,000,000 3.499% due 17/05/22 ....... 1,000 0.06 800,000 3.300% due 11/01/23 ....... 789 0.05 700,000 4.100% due 24/07/23 ....... 714 0.04 700,000 4.125% due 22/01/24 ....... 712 0.04 800,000 3.864% due 23/07/24 ....... 801 0.05

Basin Electric Power Cooperative

750,000 4.750% due 26/04/47 ....... 761 0.05 BAT Capital Corp 600,000 2.297% due 14/08/20 ....... 588 0.04 600,000 2.909% due 14/08/20 ....... 602 0.04 700,000 2.764% due 15/08/22 ....... 675 0.04

Bay Area Toll Authority 635,000 6.263% due 01/04/49 ....... 869 0.05 Bayer US Finance II LLC 900,000 3.500% due 25/06/21 ....... 898 0.05 1,100,000 2.750% due 15/07/21 ....... 1,073 0.06 900,000 3.344% due 15/12/23 ....... 902 0.05

Bayview Commercial Asset Trust

767,159 2.646% due 25/08/34 ....... 763 0.05 1,833,700 2.486% due 25/07/37 ....... 1,773 0.11

Principal Amount


Fund %

BBCMS Mortgage Trust 1,074,000 5.008% due 15/11/34 ...... 1,075 0.06 BCAP LLC Trust 2,037,177 2.203% due 26/07/36 ...... 1,946 0.12 1,962,256 2.487% due 26/01/47 ...... 150 0.01

Bear Stearns Adjustable Rate Mortgage Trust

45,353 4.168% due 25/05/34 ...... 44 0.00 457,057 3.962% due 25/05/47 ...... 414 0.02 Bear Stearns Alt-A Trust 239,235 4.187% due 25/09/35 ...... 196 0.01 143,043 3.800% due 25/11/35 ...... 125 0.01 1,096,713 3.851% due 25/01/36 ...... 1,099 0.07 536,793 3.907% due 25/08/36 ...... 417 0.03 109,948 4.167% due 25/08/36 ...... 75 0.00 399,983 3.927% due 25/11/36 ...... 337 0.02

Bear Stearns ARM Trust 918 4.116% due 25/08/33 ...... 1 0.00

Bear Stearns Asset Backed Securities I Trust

262,726 2.326% due 25/04/31 ...... 359 0.02 600,080 3.341% due 25/02/35 ...... 603 0.04

Bear Stearns Mortgage Securities Inc

79 4.124% due 25/06/30 ...... - 0.00

Bear Stearns Structured Products Inc

406,606 4.106% due 26/01/36 ...... 358 0.02 640,064 3.531% due 26/12/46 ...... 583 0.03 BMW US Capital LLC 2,900,000 2.788% due 06/04/20 ...... 2,908 0.17 1,000,000 2.747% due 12/04/21 ...... 1,004 0.06 750,000 2.819% due 13/08/21 ...... 753 0.04

Brambles USA Inc 500,000 4.125% due 23/10/25 ...... 495 0.03

Brixmor Operating Partnership LP

800,000 3.650% due 15/06/24 ...... 770 0.05

BX Commercial Mortgage Trust

1,600,000 3.279% due 15/03/37 ...... 1,603 0.10 C-BASS Trust

638,112 2.286% due 25/01/37 ...... 298 0.02

Capital One Multi-Asset Execution Trust

900,000 2.538% due 18/01/22 ...... 901 0.05 700,000 2.608% due 15/02/22 ...... 702 0.04 4,370,000 1.340% due 15/04/22 ...... 4,328 0.26

Caterpillar Financial Services Corp

2,500,000 2.564% due 15/03/21 ...... 2,505 0.15 2,075,000 1.931% due 01/10/21 ...... 1,996 0.12

CBL & Associates LP 300,000 5.950% due 15/12/26 ...... 249 0.02



Principal Amount


Fund %

Cedar Funding VI CLO Ltd 2,000,000 3.818% due 20/10/28 ....... 2,001 0.12

CenterPoint Energy Resources Corp

700,000 3.550% due 01/04/23 ....... 694 0.04

CGMS Commercial Mortgage Trust

518,360 3.258% due 15/07/30 ....... 517 0.03

Charter Communications Operating LLC

900,000 3.579% due 23/07/20 ....... 901 0.05 1,200,000 4.464% due 23/07/22 ....... 1,221 0.07 1,310,000 5.375% due 01/05/47 ....... 1,246 0.07

CHL Mortgage Pass-Through Trust

51,777 3.912% due 25/08/34 ....... 49 0.00 42,057 4.179% due 25/08/34 ....... 41 0.00 59,761 3.583% due 25/11/34 ....... 59 0.00 71,454 2.856% due 25/03/35 ....... 71 0.00 54,101 2.796% due 25/04/35 ....... 51 0.00 45,888 3.944% due 20/10/35 ....... 41 0.00 19,154 4.592% due 20/02/36 ....... 17 0.00 88,747 3.821% due 20/09/36 ....... 77 0.00

CIT Mortgage Loan Trust 521,423 3.566% due 25/10/37 ....... 527 0.03

Citibank Credit Card Issuance Trust

915,000 2.150% due 15/07/21 ....... 911 0.05 3,115,000 1.800% due 20/09/21 ....... 3,085 0.18 2,290,000 1.920% due 07/04/22 ....... 2,254 0.13 Citibank NA 600,000 2.850% due 12/02/21 ....... 594 0.04 3,950,000 2.917% due 23/07/21 ....... 3,973 0.24

Citicorp Mortgage Securities Trust

1,329 6.000% due 25/04/37 ....... 1 0.00

Citigroup Commercial Mortgage Trust

700,000 3.008% due 15/07/32 ....... 701 0.04 Citigroup Inc 3,571,000 3.397% due 08/12/21 ....... 3,635 0.22 800,000 2.750% due 25/04/22 ....... 777 0.05 800,000 2.700% due 27/10/22 ....... 770 0.05 800,000 2.876% due 24/07/23 ....... 774 0.05 800,000 3.344% due 01/06/24 ....... 804 0.05

Citigroup Mortgage Loan Trust Inc

800,000 3.161% due 25/10/34 ....... 808 0.05 40,933 4.240% due 25/09/35 ....... 42 0.00 2,077,000 2.486% due 25/08/36 ....... 2,054 0.12 2,889,877 3.780% due 25/08/36 ....... 2,851 0.17 287,164 4.186% due 25/09/37 ....... 278 0.02

City of Chicago IL 800,000 7.045% due 01/01/29 ....... 856 0.05

Principal Amount


Fund %

Cold Storage Trust 1,520,000 4.258% due 15/04/36 ...... 1,531 0.09

ConocoPhillips Co 4,675,000 3.214% due 15/05/22 ...... 4,769 0.28

Consolidated Edison Co of New York Inc

800,000 2.773% due 25/06/21 ...... 805 0.05 Constellation Brands Inc

600,000 2.650% due 07/11/22 ...... 574 0.03

Countrywide Asset-Backed Certificates

113,288 5.505% due 25/04/36 ...... 113 0.01 130,237 5.588% due 25/08/36 ...... 130 0.01 1,001,623 5.794% due 25/08/36 ...... 1,003 0.06 587,784 2.346% due 25/12/36 ...... 542 0.03 380,131 2.556% due 25/12/36 ...... 212 0.01

Credit Acceptance Auto Loan Trust

1,000,000 3.470% due 17/05/27 ...... 1,000 0.06

Credit Suisse First Boston Mortgage Securities Corp

23 4.205% due 25/08/33 ...... - 0.00

Crown Castle International Corp

500,000 3.400% due 15/02/21 ...... 499 0.03 800,000 3.700% due 15/06/26 ...... 766 0.05

CS Mortgage Securities 462,348 4.500% due 25/03/21 ...... 468 0.03

CSAB Mortgage-Backed Trust

354,348 6.172% due 25/06/36 ...... 160 0.01 CSMC Trust

193,760 6.500% due 26/07/36 ...... 105 0.01 CVS Health Corp 600,000 2.750% due 01/12/22 ...... 579 0.03 510,000 4.780% due 25/03/38 ...... 509 0.03

CWABS Asset-Backed Certificates Trust

1,501,675 2.376% due 25/09/46 ...... 1,482 0.09

CWHEQ Revolving Home Equity Loan Resuritization Trust

2,051,961 2.458% due 15/12/33 ...... 2,056 0.12 310,020 2.438% due 15/02/34 ...... 309 0.02 402,458 2.338% due 15/07/35 ...... 403 0.02 1,298,264 2.348% due 15/11/35 ...... 1,300 0.08

CWHEQ Revolving Home Equity Loan Trust

1,180,756 2.298% due 15/07/36 ...... 1,123 0.07 1,223,084 2.298% due 15/01/37 ...... 1,165 0.07

Daimler Finance North America LLC

800,000 3.100% due 04/05/20 ...... 798 0.05 1,700,000 2.768% due 12/02/21 ...... 1,702 0.10




Principal Amount


Fund %

Dell International LLC 700,000 4.420% due 15/06/21 ....... 711 0.04 439,000 7.125% due 15/06/24 ....... 471 0.03

Deutsche Alt-A Securities Mortgage Loan Trust

740,337 2.416% due 25/08/47 ....... 709 0.04 Dominion Energy Inc

1,000,000 2.914% due 15/05/20 ....... 1,000 0.06 Elanco Animal Health Inc 134,000 4.272% due 28/08/23 ....... 135 0.01 173,000 4.900% due 28/08/28 ....... 176 0.01

Enable Midstream Partners LP

1,718,000 4.400% due 15/03/27 ....... 1,652 0.10

Encore Credit Receivables Trust

28,720 2.951% due 25/10/35 ....... 29 0.00 Energy Transfer Partners LP 600,000 4.650% due 01/06/21 ....... 615 0.04 800,000 4.500% due 01/11/23 ....... 812 0.05

EnLink Midstream Partners LP

1,730,000 4.850% due 15/07/26 ....... 1,680 0.10

Enterprise Products Operating LLC

800,000 5.200% due 01/09/20 ....... 829 0.05 Eversource Energy

900,000 2.750% due 15/03/22 ....... 882 0.05

Fannie Mae Connecticut Avenue Securities

2,291,486 7.116% due 25/11/24 ....... 2,626 0.16 Fannie Mae Grantor Trust

55,392 6.000% due 25/02/44 ....... 60 0.00 Fannie Mae Pool 48,713 3.130% due 01/12/34 ....... 51 0.00 107,929 3.481% due 01/02/35 ....... 113 0.01 646,365 3.000% due 01/06/42 ....... 625 0.04 111,902 3.044% due 01/11/42 ....... 111 0.01 29,105 2.500% due 01/04/43 ....... 27 0.00 167,942 3.044% due 01/06/43 ....... 167 0.01 104,607 3.044% due 01/10/44 ....... 104 0.01 876,458 2.500% due 01/04/45 ....... 812 0.05 28,423 2.500% due 01/04/45 ....... 26 0.00 7,000,000 4.500% due 15/10/46 ....... 7,222 0.43 8,000,000 5.500% due 15/10/46 ....... 8,538 0.51 28,000,000 3.000% due 15/11/46 ....... 26,765 1.59 81,500,000 3.500% due 15/11/46 ....... 80,119 4.76 11,000,000 4.000% due 15/11/46 ....... 11,094 0.66

Fannie Mae REMIC Trust 128,514 6.000% due 25/07/44 ....... 141 0.01 Fannie Mae REMICS 113,446 6.000% due 25/06/33 ....... 21 0.00 74,399 3.914% due 25/05/35 ....... 78 0.00

Principal Amount


Fund %

7,118 6.000% due 25/04/43 ...... 8 0.00 Fannie Mae Trust 384 2.616% due 25/09/32 ...... - 0.00 126,768 2.415% due 25/09/42 ...... 126 0.01

Fannie Mae-Aces 480,444 2.816% due 25/11/20 ...... 481 0.03

First Frankin Mortgage Loan Trust

695,639 2.951% due 25/09/35 ...... 700 0.04

First Horizon Alternative Mortgage Securities Trust

1,233,832 2.866% due 25/11/35 ...... 950 0.06 514,724 2.916% due 25/12/35 ...... 398 0.02

First Horizon Mortgage Pass-Through Trust

366,996 4.024% due 25/05/37 ...... 304 0.02 First NLC Trust

379,718 2.286% due 25/08/37 ...... 234 0.01 FirstEnergy Corp

600,000 2.850% due 15/07/22 ...... 581 0.03

Ford Credit Auto Owner Trust

423,047 2.228% due 15/05/20 ...... 423 0.03 2,732,857 1.800% due 15/09/20 ...... 2,728 0.16 1,275,000 2.590% due 15/02/21 ...... 1,276 0.08 5,550,000 4.000% due 15/10/46 ...... 5,605 0.33 2,800,000 4.500% due 15/10/46 ...... 2,890 0.17 7,000,000 5.000% due 15/10/46 ...... 7,351 0.44

Freddie Mac Multifamily Structured Pass Through Certificates

853,981 2.814% due 25/09/22 ...... 858 0.05

Freddie Mac Reference REMIC

182,489 6.000% due 15/04/36 ...... 200 0.01

Freddie Mac Structured Agency Credit Risk Debt Notes

902,000 5.966% due 25/09/24 ...... 1,036 0.06 1,577,392 6.966% due 25/10/24 ...... 1,751 0.10 1,369,435 6.366% due 25/01/25 ...... 1,471 0.09 537,409 4.816% due 25/12/27 ...... 549 0.03 1,315,000 6.916% due 25/04/28 ...... 1,572 0.09

Freddie Mac Structured Pass-Through Certificates

319,383 3.045% due 25/10/44 ...... 318 0.02 General Mills Inc 317,000 4.550% due 17/04/38 ...... 305 0.02 317,000 4.700% due 17/04/48 ...... 305 0.02

General Motors Financial Co Inc

900,000 3.200% due 13/07/20 ...... 898 0.05 800,000 2.450% due 06/11/20 ...... 784 0.05 Ginnie Mae II Pool 18,779 2.750% due 20/09/25 ...... 19 0.00



Principal Amount


Fund %

15,103 3.125% due 20/10/26 ....... 16 0.00 6,000,000 4.000% due 15/10/46 ....... 6,102 0.36 6,500,000 4.500% due 15/10/46 ....... 6,718 0.40

GMACM Home Equity Loan Trust

532,111 5.750% due 25/10/36 ....... 539 0.03

GMACM Mortgage Loan Trust

50,936 3.939% due 19/11/35 ....... 49 0.00 Goldman Sachs Group Inc 975,000 3.134% due 13/12/19 ....... 982 0.06 800,000 3.060% due 23/02/23 ....... 804 0.05

Government National Mortgage Association

607,652 2.560% due 20/06/65 ....... 609 0.04 2,315,737 2.680% due 20/07/65 ....... 2,331 0.14 589,853 2.680% due 20/07/65 ....... 594 0.04 1,204,245 3.000% due 20/07/65 ....... 1,227 0.07 1,314,973 2.600% due 20/10/65 ....... 1,323 0.08 1,229,629 2.830% due 20/12/65 ....... 1,246 0.07 679,752 3.080% due 20/01/66 ....... 696 0.04 1,269,251 2.930% due 20/04/66 ....... 1,292 0.08 591,590 2.540% due 20/02/67 ....... 593 0.04 1,325,000 4.182% due 21/08/31 ....... 1,338 0.08

GreenPoint MTA Trust 576,059 2.456% due 25/08/45 ....... 548 0.03

GS Mortgage Securities Corp Trust

731,000 4.508% due 15/02/37 ....... 738 0.04 1,603,000 5.458% due 15/02/37 ....... 1,608 0.10 GSAA Home Equity Trust 1,377,401 2.386% due 25/09/36 ....... 643 0.04 268,693 2.516% due 25/03/37 ....... 169 0.01 GSAMP Trust 649,776 2.966% due 25/01/34 ....... 642 0.04 818,359 2.656% due 25/11/35 ....... 822 0.05 746,333 2.486% due 25/03/47 ....... 679 0.04 GSR Mortgage Loan Trust 96 6.000% due 25/03/32 ....... - 0.00 1,610 3.830% due 25/03/33 ....... 2 0.00 74,472 3.902% due 25/09/35 ....... 76 0.00 117,331 3.750% due 25/01/36 ....... 117 0.01

Halfmoon Parent Inc 730,000 4.900% due 15/12/48 ....... 728 0.04

Harley-Davidson Financial Services Inc

800,000 3.550% due 21/05/21 ....... 797 0.05 HCA Inc 100,000 6.500% due 15/02/20 ....... 104 0.01 600,000 5.375% due 01/09/26 ....... 608 0.04

Herc Rentals Inc 226,000 7.750% due 01/06/24 ....... 244 0.01

Principal Amount


Fund %

Hilton USA Trust 2,160,000 4.194% due 05/11/38 ...... 2,116 0.13 1,100,000 4.194% due 05/11/38 ...... 1,042 0.06

HMH Trust 1,832,000 6.292% due 05/07/31 ...... 1,766 0.11 Home Equity Asset Trust 1,600,000 2.626% due 25/04/36 ...... 1,592 0.09 2,110,000 2.606% due 25/07/36 ...... 2,098 0.12 1,408,067 2.496% due 25/08/36 ...... 1,404 0.08

Home Equity Mortgage Loan Asset-Backed Trust

1,192,813 2.376% due 25/07/37 ...... 786 0.05

Home Equity Mortgage Trust

242,726 6.000% due 25/01/37 ...... 128 0.01

Honda Auto Receivables Owner Trust

704,739 1.460% due 15/10/19 ...... 704 0.04 322,205 1.800% due 21/01/20 ...... 321 0.02 569,878 2.300% due 15/06/20 ...... 569 0.03 1,700,000 2.670% due 21/12/20 ...... 1,699 0.10

Honeywell International Inc 1,900,000 1.850% due 01/11/21 ...... 1,829 0.11

Hospitality Properties Trust 1,760,000 3.950% due 15/01/28 ...... 1,597 0.10

Howard University 475,000 2.200% due 01/08/31 ...... 475 0.03 Hyatt Hotel Portfolio Trust 1,248,000 4.013% due 09/08/32 ...... 1,251 0.07 648,000 5.209% due 09/08/32 ...... 653 0.04

IBM Credit LLC 500,000 2.608% due 20/01/21 ...... 503 0.03

IndyMac INDA Mortgage Loan Trust

936,864 4.407% due 25/07/37 ...... 863 0.05

IndyMac INDX Mortgage Loan Trust

385,201 2.456% due 25/06/37 ...... 383 0.02

Inter-American Development Bank

529,000 2.125% due 15/01/25 ...... 499 0.03

International Bank for Reconstruction & Development

520,000 2.500% due 29/07/25 ...... 500 0.03 EUR 1,900,000 1.200% due 08/08/34 ...... 2,203 0.13 Interpublic Group of Cos Inc USD 1,980,000 3.750% due 01/10/21 ...... 1,985 0.12

Iowa Tobacco Settlement Authority

130,000 6.500% due 01/06/23 ...... 132 0.01 ITC Holdings Corp

600,000 2.700% due 15/11/22 ...... 576 0.03




Principal Amount


Fund %

IXIS Real Estate Capital Trust

408,901 2.616% due 25/03/36 ....... 278 0.02 1,110,773 2.816% due 25/03/36 ....... 760 0.05 1,250,199 2.376% due 25/08/36 ....... 519 0.03 1,414,831 2.476% due 25/08/36 ....... 592 0.04

Jackson National Life Global Funding

900,000 2.811% due 11/06/21 ....... 905 0.05 JBS USA LUX SA

343,000 7.250% due 01/06/21 ....... 350 0.02 Jefferies Group LLC 2,000,000 4.850% due 15/01/27 ....... 1,970 0.12 2,280,000 4.150% due 23/01/30 ....... 2,053 0.12 John Deere Capital Corp 1,870,000 2.656% due 22/06/20 ....... 1,874 0.11 865,000 2.350% due 08/01/21 ....... 850 0.05 1,955,000 2.807% due 08/09/22 ....... 1,958 0.12

Johnson & Johnson 1,000,000 2.250% due 03/03/22 ....... 977 0.06

JP Morgan Alternative Loan Trust

84 5.500% due 25/11/36 ....... - 0.00

JP Morgan Chase Commercial Mortgage Securities Trust

600,000 3.158% due 15/06/32 ....... 602 0.04 JP Morgan Mortgage Trust 125,181 4.112% due 25/07/35 ....... 129 0.01 665,548 7.000% due 25/08/37 ....... 577 0.03

JPMBB Commercial Mortgage Securities Trust

1,000,000 3.358% due 15/11/48 ....... 997 0.06 JPMorgan Chase & Co 800,000 2.550% due 29/10/20 ....... 789 0.05 1,500,000 3.801% due 01/03/21 ....... 1,540 0.09 900,000 3.514% due 18/06/22 ....... 901 0.05 700,000 3.237% due 23/07/24 ....... 703 0.04 JPMorgan Chase Bank NA 1,000,000 2.588% due 13/02/20 ....... 1,001 0.06 900,000 3.086% due 26/04/21 ....... 898 0.05 Keurig Dr Pepper Inc 700,000 3.551% due 25/05/21 ....... 699 0.04 800,000 4.057% due 25/05/23 ....... 802 0.05 1,080,000 4.597% due 25/05/28 ....... 1,087 0.06 370,000 4.985% due 25/05/38 ....... 376 0.02

Kraft Heinz Foods Co 900,000 3.500% due 15/07/22 ....... 894 0.05

LB-UBS Commercial Mortgage Trust

112,484 6.114% due 15/07/40 ....... 112 0.01

Lehman ABS Manufactured Housing Contract Trust

24,150 5.270% due 15/04/40 ....... 24 0.00

Principal Amount


Fund %

1,160,000 6.630% due 15/04/40 ...... 1,232 0.07 200,628 2.366% due 25/04/37 ...... 191 0.01 1,281,039 2.406% due 25/11/46 ...... 1,261 0.08 692,572 2.595% due 25/03/47 ...... 678 0.04

Long Beach Mortgage Loan Trust

658,710 3.236% due 25/08/33 ...... 663 0.04 674,068 2.966% due 25/02/34 ...... 677 0.04

Los Angeles County Public Works Financing Authority

130,000 7.488% due 01/08/33 ...... 169 0.01

LP Credit Card ABS Master Trust

900,000 3.625% due 20/08/24 ...... 900 0.05 Marathon Oil Corp

800,000 2.700% due 01/06/20 ...... 790 0.05 Marathon Petroleum Corp

651,000 3.400% due 15/12/20 ...... 652 0.04 Masco Corp

600,000 3.500% due 01/04/21 ...... 600 0.04

MASTR Adjustable Rate Mortgages Trust

127,773 2.456% due 25/05/37 ...... 80 0.00

Mastr Asset Backed Securities Trust

923,000 3.161% due 25/03/35 ...... 932 0.06 1,103,468 2.376% due 25/11/36 ...... 784 0.05

McDonald's Corp 800,000 2.769% due 28/10/21 ...... 802 0.05

Merrill Lynch Mortgage Investors Trust

3,059 4.100% due 25/02/33 ...... 3 0.00 281,358 4.097% due 25/02/36 ...... 283 0.02 1,360,000 2.586% due 25/08/36 ...... 1,353 0.08 835,573 2.816% due 25/09/36 ...... 822 0.05

MGM Resorts International 300,000 6.750% due 01/10/20 ...... 316 0.02

Microchip Technology Inc 400,000 3.922% due 01/06/21 ...... 398 0.02

Mid-State Capital Corp Trust 770,163 6.497% due 15/08/37 ...... 838 0.05

Molson Coors Brewing Co 1,000,000 2.100% due 15/07/21 ...... 962 0.06 Morgan Stanley 1,191,000 2.891% due 10/02/21 ...... 1,195 0.07 2,796,000 3.747% due 21/04/21 ...... 2,867 0.17

Morgan Stanley Capital I Trust

2,108,000 4.108% due 15/06/35 ...... 2,116 0.13 2,607,000 4.108% due 15/07/35 ...... 2,614 0.16 856,196 5.574% due 12/11/49 ...... 866 0.05

Morgan Stanley Mortgage Loan Trust

374,198 5.726% due 25/10/36 ...... 199 0.01



Principal Amount


Fund %

270,989 2.576% due 25/04/37 ....... 138 0.01

Morgan Stanley Resecuritization Trust

1,602,000 2.585% due 26/04/47 ....... 1,346 0.08

MortgageIT Mortgage Loan Trust

582,221 2.446% due 25/04/36 ....... 555 0.03

MRFC Mortgage Pass-Through Trust

738,923 3.018% due 15/08/32 ....... 716 0.04 MSSG Trust

3,040,000 3.865% due 13/09/39 ....... 2,782 0.17

Municipal Electric Authority of Georgia

200,000 6.655% due 01/04/57 ....... 237 0.01

National Rural Utilities Cooperative Finance Corp

800,000 2.771% due 30/06/21 ....... 802 0.05

Nationstar Home Equity Loan Trust

2,860,000 2.546% due 25/09/36 ....... 2,778 0.17 Navient Corp 100,000 8.000% due 25/03/20 ....... 106 0.01 200,000 5.875% due 25/03/21 ....... 205 0.01

Navient Private Education Loan Trust

556,963 2.508% due 15/12/59 ....... 557 0.03 Navient Student Loan Trust

328,533 2.516% due 26/07/66 ....... 329 0.02 Nestle Holdings Inc

1,085,000 1.875% due 09/03/21 ....... 1,054 0.06

New Century Home Equity Loan Trust

2,120,000 2.696% due 25/10/35 ....... 2,070 0.12

New York City Water & Sewer System

660,000 5.882% due 15/06/44 ....... 840 0.05

Newcastle Mortgage Securities Trust

3,010,000 2.606% due 25/03/36 ....... 2,948 0.18 Newfield Exploration Co

1,039,000 5.625% due 01/07/24 ....... 1,100 0.07

NextEra Energy Capital Holdings Inc

900,000 3.342% due 01/09/20 ....... 902 0.05

Nissan Auto Receivables Owner Trust

495,672 2.248% due 15/12/20 ....... 496 0.03 495,672 2.390% due 15/12/20 ....... 495 0.03

Nissan Motor Acceptance Corp

700,000 3.227% due 13/01/22 ....... 708 0.04 Noble Energy Inc

2,443,000 3.850% due 15/01/28 ....... 2,312 0.14

Principal Amount


Fund %

Nomura Asset Acceptance Corp Alternative Loan Trust

1,271,218 3.316% due 25/12/34 ...... 1,272 0.08 167,703 4.204% due 25/10/35 ...... 167 0.01

Nomura Resecuritization Trust

1,790,000 2.215% due 26/10/36 ...... 1,718 0.10 587,977 2.225% due 26/10/36 ...... 584 0.03 463,836 3.811% due 26/03/37 ...... 470 0.03 1,272,707 2.737% due 26/06/46 ...... 1,261 0.08 603,870 2.517% due 26/04/47 ...... 590 0.04

Norfolk Southern Corp 900,000 3.000% due 01/04/22 ...... 886 0.05

Novartis Capital Corp 2,640,000 1.800% due 14/02/20 ...... 2,603 0.15

NovaStar Mortgage Funding Trust Series

693,291 2.421% due 25/09/46 ...... 338 0.02 One Market Plaza Trust 1,305,000 4.142% due 10/02/32 ...... 1,241 0.07 525,000 4.146% due 10/02/32 ...... 516 0.03

OneMain Financial Issuance Trust

700,000 2.370% due 14/09/32 ...... 688 0.04

Option One Mortgage Loan Trust

1,026,850 2.436% due 25/04/37 ...... 812 0.05 PACCAR Financial Corp

1,000,000 2.800% due 01/03/21 ...... 990 0.06 Pacific Gas & Electric Co

700,000 4.250% due 01/08/23 ...... 704 0.04 Park Place Securities Inc

1,240,000 2.686% due 25/09/35 ...... 1,243 0.07 Phillips 66

850,000 4.875% due 15/11/44 ...... 884 0.05 Procter & Gamble Co

4,130,000 2.613% due 01/11/19 ...... 4,142 0.25 Public Storage

800,000 3.094% due 15/09/27 ...... 749 0.04 RALI Trust 1,931,458 2.376% due 25/01/37 ...... 1,868 0.11 249,358 2.396% due 25/06/46 ...... 115 0.01 RAMP Trust 1,965,000 2.436% due 25/12/36 ...... 1,912 0.11 2,627,000 2.466% due 25/02/37 ...... 2,564 0.15

Residential Asset Securitization Trust

97,472 2.666% due 25/04/35 ...... 79 0.00 RFMSI Trust 117,365 4.420% due 25/09/35 ...... 100 0.01 96,914 4.631% due 25/02/36 ...... 88 0.01

Rib Floater Trust Various States

1,700,000 2.630% due 15/08/22 ...... 1,700 0.10




Principal Amount


Fund %

Rio Oil Finance Trust 700,000 8.200% due 06/04/28 ....... 718 0.04

Rockwell Collins Inc 800,000 2.800% due 15/03/22 ....... 779 0.05

Ryder System Inc 600,000 2.500% due 01/09/22 ....... 575 0.03

Sabine Pass Liquefaction LLC

800,000 5.625% due 01/02/21 ....... 833 0.05 SACO I Trust 399,455 2.576% due 25/08/30 ....... 390 0.02 235,155 2.876% due 25/01/36 ....... 236 0.01

Santander Drive Auto Receivables Trust

921,361 2.650% due 17/08/20 ....... 921 0.05 Santander Holdings USA Inc

1,600,000 4.400% due 13/07/27 ....... 1,534 0.09 Saxon Asset Securities Trust

251,557 2.996% due 25/05/35 ....... 198 0.01 SBA Tower Trust

700,000 3.168% due 11/04/22 ....... 690 0.04 162,272 2.346% due 25/05/37 ....... 125 0.01

SLM Private Education Loan Trust

425,919 1.850% due 17/06/30 ....... 423 0.03 SLM Student Loan Trust

763,767 2.485% due 25/10/29 ....... 763 0.05

SMB Private Education Loan Trust

196,830 2.608% due 17/06/24 ....... 197 0.01

Sofi Consumer Loan Program LLC

338,836 2.140% due 25/09/26 ....... 337 0.02

Soundview Home Loan Trust

2,499,000 2.686% due 25/03/36 ....... 2,488 0.15 Southern Co 1,700,000 3.037% due 30/09/20 ....... 1,706 0.10 900,000 2.350% due 01/07/21 ....... 873 0.05

Springleaf Finance Corp 700,000 8.250% due 15/12/20 ....... 762 0.05

Structured Adjustable Rate Mortgage Loan Trust

44,843 4.231% due 25/02/34 ....... 45 0.00 52,959 4.166% due 25/04/34 ....... 54 0.00 742,651 4.181% due 25/08/35 ....... 744 0.04

Structured Asset Investment Loan Trust

550,709 3.416% due 25/06/33 ....... 557 0.03 1,138,195 3.146% due 25/01/35 ....... 1,145 0.07 2,172,000 2.696% due 25/07/35 ....... 2,174 0.13 1,183,259 2.936% due 25/09/35 ....... 1,182 0.07 557,647 2.576% due 25/04/36 ....... 556 0.03

Principal Amount


Fund %

Structured Asset Mortgage Investments II Trust

374,742 2.418% due 19/07/35 ...... 367 0.02 152,833 2.418% due 19/07/35 ...... 150 0.01 1,215,669 2.436% due 25/09/47 ...... 1,161 0.07

Structured Asset Mortgage Investments Trust

2,999 2.828% due 19/09/32 ...... 3 0.00

Structured Asset Securities Corp Mortgage Loan Trust

814,103 2.526% due 25/09/36 ...... 815 0.05 1,023,316 2.386% due 25/12/36 ...... 1,003 0.06 1,879,602 2.386% due 25/01/37 ...... 1,847 0.11 1,733,304 2.346% due 25/02/37 ...... 1,712 0.10

Taxable Municipal Funding Trust

3,000,000 2.630% due 31/07/28 ...... 3,000 0.18

Tender Option Bond Trust Receipts/Certificates

4,200,000 Zero Coupon due 29/10/27 4,200 0.25

4,095,000 Zero Coupon due 01/08/49 ......................................... 4,095 0.24

Terwin Mortgage Trust 391,259 2.906% due 25/07/35 ...... 393 0.02 71,407 4.158% due 25/06/47 ...... 66 0.00 Towd Point Mortgage Trust 501,161 2.750% due 25/06/57 ...... 489 0.03 953,442 2.750% due 25/07/57 ...... 933 0.06

Toyota Auto Receivables Owner Trust

635,597 1.250% due 16/03/20 ...... 633 0.04 690,521 1.140% due 17/08/20 ...... 686 0.04 2,726,379 1.740% due 17/08/20 ...... 2,716 0.16 Toyota Motor Credit Corp 3,100,000 2.459% due 14/11/19 ...... 3,103 0.18 3,000,000 2.810% due 11/01/23 ...... 3,004 0.18

Triton Container Finance IV LLC

978,633 3.620% due 20/08/42 ...... 958 0.06

Triton Container Finance V LLC

1,900,000 3.950% due 20/03/43 ...... 1,880 0.11

Triton Container Finance VI LLC

417,925 3.520% due 20/06/42 ...... 407 0.02 U.S. Treasury Bonds 1,549,000 5.500% due 15/08/28 ...... 1,870 0.11 7,799,000 5.375% due 15/02/31 ...... 9,640 0.57 4,510,000 4.500% due 15/02/36 ...... 5,353 0.32 550,000 5.000% due 15/05/37 ...... 696 0.04 2,312,000 3.500% due 15/02/39 ...... 2,436 0.15 4,319,000 4.250% due 15/05/39 ...... 5,038 0.30 200,000 4.375% due 15/05/40 ...... 238 0.01 2,378,000 2.750% due 15/08/42 ...... 2,203 0.13



Principal Amount


Fund %

796,000 2.750% due 15/11/42 ....... 737 0.04 360,000 2.875% due 15/05/43 ....... 340 0.02 3,680,000 3.000% due 15/11/44 ....... 3,553 0.21 710,000 2.500% due 15/05/46 ....... 619 0.04 1,131,100 2.750% due 15/11/47 ....... 1,036 0.06 7,450,000 3.000% due 15/08/48 ....... 7,171 0.43

U.S. Treasury Inflation Indexed Bonds

5,412,833 0.125% due 15/04/20 ....... 5,343 0.32 6,601,017 1.125% due 15/01/21 ....... 6,641 0.39 7,101,780 0.625% due 15/04/23 ....... 7,012 0.42 5,594,555 0.625% due 15/01/24 ....... 5,521 0.33 5,862,420 0.250% due 15/01/25 ....... 5,627 0.33 13,957,101 0.625% due 15/01/26 ....... 13,662 0.81 12,406,210 0.375% due 15/01/27** ... 11,849 0.70 5,196,787 2.125% due 15/02/41 ....... 6,334 0.38 8,621,125 1.375% due 15/02/44 ....... 9,253 0.55 313,188 0.875% due 15/02/47 ....... 300 0.02 U.S. Treasury Notes 12,270,000 2.000% due 30/11/20 ....... 12,055 0.72 3,900,000 1.875% due 31/07/22 ....... 3,753 0.22 9,300,000 1.875% due 31/08/22 ....... 8,940 0.53 1,000,000 2.000% due 31/10/22 ....... 964 0.06 1,957,700 2.750% due 30/04/23 ....... 1,942 0.12 13,437,700 2.750% due 31/05/23 ....... 13,329 0.79 15,070,000 2.125% due 30/09/24 ....... 14,361 0.85 19,977,000 1.500% due 15/08/26 ....... 17,838 1.06 8,281,000 2.250% due 15/11/27 ....... 7,752 0.46 20,400,000 2.750% due 15/02/28 ....... 19,893 1.18 3,017,500 2.875% due 15/05/28 ....... 2,972 0.18

Unilever Capital Corp 2,450,000 3.000% due 07/03/22 ....... 2,427 0.14

United States Small Business Administration

72,275 6.290% due 01/01/21 ....... 74 0.00 United Technologies Corp

500,000 3.100% due 01/06/22 ....... 493 0.03 US Bank NA 3,800,000 2.662% due 24/01/20 ....... 3,810 0.23 2,000,000 2.487% due 23/10/20 ....... 2,000 0.12 500,000 2.655% due 26/04/21 ....... 502 0.03

Utah State Board of Regents 641,766 2.966% due 25/01/57 ....... 643 0.04

Verizon Communications Inc

2,445,000 2.860% due 22/05/20 ....... 2,460 0.15 VMware Inc

400,000 2.300% due 21/08/20 ....... 392 0.02 VOLT LXI LLC

446,801 3.125% due 25/06/47 ....... 444 0.03

Principal Amount


Fund %

VOLT LXII LLC 298,020 4.625% due 25/09/47 ...... 295 0.02

VOLT LXIII LLC 231,250 4.625% due 25/10/47 ...... 230 0.01

Voya Financial Inc 1,320,000 5.650% due 15/05/53 ...... 1,333 0.08

Wachovia Mortgage Loan Trust LLC

64,531 4.243% due 20/03/37 ...... 63 0.00

Waldorf Astoria Boca Raton Trust

2,140,000 6.508% due 15/06/29 ...... 2,151 0.13 Walmart Inc

930,000 2.596% due 23/06/21 ...... 935 0.06 Walt Disney Co

4,000,000 2.506% due 05/06/20 ...... 4,009 0.24

WaMu Asset-Backed Certificates

1,388,305 2.466% due 25/04/37 ...... 757 0.05

WaMu Mortgage Pass Through Certificates

75,075 3.864% due 25/09/36 ...... 73 0.00 1,084,432 3.864% due 25/09/36 ...... 1,054 0.06 1,578,812 3.268% due 25/12/36 ...... 1,541 0.09 2,074,432 2.901% due 25/01/37 ...... 1,969 0.12

Washington Mutual Mortgage Pass-Through Certificates

194,303 6.268% due 25/07/36 ...... 81 0.00 1,203,992 2.316% due 25/06/37 ...... 1,091 0.07

Wells Fargo & Co 3,000,000 3.661% due 04/03/21 ...... 3,069 0.18 Wells Fargo Bank NA 2,250,000 2.649% due 15/01/21 ...... 2,257 0.13 2,368,000 2.847% due 23/07/21 ...... 2,374 0.14 800,000 3.325% due 23/07/21 ...... 799 0.05 900,000 3.550% due 14/08/23 ...... 895 0.05

Wells Fargo Mortgage Backed Securities Trust

349,726 4.427% due 25/09/34 ...... 360 0.02 323,625 4.467% due 25/03/35 ...... 330 0.02 366,324 4.213% due 25/06/35 ...... 379 0.02 565,344 4.261% due 25/06/35 ...... 581 0.03 1,550,130 4.192% due 25/04/36 ...... 1,570 0.09 432,344 4.323% due 25/05/36 ...... 444 0.03 373,754 4.704% due 25/09/36 ...... 377 0.02

Welltower Inc 200,000 4.250% due 15/04/28 ...... 197 0.01

Westlake Automobile Receivables Trust

57,379 1.780% due 15/04/20 ...... 57 0.00




Principal Amount


Fund %

World Omni Auto Receivables Trust

800,000 2.570% due 15/07/21 ....... 799 0.05 Wyndham Destinations Inc

450,000 4.500% due 01/04/27 ....... 425 0.03 813,677 48.35 Virgin Islands, British (0.13%)

CMHI Finance BVI Co Ltd 2,200,000 4.375% due 06/08/23 ....... 2,195 0.13

Total Long Term Bonds and Notes ............................ 1,558,352 92.60

Short Term Investments (8.98%) Argentina (0.09%)

Argentine Republic Government International Bond

1,500,000 6.250% due 22/04/19 ....... 1,506 0.09 Australia (0.12%)

National Australia Bank Ltd 2,000,000 2.590% due 14/05/19 ....... 2,002 0.12 Bermuda (0.14%)

Novartis Securities Investment Ltd

2,345,000 5.125% due 10/02/19 ....... 2,365 0.14 Canada (0.20%)

Canadian Government Bond CAD 1,160,000 1.750% due 01/09/19 ....... 895 0.05 National Bank of Canada USD 1,000,000 3.172% due 14/12/18 ....... 1,002 0.06 Province of Quebec Canada

990,000 2.627% due 21/07/19 ....... 992 0.06 Royal Bank of Canada

545,000 2.150% due 15/03/19 ....... 544 0.03 3,433 0.20 Denmark (0.58%)

BRFkredit A/S DKK 19,600,000 1.000% due 01/10/18 ....... 3,053 0.18

Nordea Kredit Realkreditaktieselskab

33,700,000 1.000% due 01/10/18 ....... 5,249 0.31 Nykredit Realkredit A/S

9,300,000 1.000% due 01/10/18 ....... 1,449 0.09 9,751 0.58 France (0.06%)

mFinance France SA EUR 900,000 2.375% due 01/04/19 ....... 1,057 0.06

Principal Amount


Fund %

Germany (0.11%) Deutsche Bank AG

USD 310,000 2.500% due 13/02/19 ...... 309 0.02 1,600,000 4.251% due 10/05/19 ...... 1,609 0.09 1,918 0.11 Ireland (0.08%)

Shire Acquisitions Investments Ireland DAC

1,300,000 1.900% due 23/09/19 ...... 1,286 0.08 Italy (0.59%)


EUR 8,500,000 0.300% due 15/10/18 ...... 9,874 0.59 Japan (1.50%)

JPY Japan Government Five Year Bond

154,600,000 0.200% due 20/06/19 ...... 1,364 0.08

Japan Government Two Year Bond

1,000,000,000 0.100% due 15/03/19 ...... 8,813 0.53 114,950,000 0.100% due 15/05/19 ...... 1,013 0.06 385,050,000 0.100% due 15/07/19 ...... 3,396 0.20

1,200,000,000 0.100% due 15/09/19 ...... 10,588 0.63 25,174 1.50 Luxembourg (0.16%)

IDR European Investment Bank 40,000,000,000 7.200% due 09/07/19 ...... 2,663 0.16

Netherlands (0.17%)

Marfrig Holdings Europe BV

USD 337,000 6.875% due 24/06/19 ...... 342 0.02

Shell International Finance BV

2,500,000 1.375% due 10/05/19 ...... 2,482 0.15 2,824 0.17 New Zealand (0.81%)

New Zealand Government Bond

NZD 20,386,000 5.000% due 15/03/19 ...... 13,718 0.81 Norway (0.03%)

Norway Government Bond NOK 4,438,000 4.500% due 22/05/19 ...... 558 0.03

South Africa (0.03%)


ZAR 6,950,000 8.000% due 21/12/18 ...... 492 0.03



Principal Amount


Fund %

Sweden (0.05%) Svenska Handelsbanken USD 900,000 Zero Coupon due 07/06/19 900 0.05

Switzerland (0.09%) UBS AG 600,000 2.631% due 28/05/19 ....... 601 0.03 950,000 2.375% due 14/08/19 ....... 946 0.06 1,547 0.09 Thailand (0.09%)

Thailand Government Bond THB 46,880,000 5.625% due 12/01/19 ....... 1,466 0.09

United States (4.08%)

Americredit Automobile Receivables Trust

USD 54,066 2.450% due 20/05/19 ....... 54 0.00 Apple Inc 1,050,000 3.130% due 22/02/19 ....... 1,053 0.06 3,080,000 2.481% due 02/08/19 ....... 3,085 0.18 AT&T Inc 4,500,000 3.221% due 27/11/18 ....... 4,506 0.27 800,000 3.001% due 11/03/19 ....... 802 0.05


705,000 2.100% due 09/06/19 ....... 702 0.04 Chevron Corp

1,300,000 2.825% due 16/11/18 ....... 1,301 0.08 Cisco Systems Inc

1,500,000 1.400% due 20/09/19 ....... 1,481 0.09 Citibank NA 2,500,000 2.571% due 09/11/18 ....... 2,501 0.15 1,400,000 2.678% due 20/03/19 ....... 1,402 0.08

Discovery Communications LLC

310,000 2.200% due 20/09/19 ....... 308 0.02 Exxon Mobil Corp

940,000 2.484% due 15/03/19 ....... 941 0.06

Federal Home Loan Bank Discount Notes

1,100,000 Zero Coupon due 23/10/18 1,098 0.07 700,000 Zero Coupon due 26/10/18 699 0.04

Federal National Mortgage Association

2,270,000 1.000% due 26/02/19 ....... 2,258 0.13 Ford Motor Credit Co LLC

200,000 2.943% due 08/01/19 ....... 200 0.01 General Mills Inc

4,000,000 6.590% due 15/10/18 ....... 4,005 0.24

Hewlett Packard Enterprise Co

317,000 Zero Coupon due 05/10/18 317 0.02

Principal Amount


Fund %


445,905 1.230% due 23/09/19 ...... 445 0.03

International Business Machines Corp

5,945,000 2.708% due 12/02/19 ...... 5,956 0.35

Lehman Brothers Holdings Inc

1,500,000 Zero Coupon due 25/05/10 31 0.00 1,500,000 5.625% due 24/01/13 ...... 35 0.00 1,600,000 6.200% due 26/09/14 ...... 27 0.00

GBP 650,000 7.875% due 08/05/18 ...... 24 0.00


USD 1,300,000 2.636% due 03/09/19 ...... 1,302 0.08 ONEOK Partners LP

800,000 8.625% due 01/03/19 ...... 818 0.05 PACCAR Financial Corp

2,736,000 2.923% due 06/12/18 ...... 2,739 0.16 SLM Student Loan Trust

112,476 2.375% due 25/01/19 ...... 112 0.01 U.S. Treasury Notes 9,284,000 1.500% due 31/12/18 ...... 9,268 0.55 20,497,000 1.625% due 31/08/19** .. 20,312 1.21

US Bancorp 865,000 2.735% due 25/04/19 ...... 866 0.05 68,648 4.08

Total Short Term Investments ........................ 151,182 8.98


Certificates of Deposit (1.90%) Canada (0.82%)

Bank of Nova Scotia 6,000,000 Zero Coupon due 30/12/19 5,995 0.35

Canadian Imperial Bank of Commerce

2,300,000 Zero Coupon due 29/05/19 2,298 0.14 3,000,000 2.800% due 04/05/20 ...... 3,000 0.18

National Bank of Canada 2,500,000 1.750% due 08/05/19 ...... 2,500 0.15 13,793 0.82 France (0.27%)

Credit Agricole Corporate & Investment Bank

4,500,000 Zero Coupon due 30/07/20 4,500 0.27 Japan (0.25%)


4,200,000 Zero Coupon due 15/05/19 4,196 0.25




Principal Amount


Fund %

Norway (0.19%) DNB Bank ASA

3,200,000 Zero Coupon due 10/02/20 3,198 0.19 Sweden (0.37%) Nordea Bank AB 3,300,000 Zero Coupon due 21/02/19 3,300 0.20 250,000 Zero Coupon due 10/04/19 250 0.01

Swedbank AB 2,700,000 Zero Coupon due 24/08/20 2,700 0.16 6,250 0.37

Total Certificates of Deposit ................................ 31,937 1.90

Commercial Paper (1.15%) Canada (0.30%)

PSP Capital Inc 5,000,000 Zero Coupon due 07/11/18 5,000 0.30 France (0.18%)

BPCE SA 500,000 Zero Coupon due 18/01/19 496 0.03

Sanofi 2,600,000 Zero Coupon due 21/11/18 2,590 0.15 3,086 0.18 Jersey, Channel Islands (0.10%)

Cancara Asset Securitisation Ltd

1,000,000 Zero Coupon due 23/10/18 998 0.06 600,000 Zero Coupon due 19/11/18 598 0.04 1,596 0.10 United Kingdom (0.08%)

HSBC Bank Plc 500,000 Zero Coupon due 10/04/19 500 0.03


900,000 Zero Coupon due 04/01/19 892 0.05 1,392 0.08 United States (0.49%)

Collateralized Commercial Paper Co LLC

2,500,000 Zero Coupon due 03/01/19 2,500 0.15 ENI Finance USA Inc 250,000 Zero Coupon due 29/10/18 249 0.01 450,000 Zero Coupon due 07/11/18 449 0.03 500,000 Zero Coupon due 06/12/18 498 0.03

Principal Amount


Fund %

ING US Funding LLC 3,200,000 Zero Coupon due 12/04/19 3,200 0.19

Old Line Funding LLC 400,000 Zero Coupon due 28/11/18 398 0.02

Sheffield Receivable Corp 1,000,000 Zero Coupon due 05/11/18 997 0.06 8,291 0.49 Total Commercial Paper .. 19,365 1.15 Money Market Instruments (1.37%) Japan (1.30%)

JPY Japan Treasury Discount Bill 2,110,000,000 Zero Coupon due 05/11/18 18,579 1.11

370,000,000 Zero Coupon due 19/11/18 3,258 0.19 21,837 1.30 Argentina (0.07%) Argentina Treasury Bill

USD 400,000 Zero Coupon due 11/01/19 395 0.02 800,000 Zero Coupon due 22/02/19 789 0.05 1,184 0.07

Total Money Market Instruments ....................... 23,021 1.37

Number of Shares


Fund %


10,513,511

Insight Global Funds II plc - Insight Liquid ABS Fund .... 14,463 0.86

267


183


35,693






Financial Derivative Instruments ((0.09)%) Open Futures Contracts ((0.22)%)

Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

4,135 103.38

40 of Canadian 10 Year Bond Futures Long Futures Contracts Expiring December 2018 ................................. (31) 0.00

6,876 112.72

61 of U.S. 5 Year Note Futures Long Futures Contracts Expiring December 2018 ................................. (15) 0.00

11,395 146.09

78 of Euro-BTP Futures Long Futures Contracts Expiring December 2018 ................................. (176) (0.01)

6,760 105.62

32 of U.S. 2 Year Note Futures Long Futures Contracts Expiring December 2018 ................................. (16) 0.00

3,306 143.75

23 of U.S. Long Bond Futures Long Futures Contracts Expiring December 2018 ................................. (75) 0.00

10,146 158.53

64 of U.S. Ultra Bond Futures Long Futures Contracts Expiring December 2018 ................................. (272) (0.02)

2,826 70.64

40 of Australian 10 Year Bond Futures Long Futures Contracts Expiring December 2018 ................................. (9) 0.00

5,422 1.32

41 of 10 Year Mini JGB Futures Long Futures Contracts Expiring December 2018 ................................. (4) 0.00

61,133 103.62

590 of Canadian 10 Year Bond Futures Long Futures Contracts Expiring December 2018 ................................. (600) (0.04)

8,970 130.01

69 of Euro-Schatz Futures Long Futures Contracts Expiring December 2018 ................................. (12) 0.00

55,647 113.33

491 of U.S. 5 Year Note Futures Long Futures Contracts Expiring December 2018 ................................. (421) (0.03)

24,047 159.25

151 of Long Gilt Futures Long Futures Contracts Expiring December 2018 ................................. (232) (0.01)

99,270 1.32

75 of Japan 10 Year Bond Futures Long Futures Contracts Expiring December 2018 ................................. (166) (0.01)

5,488 177.04

31 of Euro-Oat Futures Long Futures Contracts Expiring December 2018 ................................. (49) 0.00

46,407 152.66

304 of Euro-Bobl Futures Long Futures Contracts Expiring December 2018 ................................. (258) (0.02)

77,553 186.43

416 of Euro-Bund Futures Long Futures Contracts Expiring December 2018 ................................. (829) (0.05)

37,385 105.61





Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

195,450 120.13

1627 of U.S. 10 Year Note Futures Long Futures Contracts Expiring December 2018 ................................... (2,193) (0.13)

67,068 144.23

465 of U.S. Long Bond Futures Long Futures Contracts Expiring December 2018 ................................. (1,736) (0.10)

5,774 128.32

45 of U.S. 10 Year Ultra Futures Long Futures Contracts Expiring December 2018 ................................. (104) (0.01)

481 160.43

3 of U.S. Ultra Bond Futures Long Futures Contracts Expiring December 2018 ................................. (18) 0.00

24,228 71.05

341 of Australian 10 Year Bond Futures Long Futures Contracts Expiring December 2018 ................................. (219) (0.01)

4,259 70.99

60 of Australian 3 Year Bond Futures Long Futures Contracts Expiring December 2018 ................................. (9) 0.00

2,809 112.37

25 of U.S. 5 Year Note Futures Long Futures Contracts Expiring December 2018 ................................. 3 0.00

184 183.9

1 of Euro-Bund Futures Long Futures Contracts Expiring December 2018 ................................. 1 0.00

14,916 97.81

61 of 90 Day Euro Futures Long Futures Contracts Expiring March 2019 ...................................... (99) (0.01)

24,264 97.05

100 of 90 Day Euro Futures Long Futures Contracts Expiring September 2019 ................................ (34) 0.00

52,976 113.44


3,670 159.55

23 of Long Gilt Futures Long Futures Contracts Expiring December 2018 ................................. (42) 0.00

78,685 186.02


(13,261) (130.01)

102 of Euro-Schatz Futures Short Futures Contracts Expiring December 2018 ................................. 19 0.00

(73,356) (96.84)

303 of 90 Day Euro Futures Short Futures Contracts Expiring December 2020 ................................. 3 0.00

(10,173) (158.96)

64 of Long Gilt Futures Short Futures Contracts Expiring December 2018 ................................. 80 0.00

(2,646) (1.32)

2 of Japan 10 Year Bond Futures Short Futures Contracts Expiring December 2018 ................................. 4 0.00

(16,958) (152.78)

111 of Euro-Bobl Futures Short Futures Contracts Expiring December 2018 ................................. 107 0.01



Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

(56,494) (185.84)

304 of Euro-Bund Futures Short Futures Contracts Expiring December 2018 ................................. 426 0.04

(16,516) (118.82)

139 of U.S. 10 Year Note Futures Short Futures Contracts Expiring December 2018 ................................. 5 0.00

(2,055) (205.49)

10 of Euro BUXL 30 Year Bond Short Futures Contracts Expiring December 2018 ................................. 30 0.00

(13,181) (127.98)

103 of U.S. 10 Year Ultra Futures Short Futures Contracts Expiring December 2018 ................................. 203 0.01

(7,413) (1.32)

56 of 10 Year Mini JGB Futures Short Futures Contracts Expiring December 2018 ................................. 14 0.00

(3,317) (103.64)

32 of Canadian 10 Year Bond Futures Short Futures Contracts Expiring December 2018 ................................. 33 0.00

(8,320) (130.00)

64 of Euro-Schatz Futures Short Futures Contracts Expiring December 2018 ................................. 11 0.00

(26,618) (113.27)


(106,982) (159.20)

672 of Long Gilt Futures Short Futures Contracts Expiring December 2018 ................................. 1,000 0.07

(23,827) (1.32)

18 of Japan 10 Year Bond Futures Short Futures Contracts Expiring December 2018 ................................. 42 0.00

(10,081) (152.75)


(92,894) (186.53)

498 of Euro-Bund Futures Short Futures Contracts Expiring December 2018 ................................. 1,045 0.07

(14,153) (105.62)


(15,870) (120.23)


(17,819) (204.82)


(5,919) (144.37)

41 of U.S. Long Bond Futures Short Futures Contracts Expiring December 2018 ................................. 159 0.01

(23,892) (127.76)


(10,536) (159.64)

66 of U.S. Ultra Bond Futures Short Futures Contracts Expiring December 2018 ................................. 354 0.03




Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

(853) (71.11)

12 of Australian 10 Year Bond Futures Short Futures Contracts Expiring December 2018 ................................. 8 0.00

(355) (70.99)


(27,712) (142.11)

195 of Euro-BTP Futures Short Futures Contracts Expiring December 2018 ................................. (338) (0.02)

(1,767) (103.97)


(1,467) (97.82)

6 of 90 Day Euro Futures Short Futures Contracts Expiring June 2020 .......................................... 15 0.00

(2,427) (97.09)

10 of 90 Day Euro Futures Short Futures Contracts Expiring December 2020 ................................. 6 0.00

(11,529) (177.37)

65 of Euro-Oat Futures Short Futures Contracts Expiring December 2018 ................................. 125 0.01

(26,515) (119.98)


(3,705) (205.85)


(5,215) (144.85)


(7,111) (71.11)


(6,085) (1.30)

75 of BP Currency Futures Short Futures Contracts Expiring December 2018 ................................. (49) 0.00

(3,348) (1.16)

23 of Euro FX Currency Futures Short Futures Contracts Expiring December 2018 ................................. (10) 0.00

(8,509) (113.45)


(3,803) (105.65)


(4,695) (120.39)


(3,971) (128.11)


Unrealised gain on open futures contracts ....................................................................... 5,487 0.33 Unrealised loss on open futures contracts ........................................................................ (9,219) (0.55) Net unrealised gain (loss) on open futures contracts .................................................. (3,732) (0.22)



Open Forward Foreign Currency Exchange Contracts (0.09%)

Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 AUD 1,902 CAD 1,787 (6) 0.00 05/10/2018 AUD 2,439 CAD 2,290 (8) 0.00 05/10/2018 AUD 419 CHF 292 4 0.00 05/10/2018 AUD 537 CHF 375 5 0.00 05/10/2018 AUD 92 EUR 57 - 0.00 05/10/2018 AUD 81 EUR 50 1 0.00 05/10/2018 AUD 4,493 EUR 2,783 18 0.00 05/10/2018 AUD 4,497 EUR 2,783 21 0.00 05/10/2018 AUD 4,494 EUR 2,783 18 0.00 05/10/2018 AUD 4,496 EUR 2,783 20 0.00 05/10/2018 AUD 10 EUR 6 - 0.00 05/10/2018 AUD 11 EUR 7 - 0.00 05/10/2018 AUD 5,764 EUR 3,568 26 0.00 05/10/2018 AUD 5,763 EUR 3,568 25 0.00 05/10/2018 AUD 5,760 EUR 3,568 23 0.00 05/10/2018 AUD 5,765 EUR 3,568 27 0.00 05/10/2018 AUD 27 EUR 17 - 0.00 05/10/2018 AUD 19 EUR 12 - 0.00 05/10/2018 AUD 57 EUR 35 - 0.00 05/10/2018 AUD 18 EUR 11 - 0.00 05/10/2018 AUD 61 EUR 38 - 0.00 05/10/2018 AUD 7 EUR 4 - 0.00 05/10/2018 AUD 852 GBP 474 (2) 0.00 05/10/2018 AUD 854 GBP 474 (1) 0.00 05/10/2018 AUD 854 GBP 474 (1) 0.00 05/10/2018 AUD 854 GBP 474 (1) 0.00 05/10/2018 AUD 1,095 GBP 608 (1) 0.00 05/10/2018 AUD 1,095 GBP 608 (1) 0.00 05/10/2018 AUD 1,095 GBP 608 (1) 0.00 05/10/2018 AUD 1,093 GBP 608 (2) 0.00 05/10/2018 AUD 9 GBP 5 - 0.00 05/10/2018 AUD 38 GBP 21 - 0.00 05/10/2018 AUD 48 GBP 27 - 0.00 05/10/2018 AUD 2,997 JPY 239,488 60 0.00 05/10/2018 AUD 2,998 JPY 239,488 60 0.00 05/10/2018 AUD 2,997 JPY 239,488 60 0.00 05/10/2018 AUD 2,996 JPY 239,488 59 0.00 05/10/2018 AUD 3,842 JPY 307,020 77 0.00 05/10/2018 AUD 3,844 JPY 307,020 78 0.00 05/10/2018 AUD 3,842 JPY 307,020 76 0.00 05/10/2018 AUD 3,842 JPY 307,020 76 0.00 05/10/2018 AUD 1,055 KRW 853,572 (6) 0.00 05/10/2018 AUD 1,352 KRW 1,094,268 (8) 0.00 09/11/2018 AUD 1,035 KRW 835,838 (5) 0.00 09/11/2018 AUD 1,170 KRW 944,944 (6) 0.00 05/10/2018 AUD 39 NZD 43 - 0.00 05/10/2018 AUD 89 NZD 97 - 0.00 24/10/2018 AUD 4,184 NZD 4,586 (13) 0.00




Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 AUD 354 SEK 2,328 (6) 0.00 05/10/2018 AUD 454 SEK 2,985 (8) 0.00 02/10/2018 AUD 418 USD 298 5 0.00 02/10/2018 AUD 6,164 USD 4,473 (13) 0.00 05/10/2018 AUD 7,842 USD 5,667 7 0.00 05/10/2018 AUD 7,846 USD 5,667 10 0.00 05/10/2018 AUD 7,842 USD 5,667 7 0.00 05/10/2018 AUD 7,838 USD 5,667 4 0.00 05/10/2018 AUD 10,053 USD 7,265 9 0.00 05/10/2018 AUD 10,053 USD 7,265 9 0.00 05/10/2018 AUD 10,053 USD 7,265 9 0.00 05/10/2018 AUD 10,059 USD 7,265 13 0.00 05/10/2018 AUD 1 USD 1 - 0.00 05/10/2018 AUD 64 USD 47 - 0.00 17/10/2018 AUD 5,938 USD 4,269 28 0.00 24/10/2018 AUD 2,045 USD 1,490 (10) 0.00 24/10/2018 AUD 2,045 USD 1,488 (9) 0.00 24/10/2018 AUD 3,150 USD 2,296 (17) 0.00 24/10/2018 AUD 200 USD 145 - 0.00 05/10/2018 BRL 56,515 USD 13,845 303 0.03 22/10/2018 BRL 3,300 USD 827 (2) 0.00 05/10/2018 BRL 2,221 USD 530 25 0.00 05/10/2018 BRL 2,220 USD 530 25 0.00 05/10/2018 BRL 3,037 USD 762 (4) 0.00 05/10/2018 CAD 35 AUD 37 - 0.00 05/10/2018 CAD 10 AUD 11 - 0.00 05/10/2018 CAD 59 AUD 63 - 0.00 05/10/2018 CAD 248 AUD 264 1 0.00 05/10/2018 CAD 121 EUR 79 1 0.00 05/10/2018 CAD 46 EUR 30 - 0.00 05/10/2018 CAD 7 EUR 5 - 0.00 05/10/2018 CAD 10 EUR 7 - 0.00 05/10/2018 CAD 52 EUR 34 1 0.00 05/10/2018 CAD 16 EUR 11 - 0.00 05/10/2018 CAD 51 EUR 34 - 0.00 05/10/2018 CAD 24 EUR 16 - 0.00 05/10/2018 CAD 90 EUR 59 1 0.00 05/10/2018 CAD 11 EUR 7 - 0.00 05/10/2018 CAD 8 GBP 5 - 0.00 05/10/2018 CAD 56 GBP 33 - 0.00 05/10/2018 CAD 41 GBP 24 - 0.00 05/10/2018 CAD 48 NZD 56 - 0.00 05/10/2018 CAD 106 NZD 123 1 0.00 02/10/2018 CAD 11,979 USD 9,272 (4) 0.00 05/10/2018 CAD 22,465 USD 17,276 105 0.02 05/10/2018 CAD 96 USD 74 - 0.00 24/10/2018 CAD 7,953 USD 6,124 32 0.00 24/10/2018 CAD 7,591 USD 5,832 44 0.00 16/11/2018 CAD 4,824 USD 3,670 65 0.00 05/10/2018 CHF 5 AUD 7 - 0.00



Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 CHF 2 AUD 2 - 0.00 05/10/2018 CHF 41 AUD 58 - 0.00 05/10/2018 CHF 9 AUD 13 - 0.00 05/10/2018 CHF 20 EUR 18 - 0.00 05/10/2018 CHF 6 EUR 5 - 0.00 05/10/2018 CHF 1 EUR 1 - 0.00 05/10/2018 CHF 9 EUR 8 - 0.00 05/10/2018 CHF 2 EUR 2 - 0.00 05/10/2018 CHF 8 EUR 7 - 0.00 05/10/2018 CHF 3 EUR 3 - 0.00 05/10/2018 CHF 14 EUR 12 - 0.00 05/10/2018 CHF 2 EUR 2 - 0.00 05/10/2018 CHF 1 GBP 1 - 0.00 05/10/2018 CHF 6 GBP 5 - 0.00 05/10/2018 CHF 9 GBP 7 - 0.00 05/10/2018 CHF 8 NZD 13 - 0.00 05/10/2018 CHF 17 NZD 27 - 0.00 05/10/2018 CHF 16 USD 16 - 0.00 24/10/2018 CHF 1,814 USD 1,855 6 0.00 15/11/2018 CHF 1,943 USD 1,969 28 0.00 16/11/2018 CHF 901 USD 931 (4) 0.00 05/10/2018 CLP 7,118,048 USD 10,665 127 0.02 06/11/2018 CLP 7,118,048 USD 10,713 88 0.02 05/10/2018 COP 31,720,849 USD 10,531 151 0.02 06/11/2018 COP 31,720,849 USD 10,571 112 0.02 01/10/2018 DKK 7,625 USD 1,204 (16) 0.00 05/10/2018 DKK 6,725 USD 1,054 (6) 0.00 02/01/2019 DKK 7,382 USD 1,173 (14) 0.00 05/10/2018 EUR 5,579 AUD 9,014 (41) 0.00 05/10/2018 EUR 270 AUD 435 (1) 0.00 05/10/2018 EUR 63 AUD 102 (1) 0.00 05/10/2018 EUR 186 AUD 300 (1) 0.00 05/10/2018 EUR 186 AUD 300 (1) 0.00 05/10/2018 EUR 186 AUD 300 (1) 0.00 05/10/2018 EUR 192 AUD 311 (1) 0.00 05/10/2018 EUR 192 AUD 311 (1) 0.00 05/10/2018 EUR 1,534 AUD 2,477 (11) 0.00 05/10/2018 EUR 434 AUD 700 (2) 0.00 05/10/2018 EUR 757 AUD 1,223 (6) 0.00 05/10/2018 EUR 2,066 AUD 3,339 (15) 0.00 05/10/2018 EUR 155 AUD 250 (1) 0.00 05/10/2018 EUR 155 AUD 250 (1) 0.00 05/10/2018 EUR 793 AUD 1,281 (6) 0.00 05/10/2018 EUR 8,920 CAD 13,536 (110) (0.02) 05/10/2018 EUR 297 CAD 451 (4) 0.00 05/10/2018 EUR 296 CAD 451 (4) 0.00 05/10/2018 EUR 297 CAD 451 (4) 0.00 05/10/2018 EUR 307 CAD 467 (4) 0.00 05/10/2018 EUR 307 CAD 467 (5) 0.00 05/10/2018 EUR 1,210 CAD 1,836 (15) 0.00




Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 EUR 3,304 CAD 5,014 (41) 0.00 05/10/2018 EUR 247 CAD 375 (3) 0.00 05/10/2018 EUR 247 CAD 375 (4) 0.00 05/10/2018 EUR 1,268 CAD 1,925 (16) 0.00 05/10/2018 EUR 1,967 CHF 2,217 16 0.00 05/10/2018 EUR 65 CHF 74 - 0.00 05/10/2018 EUR 65 CHF 74 - 0.00 05/10/2018 EUR 65 CHF 74 1 0.00 05/10/2018 EUR 68 CHF 76 - 0.00 05/10/2018 EUR 68 CHF 76 1 0.00 05/10/2018 EUR 267 CHF 301 2 0.00 05/10/2018 EUR 729 CHF 821 6 0.00 05/10/2018 EUR 54 CHF 61 - 0.00 05/10/2018 EUR 54 CHF 61 - 0.00 05/10/2018 EUR 280 CHF 315 2 0.00 24/10/2018 EUR 3,770 CHF 4,298 (22) 0.00 24/10/2018 EUR 1,340 CZK 34,555 1 0.00 24/10/2018 EUR 2,621 CZK 67,603 2 0.00 05/10/2018 EUR 4,001 GBP 3,595 (40) 0.00 05/10/2018 EUR 4,005 GBP 3,595 (35) 0.00 05/10/2018 EUR 4,006 GBP 3,595 (35) 0.00 05/10/2018 EUR 4,003 GBP 3,595 (38) 0.00 05/10/2018 EUR 532 GBP 478 (5) 0.00 05/10/2018 EUR 532 GBP 478 (5) 0.00 05/10/2018 EUR 532 GBP 478 (5) 0.00 05/10/2018 EUR 552 GBP 496 (5) 0.00 05/10/2018 EUR 552 GBP 496 (5) 0.00 05/10/2018 EUR 543 GBP 488 (5) 0.00 05/10/2018 EUR 543 GBP 488 (5) 0.00 05/10/2018 EUR 544 GBP 488 (5) 0.00 05/10/2018 EUR 544 GBP 488 (5) 0.00 05/10/2018 EUR 1,483 GBP 1,331 (14) 0.00 05/10/2018 EUR 1,482 GBP 1,331 (15) 0.00 05/10/2018 EUR 1,484 GBP 1,331 (13) 0.00 05/10/2018 EUR 1,484 GBP 1,331 (13) 0.00 05/10/2018 EUR 76 GBP 68 (1) 0.00 05/10/2018 EUR 345 GBP 308 - 0.00 05/10/2018 EUR 386 GBP 346 (3) 0.00 05/10/2018 EUR 444 GBP 398 (4) 0.00 05/10/2018 EUR 444 GBP 398 (4) 0.00 05/10/2018 EUR 569 GBP 511 (5) 0.00 05/10/2018 EUR 570 GBP 511 (5) 0.00 05/10/2018 EUR 569 GBP 511 (6) 0.00 05/10/2018 EUR 570 GBP 511 (5) 0.00 05/10/2018 EUR 14,058 JPY 1,814,685 352 0.03 05/10/2018 EUR 14,055 JPY 1,814,685 349 0.03 05/10/2018 EUR 14,066 JPY 1,814,685 362 0.03 05/10/2018 EUR 14,059 JPY 1,814,685 353 0.03 05/10/2018 EUR 1,873 JPY 241,747 47 0.00 05/10/2018 EUR 1,874 JPY 241,747 48 0.00



Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 EUR 1,872 JPY 241,747 46 0.00 05/10/2018 EUR 1,938 JPY 250,166 49 0.00 05/10/2018 EUR 1,938 JPY 250,166 48 0.00 05/10/2018 EUR 1,907 JPY 246,204 48 0.00 05/10/2018 EUR 1,907 JPY 246,204 48 0.00 05/10/2018 EUR 1,907 JPY 246,204 47 0.00 05/10/2018 EUR 1,908 JPY 246,204 49 0.00 05/10/2018 EUR 5,210 JPY 672,151 134 0.02 05/10/2018 EUR 5,206 JPY 672,151 129 0.02 05/10/2018 EUR 5,207 JPY 672,151 130 0.02 05/10/2018 EUR 5,207 JPY 672,151 131 0.02 05/10/2018 EUR 1,559 JPY 201,241 39 0.00 05/10/2018 EUR 1,559 JPY 201,241 39 0.00 05/10/2018 EUR 1,999 JPY 258,073 50 0.00 05/10/2018 EUR 1,999 JPY 258,073 50 0.00 05/10/2018 EUR 2,000 JPY 258,073 51 0.00 05/10/2018 EUR 1,999 JPY 258,073 50 0.00 05/10/2018 EUR 4,974 KRW 6,467,822 (52) 0.00 05/10/2018 EUR 496 KRW 645,585 (5) 0.00 05/10/2018 EUR 343 KRW 445,814 (4) 0.00 05/10/2018 EUR 675 KRW 877,509 (7) 0.00 05/10/2018 EUR 1,842 KRW 2,395,649 (19) 0.00 05/10/2018 EUR 277 KRW 360,530 (3) 0.00 05/10/2018 EUR 707 KRW 919,812 (7) 0.00 09/11/2018 EUR 4,911 KRW 6,437,969 (87) (0.02) 09/11/2018 EUR 490 KRW 642,399 (9) 0.00 09/11/2018 EUR 336 KRW 440,587 (6) 0.00 09/11/2018 EUR 651 KRW 853,749 (12) 0.00 09/11/2018 EUR 1,807 KRW 2,368,339 (32) 0.00 09/11/2018 EUR 268 KRW 351,730 (5) 0.00 09/11/2018 EUR 683 KRW 895,033 (12) 0.00 05/10/2018 EUR 354 NZD 622 (1) 0.00 05/10/2018 EUR 789 NZD 1,387 (3) 0.00 24/10/2018 EUR 3,938 RON 18,441 (15) 0.00 05/10/2018 EUR 1,667 SEK 17,725 (57) 0.00 05/10/2018 EUR 55 SEK 586 (2) 0.00 05/10/2018 EUR 55 SEK 586 (2) 0.00 05/10/2018 EUR 55 SEK 586 (2) 0.00 05/10/2018 EUR 1 SEK 10 - 0.00 05/10/2018 EUR 57 SEK 608 (2) 0.00 05/10/2018 EUR 57 SEK 608 (2) 0.00 05/10/2018 EUR 225 SEK 2,393 (8) 0.00 05/10/2018 EUR 614 SEK 6,533 (21) 0.00 05/10/2018 EUR - SEK 1 - 0.00 05/10/2018 EUR 46 SEK 489 (2) 0.00 05/10/2018 EUR 46 SEK 489 (2) 0.00 05/10/2018 EUR 236 SEK 2,509 (8) 0.00 24/10/2018 EUR 4,371 SEK 46,277 (129) (0.02) 05/10/2018 EUR 36,802 USD 42,943 (187) (0.02) 05/10/2018 EUR 36,786 USD 42,943 (206) (0.02)




Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 EUR 36,776 USD 42,943 (218) (0.02) 05/10/2018 EUR 36,790 USD 42,943 (202) (0.02) 05/10/2018 EUR 4,899 USD 5,720 (29) 0.00 05/10/2018 EUR 4,902 USD 5,720 (25) 0.00 05/10/2018 EUR 4,900 USD 5,720 (27) 0.00 05/10/2018 EUR 5,070 USD 5,920 (30) 0.00 05/10/2018 EUR 5,072 USD 5,920 (28) 0.00 05/10/2018 EUR 4,985 USD 5,820 (28) 0.00 05/10/2018 EUR 4,986 USD 5,820 (27) 0.00 05/10/2018 EUR 4,984 USD 5,820 (30) 0.00 05/10/2018 EUR 4,988 USD 5,820 (25) 0.00 05/10/2018 EUR 45,623 USD 53,310 (306) (0.03) 05/10/2018 EUR 13,615 USD 15,894 (76) 0.00 05/10/2018 EUR 13,611 USD 15,894 (81) 0.00 05/10/2018 EUR 13,616 USD 15,894 (75) 0.00 05/10/2018 EUR 13,621 USD 15,894 (69) 0.00 05/10/2018 EUR 593 USD 693 (4) 0.00 05/10/2018 EUR 4,080 USD 4,762 (22) 0.00 05/10/2018 EUR 4,078 USD 4,762 (24) 0.00 05/10/2018 EUR 5,232 USD 6,107 (29) 0.00 05/10/2018 EUR 5,230 USD 6,107 (31) 0.00 05/10/2018 EUR 5,234 USD 6,107 (27) 0.00 05/10/2018 EUR 5,232 USD 6,107 (29) 0.00 23/10/2018 EUR 9,685 USD 11,363 (95) (0.02) 24/10/2018 EUR 2,900 USD 3,367 7 0.00 24/10/2018 EUR 1,000 USD 1,179 (16) 0.00 24/10/2018 EUR 500 USD 590 (9) 0.00 05/11/2018 EUR 6,909 USD 8,162 (116) (0.02) 15/11/2018 EUR 51,740 USD 59,719 584 0.04 15/11/2018 EUR 1,394 USD 1,596 29 0.00 15/11/2018 EUR 1,051 USD 1,241 (16) 0.00 15/11/2018 EUR 758 USD 884 (1) 0.00 15/11/2018 EUR 2,937 USD 3,452 (29) 0.00 19/12/2018 EUR 5,110 USD 5,973 1 0.00 19/12/2018 EUR 5,110 USD 5,972 3 0.00 19/12/2018 EUR 5,110 USD 5,974 1 0.00 19/12/2018 EUR 5,110 USD 5,971 4 0.00 19/12/2018 EUR 5,110 USD 5,970 4 0.00 19/12/2018 EUR 6,220 USD 7,269 3 0.00 19/12/2018 EUR 6,220 USD 7,267 5 0.00 19/12/2018 EUR 6,220 USD 7,270 2 0.00 19/12/2018 EUR 6,220 USD 7,267 5 0.00 19/12/2018 EUR 6,220 USD 7,271 1 0.00 19/12/2018 EUR 1,409 USD 1,647 - 0.00 19/12/2018 EUR 1,409 USD 1,646 1 0.00 19/12/2018 EUR 9,159 USD 10,704 4 0.00 19/12/2018 EUR 9,159 USD 10,701 8 0.00 19/12/2018 EUR 9,159 USD 10,706 2 0.00 19/12/2018 EUR 9,159 USD 10,707 2 0.00 19/12/2018 EUR 9,159 USD 10,701 7 0.00



Settlement Date


Amount Sold ‘000


Fund %

19/12/2018 EUR 5,300 USD 6,219 (23) 0.00 19/12/2018 EUR 1,400 USD 1,647 (10) 0.00 05/10/2018 GBP 50 AUD 90 - 0.00 05/10/2018 GBP 11 AUD 19 - 0.00 05/10/2018 GBP 259 AUD 471 (2) 0.00 05/10/2018 GBP 79 AUD 142 - 0.00 05/10/2018 GBP 119 AUD 214 - 0.00 05/10/2018 GBP 119 AUD 214 - 0.00 05/10/2018 GBP 119 AUD 214 - 0.00 05/10/2018 GBP 1,665 AUD 2,998 3 0.00 05/10/2018 GBP 190 CAD 321 - 0.00 05/10/2018 GBP 190 CAD 321 (1) 0.00 05/10/2018 GBP 190 CAD 321 (1) 0.00 05/10/2018 GBP 2,663 CAD 4,502 (11) 0.00 05/10/2018 GBP 42 CHF 53 1 0.00 05/10/2018 GBP 42 CHF 53 1 0.00 05/10/2018 GBP 42 CHF 53 1 0.00 05/10/2018 GBP 587 CHF 737 11 0.00 05/10/2018 GBP 127 EUR 143 - 0.00 05/10/2018 GBP 149 EUR 166 1 0.00 05/10/2018 GBP 13 EUR 15 - 0.00 05/10/2018 GBP 18 EUR 20 - 0.00 05/10/2018 GBP 31 EUR 35 - 0.00 05/10/2018 GBP 61 EUR 68 - 0.00 05/10/2018 GBP 91 EUR 102 1 0.00 05/10/2018 GBP 1,796 EUR 2,000 19 0.00 05/10/2018 GBP 1,795 EUR 2,000 17 0.00 05/10/2018 GBP 1,797 EUR 2,000 20 0.00 05/10/2018 GBP 6,293 EUR 7,012 61 0.00 05/10/2018 GBP 6,301 EUR 7,012 71 0.00 05/10/2018 GBP 6,297 EUR 7,012 66 0.00 05/10/2018 GBP 6,293 EUR 7,012 61 0.00 05/10/2018 GBP 36 EUR 40 - 0.00 05/10/2018 GBP 122 EUR 137 - 0.00 05/10/2018 GBP 11 EUR 12 - 0.00 05/10/2018 GBP 1,199 JPY 172,105 48 0.00 05/10/2018 GBP 1,196 JPY 172,105 45 0.00 05/10/2018 GBP 1,197 JPY 172,105 46 0.00 05/10/2018 GBP 4,204 JPY 603,584 168 0.02 05/10/2018 GBP 4,199 JPY 603,584 161 0.02 05/10/2018 GBP 4,195 JPY 603,584 157 0.02 05/10/2018 GBP 4,197 JPY 603,584 158 0.02 05/10/2018 GBP 319 KRW 460,057 1 0.00 05/10/2018 GBP 1,497 KRW 2,162,093 4 0.00 09/11/2018 GBP 310 KRW 455,807 (6) 0.00 09/11/2018 GBP 1,450 KRW 2,128,957 (26) 0.00 05/10/2018 GBP 65 NZD 127 - 0.00 05/10/2018 GBP 145 NZD 284 1 0.00 05/10/2018 GBP - SEK 1 - 0.00 05/10/2018 GBP 35 SEK 418 (1) 0.00




Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 GBP 35 SEK 418 (1) 0.00 05/10/2018 GBP 35 SEK 418 (1) 0.00 05/10/2018 GBP 495 SEK 5,866 (14) 0.00 02/10/2018 GBP 10,778 USD 14,021 35 0.00 05/10/2018 GBP 26,423 USD 34,397 64 0.00 05/10/2018 GBP 2 USD 3 - 0.00 05/10/2018 GBP 3,136 USD 4,073 17 0.00 05/10/2018 GBP 3,133 USD 4,073 14 0.00 05/10/2018 GBP 3,130 USD 4,073 10 0.00 05/10/2018 GBP 10,980 USD 14,283 38 0.00 05/10/2018 GBP 10,988 USD 14,283 48 0.00 05/10/2018 GBP 10,998 USD 14,283 61 0.00 05/10/2018 GBP 10,977 USD 14,283 34 0.00 05/10/2018 GBP 100 USD 132 (1) 0.00 22/10/2018 GBP 11,484 USD 15,118 (128) (0.02) 23/10/2018 GBP 14,391 USD 18,960 (176) (0.02) 24/10/2018 GBP 2,788 USD 3,600 39 0.00 24/10/2018 GBP 1,700 USD 2,211 8 0.00 02/11/2018 GBP 10,778 USD 14,219 (144) (0.02) 15/11/2018 GBP 1,196 USD 1,524 39 0.00 15/11/2018 GBP 589 USD 769 1 0.00 19/12/2018 GBP 795 USD 1,040 1 0.00 19/12/2018 GBP 795 USD 1,041 - 0.00 19/12/2018 GBP 795 USD 1,040 1 0.00 19/12/2018 GBP 795 USD 1,040 - 0.00 19/12/2018 GBP 1,130 USD 1,478 1 0.00 19/12/2018 GBP 1,130 USD 1,479 - 0.00 19/12/2018 GBP 1,130 USD 1,478 1 0.00 19/12/2018 GBP 1,130 USD 1,479 - 0.00 19/12/2018 GBP 350 USD 458 - 0.00 19/12/2018 GBP 209 USD 273 - 0.00 19/12/2018 GBP 1,437 USD 1,881 - 0.00 19/12/2018 GBP 1,437 USD 1,881 - 0.00 19/12/2018 GBP 1,437 USD 1,880 2 0.00 19/12/2018 GBP 1,437 USD 1,880 1 0.00 19/12/2018 GBP 795 USD 1,041 - 0.00 19/12/2018 GBP 1,130 USD 1,480 - 0.00 19/12/2018 GBP 600 USD 792 (7) 0.00 19/12/2018 GBP 200 USD 262 (1) 0.00 19/12/2018 GBP 209 USD 274 - 0.00 19/12/2018 GBP 1,437 USD 1,882 (1) 0.00 16/11/2018 HKD 530 USD 68 - 0.00 05/10/2018 IDR 191,803,000 USD 12,860 7 0.00 24/10/2018 IDR 22,410,000 USD 1,500 - 0.00 24/10/2018 IDR 4,981,374 USD 333 - 0.00 24/10/2018 IDR 8,584,082 USD 574 1 0.00 24/10/2018 IDR 8,380,418 USD 560 1 0.00 24/10/2018 IDR 5,331,450 USD 357 - 0.00 24/10/2018 IDR 55,497,483 USD 3,716 (1) 0.00 05/10/2018 ILS 1,743 USD 484 (5) 0.00



Settlement Date


Amount Sold ‘000


Fund %

24/10/2018 ILS 1,397 USD 386 (1) 0.00 02/11/2018 ILS 1,482 USD 403 5 0.00 16/11/2018 ILS 273 USD 77 (1) 0.00 19/10/2018 INR 79,614 USD 1,093 3 0.00 24/10/2018 INR 7,282 USD 100 - 0.00 24/10/2018 INR 17,026 USD 233 1 0.00 24/10/2018 INR 17,010 USD 233 1 0.00 24/10/2018 INR 16,983 USD 233 - 0.00 19/12/2018 INR 79,614 USD 1,084 4 0.00 19/12/2018 INR 171,910 USD 2,356 (7) 0.00 19/12/2018 INR 7,575 USD 105 (2) 0.00 05/10/2018 JPY 19,991 AUD 250 (5) 0.00 05/10/2018 JPY 5,573 AUD 68 - 0.00 05/10/2018 JPY 33,106 AUD 414 (8) 0.00 05/10/2018 JPY 134,873 AUD 1,648 (5) 0.00 05/10/2018 JPY 64,781 EUR 496 (5) 0.00 05/10/2018 JPY 34,178 EUR 265 (7) 0.00 05/10/2018 JPY 4,352 EUR 34 (1) 0.00 05/10/2018 JPY 5,913 EUR 46 (1) 0.00 05/10/2018 JPY 8,377 EUR 63 - 0.00 05/10/2018 JPY 9,793 EUR 76 (2) 0.00 05/10/2018 JPY 30,898 EUR 239 (6) 0.00 05/10/2018 JPY 7,040 EUR 54 (1) 0.00 05/10/2018 JPY 28,071 EUR 216 (4) 0.00 05/10/2018 JPY 5,633 EUR 44 (1) 0.00 05/10/2018 JPY 4,817 GBP 33 (1) 0.00 05/10/2018 JPY 29,914 GBP 204 (3) 0.00 05/10/2018 JPY 25,262 GBP 175 (6) 0.00 05/10/2018 JPY 27,099 NZD 369 (6) 0.00 05/10/2018 JPY 59,779 NZD 814 (13) 0.00 05/10/2018 JPY 4,690,790 USD 42,429 (1,122) (0.08) 05/10/2018 JPY 52,174 USD 465 (6) 0.00 22/10/2018 JPY 162,994 USD 1,447 (10) 0.00 23/10/2018 JPY 2,107,823 USD 18,834 (249) (0.02) 24/10/2018 JPY 1,600,000 USD 14,288 (179) (0.02) 24/10/2018 JPY 673,376 USD 6,100 (162) (0.02) 05/11/2018 JPY 400,000 USD 3,575 (45) 0.00 15/11/2018 JPY 30,000 USD 268 (3) 0.00 15/11/2018 JPY 6,297,000 USD 57,150 (1,535) (0.10) 15/11/2018 JPY 657,900 USD 5,989 (178) (0.02) 15/11/2018 JPY 507,400 USD 4,511 (30) 0.00 16/11/2018 JPY 2,460,804 USD 22,211 (476) (0.04) 19/12/2018 JPY 501,000 USD 4,540 (101) (0.02) 19/12/2018 JPY 501,000 USD 4,542 (104) (0.02) 19/12/2018 JPY 501,000 USD 4,540 (102) (0.02) 19/12/2018 JPY 501,000 USD 4,540 (102) (0.01) 19/12/2018 JPY 501,000 USD 4,540 (102) (0.01) 19/12/2018 JPY 613,000 USD 5,554 (124) (0.01) 19/12/2018 JPY 613,000 USD 5,558 (128) (0.01) 19/12/2018 JPY 613,000 USD 5,555 (125) (0.01)




Settlement Date


Amount Sold ‘000


Fund %

19/12/2018 JPY 613,000 USD 5,555 (125) (0.01) 19/12/2018 JPY 613,000 USD 5,554 (124) (0.01) 19/12/2018 JPY 140,620 USD 1,274 (28) 0.00 19/12/2018 JPY 150,000 USD 1,344 (15) 0.00 19/12/2018 JPY 545,000 USD 4,902 (74) 0.00 19/12/2018 JPY 140,620 USD 1,274 (29) 0.00 19/12/2018 JPY 854,373 USD 7,746 (178) (0.01) 19/12/2018 JPY 854,373 USD 7,742 (174) (0.01) 19/12/2018 JPY 854,373 USD 7,742 (173) (0.01) 19/12/2018 JPY 854,373 USD 7,741 (173) (0.01) 19/12/2018 JPY 854,373 USD 7,743 (174) (0.01) 05/10/2018 KRW 853,572 AUD 1,056 5 0.00 05/10/2018 KRW 1,094,268 AUD 1,353 8 0.00 05/10/2018 KRW 6,467,822 EUR 4,944 87 0.02 05/10/2018 KRW 645,585 EUR 494 9 0.00 05/10/2018 KRW 445,814 EUR 341 6 0.00 05/10/2018 KRW 877,509 EUR 671 12 0.00 05/10/2018 KRW 2,395,649 EUR 1,832 32 0.00 05/10/2018 KRW 360,530 EUR 276 5 0.00 05/10/2018 KRW 919,812 EUR 703 12 0.00 09/11/2018 KRW 15,690 EUR 12 - 0.00 05/10/2018 KRW 460,057 GBP 314 6 0.00 05/10/2018 KRW 2,162,093 GBP 1,474 26 0.00 05/10/2018 KRW 873,724 NZD 1,178 7 0.00 05/10/2018 KRW 2,140,821 NZD 2,887 16 0.00 05/10/2018 KRW 3,523,616 USD 3,160 17 0.00 05/10/2018 KRW 1,346,234 USD 1,207 7 0.00 05/10/2018 KRW 4,830,464 USD 4,362 (7) 0.00 24/10/2018 KRW 4,314,400 USD 3,858 33 0.00 24/10/2018 KRW 1,701,440 USD 1,518 17 0.00 26/10/2018 KRW 4,330,000 USD 3,877 28 0.00 06/11/2018 KRW 4,830,464 USD 4,346 12 0.00 19/12/2018 KRW 4,232,064 USD 3,788 34 0.00 24/10/2018 KZT 1,666,024 USD 4,493 74 0.00 02/10/2018 MXN 22 USD 1 - 0.00 02/10/2018 MXN 6,837 USD 359 6 0.00 24/10/2018 MXN 29,094 USD 1,515 36 0.00 24/10/2018 MXN 41,967 USD 2,193 44 0.00 24/10/2018 MXN 52,195 USD 2,702 79 0.00 26/10/2018 MXN 59,999 USD 3,116 81 0.00 14/11/2018 MXN 70,594 USD 3,627 123 0.02 14/11/2018 MXN 50,033 USD 2,596 61 0.00 26/10/2018 MYR 3,365 USD 817 (5) 0.00 19/12/2018 MYR 3,526 USD 853 (3) 0.00 24/10/2018 NOK 79,526 EUR 8,190 245 0.02 05/10/2018 NOK 175,458 USD 21,068 481 0.04 24/10/2018 NOK 3,131 USD 376 9 0.00 15/11/2018 NOK 3,125 USD 375 9 0.00 05/10/2018 NZD 1,243 AUD 1,142 (2) 0.00 05/10/2018 NZD 3,047 AUD 2,797 (4) 0.00



Settlement Date


Amount Sold ‘000


Fund %

24/10/2018 NZD 4,571 AUD 4,165 17 0.00 05/10/2018 NZD 2,120 CAD 1,828 (9) 0.00 05/10/2018 NZD 5,196 CAD 4,481 (22) 0.00 05/10/2018 NZD 468 CHF 300 3 0.00 05/10/2018 NZD 1,146 CHF 734 8 0.00 05/10/2018 NZD 5,013 EUR 2,848 14 0.00 05/10/2018 NZD 5,014 EUR 2,848 15 0.00 05/10/2018 NZD 5,014 EUR 2,848 15 0.00 05/10/2018 NZD 5,011 EUR 2,848 13 0.00 05/10/2018 NZD 12,283 EUR 6,979 35 0.00 05/10/2018 NZD 12,286 EUR 6,979 37 0.00 05/10/2018 NZD 12,285 EUR 6,979 37 0.00 05/10/2018 NZD 12,278 EUR 6,979 31 0.00 05/10/2018 NZD 3,810 GBP 1,943 (8) 0.00 05/10/2018 NZD 9,332 GBP 4,759 (20) 0.00 05/10/2018 NZD 3,343 JPY 245,142 58 0.00 05/10/2018 NZD 3,343 JPY 245,142 57 0.00 05/10/2018 NZD 3,342 JPY 245,142 57 0.00 05/10/2018 NZD 3,342 JPY 245,142 57 0.00 05/10/2018 NZD 8,190 JPY 600,653 141 0.02 05/10/2018 NZD 8,191 JPY 600,653 141 0.02 05/10/2018 NZD 8,189 JPY 600,653 140 0.02 05/10/2018 NZD 8,190 JPY 600,653 140 0.02 05/10/2018 NZD 1,175 KRW 873,724 (9) 0.00 05/10/2018 NZD 2,879 KRW 2,140,821 (22) 0.00 09/11/2018 NZD 1,146 KRW 849,656 (6) 0.00 09/11/2018 NZD 2,817 KRW 2,087,750 (16) 0.00 05/10/2018 NZD 394 SEK 2,383 (7) 0.00 05/10/2018 NZD 966 SEK 5,838 (16) 0.00 05/10/2018 NZD 8,746 USD 5,801 (3) 0.00 05/10/2018 NZD 8,746 USD 5,801 (3) 0.00 05/10/2018 NZD 8,746 USD 5,801 (3) 0.00 05/10/2018 NZD 8,749 USD 5,801 (1) 0.00 05/10/2018 NZD 21,429 USD 14,214 (7) 0.00 05/10/2018 NZD 21,429 USD 14,214 (7) 0.00 05/10/2018 NZD 21,429 USD 14,214 (8) 0.00 05/10/2018 NZD 21,435 USD 14,214 (3) 0.00 24/10/2018 NZD 4,800 USD 3,141 41 0.00 15/11/2018 NZD 550 USD 363 2 0.00 05/10/2018 PEN 35,242 USD 10,666 16 0.00 17/12/2018 PEN 756 USD 227 1 0.00 05/10/2018 PLN 2,167 USD 580 8 0.00 24/10/2018 PLN 2,710 USD 734 2 0.00 05/10/2018 RUB 27,200 USD 398 18 0.00 09/10/2018 RUB 38,861 USD 562 31 0.00 12/10/2018 RUB 43,097 USD 626 31 0.00 12/10/2018 RUB 2,128 USD 31 1 0.00 15/10/2018 RUB 68,336 USD 1,076 (34) 0.00 15/10/2018 RUB 118,526 USD 1,864 (57) 0.00 22/10/2018 RUB 9,520 USD 135 10 0.00




Settlement Date


Amount Sold ‘000


Fund %

22/10/2018 RUB 8,481 USD 124 5 0.00 24/10/2018 RUB 30,976 USD 454 18 0.00 24/10/2018 RUB 45,865 USD 667 32 0.00 24/10/2018 RUB 37,589 USD 546 26 0.00 24/10/2018 RUB 60,366 USD 877 43 0.00 24/10/2018 RUB 62,543 USD 910 43 0.00 24/10/2018 RUB 12,356 USD 180 9 0.00 26/10/2018 RUB 11,500 USD 168 7 0.00 30/10/2018 RUB 25,628 USD 363 27 0.00 06/11/2018 RUB 27,200 USD 410 4 0.00 15/11/2018 RUB 69,392 USD 1,020 35 0.00 15/11/2018 RUB 131,822 USD 2,085 (81) 0.00 15/11/2018 RUB 98,593 USD 1,536 (38) 0.00 14/12/2018 RUB 204,934 USD 2,985 121 0.01 24/10/2018 SAR 23,000 USD 6,134 - 0.00 05/10/2018 SEK 26 AUD 4 - 0.00 05/10/2018 SEK 13 AUD 2 - 0.00 05/10/2018 SEK 53 AUD 8 - 0.00 05/10/2018 SEK 317 AUD 50 - 0.00 05/10/2018 SEK 156 EUR 15 - 0.00 05/10/2018 SEK 3 EUR - - 0.00 05/10/2018 SEK 145 EUR 14 - 0.00 05/10/2018 SEK 1 EUR - - 0.00 05/10/2018 SEK 13 EUR 1 - 0.00 05/10/2018 SEK 47 EUR 5 - 0.00 05/10/2018 SEK 178 EUR 17 - 0.00 05/10/2018 SEK 14 EUR 1 - 0.00 24/10/2018 SEK 57,054 EUR 5,426 114 0.01 24/10/2018 SEK 36,479 EUR 3,500 37 0.00 05/10/2018 SEK 5 GBP - - 0.00 05/10/2018 SEK 72 GBP 6 - 0.00 05/10/2018 SEK 43 NZD 7 - 0.00 05/10/2018 SEK 90 NZD 15 - 0.00 02/10/2018 SEK 62,870 USD 6,876 194 0.01 02/10/2018 SEK 5,455 USD 618 (5) 0.00 05/10/2018 SEK 162,068 USD 17,817 411 0.02 05/10/2018 SEK 123 USD 14 - 0.00 24/10/2018 SEK 6,399 USD 707 13 0.00 02/11/2018 SEK 16,660 USD 1,890 (12) 0.00 16/11/2018 SEK 4,958 USD 551 8 0.00 16/11/2018 SGD 223 USD 162 1 0.00 19/12/2018 SGD 812 USD 594 2 0.00 05/10/2018 THB 471,215 USD 14,528 44 0.00 24/10/2018 THB 182,430 USD 5,596 49 0.00 24/10/2018 THB 48,788 USD 1,500 10 0.00 24/10/2018 THB 98,627 USD 3,030 22 0.00 19/12/2018 THB 28,460 USD 874 8 0.00 24/10/2018 TRY 888 USD 131 15 0.00 24/10/2018 TRY 1,822 USD 268 31 0.00 24/10/2018 TRY 2,456 USD 361 41 0.00



Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 TWD 313,989 USD 10,271 14 0.00 02/10/2018 USD 484 AUD 666 2 0.00 02/10/2018 USD 4,280 AUD 5,916 - 0.00 05/10/2018 USD 3,148 AUD 4,327 17 0.00 05/10/2018 USD 490 AUD 678 - 0.00 05/10/2018 USD 129 AUD 179 - 0.00 05/10/2018 USD 3,529 AUD 4,883 (5) 0.00 05/10/2018 USD 805 AUD 1,113 - 0.00 05/10/2018 USD 25,272 AUD 34,934 (4) 0.00 05/10/2018 USD 1,349 AUD 1,867 (2) 0.00 22/10/2018 USD 4,673 AUD 6,449 6 0.00 23/10/2018 USD 3,778 AUD 5,245 (17) 0.00 02/11/2018 USD 4,474 AUD 6,164 13 0.00 02/10/2018 USD 59 BRL 240 (1) 0.00 05/10/2018 USD 13,613 BRL 56,515 (534) (0.03) 22/10/2018 USD 797 BRL 3,300 (28) 0.00 26/10/2018 USD 3,360 BRL 13,706 (67) 0.00 05/11/2018 USD 1,374 BRL 5,688 (47) 0.00 05/11/2018 USD 1,566 BRL 6,470 (50) 0.00 05/11/2018 USD 356 BRL 1,479 (14) 0.00 05/11/2018 USD 357 BRL 1,471 (11) 0.00 05/11/2018 USD 357 BRL 1,479 (13) 0.00 06/11/2018 USD 13,809 BRL 56,515 (308) (0.02) 02/10/2018 USD 6,401 CAD 8,294 (16) 0.00 02/10/2018 USD 571 CAD 739 (1) 0.00 05/10/2018 USD 48 CAD 62 - 0.00 05/10/2018 USD 1,408 CAD 1,830 (8) 0.00 05/10/2018 USD 1,408 CAD 1,830 (8) 0.00 05/10/2018 USD 1,408 CAD 1,830 (8) 0.00 05/10/2018 USD 1,405 CAD 1,830 (12) 0.00 05/10/2018 USD 15 CAD 19 - 0.00 05/10/2018 USD 539 CAD 701 (3) 0.00 05/10/2018 USD 539 CAD 701 (3) 0.00 05/10/2018 USD 538 CAD 701 (4) 0.00 05/10/2018 USD 539 CAD 701 (3) 0.00 24/10/2018 USD 6,080 CAD 7,910 (42) 0.00 24/10/2018 USD 2,914 CAD 3,802 (29) 0.00 02/11/2018 USD 481 CAD 626 (3) 0.00 16/11/2018 USD 478 CAD 630 (9) 0.00 05/10/2018 USD 1,254 CHF 1,210 15 0.00 05/10/2018 USD 16,410 CHF 15,833 197 0.01 05/10/2018 USD 479 CHF 463 6 0.00 23/10/2018 USD 15,221 CHF 14,591 255 0.02 16/11/2018 USD 159 CHF 154 1 0.00 05/10/2018 USD 10,704 CLP 7,118,048 (88) (0.01) 24/10/2018 USD 1,138 CNY 7,854 (3) 0.00 24/10/2018 USD 759 CNY 5,236 (2) 0.00 24/10/2018 USD 1,789 CNY 12,329 (2) 0.00 24/10/2018 USD 1,911 CNY 13,183 (5) 0.00 24/10/2018 USD 1,434 CNY 9,872 (1) 0.00




Settlement Date


Amount Sold ‘000


Fund %

24/10/2018 USD 1,428 CNY 9,842 (2) 0.00 05/10/2018 USD 10,574 COP 31,720,849 (110) (0.01) 01/10/2018 USD 2,560 DKK 15,595 131 0.01 01/10/2018 USD 642 DKK 3,959 26 0.00 01/10/2018 USD 1,996 DKK 12,509 48 0.00 01/10/2018 USD 3,087 DKK 18,992 129 0.01 01/10/2018 USD 3,064 DKK 19,796 (19) 0.00 16/11/2018 USD 67 DKK 427 - 0.00 05/10/2018 USD 939 EUR 805 4 0.00 05/10/2018 USD 1,527 EUR 1,306 10 0.00 05/10/2018 USD 13,313 EUR 11,404 64 0.00 05/10/2018 USD 195 EUR 167 1 0.00 05/10/2018 USD 13,312 EUR 11,404 63 0.00 05/10/2018 USD 13,307 EUR 11,404 58 0.00 05/10/2018 USD 13,317 EUR 11,404 68 0.00 05/10/2018 USD 114 EUR 98 - 0.00 05/10/2018 USD 149 EUR 128 1 0.00 05/10/2018 USD 224 EUR 192 1 0.00 05/10/2018 USD 527 EUR 448 7 0.00 05/10/2018 USD 731 EUR 627 3 0.00 05/10/2018 USD 5,095 EUR 4,366 22 0.00 05/10/2018 USD 33 EUR 28 - 0.00 05/10/2018 USD 5,096 EUR 4,366 24 0.00 05/10/2018 USD 5,098 EUR 4,366 26 0.00 05/10/2018 USD 5,097 EUR 4,366 24 0.00 05/10/2018 USD 291 EUR 248 3 0.00 05/10/2018 USD 1,092 EUR 933 8 0.00 05/10/2018 USD 133 EUR 114 - 0.00 12/10/2018 USD 868 EUR 739 9 0.00 12/10/2018 USD 1,554 EUR 1,356 (23) 0.00 22/10/2018 USD 152 EUR 129 2 0.00 22/10/2018 USD 950 EUR 813 4 0.00 24/10/2018 USD 371 EUR 316 3 0.00 24/10/2018 USD 1,528 EUR 1,308 7 0.00 24/10/2018 USD 5,830 EUR 5,000 13 0.00 24/10/2018 USD 2,500 EUR 2,138 13 0.00 24/10/2018 USD 4,109 EUR 3,500 37 0.00 24/10/2018 USD 24,115 EUR 20,736 (11) 0.00 05/11/2018 USD 845 EUR 724 1 0.00 05/11/2018 USD 599 EUR 511 4 0.00 05/11/2018 USD 7,056 EUR 6,075 (19) 0.00 15/11/2018 USD 672 EUR 572 5 0.00 15/11/2018 USD 1,384 EUR 1,185 3 0.00 15/11/2018 USD 1,796 EUR 1,541 - 0.00 15/11/2018 USD 876 EUR 753 (1) 0.00 15/11/2018 USD 2,830 EUR 2,461 (38) 0.00 15/11/2018 USD 920 EUR 791 (2) 0.00 19/12/2018 USD 942 EUR 800 7 0.00 19/12/2018 USD 588 EUR 500 3 0.00 19/12/2018 USD 353 EUR 300 2 0.00



Settlement Date


Amount Sold ‘000


Fund %

19/12/2018 USD 3,592 EUR 3,050 26 0.00 19/12/2018 USD 4,572 EUR 3,900 12 0.00 19/12/2018 USD 471 EUR 400 4 0.00 19/12/2018 USD 233 EUR 200 - 0.00 02/10/2018 USD 14,199 GBP 10,778 144 0.01 05/10/2018 USD 705 GBP 538 4 0.00 05/10/2018 USD 14 GBP 11 - 0.00 05/10/2018 USD 2,527 GBP 1,944 (8) 0.00 05/10/2018 USD 2,525 GBP 1,944 (11) 0.00 05/10/2018 USD 2,529 GBP 1,944 (7) 0.00 05/10/2018 USD 2,530 GBP 1,944 (6) 0.00 05/10/2018 USD 968 GBP 744 (3) 0.00 05/10/2018 USD 969 GBP 744 (2) 0.00 05/10/2018 USD 968 GBP 744 (3) 0.00 05/10/2018 USD 967 GBP 744 (4) 0.00 05/10/2018 USD 123 GBP 95 - 0.00 05/10/2018 USD 639 GBP 491 (1) 0.00 22/10/2018 USD 368 GBP 280 3 0.00 23/10/2018 USD 47,305 GBP 36,510 (350) (0.02) 24/10/2018 USD 2,765 GBP 2,100 24 0.00 24/10/2018 USD 8,956 GBP 6,917 (72) 0.00 15/11/2018 USD 208 GBP 157 3 0.00 15/11/2018 USD 6,695 GBP 5,224 (131) (0.01) 15/11/2018 USD 1,164 GBP 900 (11) 0.00 19/12/2018 USD 263 GBP 200 1 0.00 19/12/2018 USD 528 GBP 400 5 0.00 19/12/2018 USD 132 GBP 100 1 0.00 19/12/2018 USD 396 GBP 300 3 0.00 19/12/2018 USD 262 GBP 200 - 0.00 19/12/2018 USD 98 GBP 75 - 0.00 19/12/2018 USD 981 GBP 750 (1) 0.00 05/10/2018 USD 17,004 HUF 4,748,569 (52) 0.00 24/10/2018 USD 180 HUF 50,000 1 0.00 24/10/2018 USD 433 HUF 119,000 5 0.00 24/10/2018 USD 940 HUF 261,861 (2) 0.00 05/10/2018 USD 12,964 IDR 191,803,000 97 0.01 24/10/2018 USD 5,316 IDR 78,342,428 72 0.00 24/10/2018 USD 1,518 IDR 22,486,134 13 0.00 24/10/2018 USD 679 IDR 9,999,500 9 0.00 24/10/2018 USD 1,520 IDR 23,362,400 (44) 0.00 06/11/2018 USD 12,772 IDR 191,803,000 (46) 0.00 23/10/2018 USD 7,535 ILS 26,926 119 0.01 19/10/2018 USD 1,095 INR 79,614 (1) 0.00 24/10/2018 USD 1,520 INR 109,410 15 0.00 24/10/2018 USD 845 INR 59,697 23 0.00 24/10/2018 USD 681 INR 48,181 19 0.00 29/10/2018 USD 621 INR 45,414 (3) 0.00 05/10/2018 USD 254 JPY 28,142 7 0.00 05/10/2018 USD 8,875 JPY 981,498 232 0.01 05/10/2018 USD 8,877 JPY 981,498 234 0.01




Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 USD 8,877 JPY 981,498 234 0.01 05/10/2018 USD 8,877 JPY 981,498 234 0.01 05/10/2018 USD 3,398 JPY 375,726 90 0.01 05/10/2018 USD 71 JPY 7,812 2 0.00 05/10/2018 USD 3,398 JPY 375,726 89 0.01 05/10/2018 USD 3,398 JPY 375,726 89 0.01 05/10/2018 USD 3,397 JPY 375,726 89 0.01 24/10/2018 USD 19,141 JPY 2,115,415 487 0.03 24/10/2018 USD 6,307 JPY 700,400 131 0.01 24/10/2018 USD 4,562 JPY 503,585 122 0.01 24/10/2018 USD 10,564 JPY 1,169,791 248 0.01 05/11/2018 USD 4,413 JPY 490,000 89 0.01 05/11/2018 USD 4,414 JPY 490,000 89 0.01 05/11/2018 USD 9,368 JPY 1,040,000 189 0.01 05/11/2018 USD 4,414 JPY 490,000 90 0.01 15/11/2018 USD 7,588 JPY 835,400 210 0.01 15/11/2018 USD 5,944 JPY 655,400 156 0.01 15/11/2018 USD 4,578 JPY 514,200 36 0.00 19/11/2018 USD 3,358 JPY 370,000 89 0.01 19/12/2018 USD 360 JPY 40,000 6 0.00 19/12/2018 USD 269 JPY 30,000 3 0.00 19/12/2018 USD 3,095 JPY 345,000 39 0.00 19/12/2018 USD 1,803 JPY 200,000 31 0.00 05/10/2018 USD 3,174 KRW 3,523,616 (3) 0.00 05/10/2018 USD 4,342 KRW 4,830,464 (13) 0.00 05/10/2018 USD 1,213 KRW 1,346,234 (1) 0.00 24/10/2018 USD 3,030 KRW 3,393,206 (30) 0.00 09/11/2018 USD 3,162 KRW 3,523,616 (17) 0.00 09/11/2018 USD 1,166 KRW 1,299,736 (6) 0.00 24/10/2018 USD 2,974 KZT 1,099,774 (41) 0.00 02/10/2018 USD 363 MXN 6,859 (4) 0.00 05/10/2018 USD 11,196 MXN 215,533 (326) (0.02) 24/10/2018 USD 1,681 MXN 32,397 (46) 0.00 24/10/2018 USD 1,058 MXN 20,371 (27) 0.00 24/10/2018 USD 480 MXN 9,239 (12) 0.00 24/10/2018 USD 567 MXN 10,938 (16) 0.00 24/10/2018 USD 1,499 MXN 28,592 (25) 0.00 24/10/2018 USD 2,721 MXN 51,556 (26) 0.00 24/10/2018 USD 17 MXN 319 - 0.00 24/10/2018 USD 1,235 MXN 23,812 (35) 0.00 26/10/2018 USD 1,054 MXN 19,844 (3) 0.00 05/11/2018 USD 1 MXN 22 - 0.00 14/11/2018 USD 1,319 MXN 25,200 (20) 0.00 14/11/2018 USD 2,080 MXN 39,787 (34) 0.00 14/11/2018 USD 4,170 MXN 79,051 (29) 0.00 16/11/2018 USD 5,304 MXN 103,366 (186) (0.01) 23/10/2018 USD 19,043 NOK 155,057 (15) 0.00 24/10/2018 USD 584 NOK 4,861 (13) 0.00 16/11/2018 USD 237 NOK 1,981 (6) 0.00 05/10/2018 USD 659 NZD 993 1 0.00



Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 USD 53,943 NZD 81,228 92 0.01 05/10/2018 USD 1,457 NZD 2,196 1 0.00 23/10/2018 USD 3,785 NZD 5,745 (24) 0.00 24/10/2018 USD 294 NZD 441 2 0.00 24/10/2018 USD 1,494 NZD 2,241 8 0.00 24/10/2018 USD 1,495 NZD 2,241 9 0.00 24/10/2018 USD 3,879 NZD 5,810 27 0.00 24/10/2018 USD 394 NZD 600 (4) 0.00 05/10/2018 USD 10,651 PEN 35,242 (32) 0.00 06/11/2018 USD 10,647 PEN 35,242 (22) 0.00 05/10/2018 USD 3,092 PLN 11,384 3 0.00 16/11/2018 USD 2,305 PLN 8,560 (20) 0.00 05/10/2018 USD 412 RUB 27,200 (4) 0.00 12/10/2018 USD 667 RUB 45,225 (23) 0.00 15/10/2018 USD 4,235 RUB 280,833 (47) 0.00 15/10/2018 USD 899 RUB 60,129 (18) 0.00 15/10/2018 USD 79 RUB 5,408 (3) 0.00 22/10/2018 USD 255 RUB 18,001 (19) 0.00 24/10/2018 USD 786 RUB 53,421 (28) 0.00 24/10/2018 USD 530 RUB 36,462 (25) 0.00 24/10/2018 USD 734 RUB 50,069 (28) 0.00 24/10/2018 USD 990 RUB 67,900 (45) 0.00 24/10/2018 USD 181 RUB 12,356 (7) 0.00 24/10/2018 USD 326 RUB 21,839 (7) 0.00 30/10/2018 USD 243 RUB 17,170 (18) 0.00 24/10/2018 USD 6,132 SAR 23,000 (1) 0.00 02/10/2018 USD 403 SEK 3,560 3 0.00 02/10/2018 USD 1,886 SEK 16,660 12 0.00 02/10/2018 USD 2,005 SEK 17,595 26 0.00 02/10/2018 USD 776 SEK 6,820 10 0.00 02/10/2018 USD 2,604 SEK 23,690 (59) 0.00 05/10/2018 USD 1,065 SEK 9,700 (26) 0.00 05/10/2018 USD 407 SEK 3,706 (10) 0.00 23/10/2018 USD 19,015 SEK 168,898 (9) 0.00 02/11/2018 USD 620 SEK 5,455 5 0.00 05/10/2018 USD 24,802 SGD 33,972 (63) 0.00 05/10/2018 USD 14,437 THB 471,215 (136) (0.01) 24/10/2018 USD 1,522 THB 49,689 (16) 0.00 24/10/2018 USD 1,521 THB 49,685 (16) 0.00 06/11/2018 USD 14,545 THB 471,215 (42) 0.00 16/11/2018 USD 599 THB 19,609 (8) 0.00 24/10/2018 USD 365 TRY 2,509 (47) 0.00 24/10/2018 USD 369 TRY 2,560 (51) 0.00 05/10/2018 USD 10,262 TWD 313,989 (23) 0.00 06/11/2018 USD 10,293 TWD 313,989 (14) 0.00 22/10/2018 USD 950 ZAR 13,716 (17) 0.00 24/10/2018 USD 891 ZAR 13,117 (33) 0.00 24/10/2018 USD 1,776 ZAR 25,621 (29) 0.00 24/10/2018 USD 1,044 ZAR 15,835 (71) 0.00 24/10/2018 USD 458 ZAR 6,973 (34) 0.00




Settlement Date


Amount Sold ‘000


Fund %

24/10/2018 USD 977 ZAR 14,505 (45) 0.00 24/10/2018 USD 1,813 ZAR 27,055 (94) (0.01) 24/10/2018 USD 1,914 ZAR 28,716 (110) (0.01) 02/11/2018 USD 487 ZAR 6,562 25 0.00 24/10/2018 ZAR 18,835 USD 1,278 49 0.00 24/10/2018 ZAR 33,218 USD 2,227 115 0.02 24/10/2018 ZAR 14,503 USD 959 63 0.00 24/10/2018 ZAR 7,852 USD 539 14 0.00 24/10/2018 ZAR 5,371 USD 359 19 0.00 24/10/2018 ZAR 7,000 USD 459 34 0.00 24/10/2018 ZAR 12,134 USD 862 (7) 0.00 24/10/2018 ZAR 9,681 USD 688 (6) 0.00

Unrealised gain on open forward foreign currency exchange contracts .......................... 16,835 1.00 Unrealised loss on open forward foreign currency exchange contracts ........................... (15,235) (0.91) Net unrealised gain (loss) on open forward foreign currency exchange contracts ... 1,600 0.09 Currency Options Purchased (0.00%)

Notional Amount

USD ‘000 Fair Value USD ‘000

Fund %

Germany (0.00%) 202

Put at 9.10 EUR NOK

Expiring March 2019 ................................................................... 27 0.00 United States (0.00%)

1,140

Call at 15.15 USD ZAR Expiring October 2018 ................................................................. 2 0.00

70

Call at 6.95 USD CNH Expiring September 2018 ............................................................. - 0.00

3,000

Put at 67.00 USD INR Expiring November 2018 ............................................................. 1 0.00

4,500

Put at 67.00 USD INR Expiring November 2018 ............................................................. 1 0.00

1,500

Put at 68.50 USD INR Expiring December 2018 ............................................................. 1 0.00

5 0.00 Total currency options purchased at fair value (Premium paid USD 60,965) ......... 32 0.00 Currency Options Written ((0.01)%)

Notional Amount


Fund %

Australia (0.00%) (1,500)

Call at 0.73 USD AUD

Expiring October 2018 ................................................................. (3) 0.00 (4,100)


Expiring November 2018 ............................................................. (24) 0.00 (4,100)

Put at 0.69 USD AUD



Expiring November 2018 ............................................................. (5) 0.00 (36) 0.00



Notional Amount


Fund %

United States ((0.01)%) (1,900)

Call at 15.85 USD ZAR


Call at 19.51 USD MXN

Expiring November 2018 ............................................................. - 0.00 (1,500)

Put at 1.28 USD CAD

Expiring October 2018 ................................................................. (3) 0.00 (800)

Put at 68.22 USD RUB

Expiring October 2018 ................................................................. (32) (0.01) (700)

Put at 68.45 USD RUB


Call at 15.40 USD ZAR


Call at 67.10 USD RUB


Call at 68/00 USD RUB

Expiring October 2018 ................................................................. (2) 0.00 (79) (0.01)

Total currency options written at fair value (Premium received USD (185,844)) ..... (115) (0.01) Swaptions Purchased (0.01%)

Notional Amount


Fund %

Germany (0.00%) 3,100

Put at 400.00 on JPM EUR

Expiring December 2018 .............................................................. 5 0.00 United States (0.01%)

1,000 Put at 2.94 on 30 year IRO

Expiring December 2019 .............................................................. 74 0.00 1,900

Put at 2.94 on 30 year IRO


Put at 101.00 on CDSO CIT


Put at 102.00 on CDSO MER


Call at 57.50 on GS USD

Expiring October 2018 .................................................................. 40 0.00 263 0.01

Total swaptions purchased at fair value (Premium paid USD 208,447) ................... 268 0.01




Swaptions Written ((0.02)%)

Notional Amount


Fund %

Germany (0.00%) (11,550)

Call at 70.00 on CIT EUR

Expiring October 2018 ................................................................. (76) 0.00 United States ((0.02)%)

(1,400) Put at 0.01 on INFFLOOR USD

Expiring September 2020 ............................................................. - 0.00 (4,500)

Put at 2.75 on 5 year IRO USD

Expiring December 2019 ............................................................. (110) (0.01) (8,400)

Put at 2.75 on 5 year IRO USD


Put at 75.00 on GS USD

Expiring October 2018 ................................................................. (2) 0.00 (318) (0.02)

Swaptions written at fair value (Premium received USD (204,844)) ........................ (394) (0.02) Interest Rate Swaps (0.12%)

Ccy Notional

Amount ‘000 Fund Pays

Fund Receives

Termination Date


Fund %

GBP 3,410 1.68% GBP 6 Month

LIBOR 10/10/2038 85 0.01

GBP 800 1.75% GBP 6 Month

LIBOR 10/10/2038 6 0.00

CAD 900 2.30% CAD 3 Month

CDOR 15/12/2025 19 0.00

JPY 1,780,000 0.30% JPY 6 Month

LIBOR 18/03/2026 (62) 0.00

USD 6,700 2.50% USD 3 Month

LIBOR 20/12/2027 309 0.02

JPY 1,610,000 0.30% JPY 6 Month

LIBOR 20/09/2027 18 0.00

JPY 40,000 1.00% JPY 6 Month

LIBOR 21/03/2048 (5) 0.00

JPY 350,000 0.75% JPY 6 Month

LIBOR 20/03/2038 (1) 0.00

JPY 550,000 0.38% JPY 6 Month

LIBOR 18/06/2028 (20) 0.00

USD 110,400 3.00% USD 3 Month

LIBOR 03/09/2020 232 0.01


LIBOR 19/12/2028 7 0.00


LIBOR 19/12/2048 67 0.00

USD 500 2.91% USD 3 Month

LIBOR 22/08/2048 27 0.00


LIBOR 22/08/2048 24 0.00

KRW 4,800,000 KRW 3 Month

KWCDC 1.85% 30/07/2020 (4) 0.00


MKSDA 2.36% 23/05/2023 90 0.01

GBP 2,060 GBP Less than Month LIBOR 3.45% 15/07/2038 (83) (0.01)



Ccy Notional


Fund Receives

Termination Date


Fund %

EUR 31,120 EUR 6 Month

EURIB 0.80% 15/08/2027 (412) (0.03)

GBP 490 GBP 12 Month

LIBOR 3.50% 15/07/2038 (6) 0.00


MKSDA 2.08% 21/09/2023 2 0.00

JPY 1,490,000 JPY 6 Month

LIBOR 1.50% 19/06/2033 1,819 0.11

JPY 3,730,000 JPY 6 Month

LIBOR 0.25% 20/12/2019 107 0.01

JPY 20,900 JPY 6 Month

LIBOR 1.25% 17/06/2035 19 0.00


EURIB 1.50% 04/07/2042 (13) 0.00

BRL 29,700 BRL Less than Month BRCDI 9.20% 04/01/2021 27 0.00

USD 4,300 USD 3 Month

LIBOR 2.80% 22/08/2023 (56) 0.00


EURIB 1.00% 20/03/2029 (88) (0.01)


EURIB 1.50% 20/03/2049 (42) 0.00 Interest rate swaps at positive fair value ........................................................................ 2,858 0.17 Interest rate swaps at negative fair value ....................................................................... (792) (0.05) Interest rate swaps at fair value ................................................................................. 2,066 0.12 Credit Default Swaps ((0.06)%)

Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

EUR (490) iTraxx Europe 5.00% # 20/12/2023 (93) (0.01) EUR (705) iTraxx Europe 5.00% # 20/12/2023 (134) (0.01) EUR (439) iTraxx Europe 5.00% # 20/12/2023 (83) 0.00 EUR (191) iTraxx Europe 5.00% # 20/12/2023 (36) 0.00 EUR (303) iTraxx Europe 5.00% # 20/12/2023 (58) 0.00 EUR (264) iTraxx Europe 5.00% # 20/12/2023 (50) 0.00 USD 1,930 iTraxx Europe 1.00% # 20/12/2023 134 0.01 USD (19,000) CDX.NA.HY 5.00% # 20/12/2023 (1,386) (0.09) USD (2,800) CDX.NA.IG.30 1.00% # 20/06/2023 (56) 0.00 EUR 2,460 iTraxx Europe 1.00% # 20/06/2023 134 0.01 EUR 4,920 iTraxx Europe # 1.00% 20/06/2023 114 0.01 EUR (950) iTraxx Europe 1.00% # 20/06/2023 (12) 0.00 EUR 1,000 iTraxx Europe # 1.00% 20/06/2023 17 0.00 EUR 900 iTraxx Europe # 1.00% 20/06/2023 16 0.00 EUR (950) iTraxx Europe 1.00% # 20/06/2023 (12) 0.00 USD 823 CDX.NA.IG.30 # 1.00% 20/06/2023 17 0.00 USD 306 CDX.NA.IG.30 # 1.00% 20/06/2023 6 0.00 EUR 550 iTraxx Europe # 1.00% 20/06/2023 10 0.00 EUR (550) iTraxx Europe 1.00% # 20/06/2023 (7) 0.00 EUR (550) iTraxx Europe 1.00% # 20/06/2023 (7) 0.00 EUR 550 iTraxx Europe # 1.00% 20/06/2023 10 0.00 EUR (1,010) iTraxx Europe 1.00% # 20/06/2023 (2) 0.00




Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

EUR 1,010 iTraxx Europe # 1.00% 20/06/2023 18 0.00 EUR (1,550) iTraxx Europe 5.00% # 20/06/2021 (208) (0.02) EUR 1,550 iTraxx Europe # 5.00% 20/06/2023 266 0.03 EUR 4,734 iTraxx Europe # 1.00% 20/12/2023 94 0.01 EUR 1,794 iTraxx Europe # 1.00% 20/12/2023 36 0.00 USD 4,000 CDX.NA.IG # 1.00% 20/12/2023 155 0.01 EUR 2,000 iTraxx Europe # 1.00% 20/12/2023 60 0.00 USD 1,800 MetLife Inc # 1.00% 20/12/2021 37 0.00

USD 400

Colombia Government International

Bond

#

1.00% 20/06/2021 5 0.00 EUR 700 Tesco Plc # 1.00% 20/12/2019 9 0.00 EUR 2,100 Tesco Plc # 1.00% 20/06/2022 33 0.00 USD 2,500 CDX.NA.IG # 1.00% 20/06/2022 51 0.00 USD 1,100 Citigroup Inc # 1.00% 20/12/2020 18 0.00

USD 1,300

Qatar Government International

Bond

#

1.00% 20/12/2018 3 0.00 USD 800 CDX.NA.HY.30 # 5.00% 20/06/2023 63 0.00

USD 1,100

Colombia Government International

Bond # 1.00% 20/06/2021 13 0.00

USD 2,500

Brazilian Government International

Bond # 1.00% 20/03/2019 2 0.00 USD 2,800 iTraxx Europe # 1.00% 20/12/2023 55 0.00

USD (1,500)

Republic of South Africa Government International

Bond # 1.00% 20/12/2023 (69) 0.00

USD (4,300)

Russian Foreign Bond -

Eurobond #

1.00% 20/12/2023 (87) (0.01) Credit default swaps at positive fair value ..................................................................... 1,376 0.08 Credit default swaps at negative fair value .................................................................... (2,300) (0.14) Credit Default swaps at fair value .............................................................................. (924) (0.06) Total Financial Derivative Instruments ..................................................................... (1,199) (0.09)




Fund %

Total Financial Assets at Fair Value through Profit or Loss (110.67%) ...................................................................... 1,862,485 110.67

Total Financial Liabilities at Fair Value through Profit or Loss ((1.68)%) ........................................................................ (28,055) (1.68)

Net Financial Assets at Fair Value through Profit or Loss (108.99%) ............................................................................... 1,834,430 108.99

Other Net Liabilities ((8.99)%) ............................................ (151,574) (8.99) Net Assets ............................................................................... 1,682,856 100.00

* Perpetual bonds. ** Partly held as collateral by the counterparties in connection with collateral purposes for over the counter financial derivative instruments held by the Fund. # In the event of bankruptcy or modified restructuring, the Fund will pay/receive the notional amount to/from the counterparty.


gross assets Transferable securities and money market instruments admitted to an official stock exchange listing ........ 53.57 Transferable securities dealt in on another regulated market ........................................................................ 23.30 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) ............................... 5.83 Certificates of deposit ................................................................................................................................... 1.52 Commercial paper ......................................................................................................................................... 0.92 Investment funds (UCITS) ............................................................................................................................ 2.47 Exchange traded financial derivative instruments ........................................................................................ 0.26 Over the counter financial derivative instruments ........................................................................................ 1.02 Other assets ................................................................................................................................................... 11.11

100.00 Brokers for the open futures contracts are:

Bank of America Merrill Lynch Goldman Sachs Credit Suisse UBS

The counterparties for the open forward foreign currency exchange contracts are:

Australia and New Zealand Banking Group HSBC Banco Santander JP Morgan Bank of America Merrill Lynch Morgan Stanley Bank of Montreal Natwest Barclays Bank Nomura BNP Paribas Royal Bank of Canada Brown Brothers Harriman Royal Bank of Scotland Citibank Skandinaviska Enskilda Banken Citigroup Standard Chartered Bank Commonwealth Bank of Australia State Street Bank and Trust Company Credit Agricole Toronto Dominion Bank Credit Suisse UBS AG Deutsche Bank Westpac Goldman Sachs




The counterparty for the currency options purchased are:

Bank of America Merrill Lynch HSBC Barclays Bank Morgan Stanley Goldman Sachs

The counterparties for the currency options written are:

Bank of America Merrill Lynch Citibank BNP Paribas Goldman Sachs

The counterparties for swaptions purchased are:

Bank of America Merrill Lynch Goldman Sachs Citigroup JP Morgan

The counterparties for swaptions written are:

Bank of America Merrill Lynch Goldman Sachs Citigroup

The counterparties for the interest rate swaps are:

Bank of America Merrill Lynch JP Morgan Credit Suisse

The counterparties for the credit default swaps are:

Bank of America Merrill Lynch Goldman Sachs Barclays Bank HSBC BNP Paribas JP Morgan Citibank Morgan Stanley Citigroup Societe Generale Credit Suisse




Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. - 1,695,198 14,336 1,709,534 Certificates of deposit ................................................... - 31,937 - 31,937 Commercial paper ......................................................... - 19,365 - 19,365 Money market instruments ........................................... - 23,021 - 23,021 Investment funds ........................................................... - 51,772 - 51,772

Unrealised gain on open futures contracts ........................ 5,487 - - 5,487 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 16,835 - 16,835 Currency options purchased at fair value ......................... - 32 - 32 Swaptions purchased at fair value .................................... - 268 - 268 Interest rate swaps at fair value ........................................ - 2,858 - 2,858 Credit default swaps at fair value ..................................... - 1,376 - 1,376

Total assets ......................................................................... 5,487 1,842,662 14,336 1,862,485 Liabilities Financial liabilities at fair value through profit or loss:

Unrealised loss on open futures contracts ........................ (9,219) - - (9,219) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (15,235) - (15,235) Currency options written at fair value .............................. - (115) - (115) Swaptions written at fair value ......................................... - (394) - (394) Interest rate swaps at fair value ........................................ - (792) - (792) Credit default swaps at fair value ..................................... - (2,300) - (2,300)





As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 16,380 1,729,350 14,820 1,760,550 Certificates of deposit ................................................... - 39,243 - 39,243 Commercial paper ......................................................... - 41,102 - 41,102 Money market instruments ........................................... - 55,596 - 55,596 Investment funds ........................................................... - 70,023 - 70,023

Unrealised gain on open futures contracts ........................ 11,086 - - 11,086 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 12,509 - 12,509 Currency options purchased at fair value ......................... - 11 - 11 Swaptions purchased at fair value .................................... - 383 - 383 Interest rate swaps at fair value ........................................ - 5,123 - 5,123 Credit default swaps at fair value ..................................... - 1,321 - 1,321


Unrealised loss on open futures contracts ........................ (7,517) - - (7,517) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (17,212) - (17,212) Currency options written at fair value .............................. - (117) - (117) Equity options written at fair value .................................. - (27) - (27) Futures options written ..................................................... (10) - - (10) Swaptions written at fair value ......................................... - (369) - (369) Interest rate swaps at fair value ........................................ - (601) - (601) Credit default swaps at fair value ..................................... - (1,328) - (1,328)


Russell Investment Company plc Russell Investments Global Bond Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 100 Russell Investments Global Bond Fund


USD ‘000 Portfolio Securities

Disposal Proceeds USD ‘000

Russell Investment Company III plc Russell Investment Company III plc Russell Investments US Dollar Cash Fund II Russell Investments US Dollar Cash Fund II Class R Roll-Up Shares 662,124 Class R Roll-Up Shares (675,557)

JP Morgan Mortgage Trust Fannie Mae Pool 1.770% due 13/04/18 148,600 3.500% due 15/09/46 (137,136)

Fannie Mae Pool 3.500% due 15/10/46 (129,460) 3.500% due 15/09/46 137,145 3.500% due 15/08/48 (127,753) 3.500% due 15/10/46 129,963 U.S. Treasury Note 3.500% due 15/08/48 127,628 2.125% due 30/09/24 (119,708)

U.S. Treasury Note Fannie Mae Pool 2.125% due 30/09/24 119,035 3.500% due 15/07/48 (83,877)

Fannie Mae Pool 3.500% due 15/06/48 (79,398) 3.500% due 15/07/48 83,751 U.S. Treasury Note 3.500% due 15/11/46 80,211 1.875% due 31/08/22 (72,795) 3.500% due 15/06/48 76,352 Russell Investment Company III plc

U.S. Treasury Note Russell Investments Euro Liquidity Fund 1.875% due 31/08/22 72,802 Class R Roll-Up Shares (66,788)

Russell Investment Company III plc Fannie Mae Pool Russell Investments Euro Liquidity Fund 3.000% due 15/05/46 (53,863) Class R Roll-Up Shares 63,807 3.000% due 15/09/46 (49,286)

Fannie Mae Pool 3.500% due 15/05/46 (38,999) 3.000% due 15/09/46 49,230 3.000% due 15/10/46 (31,686)

U.S. Treasury Note 3.000% due 15/06/48 (30,754) 2.750% due 15/02/2028 32,798 3.000% due 15/07/48 (27,939)

Fannie Mae Pool U.S. Treasury Note 3.000% due 15/10/46 31,833 2.250% due 15/11/27 (27,135) 3.000% due 15/06/48 30,834 Fannie Mae Pool 3.000% due 15/05/46 29,862 3.000% due 15/08/48 (27,032) 3.000% due 15/07/48 27,646 3.500% due 15/04/46 (25,997) 3.000% due 15/08/48 27,040 U.S. Treasury Note 3.000% due 15/11/46 26,871 1.875% due 31/07/22 (22,525)

Japan Treasury Discount Bill U.S. Treasury Inflation Indexed Bonds Zero Coupon due 06/08/18 22,869 0.125% due 15/01/23 (20,277)

Russell Investment Company plc Russell Investments Global Credit Fund Balance Sheet As at 30 September 2018


Russell Investments Global Credit Fund 101


USD ‘000


Assets Financial assets at fair value through profit or loss ..................................................... 3,350,917 3,943,793 Cash at bank (Note 2) .................................................................................................. 45,933 29,789 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ....................................................................................................................... 28,261 46,926 Debtors:

Receivable for investments sold ............................................................................... 130,932 61,700 Receivable on fund shares issued ............................................................................. 232 2,164 Interest receivable .................................................................................................... 29,107 32,239 Prepayments and other debtors ................................................................................. - 23


Cash due to brokers and counterparties for open financial derivative instruments (Note 2) .................................................................................................................... (13,065) (13,527) Payable for investments purchased .......................................................................... (105,438) (96,719) Payable on fund shares redeemed ............................................................................ (54) (142) Distributions payable on income share classes ......................................................... (2,296) (2,147) Management fees payable ........................................................................................ (1,674) (1,949) Depositary fees payable ........................................................................................... (185) (58) Sub-custodian fees payable ...................................................................................... (64) (58) Administration fees payable ..................................................................................... (131) (86) Audit fees payable .................................................................................................... (15) (31) Other fees payable .................................................................................................... (1) (2)

(153,782) (159,147) Net assets attributable to redeemable participating shareholders ........................ 3,431,600 3,957,487

Russell Investment Company plc Russell Investments Global Credit Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 102 Russell Investments Global Credit Fund





Income Interest income .......................................................................................................... 59,440 47,446

Net gain (loss) on investment activities ........................................................................ (254,676) 203,309

Total investment income (expense) ........................................................................... (195,236) 250,755

Expenses Management fees (Note 4) ........................................................................................ (11,949) (10,635) Less: Management fees reimbursement (Note 4) ...................................................... - 818 Depositary fees (Note 5) ........................................................................................... (304) (165) Sub-custodian fees (Note 5) ...................................................................................... (88) (207) Administration and transfer agency fees (Note 5) ..................................................... (435) (362) Audit fees .................................................................................................................. (15) (15) Professional fees ........................................................................................................ (8) (46) Other fees .................................................................................................................. (138) (101)

Total operating expenses ............................................................................................ (12,937) (10,713) Net income (expense) .................................................................................................. (208,173) 240,042 Finance costs

Distributions (Note 7) ................................................................................................. (58,051) (53,735) Profit (loss) for the financial period before taxation ............................................... (266,224) 186,307 Taxation

Withholding tax (Note 8) .......................................................................................... (87) 16 Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... (266,311) 186,323 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments Global Credit Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018








Reinvestment of deemed distributions on accumulation shares (Note 7) ................. 53,556 50,006 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ....................................................................................... (313,132) 182,067


Beginning of financial period ................................................................................... 3,957,487 3,236,302 End of financial period ............................................................................................. 3,431,600 3,654,698

Russell Investment Company plc Russell Investments Global Credit Fund Schedule of Investments 30 September 2018


Principal Amount


Fund %

Transferable Securities (90.57%) Long Term Bonds and Notes (84.39%) Argentina (0.07%)

Argentina Bonar Bonds ARS 4,000,000 24.949% due 03/04/22 ..... 103 0.00

Argentina POM Politica Monetaria

18,064,000 27.250% % due 21/06/20 . 535 0.02


EUR 1,200,000 2.260% due 31/12/38 ....... 830 0.02 1,200,000 6.250% due 09/11/47 ....... 1,071 0.03 2,539 0.07 Australia (2.25%)

APT Pipelines Ltd USD 1,000,000 4.200% due 23/03/25 ....... 991 0.03 Ausgrid Finance Pty Ltd

8,255,000 3.850% due 01/05/23 ....... 8,211 0.24

AusNet Services Holdings Pty Ltd

EUR 880,000 2.375% due 24/07/20 ....... 1,065 0.03 BHP Billiton Finance Ltd

284,000 5.625% due 22/10/79 ....... 388 0.01 Boral Finance Pty Ltd USD 6,179,000 3.000% due 01/11/22 ....... 5,951 0.17

Goodman Australia Finance Pty Ltd

EUR 593,000 1.375% due 27/09/25 ....... 665 0.02 Macquarie Group Ltd USD 8,430,000 6.000% due 14/01/20 ....... 8,713 0.25

National Australia Bank Ltd 8,750,000 2.820% due 22/05/20 ....... 8,791 0.26 1,950,000 2.625% due 23/07/20 ....... 1,928 0.06

EUR 820,000 0.875% due 16/11/22 ....... 976 0.03 1,030,000 0.625% due 30/08/23 ....... 1,190 0.04 Origin Energy Finance Ltd 465,000 2.875% due 11/10/19 ....... 556 0.02 720,000 2.500% due 23/10/20 ....... 876 0.03

Pacific National Finance Pty Ltd

USD 3,500,000 4.750% due 22/03/28 ....... 3,371 0.10 Scentre Group Trust 1 / 2

EUR 400,000 1.375% due 22/03/23 ....... 479 0.01 4,700,000 1.750% due 11/04/28 ....... 5,505 0.16

SGSP Australia Assets Pty Ltd

4,550,000 2.000% due 30/06/22 ....... 5,567 0.16

Sydney Airport Finance Co Pty Ltd

USD 1,590,000 5.125% due 22/02/21 ....... 1,630 0.05 5,500,000 3.900% due 22/03/23 ....... 5,474 0.16 100,000 3.900% due 22/03/23 ....... 100 0.00

Principal Amount


Fund %

Transurban Finance Co Pty Ltd

EUR 750,000 1.750% due 29/03/28 ...... 865 0.03

Virgin Australia Pass Through Trust

USD 158,119 6.000% due 23/10/20 ...... 160 0.00 Woodside Finance Ltd 6,835,000 3.650% due 05/03/25 ...... 6,593 0.19 7,470,000 3.700% due 15/03/28 ...... 7,022 0.20 77,067 2.25 Austria (0.06%)

Erste Group Bank AG EUR 600,000 8.875% due 29/12/49 ...... 809 0.02

OMV AG 61,000 1.750% due 25/11/19 ...... 72 0.00 1,000,000 2.875%* .......................... 1,166 0.04 2,047 0.06 Belgium (0.24%)

Anheuser-Busch InBev SA/NV

1,000,000 0.875% due 17/03/22 ...... 1,182 0.03 2,070,000 1.150% due 22/01/27 ...... 2,364 0.07 1,048,000 2.000% due 17/03/28 ...... 1,268 0.04

Groupe Bruxelles Lambert SA

1,800,000 1.875% due 19/06/25 ...... 2,095 0.06 KBC Group NV

600,000 1.000% due 26/04/21 ...... 710 0.02 Proximus SADP

500,000 0.500% due 22/03/22 ...... 586 0.02 8,205 0.24 Bermuda (0.48%)

Athene Holding Ltd USD 3,530,000 4.125% due 12/01/28 ...... 3,304 0.10

Bacardi Ltd EUR 100,000 2.750% due 03/07/23 ...... 124 0.00 USD 2,200,000 4.450% due 15/05/25 ...... 2,196 0.06

2,400,000 4.700% due 15/05/28 ...... 2,387 0.07 8,020,000 5.300% due 15/05/48 ...... 7,893 0.23

China Resources Gas Group Ltd

600,000 4.500% due 05/04/22 ...... 606 0.02 Viking Cruises Ltd

100,000 5.875% due 15/09/27 ...... 98 0.00 16,608 0.48 Brazil (0.18%) Banco BTG Pactual SA 3,500,000 5.500% due 31/01/23 ...... 3,311 0.10 900,000 5.500% due 31/01/23 ...... 851 0.02

Russell Investment Company plc Russell Investments Global Credit Fund Schedule of Investments - continued 30 September 2018



Principal Amount


Fund %

Banco do Nordeste do Brasil SA

200,000 4.375% due 03/05/19 ....... 201 0.01 Cielo SA

1,245,000 3.750% due 16/11/22 ....... 1,162 0.03 Itau Unibanco Holding SA

600,000 6.125%* ........................... 558 0.02 6,083 0.18 Bulgaria (0.04%)

Bulgaria Government International Bond

EUR 200,000 2.000% due 26/03/22 ....... 249 0.01 635,000 2.950% due 03/09/24 ....... 841 0.02 150,000 2.625% due 26/03/27 ....... 193 0.01 1,283 0.04 Canada (2.19%)

Air Canada Pass Through Trust

USD 392,688 4.125% due 15/05/25 ....... 395 0.01

Alimentation Couche-Tard Inc

CAD 3,180,000 3.319% due 01/11/19 ....... 2,478 0.07 USD 400,000 2.700% due 26/07/22 ....... 385 0.01

Bausch Health Cos Inc 750,000 7.000% due 15/03/24 ....... 794 0.02 500,000 5.500% due 01/11/25 ....... 502 0.01

Brookfield Finance Inc 1,200,000 3.900% due 25/01/28 ....... 1,143 0.03

Canada Government International Bond

EUR 492,000 3.500% due 13/01/20 ....... 601 0.02

Canadian National Railway Co

USD 1,610,000 2.400% due 03/02/20 ....... 1,597 0.05

Canadian Natural Resources Ltd

1,720,000 4.950% due 01/06/47 ....... 1,791 0.05

Canadian Pacific Railway Co

100,000 4.500% due 15/01/22 ....... 103 0.00 Cenovus Energy Inc 965,000 4.450% due 15/09/42 ....... 837 0.02 4,095,000 5.200% due 15/09/43 ....... 3,958 0.12 Enbridge Inc

CAD 6,870,000 4.570% due 11/03/44 ....... 5,286 0.15 USD 2,860,000 6.000% due 15/01/77 ....... 2,762 0.08

Fairfax Financial Holdings Ltd

CAD 3,183,000 4.700% due 16/12/26 ....... 2,521 0.07 EUR 3,600,000 2.750% due 29/03/28 ....... 4,211 0.12 USD 3,670,000 4.850% due 17/04/28 ....... 3,625 0.11

National Bank of Canada 4,439,000 2.894% due 12/06/20 ....... 4,463 0.13 3,505,000 2.800% due 20/08/20 ....... 3,466 0.10

Principal Amount


Fund %

Province of Ontario Canada EUR 1,011,000 4.750% due 23/04/19 ...... 1,208 0.04

790,000 3.000% due 28/09/20 ...... 978 0.03 CAD 650,000 3.150% due 02/06/22 ...... 512 0.02 EUR 520,000 1.875% due 21/05/24 ...... 651 0.02 CAD 4,500,000 3.500% due 02/06/24 ...... 3,603 0.11

2,800,000 2.600% due 02/06/25 ...... 2,127 0.06 Province of Quebec Canada

EUR 600,000 2.250% due 17/07/23 ...... 761 0.02 1,041,000 0.875% due 04/05/27 ...... 1,209 0.04 Royal Bank of Canada

USD 500,000 2.100% due 14/10/20 ...... 489 0.01 1,730,000 2.729% due 30/04/21 ...... 1,737 0.05

Thomson Reuters Corp 7,300,000 4.700% due 15/10/19 ...... 7,408 0.22 Toronto-Dominion Bank 5,235,000 2.700% due 01/05/20 ...... 5,190 0.15

EUR 506,000 0.375% due 12/01/21 ...... 594 0.02 USD 5,070,000 2.550% due 25/01/21 ...... 4,996 0.15 Vale Canada Ltd

2,251,000 7.200% due 15/09/32 ...... 2,504 0.07 West Fraser Timber Co Ltd

400,000 4.350% due 15/10/24 ...... 390 0.01 75,275 2.19 Cayman Islands (2.21%)

Alibaba Group Holding Ltd 3,775,000 3.600% due 28/11/24 ...... 3,715 0.11

Ambac LSNI LLC 189,467 7.396% due 12/02/23 ...... 192 0.01 Baidu Inc 200,000 3.000% due 30/06/20 ...... 198 0.01 11,575,000 3.875% due 29/09/23 ...... 11,477 0.33 Braskem Finance Ltd 200,000 5.750% due 15/04/21 ...... 206 0.01 600,000 6.450% due 03/02/24 ...... 642 0.02

CK Hutchison Europe Finance 18 Ltd

EUR 1,145,000 1.250% due 13/04/25 ...... 1,314 0.04

CK Hutchison Finance 16 Ltd

1,173,000 1.250% due 06/04/23 ...... 1,382 0.04

Country Garden Holdings Co Ltd

USD 200,000 7.500% due 09/03/20 ...... 204 0.01

CSCEC Finance Cayman II Ltd

9,905,000 2.700% due 14/06/21 ...... 9,596 0.28

Geely Automobile Holdings Ltd

400,000 3.625% due 25/01/23 ...... 386 0.01 HPHT Finance 17 Ltd

200,000 2.750% due 11/09/22 ...... 189 0.01



Principal Amount


Fund %

KSA Sukuk Ltd 300,000 2.894% due 20/04/22 ....... 293 0.01

Link Finance Cayman 2009 Ltd

700,000 3.600% due 03/09/24 ....... 687 0.02 3,897,000 2.875% due 21/07/26 ....... 3,575 0.10

Melco Resorts Finance Ltd 2,400,000 4.875% due 06/06/25 ....... 2,278 0.07

Metal 2017-1 LLC 6,882,904 4.581% due 15/10/42 ....... 6,908 0.20

Odebrecht Drilling Norbe VIII/IX Ltd

57,374 6.350% due 01/12/21 ....... 56 0.00 110,225 7.350% due 01/12/26 ....... 65 0.00

Odebrecht Offshore Drilling Finance Ltd

172,636 6.720% due 01/12/22 ....... 164 0.00 597,034 7.720% due 01/12/26 ....... 175 0.01

Odebrecht Oil & Gas Finance Ltd

58,650 Zero Coupon* .................. 1 0.00 91,239 Zero Coupon* .................. 2 0.00

Park Aerospace Holdings Ltd

1,360,000 5.500% due 15/02/24 ....... 1,397 0.04 Phoenix Group Holdings EUR 310,000 4.375% due 24/01/29 ....... 351 0.01

Sands China Ltd USD 3,420,000 5.125% due 08/08/25 ....... 3,417 0.10

1,500,000 5.400% due 08/08/28 ....... 1,496 0.04 1,710,000 5.400% due 08/08/28 ....... 1,706 0.05

Sapphire Aviation Finace I Ltd

4,600,000 4.250% due 15/03/40 ....... 4,612 0.13

SMFG Preferred Capital 2 Ltd

GBP 1,000,000 10.231% due 29/07/49 ..... 2,065 0.06

Sun Hung Kai Properties Capital Market Ltd

USD 5,560,000 4.500% due 14/02/22 ....... 5,680 0.16 3,875,000 3.625% due 16/01/23 ....... 3,847 0.11

Sunny Optical Technology Group Co Ltd

300,000 3.750% due 23/01/23 ....... 289 0.01 Tencent Holdings Ltd

1,200,000 3.595% due 19/01/28 ....... 1,137 0.03

Three Gorges Finance II Cayman Islands Ltd

EUR 635,000 1.300% due 21/06/24 ....... 736 0.02 Vale Overseas Ltd

USD 286,000 4.375% due 11/01/22 ....... 289 0.01 900,000 6.250% due 10/08/26 ....... 989 0.03

Wynn Macau Ltd 3,200,000 5.500% due 01/10/27 ....... 3,014 0.09

Principal Amount


Fund %

XLIT Ltd 1,195,000 4.450% due 31/03/25 ...... 1,186 0.03 75,916 2.21 Chile (0.06%)

Banco Santander Chile 1,000,000 3.135% due 25/07/20 ...... 1,004 0.03

Chile Government International Bond

EUR 200,000 1.625% due 30/01/25 ...... 242 0.01 400,000 1.875% due 27/05/30 ...... 476 0.01

Latam Airlines Pass Through Trust

USD 406,410 4.200% due 15/11/27 ...... 393 0.01 2,115 0.06 China (0.14%)

China Development Bank EUR 2,900,000 0.375% due 16/11/21 ...... 3,352 0.10

Industrial & Commercial Bank of China Ltd

1,200,000 0.229% due 12/10/20 ...... 1,395 0.04 4,747 0.14 Curacao (0.01%)

Teva Pharmaceutical Finance Co BV

USD 200,000 2.950% due 18/12/22 ...... 186 0.01 Denmark (0.22%)

AP Moller - Maersk A/S EUR 1,300,000 1.750% due 18/03/21 ...... 1,560 0.05

Danske Bank A/S 1,015,000 0.250% due 28/11/22 ...... 1,157 0.03 415,000 0.750% due 02/06/23 ...... 480 0.01 1,200,000 5.875% due 29/10/49 ...... 1,424 0.04

USD 800,000 7.000%* .......................... 1,076 0.03 TDC A/S GBP 1,400,000 5.625% due 23/02/23 ...... 2,018 0.06

7,715 0.22 Finland (0.22%)

Kojamo OYJ EUR 800,000 1.625% due 07/03/25 ...... 920 0.03

Nordea Bank Abp 188,000 4.000% due 29/06/20 ...... 234 0.01

USD 5,250,000 2.608% due 10/08/20 ...... 5,250 0.15 Teollisuuden Voima OYJ

EUR 615,000 2.625% due 13/01/23 ...... 745 0.02 370,000 2.000% due 08/05/24 ...... 430 0.01 7,579 0.22 France (2.36%)

ALD SA 1,400,000 0.875% due 18/07/22 ...... 1,612 0.05




Principal Amount


Fund %

Altice France SA USD 200,000 7.375% due 01/05/26 ....... 201 0.01 APRR SA EUR 400,000 1.125% due 15/01/21 ....... 475 0.01

AXA SA 800,000 5.125% due 04/07/43 ....... 1,063 0.03 2,360,000 3.250% due 28/05/49 ....... 2,693 0.08 170,000 3.941% due 29/11/49 ....... 209 0.01

Banque Federative du Credit Mutuel SA

1,100,000 0.500% due 16/11/22 ....... 1,275 0.04 USD 200,000 3.308% due 20/07/23 ....... 201 0.01

200,000 3.750% due 20/07/23 ....... 199 0.01 EUR 1,100,000 0.750% due 17/07/25 ....... 1,250 0.04 BNP Paribas Cardif SA

700,000 1.000% due 29/11/24 ....... 772 0.02 BNP Paribas SA 2,259,000 0.750% due 11/11/22 ....... 2,650 0.08

USD 1,900,000 3.375% due 09/01/25 ....... 1,801 0.05 EUR 1,390,000 1.250% due 19/03/25 ....... 1,589 0.05 USD 500,000 7.000%* ........................... 505 0.01

BPCE SA EUR 2,100,000 0.625% due 26/09/23 ....... 2,427 0.07 USD 1,200,000 5.700% due 22/10/23 ....... 1,252 0.04 EUR 500,000 0.875% due 31/01/24 ....... 569 0.02

1,100,000 2.875% due 22/04/26 ....... 1,345 0.04 Bureau Veritas

1,100,000 1.875% due 06/01/25 ....... 1,283 0.04 Carrefour SA

2,300,000 0.875% due 12/06/23 ....... 2,664 0.08

Coentreprise de Transport d'Electricite SA

1,400,000 0.875% due 29/09/24 ....... 1,612 0.05 600,000 1.500% due 29/07/28 ....... 687 0.02

Credit Agricole Assurances SA

700,000 4.250%* ........................... 861 0.02 Credit Agricole SA

USD 550,000 3.576% due 01/07/21 ....... 560 0.02 750,000 3.750% due 24/04/23 ....... 737 0.02

EUR 400,000 1.375% due 13/03/25 ....... 461 0.01 Credit Mutuel Arkea SA

300,000 1.875% due 25/10/29 ....... 329 0.01 Electricite de France SA

GBP 400,000 5.500% due 17/10/41 ....... 656 0.02 EUR 3,100,000 5.375% due 29/01/49 ....... 3,897 0.11 GBP 1,000,000 5.875%* ........................... 1,291 0.04

1,900,000 6.000%* ........................... 2,541 0.07 EUR 100,000 4.000%* ........................... 117 0.00 Engie SA

900,000 2.375% due 19/05/26 ....... 1,143 0.03

Principal Amount


Fund %

Eutelsat SA 500,000 2.000% due 02/10/25 ...... 576 0.02

Fromageries Bel SA 300,000 1.500% due 18/04/24 ...... 345 0.01 Gecina SA 200,000 1.375% due 30/06/27 ...... 228 0.01 400,000 1.375% due 26/01/28 ...... 449 0.01

Holding d'Infrastructures de Transport SAS

400,000 0.625% due 27/03/23 ...... 448 0.01 600,000 1.625% due 27/11/27 ...... 646 0.02 HSBC France SA 1,200,000 0.200% due 04/09/21 ...... 1,394 0.04 900,000 0.600% due 20/03/23 ...... 1,047 0.03

Ingenico Group SA 300,000 1.625% due 13/09/24 ...... 337 0.01

mFinance France SA 5,000,000 1.398% due 26/09/20 ...... 5,912 0.17

Pernod Ricard SA USD 300,000 4.450% due 15/01/22 ...... 306 0.01 Renault SA EUR 1,400,000 2.000% due 28/09/26 ...... 1,636 0.05 SapphireOne Mortgages

539,483 0.181% due 25/02/61 ...... 629 0.02 SEB SA

400,000 1.500% due 31/05/24 ...... 463 0.01 Societe Generale SA 1,000,000 0.250% due 18/01/22 ...... 1,157 0.03 1,100,000 1.000% due 01/04/22 ...... 1,284 0.04 1,000,000 1.375% due 23/02/28 ...... 1,132 0.03

Sogecap SA 300,000 4.125% due 29/12/49 ...... 365 0.01 TDF Infrastructure SAS 9,600,000 2.875% due 19/10/22 ...... 11,973 0.35 3,600,000 2.500% due 07/04/26 ...... 4,300 0.12

Total SA 407,000 2.625% due 29/12/49 ...... 484 0.01

Ubisoft Entertainment SA 4,300,000 1.289% due 30/01/23 ...... 4,998 0.14 81,036 2.36 Germany (1.85%) ADLER Real Estate AG 400,000 1.875% due 27/04/23 ...... 456 0.01 200,000 3.000% due 27/04/26 ...... 228 0.01

Allianz SE 800,000 2.241% due 07/07/45 ...... 932 0.03

Bayer AG 478,000 2.375% due 02/04/75 ...... 547 0.02

Bertelsmann SE & Co KGaA 900,000 1.250% due 29/09/25 ...... 1,043 0.03



Principal Amount


Fund %

Bundesobligation 2,180,000 Zero Coupon due 08/04/22 2,562 0.07 1,583,926 Zero Coupon due 14/04/23 1,853 0.05 Bundesrepublik Deutschland 1,801,522 2.000% due 15/08/23 ....... 2,310 0.07 603,847 0.500% due 15/02/25 ....... 720 0.02 5,367,441 0.250% due 15/02/27 ....... 6,208 0.18 282,000 6.250% due 04/01/30 ....... 534 0.02 433,769 4.000% due 04/01/37 ....... 775 0.02 Commerzbank AG 400,000 1.125% due 19/09/25 ....... 446 0.01 690,000 1.500% due 28/08/28 ....... 791 0.02

Continental AG 130,000 3.125% due 09/09/20 ....... 160 0.00

Deutsche Bahn Finance GMBH

488,000 1.375% due 28/03/31 ....... 565 0.02 937,000 0.875% due 11/07/31 ....... 1,019 0.03 372,000 1.625% due 16/08/33 ....... 437 0.01 Deutsche Bank AG

GBP 3,700,000 1.875% due 28/02/20 ....... 4,809 0.14 USD 1,200,000 4.250% due 14/10/21 ....... 1,193 0.03 EUR 500,000 1.500% due 20/01/22 ....... 584 0.02 USD 1,000,000 3.300% due 16/11/22 ....... 952 0.03

200,000 3.950% due 27/02/23 ....... 194 0.01 3,750,000 4.875% due 01/12/32 ....... 3,337 0.10

DVB Bank SE EUR 4,400,000 1.250% due 15/09/21 ....... 5,155 0.15

Germany, Federal Republic of

813,744 6.250% due 04/01/24 ....... 1,260 0.04

Kreditanstalt fuer Wiederaufbau

11,300,000 1.250% due 17/10/19 ....... 13,368 0.39

Landwirtschaftliche Rentenbank

890,000 0.625% due 20/02/30 ....... 997 0.03

O2 Telefonica Deutschland Finanzierungs GmbH

500,000 1.750% due 05/07/25 ....... 585 0.02 ProSiebenSat.1 Media SE

400,000 2.625% due 15/04/21 ....... 486 0.01 Talanx AG

500,000 2.250% due 05/12/47 ....... 529 0.02 Volkswagen Bank GmbH 600,000 0.625% due 08/09/21 ....... 698 0.02 3,100,000 0.750% due 15/06/23 ....... 3,543 0.10 1,000,000 1.250% due 10/06/24 ....... 1,145 0.03 Volkswagen Leasing GmbH 1,335,000 1.000% due 16/02/23 ....... 1,546 0.04 621,000 1.375% due 20/01/25 ....... 711 0.02 815,000 1.625% due 15/08/25 ....... 939 0.03 63,617 1.85

Principal Amount


Fund %

Guernsey, Channel Islands (0.87%)


USD 900,000 2.750% due 26/03/20 ...... 892 0.03 12,410,000 3.125% due 10/12/20 ...... 12,316 0.36

EUR 375,000 1.250% due 14/04/22 ...... 443 0.01 USD 700,000 3.800% due 15/09/22 ...... 697 0.02 GBP 8,935,000 2.750% due 08/08/25 ...... 11,487 0.33 USD 1,200,000 4.550% due 17/04/26 ...... 1,208 0.04

Globalworth Real Estate Investments Ltd

EUR 500,000 2.875% due 20/06/22 ...... 599 0.02 1,780,000 3.000% due 29/03/25 ...... 2,083 0.06 29,725 0.87 Hong Kong (0.75%) AIA Group Ltd

USD 1,185,000 3.200% due 11/03/25 ...... 1,129 0.03 10,960,000 3.900% due 06/04/28 ...... 10,773 0.31

CRCC Yuxiang Ltd 9,000,000 3.500% due 16/05/23 ...... 8,747 0.25

Vanke Real Estate Hong Kong Co Ltd

3,400,000 4.150% due 18/04/23 ...... 3,317 0.10 2,100,000 3.975% due 09/11/27 ...... 1,898 0.06 25,864 0.75 India (0.37%)

Adani Ports & Special Economic Zone Ltd

300,000 3.950% due 19/01/22 ...... 294 0.01 8,000,000 3.950% due 19/01/22 ...... 7,842 0.23

Export-Import Bank of India 400,000 3.875% due 02/10/19 ...... 401 0.01

GMR Hyderabad International Airport Ltd

200,000 4.250% due 27/10/27 ...... 176 0.01 ICICI Bank Ltd

400,000 3.500% due 18/03/20 ...... 397 0.01 NTPC Ltd EUR 2,970,000 2.750% due 01/02/27 ...... 3,427 0.10

12,537 0.37 Indonesia (0.16%)

Bank Rakyat Indonesia Persero Tbk PT

USD 1,000,000 4.625% due 20/07/23 ...... 1,003 0.03


EUR 250,000 2.875% due 08/07/21 ...... 307 0.01 3,195,000 2.625% due 14/06/23 ...... 3,900 0.11

Pelabuhan Indonesia III Persero PT

USD 400,000 4.500% due 02/05/23 ...... 400 0.01 5,610 0.16




Principal Amount


Fund %

Ireland (1.41%)

Abbott Ireland Financing DAC

EUR 1,800,000 Zero Coupon due 27/09/20 2,089 0.06

ABH Financial Ltd Via Alfa Holding Issuance Plc

500,000 2.626% due 28/04/20 ....... 581 0.02

AerCap Global Aviation Trust

USD 825,000 4.625% due 30/10/20 ....... 841 0.02 150,000 4.500% due 15/05/21 ....... 152 0.00 200,000 3.500% due 26/05/22 ....... 196 0.01 600,000 4.125% due 03/07/23 ....... 596 0.02 3,300,000 3.500% due 15/01/25 ....... 3,114 0.09

Bank of Ireland EUR 870,000 1.250% due 09/04/20 ....... 1,029 0.03 Bank of Ireland Group Plc USD 4,550,000 4.125% due 19/09/27 ....... 4,317 0.12 ESB Finance DAC EUR 430,000 3.494% due 12/01/24 ....... 570 0.02 Fastnet Securities 13 DAC

356,042 Zero Coupon due 18/04/57 .......................................... 414 0.01

GE Capital International Funding Co Unlimited Co

USD 19,698,000 2.342% due 15/11/20 ....... 19,253 0.56 6,648,000 4.418% due 15/11/35 ....... 6,268 0.18

James Hardie Industries Plc EUR 1,695,000 3.625% due 01/10/26 ....... 1,997 0.06

Lunar Funding V for Swisscom AG

650,000 1.125% due 12/10/26 ....... 749 0.02 Lusitano Mortgages No 1 Plc

564,673 0.241% due 15/12/35 ....... 658 0.02 Lusitano Mortgages No 2 Plc

154,152 0.161% due 16/11/36 ....... 179 0.01

Novolipetsk Steel Via Steel Funding DAC

USD 300,000 4.500% due 15/06/23 ....... 293 0.01

PartnerRe Ireland Finance DAC

EUR 1,165,000 1.250% due 15/09/26 ....... 1,294 0.04

Phosagro OAO Via Phosagro Bond Funding DAC

USD 500,000 3.949% due 24/04/23 ....... 472 0.01 Roadster Finance DAC EUR 1,900,000 2.375% due 08/12/27 ....... 2,116 0.06

SMBC Aviation Capital Finance DAC

USD 1,225,000 4.125% due 15/07/23 ....... 1,228 0.04 48,406 1.41

Principal Amount


Fund %

Italy (1.65%) 2i Rete Gas SpA EUR 6,051,000 2.195% due 11/09/25 ...... 7,069 0.21 Atlantia SpA

680,000 1.625% due 03/02/25 ...... 746 0.02

Davide Campari-Milano SpA

1,091,000 2.750% due 30/09/20 ...... 1,329 0.04 Enel SpA

1,840,000 2.500% due 24/11/78 ...... 2,035 0.06 Eni SpA 411,000 4.250% due 03/02/20 ...... 505 0.01

USD 3,920,000 4.000% due 12/09/23 ...... 3,881 0.11 EUR 1,061,000 1.500% due 02/02/26 ...... 1,235 0.04 USD 3,120,000 4.750% due 12/09/28 ...... 3,094 0.09

FCA Bank SpA EUR 1,202,000 1.375% due 17/04/20 ...... 1,416 0.04

1,155,000 1.000% due 15/11/21 ...... 1,345 0.04 1,045,000 1.000% due 21/02/22 ...... 1,212 0.04 Intesa Sanpaolo SpA 700,000 4.375% due 15/10/19 ...... 845 0.02

USD 4,050,000 6.500% due 24/02/21 ...... 4,194 0.12 EUR 685,000 2.125% due 30/08/23 ...... 797 0.02 USD 200,000 5.710% due 15/01/26 ...... 182 0.01

635,000 3.875% due 12/01/28 ...... 537 0.02 3,110,000 4.375% due 12/01/48 ...... 2,365 0.07

EUR 2,725,000 7.750% due 29/12/49 ...... 3,405 0.10


4,138,746 2.100% due 15/09/21 ...... 5,024 0.15 Leonardo SpA

200,000 1.500% due 07/06/24 ...... 224 0.01 Telecom Italia SpA

USD 4,985,000 5.303% due 30/05/24 ...... 4,873 0.14 EUR 700,000 3.625% due 25/05/26 ...... 850 0.02

1,955,000 2.375% due 12/10/27 ...... 2,136 0.06

Terna Rete Elettrica Nazionale SpA

135,000 4.875% due 03/10/19 ...... 164 0.00 UniCredit SpA 860,000 2.000% due 04/03/23 ...... 1,004 0.03

USD 1,050,000 4.625% due 12/04/27 ...... 965 0.03 3,376,000 5.861% due 19/06/32 ...... 3,024 0.09 Wind Tre SpA

EUR 201,000 2.625% due 20/01/23 ...... 220 0.01 600,000 2.750% due 20/01/24 ...... 652 0.02 1,055,000 3.125% due 20/01/25 ...... 1,121 0.03 56,449 1.65



Principal Amount


Fund %

Japan (0.72%)

Meiji Yasuda Life Insurance Co

USD 500,000 5.100% due 26/04/48 ....... 504 0.01


1,000,000 3.125% due 25/07/22 ....... 1,006 0.03 1,100,000 3.195% due 26/07/23 ....... 1,104 0.03 200,000 2.757% due 13/09/26 ....... 182 0.01

Mitsubishi UFJ Trust & Banking Corp

11,191,000 2.650% due 19/10/20 ....... 11,015 0.32 Mizuho Bank Ltd

300,000 2.400% due 26/03/20 ....... 296 0.01 Mizuho Financial Group Inc 4,400,000 2.632% due 12/04/21 ....... 4,294 0.13 800,000 3.211% due 11/09/22 ....... 806 0.02 2,520,000 3.549% due 05/03/23 ....... 2,491 0.07

MUFG Bank Ltd 1,300,000 2.300% due 05/03/20 ....... 1,283 0.04


1,300,000 4.007% due 09/03/21 ....... 1,339 0.04 500,000 2.058% due 14/07/21 ....... 481 0.01 24,801 0.72 Jersey, Channel Islands (0.67%) AA Bond Co Ltd

GBP 1,200,000 2.875% due 31/01/22 ....... 1,518 0.04 2,800,000 4.875% due 31/07/24 ....... 3,657 0.11

Aptiv Plc USD 755,000 3.150% due 19/11/20 ....... 749 0.02

Glencore Finance Europe Ltd

EUR 527,000 1.750% due 17/03/25 ....... 601 0.02 Heathrow Funding Ltd GBP 7,455,000 6.750% due 03/12/26 ....... 12,644 0.37

HSBC Bank Capital Funding Sterling 1 LP

1,540,000 5.844% due 29/11/49 ....... 2,415 0.07

Kennedy Wilson Europe Real Estate Ltd

1,100,000 3.950% due 30/06/22 ....... 1,480 0.04 23,064 0.67 Korea, Republic of (0.15%)

Korea International Bond EUR 200,000 2.125% due 10/06/24 ....... 251 0.01 SK Telecom Co Ltd USD 5,100,000 3.750% due 16/04/23 ....... 5,057 0.14

5,308 0.15

Principal Amount


Fund %

Kuwait (0.05%)


1,700,000 3.500% due 20/03/27 ...... 1,669 0.05 Luxembourg (4.88%)

ADO Properties SA EUR 8,300,000 1.500% due 26/07/24 ...... 9,394 0.27 Allergan Funding SCS USD 3,135,000 4.550% due 15/03/35 ...... 3,058 0.09

Allergan Funding SCS 1,582,000 3.000% due 12/03/20 ...... 1,581 0.05 1,000,000 3.450% due 15/03/22 ...... 994 0.03

EUR 2,490,000 2.125% due 01/06/29 ...... 2,845 0.08 Altice Financing SA

700,000 5.250% due 15/02/23 ...... 847 0.03 Aroundtown SA 600,000 2.125% due 13/03/23 ...... 723 0.02 200,000 1.500% due 15/07/24 ...... 230 0.01 500,000 1.000% due 07/01/25 ...... 552 0.02 300,000 1.875% due 19/01/26 ...... 343 0.01 500,000 2.000% due 02/11/26 ...... 569 0.02

Bevco Lux Sarl 1,210,000 1.750% due 09/02/23 ...... 1,414 0.04

Blackstone Property Partners Europe Holdings Sarl

422,000 1.400% due 06/07/22 ...... 493 0.01 1,200,000 2.200% due 24/07/25 ...... 1,376 0.04

Corestate Capital Holding SA

200,000 3.500% due 15/04/23 ...... 229 0.01

Council Of Europe Development Bank

715,000 2.875% due 31/08/21 ...... 906 0.03 378,000 1.750% due 24/04/24 ...... 476 0.01 CPI Property Group SA 3,300,000 2.125% due 04/10/24 ...... 3,808 0.11 136,000 4.375% due 09/05/52 ...... 152 0.00

Eurofins Scientific SE 400,000 2.125% due 25/07/24 ...... 467 0.01

European Financial Stability Facility

3,765,000 1.500% due 22/01/20 ...... 4,483 0.13 3,159,000 1.375% due 07/06/21 ...... 3,828 0.11 539,000 3.500% due 04/02/22 ...... 703 0.02 3,800,000 0.500% due 20/01/23 ...... 4,498 0.13 3,390,000 1.875% due 23/05/23 ...... 4,255 0.12 6,100,000 0.200% due 28/04/25 ...... 6,965 0.20 2,908,000 0.400% due 31/05/26 ...... 3,327 0.10




Principal Amount


Fund %

2,216,000 0.950% due 14/02/28 ....... 2,605 0.08 963,000 2.750% due 03/12/29 ....... 1,330 0.04 904,000 3.000% due 04/09/34 ....... 1,310 0.04 1,916,000 2.350% due 29/07/44 ....... 2,624 0.08 5,500,000 1.200% due 17/02/45 ....... 5,898 0.17 1,247,000 1.375% due 31/05/47 ....... 1,381 0.04 European Investment Bank 2,948,000 3.625% due 15/01/21 ....... 3,736 0.11 2,169,000 1.500% due 15/04/21 ....... 2,635 0.08 1,828,000 3.000% due 28/09/22 ....... 2,380 0.07 5,428,000 2.125% due 15/01/24 ....... 6,941 0.20 16,600,000 0.375% due 16/07/25 ....... 19,165 0.56 3,487,000 2.750% due 15/09/25 ....... 4,685 0.14 1,947,000 3.500% due 15/04/27 ....... 2,802 0.08 2,312,000 4.000% due 15/04/30 ....... 3,583 0.11 1,277,000 4.000% due 15/10/37 ....... 2,149 0.06 662,000 2.750% due 15/03/40 ....... 964 0.03


1,099,000 0.875% due 15/10/19 ....... 1,294 0.04 1,260,000 1.375% due 04/03/21 ....... 1,523 0.04 2,425,000 0.100% due 31/07/23 ....... 2,809 0.08 1,350,000 2.125% due 20/11/23 ....... 1,726 0.05 1,532,000 1.000% due 23/09/25 ....... 1,840 0.05 4,100,000 0.750% due 15/03/27 ....... 4,780 0.14 643,000 1.625% due 17/11/36 ....... 780 0.02 1,430,000 1.750% due 20/10/45 ....... 1,755 0.05 European Union 1,875,000 3.500% due 04/06/21 ....... 2,397 0.07 1,033,000 1.875% due 04/04/24 ....... 1,309 0.04 1,386,000 2.500% due 04/11/27 ....... 1,863 0.05 1,752,000 1.375% due 04/10/29 ....... 2,141 0.06 800,000 3.375% due 04/04/38 ....... 1,261 0.04

Gazprom Neft OAO Via GPN Capital SA

USD 800,000 4.375% due 19/09/22 ....... 784 0.02 1,000,000 4.375% due 19/09/22 ....... 980 0.03

Gazprom OAO Via Gaz Capital SA

GBP 650,000 4.250% due 06/04/24 ....... 846 0.03 GELF Bond Issuer I SA

EUR 650,000 1.750% due 22/11/21 ....... 780 0.02 500,000 0.875% due 20/10/22 ....... 580 0.02


4,760,000 1.200% due 08/08/34 ....... 5,519 0.16

Prologis International Funding II SA

550,000 1.750% due 15/03/28 ....... 632 0.02 QGOG Constellation SA USD 200,783 9.500% due 09/11/24 ....... 98 0.00

Principal Amount


Fund %

Sberbank of Russia Via SB Capital SA

2,500,000 5.500% due 26/02/24 ...... 2,498 0.07 SELP Finance Sarl EUR 2,100,000 1.250% due 25/10/23 ...... 2,428 0.07

Severstal OAO Via Steel Capital SA

USD 600,000 5.900% due 17/10/22 ...... 616 0.02

Simon International Finance SCA

EUR 400,000 1.250% due 13/05/25 ...... 468 0.01

Talanx Finanz Luxembourg SA

400,000 8.367% due 15/06/42 ...... 574 0.02 Telecom Italia Finance SA

1,500,000 7.750% due 24/01/33 ...... 2,404 0.07 167,389 4.88 Malaysia (0.01%)

Petronas Global Sukuk Ltd USD 400,000 2.707% due 18/03/20 ...... 396 0.01

Mauritius (0.19%)

MTN Mauritius Investment Ltd

6,590,000 5.373% due 13/02/22 ...... 6,387 0.19 Mexico (1.10%) America Movil SAB de CV 3,170,000 5.000% due 30/03/20 ...... 3,249 0.09

EUR 485,000 3.000% due 12/07/21 ...... 606 0.02 GBP 5,890,000 5.000% due 27/10/26 ...... 8,980 0.26

BBVA Bancomer SA USD 5,810,000 6.500% due 10/03/21 ...... 6,083 0.18

900,000 6.750% due 30/09/22 ...... 967 0.03 700,000 5.125% due 18/01/33 ...... 640 0.02


EUR 400,000 2.375% due 09/04/21 ...... 490 0.01 420,000 2.750% due 22/04/23 ...... 526 0.01 290,000 3.625% due 09/04/29 ...... 384 0.01 490,000 3.000% due 06/03/45 ...... 551 0.02 Petroleos Mexicanos 1,450,000 2.500% due 21/08/21 ...... 1,720 0.05

USD 3,625,000 3.500% due 30/01/23 ...... 3,446 0.10 EUR 3,390,000 5.125% due 15/03/23 ...... 4,364 0.13

300,000 2.750% due 21/04/27 ...... 320 0.01 USD 833,000 5.500% due 27/06/44 ...... 707 0.02

1,661,000 6.750% due 21/09/47 ...... 1,589 0.05 Trust F/1401

3,000,000 6.950% due 30/01/44 ...... 3,105 0.09 37,727 1.10



Principal Amount


Fund %

Czech Republic (0.06%) Czech Republic International

EUR 206,000 4.125% due 18/03/20 ....... 255 0.01 869,000 3.625% due 14/04/21 ....... 1,107 0.03

EP Infrastructure AS 720,000 1.659% due 26/04/24 ....... 811 0.02 2,173 0.06 Netherlands (3.30%) ABN AMRO Bank NV 1,596,000 0.500% due 17/07/23 ....... 1,845 0.05 2,200,000 4.750%* ........................... 2,479 0.07

Alliander NV 585,000 4.500% due 17/12/19 ....... 718 0.02

Argentum Netherlands BV for Givaudan SA

1,000,000 2.000% due 17/09/30 ....... 1,172 0.03

Argentum Netherlands BV for Swiss Life AG

460,000 4.375%* ........................... 577 0.02

Argentum Netherlands BV for Zurich Insurance Co Ltd

345,000 3.500% due 01/10/46 ....... 426 0.01 ATF Netherlands BV

400,000 3.750%* ........................... 473 0.01 Bayer Capital Corp BV 1,100,000 1.500% due 26/06/26 ....... 1,274 0.04 1,100,000 2.125% due 15/12/29 ....... 1,287 0.04

BMW Finance NV 202,000 0.500% due 21/01/20 ....... 237 0.01

Braskem Netherlands Finance BV

USD 700,000 4.500% due 10/01/28 ....... 668 0.02 Cetin Finance BV EUR 1,200,000 1.423% due 06/12/21 ....... 1,431 0.04

Cooperatieve Rabobank UA 4,100,000 6.875% due 19/03/20 ....... 5,216 0.15

USD 4,900,000 2.765% due 26/04/21 ....... 4,912 0.14 EUR 324,000 4.750% due 06/06/22 ....... 438 0.01 GBP 370,000 5.250% due 14/09/27 ....... 552 0.02

700,000 4.625% due 23/05/29 ....... 999 0.03 EUR 500,000 5.500% due 22/01/49 ....... 613 0.02

1,200,000 6.625%* ........................... 1,549 0.05 de Volksbank NV 1,073,000 0.125% due 28/09/20 ....... 1,248 0.04 275,000 3.750% due 05/11/25 ....... 338 0.01

Deutsche Telekom International Finance BV

1,060,000 1.375% due 01/12/25 ....... 1,246 0.04 EDP Finance BV

960,000 1.625% due 26/01/26 ....... 1,102 0.03

Embraer Netherlands Finance BV

USD 1,530,000 5.050% due 15/06/25 ....... 1,541 0.04

Principal Amount


Fund %


3,060,000 4.625% due 14/09/25 ...... 2,999 0.09 1,000,000 3.500% due 06/04/28 ...... 882 0.03 4,260,000 4.875% due 14/06/29 ...... 4,123 0.12

Enexis Holding NV EUR 1,031,000 1.500% due 20/10/23 ...... 1,250 0.04 Gemalto NV

1,305,000 2.125% due 23/09/21 ...... 1,573 0.05 Heineken NV

770,000 1.750% due 17/03/31 ...... 882 0.03 ING Bank NV USD 250,000 2.625% due 05/12/22 ...... 243 0.01

ING Groep NV EUR 700,000 1.000% due 20/09/23 ...... 810 0.02 USD 1,700,000 3.398% due 02/10/23 ...... 1,701 0.05 EUR 500,000 2.000% due 20/09/28 ...... 582 0.02

600,000 1.625% due 26/09/29 ...... 674 0.02 innogy Finance BV

GBP 600,000 5.500% due 06/07/22 ...... 885 0.03 EUR 160,000 0.750% due 30/11/22 ...... 187 0.01

966,000 1.500% due 31/07/29 ...... 1,076 0.03 JAB Holdings BV 900,000 1.750% due 25/05/23 ...... 1,092 0.03 1,000,000 1.750% due 25/06/26 ...... 1,168 0.03 2,700,000 2.500% due 25/06/29 ...... 3,215 0.09

LeasePlan Corp NV 1,600,000 1.000% due 02/05/23 ...... 1,840 0.05

LYB International Finance BV

USD 65,000 4.875% due 15/03/44 ...... 64 0.00

Mondelez International Holdings Netherlands BV

5,150,000 1.625% due 28/10/19 ...... 5,078 0.15 Mylan NV 1,435,000 3.950% due 15/06/26 ...... 1,360 0.04 330,000 5.250% due 15/06/46 ...... 310 0.01 NN Group NV

EUR 400,000 1.625% due 01/06/27 ...... 467 0.01 518,000 4.375% due 29/06/49 ...... 635 0.02

NXP BV / NXP Funding LLC

USD 1,200,000 3.875% due 01/09/22 ...... 1,191 0.03

Petrobras Global Finance BV

68,000 6.125% due 17/01/22 ...... 70 0.00 2,000,000 5.750% due 01/02/29 ...... 1,789 0.05

Redexis Gas Finance BV EUR 100,000 2.750% due 08/04/21 ...... 122 0.00

Repsol International Finance BV

320,000 4.500% due 25/03/75 ...... 399 0.01




Principal Amount


Fund %

SABIC Capital I BV 1,405,000 2.750% due 20/11/20 ....... 1,721 0.05

Samvardhana Motherson Automotive Systems Group BV

235,000 1.800% due 06/07/24 ....... 249 0.01 Schaeffler Finance BV

958,000 3.250% due 15/05/25 ....... 1,178 0.03

Siemens Financieringsmaatschappij NV

USD 2,080,000 2.200% due 16/03/20 ....... 2,055 0.06 Stedin Holding NV EUR 570,000 1.375% due 19/09/28 ....... 654 0.02

Syngenta Finance NV USD 2,530,000 3.698% due 24/04/20 ....... 2,525 0.07

200,000 3.933% due 23/04/21 ....... 200 0.01 6,680,000 4.441% due 24/04/23 ....... 6,646 0.19 200,000 4.892% due 24/04/25 ....... 197 0.01 440,000 5.182% due 24/04/28 ....... 422 0.01 3,816,000 5.676% due 24/04/48 ....... 3,441 0.10 Telefonica Europe BV

EUR 1,400,000 2.625%* ........................... 1,553 0.05 2,100,000 3.875%* ........................... 2,297 0.07

Teva Pharmaceutical Finance Netherlands II BV

800,000 0.375% due 25/07/20 ....... 916 0.03 500,000 1.250% due 31/03/23 ....... 548 0.02

Teva Pharmaceutical Finance Netherlands III BV

USD 5,305,000 2.200% due 21/07/21 ....... 4,988 0.15 2,860,000 2.800% due 21/07/23 ....... 2,549 0.07 Unilever NV

EUR 147,000 Zero Coupon due 29/04/20 171 0.00 575,000 1.000% due 14/02/27 ....... 660 0.02

Vesteda Finance BV 1,000,000 2.500% due 27/10/22 ....... 1,230 0.04

VIVAT NV 200,000 2.375% due 17/05/24 ....... 244 0.01


1,100,000 1.125% due 02/10/23 ....... 1,277 0.04 400,000 1.875% due 30/03/27 ....... 459 0.01 3,000,000 3.375%* ........................... 3,433 0.10 2,300,000 4.625%* ........................... 2,661 0.08 Vonovia Finance BV 700,000 0.875% due 03/07/23 ....... 810 0.02

USD 500,000 5.000% due 02/10/23 ....... 510 0.01 EUR 400,000 4.000%* ........................... 494 0.01

113,096 3.30

Principal Amount


Fund %

New Zealand (0.10%) ANZ New Zealand Int'l Ltd 500,000 0.625% due 27/01/22 ...... 589 0.01 550,000 0.125% due 22/09/23 ...... 628 0.02

ASB Finance Ltd 580,000 0.500% due 10/06/22 ...... 673 0.02

BNZ International Funding Ltd

1,429,000 0.500% due 13/05/23 ...... 1,639 0.05 3,529 0.10 Norway (0.25%)

Avinor AS 894,000 1.250% due 09/02/27 ...... 1,045 0.03 DNB Bank ASA 366,000 1.250% due 01/03/27 ...... 427 0.02

USD 4,745,000 6.500%* .......................... 4,870 0.14

Santander Consumer Bank AS

EUR 900,000 0.375% due 17/02/20 ...... 1,050 0.03 Yara International ASA USD 1,100,000 4.750% due 01/06/28 ...... 1,109 0.03

