Table:
|  | 2019 | 2018 |
| --- | --- | --- |
|  | €m | €m |
| Included within current assets: |  |  |
| Short-term investments: |  |  |
| Bonds and debt securities3 | 4,690 | 4,690 |
| Managed investment funds4 | 6,405 | 3,891 |
|  | 11,095 | 6,870 |
| Other investments5 | 1,917 | 1,925 |
|  | 13,012 | 8,795 |
Paragraphs:
Current other investments comprise the following:
The Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving suitable returns. These assets do not meet the definition of cash and cash equivalents, but are included in the Group’s net debt based on their liquidity.
Bonds and debt securities includes €955 million (2018: €862 million) of highly liquid German and €941 million (2018: €nil) Japanese government securities; €1,115 million (2018: €1,112 million) of UK government bonds and €1,184 million (2018: 830 million) of other assets both paid as collateral on derivative financial instruments6. Managed investment funds include €5,513 million (2018: €3,087 million) in managed investment funds with liquidity of up to 90 days and €892 million (2018: €804 million) invested in a fund whose underlying securities are supply chain receivables from a diverse range of corporate organisations of which Vodafone is a minority constituent.
Other investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts held in qualifying assets by Group insurance companies to meet regulatory requirements.
3 €1,184 million (2018: €830 million) is measured at amortised cost and remaining items are measured at fair value. For €3,011 million (2018: €1,974 million) the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets or liabilities. The remaining balance is level 2 classification.
4 Items measured at fair value and the valuation basis is level 2 classification
5 €1,097 million (2018: €487 million) is measured at fair value and the valuation basis is level 1. The remaining items are measured at amortised cost and the carrying amount approximates fair value
Question:
What percentage of 2019 Bonds and debt securities is the 2019 highly liquid German government securities?
Answer: 955/4690 = 20.36