8,501 0.25 Panama (0.01%)

Banco General SA 200,000 4.125% due 07/08/27 ...... 190 0.01 Peru (0.15%)

Peruvian Government International Bond

PEN 14,200,000 8.200% due 12/08/26 ...... 5,092 0.15 Poland (0.13%)

Republic of Poland Government International Bond

EUR 783,000 4.500% due 18/01/22 ...... 1,047 0.03 1,186,000 5.250% due 20/01/25 ...... 1,762 0.05 1,050,000 0.875% due 10/05/27 ...... 1,196 0.04 322,000 2.375% due 18/01/36 ...... 405 0.01 4,410 0.13 Portugal (0.11%)

Galp Energia SGPS SA 3,400,000 1.000% due 15/02/23 ...... 3,862 0.11 Qatar (0.11%)


USD 3,600,000 4.500% due 23/04/28 ...... 3,712 0.11



Principal Amount


Fund %

Romania (0.09%)


EUR 420,000 4.625% due 18/09/20 ....... 532 0.02 470,000 3.625% due 24/04/24 ....... 624 0.02 615,000 2.750% due 29/10/25 ....... 772 0.02 876,000 3.875% due 29/10/35 ....... 1,034 0.03 2,962 0.09 Saudi Arabia (0.22%)


USD 1,900,000 2.375% due 26/10/21 ....... 1,836 0.05 2,500,000 4.000% due 17/04/25 ....... 2,506 0.07 1,800,000 3.625% due 04/03/28 ....... 1,720 0.05 1,500,000 4.500% due 17/04/30 ....... 1,510 0.05 7,572 0.22 Singapore (0.27%) BOC Aviation Ltd 2,290,000 3.000% due 30/03/20 ....... 2,272 0.07 800,000 2.375% due 15/09/21 ....... 762 0.02 400,000 2.750% due 18/09/22 ....... 380 0.01 500,000 3.500% due 18/09/27 ....... 460 0.01

DBS Group Holdings Ltd EUR 3,320,000 1.500% due 11/04/28 ....... 3,850 0.11 Flex Ltd USD 100,000 5.000% due 15/02/23 ....... 103 0.00

Oversea-Chinese Banking Corp Ltd

1,500,000 2.762% due 17/05/21 ....... 1,507 0.05 9,334 0.27 Slovenia (0.01%)

Slovenia Government International Bond

400,000 5.250% due 18/02/24 ....... 433 0.01 South Africa (0.11%)

Republic of South Africa Government International Bond

3,685,000 5.875% due 30/05/22 ....... 3,836 0.11 Spain (1.11%)

ACS Actividades de Construccion y Servicios SA

EUR 1,200,000 2.875% due 01/04/20 ....... 1,449 0.04

Amadeus Capital Markets SAU

900,000 Zero Coupon due 19/05/19 1,046 0.03 Amadeus IT Group SA 700,000 0.875% due 18/09/23 ....... 814 0.02 700,000 1.500% due 18/09/26 ....... 812 0.02 Banco Santander SA 700,000 3.250% due 04/04/26 ....... 849 0.03

Principal Amount


Fund %

USD 4,200,000 3.800% due 23/02/28 ...... 3,823 0.11 EUR 2,800,000 4.750%* .......................... 2,926 0.09

CaixaBank SA 1,300,000 1.125% due 17/05/24 ...... 1,489 0.04 800,000 2.250% due 17/04/30 ...... 884 0.03 1,400,000 6.750%* .......................... 1,759 0.05

Cellnex Telecom SA 200,000 2.375% due 16/01/24 ...... 235 0.01

FCC Aqualia SA 4,880,000 2.629% due 08/06/27 ...... 5,679 0.17

Ferrovial Emisiones SA 600,000 1.375% due 31/03/25 ...... 691 0.02

Inmobiliaria Colonial Socimi SA

400,000 1.625% due 28/11/25 ...... 449 0.01 700,000 2.000% due 17/04/26 ...... 799 0.02 Merlin Properties Socimi SA 800,000 2.375% due 23/05/22 ...... 977 0.03 900,000 2.225% due 25/04/23 ...... 1,093 0.03 530,000 1.750% due 26/05/25 ...... 607 0.02 500,000 1.875% due 02/11/26 ...... 565 0.02

NorteGas Energia Distribucion SAU

6,500,000 2.065% due 28/09/27 ...... 7,405 0.22

Santander Consumer Finance SA

700,000 0.875% due 24/01/22 ...... 818 0.02 700,000 1.125% due 09/10/23 ...... 810 0.02

Telefonica Emisiones SAU USD 2,140,000 4.103% due 08/03/27 ...... 2,061 0.06

38,040 1.11 Sweden (0.67%)

Akelius Residential Property AB

EUR 100,000 3.375% due 23/09/20 ...... 123 0.00 300,000 1.125% due 14/03/24 ...... 337 0.01 8,585,000 1.750% due 07/02/25 ...... 9,801 0.29 Fastighets AB Balder 400,000 1.125% due 14/03/22 ...... 468 0.01 815,000 1.875% due 14/03/25 ...... 940 0.03 2,125,000 1.875% due 23/01/26 ...... 2,417 0.07

Investor AB 730,000 1.500% due 12/09/30 ...... 840 0.03

Molnlycke Holding AB 500,000 1.875% due 28/02/25 ...... 590 0.02

Radisson Hotel Holdings AB 100,000 6.875% due 15/07/23 ...... 127 0.00


USD 4,250,000 2.742% due 17/05/21 ...... 4,257 0.13 SKF AB EUR 380,000 1.250% due 17/09/25 ...... 439 0.01




Principal Amount


Fund %

Svenska Handelsbanken AB USD 340,000 2.782% due 24/05/21 ....... 341 0.01 Swedbank AB EUR 675,000 0.400% due 29/08/23 ....... 776 0.02

Sweden Government International Bond

400,000 0.750% due 02/05/19 ....... 468 0.01 895,000 0.125% due 24/04/23 ....... 1,044 0.03 22,968 0.67 Switzerland (0.99%) Credit Suisse AG 1,215,000 1.375% due 31/01/22 ....... 1,459 0.04 1,577,000 1.000% due 07/06/23 ....... 1,864 0.05

USD 700,000 6.500% due 08/08/23 ....... 749 0.02 2,300,000 6.500% due 08/08/23 ....... 2,461 0.07 2,000,000 3.625% due 09/09/24 ....... 1,973 0.06

Credit Suisse Group AG EUR 2,020,000 1.250% due 17/07/25 ....... 2,322 0.07

UBS AG USD 2,600,000 2.907% due 08/06/20 ....... 2,612 0.08

600,000 2.450% due 01/12/20 ....... 588 0.02 2,100,000 2.801% due 01/12/20 ....... 2,104 0.06

EUR 1,200,000 0.250% due 10/01/22 ....... 1,390 0.04 USD 5,800,000 7.625% due 17/08/22 ....... 6,476 0.19

850,000 0.625% due 23/01/23 ....... 989 0.03 1,200,000 5.125% due 15/05/24 ....... 1,215 0.03

EUR 525,000 4.750% due 12/02/26 ....... 662 0.02


USD 7,300,000 2.950% due 24/09/20 ....... 7,233 0.21 34,097 0.99 Turkey (0.12%)

Turkiye Sise ve Cam Fabrikalari AS

4,295,000 4.250% due 09/05/20 ....... 4,140 0.12 United Arab Emirates (0.38%)

Abu Dhabi National Energy Co PJSC

3,450,000 4.875% due 23/04/30 ....... 3,463 0.10 Dolphin Energy Ltd LLC

400,000 5.500% due 15/12/21 ....... 421 0.01 DP World Ltd 360,000 3.250% due 18/05/20 ....... 358 0.01

EUR 4,680,000 2.375% due 25/09/26 ....... 5,423 0.16 GBP 2,510,000 4.250% due 25/09/30 ....... 3,248 0.10

12,913 0.38 United Kingdom (3.97%)

Abbey National Treasury Services Plc

EUR 204,000 1.125% due 14/01/22 ....... 242 0.01

Principal Amount


Fund %

Annington Funding Plc GBP 700,000 3.685% due 12/07/34 ...... 922 0.03 Ardonagh Midco 3 Plc

300,000 8.375% due 15/07/23 ...... 381 0.01 Aviva Plc EUR 393,000 3.375% due 04/12/45 ...... 461 0.01

Barclays Bank Plc USD 1,170,000 5.140% due 14/10/20 ...... 1,199 0.04 GBP 2,200,000 10.000% due 21/05/21 .... 3,394 0.10 USD 200,000 7.625% due 21/11/22 ...... 217 0.01

Barclays Plc 2,500,000 2.875% due 08/06/20 ...... 2,476 0.07 440,000 3.250% due 12/01/21 ...... 435 0.01

GBP 1,200,000 2.375% due 06/10/23 ...... 1,532 0.04 700,000 3.125% due 17/01/24 ...... 909 0.03

EUR 530,000 2.625% due 11/11/25 ...... 624 0.02 USD 275,000 4.375% due 12/01/26 ...... 267 0.01 GBP 385,000 3.250% due 12/02/27 ...... 488 0.01 EUR 570,000 2.000% due 07/02/28 ...... 634 0.02 GBP 600,000 5.875%* .......................... 745 0.02

400,000 7.250%* .......................... 540 0.02 BG Energy Capital Plc EUR 1,341,000 1.250% due 21/11/22 ...... 1,612 0.05 BP Capital Markets Plc

992,000 1.077% due 26/06/25 ...... 1,156 0.03

British Telecommunications Plc

1,000,000 1.000% due 23/06/24 ...... 1,151 0.03 GBP 200,000 3.125% due 21/11/31 ...... 253 0.01 Bunzl Finance Plc

200,000 2.250% due 11/06/25 ...... 254 0.01 Cadent Finance Plc

700,000 2.125% due 22/09/28 ...... 852 0.02

Channel Link Enterprises Finance Plc

EUR 2,150,000 2.706% due 30/06/50 ...... 2,549 0.07 Diageo Capital Plc USD 5,885,000 4.828% due 15/07/20 ...... 6,060 0.18 ENW Finance Plc GBP 480,000 6.125% due 21/07/21 ...... 702 0.02

G4S International Finance Plc

EUR 800,000 1.500% due 09/01/23 ...... 942 0.03 GlaxoSmithKline Capital Plc 1,176,000 Zero Coupon due 12/09/20 1,366 0.04 205,000 1.250% due 21/05/26 ...... 241 0.01

Grainger Plc GBP 300,000 3.375% due 24/04/28 ...... 386 0.01

HSBC Holdings Plc USD 4,500,000 2.922% due 18/05/21 ...... 4,510 0.13 EUR 725,000 1.500% due 15/03/22 ...... 870 0.03 USD 3,500,000 3.033% due 22/11/23 ...... 3,382 0.10



Principal Amount


Fund %

GBP 2,515,000 5.750% due 20/12/27 ....... 3,858 0.11 EUR 500,000 5.250%* ........................... 615 0.02

1,912,000 4.750%* ........................... 2,169 0.06 Informa Plc

600,000 1.500% due 05/07/23 ....... 702 0.02

InterContinental Hotels Group Plc

GBP 800,000 3.875% due 28/11/22 ....... 1,118 0.03 200,000 2.125% due 24/08/26 ....... 246 0.01

ITV Plc EUR 300,000 2.125% due 21/09/22 ....... 363 0.01

Kensington Mortgage Securities Plc

461,727 Zero Coupon due 14/06/40 527 0.02 1,083,381 Zero Coupon due 14/06/40 1,222 0.04

Landmark Mortgage Securities No 1 Plc

303,909 0.281% due 17/06/38 ....... 335 0.01

Lloyds Bank Corporate Markets Plc

USD 6,555,000 2.634% due 13/03/20 ....... 6,557 0.19 Lloyds Bank Plc 2,400,000 3.300% due 07/05/21 ....... 2,392 0.07

GBP 2,700,000 7.625% due 22/04/25 ....... 4,445 0.13 Lloyds Banking Group Plc 200,000 2.250% due 16/10/24 ....... 251 0.01

EUR 980,000 1.750% due 07/09/28 ....... 1,104 0.03 GBP 200,000 7.000% due 29/12/49 ....... 266 0.01

London Stock Exchange Group Plc

EUR 480,000 0.875% due 19/09/24 ....... 554 0.02 Marks & Spencer Plc GBP 200,000 3.000% due 08/12/23 ....... 263 0.01

Mondi Finance Plc EUR 1,529,000 1.500% due 15/04/24 ....... 1,814 0.05

679,000 1.625% due 27/04/26 ....... 785 0.02 Nationwide Building Society 412,000 1.125% due 03/06/22 ....... 490 0.01

USD 2,000,000 4.363% due 01/08/24 ....... 1,992 0.06 EUR 842,000 1.500% due 08/03/26 ....... 960 0.03 USD 800,000 4.302% due 08/03/29 ....... 767 0.02

Places For People Treasury Plc

GBP 100,000 2.875% due 17/08/26 ....... 127 0.00 RAC Bond Co Plc

2,159,000 4.565% due 06/05/23 ........ 2,872 0.08 700,000 4.870% due 06/05/26 ........ 917 0.03


USD 1,600,000 2.375% due 24/06/22 ....... 1,537 0.05 1,450,000 2.926% due 24/06/22 ....... 1,450 0.04


817,000 2.000% due 08/03/23 ........ 973 0.03

Principal Amount


Fund %

1,070,000 3.498% due 15/05/23 ........... 1,038 0.03 100,000 6.000% due 19/12/23 ........... 104 0.00 1,770,000 5.125% due 28/05/24 ........... 1,774 0.05

EUR 460,000 2.000% due 04/03/25 ........... 536 0.02 450,000 1.750% due 02/03/26 ........... 509 0.01

USD 2,400,000 4.892% due 18/05/29 ........... 2,390 0.07

Santander UK Group Holdings Plc

400,000 3.373% due 05/01/24 ........... 385 0.01 EUR 2,100,000 0.531% due 27/03/24 ........... 2,416 0.07 USD 1,400,000 4.750% due 15/09/25 ........... 1,367 0.04 GBP 1,400,000 6.750%* ............................... 1,886 0.06

Santander UK Plc EUR 1,620,000 2.625% due 16/07/20 ....... 1,968 0.06

606,000 0.875% due 25/11/20 ....... 715 0.02 Sky Plc 1,070,000 1.500% due 15/09/21 ....... 1,286 0.04

USD 5,584,000 3.750% due 16/09/24 ....... 5,577 0.16 EUR 1,255,000 2.500% due 15/09/26 ....... 1,563 0.05

Standard Chartered Plc USD 5,416,000 2.250% due 17/04/20 5,322 0.16 EUR 760,000 0.750% due 03/10/23 869 0.03

Tesco Property Finance 3 Plc GBP 97,200 5.744% due 13/04/40 145 0.00

Tesco Property Finance 4 Plc 97,895 5.801% due 13/10/40 147 0.00 Tesco Property Finance 6 Plc 581,358 5.411% due 13/07/44 842 0.02 TP ICAP Plc 900,000 5.250% due 26/01/24 1,174 0.03 University of Oxford 400,000 2.544% due 08/12/17 472 0.01 Uropa Securities Plc

EUR 1,000,000 Zero Coupon due 10/10/40 1,111 0.03 89,081 Zero Coupon due 10/10/40 103 0.00

Virgin Media Secured Finance Plc

GBP 800,000 5.000% due 15/04/27 1,043 0.03 Vodafone Group Plc

EUR 388,000 1.125% due 20/11/25 443 0.01 USD 1,200,000 4.375% due 30/05/28 ....... 1,185 0.03

2,200,000 5.000% due 30/05/38 ....... 2,176 0.06 4,313,000 6.250% due 03/10/78 ....... 4,301 0.13

Western Power Distribution Plc

GBP 5,220,000 3.625% due 06/11/23 7,113 0.21 WPP Finance 2013

EUR 680,000 0.750% due 18/11/19 797 0.02 WPP Finance 2016 1,815,000 1.375% due 20/03/25 2,090 0.06 136,270 3.97




Principal Amount


Fund %


21st Century Fox America Inc

USD 1,000,000 3.700% due 15/09/24 ....... 1,005 0.03 2,060,000 6.900% due 15/08/39 ....... 2,814 0.08 2,176,000 4.750% due 15/09/44 ....... 2,340 0.07 AbbVie Inc

EUR 955,000 0.375% due 18/11/19 ....... 1,115 0.03 USD 1,570,000 4.875% due 14/11/48 ....... 1,552 0.05

ABFC Trust 375,493 2.356% due 25/10/36 ....... 365 0.01 750,080 2.346% due 25/01/37 ....... 558 0.02 Aetna Inc 770,000 2.800% due 15/06/23 ....... 740 0.02 489,000 3.875% due 15/08/47 ....... 434 0.01

Air Lease Corp 200,000 3.000% due 15/09/23 ....... 191 0.01

Albemarle Corp 3,001,000 5.450% due 01/12/44 ....... 3,145 0.09

Alexandria Real Estate Equities Inc

1,100,000 3.900% due 15/06/23 ....... 1,106 0.03 7,880,000 3.450% due 30/04/25 ....... 7,547 0.22 3,010,000 3.950% due 15/01/28 ....... 2,895 0.08

Alleghany Corp 3,205,000 4.950% due 27/06/22 ....... 3,337 0.10

Allegion US Holding Co Inc 500,000 3.550% due 01/10/27 ....... 456 0.01

Ally Financial Inc 600,000 8.000% due 01/11/31 ....... 731 0.02 84,592 2.716% due 25/07/35 ....... 73 0.00 33,905 3.326% due 25/05/36 ....... 28 0.00 1 5.750% due 25/05/36 ....... - 0.00 873,255 2.375% due 20/07/46 ....... 686 0.02

American Airlines Inc 302,777 5.250% due 31/01/21 ....... 314 0.01

American Airlines Pass Through Trust

5,594,063 4.950% due 15/02/25 ....... 5,642 0.16 6,661,450 3.650% due 15/06/28 ....... 6,428 0.19

American Builders & Contractors Supply Co Inc

400,000 5.875% due 15/05/26 ....... 403 0.01 American Express Co 4,895,000 2.500% due 01/08/22 ....... 4,697 0.14 2,885,000 3.400% due 27/02/23 ....... 2,842 0.08

American Homes 4 Rent LP 200,000 4.250% due 15/02/28 ....... 192 0.01


8,250,000 2.691% due 05/11/21 ....... 8,264 0.24

Principal Amount


Fund %

American International Group Inc

2,695,000 3.750% due 10/07/25 ...... 2,625 0.08 EUR 3,005,000 1.875% due 21/06/27 ...... 3,487 0.10 USD 100,000 5.750% due 01/04/48 ...... 97 0.00

American Tower Corp 1,000,000 2.800% due 01/06/20 ...... 991 0.03 2,400,000 3.300% due 15/02/21 ...... 2,387 0.07

EUR 1,700,000 1.950% due 22/05/26 ...... 1,988 0.06


USD 4,000,000 2.740% due 08/12/22 ...... 3,931 0.11

Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through

446,178 2.996% due 25/05/34 .......... 448 0.01 Amgen Inc

GBP 200,000 4.000% due 13/09/29 ...... 289 0.01 USD 4,235,000 4.663% due 15/06/51 ...... 4,207 0.12 Anadarko Petroleum Corp

1,025,000 4.500% due 15/07/44 ...... 942 0.03

Andeavor Logistics LP / Tesoro Logistics Finance Corp

2,240,000 5.200% due 01/12/47 ...... 2,245 0.07

Anheuser-Busch InBev Finance Inc

1,800,000 3.650% due 01/02/26 ...... 1,751 0.05 7,145,000 4.900% due 01/02/46 ...... 7,253 0.21

Anthem Inc 2,500,000 3.650% due 01/12/27 ...... 2,380 0.07 Appalachian Power Co 300,000 3.400% due 01/06/25 ...... 293 0.01 400,000 6.700% due 15/08/37 ...... 499 0.01 2,245,000 4.400% due 15/05/44 ...... 2,236 0.07 Apple Inc 1,925,000 1.800% due 13/11/19 ...... 1,905 0.06 8,327,000 2.408% due 11/05/20 ...... 8,331 0.24 300,000 2.850% due 11/05/24 ...... 291 0.01 2,200,000 2.750% due 13/01/25 ...... 2,110 0.06

EUR 1,536,000 0.875% due 24/05/25 ...... 1,798 0.05 USD 600,000 2.450% due 04/08/26 ...... 554 0.02

2,883,000 3.450% due 09/02/45 ...... 2,593 0.08 Archer-Daniels-Midland Co EUR 990,000 1.000% due 12/09/25 ...... 1,143 0.03 Argent Securities Trust USD 807,855 2.486% due 25/05/36 ...... 303 0.01 Arrow Electronics Inc

1,800,000 3.875% due 12/01/28 ...... 1,680 0.05

Asset Backed Securities Corp Home Equity Loan Trust

1,193,762 4.091% due 25/09/34 ...... 1,242 0.04



Principal Amount


Fund %

AT&T Inc 7,999,000 2.989% due 15/01/20 ....... 8,038 0.23 2,800,000 3.071% due 01/06/21 ....... 2,827 0.08 600,000 3.514% due 12/06/24 ....... 604 0.02 2,700,000 3.400% due 15/05/25 ....... 2,575 0.08

EUR 2,405,000 1.800% due 05/09/26 ....... 2,798 0.08 USD 216,000 4.100% due 15/02/28 ....... 211 0.01 EUR 423,000 2.350% due 05/09/29 ....... 496 0.01

378,000 3.550% due 17/12/32 ....... 481 0.01 2,700,000 3.150% due 04/09/36 ....... 3,155 0.09

USD 5,603,000 4.350% due 15/06/45 ....... 4,846 0.14 1,600,000 4.750% due 15/05/46 ....... 1,468 0.04 4,505,000 5.450% due 01/03/47 ....... 4,518 0.13 200,000 5.300% due 15/08/58 ....... 193 0.01

AvalonBay Communities Inc 2,065,000 2.950% due 15/09/22 ....... 2,020 0.06

Avangrid Inc 2,200,000 3.150% due 01/12/24 ....... 2,100 0.06

Aviation Capital Group LLC 3,500,000 7.125% due 15/10/20 ....... 3,736 0.11

AXA Equitable Holdings Inc 5,645,000 4.350% due 20/04/28 ....... 5,472 0.16 Bank of America Corp

GBP 500,000 6.125% due 15/09/21 ....... 734 0.02 EUR 1,410,000 0.736% due 07/02/22 ....... 1,656 0.05 USD 2,380,000 3.300% due 11/01/23 ....... 2,349 0.07

745,000 4.100% due 24/07/23 ....... 761 0.02 6,600,000 3.106% due 05/03/24 ....... 6,602 0.19 216,000 4.000% due 01/04/24 ....... 219 0.01

EUR 13,175,000 1.379% due 07/02/25 ....... 15,447 0.45 USD 8,515,000 3.824% due 20/01/28 ....... 8,296 0.24

5,139,000 3.419% due 20/12/28 ....... 4,830 0.14

Basin Electric Power Cooperative

3,230,000 4.750% due 26/04/47 ....... 3,278 0.10 Bayer US Finance II LLC 2,000,000 3.344% due 15/12/23 ....... 2,005 0.06 2,000,000 3.875% due 15/12/23 ....... 1,989 0.06

Beacon Roofing Supply Inc 300,000 6.375% due 01/10/23 ....... 312 0.01

Bear Stearns ARM Trust 18,979 4.180% due 25/10/33 ....... 19 0.00

Bear Stearns Asset Backed Securities I Trust

700,000 3.221% due 25/06/35 ....... 702 0.02 Becton Dickinson & Co

EUR 400,000 1.000% due 15/12/22 ....... 468 0.01 GBP 3,050,000 3.020% due 24/05/25 ....... 4,028 0.12 EUR 500,000 1.900% due 15/12/26 ....... 583 0.02

5,755,000 1.900% due 15/12/26 ....... 6,705 0.20 USD 7,310,000 3.700% due 06/06/27 ....... 7,004 0.20

Principal Amount


Fund %

Becton Dickinson and Co EUR 1,415,000 1.401% due 24/05/23 ...... 1,661 0.05 Berkshire Hathaway Inc

831,000 0.750% due 16/03/23 ...... 974 0.03 BGC Partners Inc USD 1,600,000 5.375% due 24/07/23 ...... 1,602 0.05 Block Financial LLC

2,782,000 4.125% due 01/10/20 ...... 2,809 0.08

Blue Racer Midstream LLC / Blue Racer Finance Corp

100,000 6.625% due 15/07/26 ...... 102 0.00 BMW US Capital LLC 2,805,000 2.788% due 06/04/20 ...... 2,813 0.08 4,700,000 2.747% due 12/04/21 ...... 4,717 0.14

Boardwalk Pipelines LP 9,980,000 5.950% due 01/06/26 ...... 10,578 0.31

Booking Holdings Inc EUR 829,000 2.375% due 23/09/24 ...... 1,030 0.03 Brand Industrial Services Inc USD 1,300,000 8.500% due 15/07/25 ...... 1,342 0.04

Brighthouse Financial Inc 3,230,000 3.700% due 22/06/27 ...... 2,874 0.08 9,020,000 4.700% due 22/06/47 ...... 7,493 0.22

Brixmor Operating Partnership LP

10,250,000 3.850% due 01/02/25 ...... 9,890 0.29

Broadcom Corp / Broadcom Cayman Finance Ltd

400,000 3.000% due 15/01/22 ...... 390 0.01 6,680,000 3.625% due 15/01/24 ...... 6,498 0.19 6,095,000 3.125% due 15/01/25 ...... 5,671 0.17 10,140,000 3.875% due 15/01/27 ...... 9,563 0.28 505,000 3.500% due 15/01/28 ...... 460 0.01

Brookfield Finance LLC 200,000 4.000% due 01/04/24 ...... 199 0.01

Brown & Brown Inc 400,000 4.200% due 15/09/24 ...... 398 0.01

Bunge Ltd Finance Corp 4,840,000 3.750% due 25/09/27 .......... 4,459 0.13

BWAY Holding Co 300,000 5.500% due 15/04/24 ...... 296 0.01

Caesars Resort Collection LLC / CRC Finco Inc

500,000 5.250% due 15/10/25 ...... 478 0.01 Campbell Soup Co

1,200,000 3.950% due 15/03/25 ...... 1,162 0.03 Cantor Fitzgerald LP 2,200,000 7.875% due 15/10/19 ...... 2,285 0.07 3,050,000 6.500% due 17/06/22 ...... 3,233 0.09 Capital One Financial Corp 1,215,000 3.200% due 30/01/23 ...... 1,179 0.03 3,990,000 3.800% due 31/01/28 ...... 3,772 0.11




Principal Amount


Fund %


4,200,000 2.538% due 18/01/22 ....... 4,206 0.12 4,555,000 1.340% due 15/04/22 ....... 4,512 0.13

Capital One NA 2,365,000 2.650% due 08/08/22 ....... 2,275 0.07

Cardinal Health Inc 4,690,000 4.368% due 15/06/47 ....... 4,189 0.12

Carrington Mortgage Loan Trust

2,469,164 2.366% due 25/07/36 ....... 2,397 0.07


2,675,000 2.100% due 09/06/19 ....... 2,664 0.08 1,410,000 2.611% due 04/09/20 ....... 1,414 0.04 2,100,000 2.564% due 15/03/21 ....... 2,104 0.06 2,550,000 1.931% due 01/10/21 ....... 2,453 0.07

CBL & Associates LP 200,000 5.950% due 15/12/26 ....... 166 0.00

Celgene Corp 4,415,000 4.550% due 20/02/48 ....... 4,124 0.12


8,020,000 4.908% due 23/07/25 ....... 8,155 0.24 100,000 3.750% due 15/02/28 ....... 92 0.00 200,000 4.200% due 15/03/28 ....... 192 0.01 4,463,000 5.375% due 01/05/47 ....... 4,244 0.12 1,935,000 5.750% due 01/04/48 ....... 1,943 0.06

Chase Mortgage Finance Trust

58,936 3.785% due 25/03/37 ....... 58 0.00

Cheniere Corpus Christi Holdings LLC

200,000 7.000% due 30/06/24 ....... 220 0.01 200,000 5.125% due 30/06/27 ....... 201 0.01

Cheniere Energy Partners LP 300,000 5.250% due 01/10/25 ....... 301 0.01

Chevron Corp 7,397,000 3.265% due 16/05/21 ....... 7,552 0.22 Chubb INA Holdings Inc 900,000 2.300% due 03/11/20 ....... 884 0.03

EUR 1,020,000 1.550% due 15/03/28 ....... 1,181 0.03


USD 4,210,000 1.800% due 20/09/21 ....... 4,169 0.12 3,535,000 1.920% due 07/04/22 ....... 3,480 0.10 Citigroup Inc

EUR 2,285,000 1.375% due 27/10/21 ....... 2,746 0.08 USD 5,637,000 3.397% due 08/12/21 ....... 5,738 0.17

1,225,000 3.700% due 12/01/26 ....... 1,190 0.03 3,135,000 3.400% due 01/05/26 ....... 2,984 0.09

EUR 965,000 1.500% due 24/07/26 ....... 1,116 0.03 USD 5,015,000 3.200% due 21/10/26 ....... 4,686 0.14

950,000 3.887% due 10/01/28 ....... 923 0.03

Principal Amount


Fund %

Citigroup Mortgage Loan Trust

1,996,048 2.376% due 25/09/36 ...... 1,523 0.04 USD 494,314 2.356% due 25/12/36 ...... 492 0.01

446,746 2.616% due 25/11/46 ...... 438 0.01


670,459 2.476% due 25/03/37 ...... 615 0.02

Cleco Corporate Holdings LLC

4,936,000 4.973% due 01/05/46 ...... 4,872 0.14 CME Group Inc

800,000 3.750% due 15/06/28 .......... 801 0.02 CMS Energy Corp 4,462,000 3.875% due 01/03/24 ...... 4,447 0.13 3,155,000 3.600% due 15/11/25 ...... 3,067 0.09 6,945,000 2.950% due 15/02/27 ...... 6,382 0.19

CNA Financial Corp 9,810,000 3.950% due 15/05/24 ...... 9,752 0.28

Coca-Cola Co EUR 1,326,000 1.125% due 09/03/27 ...... 1,543 0.05

Columbia Property Trust Operating Partnership LP

USD 200,000 4.150% due 01/04/25 ...... 195 0.01 Comcast Corp 5,050,000 3.375% due 15/08/25 ...... 4,881 0.14 300,000 3.150% due 01/03/26 ...... 284 0.01 100,000 2.350% due 15/01/27 ...... 88 0.00 200,000 3.300% due 01/02/27 ...... 189 0.01 500,000 4.600% due 15/08/45 ...... 491 0.01 3,501,000 4.000% due 15/08/47 ...... 3,145 0.09 300,000 4.000% due 01/03/48 ...... 270 0.01 655,000 3.999% due 01/11/49 ...... 584 0.02 620,000 4.049% due 01/11/52 ...... 551 0.02 Concho Resources Inc 100,000 3.750% due 01/10/27 ...... 96 0.00 800,000 4.300% due 15/08/28 ...... 798 0.02

ConocoPhillips Co 3,460,000 3.214% due 15/05/22 ...... 3,529 0.10

Consolidated Edison Co of New York Inc

60,000 3.850% due 15/06/46 ...... 56 0.00 Consolidated Edison Inc

2,455,000 2.000% due 15/03/20 ...... 2,415 0.07 Constellation Brands Inc 100,000 4.250% due 01/05/23 ...... 101 0.00 3,425,000 3.500% due 09/05/27 ...... 3,205 0.09

Continental Airlines Pass Through Trust

883,522 7.250% due 10/11/19 ...... 918 0.03 565,430 4.150% due 11/04/24 ...... 571 0.02 1,004,321 4.000% due 29/10/24 ...... 1,006 0.03



Principal Amount


Fund %

Countrywide Asset-Backed Certificates

200,000 2.876% due 25/12/35 ....... 202 0.01 63,849 2.456% due 25/03/36 ....... 58 0.00 282,328 2.356% due 25/07/37 ....... 251 0.01 177,130 2.356% due 25/06/47 ....... 163 0.00

Covey Park Energy LLC / Covey Park Finance Corp

100,000 7.500% due 15/05/25 ....... 102 0.00 Cox Communications Inc 1,200,000 3.250% due 15/12/22 ....... 1,167 0.03 300,000 3.350% due 15/09/26 ....... 279 0.01

CPG Merger Sub LLC 1,200,000 8.000% due 01/10/21 ....... 1,220 0.04

CRH America Finance Inc 600,000 3.950% due 04/04/28 ....... 582 0.02

Crown Americas LLC 200,000 4.750% due 01/02/26 ....... 192 0.01

Crown Castle International Corp

1,150,000 3.400% due 15/02/21 ....... 1,148 0.03 300,000 4.450% due 15/02/26 ....... 302 0.01 Crown Castle Towers LLC 9,760,000 3.720% due 15/07/23 ....... 9,784 0.29 300,000 4.241% due 15/07/28 ....... 304 0.01

CSC Holdings LLC 600,000 10.125% due 15/01/23 ..... 658 0.02 CSX Corp 3,013,000 4.250% due 01/06/21 ....... 3,079 0.09 1,290,000 4.300% due 01/03/48 ....... 1,268 0.04 CVS Health Corp 3,825,000 2.125% due 01/06/21 ....... 3,694 0.11 2,005,000 3.500% due 20/07/22 ....... 1,991 0.06 3,900,000 4.100% due 25/03/25 ....... 3,895 0.11 2,680,000 4.780% due 25/03/38 ....... 2,676 0.08 5,050,000 5.050% due 25/03/48 ....... 5,185 0.15

CVS Pass-Through Trust 382,413 6.943% due 10/01/30 ....... 427 0.01

CWHEQ Revolving Home Equity Loan Trust

711,460 2.348% due 15/04/32 ....... 700 0.02 DAE Funding LLC

100,000 5.000% due 01/08/24 ....... 98 0.00 DB Master Finance LLC

12,722,858 4.030% due 20/11/47 ....... 12,510 0.36

DCP Midstream Operating LP

3,000,000 5.850% due 21/05/43 ....... 2,790 0.08 Dell International LLC 5,000,000 4.420% due 15/06/21 ....... 5,079 0.15 2,013,000 8.350% due 15/07/46 ....... 2,513 0.07

Diamondback Energy Inc 5,045,000 4.750% due 01/11/24 ....... 5,064 0.15

Principal Amount


Fund %

Digital Euro Finco LLC EUR 200,000 2.625% due 15/04/24 ...... 246 0.01 Digital Realty Trust LP USD 300,000 3.400% due 01/10/20 ...... 300 0.01 Digital Stout Holding LLC GBP 500,000 4.250% due 17/01/25 ...... 703 0.02 Discover Bank USD 6,665,000 3.100% due 04/06/20 ...... 6,626 0.19


755,000 2.750% due 15/11/19 ...... 750 0.02 455,000 2.800% due 15/06/20 ...... 451 0.01 1,300,000 3.950% due 20/03/28 ...... 1,237 0.04 2,567,000 4.950% due 15/05/42 ...... 2,425 0.07

DISH DBS Corp 200,000 5.875% due 15/07/22 ...... 196 0.01

Doctors Co 500,000 6.500% due 15/10/23 ...... 535 0.02

Dominion Energy Gas Holdings LLC

1,000,000 2.934% due 15/06/21 ...... 1,000 0.03

Domino's Pizza Master Issuer LLC

9,900,000 3.585% due 25/07/47 ...... 9,949 0.29 5,516,175 4.116% due 25/07/48 ...... 5,491 0.16 6,982,500 4.328% due 25/07/48 ...... 6,916 0.20

DR Horton Inc 300,000 4.750% due 15/02/23 ...... 308 0.01

DTE Energy Co 13,744,000 2.850% due 01/10/26 ...... 12,623 0.37 Duke Energy Corp 400,000 2.819% due 14/05/21 ...... 401 0.01 1,100,000 2.650% due 01/09/26 ...... 996 0.03 4,425,000 3.150% due 15/08/27 ...... 4,123 0.12 4,310,000 3.750% due 01/09/46 ...... 3,803 0.11

E*TRADE Financial Corp 200,000 4.500% due 20/06/28 ...... 201 0.01

Ecolab Inc EUR 200,000 1.000% due 15/01/24 ...... 235 0.01 Edison International USD 3,225,000 2.400% due 15/09/22 ...... 3,057 0.09 Elanco Animal Health Inc

3,090,000 4.900% due 28/08/28 .......... 3,143 0.09 Emera US Finance LP 805,000 2.700% due 15/06/21 ...... 782 0.02 6,040,000 4.750% due 15/06/46 ...... 5,908 0.17

Enable Midstream Partners LP

2,748,000 4.400% due 15/03/27 ...... 2,642 0.08 3,180,000 5.000% due 15/05/44 ...... 2,872 0.08 Enbridge Energy Partners LP 1,550,000 4.375% due 15/10/20 ...... 1,573 0.05 4,030,000 7.375% due 15/10/45 ...... 5,344 0.16




Principal Amount


Fund %

Energy Transfer Partners LP 2,715,000 4.150% due 01/10/20 ....... 2,751 0.08 900,000 4.050% due 15/03/25 ....... 882 0.03 895,000 5.150% due 15/03/45 ....... 848 0.02 3,090,000 6.125% due 15/12/45 ....... 3,307 0.10

Energy Transfer Partners LP / Regency Energy Finance Corp

700,000 5.750% due 01/09/20 ....... 724 0.02

Entergy Gulf States Louisiana LLC

900,000 3.950% due 01/10/20 ....... 909 0.03 500,000 5.590% due 01/10/24 ....... 544 0.02


2,145,000 5.100% due 15/02/45 ....... 2,268 0.07 1,518,000 4.250% due 15/02/48 ....... 1,435 0.04

EPR Properties 1,200,000 4.500% due 01/04/25 ....... 1,188 0.03 EQT Corp 500,000 3.000% due 01/10/22 ....... 485 0.01 2,100,000 3.900% due 01/10/27 ....... 1,971 0.06 EQT Midstream Partners LP 5,805,000 4.750% due 15/07/23 ....... 5,897 0.17 800,000 4.000% due 01/08/24 ....... 765 0.02 100,000 4.125% due 01/12/26 ....... 94 0.00 3,420,000 5.500% due 15/07/28 ....... 3,521 0.10 3,540,000 6.500% due 15/07/48 ....... 3,765 0.11

Equinix Inc EUR 550,000 2.875% due 15/03/24 ....... 648 0.02 ERAC USA Finance LLC USD 1,529,000 4.500% due 15/02/45 ....... 1,444 0.04 Essex Portfolio LP

500,000 3.625% due 01/05/27 ....... 478 0.01 Evergy Inc

800,000 4.850% due 01/06/21 ....... 817 0.02 Eversource Energy

645,000 2.750% due 15/03/22 ....... 632 0.02 Express Scripts Holding Co

380,000 2.600% due 30/11/20 ....... 374 0.01 Fannie Mae Pool 2,900,000 3.000% due 13/11/48 ....... 2,772 0.08 21,000,000 3.500% due 13/11/48 ....... 20,644 0.60

FedEx Corp 5,375,000 4.550% due 01/04/46 ....... 5,285 0.15

Fidelity National Financial Inc

8,065,000 4.500% due 15/08/28 ....... 7,925 0.23

First American Financial Corp

100,000 4.300% due 01/02/23 ....... 99 0.00 100,000 4.600% due 15/11/24 ....... 100 0.00

Principal Amount


Fund %

Five Corners Funding Trust 5,580,000 4.419% due 15/11/23 ...... 5,733 0.17

Florida Gas Transmission Co LLC

400,000 3.875% due 15/07/22 ...... 401 0.01


592,266 2.228% due 15/05/20 ...... 592 0.02 3,560,913 1.800% due 15/09/20 ...... 3,555 0.10

Ford Motor Co 3,618,000 5.291% due 08/12/46 ...... 3,234 0.09 Ford Motor Credit Co LLC 4,982,000 2.681% due 09/01/20 ...... 4,932 0.14 3,075,000 8.125% due 15/01/20 ...... 3,250 0.09 500,000 3.157% due 04/08/20 ...... 495 0.01 3,000,000 2.343% due 02/11/20 ...... 2,917 0.09 350,000 5.750% due 01/02/21 ...... 364 0.01 800,000 3.428% due 03/08/22 ...... 792 0.02

Fortune Brands Home & Security Inc

700,000 3.000% due 15/06/20 ...... 694 0.02

Freddie Mac Structured Pass-Through Certificates

19,178 2.346% due 25/08/31 ...... 19 0.00 Freedom Mortgage Corp 100,000 8.125% due 15/11/24 ...... 98 0.00 900,000 8.250% due 15/04/25 ...... 878 0.03

Fremont Home Loan Trust 1,135,256 2.316% due 25/08/36 ...... 531 0.02

GATX Corp 100,000 3.061% due 05/11/21 ...... 100 0.00

General Dynamics Corp 5,265,000 2.875% due 11/05/20 ...... 5,254 0.15 General Electric Co 350,000 2.700% due 09/10/22 ...... 338 0.01

EUR 1,005,000 0.875% due 17/05/25 ...... 1,142 0.03 370,000 2.125% due 17/05/37 ...... 396 0.01

USD 2,408,000 5.875% due 14/01/38 ...... 2,693 0.08 287,000 6.875% due 10/01/39 ...... 359 0.01 1,960,000 4.125% due 09/10/42 ...... 1,752 0.05 General Mills Inc 8,901,000 2.200% due 21/10/19 ...... 8,838 0.26 1,518,000 4.550% due 17/04/38 ...... 1,460 0.04 1,518,000 4.700% due 17/04/48 ...... 1,462 0.04 General Motors Co 600,000 3.143% due 07/08/20 .......... 602 0.02 3,870,000 5.400% due 01/04/48 .......... 3,625 0.11


7,500,000 3.150% due 15/01/20 ...... 7,489 0.22 1,300,000 3.450% due 14/01/22 ...... 1,283 0.04

Gerdau Holdings Inc 200,000 7.000% due 20/01/20 ...... 209 0.01



Principal Amount


Fund %

GLP Financing II Inc 400,000 5.250% due 01/06/25 ....... 408 0.01 100,000 5.375% due 15/04/26 ....... 102 0.00 100,000 5.750% due 01/06/28 ....... 103 0.00 Goldman Sachs Group Inc 6,465,000 5.750% due 24/01/22 ....... 6,881 0.20 1,000,000 3.366% due 05/06/23 ....... 1,012 0.03 2,100,000 2.905% due 24/07/23 ....... 2,031 0.06

EUR 1,104,000 1.375% due 15/05/24 ....... 1,293 0.04 USD 655,000 3.500% due 23/01/25 ....... 635 0.02

1,560,000 3.750% due 22/05/25 ....... 1,530 0.04 12,440,000 4.223% due 01/05/29 ....... 12,282 0.36

GSMSC Pass-Through Trust 850,296 2.515% due 26/12/36 ....... 837 0.02 GSR Mortgage Loan Trust 14,491 3.830% due 25/03/33 ....... 14 0.00

Guardian Life Insurance Co of America

2,899,000 4.875% due 19/06/64 ....... 2,910 0.08 Halfmoon Parent Inc 5,350,000 4.125% due 15/11/25 ....... 5,343 0.16 3,345,000 4.375% due 15/10/28 ....... 3,342 0.10 7,890,000 4.900% due 15/12/48 ....... 7,864 0.23 Hardee's Funding LLC 3,180,000 4.250% due 20/06/48 ....... 3,173 0.09 4,950,000 4.959% due 20/06/48 ....... 4,958 0.14 Harris Corp 300,000 2.700% due 27/04/20 ....... 297 0.01 100,000 2.819% due 30/04/20 ....... 100 0.00

HCA Healthcare Inc 300,000 6.250% due 15/02/21 ....... 314 0.01 HCA Inc 400,000 6.500% due 15/02/20 ....... 417 0.01 700,000 5.875% due 15/03/22 ....... 744 0.02 1,380,000 5.000% due 15/03/24 ....... 1,418 0.04 265,000 5.250% due 15/04/25 ....... 274 0.01

Hess Corp 4,765,000 5.800% due 01/04/47 ....... 5,036 0.15


5,904,000 2.100% due 04/10/19 ....... 5,848 0.17 6,000,000 3.600% due 15/10/20 ....... 6,027 0.18 2,378,000 6.350% due 15/10/45 ....... 2,452 0.07

Home Depot Inc 7,295,000 1.800% due 05/06/20 ....... 7,180 0.21

Home Equity Loan Trust 2,099,970 5.400% due 25/12/35 ....... 1,143 0.03


1,482,143 1.800% due 21/01/20 ....... 1,478 0.04 474,899 2.300% due 15/06/20 ....... 474 0.01 4,700,000 2.670% due 21/12/20 ....... 4,696 0.14

Principal Amount


Fund %

Honeywell International Inc 4,665,000 1.400% due 30/10/19 ...... 4,598 0.13 Host Hotels & Resorts LP 300,000 3.875% due 01/04/24 ...... 293 0.01 425,000 4.000% due 15/06/25 ...... 413 0.01

HSI Asset Loan Obligation Trust

3,157,300 4.912% due 25/12/36 ...... 1,741 0.05 Huntsman International LLC EUR 411,000 4.250% due 01/04/25 ...... 552 0.02

Hyundai Auto Receivables Trust

USD 3,000,000 1.760% due 16/08/21 ...... 2,971 0.09 Hyundai Capital America

7,200,000 3.450% due 12/03/21 ...... 7,123 0.21 IBM Credit LLC

5,000,000 1.800% due 20/01/21 ...... 4,853 0.14 Indiana Michigan Power Co

4,185,000 3.750% due 01/07/47 ...... 3,824 0.11 55,749 2.426% due 25/05/46 ...... 55 0.00

International Flavors & Fragrances Inc

EUR 140,000 0.500% due 25/09/21 ...... 163 0.00 650,000 1.800% due 25/09/26 ...... 758 0.02

IPALCO Enterprises Inc USD 650,000 3.700% due 01/09/24 ...... 631 0.02

Jefferies Finance LLC / JFIN Co-Issuer Corp

400,000 7.375% due 01/04/20 ...... 409 0.01 800,000 7.500% due 15/04/21 ...... 822 0.02 700,000 6.875% due 15/04/22 ...... 707 0.02 4,760,000 7.250% due 15/08/24 ...... 4,641 0.14

Jefferies Group LLC 3,200,000 6.500% due 20/01/43 ...... 3,305 0.10

Jimmy Johns Funding LLC 7,099,061 4.846% due 30/07/47 ...... 7,092 0.21 JM Smucker Co 7,500,000 2.200% due 06/12/19 ...... 7,425 0.22 8,003,000 2.500% due 15/03/20 ...... 7,929 0.23 John Deere Capital Corp 1,060,000 2.350% due 08/01/21 ...... 1,042 0.03 1,290,000 2.568% due 08/01/21 ...... 1,290 0.04 5,155,000 2.807% due 08/09/22 ...... 5,164 0.15 JPMorgan Chase & Co

EUR 1,064,000 0.625% due 25/01/24 ...... 1,219 0.04 USD 8,725,000 3.797% due 23/07/24 ...... 8,719 0.25 EUR 184,000 1.500% due 27/01/25 ...... 219 0.01 USD 625,000 3.900% due 15/07/25 ...... 625 0.02

1,040,000 3.200% due 15/06/26 ...... 987 0.03 2,300,000 3.509% due 23/01/29 ...... 2,181 0.06 12,205,000 4.203% due 23/07/29 ...... 12,183 0.36 850,000 3.897% due 23/01/49 ...... 769 0.02




Principal Amount


Fund %

Keurig Dr Pepper Inc 5,500,000 3.551% due 25/05/21 ....... 5,493 0.16 3,280,000 4.597% due 25/05/28 ....... 3,302 0.10 1,810,000 4.985% due 25/05/38 ....... 1,837 0.05

Kilroy Realty LP 1,000,000 4.375% due 01/10/25 ....... 999 0.03

Kinder Morgan Energy Partners LP

4,710,000 5.000% due 01/03/43 ....... 4,626 0.13 Kinder Morgan Inc 800,000 3.050% due 01/12/19 ....... 799 0.02 3,625,000 5.050% due 15/02/46 ....... 3,640 0.11

Kinetic Concepts Inc / KCI USA Inc

150,000 12.500% due 01/11/21 ..... 166 0.00 Kraft Heinz Foods Co 7,979,000 2.800% due 02/07/20 ....... 7,914 0.23 1,700,000 3.161% due 10/08/22 ....... 1,710 0.05

EUR 800,000 2.000% due 30/06/23 ....... 975 0.03 GBP 855,000 4.125% due 01/07/27 ....... 1,190 0.03 EUR 2,824,000 2.250% due 25/05/28 ....... 3,309 0.10 USD 9,104,000 4.375% due 01/06/46 ....... 8,071 0.24

Kroger Co 1,775,000 4.450% due 01/02/47 ....... 1,632 0.05 2,480,000 4.650% due 15/01/48 ....... 2,346 0.07 Lazard Group LLC 100,000 4.250% due 14/11/20 ....... 102 0.00 900,000 3.750% due 13/02/25 ....... 869 0.03

Lehman Mortgage Trust 76,023 2.716% due 25/09/36 ....... 56 0.00

Liberty Mutual Group Inc 2,450,000 4.850% due 01/08/44 ....... 2,459 0.07

LoanCore Capital Markets LLC / JLC Finance Corp

200,000 6.875% due 01/06/20 ....... 203 0.01 Lockheed Martin Corp 3,860,000 2.500% due 23/11/20 ....... 3,808 0.11 2,505,000 4.090% due 15/09/52 ....... 2,396 0.07

Long Beach Mortgage Loan Trust

583,385 2.736% due 25/08/45 ....... 570 0.02 Marathon Oil Corp

100,000 4.400% due 15/07/27 ....... 100 0.00 Marriott International Inc

1,100,000 2.300% due 15/01/22 ....... 1,056 0.03 Marsh & McLennan Cos Inc

1,300,000 3.500% due 10/03/25 ....... 1,267 0.04 Masco Corp

500,000 3.500% due 01/04/21 ....... 500 0.01

Massachusetts Mutual Life Insurance Co

2,423,000 4.900% due 01/04/77 ....... 2,398 0.07

Principal Amount


Fund %

MASTR Alternative Loan Trust

60,998 2.616% due 25/03/35 ...... 60 0.00

Mastr Asset Backed Securities Trust

275,989 2.346% due 25/10/36 ...... 175 0.01 McDonald's Corp 5,250,000 2.200% due 26/05/20 ...... 5,178 0.15 3,230,000 4.450% due 01/09/48 ...... 3,180 0.09

McKesson Corp 1,125,000 3.950% due 16/02/28 ...... 1,088 0.03

Medtronic Inc 2,315,000 3.500% due 15/03/25 ...... 2,298 0.07

Merrill Lynch Mortgage Investors Trust

162,357 4.033% due 25/12/35 ...... 159 0.00

MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc

500,000 5.625% due 01/05/24 ...... 514 0.02 MGM Resorts International 200,000 6.000% due 15/03/23 ...... 207 0.01 600,000 5.750% due 15/06/25 ...... 605 0.02 Mid-America Apartments LP 160,000 4.300% due 15/10/23 ...... 162 0.00 600,000 4.000% due 15/11/25 ...... 591 0.02

Mississippi Power Co 3,951,000 3.950% due 30/03/28 ...... 3,874 0.11

Mohawk Industries Inc 200,000 3.850% due 01/02/23 ...... 200 0.01

Molson Coors Brewing Co 4,965,000 4.200% due 15/07/46 ...... 4,416 0.13 Moody's Corp

EUR 1,330,000 1.750% due 09/03/27 ...... 1,592 0.05 USD 300,000 3.250% due 15/01/28 ...... 281 0.01

Morgan Stanley EUR 1,140,000 Zero Coupon due 21/05/21 1,325 0.04 USD 600,000 3.277% due 22/07/22 ...... 605 0.02 EUR 2,370,000 1.750% due 11/03/24 ...... 2,843 0.08 USD 1,105,000 3.125% due 27/07/26 ...... 1,031 0.03

1,900,000 3.625% due 20/01/27 ...... 1,826 0.05 GBP 9,710,000 2.625% due 09/03/27 ...... 12,394 0.36 USD 5,290,000 3.772% due 24/01/29 ...... 5,084 0.15

Morgan Stanley ABS Capital I Inc Trust

844,439 2.446% due 25/02/37 ...... 418 0.01

Morgan Stanley Home Equity Loan Trust

43,410 2.316% due 25/04/37 ...... 29 0.00 Motorola Solutions Inc 200,000 3.500% due 01/09/21 ...... 199 0.01 3,482,000 5.500% due 01/09/44 ...... 3,280 0.10

MPLX LP 3,645,000 4.700% due 15/04/48 ...... 3,410 0.10



Principal Amount


Fund %

MPT Operating Partnership LP / MPT Finance Corp

EUR 4,470,000 4.000% due 19/08/22 ....... 5,700 0.17

National Grid North America Inc

1,200,000 1.000% due 12/07/24 ....... 1,390 0.04

Nationwide Mutual Insurance Co

USD 500,000 9.375% due 15/08/39 ....... 775 0.02 Nestle Holdings Inc 1,795,000 1.875% due 09/03/21 ....... 1,744 0.05

EUR 465,000 0.875% due 18/07/25 ....... 543 0.02 Newell Brands Inc USD 3,519,000 5.500% due 01/04/46 ....... 3,360 0.10 Newfield Exploration Co

100,000 5.375% due 01/01/26 ....... 104 0.00 NiSource Inc 1,025,000 5.250% due 15/02/43 ....... 1,088 0.03 4,746,000 4.375% due 15/05/47 ....... 4,550 0.13


3,745,108 1.890% due 15/10/20 ....... 3,731 0.11 297,403 2.248% due 15/12/20 ....... 297 0.01 297,403 2.390% due 15/12/20 ....... 297 0.01

Nissan Motor Acceptance Corp

600,000 3.227% due 13/01/22 ....... 606 0.02 Noble Energy Inc

1,631,000 5.250% due 15/11/43 ....... 1,614 0.05 Northrop Grumman Corp

5,075,000 4.030% due 15/10/47 ....... 4,779 0.14

Northwestern Mutual Life Insurance Co

2,565,000 3.850% due 30/09/47 ....... 2,357 0.07 Nuveen Finance LLC

1,335,000 2.950% due 01/11/19 ....... 1,334 0.04

Omega Healthcare Investors Inc

400,000 4.500% due 15/01/25 ....... 393 0.01 ONEOK Inc

1,800,000 4.550% due 15/07/28 ....... 1,812 0.05 Oracle Corp 1,421,000 1.900% due 15/09/21 ....... 1,373 0.04 575,000 4.000% due 15/07/46 ....... 549 0.02 2,153,000 4.000% due 15/11/47 ....... 2,050 0.06

Owens Corning 300,000 4.200% due 15/12/22 ....... 301 0.01

Ownit Mortgage Loan Trust 960,261 2.816% due 25/10/36 ....... 833 0.02

PACCAR Financial Corp 1,600,000 2.800% due 01/03/21 ....... 1,584 0.05 Pacific Gas & Electric Co 600,000 4.250% due 01/08/23 ....... 604 0.02 890,000 3.750% due 15/02/24 ....... 870 0.03

Principal Amount


Fund %

3,115,000 3.300% due 15/03/27 ...... 2,871 0.08 400,000 3.300% due 01/12/27 ...... 366 0.01 1,200,000 4.750% due 15/02/44 ...... 1,172 0.03 1,895,000 3.950% due 01/12/47 ...... 1,654 0.05

Peachtree Corners Funding Trust

6,426,000 3.976% due 15/02/25 ...... 6,250 0.18 Pfizer Inc EUR 160,000 Zero Coupon due 06/03/20 186 0.01 Physicians Realty LP USD 500,000 3.950% due 15/01/28 ...... 468 0.01

Pioneer Natural Resources Co

500,000 3.450% due 15/01/21 ...... 500 0.01

Plains All American Pipeline LP

8,000,000 5.750% due 15/01/20 ...... 8,209 0.24 800,000 3.600% due 01/11/24 ...... 771 0.02 4,045,000 4.650% due 15/10/25 ...... 4,093 0.12 100,000 5.150% due 01/06/42 ...... 95 0.00 5,283,000 4.700% due 15/06/44 ...... 4,775 0.14

Planet Fitness Master Issuer LLC

6,420,000 4.666% due 05/09/48 ...... 6,367 0.19 Post Holdings Inc

100,000 5.500% due 01/03/25 ...... 100 0.00 Progress Energy Inc

5,771,000 3.150% due 01/04/22 ...... 5,678 0.17 Prologis LP EUR 2,600,000 1.375% due 13/05/21 ...... 2,926 0.09

Protective Life Global Funding

USD 500,000 1.999% due 14/09/21 ...... 480 0.01

Provident Funding Associates LP / PFG Finance Corp

100,000 6.375% due 15/06/25 ...... 101 0.00

Public Service Enterprise Group Inc

1,830,000 1.600% due 15/11/19 ...... 1,800 0.05 Qualcomm Inc

805,000 4.300% due 20/05/47 ...... 758 0.02

Qualitytech LP / QTS Finance Corp

100,000 4.750% due 15/11/25 ...... 96 0.00 Quicken Loans Inc

1,200,000 5.250% due 15/01/28 ...... 1,119 0.03 QVC Inc 500,000 5.125% due 02/07/22 ...... 507 0.01 200,000 4.375% due 15/03/23 ...... 198 0.01

RAAC Trust 266,389 2.556% due 25/08/36 ...... 267 0.01

RAMP Trust 753,843 2.676% due 25/12/35 ...... 642 0.02




Principal Amount


Fund %

RASC Trust 292,547 2.346% due 25/11/36 ....... 232 0.01

Regency Centers LP 100,000 3.600% due 01/02/27 ....... 95 0.00

RenaissanceRe Finance Inc 100,000 3.450% due 01/07/27 ....... 94 0.00 Rio Oil Finance Trust 998,744 9.250% due 06/07/24 ....... 1,066 0.03 332,915 9.250% due 06/07/24 ....... 355 0.01 943,586 9.750% due 06/01/27 ....... 1,016 0.03 Rockwell Collins Inc 200,000 2.800% due 15/03/22 ....... 195 0.01 100,000 3.200% due 15/03/24 ....... 97 0.00


600,000 6.250% due 15/03/22 ....... 645 0.02 600,000 5.625% due 15/04/23 ....... 639 0.02 3,090,000 5.625% due 01/03/25 ....... 3,300 0.10 8,655,000 5.875% due 30/06/26 ....... 9,361 0.27

Sanchez Energy Corp 200,000 7.250% due 15/02/23 ....... 198 0.01

Santa Clara Valley Transportation Authority

1,000,000 5.876% due 01/04/32 ....... 1,158 0.03


3,545,000 3.510% due 15/08/23 ....... 3,538 0.10 Santander Holdings USA Inc 300,000 3.400% due 18/01/23 ....... 290 0.01 2,220,000 4.500% due 17/07/25 ....... 2,195 0.06 2,938,000 4.400% due 13/07/27 ....... 2,816 0.08

SASOL Financing USA LLC

600,000 5.875% due 27/03/24 ....... 612 0.02 SBA Tower Trust

15,160,000 3.448% due 15/03/23 ....... 14,877 0.43 Select Income REIT

100,000 4.250% due 15/05/24 ....... 96 0.00 Sempra Energy 5,095,000 3.550% due 15/06/24 ....... 4,985 0.15 2,270,000 3.400% due 01/02/28 ....... 2,129 0.06

Sierra Pacific Power Co 300,000 2.600% due 01/05/26 ....... 277 0.01

SL Green Realty Corp 2,350,000 4.500% due 01/12/22 ....... 2,378 0.07

Sonic Capital LLC 2,810,000 4.026% due 20/02/48 ....... 2,772 0.08

Soundview Home Loan Trust

204,835 2.386% due 25/06/36 ....... 204 0.01

Southern California Edison Co

124,000 4.650% due 01/10/43 ....... 129 0.00

Principal Amount


Fund %

Southern Co 2,243,000 3.250% due 01/07/26 ...... 2,095 0.06 3,957,000 4.400% due 01/07/46 ...... 3,784 0.11

Southern Co Gas Capital Corp

3,300,000 3.250% due 15/06/26 ...... 3,091 0.09 Southwestern Energy Co

300,000 7.750% due 01/10/27 ...... 318 0.01 Spirit Realty LP

100,000 4.450% due 15/09/26 ...... 96 0.00 Springleaf Finance Corp

300,000 8.250% due 15/12/20 ...... 327 0.01 Sprint Communications Inc

400,000 6.000% due 15/11/22 ...... 409 0.01 Sprint Corp 1,200,000 7.250% due 15/09/21 ...... 1,272 0.04 400,000 7.125% due 15/06/24 ...... 416 0.01 200,000 7.625% due 01/03/26 ...... 212 0.01

Sprint Spectrum Co LLC 1,900,000 4.738% due 20/03/25 ...... 1,904 0.06 Standard Industries Inc 350,000 5.375% due 15/11/24 ...... 351 0.01 200,000 5.000% due 15/02/27 ...... 189 0.01 400,000 4.750% due 15/01/28 ...... 371 0.01

Start Ltd 6,052,381 4.089% due 15/05/43 ...... 6,039 0.18

Stearns Holdings LLC 700,000 9.375% due 15/08/20 ...... 690 0.02

Stevens Holding Co Inc 300,000 6.125% due 01/10/26 ...... 306 0.01

Stifel Financial Corp 8,095,000 3.500% due 01/12/20 ...... 8,058 0.23

Structured Asset Securities Corp Mortgage Loan Trust

1,000,000 2.716% due 25/11/37 ...... 887 0.03

Sunoco Logistics Partners Operations LP

1,640,000 5.400% due 01/10/47 ...... 1,628 0.05 Synchrony Financial 200,000 2.700% due 03/02/20 ...... 198 0.01 350,000 3.578% due 03/02/20 ...... 352 0.01

Sysco Corp 6,838,000 2.500% due 15/07/21 ...... 6,682 0.19 2,649,650 4.970% due 25/05/46 ...... 2,729 0.08

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp

400,000 4.750% due 01/10/23 ...... 400 0.01 Target Corp

645,000 3.900% due 15/11/47 ...... 607 0.02



Principal Amount


Fund %

Teachers Insurance & Annuity Association of America

1,265,000 4.900% due 15/09/44 ....... 1,347 0.04 2,298,000 4.270% due 15/05/47 ....... 2,235 0.07 1,100,000 4.375% due 15/09/54 ....... 1,096 0.03 Tech Data Corp 100,000 3.700% due 15/02/22 ....... 98 0.00 100,000 4.950% due 15/02/27 ....... 98 0.00


5,700,000 Zero Coupon due 29/10/27 5,700 0.17

Texas Eastern Transmission LP

300,000 2.800% due 15/10/22 ....... 288 0.01 TGIF Funding LLC

105,027 6.202% due 30/04/47 ....... 105 0.00 Thermo Fisher Scientific Inc

EUR 23,000 2.875% due 24/07/37 ....... 27 0.00 1,671,000 2.875% due 24/07/37 ....... 1,981 0.06 Time Warner Cable LLC

USD 600,000 5.000% due 01/02/20 ....... 613 0.02 200,000 7.300% due 01/07/38 ....... 230 0.01 100,000 6.750% due 15/06/39 ....... 109 0.00

GBP 1,000,000 5.250% due 15/07/42 ....... 1,433 0.04 USD 1,605,000 4.500% due 15/09/42 ....... 1,374 0.04


3,894,826 1.740% due 17/08/20 ....... 3,880 0.11

Toyota Auto ReceivablesOwner Trust

3,575,000 2.100% due 15/10/20 ....... 3,565 0.10 Toyota Motor Credit Corp 2,300,000 2.459% due 14/11/19 ....... 2,302 0.07 5,725,000 3.023% due 11/01/22 ....... 5,794 0.17 500,000 2.712% due 17/05/22 ....... 501 0.01

Tyson Foods Inc 420,000 4.550% due 02/06/47 ....... 392 0.01 U.S. Treasury Bonds 5,738,700 2.875% due 15/05/28 ....... 5,653 0.16 21,852,000 2.875% due 15/08/28 ....... 21,519 0.63 1,225,000 4.375% due 15/02/38** ... 1,446 0.04 4,120,000 4.500% due 15/05/38** ... 4,945 0.14 3,000,000 3.500% due 15/02/39 ....... 3,162 0.09 540,000 3.125% due 15/02/42 ....... 535 0.02 585,000 2.500% due 15/02/45 ....... 512 0.01 845,000 3.000% due 15/11/45 ....... 815 0.02 2,887,000 2.500% due 15/02/46 ....... 2,520 0.07 6,976,000 2.500% due 15/05/46 ....... 6,085 0.18 27,000 2.250% due 15/08/46 ....... 22 0.00 1,375,000 2.875% due 15/11/46 ....... 1,293 0.04 580,000 3.000% due 15/02/47 ....... 559 0.02 1,080,500 2.750% due 15/11/47 ....... 989 0.03

Principal Amount


Fund %

1,735,000 3.000% due 15/02/48 ...... 1,670 0.05 10,239,000 3.125% due 15/05/48** .. 10,105 0.29

U.S. Treasury Inflation Indexed Bonds

1,878,634 0.375% due 15/01/27 ...... 1,794 0.05 490,387 0.500% due 15/01/28 ...... 471 0.01 U.S. Treasury Notes 2,300,000 1.625% due 31/05/23 ...... 2,169 0.06 600,000 2.125% due 15/05/25*** 568 0.02

U.S. Treasury Strip Principal 8,600,000 Zero Coupon due 15/05/44 3,816 0.11

UDR Inc 600,000 2.950% due 01/09/26 ...... 551 0.02

Unilever Capital Corp 2,000,000 3.000% due 07/03/22 ...... 1,981 0.06 Union Pacific Corp 4,320,000 2.250% due 19/06/20 ...... 4,264 0.12 2,395,000 4.800% due 10/09/58 ...... 2,487 0.07 United Parcel Service Inc 4,815,000 2.050% due 01/04/21 ...... 4,690 0.14 1,380,000 3.750% due 15/11/47 ...... 1,285 0.04 United Technologies Corp 9,901,000 1.900% due 04/05/20 ...... 9,703 0.28 1,555,000 4.125% due 16/11/28 ...... 1,548 0.05 UnitedHealth Group Inc 4,500,000 1.950% due 15/10/20 ...... 4,407 0.13 5,625,000 3.375% due 15/04/27 ...... 5,471 0.16 1,000,000 3.850% due 15/06/28 ...... 1,004 0.03 375,000 3.750% due 15/10/47 ...... 350 0.01

Unum Group 525,000 5.750% due 15/08/42 ...... 552 0.02

US Airways Pass Through Trust

138,267 5.900% due 01/10/24 ...... 149 0.00 857,059 4.625% due 03/06/25 ...... 878 0.03 223,102 3.950% due 15/11/25 ...... 221 0.01

US Bancorp EUR 300,000 0.850% due 07/06/24 .......... 347 0.01 US Bank NA USD 7,000,000 2.487% due 23/10/20 ...... 6,999 0.20 USAA Capital Corp

800,000 2.450% due 01/08/20 ...... 789 0.02

VEREIT Operating Partnership LP

100,000 4.125% due 01/06/21 ...... 101 0.00 200,000 4.875% due 01/06/26 ...... 202 0.01 5,850,000 3.950% due 15/08/27 ...... 5,512 0.16


2,075,000 2.860% due 22/05/20 ...... 2,087 0.06 4,639,000 3.376% due 15/02/25 ...... 4,509 0.13 715,000 4.329% due 21/09/28 ...... 720 0.02

EUR 400,000 2.875% due 15/01/38 ...... 467 0.01




Principal Amount


Fund %

USD 1,420,000 3.850% due 01/11/42 ....... 1,233 0.04 625,000 4.125% due 15/08/46 ....... 563 0.02 623,000 4.862% due 21/08/46 ....... 624 0.02 3,840,000 4.672% due 15/03/55 ....... 3,625 0.11

VF Corp EUR 1,282,000 0.625% due 20/09/23 ....... 1,483 0.04 ViaSat Inc USD 100,000 5.625% due 15/09/25 ....... 95 0.00 Vistra Energy Corp

187,111 8.034% due 02/02/24 ....... 198 0.01 Vistra Operations Co LLC

1,943,000 5.500% due 01/09/26 ....... 1,967 0.06 VMware Inc 1,300,000 2.950% due 21/08/22 ....... 1,252 0.04 700,000 3.900% due 21/08/27 ....... 663 0.02

Voya Financial Inc 1,275,000 4.800% due 15/06/46 ....... 1,262 0.04

Walgreens Boots Alliance Inc

2,500,000 4.650% due 01/06/46 ....... 2,400 0.07 Walmart Inc 1,245,000 2.596% due 23/06/21 ....... 1,252 0.04 810,000 4.050% due 29/06/48 ....... 813 0.02 Walt Disney Co 7,375,000 1.950% due 04/03/20 ....... 7,276 0.21 6,350,000 2.451% due 04/03/20 ....... 6,359 0.19 Warner Media LLC 1,470,000 4.700% due 15/01/21 ....... 1,510 0.04 1,200,000 5.350% due 15/12/43 ....... 1,188 0.03

Washington Mutual Mortgage Pass-Through Certificates WMALT Trust

346,311 2.595% due 25/02/47 ....... 312 0.01 Washington Prime Group LP

800,000 5.950% due 15/08/24 ....... 758 0.02 WAVE Trust

6,916,301 3.844% due 15/11/42 ....... 6,824 0.20

Westfield UK & Europe Finance Plc

1,400,000 3.250% due 05/10/20 ....... 1,396 0.04 400,000 3.750% due 17/09/24 ....... 394 0.01 WEC Energy Group Inc 1,315,000 3.375% due 15/06/21 ....... 1,316 0.04 5,781,000 3.550% due 15/06/25 ....... 5,684 0.17 Wells Fargo & Co 100,000 2.625% due 22/07/22 ....... 97 0.00 1,700,000 3.452% due 24/01/23 ....... 1,722 0.05

EUR 804,000 2.250% due 02/05/23 ....... 995 0.03 USD 200,000 3.300% due 09/09/24 ....... 194 0.01

350,000 3.000% due 19/02/25 ....... 332 0.01 EUR 565,000 1.625% due 02/06/25 ....... 670 0.02 USD 800,000 3.550% due 29/09/25 ....... 780 0.02

Principal Amount


Fund %

700,000 3.000% due 22/04/26 ...... 652 0.02 8,525,000 3.000% due 23/10/26 ...... 7,919 0.23

EUR 1,075,000 1.375% due 26/10/26 ...... 1,231 0.04 USD 6,393,000 3.584% due 22/05/28 ...... 6,141 0.18 Wells Fargo Bank NA

6,000,000 2.660% due 25/03/20 ...... 6,001 0.18

Wells Fargo Mortgage Loan Trust

4,401 3.148% due 27/08/35 ...... 4 0.00 Wendy's Funding LLC

11,890,150 3.884% due 15/03/48 ...... 11,428 0.33 Western Gas Partners LP

540,000 5.500% due 15/08/48 ...... 511 0.01 WestRock Co 400,000 3.000% due 15/09/24 ...... 379 0.01 1,100,000 3.750% due 15/03/25 ...... 1,083 0.03 Weyerhaeuser Co 400,000 7.125% due 15/07/23 ...... 450 0.01 300,000 8.500% due 15/01/25 ...... 368 0.01 1,400,000 7.375% due 15/03/32 ...... 1,775 0.05

Williams Partners LP 6,765,000 5.100% due 15/09/45 ...... 6,825 0.20 WP Carey Inc 400,000 4.600% due 01/04/24 ...... 404 0.01 300,000 4.250% due 01/10/26 ...... 292 0.01

Wyndham Destinations Inc 1,300,000 4.250% due 01/03/22 ...... 1,267 0.04

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp

1,000,000 4.250% due 30/05/23 ...... 960 0.03 Xcel Energy Inc 5,530,000 4.700% due 15/05/20 ...... 5,629 0.16 711,000 2.600% due 15/03/22 ...... 690 0.02 10,453,000 3.350% due 01/12/26 ...... 10,046 0.29 3,865,000 4.000% due 15/06/28 ...... 3,880 0.11

Zimmer Biomet Holdings Inc

3,537,000 2.700% due 01/04/20 ...... 3,504 0.10 Zoetis Inc

600,000 4.500% due 13/11/25 ...... 621 0.02 1,548,262 45.12 Virgin Islands, British (1.55%)

Cheung Kong Infrastructure Finance BVI Ltd

EUR 1,178,000 1.000% due 12/12/24 ...... 1,322 0.04 CNOOC Finance 2011 Ltd USD 700,000 4.250% due 26/01/21 ...... 709 0.02 CNOOC Finance 2013 Ltd

2,100,000 3.000% due 09/05/23 ...... 2,015 0.06

Eastern Creation II Investment Holdings Ltd

5,500,000 2.750% due 26/09/20 ...... 5,390 0.16



Principal Amount


Fund %

Gerdau Trade Inc 600,000 4.875% due 24/10/27 ....... 559 0.02

Global Switch Holdings Ltd EUR 6,645,000 2.250% due 31/05/27 ....... 7,724 0.22

Huaneng Hong Kong Capital Ltd

USD 5,720,000 3.600%* ........................... 5,270 0.15 Poly Real Estate Finance Ltd

700,000 4.750% due 17/09/23 ....... 688 0.02 SF Holding Investment Ltd

3,720,000 4.125% due 26/07/23 ....... 3,705 0.11

Sinopec Group Overseas Development 2014 Ltd

1,800,000 4.375% due 10/04/24 ....... 1,827 0.05

State Grid Overseas Investment 2016 Ltd

400,000 2.250% due 04/05/20 ....... 392 0.01 EUR 9,262,000 1.250% due 19/05/22 ....... 10,950 0.32

1,400,000 2.125% due 02/05/30 ....... 1,635 0.05

Want Want China Finance Ltd

USD 11,410,000 2.875% due 27/04/22 ....... 10,993 0.32 53,179 1.55

Total Long Term Bonds and Notes ............................ 2,895,921 84.39

Short Term Investments (6.15%) Argentina (0.03%)

Banco Santander Rio SA ARS 45,000,000 25.500% due 17/07/19 ..... 1,039 0.03

Bermuda (0.14%)


4,930,000 5.125% due 10/02/19 ....... 4,973 0.14 Brazil (0.02%)

Centrais Eletricas Brasileiras SA

USD 600,000 6.875% due 30/07/19 ....... 612 0.02 Canada (0.44%)

Ford Credit Canada Co CAD 15,000,000 2.939% due 19/02/19 ....... 11,620 0.34 Province of Quebec Canada EUR 517,000 5.000% due 29/04/19 ....... 619 0.02 Toronto-Dominion Bank USD 2,700,000 2.753% due 18/01/19 ....... 2,703 0.08

14,942 0.44 Cayman Islands (0.01%)

Alpha Star Holding Ltd 200,000 4.970% due 09/04/19 ....... 200 0.01

Principal Amount


Fund %

China (0.02%)

China Uranium Development Co Ltd

800,000 3.500% due 08/10/18 ...... 800 0.02 Denmark (0.01%)

Carlsberg Breweries A/S 250,000 2.625% due 03/07/19 ...... 296 0.01 Finland (0.02%)

Fortum OYJ EUR 174,000 6.000% due 20/03/19 ...... 208 0.01 Nordea Bank Abp

275,000 4.000% due 11/07/19 ...... 330 0.01 538 0.02 France (0.21%)

APRR SA 700,000 0.431% due 31/03/19 ...... 816 0.02


1,300,000 0.250% due 14/06/19 ...... 1,515 0.04 BPCE SA USD 250,000 2.500% due 15/07/19 ...... 249 0.01 Christian Dior SE EUR 1,400,000 1.375% due 19/06/19 ...... 1,636 0.05 Cie de Saint-Gobain

360,000 4.500% due 30/09/19 ...... 437 0.01 Credit Agricole SA

500,000 3.875% due 13/02/19 ...... 590 0.02 Orange SA

600,000 4.125% due 23/01/19 ...... 706 0.02

Schlumberger Finance France SAS

1,094,000 0.625% due 12/02/19 ...... 1,274 0.04 7,223 0.21 Germany (0.46%)

Bundesobligation 560,000 1.000% due 22/02/19 ...... 655 0.02

Daimler AG 1,920,000 0.500% due 09/09/19 ...... 2,243 0.07

Deutsche Bank AG USD 10,900,000 2.850% due 10/05/19 ...... 10,872 0.32

Fraport AG Frankfurt Airport Services Worldwide

EUR 981,000 5.250% due 10/09/19 ...... 1,196 0.03 Symrise AG

705,000 1.750% due 10/07/19 ...... 829 0.02 15,795 0.46 India (0.01%)

ONGC Videsh Ltd USD 300,000 3.250% due 15/07/19 ...... 300 0.01




Principal Amount


Fund %

Ireland (0.29%)


9,980,000 1.900% due 23/09/19 ....... 9,876 0.29 Italy (0.02%)

Intesa Sanpaolo SpA EUR 100,000 3.000% due 28/01/19 ....... 117 0.00 Telecom Italia SpA GBP 400,000 6.375% due 24/06/19 ....... 537 0.02

654 0.02 Japan (0.03%)

Mizuho Bank Ltd USD 908,000 2.150% due 20/10/18 ....... 908 0.02

Sumitomo Mitsui Trust Bank Ltd

300,000 2.833% due 06/03/19 ....... 300 0.01 1,208 0.03 Jersey, Channel Islands (0.01%)

Petrofac Ltd 400,000 3.400% due 10/10/18 ....... 400 0.01 Korea, Republic of (0.01%)

SK Broadband Co Ltd 400,000 2.875% due 29/10/18 ....... 400 0.01 Luxembourg (0.34%)

DH Europe Finance SA EUR 410,000 1.000% due 08/07/19 ....... 479 0.01 European Investment Bank

1,912,000 2.500% due 15/03/19 ....... 2,251 0.07


793,000 1.250% due 15/10/18 ....... 922 0.03 European Union

319,000 3.375% due 10/05/19 ....... 379 0.01


714,000 3.875% due 20/05/19 ....... 852 0.03

Medtronic Global Holdings SCA

USD 6,710,000 1.700% due 28/03/19 ....... 6,679 0.19 11,562 0.34 Mexico (0.03%)

Petroleos Mexicanos 1,100,000 8.000% due 03/05/19 ....... 1,133 0.03 Netherlands (0.37%)

Heineken NV EUR 1,046,000 2.500% due 19/03/19 ....... 1,230 0.04

Principal Amount


Fund %

LyondellBasell Industries NV

USD 6,245,000 5.000% due 15/04/19 ...... 6,277 0.18


3,900,000 1.375% due 10/05/19 ...... 3,871 0.11 Vesteda Finance BV EUR 374,000 1.750% due 22/07/19 ...... 438 0.01


900,000 Zero Coupon due 30/03/19 1,046 0.03 12,862 0.37 Peru (0.01%)

Corp Financiera de Desarrollo SA

USD 200,000 3.250% due 15/07/19 ...... 200 0.01 Poland (0.02%)

Republic of Poland Government International Bond

EUR 475,000 1.625% due 15/01/19 ...... 555 0.02 Sweden (0.37%)

PGE Sweden AB 9,800,000 1.625% due 09/06/19 ...... 11,505 0.33

PZU Finance AB 886,000 1.375% due 03/07/19 ...... 1,039 0.03


USD 200,000 2.375% due 25/03/19 ...... 200 0.01 12,744 0.37 Switzerland (0.20%)

UBS AG 6,885,000 2.637% due 07/12/18 ...... 6,888 0.20 Thailand (0.01%)

Siam Commercial Bank PCL 200,000 3.500% due 07/04/19 ...... 200 0.01 United Kingdom (0.08%)

British Telecommunications Plc

EUR 214,000 1.125% due 10/06/19 ...... 251 0.01 Compass Group Plc

1,049,000 3.125% due 13/02/19 ...... 1,233 0.03 Diageo Finance Plc

530,000 1.125% due 20/05/19 ...... 620 0.02 Experian Finance Plc GBP 20,000 4.750% due 23/11/18 ...... 26 0.00 Sky Plc USD 700,000 9.500% due 15/11/18 ...... 706 0.02

2,836 0.08



Principal Amount


Fund %



3,413,000 6.900% due 01/03/19 ....... 3,470 0.10 Amgen Inc

5,471,000 1.900% due 10/05/19 ....... 5,443 0.16 Becton Dickinson & Co

EUR 1,412,000 0.368% due 06/06/19 ....... 1,644 0.05 USD 4,415,000 2.675% due 15/12/19 ....... 4,392 0.13 BellSouth LLC

2,500,000 4.333% due 26/04/19 ....... 2,519 0.07 Cisco Systems Inc

10,095,000 1.400% due 20/09/19 ....... 9,965 0.29 Dell International LLC

600,000 3.480% due 01/06/19 ....... 602 0.02


2,400,000 2.200% due 20/09/19 ....... 2,382 0.07


700,000 2.110% due 17/10/18 ....... 699 0.02 Ford Motor Credit Co LLC

1,500,000 2.021% due 03/05/19 ....... 1,491 0.04

Fresenius Medical Care US Finance II Inc

4,000,000 5.625% due 31/07/19 ....... 4,080 0.12 General Motors Co

300,000 3.500% due 02/10/18 ....... 300 0.01 Goldman Sachs Group Inc EUR 823,000 0.750% due 10/05/19 ....... 961 0.03

Harley-Davidson Financial Services Inc

USD 4,000,000 2.400% due 15/09/19 ....... 3,977 0.12


1,171,594 1.230% due 23/09/19 ....... 1,170 0.03 John Deere Capital Corp

1,435,000 2.609% due 15/10/18 ....... 1,435 0.04 JPMorgan Chase & Co

2,665,000 1.850% due 22/03/19 ....... 2,655 0.08 Lockheed Martin Corp

10,249,000 1.850% due 23/11/18 ....... 10,237 0.30 Metropolitan Edison Co

2,100,000 7.700% due 15/01/19 ....... 2,129 0.06 Molson Coors Brewing Co

1,730,000 1.900% due 15/03/19 ....... 1,723 0.05 Navient Corp

700,000 5.500% due 15/01/19 ....... 704 0.02


2,360,000 2.300% due 01/04/19 ....... 2,356 0.07

Principal Amount


Fund %

Norfolk Southern Corp 2,378,000 5.900% due 15/06/19 ...... 2,425 0.07

PepsiCo Inc 3,310,000 1.550% due 02/05/19 ...... 3,288 0.09 Pfizer Inc 6,535,000 2.100% due 15/05/19 ...... 6,518 0.19 5,640,000 1.450% due 03/06/19 ...... 5,595 0.16

Public Service Electric & Gas Co

1,845,000 2.000% due 15/08/19 ...... 1,830 0.05

Reliance Standard Life Global Funding II

200,000 2.500% due 24/04/19 ...... 200 0.01 Sprint Capital Corp

500,000 6.900% due 01/05/19 ...... 509 0.01 Time Warner Cable LLC

200,000 8.250% due 01/04/19 ...... 205 0.01 Tyson Foods Inc

6,958,000 2.650% due 15/08/19 ...... 6,947 0.20 Warner Media LLC

6,500,000 2.100% due 01/06/19 ...... 6,467 0.19

WEA Finance LLC / Westfield UK & Europe Finance Plc

1,650,000 2.700% due 17/09/19 ...... 1,646 0.05 99,964 2.91 Virgin Islands, British (0.08%)

CNPC General Capital Ltd 800,000 2.750% due 14/05/19 ...... 797 0.02

Franshion Brilliant Ltd 300,000 5.750% due 19/03/19 ...... 303 0.01

Poly Real Estate Finance Ltd 1,800,000 5.250% due 25/04/19 ...... 1,813 0.05 2,913 0.08


Bank Loans (0.03%) Ireland (0.03%)

AWAS Aviation Capital Ltd 1,102,372 4.870% due 03/10/21 ...... 1,105 0.03 Total Bank Loans .............. 1,105 0.03


Certificates of Deposit (1.01%) Canada (0.45%) Bank of Nova Scotia 4,000,000 2.765% due 30/11/18 ...... 4,009 0.12 4,700,000 2.606% due 30/12/19 ...... 4,696 0.14




Principal Amount


Fund %


3,000,000 2.573% due 07/02/19 ....... 3,001 0.09 3,610,000 2.800% due 02/05/20 ....... 3,610 0.10 15,316 0.45 France (0.09%)

Credit Agricole Corporate & Investment Bank

3,000,000 2.689% due 30/07/20 ....... 3,000 0.09 Japan (0.20%)

Mizuho Bank Ltd 6,750,000 2.796% due 01/10/19 ....... 6,749 0.20 Sweden (0.15%) Svenska Handelsbanken 1,500,000 2.294% due 02/10/18 ....... 1,499 0.04 3,690,000 2.617% due 21/10/19 ....... 3,690 0.11 5,189 0.15 Switzerland (0.12%)

Credit Suisse AG 4,250,000 2.508% due 16/01/19 ....... 4,250 0.12


Commercial Paper (1.31%) Australia (0.43%)

Commonwealth Bank of Australia

8,500,000 2.097% due 11/10/18 ....... 8,500 0.25 Westpac Banking Corp

6,290,000 1.848% due 29/11/18 ....... 6,290 0.18 14,790 0.43 Canada (0.07%)

PSP Capital Inc 2,500,000 Zero Coupon due 30/08/19 2,500 0.07 France (0.32%)

BPCE 5,500,000 Zero Coupon due 18/01/19 5,457 0.16

Sanofi 5,450,000 Zero Coupon due 21/11/18 5,432 0.16 10,889 0.32

Principal Amount


Fund %

Jersey, Channel Islands (0.00%)


- Zero Coupon due 23/10/18 5 0.00 United Kingdom (0.15%) HSBC Bank Plc 3,400,000 1.000% due 10/04/19 ...... 3,400 0.10 Reckitt Benckiser Treasury 1,650,000 Zero Coupon due 06/03/19 1,630 0.05 5,030 0.15 United States (0.34%) Barton Capital SA 1,100,000 1.000% due 01/10/18 ...... 1,100 0.03 Cafco LLC - Zero Coupon due 01/10/18 5 0.00

Collateralized Commercial Paper II

1,000,000 Zero Coupon due 03/01/19 1,000 0.03 ING US Funding LLC 7,920,000 Zero Coupon due 12/04/19 7,920 0.23 Sheffield Receivable 1,700,000 Zero Coupon due 05/11/18 1,696 0.05 11,721 0.34 Total Commercial Paper .. 44,935 1.31

Number of Shares Investment Funds (3.58%) Ireland (3.58%)

7,943


3,729

Russell Investment Company III plc Russell Investments Sterling Liquidity Fund - Class R Roll-Up Shares ...... 4,914 0.14

105,507






Financial Derivative Instruments (0.28%) Open Futures Contracts ((0.14)%)

Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

(132) (1.32)

1 of 10 Year Mini JGB Futures Short Futures Contracts Expiring December 2018 ................................ - 0.00

6,354 1.32

48 of 10 Year Mini JGB Futures Long Futures Contracts Expiring December 2018 ................................. (11) 0.00

(41,991) (130.00)

323 of Euro Schatz Futures Short Futures Contracts Expiring December 2018 ................................. 57 0.00

(3,512) (113.30)


(82,804) (159.24)


(518) (103.64)


54,647 103.69


53,691 130.00

413 of Euro Schatz Futures Long Futures Contracts Expiring December 2018 ................................. (72) 0.00

387,215 113.25

3,419 of U.S. 5 Year Note Futures Long Futures Contracts Expiring December 2018 ................................. (2,658) (0.08)

103,407 159.33

649 of Long Gilt Futures Long Futures Contracts Expiring December 2018 ................................. (1,052) (0.03)

22,330 145.00

154 of Euro-BTP Futures Long Futures Contracts Expiring December 2018 ................................. (179) (0.01)

14,561 1.32

11 of 2 Japan 10 Year Bond Futures Long Futures Contracts Expiring December 2018 ................................. (26) 0.00

29,927 152.69

196 of Euro-Bobl Futures Long Futures Contracts Expiring December 2018 ................................. (173) (0.01)

1,970 151.54

13 of Euro-Bobl Futures Long Futures Contracts Expiring December 2018 ................................. 3 0.00

(40,937) (152.75)


(164,141) (186.31)

881 of Euro-Bund Future Short Futures Contracts Expiring December 2018 ................................. 1,654 0.05

(91,050) (105.63)





Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

(57,703) (120.21)


76,015 186.31

408 of Euro-Bund Future Long Futures Contracts Expiring December 2018 ................................. (765) (0.02)

108,783 105.61


72,530 119.88


21,121 118.66

178 of U.S. 10 Year Note Futures Long Futures Contracts Expiring December 2018 ................................. 22 0.00

(2,054) (205.37)


112,580 120.15

937 of U.S. 10 Year Note Futures Long Futures Contracts Expiring December 2018 ................................. (1,282) (0.04)

157,611 143.94

1,095 of U.S. Long Bond Futures Long Futures Contracts Expiring December 2018 ................................. (3,763) (0.11)

(36,072) (144.29)


(12,693) (127.67)

101 of U.S. 10 Year Ultra Futures Short Futures Contracts Expiring December 2018 ................................. (33) 0.00

(23,380) (127.76)


4,486 128.17

35 of U.S. 10 Year Ultra Futures Long Futures Contracts Expiring December 2018 ................................. (76) 0.00

(92,930) (158.85)

585 of U.S. Ultra Bond Futures Short Futures Contracts Expiring December 2018 ................................. 2,676 0.08

27,194 159.03


18,902 71.06

266 of Australian 10 Year Bond Futures Long Futures Contracts Expiring December 2018 ................................. (173) (0.01)

(142) (71.05)

2 of Australian 10 Year Bond Futures Short Futures Contracts Expiring December 2018 ................................ 1 0.00

Unrealised gain on open futures contracts ...................................................................... 7,700 0.23 Unrealised loss on open futures contracts ....................................................................... (12,573) (0.37) Net unrealised gain (loss) on open futures contracts ................................................. (4,873) (0.14)




Settlement Date


Amount Sold ‘000


Fund %

09/10/2018 ARS 16,000 USD 395 (7) 0.0005/10/2018 AUD 12 EUR 7 - 0.0005/10/2018 AUD 11 EUR 7 - 0.0005/10/2018 AUD 6 EUR 4 - 0.0005/10/2018 AUD 21 GBP 12 - 0.0005/10/2018 AUD 37 GBP 20 - 0.0005/10/2018 AUD 213 GBP 118 - 0.0005/10/2018 AUD 19,130 GBP 10,611 3 0.0005/10/2018 AUD 739 GBP 411 (1) 0.0002/10/2018 AUD 11,325 USD 8,181 13 0.0005/10/2018 AUD 17,576 USD 12,700 18 0.0005/10/2018 AUD 40 USD 29 - 0.0005/10/2018 AUD 5 USD 3 - 0.0005/10/2018 AUD 10 USD 7 - 0.0024/10/2018 AUD 10,648 USD 7,742 (36) 0.0015/11/2018 AUD 11,013 USD 8,049 (78) 0.0005/10/2018 CAD 1 EUR 1 - 0.0005/10/2018 CAD 1 EUR 1 - 0.0005/10/2018 CAD 88 GBP 52 - 0.0005/10/2018 CAD 115 GBP 68 1 0.0005/10/2018 CAD 45,885 GBP 27,080 183 0.0105/10/2018 CAD 639 GBP 377 3 0.0002/10/2018 CAD 20,920 USD 16,048 137 0.0005/10/2018 CAD 6,791 USD 5,224 31 0.0005/10/2018 CAD 6,791 USD 5,224 30 0.0005/10/2018 CAD 6,791 USD 5,224 30 0.0005/10/2018 CAD 6,791 USD 5,211 43 0.0005/10/2018 CAD 13,992 USD 10,765 61 0.0005/10/2018 CAD 11 USD 9 - 0.0024/10/2018 CAD 3,610 USD 2,765 30 0.0015/11/2018 CAD 10,432 USD 7,972 106 0.0015/11/2018 CAD 1,270 USD 976 7 0.0005/10/2018 CHF 14 GBP 11 - 0.0005/10/2018 CHF 20 GBP 16 - 0.0005/10/2018 CHF 7,522 GBP 5,962 (73) 0.0005/10/2018 CHF 108 GBP 86 (2) 0.0002/10/2018 CHF 4,796 USD 4,962 (52) 0.0005/10/2018 CHF 6,749 USD 6,994 (82) 0.0005/10/2018 CHF 2 USD 2 - 0.0024/10/2018 CHF 4,688 USD 4,785 24 0.0015/11/2018 CHF 6,389 USD 6,473 93 0.0028/01/2019 EGP 15,419 USD 825 8 0.0028/01/2019 EGP 24,574 USD 1,312 15 0.0005/10/2018 EUR 705 AUD 1,139 (5) 0.0005/10/2018 EUR 94 AUD 152 (1) 0.0005/10/2018 EUR 94 AUD 152 (1) 0.0005/10/2018 EUR 94 AUD 152 (1) 0.0005/10/2018 EUR 71 AUD 114 (1) 0.00




Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 EUR 71 AUD 114 (1) 0.0005/10/2018 EUR 1,780 CAD 2,701 (22) 0.0005/10/2018 EUR 235 CAD 357 (3) 0.0005/10/2018 EUR 235 CAD 357 (3) 0.0005/10/2018 EUR 235 CAD 357 (4) 0.0005/10/2018 EUR 176 CAD 268 (2) 0.0005/10/2018 EUR 176 CAD 268 (3) 0.0005/10/2018 EUR 393 CHF 443 3 0.0005/10/2018 EUR 52 CHF 58 - 0.0005/10/2018 EUR 52 CHF 58 - 0.0005/10/2018 EUR 52 CHF 58 - 0.0005/10/2018 EUR 39 CHF 44 - 0.0005/10/2018 EUR 39 CHF 44 - 0.0005/10/2018 EUR 507 GBP 456 (5) 0.0005/10/2018 EUR 792 GBP 711 (7) 0.0005/10/2018 EUR 793 GBP 711 (7) 0.0005/10/2018 EUR 793 GBP 711 (7) 0.0005/10/2018 EUR 792 GBP 711 (8) 0.0005/10/2018 EUR 49 GBP 44 - 0.0005/10/2018 EUR 258 GBP 231 (2) 0.0005/10/2018 EUR 424 GBP 381 (4) 0.0005/10/2018 EUR 424 GBP 381 (4) 0.0005/10/2018 EUR 424 GBP 381 (4) 0.0005/10/2018 EUR 2 GBP 2 - 0.0005/10/2018 EUR 265,610 GBP 237,506 (1,182) (0.04)05/10/2018 EUR 2,520 GBP 2,258 (18) 0.0005/10/2018 EUR 318 GBP 286 (3) 0.0005/10/2018 EUR 319 GBP 286 (3) 0.0005/10/2018 EUR 672 JPY 86,783 17 0.0005/10/2018 EUR 89 JPY 11,443 2 0.0005/10/2018 EUR 89 JPY 11,443 2 0.0005/10/2018 EUR 89 JPY 11,443 2 0.0005/10/2018 EUR - JPY 59 - 0.0005/10/2018 EUR - JPY 2 - 0.0005/10/2018 EUR 67 JPY 8,587 2 0.0005/10/2018 EUR 67 JPY 8,587 2 0.0002/10/2018 EUR 1,270 USD 1,473 2 0.0002/10/2018 EUR 48,436 USD 56,532 (273) (0.02)02/10/2018 EUR 8,102 USD 9,487 (77) 0.0002/10/2018 EUR 1,131 USD 1,315 (2) 0.0002/10/2018 EUR 3,371 USD 3,919 (3) 0.0002/10/2018 EUR 4,365 USD 5,080 (10) 0.0005/10/2018 EUR 9,751 USD 11,386 (58) 0.0005/10/2018 EUR 9,758 USD 11,386 (50) 0.0005/10/2018 EUR 9,754 USD 11,386 (54) 0.0005/10/2018 EUR 478 USD 557 (2) 0.0005/10/2018 EUR 9,754 USD 11,386 (55) 0.0005/10/2018 EUR 5,222 USD 6,093 (27) 0.0005/10/2018 EUR 5,220 USD 6,093 (29) 0.0005/10/2018 EUR 5,218 USD 6,093 (31) 0.00



Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 EUR 25,266 USD 29,466 (113) 0.0005/10/2018 EUR 39,137 USD 45,683 (215) (0.02)05/10/2018 EUR 39,137 USD 45,700 (232) (0.02)05/10/2018 EUR 39,137 USD 45,668 (199) (0.02)05/10/2018 EUR 39,137 USD 45,687 (219) (0.01)05/10/2018 EUR 65 USD 76 - 0.0005/10/2018 EUR 3,921 USD 4,577 (22) 0.0005/10/2018 EUR 3,919 USD 4,577 (23) 0.0023/10/2018 EUR 47,494 USD 55,720 (465) (0.01)24/10/2018 EUR 25,000 USD 29,149 (62) 0.0002/11/2018 EUR 3,240 USD 3,791 (19) 0.0015/11/2018 EUR 52,049 USD 60,065 598 0.0219/12/2018 EUR 3,961 USD 4,630 1 0.0019/12/2018 EUR 1,100 USD 1,284 2 0.0019/12/2018 EUR 3,961 USD 4,630 1 0.0019/12/2018 EUR 3,961 USD 4,628 3 0.0019/12/2018 EUR 3,961 USD 4,629 2 0.0019/12/2018 EUR 9,500 USD 11,102 5 0.0019/12/2018 EUR 9,500 USD 11,104 2 0.0019/12/2018 EUR 9,500 USD 11,105 2 0.0019/12/2018 EUR 9,500 USD 11,099 8 0.0019/12/2018 EUR 9,500 USD 11,100 7 0.0019/12/2018 EUR 4,100 USD 4,791 2 0.0019/12/2018 EUR 4,100 USD 4,793 1 0.0019/12/2018 EUR 4,100 USD 4,790 3 0.0019/12/2018 EUR 4,100 USD 4,790 3 0.0019/12/2018 EUR 4,100 USD 4,792 1 0.0019/12/2018 EUR 4,600 USD 5,407 (29) 0.0005/10/2018 GBP 518 AUD 933 1 0.0005/10/2018 GBP 3,832 AUD 6,899 6 0.0005/10/2018 GBP 4,389 AUD 7,915 (3) 0.0005/10/2018 GBP 11,036 AUD 19,869 17 0.0005/10/2018 GBP 1,293 CAD 2,186 (5) 0.0005/10/2018 GBP 9,553 CAD 16,153 (38) 0.0005/10/2018 GBP 11,172 CAD 18,984 (117) 0.0005/10/2018 GBP 27,514 CAD 46,524 (111) 0.0005/10/2018 GBP 285 CHF 358 5 0.0005/10/2018 GBP 2,476 CHF 3,112 43 0.0005/10/2018 GBP 2,110 CHF 2,649 39 0.0005/10/2018 GBP 6,078 CHF 7,630 113 0.0005/10/2018 GBP 63 EUR 70 - 0.0005/10/2018 GBP 2,826 EUR 3,146 30 0.0005/10/2018 GBP 2,827 EUR 3,146 32 0.0005/10/2018 GBP 2,824 EUR 3,146 27 0.0005/10/2018 GBP 2,824 EUR 3,146 27 0.0005/10/2018 GBP 98,406 EUR 109,890 675 0.0205/10/2018 GBP 20,900 EUR 23,274 219 0.0105/10/2018 GBP 20,912 EUR 23,274 235 0.0105/10/2018 GBP 20,887 EUR 23,274 202 0.0105/10/2018 GBP 20,886 EUR 23,274 201 0.01




Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 GBP 60,158 EUR 67,032 582 0.0205/10/2018 GBP 60,196 EUR 67,032 632 0.0205/10/2018 GBP 60,155 EUR 67,032 579 0.0205/10/2018 GBP 60,230 EUR 67,032 676 0.0205/10/2018 GBP 488 JPY 70,230 18 0.0005/10/2018 GBP 4,241 JPY 609,818 161 0.0005/10/2018 GBP 3,601 JPY 517,959 136 0.0005/10/2018 GBP 10,371 JPY 1,491,732 390 0.0102/10/2018 GBP 11,658 USD 15,358 (155) 0.0002/10/2018 GBP 2,636 USD 3,457 (19) 0.0005/10/2018 GBP 7,184 USD 9,330 40 0.0005/10/2018 GBP 7,172 USD 9,330 25 0.0005/10/2018 GBP 7,177 USD 9,330 31 0.0005/10/2018 GBP 7,170 USD 9,330 22 0.0005/10/2018 GBP 53,037 USD 69,010 162 0.0005/10/2018 GBP 249,223 USD 323,950 1,092 0.0305/10/2018 GBP 53,090 USD 69,010 232 0.0105/10/2018 GBP 53,139 USD 69,010 296 0.0105/10/2018 GBP 53,054 USD 69,010 184 0.0105/10/2018 GBP 10,986 USD 14,281 48 0.0005/10/2018 GBP 10,986 USD 14,295 34 0.0005/10/2018 GBP 10,986 USD 14,290 38 0.0005/10/2018 GBP 10,986 USD 14,267 61 0.0005/10/2018 GBP 12 USD 16 - 0.0005/10/2018 GBP 153,048 USD 198,757 851 0.0205/10/2018 GBP 152,800 USD 198,757 528 0.0205/10/2018 GBP 152,907 USD 198,757 668 0.0205/10/2018 GBP 152,754 USD 198,757 468 0.0123/10/2018 GBP 42,342 USD 55,786 (519) (0.02)24/10/2018 GBP 15,374 USD 19,818 250 0.0119/12/2018 GBP 300 USD 392 1 0.0019/12/2018 GBP 792 USD 1,036 1 0.0019/12/2018 GBP 792 USD 1,037 - 0.0019/12/2018 GBP 792 USD 1,036 1 0.0019/12/2018 GBP 1,960 USD 2,565 - 0.0019/12/2018 GBP 1,960 USD 2,563 2 0.0019/12/2018 GBP 1,960 USD 2,565 1 0.0019/12/2018 GBP 1,960 USD 2,564 1 0.0019/12/2018 GBP 850 USD 1,112 1 0.0019/12/2018 GBP 850 USD 1,112 - 0.0019/12/2018 GBP 850 USD 1,112 1 0.0019/12/2018 GBP 850 USD 1,112 - 0.0019/12/2018 GBP 650 USD 858 (7) 0.0019/12/2018 GBP 792 USD 1,037 - 0.0019/12/2018 GBP 1,960 USD 2,566 (1) 0.0019/12/2018 GBP 850 USD 1,113 - 0.0019/12/2018 IDR 28,040,112 USD 1,886 (23) 0.0019/12/2018 INR 134,379 USD 1,869 (33) 0.0005/10/2018 JPY 2,883 GBP 20 - 0.0005/10/2018 JPY 2,767 GBP 19 (1) 0.00



Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 JPY 1,473,960 GBP 10,159 (270) (0.01)05/10/2018 JPY 17,772 GBP 123 (4) 0.0002/10/2018 JPY 928,248 USD 8,389 (217) (0.01)05/10/2018 JPY 1,319,596 USD 11,935 (315) (0.01)05/10/2018 JPY 362 USD 3 - 0.0023/10/2018 JPY 6,201,752 USD 55,415 (732) (0.02)24/10/2018 JPY 870,649 USD 7,878 (200) (0.01)15/11/2018 JPY 908,543 USD 8,246 (221) (0.01)19/12/2018 JPY 27,000 USD 243 (4) 0.0019/12/2018 JPY 34,117 USD 309 (7) 0.0019/12/2018 JPY 34,117 USD 309 (7) 0.0019/12/2018 JPY 34,117 USD 309 (7) 0.0019/12/2018 JPY 34,117 USD 309 (7) 0.0019/12/2018 JPY 388,000 USD 3,516 (79) 0.0019/12/2018 JPY 168,000 USD 1,522 (34) 0.0019/12/2018 KRW 224,782 USD 201 2 0.0003/10/2018 MXN 24,937 USD 1,266 67 0.0026/10/2018 MXN 5,529 USD 284 11 0.0024/10/2018 NOK 2,371 USD 284 7 0.0015/11/2018 NOK 4,740 USD 569 14 0.0024/10/2018 NZD 1,160 USD 773 (4) 0.0015/11/2018 NZD 1,139 USD 751 5 0.0005/10/2018 PLN 448 USD 119 3 0.0011/10/2018 RUB 104,451 USD 1,510 83 0.0015/10/2018 RUB 30,069 USD 435 24 0.0015/11/2018 RUB 121,487 USD 1,893 (46) 0.0002/10/2018 SEK 3,140 USD 344 9 0.0024/10/2018 SEK 3,720 USD 411 8 0.0024/10/2018 SGD 220 USD 161 - 0.0019/10/2018 TRY 1,869 USD 285 22 0.0019/10/2018 TRY 19,994 USD 3,952 (662) (0.02)04/10/2018 SD 479 ARS 18,260 33 0.0011/10/2018 USD 619 ARS 24,179 34 0.0002/10/2018 USD 1,473 AUD 2,050 (10) 0.0005/10/2018 USD 1,370 AUD 1,895 (1) 0.0005/10/2018 USD 1,864 AUD 2,579 (3) 0.0005/10/2018 USD 311 AUD 430 - 0.0023/10/2018 USD 21,617 AUD 30,005 (96) 0.0024/10/2018 USD 795 AUD 1,100 (1) 0.0015/11/2018 USD 876 AUD 1,216 (4) 0.0002/10/2018 USD 1,617 CAD 2,090 - 0.0002/10/2018 USD 2,308 CAD 3,041 (45) 0.0005/10/2018 USD 2,719 CAD 3,543 (23) 0.0005/10/2018 USD 40 CAD 52 - 0.0005/10/2018 USD 1,158 CAD 1,510 (10) 0.0005/10/2018 USD 1,161 CAD 1,510 (7) 0.0005/10/2018 USD 1,161 CAD 1,510 (7) 0.0005/10/2018 USD 1,161 CAD 1,510 (7) 0.0005/10/2018 USD 776 CAD 1,008 (4) 0.0024/10/2018 USD 2,302 CAD 3,000 (20) 0.00




Settlement Date


Amount Sold ‘000


Fund %

15/11/2018 USD 1,691 CAD 2,222 (29) 0.0002/10/2018 USD 736 CHF 714 5 0.0005/10/2018 USD 604 CHF 583 7 0.0005/10/2018 USD 1,035 CHF 999 12 0.0005/10/2018 USD 172 CHF 166 2 0.0023/10/2018 USD 34,210 CHF 32,795 573 0.0224/10/2018 USD 602 CHF 580 7 0.0015/11/2018 USD 786 CHF 758 7 0.0002/10/2018 USD 17,636 EUR 15,044 162 0.0002/10/2018 USD 7,040 EUR 6,051 11 0.0002/10/2018 USD 21,771 EUR 18,706 44 0.0005/10/2018 USD 12 EUR 10 - 0.0005/10/2018 USD 12,942 EUR 11,097 49 0.0005/10/2018 USD 69,869 EUR 59,835 354 0.0105/10/2018 USD 69,843 EUR 59,835 328 0.0205/10/2018 USD 69,849 EUR 59,835 335 0.0205/10/2018 USD 69,819 EUR 59,835 305 0.0205/10/2018 USD 10,162 EUR 8,705 49 0.0005/10/2018 USD 10,157 EUR 8,705 44 0.0005/10/2018 USD 10,164 EUR 8,705 52 0.0005/10/2018 USD 10,161 EUR 8,705 48 0.0005/10/2018 USD 506 EUR 434 2 0.0005/10/2018 USD 6,812 EUR 5,834 33 0.0005/10/2018 USD 29 EUR 25 - 0.0024/10/2018 USD 9,344 EUR 8,000 36 0.0024/10/2018 USD 9,344 EUR 8,000 36 0.0024/10/2018 USD 18,756 EUR 16,131 (13) 0.0015/11/2018 USD 20,965 EUR 17,942 54 0.0015/11/2018 USD 3,676 EUR 3,111 50 0.0019/12/2018 USD 3,668 EUR 3,100 44 0.0019/12/2018 USD 1,417 EUR 1,200 14 0.0019/12/2018 USD 353 EUR 300 2 0.0019/12/2018 USD 118 EUR 100 1 0.0019/12/2018 USD 118 EUR 100 1 0.0002/10/2018 USD 1,522 GBP 1,181 (18) 0.0002/10/2018 USD 13,502 GBP 10,477 (160) 0.0002/10/2018 USD 26,156 GBP 20,150 (121) 0.0002/10/2018 USD 4,483 GBP 3,454 (21) 0.0005/10/2018 USD 1,510 GBP 1,155 4 0.0005/10/2018 USD 10 GBP 8 - 0.0005/10/2018 USD 2,357 GBP 1,811 (5) 0.0005/10/2018 USD 4,835 GBP 3,715 (11) 0.0005/10/2018 USD 2,097 GBP 1,613 (7) 0.0005/10/2018 USD 2,098 GBP 1,613 (6) 0.0005/10/2018 USD 2,099 GBP 1,613 (5) 0.0005/10/2018 USD 2,095 GBP 1,613 (9) 0.0005/10/2018 USD 79 GBP 61 - 0.0005/10/2018 USD 1,403 GBP 1,078 (4) 0.0005/10/2018 USD 783,003 GBP 601,749 (1,810) (0.06)05/10/2018 USD 12,024 GBP 9,240 (27) 0.00



Settlement Date


Amount Sold ‘000


Fund %

24/10/2018 USD 4,532 GBP 3,480 (10) 0.0002/11/2018 USD 15,379 GBP 11,658 156 0.0019/12/2018 USD 659 GBP 500 4 0.0019/12/2018 USD 264 GBP 200 2 0.0019/12/2018 USD 131 GBP 100 - 0.0023/10/2018 USD 33,872 ILS 121,035 532 0.0302/10/2018 USD 1,358 JPY 151,173 26 0.0005/10/2018 USD 1,007 JPY 111,361 26 0.0005/10/2018 USD 1,769 JPY 195,631 47 0.0005/10/2018 USD 293 JPY 32,379 8 0.0024/10/2018 USD 878 JPY 97,000 23 0.0015/11/2018 USD 883 JPY 97,600 21 0.0019/12/2018 USD 89 JPY 10,000 1 0.0019/12/2018 USD 90 JPY 10,000 2 0.0019/12/2018 USD 1,900 KRW 2,122,245 (16) 0.0014/11/2018 USD 822 MXN 15,844 (19) 0.0014/11/2018 USD 997 MXN 19,206 (22) 0.0023/10/2018 USD 56,028 NOK 456,218 (43) 0.0023/10/2018 USD 21,653 NZD 32,865 (137) 0.0017/12/2018 USD 5,280 PEN 17,597 (37) 0.0015/10/2018 USD 444 RUB 30,069 (13) 0.0023/10/2018 USD 21,757 SEK 193,255 (10) 0.0019/12/2018 USD 2,998 SGD 4,088 1 0.0019/10/2018 USD 2,260 TRY 10,774 488 0.0219/10/2018 USD 1,714 TRY 10,784 (62) 0.0019/12/2018 USD 1,892 TWD 57,847 (13) 0.0024/10/2018 USD 350 ZAR 5,170 (14) 0.0002/11/2018 USD 98 ZAR 1,531 (7) 0.0024/10/2018 ZAR 5,170 USD 360 4 0.00

Unrealised gain on open forward foreign currency exchange contracts ........................ 15,928 0.46Unrealised loss on open forward foreign currency exchange contracts ......................... (10,636) (0.31)Net unrealised gain (loss) on open forward foreign currency exchange contracts . 5,292 0.15 Currency Options Written (0.00%)

Notional Amount


Fund %

United States (0.00%) (3,896)

Call at 20.30 USD MXN

Expiring October 2018 .................................................................. (2) 0.00 (537)

Put at 3.80 USD BRL

Expiring October 2018 .................................................................. (8) 0.00 (10) 0.00 France (0.00%)

(540)

Put at 3.80 USD BRL Expiring October 2018 .................................................................. (7) 0.00

Total currency options written at fair value (Premium received USD (100,602)) .... (17) 0.00




Swaptions Purchased (0.04%)

Notional Amount


Fund %

United States (0.04%) 3,800

Put at 3.28 on 30 Year IRO

Expiring January 2019 .................................................................. 52 0.00 30,500

Call at 3.11 on 2 Year IRO

Expiring September 2019 .............................................................. 116 0.01 30,500





Put at 102.50 on 30 Year CDX

Expiring October 2018 .................................................................. 8 0.00 2,900



Call at 2.94 on Swaption USD

Expiring February 2020 ................................................................ 64 0.00 42,300


Expiring November 2018 .............................................................. - 0.00 2,100


Expiring December 2019 .............................................................. 155 0.01 900


Expiring March 2019 .................................................................... 31 0.00 2,000


Expiring October 2019 .................................................................. 62 0.00 900




Expiring September 2019 .............................................................. 55 0.00 900


Expiring December 2019 .............................................................. 67 0.00 900






Expiring January 2019 .................................................................. 1 0.00 900




Expiring December 2018 .............................................................. - 0.00 Swaptions purchased at net fair value (Premium paid USD 1,622,764) ..................... 1,214 0.04

Swaptions Written ((0.05)%)

Notional Amount


Fund %

United States ((0.05)%) (3,300)

Put at 0.80 on 5 Year CDX

Expiring November 2018 .............................................................. (1) 0.00 (2,800)


Expiring October 2018 .................................................................. (3) 0.00 (2,800)


Expiring October 2018 .................................................................. (3) 0.00



Notional Amount


Fund %

(2,700)

Put at 3.09 on 5 Year IRO Expiring October 2018 .................................................................. (3) 0.00

(2,700)

Call at 2.88 on 5 Year IRO Expiring October 2018 .................................................................. - 0.00

(2,600)


(2,800)

Call at 2.97 on 5 Year IRO Expiring October 2018 .................................................................. (2) 0.00

(2,800)


(2,800)


(3,100)

Put at 0.80 on 5 Year CDX Expiring December 2018 .............................................................. (2) 0.00

(2,600)


(3,200)


(3,200)


(2,800)


(3,400)

Put at 3.00 on 5 Year IRO Expiring September 2018 .............................................................. (8) 0.00

(3,400)

Call at 2.79 on 5 Year IRO Expiring September 2018 .............................................................. - 0.00

(3,400)


(3,500)

Put at 0.95 on 30 Year ITRAXX Expiring December 2018 .............................................................. (3) 0.00

(3,400)

Put at 0.95 on 29 Year ITRAXX Expiring October 2018 .................................................................. - 0.00

(3,400)


(3,400)


(3,800)


(4,700)


(4,700)


(3,500)


(6,500)

Put at 0.70 on 5 Year CDX Expiring October 2018 .................................................................. (1) 0.00

(7,600)


(7,600)

Call 2.83 on 5 Year IRO Expiring September 2018 .............................................................. - 0.00

(7,500)


(22,800)

Put at 0.80 on 5 Year CDX Expiring October 2018 .................................................................. (1) 0.00

(2,200)

Call at 2.17 on 10 Year IRO Expiring December 2018 .............................................................. - 0.00




Notional Amount


Fund %

(3,000)

Call at 2.18 on 10 Year IRO Expiring November 2018 .............................................................. - 0.00

(3,900)


(2,400)

Call at 2.55 on 10 Year IRO Expiring January 2019 .................................................................. (2) 0.00

(3,000)


(3,000)


(5,600)


(4,000)

Put at 2.75 on 5 Year IRO Expiring December 2019 .............................................................. (98) 0.00

(4,000)


(6,500)


(3,800)


(8,600)

Put at 3.04 on 5 Year IRO Expiring October 2019 .................................................................. (128) (0.01)

(3,900)

Put at 2.97 on 5 Year IRO Expiring March 2019 .................................................................... (46) 0.00

(9,200)

Put at 2.75 on 5 Year IRO Expiring December 2019 .............................................................. (226) (0.01)

(1,600)

Call at 3.09 on Swaption USD Expiring February 2020 ................................................................ (80) 0.00

(12,800)

Put at 2.75 on 5 Year IRO Expiring December 2019 .............................................................. (314) (0.01)

(6,700)

Call at 3.05 on 10 Year IRO Expiring September 2019 .............................................................. (113) 0.00

(6,700)

Call at 3.10 on 10 Year IRO Expiring September 2019 .............................................................. (125) (0.01)

(6,700)

Call at 3.10 on 10 Year IRO Expiring September 2019 .............................................................. (124) (0.01)

(17,300)

Put at 3.20 on 5 Year IRO Expiring January 2019 .................................................................. (77) 0.00

Total swaptions written at fair value (Premium received USD (1,629,569)) ............. (1,797) (0.05) Interest Rate Swaps ((0.01)%)

Ccy Notional


Fund Receives

Termination Date


Fund %

CAD 600 2.73% CAD 3 month

CDOR 31/01/2048 14 0.00

EUR 34,040 EUR 6 month

MEURIBI 0.79% 15/08/2027 (451) (0.01)


MLIBORI 1.05% 01/02/2028 113 0.00


MLIBORI 1.33% 05/03/2028 224 0.01


MEURIB2 0.86% 24/07/2028 (43) 0.00



Ccy Notional


Fund Receives

Termination Date


Fund %


MEURIBS 1.00% 20/03/2029 (347) (0.01)

GBP 4,000 1.43% GBP 6 month

MLIBORI 17/05/2023 (15) 0.00

GBP 6,365 1.34% GBP 6 month

MLIBORI 11/06/2023 15 0.00

GBP 600 1.50% GBP 6 month

LIBOR 20/03/2029 16 0.00


LIBOR 20/03/2049 3 0.00


LIBOR 21/09/2066 (19) 0.00

JPY 344,000 1.00% JPY 6 month

LIBOR 20/09/2024 (119) (0.01)

JPY 491,700 0.30% JPY 6 month

LIBOR 20/03/2028 15 0.00

JPY 400,000 0.45% JPY 6 month

LIBOR 20/03/2029 (18) 0.00

JPY 60,000 0.41% JPY 6 month

LIBOR 25/03/2029 (1) 0.00

JPY 115,000 1.25% JPY 6 month

LIBOR 17/06/2035 (102) 0.00

MXN 32,000

MXN 1 month Mexico Interbank

TIIE 7.88% 27/12/2022 (1) 0.00

MXN 68,100


TIIE 6.30% 26/04/2024 (277) (0.01)

MXN 40,500


TIIE 6.15% 07/06/2024 (185) (0.01)

MXN 15,800


TIIE 7.67% 05/03/2025 (14) 0.00

USD 200 USD 1 month

MCPI 1.27% 30/09/2020 7 0.00

USD 2,100 USD 1 month

MCPI 1.30% 30/09/2020 73 0.00

USD 7,790 2.11% USD 3 month

MLIBORI 07/02/2023 312 0.01

USD 29,447 2.97% USD 3 month

MLIBORI 27/04/2023 (106) 0.00


MLIBORI 08/05/2023 33 0.00

USD 14,250 3.00% USD 3 month

MLIBORI 17/09/2023 51 0.00


LIBOR 3.00% 19/09/2023 (78) 0.00

USD 28,000 3.09% USD 6 month

MLIBORI 25/09/2023 (9) 0.00


LIBOR 3.00% 26/09/2023 (15) 0.00


LIBOR 2.96% 26/09/2023 (23) 0.00


MLIBORI 07/02/2025 222 0.01




Ccy Notional


Fund Receives

Termination Date


Fund %


MLIBORI 07/02/2028 178 0.00


MLIBORI 07/02/2028 317 0.01 Interest rate swaps at positive fair value ......................................................................... 1,593 0.04 Interest rate swaps at negative fair value ........................................................................ (1,823) (0.05) Total interest rate swaps at fair value ......................................................................... (230) (0.01) Credit Default Swaps (0.29%)

Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (1,391) Baker Hughes a GE

Co LLC 1.00% # 20/12/2019 (16) 0.00

USD (208) Baker Hughes a GE

Co LLC 1.00% # 20/12/2019 (2) 0.00

USD (660) Baker Hughes a GE

Co LLC 1.00% # 20/12/2019 (8) 0.00

USD 1,563 Noble Holding

International Ltd # 1.00% 20/03/2020 1 0.00

USD 200 Noble Holding

International Ltd # 1.00% 20/03/2020 - 0.00

USD 400 Noble Holding

International Ltd # 1.00% 20/03/2020 - 0.00

USD (4,760) Interval Acquisition

Corp 1.00% # 20/06/2020 (12) 0.00USD (500) Universal Corp 1.00% # 20/06/2020 (7) 0.00USD (1,030) Universal Corp 1.00% # 20/06/2020 (15) 0.00

USD (4,210) Air Products & Chemicals Inc 1.00% # 20/12/2020 (83) 0.00

USD (4,110) Clorox Co 1.00% # 20/12/2020 (69) 0.00USD (2,600) Hasbro Inc 1.00% # 20/12/2020 (34) 0.00USD (1,392) Mattel Inc 1.00% # 20/12/2020 (5) 0.00

USD (2,442) RPM International

Inc 1.00% # 20/12/2020 (39) 0.00

USD (4,110) Republic Services

Inc 1.00% # 20/12/2020 (78) 0.00USD (4,110) VF Corp 1.00% # 20/12/2020 (68) 0.00EUR (91) Stora Enso Oyj 5.00% # 20/12/2020 (12) 0.00EUR (500) Stora Enso Oyj 5.00% # 20/12/2020 (63) 0.00EUR (323) Stora Enso Oyj 5.00% # 20/12/2020 (41) 0.00EUR (150) Stora Enso Oyj 5.00% # 20/12/2020 (19) 0.00

USD (3,214) Ingersoll-Rand

Company 1.00% # 20/06/2023 (103) 0.00USD (2,571) Target Corporation # 1.00% 20/06/2023 (47) 0.00USD (829) Target Corporation # 1.00% 20/06/2023 (15) 0.00EUR 569 LafargeHolcim Ltd 1.00% # 20/12/2023 4 0.00EUR 1,424 LafargeHolcim Ltd 1.00% # 20/12/2023 10 0.00EUR (2,013) Pearson Plc 1.00% # 20/12/2023 (57) 0.00EUR 597 LafargeHolcim Ltd 1.00% # 20/12/2023 4 0.00 EUR 284 LafargeHolcim Ltd 1.00% # 20/12/2023 2 0.00 EUR (1,187) Pearson Plc 1.00% # 20/12/2023 (34) 0.00EUR 2,072 LafargeHolcim Ltd 1.00% # 20/12/2023 14 0.00



Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (3,636) Arrow Electronics

Inc 1.00% # 20/12/2023 (47) 0.00USD (1,919) Avnet Inc 1.00% # 20/12/2023 (16) 0.00USD (960) Target Corporation 1.00% # 20/12/2023 (27) 0.00USD (3,340) Target Corporation 1.00% # 20/12/2023 (94) 0.00EUR 450 ArcelorMittal # 1.00% 20/06/2023 91 0.00EUR 1,545 ArcelorMittal # 1.00% 20/12/2023 327 0.01USD 3,280 Ford Motor Co # 1.00% 20/12/2023 59 0.00EUR 5,985 Enel SpA # 1.00% 20/12/2023 26 0.00

USD 6,900 Target Corporation # 1.00% 20/12/2023 40 0.00

EUR (17,000) iTraxx Europe Sub

Financials S30 1.00% # 20/12/2023 (202) (0.01) USD (20,000) CDX.NA.HY.30 5.00% # 20/06/2023 (1,575) (0.05)

USD (1,200) CDX.NA.IG.27

MARKIT 1.00% # 20/12/2021 (25) 0.00EUR (16,800) CDX.NA.IG 1.00% # 20/12/2022 (431) (0.01)

USD 3,610 American Airlines

Group Inc # 1.00% 20/06/2020 266 0.01USD 9,795 CDX.NA.IG 1.00% # 20/06/2023 198 0.01EUR 2,864 ArcelorMittal # 1.00% 20/06/2023 578 0.02EUR 9,517 iTraxx Europe # 1.00% 20/12/2023 189 0.01

USD 6,750 International Paper

Co # 1.00% 20/06/2023 134 0.00

USD 7,770 International Paper

Co # 1.00% 20/06/2023 154 0.00EUR 3,800 CDX.NA.IG 1.00% # 20/06/2019 24 0.00

EUR 17,000 iTRAXX Europe

Crossover S30 # 1.00% 20/12/2023 338 0.01USD 93,000 CDX.NA.IG # 1.00% 20/12/2023 7,817 0.24EUR 32,000 iTraxx Europe # 1.00% 20/12/2023 2,681 0.08USD (1,500) Petroleos Mexicanos # 1.00% 20/09/2020 (2) 0.00USD (1,600) Petroleos Mexicanos # 1.00% 20/09/2020 (2) 0.00

USD 100 CMBX.NA.AAA Indices MARKIT

# 1.00% 17/09/2058 1 0.00

USD (100) CMBX.NA.BBB- Indices MARKIT # 3.00% 11/05/2063 (12) 0.00

USD 100 CMBX.NA.AAA Indices MARKIT # 1.00% 17/09/2058 1 0.00

USD (1,100) CMBX.NA.BBB- IndicesMARKIT # 3.00% 17/01/2047 (60) 0.00

USD (600) CMBX.NA.BB

Indices MARKIT # 1.00% 11/05/2063 (122) (0.01)

USD 393 CMBX.NA.AAAMA

RKIT # 1.00% 11/05/2063 4 0.00

USD 3,200

Republic of Italy Government

International Bond # 1.00% 20/06/2021 - 0.00

USD 200 CMBX.NA.AAA Indices MARKIT # 1.00% 17/09/2058 2 0.00

USD 500 BHP Billiton Finance

USA Ltd # 1.00% 20/06/2021 10 0.00

USD 1,500 Prudential Financial

Inc # 1.00% 20/06/2021 28 0.00




Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (600) CMBX.NA.BBB- IndicesMARKIT # 3.00% 17/09/2058 (35) 0.00

USD 500 MetLife Inc # 1.00% 20/06/2021 9 0.00USD 300 Hess Corp # 1.00% 20/06/2021 6 0.00

EUR 2,200 iTraxx Europe Senior

Financials # 1.00% 20/12/2021 52 0.00

USD 1,200 Anadarko Petroleum

Corp # 1.00% 20/12/2020 22 0.00

USD 600 Prudential Financial

Inc # 1.00% 20/12/2020 10 0.00

USD 1,000 Sprint

Communications Inc # 5.00% 20/09/2020 84 0.00USD 100 Ford Motor Co # 5.00% 20/12/2021 13 0.00USD 500 Viacom Inc # 1.00% 20/06/2021 9 0.00USD 100 Enbridge Inc # 1.00% 20/12/2021 2 0.00

EUR 2,100 Marks & Spencer

PLC # 1.00% 20/06/2021 20 0.00

USD 1,100 Exelon Generation

Co LLC # 1.00% 20/12/2021 21 0.00USD 100 Ford Motor Co # 5.00% 20/12/2023 15 0.00USD 200 CMBX.NA.AAA.10 # 0.50% 17/11/2059 1 0.00

USD 200 Simon Property

Group LP # 1.00% 20/06/2022 5 0.00USD 2,000 MetLife Inc # 1.00% 20/06/2022 40 0.00

USD (100)

Brazilian Government

International Bond # 1.00% 20/06/2022 (4) 0.00USD 100 CMBX.NA.AAA.10 # 0.50% 17/11/2059 - 0.00USD 100 CMBX.NA.AAA.10 # 1.00% 17/11/2059 - 0.00

USD (400)

Argentine Republic Government

International Bond # 1.00% 20/06/2022 (1) 0.00

USD 100 Springleaf Finance

Corp # 1.00% 20/06/2022 12 0.00USD 100 CMBX.NA.AAA.10 # 1.00% 17/11/2059 - 0.00

USD (900)

Republic of Italy Government

International Bond # 1.00% 20/06/2022 (29) 0.00USD 1,100 Enbridge Inc # 1.00% 20/06/2022 21 0.00

USD 100 Springleaf Finance

Corp # 5.00% 20/06/2022 12 0.00

USD (1,164) Citigroup Global

Markets Ltd # 1.00% 20/12/2022 (25) 0.00

USD 100 Ford Motor Credit

Co LLC # 5.00% 20/12/2022 15 0.00USD 2,600 MetLife Inc # 1.00% 20/12/2022 52 0.00

USD 1,900 Berkshire Hathaway

Inc # 1.00% 20/12/2022 41 0.00USD 1,600 DISH DBS Corp # 1.00% 20/12/2022 63 0.00

USD 3,900 Berkshire Hathaway

Inc # 1.00% 20/12/2022 84 0.00USD 1,700 Enbridge Inc # 1.00% 20/12/2022 30 0.00EUR 600 Daimler AG # 1.00% 20/12/2020 10 0.00USD (5,400) CDX.EM.29 # 1.00% 20/06/2023 (177) (0.02)



Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (800)



EUR 1,700 Schaeffler Finance

BV # 1.00% 20/06/2023 368 0.02

USD 1,600 Mexico Government International Bond # 1.00% 20/06/2023 - 0.00

USD (100)

Indonesia Government

International Bond # 1.00% 20/06/2023 (1) 0.00USD 900 Ford Motor Co # 1.00% 20/06/2023 136 0.00USD (300) Petroleos Mexicanos # 1.00% 20/06/2023 (15) 0.00

EUR 500 Vodafone Group

PLC # 1.00% 20/06/2023 8 0.00EUR (1,810) Intesa Sanpaolo SpA # 1.00% 20/06/2023 (196) (0.02) EUR 600 Deutsche Bank AG # 1.00% 20/06/2019 3 0.00

USD (600)



EUR 400

British Telecommunications

PLC # 1.00% 20/06/2023 7 0.00USD (100) Petroleos Mexicanos # 1.00% 20/06/2023 (5) 0.00

USD (100) Mexico Government International Bond # 1.00% 20/12/2023 (1) 0.00

USD (100) Mexico Government International Bond

# 1.00% 20/12/2023 (1) 0.00

Credit default swaps at positive fair value ...................................................................... 14,174 0.41 Credit default swaps at negative fair value ..................................................................... (4,013) (0.12) Credit default swaps at fair value ............................................................................... 10,161 0.29 Total Financial Derivative Instruments ...................................................................... 9,750 0.28


Fund %

Total Financial Assets at Fair Value through Profit or Loss (97.65%) ........................................................................ 3,350,917 97.65

Total Financial Liabilities at Fair Value through Profit or Loss ((0.90)%) ........................................................................ (30,859) (0.90)

Net Financial Assets at Fair Value Through Profit or Loss (96.75%) ........................................................................ 3,320,058 96.75

Other Net Assets (3.25%) ..................................................... 111,542 3.25 Net Assets ............................................................................... 3,431,600 100.00

* Perpetual bonds. ** Partly held as collateral by the counterparties in connection with collateral purposes for over the counter financial derivative instruments held by the Fund. *** U.S. Treasury Notes (USD 216,000 par value) are pledged as collateral in respect of the financial derivative instruments. # In the event of bankruptcy or, the fund will pay/receive the notional amount to/from the counterparty.





gross assets Transferable securities and money market instruments admitted to an official stock exchange listing ..... 67.28 Transferable securities dealt in on another regulated market ..................................................................... 14.67 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) ............................ 5.00 Certificates of deposit ................................................................................................................................ 0.97 Commercial paper ...................................................................................................................................... 1.26 Investment funds (UCITS) ......................................................................................................................... 3.43 Exchange traded financial derivative instruments ..................................................................................... 0.25 Over the counter financial derivative instruments ..................................................................................... 0.89 Other assets ................................................................................................................................................ 6.25

100.00 The brokers for the open futures contracts are:

Bank of America Merrill Lynch Goldman Sachs Credit Suisse JP Morgan


Bank of America Merrill Lynch Morgan Stanley Bank of Montreal Natwest Barclays Bank Nomura BNP Paribas Royal Bank Of Canada Brown Brothers Harriman Societe Generale Citibank Standard Chartered Bank Commonwealth Bank of Australia State Street Bank And Trust Company Credit Suisse Toronto Bank Goldman Sachs UBS HSBC Westpac JP Morgan

The counterparties for the currency options written are:

BNP Paribas Citibank The counterparties for the swaptions purchased are:

Bank of America Merrill Lynch Goldman Sachs BNP Paribas JP Morgan Citibank Morgan Stanley Deutsche Bank


Bank of America Merrill Lynch Deutsche Bank Barclays Bank First Union National Bank BNP Paribas Goldman Sachs Citibank JP Morgan Credit Suisse Morgan Stanley



The counterparties for the interest rate swaps are:

Bank of America Merrill Lynch HSBC BNP Paribas JP Morgan Credit Suisse

The counterparties for the credit default swaps are:

Bank of America Merrill Lynch Deutsche Bank Barclays Bank Goldman Sachs BNP Paribas HSBC Citibank JP Morgan Citigroup Morgan Stanley Credit Suisse UBS AG

Fair Value Hierarchy (Note 11) The following tables analyse within the fair value hierarchy the Fund’s financial assets and liabilities (by investment type) measured at fair value at 30 September 2018 and 31 March 2018.

As at 30 September 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. - 3,102,439 5,700 3,108,139 Certificates of Deposit .................................................. - 34,504 - 34,504 Commercial Paper ........................................................ - 44,935 - 44,935 Investment funds ........................................................... - 122,730 - 122,730

Unrealised gain on open futures contracts ........................ 7,700 - - 7,700 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 15,928 - 15,928 Swaptions purchased at fair value .................................... - 1,214 - 1,214 Interest rate swaps at fair value ........................................ - 1,593 - 1,593 Credit default swaps at fair value ..................................... - 14,174 - 14,174


Unrealised loss on open futures contracts ........................ (12,573) - - (12,573) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (10,636) - (10,636) Currency options written at fair value .............................. - (17) - (17) Swaptions written at fair value ......................................... - (1,797) - (1,797) Interest rate swaps at fair value ........................................ - (1,823) - (1,823) Credit default swaps at fair value ..................................... - (4,013) - (4,013)





As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 4 3,644,234 10,498 3,654,736 Certificates of Deposit .................................................. - 53,148 - 53,148 Commercial Paper ........................................................ - 83,212 - 83,212 Money market instruments ........................................... - 589 - 589 Investment funds ........................................................... - 86,013 - 86,013

Unrealised gain on open futures contracts ........................ 13,153 - - 13,153 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 35,740 - 35,740 Swaptions purchased at fair value .................................... - 1,013 - 1,013 Interest rate swaps at fair value ........................................ - 2,486 - 2,486 Credit default swaps at fair value ..................................... - 13,703 - 13,703


Unrealised loss on open futures contracts ........................ (22,509) - - (22,509) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (12,676) - (12,676) Currency options written at fair value .............................. - (10) - (10) Swaptions written at fair value ......................................... - (1,402) - (1,402) Interest rate swaps at fair value ........................................ - (2,128) - (2,128) Credit default swaps at fair value ..................................... - (5,703) - (5,703)


Russell Investment Company plc Russell Investments Global Credit Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 152 Russell Investments Global Credit Fund





U.S. Treasury Note U.S. Treasury Note 2.875% 15/08/28 233,893 2.875% 15/08/28 (212,143)

Russell Investment Company III plc Russell Investment Company III plc Russell Investments Euro Liquidity Fund Russell Investments Euro Liquidity Fund Class R Roll-Up Shares 200,016 Class R Roll-Up Shares (193,101)

U.S. Treasury Notes U.S. Treasury Notes 2.875% 15/05/28 142,081 2.875% 15/05/28 (136,591) 3.125% 15/05/48 81,069 2.750% 15/02/28 (94,081) 3.000% 15/02/48 67,261 3.125% 15/05/48 (70,765) 2.750% 15/02/28 55,905 3.000% 15/02/48 (65,605) 2.750% 15/11/47 53,781 2.750% 15/11/47 (64,565)

Fannie Mae Pool 1.875% 31/03/22 (43,291) 3.500% 15/10/46 41,549 Fannie Mae Pool

U.S. Treasury Bill 3.500% 15/10/46 (41,465) Zero Coupon 20/09/18 39,966 U.S. Treasury Bill

U.S. Treasury Note Zero Coupon 20/09/18 (39,969) 1.875% 31/03/22 38,869 Fannie Mae Pool

Fannie Mae Pool 3.500% 15/07/48 (37,645) 3.500% 15/07/48 37,454 3.500% 15/04/46 (30,356) 3.500% 15/04/46 23,549 3.500% 15/06/48 (27,503) 3.500% 15/06/48 23,403 3.500% 15/05/46 (23,403) 3.500% 15/08/48 21,094 U.S. Treasury Strip Principal 3.500% 15/09/46 21,054 Zero Coupon 15/05/44 (23,043) 3.500% 13/11/48 20,728 Fannie Mae Pool

European Investment Bank 3.500% 15/08/48 (21,078) 0.375% 16/07/25 19,331 3.500% 15/09/46 (21,052)

Bank of America Corp 3.500% 13/11/48 (18,035) 1.379% 07/02/25 19,037 CVS Health Corp

JPMorgan Chase & Co 3.700% 09/03/23 (15,034) 3.797% 23/07/24 18,725

Russell Investment Company plc Russell Investments Global High Yield Fund Balance Sheet As at 30 September 2018


Russell Investments Global High Yield Fund 153



Assets Financial assets at fair value through profit or loss ...................................................... 509,442 585,165 Cash at bank (Note 2) ................................................................................................... 5,579 2,841 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ......................................................................................................................... 6,751 8,556 Debtors:

Receivable for investments sold ................................................................................ 1,463 2,570 Receivable on fund shares issued ............................................................................... 9 61 Dividends receivable .................................................................................................. 11 6 Interest receivable ...................................................................................................... 7,677 8,688

530,932 607,887 Liabilities Financial liabilities at fair value through profit or loss ................................................. (5,833) (10,077) Creditors – amounts falling due within one financial year:

Cash due to brokers and counterparties for open financial derivative instruments (Note 2) ...................................................................................................................... (5,103) (4,501) Payable for investments purchased ............................................................................ (6,623) (5,041) Payable on fund shares redeemed .............................................................................. (114) (128) Distributions payable on income share classes .......................................................... (743) (701) Management fees payable .......................................................................................... (415) (498) Depositary fees payable ............................................................................................. (42) (11) Sub-custodian fees payable ........................................................................................ (11) (18) Administration fees payable ...................................................................................... (25) (19) Audit fees payable ..................................................................................................... (10) (22) Other fees payable ..................................................................................................... (6) (5)

(18,925) (21,021) Net assets attributable to redeemable participating shareholders ......................... 512,007 586,866

Russell Investment Company plc Russell Investments Global High Yield Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 154 Russell Investments Global High Yield Fund





Income Dividends .................................................................................................................... 15 - Interest income ............................................................................................................ 16,016 18,668

16,031 18,668

Net gain (loss) on investment activities ......................................................................... (14,998) (15,871) Total investment income (expense) ............................................................................ 1,033 2,797 Expenses

Management fees (Note 4) .......................................................................................... (2,726) (3,374) Depositary fees (Note 5) ............................................................................................. (73) (38) Sub-custodian fees (Note 5) ........................................................................................ (12) (73) Administration and transfer agency fees (Note 5) ...................................................... (110) (127) Audit fees .................................................................................................................... (10) (13) Professional fees ......................................................................................................... (1) (10) Other fees .................................................................................................................... (26) (17)

Total operating expenses ............................................................................................. (2,958) (3,652) Net income (expense) ................................................................................................... (1,925) (855) Finance costs

Distributions (Note 7) .................................................................................................. (13,820) (13,483) Profit (loss) for the financial period before taxation ................................................ (15,745) (14,338) Taxation

Withholding tax (Note 8) ............................................................................................ (18) (18) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ..................................................................... (15,763) (14,356) All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments Global High Yield Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... (15,763) (14,356) Share transactions

Reinvestment of deemed distributions on accumulation shares (Note 7) .................. 11,577 11,814 Net decrease in net assets attributable to redeemable participating shareholders resulting from share transactions (Note 9) ................................................................. (70,673) 48,819

Total net decrease in net assets attributable to redeemable participating shareholders ................................................................................................................ (74,859) 46,277 Net assets attributable to redeemable participating shareholders

Beginning of financial period .................................................................................... 586,866 633,827 End of financial period ............................................................................................... 512,007 680,104

Russell Investment Company plc Russell Investments Global High Yield Fund Schedule of Investments 30 September 2018


Principal Amount


Fund %



655,000 2.772% due 17/05/21 ....... 565 0.11 BHP Billiton Finance Ltd

GBP 2,351,000 6.500% due 22/10/77 ....... 2,974 0.58 3,539 0.69 Austria (0.67%)

BAWAG Group AG EUR 600,000 5.000%* ........................... 576 0.11 JBS Investments GmbH USD 494,000 7.250% due 03/04/24 ....... 434 0.08

Raiffeisenlandesbank Niederoesterreich-Wien AG

EUR 500,000 5.875% due 27/11/23 ....... 576 0.11 Sappi Papier Holding GmbH USD 750,000 7.500% due 15/06/32 ....... 655 0.13 Suzano Austria GmbH

1,425,000 5.750% due 14/07/26 ....... 1,241 0.24 3,482 0.67 Bermuda (0.73%)

Aircastle Ltd 1,719,000 4.125% due 01/05/24 ....... 1,457 0.28 Kosmos Energy Ltd 1,281,000 7.875% due 01/08/21 ....... 1,126 0.22

Weatherford International Ltd

750,000 5.875% due 01/07/21 ....... 610 0.12 400,000 8.250% due 15/06/23 ....... 327 0.06 385,000 5.950% due 15/04/42 ....... 240 0.05 3,760 0.73 Brazil (0.17%)

BRF SA EUR 425,000 2.750% due 03/06/22 ....... 418 0.08 Votorantim Cimentos SA

465,000 3.500% due 13/07/22 ....... 476 0.09 894 0.17 Canada (3.62%)

Baffinland Iron Mines Corp / Baffinland Iron Mines LP

USD 1,560,000 8.750% due 15/07/26 ....... 1,353 0.26 Bausch Health Cos Inc 1,053,000 5.875% due 15/05/23 ....... 887 0.17 125,000 7.000% due 15/03/24 ....... 114 0.02 940,000 6.125% due 15/04/25 ....... 771 0.15 Bombardier Inc 250,000 7.750% due 15/03/20 ....... 226 0.04 300,000 8.750% due 01/12/21 ....... 286 0.06

Principal Amount


Fund %

Enbridge Inc 2,483,000 5.500% due 15/07/77 ...... 1,987 0.39 First Quantum Minerals Ltd 500,000 7.250% due 15/05/22 ...... 423 0.08 628,000 6.500% due 01/03/24 ...... 497 0.10 237,000 7.500% due 01/04/25 ...... 194 0.04 784,000 6.875% due 01/03/26 ...... 616 0.12

goeasy Ltd 225,000 7.875% due 01/11/22 ...... 202 0.04

Jupiter Resources Inc 1,876,000 8.500% due 01/10/22 ...... 775 0.15 Kinross Gold Corp 645,000 4.500% due 15/07/27 ...... 498 0.10 940,000 6.875% due 01/09/41 ...... 830 0.16

Masonite International Corp 300,000 5.750% due 15/09/26 ...... 260 0.05 MEG Energy Corp 860,000 6.375% due 30/01/23 ...... 677 0.13 2,640,000 7.000% due 31/03/24 ...... 2,085 0.41

National Bank of Canada 300,000 2.936% due 17/01/20 ...... 260 0.05

New Gold Inc 988,000 6.250% due 15/11/22 ...... 746 0.15

New Red Finance Inc 250,000 4.250% due 15/05/24 ...... 204 0.04

Northwest Acquisitions ULC / Dominion Finco Inc

2,524,000 7.125% due 01/11/22 ...... 2,227 0.43 Open Text Corp

325,000 5.875% due 01/06/26 ...... 289 0.06 Postmedia Network Inc CAD 1 8.250% due 15/07/21 ...... - 0.00 Royal Bank of Canada USD 250,000 2.701% due 02/03/20 ...... 216 0.04

Teck Resources Ltd 67,000 4.500% due 15/01/21 ...... 58 0.01 150,000 6.125% due 01/10/35 ...... 137 0.03 373,000 6.250% due 15/07/41 ...... 339 0.07

Titan Acquisition Ltd / Titan Co-Borrower LLC

1,600,000 7.750% due 15/04/26 ...... 1,198 0.23 Toronto-Dominion Bank

250,000 2.700% due 01/05/20 ...... 213 0.04 18,568 3.62 Cayman Islands (2.33%)

China Evergrande Group 800,000 7.500% due 28/06/23 ...... 633 0.12

Country Garden Holdings Co Ltd

600,000 7.500% due 09/03/20 ...... 528 0.10 200,000 7.125% due 27/01/22 ...... 174 0.03

Russell Investment Company plc Russell Investments Global High Yield Fund Schedule of Investments - continued 30 September 2018



Principal Amount


Fund %

Health & Happiness H&H International Holdings Ltd

500,000 7.250% due 21/06/21 ....... 446 0.09 Melco Resorts Finance Ltd

600,000 4.875% due 06/06/25 ....... 490 0.10

Noble Holding International Ltd

162,000 7.950% due 01/04/25 ....... 137 0.03 125,000 7.875% due 01/02/26 ....... 112 0.02 310,000 8.950% due 01/04/45 ....... 260 0.05

Park Aerospace Holdings Ltd

175,000 3.625% due 15/03/21 ....... 147 0.03 350,000 5.250% due 15/08/22 ....... 305 0.06 375,000 4.500% due 15/03/23 ....... 316 0.06 200,000 5.500% due 15/02/24 ....... 177 0.03 Phoenix Group Holdings

GBP 530,000 4.125% due 20/07/22 ....... 601 0.12 USD 410,000 5.375% due 06/07/27 ....... 326 0.06 GBP 354,000 5.750%* ........................... 351 0.07 Sands China Ltd USD 200,000 4.600% due 08/08/23 ....... 173 0.03 Transocean Guardian Ltd

150,000 5.875% due 15/01/24 ....... 131 0.03 Transocean Inc 500,000 9.000% due 15/07/23 ....... 469 0.09 225,000 7.500% due 15/04/31 ....... 185 0.04 1,181,000 6.800% due 15/03/38 ....... 885 0.17 118,000 9.350% due 15/12/41 ....... 103 0.02

Transocean Proteus Ltd 8,500 6.250% due 01/12/24 ....... 7 0.00

UPCB Finance IV Ltd 200,000 5.375% due 15/01/25 ....... 172 0.03

UPCB Finance VII Ltd EUR 1,365,000 3.625% due 15/06/29 ....... 1,362 0.27 Vale Overseas Ltd USD 3,218,000 6.250% due 10/08/26 ....... 3,043 0.59 Wynn Macau Ltd

300,000 4.875% due 01/10/24 ....... 244 0.05 250,000 5.500% due 01/10/27 ....... 203 0.04 11,980 2.33 Curacao (0.12%)


750,000 2.950% due 18/12/22 ....... 600 0.12 Denmark (0.74%)

Danske Bank A/S 525,000 2.831% due 02/03/20 ....... 451 0.09

DKT Finance ApS 450,000 9.375% due 17/06/23 ....... 409 0.08

Principal Amount


Fund %

Norican A/S EUR 1,000,000 4.500% due 15/05/23 ...... 966 0.19 TDC A/S GBP 850,000 5.625% due 23/02/23 ...... 1,055 0.21 Welltec A/S USD 950,000 9.500% due 01/12/22 ...... 853 0.17

3,734 0.74 Finland (0.68%)

Nokia OYJ 435,000 6.625% due 15/05/39 ...... 405 0.08

Nordea Bank ABP 300,000 2.787% due 29/05/20 ...... 259 0.05 1,050,000 2.688%* .......................... 782 0.15

Stora Enso OYJ 710,000 7.250% due 15/04/36 ...... 731 0.14

Teollisuuden Voima OYJ EUR 615,000 2.500% due 17/03/21 ...... 640 0.12

720,000 2.125% due 04/02/25 ...... 718 0.14 3,535 0.68 France (2.44%)

BPCE SA 715,000 12.500%* ........................ 803 0.16

Caisse Nationale de Reassurance Mutuelle Agricole Groupama

800,000 6.375%* .......................... 908 0.18

Casino Guichard Perrachon SA

500,000 5.244% due 09/03/20 ...... 508 0.10 300,000 4.498% due 07/03/24 ...... 287 0.06 900,000 4.048% due 05/08/26 ...... 834 0.16

CMA CGM SA 550,000 7.750% due 15/01/21 ...... 560 0.11 300,000 6.500% due 15/07/22 ...... 299 0.06

Crown European Holdings SA

1,163,000 2.875% due 01/02/26 ...... 1,147 0.22 Electricite de France SA GBP 700,000 6.000%* .......................... 806 0.16

La Financiere Atalian SASU EUR 100,000 5.125% due 15/05/25 ...... 99 0.02 GBP 600,000 6.625% due 15/05/25 ...... 663 0.13 Newco GB SAS EUR 100,000 8.000% due 15/12/22 ...... 104 0.02

Orano SA 300,000 3.125% due 20/03/23 ...... 296 0.06 1,250,000 4.875% due 23/09/24 ...... 1,287 0.25

PSA Tresorerie GIE 520,000 6.000% due 19/09/33 ...... 677 0.13 Societe Generale SA

USD 650,000 9.375%* .......................... 704 0.14 275,000 7.375%* .......................... 237 0.05



Principal Amount


Fund %

Solvay Finance SA EUR 1,295,000 4.199%* ........................... 1,326 0.26

400,000 5.425%* ........................... 454 0.09 Vallourec SA

500,000 2.250% due 30/09/24 ....... 419 0.08 12,418 2.44 Germany (1.70%)

Bilfinger SE 480,000 2.375% due 07/12/19 ....... 491 0.10

Blitz F18-674 GmbH 550,000 6.000% due 30/07/26 ....... 557 0.11

CTC BondCo GmbH 650,000 5.250% due 15/12/25 ....... 648 0.13 Deutsche Bank AG 1,000,000 2.750% due 17/02/25 ....... 1,007 0.20 100,000 4.500% due 19/05/26 ....... 108 0.02

USD 517,000 4.296% due 24/05/28 ....... 411 0.08 HT1 Funding GmbH EUR 504,000 1.819%* ........................... 473 0.09

IHO Verwaltungs GmbH USD 200,000 4.500% due 15/09/23 ....... 167 0.03 EUR 400,000 3.750% due 15/09/26 ....... 414 0.08 USD 500,000 4.750% due 15/09/26 ....... 407 0.08 K&S AG EUR 700,000 3.000% due 20/06/22 ....... 730 0.14 Metro AG

230,000 1.375% due 28/10/21 ....... 236 0.05 600,000 1.500% due 19/03/25 ....... 581 0.11

Nidda BondCo GmbH 175,000 5.000% due 30/09/25 ....... 174 0.03

Norddeutsche Landesbank Girozentrale

300,000 6.000% due 29/06/20 ....... 309 0.06 Nordex SE

200,000 6.500% due 01/02/23 ....... 195 0.04 Platin 1426 GmbH

150,000 5.375% due 15/06/23 ....... 149 0.03 RWE AG

500,000 2.750% due 21/04/75 ....... 512 0.10 Safari Verwaltungs GmbH

200,000 5.375% due 30/11/22 ....... 205 0.04 Tele Columbus AG

200,000 3.875% due 02/05/25 ....... 183 0.04

Wittur International Holding GmbH

700,000 8.500% due 15/02/23 ....... 726 0.14 8,683 1.70 Guernsey, Channel Islands (0.09%)

Summit Germany Ltd 500,000 2.000% due 31/01/25 ....... 479 0.09

Principal Amount


Fund %

Ireland (1.39%)

Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc

GBP 1,525,000 4.750% due 15/07/27 ...... 1,679 0.33 Bank of Ireland EUR 677,000 7.375%* .......................... 734 0.14

Credit Bank of Moscow via CBOM Finance Plc

USD 230,000 8.875%* .......................... 159 0.03

Endo Dac / Endo Finance LLC / Endo Finco Inc

708,000 6.000% due 01/02/25 ...... 528 0.10 James Hardie Industries Plc EUR 350,000 3.625% due 01/10/26 ...... 355 0.07

MMC Norilsk Nickel OJSC via MMC Finance DAC

USD 1,993,000 3.849% due 08/04/22 ...... 1,645 0.32

Rosneft Oil Co via Rosneft International Finance DAC

1,376,000 4.199% due 06/03/22 ...... 1,158 0.23

Smurfit Kappa Acquisitions ULC

EUR 500,000 2.875% due 15/01/26 ...... 517 0.10

Virgin Media Receivables Financing Notes II DAC

GBP 300,000 5.750% due 15/04/23 ...... 346 0.07 7,121 1.39 Italy (2.46%) Banco BPM SpA

EUR 505,000 6.000% due 05/11/20 ...... 532 0.10 460,000 7.125% due 01/03/21 ...... 492 0.10

Cooperativa Muratori & Cementisti-CMC di Ravenna SC

175,000 6.000% due 15/02/23 ...... 96 0.02 Iccrea Banca SpA

300,000 1.875% due 25/11/19 ...... 301 0.06 Intesa Sanpaolo SpA 500,000 5.150% due 16/07/20 ...... 531 0.10 380,000 6.625% due 13/09/23 ...... 441 0.09

USD 2,799,000 5.017% due 26/06/24 ...... 2,177 0.43 EUR 165,000 3.928% due 15/09/26 ...... 165 0.03 Intesa Sanpaolo Vita SpA

500,000 4.750%* .......................... 503 0.10 Leonardo SpA 1,305,000 5.250% due 21/01/22 ...... 1,474 0.29 225,000 1.500% due 07/06/24 ...... 216 0.04

Mediobanca Banca di Credito Finanziario SpA

250,000 5.750% due 18/04/23 ...... 276 0.05 Nexi Capital SpA

450,000 4.125% due 01/11/23 ...... 454 0.09




Principal Amount


Fund %

Telecom Italia SpA 250,000 5.250% due 10/02/22 ....... 281 0.05

GBP 350,000 5.875% due 19/05/23 ....... 429 0.08 EUR 750,000 3.625% due 25/05/26 ....... 784 0.15

400,000 5.250% due 17/03/55 ....... 406 0.08 UniCredit SpA 1,235,000 6.950% due 31/10/22 ....... 1,423 0.28 525,000 5.750% due 28/10/25 ....... 557 0.11 Wind Tre SpA 917,000 2.625% due 20/01/23 ....... 863 0.17 200,000 3.125% due 20/01/25 ....... 183 0.04 12,584 2.46 Japan (0.04%)

SoftBank Group Corp 200,000 3.125% due 19/09/25 ....... 191 0.04 Jersey, Channel Islands (0.72%)

AA Bond Co Ltd GBP 775,000 5.500% due 31/07/22 ....... 802 0.16 Galaxy Bidco Ltd

400,000 5.302% due 15/11/20 ....... 445 0.09 Galaxy Finco Ltd

1,150,000 7.875% due 15/11/21 ....... 1,269 0.25

HBOS Sterling Finance Jersey LP

50,000 7.881% due 29/12/49 ....... 81 0.02 Lincoln Finance Ltd EUR 250,000 6.875% due 15/04/21 ....... 259 0.05 TVL Finance Plc GBP 640,000 8.500% due 15/05/23 ....... 768 0.15

3,624 0.72 Luxembourg (3.51%)

Allergan Funding SCS USD 1,210,000 4.550% due 15/03/35 ....... 1,016 0.20

Altice Financing SA 800,000 6.625% due 15/02/23 ....... 696 0.14 332,000 7.500% due 15/05/26 ....... 279 0.05

Altice Luxembourg SA EUR 750,000 7.250% due 15/05/22 ....... 750 0.15

Cabot Financial Luxembourg SA

GBP 550,000 7.500% due 01/10/23 ....... 606 0.12

Consolidated Energy Finance SA

USD 1,140,000 6.875% due 15/06/25 ....... 1,023 0.20 Garfunkelux Holdco 2 SA GBP 850,000 11.000% due 01/11/23 ..... 945 0.18 Garfunkelux Holdco 3 SA

600,000 8.500% due 01/11/22 ....... 651 0.13

Garrett LX I Sarl / Garrett Borrowing LLC

EUR 200,000 5.125% due 15/10/26 ....... 197 0.04

Principal Amount


Fund %


GBP 645,000 4.250% due 06/04/24 ...... 723 0.14 USD 885,000 4.950% due 06/02/28 ...... 732 0.14 Intelsat Connect Finance SA

250,000 9.500% due 15/02/23 ...... 214 0.04

Intelsat Jackson Holdings SA

1,593,000 8.500% due 15/10/24 ...... 1,388 0.27 81,000 9.750% due 15/07/25 ...... 74 0.01

Kleopatra Holdings 1 SCA EUR 200,000 8.500% due 30/06/23 ...... 141 0.03 LSF9 Balta Issuer SARL

324,000 7.750% due 15/09/22 ...... 333 0.07

Mallinckrodt International Finance SA / Mallinckrodt CB LLC

USD 119,000 5.750% due 01/08/22 ...... 95 0.02 128,000 5.625% due 15/10/23 ...... 98 0.02 209,000 5.500% due 15/04/25 ...... 152 0.03

Matterhorn Telecom SA EUR 482,000 4.000% due 15/11/27 ...... 459 0.09

Millicom International Cellular SA

USD 1,274,000 5.125% due 15/01/28 ...... 1,013 0.20

Mitsubishi UFJ Investor Services & Banking Luxembourg SA

EUR 200,000 4.181% due 15/12/50 ...... 119 0.02 Monitchem HoldCo 2 SA

925,000 6.875% due 15/06/22 ...... 839 0.16


USD 875,000 5.500% due 26/02/24 ...... 753 0.15


1,298,000 5.900% due 17/10/22 ...... 1,147 0.22

SIG Combibloc Holdings SCA

EUR 500,000 7.750% due 15/02/23 ...... 520 0.10 Swissport Financing Sarl

300,000 9.750% due 15/12/22 ...... 327 0.06 Takko Luxembourg 2 SCA

100,000 5.375% due 15/11/23 ...... 83 0.02 Telecom Italia Capital SA

USD 597,000 6.375% due 15/11/33 ...... 506 0.10 242,000 7.200% due 18/07/36 ...... 217 0.04

Telecom Italia Finance SA EUR 355,000 7.750% due 24/01/33 ...... 490 0.10

Telenet Finance Luxembourg Notes Sarl

1,400,000 3.500% due 01/03/28 ...... 1,387 0.27 17,973 3.51



Principal Amount


Fund %

Malta (0.07%)

VistaJet Malta Finance Plc / VistaJet Co Finance LLC

USD 419,000 7.750% due 01/06/20 ....... 366 0.07 Mexico (0.41%)

Cemex SAB de CV EUR 646,000 2.750% due 05/12/24 ....... 644 0.13 Petroleos Mexicanos

1,358,000 4.875% due 21/02/28 ....... 1,427 0.28 2,071 0.41 Netherlands (4.17%)

Alcoa Nederland Holding BV

USD 700,000 6.125% due 15/05/28 ....... 621 0.12 Alpha 2 BV

350,000 8.750% due 01/06/23 ....... 307 0.06

Bharti Airtel International Netherlands BV

650,000 5.350% due 20/05/24 ....... 554 0.11 CBR Fashion Finance BV EUR 400,000 5.125% due 01/10/22 ....... 339 0.07 Cooperatieve Rabobank UA USD 500,000 2.765% due 26/04/21 ....... 432 0.08 Diamond BC BV EUR 650,000 5.625% due 15/08/25 ....... 609 0.12


USD 225,000 4.250% due 14/09/23 ....... 192 0.04

Energizer Gamma Acquisition BV

EUR 250,000 4.625% due 15/07/26 ....... 260 0.05 Ferrovial Netherlands BV

216,000 2.124%* ........................... 199 0.04

LBC Tank Terminals Holding Netherlands BV

USD 520,000 6.875% due 15/05/23 ....... 447 0.09 LKQ European Holdings BV EUR 672,000 3.625% due 01/04/26 ....... 684 0.13 Maxeda DIY Holding BV

300,000 6.125% due 15/07/22 ....... 290 0.06


USD 1,912,000 4.625% due 15/06/22 ....... 1,665 0.33 575,000 3.875% due 01/09/22 ....... 491 0.10

OCI NV 275,000 6.625% due 15/04/23 ....... 246 0.05

OI European Group BV 325,000 4.000% due 15/03/23 ....... 267 0.05


61,000 6.125% due 17/01/22 ....... 54 0.01 EUR 2,090,000 4.750% due 14/01/25 ....... 2,161 0.42 USD 750,000 5.299% due 27/01/25 ....... 605 0.12

Principal Amount


Fund %

670,000 7.375% due 17/01/27 ...... 585 0.11 GBP 200,000 5.375% due 01/10/29 ...... 206 0.04

505,000 6.625% due 16/01/34 ...... 554 0.11 Schoeller Allibert Group BV EUR 150,000 8.000% due 01/10/21 ...... 156 0.03 Sensata Technologies BV USD 300,000 5.000% due 01/10/25 ...... 259 0.05

Sigma Holdco BV EUR 300,000 5.750% due 15/05/26 ...... 284 0.06 USD 1,640,000 7.875% due 15/05/26 ...... 1,331 0.26 SRLEV NV EUR 390,000 9.000% due 15/04/41 ...... 460 0.09

Starfruit Finco BV / Starfruit US Holdco LLC

200,000 6.500% due 01/10/26 ...... 203 0.04 Sunshine Mid BV 650,000 6.500% due 15/05/26 ...... 637 0.12

Teva Pharmaceutical Finance Netherlands II BV

400,000 0.375% due 25/07/20 ...... 394 0.08 600,000 1.125% due 15/10/24 ...... 536 0.10 910,000 1.625% due 15/10/28 ...... 737 0.14

United Group BV 175,000 4.375% due 01/07/22 ...... 181 0.04 VEON Holdings BV

USD 796,000 3.950% due 16/06/21 ...... 667 0.13 700,000 5.950% due 13/02/23 ...... 610 0.12 132,000 5.950% due 13/02/23 ...... 115 0.02 600,000 4.950% due 16/06/24 ...... 496 0.10

VTR Finance BV 702,000 6.875% due 15/01/24 ...... 617 0.12 Ziggo BV

EUR 1,534,000 4.250% due 15/01/27 ...... 1,535 0.30 USD 350,000 5.500% due 15/01/27 ...... 283 0.06

21,269 4.17 Norway (0.05%)

Aker BP ASA 300,000 5.875% due 31/03/25 ...... 268 0.05 Spain (0.18%)

Banco de Sabadell SA EUR 350,000 6.250% due 26/04/20 ...... 382 0.07 Bankia SA

600,000 6.000%* .......................... 609 0.11 991 0.18 Sweden (0.58%)

Radisson Hotel Holdings AB 500,000 6.875% due 15/07/23 ...... 544 0.11

Telefonaktiebolaget LM Ericsson

720,000 1.875% due 01/03/24 ...... 715 0.14




Principal Amount


Fund %

Unilabs Subholding AB 350,000 5.750% due 15/05/25 ....... 343 0.07

Verisure Midholding AB 1,350,000 5.750% due 01/12/23 ....... 1,373 0.26 2,975 0.58 Switzerland (0.16%)

Credit Suisse AG USD 650,000 6.500% due 08/08/23 ....... 599 0.11 UBS AG

250,000 7.625% due 17/08/22 ....... 240 0.05 839 0.16 Turkey (0.24%)

Akbank Turk AS 448,000 7.200% due 16/03/27 ....... 323 0.06

Turk Telekomunikasyon AS 1,212,000 4.875% due 19/06/24 ....... 917 0.18 1,240 0.24 United Kingdom (6.44%)

Algeco Global Finance Plc EUR 250,000 6.500% due 15/02/23 ....... 265 0.05

Arqiva Broadcast Finance Plc

GBP 525,000 6.750% due 30/09/23 ....... 605 0.12 Arrow Global Finance Plc

750,000 5.125% due 15/09/24 ....... 784 0.15

Avanti Communications Group Plc

USD 956,320 9.000% due 01/10/22 ....... 585 0.11 Barclays Bank Plc 1,200,000 7.625% due 21/11/22 ....... 1,122 0.22

EUR 450,000 4.750%* ........................... 445 0.09 GBP 370,000 7.125%* ........................... 447 0.09 USD 2,330,000 6.278%* ........................... 2,056 0.40 Boparan Finance Plc GBP 1,200,000 5.500% due 15/07/21 ....... 1,233 0.24

Co-operative Group Holdings Ltd

535,000 6.875% due 08/07/20 ....... 643 0.13 400,000 7.500% due 08/07/26 ....... 532 0.10

Daily Mail & General Trust Plc

200,000 6.375% due 21/06/27 ....... 257 0.05 EI Group Plc GBP 520,000 6.875% due 15/02/21 ....... 636 0.12

300,000 6.875% due 09/05/25 ....... 371 0.07 Ensco Plc

USD 137,000 4.500% due 01/10/24 ....... 102 0.02 225,000 7.750% due 01/02/26 ....... 193 0.04 525,000 5.750% due 01/10/44 ....... 340 0.07

Heathrow Finance Plc GBP 300,000 3.875% due 01/03/27 ....... 321 0.06

Principal Amount


Fund %

House of Fraser Funding Plc 200,000 6.550% due 15/09/20 ...... 42 0.01

HSBC Holdings Plc 325,000 5.875%* .......................... 366 0.07

IDH Finance Plc 300,000 6.250% due 15/08/22 ...... 315 0.06

INEOS Finance Plc EUR 250,000 2.125% due 15/11/25 ...... 244 0.05

International Game Technology Plc

600,000 4.750% due 05/03/20 ...... 639 0.12 250,000 4.750% due 15/02/23 ...... 270 0.05 150,000 3.500% due 15/07/24 ...... 152 0.03

USD 200,000 6.500% due 15/02/25 ...... 180 0.04 Iron Mountain UK Plc GBP 200,000 3.875% due 15/11/25 ...... 214 0.04

Jaguar Land Rover Automotive Plc

USD 500,000 3.500% due 15/03/20 ...... 427 0.08 GBP 750,000 3.875% due 01/03/23 ...... 805 0.16 EUR 350,000 4.500% due 15/01/26 ...... 342 0.07 Jerrold Finco Plc GBP 400,000 6.125% due 15/01/24 ...... 453 0.09 Jewel UK Bondco Plc

200,000 8.500% due 15/04/23 ...... 226 0.04

KCA Deutag UK Finance Plc

USD 627,000 9.875% due 01/04/22 ...... 540 0.11 200,000 9.625% due 01/04/23 ...... 170 0.03


950,000 2.634% due 13/03/20 ...... 818 0.16 Lloyds Bank Plc GBP 450,000 13.000%* ........................ 860 0.17 MARB BondCo Plc USD 650,000 6.875% due 19/01/25 ...... 522 0.10

Miller Homes Group Holdings Plc

GBP 350,000 6.003% due 15/10/23 ...... 397 0.08

National Westminster Bank Plc

USD 400,000 2.813%* .......................... 282 0.06 730,000 2.625%* .......................... 515 0.10

Ocado Group Plc GBP 400,000 4.000% due 15/06/24 ...... 452 0.09

Perform Group Financing Plc

550,000 8.500% due 15/11/20 ...... 630 0.12 Prudential Plc USD 946,000 7.750%* .......................... 833 0.16 RAC Bond Co Plc GBP 600,000 5.000% due 06/11/22 ...... 638 0.12



Principal Amount


Fund %


USD 330,000 2.926% due 24/06/22 ....... 284 0.06


750,000 6.125% due 15/12/22 ....... 676 0.13 300,000 5.125% due 28/05/24 ....... 259 0.05

EUR 1,170,000 5.500%* ........................... 1,184 0.23 USD 436,000 7.648%* ........................... 472 0.09 Standard Chartered Plc

200,000 7.014%* ........................... 179 0.03

Synlab Unsecured Bondco Plc

EUR 880,000 8.250% due 01/07/23 ....... 940 0.18

Tesco Corporate Treasury Services Plc

100,000 2.500% due 01/07/24 ....... 106 0.02 Tesco Plc

GBP 860,000 5.500% due 13/12/19 ....... 1,011 0.20 USD 325,000 6.150% due 15/11/37 ....... 293 0.06 Tesco Property Finance 4 Plc GBP 97,978 5.801% due 13/10/40 ....... 127 0.02 Travelex Financing Plc EUR 650,000 8.000% due 15/05/22 ....... 637 0.12 Tullow Oil Plc USD 720,000 6.250% due 15/04/22 ....... 621 0.12 U.K. Gilt GBP 290,000 1.500% due 22/07/47 ....... 296 0.06

Virgin Media Secured Finance Plc

300,000 5.500% due 15/01/21 ....... 366 0.07 367,000 6.000% due 15/01/25 ....... 466 0.09 1,680,000 5.000% due 15/04/27 ....... 1,885 0.37 300,000 6.250% due 28/03/29 ....... 354 0.07

Viridian Group Finance Co Plc

550,000 4.750% due 15/09/24 ....... 601 0.13 33,026 6.44 United States (44.26%)

24 Hour Fitness Worldwide Inc

USD 400,000 8.000% due 01/06/22 ....... 344 0.07

Acrisure LLC / Acrisure Finance Inc

662,000 7.000% due 15/11/25 ....... 533 0.10 ADT Security Corp

1,922,000 4.875% due 15/07/32 ....... 1,336 0.26 AECOM

250,000 5.125% due 15/03/27 ....... 211 0.04

Air Medical Group Holdings Inc

200,000 6.375% due 15/05/23 ....... 155 0.03

Aircraft Certificate Owner Trust

23,485 7.001% due 20/09/22 ....... 21 0.00

Principal Amount


Fund %

Aleris International Inc 250,000 10.750% due 15/07/23 .... 229 0.04

Allegheny Technologies Inc 365,000 5.950% due 15/01/21 ...... 321 0.06

Alliance Data Systems Corp 680,000 5.375% due 01/08/22 ...... 592 0.12

Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer

3,200,000 8.250% due 01/08/23 ...... 2,858 0.56 Allison Transmission Inc

250,000 4.750% due 01/10/27 ...... 204 0.04 Ally Financial Inc 400,000 5.750% due 20/11/25 ...... 357 0.07 243,000 8.000% due 01/11/31 ...... 254 0.05

Altice US Finance I Corp 1,500,000 5.500% due 15/05/26 ...... 1,293 0.25

AMC Entertainment Holdings Inc

GBP 850,000 6.375% due 15/11/24 ...... 974 0.19 AMC Networks Inc USD 175,000 4.750% due 01/08/25 ...... 144 0.03


760,000 2.670% due 17/10/22 ...... 652 0.13 American Woodmark Corp

275,000 4.875% due 15/03/26 ...... 227 0.04

Antero Midstream Partners LP / Antero Midstream Finance Corp

75,000 5.375% due 15/09/24 ...... 65 0.01 Antero Resources Corp 350,000 5.125% due 01/12/22 ...... 307 0.06 586,000 5.625% due 01/06/23 ...... 518 0.10 1,294,000 5.000% due 01/03/25 ...... 1,127 0.22

Apex Tool Group LLC / BC Mountain Finance Inc

3,132,000 9.000% due 15/02/23 ...... 2,629 0.51 Apple Inc

409,000 2.591% due 07/02/20 ...... 353 0.07 Appvion Inc

1,840,000 9.000% due 01/06/20 ...... - 0.00 Arconic Inc 588,000 5.400% due 15/04/21 ...... 523 0.10 500,000 5.125% due 01/10/24 ...... 435 0.08 160,000 6.750% due 15/01/28 ...... 143 0.03 150,000 5.950% due 01/02/37 ...... 129 0.03

Associated Materials LLC / AMH New Finance Inc

180,000 9.000% due 01/01/24 ...... 162 0.03 AssuredPartners Inc

2,930,000 7.000% due 15/08/25 ...... 2,504 0.49 AT&T Inc

300,000 2.989% due 15/01/20 ...... 259 0.05




Principal Amount


Fund %

Avanos Medical Inc 1,046,000 6.250% due 15/10/22 ....... 924 0.18 Avantor Inc

EUR 375,000 4.750% due 01/10/24 ....... 390 0.08 USD 3,827,000 9.000% due 01/10/25 ....... 3,410 0.67

Avon International Operations Inc

150,000 7.875% due 15/08/22 ....... 134 0.03 Avon Products Inc

300,000 7.000% due 15/03/23 ....... 238 0.05 BCD Acquisition Inc

1,610,000 9.625% due 15/09/23 ....... 1,485 0.29 Beacon Roofing Supply Inc

425,000 4.875% due 01/11/25 ....... 338 0.07

Big River Steel LLC / BRS Finance Corp

820,000 7.250% due 01/09/25 ....... 747 0.15

Blue Racer Midstream LLC / Blue Racer Finance Corp

125,000 6.125% due 15/11/22 ....... 111 0.02 300,000 6.625% due 15/07/26 ....... 264 0.05

BMW US Capital LLC 500,000 2.747% due 12/04/21 ....... 432 0.08

Brinker International Inc 120,000 3.875% due 15/05/23 ....... 98 0.02

BWAY Holding Co EUR 300,000 4.750% due 15/04/24 ....... 308 0.06 Callon Petroleum Co USD 350,000 6.125% due 01/10/24 ....... 308 0.06 Calpine Corp

1,900,000 5.750% due 15/01/25 ....... 1,454 0.28 100,000 5.250% due 01/06/26 ....... 80 0.02

Calumet Specialty Products Partners LP / Calumet Finance Corp

450,000 7.625% due 15/01/22 ....... 390 0.08


800,000 1.340% due 15/04/22 ....... 682 0.13 Carlson Travel Inc

1,007,000 9.500% due 15/12/24 ....... 839 0.16


250,000 2.611% due 04/09/20 ....... 216 0.04 455,000 1.931% due 01/10/21 ....... 377 0.07

CBL & Associates LP 225,000 5.250% due 01/12/23 ....... 166 0.03

CBS Radio Inc 100,000 7.250% due 01/11/24 ....... 83 0.02

CCO Holdings LLC / CCO Holdings Capital Corp

200,000 4.000% due 01/03/23 ....... 165 0.03 250,000 5.875% due 01/04/24 ....... 219 0.04 50,000 5.750% due 15/02/26 ....... 43 0.01

Principal Amount


Fund %

1,577,000 5.500% due 01/05/26 ...... 1,346 0.26 300,000 5.125% due 01/05/27 ...... 245 0.05 553,000 5.000% due 01/02/28 ...... 449 0.09

CDK Global Inc 99,000 3.800% due 15/10/19 ...... 85 0.02 220,000 5.000% due 15/10/24 ...... 194 0.04

Centennial Resource Production LLC

350,000 5.375% due 15/01/26 ...... 300 0.06 Central Garden & Pet Co

300,000 5.125% due 01/02/28 ...... 246 0.05 Century Aluminum Co

2,190,000 7.500% due 01/06/21 ...... 1,914 0.37 CenturyLink Inc 250,000 5.800% due 15/03/22 ...... 220 0.04

USD 1,530,000 6.875% due 15/01/28 ...... 1,271 0.25 422,000 7.600% due 15/09/39 ...... 326 0.06

Cequel Communications Holdings I LLC / Cequel Capital Corp

367,000 7.500% due 01/04/28 ...... 333 0.07 CF Industries Inc 417,000 3.450% due 01/06/23 ...... 347 0.07 150,000 5.150% due 15/03/34 ...... 123 0.02 276,000 4.950% due 01/06/43 ...... 211 0.04


3,033,000 4.908% due 23/07/25 ...... 2,655 0.52 Chemours Co EUR 275,000 4.000% due 15/05/26 ...... 276 0.05

Cheniere Corpus Christi Holdings LLC

USD 325,000 7.000% due 30/06/24 ...... 307 0.06 Cheniere Energy Partners LP

700,000 5.625% due 01/10/26 ...... 608 0.12 Chesapeake Energy Corp 230,000 8.000% due 15/12/22 ...... 207 0.04 52,000 8.000% due 15/06/27 ...... 46 0.01

Chevron Corp 326,000 2.851% due 03/03/22 ...... 284 0.06

Chobani LLC / Chobani Finance Corp Inc

500,000 7.500% due 15/04/25 ...... 393 0.08

CHS / Community Health Systems Inc

850,000 5.125% due 01/08/21 ...... 715 0.14 300,000 6.250% due 31/03/23 ...... 246 0.04

Cisco Systems Inc 700,000 2.450% due 15/06/20 ...... 598 0.12 CIT Group Inc 750,000 5.000% due 15/08/22 ...... 660 0.13 2,301,000 5.000% due 01/08/23 ...... 2,026 0.40 301,000 5.800%* .......................... 256 0.05



Principal Amount


Fund %

Citgo Holding Inc 1,357,000 10.750% due 15/02/20 ..... 1,244 0.24


1,100,000 1.860% due 07/08/22 ....... 928 0.18

Clear Channel Worldwide Holdings Inc

997,000 7.625% due 15/03/20 ....... 864 0.17 Clearwater Paper Corp

250,000 5.375% due 01/02/25 ....... 201 0.04

Clearway Energy Operating LLC

1,950,000 5.000% due 15/09/26 ....... 1,616 0.32 Cleveland-Cliffs Inc

230,000 6.250% due 01/10/40 ....... 170 0.03 Cloud Crane LLC

1,660,000 10.125% due 01/08/24 ..... 1,569 0.31

CommScope Technologies LLC

250,000 5.000% due 15/03/27 ....... 208 0.04 ConocoPhillips Co

625,000 3.214% due 15/05/22 ....... 549 0.11 Cornerstone Chemical Co

1,740,000 6.750% due 15/08/24 ....... 1,502 0.29 Coty Inc

250,000 6.500% due 15/04/26 ....... 201 0.04 CPG Merger Sub LLC

700,000 8.000% due 01/10/21 ....... 612 0.12 CSC Holdings LLC 500,000 10.125% due 15/01/23 ..... 472 0.09 1,336,000 5.500% due 15/04/27 ....... 1,119 0.22 DAE Funding LLC 100,000 4.000% due 01/08/20 ....... 85 0.02 200,000 4.500% due 01/08/22 ....... 168 0.03 500,000 5.000% due 01/08/24 ....... 422 0.08

DaVita Inc 300,000 5.000% due 01/05/25 ....... 248 0.05

DCP Midstream Operating LP

260,000 5.350% due 15/03/20 ....... 229 0.04 107,000 6.750% due 15/09/37 ....... 99 0.02 255,000 5.600% due 01/04/44 ....... 211 0.04

Deck Chassis Acquisition Inc

578,000 10.000% due 15/06/23 ..... 530 0.10 Dell Inc

218,000 6.500% due 15/04/38 ....... 186 0.04

Dell International LLC / EMC Corp

1,950,000 6.020% due 15/06/26 ....... 1,797 0.35

Deutsche Postbank Funding Trust I

EUR 247,000 0.978%* ........................... 203 0.04

Principal Amount


Fund %

Deutsche Postbank Funding Trust III

1,105,000 1.067%* .......................... 910 0.18

Diamond Offshore Drilling Inc

USD 550,000 7.875% due 15/08/25 ...... 493 0.10 235,000 4.875% due 01/11/43 ...... 149 0.03 DISH DBS Corp 350,000 5.125% due 01/05/20 ...... 305 0.06 576,000 7.750% due 01/07/26 ...... 470 0.09

DJO Finance LLC / DJO Finance Corp

350,000 8.125% due 15/06/21 ...... 309 0.06 Domtar Corp

1,220,000 6.250% due 01/09/42 ...... 1,034 0.20 Dresdner Funding Trust I 1,422,000 8.151% due 30/06/31 ...... 1,516 0.30

Eagle Holding Co II LLC 500,000 7.625% due 15/05/22 ...... 437 0.09

Edgewell Personal Care Co 368,000 4.700% due 19/05/21 ...... 318 0.06

Embarq Corp 278,000 7.995% due 01/06/36 ...... 241 0.05

EMC Corp 600,000 2.650% due 01/06/20 ...... 507 0.10

Endeavor Energy Resources LP / EER Finance Inc

150,000 5.500% due 30/01/26 ...... 130 0.03

Endo Finance LLC / Endo Finco Inc

56,000 7.250% due 15/01/22 ...... 47 0.01 91,000 5.375% due 15/01/23 ...... 69 0.01

Energy Transfer Equity LP 500,000 7.500% due 15/10/20 ...... 462 0.09

Energy Ventures Gom LLC / EnVen Finance Corp

320,000 11.000% due 15/02/23 .... 306 0.06


500,000 4.400% due 01/04/24 ...... 418 0.08 150,000 4.150% due 01/06/25 ...... 123 0.02


1,586,000 5.375% due 15/02/78 ...... 1,270 0.25

EP Energy LLC / Everest Acquisition Finance Inc

150,000 8.000% due 29/11/24 ...... 131 0.03 788,000 8.000% due 15/02/25 ...... 522 0.10

Equinix Inc EUR 400,000 2.875% due 01/10/25 ...... 396 0.08 USD 175,000 5.875% due 15/01/26 ...... 155 0.03 EUR 150,000 2.875% due 01/02/26 ...... 148 0.03 EW Scripps Co USD 300,000 5.125% due 15/05/25 ...... 249 0.05




Principal Amount


Fund %

Ferrellgas Partners LP / Ferrellgas Partners Finance Corp

1,349,000 8.625% due 15/06/20 ....... 1,109 0.22

Financial & Risk US Holdings Inc

EUR 350,000 4.500% due 15/05/26 ....... 348 0.07 USD 75,000 6.250% due 15/05/26 ....... 65 0.01 EUR 259,000 6.875% due 15/11/26 ....... 260 0.05 First Data Corp USD 500,000 7.000% due 01/12/23 ....... 449 0.09 First Quality Finance Co Inc

300,000 5.000% due 01/07/25 ....... 242 0.05


169,219 2.228% due 15/05/20 ....... 146 0.03

Foresight Energy LLC / Foresight Energy Finance Corp

3,130,000 11.500% due 01/04/23 ..... 2,398 0.47

Fortress Transportation & Infrastructure Investors LLC

350,000 6.750% due 15/03/22 ....... 310 0.06 325,000 6.500% due 01/10/25 ....... 279 0.05

Freedom Mortgage Corp 475,000 8.125% due 15/11/24 ....... 399 0.08 Freeport-McMoRan Inc 545,000 4.550% due 14/11/24 ....... 457 0.09 836,000 5.400% due 14/11/34 ....... 680 0.13 370,000 5.450% due 15/03/43 ....... 291 0.06

frontdoor Inc 400,000 6.750% due 15/08/26 ....... 356 0.07

Frontier Communications Corp

400,000 8.500% due 01/04/26 ....... 327 0.06 Gap Inc

174,000 5.950% due 12/04/21 ....... 156 0.03

Gates Global LLC / Gates Global Co

60,000 6.000% due 15/07/22 ....... 52 0.01

Genesis Energy LP / Genesis Energy Finance Corp

150,000 6.750% due 01/08/22 ....... 132 0.03 Genworth Holdings Inc 250,000 7.700% due 15/06/20 ....... 222 0.04 331,000 7.625% due 24/09/21 ....... 290 0.06

GLP Capital LP / GLP Financing II Inc

250,000 5.375% due 01/11/23 ....... 223 0.04 Golden Nugget Inc

559,000 8.750% due 01/10/25 ....... 506 0.10 Goodyear Tire & Rubber Co 335,000 5.000% due 31/05/26 ....... 272 0.05 2,240,000 4.875% due 15/03/27 ....... 1,777 0.35

Principal Amount


Fund %

Great Western Petroleum LLC / Great Western Finance Corp

400,000 9.000% due 30/09/21 ...... 341 0.07

Greystar Real Estate Partners LLC

325,000 5.750% due 01/12/25 ...... 274 0.05 GTT Communications Inc

3,590,000 7.875% due 31/12/24 ...... 3,025 0.59 Gulfport Energy Corp

200,000 6.625% due 01/05/23 ...... 176 0.03

H&E Equipment Services Inc

100,000 5.625% due 01/09/25 ...... 86 0.02 Hanesbrands Inc

2,097,000 4.625% due 15/05/24 ...... 1,764 0.34 HB Fuller Co

100,000 4.000% due 15/02/27 ...... 78 0.02 HCA Inc 250,000 5.875% due 15/03/22 ...... 229 0.04 1,153,000 4.750% due 01/05/23 ...... 1,013 0.20 710,000 5.000% due 15/03/24 ...... 628 0.12 706,000 4.500% due 15/02/27 ...... 596 0.12 208,000 7.500% due 15/11/95 ...... 179 0.03 Hess Corp 1,136,000 3.500% due 15/07/24 ...... 926 0.18 1,175,000 4.300% due 01/04/27 ...... 983 0.19 Hexion Inc 3,400,000 6.625% due 15/04/20 ...... 2,759 0.54 440,000 10.000% due 15/04/20 .... 373 0.07 350,000 10.375% due 01/02/22 .... 295 0.06

High Ridge Brands Co 2,070,000 8.875% due 15/03/25 ...... 871 0.17

Hilton Domestic Operating Co Inc

400,000 5.125% due 01/05/26 ...... 344 0.07

Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp

300,000 4.625% due 01/04/25 ...... 252 0.05


145,443 1.460% due 15/10/19 ...... 125 0.02 451,087 1.800% due 21/01/20 ...... 387 0.08

Honeywell International Inc 800,000 1.850% due 01/11/21 ...... 663 0.13

Howard Hughes Corp 350,000 5.375% due 15/03/25 ...... 300 0.06

HUB International Ltd 1,760,000 7.000% due 01/05/26 ...... 1,521 0.30

Hughes Satellite Systems Corp

448,000 6.625% due 01/08/26 ...... 374 0.07



Principal Amount


Fund %

Huntsman International LLC EUR 1,078,000 4.250% due 01/04/25 ....... 1,246 0.24 IBM Credit LLC USD 650,000 2.608% due 20/01/21 ....... 563 0.11

Icahn Enterprises LP / Icahn Enterprises Finance Corp

529,000 6.375% due 15/12/25 ....... 458 0.09 iHeartCommunications Inc

1,000,000 9.000% due 15/12/19 ....... 652 0.13 Informatica LLC

200,000 7.125% due 15/07/23 ....... 177 0.03 IQVIA Inc

EUR 2,010,000 3.250% due 15/03/25 ....... 2,053 0.40 USD 250,000 5.000% due 15/10/26 ....... 212 0.04

Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp

1,170,000 10.250% due 15/11/22 ..... 1,111 0.22

Jaguar Holding Co II / Pharmaceutical Product Development LLC

200,000 6.375% due 01/08/23 ....... 174 0.03 JBS USA Finance Inc 506,000 5.875% due 15/07/24 ....... 431 0.08 907,000 6.750% due 15/02/28 ....... 777 0.15

JC Penney Corp Inc 320,000 6.375% due 15/10/36 ....... 112 0.02

Jefferies Finance LLC / JFIN Co-Issuer Corp

450,000 7.375% due 01/04/20 ....... 396 0.08 300,000 7.250% due 15/08/24 ....... 252 0.05 Jeld-Wen Inc 225,000 4.625% due 15/12/25 ....... 179 0.03 225,000 4.875% due 15/12/27 ....... 177 0.03

John Deere Capital Corp 190,000 2.350% due 08/01/21 ....... 161 0.03

Jonah Energy LLC / Jonah Energy Finance Corp

1,407,000 7.250% due 15/10/25 ....... 933 0.18 Kenan Advantage Group Inc

898,000 7.875% due 31/07/23 ....... 804 0.16


455,000 5.625% due 01/09/41 ....... 411 0.08 2,293,000 4.700% due 01/11/42 ....... 1,863 0.36

Kinetic Concepts Inc / KCI USA Inc

200,000 7.875% due 15/02/21 ....... 178 0.03 250,000 12.500% due 01/11/21 ..... 238 0.05

Kronos Acquisition Holdings Inc

500,000 9.000% due 15/08/23 ....... 407 0.08 L Brands Inc 566,000 6.875% due 01/11/35 ....... 414 0.08 150,000 7.600% due 15/07/37 ....... 105 0.02

Principal Amount


Fund %

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp

325,000 5.250% due 15/03/22 ...... 281 0.05 Laredo Petroleum Inc

200,000 5.625% due 15/01/22 ...... 172 0.03 Lennar Corp 350,000 5.875% due 15/11/24 ...... 315 0.06 200,000 4.750% due 30/05/25 ...... 169 0.03 540,000 5.000% due 15/06/27 ...... 455 0.09 485,000 4.750% due 29/11/27 ...... 402 0.08

Levi Strauss & Co EUR 1,650,000 3.375% due 15/03/27 ...... 1,707 0.33 LPL Holdings Inc USD 1,263,000 5.750% due 15/09/25 ...... 1,064 0.21 M/I Homes Inc

431,000 5.625% due 01/08/25 ...... 351 0.07 Marathon Oil Corp

1,860,000 3.850% due 01/06/25 ...... 1,568 0.31

Marriott Ownership Resorts Inc

100,000 6.500% due 15/09/26 ...... 89 0.02 Mason Finance Inc

125,000 6.875% due 15/08/23 ...... 107 0.02 Matador Resources Co

100,000 5.875% due 15/09/26 ...... 87 0.02 Mattel Inc

436,000 2.350% due 15/08/21 ...... 342 0.07 MDC Holdings Inc

244,000 6.000% due 15/01/43 ...... 180 0.04 Men's Wearhouse Inc

141,000 7.000% due 01/07/22 ...... 125 0.02 Meredith Corp

300,000 6.875% due 01/02/26 ...... 265 0.05

MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc

950,000 5.625% due 01/05/24 ...... 841 0.16 MGM Resorts International

1,100,000 6.000% due 15/03/23 ...... 981 0.19

Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance Inc

940,000 7.875% due 01/10/22 ...... 720 0.14 MPLX LP

3,217,000 4.125% due 01/03/27 ...... 2,702 0.53


EUR 800,000 3.325% due 24/03/25 ...... 824 0.16 USD 223,000 5.000% due 15/10/27 ...... 186 0.04 Murphy Oil Corp

278,000 7.050% due 01/05/29 ...... 256 0.05 Nabors Industries Inc

300,000 5.750% due 01/02/25 ...... 248 0.05




Principal Amount


Fund %

Navient Corp 495,000 8.000% due 25/03/20 ....... 450 0.09 750,000 7.250% due 25/01/22 ....... 684 0.13 225,000 6.500% due 15/06/22 ....... 202 0.04

Nestle Holdings Inc 260,000 1.875% due 09/03/21 ....... 217 0.04

Netflix Inc EUR 300,000 3.625% due 15/05/27 ....... 296 0.06 New Albertsons LP USD 100,000 7.450% due 01/08/29 ....... 71 0.01

Newfield Exploration Co 350,000 5.750% due 30/01/22 ....... 317 0.06 200,000 5.375% due 01/01/26 ....... 179 0.03

NFP Corp 1,400,000 6.875% due 15/07/25 ....... 1,211 0.24 NGPL PipeCo LLC 150,000 4.375% due 15/08/22 ....... 131 0.03 235,000 7.768% due 15/12/37 ....... 249 0.05

Nielsen Finance LLC / Nielsen Finance Co

788,000 5.000% due 15/04/22 ....... 663 0.13


148,702 2.248% due 15/12/20 ....... 128 0.02 148,702 2.390% due 15/12/20 ....... 128 0.02

Novartis Capital Corp 325,000 1.800% due 14/02/20 ....... 276 0.05

Novelis Corp 275,000 6.250% due 15/08/24 ....... 243 0.05

Oasis Petroleum Inc 769,000 6.875% due 15/01/23 ....... 674 0.13 One Call Corp 2,385,000 7.500% due 01/07/24 ....... 2,033 0.40 2,335,000 10.000% due 01/10/24 ..... 1,689 0.33

Optimas OE Solutions Holding LLC / Optimas OE Solutions Inc

3,265,000 8.625% due 01/06/21 ....... 2,797 0.55

Ortho-Clinical Diagnostics Inc / Ortho-Clinical Diagnostics SA

1,298,000 6.625% due 15/05/22 ....... 1,097 0.21 Owens & Minor Inc

286,000 3.875% due 15/09/21 ....... 232 0.05

Oxford Finance LLC / Oxford Finance Co-Issuer II Inc

175,000 6.375% due 15/12/22 ....... 154 0.03 Pactiv LLC 138,000 7.950% due 15/12/25 ....... 128 0.02 200,000 8.375% due 15/04/27 ....... 187 0.04

Park-Ohio Industries Inc 200,000 6.625% due 15/04/27 ....... 177 0.03

Principal Amount


Fund %

Parsley Energy LLC / Parsley Finance Corp

250,000 6.250% due 01/06/24 ...... 225 0.04 100,000 5.250% due 15/08/25 ...... 86 0.02

Peabody Energy Corp 234,000 6.000% due 31/03/22 ...... 206 0.04

PetSmart Inc 375,000 5.875% due 01/06/25 ...... 266 0.05

PGT Escrow Issuer Inc 450,000 6.750% due 01/08/26 ...... 403 0.08 Pilgrim's Pride Corp 275,000 5.750% due 15/03/25 ...... 229 0.04 396,000 5.875% due 30/09/27 ...... 324 0.06 Pitney Bowes Inc 361,000 3.875% due 01/10/21 ...... 298 0.06 200,000 4.700% due 01/04/23 ...... 158 0.03

Plains All American Pipeline LP

1,300,000 6.125%* .......................... 1,093 0.21 Plastipak Holdings Inc

1,965,000 6.250% due 15/10/25 ...... 1,552 0.30 Polaris Intermediate Corp

4,270,000 8.500% due 01/12/22 ...... 3,812 0.74 Post Holdings Inc 300,000 5.750% due 01/03/27 ...... 254 0.05 608,000 5.625% due 15/01/28 ...... 505 0.10

Prestige Brands Inc 625,000 6.375% due 01/03/24 ...... 547 0.11

Prime Security Services Borrower LLC / Prime Finance Inc

866,000 9.250% due 15/05/23 ...... 799 0.16

Provident Funding Associates LP / PFG Finance Corp

125,000 6.375% due 15/06/25 ...... 108 0.02 PulteGroup Inc 200,000 5.500% due 01/03/26 ...... 172 0.03 186,000 6.000% due 15/02/35 ...... 152 0.03

Qorvo Inc 550,000 5.500% due 15/07/26 ...... 483 0.09

Qualitytech LP / QTS Finance Corp

525,000 4.750% due 15/11/25 ...... 435 0.08 Quicken Loans Inc 175,000 5.750% due 01/05/25 ...... 151 0.03 325,000 5.250% due 15/01/28 ...... 261 0.05

Qwest Capital Funding Inc 250,000 7.750% due 15/02/31 ...... 201 0.04

Qwest Corp 528,000 6.750% due 01/12/21 ...... 486 0.09

Radiate Holdco LLC / Radiate Finance Inc

300,000 6.875% due 15/02/23 ...... 250 0.05



Principal Amount


Fund %

Range Resources Corp 150,000 5.750% due 01/06/21 ....... 134 0.03 1,411,000 5.000% due 15/08/22 ....... 1,207 0.24 1,896,000 4.875% due 15/05/25 ....... 1,553 0.30

RegionalCare Hospital Partners Holdings Inc

3,260,000 8.250% due 01/05/23 ....... 2,961 0.58 Resolute Energy Corp

1,700,000 8.500% due 01/05/20 ....... 1,467 0.29 Rio Oil Finance Trust 332,915 9.250% due 06/07/24 ....... 306 0.06 377,434 9.750% due 06/01/27 ....... 350 0.07

Rockies Express Pipeline LLC

405,000 5.625% due 15/04/20 ....... 360 0.07 Rowan Cos Inc

354,000 5.400% due 01/12/42 ....... 229 0.04 RP Crown Parent LLC

1,483,000 7.375% due 15/10/24 ....... 1,328 0.26 Safeway Inc

297,000 7.250% due 01/02/31 ....... 245 0.05 Sanchez Energy Corp USD 550,000 7.750% due 15/06/21 ....... 334 0.07

Scientific Games International Inc

EUR 968,000 5.500% due 15/02/26 ....... 879 0.17 Sealed Air Corp USD 400,000 5.500% due 15/09/25 ....... 350 0.07

123,000 6.875% due 15/07/33 ....... 114 0.02 ServiceMaster Co LLC EUR 800,000 5.125% due 15/11/24 ....... 680 0.13 Simmons Foods Inc USD 250,000 5.750% due 01/11/24 ....... 166 0.03 Sirius XM Radio Inc

1,640,000 5.375% due 15/07/26 ....... 1,405 0.27 SM Energy Co

341,000 6.750% due 15/09/26 ....... 306 0.06

Solera LLC / Solera Finance Inc

300,000 9.000% due 30/09/23 ....... 271 0.06 300,000 10.500% due 01/03/24 ..... 283 0.05

Sotera Health Holdings LLC 250,000 6.500% due 15/05/23 ....... 222 0.04

Southwestern Energy Co 100,000 6.200% due 23/01/25 ....... 86 0.02

Spectrum Brands Inc 200,000 6.125% due 15/12/24 ....... 176 0.03 Springleaf Finance Corp 350,000 6.125% due 15/05/22 ....... 312 0.05 400,000 7.125% due 15/03/26 ....... 343 0.07 Sprint Capital Corp

EUR 567,000 6.875% due 15/11/28 ....... 492 0.10 USD 744,000 8.750% due 15/03/32 ....... 722 0.14

Principal Amount


Fund %

Sprint Corp 500,000 7.250% due 15/09/21 ...... 456 0.09 1,267,000 7.875% due 15/09/23 ...... 1,179 0.23 712,000 7.125% due 15/06/24 ...... 638 0.12 SPX FLOW Inc 175,000 5.625% due 15/08/24 ...... 152 0.03 250,000 5.875% due 15/08/26 ...... 217 0.04

SRS Distribution Inc 1,700,000 8.250% due 01/07/26 ...... 1,438 0.28

Standard Industries Inc 725,000 5.375% due 15/11/24 ...... 626 0.12

Station Casinos LLC 250,000 5.000% due 01/10/25 ...... 207 0.04

Suburban Propane Partners LP / Suburban Energy Finance Corp

439,000 5.875% due 01/03/27 ...... 361 0.07

SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp

646,000 7.500% due 15/06/25 ...... 574 0.11

Sunoco LP / Sunoco Finance Corp

200,000 5.500% due 15/02/26 ...... 167 0.03 Surgery Center Holdings Inc 1,000,000 8.875% due 15/04/21 ...... 901 0.18 2,150,000 6.750% due 01/07/25 ...... 1,782 0.35 Symantec Corp 190,000 4.200% due 15/09/20 ...... 165 0.03 342,000 3.950% due 15/06/22 ...... 289 0.06 T-Mobile USA Inc 500,000 6.000% due 15/04/24 ...... 447 0.09 250,000 6.500% due 15/01/26 ...... 226 0.04 50,000 4.500% due 01/02/26 ...... 41 0.01 2,746,000 4.750% due 01/02/28 ...... 2,228 0.44

Talen Energy Supply LLC 301,000 4.600% due 15/12/21 ...... 223 0.04

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp

300,000 4.750% due 01/10/23 ...... 258 0.05 50,000 5.500% due 15/09/24 ...... 44 0.01

Targa Resources Partners LP / Targa Resources Partners Finance Corp

250,000 6.750% due 15/03/24 ...... 228 0.04 Team Health Holdings Inc

2,030,000 6.375% due 01/02/25 ...... 1,542 0.30


700,000 Zero Coupon due 29/10/27 603 0.12 Tenet Healthcare Corp 30,000 6.000% due 01/10/20 ...... 27 0.01 750,000 8.125% due 01/04/22 ...... 683 0.13




Principal Amount


Fund %

2,654,000 4.625% due 15/07/24 ....... 2,228 0.44 122,000 6.875% due 15/11/31 ....... 95 0.02

TMS International Corp 861,000 7.250% due 15/08/25 ....... 749 0.15 Toll Brothers Finance Corp 400,000 4.875% due 15/11/25 ....... 339 0.07 100,000 4.875% due 15/03/27 ....... 82 0.02 2,335,000 4.350% due 15/02/28 ....... 1,853 0.36

Townsquare Media Inc 810,000 6.500% due 01/04/23 ....... 648 0.13


413,138 1.250% due 16/03/20 ....... 354 0.07 Toyota Motor Credit Corp

840,000 2.704% due 12/03/20 ....... 726 0.14 TransDigm Inc

450,000 6.500% due 15/05/25 ....... 396 0.08 Trident Merger Sub Inc

1,400,000 6.625% due 01/11/25 ....... 1,145 0.22 Triumph Group Inc 366,000 4.875% due 01/04/21 ....... 306 0.06 75,000 5.250% due 01/06/22 ....... 61 0.01 643,000 7.750% due 15/08/25 ....... 539 0.11

TTM Technologies Inc 150,000 5.625% due 01/10/25 ....... 130 0.03

Under Armour Inc 150,000 3.250% due 15/06/26 ....... 114 0.02

United Rentals North America Inc

225,000 4.625% due 15/10/25 ....... 188 0.04 United States Cellular Corp

150,000 6.700% due 15/12/33 ....... 132 0.03

Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC

2,110,000 8.250% due 15/10/23 ....... 1,744 0.34 1,840,000 7.125% due 15/12/24 ....... 1,457 0.28

Univision Communications Inc

374,000 5.125% due 15/02/25 ....... 302 0.06 Urban One Inc

1,340,000 7.375% due 15/04/22 ....... 1,148 0.22 US Bank NA 320,000 2.662% due 24/01/20 ....... 276 0.05 500,000 2.487% due 23/10/20 ....... 430 0.08

US Concrete Inc 475,000 6.375% due 01/06/24 ....... 416 0.08

USIS Merger Sub Inc 1,350,000 6.875% due 01/05/25 ....... 1,162 0.23

VeriSign Inc 300,000 5.250% due 01/04/25 ....... 264 0.05

Principal Amount


Fund %

Veritas US Inc / Veritas Bermuda Ltd

1,082,000 10.500% due 01/02/24 .... 857 0.17


755,000 2.860% due 22/05/20 ...... 654 0.13

VFH Parent LLC / Orchestra Co-Issuer Inc

1,052,000 6.750% due 15/06/22 ...... 937 0.18 Vizient Inc

2,980,000 10.375% due 01/03/24 .... 2,819 0.55 Walmart Inc


350,000 2.506% due 05/06/20 ...... 302 0.06 Washington Prime Group LP

200,000 5.950% due 15/08/24 ...... 163 0.03 WellCare Health Plans Inc

275,000 5.375% due 15/08/26 ...... 241 0.05 Wells Fargo & Co

250,000 3.327% due 07/12/20 ...... 218 0.04 Wells Fargo Bank NA

350,000 2.847% due 23/07/21 ...... 302 0.06 West Corp

1,260,000 8.500% due 15/10/25 ...... 1,001 0.20 West Street Merger Sub Inc

1,870,000 6.375% due 01/09/25 ...... 1,534 0.31 Whiting Petroleum Corp 150,000 5.750% due 15/03/21 ...... 133 0.03 225,000 6.625% due 15/01/26 ...... 202 0.04

William Lyon Homes Inc 194,000 6.000% due 01/09/23 ...... 162 0.03

Williams Cos Inc 150,000 8.750% due 15/03/32 ...... 173 0.03

WPX Energy Inc 175,000 8.250% due 01/08/23 ...... 172 0.03

Wyndham Destinations Inc 510,000 5.625% due 01/03/21 ...... 450 0.09

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp

150,000 5.500% due 01/03/25 ...... 125 0.02 Yum! Brands Inc 459,000 3.875% due 01/11/23 ...... 380 0.08 56,000 5.350% due 01/11/43 ...... 41 0.01

Zachry Holdings Inc 1,045,000 7.500% due 01/02/20 ...... 905 0.20 226,674 44.26 Virgin Islands, British (0.27%)

Gerdau Trade Inc 750,000 4.750% due 15/04/23 ...... 644 0.13



Principal Amount


Fund %

GTL Trade Finance Inc / Gerdau Holdings Inc

150,000 5.893% due 29/04/24 ....... 131 0.03 Studio City Co Ltd

550,000 7.250% due 30/11/21 ....... 491 0.11 1,266 0.27

Total Long Term Bonds and Notes ............................ 404,150 78.93

Short Term Investments (5.62%) Australia (0.08%)

National Australia Bank Ltd 500,000 2.590% due 14/05/19 ....... 431 0.08 Bermuda (0.08%)


485,000 5.125% due 10/02/19 ....... 421 0.08 Brazil (0.03%)

Centrais Eletricas Brasileiras SA

200,000 6.875% due 30/07/19 ....... 176 0.03 Canada (0.04%)

Royal Bank of Canada 250,000 2.150% due 15/03/19 ....... 215 0.04 France (0.10%)

Total Capital International SA

560,000 2.689% due 19/06/19 ....... 483 0.10 Netherlands (0.13%)


800,000 1.375% due 10/05/19 ....... 684 0.13 Switzerland (0.14%)

UBS AG 850,000 2.375% due 14/08/19 ....... 729 0.14 United States (5.02%)

Allegiant Travel Co 1,292,000 5.500% due 15/07/19 ....... 1,129 0.22


753,000 2.887% due 18/03/19 ....... 650 0.13


134,000 2.743% due 01/02/19 ....... 116 0.02

Principal Amount


Fund %

Apple Inc 350,000 2.481% due 02/08/19 ...... 302 0.06

Cisco Systems Inc 300,000 1.400% due 20/09/19 ...... 255 0.05

Citibank NA 350,000 2.571% due 09/11/18 ...... 301 0.06

eBay Inc 550,000 2.823% due 01/08/19 ...... 475 0.09


600,000 Zero Coupon due 01/10/18 516 0.10 300,000 Zero Coupon due 03/10/18 258 0.05 1,100,000 Zero Coupon due 05/10/18 944 0.18 1,900,000 Zero Coupon due 10/10/18 1,631 0.32 2,700,000 Zero Coupon due 12/10/18 2,317 0.45 5,500,000 Zero Coupon due 19/10/18 4,727 0.93 4,800,000 Zero Coupon due 23/10/18 4,111 0.81 1,700,000 Zero Coupon due 25/10/18 1,464 0.29 400,000 Zero Coupon due 07/11/18 343 0.07 5,700,000 Zero Coupon due 21/11/18 4,882 0.96 500,000 Zero Coupon due 30/11/18 428 0.08 500,000 Zero Coupon due 14/12/18 428 0.08

Frontier Communications Corp

422,000 7.125% due 15/03/19 ...... 366 0.07

Magnetation LLC / Mag Finance Corp

1,600,000 11.000% due 15/05/19 .... - 0.00 Real Alloy Holding Inc

2,058,000 10.000% due 15/01/19 .... - 0.00 25,643 5.02


Bank Loans (3.82%) Canada (0.11%)

Catalyst Paper Corp 984,864 6.000% due 27/01/22 ...... 577 0.11 France (0.12%)

Altice France SA 700,000 6.158% due 14/08/26 ...... 599 0.12 Germany (0.19%)

PCF GmbH EUR 1,000,000 5.140% due 01/08/24 ...... 998 0.19

Luxembourg (0.51%) Evergreen Skills Lux Sarl

USD 2,732,204 6.992% due 28/04/21 ...... 2,244 0.44 499,958 10.429% due 28/04/22 .... 367 0.07 2,611 0.51




Principal Amount


Fund %

Netherlands (0.13%) Starfruit Finco BV

EUR 200,000 3.490% due 20/09/25 ....... 202 0.04 USD 525,000 3.490% due 20/09/25 ....... 454 0.09

656 0.13 Poland (0.19%)

Pfleiderer Group SA EUR 1,000,000 5.000% due 01/08/24 ....... 998 0.19


Accudyne Industries LLC USD 135,977 5.242% due 18/08/24 ....... 118 0.02 Asurion LLC

420,000 8.742% due 04/08/25 ....... 372 0.07 BCPE Eagle Buyer LLC

955,152 6.492% due 18/03/24 ....... 815 0.16

Community Health System Inc

181,019 5.563% due 27/01/21 ....... 154 0.03 First Data Corp

1,971,594 6.290% due 08/07/22 ....... 1,702 0.33 FPC Holdings Inc

475,000 4.212% due 17/09/25 ....... 409 0.08 Indigo Merger

198,000 5.527% due 13/09/24 ....... 172 0.03

MGM Growth Properties Operating Partnership LP

1,732,234 4.242% due 21/03/25 ....... 1,495 0.29 MH Sub I LLC

620,000 5.915% due 15/09/25 ....... 540 0.11 Neiman Marcus Group

475,000 5.370% due 25/10/20 ....... 381 0.08 One Call Corporation

636,803 7.384% due 25/11/22 ....... 522 0.10 Petsmart Inc

325,000 4.210% due 26/01/23 ....... 228 0.05 Radio One

1,300,101 6.250% due 18/04/23 ....... 1,099 0.21

Reynolds Group Holdings Inc

3,211,658 4.992% due 05/02/23 ....... 2,781 0.55 U.S. Renal Care Inc

1,850,486 6.636% due 31/12/22 ....... 1,556 0.30 UTEX Industries Inc

925,169 6.242% due 22/05/21 ....... 790 0.16 13,134 2.57 Total Bank Loans .............. 19,573 3.82

Number of Shares


Fund %

Common Stock (0.68%) Canada (0.00%) Paper and Forest Products

2,331,104 Catalyst Paper Corp ............ - 0.00 United States (0.68%) Coal

133,991 Foresight Energy LP ....... 459 0.09 Commercial Services and Supplies

17,033

Cengage Learning Holdings II Inc ................................... 148 0.03

132,564 iPayment Holdings Inc ........ 90 0.02 78 Real Alloy Holding Inc ....... 2,480 0.49

Energy Equipment and Services 54,760 Hercules Offshore Inc ..... 108 0.02

Media 2 Cleveland ............................ 142 0.03

3,427 0.68 Total Common Stock ........ 3,427 0.68 Preferred Stock (0.13%) United States (0.13%)

74,924 Templar Energy LLC .......... 645 0.13 Total Preferred Stock ....... 645 0.13 Warrants (0.00%) United States (0.00%)

3,594 Appvion Inc ........................ 17 0.00

3,346 Readers Digest Association Inc ....................................... - 0.00

Total Warrants .................. 17 0.00

Total Transferable Securities ........................... 456,594 89.18

Principal Amount


Fund %


Bank of Nova Scotia USD 400,000 2.606% due 30/12/19 ...... 345 0.07

Norway (0.18%)

DNB Bank ASA 1,050,000 2.561% due 10/02/20 ...... 904 0.18 Sweden (0.08%)

Swedbank AB 500,000 Zero Coupon due 24/08/20 430 0.08



Number of Shares


Fund %

Switzerland (0.13%) Svenska Handelsbanken

800,000 2.617% due 21/10/19 ....... 689 0.13 United States (0.14%)

Citibank NA 500,000 2.510% due 14/03/19 ....... 430 0.09

Nordea Bank AB 300,000 Zero Coupon due 10/04/19 258 0.05 688 0.14


Commercial Paper (1.54%) Canada (0.07%)

Province of Alberta Canada 400,000 Zero Coupon due 03/12/18 343 0.07 Germany (0.12%)

DZ Bank AG 700,000 Zero Coupon due 28/09/18 603 0.12 Jersey, Channel Islands (0.05%)


300,000 Zero Coupon due 19/11/18 257 0.05 United Kingdom (0.28%)

Barclays Bank Plc 800,000 Zero Coupon due 02/01/19 684 0.13

HSBC Bank Plc 900,000 Zero Coupon due 10/04/19 775 0.15 1,459 0.28 United States (1.02%)

AT&T Inc 400,000 Zero Coupon due 30/05/19 334 0.07

Barton Capital SA 800,000 Zero Coupon due 01/10/18 689 0.13

Eni Finance USA Inc 1,000,000 Zero Coupon due 06/12/18 857 0.17

ING US Funding LLC 300,000 Zero Coupon due 12/04/19 258 0.05

Number of Shares


Fund %

Manhattan Associates Inc 800,000 Zero Coupon due 29/10/18 687 0.13

Natixis SA 700,000 Zero Coupon due 15/03/19 595 0.12

PACCAR Financial Corp 1,000,000 Zero Coupon due 28/09/18 861 0.17

Starbird Corp 500,000 Zero Coupon due 05/11/18 429 0.08


600,000 Zero Coupon due 04/01/19 514 0.10 5,224 1.02 Total Commercial Paper .. 7,886 1.54 Money Market Instruments (2.00%) United States (2.00%) U.S. Treasury Bill 12,000,000 Zero Coupon due 07/03/19 10,229 2.00


Number of Shares


Fund %


17,248


3,576


20,238 3.95 United States (0.01%)

795,248 Newark EXP ....................... 7 0.00 795,248 Newark IND ....................... 55 0.01

62 0.01 Total Investment Funds .... 20,300 3.96






Notional Amount

EUR ‘000

Average Cost Price

EUR


Fund %

15,699 89.20


5,260 111.91

47 of Euro Schatz Futures Long Futures Contracts Expiring December 2018 ................................. (7) 0.00

(36,264) (111.93)

324 of Euro Schatz Futures Short Futures Contracts Expiring December 2018 .................................. 49 0.01

23,481 97.39


822 136.86

6 of Long Gilt Futures Long Futures Contracts Expiring December 2018 ................................. (7) 0.00

(24,805) (137.04)

181 of Long Gilt Futures Short Futures Contracts Expiring December 2018 ................................ 228 0.04

1,709 131.40

13 of Euro-Bobl Futures Long Futures Contracts Expiring December 2018 ................................. (9) 0.00

(787) (131.21)


9,792 160.43


(21,841) (160.60)


(4,959) (159.96)


57,825 90.93

318 of U.S. 2 Year Treasury Note Futures Long Futures Contracts Expiring December 2018 ................................. (130) (0.03)

23,630 90.88


36,099 103.38


(7,233) (103.33)

70 of U.S. 10 Year Treasury Note Futures Short Futures Contracts Expiring December 2018 ................................. 74 0.02

2,605 123.99

21 of U.S. Long Bond Futures Long Futures Contracts Expiring December 2018 ................................. (65) (0.01)

(367) (122.44)




Notional Amount

EUR ‘000

Average Cost Price

EUR


Fund %

(110) (110.26)


(3,692) (136.73)


6,178 61.17

101 of 10 Year Australian Bond Futures Long Futures Contracts Expiring December 2018 ................................. (55) (0.01)

Unrealised gain on open futures contracts ...................................................................... 748 0.15 Unrealised loss on open futures contracts ....................................................................... (1,126) (0.22) Net unrealised gain (loss) on open futures contracts ................................................. (378) (0.07) Open Forward Foreign Currency Exchange Contracts (0.20%)

Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 AUD 31,110 EUR 19,268 109 0.02 05/10/2018 AUD 31,137 EUR 19,268 126 0.02 05/10/2018 AUD 31,123 EUR 19,268 118 0.02 05/10/2018 AUD 31,131 EUR 19,268 123 0.02 05/10/2018 AUD 9,815 EUR 6,075 39 0.01 23/10/2018 AUD 8,150 EUR 4,999 71 0.01 05/10/2018 EUR 533 AUD 860 (2) 0.00 05/10/2018 EUR 85 AUD 137 - 0.00 23/10/2018 EUR 7,841 CHF 8,818 67 0.01 05/10/2018 EUR 827 GBP 741 (5) 0.00 05/10/2018 EUR 246 GBP 220 (1) 0.00 05/10/2018 EUR 8,031 GBP 7,210 (62) (0.01) 05/10/2018 EUR 1,000 GBP 895 (5) 0.00 19/10/2018 EUR 8,326 GBP 7,387 37 0.01 19/10/2018 EUR 91 GBP 81 - 0.00 20/11/2018 EUR 7,138 GBP 6,384 (18) 0.00 19/12/2018 EUR 9,194 GBP 8,200 14 0.00 19/12/2018 EUR 839 GBP 750 (1) 0.00 20/12/2018 EUR 623 GBP 555 1 0.00 20/12/2018 EUR 79 GBP 70 - 0.00 23/10/2018 EUR 1,109 ILS 4,649 8 0.00 23/10/2018 EUR 2,800 NOK 26,773 (29) (0.01) 05/10/2018 EUR 426 NZD 749 (1) 0.00 23/10/2018 EUR 8,391 SEK 87,490 (80) (0.02) 02/10/2018 EUR 2,499 USD 2,894 8 0.00 02/10/2018 EUR 24,332 USD 28,496 (202) (0.04) 02/10/2018 EUR 34,903 USD 40,801 (225) (0.04) 02/10/2018 EUR 34,836 USD 40,878 (358) (0.07) 02/10/2018 EUR 63 USD 74 (1) 0.00 05/10/2018 EUR 98 USD 114 - 0.00 05/10/2018 EUR 7,511 USD 8,849 (106) (0.02) 05/10/2018 EUR 7,555 USD 8,815 (33) (0.01) 05/10/2018 EUR 7,555 USD 8,818 (36) (0.01)




Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 EUR 7,554 USD 8,821 (38) (0.01) 05/10/2018 EUR 11,435 USD 13,289 (3) 0.00 12/10/2018 EUR 13,445 USD 15,677 (41) (0.01) 19/10/2018 EUR 9,933 USD 11,291 225 0.04 19/10/2018 EUR 22,499 USD 26,527 (309) (0.06) 19/10/2018 EUR 468 USD 550 (5) 0.00 19/10/2018 EUR 182 USD 214 (2) 0.00 26/10/2018 EUR 12,944 USD 15,073 (8) 0.00 02/11/2018 EUR 35,827 USD 42,301 (504) (0.11) 02/11/2018 EUR 35,998 USD 42,288 (323) (0.06) 02/11/2018 EUR 9,535 USD 11,187 (73) (0.01) 09/11/2018 EUR 10,282 USD 11,972 6 0.00 16/11/2018 EUR 6,064 USD 7,081 (11) 0.00 20/11/2018 EUR 1,180 USD 1,375 1 0.00 20/11/2018 EUR 12,447 USD 14,257 219 0.04 20/11/2018 EUR 687 USD 804 (3) 0.00 23/11/2018 EUR 12,669 USD 14,851 (65) (0.01) 30/11/2018 EUR 9,952 USD 11,738 (107) (0.02) 19/12/2018 EUR 4,380 USD 5,118 2 0.00 19/12/2018 EUR 4,380 USD 5,120 1 0.00 19/12/2018 EUR 4,607 USD 5,385 1 0.00 19/12/2018 EUR 4,380 USD 5,119 2 0.00 19/12/2018 EUR 46,738 USD 55,000 (306) (0.06) 19/12/2018 EUR 212 USD 250 (2) 0.00 19/12/2018 EUR 47,578 USD 56,000 (321) (0.07) 20/12/2018 EUR 14,826 USD 17,452 (100) (0.02) 01/10/2018 GBP 70 EUR 79 - 0.00 05/10/2018 GBP 39,384 EUR 43,887 327 0.06 05/10/2018 GBP 39,386 EUR 43,887 329 0.06 05/10/2018 GBP 43,859 EUR 48,978 259 0.05 05/10/2018 GBP 39,433 EUR 43,887 381 0.07 05/10/2018 GBP 39,410 EUR 43,887 356 0.07 05/10/2018 GBP 10,764 EUR 11,980 104 0.02 05/10/2018 GBP 10,752 EUR 11,980 90 0.02 05/10/2018 GBP 10,758 EUR 11,980 97 0.02 05/10/2018 GBP 10,751 EUR 11,980 89 0.02 05/10/2018 GBP 1,544 EUR 1,720 13 0.00 05/10/2018 GBP 195 EUR 216 3 0.00 05/10/2018 GBP 235 EUR 261 2 0.00 19/10/2018 GBP 730 EUR 810 9 0.00 19/10/2018 GBP 239 EUR 268 - 0.00 23/10/2018 GBP 2,485 EUR 2,788 - 0.00 20/11/2018 GBP 45 EUR 50 - 0.00 19/12/2018 GBP 250 EUR 280 - 0.00 01/10/2018 GBP 425 USD 554 - 0.00 02/10/2018 GBP 1,526 USD 2,010 (18) 0.00 23/10/2018 JPY 363,954 EUR 2,770 (12) 0.00 05/10/2018 NZD 12,407 EUR 7,053 27 0.01 05/10/2018 NZD 12,412 EUR 7,053 30 0.01 05/10/2018 NZD 12,416 EUR 7,053 32 0.01



Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 NZD 12,415 EUR 7,053 32 0.01 23/10/2018 NZD 8,927 EUR 5,010 77 0.02 02/10/2018 USD 794 EUR 682 1 0.00 02/10/2018 USD 394 EUR 339 1 0.00 02/10/2018 USD 1,166 EUR 990 14 0.00 02/10/2018 USD 42,199 EUR 35,827 504 0.11 02/10/2018 USD 42,185 EUR 35,998 322 0.06 05/10/2018 USD 7,649 EUR 6,550 33 0.01 05/10/2018 USD 7,643 EUR 6,550 29 0.01 05/10/2018 USD 7,646 EUR 6,550 31 0.01 05/10/2018 USD 204 EUR 175 1 0.00 05/10/2018 USD 4,171 EUR 3,573 18 0.00 05/10/2018 USD 1,000 EUR 858 3 0.00 19/10/2018 USD 331 EUR 284 - 0.00 19/10/2018 USD 1,281 EUR 1,095 6 0.00 19/10/2018 USD 4,000 EUR 3,444 (5) 0.00 19/10/2018 USD 10 EUR 9 - 0.00 23/10/2018 USD 9,762 EUR 8,311 80 0.02 20/11/2018 USD 784 EUR 684 (11) 0.00 20/12/2018 USD 298 EUR 254 1 0.00 02/10/2018 USD 1,967 GBP 1,526 (22) 0.00 02/11/2018 USD 409 GBP 311 3 0.00 02/11/2018 USD 555 GBP 425 - 0.00 02/11/2018 USD 2,013 GBP 1,526 17 0.00

Unrealised gain on open forward foreign currency exchange contracts ............................... 4,499 0.87 Unrealised loss on open forward foreign currency exchange contracts ................................ (3,454) (0.67) Net unrealised gain (loss) on open forward foreign currency exchange contracts ....... 1,045 0.20

Futures Options Written (0.00%)

Notional Amount

EUR ‘000 Fair Value EUR ‘000

Fund %

United States (0.00%) (40)

Put at 119.25 U.S. 10 Year Future Option

Expiring October 2018 .................................................................. (18) 0.00 (40)

Call at 121.25 U.S. 10 Year Future Option

Expiring October 2018 .................................................................. (1) 0.00 Total futures options written at fair value (Premium received EUR (20,276)) ......... (19) 0.00

Swaptions Written (0.00%)

Notional Amount


Fund %

United States (0.00%) (4,000)


Expiring October 2018 .................................................................. - 0.00 (4,000)


Expiring October 2018 .................................................................. (3) 0.00 Total swaptions written at fair value (Premium received EUR (24,491)) ................. (3) 0.00




Credit Default Swaps (0.94%)

Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD 990

Canadian Natural

Resources Ltd # 1.00% 20/06/2024 13 0.00

USD 1,005

Canadian Natural

Resources Ltd # 1.00% 20/06/2024 13 0.00 USD (1,075) L Brands Inc # 1.00% 20/06/2024 (111) (0.02) USD (825) L Brands Inc # 1.00% 20/06/2024 (85) (0.02)

USD 2,300

International Lease Finance

Corp # 5.00% 20/12/2024 439 0.09

USD 1,005

Canadian Natural

Resources Ltd # 1.00% 20/12/2024 10 0.00

USD 1,200

International Lease Finance

Corp # 5.00% 20/12/2024 229 0.04

EUR 1,600 Anglo American

Capital PLC # 5.00% 20/12/2024 307 0.06

USD (950) Weatherford

International Ltd # 1.00% 20/06/2023 (178) (0.03)

USD 900

Canadian Natural

Resources Ltd # 1.00% 20/12/2024 9 0.00 EUR (900) Tesco Plc # 1.00% 20/06/2025 (19) 0.00

EUR 2,000

Fiat Chrysler Automobiles

NV # 5.00% 20/12/2023 336 0.07 USD 2,250 CDX.NA.HY.29 # 5.00% 20/12/2023 340 0.07 USD 1,200 CDX.NA.HY.30 # 5.00% 20/12/2023 53 0.01 USD 2,250 Calpine Corp # 5.00% 20/12/2023 78 0.02

USD 150 Goodyear Tire & Rubber Co # 5.00% 20/12/2023 17 0.00

USD (2,470) CenturyLink Inc # 1.00% 20/12/2023 (176) (0.03)

EUR 500

Fiat Chrysler Automobiles

NV # 5.00% 20/12/2023 86 0.02 EUR 675 The AES Corp # 5.00% 20/12/2023 55 0.01 EUR (338) Tesco Plc # 1.00% 20/06/2025 (8) 0.00

EUR (250) Telecom Italia

SpA # 1.00% 20/12/2021 (4) 0.00 EUR 747 Telefonica SA # 1.00% 20/12/2021 11 0.00 EUR 316 Telefonica SA # 1.00% 20/12/2021 5 0.00 EUR 937 Telefonica SA # 1.00% 20/12/2021 14 0.00

USD 2,750 Ally Financial

Inc # 5.00% 20/12/2023 403 0.08

USD (600) Anadarko

Petroleum Corp 1.00% # 20/06/2023 (6) 0.00 USD 28,000 CDX.NA.HY # 5.00% 20/12/2023 1,731 0.34

EUR 6,000 iTraxx Europe

Crossover # 5.00% 20/12/2023 665 0.13



Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD 1,000 Ally Financial

Inc # 5.00% 20/06/2021 101 0.02

USD 200 Ally Financial

Inc # 5.00% 20/06/2022 25 0.00

USD (350)

Teva Pharmaceutical

Finance Netherlands III

BV # 1.00% 20/06/2022 (3) 0.00

USD (22,850) CDX.EM.EM.2

9 # 1.00% 20/06/2023 (641) (0.15) USD 16,600 CDX.NA.HY.29 # 20/06/2023 1,127 0.23 USD 350 Tesla Inc 1.00% 20/06/2020 17 0.00

Credit default swaps at positive fair value ...................................................................... 6,084 1.19 Credit default swaps at negative fair value ..................................................................... (1,231) (0.25) Credit default swaps at fair value ............................................................................... 4,853 0.94 Total Return Bond Swaps (0.01%)

Ccy

Notional Amount

‘000 Fund Pays

Fund Receives

Termination Date


Fund %

EUR 1,600 USD 3 Month LIBOR 1.00% 20/12/2018 46 0.01 Total return bond swaps at fair value ......................................................................... 46 0.01 Total Financial Derivative Instruments ...................................................................... 5,544 1.08


Fund %

Total Financial Assets at Fair Value through Profit or Loss (99.50%) .......................................................................... 509,442 99.50

Total Financial Liabilities at Fair Value through Profit or Loss ((1.14)%) .......................................................................... (5,833) (1.14)

Net Financial Assets at Fair Value through Profit or Loss (98.36%) ................................................................................... 503,609 98.36

Other Net Assets (1.64%) ....................................................... 8,398 1.64 Net Assets ................................................................................. 512,007 100.00

* Perpetual bonds. # In the event of bankruptcy or, the fund will pay/receive the notional amount to/from the counterparty.


gross assets Transferable securities and money market instruments admitted to an official stock exchange listing ............. 47.27 Transferable securities dealt in on another regulated market ............................................................................. 38.98 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) .................................... 1.43 Certificates of deposit ........................................................................................................................................ 0.57 Commercial paper .............................................................................................................................................. 1.48 Investment funds (UCITS) ................................................................................................................................. 3.81 Exchange traded financial derivative instruments ............................................................................................. 0.14 Over the counter financial derivative instruments ............................................................................................. 2.00 Other assets ........................................................................................................................................................ 4.32

100.00




The brokers for the open futures contracts are Goldman Sachs and Morgan Stanley. The counterparties for the open forward foreign currency exchange contracts are: Bank of America Merrill Lynch HSBC Bank of Montreal JP Morgan Barclays Bank Morgan Stanley BNP Paribas Royal Bank of Canada Brown Brothers Harriman Societe Generale Citibank Standard Chartered Bank Commonwealth Bank of Australia State Street Bank and Trust Company Goldman Sachs Westpac Banking The counterparty for the futures options written is BNP Paribas. The counterparty for the swaptions written is Citibank. The counterparties for the credit default swaps are: Bank of America Merrill Lynch Credit Suisse Barclays Bank Goldman Sachs BNP Paribas JP Morgan Citibank The counterparty for the total return bond swaps is Bank of America Merrill Lynch. Fair Value Hierarchy (Note 11) The following tables analyse within the fair value hierarchy the Fund’s financial assets and liabilities (by investment type) measured at fair value at 30 September 2018 and 31 March 2018. As at 30 September 2018

Level 1

EUR ‘000 Level 2

EUR ‘000 Level 3

EUR ‘000 Total


Investments at fair value: Transferable securities .................................................. 4,089 452,505 - 456,594 Certificates of deposit ................................................... - 3,056 - 3,056 Commercial paper ......................................................... - 7,886 - 7,886 Money market instruments ........................................... - 10,229 - 10,229 Investment funds ........................................................... - 20,300 - 20,300

Unrealised gain on open futures contracts ........................ 748 - - 748 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 4,499 - 4,499 Credit default swaps at fair value ..................................... - 6,084 - 6,084 Total return bond swaps at fair value ............................. - 46 - 46


Unrealised loss on open futures contracts ........................ (1,126) - - (1,126) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (3,454) - (3,454) Futures options written at fair value ................................. - (19) - (19) Swaptions written at fair value ......................................... - (3) - (3) Credit default swaps at fair value ..................................... - (1,231) - (1,231)




As at 31 March 2018

Level 1

EUR ‘000 Level 2

EUR ‘000 Level 3

EUR ‘000 Total


Investments at fair value: Transferable securities .................................................. 383 526,074 4,013 530,470 Certificates of deposit ................................................... - 5,977 - 5,977 Commercial paper ......................................................... - 7,806 - 7,806 Money market instruments ........................................... - 10,848 - 10,848 Investment funds ........................................................... - 18,036 - 18,036

Unrealised gain on open futures contracts ........................ 1,365 - - 1,365 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 5,840 - 5,840 Credit default swaps at fair value ..................................... - 4,823 - 4,823

Total assets ......................................................................... 1,748 579,404 4,013 585,165 Liabilities Financial liabilities at fair value through profit or loss:

Unrealised loss on open futures contracts ........................ (1,156) - - (1,156) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (7,767) - (7,767) Equity options written ...................................................... - (23) - (23) Swaptions written at fair value ......................................... - (3) - (3) Credit default swaps at fair value ..................................... - (1,116) - (1,116) Total return bond swaps ................................................... - (12) - (12)


Russell Investment Company plc Russell Investments Global High Yield Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution.




EUR ‘000 Russell Investment Company III plc Russell Investment Company III plc


Russell Investment Company III plc Russell Investment Company III plc Russell Investments Euro Liquidity Fund Russell Investments Euro Liquidity Fund Class R Roll-Up Shares 73,179 Class R Roll-Up Shares (70,353)

U.S. Treasury Bill Federal Home Loan Bank Discount Note Zero Coupon due 07/03/19 10,223 Zero Coupon due 31/08/18 (9,173)

Federal Home Loan Bank Discount Note Fannie Mae Pool Zero Coupon due 06/09/18 10,064 3.500% due 15/05/46 (9,168)

Fannie Mae Pool U.S. Treasury Bill 3.500% due 15/05/46 9,173 Zero Coupon due 24/01/19 (8,990)

Federal Home Loan Bank Discount Note Federal Home Loan Bank Discount Notes Zero Coupon due 31/08/18 9,077 Zero Coupon due 19/09/18 (8,196)

U.S. Treasury Bill Zero Coupon due 18/05/18 (4,859) Zero Coupon due 24/01/19 8,998 Zero Coupon due 04/05/18 (4,373)

Federal Home Loan Bank Discount Notes TransDigm Inc Zero Coupon due 19/09/18 8,846 6.375% due 15/06/26 (4,254) Zero Coupon due 18/05/18 6,326 Federal Home Loan Bank Discount Notes Zero Coupon due 03/08/18 5,052 Zero Coupon due 26/09/18 (4,169) Zero Coupon due 21/11/18 4,914 Zero Coupon due 08/06/18 (3,772) Zero Coupon due 19/10/18 4,673 Spectrum Brands Holdings Inc Zero Coupon due 26/09/18 4,210 7.750% due 15/07/19 (3,131) Zero Coupon due 23/10/18 4,112 Total SA Zero Coupon due 20/07/18 3,905 2.250%* (3,050) Zero Coupon due 08/06/18 3,562 Federal Home Loan Bank Discount Note Zero Coupon due 23/04/18 3,342 Zero Coupon due 05/07/18 (2,677) Zero Coupon due 11/07/18 3,254 Ally Financial Inc

MPLX LP 4.625% due 30/03/25 (2,571) 4.125% due 01/03/27 2,996 TIBCO Software Inc

Resolute Energy Corp 11.375% due 01/12/21 (2,567) 8.500% due 01/05/20 2,791 QCP SNF West

8.125% due 01/11/23 (2,402) Coveris Holdings SA

7.875% due 01/11/19 (2,285) Solvay Finance SA 4.199%* (2,010) MPLX LP 4.500% due 15/07/23 (1,851) * Perpetual bonds.

Russell Investment Company plc Russell Investments Japan Equity Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 182 Russell Investments Japan Equity Fund


JPY ‘000

31 March 2018 (Audited) JPY ‘000

Assets Financial assets at fair value through profit or loss ....................................................... 56,009,557 50,126,022 Cash at bank (Note 2) .................................................................................................... 7,363,831 3,165,494 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ......................................................................................................................... - 108,225 Debtors:

Receivable for investments sold ................................................................................. 1,246,150 9,323 Receivable on fund shares issued ............................................................................... 1,687,905 125,660 Dividends receivable .................................................................................................. 373,782 408,096

66,681,225 53,942,820 Liabilities Financial liabilities at fair value through profit or loss ................................................. (2,665) (4,065) Creditors – amounts falling due within one financial year:

Cash due to brokers and counterparties for open financial derivative instruments (Note 2) ...................................................................................................................... (50,250) - Payable for investments purchased ............................................................................ (1,275,758) (40,948) Payable on fund shares redeemed .............................................................................. (593,703) (327,957) Distributions payable on income share classes .......................................................... (7,128) (4,651) Management fees payable .......................................................................................... (43,941) (42,916) Depositary fees payable ............................................................................................. (1,179) (674) Sub-custodian fees payable ........................................................................................ (6,605) (2,810) Administration fees payable ....................................................................................... (2,834) (1,787) Audit fees payable ...................................................................................................... (994) (2,057) Other fees payable ...................................................................................................... (81) (133)

(1,985,138) (427,998) Net assets attributable to redeemable participating shareholders .......................... 64,696,087 53,514,822 Movement in fair value of financial assets between last dealing NAV and the financial year end .......................................................................................................... - (456,328) Net assets attributable to redeemable participating shareholders at dealing NAV 64,696,087 53,058,494

Russell Investment Company plc Russell Investments Japan Equity Fund Profit and Loss Account For the six months ended 30 September 2018


Russell Investments Japan Equity Fund 183


(Unaudited) JPY ‘000



Income Dividends ................................................................................................................. 534,995 456,464

Net gain (loss) on investment activities ....................................................................... 4,471,641 7,019,983 Total investment income (expense) .......................................................................... 5,006,636 7,476,447 Expenses

Management fees (Note 4) ....................................................................................... (282,748) (253,902) Depositary fees (Note 5) ........................................................................................... (2,735) (3,403) Sub-custodian fees (Note 5) ..................................................................................... (10,173) (9,963) Administration and transfer agency fees (Note 5) .................................................... (11,853) (12,574) Audit fees ................................................................................................................. (994) (978) Professional fees ....................................................................................................... (150) (670) Other fees ................................................................................................................. (2,646) (1,713)

Total operating expenses ........................................................................................... (311,299) (283,203) Net income (expense) ................................................................................................. 4,695,337 7,193,244 Finance costs

Distributions (Note 7) ............................................................................................... (150,938) (122,907) Profit (loss) for the financial period before taxation .............................................. 4,544,399 7,070,337 Taxation

Withholding tax (Note 8) ......................................................................................... (79,833) (68,336) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................... 4,464,566 7,002,001 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments Japan Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018






Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................... 4,464,566 7,002,001 Share transactions

Reinvestment of deemed distributions on accumulation shares (Note 7) ................. 143,742 120,556 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................ 6,572,957 2,553,253

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ........................................................................................ 11,181,265 9,675,810 Net assets attributable to redeemable participating shareholders

Beginning of financial period ................................................................................... 53,514,822 51,114,614 End of financial period ............................................................................................. 64,696,087 60,790,424

Russell Investment Company plc Russell Investments Japan Equity Fund Schedule of Investments 30 September 2018



Number of Shares

Fair Value JPY ‘000

Fund %

Transferable Securities (85.98%) Common Stock (85.98%) Japan (85.98%) Advertising

18,000 Dentsu Inc ........................... 94,859 0.14 15,200 Hakuhodo DY Holdings Inc 30,293 0.05 59,000 Macromill Inc ...................... 141,894 0.22

267,046 0.41 Agriculture

129,900 Japan Tobacco Inc ............... 385,282 0.60 Airlines

1,700 ANA Holdings Inc .............. 6,748 0.01 3,100 Japan Airlines Co Ltd .......... 12,659 0.02

19,407 0.03 Auto Components

10,800 Aisin Seiki Co Ltd ............... 59,723 0.09 54,300 Denso Corp ......................... 325,745 0.50 32,900 Exedy Corp ......................... 123,868 0.19 10,900 JTEKT Corp ........................ 18,126 0.03 3,700 Keihin Corp ......................... 8,694 0.01 22,700 Koito Manufacturing Co Ltd 169,341 0.26 1,300 KYB Corp ........................... 6,616 0.01 72,000 NGK Insulators Ltd ............. 134,927 0.21 47,600 NOK Corp ........................... 92,867 0.14 5,500 Press Kogyo Co Ltd ............ 3,299 0.01 20,200 Showa Corp ......................... 35,248 0.05

303,400

Sumitomo Electric Industries Ltd ....................................... 540,658 0.84

6,800 Tachi-S Co Ltd .................... 11,559 0.02 1,800 Tokai Rika Co Ltd ............... 4,319 0.01 6,700 Toyota Industries Corp ........ 45,023 0.07

1,580,013 2.44 Automobiles

217,700 Honda Motor Co Ltd ........... 748,669 1.16 79,000 Isuzu Motors Ltd ................. 141,488 0.22 467,400 Mazda Motor Corp .............. 637,533 0.99 518,700 Nissan Motor Co Ltd ........... 551,636 0.85 6,700 Shinmaywa Industries Ltd ... 10,317 0.02 69,200 Subaru Corp ........................ 240,815 0.37 52,600 Suzuki Motor Corp .............. 342,320 0.53 102,500 Toyota Motor Corp .............. 727,237 1.12

3,400,015 5.26 Banks ...................................

2,400 77 Bank Ltd ......................... 6,485 0.01 2,600 Bank of Kyoto Ltd .............. 15,418 0.02 18,000 Chiba Bank Ltd ................... 13,968 0.02 6,300 Chugoku Bank Ltd .............. 7,289 0.01

72,100

Concordia Financial Group Ltd ....................................... 40,160 0.06

5,600

Fukuoka Financial Group Inc ....................................... 17,500 0.03

Number of Shares


Fund %

14,700 Gunma Bank Ltd ................. 8,600 0.01 81,700 Hachijuni Bank Ltd ............. 42,566 0.07 56,200 Hiroshima Bank Ltd ........... 43,218 0.07

4,800

Hokuhoku Financial Group Inc ....................................... 7,666 0.01

9,100 Iyo Bank Ltd ....................... 6,461 0.01 11,200 Japan Post Bank Co Ltd ...... 15,042 0.02 13,400 Kyushu Financial Group Inc 7,236 0.01

779,900

Mitsubishi UFJ Financial Group Inc ............................ 553,027 0.86

2,807,000 Mizuho Financial Group Inc 556,347 0.86

38,900

Nishi-Nippon Financial Holdings Inc ....................... 51,115 0.08

92,700 North Pacific Bank Ltd ....... 35,690 0.06 1,400 Ogaki Kyoritsu Bank Ltd .... 4,074 0.01 54,400 Resona Holdings Inc ........... 34,724 0.06 7,400 Shinsei Bank Ltd ................. 13,742 0.02 49,300 Shizuoka Bank Ltd ............. 50,286 0.08

192,000

Sumitomo Mitsui Financial Group Inc ............................ 880,512 1.36

173,100

Sumitomo Mitsui Trust Holdings Inc ....................... 809,416 1.25

36,600 Suruga Bank Ltd ................. 20,789 0.03

7,000

Yamaguchi Financial Group Inc ....................................... 8,666 0.01

3,249,997 5.03 Beverages

400 DyDo Group Holdings Inc .. 2,276 0.00 Biotechnology

66,900 Eiken Chemical Co Ltd ....... 176,683 0.27 Building Products

37,200 Daikin Industries Ltd .......... 562,650 0.87 5,700 Fujimi Inc ........................... 16,826 0.03 68,500 Katitas Co Ltd ..................... 237,353 0.37 500 Nichias Corp ....................... 1,478 0.00 35,500 Nichiha Corp ....................... 106,678 0.16 24,300 Nippon Sheet Glass Co Ltd . 30,059 0.05

955,044 1.48 Chemicals

14,700 Ishihara Sangyo Kaisha Ltd 25,637 0.04 46,200 KH Neochem Co Ltd .......... 204,435 0.32

12,200

Mitsubishi Chemical Holdings Corp ..................... 13,268 0.02

19,900

Mitsubishi Gas Chemical Co Inc ....................................... 48,138 0.07

1,200 Mitsui Chemicals Inc .......... 3,409 0.01 900 Nippon Carbon Co Ltd ....... 7,083 0.01

2,100

Nippon Chemical Industrial Co Ltd ................................. 7,907 0.01

1,200 Nippon Shokubai Co Ltd .... 10,596 0.02 36,800 Shin-Etsu Chemical Co Ltd 370,392 0.57 43,500 Showa Denko KK ............... 272,745 0.42 2,000 Sumitomo Bakelite Co Ltd . 10,220 0.02

Russell Investment Company plc Russell Investments Japan Equity Fund Schedule of Investments - continued 30 September 2018


Number of Shares


Fund %

10,000 Sumitomo Chemical Co Ltd 6,650 0.01 6,700 Tokai Carbon Co Ltd ........... 14,948 0.02 7,400 Tokuyama Corp ................... 22,866 0.03 11,000 Tosoh Corp .......................... 19,250 0.03 9,300 Zeon Corp ........................... 11,123 0.02

1,048,667 1.62 Commercial Services and Supplies

19,500 Atrae Inc .............................. 48,926 0.08 2,200 Benesse Holdings Inc .......... 7,117 0.01 45,400 Dai Nippon Printing Co Ltd 119,947 0.19 46,800 GMO Payment Gateway Inc 329,472 0.51 38,700 Insource Co Ltd ................... 97,524 0.15 3,800 Kanamoto Co Ltd ................ 15,314 0.02 93,000 Like Co Ltd ......................... 166,098 0.26 124,900 Nihon M&A Center Inc ....... 425,909 0.66 3,800 Nishio Rent All Co Ltd ....... 14,421 0.02 800 Nisso Corp ........................... 2,397 0.00 113,500 Outsourcing Inc ................... 189,205 0.29 50,000 Park24 Co Ltd ..................... 171,750 0.27 1,200 Pasona Group Inc ................ 2,022 0.00 1,100 Persol Holdings Co Ltd ....... 2,932 0.00 76,500 Raksul Inc ........................... 276,548 0.43 267,400 Recruit Holdings Co Ltd ..... 1,013,981 1.57 96,200 S-Pool Inc ............................ 190,572 0.29 2,900 Toppan Forms Co Ltd ......... 3,167 0.01 44,000 Toppan Printing Co Ltd ....... 80,300 0.12 54,000 WDB Holdings Co Ltd ........ 219,240 0.34

3,376,842 5.22 Computers and Peripherals

900 DTS Corp ............................ 4,073 0.01 11,000 Fujitsu Ltd ........................... 89,056 0.14

71,800

Itochu Techno-Solutions Corp ..................................... 177,274 0.27

900 NEC Corp ............................ 2,826 0.00

56,100

NEC Networks & System Integration Corp .................. 147,767 0.23

65,700 Nihon Unisys Ltd ................ 192,632 0.29 43,700 NS Solutions Corp ............... 160,379 0.25 173,100 NTT Data Corp ................... 272,286 0.42 6,500 Obic Co Ltd ......................... 69,875 0.11 800 SCSK Corp .......................... 4,296 0.01 21,300 TDK Corp ........................... 263,907 0.41

1,384,371 2.14 Construction and Engineering

5,200 Daiho Corp .......................... 16,744 0.02 49,300 Hazama Ando Corp ............. 42,743 0.07 81,800 JGC Corp ............................. 213,171 0.33 4,000 Kajima Corp ........................ 6,604 0.01 26,594 Kawada Technologies Inc ... 183,233 0.28 10,500 Kinden Corp ........................ 19,100 0.03

Number of Shares


Fund %

154,900 Meisei Industrial Co Ltd ..... 140,030 0.22

4,100

Nishimatsu Construction Co Ltd ...................................... 11,792 0.02

71,000 Obayashi Corp .................... 76,396 0.12

267,900

Penta-Ocean Construction Co Ltd ................................. 202,800 0.31

20,700

Sumitomo Mitsui Construction Co Ltd ........... 15,815 0.02

5,200 Taisei Corp ......................... 26,936 0.04

3,100

Takasago Thermal Engineering Co Ltd ............. 6,374 0.01

134,400 Tokyu Construction Co Ltd 147,437 0.23 13,300 Toyo Construction Co Ltd .. 6,158 0.01

1,115,333 1.72 Containers and Packaging

13,500 Rengo Co Ltd ...................... 13,082 0.02

34,100

Toyo Seikan Group Holdings Ltd ....................... 80,374 0.12

93,456 0.14 Distributors

400 Arata Corp .......................... 2,280 0.00 1,000 I.K Co Ltd ........................... 1,972 0.00 8,100 Innotech Corp ..................... 11,000 0.02 32,000 Iwatani Corp ....................... 129,440 0.20 67,900 Marubeni Corp .................... 70,616 0.11 322,000 Mitsubishi Corp .................. 1,127,322 1.74 185,100 Mitsui & Co Ltd .................. 373,995 0.58 78,000 Sojitz Corp .......................... 31,980 0.05 172,200 Sumitomo Corp ................... 326,233 0.50 800 Toyota Tsusho Corp ........... 3,432 0.01

2,078,270 3.21 Diversified Financials

83,000 Credit Saison Co Ltd .......... 153,799 0.24 291,500 Daiwa Securities Group Inc 201,485 0.31 35,300 Mebuki Financial Group Inc 13,873 0.02

392,300

Mitsubishi UFJ Lease & Finance Co Ltd ................... 262,449 0.41

1,621,100 Nomura Holdings Inc ......... 879,771 1.36 175,900 ORIX Corp ......................... 324,008 0.50 57,500 Premium Group Co Ltd ...... 265,650 0.41 7,700 Ricoh Leasing Co Ltd ......... 28,837 0.04 19,900 SBI Holdings Inc ................ 70,247 0.11

2,200,119 3.40 Electric Utilities

28,200 Chubu Electric Power Co Inc 48,462 0.08

22,200

Chugoku Electric Power Co Inc ....................................... 32,412 0.05

17,700

Electric Power Development Co Ltd ................................. 55,667 0.09

25,000 Hokuriku Electric Power Co 29,075 0.04

31,500

Kansai Electric Power Co Inc ....................................... 53,960 0.08

13,400

Shikoku Electric Power Co Inc ....................................... 19,872 0.03

Russell Investment Company plc Russell Investments Japan Equity Fund Schedule of Investments – continued 30 September 2018



Number of Shares


Fund %

154,300

Tokyo Electric Power Co Holdings Inc ........................ 86,099 0.13

325,547 0.50 Electrical Equipment

59,400 Alps Electric Co Ltd ............ 171,428 0.27 18,100 Brother Industries Ltd ......... 40,616 0.06 8,200 Cosel Co Ltd ....................... 10,635 0.02 77,200 GS Yuasa Corp .................... 215,928 0.33

6,600

Hitachi High-Technologies Corp ..................................... 25,839 0.04

18,200 Hoya Corp ........................... 122,850 0.19 9,000 Ibiden Co Ltd ...................... 14,337 0.02

1,000

Japan Aviation Electronics Industry Ltd ......................... 1,914 0.00

28,700 Japan Display Inc ................ 3,588 0.01 20,700 Kyocera Corp ...................... 141,174 0.22

3,700

Murata Manufacturing Co Ltd ....................................... 64,621 0.10

48,700 Nidec Corp .......................... 796,002 1.23

9,200

Nippon Electric Glass Co Ltd ....................................... 32,890 0.05

7,000 Tokyo Seimitsu Co Ltd ....... 20,664 0.03 1,662,486 2.57 Entertainment

106,900 Avex Inc .............................. 173,285 0.27 16,500 Oriental Land Co Ltd .......... 196,020 0.30 8,600 Sankyo Co Ltd ..................... 38,227 0.06 5,300 Tokyotokeiba Co Ltd .......... 23,188 0.04

430,720 0.67 Environmental Control

211,900 Hitachi Zosen Corp ............. 100,653 0.16 Food Products

1,600 Heiwado Co Ltd .................. 4,880 0.01 600 Kato Sangyo Co Ltd ............ 2,298 0.00 59,000 Life Corp ............................. 171,690 0.27 50,500 Maruha Nichiro Corp .......... 211,595 0.33

6,200

Morinaga Milk Industry Co Ltd ....................................... 19,127 0.03

2,800 NH Foods Ltd ...................... 11,746 0.02

26,900

Nissin Foods Holdings Co Ltd ....................................... 210,089 0.32

22,800 Seven & i Holdings Co Ltd . 115,368 0.18 24,000 Yakult Honsha Co Ltd ......... 223,440 0.34

970,233 1.50 Hand and Machine Tools

6,400 Disco Corp .......................... 121,728 0.19 72,800 Fuji Electric Co Ltd ............. 331,240 0.51 300 Noritake Co Ltd ................... 2,151 0.00

455,119 0.70 Health Care Equipment and Supplies

169,600

Japan Medical Dynamic Marketing Inc ...................... 212,339 0.33

Number of Shares


Fund %

83,300 Menicon Co Ltd .................. 230,824 0.36 2,400 Olympus Corp ..................... 10,644 0.01 83,900 Shimadzu Corp ................... 298,684 0.46 20,500 Sysmex Corp ....................... 200,490 0.31 116,300 Terumo Corp ....................... 782,699 1.21

1,735,680 2.68 Health Care Providers and Services

1,500 CMIC Holdings Co Ltd ...... 3,437 0.01 30,800 PeptiDream Inc ................... 139,524 0.21

142,961 0.22 Home Builders

42,900

Daiwa House Industry Co Ltd ...................................... 144,487 0.23

20,000 Iida Group Holdings Co Ltd 40,420 0.06 184,907 0.29 Home Furnishings

124,800 France Bed Holdings Co Ltd 122,179 0.19 6,600 Hibino Corp ........................ 9,491 0.01 24,400 Hoshizaki Corp ................... 286,944 0.44 2,100 Kokuyo Co Ltd ................... 4,297 0.01 131,400 Panasonic Corp ................... 173,908 0.27 79,000 Sony Corp ........................... 550,314 0.85

1,147,133 1.77 Hotels, Restaurants and Leisure

11,800 Heiwa Corp ......................... 29,901 0.05 700 Mizuno Corp ....................... 2,001 0.00 17,500 Shimano Inc ........................ 320,425 0.50 42,800 Yamaha Motor Co Ltd ........ 136,318 0.21

488,645 0.76 Insurance

383,000 Dai-ichi Life Holdings Inc .. 905,987 1.40 98,000 Japan Post Holdings Co Ltd 132,496 0.21 5,300 Japan Post Insurance Co Ltd 14,273 0.02

53,000

MS&AD Insurance Group Holdings Inc ....................... 201,082 0.31

85,500 Sompo Holdings Inc ........... 413,735 0.64 24,500 Tokio Marine Holdings Inc . 138,107 0.21

1,805,680 2.79 Internet Software and Services

53,100 Digital Arts Inc ................... 283,554 0.44 5,500 Dip Corp ............................. 15,125 0.02 34,000 en-japan Inc ........................ 193,800 0.30 133,700 Infomart Corp ..................... 197,876 0.30 246,600 kabu.com Securities Co Ltd 94,694 0.15 77,000 Kakaku.com Inc .................. 171,094 0.26 211,600 M3 Inc ................................ 545,505 0.84 98,400 MonotaRO Co Ltd .............. 315,372 0.49 243,000 Rakuten Inc ......................... 211,604 0.33 122,000 SMS Co Ltd ........................ 275,842 0.43



Number of Shares


Fund %

22,700 Trend Micro Inc .................. 165,937 0.26 84,200 ZOZO Inc ............................ 289,648 0.45

2,760,051 4.27 Iron and Steel

8,000 Aichi Steel Corp .................. 34,680 0.05 4,000 Daido Steel Co Ltd .............. 22,080 0.04 29,000 Hitachi Metals Ltd ............... 40,803 0.06 2,200 Japan Steel Works Ltd ......... 6,085 0.01 270,500 JFE Holdings Inc ................. 705,194 1.09 24,700 Kobe Steel Ltd ..................... 24,947 0.04 20,800 Kyoei Steel Ltd ................... 46,093 0.07

284,100

Nippon Steel & Sumitomo Metal Corp .......................... 682,834 1.06

4,100 Nisshin Steel Co Ltd ........... 6,986 0.01 10,260 Sanyo Special Steel Co Ltd . 28,451 0.04 2,800 Yamato Kogyo Co Ltd ........ 9,870 0.02

1,608,023 2.49 Machinery

50,600 Hitachi Ltd .......................... 195,316 0.30 1,000 Juki Corp ............................. 1,409 0.00 2,300 Kato Works Co Ltd ............. 8,062 0.01 15,000 Keyence Corp ...................... 989,700 1.53 34,300 Komatsu Ltd ........................ 118,541 0.18 113,200 Kubota Corp ........................ 218,589 0.34

7,400

Makino Milling Machine Co Ltd ....................................... 35,890 0.06

160,300

Mitsubishi Heavy Industries Ltd ....................................... 703,236 1.09

9,900 Nippon Thompson Co Ltd ... 7,475 0.01 53,300 Nitto Kohki Co Ltd ............. 140,605 0.22 13,640 Okuma Corp ........................ 86,068 0.13

8,800

Sumitomo Heavy Industries Ltd ....................................... 35,684 0.06

7,100 THK Co Ltd ........................ 20,533 0.03 2,000 Tsugami Corp ...................... 2,250 0.00

2,563,358 3.96 Media

59,800 Fuji Media Holdings Inc ..... 120,856 0.19

81,400

Nippon Television Holdings Inc ....................................... 160,195 0.25

3,700

SKY Perfect JSAT Holdings Inc ....................................... 2,028 0.00

7,400

Tokyo Broadcasting System Holdings Inc ........................ 17,494 0.03

3,700 TV Asahi Holdings Corp ..... 8,077 0.01 51,100 Tv Tokyo Holdings Corp .... 143,847 0.22

452,497 0.70 Metals and Mining

26,600 Dowa Holdings Co Ltd ....... 96,026 0.15 137,400 MISUMI Group Inc ............. 403,956 0.62 80,700 Mitsubishi Materials Corp ... 273,977 0.42

1,200

Mitsui Matsushima Holdings Co Ltd ................................. 2,263 0.00

Number of Shares


Fund %

100,000 NSK Ltd .............................. 130,200 0.20 1,000 Ryobi Ltd ............................ 4,475 0.01

39,300

Sumitomo Metal Mining Co Ltd ...................................... 156,650 0.24

4,000 Tocalo Co Ltd ..................... 4,680 0.01 27,300 UACJ Corp ......................... 74,283 0.12

1,146,510 1.77 Miscellaneous Manufacturers

70,000 FUJIFILM Holdings Corp .. 358,050 0.55 33,100 Nikon Corp ......................... 70,669 0.11 38,800 Shoei Co Ltd ....................... 190,314 0.29 4,000 Tamron Co Ltd ................... 9,680 0.02 29,000 Toshiba Corp ...................... 95,265 0.15 10,700 Toyo Tanso Co Ltd ............. 36,059 0.06

760,037 1.18 Office Electronics

31,200 Konica Minolta Inc ............. 37,690 0.06 29,000 Ricoh Co Ltd ...................... 35,380 0.06 64,800 Seiko Epson Corp ............... 125,582 0.19

198,652 0.31 Oil and Gas

158,000 Inpex Corp .......................... 223,886 0.35

7,500

Japan Petroleum Exploration Co Ltd ................................. 19,545 0.03

243,431 0.38 Paper and Forest Products

115,800 Hokuetsu Corp .................... 71,680 0.11

6,800

Nippon Paper Industries Co Ltd ...................................... 14,219 0.02

312,000 Oji Holdings Corp ............... 257,400 0.40 84,100 Sumitomo Forestry Co Ltd . 166,098 0.26

509,397 0.79 Personal Products

2,200 Fancl Corp .......................... 12,276 0.02 70,800 Kao Corp ............................ 649,519 1.00 52,700 Pigeon Corp ........................ 337,280 0.52 10,000 Shiseido Co Ltd .................. 87,990 0.14 186,000 Unicharm Corp ................... 698,988 1.08

1,786,053 2.76 Pharmaceuticals

2,700

ASKA Pharmaceutical Co Ltd ...................................... 4,226 0.01

96,700 Astellas Pharma Inc ............ 191,659 0.30 65,000 Fuji Pharma Co Ltd ............ 116,480 0.18 14,800 Medipal Holdings Corp ...... 35,091 0.05 1,100 Ono Pharmaceutical Co Ltd 3,537 0.01

141,800

Rohto Pharmaceutical Co Ltd ...................................... 565,782 0.87

86,500

Santen Pharmaceutical Co Ltd ...................................... 155,787 0.24

46,600

Sawai Pharmaceutical Co Ltd ...................................... 285,658 0.44

Russell Investment Company plc Russell Investments Japan Equity Fund Schedule of Investments – continued 30 September 2018



Number of Shares


Fund %

34,500 Shionogi & Co Ltd .............. 256,128 0.40

70,900

Takeda Pharmaceutical Co Ltd ....................................... 344,645 0.53

8,300 Toho Holdings Co Ltd ......... 25,025 0.04 4,900 Towa Pharmaceutical Co Ltd 41,258 0.06 71,600 Tsumura & Co ..................... 280,672 0.43

2,305,948 3.56 Real Estate

68,800 Daibiru Corp ....................... 82,422 0.13 17,200 Goldcrest Co Ltd ................. 31,958 0.05 70,300 Mitsubishi Estate Co Ltd ..... 135,820 0.21 51,100 Mitsui Fudosan Co Ltd ........ 137,408 0.21

11,900

Nomura Real Estate Holdings Inc ........................ 27,299 0.04

2,400 Open House Co Ltd ............. 13,440 0.02 124,300 Relo Group Inc .................... 415,162 0.64 95,000 Star Mica Co Ltd ................. 168,055 0.26 16,800 Tosei Corp ........................... 19,740 0.03

1,031,304 1.59 Real Estate Investment Trust

9 Daiwa Office Investment Corp ..................................... 6,165 0.01

348 GLP J-Reit ........................... 38,454 0.06 878 Invincible Investment Corp . 41,705 0.06 110 Nippon Prologis REIT Inc ... 24,739 0.04

111,063 0.17 Retail Trade

8,200 Aoyama Trading Co Ltd ...... 28,618 0.05 19,200 Belluna Co Ltd .................... 25,766 0.04 307,000 Citizen Watch Co Ltd .......... 229,943 0.36 300 Cocokara Fine Inc ............... 2,187 0.00 7,900 DCM Holdings Co Ltd ........ 8,161 0.01

56,400

Don Quijote Holdings Co Ltd ....................................... 324,300 0.50

89,300

Doutor Nichires Holdings Co Ltd ................................. 188,423 0.29

5,000 EDION Corp ....................... 6,355 0.01 116,700 H2O Retailing Corp ............ 218,229 0.34

55,400

Isetan Mitsukoshi Holdings Ltd ....................................... 77,283 0.12

16,700 Izumi Co Ltd ....................... 126,085 0.20 100,600 K's Holdings Corp ............... 138,325 0.21 54,400 Lawson Inc .......................... 376,448 0.58 11,400 Nitori Holdings Co Ltd ....... 185,763 0.29 13,500 Ryohin Keikaku Co Ltd ...... 456,300 0.71 53,200 Seiko Holdings Corp ........... 170,240 0.26 39,000 Seria Co Ltd ........................ 156,780 0.24 3,600 Shimachu Co Ltd ................. 13,212 0.02 400 Sugi Holdings Co Ltd .......... 2,232 0.00 2,500 Sushiro Global Holdings Ltd 16,825 0.03 14,500 Takashimaya Co Ltd ........... 27,826 0.04

Number of Shares


Fund %

4,500 Valor Holdings Co Ltd ....... 11,826 0.02 56,000 Xebio Holdings Co Ltd ....... 92,792 0.14 600,200 Yamada Denki Co Ltd ........ 345,115 0.53 600 Yossix Co Ltd ..................... 1,803 0.00

3,230,837 4.99 Semiconductor Equipment and Products

1,700 Advantest Corp ................... 4,068 0.01

7,200

Shinko Electric Industries Co Ltd ................................. 6,883 0.01

15,200 Sumco Corp ........................ 25,050 0.04 1,700 Tokyo Electron Ltd ............. 26,537 0.04 1,200 V Technology Co Ltd ......... 20,448 0.03

82,986 0.13 Shipbuilding

5,400 Mitsui E&S Holdings Co Ltd 11,016 0.02 Software

1,500

Computer Engineering & Consulting Ltd .................... 4,163 0.01

160,000 EM Systems Co Ltd ............ 199,840 0.30 41,300 Mercari Inc ......................... 155,082 0.24

49,800

Miroku Jyoho Service Co Ltd ...................................... 126,741 0.19

10,300 Nexon Co Ltd ..................... 15,296 0.02 1,300 NSD Co Ltd ........................ 3,280 0.01 400 Oracle Corp Japan ............... 3,664 0.01 2,600 Systena Corp ....................... 4,038 0.01

512,104 0.79 Telecommunications

38,700 Grace Technology Inc ......... 130,806 0.20 8,000 Hikari Tsushin Inc .............. 179,680 0.28 228,000 KDDI Corp ......................... 715,692 1.10

166,300

Nippon Telegraph & Telephone Corp .................. 853,452 1.32

41,700 Nisshinbo Holdings Inc ...... 56,420 0.09 27,900 NTT Docomo Inc ................ 85,235 0.13 90,100 SoftBank Group Corp ......... 1,033,447 1.60

3,054,732 4.72 Textile and Apparel

132,700 Asics Corp .......................... 224,794 0.35 8,000 Onward Holdings Co Ltd .... 6,088 0.01

230,882 0.36 Toys, Games and Hobbies

38,500 Bandai Namco Holdings Inc 169,978 0.26 9,500 Nintendo Co Ltd ................. 393,870 0.61

563,848 0.87 Transport

3,100 Central Japan Railway Co ... 73,346 0.11 3,700 Hamakyorex Co Ltd ........... 15,281 0.02 13,400 Kamigumi Co Ltd ............... 33,554 0.05



Number of Shares


Fund %

1,900 Kintetsu World Express Inc 4,138 0.01 71,500 Kyushu Railway Co ............ 247,390 0.38 4,700 Mitsubishi Logistics Corp ... 13,799 0.02 23,900 Mitsui OSK Lines Ltd ......... 79,229 0.12 51,400 Nagoya Railroad Co Ltd ...... 144,640 0.22

22,000

Nankai Electric Railway Co Ltd ....................................... 62,810 0.10

7,600 Nippon Express Co Ltd ....... 56,696 0.09 183,800 Nippon Yusen KK ............... 392,781 0.61

1,300

Nishi-Nippon Railroad Co Ltd ....................................... 3,998 0.01

Number of Shares


Fund %

10,400 Seino Holdings Co Ltd ....... 17,857 0.03 88,200 SG Holdings Co Ltd ........... 262,571 0.40 108,000 Tokyu Corp ......................... 224,424 0.35 5,600 West Japan Railway Co ...... 44,358 0.07

1,676,872 2.59 Total Common Stock ........ 55,622,186 85.98




Notional Amount JPY ‘000

Average Cost Price

JPY

Unrealised Gain (Loss)

JPY ‘000 Fund

% 6,500,059

1,742.64

373 of Topix Index Futures Long Futures Contracts Expiring December 2018 .................................. 279,217 0.43

Net unrealised gain (loss) on open futures contracts ................................................. 279,217 0.43 Open Forward Foreign Currency Exchange Contracts (0.17%)

Settlement Date


Amount Sold ‘000

Unrealised Gain (Loss)

JPY ‘000 Fund

% 05/10/2018 EUR 6,706 JPY 865,167 19,589 0.03 05/10/2018 EUR 6,702 JPY 865,167 19,061 0.03 05/10/2018 EUR 6,701 JPY 865,167 18,878 0.03 05/10/2018 GBP 5,894 JPY 847,296 25,659 0.04 05/10/2018 GBP 5,889 JPY 847,296 24,967 0.04 05/10/2018 JPY 55,492 EUR 430 (1,249) 0.00 05/10/2018 JPY 49,482 GBP 344 (1,416) 0.00

Unrealised gain on open forward foreign currency exchange contracts ............................... 108,154 0.17 Unrealised loss on open forward foreign currency exchange contracts ................................ (2,665) 0.00 Net unrealised gain (loss) on open forward foreign currency exchange contracts ....... 105,489 0.17 Total Financial Derivative Instruments ............................................................................ 384,706 0.60


Fund %

Total Financial Assets at Fair Value through Profit or Loss (86.58%) ......................................................................................... 56,009,557 86.58

Total Financial Liabilities at Fair Value through Profit or Loss (0.00%) .................................................................................. (2,665) 0.00

Net Financial Assets at Fair Value Through Profit or Loss (86.58%) ......................................................................................... 56,006,892 86.58

Other Net Assets (13.42%) ........................................................... 8,689,195 13.42 Net Assets ....................................................................................... 64,696,087 100.00





gross assets Transferable securities admitted to an official stock exchange listing .................................................................... 83.42 Exchange traded financial derivative instruments .................................................................................................. 0.42 Over the counter financial derivative instruments .................................................................................................. 0.16 Other assets ............................................................................................................................................................. 16.00

100.00 The broker for the open futures contracts is Morgan Stanley. The counterparties for the open forward foreign currency exchange contracts are:

Bank of Montreal Royal Bank of Canada Commonwealth Bank of Australia State Street Bank and Trust Company


Level 1

JPY ‘000 Level 2

JPY ‘000 Level 3

JPY ‘000 Total

JPY ‘000 Assets Financial assets at fair value through profit or loss:

Investments at fair value: Transferable securities .................................................. 55,622,186 - - 55,622,186 Unrealised gain on open futures contracts .................... 279,217 - - 279,217Unrealised gain on open forward foreign currency exchange contracts ........................................................ - 108,154 - 108,154


Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (2,665) - (2,665)

Total liabilities ................................................................... - (2,665) - (2,665) As at 31 March 2018

Level 1

JPY ‘000 Level 2

JPY ‘000 Level 3

JPY ‘000 Total

JPY ‘000 Assets Financial assets at fair value through profit or loss:

Investments at fair value: Transferable securities .................................................. 50,085,772 - - 50,085,772 Unrealised gain on open futures contracts ..................... 18,683 - - 18,683 Unrealised gain on open forward foreign currency exchange contracts ........................................................ - 21,567 - 21,567


Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (4,065) - (4,065)

Total liabilities ................................................................... - (4,065) - (4,065)

Russell Investment Company plc Russell Investments Japan Equity Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 192 Russell Investments Japan Equity Fund


JPY ‘000 Portfolio Securities Disposal Proceeds

JPY ‘000 Nomura Holdings Inc 570,624 Nintendo Co Ltd (489,224) Takeda Pharmaceutical Co Ltd 473,044 Sony Financial Holdings Inc (469,540) Daikin Industries Ltd 352,626 Mitsubishi Corp (431,369) Toyota Motor Corp 351,955 Sony Corp (352,395) Nintendo Co Ltd 285,789 SoftBank Group Corp (308,423) Kyocera Corp 279,798 Fuji Media Holdings Inc (274,854) Honda Motor Co Ltd 267,731 Canon Inc (264,724) Panasonic Corp 267,430 Kao Corp (260,073) Sumitomo Electric Industries Ltd 262,643 Recruit Holdings Co Ltd (257,261) NTT Data Corp 258,317 Fast Retailing Co Ltd (255,009) Inpex Corp 252,071 Mitsubishi Heavy Industries Ltd (251,655) Sony Corp 240,367 Mitsubishi Electric Corp (214,980) Nippon Steel & Sumitomo Metal Corp 233,452 Mitsubishi Chemical Holdings Corp (208,169) KDDI Corp 230,742 Panasonic Corp (206,382) H2O Retailing Corp 225,076 Toyota Motor Corp (203,259) SoftBank Group Corp 214,776 Nippon Steel & Sumitomo Metal Corp (202,018) Mitsubishi Materials Corp 195,774 Screen Holdings Co Ltd (195,957) Unicharm Corp 195,359 SCSK Corp (183,261) Raksul Inc 192,424 KDDI Corp (175,561) Oriental Land Co Ltd 188,666 Tokyo Electron Ltd (172,415)

Russell Investment Company plc Russell Investments Multi-Asset Growth Strategy Euro Fund Balance Sheet As at 30 September 2018


Russell Investments Multi-Asset Growth Strategy Euro Fund 193


31 March 2018 (Audited) EUR’000

Assets Financial assets at fair value through profit or loss ..................................................... 386,854 364,110 Cash at bank (Note 2) .................................................................................................. 16,293 5,907 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................ 13,016 3,298 Debtors:

Receivable for investments sold ............................................................................... 25,405 567 Receivable on fund shares issued ............................................................................. 14 95 Dividends receivable ................................................................................................ 43 33 Interest receivable .................................................................................................... 317 218 Prepayments and other debtors ................................................................................. 653 651

442,595 374,879 Liabilities Financial liabilities at fair value through profit or loss ................................................ (3,583) (1,595) Creditors – amounts falling due within one financial year:

Cash due to brokers and counterparties for open financial derivative instruments (Note 2) .................................................................................................................... (12,194) (285) Payable for investments purchased .......................................................................... (18,324) (99) Payable on fund shares redeemed ............................................................................. (168) (1,460) Management fees payable ........................................................................................ (279) (285) Sub-custodian fees payable ...................................................................................... (3) (2) Administration fees payable ..................................................................................... (19) (12) Audit fees payable .................................................................................................... (6) (11)

(34,576) (3,749) Net assets attributable to redeemable participating shareholders ........................ 408,019 371,130

Russell Investment Company plc Russell Investments Multi-Asset Growth Strategy Euro Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 194 Russell Investments Multi-Asset Growth Strategy Euro Fund





Income Dividends .................................................................................................................. 425 213

Net gain (loss) on investment activities ........................................................................ (30) 6,770 Total investment income (expense) ........................................................................... 395 6,983 Expenses

Management fees (Note 4) ........................................................................................ (1,719) (1,736) Less: Management fees reimbursement (Note 4) ...................................................... 1,216 1,229 Depositary fees (Note 5) ............................................................................................ (26) (28) Sub-custodian fees (Note 5) ...................................................................................... (8) (8) Administration and transfer agency fees (Note 5) ..................................................... (69) (71) Audit fees .................................................................................................................. (6) (6) Professional fees ........................................................................................................ (1) (6) Other fees .................................................................................................................. (22) (16)

Total operating expenses ............................................................................................ (635) (642) Profit (loss) for the financial period before taxation ............................................... (240) 6,341 Taxation

Withholding tax (Note 8) .......................................................................................... (79) (45) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... (319) 6,296 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments Multi-Asset Growth Strategy Euro Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................... (319) 6,296 Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................ 37,208 30,274

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ........................................................................................ 36,889 36,570 Net assets attributable to redeemable participating shareholders

Beginning of financial period ................................................................................... 371,130 366,442 End of financial period ............................................................................................. 408,019 403,012

Russell Investment Company plc Russell Investments Multi-Asset Growth Strategy Euro Fund Schedule of Investments 30 September 2018


Number of Shares


Fund %

Transferable securities (16.85%) Common Stock (7.82%) Australia (0.12%) Banks

2,166

Australia & New Zealand Banking Group Ltd ............. 38 0.01

829

Commonwealth Bank of Australia .............................. 37 0.01

425 Macquarie Group Ltd .......... 33 0.00 2,178 Westpac Banking Corp ........ 38 0.01

Diversified Financials 2,017 ASX Ltd .............................. 80 0.02

Entertainment 13,562 Tabcorp Holdings Ltd ......... 41 0.01

Food Products 1,959 Woolworths Group Ltd ....... 34 0.01


718

Flight Centre Travel Group Ltd ....................................... 24 0.01

Real Estate Investment Trust 3,181 Dexus .................................. 21 0.01 11,915 GPT Group .......................... 39 0.01 32,999 Mirvac Group ...................... 50 0.01 21,997 Stockland ............................. 57 0.01

Retail Trade

546

Domino's Pizza Enterprises Ltd ....................................... 18 0.00

510 0.12 Austria (0.01%) Containers and Packaging

239 Mayr Melnhof Karton AG ... 26 0.01 Belgium (0.05%) Beverages

917

Anheuser-Busch InBev SA/NV ................................. 69 0.02

Distributors 312 D'ieteren SA/NV ................. 12 0.00

Media 252 Telenet Group Holding NV . 12 0.00

Other Finance

1,164

Groupe Bruxelles Lambert SA ....................................... 105 0.03

198 0.05 Bermuda (0.02%) Construction and Engineering

3,500

CK Infrastructure Holdings Ltd ....................................... 24 0.00


500

Jardine Matheson Holdings Ltd ....................................... 27 0.01

Number of Shares


Fund %

Insurance 582 Axis Capital Holdings Ltd .. 29 0.01

Real Estate

3,600

Hongkong Land Holdings Ltd ...................................... 21 0.00

101 0.02 Canada (0.34%) Auto Components

908 Magna International Inc ...... 41 0.01 Banks

1,559 Bank of Montreal ................ 111 0.03 2,293 Bank of Nova Scotia ........... 118 0.03

961

Canadian Imperial Bank of Commerce ........................... 77 0.02

1,961 National Bank of Canada .... 84 0.02 1,756 Royal Bank of Canada ........ 121 0.03 2,496 Toronto-Dominion Bank ..... 130 0.03

Chemicals 540 Nutrien Ltd ......................... 27 0.01

Computers and Peripherals 1,030 CGI Group Inc .................... 57 0.01

Electric Utilities 1,446 Fortis Inc ............................. 40 0.01

Food Products 2,268 Metro Inc ............................ 61 0.02 1,666 Saputo Inc ........................... 43 0.01

Insurance

51

Fairfax Financial Holdings Ltd ...................................... 24 0.01

645 Intact Financial Corp .......... 46 0.01 1,105 Sun Life Financial Inc ......... 38 0.01 499 Trisura Group Ltd ............... 9 0.00

Metals and Mining 2,927 First Quantum Minerals Ltd 29 0.01

Oil and Gas 1,886 ARC Resources Ltd ............ 18 0.00

Other Finance

1,808

Brookfield Asset Management Inc ................. 69 0.02

Pipelines 1,107 TransCanada Corp .............. 39 0.01

Retail Trade 565 Canadian Tire Corp Ltd ...... 57 0.01 1,539 Dollarama Inc ..................... 42 0.01

Transport

1,245

Canadian National Railway Co ....................................... 96 0.02

1,377 0.34 Cayman Islands (0.01%) Auto Components

6,000 Minth Group Ltd ................. 21 0.00

Russell Investment Company plc Russell Investments Multi-Asset Growth Strategy Euro Fund Schedule of Investments - continued 30 September 2018



Number of Shares


Fund %

Retail Trade

26,000

Chow Tai Fook Jewellery Group Ltd ............................ 23 0.01

44 0.01 Denmark (0.05%) Health Care Equipment and Supplies

1,714

William Demant Holding A/S ...................................... 55 0.01


Transport 21 AP Moller - Maersk A/S ..... 25 0.01

192 0.05 Finland (0.02%) Insurance

1,204 Sampo OYJ ......................... 54 0.01 Machinery

772 Kone OYJ ............................ 36 0.01 90 0.02 France (0.22%) Auto Components

473 Valeo SA ............................. 18 0.01 Automobiles

285 Renault SA .......................... 21 0.01 Building Products

557 Imerys SA ........................... 35 0.01 Chemicals

877 Air Liquide SA .................... 99 0.02 Computers and Peripherals

245 Capgemini SE ...................... 27 0.01 Construction and Engineering

695 Vinci SA .............................. 57 0.01 Electrical Equipment

394 Legrand SA ......................... 25 0.01 783 Schneider Electric SE .......... 54 0.01


452

Essilor International Cie Generale d'Optique SA ........ 58 0.01

Insurance 999 AXA SA .............................. 23 0.01 1,549 SCOR SE ............................. 62 0.01

Media 2,643 Metropole Television SA .... 46 0.01 1,984 Vivendi SA .......................... 44 0.01

Oil and Gas 764 Total SA .............................. 43 0.01

Personal Products 471 L'Oreal SA ........................... 98 0.02

Pharmaceuticals 992 Sanofi .................................. 76 0.02

Number of Shares


Fund %

Real Estate Investment Trust 166 Unibail-Rodamco-Westfield 29 0.01

Textile and Apparel

295

LVMH Moet Hennessy Louis Vuitton SE ................ 90 0.02

905 0.22 Germany (0.22%) Auto Components

172 Continental AG ................... 26 0.01 Automobiles

287

Bayerische Motoren Werke AG ...................................... 22 0.01

808 Daimler AG ........................ 44 0.01 Chemicals

969 BASF SE ............................ 74 0.02 701 Brenntag AG ....................... 37 0.01


418

CTS Eventim AG & Co KGaA .................................. 16 0.00

Insurance 559 Allianz SE ........................... 107 0.03

270

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ........................... 52 0.01

Machinery 1,726 GEA Group AG .................. 53 0.01

Media 515 Axel Springer SE ................ 30 0.01

Miscellaneous Manufacturers 1,155 Siemens AG ........................ 127 0.03

Real Estate 1,203 Deutsche Wohnen SE ......... 50 0.01 781 Vonovia SE ......................... 33 0.01

Retail Trade 211 Fielmann AG ...................... 11 0.00

Software 1,231 SAP SE ............................... 130 0.03

Telecommunications 1,013 Freenet AG ......................... 21 0.01

Transport 1,603 Deutsche Post AG ............... 49 0.01

882 0.22 Hong Kong (0.05%) Banks

16,000

Dah Sing Banking Group Ltd ...................................... 28 0.01

Electric Utilities 3,500 Power Assets Holdings Ltd . 21 0.01

Holding Companies - Diversified Operations 5,500 Swire Pacific Ltd ................ 52 0.01

Real Estate 9,500 Hopewell Holdings Ltd ....... 27 0.00



Number of Shares


Fund %

36,000

New World Development Co Ltd ....................................... 42 0.01

Real Estate Investment Trust 61,000 Champion REIT .................. 37 0.01

207 0.05 Ireland (0.07%) Auto Components

246 Adient Plc ............................ 8 0.00 Building Products

1,773

Johnson Controls International Plc .................. 53 0.01

Computers and Peripherals 821 Accenture Plc ...................... 120 0.03

Food Products 1,657 Glanbia Plc .......................... 25 0.01

Health Care Equipment and Supplies 699 Medtronic Plc ...................... 59 0.01

Pharmaceuticals 145 Allergan Plc ......................... 24 0.01

289 0.07 Israel (0.02%) Computers and Peripherals

373

Check Point Software Technologies Ltd ................. 38 0.01

Pharmaceuticals

1,427 Teva Pharmaceutical Industries Ltd ...................... 27 0.01

65 0.02 Italy (0.06%) Auto Components

2,298 Brembo SpA ........................ 26 0.01 Banks

10,773 Intesa Sanpaolo SpA ........... 24 0.01 Beverages

12,559

Davide Campari-Milano SpA ..................................... 92 0.02

Retail Trade 634 Luxottica Group SpA .......... 37 0.01

Textile and Apparel 1,354 Moncler SpA ....................... 50 0.01

229 0.06 Japan (0.59%) Auto Components

1,100 Bridgestone Corp ................ 36 0.01 3,600 NHK Spring Co Ltd ............ 32 0.01 700 Nifco Inc ............................. 16 0.00 1,900 Toyoda Gosei Co Ltd .......... 40 0.01 1,500 Yokohama Rubber Co Ltd .. 28 0.01

Automobiles 900 Honda Motor Co Ltd ........... 23 0.01 2,100 Mazda Motor Corp .............. 22 0.01

Number of Shares


Fund %

600 Subaru Corp ........................ 16 0.00 2,100 Toyota Motor Corp ............. 113 0.02

Banks 2,100 Chugoku Bank Ltd .............. 18 0.00

3,000

Yamaguchi Financial Group Inc ....................................... 28 0.01

Chemicals 3,800 Asahi Kasei Corp ................ 50 0.01 2,200 Daicel Corp ......................... 22 0.01 3,200 Kuraray Co Ltd ................... 41 0.01

4,400

Mitsubishi Chemical Holdings Corp ..................... 36 0.01

2,800

Mitsubishi Gas Chemical Co Inc ....................................... 51 0.01

Commercial Services and Supplies 3,800 Dai Nippon Printing Co Ltd 76 0.02

Computers and Peripherals 500 Fujitsu Ltd .......................... 31 0.01

2,200

Itochu Techno-Solutions Corp .................................... 41 0.01

500 SCSK Corp ......................... 20 0.00 Distributors

2,400 ITOCHU Corp .................... 38 0.01 7,200 Marubeni Corp .................... 57 0.01


8,600

Mitsubishi UFJ Lease & Finance Co Ltd ................... 44 0.01

3,000 SBI Holdings Inc ................ 80 0.02 1,100 Tokyo Century Corp ........... 59 0.01

Electric Utilities

900

Electric Power Development Co Ltd ................................. 21 0.01

Electrical Equipment 1,300 Alps Electric Co Ltd ........... 28 0.01 1,700 Brother Industries Ltd ......... 29 0.01

600 Hitachi High-Technologies Corp .................................... 18 0.00

300 Kyocera Corp ...................... 16 0.00 Entertainment

200 Oriental Land Co Ltd .......... 18 0.01 500 Toho Co Ltd ........................ 14 0.00

Food Products

500

Nissin Foods Holdings Co Ltd ...................................... 30 0.01

700 Toyo Suisan Kaisha Ltd ...... 23 0.00 Health Care Equipment and Supplies

1,900 Shimadzu Corp ................... 51 0.01 Home Builders

1,300

Daiwa House Industry Co Ltd ...................................... 33 0.01

4,400 Sekisui Chemical Co Ltd .... 70 0.01 2,100 Sekisui House Ltd ............... 28 0.01

Home Furnishings 2,200 Panasonic Corp ................... 22 0.01




Number of Shares


Fund %

Machinery 1,000 Hitachi Ltd .......................... 29 0.01 3,800 Mitsubishi Electric Corp ..... 45 0.01

Miscellaneous Manufacturers 900 FUJIFILM Holdings Corp ... 35 0.01

Office Electronics 1,300 Canon Inc ............................ 36 0.01

Personal Products 700 Kao Corp ............................. 49 0.01

Pharmaceuticals 1,700 Alfresa Holdings Corp ........ 39 0.01 1,500 Daiichi Sankyo Co Ltd ........ 56 0.01

700

Kobayashi Pharmaceutical Co Ltd ................................. 44 0.01

2,100 Medipal Holdings Corp ....... 38 0.01

1,500

Mitsubishi Tanabe Pharma Corp ..................................... 22 0.01

900 Otsuka Holdings Co Ltd ...... 39 0.01 700 Suzuken Co Ltd ................... 29 0.01

Retail Trade 400 ABC-Mart Inc ..................... 19 0.00 3,600 Citizen Watch Co Ltd .......... 20 0.00

700

FamilyMart UNY Holdings Co Ltd ................................. 63 0.02

200 Shimamura Co Ltd .............. 16 0.00 500 Sugi Holdings Co Ltd .......... 21 0.01 1,500 Takashimaya Co Ltd ........... 22 0.01 300 Tsuruha Holdings Inc .......... 32 0.01 4,200 Yamada Denki Co Ltd ......... 18 0.00

Software 300 Oracle Corp Japan ............... 21 0.01

Telecommunications 1,300 KDDI Corp .......................... 31 0.01

Textile and Apparel 1,500 Asics Corp ........................... 19 0.00

Transport 1,900 Kamigumi Co Ltd ............... 36 0.01 1,100 Keihan Holdings Co Ltd ..... 36 0.01 3,800 Keikyu Corp ........................ 60 0.01 1,500 Keio Corp ............................ 71 0.02 2,200 Tobu Railway Co Ltd .......... 56 0.01

2,421 0.59 Jersey, Channel Islands (0.02%) Advertising

3,656 WPP Plc .............................. 46 0.01 Biotechnology

406 Shire Plc .............................. 21 0.01 67 0.02 Luxembourg (0.01%) Telecommunications

1,210 SES SA ................................ 23 0.01

Number of Shares


Fund %

Netherlands (0.08%) Chemicals

994 Koninklijke DSM NV ......... 91 0.02 Food Products

1,919

Koninklijke Ahold Delhaize NV ...................................... 38 0.01

Internet Software and Services 1,197 Yandex NV ......................... 34 0.01

Personal Products 2,070 Unilever NV ....................... 99 0.03

Semiconductor Equipment and Products 331 ASML Holding NV ............ 53 0.01

315 0.08 Portugal (0.01%) Paper and Forest Products

8,057 Navigator Co SA ................. 34 0.01 Singapore (0.04%) Banks

3,000 DBS Group Holdings Ltd ... 49 0.01 Media

15,700

Singapore Press Holdings Ltd ...................................... 28 0.01

Real Estate 9,300 UOL Group Ltd .................. 40 0.01

Real Estate Investment Trust

36,700 Suntec Real Estate Investment Trust ................. 45 0.01

Telecommunications 15,100 StarHub Ltd ........................ 18 0.00

180 0.04 Spain (0.08%) Banks

4,873 Banco Santander SA ........... 21 0.01 Construction and Engineering

1,584

ACS Actividades de Construccion y Servicios SA 58 0.01

Food Products 2,158 Ebro Foods SA .................... 41 0.01

Machinery 4,766 Zardoya Otis SA ................. 38 0.01

Other Finance 850 Corp Financiera Alba SA .... 41 0.01

Retail Trade

1,486

Industria de Diseno Textil SA ....................................... 39 0.01

Software 814 Amadeus IT Group SA ....... 65 0.01

Telecommunications 4,806 Telefonica SA ..................... 33 0.01

336 0.08



Number of Shares


Fund %

Sweden (0.11%) Banks

3,122 Svenska Handelsbanken AB 34 0.01 Commercial Services and Supplies

1,065 Securitas AB ....................... 16 0.00 Construction and Engineering

1,023 NCC AB .............................. 16 0.00 2,289 Skanska AB ......................... 39 0.01

Electrical Equipment 3,365 Assa Abloy AB ................... 58 0.01

Machinery 1,231 Atlas Copco AB .................. 31 0.01 1,231 Epiroc AB ........................... 12 0.00 310 Hexagon AB ........................ 16 0.00

Metals and Mining 1,331 Boliden AB ......................... 32 0.01

Miscellaneous Manufacturers 2,687 Trelleborg AB ..................... 47 0.01

Personal Products 890 Essity AB ............................ 19 0.01 1,388 Svenska Cellulosa AB SCA 14 0.00

Real Estate 3,771 Hufvudstaden AB ................ 49 0.01

Telecommunications

3,240

Telefonaktiebolaget LM Ericsson ............................... 25 0.01

16,135 Telia Co AB ........................ 64 0.02 472 0.11 Switzerland (0.29%) Auto Components

98 Georg Fischer AG ............... 96 0.02 Banks

3,440 UBS Group AG ................... 47 0.01 Diversified Financials

2,515 GAM Holding AG ............... 15 0.00 Food Products

7 Chocoladefabriken Lindt & Spruengli AG ...................... 42 0.01

2,944 Nestle SA ............................ 212 0.05 Hand and Machine Tools

204 Schindler Holding AG ......... 44 0.01 Insurance

680 Baloise Holding AG ............ 90 0.02 1,220 Chubb Ltd ........................... 140 0.05 950 Swiss Re AG ....................... 76 0.02 193 Zurich Insurance Group AG 53 0.01

Machinery 1,467 ABB Ltd .............................. 30 0.01

Pharmaceuticals 2,444 Novartis AG ........................ 182 0.04 590 Roche Holding AG .............. 124 0.03

Number of Shares


Fund %

Retail Trade

394

Cie Financiere Richemont SA ....................................... 28 0.01

43 Swatch Group AG ............... 15 0.00 1,194 0.29 United Kingdom (0.46%) Aerospace and Defence

2,509 Rolls-Royce Holdings Plc ... 28 0.01 Agriculture

1,250

British American Tobacco Plc ....................................... 50 0.01

791 British American Tobacco Plc ADR .............................. 32 0.01

934 Imperial Tobacco Group Plc 28 0.01 Banks

14,773 HSBC Holdings Plc ............ 111 0.03 Beverages

1,727 Diageo Plc .......................... 53 0.01 Commercial Services and Supplies

3,440

RELX Plc (Netherlands listed) .................................. 62 0.02

937 RELX Plc (UK listed) ......... 17 0.00 Diversified Financials

5,647

Jupiter Fund Management Plc ....................................... 26 0.01

850 Schroders Plc ...................... 30 0.01 6,658 Standard Life Aberdeen Plc 23 0.00

Electrical Equipment 6,415 Halma Plc ........................... 104 0.03

Gas Utilities 4,609 National Grid Plc ................ 41 0.01

Health Care Equipment and Supplies 3,996 Smith & Nephew Plc .......... 63 0.01

Home Builders 4,511 Barratt Developments Plc ... 29 0.01 1,134 Persimmon Plc .................... 30 0.01 11,643 Taylor Wimpey Plc ............. 22 0.00

Hotels, Restaurants and Leisure 327 Carnival Plc ........................ 17 0.00

Household Products 1,565 Reckitt Benckiser Group Plc 123 0.03

Insurance 3,132 Aviva Plc ............................ 17 0.00

8,298

Direct Line Insurance Group Plc ....................................... 30 0.01

12,559 Legal & General Group Plc 37 0.01 2,074 Prudential Plc ...................... 41 0.01

Media 11,386 ITV Plc ............................... 20 0.00 2,260 Pearson Plc ......................... 23 0.01

Metals and Mining 3,854 BHP Billiton Plc ................. 72 0.02 2,890 Rio Tinto Plc ....................... 126 0.03




Number of Shares


Fund %

Miscellaneous Manufacturers 974 Smiths Group Plc ................ 16 0.00

Oil and Gas 3,164 Royal Dutch Shell Plc ........ 94 0.02

Other Finance 4,881 3i Group Plc ........................ 52 0.01

Personal Products 1,549 Unilever Plc ......................... 73 0.02

Pharmaceuticals 188 AstraZeneca Plc .................. 13 0.00 3,273 GlaxoSmithKline Plc ........... 56 0.02

Real Estate Investment Trust 4,951 British Land Co Plc ............. 34 0.01 4,519 Hammerson Plc ................... 23 0.00 3,356 Land Securities Group Plc ... 33 0.01 7,375 Segro Plc ............................. 53 0.01

Retail Trade 3,109 Greene King Plc .................. 17 0.00 8,204 Kingfisher Plc ...................... 24 0.01

6,269

Sports Direct International Plc ....................................... 24 0.01

Semiconductor Equipment and Products 730 Dialog Semiconductor Plc ... 14 0.00

Telecommunications 34,010 Vodafone Group Plc ............ 63 0.02

Water Utilities 3,538 United Utilities Group Plc ... 28 0.01

1,872 0.46 United States (4.87%) Aerospace and Defence

390 Boeing Co ........................... 125 0.03 683 General Dynamics Corp ...... 120 0.03 411 L3 Technologies Inc ............ 75 0.02 212 Northrop Grumman Corp .... 58 0.01 856 Raytheon Co ........................ 152 0.04 233 TransDigm Group Inc ......... 75 0.02 1,237 United Technologies Corp ... 149 0.04

Agriculture 1,478 Altria Group Inc .................. 77 0.02

1,120

Philip Morris International Inc ....................................... 79 0.02

Airlines 681 Southwest Airlines Co ......... 37 0.01

Auto Components 400 Lear Corp ............................ 50 0.01

Banks 2,488 Bank of America Corp ........ 63 0.02

1,317

Bank of New York Mellon Corp ..................................... 58 0.01

1,067 BankUnited Inc ................... 33 0.01 1,379 BB&T Corp ......................... 58 0.01 559 Capital One Financial Corp . 46 0.01

Number of Shares


Fund %

1,019 Citigroup Inc ....................... 63 0.02 1,733 Commerce Bancshares Inc .. 99 0.02 4,837 Huntington Bancshares Inc . 62 0.02 2,483 JPMorgan Chase & Co ....... 241 0.06 110 M&T Bank Corp ................. 16 0.00 735 Northern Trust Corp ........... 65 0.02

737

PNC Financial Services Group Inc ............................ 86 0.02

245 State Street Corp ................. 18 0.00 346 SunTrust Banks Inc ............. 20 0.01 1,860 US Bancorp ......................... 85 0.02 3,605 Wells Fargo & Co ............... 163 0.04

Banks 992 Bank of Hawaii Corp .......... 67 0.01 605 Morgan Stanley ................... 24 0.01

Beverages 2,053 Brown-Forman Corp ........... 89 0.02 2,676 Coca-Cola Co ..................... 106 0.03 626 PepsiCo Inc ......................... 60 0.01

Biotechnology 193 Alexion Pharmaceuticals Inc 23 0.01 310 Amgen Inc .......................... 55 0.01 321 Biogen Inc .......................... 98 0.02 375 Celgene Corp ...................... 29 0.01 825 Gilead Sciences Inc ............. 55 0.01

76

Regeneron Pharmaceuticals Inc ....................................... 26 0.01

Chemicals 297 AdvanSix Inc ...................... 9 0.00

475

International Flavors & Fragrances Inc ..................... 57 0.02

551 PPG Industries Inc .............. 52 0.01 1,455 RPM International Inc ........ 81 0.02 157 Sherwin-Williams Co ......... 62 0.02


967

Automatic Data Processing Inc ....................................... 125 0.03

906 Cintas Corp ......................... 154 0.04 720 Equifax Inc ......................... 81 0.02 486 ManpowerGroup Inc ........... 36 0.01 1,176 Total System Services Inc ... 100 0.02

Computers and Peripherals 4,527 Apple Inc ............................ 880 0.20

561

Cognizant Technology Solutions Corp .................... 37 0.01

238

Dell Technologies Inc Class V ......................................... 20 0.00

576

International Business Machines Corp .................... 75 0.02

999 NetApp Inc ......................... 74 0.02 486 Western Digital Corp .......... 24 0.01

Construction and Engineering 894 Fluor Corp .......................... 45 0.01



Number of Shares


Fund %

Containers and Packaging 1,294 Ball Corp ............................. 49 0.01

Distributors 2,042 KAR Auction Services Inc .. 105 0.02 1,291 WESCO International Inc ... 68 0.02 264 WW Grainger Inc ................ 81 0.02

Diversified Financials 272 CME Group Inc ................... 40 0.01 1,143 Discover Financial Services 75 0.02 2,111 Federated Investors Inc ....... 44 0.01 518 Franklin Resources Inc ........ 14 0.00 973 Mastercard Inc ..................... 186 0.05 1,348 T Rowe Price Group Inc ...... 127 0.03 1,595 Visa Inc ............................... 206 0.05

Electric Utilities 2,001 Alliant Energy Corp ............ 73 0.02

1,333

American Electric Power Co Inc ....................................... 81 0.02

3,099 CenterPoint Energy Inc ....... 74 0.02 888 DTE Energy Co ................... 83 0.02 785 Entergy Corp ....................... 55 0.01 1,466 Evergy Inc ........................... 69 0.02 1,030 Exelon Corp ........................ 39 0.01 840 NextEra Energy Inc ............. 121 0.03 2,107 OGE Energy Corp ............... 66 0.01

1,681

Public Service Enterprise Group Inc ............................ 76 0.02

1,268 SCANA Corp ...................... 42 0.01 764 Sempra Energy .................... 75 0.02 1,676 Southern Co ......................... 63 0.01 1,894 Xcel Energy Inc ................... 77 0.02

Electrical Equipment 312 AMETEK Inc ...................... 21 0.01 3,635 Corning Inc ......................... 110 0.03 1,049 Honeywell International Inc 150 0.03

218

Mettler-Toledo International Inc ....................................... 114 0.03

559 Waters Corp ........................ 94 0.02 Food Products

392 Hershey Co .......................... 34 0.01 468 JM Smucker Co ................... 41 0.01 263 Kellogg Co .......................... 16 0.00 519 Kraft Heinz Co .................... 25 0.01 1,013 Kroger Co ............................ 25 0.01 1,019 McCormick & Co Inc .......... 116 0.02 1,061 Mondelez International Inc . 39 0.01

Hand and Machine Tools 398 Snap-on Inc ......................... 63 0.02

Health Care Equipment and Supplies 2,287 Abbott Laboratories ............. 144 0.03 141 Becton Dickinson and Co .... 32 0.01 224 Cooper Cos Inc .................... 53 0.01

Number of Shares


Fund %

817 Danaher Corp ...................... 76 0.02 969 Dentsply Sirona Inc ............ 31 0.01

Health Care Providers and Services 726 Aetna Inc ............................ 127 0.03 616 Anthem Inc ......................... 145 0.03 344 Cigna Corp .......................... 62 0.01 534 MEDNAX Inc ..................... 21 0.01 718 Quest Diagnostics Inc ......... 67 0.02 821 UnitedHealth Group Inc ...... 188 0.05

Home Builders 1,021 DR Horton Inc .................... 37 0.01 565 Lennar Corp (Class A) ........ 23 0.01 203 Lennar Corp (Class B) ........ 7 0.00 28 NVR Inc .............................. 60 0.01

Home Furnishings 362 Leggett & Platt Inc .............. 14 0.00

Household Products 1,739 Church & Dwight Co Inc .... 89 0.02 333 Clorox Co ........................... 43 0.01

Insurance 1,306 Aflac Inc ............................. 53 0.01 1,141 Allstate Corp ....................... 97 0.03

1,153 American International Group Inc ............................ 53 0.01

1,650 Berkshire Hathaway Inc ...... 304 0.08 237 Brighthouse Financial Inc ... 9 0.00 4,704 Brown & Brown Inc ........... 120 0.03 1,279 Cincinnati Financial Corp ... 85 0.02

1,294

Fidelity National Financial Inc ....................................... 44 0.01

858

Hanover Insurance Group Inc ....................................... 91 0.02

1,689 Marsh & McLennan Cos Inc 120 0.03 881 MetLife Inc ......................... 35 0.01 2,595 Progressive Corp ................. 159 0.04 478 Prudential Financial Inc ...... 42 0.01 1,204 Torchmark Corp .................. 90 0.02 1,076 Travelers Cos Inc ................ 120 0.03 1,304 Unum Group ....................... 44 0.01

Internet Software and Services 275 Alphabet Inc ....................... 286 0.07 115 Amazon.com Inc ................. 198 0.05 34 Booking Holdings Inc ......... 58 0.02 529 Cars.com Inc ....................... 13 0.00 1,053 Facebook Inc ....................... 149 0.04 467 IAC/InterActiveCorp .......... 87 0.02 858 Symantec Corp ................... 16 0.00

Machinery 658 Cummins Inc ....................... 83 0.02 658 Dover Corp ......................... 50 0.01 1,057 IDEX Corp .......................... 137 0.03 440 Roper Technologies Inc ...... 112 0.03




Number of Shares


Fund %

Media 4,704 Comcast Corp ...................... 143 0.04

425

FactSet Research Systems Inc ....................................... 82 0.02

1,453 TEGNA Inc ......................... 15 0.00 670 Viacom Inc .......................... 19 0.00 1,436 Walt Disney Co ................... 145 0.04

Miscellaneous Manufacturers 796 3M Co ................................. 144 0.04 1,911 Donaldson Co Inc ................ 96 0.02 5,829 General Electric Co ............. 57 0.01

Oil and Gas 306 Andeavor ............................. 40 0.01 1,421 Chevron Corp ...................... 150 0.04 3,931 Exxon Mobil Corp ............... 288 0.07 597 Helmerich & Payne Inc ....... 35 0.01 1,038 Marathon Petroleum Corp ... 71 0.02 929 Phillips 66 ........................... 90 0.02

199

Pioneer Natural Resources Co ........................................ 30 0.01

917 Valero Energy Corp ............ 90 0.02 Oil and Gas Services

329 Apergy Corp ........................ 12 0.00 781 National Oilwell Varco Inc . 29 0.01 2,095 Superior Energy Services Inc 18 0.01

Personal Products 2,354 Procter & Gamble Co .......... 169 0.04

Pharmaceuticals 406 AmerisourceBergen Corp .... 32 0.01 1,576 Bristol-Myers Squibb Co .... 84 0.02 741 Cardinal Health Inc ............. 34 0.01 1,432 CVS Health Corp ................ 97 0.02 1,091 Eli Lilly & Co ...................... 101 0.02 2,427 Johnson & Johnson ............. 289 0.07 2,622 Merck & Co Inc .................. 160 0.04 6,183 Pfizer Inc ............................. 235 0.06


873

Alexandria Real Estate Equities Inc ......................... 95 0.02

144 American Tower Corp ......... 18 0.01 1,042 Camden Property Trust ....... 84 0.02 2,324 DDR Corp ........................... 27 0.01

3,620

Empire State Realty Trust Inc ....................................... 52 0.01

2,340 Host Hotels & Resorts Inc ... 43 0.01 3,020 Kimco Realty Corp .............. 44 0.01 2,122 Liberty Property Trust ......... 77 0.02

3,940

Piedmont Office Realty Trust Inc .............................. 64 0.02

1,128 Regency Centers Corp ......... 63 0.02 232 Retail Value Inc ................... 7 0.00

2,045

Tanger Factory Outlet Centers Inc .......................... 40 0.01

Number of Shares


Fund %

2,153 Weingarten Realty Investors 55 0.01 Retail Trade

82 AutoZone Inc ...................... 55 0.02 651 Costco Wholesale Corp ...... 132 0.03 450 Darden Restaurants Inc ....... 43 0.01 431 Dollar Tree Inc .................... 30 0.01 605 Foot Locker Inc .................. 27 0.01 1,065 Genuine Parts Co ................ 91 0.02 1,216 Home Depot Inc .................. 217 0.05 858 Lowe's Cos Inc .................... 85 0.02 1,044 McDonald's Corp ................ 150 0.04 289 O'Reilly Automotive Inc ..... 86 0.02 842 Ross Stores Inc ................... 72 0.02 1,842 Starbucks Corp ................... 90 0.02 720 Target Corp ......................... 55 0.01 1,386 TJX Cos Inc ........................ 134 0.03

747

Walgreens Boots Alliance Inc ....................................... 47 0.01

1,950 Walmart Inc ........................ 158 0.04 Savings and Loans

2,944

New York Community Bancorp Inc ......................... 26 0.01

3,440 People's United Financial Inc 51 0.01 Semiconductor Equipment and Products

241 Analog Devices Inc ............. 19 0.00 4,379 Intel Corp ............................ 178 0.04 611 Lam Research Corp ............ 80 0.02 337 Microchip Technology Inc .. 23 0.01 1,363 Micron Technology Inc ...... 53 0.01 1,741 NVIDIA Corp ..................... 421 0.10 1,434 QUALCOMM Inc .............. 89 0.02 331 Skyworks Solutions Inc ...... 26 0.01 1,572 Texas Instruments Inc ......... 145 0.04

Software 860 Activision Blizzard Inc ....... 62 0.02 517 ANSYS Inc ......................... 83 0.02 413 Black Knight Inc ................. 18 0.00

224

Broadridge Financial Solutions Inc ....................... 25 0.01

443 CA Inc ................................ 17 0.00 567 Cerner Corp ........................ 31 0.01 438 Electronic Arts Inc .............. 45 0.01

482

Fidelity National Information Services Inc ..... 45 0.01

1,693 Fiserv Inc ............................ 120 0.03 551 Intuit Inc ............................. 108 0.03 976 Jack Henry & Associates Inc 135 0.03 5,882 Microsoft Corp ................... 579 0.14 2,254 Oracle Corp ......................... 100 0.02 1,358 Synopsys Inc ....................... 115 0.03

Telecommunications 4,279 AT&T Inc ........................... 124 0.03



Number of Shares


Fund %

5,738 Cisco Systems Inc ............... 240 0.06

2,358

Verizon Communications Inc ....................................... 108 0.03

Textile and Apparel 1,858 NIKE Inc ............................. 136 0.04 1,147 VF Corp .............................. 92 0.02

Transport 434 FedEx Corp ......................... 90 0.02 825 Ryder System Inc ................ 52 0.01 683 Union Pacific Corp .............. 96 0.03

Water Utilities 1,363 Aqua America Inc ............... 43 0.01

19,899 4.87 Total Common Stock ........ 31,928 7.82 Preferred Stock (0.02%) Germany (0.02%) Automobiles

166 Volkswagen AG .................. 25 0.00 Chemicals

817 Fuchs Petrolub SE ............... 39 0.01 Household Products

342 Henkel AG & Co KGaA ..... 35 0.01 99 0.02 Total Preferred Stock ........ 99 0.02

Principal Amount Long Term Bonds and Notes (2.33%) Australia (0.25%)


EUR 1,000,000 0.08% due 28/10/19 ......... 1,004 0.25 Canada (0.34%)

Royal Bank of Canada 1,400,000 0.111% due 06/08/20 ....... 1,409 0.34 France (0.59%)


1,726,000 3.750% due 25/10/19 ....... 1,805 0.44 597,000 Zero Coupon due 25/03/23 597 0.15 2,402 0.59 Netherlands (0.10%)

Cooperatieve Rabobank UA 400,000 Zero Coupon due 29/05/20 402 0.10 Switzerland (0.27%)

UBS AG 1,100,000 0.179% due 23/04/21 ....... 1,106 0.27

Principal Amount


Fund %

United States (0.78%) Johnson & Johnson

1,500,000 4.750% due 06/11/19 ...... 1,584 0.39 Wells Fargo & Co

1,600,000 0.101% due 02/06/20 ...... 1,606 0.39 3,190 0.78

Total Long Term Bonds and Notes ........................... 9,513 2.33



1,900,000 1.625% due 04/02/19 ...... 1,913 0.47 Canada (0.12%)

Royal Bank of Canada 500,000 0.109% due 22/10/18 ...... 500 0.12 Denmark (0.25%)

Danske Bank A/S 1,000,000 0.031% due 19/11/18 ...... 1,000 0.25 Finland (0.42%)

Nordea Bank Abp 1,700,000 0.131% due 22/02/19 ...... 1,703 0.42 France (1.48%)


2,690,000 4.250% due 25/10/18 ...... 2,698 0.66 1,825,000 1.000% due 25/05/19 ...... 1,844 0.45

HSBC France SA 1,500,000 1.625% due 03/12/18 ...... 1,505 0.37 6,047 1.48 Luxembourg (0.37%)

Nestle Finance International Ltd

1,500,000 1.500% due 19/07/19 ...... 1,521 0.37 Netherlands (0.80%)

PACCAR Financial Europe BV

1,051,000 0.125% due 24/05/19 ...... 1,052 0.26


2,190,000 Zero Coupon due 15/09/19 2,198 0.54 3,250 0.80 Supranational (0.22%)

European Investment Bank 900,000 2.500% due 15/10/18 ...... 901 0.22




Principal Amount


Fund %

Switzerland (0.34%) UBS AG

1,400,000 0.181% due 05/09/19 ....... 1,405 0.34 United Kingdom (0.74%)

Lloyds Bank Plc 1,500,000 0.179% due 09/10/18 ....... 1,500 0.37

Standard Chartered Bank 1,500,000 0.181% due 23/08/19 ....... 1,505 0.37 3,005 0.74 United States (1.47%)


1,400,000 0.081% due 11/03/19 ....... 1,403 0.34 Bank of America Corp

1,200,000 0.179% due 26/07/19 ....... 1,204 0.29 Colgate-Palmolive Co

1,700,000 Zero Coupon due 14/05/19 1,703 0.42 JPMorgan Chase & Co

1,700,000 0.281% due 07/05/19 ....... 1,706 0.42 6,016 1.47



Certificates of Deposit (1.52%) Netherlands (0.12%)

Cooperatieve Rabobank U.A.

500,000 Zero Coupon due 29/03/19 501 0.12 Switzerland (0.49%)

Credit Suisse AG 2,000,000 Zero Coupon due 08/02/19 2,006 0.49 United Kingdom (0.91%)

Citibank 1,000,000 Zero Coupon due 18/12/18 1,001 0.25

Credit Suisse 500,000 Zero Coupon due 14/02/19 501 0.12

Mizuho Corporate Bank 700,000 Zero Coupon due 02/10/18 700 0.17 1,500,000 Zero Coupon due 11/12/18 1,501 0.37 3,703 0.91


Principal Amount


Fund %

Commercial Paper (4.59%) France (2.14%)

Agence Centrale des Organismes de Sécurité Sociale

5,000,000 Zero Coupon due 30/11/18 5,004 1.23 Antalis 1,000,000 Zero Coupon due 14/11/18 1,001 0.25 LMA 2,200,000 Zero Coupon due 26/10/18 2,201 0.54 500,000 Zero Coupon due 20/03/19 501 0.12 8,707 2.14 Ireland (0.73%) Matchpoint Finance Plc 500,000 Zero Coupon due 30/11/18 500 0.12 1,700,000 Zero Coupon due 11/10/18 1,702 0.41 800,000 Zero Coupon due 17/12/18 801 0.20 3,003 0.73 Sweden (0.86%) Svenska Handelsbanken 2,000,000 Zero Coupon due 05/11/18 2,003 0.49 Swedbank 1,500,000 Zero Coupon due 19/02/19 1,503 0.37 3,506 0.86 United States (0.86%) Honeywell International 1,000,000 Zero Coupon due 11/10/18 1,000 0.24 1,000,000 Zero Coupon due 17/01/19 1,001 0.25 Procter&Gamble 1,500,000 Zero Coupon due 17/10/18 1,502 0.37 3,503 0.86 Total Commercial Paper ... 18,719 4.59 Money Market Instruments (0.84%) France (0.84%) France Treasury Bill BTF 3,419,000 Zero Coupon due 17/10/18 3,420 0.84


Number of Shares

Investment Funds (70.70%) France (5.06%) 289 H2O AM - H2O Adagio ..... 20,642 5.06



Number of Shares


Fund %

Ireland (57.30%)

28,149

Russell Investment Company II plc Russell Investments Emerging Market Debt Local Currency Fund - Class B Shares .............................. 24,370 5.97

5,434

Russell Investment Company plc Russell Asia Pacific Ex Japan Fund - Class A Shares 1,975 0.48

15,246

Russell Investment Company Plc Russell Global Credit Fund - Class EH-C Shares ... 15,904 3.90

43,122

Russell Investment Company plc Russell Investments Emerging Markets Equity Fund - Class A Shares ......... 15,824 3.88

22,624

Russell Investment Company plc Russell Investments Global High Yield Fund - Class A Shares ..................... 29,355 7.19

9,308

Russell Investment Company plc Russell Investments Unconstrained Bond Fund Class K-H Shares ................ 9,362 2.29

418,261

Russell Investment Company plc Russell Investments World Equity Fund II - Class EH-T Shares ........................ 69,557 17.05

23,472

Russell Investment Company plc The Japan Equity Fund - Class A Shares ..................... 5,814 1.43

4,825

Russell Investments Global Listed Infrastructure Fund - Class P Shares ..................... 10,631 2.61

Number of Shares


Fund %

5,539

Russell Investments Multi Strategy Volatility Fund ...... 5,616 1.38

13,748

Russell Investments Pan European Equity Fund - Class B Accumulated Shares 20,622 5.05

241,923

Salar Fund plc - Class I Shares ................................. 24,758 6.07

233,788 57.30 Luxembourg (8.33%)

273,550

BlueBay Global Convertible Bond Fund - Class B USD Accumulated Shares ........... 24,039 5.89

1

Credit Suisse Nova Lux Commodity Plus ................. - 0.00

100,405

Lyxor Commodities Thomson Reuters/CoreCommodity CRB EX-Agriculture TR UCITS ETF ......................... 9,961 2.44

34,000 8.33 United States (0.01%) 852 Altaba Inc ........................... 50 0.01 Total Investment Funds ..... 288,480 70.70

Total Investments excluding Financial Derivative Instruments ...... 385,630 94.50


Notional Amount

EUR ‘000

Average Cost Price

EUR


Fund %

51,581 97.32


4,460 3,328.43

134 of Euro Stoxx 50 Long Futures Contracts Expiring December 2018 ................................. 78 0.02

12,032 126.92

948 of Sx5E Dividend Futures Long Futures Contracts Expiring December 2019 ................................. (410) (0.10)

Unrealised gain on open futures contracts ..................................................................... 78 0.02 Unrealised loss on open futures contracts ...................................................................... (667) (0.16) Net unrealised gain (loss) on open futures contracts ................................................ (589) (0.14)




Open Forward Foreign Currency Exchange Contracts ((0.09)%)

Settlement Date


Amount Sold ‘000


Fund %

19/12/2018 EUR 1,528 AUD 2,510 (26) (0.01) 19/12/2018 EUR 2,348 CAD 3,604 (41) (0.01) 23/10/2018 EUR 10,770 CHF 12,113 91 0.00 19/12/2018 EUR 2,827 CHF 3,193 10 0.02 19/12/2018 EUR 1,116 GBP 997 1 0.00 19/12/2018 EUR 1,116 GBP 997 - 0.00 19/12/2018 EUR 1,116 GBP 997 - 0.00 19/12/2018 EUR 1,115 GBP 997 - 0.00 19/12/2018 EUR 1,115 GBP 997 (1) 0.00 23/10/2018 EUR 10,660 ILS 44,704 74 0.02 23/10/2018 EUR 10,768 NOK 102,973 (110) (0.03) 19/12/2018 EUR 1,189 SEK 12,490 (20) 0.00 19/12/2018 EUR 13,675 USD 15,986 2 0.00 19/12/2018 EUR 13,679 USD 15,986 6 0.00 19/12/2018 EUR 13,683 USD 15,986 10 0.00 19/12/2018 EUR 13,676 USD 15,986 2 0.00 19/12/2018 EUR 13,676 USD 15,986 3 0.00 23/10/2018 GBP 9,557 EUR 10,722 1 0.00 23/10/2018 JPY 1,399,802 EUR 10,655 (47) (0.01) 19/12/2018 JPY 386,139 EUR 2,994 (67) (0.01) 19/12/2018 JPY 386,139 EUR 2,994 (68) (0.02) 19/12/2018 JPY 386,139 EUR 2,995 (69) (0.01) 19/12/2018 JPY 386,139 EUR 2,993 (67) (0.01) 19/12/2018 JPY 386,139 EUR 2,995 (69) (0.02)

Unrealised gain on open forward foreign currency exchange contracts ........................ 200 0.04 Unrealised loss on open forward foreign currency exchange contracts ......................... (585) (0.13) Net unrealised gain (loss) on open forward foreign currency exchange contracts (385) (0.09) Index Options Purchased (0.23%)

Notional Amount


Fund %

Germany 7

Call at 3,550.00 EURO Stoxx 50 PR

Expiring December 2020 ........................................................... 946 0.23 Total futures options purchased at fair value (Premium paid EUR 1,465) ............... 946 0.23 Index Options Written ((0.45)%)

Notional Amount


Fund %

United States ((0.45)%) (4)

Call at 2,625.00 of S&P 500 Index

Expiring December 2020 ........................................................... (1,828) (0.45)Total futures options written at fair value (Premium received EUR (1,065)) .......... (1,828) (0.45)



Credit Default Swaps ((0.12)%)

Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (8,000) CDX.NA.HY 5.00% # 20/12/2023 (503) (0.12) Total Credit default swaps at fair value ..................................................................... (503) (0.12) Total Financial Derivative Instruments ...................................................................... (2,359) (0.57)


Fund %

Total Financial Assets at Fair Value through Profit or Loss (94.79%) ......................................................................... 386,854 94.79

Total Financial Liabilities at Fair Value through Profit or Loss ((0.86)%) ......................................................................... (3,583) (0.86)

Net Financial Assets at Fair Value Through Profit or Loss (93.93%) .................................................................................. 383,271 93.93

Other Net Assets (6.07%) ...................................................... 24,748 6.07 Net Assets ................................................................................ 408,019 100.00

Abbreviation used: ADR - American Depository Receipt


gross assets Transferable securities admitted to an official stock exchange listing ....................................................... 7.56 Transferable securities dealt in on another regulated market ..................................................................... 9.39 Certificates of deposit ................................................................................................................................ 0.47 Commercial paper ...................................................................................................................................... 4.42 Investment funds (UCITS) ......................................................................................................................... 68.08 Exchange traded financial derivative instruments ..................................................................................... 0.02 Over the counter financial derivative instruments ..................................................................................... 0.05 Other assets ................................................................................................................................................ 10.01

100.00 The brokers for open futures contracts are Goldman Sachs and UBS AG. The counterparties for the open forward foreign currency exchange contracts are:

Bank of Montreal Royal Bank of Canada BNP Paribas SA State Street Bank and Trust Company Brown Brothers Harriman Westpac Banking Corporation Commonwealth Bank of Australia

The counterparty for the index options purchased is UBS AG. The counterparty for the index options written is UBS AG. The counterparty for the credit default swaps is UBS AG. # In the event of bankruptcy or, the Fund will pay/receive the notional amount to/from the counterparty.




Fair Value Hierarchy (Note 11)

The following tables analyse within the fair value hierarchy the Fund’s financial assets and liabilities (by investment type) measured at fair value at 30 September 2018 and 31 March 2018.

As at 30 September 2018

Level 1

EUR ‘000 Level 2

EUR ‘000 Level 3

EUR ‘000 Total


Investments at fair value: Transferable securities .................................................. 32,027 36,774 - 68,801 Certificates of deposit ................................................... - 6,210 - 6,210 Commercial paper ......................................................... - 18,719 - 18,719 Money market instruments ........................................... - 3,420 - 3,420 Investment funds ........................................................... 10,011 278,469 - 288,480

Unrealised gain on open futures contracts ........................ 78 - - 78 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 200 - 200 Index options purchased at fair value ............................... 946 - 946


Unrealised loss on open futures contracts ........................ (667) - - (667) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (585) - (585) Index options written at fair value .................................... (1,828) - - (1,828) Credit default swaps at fair value ..................................... - (503) - (503)


As at 31 March 2018

Level 1

EUR ‘000 Level 2

EUR ‘000 Level 3

EUR ‘000 Total


Investments at fair value: Transferable securities .................................................. 15,011 34,626 2,006 51,643 Certificates of deposit ................................................... - 4,007 - 4,007 Commercial paper ......................................................... - 9,713 - 9,713 Investment funds ........................................................... 51 297,587 - 297,638

Unrealised gain on open futures contracts ........................ 203 - - 203 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 604 - 604 Index options purchased at fair value ............................... 302 - - 302


Unrealised loss on open futures contracts ........................ (290) - - (290) Unrealised loss on open forward foreign currency exchange contracts ........................................................... (596) - (596) Index options written at fair value .................................... (335) - - (335) Credit default swaps at fair value ..................................... - (374) - (374)

Total liabilities ................................................................... (625) (970) - (1,595)

Russell Investment Company plc Russell Investments Multi-Asset Growth Strategy Euro Fund Statement of Changes in Composition of Portfolio Listed below are the cumulative investment purchases and sales in excess of 1% of total investment purchases and sales during the six months ended 30 September 2018.

210 Russell Investments Multi-Asset Growth Strategy Euro Fund



EUR ‘000 Russell Investment Company plc Russell Investment Company II plc

Russell Global Credit Fund Russell Investments Global Defensive Equity Class EH-C Shares 16,200 Class H Shares (13,151)

Russell Investment Company plc Open World plc Russell Investments World Equity Fund II Russell Investments US Credit Class EH-T Shares 11,100 Class P Shares (12,416)

Lyxor Commodities Thomson Reuters/CoreCommodity Open World plc CRB EX-Agriculture TR UCITS ETF 9,941 Russell Investments Euro Credit

Agence Centrale des Organismes de Sécurité Sociale Class P Shares (9,113) Zero Coupon due 30/11/18 5,004 Credit Suisse Nova Lux Commodity Plus (8,340)

France Treasury Bill BTF Russell Investment Company plc Zero Coupon due 24/10/18 5,002 Russell Investments Unconstrained Bond Fund

Agence Centrale des Organismes de Sécurité Sociale Class K-H Shares (7,800) Zero Coupon due 28/09/18 5,001 Russell Investment Company IV plc

France Treasury Bill BTF Russell Investments Alpha Fund Zero Coupon due 17/10/18 4,950 Class A Shares (5,242) Zero Coupon due 08/08/18 4,802 France Treasury Bill BTF Zero Coupon due 12/09/18 4,617 Zero Coupon due 24/10/18 (5,002)

Euro Time Deposit Finnish Government Bond Zero Coupon due 06/06/18 4,386 Zero Coupon due 15/09/18 (4,011)

France Treasury Bill BTF France Treasury Bill BTF Zero Coupon due 22/08/18 4,102 Zero Coupon due 08/08/18 (2,502)

French Republic Government Bond OAT Honeywell International Inc 4.250% 25/10/18 4,099 Zero Coupon due 27/06/18 (2,000)

Russell Investment Company plc Russell Investment Company plc Russell Investments Emerging Markets Equity Fund Russell Investments World Equity Fund II Class A Shares 3,301 Class EH-T Shares (1,983)

Sheffield Receivables Corp France Treasury Bill BTF Zero Coupon due 23/07/18 2,752 Zero Coupon due 17/10/18 (1,527)

France Treasury Bill BTF Zero Coupon due 22/08/18 (1,400) Zero Coupon due 27/06/18 2,518 French Republic Government Bond OAT

UBS AG 4.250% due 25/10/18 (1,363) 0.181% due 05/09/19 2,511 France Treasury Bill BTF

BMW Finance NV Zero Coupon due 18/04/18 (1,209) Zero Coupon due 04/09/18 2,501 Zero Coupon due 30/05/18 (1,131)

Bluebay Global Convertible Bon Fund UBS AG Class B USD Accumulated Shares 2,490 0.181% 05/09/2019 (1,104)

LMA Westpac Banking Corp Zero Coupon due 26/10/18 2,201 Zero Coupon due 25/05/18 (1,102)

Svenska Handelsbanken Netherlands Treasury Bill Zero Coupon due 05/11/18 2,003 Zero Coupon 26/06/18 (1,010)

Toyota Motor Finance Kingdom of Belgium Zero Coupon due 11/07/18 2,002 Zero Coupon due 09/08/18 (1,001)

Honeywell International Inc Zero Coupon due 28/08/18 2,001

Bank of Tokyo-Mitsubishi UFJ Ltd Zero Coupon due 13/06/18 2,001

Russell Investment Company plc Russell Investments Multi-Asset Growth Strategy Euro Fund Statement of Changes in Composition of Portfolio - continued




EUR ‘000 Sumitomo Mitsui Banking Corp

Zero Coupon due 10/08/18 2,001 Unilever NV

Zero Coupon due 25/06/18 2,000 Commonwealth Bank of Australia

1.625% 04/02/19 1,926

Russell Investment Company plc Russell Investments Asia Pacific Ex Japan Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 212 Russell Investments Asia Pacific Ex Japan Fund


USD ‘000


Assets Financial assets at fair value through profit or loss ........................................................ 97,388 120,938 Cash at bank (Note 2) ..................................................................................................... 2,500 3,087 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................... 1,528 2,022 Debtors:

Receivable for investments sold ................................................................................. 375 350 Receivable on fund shares issued ............................................................................... 2 2 Dividends receivable .................................................................................................. 180 341

101,973 126,740 Liabilities Financial liabilities at fair value through profit or loss ................................................... (343) (988) Creditors – amounts falling due within one financial year:

Cash due to brokers and counterparties for open financial derivative instruments (Note 2) ....................................................................................................................... (10) (70) Payable for investments purchased ............................................................................. (285) (427) Payable on fund shares redeemed ............................................................................... - (19) Distributions payable on income share classes ........................................................... (35) - Management fees payable ........................................................................................... (95) (127) Depositary fees payable .............................................................................................. (6) (3) Sub-custodian fees payable ......................................................................................... (134) (44) Administration fees payable ....................................................................................... (1) (4) Audit fees payable ...................................................................................................... (10) (23)

(919) (1,705) Net assets attributable to redeemable participating shareholders ........................... 101,054 125,035

Russell Investment Company plc Russell Investments Asia Pacific Ex Japan Fund Profit and Loss Account For the six months ended 30 September 2018


Russell Investments Asia Pacific Ex Japan Fund 213






Net gain (loss) on investment activities ........................................................................ (7,890) 13,304 Total investment income (expense) ........................................................................... (5,643) 16,113 Expenses

Management fees (Note 4) ........................................................................................ (691) (849) Depositary fees (Note 5) ........................................................................................... (13) (9) Sub-custodian fees (Note 5) ...................................................................................... (201) (140) Administration and transfer agency fees (Note 5) .................................................... (38) (49) Audit fees .................................................................................................................. (10) (9) Professional fees ....................................................................................................... (20) (52) Other fees .................................................................................................................. (14) (21)

Total operating expenses ............................................................................................ (987) (1,129) Net income (expense) .................................................................................................. (6,630) 14,984 Finance costs

Distributions (Note 9) ............................................................................................... (995) (1,398) Profit (loss) for the financial period before taxation ............................................... (7,625) 13,586 Taxation (Note 8)

Capital gains tax ....................................................................................................... (12) - Withholding tax ....................................................................................................... (215) (231)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... (7,852) 13,355 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments Asia Pacific Ex Japan Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018






Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... (7,852) 13,355 Share transactions

Reinvestment of deemed distributions on accumulation shares (Note 7) ................. 922 1,352 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ....................................................................................... (17,051) (19,413)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ......................................................................................... (23,981) (4,706) Net assets attributable to redeemable participating shareholders

Beginning of financial period ................................................................................... 125,035 136,970 End of financial period .............................................................................................. 101,054 132,264

Russell Investment Company plc Russell Investments Asia Pacific Ex Japan Fund Schedule of Investments 30 September 2018



Number of Shares


Fund %

Transferable Securities (89.74%) Common Stock (87.65%) Australia (7.01%) Airlines

35,144 Qantas Airways Ltd ............. 150 0.15 Banks

26,691


5,430


700 Macquarie Group Ltd .......... 64 0.06 12,696 National Australia Bank Ltd 255 0.25 9,883 Westpac Banking Corp ........ 200 0.20

Beverages 6,412 Treasury Wine Estates Ltd .. 81 0.08

Biotechnology 2,975 CSL Ltd ............................... 433 0.43

Commercial Services and Supplies 12,911 Transurban Group ............... 105 0.10

Construction and Engineering 5,800 CIMIC Group Ltd ............... 216 0.21 23,800 Downer EDI Ltd .................. 136 0.13 6,819 LendLease Group ................ 97 0.10

Containers and Packaging 5,446 Amcor Ltd ........................... 54 0.05


45,500

Genworth Mortgage Insurance Australia Ltd ....... 81 0.08

Electric Utilities 46,414 AusNet Services .................. 55 0.06

Entertainment 3,358 Aristocrat Leisure Ltd ......... 69 0.07

Food Products 15,645 Wesfarmers Ltd ................... 564 0.56 4,700 Woolworths Group Ltd ....... 95 0.09

Health Care Equipment and Supplies 632 Cochlear Ltd ........................ 92 0.09

Health Care Providers and Services 1,403 Ramsay Health Care Ltd ..... 56 0.06


5,732

Washington H Soul Pattinson & Co Ltd .............. 108 0.11


2,900


Insurance

11,529

Insurance Australia Group Ltd ....................................... 61 0.06

5,000 QBE Insurance Group Ltd ... 40 0.04 24,315 Suncorp Group Ltd .............. 254 0.25

Internet Software and Services 3,100 Webjet Ltd ........................... 35 0.04

Number of Shares


Fund %

Iron and Steel 18,300 BlueScope Steel Ltd ........... 225 0.22

Lodging 29,000 Crown Resorts Ltd .............. 287 0.28

Media

95,300

Nine Entertainment Co Holdings Ltd ....................... 156 0.15

109,900 Seven West Media Ltd ........ 80 0.08 Metals and Mining

6,993 BHP Billiton Ltd ................. 175 0.17 75,771 Jacana Minerals Ltd ............ - 0.00 3,333 Newcrest Mining Ltd .......... 47 0.05 48,700 Northern Star Resources Ltd 292 0.29

118,200

Saracen Mineral Holdings Ltd ...................................... 160 0.16

3,800 Whitehaven Coal Ltd .......... 15 0.01 Oil and Gas

4,507 Woodside Petroleum Ltd .... 126 0.13 Pipelines

7,782 APA Group ......................... 56 0.06 Real Estate

1,013,413 BGP Holdings Plc ............... - 0.00 34,700 Charter Hall Group ............. 180 0.18

Real Estate Investment Trust 31,538 Dexus .................................. 241 0.24 11,603 Goodman Group ................. 87 0.09 17,545 GPT Group ......................... 66 0.07 106,125 Mirvac Group ..................... 185 0.18 22,372 Scentre Group Ltd ............... 64 0.06 54,092 Stockland ............................ 162 0.16 28,680 Vicinity Centres .................. 54 0.05

Retail Trade 4,000 JB Hi-Fi Ltd ........................ 73 0.07 2,800 Super Retail Group Ltd ....... 18 0.02

7,080 7.01 Bermuda (2.08%) Automobiles

18,000

Brilliance China Automotive Holdings Ltd ....................... 29 0.03


6,274

CK Infrastructure Holdings Ltd ...................................... 50 0.05

Food Products

4,600

Dairy Farm International Holdings Ltd ....................... 41 0.04

Gas Utilities 14,400 China Gas Holdings Ltd ..... 41 0.04

66,000

China Resources Gas Group Ltd ...................................... 269 0.26


1,400

Jardine Matheson Holdings Ltd ...................................... 88 0.09

Russell Investment Company plc Russell Investments Asia Pacific Ex Japan Fund Schedule of Investments - continued 30 September 2018


Number of Shares


Fund %

1,700

Jardine Strategic Holdings Ltd ....................................... 62 0.06

Home Furnishings

167,467

Haier Electronics Group Co Ltd ....................................... 455 0.45

Pharmaceuticals 42,000 Luye Pharma Group Ltd ...... 38 0.04

Pipelines

1,039,881

Sinopec Kantons Holdings Ltd ....................................... 464 0.46

Real Estate

27,800

Hongkong Land Holdings Ltd ....................................... 184 0.18

2,472,000 Joy City Property Ltd .......... 300 0.30 Retail Trade

23,000

Luk Fook Holdings International Ltd .................. 80 0.08

2,101 2.08 Cayman Islands (13.26%) Auto Components

10,000 Minth Group Ltd ................. 41 0.04 Automobiles

54,000 Geely Automobile Holdings Ltd ....................................... 108 0.11

Building Products

26,000

Asia Cement China Holdings Corp ..................................... 27 0.03

164,000

China Resources Cement Holdings Ltd ....................... 191 0.19


50,500


774

New Oriental Education & Technology Group Inc ADR 57 0.06

2,673 TAL Education Group ADR 69 0.07 Distributors

213,079

Crystal International Group Ltd ....................................... 140 0.14


6,000

AAC Technologies Holdings Inc ....................................... 62 0.06

34,000

Tianneng Power International Ltd .................. 30 0.03


988,800

China Metal Recycling Holdings Ltd ....................... - 0.00

Food Products

23,000

China Mengniu Dairy Co Ltd ....................................... 77 0.08

69,000

Health & Happiness H&H International Holdings Ltd .. 414 0.41

304,931

Tingyi Cayman Islands Holding Corp ....................... 560 0.55

Holding Companies - Diversified Operations 52,920 CK Hutchison Holdings Ltd 610 0.60

Internet Software and Services 786 58.com Inc ADR ................. 60 0.06

Number of Shares


Fund %

13,399


1,039 Autohome Inc ADR ............ 86 0.09 7,340 Baidu Inc ADR ................... 1,692 1.67

1,176

Ctrip.com International Ltd ADR .................................... 45 0.04

2,199 JD.com Inc ADR ................ 56 0.06

17,000

Jumei International Holding Ltd ADR ............................. 37 0.04

10,702 Meituan Dianping ............... 94 0.09 474 Sina Corp ............................ 33 0.03 43,800 Tencent Holdings Ltd ......... 1,809 1.79 3,200 Vipshop Holdings Ltd ADR 20 0.02 559 Weibo Corp ADR ............... 43 0.04 508 YY Inc ADR ....................... 38 0.04

Lodging

19,794

Melco Resorts & Entertainment Ltd ADR ...... 410 0.40

Miscellaneous Manufacturers 26,743 Airtac International Group .. 262 0.26

31,700

Sunny Optical Technology Group Co Ltd ...................... 366 0.36

Personal Products 12,000 Chlitina Holding Ltd ........... 91 0.09

Pharmaceuticals

84,000

China Shineway Pharmaceutical Group Ltd .. 115 0.11

97,500 Sino Biopharmaceutical Ltd 91 0.09 Real Estate

48,000 Agile Group Holdings Ltd .. 68 0.07

129,000

China Aoyuan Property Group Ltd ........................... 87 0.09

13,000 China Evergrande Group .... 36 0.04 163,111 China Resources Land Ltd .. 571 0.56

394,000

China SCE Property Holdings Ltd ....................... 152 0.15

78,000 CK Asset Holdings Ltd ....... 586 0.58

34,000

Country Garden Holdings Co Ltd ................................. 43 0.04

3,908

Country Garden Services Holdings Co Ltd ................. 7 0.01

30,000

Future Land Development Holdings Ltd ....................... 19 0.02

48,000

Shimao Property Holdings Ltd ...................................... 120 0.12

11,000 Sunac China Holdings Ltd .. 34 0.03

2,000

Wharf Real Estate Investment Co Ltd .............. 13 0.01

280,000 Yuzhou Properties Co Ltd .. 114 0.11 Retail Trade

13,000 ANTA Sports Products Ltd . 62 0.06 96,000 China Lilang Ltd ................. 90 0.09

89,200

Chow Tai Fook Jewellery Group Ltd ........................... 92 0.09

287,541 Li Ning Co Ltd ................... 272 0.27

92,000

Sa Sa International Holdings Ltd ...................................... 51 0.05




Number of Shares


Fund %

27,000

Xtep International Holdings Ltd ....................................... 16 0.02


3,600

ASM Pacific Technology Ltd ....................................... 37 0.04

37,000

Semiconductor Manufacturing International Corp ..................................... 40 0.04

Software 9,100 Momo Inc ADR ................... 402 0.40 726 NetEase Inc ADR ................ 164 0.16

Textile and Apparel

8,000

Shenzhou International Group Holdings Ltd ............ 103 0.10

Transport

4,870

ZTO Express Cayman Inc ADR .................................... 82 0.08

13,400 13.26 China (13.93%) Auto Components

27,965

Huayu Automotive Systems Co Ltd ................................. 91 0.09

Automobiles 174,000 BAIC Motor Corp Ltd ......... 139 0.14

178,000

Dongfeng Motor Group Co Ltd ....................................... 183 0.18

Banks

572,000

Agricultural Bank of China Ltd ....................................... 281 0.28

1,184,000 Bank of China Ltd ............... 527 0.52

146,000

Bank of Communications Co Ltd ....................................... 110 0.11

1,022,000 China CITIC Bank Corp Ltd 654 0.65

2,904,868

China Construction Bank Corp ..................................... 2,539 2.51

214,000

Chongqing Rural Commercial Bank Co Ltd .... 117 0.11

682,000

Industrial & Commercial Bank of China Ltd ............... 499 0.49

380,000

Postal Savings Bank of China Co Ltd ....................... 239 0.24

Building Products

88,052

Anhui Conch Cement Co Ltd (Class A) ............................. 471 0.46

81,500

Anhui Conch Cement Co Ltd (Class H) ............................. 492 0.49

10,600 Huaxin Cement Co Ltd ....... 20 0.02 Chemicals

6,000

Sinopec Shanghai Petrochemical Co Ltd .......... 4 0.00


198,000

China Communications Services Corp Ltd ................ 182 0.18

22,500

China Railway Construction Corp Ltd .............................. 30 0.03

263,000 China Railway Group Ltd ... 261 0.26

Number of Shares


Fund %

Electric Utilities

291,000

China Longyuan Power Group Corp Ltd .................. 245 0.24


28,983

Han's Laser Technology Industry Group Co Ltd ........ 178 0.18

Home Furnishings 75,034 Midea Group Co Ltd ........... 439 0.43

Insurance

91,600

China Pacific Insurance Group Co Ltd ...................... 354 0.35

389,430

PICC Property & Casualty Co Ltd ................................. 460 0.46

78,500

Ping An Insurance Group Co of China Ltd ........................ 798 0.79

Iron and Steel 70,000 Angang Steel Co Ltd .......... 63 0.06

156,000

Maanshan Iron & Steel Co Ltd ...................................... 84 0.09

Machinery 28,000 Sany Heavy Industry Co Ltd 36 0.04

Metals and Mining

48,000

Aluminum Corp of China Ltd ...................................... 21 0.02

44,000 China Coal Energy Co Ltd .. 19 0.02 Miscellaneous Manufacturers

73,381 China Jushi Co Ltd ............. 113 0.11 Oil and Gas

1,695,846

China Petroleum & Chemical Corp .................... 1,699 1.68

946,000 PetroChina Co Ltd .............. 766 0.76 Oil and Gas Services

1,022,000 China Oilfield Services Ltd 1,109 1.10 Pharmaceuticals

21,800

YiChang HEC ChangJiang Pharmaceutical Co Ltd ........ 91 0.09

Real Estate 50,000 Beijing Capital Land Ltd .... 18 0.02

37,200

Guangzhou R&F Properties Co Ltd ................................. 68 0.06


20,890

Shenzhen Goodix Technology Co Ltd ............. 243 0.24

Telecommunications 290,000 China Telecom Corp Ltd .... 144 0.14

Transport 46,300 Daqin Railway Co Ltd ........ 55 0.05 534,000 Guangshen Railway Co Ltd 239 0.24

14,081 13.93 Hong Kong (8.77%) Automobiles

76,000 Sinotruk Hong Kong Ltd .... 166 0.16 Banks

73,000

BOC Hong Kong Holdings Ltd ...................................... 347 0.34



Number of Shares


Fund %

44,000 CITIC Ltd ............................ 66 0.07 29,000 Hang Seng Bank Ltd ........... 788 0.78

Computers and Peripherals 174,000 Lenovo Group Ltd ............... 127 0.13


3,400

Hong Kong Exchanges & Clearing Ltd ........................ 97 0.10

Electric Utilities 63,500 CLP Holdings Ltd ............... 744 0.73 8,500 Power Assets Holdings Ltd . 59 0.06

Gas Utilities

27,000

Beijing Enterprises Holdings Ltd ....................................... 151 0.15

145,580

Hong Kong & China Gas Co Ltd ....................................... 289 0.29

Hand and Machine Tools 22,000 Techtronic Industries Co Ltd 141 0.14

Holding Companies - Diversified Operations 93,000 Swire Pacific Ltd ................. 1,019 1.01

Insurance 88,300 AIA Group Ltd .................... 789 0.78 40,000 Fosun International Ltd ....... 71 0.07

Lodging

14,000

Galaxy Entertainment Group Ltd ....................................... 89 0.09

176,000 SJM Holdings Ltd ............... 163 0.16 Oil and Gas

536,000 CNOOC Ltd ........................ 1,062 1.05 Pharmaceuticals

18,500

China Resources Pharmaceutical Group Ltd ... 29 0.03

44,000

CSPC Pharmaceutical Group Ltd ....................................... 93 0.09

Real Estate

118,000

China Overseas Land & Investment Ltd .................... 369 0.37

13,500 Hopewell Holdings Ltd ....... 44 0.04 55,000 Hysan Development Co Ltd 278 0.27 4,000 Sun Hung Kai Properties Ltd 58 0.06 38,800 Swire Properties Ltd ............ 147 0.15 29,000 Wheelock & Co Ltd ............ 174 0.17

Real Estate Investment Trust 31,500 Link REIT ........................... 310 0.31

Telecommunications 103,477 China Mobile Ltd ................ 1,020 1.01

90,000

China Unicom Hong Kong Ltd ....................................... 106 0.10

Transport 12,500 MTR Corp Ltd ..................... 66 0.06

8,862 8.77 India (8.40%) Agriculture

40,425 Godrej Industries Ltd .......... 289 0.28 24,018 ITC Ltd ................................ 99 0.10

Number of Shares


Fund %

Automobiles 198 Eicher Motors Ltd ............... 66 0.07 7,925 Mahindra & Mahindra Ltd .. 95 0.09 41,556 Tata Motors Ltd .................. 128 0.13

Banks 39,571 Axis Bank Ltd ..................... 336 0.33 99,043 ICICI Bank Ltd ................... 418 0.42 19,898 IndusInd Bank Ltd .............. 464 0.46

Chemicals 4,998 Asian Paints Ltd .................. 89 0.09

11,575

Gujarat Narmada Valley Fertilizers & Chemicals Ltd 56 0.05

27,141 UPL Ltd .............................. 249 0.25 Computers and Peripherals

67,433 Infosys Ltd .......................... 681 0.67 8,894 Mphasis Ltd ........................ 144 0.14

21,400

Tata Consultancy Services Ltd ...................................... 645 0.64

15,744 Wipro Ltd ........................... 70 0.07 Construction and Engineering

16,935 J Kumar Infraprojects Ltd ... 47 0.05 27,183 Larsen & Toubro Ltd .......... 478 0.47

Diversified Financials 2,090 Bajaj Finance Ltd ................ 63 0.06

6,030

Housing Development Finance Corp Ltd ................ 146 0.15

3,445

Indiabulls Housing Finance Ltd ...................................... 41 0.04

72,895

Mahindra & Mahindra Financial Services Ltd ........ 404 0.40

Electric Utilities 131,456 NTPC Ltd ........................... 305 0.30

Electrical Equipment 8,821 Graphite India Ltd ............... 103 0.10 1,927 HEG Ltd ............................. 89 0.09

Gas Utilities 35,062 GAIL India Ltd ................... 184 0.18

Health Care Providers and Services 165,070 Fortis Healthcare Ltd .......... 307 0.30

Hotels, Restaurants and Leisure 1,288 Hero MotoCorp Ltd ............ 52 0.05

Household Products 5,973 Hindustan Unilever Ltd ...... 132 0.13 12,006 Marico Ltd .......................... 55 0.06

Iron and Steel 153,668 Jindal Steel & Power Ltd .... 415 0.41

Media

9,703

Zee Entertainment Enterprises Ltd .................... 59 0.06

Metals and Mining 6,535 Coal India Ltd ..................... 24 0.02 12,022 Vedanta Ltd ........................ 39 0.04




Number of Shares


Fund %

Oil and Gas 71,743 Bharat Petroleum Corp Ltd . 371 0.37 12,225 Reliance Industries Ltd ........ 212 0.21

Pharmaceuticals 1,734 Dr Reddy's Laboratories Ltd 61 0.06 1,357 Piramal Enterprises Ltd ....... 43 0.04

Real Estate 22,874 Oberoi Realty Ltd ................ 130 0.13

Software 39,132 HCL Technologies Ltd ........ 586 0.58

Telecommunications 85,693 Bharti Infratel Ltd ............... 310 0.31

8,485 8.40 Indonesia (3.67%) Banks

323,300 Bank Central Asia Tbk PT .. 524 0.52

1,378,100

Bank Mandiri Persero Tbk PT ........................................ 622 0.62

228,600

Bank Negara Indonesia Persero Tbk PT .................... 114 0.11

1,833,300

Bank Rakyat Indonesia Persero Tbk PT .................... 388 0.38

Building Products

435,800

Semen Indonesia Persero Tbk PT ................................ 290 0.29

Electric Utilities 1,985,474 Cikarang Listrindo Tbk PT .. 127 0.12

Gas Utilities

2,745,600

Perusahaan Gas Negara Persero Tbk ......................... 415 0.41

Household Products 19,800 Unilever Indonesia Tbk PT . 62 0.06

Metals and Mining 628,900 Bukit Asam Tbk PT ............. 182 0.18

29,000

Indo Tambangraya Megah Tbk PT ................................ 50 0.05


50,600

Indah Kiat Pulp & Paper Corp Tbk PT ........................ 59 0.06

Retail Trade 995,100 Astra International Tbk PT .. 491 0.49

Telecommunications

1,569,500

Telekomunikasi Indonesia Persero Tbk PT .................... 383 0.38

3,707 3.67 Jersey, Channel Islands (0.09%) Building Products

478,000 West China Cement Ltd ...... 90 0.09 Korea, Republic of (12.52%) Agriculture

847 KT&G Corp ........................ 79 0.08 Auto Components

338 Hyundai Mobis Co Ltd ........ 69 0.07

Number of Shares


Fund %

Automobiles 809 Hyundai Motor Co .............. 94 0.10 16,061 Kia Motors Corp ................. 508 0.50

Banks 21,570 Industrial Bank of Korea ..... 297 0.29 30,465 Woori Bank ......................... 464 0.46

Biotechnology 991 Samsung Biologics Co Ltd . 477 0.47

Chemicals

4,864

Kumho Petrochemical Co Ltd ...................................... 432 0.43

997 Lotte Chemical Corp ........... 250 0.25 987 Lotte Fine Chemical Co Ltd 46 0.04

Construction and Engineering 302 Daelim Industrial Co Ltd .... 22 0.02

3,873

GS Engineering & Construction Corp ............... 183 0.18

7,404

Taeyoung Engineering & Construction Co Ltd ........... 85 0.09

Distributors 1,458 LF Corp .............................. 34 0.04 2,519 LG Corp .............................. 165 0.16

Diversified Financials 19,223 BNK Financial Group Inc ... 149 0.15 1,099 Daou Technology Inc ......... 22 0.02 4,314 Hana Financial Group Inc ... 173 0.17 1,161 JB Financial Group Co Ltd . 6 0.01 14,096 KB Financial Group Inc ...... 689 0.68

11,302

Shinhan Financial Group Co Ltd ...................................... 458 0.45

Electrical Equipment 2,863 BH Co Ltd .......................... 49 0.05

745

LS Industrial Systems Co Ltd ...................................... 50 0.05

Gas Utilities 3,672 Korea Gas Corp .................. 201 0.20

Home Furnishings 558 LG Electronics Inc .............. 36 0.04

Insurance 1,893 Korean Reinsurance Co ...... 18 0.02

373


5,227

Samsung Life Insurance Co Ltd ...................................... 458 0.45

Internet Software and Services 380 Kakao Corp ......................... 41 0.04 93 NAVER Corp ..................... 60 0.06 1,230 NCSoft Corp ....................... 491 0.49

Iron and Steel 1,610 POSCO ............................... 427 0.42

Lodging 2,273 Kangwon Land Inc ............. 59 0.06

Machinery 16,793 Doosan Bobcat Inc .............. 612 0.60



Number of Shares


Fund %

Other Finance

2,186

Macquarie Korea Infrastructure Fund .............. 18 0.02

Personal Products

231

LG Household & Health Care Ltd ............................... 266 0.26

Pharmaceuticals 565 Celltrion Healthcare Co Ltd 47 0.04 522 Celltrion Inc ........................ 140 0.14

Retail Trade 1,294 E-MART Inc ....................... 242 0.24

898

Hyundai Department Store Co Ltd ................................. 80 0.08

Semiconductor Equipment and Products 3,361 PSK Inc ............................... 51 0.05 51,003 Samsung Electronics Co Ltd 2,136 2.11 17,442 SK Hynix Inc ...................... 1,149 1.14

Shipbuilding

10,551

Daewoo Shipbuilding & Marine Engineering Co Ltd . 330 0.33

Telecommunications 16,942 KT Corp .............................. 460 0.46 12,438 LG Uplus Corp .................... 205 0.20 234 Samsung SDI Co Ltd ........... 55 0.05 567 SK Telecom Co Ltd ............. 144 0.14

Textile and Apparel 453 F&F Co Ltd ......................... 34 0.03

12,656 12.52 Malaysia (1.62%) Agriculture

31,100 Sime Darby Plantation Bhd . 40 0.04 Banks

35,518 CIMB Group Holdings Bhd 52 0.05 30,400 Malayan Banking Bhd ......... 72 0.07 14,080 Public Bank Bhd ................. 85 0.09

Chemicals

72,400

Petronas Chemicals Group Bhd ...................................... 164 0.16


362,900

Malaysia Airports Holdings Bhd ...................................... 780 0.77

Electric Utilities 15,767 Tenaga Nasional Bhd .......... 59 0.06

Health Care Providers and Services 41,000 IHH Healthcare Bhd ............ 52 0.05

Lodging 24,600 Genting Bhd ........................ 46 0.04

Miscellaneous Manufacturers 113,000 Supermax Corp Bhd ............ 88 0.09

Pipelines 14,089 Petronas Gas Bhd ................ 64 0.06

Telecommunications 46,800 DiGi.Com Bhd .................... 55 0.06

Number of Shares


Fund %

35,700 Maxis Bhd .......................... 50 0.05 40,600 Telekom Malaysia Bhd ....... 32 0.03

1,639 1.62 Mauritius (0.16%) Agriculture

903,300 Golden Agri-Resources Ltd 165 0.16 New Zealand (0.14%) Electric Utilities

17,331 Contact Energy Ltd ............. 67 0.07 Health Care Equipment and Supplies

7,526

Fisher & Paykel Healthcare Corp Ltd .............................. 75 0.07

142 0.14 Pakistan (0.18%) Banks

145,244 Habib Bank Ltd .................. 177 0.18 Philippines (0.32%) Electric Utilities

19,460 Manila Electric Co .............. 122 0.12 Water Utilities

2,244,800

Metro Pacific Investments Corp .................................... 197 0.20

319 0.32 Singapore (2.38%) Airlines

6,000 Singapore Airlines Ltd ........ 43 0.04 Banks

25,600 DBS Group Holdings Ltd ... 489 0.49

52,200

Oversea-Chinese Banking Corp Ltd .............................. 437 0.43

12,500 United Overseas Bank Ltd .. 248 0.25 Construction and Engineering

31,700

Singapore Technologies Engineering Ltd .................. 83 0.08

Distributors

13,100

Jardine Cycle & Carriage Ltd ...................................... 307 0.30

Diversified Financials 13,600 Singapore Exchange Ltd ..... 73 0.07

Holding Companies - Diversified Operations 36,800 Keppel Corp Ltd ................. 187 0.19

Media

32,300


Real Estate 16,300 CapitaLand Ltd ................... 40 0.04


25,600

Ascendas Real Estate Investment Trust ................. 49 0.05

36,400 CapitaLand Mall Trust ........ 59 0.06




Number of Shares


Fund %

37,400

Suntec Real Estate Investment Trust .................. 53 0.05

Shipbuilding

139,000

Yangzijiang Shipbuilding Holdings Ltd ....................... 126 0.12

Telecommunications

31,200

Singapore Telecommunications Ltd ..... 74 0.07

Transport 39,700 ComfortDelGro Corp Ltd .... 71 0.07

2,407 2.38 Taiwan (10.35%) Auto Components

26,000

Cheng Shin Rubber Industry Co Ltd ................................. 41 0.04

Building Products 145,000 Asia Cement Corp ............... 197 0.20

Chemicals

380,000

China Petrochemical Development Corp .............. 174 0.17

47,000

Formosa Chemicals & Fibre Corp ..................................... 197 0.20

73,000 Formosa Plastics Corp ......... 280 0.28 145,000 Grand Pacific Petrochemical 144 0.14 27,000 Nan Ya Plastics Corp .......... 75 0.07

Computers and Peripherals 7,000 Asustek Computer Inc ......... 61 0.06


450,000

China Development Financial Holding Corp ....... 168 0.16

1,072,060


242,989

E.Sun Financial Holding Co Ltd ....................................... 179 0.18

106,353

First Financial Holding Co Ltd ....................................... 72 0.07

108,000

Fubon Financial Holding Co Ltd ....................................... 183 0.18

129,109

Hua Nan Financial Holdings Co Ltd ................................. 78 0.08

90,000

Mega Financial Holding Co Ltd ....................................... 81 0.08

120,283

Taiwan Cooperative Financial Holding Co Ltd .... 73 0.07

632,000

Yuanta Financial Holding Co Ltd ................................. 333 0.33

Electrical Equipment 155,000 AU Optronics Corp ............. 65 0.06 72,000 Coretronic Corp ................... 127 0.13 13,000 Delta Electronics Inc ........... 56 0.06

211,904

Hon Hai Precision Industry Co Ltd ................................. 550 0.54

35,000 Merry Electronics Co Ltd .... 159 0.16 8,000 Simplo Technology Co Ltd . 55 0.05

16,000

Synnex Technology International Corp ............... 20 0.02

255,000 Walsin Lihwa Corp ............. 172 0.17

Number of Shares


Fund %

8,000 Walsin Technology Corp .... 56 0.06 16,981 Yageo Corp ......................... 255 0.25

Food Products

277,000

Uni-President Enterprises Corp .................................... 723 0.72

Insurance

292,000

Cathay Financial Holding Co Ltd ...................................... 502 0.50

104,460 China Life Insurance Co Ltd 105 0.10

795

Shin Kong Financial Holding Co Ltd ................... - 0.00

Iron and Steel 65,000 China Steel Corp ................. 54 0.06 154,000 Chung Hung Steel Corp ...... 73 0.07

Metals and Mining 5,000 Catcher Technology Co Ltd 55 0.05

Retail Trade 8,000 President Chain Store Corp . 94 0.09


18,000

ASE Technology Holding Co Ltd ................................. 44 0.04

203,287 Epistar Corp ........................ 231 0.23 66,856 MediaTek Inc ...................... 540 0.53 216,000 Nanya Technology Corp ..... 411 0.41

30,000

Novatek Microelectronics Corp .................................... 148 0.15

287,601


274,000

United Microelectronics Corp .................................... 145 0.14

Telecommunications 22,000 Chunghwa Telecom Co Ltd 79 0.08

26,000

Far EasTone Telecommunications Co Ltd 62 0.06

16,000 Taiwan Mobile Co Ltd ........ 57 0.06 10,455 10.35 Thailand (2.22%) Banks

14,000 Bangkok Bank PCL ............ 94 0.10 77,500 Kasikornbank PCL NVDR . 518 0.51

32,200

Krung Thai Bank PCL NVDR ................................. 20 0.02

Beverages 116,300 Thai Beverage PCL ............. 58 0.06

Chemicals 81,400 PTT Global Chemical PCL . 204 0.20

13,300

PTT Global Chemical PCL NVDR ................................. 33 0.03

Construction and Engineering 47,300 Airports of Thailand PCL ... 96 0.09

Home Builders 815,100 Land & Houses PCL ........... 290 0.29 89,200 Land & Houses PCL NVDR 32 0.03



Number of Shares


Fund %

Oil and Gas

37,400

PTT Exploration & Production PCL NVDR ....... 179 0.18

237,900 PTT PCL NVDR ................. 398 0.39 Retail Trade

56,300 CP ALL PCL ....................... 120 0.12 Transport

344,300

Bangkok Expressway & Metro PCL ........................... 93 0.09

386,400 BTS Group Holdings PCL .. 111 0.11 2,246 2.22 United States (0.29%) Computers and Peripherals

3,851

Cognizant Technology Solutions Corp ..................... 295 0.29

Vietnam (0.26%) Computers and Peripherals

135,516 FPT Corp ............................. 268 0.26 Total Common Stock ........ 88,575 87.65 Preferred Stock (2.09%) Korea, Republic of (2.09%) Automobiles

5,962 Hyundai Motor Co .............. 455 0.45

Number of Shares


Fund %

Semiconductor Equipment and Products 48,714 Samsung Electronics Co Ltd 1,662 1.64

Total Preferred Stock ....... 2,117 2.09 Warrants (0.00%) Singapore (0.00%)

62,218 Ezion Holdings Ltd ............. - 0.00 Thailand (0.00%)

42,933 BTS Group Holdings PCL .. - 0.00 Total Warrants .................. - 0.00



45,000

iShares II Plc MSCI Far East ex-Japan Small Cap UCITS ETF USD Fund ................... 1,326 1.31

4,783





Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

1,933

3,515.37

11 of Hang Seng Index Futures Long Futures Contracts Expiring October 2018 ..................................... 26 0.03

(2,983)

(3,509.73)

17 of Hang Seng Index Futures Short Futures Contracts Expiring October 2018 ..................................... (44) (0.04)

(1,316)

(1,385.05)

19 of HSCEI Futures Short Futures Contracts Expiring October 2018 ..................................... (27) (0.03)

829

1,382.50

12 of HSCEI Futures Long Futures Contracts Expiring October 2018 ..................................... 19 0.02

1,127

0.27

17 of KOSPI 200 Index Futures Long Futures Contracts Expiring December 2018 ................................. 29 0.03

(1,588)

(0.26)

24 of KOSPI 200 Index Futures Short Futures Contracts Expiring December 2018 ................................. (44) (0.04)




Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

(1,283)

(267.29)

48 of MSCI Singapore Index Futures Short Futures Contracts Expiring October 2018 ................................... (18) (0.02)

829

267.29

31 of MSCI Singapore Index Futures Long Futures Contracts Expiring October 2018 ................................... 11 0.01

984

409.92

24 of MSCI Taiwan Index Futures Long Futures Contracts Expiring October 2018 ................................... 2 0.00

(1,315)

(410.99)

32 of MSCI Taiwan Index Futures Short Futures Contracts Expiring October 2018 ................................... 1 0.00

752

11,055.07

34 of SGX CNX Nifty Index Futures Long Futures Contracts Expiring October 2018 ................................... (7) (0.01)

(1,039)

(11,056.38)

47 of SGX CNX Nifty Index Futures Short Futures Contracts Expiring October 2018 ................................... 9 0.01

10,807

4,456.50

97 of SPI 200 Index Futures Long Futures Contracts Expiring December 2018 ............................... 61 0.06

Unrealised gain on open futures contracts ..................................................................... 158 0.16 Unrealised loss on open futures contracts ...................................................................... (140) (0.14) Net unrealised gain (loss) on open futures contracts ................................................ 18 0.02 Open Forward Foreign Currency Exchange Contracts (0.08%)

Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 AUD 11 GBP 6 - 0.00 19/12/2018 AUD 2,600 USD 1,865 17 0.02 19/12/2018 AUD 4,000 USD 2,844 53 0.06 19/12/2018 AUD 3,595 USD 2,556 47 0.05 19/12/2018 AUD 4,000 USD 2,847 49 0.06 19/12/2018 AUD 185 USD 133 1 0.00 05/10/2018 GBP 1,457 AUD 2,624 2 0.00 05/10/2018 GBP 2,215 HKD 22,605 - 0.00 05/10/2018 GBP 144 IDR 2,752,736 4 0.00 09/11/2018 GBP 135 IDR 2,684,844 (3) 0.00 05/10/2018 GBP 703 INR 64,806 22 0.02 09/11/2018 GBP 672 INR 64,806 (12) (0.02) 05/10/2018 GBP 1,062 KRW 1,534,022 2 0.00 09/11/2018 GBP 1,043 KRW 1,530,748 (19) (0.03) 05/10/2018 GBP 181 MYR 962 4 0.00 09/11/2018 GBP 176 MYR 962 (3) 0.00 05/10/2018 GBP 514 SGD 916 - 0.00 05/10/2018 GBP 923 TWD 36,763 - 0.00 09/11/2018 GBP 905 TWD 36,551 (18) (0.02) 05/10/2018 GBP 621 USD 808 2 0.00 05/10/2018 HKD 766 GBP 75 - 0.00 19/12/2018 HKD 22,600 USD 2,885 7 0.01



Settlement Date


Amount Sold ‘000


Fund %

19/12/2018 HKD 2,185 USD 279 1 0.00 19/12/2018 HKD 2,185 USD 279 1 0.00 05/10/2018 IDR 2,752,736 GBP 140 2 0.00 05/10/2018 INR 64,806 GBP 677 11 0.01 19/12/2018 INR 28,500 USD 387 3 0.00 19/12/2018 INR 65,000 USD 890 (2) 0.00 05/10/2018 KRW 1,534,022 GBP 1,046 19 0.02 19/12/2018 KRW 1,400,000 USD 1,252 12 0.01 19/12/2018 KRW 30,000 USD 27 - 0.00 05/10/2018 MYR 962 GBP 176 3 0.00 05/10/2018 SGD 9 GBP 5 - 0.00 19/12/2018 SGD 1,200 USD 876 4 0.00 19/12/2018 SGD 119 USD 86 1 0.00 19/12/2018 SGD 100 USD 73 - 0.00 19/12/2018 SGD 119 USD 86 1 0.00 05/10/2018 TWD 36,763 GBP 910 18 0.02 19/12/2018 USD 29 AUD 40 - 0.00 19/12/2018 USD 1,151 AUD 1,614 (18) (0.02) 19/12/2018 USD 360 AUD 500 (2) 0.00 19/12/2018 USD 818 AUD 1,150 (15) (0.02) 19/12/2018 USD 1,005 AUD 1,414 (18) (0.02) 05/10/2018 USD 37 GBP 28 - 0.00 19/12/2018 USD 115 HKD 900 - 0.00 19/12/2018 USD 1,328 HKD 10,407 (3) 0.00 19/12/2018 USD 1,226 HKD 9,607 (3) 0.00 19/12/2018 USD 1,235 HKD 9,680 (3) 0.00 19/12/2018 USD 1,226 HKD 9,607 (3) 0.00 01/10/2018 USD 83 IDR 1,242,444 - 0.00 19/12/2018 USD 1,514 INR 111,630 (11) (0.01) 19/12/2018 USD 82 INR 6,000 - 0.00 19/12/2018 USD 3,161 KRW 3,559,000 (54) (0.06) 19/12/2018 USD 51 SGD 70 - 0.00 19/12/2018 USD 381 SGD 525 (4) 0.00 19/12/2018 USD 441 SGD 607 (4) 0.00 19/12/2018 USD 368 SGD 507 (4) 0.00 19/12/2018 USD 368 SGD 507 (4) 0.00

Unrealised gain on open forward foreign currency exchange contracts ......................... 286 0.28 Unrealised loss on open forward foreign currency exchange contracts .......................... (203) (0.20) Net unrealised gain (loss) on open forward foreign currency exchange contracts . 83 0.08 Total Financial Derivative Instruments ..................................................................... 101 0.10





Fund %


Total Financial Liabilities at Fair Value through Profit or Loss ((0.34)%) ........................................................................ (343) (0.34)



Abbreviation used: ADR - American Depository Receipt NVDR - Non-Voting Depository Receipt


gross assets Transferable securities admitted to an official stock exchange listing ............................................................ 88.71 Investment funds (UCITS) ............................................................................................................................. 6.12 Exchange traded financial derivative instruments .......................................................................................... 0.15 Over the counter financial derivative instruments .......................................................................................... 0.28 Other assets ..................................................................................................................................................... 4.74 100.00 The broker for the open futures contracts is Morgan Stanley. The counterparties for the open forward foreign currency exchange contracts are:

BNP Paribas Standard Chartered Bank Brown Brothers Harriman State Street Bank and Trust Company Citibank Westpac Royal Bank of Canada




Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 90,692 - - 90,692 Investment funds ........................................................... 1,326 4,926 - 6,252

Unrealised gain on open futures contracts ........................ 158 - - 158 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 286 - 286


Unrealised loss on open futures contracts ........................ (140) - - (140) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (203) - (203)

Total liabilities ................................................................... (140) (203) - (343) As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 116,493 - 1 116,494Investment funds ........................................................... 1,464 2,629 - 4,093


Total assets ......................................................................... 118,047 2,890 1 120,938 Liabilities Financial liabilities at fair value through profit or loss:



Russell Investment Company plc Russell Investments Asia Pacific Ex Japan Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.







Baidu Inc ADR 1,484 Alibaba Group Holding Ltd ADR (2,763) Swire Pacific Ltd 1,107 Tencent Holdings Ltd (1,497) Alibaba Group Holding Ltd ADR 950 China Construction Bank Corp (1,332) China Petroleum & Chemical Corp 923 POSCO (1,226) China CITIC Bank Corp Ltd 726 DBS Group Holdings Ltd (1,119) SK Hynix Inc 706 Samsung Electronics Co Ltd (1,061) Health & Happiness H&H International Holdings Ltd 691 MediaTek Inc (944) Infosys Ltd 691 Taiwan Semiconductor Manufacturing Co Ltd (926) CLP Holdings Ltd 683 CNOOC Ltd (854) Woolworths Group Ltd 680 Baidu Inc ADR (744) Uni-President Enterprises Corp 654 LG Chem Ltd (739) Perusahaan Gas Negara Persero Tbk 647 Sun Hung Kai Properties Ltd (729) Tata Consultancy Services Ltd 556 AIA Group Ltd (673) Samsung Electronics Co Ltd 545 Woolworths Group Ltd (649) DBS Group Holdings Ltd 536 Samsung Electronics Co Ltd (620) Woori Bank 490 Tech Mahindra Ltd (604) Oversea-Chinese Banking Corp Ltd 437 Hang Seng Bank Ltd (595) Wesfarmers Ltd 432 Autohome Inc ADR (585) Hang Seng Bank Ltd 420 Oversea-Chinese Banking Corp Ltd (536)

Russell Investment Company plc Russell Investments Sterling Bond Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 228 Russell Investments Sterling Bond Fund


GBP ‘000

31 March 2018 (Audited) GBP ‘000

Assets Financial assets at fair value through profit or loss ...................................................... 117,692 118,621 Cash at bank (Note 2) .................................................................................................. 710 893 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................ 978 785 Debtors: Receivable for investments sold .................................................................................. - 1,276 Receivable on fund shares issued ................................................................................. 129 5 Interest receivable ........................................................................................................ 876 840 120,385 122,420 Liabilities Financial liabilities at fair value through profit or loss ................................................ (746) (795) Creditors – amounts falling due within one financial year: Cash due to brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................ (1) - Payable for investments purchased .............................................................................. (699) (4,472) Payable on fund shares redeemed ................................................................................ - (2,100) Distributions payable on income share classes ............................................................ (113) (113) Management fees payable ............................................................................................ (44) (44) Depositary fees payable ............................................................................................... (10) (2) Sub-custodian fees payable .......................................................................................... (2) (3) Administration fees payable ........................................................................................ (6) (4) Audit fees payable ....................................................................................................... (7) (14) Other fees payable ....................................................................................................... (5) (9) (1,633) (7,556) Net assets attributable to redeemable participating shareholders ......................... 118,752 114,864

Russell Investment Company plc Russell Investments Sterling Bond Fund Profit and Loss Account For the six months ended 30 September 2018


Russell Investments Sterling Bond Fund 229


(Unaudited) GBP ‘000



Income Interest income .............................................................................................................. 1,178 1,293 Net gain (loss) on investment activities ........................................................................ (2,634) (1,425) Total investment income (expense) ............................................................................ (1,456) (132) Expenses

Management fees (Note 4) ........................................................................................ (284) (265) Depositary fees (Note 5) ........................................................................................... (16) (6) Sub-custodian fees (Note 5) ...................................................................................... (2) (5) Administration and transfer agency fees (Note 5) ..................................................... (24) (23) Audit fees .................................................................................................................. (7) (9) Professional fees ....................................................................................................... - (2) Other fees .................................................................................................................. (8) (2)

Total operating expenses ............................................................................................ (341) (312) Net income (expense) .................................................................................................. (1,797) (444) Finance costs Distributions (Note 7) ................................................................................................... (1,669) (1,571) Profit (loss) for the financial period before taxation ................................................ (3,466) (2,015) Taxation Withholding tax (Note 8) .............................................................................................. (3) (4) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... (3,469) (2,019) All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments Sterling Bond Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018






Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................... (3,469) (2,019) Share transactions Reinvestment of deemed distributions on accumulation shares (Note 7) .................... 1,257 1,095 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) .................................................................................................... 6,100 (9,695) Total net increase (decrease) in net assets attributable to redeemable participating shareholders ........................................................................................ 3,888 (10,619) Net assets attributable to redeemable participating shareholders Beginning of financial period ...................................................................................... 114,864 111,737 End of financial period ................................................................................................ 118,752 101,118

Russell Investment Company plc Russell Investments Sterling Bond Fund Schedule of Investments 30 September 2018



Principal Amount

Fair Value GBP ‘000

Fund %


BHP Billiton Finance Ltd GBP 300,000 6.500% due 22/10/77 ....... 338 0.29 Scentre Group Trust 1 / 2 USD 100,000 2.375% due 05/11/19 ....... 76 0.06

414 0.35 Belgium (0.12%)

Anheuser-Busch InBev SA/NV

GBP 100,000 9.750% due 30/07/24 ....... 140 0.12 Brazil (0.68%)

Samarco Mineracao SA USD 400,000 4.125% due 01/11/22 ....... 212 0.18 Votorantim Cimentos SA EUR 650,000 3.500% due 13/07/22 ....... 591 0.50

803 0.68 Cayman Islands (0.74%) Phoenix Group Holdings

GBP 500,000 5.750% due 07/07/21 ....... 547 0.46 150,000 4.125% due 20/07/22 ....... 151 0.13 200,000 5.750%* ........................... 177 0.15 875 0.74 Chile (0.12%)

Empresa Electrica Angamos SA

USD 191,300 4.875% due 25/05/29 ....... 146 0.12 Denmark (0.00%) Realkredit Danmark A/S 1 2.000% due 01/10/47 ....... - 0.00

Nykredit Realkredit A/S 1 2.000% due 01/10/47 ....... - 0.00 - 0.00 France (2.03%)


GBP 1,100,000 1.875% due 13/12/22 ....... 1,096 0.92

Credit Agricole Assurances SA

EUR 200,000 2.625% due 29/01/48 ....... 164 0.14 Electricite de France SA

GBP 200,000 5.500% due 27/03/37 ....... 247 0.21 USD 150,000 6.000% due 22/01/2114 ... 112 0.10 GBP 500,000 6.000% due 23/01/2114 ... 646 0.54 Veolia Environnement SA

100,000 6.125% due 29/10/37 ....... 140 0.12 2,405 2.03

Principal Amount


Fund %

Guernsey, Channel Islands (0.33%)

Pershing Square Holdings Ltd

USD 500,000 5.500% due 15/07/22 ...... 388 0.33 Ireland (1.13%)

GE Capital U.K. Funding Unlimited Co

950,000 6.250% due 05/05/38 ...... 1,341 1.13 Italy (0.45%)

FCA Bank SpA EUR 325,000 1.000% due 21/02/22 ...... 289 0.24 UniCredit SpA

250,000 9.250%* .......................... 249 0.21 538 0.45 Jersey, Channel Islands (1.73%) AA Bond Co Ltd

GBP 100,000 4.249% due 31/07/20 ...... 103 0.09 950,000 2.875% due 31/01/22 ...... 922 0.77

CPUK Finance Ltd 650,000 2.666% due 28/02/20 ...... 658 0.55

Heathrow Funding Ltd 330,000 5.225% due 15/02/23 ...... 376 0.32 2,059 1.73 Kuwait (0.41%)


USD 650,000 2.750% due 20/03/22 ...... 488 0.41 Luxembourg (1.26%)

Blackstone Property Partners Europe Holdings Sarl

EUR 300,000 1.400% due 06/07/22 ...... 269 0.23 600,000 2.200% due 24/07/25 ...... 528 0.44


GBP 700,000 4.250% due 06/04/24 ...... 699 0.59 1,496 1.26 Mexico (1.04%)

America Movil SAB de CV 450,000 4.375% due 07/08/41 ...... 516 0.43 Petroleos Mexicanos

EUR 425,000 3.750% due 21/02/24 ...... 391 0.33 350,000 4.875% due 21/02/28 ...... 327 0.28 1,234 1.04

Russell Investment Company plc Russell Investments Sterling Bond Fund Schedule of Investments - continued 30 September 2018


Principal Amount


Fund %

Netherlands (1.86%) ABN AMRO Bank NV USD 500,000 3.400% due 27/08/21 ....... 382 0.32 Cooperatieve Rabobank UA EUR 600,000 4.625%* ........................... 541 0.46

Daimler International Finance BV

GBP 700,000 2.000% due 04/09/23 ....... 694 0.58


100,000 5.750% due 14/09/40 ....... 126 0.11 innogy Finance BV 50,000 6.250% due 03/06/30 ....... 65 0.05 150,000 6.125% due 06/07/39 ....... 207 0.17

Volkswagen Financial Services NV

200,000 1.875% due 07/09/21 ....... 199 0.17 2,214 1.86 Qatar (0.87%)


USD 700,000 2.375% due 02/06/21 ....... 523 0.44 700,000 3.250% due 02/06/26 ....... 515 0.43 1,038 0.87 Saudi Arabia (0.40%)


650,000 3.250% due 26/10/26 ....... 470 0.40 Spain (0.75%)

Banco Santander SA GBP 900,000 2.750% due 12/09/23 ....... 894 0.75

Sweden (0.16%)

Akelius Residential Property AB

200,000 2.375% due 15/08/25 ....... 191 0.16 Switzerland (0.16%)

Credit Suisse AG EUR 200,000 5.750% due 18/09/25 ....... 195 0.16

United Arab Emirates (0.80%)

Abu Dhabi Crude Oil Pipeline LLC

USD 725,000 4.600% due 02/11/47 ....... 543 0.46

Abu Dhabi Government International Bond

550,000 3.125% due 03/05/26 ....... 404 0.34 947 0.80

Principal Amount


Fund %

United Kingdom (70.66%) Admiral Group Plc GBP 200,000 5.500% due 25/07/24 ...... 218 0.18

Annington Funding Plc 350,000 3.184% due 12/07/29 ...... 346 0.29 250,000 3.685% due 12/07/34 ...... 253 0.21 200,000 3.935% due 12/07/47 ...... 204 0.17

Barclays Bank Plc 50,000 10.000% due 21/05/21 .... 59 0.05

Barclays Plc 900,000 2.375% due 06/10/23 ...... 881 0.74 Cattles Ltd 575,000 6.875% due 17/01/14 ...... 1 0.00 150,000 7.125% due 05/07/17 ...... 1 0.00

Close Brothers Group Plc 200,000 4.250% due 24/01/27 ...... 208 0.17

Clydesdale Bank Plc 450,000 4.625% due 08/06/26 ...... 534 0.45

CYBG Plc 250,000 5.000% due 09/02/26 ...... 256 0.22

Dignity Finance Plc 100,000 4.696% due 31/12/49 ...... 94 0.08

Edinburgh Investment Trust Plc

50,000 7.750% due 30/09/22 ...... 60 0.05 HSBC Bank Plc 300,000 6.500% due 07/07/23 ...... 354 0.30

HSBC Holdings Plc 800,000 2.175% due 27/06/23 ...... 795 0.67

Imperial Brands Finance Plc 150,000 9.000% due 17/02/22 ...... 183 0.15

Income Contingent Student Loans Plc

525,250 2.500% due 24/07/56 ...... 508 0.43 Intu SGS Finance Plc

200,000 4.250% due 17/09/30 ...... 213 0.18

Juturna European Loan Conduit No 16 Plc

256,231 5.064% due 10/08/33 ...... 306 0.26

Ladbrokes Group Finance Plc

724,000 5.125% due 08/09/23 ...... 765 0.64

Land Securities Capital Markets Plc

100,000 1.974% due 08/02/24 ...... 100 0.08 350,000 2.750% due 22/09/57 ...... 333 0.28

Liberty Living Finance Plc 450,000 3.375% due 28/11/29 ...... 445 0.37




Principal Amount


Fund %

Lloyds Bank Plc 650,000 5.125% due 07/03/25 ....... 776 0.65 130,000 5.750% due 09/07/25 ....... 137 0.11 850,000 6.000% due 08/02/29 ....... 1,146 0.96

London & Quadrant Housing Trust Ltd

100,000 2.625% due 28/02/28 ....... 99 0.08 Longstone Finance Plc

213,038 4.791% due 19/04/30 ....... 243 0.20

Newday Partnership Funding Plc

850,000 1.474% due 15/12/27 ....... 851 0.72 NewRiver REIT Plc

294,000 3.500% due 07/03/28 ....... 285 0.24 Peabody Capital No 2 Plc

550,000 3.250% due 14/09/48 ....... 535 0.45

Peel Land & Property Investments Plc

350,000 8.375% due 30/04/40 ....... 509 0.43 Pension Insurance Corp Plc

1,500,000 5.625% due 20/09/30 ....... 1,449 1.22 Premiertel Plc

22,746 6.175% due 08/05/32 ....... 26 0.02 Principality Building Society

400,000 2.375% due 23/11/23 ....... 392 0.33 Provident Financial Plc

200,000 7.000% due 04/06/23 ....... 204 0.17 Prudential Plc

700,000 6.250% due 20/10/68 ....... 715 0.60 Quadgas Finance Plc

1,250,000 3.375% due 17/09/29 ....... 1,243 1.05 RAC Bond Co Plc

300,000 4.565% due 06/05/23 ....... 306 0.26 RL Finance Bonds No. 2 Plc

350,000 6.125% due 30/11/43 ....... 383 0.32 Santander UK Plc 300,000 5.125% due 14/04/21 ....... 328 0.28 200,000 5.750% due 02/03/26 ....... 252 0.21

Shaftesbury Carnaby Plc 275,000 2.487% due 30/09/31 ....... 257 0.22 Society of Lloyd's 400,000 4.750% due 30/10/24 ....... 423 0.36 150,000 4.875% due 07/02/47 ....... 153 0.13

Tesco Property Finance 2 Plc 129,897 6.052% due 13/10/39 ....... 152 0.13

Together Asset Backed Securitisation 1 Plc

362,760 1.801% due 12/03/49 ....... 363 0.31 Transport for London

300,000 3.625% due 15/05/45 ....... 352 0.30

Principal Amount


Fund %

TSB Banking Group Plc 200,000 5.750% due 06/05/26 ...... 209 0.18 U.K. Gilts 10,585,000 3.750% due 07/09/21 ...... 11,455 9.65 300,000 1.750% due 07/09/22 ...... 308 0.26 2,950,000 2.250% due 07/09/23 ...... 3,106 2.61 2,000,000 1.500% due 22/07/26 ...... 2,018 1.70 6,000,000 4.250% due 07/12/27 ...... 7,448 6.27 1,600,000 4.500% due 07/09/34 ...... 2,199 1.85 3,090,000 4.250% due 07/03/36 ...... 4,203 3.54 1,050,000 4.750% due 07/12/38 ...... 1,558 1.31 3,915,000 4.250% due 07/09/39** .. 5,507 4.64 2,800,000 4.500% due 07/12/42 ...... 4,199 3.54 2,350,000 3.250% due 22/01/44 ...... 2,965 2.50 1,860,000 3.500% due 22/01/45 ...... 2,456 2.07 550,000 4.250% due 07/12/46 ...... 827 0.70 2,340,000 4.250% due 07/12/49 ...... 3,632 3.06 525,000 3.750% due 22/07/52 ...... 771 0.65 3,745,000 4.250% due 07/12/55 ...... 6,171 5.20 1,200,000 4.000% due 22/01/60 ...... 1,965 1.65 1,930,000 3.500% due 22/07/68 ...... 3,017 2.54

University of Cambridge 550,000 2.350% due 27/06/78 ...... 510 0.43

Western Power Distribution Plc

200,000 3.625% due 06/11/23 ...... 209 0.18 WM Treasury 2 Plc

300,000 3.250% due 20/10/48 ...... 295 0.25 Yorkshire Building Society

200,000 3.375% due 13/09/28 ...... 187 0.16 83,911 70.66 United States (5.02%)

Apple Inc USD 250,000 4.650% due 23/02/46 ...... 208 0.17 Continental Resources Inc

100,000 4.500% due 15/04/23 ...... 78 0.07 Dell International LLC

175,000 4.420% due 15/06/21 ...... 136 0.11 Digital Stout Holding LLC GBP 450,000 2.750% due 19/07/24 ...... 451 0.38


1,000,000 2.250% due 06/09/24 .......... 961 0.81


USD 75,000 4.400% due 15/10/22 ...... 59 0.05 Kraft Heinz Foods Co GBP 210,000 4.125% due 01/07/27 ...... 224 0.19 Newell Brands Inc USD 50,000 5.500% due 01/04/46 ...... 37 0.03



Principal Amount


Fund %

Rowan Cos Inc 558,000 5.400% due 01/12/42 ....... 321 0.27

SLM Student Loan Trust GBP 130,000 1.350% due 15/12/39 ....... 130 0.11 Sprint Spectrum Co LLC USD 300,000 3.360% due 20/09/21 ....... 230 0.19 U.S. Treasury Note

4,000,000 2.500% due 31/03/23 ....... 3,011 2.54


GBP 100,000 4.750% due 17/02/34 ....... 116 0.10 5,962 5.02


Short Term Investments (3.24%) Korea, Republic of (0.29%)

Korea Development Bank USD 450,000 3.000% due 17/03/19 ....... 345 0.29


U.K. Gilt GBP 3,000,000 3.750% due 07/09/19 ....... 3,082 2.60

Principal Amount


Fund %


Metropolitan Life Global Funding I

USD 550,000 2.300% due 10/04/19 ...... 421 0.35



Number of shares Investment Funds (4.50%) Ireland (4.50%)

76


5,224




Financial Derivative Instruments ((0.33)%) Open Futures Contracts (0.02%)

Notional Amount

GBP ‘000

Average Cost Price

GBP

Unrealised Gain (Loss) GBP ‘000

Fund %

161 53.80

3 of Australian 10 Year Bond Futures Long Futures Contracts Expiring December 2018 ................................. 1 0.00

(1,668) (79.41)


(474) (157.94)

3 of 30 Year Euro BUXL Bond Futures Short Futures Contracts Expiring December 2018 ................................. 8 0.01

(820) (117.10)


(1,432) (143.22)


(299) (99.60)

3 of Euro Schatz Futures Short Futures Contracts Expiring December 2018 ................................. 0 0.00

10,474 121.79





Notional Amount

GBP ‘000

Average Cost Price

GBP


Fund %

(2,949) (92.16)


(486) (81.00)


(4,603) (86.86)


772 110.33


(1,707) (121.91)


5,007 122.12


Unrealised gain on open futures contracts ..................................................................... 165 0.14 Unrealised loss on open futures contracts ...................................................................... (140) (0.12) Net unrealised gain (loss) on open futures contracts ................................................ 25 0.02 Open Forward Foreign Currency Exchange Contracts (0.11%)

Settlement Date


Amount Sold ‘000


Fund %

23/10/2018 EUR 1,339 GBP 1,194 1 0.00 14/11/2018 EUR 297 GBP 264 1 0.00 14/11/2018 EUR 320 GBP 288 (3) 0.00 23/10/2018 GBP 396 AUD 725 (6) 0.00 23/10/2018 GBP 1,599 CHF 2,018 13 0.02 14/11/2018 GBP 273 EUR 304 2 0.00 14/11/2018 GBP 840 EUR 929 12 0.01 14/11/2018 GBP 2,212 EUR 2,451 25 0.02 14/11/2018 GBP 278 EUR 311 1 0.00 23/10/2018 GBP 791 ILS 3,724 5 0.00 23/10/2018 GBP 1,999 NOK 21,443 (20) (0.02) 23/10/2018 GBP 397 NZD 794 (6) 0.00 23/10/2018 GBP 1,995 SEK 23,357 (20) (0.02) 14/11/2018 GBP 9,251 USD 11,971 88 0.07 14/11/2018 GBP 470 USD 605 7 0.01 23/10/2018 JPY 291,489 GBP 1,976 (7) (0.01) 23/10/2018 USD 2,606 GBP 1,977 19 0.02 14/11/2018 USD 777 GBP 584 10 0.01

Unrealised gain on open forward foreign currency exchange contracts ........................ 184 0.16 Unrealised loss on open forward foreign currency exchange contracts ......................... (62) (0.05) Net unrealised gain (loss) on open forward foreign currency exchange contracts . 122 0.11



Interest Rate Swaps ((0.01)%)

Ccy Notional


Fund Receives

Termination Date


Fund %

GBP 2,000 GBP 6 Month

LIBOR 0.69% 16/03/2020 (11) (0.01) Interest rate swaps at fair value ................................................................................. (11) (0.01) Credit Default Swaps ((0.45)%)

Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

EUR (2,500) iTRAXX Europe 1.00% # 20/12/2020 (40) (0.03)

EUR (5,000) iTRAXX Europe

Crossover 5.00% # 20/12/2023 (493) (0.42) Credit default swaps at fair value ............................................................................... (533) (0.45) Total Financial Derivative Instruments ...................................................................... (397) (0.33)


Fund %





* Perpetual bonds. ** Partly held as collateral by the brokers and counterparties in connection with collateral purposes for over the counter financial derivative

instruments held by the Fund. # In the event of bankruptcy or, the Fund will pay/receive the notional amount to/from the counterparty.


gross assets Transferable securities admitted to official stock exchange listing ................................................................ 90.96 Transferable securities dealt in on another regulated market .......................................................................... 0.80 Investment funds (UCITS) .............................................................................................................................. 4.38 Exchange traded financial derivative instruments .......................................................................................... 0.14 Over the counter financial derivative instruments .......................................................................................... 0.15 Other assets ..................................................................................................................................................... 3.57

100.00 The brokers for the open futures contracts are Goldman Sachs and UBS AG. The counterparties for the open forward foreign currency exchange contracts are: Bank of America Merrill Lynch HSBC Bank Bank of Montreal National Australia Bank BNP Paribas Royal Bank of Canada Brown Brothers Harriman Societe Generale Commonwealth Bank of Australia Westpac Banking Corporation The counterparty for interest rate swaps is Morgan Stanley. The counterparty for credit default swaps is Morgan Stanley.





Level 1

GBP ‘000 Level 2

GBP ‘000 Level 3

GBP ‘000 Total

GBP ‘000 Assets Financial assets at fair value through profit or loss:

Investments at fair value: Transferable securities .................................................. - 111,996 1 111,997Investment funds ........................................................... - 5,346 - 5,346


Total assets ......................................................................... 165 117,526 1 117,692 Liabilities Financial liabilities at fair value through profit or loss:

Unrealised loss on open futures contracts ........................ (140) - - (140) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (62) - (62) Interest rate swaps at fair value ........................................ - (11) - (11) Credit default swaps at fair value ..................................... - (533) - (533)


Level 1

GBP ‘000 Level 2

GBP ‘000 Level 3

GBP ‘000 Total


Investments at fair value: Transferable securities .................................................. - 110,326 2 110,328Investment funds ........................................................... - 7,797 - 7,797



Unrealised loss on open futures contracts ........................ (105) - - (105) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (162) - (162) Interest rate swaps at fair value ........................................ - (15) - (15) Credit default swaps at fair value ..................................... - (513) - (513)


Russell Investment Company plc Russell Investments Sterling Bond Fund Statement of Changes in Composition of Portfolio Listed below are cumulative investment purchases in excess of 1% of total investment purchases and 20 largest cumulative investment sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 238 Russell Investments Sterling Bond Fund


GBP ‘000 Portfolio Securities Disposal Proceeds

GBP ‘000 Russell Investment Company III Plc Russell Investment Company III Plc

Russell Investments Sterling Liquidity Fund Russell Investments Sterling Liquidity Fund Class R Roll-Up Shares 20,159 Class R Roll-Up Shares (22,690)

U.K. Gilt U.K. Gilts 3.750% due 07/09/21 4,375 4.000% due 07/03/22 (3,503)

Pension Insurance Corp Plc 2.250% due 07/09/23 (2,643) 5.625% due 20/09/30 1,495 SNCF Reseau EPIC

Quadgas Finance Plc 4.830% due 25/03/60 (1,164) 3.375% due 17/09/29 1,243 Daimler International Finance BV

U.K. Gilt 1.500% due 18/08/21 (799) 4.000% due 22/01/60 1,109 Lloyds Banking Group Plc

Banque Federative du Credit Mutuel SA 7.625%* (737) 1.875% due 13/12/22 1,099 Westpac Banking Corp

Banco Santander SA 2.125% due 02/05/25 (691) 2.750% due 12/09/23 895 Goldman Sachs Group Inc

U.K. Gilt 3.125% due 25/07/29 (542) 4.250% due 07/12/55 863 Kuwait International Government Bond

HSBC Holdings Plc 3.500% due 20/03/27 (520) 2.175% due 27/06/23 800 Orbit Capital Plc

Daimler International Finance BV 3.375% due 14/06/48 (500) 1.500% due 18/08/21 797 London & Quadrant Housing Trust Ltd

Prudential Plc 3.125% due 28/02/53 (498) 6.250% due 20/10/68 700 Gatwick Funding Ltd

Daimler International Finance BV 3.125% due 28/09/39 (491) 2.000% due 04/09/23 699 Russell Investment Company III Plc

Russell Investment Company III Plc Russell Investments Euro Liquidity Fund Russell Investments Euro Liquidity Fund Class R Roll-Up Shares (486) Class R Roll-Up Shares 552 McKesson Corp

University of Cambridge 3.125% due 17/02/29 (472) 2.350% due 27/06/78 548 Svenska Handelsbanken AB

Goldman Sachs Group Inc 2.450% due 30/03/21 (414) 3.125% due 25/07/29 545 THFC Funding No 3 Plc

Cooperatieve Rabobank UA 5.200% due 11/10/43 (326) 4.625%* 540 Volkswagen Financial Services NV

Peabody Capital No 2 Plc 1.875% due 07/09/21 (299) 3.250% due 14/09/48 538 Housing & Care 21 Blackstone Property Partners Europe Holdings Sarl 3.288% due 08/11/49 (297) 2.200% due 24/07/25 531 HSBC Holdings Plc

Volkswagen Financial Services NV 4.750%* (267) 1.875% due 07/09/21 499 Volkswagen Leasing GmbH

Orbit Capital Plc 1.625% due 15/08/25 (264) 3.375% due 14/06/48 492

U.K. Gilt 4.500% due 07/12/42 464

*Perpetual bonds.

Russell Investment Company plc Russell Investments U.K. Equity Fund Balance Sheet As at 30 September 2018


Russell Investments U.K. Equity Fund 239


GBP ‘000

31 March 2018 (Audited) GBP ‘000

Assets Financial assets at fair value through profit or loss ..................................................... 139,877 121,483 Cash at bank (Note 2) .................................................................................................. 430 651 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................ 87 145 Debtors:

Receivable for investments sold .............................................................................. 2 - Receivable on fund shares issued ............................................................................ 26 89 Dividends receivable ............................................................................................... 378 602

140,800 122,970 Liabilities Financial liabilities at fair value through profit or loss ................................................ - (50) Creditors – amounts falling due within one financial year:

Payable on fund shares redeemed ............................................................................ (20) (86) Distributions payable on income share classes ........................................................ (320) (267) Management fees payable ........................................................................................ (103) (101) Depositary fees payable ........................................................................................... (6) (2) Sub-custodian fees payable ...................................................................................... (5) (1) Administration fees payable .................................................................................... (7) (4) Audit fees payable ................................................................................................... (5) (10)

(466) (521) Net assets attributable to redeemable participating shareholders ........................ 140,334 122,449

Russell Investment Company plc Russell Investments U.K. Equity Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 240 Russell Investments U.K. Equity Fund






Net gain (loss) on investment activities ........................................................................ 8,974 3,730 Total investment income (expense) ........................................................................... 11,501 6,539 Expenses

Management fees (Note 4) ........................................................................................ (697) (740) Depositary fees (Note 5) ........................................................................................... (10) (8) Sub-custodian fees (Note 5) ...................................................................................... (8) (6) Administration and transfer agency fees (Note 5) .................................................... (35) (37) Audit fees .................................................................................................................. (5) (5) Professional fees ....................................................................................................... - (2) Other fees .................................................................................................................. (9) (10)

Total operating expenses ............................................................................................ (764) (808) Net income (expense) .................................................................................................. 10,737 5,731 Finance costs

Distributions (Note 7) ............................................................................................... (1,802) (1,988) Profit (loss) for the financial period before taxation ............................................... 8,935 3,743 Taxation

Withholding tax (Note 8) .......................................................................................... (23) (15) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... 8,912 3,728 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments U.K. Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................... 8,912 3,728 Share transactions

Reinvestment of deemed distributions on accumulation shares (Note 7) ................ 1,140 1,456 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................ 7,833 (21,902)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ........................................................................................ 17,885 (16,718) Net assets attributable to redeemable participating shareholders

Beginning of financial period .................................................................................. 122,449 147,753 End of financial period ............................................................................................ 140,334 131,035

Russell Investment Company plc Russell Investments U.K. Equity Fund Schedule of Investments 30 September 2018


Number of Shares


Fund %

Transferable Securities (97.22%) Common Stock (97.22%) Australia (0.42%) Metals and Mining

272,646 South32 Ltd ......................... 585 0.42 Bermuda (0.59%) Insurance

21,913 Hiscox Ltd ........................... 360 0.26 8,429 Lancashire Holdings Ltd ..... 51 0.03

Retail Trade 8,276 Signet Jewelers Ltd ............. 418 0.30

829 0.59 Canada (0.75%) Distributors

82,854 Entertainment One Ltd ........ 342 0.24 Metals and Mining

53,298 Barrick Gold Corp .............. 453 0.32 10,403 Pan American Silver Corp ... 118 0.09 20,468 SSR Mining Inc ................... 137 0.10

1,050 0.75 Cayman Islands (0.33%) Insurance

69,212 Phoenix Group Holdings ..... 468 0.33 Cyprus (0.00%) Hotels, Restaurants and Leisure

805,158 IFR Capital Plc .................... - 0.00 Germany (0.73%) Hotels, Restaurants and Leisure

4,494 TUI AG ............................... 66 0.05 Personal Products

3,974 Beiersdorf AG ..................... 344 0.25 Pharmaceuticals

7,654 Merck KGaA ....................... 607 0.43 1,017 0.73 Gibraltar (0.04%) Entertainment

27,068 888 Holdings Plc ................. 54 0.04 Guernsey, Channel Islands (0.37%) Other Finance

173,935 Hipgnosis Songs Fund Ltd .. 187 0.13

164,016

Sherborne Investors Guernsey Ltd (Class B) ....... 39 0.03

342,437

Sherborne Investors Guernsey Ltd (Class C) ....... 258 0.19

Number of Shares


Fund %

Transport 12,591 Stobart Group Ltd ............... 31 0.02

515 0.37 Ireland (4.26%) Airlines

23,483 Ryanair Holdings Plc .......... 274 0.20 Banks

50,225 Bank of Ireland Group Plc .. 295 0.21 Building Products

58,502 CRH Plc .............................. 1,470 1.05 8,146 Kingspan Group Plc ............ 291 0.21

Health Care Providers and Services 5,074 UDG Healthcare Plc ........... 35 0.02

Home Builders 121,498 Cairn Homes Plc ................. 159 0.11 339,401 Glenveagh Properties Plc .... 293 0.21

Lodging 67,260 Dalata Hotel Group Plc ....... 410 0.29

Oil and Gas 11,856 DCC Plc .............................. 826 0.59

Paper and Forest Products 14,969 Smurfit Kappa Group Plc ... 454 0.32

Retail Trade 193,795 Grafton Group Plc ............... 1,468 1.05

5,975 4.26 Isle Of Man (0.61%) Entertainment

83,276 GVC Holdings Plc .............. 765 0.55 Software

17,498 Playtech Plc ........................ 85 0.06 850 0.61 Italy (0.29%) Oil and Gas

27,939 Eni SpA .............................. 405 0.29 Jersey, Channel Islands (2.24%) Advertising

74,574 WPP Plc .............................. 839 0.60 Airlines

15,577 Wizz Air Holdings Plc ........ 448 0.32 Biotechnology

20,765 Shire Plc .............................. 960 0.68 Commercial Services and Supplies

19,358 Experian Plc ........................ 381 0.27 Distributors

1,872 Ferguson Plc ....................... 122 0.09 Metals and Mining

24,464 Glencore Plc ....................... 81 0.06 3,575 Randgold Resources Ltd ..... 195 0.14

Russell Investment Company plc Russell Investments U.K. Equity Fund Schedule of Investments - continued 30 September 2018



Number of Shares


Fund %

Other Finance 49,099 Yellow Cake Plc .................. 120 0.08

3,146 2.24 Netherlands (0.41%) Media

11,905 Wolters Kluwer NV ............ 569 0.41 South Africa (0.14%) Metals and Mining

134,785

Impala Platinum Holdings Ltd ....................................... 201 0.14

Spain (0.09%) Airlines

19,315

International Consolidated Airlines Group SA ............... 128 0.09

Sweden (0.70%) Telecommunications

144,911


Switzerland (0.51%) Beverages

27,650 Coca-Cola HBC AG ............ 722 0.51 United Kingdom (82.89%) Aerospace and Defence

15,677 BAE Systems Plc ................ 99 0.07 205,480 Chemring Group Plc ............ 442 0.31 36,133 Meggitt Plc .......................... 205 0.15 71,249 Rolls-Royce Holdings Plc ... 704 0.50

Agriculture

66,402

British American Tobacco Plc ....................................... 2,380 1.69

11,563 Genus Plc ............................ 276 0.20 56,743 Imperial Tobacco Group Plc 1,516 1.08

Airlines 35,551 easyJet Plc ........................... 467 0.33

Banks 3,842 Bank of Georgia Group Plc . 66 0.05 9,466 Investec Plc ......................... 51 0.04 276,973 Standard Chartered Plc ........ 1,763 1.25

112,725

Virgin Money Holdings UK Plc ....................................... 433 0.31

Banks 1,624,588 Barclays Plc ......................... 2,791 1.99 542,171 HSBC Holdings Plc ............. 3,630 2.59 3,060,432 Lloyds Banking Group Plc .. 1,814 1.29

1,087,185

Royal Bank of Scotland Group Plc ............................ 2,718 1.94

Beverages

Number of Shares


Fund %

53,353 Britvic Plc ........................... 417 0.30 67,974 Diageo Plc .......................... 1,848 1.32 158,774 Stock Spirits Group Plc ....... 313 0.22

Biotechnology 57,444 Abcam Plc .......................... 823 0.59 169,644 PureTech Health Plc ........... 280 0.20

Building Products 162,748 Forterra Plc ......................... 425 0.30

Chemicals 149,404 Elementis Plc ...................... 401 0.29 153,919 Filtrona Plc ......................... 623 0.44 21,267 Johnson Matthey Plc ........... 758 0.54 5,575 Synthomer Plc ..................... 30 0.02 1,960 Victrex Plc .......................... 65 0.05

Commercial Services and Supplies 189,624 Aggreko Plc ........................ 1,654 1.18 76,323 Ascential Plc ....................... 319 0.23 22,251 Ashtead Group Plc .............. 542 0.39

22,564

Babcock International Group Plc ....................................... 163 0.12

1,578,641 Capita Plc ............................ 2,256 1.61 16,861 Hays Plc .............................. 34 0.02 9,026 Intertek Group Plc ............... 451 0.32 545,280 ITE Group Plc ..................... 393 0.28

30,694

Michael Page International Plc ....................................... 176 0.12

3,265 Northgate Plc ...................... 14 0.01 721,266 QinetiQ Group Plc .............. 2,064 1.47 1,774 RELX Plc ............................ 29 0.02 5,080 Rentokil Initial Plc .............. 16 0.01 2,166 Robert Walters Plc .............. 15 0.01 212,884 Serco Group Plc .................. 208 0.15 376,357 Speedy Hire Plc .................. 243 0.17

Computers and Peripherals 103,750 Avast Plc ............................. 294 0.21 43,799 SDL Plc .............................. 209 0.15

Construction and Engineering 148,597 Balfour Beatty Plc ............... 407 0.29 15,382 BBA Aviation Plc ............... 46 0.03 97,961 HomeServe Plc ................... 1,004 0.72 31,644 Keller Group Plc ................. 322 0.23 9,605 Severfield Plc ...................... 7 0.00

Containers and Packaging 102,489 DS Smith Plc ...................... 490 0.35 22,297 RPC Group Plc ................... 177 0.12

Distributors 4,496 Diploma Plc ........................ 64 0.04 50,771 Headlam Group Plc ............. 241 0.17 1,048,777 SIG Plc ................................ 1,330 0.95




Number of Shares


Fund %

131,451 Ashmore Group Plc ............. 478 0.34

23,417

Brewin Dolphin Holdings Plc ....................................... 80 0.06

2,852 Close Brothers Group Plc .... 45 0.03 66,355 CMC Markets Plc ................ 92 0.07 51,177 Hargreaves Lansdown Plc ... 1,144 0.81

94,550

Jupiter Fund Management Plc ....................................... 383 0.27

1,548

London Stock Exchange Group Plc ............................ 71 0.05

314,546 Man Group Plc .................... 555 0.40 8,515 Paragon Group of Cos Plc ... 41 0.03 30,172 Rathbone Brothers Plc ......... 724 0.52

22,784

Schroders Plc (Non-Voting Rights) ................................. 581 0.41

1,527

Schroders Plc (Voting Rights) ................................. 47 0.03

32,451 St James's Place Plc ............. 371 0.26 208,228 Tullett Prebon Plc ................ 556 0.40 178,705 Urban & Civic Plc ............... 543 0.39

Electric Utilities 25,328 SSE Plc ................................ 290 0.21

Electrical Equipment 160,448 Electrocomponents Plc ........ 1,152 0.82 53,037 Oxford Instruments Plc ....... 526 0.37 20,429 Renishaw Plc ....................... 969 0.69 30,800 Smart Metering Systems Plc 190 0.14 11,975 Spectris Plc .......................... 284 0.20 161,115 TT Electronics Plc ............... 419 0.30

Entertainment 236,186 Cineworld Group Plc ........... 745 0.53 47,406 William Hill Plc .................. 120 0.09

Food Products 94,367 Ocado Group Plc ................. 849 0.61 62,108 SSP Group Plc ..................... 450 0.32 1,216,605 Tesco Plc ............................. 2,917 2.08

624,415

Wm Morrison Supermarkets Plc ....................................... 1,620 1.15

Gas Utilities 959,047 Centrica Plc ......................... 1,486 1.06

Health Care Equipment and Supplies 286,038 ConvaTec Group Plc ........... 665 0.47 110,300 Creo Medical Group Plc ...... 248 0.18

Health Care Providers and Services 2,698 NMC Health Plc .................. 92 0.07

Holding Companies - Diversified Operations 160,659 Drax Group Plc ................... 624 0.44

Home Builders 10,244 Barratt Developments Plc .... 58 0.04 1,743 Bellway Plc ......................... 53 0.04

1,614

Berkeley Group Holdings Plc ....................................... 59 0.04

29,596 Crest Nicholson Holdings 104 0.07

Number of Shares


Fund %

Plc .......................................

2,704 Persimmon Plc .................... 64 0.05 59,994 Taylor Wimpey Plc ............. 103 0.07

Hotels, Restaurants and Leisure 26,796 Carnival Plc ........................ 1,277 0.91 62,637 Gym Group Plc ................... 197 0.14 72,210 On the Beach Group Plc ..... 357 0.25 41,622 Thomas Cook Group Plc ..... 24 0.02

Household Products 177,475 McBride Plc ........................ 252 0.18 656 Reckitt Benckiser Group Plc 46 0.03

Insurance 9,409 Admiral Group Plc .............. 196 0.14 487,666 Aviva Plc ............................ 2,387 1.70 40,384 Beazley Plc ......................... 231 0.16 32,906 esure Group Plc .................. 91 0.07 11,147 Hastings Group Holdings Plc 29 0.02 30,658 Legal & General Group Plc 80 0.06 50,978 Numis Corp Plc .................. 171 0.12 52,118 Prudential Plc ...................... 917 0.65 11,932 RSA Insurance Group Plc ... 69 0.05 80,993 Saga Plc .............................. 106 0.08

Internet Software and Services 10,914 ASOS Plc ............................ 629 0.45 188,878 Auto Trader Group Plc ....... 844 0.60

163,417

Moneysupermarket.com Group Plc ............................ 456 0.33

254,190 Rightmove Plc .................... 1,197 0.85 Lodging

2,052

InterContinental Hotels Group Plc ............................ 98 0.07

Machinery 32,367 Weir Group Plc ................... 571 0.41

Media

82,739

Daily Mail & General Trust Plc ....................................... 581 0.42

28,072

Euromoney Institutional Investor Plc ......................... 378 0.27

77,290 Informa Plc ......................... 589 0.42 171,566 ITV Plc ............................... 271 0.19 140,515 Pearson Plc ......................... 1,251 0.89

Metals and Mining 48,989 Anglo American Plc ........... 844 0.60 11,303 Antofagasta Plc ................... 97 0.07 52,270 BHP Billiton Plc ................. 874 0.62 4,786 Bodycote Plc ....................... 43 0.03 56,340 Hochschild Mining Plc ....... 92 0.07 11,870 Kazakhmys Plc ................... 65 0.05 66,261 Rio Tinto Plc ....................... 2,571 1.83

Miscellaneous Manufacturers 3,329 Hill & Smith Holdings Plc .. 33 0.02 16,161 IMI Plc ................................ 177 0.13




Number of Shares


Fund %

44,229 Smiths Group Plc ................ 661 0.47 Oil and Gas

1,006,465 BP Plc .................................. 5,930 4.23 268,781 Royal Dutch Shell Plc ......... 7,227 5.15

Oil and Gas Services 54,763 Hunting Plc ......................... 428 0.31 52,816 John Wood Group Plc ......... 408 0.29

Other Finance 125,250 3i Group Plc ........................ 1,179 0.84

5,313

Intermediate Capital Group Plc ....................................... 58 0.04

111,409 IP Group Plc ........................ 144 0.10 6,388 John Laing Group Plc .......... 20 0.02 324,076 Melrose Industries Plc ......... 648 0.46

Paper and Forest Products 2,980 Mondi Plc ............................ 63 0.04


Pharmaceuticals 19,541 AstraZeneca Plc .................. 1,165 0.83 2,870 Dechra Pharmaceuticals Plc 63 0.04 432,745 GlaxoSmithKline Plc ........... 6,649 4.74

Real Estate 2,127,542 Countrywide Plc .................. 250 0.18 26,834 LSL Property Services Plc .. 71 0.05 489,422 McCarthy & Stone Plc ........ 657 0.47 113,904 St Modwen Properties Plc ... 433 0.31

Real Estate Investment Trust 34,962 British Land Co Plc ............. 216 0.15 52,195 Land Securities Group Plc ... 461 0.33 10,833 Segro Plc ............................. 69 0.05 48,508 UNITE Group Plc ............... 433 0.31

Retail Trade 1,126,180 Carpetright Plc .................... 246 0.17 12,137 Dunelm Group Plc ............... 66 0.05 77,368 Halfords Group Plc .............. 245 0.17 12,680 JD Sports Fashion Plc ......... 58 0.04 11,005 JD Wetherspoon Plc ............ 144 0.10 259,176 Kingfisher Plc ...................... 669 0.48 45,123 Majestic Wine Plc ............... 176 0.13 729,970 Marks & Spencer Group Plc 2,108 1.50 189,307 Mothercare Plc .................... 39 0.03 68,598 N Brown Group Plc ............. 94 0.07 13,894 Next Plc ............................... 763 0.54 238,058 Restaurant Group Plc .......... 709 0.50 242,229 Topps Tiles Plc .................... 152 0.11 106,274 Travis Perkins Plc ............... 1,132 0.81

Number of Shares


Fund %

Software 31,080 AVEVA Group Plc ............. 899 0.64

2,590

Micro Focus International Plc ....................................... 37 0.03

Telecommunications 516,348 BT Group Plc ...................... 1,163 0.83 876,058 Vodafone Group Plc ........... 1,441 1.03

Textile and Apparel 29,616 Burberry Group Plc ............. 597 0.42

Transport 293,827 Firstgroup Plc ..................... 268 0.19 14,096 Go-Ahead Group Plc .......... 227 0.16 103,280 National Express Group Plc 404 0.29 87,911 Stagecoach Group Plc ......... 138 0.10

Water Utilities 10,114 Severn Trent Plc ................. 187 0.13

116,325 82.89 United States (1.85%) Banks

17,680 Citigroup Inc ....................... 973 0.69 Commercial Services and Supplies

33,285 Western Union Co .............. 486 0.35 Metals and Mining

30,226 Coeur Mining Inc ................ 124 0.09 Personal Products

86,918 Avon Products Inc .............. 147 0.10 Telecommunications

7,542 Cisco Systems Inc ............... 281 0.20 Textile and Apparel

5,607 Ralph Lauren Corp ............. 591 0.42 Utilities

122,063 XL Techgroup Inc ............... - 0.00 2,602 1.85 Total Common Stock ........ 136,427 97.22



3,297







Notional Amount

GBP ‘000

Average Cost Price

GBP


Fund %

3,924

7,266.42 54 of FTSE 100 Index Futures Long Futures Contracts Expiring December 2018 ................................. 119 0.08

Net unrealised gain (loss) on open futures contracts ................................................ 119 0.08 Total Financial Derivative Instruments ..................................................................... 119 0.08

Fair Value GBP '000

Fund %


Other Net Assets (0.33%) ..................................................... 457 0.33 Net Assets ............................................................................... 140,334 100.00


gross assets Transferable securities admitted to an official stock exchange listing ....................................................... 96.89 Investment funds (UCITS) ......................................................................................................................... 2.37 Exchange traded financial derivative instruments ..................................................................................... 0.08 Other assets ................................................................................................................................................ 0.66

100.00 The broker for the open futures contracts is UBS. Fair Value Hierarchy (Note 11) The following tables analyse within the fair value hierarchy the Fund’s financial assets and liabilities (by investment type) measured at fair value at 30 September 2018 and 31 March 2018. As at 30 September 2018

Level 1

GBP ‘000 Level 2

GBP ‘000 Level 3

GBP ‘000 Total


Investments at fair value: Transferable securities .................................................. 136,427 - - 136,427 Investment funds ........................................................... - 3,331 - 3,331 Unrealised gain on open futures contracts .................... 119 - - 119

Total assets ......................................................................... 136,546 3,331 - 139,877




As at 31 March 2018

Level 1

GBP ‘000 Level 2

GBP ‘000 Level 3

GBP ‘000 Total


Investments at fair value: Transferable securities .................................................. 117,892 39 - 117,931 Investment funds ........................................................... - 3,552 - 3,552


Unrealised loss on open futures contracts ........................ (50) - - (50) Total liabilities ................................................................... (50) - - (50)

Russell Investment Company plc Russell Investments U.K. Equity Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 248 Russell Investments U.K. Equity Fund


GBP ‘000 Portfolio Securities Disposal Proceeds

GBP ‘000 Russell Investment Company III plc Russell Investment Company III plc

Russell Investments Sterling Liquidity Fund Russell Investments Sterling Liquidity Fund Class R Roll-Up Shares 31,500 Class R Roll-Up Shares (31,733)

Capita PLC 2,537 HSBC Holdings Plc (2,132) GlaxoSmithKline Plc 1,941 GlaxoSmithKline Plc (903) Royal Bank of Scotland Group Plc 1,749 Royal Dutch Shell Plc (871) BT Group Plc 1,097 Cisco Systems Inc (702) Royal Dutch Shell Plc 971 Glencore Plc (682) Travis Perkins Plc 754 Sky Plc (675) Rolls-Royce Holdings Plc 712 GVC Holdings Plc (662) Shire Plc 676 Mondi Plc (598) SIG Plc 611 Helical Plc (588) British American Tobacco Plc 605 Aviva Plc (569) Beiersdorf AG 600 Vodafone Group Plc (566) Merck KGaA 590 Centrica Plc (542) Kingfisher Plc 589 BT Group Plc (524) Melrose Industries Plc 570 Bayer AG (514) Grafton Group Plc 543 Informa Plc (470) Wizz Air Holdings Plc 540 easyJet Plc (466) BP Plc 530 Tullett Prebon Plc (454) Marks & Spencer Group Plc 523 NEX Group Plc (451) Barclays Plc 515 Capita Plc (438)

Russell Investment Company plc Russell Investments U.K. Index Linked Fund Balance Sheet As at 31 March 2018


Russell Investments U.K. Index Linked Fund 249

31 March 2018* (Audited) GBP ‘000

Assets Cash at bank (Note 2) ................................................................................................................................. 30 30 Liabilities Creditors – amounts falling due within one financial year:

Administration fees payable .................................................................................................................... (1) Audit fees payable ................................................................................................................................... (9) Other fees payable ................................................................................................................................... (20) (30)

Net assets attributable to redeemable participating shareholders ....................................................... - * As the Fund terminated on 24 October 2017, final termination financial statements were prepared for the Fund for the year end 31 March

2018. The Fund's Balance Sheet, Profit and Loss and Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders are disclosed solely for presentation purposes only to correspond with the company's comparative combined financial statements.

Russell Investment Company plc Russell Investments U.K. Index Linked Fund Profit and Loss Account For the financial period ended 30 September 2017.

The accompanying notes are an integral part of the financial statements. 250 Russell Investments U.K. Index Linked Fund

Six months ended 30 September 2017*


Income Interest income ........................................................................................................................................ 166

Net gain (loss) on investment activities ..................................................................................................... (628) Total investment income (expense) ......................................................................................................... (462) Expenses

Management fees (Note 4) ...................................................................................................................... (10) Depositary fees (Note 5) ......................................................................................................................... (1) Administration and transfer agency fees (Note 5) ................................................................................... (6) Audit fees ................................................................................................................................................ (7) Professional fees ...................................................................................................................................... (4) Other fees ................................................................................................................................................ (31)

Total operating expenses ......................................................................................................................... (59) Net income (expense) ................................................................................................................................ (521) Finance costs

Distributions (Note 7) .............................................................................................................................. (194)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ........................................................................................................................ (715) All amounts arose solely from terminating operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account. * As the Fund terminated on 24 October 2017, final termination financial statements were prepared for the Fund for the year end 31 March


Russell Investment Company plc Russell Investments U.K. Index Linked Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the financial period ended 30 September 2017.


Russell Investments U.K. Index Linked Fund 251



Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ........................................................................................................................ (715) Share transactions

Reinvestment of deemed distributions on accumulation shares (Note 7) ................................................ 194 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ...................................................................................................................... (92)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders (613) Net assets attributable to redeemable participating shareholders

Beginning of financial period .................................................................................................................. 15,358 End of financial period ............................................................................................................................ 14,745

* As the Fund terminated on 24 October 2017, final termination financial statements were prepared for the Fund for the year end 31 March


Russell Investment Company plc Russell Investments U.K. Long Dated Gilt Fund Balance Sheet As at 31 March 2018

The accompanying notes are an integral part of the financial statements. 252 Russell Investments U.K. Long Dated Gilt Fund

31 March 2018* (Audited) GBP ‘000

Assets Cash at bank (Note 2) ................................................................................................................................ 30 30 Liabilities Creditors – amounts falling due within one financial year:

Sub-custodian fees payable .................................................................................................................... (1) Administration fees payable ................................................................................................................... (2) Audit fees payable .................................................................................................................................. (11) Other fees payable .................................................................................................................................. (16) (30)

Net assets value attributable to redeemable participating shareholders ............................................ - * As the Fund terminated on 26 October 2017, final termination financial statements were prepared for the Fund for the year end 31 March


Russell Investment Company plc Russell Investments U.K. Long Dated Gilt Fund Profit and Loss Account For the financial period ended 30 September 2017


Russell Investments U.K. Long Dated Gilt Fund 253



Income Interest income ........................................................................................................................................ 149

Net gain (loss) on investment activities (Note 5) ....................................................................................... (501) Total investment income (expense) ......................................................................................................... (352) Expenses

Management fees (Note 4) ...................................................................................................................... (8) Depositary fees (Note 5) ......................................................................................................................... (1) Sub-custodian fees (Note 5) .................................................................................................................... (1) Administration and transfer agency fees (Note 5) ................................................................................... (7) Audit fees ................................................................................................................................................ (7) Professional fees ...................................................................................................................................... (3) Other fees ................................................................................................................................................ (31)

Total operating expenses ......................................................................................................................... (58) Net income (expense) ................................................................................................................................ (410) Finance costs

Distributions (Note 9) .............................................................................................................................. (106) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ........................................................................................................................ (516) All amounts arose solely from terminating operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account. * As the Fund terminated on 26 October 2017, final termination financial statements were prepared for the Fund for the year end 31 March


Russell Investment Company plc Russell Investments U.K. Long Dated Gilt Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the financial period ended 30 September 2017

The accompanying notes are an integral part of the financial statements. 254 Russell Investments U.K. Long Dated Gilt Fund



Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ....................................................................................................................... (516) Share transactions

Reinvestment of deemed distributions on accumulation shares (Note 9) ............................................... 106 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 11) ................................................................................................................... (590)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders . (1,000) Net assets attributable to redeemable participating shareholders

Beginning of financial period ................................................................................................................. 13,214 End of financial period ........................................................................................................................... 12,214



Russell Investment Company plc Russell Investments U.S. Bond Fund Balance Sheet As at 30 September 2018


Russell Investments U.S. Bond Fund 255


USD ‘000


Assets Financial assets at fair value through profit or loss ........................................................ 96,907 108,079 Cash at bank (Note 2) ..................................................................................................... 1,136 1,443 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................... 739 536 Debtors:

Receivable for investments sold .................................................................................. 3,874 4,381 Receivable on fund shares issued ................................................................................ 22 - Interest receivable ....................................................................................................... 607 536

103,285 114,975 Liabilities Financial liabilities at fair value through profit or loss ................................................... (408) (564) Creditors – amounts falling due within one financial year:

Cash due to brokers and counterparties for open financial derivative instruments (Note 2) ....................................................................................................................... (37) (30) Payable for investments purchased ............................................................................. (8,429) (11,423) Distributions payable on income share classes ........................................................... (516) (520) Management fees payable ........................................................................................... (41) (44) Depositary fees payable .............................................................................................. (16) (2) Sub-custodian fees payable ......................................................................................... (3) (7) Administration fees payable ........................................................................................ (5) (3) Audit fees payable ....................................................................................................... (9) (18) Other fees payable ....................................................................................................... (112) (106)

(9,576) (12,717) Net assets attributable to redeemable participating shareholders ........................... 93,709 102,258

Russell Investment Company plc Russell Investments U.S. Bond Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 256 Russell Investments U.S. Bond Fund






Net gain (loss) on investment activities ........................................................................ (9,706) 7,252 Total investment income (expense) ........................................................................... (8,229) 8,693 Expenses

Management fees (Note 4) ........................................................................................ (274) (308) Depositary fees (Note 5) ........................................................................................... (27) (6) Sub-custodian fees (Note 5) ...................................................................................... (2) (19) Administration and transfer agency fees (Note 5) ..................................................... (24) (22) Audit fees .................................................................................................................. (9) (11) Professional fees ....................................................................................................... (8) (2)

Total operating expenses ............................................................................................ (344) (368) Net income (expense) .................................................................................................. (8,573) 8,325 Finance costs

Distributions (Note 7) ............................................................................................... (1,117) (1,086) Profit (loss) for the financial period before taxation ............................................... (9,690) 7,239 Taxation

Withholding tax (Note 8) .......................................................................................... (6) (14) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... (9,696) 7,225 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments U.S. Bond Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018








Reinvestment of deemed distributions on accumulation shares (Note 7) .................. 48 100 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................. 1,099 (6,013)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ......................................................................................... (8,549) 1,312 Net assets attributable to redeemable participating shareholders

Beginning of financial period .................................................................................... 102,258 104,803 End of financial period .............................................................................................. 93,709 106,115

Russell Investment Company plc Russell Investments U.S. Bond Fund Schedule of Investments 30 September 2018


Principal Amount


Fund %

Transferable Securities (95.80%) Long Term Bonds and Notes (91.15%) Austria (0.43%)

ESAL GmbH USD 200,000 6.250% due 05/02/23 ....... 199 0.21 Suzano Austria GmbH

200,000 6.000% due 15/01/29 ....... 201 0.22 400 0.43 Bermuda (0.45%)

Athene Holding Ltd 110,000 4.125% due 12/01/28 ....... 103 0.11

Marvell Technology Group Ltd

80,000 4.200% due 22/06/23 ....... 80 0.09 Validus Holdings Ltd

165,000 8.875% due 26/01/40 ....... 238 0.25 421 0.45 Canada (0.74%) Bank of Montreal 80,000 2.100% due 12/12/19 ....... 79 0.08 95,000 1.900% due 27/08/21 ....... 91 0.10


195,000 3.500% due 13/09/23 ....... 194 0.21 Cenovus Energy Inc 120,000 4.250% due 15/04/27 ....... 116 0.12 40,000 6.750% due 15/11/39 ....... 45 0.05

Royal Bank of Canada 90,000 2.125% due 02/03/20 ....... 89 0.09

Toronto-Dominion Bank 85,000 2.125% due 07/04/21 ....... 83 0.09 697 0.74 Cayman Islands (0.27%)

Braskem Finance Ltd 185,000 6.450% due 03/02/24 ....... 198 0.21

Vale Overseas Ltd 50,000 6.875% due 10/11/39 ....... 59 0.06 257 0.27 Colombia (0.05%)

Ecopetrol SA 50,000 5.875% due 28/05/45 ....... 50 0.05 Denmark (0.27%)

Danske Bank A/S 250,000 2.831% due 02/03/20 ....... 250 0.27

Principal Amount


Fund %

Finland (0.23%) Nokia OYJ 100,000 3.375% due 12/06/22 ...... 98 0.10 110,000 6.625% due 15/05/39 ...... 119 0.13 217 0.23 Iceland (0.12%) Kaupthing EHF 100,000 5.750% due 04/10/11 ...... - 0.00 930,000 7.625% due 28/02/15 ...... - 0.00

LBI HF 1,140,000 Zero Coupon due 25/08/20 115 0.12 115 0.12 Mexico (0.40%)

America Movil SAB de CV USD 155,000 5.000% due 16/10/19 ...... 158 0.17

Petroleos Mexicanos 110,000 4.625% due 21/09/23 ...... 109 0.11 115,000 6.750% due 21/09/47 ...... 110 0.12 377 0.40 Netherlands (0.24%)

Deutsche Telekom International Finance BV

100,000 4.375% due 21/06/28 ...... 100 0.11 ING Bank NV

115,000 5.800% due 25/09/23 ...... 121 0.13 221 0.24 Sweden (0.21%)


200,000 2.742% due 17/05/21 ...... 200 0.21 Switzerland (0.33%)

Credit Suisse Group AG 165,000 6.250%* .......................... 163 0.18

UBS AG 145,000 2.450% due 01/12/20 ...... 142 0.15 305 0.33 United Kingdom (1.19%) AstraZeneca Plc 90,000 2.375% due 16/11/20 ...... 89 0.10 80,000 2.375% due 12/06/22 ...... 77 0.08

Barclays Plc 235,000 4.972% due 16/05/29 ...... 232 0.25

HSBC Bank Plc 70,000 7.650% due 01/05/25 ...... 81 0.09

Russell Investment Company plc Russell Investments U.S. Bond Fund Schedule of Investments - continued 30 September 2018



Principal Amount


Fund %

HSBC Holdings Plc 200,000 2.922% due 18/05/21 ....... 200 0.21


200,000 2.926% due 24/06/22 ....... 200 0.21


185,000 3.875% due 12/09/23 ....... 180 0.19 Vodafone Group Plc

50,000 6.150% due 27/02/37 ....... 55 0.06 1,114 1.19 United States (86.21%)


80,000 6.150% due 01/03/37 ....... 100 0.11 AbbVie Inc 80,000 2.500% due 14/05/20 ....... 79 0.08 65,000 4.250% due 14/11/28 ....... 64 0.07 AccessLex Institute 29,939 2.761% due 25/08/37 ....... 29 0.03 33,617 3.190% due 01/07/38 ....... 33 0.04 48,745 3.280% due 01/07/38 ....... 49 0.05

Altria Group Inc 118,000 10.200% due 06/02/39 ..... 186 0.20

Amazon.com Inc 60,000 5.200% due 03/12/25 ....... 66 0.07

American Airlines Pass Through Trust

136,682 5.250% due 31/01/21 ....... 142 0.15 73,304 4.950% due 15/01/23 ....... 75 0.08 American Express Co 260,000 2.200% due 30/10/20 ....... 255 0.27 175,000 2.961% due 27/02/23 ....... 175 0.19 80,000 3.700% due 03/08/23 ....... 80 0.09


130,000 2.600% due 14/09/20 ....... 129 0.14


250,000 2.659% due 14/02/20 ....... 251 0.27

American International Group Inc

165,000 6.400% due 15/12/20 ....... 176 0.19 American Tower Trust #1

95,000 3.070% due 15/03/23 ....... 93 0.10


260,000 2.860% due 18/11/21 ....... 260 0.28


75,000 2.650% due 01/02/21 ....... 74 0.08 Anthem Inc

140,000 2.500% due 21/11/20 ....... 138 0.15

Principal Amount


Fund %

Apollo Management Holdings LP

25,000 4.000% due 30/05/24 ...... 25 0.03 45,000 4.400% due 27/05/26 ...... 45 0.05

Apple Inc 300,000 3.440% due 23/02/21 ...... 308 0.33 AT&T Inc 250,000 2.989% due 15/01/20 ...... 251 0.27 80,000 3.800% due 01/03/24 ...... 79 0.08 120,000 4.250% due 01/03/27 ...... 119 0.13 75,000 4.300% due 15/02/30 ...... 72 0.08

Athene Global Funding 110,000 2.750% due 20/04/20 ...... 109 0.12

AutoNation Inc 25,000 3.800% due 15/11/27 ...... 23 0.02

Avnet Inc 90,000 4.875% due 01/12/22 ...... 92 0.10

AXA Equitable Holdings Inc 95,000 3.900% due 20/04/23 ...... 94 0.10

Banc of America Commercial Mortgage Trust

142,152 5.416%* .......................... 143 0.15 Bank of America Corp 85,000 3.366% due 23/01/26 ...... 82 0.09 160,000 3.500% due 19/04/26 ...... 155 0.17 115,000 5.875%* .......................... 114 0.12

Bayer US Finance II LLC 200,000 4.375% due 15/12/28 ...... 196 0.21

BBCMS Trust 2015-SRCH 100,000 3.312% due 10/08/35 ...... 98 0.10 Bear Stearns ARM Trust 24,633 4.144% due 25/01/34 ...... 25 0.03 56,381 4.260% due 25/07/34 ...... 56 0.06

Becton Dickinson and Co 125,000 2.894% due 06/06/22 ...... 122 0.13

BGC Partners Inc 40,000 5.375% due 24/07/23 ...... 40 0.04

Blue Cube Spinco Inc 180,000 10.000% due 15/10/25 .... 208 0.22

BMW US Capital LLC 200,000 2.747% due 12/04/21 ...... 201 0.21

BP Capital Markets America Inc

100,000 3.796% due 21/09/25 ...... 100 0.11 100,000 3.937% due 21/09/28 ...... 101 0.11

Brighthouse Financial Inc 85,000 3.700% due 22/06/27 ...... 76 0.08

Broadcom Corp / Broadcom Cayman Finance Ltd

110,000 3.875% due 15/01/27 ...... 104 0.11

California Republic Auto Receivables Trust

118,376 1.900% due 15/03/21 ...... 118 0.13



Principal Amount


Fund %

Campbell Soup Co 40,000 2.964% due 15/03/21 ....... 40 0.04


225,000 2.538% due 18/01/22 ....... 225 0.24

Carlyle Holdings II Finance LLC

35,000 5.625% due 30/03/43 ....... 35 0.04 CarMax Auto Owner Trust

50,000 2.540% due 15/09/22 ....... 49 0.05


200,000 2.564% due 15/03/21 ....... 200 0.21 80,000 1.931% due 01/10/21 ....... 77 0.08

Celgene Corp 50,000 3.900% due 20/02/28 ....... 48 0.05

CF Industries Inc 200,000 5.375% due 15/03/44 ....... 186 0.20

CFCRE Commercial Mortgage Trust

285,000 3.865% due 10/01/48 ....... 286 0.31

CG-CCRE Commercial Mortgage Trust

61,082 4.012% due 15/11/31 ....... 61 0.07


185,000 4.908% due 23/07/25 ....... 188 0.20 80,000 6.384% due 23/10/35 ....... 86 0.09

Cigna Corp 55,000 3.050% due 15/10/27 ....... 50 0.05

Cimarex Energy Co 70,000 4.375% due 01/06/24 ....... 71 0.08


250,000 1.800% due 20/09/21 ....... 248 0.26 Citibank NA

310,000 3.400% due 23/07/21 ....... 310 0.33 Citigroup Capital III

120,000 7.625% due 01/12/36 ....... 153 0.16 Citigroup Inc 60,000 8.125% due 15/07/39 ....... 87 0.09 75,000 4.650% due 23/07/48 ....... 76 0.08


21,863 4.820% due 25/10/35 ....... 22 0.02 COMM Mortgage Trust 218,503 3.834% due 10/07/45 ....... 221 0.24 9,387 2.972% due 10/08/46 ....... 9 0.01 28,473 2.904% due 10/10/46 ....... 28 0.03 5,429 5.377% due 10/12/46 ....... 5 0.01 55,000 3.961% due 10/03/47 ....... 56 0.06 275,000 4.642% due 10/10/48 ....... 266 0.28

ConocoPhillips Co 250,000 3.214% due 15/05/22 ....... 255 0.27

Principal Amount


Fund %

Cox Communications Inc 140,000 3.250% due 15/12/22 ...... 136 0.15

Credit Suisse First Boston Mortgage Securities Corp

912 4.882% due 15/07/37 ...... 1 0.00

CSAIL Commercial Mortgage Trust

90,000 3.447% due 15/08/48 ...... 89 0.10 CSMC Trust

6,844 3.950% due 27/05/36 ...... 7 0.01 CVS Health Corp 300,000 3.700% due 09/03/23 ...... 299 0.32 70,000 4.100% due 25/03/25 ...... 70 0.07 45,000 3.875% due 20/07/25 ...... 44 0.05 40,000 4.300% due 25/03/28 ...... 40 0.04 80,000 4.780% due 25/03/38 ...... 80 0.09

Daimler Finance North America LLC

175,000 1.750% due 30/10/19 ...... 172 0.18 260,000 2.300% due 06/01/20 ...... 258 0.28 380,000 3.350% due 04/05/21 ...... 378 0.40

DBCCRE Mortgage Trust 250,000 5.099% due 10/01/34 ...... 251 0.27

Dell International LLC 175,000 8.350% due 15/07/46 ...... 218 0.23

Delta Air Lines Pass Through Trust

136,720 6.821% due 10/08/22 ...... 150 0.16 Devon Financing Co LLC

84,000 7.875% due 30/09/31 ...... 105 0.11


135,000 6.350% due 01/06/40 ...... 149 0.16

Drive Auto Receivables Trust

215,000 3.010% due 15/11/21 ...... 215 0.23 135,000 3.040% due 15/11/21 ...... 135 0.14

Energy Transfer Partners LP 170,000 4.050% due 15/03/25 ...... 167 0.18 100,000 6.050% due 01/06/41 ...... 105 0.11


115,000 5.050% due 01/04/45 ...... 96 0.10 45,000 5.450% due 01/06/47 ...... 39 0.04

EQT Midstream Partners LP 70,000 5.500% due 15/07/28 ...... 72 0.08

Equifax Inc 185,000 3.950% due 15/06/23 ...... 184 0.20

Exelon Corp 90,000 2.850% due 15/06/20 ...... 89 0.10 Fannie Mae Grantor Trust 4,272 2.285% due 25/07/32 ...... 4 0.00 126,522 4.683% due 26/09/33 ...... 137 0.15




Principal Amount


Fund %

Fannie Mae Pool 54,031 3.619% due 01/12/20 ....... 55 0.06 68,409 2.500% due 01/09/22 ....... 67 0.07 68,954 2.000% due 01/01/23 ....... 67 0.07 28,910 2.000% due 01/03/23 ....... 28 0.03 27,851 2.000% due 01/04/23 ....... 27 0.03 87,036 2.000% due 01/05/23 ....... 85 0.09 48,487 2.000% due 01/07/23 ....... 47 0.05 8,284 4.000% due 01/09/23 ....... 8 0.01 173,428 2.500% due 01/10/24 ....... 172 0.18 6,837 5.000% due 01/01/25 ....... 7 0.01 89,122 2.500% due 01/07/25 ....... 88 0.09 40,027 4.000% due 01/01/26 ....... 41 0.04 125,000 3.030% due 01/06/27 ....... 120 0.13 155,000 3.625% due 01/07/28 ....... 155 0.17 42,408 3.500% due 01/07/30 ....... 43 0.05 21,625 3.500% due 01/09/30 ....... 22 0.02 124,742 4.500% due 01/04/35 ....... 130 0.14 75,630 5.500% due 01/04/36 ....... 82 0.09 14,746 6.000% due 01/09/39 ....... 16 0.02 18,444 5.500% due 01/01/40 ....... 20 0.02 156,651 5.500% due 01/07/40 ....... 170 0.18 45,485 4.000% due 01/06/42 ....... 46 0.05 49,145 4.000% due 01/07/42 ....... 50 0.05 85,429 4.000% due 01/09/43 ....... 87 0.09 226,473 3.500% due 01/05/45 ....... 224 0.24 336,079 3.500% due 01/05/45 ....... 332 0.35 180,996 3.500% due 01/09/45 ....... 179 0.19 114,505 3.500% due 01/10/45 ....... 113 0.12 119,732 4.500% due 01/03/46 ....... 125 0.13 471,197 4.000% due 01/04/46 ....... 478 0.51 193,423 3.500% due 01/10/46 ....... 191 0.20 1,044,860 3.000% due 01/12/46 ....... 1,002 1.07 74,686 3.500% due 01/12/46 ....... 74 0.08 189,126 3.000% due 01/04/47 ....... 181 0.19 119,866 4.000% due 01/05/47 ....... 120 0.13 92,557 4.000% due 01/07/47 ....... 94 0.10 149,960 4.000% due 01/07/47 ....... 150 0.16 410,039 3.500% due 01/08/47 ....... 404 0.43 61,406 4.000% due 01/08/47 ....... 62 0.07 292,703 3.500% due 01/09/47 ....... 288 0.31 92,553 3.500% due 01/12/47 ....... 91 0.10 241,597 4.000% due 01/05/48 ....... 242 0.26 324,196 5.000% due 01/07/48 ....... 341 0.36 59,853 4.500% due 01/08/48 ....... 62 0.07 110,000 3.000%* ........................... 105 0.11 140,000 3.500%* ........................... 138 0.15 85,000 4.000%* ........................... 86 0.09 295,000 4.500%* ........................... 304 0.32 2,020,000 3.000%* ........................... 1,932 2.06 1,960,000 3.500%* ........................... 1,928 2.06

Principal Amount


Fund %

Fannie Mae REMIC Trust 94,980 6.500% due 25/05/44 ...... 104 0.11 Fannie Mae REMICS 28,069 4.500% due 25/08/23 ...... 29 0.03 19,985 7.500% due 25/11/26 ...... 22 0.02 60,278 4.500% due 25/06/29 ...... 62 0.07 182,744 4.000% due 25/11/29 ...... 189 0.20 235,000 2.000% due 25/12/42 ...... 212 0.23

Fannie Mae Trust 47,166 6.500% due 25/02/44 ...... 52 0.06 Fannie Mae-Aces 156,736 2.131% due 25/01/23 ...... 150 0.16 323,484 2.263% due 25/02/23 ...... 313 0.33 635,000 2.157% due 25/10/23 ...... 606 0.65 42,051 2.951% due 25/08/24 ...... 42 0.04 60,675 2.097% due 25/04/25 ...... 60 0.06 255,000 2.395% due 25/05/26 ...... 238 0.25

Farmers Exchange Capital III

180,000 5.454% due 15/10/54 ...... 178 0.19

Federal Home Loan Mortgage Corp

131,760 3.500% due 25/06/28 ...... 131 0.14 First Union Capital II

100,000 7.950% due 15/11/29 ...... 125 0.13


84,609 2.228% due 15/05/20 ...... 85 0.09 54,657 1.800% due 15/09/20 ...... 55 0.06

Ford Motor Credit Co LLC 400,000 3.813% due 12/10/21 ...... 397 0.42

Foursight Capital Automobile Receivables Trust

195,000 3.240% due 15/09/22 ...... 194 0.21 Freddie Mac Gold Pool 368,952 2.000% due 01/01/28 ...... 355 0.38 32,225 3.500% due 01/08/30 ...... 32 0.03 30,824 3.500% due 01/09/30 ...... 31 0.03 36,790 5.000% due 01/04/40 ...... 39 0.04 79,102 5.500% due 01/06/41 ...... 86 0.09 127,591 3.500% due 01/07/43 ...... 127 0.14 200,301 4.000% due 01/08/44 ...... 204 0.22 188,664 4.000% due 01/01/45 ...... 192 0.20 137,650 3.500% due 01/11/45 ...... 136 0.15 313,345 4.000% due 01/02/46 ...... 318 0.34 150,806 3.500% due 01/09/47 ...... 149 0.16 475,681 3.500% due 01/11/47 ...... 469 0.50 87,918 4.000% due 01/11/47 ...... 89 0.09

Freddie Mac Multifamily Structured Pass Through Certificates

79,705 2.814% due 25/09/22 ...... 80 0.09



Principal Amount


Fund %

125,000 2.982% due 25/11/25 ....... 122 0.13 85,000 2.849% due 25/03/26 ....... 81 0.09 95,000 3.700% due 25/09/26 ....... 96 0.10 65,000 3.000% due 25/06/27 ....... 62 0.07 Freddie Mac REMICS 12,242 1.750% due 15/03/25 ....... 12 0.01 79,239 5.000% due 15/05/26 ....... 82 0.09 49,221 5.000% due 15/05/33 ....... 52 0.06 52,907 5.000% due 15/06/33 ....... 56 0.06 95,000 4.500% due 15/12/33 ....... 100 0.11 249,284 3.000% due 15/05/48 ....... 237 0.25

Freddie Mac Strips 335,013 3.000% due 15/08/42 ....... 322 0.34

Freddie Mac Whole Loan Securities Trust

49,127 3.500% due 25/07/46 ....... 48 0.05 Freeport-McMoRan Inc

285,000 5.450% due 15/03/43 ....... 261 0.28 FREMF Mortgage Trust

60,000 3.622% due 25/11/45 ....... 60 0.06 FRESB Mortgage Trust 134,926 3.350% due 25/04/28 ....... 132 0.14 35,756 2.370% due 25/09/35 ....... 35 0.04

GE Commercial Mortgage Corp

132,654 5.606%* ........................... 132 0.14 General Motors Co

115,000 4.875% due 02/10/23 ....... 118 0.13


85,000 3.450% due 10/04/22 ....... 84 0.09 Gilead Sciences Inc

175,000 2.550% due 01/09/20 ....... 173 0.18 Ginnie Mae I Pool 165,464 2.140% due 15/08/23 ....... 159 0.17 456,535 4.500% due 15/03/42 ....... 474 0.51 Ginnie Mae II Pool 50,271 3.500% due 20/01/40 ....... 52 0.06 14,754 3.500% due 20/02/40 ....... 15 0.02 29,739 3.625% due 20/04/40 ....... 31 0.03 619 4.250% due 20/06/40 ....... 1 0.00 58,941 5.500% due 20/09/43 ....... 64 0.07 6,377 4.810% due 20/02/61 ....... 6 0.01 15,962 4.794% due 20/05/62 ....... 16 0.02 13,753 4.659% due 20/01/63 ....... 14 0.01 34,356 4.700% due 20/01/63 ....... 36 0.04 132,437 4.552% due 20/12/66 ....... 140 0.15 281,909 4.507% due 20/01/67 ....... 297 0.32

GMACM Mortgage Loan Trust

20,543 3.802% due 25/05/35 ....... 20 0.02 Goldman Sachs Group Inc 80,000 3.272% due 29/09/25 ....... 77 0.08

Principal Amount


Fund %

45,000 3.484% due 15/05/26 ...... 45 0.05 125,000 4.089% due 28/10/27 ...... 130 0.14 80,000 4.223% due 01/05/29 ...... 79 0.08


36,729 4.500% due 16/06/39 ...... 38 0.04 4,421 5.470% due 20/11/59 ...... 4 0.00 365,989 2.502% due 20/11/60 ...... 15 0.02 249,059 0.574% due 20/02/61 ...... 3 0.00 205,861 2.851% due 20/04/62 ...... 7 0.01 390,380 0.694% due 20/10/62 ...... 4 0.00 442,701 2.574% due 20/12/62 ...... 24 0.03 706,169 2.871% due 20/01/63 ...... 20 0.02 48,371 4.634% due 20/05/66 ...... 49 0.05 205,698 2.041% due 20/11/66 ...... 207 0.22 251,003 2.600% due 20/03/68 ...... 250 0.27

Great Plains Energy Inc 150,000 5.292% due 15/06/22 ...... 156 0.17

GS Mortgage Securities Corp II

135,000 4.155% due 10/07/51 ...... 139 0.15

GS Mortgage Securities Trust

309,415 3.377% due 10/05/45 ...... 310 0.33 49,902 5.977% due 10/08/45 ...... 51 0.05 50,000 3.777% due 10/06/46 ...... 49 0.05 123,010 3.817% due 10/08/46 ...... 124 0.13

GSMPS Mortgage Loan Trust

13,766 6.570% due 19/09/27 ...... 14 0.01 66,037 8.500% due 25/01/35 ...... 75 0.08 88,456 8.000% due 25/01/36 ...... 95 0.10 Halfmoon Parent Inc 650,000 3.200% due 17/09/20 ...... 648 0.69 100,000 4.375% due 15/10/28 ...... 100 0.11 50,000 4.800% due 15/08/38 ...... 50 0.05


26,444 1.460% due 15/10/19 ...... 26 0.03 94,980 2.300% due 15/06/20 ...... 95 0.10

Honeywell International Inc 250,000 1.850% due 01/11/21 ...... 241 0.26

HSBC Bank USA NA 150,000 5.875% due 01/11/34 ...... 171 0.18

IBM Credit LLC 150,000 2.608% due 20/01/21 ...... 151 0.16

Intercontinental Exchange Inc

60,000 3.450% due 21/09/23 ...... 60 0.06 60,000 3.750% due 21/09/28 ...... 59 0.06

Interpublic Group of Cos Inc 80,000 3.750% due 01/10/21 ...... 80 0.09




Principal Amount


Fund %

John Deere Capital Corp 35,000 2.350% due 08/01/21 ....... 34 0.04 150,000 2.807% due 08/09/22 ....... 150 0.16

John Deere Owner Trust 8,675 1.440% due 15/10/19 ....... 9 0.01

Johnson & Johnson 150,000 2.250% due 03/03/22 ....... 147 0.16


31,879 4.987% due 12/09/37 ....... 32 0.03 79,850 5.683% due 15/07/41 ....... 69 0.07 111,344 5.464%* ........................... 112 0.12

JP Morgan Mortgage Trust 3,526 4.229% due 25/07/35 ....... 4 0.00

JPMDB Commercial Mortgage Securities Trust

75,000 3.597% due 15/03/50 ....... 74 0.08 JPMorgan Chase & Co 175,000 2.750% due 23/06/20 ....... 174 0.19 215,000 2.550% due 01/03/21 ....... 211 0.23 435,000 2.877% due 09/03/21 ....... 436 0.47 75,000 3.875% due 10/09/24 ....... 74 0.08

Keurig Dr Pepper Inc 120,000 4.417% due 25/05/25 ....... 121 0.13

KKR Group Finance Co III LLC

95,000 5.125% due 01/06/44 ....... 95 0.10 Kohl's Corp

110,000 5.550% due 17/07/45 ....... 106 0.11 Kraft Heinz Foods Co 190,000 4.875% due 15/02/25 ....... 193 0.21 95,000 4.625% due 30/01/29 ....... 95 0.10

Land O' Lakes Inc 290,000 7.250%* ........................... 302 0.32

LB-UBS Commercial Mortgage Trust

57,157 5.350% due 15/11/40 ....... 57 0.06

MassMutual Global Funding II

310,000 1.950% due 22/09/20 ....... 303 0.32 McDonald's Corp 100,000 3.350% due 01/04/23 ....... 99 0.11 80,000 3.800% due 01/04/28 ....... 79 0.08

Mercury General Corp 50,000 4.400% due 15/03/27 ....... 48 0.05

Merrill Lynch Mortgage Investors NIM Trust

1,086 4.500% due 25/10/34 ....... - 0.00


450,000 2.569% due 08/01/21 ....... 450 0.48 Morgan Stanley 90,000 3.750% due 25/02/23 ....... 90 0.10

Principal Amount


Fund %

115,000 3.742% due 24/10/23 ...... 118 0.13 90,000 3.772% due 24/01/29 ...... 86 0.09

Morgan Stanley Bank of America Merrill Lynch Trust

120,000 4.982% due 15/02/47 ...... 123 0.13 25,000 4.495% due 15/05/48 ...... 24 0.03 325,000 3.211% due 15/10/48 ...... 321 0.34

MortgageIT Trust 2005-1 243,527 2.856% due 25/02/35 ...... 244 0.26

MPLX LP 90,000 4.500% due 15/04/38 ...... 85 0.09

MSCG Trust 100,000 3.577% due 07/06/35 ...... 97 0.10

Municipal Electric Authority of Georgia

450,000 7.055% due 01/04/57 ...... 516 0.55

Mutual of Omaha Insurance Co

75,000 4.297% due 15/07/54 ...... 74 0.08 National Oilwell Varco Inc

115,000 2.600% due 01/12/22 ...... 110 0.12 NBCUniversal Media LLC

70,000 5.950% due 01/04/41 ...... 81 0.09

NCUA Guaranteed Notes Trust

48,570 2.400% due 08/12/20 ...... 48 0.05 Newell Brands Inc 140,000 5.000% due 15/11/23 ...... 142 0.15 135,000 5.500% due 01/04/46 ...... 129 0.14


74,351 2.248% due 15/12/20 ...... 74 0.08 74,351 2.390% due 15/12/20 ...... 74 0.08

Northwest Airlines Pass Through Trust

37,742 7.027% due 01/11/19 ...... 39 0.04 Novartis Capital Corp

120,000 1.800% due 14/02/20 ...... 118 0.13 NVR Inc

75,000 3.950% due 15/09/22 ...... 75 0.08 Oracle Corp

100,000 2.950% due 15/05/25 ...... 96 0.10

Philip Morris International Inc

315,000 2.000% due 21/02/20 ...... 311 0.33 Procter & Gamble Co

45,000 2.613% due 01/11/19 ...... 45 0.05

Public Service Co of Colorado

140,000 2.250% due 15/09/22 ...... 134 0.14 QUALCOMM Inc

100,000 2.600% due 30/01/23 ...... 96 0.10 QVC Inc

80,000 4.375% due 15/03/23 ...... 79 0.08



Principal Amount


Fund %

Reliance Standard Life Global Funding II

205,000 2.500% due 15/01/20 ....... 203 0.22

Renaissance Home Equity Loan Trust

13,285 5.565% due 25/02/36 ....... 13 0.01 19,728 5.762% due 25/08/36 ....... 12 0.01 Reynolds American Inc 120,000 6.875% due 01/05/20 ....... 127 0.14 60,000 4.450% due 12/06/25 ....... 61 0.07 75,000 8.125% due 01/05/40 ....... 99 0.11


85,000 5.750% due 15/05/24 ....... 91 0.10 50,000 5.000% due 15/03/27 ....... 51 0.05


71,861 2.440% due 15/04/21 ....... 72 0.08 160,000 2.320% due 16/08/21 ....... 159 0.17

SBA Small Business Investment Cos

100,000 3.548% due 11/09/28 ....... 100 0.11 Select Income REIT

70,000 4.250% due 15/05/24 ....... 67 0.07 Sherwin-Williams Co

105,000 2.250% due 15/05/20 ....... 104 0.11

SLM Private Credit Student Loan Trust

59,814 2.734% due 15/06/33 ....... 59 0.06

SLM Private Credit Student Loan Trust

89,904 2.664% due 15/03/24 ....... 90 0.10 42,945 2.884% due 16/12/30 ....... 43 0.05 319,806 2.624% due 15/06/39 ....... 312 0.33

Sofi Consumer Loan Program Trust

145,000 3.140% due 25/02/27 ....... 144 0.15

South Carolina Electric & Gas Co

50,000 3.500% due 15/08/21 ....... 50 0.05 50,000 4.250% due 15/08/28 ....... 50 0.05

South Carolina Student Loan Corp

166,357 3.716% due 25/01/36 ....... 168 0.18 Sprint Communications Inc

75,000 6.000% due 15/11/22 ....... 77 0.08 Sprint Spectrum Co LLC

150,000 3.360% due 20/09/21 ....... 150 0.16 Starbucks Corp 110,000 3.800% due 15/08/25 ....... 109 0.12 60,000 4.000% due 15/11/28 ....... 60 0.06 50,000 4.500% due 15/11/48 ....... 49 0.05

Structured Adjustable Rate Mortgage Loan Trust

4,040 4.163% due 25/12/34 ....... 4 0.00

Principal Amount


Fund %


20,468 2.568% due 19/04/35 ...... 20 0.02

Sunoco Logistics Partners Operations LP

35,000 5.400% due 01/10/47 ...... 35 0.04


150,000 Zero Coupon due 01/08/49 150 0.16

Tennessee Gas Pipeline Co LLC

115,000 8.375% due 15/06/32 ...... 146 0.16


194,741 1.740% due 17/08/20 ...... 194 0.21 Toyota Motor Credit Corp

300,000 2.704% due 12/03/20 ...... 301 0.32 Tyson Foods

100,000 3.900% due 28/09/23 ...... 101 0.11 U.S. Treasury Bonds 2,595,000 2.750% due 15/08/47 ...... 2,378 2.54 630,000 2.750% due 15/11/47 ...... 577 0.62 725,000 3.000% due 15/02/48** .. 698 0.74 1,160,000 3.125% due 15/05/48 ...... 1,146 1.22 165,000 3.000% due 15/08/48 ...... 159 0.17 U.S. Treasury Notes 160,000 2.750% due 15/08/21 ...... 159 0.17 4,875,000 1.250% due 31/10/21 ...... 4,642 4.95 450,000 2.750% due 31/08/23 ...... 446 0.48 4,130,000 1.625% due 31/10/23 ...... 3,873 4.13 520,000 2.250% due 31/10/24 ...... 499 0.53 2,495,000 2.500% due 31/01/25 ...... 2,425 2.59 7,530,000 2.875% due 30/04/25 ...... 7,473 7.98 220,000 2.875% due 31/07/25 ...... 218 0.23 225,000 2.750% due 31/08/25 ...... 221 0.24 5,505,000 2.250% due 15/11/27 ...... 5,155 5.50 615,000 2.875% due 15/08/28 ...... 606 0.65

Unilever Capital Corp 350,000 3.000% due 07/03/22 ...... 347 0.37

Union Pacific Railroad Co Pass Through Trust

42,634 5.866% due 02/07/30 ...... 46 0.05

United Airlines Pass Through Trust

30,000 4.600% due 01/03/26 ...... 30 0.03 United Technologies Corp 80,000 3.350% due 16/08/21 ...... 80 0.09 170,000 3.950% due 16/08/25 ...... 169 0.18

US Airways Pass Through Trust

118,669 7.125% due 22/10/23 ...... 131 0.14 132,045 5.900% due 01/10/24 ...... 142 0.15




Principal Amount


Fund %

US Bank NA/Cincinnati OH 250,000 2.662% due 24/01/20 ....... 251 0.27 400,000 3.150% due 26/04/21 ....... 399 0.43


80,000 3.500% due 01/11/24 ....... 79 0.08 47,000 4.672% due 15/03/55 ....... 44 0.05

Viacom Inc 105,000 6.250% due 28/02/57 ....... 104 0.11

Walmart Inc 40,000 2.596% due 23/06/21 ....... 40 0.04

Walt Disney Co 200,000 2.506% due 05/06/20 ....... 200 0.21

WaMu Mortgage Pass-Through Certificates Trust

59,264 3.848% due 25/10/33 ....... 60 0.06 Warner Media LLC

85,000 4.750% due 29/03/21 ....... 88 0.09 Wells Fargo & Co 200,000 2.600% due 22/07/20 ....... 198 0.21 250,000 3.661% due 04/03/21 ....... 256 0.27 65,000 3.069% due 24/01/23 ....... 63 0.07 435,000 3.572% due 31/10/23 ....... 444 0.47


42,513 4.634% due 25/09/34 ....... 44 0.05 10,802 4.384% due 25/03/36 ....... 11 0.01

WFRBS Commercial Mortgage Trust

31,973 3.036% due 15/05/47 ....... 32 0.03 Williams Cos Inc 110,000 4.550% due 24/06/24 ....... 112 0.12 65,000 5.800% due 15/11/43 ....... 70 0.07 80,793 86.22



National Australia Bank Ltd 250,000 2.590% due 14/05/19 ....... 250 0.27 Canada (0.58%)

Canadian Oil Sands Ltd 120,000 7.750% due 15/05/19 ....... 123 0.13

National Bank of Canada 150,000 3.172% due 14/12/18 ....... 150 0.16

Province of Quebec Canada 100,000 2.627% due 21/07/19 ....... 100 0.11

Toronto-Dominion Bank 170,000 3.187% due 22/01/19 ....... 170 0.18 543 0.58

Principal Amount


Fund %

Ireland (0.23%)


215,000 1.900% due 23/09/19 ...... 213 0.23 Netherlands (0.48%)

LyondellBasell Industries NV

200,000 5.000% due 15/04/19 ...... 201 0.21


250,000 1.375% due 10/05/19 ...... 248 0.27 449 0.48 United States (2.79%)

Ally Financial Inc 120,000 3.250% due 05/11/18 ...... 120 0.13

Altria Group Inc 145,000 9.250% due 06/08/19 ...... 153 0.16


100,000 1.875% due 03/05/19 ...... 100 0.11


250,000 2.743% due 01/02/19 ...... 250 0.27 Bank of America NA

70,000 2.050% due 07/12/18 ...... 70 0.07


85,000 1.350% due 18/05/19 ...... 84 0.09 Citibank NA

315,000 2.571% due 09/11/18 ...... 315 0.33


89,000 5.625% due 15/08/19 ...... 91 0.10 eBay Inc

180,000 2.823% due 01/08/19 ...... 180 0.19 Ford Motor Credit Co LLC

425,000 2.551% due 05/10/18 ...... 425 0.45 General Mills Inc

250,000 6.590% due 15/10/18 ...... 250 0.27


44,000 2.850% due 05/10/18 ...... 44 0.05

New York Life Global Funding

425,000 2.457% due 12/04/19 ...... 425 0.45 WestRock MWV LLC

105,000 7.375% due 01/09/19 ...... 109 0.12 2,616 2.79




Principal Amount


Fund %

Bank Loans (0.30%) United States (0.30%)

MacDermid Inc 107,620 5.242% due 07/06/23 ....... 108 0.11

Marriott Ownership Resorts Inc

52,500 4.492% due 29/08/25 ....... 53 0.06

Sungard Availability Services Capital Inc

122,496 12.104% due 01/10/22 ..... 121 0.13 Total Bank Loans .............. 282 0.30



Bank of Nova Scotia 250,000 2.606% due 30/12/19 ....... 250 0.26


250,000 2.647% due 29/05/19 ....... 250 0.27 500 0.53 Japan (0.27%)


250,000 2.774% due 15/05/19 ....... 250 0.27 Sweden (0.53%)

Nordea Bank AB 250,000 2.611% due 10/04/19 ....... 250 0.26

Svenska Handelsbanken AB 250,000 2.617% due 21/10/19 ....... 250 0.27 500 0.53


Principal Amount


Fund %


Westpac Banking Corp 250,000 1.848% due 29/11/18 ...... 250 0.27 Canada (0.27%)

PSP Capital Inc 250,000 Zero Coupon due 30/08/19 250 0.27 United States (0.96%)

Ford Motor Credit Co LLC 415,000 3.060% due 15/04/19 ...... 408 0.43

ING US Funding LLC 250,000 Zero Coupon due 12/04/19 250 0.27

Sheffield Receivable Corp 250,000 Zero Coupon due 05/11/18 249 0.26 907 0.96 Total Commercial Paper .. 1,407 1.50 Money Market Instruments (0.57%) United States (0.57%) United States Treasury Bill 535,000 Zero Coupon due 11/10/18 534 0.57

Total Money Market Instruments ....................... 534 0.57

Number of shares Investment Funds (3.58%) Ireland (3.58%)

3,259




Financial Derivative Instruments (0.20%)

Open Futures Contracts ((0.19)%)

Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

721

120.25


794

113.38

7 of U.S. 5Yr Note Futures Long Futures Contracts Expiring December 2018 ................................. (6) (0.01)

(479)

(159.74)


Russell Investment Company plc Russell Investments U.S. Bond Fund Schedule of Investments - continued

30 September 2018



Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

4,040

103.60

39 of Canada 10 Year Bond Futures Long Futures Contracts Expiring December 2018 ................................. (39) (0.04)

3,282

113.17


(6,208)

(159.19)

39 of Long Gilt Future Short Futures Contracts Expiring December 2018 ................................. 57 0.06

(14,875)

(185.94)

80 of Euro-Bund Future Short Futures Contracts Expiring December 2018 ................................. 121 0.13

2,956

105.57


21,004

120.02


3,016

143.63


1,563

71.05

22 of Austria 10 Year Bond Futures Long Futures Contracts Expiring December 2018 ................................. (14) (0.01)

Unrealised gain on open futures contracts ...................................................................... 194 0.21 Unrealised loss on open futures contracts ....................................................................... (377) (0.40) Net unrealised gain (loss) on open futures contracts ................................................. (183) (0.19) Open Forward Foreign Currency Exchange Contracts (0.30%)

Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 GBP 17,536 USD 22,794 76 0.09 05/10/2018 GBP 17,524 USD 22,794 61 0.06 05/10/2018 GBP 17,518 USD 22,794 54 0.06 05/10/2018 GBP 17,552 USD 22,794 97 0.10 23/10/2018 GBP 885 USD 1,166 (11) (0.01) 23/10/2018 JPY 129,593 USD 1,158 (15) (0.02) 23/10/2018 USD 1,170 CHF 1,121 20 0.02 05/10/2018 USD 1,161 GBP 892 (3) 0.00 23/10/2018 USD 1,171 NOK 9,533 (1) 0.00 23/10/2018 USD 2,338 SEK 20,768 (1) 0.00

Unrealised gain on open forward foreign currency exchange contracts ............................... 308 0.33 Unrealised loss on open forward foreign currency exchange contracts ................................ (31) (0.03) Net unrealised gain (loss) on open forward foreign currency exchange contracts ....... 277 0.30




Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD 2,000 CDX.NA.IG.30 # 1.00% 20/12/2023 39 0.04 USD 610 CDX.NA.HY.30 # 5.00% 20/06/2023 48 0.05

Credit Default swaps at fair value .............................................................................. 87 0.09 Total Financial Derivative Instruments ..................................................................... 181 0.20


Fund %

Total Financial Assets at Fair Value through Profit or Loss (103.41%) ...................................................................... 96,907 103.41


Net Financial Assets at Fair Value Through Profit or Loss (102.98%) ...................................................................... 96,499 102.98

Other Net Liabilities ((2.98)%) ............................................ (2,790) (2.98) Net Assets ............................................................................... 93,709 100.00

# In the event of bankruptcy or, the fund will pay/receive the notional amount to/from the counterparty. * Perpetual bonds. ** Partly held as collateral by the brokers and counterparties in connection with collateral purposes for over the counter financial derivative instruments held by the Fund.


gross assets Transferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market .......................................................................................................................... 52.18 Transferable securities dealt in on another regulated market ......................................................................... 28.87 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) ................................ 6.42 Certificates of deposit .................................................................................................................................... 1.21 Commercial paper .......................................................................................................................................... 1.36 Investment funds (UCITS) ............................................................................................................................. 3.25 Exchange traded financial derivative instruments ......................................................................................... 0.19 Over the counter financial derivative instruments ......................................................................................... 0.38 Other assets .................................................................................................................................................... 6.14

100.00 The brokers for the open futures contracts are Goldman Sachs and HSBC. The counterparties for the open forward foreign currency exchange contracts are:

Bank of Montreal State Street Bank and Trust Company Commonwealth Bank of Australia Westpac Banking Corp Royal Bank of Canada

The counterparty for the credit default swaps is Goldman Sachs.

Russell Investment Company plc Russell Investments U.S. Bond Fund Schedule of Investments - continued

30 September 2018




Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. - 89,770 - 89,770 Certificates of deposit ................................................... - 1,250 - 1,250 Commercial paper ......................................................... - 1,407 - 1,407 Money market instruments ........................................... - 534 - 534 Investment funds ........................................................... - 3,357 - 3,357

Unrealised gain on open futures contracts ........................ 194 - - 194 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 308 - 308 Credit default swaps at fair value ..................................... - 87 - 87

Total assets ......................................................................... 194 96,713 - 96,907 Liabilities Financial liabilities at fair value through profit or loss:



Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. - 95,708 150 95,858 Certificates of deposit ................................................... - 1,225 - 1,225 Commercial paper ......................................................... - 1,491 - 1,491 Money market instruments ........................................... - 1,823 - 1,823 Investment funds ........................................................... - 5,541 - 5,541

Unrealised gain on open futures contracts ........................ 315 - - 315 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 1,758 - 1,758 Credit default swaps at fair value ..................................... - 68 - 68




Russell Investment Company plc Russell Investments U.S. Bond Fund Statement of Changes in Composition of Portfolio Listed below are 20 largest cumulative investment purchases and cumulative investment sales in excess of 1% of total investment sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 270 Russell Investments U.S. Bond Fund




Russell Investments U.S. Dollar Cash Fund II - Russell Investments U.S. Dollar Cash Fund II - Class R Roll-Up Shares 40,598 Class R Roll-Up Shares (42,827)

U.S. Treasury Note Fannie Mae Pool 2.875% due 30/04/2025 8,412 3.500% due 15/05/2046 (3,138)

Fannie Mae Pool 3.500% due 15/08/2048 (3,004) 3.500% due 15/08/2048 2,996 U.S. Treasury Note

U.S. Treasury Note 1.375% due 30/09/2020 (2,781) 2.875% due 15/05/2028 2,532 Fannie Mae Pool

Fannie Mae Pool 3.000% due 15/05/2046 (2,645) 3.500% due 15/07/2048 2,491 U.S. Treasury Note 3.500% due 15/06/2048 2,465 2.875% due 15/05/2028 (2,537) 3.000% due 15/07/2048 2,230 Fannie Mae Pool 3.000% due 15/06/2048 2,151 3.500% due 15/07/2048 (2,489)

U.S. Treasury Bond 3.500% due 15/06/2048 (2,484) 3.000% due 15/02/2048 2,149 3.000% due 15/07/2048 (2,223)

Fannie Mae Pool U.S. Treasury Bond 3.500% due 15/09/2046 2,088 2.750% due 15/08/2047 (2,175) 3.000% due 15/09/2046 2,086 Fannie Mae Pool 3.500%* 2,082 3.000% due 15/06/2048 (2,169) 3.000%* 2,056 U.S. Treasury Note 3.000% due 15/08/1948 2,051 2.750% due 15/02/2028 (2,163) 3.500%* 1,936 Fannie Mae Pool 3.000%* 1,935 3.500% due 15/09/2046 (2,084)

U.S. Treasury Bill 3.000% due 15/09/2046 (2,081) Zero Coupon due 17/05/2018 1,783 3.000% due 15/08/2048 (2,064)

U.S. Treasury Notes 3.500%* (1,938) 2.500% due 31/03/2023 1,609 3.000%* (1,936) 2.750% due 31/07/2023 1,533 3.500% due 15/04/2046 (1,897) 2.875% due 31/07/2025 1,297 U.S. Treasury Note 1.250% due 31/10/2021 (1,783) U.S. Treasury Bond

3.000% due 15/02/2048 (1,609) U.S. Treasury Notes 2.500% due 31/03/2023 (1,593) 2.625% due 28/02/2023 (1,564) 2.750% due 31/07/2023 (1,538) U.S. Treasury Bond 2.750% due 15/11/2047 (1,281) * Perpetual bonds.

Russell Investment Company plc Russell Investments U.S. Equity Fund Balance Sheet As at 30 September 2018


Russell Investments U.S. Equity Fund 271


USD ‘000


Assets Financial assets at fair value through profit or loss ..................................................... 780,953 755,841 Cash at bank (Note 2) .................................................................................................. 2,196 5,432 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................ 449 1,578 Debtors:

Receivable for investments sold .............................................................................. 1,275 2,634 Receivable on fund shares issued ............................................................................. 113 4,516 Dividends receivable ................................................................................................ 640 911

785,626 770,912 Liabilities Financial liabilities at fair value through profit or loss ................................................ - (1,320) Creditors – amounts falling due within one financial year:

Payable for investments purchased .......................................................................... (1,134) (2,510) Payable on fund shares redeemed ............................................................................ (145) (163) Distributions payable on income share classes ........................................................ (46) (52) Management fees payable ........................................................................................ (668) (684) Depositary fees payable ........................................................................................... (31) (14) Sub-custodian fees payable ...................................................................................... (22) (9) Administration fees payable .................................................................................... (38) (25) Audit fees payable ................................................................................................... (9) (18) Other fees payable ................................................................................................... - (1) (2,093) (4,796)

Net assets attributable to redeemable participating shareholders ........................ 783,533 766,116

Russell Investment Company plc Russell Investments U.S. Equity Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 272 Russell Investments U.S. Equity Fund







Management fees (Note 4) ........................................................................................ (4,285) (4,158) Depositary fees (Note 5) ........................................................................................... (47) (44) Sub-custodian fees (Note 5) ...................................................................................... (30) (28) Administration and transfer agency fees (Note 5) ..................................................... (125) (124) Audit fees .................................................................................................................. (9) (9) Professional fees ....................................................................................................... (2) (11) Other fees .................................................................................................................. (30) (26)

Total operating expenses ............................................................................................ (4,528) (4,400) Net income (expense) .................................................................................................. 58,257 55,895 Finance costs

Distributions (Note 7) ............................................................................................... (1,461) (1,658) Profit (loss) for the financial period before taxation ............................................... 56,796 54,237

Taxation

Withholding tax (Note 8) .......................................................................................... (1,930) (1,900) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... 54,866 52,337 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments U.S. Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................... 54,866 52,337 Share transactions Reinvestment of deemed distributions on accumulation shares (Note 7) .................... 1,342 1,550 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) .................................................................................................... (38,791) (42,281) Total net increase (decrease) in net assets attributable to redeemable participating shareholders ........................................................................................ 17,417 11,606 Net assets attributable to redeemable participating shareholders Beginning of financial period ....................................................................................... 766,116 736,142 End of financial period ................................................................................................. 783,533 747,748

Russell Investment Company plc Russell Investments U.S. Equity Fund Schedule of Investments 30 September 2018


Number of Shares


Fund %

Transferable Securities (97.05%) Common Stock (97.05%) Belgium (0.70%) Beverages

63,050

Anheuser-Busch InBev SA/NV ADR ....................... 5,521 0.70

Bermuda (1.33%) Agriculture

4,120 Bunge Ltd ............................ 283 0.04 Computers and Peripherals

16,790 Genpact Ltd ......................... 514 0.06 Diversified Financials

83,665 Invesco Ltd .......................... 1,914 0.24 9,448 Lazard Ltd ........................... 455 0.06


36,306

Norwegian Cruise Line Holdings Ltd ....................... 2,085 0.27

Insurance 6,600 Athene Holding Ltd ............. 341 0.04 1,700 Everest Re Group Ltd .......... 388 0.05


229,675

Marvell Technology Group Ltd ....................................... 4,433 0.57

10,413 1.33 Canada (0.95%) Auto Components

45,500 Magna International Inc ...... 2,390 0.31 Oil and Gas

154,600

Canadian Natural Resources Ltd ....................................... 5,049 0.64

7,439 0.95 Cayman Islands (0.42%) Internet Software and Services

19,803


Curacao (0.41%) Oil and Gas Services

53,140 Schlumberger Ltd ................ 3,237 0.41 France (0.33%) Banks

41,200 BNP Paribas SA .................. 1,254 0.16 Textile and Apparel

19,420

LVMH Moet Hennessy Louis Vuitton SE ................. 1,369 0.17

2,623 0.33 Guernsey, Channel Islands (0.10%) Computers and Peripherals

11,961 Amdocs Ltd ......................... 789 0.10

Number of Shares


Fund %

Ireland (1.05%) Building Products

13,550


Computers and Peripherals 14,885 Accenture Plc ...................... 2,534 0.32

Environmental Control 2,000 Pentair Plc ........................... 87 0.01

Health Care Equipment and Supplies 5,501 Medtronic Plc ..................... 541 0.07

Insurance 500 Willis Towers Watson Plc .. 70 0.01

Miscellaneous Manufacturers 10,684 Eaton Corp Plc .................... 927 0.12 4,135 Ingersoll-Rand Plc .............. 423 0.05

Pharmaceuticals 6,400 Allergan Plc ........................ 1,219 0.16 54,600 Horizon Pharma Plc ............ 1,069 0.14 5,100 Jazz Pharmaceuticals Plc .... 857 0.11

8,201 1.05 Jersey, Channel Islands (0.17%) Biotechnology

7,300 Shire Plc ............................. 1,323 0.17 Liberia (0.49%) Hotels, Restaurants and Leisure

29,278 Royal Caribbean Cruises Ltd 3,804 0.49 Netherlands (1.04%) Automobiles

63,200 AerCap Holdings NV ......... 3,635 0.46 Beverages

55,125 Heineken NV ADR ............. 2,584 0.33 Chemicals

4,483

LyondellBasell Industries NV ...................................... 460 0.06

Pharmaceuticals 40,000 Mylan NV ........................... 1,464 0.19

8,143 1.04 Panama (0.18%) Hotels, Restaurants and Leisure

21,533 Carnival Corp ..................... 1,373 0.18 Puerto Rico (0.04%) Banks

6,100 Popular Inc .......................... 313 0.04 Spain (0.16%) Banks

246,400 Banco Santander SA ........... 1,232 0.16

Russell Investment Company plc Russell Investments U.S. Equity Fund Schedule of Investments - continued 30 September 2018



Number of Shares


Fund %

Switzerland (1.10%) Food Products

94,260 Nestle SA ADR ................... 7,842 1.01 Insurance

5,521 Chubb Ltd ........................... 738 0.09 8,580 1.10 United Kingdom (1.09%) Beverages

24,545 Diageo Plc ADR .................. 3,477 0.44 Health Care Equipment and Supplies

2,352 STERIS Plc ......................... 269 0.03 Oil and Gas

93,500 BP Plc ADR ........................ 4,311 0.55 Telecommunications

22,200 ARRIS International Plc ...... 577 0.07 8,634 1.09 United States (87.49%) Aerospace and Defence

19,609 Boeing Co ........................... 7,293 0.93 2,993 General Dynamics Corp ...... 613 0.08 7,196 Heico Corp .......................... 666 0.09 2,504 L3 Technologies Inc ............ 532 0.07 3,900 Lockheed Martin Corp ........ 1,349 0.17 3,306 Northrop Grumman Corp .... 1,049 0.13 4,257 Raytheon Co ........................ 880 0.11 6,467 Rockwell Collins Inc ........... 908 0.12 6,902 United Technologies Corp ... 965 0.12

Agriculture 11,370 Altria Group Inc .................. 686 0.09 53,641 Archer-Daniels-Midland Co 2,697 0.34

3,028


Airlines 52,087 American Airlines Group Inc 2,153 0.28 45,583 Delta Air Lines Inc .............. 2,636 0.34 7,610 Southwest Airlines Co ......... 475 0.06

18,900

United Continental Holdings Inc ....................................... 1,683 0.21

Auto Components 42,131 Goodyear Tire & Rubber Co 985 0.13 7,100 Visteon Corp ....................... 660 0.08

Automobiles 235,900 Ford Motor Co ..................... 2,182 0.28 152,766 General Motors Co .............. 5,144 0.65 2,000 Navistar International Corp . 77 0.01

Banks 185,743 Bank of America Corp ........ 5,472 0.70

29,136

Bank of New York Mellon Corp ..................................... 1,486 0.19

51,317 Capital One Financial Corp . 4,872 0.62

Number of Shares


Fund %

153,499 Citigroup Inc ....................... 11,012 1.41 26,300 Citizens Financial Group Inc 1,014 0.13 13,800 Comerica Inc ....................... 1,245 0.16 10,500 Commerce Bancshares Inc .. 693 0.09 7,700 First Hawaiian Inc ............... 209 0.03 18,451 Goldman Sachs Group Inc .. 4,137 0.53 66,241 JPMorgan Chase & Co ....... 7,475 0.95 30,200 KeyCorp ............................. 601 0.07 7,539 M&T Bank Corp ................. 1,240 0.16 12,500 Morgan Stanley ................... 582 0.07 14,706 Northern Trust Corp ........... 1,502 0.19

14,000

PNC Financial Services Group Inc ............................ 1,907 0.24

19,168 State Street Corp ................. 1,606 0.20 24,783 SunTrust Banks Inc ............. 1,655 0.21 8,000 Synovus Financial Corp ...... 366 0.05 27,858 Wells Fargo & Co ............... 1,464 0.19

Beverages 7,400 Brown-Forman Corp ........... 374 0.05 272,504 Coca-Cola Co ..................... 12,587 1.60 2,800 Constellation Brands Inc ..... 604 0.08 39,103 Molson Coors Brewing Co . 2,405 0.31 7,600 Monster Beverage Corp ...... 443 0.06 9,215 PepsiCo Inc ......................... 1,030 0.13

Biotechnology 2,564 Alexion Pharmaceuticals Inc 356 0.05 10,811 Biogen Inc .......................... 3,820 0.49 30,700 Celgene Corp ...................... 2,747 0.35 24,206 Exelixis Inc ......................... 429 0.05 18,083 Gilead Sciences Inc ............. 1,396 0.18 1,532 Illumina Inc ......................... 562 0.07 11,317 Loxo Oncology Inc ............. 1,933 0.25

1,700


24,898 Sage Therapeutics Inc ......... 3,517 0.45 3,397 United Therapeutics Corp ... 434 0.05 12,377 Vertex Pharmaceuticals Inc 2,386 0.30

Building Products

6,277

Fortune Brands Home & Security Inc ......................... 329 0.04

6,008 Owens Corning ................... 326 0.04 Chemicals

500

Air Products & Chemicals Inc ....................................... 84 0.01

9,400 Ashland Global Holdings Inc 788 0.10 3,800 Cabot Corp .......................... 238 0.03 98,838 DowDuPont Inc .................. 6,356 0.81 13,600 Eastman Chemical Co ......... 1,302 0.17 22,220 Praxair Inc .......................... 3,571 0.46 7,649 Sherwin-Williams Co ......... 3,482 0.44 5,000 Univar Inc ........................... 153 0.02 5,600 WR Grace & Co .................. 400 0.05



Number of Shares


Fund %


4,830


7,516

Booz Allen Hamilton Holding Corp ....................... 373 0.05

1,440 CoStar Group Inc ................ 606 0.08 3,517 FleetCor Technologies Inc .. 801 0.10 4,978 Global Payments Inc ........... 634 0.08 2,800 Insperity Inc ........................ 330 0.04

25,308

Macquarie Infrastructure Corp ..................................... 1,167 0.15

3,057 ManpowerGroup Inc ........... 263 0.03 14,881 PayPal Holdings Inc ............ 1,307 0.17 31,563 Quanta Services Inc ............. 1,054 0.14 6,710 Rollins Inc ........................... 407 0.05 2,157 S&P Global Inc ................... 421 0.06 4,900 Total System Services Inc ... 484 0.06 1,592 United Rentals Inc ............... 260 0.03

Computers and Peripherals 113,450 Apple Inc ............................. 25,610 3.27

12,012


13,060

Dell Technologies Inc Class V .......................................... 1,268 0.16

43,887 DXC Technology Co ........... 4,104 0.52

93,500

Hewlett Packard Enterprise Co ........................................ 1,525 0.20

117,566 HP Inc ................................. 3,030 0.39

4,800


5,461 Leidos Holdings Inc ............ 378 0.05 23,183 NetApp Inc .......................... 1,991 0.25 4,000 Pure Storage Inc .................. 104 0.01 15,354 Western Digital Corp .......... 899 0.12

Construction and Engineering 30,800 AECOM .............................. 1,006 0.13 4,700 EMCOR Group Inc ............. 353 0.05 23,600 Fluor Corp ........................... 1,371 0.17

2,700

Jacobs Engineering Group Inc ....................................... 207 0.03

4,300 KBR Inc .............................. 91 0.01 Containers and Packaging

37,800 Crown Holdings Inc ............ 1,814 0.23 6,032 WestRock Co ...................... 322 0.04

Distributors 6,700 HD Supply Holdings Inc ..... 287 0.04 3,604 Toro Co ............................... 216 0.03 29,300 Tupperware Brands Corp .... 980 0.12 1,600 Watsco Inc ........................... 285 0.03

Diversified Financials 2,721 Alliance Data Systems Corp 643 0.08 7,976 American Express Co .......... 849 0.11 4,265 Ameriprise Financial Inc ..... 630 0.08

Number of Shares


Fund %

5,487 Cboe Global Markets Inc .... 527 0.07 66,917 Charles Schwab Corp .......... 3,289 0.42 15,393 Discover Financial Services 1,177 0.15 23,372 E*TRADE Financial Corp .. 1,224 0.16 15,164 Franklin Resources Inc ....... 461 0.06

8,600

Intercontinental Exchange Inc ....................................... 644 0.08

38,674 Mastercard Inc .................... 8,609 1.10 4,480 Nasdaq Inc .......................... 384 0.05 40,353 OneMain Holdings Inc ........ 1,356 0.17

8,200

Raymond James Financial Inc ....................................... 755 0.10

95,400

Santander Consumer USA Holdings Inc ....................... 1,912 0.24

88,100 SLM Corp ........................... 982 0.12 30,067 Synchrony Financial ........... 934 0.12 2,900 T Rowe Price Group Inc ..... 317 0.04

4,301

TD Ameritrade Holding Corp .................................... 227 0.03

11,357 Visa Inc ............................... 1,705 0.22 Electric Utilities

1,100


4,900 Avangrid Inc ....................... 235 0.03 19,874 CenterPoint Energy Inc ....... 550 0.07 7,401 Consolidated Edison Inc ..... 564 0.07 9,801 Duke Energy Corp .............. 784 0.10 7,800 Edison International ............ 528 0.07 18,932 Exelon Corp ........................ 827 0.10

21,552

Hawaiian Electric Industries Inc ....................................... 767 0.10

13,200 NRG Energy Inc ................. 494 0.06 10,200 PG&E Corp ......................... 469 0.06 900 Pinnacle West Capital Corp 71 0.01 25,857 PPL Corp ............................ 757 0.10 9,562 SCANA Corp ...................... 372 0.05

Electrical Equipment 7,418 Agilent Technologies Inc .... 523 0.07 6,407 AMETEK Inc ..................... 507 0.06 12,191 Arrow Electronics Inc ......... 899 0.11 10,300 Avnet Inc ............................ 461 0.06 3,650 Fortive Corp ........................ 307 0.04 4,100 Honeywell International Inc 682 0.09 1,876 Hubbell Inc ......................... 251 0.03 2,600 Itron Inc .............................. 167 0.02 17,500 Jabil Inc .............................. 474 0.06 2,400 National Instruments Corp .. 116 0.02 500 Synnex Corp ....................... 42 0.01 500 Tech Data Corp ................... 36 0.00 2,268 Waters Corp ........................ 442 0.06

Electronic Equipment and Instruments 6,417 Amphenol Corp .................. 603 0.08




Number of Shares


Fund %

Entertainment 25,400 Cinemark Holdings Inc ....... 1,021 0.13 3,300 Madison Square Garden Co 1,041 0.13


151,489

Evoqua Water Technologies Corp ..................................... 2,693 0.34

Food Products 54,672 Conagra Brands Inc ............. 1,857 0.24 20,831 Flowers Foods Inc ............... 389 0.05 9,100 Ingredion Inc ....................... 955 0.12 15,236 JM Smucker Co ................... 1,563 0.20 80,275 Kellogg Co .......................... 5,621 0.72 66,725 Kraft Heinz Co .................... 3,677 0.47 30,082 Mondelez International Inc . 1,292 0.16 2,756 Post Holdings Inc ................ 270 0.03 82 Seaboard Corp ..................... 304 0.04 9,564 Tyson Foods Inc .................. 569 0.07

Gas Utilities 11,202 UGI Corp ............................. 621 0.08

Hand and Machine Tools 2,916 Snap-on Inc ......................... 535 0.07 2,506 Stanley Black & Decker Inc 367 0.04

Health Care Equipment and Supplies 6,701 Abbott Laboratories ............. 492 0.06 2,140 ABIOMED Inc .................... 962 0.12 5,088 Align Technology Inc .......... 1,991 0.26 12,981 Baxter International Inc ....... 1,001 0.13 2,861 Becton Dickinson and Co .... 747 0.10 1,845 Cooper Cos Inc .................... 511 0.07 4,600 Danaher Corp ...................... 500 0.06 4,182 Edwards Lifesciences Corp . 728 0.09 3,200 IDEXX Laboratories Inc ..... 799 0.10 4,526 Intuitive Surgical Inc ........... 2,598 0.33 2,200 Stryker Corp ........................ 391 0.05 6,875 Teleflex Inc ......................... 1,829 0.23 2,322 Thermo Fisher Scientific Inc 567 0.07 3,484 Varian Medical Systems Inc 390 0.05

4,823

West Pharmaceutical Services Inc ......................... 595 0.08

13,898

Zimmer Biomet Holdings Inc ....................................... 1,827 0.23

Health Care Providers and Services 10,224 Acadia Healthcare Co Inc .... 360 0.05 3,100 Aetna Inc ............................. 629 0.08 11,371 Anthem Inc .......................... 3,116 0.40 7,626 Centene Corp ....................... 1,104 0.14 9,251 Cigna Corp .......................... 1,927 0.24 6,362 Encompass Health Corp ...... 496 0.06 13,280 Envision Healthcare Corp ... 607 0.08 4,311 HCA Healthcare Inc ............ 600 0.08 7,000 Humana Inc ......................... 2,370 0.30

2,693

Laboratory Corp of America Holdings .............................. 468 0.06

Number of Shares


Fund %

9,379 MEDNAX Inc ..................... 438 0.06 3,502 Quest Diagnostics Inc ......... 378 0.05 10,571 UnitedHealth Group Inc ...... 2,812 0.36

3,711

Universal Health Services Inc ....................................... 474 0.06

4,469 WellCare Health Plans Inc .. 1,432 0.18 Home Builders

53,441 DR Horton Inc .................... 2,254 0.29 Insurance

8,392 Aflac Inc ............................. 395 0.05 17,669 Allstate Corp ....................... 1,744 0.22

20,500

American International Group Inc ............................ 1,091 0.14

38,385 Berkshire Hathaway Inc ...... 8,219 1.05

13,900

Hartford Financial Services Group Inc ............................ 694 0.09

29,310 MetLife Inc ......................... 1,369 0.17 32,167 Progressive Corp ................. 2,285 0.29 16,000 Prudential Financial Inc ...... 1,621 0.21 13,600 Travelers Cos Inc ................ 1,764 0.23 25,255 Voya Financial Inc .............. 1,254 0.16

Internet Software and Services 5,428 Alphabet Inc ....................... 6,552 0.84 16,045 Alphabet Inc (Class C) ........ 19,149 2.44 12,185 Amazon.com Inc ................. 24,407 3.11

3,900

Cogent Communications Holdings Inc ....................... 218 0.03

196,675 eBay Inc .............................. 6,494 0.83 4,965 F5 Networks Inc ................. 990 0.13 75,638 Facebook Inc ....................... 12,439 1.59 9,900 FireEye Inc ......................... 168 0.02 4,433 GrubHub Inc ....................... 615 0.08 12,693 Netflix Inc ........................... 4,749 0.61 2,800 Palo Alto Networks Inc ....... 631 0.08 127,638 Twitter Inc .......................... 3,633 0.46 700 VeriSign Inc ........................ 112 0.01

Iron and Steel 10,679 Nucor Corp ......................... 678 0.09

19,847

Reliance Steel & Aluminum Co ....................................... 1,693 0.22

7,962 Steel Dynamics Inc ............. 360 0.04 Lodging

9,900

Hilton Worldwide Holdings Inc ....................................... 800 0.10

41,200 Marriott International Inc .... 5,440 0.70 Machinery

12,300 AGCO Corp ........................ 748 0.10 5,922 BWX Technologies Inc ...... 370 0.05 27,928 Caterpillar Inc ..................... 4,259 0.54 5,952 Cognex Corp ....................... 332 0.04 5,360 Cummins Inc ....................... 783 0.10 24,740 Deere & Co ......................... 3,719 0.48 4,785 Dover Corp ......................... 424 0.05



Number of Shares


Fund %

8,991 Graco Inc ............................. 417 0.05 2,315 IDEX Corp .......................... 349 0.05 2,613 Nordson Corp ...................... 363 0.05 3,441 Rockwell Automation Inc ... 645 0.08 3,521 Roper Technologies Inc ....... 1,043 0.13 7,810 Terex Corp .......................... 312 0.04

Media 268,399 Comcast Corp ...................... 9,504 1.21 16,700 News Corp ........................... 220 0.03 82,830 Walt Disney Co ................... 9,686 1.24

Metals and Mining 5,700 Peabody Energy Corp .......... 203 0.03 7,425 Royal Gold Inc .................... 572 0.07

Miscellaneous Manufacturers 2,202 3M Co ................................. 464 0.06 3,157 Carlisle Cos Inc ................... 385 0.05 41,684 General Electric Co ............. 471 0.06 27,150 Illinois Tool Works Inc ....... 3,831 0.49 13,118 Textron Inc .......................... 938 0.12

Oil and Gas 45,514 Anadarko Petroleum Corp ... 3,068 0.39 6,046 Andeavor ............................. 928 0.12

22,472

Centennial Resource Development Inc/DE ........... 491 0.06

30,328 Chevron Corp ...................... 3,709 0.47 2,666 Concho Resources Inc ......... 407 0.05 66,308 ConocoPhillips .................... 5,132 0.66 59,800 Devon Energy Corp ............. 2,388 0.30 2,424 Diamondback Energy Inc .... 328 0.04 7,889 Energen Corp ...................... 680 0.09 12,400 EOG Resources Inc ............. 1,582 0.20 31,900 Exxon Mobil Corp ............... 2,712 0.35 9,362 HollyFrontier Corp .............. 654 0.08 15,859 Marathon Petroleum Corp ... 1,268 0.16 19,700 Occidental Petroleum Corp . 1,619 0.21 4,500 PBF Energy Inc ................... 225 0.03 20,174 Phillips 66 ........................... 2,274 0.29

6,170

Pioneer Natural Resources Co ........................................ 1,075 0.14

22,902 Valero Energy Corp ............ 2,605 0.33 Oil and Gas Services

56,700 Halliburton Co ..................... 2,298 0.29 18,500 National Oilwell Varco Inc . 797 0.10

44,500

Oceaneering International Inc ....................................... 1,228 0.16

Other Finance 98,025 Blackstone Group LP .......... 3,733 0.48 164,500 KKR & Co Inc .................... 4,486 0.57

Personal Products 18,400 Colgate-Palmolive Co ......... 1,232 0.16 21,197 Procter & Gamble Co .......... 1,764 0.22

Number of Shares


Fund %

Pharmaceuticals 18,782 AbbVie Inc ......................... 1,776 0.23 51,925 Aerie Pharmaceuticals Inc .. 3,196 0.41 7,000 AmerisourceBergen Corp ... 646 0.08 28,100 Bristol-Myers Squibb Co .... 1,744 0.22 17,133 Cardinal Health Inc ............. 925 0.12 37,200 CVS Health Corp ................ 2,928 0.37 3,004 DexCom Inc ........................ 430 0.05 16,214 Eli Lilly & Co ..................... 1,740 0.22 7,800 Express Scripts Holding Co 741 0.09 19,100 Johnson & Johnson ............. 2,639 0.34 3,900 McKesson Corp .................. 517 0.07 25,463 Merck & Co Inc .................. 1,806 0.23 63,800 Pfizer Inc ............................ 2,812 0.36 16,700 Portola Pharmaceuticals Inc 445 0.06 7,492 Zoetis Inc ............................ 686 0.09

Pipelines 117,700 Kinder Morgan Inc ............. 2,087 0.27

Real Estate 11,900 CBRE Group Inc ................. 525 0.07

Real Estate Investment Trust 25,988 AGNC Investment Corp ..... 484 0.06 3,400 American Homes 4 Rent ..... 74 0.01

43,647

Annaly Capital Management Inc ....................................... 447 0.06

3,949 Equinix Inc ......................... 1,709 0.22 8,400 Equity Commonwealth ....... 270 0.03 13,500 Equity Residential ............... 895 0.11 3,100 HCP Inc .............................. 82 0.01 17,389 Park Hotels & Resorts Inc .. 571 0.07 6,600 Rayonier Inc ....................... 223 0.03 31,461 Starwood Property Trust Inc 677 0.09

Retail Trade 800 AutoZone Inc ...................... 621 0.08 11,700 Best Buy Co Inc .................. 929 0.12 1,900 Burlington Stores Inc .......... 310 0.04 500 Chipotle Mexican Grill Inc . 227 0.03 5,793 Copart Inc ........................... 299 0.04 12,792 Costco Wholesale Corp ...... 3,005 0.38 12,900 Darden Restaurants Inc ....... 1,434 0.18 4,300 Domino's Pizza Inc ............. 1,268 0.16 27,075 Dunkin' Brands Group Inc .. 1,996 0.25 3,700 Foot Locker Inc .................. 189 0.02 16,420 Home Depot Inc .................. 3,401 0.43 44,725 McDonald's Corp ................ 7,482 0.96 73,225 Starbucks Corp ................... 4,162 0.53 80,352 Tapestry Inc ........................ 4,039 0.52 14,100 Target Corp ......................... 1,244 0.16 21,105 Tiffany & Co ...................... 2,722 0.35 21,250 TJX Cos Inc ........................ 2,380 0.30




Number of Shares


Fund %

15,480

Ulta Salon Cosmetics & Fragrance Inc ....................... 4,367 0.56

12,500


92,510 Walmart Inc ......................... 8,688 1.11 62,225 Williams-Sonoma Inc .......... 4,089 0.52 6,600 Yum! Brands Inc ................. 600 0.08

Savings and Loans

30,676


Semiconductor Equipment and Products 101,273 Applied Materials Inc .......... 3,914 0.50 18,054 Broadcom Inc ...................... 4,454 0.57 8,100 Cirrus Logic Inc .................. 313 0.04 38,600 Intel Corp ............................ 1,825 0.23 1,689 IPG Photonics Corp ............. 264 0.03 34,356 Kla-Tencor Corp ................. 3,494 0.45 1,452 Lam Research Corp ............. 220 0.03 85,800 Micron Technology Inc ....... 3,881 0.50 14,691 NVIDIA Corp ...................... 4,128 0.53 63,563 QUALCOMM Inc ............... 4,578 0.58 7,245 Texas Instruments Inc ......... 777 0.10 30,572 Xilinx Inc ............................ 2,451 0.31

Shipbuilding

1,776

Huntington Ingalls Industries Inc ....................................... 455 0.06

Software 4,439 Adobe Systems Inc .............. 1,198 0.15

23,500

Allscripts Healthcare Solutions Inc ....................... 335 0.04

3,266 ANSYS Inc ......................... 610 0.08 9,630 Aspen Technology Inc ........ 1,097 0.14 17,000 Avaya Holdings Corp .......... 376 0.05 6,600 Box Inc ................................ 158 0.02

5,245


14,222 CA Inc ................................. 628 0.08 2,600 Cadence Design Systems Inc 118 0.02 7,376 Cerner Corp ......................... 475 0.06 4,800 Citrix Systems Inc ............... 534 0.07 11,300 Cloudera Inc ........................ 199 0.03 2,400 CommVault Systems Inc ..... 168 0.02 4,900 Cornerstone OnDemand Inc 278 0.04 14,943 Electronic Arts Inc .............. 1,800 0.23

4,200


109,100 First Data Corp .................... 2,670 0.34 6,987 Intuit Inc .............................. 1,589 0.20 5,410 Jack Henry & Associates Inc 866 0.11 215,282 Microsoft Corp .................... 24,622 3.14 2,400 MSCI Inc ............................. 426 0.05

Number of Shares


Fund %

8,356 Paychex Inc ......................... 615 0.08 2,306 Red Hat Inc ......................... 314 0.04 28,067 salesforce.com Inc .............. 4,463 0.57 6,366 ServiceNow Inc .................. 1,245 0.16 3,000 Splunk Inc ........................... 363 0.05 9,846 Synopsys Inc ....................... 971 0.12 3,730 Tableau Software Inc .......... 417 0.05 5,641 Veeva Systems Inc .............. 614 0.08 2,200 VMware Inc ........................ 343 0.04 165,700 Zynga Inc ............................ 664 0.08

Telecommunications 1,434 Arista Networks Inc ............ 381 0.05 167,903 AT&T Inc ........................... 5,638 0.72 91,784 Cisco Systems Inc ............... 4,465 0.57 50,115 Juniper Networks Inc .......... 1,502 0.19

25,568

Verizon Communications Inc ....................................... 1,365 0.17

17,100 Viavi Solutions Inc ............. 194 0.03 Textile and Apparel

26,355 PVH Corp ........................... 3,806 0.48 8,900 VF Corp .............................. 832 0.11

Transport 48,369 CSX Corp ........................... 3,583 0.46

6,900

Expeditors International of Washington Inc ................... 507 0.06

5,600

JB Hunt Transport Services Inc ....................................... 666 0.09

8,100 Landstar System Inc ........... 988 0.13

1,543

Old Dominion Freight Line Inc ....................................... 249 0.03

4,500 Ryder System Inc ................ 329 0.04 22,011 Union Pacific Corp ............. 3,585 0.46 32,520 XPO Logistics Inc ............... 3,714 0.47

Transportation Equipment 13,760 FedEx Corp ......................... 3,314 0.42




19,694







Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

11,754

2,902.31

81 of S&P 500 E Mini Index Futures Long Futures Contracts Expiring December 2018 ................................. 68 0.01

Net unrealised gain (loss) on open futures contracts ................................................. 68 0.01 Open Forward Foreign Currency Exchange Contracts (0.03%)

Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 GBP 12,588 USD 16,374 44 0.01 05/10/2018 GBP 12,597 USD 16,374 55 0.01 05/10/2018 GBP 12,608 USD 16,374 70 0.01 05/10/2018 GBP 12,584 USD 16,374 39 0.00 05/10/2018 GBP 766 USD 997 2 0.00

Net unrealised gain (loss) on open forward foreign currency exchange contracts .. 210 0.03 Total Financial Derivative Instruments ....................................................................... 278 0.04


Fund %





gross assets Transferable securities admitted to an official stock exchange listing ......................................................... 96.79Investment funds (UCITS) ........................................................................................................................... 2.58Over the counter financial derivative instruments ....................................................................................... 0.03Exchange traded financial derivative instruments ....................................................................................... 0.01Other assets .................................................................................................................................................. 0.59

100.00 The broker for the open futures contracts is Bank of America Merrill Lynch. The counterparties for the open forward foreign currency exchange contracts are: Bank of Montreal State Street Bank and Trust Company Commonwealth Bank of Australia Westpac Banking Corporation Royal Bank of Canada





Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total



Unrealised gain on open futures contracts ................ 68 - - 68 Unrealised gain on open forward foreign currency exchange contracts .................................................. - 210 - 210

Total assets ......................................................................... 760,460 20,493 - 780,953 As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total



Unrealised gain on open forward foreign currency exchange contracts .................................................. - 1,158 - 1,158


Unrealised loss on open futures contracts ........................ (1,056) - - (1,056) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (264) - (264)

Total liabilities ................................................................... (1,056) (264) - (1,320)

Russell Investment Company plc Russell Investments U.S. Equity Fund Statement of Changes in Composition of Portfolio Listed below are 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 282 Russell Investments U.S. Equity Fund





Facebook Inc 16,737 Walt Disney Co (14,692) Amazon.com Inc 12,068 Oracle Corp (12,697) Coca-Cola Co 11,928 Intel Corp (12,587) Alphabet Inc (Class C) 11,894 UnitedHealth Group Inc (12,132) Boeing Co 11,825 Citigroup Inc (11,698) DowDuPont Inc 11,745 DowDuPont Inc (11,334) Microsoft Corp 11,027 Coca-Cola Co (11,024) NVIDIA Corp 10,055 Apple Inc (10,957) Kraft Heinz Co 9,009 Microsoft Corp (10,839) Alibaba Group Holding Ltd ADR 8,992 Procter & Gamble Co (10,653) Aetna Inc 8,770 Delta Air Lines Inc (10,118) QUALCOMM Inc 8,569 Boeing Co (9,659) Walt Disney Co 7,899 Morgan Stanley (8,919) Walmart Inc 7,478 Aetna Inc (8,865) Netflix Inc 7,466 Walmart Inc (8,800) Mastercard Inc 7,022 Pinnacle Foods Inc (8,799) McDonald's Corp 6,908 Comcast Corp (8,643) Celgene Corp 6,870 Capital One Financial Corp (8,564) Marvell Technology Group Ltd 6,758 Merck & Co Inc (8,380)

Russell Investment Company plc Russell Investments U.S. Small Cap Equity Fund Balance Sheet As at 30 September 2018


Russell Investments U.S. Small Cap Equity Fund 283


USD ‘000


Assets Financial assets at fair value through profit or loss ...................................................... 117,881 118,107 Cash at bank (Note 2) .................................................................................................. 658 852 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................ 117 189 Debtors:

Receivable on fund shares issued ............................................................................. 20 118 Dividends receivable ................................................................................................ 75 92

118,751 119,358 Liabilities Financial liabilities at fair value through profit or loss ................................................ (39) (155) Creditors – amounts falling due within one financial year:

Payable on fund shares redeemed ............................................................................. (26) (138) Management fees payable ........................................................................................ (137) (142) Depositary fees payable ............................................................................................ (5) (2) Sub-custodian fees payable ...................................................................................... (8) (7) Administration fees payable ..................................................................................... (6) (4) Audit fees payable .................................................................................................... (7) (14) Other fees payable .................................................................................................... (37) (36)


Russell Investment Company plc Russell Investments U.S. Small Cap Equity Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 284 Russell Investments U.S. Small Cap Equity Fund





Income Dividends .................................................................................................................. 725 785


Management fees (Note 4) ........................................................................................ (865) (876) Depositary fees (Note 5) ........................................................................................... (7) (8) Sub-custodian fees (Note 5) ...................................................................................... (7) (15) Administration and transfer agency fees (Note 5) ..................................................... (32) (37) Audit fees .................................................................................................................. (7) (9) Professional fees ....................................................................................................... - (2) Other fees .................................................................................................................. (19) (2)

Total operating expenses ............................................................................................ (937) (949) Net income (expense) .................................................................................................. 12,881 9,867 Finance costs

Distributions (Note 7) ............................................................................................... - (5) Profit (loss) for the financial period before taxation ............................................... 12,881 9,862 Taxation

Withholding tax (Note 8) .......................................................................................... (202) (228) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... 12,679 9,634 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments U.S. Small Cap Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... 12,679 9,634 Share transactions

Reinvestment of deemed distributions on accumulation shares (Note 7) .................. - 5 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 8) ................................................................................................. (13,053) (26,919)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ......................................................................................... (374) (17,280) Net assets attributable to redeemable participating shareholders

Beginning of financial period .................................................................................... 118,860 134,919 End of financial period .............................................................................................. 118,486 117,639

Russell Investment Company plc Russell Investments U.S. Small Cap Equity Fund Schedule of Investments 30 September 2018


Number of Shares


Fund %

Transferable Securities (94.98%) Common Stock (94.98%) Australia (0.04%) Chemicals

3,591 Tronox Ltd .......................... 43 0.04 Bermuda (0.86%) Distributors

482 Triton International Ltd ....... 16 0.02 Insurance

1,156

Argo Group International Holdings Ltd ....................... 73 0.06

213 Enstar Group Ltd ................. 44 0.04 1,210 Essent Group Ltd ................. 54 0.05

9,225

James River Group Holdings Ltd ....................................... 393 0.33

2,071 Third Point Reinsurance Ltd 27 0.02 Oil and Gas

50,356 Nabors Industries Ltd .......... 310 0.26 Transport

1,634 Golar LNG Ltd .................... 45 0.04

3,642

Ship Finance International Ltd ....................................... 51 0.04

1,013 0.86 Canada (0.56%) Commercial Services and Supplies

13,488 Civeo Corp .......................... 56 0.05 Electrical Equipment

1,314 Novanta Inc ......................... 90 0.08 Energy Equipment and Services

21,671

Algonquin Power & Utilities Corp ..................................... 225 0.19

Metals and Mining 21,576 B2Gold Corp ....................... 50 0.04

Oil and Gas 4,226 Enerplus Corp ...................... 52 0.04

Textile and Apparel 2,981 Canada Goose Holdings Inc 192 0.16

665 0.56 Cayman Islands (0.07%) Miscellaneous Manufacturers

1,425 Fabrinet ............................... 66 0.05 Water Utilities

1,376 Consolidated Water Co Ltd . 19 0.02 85 0.07 Ireland (0.16%) Biotechnology

1,378 Prothena Corp Plc ............... 18 0.01 Pharmaceuticals

1,051 Jazz Pharmaceuticals Plc ..... 177 0.15 195 0.16

Number of Shares


Fund %

Isle Of Man (0.01%) Entertainment

1,291 Eros International Plc .......... 16 0.01 Israel (0.37%) Computers and Peripherals

10,761 Kornit Digital Ltd ............... 236 0.20 Telecommunications

1,764 Nice Ltd ADR ..................... 202 0.17 438 0.37 Jersey, Channel Islands (0.26%) Computers and Peripherals

3,101 WNS Holdings Ltd ADR .... 157 0.13 Internet Software and Services

3,549 Mimecast Ltd ...................... 149 0.13 306 0.26 Luxembourg (0.03%) Diversified Financials

1,054

Altisource Portfolio Solutions SA ....................... 34 0.03

Netherlands (0.10%) Health Care Equipment and Supplies

2,372 Wright Medical Group NV . 69 0.06 Software

788 InterXion Holding NV ........ 53 0.04 122 0.10 Panama (0.04%) Oil and Gas Services

2,297 McDermott International Inc 42 0.04 Puerto Rico (0.44%) Banks

3,991 First BanCorp ..................... 36 0.03 28,009 OFG Bancorp ...................... 452 0.38

Health Care Providers and Services 1,525 Triple-S Management Corp 29 0.03

517 0.44 United Kingdom (0.87%) Chemicals

4,198 Venator Materials Plc ......... 38 0.03 Diversified Financials

8,738

BrightSphere Investment Group Plc ............................ 108 0.09

Health Care Equipment and Supplies 602 LivaNova Plc ...................... 75 0.07

4,533

Oxford Immunotec Global Plc ....................................... 74 0.06

2,604 STERIS Plc ......................... 298 0.25

Russell Investment Company plc Russell Investments U.S. Small Cap Equity Fund Schedule of Investments - continued 30 September 2018



Number of Shares


Fund %

Metals and Mining 25,729 Ferroglobe Plc ..................... 210 0.18

Oil and Gas 5,317 Noble Corp Plc .................... 37 0.03

Retail Trade 8,295 Luxfer Holdings Plc ............ 193 0.16


1,294 CPI Aerostructures Inc ........ 11 0.01 4,760 Heico Corp .......................... 441 0.37 6,322 KLX Inc .............................. 397 0.34

Agriculture 8,702 Andersons Inc ...................... 328 0.28 1,523 Tejon Ranch Co ................... 33 0.03 5,950 Universal Corp .................... 387 0.32

Airlines 1,501 SkyWest Inc ........................ 88 0.07

Auto Components 27,232 Cooper Tire & Rubber Co ... 771 0.65 5,995 Gentherm Inc ....................... 272 0.23 1,771 Methode Electronics Inc ...... 64 0.06 9,157 Spartan Motors Inc .............. 135 0.11 4,237 Standard Motor Products Inc 209 0.18

Automobiles

26,277

Fortress Transportation & Infrastructure Investors LLC 478 0.40

2,296 Greenbrier Cos Inc .............. 138 0.12 11,739 REV Group Inc ................... 184 0.16

Banks 914 BancFirst Corp .................... 55 0.05 13,661 Bancorp Inc ......................... 131 0.11 1,589 BancorpSouth Bank ............. 52 0.04 877 Bank of Marin Bancorp ....... 74 0.06 6,115 Bank OZK ........................... 232 0.20 16,930 BankUnited Inc ................... 599 0.51 870 Banner Corp ........................ 54 0.05

3,046

Capstar Financial Holdings Inc ....................................... 51 0.04

821 Carolina Financial Corp ...... 31 0.03

286

Cass Information Systems Inc ....................................... 19 0.02

1,428 Cathay General Bancorp ..... 59 0.05

2,014

Central Valley Community Bancorp ............................... 44 0.04

898 Chemung Financial Corp ..... 38 0.03 1,274 Civista Bancshares Inc ........ 31 0.03 8,485 CoBiz Financial Inc ............. 188 0.16

2,204

Columbia Banking System Inc ....................................... 85 0.07

1,990

Community Bank System Inc ....................................... 122 0.10

703 Eagle Bancorp Inc ............... 36 0.03

Number of Shares


Fund %

1,483 FB Financial Corp ............... 58 0.05 3,715 First Bancorp ...................... 150 0.13 6,363 First Busey Corp ................. 198 0.17

35,626

First Commonwealth Financial Corp .................... 575 0.48

1,107

First Financial Bankshares Inc ....................................... 65 0.05

1,121 First Financial Corp ............ 56 0.05 10,417 First Hawaiian Inc ............... 283 0.24 18,308 First Horizon National Corp 316 0.27 2,369 First Internet Bancorp ......... 72 0.06 3,444 First Midwest Bancorp Inc . 92 0.08 88,506 FNB Corp ........................... 1,127 0.95 2,937 Fulton Financial Corp ......... 49 0.04

3,422

German American Bancorp Inc ....................................... 121 0.10

1,370 Glacier Bancorp Inc ............ 59 0.05 14,092 Great Western Bancorp Inc . 595 0.50 1,087 Guaranty Bancorp ............... 32 0.03 1,417 Hancock Whitney Corp ...... 67 0.06 3,004 Heritage Commerce Corp ... 45 0.04 5,236 Heritage Financial Corp ...... 184 0.15 1,967 Hilltop Holdings Inc ........... 40 0.03 18,641 Home BancShares Inc ......... 408 0.34 2,605 Hope Bancorp Inc ............... 42 0.04 768 Howard Bancorp Inc ........... 14 0.01 4,941 Iberiabank Corp .................. 402 0.34 8,243 Independent Bank Corp/MI 195 0.16 38,647 Kearny Financial Corp ........ 535 0.45 1,730 Live Oak Bancshares Inc .... 46 0.04 2,570 Mercantile Bank Corp ......... 86 0.07 1,131 National Bankshares Inc ..... 51 0.04 393 National Commerce Corp ... 16 0.01 2,770 Northrim Bancorp Inc ......... 115 0.10 7,520 Old National Bancorp ......... 145 0.12 1,389 Opus Bank .......................... 38 0.03 9,437 PCSB Financial Corp .......... 192 0.16 1,427 People's Utah Bancorp ........ 48 0.04 1,552 Preferred Bank .................... 91 0.08 6,788 Prosperity Bancshares Inc ... 471 0.40 1,123 Renasant Corp ..................... 46 0.04 2,423 Shore Bancshares Inc .......... 43 0.04 3,190 State Bank Financial Corp .. 96 0.08 7,181 TCF Financial Corp ............ 171 0.14

499

Texas Capital Bancshares Inc ....................................... 41 0.03

1,188

TriState Capital Holdings Inc ....................................... 33 0.03

6,185 TrustCo Bank Corp NY ...... 53 0.04 46,162 Umpqua Holdings Corp ...... 960 0.81 1,345 Union Bankshares Corp ...... 52 0.04 1,667 United Bankshares Inc ........ 61 0.05



Number of Shares


Fund %

1,598

United Community Banks Inc ....................................... 45 0.04

4,818 Valley National Bancorp ..... 54 0.05 2,231 Veritex Holdings Inc ........... 63 0.05 2,530 WesBanco Inc ..................... 113 0.10 3,873 Westamerica Bancorporation 233 0.20 2,382 Wintrust Financial Corp ...... 202 0.17

Beverages 1,506 Farmer Brothers Co ............. 40 0.03 2,641 Primo Water Corp ............... 48 0.04

Biotechnology 944 Acceleron Pharma Inc ......... 54 0.05 2,815 Aldeyra Therapeutics Inc .... 39 0.03 14,218 AMAG Pharmaceuticals Inc 284 0.24 4,537 Amicus Therapeutics Inc ..... 55 0.05 491 AnaptysBio Inc .................... 49 0.04 687 Blueprint Medicines Corp ... 54 0.05 3,522 Clearside Biomedical Inc .... 22 0.02 2,498 Dynavax Technologies Corp 31 0.03 610 Emergent BioSolutions Inc . 40 0.03 629 Esperion Therapeutics Inc ... 28 0.02 1,193 FibroGen Inc ....................... 72 0.06 1,478 Insmed Inc ........................... 30 0.02 2,266 Ligand Pharmaceuticals Inc 622 0.52 325 Loxo Oncology Inc .............. 56 0.05 1,581 Myriad Genetics Inc ............ 73 0.06 38,595 NeoGenomics Inc ................ 592 0.50 11,750 PDL BioPharma Inc ............ 31 0.03 12,162 Pfenex Inc ........................... 62 0.05 1,100 Radius Health Inc ................ 20 0.02 950 REGENXBIO Inc ................ 72 0.06 5,717 Retrophin Inc ....................... 164 0.14 3,619 Sangamo Therapeutics Inc .. 61 0.05 784 Spark Therapeutics Inc ........ 43 0.04

1,881

Ultragenyx Pharmaceutical Inc ....................................... 144 0.12

5,441 Veracyte Inc ........................ 52 0.04 14,965 Vericel Corp ........................ 212 0.18 3,143 Viking Therapeutics Inc ...... 55 0.05

Building Products 672 AAON Inc ........................... 25 0.02 23,408 Apogee Enterprises Inc ....... 967 0.81 9,190 Armstrong Flooring Inc ....... 166 0.14

2,176

Armstrong World Industries Inc ....................................... 151 0.13

926 Patrick Industries Inc ........... 55 0.05 8,807 PGT Innovations Inc ........... 190 0.16

4,536

Quanex Building Products Corp ..................................... 83 0.07

794

Simpson Manufacturing Co Inc ....................................... 58 0.05

486 Trex Co Inc ......................... 37 0.03 6,359 US Concrete Inc .................. 292 0.25

Number of Shares


Fund %

Chemicals

3,439

GCP Applied Technologies Inc ....................................... 91 0.08

4,348 Ingevity Corp ...................... 443 0.37 996 Innospec Inc ........................ 76 0.07 1,653 KMG Chemicals Inc ........... 125 0.11 446 NewMarket Corp ................ 181 0.15

30,280

Platform Specialty Products Corp .................................... 378 0.32

2,158 Quaker Chemical Corp ....... 436 0.37

16,205

Rayonier Advanced Materials Inc ....................... 299 0.25

10,011 Valvoline Inc ...................... 215 0.18 7,688 Versum Materials Inc .......... 277 0.23

Commercial Services and Supplies 11,549 ABM Industries Inc ............ 372 0.31

1,578

Adtalem Global Education Inc ....................................... 76 0.06

3,563 ASGN Inc ........................... 281 0.24 961 Barrett Business Services Inc 64 0.05 5,123 BG Staffing Inc ................... 139 0.12 3,019 Brink's Co ........................... 211 0.18 5,425 Carriage Services Inc .......... 117 0.10 12,183 Chegg Inc ............................ 346 0.29 3,415 Corvel Corp ........................ 206 0.17 4,019 CRA International Inc ......... 202 0.17 10,706 Everi Holdings Inc .............. 98 0.08 2,072 Grand Canyon Education Inc 234 0.20

17,196

Great Lakes Dredge & Dock Corp .................................... 107 0.09

4,991 Green Dot Corp .................. 443 0.37 2,661 Hackett Group Inc ............... 54 0.05

5,159

Healthcare Services Group Inc ....................................... 210 0.18

937 HealthEquity Inc ................. 88 0.07

632

Heidrick & Struggles International Inc .................. 21 0.02

1,306 Kelly Services Inc ............... 31 0.03 2,847 Matthews International Corp 143 0.12 635 Medifast Inc ........................ 141 0.12 2,412 Morningstar Inc .................. 304 0.26 918 National Research Corp ...... 35 0.03 2,930 Strategic Education Inc ....... 401 0.34

Computers and Peripherals 412 CACI International Inc ....... 76 0.06 12,202 Carbonite Inc ...................... 435 0.37 18,497 Conduent Inc ....................... 417 0.35 1,390 Convergys Corp .................. 33 0.03 2,112 Insight Enterprises Inc ........ 114 0.10 2,762 Maximus Inc ....................... 180 0.15 876 Mercury Systems Inc .......... 48 0.04 6,772 Mitek Systems Inc .............. 48 0.04 10,175 NCR Corp ........................... 289 0.24 1,460 NetScout Systems Inc ......... 37 0.03




Number of Shares


Fund %

11,404 Perspecta Inc ....................... 293 0.25 20,075 PlayAGS Inc ....................... 592 0.50 32,967 Super Micro Computer Inc .. 679 0.57 1,521 Sykes Enterprises Inc .......... 46 0.04 22,062 USA Technologies Inc ........ 159 0.14 5,039 Varonis Systems Inc ............ 369 0.31

Construction and Engineering 8,191 AECOM .............................. 268 0.23 7,949 Aegion Corp ........................ 202 0.17 6,470 Comfort Systems USA Inc .. 365 0.31 1,442 Construction Partners Inc .... 17 0.01 1,222 Dycom Industries Inc .......... 103 0.09 8,208 Exponent Inc ....................... 440 0.37 4,148 Granite Construction Inc ..... 190 0.16 34,311 KBR Inc .............................. 725 0.61 5,478 MasTec Inc .......................... 245 0.21 1,676 NV5 Global Inc ................... 145 0.12 2,610 Primoris Services Corp ........ 65 0.06 767 TopBuild Corp .................... 44 0.04 4,010 Tutor Perini Corp ................ 75 0.06 11,849 Willscot Corp ...................... 203 0.17

Containers and Packaging 12,732 Bemis Co Inc ....................... 619 0.52 15,679 Owens-Illinois Inc ............... 295 0.25 17,516 Silgan Holdings Inc ............. 487 0.41

Distributors 833 Anixter International Inc ..... 59 0.05 6,981 Core-Mark Holding Co Inc . 237 0.20 11,060 Fossil Group Inc .................. 257 0.22 954 G-III Apparel Group Ltd ..... 46 0.04 2,418 Pool Corp ............................ 404 0.34 1,933 Scansource Inc .................... 77 0.06 904 Scotts Miracle-Gro Co ........ 71 0.06

2,065

SiteOne Landscape Supply Inc ....................................... 156 0.13

Diversified Financials 2,327 Blucora Inc .......................... 94 0.08 5,892 Cohen & Steers Inc ............. 239 0.20 13,790 Cowen Inc ........................... 225 0.19

627

Diamond Hill Investment Group Inc ............................ 104 0.09

447 Ellie Mae Inc ....................... 42 0.04 3,098 Evercore Inc ........................ 312 0.26

3,159

Federal Agricultural Mortgage Corp .................... 228 0.19

581 FRP Holdings Inc ................ 36 0.03 10,980 Greenhill & Co Inc .............. 289 0.24 1,051 Hamilton Lane Inc ............... 47 0.04 680 Houlihan Lokey Inc ............. 31 0.03 248 LendingTree Inc .................. 57 0.05 1,135 LPL Financial Holdings Inc 73 0.06

Number of Shares


Fund %

654

Marlin Business Services Corp .................................... 19 0.02

952 Moelis & Co ....................... 52 0.04

15,002

Pzena Investment Management Inc ................. 143 0.12

2,041

Waddell & Reed Financial Inc ....................................... 43 0.04

6,013 WageWorks Inc .................. 257 0.22

4,658

WisdomTree Investments Inc ....................................... 39 0.03

Electric Utilities 1,117 Allete Inc ............................ 84 0.07 1,311 Avista Corp ......................... 66 0.06 14,785 Clearway Energy Inc .......... 285 0.24 1,246 El Paso Electric Co ............. 71 0.06 1,085 Idacorp Inc .......................... 108 0.09 908 NorthWestern Corp ............. 53 0.05 1,140 PNM Resources Inc ............ 45 0.04 1,165 Portland General Electric Co 53 0.04 5,244 Vistra Energy Corp ............. 130 0.11


3,788

Allied Motion Technologies Inc ....................................... 206 0.17

2,459 AVX Corp .......................... 44 0.04 4,878 Badger Meter Inc ................ 258 0.22 364 Belden Inc ........................... 26 0.02 2,454 Benchmark Electronics Inc . 57 0.05

4,064

Electro Scientific Industries Inc ....................................... 71 0.06

13,146 Energizer Holdings Inc ....... 771 0.65 2,327 Flir Systems Inc .................. 143 0.12 1,068 Graham Corp ...................... 30 0.03 565 II-VI Inc .............................. 27 0.02 7,723 Insteel Industries Inc ........... 277 0.23 10,783 Kimball Electronics Inc ...... 212 0.18 1,153 Littelfuse Inc ....................... 228 0.19

2,120

Napco Security Technologies Inc ................. 32 0.03

522 Plexus Corp ......................... 31 0.03 2,384 Sanmina Corp ..................... 66 0.06 6,047 ShotSpotter Inc ................... 371 0.31 1,892 Synnex Corp ....................... 160 0.14 336 Tech Data Corp ................... 24 0.02 1,108 Universal Display Corp ...... 131 0.11 3,693 Vishay Intertechnology Inc . 75 0.06 5,811 Vishay Precision Group Inc 217 0.18

1,785

Watts Water Technologies Inc ....................................... 148 0.12

Energy Equipment and Services 3,769 FutureFuel Corp .................. 70 0.06 2,623 Green Plains Inc .................. 45 0.04 633 Ormat Technologies Inc ...... 34 0.03

726

REX American Resources Corp .................................... 55 0.05



Number of Shares


Fund %

10,159 TPI Composites Inc ............. 290 0.24 Entertainment

3,963

AMC Entertainment Holdings Inc ........................ 81 0.07

11,552 Eldorado Resorts Inc ........... 561 0.47 2,253 Golden Entertainment Inc ... 54 0.05 3,631 Inspired Entertainment Inc .. 22 0.02 1,539 Penn National Gaming Inc .. 51 0.04 1,385 Red Rock Resorts Inc .......... 37 0.03 906 Scientific Games Corp ........ 23 0.02 1,596 SeaWorld Entertainment Inc 50 0.04

Environmental Control 26,939 Covanta Holding Corp ........ 438 0.37

Food Products 5,823 B&G Foods Inc ................... 160 0.13 2,872 Calavo Growers Inc ............. 277 0.23 15,528 Flowers Foods Inc ............... 290 0.24 17,000 Hain Celestial Group Inc ..... 461 0.39 18,939 Hostess Brands Inc .............. 210 0.18 1,561 J&J Snack Foods Corp ........ 236 0.20 304 Lancaster Colony Corp ........ 45 0.04 15,803 Pilgrim's Pride Corp ............ 286 0.24 765 Sanderson Farms Inc ........... 79 0.07 3,166 TreeHouse Foods Inc .......... 151 0.13

Gas Utilities 532 Chesapeake Utilities Corp ... 45 0.04 1,857 New Jersey Resources Corp 86 0.07 852 Northwest Natural Gas Co .. 57 0.05 1,313 One Gas Inc ......................... 108 0.09 6,031 South Jersey Industries Inc .. 213 0.18 873 Southwest Gas Holdings Inc 69 0.06 5,200 Spire Inc .............................. 382 0.32

Hand and Machine Tools 2,341 Kennametal Inc ................... 102 0.08 1,606 Milacron Holdings Corp ...... 33 0.03

Health Care Equipment and Supplies 13,821 Apollo Endosurgery Inc ...... 99 0.08 97 Atrion Corp ......................... 67 0.06 1,096 Avanos Medical Inc ............ 75 0.06 2,617 AxoGen Inc ......................... 96 0.08 8,866 BioTelemetry Inc ................ 571 0.48 1,634 Cantel Medical Corp ........... 150 0.13 2,821 Cardiovascular Systems Inc 110 0.09 4,763 CareDx Inc .......................... 137 0.12 1,694 CryoLife Inc ........................ 60 0.05 1,770 Cutera Inc ............................ 58 0.05 7,300 GenMark Diagnostics Inc .... 54 0.05 549 Genomic Health Inc ............ 39 0.03 2,748 Globus Medical Inc ............. 156 0.13 202 ICU Medical Inc .................. 57 0.05 1,723 Inogen Inc ........................... 421 0.36

Number of Shares


Fund %

449 Insulet Corp ........................ 48 0.04

4,846

Integra LifeSciences Holdings Corp ..................... 319 0.27

1,107 Intersect ENT Inc ................ 32 0.03 1,406 iRadimed Corp .................... 52 0.04 12,558 K2M Group Holdings Inc ... 344 0.29 635 LeMaitre Vascular Inc ........ 25 0.02 876 Luminex Corp ..................... 27 0.02 5,798 Meridian Bioscience Inc ..... 86 0.07 6,301 Merit Medical Systems Inc . 387 0.33 2,388 MiMedx Group Inc ............. 15 0.01 1,282 Nevro Corp ......................... 73 0.06 17,569 Nuvectra Corp ..................... 386 0.33 1,780 NxStage Medical Inc .......... 50 0.04 1,442 OraSure Technologies Inc .. 22 0.02 1,578 Orthofix Medical Inc .......... 91 0.08 4,009 Patterson Cos Inc ................ 98 0.08 1,145 Penumbra Inc ...................... 171 0.14 1,929 Repligen Corp ..................... 107 0.09 11,558 SeaSpine Holdings Corp ..... 180 0.15 969 STAAR Surgical Co ........... 47 0.04 1,983 SurModics Inc ..................... 148 0.13

5,218

Tactile Systems Technology Inc ....................................... 371 0.31

2,260 Utah Medical Products Inc .. 213 0.18 6,048 Varex Imaging Corp ........... 173 0.15 17,933 ViewRay Inc ....................... 168 0.14

Health Care Providers and Services 3,716 Acadia Healthcare Co Inc ... 131 0.11 3,089 Addus HomeCare Corp ....... 217 0.18 1,424 Chemed Corp ...................... 455 0.38 5,639 Encompass Health Corp ...... 440 0.37 11,841 Ensign Group Inc ................ 449 0.38 3,253 Invitae Corp ........................ 54 0.05 5,108 LHC Group Inc ................... 526 0.44 604 Magellan Health Inc ........... 44 0.04 1,720 Natera Inc ........................... 41 0.04 16,558 R1 RCM Inc ........................ 168 0.14

4,549

Select Medical Holdings Corp .................................... 84 0.07

1,745 Teladoc Health Inc .............. 151 0.13 2,472 US Physical Therapy Inc .... 293 0.25

Home Builders 2,762 Century Communities Inc ... 73 0.06 2,203 Thor Industries Inc .............. 184 0.16 4,490 William Lyon Homes .......... 71 0.06

Home Furnishings 3,473 Roku Inc ............................. 254 0.21

Hotels, Restaurants and Leisure 1,756 Malibu Boats Inc ................. 96 0.08 4,307 Peak Resorts Inc ................. 21 0.02 6,279 Planet Fitness Inc ................ 339 0.28




Number of Shares


Fund %

2,094 St Joe Co ............................. 35 0.03 Household Products

32,985 ACCO Brands Corp ............ 373 0.31 7,736 Central Garden & Pet Co ..... 256 0.21 4,174 Central Garden & Pet Co ..... 150 0.13 550 Tilray Inc ............................. 79 0.07

Insurance

21,541

American Equity Investment Life Holding Co .................. 762 0.64

3,572 Amerisafe Inc ...................... 221 0.19 3,839 Brighthouse Financial Inc ... 170 0.14 29,186 CNO Financial Group Inc ... 619 0.52 1,702 Employers Holdings Inc ...... 77 0.07 910 FBL Financial Group Inc .... 68 0.06 10,622 Genworth Financial Inc ....... 44 0.04

3,148

Health Insurance Innovations Inc ....................................... 194 0.16

2,384

Horace Mann Educators Corp ..................................... 107 0.09

88 Investors Title Co ................ 15 0.01 1,649 Kemper Corp ....................... 133 0.11 1,382 Kingstone Cos Inc ............... 26 0.02 5,888 MGIC Investment Corp ....... 78 0.07

23,108

National General Holdings Corp ..................................... 620 0.52

171

National Western Life Group Inc ....................................... 55 0.05

766 Navigators Group Inc .......... 53 0.05 6,917 NMI Holdings Inc ............... 157 0.13 880 Primerica Inc ....................... 106 0.09 1,460 RLI Corp ............................. 115 0.10 660 Safety Insurance Group Inc . 59 0.05

1,331

Selective Insurance Group Inc ....................................... 85 0.07

4,258 State Auto Financial Corp ... 130 0.11

732

Stewart Information Services Corp ..................................... 33 0.03

1,260

Universal Insurance Holdings Inc ........................ 61 0.05

Internet Software and Services 2,614 Acxiom Holdings Inc .......... 129 0.11 15,032 Aspen Group Inc ................. 102 0.09 2,032 Bandwidth Inc ..................... 109 0.09 20,359 Boingo Wireless Inc ............ 711 0.60 1,893 Cardlytics Inc ...................... 47 0.04 5,572 Cars.com Inc ....................... 154 0.13

4,863

Cogent Communications Holdings Inc ........................ 271 0.23

24,478 FireEye Inc .......................... 416 0.35 13,062 Leaf Group Ltd .................... 131 0.11 29,430 Limelight Networks Inc ...... 148 0.12 9,325 Meet Group Inc ................... 46 0.04 8,622 PC-Tel Inc ........................... 40 0.03 14,125 Perficient Inc ....................... 376 0.32

Number of Shares


Fund %

2,354 Proofpoint Inc ..................... 250 0.21 830 Q2 Holdings Inc .................. 50 0.04 4,938 QuinStreet Inc ..................... 67 0.06 3,729 RingCentral Inc ................... 347 0.29 296 Shutterfly Inc ...................... 20 0.02 151 Stamps.com Inc .................. 34 0.03 1,633 Stitch Fix Inc ...................... 71 0.06 2,434 TechTarget Inc .................... 47 0.04 1,519 Twilio Inc ........................... 131 0.11 674 Yelp Inc .............................. 33 0.03

Iron and Steel 25,015 Commercial Metals Co ....... 513 0.43 3,415 Ryerson Holding Corp ........ 39 0.03 7,311 United States Steel Corp ..... 223 0.19

Lodging 3,862 Century Casinos Inc ............ 29 0.02 14,396 Extended Stay America Inc 291 0.25 45,080 Full House Resorts Inc ........ 130 0.11 2,308 Tropicana Entertainment Inc 170 0.14

Machinery 478 Astec Industries Inc ............ 24 0.02 6,234 BWX Technologies Inc ...... 390 0.33 2,085 Cactus Inc ........................... 80 0.07 1,079 Columbus McKinnon Corp . 43 0.04 1,259 DXP Enterprises Inc ........... 50 0.04 523 Gorman-Rupp Co ................ 19 0.01 517 Hurco Cos Inc ..................... 23 0.02 10,483 Manitowoc Co Inc .............. 251 0.21 23,436 Mueller Water Products Inc 270 0.23 10,416 Welbilt Inc .......................... 217 0.18

Media 2,475 AH Belo Corp ..................... 11 0.01 349 Cable One Inc ..................... 308 0.26

6,085

Entravision Communications Corp .................................... 30 0.03

4,627 EW Scripps Co ................... 76 0.06 10,652 Gray Television Inc ............ 186 0.16 59,667 Lee Enterprises Inc ............. 158 0.13 8,262 Meredith Corp ..................... 422 0.36 5,984 Nexstar Media Group Inc ... 487 0.41 25,825 Urban One Inc .................... 52 0.04

Metals and Mining 905 Arch Coal Inc ...................... 81 0.07 3,462 Century Aluminum Co ........ 41 0.04

8,066

Compass Minerals International Inc .................. 542 0.46

2,735 CONSOL Energy Inc .......... 112 0.09 3,477 LB Foster Co ...................... 71 0.06 480 Materion Corp ..................... 29 0.02 1,073 NACCO Industries Inc ........ 35 0.03 242 Omega Flex Inc .................. 17 0.01



Number of Shares


Fund %

776 Peabody Energy Corp .......... 28 0.02 1,189 Sun Hydraulics Corp ........... 65 0.06 10,094 SunCoke Energy Inc ............ 117 0.10

Miscellaneous Manufacturers 6,454 AZZ Inc ............................... 326 0.28 145 Chase Corp .......................... 17 0.01 2,724 Colfax Corp ......................... 98 0.08 4,846 GP Strategies Corp .............. 82 0.07 4,928 Lydall Inc ............................ 212 0.18 835 Raven Industries Inc ............ 38 0.03 2,235 Standex International Corp .. 233 0.20 4,175 Sturm Ruger & Co Inc ........ 288 0.24

Office Electronics 7,561 HNI Corp ............................. 334 0.28 10,167 Interface Inc ........................ 237 0.20 5,680 Kimball International Inc .... 95 0.08 38,647 Steelcase Inc ........................ 715 0.61

Oil and Gas

1,700

Adams Resources & Energy Inc ....................................... 72 0.06

7,461 Callon Petroleum Co ........... 89 0.08 6,218 Carrizo Oil & Gas Inc ......... 157 0.13 1,399 Delek US Holdings Inc ....... 59 0.05 1,511 Extraction Oil & Gas Inc ..... 17 0.01 41,697 Gulfport Energy Corp .......... 434 0.37

4,697

Mammoth Energy Services Inc ....................................... 137 0.12

2,225 Matador Resources Co ........ 74 0.06 12,564 Midstates Petroleum Co Inc 112 0.09 15,159 Northern Oil and Gas Inc .... 61 0.05 5,174 Oasis Petroleum Inc ............ 73 0.06 2,206 Par Pacific Holdings Inc ...... 45 0.04 1,760 Patterson-UTI Energy Inc ... 30 0.03 5,493 PBF Energy Inc ................... 274 0.23 1,021 PDC Energy Inc .................. 50 0.04 19,846 Range Resources Corp ........ 337 0.28 3,163 Resolute Energy Corp ......... 120 0.10 5,624 Ring Energy Inc .................. 56 0.05 4,980 SRC Energy Inc ................... 44 0.04 7,665 Unit Corp ............................. 200 0.17 1,296 Whiting Petroleum Corp ..... 69 0.06

1,405

WildHorse Resource Development Corp .............. 33 0.03

Oil and Gas Services 3,888 Basic Energy Services Inc ... 39 0.03 7,538 C&J Energy Services Inc .... 157 0.13 1,737 DMC Global Inc .................. 71 0.06 1,387 Dril-Quip Inc ....................... 72 0.06

10,059

Independence Contract Drilling Inc .......................... 50 0.04

5,695 Keane Group Inc ................. 70 0.06

2,528

KLX Energy Services Holdings Inc ........................ 81 0.07

Number of Shares


Fund %

3,867 Matrix Service Co ............... 95 0.08

3,062

Natural Gas Services Group Inc ....................................... 65 0.06

14,047 Newpark Resources Inc ...... 145 0.12 34,686 Profire Energy Inc ............... 111 0.10 17,174 RPC Inc .............................. 266 0.23 4,998 Select Energy Services Inc .. 59 0.05

6,972

Solaris Oilfield Infrastructure Inc ................ 132 0.11

1,427 US Silica Holdings Inc ....... 27 0.02 Other Finance

9,931 B. Riley Financial Inc ......... 225 0.19 460 Forrester Research Inc ........ 21 0.02

11,432

Kennedy-Wilson Holdings Inc ....................................... 246 0.21

Paper and Forest Products 2,803 Neenah Inc .......................... 242 0.20 1,591 PH Glatfelter Co ................. 30 0.03

Pharmaceuticals 3,100 Aclaris Therapeutics Inc ..... 45 0.04 1,982 Aimmune Therapeutics Inc . 54 0.05 637 Anika Therapeutics Inc ....... 27 0.02 35,350 Antares Pharma Inc ............. 119 0.10

402

BioSpecifics Technologies Corp .................................... 24 0.02

1,102 Clovis Oncology Inc ........... 32 0.03 1,235 Concert Pharmaceuticals Inc 18 0.01 2,942 Dova Pharmaceuticals Inc .. 62 0.05 254 Eagle Pharmaceuticals Inc .. 18 0.02 311 Enanta Pharmaceuticals Inc 27 0.02

1,048

Global Blood Therapeutics Inc ....................................... 40 0.03

889 Heron Therapeutics Inc ....... 28 0.02

6,412

Ironwood Pharmaceuticals Inc ....................................... 118 0.10

17,315 Lannett Co Inc .................... 82 0.07 4,280 Minerva Neurosciences Inc . 54 0.05 1,208 Neogen Corp ....................... 86 0.07 16,393 Neos Therapeutics Inc ........ 80 0.07 1,146 Neurocrine Biosciences Inc 141 0.12 1,530 Pacira Pharmaceuticals Inc . 75 0.06

4,763

Prestige Consumer Healthcare Inc ..................... 180 0.15

5,631

Supernus Pharmaceuticals Inc ....................................... 284 0.24

1,757 Voyager Therapeutics Inc ... 33 0.03 Pipelines

13,040 Antero Midstream GP LP ... 221 0.19 4,617 Phillips 66 Partners LP ....... 236 0.20 4,504 SemGroup Corp .................. 99 0.08

Real Estate 1,994 Alexander & Baldwin Inc ... 45 0.04

549

Consolidated-Tomoka Land Co ....................................... 34 0.03




Number of Shares


Fund %

1,475 Forestar Group Inc .............. 31 0.02 1,072 HFF Inc ............................... 46 0.04 983 Marcus & Millichap Inc ...... 34 0.03 1,671 Redfin Corp ......................... 31 0.02 338 RMR Group Inc ................... 31 0.03 5,238 Trinity Place Holdings Inc .. 32 0.03

Real Estate Investment Trust 1,394 Acadia Realty Trust ............. 39 0.03 907 Agree Realty Corp ............... 48 0.04 15,994 CatchMark Timber Trust Inc 183 0.15 1,954 Chesapeake Lodging Trust .. 63 0.05

1,062

CorEnergy Infrastructure Trust Inc .............................. 40 0.03

11,553 Cousins Properties Inc ......... 103 0.09 2,764 CyrusOne Inc ...................... 175 0.15 7,719 DDR Corp ........................... 103 0.09

4,559

DiamondRock Hospitality Co ........................................ 53 0.04

8,799

Easterly Government Properties Inc ...................... 170 0.14

704 EastGroup Properties Inc ..... 67 0.06

2,285

First Industrial Realty Trust Inc ....................................... 72 0.06

1,793

Four Corners Property Trust Inc ....................................... 46 0.04

9,863 GEO Group Inc ................... 248 0.21 1,463 Getty Realty Corp ............... 42 0.03 2,222 Hersha Hospitality Trust ..... 50 0.04

18,021

Independence Realty Trust Inc ....................................... 190 0.16

1,831

Industrial Logistics Properties Trust ................... 42 0.04

1,125

Innovative Industrial Properties Inc ...................... 54 0.05

3,158 JER Investment Trust .......... - 0.00 2,156 Jernigan Capital Inc ............. 42 0.04 3,499 LaSalle Hotel Properties ...... 121 0.10

3,019

MedEquities Realty Trust Inc ....................................... 29 0.02

11,996 Medical Properties Trust Inc 179 0.15 17,815 Outfront Media Inc .............. 355 0.30 1,696 Pebblebrook Hotel Trust ..... 62 0.05 4,112 PotlatchDeltic Corp ............. 168 0.14 555 PS Business Parks Inc ......... 71 0.06 5,204 QTS Realty Trust Inc .......... 222 0.19

23,546

Retail Opportunity Investments Corp ................ 440 0.37

1,137 Retail Value Inc ................... 37 0.03 1,918 Rexford Industrial Realty Inc 61 0.05 13,833 RLJ Lodging Trust .............. 305 0.26

3,621

Ryman Hospitality Properties Inc ...................... 312 0.26

971 Seritage Growth Properties . 46 0.04 1,703 STAG Industrial Inc ............ 47 0.04 5,480 Sunstone Hotel Investors Inc 90 0.08

Number of Shares


Fund %

2,134 Taubman Centers Inc .......... 128 0.11 1,473 Terreno Realty Corp ........... 56 0.05 2,035 Urban Edge Properties ........ 45 0.04 1,806 Urstadt Biddle Properties Inc 38 0.03

1,392

Washington Real Estate Investment Trust ................. 43 0.04

2,998 Xenia Hotels & Resorts Inc 71 0.06 Retail Trade

4,652 At Home Group Inc ............ 147 0.12

20,866

Barnes & Noble Education Inc ....................................... 120 0.10

1,071 Beacon Roofing Supply Inc 39 0.03 23,521 Big Lots Inc ........................ 983 0.83 2,169 BJ's Restaurants Inc ............ 157 0.13

1,826

BJ's Wholesale Club Holdings Inc ....................... 49 0.04

16,750 Bloomin' Brands Inc ........... 331 0.28 14,554 Bojangles' Inc ..................... 228 0.19 9,932 Boot Barn Holdings Inc ...... 282 0.24 13,838 Cannae Holdings Inc ........... 290 0.24 1,888 Casey's General Stores Inc .. 244 0.21 13,026 Cheesecake Factory Inc ...... 697 0.59 1,177 Children's Place Inc ............ 150 0.13 7,034 Chuy's Holdings Inc ............ 185 0.16 16,925 Conn's Inc ........................... 598 0.50 199 Five Below Inc .................... 26 0.02 1,532 Floor & Decor Holdings Inc 46 0.04 4,776 Genesco Inc ........................ 225 0.19 1,491 Guess? Inc .......................... 34 0.03 19,939 J Alexander's Holdings Inc . 237 0.20 4,019 Jack in the Box Inc ............. 337 0.28 2,150 Lithia Motors Inc ................ 176 0.15 3,418 Lovesac Co ......................... 85 0.07

2,096

National Vision Holdings Inc ....................................... 95 0.08

17,311 Noodles & Co ..................... 209 0.18

2,375

Ollie's Bargain Outlet Holdings Inc ....................... 228 0.19

2,467 PC Connection Inc .............. 96 0.08 7,982 PetIQ Inc ............................. 314 0.27 4,554 PetMed Express Inc ............ 150 0.13 3,276 Ruth's Hospitality Group Inc 103 0.09 8,922 Sally Beauty Holdings Inc .. 164 0.14 1,733 Texas Roadhouse Inc .......... 120 0.10

27,114

TravelCenters of America LLC .................................... 155 0.13

Savings and Loans 1,416 Axos Financial Inc .............. 49 0.04 721 Banc of California Inc ......... 14 0.01 1,246 Berkshire Hills Bancorp Inc 51 0.04

3,602

Community Bankers Trust Corp .................................... 32 0.03

1,498

First Defiance Financial Corp .................................... 45 0.04



Number of Shares


Fund %

2,473 Meridian Bancorp Inc .......... 42 0.04 3,843 Northwest Bancshares Inc ... 67 0.06 3,005 Pacific Premier Bancorp Inc 112 0.09 1,792 Sterling Bancorp .................. 39 0.03 706 Timberland Bancorp Inc ...... 22 0.02 1,988 Washington Federal Inc ....... 64 0.05

Semiconductor Equipment and Products 2,213 ACM Research Inc .............. 24 0.02

753

Advanced Energy Industries Inc ....................................... 39 0.03

10,495 Aquantia Corp ..................... 134 0.11 3,225 Axcelis Technologies Inc .... 63 0.05 2,343 Cabot Microelectronics Corp 242 0.20 1,009 Cirrus Logic Inc .................. 39 0.03 1,713 Cohu Inc .............................. 43 0.04 647 Cree Inc ............................... 25 0.02 7,458 Cypress Semiconductor Corp 108 0.09 1,569 Diodes Inc ........................... 52 0.04 1,043 Entegris Inc ......................... 30 0.02

1,568

MACOM Technology Solutions Holdings Inc ........ 32 0.03

3,482 Power Integrations Inc ........ 220 0.19 1,427 Semtech Corp ...................... 79 0.07 351 Silicon Laboratories Inc ...... 32 0.03 5,291 Ultra Clean Holdings Inc ..... 66 0.06 29,952 Xperi Corp ........................... 445 0.38

Software 812 2U Inc .................................. 61 0.05

18,724

Allscripts Healthcare Solutions Inc ....................... 267 0.23

1,116 Altair Engineering Inc ......... 48 0.04 1,611 American Software Inc ........ 20 0.02 5,820 Apptio Inc ........................... 215 0.18 7,062 Asure Software Inc .............. 88 0.07 14,794 Avaya Holdings Corp .......... 328 0.28 3,413 Blackline Inc ....................... 193 0.16

4,622

Bottomline Technologies de Inc ....................................... 336 0.28

6,658 Box Inc ................................ 159 0.13 10,846 Castlight Health Inc ............. 29 0.02 5,580 Cloudera Inc ........................ 98 0.08 1,125 CommVault Systems Inc ..... 79 0.07 4,463 Cornerstone OnDemand Inc 253 0.21 1,600 Coupa Software Inc ............. 127 0.11 2,682 Everbridge Inc ..................... 155 0.13 16,796 Five9 Inc ............................. 734 0.62 4,350 Hortonworks Inc .................. 99 0.08 4,786 Immersion Corp .................. 51 0.04 1,662 Instructure Inc ..................... 59 0.05 3,719 j2 Global Inc ........................ 308 0.26 1,730 LivePerson Inc .................... 45 0.04

Number of Shares


Fund %

857 ManTech International Corp 54 0.05 633 Medidata Solutions Inc ....... 46 0.04

3,933

Monotype Imaging Holdings Inc ....................................... 79 0.07

2,059 NextGen Healthcare Inc ...... 41 0.04 7,768 Omnicell Inc ....................... 559 0.47 1,576 Rapid7 Inc .......................... 58 0.05 6,063 RealPage Inc ....................... 400 0.34 1,088 Simulations Plus Inc ........... 22 0.02 3,092 Tabula Rasa HealthCare Inc 251 0.21 586 Verint Systems Inc .............. 29 0.02 10,147 Zynga Inc ............................ 41 0.04

Telecommunications 17,899 Adtran Inc ........................... 316 0.27 14,983 CalAmp Corp ...................... 359 0.30 6,859 Finisar Corp ........................ 131 0.11 24,422 Fusion Connect Inc ............. 63 0.05 8,548 GCI Liberty Inc .................. 436 0.37 10,747 Gogo Inc ............................. 56 0.05 378 InterDigital Inc ................... 30 0.02 1,620 NETGEAR Inc ................... 102 0.09

13,028

Quantenna Communications Inc ....................................... 240 0.20

5,450 Spok Holdings Inc .............. 84 0.07 11,018 Switch Inc ........................... 119 0.10 449 ViaSat Inc ........................... 29 0.02 15,543 Vonage Holdings Corp ....... 220 0.19

Textile and Apparel 1,776 Deckers Outdoor Corp ........ 211 0.18 5,260 Delta Apparel Inc ................ 94 0.08 20,326 Skechers U.S.A. Inc ............ 568 0.48 1,389 Steven Madden Ltd ............. 73 0.06 11,635 Superior Group of Cos Inc .. 221 0.18 114 UniFirst Corp ...................... 20 0.02

Transport

9,687

Atlas Air Worldwide Holdings Inc ....................... 618 0.52

1,189

Covenant Transportation Group Inc ............................ 35 0.03

4,567 Marten Transport Ltd .......... 96 0.08

1,379


6,677 Radiant Logistics Inc .......... 39 0.03 3,290 Ryder System Inc ................ 240 0.20 2,623 Saia Inc ............................... 201 0.17 30,783 YRC Worldwide Inc ........... 276 0.24

Water Utilities 4,007 American States Water Co .. 245 0.21

1,656

California Water Service Group .................................. 71 0.06

303 SJW Group ......................... 19 0.01 107,733 90.92




Number of Shares


Fund %

Virgin Islands, British (0.25%) Environmental Control

1,920 AquaVenture Holdings Ltd . 35 0.03 Food Products

12,851 Nomad Foods Ltd ................ 260 0.22 295 0.25 Total Common Stock ........ 112,537 94.98


Number of Shares


Fund %


5,189

Russell Investments U.S. Dollar Cash Fund II Class R Roll-Up Shares ...... 5,344 4.51




Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

2,931

1,723.97

34 of Russell 2000 E-Mini Index Futures Long Futures Contracts Expiring December 2018 ....................................... (39) (0.03)

Net unrealised gain (loss) on open futures contracts ........................................................ (39) (0.03) Total Financial Derivative Instruments ............................................................................. (39) (0.03)


Fund %

Total Financial Assets at Fair Value through Profit or Loss (99.49%) .......................................................................................... 117,881 99.49

Total Financial Liabilities at Fair Value through Profit or Loss ((0.03)%) ......................................................................................... (39) (0.03)

Net Financial Assets at Fair Value Through Profit or Loss (99.46%) .......................................................................................... 117,842 99.46

Other Net Assets (0.54%) .............................................................. 644 0.54 Net Assets ........................................................................................ 118,486 100.00



gross assets Transferable securities and money market instruments admitted to an official stock exchange listing .... 94.77 Investment funds (UCITS) ........................................................................................................................ 4.50 Other assets ............................................................................................................................................... 0.73

100.00 The broker for the open futures contracts is Bank of America Merrill Lynch.




Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total




Unrealised loss on open futures contracts ........................ (39) - - (39) Total liabilities ................................................................... (39) - - (39) As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 111,333 - - 111,333 Investment funds ........................................................... 151 6,623 - 6,774


Unrealised loss on open futures contracts ........................ (155) - - (155) Total liabilities ................................................................... (155) - - (155)

Russell Investment Company plc Russell Investments U.S. Small Cap Equity Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.







Skechers U.S.A. Inc 473 Integrated Device Technology Inc (887) Big Lots Inc 452 VeriFone Systems Inc (882) LHC Group Inc 428 OFG Bancorp (581) Hain Celestial Group Inc 424 AMN Healthcare Services Inc (485) Super Micro Computer Inc 399 Jack Henry & Associates Inc (431) Cooper Tire & Rubber Co 393 Rayonier Inc (422) Strategic Education Inc 393 Five9 Inc (415) PlayAGS Inc 360 Abaxis Inc (394) Nabors Industries Ltd 355 Chegg Inc (389) James River Group Holdings Ltd 325 NeoGenomics Inc (382) Spire Inc 307 Heico Corp (355) Pilgrim's Pride Corp 298 Aspen Insurance Holdings Ltd (352) Perspecta Inc 292 Whiting Petroleum Corp (345) Extended Stay America Inc 286 Supernus Pharmaceuticals Inc (340) KLX Inc 285 PBF Energy Inc (332) TPI Composites Inc 284 Penske Automotive Group Inc (322) Apogee Enterprises Inc 275 AMAG Pharmaceuticals Inc (317) K2M Group Holdings Inc 270 Advanced Drainage Systems Inc (314) Commercial Metals Co 261 Acushnet Holdings Corp (302)

Russell Investment Company plc Russell Investments World Equity Fund II Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 298 Russell Investments World Equity Fund II


USD ‘000


Assets Financial assets at fair value through profit or loss ...................................................... 881,507 905,833 Cash at bank (Note 2) .................................................................................................. 15,244 19,103 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................ 8,931 12,400 Debtors:

Receivable for investments sold .............................................................................. 6,153 2,314 Receivable on fund shares issued ............................................................................. 443 7,685 Dividends receivable ................................................................................................ 1,458 1,990

913,736 949,325 Liabilities Financial liabilities at fair value through profit or loss ................................................ (6,891) (6,514) Creditors – amounts falling due within one financial year:

Cash due to brokers and counterparties for open financial derivative instruments (Note 2) .................................................................................................................... (90) (450) Payable for investments purchased .......................................................................... (10,396) (3,520) Payable on fund shares redeemed ............................................................................ (294) (2,342) Management fees payable ........................................................................................ (713) (760) Depositary fees payable ........................................................................................... (54) (17) Sub-custodian fees payable ...................................................................................... (78) (64) Administration fees payable .................................................................................... (43) (29) Audit fees payable ................................................................................................... (13) (26)


Russell Investment Company plc Russell Investments World Equity Fund II Profit and Loss Account For the six months ended 30 September 2018


Russell Investments World Equity Fund II 299






Net gain (loss) on investment activities ........................................................................ (17,782) 104,786 Total investment income (expense) ............................................................................ (6,260) 113,345 Expenses

Management fees (Note 4) ........................................................................................ (4,644) (3,793) Depositary fees (Note 5) ........................................................................................... (94) (44) Sub-custodian fees (Note 5) ...................................................................................... (106) (170) Administration and transfer agency fees (Note 5) .................................................... (174) (132) Audit fees .................................................................................................................. (13) (13) Professional fees ....................................................................................................... (21) (23) Other fees .................................................................................................................. (27) (25)

Total operating expenses ............................................................................................ (5,079) (4,200) Net income (expense) .................................................................................................. (11,339) 109,145 Finance costs

Distributions (Note 7) ............................................................................................... (4,727) (4,090) Profit (loss) for the financial period before taxation ................................................ (16,066) 105,055 Taxation (Note 8)

Capital gains tax ....................................................................................................... (10) (10) Withholding tax ........................................................................................................ (1,822) (433)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... (17,898) 104,612 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments World Equity Fund II Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Reinvestment of deemed distributions on accumulation shares (Note 7) ................ 4,727 4,090 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ...................................................................................... (27,268) 70,182


Beginning of financial period .................................................................................. 935,603 666,375 End of financial period ............................................................................................ 895,164 845,259

Russell Investment Company plc Russell Investments World Equity Fund II Schedule of Investments 30 September 2018



Number of Shares


Fund %



14,781


Beverages 162,770 Treasury Wine Estates Ltd .. 2,060 0.23

Commercial Services and Supplies 33,624 Brambles Ltd ....................... 265 0.03

Computers and Peripherals 18,900 Computershare Ltd .............. 273 0.03



Electric Utilities 15,420 AGL Energy Ltd ................. 218 0.02

Entertainment 24,900 Aristocrat Leisure Ltd ......... 512 0.05 18,019 Tabcorp Holdings Ltd ......... 63 0.01

Food Products 27,937 Wesfarmers Ltd ................... 1,008 0.11 29,621 Woolworths Group Ltd ....... 602 0.07

Health Care Providers and Services 4,179 Sonic Healthcare Ltd ........... 76 0.01

Insurance 13,800 QBE Insurance Group Ltd ... 111 0.01

Iron and Steel 34,500 BlueScope Steel Ltd ............ 424 0.05

Lodging 34,100 Crown Resorts Ltd .............. 339 0.04

Metals and Mining 24,019 Sandfire Resources NL ........ 129 0.01 51,062 South32 Ltd ......................... 145 0.02

Oil and Gas 3,249 Caltex Australia Ltd ............ 70 0.01

Real Estate Investment Trust 26,200 Dexus .................................. 200 0.02 17,912 GPT Group .......................... 68 0.01 134,100 Mirvac Group ...................... 234 0.03 54,800 Stockland ............................. 165 0.02 53,900 Vicinity Centres .................. 102 0.01

Telecommunications 170,248 Telstra Corp Ltd .................. 393 0.04

9,590 1.07

Number of Shares


Fund %

Austria (0.11%) Iron and Steel

2,643 voestalpine AG ................... 121 0.01 Machinery

15,217 Andritz AG ......................... 888 0.10 1,009 0.11 Belgium (0.02%) Chemicals

854 Solvay SA ........................... 115 0.01 Telecommunications

2,098 Proximus SADP .................. 50 0.01 165 0.02 Bermuda (0.95%) Automobiles

1,101,769

Brilliance China Automotive Holdings Ltd ....................... 1,783 0.20


8,000

CK Infrastructure Holdings Ltd ...................................... 63 0.01


4,500

Jardine Matheson Holdings Ltd ...................................... 282 0.03

Insurance 23,400 Assured Guaranty Ltd ......... 988 0.11 21,400 Athene Holding Ltd ............ 1,106 0.12 1,234 Axis Capital Holdings Ltd .. 71 0.01 14,300 Essent Group Ltd ................ 633 0.07 1,435 Everest Re Group Ltd ......... 328 0.04 16,624 RenaissanceRe Holdings Ltd 2,221 0.25

Oil and Gas

18,481

Gulf Keystone Petroleum Ltd ...................................... 70 0.01

Real Estate

43,300

Hongkong Land Holdings Ltd ...................................... 287 0.03

Telecommunications 31,616 Liberty Latin America Ltd .. 652 0.07

Textile and Apparel 6,104,000 China Hongxing Sports Ltd - 0.00

8,484 0.95 Brazil (0.39%) Insurance

112,100

Hapvida Participacoes e Investimentos SA ................ 674 0.08

Oil and Gas 92,633 Petroleo Brasileiro SA ADR 1,118 0.12

Transport 451,671 Rumo SA ............................ 1,694 0.19

3,486 0.39

Russell Investment Company plc Russell Investments World Equity Fund II Schedule of Investments - continued 30 September 2018


Number of Shares


Fund %

Canada (2.53%) Auto Components

4,145 Magna International Inc ...... 218 0.02 Banks

3,569 Bank of Nova Scotia ........... 213 0.02 Banks

2,651 Bank of Montreal ................ 219 0.03

7,607


2,570 National Bank of Canada .... 128 0.01 14,516 Royal Bank of Canada ......... 1,163 0.13 28,054 Toronto-Dominion Bank ..... 1,704 0.19

Computers and Peripherals 10,100 CGI Group Inc ..................... 651 0.07

Diversified Financials 3,126 CI Financial Corp ................ 50 0.01

Electrical Equipment 61,065 Celestica Inc ........................ 661 0.07

Food Products 17,600 Empire Co Ltd ..................... 321 0.04 2,400 Loblaw Cos Ltd ................... 123 0.01

Hotels, Restaurants and Leisure 8,100 BRP Inc ............................... 380 0.04

Insurance

237

Fairfax Financial Holdings Ltd ....................................... 129 0.01

6,327 Great-West Lifeco Inc ......... 153 0.02 17,304 Intact Financial Corp ........... 1,438 0.16 6,215 Manulife Financial Corp ..... 111 0.01 17,374 Sun Life Financial Inc ......... 690 0.08

Internet Software and Services 8,430 Shopify Inc .......................... 1,386 0.15

Media 14,100 Quebecor Inc ....................... 283 0.03 6,560 Thomson Reuters Corp ........ 299 0.04

Metals and Mining 176,713 First Quantum Minerals Ltd 2,011 0.22 17,013 Lundin Mining Corp ............ 90 0.01 6,041 Teck Resources Ltd ............. 145 0.02

Oil and Gas 5,654 ARC Resources Ltd ............. 63 0.01

19,576

Canadian Natural Resources Ltd ....................................... 639 0.07

18,534 Cenovus Energy Inc ............ 186 0.02 12,485 Husky Energy Inc ................ 219 0.02 10,251 Imperial Oil Ltd ................... 331 0.04 103,200 Suncor Energy Inc ............... 3,990 0.45

Other Finance

4,251

Brookfield Asset Management Inc .................. 189 0.02

Paper and Forest Products 10,100 Canfor Corp ......................... 188 0.02

Number of Shares


Fund %

11,600 Interfor Corp ....................... 172 0.02 18,056 West Fraser Timber Co Ltd 1,027 0.12

Pipelines 13,388 Inter Pipeline Ltd ................ 232 0.03


3,900

Granite Real Estate Investment Trust ................. 167 0.02

Retail Trade 1,662 Canadian Tire Corp Ltd ...... 195 0.02

Telecommunications 7,430 BCE Inc .............................. 301 0.03 19,994 Rogers Communications Inc 1,028 0.12

Transport 13,400 TFI International Inc ........... 486 0.05

22,691 2.53 Cayman Islands (1.25%) Commercial Services and Supplies

6,317


Food Products

98,000

China Mengniu Dairy Co Ltd ...................................... 326 0.04


Internet Software and Services

12,890


4,211 Baidu Inc ADR ................... 963 0.11

11,339


52,400 Tencent Holdings Ltd ......... 2,165 0.24 Lodging

252,800 Sands China Ltd .................. 1,145 0.13 Real Estate

134,000 CK Asset Holdings Ltd ....... 1,006 0.11 Semiconductor Equipment and Products

1,652,000

Semiconductor Manufacturing International Corp .................................... 1,783 0.20

11,220 1.25 China (1.41%) Airlines

154,172 Spring Airlines Co Ltd ........ 805 0.09 Banks

874,300

Agricultural Bank of China Ltd ...................................... 429 0.05

2,167,200


828,700

Industrial & Commercial Bank of China Ltd .............. 606 0.07

Building Products

2,000,000

China National Building Material Co Ltd .................. 1,776 0.20

Diversified Financials 680,349 CITIC Securities Co Ltd ..... 1,210 0.13




Number of Shares


Fund %

Electric Utilities

556,000

Huaneng Power International Inc ....................................... 366 0.04


223,251

Han's Laser Technology Industry Group Co Ltd ........ 1,375 0.15

502,545

Hangzhou Hikvision Digital Technology Co Ltd .............. 2,099 0.24

Insurance

31,600


Iron and Steel 1,446,524 Angang Steel Co Ltd ........... 1,294 0.14

458,000

Maanshan Iron & Steel Co Ltd ....................................... 273 0.03

Miscellaneous Manufacturers 167,000 CRRC Corp Ltd ................... 153 0.02

12,595 1.41 Denmark (0.34%) Agriculture

56,954

Scandinavian Tobacco Group A/S ........................... 874 0.09

Beverages 9,657 Carlsberg A/S ...................... 1,159 0.13

Building Products

221

Rockwool International A/S (Series A) ............................ 78 0.01

187

Rockwool International A/S (Series B) ............................. 80 0.01

Insurance 2,514 Tryg A/S .............................. 63 0.01

Retail Trade 1,307 Pandora A/S ........................ 82 0.01

Transport 8,213 DSV A/S ............................. 747 0.08

3,083 0.34 Egypt (0.11%) Banks

213,986

Commercial International Bank Egypt SAE GDR ........ 976 0.11

Finland (0.07%) Chemicals

30,872 Tikkurila OYJ ...................... 484 0.05 Paper and Forest Products

4,756 UPM-Kymmene OYJ .......... 187 0.02 671 0.07 France (1.53%) Advertising

21,562 Publicis Groupe SA ............. 1,289 0.14 Aerospace and Defence

249 Dassault Aviation SA .......... 461 0.05 5,351 Safran SA ............................ 750 0.09

Number of Shares


Fund %

Auto Components

2,120

Cie Generale des Etablissements Michelin SCA .................................... 254 0.03

Automobiles 75,890 Peugeot SA ......................... 2,048 0.23 2,897 Renault SA .......................... 251 0.03

Banks 2,386 BNP Paribas SA .................. 146 0.01 34,733 Societe Generale SA ........... 1,491 0.17

Building Products 3,026 Cie de Saint-Gobain ............ 131 0.01

Commercial Services and Supplies 18,454 Bureau Veritas SA .............. 476 0.05

Construction and Engineering 3,307 Eiffage SA .......................... 369 0.04

Electric Utilities 40,682 Engie SA ............................. 598 0.07

Food Products 12,985 Danone SA .......................... 1,006 0.11

Insurance 3,746 AXA SA ............................. 101 0.01

Media 8,610 Metropole Television SA .... 174 0.02

Oil and Gas 7,762 Total SA .............................. 503 0.06


Textile and Apparel 699 Christian Dior SE ................ 300 0.03 1,134 Kering SA ........................... 608 0.07


13,671

Bayerische Motoren Werke AG ...................................... 1,234 0.14

3,972 Daimler AG ........................ 251 0.03 Building Products

1,733 HeidelbergCement AG ....... 136 0.02 Chemicals

3,293 BASF SE ............................ 293 0.03 16,552 Brenntag AG ....................... 1,022 0.11 22,899 Covestro AG ....................... 1,858 0.21 1,338 Wacker Chemie AG ............ 168 0.02

Construction and Engineering 2,661 Hochtief AG ....................... 441 0.05

Insurance 1,049 Allianz SE ........................... 234 0.03 1,373 Hannover Rueck SE ............ 194 0.02

6,004

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ........................... 1,330 0.15



Number of Shares


Fund %

Internet Software and Services 4,810 Scout24 AG ......................... 224 0.02

Machinery 33,664 GEA Group AG ................... 1,200 0.13

Media 5,780 ProSiebenSat.1 Media SE .... 150 0.02

Semiconductor Equipment and Products 5,378 Siltronic AG ........................ 659 0.07

Software 1,276 SAP SE ................................ 157 0.02


Textile and Apparel 4,843 Adidas AG ........................... 1,186 0.13

Transport 211 Hapag-Lloyd AG ................. 8 0.00

11,992 1.34 Greece (0.16%) Banks

1,151,065 Eurobank Ergasias SA ......... 868 0.10 278,967 National Bank of Greece SA 567 0.06

1,435 0.16 Hong Kong (0.52%) Airlines

287,600 Cathay Pacific Airways Ltd 434 0.05 Banks

16,500 Hang Seng Bank Ltd ........... 448 0.05 Electric Utilities

310,800

China Resources Power Holdings Co Ltd .................. 550 0.06

37,500 CLP Holdings Ltd ............... 439 0.05 Holding Companies - Diversified Operations

32,500 Swire Pacific Ltd ................. 356 0.04 Real Estate

225,800


28,000 Hysan Development Co Ltd 142 0.01 29,000 Wheelock & Co Ltd ............ 174 0.02

Real Estate Investment Trust 126,500 Link REIT ........................... 1,246 0.14

Transport 31,000 MTR Corp Ltd ..................... 163 0.02

4,659 0.52 Hungary (0.11%) Banks

27,599 OTP Bank NYRT ................ 1,023 0.11 India (1.08%) Auto Components

146,991

Motherson Sumi Systems Ltd ....................................... 521 0.06

Number of Shares


Fund %

Automobiles 2,667 Eicher Motors Ltd ............... 892 0.10

Banks 32,660 HDFC Bank Ltd ADR ........ 3,073 0.34 26,511 IndusInd Bank Ltd .............. 618 0.07

Beverages 106,190 United Spirits Ltd ............... 753 0.08


114,528 Adani Ports & Special Economic Zone Ltd ............ 520 0.06

Computers and Peripherals 117,140 Infosys Ltd ADR ................ 1,191 0.13


36,253


Miscellaneous Manufacturers 48,431 Escorts Ltd .......................... 408 0.05

Pharmaceuticals 89,900 Cipla Ltd ............................. 806 0.09

9,657 1.08 Indonesia (0.06%) Machinery

253,885 United Tractors Tbk PT ...... 562 0.06 Ireland (0.90%) Banks


10,080 James Hardie Industries Plc 153 0.02

5,156




Health Care Equipment and Supplies 56,300 Medtronic Plc ..................... 5,538 0.62

Miscellaneous Manufacturers 1,421 Eaton Corp Plc .................... 123 0.01

8,036 0.90 Israel (0.39%) Banks

90,651 Bank Leumi Le-Israel BM .. 598 0.07 7,900 Israel Discount Bank Ltd .... 26 0.00

Computers and Peripherals

10,300

Check Point Software Technologies Ltd ................ 1,212 0.14

Diversified Financials 17,658 Plus500 Ltd ......................... 307 0.03

Internet Software and Services 11,090 Wix.com Ltd ....................... 1,327 0.15

3,470 0.39




Number of Shares


Fund %

Italy (0.34%) Aerospace and Defence

9,968 Leonardo SpA ..................... 120 0.01 Banks

7,890 UniCredit SpA ..................... 119 0.01 Banks

60,887 Intesa Sanpaolo SpA ........... 156 0.02 Electric Utilities

131,949 Enel SpA ............................. 676 0.08 Gas Utilities

61,142 Snam SpA ........................... 255 0.03 Oil and Gas

90,050 Eni SpA ............................... 1,703 0.19 3,029 0.34 Japan (10.59%) Advertising

4,800 Dentsu Inc ........................... 223 0.03 Agriculture

17,900 Japan Tobacco Inc ............... 467 0.05 Airlines

3,500 Japan Airlines Co Ltd .......... 126 0.01 Auto Components

3,400 Aisin Seiki Co Ltd ............... 166 0.02 14,400 Bridgestone Corp ................ 544 0.06 29,700 Denso Corp ......................... 1,569 0.18 71,600 NGK Spark Plug Co Ltd ..... 2,087 0.23

10,800

Sumitomo Electric Industries Ltd ....................................... 169 0.02

Automobiles 45,800 Honda Motor Co Ltd ........... 1,387 0.16 11,900 Isuzu Motors Ltd ................. 188 0.02 22,700 Nissan Motor Co Ltd ........... 213 0.02 6,700 Toyota Motor Corp .............. 419 0.05

Banks

27,800

Mitsubishi UFJ Financial Group Inc ............................ 174 0.02

75,400


Beverages 75,900 Kirin Holdings Co Ltd ......... 1,945 0.22

Building Products 10,900 AGC Inc .............................. 452 0.05 12,200 Daikin Industries Ltd ........... 1,625 0.18 72,100 LIXIL Group Corp .............. 1,389 0.16 20,500 Nippon Sheet Glass Co Ltd . 223 0.02 3,000 Taiheiyo Cement Corp ........ 94 0.01

Chemicals 10,500 Asahi Kasei Corp ................ 159 0.02 2,400 Kaneka Corp ....................... 111 0.01

196,600

Kumiai Chemical Industry Co Ltd ................................. 1,485 0.17

32,200 Kureha Corp ........................ 2,412 0.27

Number of Shares


Fund %

17,600 Mitsubishi Chemical Holdings Corp ..................... 169 0.02

6,800

Mitsubishi Gas Chemical Co Inc ....................................... 145 0.02

4,000 Mitsui Chemicals Inc .......... 100 0.01 7,600 Showa Denko KK ............... 420 0.05 6,600 Teijin Ltd ............................ 127 0.01 10,100 Tokuyama Corp .................. 275 0.03 8,000 Tosoh Corp ......................... 123 0.01

Commercial Services and Supplies 42,400 Aeon Delight Co Ltd .......... 1,547 0.17 5,400 Dai Nippon Printing Co Ltd 126 0.01 61,950 Pasona Group Inc ................ 919 0.10 5,800 Secom Co Ltd ..................... 473 0.05 4,600 Secom Joshinetsu Co Ltd .... 139 0.02

7,280

Shingakukai Holdings Co Ltd ...................................... 41 0.01


17,700

Digital Hearts Holdings Co Ltd ...................................... 265 0.03

1,700 Fujitsu Ltd .......................... 121 0.01 67,400 NEC Corp ........................... 1,863 0.21 9,100 NTT Data Corp ................... 126 0.02

Construction and Engineering 23,900 Obayashi Corp .................... 226 0.03 102,500 Sanki Engineering Co Ltd ... 1,101 0.12

Containers and Packaging

18,000

Toyo Seikan Group Holdings Ltd ....................... 374 0.04

Distributors 19,300 ITOCHU Corp .................... 353 0.04 41,000 Marubeni Corp .................... 375 0.04 13,100 Mitsubishi Corp .................. 404 0.04 20,000 Mitsui & Co Ltd .................. 356 0.04 17,100 Sumitomo Corp ................... 285 0.03 8,600 Toyota Tsusho Corp ........... 325 0.04

Diversified Financials 320,400 Acom Co Ltd ...................... 1,292 0.14 101,400 Jaccs Co Ltd ........................ 2,143 0.24 17,000 ORIX Corp ......................... 276 0.03

Electrical Equipment 37,800 Cosel Co Ltd ....................... 432 0.05 13,700 Hoya Corp .......................... 814 0.09 15,100 Icom Inc .............................. 328 0.04 3,600 Kyocera Corp ...................... 216 0.02 70,376 Minebea Mitsumi Inc .......... 1,276 0.14

11,700

Murata Manufacturing Co Ltd ...................................... 1,799 0.20

Environmental Control 12,200 Daiseki Co Ltd .................... 337 0.04

Food Products

253,200

Itoham Yonekyu Holdings Inc ....................................... 1,748 0.20

4,900 Maruha Nichiro Corp .......... 181 0.02



Number of Shares


Fund %

7,200

Morinaga Milk Industry Co Ltd ....................................... 196 0.02

38,400 Seven & i Holdings Co Ltd . 1,711 0.19 Health Care Providers and Services

35,600 BML Inc .............................. 1,084 0.12 229,000 Tsukui Corp ......................... 2,248 0.25

Home Builders 5,100 Iida Group Holdings Co Ltd 91 0.01 70,300 Sekisui Chemical Co Ltd ..... 1,297 0.15

Home Furnishings 39,900 Sony Corp ........................... 2,447 0.27

Hotels, Restaurants and Leisure 5,200 Yamaha Motor Co Ltd ........ 146 0.02

Insurance 44,700 Japan Post Holdings Co Ltd 532 0.06

4,800 MS&AD Insurance Group Holdings Inc ........................ 160 0.02

17,000 Sompo Holdings Inc ............ 724 0.08 50,500 Tokio Marine Holdings Inc . 2,506 0.28

Internet Software and Services 321,600 Yahoo Japan Corp ............... 1,158 0.13

Iron and Steel 14,100 JFE Holdings Inc ................. 324 0.04

Machinery 28,000 Ebara Corp .......................... 966 0.11 11,800 FANUC Corp ...................... 2,225 0.25 61,600 Hitachi Ltd .......................... 2,093 0.24 15,600 Keyence Corp ...................... 9,062 1.01

3,000

Mitsubishi Heavy Industries Ltd ....................................... 116 0.01

62,800 Modec Inc ........................... 2,054 0.23

5,200

Sumitomo Heavy Industries Ltd ....................................... 186 0.02

Media 17,200 Fuji Media Holdings Inc ..... 306 0.03

Metals and Mining 6,900 Kitagawa Industries Co Ltd . 91 0.01 3,300 Mitsubishi Materials Corp ... 99 0.01

36,600

Sumitomo Metal Mining Co Ltd ....................................... 1,284 0.14

Miscellaneous Manufacturers 5,100 Nikon Corp .......................... 96 0.01 14,000 Toshiba Corp ....................... 405 0.05

Office Electronics 47,700 Canon Inc ............................ 1,516 0.17

Oil and Gas 3,000 Idemitsu Kosan Co Ltd ....... 159 0.02 26,200 JXTG Holdings Inc ............. 198 0.02

Personal Products 2,500 Shiseido Co Ltd ................... 194 0.02

Pharmaceuticals 111,200 Astellas Pharma Inc ............. 1,940 0.22 83,000 Katakura Industries Co Ltd . 1,028 0.11

Number of Shares


Fund %

5,100

Takeda Pharmaceutical Co Ltd ...................................... 218 0.02

15,800 Toho Holdings Co Ltd ........ 419 0.05 Real Estate

1,700

Daito Trust Construction Co Ltd ...................................... 219 0.02

Retail Trade 93,700 Marui Group Co Ltd ........... 2,313 0.26 23,600 Qol Holdings Co Ltd .......... 517 0.06

Software 395,200 Broadleaf Co Ltd ................ 2,853 0.32 89,620 Nexon Co Ltd ..................... 1,172 0.13 20,100 Transcosmos Inc ................. 509 0.06

Telecommunications 21,000 KDDI Corp ......................... 580 0.06

59,216 Nippon Telegraph & Telephone Corp .................. 2,675 0.30

26,600 NTT Docomo Inc ................ 715 0.08 Textile and Apparel

24,900 Gunze Ltd ........................... 1,254 0.14 Transport

1,300 Central Japan Railway Co ... 271 0.03 1,800 West Japan Railway Co ...... 126 0.01


78,227 WPP Plc .............................. 1,147 0.13 Metals and Mining

37,817 Glencore Plc ....................... 164 0.02 1,311 0.15 Korea, Republic of (1.80%) Automobiles

17,688 Hyundai Motor Co .............. 2,065 0.23 Construction and Engineering

17,777

Hyundai Engineering & Construction Co Ltd ........... 1,082 0.12

80,032

Samsung Engineering Co Ltd ...................................... 1,392 0.16


21,140


Insurance 25,628 Orange Life Insurance Ltd .. 788 0.09

Lodging 27,081 Grand Korea Leisure Co Ltd 609 0.07 25,745 Kangwon Land Inc ............. 666 0.07

Personal Products 16,447 CLIO Cosmetics Co Ltd ..... 281 0.03

Semiconductor Equipment and Products 159,950 Samsung Electronics Co Ltd 6,698 0.75 25,938 SK Hynix Inc ...................... 1,709 0.19

16,148 1.80




Number of Shares


Fund %

Liberia (0.02%) Hotels, Restaurants and Leisure

1,116 Royal Caribbean Cruises Ltd 145 0.02 Luxembourg (0.62%) Commercial Services and Supplies

52,710 Corp America Airports SA .. 450 0.05 Internet Software and Services

10,754 Spotify Technology SA ....... 1,945 0.22 Iron and Steel

5,429 ArcelorMittal ....................... 169 0.02 Metals and Mining

117,827 Tenaris SA ........................... 1,975 0.22 Retail Trade

199,249

B&M European Value Retail SA ....................................... 1,005 0.11

5,544 0.62 Mexico (0.15%) Beverages

5,163

Fomento Economico Mexicano SAB de CV ......... 511 0.06

Media 48,615 Grupo Televisa SAB ADR .. 862 0.09

1,373 0.15 Netherlands (1.60%) Automobiles

5,656 Ferrari NV ........................... 774 0.09

12,439


Banks 6,858 ING Groep NV .................... 89 0.01

Beverages 26,344 Heineken NV ....................... 2,471 0.28

Chemicals

2,065

LyondellBasell Industries NV ....................................... 212 0.02


Food Products

29,139

Koninklijke Ahold Delhaize NV ....................................... 668 0.07

Internet Software and Services 81,134 Yandex NV ......................... 2,668 0.30

Machinery 70,014 CNH Industrial NV ............. 842 0.09


Personal Products 99,110 Unilever NV ........................ 5,522 0.62

14,355 1.60

Number of Shares


Fund %

New Zealand (0.02%) Construction and Engineering

15,822

Auckland International Airport Ltd .......................... 77 0.01

Telecommunications 27,092 Spark New Zealand Ltd ...... 73 0.01

150 0.02 Norway (0.36%) Banks

9,286 DNB ASA ........................... 195 0.02 Food Products

15,980 Austevoll Seafood ASA ...... 220 0.03 8,509 Marine Harvest ASA .......... 197 0.02 152,088 Orkla ASA .......................... 1,284 0.14

Oil and Gas 12,260 Equinor ASA ...................... 346 0.04

Telecommunications 50,586 Telenor ASA ....................... 988 0.11

3,230 0.36 Panama (0.12%) Airlines

12,415 Copa Holdings SA .............. 991 0.11 Hotels, Restaurants and Leisure

1,783 Carnival Corp ..................... 114 0.01 1,105 0.12 Puerto Rico (0.02%) Banks

3,000 Popular Inc .......................... 154 0.02 Russia (0.42%) Banks

198,780 Sberbank of Russia PJSC ADR .................................... 2,521 0.28

Oil and Gas 15,625 Lukoil PJSC ADR ............... 1,198 0.14

3,719 0.42 Singapore (0.61%) Banks

36,800 DBS Group Holdings Ltd ... 703 0.08 83,525 United Overseas Bank Ltd .. 1,655 0.18


Entertainment 323,100 Genting Singapore Ltd ........ 251 0.03


Telecommunications

964,900

Singapore Telecommunications Ltd .... 2,288 0.26



Number of Shares


Fund %

Transport 127,200 ComfortDelGro Corp Ltd .... 226 0.02

5,433 0.61 South Africa (0.04%) Diversified Financials

56,932 Old Mutual Ltd .................... 120 0.01 Telecommunications

37,473 MTN Group Ltd .................. 232 0.03 352 0.04 Spain (0.60%) Airlines

28,486


Banks 33,960 Banco Santander SA ............ 171 0.02

Banks

20,108

Banco Bilbao Vizcaya Argentaria SA ...................... 128 0.02

999,500 Banco de Sabadell SA ......... 1,554 0.17 Commercial Services and Supplies

33,898 Abertis Infraestructuras SA . 723 0.08 Construction and Engineering

6,001


Gas Utilities 5,069 Enagas SA ........................... 137 0.02

Lodging 28,516 NH Hotel Group SA ............ 208 0.02

Oil and Gas 68,662 Repsol SA ........................... 1,369 0.15

Telecommunications 50,000 Telefonica SA ...................... 396 0.04

Transport

6,142

Cia de Distribucion Integral Logista Holdings SA ........... 158 0.02

5,345 0.60 Sweden (0.44%) Banks

12,560 Nordea Bank AB ................. 137 0.01

12,308

Skandinaviska Enskilda Banken AB .......................... 137 0.02

169,466 Svenska Handelsbanken AB 2,139 0.24 23,979 Swedbank AB ...................... 594 0.07

Biotechnology

13,536

Swedish Orphan Biovitrum AB ....................................... 396 0.04

Oil and Gas 15,028 Lundin Petroleum AB ......... 575 0.06

3,978 0.44

Number of Shares


Fund %

Switzerland (4.85%) Banks

10,310 UBS Group AG .................. 164 0.02 Building Products

6,128 Geberit AG ......................... 2,856 0.32 3,478 LafargeHolcim Ltd ............. 173 0.02

Commercial Services and Supplies 7,980 Adecco Group AG .............. 421 0.05 115 SGS SA ............................... 304 0.03

Computers and Peripherals 15,766 Logitech International SA ... 708 0.08

Food Products 124,695 Nestle SA ............................ 10,445 1.17

Hand and Machine Tools 15,679 Schindler Holding AG ........ 3,926 0.44

Insurance 12,803 Chubb Ltd ........................... 1,711 0.19 20,303 Swiss Re AG ....................... 1,883 0.21 300 Zurich Insurance Group AG 95 0.01

Machinery 27,760 ABB Ltd ............................. 659 0.07

Pharmaceuticals 53,936 Novartis AG ........................ 4,660 0.52 40,996 Roche Holding AG ............. 9,978 1.11

Retail Trade

57,784


1,313 Swatch Group AG ............... 525 0.06 Telecommunications

466 Swisscom AG ..................... 212 0.02 43,453 4.85 Taiwan (1.48%) Semiconductor Equipment and Products

155,000 MediaTek Inc ...................... 1,251 0.14

114,210

Taiwan Semiconductor Manufacturing Co Ltd ........ 982 0.11

249,891


13,268 1.48 Thailand (0.51%) Banks

250,300 Kasikornbank PCL NVDR . 1,672 0.19

173,800

Siam Commercial Bank PCL NVDR ................................. 801 0.09

Retail Trade 368,200 CP ALL PCL ...................... 786 0.09 1,005,700 Minor International PCL ..... 1,275 0.14

4,534 0.51 United Arab Emirates (0.12%) Real Estate

778,479 Emaar Properties PJSC ....... 1,049 0.12




Number of Shares


Fund %

United Kingdom (10.57%) Aerospace and Defence

128,498 BAE Systems Plc ................ 1,055 0.12 190,974 Chemring Group Plc ............ 535 0.06 154,822 Meggitt Plc .......................... 1,144 0.13

Agriculture

12,609


6,360 Imperial Tobacco Group Plc 222 0.02 Banks

1,649,843 Barclays Plc ......................... 3,696 0.41 203,663 HSBC Holdings Plc ............. 1,779 0.20 3,622,001 Lloyds Banking Group Plc .. 2,799 0.31

210,388

Royal Bank of Scotland Group Plc ............................ 686 0.08

Beverages 42,673 Britvic Plc ........................... 435 0.05 147,553 Diageo Plc ........................... 5,232 0.58 331,589 Stock Spirits Group Plc ....... 852 0.10

Chemicals 181,578 Elementis Plc ....................... 636 0.07 151,451 Filtrona Plc .......................... 800 0.09

Commercial Services and Supplies 55,970 Intertek Group Plc ............... 3,644 0.41 553,873 ITE Group Plc ..................... 520 0.06 410,698 QinetiQ Group Plc ............... 1,533 0.17 226,194 Rentokil Initial Plc .............. 939 0.10 435,199 Speedy Hire Plc ................... 367 0.04

Containers and Packaging 64,833 DS Smith Plc ....................... 404 0.04

Distributors 281,969 SIG Plc ................................ 466 0.05 44,049 Travis Perkins Plc ............... 612 0.07

Diversified Financials 85,694 CMC Markets Plc ................ 155 0.02 308,926 Man Group Plc .................... 711 0.08 11,891 St James's Place Plc ............. 177 0.02 208,411 Urban & Civic Plc ............... 826 0.09

Electric Utilities 26,603 Drax Group Plc ................... 135 0.01

Electrical Equipment 164,139 Electrocomponents Plc ........ 1,537 0.17 194,447 TT Electronics Plc ............... 659 0.08

Food Products 10,838 SSP Group Plc ..................... 102 0.01 333,050 Tesco Plc ............................. 1,041 0.12

428,226

Wm Morrison Supermarkets Plc ....................................... 1,449 0.16

Home Builders 24,568 Barratt Developments Plc .... 182 0.02

3,942


Number of Shares


Fund %

25,634

Crest Nicholson Holdings Plc ....................................... 117 0.01


Household Products 222,431 McBride Plc ........................ 411 0.05

Insurance 2,830 Admiral Group Plc .............. 77 0.01 410,153 Aviva Plc ............................ 2,618 0.29

17,283 Direct Line Insurance Group Plc ....................................... 73 0.01

52,723 Legal & General Group Plc 180 0.02 73,211 Numis Corp Plc .................. 320 0.03 7,026 Prudential Plc ...................... 161 0.02


158,483

Moneysupermarket.com Group Plc ............................ 576 0.06

Lodging

59,865

InterContinental Hotels Group Plc ............................ 3,732 0.42

Machinery

26,732

Spirax-Sarco Engineering Plc ....................................... 2,545 0.28

Media

65,120

Daily Mail & General Trust Plc ....................................... 596 0.07

31,475

Euromoney Institutional Investor Plc ......................... 552 0.06

232,321 ITV Plc ............................... 478 0.05 2,000 Liberty Global Plc ............... 56 0.01

Metals and Mining 70,568 Anglo American Plc ........... 1,586 0.18 88,265 KAZ Minerals Plc ............... 633 0.07 27,884 Rio Tinto Plc ....................... 1,411 0.16

Oil and Gas 1,113,228 BP Plc ................................. 8,555 0.96 27,145 BP Plc ADR ........................ 1,251 0.14

109,695

Royal Dutch Shell Plc (A Shares) ................................ 3,771 0.42

66,912

Royal Dutch Shell Plc (B Shares) ................................ 2,346 0.26

746,643 Tullow Oil Plc .................... 2,564 0.29 189,310 Vivo Energy Plc .................. 319 0.03

Oil and Gas Services 72,644 Hunting Plc ......................... 740 0.08 108,314 Technip FMC Plc ................ 3,385 0.38

Other Finance 202,025 3i Group Plc ........................ 2,480 0.28 216,653 Melrose Industries Plc ........ 565 0.06

Pharmaceuticals 41,697 AstraZeneca Plc ADR ......... 1,650 0.18 155,128 GlaxoSmithKline Plc .......... 3,109 0.35

Real Estate 78,026 Empiric Student Property Plc 98 0.01



Number of Shares


Fund %

398,235 Foxtons Group Plc ............... 276 0.03 185,505 LSL Property Services Plc .. 641 0.07 224,262 McCarthy & Stone Plc ........ 392 0.05 143,304 St Modwen Properties Plc ... 710 0.08

Real Estate Investment Trust 49,661 British Land Co Plc ............. 399 0.05 4,000 Segro Plc ............................. 33 0.00

Retail Trade 93,512 Kingfisher Plc ...................... 315 0.04 246,581 Lookers Plc ......................... 342 0.04 50,952 Majestic Wine Plc ............... 259 0.03 433,059 Marks & Spencer Group Plc 1,631 0.18 272,479 Restaurant Group Plc .......... 1,059 0.12 390,425 Vertu Motors Plc ................. 220 0.02

Software 42,671 SDL Plc ............................... 265 0.03

Telecommunications 1,236,355 Vodafone Group Plc ............ 2,652 0.30


Transport 129,664 National Express Group Plc 661 0.07 40,493 Royal Mail Plc ..................... 252 0.03

94,596 10.57 United States (43.92%) Advertising

5,272 Omnicom Group Inc ............ 359 0.04 6,887 Trade Desk Inc .................... 1,039 0.12

Aerospace and Defence 11,350 Boeing Co ........................... 4,221 0.47 3,002 Lockheed Martin Corp ........ 1,039 0.12 14,324 Raytheon Co ........................ 2,960 0.33 28,647 United Technologies Corp ... 4,005 0.45

Airlines 3,448 Delta Air Lines Inc .............. 199 0.02 2,419 Southwest Airlines Co ......... 151 0.02

1,679

United Continental Holdings Inc ....................................... 150 0.02

Auto Components

22,600 Allison Transmission Holdings Inc ........................ 1,175 0.13

3,207 Goodyear Tire & Rubber Co 75 0.01 1,573 Lear Corp ............................ 228 0.02

Automobiles 10,633 Ford Motor Co ..................... 98 0.01 6,656 General Motors Co .............. 224 0.03 2,802 PACCAR Inc ....................... 191 0.02

Banks 114,160 Bank of America Corp ........ 3,363 0.38 69,272 Citigroup Inc ....................... 4,970 0.56 10,876 Goldman Sachs Group Inc .. 2,439 0.27

Number of Shares


Fund %

29,684 JPMorgan Chase & Co ....... 3,350 0.37 48,448 Morgan Stanley ................... 2,256 0.25

Banks

1,628

Bank of New York Mellon Corp .................................... 83 0.01

2,530 BB&T Corp ........................ 123 0.01 3,926 Capital One Financial Corp 373 0.04 33,700 Citizens Financial Group Inc 1,300 0.15 36,364 Fifth Third Bancorp ............ 1,015 0.11 24,576 Huntington Bancshares Inc . 367 0.04

1,281


4,133 Regions Financial Corp ...... 76 0.01 1,034 State Street Corp ................. 87 0.01 1,559 SunTrust Banks Inc ............. 104 0.01 78,955 US Bancorp ......................... 4,170 0.47 158,867 Wells Fargo & Co ............... 8,350 0.93

Beverages 85,129 Coca-Cola Co ..................... 3,932 0.44 2,986 Keurig Dr Pepper Inc .......... 69 0.01 88,438 PepsiCo Inc ......................... 9,887 1.10

Biotechnology 10,920 Amgen Inc .......................... 2,264 0.25 3,390 Biogen Inc .......................... 1,198 0.13 3,800 Celgene Corp ...................... 340 0.04 26,849 Exact Sciences Corp ........... 2,119 0.24 71,400 Gilead Sciences Inc ............. 5,513 0.62

Building Products 23,300 Louisiana-Pacific Corp ....... 617 0.07 4,177 Masco Corp ......................... 153 0.02 2,181 Owens Corning ................... 118 0.01 8,300 Vulcan Materials Co ........... 923 0.10

Chemicals

4,281


2,200 Celanese Corp ..................... 251 0.03 8,177 DowDuPont Inc .................. 526 0.06 1,033 Eastman Chemical Co ......... 99 0.01 7,000 Huntsman Corp ................... 191 0.02 16,723 Mosaic Co ........................... 543 0.06 5,009 Praxair Inc .......................... 805 0.09 9,853 Sherwin-Williams Co ......... 4,485 0.50


5,837


5,096 CoStar Group Inc ................ 2,145 0.24 4,806 FleetCor Technologies Inc .. 1,095 0.12 2,800 FTI Consulting Inc .............. 205 0.02 3,487 H&R Block Inc ................... 90 0.01 2,900 Insperity Inc ........................ 342 0.04 6,000 Korn/Ferry International ..... 295 0.03 809 ManpowerGroup Inc ........... 70 0.01 45,432 Moody's Corp ..................... 7,596 0.85




Number of Shares


Fund %

15,821 PayPal Holdings Inc ............ 1,390 0.16 2,300 United Rentals Inc ............... 376 0.04

Computers and Peripherals 40,600 Apple Inc ............................. 9,165 1.02

2,900


6,100 Conduent Inc ....................... 137 0.02 5,900 Perspecta Inc ....................... 152 0.02

Containers and Packaging 12,187 Packaging Corp of America 1,337 0.15 1,545 WestRock Co ...................... 83 0.01

Distributors 15,700 HD Supply Holdings Inc ..... 672 0.07

Diversified Financials 47,786 Ally Financial Inc ................ 1,264 0.14 18,541 American Express Co .......... 1,974 0.22 12,193 Ameriprise Financial Inc ..... 1,800 0.20 1,615 BlackRock Inc ..................... 761 0.09 23,575 CME Group Inc ................... 4,013 0.45 1,263 Discover Financial Services 97 0.01 2,122 Franklin Resources Inc ........ 65 0.01 33,025 Mastercard Inc ..................... 7,352 0.82 2,100 Navient Corp ....................... 28 0.00 57,897 Synchrony Financial ............ 1,799 0.20

19,048

TD Ameritrade Holding Corp ..................................... 1,006 0.11

Electric Utilities 5,199 Alliant Energy Corp ............ 221 0.02 15,100 CenterPoint Energy Inc ....... 418 0.05 4,881 Edison International ............ 330 0.04 86,331 Exelon Corp ........................ 3,769 0.42 4,783 NextEra Energy Inc ............. 802 0.09 24,000 NRG Energy Inc .................. 898 0.10 7,500 PG&E Corp ......................... 345 0.04 2,300 Pinnacle West Capital Corp 182 0.02 10,800 Portland General Electric Co 493 0.06 38,084 PPL Corp ............................. 1,114 0.12

3,264


6,561 WEC Energy Group Inc ...... 438 0.05 Electrical Equipment

101,874 ADT Inc .............................. 957 0.10 13,812 Avnet Inc ............................. 618 0.07 9,008 Emerson Electric Co ............ 690 0.08 1,243 Hubbell Inc .......................... 166 0.02

5,009

Mettler-Toledo International Inc ....................................... 3,050 0.34

Entertainment

9,090

Marriott Vacations Worldwide Corp .................. 1,016 0.11

Environmental Control 8,821 Waste Management Inc ....... 797 0.09

Number of Shares


Fund %

Food Products 4,068 Campbell Soup Co .............. 149 0.02 9,222 Conagra Brands Inc ............ 313 0.03 11,762 General Mills Inc ................ 505 0.06 5,653 Kellogg Co .......................... 396 0.04 33,300 Kroger Co ........................... 969 0.11 9,578 Sysco Corp .......................... 702 0.08 13,900 US Foods Holding Corp ..... 428 0.05

Gas Utilities 12,000 UGI Corp ............................ 666 0.07

Health Care Equipment and Supplies 2,167 Align Technology Inc ......... 848 0.09 26,917 Baxter International Inc ...... 2,075 0.23 22,989 Becton Dickinson and Co ... 6,000 0.67 2,700 Danaher Corp ...................... 293 0.03 12,248 Edwards Lifesciences Corp . 2,132 0.24 18,652 Haemonetics Corp .............. 2,137 0.24 14,890 Insulet Corp ........................ 1,578 0.18 180 Intuitive Surgical Inc .......... 103 0.01 24,021 Varian Medical Systems Inc 2,689 0.30

Health Care Providers and Services 10,120 Anthem Inc ......................... 2,773 0.31 27,407 Cigna Corp .......................... 5,708 0.64 4,240 Humana Inc ......................... 1,435 0.16 14,300 UnitedHealth Group Inc ...... 3,804 0.43 3,770 WellCare Health Plans Inc .. 1,208 0.13

Home Builders 59,753 DR Horton Inc .................... 2,520 0.28

52,902

Lennar Corp - Class A Shares ................................. 2,470 0.28

1,084

Lennar Corp - Class B Shares ................................. 42 0.01

2,600 Meritage Homes Corp ......... 104 0.01 3,716 Toll Brothers Inc ................. 123 0.01

Home Furnishings 1,648 Leggett & Platt Inc .............. 72 0.01 533 Whirlpool Corp ................... 63 0.01

Household Products 2,944 Clorox Co ........................... 443 0.05 4,960 Kimberly-Clark Corp .......... 564 0.06

Insurance 19,227 Aflac Inc ............................. 905 0.10 22,274 Allstate Corp ....................... 2,198 0.25

1,600

American Financial Group Inc ....................................... 178 0.02

4,055 Arthur J Gallagher & Co ..... 302 0.03 3,077 Berkshire Hathaway Inc ...... 659 0.07 3,507 Cincinnati Financial Corp ... 269 0.03

1,401

First American Financial Corp .................................... 72 0.01

14,110




Number of Shares


Fund %

1,809 MetLife Inc ......................... 85 0.01 21,900 MGIC Investment Corp ....... 291 0.03

6,066

Principal Financial Group Inc ....................................... 355 0.04

1,257 ProAssurance Corp .............. 59 0.01 13,224 Progressive Corp ................. 939 0.10 1,521 Prudential Financial Inc ...... 154 0.02 32,500 Radian Group Inc ................ 672 0.07 6,672 Travelers Cos Inc ................ 865 0.10

Internet Software and Services 8,139 Alphabet Inc (Class A) ........ 9,824 1.10 9,885 Alphabet Inc (Class C) ........ 11,797 1.32 518 Amazon.com Inc ................. 1,038 0.11 36 Booking Holdings Inc ......... 71 0.01 85,900 eBay Inc .............................. 2,836 0.32 12,200 Expedia Group Inc .............. 1,592 0.18 7,400 Facebook Inc ....................... 1,217 0.13 444 MercadoLibre Inc ................ 151 0.02 9,881 Wayfair Inc ......................... 1,459 0.16

Iron and Steel 2,348 Nucor Corp .......................... 149 0.02

Machinery 4,670 Cummins Inc ....................... 682 0.08 2,047 Dover Corp .......................... 181 0.02 72,709 Graco Inc ............................. 3,369 0.38 23,810 Middleby Corp .................... 3,080 0.34 2,929 Rockwell Automation Inc ... 549 0.06

Media 10,213 Comcast Corp ...................... 362 0.04 5,905 Discovery Inc ...................... 189 0.02 1,826 Walt Disney Co ................... 214 0.03

Metals and Mining 8,838 Freeport-McMoRan Inc ....... 123 0.01

Miscellaneous Manufacturers 20,917 3M Co ................................. 4,407 0.49

Office Electronics 700 Zebra Technologies Corp .... 124 0.01

Oil and Gas 2,516 Andeavor ............................. 386 0.04 107,400 Cabot Oil & Gas Corp ......... 2,419 0.27 25,758 Chevron Corp ...................... 3,150 0.35 5,800 Concho Resources Inc ......... 886 0.10 33,000 ConocoPhillips .................... 2,554 0.29 55,570 Exxon Mobil Corp ............... 4,725 0.53 1,378 Helmerich & Payne Inc ....... 95 0.01 4,790 HollyFrontier Corp .............. 335 0.04 10,870 Marathon Petroleum Corp ... 869 0.10 19,445 Occidental Petroleum Corp . 1,598 0.18 4,365 Phillips 66 ........................... 492 0.05 4,202 Valero Energy Corp ............ 478 0.05

Number of Shares


Fund %

Oil and Gas Services 134,228 Baker Hughes a GE Co ....... 4,541 0.51 91,000 Halliburton Co .................... 3,688 0.41

Personal Products 49,227 Colgate-Palmolive Co ......... 3,296 0.37 81,165 Procter & Gamble Co ......... 6,755 0.75

Pharmaceuticals 23,634 Bristol-Myers Squibb Co .... 1,467 0.16 8,182 Eli Lilly & Co ..................... 878 0.10 110,090 Johnson & Johnson ............. 15,211 1.70 28,857 Merck & Co Inc .................. 2,047 0.23 231,844 Pfizer Inc ............................ 10,217 1.14 1,500 USANA Health Sciences Inc 181 0.02

Real Estate Investment Trust 24,909 AGNC Investment Corp ..... 464 0.05 2,651 AvalonBay Communities Inc 480 0.05

14,872

Crown Castle International Corp .................................... 1,656 0.19

6,400 Equity Commonwealth ....... 205 0.02

1,640

Federal Realty Investment Trust .................................... 207 0.02

2,424

Healthcare Trust of America Inc ....................................... 65 0.01

24,800 Paramount Group Inc .......... 374 0.04 3,399 Regency Centers Corp ........ 220 0.03

56,344

Two Harbors Investment Corp .................................... 841 0.10

62,800 VICI Properties Inc ............. 1,358 0.15 Retail Trade

3,768 AutoZone Inc ...................... 2,923 0.33 24,008 Best Buy Co Inc .................. 1,905 0.21 2,834 Darden Restaurants Inc ....... 315 0.04 22,277 Floor & Decor Holdings Inc 672 0.08 5,264 Foot Locker Inc .................. 268 0.03 3,775 Gap Inc ............................... 109 0.01 3,278 Genuine Parts Co ................ 326 0.04 6,094 Home Depot Inc .................. 1,262 0.14 3,758 Kohl's Corp ......................... 280 0.03 6,131 McDonald's Corp ................ 1,026 0.11 6,420 Tapestry Inc ........................ 323 0.04 4,538 Target Corp ......................... 400 0.04 2,461 Tiffany & Co ...................... 317 0.04 43,098 TJX Cos Inc ........................ 4,828 0.54 7,400 Urban Outfitters Inc ............ 303 0.03 12,591 Walmart Inc ........................ 1,182 0.13

Semiconductor Equipment and Products 38,639 Intel Corp ............................ 1,827 0.20

6,414

Maxim Integrated Products Inc ....................................... 362 0.04

4,831 Microchip Technology Inc .. 381 0.04 35,489 Teradyne Inc ....................... 1,312 0.15 7,963 Texas Instruments Inc ......... 854 0.10 5,676 Xilinx Inc ............................ 455 0.05




Number of Shares


Fund %

Shipbuilding

970


Software 15,144 Adobe Systems Inc .............. 4,088 0.46 6,100 Akamai Technologies Inc .... 446 0.05 7,185 CA Inc ................................. 317 0.04 33,700 Cadence Design Systems Inc 1,527 0.17 16,400 Citrix Systems Inc ............... 1,823 0.20 22,680 Guidewire Software Inc ...... 2,291 0.26 125,296 Microsoft Corp .................... 14,330 1.60 27,368 MSCI Inc ............................. 4,855 0.54 166,139 Oracle Corp ......................... 8,566 0.96 12,490 salesforce.com Inc ............... 1,986 0.22 7,726 ServiceNow Inc ................... 1,511 0.17

29,169

SS&C Technologies Holdings Inc ........................ 1,658 0.18

9,140 Veeva Systems Inc .............. 995 0.11 11,833 Workday Inc ........................ 1,727 0.19

Telecommunications 12,600 Cisco Systems Inc ............... 613 0.07 1,700 T-Mobile US Inc ................. 119 0.01

40,300


Textile and Apparel 1,058 Deckers Outdoor Corp ........ 125 0.01 38,404 NIKE Inc ............................. 3,254 0.36 40,754 Under Armour Inc ............... 865 0.10

Transport 3,196 CH Robinson Worldwide Inc 313 0.03 24,157 CSX Corp ............................ 1,789 0.20 7,023 Union Pacific Corp .............. 1,144 0.13 5,925 United Parcel Service Inc .... 692 0.08

Water Utilities 4,048 Aqua America Inc ............... 149 0.02

393,135 43.92 Vietnam (0.12%) Miscellaneous Manufacturers

300,248 Hoa Phat Group JSC ........... 544 0.06 Real Estate

315,700 Vincom Retail JSC .............. 567 0.06 1,111 0.12

Number of Shares


Fund %

Virgin Islands, British (0.14%) Advertising

29,736 Ocean Outdoor Ltd ............. 285 0.03 Holding Companies - Diversified Operations

96,924 J2 Acquisition Ltd ............... 930 0.11 1,215 0.14 Total Common Stock ........ 840,995 93.95 Preferred Stock (0.45%) Brazil (0.10%) Retail Trade

233,120 Lojas Americanas SA ......... 927 0.10 Germany (0.03%) Automobiles

1,364 Volkswagen AG .................. 240 0.03 Korea, Republic of (0.32%) Semiconductor Equipment and Products

84,405 Samsung Electronics Co Ltd 2,881 0.32 Total Preferred Stock ....... 4,048 0.45 Warrants (0.09%) United Kingdom (0.09%)

43,911 HSBC Bank ........................ 515 0.06 37,895 Savola Group ...................... 307 0.03

Total Warrants .................. 822 0.09



9

Russell Investment Company III plc - Russell Investments Sterling Liquidity Fund - Class R Roll-Up Shares ...... 12 0.01

28,599

Russell Investment Company III plc - Russell Investments U.S. Dollar Cash Fund II - Class R Roll-Up Shares ...... 29,461 3.29






Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

1,003

9,119.95

11 of Swiss Market Index Futures Long Futures Contracts Expiring December 2018 ....................................... 18 0.00

1,713

9,517.84

18 of FTSE 100 Index Long Futures Contracts Expiring December 2018 ....................................... 44 0.00

(47,999)

(9,504.84)

505 of FTSE 100 Index Short Futures Contracts Expiring December 2018 ....................................... (1,303) (0.15)

34,151

1,025.54

666 of MSCI Emerging Markets Long Futures Contracts Expiring December 2018 ....................................... 804 0.09

32,237

2,904.21

222 of S&P 500 E Mini Index Long Futures Contracts Expiring December 2018 ....................................... 164 0.02

1,437

2,053.50

7 of S&P Mid 400 E Mini Long Futures Contracts Expiring December 2018 ....................................... (20) 0.00

1,415

14,147.12

4 of DAX Index Future Long Futures Contracts Expiring December 2018 ....................................... 7 0.00

29,883

3,952.81

756 of Euro Stoxx 50 Index Long Futures Contracts Expiring December 2018 ....................................... (142) (0.02)

352

3,515.37

2 of Hang Seng Index Long Futures Contracts Expiring October 2018 ........................................... 5 0.00

5,715

732.63

39 of S&P TSX 60 Index Futures Long Futures Contracts Expiring December 2018 ....................................... 20 0.00

2,967

14.84

20 of Topix Index Futures Long Futures Contracts Expiring December 2018 ....................................... 233 0.04

(27,160)

(14.84)

183 of Topix Index Futures Short Futures Contracts Expiring December 2018 ....................................... (2,122) (0.23)

1,432

6,227.99

23 of CAC40 10 Euro Long Futures Contracts Expiring October 2018 ........................................... 34 0.00

781

4,460.27

7 of SPI 200 Index Futures Long Futures Contracts Expiring December 2018 ....................................... 4 0.00

331

183.65

18 of OMX 30 Index Futures Long Futures Contracts Expiring October 2018 ........................................... 5 0.00

Unrealised gain on open futures contracts ............................................................................. 1,338 0.15 Unrealised loss on open futures contracts .............................................................................. (3,587) (0.40) Net unrealised gain (loss) on open futures contracts ........................................................ (2,249) (0.25)





Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 AUD 18 GBP 10 - 0.00 05/10/2018 AUD 20 USD 14 - 0.00 19/12/2018 AUD 80 USD 58 - 0.00 19/12/2018 AUD 393 USD 279 5 0.00 19/12/2018 AUD 393 USD 279 5 0.00 19/12/2018 AUD 80 USD 57 1 0.00 19/12/2018 AUD 200 USD 146 (1) 0.00 05/10/2018 BRL 6,571 EUR 1,381 41 0.00 05/10/2018 BRL 118 EUR 25 1 0.00 05/10/2018 BRL 15,949 GBP 2,988 96 0.01 05/10/2018 BRL 2,025 USD 499 8 0.00 05/10/2018 CAD 74 EUR 49 1 0.00 05/10/2018 CAD 1 EUR 1 - 0.00 05/10/2018 CAD 220 GBP 130 1 0.00 05/10/2018 CAD 26 USD 20 - 0.00 19/12/2018 CAD 5,000 USD 3,807 68 0.01 19/12/2018 CAD 583 USD 443 8 0.00 19/12/2018 CAD 583 USD 444 8 0.00 19/12/2018 CAD 150 USD 115 1 0.00 19/12/2018 CAD 250 USD 194 - 0.00 05/10/2018 CHF 107 EUR 95 (1) 0.00 05/10/2018 CHF 2 EUR 2 - 0.00 05/10/2018 CHF 291 GBP 232 (4) 0.00 05/10/2018 CHF 16 USD 17 - 0.00 05/10/2018 CHF 13 USD 13 - 0.00 19/12/2018 CHF 50 USD 52 (1) 0.00 19/12/2018 CHF 270 USD 283 (5) 0.00 19/12/2018 CHF 373 USD 385 (1) 0.00 19/12/2018 CHF 373 USD 385 (1) 0.00 05/10/2018 EUR 3,538 AUD 5,717 (26) 0.00 05/10/2018 EUR 55 AUD 88 - 0.00 05/10/2018 EUR 1 AUD 1 - 0.00 05/10/2018 EUR 64 AUD 103 - 0.00 05/10/2018 EUR 1,351 BRL 6,571 (76) (0.01) 05/10/2018 EUR 24 BRL 118 (1) 0.00 09/11/2018 EUR 1,314 BRL 6,289 (40) 0.00 09/11/2018 EUR 24 BRL 114 (1) 0.00 05/10/2018 EUR 4,933 CAD 7,486 (61) (0.02) 05/10/2018 EUR 75 CAD 113 (1) 0.00 05/10/2018 EUR 1 CAD 1 - 0.00 05/10/2018 EUR 89 CAD 135 (1) 0.00 05/10/2018 EUR 4,236 CHF 4,773 34 0.00 05/10/2018 EUR 63 CHF 71 1 0.00 05/10/2018 EUR 1 CHF 1 - 0.00 05/10/2018 EUR 76 CHF 86 1 0.00 05/10/2018 EUR 2,226 GBP 1,997 (19) 0.00 05/10/2018 EUR 2,223 GBP 1,997 (22) 0.00 05/10/2018 EUR 2,225 GBP 1,997 (19) 0.00



Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 EUR 2,224 GBP 1,997 (21) 0.00 05/10/2018 EUR 130 GBP 117 (1) 0.00 05/10/2018 EUR 1,119 GBP 1,003 (8) 0.00 05/10/2018 EUR 1 GBP 1 - 0.00 05/10/2018 EUR 159 GBP 143 (1) 0.00 05/10/2018 EUR 5,945 HKD 54,458 (52) (0.02) 05/10/2018 EUR 89 HKD 818 (1) 0.00 05/10/2018 EUR 1 HKD 5 - 0.00 05/10/2018 EUR 107 HKD 979 (1) 0.00 05/10/2018 EUR 1,671 INR 138,736 28 0.00 05/10/2018 EUR 30 INR 2,502 1 0.00 09/11/2018 EUR 1,612 INR 138,736 (27) 0.00 09/11/2018 EUR 29 INR 2,502 - 0.00 05/10/2018 EUR 3,062 JPY 395,253 77 0.01 05/10/2018 EUR 3,064 JPY 395,253 79 0.01 05/10/2018 EUR 3,061 JPY 395,253 76 0.01 05/10/2018 EUR 3,062 JPY 395,253 77 0.01 05/10/2018 EUR 182 JPY 24,028 - 0.00 05/10/2018 EUR 1 JPY 151 - 0.00 05/10/2018 EUR 220 JPY 28,400 6 0.00 05/10/2018 EUR 2,814 KRW 3,659,176 (30) 0.00 05/10/2018 EUR 51 KRW 65,995 (1) 0.00 09/11/2018 EUR 2,791 KRW 3,659,176 (50) (0.01) 09/11/2018 EUR 50 KRW 65,995 (1) 0.00 05/10/2018 EUR 9 MXN 189 - 0.00 05/10/2018 EUR 562 MXN 12,646 (23) 0.00 05/10/2018 EUR - MXN 1 - 0.00 05/10/2018 EUR 10 MXN 227 - 0.00 05/10/2018 EUR 507 RUB 40,635 (31) 0.00 05/10/2018 EUR 9 RUB 729 (1) 0.00 09/11/2018 EUR 516 RUB 40,181 (10) 0.00 09/11/2018 EUR 9 RUB 725 - 0.00 05/10/2018 EUR 1,704 SEK 18,114 (58) (0.01) 05/10/2018 EUR 26 SEK 268 - 0.00 05/10/2018 EUR 31 SEK 327 (1) 0.00 05/10/2018 EUR - SEK 2 - 0.00 05/10/2018 EUR 28 SGD 46 - 0.00 05/10/2018 EUR 1,860 SGD 2,976 (17) 0.00 05/10/2018 EUR - SGD - - 0.00 05/10/2018 EUR 33 SGD 53 - 0.00 05/10/2018 EUR 2,202 TWD 78,961 (28) 0.00 05/10/2018 EUR 40 TWD 1,424 (1) 0.00 09/11/2018 EUR 2,187 TWD 78,961 (44) 0.00 09/11/2018 EUR 39 TWD 1,424 (1) 0.00 04/10/2018 EUR 5,059 USD 5,910 (33) 0.00 05/10/2018 EUR 53 USD 62 - 0.00 05/10/2018 EUR 61 USD 71 - 0.00 05/10/2018 EUR 1,393 USD 1,636 (18) 0.00 05/10/2018 EUR 22,304 USD 26,037 (125) (0.02) 05/10/2018 EUR 22,314 USD 26,037 (114) (0.01)




Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 EUR 22,298 USD 26,037 (132) (0.01) 05/10/2018 EUR 1,935 USD 2,257 (9) 0.00 05/10/2018 EUR 22,306 USD 26,037 (122) (0.01) 05/10/2018 EUR 1,644 USD 1,919 (9) 0.00 05/10/2018 EUR 9 USD 10 - 0.00 19/12/2018 EUR 4,778 USD 5,582 4 0.00 19/12/2018 EUR 4,778 USD 5,585 1 0.00 19/12/2018 EUR 3,440 USD 4,021 1 0.00 19/12/2018 EUR 3,440 USD 4,019 3 0.00 19/12/2018 EUR 3,440 USD 4,020 2 0.00 19/12/2018 EUR 20,220 USD 23,908 (268) (0.04) 19/12/2018 EUR 900 USD 1,061 (9) 0.00 05/10/2018 EUR 1,111 ZAR 19,198 (65) (0.01) 05/10/2018 EUR 17 ZAR 289 (1) 0.00 05/10/2018 EUR - ZAR 2 - 0.00 05/10/2018 EUR 20 ZAR 345 (1) 0.00 05/10/2018 GBP 7,709 AUD 13,879 12 0.00 05/10/2018 GBP 2,961 BRL 15,949 (131) (0.01) 09/11/2018 GBP 2,845 BRL 15,248 (92) (0.01) 05/10/2018 GBP 10,758 CAD 18,191 (43) 0.00 05/10/2018 GBP 9,242 CHF 11,602 172 0.02 05/10/2018 GBP 268 EUR 299 2 0.00 05/10/2018 GBP 9,891 EUR 11,015 104 0.01 05/10/2018 GBP 9,885 EUR 11,015 95 0.01 05/10/2018 GBP 9,885 EUR 11,015 96 0.01 05/10/2018 GBP 9,897 EUR 11,015 111 0.01 05/10/2018 GBP 4 EUR 4 - 0.00 05/10/2018 GBP 12,967 HKD 132,341 (1) 0.00 05/10/2018 GBP 3,646 INR 336,377 116 0.01 09/11/2018 GBP 3,487 INR 336,377 (64) (0.01) 05/10/2018 GBP 6,678 JPY 960,753 249 0.04 05/10/2018 GBP 6,691 JPY 960,753 267 0.03 05/10/2018 GBP 6,683 JPY 960,753 256 0.03 05/10/2018 GBP 6,680 JPY 960,753 252 0.03 05/10/2018 GBP 6,144 KRW 8,872,070 14 0.00 09/11/2018 GBP 6,044 KRW 8,871,955 (110) (0.01) 05/10/2018 GBP 1,226 MXN 30,728 (44) 0.00 05/10/2018 GBP 1,110 RUB 98,656 (58) (0.01) 09/11/2018 GBP 1,117 RUB 97,422 (23) 0.00 05/10/2018 GBP 3,707 SEK 43,920 (105) (0.01) 05/10/2018 GBP 4,058 SGD 7,232 (2) 0.00 05/10/2018 GBP 4,807 TWD 191,449 (2) 0.00 09/11/2018 GBP 4,741 TWD 191,449 (93) (0.01) 05/10/2018 GBP 49 USD 64 - 0.00 05/10/2018 GBP 27 USD 35 - 0.00 05/10/2018 GBP 3,758 USD 4,890 11 0.00 05/10/2018 GBP 48,629 USD 63,275 149 0.02 05/10/2018 GBP 48,678 USD 63,275 213 0.02 05/10/2018 GBP 48,645 USD 63,275 169 0.02 05/10/2018 GBP 48,723 USD 63,275 271 0.04



Settlement Date


Amount Sold ‘000


Fund %

19/12/2018 GBP 1,290 USD 1,688 - 0.00 19/12/2018 GBP 1,290 USD 1,687 1 0.00 19/12/2018 GBP 1,290 USD 1,688 - 0.00 19/12/2018 GBP 1,748 USD 2,286 1 0.00 19/12/2018 GBP 320 USD 420 (1) 0.00 19/12/2018 GBP 1,748 USD 2,288 (1) 0.00 19/12/2018 GBP 80 USD 105 (1) 0.00 05/10/2018 GBP 2,422 ZAR 46,616 (135) (0.03) 05/10/2018 HKD 1,237 EUR 135 1 0.00 05/10/2018 HKD 19 EUR 2 - 0.00 05/10/2018 HKD 3,305 GBP 324 - 0.00 05/10/2018 HKD 157 USD 20 - 0.00 05/10/2018 HKD 184 USD 23 - 0.00 19/12/2018 HKD 140 USD 18 - 0.00 19/12/2018 HKD 903 USD 115 - 0.00 19/12/2018 HKD 903 USD 115 - 0.00 19/12/2018 HKD 250 USD 32 - 0.00 19/12/2018 HKD 300 USD 38 - 0.00 05/10/2018 INR 138,736 EUR 1,626 25 0.00 05/10/2018 INR 2,502 EUR 29 - 0.00 05/10/2018 INR 336,377 GBP 3,512 58 0.01 05/10/2018 INR 43,319 USD 596 2 0.00 05/10/2018 INR 478 USD 7 - 0.00 05/10/2018 JPY 33,322 EUR 258 (7) 0.00 05/10/2018 JPY 487 EUR 4 - 0.00 05/10/2018 JPY 90,521 GBP 629 (23) 0.00 05/10/2018 JPY 3,787 USD 34 (1) 0.00 05/10/2018 JPY 5,337 USD 48 (1) 0.00 19/12/2018 JPY 399,000 USD 3,614 (80) (0.01) 19/12/2018 JPY 90,000 USD 806 (9) 0.00 19/12/2018 JPY 505,750 USD 4,583 (103) (0.01) 19/12/2018 JPY 379,000 USD 3,436 (79) (0.02) 19/12/2018 JPY 379,000 USD 3,435 (77) (0.02) 19/12/2018 JPY 505,750 USD 4,583 (102) (0.02) 05/10/2018 KRW 3,659,176 EUR 2,797 49 0.01 05/10/2018 KRW 65,995 EUR 50 1 0.00 05/10/2018 KRW 8,872,070 GBP 6,049 110 0.01 05/10/2018 KRW 1,155,152 USD 1,036 5 0.00 05/10/2018 MXN 194 EUR 9 - 0.00 05/10/2018 MXN 2 EUR - - 0.00 05/10/2018 MXN 539 GBP 22 1 0.00 05/10/2018 MXN 7 USD - - 0.00 05/10/2018 MXN 43 USD 2 - 0.00 05/10/2018 RUB 40,635 EUR 525 10 0.00 05/10/2018 RUB 729 EUR 9 - 0.00 05/10/2018 RUB 98,656 GBP 1,137 23 0.00 05/10/2018 RUB 12,685 USD 192 1 0.00 05/10/2018 SEK 63 USD 7 - 0.00 19/12/2018 SEK 260 USD 29 - 0.00 19/12/2018 SEK 1,098 USD 122 2 0.00




Settlement Date


Amount Sold ‘000


Fund %

19/12/2018 SEK 1,098 USD 122 2 0.00 19/12/2018 SEK 280 USD 31 1 0.00 19/12/2018 SEK 500 USD 57 (1) 0.00 05/10/2018 SGD 13 EUR 8 - 0.00 05/10/2018 SGD 49 GBP 27 - 0.00 05/10/2018 SGD 10 USD 7 - 0.00 05/10/2018 TWD 78,961 EUR 2,189 44 0.00 05/10/2018 TWD 1,424 EUR 39 1 0.00 05/10/2018 TWD 191,449 GBP 4,738 92 0.01 05/10/2018 TWD 24,927 USD 813 3 0.00 05/10/2018 USD 428 AUD 593 (1) 0.00 05/10/2018 USD 16 AUD 22 - 0.00 05/10/2018 USD 19 AUD 26 - 0.00 05/10/2018 USD 428 AUD 593 (1) 0.00 05/10/2018 USD 428 AUD 593 (1) 0.00 19/12/2018 USD 145 AUD 200 - 0.00 19/12/2018 USD 79 AUD 110 (1) 0.00 05/10/2018 USD 488 BRL 2,025 (19) 0.00 09/11/2018 USD 483 BRL 1,964 (8) 0.00 05/10/2018 USD 596 CAD 777 (5) 0.00 05/10/2018 USD 598 CAD 777 (3) 0.00 05/10/2018 USD 598 CAD 777 (3) 0.00 05/10/2018 USD 21 CAD 28 - 0.00 05/10/2018 USD 7 CAD 9 - 0.00 19/12/2018 USD 324 CAD 420 (2) 0.00 19/12/2018 USD 822 CAD 1,080 (15) 0.00 19/12/2018 USD 822 CAD 1,080 (15) 0.00 19/12/2018 USD 822 CAD 1,080 (15) 0.00 19/12/2018 USD 822 CAD 1,080 (15) 0.00 19/12/2018 USD 822 CAD 1,080 (15) 0.00 05/10/2018 USD 513 CHF 495 6 0.00 05/10/2018 USD 513 CHF 495 6 0.00 05/10/2018 USD 18 CHF 17 - 0.00 05/10/2018 USD 513 CHF 495 6 0.00 19/12/2018 USD 199 CHF 190 3 0.00 19/12/2018 USD 6,969 CHF 6,736 22 0.00 19/12/2018 USD 6,969 CHF 6,736 22 0.00 19/12/2018 USD 6,970 CHF 6,736 23 0.00 19/12/2018 USD 6,966 CHF 6,736 19 0.00 19/12/2018 USD 6,973 CHF 6,736 26 0.00 19/12/2018 USD 57 CHF 55 - 0.00 04/10/2018 USD 5,773 EUR 5,059 (104) (0.02) 05/10/2018 USD 2,195 EUR 1,881 10 0.00 05/10/2018 USD 2,197 EUR 1,881 11 0.00 05/10/2018 USD 2,196 EUR 1,881 10 0.00 05/10/2018 USD 77 EUR 66 1 0.00 14/11/2018 USD 5,057 EUR 4,314 30 0.00 19/12/2018 USD 910 EUR 770 10 0.00 19/12/2018 USD 152 EUR 130 - 0.00 05/10/2018 USD 38 GBP 29 - 0.00



Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 USD 1,076 GBP 829 (5) 0.00 05/10/2018 USD 1,078 GBP 829 (3) 0.00 05/10/2018 USD 1,077 GBP 829 (4) 0.00 19/12/2018 USD 408 GBP 310 2 0.00 19/12/2018 USD 6,615 GBP 5,000 71 0.01 19/12/2018 USD 8,065 GBP 6,160 2 0.00 19/12/2018 USD 8,058 GBP 6,160 (5) 0.00 19/12/2018 USD 8,061 GBP 6,160 (2) 0.00 19/12/2018 USD 8,062 GBP 6,160 (1) 0.00 19/12/2018 USD 8,056 GBP 6,160 (7) 0.00 05/10/2018 USD 720 HKD 5,652 (2) 0.00 05/10/2018 USD 25 HKD 198 - 0.00 05/10/2018 USD 720 HKD 5,652 (2) 0.00 05/10/2018 USD 720 HKD 5,652 (2) 0.00 19/12/2018 USD 61 HKD 480 - 0.00 19/12/2018 USD 13 HKD 100 - 0.00 05/10/2018 USD 618 INR 43,797 14 0.00 09/11/2018 USD 592 INR 43,319 (2) 0.00 05/10/2018 USD 1,484 JPY 164,124 39 0.00 05/10/2018 USD 51 JPY 5,743 1 0.00 05/10/2018 USD 1,484 JPY 164,124 39 0.00 05/10/2018 USD 1,484 JPY 164,124 39 0.00 19/12/2018 USD 875 JPY 98,000 7 0.00 19/12/2018 USD 6,899 JPY 761,238 155 0.03 19/12/2018 USD 6,902 JPY 761,238 158 0.03 19/12/2018 USD 6,898 JPY 761,238 155 0.03 19/12/2018 USD 8,678 JPY 961,238 162 0.02 19/12/2018 USD 6,898 JPY 761,238 153 0.02 05/10/2018 USD 1,041 KRW 1,155,152 (1) 0.00 09/11/2018 USD 1,025 KRW 1,142,533 (5) 0.00 05/10/2018 USD 68 MXN 1,313 (2) 0.00 05/10/2018 USD 68 MXN 1,313 (2) 0.00 05/10/2018 USD 2 MXN 46 - 0.00 05/10/2018 USD 68 MXN 1,313 (2) 0.00 05/10/2018 USD 2 RUB 160 - 0.00 05/10/2018 USD 183 RUB 12,525 (8) 0.00 09/11/2018 USD 190 RUB 12,546 (1) 0.00 05/10/2018 USD 201 SEK 1,827 (5) 0.00 05/10/2018 USD 7 SEK 66 - 0.00 05/10/2018 USD 201 SEK 1,827 (5) 0.00 05/10/2018 USD 26 SEK 238 (1) 0.00 05/10/2018 USD 201 SEK 1,827 (5) 0.00 19/12/2018 USD 86 SEK 750 1 0.00 19/12/2018 USD 14 SEK 130 - 0.00 05/10/2018 USD 225 SGD 309 (1) 0.00 05/10/2018 USD 225 SGD 309 (1) 0.00 05/10/2018 USD 8 SGD 11 - 0.00 05/10/2018 USD 225 SGD 309 (1) 0.00 05/10/2018 USD 7 SGD 9 - 0.00 05/10/2018 USD 814 TWD 24,927 (2) 0.00




Settlement Date


Amount Sold ‘000


Fund %

09/11/2018 USD 806 TWD 24,655 (3) 0.00 05/10/2018 USD 5 ZAR 73 - 0.00 05/10/2018 USD 135 ZAR 1,991 (6) 0.00 05/10/2018 USD 134 ZAR 1,991 (5) 0.00 05/10/2018 USD 135 ZAR 1,991 (5) 0.00 05/10/2018 USD 4 ZAR 61 - 0.00 05/10/2018 ZAR 80 EUR 5 - 0.00 05/10/2018 ZAR 263 GBP 14 1 0.00 05/10/2018 ZAR 66 USD 4 - 0.00

Unrealised gain on open forward foreign currency exchange contracts ................................ 4,831 0.54 Unrealised loss on open forward foreign currency exchange contracts ................................. (3,304) (0.37) Net unrealised gain (loss) on open forward foreign currency exchange contracts ......... 1,527 0.17 Total Financial Derivative Instruments ............................................................................. (722) (0.08)


Fund %


Total Financial Liabilities at Fair Value through Profit or Loss ((0.77)%) ......................................................................................... (6,891) (0.77)

Net Financial Assets at Fair Value through Profit or Loss (97.71%) .......................................................................................... 874,616 97.71

Other Net Assets (2.29%) .............................................................. 20,548 2.29 Net Assets ........................................................................................ 895,164 100.00

Abbreviation used: ADR - American Depository Receipt GDR - Global Depository Receipt NVDR - Non-Voting Depository Receipt


gross assets Transferable securities admitted to an official stock exchange listing .......................................................... 92.42 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) ............................... 0.15 Investment funds (UCITS) ............................................................................................................................ 3.23 Exchange traded financial derivative instruments ........................................................................................ 0.15 Over the counter financial derivative instruments ........................................................................................ 0.53 Other assets ................................................................................................................................................... 3.52

100.00

The broker for open futures contracts is Morgan Stanley. The counterparties for the open forward foreign currency exchange contracts are: Bank of Montreal HSBC BNP Paribas Royal Bank of Canada Brown Brothers Harriman State Street Bank and Trust Company Citibank Westpac Commonwealth Bank of Australia




Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 844,857 723 285 845,865 Investment funds ........................................................... - 29,473 - 29,473

Unrealised gain on open futures contracts ........................ 1,338 - - 1,338 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 4,831 - 4,831



Total liabilities ................................................................... (3,587) (3,304) - (6,891) As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 845,057 1,781 12 846,850Investment funds ........................................................... - 46,942 - 46,942

Unrealised gain on open futures contracts ........................ 1,715 - - 1,715 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 10,326 - 10,326




Russell Investment Company plc Russell Investments World Equity Fund II Statement of Changes in Composition of Portfolio Listed below are 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.







Alphabet Inc (Class C) 5,495 Facebook Inc (7,035) Baker Hughes a GE Co 4,537 Alphabet Inc (Class C) (4,964) Wells Fargo & Co 4,533 Schlumberger Ltd (4,244) Suncor Energy Inc 4,114 Intel Corp (3,805) Technip FMC Plc 3,496 Sony Corp (3,423) Microsoft Corp 3,265 Johnson & Johnson (3,046) Royal Dutch Shell Plc 3,197 Royal Dutch Shell Plc (B Shares) (2,996) Procter & Gamble Co 2,886 Alphabet Inc (2,936) Yandex NV 2,841 Oracle Corp (2,431) Tencent Holdings Ltd 2,735 Swedish Match AB (2,358) Sony Corp 2,399 Petroleo Brasileiro SA ADR (2,333) ConocoPhillips 2,321 Honda Motor Co Ltd (2,273) Medtronic Plc 2,282 Enel SpA (2,251) Swedish Match AB 2,149 Halliburton Co (2,240) Exelon Corp 2,091 Deutsche Lufthansa AG (2,233) Allstate Corp 2,069 Dollar Tree Inc (2,206) Alibaba Group Holding Ltd ADR 1,888 Express Scripts Holding Co (2,112) Cigna Corp 1,851 Fiat Chrysler Automobiles NV (2,105) Swiss Re AG 1,801 Citigroup Inc (2,063)

Russell Investment Company plc Russell Investments Unconstrained Bond Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 324 Russell Investments Unconstrained Bond Fund


USD ‘000


Assets Financial assets at fair value through profit or loss ..................................................... 645,870 604,225

Cash at bank (Note 2) .................................................................................................. 22,196 17,138 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................ 7,290 14,937

Debtors:

Receivable for investments sold .............................................................................. 26,239 25,698 Receivable on fund shares issued ............................................................................ 4 153 Interest receivable .................................................................................................... 4,051 4,151

705,650 666,302 Liabilities Financial liabilities at fair value through profit or loss ................................................ (12,591) (16,725)


Cash due to brokers and counterparties for open financial derivative instruments (Note 2) .................................................................................................................... (4,154) (5,075) Payable for investments purchased .......................................................................... (54,991) (70,702) Payable on fund shares redeemed ............................................................................ (91) (592) Distributions payable on income share classes ........................................................ (401) (349) Management fees payable ........................................................................................ (432) (377) Depositary fees payable ........................................................................................... (98) (10) Sub-custodian fees payable ...................................................................................... (10) (37) Administration fees payable .................................................................................... (31) (17) Audit fees payable ................................................................................................... (15) (30) Other fees payable ................................................................................................... (2) (25)

(72,816) (93,939)

Net assets attributable to redeemable participating shareholders ........................ 632,834 572,363

Russell Investment Company plc Russell Investments Unconstrained Bond Fund Profit and Loss Account For the six months ended 30 September 2018


Russell Investments Unconstrained Bond Fund 325





Income Interest income ........................................................................................................ 12,646 8,389

Net gain (loss) on investment activities ....................................................................... (42,427) 25,337

Total investment income (expense) .......................................................................... (29,781) 33,726

Expenses

Management fees (Note 4) ....................................................................................... (2,558) (1,729) Depositary fees (Note 5) .......................................................................................... (163) (23) Sub-custodian fees (Note 5) ..................................................................................... (1) (85) Administration and transfer agency fees (Note 5) ................................................... (115) (69) Audit fees ................................................................................................................. (15) (15) Professional fees ...................................................................................................... (2) (6) Other fees ................................................................................................................. (28) (12)

Total operating expenses ........................................................................................... (2,882) (1,939)

Net income (expense) ................................................................................................. (32,663) 31,787 Finance costs

Distributions (Note 7) .............................................................................................. (13,189) (8,785) Profit (loss) for the financial period before taxation .............................................. (45,852) 23,002

Taxation

Withholding tax (Note 8) ......................................................................................... (5) (14)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................... (45,857) 22,988 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments Unconstrained Bond Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018






Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................... (45,857) 22,988

Share transactions

Reinvestment of deemed distributions on accumulation shares (Note 7) ................ 12,326 8,556 Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................ 94,002 163,593

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ........................................................................................ 60,471 195,137


Beginning of financial period .................................................................................. 572,363 294,654

End of financial period ............................................................................................ 632,834 489,791

Russell Investment Company plc Russell Investments Unconstrained Bond Fund Schedule of Investments 30 September 2018



Principal Amount


Fund %



USD 3,500,000 2.772% due 17/05/21 ....... 3,508 0.56 FMG Resources Ltd

2,150,000 5.125% due 15/03/23 ....... 2,112 0.33 National Australia Bank Ltd

500,000 3.017% due 09/12/19 ....... 503 0.08 Westpac Banking Corp

250,000 2.681% due 01/09/20 ....... 251 0.04 6,374 1.01 Austria (0.11%)

Sappi Papier Holding GmbH EUR 600,000 3.375% due 01/04/22 ....... 710 0.11

Bermuda (1.09%) Aircastle Ltd

USD 600,000 5.125% due 15/03/21 ....... 616 0.10 925,000 5.500% due 15/02/22 ....... 962 0.15 3,270,000 5.000% due 01/04/23 ....... 3,362 0.53 Bellemeade RE Ltd 400,000 6.466% due 25/04/28 ....... 410 0.07 150,000 4.866% due 25/08/28 ....... 156 0.02

Oaktown RE Ltd 150,000 6.216% due 25/04/27 ....... 155 0.02

Radnor RE Ltd 290,000 4.916% due 25/03/28 ....... 294 0.05

Vale SA EUR 750,000 3.750% due 10/01/23 ....... 961 0.15

6,916 1.09 Canada (1.11%)

BC ULC USD 400,000 4.625% due 15/01/22 ....... 402 0.06 First Quantum Minerals Ltd

200,000 7.250% due 01/04/23 ....... 192 0.03 Open Text Corp

300,000 5.625% due 15/01/23 ....... 306 0.05 Quebecor Media Inc

550,000 5.750% due 15/01/23 ....... 569 0.09

Reliance Intermediate Holdings

200,000 6.500% due 01/04/23 ....... 208 0.03 Royal Bank of Canada

2,515,000 2.729% due 30/04/21 ....... 2,525 0.40 Toronto-Dominion Bank

2,100,000 2.700% due 01/05/20 ....... 2,082 0.33 Videotron Ltd

750,000 5.000% due 15/07/22 ....... 773 0.12 7,057 1.11

Principal Amount


Fund %

Cayman Islands (0.49%)

Avolon Holdings Funding Ltd

660,000 5.125% due 01/10/23 ...... 669 0.11 Phoenix Group Holdings GBP 1,400,000 4.125% due 20/07/22 ...... 1,843 0.29 Seagate HDD Cayman USD 600,000 4.750% due 01/06/23 ...... 598 0.09

3,110 0.49 Curacao (0.10%)


700,000 2.950% due 18/12/22 ...... 651 0.10 Denmark (0.24%) Danske Bank A/S 750,000 2.831% due 02/03/20 ...... 749 0.12 750,000 2.831% due 02/03/20 ...... 749 0.12 1,498 0.24 Finland (0.37%)

Nokia OYJ 750,000 3.375% due 12/06/22 ...... 738 0.12

Stora Enso OYJ EUR 1,300,000 2.125% due 16/06/23 ...... 1,601 0.25

2,339 0.37 France (1.25%)

Bureau Veritas SA 600,000 1.250% due 07/09/23 ...... 695 0.11

Credit Agricole SA USD 1,090,000 3.297% due 10/06/20 ...... 1,103 0.18

Crown European Holdings SA

EUR 1,600,000 2.250% due 01/02/23 ...... 1,900 0.30 100,000 3.625% due 15/06/23 ...... 121 0.02 700,000 3.625% due 15/06/23 ...... 845 0.13

Loxam SAS 791,000 3.500% due 15/04/22 ...... 950 0.15

Nexans SA 400,000 3.750% due 08/08/23 ...... 482 0.08

Rexel SA 1,100,000 3.500% due 15/06/23 ...... 1,326 0.21 Faurecia SA

Ubisoft Entertainment SA 400,000 1.289% due 30/01/23 ...... 464 0.07 7,886 1.25 Germany (0.29%)

ADLER Real Estate AG 600,000 1.875% due 27/04/23 ...... 684 0.11

Russell Investment Company plc Russell Investments Unconstrained Bond Fund Schedule of Investments - continued 30 September 2018


Principal Amount


Fund %

IHO Verwaltungs GmbH USD 250,000 4.125% due 15/09/21 ....... 248 0.04

900,000 4.125% due 15/09/21 ....... 893 0.14 1,825 0.29 Guernsey, Channel Islands (0.04%)


250,000 3.800% due 09/06/23 ....... 247 0.04 Ireland (0.69%)

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

1,850,000 4.625% due 01/07/22 ....... 1,889 0.30 AIB Group Plc EUR 829,000 1.500% due 29/03/23 ....... 963 0.15

MMC Norilsk Nickel OJSC Via MMC Finance DAC

USD 950,000 4.100% due 11/04/23 ....... 902 0.14

Perrigo Finance Unlimited Co

422,000 3.500% due 15/03/21 ....... 418 0.07

Rosneft Oil Co via Rosneft International Finance DAC

200,000 4.199% due 06/03/22 ....... 195 0.03 4,367 0.69 Italy (0.76%)

FCA Bank SpA GBP 341,000 1.625% due 29/09/21 ....... 436 0.07 Intesa Sanpaolo SpA USD 900,000 3.375% due 12/01/23 ....... 834 0.13 Telecom Italia SpA/Milano EUR 400,000 1.125% due 26/03/22 ....... 447 0.07

UniCredit SpA 350,000 6.125% due 19/04/21 ....... 448 0.07

USD 900,000 3.750% due 12/04/22 ....... 864 0.14

Unione di Banche Italiane SpA

EUR 1,182,000 1.750% due 12/04/23 ....... 1,297 0.20 Wind Tre SpA

451,000 2.625% due 20/01/23 ....... 493 0.08 4,819 0.76 Japan (0.18%)

SoftBank Group Corp 950,000 4.000% due 20/04/23 ....... 1,163 0.18 Luxembourg (0.67%)

Allergan Funding SCS USD 1,000,000 3.450% due 15/03/22 ....... 994 0.16 Eurofins Scientific SE EUR 700,000 3.375% due 30/01/23 ....... 870 0.14

Principal Amount


Fund %


GBP 200,000 5.338% due 25/09/20 ...... 273 0.04 USD 300,000 4.950% due 19/07/22 ...... 302 0.05 Nvent Finance Sarl

775,000 3.950% due 15/04/23 ...... 762 0.12


200,000 5.717% due 16/06/21 ...... 204 0.03 200,000 5.125% due 29/10/22 ...... 198 0.03


400,000 5.900% due 17/10/22 ...... 410 0.07 200,000 5.900% due 17/10/22 ...... 205 0.03 4,218 0.67 Mexico (0.58%)

America Movil SAB de CV EUR 200,000 Zero Coupon due 28/05/20 229 0.04 Cemex SAB de CV

850,000 4.375% due 05/03/23 ...... 1,025 0.16 Mexichem SAB de CV

USD 450,000 4.875% due 19/09/22 ...... 460 0.07 200,000 4.875% due 19/09/22 ...... 205 0.03

Petroleos Mexicanos EUR 1,500,000 2.500% due 21/08/21 ...... 1,779 0.28

3,698 0.58 Netherlands (1.54%)

Bharti Airtel International Netherlands BV

600,000 3.375% due 20/05/21 ...... 736 0.12 Cooperatieve Rabobank UA USD 2,000,000 2.765% due 26/04/21 ...... 2,005 0.32

Marfrig Holdings Europe BV

200,000 8.000% due 08/06/23 ...... 201 0.03


2,500,000 4.625% due 15/06/22 ...... 2,528 0.40 400,000 4.625% due 01/06/23 ...... 407 0.06

OI European Group BV 2,075,000 4.000% due 15/03/23 ...... 1,976 0.31


150,000 6.125% due 17/01/22 ...... 155 0.02 323,000 6.125% due 17/01/22 ...... 334 0.05


301,000 1.875% due 10/05/21 ...... 291 0.05 VEON Holdings BV

700,000 5.950% due 13/02/23 ...... 708 0.11 VTR Finance BV

400,000 6.875% due 15/01/24 ...... 409 0.07 9,750 1.54




Principal Amount


Fund %

Norway (0.20%) Aker BP ASA 1,025,000 6.000% due 01/07/22 ....... 1,061 0.17 225,000 6.000% due 01/07/22 ....... 233 0.03 1,294 0.20 Spain (0.06%)

Cellnex Telecom SA EUR 300,000 2.375% due 16/01/24 ....... 352 0.06

Sweden (0.72%)


USD 3,500,000 2.742% due 17/05/21 ....... 3,505 0.55 Svenska Handelsbanken AB

350,000 2.782% due 24/05/21 ....... 351 0.06 Volvo Car AB EUR 550,000 3.250% due 18/05/21 ....... 685 0.11

4,541 0.72 Turkey (0.06%)

Akbank Turk AS USD 200,000 5.000% due 24/10/22 ....... 183 0.03 Arcelik AS

200,000 5.000% due 03/04/23 ....... 182 0.03 365 0.06 United Kingdom (1.38%)

Anglo American Capital Plc 250,000 4.125% due 27/09/22 ....... 250 0.04

Barclays Bank Plc 600,000 5.140% due 14/10/20 ....... 615 0.10

HSBC Holdings Plc 850,000 2.922% due 18/05/21 ....... 852 0.13

Inmarsat Finance Plc 100,000 4.875% due 15/05/22 ....... 100 0.02

International Game Technology Plc

625,000 6.250% due 15/02/22 ....... 650 0.10 EUR 1,050,000 4.750% due 15/02/23 ....... 1,319 0.21

Jaguar Land Rover Automotive Plc

GBP 1,000,000 3.875% due 01/03/23 ....... 1,246 0.20


USD 2,500,000 2.634% due 13/03/20 ....... 2,500 0.40


880,000 2.926% due 24/06/22 ....... 880 0.14 Tesco Plc GBP 64,000 6.125% due 24/02/22 ....... 94 0.01 Virgin Media Finance Plc USD 200,000 6.375% due 15/04/23 ....... 206 0.03

8,712 1.38

Principal Amount


Fund %

United States (52.03%) Acadia Healthcare Co Inc

1,250,000 5.125% due 01/07/22 ...... 1,253 0.20 ADT Corp 2,000,000 6.250% due 15/10/21 ...... 2,108 0.33 800,000 3.500% due 15/07/22 ...... 760 0.12 1,800,000 4.125% due 15/06/23 ...... 1,726 0.27

AECOM Global II LLC 1,013,000 5.000% due 01/04/22 ...... 1,029 0.16

Air Lease Corp 465,000 3.875% due 03/07/23 ...... 461 0.07 Alliance Data Systems Corp 100,000 5.875% due 01/11/21 ...... 102 0.02 200,000 5.375% due 01/08/22 ...... 202 0.03 Alternative Loan Trust 203,434 2.495% due 20/11/35 ...... 199 0.03 213,853 2.556% due 25/02/37 ...... 120 0.02 346,728 2.375% due 20/03/46 ...... 316 0.05 199,298 2.406% due 25/08/46 ...... 175 0.03 292,490 2.406% due 25/08/46 ...... 247 0.04 133,809 2.406% due 25/08/46 ...... 107 0.02 138,422 2.426% due 25/04/47 ...... 124 0.02

Altice US Finance I Corp 900,000 5.375% due 15/07/23 ...... 912 0.14

AMC Entertainment Holdings Inc

1,200,000 5.875% due 15/02/22 ...... 1,214 0.19 AMC Networks Inc

2,325,000 4.750% due 15/12/22 ...... 2,331 0.37


2,000,000 1.930% due 15/09/22 ...... 1,973 0.31


1,750,000 2.909% due 30/10/19 ...... 1,758 0.28


2,522,000 2.937% due 09/09/21 ...... 2,545 0.40 American Tower Corp

200,000 3.000% due 15/06/23 ...... 193 0.03 Amsted Industries Inc

1,125,000 5.000% due 15/03/22 ...... 1,131 0.18 Anixter Inc

650,000 5.125% due 01/10/21 ...... 665 0.10 Antero Resources Corp 1,750,000 5.125% due 01/12/22 ...... 1,782 0.28 1,500,000 5.625% due 01/06/23 ...... 1,539 0.24

Apple Inc 500,000 3.440% due 23/02/21 ...... 513 0.08

Arconic Inc 1,530,000 5.400% due 15/04/21 ...... 1,580 0.25

Ares Capital Corp 1,150,000 3.500% due 10/02/23 ...... 1,100 0.17



Principal Amount


Fund %

Ashland LLC 2,175,000 4.750% due 15/08/22 ....... 2,203 0.35

B&G Foods Inc 1,000,000 4.625% due 01/06/21 ....... 1,003 0.16

BA Credit Card Trust 1,500,000 1.950% due 15/08/22 ....... 1,479 0.23 Ball Corp 500,000 5.000% due 15/03/22 ....... 518 0.08 2,100,000 4.000% due 15/11/23 ....... 2,061 0.33

Banc of America Commercial Mortgage Trust

9,574 6.790% due 10/02/51 ....... 10 0.00 Bank of America Corp

600,000 3.007% due 21/07/21 ....... 604 0.10

Bayview Financial Mortgage Pass-Through Trust

120,000 6.028% due 28/11/36 ....... 118 0.02 Bear Stearns ALT-A Trust 125,910 4.370% due 25/09/35 ....... 119 0.02 406,876 2.536% due 25/11/36 ....... 422 0.07

Bear Stearns Commercial Mortgage Securities Trust

149,000 5.731% due 11/09/42 ....... 134 0.02 108,000 5.566% due 12/01/45 ....... 99 0.02 BMW US Capital LLC 1,500,000 2.747% due 12/04/21 ....... 1,506 0.24 500,000 2.819% due 13/08/21 ....... 502 0.08


500,000 2.538% due 18/01/22 ....... 501 0.08 1,540,000 1.340% due 15/04/22 ....... 1,525 0.24


645,000 1.931% due 01/10/21 ....... 620 0.10 CCO Holdings LLC 1,600,000 5.250% due 15/03/21 ....... 1,611 0.25 1,094,000 4.000% due 01/03/23 ....... 1,050 0.17

Celanese US Holdings LLC EUR 725,000 1.125% due 26/09/23 ....... 844 0.13

Centene Corp USD 1,950,000 5.625% due 15/02/21 ....... 1,989 0.31

475,000 4.750% due 15/05/22 ....... 483 0.08 CenturyLink Inc 300,000 6.450% due 15/06/21 ....... 312 0.05 700,000 5.800% due 15/03/22 ....... 716 0.11


USD 315,000 2.851% due 03/03/22 ....... 319 0.05 2,250,000 4.464% due 23/07/22 ....... 2,290 0.36

Cinemark USA Inc 550,000 5.125% due 15/12/22 ....... 556 0.09 CIT Group Inc 400,000 4.125% due 09/03/21 ....... 401 0.06

Principal Amount


Fund %

1,475,000 5.000% due 15/08/22 ...... 1,508 0.24 2,220,000 4.750% due 16/02/24 ...... 2,228 0.35


545,000 2.150% due 15/07/21 ...... 542 0.09 1,600,000 1.800% due 20/09/21 ...... 1,584 0.25 460,000 1.920% due 07/04/22 ...... 453 0.07

Citibank NA 1,000,000 2.917% due 23/07/21 ...... 1,006 0.16

Citigroup Commercial Mortgage Trust

173,000 5.091% due 10/05/47 ...... 159 0.03


193,265 3.842% due 25/04/37 ...... 193 0.03


549,228 2.566% due 25/03/37 ...... 477 0.08 Clearway Energy Inc

550,000 3.250% due 01/06/20 ...... 551 0.09 CNH Industrial Capital LLC

1,250,000 3.875% due 15/10/21 ...... 1,250 0.20 CNO Financial Group Inc

1,175,000 4.500% due 30/05/20 ...... 1,193 0.19

COBALT CMBS Commercial Mortgage Trust

135,563 6.015% due 15/05/46 ...... 138 0.02 COMM Mortgage Trust 266,000 4.399% due 10/07/45 ...... 230 0.04 100,000 4.914% due 15/10/45 ...... 90 0.01 CoreCivic Inc 500,000 4.125% due 01/04/20 ...... 501 0.08 2,275,000 5.000% due 15/10/22 ...... 2,258 0.36 25,000 4.625% due 01/05/23 ...... 24 0.00

Credit Suisse Commercial Mortgage Trust

105,254 6.185% due 15/09/39 ...... 107 0.02 667,000 6.170% due 15/02/41 ...... 535 0.08

CSAIL Commercial Mortgage Trust

433,000 3.940% due 15/04/50 ...... 390 0.06 DAE Funding LLC

1,500,000 4.500% due 01/08/22 ...... 1,466 0.23 DaVita Inc

3,000,000 5.750% due 15/08/22 ...... 3,066 0.48 DBUBS Mortgage Trust

104,583 5.718% due 10/07/44 ...... 97 0.02 Dell International LLC

150,000 5.450% due 15/06/23 ...... 158 0.02

Deutsche Alt-A Securities Mortgage Loan Trust

745,048 2.406% due 25/12/36 ...... 445 0.07 DISH DBS Corp

275,000 5.125% due 01/05/20 ...... 278 0.04




Principal Amount


Fund %

Domtar Corp 850,000 4.400% due 01/04/22 ....... 860 0.14

Drawbridge Special Opportunities Fund LP

250,000 5.000% due 01/08/21 ....... 251 0.04 Edgewell Personal Care Co

1,200,000 4.700% due 19/05/21 ....... 1,203 0.19 Energy Transfer Equity LP

1,925,000 4.250% due 15/03/23 ....... 1,918 0.30 Envision Healthcare Corp

1,000,000 5.625% due 15/07/22 ....... 1,029 0.16 Equinix Inc

2,350,000 5.375% due 01/01/22 ....... 2,432 0.38 Exxon Mobil Corp

1,000,000 1.912% due 06/03/20 ....... 988 0.16

Fannie Mae Connecticut Avenue Securities

329,691 6.516% due 25/02/25 ....... 364 0.06 335,462 7.216% due 25/07/25 ....... 383 0.06 478,367 7.766% due 25/04/28 ....... 544 0.09 458,375 7.916% due 25/04/28 ....... 533 0.08 399,102 14.466% due 25/09/28 ..... 588 0.09 394,773 13.966% due 25/10/28 ..... 563 0.09 394,104 14.966% due 25/10/28 ..... 568 0.09 29,931 11.244% due 25/01/29 ..... 40 0.01 645,000 5.766% due 25/07/29 ....... 705 0.11 606,000 7.966% due 25/07/29 ....... 736 0.12 215,000 5.866% due 25/09/29 ....... 237 0.04 750,000 7.716% due 25/09/29 ....... 881 0.14 714,000 7.066% due 25/10/29 ....... 825 0.13 348,000 5.816% due 25/01/30 ....... 369 0.06 370,000 4.866% due 25/02/30 ....... 388 0.06 210,000 5.016% due 25/02/30 ....... 220 0.03 882,000 5.766% due 25/07/30 ....... 907 0.14 600,000 4.766% due 25/12/30 ....... 615 0.10 920,000 4.566% due 25/01/31 ....... 936 0.15 Fannie Mae Pool 2,000,000 2.500% due 15/10/46 ....... 1,851 0.29 27,000,000 3.000% due 15/10/46 ....... 25,835 4.08 7,000,000 3.500% due 15/10/46 ....... 6,889 1.09 4,000,000 4.000% due 15/10/46 ....... 4,039 0.64 (3,000,000) 4.500% due 11/10/48 ....... (3,095) (0.49) 1,673,662 5.500% due 25/08/33 ....... 343 0.05 656,295 3.500% due 25/02/39 ....... 66 0.01 442,769 3.884% due 25/04/39 ....... 30 0.00 1,170,468 3.000% due 25/06/41 ....... 136 0.02 4,052,357 3.704% due 25/06/41 ....... 502 0.08 Fannie Mae REMICS 342,407 3.834% due 25/09/42 ....... 58 0.01 2,464,368 4.984% due 25/10/42 ....... 469 0.07 532,000 6.500% due 25/07/43 ....... 120 0.02

Principal Amount


Fund %

2,169,886 4.034% due 25/09/45 ...... 269 0.04 1,442,133 3.500% due 25/02/46 ...... 254 0.04 2,138,932 3.884% due 25/09/46 ...... 265 0.04 1,682,146 3.884% due 25/09/46 ...... 214 0.03 1,858,180 3.500% due 25/10/46 ...... 307 0.05 3,261,976 3.884% due 25/02/47 ...... 422 0.07 4,579,660 4.000% due 25/05/47 ...... 915 0.14 652,565 3.500% due 25/10/47 ...... 131 0.02 715,312 4.000% due 25/10/47 ...... 146 0.02 3,697,025 4.000% due 25/01/48 ...... 683 0.11 1,895,812 4.004% due 25/01/48 ...... 274 0.04 609,338 5.000% due 25/02/48 ...... 128 0.02 2,742,539 5.500% due 25/08/48 ...... 574 0.09 First Data Corp 500,000 5.375% due 15/08/23 ...... 509 0.08 575,000 5.000% due 15/01/24 ...... 581 0.09


503,426 2.228% due 15/05/20 ...... 503 0.08 273,286 1.800% due 15/09/20 ...... 273 0.04 Freddie Mac REMICS 498,490 3.892% due 15/08/38 ...... 30 0.00 4,584,740 4.500% due 15/11/39 ...... 534 0.08 1,335,662 4.342% due 15/10/40 ...... 198 0.03 1,558,683 3.792% due 15/01/42 ...... 199 0.03 617,530 4.000% due 15/01/42 ...... 111 0.02 544,136 4.500% due 15/07/42 ...... 115 0.02 3,110,613 4.000% due 15/10/42 ...... 389 0.06 3,668,670 4.000% due 15/02/43 ...... 629 0.10 1,972,374 4.000% due 15/06/43 ...... 345 0.05 532,087 4.000% due 15/09/44 ...... 125 0.02 1,945,934 7.000% due 15/03/45 ...... 507 0.08 1,777,340 4.000% due 15/04/45 ...... 359 0.06 631,372 3.500% due 15/08/45 ...... 112 0.02 2,654,297 3.500% due 15/11/45 ...... 410 0.06 473,439 4.000% due 15/11/45 ...... 109 0.02 619,001 4.000% due 15/12/45 ...... 106 0.02 565,306 3.500% due 15/04/46 ...... 96 0.02 1,030,620 4.000% due 15/04/46 ...... 208 0.03 1,828,587 3.500% due 15/07/46 ...... 295 0.05 1,420,622 4.000% due 15/03/47 ...... 283 0.04 629,753 4.042% due 15/11/47 ...... 104 0.02 844,956 5.000% due 15/02/48 ...... 177 0.03

Freddie Mac Structured Agency Credit Risk Debt Notes

326,834 6.366% due 25/01/25 ...... 351 0.06 278,855 9.766% due 25/12/27 ...... 346 0.05 1,207,473 5.066% due 25/04/28 ...... 1,251 0.20 655,000 7.766% due 25/07/28 ...... 793 0.13 666,000 8.566% due 25/09/28 ...... 820 0.13



Principal Amount


Fund %

166,511 4.416% due 25/10/28 ....... 168 0.03 438,000 6.866% due 25/10/28 ....... 505 0.08 398,772 12.716% due 25/10/28 ..... 535 0.08 669,400 7.366% due 25/11/28 ....... 795 0.13 598,000 6.066% due 25/03/29 ....... 679 0.11 639,000 7.166% due 25/07/29 ....... 739 0.12 250,000 5.766% due 25/08/29 ....... 275 0.04 519,000 7.366% due 25/10/29 ....... 610 0.10 270,000 6.666% due 25/03/30 ....... 305 0.05 235,000 5.366% due 25/07/30 ....... 231 0.04

Fresenius US Finance II Inc 1,900,000 4.500% due 15/01/23 ....... 1,931 0.30

General Mills Inc 2,473,000 2.879% due 16/04/21 ....... 2,485 0.39 Ginnie Mae II Pool 2,000,000 4.000% due 18/10/48 ....... 2,034 0.32 3,000,000 4.500% due 18/10/48 ....... 3,101 0.49 GLP Capital LP 1,000,000 4.875% due 01/11/20 ....... 1,021 0.16 1,100,000 4.375% due 15/04/21 ....... 1,111 0.18


1,136,064 5.500% due 16/10/37 ....... 61 0.01 922,846 4.385% due 20/12/38 ....... 40 0.01 1,862,486 5.500% due 20/05/39 ....... 233 0.04 1,854,312 3.500% due 20/08/39 ....... 250 0.04 471,765 3.500% due 20/10/39 ....... 64 0.01 286,345 5.000% due 20/10/39 ....... 69 0.01 2,532,294 4.522% due 16/01/40 ....... 305 0.05 4,027,441 5.000% due 20/01/40 ....... 907 0.14 383,123 6.000% due 20/01/40 ....... 74 0.01 1,019,213 5.000% due 20/02/40 ....... 179 0.03 1,232,105 4.500% due 20/03/40 ....... 275 0.04 476,168 4.592% due 16/07/40 ....... 44 0.01 904,556 4.000% due 20/11/40 ....... 140 0.02 553,803 4.000% due 20/05/41 ....... 97 0.02 725,907 4.532% due 16/11/41 ....... 127 0.02 446,058 3.500% due 16/02/42 ....... 67 0.01 466,208 3.500% due 20/04/42 ....... 45 0.01 966,685 4.500% due 20/05/42 ....... 199 0.03 923,300 3.500% due 16/08/42 ....... 191 0.03 189,492 4.500% due 16/11/42 ....... 47 0.01 375,231 3.500% due 20/11/42 ....... 78 0.01 1,913,647 3.000% due 20/01/43 ....... 211 0.03 909,885 3.500% due 20/01/43 ....... 166 0.03 1,924,145 4.500% due 20/03/43 ....... 428 0.07 1,198,904 4.000% due 16/04/43 ....... 242 0.04 1,176,682 3.885% due 20/06/43 ....... 208 0.03 28,131 4.500% due 20/08/43 ....... 4 0.00 744,892 4.500% due 16/10/43 ....... 130 0.02 2,109,709 4.500% due 16/12/43 ....... 478 0.08

Principal Amount


Fund %

1,015,171 4.535% due 20/12/43 ...... 164 0.03 976,957 3.500% due 20/01/44 ...... 122 0.02 311,189 5.000% due 20/01/44 ...... 68 0.01 2,024,863 3.500% due 20/02/44 ...... 217 0.03 454,527 3.935% due 20/04/44 ...... 65 0.01 2,678,454 4.000% due 20/07/44 ...... 468 0.07 712,310 4.000% due 20/08/44 ...... 136 0.02 1,302,022 4.000% due 20/09/44 ...... 166 0.03 4,433,284 4.000% due 20/10/44 ...... 807 0.13 1,280,007 5.500% due 16/12/44 ...... 311 0.05 1,013,302 5.000% due 20/12/44 ...... 248 0.04 464,073 3.500% due 20/01/45 ...... 85 0.01 1,531,513 3.500% due 20/01/45 ...... 254 0.04 682,771 4.000% due 20/02/45 ...... 139 0.02 500,511 5.000% due 16/03/45 ...... 108 0.02 388,550 3.500% due 20/03/45 ...... 60 0.01 534,013 4.000% due 20/03/45 ...... 99 0.02 2,981,925 4.500% due 20/03/45 ...... 763 0.12 980,125 5.000% due 20/03/45 ...... 228 0.04 575,789 4.000% due 20/05/45 ...... 108 0.02 384,728 4.500% due 20/06/45 ...... 92 0.01 1,343,904 4.500% due 20/06/45 ...... 182 0.03 494,405 3.500% due 20/08/45 ...... 88 0.01 654,273 4.000% due 20/09/45 ...... 113 0.02 550,885 3.935% due 20/10/45 ...... 82 0.01 502,584 4.000% due 20/10/45 ...... 105 0.02 306,863 4.500% due 16/11/45 ...... 70 0.01 1,267,708 4.000% due 20/11/45 ...... 235 0.04 742,242 3.500% due 20/01/46 ...... 128 0.02 1,069,150 4.000% due 20/01/46 ...... 172 0.03 691,934 4.500% due 20/01/46 ...... 115 0.02 765,793 4.000% due 20/02/46 ...... 148 0.02 1,469,336 4.500% due 20/02/46 ...... 309 0.05 2,659,488 5.000% due 20/02/46 ...... 594 0.09 630,111 3.500% due 16/04/46 ...... 127 0.02 635,641 3.500% due 20/08/46 ...... 84 0.01 338,925 4.000% due 20/10/46 ...... 64 0.01 818,132 3.500% due 20/11/46 ...... 115 0.02 1,208,667 5.000% due 20/11/46 ...... 252 0.04 1,733,564 3.500% due 20/01/47 ...... 268 0.04 2,499,062 4.000% due 20/01/47 ...... 496 0.08 1,476,707 5.000% due 20/01/47 ...... 338 0.05 691,159 6.500% due 20/02/47 ...... 165 0.03 292,114 5.000% due 16/03/47 ...... 67 0.01 1,431,743 3.500% due 20/03/47 ...... 267 0.04 1,292,233 3.500% due 20/07/47 ...... 215 0.03 785,637 5.000% due 16/08/47 ...... 205 0.03 860,621 3.500% due 20/09/47 ...... 146 0.02 477,638 5.000% due 20/10/47 ...... 111 0.02 1,681,389 3.500% due 20/11/47 ...... 330 0.05 5,078,839 1.085% due 20/02/48 ...... 152 0.02




Principal Amount


Fund %

1,700,901 4.000% due 20/02/48 ....... 353 0.06 1,416,629 4.035% due 20/06/48 ....... 188 0.03 1,044,826 5.000% due 20/06/48 ....... 226 0.04 2,626,549 4.085% due 20/07/48 ....... 368 0.06 1,783,716 4.085% due 20/08/48 ....... 266 0.04 3,174,000 4.135% due 20/09/48 ....... 424 0.07 1,651,111 1.256% due 20/03/61 ....... 75 0.01 991,565 1.762% due 20/07/63 ....... 45 0.01 2,287,800 1.480% due 20/09/63 ....... 97 0.02 2,516,238 1.471% due 20/02/64 ....... 135 0.02 1,977,362 1.439% due 20/03/64 ....... 89 0.01 3,392,956 1.484% due 20/03/64 ....... 188 0.03 1,900,904 1.447% due 20/04/64 ....... 140 0.02 2,251,495 1.469% due 20/06/64 ....... 162 0.03 1,047,717 1.580% due 20/07/64 ....... 51 0.01 1,596,305 1.550% due 20/11/64 ....... 132 0.02 3,043,758 1.069% due 20/12/64 ....... 243 0.04 2,010,785 1.201% due 20/01/65 ....... 178 0.03 881,658 1.560% due 20/01/65 ....... 61 0.01 2,496,161 1.640% due 20/07/65 ....... 201 0.03 975,730 1.901% due 20/07/65 ....... 83 0.01 723,260 2.366% due 20/07/65 ....... 69 0.01 788,945 2.055% due 20/10/65 ....... 67 0.01 1,184,211 1.153% due 20/02/66 ....... 82 0.01 1,028,364 2.057% due 20/02/66 ....... 89 0.01 2,764,091 1.285% due 20/04/66 ....... 207 0.03 986,466 1.419% due 20/04/66 ....... 57 0.01 1,188,082 1.831% due 20/04/66 ....... 127 0.02 1,465,693 1.669% due 20/06/66 ....... 101 0.02 682,583 2.132% due 20/06/66 ....... 77 0.01 637,003 2.206% due 20/06/66 ....... 70 0.01 1,610,486 2.342% due 20/06/66 ....... 178 0.03 1,172,092 2.599% due 20/06/66 ....... 150 0.02 896,144 1.957% due 20/07/66 ....... 101 0.02 644,764 2.324% due 20/07/66 ....... 71 0.01 1,563,073 1.641% due 20/08/66 ....... 107 0.02 2,751,218 2.599% due 20/08/66 ....... 344 0.05 2,241,649 1.594% due 20/09/66 ....... 144 0.02 589,507 1.686% due 20/10/66 ....... 49 0.01 2,620,600 1.852% due 20/10/66 ....... 249 0.04 1,438,970 2.003% due 20/10/66 ....... 170 0.03 837,532 1.829% due 20/11/66 ....... 102 0.02 3,115,899 1.450% due 20/12/66 ....... 339 0.05 2,224,826 2.608% due 20/12/66 ....... 292 0.05 1,622,098 1.550% due 20/01/67 ....... 122 0.02 677,782 2.376% due 20/01/67 ....... 98 0.02 1,692,345 2.384% due 20/01/67 ....... 216 0.03 2,950,216 2.157% due 20/02/67 ....... 377 0.06 1,319,860 2.309% due 20/02/67 ....... 155 0.02 2,987,348 2.327% due 20/02/67 ....... 392 0.06 1,721,633 2.139% due 20/03/67 ....... 198 0.03

Principal Amount


Fund %

3,266,054 1.643% due 20/04/67 ...... 318 0.05 1,558,405 1.706% due 20/04/67 ...... 160 0.03 2,657,782 2.009% due 20/05/67 ...... 302 0.05 6,182,466 1.356% due 20/06/67 ...... 531 0.08 3,667,261 1.695% due 20/06/67 ...... 283 0.04 1,176,119 2.003% due 20/06/67 ...... 143 0.02 2,432,469 2.188% due 20/06/67 ...... 370 0.06 4,978,302 1.458% due 20/07/67 ...... 492 0.08 3,907,984 1.485% due 20/08/67 ...... 383 0.06 5,663,465 1.665% due 20/08/67 ...... 592 0.09 3,414,884 1.709% due 20/08/67 ...... 452 0.07 4,287,971 1.988% due 20/08/67 ...... 653 0.10 2,083,327 2.543% due 20/12/67 ...... 244 0.04 2,497,320 1.744% due 20/02/68 ...... 358 0.06 4,299,385 1.881% due 20/03/68 ...... 407 0.06

Graphic Packaging International LLC

1,000,000 4.750% due 15/04/21 ...... 1,015 0.16

GS Mortgage Securities Trust

19,000 5.840% due 10/01/45 ...... 19 0.00 GSAA Trust

515,608 2.336% due 25/05/47 ...... 416 0.07 GSR Mortgage Loan Trust

268,774 2.526% due 25/05/37 ...... 206 0.03

HarborView Mortgage Loan Trust

443,212 2.868% due 19/01/35 ...... 325 0.05 HCA Healthcare Inc

400,000 6.250% due 15/02/21 ...... 418 0.07 HCA Inc 500,000 5.875% due 15/03/22 ...... 531 0.08 3,900,000 4.750% due 01/05/23 ...... 3,978 0.63 200,000 5.875% due 01/05/23 ...... 212 0.03


154,699 1.460% due 15/10/19 ...... 154 0.02 3,600,000 2.670% due 21/12/20 ...... 3,597 0.57 Honeywell International Inc 925,000 2.379% due 30/10/19 ...... 925 0.15 800,000 1.850% due 01/11/21 ...... 770 0.12

Hospitality Properties Trust 500,000 4.250% due 15/02/21 ...... 504 0.08


1,800,000 7.625% due 15/06/21 ...... 1,949 0.31 Huntsman International LLC EUR 1,350,000 5.125% due 15/04/21 ...... 1,740 0.27

Hyundai Auto Receivables Trust

USD 3,500,000 1.760% due 16/08/21 ...... 3,467 0.55 IBM Credit LLC

1,000,000 2.608% due 20/01/21 ...... 1,005 0.16



Principal Amount


Fund %

IQVIA Inc 1,850,000 4.875% due 15/05/23 ....... 1,869 0.30 John Deere Capital Corp 250,000 2.350% due 08/01/21 ....... 246 0.04 1,075,000 2.807% due 08/09/22 ....... 1,077 0.17

Johnson & Johnson 300,000 2.250% due 03/03/22 ....... 293 0.05

JP Morgan Alternative Loan Trust

245,986 2.416% due 25/06/37 ....... 143 0.02


299,000 5.312% due 15/05/45 ....... 266 0.04 400,000 3.250% due 15/04/46 ....... 295 0.05 655,000 6.441% due 12/02/51 ....... 654 0.10

JPMBB Commercial Mortgage Securities Trust

300,000 3.598% due 15/08/46 ....... 222 0.03 551,000 4.720% due 15/08/46 ....... 475 0.07 405,000 4.974% due 15/02/47 ....... 360 0.06 251,000 3.364% due 15/09/47 ....... 195 0.03 383,000 4.093% due 15/11/47 ....... 325 0.05


850,000 5.000% due 01/10/21 ....... 884 0.14

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp

500,000 5.250% due 15/03/22 ....... 503 0.08 Lennar Corp 1,168,000 6.250% due 15/12/21 ....... 1,226 0.19 2,420,000 4.875% due 15/12/23 ....... 2,447 0.39 Level 3 Financing Inc 750,000 6.125% due 15/01/21 ....... 757 0.12 750,000 5.375% due 15/08/22 ....... 760 0.12

LifePoint Health Inc 2,525,000 5.500% due 01/12/21 ....... 2,573 0.41

LKQ Corp 1,140,000 4.750% due 15/05/23 ....... 1,144 0.18

loanDepot Station Place Agency Securitization Trust

525,000 3.016% due 25/11/50 ....... 525 0.08

Merrill Lynch Mortgage Trust

125,000 6.747% due 12/02/51 ....... 124 0.02 MGM Resorts International 3,000,000 5.250% due 31/03/20 ....... 3,060 0.48 1,200,000 6.000% due 15/03/23 ....... 1,244 0.20

ML-CFC Commercial Mortgage Trust

278,776 5.324% due 12/12/49 ....... 273 0.04

Morgan Stanley Bank of America Merrill Lynch Trust

457,000 4.219% due 15/07/46 ....... 419 0.07

Principal Amount


Fund %

307,000 4.219% due 15/07/46 ...... 265 0.04 440,000 4.219% due 15/07/46 ...... 354 0.06 293,000 3.389% due 15/10/47 ...... 239 0.04


460,000 5.601% due 15/03/45 ...... 398 0.06 107,000 5.601% due 15/03/45 ...... 102 0.02 535,000 5.326% due 15/07/49 ...... 468 0.07

MPLX LP 1,000,000 4.500% due 15/07/23 ...... 1,026 0.16


EUR 950,000 4.000% due 19/08/22 ...... 1,211 0.19 Mylan Inc USD 1,450,000 3.125% due 15/01/23 ...... 1,384 0.22 Navient Corp

350,000 6.500% due 15/06/22 ...... 364 0.06 Netflix Inc 500,000 5.375% due 01/02/21 ...... 515 0.08 1,600,000 5.500% due 15/02/22 ...... 1,658 0.26

Nielsen Finance LLC 1,875,000 4.500% due 01/10/20 ...... 1,880 0.30


743,508 2.248% due 15/12/20 ...... 744 0.12 743,508 2.390% due 15/12/20 ...... 742 0.12

Novartis Capital Corp 615,000 1.800% due 14/02/20 ...... 606 0.10

Oaktown Re II Ltd 150,000 5.066% due 25/07/28 ...... 152 0.02

Outfront Media Capital LLC 2,000,000 5.250% due 15/02/22 ...... 2,033 0.32

PACCAR Financial Corp 750,000 2.800% due 01/03/21 ...... 742 0.12

Plains All American Pipeline LP / PAA Finance Corp

1,950,000 2.850% due 31/01/23 ...... 1,855 0.29 Procter & Gamble Co 1,000,000 2.613% due 01/11/19 ...... 1,003 0.16 625,000 2.150% due 11/08/22 ...... 602 0.09

RALI Series 184,489 3.177% due 25/11/37 ...... 165 0.03

RALI Trust 338,936 2.376% due 25/01/37 ...... 328 0.05

Range Resources Corp 1,600,000 5.000% due 15/03/23 ...... 1,576 0.25 Reynolds Group Issuer Inc 1,453,662 5.750% due 15/10/20 ...... 1,459 0.23 600,000 5.839% due 15/07/21 ...... 610 0.10 RHP Hotel Properties LP 650,000 5.000% due 15/04/21 ...... 655 0.10 1,800,000 5.000% due 15/04/23 ...... 1,805 0.29




Principal Amount


Fund %

Rib Floater Trust Various States

485,000 2.590% due 15/08/22 ....... 485 0.08 SBA Communications Corp 575,000 4.875% due 15/07/22 ....... 582 0.09 800,000 4.000% due 01/10/22 ....... 788 0.12

Sealed Air Corp 1,720,000 4.875% due 01/12/22 ....... 1,744 0.28

Select Medical Corp 1,100,000 6.375% due 01/06/21 ....... 1,117 0.18

Service Corp International 1,000,000 5.375% due 15/01/22 ....... 1,014 0.16

Silgan Holdings Inc 1,025,000 5.500% due 01/02/22 ....... 1,040 0.16

Sinclair Television Group Inc

750,000 5.375% due 01/04/21 ....... 752 0.12 Sirius XM Radio Inc

1,300,000 3.875% due 01/08/22 ....... 1,285 0.20 SM Energy Co

300,000 5.000% due 15/01/24 ....... 294 0.05

Spectrum Brands Holdings Inc

1,775,000 7.750% due 15/01/22 ....... 1,832 0.29 Sprint Communications Inc

3,000,000 6.000% due 15/11/22 ....... 3,068 0.48 Sprint Spectrum Co LLC

150,000 3.360% due 20/09/21 ....... 150 0.02 STACR Trust 2018-DNA2

120,000 5.916% due 25/12/30 ....... 121 0.02 Standard Industries Inc/NJ

418,000 5.500% due 15/02/23 ....... 424 0.07 Starwood Property Trust Inc

1,900,000 5.000% due 15/12/21 ....... 1,919 0.30


387,232 2.336% due 25/08/36 ....... 371 0.06 542,660 2.396% due 25/01/37 ....... 521 0.08

Sunoco LP / Sunoco Finance Corp

600,000 4.875% due 15/01/23 ....... 596 0.09 Symantec Corp 300,000 4.200% due 15/09/20 ....... 303 0.05 750,000 3.950% due 15/06/22 ....... 737 0.12 T-Mobile USA Inc 3,150,000 4.000% due 15/04/22 ....... 3,144 0.50 800,000 6.000% due 01/03/23 ....... 824 0.13 TEGNA Inc 533,000 5.125% due 15/10/19 ....... 534 0.08 650,000 5.125% due 15/07/20 ....... 656 0.10


2,250,000 Zero Coupon due 29/10/27 2,250 0.36

Principal Amount


Fund %

300,000 Zero Coupon due 01/08/49 300 0.05 Tenet Healthcare Corp 2,750,000 6.000% due 01/10/20 ...... 2,847 0.45 1,850,000 4.375% due 01/10/21 ...... 1,851 0.29

Toll Brothers Finance Corp 2,350,000 4.375% due 15/04/23 ...... 2,341 0.37


575,434 1.140% due 17/08/20 ...... 572 0.09 1,051,603 1.740% due 17/08/20 ...... 1,048 0.17

Toyota Motor Credit 2,000,000 2.459% due 14/11/19 ...... 2,002 0.32 TransDigm Inc 700,000 5.500% due 15/10/20 ...... 702 0.11 675,000 6.000% due 15/07/22 ...... 688 0.11

Tribune Media Co 1,900,000 5.875% due 15/07/22 ...... 1,943 0.31

U.S. Treasury Note 1,000,000 2.250% due 15/02/21 ...... 986 0.16

U.S. Treasury Notes 9,400,000 1.000% due 15/11/19 ...... 9,226 1.46

UBS Commercial Mortgage Trust

186,000 5.000% due 10/05/45 ...... 163 0.03

UBS-Barclays Commercial Mortgage Trust

191,000 5.000% due 10/05/63 ...... 134 0.02 183,000 5.050% due 10/05/63 ...... 154 0.02

Unilever Capital Corp 1,950,000 3.000% due 07/03/22 ...... 1,932 0.31

Universal Health Services Inc

900,000 4.750% due 01/08/22 ...... 907 0.14 US Bank NA

1,000,000 2.487% due 23/10/20 ...... 1,000 0.16


2,500,000 2.860% due 22/05/20 ...... 2,515 0.40 Walmart Inc


1,000,000 2.506% due 05/06/20 ...... 1,002 0.16

WaMu Mortgage Pass-Through Certificates Trust

320,844 4.124% due 25/09/35 ...... 327 0.05 418,176 3.538% due 25/12/35 ...... 423 0.07 93,662 2.566% due 25/12/45 ...... 93 0.01

Wells Fargo Bank NA 1,600,000 2.649% due 15/01/21 ...... 1,605 0.25

Wells Fargo Commercial Mortgage Trust

250,000 5.783% due 15/11/43 ...... 253 0.04 275,000 4.423% due 15/07/46 ...... 233 0.04 393,000 3.938% due 15/08/50 ...... 326 0.05



Principal Amount


Fund %


336,682 4.544% due 25/08/35 ....... 343 0.05 159,121 4.477% due 25/10/35 ....... 161 0.03 104,643 4.192% due 25/04/36 ....... 106 0.02

WEX Inc 475,000 4.750% due 01/02/23 ....... 476 0.08

WF-RBS Commercial Mortgage Trust

321,000 5.839% due 15/02/44 ....... 325 0.05 74,000 5.398% due 15/06/44 ....... 73 0.01 99,000 4.977% due 15/06/45 ....... 92 0.01 300,000 4.977% due 15/06/45 ....... 249 0.04 250,000 4.940% due 15/11/45 ....... 243 0.04 434,000 4.590% due 15/12/45 ....... 382 0.06 661,000 4.621% due 15/08/46 ....... 571 0.09

WPX Energy Inc 1,275,000 8.250% due 01/08/23 ....... 1,454 0.23

Zayo Group LLC 1,400,000 6.000% due 01/04/23 ....... 1,447 0.23

ZF North America Capital Inc

EUR 800,000 2.750% due 27/04/23 ....... 994 0.16 329,259 52.03 Virgin Islands, British (0.09%)

FTL Capital Ltd USD 200,000 4.125% due 25/04/23 ....... 194 0.03 Gerdau Trade Inc

400,000 4.750% due 15/04/23 ....... 399 0.06 593 0.09


Short Term Investments (8.08%) Bermuda (0.11%)


695,000 5.125% due 10/02/19 ....... 701 0.11 Canada (0.33%)

Bank of Nova Scotia 1,500,000 1.950% due 15/01/19 ....... 1,497 0.23

Province of Quebec Canada 250,000 2.627% due 21/07/19 ....... 250 0.04

Toronto-Dominion Bank 370,000 3.187% due 22/01/19 ....... 371 0.06 2,118 0.33 Italy (0.12%)

Telecom Italia SpA GBP 550,000 6.375% due 24/06/19 ....... 739 0.12

Principal Amount


Fund %

Japan (0.32%) Mizuho Bank Ltd USD 1,000,000 3.538% due 20/10/18 ...... 1,001 0.16


1,000,000 2.050% due 18/01/19 ...... 998 0.16 1,999 0.32 Netherlands (0.74%) BMW Finance NV

GBP 1,000,000 3.375% due 14/12/18 ...... 1,310 0.21 EUR 1,000,000 3.250% due 14/01/19 ...... 1,173 0.18


USD 2,000,000 2.000% due 15/11/18 ...... 1,999 0.32 VEON Holdings BV

200,000 5.200% due 13/02/19 ...... 201 0.03 4,683 0.74 Spain (0.08%)

Turk Telekomunikasyon AS 500,000 3.750% due 19/06/19 ...... 487 0.08 Sweden (0.06%)

Svenska Handelsbanken AB 400,000 2.597% due 07/06/19 ...... 400 0.06 United Kingdom (0.67%)

Heathrow Finance Plc GBP 1,200,000 5.375% due 01/09/19 ...... 1,618 0.25 United Kingdom Gilt

2,000,000 4.500% due 07/03/19 ...... 2,651 0.42 4,269 0.67 United States (5.65%)


USD 2,508,000 2.743% due 01/02/19 ...... 2,511 0.40 Apple Inc

1,125,000 3.130% due 22/02/19 ...... 1,129 0.18 AT&T Inc 1,000,000 3.221% due 27/11/18 ...... 1,001 0.16 500,000 3.001% due 11/03/19 ...... 501 0.08

Bank of America Corp 1,000,000 6.875% due 15/11/18 ...... 1,005 0.16

BMW US Capital LLC 500,000 1.500% due 11/04/19 ...... 497 0.08


500,000 2.100% due 09/06/19 ...... 498 0.08 Chevron Corp

755,000 1.561% due 16/05/19 ...... 750 0.12 Cisco Systems Inc

684,000 2.678% due 20/09/19 ...... 686 0.11




Principal Amount


Fund %

Citibank NA 250,000 2.571% due 09/11/18 ....... 250 0.04

Crown Point Capital LCC 2,300,000 2.330% due 13/11/18 ....... 2,300 0.36

eBay Inc 750,000 2.823% due 01/08/19 ....... 752 0.12

Fannie Mae Discount Notes 4,000,000 Zero Coupon due 22/10/18 3,991 0.63

Federal Farm Credit Discount Notes

3,000,000 Zero Coupon due 22/10/18 2,994 0.47 2,000,000 Zero Coupon due 08/11/18 1,990 0.31


3,000,000 Zero Coupon due 03/10/18 2,994 0.47 2,000,000 Zero Coupon due 15/10/18 1,993 0.32 1,000,000 Zero Coupon due 26/10/18 997 0.16

Freddie Mac Discount Notes 2,000,000 Zero Coupon due 18/10/18 1,991 0.31

General Mills Inc 500,000 6.590% due 15/10/18 ....... 501 0.08

Goldman Sachs Group Inc 400,000 3.414% due 15/11/18 ....... 401 0.06


139,892 1.230% due 23/09/19 ....... 140 0.02


1,250,000 6.500% due 15/06/19 ....... 1,277 0.20 Johnson & Johnson

550,000 2.591% due 01/03/19 ....... 551 0.09 Microsoft Corp

400,000 1.300% due 03/11/18 ....... 400 0.06

Station Place Securitization Trust

439,000 2.912% due 24/11/18 ....... 439 0.07 505,000 3.112% due 24/04/19 ....... 504 0.08 398,000 2.912% due 24/07/19 ....... 398 0.06

Station Place Securitization Trust

491,000 2.912% due 24/09/19 ....... 490 0.08 US Bancorp

800,000 2.735% due 25/04/19 ....... 801 0.13 Wells Fargo Bank

1,000,000 1.750% due 24/05/19 ....... 994 0.16 35,726 5.65


Bank Loans (0.80%) France (0.18%)

Horizon Holdings III SAS EUR 1,000,000 2.750% due 29/10/22 ....... 1,161 0.18

Principal Amount


Fund %

United States (0.62%) Acrisure LLC USD 947,125 5.992% due 22/11/23 ...... 951 0.15 Crown Finance US Inc

547,250 4.742% due 28/02/25 ...... 547 0.08 CSC Holdings LLC

548,625 4.658% due 25/01/26 ...... 552 0.09 First Data Corp

876,264 4.212% due 08/07/22 ...... 879 0.14

MGM Growth Properties Operating Partnership LP

989,848 4.242% due 21/03/25 ...... 992 0.16 3,921 0.62 Total Bank Loans .............. 5,082 0.80


Certificates of Deposit (2.69%) Canada (0.70%) Bank of Nova Scotia 2,100,000 2.606% due 30/12/19 ...... 2,098 0.33


1,700,000 2.800% due 04/05/20 ...... 1,700 0.27 National Bank of Canada 600,000 1.750% due 08/05/19 ...... 600 0.10 4,398 0.70 France (0.16%)

Credit Agricole & Investment Bank

1,000,000 2.689% due 30/07/20 ...... 1,000 0.16 Japan (0.16%)


1,000,000 2.774% due 15/05/19 ...... 999 0.16 Norway (0.36%) DNB Bank ASA 2,300,000 2.561% due 10/02/20 ...... 2,299 0.36 Sweden (0.84%) Nordea Bank AB 800,000 2.692% due 21/02/19 ...... 800 0.13 1,500,000 2.608% due 10/08/20 ...... 1,500 0.24 Svenska Handelsbanken 1,200,000 2.617% due 21/10/19 ...... 1,200 0.19 Swedbank AB 1,800,000 2.632% due 24/08/20 .......... 1,800 0.28 5,300 0.84



Principal Amount


Fund %

United Kingdom (0.47%) Mizuho International 3,000,000 Zero Coupon due 15/10/18 2,996 0.47




600,000 Zero Coupon due 19/11/18 598 0.10 Canada (0.65%)

Ontario Teachers Finance Trust

2,270,000 Zero Coupon due 15/02/19 2,248 0.35 600,000 Zero Coupon due 13/05/19 590 0.09 PSP Capital Inc 1,300,000 1.000% due 07/11/18 ....... 1,300 0.21 4,138 0.65 Denmark (0.74%) Danske Bank A/S

EUR 4,000,000 Zero Coupon due 17/10/18 4,651 0.74 France (0.94%)

Banque Federative Du Credit Mutuel SA

USD 2,000,000 Zero Coupon due 23/10/18 1,989 0.32 BPCE SA 2,000,000 Zero Coupon due 18/01/19 1,984 0.31 Sanofi 2,000,000 Zero Coupon due 21/11/18 1,983 0.31 5,956 0.94 Germany (0.64%)

DekaBank Deutsche Girozentrale-Anleihe

EUR 3,000,000 1.000% due 04/10/18 ....... 3,488 0.55 NRW Bank 575,000 Zero Coupon due 05/10/18 575 0.09 4,063 0.64 Jersey, Channel Islands (0.39%)


2,000,000 Zero Coupon due 23/10/18 1,997 0.31 500,000 Zero Coupon due 19/11/18 498 0.08 2,495 0.39 Luxembourg (0.09%)

Nestle Finance International Ltd

575,000 Zero Coupon due 09/10/18 575 0.09

Principal Amount


Fund %

United Kingdom (1.44%) Barclays Bank Plc

EUR 2,500,000 Zero Coupon due 19/10/18 2,906 0.46 USD 600,000 Zero Coupon due 13/11/18 598 0.10

3,000,000 Zero Coupon due 02/01/19 2,981 0.47 HSBC Bank Plc 2,000,000 1.000% due 10/04/19 2,000 0.32 Nationwide Building Society 600,000 Zero Coupon due 03/12/18 598 0.09 9,083 1.44 United States (4.52%) Apple Inc 600,000 Zero Coupon due 01/11/18 599 0.10 AT&T Inc 500,000 Zero Coupon due 28/05/19 490 0.08 Atlantic Asset Securitization 600,000 Zero Coupon due 17/12/18 597 0.09 Bedford Row Funding Corp 600,000 Zero Coupon due 17/10/18 599 0.09


1,700,000 Zero Coupon due 14/11/18 1,687 0.27 Chariot Funding LLC 2,000,000 Zero Coupon due 04/02/19 1,983 0.31 Chevron Corp 600,000 Zero Coupon due 01/10/18 600 0.10

Collateralized Commercial Paper Co LLC

600,000 Zero Coupon due 12/10/18 599 0.09 1,000,000 Zero Coupon due 03/01/19 1,000 0.16 CRC Funding LLC 600,000 Zero Coupon due 13/11/18 598 0.09 Danske Corp 600,000 Zero Coupon due 02/11/18 599 0.09 Eni Finance USA Inc 700,000 Zero Coupon due 04/10/18 700 0.11 Fairway Finance Co LLC 600,000 Zero Coupon due 06/11/18 599 0.09 Gotham Funding Corp 1,400,000 Zero Coupon due 30/10/18 1,397 0.22 ING US Funding LLC 2,380,000 Zero Coupon due 12/04/19 2,380 0.38 John Deere Capital Corp 2,200,000 Zero Coupon due 01/10/18 2,200 0.35 Liberty Funding LLC 600,000 Zero Coupon due 07/11/18 599 0.09 LMA-Americas LLC 1,200,000 Zero Coupon due 25/10/18 1,198 0.19

Manhattan Asset Funding Co LLC

600,000 Zero Coupon due 02/10/18 600 0.10




Principal Amount


Fund %

MetLife Short Term Funding LLC

600,000 Zero Coupon due 10/10/18 600 0.10 Old Line Funding LLC 575,000 Zero Coupon due 16/10/18 574 0.09 2,200,000 Zero Coupon due 28/11/18 2,192 0.35 Regency Markets No 1 LLC 575,000 Zero Coupon due 11/10/18 575 0.09 Sheffield Receivable Corp 1,500,000 Zero Coupon due 05/11/18 1,496 0.24 Simon Property Group LP 600,000 Zero Coupon due 15/10/18 599 0.09 Swedbank AB 575,000 Zero Coupon due 17/10/18 574 0.09 Thunder Bay Funding LLC 600,000 Zero Coupon due 09/11/18 599 0.09 900,000 Zero Coupon due 28/11/18 897 0.14 Total Capital Ltd 900,000 Zero Coupon due 16/10/18 898 0.14 Wal-Mart Stores Inc 600,000 Zero Coupon due 01/10/18 600 0.10 28,628 4.52 Total Commercial Paper ... 60,187 9.51 Money Market Instruments (13.84%) Belgium (0.92%)

Kingdom of Belgium Treasury Bill

EUR 5,000,000 Zero Coupon due 08/11/18 5,810 0.92 Italy (0.37%)

Italy Buoni Ordinari del Tesoro BOT

2,000,000 Zero Coupon due 31/10/18 2,324 0.37

Principal Amount


Fund %

France (0.92%) France Treasury Bill BTF 1,000,000 Zero Coupon due 03/10/18 1,162 0.18 4,000,000 Zero Coupon due 17/10/18 4,646 0.74 5,808 0.92 United States (11.63%) United States Treasury Bill

USD 5,000,000 Zero Coupon due 04/10/18 4,983 0.79 4,500,000 Zero Coupon due 04/10/18* 4,499 0.71 3,000,000 Zero Coupon due 18/10/18 2,997 0.47 13,000,000 Zero Coupon due 25/10/18 12,982 2.05 3,000,000 Zero Coupon due 01/11/18 2,995 0.47 3,800,000 Zero Coupon due 08/11/18** 3,792 0.60 291,000 Zero Coupon due 08/11/18 290 0.05 4,000,000 Zero Coupon due 23/11/18** 3,988 0.63 5,000,000 Zero Coupon due 23/11/18 4,978 0.79 6,000,000 Zero Coupon due 13/12/18 5,974 0.94 26,400,000 Zero Coupon due 07/03/19 26,138 4.13 73,616 11.63


Number of Shares


2,745





Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

12,505

71.05

176 of 10 Year Australian Bond Futures Long Futures Contracts Expiring December 2018 ................................. (113) (0.02)

32,014

103.60

309 of Canada 10 Year Bond Futures Long Futures Contracts Expiring December 2018 .................................

(310) (0.05)

(44,395)

(186.53)


(50,459)

(159.18)




Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

62,839

120.15

523 of U.S. 10 Year Note Futures Long Futures Contracts Expiring December 2018 .................................

(716) (0.11)

(5,569)

(2,931.16)

38 of S&P 500 E Mini Index Short Futures Contracts Expiring December 2018 ................................. 23 0.00

36,756

113.10


27,665

105.59


Unrealised gain on open futures contracts ..................................................................... 987 0.15 Unrealised loss on open futures contracts ...................................................................... (1,400) (0.22) Net unrealised gain (loss) on open futures contracts ................................................ (413) (0.07) Open Forward Foreign Currency Exchange Contracts (0.02%)

Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 AUD 46,036 USD 33,270 40 0.01 05/10/2018 AUD 46,036 USD 33,270 40 0.0105/10/2018 AUD 46,036 USD 33,270 40 0.0105/10/2018 AUD 46,062 USD 33,270 59 0.0105/10/2018 CHF 11,000 USD 11,313 (48) (0.01) 05/10/2018 EUR 37 CZK 950 - 0.00 05/10/2018 EUR 45 USD 52 - 0.00 05/10/2018 EUR 12 USD 14 - 0.00 05/10/2018 EUR 35,531 USD 41,460 (181) (0.03) 05/10/2018 EUR 35,516 USD 41,460 (199) (0.03) 05/10/2018 EUR 35,505 USD 41,460 (211) (0.04) 05/10/2018 EUR 4,071 USD 4,752 (23) 0.00 05/10/2018 EUR 35,519 USD 41,460 (195) (0.03) 05/10/2018 EUR 867 USD 1,013 (5) 0.00 05/10/2018 EUR 1,256 USD 1,466 (7) 0.00 05/10/2018 EUR 1,996 USD 2,346 (27) 0.00 05/10/2018 EUR 1,019 USD 1,200 (16) 0.00 05/10/2018 EUR 3,333 USD 3,900 (28) 0.00 05/10/2018 EUR 1,633 USD 1,900 (3) 0.00 05/10/2018 EUR 5,694 USD 6,649 (34) (0.01) 05/10/2018 EUR 5,696 USD 6,649 (31) 0.00 23/10/2018 EUR 5,242 USD 6,150 (51) (0.01) 05/10/2018 GBP 42,460 USD 55,229 147 0.02 05/10/2018 GBP 42,489 USD 55,229 187 0.03 05/10/2018 GBP 42,446 USD 55,229 129 0.02 05/10/2018 GBP 42,528 USD 55,229 236 0.04 05/10/2018 GBP 7,284 USD 9,468 32 0.01 05/10/2018 GBP 7,279 USD 9,468 25 0.00 05/10/2018 GBP 7,291 USD 9,468 41 0.01 05/10/2018 GBP 7,277 USD 9,468 23 0.00 05/10/2018 GBP 640 USD 833 2 0.00




Settlement Date


Amount Sold ‘000


Fund %

23/10/2018 GBP 7,789 USD 10,262 (95) (0.02) 23/10/2018 JPY 1,140,869 USD 10,194 (135) (0.03) 25/10/2018 TWD 240,282 USD 7,875 6 0.00 05/10/2018 USD 70 AUD 96 - 0.00 05/10/2018 USD 3,125 AUD 4,321 (2) 0.00 23/10/2018 USD 2,045 AUD 2,839 (9) 0.00 05/10/2018 USD 3,005 CHF 2,900 35 0.01 05/10/2018 USD 8,789 CHF 8,500 85 0.01 15/10/2018 USD 543 CHF 537 (8) 0.00 23/10/2018 USD 8,238 CHF 7,898 138 0.02 05/10/2018 USD 1,134 EUR 972 4 0.00 05/10/2018 USD 64 EUR 55 - 0.00 05/10/2018 USD 2 EUR 2 - 0.00 05/10/2018 USD 3,700 EUR 3,162 26 0.00 05/10/2018 USD 94 EUR 81 - 0.00 05/10/2018 USD 39,438 EUR 34,000 (63) (0.01) 19/12/2018 USD 31,426 EUR 26,700 211 0.03 05/10/2018 USD 70 GBP 53 - 0.00 05/10/2018 USD 2,468 GBP 1,896 (5) 0.00 05/10/2018 USD 3,726 GBP 2,900 (56) (0.02) 05/10/2018 USD 439 GBP 337 (1) 0.00 05/10/2018 USD 34 GBP 26 - 0.00 05/10/2018 USD 14 GBP 11 - 0.00 19/12/2018 USD 6,601 GBP 5,000 56 0.01 23/10/2018 USD 4,079 ILS 14,574 64 0.01 05/10/2018 USD 2,573 JPY 290,000 19 0.00 23/10/2018 USD 10,307 NOK 83,926 (8) 0.00 23/10/2018 USD 2,049 NZD 3,109 (13) 0.00 23/10/2018 USD 10,292 SEK 91,417 (5) 0.00 25/10/2018 USD 7,851 TWD 240,282 (31) 0.00 05/10/2018 USD 7 ZAR 100 - 0.00

Unrealised gain on open forward foreign currency exchange contracts ........................ 1,645 0.26 Unrealised loss on open forward foreign currency exchange contracts ......................... (1,490) (0.24) Net unrealised gain (loss) on open forward foreign currency exchange contracts . 155 0.02 Currency Options Purchased (0.05%)

Notional Amount

USD ‘000


Fund %

Germany (0.02%)

19,000

Call at 1.55 EUR CAD

Expiring October 2018 .................................................................

99 0.02 United States (0.03%)

25,000

Put at 0.95 CHF USD

Expiring October 2018 .................................................................

13 0.00 25,000

Call at 1,160.00 USD KRW

Expiring March 2019 ...................................................................

200 0.03

213 0.03 Total currency options purchased at fair value (Premium paid USD 447,156) .......

312 0.05



Currency Options Written ((0.04)%)

Notional Amount


Fund %

United States ((0.04)%) (6,250)

Call at 112.50 USD JPY

Expiring October 2018 ................................................................. (54) (0.01) (25,000)

Call at 1,195.00 USD KRW

Expiring March 2019 ................................................................... (110) (0.02) (7,500)

Put at 1,080.00 KRW USD

Expiring March 2019 ................................................................... (80) (0.01) Total currency options written at fair value (Premium received USD (285,225)) ... (244) (0.04) Futures Options Purchased (0.07%)

Notional Amount


Fund %

Germany (0.00%) 87

Put at 157.00 Euro-Bund Future Option

Expiring November 2018 ............................................................. 18 0.00 United States (0.07%)

13 Put at 2,700.00 S&P 500 Index Future Option

Expiring December 2018 ............................................................. 241 0.05 125


Expiring October 2018 ................................................................. 2 0.00 750


Expiring October 2018 ................................................................. 12 0.00 1,250




Expiring October 2018 ................................................................. - 0.00 50


Expiring November 2018 ............................................................. 16 0.00 375








Expiring November 2018 ............................................................. 9 0.00 442 0.07

Total futures options purchased at fair value (Premium paid USD 727,298) ........... 460 0.07 Futures Options Written ((0.09)%)

Notional Amount


Fund %

United States ((0.09)%) (250)




Expiring October 2018 ................................................................. (20) 0.00




Notional Amount


Fund %

(250) Call at 113.20 U.S. 5 Year Future Option









Expiring November 2018 ............................................................. (13) 0.00 (13)

Put at 2,575.00 S&P 500 Index Future Option

Expiring December 2018 ............................................................. (141) (0.03) (124)

Call at 11920 U.S. 10 Year Future Option



Expiring October 2018 ................................................................. (5) 0.00 Total futures options written at fair value (Premium received USD (523,262)) ....... (570) (0.09) Index Options Purchased (0.19%)

Notional Amount


Fund %

Germany (0.02%) 15

Call at 11.00 ESTX Banks Index

Expiring December 2018 ............................................................. 128 0.02 United States (0.17%)

13 Put at 1,600.00 Russell 2000 Index


Put at 2,700.00 S&P 500 Index


Call at 3,000.00 S&P 500 Index











Expiring December 2018 ............................................................. 238 0.04 13


Expiring September 2018 ............................................................. 1 0.00 13




Expiring November 2018 ............................................................. 166 0.02 1,059 0.17

Total index options purchased at fair value (Premium paid USD 2,031,397) .......... 1,187 0.19



Index Options Written ((0.16)%)

Notional Amount


Fund %

Germany ((0.01)%) (75)

Call at 120.00 ESTX Banks Index

Expiring December 2018 ............................................................. (46) (0.01) United States ((0.15))%)

(125) Put at 13.50 CBOE SPX Volatility Index


Put at 1,600.00 Russell 2000 Index



Expiring November 2018 ............................................................. (127) (0.02) (13)


Expiring November 2018 (89) (0.02) (13)








Expiring December 2018 ............................................................. (154) (0.02) (13)


Expiring January 2018 ................................................................. (245) (0.03) (946) (0.15)

Total index options written at fair value (Premium received USD (1,606,310)) ...... (992) (0.16) Equity Options Purchased (0.06%)

Notional Amount


Fund %

United States (0.06%) 7,000

Call at 99.38 Fannie Mae Pool TBA

Expiring November 2018 ............................................................. 5 0.00 7,000





Put at 98.48 Fannie Mae Pool TBA

Expiring December 2018 ............................................................. 50 0.01 7,000










Expiring December 2018 ............................................................. 35 0.01 Total equity options purchased at fair value (Premium paid USD 331,406) ............ 291 0.06




Equity Options Written ((0.03)%)

Notional Amount


Fund %

United States ((0.03)%) (7,000)












Expiring December 2018 ............................................................. (13) 0.00 (7,000)


















Expiring December 2018 ............................................................. (22) 0.00 Total equity options written at value (Premium received USD (292,031)) ............... (295) (0.03) Swaptions Purchased (0.04%)

Notional Amount


Fund %

United States (0.04%) 5,865 Put at 3.05 on 1MX10Y

Expiring October 2018 .................................................................. 44 0.00 5,865 Call at 2.89 on 1MX10Y

Expiring October 2018 .................................................................. - 0.00 3,910 Put at 3.10 on 5WX10Y

Expiring October 2018 .................................................................. 20 0.00 3,910 Call at 2.93 on 5WX10Y

Expiring October 2018 .................................................................. - 0.00 5,865 Call at 3.05 on 5WX10Y

Expiring November 2018 .............................................................. 17 0.00 5,865 Put at 3.22 on 5WX10Y

Expiring November 2018 .............................................................. 16 0.00 5,865 Call at 3.09 on 1MX10Y

Expiring October 2018 .................................................................. 18 0.00



Notional Amount


Fund %

51,354 Call at 3.08 on 5WX10Y Expiring October 2018 .................................................................. 161 0.04

5,865 Put at 3.25 on 1MX10Y Expiring October 2018 .................................................................. 8 0.00

Total swaptions purchased at fair value (Premium paid USD 274,507) .................... 284 0.04 Swaptions Written ((0.05)%)

Notional Amount


Fund %

United States ((0.05)%) (2,933) Call at 2.87 on 1MX10Y

Expiring October 2018 ................................................................. - 0.00 (2,933) Put at 2.97 on 1MX10Y

Expiring October 2018 ................................................................. (41) (0.01) (1,955) Put at 3.02on 5WX10Y

Expiring October 2018 ................................................................. (1) 0.00 (1,955) Put at 3.02on 5WX10Y

Expiring October 2018 ................................................................. (21) 0.00 (2,933) Put at 3.13on 5WX10Y

Expiring November 2018 ............................................................. (17) 0.00 (2,933) Call at 3.13 on 5WX10Y

Expiring November 2018 ............................................................. (17) 0.00 (2,933) Call at 3.17 on 1MX10Y

Expiring October 2018 ................................................................. (18) 0.00 (25,677) Call at 3.17 on 5WX10Y

Expiring October 2018 ................................................................. (169) (0.04) (2,933) Put at 3.17on 1MX10Y

Expiring October 2018 ................................................................. (10) 0.00 Total swaptions written at fair value (Premium received USD (267,553)) ............... (294) (0.05) Interest Rate Swaps (0.02%)

Ccy Notional


Fund Receives

Termination Date


Fund %

USD

3,910

3.03% USD 3 Month

LIBORI 25/09/2028

30 0.01

USD

87,860

3.05% USD 3 Month

LIBORI 19/12/2020

71 0.01 USD 62,601 3.10% 2.93% 19/12/2023 17 0.00

USD

82

3.17% USD 3 Month

LIBORI 30/10/2028

- 0.00

USD

(2,568)

3.17% USD 3 Month

LIBORI 01/11/2028

(7) 0.00

USD

(2,487)

3.14% USD 3 Month

LIBORI 28/09/2028

(4) 0.00

USD

2,991

3.12% USD 3 Month

LIBORI 02/10/2028

- 0.00

USD

(1,955) USD 3 Month

LIBOR 2.94% 25/09/2028

(32) (0.01)

USD

35,544 USD 3 Month

LIBOR 3.15% 19/12/2028

45 0.01




Ccy Notional


Fund Receives

Termination Date


Fund %

USD

1,126 USD 3 Month

LIBOR 3.20% 19/12/2048

16 0.00 Interest rate swaps at positive fair value ......................................................................... 179 0.03 Interest rate swaps at negative fair value ........................................................................ (43) (0.01) Interest rate swaps at fair value .................................................................................. 136 0.02 Credit Default Swaps ((0.36)%)

Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

EUR (1,250) Thyssenkrupp AG # 1.00% 20/12/2023 (18) 0.00

EUR 1,000 Glencore

International AG # 5.00% 20/12/2023 187 0.04

EUR 850 Virgin Media Finance Plc # 5.00% 20/12/2023 155 0.02

EUR 750 Peugeot SA # 5.00% 20/12/2023 166 0.03

EUR 1,000 CNH Industrial

NV # 5.00% 20/12/2023 230 0.05 EUR 1,250 ArcelorMittal # 5.00% 20/12/2023 259 0.05

EUR 850 Fiat Chrysler

Automobiles NV # 5.00% 20/12/2023 166 0.03 USD 1,450 AES Corp # 5.00% 20/12/2023 256 0.05

EUR 1,150

Smurfit Kappa Acquisition

Unlimited Co # 5.00% 20/12/2023 283 0.05 EUR (500) J Sainsbury Plc # 1.00% 20/12/2023 (2) 0.00

EUR 250 Schaeffler

Finance BV # 5.00% 20/12/2023 58 0.01

EUR (1,000) Prudential Public

Ltd Co # 1.00% 20/12/2023 (7) 0.00 EUR (1,000) Ford Motor Co # 1.00% 20/12/2023 (48) (0.01)

EUR (1,350) Telecom Italia

SpA # 1.00% 20/12/2023 (94) (0.01) USD 1,750 Hess Corporation # 1.00% 20/12/2023 4 0.00 USD (2,100) L Brands Inc. # 1.00% 20/12/2023 (206) (0.03)

EUR (600) The Royal Bank

of Scotland # 1.00% 20/12/2023 (41) (0.01)

EUR (300) Deutsche Bank

Aktiengesellschaft # 1.00% 20/12/2023 (23) 0.00 EUR (350) Aegon N.V. # 1.00% 20/12/2023 (2) 0.00

EUR (350) Credit Agricole

SA # 1.00% 20/12/2023 (3) 0.00

USD 1,400 Anadarko

Petroleum Corp # 1.00% 20/12/2023 11 0.00 USD 900 Ally Financial Inc # 5.00% 20/12/2023 153 0.02

USD 800 Williams

Companies Inc # 1.00% 20/12/2023 12 0.00 EUR 900 Axa # 1.00% 20/12/2023 2 0.00 EUR 900 UPC Holding BV # 5.00% 20/12/2023 191 0.04

EUR 900 Ziggo Bond Finance BV # 5.00% 20/12/2023 141 0.03

EUR 1,000 Anglo American

Capital PLC # 5.00% 20/12/2023 209 0.03

EUR (1,150) Marks & Spencer

Plc # 1.00% 20/12/2023 (29) 0.00



Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

EUR 850

Ardagh Packaging Finance Public

Ltd Co # 5.00% 20/12/2023 135 0.03 EUR (1,550) Tesco Plc # 1.00% 20/12/2023 (2) 0.00 USD (1,250) Dell Inc # 1.00% 20/12/2023 (32) (0.01) USD 950 HCA Inc # 5.00% 20/12/2023 182 0.04 USD 400 NRG Energy Inc # 5.00% 20/12/2023 68 0.01 USD 800 KB Home # 5.00% 20/12/2023 89 0.01

USD 850 General Motors

Co # 5.00% 20/12/2023 145 0.03 USD 1,550 Enbridge Inc # 1.00% 20/12/2023 17 0.00

USD 350 CSC Holdings

LLC # 5.00% 20/12/2023 42 0.01

USD 1,250 Marathon Oil

Corp # 1.00% 20/12/2023 16 0.00 USD 550 Levi Strauss & Co # 5.00% 20/12/2023 96 0.02

USD 500

Avis Budget Car Rental LLC / Avis

Budget Finance Inc # 5.00% 20/12/2023 26 0.00

EUR 300 Altice France # 5.00% 20/12/2023 28 0.00 USD 1,000 Calpine Corp # 5.00% 20/12/2023 40 0.01

USD 650 Goodyear Tire &

Rubber Co # 5.00% 20/12/2023 85 0.01

USD 1,150 Devon Energy

Corp # 1.00% 20/12/2023 21 0.00 USD (849) CenturyLink Inc # 1.00% 20/12/2023 (70) (0.01)

EUR (150) ThyssenKrupp

AG # 1.00% 20/12/2023 (3) 0.00 EUR 100 Peugeot SA # 5.00% 20/12/2023 22 0.00 EUR 100 Tesco Plc # 1.00% 20/12/2023 - 0.00

EUR 125

Smurfit Kappa Acquisition

Unlimited Co # 5.00% 20/12/2023 31 0.01

EUR 150

Ardagh Packaging Finance Public

Ltd Co # 5.00% 20/12/2023 24 0.00 USD 150 AES Corp # 5.00% 20/12/2023 27 0.00 EUR (150) Thyssenkrupp AG # 1.00% 20/12/2023 (3) 0.00 USD 200 KB Home # 5.00% 20/12/2023 22 0.00 USD 1,100 Ally Financial Inc # 5.00% 20/12/2023 187 0.04

USD (500) American Axle & Manufacturing Inc 1.00%

03 MLIBOR 20/12/2023 (50) (0.01)

USD 14 CMBX.NA. BB Indices 5.00% # 17/01/2047 2 0.00

USD (276) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (32) (0.01)

USD (34) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (4) 0.00

USD (34) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (4) 0.00

USD (3,000) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (346) (0.05)

USD (318) CMBX.NA. BB Indices # 5.00% 11/05/2063 (65) (0.01)




Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (143) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (16) 0.00


BBB- Indices # 3.00% 17/01/2047 (237) (0.04)

USD (29) CMBX.NA.

BBB- Indices 03MLIB

OR 3.00% 11/05/2063 (3) 0.00

USD (128) CMBX.NA.

BBB- Indices 12MLIB

OR 3.00% 11/05/2063 (15) 0.00


BBB- Indices # 3.00% 11/05/2063 (173) (0.04)

USD 441 CMBX.NA. BB Indices 5.00% 12MLIBOR 17/01/2047 54 0.02

USD 93 CMBX.NA.

BBB- Indices 3.00% # 17/01/2047 5 0.00


USD (45)

CMBX.NA. BBB-.6 2063-05-

11 01MLIB

OR 3.00% 11/05/2063 (5) 0.00

USD (22)

CMBX.NA. BBB-.6 2063-05-

11 01MLIB

OR 3.00% 11/05/2063 (3) 0.00

USD 154

CMBX.NA. BBB-.7 2047-01-

17 3.00% 01MLIBOR 17/01/2047 8 0.00

USD 57

CMBX.NA. BBB-.7 2047-01-

17 3.00% 01MLIBOR 17/01/2047 3 0.00

USD (13)

CMBX.NA. BBB-.6 2063-05-

11 01MLIB

OR 3.00% 11/05/2063 (2) 0.00

USD 91

CMBX.NA. BBB-.7 2047-01-

17 3.00% 01MLIBOR 17/01/2047 5 0.00

USD (80)

CMBX.NA. BBB-.6 2063-05-

11 03MLIB

OR 1.00% 11/05/2063 (9) 0.00

USD (327) CMBX.NA. BBB Indices

01MLIBOR 3.00% 11/05/2063 (38) (0.01)

USD (42)

CMBX.NA. BBB-.6 2063-05-

11 01MLIB

OR 3.00% 11/05/2063 (5) 0.00


USD 59 CMBX.NA.

BB.7 2047-01-17 1.00% 01MLIBOR 17/01/2047 7 0.00

USD 341 CMBX.NA.

BB.7 2047-01-17 1.00% 01MLIBOR 17/01/2047 42 0.01


USD (81)

CMBX.NA. BBB-.6 2063-05-

11 01MLIB

OR 3.00% 11/05/2063 (9) 0.00




Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (173) CMBX.NA.

BBB- Indices 01MLIB

OR 3.00% 11/05/2063 (20) 0.00

USD 4 CMBX.NA.

A Indices 01MLIB

OR 2.00% 11/05/2063 - 0.00

USD (81) CMBX.NA.

A Indices 01MLIB

OR 2.00% 11/05/2063 (1) 0.00

USD (81) CMBX.NA.A.6

2063-05-11 1.00% # 11/05/2063 (1) 0.00

USD 68 CMBX.NA.

BBB- Indices 1.00% 01MLIBOR 17/01/2047 4 0.00

USD (136) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (16) 0.00

USD (142) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (16) 0.00

USD (97) CMBX.NA.

BBB- Indices # 1.00% 11/05/2063 (11) 0.00

USD (78) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (9) 0.00


USD (83) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (10) 0.00

USD (83) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (10) 0.00

USD (116) CMBX.NA. BB Indices 5.00% # 17/01/2047 14 0.00

USD (81) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (9) 0.00

USD (41) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (5) 0.00


BBB- Indices # 3.00% 11/05/2063 (1,153) (0.20)

USD (250) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (29) 0.00

USD (283) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (33) (0.01)

USD (231) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (27) 0.00

USD (160) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (18) 0.00



BBB- Indices # 3.00% 11/05/2063 (485) (0.10)

USD (500) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (58) (0.02)

USD (333) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (38) (0.02)

USD (134) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (15) 0.00

USD (269) CMBX.NA

.BBB- Indices # 3.00% 11/05/2063 (31) 0.00

USD 24 CMBX.NA.

BBB- Indices 3.00% # 17/01/2047 1 0.00

USD (202) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (23) 0.00




Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (134) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (15) 0.00



BBB- Indices # 3.00% 11/05/2063 (173) (0.04)

USD (42) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (5) 0.00

USD (2,096) CMBX.NA

.BBB- Indices # 3.00% 11/05/2063 (242) (0.05)

USD (138) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (16) 0.00

USD (55) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (6) 0.00

USD (71) CMBX.NA

.BBB- Indices # 3.00% 11/05/2063 (8) 0.00

USD (71) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (8) 0.00

USD (383) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (44) (0.01)

USD (83) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (10) 0.00

USD (196) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (23) 0.00

USD (394) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (45) (0.01)

USD (91) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (10) 0.00

USD (23) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (3) 0.00


USD (72) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (8) 0.00

USD (422) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (49) 0.00

USD (169) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (19) 0.00

USD 1 CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 - 0.00

USD (60) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (7) 0.00


USD (25) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (3) 0.00


BBB- Indices # 3.00% 11/05/2063 (244) (0.06)

USD (62) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (7) 0.00

USD (62) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (7) 0.00

USD (152) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (18) 0.00

USD (76 ) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (9) 0.00



Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (76) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (9) 0.00

USD (166) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (19) 0.00

USD 2 CMBX.NA. BB Indices 5.00% # 17/01/2047 - 0.00

USD (37 ) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (4) 0.00


USD (167) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (19) 0.00

USD (113) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (13) 0.00

USD (284) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (33) (0.01)

USD (348) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (40) (0.01)



USD 173 CMBX.NA.

BBB- Indices 3.00% # 17/01/2047 9 0.00

USD (62) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (7) 0.00

USD (62) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (7) 0.00




USD (165) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (19) 0.00

USD (182) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (21) 0.00


USD (126) CMBX.NA. BB Indices # 5.00% 11/05/2063 (26) 0.00

USD (611) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (70) (0.01)



USD 82 CMBX.NA.

BBB- Indices 3.00% # 17/01/2047 4 0.00


BBB- Indices # 3.00% 11/05/2063 (346) (0.05)

USD (696) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (80) (0.01)

USD 754 CMBX.NA.

BBB- Indices 3.00% # 17/01/2047 41 0.01




Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (25) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (3) 0.00


USD (710) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (81) (0.01)





USD (309) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (36) 0.00




USD (15) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (2) 0.00

USD 172 CMBX.NA.

A Indices 2.00% # 11/05/2063 2 0.00

USD (15) CMBX.NA

BBB- Indices # 3.00% 11/05/2063 (2) 0.00

USD (96) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (11) 0.00

USD (11) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (1) 0.00


USD (8) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (1) 0.00

USD (15) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (2) 0.00

USD (22) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (3) 0.00

USD (434) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (49) (0.01)

USD 150 CMBX.NA.

BBB- Indices 3.00% # 17/01/2047 8 0.00

USD (114) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (13) 0.00

USD (46) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (5) 0.00

USD (31) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (4) 0.00

USD (67) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (8) 0.00

USD (85) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (10) 0.00

USD 336 CMBX.NA.

BBB- Indices 3.00% # 17/01/2047 18 0.00



Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (35) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (4) 0.00

USD (336) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (39) (0.01)



USD 6 CMBX.NA. A

Indices # 2.00% 11/05/2063 - 0.00

USD (14) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (2) 0.00

USD (8) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (1) 0.00

USD (10) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (1) 0.00



USD (165) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (19) 0.00

USD (35) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (4) 0.00

USD (127) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (15) 0.00




USD (93) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (11) 0.00

USD (140) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (16) 0.00

USD (240) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (28) 0.00

USD (31) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (4) 0.00

USD (110) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (13) 0.00



USD (110) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (13) 0.00

USD (67) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (8) 0.00

USD (159) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (18) 0.00


USD (186) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (21) 0.00




Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (93) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (11) 0.00


USD (296) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (34) 0.00

USD (178) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (21) 0.00

USD (180) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (21) 0.00

USD (132) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (15) 0.00


USD (99) CMBX.NA.BBB-

Indices # 3.00% 11/05/2063 (11) 0.00

USD (59) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (7) 0.00


USD (27) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (3) 0.00

USD (170) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (20) 0.00


BBB- Indices # 3.00% 11/05/2063 (577) (0.18)


USD 498 CMBX.NA.

BBB- Indices 3.00% # 17/01/2047 27 0.00

USD (142) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (16) 0.00

USD (187) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (22) 0.00

USD (67) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (8) 0.00

USD (170) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (20) 0.00

USD (268) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (31) 0.00

USD (136) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (16) 0.00

USD (102) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (12) 0.00


USD (387) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (45) 0.00

USD (85) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (10) 0.00

USD (91) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (10) 0.00

USD (430) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (50) (0.02)

USD (89) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (10) 0.00



Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (69) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (8) 0.00



USD (731) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (84) (0.02)

USD (132) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (14) 0.00

USD (261) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (30) (0.01)

USD (89) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (10) 0.00

USD (58) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (7) 0.00

USD (61) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (7) 0.00

USD 155 CMBX.NA.

BBB- Indices 3.00% # 17/01/2047 8 0.00

USD (99) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (11) 0.00

USD (107) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (12) 0.00

USD (203) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (23) 0.00


USD (79) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (9) 0.00

USD (69) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (8) 0.00

USD (130) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (15) 0.00

USD (198) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (23) 0.00

USD (132) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (15) 0.00

USD (156) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (18) 0.00

USD (86 ) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (10) 0.00

USD (172) CMBX.NA.

BBB- Indices # 3.00% 11/05/2063 (20) 0.00 Credit default swaps at positive fair value ........................................................................ 5,010 0.79 Credit default swaps at negative fair value ....................................................................... (7,261) (1.15) Credit default swaps at fair value ................................................................................. (2,251) (0.36)




Total Return Bond Swaps (0.00%)

Ccy

Notional Amount

‘000 Fund Pays

Fund Receives

Termination Date


Fund %


LIBOR 12/01/2044 - 0.00

USD 8,210 3.40% USD 1 Month

LIBOR 12/01/2041 1 0.00

USD 17,852 USD 1 Month

LIBOR 3.40% 12/01/2041 2 0.00

USD 829 USD 1 Month

LIBOR 3.40% 12/01/2045 - 0.00


LIBOR 12/01/2044 - 0.00

USD (8,210) 3.40% USD 1 Month

LIBOR 12/01/2041 (1) 0.00

USD (17,852) 4.50% USD 1 Month

LIBOR 12/01/2041 (1) 0.00 Total return bond swaps at positive fair value ................................................................... 3 0.00 Total return bond swaps at negative fair value .................................................................. (2) 0.00 Total return bond swaps at fair value ............................................................................ 1 0.00 Total Financial Derivative Instruments ......................................................................... (2,233) (0.35)


Fund %

Total Financial Assets at Fair Value through Profit or Loss (102.06%) ....................................................................... 645,870 102.06

Total Financial Liabilities at Fair Value through Profit or Loss ((1.99)%) ......................................................................... (12,591) (1.99)

Net Financial Assets at Fair Value through Profit or Loss (100.07%) ................................................................................ 633,279 100.07

Other Net Liabilities ((0.07)%) ............................................. (445) (0.07) Net Assets ................................................................................ 632,834 100.00

# In the event of bankruptcy or, the fund will pay/receive the notional amount to/from the counterparty. * Fully held as collateral by the counterparties in connection with collateral purposes for over the counter financial derivative instruments held by the Fund. ** Partly held as collateral by the brokers and counterparties in connection with collateral purposes for over the counter financial derivative instruments held by the Fund.


gross assets Transferable securities and money market instruments admitted to an official stock exchange listing ......... 24.71 Transferable securities dealt in on another regulated market ......................................................................... 48.29 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) ................................ 5.62 Certificate of deposit ...................................................................................................................................... 2.40 Commercial paper .......................................................................................................................................... 8.52 Investment funds (UCITS) ............................................................................................................................. 0.40 Exchange trades financial derivative instruments .......................................................................................... 0.20 Over the counter financial derivative instruments ......................................................................................... 1.26 Other assets .................................................................................................................................................... 8.60 100.00



The counterparties for the open futures contracts are:

BNP Paribas Morgan Stanley Goldman Sachs


Bank of America Merrill Lynch Goldman Sachs Bank of Montreal Morgan Stanley Barclays Bank Northern Trust BNP Paribas Royal Bank of Canada Brown Brothers Harriman Societe Generale Goldman Sachs State Street Bank and Trust Company Morgan Stanley Westpac

The counterparty for the currency options purchased are:

BNP Paribas Morgan Stanley The counterparty for the currency options written is BNP Paribas. The counterparty for the futures options purchased is BNP Paribas. The counterparty for the futures options written is BNP Paribas. The counterparty for the index options purchased is BNP Paribas. The counterparty for the index options written is BNP Paribas. The counterparty for the equity options purchased is JP Morgan. The counterparty for the equity options written is JP Morgan. The counterparties for swaptions purchased are:

Citibank Morgan Stanley Goldman Sachs


Citibank Morgan Stanley Goldman Sachs

The counterparty for the interest rate swaps is Barclays. The counterparties for the credit default swaps are:

Barclays Goldman Sachs Citigroup JP Morgan Citibank Morgan Stanley Credit Suisse AG

The counterparties for the total return bond swaps are:

Goldman Sachs JP Morgan





Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. - 467,948 - 467,948 Certificates of deposit ................................................... - 16,992 - 16,992 Commercial paper ......................................................... - 60,187 - 60,187 Investment funds ........................................................... - 2,827 - 2,827 Money market instruments ........................................... - 87,558 - 87,558

Unrealised gain on open futures contracts ........................ 987 - - 987 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 1,645 - 1,645 Currency options purchased at fair value ......................... - 312 - 312 Futures options purchased at fair value ............................ 460 - - 460 Index options purchased at fair value ............................... 1,187 - - 1,187 Equity options purchased at fair value ............................. - 291 - 291 Swaptions purchased at fair value .................................... - 284 - 284 Interest rate swaps at fair value ........................................ - 179 - 179 Credit default swaps at fair value ..................................... - 5,010 - 5,010 Total return bond swaps at fair value ............................... - 3 - 3


Unrealised loss on open futures contracts ........................ (1,400) - - (1,400) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (1,490) - (1,490) Currency options written at fair value .............................. - (244) - (244) Futures options written at fair value ................................. (570) - - (570) Index options written at fair value .................................... (992) - - (992) Equity options written at value ......................................... - (295) - (295) Swaptions written at fair value ......................................... - (294) - (294) Interest rate swaps at fair value ........................................ - (43) - (43) Credit default swaps at fair value ..................................... - (7,261) - (7,261) Total return bond swaps at fair value ............................... - (2) - (2)




As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. - 453,269 3,727 456,996 Certificates of deposit ................................................... - 15,649 1,847 17,496 Commercial paper ......................................................... - 48,578 - 48,578 Investment funds ........................................................... - 2,822 - 2,822 Money market instruments ........................................... - 60,465 - 60,465

Unrealised gain on open futures contracts ........................ 1,801 - - 1,801 Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 5,613 - 5,613 Currency options purchased at fair value ......................... - 1,825 - 1,825 Futures options purchased at fair value ............................ 287 - - 287 Index options purchased at fair value ............................... 767 - - 767 Equity options purchased at fair value ............................. - 209 - 209 Swaptions purchased at fair value .................................... - 206 - 206 Interest rate swaps at fair value ........................................ - 1,686 - 1,686 Credit default swaps at fair value ..................................... - 5,453 - 5,453 Total return bond swaps at fair value ............................... - 21 - 21


Unrealised loss on open futures contracts ........................ (1,120) - - (1,120) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (4,492) - (4,492) Currency options written at fair value .............................. - (560) - (560) Futures options written at fair value ................................. (263) - - (263) Index options written at fair value .................................... (1,283) - - (1,283) Equity options written at value ......................................... - (154) - (154) Swaptions written at fair value ......................................... - (216) - (216) Interest rate swaps at fair value ........................................ - (851) - (851) Credit default swaps at fair value ..................................... - (7,764) - (7,764) Total return bond swaps at fair value ............................... - (22) - (22)


Russell Investment Company plc Russell Investments Unconstrained Bond Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest investment purchases and sales during the six months ended 30 September 2018.







Fannie Mae Pool Fannie Mae Pool 3.000% due 15/05/46 73,700 3.000% due 12/04/18 (73,797) 3.000% due 15/09/46 73,506 3.000% due 15/05/46 (73,547) 3.000% due 15/08/48 73,356 3.000% due 15/05/46 (73,506) 3.000% due 15/07/48 73,287 3.000% due 15/09/46 (73,389) 3.000% due 15/06/48 73,253 3.000% due 15/08/48 (73,356) 3.000% due 01/05/48 45,443 3.000% due 15/06/48 (73,253) 3.000% due 12/04/48 37,081 3.000% due 01/05/48 (45,463) 3.000% due 15/10/46 36,813 3.000% due 01/04/48 (29,790) 3.000% due 01/04/48 29,633 U.S. Treasury Bills

U.S. Treasury Bills Zero Coupon due 27/12/18 (26,764) Zero Coupon due 27/12/18 26,746 Zero Coupon due 24/01/19 (25,041) Zero Coupon due 07/03/19 26,602 Fannie Mae Pool Zero Coupon due 24/01/19 24,984 3.000% due 01/02/48 (17,923)

Federal Home Loan Bank Discount Notes 3.000% due 01/11/47 (16,345) Zero Coupon due 27/08/18 19,997 3.000% due 01/04/48 (13,944)

Fannie Mae Pool 3.500% due 15/07/48 (13,915) 3.000% due 01/02/48 13,908 3.500% due 15/06/48 (13,908) 3.000% due 01/11/47 13,902 3.500% due 15/09/46 (13,902)

U.S. Treasury Bill 3.500% due 15/08/48 (13,873) Zero Coupon due 08/11/18 15,946 3.000% due 01/04/48 (12,686)

Fannie Mae Pool U.S. Treasury Bill 3.500% due 15/07/48 13,915 Zero Coupon due 08/11/18 (11,913) 3.500% due 15/06/48 13,908 3.500% due 15/09/46 13,902

Russell Investment Company plc Russell Investments Multi-Asset Conservative Strategy Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 362 Russell Investments Multi-Asset Conservative Strategy Fund



Assets Financial assets at fair value through profit or loss ...................................................... 6,742 7,389 Cash at bank (Note 2) ................................................................................................... 116 239 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................ 22 170 Debtors:

Receivable for investments sold ............................................................................... - 8 Prepayments and other debtors ................................................................................. 14 11


Payable on fund shares redeemed ............................................................................ - (295) Management fees payable ........................................................................................ (10) (12) Depositary fees payable ............................................................................................ (2) - Audit fees payable .................................................................................................... (6) (12)

(35) (327) Net assets attributable to redeemable participating shareholders ......................... 6,859 7,490 Movement in payable on fund shares redeemed between dealing NAV and year end . - 295 Net assets attributable to redeemable participating shareholders at dealing NAV ............................................................................................................................. 6,859 7,785

Russell Investment Company plc Russell Investments Multi-Asset Conservative Strategy Fund Profit and Loss Account For the six months ended 30 September 2018


Russell Investments Multi-Asset Conservative Strategy Fund 363





Income Net gain (loss) on investment activities ....................................................................... (32) 78 Total investment income (expense) ........................................................................... (32) 78 Expenses

Management fees (Note 4) ....................................................................................... (65) (73) Less: Management fees reimbursement (Note 4) ..................................................... 28 27 Depositary fees (Note 5) ........................................................................................... (2) (1) Sub-custodian fees (Note 5) ..................................................................................... - (1) Administration and transfer agency fees (Note 5) .................................................... (6) (8) Audit fees ................................................................................................................. (6) (6) Other fees ................................................................................................................. (6) (6)

Total operating expenses ........................................................................................... (57) (68) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... (89) 10 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments Multi-Asset Conservative Strategy Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018






Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... (89) 10 Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................ (542) (114)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ......................................................................................... (631) (104) Net assets attributable to redeemable participating shareholders


Russell Investment Company plc Russell Investments Multi-Asset Conservative Strategy Fund Schedule of Investments 30 September 2018



Number of Shares


Fund %

Investment Funds (98.15%) France (7.38%)

7 H2O AM - H2O Adagio ...... 506 7.38

Ireland (81.57%)

133

Multi-Style Multi-Manager Funds plc The Eurozone Aggressive Equity Fund - Class B Shares ..................... 238 3.47

73

OpenWorld plc Russell Investments Global Listed Infrastructure - Class I USD Shares .................................. 159 2.32

588

Russell Investment Company II plc Russell Investments Emerging Market Debt Local Currency Fund - Class B Shares .............................. 509 7.42

344

Russell Investment Company II plc Russell Investments Global Bond (Euro Hedged) Fund - Class B Shares ......... 692 10.09

155

Russell Investment Company II plc Russell Investments Pan European Equity Fund - Class B Shares ..................... 232 3.38

765


543

Russell Investment Company plc Russell Global Credit Fund - Class EH-C Shares ... 567 8.27

Number of Shares


Fund %

522

Russell Investment Company plc Russell Investments Emerging Markets Equity Fund - Class A Shares ......... 192 2.80

281

Russell Investment Company plc Russell Investments Global High Yield Fund - Class A Roll-Up Shares ...... 365 5.32

424

Russell Investment Company plc Russell Investments Unconstrained Bond Fund - Class K-H Shares ................ 427 6.22

5,758

Russell Investment Company plc Russell Investments World Equity Fund II - Class EH-T Shares ....................... 957 13.95

4,883 Salar Fund plc Class I Shares 500 7.29 5,595 81.57 Luxembourg (9.20%)

4,247

BlueBay Global Convertible Bond Fund .......................... 410 5.98

4,789

Credit Suisse Lux Commodity Index Plus USD 221 3.22

631 9.20 Total Investment Funds .... 6,732 98.15



Notional Amount

EUR ‘000

Average Cost Price

EUR


Fund %

128 12.75

1 of Topix Index Futures Long Futures Contracts Expiring December 2018 ............................... 10 0.15

195 97.57

2 of 5 Year U.S. Treasury Note Futures Long Futures Contracts Expiring December 2018 ............................... (1) (0.01)

310 103.45

3 of 10 Year U.S. Treasury Note Futures Long Futures Contracts Expiring December 2018 ............................... (4) (0.06)

254 126.75

20 of Sx5E Dividend Futures Long Futures Contracts Expiring December 2019 ............................... (8) (0.12)


Russell Investment Company plc Russell Investments Multi-Asset Conservative Strategy Fund Schedule of Investments - continued 30 September 2018



Settlement Date


Amount Sold ‘000


Fund %

19/12/2018 EUR 168 USD 196 - 0.00 19/12/2018 EUR 168 USD 196 - 0.00 19/12/2018 JPY 10,202 EUR 79 (2) (0.03) 19/12/2018 JPY 10,202 EUR 79 (2) (0.03)

Net unrealised gain (loss) on open forward foreign currency exchange contracts .. (4) (0.06) Total Financial Derivative Instruments ...................................................................... (7) (0.10)


Fund %



Net Financial Assets at Fair Value Through Profit or Loss (98.05%) .................................................................................. 6,725 98.05 Other Net Assets (1.95%) ...................................................... 134 1.95 Net Assets ................................................................................ 6,859 100.00


gross assets Investment funds (UCITS) .............................................................................................................................. 97.65 Exchange traded financial derivative instruments .......................................................................................... 0.15 Other assets ..................................................................................................................................................... 2.20

100.00 The counterparty for the open futures contracts is Bank of America Merrill Lynch. The counterparties for the open forward foreign currency exchange contracts are:

Citibank Royal Bank of Canada

Russell Investment Company plc Russell Investments Multi-Asset Conservative Strategy Fund Schedule of Investments - continued 30 September 2018




Level 1

EUR ‘000 Level 2

EUR ‘000 Level 3

EUR ‘000 Total


Investments at fair value: Investment funds ........................................................... - 6,732 - 6,732 Unrealised gain on open futures contracts .................... 10 - - 10

Total assets ......................................................................... 10 6,732 - 6,742 Liabilities Financial liabilities at fair value through profit or loss::



Level 1

EUR ‘000 Level 2

EUR ‘000 Level 3

EUR ‘000 Total


Investments at fair value: Investment funds ........................................................... - 7,385 - 7,385 Unrealised gain on open futures contracts .................... 4 - - 4

Total assets ......................................................................... 4 7,385 - 7,389 Liabilities Financial liabilities at fair value through profit or loss::



Russell Investment Company plc Russell Investments Multi-Asset Conservative Strategy Fund Statement of Changes in Composition of Portfolio Listed below are all cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 368 Russell Investments Multi-Asset Conservative Strategy Fund



EUR ‘000 Russell Investment Company plc OpenWorld plc

Russell Global Credit Fund - Russell Investments U.S. Credit - Class EH-C Shares 719 Class P Shares (716)

Credit Suisse Lux Commodity Index Plus USD 1 FundLogic Alternatives Plc Salar Fund plc Class I Shares 1 MS Ascend UCITS Fund - BlueBay Global Convertible Bond Fund 1 Class I Shares (238)

Russell Investment Company plc Russell Global Credit Fund -

Class EH-C Shares (140) Russell Investment Company II plc

Russell Investments Global Bond (Euro Hedged) Fund - Class B Shares (137) Russell Investment Company plc Russell Investments Unconstrained Bond Fund -

Class K-H Shares (68) Russell Investment Company II plc Russell Investments Emerging Market

Debt Local Currency Fund - Class B Shares (68)

Russell Investment Company plc Russell Investments Emerging Market Debt Fund Balance Sheet As at 30 September 2018


Russell Investments Emerging Market Debt Fund 369


USD ‘000


Assets Financial assets at fair value through profit or loss ..................................................... 52,426 62,359 Cash at bank (Note 2) .................................................................................................. 1,102 1,002 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ........................................................................................................................ 204 448 Debtors:

Receivable for investments sold .............................................................................. - 36 Interest receivable .................................................................................................... 694 846


Payable for investments purchased .......................................................................... (84) (302) Distributions payable on income share classes ........................................................ (610) - Management fees payable ........................................................................................ (38) (54) Depositary fees payable ........................................................................................... (4) (1) Sub-custodian fees payable ...................................................................................... (1) (1) Administration fees payable .................................................................................... (3) (2) Audit fees payable ................................................................................................... (9) (18) Other fees payable ................................................................................................... - (7)

(1,148) (951) Net asset value attributable to redeemable participating shareholders ................ 53,278 63,740

Russell Investment Company plc Russell Investments Emerging Market Debt Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 370 Russell Investments Emerging Market Debt Fund





Income Interest income ......................................................................................................... 941 3,033

Net gain (loss) on investment activities ....................................................................... (9,627) 3,787 Total investment income (expense) ........................................................................... (8,686) 6,820 Expenses

Management fees (Note 4) ....................................................................................... (284) (478) Depositary fees (Note 5) ........................................................................................... (6) (5) Sub-custodian fees (Note 5) ..................................................................................... (2) (5) Administration and transfer agency fees (Note 5) .................................................... (14) (16) Audit fees ................................................................................................................. (9) (11) Professional fees ....................................................................................................... (6) (2)

Total operating expenses ........................................................................................... (321) (517) Net income (expense) .................................................................................................. (9,007) 6,303 Finance costs

Distributions (Note 7) ............................................................................................... (1,106) (1,305) Profit (loss) for the financial period before taxation ............................................... (10,113) 4,998 Taxation

Withholding tax (Note 8) ......................................................................................... (3) (2) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ....................................................................

(10,116) 4,996

All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Russell Investments Emerging Market Debt Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018








Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................ (346) (3,629)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ......................................................................................... (10,462) 1,367 Net assets attributable to redeemable participating shareholders


Russell Investment Company plc Russell Investments Emerging Market Debt Fund Schedule of Investments 30 September 2018


Principal Amount


Fund %

Transferable Securities (86.04%) Long Term Bonds and Notes (82.28%) Argentina (6.55%)


USD 1,264,000 7.500% due 22/04/26 ....... 1,129 2.12 500,000 6.875% due 26/01/27 ....... 426 0.80 500,000 5.875% due 11/01/28 ....... 397 0.74

EUR 275,221 7.820% due 31/12/33 ....... 303 0.57 19,800,000 Zero Coupon due 15/12/35 962 1.81 500,000 Zero Coupon due 15/12/35 24 0.04

YPF SA USD 250,000 8.750% due 04/04/24 ....... 250 0.47

3,491 6.55 Azerbaijan (1.05%)

International Bank of Azerbaijan OJSC

405,000 3.500% due 01/09/24 ....... 360 0.67

State Oil Co of the Azerbaijan Republic

200,000 4.750% due 13/03/23 ....... 201 0.38 561 1.05 Bahrain (0.48%)

Bahrain Government International Bond

250,000 7.000% due 26/01/26 ....... 257 0.48 Belize (1.22%)

Belize Government International Bond

1,300,000 4.938% due 20/02/34 ....... 650 1.22 Bermuda (0.94%) Noble Group Ltd 700,000 6.750% due 29/01/20 ....... 349 0.66 300,000 8.750% due 09/03/22 ....... 149 0.28 498 0.94 Brazil (1.73%)

Banco Nacional de Desenvolvimento Economico e Social

400,000 5.750% due 26/09/23 ....... 409 0.77 Vale SA

500,000 5.625% due 11/09/42 ....... 515 0.96 924 1.73 Cayman Islands (0.71%)

China Evergrande Group 423,000 8.750% due 28/06/25 ....... 380 0.71

Principal Amount


Fund %

Colombia (1.61%)

Colombia Government International Bond

500,000 7.375% due 18/09/37 ...... 632 1.19 200,000 6.125% due 18/01/41 ...... 227 0.42 859 1.61 Costa Rica (0.83%)

Costa Rica Government International Bond

500,000 7.000% due 04/04/44 ...... 441 0.83 Croatia (2.13%) Agrokor dd 500,000 8.875% due 01/02/20 ...... 143 0.27

EUR 1,400,000 9.125% due 01/02/20 ...... 450 0.84

Croatia Government International Bond

USD 500,000 6.000% due 26/01/24 ...... 544 1.02 1,137 2.13 Dominican Republic (1.77%)


150,000 6.600% due 28/01/24 ...... 159 0.30 500,000 5.875% due 18/04/24 ...... 517 0.97 250,000 7.450% due 30/04/44 ...... 268 0.50 944 1.77 Ecuador (0.68%)

Ecuador Government International Bond

400,000 7.875% due 23/01/28 ...... 361 0.68 Egypt (1.93%)

Egypt Government International Bond

400,000 6.875% due 30/04/40 ...... 357 0.67 750,000 6.875% due 30/04/40 ...... 670 1.26 1,027 1.93 El Salvador (0.79%)

El Salvador Government International Bond

USD 400,000 7.750% due 24/01/23 ...... 419 0.79 Ethiopia (0.38%)

Ethiopia International Bond 200,000 6.625% due 11/12/24 ...... 203 0.38 Ghana (1.52%)

Ghana Government International Bond

650,000 10.750% due 14/10/30 .... 811 1.52

Russell Investment Company plc Russell Investments Emerging Market Debt Fund Schedule of Investments - continued 30 September 2018



Principal Amount


Fund %

Indonesia (2.26%)


500,000 7.750% due 17/01/38 ....... 657 1.23 Pertamina Persero PT

500,000 6.450% due 30/05/44 ....... 546 1.03 1,203 2.26 Iraq (0.89%)

Iraq International Bond 500,000 5.800% due 15/01/28 ....... 475 0.89 Ireland (2.51%)

Russian Railways Via RZD Capital Plc

RUB 25,000,000 7.900% due 19/10/24 ....... 362 0.68

Vnesheconombank Via VEB Finance Plc

USD 1,000,000 6.025% due 05/07/22 ....... 973 1.83 1,335 2.51 Israel (0.62%)

Israel Electric Corp Ltd 300,000 6.875% due 21/06/23 ....... 330 0.62 Jordan (0.44%)

Jordan Government International Bond

250,000 7.375% due 10/10/47 ....... 236 0.44 Kazakhstan (1.36%)

KazMunayGas National Co JSC

750,000 6.000% due 07/11/44 ....... 727 1.36 Lebanon (0.74%)

Lebanon Government International Bond

150,000 8.250% due 12/04/21 ....... 141 0.26 300,000 6.000% due 27/01/23 ....... 255 0.48 396 0.74 Luxembourg (0.58%)


250,000 8.625% due 28/04/34 ....... 310 0.58 Malaysia (0.18%)

Malaysia Government Bond MYR 400,000 3.654% due 31/10/19 ....... 97 0.18

Principal Amount


Fund %

Mexico (9.57%) Mexican Bonos

MXN 2,500,000 5.000% due 11/12/19 ...... 129 0.24 10,000,000 10.000% due 05/12/24 .... 593 1.11 Petroleos Mexicanos

EUR 750,000 5.500% due 24/02/25 ...... 985 1.85 USD 750,000 6.875% due 04/08/26 ...... 793 1.49

1,000,000 6.625% due 15/06/38 ...... 965 1.81 125,000 6.500% due 02/06/41 ...... 118 0.22

USD 1,000,000 5.500% due 27/06/44 ...... 849 1.60 500,000 5.625% due 23/01/46 ...... 426 0.80 250,000 6.750% due 21/09/47 ...... 239 0.45 5,097 9.57 Mozambique (1.22%)

Mozambique International Bond

772,000 10.500% due 18/01/23 .... 649 1.22 Netherlands (2.67%)


500,000 8.750% due 23/05/26 ...... 549 1.03 700,000 5.625% due 20/05/43 ...... 570 1.07 350,000 6.850% due 05/06/2115 .. 301 0.57 1,420 2.67 Nigeria (0.45%)

Nigeria Government International Bond

250,000 6.500% due 28/11/27 ...... 241 0.45 Oman (0.73%)

Oman Government International Bond

200,000 4.750% due 15/06/26 ...... 190 0.36 200,000 5.625% due 17/01/28 ...... 197 0.37 387 0.73 Pakistan (1.24%)

Pakistan Government International Bond

700,000 7.875% due 31/03/36 ...... 662 1.24 Philippines (0.56%)

Philippine Government International Bond

200,000 9.500% due 02/02/30 ...... 297 0.56



Principal Amount


Fund %

Poland (2.15%)

Republic of Poland Government Bond

PLN 2,200,000 1.500% due 25/04/20 ....... 598 1.12 2,000,000 2.000% due 25/04/21 ....... 546 1.03 1,144 2.15 Serbia & Montenegro (1.02%)

Serbia International Bond USD 500,000 7.250% due 28/09/21 ....... 545 1.02

South Africa (2.16%) Eskom Holdings SOC Ltd 600,000 6.750% due 06/08/23 ....... 578 1.09 500,000 7.125% due 11/02/25 ....... 482 0.90


ZAR 1,200,000 10.500% due 21/12/26 ..... 92 0.17 1,152 2.16 Sri Lanka (0.93%)

Sri Lanka Government International Bond

USD 500,000 5.875% due 25/07/22 ....... 493 0.93 Turkey (9.74%)

Akbank Turk AS 300,000 6.797% due 27/04/28 ....... 237 0.45

Export Credit Bank of Turkey

200,000 5.375% due 08/02/21 ....... 189 0.36

Turkey Government International Bond

200,000 4.875% due 09/10/26 ....... 172 0.32 650,000 6.000% due 25/03/27 ....... 593 1.11 400,000 5.125% due 17/02/28 ....... 341 0.64 200,000 11.875% due 15/01/30 ..... 262 0.49 900,000 6.750% due 30/05/40 ....... 807 1.52 2,500,000 6.625% due 17/02/45 ....... 2,179 4.09

Yapi ve Kredi Bankasi AS 500,000 5.500% due 06/12/22 ....... 407 0.76 5,187 9.74 Ukraine (3.28%)

Ukraine Government International Bond

3,296,000 Zero Coupon due 31/05/40 1,747 3.28

Principal Amount


Fund %


State Savings Bank of Ukraine Via SSB #1 Plc

200,000 9.398% due 19/01/24 ...... 197 0.37 100,000 9.625% due 20/03/25 ...... 101 0.19

Ukreximbank Via Biz Finance Plc

600,000 9.522% due 09/02/23 ...... 573 1.08 800,000 9.750% due 22/01/25 ...... 807 1.51 1,678 3.15 Venezuela (9.51%) Petroleos de Venezuela SA 1,300,000 12.750% due 17/02/22 .... 319 0.60 5,500,000 6.000% due 16/05/24 ...... 1,230 2.31 1,000,000 6.000% due 15/11/26 ...... 219 0.41 500,000 6.000% due 15/11/26 ...... 109 0.20 1,000,000 5.375% due 12/04/27 ...... 222 0.42 2,500,000 9.750% due 17/05/35 ...... 600 1.13 1,000,000 5.500% due 12/04/37 ...... 225 0.42

Venezuela Government International Bond

750,000 7.750% due 13/10/19 ...... 200 0.38 2,300,000 12.750% due 23/08/22 .... 636 1.19 3,200,000 11.750% due 21/10/26 .... 891 1.67 1,500,000 11.950% due 05/08/31 .... 416 0.78 5,067 9.51


Short Term Investments (3.21%) Croatia (0.37%) Agrokor dd

EUR 600,000 9.875% due 01/05/19 ...... 197 0.37 Luxembourg (0.94%)

Sistema JSFC Via Sistema International Funding SA ....

USD 500,000 6.950% due 17/05/19 ...... 500 0.94 Turkey (1.64%) Turkiye Halk Bankasi AS ... 400,000 4.750% due 04/06/19 ...... 374 0.70 Turkiye Is Bankasi AS ........ 500,000 3.750% due 10/10/18 ...... 499 0.94 873 1.64




Principal Amount


Fund %


Privatbank CJSC Via UK SPV Credit Finance Plc

160,000 10.250% due 23/01/18 ..... 39 0.07 Venezuela (0.19%)

Venezuela Government International Bond

400,000 7.000% due 01/12/18 ....... 99 0.19


Number of Shares Common Stock (0.55%) Canada (0.55%) Oil and Gas

20,718 Frontera Energy Corp ...... 293 0.55 Total Common Stock ........ 293 0.55


Principal Amount


Fund %

Money Market Instruments (7.49%) United States (7.49%) United States Treasury Bill

USD 2,000,000 Zero Coupon due 08/11/18 1,996 3.75 2,000,000 Zero Coupon due 15/11/18 1,995 3.74



1,902





Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

(4,121)

(1.18)

28 of Euro FX Currency Futures Short Futures Contracts Expiring December 2018 ................................. 33 0.06

1,697

113.11


1,385

0.05

53 of Mexican Peso Futures Long Futures Contracts Expiring December 2018 ................................. 14 0.03

2,153

119.58


425

141.67


314

156.88


Unrealised gain on open futures contracts ...................................................................... 47 0.09 Unrealised loss on open futures contracts ....................................................................... (33) (0.07) Net unrealised gain (loss) on open futures contracts ................................................. 14 0.02




Settlement Date


Amount Sold ‘000


Fund %

05/10/2018 GBP 10,437 USD 13,575 36 0.07 05/10/2018 GBP 10,453 USD 13,575 58 0.10 05/10/2018 GBP 10,444 USD 13,575 46 0.09 05/10/2018 GBP 10,433 USD 13,575 32 0.06 15/10/2018 USD 1,792 EUR 1,529 14 0.03 05/10/2018 USD 1,577 GBP 1,212 (3) (0.01)

Unrealised gain on open forward foreign currency exchange contracts ............................... 186 0.35 Unrealised loss on open forward foreign currency exchange contracts ................................ (3) (0.01) Net unrealised gain (loss) on open forward foreign currency exchange contracts ....... 183 0.34


Ccy

Notional Amount

‘000 Security

Name Fund Pays

Fund Receives

Termination Date


Fund %

USD (14,000)

People's Republic of

China 1.00% # 20/12/2023

(293) (0.54)

USD (600) Republic of

Turkey # 1.00% 20/12/2023 (70) (0.13) USD 9,500 CDX.EM.30 1.00% # 20/12/2023 403 0.75

Credit default swaps at positive fair value ..................................................................... 403 0.75 Credit default swaps at negative fair value .................................................................... (363) (0.67) Credit default swaps at fair value .............................................................................. 40 0.08 Total Financial Derivative Instruments ..................................................................... 237 0.44

# In the event of bankruptcy or, the fund will pay/receive the notional amount to/from the counterparty.


Fund %


Total Financial Liabilities at Fair Value through Profit or Loss ((0.75) %) ........................................................................ (399) (0.75)

Net Financial Assets at Fair Value through Profit or Loss (97.65%) .................................................................................. 52,027 97.65


Analysis of total assets % of

gross assets Transferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market ........................................................................................................................... 86.19 Transferable securities dealt in on another regulated market .......................................................................... 4.51 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) ................................ 0.86 Investment funds (UCITS) ............................................................................................................................. 3.60 Exchange traded financial derivative instruments .......................................................................................... 0.09 Over the counter financial derivative instruments .......................................................................................... 1.08 Other assets ..................................................................................................................................................... 3.67

100.00




The counterparties for the open futures contracts are:

Bank of America Merrill Lynch Societe Generale The counterparties for the open forward foreign currency exchange contracts are:

Bank of Montreal Royal Bank of Canada Canadian Imperial Bank of Commerce State Street Bank and Trust Company Commonwealth Bank of Australia Westpac

The counterparty for the credit default swaps is BNP Paribas. Fair Value Hierarchy (Note 11) The following table analyses within the fair value hierarchy the Fund’s financial assets and liabilities (by investment type) measured at fair value at 30 September 2018 and 31 March 2018. As at 30 September 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 288 45,315 236 45,839 Investment funds ........................................................... - 1,960 1,960 Money market instruments ........................................... - 3,991 3,991 Unrealised gains on open futures contracts .................. 47 - - 47 Unrealised gain on open forward foreign currency exchange contracts ........................................................ - 186 - 186 Credit default swaps at fair value ................................. - 403 - 403


Unrealised loss on open futures contracts ........................ (33) - - (33) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (3) - (3) Credit default swaps at fair value ..................................... - (363) - (363)




As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 289 53,494 - 53,783 Investment funds ........................................................... - 1,742 - 1,742 Money market instruments ........................................... - 5,485 - 5,485 Unrealised gains on open futures contracts .................. 152 - - 152 Unrealised gain on open forward foreign currency exchange contracts ........................................................ - 1,015 - 1,015 Credit default swaps at fair value ................................. - 182 - 182


Unrealised loss on open futures contracts ........................ (18) - - (18) Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (192) - (192) Credit default swaps at fair value ..................................... - (356) - (356)


Russell Investment Company plc Russell Investments Emerging Market Debt Fund Statement of Changes in Composition of Portfolio Listed below are the total cumulative investment purchases and sales during the six months ended 30 September 2018.







U.S. Treasury Bills U.S. Treasury Bill Zero Coupon due 08/11/18 1,982 Zero Coupon due 31/05/18 (1,496) Zero Coupon due 15/11/18 1,981 Gazprom OAO Via Gaz Capital SA

Turkey Government International Bond 6.510% due 07/03/22 (1,063) 6.750% due 30/05/40 578 Hungary Government International Bond

Sinochem Overseas Capital Comp Ltd 7.630% due 29/03/41 (685) 4.500% due 12/11/20 510 Sinochem Overseas Capital Comp Ltd

Eskom Holdings SOC Ltd 4.500% due 12/11/20 (508) 7.125% due 11/02/25 485 Yapi ve Kredi Bankasi AS

Ecuador Government International Bond 5.250% due 03/12/18 (499) 7.875% due 23/01/28 364 Turkey Government International Bond

Yapi ve Kredi Bankasi AS 6.625% due 17/02/45 (477) 5.500% due 06/12/22 306 China Government International Bond

Turkiye Halk Bankasi AS 2.630% due 02/11/27 (476) 4.750% due 04/06/19 297 Mongolia Government International Bond

Lebanon Government International Bond 10.880% due 06/04/21 (391) 6.000% due 27/01/23 273 Mozambique International Bond

Turkey Government International Bond 10.500% due 18/01/23 (338) 11.875% due 15/01/30 269 Ukraine Government International Bond

Nigeria Government International Bond Zero Coupon due 31/05/40 (335) 6.500% due 28/11/27 234 Turkiye Is Bankasi AS

Jordan Government International Bond 3.750% due 10/10/18 (298) 7.375% due 10/10/47 230 Egypt Government International Bond

Oman Government International Bond 6.875% due 30/04/40 (281) 5.625% due 17/01/28 193 Petrobras Global Finance BV

Akbank Turk AS 5.625% due 20/05/43 (248) 6.797% due 27/04/28 178 Vietnam Government International Bond

Export Credit Bank of Turkey 6.750% due 29/01/20 (209) 5.375% due 08/02/21 174 Corp Nacional del Cobre de Chile

Turkey Government International Bond 4.500% due 16/09/25 (203) 6.625% due 17/02/45 174 Sistema JSFC Via Sistema International Funding SA

Argentine Republic Government International Bond 6.950% due 17/05/19 (201) Zero Coupon due 15/12/35 22 Turkey Government International Bond

6.750% due 30/05/40 (197) Turkiye Halk Bankasi AS 4.750% due 04/06/19 (190)

Russell Investment Company plc Old Mutual African Frontiers Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 380 Old Mutual African Frontiers Fund


USD ‘000


Assets Financial assets at fair value through profit or loss .................................................... 250,245 269,836 Cash at bank (Note 2) ................................................................................................ 13,810 7,184 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ...................................................................................................................... 2,302 2,480 Debtors:

Receivable for investments sold ............................................................................. 2,656 90 Dividends receivable .............................................................................................. 326 1,086

269,339 280,676 Liabilities Financial liabilities at fair value through profit or loss .............................................. (26) (206) Creditors – amounts falling due within one financial year:

Cash due to brokers and counterparties for open financial derivative instruments (Note 2) .................................................................................................................. (2,135) (2,480) Payable for investments purchased ........................................................................ (3,382) (786) Distributions payable on hybrid accumulation share classes .................................. - (562) Management fees payable ...................................................................................... (221) (122) Depositary fees payable .......................................................................................... (16) (8) Sub-custodian fees payable .................................................................................... (187) (78) Administration fees payable ................................................................................... (14) (9) Audit fees payable .................................................................................................. (7) (14)

(5,988) (4,265)

Net assets attributable to redeemable participating shareholders ....................... 263,351 276,411

Russell Investment Company plc Old Mutual African Frontiers Fund Profit and Loss Account For the six months ended 30 September 2018


Old Mutual African Frontiers Fund 381





Income Dividends ............................................................................................................... 7,892 3,825 Interest income ....................................................................................................... 2,237 411

10,129 4,236

Net gain (loss) on investment activities ..................................................................... (31,188) 17,110

Total investment income (expense) ......................................................................... (21,059) 21,346

Expenses Management fees (Note 4) ..................................................................................... (629) (310) Depositary (Note 5) ................................................................................................ (25) (12) Sub-custodian fees (Note 5) ................................................................................... (293) (110) Administration and transfer agency fees (Note 5) .................................................. (39) (18) Audit fees ............................................................................................................... (7) (7) Professional fees ..................................................................................................... (1) (2) Other fees ............................................................................................................... (17) (6)

Total operating expenses ......................................................................................... (1,011) (465)

Profit (loss) for the financial period before taxation ............................................. (22,070) 20,881

Taxation Withholding tax (Note 8) ....................................................................................... (669) (331)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................. (22,739) 20,550 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual African Frontiers Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018






Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................. (22,739) 20,550 Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ..................................................................................... 9,679 85,348

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ...................................................................................... (13,060) 105,898 Net assets attributable to redeemable participating shareholders

Beginning of financial period ................................................................................. 276,411 95,671

End of financial period ........................................................................................... 263,351 201,569

Russell Investment Company plc Old Mutual African Frontiers Fund Schedule of Investments 30 September 2018



Number of Shares


Fund %

Transferable Securities (84.23%) Common Stock (84.23%) Botswana (3.77%) Banks

19,903,789

First National Bank of Botswana Ltd ...................... 4,355 1.65

Beverages

3,046,876

Sechaba Breweries Holdings Ltd ....................................... 5,571 2.12

9,926 3.77 Egypt (24.76%) Agriculture

6,231,100 Eastern Tobacco .................. 6,502 2.47 Banks

434,313

Commercial International Bank Egypt SAE ................. 2,036 0.77

319,213

Commercial International Bank Egypt SAE GDR (UK listed) ................................... 1,456 0.55

2,578,457

Commercial International Bank Egypt SAE GDR (US listed) ................................... 11,757 4.47

4,131,308 Credit Agricole Egypt SAE . 10,141 3.85 Chemicals

7,447,798

Egypt Kuwait Holding Co SAE ..................................... 8,639 3.28


1,419,999

Housing & Development Bank .................................... 3,804 1.44

Food Products 6,302,904 Arabian Food Industries ...... 3,799 1.44 3,626,827 Juhayna Food Industries ...... 2,032 0.77

7,581,745

Obour Land For Food Industries ............................. 8,039 3.06

Other Finance

2,834,166

Cairo Investment & Real Estate Development Co SAE 949 0.36

Pharmaceuticals

108,976

Egyptian International Pharmaceuticals EIPICO ..... 687 0.26

Real Estate 8,677,387 Talaat Moustafa Group ........ 5,375 2.04

65,216 24.76 Ivory Coast (1.35%) Banks

109,465

Societe Generale de Banques en Cote d'Ivoire ................... 1,937 0.74

Beverages

15,470

Societe de Limonaderies et Brasseries ............................ 1,616 0.61

3,553 1.35 Jersey, Channel Islands (6.55%) Health Care Providers and Services

2,574,801

Integrated Diagnostics Holdings Plc ........................ 10,814 4.11

Number of Shares


Fund %

Metals and Mining 287,050 Centamin Plc ....................... 398 0.15 84,883 Randgold Resources Ltd ..... 6,033 2.29

17,245 6.55 Kenya (9.24%) Banks

20,997,345 KCB Group Ltd .................. 8,384 3.18 Media

835,035 Nation Media Group Plc ..... 576 0.22 Other Finance

9,523,611 Centum Investment Co Ltd . 2,740 1.04 Telecommunications

52,017,349 Safaricom Plc ...................... 12,643 4.80 24,343 9.24 Mauritius (6.79%) Banks

21,536,871 SBM Holdings Ltd .............. 4,074 1.55 Beverages

194,555 Phoenix Beverages Ltd ....... 3,374 1.28 Diversified Financials

1,299,510 MCB Group Ltd .................. 10,437 3.96 17,885 6.79 Morocco (4.98%) Beverages

18,679

Societe Des Boissons du Maroc .................................. 5,746 2.18

Retail Trade 35,596 Label Vie ............................ 7,364 2.80

13,110 4.98 Namibia (0.94%) Beverages

758,419 Namibia Breweries Ltd ....... 2,465 0.94 Nigeria (18.99%) Banks

45,253,472 FBN Holdings Plc ............... 1,105 0.42 143,293,530 Guaranty Trust Bank Plc ..... 14,364 5.46

18,990,736 Stanbic IBTC Holdings Plc . 2,396 0.91 288,421,635 United Bank for Africa Plc . 6,644 2.52 234,088,521 Zenith Bank Plc .................. 13,803 5.24 Beverages

1,923,870 Guinness Nigeria Plc .......... 422 0.16 Building Products

9,021,005 Dangote Cement Plc ........... 5,072 1.93 Food Products

34,223,315

NASCON Allied Industries Plc ....................................... 1,736 0.66

34,332,986 Unilever Nigeria Plc ........... 4,462 1.69 50,004 18.99

Russell Investment Company plc Old Mutual African Frontiers Fund Schedule of Investments - continued 30 September 2018


Number of Shares


Fund %

Senegal (2.35%) Communication Equipment

173,642 Sonatel SA ........................... 6,182 2.35 Tunisia (0.27%) Textile and Apparel

163,390

Societe D'Articles Hygieniques SA .................. 710 0.27

Uganda (1.22%) Diversified Financials

14,428,700

Development Finance Co of Uganda Ltd .......................... 3,206 1.22

United Kingdom (2.62%) Oil and Gas

2,009,269 Tullow Oil Plc ..................... 6,899 2.62 Zimbabwe (0.40%) Retail Trade

5,400,000 Simbisa Brands Ltd ............. 1,066 0.40 Total Common Stock ........ 221,810 84.23 Rights (0.00%) Tunisia (0.00%)

6

Societe D'Articles Hygieniques SA .................. - 0.00

Total Rights ....................... - 0.00


Principal Amount


Fund %

Money Market Instruments (9.90%) Egypt (2.92%) Egypt Treasury Bills

EGP 57,650,000 Zero Coupon due 19/02/19 3,006 1.14 52,000,000 Zero Coupon due 09/04/19 2,632 1.00 40,900,000 Zero Coupon due 07/05/19 2,051 0.78 7,689 2.92 Nigeria (6.98%)

NGN Nigeria Treasury Bills 652,000,000 Zero Coupon due 01/11/18 1,768 0.67

1,147,500,000 Zero Coupon due 15/11/18 3,095 1.18 480,000,000 Zero Coupon due 29/11/18 1,289 0.49 818,000,000 Zero Coupon due 06/12/18 2,191 0.83 829,000,000 Zero Coupon due 13/12/18 2,194 0.83 533,000,000 Zero Coupon due 03/01/19 1,414 0.54 492,000,000 Zero Coupon due 10/01/19 1,302 0.49 469,000,000 Zero Coupon due 17/01/19 1,238 0.47

1,486,000,000 Zero Coupon due 07/02/19 3,894 1.48 18,385 6.98






Financial Derivative Instruments (0.88%) Open Forward Foreign Currency Exchange Contracts (0.88%)

Settlement Date


Amount Sold ‘000


Fund %

03/10/2018 EGP 54,572 USD 2,800 244 0.09 24/10/2018 EGP 55,995 USD 2,850 255 0.10 15/11/2018 EGP 41,013 USD 2,100 160 0.06 21/11/2018 EGP 64,383 USD 3,300 242 0.09 26/11/2018 EGP 66,232 USD 3,400 239 0.09 27/11/2018 EGP 81,858 USD 4,200 297 0.11 11/12/2018 EGP 63,534 USD 3,230 247 0.09 24/12/2018 EGP 47,016 USD 2,400 165 0.06 06/02/2019 EGP 24,245 USD 1,300 6 0.00 25/02/2019 EGP 75,920 USD 4,000 65 0.03 27/02/2019 EGP 39,648 USD 2,100 21 0.01 03/04/2019 EGP 77,274 USD 4,050 41 0.02 14/05/2019 EGP 110,578 USD 5,540 247 0.09 06/08/2019 EGP 25,441 USD 1,300 - 0.00 12/07/2019 GHS 14,469 USD 2,600 88 0.03 06/02/2019 NGN 966,550 USD 2,600 (7) 0.00 11/02/2019 NGN 963,300 USD 2,600 (19) (0.01) 11/03/2019 NGN 943,750 USD 2,500 9 0.00 23/04/2019 NGN 1,606,500 USD 4,200 22 0.01 14/05/2019 NGN 534,610 USD 1,385 13 0.01

Unrealised gain on open forward foreign currency exchange contracts ............................... 2,361 0.89 Unrealised loss on open forward foreign currency exchange contracts ................................ (26) (0.01) Net unrealised gain (loss) on open forward foreign currency exchange contracts ....... 2,335 0.88 Total Financial Derivative Instruments ............................................................................ 2,335 0.88

Fair Value USD '000

Fund %



Net Financial Assets at Fair Value through Profit or Loss (95.01%) .......................................................................................... 250,219 95.01


Abbreviation used: GDR - Global Depository Receipt


gross assets Transferable securities and money market instruments admitted to an official stock exchange listing ............. 92.03 Over the counter financial derivative instrument ............................................................................................... 0.88 Other assets ........................................................................................................................................................ 7.09

100.00




Bank of America Merrill Lynch Standard Chartered Bank Citibank

Fair Value Hierarchy (Note 11) The following table analyses within the fair value hierarchy the Fund’s financial assets and liabilities (by investment type) measured at fair value at 30 September 2018 and 31 March 2018. As at 30 September 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 221,810 - - 221,810Money market instruments ........................................... - 26,074 - 26,074

Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 2,361 - 2,361


Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (26) - (26)

Total liabilities ................................................................... - (26) - (26) As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 233,387 - 1,460 234,847 Money market instruments ........................................... - 32,227 - 32,227

Unrealised gain on open forward foreign currency exchange contracts ........................................................... - 2,762 - 2,762


Unrealised loss on open forward foreign currency exchange contracts ........................................................... - (206) - (206)

Total liabilities ................................................................... - (206) - (206)

Russell Investment Company plc Old Mutual African Frontiers Fund Statement of Changes in Composition of Portfolio Listed below are cumulative investment purchases and cumulative investment sales in excess of 1% of total investment purchases or sales respectively during the six months ended 30 September 2018.





USD ‘000 Randgold Resources Ltd 8,500 Centamin Plc (6,097) Commercial International Bank Egypt Commercial International Bank Egypt SAE (4,634) SAE GDR (UK listed) 6,817 Safaricom Plc (4,145) Zenith Bank Plc 6,597 Nestle Nigeria Plc (2,819) Guaranty Trust Bank Plc 5,129 Commercial International Bank Egypt Integrated Diagnostics Holdings Plc 5,015 SAE GDR (UK listed) (2,770) Housing & Development Bank 4,309 East African Breweries Ltd (2,480) Nigeria Treasury Bill Access Bank Plc (2,291)

Zero Coupon due 02/07/19 3,890 Nigeria Treasury Bills Obour Land For Food Industries 3,442 Zero Coupon due 02/08/18 (2,218) Credit Agricole Egypt SAE 3,200 Zero Coupon due 09/08/18 (2,213) Egypt Treasury Bill MCB Group Ltd (2,208)

Zero Coupon due 19/02/18 2,863 Guinness Nigeria Plc (2,081) United Bank for Africa Plc 2,561 Talaat Moustafa Group (2,036) Egypt Treasury Bill Egypt Kuwait Holding Co SAE (1,904)

Zero Coupon due 09/04/19 2,544 Randgold Resources Ltd (1,850) Arabian Food Industries Co 2,506 TransGlobe Energy Corp (1,462) Stanbic IBTC Holdings Plc 2,447 Attijariwafa Bank (1,353) Nigeria Treasury Bills Sonatel SA (950)

Zero Coupon due 13/12/18 2,210 Juhayna Food Industries (827) Zero Coupon due 06/12/18 2,082 CI Capital Holding Co SAE (776)

Egypt Treasury Bills Eastern Tobacco (537) Zero Coupon due 07/05/19 2,016 Nation Media Group Plc (514)

Nigeria Treasury Bill Societe Des Boissons du Maroc (472) Zero Coupon due 23/08/18 1,999

Tullow Oil Plc 1,524 Safaricom Plc 1,402 Nigeria Treasury Bill

Zero Coupon due 03/01/19 1,392 FBN Holdings Plc 1,357 Nigeria Treasury Bills

Zero Coupon due 10/01/19 1,294 Zero Coupon due 17/01/19 1,250 Zero Coupon due 29/11/18 1,212

Unilever Nigeria Plc 1,115 NASCON Allied Industries Plc 955 Cairo Investment & Real Estate Development Co SAE 952 Phoenix Beverages Ltd 950 Nigeria Treasury Bills

Zero Coupon due 15/11/18 869

Russell Investment Company plc Old Mutual Value Global Equity Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 388 Old Mutual Value Global Equity Fund


USD ‘000


Assets Financial assets at fair value through profit or loss ..................................................... 260,981 253,973 Cash at bank (Note 2) .................................................................................................. 3,545 7,196 Debtors:

Receivable for investments sold ............................................................................... 1,210 - Dividends receivable ................................................................................................ 609 714 266,345 261,883

Liabilities Creditors – amounts falling due within one financial year:

Payable for investments purchased .......................................................................... (1,300) - Payable on fund shares redeemed ............................................................................ (6) - Distributions payable on hybrid accumulation share classes .................................... - (245) Management fees payable ........................................................................................ (212) (124) Depositary fees payable ............................................................................................ (17) (8) Sub-custodian fees payable ...................................................................................... (6) (5) Administration fees payable ..................................................................................... (14) (10) Audit fees payable .................................................................................................... (12) (23)

(1,567) (415) Net assets attributable to redeemable participating shareholders ........................ 264,778 261,468

Russell Investment Company plc Old Mutual Value Global Equity Fund Profit and Loss Account For the six months ended 30 September 2018


Old Mutual Value Global Equity Fund 389





Income Dividends ................................................................................................................... 5,393 2,002 Securities lending income (Note 3) ........................................................................... 20 15

5,413 2,017 Net gain (loss) on investment activities ........................................................................ 10,564 29,015 Total investment income (expense) ............................................................................ 15,977 31,032 Expenses

Management fees (Note 4) ......................................................................................... (612) (478) Depositary fees (Note 5) ............................................................................................ (27) (23) Sub-custodian fees (Note 5) ....................................................................................... (17) - Administration and transfer agency fees (Note 5) ..................................................... (45) (31) Audit fees ................................................................................................................... (12) (12) Professional fees ........................................................................................................ (5) (4) Other fees ................................................................................................................... (11) (10)

Total operating expenses ............................................................................................ (729) (558) Profit (loss) for the financial period before taxation ................................................ 15,248 30,474 Taxation

Withholding tax (Note 8) ........................................................................................... (767) (493) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... 14,481 29,981 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual Value Global Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................. (11,171) 205,272


Beginning of financial period ................................................................................... 261,468 127,074

End of financial period ............................................................................................. 264,778 362,327

Russell Investment Company plc Old Mutual Value Global Equity Fund Schedule of Investments 30 September 2018



Number of Shares


Fund %

Transferable Securities (98.57%) Common Stock (98.57%) Austria (1.01%) Banks

64,523 Erste Group Bank AG ......... 2,681 1.01 Colombia (0.63%) Oil and Gas

62,337 Ecopetrol SA ADR .............. 1,679 0.63 Curacao (2.79%) Oil and Gas Services

121,178 Schlumberger Ltd ................ 7,382 2.79 Finland (1.16%) Electric Utilities

122,837 Fortum OYJ ......................... 3,080 1.16 France (4.28%) Chemicals

44,714 Air Liquide SA .................... 5,884 2.22 Pharmaceuticals

61,338 Sanofi .................................. 5,454 2.06 11,338 4.28 Germany (6.52%) Chemicals

29,258 Linde AG ............................. 6,922 2.62 Insurance

24,388

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ............................ 5,403 2.04

Pharmaceuticals 55,419 Bayer AG ............................ 4,925 1.86

17,250 6.52 Ireland (3.52%) Auto Components

56,132 Adient Plc ............................ 2,207 0.83 Banks

316,720 Bank of Ireland Group Plc ... 2,426 0.92 Building Products

133,641

Johnson Controls International Plc .................. 4,677 1.77

9,310 3.52 Italy (3.03%) Electric Utilities

462,193 Enel SpA ............................. 2,369 0.90 Oil and Gas

298,617 Eni SpA ............................... 5,647 2.13 8,016 3.03

Number of Shares


Fund %

Japan (1.61%) Aerospace and Defence

45,000 IHI Corp .............................. 1,706 0.65 Banks

452,400 Resona Holdings Inc ........... 2,542 0.96 4,248 1.61 Korea, Republic of (0.86%) Agriculture

24,260 KT&G Corp ........................ 2,275 0.86 Mexico (0.96%) Real Estate Investment Trust

1,921,500

Fibra Uno Administracion SA de CV ............................ 2,543 0.96

Netherlands (4.80%) Aerospace and Defence

21,117 Airbus SE ............................ 2,653 1.00 Automobiles

108,346

Fiat Chrysler Automobiles NV ...................................... 1,906 0.72

Health Care Equipment and Supplies 119,628 Koninklijke Philips NV ...... 5,452 2.06

Pipelines 54,776 Koninklijke Vopak NV ....... 2,700 1.02

12,711 4.80 South Africa (0.44%) Banks

108,408 Absa Group Ltd .................. 1,164 0.44 Spain (2.03%) Banks

1,861,452 Banco de Sabadell SA ......... 2,895 1.09 Gas Utilities

91,751 Enagas SA .......................... 2,478 0.94 5,373 2.03 United Kingdom (13.85%) Agriculture

131,114 Imperial Tobacco Group Plc 4,567 1.73 Beverages

153,425

Coca-Cola European Partners Plc ......................... 6,976 2.63

Commercial Services and Supplies 225,775 Nielsen Holdings Plc .......... 6,245 2.36

Containers and Packaging 346,475 DS Smith Plc ...................... 2,161 0.82 383,106 RPC Group Plc ................... 3,972 1.50

Gas Utilities 500,041 National Grid Plc ................ 5,161 1.95

Russell Investment Company plc Old Mutual Value Global Equity Fund Schedule of Investments - continued 30 September 2018


Number of Shares


Fund %

Media 1,649,254 ITV Plc ................................ 3,395 1.28

Pharmaceuticals 209,343 GlaxoSmithKline Plc ........... 4,195 1.58

36,672 13.85 United States (51.08%) Agriculture

62,206 Altria Group Inc .................. 3,752 1.42

63,807

Philip Morris International Inc ....................................... 5,203 1.96

Banks 60,088 State Street Corp ................. 5,034 1.90 102,880 US Bancorp ......................... 5,433 2.05 92,171 Wells Fargo & Co ............... 4,845 1.83

Commercial Services and Supplies 11,857 AMERCO ............................ 4,229 1.60

Diversified Financials 108,042 Jefferies Financial Group Inc 2,373 0.89

Electric Utilities 77,602 Dominion Energy Inc .......... 5,454 2.06 154,509 Exelon Corp ........................ 6,746 2.55

Health Care Providers and Services 16,484 Anthem Inc .......................... 4,517 1.70

Insurance 20,127 Berkshire Hathaway Inc ...... 4,309 1.63

Media 167,409 Comcast Corp ...................... 5,928 2.24

Miscellaneous Manufacturers 485,428 General Electric Co ............. 5,480 2.07

Number of Shares


Fund %

Oil and Gas 64,884 Hess Corp ........................... 4,644 1.76 30,711 Occidental Petroleum Corp . 2,524 0.95 35,733 Phillips 66 ........................... 4,028 1.52

Pharmaceuticals 66,510 Cardinal Health Inc ............. 3,592 1.36 103,680 CVS Health Corp ................ 8,162 3.08 76,716 Express Scripts Holding Co 7,289 2.75

Real Estate Investment Trust 191,786 GEO Group Inc ................... 4,825 1.82

Retail Trade 22,446 Advance Auto Parts Inc ...... 3,778 1.43 27,179 Dollar General Corp ........... 2,971 1.12 44,005 Lowe's Cos Inc .................... 5,053 1.91

Savings and Loans

510,648

New York Community Bancorp Inc ......................... 5,295 2.00

Semiconductor Equipment and Products 17,846 Broadcom Inc ..................... 4,402 1.66 39,237 Qualcomm Inc .................... 2,826 1.07

Software 150,922 Oracle Corp ......................... 7,782 2.94

Textile and Apparel 259,633 Hanesbrands Inc .................. 4,785 1.81





Fund %





gross assets Transferable securities admitted to an official stock exchange listing .............................................................. 98.02Other assets ....................................................................................................................................................... 1.98

100.00 Fair Value Hierarchy (Note 13 b)) All securities held as of 30 September 2018 and 31 March 2018 are classified as Level 1.

Russell Investment Company plc Old Mutual Value Global Equity Fund Statement of Changes in Composition of Portfolio Listed below are 20 largest cumulative investment purchases and cumulative investment sales during the six months ended 30 September 2018.





USD ‘000 Schlumberger Ltd 5,705 Twenty-First Century Fox Inc (5,319) Dominion Energy Inc 5,485 DS Smith Plc (5,186) US Bancorp 5,401 BP Plc (4,440) Lowe's Cos Inc 4,012 CRH Plc (4,265) Berkshire Hathaway Inc 3,976 JPMorgan Chase & Co (4,081) Anthem Inc 3,923 KeyCorp (3,911) Fibra Uno Administracion SA de CV 2,959 Airbus SE (3,768) Enagas SA 2,753 Cisco Systems Inc (3,135) Jefferies Financial Group Inc 2,721 Koninklijke Philips NV (2,862) Dollar General Corp 2,665 Phillips 66 (2,780) Advance Auto Parts Inc 2,634 IHI Corp (2,670) Philip Morris International Inc 2,437 Enel SpA (1,917) State Street Corp 2,375 Fiat Chrysler Automobiles NV (1,779) Broadcom Inc 1,905 Banco de Sabadell SA (1,754) General Electric Co 1,582 Cielo SA (1,733) New York Community Bancorp Inc 1,565 Ecopetrol SA ADR (1,547) Nielsen Holdings Plc 1,538 Erste Group Bank AG (876) RPC Group Plc 1,500 Occidental Petroleum Corp (597) Absa Group Ltd 1,435 Schlumberger Ltd (303) Banco de Sabadell SA 638 CVS Health Corp (297)

Russell Investment Company plc Copper Rock Global All Cap Equity Fund Balance Sheet As at 31 March 2018

The accompanying notes are an integral part of the financial statements. 394 Copper Rock Global All Cap Equity Fund

31 March 2018* (Audited) USD ‘000

Assets Cash at bank (Note 2) ................................................................................................................................ 467 Debtors:

Receivable for investments sold ............................................................................................................. 1,364Dividends receivable .............................................................................................................................. 55

1,886Liabilities Creditors – amounts falling due within one financial year:

Payable on fund shares redeemed .......................................................................................................... (1,763)Management fees payable ...................................................................................................................... (3)Sub-custodian fees payable .................................................................................................................... (4)Audit fees payable .................................................................................................................................. (14)Other fees payable .................................................................................................................................. (102)

(1,886) Net assets attributable to redeemable participating shareholders ...................................................... - * As the Fund terminated on 30 June 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.

The Fund's Balance Sheet, Profit and Loss and Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders are disclosed solely for presentation purposes only to correspond with the company's comparative combined financial statements.

Russell Investment Company plc Copper Rock Global All Cap Equity Fund Profit and Loss Account For the six months ended 30 September 2017


Copper Rock Global All Cap Equity Fund 395



Income Dividends ............................................................................................................................................... 1,393 Securities lending income (Note 3) ........................................................................................................ 2

1,395 Net gain (loss) on investment activities .................................................................................................... 10,107 Total investment income (expense) ........................................................................................................ 11,502 Expenses

Management fees (Note 4) ..................................................................................................................... (127) Depositary fees (Note 5) ........................................................................................................................ (9) Sub-custodian fees (Note 5) ................................................................................................................... (10) Administration and transfer agency fees (Note 5) ................................................................................. (16) Audit fees ............................................................................................................................................... (7) Professional fees .................................................................................................................................... (7) Other fees ............................................................................................................................................... (112)

Total operating expenses ........................................................................................................................ (288) Profit (loss) for the financial period before taxation ............................................................................ 11,214 Taxation Withholding tax (Note 8) .......................................................................................................................... (234) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ....................................................................................................................... 10,980 All amounts arose solely from terminating operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account. * As the Fund terminated on 30 June 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.


Russell Investment Company plc Copper Rock Global All Cap Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2017

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 396 Copper Rock Global All Cap Equity Fund



Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ....................................................................................................................... 10,980

Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ..................................................................................................................... (196,829)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders (185,849)


Beginning of financial period ................................................................................................................ 185,849 End of financial period .......................................................................................................................... -

* As the Fund terminated on 30 June 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.


Russell Investment Company plc Old Mutual Global REIT Fund Balance Sheet As at 30 September 2018


Old Mutual Global REIT Fund 397


USD ‘000


Assets Financial assets at fair value through profit or loss ...................................................... 73,358 77,759 Cash at bank (Note 2) .................................................................................................. 444 617 Debtors:

Receivable for investments sold ............................................................................... 1,560 412 Dividends receivable ................................................................................................ 229 263 75,591 79,051


Payable for investments purchased ........................................................................... (1,578) (387) Distributions payable on hybrid accumulation share classes .................................... - (88) Management fees payable ........................................................................................ (17) (19) Depositary fees payable ............................................................................................ (10) (2) Sub-custodian fees payable ...................................................................................... (13) (10) Administration fees payable ..................................................................................... (3) (3) Audit fees payable .................................................................................................... (7) (14)

(1,628) (523) Net assets attributable to redeemable participating shareholders ........................ 73,963 78,528

Russell Investment Company plc Old Mutual Global REIT Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 398 Old Mutual Global REIT Fund





Income Dividends ................................................................................................................. 2,256 2,044 Securities lending income (Note 3) .......................................................................... 6 6

2,262 2,050 Net gain (loss) on investment activities ....................................................................... 2,659 3,397 Total investment income (expense) .......................................................................... 4,921 5,447 Expenses

Management fees (Note 4) ....................................................................................... (120) (199) Depositary fees (Note 5) .......................................................................................... (18) (11) Sub-custodian fees (Note 5) ..................................................................................... (17) (32) Administration and transfer agency fees (Note 5) .................................................... (16) (19) Audit fees ................................................................................................................. (7) (7) Professional fees ...................................................................................................... - (2) Other fees ................................................................................................................. (4) (7)

Total operating expenses ........................................................................................... (182) (277) Profit (loss) for the financial period before taxation .............................................. 4,739 5,170 Taxation

Withholding tax (Note 8) ......................................................................................... (642) (412) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................... 4,097 4,758 All amounts arose solely from continuing activities. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual Global REIT Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018








Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................ (8,662) (31,683)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ........................................................................................ (4,565) (26,925) Net assets attributable to redeemable participating shareholders



Russell Investment Company plc Old Mutual Global REIT Fund Schedule of Investments 30 September 2018


Number of Shares


Fund %

Transferable Securities (99.18%) Common Stock (99.18%) Australia (4.63%) Real Estate Investment Trust

126,210 Goodman Group .................. 946 1.28 123,507 GPT Group .......................... 466 0.63 114,681 Ingenia Communities Group 249 0.34 114,692 Mirvac Group ...................... 200 0.27 308,195 Scentre Grou ....................... 885 1.19 359,287 Vicinity Centres .................. 681 0.92

3,427 4.63 Belgium (0.94%) Real Estate Investment Trust

2,635 Cofinimmo SA .................... 329 0.44 2,781 Warehouses De Pauw CVA 366 0.50

695 0.94 Canada (2.81%) Real Estate

54,420 First Capital Realty Inc ....... 821 1.11 Real Estate Investment Trust

21,297

Allied Properties Real Estate Investment Trust .................. 710 0.96

60,210

InterRent Real Estate Investment Trust .................. 547 0.74

2,078 2.81 Cayman Islands (3.32%) Real Estate

179,130 CK Asset Holdings Ltd ....... 1,345 1.82

107,830 Wharf Real Estate Investment Co Ltd ............... 696 0.94

Retail Trade

209,451

Lifestyle International Holdings Ltd ....................... 411 0.56

2,452 3.32 France (3.71%) Real Estate Investment Trust

11,508 Carmila SA .......................... 293 0.40 3,792 Gecina SA ........................... 633 0.85 4,400 Icade .................................... 407 0.55 7,015 Unibail-Rodamco-Westfield 1,411 1.91

2,744 3.71 Germany (3.73%) Real Estate

31,697 ADLER Real Estate AG ...... 560 0.76 10,736 Deutsche Wohnen SE .......... 515 0.69 34,487 Vonovia SE ......................... 1,686 2.28

2,761 3.73 Hong Kong (3.97%) Real Estate

316,175 Sino Land Co Ltd ................ 542 0.73 46,174 Sun Hung Kai Properties Ltd 673 0.91

Number of Shares


Fund %

157,003 Swire Properties Ltd ........... 595 0.81 69,297 Wheelock & Co Ltd ............ 416 0.56


2,939 3.97 Ireland (0.84%) Home Builders

169,374 Cairn Homes Plc ................. 289 0.39 Real Estate Investment Trust

193,493

Irish Residential Properties REIT Plc ............................. 332 0.45

621 0.84 Japan (10.64%) Real Estate

77,595 Mitsubishi Estate Co Ltd .... 1,320 1.79 47,685 Mitsui Fudosan Co Ltd ....... 1,129 1.53

27,479

Sumitomo Realty & Development Co Ltd ........... 987 1.33

Real Estate Investment Trust 132 Activia Properties Inc ......... 572 0.77

404 Japan Hotel REIT Investment Corp .................. 294 0.40

108

Kenedix Office Investment Corp .................................... 689 0.93

420

Kenedix Residential Next Investment Corp .................. 643 0.87

125 Kenedix Retail REIT Corp .. 268 0.36

704

MCUBS MidCity Investment Corp .................. 536 0.73

143 Nippon Building Fund Inc .. 827 1.12 385 Orix JREIT Inc ................... 601 0.81

7,866 10.64 Luxembourg (0.56%) Real Estate

46,850 Aroundtown SA .................. 417 0.56 Singapore (2.87%) Lodging

58,045 City Developments Ltd ....... 387 0.52 Real Estate

89,616 UOL Group Ltd .................. 452 0.61 Real Estate Investment Trust

348,059

CapitaLand Commercial Trust .................................... 453 0.61

389,572 Far East Hospitality Trust ... 181 0.25

325,523

Fortune Real Estate Investment Trust ................. 386 0.52

293,882 Mapletree Logistics Trust ... 265 0.36 2,124 2.87

Russell Investment Company plc Old Mutual Global REIT Fund Schedule of Investments - continued 30 September 2018



Number of Shares


Fund %

Spain (1.58%) Real Estate Investment Trust

42,113

Inmobiliaria Colonial Socimi SA ....................................... 438 0.59

40,433

Lar Espana Real Estate Socimi SA ........................... 412 0.56

23,662 Merlin Properties Socimi SA 321 0.43 1,171 1.58 Sweden (1.96%) Real Estate

13,842 Catena AB ........................... 310 0.42 31,617 Fabege AB ........................... 438 0.59 27,559 Hemfosa Fastigheter AB ..... 380 0.51

243,061

Samhallsbyggnadsbolaget i Norden AB .......................... 325 0.44

1,453 1.96 United Kingdom (4.75%) Real Estate

101,604 Grainger Plc ........................ 397 0.54 Real Estate Investment Trust

19,823 British Land Co Plc ............. 159 0.21 16,857 Derwent London Plc ............ 628 0.85 37,956 Hammerson Plc ................... 226 0.30

257,164

Primary Health Properties Plc ....................................... 382 0.52

102,082 Segro Plc ............................. 849 1.15 29,169 Shaftesbury Plc .................... 345 0.46 20,019 Workspace Group Plc .......... 256 0.35

Warehousing 40,018 Safestore Holdings Plc ........ 272 0.37

3,514 4.75 United States (52.87%) Real Estate

20,750

Essential Properties Realty Trust Inc .............................. 294 0.40

Real Estate Investment Trust 22,814 Agree Realty Corp ............... 1,212 1.64

21,893

American Campus Communities Inc ................. 901 1.22

29,910

Apartment Investment & Management Co .................. 1,320 1.78

15,010 AvalonBay Communities Inc 2,719 3.68 13,199 Boston Properties Inc .......... 1,625 2.20

Number of Shares


Fund %

18,029

Brookfield Property REIT Inc ....................................... 377 0.51

42,670 CareTrust REIT Inc ............ 756 1.02 16,067 Chesapeake Lodging Trust . 515 0.70 92,380 Cousins Properties Inc ........ 821 1.11 24,670 CubeSmart .......................... 704 0.95 12,346 CyrusOne Inc ...................... 783 1.06 34,568 DDR Corp ........................... 463 0.63 4,740 Digital Realty Trust Inc ...... 533 0.72 32,260 Duke Realty Corp ............... 915 1.24

48,852

Empire State Realty Trust Inc ....................................... 811 1.10

1,520 Equinix Inc ......................... 658 0.89 4,586 Essex Property Trust Inc ..... 1,132 1.53 11,010 Extra Space Storage Inc ...... 954 1.29

39,743

Four Corners Property Trust Inc ....................................... 1,021 1.38

42,850 HCP Inc .............................. 1,128 1.52 66,011 Host Hotels & Resorts Inc .. 1,393 1.88

23,384

Hudson Pacific Properties Inc ....................................... 765 1.03

36,160 Invitation Homes Inc .......... 829 1.12 15,850 Kilroy Realty Corp ............. 1,136 1.54 39,150 Kimco Realty Corp ............. 655 0.89 20,440 Liberty Property Trust ........ 864 1.17 12,650 Macerich Co ....................... 699 0.94

9,300

National Retail Properties Inc ....................................... 417 0.56

65,725 Physicians Realty Trust ...... 1,108 1.50 39,047 Prologis Inc ......................... 2,647 3.58 2,540 Public Storage ..................... 512 0.69 21,230 Regency Centers Corp ........ 1,373 1.86 23,840 Sabra Health Care REIT Inc 551 0.74 18,059 Simon Property Group Inc .. 3,192 4.31 60,161 Sunstone Hotel Investors Inc 984 1.33

14,840

Washington Real Estate Investment Trust ................. 455 0.62

18,776 Welltower Inc ..................... 1,208 1.63 30,800 VICI Properties Inc ............. 666 0.91



Russell Investment Company plc Old Mutual Global REIT Fund Schedule of Investments - continued 30 September 2018



Fund %

Total Financial Assets at Fair Value through Profit or Loss (99.18%) .......................................................................... 73,358 99.18

Other Net Assets (0.82%) ....................................................... 605 0.82 Net Assets ................................................................................. 73,963 100.00


gross assets Transferable securities admitted to an official stock exchange listing ............................................................... 97.05 Other assets ........................................................................................................................................................ 2.95

100.00 Fair Value Hierarchy (Note 11) All securities held as of 30 September 2018 and 31 March 2018 are classified as Level 1.

Russell Investment Company plc Old Mutual Global REIT Fund Statement of Changes in Composition of Portfolio Listed below are cumulative investment purchases and cumulative investment sales in excess of 1% of total investment purchases or sales respectively during the six months ended 30 September 2018.





USD ‘000 Digital Realty Trust Inc 2,350 Digital Realty Trust Inc (3,527) Equinix Inc 1,965 DCT Industrial Trust Inc (2,078) Host Hotels & Resorts Inc 1,922 National Retail Properties Inc (2,033) Prologis Inc 1,913 Camden Property Trust (1,847) Boston Properties Inc 1,792 Federal Realty Investment Trust (1,629) VICI Properties Inc 1,678 VICI Properties Inc (1,542) National Retail Properties Inc 1,453 Liberty Property Trust (1,429) CyrusOne Inc 1,440 CyrusOne Inc (1,398) Regency Centers Corp 1,402 Equinix Inc (1,377) Duke Realty Corp 1,338 Welltower Inc (1,374) InterXion Holding NV 1,233 Kilroy Realty Corp (1,272) Kilroy Realty Corp 1,200 InterXion Holding NV (1,268) HCP Inc 1,120 Vornado Realty Trust (1,198) Essex Property Trust Inc 1,120 Brandywine Realty Trust (1,150) Brandywine Realty Trust 1,092 Retail Properties of America Inc (1,053) Sino Land Co Ltd 1,055 Sun Hung Kai Properties Ltd (1,029) Sunstone Hotel Investors Inc 1,047 LaSalle Hotel Properties (1,023) Liberty Property Trust 924 Summit Hotel Properties Inc (1,010) LaSalle Hotel Properties 908 Icade (984) Cousins Properties Inc 869 Highwoods Properties Inc (978) Simon Property Group Inc 817 Sunstone Hotel Investors Inc (964) InterRent Real Estate Investment Trust 801 Prologis Inc (960) Education Realty Trust Inc 773 Store Capital Corp (958) Icade 767 Canadian Apartment Properties Real (942) Unibail-Rodamco SE 764 CoreSite Realty Corp (900) Macerich Co 759 Education Realty Trust Inc (887) Vicinity Centres 750 Sabra Health Care REIT Inc (858) Aroundtown SA 729 Activia Properties Inc (796) DCT Industrial Trust Inc 710 Sumitomo Realty & Development Co Ltd (720) Mitsui Fudosan Co Ltd 707 Westfield Corp (715) Hemfosa Fastigheter AB 700 Hang Lung Properties Ltd (694) Kimco Realty Corp 688 Orix JREIT Inc 687 Welltower Inc 683 CoreSite Realty Corp 672 Kenedix Residential Next Investment Corp 659 Hammerson Plc 644 Chesapeake Lodging Trust 618 Vonovia SE 615 Activia Properties Inc 608

Russell Investment Company plc Old Mutual Global Aggregate Bond Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 404 Old Mutual Global Aggregate Bond Fund


USD ‘000


Assets Financial assets at fair value through profit or loss ...................................................... 138,548 139,668 Cash at bank (Note 2) ................................................................................................... 2,990 4,907 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ......................................................................................................................... 420 263 Debtors:

Receivable for investments sold ............................................................................... - 1,546 Interest receivable ..................................................................................................... 1,029 1,095

142,987 147,479 Liabilities Financial liabilities at fair value through profit or loss ................................................. (634) (671) Creditors – amounts falling due within one financial year:

Payable for investments purchased ........................................................................... - (3,782) Payable on fund shares redeemed ............................................................................. (303) - Distributions payable on hybrid accumulation share classes .................................... - (132) Management fees payable ......................................................................................... (30) (31) Depositary fees payable ............................................................................................ (12) (4) Sub-custodian fees payable ....................................................................................... (7) (5) Administration fees payable ..................................................................................... (8) (5) Audit fees payable .................................................................................................... (9) (18)


Russell Investment Company plc Old Mutual Global Aggregate Bond Fund Profit and Loss Account For the six months ended 30 September 2018


Old Mutual Global Aggregate Bond Fund 405






Net gain (loss) on investment activities ........................................................................ (6,983) 5,064 Total investment income (expense) ............................................................................ (5,436) 6,384 Expenses

Management fees (Note 4) ........................................................................................ (189) (204) Depositary fees (Note 5) ........................................................................................... (20) (13) Sub-custodian fees (Note 5) ...................................................................................... (10) (18) Administration and transfer agency fees (Note 5) ..................................................... (27) (23) Audit fees .................................................................................................................. (9) (9) Professional fees ....................................................................................................... (1) (2) Other fees .................................................................................................................. (4) (4)

Total operating expenses ............................................................................................ (260) (273) Profit (loss) for the financial period before taxation ................................................ (5,696) 6,111 Taxation Withholding tax (Note 8) .............................................................................................. (2) (1) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... (5,698) 6,110 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual Global Aggregate Bond Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................ 4,851 (2,118)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ........................................................................................ (847) 3,992 Net assets attributable to redeemable participating shareholders



Russell Investment Company plc Old Mutual Global Aggregate Bond Fund Schedule of Investments 30 September 2018



Principal Amount


Fund %



EUR 700,000 3.000% due 03/05/22 ....... 895 0.63 National Australia Bank Ltd USD 650,000 2.937% due 12/04/23 ....... 651 0.46

New South Wales Treasury Corp

AUD 2,950,000 6.000% due 01/06/20 ....... 2,274 1.60 Westpac Banking Corp

GBP 550,000 5.000% due 21/10/19 ....... 745 0.53 4,565 3.22 Austria (0.81%)

Republic of Austria Government Bond

EUR 870,000 3.650% due 20/04/22 ....... 1,150 0.81 Belgium (1.53%)

KBC Group NV 600,000 1.625% due 18/09/29 ....... 683 0.48

Kingdom of Belgium Government Bond

1,090,000 4.250% due 28/09/22 ....... 1,489 1.05 2,172 1.53 Canada (5.05%)

Bank of Montreal USD 1,200,000 2.797% due 13/04/21 ....... 1,205 0.85

Canadian Government Bond CAD 1,960,000 1.500% due 01/06/26 ....... 1,421 1.00

600,000 5.750% due 01/06/33 ....... 652 0.46 700,000 5.000% due 01/06/37 ....... 748 0.53

Province of Ontario Canada 1,050,000 2.400% due 02/06/26 ....... 781 0.55

Royal Bank of Canada USD 850,000 2.150% due 26/10/20 ....... 833 0.58 Toronto-Dominion Bank EUR 1,300,000 0.625% due 08/03/21 ....... 1,532 1.08

7,172 5.05 Cayman Islands (0.56%)

Tencent Holdings Ltd USD 800,000 2.947% due 19/01/23 ....... 798 0.56

Colombia (0.27%)

Colombia Government International Bond

400,000 3.875% due 25/04/27 ....... 389 0.27

Principal Amount


Fund %

Denmark (0.49%) Denmark Government Bond DKK 4,140,000 1.500% due 15/11/23 ...... 697 0.49

Dominican Republic (0.41%)


USD 550,000 6.875% due 29/01/26 ...... 588 0.41 Egypt (0.21%)

Egypt Government International Bond

300,000 6.125% due 31/01/22 ...... 301 0.21 France (4.94%)

Air Liquide Finance SA 200,000 2.250% due 27/09/23 ...... 187 0.13

BNP Paribas SA EUR 500,000 1.125% due 11/06/26 ...... 556 0.39 BPCE SA USD 600,000 3.000% due 22/05/22 ...... 581 0.41 Dexia Credit Local SA GBP 1,000,000 0.875% due 07/09/21 ...... 1,283 0.90

Engie SA USD 190,000 2.875% due 10/10/22 ...... 184 0.13 EUR 500,000 2.375% due 19/05/26 ...... 635 0.45


160,000 2.250% due 25/05/24 ...... 208 0.15 2,150,000 0.750% due 25/05/28 ...... 2,498 1.76 750,000 1.250% due 25/05/34 ...... 879 0.62 7,011 4.94 Germany (5.12%) Bundesrepublik Deutschland 1,800,000 3.250% due 04/01/20 ...... 2,195 1.55 230,000 0.250% due 15/02/27 ...... 266 0.19 850,000 4.750% due 04/07/40 ...... 1,740 1.22 1,950,000 2.500% due 15/08/46 ...... 3,062 2.16 7,263 5.12 Indonesia (1.08%)


USD 450,000 4.125% due 15/01/25 ...... 444 0.31 600,000 3.850% due 18/07/27 ...... 573 0.40

IDR Indonesia Treasury Bond 5,700,000,000 6.125% due 15/05/28 ...... 333 0.24

Perusahaan Listrik Negara PT

USD 200,000 4.125% due 15/05/27 ...... 188 0.13 1,538 1.08

Russell Investment Company plc Old Mutual Global Aggregate Bond Fund Schedule of Investments - continued 30 September 2018


Principal Amount


Fund %

Ireland (0.95%) Fastnet Securities 13 DAC EUR 868,394 Zero Coupon due 18/04/57 1,010 0.71 Ireland Government Bond

220,000 5.400% due 13/03/25 ....... 335 0.24 1,345 0.95 Italy (2.43%) Intesa Sanpaolo SpA

USD 200,000 3.125% due 14/07/22 ....... 186 0.13 500,000 3.375% due 12/01/23 ....... 463 0.33


EUR 1,310,000 1.500% due 01/06/25 ....... 1,409 0.99 300,000 2.050% due 01/08/27 ....... 324 0.23 470,000 5.000% due 01/09/40 ....... 654 0.46 300,000 4.750% due 01/09/44 ....... 410 0.29 3,446 2.43 Japan (4.53%)

Japan Government Twenty Year Bond

JPY 303,600,000 2.100% due 20/09/29 ....... 3,226 2.27


USD 2,150,000 3.061% due 02/03/23 ....... 2,158 1.52


1,050,000 3.076% due 17/01/23 ....... 1,052 0.74 6,436 4.53 Kazakhstan (0.15%)

Kazakhstan Government International Bond

200,000 5.125% due 21/07/25 ....... 216 0.15 Kuwait (0.93%)


1,350,000 3.500% due 20/03/27 ....... 1,325 0.93 Luxembourg (1.34%)

European Investment Bank JPY 161,000,000 1.900% due 26/01/26 ....... 1,616 1.14

Novartis Finance SA EUR 250,000 0.500% due 14/08/23 ....... 292 0.20

1,908 1.34 Malaysia (0.26%)

Malaysia Government Bond MYR 1,500,000 4.181% due 15/07/24 ....... 367 0.26

Principal Amount


Fund %

Mexico (1.17%) Mexican Bonos MXN 8,950,000 10.000% due 05/12/24 .... 531 0.37


USD 1,150,000 4.150% due 28/03/27 ...... 1,134 0.80 1,665 1.17 Netherlands (2.67%)

ABN AMRO Bank NV 600,000 2.881% due 27/08/21 ...... 602 0.42

EUR 200,000 2.875% due 30/06/25 ...... 242 0.17 USD 800,000 4.400% due 27/03/28 ...... 787 0.55 Cooperatieve Rabobank UA

250,000 2.765% due 26/04/21 ...... 251 0.18 innogy Finance BV EUR 650,000 1.000% due 13/04/25 ...... 748 0.53

Netherlands Government Bond

270,000 4.000% due 15/01/37 ...... 477 0.34 Vonovia Finance BV

600,000 0.750% due 15/01/24 ...... 683 0.48 3,790 2.67 Panama (0.95%)

Carnival Corp 1,100,000 1.875% due 07/11/22 ...... 1,342 0.95 Portugal (0.20%)

Portugal Obrigacoes do Tesouro OT

210,000 4.125% due 14/04/27 ...... 290 0.20 Romania (0.31%)


350,000 2.875% due 28/10/24 ...... 447 0.31 Russia (0.14%)

Russian Foreign Bond - Eurobond

USD 200,000 4.750% due 27/05/26 ...... 200 0.14 Saudi Arabia (0.50%)


750,000 3.625% due 04/03/28 ...... 717 0.50




Principal Amount


Fund %

Spain (2.85%) Banco de Sabadell SA EUR 200,000 0.625% due 03/11/20 ....... 236 0.17 Banco Santander SA USD 600,000 3.500% due 11/04/22 ....... 588 0.41 Bankinter 10 FTA EUR 278,344 Zero Coupon due 21/06/43 320 0.23 Ibercaja Banco SA

600,000 0.250% due 18/10/23 ....... 688 0.48 Iberdrola Finanzas SA

700,000 1.000% due 07/03/25 ....... 814 0.57 Spain Government Bond 230,000 1.450% due 31/10/27 ....... 269 0.19 460,000 4.900% due 30/07/40 ....... 775 0.55 200,000 5.150% due 31/10/44 ....... 354 0.25 4,044 2.85 Sweden (2.54%)


500,000 0.300% due 17/02/22 ....... 582 0.41 300,000 0.500% due 13/03/23 ....... 349 0.24 850,000 1.375% due 31/10/28 ....... 976 0.69

Svenska Handelsbanken AB USD 1,000,000 1.950% due 08/09/20 ....... 974 0.69 Sweden Government Bond SEK 5,670,000 3.500% due 01/06/22 ....... 723 0.51

3,604 2.54 Switzerland (0.80%)


USD 800,000 3.000% due 15/04/21 ....... 788 0.56 EUR 300,000 1.250% due 01/09/26 ....... 342 0.24

1,130 0.80 United Kingdom (6.99%)

BP Capital Markets Plc USD 1,050,000 3.224% due 14/04/24 ....... 1,027 0.72 GlaxoSmithKline Capital Plc EUR 400,000 1.250% due 21/05/26 ....... 469 0.33

Gracechurch Card Funding Plc

GBP 350,000 1.224% due 15/07/21 ....... 457 0.32 HSBC Holdings Plc USD 600,000 2.650% due 05/01/22 ....... 583 0.41

United Kingdom Gilt GBP 2,450,000 5.000% due 07/03/25 ....... 3,930 2.77

760,000 4.250% due 07/06/32 ....... 1,296 0.91 1,310,000 3.250% due 22/01/44 ....... 2,156 1.53 9,918 6.99

Principal Amount


Fund %

United States (38.61%) ABB Finance USA Inc USD 700,000 2.800% due 03/04/20 ...... 697 0.49 AbbVie Inc

550,000 2.850% due 14/05/23 ...... 530 0.37

American Water Capital Corp

1,050,000 3.400% due 01/03/25 ...... 1,032 0.73 Apple Inc

850,000 2.850% due 11/05/24 ...... 825 0.58 Baltimore Gas & Electric Co

1,400,000 3.350% due 01/07/23 ...... 1,387 0.98 Bank of America Corp

700,000 3.508% due 20/01/23 ...... 712 0.50 BMW US Capital LLC 900,000 2.747% due 12/04/21 ...... 903 0.64 500,000 2.819% due 13/08/21 ...... 502 0.35

Burlington Northern Santa Fe LLC

600,000 3.900% due 01/08/46 ...... 571 0.40


1,350,000 2.564% due 15/03/21 ...... 1,353 0.95 Charles Schwab Corp

700,000 2.632% due 21/05/21 ...... 702 0.49 Chase Issuance Trust

1,300,000 2.558% due 15/03/24 ...... 1,310 0.92 Chubb INA Holdings Inc EUR 550,000 1.550% due 15/03/28 ...... 637 0.45

Citigroup Inc USD 250,000 3.751% due 01/09/23 ...... 256 0.18 EUR 900,000 0.750% due 26/10/23 ...... 1,034 0.73 USD 350,000 8.125% due 15/07/39 ...... 507 0.36 Coca-Cola Co

700,000 1.875% due 27/10/20 ...... 685 0.48 CVS Health Corp

600,000 3.047% due 09/03/21 ...... 605 0.43

Discover Card Execution Note Trust

1,100,000 1.640% due 15/07/21 ...... 1,097 0.77 Duke Energy Indiana LLC

800,000 3.750% due 15/05/46 ...... 733 0.52 Florida Power & Light Co

763,000 2.750% due 01/06/23 ...... 742 0.52 General Dynamics Corp

650,000 3.375% due 15/05/23 ...... 650 0.46 Goldman Sachs Group Inc 800,000 3.342% due 24/07/23 ...... 809 0.57

EUR 400,000 1.250% due 01/05/25 ...... 459 0.32



Principal Amount


Fund %

GRACE Mortgage Trust USD 1,250,000 3.369% due 10/06/28 ....... 1,251 0.88 Intel Corp

1,050,000 2.875% due 11/05/24 ....... 1,020 0.72 Invitation Homes Inc

1,290,663 3.058% due 17/06/37 ....... 1,294 0.91 JPMorgan Chase & Co

1,750,000 3.572% due 24/10/23 ....... 1,786 1.26 Mastercard Inc EUR 1,350,000 1.100% due 01/12/22 ....... 1,611 1.13 Medtronic Inc USD 650,000 4.625% due 15/03/45 ....... 690 0.49 Merck & Co Inc

450,000 2.800% due 18/05/23 ....... 441 0.31


450,000 2.650% due 08/04/22 ....... 438 0.31 Microsoft Corp

1,050,000 1.550% due 08/08/21 ....... 1,008 0.71 Morgan Stanley

1,000,000 3.742% due 24/10/23 ....... 1,028 0.72


1,252,000 3.350% due 13/07/29 ....... 1,252 0.88 MPLX LP

250,000 3.375% due 15/03/23 ....... 245 0.17

New York Life Global Funding

1,350,000 1.950% due 28/09/20 ....... 1,322 0.93 OBP Depositor LLC Trust

1,250,000 4.646% due 15/07/45 ....... 1,275 0.90 Oracle Corp

1,450,000 2.950% due 15/11/24 ....... 1,402 0.99 PacifiCorp

700,000 4.125% due 15/01/49 ....... 689 0.49 Procter & Gamble Co

700,000 1.700% due 03/11/21 ....... 673 0.47 Roche Holdings Inc 700,000 2.875% due 29/09/21 ....... 694 0.49 1,300,000 1.750% due 28/01/22 ....... 1,236 0.87

Principal Amount


Fund %

Starbucks Corp 2,200,000 3.100% due 01/03/23 ...... 2,169 1.53 U.S. Treasury Bonds 930,000 4.500% due 15/02/36 ...... 1,104 0.78

USD 1,520,000 4.375% due 15/05/41 ...... 1,812 1.28 1,360,000 3.000% due 15/05/47 ...... 1,310 0.92

U.S. Treasury Notes 6,920,000 2.375% due 15/05/27* .... 6,571 4.63

Union Pacific 450,000 4.500% due 10/09/48 ...... 461 0.32

US Bank NA/Cincinnati OH 2,050,000 2.592% due 24/07/20 ...... 2,055 1.45

Warner Media LLC EUR 200,000 1.950% due 15/09/23 ...... 242 0.17 Verizon Owner Trust

1,000,000 1.680% due 20/05/21 ...... 993 0.71 54,810 38.61


Short Term Investments (2.50%) Australia (2.50%) Westpac Banking Corp 3,000,000 2.125% due 09/07/19 ...... 3,550 2.50




150,661

Rogge Funds Plc - Selective Global High Yield Bond Fund .................................... 4,010 2.83







Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

637

70.83

9 of Australia 10 Year Bond Futures Long Futures Contracts Expiring December 2018 ................................. (4) 0.00

(416)

(103.99)

4 of Canada 10 Year Bond Futures Short Futures Contracts Expiring December 2018 ................................. 6 0.00

(206)

(205.86)


(10,394)

(152.85)


(2,427)

(186.71)


3,970

1.32

3 of Japan 10 Year Bond Futures Long Futures Contracts Expiring December 2018 ................................. (5) 0.00

(5,586)

(159.60)

35 of U.K. Long Gilt Futures Short Futures Contracts Expiring December 2018 ................................. 66 0.05

11,511

119.90

96 of U.S. 10 Year Treasury Note Futures Short Futures Contracts Expiring December 2018 ................................. (107) (0.09)

2,113

105.66

10 of U.S. 2 Year Treasury Note Futures Long Futures Contracts Expiring December 2018 ................................. (6) 0.00

7,707

113.34

68 of U.S. 5 Year Treasury Note Futures Short Futures Contracts Expiring December 2018 ................................. (59) (0.04)

1,299

144.38


(159)

(158.87)






Settlement Date


Amount Sold ‘000


Fund %

25/10/2018 BRL 5,063 USD 1,290 (24) (0.02) 21/11/2018 CAD 179 USD 138 1 0.00 21/11/2018 CHF 897 EUR 797 (6) (0.01) 25/10/2018 CZK 1,311 EUR 50 1 0.00 25/10/2018 CZK 2,500 EUR 95 2 0.00 21/11/2018 EUR 198 DKK 1,479 - 0.00 21/11/2018 EUR 141 SEK 1,475 (2) 0.00 25/10/2018 IDR 19,773,095 USD 1,350 (27) (0.02) 21/11/2018 JPY 552,661 USD 4,957 (74) (0.05) 21/11/2018 JPY 1,372,107 USD 12,369 (245) (0.17) 21/11/2018 JPY 264,124 USD 2,349 (15) (0.01) 25/10/2018 KRW 1,893,434 USD 1,698 10 0.01 25/10/2018 MXN 40,016 USD 2,073 59 0.04 21/11/2018 NOK 1,604 EUR 167 3 0.00 21/11/2018 NZD 205 USD 135 1 0.00 25/10/2018 PLN 991 EUR 224 8 0.01 25/10/2018 RUB 9,111 USD 142 (4) 0.00 25/10/2018 SGD 436 USD 320 (1) 0.00 21/11/2018 USD 1,953 AUD 2,717 (13) (0.01) 25/10/2018 USD 1,318 BRL 5,063 53 0.04 21/11/2018 USD 4,870 EUR 4,169 8 0.01 21/11/2018 USD 3,122 GBP 2,386 4 0.00 21/11/2018 USD 716 JPY 79,440 14 0.01 25/10/2018 USD 2,205 MXN 41,468 (5) 0.00 25/10/2018 USD 51 MXN 1,003 (2) 0.00

Unrealised gain on open forward foreign currency exchange contracts ........................ 164 0.12 Unrealised loss on open forward foreign currency exchange contracts ......................... (418) (0.29) Net unrealised gain (loss) on open forward foreign currency exchange contracts . (254) (0.17) Total Financial Derivative Instruments ..................................................................... (290) (0.20)


Fund %

Total Financial Assets at Fair Value through Profit or Loss (97.58%) ......................................................................................... 138,548 97.58


Net Financial Assets at Fair Value Through Profit or Loss (97.14%) ......................................................................................... 137,914 97.14

Other Net Assets (2.86%) .............................................................. 4,070 2.86 Net Assets ....................................................................................... 141,984 100.00

* Partly held as collateral by the brokers and counterparties in connection with collateral purposes for over the counter financial derivative instruments held by the Fund.





gross assets Transferable securities admitted to an official stock exchange listing ............................................................... 79.26 Transferable securities dealt in on another regulated market ............................................................................. 7.25 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) .................................... 6.86 Investment funds (UCITS) ................................................................................................................................. 3.16 Exchange traded financial derivative instruments ............................................................................................. 0.14 Over the counter financial derivative instruments ............................................................................................. 0.13 Other assets ........................................................................................................................................................ 3.20

100.00 The broker for the open futures contracts is Credit Suisse. The counterparties for the open forward foreign currency exchange contracts are:

Barclays Bank JPMorgan Citigroup Morgan Stanley Goldman Sachs UBS AG HSBC


Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. - 134,194 - 134,194 Investment funds ........................................................... - 4,010 - 4,010







As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. - 134,008 - 134,008Investment funds ........................................................... - 3,932 - 3,932 Money market instruments ........................................... - 1,447 - 1,447





Russell Investment Company plc Old Mutual Global Aggregate Bond Fund Statement of Changes in Composition of Portfolio Listed below are cumulative investment purchases and sales in excess of 1% of total investment purchase and sales during the six months ended 30 September 2018.





USD ‘000 Japan Government Twenty Year Bond Bundesrepublik Deutschland

2.100% due 20/09/29 3,809 4.750% due 04/07/40 (3,370) Bundesrepublik Deutschland 0.250% due 15/02/27 (2,746)

2.500% due 15/08/46 3,138 Mexican Bonos French Republic Government Bond OAT 10.000% due 05/12/24 (1,444)

0.750% due 25/05/28 2,512 U.S. Treasury Bills U.S. Bank NA/Cincinnati OH Zero Coupon due 24/05/18 (1,299)

2.592% due 24/07/20 2,050 Italy Buoni Poliennali Del Tesoro JPMorgan Chase & Co 2.050% due 01/08/27 (1,031)

3.572% due 24/10/23 1,786 Bundesrepublik Deutschland Kuwait International Government Bond 4.750% due 04/07/34 (1,016)

3.500% due 20/03/27 1,320 Japan Government Thirty Year Bond Invitation Homes Inc 0.500% due 20/09/46 (771)

3.058% due 17/06/37 1,300 Russian Foreign Bond - Eurobond Bank of Montreal 4.250% due 23/06/27 (752)

2.797% due 13/04/21 1,200 Japan Government Twenty Year Bond Mexico Government International Bond 2.100% due 20/09/29 (716)

4.150% due 28/03/27 1,130 Argentine Republic Government International Bond Italy Buoni Poliennali Del Tesoro 5.625% due 26/01/22 (716)

2.050% due 01/08/27 1,116 Anheuser-Busch InBev Finance Inc BMW US Capital LLC 4.900% due 01/02/46 (671)

2.747% due 12/04/21 900 Branch Banking & Trust Co French Republic Government Bond OAT 3.800% due 30/10/26 (652)

1.250% due 25/05/34 884 Societe Generale SA Saudi Government International Bond 2.500% due 16/09/26 (489)

3.625% due 04/03/28 711 Glencore Finance Europe Ltd Charles Schwab Corp 1.750% due 17/03/25 (479)

2.632% due 21/05/21 700 Bundesrepublik Deutschland PacifiCorp 4.750% due 04/07/34 (467)

4.125% due 15/01/49 698 Intesa Sanpaolo SpA General Dynamics Corp 3.928% due 15/09/26 (447)

3.375% due 15/05/23 648 Northrop Grumman Corp ABN AMRO Bank NV 2.930% due 15/01/25 (430)

2.881% due 27/08/21 600 AT&T Inc BMW US Capital LLC 6.000% due 15/08/40 (423)

2.819% due 13/08/21 500 Brazilian Government International Bond GlaxoSmithKline Capital Plc 6.000% due 07/04/26 (408)

1.250% due 21/05/26 477 U.S. Treasury Bonds Union Pacific Corp 4.375% due 15/05/41 (371)

4.500% due 10/09/48 450 Imperial Brands Finance Plc U.S. Treasury Bonds 5.500% due 28/09/26 (254)

4.375% due 15/05/41 430 Malaysia Government Bond

4.181% due 15/07/24 391 Indonesia Treasury Bond

6.125% due 15/05/28 386

Russell Investment Company plc Old Mutual Global Currency Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 416 Old Mutual Global Currency Fund


USD ‘000


Assets Financial assets at fair value through profit or loss ..................................................... 134,887 193,964 Cash at bank (Note 2) .................................................................................................. 5,359 573 Debtors:

Interest receivable .................................................................................................... 1,602 1,638 141,848 196,175 Liabilities Financial liabilities at fair value through profit or loss ................................................ (640) (559) Creditors – amounts falling due within one financial year:

Distributions payable on hybrid accumulation share classes ................................... - (10) Management fees payable ........................................................................................ (27) (43) Depositary fees payable ........................................................................................... (12) (8) Sub-custodian fees payable ...................................................................................... (4) (3) Administration fees payable ..................................................................................... (7) (10) Audit fees payable .................................................................................................... (9) (18)


Russell Investment Company plc Old Mutual Global Currency Fund Profit and Loss Account For the six months ended 30 September 2018


Old Mutual Global Currency Fund 417





Income Interest income ......................................................................................................... 507 189

Net gain (loss) on investment activities ....................................................................... (7,253) 10,496 Total investment income (expense) .......................................................................... (6,746) 10,685 Expenses

Management fees (Note 4) ....................................................................................... (197) (183) Depositary fees (Note 5) .......................................................................................... (20) (12) Sub-custodian fees (Note 5) ..................................................................................... (5) (7) Administration and transfer agency fees (Note 5) .................................................... (33) (22) Audit fees ................................................................................................................. (9) (9) Professional fees ...................................................................................................... (1) (2) Other fees ................................................................................................................. (8) (5)

Total operating expenses ........................................................................................... (273) (240) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations at dealing Net asset value ....................... (7,019) 10,445 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual Global Currency Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................ (47,356) 26,220




Russell Investment Company plc Old Mutual Global Currency Fund Schedule of Investments 30 September 2018



Principal Amount


Fund %

Transferable Securities (72.58%) Short Term Investments (72.58%) Australia (2.65%)


USD 3,750,000 2.250% due 13/03/19 ....... 3,746 2.65 Austria (1.53%)

Oesterreichische Kontrollbank AG

1,000,000 1.625% due 12/03/19 ....... 996 0.71

Raiffeisen Bank International AG

EUR 1,000,000 1.875% due 08/11/18 ....... 1,164 0.82 2,160 1.53 Canada (5.34%)

Bank of Montreal 3,200,000 1.000% due 07/05/19 ....... 3,746 2.65

Royal Bank of Canada USD 3,800,000 2.150% due 15/03/19 ....... 3,794 2.69

7,540 5.34 Finland (2.12%)

Nordea Bank Abp 3,000,000 2.375% due 04/04/19 ....... 2,995 2.12 France (6.92%)

Air Liquide SA EUR 1,750,000 2.908% due 12/10/18 ....... 2,034 1.44

Caisse d'Amortissement de la Dette Sociale

GBP 2,400,000 3.750% due 15/10/18 ....... 3,133 2.22 Cie de Saint-Gobain EUR 900,000 4.000% due 08/10/18 ....... 1,046 0.74 Orange SA

600,000 4.125% due 23/01/19 ....... 706 0.50

Schlumberger Finance France SAS

1,200,000 0.625% due 12/02/19 ....... 1,398 0.99 Societe Generale SA USD 1,450,000 2.625% due 01/10/18 ....... 1,450 1.03

9,767 6.92 Germany (4.78%)

Deutsche Post AG EUR 1,000,000 1.500% due 09/10/18 ....... 1,162 0.82 FMS Wertmanagement

4,800,000 Zero Coupon due 15/04/19 5,590 3.96 6,752 4.78 Italy (0.91%)

FCA Bank SpA 1,100,000 4.000% due 17/10/18 ....... 1,280 0.91

Principal Amount


Fund %

Japan (10.47%)

JPY Japan Government Two Year Bond

1,337,400,000 0.100% due 15/09/19 ...... 11,800 8.36 Mizuho Bank Ltd USD 1,225,000 2.150% due 20/10/18 ...... 1,225 0.87


1,750,000 2.450% due 10/01/19 ...... 1,749 1.24 14,774 10.47 Luxembourg (2.01%)

European Investment Bank 2,850,000 1.750% due 17/06/19 ...... 2,833 2.01 Netherlands (8.05%)

BMW Finance NV GBP 1,715,000 3.375% due 14/12/18 ...... 2,246 1.59 innogy Finance BV EUR 850,000 6.625% due 31/01/19 ...... 1,010 0.72

Nederlandse Waterschapsbank NV

USD 3,900,000 1.875% due 13/03/19 ...... 3,888 2.75

Repsol International Finance BV

EUR 1,700,000 4.875% due 19/02/19 ...... 2,013 1.43


1,879,000 3.250% due 21/01/19 ...... 2,205 1.56 11,362 8.05 New Zealand (2.88%)

ANZ New Zealand Int'l Ltd 3,500,000 1.500% due 02/10/18 ...... 4,065 2.88 Spain (2.65%)

Bankia SA 1,700,000 3.500% due 17/01/19 ...... 1,995 1.41

Programa Cedulas TDA Fondo de Titulizacion de Activos

1,500,000 4.000% due 23/10/18 ...... 1,747 1.24 3,742 2.65 Sweden (0.67%)

Svenska Handelsbanken AB USD 950,000 2.500% due 25/01/19 ...... 950 0.67

Switzerland (3.46%)

Credit Suisse AG EUR 4,200,000 2.875% due 18/10/18 ...... 4,885 3.46

Russell Investment Company plc Old Mutual Global Currency Fund Schedule of Investments - continued 30 September 2018


Principal Amount


Fund %

United Kingdom (9.14%) BP Capital Markets Plc GBP 1,750,000 4.325% due 10/12/18 ....... 2,295 1.63 EUR 1,400,000 2.994% due 18/02/19 ....... 1,646 1.16 Compass Group Plc

1,690,000 3.125% due 13/02/19 ....... 1,987 1.41 HSBC Bank Plc

750,000 3.875% due 24/10/18 ....... 873 0.62 HSBC Holdings Plc

1,000,000 6.000% due 10/06/19 ....... 1,209 0.86 Lloyds Bank Plc

700,000 1.875% due 10/10/18 ....... 814 0.58 Santander UK Plc

1,500,000 2.000% due 14/01/19 ....... 1,753 1.24 Southern Gas Networks Plc GBP 1,050,000 5.125% due 02/11/18 ....... 1,374 0.97 Standard Chartered Plc EUR 800,000 4.125% due 18/01/19 ....... 941 0.67

12,892 9.14 United States (9.00%)

Amgen Inc 1,850,000 4.375% due 05/12/18 ....... 2,166 1.53

Principal Amount


Fund %

Ford Motor Credit Co LLC USD 1,400,000 2.375% due 12/03/19 ...... 1,396 0.99 Goldman Sachs Group Inc EUR 1,800,000 0.380% due 29/04/19 ...... 2,098 1.49 Morgan Stanley USD 2,700,000 7.300% due 13/05/19 ...... 2,772 1.96 Wachovia Corp EUR 3,650,000 4.375% due 27/11/18 ...... 4,270 3.03

12,702 9.00



Money Market Instruments (22.79%) United States (22.79%) U.S. Treasury Bill

USD 17,700,000 Zero Coupon due 28/03/19* 17,499 12.40 15,000,000 Zero Coupon due 15/08/19 14,672 10.39



Financial Derivative Instruments ((0.26)%) Open Forward Foreign Currency Exchange Contracts ((0.26)%)

Settlement Date


Amount Sold ‘000


Fund %

25/10/2018 BRL 5,716 USD 1,456 (27) (0.02) 25/10/2018 CNH 107,527 USD 16,128 (504) (0.36) 21/11/2018 EUR 170 USD 199 - 0.00 21/11/2018 GBP 1,132 EUR 1,268 1 0.00 25/10/2018 IDR 20,965,083 USD 1,432 (28) (0.02) 21/11/2018 JPY 568,144 USD 5,096 (76) (0.05) 25/10/2018 MXN 41,179 USD 2,134 61 0.04 25/10/2018 USD 1,488 BRL 5,716 59 0.04 25/10/2018 USD 497 CNH 3,400 3 0.00 21/11/2018 USD 9,026 EUR 7,728 15 0.01 21/11/2018 USD 426 EUR 361 5 0.00 21/11/2018 USD 284 GBP 214 4 0.00 21/11/2018 USD 5,530 JPY 613,488 109 0.09 21/11/2018 USD 711 JPY 78,890 14 0.01 21/11/2018 USD 184 JPY 20,800 - 0.00 25/10/2018 USD 2,188 MXN 41,145 (5) (0.00)

Unrealised gain on open forward foreign currency exchange contracts ........................ 271 0.19 Unrealised loss on open forward foreign currency exchange contracts ......................... (640) (0.45) Net unrealised gain (loss) on open forward foreign currency exchange contracts.. (369) (0.26) Total Financial Derivative Instruments ..................................................................... (369) (0.26)

Russell Investment Company plc Old Mutual Global Currency Fund Schedule of Investments - continued 30 September 2018




Fund %




Other Net Assets (4.89%) ..................................................... 6,902 4.89 Net assets ................................................................................ 141,149 100.00

* Partly held as collateral by the brokers and counterparties in connection with collateral purposes for over the counter financial derivative instruments held by the Fund.


gross assets Transferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market ........................................................................................................................... 94.04 Transferable securities dealt in on another regulated market .......................................................................... 0.86 Over the counter financial derivative instruments .......................................................................................... 0.19 Other assets ..................................................................................................................................................... 4.91

100.00 The counterparties for the open forward foreign currency exchange contracts are:

Barclays Bank Plc HSBC Canadian Imperial Bank of Commerce JPMorgan Citigroup Morgan Stanley Goldman Sachs

Fair Value Hierarchy (Note 11) All securities held as of 30 September 2018 and 31 March 2018 are classified as Level 2.

Russell Investment Company plc Old Mutual Global Currency Fund Statement of Changes in Composition of Portfolio Listed below are total investment purchases and total investment sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 422 Old Mutual Global Currency Fund



USD ‘000 U.S. Treasury Bills U.S. Treasury Bill

Zero Coupon due 28/03/19 17,349 Zero Coupon due 13/09/18 (17,925) Zero Coupon due 15/08/19 14,659 Dexia Credit Local SA

Japan Government Two Year Bond 0.200% due 31/07/18 (4,054) 0.100% due 15/09/19 11,935 Belfius Bank SA

U.S. Treasury Bill 2.250% due 26/09/18 (2,563) Zero Coupon due 13/09/18 7,964 NRW Bank

FMS Wertmanagement 1.250% due 22/10/18 (1,513) Zero Coupon due 15/04/19 5,600 FADE - Fondo de Amortizacion

Nederlandse Waterschapsbank NV del Deficit Electrico 1.875% due 13/03/19 3,883 5.600% due 17/09/18 (1,290)

Royal Bank of Canada Bank of America Corp 2.150% due 15/03/19 3,787 4.625% due 14/09/18 (1,227)

Bank of Montreal Airbus Group Finance BV 1.000% due 07/05/19 3,772 5.500% due 25/09/18 (1,127)

Commonwealth Bank of Australia Instituto de Credito Oficial 2.250% due 13/03/19 3,741 0.100% due 12/09/18 (1,043)

Nordea Bank Abp U.K. Treasury Bill 2.375% due 04/04/19 2,994 Zero Coupon due 23/04/18 (996)

European Investment Bank innogy Finance BV 1.750% due 17/06/19 2,829 5.125% due 23/07/18 (988)

Morgan Stanley Iberdrola International BV 7.300% due 13/05/19 2,808 4.250% due 11/10/18 (704)

Goldman Sachs Group Inc KBC IFIMA SA 0.380% due 29/04/19 2,125 2.125% due 10/09/18 (582)

Ford Motor Credit Co LLC 2.375% due 12/03/19 1,394

HSBC Holdings Plc 6.000% due 10/06/19 1,218

Oesterreichische Kontrollbank AG 1.625% due 12/03/19 993

Svenska Handelsbanken AB 2.500% due 25/01/19 950

Russell Investment Company plc Old Mutual MSCI Africa ex-South Africa Index Fund Balance Sheet As at 31 March 2018


Old Mutual MSCI Africa ex-South Africa Index Fund 423


Assets Cash at bank (Note 2) ................................................................................................................................ 617

Debtors:

Dividends receivable .............................................................................................................................. 57 674


Payable on fund shares redeemed .......................................................................................................... (406)Depositary fees payable ......................................................................................................................... (4)Sub-custodian fees payable .................................................................................................................... (86)Administration fees payable ................................................................................................................... (5)Audit fees payable .................................................................................................................................. (16)Other fees payable .................................................................................................................................. (157) (674)

Net assets attributable to redeemable participating shareholders ...................................................... - * As the Fund terminated on 9 October 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.


Russell Investment Company plc Old Mutual MSCI Africa ex-South Africa Index Fund Profit and Loss Account For the six months ended 30 September 2017

The accompanying notes are an integral part of the financial statements. 424 Old Mutual MSCI Africa ex-South Africa Index Fund



Income Dividends ............................................................................................................................................... 1,933 Securities lending income (Note 3) ....................................................................................................... 1

1,934 Net gain (loss) on investment activities .................................................................................................... 10,483 Total investment income (expense) ........................................................................................................ 12,417 Expenses

Management fees (Note 4) .................................................................................................................... (90) Depositary fees (Note 5) ....................................................................................................................... (11) Sub-custodian fees (Note 5) .................................................................................................................. (180) Administration and transfer agency fees (Note 5) ................................................................................. (24) Audit fees .............................................................................................................................................. (6) Professional fees ................................................................................................................................... (7) Other fees .............................................................................................................................................. (114)

Total operating expenses ........................................................................................................................ (432) Profit (loss) for the financial period before taxation ............................................................................ 11,985 Taxation (Note 8)

Capital gains tax .................................................................................................................................... (2) Withholding tax .................................................................................................................................... (192)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ....................................................................................................................... 11,791 All amounts arose solely from terminated operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account. * As the Fund terminated on 9 October 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.


Russell Investment Company plc Old Mutual MSCI Africa ex-South Africa Index Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2017


Old Mutual MSCI Africa ex-South Africa Index Fund 425



Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................................................. 11,791 Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) .............................................................................................................................. (85,149)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ................................................................................................... (73,358) Net assets attributable to redeemable participating shareholders

Beginning of financial period ................................................................................................................ 80,226 End of financial period .......................................................................................................................... 6,868

* As the Fund terminated on 9 October 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.


Russell Investment Company plc Old Mutual FTSE RAFI® All World Index Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 426 Old Mutual FTSE RAFI® All World Index Fund


USD ‘000


Assets Financial assets at fair value through profit or loss ........................................................ 481,706 559,153 Cash at bank (Note 2) .................................................................................................... 558 578 Debtors:

Receivable for investments sold ................................................................................. 1,530 207 Dividends receivable .................................................................................................. 1,262 1,679

485,056 561,617 Liabilities Creditors – amounts falling due within one financial year:

Payable for investments purchased ............................................................................. (1,507) (1,982) Distributions payable on hybrid accumulation share classes ...................................... - (1,171) Management fees payable .......................................................................................... (109) (126) Depositary fees payable .............................................................................................. (33) (16) Sub-custodian fees payable ........................................................................................ (25) (13) Administration fees payable ....................................................................................... (28) (19) Audit fees payable ...................................................................................................... (7) (14)

(1,709) (3,341) Net assets attributable to redeemable participating shareholders .......................... 483,347 558,276

Russell Investment Company plc Old Mutual FTSE RAFI® All World Index Fund Profit and Loss Account For the six months ended 30 September 2018


Old Mutual FTSE RAFI® All World Index Fund 427





Income Dividends .................................................................................................................. 10,382 8,008 Securities lending income (Note 3) ........................................................................... 50 65

10,432 8,073 Net gain (loss) on investment activities ........................................................................ 6,714 33,935 Total investment income (expense) ........................................................................... 17,146 42,008 Expenses

Management fees (Note 4) ........................................................................................ (790) (650) Depositary fees (Note 5) ........................................................................................... (54) (42) Sub-custodian fees (Note 5) ...................................................................................... (42) (54) Administration and transfer agency fees (Note 5) ..................................................... (78) (60) Audit fees .................................................................................................................. (7) (7) Professional fees ........................................................................................................ (3) (7) Other fees .................................................................................................................. (21) (18)

Total operating expenses ............................................................................................ (995) (838) Profit (loss) for the financial period before taxation ............................................... 16,151 41,170 Taxation (Note 8)

Capital gains tax ........................................................................................................ (45) - Withholding tax ......................................................................................................... (1,615) (1,154)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... 14,491 40,016 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual FTSE RAFI® All World Index Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018






Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ..................................................................... 14,491 40,016 Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) .................................................................................................. (89,420) 27,720

Total net increase (decrease) in net assets attributable to redeemable participating shareholders .......................................................................................... (74,929) 67,736 Net assets attributable to redeemable participating shareholders

Beginning of financial period ..................................................................................... 558,276 435,774 End of financial period ............................................................................................... 483,347 503,510

Russell Investment Company plc Old Mutual FTSE RAFI® All World Index Fund Schedule of Investments 30 September 2018



Number of Shares


Fund %



36,627


16,138


4,574 Macquarie Group Ltd .......... 417 0.09 30,261 National Australia Bank Ltd 609 0.13 27,593 Westpac Banking Corp ........ 558 0.11

Beverages 18,435 Coca-Cola Amatil Ltd ......... 130 0.03


Building Products 14,173 Boral Ltd ............................. 71 0.02

Chemicals 51,416 Incitec Pivot Ltd .................. 148 0.03

Commercial Services and Supplies 21,691 Brambles Ltd ....................... 171 0.03 16,103 Transurban Group ............... 131 0.03

Construction and Engineering 2,984 CIMIC Group Ltd ............... 111 0.02 14,369 LendLease Group ................ 204 0.04 20,542 Sydney Airport .................... 102 0.02 14,733 WorleyParsons Ltd .............. 218 0.05


Electric Utilities 8,830 AGL Energy Ltd ................. 125 0.03 25,333 Origin Energy Ltd ............... 151 0.03

Entertainment 24,976 Tabcorp Holdings Ltd ......... 88 0.02

Food Products 63,000 Metcash Ltd ......................... 137 0.03 9,891 Wesfarmers Ltd ................... 357 0.07 16,843 Woolworths Group Ltd ....... 342 0.07

Health Care Providers and Services 9,138 Sonic Healthcare Ltd ........... 165 0.03

Insurance 24,473 AMP Ltd ............................. 56 0.01

48,685


32,034 QBE Insurance Group Ltd ... 258 0.05 28,318 Suncorp Group Ltd .............. 296 0.06

Iron and Steel 12,124 BlueScope Steel Ltd ............ 149 0.03

Lodging 22,553 Star Entertainment Grp Ltd . 85 0.02

Number of Shares


Fund %

Metals and Mining 42,282 BHP Billiton Ltd ................. 1,059 0.22 8,968 Newcrest Mining Ltd .......... 126 0.03 5,384 Rio Tinto Ltd ...................... 307 0.06 4,733 Sims Metal Management Ltd 43 0.01 37,949 South32 Ltd ........................ 108 0.02

Miscellaneous Manufacturers 6,743 Orica Ltd ............................. 83 0.02

Oil and Gas 15,878 Santos Ltd ........................... 83 0.02 15,691 Woodside Petroleum Ltd .... 438 0.09


Software 1,017 OneMarket Ltd ................... 1 0.00


10,913 2.26 Austria (0.14%) Banks

2,977 Erste Group Bank AG ......... 124 0.03 Building Products

6,094 Wienerberger AG ................ 152 0.03 Insurance

1,819

Vienna Insurance Group AG Wiener Versicherung Gruppe ................................ 52 0.01

Iron and Steel 2,745 voestalpine AG ................... 126 0.03

Oil and Gas 1,595 OMV AG ............................ 90 0.02

Real Estate 4,360 IMMOFINANZ AG ............ 114 0.02

658 0.14 Belgium (0.33%) Banks

2,371 KBC Group NV .................. 177 0.04 Beverages

5,537

Anheuser-Busch InBev SA/NV ................................ 484 0.10

Chemicals 1,584 Solvay SA ........................... 212 0.05 3,636 Umicore SA ........................ 203 0.04

Insurance 4,525 Ageas .................................. 243 0.05

Russell Investment Company plc Old Mutual FTSE RAFI® All World Index Fund Schedule of Investments - continued 30 September 2018


Number of Shares


Fund %

Pharmaceuticals 1,798 UCB SA .............................. 162 0.03


1,602 0.33 Bermuda (0.31%) Agriculture

3,900 Bunge Ltd ............................ 268 0.06 Computers and Peripherals

6,800 Genpact Ltd ......................... 208 0.04 Distributors

292,000 Li & Fung Ltd ..................... 65 0.01 Diversified Financials

5,800 Invesco Ltd .......................... 133 0.03 Holding Companies - Diversified Operations

2,000


Home Furnishings

362,000

Skyworth Digital Holdings Ltd ....................................... 102 0.02

Insurance

2,400

Aspen Insurance Holdings Ltd ....................................... 100 0.02

2,700 Axis Capital Holdings Ltd ... 156 0.03 Oil and Gas

10,000 Nabors Industries Ltd .......... 62 0.01 Real Estate

23,000


Retail Trade 571,000 GOME Retail Holdings Ltd 58 0.01 700 Signet Jewelers Ltd ............. 46 0.01


2,100

Marvell Technology Group Ltd ....................................... 41 0.01


37,400 Embraer SA ......................... 186 0.04 Banks

32,800 Banco do Brasil SA ............. 242 0.05 Beverages

23,300 Ambev SA ........................... 107 0.02 Electric Utilities

9,600


11,900 Engie Brasil Energia SA ...... 106 0.02 Food Products

13,300 BRF SA ............................... 73 0.01 33,000 JBS SA ................................ 78 0.02

Iron and Steel 19,500 Cia Siderurgica Nacional SA 46 0.01 45,146 Vale SA ............................... 676 0.14

Number of Shares


Fund %

Oil and Gas 60,200 Petroleo Brasileiro SA ........ 365 0.08 9,900 Ultrapar Participacoes SA ... 93 0.02

Paper and Forest Products 8,400 Fibria Celulose SA .............. 159 0.03

Personal Products 14,800 Natura Cosmeticos SA ........ 105 0.02

Real Estate 33,235 BR Malls Participacoes SA . 80 0.02

2,353 0.49 Canada (3.49%) Aerospace and Defence

16,300 Bombardier Inc ................... 58 0.01 Auto Components


10,785 Bank of Montreal ................ 889 0.18 15,000 Bank of Nova Scotia ........... 893 0.19

6,200


7,200 National Bank of Canada .... 359 0.08 15,900 Royal Bank of Canada ........ 1,274 0.26 20,000 Toronto-Dominion Bank ..... 1,214 0.25

Chemicals 2,300 Methanex Corp ................... 181 0.04

Computers and Peripherals 3,400 BlackBerry Ltd ................... 38 0.01

Construction and Engineering 3,700 SNC-Lavalin Group Inc ...... 151 0.03

Diversified Financials 10,600 CI Financial Corp ............... 168 0.04 6,000 IGM Financial Inc ............... 165 0.03

Electric Utilities 3,400 Atco Ltd .............................. 99 0.02 5,042 Fortis Inc ............................. 163 0.03 25,000 TransAlta Corp ................... 141 0.03

Electrical Equipment 7,900 Celestica Inc ....................... 86 0.02

Food Products 1,700 George Weston Ltd ............. 129 0.03 3,799 Loblaw Cos Ltd .................. 195 0.04 5,300 Metro Inc ............................ 165 0.03 5,900 Saputo Inc ........................... 175 0.04

Gas Utilities 2,500 Canadian Utilities Ltd ......... 61 0.01

Hand and Machine Tools 5,300 Finning International Inc .... 129 0.03

Insurance

300

Fairfax Financial Holdings Ltd ...................................... 163 0.03

3,700 Great-West Lifeco Inc ........ 90 0.02 3,100 Intact Financial Corp .......... 258 0.05




Number of Shares


Fund %

28,764 Manulife Financial Corp ..... 514 0.11 8,400 Power Corp of Canada ........ 182 0.04 1,500 Power Financial Corp .......... 34 0.01 10,100 Sun Life Financial Inc ......... 401 0.08

Iron and Steel 5,200 Russel Metals Inc ................ 108 0.02

Media 8,800 Quebecor Inc ....................... 176 0.04 7,915 Shaw Communications Inc .. 154 0.03 4,537 Thomson Reuters Corp ........ 207 0.04

Metals and Mining 13,000 First Quantum Minerals Ltd 148 0.03 12,500 Goldcorp Inc ....................... 127 0.03 21,300 Kinross Gold Corp .............. 58 0.01 8,500 Teck Resources Ltd ............. 205 0.04 33,600 Yamana Gold Inc ................ 84 0.02

Oil and Gas 16,500 ARC Resources Ltd ............. 184 0.04 36,300 Baytex Energy Corp ............ 105 0.02

16,000


30,300 Cenovus Energy Inc ............ 304 0.06 41,900 Crescent Point Energy Corp 266 0.05 12,809 Husky Energy Inc ................ 225 0.05 5,400 Imperial Oil Ltd ................... 175 0.04 8,800 Precision Drilling Corp ....... 30 0.01 22,600 Suncor Energy Inc ............... 874 0.18

Other Finance

10,400

Brookfield Asset Management Inc .................. 463 0.10

2,400 Onex Corp ........................... 164 0.03 Pharmaceuticals

9,300 Bausch Health Cos Inc ........ 239 0.05 Pipelines

9,745 Enbridge Inc ........................ 314 0.06 5,400 Pembina Pipeline Corp ........ 183 0.04 6,900 TransCanada Corp ............... 279 0.06


9,207

H&R Real Estate Investment Trust .................................... 142 0.03

10,500

RioCan Real Estate Investment Trust .................. 200 0.04

Retail Trade

4,600

Alimentation Couche-Tard Inc ....................................... 230 0.05

1,500 Canadian Tire Corp Ltd ....... 176 0.03 Telecommunications

4,500 BCE Inc ............................... 182 0.04 5,700 Rogers Communications Inc 293 0.06 3,200 TELUS Corp ....................... 118 0.02

Transport

4,700

Canadian National Railway Co ........................................ 421 0.09

Number of Shares


Fund %

900

Canadian Pacific Railway Ltd ...................................... 190 0.04

16,854 3.49 Cayman Islands (0.47%) Food Products

27,000


70,000

Tingyi Cayman Islands Holding Corp ...................... 129 0.02

Gas Utilities 16,000 ENN Energy Holdings Ltd . 139 0.03



800

Alibaba Group Holding Ltd ADR .................................... 132 0.03

5,200 Tencent Holdings Ltd ......... 215 0.04 Real Estate

55,000 China Evergrande Group .... 154 0.03 48,000 China Resources Land Ltd .. 168 0.03 46,860 CK Asset Holdings Ltd ....... 352 0.07

37,000


15,747

Country Garden Services Holdings Co Ltd ................. 27 0.01

71,500

Shimao Property Holdings Ltd ...................................... 178 0.04

40,000 Sunac China Holdings Ltd .. 123 0.03

30,000


2,298 0.47 Chile (0.09%) Airlines

11,118 Latam Airlines Group SA ... 105 0.02 Banks

1,489,445 Banco Santander Chile ........ 119 0.02 Electric Utilities

341,327 Enel Americas SA ............... 52 0.01 341,327 Enel Chile SA ..................... 34 0.01

Holding Companies - Diversified Operations 9,470 Empresas COPEC SA ......... 146 0.03

456 0.09 China (1.63%) Automobiles

86,000

Dongfeng Motor Group Co Ltd ...................................... 89 0.02

Banks

700,000


1,739,000 Bank of China Ltd .............. 773 0.16

266,000

Bank of Communications Co Ltd ...................................... 200 0.04

222,000 China CITIC Bank Corp Ltd 142 0.03

1,833,000




Number of Shares


Fund %

51,500

China Merchants Bank Co Ltd ....................................... 209 0.04

179,400

China Minsheng Banking Corp Ltd .............................. 133 0.03

1,323,000


Building Products

232,000

China National Building Material Co Ltd ................... 206 0.04


77,000

China Communications Construction Co Ltd ............ 79 0.02

84,000

China Railway Construction Corp Ltd .............................. 113 0.02

Electric Utilities

218,000

Huaneng Power International Inc ....................................... 143 0.03

Insurance 79,000 China Life Insurance Co Ltd 180 0.04

31,200


311,000

People's Insurance Co Group of China Ltd ........................ 140 0.03

130,000


38,000


Metals and Mining

156,000

Aluminum Corp of China Ltd ....................................... 69 0.02

101,000

China Shenhua Energy Co Ltd ....................................... 231 0.05

178,000 Zijin Mining Group Co Ltd . 68 0.01 Oil and Gas

881,000

China Petroleum & Chemical Corp .................... 883 0.18

496,000 PetroChina Co Ltd ............... 402 0.09 Telecommunications

534,000 China Telecom Corp Ltd ..... 265 0.05 7,898 1.63 Curacao (0.22%) Oil and Gas Services

17,346 Schlumberger Ltd ................ 1,057 0.22 Denmark (0.31%) Banks

11,543 Danske Bank A/S ................ 303 0.06 Beverages

1,837 Carlsberg A/S ...................... 220 0.05 Commercial Services and Supplies

4,589 ISS A/S ................................ 162 0.04 Energy Equipment and Services

1,615 Vestas Wind Systems A/S ... 109 0.02 Pharmaceuticals

8,277 Novo Nordisk A/S ............... 390 0.08

Number of Shares


Fund %

Transport

88

AP Moller - Maersk A/S (Shares A) ........................... 115 0.02

128

AP Moller - Maersk A/S (Shares B) ........................... 180 0.04

1,479 0.31 Finland (0.37%) Electric Utilities

8,596 Fortum OYJ ........................ 216 0.04 Home Builders

12,080 YIT OYJ ............................. 85 0.02 Hotels, Restaurants and Leisure

5,500 Amer Sports OYJ ................ 225 0.05 Insurance


3,835 Metso OYJ .......................... 136 0.03 Oil and Gas

1,780 Neste OYJ ........................... 147 0.03 Paper and Forest Products

10,343 Stora Enso OYJ .................. 198 0.04 6,451 UPM-Kymmene OYJ ......... 253 0.05

Telecommunications 69,252 Nokia OYJ .......................... 384 0.08


2,985 Publicis Groupe SA ............ 178 0.04 Aerospace and Defence

1,738 Safran SA ............................ 244 0.05 1,022 Thales SA ........................... 145 0.03

Airlines 10,739 Air France-KLM ................. 112 0.02

Auto Components

3,187


3,597 Valeo SA ............................ 156 0.03 Automobiles

8,496 Peugeot SA ......................... 229 0.05 4,657 Renault SA .......................... 403 0.08

Banks 20,785 BNP Paribas SA .................. 1,273 0.26 20,054 Credit Agricole SA ............. 289 0.06 20,057 Natixis SA .......................... 136 0.03 22,723 Societe Generale SA ........... 976 0.20

Beverages 1,875 Pernod Ricard SA ............... 308 0.06


Chemicals 3,462 Air Liquide SA ................... 456 0.10




Number of Shares


Fund %

Computers and Peripherals 862 Atos SE ............................... 103 0.02 1,251 Capgemini SE ...................... 158 0.03

Construction and Engineering 4,610 Bouygues SA ....................... 199 0.04 2,126 Eiffage SA ........................... 237 0.05 6,605 Vinci SA .............................. 629 0.13

Distributors 13,085 Rexel SA ............................. 197 0.04

Electric Utilities 21,369 Electricite de France SA ...... 375 0.08 65,495 Engie SA ............................. 963 0.20

Electrical Equipment 2,881 Legrand SA ......................... 210 0.05 6,139 Schneider Electric SE .......... 494 0.10

Food Products 21,678 Carrefour SA ....................... 415 0.09

4,586

Casino Guichard Perrachon SA ....................................... 193 0.04

4,596 Danone SA .......................... 356 0.07 1,522 Sodexo SA ........................... 161 0.03


1,164


Insurance 38,043 AXA SA .............................. 1,023 0.21 6,677 CNP Assurances .................. 161 0.03 3,920 SCOR SE ............................. 182 0.04

Lodging 3,203 Accor SA ............................. 165 0.03

Media 7,083 Lagardere SCA .................... 218 0.04 21,721 Vivendi SA .......................... 559 0.12

Miscellaneous Manufacturers 3,120 Alstom SA ........................... 139 0.03


Other Finance 2,029 Eurazeo SA ......................... 160 0.03

Personal Products 1,210 L'Oreal SA ........................... 292 0.06


Real Estate 2,670 Nexity SA ............................ 148 0.03

Real Estate Investment Trust 2,241 Klepierre SA ....................... 79 0.02 1,671 Unibail-Rodamco-Westfield 336 0.07

Telecommunications 50,380 Orange SA ........................... 804 0.17

Textile and Apparel 142 Hermes International ........... 94 0.02

Number of Shares


Fund %

501 Kering SA ........................... 269 0.05

1,196


Water Utilities 15,037 Suez .................................... 214 0.05 10,634 Veolia Environnement SA .. 212 0.04

20,818 4.31 Germany (3.62%) Airlines

4,927 Deutsche Lufthansa AG ...... 121 0.03 Auto Components

1,147 Continental AG ................... 200 0.04 Automobiles

6,594


19,851 Daimler AG ........................ 1,253 0.26 Banks

26,692 Commerzbank AG .............. 278 0.06 50,008 Deutsche Bank AG ............. 571 0.12

Building Products 2,842 HeidelbergCement AG ....... 222 0.05

Chemicals 13,411 BASF SE ............................ 1,192 0.24 3,246 Brenntag AG ....................... 200 0.04 11,081 K&S AG ............................. 233 0.05 2,502 Linde AG ............................ 517 0.11

Construction and Engineering 3,785 Bilfinger SE ........................ 191 0.04

Diversified Financials 2,197 Deutsche Boerse AG ........... 294 0.06

Electric Utilities 80,265 E.ON SE ............................. 819 0.17 25,139 RWE AG ............................ 620 0.13 10,397 Uniper SE ........................... 320 0.06

Electrical Equipment 2,800 Leoni AG ............................ 115 0.02 1,848 OSRAM Licht AG .............. 74 0.02

Food Products 8,931 METRO AG ....................... 140 0.03


2,162

Fresenius Medical Care AG & Co KGaA ........................ 222 0.04

5,117 Fresenius SE & Co KGaA .. 376 0.08 Hotels, Restaurants and Leisure

11,065 TUI AG ............................... 213 0.04 Insurance

7,667 Allianz SE ........................... 1,710 0.35 1,267 Hannover Rueck SE ............ 179 0.04

3,813

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ........................... 845 0.18



Number of Shares


Fund %

Iron and Steel 2,564 Salzgitter AG ....................... 128 0.02 7,002 ThyssenKrupp AG .............. 177 0.04

Machinery 2,481 GEA Group AG ................... 88 0.02


Metals and Mining 1,874 Aurubis AG ......................... 131 0.03

Miscellaneous Manufacturers 9,488 Siemens AG ........................ 1,216 0.25

Personal Products 590 Beiersdorf AG ..................... 67 0.01

Pharmaceuticals 9,489 Bayer AG ............................ 843 0.17 1,225 Merck KGaA ....................... 127 0.03

Retail Trade 18,031 Ceconomy AG ..................... 127 0.03 1,850 Hugo Boss AG .................... 143 0.03

Semiconductor Equipment and Products 4,431 Infineon Technologies AG .. 101 0.02

Software 5,971 SAP SE ................................ 735 0.15


Textile and Apparel 1,534 Adidas AG ........................... 376 0.08


17,476 3.62 Guernsey, Channel Islands (0.05%) Computers and Peripherals

3,700 Amdocs Ltd ......................... 244 0.05 Hong Kong (1.25%) Banks

31,800 Bank of East Asia Ltd ......... 119 0.02

62,000

BOC Hong Kong Holdings Ltd ....................................... 295 0.06

121,000 CITIC Ltd ............................ 180 0.04 5,800 Hang Seng Bank Ltd ........... 158 0.03

Beverages

37,333

China Resources Beer Holdings Co Ltd .................. 150 0.03


Electric Utilities

923,000

China Power International Development Ltd ................. 205 0.04

62,000

China Resources Power Holdings Co Ltd .................. 110 0.02

11,500 CLP Holdings Ltd ............... 135 0.03

Number of Shares


Fund %

17,000 Power Assets Holdings Ltd . 118 0.03 Gas Utilities

39,985

Hong Kong & China Gas Co Ltd ...................................... 79 0.02

Holding Companies - Diversified Operations 14,000 Swire Pacific Ltd ................ 153 0.03 79,000 Wharf Holdings Ltd ............ 215 0.04

Insurance 82,200 AIA Group Ltd ................... 734 0.15

Oil and Gas 346,000 CNOOC Ltd ........................ 685 0.14

Real Estate

48,000


44,000 Hang Lung Properties Ltd ... 86 0.02

27,220

Henderson Land Development Co Ltd ........... 137 0.03

138,333

New World Development Co Ltd ...................................... 189 0.04

52,000 Sino Land Co Ltd ................ 89 0.02 24,000 Sun Hung Kai Properties Ltd 350 0.07


Telecommunications 86,000 China Mobile Ltd ................ 848 0.18

176,000

China Unicom Hong Kong Ltd ...................................... 207 0.04

6,059 1.25 India (0.58%) Agriculture

30,715 ITC Ltd ............................... 127 0.03 Automobiles

30,241 Tata Motors Ltd .................. 93 0.02 Banks

28,174 Axis Bank Ltd ..................... 240 0.05 28,808 State Bank of India ............. 106 0.02

Computers and Peripherals 33,640 Infosys Ltd .......................... 340 0.07 24,550 Wipro Ltd ........................... 109 0.02


11,312


10,295


6,800

Shriram Transport Finance Co Ltd ................................. 108 0.02

Electric Utilities 13,364 Reliance Infrastructure Ltd . 55 0.01

Gas Utilities 22,732 GAIL India Ltd ................... 119 0.03

Metals and Mining 21,059 Coal India Ltd ..................... 78 0.02 51,532 Vedanta Ltd ........................ 165 0.03




Number of Shares


Fund %

Oil and Gas 55,415 Indian Oil Corp Ltd ............. 118 0.02 63,130 Oil & Natural Gas Corp Ltd 156 0.03 29,822 Reliance Industries Ltd ........ 516 0.11

Telecommunications 108,695 Vodafone Idea Ltd ............... 58 0.01

47,755

Reliance Communications Ltd ....................................... 8 0.00



590,000


Gas Utilities

387,300


Machinery 54,200 United Tractors Tbk PT ....... 120 0.02


Telecommunications

501,400


637 0.13 Ireland (1.20%) Auto Components

4,277 Adient Plc ............................ 168 0.04 Banks

14,836 Bank of Ireland Group Plc ... 114 0.02 Building Products

13,600 CRH Plc .............................. 446 0.09

8,378


Computers and Peripherals 3,500 Accenture Plc ...................... 596 0.12 5,100 Seagate Technology Plc ...... 241 0.05

Electrical Equipment 1,166 Allegion Plc ......................... 106 0.02 1,791 nVent Electric Plc ............... 49 0.01


Food Products 932 Kerry Group Plc .................. 103 0.02

Health Care Equipment and Supplies 10,241 Medtronic Plc ...................... 1,007 0.21

Insurance 868 Willis Towers Watson Plc ... 122 0.03

Miscellaneous Manufacturers 5,929 Eaton Corp Plc .................... 514 0.11 3,000 Ingersoll-Rand Plc ............... 307 0.06

Number of Shares


Fund %



42,100

Weatherford International Plc ....................................... 114 0.02

Paper and Forest Products 4,158 Smurfit Kappa Group Plc ... 165 0.04

Pharmaceuticals 4,583 Allergan Plc ........................ 873 0.18 2,200 Endo International Plc ........ 37 0.01 7,250 Mallinckrodt Plc ................. 212 0.04

5,786 1.20 Israel (0.20%) Banks

13,612 Bank Hapoalim BM ............ 100 0.02 35,007 Bank Leumi Le-Israel BM .. 231 0.05

Pharmaceuticals

22,606

Teva Pharmaceutical Industries Ltd ...................... 496 0.10

Telecommunications

110,082

Bezeq The Israeli Telecommunication Corp Ltd ...................................... 127 0.03

954 0.20 Italy (1.23%) Aerospace and Defence


21,710 BPER Banca ....................... 101 0.02 220,858 Intesa Sanpaolo SpA ........... 565 0.12

10,508

Mediobanca Banca di Credito Finanziario SpA ..... 105 0.02

37,377 UniCredit SpA .................... 563 0.12

21,499

Unione di Banche Italiane SpA ..................................... 86 0.02

Commercial Services and Supplies 9,049 Atlantia SpA ....................... 188 0.04

Electric Utilities 182,813 Enel SpA ............................. 937 0.19

Electrical Equipment 4,668 Prysmian SpA ..................... 109 0.02

Gas Utilities 9,208 Italgas SpA ......................... 50 0.01 27,293 Snam SpA ........................... 114 0.02

Insurance 36,040 Assicurazioni Generali SpA 623 0.13 29,500 Poste Italiane SpA ............... 236 0.05 41,562 Unipol Gruppo SpA ............ 185 0.04

Media 15,562 Mediaset SpA ..................... 49 0.01



Number of Shares


Fund %

Oil and Gas 83,685 Eni SpA ............................... 1,583 0.33

Oil and Gas Services 18,670 Saipem SpA ......................... 115 0.02

Telecommunications

351,115 Telecom Italia SpA .............. 213 0.04 5,964 1.23 Japan (10.42%) Advertising

10,000 Hakuhodo DY Holdings Inc 175 0.04 Aerospace and Defence

5,000 IHI Corp .............................. 190 0.04

5,700

Kawasaki Heavy Industries Ltd ....................................... 161 0.03

Agriculture 10,000 Japan Tobacco Inc ............... 261 0.05

Airlines 2,500 ANA Holdings Inc .............. 87 0.02

Auto Components 5,000 Aisin Seiki Co Ltd ............... 243 0.05 9,300 Bridgestone Corp ................ 351 0.07 6,500 Denso Corp ......................... 343 0.07 6,900 JTEKT Corp ........................ 101 0.02

21,200


4,000 Toyo Tire & Rubber Co Ltd 72 0.02 3,100 Toyota Industries Corp ........ 183 0.04

Automobiles 25,600 Honda Motor Co Ltd ........... 775 0.16 14,200 Isuzu Motors Ltd ................. 224 0.05 13,600 Mazda Motor Corp .............. 163 0.03 18,800 Mitsubishi Motors Corp ...... 133 0.03 49,400 Nissan Motor Co Ltd ........... 463 0.10 6,600 Subaru Corp ........................ 202 0.04 5,300 Suzuki Motor Corp .............. 304 0.06 40,400 Toyota Motor Corp .............. 2,524 0.52

Banks

7,000

Fukuoka Financial Group Inc ....................................... 193 0.04

230,600

Mitsubishi UFJ Financial Group Inc ............................ 1,440 0.30

602,500 Mizuho Financial Group Inc 1,051 0.22 38,000 Resona Holdings Inc ........... 214 0.04 17,000 Shizuoka Bank Ltd .............. 153 0.03

26,800


9,100

Sumitomo Mitsui Trust Holdings Inc ........................ 375 0.08

Beverages 5,100 Asahi Group Holdings Ltd .. 221 0.04 10,900 Kirin Holdings Co Ltd ......... 279 0.06

Number of Shares


Fund %

Building Products 4,000 AGC Inc .............................. 166 0.04 2,400 Daikin Industries Ltd .......... 320 0.07 5,700 LIXIL Group Corp .............. 110 0.02 14,400 Nippon Sheet Glass Co Ltd . 157 0.03 4,300 Taiheiyo Cement Corp ........ 135 0.03 2,400 TOTO Ltd ........................... 100 0.02

Chemicals 14,800 Asahi Kasei Corp ................ 225 0.05 9,800 Kuraray Co Ltd ................... 147 0.03

28,000


3,400 Mitsui Chemicals Inc .......... 85 0.02 2,400 Nitto Denko Corp ............... 180 0.04 2,000 Shin-Etsu Chemical Co Ltd 177 0.04 42,000 Sumitomo Chemical Co Ltd 246 0.05 6,400 Teijin Ltd ............................ 123 0.02 23,000 Toray Industries Inc ............ 173 0.04 9,500 Tosoh Corp ......................... 146 0.03 5,800 Ube Industries Ltd .............. 158 0.03

Commercial Services and Supplies 2,600 Benesse Holdings Inc ......... 74 0.02 8,500 Dai Nippon Printing Co Ltd 198 0.04 3,600 Secom Co Ltd ..................... 294 0.06 14,500 Toppan Printing Co Ltd ...... 233 0.05

Computers and Peripherals 5,800 Fujitsu Ltd .......................... 413 0.08 4,900 NEC Corp ........................... 135 0.03 12,400 NTT Data Corp ................... 172 0.04 2,200 TDK Corp ........................... 240 0.05

Construction and Engineering 6,700 JGC Corp ............................ 154 0.03 10,500 Kajima Corp ....................... 153 0.03

4,400

Nishimatsu Construction Co Ltd ...................................... 111 0.03

15,900 Obayashi Corp .................... 151 0.03 12,000 Shimizu Corp ...................... 110 0.02 3,800 Taisei Corp ......................... 173 0.04


9,300

Toyo Seikan Group Holdings Ltd ....................... 193 0.04

Distributors 18,900 ITOCHU Corp .................... 346 0.07 42,200 Marubeni Corp .................... 386 0.08 19,200 Mitsubishi Corp .................. 592 0.12 31,100 Mitsui & Co Ltd .................. 553 0.12 82,700 Sojitz Corp .......................... 299 0.06 23,100 Sumitomo Corp ................... 385 0.08 5,000 Toyota Tsusho Corp ........... 189 0.04

Diversified Financials 6,600 Credit Saison Co Ltd .......... 108 0.02




Number of Shares


Fund %

42,000 Daiwa Securities Group Inc 256 0.05 51,800 Nomura Holdings Inc .......... 247 0.05 19,500 ORIX Corp .......................... 316 0.07 2,591 SBI Holdings Inc ................. 81 0.02

Electric Utilities 14,000 Chubu Electric Power Co Inc 212 0.04

16,800

Chugoku Electric Power Co Inc ....................................... 216 0.04

3,500

Electric Power Development Co Ltd ................................. 97 0.02

13,100

Hokkaido Electric Power Co Inc ....................................... 83 0.02

11,000 Hokuriku Electric Power Co 113 0.02

17,900

Kansai Electric Power Co Inc ....................................... 270 0.06

10,000

Kyushu Electric Power Co Inc ....................................... 121 0.03

10,300

Shikoku Electric Power Co Inc ....................................... 134 0.03

14,900

Tohoku Electric Power Co Inc ....................................... 202 0.04

39,200

Tokyo Electric Power Co Holdings Inc ........................ 193 0.04

Electrical Equipment 7,100 Brother Industries Ltd ......... 140 0.03 4,200 Furukawa Electric Co Ltd ... 140 0.03 4,200 Hoya Corp ........................... 250 0.05 4,800 Kyocera Corp ...................... 288 0.06

1,100

Murata Manufacturing Co Ltd ....................................... 169 0.04

1,400 Nidec Corp .......................... 201 0.04

5,000

Nippon Electric Glass Co Ltd ....................................... 157 0.03

3,300 Omron Corp ........................ 139 0.03 Food Products

18,500 Aeon Co Ltd ........................ 446 0.09 8,900 Ajinomoto Co Inc ................ 153 0.03 1,700 MEIJI Holdings Co Ltd ....... 114 0.03 3,000 NH Foods Ltd ...................... 111 0.02 18,000 Nippon Suisan Kaisha Ltd ... 117 0.03

2,100

Nissin Foods Holdings Co Ltd ....................................... 144 0.03

12,200 Seven & i Holdings Co Ltd . 543 0.11 700 Yakult Honsha Co Ltd ......... 57 0.01

Gas Utilities 13,800 Osaka Gas Co Ltd ............... 269 0.06 7,700 Tokyo Gas Co Ltd ............... 189 0.04

Hand and Machine Tools 5,400 Fuji Electric Co Ltd ............. 216 0.04 1,800 Makita Corp ........................ 90 0.02

Health Care Equipment and Supplies 3,400 Olympus Corp ..................... 133 0.03 2,900 Terumo Corp ....................... 172 0.03

Home Builders

12,500

Daiwa House Industry Co Ltd ....................................... 371 0.08

Number of Shares


Fund %

9,000 Sekisui Chemical Co Ltd .... 166 0.03 10,000 Sekisui House Ltd ............... 153 0.03

Home Furnishings 34,500 Panasonic Corp ................... 402 0.08 41,000 Pioneer Corp ....................... 42 0.01 11,900 Sony Corp ........................... 730 0.15


5,900 Yamaha Motor Co Ltd ........ 165 0.03 Insurance

25,600 Dai-ichi Life Holdings Inc .. 533 0.11 36,400 Japan Post Holdings Co Ltd 433 0.09

10,700

MS&AD Insurance Group Holdings Inc ....................... 357 0.07

9,100 Sompo Holdings Inc ........... 388 0.08 7,800 T&D Holdings Inc .............. 129 0.03 10,900 Tokio Marine Holdings Inc . 541 0.11

Iron and Steel 9,400 JFE Holdings Inc ................ 216 0.04 22,200 Kobe Steel Ltd .................... 197 0.04

17,300

Nippon Steel & Sumitomo Metal Corp .......................... 366 0.08

Machinery 1,300 FANUC Corp ...................... 245 0.05 21,200 Hitachi Ltd .......................... 720 0.15 200 Keyence Corp ..................... 116 0.02 7,300 Komatsu Ltd ....................... 222 0.05 12,700 Kubota Corp ....................... 216 0.04 30,000 Mitsubishi Electric Corp ..... 411 0.08

9,400

Mitsubishi Heavy Industries Ltd ...................................... 363 0.08

400 SMC Corp ........................... 128 0.03

4,000

Sumitomo Heavy Industries Ltd ...................................... 143 0.03

Metals and Mining 2,200 Dowa Holdings Co Ltd ....... 70 0.01 3,800 Mitsubishi Materials Corp .. 114 0.02

2,600

Mitsui Mining & Smelting Co Ltd ................................. 75 0.02

10,000 NSK Ltd .............................. 115 0.02 12,000 NTN Corp ........................... 49 0.01

3,500

Sumitomo Metal Mining Co Ltd ...................................... 123 0.03

Miscellaneous Manufacturers 4,700 FUJIFILM Holdings Corp .. 212 0.05 8,700 Nikon Corp ......................... 164 0.03 6,400 Toshiba Corp ...................... 185 0.04

Office Electronics 16,000 Canon Inc ............................ 509 0.11 13,400 Konica Minolta Inc ............. 143 0.03 15,800 Ricoh Co Ltd ...................... 170 0.03 4,600 Seiko Epson Corp ............... 78 0.02



Number of Shares


Fund %

Oil and Gas 5,900 Idemitsu Kosan Co Ltd ....... 312 0.07 24,500 Inpex Corp ........................... 306 0.06 95,700 JXTG Holdings Inc ............. 723 0.15 7,400 Showa Shell Sekiyu KK ...... 157 0.03

Other Finance 2,500 Dentsu Inc ........................... 116 0.02


11,000

Nippon Paper Industries Co Ltd ....................................... 203 0.04

42,000 Oji Holdings Corp ............... 305 0.06 7,900 Sumitomo Forestry Co Ltd .. 137 0.03

Personal Products 3,900 Kao Corp ............................. 315 0.07 6,000 Lion Corp ............................ 133 0.03 3,100 Shiseido Co Ltd ................... 240 0.05 4,800 Unicharm Corp .................... 159 0.03

Pharmaceuticals 9,200 Alfresa Holdings Corp ........ 246 0.05 19,100 Astellas Pharma Inc ............. 333 0.07

2,300

Chugai Pharmaceutical Co Ltd ....................................... 148 0.03

7,800 Daiichi Sankyo Co Ltd ........ 338 0.07 2,600 Eisai Co Ltd ........................ 253 0.05 7,700 Kyowa Hakko Kirin Co Ltd 144 0.03 5,100 Medipal Holdings Corp ....... 106 0.02 3,900 Ono Pharmaceutical Co Ltd 110 0.02 4,900 Otsuka Holdings Co Ltd ...... 247 0.05 2,700 Suzuken Co Ltd ................... 128 0.03

7,300

Takeda Pharmaceutical Co Ltd ....................................... 312 0.07

5,100 Toho Holdings Co Ltd ......... 135 0.03 Real Estate

9,000 Mitsubishi Estate Co Ltd ..... 153 0.03 13,000 Mitsui Fudosan Co Ltd ........ 308 0.06

5,000

Sumitomo Realty & Development Co Ltd ........... 180 0.04

Retail Trade

600


200 Fast Retailing Co Ltd .......... 102 0.02

8,900

Isetan Mitsukoshi Holdings Ltd ....................................... 109 0.02

9,900 J Front Retailing Co Ltd ...... 154 0.03 3,100 Marui Group Co Ltd ............ 77 0.02 5,500 Takashimaya Co Ltd ........... 93 0.02 26,500 Yamada Denki Co Ltd ......... 134 0.03

Semiconductor Equipment and Products 2,200 Rohm Co Ltd ....................... 160 0.03 1,000 Tokyo Electron Ltd ............. 137 0.03

Software 4,000 DeNA Co Ltd ...................... 71 0.02

Number of Shares


Fund %

Telecommunications 19,800 KDDI Corp ......................... 547 0.11

15,600

Nippon Telegraph & Telephone Corp .................. 705 0.15

11,500 NTT Docomo Inc ................ 309 0.06 10,600 SoftBank Group Corp ......... 1,070 0.22

Textile and Apparel 3,500 Wacoal Holdings Corp ........ 100 0.02

Toys, Games and Hobbies 5,200 Bandai Namco Holdings Inc 202 0.04 500 Nintendo Co Ltd ................. 183 0.04

Transport 2,200 Central Japan Railway Co ... 458 0.09 4,800 East Japan Railway Co ....... 446 0.09

3,400

Hankyu Hanshin Holdings Inc ....................................... 121 0.02

10,400 Kawasaki Kisen Kaisha Ltd 210 0.04

5,600

Kintetsu Group Holdings Co Ltd ...................................... 225 0.05

2,900 Nippon Express Co Ltd ....... 190 0.04 9,500 Nippon Yusen KK .............. 179 0.04

6,000

Odakyu Electric Railway Co Ltd ...................................... 142 0.03

10,000 Tokyu Corp ......................... 183 0.04 3,200 West Japan Railway Co ...... 223 0.05 3,100 Yamato Holdings Co Ltd .... 95 0.02


14,764 WPP Plc .............................. 216 0.04 Auto Components

2,800 Aptiv Plc ............................. 235 0.05 4,333 Delphi Technologies Plc ..... 136 0.03

Biotechnology 8,075 Shire Plc .............................. 487 0.10

Commercial Services and Supplies 8,991 Experian Plc ........................ 231 0.05

Distributors 4,074 Ferguson Plc ....................... 346 0.07

Metals and Mining 224,874 Glencore Plc ....................... 973 0.20 1,600 Randgold Resources Ltd ..... 114 0.03

2,738 0.57 Korea, Republic of (1.86%) Agriculture

1,395 KT&G Corp ........................ 131 0.03 Airlines

3,700 Korean Air Lines Co Ltd .... 94 0.02 Auto Components

1,133 Hyundai Mobis Co Ltd ....... 233 0.05 1,069 Hyundai Wia Corp .............. 41 0.01 13,800 Kumho Tire Co Inc ............. 66 0.01




Number of Shares


Fund %

Automobiles 3,689 Hyundai Motor Co .............. 431 0.09 6,221 Kia Motors Corp ................. 197 0.04

Banks 10,840 Woori Bank ......................... 165 0.03

Chemicals 66 Hyosung Chemical Corp ..... 9 0.00

1,164

Kumho Petrochemical Co Ltd ....................................... 103 0.02

400 LG Chem Ltd ...................... 132 0.03 Construction and Engineering

816 Daelim Industrial Co Ltd ..... 61 0.01

2,514


4,002

Hyundai Engineering & Construction Co Ltd ............ 244 0.05

Distributors 2,622 Hanwha Corp ...................... 78 0.02 1,785 LG Corp .............................. 117 0.02 3,900 LG International Corp ......... 78 0.02

Diversified Financials 7,224 Hana Financial Group Inc ... 290 0.06 7,329 KB Financial Group Inc ...... 358 0.07

7,255

Shinhan Financial Group Co Ltd ....................................... 294 0.06

Electric Utilities 6,738 Korea Electric Power Corp .. 178 0.04

Electrical Equipment 11,880 LG Display Co Ltd .............. 205 0.04 1,085 LS Corp ............................... 67 0.02

Food Products 2,146 GS Holdings Corp ............... 107 0.02

Gas Utilities 2,310 Korea Gas Corp ................... 126 0.02

Home Furnishings 2,050 LG Electronics Inc .............. 131 0.03

Insurance 1,676 DB Insurance Co Ltd ........... 110 0.02

3,208

Hyundai Marine & Fire Insurance Co Ltd ................. 121 0.02

680


1,072

Samsung Life Insurance Co Ltd ....................................... 94 0.02

Internet Software and Services 106 NAVER Corp ...................... 68 0.01

Iron and Steel 2,445 Hyundai Steel Co ................ 125 0.03 1,672 POSCO ................................ 444 0.09

Machinery

4,393

Doosan Heavy Industries & Construction Co Ltd ............ 59 0.01

11,248 Doosan Infracore Co Ltd ..... 99 0.02

Number of Shares


Fund %

192

Hyosung Heavy Industries Corp .................................... 10 0.00

Metals and Mining 284 Hyosung Corp ..................... 12 0.00

Miscellaneous Manufacturers 1,109 Doosan Corp ....................... 136 0.03

92

Hyosung Advanced Materials Corp .................... 12 0.00

Oil and Gas 292 S-Oil Corp .......................... 36 0.01 1,979 SK Innovation Co Ltd ......... 384 0.08

Retail Trade

445

Hyundai Department Store Co Ltd ................................. 40 0.01

398 Lotte Shopping Co Ltd ....... 75 0.02 47 Shinsegae Inc ...................... 15 0.00

Semiconductor Equipment and Products 50,815 Samsung Electronics Co Ltd 2,128 0.44 4,157 SK Hynix Inc ...................... 274 0.06

Shipbuilding

1,372

Hyundai Heavy Industries Co Ltd ................................. 166 0.03

23,944 Samsung Heavy Industries Co Ltd ................................. 174 0.04

Telecommunications 181 Samsung SDI Co Ltd .......... 42 0.01 558 SK Telecom Co Ltd ............ 142 0.03

Textile and Apparel 89 Hyosung TNC Co Ltd ......... 15 0.00

9,010 1.86 Liberia (0.04%) Hotels, Restaurants and Leisure

1,600 Royal Caribbean Cruises Ltd 208 0.04 Luxembourg (0.13%) Iron and Steel

10,717 ArcelorMittal ...................... 334 0.07 Metals and Mining

7,411 Tenaris SA .......................... 124 0.02 Telecommunications

8,438 SES SA ............................... 185 0.04 643 0.13 Malaysia (0.19%) Agriculture

76,200 IOI Corp Bhd ...................... 84 0.02 72,500 Sime Darby Plantation Bhd 93 0.02

Banks 100,500 CIMB Group Holdings Bhd 146 0.03 66,000 Malayan Banking Bhd ........ 156 0.03 9,000 Public Bank Bhd ................. 54 0.01

Distributors 72,500 Sime Darby Bhd ................. 46 0.01



Number of Shares


Fund %


Lodging 4,400 Genting Bhd ........................ 8 0.00

Telecommunications 73,300 Axiata Group Bhd ............... 81 0.02 86,500 DiGi.Com Bhd .................... 101 0.02

916 0.19 Mexico (0.34%) Banks

14,600

Grupo Financiero Banorte SAB de CV .......................... 106 0.02

Beverages

17,700

Fomento Economico Mexicano SAB de CV ......... 175 0.04

Building Products 287,200 Cemex SAB de CV ............. 202 0.04

Chemicals 24,000 Mexichem SAB de CV ........ 82 0.02

Holding Companies - Diversified Operations 73,000 Alfa SAB de CV .................. 94 0.02

Media 28,100 Grupo Televisa SAB ........... 100 0.02

Metals and Mining 37,800 Grupo Mexico SAB de CV . 109 0.02

2,600

Industrias Penoles SAB de CV ....................................... 45 0.01


96,300

Fibra Uno Administracion SA de CV ............................ 127 0.03

Retail Trade

41,600

Wal-Mart de Mexico SAB de CV .................................. 126 0.02

Telecommunications 587,900 America Movil SAB de CV 473 0.10

1,639 0.34 Netherlands (1.61%) Aerospace and Defence

4,360 Airbus SE ............................ 548 0.11 Automobiles

1,347 Ferrari NV ........................... 186 0.04

33,866


Banks 7,112 ABN AMRO Group NV ..... 194 0.04 56,591 ING Groep NV .................... 735 0.15 24,349 SNS REAAL NV ................ - 0.00

Beverages 1,778 Heineken Holding NV ......... 161 0.03 2,418 Heineken NV ....................... 227 0.05

Chemicals 3,758 Akzo Nobel NV ................... 352 0.07 2,241 Koninklijke DSM NV ......... 237 0.05

Number of Shares


Fund %

5,000

LyondellBasell Industries NV ...................................... 513 0.11


Construction and Engineering 19,821 Koninklijke BAM Groep NV 76 0.02

Food Products

16,091

Koninklijke Ahold Delhaize NV ...................................... 369 0.08

Health Care Equipment and Supplies 12,883 Koninklijke Philips NV ...... 587 0.12

Insurance 75,056 Aegon NV ........................... 487 0.10 6,656 NN Group NV .................... 297 0.06



Metals and Mining 4,400 Constellium NV .................. 54 0.01

Oil and Gas Services 4,309 SBM Offshore NV .............. 78 0.02


Pharmaceuticals 4,600 Mylan NV ........................... 168 0.04

Retail Trade

537,412

Steinhoff International Holdings NV ....................... 87 0.02

Semiconductor Equipment and Products 875 ASML Holding NV ............ 164 0.03

Telecommunications 103,733 Koninklijke KPN NV ......... 274 0.06

7,762 1.61 New Zealand (0.03%) Telecommunications

47,547 Spark New Zealand Ltd ...... 128 0.03 Norway (0.42%) Banks

20,250 DNB ASA ........................... 426 0.09 Chemicals


4,492 Marine Harvest ASA .......... 104 0.02 9,280 Orkla ASA .......................... 78 0.02

Insurance 20,346 Storebrand ASA .................. 182 0.04

Metals and Mining 16,948 Norsk Hydro ASA .............. 102 0.02





Number of Shares


Fund %



5,700 Carnival Corp ...................... 363 0.07 Oil and Gas Services

2,608 McDermott International Inc 48 0.01 411 0.08 Poland (0.08%) Banks

12,867

Powszechna Kasa Oszczednosci Bank Polski SA ....................................... 150 0.03

Electric Utilities

10,728

PGE Polska Grupa Energetyczna SA ................. 28 0.01

Insurance

3,651

Powszechny Zaklad Ubezpieczen SA .................. 39 0.01

Metals and Mining 5,146 KGHM Polska Miedz SA .... 124 0.02

Oil and Gas

2,526

Polski Koncern Naftowy ORLEN SA ......................... 69 0.01

410 0.08 Portugal (0.10%) Banks

77,528 Banco Espirito Santo SA ..... - 0.00 Electric Utilities

38,640

EDP - Energias de Portugal SA ....................................... 143 0.03

Food Products 111,983 Sonae SGPS SA .................. 116 0.02


472 0.10 Russia (0.77%) Banks

148,490 Sberbank of Russia PJSC .... 461 0.10 199,150,000 VTB Bank PJSC .................. 124 0.03 Food Products

1,948 Magnit PJSC ....................... 114 0.02 Iron and Steel

27,460 Novolipetsk Steel PJSC ....... 74 0.01 Metals and Mining

613

MMC Norilsk Nickel PJSC (RUB) .................................. 107 0.02

857

MMC Norilsk Nickel PJSC (USD) .................................. 149 0.03

Oil and Gas 320,980 Gazprom PJSC (RUB .......... 799 0.17

Number of Shares


Fund %

98,260 Gazprom PJSC (USD) ........ 244 0.05 11,642 Lukoil PJSC (RUB) ............ 892 0.18 92 Lukoil PJSC (USD) ............ 7 0.00 41,750 Rosneft Oil Co PJSC .......... 314 0.06 303,800 Surgutneftegas OJSC .......... 127 0.03 25,750 Tatneft PJSC ....................... 327 0.07



16,000



44,600


Distributors

3,611

Jardine Cycle & Carriage Ltd ...................................... 85 0.02

Electric Utilities 59,900 Sembcorp Industries Ltd ..... 135 0.03

Electrical Equipment 18,700 Flex Ltd .............................. 245 0.05

Food Products 43,900 Wilmar International Ltd .... 103 0.02


Lodging 21,700 City Developments Ltd ....... 145 0.03

Media

36,000



Telecommunications

91,000

Singapore Telecommunications Ltd .... 215 0.05


11,146 Absa Group Ltd .................. 120 0.02 26,795 FirstRand Ltd ...................... 129 0.03 4,173 Nedbank Group Ltd ............ 78 0.01 18,520 Standard Bank Group Ltd ... 229 0.05

Chemicals 9,205 Sasol Ltd ............................. 356 0.07

Diversified Financials 116,805 Old Mutual Ltd ................... 247 0.05

Food Products 7,133 Bid Corp Ltd ....................... 149 0.03 7,133 Bidvest Group Ltd .............. 93 0.02



Number of Shares


Fund %


5,723

Aspen Pharmacare Holdings Ltd ....................................... 69 0.01

Holding Companies - Diversified Operations 9,485 Barloworld Ltd .................... 83 0.02 6,900 Imperial Holdings Ltd ......... 85 0.02 7,029 Remgro Ltd ......................... 98 0.02

Insurance 16,477 Sanlam Ltd .......................... 92 0.02

Internet Software and Services 692 Naspers Ltd ......................... 149 0.03

Metals and Mining 8,645 AngloGold Ashanti Ltd ....... 75 0.02

64,301

Harmony Gold Mining Co Ltd ....................................... 106 0.02

35,993

Impala Platinum Holdings Ltd ....................................... 70 0.01

Paper and Forest Products 20,300 Sappi Ltd ............................. 127 0.03

Telecommunications 36,903 MTN Group Ltd .................. 228 0.05

2,583 0.53 Spain (1.62%) Airlines

18,570


Banks

99,061


119,781 Banco de Sabadell SA ......... 186 0.04 379,173 Banco Santander SA ............ 1,909 0.39 37,429 Bankia SA ........................... 147 0.03 25,806 Bankinter SA ....................... 238 0.05 72,818 CaixaBank SA ..................... 333 0.07

Construction and Engineering 1,516 Acciona SA ......................... 137 0.03

8,731


15,238 Ferrovial SA ........................ 316 0.07 9,708 Obrascon Huarte Lain SA ... 19 0.00

Electric Utilities 8,437 Endesa SA ........................... 182 0.04 93,415 Iberdrola SA ........................ 688 0.14

Food Products

25,906

Distribuidora Internacional de Alimentacion SA ............ 60 0.01

Gas Utilities 10,286 Naturgy Energy Group SA .. 281 0.06

Insurance 60,748 Mapfre SA ........................... 191 0.04

Iron and Steel 5,785 Acerinox SA ........................ 83 0.02

Number of Shares


Fund %

Oil and Gas 29,303 Repsol SA ........................... 584 0.12

Retail Trade

5,191


Telecommunications 146,057 Telefonica SA ..................... 1,157 0.24

7,832 1.62 Sweden (1.12%) Automobiles

16,334 Volvo AB ............................ 289 0.06 Banks

55,507 Nordea Bank AB ................. 605 0.12

33,495

Skandinaviska Enskilda Banken AB ......................... 374 0.08

19,185 Svenska Handelsbanken AB 242 0.05 13,838 Swedbank AB ..................... 343 0.07

Commercial Services and Supplies 7,734 Securitas AB ....................... 135 0.03

Construction and Engineering 3,679 NCC AB ............................. 65 0.01 5,120 Skanska AB ........................ 100 0.02



Health Care Equipment and Supplies 9,485 Getinge AB ......................... 109 0.02

Home Furnishings 5,143 Electrolux AB ..................... 113 0.02

Iron and Steel 14,820 SSAB AB ............................ 60 0.01

Machinery 4,303 Atlas Copco AB .................. 124 0.03 4,303 Epiroc AB ........................... 48 0.01

Metals and Mining 12,821 SKF AB .............................. 253 0.05

Miscellaneous Manufacturers 7,347 Alfa Laval AB .................... 199 0.04

Other Finance 45,600 Ratos AB ............................ 166 0.04

Personal Products 5,797 Essity AB ............................ 146 0.03 20,897 Svenska Cellulosa AB SCA 237 0.05

Retail Trade 22,570 Hennes & Mauritz AB ........ 417 0.09

Telecommunications 10,293 Tele2 AB ............................ 124 0.03

82,815

Telefonaktiebolaget LM Ericsson .............................. 735 0.15

67,319 Telia Co AB ........................ 309 0.06 5,418 1.12




Number of Shares


Fund %

Switzerland (2.82%) Banks

38,054 Credit Suisse Group AG ...... 575 0.12 35,649 UBS Group AG ................... 566 0.12

Building Products 208 Geberit AG .......................... 97 0.02 8,684 LafargeHolcim Ltd .............. 431 0.09

Chemicals 5,719 Clariant AG ......................... 150 0.03 88 Givaudan SA ....................... 217 0.05

Commercial Services and Supplies 2,852 Adecco Group AG ............... 150 0.03 75 SGS SA ............................... 198 0.04

Diversified Financials 4,484 Julius Baer Group Ltd ......... 225 0.05

Electrical Equipment 2,400 Garmin Ltd .......................... 168 0.03 3,300 TE Connectivity Ltd ............ 290 0.06

Food Products 3,037 Aryzta AG ........................... 29 0.01 27,735 Nestle SA ............................ 2,323 0.48

Hand and Machine Tools 394 Schindler Holding AG ......... 96 0.02

Insurance 1,275 Baloise Holding AG ............ 195 0.04 4,247 Chubb Ltd ........................... 568 0.12 248 Helvetia Holding AG .......... 152 0.03 932 Swiss Life Holding AG ....... 355 0.07 8,025 Swiss Re AG ....................... 744 0.16 3,019 Zurich Insurance Group AG 959 0.20


Oil and Gas

18,065

Transocean Ltd (Switzerland listed) ................................... 255 0.05

18,100 Transocean Ltd (US listed) .. 252 0.05 Pharmaceuticals

19,729 Novartis AG ........................ 1,705 0.35 6,278 Roche Holding AG .............. 1,528 0.32

Retail Trade

3,979


685 Swatch Group AG ............... 274 0.05 Telecommunications

411 Swisscom AG ...................... 187 0.04 Transport

638

Kuehne & Nagel International AG .................. 102 0.02

13,615 2.82

Number of Shares


Fund %

Taiwan (1.29%) Auto Components

98,000


Chemicals

39,140

Formosa Chemicals & Fibre Corp .................................... 164 0.03

73,480 Formosa Plastics Corp ........ 282 0.06 49,620 Nan Ya Plastics Corp .......... 138 0.03

Computers and Peripherals 179,000 Acer Inc .............................. 148 0.03 157,000 Compal Electronics Inc ....... 97 0.02 466,000 Innolux Corp ....................... 162 0.03 161,684 Lite-On Technology Corp ... 203 0.04 73,000 Quanta Computer Inc .......... 127 0.03 284,462 Wistron Corp ...................... 185 0.04


317,000

CTBC Financial Holding Co Ltd ...................................... 239 0.05

144,000

Fubon Financial Holding Co Ltd ...................................... 244 0.05

Electrical Equipment 555,000 AU Optronics Corp ............. 234 0.05 32,000 Delta Electronics Inc ........... 137 0.03

273,236


72,000 Pegatron Corp ..................... 144 0.03 Food Products

64,090


Insurance

145,550

Cathay Financial Holding Co Ltd ...................................... 250 0.05

Iron and Steel 160,009 China Steel Corp ................. 134 0.03


55,500


11,000 MediaTek Inc ...................... 89 0.02 22,000 Powertech Technology Inc . 60 0.01

163,000


435,000


Telecommunications 65,000 Chunghwa Telecom Co Ltd 234 0.05 62,000 HTC Corp ........................... 82 0.02

Textile and Apparel 74,000 Pou Chen Corp .................... 78 0.02

6,227 1.29 Thailand (0.34%) Banks

59,800 Siam Commercial Bank PCL 276 0.06



Number of Shares


Fund %

Chemicals 435,500 IRPC PCL ........................... 92 0.02

Food Products 276,200 Thai Union Group PCL ....... 153 0.03

Metals and Mining 91,000 Banpu PCL .......................... 54 0.01

Oil and Gas

30,000

PTT Exploration & Production PCL ................... 144 0.03

361,000 PTT PCL ............................. 606 0.13 Telecommunications

33,100 Advanced Info Service PCL 206 0.04

66,500

Total Access Communication PCL ........... 97 0.02

1,628 0.34 Turkey (0.11%) Banks

66,289 Akbank Turk AS ................. 76 0.01 39,507 Turkiye Garanti Bankasi AS 51 0.01 130,942 Turkiye Is Bankasi AS ........ 96 0.02

Food Products 5,800 BIM Birlesik Magazalar AS 79 0.02


46,386


26,311 KOC Holding AS ................ 75 0.02 Oil and Gas

5,196

Tupras Turkiye Petrol Rafinerileri AS .................... 116 0.02

552 0.11 United Kingdom (7.93%) Aerospace and Defence

47,708 BAE Systems Plc ................ 392 0.08 16,505 Rolls-Royce Holdings Plc ... 213 0.05

Agriculture

15,505



407,885 Barclays Plc ......................... 914 0.19 311,564 HSBC Holdings Plc ............. 2,721 0.56 14,229 Investec Plc ......................... 100 0.02 1,033,320 Lloyds Banking Group Plc .. 799 0.17

49,473


71,565 Standard Chartered Plc ........ 594 0.12 Beverages

1,500

Coca-Cola European Partners Plc ......................... 68 0.01

15,750 Diageo Plc ........................... 558 0.12 Chemicals

12,300 Filtrona Plc .......................... 65 0.01 4,908 Johnson Matthey Plc ........... 228 0.05

Number of Shares


Fund %

Commercial Services and Supplies 7,809 Bunzl Plc ............................ 246 0.05 47,500 Capita Plc ............................ 89 0.02 42,803 G4S Plc ............................... 135 0.03

9,231

RELX Plc (Netherlands listed) .................................. 194 0.04

13,671 RELX Plc (UK Listed) ....... 288 0.06 Construction and Engineering

22,630 Balfour Beatty Plc ............... 81 0.02 Distributors

15,058 Inchcape Plc ........................ 131 0.03 Diversified Financials

6,254 Close Brothers Group Plc ... 129 0.03 15,300 IG Group Holdings Plc ....... 126 0.03 43,480 Man Group Plc .................... 100 0.02 38,935 Quilter Plc ........................... 68 0.01 20,917 Standard Life Aberdeen Plc 83 0.02

Electric Utilities 26,409 SSE Plc ............................... 395 0.08

Electrical Equipment 7,662 Electrocomponents Plc ....... 72 0.02

Entertainment

2,809

International Game Technology Plc ................... 55 0.01

40,300 William Hill Plc .................. 132 0.03 Food Products

4,136 Associated British Foods Plc 124 0.03 10,181 Compass Group Plc ............ 226 0.05 84,042 J Sainsbury Plc .................... 353 0.07 17,219 Tate & Lyle Plc ................... 153 0.03 219,189 Tesco Plc ............................ 685 0.14

92,766

Wm Morrison Supermarkets Plc ....................................... 314 0.06

Gas Utilities 187,794 Centrica Plc ......................... 379 0.08 81,063 National Grid Plc ................ 837 0.17

Health Care Equipment and Supplies 6,902 Smith & Nephew Plc .......... 126 0.03

Holding Companies - Diversified Operations 8,333 Drax Group Plc ................... 42 0.01

Home Builders 19,555 Barratt Developments Plc ... 145 0.03 4,228 Bellway Plc ......................... 166 0.03 4,268 Persimmon Plc .................... 132 0.03

Hotels, Restaurants and Leisure 2,362 Carnival Plc ........................ 147 0.03 74,801 Thomas Cook Group Plc ..... 56 0.01


Insurance 1,500 Aon Plc ............................... 231 0.05 82,798 Aviva Plc ............................ 529 0.11




Number of Shares


Fund %

58,520


145,467 Legal & General Group Plc . 497 0.10 28,106 Prudential Plc ...................... 645 0.14 20,279 RSA Insurance Group Plc ... 152 0.03

Lodging 2,541 Whitbread Plc ...................... 156 0.03

Media 24,749 Informa Plc .......................... 246 0.05 44,111 ITV Plc ................................ 91 0.02 16,066 Liberty Global Plc ............... 452 0.09 15,889 Pearson Plc .......................... 184 0.04 11,052 Sky Plc ................................ 249 0.05

Metals and Mining 13,505 Anglo American Plc ............ 303 0.06 15,198 Antofagasta Plc ................... 169 0.03 30,580 BHP Billiton Plc .................. 666 0.14 11,068 Rio Tinto Plc ....................... 560 0.12

Oil and Gas 432,825 BP Plc .................................. 3,326 0.69 37,480 Ensco Plc ............................. 316 0.06 35,000 Noble Corp Plc .................... 246 0.05

92,582

Royal Dutch Shell Plc (Shares A) ........................... 3,183 0.66

84,898

Royal Dutch Shell Plc (Shares B) ............................ 2,977 0.62

31,673 Tullow Oil Plc ..................... 109 0.02 Oil and Gas Services

16,334 John Wood Group Plc ......... 164 0.03 Paper and Forest Products

6,091 Mondi Plc ............................ 167 0.03 Personal Products

8,529 Unilever Plc ......................... 469 0.10 Pharmaceuticals

13,921 AstraZeneca Plc .................. 1,083 0.22 79,985 GlaxoSmithKline Plc ........... 1,603 0.33 15,514 Indivior Plc .......................... 37 0.01

Real Estate

57,900

Capital & Counties Properties Plc ...................... 201 0.04

Real Estate Investment Trust 14,429 British Land Co Plc ............. 116 0.02 6,600 Derwent London Plc ............ 246 0.05 15,938 Great Portland Estates Plc ... 139 0.03 10,895 Hammerson Plc ................... 65 0.01 35,048 Intu Properties Plc ............... 70 0.02 20,115 Land Securities Group Plc ... 232 0.05 24,520 Segro Plc ............................. 204 0.04

Retail Trade 68,599 Dixons Carphone Plc ........... 152 0.03 17,300 Greene King Plc .................. 111 0.02 50,047 Kingfisher Plc ...................... 168 0.04 61,662 Marks & Spencer Group Plc 232 0.05

Number of Shares


Fund %

2,107 Next Plc .............................. 151 0.03 11,308 Travis Perkins Plc ............... 157 0.03

Telecommunications 184,850 BT Group Plc ...................... 543 0.11 14,200 Inmarsat Plc ........................ 93 0.02 622,171 Vodafone Group Plc ........... 1,335 0.28

Transport 18,374 Royal Mail Plc .................... 114 0.02

Water Utilities 5,055 Severn Trent Plc ................. 122 0.03 16,916 United Utilities Group Plc .. 155 0.03


6,400 Interpublic Group of Cos Inc 146 0.03 2,300 Omnicom Group Inc ........... 156 0.03

Aerospace and Defence 8,266 Arconic Inc ......................... 182 0.04 2,300 Boeing Co ........................... 855 0.18 1,400 General Dynamics Corp ...... 287 0.06 1,700 Lockheed Martin Corp ........ 588 0.12 1,600 Moog Inc ............................ 138 0.03 800 Northrop Grumman Corp .... 254 0.05 2,100 Raytheon Co ....................... 434 0.09 1,500 Rockwell Collins Inc .......... 211 0.04 6,700 United Technologies Corp .. 937 0.19

Agriculture 13,200 Altria Group Inc .................. 796 0.16 14,600 Archer-Daniels-Midland Co 734 0.15

13,400


Airlines 2,900 Southwest Airlines Co ........ 181 0.04

1,900


Auto Components 1,800 Autoliv Inc .......................... 156 0.03 4,000 BorgWarner Inc .................. 171 0.04 5,700 Dana Inc .............................. 106 0.02 6,700 Goodyear Tire & Rubber Co 157 0.03 1,700 Lear Corp ............................ 247 0.05 1,800 Veoneer Inc ......................... 99 0.02

Automobiles 139,400 Ford Motor Co .................... 1,289 0.27 1,300 GATX Corp ........................ 113 0.02 30,800 General Motors Co ............. 1,037 0.21 2,700 Navistar International Corp . 104 0.02 4,100 PACCAR Inc ...................... 280 0.06

Banks 78,000 Bank of America Corp ........ 2,298 0.48 1,300 Bank of Hawaii Corp .......... 103 0.02



Number of Shares


Fund %

10,700

Bank of New York Mellon Corp ..................................... 546 0.11

8,600 BB&T Corp ......................... 417 0.09 8,500 Capital One Financial Corp . 807 0.17 4,600 CIT Group Inc ..................... 237 0.05 32,000 Citigroup Inc ....................... 2,296 0.48 9,100 Citizens Financial Group Inc 351 0.07 2,200 Comerica Inc ....................... 198 0.04 1,500 Cullen/Frost Bankers Inc ..... 157 0.03 14,500 Fifth Third Bancorp ............. 405 0.08 4,400 Goldman Sachs Group Inc .. 987 0.20 32,700 JPMorgan Chase & Co ........ 3,690 0.76 10,800 KeyCorp .............................. 215 0.04 2,000 M&T Bank Corp ................. 329 0.07 10,900 Morgan Stanley ................... 508 0.11 2,600 Northern Trust Corp ............ 266 0.06

5,100


17,300 Regions Financial Corp ....... 317 0.07 2,800 State Street Corp ................. 235 0.05 5,200 SunTrust Banks Inc ............. 347 0.07 15,600 US Bancorp ......................... 824 0.17 51,600 Wells Fargo & Co ............... 2,712 0.56

Beverages 3,000 Brown-Forman Corp ........... 152 0.03 28,700 Coca-Cola Co ...................... 1,326 0.27 600 Constellation Brands Inc ..... 129 0.03 2,000 Molson Coors Brewing Co .. 123 0.02 11,500 PepsiCo Inc ......................... 1,286 0.27

Biotechnology 1,000 Alexion Pharmaceuticals Inc 139 0.03 4,400 Amgen Inc ........................... 912 0.19 1,000 Biogen Inc ........................... 353 0.07 1,800 Celgene Corp ....................... 161 0.03 8,800 Gilead Sciences Inc ............. 679 0.14

Building Products 2,500 Masco Corp ......................... 92 0.02 2,500 Owens Corning .................... 136 0.03 900 Vulcan Materials Co ............ 100 0.02

Chemicals

1,400


1,200 Ashland Global Holdings Inc 101 0.02 6,000 CF Industries Holdings Inc .. 327 0.07 10,020 DowDuPont Inc ................... 644 0.13 2,000 Eastman Chemical Co ......... 191 0.04 7,900 Mosaic Co ........................... 257 0.05 3,600 Olin Corp ............................. 92 0.02 2,000 PPG Industries Inc ............... 218 0.04 2,000 Praxair Inc ........................... 321 0.07 200 Sherwin-Williams Co .......... 91 0.02

Number of Shares


Fund %


2,700


5,000 Avis Budget Group Inc ....... 161 0.03 500 Cintas Corp ......................... 99 0.02 1,400 Ecolab Inc ........................... 219 0.05 1,100 Equifax Inc ......................... 144 0.03 4,500 H&R Block Inc ................... 116 0.03 9,940 Hertz Global Holdings Inc .. 162 0.03 1,900 ManpowerGroup Inc ........... 163 0.03 1,600 Moody's Corp ..................... 268 0.06 3,700 PayPal Holdings Inc ........... 325 0.07 2,300 Robert Half International Inc 162 0.03 22,966 RR Donnelley & Sons Co ... 124 0.03 1,500 S&P Global Inc ................... 293 0.06 2,500 Total System Services Inc ... 247 0.05 1,000 United Rentals Inc .............. 164 0.03 8,400 Western Union Co .............. 160 0.03

Computers and Peripherals 28,100 Apple Inc ............................ 6,342 1.31

3,300


3,845 DXC Technology Co .......... 360 0.08

27,300

Hewlett Packard Enterprise Co ....................................... 445 0.09

20,400 HP Inc ................................. 526 0.11

10,500

International Business Machines Corp .................... 1,588 0.33

2,825 Leidos Holdings Inc ............ 195 0.04 1,922 Perspecta Inc ....................... 49 0.01 3,301 Western Digital Corp .......... 193 0.04

Construction and Engineering 3,948 AECOM .............................. 129 0.03 3,500 Fluor Corp .......................... 203 0.04

3,500


7,600 KBR Inc .............................. 161 0.03 Containers and Packaging

4,234 Ball Corp ............................ 186 0.04 2,800 Crown Holdings Inc ............ 134 0.03 8,100 Owens-Illinois Inc .............. 152 0.03 3,834 WestRock Co ...................... 205 0.04

Distributors 1,100 Anixter International Inc ..... 77 0.01 4,200 LKQ Corp ........................... 133 0.03 6,700 Newell Brands Inc .............. 136 0.03 1,600 WESCO International Inc ... 98 0.02 500 WW Grainger Inc ............... 179 0.04

Diversified Financials 9,900 Ally Financial Inc ............... 262 0.05 6,200 American Express Co ......... 660 0.14 2,000 Ameriprise Financial Inc .... 295 0.06




Number of Shares


Fund %

800 BlackRock Inc ..................... 377 0.08 6,200 Charles Schwab Corp .......... 305 0.06 2,400 CME Group Inc ................... 409 0.09 5,100 Discover Financial Services 390 0.08 5,000 E*TRADE Financial Corp .. 262 0.05 5,500 Franklin Resources Inc ........ 167 0.04

3,500


7,800 Jefferies Financial Group Inc 171 0.04 2,600 Legg Mason Inc ................... 81 0.02 1,900 Mastercard Inc ..................... 423 0.09 14,300 Navient Corp ....................... 193 0.04 10,700 Synchrony Financial ............ 333 0.07 2,800 T Rowe Price Group Inc ...... 306 0.06

3,500

TD Ameritrade Holding Corp ..................................... 185 0.04

4,300 Visa Inc ............................... 645 0.13 Electric Utilities

21,300 AES Corp ............................ 298 0.06 3,100 Alliant Energy Corp ............ 132 0.03 3,800 Ameren Corp ....................... 240 0.05

7,200


8,000 CenterPoint Energy Inc ....... 221 0.05 4,000 CMS Energy Corp ............... 196 0.04 4,500 Consolidated Edison Inc ...... 343 0.07 6,100 Dominion Energy Inc .......... 429 0.09 2,300 DTE Energy Co ................... 251 0.05 11,571 Duke Energy Corp ............... 926 0.19 6,300 Edison International ............ 426 0.09 3,700 Entergy Corp ....................... 300 0.06 2,870 Evergy Inc ........................... 158 0.03 5,392 Eversource Energy .............. 331 0.07 18,110 Exelon Corp ........................ 791 0.16 7,000 FirstEnergy Corp ................. 260 0.05 5,200 MDU Resources Group Inc . 134 0.03 3,300 NextEra Energy Inc ............. 553 0.11 3,400 OGE Energy Corp ............... 123 0.03 9,900 PG&E Corp ......................... 455 0.09 1,900 Pinnacle West Capital Corp 150 0.03 3,100 PNM Resources Inc ............. 122 0.03 11,300 PPL Corp ............................. 331 0.07

6,800


6,000 SCANA Corp ...................... 233 0.05 3,000 Sempra Energy .................... 341 0.07 13,800 Southern Co ......................... 602 0.13 3,758 WEC Energy Group Inc ...... 251 0.05 7,200 Xcel Energy Inc ................... 340 0.07

Electrical Equipment 2,400 Agilent Technologies Inc .... 169 0.04 2,250 AMETEK Inc ...................... 178 0.04 3,400 Arrow Electronics Inc ......... 251 0.05

Number of Shares


Fund %

6,700 Avnet Inc ............................ 300 0.06 13,300 Corning Inc ......................... 469 0.10 6,500 Emerson Electric Co ........... 498 0.10 1,950 Fortive Corp ........................ 164 0.03 4,800 Honeywell International Inc 799 0.17 1,100 Hubbell Inc ......................... 147 0.03 3,800 Keysight Technologies Inc . 252 0.05 1,900 Tech Data Corp ................... 136 0.03

Energy Equipment and Services 2,300 First Solar Inc ..................... 111 0.02

Entertainment

1,300

Live Nation Entertainment Inc ....................................... 71 0.01

Environmental Control 3,300 Republic Services Inc ......... 240 0.05 4,300 Waste Management Inc ...... 389 0.08

Food Products 3,800 Conagra Brands Inc ............ 129 0.03 8,550 Dean Foods Co ................... 61 0.01 7,600 General Mills Inc ................ 326 0.07 1,200 Hershey Co ......................... 122 0.02 2,500 Hormel Foods Corp ............ 99 0.02 1,800 Ingredion Inc ....................... 189 0.04 1,200 JM Smucker Co .................. 123 0.03 3,800 Kellogg Co .......................... 266 0.05 4,700 Kraft Heinz Co .................... 259 0.05 24,900 Kroger Co ........................... 725 0.15 3,366 Lamb Weston Holdings Inc 224 0.05 700 McCormick & Co Inc ......... 92 0.02 14,600 Mondelez International Inc . 627 0.13 3,785 Supervalu Inc ...................... 122 0.03 7,400 Sysco Corp .......................... 542 0.11 2,900 Tyson Foods Inc ................. 173 0.04 6,800 US Foods Holding Corp ..... 210 0.04

Gas Utilities 6,000 NiSource Inc ....................... 150 0.03 3,900 UGI Corp ............................ 216 0.05

Hand and Machine Tools 2,600 Kennametal Inc ................... 113 0.02 600 Snap-on Inc ......................... 110 0.02 1,200 Stanley Black & Decker Inc 176 0.04

Health Care Equipment and Supplies 8,754 Abbott Laboratories ............ 642 0.13 2,700 Avanos Medical Inc ............ 185 0.04 2,900 Baxter International Inc ...... 224 0.05 1,368 Becton Dickinson and Co ... 357 0.07 5,700 Boston Scientific Corp ........ 219 0.05 2,400 Danaher Corp ...................... 261 0.05 1,700 Henry Schein Inc ................ 145 0.03 3,000 Hologic Inc ......................... 123 0.03 1,700 Stryker Corp ....................... 302 0.06



Number of Shares


Fund %

400 Teleflex Inc ......................... 106 0.02 1,800 Thermo Fisher Scientific Inc 439 0.09 1,000 Varian Medical Systems Inc 112 0.02

1,000

Zimmer Biomet Holdings Inc ....................................... 131 0.03

Health Care Providers and Services 2,754 Aetna Inc ............................. 559 0.11 3,300 Anthem Inc .......................... 904 0.19 2,012 Centene Corp ....................... 291 0.06 1,300 Cigna Corp .......................... 271 0.06

16,417

Community Health Systems Inc ....................................... 57 0.01

2,200 DaVita Inc ........................... 158 0.03 3,600 HCA Healthcare Inc ............ 501 0.10 1,700 Humana Inc ......................... 575 0.12

1,100

Laboratory Corp of America Holdings .............................. 191 0.04

2,400 LifePoint Health Inc ............ 155 0.03 1,100 Magellan Health Inc ............ 79 0.02 2,000 Quest Diagnostics Inc .......... 216 0.04 6,125 Tenet Healthcare Corp ........ 174 0.04 6,000 UnitedHealth Group Inc ...... 1,596 0.33

1,000


Home Builders 3,400 DR Horton Inc ..................... 143 0.03 1,400 Lennar Corp ........................ 65 0.01

Home Furnishings 1,200 Whirlpool Corp ................... 143 0.03

Hotels, Restaurants and Leisure 2,200 Harley-Davidson Inc ........... 100 0.02 700 Polaris Industries Inc ........... 71 0.02 3,000 Vista Outdoor Inc ................ 54 0.01

Household Products 1,300 Avery Dennison Corp .......... 141 0.03 1,200 Clorox Co ............................ 180 0.04 3,800 Kimberly-Clark Corp .......... 432 0.09

Insurance 10,600 Aflac Inc .............................. 499 0.10 5,300 Allstate Corp ....................... 523 0.11

17,400

American International Group Inc ............................ 926 0.19

1,800 Assurant Inc ........................ 194 0.04

4 Berkshire Hathaway Inc (Class A) ............................. 1,280 0.27

13,000

Berkshire Hathaway Inc (Class B) .............................. 2,783 0.58

4,354 Brighthouse Financial Inc ... 193 0.04 3,700 Cincinnati Financial Corp ... 284 0.06 7,500 CNO Financial Group Inc ... 159 0.03 48,000 Genworth Financial Inc ....... 200 0.04

2,200

Hanover Insurance Group Inc ....................................... 271 0.06

Number of Shares


Fund %

7,200


2,400 Kemper Corp ...................... 193 0.04 4,100 Lincoln National Corp ........ 277 0.06 5,100 Loews Corp ......................... 256 0.05 3,000 Marsh & McLennan Cos Inc 248 0.05 18,000 MetLife Inc ......................... 841 0.17

7,000

Old Republic International Corp .................................... 157 0.03

1,300 Primerica Inc ....................... 157 0.03

4,000


7,300 Progressive Corp ................. 519 0.11 7,300 Prudential Financial Inc ...... 740 0.15 3,100 Torchmark Corp .................. 269 0.06 4,600 Travelers Cos Inc ................ 597 0.12 6,000 Voya Financial Inc .............. 298 0.06 2,300 WR Berkley Corp ............... 184 0.04

Internet Software and Services 1,100 Alphabet Inc (Class A) ....... 1,328 0.28 904 Alphabet Inc (Class C) ........ 1,079 0.22 600 Amazon.com Inc ................. 1,202 0.25 100 Booking Holdings Inc ......... 198 0.04 5,666 Cars.com Inc ....................... 156 0.03 6,300 eBay Inc .............................. 208 0.04 3,700 Facebook Inc ....................... 609 0.13 9,800 Symantec Corp ................... 209 0.04

Iron and Steel 7,300 AK Steel Holding Corp ....... 36 0.01 3,400 Allegheny Technologies Inc 100 0.02 7,000 Commercial Metals Co ....... 144 0.03 4,100 Nucor Corp ......................... 260 0.05

1,900

Reliance Steel & Aluminum Co ....................................... 162 0.03

2,900 Steel Dynamics Inc ............. 131 0.03 Lodging

3,800 Las Vegas Sands Corp ........ 225 0.05 1,140 Marriott International Inc .... 151 0.03 7,200 MGM Resorts International 201 0.04

1,400

Wyndham Hotels & Resorts Inc ....................................... 78 0.02

1,400 Wyndham Worldwide Corp 61 0.01 700 Wynn Resorts Ltd ............... 89 0.02

Machinery 2,200 AGCO Corp ........................ 134 0.03 4,500 Caterpillar Inc ..................... 686 0.14 2,100 Cummins Inc ....................... 307 0.06 2,800 Deere & Co ......................... 421 0.09 2,600 Dover Corp ......................... 230 0.05 1,800 Flowserve Corp ................... 98 0.02 1,200 Rockwell Automation Inc ... 225 0.04 2,500 SPX FLOW Inc .................. 130 0.03




Number of Shares


Fund %

3,300 Terex Corp .......................... 132 0.03 2,300 Xylem Inc ............................ 184 0.04

Media 3,700 CBS Corp ............................ 213 0.04 1,046 Charter Communications Inc 341 0.07 37,100 Comcast Corp ...................... 1,314 0.27 7,200 Discovery Inc ...................... 213 0.04 1,100 DISH Network Corp ............ 39 0.01 4,050 Gannett Co Inc .................... 41 0.01 1,600 John Wiley & Sons Inc ........ 97 0.02 13,650 News Corp ........................... 180 0.04 3,500 TEGNA Inc ......................... 42 0.01 2,500 Tribune Media Co ............... 96 0.02

10,000

Twenty-First Century Fox Inc ....................................... 463 0.10

5,200 Viacom Inc .......................... 176 0.04 10,800 Walt Disney Co ................... 1,263 0.26

Metals and Mining 2,922 Alcoa Corp .......................... 118 0.03 18,100 Freeport-McMoRan Inc ....... 252 0.05 8,300 Newmont Mining Corp ....... 251 0.05 1,900 Timken Co ........................... 95 0.02

Miscellaneous Manufacturers 2,900 3M Co ................................. 611 0.13 1,800 Carlisle Cos Inc ................... 219 0.04 1,700 Crane Co ............................. 167 0.03 175,400 General Electric Co ............. 1,980 0.41 2,900 Harsco Corp ........................ 83 0.02 2,000 Illinois Tool Works Inc ....... 282 0.06 2,900 ITT Inc ................................ 178 0.04 1,600 Parker-Hannifin Corp .......... 294 0.06 3,400 Textron Inc .......................... 243 0.05 3,400 Trinity Industries Inc ........... 125 0.03

Office Electronics 6,200 Pitney Bowes Inc ................. 44 0.01 4,250 Xerox Corp .......................... 115 0.02

Oil and Gas 5,700 Anadarko Petroleum Corp ... 384 0.08 2,839 Andeavor ............................. 436 0.09 5,900 Antero Resources Corp ....... 104 0.02 8,000 Apache Corp ....................... 381 0.08 32,700 Chevron Corp ...................... 3,999 0.83 7,100 CNX Resources Corp .......... 102 0.02 22,700 ConocoPhillips .................... 1,757 0.36 3,900 Delek US Holdings Inc ....... 165 0.03 5,400 Devon Energy Corp ............. 216 0.05

5,200

Diamond Offshore Drilling Inc ....................................... 104 0.02

3,200 EOG Resources Inc ............. 408 0.08 69,100 Exxon Mobil Corp ............... 5,875 1.22 1,300 Helmerich & Payne Inc ....... 89 0.02 6,100 Hess Corp ............................ 437 0.09

Number of Shares


Fund %

5,200 HollyFrontier Corp ............. 363 0.08 23,400 Marathon Oil Corp .............. 545 0.11 10,500 Marathon Petroleum Corp .. 840 0.17 2,100 Murphy USA Inc ................ 179 0.04 11,100 Noble Energy Inc ................ 346 0.07 5,000 Oasis Petroleum Inc ............ 71 0.01 9,900 Occidental Petroleum Corp . 813 0.17 3,800 Patterson-UTI Energy Inc ... 65 0.01 5,100 PBF Energy Inc .................. 255 0.05 8,650 Phillips 66 ........................... 975 0.20

1,300

Pioneer Natural Resources Co ....................................... 226 0.05

7,600 QEP Resources Inc ............. 86 0.02 4,600 SM Energy Co .................... 145 0.03 10,000 Valero Energy Corp ............ 1,138 0.24 3,550 Whiting Petroleum Corp ..... 188 0.04

Oil and Gas Services 1,300 Apergy Corp ....................... 57 0.01 4,000 Baker Hughes a GE Co ....... 135 0.03 8,600 Halliburton Co .................... 349 0.07 10,200 National Oilwell Varco Inc . 439 0.09 1,900 NOW Inc ............................ 31 0.01 6,500 Superior Energy Services Inc 63 0.01

Paper and Forest Products 2,800 Domtar Corp ....................... 146 0.03 7,300 International Paper Co ........ 359 0.07

Personal Products 20,900 Avon Products Inc .............. 46 0.01 5,900 Colgate-Palmolive Co ......... 395 0.08 1,800 Edgewell Personal Care Co 83 0.02 25,300 Procter & Gamble Co ......... 2,106 0.43

Pharmaceuticals 7,000 AbbVie Inc ......................... 662 0.14 4,200 AmerisourceBergen Corp ... 387 0.08 9,900 Bristol-Myers Squibb Co .... 615 0.13 8,100 Cardinal Health Inc ............. 437 0.09 17,800 CVS Health Corp ................ 1,401 0.29 7,100 Eli Lilly & Co ..................... 762 0.16 12,955 Express Scripts Holding Co 1,231 0.25 18,300 Johnson & Johnson ............. 2,529 0.52 6,400 McKesson Corp .................. 849 0.18 27,400 Merck & Co Inc .................. 1,944 0.40 5,100 Owens & Minor Inc ............ 84 0.02 58,100 Pfizer Inc ............................ 2,560 0.53

Pipelines 39,700 Kinder Morgan Inc ............. 704 0.15 3,900 ONEOK Inc ........................ 264 0.05 1,400 Targa Resources Corp ......... 79 0.02 14,400 Williams Cos Inc ................ 392 0.08

Real Estate 4,000 CBRE Group Inc ................. 176 0.03



Number of Shares


Fund %

4,100 Realogy Holdings Corp ....... 85 0.02 Real Estate Investment Trust

1,400


1,555 American Tower Corp ......... 226 0.05

20,400


3,700

Apartment Investment & Management Co .................. 163 0.04

2,200 AvalonBay Communities Inc 399 0.08 1,600 Boston Properties Inc .......... 197 0.04 6,400 Brandywine Realty Trust ..... 101 0.02 2,300 Camden Property Trust ....... 215 0.05

16,300

CBL & Associates Properties Inc ...................... 65 0.01

4,500 CoreCivic Inc ...................... 109 0.02

2,900

Crown Castle International Corp ..................................... 323 0.07

7,350 DDR Corp ........................... 98 0.02 6,700 Duke Realty Corp ................ 190 0.04 4,900 Equity Commonwealth ........ 157 0.03 4,400 Equity Residential ............... 292 0.06 4,050 GEO Group Inc ................... 102 0.02 9,000 HCP Inc ............................... 237 0.05 6,700 Hospitality Properties Trust . 193 0.04 9,600 Host Hotels & Resorts Inc ... 203 0.04 4,985 Iron Mountain Inc ............... 172 0.04 14,000 Kimco Realty Corp .............. 234 0.05 2,000 Lamar Advertising Co ......... 156 0.03 2,900 Macerich Co ........................ 160 0.03 4,500 Prologis Inc ......................... 305 0.06 4,800 Rayonier Inc ........................ 162 0.04 1,700 Regency Centers Corp ......... 110 0.02 1,795 Retail Value Inc ................... 59 0.01 2,800 Simon Property Group Inc .. 495 0.10 1,400 SL Green Realty Corp ......... 137 0.03 3,500 UDR Inc .............................. 142 0.03 6,400 Ventas Inc ........................... 348 0.07 4,600 Vornado Realty Trust .......... 336 0.07 6,000 Welltower Inc ...................... 386 0.08 8,000 Weyerhaeuser Co ................ 258 0.05

Retail Trade 5,600 Abercrombie & Fitch Co ..... 118 0.02 800 Advance Auto Parts Inc ....... 135 0.03

4,700

American Eagle Outfitters Inc ....................................... 117 0.02

1,700

Asbury Automotive Group Inc ....................................... 117 0.02

2,800 AutoNation Inc .................... 116 0.02 300 AutoZone Inc ...................... 233 0.05 2,700 Bed Bath & Beyond Inc ...... 41 0.01 3,300 Best Buy Co Inc .................. 262 0.05 2,800 CarMax Inc ......................... 209 0.04 4,900 Costco Wholesale Corp ....... 1,151 0.24

Number of Shares


Fund %

1,900 Darden Restaurants Inc ....... 211 0.04 1,700 Dollar General Corp ........... 186 0.04 2,547 Dollar Tree Inc .................... 208 0.04 2,700 Foot Locker Inc .................. 138 0.03 5,800 GameStop Corp .................. 89 0.02 6,800 Gap Inc ............................... 196 0.04 1,700 Genuine Parts Co ................ 169 0.04 1,600 Group 1 Automotive Inc ..... 104 0.02 5,600 Home Depot Inc .................. 1,160 0.24 4,900 Kohl's Corp ......................... 365 0.08 3,900 L Brands Inc ....................... 118 0.02 5,800 Lowe's Cos Inc .................... 666 0.14 10,600 Macy's Inc ........................... 368 0.08 4,900 McDonald's Corp ................ 820 0.17 2,400 Nordstrom Inc ..................... 144 0.03 400 O'Reilly Automotive Inc ..... 139 0.03 18,700 Office Depot Inc ................. 60 0.01

2,000

Penske Automotive Group Inc ....................................... 95 0.02

9,800 Qurate Retail Inc ................. 218 0.05 2,000 Ross Stores Inc ................... 198 0.04 4,900 Sonic Automotive Inc ......... 95 0.02 5,200 Starbucks Corp ................... 296 0.06 3,300 Tapestry Inc ........................ 166 0.03 10,800 Target Corp ......................... 953 0.20 1,000 Tiffany & Co ...................... 129 0.03 5,200 TJX Cos Inc ........................ 583 0.12

11,000


19,800 Walmart Inc ........................ 1,859 0.39 3,300 World Fuel Services Corp ... 91 0.02 4,600 Yum China Holdings Inc .... 162 0.03 3,400 Yum! Brands Inc ................. 309 0.06

Savings and Loans

20,200


Semiconductor Equipment and Products 1,300 Analog Devices Inc ............. 120 0.02 3,400 Applied Materials Inc ......... 131 0.03 1,300 Broadcom Inc ..................... 321 0.07 42,600 Intel Corp ............................ 2,015 0.42 2,600 Kla-Tencor Corp ................. 264 0.05

3,800


2,300 Microchip Technology Inc .. 181 0.04 6,700 Micron Technology Inc ...... 303 0.06 1,800 Qorvo Inc ............................ 138 0.03 13,200 QUALCOMM Inc .............. 951 0.20 4,700 Texas Instruments Inc ......... 504 0.10 2,100 Xilinx Inc ............................ 168 0.04

Shipbuilding

700





Number of Shares


Fund %

Software 2,900 Activision Blizzard Inc ........ 241 0.05 1,000 Adobe Systems Inc .............. 270 0.06 6,000 CA Inc ................................. 265 0.06 2,000 Cerner Corp ......................... 129 0.03

3,000


2,600 Fiserv Inc ............................. 214 0.04 1,300 Intuit Inc .............................. 296 0.06 30,500 Microsoft Corp .................... 3,488 0.72 18,100 Oracle Corp ......................... 933 0.19 3,400 Paychex Inc ......................... 250 0.05

Telecommunications 113,751 AT&T Inc ............................ 3,820 0.79 25,200 CenturyLink Inc .................. 534 0.11 35,000 Cisco Systems Inc ............... 1,703 0.35 4,700 Juniper Networks Inc .......... 141 0.03 1,700 Motorola Solutions Inc ........ 221 0.05 2,600 T-Mobile US Inc ................. 182 0.04

3,926

Telephone & Data Systems Inc ....................................... 119 0.02

58,000


Textile and Apparel 4,500 Hanesbrands Inc .................. 83 0.02 600 Mohawk Industries Inc ........ 105 0.02 5,700 NIKE Inc ............................. 483 0.10 1,400 PVH Corp ............................ 202 0.04 1,300 Ralph Lauren Corp .............. 179 0.04 3,400 VF Corp .............................. 318 0.06

Toys, Games and Hobbies 8,000 Mattel Inc ............................ 126 0.03

Transport 1,800 CH Robinson Worldwide Inc 176 0.04 7,500 CSX Corp ............................ 555 0.11 2,200 FedEx Corp ......................... 530 0.11 1,400 Kansas City Southern .......... 159 0.03 3,200 Norfolk Southern Corp ........ 578 0.12 2,200 Ryder System Inc ................ 161 0.03 5,400 Union Pacific Corp .............. 879 0.18 6,000 United Parcel Service Inc .... 701 0.15

Water Utilities

2,500

American Water Works Co Inc ....................................... 220 0.05

207,849 43.00 Virgin Islands, British (0.01%) Textile and Apparel

700 Michael Kors Holdings Ltd . 48 0.01 Total Common Stock ........ 476,208 98.52

Number of Shares


Fund %

Preferred Stock (0.89%) Brazil (0.46%) Banks

65,784 Banco Bradesco SA ............ 472 0.10 59,049 Itau Unibanco Holding SA . 653 0.13

Chemicals 8,600 Braskem SA ........................ 126 0.03

Electric Utilities

10,500


107,900

Cia Energetica de Minas Gerais .................................. 193 0.04

17,300 Cia Energetica de Sao Paulo 64 0.01 Food Products

7,100

Cia Brasileira de Distribuicao ........................ 156 0.03

Iron and Steel 33,000 Gerdau SA .......................... 142 0.03

Oil and Gas 70,200 Petroleo Brasileiro SA ........ 371 0.08


1,672


2,150

Porsche Automobil Holding SE ....................................... 145 0.03

5,754 Volkswagen AG .................. 1,013 0.21 Household Products

1,968 Henkel AG & Co KGaA ..... 231 0.05 1,520 0.32 India (0.00%) Metals and Mining

80,800 Vedanta Ltd ........................ 12 0.00 Italy (0.02%) Telecommunications

175,408 Telecom Italia SpA ............. 94 0.02 Korea, Republic of (0.07%) Semiconductor Equipment and Products

10,500 Samsung Electronics Co Ltd 358 0.07 Russia (0.02%) Pipelines

29 Transneft PJSC ................... 73 0.02 Total Preferred Stock ....... 4,283 0.89



Number of Shares


Fund %

Rights (0.00%) United States (0.00%)

USD 16,100 Community Health Systems Inc ....................................... - 0.00

Total Rights ....................... - 0.00



33

Russell Investment Company III plc Russell Investments Sterling Liquidity Fund - Class R Roll-Up Shares ....... 43 0.01

Number of Shares


Fund %

1,138


1,215 0.25 Total Investment Funds .... 1,215 0.25 Total Investments ............... 481,706 99.66


Fund %

Net Financial Assets at Fair Value through Profit or Loss (99.66%) ................................................................................. 481,706

99.66




gross assets Transferable securities admitted to an official stock exchange listing ............................................................... 99.06 Investment funds (UCITS) ................................................................................................................................. 0.25 Other assets ........................................................................................................................................................ 0.69

100.00





Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total




Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 557,138 181 - 557,319 Investment funds ........................................................... - 1,834 - 1,834

Total assets ......................................................................... 557,138 2,015 - 559,153

Russell Investment Company plc Old Mutual FTSE RAFI® All World Index Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 454 Old Mutual FTSE RAFI® All World Index Fund





Molson Coors Brewing Co 249 Apple Inc (1,158) Intercontinental Exchange Inc 248 Exxon Mobil Corp (1,111) Russell Investment Company III plc AT&T Inc (955)

Russell Investments Sterling Liquidity Fund Chevron Corp (923) Class R Roll-Up Shares 232 JPMorgan Chase & Co (851)

Devon Energy Corp 225 TOTAL SA (792) Chevron Corp 211 Microsoft Corp (717) Liberty Global Plc 210 Verizon Communications Inc (694) Valero Energy Corp 206 Citigroup Inc (683) Swiss Re AG 202 BP Plc (673) Johnson Controls International Plc 197 Bank of America Corp (654) Vornado Realty Trust 195 Royal Dutch Shell Plc (Shares A) (638) Nippon Telegraph & Telephone Corp 194 Wells Fargo & Co (618) JPMorgan Chase & Co 190 HSBC Holdings Plc (617) CRH Plc 185 General Electric Co (604) Leonardo SpA 184 Intel Corp (528) Pfizer Inc 182 Nestle SA (521) Bunge Ltd 180 Merck & Co Inc (510) Aspen Insurance Holdings Ltd 179 Procter & Gamble Co (505) Transocean Ltd (US listed) 179 Crown Holdings Inc 178

Russell Investment Company plc Old Mutual MSCI World ESG Index Fund Balance Sheet As at 30 September 2018


Old Mutual MSCI World ESG Index Fund 455


USD ‘000


Assets Financial assets at fair value through profit or loss ..................................................... 428,105 411,220 Cash at bank (Note 2) .................................................................................................. 285 260 Debtors:

Receivable for investments sold .............................................................................. 450 438 Dividends receivable ............................................................................................... 736 894


Payable for investment purchased ........................................................................... (450) - Distributions payable on hybrid accumulation share classes ................................... - (625) Management fees payable ........................................................................................ (68) (68) Depositary fees payable ........................................................................................... (33) (12) Sub-custodian fees payable ...................................................................................... (9) (4) Administration fees payable .................................................................................... (26) (17) Audit fees payable ................................................................................................... (7) (14)


Russell Investment Company plc Old Mutual MSCI World ESG Index Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 456 Old Mutual MSCI World ESG Index Fund





Income Dividends .................................................................................................................. 5,786 5,136 Securities lending income (Note 3) ........................................................................... 38 31

5,824 5,167 Net gain (loss) on investment activities ........................................................................ 21,303 26,677 Total investment income (expense) ........................................................................... 27,127 31,844 Expenses

Management fees (Note 4) ........................................................................................ (427) (386) Depositary fees (Note 5) ........................................................................................... (49) (34) Sub-custodian fees (Note 5) ...................................................................................... (14) (15) Administration and transfer agency fees (Note 5) .................................................... (65) (52) Audit fees .................................................................................................................. (7) (7) Professional fees ....................................................................................................... (2) (5) Other fees .................................................................................................................. (14) (9)

Total operating expenses ............................................................................................ (578) (508) Profit (loss) for the financial period before taxation ............................................... 26,549 31,336 Taxation

Withholding tax (Note 8) .......................................................................................... (1,032) (912) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... 25,517 30,424 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual MSCI World ESG Index Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018












Russell Investment Company plc Old Mutual MSCI World ESG Index Fund Schedule of Investments 30 September 2018


Number of Shares


Fund %

Transferable Securities (99.63%) Common Stock (99.47%) Australia (3.30%) Banks

61,585

Australia & New Zealand Banking Group Ltd ............. 1,256 0.29

6,304

Bendigo & Adelaide Bank Ltd ....................................... 49 0.01

35,597

Commonwealth Bank of Australia .............................. 1,839 0.43

6,493 Macquarie Group Ltd .......... 592 0.14 56,345 National Australia Bank Ltd 1,134 0.27 68,596 Westpac Banking Corp ........ 1,386 0.32


Biotechnology 9,182 CSL Ltd ............................... 1,336 0.31




Construction and Engineering 12,631 LendLease Group ................ 180 0.04 26,731 Sydney Airport .................... 133 0.03



Electric Utilities 14,123 AGL Energy Ltd ................. 199 0.05 28,150 AusNet Services .................. 33 0.01 36,599 Origin Energy Ltd ............... 219 0.05

Food Products 22,854 Wesfarmers Ltd ................... 824 0.19


Health Care Providers and Services 21,212 Healthscope Ltd .................. 32 0.01 2,155 Ramsay Health Care Ltd ..... 86 0.02


190



42,122


Internet Software and Services 7,394 SEEK Ltd ............................ 111 0.03

Number of Shares


Fund %


Metals and Mining 20,170 Newcrest Mining Ltd .......... 283 0.07


Oil and Gas 4,700 Caltex Australia Ltd ............ 102 0.02 18,352 Woodside Petroleum Ltd .... 512 0.12

Pipelines 22,994 APA Group ......................... 166 0.04

Real Estate Investment Trust 21,395 Dexus .................................. 163 0.04 30,347 Goodman Group ................. 227 0.05 40,283 GPT Group ......................... 152 0.04 91,241 Mirvac Group ..................... 159 0.04 108,785 Scentre Group Ltd ............... 312 0.07 78,069 Stockland ............................ 234 0.05


Transport 31,575 Aurizon Holdings Ltd ......... 94 0.02

14,140 3.30 Austria (0.06%) Iron and Steel

2,420 voestalpine AG ................... 111 0.03 Oil and Gas

2,556 OMV AG ............................ 144 0.03 255 0.06 Belgium (0.26%) Banks

5,205 KBC Group NV .................. 388 0.09 Chemicals

1,285 Solvay SA ........................... 172 0.04 5,690 Umicore SA ........................ 318 0.07

Food Products 1,061 Colruyt SA .......................... 60 0.01

Pharmaceuticals 2,201 UCB SA .............................. 198 0.05


2,700 Bunge Ltd ........................... 186 0.04 Chemicals

5,000 Axalta Coating Systems Ltd 146 0.03 Commercial Services and Supplies

8,479 IHS Markit Ltd ................... 458 0.11 Distributors

62,000 Li & Fung Ltd ..................... 14 0.00

Russell Investment Company plc Old Mutual MSCI World ESG Index Fund Schedule of Investments - continued 30 September 2018



Number of Shares


Fund %

Diversified Financials 7,100 Invesco Ltd .......................... 162 0.04


4,300

Norwegian Cruise Line Holdings Ltd ....................... 247 0.06

Insurance 7,100 Arch Capital Group Ltd ....... 212 0.05 1,100 Axis Capital Holdings Ltd ... 63 0.01

Lodging 36,000 Shangri-La Asia Ltd ............ 54 0.01


14,500


Textile and Apparel

14,000

Yue Yuen Industrial Holdings Ltd ....................... 39 0.01


5,100 CAE Inc .............................. 103 0.02 Auto Components


12,600 Bank of Montreal ................ 1,039 0.24 24,400 Bank of Nova Scotia ........... 1,453 0.34

9,100


37,900 Toronto-Dominion Bank ..... 2,301 0.53 Chemicals

13,610 Nutrien Ltd .......................... 785 0.18 Computers and Peripherals

8,800 BlackBerry Ltd .................... 100 0.03 4,200 CGI Group Inc ..................... 271 0.06

Construction and Engineering 1,900 WSP Global Inc ................... 104 0.02

Electric Utilities 4,100 Emera Inc ............................ 127 0.03 8,600 Fortis Inc ............................. 279 0.07 6,100 Hydro One Ltd .................... 93 0.02

Food Products 1,800 Empire Co Ltd ..................... 33 0.01 4,481 Loblaw Cos Ltd ................... 230 0.05 5,000 Metro Inc ............................. 155 0.04

Insurance 12,400 Sun Life Financial Inc ......... 493 0.11

Metals and Mining 3,300 Agnico Eagle Mines Ltd ...... 113 0.03 3,800 Franco-Nevada Corp ........... 238 0.06 16,100 Lundin Mining Corp ............ 85 0.02 11,400 Teck Resources Ltd ............. 275 0.06

10,200

Wheaton Precious Metals Corp ..................................... 179 0.04

Number of Shares


Fund %

Oil and Gas 5,600 ARC Resources Ltd ............ 62 0.02 27,300 Cenovus Energy Inc ............ 274 0.06 23,700 Encana Corp ....................... 310 0.07 4,600 PrairieSky Royalty Ltd ....... 81 0.02 35,300 Suncor Energy Inc .............. 1,365 0.32 2,400 Vermilion Energy Inc ......... 79 0.02

Pipelines 2,500 AltaGas Ltd ......................... 40 0.01

22,700

Enbridge Inc (Canada Listed) ................................. 732 0.17

11,414 Enbridge Inc (US Listed) .... 369 0.08 Real Estate

2,100 First Capital Realty Inc ....... 32 0.01 Retail Trade

8,000


1,400 Canadian Tire Corp Ltd ...... 164 0.04 Software

4,200 Open Text Corp .................. 160 0.04 Telecommunications

6,800 Rogers Communications Inc 349 0.08 Textile and Apparel

4,300 Gildan Activewear Inc ........ 131 0.03 Transport

15,600

Canadian National Railway Co ....................................... 1,399 0.33

15,680 3.65 Cayman Islands (0.04%) Real Estate

22,000



4,900

ASM Pacific Technology Ltd ...................................... 50 0.01

192 0.04 Curacao (0.39%) Oil and Gas Services

27,861 Schlumberger Ltd ............... 1,697 0.39 Denmark (0.86%) Biotechnology

1,097 Genmab A/S ....................... 173 0.04 1,776 H Lundbeck A/S ................. 110 0.03

Chemicals 5,263 Novozymes A/S .................. 289 0.07

Commercial Services and Supplies 4,110 ISS A/S ............................... 145 0.03

Electric Utilities 3,900 Orsted A/S .......................... 265 0.06



Number of Shares


Fund %

Energy Equipment and Services 4,420 Vestas Wind Systems A/S ... 299 0.07

Food Products 1,750 Chr Hansen Holding A/S ..... 178 0.04

Health Care Equipment and Supplies 1,977 Coloplast A/S ...................... 202 0.05

2,415

William Demant Holding A/S ...................................... 91 0.02

Insurance 890 Tryg A/S .............................. 22 0.01

Pharmaceuticals 37,535 Novo Nordisk A/S ............... 1,768 0.41

Retail Trade 2,115 Pandora A/S ........................ 132 0.03

3,674 0.86 Finland (0.43%) Auto Components

1,518 Nokian Renkaat OYJ ........... 62 0.01 Machinery

3,569 Metso OYJ .......................... 127 0.03 Miscellaneous Manufacturers

9,474 Wartsila OYJ Abp ............... 185 0.04 Oil and Gas


11,330 Stora Enso OYJ ................... 217 0.05 10,257 UPM-Kymmene OYJ .......... 403 0.10

Pharmaceuticals 2,410 Orion OYJ ........................... 91 0.02

Telecommunications 109,305 Nokia OYJ ........................... 606 0.14


792 JCDecaux SA ...................... 29 0.01 Auto Components

3,313

Cie Generale des Etablissements Michelin SCA ..................................... 396 0.09

Automobiles 3,478 Renault SA .......................... 301 0.07

Banks 20,997 Credit Agricole SA .............. 302 0.07 21,551 Natixis SA ........................... 146 0.03

Building Products 11,294 Cie de Saint-Gobain ............ 487 0.11 573 Imerys SA ........................... 42 0.01

Chemicals 9,297 Air Liquide SA .................... 1,223 0.29

Number of Shares


Fund %

Computers and Peripherals 1,593 Atos SE ............................... 190 0.04 2,386 Capgemini SE ..................... 300 0.07 1,132 Ingenico Group SA ............. 86 0.02

Construction and Engineering 6,260 Bouygues SA ...................... 271 0.07 1,249 Eiffage SA .......................... 140 0.03


Electrical Equipment 11,052 Schneider Electric SE ......... 890 0.21


1,221


12,763 Danone SA .......................... 989 0.23 Health Care Equipment and Supplies

4,504

Essilor International Cie Generale d'Optique SA ....... 667 0.16

Household Products 350 Societe BIC SA ................... 32 0.01

Insurance 38,540 AXA SA ............................. 1,036 0.24 4,631 CNP Assurances ................. 112 0.03

Lodging 3,922 Accor SA ............................ 201 0.05

Media 20,734 Vivendi SA ......................... 534 0.12


Other Finance 730 Eurazeo SE ......................... 58 0.01 595 Wendel SA .......................... 89 0.02

Personal Products 5,529 L'Oreal SA .......................... 1,334 0.31

Pharmaceuticals 607 Ipsen SA ............................. 102 0.02

Real Estate Investment Trust 652 Gecina SA ........................... 109 0.03

2,446 Unibail-Rodamco-Westfield (France listed) ..................... 492 0.11

207

Unibail-Rodamco-Westfield (Netherlands listed) ............. 42 0.01

Telecommunications 43,570 Orange SA .......................... 695 0.16

Textile and Apparel 1,668 Kering SA ........................... 894 0.21

Transport 6,411 Getlink SE .......................... 82 0.02

15,859 3.70




Number of Shares


Fund %

Germany (3.42%) Automobiles

6,909

Bayerische Motoren Werke AG ....................................... 624 0.15

Banks 21,243 Commerzbank AG .............. 221 0.05

Building Products 2,704 HeidelbergCement AG ........ 211 0.05

Chemicals 18,331 BASF SE ............................. 1,630 0.38 3,143 Evonik Industries AG .......... 113 0.03 2,375 Symrise AG ......................... 217 0.05


685

Fraport AG Frankfurt Airport Services Worldwide 61 0.01


Electric Utilities 47,500 E.ON SE .............................. 484 0.11 11,043 RWE AG ............................. 273 0.07

Electrical Equipment 2,923 OSRAM Licht AG .............. 116 0.03

Food Products 2,871 METRO AG ........................ 45 0.01

Household Products 1,700 Henkel AG & Co KGaA ..... 181 0.04

Insurance 9,260 Allianz SE ........................... 2,065 0.48

3,127

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ............................ 693 0.16


Miscellaneous Manufacturers 15,669 Siemens AG ........................ 2,008 0.47

Personal Products 2,196 Beiersdorf AG ..................... 248 0.06

Pharmaceuticals 2,446 Merck KGaA ....................... 253 0.06

Real Estate 8,510 Deutsche Wohnen SE .......... 408 0.09

Software 20,206 SAP SE ................................ 2,488 0.58

Telecommunications

31,155

Telefonica Deutschland Holding AG ......................... 132 0.03

Textile and Apparel 3,707 Adidas AG ........................... 908 0.21


14,675 3.42

Number of Shares


Fund %

Hong Kong (0.67%) Banks

59,500


14,100 Hang Seng Bank Ltd ........... 383 0.09 Diversified Financials

25,900


Electric Utilities 36,000 CLP Holdings Ltd ............... 422 0.10

Gas Utilities

168,251




Real Estate 53,000 Hang Lung Properties Ltd ... 104 0.03 12,000 Hysan Development Co Ltd 61 0.01 19,000 Swire Properties Ltd ........... 72 0.02

Transport 25,000 MTR Corp Ltd .................... 132 0.03

2,856 0.67 Ireland (1.43%) Building Products

18,072 CRH Plc .............................. 592 0.14

18,937



Electrical Equipment 1,900 Allegion Plc ........................ 172 0.04


Food Products 3,152 Kerry Group Plc .................. 349 0.08

Insurance 2,506 Willis Towers Watson Plc .. 353 0.08

Miscellaneous Manufacturers 9,008 Eaton Corp Plc .................... 781 0.18 5,300 Ingersoll-Rand Plc .............. 542 0.13


Pharmaceuticals 1,100 Jazz Pharmaceuticals Plc .... 185 0.04

6,152 1.43 Israel (0.06%) Banks


251 0.06



Number of Shares


Fund %

Italy (0.33%) Banks

312,412 Intesa Sanpaolo SpA ........... 799 0.19 Gas Utilities

36,865 Snam SpA ........................... 154 0.03 Insurance

20,140 Assicurazioni Generali SpA 348 0.08 Pharmaceuticals

3,349 Recordati SpA ..................... 113 0.03 1,414 0.33 Japan (8.23%) Aerospace and Defence

5,300

Kawasaki Heavy Industries Ltd ....................................... 150 0.03


Auto Components 12,100 Bridgestone Corp ................ 457 0.11 9,300 Denso Corp ......................... 491 0.11 7,800 NGK Insulators Ltd ............. 129 0.03 2,300 NGK Spark Plug Co Ltd ..... 67 0.02 3,200 Stanley Electric Co Ltd ....... 109 0.02

16,000


3,900

Sumitomo Rubber Industries Ltd ....................................... 59 0.01

2,700 Toyoda Gosei Co Ltd .......... 67 0.02 Automobiles

5,500 Hino Motors Ltd .................. 60 0.01 32,600 Honda Motor Co Ltd ........... 987 0.23 9,600 Mazda Motor Corp .............. 115 0.03

Banks 2,000 CyberAgent Inc ................... 107 0.03 512,300 Mizuho Financial Group Inc 894 0.21 40,100 Resona Holdings Inc ........... 225 0.05

6,400


Beverages

2,500

Suntory Beverage & Food Ltd ....................................... 106 0.02

Building Products 3,600 AGC Inc .............................. 149 0.04 5,200 Daikin Industries Ltd ........... 692 0.16 400 Rinnai Corp ......................... 30 0.01 2,500 TOTO Ltd ........................... 104 0.02

Chemicals 28,000 Asahi Kasei Corp ................ 425 0.10 5,800 Daicel Corp ......................... 67 0.01 2,700 Hitachi Chemical Co Ltd ..... 55 0.01 1,200 Kaneka Corp ....................... 55 0.01 4,000 Kansai Paint Co Ltd ............ 74 0.02 6,100 Kuraray Co Ltd ................... 92 0.02

Number of Shares


Fund %

28,300


2,800 Mitsui Chemicals Inc .......... 70 0.02 3,200 Nitto Denko Corp ............... 240 0.06 7,800 Shin-Etsu Chemical Co Ltd 691 0.16 36,000 Sumitomo Chemical Co Ltd 211 0.05 4,800 Teijin Ltd ............................ 92 0.02 32,000 Toray Industries Inc ............ 240 0.06

Commercial Services and Supplies 2,100 Benesse Holdings Inc ......... 60 0.01 4,500 Dai Nippon Printing Co Ltd 105 0.03 21,900 Recruit Holdings Co Ltd ..... 731 0.17 4,100 Secom Co Ltd ..................... 334 0.08

2,700

Sohgo Security Services Co Ltd ...................................... 119 0.03

5,500 Toppan Printing Co Ltd ...... 88 0.02 Computers and Peripherals

4,200 Fujitsu Ltd .......................... 299 0.07 5,300 NEC Corp ........................... 147 0.03

2,200

Nomura Research Institute Ltd ...................................... 111 0.03

3,100 Otsuka Corp ........................ 116 0.03 2,300 TDK Corp ........................... 251 0.06

Construction and Engineering 8,000 Kajima Corp ....................... 116 0.03 10,000 Obayashi Corp .................... 95 0.02 8,000 Shimizu Corp ...................... 73 0.02 4,100 Taisei Corp ......................... 187 0.04

Distributors 3,800 Toyota Tsusho Corp ........... 144 0.03


2,200

AEON Financial Service Co Ltd ...................................... 46 0.01

8,300

Mitsubishi UFJ Lease & Finance Co Ltd ................... 49 0.01

Electrical Equipment 3,700 Casio Computer Co Ltd ...... 60 0.01 1,100 Hirose Electric Co Ltd ........ 120 0.03

2,100

Hitachi High-Technologies Corp .................................... 72 0.02

5,600 Kyocera Corp ...................... 336 0.08

3,800

Murata Manufacturing Co Ltd ...................................... 584 0.13

3,900 Omron Corp ........................ 165 0.04 5,300 Yokogawa Electric Corp ..... 112 0.03

Entertainment 4,100 Oriental Land Co Ltd .......... 429 0.10 4,200 Toho Co Ltd ........................ 132 0.03

Environmental Control 1,900 Kurita Water Industries Ltd 55 0.01

Food Products 13,200 Aeon Co Ltd ....................... 318 0.07 8,300 Ajinomoto Co Inc ............... 143 0.03




Number of Shares


Fund %

2,000 Kikkoman Corp ................... 119 0.03 14,900 Seven & i Holdings Co Ltd . 664 0.16 1,000 Toyo Suisan Kaisha Ltd ...... 39 0.01 2,200 Yakult Honsha Co Ltd ......... 180 0.04

Gas Utilities 7,800 Osaka Gas Co Ltd ............... 152 0.04 1,200 Toho Gas Co Ltd ................. 46 0.01 7,000 Tokyo Gas Co Ltd ............... 172 0.04

Health Care Equipment and Supplies 4,600 Shimadzu Corp .................... 144 0.03 3,200 Sysmex Corp ....................... 276 0.07

Home Builders

13,600


4,000 Sekisui Chemical Co Ltd ..... 74 0.02 11,200 Sekisui House Ltd ............... 171 0.04

Home Furnishings 44,900 Panasonic Corp .................... 523 0.12 3,900 Sharp Corp .......................... 79 0.02 25,000 Sony Corp ........................... 1,533 0.36

Hotels, Restaurants and Leisure 2,900 Yamaha Corp ...................... 154 0.04 7,000 Yamaha Motor Co Ltd ........ 196 0.04

Insurance 5,900 Sompo Holdings Inc ............ 251 0.06 12,500 T&D Holdings Inc ............... 206 0.05

Internet Software and Services 17,200 Rakuten Inc ......................... 132 0.03

Iron and Steel 4,000 Hitachi Metals Ltd ............... 50 0.01 3,800 Kobe Steel Ltd ..................... 34 0.01

Machinery 5,400 Amada Holdings Co Ltd ..... 58 0.01 2,400 Daifuku Co Ltd ................... 122 0.03

3,000

Hitachi Construction Machinery Co Ltd ............... 100 0.02

2,000 Keyence Corp ...................... 1,162 0.27 18,700 Komatsu Ltd ........................ 569 0.13 20,200 Kubota Corp ........................ 343 0.08 34,000 Mitsubishi Electric Corp ..... 466 0.11 2,500 Nabtesco Corp ..................... 66 0.02

2,200

Sumitomo Heavy Industries Ltd ....................................... 79 0.02

4,000 Yaskawa Electric Corp ........ 119 0.03 Metals and Mining

2,400 Mitsubishi Materials Corp ... 72 0.02 8,000 NSK Ltd .............................. 92 0.02

2,800

Sumitomo Metal Mining Co Ltd ....................................... 98 0.02

Miscellaneous Manufacturers 5,200 Nikon Corp .......................... 98 0.02

Office Electronics 6,700 Konica Minolta Inc .............. 71 0.02

Number of Shares


Fund %

Oil and Gas 17,700 Inpex Corp .......................... 221 0.05 5,900 Showa Shell Sekiyu KK ..... 125 0.03

Other Finance 3,800 Dentsu Inc ........................... 176 0.04

Personal Products 9,400 Kao Corp ............................ 759 0.18 8,100 Shiseido Co Ltd .................. 627 0.14 7,500 Unicharm Corp ................... 248 0.06

Pharmaceuticals 40,600 Astellas Pharma Inc ............ 708 0.16

4,400

Chugai Pharmaceutical Co Ltd ...................................... 283 0.07

4,800 Eisai Co Ltd ........................ 467 0.11

2,000

Kobayashi Pharmaceutical Co Ltd ................................. 147 0.03

16,000


Real Estate 3,800 Aeon Mall Co Ltd ............... 65 0.01 4,700 Hulic Co Ltd ....................... 46 0.01 24,200 Mitsubishi Estate Co Ltd .... 412 0.10 20,000 Mitsui Fudosan Co Ltd ....... 473 0.11

2,200

Nomura Real Estate Holdings Inc ....................... 44 0.01

9,500

Tokyu Fudosan Holdings Corp .................................... 66 0.02


71

Japan Retail Fund Investment Corp .................. 129 0.03

20 Nippon Prologis REIT Inc .. 40 0.01 Retail Trade

1,100 Fast Retailing Co Ltd .......... 561 0.13 8,000 J Front Retailing Co Ltd ..... 124 0.03 1,100 Lawson Inc ......................... 67 0.02 6,200 Marui Group Co Ltd ........... 153 0.04 1,300 Nitori Holdings Co Ltd ....... 186 0.04 3,500 Takashimaya Co Ltd ........... 59 0.01 4,800 USS Co Ltd ......................... 89 0.02 15,100 Yamada Denki Co Ltd ........ 76 0.02

Semiconductor Equipment and Products 3,200 Tokyo Electron Ltd ............. 440 0.10

Telecommunications 36,700 KDDI Corp ......................... 1,014 0.23 25,100 NTT Docomo Inc ................ 675 0.16

Textile and Apparel 3,000 Asics Corp .......................... 45 0.01

Toys, Games and Hobbies 2,300 Nintendo Co Ltd ................. 840 0.20

Transport 2,800 Central Japan Railway Co ... 583 0.14 5,900 East Japan Railway Co ....... 548 0.13 2,200 Keio Corp ........................... 120 0.03



Number of Shares


Fund %

4,000 Kyushu Railway Co ............ 122 0.03 1,800 Mitsui OSK Lines Ltd ......... 53 0.01 4,800 Nagoya Railroad Co Ltd ...... 119 0.03 1,700 Nippon Express Co Ltd ....... 112 0.03 2,600 Nippon Yusen KK ............... 49 0.01

2,500

Odakyu Electric Railway Co Ltd ....................................... 59 0.01

6,400 Tobu Railway Co Ltd .......... 189 0.04 12,500 Tokyu Corp ......................... 229 0.05 3,000 West Japan Railway Co ....... 209 0.05

35,299 8.23 Jersey, Channel Islands (0.30%) Auto Components

5,200 Aptiv Plc ............................. 436 0.10 Distributors

5,846 Ferguson Plc ........................ 497 0.12 Other Finance

23,924 WPP Plc .............................. 351 0.08 1,284 0.30 Liberia (0.12%) Hotels, Restaurants and Leisure

3,900 Royal Caribbean Cruises Ltd 507 0.12 Luxembourg (0.09%) Metals and Mining

9,622 Tenaris SA ........................... 161 0.04 Telecommunications

1,591

Millicom International Cellular SA SDR ................. 91 0.02

6,422 SES SA ................................ 141 0.03 393 0.09 Netherlands (2.19%) Banks

76,621 ING Groep NV .................... 995 0.23 Chemicals

4,806 Akzo Nobel NV ................... 450 0.11 3,366 Koninklijke DSM NV ......... 357 0.08

6,900


Food Products

27,809


Health Care Equipment and Supplies 18,975 Koninklijke Philips NV ....... 865 0.20 5,393 Qiagen NV .......................... 204 0.05

Insurance 39,644 Aegon NV ........................... 257 0.06 5,222 NN Group NV ..................... 233 0.06


Number of Shares


Fund %


Other Finance 2,790 EXOR NV .......................... 187 0.04

Personal Products 31,331 Unilever NV ....................... 1,745 0.41

Pipelines 900 Koninklijke Vopak NV ....... 44 0.01

Semiconductor Equipment and Products 8,550 ASML Holding NV ............ 1,598 0.37 13,469 STMicroelectronics NV ...... 245 0.06


9,380 2.19 New Zealand (0.07%) Building Products

8,518 Fletcher Building Ltd .......... 37 0.01 Construction and Engineering

9,811


Electric Utilities 57,629 Meridian Energy Ltd ........... 126 0.03

Health Care Providers and Services 7,778 Ryman Healthcare Ltd ........ 72 0.02

282 0.07 Norway (0.38%) Food Products


Media 4,229 Schibsted ASA .................... 146 0.03



Oil and Gas 3,500 Aker BP ASA ..................... 148 0.03


1,647 0.38 Portugal (0.11%) Electric Utilities

46,320


Food Products 6,074 Jeronimo Martins SGPS SA 89 0.02


467 0.11




Number of Shares


Fund %

Singapore (0.49%) Airlines


41,100 DBS Group Holdings Ltd .... 785 0.18 Distributors

2,433

Jardine Cycle & Carriage Ltd ....................................... 57 0.01

Electrical Equipment 10,900 Flex Ltd ............................... 143 0.04

Holding Companies - Diversified Operations 25,300 Keppel Corp Ltd .................. 129 0.03


Media

21,700

Singapore Press Holdings Ltd ....................................... 46 0.01

Real Estate 46,300 CapitaLand Ltd .................... 114 0.02 14,000 UOL Group Ltd ................... 71 0.02


35,000

Ascendas Real Estate Investment Trust .................. 68 0.02

72,292


41,000 CapitaLand Mall Trust ........ 67 0.02 Telecommunications

184,400

Singapore Telecommunications Ltd ..... 436 0.10

2,107 0.49 Spain (1.45%) Banks

145,325


98,242 Banco de Sabadell SA ......... 153 0.04 10,561 Bankinter SA ....................... 97 0.02 66,627 CaixaBank SA ..................... 305 0.07

Construction and Engineering 10,999 Ferrovial SA ........................ 228 0.05

Electric Utilities 124,461 Iberdrola SA ........................ 916 0.21 10,293 Red Electrica Corp SA ........ 216 0.05

Gas Utilities 4,422 Enagas SA ........................... 119 0.03 6,708 Naturgy Energy Group SA .. 183 0.04


Pharmaceuticals 4,715 Grifols SA ........................... 133 0.03

Retail Trade

24,395


Number of Shares


Fund %

Software 9,439 Amadeus IT Group SA ....... 877 0.21


6,219 1.45 Sweden (1.42%) Banks

61,089 Nordea Bank AB ................. 665 0.16

30,363



Construction and Engineering 6,826 Skanska AB ........................ 134 0.03


Food Products 815 ICA Gruppen AB ................ 26 0.01


Machinery 13,603 Atlas Copco AB (A Shares) 392 0.09 10,832 Atlas Copco AB (B Shares) 289 0.07 5,844 Husqvarna AB .................... 50 0.01

Metals and Mining 5,724 Boliden AB ......................... 160 0.03 6,313 SKF AB .............................. 124 0.03

Other Finance 8,763 Investor AB ......................... 405 0.09 4,946 Kinnevik AB ....................... 150 0.04 3,881 L E Lundbergforetagen AB 131 0.03

Personal Products 13,290 Essity AB ............................ 334 0.08


Telecommunications 7,621 Tele2 AB ............................ 92 0.02

60,439


50,496 Telia Co AB ........................ 232 0.05 6,088 1.42 Switzerland (3.01%) Beverages

3,657 Coca-Cola HBC AG ........... 125 0.03 Building Products

10,266 LafargeHolcim Ltd ............. 509 0.12 3,060 Sika AG .............................. 448 0.10

Chemicals 5,144 Clariant AG ......................... 134 0.03 172 Givaudan SA ....................... 425 0.10



Number of Shares


Fund %



Food Products

18

Chocoladefabriken Lindt & Spruengli AG (ParticipatingCertificate) ..... 127 0.03


Health Care Equipment and Supplies 1,574 Lonza Group AG ................. 540 0.13 942 Sonova Holding AG ............ 188 0.04 197 Straumann Holding AG ....... 149 0.03

Insurance 9,486 Chubb Ltd ........................... 1,268 0.30 6,812 Swiss Re AG ....................... 632 0.15 3,268 Zurich Insurance Group AG 1,038 0.24


Pharmaceuticals 14,177 Roche Holding AG .............. 3,451 0.81 783 Vifor Pharma AG ................ 136 0.03

Retail Trade

10,505


Telecommunications 471 Swisscom AG ...................... 215 0.05

Transport

1,308

Kuehne & Nagel International AG .................. 208 0.05

12,894 3.01 United Kingdom (4.53%) Aerospace and Defence

11,973 Meggitt Plc .......................... 88 0.02 Airlines

1,792 easyJet Plc ........................... 31 0.01 Banks

15,052 Investec Plc ......................... 106 0.02 55,775 Standard Chartered Plc ........ 463 0.11

Beverages

4,700


Chemicals 1,634 Croda International Plc ........ 111 0.03 3,241 Johnson Matthey Plc ........... 151 0.03

Commercial Services and Supplies 4,099 Intertek Group Plc ............... 267 0.06 7,500 Nielsen Holdings Plc ........... 207 0.05

18,540

RELX Plc (Netherlands listed) ................................... 390 0.09

Number of Shares


Fund %

25,485 RELX Plc (UK listed) ......... 537 0.13 Diversified Financials

6,419


2,001 Schroders Plc ...................... 81 0.02 55,828 Standard Life Aberdeen Plc 223 0.05

Electric Utilities 21,681 SSE Plc ............................... 324 0.08


3,300

Sensata Technologies Holding Plc ......................... 164 0.04

Entertainment 10,946 Merlin Entertainments Plc .. 57 0.01

Food Products 6,850 Associated British Foods Plc 205 0.05 34,125 Compass Group Plc ............ 759 0.18 33,404 J Sainsbury Plc .................... 140 0.03 220,041 Tesco Plc ............................ 688 0.16

41,150


Gas Utilities 67,972 National Grid Plc ................ 701 0.16

Health Care Equipment and Supplies 27,190 ConvaTec Group Plc ........... 82 0.02 15,686 Smith & Nephew Plc .......... 286 0.07

Health Care Providers and Services 5,037 Mediclinic International Plc 28 0.01 2,300 NMC Health Plc ................. 102 0.02

Home Builders 16,650 Barratt Developments Plc ... 123 0.03

2,180


52,300 Taylor Wimpey Plc ............. 117 0.03 Household Products

14,204 Reckitt Benckiser Group Plc 1,300 0.30 Insurance

4,700 Aon Plc ............................... 723 0.17 81,595 Aviva Plc ............................ 521 0.12 140,042 Legal & General Group Plc 479 0.11 53,710 Prudential Plc ...................... 1,232 0.29 20,471 RSA Insurance Group Plc ... 153 0.04

Lodging

5,069


3,917 Whitbread Plc ..................... 241 0.06 Media

78,590 ITV Plc ............................... 162 0.04 4,700 Liberty Global Plc (Class A) 136 0.03 11,542 Liberty Global Plc (Class C) 325 0.08 17,451 Pearson Plc ......................... 203 0.05 21,657 Sky Plc ................................ 488 0.11

Oil and Gas Services 8,704 Technip FMC Plc ................ 272 0.06




Number of Shares


Fund %

Other Finance 18,279 3i Group Plc ........................ 224 0.05


Personal Products 26,589 Unilever Plc ......................... 1,462 0.34


Real Estate Investment Trust 22,877 British Land Co Plc ............. 184 0.05 16,712 Segro Plc ............................. 139 0.03

Retail Trade 38,758 Kingfisher Plc ...................... 130 0.03 37,274 Marks & Spencer Group Plc 140 0.03 2,375 Next Plc ............................... 170 0.04 3,539 Travis Perkins Plc ............... 49 0.01

Telecommunications 170,110 BT Group Plc ...................... 500 0.12


Transport 22,330 Royal Mail Plc ..................... 139 0.03


7,200 Interpublic Group of Cos Inc 165 0.04 Aerospace and Defence

8,300 Arconic Inc .......................... 183 0.04 1,500 L3 Technologies Inc ............ 319 0.08 3,396 Rockwell Collins Inc ........... 477 0.11 1,000 TransDigm Group Inc ......... 372 0.09

Airlines 3,500 Delta Air Lines Inc .............. 202 0.05 2,400 Southwest Airlines Co ......... 150 0.03

Auto Components 1,400 Autoliv Inc .......................... 121 0.03 5,400 BorgWarner Inc ................... 231 0.05 800 WABCO Holdings Inc ........ 94 0.02

Automobiles 8,100 PACCAR Inc ....................... 552 0.13 2,590 Tesla Inc .............................. 686 0.16

Banks

20,000

Bank of New York Mellon Corp ..................................... 1,020 0.24

17,300 BB&T Corp ......................... 840 0.20 9,800 Capital One Financial Corp . 930 0.22 3,500 CIT Group Inc ..................... 181 0.04 9,500 Citizens Financial Group Inc 366 0.08 3,200 Comerica Inc ....................... 289 0.07 2,700 East West Bancorp Inc ........ 163 0.04

Number of Shares


Fund %

14,400 Fifth Third Bancorp ............ 402 0.09 3,700 First Republic Bank ............ 355 0.08 20,100 Huntington Bancshares Inc . 300 0.07 20,200 KeyCorp ............................. 402 0.09 2,600 M&T Bank Corp ................. 428 0.10 5,200 Northern Trust Corp ........... 531 0.12

9,900

PNC Financial Services Group Inc ............................ 1,348 0.31

24,800 Regions Financial Corp ...... 455 0.11 1,100 Signature Bank ................... 126 0.03 7,600 State Street Corp ................. 637 0.15 10,500 SunTrust Banks Inc ............. 701 0.16 1,100 SVB Financial Group ......... 342 0.08 30,800 US Bancorp ......................... 1,627 0.38 4,000 Zions Bancorporation ......... 201 0.05

Beverages 81,400 Coca-Cola Co ..................... 3,760 0.88 29,100 PepsiCo Inc ......................... 3,253 0.76

Biotechnology 13,700 Amgen Inc .......................... 2,840 0.66 4,500 Biogen Inc .......................... 1,590 0.37

3,300

BioMarin Pharmaceutical Inc ....................................... 320 0.07

14,600 Celgene Corp ...................... 1,307 0.31 27,100 Gilead Sciences Inc ............. 2,092 0.49 5,400 Vertex Pharmaceuticals Inc 1,041 0.24

Building Products

3,600


700 Lennox International Inc ..... 153 0.04 6,800 Masco Corp ......................... 249 0.06 2,400 Owens Corning ................... 130 0.03

Chemicals

4,200


2,900 Celanese Corp ..................... 331 0.08

1,300


6,300 Mosaic Co ........................... 205 0.05 4,900 PPG Industries Inc .............. 535 0.12 6,000 Praxair Inc .......................... 964 0.23 1,800 Sherwin-Williams Co ......... 819 0.19

Commercial Services and Supplies 100 AMERCO ........................... 36 0.01 5,500 Ecolab Inc ........................... 862 0.20 4,500 H&R Block Inc ................... 116 0.03 1,300 ManpowerGroup Inc ........... 112 0.03 3,400 Moody's Corp ..................... 568 0.13 2,100 Robert Half International Inc 148 0.03 5,000 S&P Global Inc ................... 977 0.23 1,600 United Rentals Inc .............. 262 0.06 11,100 Western Union Co .............. 212 0.05



Number of Shares


Fund %


12,800


3,900

Dell Technologies Inc Class V .......................................... 379 0.09

32,100

Hewlett Packard Enterprise Co ........................................ 524 0.12

33,700 HP Inc ................................. 868 0.21

18,500


Containers and Packaging 7,126 Ball Corp ............................. 313 0.07 4,500 Sealed Air Corp ................... 181 0.04 4,382 WestRock Co ...................... 234 0.06

Distributors 5,400 Fastenal Co .......................... 313 0.07 6,900 LKQ Corp ........................... 219 0.05 9,100 Newell Brands Inc ............... 185 0.04 900 WW Grainger Inc ................ 322 0.08


900

Affiliated Managers Group Inc ....................................... 123 0.03

11,000 Ally Financial Inc ................ 291 0.07 15,100 American Express Co .......... 1,608 0.37 3,200 Ameriprise Financial Inc ..... 473 0.11 2,600 BlackRock Inc ..................... 1,225 0.28 24,200 Charles Schwab Corp .......... 1,189 0.28 7,000 CME Group Inc ................... 1,191 0.28 7,400 Discover Financial Services 566 0.13 6,200 E*TRADE Financial Corp .. 325 0.08 7,300 Franklin Resources Inc ........ 222 0.05

11,200


18,900 Mastercard Inc ..................... 4,207 0.98 2,300 Nasdaq Inc ........................... 197 0.05

2,900


5,700 T Rowe Price Group Inc ...... 622 0.14

5,000



11,400 AES Corp ............................ 160 0.04 3,800 Alliant Energy Corp ............ 162 0.04 10,900 CenterPoint Energy Inc ....... 301 0.07 5,900 CMS Energy Corp ............... 289 0.07 5,500 Consolidated Edison Inc ...... 419 0.10 14,200 Dominion Energy Inc .......... 998 0.23 3,600 DTE Energy Co ................... 393 0.09 6,600 Edison International ............ 447 0.10 5,700 Eversource Energy .............. 350 0.08 1,800 Pinnacle West Capital Corp 143 0.03

10,300


Number of Shares


Fund %

4,600 Sempra Energy ................... 523 0.12 20,900 Southern Co ........................ 911 0.21 5,515 WEC Energy Group Inc ...... 368 0.09 11,300 Xcel Energy Inc .................. 533 0.12

Electrical Equipment 1,000 Acuity Brands Inc ............... 157 0.04 6,300 Agilent Technologies Inc .... 444 0.10 18,900 Corning Inc ......................... 667 0.16 3,400 Keysight Technologies Inc . 225 0.05

500


5,300 Trimble Inc ......................... 230 0.06 1,600 Waters Corp ........................ 311 0.07

Entertainment

3,000


800 Vail Resorts Inc .................. 220 0.05 Environmental Control

9,500 Waste Management Inc ...... 858 0.20 Food Products

5,100 Aramark .............................. 219 0.05 3,900 Campbell Soup Co .............. 143 0.03 11,400 General Mills Inc ................ 489 0.11 6,500 Hormel Foods Corp ............ 256 0.06 5,200 Kellogg Co .......................... 364 0.09 12,799 Kraft Heinz Co .................... 705 0.16 2,500 McCormick & Co Inc ......... 329 0.08 29,605 Mondelez International Inc . 1,272 0.30

Gas Utilities 9,300 NiSource Inc ....................... 232 0.05

Hand and Machine Tools 1,100 Snap-on Inc ......................... 202 0.05 3,100 Stanley Black & Decker Inc 454 0.10

Health Care Equipment and Supplies 1,600 Align Technology Inc ......... 626 0.15 5,800 Becton Dickinson and Co ... 1,514 0.35 4,600 Dentsply Sirona Inc ............ 174 0.04 4,200 Edwards Lifesciences Corp . 731 0.17 3,000 Henry Schein Inc ................ 255 0.06 6,000 Hologic Inc ......................... 246 0.06 1,800 IDEXX Laboratories Inc ..... 449 0.10 3,600 ResMed Inc ......................... 415 0.10 1,600 Varian Medical Systems Inc 179 0.04

Health Care Providers and Services 3,800 Centene Corp ...................... 550 0.13 5,100 Cigna Corp .......................... 1,062 0.25 5,900 HCA Healthcare Inc ........... 821 0.19 2,700 Humana Inc ......................... 914 0.21 3,000 IQVIA Holdings Inc ........... 389 0.09

2,100

Laboratory Corp of America Holdings ............................. 365 0.09

3,200 Quest Diagnostics Inc ......... 345 0.08




Number of Shares


Fund %

Home Builders 5,800 Lennar Corp ........................ 271 0.07 70 NVR Inc .............................. 173 0.04 2,800 Toll Brothers Inc ................. 92 0.02

Home Furnishings 2,300 Leggett & Platt Inc .............. 101 0.02 1,600 Whirlpool Corp ................... 190 0.05

Hotels, Restaurants and Leisure 3,100 Harley-Davidson Inc ........... 140 0.03

Household Products 700 Avery Dennison Corp .......... 76 0.02 2,500 Clorox Co ............................ 376 0.08 7,100 Kimberly-Clark Corp .......... 807 0.19

Insurance 7,500 Allstate Corp ....................... 740 0.17

1,200


19,800

American International Group Inc ............................ 1,054 0.25

3,100 Arthur J Gallagher & Co ..... 231 0.05 800 Assurant Inc ........................ 86 0.02

7,500


4,500 Lincoln National Corp ......... 304 0.07 5,700 Loews Corp ......................... 286 0.07 10,300 Marsh & McLennan Cos Inc 852 0.20

5,800


12,300 Progressive Corp ................. 874 0.20 9,000 Prudential Financial Inc ...... 912 0.21

1,800

Reinsurance Group of America Inc ......................... 260 0.06

5,600 Travelers Cos Inc ................ 726 0.17 3,400 Voya Financial Inc .............. 169 0.04

Internet Software and Services 6,475 Alphabet Inc ........................ 7,729 1.80 1,000 Booking Holdings Inc ......... 1,984 0.46 2,600 Expedia Group Inc .............. 339 0.08 8,900 Netflix Inc ........................... 3,330 0.78 12,100 Symantec Corp .................... 257 0.06 2,000 TripAdvisor Inc ................... 102 0.02

Iron and Steel 5,600 Nucor Corp .......................... 355 0.08

Lodging

5,466


6,560 Marriott International Inc .... 866 0.20 Machinery

1,300 AGCO Corp ........................ 79 0.02 12,500 Caterpillar Inc ...................... 1,906 0.44 3,600 Cummins Inc ....................... 526 0.12 6,200 Deere & Co ......................... 932 0.22 3,200 Dover Corp .......................... 283 0.06

Number of Shares


Fund %

2,900 Flowserve Corp ................... 159 0.04 2,500 Rockwell Automation Inc ... 469 0.11 2,000 Roper Technologies Inc ...... 592 0.14 3,600 Xylem Inc ........................... 288 0.07

Media 3,300 Discovery Inc (Shares A) .... 106 0.02 8,051 Discovery Inc (Shares C) .... 238 0.06 2,100 Liberty Broadband Corp ..... 177 0.04 28,100 Sirius XM Holdings Inc ...... 178 0.04 30,000 Walt Disney Co .................. 3,508 0.82

Metals and Mining 10,900 Newmont Mining Corp ....... 329 0.08

Miscellaneous Manufacturers 12,000 3M Co ................................. 2,529 0.59 2,400 AO Smith Corp ................... 128 0.03 6,000 Illinois Tool Works Inc ....... 847 0.20 2,500 Parker-Hannifin Corp ......... 460 0.10

Office Electronics 4,325 Xerox Corp ......................... 117 0.03

Oil and Gas 2,700 Andeavor ............................ 414 0.10 5,900 Antero Resources Corp ....... 104 0.02 8,100 Apache Corp ....................... 386 0.09 1,800 Cimarex Energy Co ............ 167 0.04 24,500 ConocoPhillips .................... 1,896 0.44 9,500 Devon Energy Corp ............ 379 0.09 5,300 EQT Corp ........................... 234 0.05 6,000 Hess Corp ........................... 429 0.10 18,300 Marathon Oil Corp .............. 426 0.10 10,100 Marathon Petroleum Corp .. 808 0.19 4,100 Newfield Exploration Co .... 118 0.03 8,700 Noble Energy Inc ................ 271 0.06 15,000 Occidental Petroleum Corp . 1,233 0.29 9,000 Phillips 66 ........................... 1,014 0.24

3,500

Pioneer Natural Resources Co ....................................... 610 0.14

8,800 Valero Energy Corp ............ 1,001 0.23 Oil and Gas Services

8,500 Baker Hughes a GE Co ....... 288 0.07 7,500 National Oilwell Varco Inc . 323 0.07

Other Finance 3,900 Omnicom Group Inc ........... 265 0.06

Paper and Forest Products 9,100 International Paper Co ........ 447 0.10

Personal Products 16,300 Colgate-Palmolive Co ......... 1,091 0.26 5,100 Estee Lauder Cos Inc .......... 741 0.17 51,000 Procter & Gamble Co ......... 4,246 0.99

Pharmaceuticals 31,000 AbbVie Inc ......................... 2,932 0.68 3,500 AmerisourceBergen Corp ... 323 0.08



Number of Shares


Fund %

33,100 Bristol-Myers Squibb Co .... 2,055 0.48 5,900 Cardinal Health Inc ............. 319 0.07 55,000 Johnson & Johnson ............. 7,600 1.77 54,400 Merck & Co Inc .................. 3,860 0.90 9,800 Zoetis Inc ............................. 897 0.21

Pipelines 4,500 Cheniere Energy Inc ............ 313 0.07 40,400 Kinder Morgan Inc .............. 716 0.17 8,200 ONEOK Inc ......................... 556 0.13 3,700 Targa Resources Corp ......... 208 0.05 25,700 Williams Cos Inc ................. 699 0.16

Real Estate 6,600 CBRE Group Inc ................. 291 0.07 1,200 Jones Lang LaSalle Inc ....... 173 0.04


1,800


8,900 American Tower Corp ......... 1,293 0.30 3,700 Boston Properties Inc .......... 455 0.11 1,700 Camden Property Trust ....... 159 0.04 5,700 Duke Realty Corp ................ 162 0.04 1,723 Equinix Inc .......................... 746 0.17

1,400


9,500 HCP Inc ............................... 250 0.06 15,100 Host Hotels & Resorts Inc ... 319 0.07 5,200 Iron Mountain Inc ............... 180 0.04 3,400 Liberty Property Trust ......... 144 0.03 2,500 Macerich Co ........................ 138 0.03 12,300 Prologis Inc ......................... 834 0.20 2,300 SBA Communications Corp 369 0.09 4,900 UDR Inc .............................. 198 0.05 8,200 Welltower Inc ...................... 527 0.12 17,400 Weyerhaeuser Co ................ 561 0.13

Retail Trade 1,300 Advance Auto Parts Inc ....... 219 0.05 5,300 Best Buy Co Inc .................. 421 0.10 4,100 CarMax Inc ......................... 306 0.07 4,000 Copart Inc ............................ 206 0.05 2,200 Darden Restaurants Inc ....... 245 0.06 1,000 Domino's Pizza Inc .............. 295 0.07 3,600 Gap Inc ................................ 104 0.02 2,500 Genuine Parts Co ................. 249 0.06 2,800 Kohl's Corp ......................... 209 0.05 5,000 L Brands Inc ........................ 152 0.03 17,000 Lowe's Cos Inc .................... 1,952 0.45 2,600 Lululemon Athletica Inc ...... 422 0.10 6,200 Macy's Inc ........................... 215 0.05 15,700 McDonald's Corp ................ 2,626 0.61 2,100 Nordstrom Inc ..................... 126 0.03 7,700 Ross Stores Inc .................... 763 0.18

Number of Shares


Fund %

27,300 Starbucks Corp ................... 1,552 0.36 5,700 Tapestry Inc ........................ 287 0.07 2,200 Tiffany & Co ...................... 284 0.07 13,100 TJX Cos Inc ........................ 1,467 0.34 2,700 Tractor Supply Co ............... 245 0.06

1,100

Ulta Salon Cosmetics & Fragrance Inc ...................... 310 0.07

Savings and Loans

11,200


4,500 People's United Financial Inc 77 0.02 Semiconductor Equipment and Products

7,200 Analog Devices Inc ............. 666 0.15 19,500 Applied Materials Inc ......... 754 0.18 94,400 Intel Corp ............................ 4,465 1.04 3,300 Lam Research Corp ............ 501 0.12 11,900 NVIDIA Corp ..................... 3,344 0.78 3,500 Skyworks Solutions Inc ...... 317 0.07 20,000 Texas Instruments Inc ......... 2,146 0.50

Software 10,200 Adobe Systems Inc ............. 2,753 0.64 4,300 Autodesk Inc ....................... 671 0.16 7,000 CA Inc ................................ 309 0.07 5,800 Cadence Design Systems Inc 263 0.06 3,000 Citrix Systems Inc ............... 333 0.08 5,000 Intuit Inc ............................. 1,137 0.26 1,600 Jack Henry & Associates Inc 256 0.06 149,600 Microsoft Corp ................... 17,112 3.99 63,300 Oracle Corp ......................... 3,264 0.76 14,000 salesforce.com Inc .............. 2,226 0.52 1,600 VMware Inc ........................ 250 0.06 3,300 Workday Inc ....................... 482 0.11

Telecommunications 18,614 CenturyLink Inc .................. 395 0.09 96,900 Cisco Systems Inc ............... 4,715 1.10 4,200 CommScope Holding Co Inc 129 0.03 2,900 Motorola Solutions Inc ....... 377 0.09 17,300 Sprint Corp ......................... 113 0.02

83,500


3,600 Zayo Group Holdings Inc ... 125 0.03 Textile and Apparel

7,800 Hanesbrands Inc .................. 144 0.03 1,200 Mohawk Industries Inc ....... 210 0.05 26,300 NIKE Inc ............................ 2,228 0.52 1,400 PVH Corp ........................... 202 0.05 5,719 Under Armour Inc (Class A) 111 0.03 2,500 Under Armour Inc (Class C) 53 0.01 7,400 VF Corp .............................. 692 0.16

Toys, Games and Hobbies 2,900 Hasbro Inc .......................... 305 0.07 5,200 Mattel Inc ............................ 82 0.02




Number of Shares


Fund %

Transport 2,700 CH Robinson Worldwide Inc 264 0.06 17,300 CSX Corp ............................ 1,281 0.30

3,300


1,900 Kansas City Southern .......... 215 0.05 5,700 Norfolk Southern Corp ........ 1,029 0.24 15,900 Union Pacific Corp .............. 2,589 0.60 14,200 United Parcel Service Inc .... 1,658 0.39

Water Utilities

3,400


248,832 58.00 Virgin Islands, British (0.05%) Textile and Apparel

3,200 Michael Kors Holdings Ltd . 219 0.05 Total Common Stock ........ 426,741 99.47 Preferred Stock (0.16%) Germany (0.16%) Automobiles

776


Number of Shares


Fund %

Electrical Equipment 800 Sartorius AG ....................... 130 0.03

Household Products 4,357 Henkel AG & Co KGaA ..... 511 0.12

702 0.16 Total Preferred Stock ....... 702 0.16



22


615

Russell Investments U.S. Dollar Cash Fund II - Class R Roll-Up Shares ................ 633 0.15

Total Investment Funds .... 662 0.16



Fund %


Other Net Assets (0.21%) ..................................................... 878 0.21 Net Assets ............................................................................... 428,983 100.00 Abbreviation used: SDR - Swedish Depository Receipt


gross assets Transferable securities admitted to an official stock exchange listing ............................................................ 99.51 Investment funds (UCITS) .............................................................................................................................. 0.15 Other assets ..................................................................................................................................................... 0.34

100.00




Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 427,443 - - 427,443 Investment funds ........................................................... - 662 - 662

Total assets ......................................................................... 427,443 662 - 428,105 As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 410,433 - - 410,433 Investment funds ........................................................... - 787 - 787

Total assets ......................................................................... 410,433 787 - 411,220

Russell Investment Company plc Old Mutual MSCI World ESG Index Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.







Visa Inc 5,055 Novartis AG (3,446) AbbVie Inc 3,206 US Bancorp (1,699) Adobe Systems Inc 2,668 Anthem Inc (1,593) US Bancorp 1,667 Microsoft Corp (1,505) CSL Ltd 1,425 EOG Resources Inc (1,449) TJX Cos Inc 1,189 Vodafone Group Plc (1,445) Capital One Financial Corp 1,055 Automatic Data Processing Inc (1,170) Telefonica SA 961 Charter Communications Inc (1,036) Nintendo Co Ltd 950 Ford Motor Co (956) Microsoft Corp 948 Mitsubishi Corp (956) Compass Group Plc 736 Aflac Inc (879) SunTrust Banks Inc 711 Johnson & Johnson (732) Nokia OYJ 630 AT&T Inc (727) Recruit Holdings Co Ltd 609 Alphabet Inc (580) Johnson & Johnson 516 Cisco Systems Inc (575) Bridgestone Corp 485 Merck & Co Inc (541) Investor AB 474 Dr Pepper Snapple Group Inc (538) Huntington Bancshares Inc 429 McDonald's Corp (513) Omnicom Group Inc 427 Microchip Technology Inc (506)

Russell Investment Company plc Old Mutual Global Balanced Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 474 Old Mutual Global Balanced Fund


USD ‘000



Receivable for investments sold .............................................................................. - 99 Dividends receivable ............................................................................................... 231 265


Distributions payable on hybrid accumulation share classes ................................... - (7) Management fees payable ........................................................................................ (131) (94) Depositary fees payable ........................................................................................... (8) (4) Administration fees payable .................................................................................... (8) (5) Audit fees payable ................................................................................................... (7) (14) Other fees payable ................................................................................................... (10) (12)


Russell Investment Company plc Old Mutual Global Balanced Fund Profit and Loss Account For the six months ended 30 September 2018


Old Mutual Global Balanced Fund 475





Income Dividends .................................................................................................................. 228 -


Management fees (Note 4) ........................................................................................ (260) (59) Less: Management fees reimbursement (Note 4) ...................................................... 208 - Depositary fees (Note 5) ........................................................................................... (13) (3) Administration and transfer agency fees (Note 5) .................................................... (23) (4) Audit fees .................................................................................................................. (7) (8) Professional fees ....................................................................................................... (1) - Other fees .................................................................................................................. (7) (3)

Total operating expenses ............................................................................................ (103) (77) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... 3,421 3,741 * The launched on 23 August 2017. All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual Global Balanced Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018









Beginning of financial period .................................................................................. 136,062 -

End of financial period ............................................................................................ 132,850 138,511 * The launched on 23 August 2017.

Russell Investment Company plc Old Mutual Global Balanced Fund Schedule of Investments 30 September 2018



Number of Shares


Fund %


268,067

iShares II Plc USD TIPS 0-5 UCITS ETF ......................... 1,323 1.00

12,514

iShares III Plc Global Government Bond UCITS ETF USD Distribution Fund 1,311 0.99

126,636

iShares III Plc JP Morgan EM Local Government Bond UCITS ETF ......................... 7,312 5.50

111,042

iShares Physical Metals Plc Gold ETC ............................ 2,599 1.96

8,575

Russell Investment Company III plc Russell Investments U.S. Dollar Cash Fund II - Class R Roll-Up Shares .............. 8,833 6.65

237,631

Russell Investment Company plc Acadian Emerging Market Equity UCITS – Class E USD Hybrid Shares ........... 2,476 1.86

2,201,131

Russell Investment Company plc Acadian Global Equity UCITS - Class B Hybrid Shares ................................ 25,929 19.52

643,394

Russell Investment Company plc Old Mutual Global Aggregate Bond Fund - Class A Hybrid Shares ...... 6,447 4.85

Number of Shares


Fund %

1,265,589

Russell Investment Company plc Old Mutual Global Currency Fund - Class A Hybrid Shares ................... 13,124 9.88

7,686

Russell Investment Company plc Old Mutual Global Macro Equity Fund - Class E Hybrid Shares ................... 10,157 7.64

889,127

Russell Investment Company plc Old Mutual Growth Global Equity Fund - Class A Hybrid Shares ................... 10,314 7.76

1,307,640

Russell Investment Company plc Old Mutual Quality Global Equity Fund - Class A Hybrid Shares ................... 15,849 11.93

2,289,970

Russell Investment Company plc Old Mutual Value Global Equity Fund - Class A Hybrid Shares ................... 26,197 19.72



Financial Derivative Instruments (0.03%) Index Options Purchased (0.03%)

Notional Amount


Fund %

Germany (0.03%) 3

Put at 2,050.00 MSCI World

Expiring December 2018 ............................................................. 39 0.03 Total index options purchased at fair value (Premium paid USD 171,360) ............. 39 0.03 Total Financial Derivative Instruments ..................................................................... 39 0.03


Fund %



Russell Investment Company plc Old Mutual Global Balanced Fund Schedule of Investments - continued 30 September 2018



gross assets Investment funds (UCITS) ......................................................................................................................... 99.14 Over the counter financial derivative instruments ...................................................................................... 0.03 Other assets ................................................................................................................................................ 0.83

100.00 The counterparty for the index options purchased is JP Morgan. Fair Value Hierarchy (Note 11) The following tables analyse within the fair value hierarchy the Fund’s financial assets and liabilities (by investment type) measured at fair value at 30 September 2018 and 31 March 2018. As at 30 September 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Investment funds ........................................................... 12,545 119,326 - 131,871Index options purchased at fair value ........................... 39 - - 39


Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Investment funds ........................................................... 11,492 124,195 - 135,687

Total assets ......................................................................... 11,492 124,195 - 135,687

Russell Investment Company plc Old Mutual Global Balanced Fund Statement of Changes in Composition of Portfolio Listed below are total cumulative investment purchases and investment sales during the six months ended 30 September 2018.







Russell Investment Company plc Russell Investment Company plc Acadian Emerging Market Equity UCITS Old Mutual Global Currency Fund Class E USD Hybrid Shares 1,368 Class A Hybrid Shares (5,333)

iShares III Plc Russell Investment Company plc Global Government Bond UCITS ETF Old Mutual Global REIT Fund USD Distribution Fund 1,360 Class A Hybrid Shares (3,458)

iShares II Plc Russell Investment Company plc USD TIPS 0-5 UCITS ETF 1,321 Acadian Global Equity UCITS Class B Hybrid Shares (3,368) Russell Investment Company plc Old Mutual Quality Global Equity Fund

Class A Hybrid Shares (2,972) Russell Investment Company plc Old Mutual Value Global Equity Fund Class A Hybrid Shares (1,674)

Russell Investment Company plc Old Mutual Growth Global Equity Fund Class A Hybrid Shares (942)

Russell Investment Company plc Old Mutual Global Macro Equity Fund Class E Hybrid Shares (938)

Russell Investment Company plc Old Mutual Emerging Market Local Currency Debt Fund Balance Sheet As at 31 March 2018

The accompanying notes are an integral part of the financial statements. 480 Old Mutual Emerging Market Local Currency Debt Fund


Assets Cash at bank (Note 2) ............................................................................................................................... 184 184 Liabilities Creditors – amounts falling due within one financial year:

Payable on fund shares redeemed ......................................................................................................... (83) Management fees payable .................................................................................................................... (1) Sub-custodian fees payable .................................................................................................................. (8) Administration fees payable ................................................................................................................. (3) Audit fees payable ................................................................................................................................ (19) Other fees payable ................................................................................................................................ (70)

(184) Net assets attributable to redeemable participating shareholders ..................................................... - * As the Fund terminated on 24 October 2017, final termination financial statements were prepared for the Fund for the year end 31 March


Russell Investment Company plc Old Mutual Emerging Market Local Currency Debt Fund Profit and Loss Account For the six months ended 30 September 2017


Old Mutual Emerging Market Local Currency Debt Fund 481



Income Interest income ..................................................................................................................................... 3,335

Net gain (loss) on investment activities ................................................................................................... 4,117 Total investment income (expense) ....................................................................................................... 7,452 Expenses

Management fees (Note 4) ................................................................................................................... (176) Depositary fees (Note 5) ....................................................................................................................... (10) Sub-custodian fees (Note 5) ................................................................................................................. (50) Administration and transfer agency fees (Note 5) ................................................................................ (19) Audit fees ............................................................................................................................................. (9) Professional fees ................................................................................................................................... (1) Other fees ............................................................................................................................................. (12)

Total operating expenses ....................................................................................................................... (277) Profit (loss) for the financial period before taxation ........................................................................... 7,175 Taxation (Note 8)

Capital gains tax ................................................................................................................................... (7) Withholding tax .................................................................................................................................... (213)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ...................................................................................................................... 6,955 * As the Fund terminated on 24 October 2017, final termination financial statements were prepared for the Fund for the year end 31 March



Russell Investment Company plc Old Mutual Emerging Market Local Currency Debt Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2017

The accompanying notes are an integral part of the financial statements. 482 Old Mutual Emerging Market Local Currency Debt Fund



Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ...................................................................................................................... 6,955 Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................................... (1,157)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders 5,798 Net assets attributable to redeemable participating shareholders

Beginning of financial period ............................................................................................................... 98,018 End of financial period ......................................................................................................................... 103,816



Russell Investment Company plc Old Mutual Global Defensive Fund Balance Sheet As at 30 September 2018


Old Mutual Global Defensive Fund 483


USD ‘000



Receivable for investments sold .............................................................................. - 7 Dividends receivable ............................................................................................... 17 22


Management fees payable ........................................................................................ (3) (4) Depositary fees payable ........................................................................................... (1) - Administration fees payable .................................................................................... (1) - Audit fees payable ................................................................................................... (7) (14) Other fees payable ................................................................................................... (9) (11)

(21) (29) Net assets attributable to redeemable participating shareholders ........................ 10,365 10,413 * The Fund launched on 23 August 2017.

Russell Investment Company plc Old Mutual Global Defensive Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 484 Old Mutual Global Defensive Fund





Income Dividends .................................................................................................................. 19 -

Net gain (loss) on investment activities ........................................................................ (46) 134 Total investment income (expense) ........................................................................... (27) 134 Expenses

Management fees (Note 4) ........................................................................................ (13) (3) Less: Management fees reimbursement (Note 4) ...................................................... 11 - Depositary fees (Note 5) ........................................................................................... (1) - Administration and transfer agency fees (Note 5) .................................................... (6) - Audit fees .................................................................................................................. (7) (7) Other fees .................................................................................................................. (5) (4)

Total operating expenses ............................................................................................ (21) (14) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... (48) 120 * The Fund launched on 23 August 2017. All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual Global Defensive Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................... (48) 120 Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................ - 10,039

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ........................................................................................ (48) 10,159 Net assets attributable to redeemable participating shareholders

Beginning of financial period .................................................................................. 10,413 -

End of financial period ............................................................................................ 10,365 10,159 * The Fund launched on 23 August 2017.

Russell Investment Company plc Old Mutual Global Defensive Fund Schedule of Investments 30 September 2018

The accompanying notes are an integral part of the financial statements. 486 Old Mutual Global Defensive Fund

Principal Amount


Fund %


6,525

iShares III Plc Global Goverment Bond UCITS ETF (UK listed) ................... 684 6.60

2,385

iShares III Plc Global Goverment Bond UCITS ETF (US listed) ................... 250 2.41

7,736

iShares III Plc J.P. Morgan EM Local Government Bond UCITS ETF ......................... 447 4.31

8,151

iShares PM Physical Gold ETC ..................................... 191 1.84

21,072

iShares II Plc USD TIPS 0-5 UCITS ETF ......................... 104 1.00

1,013

Russell Investment Company III plc Russell Investments U.S. Dollar Cash Fund II Class R Roll-Up Shares .............. 1,043 10.06

89,169

Russell Investment Company plc Acadian Global Equity UCITS Class B USD Hybrid Shares .................... 1,050 10.13

189,320

Russell Investment Company plc Old Mutual Global Aggregate Bond Fund Class A Hybrid Shares ...... 1,897 18.30

186,811

Russell Investment Company plc Old Mutual Global Currency Fund Class A Hybrid Shares .................... 1,937 18.69

Principal Amount


Fund %

255

Russell Investment Company plc Old Mutual Global Macro Equity Fund Class E Hybrid Shares ................... 337 3.25

15,948

Russell Investment Company plc Old Mutual Global REIT Fund Class A Hybrid Shares 210 2.03

36,277

Russell Investment Company plc Old Mutual Growth Global Equity Fund Class A Hybrid Shares ................... 421 4.06

51,970

Russell Investment Company plc Old Mutual Quality Global Equity Fund Class A Hybrid Shares ................... 630 6.08

93,122

Russell Investment Company plc Old Mutual Value Global Equity Fund Class A Hybrid Shares ................... 1,065 10.28

Total Investment Funds .... 10,266 99.04 10,266 99.04


Fund %




gross assets Investment funds (UCITS) .............................................................................................................................. 98.84 Other assets ..................................................................................................................................................... 1.16

100.00

Russell Investment Company plc Old Mutual Global Defensive Fund Schedule of Investments - continued 30 September 2018




Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total




Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total



Total assets ......................................................................... 1,405 8,890 - 10,295

Russell Investment Company plc Old Mutual Global Defensive Fund Statement of Changes in Composition of Portfolio Listed below are the total cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 488 Old Mutual Global Defensive Fund




Russell Investments U.S. Dollar Cash Fund II Russell Investments U.S. Dollar Cash Fund II Class R Roll-Up Shares 440 Class R Roll-Up Shares (599)

iShares III Plc Russell Investment Company plc Global Goverment Bond UCITS ETF (UK Listed) 208 Old Mutual Global REIT Fund

iShares III Plc Class A Hybrid Shares (102) Global Goverment Bond UCITS ETF (US Listed) 105 Russell Investment Company plc

iShares II Plc Old Mutual Quality Global Equity Fund USD TIPS 0-5 UCITS ETF 104 Class A Hybrid Shares (73)

Russell Investment Company plc Old Mutual Growth Global Equity Fund Class A Hybrid Shares (42) Russell Investment Company plc Acadian Global Equity UCITS Class B USD Hybrid Shares (31)

Russell Investment Company plc Old Mutual Multi-Style Global Equity Fund Balance Sheet As at 30 September 2018


Old Mutual Multi-Style Global Equity Fund 489


USD ‘000


Assets Financial assets at fair value through profit or loss ....................................................... 555,423 568,608

Cash at bank (Note 2) .................................................................................................... 2,427 8,952 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) .......................................................................................................................... 372 1,100

Debtors:

Receivable for investments sold ................................................................................. 1,777 492 Dividends receivable .................................................................................................. 1,062 1,448 Prepayments and other debtors .................................................................................. 98 18 561,159 580,618

Liabilities Financial liabilities at fair value through profit or loss .................................................. - (508) Creditors – amounts falling due within one financial year: Payable for investments purchased ................................................................................ (1,803) (849) Payable on fund shares redeemed .................................................................................. (3) - Distributions payable on hybrid accumulation share classes ......................................... - (193) Management fees payable .............................................................................................. (107) (138) Depositary fees payable ................................................................................................. (27) (18) Sub-custodian fees payable ............................................................................................ (17) (9) Administration fees payable .......................................................................................... (39) (31) Audit fees payable ......................................................................................................... (13) (25) Other fees payable ......................................................................................................... - (2) (2,009) (1,773) Net assets attributable to redeemable participating shareholders .......................... 559,150 578,845

Russell Investment Company plc Old Mutual Multi-Style Global Equity Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 490 Old Mutual Multi-Style Global Equity Fund





Income Dividends ....................................................................................................................... 7,024 6,198 Securities lending income (Note 3) ............................................................................... 33 53 7,057 6,251 Net gain (loss) on investment activities ......................................................................... 25,229 69,447 Total investment income (expense) ............................................................................ 32,286 75,698 Expenses Management fees (Note 4) ............................................................................................. (930) (1,161) Less: Management fees reimbursement (Note 4) .......................................................... 80 29 Depositary fees (Note 5) ................................................................................................ (55) (54) Sub-custodian fees (Note 5) ........................................................................................... (28) (29) Administration and transfer agency fees (Note 5) ......................................................... (112) (70) Audit fees ....................................................................................................................... (13) (14) Professional fees ............................................................................................................ (4) (13) Other fees ....................................................................................................................... (58) (34) Total operating expenses ............................................................................................. (1,120) (1,346) Profit (loss) for the financial period before taxation ................................................ 31,166 74,352 Taxation (Note 8) Capital gains tax ............................................................................................................ (18) (10) Withholding tax ............................................................................................................. (1,163) (950) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ..................................................................... 29,985 73,392 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual Multi-Style Global Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018







Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ..................................................................... 29,985 73,392 Share transactions Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ...................................................................................................... (49,680) (18,768) Total net increase (decrease) in net assets attributable to redeemable participating shareholders .......................................................................................... (19,695) 54,624 Net assets attributable to redeemable participating shareholders Beginning of financial period ........................................................................................ 578,845 565,225 End of financial period .................................................................................................. 559,150 619,849

Russell Investment Company plc Old Mutual Multi-Style Global Equity Fund Schedule of Investments 30 September 2018


Number of Shares


Fund %



7,829


1,390

Bendigo & Adelaide Bank Ltd ....................................... 11 0.00

4,483


864 Macquarie Group Ltd .......... 79 0.01 7,125 National Australia Bank Ltd 143 0.03 8,202 Westpac Banking Corp ........ 166 0.03






Construction and Engineering 1,685 LendLease Group ................ 24 0.01 2,829 Sydney Airport .................... 14 0.00


Diversified Financials 391 ASX Ltd .............................. 18 0.00

Electric Utilities 1,751 AGL Energy Ltd ................. 25 0.01 7,379 AusNet Services .................. 9 0.00 4,264 Origin Energy Ltd ............... 25 0.00

Entertainment 80,920 Aristocrat Leisure Ltd ......... 1,665 0.30

Food Products 2,829 Wesfarmers Ltd ................... 102 0.02


Health Care Providers and Services 7,012 Healthscope Ltd .................. 11 0.00 370 Ramsay Health Care Ltd ..... 15 0.01


652



6,220


Number of Shares


Fund %

Internet Software and Services 974 SEEK Ltd ............................ 15 0.00


Metals and Mining 2,768 BHP Billiton Ltd ................. 69 0.01 2,166 New Hope Corp Ltd ............ 6 0.00 1,937 Newcrest Mining Ltd .......... 27 0.01 192,760 South32 Ltd ........................ 547 0.10


Oil and Gas 638 Caltex Australia Ltd ............ 14 0.00 2,596 Woodside Petroleum Ltd .... 72 0.02

Pipelines 2,376 APA Group ......................... 17 0.00

Real Estate Investment Trust 2,716 Dexus .................................. 21 0.01 4,480 Goodman Group ................. 34 0.01 4,802 GPT Group ......................... 18 0.00 10,387 Mirvac Group ..................... 18 0.00 13,502 Scentre Group Ltd ............... 39 0.01 6,327 Stockland ............................ 19 0.00



4,876 0.87 Austria (0.40%) Aerospace and Defence

539 FACC AG ........................... 12 0.00 Banks

40,305 Erste Group Bank AG ......... 1,675 0.30 Iron and Steel

520 voestalpine AG ................... 24 0.01 Oil and Gas

8,119 OMV AG ............................ 456 0.08 Real Estate

1,433 CA Immobilien Anlagen AG 51 0.01 2,218 0.40 Belgium (0.05%) Banks

712 KBC Group NV .................. 53 0.01 Chemicals

169 Solvay SA ........................... 23 0.00 484 Umicore SA ........................ 27 0.01


463

Ackermans & van Haaren NV ...................................... 81 0.02

99 Cie d'Entreprises CFE ......... 12 0.00

Russell Investment Company plc Old Mutual Multi-Style Global Equity Fund Schedule of Investments - continued 30 September 2018



Number of Shares


Fund %

Holding Companies - Diversified Operations 177 Sofina SA ............................ 35 0.01

Pharmaceuticals 280 UCB SA .............................. 25 0.00

256 0.05 Bermuda (0.16%) Advertising

2,563 Clear Media Ltd .................. 2 0.00 Agriculture

394 Bunge Ltd ............................ 27 0.01 Auto Components

1,017

China Yuchai International Ltd ....................................... 18 0.00

Chemicals 633 Axalta Coating Systems Ltd 18 0.00

Commercial Services and Supplies 1,126 IHS Markit Ltd .................... 61 0.01

Computers and Peripherals 6,525 TPV Technology Ltd ........... 1 0.00

Distributors 21,670 Li & Fung Ltd ..................... 5 0.00



42,877

Wong's Kong King International ........................ 6 0.00


5,549



492


Household Products 505 Helen of Troy Ltd ................ 66 0.01

Insurance 1,013 Arch Capital Group Ltd ....... 30 0.01 225 Axis Capital Holdings Ltd ... 13 0.00

Lodging 5,066 Shangri-La Asia Ltd ............ 8 0.00

Metals and Mining

14,215

Lung Kee Bermuda Holdings .............................. 7 0.00

Oil and Gas

12,414

Gulf Keystone Petroleum Ltd ....................................... 47 0.01

70,142 Kunlun Energy Co Ltd ........ 82 0.01 Other Finance

88,551 Build King Holdings Ltd ..... 7 0.00 Pipelines

29,129

NewOcean Energy Holdings Ltd ....................................... 9 0.00

Real Estate

22,371

Asia Standard International Group Ltd ............................ 5 0.00

Number of Shares


Fund %

17,128

K Wah International Holdings Ltd ....................... 8 0.00

6,991 Road King Infrastructure Ltd 12 0.01 4,894 Wing Tai Properties Ltd ..... 4 0.00

Retail Trade 12,817 Oriental Watch Holdings .... 3 0.00


1,055

Marvell Technology Group Ltd ...................................... 20 0.01

Textile and Apparel

2,603

Yue Yuen Industrial Holdings Ltd ....................... 7 0.00

869 0.16 Brazil (0.12%) Building Products

967 Magnesita Refratarios SA ... 17 0.00 Diversified Financials

54,767 B3 SA - Brasil Bolsa Balcao 321 0.06 Electric Utilities

1,748 Eneva SA ............................ 6 0.00 Insurance

2,598 IRB Brasil Resseguros SA .. 43 0.01 618 Porto Seguro SA ................. 9 0.00

Oil and Gas 920 Petro Rio SA ....................... 26 0.01 1,620 QGEP Participacoes SA ...... 5 0.00

Paper and Forest Products 18,934 Suzano Papel e Celulose SA 228 0.04

Real Estate 1,911 Construtora Tenda SA ........ 13 0.00

668 0.12 Canada (2.42%) Aerospace and Defence

718 CAE Inc .............................. 15 0.00 Airlines

1,888 Transat AT Inc .................... 12 0.00 Auto Components

999 Magna International Inc ...... 52 0.01 Banks

23,500 Bank of Montreal ................ 1,937 0.35 3,053 Bank of Nova Scotia ........... 182 0.03

14,703

Canadian Imperial Bank of Commerce ........................... 1,377 0.25

32,006 Royal Bank of Canada ........ 2,564 0.46 8,819 Toronto-Dominion Bank ..... 535 0.09

Beverages 7,154 Cott Corp ............................ 115 0.02

Building Products 809 Norbord Inc ......................... 27 0.01

Chemicals 1,716 Nutrien Ltd ......................... 99 0.02



Number of Shares


Fund %

Commercial Services and Supplies 9,657 Ritchie Bros Auctioneers Inc 349 0.06

Computers and Peripherals 1,477 BlackBerry Ltd .................... 17 0.00 563 CGI Group Inc ..................... 36 0.01


1,983

North American Construction Group Ltd ...... 19 0.00

Containers and Packaging 524 Winpak Ltd ......................... 19 0.00

Diversified Financials 2,828 AGF Management Ltd ........ 13 0.00

6,711

Canaccord Genuity Group Inc ....................................... 36 0.01

408 TMX Group Ltd .................. 27 0.00 Electric Utilities

1,168 Fortis Inc ............................. 38 0.01 675 Hydro One Ltd .................... 10 0.00

Energy Equipment and Services 221 Polaris Infrastructure Inc ..... 2 0.00

Entertainment

8,590

Great Canadian Gaming Corp ..................................... 308 0.06

Food Products 7,733 Empire Co Ltd ..................... 141 0.03 535 Loblaw Cos Ltd ................... 27 0.01 9,473 Maple Leaf Foods Inc ......... 228 0.04 723 Metro Inc ............................. 22 0.00

Gas Utilities 2,284 Just Energy Group Inc ......... 7 0.00

Hotels, Restaurants and Leisure 5,138 BRP Inc ............................... 241 0.04

Insurance

1,308


1,238 Sun Life Financial Inc ......... 49 0.01 Internet Software and Services

1,718 Shopify Inc .......................... 283 0.05 Iron and Steel

5,660

Labrador Iron Ore Royalty Corp ..................................... 123 0.02

Machinery

1,153

ATS Automation Tooling Systems Inc ......................... 21 0.00

1,946

Rocky Mountain Dealerships Inc ....................................... 15 0.00

1,414 Wajax Corp ......................... 29 0.01 Media

1,049 Cogeco Inc .......................... 47 0.01 16,242 Quebecor Inc ....................... 325 0.06

Metals and Mining 591 Agnico Eagle Mines Ltd ...... 20 0.00 591 Franco-Nevada Corp ........... 37 0.01

Number of Shares


Fund %

2,589 Lundin Mining Corp ........... 14 0.00 8,058 Martinrea International Inc . 82 0.02 5,060 Taseko Mines Ltd ............... 4 0.00 1,562 Teck Resources Ltd ............ 38 0.01

915

Wheaton Precious Metals Corp .................................... 16 0.00

Oil and Gas 999 ARC Resources Ltd ............ 11 0.00 2,885 Cenovus Energy Inc ............ 29 0.01 2,702 Encana Corp ....................... 35 0.01 6,513 Parkland Fuel ...................... 219 0.04 577 PrairieSky Royalty Ltd ....... 10 0.00 4,334 Suncor Energy Inc .............. 168 0.03 760 Vermilion Energy Inc ......... 25 0.00


2,543

High Arctic Energy Services Inc ....................................... 8 0.00

Paper and Forest Products 9,018 Canfor Corp ........................ 168 0.03 4,847 Canfor Pulp Products Inc .... 92 0.02 5,266 Interfor Corp ....................... 78 0.02 4,179 West Fraser Timber Co Ltd 238 0.04 36,830 Western Forest Products Inc 60 0.01

Pipelines 521 AltaGas Ltd ......................... 8 0.00 4,221 Enbridge Inc ....................... 136 0.03

Real Estate 633 First Capital Realty Inc ....... 10 0.00


918

Granite Real Estate Investment Trust ................. 39 0.01

Retail Trade

1,098


169 Canadian Tire Corp Ltd ...... 20 0.00 Software

23 Constellation Software Inc .. 17 0.00 268 Enghouse Systems Ltd ........ 17 0.00 732 Open Text Corp .................. 28 0.01

Telecommunications 1,393 Rogers Communications Inc 72 0.01

Textile and Apparel 605 Gildan Activewear Inc ........ 18 0.00

Transport

2,083

Canadian National Railway Co (Canada listed) .............. 187 0.03

16,586

Canadian National Railway Co (U.S. listed) ................... 1,489 0.27

13,505 2.42 Cayman Islands (0.83%) Building Products

16,953

Asia Cement China Holdings Corp .................................... 17 0.00




Number of Shares


Fund %

Chemicals 19,341 Dongyue Group Ltd ............ 13 0.00

Insurance 3,463 FGL Holdings ...................... 31 0.01

Internet Software and Services 6,488 58.com Inc ADR ................. 477 0.08

8,203


6,430 Autohome Inc ADR ............ 498 0.09 3,083 Baidu Inc ADR .................... 705 0.13

10,832


36,775 Meituan Dianping ................ 323 0.06 Lodging

57,221 Sands China Ltd .................. 259 0.05 Miscellaneous Manufacturers

9,321 TK Group Holdings Ltd ...... 6 0.00 Personal Products

25,983

Ming Fai International Holdings Ltd ....................... 3 0.00

Pharmaceuticals

1,294

China Biologic Products Holdings Inc ........................ 103 0.02

2,920 Herbalife Nutrition Ltd ........ 159 0.03 Real Estate

6,933 CK Asset Holdings Ltd ....... 52 0.01 10,952 Tomson Group Ltd .............. 3 0.00

4,081

Wharf Real Estate Investment Co Ltd ............... 26 0.00

Software 997 NetEase Inc ADR ................ 228 0.04

Telecommunications

8,506

Telecom Digital Holdings Ltd ....................................... 3 0.00

Textile and Apparel

20,740

Eagle Nice International Holdings Ltd ....................... 9 0.00


228

Cia Cervecerias Unidas SA ADR .................................... 6 0.00

Holding Companies - Diversified Operations 6,674 Empresas COPEC SA ......... 103 0.02

Retail Trade 531 AntarChile SA ..................... 9 0.00

118 0.02 China (0.99%) Banks

878,402


Beverages 31,817 Tsingtao Brewery Co Ltd .... 150 0.03

Number of Shares


Fund %

Building Products

5,604

Jiangxi Wannianqing Cement Co Ltd .................... 10 0.00

Chemicals

63,337

Inner Mongolia Yuan Xing Energy Co Ltd .................... 25 0.00

5,558

Jiangsu Yangnong Chemical Co Ltd ................................. 37 0.01


454,221

Shanying International Holding Co Ltd ................... 248 0.05

Insurance

100,322

Ping An Insurance Group Co of China Ltd ........................ 1,019 0.18

Iron and Steel 81,509 Baoshan Iron & Steel Co Ltd 93 0.02 272,954 Beijing Shougang Co Ltd ... 173 0.03 56,929 Hunan Valin Steel Co Ltd ... 69 0.01

122,547

Sansteel Minguang Co Ltd Fujian .................................. 313 0.06

130,250 SGIS Songshan Co Ltd ....... 123 0.02 229,476 Xinyu Iron & Steel Co Ltd . 197 0.03

Metals and Mining

41,761

Anhui Hengyuan Coal Industry and Electricity Power Co Ltd ...................... 40 0.01

34,605

China Shenhua Energy Co Ltd ...................................... 79 0.01

48,409 Datong Coal Industry Co Ltd 35 0.01

312,527

Gansu Jingyuan Coal Industry and Electricity Power Co Ltd ...................... 131 0.02

3,449

Jinneng Science&Technology Co Ltd 6 0.00

198,503

Shaanxi Coal Industry Co Ltd ...................................... 251 0.05

37,040

Shanxi Lanhua Sci-Tech Venture Co Ltd ................... 39 0.01

427,669

Xinxing Ductile Iron Pipes Co Ltd ................................. 301 0.05

95,566

Yang Quan Coal Industry Group Co Ltd ...................... 82 0.01

Oil and Gas

93,678


994,101 PetroChina Co Ltd .............. 805 0.14 Real Estate

99,919 Cinda Real Estate Co Ltd .... 55 0.01

62,545

Greenland Holdings Corp Ltd ...................................... 58 0.01

Retail Trade 9,630 Dashang Co Ltd .................. 38 0.01

Transport 335,946 Daqin Railway Co Ltd ........ 402 0.07

5,515 0.99



Number of Shares


Fund %

Colombia (0.26%) Oil and Gas

55,059 Ecopetrol SA ADR .............. 1,483 0.26 Curacao (0.88%) Oil and Gas Services

80,773 Schlumberger Ltd ................ 4,921 0.88 Cyprus (0.00%) Transport

350

Globaltrans Investment Plc GDR .................................... 4 0.00

Czech Republik (0.00%) Banks

167 Komercni Banka A/S .......... 7 0.00 Denmark (0.46%) Banks

893

Ringkjoebing Landbobank A/S ...................................... 47 0.01

1,219 Spar Nord Bank A/S ............ 11 0.00 Biotechnology

1,776 Genmab A/S ........................ 279 0.05 22,042 H Lundbeck A/S .................. 1,362 0.24

Building Products 89 Rockwool International A/S 38 0.01

Chemicals 533 Novozymes A/S .................. 29 0.01

Commercial Services and Supplies 412 ISS A/S ................................ 14 0.00

Electric Utilities 775 Orsted A/S ........................... 53 0.01

Energy Equipment and Services 552 Vestas Wind Systems A/S ... 37 0.01

Entertainment

26

Parken Sport & Entertainment A/S ............... - 0.00

Food Products 208 Chr Hansen Holding A/S ..... 21 0.00

Health Care Equipment and Supplies 263 Coloplast A/S ...................... 27 0.01

Insurance 431 Tryg A/S .............................. 11 0.00


Retail Trade 281 Pandora A/S ........................ 18 0.00

Transport 285 AP Moller - Maersk A/S .... 400 0.07

2,567 0.46

Number of Shares


Fund %

Finland (0.69%) Airlines

2,562 Finnair OYJ ........................ 21 0.00 Auto Components

235 Nokian Renkaat OYJ .......... 10 0.00 Commercial Services and Supplies

1,382 Cramo OYJ ......................... 31 0.01 7,819 Ramirent OYJ ..................... 63 0.01

Electric Utilities 76,740 Fortum OYJ ........................ 1,924 0.35

Health Care Equipment and Supplies 359 Revenio Group OYJ ........... 7 0.00

Machinery 251 Ponsse OYJ ......................... 9 0.00

Miscellaneous Manufacturers 967 Wartsila OYJ Abp ............... 19 0.00

Oil and Gas 19,607 Neste OYJ ........................... 1,621 0.29

Paper and Forest Products 1,406 Stora Enso OYJ .................. 27 0.00 1,290 UPM-Kymmene OYJ ......... 51 0.01

Pharmaceuticals 258 Orion OYJ .......................... 10 0.00

Telecommunications 14,520 Nokia OYJ .......................... 81 0.02


260 JCDecaux SA ...................... 10 0.00 Auto Components

432


Automobiles 35,335 Peugeot SA ......................... 953 0.17 522 Renault SA .......................... 45 0.01

Banks 3,296 Credit Agricole SA ............. 47 0.01 2,783 Natixis SA .......................... 19 0.00

Beverages 4,066 Pernod Ricard SA ............... 667 0.12

Building Products 1,299 Cie de Saint-Gobain ............ 56 0.01 112 Imerys SA ........................... 8 0.00

Chemicals 30,439 Air Liquide SA ................... 4,006 0.72

Commercial Services and Supplies 22,192 Bureau Veritas SA .............. 573 0.10 204 GL Events ........................... 5 0.00




Number of Shares


Fund %

Computers and Peripherals 414 Atos SE ............................... 49 0.01 442 Capgemini SE ...................... 56 0.01 393 Cegedim SA ........................ 13 0.00 235 Ingenico Group SA .............. 18 0.01

Construction and Engineering 485 Bouygues SA ....................... 21 0.01 189 Eiffage SA ........................... 21 0.00

716

Gaztransport Et Technigaz SA ....................................... 54 0.01

Distributors 911 Rexel SA ............................. 14 0.00

Diversified Financials 326 Rothschild & Co .................. 14 0.00

Electrical Equipment 1,452 Schneider Electric SE .......... 117 0.02


186


1,656 Danone SA .......................... 128 0.02 Health Care Equipment and Supplies

525


77 Sartorius Stedim Biotech ..... 11 0.00 Home Builders

771 AST Groupe SA .................. 10 0.00 967 Kaufman & Broad SA ......... 45 0.01

Household Products 100 Societe BIC SA ................... 9 0.00

Insurance 4,482 AXA SA .............................. 121 0.02 526 CNP Assurances .................. 13 0.00

Lodging 786 Accor SA ............................. 40 0.01

Machinery 229 Manitou BF SA ................... 8 0.00

Media 2,638 Vivendi SA .......................... 68 0.01

Oil and Gas 6,267 Total SA .............................. 406 0.07

Other Finance 121 Eurazeo SA ......................... 10 0.00 74 Wendel SA .......................... 11 0.00

Personal Products 631 L'Oreal SA ........................... 152 0.03


Real Estate 6,896 Nexity SA ............................ 381 0.07

Real Estate Investment Trust 102 Gecina SA ........................... 17 0.00

Number of Shares


Fund %

109

Unibail-Rodamco-Westfield (France listed) .................... 22 0.01

262

Unibail-Rodamco-Westfield (Netherlands listed) ............. 53 0.01


Textile and Apparel 198 Kering SA ........................... 106 0.02

121



12,061 2.16 Germany (2.94%) Airlines

56,751 Deutsche Lufthansa AG ...... 1,395 0.25 Automobiles

903


Banks 1,458 Commerzbank AG .............. 15 0.00

Building Products 804 Bauer AG ............................ 15 0.00 396 HeidelbergCement AG ....... 31 0.01

Chemicals 2,355 BASF SE ............................ 209 0.04 390 Evonik Industries AG ......... 14 0.00 16,533 Linde AG ............................ 3,912 0.70 411 Symrise AG ........................ 38 0.01


849

Hamburger Hafen und Logistik AG ........................ 20 0.00


117

Fraport AG Frankfurt Airport Services Worldwide 10 0.00


Electric Utilities 6,927 E.ON SE ............................. 71 0.01 1,345 RWE AG ............................ 33 0.01

Electrical Equipment 274 OSRAM Licht AG .............. 11 0.00

Energy Equipment and Services 530 CropEnergies AG ................ 3 0.00

Entertainment

5,567

Borussia Dortmund GmbH & Co KGaA ........................ 50 0.01

Food Products 554 METRO AG ....................... 9 0.00

Household Products 288 Henkel AG & Co KGaA ..... 31 0.01

Insurance 1,127 Allianz SE ........................... 251 0.04



Number of Shares


Fund %

16,387

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ............................ 3,631 0.65

Machinery 669 Deutz AG ............................ 6 0.00

Media 634 ProSiebenSat.1 Media SE .... 16 0.00

Metals and Mining 13,943 Kloeckner & Co SE ............. 161 0.03


Personal Products 295 Beiersdorf AG ..................... 33 0.01

Pharmaceuticals 34,804 Bayer AG ............................ 3,093 0.55 489 Merck KGaA ....................... 51 0.01

Real Estate 921 Deutsche Wohnen SE .......... 44 0.01

Retail Trade 225 Takkt AG ............................. 4 0.00 1,100 Tom Tailor Holding SE ....... 5 0.00

Semiconductor Equipment and Products 13,151 Infineon Technologies AG .. 299 0.05

Software 13,759 SAP SE ................................ 1,694 0.31 2,804 Software AG ....................... 128 0.02

Textile and Apparel 488 Adidas AG ........................... 120 0.02


16,444 2.94 Greece (0.01%) Computers and Peripherals

1,521 Intracom Holdings SA ......... 2 0.00 Oil and Gas

2,637 Hellenic Petroleum SA ........ 23 0.00

2,112

Motor Oil Hellas Corinth Refineries SA ...................... 55 0.01

80 0.01 Hong Kong (0.37%) Advertising

26,332 SinoMedia Holding Ltd ....... 6 0.00 Banks

8,935

BOC Hong Kong Holdings Ltd ....................................... 42 0.01

1,576 Hang Seng Bank Ltd ........... 43 0.01 Diversified Financials

17,943

Aeon Credit Service Asia Co Ltd ....................................... 17 0.00

3,363


Number of Shares


Fund %

Electric Utilities 25,507 CLP Holdings Ltd ............... 299 0.05

Gas Utilities

27,396




Insurance 154,695 AIA Group Ltd ................... 1,382 0.25

Metals and Mining

82,026

Shougang Fushan Resources Group Ltd ........................... 18 0.00

Other Finance

4,428

China Merchants China Direct Investments Ltd ........ 6 0.00

Personal Products

4,003

Organic Tea Cosmetics Holdings Co Ltd ................. 13 0.00

Real Estate 28,896 Allied Properties HK Ltd .... 6 0.00 6,051 Hang Lung Properties Ltd ... 12 0.01 1,970 Hysan Development Co Ltd 10 0.00 2,983 Swire Properties Ltd ........... 11 0.00

Retail Trade

54,762

Emperor Watch & Jewellery Ltd ...................................... 2 0.00

Transport 5,628 MTR Corp Ltd .................... 30 0.01

2,079 0.37 Hungary (0.09%) Oil and Gas

45,258

MOL Hungarian Oil & Gas Plc ....................................... 488 0.09

India (0.80%) Banks

35,640 HDFC Bank Ltd ADR ........ 3,354 0.60 133,235 ICICI Bank Ltd ADR .......... 1,131 0.20

4,485 0.80 Indonesia (0.09%) Machinery

96,311 United Tractors Tbk PT ...... 213 0.04 Metals and Mining

477,872 Adaro Energy Tbk PT ......... 59 0.01 111,283 Bukit Asam Tbk PT ............ 32 0.01

1,600,547

Delta Dunia Makmur Tbk PT ....................................... 81 0.01

237,189 Harum Energy Tbk PT ........ 38 0.01

49,286

Indo Tambangraya Megah Tbk PT ................................ 85 0.01

508 0.09




Number of Shares


Fund %

Ireland (1.63%) Airlines

7,089 Ryanair Holdings Plc ADR . 681 0.12 Auto Components

37,284 Adient Plc ............................ 1,466 0.26 Banks

274,883 Bank of Ireland Group Plc ... 2,106 0.38 Building Products

30,472 CRH Plc .............................. 998 0.18

80,989

Johnson Controls International Plc .................. 2,835 0.51

Computers and Peripherals 1,604 Accenture Plc ...................... 273 0.05

Electrical Equipment 267 Allegion Plc ......................... 24 0.00

Environmental Control 478 Pentair Plc ........................... 21 0.00

Food Products 388 Kerry Group Plc .................. 43 0.01

Insurance 352 Willis Towers Watson Plc ... 50 0.01

Miscellaneous Manufacturers 1,168 Eaton Corp Plc .................... 101 0.02 675 Ingersoll-Rand Plc ............... 69 0.01

Oil and Gas 369 DCC Plc .............................. 33 0.01

Pharmaceuticals 127 Jazz Pharmaceuticals Plc ..... 21 0.00 13,390 Mallinckrodt Plc .................. 392 0.07

9,113 1.63 Israel (0.31%) Banks


1,300

First International Bank Of Israel Ltd ............................. 29 0.01


8,465


Containers and Packaging 97 Hadera Paper Ltd ................. 8 0.00

Diversified Financials 6,074 Plus500 Ltd ......................... 106 0.02

Health Care Providers and Services 255 Danel Adir Yeoshua Ltd ...... 14 0.00

Oil and Gas

1,506

Naphtha Israel Petroleum Corp Ltd .............................. 10 0.00

173,666 Oil Refineries Ltd ................ 87 0.02 38 Paz Oil Co Ltd ..................... 6 0.00

Software 2,514 Radware Ltd ........................ 67 0.01

Number of Shares


Fund %

Telecommunications 994 AudioCodes Ltd .................. 10 0.00

Textile and Apparel 325 Fox Wizel Ltd ..................... 7 0.00

1,746 0.31 Italy (1.05%) Banks

5,940

Banca Finnat Euramerica SpA ..................................... 2 0.00

37,391 Intesa Sanpaolo SpA ........... 96 0.02 Commercial Services and Supplies

1,872 ASTM SpA ......................... 41 0.01

3,727

Societa Iniziative Autostradali e Servizi SpA .. 55 0.01

Electric Utilities 290,985 Enel SpA ............................. 1,491 0.27

Electrical Equipment 1 Cembre SpA ....................... - 0.00 109 El.En. SpA .......................... 3 0.00

Energy Equipment and Services 2,788 ERG SpA ............................ 57 0.01

Gas Utilities 1,184 Ascopiave SpA ................... 4 0.00 6,954 Snam SpA ........................... 29 0.01

Insurance 3,372 Assicurazioni Generali SpA 58 0.01

Machinery

317

Danieli & C Officine Meccaniche SpA ................. 8 0.00

Oil and Gas 210,958 Eni SpA .............................. 3,990 0.71

Oil and Gas Services 3,834 Maire Tecnimont SpA ........ 17 0.00

Textile and Apparel 1,060 Aeffe SpA ........................... 4 0.00

5,855 1.05 Japan (3.84%) Advertising

549 Dentsu Inc ........................... 25 0.01 699 Hakuhodo DY Holdings Inc 12 0.00

Aerospace and Defence 28,357 IHI Corp .............................. 1,075 0.20

422

Kawasaki Heavy Industries Ltd ...................................... 12 0.00

Airlines 281 ANA Holdings Inc .............. 10 0.00

Auto Components 1,309 Bridgestone Corp ................ 49 0.01 1,210 Denso Corp ......................... 64 0.01 732 NGK Insulators Ltd ............ 12 0.00 492 NGK Spark Plug Co Ltd ..... 14 0.00 338 Stanley Electric Co Ltd ....... 12 0.00



Number of Shares


Fund %

1,998


549

Sumitomo Rubber Industries Ltd ....................................... 8 0.00

Automobiles 830 Hino Motors Ltd .................. 9 0.00 4,489 Honda Motor Co Ltd ........... 136 0.03

268

Kyokuto Kaihatsu Kogyo Co Ltd ....................................... 4 0.00

1,646 Mazda Motor Corp .............. 20 0.00 Banks

245 Daito Bank Ltd .................... 3 0.00 62,996 Mizuho Financial Group Inc 110 0.02 293,369 Resona Holdings Inc ........... 1,649 0.29

17,153


Beverages

239


Building Products 549 AGC Inc .............................. 23 0.01 769 Bunka Shutter Co Ltd .......... 6 0.00 559 Central Glass Co Ltd ........... 15 0.00 619 Daikin Industries Ltd ........... 82 0.02 524 Endo Lighting Corp ............. 4 0.00 641 Nichireki Co Ltd ................. 7 0.00 113 Rinnai Corp ......................... 9 0.00 1,841 Toli Corp ............................. 6 0.00 394 TOTO Ltd ........................... 16 0.00

Chemicals 3,335 Asahi Kasei Corp ................ 51 0.01 198 Dai Nippon Toryo Co Ltd ... 2 0.00 901 Daicel Corp ......................... 10 0.00 366 Hitachi Chemical Co Ltd ..... 7 0.00 664 Ishihara Sangyo Kaisha Ltd 10 0.00 253 Kaneka Corp ....................... 12 0.00 11,191 Kansai Paint Co Ltd ............ 206 0.04 985 Kuraray Co Ltd ................... 15 0.00

2,716


549 Mitsui Chemicals Inc .......... 14 0.00 450 Nitto Denko Corp ................ 34 0.01

117

Sakai Chemical Industry Co Ltd ....................................... 3 0.00

999 Shin-Etsu Chemical Co Ltd . 89 0.02 4,643 Sumitomo Chemical Co Ltd 27 0.01 633 Teijin Ltd ............................. 12 0.00 198 Toho Acetylene Co Ltd ....... 3 0.00 5,685 Toray Industries Inc ............ 43 0.01

489

Yushiro Chemical Industry Co Ltd ................................. 7 0.00

Commercial Services and Supplies 281 Benesse Holdings Inc .......... 8 0.00 689 Dai Nippon Printing Co Ltd 16 0.00

Number of Shares


Fund %

454 Duskin Co Ltd .................... 11 0.00

117

FULLCAST Holdings Co Ltd ...................................... 3 0.00

210

Heian Ceremony Service Co Ltd ...................................... 2 0.00

722

Japan Best Rescue System Co Ltd ................................. 8 0.00

594 Kanamoto Co Ltd ............... 21 0.01 466 Nishio Rent All Co Ltd ....... 16 0.00 419 Pasona Group Inc ................ 6 0.00 13,454 Persol Holdings Co Ltd ....... 316 0.06 2,477 Recruit Holdings Co Ltd ..... 83 0.02 704 Secom Co Ltd ..................... 57 0.01 704 Toppan Printing Co Ltd ...... 11 0.00 105 Waseda Academy Co Ltd ... 2 0.00 210 World Holdings Co Ltd ...... 6 0.00

Computers and Peripherals 140 DTS Corp ............................ 6 0.00 14,773 Fujitsu Ltd .......................... 1,053 0.19 3,752 MCJ Co Ltd ........................ 33 0.01 689 NEC Corp ........................... 19 0.00

1,433

NEC Networks & System Integration Corp .................. 33 0.01

5,406 NET One Systems Co Ltd .. 130 0.02 8,878 Nihon Unisys Ltd ................ 229 0.04

82

Nippon Information Development Co Ltd ........... 3 0.00

366


352 TDK Corp ........................... 38 0.01 Construction and Engineering

1,177 Asanuma Corp .................... 38 0.01

186

Fuji Furukawa Engineering & Construction Co Ltd ....... 3 0.00

1,196 Kajima Corp ....................... 17 0.01

140

Miyaji Engineering Group Inc ....................................... 4 0.00

105 Nippon Road Co Ltd ........... 6 0.00 967 Nittoc Construction Co Ltd . 6 0.00 1,674 Obayashi Corp .................... 16 0.00 1,393 Shimizu Corp ...................... 13 0.00 326 Taikisha Ltd ........................ 11 0.00 380 Taisei Corp ......................... 17 0.01

839

Wakachiku Construction Co Ltd ...................................... 12 0.00

1,468 Yurtec Corp ........................ 12 0.00 Distributors

396 Arata Corp .......................... 20 0.00 315 Elematec Corp .................... 7 0.00 652 Happinet Corp ..................... 11 0.00 454 JK Holdings Co Ltd ............ 3 0.00 2,878 Kamei Corp ......................... 41 0.01 1,724 Kanematsu Electronics Ltd . 59 0.01 955 Sankyo Seiko Co Ltd .......... 4 0.00




Number of Shares


Fund %

6,933 Sojitz Corp .......................... 25 0.01 466 Sugimoto & Co Ltd ............. 8 0.00 256 Tachibana Eletech Co Ltd ... 4 0.00 687 Tokyo Sangyo Co Ltd ......... 5 0.00 605 Toyota Tsusho Corp ............ 23 0.01 210 Tsubakimoto Kogyo Co Ltd 6 0.00


492

AEON Financial Service Co Ltd ....................................... 10 0.00

1,914

Mitsubishi UFJ Lease & Finance Co Ltd .................... 11 0.00

513 Zenkoku Hosho Co Ltd ....... 21 0.01 Electrical Equipment

70 Aichi Tokei Denki Co Ltd ... 3 0.00 689 Casio Computer Co Ltd ....... 11 0.00 1,387 Furuno Electric Co Ltd ........ 18 0.00 268 Hioki EE Corp ..................... 9 0.00

239

Hitachi High-Technologies Corp ..................................... 8 0.00

291 Hochiki Corp ....................... 4 0.00 2,027 Hosiden Corp ...................... 20 0.01 827 Kaga Electronics Co Ltd ..... 17 0.00 1,013 Kyocera Corp ...................... 61 0.01

583

Kyosan Electric Manufacturing Co Ltd ......... 3 0.00

507

Murata Manufacturing Co Ltd ....................................... 78 0.02

128 Nihon Trim Co Ltd .............. 7 0.00 583 Nitto Kogyo Corp ................ 11 0.00 117 Odelic Co Ltd ...................... 4 0.00 492 Omron Corp ........................ 21 0.01 163 Sigma Koki Co Ltd ............. 3 0.00 303 Terasaki Electric Co Ltd ...... 3 0.00 633 Yokogawa Electric Corp ..... 13 0.00

Entertainment 661 Oriental Land Co Ltd .......... 69 0.02 310 Toho Co Ltd ........................ 10 0.00

Environmental Control 338 Kurita Water Industries Ltd . 10 0.00

Food Products 1,548 Aeon Co Ltd ........................ 37 0.01 1,323 Ajinomoto Co Inc ................ 23 0.01 380 Kikkoman Corp ................... 23 0.00 2,237 Seven & i Holdings Co Ltd . 100 0.02 253 Toyo Suisan Kaisha Ltd ...... 10 0.00 239 Yakult Honsha Co Ltd ......... 20 0.00

Gas Utilities 971 Osaka Gas Co Ltd ............... 19 0.00 422 Toho Gas Co Ltd ................. 16 0.00 1,112 Tokyo Gas Co Ltd ............... 27 0.01

Hand and Machine Tools 384 Noritake Co Ltd ................... 24 0.01

Number of Shares


Fund %

Health Care Equipment and Supplies 15,835 Olympus Corp ..................... 618 0.11 619 Shimadzu Corp ................... 19 0.00 633 Sysmex Corp ....................... 55 0.01

Home Builders

1,520

Daiwa House Industry Co Ltd ...................................... 45 0.01

1,212 Ichiken Co Ltd .................... 24 0.01 1,027 Sekisui Chemical Co Ltd .... 19 0.00 1,534 Sekisui House Ltd ............... 23 0.00 802 Token Corp ......................... 53 0.01

Home Furnishings 757 Corona Corp ....................... 8 0.00 466 Dainichi Co Ltd .................. 3 0.00

361

Janome Sewing Machine Co Ltd ...................................... 2 0.00

5,840 Panasonic Corp ................... 68 0.01 3,321 Sony Corp ........................... 204 0.04


361

Kawai Musical Instruments Manufacturing Co Ltd ........ 17 0.00

583 Round One Corp ................. 8 0.00 450 Yamaha Corp ...................... 24 0.01 774 Yamaha Motor Co Ltd ........ 22 0.00

Insurance

27,032

MS&AD Insurance Group Holdings Inc ....................... 903 0.16

999 Sompo Holdings Inc ........... 43 0.01 1,562 T&D Holdings Inc .............. 26 0.00

Internet Software and Services 11,539 CyberAgent Inc ................... 615 0.11 583 Internet Initiative Japan Inc 12 0.00 5,118 LINE Corp .......................... 216 0.04

Iron and Steel 1,083 Kobe Steel Ltd .................... 10 0.00

Machinery 901 Amada Holdings Co Ltd ..... 10 0.00

210

Daihatsu Diesel Manufacturing Co Ltd ........ 1 0.00

7,912 FANUC Corp ...................... 1,492 0.27

338

Hitachi Construction Machinery Co Ltd ............... 11 0.00

8,775 Keyence Corp ..................... 5,097 0.91 2,434 Komatsu Ltd ....................... 74 0.02 2,772 Kubota Corp ....................... 47 0.01 5,066 Mitsubishi Electric Corp ..... 69 0.01 338 Nabtesco Corp .................... 9 0.00

326

Nissei Plastic Industrial Co Ltd ...................................... 3 0.00

1,591 SMC Corp ........................... 509 0.09

422

Sumitomo Heavy Industries Ltd ...................................... 15 0.00

704 Yaskawa Electric Corp ....... 21 0.01



Number of Shares


Fund %

Metals and Mining 967 Kitz Corp ............................. 8 0.00 338 Mitsubishi Materials Corp ... 10 0.00 1,154 NSK Ltd .............................. 13 0.00 280 Sato Shoji Corp ................... 3 0.00

689

Sumitomo Metal Mining Co Ltd ....................................... 24 0.01

Miscellaneous Manufacturers 1,328 Kimoto Co Ltd .................... 4 0.00 844 Nikon Corp .......................... 16 0.00 2,039 Tamron Co Ltd .................... 43 0.01 443 Toyo Tanso Co Ltd ............. 13 0.00 117 Valqua Ltd ........................... 3 0.00

Office Electronics

315

Komatsu Wall Industry Co Ltd ....................................... 6 0.00

1,323 Konica Minolta Inc .............. 14 0.00 Oil and Gas

2,378 Inpex Corp ........................... 30 0.01 816 Showa Shell Sekiyu KK ...... 17 0.00

Other Finance 3,379 Jafco Co Ltd ........................ 131 0.02

Personal Products 1,351 Kao Corp ............................. 109 0.02 1,069 Shiseido Co Ltd ................... 83 0.02 718 Unicharm Corp .................... 24 0.00

Pharmaceuticals 5,178 Astellas Pharma Inc ............. 90 0.02

549

Chugai Pharmaceutical Co Ltd ....................................... 35 0.01

661 Eisai Co Ltd ........................ 64 0.01

1,815

Takeda Pharmaceutical Co Ltd ....................................... 78 0.01

Real Estate 563 Aeon Mall Co Ltd ............... 10 0.00

384

Daito Trust Construction Co Ltd ....................................... 49 0.01

315 Goldcrest Co Ltd ................. 5 0.00 971 Hulic Co Ltd ........................ 10 0.00 3,293 Mitsubishi Estate Co Ltd ..... 56 0.01 2,392 Mitsui Fudosan Co Ltd ........ 57 0.01 1,573 Nisshin Fudosan Co ............ 8 0.00

478

Nomura Real Estate Holdings Inc ........................ 10 0.00

1,886

Tokyu Fudosan Holdings Corp ..................................... 13 0.01

Real Estate Investment Trust 5 Nippon Prologis REIT Inc ... 10 0.00

Retail Trade 245 Bronco Billy Co Ltd ............ 8 0.00

641

Doutor Nichires Holdings Co Ltd ................................. 12 0.00

Number of Shares


Fund %

141 Fast Retailing Co Ltd .......... 72 0.01 1,095 Geo Holdings Corp ............. 17 0.01 210 Kohnan Shoji Co Ltd .......... 5 0.00 253 Lawson Inc ......................... 15 0.00 661 Marui Group Co Ltd ........... 16 0.00 155 Nitori Holdings Co Ltd ....... 22 0.01 1,095 Seiko Holdings Corp ........... 31 0.01 563 Takashimaya Co Ltd ........... 10 0.00 478 USS Co Ltd ......................... 9 0.00

Semiconductor Equipment and Products 22,852 Advantest Corp ................... 481 0.09 198 NuFlare Technology Inc ..... 10 0.00 4,736 Rohm Co Ltd ...................... 345 0.06 2,097 Shin-Etsu Polymer Co Ltd .. 17 0.01

1,585

Shinko Electric Industries Co Ltd ................................. 13 0.00

422 Tokyo Electron Ltd ............. 58 0.01 Software

1,375 Capcom Co Ltd ................... 35 0.01

513

Computer Institute of Japan Ltd ...................................... 3 0.00

233 Comture Corp ..................... 9 0.00 699 Fuji Soft Inc ........................ 35 0.01 454 Jastec Co Ltd ...................... 5 0.00 1,631 Konami Holdings Corp ....... 64 0.01 513 Minori Solutions Co Ltd ..... 7 0.00 3,076 Mixi Inc .............................. 74 0.01 676 Nippon Systemware Co Ltd 12 0.00 1,025 NSD Co Ltd ........................ 23 0.01 1,258 Systena Corp ....................... 17 0.00

Telecommunications 4,643 KDDI Corp ......................... 128 0.02 3,630 NTT Docomo Inc ................ 98 0.02 1,666 T-Gaia Corp ........................ 43 0.01

Textile and Apparel 732 Asics Corp .......................... 11 0.00 93 Gunze Ltd ........................... 5 0.00

Toys, Games and Hobbies 295 Nintendo Co Ltd ................. 108 0.02

Transport 366 Central Japan Railway Co ... 76 0.02 830 East Japan Railway Co ....... 77 0.02 233 Hamakyorex Co Ltd ........... 8 0.00 281 Keio Corp ........................... 15 0.00 422 Mitsui OSK Lines Ltd ......... 12 0.00 281 Nippon Express Co Ltd ....... 18 0.00 549 Nippon Yusen KK .............. 10 0.00 1,252 Tokyu Corp ......................... 23 0.01 211 West Japan Railway Co ...... 15 0.00

21,446 3.84




Number of Shares


Fund %

Jersey, Channel Islands (0.03%) Advertising


718 Aptiv Plc ............................. 60 0.01 Distributors

811 Ferguson Plc ........................ 69 0.01 178 0.03 Korea, Republic of (0.96%) Agriculture

15,522 KT&G Corp ........................ 1,455 0.26 Chemicals

290 AK Holdings Inc ................. 16 0.00 14 Taekwang Industrial Co Ltd 21 0.01

Construction and Engineering 133 Daelim Industrial Co Ltd ..... 10 0.00

Distributors 849 Hanwha Corp ...................... 25 0.00 1,638 LF Corp ............................... 38 0.01

Diversified Financials 491 Aju Capital Co Ltd .............. 4 0.00

Electrical Equipment 64 Spigen Korea Co Ltd ........... 3 0.00

Home Furnishings 291 Kortek Corp ......................... 4 0.00 14,983 LG Electronics Inc .............. 959 0.17

Office Electronics 295 Sindoh Co Ltd ..................... 13 0.00

Semiconductor Equipment and Products 2,081 AUK Corp ........................... 5 0.00 31,061 Samsung Electronics Co Ltd 1,301 0.23 22,676 SK Hynix Inc ...................... 1,494 0.27

Telecommunications 2,668 LG Uplus Corp .................... 44 0.01

Transport 442 KSS LINE Ltd ..................... 3 0.00


6,875 Royal Caribbean Cruises Ltd 893 0.16 Liechtenstein (0.00%) Banks

175 VP Bank AG ....................... 27 0.00 Luxembourg (0.10%) Internet Software and Services

1,836 Spotify Technology SA ....... 332 0.06 Iron and Steel

5,713 Ternium SA ADR ............... 173 0.03

Number of Shares


Fund %

Metals and Mining 1,101 Tenaris SA .......................... 18 0.00

Telecommunications 953 SES SA ............................... 21 0.01

544 0.10 Malaysia (0.56%) Banks

2,948 BIMB Holdings Bhd ........... 3 0.00 144,035 Public Bank Bhd ................. 870 0.16

Chemicals

139,584

Petronas Chemicals Group Bhd ..................................... 316 0.06

Computers and Peripherals 10,381 Elsoft Research Bhd ........... 9 0.00

Containers and Packaging 12,677 Muda Holdings Bhd ............ 6 0.00

Electric Utilities 501,117 Tenaga Nasional Bhd .......... 1,872 0.33

Holding Companies - Diversified Operations 20,099 Insas Bhd ............................ 4 0.00

1,888

Malaysian Pacific Industries Bhd ..................................... 6 0.00

Hotels, Restaurants and Leisure 12,863 Tropicana Corp Bhd ........... 3 0.00

Iron and Steel 11,873 CSC Steel Holdings Bhd ..... 3 0.00

Metals and Mining 2,820 Chin Well Holdings Bhd ..... 1 0.00

Oil and Gas 30,480 Hengyuan Refining Co Bhd 47 0.01

Oil and Gas

746

Petron Malaysia Refining & Marketing Bhd .................... 1 0.00

Retail Trade 6,921 Hai-O Enterprise Bhd ......... 6 0.00

3,147 0.56 Mexico (0.32%) Auto Components

7,426 Rassini SAB de CV ............ 28 0.01 Chemicals

20,686 Mexichem SAB de CV ....... 71 0.01 Diversified Financials

5,316

Bolsa Mexicana de Valores SAB de CV ......................... 11 0.00

Home Builders 12,330 Consorcio ARA SAB de CV 4 0.00

Iron and Steel

1,573

Cia Minera Autlan SAB de CV ...................................... 1 0.00

5,595 Grupo Simec SAB de CV ... 17 0.01 Real Estate Investment Trust

1,225,980

Fibra Uno Administracion SA de CV ............................ 1,623 0.29



Number of Shares


Fund %

Retail Trade

4,948

Grupo Comercial Chedraui SA de CV ............................ 11 0.00


13,326 Airbus SE ............................ 1,674 0.30 Automobiles

122,137

Fiat Chrysler Automobiles NV ....................................... 2,148 0.39


Chemicals 643 Akzo Nobel NV ................... 60 0.01 417 IMCD NV ........................... 32 0.01 458 Koninklijke DSM NV ......... 49 0.01

915



267

Koninklijke Volkerwessels NV ....................................... 6 0.00

Diversified Financials 354 KAS Bank NV ..................... 3 0.00 245 Van Lanschot Kempen NV . 6 0.00

Electrical Equipment 17,955 Signify NV .......................... 465 0.08

Food Products

37,513


Health Care Equipment and Supplies 79,899 Koninklijke Philips NV ....... 3,641 0.65 566 Qiagen NV .......................... 21 0.01

Insurance 2,730 Aegon NV ........................... 18 0.01 4,694 ASR Nederland NV ............. 224 0.04 2,872 NN Group NV ..................... 128 0.02


Media 673 Wolters Kluwer NV ............ 42 0.01

Other Finance 4,245 EXOR NV ........................... 285 0.05

Personal Products 64,111 Unilever NV ........................ 3,572 0.64

Pipelines 34,469 Koninklijke Vopak NV ....... 1,699 0.30

Real Estate Investment Trust 197 Vastned Retail NV .............. 7 0.00

Semiconductor Equipment and Products 1,118 ASML Holding NV ............. 209 0.03 1,787 STMicroelectronics NV ...... 33 0.01

Number of Shares


Fund %

Software 196 ICT Group NV .................... 3 0.00


15,467 2.77 New Zealand (0.01%) Airlines

15,494 Air New Zealand Ltd .......... 32 0.01 Building Products


2,406


Retail Trade 796 Kathmandu Holdings Ltd .... 2 0.00

55 0.01 Norway (0.30%) Banks

1,869 SpareBank 1 Nord Norge .... 16 0.00 1,931 SpareBank 1 SMN .............. 22 0.00 2,458 SpareBank 1 SR Bank ASA 30 0.01 497 Sparebanken Vest ............... 3 0.00

Construction and Engineering 5,046 Kvaerner ASA .................... 9 0.00

Electrical Equipment 3,256 Kitron ASA ......................... 4 0.00

Food Products 1,110 Marine Harvest ASA .......... 26 0.01 1,834 Orkla ASA .......................... 15 0.00

Media 10,216 Schibsted ASA (A Shares) .. 383 0.07 8,824 Schibsted ASA (B Shares) .. 306 0.05


Oil and Gas 4,316 Aker BP ASA ..................... 183 0.03 34,227 DNO ASA .......................... 71 0.01 18,840 Equinor ASA ...................... 531 0.10


1,665 0.30 Philippines (0.00%) Holding Companies - Diversified Operations

1,117 San Miguel Corp ................. 4 0.00 Poland (0.21%) Oil and Gas

35,358 Grupa Lotos SA .................. 720 0.13

14,688





Number of Shares


Fund %

14,680


Textile and Apparel 2,033 Vistula Group SA ................ 2 0.00

1,150 0.21 Portugal (0.09%) Construction and Engineering

2,316 Mota-Engil SGPS SA .......... 6 0.00 Electric Utilities

5,991


Food Products 554 Jeronimo Martins SGPS SA 8 0.00



380

Semapa-Sociedade de Investimento e Gestao ......... 8 0.00

501 0.09 Puerto Rico (0.00%) Health Care Providers and Services

1,067 Triple-S Management Corp . 20 0.00 Qatar (0.01%) Banks

817

Al Khalij Commercial Bank PQSC ................................... 2 0.00

Oil and Gas 1,389 Qatar Fuel QSC ................... 62 0.01

Real Estate 1,449 Barwa Real Estate Co .......... 14 0.00

655

United Development Co QSC ..................................... 2 0.00

80 0.01 Russia (0.32%) Banks

67,141

Sberbank of Russia PJSC ADR .................................... 851 0.15

Iron and Steel

1,173

Novolipetsk Steel PJSC GDR ................................... 32 0.01

Metals and Mining 1,213 TMK PJSC GDR ................. 5 0.00

Oil and Gas 664 Gazprom Neft PJSC ADR ... 19 0.00 668 Surgutneftegas OJSC ADR . 3 0.00 11,533 Tatneft PJSC ADR .............. 882 0.16

1,792 0.32 Singapore (0.12%) Airlines


19,188 DBS Group Holdings Ltd .... 366 0.07

Number of Shares


Fund %

Electrical Equipment 16,685 AEM Holdings .................... 9 0.00 1,393 Flex Ltd .............................. 18 0.00 23,163 Frencken Group Ltd ............ 7 0.00 53,201 Serial System Ltd ................ 5 0.00 2,610 Venture Corp Ltd ................ 34 0.01



Media

5,234


Metals and Mining

30,154

Golden Energy & Resources Ltd ...................................... 6 0.00

Miscellaneous Manufacturers 29,769 Hi-P International Ltd ......... 22 0.00

Real Estate 7,725 CapitaLand Ltd ................... 19 0.01 1,674 UOL Group Ltd .................. 8 0.00


7,697

Ascendas Real Estate Investment Trust ................. 15 0.01

8,612


7,852 CapitaLand Mall Trust ........ 13 0.00 Telecommunications

3,743

Singapore Telecommunications Ltd (LOT 10 Board) .................. 9 0.00

18,771

Singapore Telecommunications Ltd (Singapore Exchange Main Market) .............................. 45 0.01

653 0.12 South Africa (0.64%) Banks

68,409 Absa Group Ltd .................. 734 0.13 Computers and Peripherals

5,276 Alviva Holdings Ltd ........... 7 0.00 Diversified Financials

10,658

Alexander Forbes Group Holdings Ltd ....................... 4 0.00

977 Peregrine Holdings Ltd ....... 2 0.00 Holding Companies - Diversified Operations

3,466 Allied Electronics Corp Ltd 4 0.00 Insurance

58,098 MMI Holdings Ltd .............. 71 0.01 Internet Software and Services

8,994 Naspers Ltd ......................... 1,940 0.35 Metals and Mining

37,524 Exxaro Resources Ltd ......... 385 0.07 30,871 Merafe Resources Ltd ......... 4 0.00



Number of Shares


Fund %

Paper and Forest Products 64,697 Sappi Ltd ............................. 406 0.07

Software 1,116 MiX Telematics Ltd ADR ... 16 0.01

3,573 0.64 Spain (0.87%) Airlines

4,104


Banks 1,669 Bankinter SA ....................... 15 0.00

15,375


1,169,484 Banco de Sabadell SA ......... 1,819 0.32 9,850 CaixaBank SA ..................... 45 0.01

Commercial Services and Supplies 431 Global Dominion Access SA 3 0.00


9,168


1,290 Ferrovial SA ........................ 27 0.00 Electric Utilities

15,934 Iberdrola SA ........................ 117 0.02 1,269 Red Electrica Corp SA ........ 27 0.00

Food Products

20,987


Gas Utilities 58,401 Enagas SA ........................... 1,577 0.28 1,062 Naturgy Energy Group SA .. 29 0.01


Paper and Forest Products 8,534 Ence Energia y Celulosa SA 87 0.02 140 Iberpapel Gestion SA .......... 6 0.00

Personal Products 763 Naturhouse Health SAU ...... 3 0.00

Pharmaceuticals 719 Grifols SA ........................... 20 0.00


1,149

Lar Espana Real Estate Socimi SA ........................... 12 0.00

Retail Trade

3,326


Software 1,153 Amadeus IT Group SA ........ 107 0.02

Telecommunications 12,489 Telefonica SA ...................... 99 0.02

Transport

2,299

Cia de Distribucion Integral Logista Holdings SA ........... 59 0.01

4,876 0.87

Number of Shares


Fund %

Sweden (0.73%) Agriculture

1,704 Swedish Match AB ............. 87 0.02 Auto Components

346 Haldex AB .......................... 3 0.00 Banks

7,851 Nordea Bank AB ................. 86 0.02

3,814


157,203 Svenska Handelsbanken AB 1,984 0.35 2,314 Swedbank AB ..................... 57 0.01

Chemicals 213 Nolato AB ........................... 13 0.00

Computers and Peripherals 434 Proact IT Group AB ............ 9 0.00

Construction and Engineering 5,217 Peab AB .............................. 48 0.01 889 Skanska AB ........................ 17 0.00

Diversified Financials 1,529 Catella AB .......................... 4 0.00


Entertainment 12,244 Betsson AB ......................... 94 0.02

Food Products 1,086 Axfood AB ......................... 20 0.01 277 ICA Gruppen AB ................ 9 0.00


Health Care Equipment and Supplies 22,799 Arjo AB .............................. 77 0.01

Machinery 19,140 Atlas Copco AB (A Shares) 551 0.10 1,038 Atlas Copco AB (B Shares) 28 0.01 27,107 Epiroc AB (A Shares) ......... 303 0.05 14,795 Epiroc AB (B Shares) ......... 152 0.03 1,190 Husqvarna AB .................... 10 0.00

Metals and Mining 788 Boliden AB ......................... 22 0.00 2,915 Granges AB ........................ 35 0.01 1,004 Lindab International AB ..... 8 0.00 1,043 SKF AB .............................. 21 0.00

Other Finance 1,236 Investor AB ......................... 57 0.01 657 Kinnevik AB ....................... 20 0.00



Telecommunications

9,268





Number of Shares


Fund %

7,012 Telia Co AB ........................ 32 0.01 4,080 0.73 Switzerland (2.69%) Banks

11 Glarner Kantonalbank ......... - 0.00 101 Valiant Holding AG ............ 12 0.00

Beverages 505 Coca-Cola HBC AG ............ 17 0.00

Building Products 3,766 Geberit AG .......................... 1,755 0.31 1,249 LafargeHolcim Ltd .............. 62 0.01 321 Sika AG ............................... 47 0.01

Chemicals 23 Givaudan SA ....................... 58 0.01

Commercial Services and Supplies 489 Adecco Group AG ............... 26 0.00 15 SGS SA ............................... 39 0.01

Diversified Financials 295 Bellevue Group AG ............. 8 0.00 367 Cembra Money Bank AG .... 33 0.01 779 Vontobel Holding AG ......... 55 0.01

Electrical Equipment 11 Carlo Gavazzi Holding AG . 3 0.00 338 Garmin Ltd .......................... 24 0.01 901 TE Connectivity Ltd ............ 79 0.01

Food Products

3

Chocoladefabriken Lindt & Spruengli AG (Non-Voting rights) .................................. 23 0.01

-

Chocoladefabriken Lindt & Spruengli AG (Voting rights) .................................. 23 0.00

29,914 Nestle SA ............................ 2,506 0.45 Hand and Machine Tools

15,945 Schindler Holding AG ......... 3,993 0.72 973 Tornos Holding AG ............. 10 0.00

Health Care Equipment and Supplies 204 Lonza Group AG ................. 70 0.01 142 Sonova Holding AG ............ 28 0.01 28 Straumann Holding AG ....... 21 0.00

Insurance 1,309 Chubb Ltd ........................... 175 0.03 26 Swiss Life Holding AG ....... 10 0.00 881 Swiss Re AG ....................... 82 0.02 401 Zurich Insurance Group AG 127 0.02

Machinery 5,146 ABB Ltd .............................. 122 0.02 11 Conzzeta AG ....................... 12 0.00 7,425 OC Oerlikon Corp AG ........ 102 0.02

Number of Shares


Fund %

Pharmaceuticals 11,802 Roche Holding AG ............. 2,873 0.52 110 Vifor Pharma AG ................ 19 0.00

Retail Trade

30,878


Telecommunications 123 Swisscom AG ..................... 56 0.01

Transport 32 Jungfraubahn Holding AG .. 5 0.00

122

Kuehne & Nagel International AG ................. 19 0.01

15,023 2.69 Taiwan (0.96%) Semiconductor Equipment and Products

105,592


226,007

United Microelectronics Corp ADR ........................... 583 0.11

Telecommunications 81,022 HTC Corp ........................... 108 0.02

5,354 0.96 Thailand (0.35%) Banks

40,104 Thanachart Capital PCL ...... 67 0.01 Chemicals

193,554 IRPC PCL NVDR ............... 41 0.01

61,286

Siamgas & Petrochemicals PCL NVDR ......................... 23 0.00


26,740

Polyplex Thailand PCL NVDR ................................. 14 0.01

Hand and Machine Tools

6,735

AAPICO Hitech PCL NVDR ................................. 6 0.00

Metals and Mining 479,713 Banpu PCL NVDR ............. 283 0.05

11,873

Lanna Resources PCL NVDR ................................. 6 0.00

Oil and Gas 78,845 Bangchak Corp PCL NVDR 86 0.02 106,552 Esso Thailand PCL ............. 51 0.01 96,567 Esso Thailand PCL NVDR . 47 0.01

44,147

PTT Exploration & Production PCL NVDR ...... 212 0.04

76,433 PTT PCL ............................. 128 0.02 250,623 PTT PCL NVDR ................ 420 0.07

595,272

Star Petroleum Refining PCL NVDR ......................... 274 0.05

176,018 Susco PCL NVDR .............. 18 0.00 13,795 Thai Oil PCL ...................... 38 0.01 90,881 Thai Oil PCL NVDR .......... 249 0.04

1,963 0.35



Number of Shares


Fund %

Turkey (0.08%) Distributors

3,217

Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS ........................... 3 0.00

27,871

Turkiye Sise ve Cam Fabrikalari AS ..................... 27 0.01

Holding Companies - Diversified Operations 120,839 KOC Holding AS ................ 343 0.05 13,501 Tekfen Holding AS ............. 49 0.01

Miscellaneous Manufacturers 54,921 Trakya Cam Sanayii AS ...... 39 0.01


1,932 Meggitt Plc .......................... 14 0.00 Agriculture

77,636 Imperial Tobacco Group Plc 2,704 0.48 Airlines

623 easyJet Plc ........................... 11 0.00 Banks

1,845 Investec Plc ......................... 13 0.00 7,035 Standard Chartered Plc ........ 58 0.01

Beverages

768

Coca-Cola European Partners Plc (Netherlands listed) .................................. 35 0.01

87,611

Coca-Cola European Partners Plc (U.S. listed) ..... 3,984 0.71

87,132 Diageo Plc ........................... 3,089 0.55 Chemicals

320 Croda International Plc ........ 22 0.00 540 Johnson Matthey Plc ........... 25 0.01

Commercial Services and Supplies 394 Cardtronics Plc .................... 12 0.00 126,218 Hays Plc .............................. 336 0.06 41,395 Intertek Group Plc ............... 2,695 0.48

9,707

Michael Page International Plc ....................................... 72 0.01

142,130 Nielsen Holdings Plc ........... 3,931 0.71

2,412


3,142 RELX Plc (U.K. listed) ....... 66 0.01 1,286 SThree Plc ........................... 6 0.00 996 YouGov Plc ......................... 6 0.00

Computers and Peripherals 1,238 Kainos Group Plc ................ 7 0.00 572 Softcat Plc ........................... 6 0.00

Construction and Engineering 307 Morgan Sindall Group Plc ... 5 0.00

Containers and Packaging 218,132 DS Smith Plc ....................... 1,361 0.24 241,752 RPC Group Plc .................... 2,506 0.45

Number of Shares


Fund %

Distributors 623 Travis Perkins Plc ............... 9 0.00

Diversified Financials 2,151 IG Group Holdings Plc ....... 18 0.00

775


277 Schroders Plc ...................... 11 0.00 7,137 Standard Life Aberdeen Plc 28 0.01

Electric Utilities 676 Atlantica Yield Plc .............. 14 0.00 2,762 SSE Plc ............................... 41 0.01


492


Entertainment 2,090 Merlin Entertainments Plc .. 11 0.00

Food Products 873 Associated British Foods Plc 26 0.01 3,451 Compass Group Plc ............ 77 0.01 13,510 SSP Group Plc .................... 128 0.02 26,389 Tesco Plc ............................ 83 0.02

5,886


Gas Utilities 324,812 National Grid Plc ................ 3,352 0.60


4,586

Advanced Medical Solutions Group Plc ............................ 20 0.00

2,334 Smith & Nephew Plc .......... 43 0.01 Health Care Providers and Services

1,297 Mediclinic International Plc 7 0.00 Home Builders

2,737 Barratt Developments Plc ... 20 0.01

356


8,946 Taylor Wimpey Plc ............. 20 0.00 Household Products

1,765 Reckitt Benckiser Group Plc 161 0.03 Insurance

661 Aon Plc ............................... 102 0.02 10,854 Aviva Plc ............................ 69 0.01 15,812 Legal & General Group Plc 54 0.01 88,599 Prudential Plc ...................... 2,033 0.37 2,693 RSA Insurance Group Plc ... 20 0.00

Internet Software and Services 30,976 Just Eat Plc .......................... 271 0.05

Lodging

42,509


465 Whitbread Plc ..................... 29 0.01 Machinery

19,390





Number of Shares


Fund %

Media 1,040,010 ITV Plc ................................ 2,141 0.38 774 Liberty Global Plc (Series A) 22 0.00 1,337 Liberty Global Plc (Series C) 38 0.01 2,201 Pearson Plc .......................... 26 0.01 2,544 Sky Plc ................................ 57 0.01

Metals and Mining 29,634 BHP Billiton Plc .................. 646 0.12

Oil and Gas Services 1,196 Technip FMC Plc ................ 37 0.01

Other Finance 2,199 3i Group Plc ........................ 27 0.01 439 SVG Capital Plc .................. - 0.00




Real Estate Investment Trust 2,758 British Land Co Plc ............. 22 0.00 5,768 Hansteen Holdings Plc ........ 7 0.00 4,524 Segro Plc ............................. 38 0.01

Retail Trade 6,340 Enterprise Inns Plc .............. 14 0.00 23,880 JD Sports Fashion Plc ......... 143 0.03 5,098 Kingfisher Plc ...................... 17 0.00 3,774 Marks & Spencer Group Plc 14 0.00 380 Next Plc ............................... 27 0.01 9,776 Vertu Motors Plc ................. 6 0.00

Software 1,571 Atlassian Corp Plc ............... 151 0.03 282 EMIS Group Plc .................. 4 0.00

Telecommunications 21,929 BT Group Plc ...................... 64 0.01



915 Interpublic Group of Cos Inc 21 0.00 535 Omnicom Group Inc ............ 36 0.01

Aerospace and Defence 1,126 Arconic Inc .......................... 25 0.00 197 L3 Technologies Inc ............ 42 0.01 450 Rockwell Collins Inc ........... 63 0.01 141 TransDigm Group Inc ......... 52 0.01 14,336 United Technologies Corp ... 2,004 0.36

Agriculture 38,986 Altria Group Inc .................. 2,351 0.42

Number of Shares


Fund %

40,171


Airlines 507 Delta Air Lines Inc ............. 29 0.01 408 Southwest Airlines Co ........ 25 0.00

Auto Components 239 Autoliv Inc .......................... 21 0.00 605 BorgWarner Inc .................. 26 0.01 141 WABCO Holdings Inc ........ 17 0.00

Automobiles 943 PACCAR Inc ...................... 64 0.01 2,008 Tesla Inc ............................. 532 0.10

Banks

2,716


2,097 BB&T Corp ........................ 102 0.02 1,266 Capital One Financial Corp 120 0.02 422 CIT Group Inc .................... 22 0.00 1,393 Citizens Financial Group Inc 54 0.01 492 Comerica Inc ....................... 44 0.01 408 East West Bancorp Inc ........ 25 0.00

213

Esquire Financial Holdings Inc ....................................... 5 0.00

2,026 Fifth Third Bancorp ............ 57 0.01 5,730 First Republic Bank ............ 550 0.10 2,659 Huntington Bancshares Inc . 40 0.01 2,969 KeyCorp ............................. 59 0.01 352 M&T Bank Corp ................. 58 0.01 577 Northern Trust Corp ........... 59 0.01

1,238


3,307 Regions Financial Corp ...... 61 0.01 155 Signature Bank ................... 18 0.00 39,336 State Street Corp ................. 3,296 0.59 830 SunTrust Banks Inc ............. 55 0.01 155 SVB Financial Group ......... 48 0.01 111,514 US Bancorp ......................... 5,889 1.05 58,804 Wells Fargo & Co ............... 3,091 0.55 577 Zions Bancorporation ......... 29 0.01

Beverages 55,752 Coca-Cola Co ..................... 2,575 0.46 30,661 PepsiCo Inc ......................... 3,428 0.61

Biotechnology

2,536

Alnylam Pharmaceuticals Inc ....................................... 222 0.04

1,801 Amgen Inc .......................... 373 0.07

1,478

Applied Genetic Technologies Corp .............. 11 0.00

1,639 Bio-Rad Laboratories Inc .... 513 0.09 549 Biogen Inc .......................... 194 0.04

464


3,716 Cambrex Corp ..................... 254 0.05



Number of Shares


Fund %

2,054 Celgene Corp ....................... 184 0.03 573 ChemoCentryx Inc .............. 7 0.00 15,416 Emergent BioSolutions Inc . 1,015 0.18 3,419 Gilead Sciences Inc ............. 264 0.05 46,142 Myriad Genetics Inc ............ 2,123 0.38 1,633 PDL BioPharma Inc ............ 4 0.00 8,816 Seattle Genetics Inc ............. 680 0.12 9,248 United Therapeutics Corp ... 1,183 0.21 647 Vertex Pharmaceuticals Inc . 125 0.02

Building Products

141


42 Lennox International Inc ..... 9 0.00 15,984 Louisiana-Pacific Corp ........ 423 0.08

3,642

Martin Marietta Materials Inc ....................................... 663 0.12

901 Masco Corp ......................... 33 0.01 324 Owens Corning .................... 18 0.00

Chemicals

549


3,216 Albemarle Corp ................... 321 0.06 394 Celanese Corp ..................... 45 0.01

211


971 Mosaic Co ........................... 32 0.01

73

Northern Technologies International Corp ............... 3 0.00

689 PPG Industries Inc ............... 75 0.01 732 Praxair Inc ........................... 118 0.02 7,323 Sherwin-Williams Co .......... 3,333 0.59

Commercial Services and Supplies 7,494 AMERCO ............................ 2,673 0.48

1,147

American Public Education Inc ....................................... 38 0.01

4,384 ASGN Inc ............................ 346 0.06 135 Barrett Business Services Inc 9 0.00 161 BG Staffing Inc ................... 4 0.00 1,825 Bridgepoint Education Inc ... 19 0.00 4,117 Care.com Inc ....................... 91 0.02 352 CBIZ Inc ............................. 8 0.00 1,649 CoreLogic Inc ...................... 81 0.01 74 CRA International Inc ......... 4 0.00 633 Ecolab Inc ........................... 99 0.02 3,825 FTI Consulting Inc .............. 280 0.05 3,402 Green Dot Corp ................... 302 0.05

66

Heidrick & Struggles International Inc .................. 2 0.00

317 ICF International Inc ........... 24 0.00 862 Insperity Inc ........................ 102 0.02 1,416 K12 Inc ................................ 25 0.00 6,292 Kelly Services Inc ............... 151 0.03 6,426 Korn/Ferry International ...... 316 0.06 11,486 ManpowerGroup Inc ........... 987 0.18

Number of Shares


Fund %

2,594 MarketAxess Holdings Inc . 463 0.08 616 Medifast Inc ........................ 137 0.02 41,644 Moody's Corp ..................... 6,963 1.25 380 Robert Half International Inc 27 0.01 675 S&P Global Inc ................... 132 0.02 11,052 Service Corp International .. 488 0.09 3,027 TriNet Group Inc ................ 170 0.03 239 United Rentals Inc .............. 39 0.01 4,919 Vectrus Inc .......................... 153 0.03 5,629 Verisk Analytics Inc ........... 679 0.12 591 Western Union Co .............. 11 0.00

Computers and Peripherals 14,434 Apple Inc ............................ 3,258 0.58 344 CACI International Inc ....... 63 0.01

1,562


746



4,475


4,489 HP Inc ................................. 116 0.02

924

Information Services Group Inc ....................................... 4 0.00

2,364


305 OneSpan Inc ....................... 6 0.00 Containers and Packaging

872 Ball Corp ............................ 38 0.01 535 Sealed Air Corp .................. 21 0.00 718 WestRock Co ...................... 38 0.01

Distributors 760 Fastenal Co ......................... 44 0.01 774 LKQ Corp ........................... 25 0.00 1,309 Newell Brands Inc .............. 27 0.01 526 NEXEO SOLUTIONS ........ 6 0.00

3,526


723 Systemax Inc ....................... 24 0.00 98 WW Grainger Inc ............... 35 0.01


211


1,337 Ally Financial Inc ............... 35 0.01 1,970 American Express Co ......... 210 0.04 422 Ameriprise Financial Inc .... 62 0.01 338 BlackRock Inc .................... 159 0.03 3,166 Charles Schwab Corp .......... 156 0.03 11,461 CME Group Inc .................. 1,951 0.35 1,027 Discover Financial Services 79 0.01 774 E*TRADE Financial Corp .. 41 0.01 393 Elevate Credit Inc ............... 3 0.00 3,506 Enova International Inc ....... 101 0.02 901 Franklin Resources Inc ....... 27 0.00




Number of Shares


Fund %

5,499

Interactive Brokers Group Inc ....................................... 304 0.05

1,492


86,793 Jefferies Financial Group Inc 1,906 0.34 1,145 LendingTree Inc .................. 264 0.05 41,309 Mastercard Inc ..................... 9,196 1.64 310 Nasdaq Inc ........................... 27 0.00 194 Oppenheimer Holdings Inc . 6 0.00

366


633 T Rowe Price Group Inc ...... 69 0.01

10,329



2,083 AES Corp ............................ 29 0.01 605 Alliant Energy Corp ............ 26 0.00 1,182 CenterPoint Energy Inc ....... 33 0.01 760 CMS Energy Corp ............... 37 0.01 788 Consolidated Edison Inc ...... 60 0.01 50,602 Dominion Energy Inc .......... 3,556 0.64 281 DTE Energy Co ................... 31 0.01 844 Edison International ............ 57 0.01 830 Eversource Energy .............. 51 0.01 98,986 Exelon Corp ........................ 4,322 0.77 310 Pinnacle West Capital Corp 25 0.00

1,337


619 Sempra Energy .................... 70 0.01 2,575 Southern Co ......................... 112 0.02 830 WEC Energy Group Inc ...... 55 0.01 1,323 Xcel Energy Inc ................... 62 0.01

Electrical Equipment 127 Acuity Brands Inc ............... 20 0.00 872 Agilent Technologies Inc .... 62 0.01 722 AVX Corp ........................... 13 0.00 2,420 Corning Inc ......................... 85 0.02 408 Keysight Technologies Inc .. 27 0.01

6,925


2,641 Stoneridge Inc ..................... 78 0.01 224 Transcat Inc ......................... 5 0.00 661 Trimble Inc .......................... 29 0.01 1,107 Vishay Precision Group Inc 41 0.01 3,466 Waters Corp ........................ 675 0.12

Entertainment

450


42 Vail Resorts Inc ................... 12 0.00 Environmental Control

7,319 Stericycle Inc ....................... 429 0.08 929 Waste Management Inc ....... 84 0.01

Number of Shares


Fund %

Food Products 619 Aramark .............................. 27 0.00 507 Campbell Soup Co .............. 19 0.00 1,520 General Mills Inc ................ 65 0.01 718 Hormel Foods Corp ............ 28 0.01 689 Kellogg Co .......................... 48 0.01 1,548 Kraft Heinz Co .................... 85 0.01 310 McCormick & Co Inc ......... 41 0.01 3,996 Mondelez International Inc . 172 0.03 1,657 Simply Good Foods Co ....... 32 0.01

Gas Utilities 915 NiSource Inc ....................... 23 0.00

Hand and Machine Tools 155 Snap-on Inc ......................... 28 0.01 408 Stanley Black & Decker Inc 60 0.01

Health Care Equipment and Supplies 211 Align Technology Inc ......... 83 0.01 16,866 Becton Dickinson and Co ... 4,402 0.79 60,285 Bruker Corp ........................ 2,017 0.36 619 Dentsply Sirona Inc ............ 23 0.00 549 Edwards Lifesciences Corp . 96 0.02 599 Genomic Health Inc ............ 42 0.01 436 Henry Schein Inc ................ 37 0.01 760 Hologic Inc ......................... 31 0.01 253 IDEXX Laboratories Inc ..... 63 0.01 367 Inogen Inc ........................... 90 0.02 15,223 Luminex Corp ..................... 461 0.08 1,640 Orthofix Medical Inc .......... 95 0.02 7,015 ResMed Inc ......................... 809 0.14 3,092 Thermo Fisher Scientific Inc 755 0.13 14,611 Varian Medical Systems Inc 1,635 0.29

Health Care Providers and Services 2,189 Amedisys Inc ...................... 274 0.05 17,759 Anthem Inc ......................... 4,867 0.87 2,651 Centene Corp ...................... 384 0.07

4,187

Charles River Laboratories International Inc .................. 563 0.10

863 Chemed Corp ...................... 276 0.05 661 Cigna Corp .......................... 138 0.02 2,102 Encompass Health Corp ...... 164 0.03 2,648 HCA Healthcare Inc ........... 368 0.07 6,180 Humana Inc ......................... 2,092 0.37 380 IQVIA Holdings Inc ........... 49 0.01

281


5,613 Medpace Holdings Inc ........ 336 0.06 6,306 Molina Healthcare Inc ........ 938 0.17 380 Quest Diagnostics Inc ......... 41 0.01 7,071 WellCare Health Plans Inc .. 2,266 0.40

Home Builders 689 Lennar Corp ........................ 32 0.01 8 NVR Inc .............................. 21 0.00



Number of Shares


Fund %

Home Furnishings 113 Whirlpool Corp ................... 13 0.00

Hotels, Restaurants and Leisure 492 Harley-Davidson Inc ........... 22 0.01 637 Johnson Outdoors Inc .......... 59 0.01 129 Marine Products Corp ......... 3 0.00

2,245

Town Sports International Holdings Inc ........................ 19 0.00

Household Products 239 Avery Dennison Corp .......... 26 0.00 380 Clorox Co ............................ 57 0.01 971 Kimberly-Clark Corp .......... 110 0.02

Insurance 943 Allstate Corp ....................... 93 0.02

211


2,420


9,779 Arthur J Gallagher & Co ..... 728 0.13 155 Assurant Inc ........................ 17 0.00 25,436 Berkshire Hathaway Inc ...... 5,446 0.97 165 CNA Financial Corp ............ 8 0.00

999


647 Lincoln National Corp ......... 44 0.01 732 Loews Corp ......................... 37 0.01 633 Markel Corp ........................ 752 0.13 1,295 Marsh & McLennan Cos Inc 107 0.02

802


1,520 Progressive Corp ................. 108 0.02 1,154 Prudential Financial Inc ...... 117 0.02

183

Reinsurance Group of America Inc ......................... 26 0.00

718 Travelers Cos Inc ................ 93 0.02 535 Voya Financial Inc .............. 27 0.01

Internet Software and Services 1,960 Alphabet Inc (Class A) ........ 2,366 0.42 5,070 Alphabet Inc (Class C) ........ 6,051 1.08 1,411 Amazon.com Inc ................. 2,826 0.51 127 Booking Holdings Inc ......... 251 0.04 324 Expedia Group Inc .............. 42 0.01 4,993 Facebook Inc ....................... 821 0.15 6,256 GrubHub Inc ....................... 867 0.16 2,437 Netflix Inc ........................... 912 0.16 11,449 QuinStreet Inc ..................... 155 0.03 1,703 Symantec Corp .................... 36 0.01 380 TripAdvisor Inc ................... 19 0.00 1,651 Zillow Group Inc (Shares A) 73 0.01 12,399 Zillow Group Inc (Shares C) 549 0.10

Iron and Steel 704 Nucor Corp .......................... 45 0.01

Number of Shares


Fund %

Lodging

830


844 Marriott International Inc .... 111 0.02 230 Tropicana Entertainment Inc 17 0.00

Machinery 183 AGCO Corp ........................ 11 0.00 1,548 Caterpillar Inc ..................... 236 0.04 422 Cummins Inc ....................... 62 0.01 802 Deere & Co ......................... 121 0.02 436 Dover Corp ......................... 39 0.01 366 Flowserve Corp ................... 20 0.00 46,632 Graco Inc ............................ 2,161 0.39 12,922 Middleby Corp .................... 1,671 0.30 352 Rockwell Automation Inc ... 66 0.01 267 Roper Technologies Inc ...... 79 0.02 2,073 Somero Enterprises Inc ....... 10 0.00 5,163 Wabtec Corp ....................... 542 0.10 253 Xylem Inc ........................... 20 0.00

Media 100,324 Comcast Corp ..................... 3,552 0.64 689 Discovery Inc ...................... 22 0.00 253 Discovery Inc ...................... 7 0.00 281 Liberty Broadband Corp ..... 24 0.00 1,798 MSG Networks Inc ............. 46 0.01 4,826 Sirius XM Holdings Inc ...... 31 0.01 2,016 tronc Inc .............................. 33 0.01 4,052 Walt Disney Co .................. 474 0.08

Metals and Mining 1,266 Newmont Mining Corp ....... 38 0.01 5,849 Warrior Met Coal Inc .......... 158 0.02

Miscellaneous Manufacturers 13,841 3M Co ................................. 2,916 0.52 408 AO Smith Corp ................... 22 0.01 158 AptarGroup Inc ................... 17 0.00 300,827 General Electric Co ............. 3,396 0.61 788 Illinois Tool Works Inc ....... 111 0.02 366 Parker-Hannifin Corp ......... 67 0.01

Office Electronics 619 Xerox Corp ......................... 17 0.00 212 Zebra Technologies Corp .... 37 0.01

Oil and Gas 422 Andeavor ............................ 65 0.01 563 Antero Resources Corp ....... 10 0.00 34,682 Apache Corp ....................... 1,653 0.30 253 Cimarex Energy Co ............ 24 0.00 3,250 ConocoPhillips .................... 252 0.04 1,379 Devon Energy Corp ............ 55 0.01 6,190 EOG Resources Inc ............. 790 0.14 661 EQT Corp ........................... 29 0.01




Number of Shares


Fund %

36,691 Hess Corp ............................ 2,626 0.47 2,364 Marathon Oil Corp .............. 55 0.01 1,168 Marathon Petroleum Corp ... 93 0.02 577 Newfield Exploration Co ..... 17 0.00 1,266 Noble Energy Inc ................ 39 0.01 21,323 Occidental Petroleum Corp . 1,752 0.31 4,178 Par Pacific Holdings Inc ...... 85 0.02 25,213 Phillips 66 ........................... 2,842 0.51

450


1,055 Valero Energy Corp ............ 120 0.02 Oil and Gas Services

1,069 Baker Hughes a GE Co ....... 36 0.01 1,013 National Oilwell Varco Inc . 44 0.01 15,338 NOW Inc ............................. 254 0.04

Other Finance 528 TPG Specialty Lending Inc . 11 0.00

Paper and Forest Products 7,692 Domtar Corp ....................... 401 0.07 1,055 International Paper Co ......... 52 0.01 13,365 Mercer International Inc ...... 225 0.04 19,476 Resolute Forest Products Inc 252 0.05 6,916 Verso Corp .......................... 233 0.04

Personal Products 28,279 Avon Products Inc ............... 62 0.01 28,273 Colgate-Palmolive Co ......... 1,893 0.34 8,279 Estee Lauder Cos Inc ........... 1,203 0.22 6,796 Procter & Gamble Co .......... 566 0.10

Pharmaceuticals 4,151 AbbVie Inc .......................... 393 0.07 450 AmerisourceBergen Corp .... 42 0.01 16,154 Assertio Therapeutics Inc .... 95 0.02 4,320 Bristol-Myers Squibb Co .... 268 0.05 42,916 Cardinal Health Inc ............. 2,317 0.41 1,607 Concert Pharmaceuticals Inc 24 0.00 64,960 CVS Health Corp ................ 5,114 0.92 1,521 Enanta Pharmaceuticals Inc . 130 0.02 46,100 Express Scripts Holding Co 4,380 0.78 34,695 Johnson & Johnson ............. 4,794 0.86 7,134 Merck & Co Inc .................. 506 0.09

1,211

Natural Grocers by Vitamin Cottage Inc .......................... 20 0.00

158 Pacira Pharmaceuticals Inc .. 8 0.00 3,428 PRA Health Sciences Inc .... 378 0.07

23,145

Supernus Pharmaceuticals Inc ....................................... 1,165 0.21

5,079 USANA Health Sciences Inc 612 0.11 1,280 Zoetis Inc ............................. 117 0.02

Pipelines 549 Cheniere Energy Inc ............ 38 0.01 5,305 Kinder Morgan Inc .............. 94 0.02 1,041 ONEOK Inc ......................... 71 0.01

Number of Shares


Fund %

408 Targa Resources Corp ......... 23 0.00 3,616 Williams Cos Inc ................ 98 0.02

Real Estate 858 CBRE Group Inc ................. 38 0.01 2,288 Howard Hughes Corp ......... 284 0.05 127 Jones Lang LaSalle Inc ....... 18 0.00 2,433 RMR Group Inc .................. 226 0.04


253


1,112 American Tower Corp ........ 162 0.03 408 Boston Properties Inc .......... 50 0.01 253 Camden Property Trust ....... 24 0.00 971 Duke Realty Corp ............... 28 0.01 211 Equinix Inc ......................... 91 0.02 4,841 Exantas Capital ................... 53 0.01

183


127,901 GEO Group Inc ................... 3,218 0.58 1,295 HCP Inc .............................. 34 0.01 2,040 Host Hotels & Resorts Inc .. 43 0.01 704 Iron Mountain Inc ............... 24 0.00 394 Liberty Property Trust ........ 17 0.00 352 Macerich Co ....................... 19 0.00 1,407 Prologis Inc ......................... 95 0.02 338 SBA Communications Corp 54 0.01 661 UDR Inc .............................. 27 0.00 971 Welltower Inc ..................... 62 0.01 2,026 Weyerhaeuser Co ................ 65 0.01

Retail Trade 14,364 Advance Auto Parts Inc ...... 2,418 0.43 148 America's Car-Mart Inc ...... 12 0.00 2,404 AutoZone Inc ...................... 1,865 0.33 732 Best Buy Co Inc .................. 58 0.01 4,400 BJ's Restaurants Inc ............ 318 0.06 507 CarMax Inc ......................... 38 0.01 690 Chipotle Mexican Grill Inc . 313 0.06 464 Copart Inc ........................... 24 0.00 338 Darden Restaurants Inc ....... 38 0.01 17,123 Dollar General Corp ........... 1,872 0.33 141 Domino's Pizza Inc ............. 41 0.01 647 Gap Inc ............................... 19 0.00 324 Genuine Parts Co ................ 32 0.01 9,222 Home Depot Inc .................. 1,910 0.34 492 Kohl's Corp ......................... 37 0.01 619 L Brands Inc ....................... 19 0.00 29,840 Lowe's Cos Inc .................... 3,426 0.61 295 Lululemon Athletica Inc ..... 48 0.01 774 Macy's Inc ........................... 27 0.00 2,111 McDonald's Corp ................ 353 0.06 396 Movado Group Inc .............. 17 0.00 1,183 New York & Co Inc ............ 5 0.00



Number of Shares


Fund %

338 Nordstrom Inc ..................... 20 0.00 913 Regis Corp ........................... 19 0.00 929 Ross Stores Inc .................... 92 0.02 3,743 Starbucks Corp .................... 213 0.04 774 Tapestry Inc ......................... 39 0.01 324 Tiffany & Co ....................... 42 0.01 30,274 TJX Cos Inc ........................ 3,391 0.61 338 Tractor Supply Co ............... 31 0.01

155

Ulta Salon Cosmetics & Fragrance Inc ....................... 44 0.01

Savings and Loans

325,167

New York Community Bancorp Inc ......................... 3,372 0.60

830 People's United Financial Inc 14 0.00 Semiconductor Equipment and Products

9,904 Advanced Micro Devices Inc 306 0.05 957 Analog Devices Inc ............. 88 0.02 2,842 Applied Materials Inc .......... 110 0.02 11,262 Broadcom Inc ...................... 2,779 0.50 12,172 Intel Corp ............................ 576 0.10 436 Lam Research Corp ............. 66 0.01 1,604 NVIDIA Corp ...................... 451 0.08 25,142 QUALCOMM Inc ............... 1,811 0.32 507 Skyworks Solutions Inc ....... 46 0.01 10,139 Teradyne Inc ....................... 375 0.07 2,547 Texas Instruments Inc ......... 273 0.05

Software 1,999 Adobe Systems Inc .............. 540 0.10 2,302 ANSYS Inc ......................... 430 0.08 500 Apptio Inc ........................... 18 0.00 735 Aspen Technology Inc ........ 84 0.02 675 Autodesk Inc ....................... 105 0.02 901 CA Inc ................................. 40 0.01 33,778 Cadence Design Systems Inc 1,531 0.27 450 Citrix Systems Inc ............... 50 0.01 107 Fair Isaac Corp .................... 24 0.00 8,518 Intuit Inc .............................. 1,937 0.35 155 Jack Henry & Associates Inc 25 0.00 1,143 Manhattan Associates Inc .... 62 0.01 51,704 Microsoft Corp .................... 5,913 1.06 138 MicroStrategy Inc ................ 19 0.00 19,007 MSCI Inc ............................. 3,372 0.60 153,258 Oracle Corp ......................... 7,902 1.41 3,936 Progress Software Corp ....... 139 0.02 779 QAD Inc .............................. 44 0.01 6,091 salesforce.com Inc ............... 969 0.17 435 Veeva Systems Inc .............. 47 0.01 183 VMware Inc ........................ 29 0.01 380 Workday Inc ........................ 55 0.01

Telecommunications 2,688 CenturyLink Inc .................. 57 0.01 12,988 Cisco Systems Inc ............... 632 0.11

Number of Shares


Fund %

718 CommScope Holding Co Inc 22 0.01 380 Motorola Solutions Inc ....... 49 0.01

260

Shenandoah Telecommunications Co ..... 10 0.00

2,350 Sprint Corp ......................... 15 0.00

2,406

Telephone & Data Systems Inc ....................................... 73 0.01

1,754 United States Cellular Corp 80 0.02

10,652

Verizon Communications Inc ....................................... 569 0.10

521 Zayo Group Holdings Inc ... 19 0.00 Textile and Apparel

163,280 Hanesbrands Inc .................. 3,009 0.54 169 Mohawk Industries Inc ....... 30 0.01 30,399 NIKE Inc ............................ 2,575 0.46 225 PVH Corp ........................... 33 0.01 480 Rocky Brands Inc ............... 14 0.00 872 Under Armour Inc ............... 19 0.00 704 VF Corp .............................. 66 0.01

Toys, Games and Hobbies 310 Hasbro Inc .......................... 33 0.01 985 Mattel Inc ............................ 15 0.00

Transport 6,587 CH Robinson Worldwide Inc 645 0.12 2,462 CSX Corp ........................... 182 0.03

478


295 Kansas City Southern ......... 33 0.01 7,769 Kirby Corp .......................... 639 0.11 760 Norfolk Southern Corp ....... 137 0.02 2,097 Union Pacific Corp ............. 341 0.06 1,773 United Parcel Service Inc ... 207 0.04

Water Utilities

464


256,841 45.93 Virgin Islands, British (0.05%) Internet Software and Services

9,417 Mail.Ru Group Ltd GDR .... 254 0.04 Textile and Apparel

436 Michael Kors Holdings Ltd 30 0.01 284 0.05 Total Common Stock ........ 484,306 86.61 Preferred Stock (0.25%) Brazil (0.24%) Banks

106,629 Banco Bradesco SA ............ 765 0.14

722

Banco do Estado do Rio Grande do Sul SA ............... 3 0.00


1,320 0.24




Number of Shares


Fund %

Germany (0.01%) Automobiles

118



38

Draegerwerk AG & Co KGaA .................................. 2 0.00

Household Products 461 Henkel AG & Co KGaA ..... 54 0.01

65 0.01 Total Preferred Stock ........ 1,385 0.25 Rights (0.00%) Australia (0.00%)

1 Transurban Group ............... - 0.00 France (0.00%)

204 GL Events ........................... - 0.00 Italy (0.00%)

1 Intesa Sanpaolo SpA ........... - 0.00

Number of Shares


Fund %

Spain (0.00%) 1 Repsol SA ........................... - 0.00

Total Rights ....................... - 0.00



6,080


7,361

Russell Investment Company plc Old Mutual Global Emerging Opportunities Fund Class A Hybrid Shares 6,268 1.12

43,277

Russell Investment Company plc Old Mutual Global Macro Equity Fund - Class E Hybrid Shares ..................... 57,193 10.23




Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

992

1,044.03

19 of MSCI Emerging Markets E Mini Futures Long Futures Contracts Expiring December 2018 ................................. 5 0.00

2,864

1,974.88

29 of MSCI EAFE Mini Index Futures Long Futures Contracts Expiring December 2018 ................................. 1 0.00

5,399

2,918.47

37 of S&P 500 E Mini Index Futures Long Futures Contracts Expiring December 2018 ................................. 1 0.00

Net unrealised gain (loss) on open futures contracts ................................................... 7 0.00 Total Financial Derivative Instruments ....................................................................... 7 0.00


Fund %

Total Financial Assets at Fair Value through Profit or Loss (99.33%) ................................................................................... 555,423 99.33

Other Net Assets (0.67%) ....................................................... 3,727 0.67 Net Assets ................................................................................. 559,150 100.00



Abbreviation used: ADR - American Depository Receipt GDR - Global Depository Receipt NVDR - Non -Voting Depository Receipt


gross assets Transferable securities admitted to official stock exchange listing ................................................................... 86.83 Investment funds (UCITS) ................................................................................................................................. 12.47 Exchange traded financial derivative instruments ............................................................................................. 0.00 Other assets ........................................................................................................................................................ 0.70

100.00 The broker for the open futures contracts is Goldman Sachs. Fair Value Hierarchy (Note 11) The following tables analyse within the fair value hierarchy the Fund’s financial assets and liabilities (by investment type) measured at fair value at 30 September 2018 and 31 March 2018. As at 30 September 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 485,689 - 2 485,691Investment funds ........................................................... - 69,725 - 69,725 Unrealised gain on open futures contracts .................... 7 - - 7

Total assets ......................................................................... 485,696 69,725 2 555,423 As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total






Russell Investment Company plc Old Mutual Multi-Style Global Equity Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.







Schlumberger Ltd 3,685 JPMorgan Chase & Co (3,867) US Bancorp 3,660 Twenty-First Century Fox Inc (3,681) Dominion Energy Inc 3,477 DS Smith Plc (3,249) Anthem Inc 2,948 CRH Plc (2,859) Lowe's Cos Inc 2,575 BP Plc (2,786) Berkshire Hathaway Inc 2,522 KeyCorp (2,469) Fibra Uno Administracion SA de CV 1,909 Apple Inc (2,385) Enagas SA 1,772 Airbus SE (2,383) Jefferies Financial Group Inc 1,754 Cisco Systems Inc (2,091) Advance Auto Parts Inc 1,698 Russell Investment Company plc Dollar General Corp 1,686 Old Mutual Global Macro Equity Fund State Street Corp 1,667 Class E Hybrid Shares (2,000) Philip Morris International Inc 1,484 NVR Inc (1,734) Mastercard Inc 1,356 Phillips 66 (1,654) Broadcom Inc 1,185 Koninklijke Philips NV (1,646) Facebook Inc 1,079 PepsiCo Inc (1,572) Intuit Inc 1,060 IHI Corp (1,525) Ping An Insurance Group Co of China Ltd 1,044 Lam Research Corp (1,459) RPC Group Plc 1,021 Amazon.com Inc (1,414) Hengan International Group Co Ltd (1,408) Fiat Chrysler Automobiles NV (1,335)

Russell Investment Company plc Old Mutual Opportunities Global Equity Fund Balance Sheet As at 31 March 2018

The accompanying notes are an integral part of the financial statements. 518 Old Mutual Opportunities Global Equity Fund


Assets Cash at bank (Note 2) ................................................................................................................................ 71

71 Liabilities Creditors – amounts falling due within one financial year:

Depositary fees payable ......................................................................................................................... (2) Administration fees payable .................................................................................................................. (5) Audit fees payable ................................................................................................................................. (30) Other fees payable ................................................................................................................................. (34) (71)

Net assets attributable to redeemable participating shareholders ...................................................... - * As the Fund terminated on 18 July 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.


Russell Investment Company plc Old Mutual Opportunities Global Equity Fund Profit and Loss Account For the six months ended 30 September 2017


Old Mutual Opportunities Global Equity Fund 519



Income Dividends ............................................................................................................................................... 690 Securities lending income (Note 3) ....................................................................................................... 3

693 Net gain (loss) on investment activities .................................................................................................... 6,742 Total investment income (expense) ........................................................................................................ 7,435 Expenses

Management fees (Note 4) .................................................................................................................... (152) Less: Management fees reimbursement (Note 4) .................................................................................. 2 Depositary fees (Note 5) ........................................................................................................................ (7) Sub-custodian fees (Note 5) .................................................................................................................. (3) Administration and transfer agency fees (Note 5) ................................................................................. (15) Audit fees .............................................................................................................................................. (14) Professional fees .................................................................................................................................... (6) Other fees .............................................................................................................................................. (50)

Total operating expenses ........................................................................................................................ (245) Profit (loss) for the financial period before taxation ............................................................................ 7,190 Taxation

Withholding tax (Note 8) ....................................................................................................................... (197) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ....................................................................................................................... 6,993 * As the Fund terminated on 18 July 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.


All amounts arose solely from terminating operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual Opportunities Global Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2017

The accompanying notes are an integral part of the financial statements. 520 Old Mutual Opportunities Global Equity Fund



Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................................................. 6,993 Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) .................................................................................................................... (108,043)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ............................................................................................................................................. (101,050) Net assets attributable to redeemable participating shareholders

Beginning of financial period ................................................................................................................ 101,050

End of financial period .......................................................................................................................... - * As the Fund terminated on 18 July 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.


Russell Investment Company plc Old Mutual Emulated Opportunities Global Equity Fund Balance Sheet As at 31 March 2018


Old Mutual Emulated Opportunities Global Equity Fund 521



Payable on fund shares redeemed .......................................................................................................... (484) Sub-custodian fees payable .................................................................................................................... (6) Administration fees payable ................................................................................................................... (1) Audit fees payable .................................................................................................................................. (14) Other fees payable .................................................................................................................................. (249)

(754) Net assets attributable to redeemable participating shareholders ....................................................... - * As the Fund terminated on 25 July 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.


Russell Investment Company plc Old Mutual Emulated Opportunities Global Equity Fund Profit and Loss Account For the six months ended 30 September 2017

The accompanying notes are an integral part of the financial statements. 522 Old Mutual Emulated Opportunities Global Equity Fund



Income Dividends ............................................................................................................................................. 2,853 Securities lending income (Note 3) ...................................................................................................... 31

2,884 Net gain (loss) on investment activities ................................................................................................... 32,626 Total investment income (expense) ....................................................................................................... 35,510 Expenses

Management fees (Note 4) ................................................................................................................... (572) Less: Management fees reimbursement (Note 4) ................................................................................. 13 Depositary fees (Note 5) ....................................................................................................................... (23) Sub-custodian fees (Note 5) ................................................................................................................. (24) Administration and transfer agency fees (Note 5) ................................................................................ (35) Audit fees ............................................................................................................................................. (7) Professional fees ................................................................................................................................... (11) Other fees ............................................................................................................................................. (621)

Total operating expenses ....................................................................................................................... (1,280) Profit (loss) for the financial period before taxation ........................................................................... 34,230 Taxation (Note 8)

Capital gains tax ................................................................................................................................... (61) Withholding tax .................................................................................................................................... (510)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ...................................................................................................................... 33,659 * As the Fund terminated on 25 July 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.



Russell Investment Company plc Old Mutual Emulated Opportunities Global Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2017


Old Mutual Emulated Opportunities Global Equity Fund 523



Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ................................................................................................ 33,659 Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................................... (407,113)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders (373,454) Net assets attributable to redeemable participating shareholders

Beginning of financial period ............................................................................................................... 373,454

End of financial period ......................................................................................................................... -

* As the Fund terminated on 25 July 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.


Russell Investment Company plc Old Mutual MSCI Emerging Markets ESG Index Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 524 Old Mutual MSCI Emerging Markets ESG Index Fund


USD ‘000


Assets Financial assets at fair value through profit or loss ...................................................... 43,002 63,837 Cash at bank (Note 2) ................................................................................................... - 32 Debtors:

Receivable for investments sold ............................................................................... 36 - Dividends receivable ................................................................................................ 53 173


Bank overdraft (Note 2) ............................................................................................ (34) - Payable for investments purchased ........................................................................... (35) - Distributions payable on hybrid accumulation share classes .................................... - (68) Capital gains tax payable .......................................................................................... (81) (137) Management fees payable ......................................................................................... (8) (11) Depositary fees payable ............................................................................................ (6) (2) Sub-custodian fees payable ....................................................................................... (40) (11) Administration fees payable ..................................................................................... (2) (2) Audit fees payable .................................................................................................... (6) (14) Other fees payable .................................................................................................... (8) (8)

(220) (253) Net assets attributable to redeemable participating shareholders ......................... 42,871 63,789

Russell Investment Company plc Old Mutual MSCI Emerging Markets ESG Index Fund Profit and Loss Account For six months ended 30 September 2018


Old Mutual MSCI Emerging Markets ESG Index Fund 525





Income Dividends ................................................................................................................ 909 885

Net gain (loss) on investment activities ...................................................................... (6,847) 5,617 Total investment income (expense) ......................................................................... (5,938) 6,502 Expenses

Management fees (Note 4) ...................................................................................... (60) (64) Depositary fees (Note 5) ......................................................................................... (9) (4) Sub-custodian fees (Note 5) .................................................................................... (53) (26) Administration and transfer agency fees (Note 5) .................................................. (15) (12) Audit fees ................................................................................................................ (6) (6) Professional fees ..................................................................................................... (1) (2) Other fees ................................................................................................................ (12) (13)

Total operating expenses .......................................................................................... (156) (127) Profit (loss) for the financial period before taxation ............................................. (6,094) 6,375 Taxation (Note 8)

Capital gains tax ..................................................................................................... (18) - Withholding tax ...................................................................................................... (115) (110)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................. (6,227) 6,265


Russell Investment Company plc Old Mutual MSCI Emerging Markets ESG Index Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For six months ended 30 September 2018







Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ................................................................................................ (14,691) 36




Russell Investment Company plc Old Mutual MSCI Emerging Markets ESG Index Fund Schedule of Investments 30 September 2018



Number of Shares


Fund %

Transferable Securities (100.31%) Common Stock (96.59%) Bermuda (0.63%) Automobiles

52,000

Brilliance China Automotive Holdings Ltd ....................... 84 0.20

Entertainment 270,000 Alibaba Pictures Group Ltd . 37 0.09

Home Furnishings

21,000



508,000

HengTen Networks Group Ltd ....................................... 19 0.04

Retail Trade 177,000 GOME Retail Holdings Ltd 18 0.04

Water Utilities

102,000

Beijing Enterprises Water Group Ltd ............................ 54 0.13

269 0.63 Brazil (2.35%) Commercial Services and Supplies

21,016 Cielo SA .............................. 64 0.15 24,000 Kroton Educacional SA ....... 69 0.16 8,850 Localiza Rent a Car SA ....... 50 0.12

Containers and Packaging 12,300 Klabin SA ............................ 61 0.14

Diversified Financials 36,100 B3 SA - Brasil Bolsa Balcao 212 0.49

Electric Utilities 3,700 EDP - Energias do Brasil SA 12 0.03 2,400 Engie Brasil Energia SA ...... 21 0.05

Food Products 1,800 M Dias Branco SA .............. 18 0.04

Insurance 7,600 Odontoprev SA .................... 24 0.06

Machinery 13,800 WEG SA ............................. 68 0.16

Oil and Gas 2,200 Cosan SA Industria ............. 18 0.04 6,300 Ultrapar Participacoes SA ... 59 0.14

Paper and Forest Products 4,300 Fibria Celulose SA .............. 81 0.19

Personal Products 4,000 Natura Cosmeticos SA ........ 28 0.06

Real Estate 18,160 BR Malls Participacoes SA . 44 0.10

5,700

Multiplan Empreendimentos Imobiliarios SA ................... 27 0.06

Retail Trade

5,000

Atacadao Distribuicao Comercio e Industria Ltda ... 19 0.04

Number of Shares


Fund %

12,050 Lojas Renner SA ................. 94 0.22 Telecommunications

13,800 TIM Participacoes SA ......... 41 0.10 1,010 2.35 Cayman Islands (13.65%) Automobiles

85,000

Geely Automobile Holdings Ltd ...................................... 169 0.40

Biotechnology 18,000 3SBio Inc ............................ 30 0.07


26,500


2,400



25,000

Lee & Man Paper Manufacturing Ltd .............. 23 0.05

Diversified Financials 19,868 Chailease Holding Co Ltd ... 70 0.16


12,500


Energy Equipment and Services

263,000

GCL-Poly Energy Holdings Ltd ...................................... 18 0.04

Food Products

88,000

China Huishan Dairy Holdings Co Ltd ................. 5 0.01

48,000


Gas Utilities 19,000 Towngas China Co Ltd ....... 17 0.04


22,000

China Medical System Holdings Ltd ....................... 31 0.07


7,200


99,500 Tencent Holdings Ltd ......... 4,111 9.59 7,500 Vipshop Holdings Ltd ADR 47 0.11

Pharmaceuticals 127,000 Sino Biopharmaceutical Ltd 118 0.28

Real Estate 117,500 Fullshare Holdings Ltd ....... 56 0.13

18,000

Jiayuan International Group Ltd ...................................... 31 0.07

34,000 Shui On Land Ltd ............... 8 0.02 21,500 SOHO China Ltd ................ 8 0.02 29,000 Yuzhou Properties Co Ltd .. 12 0.03

Retail Trade 18,000 ANTA Sports Products Ltd . 86 0.20

7,500

Zhongsheng Group Holdings Ltd ...................................... 18 0.04

Russell Investment Company plc Old Mutual MSCI Emerging Markets ESG Index Fund Schedule of Investments - continued 30 September 2018


Number of Shares


Fund %

Textile and Apparel

13,000

Shenzhou International Group Holdings Ltd ............ 167 0.39

5,853 13.65 Chile (1.10%) Airlines

5,448 Latam Airlines Group SA .... 52 0.12 Electric Utilities

506,788 Enel Americas SA ............... 78 0.18 Holding Companies - Diversified Operations

6,418 Empresas COPEC SA ......... 99 0.23 Paper and Forest Products

22,807 Empresas CMPC SA ........... 92 0.22 Retail Trade

13,145 SACI Falabella .................... 107 0.25 Telecommunications

2,482

Empresa Nacional de Telecomunicaciones SA ...... 21 0.05

Water Utilities 37,726 Aguas Andinas SA .............. 21 0.05

470 1.10 China (6.60%) Airlines

26,000 Air China Ltd ...................... 25 0.06

16,000

China Eastern Airlines Corp Ltd ....................................... 10 0.02

32,000

China Southern Airlines Co Ltd ....................................... 20 0.05

Automobiles 11,000 BYD Co Ltd ........................ 79 0.18

17,200

Chongqing Changan Automobile Co Ltd ............. 14 0.03

44,000

Dongfeng Motor Group Co Ltd ....................................... 45 0.11

52,400

Guangzhou Automobile Group Co Ltd ...................... 58 0.14

Banks 154,000 China CITIC Bank Corp Ltd 99 0.23

1,680,000

China Construction Bank Corp ..................................... 1,469 3.43

42,000

China Everbright Bank Co Ltd ....................................... 19 0.04

68,500

China Merchants Bank Co Ltd ....................................... 278 0.65

109,800


Building Products 53,000 BBMG Corp ........................ 18 0.04

Commercial Services and Supplies 26,000 Zhejiang Expressway Co Ltd 22 0.05

Electric Utilities

56,000

China Longyuan Power Group Corp Ltd ................... 47 0.11

68,000

Huaneng Renewables Corp Ltd ....................................... 20 0.05

Number of Shares


Fund %


14,200

Xinjiang Goldwind Science & Technology Co Ltd ......... 15 0.03


40,000

Shandong Weigao Group Medical Polymer Co Ltd ..... 40 0.09

Metals and Mining 54,000 China Molybdenum Co Ltd 23 0.05

59,500

China Shenhua Energy Co Ltd ...................................... 136 0.32

22,000

Inner Mongolia Yitai Coal Co Ltd ................................. 26 0.06

Miscellaneous Manufacturers

10,600

China International Marine Containers Group Co Ltd .... 11 0.03

Pharmaceuticals

8,500

Shanghai Fosun Pharmaceutical Group Co Ltd ...................................... 34 0.08

20,000 Sinopharm Group Co Ltd ... 98 0.23 Real Estate

23,300 China Vanke Co Ltd ........... 77 0.18 Retail Trade

17,100

Shanghai Pharmaceuticals Holding Co Ltd ................... 43 0.10

Transport

92,000

Cosco Shipping Development Co Ltd ........... 12 0.03

20,000 Sinotrans Ltd ....................... 8 0.02 2,828 6.60 Colombia (0.20%) Building Products

8,480 Cementos Argos SA ........... 22 0.05 4,940 Grupo Argos SA ................. 27 0.06

Electric Utilities

8,225

Interconexion Electrica SA ESP ..................................... 37 0.09

86 0.20 Czech Republic (0.24%) Banks

986 Komercni Banka AS ........... 40 0.09 Electric Utilities

2,420 CEZ AS .............................. 62 0.15 102 0.24 Egypt (0.20%) Banks

17,913

Commercial International Bank Egypt SAE ................. 84 0.20

Greece (0.18%) Building Products

844 Titan Cement Co SA ........... 21 0.05




Number of Shares


Fund %

Telecommunications

4,467

Hellenic Telecommunications Organization SA .................. 55 0.13

76 0.18 Hong Kong (0.99%) Agriculture

50,000

China Agri-Industries Holdings Ltd ....................... 19 0.04



15,000

BYD Electronic International Co Ltd ............ 22 0.05


58,000

China Everbright International Ltd .................. 50 0.12


44,000

China Travel International Investment Hong Kong Ltd . 14 0.03

Pharmaceuticals

33,000

China Resources Pharmaceutical Group Ltd ... 52 0.12

80,000

CSPC Pharmaceutical Group Ltd ....................................... 170 0.40

Real Estate 38,000 Shenzhen Investment Ltd .... 12 0.03

425 0.99 Hungary (0.50%) Banks

3,833 OTP Bank NYRT ................ 142 0.33 Oil and Gas

6,624


213 0.50 India (9.88%) Automobiles

18,346 Ashok Leyland Ltd .............. 30 0.07 221 Eicher Motors Ltd ............... 74 0.18 12,651 Mahindra & Mahindra Ltd .. 151 0.35

Banks 31,343 Axis Bank Ltd ..................... 267 0.62 42,027 ICICI Bank Ltd ................... 177 0.42 30,211 Yes Bank Ltd ...................... 77 0.18

Chemicals 4,612 Asian Paints Ltd .................. 82 0.19 6,065 UPL Ltd .............................. 56 0.13

Computers and Peripherals 61,129 Infosys Ltd .......................... 617 1.44

16,116

Tata Consultancy Services Ltd ....................................... 486 1.13

18,516 Wipro Ltd ............................ 82 0.19

Number of Shares


Fund %


27,840


5,676

Mahindra & Mahindra Financial Services Ltd ........ 31 0.07

1,379 Piramal Enterprises Ltd ...... 44 0.10 Electrical Equipment

1,228 Siemens Ltd ........................ 16 0.04 Food Products

461 Britannia Industries Ltd ...... 37 0.09 388 Nestle India Ltd .................. 52 0.12

Hotels, Restaurants and Leisure 1,627 Bajaj Auto Ltd .................... 60 0.14 747 Hero MotoCorp Ltd ............ 30 0.07

Household Products 11,540 Hindustan Unilever Ltd ...... 256 0.60 8,500 Marico Ltd .......................... 39 0.09

Iron and Steel 523 Tata Steel Ltd ...................... 1 0.00

Media

7,968

Zee Entertainment Enterprises Ltd .................... 48 0.11

Metals and Mining 22,846 Hindalco Industries Ltd ...... 72 0.17

Miscellaneous Manufacturers 2,069 Pidilite Industries Ltd ......... 30 0.07

Oil and Gas 13,457 Bharat Petroleum Corp Ltd . 70 0.16

11,053

Hindustan Petroleum Corp Ltd ...................................... 38 0.09

Personal Products 8,729 Dabur India Ltd .................. 52 0.12

Pharmaceuticals 4,221 Aurobindo Pharma Ltd ....... 43 0.10

2,700

Glenmark Pharmaceuticals Ltd ...................................... 23 0.05

3,732 Lupin Ltd ............................ 47 0.11 Pipelines

11,571 Petronet LNG Ltd ............... 36 0.08 Retail Trade

5,247 Titan Co Ltd ........................ 58 0.14 Software

9,329 HCL Technologies Ltd ....... 140 0.33 8,040 Tech Mahindra Ltd ............. 83 0.19

Telecommunications 24,279 Bharti Airtel Ltd ................. 114 0.27 6,817 Bharti Infratel Ltd ............... 25 0.06 32,992 Vodafone Idea Ltd .............. 18 0.04

4,234 9.88



Number of Shares


Fund %

Indonesia (3.53%) Banks


57,700

Bank Danamon Indonesia Tbk PT ................................ 28 0.06

343,000

Bank Mandiri Persero Tbk PT ........................................ 155 0.36

129,700

Bank Negara Indonesia Persero Tbk PT .................... 64 0.15

1,006,900


Construction and Engineering 53,700 Jasa Marga Persero Tbk PT . 16 0.04

Food Products

39,900

Indofood CBP Sukses Makmur Tbk PT .................. 24 0.06

67,300

Indofood Sukses Makmur Tbk PT ................................ 27 0.06

Gas Utilities

224,400



Machinery 29,000 United Tractors Tbk PT ....... 64 0.15

Media 67,700 Surya Citra Media Tbk PT .. 9 0.02

Metals and Mining 265,200 Adaro Energy Tbk PT ......... 33 0.08


46,500

Indah Kiat Pulp & Paper Corp Tbk PT ........................ 54 0.13

Pharmaceuticals 282,400 Kalbe Farma Tbk PT ........... 26 0.06

Real Estate 199,900 Pakuwon Jati Tbk PT .......... 7 0.02


43,800

Matahari Department Store Tbk PT ................................ 20 0.04

Telecommunications

865,300


1,512 3.53 Isle of Man (0.14%) Real Estate

6,847 NEPI Rockcastle Plc ........... 62 0.14 Korea, Republic of (12.00%) Airlines

785 Korean Air Lines Co Ltd ..... 20 0.05 Auto Components

1,449 Hankook Tire Co Ltd .......... 65 0.15 2,992 Hanon Systems .................... 34 0.08

Number of Shares


Fund %

Banks 4,075 Industrial Bank of Korea ..... 56 0.13

Chemicals 1,853 Hanwha Chemical Corp ...... 32 0.07 37 Hyosung Chemical Corp ..... 5 0.01 817 LG Chem Ltd ...................... 269 0.63 286 Lotte Chemical Corp ........... 72 0.17

Computers and Peripherals 599 Samsung SDS Co Ltd ......... 125 0.29 566 SK Holdings Co Ltd ........... 146 0.34

Construction and Engineering 557 Daelim Industrial Co Ltd .... 41 0.09

790


546 HDC Holdings Co Ltd ........ 11 0.02

1,379

Hyundai Engineering & Construction Co Ltd ........... 84 0.20


Diversified Financials 4,004 BNK Financial Group Inc ... 31 0.07 3,174 DGB Financial Group Inc ... 29 0.07 5,115 Hana Financial Group Inc ... 205 0.48 7,007 KB Financial Group Inc ...... 342 0.80 457 Samsung Card Co Ltd ......... 15 0.03

7,398


Electrical Equipment 3,944 LG Display Co Ltd ............. 68 0.16 200 LG Innotek Co Ltd .............. 24 0.06

962

Samsung Electro-Mechanics Co Ltd ................................. 121 0.28

Energy Equipment and Services 296 OCI Co Ltd ......................... 29 0.07

Food Products 151 CJ CheilJedang Corp .......... 45 0.11 860 GS Holdings Corp ............... 43 0.10

Gas Utilities 570 Korea Gas Corp .................. 31 0.07

Holding Companies - Diversified Operations 281 CJ Corp ............................... 34 0.08

Home Furnishings 798 Coway Co Ltd ..................... 62 0.14 1,838 LG Electronics Inc .............. 118 0.28

Insurance

992

Hyundai Marine & Fire Insurance Co Ltd ................. 38 0.09

547


Internet Software and Services 492 NAVER Corp ..................... 318 0.74

Machinery

1,087

Doosan Heavy Industries & Construction Co Ltd ........... 15 0.04




Number of Shares


Fund %

109

Hyosung Heavy Industries Corp ..................................... 6 0.01

Metals and Mining 162 Hyosung Corp ..................... 7 0.02

Miscellaneous Manufacturers

53

Hyosung Advanced Materials Corp ..................... 7 0.02

Oil and Gas 747 S-Oil Corp ........................... 92 0.22 1,107 SK Innovation Co Ltd ......... 215 0.50

Personal Products 566 Amorepacific Corp .............. 133 0.31 453 Amorepacific Group ............ 38 0.09

164


Pharmaceuticals 106 Hanmi Pharm Co Ltd .......... 48 0.11 124 Yuhan Corp ......................... 27 0.06

Retail Trade 553 Hotel Shilla Co Ltd ............. 54 0.12 1,307 Samsung C&T Corp ............ 153 0.36

Semiconductor Equipment and Products 10,181 SK Hynix Inc ...................... 671 1.56

Shipbuilding

628


Telecommunications 964 Samsung SDI Co Ltd ........... 225 0.53 338 SK Telecom Co Ltd ............. 86 0.20

Textile and Apparel 51 Hyosung TNC Co Ltd ......... 9 0.02

5,145 12.00 Malaysia (3.55%) Agriculture

6,900 HAP Seng Consolidated Bhd 17 0.04 Automobiles

2,200 UMW Holdings Bhd ........... 3 0.01 Banks

20,600 Alliance Bank Malaysia Bhd 21 0.05 32,400 AMMB Holdings Bhd ......... 32 0.07 82,700 CIMB Group Holdings Bhd 120 0.28 11,300 Hong Leong Bank Bhd ........ 56 0.13 62,900 Malayan Banking Bhd ......... 149 0.35 50,200 Public Bank Bhd ................. 303 0.71 18,207 RHB Bank Bhd ................... 24 0.05


19,600

Malaysia Airports Holdings Bhd ...................................... 42 0.10

Distributors 31,400 Sime Darby Bhd .................. 20 0.05


Number of Shares


Fund %

Entertainment

28,100

Astro Malaysia Holdings Bhd ..................................... 10 0.02

Food Products 900 Nestle Malaysia Bhd ........... 32 0.07 9,240 PPB Group Bhd .................. 37 0.09

Health Care Providers and Services 39,800 IHH Healthcare Bhd ........... 50 0.12

Holding Companies - Diversified Operations 63,400 YTL Corp Bhd .................... 19 0.04

Metals and Mining

21,000

Press Metal Aluminium Holdings Bhd ...................... 25 0.06

Miscellaneous Manufacturers 23,500 Hartalega Holdings Bhd ...... 38 0.09 14,400 Top Glove Corp Bhd .......... 37 0.09

Oil and Gas 4,200 Petronas Dagangan Bhd ...... 27 0.06

Real Estate 47,800 IOI Properties Group Bhd ... 19 0.04 53,300 Sime Darby Property Bhd ... 15 0.04 27,000 SP Setia Bhd Group ............ 18 0.04

Telecommunications 46,000 Axiata Group Bhd ............... 51 0.12 49,200 DiGi.Com Bhd .................... 57 0.13 39,200 Maxis Bhd .......................... 55 0.13 13,300 Telekom Malaysia Bhd ....... 10 0.02

Transport 18,200 MISC Bhd ........................... 27 0.06

1,523 3.55 Mexico (2.41%) Beverages

8,300

Arca Continental SAB de CV ...................................... 54 0.13

8,800

Coca-Cola Femsa SAB de CV ...................................... 54 0.13

34,400

Fomento Economico Mexicano SAB de CV ........ 341 0.79



3,240

Grupo Aeroportuario del Sureste SAB de CV ............ 66 0.15

Electric Utilities

7,800

Infraestructura Energetica Nova SAB de CV ................ 39 0.09

Food Products 3,425 Gruma SAB de CV ............. 44 0.10 28,400 Grupo Bimbo SAB de CV .. 60 0.14

Holding Companies - Diversified Operations 50,800 Alfa SAB de CV ................. 65 0.15

Household Products

28,300

Kimberly-Clark de Mexico SAB de CV ......................... 50 0.12



Number of Shares


Fund %

Metals and Mining

2,650

Industrias Penoles SAB de CV ....................................... 46 0.11

Retail Trade 9,100 Alsea SAB de CV ................ 31 0.07

1,032 2.41 Philippines (1.33%) Banks

16,646

Bank of the Philippine Islands ................................. 26 0.06

34,780 BDO Unibank Inc ............... 77 0.18

13,800

Metropolitan Bank & Trust Co ........................................ 17 0.04

Electric Utilities 17,500 Aboitiz Power Corp ............. 11 0.02

Food Products 50,570 JG Summit Holdings Inc ..... 50 0.12

Holding Companies - Diversified Operations 31,280 Aboitiz Equity Ventures Inc 28 0.06 85,900 Alliance Global Group Inc .. 20 0.05

Real Estate 135,500 Ayala Land Inc .................... 100 0.23 184,500 SM Prime Holdings Inc ....... 123 0.29

Retail Trade 4,065 SM Investments Corp .......... 68 0.16

Telecommunications 495 Globe Telecom Inc .............. 20 0.05 1,295 PLDT Inc ............................. 32 0.07

572 1.33 Poland (1.49%) Banks

647

Bank Handlowy w Warszawie SA ..................... 14 0.03

7,927 Bank Millennium SA .......... 20 0.05 3,178 Bank Polska Kasa Opieki SA 92 0.22 211 mBank SA ........................... 26 0.06 642 Santander Bank Polska SA .. 65 0.15

Insurance

10,605

Powszechny Zaklad Ubezpieczen SA .................. 114 0.27


Oil and Gas

5,237


27,177


Software 1,154 CD Projekt SA ..................... 59 0.14

639 1.49

Number of Shares


Fund %

Qatar (0.16%) Banks

3,497 Commercial Bank QSC ...... 39 0.09 Telecommunications

1,484 Ooredoo QPSC ................... 28 0.07 67 0.16 Russia (2.20%) Chemicals

1,383 PhosAgro PJSC GDR ......... 19 0.04 Electric Utilities

601,000 Inter RAO UES PJSC ......... 38 0.09 1,901,000 RusHydro PJSC .................. 18 0.04

Oil and Gas 7,246 Lukoil PJSC (RUB) ............ 555 1.30 262 Lukoil PJSC (USD) ............ 20 0.05 1,595 Novatek PJSC GDR ............ 293 0.68

943 2.20 South Africa (11.07%) Banks

12,297 Absa Group Ltd .................. 132 0.31 60,836 FirstRand Ltd ...................... 292 0.68 3,695 Nedbank Group Ltd ............ 69 0.16 22,181 Standard Bank Group Ltd ... 274 0.64



5,192

Coronation Fund Managers Ltd ...................................... 20 0.05

4,993 Investec Ltd ........................ 35 0.08 12,072 RMB Holdings Ltd ............. 68 0.16

Food Products 5,720 Bid Corp Ltd ....................... 119 0.28 5,851 Bidvest Group Ltd .............. 76 0.18 2,655 Pioneer Foods Group Ltd .... 17 0.04 7,387 Shoprite Holdings Ltd ......... 100 0.23 2,943 SPAR Group Ltd ................. 38 0.09 15,991 Woolworths Holdings Ltd .. 56 0.13


6,605

Aspen Pharmacare Holdings Ltd ...................................... 79 0.18


21,689

Life Healthcare Group Holdings Ltd ....................... 38 0.09

19,737 Netcare Ltd ......................... 34 0.08 Holding Companies - Diversified Operations

2,667 Imperial Holdings Ltd ......... 33 0.08 9,050 Remgro Ltd ......................... 126 0.29

Insurance 3,076 Liberty Holdings Ltd .......... 25 0.06 31,932 Sanlam Ltd .......................... 179 0.42




Number of Shares


Fund %

Internet Software and Services 7,659 Naspers Ltd ......................... 1,653 3.86

Iron and Steel 1,374 Kumba Iron Ore Ltd ............ 31 0.07

Metals and Mining

860

Anglo American Platinum Ltd ....................................... 28 0.06

4,554 Exxaro Resources Ltd ......... 47 0.11 Paper and Forest Products

1,889 Mondi Ltd ........................... 52 0.12 9,089 Sappi Ltd ............................. 57 0.13

Real Estate 98,378 Redefine Properties Ltd ....... 70 0.16

Real Estate Investment Trust 54,390 Growthpoint Properties Ltd . 89 0.21 4,459 Hyprop Investments Ltd ...... 29 0.07 6,405 Resilient Ltd ........................ 26 0.06

Retail Trade 4,973 Clicks Group Ltd ................. 61 0.14 3,827 Foschini Group Ltd ............. 47 0.11 4,352 Mr Price Group Ltd ............. 70 0.16 6,855 Pick n Pay Stores Ltd .......... 33 0.08

Telecommunications 29,269 MTN Group Ltd .................. 181 0.42 10,231 Vodacom Group Ltd ............ 91 0.21

4,748 11.07 Taiwan (17.62%) Airlines

52,000 China Airlines Ltd ............... 16 0.04 49,438 Eva Airways Corp ............... 24 0.05

Banks 40,659 Taiwan Business Bank ........ 15 0.04

Chemicals 89,000 Nan Ya Plastics Corp .......... 247 0.58

Computers and Peripherals 50,000 Acer Inc ............................... 41 0.09 6,599 Advantech Co Ltd ............... 49 0.11 12,000 Asustek Computer Inc ......... 104 0.24 12,085 Chicony Electronics Co Ltd 24 0.06 74,000 Compal Electronics Inc ....... 46 0.11 165,000 Innolux Corp ....................... 57 0.13 49,000 Inventec Corp ...................... 44 0.10 33,220 Lite-On Technology Corp ... 42 0.10 48,000 Quanta Computer Inc .......... 84 0.20 57,612 Wistron Corp ....................... 38 0.09


290,852


167,418

E.Sun Financial Holding Co Ltd ....................................... 124 0.29

Number of Shares


Fund %

170,690

First Financial Holding Co Ltd ...................................... 116 0.27

114,000


182,580

SinoPac Financial Holdings Co Ltd ................................. 67 0.16

173,393

Taishin Financial Holding Co Ltd ................................. 84 0.20

174,000


Electrical Equipment 157,000 AU Optronics Corp ............. 66 0.15 36,000 Delta Electronics Inc ........... 154 0.36

12,000

Micro-Star International Co Ltd ...................................... 32 0.08

Food Products 4,279 Standard Foods Corp .......... 7 0.02

84,440


Iron and Steel 227,000 China Steel Corp ................. 190 0.44

Machinery

20,000

Teco Electric and Machinery Co Ltd ................................. 15 0.04

Metals and Mining 11,000 Catcher Technology Co Ltd 121 0.28

Miscellaneous Manufacturers 4,329 Hiwin Technologies Corp ... 36 0.09

Real Estate

20,000

Ruentex Development Co Ltd ...................................... 23 0.05

Retail Trade 5,000 Hotai Motor Co Ltd ............ 43 0.10 10,000 President Chain Store Corp . 117 0.27


57,936


32,640 Macronix International ....... 27 0.06 26,000 MediaTek Inc ...................... 210 0.49

429,000


217,000


16,000

Vanguard International Semiconductor Corp ........... 36 0.08


30,000


30,000 Taiwan Mobile Co Ltd ........ 108 0.25 Textile and Apparel

3,080 Eclat Textile Co Ltd ............ 38 0.09

57,420

Far Eastern New Century Corp .................................... 67 0.15

6,360 Feng TAY Enterprise Co Ltd 39 0.09 10,000 Formosa Taffeta Co Ltd ...... 12 0.03



Number of Shares


Fund %

Transport

21,630

Evergreen Marine Corp Taiwan Ltd .......................... 9 0.02

7,554 17.62 Thailand (3.67%) Banks

13,600 Kasikornbank PCL ............... 92 0.21 17,700 Kasikornbank PCL .............. 119 0.28 48,000 Krung Thai Bank PCL ......... 30 0.07 30,700 Siam Commercial Bank PCL 141 0.33 229,100 TMB Bank PCL .................. 16 0.04

Chemicals 140,300 IRPC PCL ........................... 30 0.07 39,200 PTT Global Chemical PCL . 98 0.23

Construction and Engineering 77,500 Airports of Thailand PCL .... 157 0.37

Electric Utilities 1,700 Electricity Generating PCL . 12 0.03 9,000 Glow Energy PCL ............... 24 0.05


8,600

Delta Electronics Thailand PCL ..................................... 19 0.04

Energy Equipment and Services 24,800 Energy Absolute PCL .......... 37 0.09


69,000

Bangkok Dusit Medical Services PCL ....................... 54 0.13

4,900 Bumrungrad Hospital PCL .. 28 0.06 Holding Companies - Diversified Operations

6,400 Siam Cement PCL ............... 88 0.20 Home Builders

55,500 Land & Houses PCL ........... 20 0.05 Metals and Mining

44,300 Banpu PCL .......................... 26 0.06 Oil and Gas

19,600 Thai Oil PCL ....................... 54 0.13 Real Estate

23,600 Central Pattana PCL ............ 61 0.14 Retail Trade

86,300 CP ALL PCL ....................... 184 0.43 84,100 Home Product Center PCL .. 41 0.09 44,440 Minor International PCL ..... 56 0.13 11,000 Robinson PCL ..................... 24 0.06

Telecommunications 17,900 Advanced Info Service PCL 111 0.26 172,800 True Corp PCL .................... 32 0.07

Transport 70,200 BTS Group Holdings PCL .. 20 0.05

1,574 3.67

Number of Shares


Fund %

Turkey (0.30%) Beverages

2,407

Anadolu Efes Biracilik Ve Malt Sanayii AS .................. 8 0.02

1,403 Coca-Cola Icecek AS .......... 8 0.02 Food Products

4,115 Ulker Biskuvi Sanayi AS .... 12 0.03 Holding Companies - Diversified Operations

14,377 KOC Holding AS ................ 41 0.09 Home Furnishings

5,420 Arcelik AS .......................... 12 0.03 Oil and Gas

2,204

Tupras Turkiye Petrol Rafinerileri AS .................... 49 0.11

130 0.30 United Arab Emirates (0.60%) Banks

33,094

Abu Dhabi Commercial Bank PJSC .......................... 71 0.17

27,359 Dubai Islamic Bank PJSC ... 40 0.09 24,489 First Abu Dhabi Bank PJSC 95 0.22

Commercial Services and Supplies 2,614 DP World Ltd ..................... 50 0.12

256 0.60 Total Common Stock ........ 41,407 96.59 Preferred Stock (3.72%) Brazil (3.31%) Banks


Electric Utilities

13,700

Cia Energetica de Minas Gerais .................................. 25 0.06

Food Products

2,700

Cia Brasileira de Distribuicao ........................ 59 0.14


75,232

Itausa - Investimentos Itau SA ....................................... 190 0.45

Telecommunications 9,300 Telefonica Brasil SA ........... 91 0.21


3,651 Embotelladora Andina SA .. 14 0.03 Chemicals

2,146

Sociedad Quimica y Minera de Chile SA ......................... 98 0.23

112 0.26




Number of Shares


Fund %

India (0.01%) Metals and Mining

30,012 Vedanta Ltd ......................... 4 0.01 Korea, Republic of (0.14%) Chemicals

108 LG Chem Ltd ...................... 20 0.04 Personal Products

162 Amorepacific Corp .............. 20 0.05

Number of Shares


Fund %

30

LG Household & Health Care Ltd .............................. 22 0.05

62 0.14 Total Preferred Stock ....... 1,595 3.72 Warrants (0.00%) Thailand (0.00%)

13,022 BTS W4 .............................. - 0.00 Total Warrants .................. - 0.00



Fund %

Net Financial Assets at Fair Value through Profit or Loss (100.31%) ............................................................................... 43,002 100.31

Other Net Liabilities ((0.31)%) ............................................ (131) (0.31) Net Assets ............................................................................... 42,871 100.00

Abbreviation used: ADR - American Depository Receipt GDR - Global Depository Receipt


gross assets Transferable securities and money market instruments admitted to an official stock exchange listing .......... 99.79 Other assets ..................................................................................................................................................... 0.21

100.00

Fair Value Hierarchy (Note 11) The following table analyses within the fair value hierarchy the Fund’s financial assets and liabilities (by investment type) measured at fair value at 30 September 2018 and 31 March 2018. As at 30 September 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 42,974 23 5 43,002

Total assets ......................................................................... 42,974 23 5 43,002 As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 63,613 114 5 63,732 Investment funds ........................................................... - 105 - 105

Total assets ......................................................................... 63,613 219 5 63,837

Russell Investment Company plc Old Mutual MSCI Emerging Markets ESG Index Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 536 Old Mutual MSCI Emerging Markets ESG Index Fund





Lukoil PJSC (RUB) 2,568 Lukoil PJSC (RUB) (2,644) China Construction Bank Corp 440 Tencent Holdings Ltd (1,777) Tencent Holdings Ltd 439 China Mobile Ltd (1,198) Ctrip.com International Ltd ADR 424 Taiwan Semiconductor Manufacturing Co Ltd (1,154) Taiwan Semiconductor Manufacturing Co Ltd 327 Ping An Insurance Group Co of China Ltd (1,125) New Oriental Education & Technology Group Inc 318 Reliance Industries Ltd (852) Tata Consultancy Services Ltd 302 Naspers Ltd (668) China Mengniu Dairy Co Ltd 225 China Construction Bank Corp (581) Naspers Ltd 188 Tata Consultancy Services Ltd (406) Catcher Technology Co Ltd 187 Hyundai Mobis Co Ltd (302) First Financial Holding Co Ltd 153 SK Hynix Inc (298) Bid Corp Ltd 152 Housing Development Finance Corp Ltd (250) Eicher Motors Ltd 134 Infosys Ltd (200) Yuanta Financial Holding Co Ltd 117 Itau Unibanco Holding SA (194) Siam Cement PCL 116 Banco Bradesco SA (167) Vipshop Holdings Ltd ADR 113 Tata Motors Ltd (151) Clicks Group Ltd 102 Woori Bank (149) Housing Development Finance Corp Ltd 99 Samsung Life Insurance Co Ltd (137) SinoPac Financial Holdings Co Ltd 87 Siam Cement PCL (130)

Russell Investment Company plc Old Mutual Blended Global Equity Fund Balance Sheet As at 31 March 2018


Old Mutual Blended Global Equity Fund 537



Depositary fees payable .......................................................................................................................... (2) Administration fees payable ................................................................................................................... (3) Audit fees payable .................................................................................................................................. (23) Other fees payable .................................................................................................................................. (41)

(69) Net assets attributable to redeemable participating shareholders ....................................................... - * As the Fund terminated on 18 July 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.


Russell Investment Company plc Old Mutual Blended Global Equity Fund Profit and Loss Account For the six months ended 30 September 2017

The accompanying notes are an integral part of the financial statements. 538 Old Mutual Blended Global Equity Fund



Income Dividends ............................................................................................................................................. 544

Net gain (loss) on investment activities ................................................................................................... 4,635 Total investment income (expense) ....................................................................................................... 5,179 Expenses

Management fees (Note 4) ................................................................................................................... (86) Depositary fees (Note 5) ....................................................................................................................... (6) Sub-custodian fees (Note 5) ................................................................................................................. (2) Administration and transfer agency fees (Note 5) ................................................................................ (10) Audit fees ............................................................................................................................................. (14) Professional fees ................................................................................................................................... (5) Other fees ............................................................................................................................................. (50)

Total operating expenses ....................................................................................................................... (173) Profit (loss) for the financial period before taxation ........................................................................... 5,006 Taxation

Withholding tax (Note 8) ..................................................................................................................... (105) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ...................................................................................................................... 4,901

* As the Fund terminated on 18 July 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.



Russell Investment Company plc Old Mutual Blended Global Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2017


Old Mutual Blended Global Equity Fund 539



Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ....................................................................................................................... 4,901 Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) .................................................................................................................... (85,363)

Total net increase (decrease) in net assets attributable to redeemable participating shareholders . (80,462) Net assets attributable to redeemable participating shareholders

Beginning of financial period ................................................................................................................ 80,462

End of financial period .......................................................................................................................... - * As the Fund terminated on 18 July 2017, final termination financial statements were prepared for the Fund for the year end 31 March 2018.


Russell Investment Company plc Old Mutual Global Macro Equity Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 540 Old Mutual Global Macro Equity Fund


USD ‘000


Assets Financial assets at fair value through profit or loss .................................................... 510,662 496,083 Cash at bank (Note 2) ................................................................................................ 8,012 7,961 Cash held with brokers and counterparties for open financial derivative instruments (Note 2) ...................................................................................................................... 5,904 5,723 Debtors:

Receivable for investment sold .............................................................................. 557 139 Dividends receivable .............................................................................................. 797 947

525,932 510,853 Liabilities Financial liabilities at fair value through profit or loss .............................................. (570) (604) Creditors – amounts falling due within one financial year:

Cash due to brokers and counterparties for open financial derivative instruments (Note 2) .................................................................................................................. - (650) Payable for investments purchased ........................................................................ (545) (139) Payable for fund shares redeemed .......................................................................... (2) - Distributions payable on hybrid accumulation share classes ................................. - (685) Management fees payable ...................................................................................... (85) (87) Depositary fees payable ......................................................................................... (37) (15) Sub-custodian fees payable .................................................................................... (19) (11) Administration fees payable ................................................................................... (29) (18) Audit fees payable .................................................................................................. (7) (14) Other fees payable .................................................................................................. (4) (2)

(1,298) (2,225) Net asset value attributable to redeemable participating shareholders .............. 524,634 508,628

Russell Investment Company plc Old Mutual Global Macro Equity Fund Profit and Loss Account For the six months ended 30 September 2018


Old Mutual Global Macro Equity Fund 541





Income Dividends .................................................................................................................. 6,982 5,965 Securities lending income ......................................................................................... 9 -

6,991 5,965 Net gain (loss) on investment activities ........................................................................ 14,969 40,259 Total investment income (expense) ............................................................................ 21,960 46,224 Expenses

Management fees (Note 4) ........................................................................................ (548) (243) Depositary fees (Note 5) ........................................................................................... (57) (45) Sub-custodian fees (Note 5) ...................................................................................... (27) (26) Administration and transfer agency fees (Note 5) ..................................................... (77) (65) Audit fees .................................................................................................................. (7) (7) Professional fees ....................................................................................................... (3) (8) Other fees .................................................................................................................. (20) (23)

Total operating expenses ............................................................................................ (739) (417) Profit (loss) for the financial period before taxation ................................................ 21,221 45,807 Taxation (Note 8) Withholding tax ............................................................................................................ (1,225) (1,009) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................... 19,996 44,798 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual Global Macro Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018











Russell Investment Company plc Old Mutual Global Macro Equity Fund Schedule of Investments 30 September 2018



Number of Shares


Fund %

Transferable Securities (88.10%) Common Stock (87.69%) Australia (1.80%) Banks

30,247


17,250


3,457 Macquarie Group Ltd .......... 315 0.06 24,411 National Australia Bank Ltd 491 0.09 34,818 Westpac Banking Corp ........ 704 0.14

Beverages 6,732 Coca-Cola Amatil Ltd ......... 48 0.01 6,760 Treasury Wine Estates Ltd .. 86 0.02


Chemicals 16,509 Incitec Pivot Ltd .................. 48 0.01


Construction and Engineering 5,055 LendLease Group ................ 72 0.01



Electric Utilities 7,831 AGL Energy Ltd ................. 110 0.02 15,674 Origin Energy Ltd ............... 94 0.02

Entertainment 4,852 Aristocrat Leisure Ltd ......... 100 0.02 11,757 Tabcorp Holdings Ltd ......... 41 0.01

Food Products 10,280 Wesfarmers Ltd ................... 371 0.07 13,217 Woolworths Group Ltd ....... 269 0.05


Health Care Providers and Services 1,316 Ramsay Health Care Ltd ..... 52 0.01 3,733 Sonic Healthcare Ltd ........... 67 0.01

Insurance 43,498 AMP Ltd ............................. 100 0.02 5,900 Challenger Ltd ..................... 48 0.01

19,417


23,745 Medibank Pvt Ltd ................ 50 0.01 23,144 QBE Insurance Group Ltd ... 186 0.04 17,344 Suncorp Group Ltd .............. 181 0.03

Internet Software and Services 7,781 SEEK Ltd ............................ 117 0.02

Number of Shares


Fund %

Iron and Steel 9,833 BlueScope Steel Ltd ........... 121 0.02 12,551 Fortescue Metals Group Ltd 36 0.01

Metals and Mining 29,439 BHP Billiton Ltd ................. 738 0.14 10,221 Newcrest Mining Ltd .......... 144 0.03 4,566 Rio Tinto Ltd ...................... 260 0.05 41,136 South32 Ltd ........................ 117 0.02


Oil and Gas 2,369 Caltex Australia Ltd ............ 51 0.01 17,568 Santos Ltd ........................... 92 0.02 8,720 Woodside Petroleum Ltd .... 243 0.04


Software 1,340 OneMarket Ltd ................... 1 0.00



9,436 1.80 Austria (0.08%) Banks

4,694 Erste Group Bank AG ......... 195 0.04 Iron and Steel

1,467 voestalpine AG ................... 67 0.01 Machinery

841 Andritz AG ......................... 49 0.01 Oil and Gas

1,482 OMV AG ............................ 83 0.02 394 0.08 Belgium (0.23%) Banks

1,815 KBC Group NV .................. 135 0.03 Beverages

7,767

Anheuser-Busch InBev SA/NV ................................ 679 0.13

Chemicals 1,249 Solvay SA ........................... 168 0.03 1,725 Umicore SA ........................ 97 0.02

Russell Investment Company plc Old Mutual Global Macro Equity Fund Schedule of Investments - continued 30 September 2018


Number of Shares


Fund %

Other Finance

705

Groupe Bruxelles Lambert SA ....................................... 74 0.01



1,200 Bunge Ltd ............................ 82 0.02 Banks

600 Credicorp Ltd ...................... 134 0.03 Chemicals

1,900 Axalta Coating Systems Ltd 55 0.01 Commercial Services and Supplies

3,500 IHS Markit Ltd .................... 189 0.04 Construction and Engineering

6,000

CK Infrastructure Holdings Ltd ....................................... 48 0.01


Entertainment 410,000 Alibaba Pictures Group Ltd . 56 0.01

Gas Utilities 23,400 China Gas Holdings Ltd ...... 66 0.01

Home Furnishings

22,000



4,000


Insurance 6,900 Arch Capital Group Ltd ....... 206 0.04 700 Axis Capital Holdings Ltd ... 40 0.01 300 Everest Re Group Ltd .......... 69 0.01 300 RenaissanceRe Holdings Ltd 40 0.01

Real Estate

10,400



4,200



14,300 Embraer SA ......................... 71 0.01 Banks

10,043 Banco Bradesco SA ............. 65 0.01 7,700 Banco do Brasil SA ............. 57 0.01 5,800 Banco Santander Brasil SA . 52 0.01

Beverages 50,738 Ambev SA ........................... 233 0.04

Number of Shares


Fund %

Commercial Services and Supplies 18,300 CCR SA .............................. 39 0.01 21,354 Cielo SA ............................. 66 0.01 12,800 Kroton Educacional SA ...... 37 0.01

Diversified Financials 31,533 B3 SA - Brasil Bolsa Balcao 185 0.04

Electric Utilities 3,200 Equatorial Energia SA ........ 46 0.01

Food Products 25,600 BRF SA .............................. 141 0.03

Insurance

7,200

BB Seguridade Participacoes SA ....................................... 43 0.01

Iron and Steel 29,980 Vale SA .............................. 449 0.09

Oil and Gas 24,300 Petroleo Brasileiro SA ........ 147 0.02 3,742 Ultrapar Participacoes SA ... 35 0.01

Paper and Forest Products 10,200 Suzano Papel e Celulose SA 123 0.02

Retail Trade 8,910 Lojas Renner SA ................. 69 0.02 6,517 Raia Drogasil SA ................ 118 0.02

Water Utilities

11,000

Cia de Saneamento Basico do Estado de Sao Paulo ....... 65 0.01


22,300 Bombardier Inc ................... 79 0.02 3,457 CAE Inc .............................. 70 0.01

Auto Components 4,861 Magna International Inc ...... 255 0.05

Banks 6,148 Bank of Montreal ................ 507 0.10 11,598 Bank of Nova Scotia ........... 691 0.13

4,935


4,176 National Bank of Canada .... 208 0.04 13,724 Royal Bank of Canada ........ 1,099 0.21 17,250 Toronto-Dominion Bank ..... 1,047 0.20

Chemicals 6,268 Nutrien Ltd ......................... 362 0.07

Computers and Peripherals 3,700 CGI Group Inc .................... 238 0.05

Construction and Engineering 3,060 SNC-Lavalin Group Inc ...... 125 0.02

Containers and Packaging 1,000 CCL Industries Inc .............. 45 0.01

Diversified Financials 2,600 CI Financial Corp ............... 41 0.01 2,400 IGM Financial Inc ............... 66 0.01




Number of Shares


Fund %

Electric Utilities 5,200 Fortis Inc ............................. 168 0.03

Environmental Control 3,300 Waste Connections Inc ........ 263 0.05

Food Products 2,100 Loblaw Cos Ltd ................... 108 0.02 2,300 Saputo Inc ........................... 68 0.01

Gas Utilities 2,800 Canadian Utilities Ltd ......... 69 0.01

Hand and Machine Tools 2,200 Finning International Inc ..... 54 0.01

Insurance

200


2,200 Great-West Lifeco Inc ......... 53 0.01

2,888

Industrial Alliance Insurance & Financial Services Inc ..... 115 0.02

1,000 Intact Financial Corp ........... 83 0.02 21,882 Manulife Financial Corp ..... 391 0.07 3,300 Power Corp of Canada ........ 72 0.01 2,200 Power Financial Corp .......... 50 0.01 6,257 Sun Life Financial Inc ......... 249 0.05

Internet Software and Services 1,100 Shopify Inc .......................... 181 0.03

Media 10,600 Shaw Communications Inc .. 206 0.04 2,100 Thomson Reuters Corp ........ 96 0.02

Metals and Mining 3,470 Agnico Eagle Mines Ltd ...... 118 0.02 8,400 First Quantum Minerals Ltd 96 0.02 1,600 Franco-Nevada Corp ........... 100 0.02 11,361 Goldcorp Inc ....................... 116 0.02 11,800 Kinross Gold Corp .............. 32 0.01 5,300 Teck Resources Ltd ............. 128 0.03

4,300

Wheaton Precious Metals Corp ..................................... 75 0.01

Oil and Gas 3,400 ARC Resources Ltd ............. 38 0.01

12,700


12,160 Cenovus Energy Inc ............ 122 0.02 5,200 Crescent Point Energy Corp 33 0.01 8,500 Encana Corp ........................ 111 0.02 6,500 Husky Energy Inc ................ 114 0.02 2,500 Imperial Oil Ltd ................... 81 0.01 2,100 PrairieSky Royalty Ltd ........ 37 0.01

2,000

Seven Generations Energy Ltd ....................................... 24 0.00

16,199 Suncor Energy Inc ............... 626 0.12 2,000 Tourmaline Oil Corp ........... 35 0.01 2,946 Vermilion Energy Inc .......... 97 0.02

Number of Shares


Fund %

Other Finance

8,382

Brookfield Asset Management Inc ................. 373 0.07

800 Onex Corp .......................... 55 0.01 Pharmaceuticals

2,600 Bausch Health Cos Inc ........ 67 0.01 Pipelines

2,000 AltaGas Ltd ......................... 32 0.01 16,600 Enbridge Inc ....................... 535 0.10 6,685 Inter Pipeline Ltd ................ 116 0.02 2,000 Keyera Corp ........................ 54 0.01 6,300 Pembina Pipeline Corp ....... 214 0.04 7,200 TransCanada Corp .............. 291 0.06

Retail Trade

4,559


565 Canadian Tire Corp Ltd ...... 66 0.01 3,000 Dollarama Inc ..................... 94 0.02

4,100

Restaurant Brands International Inc .................. 243 0.05

Software 200 Constellation Software Inc .. 147 0.03 2,000 Open Text Corp .................. 76 0.01

Telecommunications 4,450 Rogers Communications Inc 229 0.05 1,700 TELUS Corp ...................... 63 0.01

Textile and Apparel 2,100 Gildan Activewear Inc ........ 64 0.01

Transport

6,700

Canadian National Railway Co ....................................... 601 0.12

1,580

Canadian Pacific Railway Ltd ...................................... 334 0.06

13,910 2.65 Cayman Islands (1.66%) Automobiles

55,000

Geely Automobile Holdings Ltd ...................................... 110 0.02


31,500


1,300


3,800 TAL Education Group ADR 98 0.02 Diversified Financials

37,740 Chailease Holding Co Ltd ... 132 0.03 Electrical Equipment

8,500


Food Products

29,000


76,000

Want Want China Holdings Ltd ...................................... 64 0.01



Number of Shares


Fund %

90,500 WH Group Ltd .................... 64 0.01 Gas Utilities

11,000 ENN Energy Holdings Ltd .. 96 0.02 Health Care Equipment and Supplies

11,000

Hengan International Group Co Ltd ................................. 101 0.02


Internet Software and Services 2,000 58.com Inc ADR ................. 147 0.03

11,419



4,373


8,042 JD.com Inc ADR ................. 210 0.04 1,000 Sina Corp ............................. 69 0.01 56,600 Tencent Holdings Ltd .......... 2,338 0.45 3,700 Vipshop Holdings Ltd ADR 23 0.00 700 Weibo Corp ADR ................ 51 0.01

Lodging 1,900 Huazhu Group Ltd ADR ..... 61 0.01

2,800

Melco Resorts & Entertainment Ltd ADR ...... 59 0.01

19,200 Wynn Macau Ltd ................. 44 0.01 Miscellaneous Manufacturers

11,000

Sunny Optical Technology Group Co Ltd ...................... 127 0.02

Pharmaceuticals 84,000 Sino Biopharmaceutical Ltd 78 0.01 6,500 Wuxi Biologics Cayman Inc 66 0.01

Real Estate 35,000 China Evergrande Group ..... 98 0.02 28,000 China Resources Land Ltd .. 98 0.02 32,000 CK Asset Holdings Ltd ....... 240 0.04

81,000


28,500 Longfor Group Holdings Ltd 74 0.01

43,500

Shimao Property Holdings Ltd ....................................... 109 0.02

44,000 Sunac China Holdings Ltd .. 136 0.03 Retail Trade

16,000 ANTA Sports Products Ltd . 77 0.01 Semiconductor Equipment and Products

30,800

Semiconductor Manufacturing International Corp ..................................... 33 0.01

Software 2,800 Momo Inc ADR ................... 123 0.02 900 NetEase Inc ADR ................ 205 0.04

8,743 1.66

Number of Shares


Fund %

Chile (0.10%) Airlines

7,682 Latam Airlines Group SA ... 73 0.01 Banks

871,131 Banco Santander Chile ........ 69 0.01 Electric Utilities

653,341 Enel Americas SA ............... 100 0.02 Food Products

15,077 Cencosud SA ...................... 36 0.01 Holding Companies - Diversified Operations

5,914 Empresas COPEC SA ......... 91 0.02 Paper and Forest Products

19,898 Empresas CMPC SA ........... 80 0.01 Retail Trade

6,009 SACI Falabella ................... 49 0.01 Water Utilities

78,834 Aguas Andinas SA .............. 44 0.01 542 0.10 China (1.04%) Automobiles

20,600

BYD Co Ltd (Class A Shares) ................................ 147 0.03

7,000

BYD Co Ltd (Class H Shares) ................................ 50 0.01

60,000

Dongfeng Motor Group Co Ltd ...................................... 62 0.01

Banks

221,000


819,000 Bank of China Ltd .............. 364 0.07

81,000

Bank of Communications Co Ltd ...................................... 61 0.01

95,000 China CITIC Bank Corp Ltd 61 0.01

968,000

China Construction Bank Corp .................................... 846 0.16

60,000

China Merchants Bank Co Ltd ...................................... 244 0.05

67,800


764,000

Industrial & Commercial Bank of China Ltd .............. 558 0.11

Building Products 14,500 Anhui Conch Cement Co Ltd 88 0.02

62,000

China National Building Material Co Ltd .................. 55 0.01

Chemicals

270,000

Sinopec Shanghai Petrochemical Co Ltd ......... 165 0.03


116,000

China Communications Services Corp Ltd ............... 107 0.02


129,000

China Cinda Asset Management Co Ltd ........... 33 0.01

23,000 CITIC Securities Co Ltd ..... 41 0.01 32,000 Haitong Securities Co Ltd ... 29 0.00




Number of Shares


Fund %

19,600 Huatai Securities Co Ltd ..... 28 0.00 Electric Utilities

142,000 CGN Power Co Ltd ............. 34 0.01 Electrical Equipment

29,400

Hangzhou Hikvision Digital Technology Co Ltd .............. 123 0.02


3,373

Meinian Onehealth Healthcare Holdings Co Ltd 8 0.00

Home Furnishings 23,300 Gree Electric Appliances Inc 136 0.03 22,400 Midea Group Co Ltd ........... 131 0.02

Insurance 86,000 China Life Insurance Co Ltd 195 0.04

22,800


9,700

New China Life Insurance Co Ltd ................................. 47 0.01

113,000

People's Insurance Co Group of China Ltd ........................ 51 0.01

69,000


58,000


Metals and Mining

31,500

China Shenhua Energy Co Ltd ....................................... 72 0.02

428,000 Zijin Mining Group Co Ltd . 165 0.03 Oil and Gas

300,000


270,000 PetroChina Co Ltd ............... 219 0.04 Pharmaceuticals

12,800 Sinopharm Group Co Ltd .... 63 0.01 Telecommunications

130,000 China Telecom Corp Ltd ..... 65 0.01 5,465 1.04 Colombia (0.08%) Banks

11,600 Bancolombia SA ................. 125 0.03 Oil and Gas

167,816 Ecopetrol SA ....................... 228 0.04 Other Finance

5,625

Grupo de Inversiones Suramericana SA ................. 66 0.01

419 0.08 Curacao (0.16%) Oil and Gas Services

13,663 Schlumberger Ltd ................ 832 0.16 Czech Republic (0.01%) Electric Utilities

2,637 CEZ AS ............................... 67 0.01

Number of Shares


Fund %

Denmark (0.46%) Banks

8,036 Danske Bank A/S ................ 211 0.04 Beverages

2,099 Carlsberg A/S ..................... 252 0.05 Biotechnology

759 Genmab A/S ....................... 119 0.02 Chemicals

1,915 Novozymes A/S .................. 105 0.02 Commercial Services and Supplies

3,215 ISS A/S ............................... 113 0.02 Electric Utilities

1,360 Orsted A/S .......................... 92 0.02 Food Products

863 Chr Hansen Holding A/S .... 88 0.02 Health Care Equipment and Supplies

1,015 Coloplast A/S ...................... 104 0.02 Pharmaceuticals

17,184 Novo Nordisk A/S .............. 809 0.15 Retail Trade

1,383 Pandora A/S ........................ 86 0.02 Transport

49

AP Moeller - Maersk A/S (Class A Shares) ................. 64 0.01

74

AP Moeller - Maersk A/S (Class B Shares) .................. 104 0.02

2,832 DSV A/S ............................. 258 0.05 2,405 0.46 Egypt (0.01%) Banks

12,811

Commercial International Bank Egypt SAE ................. 60 0.01

Finland (0.28%) Electric Utilities

3,655 Fortum OYJ ........................ 92 0.02 Insurance


2,456 Kone OYJ ........................... 131 0.02 Miscellaneous Manufacturers

4,080 Wartsila OYJ Abp ............... 80 0.02 Oil and Gas


5,114 Stora Enso OYJ .................. 98 0.02 7,013 UPM-Kymmene OYJ ......... 275 0.05

Pharmaceuticals 1,942 Orion OYJ .......................... 74 0.01



Number of Shares


Fund %

Telecommunications 60,459 Nokia OYJ ........................... 335 0.06

1,473 0.28 France (2.81%) Aerospace and Defence

3,346 Safran SA ............................ 469 0.09 1,646 Thales SA ............................ 234 0.04

Auto Components

2,090

Cie Generale des Etablissements Michelin SCA ..................................... 250 0.05

3,135 Valeo SA ............................. 136 0.02 Automobiles

6,479 Peugeot SA .......................... 175 0.03 2,327 Renault SA .......................... 201 0.04

Banks 10,886 BNP Paribas SA .................. 666 0.13 13,420 Credit Agricole SA .............. 193 0.04 8,703 Natixis SA ........................... 59 0.01 7,288 Societe Generale SA ............ 313 0.06

Beverages 2,218 Pernod Ricard SA ................ 364 0.07


Chemicals 4,507 Air Liquide SA .................... 593 0.12 1,364 Arkema SA .......................... 169 0.03

Commercial Services and Supplies 5,794 Bureau Veritas SA ............... 150 0.03 3,230 Edenred ............................... 123 0.02

Computers and Peripherals 1,269 Atos SE ............................... 151 0.03 2,045 Capgemini SE ...................... 257 0.05

Construction and Engineering 1,748 Bouygues SA ....................... 76 0.01 1,845 Eiffage SA ........................... 206 0.04 4,440 Vinci SA .............................. 423 0.08


Electric Utilities 5,074 Electricite de France SA ...... 89 0.01 17,002 Engie SA ............................. 250 0.05

Electrical Equipment 3,023 Legrand SA ......................... 220 0.04 5,220 Schneider Electric SE .......... 420 0.08

Food Products 7,311 Carrefour SA ....................... 140 0.03 6,309 Danone SA .......................... 489 0.09 711 Sodexo SA ........................... 75 0.01

Number of Shares


Fund %


2,035

Essilor International Cie Generale d'Optique SA ....... 301 0.06

Insurance 20,326 AXA SA ............................. 547 0.11 1,595 SCOR SE ............................ 74 0.01

Internet Software and Services 246 Iliad SA ............................... 32 0.01

Lodging 1,587 Accor SA ............................ 82 0.02

Media 11,286 Vivendi SA ......................... 291 0.06

Miscellaneous Manufacturers 1,448 Alstom SA .......................... 65 0.01


Other Finance 431 Wendel SA .......................... 64 0.01

Personal Products 2,537 L'Oreal SA .......................... 612 0.12

Pharmaceuticals 10,654 Sanofi .................................. 947 0.18

Real Estate Investment Trust 405 Gecina SA ........................... 68 0.01 1,822 Klepierre SA ....................... 65 0.01 1,696 Unibail-Rodamco-Westfield 341 0.07

Software 2,130 Dassault Systemes SE ......... 319 0.06 937 Ubisoft Entertainment SA ... 102 0.02


Textile and Apparel 383 Hermes International .......... 254 0.05 866 Kering SA ........................... 464 0.09

2,870

LVMH Moet Hennessy Louis Vuitton SE ................ 1,015 0.19


Water Utilities 3,711 Suez .................................... 53 0.01

14,727 2.81 Germany (2.35%) Aerospace and Defence

730 MTU Aero Engines AG ...... 165 0.03 Auto Components

1,218 Continental AG ................... 212 0.04 Automobiles

3,455


8,635 Daimler AG ........................ 545 0.10 308 Volkswagen AG .................. 54 0.01




Number of Shares


Fund %

Banks 9,183 Commerzbank AG .............. 96 0.02 20,366 Deutsche Bank AG .............. 232 0.04

Building Products 1,856 HeidelbergCement AG ........ 145 0.03

Chemicals 9,200 BASF SE ............................. 818 0.16 2,871 Brenntag AG ....................... 177 0.03 1,900 Covestro AG ....................... 154 0.03 5,006 K&S AG .............................. 105 0.02 1,933 Lanxess AG ......................... 142 0.03 1,819 Linde AG ............................. 376 0.07

Commercial Services and Supplies 1,413 Wirecard AG ....................... 306 0.06


Electric Utilities 25,897 E.ON SE .............................. 264 0.05 1,252 Innogy SE ............................ 56 0.01 4,322 RWE AG ............................. 107 0.02

Electrical Equipment 805 OSRAM Licht AG .............. 32 0.01

Food Products 1,792 METRO AG ........................ 28 0.01


2,548

Fresenius Medical Care AG & Co KGaA ........................ 262 0.05

3,916 Fresenius SE & Co KGaA ... 288 0.05 Hotels, Restaurants and Leisure

4,000 TUI AG ............................... 77 0.01 Insurance

4,103 Allianz SE ........................... 915 0.18

1,487

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ............................ 329 0.06

Internet Software and Services 3,924 United Internet AG .............. 186 0.04

Iron and Steel 4,939 ThyssenKrupp AG .............. 125 0.02

Machinery 1,636 GEA Group AG ................... 58 0.01



Personal Products 2,158 Beiersdorf AG ..................... 244 0.05

Pharmaceuticals 9,043 Bayer AG ............................ 804 0.15

Real Estate 5,273 Deutsche Wohnen SE .......... 253 0.05

Number of Shares


Fund %

5,804 Vonovia SE ......................... 284 0.05 Retail Trade

634 Hugo Boss AG .................... 49 0.01 Semiconductor Equipment and Products

12,392 Infineon Technologies AG .. 282 0.05 Software

9,599 SAP SE ............................... 1,182 0.23 Telecommunications

31,341 Deutsche Telekom AG ........ 505 0.10 Textile and Apparel

1,882 Adidas AG .......................... 461 0.09 Transport

9,162 Deutsche Post AG ............... 327 0.06 12,302 2.35 Hong Kong (1.18%) Banks

13,200 Bank of East Asia Ltd ......... 49 0.01

31,000


146,000 CITIC Ltd ........................... 218 0.04 6,200 Hang Seng Bank Ltd ........... 168 0.03

Beverages

22,000

China Resources Beer Holdings Co Ltd ................. 88 0.02


44,000

China Merchants Port Holdings Co Ltd ................. 84 0.02

Computers and Peripherals 78,000 Lenovo Group Ltd .............. 57 0.01


15,700


Electric Utilities

62,000

China Resources Power Holdings Co Ltd ................. 110 0.02

20,500 CLP Holdings Ltd ............... 240 0.05 17,000 Power Assets Holdings Ltd . 118 0.02


33,000

China Everbright International Ltd ................. 29 0.01

Gas Utilities

147,650



Holding Companies - Diversified Operations 5,500 Swire Pacific Ltd ................ 60 0.01 21,000 Wharf Holdings Ltd ............ 57 0.01

Insurance 125,000 AIA Group Ltd ................... 1,117 0.21

21,600

China Taiping Insurance Holdings Co Ltd ................. 76 0.02

33,000 Fosun International Ltd ....... 58 0.01



Number of Shares


Fund %

Lodging

26,000

Galaxy Entertainment Group Ltd ....................................... 165 0.03

Oil and Gas 216,000 CNOOC Ltd ........................ 428 0.08

Real Estate

58,000


24,000 Hang Lung Group Ltd ......... 64 0.01 25,000 Hang Lung Properties Ltd ... 49 0.01

12,100

Henderson Land Development Co Ltd ........... 61 0.01

167,000

New World Development Co Ltd ....................................... 228 0.04

34,000 Sino Land Co Ltd ................ 58 0.01 16,000 Sun Hung Kai Properties Ltd 233 0.05 28,800 Swire Properties Ltd ............ 109 0.02 9,000 Wheelock & Co Ltd ............ 54 0.01


Telecommunications 61,000 China Mobile Ltd ................ 601 0.11

86,000

China Unicom Hong Kong Ltd ....................................... 101 0.02

25,000 HKT Trust & HKT Ltd ....... 34 0.01 Transport

11,000 MTR Corp Ltd ..................... 58 0.01 6,202 1.18 Hungary (0.05%) Banks

3,383 OTP Bank Nyrt ................... 125 0.02 Oil and Gas

13,604


272 0.05 India (0.84%) Agriculture

35,251 ITC Ltd ................................ 145 0.03 Auto Components

23,858

Motherson Sumi Systems Ltd ....................................... 85 0.02

Automobiles 168 Eicher Motors Ltd ............... 56 0.01 15,976 Mahindra & Mahindra Ltd .. 191 0.04 1,511 Maruti Suzuki India Ltd ...... 153 0.03 20,456 Tata Motors Ltd ................... 63 0.01

Banks 18,071 Axis Bank Ltd ..................... 154 0.03 29,708 ICICI Bank Ltd ................... 125 0.02 34,317 State Bank of India .............. 126 0.03 24,210 Yes Bank Ltd ...................... 61 0.01

Number of Shares


Fund %

Building Products 8,885 Grasim Industries Ltd ......... 124 0.02

Chemicals 11,459 UPL Ltd .............................. 105 0.02

Computers and Peripherals 44,818 Infosys Ltd .......................... 452 0.09

10,764

Tata Consultancy Services Ltd ...................................... 325 0.06

Construction and Engineering 6,823 Larsen & Toubro Ltd .......... 120 0.02

Diversified Financials 2,633 Bajaj Finance Ltd ................ 79 0.01

17,357


4,344


Household Products

7,005

Godrej Consumer Products Ltd ...................................... 75 0.01

7,374 Hindustan Unilever Ltd ...... 163 0.03 Iron and Steel

15,701 JSW Steel Ltd ..................... 82 0.02 Metals and Mining

20,234 Hindalco Industries Ltd ...... 64 0.01 25,989 Vedanta Ltd ........................ 83 0.02

Oil and Gas

13,384

Hindustan Petroleum Corp Ltd ...................................... 46 0.01

26,944 Reliance Industries Ltd ....... 466 0.09 Pharmaceuticals

6,232 Cipla Ltd ............................. 56 0.01 8,166 Lupin Ltd ............................ 102 0.02

10,611

Sun Pharmaceutical Industries Ltd ...................... 91 0.02

Software 9,947 HCL Technologies Ltd ....... 149 0.03 8,111 Tech Mahindra Ltd ............. 84 0.01

Telecommunications 21,825 Bharti Airtel Ltd ................. 102 0.02



473,700

Bank Mandiri Persero Tbk PT ....................................... 214 0.04

98,600

Bank Negara Indonesia Persero Tbk PT ................... 49 0.01


Machinery 27,900 United Tractors Tbk PT ...... 62 0.01

Pharmaceuticals 332,000 Kalbe Farma Tbk PT .......... 31 0.01




Number of Shares


Fund %


32,400

Matahari Department Store Tbk PT ................................ 15 0.00

842 0.16 Ireland (1.03%) Banks

7,789 Bank of Ireland Group Plc ... 60 0.01 Building Products

8,214 CRH Plc .............................. 269 0.05 4,305 James Hardie Industries Plc 65 0.01

9,800


Computers and Peripherals 5,766 Accenture Plc ...................... 981 0.19 3,882 Seagate Technology Plc ...... 184 0.03

Entertainment 627 Paddy Power Betfair Plc ...... 54 0.01


Food Products 1,623 Kerry Group Plc .................. 180 0.03

Health Care Equipment and Supplies 13,411 Medtronic Plc ...................... 1,319 0.25

Insurance 1,472 Willis Towers Watson Plc ... 207 0.04

Miscellaneous Manufacturers 4,323 Eaton Corp Plc .................... 375 0.07 2,818 Ingersoll-Rand Plc ............... 288 0.06

Oil and Gas 716 DCC Plc .............................. 65 0.01

Paper and Forest Products 2,576 Smurfit Kappa Group Plc .... 102 0.02

Pharmaceuticals 1,200 Alkermes Plc ....................... 51 0.01 3,248 Allergan Plc ......................... 619 0.12 500 Jazz Pharmaceuticals Plc ..... 84 0.02 1,100 Perrigo Co Plc ..................... 78 0.01

5,424 1.03 Isle Of Man (0.02%) Entertainment

9,951 GVC Holdings Plc ............... 119 0.02 Israel (0.32%) Banks



1,500


Number of Shares


Fund %

Pharmaceuticals

49,288

Teva Pharmaceutical Industries Ltd ADR ............. 1,062 0.20

Telecommunications

26,061

Bezeq The Israeli Telecommunication Corp Ltd ...................................... 30 0.01

847 Nice Ltd .............................. 96 0.02 1,655 0.32 Italy (0.45%) Aerospace and Defence


131,942 Intesa Sanpaolo SpA ........... 337 0.06

5,767

Mediobanca Banca di Credito Finanziario SpA ..... 58 0.01

17,413 UniCredit SpA .................... 262 0.05 Electric Utilities

70,087 Enel SpA ............................. 359 0.07

13,428

Terna Rete Elettrica Nazionale SpA .................... 72 0.01

Electrical Equipment 4,879 Prysmian SpA ..................... 114 0.02

Gas Utilities 17,637 Snam SpA ........................... 74 0.01

Insurance 15,668 Assicurazioni Generali SpA 271 0.05 16,074 Poste Italiane SpA ............... 128 0.03

Oil and Gas 25,470 Eni SpA .............................. 482 0.09

Retail Trade 1,258 Luxottica Group SpA .......... 86 0.02

Textile and Apparel 2,093 Moncler SpA ....................... 90 0.02

2,378 0.45 Japan (6.63%) Advertising

1,800 Dentsu Inc ........................... 84 0.02 Aerospace and Defence

1,500 IHI Corp .............................. 57 0.01

1,600

Kawasaki Heavy Industries Ltd ...................................... 45 0.01

Agriculture 10,200 Japan Tobacco Inc .............. 266 0.05


Auto Components 1,700 Aisin Seiki Co Ltd .............. 83 0.02 6,900 Bridgestone Corp ................ 261 0.05 5,500 Denso Corp ......................... 290 0.06 1,100 Koito Manufacturing Co Ltd 72 0.01 2,700 NGK Insulators Ltd ............ 45 0.01



Number of Shares


Fund %

2,100 NGK Spark Plug Co Ltd ..... 61 0.01 1,600 Stanley Electric Co Ltd ....... 55 0.01

6,800


1,700 Toyota Industries Corp ........ 101 0.02 Automobiles

14,800 Honda Motor Co Ltd ........... 448 0.08 5,600 Isuzu Motors Ltd ................. 88 0.02 5,000 Mazda Motor Corp .............. 60 0.01 24,800 Nissan Motor Co Ltd ........... 232 0.04 6,500 Subaru Corp ........................ 199 0.04 3,000 Suzuki Motor Corp .............. 172 0.03 24,000 Toyota Motor Corp .............. 1,499 0.29

Banks 1,300 Aozora Bank Ltd ................. 46 0.01 7,000 Chiba Bank Ltd ................... 48 0.01

11,000

Concordia Financial Group Ltd ....................................... 54 0.01

106,500


224,100 Mizuho Financial Group Inc 391 0.07 15,500 Resona Holdings Inc ........... 87 0.02 6,000 Shizuoka Bank Ltd .............. 54 0.01

13,200

Sumitomo Mitsui Financial Group Inc ............................ 533 0.10

3,000


Beverages 3,700 Asahi Group Holdings Ltd .. 160 0.03 8,300 Kirin Holdings Co Ltd ......... 213 0.04

1,200


Building Products 1,800 AGC Inc .............................. 75 0.02 2,500 Daikin Industries Ltd ........... 333 0.06 2,500 LIXIL Group Corp .............. 48 0.01 1,300 TOTO Ltd ........................... 54 0.01

Chemicals 5,000 Air Water Inc ....................... 92 0.02 18,000 Asahi Kasei Corp ................ 273 0.05 5,500 JSR Corp ............................. 103 0.02 5,200 Kansai Paint Co Ltd ............ 96 0.02 8,100 Kuraray Co Ltd ................... 122 0.02

12,500


2,000 Mitsui Chemicals Inc .......... 50 0.01

1,400

Nippon Paint Holdings Co Ltd ....................................... 52 0.01

3,600 Shin-Etsu Chemical Co Ltd . 319 0.06 15,000 Sumitomo Chemical Co Ltd 88 0.02 5,000 Teijin Ltd ............................. 96 0.02

Commercial Services and Supplies 2,500 Dai Nippon Printing Co Ltd 58 0.01 12,300 Recruit Holdings Co Ltd ..... 411 0.08

Number of Shares


Fund %

2,600 Secom Co Ltd ..................... 212 0.04 3,000 Toppan Printing Co Ltd ...... 48 0.01

Computers and Peripherals 2,200 NEC Corp ........................... 61 0.01

1,400


5,000 NTT Data Corp ................... 69 0.01 2,300 TDK Corp ........................... 251 0.05

Construction and Engineering 2,400 JGC Corp ............................ 55 0.01 4,000 Kajima Corp ....................... 58 0.01 5,400 Obayashi Corp .................... 51 0.01 5,000 Shimizu Corp ...................... 46 0.01 1,800 Taisei Corp ......................... 82 0.02

Distributors 16,700 ITOCHU Corp .................... 306 0.06 14,400 Mitsubishi Corp .................. 444 0.08 17,400 Mitsui & Co Ltd .................. 310 0.06 15,400 Sumitomo Corp ................... 257 0.05 4,000 Toyota Tsusho Corp ........... 151 0.03

Diversified Financials 5,200 Credit Saison Co Ltd .......... 85 0.02 4,700 Japan Exchange Group Inc . 82 0.01 39,000 Nomura Holdings Inc ......... 186 0.03 14,900 ORIX Corp ......................... 242 0.05 3,100 SBI Holdings Inc ................ 96 0.02

Electric Utilities 14,800 Chubu Electric Power Co Inc 224 0.04

3,800

Chugoku Electric Power Co Inc ....................................... 49 0.01

15,500

Kansai Electric Power Co Inc ....................................... 234 0.04

4,400


4,600

Tohoku Electric Power Co Inc ....................................... 62 0.01

59,200

Tokyo Electric Power Co Holdings Inc ....................... 291 0.06

Electrical Equipment 4,400 Alps Electric Co Ltd ........... 112 0.02 2,300 Brother Industries Ltd ......... 45 0.01 420 Hirose Electric Co Ltd ........ 46 0.01 4,500 Hoya Corp .......................... 267 0.05 3,700 Kyocera Corp ...................... 222 0.04 3,900 Minebea Mitsumi Inc .......... 71 0.02

1,800

Murata Manufacturing Co Ltd ...................................... 277 0.05

2,500 Nidec Corp .......................... 360 0.07 1,600 Omron Corp ........................ 68 0.01

Entertainment 1,700 Oriental Land Co Ltd .......... 178 0.03 1,500 Toho Co Ltd ........................ 47 0.01

Food Products 11,000 Aeon Co Ltd ....................... 265 0.05




Number of Shares


Fund %

8,100 Ajinomoto Co Inc ................ 139 0.03 2,000 Kikkoman Corp ................... 119 0.02 1,800 MEIJI Holdings Co Ltd ....... 121 0.02 2,500 NH Foods Ltd ...................... 92 0.02 5,700 Nisshin Seifun Group Inc .... 125 0.02 7,300 Seven & i Holdings Co Ltd . 325 0.06 1,000 Yakult Honsha Co Ltd ......... 82 0.02

Gas Utilities 1,000 Toho Gas Co Ltd ................. 38 0.01 9,000 Tokyo Gas Co Ltd ............... 221 0.04

Hand and Machine Tools 1,800 Makita Corp ........................ 90 0.02

Health Care Equipment and Supplies 4,600 Olympus Corp ..................... 180 0.04 1,300 Sysmex Corp ....................... 112 0.02 3,000 Terumo Corp ....................... 178 0.03

Home Builders

8,400


3,800 Sekisui Chemical Co Ltd ..... 70 0.01 9,600 Sekisui House Ltd ............... 146 0.03

Home Furnishings 500 Hoshizaki Corp .................... 52 0.01 23,700 Panasonic Corp .................... 276 0.05 12,100 Sony Corp ........................... 742 0.14

Hotels, Restaurants and Leisure 600 Shimano Inc ........................ 97 0.02 1,500 Yamaha Corp ...................... 79 0.02 2,700 Yamaha Motor Co Ltd ........ 76 0.01

Insurance 12,300 Dai-ichi Life Holdings Inc .. 256 0.05 16,100 Japan Post Holdings Co Ltd 192 0.04

6,000

MS&AD Insurance Group Holdings Inc ........................ 200 0.04

2,900 Sompo Holdings Inc ............ 124 0.02 5,200 T&D Holdings Inc ............... 86 0.02 6,800 Tokio Marine Holdings Inc . 337 0.06

Internet Software and Services 3,400 M3 Inc ................................. 77 0.02 16,300 Rakuten Inc ......................... 125 0.02 1,900 Trend Micro Inc .................. 122 0.02 8,500 Yahoo Japan Corp ............... 31 0.01 3,900 ZOZO Inc ............................ 118 0.02

Iron and Steel 4,600 JFE Holdings Inc ................. 106 0.02

9,400

Nippon Steel & Sumitomo Metal Corp .......................... 199 0.04

Machinery 4,000 Amada Holdings Co Ltd ..... 43 0.01 2,100 FANUC Corp ...................... 396 0.07 9,000 Hitachi Ltd .......................... 306 0.06 1,000 Keyence Corp ...................... 581 0.11

Number of Shares


Fund %

10,000 Komatsu Ltd ....................... 304 0.06 12,800 Kubota Corp ....................... 218 0.04 17,800 Mitsubishi Electric Corp ..... 244 0.05 600 SMC Corp ........................... 192 0.04 3,800 Yaskawa Electric Corp ....... 113 0.02

Metals and Mining 4,600 NSK Ltd .............................. 53 0.01

2,000

Sumitomo Metal Mining Co Ltd ...................................... 70 0.01

Miscellaneous Manufacturers 5,200 FUJIFILM Holdings Corp .. 234 0.04 3,200 Nikon Corp ......................... 60 0.01 6,500 Toshiba Corp ...................... 188 0.04

Office Electronics 10,200 Canon Inc ............................ 324 0.06 4,900 Konica Minolta Inc ............. 52 0.01 6,400 Ricoh Co Ltd ...................... 69 0.01 2,500 Seiko Epson Corp ............... 43 0.01

Oil and Gas 6,200 Inpex Corp .......................... 77 0.01 34,700 JXTG Holdings Inc ............. 262 0.05

Personal Products 5,400 Kao Corp ............................ 436 0.08 300 Kose Corp ........................... 57 0.01 4,000 Shiseido Co Ltd .................. 310 0.06 7,500 Unicharm Corp ................... 248 0.05

Pharmaceuticals 4,200 Alfresa Holdings Corp ........ 112 0.02 20,800 Astellas Pharma Inc ............ 363 0.07

3,000

Chugai Pharmaceutical Co Ltd ...................................... 193 0.04

7,900 Daiichi Sankyo Co Ltd ....... 343 0.06 3,200 Eisai Co Ltd ........................ 312 0.06 3,300 Ono Pharmaceutical Co Ltd 93 0.02 4,400 Otsuka Holdings Co Ltd ..... 222 0.04

3,700

Santen Pharmaceutical Co Ltd ...................................... 59 0.01

3,800 Shionogi & Co Ltd .............. 248 0.05

7,000


Real Estate

500

Daito Trust Construction Co Ltd ...................................... 64 0.01

14,000 Mitsubishi Estate Co Ltd .... 238 0.05 10,000 Mitsui Fudosan Co Ltd ....... 237 0.05

9,900

Tokyu Fudosan Holdings Corp .................................... 69 0.01


38

Japan Prime Realty Investment Corp .................. 135 0.03

11

Japan Real Estate Investment Corp .................................... 58 0.01

24

Japan Retail Fund Investment Corp .................. 44 0.01



Number of Shares


Fund %

12 Nippon Building Fund Inc ... 69 0.01 67 Nippon Prologis REIT Inc ... 133 0.03

133

Nomura Real Estate Master Fund Inc .............................. 182 0.03

30

United Urban Investment Corp ..................................... 47 0.01

Retail Trade

1,200

Don Quijote Holdings Co Ltd ....................................... 61 0.01

700


600 Fast Retailing Co Ltd .......... 306 0.06

3,900

Isetan Mitsukoshi Holdings Ltd ....................................... 48 0.01

5,300 J Front Retailing Co Ltd ...... 82 0.02 600 Lawson Inc .......................... 37 0.01 800 Nitori Holdings Co Ltd ....... 115 0.02 200 Ryohin Keikaku Co Ltd ...... 60 0.01 2,600 USS Co Ltd ......................... 48 0.01

Semiconductor Equipment and Products 1,600 Hamamatsu Photonics KK .. 64 0.01 900 Rohm Co Ltd ....................... 66 0.01 1,900 Tokyo Electron Ltd ............. 261 0.05

Software 5,300 Nexon Co Ltd ...................... 69 0.01

Telecommunications 17,200 KDDI Corp .......................... 475 0.09

9,500

Nippon Telegraph & Telephone Corp ................... 429 0.08

18,200 NTT Docomo Inc ................ 490 0.09 8,000 SoftBank Group Corp .......... 808 0.16

Toys, Games and Hobbies 1,800 Bandai Namco Holdings Inc 70 0.01 1,200 Nintendo Co Ltd .................. 438 0.09

Transport 1,500 Central Japan Railway Co ... 312 0.06 3,300 East Japan Railway Co ........ 307 0.06

2,300

Hankyu Hanshin Holdings Inc ....................................... 82 0.02

1,400 Keihan Holdings Co Ltd ..... 53 0.01 2,500 Keikyu Corp ........................ 46 0.01 1,400 Keio Corp ............................ 77 0.01

3,700

Kintetsu Group Holdings Co Ltd ....................................... 149 0.03

5,200 Nagoya Railroad Co Ltd ...... 129 0.02 900 Nippon Express Co Ltd ....... 59 0.01

3,000

Odakyu Electric Railway Co Ltd ....................................... 71 0.01

5,000 Tokyu Corp ......................... 91 0.02 2,600 West Japan Railway Co ....... 181 0.03 3,000 Yamato Holdings Co Ltd .... 92 0.02

34,763 6.63

Number of Shares


Fund %

Jersey, Channel Islands (0.40%) Advertising


3,174 Aptiv Plc ............................. 266 0.05 Biotechnology

8,633 Shire Plc .............................. 521 0.10 Commercial Services and Supplies

10,493 Experian Plc ........................ 270 0.05 Distributors

2,856 Ferguson Plc ....................... 243 0.05 Metals and Mining

113,432 Glencore Plc ....................... 491 0.09 1,776 Randgold Resources Ltd ..... 126 0.03

2,099 0.40 Korea, Republic of (1.36%) Aerospace and Defence

672

Korea Aerospace Industries Ltd ...................................... 21 0.00

Agriculture 1,868 KT&G Corp ........................ 175 0.03

Auto Components 1,037 Hankook Tire Co Ltd .......... 47 0.01 916 Hyundai Mobis Co Ltd ....... 188 0.04

Automobiles 1,985 Hyundai Motor Co .............. 232 0.04 2,431 Kia Motors Corp ................. 77 0.02

Banks 13,571 Woori Bank ......................... 207 0.04

Biotechnology 203 Samsung Biologics Co Ltd . 98 0.02

Chemicals 733 LG Chem Ltd ...................... 242 0.04 167 Lotte Chemical Corp ........... 42 0.01

Computers and Peripherals 329 Samsung SDS Co Ltd ......... 69 0.01 414 SK Holdings Co Ltd ........... 107 0.02


1,144

Hyundai Engineering & Construction Co Ltd ........... 70 0.01


Diversified Financials 4,784 Hana Financial Group Inc ... 192 0.04 5,324 KB Financial Group Inc ...... 260 0.05

838

Korea Investment Holdings Co Ltd ................................. 57 0.01

10,406 Mirae Asset Daewoo Co Ltd 79 0.01

5,328


Electric Utilities 4,165 Korea Electric Power Corp . 110 0.02




Number of Shares


Fund %

Electrical Equipment 2,195 LG Display Co Ltd .............. 38 0.01

746

Samsung Electro-Mechanics Co Ltd ................................. 93 0.02

Food Products 909 GS Holdings Corp ............... 45 0.01

Home Furnishings 568 Coway Co Ltd ..................... 44 0.01 1,119 LG Electronics Inc .............. 72 0.01

Insurance

294


660

Samsung Life Insurance Co Ltd ....................................... 58 0.01

Internet Software and Services 703 Kakao Corp ......................... 75 0.02 326 NAVER Corp ...................... 210 0.04 189 NCSoft Corp ....................... 75 0.01

Iron and Steel 1,092 Hyundai Steel Co ................ 56 0.01 891 POSCO ................................ 237 0.05

Lodging 3,378 Kangwon Land Inc .............. 87 0.02

Oil and Gas 555 S-Oil Corp ........................... 69 0.01 1,095 SK Innovation Co Ltd ......... 212 0.04

Other Finance

66

Hyundai Heavy Industries Holdings Co Ltd .................. 24 0.01

Personal Products 326 Amorepacific Group ............ 27 0.01

104


Pharmaceuticals 861 Celltrion Inc ........................ 231 0.04

Retail Trade 266 E-MART Inc ....................... 50 0.01 631 Samsung C&T Corp ............ 74 0.01

Semiconductor Equipment and Products 46,757 Samsung Electronics Co Ltd 1,958 0.37 6,068 SK Hynix Inc ...................... 400 0.08

Shipbuilding

367


Telecommunications 556 Samsung SDI Co Ltd ........... 130 0.03 242 SK Telecom Co Ltd ............. 62 0.01


2,061 Royal Caribbean Cruises Ltd 268 0.05

Number of Shares


Fund %

Luxembourg (0.08%) Iron and Steel

8,956 ArcelorMittal ...................... 279 0.06 Metals and Mining

3,739 Tenaris SA .......................... 63 0.01 Telecommunications

3,107 SES SA ............................... 68 0.01 410 0.08 Malaysia (0.19%) Agriculture

167,600 FGV Holdings Bhd ............. 63 0.01 21,500 Kuala Lumpur Kepong Bhd 130 0.02 26,500 Sime Darby Plantation Bhd 34 0.01

Banks 24,900 Malayan Banking Bhd ........ 59 0.01 23,500 Public Bank Bhd ................. 142 0.03

Beverages

1,000

Fraser & Neave Holdings Bhd ..................................... 9 0.00

Distributors 26,500 Sime Darby Bhd ................. 17 0.00


Health Care Providers and Services 92,200 IHH Healthcare Bhd ........... 116 0.02

Holding Companies - Diversified Operations 97,700 IJM Corp Bhd ..................... 42 0.01

Lodging 37,800 Genting Bhd ........................ 71 0.01 40,100 Genting Malaysia Bhd ........ 48 0.01

Pipelines 9,600 Petronas Gas Bhd ................ 44 0.01

Real Estate 26,500 Sime Darby Property Bhd ... 8 0.00

Telecommunications 115,300 DiGi.Com Bhd .................... 134 0.03

1,016 0.19 Mexico (0.32%) Banks

33,800

Grupo Financiero Banorte SAB de CV ......................... 245 0.05

Beverages

7,000

Coca-Cola Femsa SAB de CV ...................................... 43 0.01

24,693

Fomento Economico Mexicano SAB de CV ........ 244 0.04



3,335

Grupo Aeroportuario del Sureste SAB de CV ............ 68 0.01



Number of Shares


Fund %

Food Products 24,200 Grupo Bimbo SAB de CV ... 52 0.01

Holding Companies - Diversified Operations 62,900 Alfa SAB de CV .................. 81 0.01

Household Products

24,200

Kimberly-Clark de Mexico SAB de CV .......................... 43 0.01

Media 37,800 Grupo Televisa SAB ........... 134 0.03


30,700

Fibra Uno Administracion SA de CV ............................ 41 0.01

Retail Trade

89,500

Wal-Mart de Mexico SAB de CV .................................. 272 0.05

Telecommunications 379,370 America Movil SAB de CV 305 0.06


6,355 Airbus SE ............................ 799 0.15 Automobiles

2,500 AerCap Holdings NV .......... 144 0.03 1,149 Ferrari NV ........................... 158 0.03

12,811



Beverages 991 Heineken Holding NV ......... 90 0.02 2,625 Heineken NV ....................... 246 0.04

Chemicals 2,748 Akzo Nobel NV ................... 257 0.05 2,470 Koninklijke DSM NV ......... 262 0.05

3,300



Food Products

12,149


Health Care Equipment and Supplies 9,138 Koninklijke Philips NV ....... 416 0.08 5,756 Qiagen NV .......................... 218 0.04

Insurance 15,072 Aegon NV ........................... 98 0.02 5,602 NN Group NV ..................... 250 0.05



Other Finance 1,158 EXOR NV ........................... 78 0.01

Number of Shares


Fund %


Pharmaceuticals 5,236 Mylan NV ........................... 192 0.04

Semiconductor Equipment and Products 4,006 ASML Holding NV ............ 749 0.14 3,000 NXP Semiconductors NV ... 257 0.05 10,005 STMicroelectronics NV ...... 182 0.04


7,141 1.36 New Zealand (0.03%) Building Products


26,000


174 0.03 Norway (0.22%) Banks

11,703 DNB ASA ........................... 246 0.05 Chemicals







3,894 Carnival Corp ..................... 248 0.05 Papua New Guinea (0.02%) Oil and Gas

11,923 Oil Search Ltd ..................... 78 0.02 Philippines (0.09%) Banks

20,170 BDO Unibank Inc ............... 45 0.01 Food Products

33,940 JG Summit Holdings Inc ..... 34 0.01 11,930 Universal Robina Corp ....... 32 0.00

Holding Companies - Diversified Operations 30,790 Aboitiz Equity Ventures Inc 28 0.01




Number of Shares


Fund %

Real Estate 4,600 Ayala Corp .......................... 79 0.01 297,000 SM Prime Holdings Inc ....... 199 0.04

Retail Trade 3,590 SM Investments Corp .......... 60 0.01

477 0.09 Poland (0.13%) Banks

1,950 Bank Polska Kasa Opieki SA 56 0.01

17,806

Powszechna Kasa Oszczednosci Bank Polski SA ....................................... 207 0.04

1,397 Santander Bank Polska SA .. 142 0.03 Insurance

7,580 Powszechny Zaklad Ubezpieczen SA .................. 82 0.02


Oil and Gas

4,155


675 0.13 Portugal (0.04%) Electric Utilities

23,979




226 0.04 Qatar (0.10%) Banks

6,390 Qatar National Bank QPSC . 311 0.06 Chemicals

2,212 Industries Qatar QSC .......... 76 0.01 Electric Utilities

1,695

Qatar Electricity & Water Co QSC ..................................... 89 0.02

Real Estate 10,334 Ezdan Holding Group QSC . 30 0.01

506 0.10 Russia (0.37%) Banks

111,024 Sberbank of Russia PJSC .... 345 0.07 48,650,000 VTB Bank PJSC .................. 30 0.01

Food Products 3,840 Magnit PJSC GDR .............. 55 0.01

Metals and Mining

451

MMC Norilsk Nickel PJSC (Russia listed) ...................... 79 0.01

Number of Shares


Fund %

907

MMC Norilsk Nickel PJSC (US listed) ........................... 158 0.03

Oil and Gas 126,970 Gazprom PJSC .................... 315 0.06 4,741 Lukoil PJSC ........................ 363 0.07 580 Novatek PJSC GDR ............ 107 0.02 11,000 Rosneft Oil Co PJSC .......... 83 0.02 113,100 Surgutneftegas OJSC .......... 47 0.01 22,750 Tatneft PJSC ....................... 289 0.05

Telecommunications

5,700

Mobile TeleSystems PJSC ADR .................................... 49 0.01

1,920 0.37 Singapore (0.37%) Airlines



29,300



20,300



Electrical Equipment 9,500 Flex Ltd .............................. 125 0.02

Food Products 19,900 Wilmar International Ltd .... 47 0.01


Media

49,900




55,968


37,100 CapitaLand Mall Trust ........ 60 0.01

94,600

Suntec Real Estate Investment Trust ................. 134 0.03

Telecommunications

82,700


Transport 23,200 ComfortDelGro Corp Ltd ... 41 0.01


17,938 Absa Group Ltd .................. 193 0.04



Number of Shares


Fund %

49,717 FirstRand Ltd ...................... 238 0.04 2,658 Nedbank Group Ltd ............. 50 0.01 17,568 Standard Bank Group Ltd .... 217 0.04


Diversified Financials 2,309 Old Mutual Ltd .................... 5 0.00 10,844 RMB Holdings Ltd .............. 61 0.01

Food Products 3,250 Bid Corp Ltd ....................... 68 0.01 3,601 Bidvest Group Ltd ............... 47 0.01 4,614 Shoprite Holdings Ltd ......... 62 0.01 2,064 Tiger Brands Ltd ................. 39 0.01 11,382 Woolworths Holdings Ltd ... 40 0.01


9,647

Aspen Pharmacare Holdings Ltd ....................................... 115 0.02

Holding Companies - Diversified Operations 10,278 Remgro Ltd ......................... 143 0.03

Insurance 11,982 Discovery Ltd ...................... 144 0.03 14,538 Sanlam Ltd .......................... 81 0.01

Internet Software and Services 4,405 Naspers Ltd ......................... 950 0.18

Metals and Mining 3,928 AngloGold Ashanti Ltd ....... 34 0.01

Other Finance 7,933 PSG Group Ltd .................... 128 0.03

Real Estate 62,888 Redefine Properties Ltd ....... 45 0.01

Real Estate Investment Trust 30,166 Growthpoint Properties Ltd . 50 0.01

Retail Trade 4,878 Clicks Group Ltd ................. 60 0.01 4,002 Mr Price Group Ltd ............. 65 0.02

Telecommunications 21,278 MTN Group Ltd .................. 132 0.02 4,927 Vodacom Group Ltd ............ 44 0.01

3,279 0.63 Spain (0.82%) Airlines

8,636


Banks

63,976 Banco Bilbao Vizcaya Argentaria SA ...................... 408 0.08

45,929 Banco de Sabadell SA ......... 71 0.01 171,927 Banco Santander SA ............ 866 0.16 35,672 Bankia SA ........................... 140 0.03 44,813 CaixaBank SA ..................... 205 0.04

Number of Shares


Fund %


2,091

ACS Actividades de Construccion y Servicios SA ....................................... 89 0.02

1,282 Aena SME SA .................... 223 0.04 4,359 Ferrovial SA ....................... 90 0.02

Electric Utilities 56,358 Iberdrola SA ....................... 415 0.08

Gas Utilities 4,660 Enagas SA .......................... 126 0.02 3,269 Naturgy Energy Group SA . 89 0.02


Pharmaceuticals 2,622 Grifols SA ........................... 74 0.01

Retail Trade

11,118


Software 4,418 Amadeus IT Group SA ....... 411 0.08


4,298 0.82 Sweden (0.75%) Agriculture

1,822 Swedish Match AB ............. 93 0.02 Automobiles

16,259 Volvo AB ............................ 287 0.05 Banks

26,738 Nordea Bank AB ................. 291 0.06

10,500



Commercial Services and Supplies 7,116 Securitas AB ....................... 124 0.02

Construction and Engineering 2,913 Skanska AB ........................ 57 0.01



Home Furnishings 2,144 Electrolux AB ..................... 47 0.01

Machinery

6,949

Atlas Copco AB (Class A Shares) ................................ 200 0.04

5,409

Atlas Copco AB (Class B Shares) ................................ 144 0.03

6,949 Epiroc AB (Class A Shares) 78 0.02 5,409 Epiroc AB (Class B Shares) 56 0.01 2,793 Hexagon AB ....................... 164 0.03 8,990 Husqvarna AB .................... 77 0.01




Number of Shares


Fund %

Metals and Mining 4,556 Boliden AB ......................... 127 0.03 3,360 SKF AB ............................... 66 0.01

Miscellaneous Manufacturers 3,316 Alfa Laval AB ..................... 90 0.02

Other Finance 4,975 Investor AB ......................... 230 0.05 2,384 Kinnevik AB ....................... 72 0.01


Retail Trade 9,285 Hennes & Mauritz AB ......... 171 0.03

Telecommunications

35,533


22,379 Telia Co AB ........................ 103 0.02 3,938 0.75 Switzerland (2.46%) Banks

29,466 Credit Suisse Group AG ...... 445 0.08 34,674 UBS Group AG ................... 550 0.11

Beverages 2,047 Coca-Cola HBC AG ............ 70 0.01

Building Products 446 Geberit AG .......................... 208 0.04 4,495 LafargeHolcim Ltd .............. 223 0.04 1,020 Sika AG ............................... 149 0.03

Chemicals 110 Givaudan SA ....................... 272 0.05


Diversified Financials 3,493 Julius Baer Group Ltd ......... 176 0.03 121 Partners Group Holding AG 96 0.02


Food Products



458 Schindler Holding AG ......... 115 0.02 Health Care Equipment and Supplies

1,109 Lonza Group AG ................. 380 0.07 492 Sonova Holding AG ............ 98 0.02 200 Straumann Holding AG ....... 151 0.03

Insurance 296 Baloise Holding AG ............ 45 0.01 4,248 Chubb Ltd ........................... 568 0.11

Number of Shares


Fund %

205 Swiss Life Holding AG ....... 78 0.02 2,942 Swiss Re AG ....................... 273 0.05 1,231 Zurich Insurance Group AG 391 0.07

Machinery 19,997 ABB Ltd ............................. 475 0.09

Pharmaceuticals 22,128 Novartis AG ........................ 1,912 0.36 6,490 Roche Holding AG ............. 1,580 0.30 474 Vifor Pharma AG ................ 83 0.02

Real Estate 682 Swiss Prime Site AG .......... 58 0.01

Retail Trade

4,925


436 Dufry AG ............................ 49 0.01 513 Swatch Group AG ............... 205 0.04

Software 649 Temenos Group AG ............ 106 0.02

Telecommunications 376 Swisscom AG ..................... 171 0.03

Transport

1,296

Kuehne & Nagel International AG ................. 206 0.04

12,915 2.46 Taiwan (1.13%) Auto Components

26,000


Building Products 81,000 Asia Cement Corp ............... 110 0.02 46,200 Taiwan Cement Corp .......... 62 0.01

Chemicals

27,000

Formosa Chemicals & Fibre Corp .................................... 113 0.02

70,000 Formosa Plastics Corp ........ 268 0.05 41,000 Nan Ya Plastics Corp .......... 114 0.02

Computers and Peripherals 14,000 Asustek Computer Inc ........ 121 0.02 27,000 Quanta Computer Inc .......... 47 0.01


193,000

China Development Financial Holding Corp ...... 72 0.02

143,000

CTBC Financial Holding Co Ltd ...................................... 108 0.02

95,750

E.Sun Financial Holding Co Ltd ...................................... 71 0.02

91,687

First Financial Holding Co Ltd ...................................... 62 0.01

99,000


110,822

Hua Nan Financial Holdings Co Ltd ................................. 67 0.01

194,000

Mega Financial Holding Co Ltd ...................................... 175 0.04



Number of Shares


Fund %

179,469

SinoPac Financial Holdings Co Ltd ................................. 66 0.01

114,366

Taishin Financial Holding Co Ltd ................................. 55 0.01

112,455

Taiwan Cooperative Financial Holding Co Ltd .... 69 0.01

132,000


Electrical Equipment 29,000 Delta Electronics Inc ........... 124 0.02

160,000


18,000 Pegatron Corp ...................... 36 0.01 2,396 Yageo Corp ......................... 36 0.01

Food Products

45,000

Uni-President Enterprises Corp ..................................... 117 0.02

Insurance

114,000

Cathay Financial Holding Co Ltd ....................................... 196 0.04

55,459 China Life Insurance Co Ltd 56 0.01 Metals and Mining

6,000 Catcher Technology Co Ltd 66 0.01 Miscellaneous Manufacturers

1,000 Largan Precision Co Ltd ...... 119 0.02 Retail Trade

7,000 Hotai Motor Co Ltd ............. 60 0.01 6,000 President Chain Store Corp . 70 0.02


28,874


25,000 MediaTek Inc ...................... 202 0.04

248,000

Taiwan Semiconductor Manufacturing Co Ltd ......... 2,132 0.41

144,000

United Microelectronics Corp ..................................... 76 0.01


22,000


Textile and Apparel

64,000

Far Eastern New Century Corp ..................................... 75 0.01

5,952 1.13 Thailand (0.24%) Banks

29,400 Kasikornbank PCL .............. 198 0.04 33,100 Siam Commercial Bank PCL 153 0.03

Chemicals 29,200 PTT Global Chemical PCL . 73 0.01

Construction and Engineering 52,000 Airports of Thailand PCL .... 105 0.02


71,400

Bangkok Dusit Medical Services PCL ....................... 56 0.01

Number of Shares


Fund %

Oil and Gas

17,700

PTT Exploration & Production PCL .................. 85 0.02

155,000 PTT PCL ............................. 260 0.05 Retail Trade

114,800 CP ALL PCL ...................... 245 0.05 Telecommunications

12,400 Advanced Info Service PCL 77 0.01 1,252 0.24 Turkey (0.06%) Banks

37,115 Akbank T.A.S. .................... 43 0.01 25,099 Turkiye Garanti Bankasi AS 32 0.00 49,546 Turkiye Is Bankasi AS ........ 36 0.01

Food Products 6,816 BIM Birlesik Magazalar AS 92 0.02


18,169


13,243 KOC Holding AS ................ 38 0.01 Telecommunications

16,086

Turkcell Iletisim Hizmetleri AS ....................................... 31 0.01

295 0.06 United Arab Emirates (0.04%) Commercial Services and Supplies

4,299 DP World Ltd ..................... 82 0.01 Real Estate

45,489 Emaar Properties PJSC ....... 61 0.01 Telecommunications

18,371

Emirates Telecommunications Group Co PJSC .............................. 84 0.02


32,273 BAE Systems Plc ................ 265 0.05 7,157 Meggitt Plc ......................... 53 0.01 22,429 Rolls-Royce Holdings Plc ... 289 0.06

Agriculture

21,506

British American Tobacco Plc ....................................... 1,005 0.19


157,869 Barclays Plc ........................ 354 0.07 192,503 HSBC Holdings Plc ............ 1,681 0.32 6,590 Investec Plc ......................... 46 0.01 732,660 Lloyds Banking Group Plc . 566 0.11

27,199


31,303 Standard Chartered Plc ....... 260 0.05




Number of Shares


Fund %

Beverages

2,041


22,805 Diageo Plc ........................... 809 0.15 Chemicals

1,109 Croda International Plc ........ 75 0.01 1,644 Johnson Matthey Plc ........... 76 0.02

Commercial Services and Supplies 7,489 Ashtead Group Plc .............. 238 0.05 5,494 Bunzl Plc ............................. 173 0.03 14,882 G4S Plc ............................... 47 0.01 1,422 Intertek Group Plc ............... 93 0.02 4,419 Nielsen Holdings Plc ........... 122 0.02

11,230


17,657 RELX Plc (UK listed) ......... 372 0.07 Diversified Financials

2,770 Hargreaves Lansdown Plc ... 81 0.02

2,351


1,346 Schroders Plc ....................... 54 0.01 4,870 St James's Place Plc ............. 73 0.01 16,615 Standard Life Aberdeen Plc 66 0.01

Electric Utilities 11,315 SSE Plc ................................ 169 0.03


1,700


Entertainment 12,343 Merlin Entertainments Plc ... 64 0.01

Food Products 2,819 Associated British Foods Plc 84 0.02 14,784 Compass Group Plc ............. 329 0.06 14,786 J Sainsbury Plc .................... 62 0.01 90,244 Tesco Plc ............................. 282 0.06

19,037


Gas Utilities 67,707 Centrica Plc ......................... 137 0.02 29,042 National Grid Plc ................. 300 0.06

Health Care Equipment and Supplies 11,663 Smith & Nephew Plc ........... 213 0.04

Home Builders 8,505 Barratt Developments Plc .... 63 0.01

1,336



Hotels, Restaurants and Leisure 2,860 Carnival Plc ......................... 178 0.03


Number of Shares


Fund %

Insurance 2,337 Aon Plc ............................... 359 0.07 39,335 Aviva Plc ............................ 251 0.05

10,966


69,233 Legal & General Group Plc 237 0.04 25,137 Prudential Plc ...................... 577 0.11 8,010 RSA Insurance Group Plc ... 60 0.01

Internet Software and Services 8,394 Auto Trader Group Plc ....... 49 0.01

Lodging

3,717


1,518 Whitbread Plc ..................... 93 0.02 Machinery

2,019 Weir Group Plc ................... 46 0.01 Media

30,659 ITV Plc ............................... 63 0.01

3,973

Liberty Global Plc (Class A Shares) ................................ 115 0.02

4,900

Liberty Global Plc (Class C Shares) ................................ 138 0.03

6,743 Pearson Plc ......................... 78 0.02 10,441 Sky Plc ................................ 235 0.04

Metals and Mining 10,861 Anglo American Plc ........... 244 0.05 23,237 BHP Billiton Plc ................. 506 0.10 2,266 Fresnillo Plc ........................ 24 0.00 12,835 Rio Tinto Plc ....................... 649 0.12

Miscellaneous Manufacturers 7,366 Smiths Group Plc ................ 144 0.03

Oil and Gas 203,165 BP Plc ................................. 1,561 0.30

42,881

Royal Dutch Shell Plc (Class A Shares) ............................ 1,474 0.28

38,336

Royal Dutch Shell Plc (Class B Shares) ............................ 1,344 0.25

Oil and Gas Services 5,953 TechnipFMC Plc ................. 186 0.04

Other Finance 14,820 3i Group Plc ........................ 182 0.03 52,725 Melrose Industries Plc ........ 137 0.03

Paper and Forest Products 3,681 Mondi Plc ........................... 101 0.02

Personal Products 12,182 Unilever Plc ........................ 670 0.13

Pharmaceuticals 12,829 AstraZeneca Plc .................. 998 0.19 49,249 GlaxoSmithKline Plc .......... 987 0.19

Real Estate Investment Trust 8,376 British Land Co Plc ............ 67 0.01 15,628 Hammerson Plc ................... 93 0.02 10,062 Land Securities Group Plc .. 116 0.02



Number of Shares


Fund %

10,173 Segro Plc ............................. 85 0.02 Retail Trade

16,752 Kingfisher Plc ...................... 56 0.01 13,507 Marks & Spencer Group Plc 51 0.01 1,149 Next Plc ............................... 82 0.01 2,378 Travis Perkins Plc ............... 33 0.01

Software

5,121

Micro Focus International Plc ....................................... 95 0.02

7,563 Sage Group Plc .................... 58 0.01 Telecommunications

113,374 BT Group Plc ...................... 333 0.06 242,092 Vodafone Group Plc ............ 519 0.10


Transport 7,270 Royal Mail Plc ..................... 45 0.01

Water Utilities 4,454 Severn Trent Plc .................. 107 0.02


2,640 Omnicom Group Inc ............ 180 0.03 Aerospace and Defence

6,241 Arconic Inc .......................... 137 0.03 5,430 Boeing Co ........................... 2,019 0.38 2,497 General Dynamics Corp ...... 511 0.10 1,200 Harris Corp .......................... 203 0.04 1,055 L3 Technologies Inc ............ 224 0.04 2,584 Lockheed Martin Corp ........ 894 0.17 1,512 Northrop Grumman Corp .... 480 0.09 2,992 Raytheon Co ........................ 618 0.12 1,270 Rockwell Collins Inc ........... 178 0.03

1,000

Spirit AeroSystems Holdings Inc ....................................... 92 0.02

423 TransDigm Group Inc ......... 157 0.03 7,761 United Technologies Corp ... 1,085 0.21

Agriculture 19,073 Altria Group Inc .................. 1,150 0.22 6,028 Archer-Daniels-Midland Co 303 0.06

15,437


Airlines 1,400 American Airlines Group Inc 58 0.01 1,700 Delta Air Lines Inc .............. 98 0.02 1,400 Southwest Airlines Co ......... 87 0.02

900


Auto Components 800 Autoliv Inc .......................... 69 0.01 1,800 BorgWarner Inc ................... 77 0.02 2,400 Goodyear Tire & Rubber Co 56 0.01

Number of Shares


Fund %

700 Lear Corp ............................ 102 0.02 500 WABCO Holdings Inc ........ 59 0.01

Automobiles 37,530 Ford Motor Co .................... 347 0.07 13,160 General Motors Co ............. 443 0.08 3,659 PACCAR Inc ...................... 250 0.05 1,238 Tesla Inc ............................. 328 0.06

Banks 92,640 Bank of America Corp ........ 2,729 0.52

10,500


7,063 BB&T Corp ........................ 343 0.07 4,633 Capital One Financial Corp 440 0.08 1,700 CIT Group Inc .................... 88 0.02 25,090 Citigroup Inc ....................... 1,800 0.34 5,787 Citizens Financial Group Inc 223 0.04 1,564 Comerica Inc ....................... 141 0.03 1,900 East West Bancorp Inc ........ 115 0.02 8,260 Fifth Third Bancorp ............ 231 0.04 1,866 First Republic Bank ............ 179 0.03 3,594 Goldman Sachs Group Inc .. 806 0.15 13,508 Huntington Bancshares Inc . 202 0.04 33,408 JPMorgan Chase & Co ....... 3,770 0.72 11,813 KeyCorp ............................. 235 0.05 1,442 M&T Bank Corp ................. 237 0.05 13,399 Morgan Stanley ................... 624 0.12 2,465 Northern Trust Corp ........... 252 0.05

4,757


9,824 Regions Financial Corp ...... 180 0.03 800 Signature Bank ................... 92 0.02 3,742 State Street Corp ................. 314 0.06 4,500 SunTrust Banks Inc ............. 301 0.06 500 SVB Financial Group ......... 155 0.03 15,548 US Bancorp ......................... 821 0.16 44,665 Wells Fargo & Co ............... 2,348 0.45 2,500 Zions Bancorporation ......... 125 0.02

Beverages 2,250 Brown-Forman Corp ........... 114 0.02 39,778 Coca-Cola Co ..................... 1,837 0.35 1,680 Constellation Brands Inc ..... 362 0.07 2,146 Molson Coors Brewing Co . 132 0.02 4,612 Monster Beverage Corp ...... 269 0.05 13,926 PepsiCo Inc ......................... 1,557 0.30

Biotechnology 2,258 Alexion Pharmaceuticals Inc 314 0.06

900


6,383 Amgen Inc .......................... 1,323 0.25 2,195 Biogen Inc .......................... 776 0.15

2,010





Number of Shares


Fund %

7,649 Celgene Corp ....................... 685 0.13 13,071 Gilead Sciences Inc ............. 1,009 0.19 1,540 Illumina Inc ......................... 565 0.11 1,892 Incyte Corp .......................... 131 0.02

799


2,100 Seattle Genetics Inc ............. 162 0.03 400 United Therapeutics Corp ... 51 0.01 2,726 Vertex Pharmaceuticals Inc . 525 0.10

Building Products

1,300


500


4,870 Masco Corp ......................... 178 0.04 1,559 Vulcan Materials Co ............ 173 0.03

Chemicals

1,800


1,671 Albemarle Corp ................... 167 0.03 1,200 Celanese Corp ..................... 137 0.03 2,000 CF Industries Holdings Inc .. 109 0.02 1,600 Chemours Co ....................... 63 0.01 21,328 DowDuPont Inc ................... 1,372 0.26 2,800 Eastman Chemical Co ......... 268 0.05 1,200 FMC Corp ........................... 105 0.02

600


2,700 Mosaic Co ........................... 88 0.02 2,500 PPG Industries Inc ............... 273 0.05 2,614 Praxair Inc ........................... 420 0.08 836 Sherwin-Williams Co .......... 381 0.07


4,400


1,200 Cintas Corp ......................... 237 0.04 400 CoStar Group Inc ................ 168 0.03 2,396 Ecolab Inc ........................... 376 0.07 1,507 Equifax Inc .......................... 197 0.04 1,100 FleetCor Technologies Inc .. 251 0.05 700 Gartner Inc .......................... 111 0.02 2,033 Global Payments Inc ........... 259 0.05 2,000 H&R Block Inc ................... 52 0.01 700 ManpowerGroup Inc ........... 60 0.01 2,086 Moody's Corp ...................... 349 0.07 11,000 PayPal Holdings Inc ............ 966 0.18 1,200 Robert Half International Inc 84 0.02 2,495 S&P Global Inc ................... 487 0.09 1,800 Sabre Corp ........................... 47 0.01 3,000 Square Inc ........................... 297 0.06 1,300 Total System Services Inc ... 128 0.02 1,600 TransUnion .......................... 118 0.02 800 United Rentals Inc ............... 131 0.02

Number of Shares


Fund %

1,200 Verisk Analytics Inc ........... 145 0.03 2,888 Worldpay Inc ...................... 292 0.06

Computers and Peripherals 48,566 Apple Inc ............................ 10,961 2.09

5,785


2,000



14,900


17,507 HP Inc ................................. 451 0.09

8,854


2,300 NetApp Inc ......................... 198 0.04 3,004 Western Digital Corp .......... 176 0.03

Construction and Engineering 1,300 Fluor Corp .......................... 76 0.02

2,320


Containers and Packaging 2,400 Crown Holdings Inc ............ 115 0.02 2,100 Packaging Corp of America 230 0.05 3,038 Sealed Air Corp .................. 122 0.02 3,600 WestRock Co ...................... 192 0.04

Distributors 3,661 Fastenal Co ......................... 212 0.04 4,756 LKQ Corp ........................... 151 0.03 4,400 Newell Brands Inc .............. 89 0.02 600 WW Grainger Inc ............... 214 0.04


500


500 Alliance Data Systems Corp 118 0.02 6,834 Ally Financial Inc ............... 181 0.03 6,824 American Express Co ......... 727 0.14 1,800 Ameriprise Financial Inc .... 266 0.05 1,093 BlackRock Inc .................... 515 0.10 900 Cboe Global Markets Inc .... 86 0.02 12,832 Charles Schwab Corp .......... 631 0.12 2,790 CME Group Inc .................. 475 0.09 4,052 Discover Financial Services 310 0.06 2,300 E*TRADE Financial Corp .. 120 0.02 1,200 Eaton Vance Corp ............... 63 0.01

5,226


3,000 Jefferies Financial Group Inc 66 0.01 8,879 Mastercard Inc .................... 1,977 0.38 800 Nasdaq Inc .......................... 69 0.01

1,500


1,200 SEI Investments Co ............ 73 0.01 8,126 Synchrony Financial ........... 253 0.05 2,500 T Rowe Price Group Inc ..... 273 0.05



Number of Shares


Fund %

2,800



6,300 AES Corp ............................ 88 0.02 4,300 Ameren Corp ....................... 272 0.05

4,423


3,500 CenterPoint Energy Inc ....... 97 0.02 2,961 Consolidated Edison Inc ...... 226 0.04 6,199 Dominion Energy Inc .......... 436 0.08 2,700 DTE Energy Co ................... 295 0.06 6,420 Duke Energy Corp ............... 514 0.10 3,286 Edison International ............ 222 0.04 1,400 Entergy Corp ....................... 114 0.02 3,700 Evergy Inc ........................... 203 0.04 3,700 Eversource Energy .............. 227 0.04 12,099 Exelon Corp ........................ 528 0.10 3,300 FirstEnergy Corp ................. 123 0.02 4,600 NextEra Energy Inc ............. 771 0.15 1,900 OGE Energy Corp ............... 69 0.01 4,456 PG&E Corp ......................... 205 0.04 1,820 Pinnacle West Capital Corp 144 0.03 6,829 PPL Corp ............................. 200 0.04

5,245


1,100 SCANA Corp ...................... 43 0.01 2,397 Sempra Energy .................... 273 0.05 9,262 Southern Co ......................... 404 0.08 3,449 WEC Energy Group Inc ...... 230 0.04 5,230 Xcel Energy Inc ................... 247 0.05

Electrical Equipment 500 Acuity Brands Inc ............... 79 0.02 3,800 Agilent Technologies Inc .... 268 0.05 2,000 AMETEK Inc ...................... 158 0.03 3,366 Amphenol Corp ................... 316 0.06 900 Arrow Electronics Inc ......... 66 0.01 1,200 Avnet Inc ............................. 54 0.01 10,414 Corning Inc ......................... 368 0.07 7,000 Emerson Electric Co ............ 536 0.10 2,500 Flir Systems Inc ................... 154 0.03 3,800 Fortive Corp ........................ 320 0.06 7,007 Honeywell International Inc 1,166 0.22 1,600 Keysight Technologies Inc .. 106 0.02

300


2,100 Trimble Inc .......................... 91 0.02 700 Waters Corp ........................ 136 0.03

Environmental Control 1,500 Republic Services Inc .......... 109 0.02 700 Stericycle Inc ....................... 41 0.01 3,928 Waste Management Inc ....... 355 0.07

Number of Shares


Fund %

Food Products 1,600 Campbell Soup Co .............. 59 0.01 4,925 Conagra Brands Inc ............ 167 0.03 5,360 General Mills Inc ................ 230 0.04 1,100 Hershey Co ......................... 112 0.02 2,200 Hormel Foods Corp ............ 87 0.02 1,218 Ingredion Inc ....................... 128 0.02 2,884 Kellogg Co .......................... 202 0.04 5,808 Kraft Heinz Co .................... 320 0.06 8,600 Kroger Co ........................... 250 0.05 1,953 McCormick & Co Inc ......... 257 0.05 13,527 Mondelez International Inc . 581 0.11 5,067 Sysco Corp .......................... 371 0.07 3,298 Tyson Foods Inc ................. 196 0.04

Gas Utilities 2,900 NiSource Inc ....................... 72 0.01 1,600 UGI Corp ............................ 89 0.02

Hand and Machine Tools 500 Snap-on Inc ......................... 92 0.02 1,685 Stanley Black & Decker Inc 247 0.04

Health Care Equipment and Supplies 17,400 Abbott Laboratories ............ 1,276 0.24 400 ABIOMED Inc ................... 180 0.04 1,000 Align Technology Inc ......... 391 0.08 4,988 Baxter International Inc ...... 385 0.07 2,344 Becton Dickinson and Co ... 612 0.12 12,697 Boston Scientific Corp ........ 489 0.09 400 Cooper Cos Inc ................... 111 0.02 6,305 Danaher Corp ...................... 685 0.13 3,067 Dentsply Sirona Inc ............ 116 0.02 2,398 Edwards Lifesciences Corp . 417 0.08 1,400 Henry Schein Inc ................ 119 0.02 2,000 Hologic Inc ......................... 82 0.02 900 IDEXX Laboratories Inc ..... 225 0.04 1,206 Intuitive Surgical Inc .......... 692 0.13 2,300 ResMed Inc ......................... 265 0.05 3,580 Stryker Corp ....................... 636 0.12 4,272 Thermo Fisher Scientific Inc 1,043 0.20 800 Varian Medical Systems Inc 90 0.02

2,109

Zimmer Biomet Holdings Inc ....................................... 277 0.05

Health Care Providers and Services 3,149 Aetna Inc ............................ 639 0.12 2,398 Anthem Inc ......................... 657 0.13 2,600 Centene Corp ...................... 376 0.07 2,344 Cigna Corp .......................... 488 0.09 1,400 DaVita Inc .......................... 100 0.02 3,170 HCA Healthcare Inc ........... 441 0.08 1,459 Humana Inc ......................... 494 0.10 2,200 IQVIA Holdings Inc ........... 285 0.06

1,325





Number of Shares


Fund %

1,874 Quest Diagnostics Inc .......... 202 0.04 9,296 UnitedHealth Group Inc ...... 2,473 0.47

1,635


Home Builders 3,496 DR Horton Inc ..................... 147 0.03 2,300 Lennar Corp ........................ 107 0.02 30 NVR Inc .............................. 74 0.02 2,700 PulteGroup Inc .................... 67 0.01 1,500 Toll Brothers Inc ................. 50 0.01

Home Furnishings 2,686 Leggett & Platt Inc .............. 118 0.02 1,017 Whirlpool Corp ................... 121 0.03

Hotels, Restaurants and Leisure 1,400 Harley-Davidson Inc ........... 63 0.01 500 Polaris Industries Inc ........... 50 0.01

Household Products 800 Avery Dennison Corp .......... 87 0.02 1,595 Clorox Co ............................ 240 0.04 3,790 Kimberly-Clark Corp .......... 431 0.08

Insurance 7,512 Aflac Inc .............................. 354 0.07 3,325 Allstate Corp ....................... 328 0.06

9,400


1,427 Arthur J Gallagher & Co ..... 106 0.02 500 Assurant Inc ........................ 54 0.01 12,404 Berkshire Hathaway Inc ...... 2,656 0.51 871 Brighthouse Financial Inc ... 39 0.01 1,700 Cincinnati Financial Corp ... 131 0.02

1,800

Fidelity National Financial Inc ....................................... 71 0.01

2,700


2,945 Lincoln National Corp ......... 199 0.04 2,100 Loews Corp ......................... 105 0.02 100 Markel Corp ........................ 119 0.02 4,529 Marsh & McLennan Cos Inc 375 0.07 7,691 MetLife Inc ......................... 359 0.07

3,445


6,000 Progressive Corp ................. 426 0.08 4,500 Prudential Financial Inc ...... 456 0.09 2,509 Travelers Cos Inc ................ 325 0.06 3,460 Unum Group ....................... 135 0.03 1,800 Voya Financial Inc .............. 89 0.02 800 WR Berkley Corp ................ 64 0.01

Internet Software and Services 2,984 Alphabet Inc (Class A) ........ 3,600 0.69 3,038 Alphabet Inc (Class C) ........ 3,624 0.69 4,105 Amazon.com Inc ................. 8,220 1.57 453 Booking Holdings Inc ......... 899 0.17

Number of Shares


Fund %

2,300 CDW Corp .......................... 205 0.04 9,957 eBay Inc .............................. 329 0.06 1,494 Expedia Group Inc .............. 195 0.04 500 F5 Networks Inc ................. 100 0.02 23,369 Facebook Inc ....................... 3,841 0.73 1,400 GoDaddy Inc ....................... 117 0.02 700 IAC/InterActiveCorp .......... 152 0.03 500 MercadoLibre Inc ............... 170 0.03 4,114 Netflix Inc ........................... 1,539 0.29 700 Palo Alto Networks Inc ....... 158 0.03 6,879 Symantec Corp ................... 146 0.03 1,000 TripAdvisor Inc .................. 51 0.01 6,500 Twitter Inc .......................... 185 0.04 1,676 VeriSign Inc ........................ 268 0.05

Iron and Steel 3,645 Nucor Corp ......................... 231 0.04 4,600 Steel Dynamics Inc ............. 208 0.04

Lodging

3,966


4,585 Las Vegas Sands Corp ........ 272 0.05 3,100 Marriott International Inc .... 409 0.08 6,086 MGM Resorts International 170 0.03 700 Wynn Resorts Ltd ............... 89 0.02

Machinery 5,564 Caterpillar Inc ..................... 848 0.16 1,700 Cognex Corp ....................... 95 0.02 1,689 Cummins Inc ....................... 247 0.05 3,566 Deere & Co ......................... 536 0.10 2,220 Dover Corp ......................... 197 0.04 1,200 Flowserve Corp ................... 66 0.01 900 Middleby Corp .................... 116 0.02 1,400 Rockwell Automation Inc ... 263 0.05 1,200 Roper Technologies Inc ...... 355 0.07 800 Wabtec Corp ....................... 84 0.02 1,967 Xylem Inc ........................... 157 0.03

Media 1,608 Altice USA ......................... 29 0.01 4,216 CBS Corp ............................ 242 0.05 1,654 Charter Communications Inc 539 0.10 45,730 Comcast Corp ..................... 1,619 0.31

3,700

Discovery Inc (Class A Shares) ................................ 118 0.02

846

Discovery Inc (Class C Shares) ................................ 25 0.00

2,968 DISH Network Corp ........... 106 0.02 1,800 Liberty Broadband Corp ..... 152 0.03

4,593

Liberty Media Corp-Liberty SiriusXM ............................ 200 0.04

3,800 News Corp .......................... 50 0.01 17,500 Sirius XM Holdings Inc ...... 111 0.02



Number of Shares


Fund %

12,300

Twenty-First Century Fox Inc (Class A Shares) ............ 570 0.11

3,400

Twenty-First Century Fox Inc (Class B Shares) ............ 156 0.03

4,422 Viacom Inc .......................... 149 0.03 13,998 Walt Disney Co ................... 1,637 0.31

Metals and Mining 13,259 Freeport-McMoRan Inc ....... 185 0.04 5,900 Newmont Mining Corp ....... 178 0.03

Miscellaneous Manufacturers 5,913 3M Co ................................. 1,246 0.24 1,100 AO Smith Corp ................... 59 0.01 85,681 General Electric Co ............. 967 0.18 2,900 Illinois Tool Works Inc ....... 409 0.08 1,400 Parker-Hannifin Corp .......... 258 0.05 3,606 Textron Inc .......................... 258 0.05

Office Electronics 4,175 Xerox Corp .......................... 113 0.02

Oil and Gas 4,900 Anadarko Petroleum Corp ... 330 0.06 2,000 Andeavor ............................. 307 0.06 4,112 Apache Corp ....................... 196 0.04 6,800 Cabot Oil & Gas Corp ......... 153 0.03 17,871 Chevron Corp ...................... 2,185 0.42 1,340 Cimarex Energy Co ............. 125 0.02 1,611 Concho Resources Inc ......... 246 0.05 12,026 ConocoPhillips .................... 931 0.18 5,268 Devon Energy Corp ............. 210 0.04 700 Diamondback Energy Inc .... 95 0.02 5,540 EOG Resources Inc ............. 707 0.13 4,000 EQT Corp ............................ 177 0.03 40,574 Exxon Mobil Corp ............... 3,450 0.66 1,000 Helmerich & Payne Inc ....... 69 0.01 3,627 Hess Corp ............................ 260 0.05 1,600 HollyFrontier Corp .............. 112 0.02 8,400 Marathon Oil Corp .............. 196 0.04 5,495 Marathon Petroleum Corp ... 439 0.08 1,700 Newfield Exploration Co ..... 49 0.01 5,202 Noble Energy Inc ................ 162 0.03 7,245 Occidental Petroleum Corp . 595 0.11 2,600 Parsley Energy Inc .............. 76 0.01 4,100 Phillips 66 ........................... 462 0.09

1,700


4,494 Valero Energy Corp ............ 511 0.10 Oil and Gas Services

4,247 Baker Hughes a GE Co ....... 144 0.03 8,572 Halliburton Co ..................... 347 0.06 4,794 National Oilwell Varco Inc . 207 0.04

Paper and Forest Products 4,200 International Paper Co ......... 206 0.04

Number of Shares


Fund %

Personal Products 7,490 Colgate-Palmolive Co ......... 501 0.09 3,700 Coty Inc .............................. 46 0.01 2,473 Estee Lauder Cos Inc .......... 359 0.07 25,284 Procter & Gamble Co ......... 2,104 0.40

Pharmaceuticals 15,368 AbbVie Inc ......................... 1,454 0.28 2,213 AmerisourceBergen Corp ... 204 0.04 15,468 Bristol-Myers Squibb Co .... 960 0.18 3,462 Cardinal Health Inc ............. 187 0.04 10,298 CVS Health Corp ................ 811 0.15 9,982 Eli Lilly & Co ..................... 1,071 0.20 5,600 Express Scripts Holding Co 532 0.10 26,505 Johnson & Johnson ............. 3,660 0.70 2,215 McKesson Corp .................. 294 0.06 27,202 Merck & Co Inc .................. 1,930 0.37 1,600 Nektar Therapeutics ............ 98 0.02 58,930 Pfizer Inc ............................ 2,597 0.49 4,785 Zoetis Inc ............................ 438 0.08

Pipelines 1,800 Cheniere Energy Inc ........... 125 0.02 17,858 Kinder Morgan Inc ............. 317 0.06 5,300 ONEOK Inc ........................ 359 0.07 1,600 Targa Resources Corp ......... 90 0.02 12,357 Williams Cos Inc ................ 336 0.06

Real Estate 4,800 CBRE Group Inc ................. 212 0.04 400 Jones Lang LaSalle Inc ....... 58 0.01

Real Estate Investment Trust 4,688 American Tower Corp ........ 681 0.13 1,308 AvalonBay Communities Inc 237 0.05 1,649 Boston Properties Inc .......... 203 0.04

3,308

Brookfield Property REIT Inc ....................................... 69 0.01

700 Camden Property Trust ....... 65 0.01

3,116

Crown Castle International Corp .................................... 347 0.07

1,770 Digital Realty Trust Inc ...... 199 0.04 2,800 Duke Realty Corp ............... 79 0.02 687 Equinix Inc ......................... 297 0.06 3,678 Equity Residential ............... 244 0.05 500 Essex Property Trust Inc ..... 123 0.02 1,000 Extra Space Storage Inc ...... 87 0.02

1,011


10,100 Host Hotels & Resorts Inc .. 213 0.04 2,100 Iron Mountain Inc ............... 72 0.01 7,900 Kimco Realty Corp ............. 132 0.03 1,400 Liberty Property Trust ........ 59 0.01 1,000 Macerich Co ....................... 55 0.01 5,159 Prologis Inc ......................... 350 0.07 1,333 Public Storage ..................... 269 0.05




Number of Shares


Fund %

3,200 Realty Income Corp ............ 182 0.03 1,600 Regency Centers Corp ......... 103 0.02 1,686 SBA Communications Corp 271 0.05 2,791 Simon Property Group Inc .. 493 0.09 1,300 SL Green Realty Corp ......... 127 0.02 2,100 UDR Inc .............................. 85 0.02 3,560 Ventas Inc ........................... 194 0.04 8,000 VEREIT Inc ........................ 58 0.01 1,600 Vornado Realty Trust .......... 117 0.02 3,579 Welltower Inc ...................... 230 0.04 7,777 Weyerhaeuser Co ................ 251 0.05

Retail Trade 600 Advance Auto Parts Inc ....... 101 0.02 300 AutoZone Inc ...................... 233 0.04 2,616 Best Buy Co Inc .................. 208 0.04 2,702 CarMax Inc ......................... 202 0.04 369 Chipotle Mexican Grill Inc .. 168 0.03 1,800 Copart Inc ............................ 93 0.02 4,226 Costco Wholesale Corp ....... 993 0.19 2,000 Darden Restaurants Inc ....... 222 0.04 3,074 Dollar General Corp ............ 336 0.06 2,727 Dollar Tree Inc .................... 222 0.04 400 Domino's Pizza Inc .............. 118 0.02 1,900 Gap Inc ................................ 55 0.01 1,941 Genuine Parts Co ................. 193 0.04 11,154 Home Depot Inc .................. 2,311 0.44 1,500 Kohl's Corp ......................... 112 0.02 3,008 L Brands Inc ........................ 91 0.02 8,095 Lowe's Cos Inc .................... 929 0.18 900 Lululemon Athletica Inc ...... 146 0.03 2,400 Macy's Inc ........................... 83 0.02 7,805 McDonald's Corp ................ 1,306 0.25 1,100 Nordstrom Inc ..................... 66 0.01 979 O'Reilly Automotive Inc ..... 340 0.07 3,600 Qurate Retail Inc ................. 80 0.02 3,891 Ross Stores Inc .................... 386 0.07 12,629 Starbucks Corp .................... 718 0.14 4,136 Tapestry Inc ......................... 208 0.04 4,900 Target Corp ......................... 432 0.08 1,000 Tiffany & Co ....................... 129 0.02 5,800 TJX Cos Inc ........................ 650 0.12 1,100 Tractor Supply Co ............... 100 0.02

7,788


14,947 Walmart Inc ......................... 1,404 0.27 6,513 Yum China Holdings Inc ..... 229 0.04 3,990 Yum! Brands Inc ................. 363 0.07

Savings and Loans

3,900


Number of Shares


Fund %

Semiconductor Equipment and Products 11,400 Advanced Micro Devices Inc 352 0.07 3,646 Analog Devices Inc ............. 337 0.06 10,100 Applied Materials Inc ......... 390 0.07 4,016 Broadcom Inc ..................... 991 0.19 44,103 Intel Corp ............................ 2,086 0.40 300 IPG Photonics Corp ............ 47 0.01 2,000 Kla-Tencor Corp ................. 203 0.04 1,811 Lam Research Corp ............ 275 0.05

2,500


2,741 Microchip Technology Inc .. 216 0.04 12,988 Micron Technology Inc ...... 587 0.11 5,720 NVIDIA Corp ..................... 1,607 0.31 3,800 ON Semiconductor Corp .... 70 0.01 1,000 Qorvo Inc ............................ 77 0.02 12,671 Qualcomm Inc .................... 913 0.17 2,300 Skyworks Solutions Inc ...... 209 0.04 9,243 Texas Instruments Inc ......... 992 0.19 3,131 Xilinx Inc ............................ 251 0.05

Shipbuilding

500


Software 6,969 Activision Blizzard Inc ....... 580 0.11 4,333 Adobe Systems Inc ............. 1,170 0.22 1,200 ANSYS Inc ......................... 224 0.04 2,365 Autodesk Inc ....................... 369 0.07

1,900


5,300 CA Inc ................................ 234 0.04 2,300 Cadence Design Systems Inc 104 0.02 1,100 CDK Global Inc .................. 69 0.01 3,635 Cerner Corp ........................ 234 0.04 2,055 Citrix Systems Inc ............... 228 0.04 2,968 Electronic Arts Inc .............. 358 0.07

3,006


5,400 First Data Corp ................... 132 0.03 4,358 Fiserv Inc ............................ 359 0.07 2,600 Intuit Inc ............................. 591 0.11 71,954 Microsoft Corp ................... 8,227 1.57 905 MSCI Inc ............................ 161 0.03 29,459 Oracle Corp ......................... 1,519 0.29 3,323 Paychex Inc ......................... 245 0.05 2,221 Red Hat Inc ......................... 303 0.06 7,094 salesforce.com Inc .............. 1,128 0.22 2,006 ServiceNow Inc .................. 392 0.07 1,100 Splunk Inc ........................... 133 0.03

1,800

SS&C Technologies Holdings Inc ....................... 102 0.02

2,216 Synopsys Inc ....................... 219 0.04



Number of Shares


Fund %

1,100

Take-Two Interactive Software Inc ........................ 152 0.03

1,000 Veeva Systems Inc .............. 109 0.02 600 VMware Inc ........................ 94 0.02 1,766 Workday Inc ........................ 258 0.05

Telecommunications 500 Arista Networks Inc ............ 133 0.03 69,188 AT&T Inc ............................ 2,323 0.44 9,868 CenturyLink Inc .................. 209 0.04 46,707 Cisco Systems Inc ............... 2,272 0.43 2,800 Juniper Networks Inc .......... 84 0.02 1,700 Motorola Solutions Inc ........ 221 0.04 6,500 Sprint Corp .......................... 43 0.01 3,271 T-Mobile US Inc ................. 230 0.04

40,455


Textile and Apparel 3,000 Hanesbrands Inc .................. 55 0.01 831 Mohawk Industries Inc ........ 146 0.03 13,074 NIKE Inc ............................. 1,108 0.21 600 PVH Corp ............................ 87 0.02 500 Ralph Lauren Corp .............. 69 0.01 2,800 Under Armour Inc ............... 54 0.01 3,912 VF Corp .............................. 366 0.07

Toys, Games and Hobbies 900 Hasbro Inc ........................... 95 0.02 2,600 Mattel Inc ............................ 41 0.01

Transport 1,000 CH Robinson Worldwide Inc 98 0.02 8,127 CSX Corp ............................ 602 0.11

1,765


2,700 FedEx Corp ......................... 650 0.12

700

JB Hunt Transport Services Inc ....................................... 83 0.02

900 Kansas City Southern .......... 102 0.02 2,699 Norfolk Southern Corp ........ 487 0.09

600


7,390 Union Pacific Corp .............. 1,203 0.23 6,390 United Parcel Service Inc .... 746 0.14 1,200 XPO Logistics Inc ............... 137 0.03

Water Utilities

2,281


244,940 46.69

Number of Shares


Fund %

Virgin Islands, British (0.02%) Textile and Apparel

1,300 Michael Kors Holdings Ltd 89 0.02 Total Common Stock ........ 460,046 87.69 Preferred Stock (0.41%) Brazil (0.21%) Banks



63,580

Itausa - Investimentos Itau SA ....................................... 161 0.03


Retail Trade 8,100 Lojas Americanas SA ......... 32 0.01

Telecommunications 4,900 Telefonica Brasil SA ........... 48 0.01


1,282


2,494 Volkswagen AG .................. 439 0.08 Household Products

1,790 Henkel AG & Co KGaA ..... 210 0.04 735 0.14 Korea, Republic of (0.06%) Diversified Financials

2,059 Mirae Asset Daewoo Co Ltd 8 0.00 Semiconductor Equipment and Products

9,200 Samsung Electronics Co Ltd 314 0.06 322 0.06 Total Preferred Stock ....... 2,183 0.41



44,698







Financial Derivative Instruments ((0.34%) Open Futures Contracts (0.34%)

Notional Amount

USD ‘000

Average Cost Price

USD


Fund %

51,466 252.28

1,020 of Acwi Ntr Index Long Futures Contracts Expiring December 2018 ................................. 926 0.18

14,783 90.28

131 of Japan Yen Currency Futures Long Futures Contracts Expiring December 2018 ................................. (284) (0.05)

(14,754) (0.71)

207 of AUD USD Currency Futures Short Futures Contracts Expiring December 2018 ................................. (205) (0.04)

14,699 122.19

2,406 of Euro Stoxx Bank Long Futures Contracts Expiring December 2018 ................................. 126 0.02

(7,400) (454.00)

326 of MSCI Philippines Short Futures Contracts Expiring December 2018 ................................. 179 0.03

14,525 14.82

98 of Topix Index Futures Long Futures Contracts Expiring December 2018 ................................. 1,157 0.22

(15,045) (4,457.79)

135 of SPI 200 Futures Short Futures Contracts Expiring December 2018 ................................. (81) (0.02)

Unrealised gain on open futures contracts ...................................................................... 2,388 0.45 Unrealised loss on open futures contracts ....................................................................... (570) (0.11) Net unrealised gain (loss) on open futures contracts ................................................. 1,818 0.34


Fund %


Total Financial Liabilities at Fair Value through Profit or Loss ((0.11)%) ......................................................................... (570) (0.11)

Net Financial Assets at Fair Value through Profit or Loss (97.22%) .................................................................................. 510,092 97.22




gross assets Transferable securities admitted to an official stock exchange listing ............................................................ 87.89 Investment funds (UCITS) .............................................................................................................................. 8.75 Exchange traded financial derivative instruments .......................................................................................... 0.45 Other assets ..................................................................................................................................................... 2.91

100.00

The broker for the open futures contracts is JP Morgan.




Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 462,097 132 - 462,229Investment funds ........................................................... - 46,045 - 46,045 Unrealised gain on open futures contracts .................... 2,388 - - 2,388


Unrealised loss on open futures contracts ........................ (570) - - (570) Total liabilities ................................................................... (570) - - (570) As at 31 March 2018

Level 1

USD ‘000 Level 2

USD ‘000 Level 3

USD ‘000 Total


Investments at fair value: Transferable securities .................................................. 445,162 47 - 445,209Investment funds ........................................................... - 49,355 - 49,355 Unrealised gain on open futures contracts .................... 688 - - 688 Unrealised gain on open forward foreign currency exchange contracts ........................................................ - 831 - 831




Russell Investment Company plc Old Mutual Global Macro Equity Fund Statement of Changes in Composition of Portfolio Listed below are 20 largest cumulative investment purchases and cumulative investment sales during the six months ended 30 September 2018.







Kweichow Moutai Co Ltd 974 Kweichow Moutai Co Ltd (965) Teva Pharmaceutical Industries Ltd ADR 873 Apple Inc (886) Ping An Insurance Group Co of China Ltd 729 Ping An Insurance Group Co of China Ltd (726) China Merchants Bank Co Ltd 633 China Merchants Bank Co Ltd (623) Apple Inc 404 Bank of America Corp (392) China Yangtze Power Co Ltd 391 Microsoft Corp (392) Amazon.com Inc 368 China Yangtze Power Co Ltd (387) Alphabet Inc (Class A) 346 Osaka Gas Co Ltd (369) Midea Group Co Ltd 337 Amazon.com Inc (364) Hangzhou Hikvision Digital Technology Co Ltd 336 Exxon Mobil Corp (356) China Vanke Co Ltd 312 Atmos Energy Corp (327) CITIC Securities Co Ltd 308 China Vanke Co Ltd (317) Unibail-Rodamco-Westfield 293 CITIC Securities Co Ltd (304) Anhui Conch Cement Co Ltd 280 Chevron Corp (291) Credit Suisse Group AG 278 China State Construction Engineering Corp Ltd (270) China State Construction Engineering Corp Ltd 278 Anhui Conch Cement Co Ltd (260) Guotai Junan Securities Co Ltd 254 UCB SA (257) Poly Real Estate Group Co Ltd 245 Guotai Junan Securities Co Ltd (252) Microsoft Corp 243 Poly Real Estate Group Co Ltd (249)

Russell Investment Company plc Old Mutual Global Islamic Equity Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 572 Old Mutual Global Islamic Equity Fund


USD ‘000


Assets Financial assets at fair value through profit or loss ................................................... 89,995 76,818 Cash at bank (Note 2) ............................................................................................... 904 2,927 Debtors:

Dividends receivable ............................................................................................. 205 211 91,104 79,956 Liabilities Creditors – amounts falling due within one financial year:

Payable for investments purchased ....................................................................... - (2,178) Distributions payable on hybrid accumulation share classes ................................ - (143) Management fees payable ..................................................................................... (10) (8) Depositary fees payable ........................................................................................ (5) (2) Sub-custodian fees payable ................................................................................... (1) (1) Administration fees payable .................................................................................. (5) (3) Audit fees payable ................................................................................................ (7) (14) Income purification payable ................................................................................. (170) (225) Other fees payable ................................................................................................. (5) (4)

(203) (2,578) Net asset value attributable to redeemable participating shareholders .............. 90,901 77,378

Russell Investment Company plc Old Mutual Global Islamic Equity Fund Profit and Loss Account For the six months ended 30 September 2018


Old Mutual Global Islamic Equity Fund 573





Income Dividends ................................................................................................................ 2,546 1,143

Net gain (loss) on investment activities ...................................................................... 4,016 3,552 Total investment income (expense) ......................................................................... 6,562 4,695 Expenses

Management fees (Note 4) ...................................................................................... (61) (5) Depositary fees (Note 5) ......................................................................................... (9) (6) Sub-custodian fees (Note 5) .................................................................................... (4) (2) Administration and transfer agency fees (Note 5) .................................................. (19) (14) Audit fees ................................................................................................................ (7) (7) Professional fees ..................................................................................................... (1) (1) Income purification (Note 5) .................................................................................. (130) (95) Other fees ................................................................................................................ (13) (4)

Total operating expenses .......................................................................................... (244) (134) Profit (loss) for the financial period before taxation ............................................. 6,318 4,561 Taxation

Withholding tax (Note 8) ........................................................................................ (628) (167) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................. 5,690 4,394 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual Global Islamic Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018






Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................. 5,690 4,394 Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ..................................................................................... 7,833 3,123

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ....................................................................................... 13,523 7,517 Net assets attributable to redeemable participating shareholders

Beginning of financial period ................................................................................. 77,378 59,951 End of financial period ........................................................................................... 90,901 67,468

Russell Investment Company plc Old Mutual Global Islamic Equity Fund Schedule of Investments 30 September 2018



Number of Shares


Fund %

Transferable Securities (99.01%) Common Stock (99.00%) Australia (1.22%) Construction and Engineering

42,863 LendLease Group ................ 610 0.67 Retail Trade

193,771

Harvey Norman Holdings Ltd ....................................... 494 0.55

1,104 1.22 Bermuda (2.76%) Telecommunications

216,857 VTech Holdings Ltd ............ 2,505 2.76 Canada (1.09%) Metals and Mining

12,760 Agnico Eagle Mines Ltd ...... 436 0.48 8,855 Franco-Nevada Corp ........... 554 0.61

990 1.09 Cayman Islands (0.25%) Retail Trade

222,610

Chow Tai Fook Jewellery Group Ltd ............................ 229 0.25

Denmark (4.89%) Biotechnology

24,709 H Lundbeck A/S .................. 1,527 1.68 Electric Utilities

42,949 Orsted A/S ........................... 2,919 3.21 4,446 4.89 Finland (0.47%) Oil and Gas

5,187 Neste OYJ ........................... 429 0.47 Guernsey, Channel Islands (1.07%) Computers and Peripherals

14,700 Amdocs Ltd ......................... 970 1.07 Hong Kong (2.24%) Electric Utilities

174,200 CLP Holdings Ltd ............... 2,040 2.24 Japan (12.58%) Airlines

67,207 Japan Airlines Co Ltd .......... 2,416 2.66 Construction and Engineering

20,987 COMSYS Holdings Corp .... 622 0.68 Pharmaceuticals

33,100 Astellas Pharma Inc ............. 578 0.64 Semiconductor Equipment and Products

1,341 Tokyo Electron Ltd ............. 184 0.20

Number of Shares


Fund %

Telecommunications 171,238 NTT Docomo Inc ................ 4,606 5.07

Transport 99,509 Kyushu Railway Co ............ 3,031 3.33

11,437 12.58 Korea, Republic of (0.63%) Semiconductor Equipment and Products

8,688 SK Hynix Inc ...................... 573 0.63 New Zealand (2.98%) Health Care Providers and Services

236,121 Ryman Healthcare Ltd ........ 2,192 2.41 Telecommunications

192,272 Spark New Zealand Ltd ...... 516 0.57 2,708 2.98 United Kingdom (6.45%) Home Builders

321,424 Barratt Developments Plc ... 2,377 2.62

34,488

Berkeley Group Holdings Plc ....................................... 1,655 1.82


Transport 153,326 Royal Mail Plc .................... 954 1.05

5,867 6.45 United States (62.37%) Airlines

44,325 Delta Air Lines Inc ............. 2,563 2.82 Beverages

39,109 PepsiCo Inc ......................... 4,372 4.81 Commercial Services and Supplies

3,010 Ecolab Inc ........................... 472 0.52 Computers and Peripherals

7,986


84,306 HP Inc ................................. 2,173 2.39 Food Products

6,613 Hershey Co ......................... 675 0.74 Health Care Equipment and Supplies

8,866 Baxter International Inc ...... 683 0.75 Household Products

11,207 Clorox Co ........................... 1,686 1.86 Internet Software and Services

1,701 Alphabet Inc ....................... 2,053 2.26 28,576 eBay Inc .............................. 944 1.04 2,538 F5 Networks Inc ................. 506 0.55 5,279 VeriSign Inc ........................ 845 0.93

Russell Investment Company plc Old Mutual Global Islamic Equity Fund Schedule of Investments - continued 30 September 2018


Number of Shares


Fund %

Oil and Gas 22,356 Chevron Corp ...................... 2,734 3.01 18,974 Phillips 66 ........................... 2,139 2.35 39,343 Valero Energy Corp ............ 4,474 4.92

Personal Products 2,878 Colgate-Palmolive Co ......... 193 0.22 54,628 Procter & Gamble Co .......... 4,546 5.00

Pharmaceuticals 2,313 Eli Lilly & Co ...................... 248 0.27 31,726 Express Scripts Holding Co 3,014 3.32 19,899 Johnson & Johnson ............. 2,749 3.02 3,332 Merck & Co Inc .................. 236 0.26 18,433 Zoetis Inc ............................. 1,688 1.86

Retail Trade 9,238 Gap Inc ................................ 267 0.29 1,861 Tiffany & Co ....................... 240 0.27 4,541 TJX Cos Inc ........................ 509 0.56

Number of Shares


Fund %

Semiconductor Equipment and Products 23,944 Applied Materials Inc ......... 925 1.02

Software 15,425 Akamai Technologies Inc ... 1,128 1.24 74,750 CA Inc ................................ 3,300 3.63 42,963 Microsoft Corp ................... 4,913 5.41 19,625 salesforce.com Inc .............. 3,121 3.43 8,095 ServiceNow Inc .................. 1,584 1.74

Textile and Apparel 11,711 VF Corp .............................. 1,094 1.20

56,690 62.37 Total Common Stock ........ 89,988 99.00 Rights (0.01%) Australia (0.01%)

11,398

Harvey Norman Holdings Ltd ...................................... 7 0.01

Total Rights ....................... 7 0.01



Fund %


Other Net Assets (0.99%) ...................................................... 906 0.99 Net Assets ................................................................................ 90,901 100.00


gross assets Transferable securities admitted to an official stock exchange listing ............................................................ 98.78 Other assets ..................................................................................................................................................... 1.22


Russell Investment Company plc Old Mutual Global Islamic Equity Fund Statement of Changes in Composition of Portfolio Listed below are cumulative investment purchases and cumulative investment sales in excess of 1% of total investment purchases or sales respectively during the six months ended 30 September 2018.





USD ‘000 salesforce.com Inc 2,744 HP Inc (2,891) Delta Air Lines Inc 2,184 Pfizer Inc (2,591) Express Scripts Holding Co 2,154 International Business Machines Corp (2,087) Phillips 66 2,091 Cummins Inc (1,706) Kyushu Railway Co 1,960 Stryker Corp (1,661) Alphabet Inc 1,921 Kyushu Railway Co (1,634) HP Inc 1,919 Alphabet Inc (1,343) Ryman Healthcare Ltd 1,891 Neste OYJ (1,316) Valero Energy Corp 1,694 Kagome Co Ltd (1,236) Dr Pepper Snapple Group Inc 1,633 ASM Pacific Technology Ltd (1,232) ServiceNow Inc 1,335 Exxon Mobil Corp (1,007) Akamai Technologies Inc 1,147 Otsuka Corp (990) eBay Inc 1,058 TE Connectivity Ltd (982) VF Corp 952 Xylem Inc (938) Microsoft Corp 689 Agnico Eagle Mines Ltd (878) Procter & Gamble Co 682 3M Co (869) SK Hynix Inc 664 Texas Instruments Inc (757) Neste Oyj 629 Valero Energy Corp (706) Royal Mail PLC 574 Microsoft Corp (685) PepsiCo Inc 573 MTR Corp Ltd (591) LendLease Group 516 Amdocs Ltd (556) Astellas Pharma Inc 516 CA Inc (445) Harvey Norman Holdings Ltd 489 CLP Holdings Ltd (352) CA Inc 471 Kuerig Dr Pepper Inc (339) F5 Networks Inc 454 TJX Cos Inc 453 Ecolab Inc 447 VTech Holdings Ltd 441 Johnson & Johnson 423 NTT Docomo Inc 422 Orsted A/S 421 Pfizer Inc 414

Russell Investment Company plc Old Mutual Global Managed Volatility Fund Balance Sheet As at 30 September 2018

The accompanying notes are an integral part of the financial statements. 578 Old Mutual Global Managed Volatility Fund


USD ‘000


Assets Financial assets at fair value through profit or loss ................................................... 37,235 36,041 Cash at bank (Note 2) ............................................................................................... 1,033 569 Debtors:

Dividends receivable ............................................................................................. 113 122 Prepayments and other debtors ............................................................................. - 7 38,381 36,739


Distributions payable on hybrid accumulation share classes ................................ - (53) Depositary fees payable ........................................................................................ (3) (1) Sub-custodian fees payable ................................................................................... (1) (1) Administration fees payable .................................................................................. (1) (1) Audit fees payable ................................................................................................ (7) (11) Other fees payable ................................................................................................. - (9)

(12) (76) Net asset value attributable to redeemable participating shareholders ............. 38,369 36,663

Russell Investment Company plc Old Mutual Global Managed Volatility Fund Profit and Loss Account For the six months ended 30 September 2018


Old Mutual Global Managed Volatility Fund 579





Income Dividends ................................................................................................................ 944 297

Net gain (loss) on investment activities ...................................................................... 952 405 Total investment income (expense) ......................................................................... 1,896 702 Expenses

Depositary fees (Note 5) ......................................................................................... (4) (2) Sub-custodian fees (Note 5) .................................................................................... (1) (2) Administration and transfer agency fees (Note 5) .................................................. (9) (3) Audit fees ................................................................................................................ (7) (4) Other fees ................................................................................................................ (8) (4)

Total operating expenses .......................................................................................... (29) (15) Profit (loss) for the financial period before taxation ............................................. 1,867 687 Taxation

Withholding tax (Note 8) ........................................................................................ (214) (62) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................. 1,653 625 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account. * The Fund launched on 14 June 2017.

Russell Investment Company plc Old Mutual Global Managed Volatility Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018






Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................. 1,653 625 Share transactions

Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ..................................................................................... 53 35,152

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ....................................................................................... 1,706 35,777 Net assets attributable to redeemable participating shareholders

Beginning of financial period ................................................................................. 36,663 - End of financial period ........................................................................................... 38,369 35,777

* The Fund launched on 14 June 2017.

Russell Investment Company plc Old Mutual Global Managed Volatility Fund Schedule of Investments 30 September 2018



Number of Shares


Fund %

Transferable Securities (97.04%) Common Stock (95.09%) Austria (2.81%) Oil and Gas

19,185 OMV AG ............................. 1,078 2.81 Belgium (2.53%) Food Products

8,700 Colruyt SA .......................... 493 1.28 Telecommunications

19,980 Proximus SADP .................. 478 1.25 971 2.53 Bermuda (2.64%) Agriculture

1,983 Bunge Ltd ............................ 136 0.35 Insurance

5,947 Axis Capital Holdings Ltd ... 343 0.90 2,320 Everest Re Group Ltd .......... 531 1.39

1,010 2.64 Germany (1.34%) Chemicals

2,800 Covestro AG ....................... 227 0.59 Transport

8,100 Deutsche Post AG ............... 289 0.75 516 1.34 Ireland (0.17%) Insurance

462 Willis Towers Watson Plc ... 65 0.17 Italy (1.42%) Electric Utilities

106,300 Enel SpA ............................. 545 1.42 Japan (13.02%) Airlines

11,174 Japan Airlines Co Ltd .......... 402 1.05 Automobiles

9,200 Nissan Motor Co Ltd ........... 86 0.23 2,600 Toyota Motor Corp .............. 162 0.42

Banks 18,000 Chiba Bank Ltd ................... 123 0.32

24,865

Concordia Financial Group Ltd ....................................... 122 0.32

239 CyberAgent Inc ................... 13 0.03 44,600 Japan Post Bank Co Ltd ...... 527 1.37

104,600


Number of Shares


Fund %

Distributors 7,937 ITOCHU Corp .................... 145 0.38

Electric Utilities

7,928


Insurance 18,589 Japan Post Holdings Co Ltd 221 0.58

Pharmaceuticals 4,300 Otsuka Holdings Co Ltd ..... 217 0.56

Retail Trade 4,200 Nitori Holdings Co Ltd ....... 603 1.57

Telecommunications

12,400

Nippon Telegraph & Telephone Corp .................. 560 1.46

22,400 NTT Docomo Inc ................ 602 1.58 Transport

17,512 SG Holdings Co Ltd ........... 459 1.20 4,991 13.02 Jersey, Channel Islands (0.65%) Metals and Mining

3,527 Randgold Resources Ltd ..... 251 0.65 Portugal (2.98%) Electric Utilities

274,786

EDP - Energias de Portugal SA ....................................... 1,014 2.64



7,185 DBS Group Holdings Ltd ... 137 0.36 Food Products

96,644 Wilmar International Ltd .... 228 0.59 Telecommunications

122,003


654 1.70 Spain (1.02%) Airlines

45,734

International Consolidated Airlines Group SA .............. 393 1.02

United Kingdom (2.74%) Agriculture

2,104

British American Tobacco Plc ADR .............................. 98 0.26

Russell Investment Company plc Old Mutual Global Managed Volatility Fund Schedule of Investments - continued 30 September 2018


Number of Shares


Fund %

Banks 35,146 HSBC Holdings Plc ............. 307 0.80

Metals and Mining 17,012 Fresnillo Plc ........................ 182 0.47

Oil and Gas 13,540 Royal Dutch Shell Plc ......... 466 1.21


5,043 Harris Corp .......................... 853 2.22 Agriculture

2,100 Archer-Daniels-Midland Co 106 0.28

6,124


Airlines 1,900 Delta Air Lines Inc .............. 110 0.29

1,300


Banks 9,947 Bank of America Corp ........ 293 0.76 4,700 JPMorgan Chase & Co ........ 530 1.38

2,608


12,299 Wells Fargo & Co ............... 646 1.68 Beverages

3,363 Keurig Dr Pepper Inc .......... 78 0.20 Commercial Services and Supplies

1,900


Computers and Peripherals 13,872 Dell Technologies Inc ......... 1,347 3.51 1,013 DXC Technology Co ........... 95 0.25

10,880

Hewlett Packard Enterprise Co ........................................ 177 0.46

600


450 Perspecta Inc ....................... 12 0.03 Electric Utilities

8,700 Alliant Energy Corp ............ 370 0.96 2,200 Ameren Corp ....................... 139 0.36 3,200 Pinnacle West Capital Corp 253 0.66

2,300


3,400 WEC Energy Group Inc ...... 227 0.59 Electrical Equipment

2,900 Arrow Electronics Inc ......... 214 0.56 3,200 Avnet Inc ............................. 143 0.37

257


475 Waters Corp ........................ 92 0.24

Number of Shares


Fund %

Food Products 23,200 Hormel Foods Corp ............ 914 2.38

Health Care Equipment and Supplies 1,400 Edwards Lifesciences Corp . 244 0.64 1,343 Stryker Corp ....................... 239 0.62

Health Care Providers and Services 2,400 Aetna Inc ............................ 487 1.27 3,500 Anthem Inc ......................... 959 2.50 1,200 Centene Corp ...................... 174 0.45 2,738 Cigna Corp .......................... 570 1.48 4,124 HCA Healthcare Inc ........... 574 1.50 1,696 Humana Inc ......................... 574 1.50 5,700 UnitedHealth Group Inc ...... 1,517 3.95

Household Products 9,000 Church & Dwight Co Inc .... 534 1.39

Internet Software and Services 3,087 Facebook Inc ....................... 508 1.32

Media 273 Charter Communications Inc 89 0.23 29,298 Sirius XM Holdings Inc ...... 185 0.48

Metals and Mining 21,200 Newmont Mining Corp ....... 640 1.67

Oil and Gas 1,044 Chevron Corp ..................... 128 0.33 2,600 Exxon Mobil Corp .............. 221 0.58 10,751 HollyFrontier Corp ............. 751 1.96

Personal Products 3,771 Procter & Gamble Co ......... 314 0.82

Pharmaceuticals 821 AmerisourceBergen Corp ... 76 0.20 4,103 CVS Health Corp ................ 323 0.84 5,100 Eli Lilly & Co ..................... 547 1.43 3,000 Johnson & Johnson ............. 415 1.08

Real Estate Investment Trust 6,600 AGNC Investment Corp ..... 123 0.32

74,800


Retail Trade 1,226 Advance Auto Parts Inc ...... 206 0.54 4,400 Best Buy Co Inc .................. 349 0.91 5,961 Genuine Parts Co ................ 593 1.55 900 Home Depot Inc .................. 186 0.48

Semiconductor Equipment and Products 2,400 NVIDIA Corp ..................... 675 1.76

Russell Investment Company plc Old Mutual Global Managed Volatility Fund Schedule of Investments - continued 30 September 2018



Number of Shares


Fund %

Software

1,814


5,041 Microsoft Corp .................... 577 1.50 972 ServiceNow Inc ................... 190 0.50 9,400 Synopsys Inc ....................... 927 2.43

Telecommunications 14,323 AT&T Inc ............................ 481 1.25 1,169 T-Mobile US Inc ................. 82 0.22

Water Utilities

1,900



Number of Shares


Fund %

Preferred Stock (1.95%) Germany (1.95%) Automobiles

11,145


Total Preferred Stock ....... 751 1.95



Fund %





gross assets Transferable securities admitted to an official stock exchange listing ...................................................... 97.00 Other assets ............................................................................................................................................... 3.00


Russell Investment Company plc Old Mutual Global Managed Volatility Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 584 Old Mutual Global Managed Volatility Fund



USD ‘000 HollyFrontier Corp 802 Wells Fargo & Co (419) Porsche Automobil Holding SE 773 General Electric Co (363) HCA Healthcare Inc 445 EDP - Energias de Portugal SA (343) SG Holdings Co Ltd 373 Foot Locker Inc (312) Dr Pepper Snapple Group Inc 227 OMV AG (285) Sirius XM Holdings Inc 220 Medipal Holdings Corp (272) ServiceNow Inc 180 Molson Coors Brewing Co (204) DBS Group Holdings Ltd 143 Mettler-Toledo International Inc (199) Kyushu Electric Power Co Inc 90 Mitsubishi Tanabe Pharma Corp (145) Charter Communications Inc 50 CenturyLink Inc (141) Humana Inc 29 Waters Corp (140) Everest Re Group Ltd 28 Cardinal Health Inc (125) AT&T Inc 26 Dixons Carphone Plc (120) NVIDIA Corp 26 Shire PLC (96) Willis Towers Watson Plc 25 Micro Focus International Plc ADR (28) Cigna Corp 24 Randgold Resources Ltd (20) T-Mobile US Inc 22 Dell Technologies Inc Class V (20) Harris Corp 21 Aetna Inc (19) Royal Dutch Shell Plc 20 Axis Capital Holdings Ltd (14) Chevron Corp 18 CVS Health Corp (14)

Russell Investment Company plc Old Mutual Quality Global Equity Fund Balance Sheet As at 30 September 2018


Old Mutual Quality Global Equity Fund 585


USD ‘000


Assets Financial assets at fair value through profit or loss ................................................... 138,542 137,738 Cash at bank (Note 2) ............................................................................................... 10 440 Debtors:


Payable for investments purchased ....................................................................... - (134) Payable on fund shares redeemed ......................................................................... (3) - Distributions payable on hybrid accumulation share classes ................................ - (63) Management fees payable ..................................................................................... (52) (54) Depositary fees payable ........................................................................................ (12) (4) Sub-custodian fees payable ................................................................................... (4) (1) Administration fees payable .................................................................................. (8) (5) Audit fees payable ................................................................................................ (7) (14) Other fees payable ................................................................................................. (3) (2)


Russell Investment Company plc Old Mutual Quality Global Equity Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 586 Old Mutual Quality Global Equity Fund





Income Dividends ................................................................................................................ 1,253 459 Securities lending income ....................................................................................... 3 -

1,256 459 Net gain (loss) on investment activities ...................................................................... 9,581 5,828 Total investment income (expense) ......................................................................... 10,837 6,287 Expenses

Management fees(Note 4) ....................................................................................... (337) (131) Depositary fees (Note 5) ......................................................................................... (17) (6) Sub-custodian fees (Note 5) .................................................................................... (5) (5) Administration and transfer agency fees (Note 5) .................................................. (28) (6) Audit fees ................................................................................................................ (7) (7) Professional fees ..................................................................................................... (1) (1) Other fees ................................................................................................................ (3) (4)


Withholding tax (Note 8) ........................................................................................ (300) (92) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................. 10,139 6,035 * This Fund launched on 7 July 2017. All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual Quality Global Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018








Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ..................................................................................... (9,578) 118,927

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ....................................................................................... 561 124,962 Net assets attributable to redeemable participating shareholders


* This Fund launched on 7 July 2017.

Russell Investment Company plc Old Mutual Quality Global Equity Fund Schedule of Investments 30 September 2018

The accompanying notes are an integral part of the financial statements. 588 Old Mutual Quality Global Equity Fund

Number of Shares


Fund %

Transferable Securities (99.96%) Common Stock (99.96%) Canada (1.48%) Transport

22,824

Canadian National Railway Co ........................................ 2,050 1.48

India (2.86%) Banks

42,047 HDFC Bank Ltd ADR ......... 3,957 2.86 Japan (6.59%) Machinery

11,500 FANUC Corp ...................... 2,169 1.56 12,000 Keyence Corp ...................... 6,970 5.03

9,139 6.59 Netherlands (3.42%) Personal Products

85,130 Unilever NV ........................ 4,743 3.42 Sweden (1.53%) Banks

167,492 Svenska Handelsbanken AB 2,114 1.53 Switzerland (11.98%) Building Products

5,386 Geberit AG .......................... 2,510 1.81 Food Products


17,845 Schindler Holding AG ......... 4,469 3.22 Pharmaceuticals

14,183 Roche Holding AG .............. 3,452 2.49 Retail Trade

31,386



98,805


United Kingdom (10.31%) Beverages

122,053 Diageo Plc ........................... 4,328 3.12 Commercial Services and Supplies

56,961 Intertek Group Plc ............... 3,708 2.68 Lodging

58,751


Number of Shares


Fund %

Machinery

27,271



20,639 United Technologies Corp .. 2,886 2.08 Banks

60,250 US Bancorp ......................... 3,182 2.30 Beverages

24,467 PepsiCo Inc ......................... 2,735 1.97 Chemicals

9,960 Sherwin-Williams Co ......... 4,534 3.27 Commercial Services and Supplies

46,537 Moody's Corp ..................... 7,780 5.61 Diversified Financials

14,603 CME Group Inc .................. 2,486 1.79 33,562 Mastercard Inc .................... 7,470 5.39


4,910


Health Care Equipment and Supplies 22,562 Becton Dickinson and Co ... 5,889 4.25 20,215 Varian Medical Systems Inc 2,263 1.63

Internet Software and Services 2,686 Alphabet Inc ....................... 3,242 2.34

Machinery 67,500 Graco Inc ............................ 3,128 2.26 18,097 Middleby Corp .................... 2,341 1.69

Miscellaneous Manufacturers 17,242 3M Co ................................. 3,633 2.62

Personal Products 37,434 Colgate-Palmolive Co ......... 2,506 1.81

Pharmaceuticals 39,374 Johnson & Johnson ............. 5,440 3.92

Retail Trade 3,541 AutoZone Inc ...................... 2,747 1.98 40,640 TJX Cos Inc ........................ 4,552 3.29

Software 26,420 MSCI Inc ............................ 4,687 3.38 67,965 Oracle Corp ......................... 3,504 2.53

Textile and Apparel 38,700 NIKE Inc ............................ 3,279 2.37



Russell Investment Company plc Old Mutual Quality Global Equity Fund Schedule of Investments - continued 30 September 2018




Fund %





gross assets Transferable securities admitted to an official stock exchange listing .................................................................... 99.89 Other assets ............................................................................................................................................................. 0.11


Russell Investment Company plc Old Mutual Quality Global Equity Fund Statement of Changes in Composition of Portfolio Listed below are all cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 590 Old Mutual Quality Global Equity Fund



USD ‘000 Taiwan Semiconductor Manufacturing Co Ltd ADR 534 Hengan International Group Co Ltd (1,830) PepsiCo Inc 473 MSCI Inc (592) Alphabet Inc 328 Cie Financiere Richemont SA (517) Moody's Corp 319 Moody's Corp (508) Colgate-Palmolive Co 213 Mastercard Inc (498) Oracle Corp 198 TJX Cos Inc (476) Keyence Corp 186 Sherwin-Williams Co (461) Sherwin-Williams Co 182 Johnson & Johnson (458) CME Group Inc 168 Diageo Plc (442) Cie Financiere Richemont SA 151 HDFC Bank Ltd ADR (430) Intertek Group Plc 136 Taiwan Semiconductor Manufacturing Co Ltd ADR (414) Schindler Holding AG 124 Intertek Group Plc (382) MSCI Inc 117 NIKE Inc (363) US Bancorp (347) Becton Dickinson and Co (342) Keyence Corp (339) 3M Co (307) Schindler Holding AG (303) Nestle SA (290) Oracle Corp (258) United Technologies Corp (252) Varian Medical Systems Inc (210) CME Group Inc (199) Svenska Handelsbanken AB (192) Spirax-Sarco Engineering Plc (147) PepsiCo Inc (144) Unilever NV (144) AutoZone Inc (140) Roche Holding AG (136) Alphabet Inc (133) Graco Inc (127) Colgate-Palmolive Co (125)

Russell Investment Company plc Old Mutual Growth Global Equity Fund Balance Sheet As at 30 September 2018


Old Mutual Growth Global Equity Fund 591


USD ‘000


Assets Financial assets at fair value through profit or loss ................................................... 89,777 90,618 Cash at bank (Note 2) ............................................................................................... 817 2,790 Debtors:

Receivable for investments sold ........................................................................... 2 16 Dividends receivable ............................................................................................. 84 164


Payable for investments purchased ....................................................................... (38) (147) Payable on fund shares redeemed ......................................................................... (2) - Distributions payable on hybrid accumulation share classes ................................ - (11) Management fees payable ..................................................................................... (37) (40) Depositary fees payable ........................................................................................ (7) (3) Sub-custodian fees payable ................................................................................... (6) (3) Administration fees payable .................................................................................. (4) (3) Audit fees payable ................................................................................................ (7) (14) Other fees payable ................................................................................................. (4) (4)


Russell Investment Company plc Old Mutual Growth Global Equity Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 592 Old Mutual Growth Global Equity Fund





Income Dividends ................................................................................................................ 720 183 Securities lending income ....................................................................................... 5 - 725 183

Net gain (loss) on investment activities ...................................................................... 2,291 2,556 Total investment income (expense) ......................................................................... 3,016 2,739 Expenses



Withholding tax (Note 8) ........................................................................................ (105) (28) Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................. 2,613 2,607 * This Fund launched on 18 July 2017. All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Old Mutual Growth Global Equity Fund Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the six months ended 30 September 2018








Net increase (decrease) in net assets resulting from redeemable participating share transactions (Note 9) ..................................................................................... (5,401) 78,061

Total net increase (decrease) in net assets attributable to redeemable participating shareholders ....................................................................................... (2,788) 80,668 Net assets attributable to redeemable participating shareholders


* This Fund launched on 18 July 2017.

Russell Investment Company plc Old Mutual Growth Global Equity Fund Schedule of Investments 30 September 2018


Number of Shares


Fund %

Transferable Securities (99.12%) Common Stock (97.94%) Australia (0.44%) Miscellaneous Manufacturers

32,337 Orica Ltd ............................. 398 0.44 Bermuda (0.53%) Holding Companies - Diversified Operations

7,700


Brazil (0.52%) Diversified Financials

80,800 B3 SA - Brasil Bolsa Balcao 473 0.52 Canada (2.03%) Commercial Services and Supplies

13,144 Ritchie Bros Auctioneers Inc 475 0.53 Insurance

1,780


Internet Software and Services 2,387 Shopify Inc .......................... 393 0.43

1,834 2.03 Cayman Islands (6.37%) Internet Software and Services

8,795 58.com Inc ADR ................. 647 0.72

11,234



14,872


50,800 Meituan Dianping ................ 446 0.49 Lodging

74,000 Sands China Ltd .................. 335 0.37 Pharmaceuticals

1,635

China Biologic Products Holdings Inc ........................ 131 0.14

Software 1,451 NetEase Inc ADR ................ 331 0.37

5,769 6.37 China (1.77%) Beverages

40,000 Tsingtao Brewery Co Ltd .... 188 0.21 Insurance

139,500

Ping An Insurance Group Co of China Ltd ........................ 1,417 1.56

1,605 1.77

Number of Shares


Fund %

Denmark (0.97%) Biotechnology

2,119 Genmab A/S ....................... 333 0.37 Transport

389 AP Moller - Maersk A/S ..... 547 0.60 880 0.97 France (1.90%) Beverages

5,637 Pernod Ricard SA ............... 925 1.02 Commercial Services and Supplies

30,770 Bureau Veritas SA .............. 794 0.88 1,719 1.90 Germany (3.33%) Diversified Financials

5,111 Deutsche Boerse AG ........... 685 0.76 Semiconductor Equipment and Products

18,793 Infineon Technologies AG .. 427 0.47 Software

15,468 SAP SE ............................... 1,904 2.10 3,016 3.33 Hong Kong (2.10%) Insurance

213,000 AIA Group Ltd ................... 1,903 2.10 India (2.53%) Banks

149,992 ICICI Bank Ltd ADR .......... 1,273 1.41 Diversified Financials

42,021

Housing Development Finance Corp Ltd ................ 1,014 1.12

2,287 2.53 Ireland (3.35%) Airlines

9,941 Ryanair Holdings Plc ADR . 955 1.05 Banks


39,543 CRH Plc .............................. 1,295 1.43 3,038 3.35 Japan (7.48%) Banks

22,200

Sumitomo Mitsui Trust Holdings Inc ....................... 914 1.01

Chemicals 16,800 Kansai Paint Co Ltd ............ 310 0.34

Commercial Services and Supplies 18,000 Persol Holdings Co Ltd ....... 422 0.47

Russell Investment Company plc Old Mutual Growth Global Equity Fund Schedule of Investments - continued 30 September 2018



Number of Shares


Fund %

Health Care Equipment and Supplies 21,400 Olympus Corp ..................... 836 0.92

Insurance

37,500

MS&AD Insurance Group Holdings Inc ........................ 1,253 1.38

Internet Software and Services 16,400 CyberAgent Inc ................... 874 0.96 7,400 LINE Corp ........................... 313 0.35

Machinery 2,200 SMC Corp ........................... 704 0.78

Semiconductor Equipment and Products 31,500 Advantest Corp .................... 664 0.74 6,600 Rohm Co Ltd ....................... 481 0.53


8,785 Royal Caribbean Cruises Ltd 1,142 1.26 Luxembourg (0.53%) Internet Software and Services

2,635 Spotify Technology SA ....... 476 0.53 Netherlands (1.83%) Automobiles

58,407

Fiat Chrysler Automobiles NV ....................................... 1,027 1.13

Electrical Equipment 24,419 Signify NV .......................... 632 0.70

1,659 1.83 Norway (1.05%) Media

19,827 Schibsted ASA (Class A) .... 744 0.82 5,909 Schibsted ASA (Class B) .... 205 0.23

949 1.05 Russia (0.77%) Banks

55,207

Sberbank of Russia PJSC ADR .................................... 700 0.77

South Africa (2.93%) Internet Software and Services

12,318 Naspers Ltd ......................... 2,657 2.93 Spain (0.07%) Food Products

26,892


Number of Shares


Fund %

Sweden (1.99%) Banks

48,734 Svenska Handelsbanken AB 615 0.68 Machinery

24,048 Atlas Copco AB .................. 693 0.77 44,058 Epiroc AB ........................... 492 0.54

1,800 1.99 Switzerland (2.29%) Hand and Machine Tools

4,608 Schindler Holding AG ........ 1,154 1.27 Machinery

10,795 OC Oerlikon Corp AG ........ 149 0.17 Retail Trade

9,423



47,489


Telecommunications 101,000 HTC Corp ........................... 134 0.15

2,231 2.46 United Kingdom (4.67%) Commercial Services and Supplies

166,973 Hays Plc .............................. 444 0.49 Insurance

110,757 Prudential Plc ...................... 2,542 2.81 Internet Software and Services

41,107 Just Eat Plc .......................... 359 0.40 Metals and Mining

40,508 BHP Billiton Plc ................. 883 0.97 4,228 4.67 United States (44.37%) Automobiles

2,247 Tesla Inc ............................. 595 0.66 Banks

7,357 First Republic Bank ............ 706 0.78 Biotechnology

3,500


18,025 Myriad Genetics Inc ........... 829 0.91 11,998 Seattle Genetics Inc ............ 925 1.02

Building Products

5,184


Chemicals 4,274 Albemarle Corp .................. 426 0.47



Number of Shares


Fund %

Commercial Services and Supplies 3,546 MarketAxess Holdings Inc .. 633 0.70 11,103 Moody's Corp ...................... 1,856 2.05 15,491 Service Corp International ... 685 0.76 7,620 Verisk Analytics Inc ............ 919 1.01

Distributors

5,062



8,128

Interactive Brokers Group Inc ....................................... 450 0.50

26,434 Jefferies Financial Group Inc 580 0.64 1,645 LendingTree Inc .................. 379 0.42 8,559 Mastercard Inc ..................... 1,905 2.10

13,170


11,343 Visa Inc ............................... 1,702 1.88 Electrical Equipment

4,514 Waters Corp ........................ 879 0.97 Environmental Control

10,086 Stericycle Inc ....................... 592 0.65 Health Care Equipment and Supplies

9,056 ResMed Inc ......................... 1,045 1.15 4,436 Thermo Fisher Scientific Inc 1,083 1.20

Health Care Providers and Services 8,395 Anthem Inc .......................... 2,302 2.54

Insurance 12,865 Arthur J Gallagher & Co ..... 958 1.06 840 Markel Corp ........................ 998 1.10

Internet Software and Services 1,574 Alphabet Inc ........................ 1,879 2.08 1,968 Amazon.com Inc ................. 3,943 4.35 6,659 Facebook Inc ....................... 1,095 1.21 8,226 GrubHub Inc ....................... 1,140 1.26

Number of Shares


Fund %

1,794 Netflix Inc ........................... 671 0.74 19,322 Zillow Group Inc ................ 855 0.94

Machinery 7,511 Wabtec Corp ....................... 788 0.87

Oil and Gas 45,326 Apache Corp ....................... 2,162 2.38 8,716 EOG Resources Inc ............. 1,112 1.23

Oil and Gas Services 19,100 NOW Inc ............................ 316 0.35

Real Estate 3,078 Howard Hughes Corp ......... 382 0.42

Retail Trade 958 Chipotle Mexican Grill Inc . 435 0.48

Semiconductor Equipment and Products 13,692 Advanced Micro Devices Inc 423 0.47 13,747 Teradyne Inc ....................... 508 0.56

Transport 8,583 CH Robinson Worldwide Inc 840 0.93 10,574 Kirby Corp .......................... 870 0.96

40,192 44.37 Virgin Islands, British (0.40%) Internet Software and Services

13,485 Mail.Ru Group Ltd GDR .... 364 0.40 Total Common Stock ........ 88,711 97.94 Preferred Stock (1.18%) Brazil (1.18%) Banks

148,530 Banco Bradesco SA ............ 1,066 1.18 Total Preferred Stock ....... 1,066 1.18






Fund %





gross assets Transferable securities admitted to an official stock exchange listing .................................................................... 98.99 Other assets ............................................................................................................................................................. 1.01

100.00

Fair Value Hierarchy (Note 11) All securities held as of 30 September 2018 are classified as Level 1. All securities held as of 31 March 2018 are classified as Level 1 except for unrealised loss on forward foreign currency exchange contracts (which are below USD 500) which are classified as level 2.

Russell Investment Company plc Old Mutual Growth Global Equity Fund Statement of Changes in Composition of Portfolio Listed below are the 20 largest cumulative investment purchases and sales during the six months ended 30 September 2018.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the Company’s Administrator or from the paying agent or paying and information agents in each country of distribution. 598 Old Mutual Growth Global Equity Fund



USD ‘000 Ping an Insurance Group Co of China Ltd 1,425 Amazon.com Inc (1,710) BHP Billiton Plc 993 ABIOMED Inc (1,179) Apache Corp 847 Samsung Electronics Co Ltd (1,141) Service Corp International 650 NVIDIA Corp (787) Just Eat Plc 514 Taiwan Semiconductor Manufacturing Co Ltd ADR (595) Banco Bradesco SA 509 Yandex NV (584) Spotify Technology SA 502 Royal Caribbean Cruises Ltd (563) Zillow Group Inc 489 SAP SE (500) Albemarle Corp 467 Naspers Ltd (489) Chipotle Mexican Grill Inc 465 Lincoln Electric Holdings Inc (416) Meituan Dianping 458 Advanced Micro Devices Inc (395) Sumitomo Mitsui Trust Holdings Inc 453 Moody's Corp (320) Kirby Corp 440 Anthem Inc (319) Mail.Ru Group Ltd GDR 417 OC Oerlikon Corp AG (278) Martin Marietta Materials Inc 405 GrubHub Inc (260) Stericycle Inc 395 SiteOne Landscape Supply Inc (204) Shopify Inc 352 Prudential Plc (181) Epiroc AB 205 Banco Bradesco SA (140) CyberAgent Inc 124 Alibaba Group Holding Ltd ADR (134) Kansai Paint Co Ltd 84 MTN Group Ltd (123)

Russell Investment Company plc Old Mutual Global Emerging Opportunities Fund Balance Sheet As at 30 September 2018


Old Mutual Global Emerging Opportunities Fund 599


USD ‘000


Assets Financial assets at fair value through profit or loss ................................................... 83,167 101,728 Cash at bank (Note 2) ............................................................................................... 1,845 763 Debtors:


Distributions payable on hybrid accumulation share classes ................................ - (83) Capital gains tax payable ...................................................................................... ..... (61) - Management fees payable ..................................................................................... (17) (21) Depositary fees payable ........................................................................................ (6) (3) Sub-custodian fees payable ................................................................................... (12) (8) Administration fees payable .................................................................................. (5) (4) Audit fees payable ................................................................................................ (7) (14) Other fees payable ................................................................................................. (2) (2)


Russell Investment Company plc Old Mutual Global Emerging Opportunities Fund Profit and Loss Account For the six months ended 30 September 2018

The accompanying notes are an integral part of the financial statements. 600 Old Mutual Global Emerging Opportunities Fund





Income Dividends ................................................................................................................ 1,438 223

Net gain (loss) on investment activities ...................................................................... (19,106) 381 Total investment income (expense) ......................................................................... (17,668) 604 Expenses


Total operating expenses .......................................................................................... (193) (32) Profit (loss) for the financial period before taxation ............................................. (17,861) 572 Taxation (Note 8)

Capital gains tax ..................................................................................................... (79) - Withholding tax ...................................................................................................... (137) (18)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations .................................................................. (18,077) 554 All amounts arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account. * The Fund launched on 16 August 2017.

2018 SEMI ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS ...

Documents

Transcript of 2018 SEMI ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS ...