beresford funds plc (registered number 427898) semi-annual

Beresford Funds plc

(Registered Number 427898)

Semi-Annual Report and Unaudited Financial Statements

For the period ended 30 June 2015

Beresford Funds plc Semi-Annual Report and Unaudited Financial Statements for the period ended 30 June 2015

1

Table of Contents

Page/s

Directory 2

Company Background 3 - 5

Investment Manager’s Reports’ 6 – 31

Directors’ Report 32 – 34

Statement of Comprehensive Income 35 – 38

Statement of Financial Position 39 - 42

Statements of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 43 – 44

Statement of Cash Flows 45 – 48

Notes to the Financial Statements 49 – 91

Schedule of Investments 92 – 304

Portfolio Changes 305 – 325


2

DIRECTORY

Board of Directors Gerry Keenan (Irish)

Colm O’Neill (Irish)

John O’Connell (Irish)*

David McCarthy (Irish) (resigned 12 May 2015)

Bill Kyle (Canadian)

Patrick Burke (Irish)

David Killeen (Irish) (appointed 12 May 2015)

Investment Manager and

Distributor

Irish Life Investment Managers Limited

Beresford Court

Beresford Place

Dublin 1

Ireland

Setanta Asset Management Ltd (appointed 13 March 2015)

Beresford Court

Beresford Place

Dublin 1

Ireland

Administrator Citibank Europe plc

1 North Wall Quay

IFSC

Dublin 1

Ireland

Custodian Citibank International Limited, Ireland Branch

1 North Wall Quay

IFSC

Dublin 1

Ireland

Auditor KPMG

1 Harbourmaster Place

IFSC

Dublin 1

Ireland

Legal Adviser Dillon Eustace

33 Sir John Rogerson’s Quay

Dublin 2

Ireland

Secretary Fiona McCormack (appointed on 29 January 2015)

Irish Life Centre

Lower Abbey Street

Dublin 1

Ireland

Tricia Cosgrave (resigned on 29 January 2015)

Irish Life

Irish Life Centre

Lower Abbey Street

Dublin 1

Ireland

Registered Office Beresford Court

Beresford Place

Dublin 1

Ireland

* Independent Non-executive Director


Company Background

3

Beresford Funds plc (the “Company”) is open-ended investment company with variable capital, incorporated in Ireland

on 11 October, 2006 under the Act with registration number 427898. The company has been authorised by the Central

Bank as a UCITS pursuant to the UCITS Regulations.

The Company is structured as an umbrella fund consisting of different Sub-Funds with segregated liability between

Sub-Funds with each Sub-Fund comprising of one or more Share Classes.

The investment activities of the Company are managed by Irish Life Investment Managers Limited (the “Investment

Manager”). Citibank Europe plc (the “Administrator”) is responsible for the administration of the Funds including

financial and accounting services. To date, the Company has launched fifteen Funds (the “Funds”):

Euro Non-EMU Sovereign Bond Fund (now closed)

Indexed World Small Cap Equity Fund (formally Indexed EMU Small Cap Equity Fund)

Indexed North America Equity Fund (now closed)

Indexed Global Equity Fund

Indexed Euro Government Long Dated Bond Fund

Indexed Euro Large Cap Corporate Bond Fund

Enhanced Commodity Fund

Indexed Minimum Volatility Global Equity Fund

Indexed Emerging Market Debt Fund

Indexed Fundamental Global Equity Fund

Global Low Volatility Active Equity Fund

Setanta Reditus Income Fund

Setanta Reditus Global Equity Fund

Setanta Reditus Global Balanced Fund

Setanta Global Equity Fund

The Company has created but not yet launched the following Funds; Indexed EMU Equity Fund, Indexed U.S. Equity

Fund, Indexed Euro Government HICP Inflation Linked Bond Fund, Indexed Euro Government Short to Medium Dated

Bond Fund and International Cash Fund. The base currency of these Funds is the Euro.

Indexed World Small Cap Equity Fund

The Fund offers four classes; Class A, Class B, Class C, and Class D. The base currency of Class A, Class B and Class

C is the Euro and Class D is GBP. The Fund commenced operations on 29 July 2008.

The investment objective of the Fund is to provide investors with a total return, taking into account both capital and

income returns, and which reflects the total return of the MSCI World Small Cap Index (the “Index”).


The Fund offers six classes; Class A, Class B, Class C, Class D, Class E and Class F. The base currency of these classes

is the Euro. The Fund commenced operations on 8 April 2011.


income returns, and which reflects the total return of the MSCI World Index (the “Index”).

The Class A, Class C and Class E shares will hedge non-Euro currency exposure back to Euro using currency forwards

specific to the individual share classes. Class B, Class D and Class F shares will retain non-Euro currency exposure and

will not use any Financial Derivative Instruments specific to the individual share classes.


Company Background

4


The Fund offers three classes; Class A, Class B and Class C. The base currency of these classes is the Euro. The Fund

commenced operations on 8 April 2011.


income returns, which reflects the total return of the BofA Merrill Lynch 10+ Year Euro Government Index (the

“Index”).



commenced operations on 12 December 2011.


income returns, which reflects the total return of the BofA Merrill Lynch Euro Large Cap Corporate Index (the

“Index”).



commenced operations on 3 April 2012.

The investment objective of the Fund is to deliver a return commensurate with the total return version of Standard &

Poors GSCI Light Energy ILIM Enhanced Strategy Index (the “Index”).



is the Euro. The Fund commenced operations on 8 April 2012.


income returns, which reflects the total return of the MSCI World Minimum Volatility Index (the “Index”).



commenced operations on 12 May 2012.


income returns, which reflects the total return of the JPM Government Bond Index-Emerging Markets Global

Diversified Index (the “Index”).



is the Euro. The Fund commenced operations on 4 December 2012.


income returns, which reflects the total return of the FTSE® RAFI Developed 1000 Index (the “Index”).



commenced operations on 16 July 2014.

The investment objective of the Fund is to provide investors with a total return taking into account both capital and

income returns, by seeking to achieve long-term capital appreciation through investing primarily in equity securities.


Company Background (continued)

5


The Fund offers three classes; Class A, Class B and Class C. The base currency of Class A and Class C is the Euro and

Class B is the GBP. The Fund commenced operations on 19 March 2015.


income returns, by seeking to achieve long-term capital appreciation through investing primarily in equity securities and

debt securities.


The Fund offers three classes, Class A, Class B and Class C. The base currency of Class A is the Euro, Class B is the

GBP and Class C is the USD. The Fund commenced operations on 19 March 2015.

The investment objective of the Fund is to achieve capital appreciation over the medium term through investing

primarily in equity securities.


The Fund offers one class, Class A. The base currency of Class A is the Euro. The Fund commenced operations on 19

March 2015.


primarily in equity securities as well as in fixed and floating rate debt securities.


The Fund offers five classes, Class A, Class B, Class C, Class D and Class M. The base currency of Class A is the Euro,

Class B is the CHF, Class C is the GBP, Class D is the CAD and Class M is the EUR. The Fund commenced operations

on 12 June 2015.

The investment objective of the Fund is to achieve capital appreciation over the long term through investing primarily

in equity securities.


Investment Manager’s Report

6

Executive Summary

Six Month Investment Commentary to 30 June 2015.

Investment markets were mixed over the first half of the year with equities generating positive returns although bonds

were down over the six months despite strong gains in the first quarter. Equity markets were supported by continued

accommodative central bank monetary policies and attractive valuations relative to other asset classes. Bonds initially

benefited from falling inflation and the announcement of an asset purchase programme by the ECB (“European Central

Bank”) although fell in the second quarter as economic data and inflation began to pick up.

Despite asset purchases in the US under QE3 (“Quantitative Easing”) having ended in 2014, the provision of liquidity by

global central banks remained substantial following the expansion of asset purchases by the Bank of Japan in October

2014 to Y80trn pa and the announcement in January by the ECB of a €60bn per month asset purchase programme which

will last until at least September 2016. These policy steps by the Bank of Japan and ECB more than offset the ending of

QE3 in the US with the result that the pace of asset purchases by the major global central banks has increased in 2015

compared to 2014. This continued provision of liquidity was supportive of equities and also of bonds in the early months

of the year.

Further monetary policy support came from the continued lowering of interest rates by central banks across the world.

Given low levels of inflation which were partly facilitated by the sharp fall in the oil price since the middle of 2014, over

20 central banks lowered interest rates in the first six months of the year. Expectations for the timing of the first interest

rate rise in both the US and UK were also delayed which also supported equities and bonds. In the US, a disappointing

economic performance in the first quarter and lingering low levels of inflation contributed to a pushing out of

expectations for the first interest rate rise to December 2015 while the US Fed also indicated the pace of rate rises through

2016/17 would be more gradual than it had previously suggested. In the UK, with inflation reaching a record low of -

0.1% y/y before ending the quarter at a positive 0.1% y/y, expectations for the timing of the first UK rate rise were also

pushed out to Q2 2016.

Equity markets found additional support from a generally positive first quarter earnings reporting across most regions.

Consensus global earnings forecasts were significantly downgraded from September 2014 onwards, mainly centred on the

energy and materials sectors due to weaker oil and commodity prices. Actual results however exceeded expectations in

Q1 as earnings were 6%, 11% and 4% ahead of forecasts in the US, Europe and Japan respectively and resulted in

earnings upgrades with consensus forecasts for European companies being upgraded for the first time in four years.

Negotiations relating to the Greek bailout programme were a constant influence on markets through the period.

Uncertainty was created by the calling of a Greek general election in late December which resulted in the anti-bailout

party, Syriza, winning power on a mandate of obtaining a write down for the greater part of Greece’s debt and resulted in

a standoff between the Greek government and its creditors. Calm was temporarily restored when the bailout programme

was extended to June and it was believed post a reform agenda being agreed upon, a new bailout programme would be put

in place. Through the second quarter, hopes were raised and dashed at various points that a compromise would be reached

to release funds to Greece under the bailout programme and that a new bailout package would be agreed. Ultimately talks

collapsed the last weekend in June with a surprise referendum being called for 5 July with Greek people voting on

whether to accept or reject creditor bailout terms. The resultant uncertainty and perceived increasing risk of a Greek exit

from the Euro led to falls in global equities and particularly European equities and Eurozone peripheral bonds in the last

days of the second quarter.


Investment Manager’s Report (continued)

7

Financial Market Review

Global economic news flow was quite mixed through the first half of the year. Q1 growth in the US again disappointed

as the economy contracted -0.2% annualised, impacted for a second consecutive year by severe weather and a port

strike in the west coast. Indicators however began to improve through May and June with renewed strength in the

labour and housing markets and retail sales suggesting growth had rebounded to a rate of 2.5/3.0% annualised in Q2.

European economic releases surprised to the upside through the first half of the year in response to policy measures by

the ECB and easing of tensions in Ukraine. PMI readings reached 4 year highs and consensus growth forecasts for 2015

were revised up to 1.5%.

UK economic data generally remained firm through the period despite slowing slightly compared to 2014. Strength in

consumption and the service sector contributed to growth of 2.9% y/y in Q1 with growth of 2.5/3.0% likely to be

maintained for the year.

The Japanese economy showed signs of recovery post the negative impact of the sales tax last year as Q1 GDP rose

3.9% annualised, boosted by strong investment spending and improving sentiment. The pace of growth is likely to ease

through the remainder of the year to a more stable level of around 1/1.5%.

Chinese economic news flow deteriorated through much of the first half of the year. Q1 growth slowed to a 5.2%

annualised rate. Growth rates in many leading indicators such as retail sales, industrial production, trade and investment

fell to their lowest levels in 10/15 years while some PMI readings fell below 50. Following a number of interest rate

reductions and targeted stimulus efforts, there were some tentative signs of stabilisation in economic data towards the

end of the first half.

The improvement in global economic news flow towards the end of the period compared to the softness evident in the

first quarter was supportive of equities.

Over the period, the FTSE All World equity benchmark rose 4.8% (12.0% in €). Japan rose 17.0% (24.5% in €) as the

economy recovered, the Yen weakened, earnings surprised positively and expectations remained for additional

monetary stimulus given low inflation. Europe rose 10.6% (14.0% in €) on the back of the ECB’s asset purchase

programme and better economic news flow. US equities lagged, rising 1.5% (10.3% in €) as economic news flow

disappointed earlier in the year. The UK also lagged, rising 1.8% (11.6% in €) hampered by its weight in commodity

and oil stocks and uncertainties relating to the proposed EU membership referendum.

Eurozone 5 year+ bonds fell -2.3%. Bonds continued to rally early in the year on the back of inflation falling to -0.6%

y/y and the announcement of the ECB’s larger than expected asset purchase programme with German 10 year yields

falling to an all-time low of 0.05%, Eurozone bonds yields however began to rise from mid-April onwards. Yields rose

on the improving economic backdrop in the Eurozone, easing fears of persistent deflation as inflation rebounded back

into positive territory at 0.2% y/y, a deterioration in demand/supply dynamics in Eurozone sovereign bonds through

April and May and suggestions by ECB President Draghi that investors should get used to greater volatility in bond

markets at low levels of interest rates. Peripheral bond spreads also widened on fears of contagion from tensions in

Greece. German 10 year yields peaked at 1.06% in early June but declined again into the end of the half year to 0.76%

on a flight to safety related to the Greek uncertainties.

Over the period, the Euro fell to 1.114 on the back of the larger than expected monetary easing programme announced

by the ECB. Commodities rose 5.4% (14.5% in €) as oil rebounded from its January lows to end the period up 10.9% on

expectations of reduced US shale oil production in the second half of the year.



8


The investment objective of the fund is to provide investors with a total return, taking into account both capital and

income returns, and which reflects the total return of the MSCI World Small Cap Index (NET). The fund will aim

to match the performance of this index as part of this objective.

Asset Allocation

The Indexed World Small Cap Equity Fund is designed to provide clients with an indexed exposure to global Small

Cap equities. The Fund passively tracks the performance of the MSCI World Small Cap Index.

As the MSCI World Small Cap Index holds more than 4000 stocks, the Fund tracks the benchmark on an optimised

basis which is a sample method approach that aims to ensure the sample of stocks held has similar characteristics

to the Index. The fund is rebalanced on a continuous basis.

The country allocation is based on the composition of the MSCI World Small Cap Index. The region allocation of

the index is displayed in the chart opposite.

Performance

The Funds’ performance vs. benchmark figures are provided in the accompanying table.

Region Weight at 30 June 2015

Fund Performance

Report Date: 30/06/2015

Fund Index Fund Index

Indexed World Small Cap Equity MSCI World Index Small Cap EUR -2.00 -2.21 15.45 15.08

Fund returns are gross of fees

QTD % YTD %

Tracking Error

Report Date: 30/06/2015 12 Months

%

Indexed World Small Cap Equity MSCI World Index Small Cap EUR 0.1

Tracking error is pre-ADL

0.38%

8.27%

4.41%

62.63%

11.29%

8.53%

4.49%

0% 10% 20% 30% 40% 50% 60% 70%

Other

UK

Pacific

North America

Japan

Eurozone

Europe ex Eurozone



9


Asset Allocation

The Indexed Global Equity Fund is 100% invested in equities. The country allocation is based on the composition

of the MSCI World Index. Having implemented the country allocation the fund then pursues index tracking stock

selection.

The country allocation of the fund is displayed in the chart opposite.

Hedged share classes hedge non-Euro currency positions back to Euro to eliminate currency risk to a Euro investor.

Unhedged share classes do not hedge its currency exposure.

Changes to Benchmark Indices

The MSCI World Index semi-annual rebalance took place at the end of May.

There were 36 additions with a combined weight of 0.74% and 18 deletes with a weight of 0.15% in the MSCI

World Index. Total turnover (buys + sells) was 2.24%.

Performance

This fund is designed to achieve stock market returns in line with the MSCI World Index.

The objective is to eliminate manager selection risk and manager style risk which is the risk of being with an

investment manager who under performs.

Region Weight at 30 June 2015

0.23%

7.86%

4.53%

%

61.24%

8.87%

11.66%

5.61%

0% 10% 20% 30% 40% 50% 60% 70%

Other

UK

Pacific

North America

Japan

Eurozone

Europe ex Eurozone



10

Indexed Global Equity Fund (continued)

Fund Performance Report Date: 30/06/2015


Hedged MSCI World Index (Hedged EUR) -0.57 -0.76 3.93 3.81

Unhedged MSCI World Index (NET) -3.08 -3.31 11.63 11.46


QTD % YTD %

Tracking Error


%

Hedged MSCI World Index (Hedged EUR) 0.1

Unhedged MSCI World Index (Net) 0.1


Stock

Weight (%)

APPLE COMPUTER INC COM 2.1

EXXON MOBIL CORP COM 1.0

MICROSOFT CORP COM 1.0

WELLS FARGO & CO NEW COM 0.8

JOHNSON & JOHNSON COM 0.8

GENERAL ELEC CO COM 0.8

J P MORGAN CHASE & CO COM 0.7

NESTLE SA CHF1(REGD) 0.7

NOVARTIS AG CHF0.50(REGD) 0.7

PROCTER & GAMBLE CO COM 0.6

Top Ten Equity Holdings



11



income returns, and which reflects the total return of the Bank of America Merrill Lynch 10+ Year Euro

Government Index. The fund will aim to match the performance of this index as part of its objective.

Asset Allocation

The country allocation of the fund follows that of the Merrill Lynch EMU Government 10+ year Index. The fund

tracks the market by investing in basket of bonds that matches the country allocation, duration and convexity of the

index. The country allocation is displayed in the chart opposite.

Market Review

Following the strong returns of the second half of 2014, the first half of 2015 showed a more mixed bond market

return with the Merrill Lynch Eurozone >5 year Government bond index showing a return of -2.3%.

After another weak winter with a Q1 GDP growth of minus 0.2% the US economy showed signs of a recovery in

Q2. Economic indicators point towards a 2% plus growth rate for the second quarter with continuous strong

employment growth. Rhetoric from Federal Reserve members points towards a first rate hike in 2015 albeit the

probability of such a move at the September meeting has dropped from 60% to about 40%.

January 2015 saw the announcement of full blown QE by the ECB. The ECB will buy €60bn of Eurozone

Government, Quasi Government and Covered bonds until at least September 2016 in the market. The sum equates

to about 220% of the Eurozone Government bond net issuance. ECB bond purchases dominated the Eurozone

bond markets early in H1 with 10 year German Government bond yields reaching an all-time low 0.05%. However,

a steady uptick in Eurozone inflation from the low of minus 0.6% to a May inflation of +0.3% together with an

improvement in economic growth scared bond markets from late April onwards. Longer dated bonds which are

highly sensitive to inflation and inflation expectations sold off and the 10 year German benchmark reached a high

of 1.07% during the quarter but finished the quarter at 0.77% as a result of Greek uncertainty. With several debt

deadlines expiring at the end of June Greece was the dominant issue for Eurozone bond markets for the second half

of the Q2 and peripheral market spreads widened on the prospect of a possible Greek exit from the Eurozone.

The coming months should see a solution to the Greek problem with either a new deal with the troika or a final exit

for Greece from the Eurogroup. The Greek issue will probably dominate bond markets for the early part of the

quarter. However, from late August on the market will focus on rising inflation due to base effects and the timing

of the Fed rate hike. Both should result in a further rise in core bond yields which could see the 10 year German

bond yield trading back above 1%.



12

Indexed Euro Government Long Dated Bond Fund (continued)

Country Allocation as of 30 June 2015



Indexed Euro Gov Long Dated Bond BofA ML 10+ Year Government Index -13.11 -13.07 -3.07 -3.03


QTD % YTD %

Tracking Error


%

Indexed Euro Gov Long Dated Bond Bofa ML 10+ Year Government Index 0.0


12.44%

0.10%

0.76%

6.14%

23.77%

0.66%

17.68%

25.10%

1.38%

7.88%

4.09%

0% 5% 10% 15% 20% 25% 30%

Spain

Slovenia

Slovakia

Netherlands

Italy

Ireland

Germany

France

Finland

Belgium

Austria



13


The Indexed Euro Large Cap Corporate Bond Fund aims to provide total return, taking into account both capital

and income returns, which reflects the total return of the Bank of America Merrill Lynch Euro Large Cap Corporate

Index. Whilst not tracking the index, the fund will aim to match the performance of this index.

Asset Allocation

The Indexed Euro Large Cap Corporate Bond Fund is designed to provide clients with an indexed exposure to

Large Cap Corporate Bonds. The fund passively tracks the Bank of America Merrill Lynch EMU Large Cap

Corporate Index.

As the BofA Merrill Lynch EMU Large Cap Corporate index contains approximately 1600 bonds, the fund tracks

the benchmark on an optimised basis. This is a sampling approach that aims to ensure that the sample of bonds held

has similar characteristics to the index.

The Index offers broad exposure to the Euro-denominated debt of corporate entities on a worldwide basis.

Investment grade qualifying bonds are capitalisation weighted within the Index based on their outstanding debt

amount.

Qualifying bonds must have at least one year remaining term to maturity, a fixed coupon schedule and a minimum

amount outstanding of EUR 500 million. Bonds must be rated investment grade based on a composite of Fitch,

Moody’s and S&P. Asset backed securities are included in the Index. The sector allocation of the fund is displayed

in the chart opposite.

Performance

The performance of the fund by sector is displayed in the table opposite.

Sector Weights 30 June 2015

12.87 % 4.33 %

7.68 % 1.39 %

0.46 % 2.20 %

1.80 % 1.13 %

0.09 % 4.73 %

2.69 % 0.97 %

5.69 % 5.03 %

4.41 % 5.09 %

34.32 % 5.12 %

0% 10% 20% 30% 40%

Utility Transportation

Telecommunications Technology & Electronics

Services Retail

Real Estate Media

Leisure Insurance

Healthcare Financial Services

Energy Consumer Goods

Capital Goods Basic Industry

Banking Automotive



14

Indexed Euro Large Cap Corporate Bond Fund (continued)

Sector Performance Report Date: 30/06/2015


Indexed Euro Large Cap

Corporate Bond Fund BofA ML EMU Corporate Large Cap Index -2.85 -2.84 -1.56 -1.45


QTD % YTD %

Tracking Error


%

Indexed Euro Large Cap Corporate Bond Fund BofA ML EMU Corporate Large Cap Index 0.1




15


The investment objective of the fund is to track the performance of the Standard & Poors GSCI Light Energy ILIM

Enhanced Strategy Index. This provides broad commodity exposure across the Energy, Industrial Metals, Precious

Metals, Agriculture and Livestock sectors.

Asset Allocation

The Enhanced Commodity Fund is designed to provide clients with an indexed exposure to Commodities. The

Fund tracks the Standard & Poors GSCI Light-Energy ILIM Enhanced Strategy Index.

The index allocates to 22 different commodities across 5 distinct commodity sectors. The sector weights are shown

in the graph opposite.

Performance

The performance objective of the Enhanced Commodity Fund is to produce a return within an acceptable range of

tracking relative to the underlying commodity indices which the fund is designed to track.

The fund returns vs benchmark is shown in the table opposite. The difference between the market closing times of

the European and US markets can result in performance differences from month to month between the fund and the

indices but these differences should average out over longer periods of observation.

Commodity Sector Weights at 30 June 2015



Indexed Enhanced

Commodity Fund S&P GSCI Light Energy ILIM Enhanced Strategy Index -0.13 -0.06 4.01 4.07


QTD % YTD %

Tracking Error


%

Indexed Enhanced

Commodity Fund S&P GSCI Light Energy ILIM Enhanced Strategy Index 0.1


30.51%

15.46%

6.61%

32.34%

15.08%

0% 5% 10% 15% 20% 25% 30% 35% 40%

Energy

Industrial Metals

Precious Metals

Agriculture

Livestock



16


The Indexed Minimum Volatility Global Equity Fund is designed to achieve low volatility global equity exposure.


income returns, and which reflects the total return of the MSCI World Minimum Volatility. The fund will aim to

match the performance of this index as part of its objective.

The Benchmark, the MSCI World Minimum Volatility Index, uses the Parent MSCI World Index as the universe of

eligible securities, but optimises a security covariance matrix to produce an index which, subject to a number of

constraints has the lowest absolute volatility then available. This index produces the lowest variance portfolio on

the return-variance efficient frontier given a number of constraints. The Portfolio Construction Optimisation

Constraints are employed in order to ensure the lowest volatility portfolio while ensuring the index is replicable and

investible.

Asset Allocation

The Indexed Minimum Volatility Global Equity Fund is 100% equities. The country allocation is based on the

composition of the MSCI World Minimum Volatility index. Having implemented the country allocation the fund

pursues index tracking stock selection. The region allocation of the index is displayed in the chart opposite.

Performance

Performance for the period is shown in the accompanying table.

Regional Exposure 30 June 2015

0.73%

55.95%

2.94%

6.14%

9.95%

14.46%

9.83%

0% 10% 20% 30% 40% 50% 60% 70%

Others

US

UK

Pacific ex Japan

Japan

Eurozone

Europe ex Eurozone



17

Indexed Minimum Volatility Global Equity Fund (continued)

Fund Performance



Indexed Minimum Volatility

Global Equity MSCI World Minimum Volatility (EUR) -4.89 -5.01 11.57 11.37


QTD % YTD %

Tracking Error


%

Indexed Minimum Volatility

Global Equity MSCI World MinimumVolatility (EUR) 0.1




18



income returns, and which reflects the total return of the JPM Government Bond Index – Emerging Markets Global

Diversified.

Asset Allocation

The Indexed Emerging Market Debt Fund is designed to provide clients with an indexed exposure to local currency

denominated Emerging Government debt with a term to maturity of greater than one year. The fund passively

tracks the JPM Government Bond Index – Emerging Markets Global Diversified.

The assets of the Fund are fully invested in Emerging Market bonds. The Fund will largely capture the

characteristics of the underlying JP Morgan GBI-EM Global Diversified Index in terms of country and duration

exposure.

The index is market cap weighted and has a 10% maximum weighting cap on each Emerging Market member

country following monthly index rebalances thus limiting exposure to any one country

The fund tracks the market return on an optimised basis. This is a sampling approach which aims to create a fund

with similar characteristics to the index. The country allocation is displayed in the chart opposite.

Performance

Following significant improvements in credit quality, liquidity, transparency and volatility, local currency

emerging market government debt has produced attractive risk-adjusted returns over time.

The performance of the Emerging Market Debt Fund is set out in the table opposite.

Country Weights 30

June 2015

9.80%

7.60%

10.00%

5.35%

2.55%

10.00%

0.46%

1.80%

1.80%

10.00%

10.00%

8.97%

4.68%

6.88%

0.11%

10.00%

0% 2% 4% 6% 8% 10% 12%

Turkey

Thailand

South Africa

Russia

Romania

Poland

Philippines

Peru

Nigeria

Mexico

Malaysia

Indonesia

Hungary

Colombia

Chile

Brazil



19

Indexed Emerging Market Debt Fund (continued)



Indexed Emerging

Market Debt Fund JP Morgan GBI-EM Global Composite (TR) -4.42 -4.53 3.40 3.30


QTD % YTD %

Tracking Error Report Date: 30/06/2015 12 Months

%

Indexed Emerging

Market Debt Fund JP Morgan GBI-EM Global Composite (TR) 0.2




20


The Indexed Fundamental Global Equity Fund aims to outperform market capitalisation indices through value

investing.

The Benchmark Index, the FTSE® RAFI Developed 1000 Index uses the Parent FTSE® Developed All Cap Index

as the universe of eligible securities. Index constituents for the Fundamental Index are derived using four

fundamental factors, dividends, cash flow, sales and book value.

The Fund is rebalanced annually.

Fund Performance



Indexed Fundamental Global Equity Fund FTSE RAFI Developed 1000 -3.31 -3.17 10.61 10.78


QTD % YTD %

Tracking Error


%

Indexed Fundamental Global Equity Fund FTSE® RAFI Developed 1000 0.1


Country Exposure as at 30 June 2015

47.27%

10.89%

5.87%

0.20%

11.98%

18.66%

5.14%

0% 10% 20% 30% 40% 50% 60%

US

UK

Pacific

Others

Japan

Eurozone

Europe ex Eurozone



21

Indexed Fundamental Global Equity Fund (continued)

Sector Exposure as at 30 June 2015

5.74%

11.93%

9.34%

26.68%

7.44%

11.02%

11.48%

5.51%

5.38%

5.47%

0% 5% 10% 15% 20% 25% 30%

Utilities

Telecommunications

Technology

Oil & Gas

Industrials

Health Care

Financials

Consumer Services

Consumer Goods

Basic Materials



22



income returns, by seeking to achieve long-term capital appreciation through investing primarily in equity

securities.

Asset Allocation

The Fund invests in equities and aims to deliver returns similar to a capitalisation weighted equity benchmark over

the full investment cycle but with lower drawdowns and volatility, i.e. expectation is that the fund returns will be

greater than MSCI World returns during falling markets and less than MSCI World returns in rising markets. This

is achieved through a combination of fundamental factor and sector tilts which have demonstrated greatest

cumulative drawdown protection through multiple cycles.

The fund seeks to achieve superior downside protection by selecting equity securities, based on a diverse range of

factors, which are expected to deliver more stable returns and reduced capital loss (downside) compared to

capitalization weighted equity benchmarks over a full market cycle. Equity securities are selected and combined

with cognizance of underlying valuations, earnings and price risk metrics. The emphasis on superior downside

protection has the potential to allow investors capital to appreciate more steadily than traditional capitalisation-

weighted equity portfolios.

Performance

The performance of the fund is displayed in the table below.

Country Weights 30 June 2015



Global Low Volatility Active Equity Fund MSCI The World Index(Net) -3.22 -3.31 13.35 11.46


QTD % YTD %

0.71%

53.31%

7.14%

10.67%

4.67%

14.83%

8.67%

0% 10% 20% 30% 40% 50% 60% 70%

Others

US

UK

Japan

Pacific ex Japan

Eurozone

Europe ex Ez



23

Sentanta Reditus Income Fund

19 March 2015 to 30 June 2015


income returns, by seeking to achieve long-term capital appreciation through investing primarily in equity

securities and debt securities.

Asset Allocation

The Fund will seek to achieve its investment objective by primarily investing in a basket of high quality, dividend

paying, ethically screened equity securities of companies listed, traded or dealt on a recognised exchange

combined, at times, with an income generating derivative strategy on some or all of these securities and listed Real

Estate Investment Trusts and fixed and/or floating rate debt securities issued by governments/companies, cash,

warrants and convertibles.

When selecting investments, the Investment Manager will apply an ethical screen on those instruments to ensure

they meet certain ethical criteria.

Performance

The performance for the period to 30 June 2015 was as follows:

Class A - Euro Fund -1.25%

MSCI World High Yield Index -5.50%

The Setanta Reditus Income Fund generated a return of -1.3% over the period ahead of the benchmark return of -

5.5%. The Fund’s relative outperformance was driven mainly by stock selection, especially in the Energy and

Industrials sectors. Currency considerations also contributed to performance. Sector allocation was also positive

over the period, our underweight position in Consumer Discretionary and overweight position in Telecoms

contributed the most to performance. The stocks contributing most to the fund return during the quarter were

Dragon Oil, DCC and Mattel. The stocks that detracted most from the fund return were Wincor Nixdorf, Fairfax

and FBD.



24

Sentanta Reditus Income Fund (continued)

Sector Distribution

Geographic Distribution

Consumer

Disc

11% Consumer

Staple

10%

Energy

11%

Financials

25% Healthcare

1%

Industrials &

Materials

18%

Info Tech

7%

Telecoms &

Utilities

17%

Europe (ex-UK) 32%

UK 21%

North America

27%

Japan 1%

Cash 19%



25

Sentanta Reditus Income Fund (continued)

TOP 10 HOLDINGS

COMPANY SECTOR % OF FUND

DRAGON OIL ENERGY 5.5% IRISH RESIDENTIAL FINANCIALS 5.3% PEOPLE'S UNITED FINANCIAL FINANCIALS 4.9% LANCASHIRE HOLDINGS FINANCIALS 4.8% SMITHS GROUP INDUSTRIALS & MATERIALS 4.6% MATTEL CONSUMER DISCRETIONARY 4.5% SYSCO CONSUMER STAPLES 4.2% MCDONALD'S CONSUMER DISCRETIONARY 4.0% VODAFONE GROUP TELECOMS & UTILITIES 4.0% TESCO CONSUMER STAPLES 3.7%



26

Sentanta Reditus Global Equity Fund

19 March 2015 to 30 June 2015



Asset Allocation

The Fund will seek to achieve its investment objective by primarily investing in a portfolio of equity securities of

companies listed, traded or dealt on a recognised exchange.



Performance



MSCI World Index -4.83%

The Setanta Reditus Global Equity Fund generated a return of -4.1% over the period ahead of the benchmark return

of -4.8%. The Fund’s relative outperformance was driven mainly by stock selection, especially in the Energy and


over the period, our underweight position in Consumer Staples and overweight position in Telecoms contributed

the most to performance. The stocks contributing most to the fund return during the quarter were DCC, Dragon Oil

and Nike. The stocks that detracted most from the fund return were Fairfax, Resolute Forest Products and ADT

Corporation.

Sector Distribution

Consumer

Disc

10% Consumer

Staples

8%

Energy

10%

Financials

21%

Healthcare

11%

Industrials &

Materials

18%

Info Tech

14%

Telecoms &

Utilities

8%



27

Sentanta Reditus Global Equity Fund (continued)


Europe (ex

UK)

16%

UK

13%

North America

65%

Japan

1%

Cash

2%

Global

Emerging

3%



28

Sentanta Reditus Global Balance Fund

19 March 2015 to 30 June 2015


primarily in equity securities as well as in fixed and floating rate debt securities.

Asset Allocation

The Fund will seek to achieve the Investment Objective by primarily investing in a basket of global equity

securities of companies listed, traded or dealt on a Recognised Exchange as well as in fixed and/or floating rate

debt securities issued by governments or companies and cash securities.



Fund Performance



Composite Benchmark* -4.89%

* 70% MSCI World Index and 30% ECAS

The Setanta Reditus Global Balanced Fund generated a return of -2.2% over the period ahead of the benchmark

return of -4.9%. The Fund’s relative outperformance was driven by stock selection, especially in the Financials and


over the period, our underweight position in Consumer Staples and Technology contributed the most to

performance. The stocks contributing most to the fund return during the quarter were DCC Plc, Irish Residential

Property and Dragon Oil. The stocks that detracted most from the fund return were Resolute Forest Products,

Fairfax and ADT Corporation.

Sector Distribution

Consumer

Disc

10% Consumer

Staples

8%

Energy

10%

Financials

21%

Healthcare

11%

Industrials &

Materials

19%

Info Tech

13%

Telecoms &

Utilities

8%



29

Sentanta Reditus Global Balance Fund (continued)


Europe (ex

UK)

10%

UK

9%

North America

42%

Bonds

20%

Japan

1%

Global

Emerging

2%

Property (Reit)

5%

Cash

11%



30

Sentanta Global Equity Fund

12 June 2015 to 30 June 2015

The investment objective of the Fund is to achieve capital appreciation over the long term through investing


Asset Allocation

The Fund will seek to achieve its investment objective through investment in an actively managed globally

diversified portfolio of equity securities of companies of all capitalisations, listed, traded or dealt in on a

Recognised Exchange.

Investment will primarily be limited to common shares or stocks (including depository receipts).

The Fund adopts a value investing approach through fundamental analysis. The practice of value investing seeks to

achieve superior long-term performance by acquiring stocks of financially strong companies run by capable

management at a market price significantly below a reasonable assessment of intrinsic value. This assessment of

value always encompasses a thorough understanding of where this value is derived. The Fund adopts a long term

investment horizon.

Performance


Class M - Euro Fund -1.01%

MSCI World -0.78%

The Setanta Global Equity Fund generated a return of -1.0% over the period, lagging the benchmark return of -

0.8%. The Fund’s relative underperformance was due to stock selection particularly in the Industrials and

Technology Sectors. Sector allocation was also negative over the period; our underweight position in

Healthcare and Consumer Discretionary detracted the most to performance. The stocks contributing most to

the fund return during the quarter were Dragon Oil, Nike and First Citizens. The stocks that detracted most

from the fund return were Oshkosh, Owens Illinois and Hewlett Packard.



31

Sentanta Global Equity Fund (continued)

Sector Distribution


Consumer

Disc

10% Consumer

Staples

8%

Energy

11%

Financials

21%

Healthcare

11%

Industrials &

Materials

18%

Info Tech

14%

Telecoms &

Utilities

7%

Europe (ex

UK)

17%

UK

12%

North America

62%

Japan

1%

Emerging

Markets

4%

Global

Emerging

4%


32

Directors’ Report

The Directors submit their report together with the semi- annal report and unaudited financial statements of Beresford

Funds plc (the “Company”) for the period ended 30 June 2015.

Directors’ responsibilities

The Directors are responsible for preparing the Directors’ Report and financial statements, in accordance with

applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law they have

elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as

adopted by the EU and applicable law.

The financial statements are required by law to give a true and fair view of the state of affairs of the Company and of its

changes in net assets attributable to holders of redeemable participating shares for that period. In preparing the financial

statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;

make judgments and estimates that are reasonable and prudent;

state whether they have been prepared in accordance with IFRSs as adopted by the EU; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company

will continue in business.

The Directors are responsible for keeping proper books of account that disclose with reasonable accuracy at any time

the financial position of the Company and enable them to ensure that its financial statements comply with the

Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable

Securities) Regulations 2011. They have general responsibility for taking such steps as are reasonably open to them to

safeguard the assets of the Company. In this regard they have entrusted the assets of the Company to a custodian for

safe-keeping. They have general responsibility for taking such steps as are reasonably open to them to prevent and

detect fraud and other irregularities. The Directors are also responsible for preparing a Directors’ Report that complies

with the requirements of the Companies Act 2014.

Under the UCITS Regulations, the Directors are required to entrust the assets of the Company to the Custodian for safe-

keeping. In carrying out this duty, the Custodian has delegated custody of the Company’s assets to Citibank, N.A. in the

name of Citibank International Limited, Ireland Branch.

The Board of Directors notes the issuance by the IFIA of the Corporate Governance Code for Collective Investment

Schemes and management companies in December 2011 (the “new code”). The new code became effective from 1

January 2012 with a twelve month transitional period. The Directors adopted the new code with effect from close of

business on 31 December 2012.

Books of account

The Directors believe that they have complied with the requirements of Sections 281 to 285 of the Companies Act

2014, with regard to the keeping of adequate accounting records by employing persons with appropriate expertise and

by providing adequate resources to the financial function. The accounting records are held at the Administrator,

Citibank Europe plc, 1 North Wall Quay, Dublin 1, Ireland.

Principal Activities

The Company is an open-ended investment company with variable capital which has been authorised by the Central

Bank of Ireland (the “Central Bank”) under the European Communities (Undertakings for Collective Investment in

Transferable Securities) Regulations, 2011 (the “UCITS Regulations”).

Fair Value Directive

The information required in relation to the use by the Company of financial instruments and the financial risk

management objectives and policies of the Company and the exposures of the Company to market risk, currency risk,

interest rate risk, liquidity risk and credit risks are outlined in note 13 to these financial statements.

Key performance indicator The principal key performance indicator used by management to monitor performance is as follows:

- Net Asset Value per share.


33

Directors’ Report (continued)

Related Parties

The Board of Directors is satisfied that: (i) there are arrangements (evidenced by written procedures) in place to ensure

that the obligations set out in paragraph 1 of the Central Bank’s UCITS Notice 14 are applied to all transactions with

connected parties; and (ii) transactions with connected parties entered into during the period complied with the

obligations set out in paragraph 1 of UCITS Notice 14.

Any transaction carried out with a Fund by the Company and/or associated or group companies of the Company,

including ILIM, will be carried out as if effected on normal commercial terms negotiated at arm’s length. Transactions

must be in the best interests of the relevant shareholder.

The board of directors are satisfied there are arrangements in place to ensure that obligations as set out in the UCITS 14

are applied to all transactions with connected parties.

The Directors confirm they have complied with the above requirements during the period.

Review of the business and future developments

The business of the Company is reviewed in detail in the Investment Manager's Report on pages 6 to 31. The Company

is to continue to act as an investment vehicle as set out in its Prospectus. It is the Company's intention to provide

additional fund offerings to investors during 2015.

Principal risks and uncertainties

A detailed review of the principal risks and uncertainties and the management of those risks and uncertainties are

included in note 13.

Results for the period

The results for the period are set out in the Statement of Comprehensive Income on pages 35 to 38.

Significant events during the period

Tricia Cosgrave resigned as secretary to the company on the 29 January 2015 and Fiona McCormack was appointed as

secretary to the company on the 29 January 2015.

Setanta Asset Management Ltd was appointed as an Investment Manager to Beresford Funds plc on 13 March 2015.

The prospectus for the Company and the supplements for four new funds (Setanta Reditus Income Fund, Setanta

Reditus Global Equity Fund, Setanta Reditus Global Balanced Fund and Setanta Global Equity) were noted by the

Central Bank of Ireland on 13 March 2015. The prospectus was updated to reflect the appointment of Setanta Asset

Management Ltd as an investment manager to the Company and for general housekeeping e.g. update the list of funds,

capture the change in Company Secretary etc.

On 19 March 2015 Setanta Reditus Income Fund, Setanta Reditus Global Equity Fund and Setanta Reditus Global

Balanced Fund transferred €166,718,827 of assets to Beresford Funds plc.

On the 12 May 2015 David McCarthy resigned as Director to the Company and David Killeen was appointed as

Director to the Company.

On the 12 June 2015 Setanta Global Equity Fund transferred €48,867,906 of asstes to Beresford Funds plc.

Significant events since period end

Alison Letters was appointed as a director on 21 July 2015. The Indexed Emerging Market Equity Fund is due to

launch in quarter 3 2015.

Directors

The names of the persons who were Directors at any time during the period ended 30 June 2015 are set out below.

Except where indicated, they served for the entire period.

Gerry Keenan John O’Connell Bill Kyle

Colm O’Neill

David Killeen (appointed 12 May 2015)

David McCarthy (resigned 12 May 2015) Patrick Burke


34

Directors’ Report (continued)

Directors’ Remuneration

The Directors are entitled to a fee for their services at a rate determined by the Directors up to a maximum combined fee

of Euro 40,000 and may be entitled to special remuneration if called upon to perform any special or extra services to the

Company. The Directors fee’s and expenses for the period was EUR 27,933 (30 June 2014: EUR 10,001).

Directors’ and Secretary’s Interests

The Directors and Company Secretary who held office at 30 June 2015 had no interest in the share capital of the

Company

Transactions Involving Directors

Mr. Gerry Keenan, Mr. Bill Kyle and Mr. Patrick Burke, who were Directors of the Company during the period were

also Directors of the Investment Manager during the period. None of the Directors had any transactions with the

Company at any time during the period.

Segregated Liability

Subject to the relevant provisions of the Investment Funds, Companies and Miscellaneous Provisions Act, 2005, the

Company is an Investment Company with segregated liability between Funds of the Company.

Independent Auditor

The auditor, KPMG, have indicated their willingness to remain in office in accordance with Section 383(2) of the

Companies Act 2014.


Statement of Comprehensive Income


35

Indexed World

Small Cap Equity

Fund

Indexed Global

Equity Fund

Indexed Euro

Government Long

Dated Bond Fund

Indexed Euro Large

Cap Corporate Bond

Fund

Enhanced

Commodity Fund

Indexed Minimum

Volatility Global

Equity Fund

Indexed

Emerging Market

Debt Fund

EUR EUR EUR EUR EUR EUR EUR

Income Notes

Interest income 2(c) 2,765 176 - - 2,618 - -

Dividend income 2(c) 4,319,256 4,254,739 - - - 4,970,271 -

Securities lending income 2(m) 73,860 20,007 237 3,416 - 16,941 509

Other income

67,518 354,759 - - 6,152 52,110 316,081

Net gain/(loss) on financial instruments at fair value

through profit or loss

49,726,373 18,811,897 (434,580) (2,087,456 ) 1,499,066 28,895,299 3,309,828

Net investment income/(loss)

54,189,772 23,441,578 (434,343) (2,084,040) 1,507,836 33,934,621 3,626,418

Expenses

Audit fees

(8,707) (11,323) (891) (1,560) (2,703) (10,069) (1,707)

Administration fees 6 (16,567) (26,757) (1,336) (3,400) - (9,919) (99)

Custodian fees 6 (19,497) (45,466) (2,060) (20,744) (1,984) (19,377) (35,499)

Investment manager fees 6 (82,480) (190,396) (7,884) (14,477) - (50,056) (1,413)

Transaction cost

(100,561) (59,283) - - - (103,425) -

Other expenses 16 (14,811) (13,791) (2,660) (3,557) (7,583) (12,656) (4,129)

Total operating expenses

(242,623) (347,016) (14,831) (43,738) (12,270) (205,502) (42,847)

Operating profit/(loss) before tax

53,947,149 23,094,562 (449,174) (2,127,778) 1,495,566 33,729,119 3,583,571

Withholding tax on interest

- - - - - - 100,154

Withholding tax expense

(485,141) (485,350) - - (1,331) (749,890) -

Increase/(decrease) in net assets attributable to

holders of redeemable shares

53,462,008 22,609,212 (449,174) (2,127,778) 1,494,235 32,979,229 3,483,417

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


Statement of Comprehensive Income (continued)


36

Indexed

Fundamental

Global Equity

Fund

Global Low

Volatility Active

Equity Fund1

Setanta Reditus Income Fund1

Setanta Reditus Global Equity

Fund1

Setanta Reditus Global Balanced

Fund1

Setanta Global Equity Fund2 Total


Income Notes

Interest income 2(c) 17 10 595 - - - 6,181

Dividend income 2(c) 946,425 9,163,396 731,969 505,171 109,881 64,238 25,065,346

Securities lending income 2(m) 4,667 - - - - - 119,637

Other income

2,002 233 7,375 10,599 951 - 817,780

Net gain/(loss) on financial instruments at fair value

through profit or loss

4,584,141 47,128,232 (1,310,470) (3,367,113) (627,232) (990,137) 145,137,848

Net investment income/(loss)

5,537,252 56,291,871 (570,531) (2,851,343) (516,400) (925,899) 171,146,792

Expenses

Audit fees

(2,079) (2,916) (2,258) (2,258) (2,258) (493) (49,222)

Administration fees 6 (3,390) - (3,357) (3,637) (1,176) (888) (70,526)

Custodian fees 6 (24,901) (42,602) (3,116) (3,236) (2,181) (592) (221,255)

Investment manager fees 6 (34,372) - (182,227) (103,899) (26,886) - (694,090)

Transaction cost

(38,186) (518,626) (8,274) (1,636) (186) (60,352) (890,529)

Other expenses 16 (4,071) (10,201) (234,143) (157,594) (5,240) (12,236) (482,672)

Total operating expenses

(106,999) (574,345) (433,375) (272,260) (37,927) (74,561) (2,408,294)

Operating profit/(loss) before tax

5,430,253 55,717,526 (1,003,906) (3,123,603) (554,327) (1,000,460) 168,738,498

Withholding tax on interest

- - - - - - 100,154

Withholding tax expense

(96,300) (1,123,039) (32,368) (50,770) (9,353) (8,142) (3,041,684)

Increase/(decrease) in net assets attributable to

holders of redeemable shares

5,333,953 54,594,487 (1,036,274) (3,174,373) (563,680) (1,008,602) 165,596,660


1 These Funds commenced trading on 19 March 2015. 2 This Fund commenced trading on 12 June 2015.




37

Indexed World Small

Cap Equity Fund

Indexed Global

Equity Fund

Indexed Euro

Government Long

Dated Bond Fund

Indexed Euro Large

Cap Corporate Bond

Fund

Enhanced

Commodity Fund

Indexed Minimum

Volatility Global

Equity Fund EUR EUR EUR EUR EUR EUR

Income Notes Interest income 2(c) 271 281 - - 1,466 7

Dividend income 2(c) 2,221,213 3,866,205 - - - 4,517,696

Securities lending income 2(m) 25,526 22,290 183 510 - 25,692

Other income 23,315 3,784 - - 26 5,238

Net gain/(loss) on financial instruments at fair value through

profit or loss 13,806,585 12,014,081 2,714,655 1,593,217 4,194,790 18,655,175

Net investment income/(loss) 16,076,910 15,906,641 2,714,838 1,593,727 4,196,282 23,203,808

Expenses Audit fees (15,407) (12,811) 4 (1,317) (2,063) (19,495)

Administration fees 6 (18,076) (22,085) (1,145) (3,115) - (7,895)

Custodian fees 6 (23,556) (17,036) (1,978) (2,525) (2,284) (18,508)

Investment manager fees 6 (66,647) (171,564) (7,035) (14,488) - (47,962)

Transaction cost (32,343) (3,458) - - - (60,512)

Other expenses 16 (27,102) (9,971) (2,518) 603 (7,809) (5,766)

Total operating expenses (183,131) (236,925) (12,672) (20,842) (12,156) (160,138)

Operating profit/(loss) before tax 15,893,779 15,669,716 2,702,166 1,572,885 4,184,126 23,043,670

Withholding tax on interest - - - - - -

Withholding tax expense (273,467) (463,746) - - (546) (700,983)

Increase in net assets attributable to holders of

redeemable shares 15,620,312 15,205,970 2,702,166 1,572,885 4,183,580 22,342,687





38

Indexed Emerging

Market Debt Fund

Indexed

Fundamental Global

Equity Fund Total EUR EUR EUR Income Notes Interest income 2(c) - 11 2,036

Dividend income 2(c) - 967,582 11,572,696

Securities lending income 2(m) 614 4,736 79,551

Other income - 694 33,057

Net gain/(loss) on financial instruments at fair value through

profit or loss 2,640,119 3,203,787 58,822,409

Net investment income/(loss) 2,640,733 4,176,810 70,509,749

Expenses Audit fees (1,144) (3,516) (55,749)

Administration fees 6 (91) (3,880) (56,287)

Custodian fees 6 (20,134) (10,261) (96,282)

Investment manager fees 6 (1,299) (37,956) (346,951)

Transaction cost - (15,028) (111,341)

Other expenses 16 (2,783) (3,966) (59,312)

Total operating expenses (25,451) (74,607) (725,922)

Operating profit/(loss) before tax 2,615,282 4,102,203 69,783,827

Withholding tax on interest (30,916) - (30,916)

Withholding tax expense - (116,113) (1,554,855)

Increase in net assets attributable to holders of

redeemable shares 2,584,366 3,986,090 68,198,056



Statement of Financial Position

As at 30 June 2015

39

Indexed World Small

Cap Equity Fund

Indexed Global

Equity Fund

Indexed Euro

Government Long

Dated Bond Fund

Indexed Euro Large

Cap Corporate

Bond Fund

Enhanced

Commodity Fund

Indexed Minimum

Volatility Global

Equity Fund

Indexed

Emerging Market

Debt Fund


Assets Notes

Loans and receivables

Cash and cash equivalents 8 4,544,214 20,249,088 22,651 475,398 6,829,952 2,161,673 555,404

Margin cash 8,9 796,417 910,139 9,806 - - 412,418 -

Due from unitholders - - 28,974 - - 3,145,643 -

Other receivables 15 649,253 936,726 - - 49 606,763 319,637

Due from broker

273,958 11,265,584 273,926 777,775 - 1,331 720,154

Securities lending commission receivable

17,303 1,396 34 1,123 - 2,501 -

Financial assets at fair value through profit or loss 2(e), 13

Debt securities

- - 22,703,166 122,315,699 39,247,373 - 106,963,274

Equity investments

424,923,086 283,032,620 - - - 318,110,327 -

Foreign exchange forward contracts

234,590 2,063,099 - - - 41,337 61

Futures contracts

- 1,347 - - - - -

Total assets

431,438,821 318,459,999 23,038,557 123,569,995 46,077,374 324,481,993 108,558,530

Liabilities

Financial liabilities at fair value through profit or loss 2(e), 13


242,249 420,799 - - - 18,931 1,564

Futures contracts

55,914 82,902 - - - 31,169 -

Financial liabilities measured at amortised cost

Bank overdraft

- - - - - -

Investment manager fees payable 6 57,447 131,031 5,032 9,573 - 34,561 963

Payables for Shares Redeemed - 28,263,584 - - - -

Administration fees payable 6 26,110 20,309 964 234 - 6,268 79

Audit fees payable

26,217 24,254 2,683 4,697 299 30,317 5,138

Custodian fees payable 6 16,800 32,118 1,006 15,928 1,691 7,226 -

Other fees payable

8,278 25,727 9,913 6,441 26,729 13,816 4,363

Payable to broker 142,268 1,398 313,176 1,207,784 - 4,753,092 2,870,387

Total liabilities (excluding net assets attributable to

holders of redeemable shares)

575,283 29,002,122 332,774 1,244,657 28,719 4,895,380 2,882,494

Net assets attributable to holders of redeemable shares

430,863,538 289,457,877 22,705,783 122,325,338 46,048,655 319,586,613 105,676,036



Statement of Financial Position (continued)

As at 30 June 2015

40

Indexed

Fundamental

Global Equity Fund

Global Low Volatility

Active Equity Fund

Setanta Reditus Income Fund1

Setanta Reditus Global Equity Fund1

Setanta

Reditus Global

Balanced Fund1

Setanta Global Equity Fund2 Total


Assets Notes


Cash and cash equivalents 8 1,193,480 1,229,840 8,206,012 1,549,796 2,381,435 1,155,489 50,554,432

Margin cash 8,9 81,058 - 4,915,107 - - - 7,124,945

Due from unitholders 3,429,855 6,604,472

Other receivables 15 137,093 1,169,963 9,140 7,425 30,053 92,541 3,958,643

Due from broker

- - 2,552 182,123 58,041 172,729 13,728,173


351 - - - - 22,708


Debt securities

- - - - 4,713,142 - 295,942,654

Equity investments

56,547,272 584,260,300 54,534,865 70,174,607 16,057,261 64,039,103 1,871,679,441


13,101 503 - - - - 2,352,691

Futures contracts

80 - - - - - 1,427

Total assets

61,402,290 586,660,606 67,667,676 71,913,951 23,239,932 65,459,862 2,251,969,586

Liabilities



5,183 78 - - - - 688,804

Futures contracts

12,973 - - - - - 182,958

Options - - 319,010 - - - 319,010


-

Bank overdraft

- 65,895 - - 12,022 77,917

Investment manager fees payable 6 23,360 - 182,227 103,899 26,886 - 574,979

Payables for Shares Redeemed - - - - - - 28,263,584

Administration fees payable 6 2924 - 3,357 3,735 1,176 888 66,044

Audit fees payable

6,259 5,639 22,436 21,078 7,394 493 156,904

Custodian fees payable 6 17,526 16,867 2,108 1,559 1,525 592 114,946

Other fees payable

10,793 513 1,537 1,423 1,268 222 111,023

Payable to broker 3,903,628 - 399 91,036 29,012 86,340 13,398,520



3,982,646 88,992 531,074 222,730 67,261 100,557 43,954,689


57,419,644 586,571,614 67,136,602 71,691,221 23,172,671 65,359,305 2,208,014,897

The accompanying notes form an integral part of these financial statements. 1 These Funds commenced trading on 19 March 2015. 2 This Fund commenced trading on 12 June 2015.



As at 31 December 2014

41

Indexed World Small

Cap Equity Fund

Indexed

Global Equity Fund

Indexed Euro

Government Long

Dated Bond Fund

Indexed Euro Large

Cap Corporate Bond

Fund

Enhanced

Commodity Fund

Indexed Minimum

Volatility Global

Equity Fund

EUR EUR EUR EUR EUR EUR

Assets Notes


Cash and cash equivalents 8 4,312,883 3,975,648 54,457 231,400 5,235,928 2,085,721

Margin cash 8,9 910,822 405,319 9,806 - - 296,718

Other receivables 15 482,340 478,654 - - 121 521,166

Due from broker

1,301 - - - - 1,259


8,377 1,615 52 431 - 3,075


Debt securities

- - 25,799,101 105,090,656 52,758,407 -

Equity investments

340,479,426 286,808,142 - - - 280,628,456


238,707 205,048 - - - 79,208

Futures contracts

192,174 53,641 - - - 59,606

Swap contract

- - - - - -

Total assets

346,626,030 291,928,067 25,863,416 105,322,487 57,994,456 283,675,209

Liabilities



99,909 3,531,877 - - - 41,979

Futures contracts

3,763 7,968 - - - 4,501


Bank overdraft

- 28,214 - - 3,777,321 59,705

Investment manager fees payable 6 25,722 64,739 2,779 5,089 - 16,476

Administration fees payable 6 19,002 10,777 590 132 - 2,275

Audit fees payable

17,510 22,771 1,792 3,137 5,435 20,248

Custodian fees payable 6 19,269 7,704 723 2,452 409 5,713

Other fees payable

11,949 27,322 8,331 8,928 32,871 15,657



197,124 3,701,372 14,215 19,738 3,816,036 166,554


346,428,906 288,226,695 25,849,201 105,302,749 54,178,420 283,508,655




As at 31 December 2014

42

Indexed Emerging

Market Debt Fund

Indexed Fundamental

Global Equity Fund

Global Low Volatility

Active Equity Fund1 Total

EUR EUR EUR EUR

Assets Notes


Cash and cash equivalents 8 783,715 428,856 1,924,322 19,032,930

Margin cash 8,9 - 165,269 - 1,787,934

Other receivables 15 14 93,747 638,023 2,214,065

Due from broker

- - 920 3,480


427 309 - 14,286


Debt securities

101,430,169 - - 285,078,333

Equity investments

- 49,905,202 381,024,422 1,338,845,648


- 9,157 - 532,120

Futures contracts

- 15,578 - 320,999

Swap contract

- - - -

Total assets

102,214,325 50,618,118 383,587,687 1,647,829,795

Liabilities



- 3,677 - 3,677,442

Futures contracts

- 1,992 - 18,224


Bank overdraft - 2,872 4,368 3,872,480

Investment manager fees payable 6 456 12,963 - 128,224

Administration fees payable 6 45 1,962 - 34,783

Audit fees payable 3,431 4,180 2,723 81,227

Custodian fees payable 6 9,554 3,044 846 49,714

Other fees payable

8,220 9,612 2,623 125,513



21,706 40,302 10,560 7,987,607


102,192,619 50,577,816 383,577,127 1,639,842,188


1 Global Low Volatility Active Equity Fund commenced trading on 16 July 2014.


Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares

for the period ended 30 June 2015

43

Indexed World

Small Cap Equity

Fund

Indexed Global

Equity Fund

Indexed Euro

Government Long

Dated Bond Fund

Indexed Euro Large

Cap Corporate

Bond Fund

Enhanced

Commodity Fund

Indexed Minimum

Volatility Global

Equity Fund

Indexed Emerging

Market Debt Fund


Balance at 31 December 2014 346,428,906 288,226,695 25,849,201 105,302,749 54,178,420 283,508,655 102,192,619

Increase/(decrease) in net assets attributable to holders of

redeemable shares 53,462,008 22,609,212 (449,174) (2,127,778) 1,494,235 32,979,229 3,483,417

Contributions and redemptions by holders of redeemable

Shares:

Issue of redeemable shares during the period 47,233,600 105,385,546 252,083 22,440,150 2,300,000 39,051,229 -

Redemption of redeemable shares during the period (16,260,976) (126,763,576) (2,946,327) (3,289,783) (11,924,000) (35,952,500) -

Transactions with holders of redeemable shares 30,972,624 (21,378,030) (2,694,244) 19,150,367 (9,624,000) 3,098,729 -

Balance at 30 June 2015 430,863,538 289,457,877 22,705,783 122,325,338 46,048,655 319,586,613 105,676,036

Indexed World

Small Cap Equity

Fund

Indexed Global

Equity Fund

Indexed Euro

Government Long

Dated Bond Fund

Indexed Euro Large

Cap Corporate Bond

Fund

Enhanced

Commodity Fund

Indexed Minimum

Volatility Global

Equity Fund

Indexed Emerging

Market Debt Fund


Balance at 31 December 2013 195,920,482 254,781,368 20,053,954 35,091,070 60,827,069 226,551,098 38,394,027

Increase in net assets attributable to holders of redeemable

shares 15,620,312 15,205,970 2,702,166 1,572,885 4,183,580 22,342,687 2,584,366


Shares: Issue of redeemable shares during the period 85,353,979 5,599,926 197,521 298,350 5,100,000 57,932,784 7,500,000

Redemption of redeemable shares during the period (53,177,434) (8,710,654) (359,327) (210,980) (9,200,000) (19,732,934) (70,890)

Transactions with holders of redeemable shares 32,176,545 (3,110,728) (161,806) 87,370 (4,100,000) 38,199,850 7,429,110

Balance at 30 June 2014 243,717,339 266,876,610 22,594,314 36,751,325 60,910,649 287,093,635 48,407,503

.


Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares (continued)

for the period ended 30 June 2015

44

Indexed

Fundamental Global

Equity Fund

Global Low

Volatility Active

Equity Fund

Setanta Reditus

Income Fund1

Setanta Reditus

Global Equity Fund1

Setanta Reditus

Global Balanced

Fund1

Setanta Global

Equity Fund2 Total


Balance at 31 December 2014 50,577,816 383,577,127 - - - - 1,639,842,188


redeemable shares 5,333,953 54,594,487 (1,036,274) (3,174,373) (563,680)

(1,008,602) 165,596,660


Shares:

Issue of redeemable shares during the period 16,162,565 151,200,000 68,265,234 75,166,823 24,280,351 66,367,907 618,105,488

Redemption of redeemable shares during the period (14,654,690) (2,800,000) (92,358) (301,229) (544,000) - (215,529,439)

Transactions with holders of redeemable shares 1,507,875 148,400,000 68,172,876 74,865,594 23,736,351 66,367,907 402,576,049

Balance at 30 June 2015 57,419,644 586,571,614 67,136,602 71,691,221 23,172,671 65,359,305 2,208,014,897

Indexed

Fundamental

Global

Equity Fund Total

EUR EUR

Balance at 31 December 2013 46,771,446 878,390,514

Increase in net assets attributable to holders of redeemable shares 3,986,090 68,198,056


Shares: Issue of redeemable shares during the period 9,500,000 171,482,560

Redemption of redeemable shares during theperiod (755,000) (92,217,219)

Transactions with holders of redeemable shares 8,745,000 79,265,341

Balance at 30 June 2014 59,502,536 1,025,853,911



Statement of Cashflows


45

Indexed World

Small Cap Equity

Fund

Indexed Global

Equity Fund

Indexed Euro

Government Long

Dated Bond Fund

Indexed Euro

Large Cap

Corporate Bond

Fund

Enhanced

Commodity Fund

Indexed Minimum

Volatility Global

Equity Fund

Indexed Emerging

Market Debt Fund


Cash Flows from/(used in) operating activities


redeemable shares 53,462,008 22,609,212 (449,174) (2,127,778) 1,494,235 32,979,229

3,483,417

Adjustments to reconcile net increase/(decrease) in net assets

attributable to holders of redeemable shares from

operations to net cash from/(used in) operating activities

Net (increase)/decrease in financial assets at fair value through

profit or loss (84,247,369) 1,969,765 3,095,935 (17,225,043) 13,511,034 (37,384,394)

(5,533,166)

Net (increase)/decrease in other receivables (166,913) (458,072) - - 72 (85,597) (319,623)

Net (increase) securities lending commission receivable (8,926) 219 18 (692) - 574 427

Net (increase)/decrease due from broker (272,657) (11,265,584) (273,926) (777,775) - (72) (720,154)

Net increase in financial liabilities at fair value through profit or

loss 194,491 (3,036,144) - - - 3,620

1,564

Net increase/(decrease) in administration fees 7,108 9,532 374 102 - 3,993 34

Net increase/(decrease) in audit fees 8,707 1,483 891 1,560 (5,136) 10,069 1,707

Net increase/(decrease) in custodian fees (2,469) 24,414 283 13,476 1,282 1,513 (9,554)

Net increase/(decrease) in investment manager fees 31,725 66,292 2,253 4,484 - 18,085 507

Net increase/(decrease) in other fees payable (3,671) (1,595) 1,582 (2,487) (6,142) (1,841) (3,857)

Net increase in broker payable 142,268 1,398 313,176 1,207,784 - 4,753,092 2,870,387

Net cash from operations activities (30,855,698) 9,920,920 2,691,412 (18,906,369) 14,995,345 298,271 (228,311)

Cash flows from/(used in) financing activities

Proceeds from issue of redeemable shares 47,233,600 105,385,546 223,109 22,440,150 2,300,000 35,905,586 -

Payments on redemption of redeemable shares (16,260,976) (98,499,992) (2,946,327) (3,289,783) (11,924,000) (35,952,500) -

Net cash from/(used in) financing activities 30,972,624 6,885,554 (2,723,218) 19,150,367 (9,624,000) (46,914) -

Net increase/(decrease) in cash and cash equivalents 116,926 16,806,474 (31,806) 243,998 5,371,345 251,357 (228,311)

Cash and cash equivalents at beginning of the period (Note 8) 5,223,705 4,352,753 64,263 231,400 1,458,607 2,322,734 783,715

Cash and cash equivalents at the end of the period (Note 8) 5,340,631 21,159,227 32,457 475,398 6,829,952 2,574,091 555,404




46

Indexed Fundamental

Global Equity

Fund

Global Low Volatility Active

Equity Fund Setanta Reditus

Income Fund1

Setanta Reditus Global Equity

Fund1

Setanta Reditus Global Balanced

Fund1

Setanta Global

Equity Fund2 Total EUR EUR EUR EUR EUR EUR EUR Cash Flows from/(used in) operating activities Increase/(decrease) in net assets attributable to holders of redeemable shares 5,333,953 54,594,487 (1,036,274)

(3,174,373)

(563,680)

(1,008,602) 165,596,660

Adjustments to reconcile net increase/(decrease) in net assets attributable to holders of redeemable shares from

operations to net cash from/(used in) operating activities

Net (increase)/decrease in financial assets at fair value through profit or loss (6,630,516) (203,236,381) (54,534,865)

(70,174,607)

(20,770,403)

(64,039,103) (545,199,113)

Net (increase)/decrease in other receivables (43,346) (531,940) (9,140) (7,425) (30,053) (92,541) (1,744,578) Net (increase) securities lending commission receivable (42) - - - - - (8,422) Net (increase)/decrease due from broker - 920 (2,552) (182,123) (58,041) (172,729) (13,724693) Net increase/(decrease) in financial liabilities at fair value through profit or loss 12,487 78 319,010

-

-

- (2,504,894)

Net increase in administration fees 962 - 3,357 3,735 1,176 888 31,261 Net increase/(decrease) in audit fees 2,079 2,916 22,436 21,078 7,394 493 75,677 Net increase in custodian fees 14,482 16,021 2,108 1,559 1,525 592 65,232 Net increase/(decrease) in investment manager fees 10,397 (4,368) 182,227 103,899 26,886 - 442,387 Net increase in other fees payable 1,181 (2,110) 1,537 1,423 1,268 222 (14,490) Net increase in broker payable 3,903,628 - 399 91,036 29,012 86,340 13,398,520

Net cash from operations activities 2,605,265 (149,160,377) (55,051,757) (73,315,798) (21,354,916) (65,224,440) (383,586,453)


Proceeds from issue of redeemable shares 12,732,710 151,200,000 68,265,234 75,166,823 24,280,351 66,367,907 611,501,016

Payments on redemption of redeemable shares (14,654,690) (2,800,000) (92,358) (301,229) (544,000) - (187,265,855)

Net cash from/(used in) financing activities (1,921,980) 148,400,000 68,172,876 74,865,594 23,736,351 66,367,907 424,235,161

Net increase/ (decrease) in cash and cash equivalents 683,285 (760,377) 13,121,119 1,549,796 2,381,435 1,143,467 40,648,708

Cash and cash equivalents at beginning of the period (Note 8) 591,253 1,924,322 - - - - 16,952,752

Cash and cash equivalents at the end of the period (Note 8) 1,274,538 1,163,945 13,121,119 1,549,796 2,381,435 1,143,467 57,601,460



Statement of Cashflows (continued)


47

Indexed World

Small Cap Equity

Fund

Indexed Global

Equity Fund

Indexed Euro

Government

Long Dated

Bond Fund

Indexed Euro

Large Cap

Corporate Bond

Fund

Enhanced

Commodity

Fund

Indexed

Minimum

Volatility Global

Equity Fund

Indexed

Emerging Market

Debt Fund



Increase in net assets attributable to holders of redeemable shares 15,620,312 15,205,970 2,702,166 1,572,885 4,183,580 22,342,687 2,584,366


attributable to holders of redeemable shares from operations

to net cash provided from/(used in) operating activities


profit or loss (42,124,059) (12,726,219) (2,662,277) (1,545,525) 2,193,250 (60,464,957) (9,795,838)

Net (increase)/decrease in other assets (53,121) (161,324)

352 (94,859) (14)

Net (increase)/decrease receivable from broker (1,273)

(70,580) (51,803)

37,826 (43,580)

Net decrease/(increase) securities lending commission receivable 161 (716) (7) (8)

1,240 21

Net increase/(decrease) in financial liabilities at fair value through

profit or loss 73,189 235,013 - - - (13,950) 199

Net increase/(decrease) in investment manager fees 2,123 2,062 203 131 - (2,067) (18)

Net increase/(decrease) in administration fees 560 (48) 18 (48) - 164 (1)

Net (decrease) in audit fees (2,151) (10,022) (1,801) (1,828) (3,388) (808) (2,297)

Net increase/(decrease) in custodian fees 1,409 127 516 (48) 771 741 2,630

Net increase/(decrease) in other fees payable 3,903 4,466 2,473 (764) (8,523) 3,333 2,460

Net increase in broker payable - - 241,644 122,280 - 61,038 -

Net cash (used in)/from operations activities (26,478,947) 2,549,309 212,355 95,272 6,366,042 (38,129,612) (7,252,072)


Proceeds from issue of redeemable shares 85,353,979 5,599,926 197,522 298,351 1,100,000 57,932,785 7,500,000

Payments on redemption of redeemable shares (53,177,434) (8,537,520) (359,327) (210,980) (9,200,000) (19,732,934) (70,890)

Net cash provided from/(used in) financing activities 32,176,545 (2,937,594) (161,805) 87,371 (8,100,000) 38,199,851 7,429,110

Net increase/(decrease) in cash and cash equivalents 5,697,598 (388,285) 50,550 182,643 (1,733,958) 70,239 177,038

Cash and cash equivalents at beginning of the period (Note 8) 1,439,471 4,937,619 19,392 29,028 5,892,187 777,857 348,105

Cash and cash equivalents at the end of the period (Note 8) 7,137,069 4,549,334 69,942 211,671 4,158,229 848,096 525,143




48

Indexed

Fundamental

Global Equity

Fund Total

EUR EUR


Increase in net assets attributable to holders of redeemable shares 3,986,090 68,198,056


attributable to holders of redeemable shares from operations

to net cash provided from/(used in) operating activities


profit or loss (12,175,553) (139,301,178)

Net (increase)/decrease in other assets (69,050) (378,016)

Net (increase)/decrease receivable from broker (129,410)

Net decrease/(increase) securities lending commission receivable (66) 625

Net increase/(decrease) in financial liabilities at fair value through

profit or loss (12,006) 282,445

Net increase/(decrease) in investment manager fees 1,645 4,079

Net increase/(decrease) in administration fees 218 863

Net (decrease) in audit fees (675) (22,970)

Net increase/(decrease) in custodian fees 602 6,748

Net increase/(decrease) in other fees payable 2,061 9,409

Net increase in broker payable - 424,962

Net cash (used in)/from operations activities (8,266,734) (70,904,387)


Proceeds from issue of redeemable shares 9,500,000 167,482,563

Payments on redemption of redeemable shares (755,000) (92,044,085)

Net cash provided from/(used in) financing activities 8,745,000 75,438,478

Net increase/(decrease) in cash and cash equivalents 478,266 4,534,091

Cash and cash equivalents at beginning of the period (Note 8) 323,681 13,767,340

Cash and cash equivalents at the end of the period (Note 8) 801,947 18,301,431


Notes to the Financial Statements

49

1. General Information

Background of the Company

The Company is an open-ended investment company with variable capital, incorporated in Ireland on the 11 October,

2006 under the Act with registration number 427898. The Company has been authorised by the Central Bank as a

UCITS pursuant to the UCITS Regulations.

The Company is structured as an umbrella fund consisting of different Sub-Funds with segregated liability between

Sub-Funds with each Sub-Fund comprising of one or more Share Classes.

The investment activities of the Company are managed by Irish Life Investment Managers Limited (the “Investment

Manager”). Citibank Europe plc (the “Administrator”) is responsible for the administration of the Funds including

financial and accounting services.

2. Significant Accounting Policies

a) Statement of Compliance

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as

adopted by the European Union and the Undertakings for Collective Investment in Transferable Securities (“UCITS

Regulations”), 2011.

b) Basis of Preparation

The financial statements are prepared on a fair value basis for financial liabilities and financial assets held at fair value

through profit or loss. All other assets are valued at amortised cost or redemption amount (redeemable shares). The

functional and presentation currency of the Company is the Euro.

These condensed interim, financial statements for the half year ended 30 June 2015 have been prepared in accordance

with IAS 34, ‘Interim Financial Reporting’, and with the European Communities (Undertakings for Collective

Investment in Transferable Securities) Regulations, 2011 (as amended).

The principal accounting policies applied in the preparation of these financial statements are consistent with the

accounting policies applied in the preparation of the Audited Financial Statements for the year ended 31

December 2014, which were prepared in accordance with International Financial Reporting Standards (“IFRS”).

c) Income

Interest Income on debt instruments at fair value through profit or loss is accrued using the original effective interest

rate and classified in net gains/losses on financial instruments at fair value through profit or loss in the Statement of

Comprehensive Income.

Bank Interest income is recorded on an effective yield basis. Dividends are credited to the Statement of Comprehensive

Income on the dates on which the relevant securities are listed as “ex dividend”. Income is shown gross of any non-

recoverable withholding tax, which is disclosed separately in the Statement of Comprehensive Income, and net of any

tax credits.

d) Fees and Charges

In accordance with the Prospectus and related supplements to the Prospectus of the Fund, investment manager,

administration and custodian fees and other operating expenses are charged to the Statement of Comprehensive Income

on an accruals basis.

Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of financial

assets or financial liabilities. An incremental cost is one that would not have been incurred if the entity had not

acquired, issued or disposed of the financial instrument. When a financial asset or financial liability is recognised

initially, it is measured at its fair value through profit or loss plus transaction costs that are directly attributable to the

acquisition or issue of the financial asset or financial liability.


Notes to the Financial Statements (continued)

50

2. Significant Accounting Policies (continued)

d) Fees and Charges (continued)

Transaction costs on purchase or sales of financial assets and financial liabilities are expensed immediately in the

Statement of Comprehensive Income for each fund. Transaction costs include brokerage commission and broker fees on

equities, debt securities and exchange traded derivative contracts.

e) Investments at Fair Value

i) Classification

The Company has designated its investments in financial assets and financial liabilities in the following categories:

Financial assets at fair value throught profit or loss. These include equities, debt securities and derivatives

(held for trading).

Financial instruments designated at fair value through profit or loss upon initial recognition. These include

financial assets that are not held for trading purposes and which may be sold, equities and debt securities.

Financail liabilities at fair value through profit or loss. These include securities sold short and derivatives (held

for trading).

Financial assets that are classified as loans and receivables include deposits and accounts receivable. Financial

liabilities that are not at fair value through profit or loss include accounts payable and financial liabilities

arising on redeemable shares.

ii) Measurement

Financial instruments are measured initially at fair value (transaction price) on trade date with transaction costs

recognised in the Statement of Comprehensive Income directly. In case of a financial asset or financial liability not at

fair value through profit or loss, transaction costs are directly attributable to the acquisition or issue of the financial

asset or financial liability.

Subsequent to initial recognition, all instruments classified at fair value through profit of loss are measured at fair value

with changes in their fair value recognised in the Statement of Comprehensive Income.

Financial liabilities, other than those at fair value through profit or loss, are measured at amortised cost. Financial

liabilities arising from the redeemable shares issued by each Fund are carried at the redemption amount representing the

investors’ right to a residual interest in each Fund’s assets.

iii) Fair value measurement principles

‘Fair value’ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

between market participants at the measurement date in the principal or, in its absence, the most advantageous market to

which the Fund has access at that date. The fair value of a liability reflects its non-performance risk.

When available, the Fund measures the fair value of an instrument using the quoted price in an active market for that

instrument. A market is regarded as ‘active’ if transactions for the asset or liability take place with sufficient frequency

and volume to provide pricing information on an ongoing basis. The Fund measures instruments quoted in an active

market at a mid price.

If there is no quoted price in an active market, then the Fund uses valuation techniques that maximise the use of relevant

observable inputs and minismise the use of unobservable inputs. The chose valuation technique incorporates all of the

factors that market participants would take into account in pricing a transaction.

iv) Amortised cost measurement The amortised cost of a financial asset or financial liability is the amount at which the financial asset or financial

liability is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using

the effective interest method of any difference between the initial amount recognised and the maturity amount, minus

any reduction for impairment.



51


e) Investments at Fair Value (continued)

v) Impairment

Financial assets that are stated at cost or amortised cost are reviewed at each financial position date to determine

whether there is objective evidence of impairment. If any such indication exists, an impairment loss is recognised in the

Statement of Comprehensive Income as the difference between the asset’s carrying amount and the present value of

estimated future cash flows discounted at the financial asset’s original effective interest rate.

If in a subsequent period the amount of an impairment loss recognised on a financial asset carried at amortised cost

decreases and the decrease can be linked objectively to an event occurring after the write-down, the write-down is

reversed through the Statement of Comprehensive Income.

vi) Recognition and Derecognition

The Company recognises financial assets or liabilities at fair value through profit or loss on the trade date which is the

date on which the Company becomes a party to the contractual provisions of the instrument. Other financial assets and

financial liabilities are recognised on the date on which they originated. The Company derecognises financial assets

when the contractual rights to the cash flows from the financial asset expire, or it transfers the right to receive

contractual cash flows in a transaction in which substantially all the risks and rewards of ownership are transferred or in

which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and does not

retain control of the financial asset. On derecognition the carrying amount of the assets differential with the proceeds is

recognised in profit or loss.

vii) Offsetting Financial Instruments

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position where there

is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise

the assets and settle the liability simultaneously.

Income and expense are presented on a net basis for gains or losses from financial instruments at fair value throught

profit or loss and foreign exchange gains or losses.

f) Net Gains and Losses in Investments

Realised gains or losses on the sale of investments arising during the period are calculated on a weighted average cost

basis and are taken to the Statement of Comprehensive Income. The movement in unrealised gains or losses on

investments is reflected in the Statement of Comprehensive Income.

g) Forward Foreign Exchange Contracts

A forward foreign exchange contract involves an obligation to purchase or sell a specific currency at a future date, at a

price set at the time the contract is made. Forward foreign exchange contracts are valued by reference to the forward

price at which a new forward contract of the same size and maturity could be undertaken at the forward foreign

exchange contract valuation date. The unrealised gain or loss on open forward foreign exchange contracts is calculated

as the difference between the contract rate and this forward price and are recognised in the Statement of Comprehensive

Income.

h) Futures Contracts

Futures contracts are a commitment to make or take delivery of a fixed quantity of a specified security, index, currency

or commodity at a predetermined date in the future. Changes in the value of the futures contracts are recorded as

unrealised gains and losses by marking to market the value of the contract at the period end date. When the contract is

closed, the difference between the proceeds from (or cost of) the closing transaction and the original transaction is

recorded as a realised gain or loss. Futures are held at the Prime Broker in a segregated account requiring margin, which

is maintained daily. The unrealised gain/loss at the period end is reported as an asset or liability as applicable in the

Statement of Financial Position.



52


i) Foreign Currency

Functional and presentation currency

The Directors consider the Euro as the currency that most faithfully represents the economic effects of the underlying

transactions, events and conditions. The financial statements are presented in the Euro, which is the Company's

functional and presentation currency.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates

of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the

translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are

recognised in the Statement of Comprehensive Income. Translation differences on non-monetary financial assets and

liabilities such as equities at fair value through profit or loss are recognised in the Statement of Comprehensive Income

within the net gain/loss on financial instruments at fair value through profit or loss.

Proceeds from subscriptions and amounts paid on redemption of redeemable participating shares are translated at

average rates, which approximate the rates prevailing at the dates of the transactions

j) Total Return Swaps

The Enhanced Commodity Fund will seek to deliver the performance of the Standard & Poors GSCI Light Energy

Enhanced Strategy Index (the “Index”) by entering into a swap agreement with Goldman Sachs International. Pursuant

to the swap agreement on a monthly basis the Fund will either receive the price appreciation of the Index from the

counterparty to the swap agreement or pay to the counterparty the price depreciation of the Index, in exchange for

paying the counterparty an agreed fee. The Fund’s investment in US Treasury Bills and short-term deposits will provide

the Fund with a return commensurate with the total return version of the Index.

During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as

unrealised gains and losses. Periodic payments received or made are recorded as realised gains or losses. The value of

the swap is determined by changes in the relationship between the rate of interest and the benchmark industry index.

The Company is exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise

from the unanticipated movements in value of interest rates or the Index.

The total return swap contract that is in place for Enhanced Commodity Fund settles on the last business day of every

month end and therefore there is no value on the Statement of Financial Position. Collateral pledged is disclosed in the

relevant schedule of investment and Note 8 of the financial statements.

k) Options

Options, held at fair value though profit or loss, are fair valued daily based upon the quotation provided by counterparty

on the principal exchange on which the option is traded. Realised and unrealised gains and losses arising from option

contracts are included in the Statement of Comprehensive Income in the period in which they arise.

l) Redeemable Shares

The Company issues redeemable shares, which are redeemable at the holder's option and are classified as financial

liabilities as redeemable shares issued by each Fund can not qualify for equity classificiation because they could not

meet the pro rata share of the Company’s net assets on liquidation. Redeemable shares can be put back to the Company

at any time for cash equal to a proportionate share of the Company's net asset value. The redeemable share is carried at

the redemption amount that is payable at the period end date if the holder exercises the right to put the share back to the

Company.



53


m) Securities Lending Income

The Funds engage in securities lending whereby income is earned from lending securities owned by the Funds to a

number of third-party borrowers. Securities lending income is accounted for on an accruals basis. For further details on

securities lending income see note 19.

n) Cash and cash equivalents

Cash comprises current deposits with banks. Cash equivalents are short-term highly liquid investments that are readily

convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and are held for the

purpose of meeting short-term cash commitments rather than for investment or other purposes. Bank overdrafts are also

classified as cash and cash equivalents.

Margin cash represent cash deposits with brokers, transferred as collateral against open financial derivative instrument

positions.

o) Changes in Accounting Standards

No new Accounting Standards were adopted during the period.

3. Taxation

Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the

Taxes Consolidation Act, 1997 (as amended). On that basis, it is not chargeable to Irish taxes on its income and gains.

However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution

payment to shareholders or any encashment, redemption or transfer of shares or an ending of a “Relevant Period”.

A “Relevant Period” is an eight year period beginning with the acquisition of the shares by the Shareholder and each

subsequent period of eight years beginning immediately after the preceding Relevant Period.

A chargeable event does not include:

(i) any transactions in relation to shares held in a recognised clearing system as designated by order of the

Revenue Commissioners of Ireland; or

(ii) an exchange of shares representing one Fund for another Fund of the Company; or

(iii) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Fund with another Fund;

or

(iv) certain exchanges of shares between spouses and former spouses.

No tax will arise on the Fund in respect of chargeable events regarding:

(i) a shareholder who is not Irish resident and not ordinarily resident in Ireland at the time of the chargeable event,

provided the necessary statutory declarations are held by the Fund, and

(ii) certain exempted Irish resident investors who have provided the Fund with the necessary signed statutory

declarations.

There were no chargeable events during the period.

Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to

withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not

be recoverable by the Company or its shareholders, depending on the relevant Double Taxation Treaty.



54

4. Dividends

All Funds are accumulating funds and therefore it is not currently intended to distribute dividends to the Shareholders.

The income generated and gains realised of the Funds will be accumulated and reinvested on behalf of the Shareholders,

under the terms specified in the Prospectus and related supplement.

5. Exchange Rates

The Funds have adopted Euro (EUR) as their functional currency and the financial statements are prepared in the

Funds’ functional currency.

Exchange rates used to translate assets and liabilities in other currencies to EUR are as follows:

30 June 2015 31 December 2014

AUD/EUR 0.6898 0.6763

BRL/EUR 0.2889 0.3109

CAD/EUR 0.7189 0.7135

CHF/EUR 0.9604 0.8317

CLP/EUR 0.0014 0.0014

COP/EUR 0.0003 0.0003

DKK/EUR 0.1341 0.1343

GBP/EUR 1.4115 1.2886

HKD/EUR 0.1158 0.1066

HUF/EUR 0.0032 0.0032

IDR/EUR 0.0001 0.0001

ILS/EUR 0.2017 0.2124

JPY/EUR 0.0099 0.0069

KRW/EUR 0.0008 0.0008

MXN/EUR 0.0587 0.0561

MYR/EUR 0.2481 0.2364

NGN/EUR 0.0045 0.0045

NOK/EUR 0.1326 0.1102

NZD/EUR 0.6333 0.6459

PEN/EUR 0.2957 0.2776

PHP/EUR 0.0199 0.0185

PLN/EUR 0.2361 0.2327

RON/EUR 0.2233 0.2230

RUB/EUR 0.0243 0.0138

SEK/EUR 0.1142 0.1056

SGD/EUR 0.6220 0.6237

THB/EUR 0.0248 0.0251

TRY/EUR 0.4357 0.3535

USD/EUR 0.7880 0.8264

ZAR/EUR 0.0963 0.0714

6. Fees and Expenses

a) Investment Manager Fees

The Company may pay the Investment Manager appointed by the Company or it in respect of one or more Funds a

maximum annual fee, out of the assets of the relevant Fund, at a rate not to exceed 2% per annum of the Net Asset

Value of each Fund in respect of which the Investment Manager is appointed. The Investment Manager shall be entitled

to be reimbursed by the Company for reasonable out of pocket expenses incurred by it and any VAT on fees and

expenses payable to or by it. Below are the fees that apply to each fund.

In respect of the Indexed World Small Cap Equity Fund, the Investment Manager is entitled to receive an annual fee

accrued at each Valuation Point and payable monthly in arrears out of the assets of the Fund as a percentage of the Net

Asset Value of each Class of Shares in the Fund at the rates stated below;



55

6. Fees and Expenses (continued)

a) Investment Manager Fees (continued)

1. Class B Shares; 0% of the Net Asset Value of the Fund attributable to Class B Shares, and

2. Class A, Class C and Class D Shares; up to 0.50% (plus VAT, if any) of the Net Asset Value of the Fund

attributable to Class A, Class C and Class D Shares respectively.

In respect of the Indexed Global Equity Fund, the Investment Manager is entitled to receive an annual fee accrued at

each Valuation Point and payable monthly in arrears out of the assets of the Fund as a percentage of the Net Asset

Value of each Class of Shares in the Fund at the rates stated below;

1. Class A Shares; 0% of the Net Asset Value of the Fund attributable to Class A Shares, and

2. Class B, Class C, Class D, Class E and Class F Shares; up to 0.50% (plus VAT, if any) of the Net Asset Value

of the Fund attributable to Class B, Class C, Class D, Class E and Class F Shares respectively.

In respect of the Indexed Euro Government Long Dated Bond Fund, the Indexed Euro Large Cap Corporate Bond, the

Enhanced Commodity Fund and the Indexed Emerging Market Debt Fund, the Investment Manager is entitled to

receive an annual fee accrued at each Valuation Point and payable monthly in arrears out of the assets of the Fund as a

percentage of the Net Asset Value of each Class of Shares in the Fund at the rates stated below;

1 Class A Shares; 0% of the Net Asset Value of the Fund attributable to Class A Shares, and

2. Class B and Class C Shares; up to 0.50% (plus VAT, if any) of the Net Asset Value of the Fund attributable to

Class B and Class C Shares respectively.

In respect of the Global Low Volatility Active Equity Fund the Investment Manager is entitled to receive an annual fee

accrued at each Valuation Point and payable monthly in arrears out of the assets of the Fund as a percentage of the Net

Asset Value of each Class of Shares in the Fund at the rates stated below;

1. Class A, Class B and Class C Shares up to 1.00% (plus VAT, if any) of the Net Asset Value of the Fund

attributable to Class A, Class B and Class C Shares respectively.

In respect of the Setanta Reditus Income Fund, Setanta Reditus Global Equity Fund, Setanta Reditus Global Balanced

Fund and Setanta Global Equity Fund the Investment Manager is entitled to receive an annual fee accrued at each

Valuation Point and payable monthly in arrears out of the assets of the Fund as a percentage of the Net Asset Value of

each Class of Shares in the Fund at the rates stated below;

1. Class A, Class B, Class C, Class D and Class M Shares up to 2.00% (plus VAT, if any) of the Net Asset Value

of the Fund attributable to Class A, Class B, Class C, Class D and Class M Shares respectively.

Please refer to note 10 for details of shares classes were Irish Life Assurance plc holds 100% of the share class.



56



The table below lists the Investment Manager Fee rates actually charged for each fund and class:

Fund Active Class Rate% Rate%

2015 2014

Indexed World Small Cap Equity Fund Class A 0.25 0.25

Indexed World Small Cap Equity Fund Class C 0.04 0.04

Indexed Global Equity Fund Class B 0.09 0.09

Indexed Global Equity Fund Class C 0.18 0.18

Indexed Global Equity Fund Class D 0.15 0.15

Indexed Global Equity Fund Class E 0.09 0.09

Indexed Global Equity Fund Class F 0.20 0.20

Indexed Euro Government Long Dated Bond Fund Class B 0.10 0.10

Indexed Euro Government Long Dated Bond Fund Class C 0.15 0.15

Indexed Euro Large Cap Corporate Bond Fund Class B 0.07 0.07

Indexed Euro Large Cap Corporate Bond Fund Class C 0.20 0.20

Enhanced Commodity Fund Class A 0.00 0.00

Indexed Minimum Volatility Global Equity Fund Class B 0.18 0.18

Indexed Minimum Volatility Global Equity Fund Class C 0.25 0.25

Indexed Minimum Volatility Global Equity Fund Class D 0.04 0.04

Indexed Minimum Volatility Global Equity Fund Class E 0.12 0.12

Indexed Emerging Market Debt Fund Class B 0.25 0.25

Indexed Fundamental Global Equity Fund Class B 0.18 0.18

Indexed Fundamental Global Equity Fund Class C 0.12 0.12

Global Low Volatility Active Equity Fund Class A NA NA

Setanta Reditus Income Fund Class A 0.95 NA Setanta Reditus Income Fund Class B 0.95 NA Setanta Reditus Income Fund Class C 0.95 NA Setanta Reditus Global Equity Fund Class A 0.50 NA Setanta Reditus Global Equity Fund Class B 0.50 NA Setanta Reditus Global Equity Fund Class C 0.40 NA Setanta Reditus Global Balanced Fund Class A NA NA Setanta Global Equity Fund Class A NA NA Setanta Global Equity Fund Class B NA NA Setanta Global Equity Fund Class C NA NA Setanta Global Equity Fund Class D NA NA Setanta Global Equity Fund Class M NA NA



57



The tables below lists the Investment Manager Fee charged for the periods ended 30 June 2015 and 30 June 2014 and

payable for the period/year ended 30 June 2015 and 31 December 2014:

30 June 2015 30 June 2015

Fee Payable at period end EUR EUR Indexed World Small Cap Equity Fund 82,480 57,447

Indexed Global Equity Fund 190,396 131,031

Indexed Euro Government Long Dated Bond Fund 7,884 5,032

Indexed Euro Large Cap Corporate Bond Fund 14,477 9,573

Enhanced Commodity Fund - -

Indexed Minimum Volatility Global Equity Fund 50,056 34,561

Indexed Emerging Market Debt Fund 1,413 963

Indexed Fundamental Global Equity Fund 34,372 23,360

Global Low Volatility Active Equity Fund - -

Setanta Reditus Income Fund 182,227 182,227

Setanta Reditus Global Equity Fund 103,899 103,899

Setanta Reditus Global Balanced Fund 26,886 26,886

Setanta Global Equity Fund - -

694,090 574,979


Fee Payable at year end EUR EUR Indexed World Small Cap Equity Fund 66,647 25,722






Indexed Emerging Market Debt Fund 1,299 456



346,951 128,224

b) Administration Fees

The Administrator receives an annual fee, accrued at each Valuation Point and payable monthly in arrears at a rate

which does not exceed 1% per annum of the Net Asset Value of each Fund.

1. This fee is subject to a minimum annual fee of €18,000 and a performance measurement fee of €1,500. The

minimum annual administration fee will then be €19,500 for the Indexed World Small Cap Equity Fund,

Indexed Global Equity Fund, Indexed Euro Government Long Dated Bond Fund, Indexed Euro Large Cap

Corporate Bond Fund, Enhanced Commodity Fund, Indexed Minimum Volatility Global Equity Fund,

Indexed Emerging Market Debt Fund and Indexed Fundamental Global Equity Fund. Where the chargeable

assets of the fund are not of a sufficient scale to allow the fund to be charged the minimum fee, the

Investment Manager has undertaken to pay the difference.

2. Global Low Volatility Active Equity Fund, Setanta Reditus Income Fund, Setanta Reditus Global Equity

Fund, Setanta Reditus Global Balanced Fund and Setanta Global Equity Fund are subject to a minimum

annual fee of €18,000.

Subject to the overall agreement with the Administrator, the company will pay administration fees to the value of 1.75

basis points of Net Asset Value. Where the chargable assets of the fund are not of a sufficient scale to allow the fund to

be charged the minimum Administrator, the Investment Manager has undertaken to pay the difference.



58


b) Administration Fees (continued)

The Administrator is entitled to be repaid out of the assets of the Company all of its reasonable out-of-pocket expenses

incurred on behalf of the Funds which shall include legal fees, couriers’ fees and telecommunications costs and

expenses together with VAT, if any, thereon. The Administrator may also recover from the relevant Funds the

following fees; fund maintenance fees, shareholder servicing fees, call centre fees, written enquiry fees and

transactional fees.

The table below lists the Administration Fee rates for each-fund and class for the period ended 30 June 2015 and year

ended 31 December 2014:

Fund Active Classes Rate % Rate%

2015 2014

Indexed World Small Cap Equity Fund Class A & B 0.0175 0.0175

Indexed Global Equity Fund Class B, C, D, E & F 0.0175 0.0175

Indexed Euro Government Long Dated Bond Fund Class B & C 0.0175 0.0175

Indexed Euro Large Cap Corporate Bond Fund Class B 0.0175 0.0175

Indexed Euro Large Cap Corporate Bond Fund Class C 0.0175 0.0175

Enhanced Commodity Fund Class A - -

Indexed Minimum Volatility Global Equity Fund Class B & C 0.0175 0.0175

Indexed Emerging Market Debt Fund Class B 0.0175 0.0175

Indexed Fundamental Global Equity Fund Class B 0.0175 0.0175

Indexed Fundamental Global Equity Fund Class C 0.0175 0.0175

Global Low Volatility Active Equity Fund Class A - -

Setanta Reditus Income Fund Class A, B &C 0.0175 -

Setanta Reditus Global Equity Fund Class A, &C 0.0175 -

Setanta Reditus Global Balanced Fund Class A 0.0175 -

Setanta Global Equity Fund Class M 0.0275 -

The tables below lists the Administration Fee charged and payable for the periods ended 30 June 2015 and 30 June

2014 and payable for the period/year ended 30 June 2015 and 31 December 2014:

30 June 2015 30 June 2015



Indexed Euro Government Long Dated Bond Fund 1,336 964

Indexed Euro Large Cap Corporate Bond Fund 3,400 234



Indexed Emerging Market Debt Fund 99 79






Setanta Global Equity Fund 888 888

70,526 66,044



59


b) Administration Fees (continued)





Indexed Euro Large Cap Corporate Bond Fund 3,115 132



Indexed Emerging Market Debt Fund 91 45



56,287 34,783

c) Custodian’s Fees

The Custodian is entitled to receive out of the assets of the Company an annual fee, accrued at each Valuation Point and

payable monthly in arrears at a rate which shall not exceed 1% per annum of the Net Asset Value of each Fund subject

to a minimum annual fee of €6,000.

The Custodian is entitled to be repaid all of its disbursements out of the assets of the relevant Fund, including legal fees,

couriers’ fees and telecommunication costs and expenses and the fees, transaction charges and expenses of any sub-

custodian appointed by it which shall be at normal commercial rates together with VAT, if any, thereon.

The table below lists the Custodian Fee rates charged and payable for the periods ended 30 June 2015 and 30 June 2014

and payable for the period/year ended 30 June 2014 and 31 December 2014:

30 June 2015 30 June 2015





Enhanced Commodity Fund 1,984 1,691


Indexed Emerging Market Debt Fund 35,499 -


Global Low Volatility Active Equity Fund 42,602 16,867




Setanta Global Equity Fund 592 592

221,255 114,946



60


c) Custodian’s Fees (continued)






Enhanced Commodity Fund 2,284 409


Indexed Emerging Market Debt Fund 20,134 9,554


Global Low Volatility Active Equity Fund - 846

96,282 49,714

d) Paying Agent’s Fees

The Company shall pay the fees and expenses of any Paying Agent appointed to provide services at the rate disclosed in

the relevant Paying Agency Agreement together with VAT, if any, thereon. For the period ended 30 June 2015 and year

ended 31 December 2014, no Paying Agent was appointed.

e) Redemption Fee

A redemption fee not exceeding 3% of the Net Asset Value of Shares being redeemed may be imposed on the

redemption of Shares which shall be retained by each Fund for its sole use and benefit or so as it may determine. The

Directors may differentiate between Shareholders of each Fund by waiving or reducing the redemption fee chargeable

to certain Shareholders. It is not the Directors current intention to impose any redemption fee at present.

f) Conversion Fee

A conversion fee not exceeding 5% of the Net Asset Value of Shares in the original Fund may be imposed on the

conversion of Shares in any fund to Shares in another Fund.The Directors may differentiate between Shareholders of

the Fund by waiving or reducing the conversion fee chargeable to certain Shareholders. It is not the Directors current

intention to impose any conversion fee at present to the Funds.

g) Sales Commisssion

Shareholders may be subject to a sales commission calculated as a percentage of subscription monies subject to a

maximum of 2% per annum of the Net Asset Value per Share held by Shareholders. It is not the current intention of the

Directors to charge a sales commission to the Funds.

7. Soft Commission Arrangements

There were no soft commission arrangements in place during the period ended 30 June 2015 or year ended 31

December 2014.



61

8. Cash and Cash Equivalents

All cash and deposit balances of the Funds are held with Citibank, N.A. in the name of Citibank International plc,

Ireland Branch as Custodian of the Funds except for the following time depoits.

Time Deposits

Fund Counterparty Rate Maturity Date Amount

Enhanced Commodity Fund BOA/Merrill Lynch 0.08% 03 July 2015 USD 1,700,734

BOA/Merrill Lynch 0.08% 03 July 2015 USD 4,500,894

For the purposes of the cash flow statements, cash and cash equivalents comprise the following balances.

Indexed World

Small Cap Equity

Fund

Indexed Global

Equity Fund

Indexed Euro

Government Long

Dated Bond Fund

EUR EUR EUR

As at 30 June 2015 Cash and cash equivalents 4,544,214 20,249,088 22,651

Margin cash 796,417 910,139 9,806

Bank overdraft - - -

Total 5,340,631 21,159,227 32,457

Indexed Euro Large

Cap Corporate

Bond Fund

Enhanced

Commodity Fund

Indexed Minimum

Volatility Global

Equity Fund EUR EUR EUR

As at 30 June 2015 Cash and cash equivalents 475,398 6,829,952 2,161,673

Margin cash - - 412,418


Total 475,398 6,829,952 2,574,091

Indexed Emerging

Market Debt Fund

Indexed Fundamental

Global Equity Fund

Global Low

Volatility Active

Equity Fund EUR EUR EUR

As at 30 June 2015 Cash and cash equivalents 555,404 1,193,480 1,229,840

Margin cash - 81,058 -

Bank overdraft - - (65,895)

Total 555,404 1,274,538 1,163,945

Setanta Reditus

Income Fund

Setanta Reditus

Global Equity Fund

Setanta Reditus

Global Balanced

Fund

EUR EUR EUR

As at 30 June 2015 Cash and cash equivalents 8,206,012 1,549,796 2,381,435

Margin cash 4,915,107 - -


Total 13,121,119 1,549,796 2,381,435



62

8. Cash and Cash Equivalents (continued)

Setanta Global

Equity Fund

EUR

As at 30 June 2015 Cash and cash equivalents 1,155,489

Margin cash -

Bank overdraft (12,022)

Total 1,143,467

Indexed World

Small Cap Equity

Fund

Indexed Global

Equity Fund

Indexed Euro

Government Long

Dated Bond Fund

EUR EUR EUR

As at 31 December 2014 Cash and cash equivalents 4,312,883 3,975,648 54,457

Margin cash 910,822 405,319 9,806

Bank overdraft - (28,214) -

Total 5,223,705 4,352,753 64,263

Indexed Euro Large

Cap Corporate

Bond Fund

Enhanced

Commodity Fund

Indexed Minimum

Volatility Global

Equity Fund

EUR EUR EUR

As at 31 December 2014 Cash and cash equivalents 231,400 5,235,928 2,085,721

Margin cash - - 296,718

Bank overdraft - (3,777,321) (59,705)

Total 231,400 1,458,607 2,322,734

Indexed Emerging

Market Debt Fund

Indexed Fundamental

Global Equity Fund

Global Low

Volatility Active

Equity Fund

EUR EUR EUR

As at 31 December 2014 Cash and cash equivalents 783,715 428,856 1,924,322


Bank overdraft - (2,872) (4,368)

Total 783,715 591,353 1,919,954



63

9. Margin Cash

Margin cash represent cash deposits with brokers, transferred as collateral against futures contracts.

Indexed World

Small Cap

Equity Fund

Indexed

Global

Equity Fund

Indexed Euro

Government

Long Dated

Bond Fund

Indexed Minimum

Volatility Global

Equity Fund

Indexed

Fundamental

Global

Equity Fund

30 June 2015 EUR EUR EUR EUR EUR

Goldman Sachs International 796,417 910,139 9,806 412,418 81,058

Citigroup - - - - -

31 December 2014

Goldman Sachs International 910,822 405,319 9,806 296,718 165,269

Setanta

Reditus

Income Fund

Setanta

Reditus Global

Equity Fund

Setanta Reditus

Global

Balanced Fund

Setanta

Global Equity

Fund

30 June 2015 EUR EUR EUR EUR Goldman Sachs International - - - -

Citigroup 4,915,107 - - -

31 December 2014

Goldman Sachs International - - - -

The following debt securities are held by Goldman Sachs as collateral to the swap on the Enhanced Commodity Fund.

Holdings Investment Maturity Date Value EUR

31 December 2014

799,000 United States Treasury Bill 17/09/2015 2,797,468

10. Related Parties

In the opinion of the Directors, Irish Life Investment Managers Limited (the “Investment Manager”) is a related party.

Mr. Gerry Keenan, Mr. Bill Kyle and Mr. Patrick Burke, who were Directors of the Company during the period were

also Directors of the Investment Managers during the period.

The Investment Managers fees charged to the Funds for the period was EUR 729,486 (30 June 2014: EUR 346,951).

As at the 30 June 2015 Irish Life Assurance plc holds 100% of the class A shares in Indexed Euro Government Long

Dated Bond Fund, Indexed Euro Large Cap Corporate Bond Fund, Enhanced Commodity Fund, Indexed Minimum

Volatility Global Equity Fund, Indexed Emerging Market Debt Fund, Indexed Fundamental Global Equity Fund and

Global Low Volatility Active Equity Fund. Irish Life Assurance plc holds 100% of the class B shares in Indexed World

Small Cap Equity Fund. Irish Life Assurance plc holds 51% of the class M shares in Setanta Global Equity Fund and

Canada Life Assurance Europe Limited hold the other 49% of the shares.

Please refer to note 6 which details the Investment Manager fee’s per share class for the period in relation to Irish Life

Assurance plc.



64

11. Efficient Portfolio Management

The Company may, on behalf of each Fund, employ (subject to the conditions and within the limits laid down by the

Central Bank) techniques and instruments relating to transferable securities and money market instruments, for efficient

portfolio management purposes such purposes include (a) the reduction of risk, (b) a reduction of cost, and (c) the

generation of additional capital or income for a Fund. Such techniques and instrument may include foreign exchange

transactions which alter the currency characteristics of transferable securities held by the Company. The Company may

also employ techniques and instruments intended to provide protection against exchange risks in the context of the

management of its assets and liabilities.

Any direct or indirect operational costs and/or fees which arise as a result of the use of efficient portfolio management

techniques which may be deducted from the revenue delivered to the Fund shall be at normal commercial rates and shall

not include any hidden revenue. All revenues generated through use of efficient portfolio management techniques, net

of direct and indirect operational costs and fees, will be returned to the Fund. The counterparties to the relevant

transaction may be related to the Investment Manager or to the Custodian and under such circumstances will be effected

on normal commercial terms and negotiated on an arm’s length basis.

As at 30 June 2015, open forward exchange contracts, futures, swaps and options (where applicable) for Indexed World

Small Cap Equity Fund, Indexed Global Equity Fund, Enhanced Commodity Fund, Indexed Minimium Volatility

Global Equity Fund, Indexed Emerging Market Debt Fund, Indexed Fundamental Global Equity Fund, Global Low

Volatility Active Equity Fund and Setanta Reditus Income Fund together with counterparties are disclosed in the

relevant Schedule of Investments. For UCITS which have engaged in Efficient Portfolio Management (“EPM”)

techniques, new disclosures are required under UCITS Notice 8.4. A UCITS is required to disclose the revenues arising

from EPM techniques for the entire reporting period together with the direct and indirect operational costs and fees

incurred, unless the costs associated with EPM techniques are embedded and not separately identifiable. Revenues

arising from securities lending have been disclosed separately on the Statements of Comprehensive Income. Costs

associated with EPM techniques are not separately identifiable. Note 19 discloses the income arrangements, exposure,

counterparties and amount of collateral received in relation to securities lending. Note 8 discloses the margin cash and

collateral pledged

12. Share Capital

Authorised Share Capital

The authorised share capital of the Company is 500,000,000,000 Shares of no par value and Euro 2 divided into 2

redeemable non-participating shares of EUR 1 each. Non-participating shares do not entitle the holders thereof to any

dividend and on a winding up entitle the holders thereof to receive the amount paid up thereon but do not otherwise

entitle them to participate in the assets of the Company. There are two non-participating shares currently in issue which

were taken by the subscribers to the Company and are held by the Promoter.

Every Shareholder or holder of non-participating shares shall be entitled to one vote.

The rights attaching to the shares issued in any Class or Fund may, whether or not the Company is being wound up, be

varied or abrogated with the consent in writing of the shareholders of three-quarters of the issued Shares of the Class or

Fund, or with the sanction of an ordinary resolution passed at a general meeting of the Shareholders of that Class or

Fund

The Indexed World Small Cap Equity Fund, Indexed Global Equity Fund, Indexed Euro Government Long Dated Bond

Fund, Indexed Euro Large Cap Corporate Bond Fund, Indexed Euro Large Cap Corporate Bond Fund, Enhanced

Commodity Fund, Indexed Minimium Volatility Global Equity Fund, Indexed Emerging Market Debt Fund, Indexed

Fundamental Global Equity Fund, Global Low Volatility Active Equity Fund, Setanta Reditus Global Equity

Fund, Setanta Reditus Global Balanced Fund and Setanta Global Equity Fund are accumulating funds and, therefore, it

is not currently intended to distribute dividends to the Shareholders in these funds. The income, earnings and gains of

these Funds will be accumulated and reinvested on behalf of Shareholders. Setanta Reditus Income Fund seeks to

distribute to all shareholders of Class A and Class B shares a semi-annual dividend. The dividend will be paid from the

net Income only. Class C is an accumulating share class and, therefore, it is not currently intended to distribute

dividends to shareholders of this share class.

The Directors may at any time determine to change the policy of the Fund with respect to distribution. If the Directors

so determine full details of any such change will be disclosed in an updated prospectus or supplement and all

shareholders will be notified in advance of such change becoming effective.



65

12. Share Capital (continued)

Indexed World

Small Cap Equity

Fund

Indexed Global

Equity Fund

Indexed Euro

Government Long

Dated Bond Fund

Indexed Euro

Large Cap

Corporate Bond

Fund

Enhanced

Commodity Fund

Indexed Minimum

Volatility Global

Equity Fund

Indexed

Emerging Market

Debt Fund


Share Transactions:

Shares in issue at start of period

Class A 27,481,847 – 5,994,963 66,447,901 65,681,851 126,779,563 104,334,958

Class B 96,504,356 36,490,199 8,369,289 27,385,151 – 29,148,941 1,175,108

Class C 8,198,311 67,896,978 1,770,822 2,940,165 – 1,180,111 –

Class D – 39,893,274 – – – 43,883,939 –

Class E – 36,010,588 – – – – –

Class F – 3,522,343 – – – – –

Shares issued

Class A – – – 9,324,789 2,723,531 9,733,866 – Class B 5,249,567 48,966,547 146,799 10,123,730 – – – Class C 2,255,093 11,018,522 – – – – – Class D – 245,576 – – – 10,810,355 – Class E – – – – – 6,993,910 – Class F – – – – – – – Shares redeemed

Class A (8,870,004) – – – (14,732,483) (6,609,486) –

Class B – (18,872,645) (194,849) – – (16,878,590) –

Class C – (7,343,405) (1,770,822) (2,940,165) – – –

Class D – (37,617,261) – – – – –

Class E – (8,823,647) – – – (33,888) –

Class F – – – – – – –

Shares in issue at end of period

Class A 18,611,843 – 5,994,963 75,772,690 53,672,899 129,903,943 104,334,958

Class B 101,753,923 66,584,101 8,321,239 37,508,881 – 12,270,351 1,175,108

Class C 10,453,404 71,572,095 – – – 1,180,111 –

Class D – 2,521,589 – – – 54,694,294 – Class E – 27,186,941 – – – 6,960,022 – Class F – 3,522,343 – – – – –



66

12. Share Capital (continued)

Indexed

Fundamental Global

Equity Fund

Global Low

Volatility Active

Equity Fund

Setanta

Reditus Income

Fund

Setanta Reditus

Global Equity

Fund

Setanta Reditus

Global Balanced

Fund

Setanta

Global Equity

Fund

EUR EUR EUR EUR EUR EUR Share Transactions:

Shares in issue at start of period

Class A 6,990,411 348,904,412 – – – –

Class B 27,290,498 – – – – –

Class C – – – – – –

Class D – – – – – –

Class E – – – – – –

Class F – – – – – –

Shares issued

Class A 5,628,753 123,972,776 587,494 705,062 242,800 – Class B – – 61,096 – – – Class C 7,253,438 – 10,453 49,732 – – Class D – – – – – – Class E – – – – – – Class F – – – – – – Class M – – – – – 660,239

Shares redeemed

Class A (1,207,694) (2,174,502) – (3,099) (5,524) –

Class B (7,919,787) – – – – – Class C – – (913) – – – Class D – – – – – – Class E – – – – – – Shares in issue at end of period

Class A 11,411,470 470,702,686 587,494 701,963 237,276 –

Class B 19,370,711 – 61,096 – – – Class C 7,253,438 – 9,540 49,732 – – Class D – – – – – – Class E – – – – – – Class F – – – – – –

Class M – – – – – 660,239



67

13. Financial Instruments and Associated Risk

Fair Value Estimation

The Company adopted IFRS 13, effective 1 January 2013. This requires the Funds to classify fair value measurements

using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The

Administrator measures the fair value of the Funds’ instruments daily using the quoted price in an active market for

each instrument. For financial instruments that trade infrequently judgement may be required depending on liquidity,

uncertainty of market factors and other risks affecting the specific instrument. Financial instrument price moves are

reviewed daily by the Administrator before the daily NAV is finalised. The fair value hierarchy has the following

levels:

Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).

Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either

directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).

Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)

(Level 3).

The Level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined

on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the

significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses

observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3

measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires

judgement, considering factors specific to the asset or liability.

The following table analyses within the fair value hierarchy the Funds’ financial assets and liabilities measured at fair

value at 30 June 2015 and 31 December 2014. There were no transfers between levels during the period/year:

Indexed World Small Cap Equity Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 424,923,086 - -

Financial Derivatives Instruments - 234,590 -

Total Assets 424,923,086 234,590 -

Liabilities Financail liabilities at fair value through profit or loss

Financial Derivatives Instruments 55,914 242,249 -

Total Liabilities 55,914 242,249 -

Indexed Global Equity Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 283,032,620 - -

Financial Derivatives Instruments 1,347 2,063,099 -

Total Assets 283,033,967 2,063,099 -






68

13. Financial Instruments and Associated Risk (continued)

Fair Value Estimation (continued)

Indexed Euro Government Long Dated Bond Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities - 22,703,166 -

Total Assets - 22,703,166 -

Indexed Euro Large Cap Corporate Bond Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities - 122,315,699 -

Total Assets - 122,315,699 -

Enhanced Commodity Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 39,247,373 - -

Financial Derivatives Instruments

Total Assets 39,247,373 - -

Indexed Minimum Volatility Global Equity Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 318,110,327 - -


Total Assets 318,110,327 41,337 -






69



Indexed Emerging Market Debt Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities - 106,963,274 -

Financial Derivatives Instruments - 61 -

Total Assets - 106,963,335 -



Total Liabilities - 1,564 -

Indexed Fundamental Global Equity Fund Description 30 June 2015 Assets Financial assets at fair value through profit or loss Investments in transferable securities 56,547,272 - -

Financial Derivatives Instruments 80 13,101 -

Total Assets 56,547,352 13,101 -




Global Low Volatility Active Equity Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 584,260,300 -

Financial Derivatives Instruments 503 -

Total Assets 584,260,300 503 -


Financial Derivatives Instruments - 78 -

Total Liabilities - 78 -



70



Setanta Reditus Income Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 54,534,865 - -





Setanta Reditus Global Equity Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 70,174,607 - -



Financial Derivatives Instruments - - -

Total Liabilities - - -

Setanta Reditus Global Balanced Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 16,057,261 4,713,142 -

Total Assets 16,057,261 4,713,142 -




Setanta Global Equity Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 64,039,103 - -







71



Indexed World Small Cap Equity Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 340,479,426 - -


Total Assets 340,671,600 238,707 -




Indexed Global Equity Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 286,808,142 - -


Total Assets 286,861,783 205,048 -


Financial Derivatives Instruments 7,968 3,531,877 -

Total Liabilities 7,968 3,531,877 -

Indexed Euro Government Long Dated Bond Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 508,768 25,290,333 -


Total Assets 508,768 25,290,333 -






72



Indexed Euro Large Cap Corporate Bond Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities - 105,090,656 -


Total Assets - 105,090,656 -




Enhanced Commodity Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 52,758,407 - -






Indexed Minimum Volatility Global Equity Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 280,628,456 - -


Total Assets 280,688,062 79,208 -






73



Indexed Emerging Market Debt Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities - 101,430,169 -


Total Assets - 101,430,169 -




Indexed Fundamental Global Equity Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 49,905,202 - -


Total Assets 49,920,780 9,157 -




Global Low Volatility Active Equity Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities 381,024,422 - -


Total Assets 381,024,422 - -






74



The financial assets and liabilities not measured at fair value through profit or loss are short-term financial assets and

financial liabilities whose carrying amounts approximate fair value. There were no transfers between levels 1 and 2

during the period ended 30 June 2015 and year ended 31 December 2014.

The following table sets out the fair values of financial assets and liabilities not measured at fair value and analyses it by

the level in the fair value hierarchy into which each fair value measurement is categorised at 30 June 2015.

Indexed World Small Cap Equity Fund Description Level 1 Level 2 Level 3

30 June 2015 Assets EUR EUR EUR Cash and cash equivalents - 4,544,214 -


Other receivables - 649,253 -

Due from broker - 273,958 -

Securities lending commission receivable - 17,303 -


Liabilities Investment manager fees payable - 57,447 -

Administration fees payable - 26,110 -

Audit fees payable - 26,217 -

Custodian fees payable - 16,800 -

Other fees payable - 8,278 -

Payable to broker - 142,268 -


Indexed Global Equity Fund Description Level 1 Level 2 Level 3

30 June 2015 Assets EUR EUR EUR

Cash and cash equivalents - 20,249,088 -



Due from broker - 11,265,584 -



Liabilities Payables for shares redeemed - 28,263,584 -

Investment manager fees payable - 131,031 -






Total Liabilities - 28,498,421 -



75



Indexed Euro Government Long Dated Bond Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Cash and cash equivalents - 22,651 -



Securities lending commission receivable - 34 -

Due from unitholders 28,974

Total Assets - 335,391 -


Administration fees payable - 964 -






Indexed Euro Large Cap Corporate Bond Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Cash and cash equivalents - 475,398 -



- 1,254,296 -






Payable to broker - 1,207,784 -


Enhanced Commodity Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Cash and cash equivalents - 6,829,952 -

Other receivables - 49 -


Liabilities Audit fees payable - 299 -






76



Indexed Minimum Volatility Global Equity Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR






Due from unitholders 3,145,643 -







Payable to broker 4,753,092 -


- -

Indexed Emerging Market Debt Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR

Cash and cash equivalents - 555,404 -




Liabilities Investment manager fees payable - 963

Administration fees payable 79

Audit fees payable 5,138

Custodian fees payable 4,363

Payable to broker 2,870,387

Total Liabilities 2,880,930

Indexed Fundamental Global Equity Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Cash and cash equivalents - 1,193,480 -




Due from unitholders - 3,429,855 -




77



Indexed Fundamental Global Equity Fund (continued) escription Level 1 Level 2 Level 3 30 June 2015 Liabilities Investment manager fees payable - 23,360 - Administration fees payable - 2,924 - Audit fees payable - 6,259 - Custodian fees payable - 17,526 - Other fees payable - 10,793 -

Payable to broker - 3,903,628 -


Global Low Volatility Active Equity Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Cash and cash equivalents - 1,229,840 -

Other receivables - 1,169,963 -


Liabilities Bank overdraft - 65,895 -

Audit fees payable - 5,639 - Custodian fees payable - 16,867 - Other fees payable - 513 -


Setanta Reditus Income Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Cash and cash equivalents - 8,206,012 -

Margin cash - 4,915,107 -






Audit fees payable - 22,436 - Custodian fees payable - 2,108 - Other fees payable - 1,537 -

Payable to broker - 399 -




78



Setanta Reditus Global Equity Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Cash and cash equivalents - 1,549,796 - Other receivables - 7,425 - Due from broker - 182,123 - Total Assets - 1,739,344 -

Liabilities Investment manager fees payable - 103,899 - Administration fees payable - 3,735 - Audit fees payable - 21,078 - Custodian fees payable - 1,559 - Other fees payable - 1,423 -



Setanta Reditus Global Balanced Fund Description Level 1 Level 2 Level 3

30 June 2015

Assets EUR EUR EUR

Cash and cash equivalents - 2,381,435 - Other receivables - 30,053 - Due from broker - 58,041 - Total Assets - 2,469,529 -


Administration fees payable - 1,176 - Audit fees payable - 7,394 - Custodian fees payable - 1,525 - Other fees payable - 1,268 - Payable to broker - 29,012 - Total Liabilities - 67,261 -

Setanta Global Equity Fund Description Level 1 Level 2 Level 3 30 June 2015 Assets EUR EUR EUR Cash and cash equivalents - 1,155,489 -




Liabilities Bank overdraft 12,022


Audit fees payable - 493 -

Custodian fees payable - 592 -

Other fees payable - 222 -





79



Indexed World Small Cap Equity Fund Description Level 1 Level 2 Level 3

31 December 2014 Assets EUR EUR EUR Cash and cash equivalents - 4,312,883 -












Indexed Global Equity Fund Description Level 1 Level 2 Level 3

31 December 2014 Assets EUR EUR EUR






Liabilities - Bank Overdraft - 28,214 -









80



Indexed Euro Government Long Dated Bond Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR Cash and cash equivalents - 54,457 -










Indexed Euro Large Cap Corporate Bond Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR Cash and cash equivalents - 231,400 -









Enhanced Commodity Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR Cash and cash equivalents - 5,235,928 -



Liabilities Bank overdraft - 3,777,321 -







81



Indexed Minimum Volatility Global Equity Fund Description Level 1 Level 2 Level 3 December 2014 Assets EUR EUR EUR














- -

Indexed Emerging Market Debt Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR

Cash and cash equivalents - 783,715 -




Liabilities Investment manager fees payable - 456 -








82



Indexed Fundamental Global Equity Fund Description Level 1 Level 2 Level 3

31 December 2014

Assets EUR EUR EUR

Cash and cash equivalents - 428,856 - Margin cash - 165,269 - Other receivables - 93,747 - Securities lending commission receivable - 309 - Total Assets - 688,181 -


Investment manager fees payable - 12,963 - Administration fees payable - 1,962 - Audit fees payable - 4,180 - Custodian fees payable - 3,044 - Other fees payable - 9,612 -


Global Low Volatility Active Equity Fund Description Level 1 Level 2 Level 3 31 December 2014 Assets EUR EUR EUR Cash and cash equivalents - 1,924,322 -


Due from broker - 920 -



Audit fees payable - 2,723 - Custodian fees payable - 846 - Other fees payable - 2,623 -


14. Net Asset Value History

Net Assets (EUR) Shares in Issue NAV per share (EUR)


30 June 2015 Class A Units 35,466,914 18,611,843 1.9056

Class B Units 227,616,094 101,753,923 2.2369

Class C Units 167,780,530 10,453,404 16.0503

31 December 2014 Class A Units 45,425,527 27,481,847 1.6529 Class B Units 186,989,059 96,504,356 1.9376 Class C Units 114,014,320 8,198,311 13.9070 31 December 2013 Class A Units 45,971,039 32,382,774 1.4196 Class B Units 113,114,318 68,142,400 1.6600 Class C Units 36,835,125 30,904,570 1.1919



83

14. Net Asset Value History (continued)



30 June 2015 Class B Units 126,532,868 66,584,101 1.9003

Class C Units 107,984,598 71,572,095 1.5088

Class D Units 4,612,725 2,521,589 1.8293

Class E Units 44,610,990 27,186,941 1.6409

Class F Units 5,716,696 3,522,343 1.6230

31 December 2014 Class B Units 62,146,721 36,490,199 1.7031 Class C Units 98,652,719 67,896,978 1.4530 Class D Units 65,421,244 39,893,274 1.6399 Class E Units 56,879,864 36,010,588 1.5795 Class F Units 5,126,147 3,522,343 1.4553 31 December 2013 Class B Units 54,761,496 38,483,943 1.4230 Class C Units 84,666,315 63,832,436 1.3264 Class D Units 55,950,354 40,810,270 1.3710 Class E Units 54,811,661 38,047,386 1.4406 Class F Units 4,591,542 3,771,967 1.2173 Indexed Euro Government Long Dated Bond Fund 30 June 2015 Class A Units 9,537,303 5,994,963 1.5909

Class B Units 13,168,480 8,321,239 1.5825

31 December 2014 Class A Units 9,839,471 5,994,963 1.6413 Class B Units 13,672,629 8,369,289 1.6337 Class C Units 2,337,101 1,770,822 1.3198 31 December 2013 Class A Units 7,635,120 5,994,963 1.2736 Class B Units 10,478,679 8,255,751 1.2693 Class C Units 1,940,155 1,891,171 1.0259 Indexed Euro Large Cap Corporate Bond Fund

30 June 2015

Class A Units 75,913,486 75,772,690 1.0019

Class B Units 46,411,852 37,508,881 1.2374

31 December 2014

Class A Units 67,619,287 66,447,901 1.0176

Class B Units 34,434,814 27,385,151 1.2574

Class C Units 3,248,648 2,940,165 1.1049

31 December 2013

Class B Units 31,869,048 27,350,329 1.1652

Class C Units 3,222,022 3,142,746 1.0252



84



Enhanced Commodity Fund 30 June 2015 Class A Units 46,048,655 53,672,899 0.8579 31 December 2014 Class A Units 54,178,420 65,681,851 0.8249 31 December 2013 Class A Units 60,827,069 70,561,169 0.8620 Indexed Minimum Volatility Global

Equity Fund 30 June 2015 211,064,502 129,903,943 1.6248

Class A Units 18,000,231 12,270,351 1.4670

Class B Units 1,771,984 1,180,111 1.5015

Class C Units 81,915,446 54,694,294 1.4977

Class D Units 6,834,450 6,960,022 0.9820

31 December 2014 Class A Units 184,625,631 126,779,563 1.4563 Class B Units 38,364,990 29,148,941 1.3162 Class C Units 1,590,382 1,180,111 1.3477 Class D Units 58,927,652 43,883,939 1.3428 31 December 2013 Class A Units 145,761,176 123,663,905 1.1787 Class B Units 43,774,517 41,007,485 1.0675 Class C Units 1,381,449 1,263,008 1.0938 Class D Units 35,633,956 32,765,147 1.0876 Indexed Emerging Market Debt Fund 30 June 2015 Class A Units 104,565,705 104,334,958 1.0022

Class B Units 1,110,331 1,175,108 0.9449

31 December 2014 Class A Units 101,117,437 104,334,958 0.9692 Class B Units 1,075,182 1,175,108 0.9150 31 December 2013 Class A Units 37,312,032 41,125,508 0.9073 Class B Units 1,081,995 1,259,753 0.8589 Indexed Fundamental Global Equity Fund 30 June 2015 Class A Units 18,686,334 11,411,470 1.6375

Class B Units 31,553,047 19,370,711 1.6289

Class C Units 7,180,263 7,253,438 0.9899

31 December 2014 Class A Units 10,348,536 6,990,411 1.4804 Class B Units 40,229,280 27,290,498 1.4741 31 December 2013 Class A Units 8,855,605 6,990,411 1.2668 Class B Units 37,915,841 29,995,811 1.2640 Global Low Volatility Active Equity Fund 30 June 2015

Class A Units 586,571,614 470,702,686 1.2462

31 December 2014

Class A Units 383,577,127 348,904,412 1.0994



85




30 June 2015

Class A Units 57,856,481 587,494 98.4801

Class B Units 8,340,643 61,096 136.5170

Class C Units 936,478 9,540 98.1633


30 June 2015

Class A Units 67,209,276 701,963 95.7448

Class C Units 4,481,945 49,732 90.1220


30 June 2015

Class A Units 23,172,671 237,276 97.6613


30 June 2015

Class M Units 65,359,305 660,239 98.9934

15. Other Receivables

Indexed World Small Cap Equity Fund Indexed Global Equity Fund

30 June 2015 31 December 2014 30 June 2015 31 December 2014

EUR EUR EUR EUR

Dividend income

receivable 554,987 387,627 768,513 300,327

Withholding tax

reclaimable on dividends 94,266 94,713 168,213 178,327

649,253 482,340 936,726 478,654

Indexed Euro Government Long Dated

Bond Fund

Indexed Euro Large Cap Corporate Bond

Fund


EUR EUR EUR EUR

Dividend income

receivable - - - - Withholding tax

reclaimable on dividends - - - - - - - -



86

15. Other Receivables (continued)


Indexed Minimum Volatility Global

Equity Fund


EUR EUR EUR EUR

Dividend income

receivable - 121 464,574 375,943

Withholding tax

reclaimable on dividends - - 142,189 145,223

Interest Received 49 - - -

49 121 606,763 521,166

Indexed Emerging Market Debt Fund Indexed Fundamental Global Equity Fund


EUR EUR EUR EUR

Dividend income

receivable - - 96,867 55,632

Withholding tax

reclaimable on dividends 3,557 - 40,226 38,115

Option premium - 14 - -

Dilution Levy 316,080 - - -

319,637 14 137,093 93,747

Global Low Volatility Active Equity Fund Setanta Reditus Income Fund


EUR EUR EUR EUR

Dividend income

receivable 1,080,197 606,209 8,685 -

Withholding tax

reclaimable on dividends 89,766 31,814 455 -

1,169,963 638,023 9,140 -

Setanta Reditus Global Equity Fund Setanta Reditus Global Balanced Fund


EUR EUR EUR EUR

Dividend income

receivable 6,068 - 30,053 -

Withholding tax

reclaimable on dividends 1,357 - - -

7,425 - 30,053 -



EUR EUR

Dividend income

receivable 92,541 -

92,541 -



87

16. Other Expenses

Indexed World Small Cap Equity Fund Indexed Global Equity Fund

30 June 2015 30 June 2014 30 June 2015 30 June 2014

EUR EUR EUR EUR

Financial Regulator Fee 1,508 386 684 684

Miscellaneous Fees 944 22,668 2,509 5,079

Performance Measurement

Fees - 73 - 73

Dilution Levy - - - -

Legal Fees 409 485 303 606

Bank Charges 6,049 46 4,096 19

Directors Fees 4,909 2,452 5,207 2,518

KIID Fees 992 992 992 992

14,811 27,102 13,791 9,971

Indexed Euro Government Long Dated

Bond Fund

Indexed Euro Large Cap Corporate Bond

Fund


EUR EUR EUR EUR

Financial Regulator Fee 87 87 109 109

Miscellaneous Fees 992 995 992 992


Fees - 73 - (268)

Legal Fees 25 51 105 86

Bank Charges 115 1 439 -

Directors Fees 449 319 920 400

KIID Fees 992 992 992 (1,922)

2,660 2,518 3,557 (603)


Indexed Minimum Volatility Global

Equity Fund


EUR EUR EUR EUR

Financial Regulator Fee 196 196 1,641 348

Miscellaneous Fees 992 992 1,350 1,385


Fees - (45) - (125)

Legal Fees 44 2,025 333 605

Bank Charges - - 2,512 396

Directors Fees 1,195 1,019 5,828 2,165

Collateral Fee Expense 4,164 2,631 - -

KIID Fees 992 991 992 992

7,583 7,809 12,656 5,766



88

16. Other Expenses (continued)

Indexed Emerging Market Debt Fund Indexed Fundamental Global Equity Fund


EUR EUR EUR EUR

Financial Regulator Fee 129 129 341 88

Miscellaneous Fees 1,000 997 992 2,571


Fees - (14) - (375)

Legal Fees 107 92 56 112

Bank Charges 947 115 523 13

Directors Fees 954 472 1,167 565

KIID Fees 992 992 992 992

4,129 2,783 4,071 3,966

Global Low Volatility Active Equity Fund Setanta Reditus Income Fund


EUR EUR EUR EUR

Financial Regulator

Fee 723 -

125 -

Miscellaneous Fees 992 - 613 -

Dilution Levy - - 168,262 -

Legal Fees 556 - - -

Bank Charges 2,771 - 1,057 -

Directors Fees 4,167 - 988 -

Collateral Fee Expense - - - -

KIID Fees 992 - 466 -

Stamp Fees - - 62,632 -

10,201 - 234,143 -

Setanta Reditus Global Equity Fund Setanta Reditus Global Balanced Fund


EUR EUR EUR EUR

Financial Regulator Fee 125 - 125 -

Miscellaneous Fees 611 - 614 -

Dilution Levy 136,473 - - -

Bank Charges 33 - 9 -

Directors Fees 988 - 988 -

KIID Fees 310 - 155 -

Stamp Fees 19,054 - 3,349 -

157,594 - 5,240 -



89

16. Other Expenses (continued)


30 June 2015 30 June 2014

EUR EUR

Financial Regulator Fee 22 - Miscellaneous Fees 98 - Directors Fees 173 - KIID Fees 27 - Stamp Fees 11,916 -

12,236 -

17. Segregated Liability

Subject to the relevant provisions of the Investment Funds, Companies and Miscellaneous Provisions Act, 2005, the

Company is an Investment Company with segregated liability between Funds of the Company.

18. Directors’ Fees

The Directors’ fee for the period was EUR 27,933 (30 June 2014: EUR 10,001).

19. Global Exposure

The Investment Manager monitors global exposure on a daily basis by utilising the commitment approach when

financial derivative instruments are held.

20. Securities Lending Income and Fees

The net income generated from stocklending activity entered into by the Company in respect of a Fund will be credited

to the relevant Fund and has been included in the Statement of Comprehensive Income. At the discretion of the Fund,

the Investment Manager may receive a fee for the cost it incurs for its oversight and administration of the securities

lending programme (which fee shall be reasonable and which will be capped at 30% of the income derived from the

securities lending programme). Any amounts payable to the Investment Manager in this regard will be disclosed in the

annual report of the Company.

Any direct or indirect operational costs/fees arising from the securities lending programme will not include hidden

revenue and will be paid to such entities as outlined in the annual report of the Company, which shall indicate if the

entities are related to the investment Manager or the Custodian.

Under the Global Securities Lending Agency Agreement entered into between the Company, the Custodian and

Citibank N.A., the Company pays Citibank N.A. 12.5% of fees received from a borrower with respect to each loan of

securities to that borrower.

Euroclear is the Central Securities Depositary System used in relation to securities lending.

The types of collateral acceptable are AA rated OECD sovereign debt securities with collateral maintenance

requirements of 105% for equity loans and 102% for bond loans.

The following table shows the value of securities out on loan with the borrower and the collateral market value at the 30

June 2015 and 31 December 2014.



90

20. Securities Lending Income and Fees (continued)

Loan Market Collateral Market

Value Value

30 June 2015 30 June 2015

Borrower Fund EUR EUR

Barclays Bank Indexed World Small Cap Equity Fund 562,767 630,953

Credit Suisse

Europe Ltd Indexed World Small Cap Equity Fund 3,320,459 3,600,222


Indexed Euro Large Cap Corporate Bond Fund 2,206,546 2,362,238




H.S.B.C. Bank

PLC Indexed World Small Cap Equity Fund 261,978 346,719


ING Bank Indexed World Small Cap Equity Fund 18,059 105,001

JP Morgan Ltd Indexed World Small Cap Equity Fund 4,464,992 4,764,606

Indexed Global Equity Fund 3,138,040 3,310,122

Indexed Euro Government Long Dated Bond

Fund 119,538 123,888


Indexed Minimum Volatility Global Equity Fund 4,020,845 4,241,338



Societe Generale

SA Paris Indexed World Small Cap Equity Fund 12,366 105,264

UBS A.G. London Indexed World Small Cap Equity Fund 4,296,272 4,367,570




Value Value

31 December 2014 31 December 2014


Barclays Bank Indexed World Small Cap Equity Fund 629,296 720,987



Credit Suisse

Europe Ltd Indexed World Small Cap Equity Fund 3,578,578 3,777,169


Indexed Euro Government Long Dated Bond

Fund 1,676,151 1,765,287



Indexed Fundamental Global Equity Fund 1,161,877 1,226,326



91

20. Securities Lending Income and Fees (continued)


Value Value

31 December 2014 31 December 2014


Deutsche Bank

A.G. London Indexed World Small Cap Equity Fund 2,385,323 2,528,518




H.S.B.C. Bank

PLC Indexed World Small Cap Equity Fund 259,148 333,279


JP Morgan Ltd Indexed World Small Cap Equity Fund 2,861,383 3,062,467






Societe Generale

SA Paris Indexed World Small Cap Equity Fund 27,341 105,264

UBS A.G. London Indexed World Small Cap Equity Fund 2,401,163 2,550,988



21. Events during the Period

Tricia Cosgrave resigned as secretary to the company on the 29 January 2015 and Fiona McCormack was appointed as

secretary to the company on the 29 January 2015.

Setanta Asset Management Ltd was appointed as an Investment Manager to Beresford Funds plc on 13 March 2015.

The prospectus for the Company and the supplements for four new funds (Setanta Reditus Income Fund, Setanta

Reditus Global Equity Fund, Setanta Reditus Global Balanced Fund and Setanta Global Equity) were noted by the

Central Bank of Ireland on 13 March 2015. The prospectus was updated to reflect the appointment of Setanta Asset

Management Ltd as an investment manager to the Company and for general housekeeping e.g. update the list of funds,

capture the change in Company Secretary etc.

On 19 March 2015 Setanta Reditus Income Fund, Setanta Reditus Global Equity Fund and Setanta Reditus Global

Balanced Fund transferred €166,718,827 of assets to Beresford Funds plc.

On the 12 May 2015 David McCarthy resigned as Director to the Company and David Killeen was appointed as

Director to the Company.

On the 12 June 2015 Setanta Global Equity Fund transferred €48,867,906 of asstes to Beresford Funds plc.

22. Significant Events since the Period End Date

Alison Letters was appointed as a director on 21 July 2015. The Indexed Emerging Market Equity Fundis is due to

launch in Quarter 3 2015.

23. Financial Statements Approval Date

These financial statements were approved by the Directors on 25 August 2015.


92

Schedule of Investments


Holding Investment Value EUR % of Net Assets

Transferable Securities

Equity – AUD – 0.38% (2014 – 0.38%)

Commercial Services

22,100 G8 Education Ltd 49,699 0.01%

14,602 InvoCare Ltd 121,881 0.03%

47,839 Qube Holdings Ltd 77,551 0.02%

48,257 Spotless Group Holdings Ltd 69,574 0.02%

11,348 Thorn Group Ltd 20,588 0.00%

53,419 Veda Group Ltd 81,806 0.02%

Diversified Financial Services

25,955 Genworth Mortgage Insurance Australia Ltd 56,220 0.01%

39,191 OzForex Group Ltd 60,017 0.01%

Food

21,698 Retail Food Group Ltd 81,275 0.02%

Healthcare-Products

46,272 Asaleo Care Ltd 60,647 0.01%

Healthcare-Services

18,371 Estia Health Ltd 76,036 0.02%

21,780 Japara Healthcare Ltd 38,613 0.01%

12,800 Virtus Health Ltd 47,416 0.01%

Insurance

42,249 Cover-More Group Ltd 69,363 0.02%

86,381 Steadfast Group Ltd 96,234 0.02%

Internet

19,976 carsales.com Ltd 140,417 0.03%

Lodging

16,698 Mantra Group Ltd 39,394 0.01%

Media

385 Seven West Media Ltd 271 0.00%

Packaging & Containers

35,000 Pact Group Holdings Ltd 112,993 0.03%

REITS

1,200 Multiplex SITES Trust 68,706 0.02%

Retail

12,488 Automotive Holdings Group Ltd 34,372 0.01%

28,762 Dick Smith Holdings Ltd 41,269 0.01%

11,772 Super Retail Group Ltd 74,222 0.02%

Software

37,000 iSentia Group Ltd 95,713 0.02%

Equity – CAD – 0.01% (2014 – 0.00%)

Oil & Gas

Building Materials

6,045 Northern Blizzard Resources Inc 33,810 0.01%

Equity – CHF – 0.24% (2014 – 0.23%)

3,200 AFG Arbonia-Forster Holding AG 54,395 0.01%


93

Schedule of Investments (continued)

Indexed World Small Cap Equity Fund (continued)



Equity CHF – 0.24% (2014 – 0.23%) (continued)


1,641 Cembra Money Bank AG 89,829 0.02%

Engineering & Construction

987 Implenia AG 49,527 0.01%

Insurance

571 Helvetia Holding AG 293,102 0.07%

Investment Companies

540 Leonteq AG 84,220 0.02%

Machinery-Diversified

480 Zehnder Group AG 16,088 0.00%

Metal Fabricate/Hardware

894 Bossard Holding AG 92,639 0.02%

1,019 SFS Group AG 66,447 0.02%

Pharmaceuticals

600 Cosmo Pharmaceuticals SA 93,289 0.02%

Real Estate

250 Intershop Holding AG 96,336 0.02%

25 Plazza AG 4,970 0.00%

Retail

8,350 Mobilezone Holding AG 137,125 0.03%

Equity – DKK – 0.10% (2014 – 0.06%)

Beverages

2,650 Royal Unibrew A/S 81,277 0.02%

Healthcare-Products

4,614 Ambu A/S 107,930 0.03%

Insurance

8,235 Topdanmark A/S 198,041 0.05%

Equity – EUR – 0.77% (2014 – 0.55%)

Agriculture

476 BayWa AG 14,437 0.00%

Banks

47,560 Banca Carige SpA 79,901 0.02%

6,815 Banca Generali SpA 215,218 0.05%

6,315,278 BANIF - Banco Internacional do Funchal SA 39,786 0.01%

143,509 Liberbank SA 93,281 0.02%

Building Materials

4,184 BRAAS Monier Building Group SA 102,508 0.02%

Chemicals

95 Tessenderlo Chemie NV 1 0.00%


94





Equity – EUR – 0.77% (2014 – 0.55%) (continued)

Commercial Services

6,710 Applus Services SA 71,059 0.02%

2,000 Brunel International NV 35,590 0.01%

6,207 Caverion Corp 55,429 0.01%

11,184 Cerved Information Solutions SpA 77,170 0.02%

9,300 CTT-Correios de Portugal SA 86,062 0.02%

5,725 Elis SA 100,875 0.02%

1,951 Sixt SE 67,885 0.02%


16,242 Anima Holding SpA 127,987 0.03%


557 Cie d'Entreprises CFE 62,078 0.01%

31,071 Sacyr SA 3,169 0.00%

Entertainment

3,950 Cie des Alpes 66,360 0.02%

1,800 Kinepolis Group NV 63,234 0.01%

3,865 Paddy Power PLC 30,920 0.01%

Household Products/Wares

6,224 Ontex Group NV 167,550 0.04%

Insurance

7,492 Coface SA 78,104 0.02%

8,889 UNIQA Insurance Group AG 71,903 0.02%


8,741 Saeta Yield SA 81,903 0.02%

Iron/Steel

8,026 Acerinox SA 3,202 0.00%

5,480 APERAM SA 197,664 0.05%


6,516 KION Group AG 279,993 0.07%

Mining

7,231 Nyrstar NV 7 0.00%

Miscellaneous Manufacture

1,071 Gesco AG 78,815 0.02%

Pharmaceuticals

199 Faes Farma SA 462 0.00%

1,747 Laboratorios Farmaceuticos Rovi SA 24,475 0.01%

Real Estate

5,100 BUWOG AG 88,893 0.02%

10,530 Citycon OYJ 1,037 0.00%

6,448 Grand City Properties SA 100,428 0.03%

5,845 TLG Immobilien AG 87,207 0.02%


95





Equity – EUR – 0.77% (2014 - 0.55%) (continued)

REITS

10,668 alstria office REIT-AG 123,269 0.03%

6,667 Axiare Patrimonio SOCIMI SA 80,271 0.02%

3,000 Intervest Offices & Warehouses NV 64,155 0.01%

Semiconductors

3,885 ASM International NV 161,053 0.04%

Shipbuilding

52,077 Fincantieri SpA 35,464 0.01%

Transportation

4,623 Cia de Distribucion Integral Logista Holdings SA 82,289 0.02%

Equity – GBP – 0.71% (2014 - 0.41%)

Apparel

111,181 Boohoo.com PLC 40,410 0.01%

Banks

16,589 Virgin Money Holdings UK PLC 103,145 0.02%

Commercial Services

4,722 Dignity PLC 142,834 0.03%

93,500 Speedy Hire PLC 93,373 0.02%


24,100 Arrow Global Group PLC 89,976 0.02%

27,618 Jupiter Fund Management PLC 173,747 0.04%

Electrical Components & Equipment

17,103 HellermannTyton Group PLC 82,997 0.02%

Energy-Alternate Sources

16,273 Infinis Energy PLC 44,561 0.01%

Entertainment - 0.00%

23,388 Cineworld Group PLC 152,154 0.04%

Food

45,478 SSP Group Plc 184,104 0.04%

Healthcare-Services

6,151 Al Noor Hospitals Group PLC 82,047 0.02%

16,984 Spire Healthcare Group PLC 79,830 0.02%

Holding Companies-Divers

53,339 AA PLC 279,094 0.06%

Insurance

17,732 Just Retirement Group PLC 43,400 0.01%

22,357 Partnership Assurance Group PLC 44,180 0.01%

Internet

38,960 Moneysupermarket.com Group PLC 160,138 0.04%

25,091 Zoopla Property Group PLC 98,457 0.02%

Leisure Time

11,676 GAME Digital PLC 42,850 0.01%

Oil & Gas

11,992 Faroe Petroleum PLC 14,430 0.00%


96





Equity – GBP – 0.71% (2014 – 0.41%) (continued)

Real Estate

64,547 Capital & Counties Properties PLC 396,504 0.09%

16,508 Countrywide PLC 132,350 0.03%

REITS

19,092 NewRiver Retail Ltd 85,966 0.02%

11,513 Workspace Group PLC 146,175 0.03%

Retail

20,426 Card Factory PLC 93,125 0.02%

10,687 Dunelm Group PLC 136,593 0.03%

26,284 Pets at Home Group PLC 110,818 0.03%

Telecommunications

6,439 Avanti Communications Group PLC 18,359 0.00%

Transportation

38,687 DX Group PLC 46,962 0.01%

15,737 Stobart Group Ltd 23,435 0.01%

Equity – HKD – 0.07 (2014 – 0.02%)


440,000 China Smarter Energy Group Holdings Ltd 66,729 0.02%

Healthcare-Services

282,000 Town Health International Medical Group Ltd 67,579 0.02%


82,000

Langham Hospitality Investments and Langham Hospitality

Investments Ltd 31,612 0.01%

Telecommunications

115,000 CITIC Telecom International Holdings Ltd 47,928 0.01%

1,920,000 Sunny Global Holdings Ltd 56,681 0.01%

Equity – ILS - 0.09% (2014 – 0.04%)

Commercial Services

5,290 Nitsba Holdings 1995 Ltd 69,120 0.02%

Oil & Gas

531 Paz Oil Co Ltd 75,231 0.02%

Real Estate

6,765 Alony Hetz Properties & Investments Ltd 45,742 0.01%

2,620 Melisron Ltd 84,150 0.02%

REITS

32,574 Reit 1 Ltd 83,155 0.02%

Equity – JPY – 0.74% (2014 – 0.48%)

Auto Parts & Equipment

3,600 TPR Co Ltd 97,169 0.02%


97





Equity – JPY – 0.74% (2014 – 0.48%) (continued)

Banks

4,400 Kiyo Bank Ltd/The 60,317 0.01%

21,300 North Pacific Bank Ltd 85,457 0.02%

2,900 Tokyo TY Financial Group Inc 88,485 0.02%

7,200 TOMONY Holdings Inc 29,573 0.01%

Beverages

5,900 Key Coffee Inc 88,713 0.02%

Building Materials

1,800 Sankyo Tateyama Inc 27,303 0.01%

Commercial Services

3,500 Euglena Co Ltd 44,103 0.01%

Distribution/Wholesale

33,000 Japan Pulp & Paper Co Ltd 81,327 0.02%

7,300 Paltac Corporation 116,081 0.03%


22,800 Ashikaga Holdings Co Ltd 88,297 0.02%

10,100 Financial Products Group Co Ltd 68,968 0.02%

3,400 Zenkoku Hosho Co Ltd 108,729 0.03%

Electronics

5,400 Hitachi Maxell Ltd 78,303 0.02%

Food

29,000 Fujiya Co Ltd 41,265 0.01%

5,700 Maruha Nichiro Corp 82,737 0.02%

1,900 Megmilk Snow Brand Co Ltd 21,879 0.01%

Forest Products & Paper

8,400 Nippon Paper Industries Co Ltd 132,217 0.03%


3,000 Shibuya Kogyo Co Ltd 48,343 0.01%

Media

3,084 Kadokawa Dwango Corp 35,921 0.01%

Mining

68,600 Nippon Light Metal Holdings Co Ltd 106,166 0.02%

Pharmaceuticals

4,400 Katakura Industries Co Ltd 42,890 0.01%

3,000 NanoCarrier Co Ltd 25,767 0.01%

REITS

72 AEON REIT Investment Corp 86,344 0.02%

49 Comforia Residential REIT Inc 94,809 0.02%

28 Daiwa House REIT Investment Corp 105,971 0.02%

143 GLP J-Reit 122,611 0.03%

8 Hoshino Resorts REIT Inc 79,390 0.02%

64 Hulic Reit Inc 81,866 0.02%

45 Kenedix Residential Investment Corp 119,647 0.03%

25 NIPPON REIT Investment Corp 52,975 0.01%

137 Nomura Real Estate Master Fund Inc 156,354 0.04%


98





Equity – JPY– 0.74% (2014 – 0.48%) (continued)

Retail

3,600 Cocokara fine Inc 111,164 0.03%

4,000 Joyful Honda Co Ltd 75,547 0.02%

2,900 Matsuya Foods Co Ltd 50,049 0.01%

5,000 Ringer Hut Co Ltd 95,277 0.02%

6,300 Skylark Co Ltd 74,534 0.02%

2,400 Welcia Holdings Co Ltd 98,402 0.02%

Shipbuilding

7,100 Namura Shipbuilding Co Ltd 54,680 0.01%

Telecommunications

14,000 Japan Communications Inc 42,717 0.01%

Equity – NOK – 0.11% (2014 – 0.05%)

Chemicals

13,477 Borregaard ASA 85,327 0.02%

Food

5,700 Salmar ASA 74,778 0.02%

Insurance

9,846 Protector Forsikring ASA 76,097 0.02%

Real Estate

9,813 Entra ASA 81,719 0.02%

Retail

8,844 XXL ASA 87,270 0.02%

Transportation

9,900 Wilh Wilhelmsen ASA 53,306 0.01%

Equity – NZD – 0.02% (2014 – 0.02%)

Electric

45,604 Genesis Energy Ltd 48,165 0.01%

Healthcare-Services

25,890 Summerset Group Holdings Ltd 55,945 0.01%

Equity – SEK – 0.21% (2014 – 0.15%)

Cosmetics/Personal Care

6,877 Oriflame Holding AG 99,676 0.02%


3,510 AF AB 42,807 0.01%

Food

32,283 Cloetta AB 87,647 0.02%

Hand/Machine Tools

3,600 B&B Tools AB 46,143 0.01%

Healthcare-Products

4,787 Lifco AB 87,765 0.02%


99

Schedule of Investment (continued)




Equity – SEK – 0.21% (2014 – 0.15%) (continued)

Internet

9,775 Com Hem Holding AB 81,255 0.02%


3,556 Indutrade AB 146,739 0.03%

Real Estate

9,914 Hemfosa Fastigheter AB 90,614 0.02%

44,250 Klovern AB 36,615 0.01%

Retail

4,910 Bilia AB 78,469 0.02%

Software

4,016 NetEnt AB 139,874 0.03%

Equity – SGD – 0.11% (2014 – 0.05%)

Home Builders

127,000 Ying Li International Real Estate Ltd 19,893 0.00%

REITS

89,100 Ascendas Hospitality Trust 41,869 0.01%

41,000 Cache Logistics Trust 31,564 0.01%

34,000 Far East Hospitality Trust 17,564 0.00%

122,706 Mapletree Commercial Trust 119,821 0.03%

138,000 Mapletree Greater China Commercial Trust 93,823 0.02%

120,800 SPH REIT 84,142 0.02%

43,000 Frasers Commercial Trust Fcot 43,852 0.01%

Transportation

709,840 Ezra Holdings Ltd 31,227 0.01%

Equity – USD – 95.06% (2014 – 94.88%)

Advertising

16,684 Aimia Inc 163,119 0.04%

4,800 Asatsu-DK Inc 102,028 0.02%

2,564 Clear Channel Outdoor Holdings Inc 23,311 0.01%

13,889 Havas SA 103,890 0.02%

1,776 IPSOS 41,177 0.01%

2,000 Moshi Moshi Hotline Inc 20,112 0.00%

1,194 Stroeer Media SE 50,029 0.01%

4,666 Teleperformance 295,684 0.07%

Aerospace/Defense

4,887 AAR Corp 139,785 0.03%

4,200 Aerojet Rocketdyne Holdings Inc 77,690 0.02%

1,213 Aerovironment Inc 28,393 0.01%

1,726 Astronics Corp 109,815 0.03%

32,562 Chemring Group PLC 101,115 0.02%


100





Equity – USD – 95.06% (2014 – 94.88%) (continued)

Aerospace/Defense (continued)

3,136 Cubic Corp 133,918 0.03%

3,944 Curtiss-Wright Corp 256,420 0.06%

2,300 Elbit Systems Ltd 162,190 0.04%

2,830 Esterline Technologies Corp 242,158 0.06%

1,046 HEICO Corp 54,731 0.01%

3,196 Kaman Corp 120,302 0.03%

4,659 KLX Inc 184,529 0.04%

11,200 Kratos Defense & Security Solutions Inc 63,328 0.01%

3,500 LISI 88,235 0.02%

3,990 Moog Inc - Class A 253,108 0.06%

4,655 MTU Aero Engines AG 392,742 0.09%

357 National Presto Industries Inc 25,735 0.01%

4,742 Orbital ATK Inc 312,218 0.07%

5,899 Saab AB 129,336 0.03%

11,646 Spirit AeroSystems Holdings Inc 576,029 0.13%

2,624 Teledyne Technologies Inc 248,482 0.06%

4,435 Triumph Group Inc 262,669 0.06%

5,102 Ultra Electronics Holdings PLC 127,611 0.03%

1,618 Harris Corp 111,686 0.03%

Agriculture

300 Alico Inc 12,213 0.00%

2,464 Andersons Inc/The 86,247 0.02%

29,557 Australian Agricultural Co Ltd 25,181 0.01%

28,000 First Resources Ltd 38,073 0.01%

5,721 Genus PLC 115,233 0.03%

13,593 GrainCorp Ltd 80,077 0.02%

1,600 Hokuto Corp 29,444 0.01%

27,000 Indofood Agri Resources Ltd 12,598 0.00%

10,431 Origin Enterprises PLC 82,926 0.02%

2,500 Sakata Seed Corp 42,871 0.01%

3,100 Tejon Ranch Co 71,532 0.02%

2,846 Universal Corp/VA 146,412 0.03%

6,143 Vector Group Ltd 129,344 0.03%

Airlines

25,000 Aer Lingus Group plc 60,250 0.01%

7,033 Air Canada 66,790 0.02%

10,727 Air France-KLM 67,569 0.02%

41,368 Air New Zealand Ltd 64,030 0.01%

700 Allegiant Travel Co 111,754 0.03%

19,645 Dart Group PLC 109,530 0.03%

1,805 Norwegian Air Shuttle AS 66,900 0.02%

24,591 SAS AB 39,233 0.01%

1,600 Spirit Airlines Inc 89,176 0.02%

250,000 Virgin Australia Holdings Ltd 74,156 0.02%


101






Apparel

96,954 Billabong International Ltd 38,457 0.01%

3,700 Brunello Cucinelli SpA 62,160 0.01%

4,630 Carter's Inc 441,724 0.10%

2,627 Columbia Sportswear Co 142,549 0.03%

8,453 Crocs Inc 111,599 0.03%

2,886 Deckers Outdoor Corp 186,417 0.04%

10,000 Descente Ltd 134,738 0.03%

1,100 Gerry Weber International AG 22,627 0.01%

4,552 G-III Apparel Group Ltd 287,411 0.07%

382,000 Global Brands Group Holding Ltd 72,085 0.02%

11,000 Gunze Ltd 27,028 0.01%

2,976 Iconix Brand Group Inc 66,694 0.02%

5,000 Japan Wool Textile Co Ltd/The 34,583 0.01%

1,093 Mariella Burani Fashion Group SpA

11,929 Moncler SpA 198,260 0.05%

9,000 Onward Holdings Co Ltd 55,714 0.01%

1,322 Oxford Industries Inc 103,760 0.02%

49,351 Pacific Brands Ltd 10,894 0.00%

7,514 Quiksilver Inc 4,470 0.00%

3,342 Skechers U.S.A. Inc 329,311 0.08%

4,314 Steven Madden Ltd 165,637 0.04%

2,605 Ted Baker PLC 107,221 0.02%

996 Tod's SpA 84,859 0.02%

3,165 Unifi Inc 95,160 0.02%

3,134 Vince Holding Corp 33,697 0.01%

7,000 Wacoal Holdings Corp 73,471 0.02%

9,141 Wolverine World Wide Inc 233,653 0.05%

Auto Manufacturers

4,885 Navistar International Corp 99,217 0.02%

6,969 New Flyer Industries Inc 77,555 0.02%

8,000 Nissan Shatai Co Ltd 98,343 0.02%

15,000 Shinmaywa Industries Ltd 123,332 0.03%

3,859 Wabash National Corp 43,432 0.01%


13,381 Allison Transmission Holdings Inc 351,398 0.08%

8,267 American Axle & Manufacturing Holdings Inc 155,145 0.04%

3,340 ARB Corp Ltd 30,021 0.01%

475 Autoneum Holding AG 84,300 0.02%

724 Bertrandt AG 85,251 0.02%

3,543 Brembo SpA 135,555 0.03%

18,000 Calsonic Kansei Corp 114,993 0.03%


102






Auto Parts & Equipment (continued)

7,814 CIE Automotive SA 113,537 0.03%

4,366 Cooper Tire & Rubber Co 132,563 0.03%

12,953 Dana Holding Corp 239,250 0.06%

2,847 Dorman Products Inc 121,781 0.03%

3,900 Douglas Dynamics Inc 75,186 0.02%

2,805 ElringKlinger AG 67,643 0.02%

3,300 Exedy Corp 74,065 0.02%

6,837 Faurecia 252,217 0.06%

1,500 FCC Co Ltd 20,574 0.00%

4,313 Federal-Mogul Holdings Corp 43,935 0.01%

3,600 Gentherm Inc 177,415 0.04%

364 Georg Fischer AG 224,600 0.05%

991 Grammer AG 29,383 0.01%

6,812 Haldex AB 80,682 0.02%

1,708,000 Hybrid Kinetic Group Ltd 118,640 0.03%

2,900 Keihin Corp 37,351 0.01%

16,000 KYB Co Ltd 49,758 0.01%

3,788 Linamar Corp 220,904 0.05%

1,028 Mekonomen AB 22,517 0.01%

8,361 Meritor Inc 98,453 0.02%

6,600 Mitsuba Corp 155,876 0.04%

2,382 Modine Manufacturing Co 22,939 0.01%

2,134 Motorcar Parts of America Inc 57,631 0.01%

900 Musashi Seimitsu Industry Co Ltd 15,671 0.00%

4,700 Nifco Inc/Japan 183,051 0.04%

3,000 Nippon Seiki Co Ltd 53,558 0.01%

3,500 Nissin Kogyo Co Ltd 51,882 0.01%

2,604 Norma Group SE 118,078 0.03%

2,300 Piolax Inc 105,773 0.02%

6,300 Plastic Omnium SA 143,987 0.03%

6,000 Press Kogyo Co Ltd 25,217 0.01%

1,119 Remy International Inc 22,205 0.01%

3,727 Rheinmetall AG 169,523 0.04%

6,953 SAF-Holland SA 96,264 0.02%

8,000 Sanden Holdings Corp 33,446 0.01%

3,800 Showa Corp 33,976 0.01%

1,600 Standard Motor Products Inc 50,433 0.01%

4,000 Takata Corp 39,108 0.01%

5,521 Tenneco Inc 284,622 0.07%

8,035 Titan International Inc 77,451 0.02%

3,900 Tokai Rika Co Ltd 87,532 0.02%

7,200 Topre Corp 116,709 0.03%


103







2,788 Tower International Inc 65,183 0.02%

6,500 Toyo Tire & Rubber Co Ltd 123,384 0.03%

11,000 Toyota Boshoku Corp 166,526 0.04%

4,300 TS Tech Co Ltd 103,290 0.02%

5,300 Unipres Corp 99,633 0.02%

3,706 Visteon Corp 349,180 0.08%

6,581 Westport Innovations Inc 27,866 0.01%

198,000 Xinyi Glass Holdings Ltd 94,440 0.02%

Banks

1,300 1st Source Corp 39,810 0.01%

32,000 77 Bank Ltd/The 175,328 0.04%

5,204 Aareal Bank AG 183,285 0.04%

1,400 Aichi Bank Ltd/The 70,750 0.02%

3,400 Ameris Bancorp 77,173 0.02%

3,695 Arrow Financial Corp 89,639 0.02%

11,058 Associated Banc-Corp 201,172 0.05%

24,000 Awa Bank Ltd/The 137,305 0.03%

48,797 Banca Popolare dell'Emilia Romagna 390,376 0.09%

401,781 Banca Popolare di Milano Scarl 380,085 0.09%

49,480 Banca Popolare di Sondrio SCARL 216,426 0.05%

1,315 BancFirst Corp 77,245 0.02%

33,000 Banco BPI SA 33,594 0.01%

5,900 Bancorp Inc/The 49,140 0.01%

7,740 BancorpSouth Inc 178,947 0.04%

2,860 Bank of Georgia Holdings PLC 78,720 0.02%

3,806 Bank of Hawaii Corp 227,772 0.05%

1,500 Bank of Iwate Ltd/The 60,621 0.01%

21,000 Bank of Nagoya Ltd/The 73,779 0.02%

6,971 Bank of the Ozarks Inc 286,235 0.07%

2,500 Bank of the Ryukyus Ltd 33,483 0.01%

8,804 BankUnited Inc 283,906 0.07%

3,127 Banner Corp 134,515 0.03%

183 Banque Cantonale Vaudoise 101,845 0.02%

4,100 BBCN Bancorp Inc 54,424 0.01%

3,533 Blue Hills Bancorp Inc 44,392 0.01%

3,141 BOK Financial Corp 196,150 0.05%

9,347 Boston Private Financial Holdings Inc 112,496 0.03%

7,424 Canadian Western Bank 153,548 0.04%

3,700 Capital Bank Financial Corp 96,535 0.02%

6,039 Cardinal Financial Corp 118,103 0.03%

907 Cass Information Systems Inc 45,765 0.01%

5,735 Cathay General Bancorp 167,026 0.04%


104






Banks (continued)

10,400 CenterState Banks Inc 126,103 0.03%

2,070 Central Pacific Financial Corp 44,124 0.01%

2,700 Chemical Financial Corp 80,113 0.02%

11,000 Chiba Kogyo Bank Ltd/The 74,711 0.02%

1,300 City Holding Co 57,463 0.01%

4,090 City National Corp/CA 331,803 0.08%

4,780 Columbia Banking System Inc 139,599 0.03%

3,000 comdirect bank AG 27,600 0.01%

8,236 Commerce Bancshares Inc 345,717 0.08%

3,278 Community Bank System Inc 111,120 0.03%

1,030 Community Trust Bancorp Inc 32,235 0.01%

11,268 Credito Emiliano SpA 83,271 0.02%

102,220 Credito Valtellinese SC 121,642 0.03%

5,486 Cullen/Frost Bankers Inc 386,905 0.09%

2,941 Customers Bancorp Inc 70,978 0.02%

9,541 CVB Financial Corp 150,796 0.03%

28,223 Dah Sing Banking Group Ltd 55,414 0.01%

21,736 Dah Sing Financial Holdings Ltd 127,957 0.03%

23,000 Daishi Bank Ltd/The 87,216 0.02%

2,935 Eagle Bancorp Inc 115,798 0.03%

12,183 East West Bancorp Inc 490,075 0.11%

9,349 EFG International AG 118,964 0.03%

900 Enterprise Financial Services Corp 18,393 0.00%

3,500 FCB Financial Holdings Inc 99,892 0.02%

16,849 FinecoBank Banca Fineco SpA 111,962 0.03%

15,500 First BanCorp/Puerto Rico 67,053 0.02%

606 First Citizens BancShares Inc 143,064 0.03%

6,670 First Commonwealth Financial Corp 57,409 0.01%

6,157 First Financial Bancorp 99,135 0.02%

5,080 First Financial Bankshares Inc 157,935 0.04%

20,534 First Horizon National Corp 288,788 0.07%

2,357 First International Bank Of Israel Ltd 30,163 0.01%

5,300 First Merchants Corp 117,492 0.03%

8,154 First Midwest Bancorp Inc/IL 138,827 0.03%

1,348 First NBC Bank Holding Co 43,554 0.01%

13,507 FirstMerit Corp 252,514 0.06%

17,342 FNB Corp 222,884 0.05%

20,964 Fulton Financial Corp 245,728 0.06%

6,858 Glacier Bancorp Inc 181,083 0.04%

4,200 Great Western Bancorp Inc 90,883 0.02%

7,873 Hancock Holding Co 225,478 0.05%

3,300 Hanmi Financial Corp 73,570 0.02%

9,000 Higo Bank Ltd/The 52,611 0.01%


105






Banks (continued)

5,974 Hilltop Holdings Inc 129,163 0.03%

39,000 Hokkoku Bank Ltd/The 128,437 0.03%

24,000 Hokuetsu Bank Ltd/The 44,888 0.01%

5,800 Home BancShares Inc/AR 190,314 0.04%

7,350 Home Capital Group Inc 228,686 0.05%

17,000 Hyakugo Bank Ltd/The 75,686 0.02%

18,000 Hyakujushi Bank Ltd/The 57,826 0.01%

3,037 Iberiab Bank Corp 185,976 0.04%

1,315 Independent Bank Corp/Rockland MA 55,340 0.01%

1,232 Independent Bank Group Inc 47,436 0.01%

5,826 International Bancshares Corp 140,500 0.03%

99,031 Israel Discount Bank Ltd 170,698 0.04%

22,000 Juroku Bank Ltd/The 80,843 0.02%

5,652 Jyske Bank A/S 254,723 0.06%

7,000 Kagoshima Bank Ltd/The 45,438 0.01%

4,300 Kansai Urban Banking Corp 46,867 0.01%

14,000 Keiyo Bank Ltd/The 66,129 0.02%

2,600 Lakeland Financial Corp 101,204 0.02%

1,560 Laurentian Bank of Canada 53,988 0.01%

3,725 LegacyTexas Financial Group Inc 100,965 0.02%

7,219 MB Financial Inc 223,140 0.05%

29,000 Miyazaki Bank Ltd/The 97,419 0.02%

3,000 Musashino Bank Ltd/The 106,389 0.02%

18,000 Nanto Bank Ltd/The 57,826 0.01%

11,374 National Penn Bancshares Inc 115,149 0.03%

5,333 NBT Bancorp Inc 125,260 0.03%

51,000 Nishi-Nippon City Bank Ltd/The 132,046 0.03%

2,924 OFG Bancorp 28,001 0.01%

23,000 Ogaki Kyoritsu Bank Ltd/The 75,408 0.02%

13,000 Oita Bank Ltd/The 49,773 0.01%

7,892 Old National Bancorp/IN 102,422 0.02%

10,639 OneSavings Bank PLC 47,304 0.01%

1,515 Opus Bank 49,195 0.01%

7,526 PacWest Bancorp 315,846 0.07%

600 Peoples Bancorp Inc 12,569 0.00%

3,126 Pinnacle Financial Partners Inc 152,541 0.04%

9,343 Popular Inc 242,002 0.06%

5,101 PrivateBancorp Inc 182,303 0.04%

5,709 Prosperity Bancshares Inc 295,851 0.07%

4,540 Renasant Corp 132,834 0.03%

2,027 S&T Bancorp Inc 53,831 0.01%

11,000 San-In Godo Bank Ltd/The 95,284 0.02%

20,740 Senshu Ikeda Holdings Inc 84,427 0.02%


106






Banks (continued)

21,000 Shiga Bank Ltd/The 101,658 0.02%

4,793 Signature Bank/New York NY 629,732 0.15%

2,200 Simmons First National Corp 92,170 0.02%

1,613 South State Corp 110,009 0.03%

2,778 Southside Bancshares Inc 72,878 0.02%

10,500 Spar Nord Bank A/S 104,157 0.02%

14,580 SpareBank 1 Nord Norge 68,692 0.02%

5,404 SpareBank 1 SMN 40,379 0.01%

3,600 Square 1 Financial Inc 88,368 0.02%

254 St Galler Kantonalbank AG 84,034 0.02%

3,400 State Bank Financial Corp 66,218 0.02%

13,161 Susquehanna Bancshares Inc 166,786 0.04%

4,521 SVB Financial Group 584,216 0.14%

5,195 Sydbank A/S 178,137 0.04%

11,279 Synovus Financial Corp 311,990 0.07%

6,800 Talmer Bancorp Inc 102,226 0.02%

14,078 TCF Financial Corp 209,869 0.05%

4,284 Texas Capital Bancshares Inc 239,307 0.06%

23,000 Tochigi Bank Ltd/The 117,751 0.03%

8,000 Toho Bank Ltd/The 32,096 0.01%

107,000 Towa Bank Ltd/The 94,177 0.02%

7,300 Towne Bank/Portsmouth VA 106,729 0.02%

800 TriCo Bancshares 17,268 0.00%

14,800 TrustCo Bank Corp NY 93,380 0.02%

5,642 Trustmark Corp 126,492 0.03%

19,851 TSB Banking Group PLC 95,099 0.02%

4,086 UMB Financial Corp 209,104 0.05%

18,467 Umpqua Holdings Corp 298,170 0.07%

2,499 Union Bankshares Corp 52,124 0.01%

6,380 United Bankshares Inc/WV 230,360 0.05%

3,481 United Community Banks Inc/GA 65,202 0.02%

900 Univest Corp of Pennsylvania 16,446 0.00%

1,355 Valiant Holding AG 118,482 0.03%

19,277 Valley National Bancorp 178,375 0.04%

2,477 Walker & Dunlop Inc 59,446 0.01%

1,871 Washington Trust Bancorp Inc 66,296 0.02%

8,235 Webster Financial Corp 292,312 0.07%

1,867 WesBanco Inc 57,005 0.01%

2,528 Westamerica Bancorporation 114,919 0.03%

5,859 Western Alliance Bancorp 177,526 0.04%

11,149 Wilshire Bancorp Inc 126,379 0.03%

4,015 Wintrust Financial Corp 192,354 0.04%

8,000 Yamagata Bank Ltd/The 31,392 0.01%

9,000 Yamanashi Chuo Bank Ltd/The 38,221 0.01%

17,928 Zions Bancorporation 510,631 0.12%


107






Beverages

6,938 Belvedere SA 137,858 0.03%

848 Boston Beer Co Inc/The 176,564 0.04%

17,217 Britvic PLC 174,366 0.04%

35,080 C&C Group PLC 123,341 0.03%

631 Coca-Cola Bottling Co Consolidated 85,555 0.02%

5,000 Coca-Cola East Japan Co Ltd 83,065 0.02%

7,000 Coca-Cola West Co Ltd 113,467 0.03%

4,398 Cott Corp 38,604 0.01%

24,269 Davide Campari-Milano SpA 165,636 0.04%

300 Dydo Drinco Inc 11,706 0.00%

6,900 Ito En Ltd 129,964 0.03%

7,500 Kagome Co Ltd 108,535 0.03%

49,103 Marston's PLC 111,449 0.03%

18,000 Sapporo Holdings Ltd 60,071 0.01%

19,400 Stock Spirits Group PLC 52,850 0.01%

11,000 Takara Holdings Inc 77,293 0.02%

Biotechnology

15,997 Abcam PLC 116,964 0.03%

8,000 Ablynx NV 88,200 0.02%

1,630 Acceleron Pharma Inc 46,287 0.01%

8,721 Achillion Pharmaceuticals Inc 69,348 0.02%

4,644 Acorda Therapeutics Inc 138,920 0.03%

5,100 Advaxis Inc 93,056 0.02%

1,300 Aegerion Pharmaceuticals Inc 22,133 0.01%

2,700 Alder Biopharmaceuticals Inc 128,360 0.03%

3,053 AMAG Pharmaceuticals Inc 189,230 0.04%

3,501 Aratana Therapeutics Inc 47,510 0.01%

19,241 Arena Pharmaceuticals Inc 80,128 0.02%

21,040 ARIAD Pharmaceuticals Inc 156,167 0.04%

1,935 Avalanche Biotechnologies Inc 28,204 0.01%

1,287 Basilea Pharmaceutica 145,105 0.03%

4,300 Bavarian Nordic A/S 179,554 0.04%

7,300 BioCryst Pharmaceuticals Inc 97,818 0.02%

2,170 Bio-Rad Laboratories Inc 293,326 0.07%

750 Biotest AG 50,805 0.01%

2,600 Bluebird Bio Inc 392,894 0.09%

3,600 Cambrex Corp 141,971 0.03%

10,275 Celldex Therapeutics Inc 232,575 0.05%

4,194 Charles River Laboratories International Inc 264,769 0.06%

412,000 CK Life Sciences International Holdings Inc 40,065 0.01%

2,116 Concordia Healthcare Corp 137,287 0.03%

3,673 Dynavax Technologies Corp 77,221 0.02%

1,505 Emergent BioSolutions Inc 44,507 0.01%


108






Biotechnology (continued)

6,661 Exact Sciences Corp 177,794 0.04%

10,942 Exelixis Inc 36,925 0.01%

1,700 Foundation Medicine Inc 51,632 0.01%

2,000 Genfit 69,680 0.02%

4,505 Genmab A/S 351,468 0.08%

13,098 Geron Corp 50,314 0.01%

23,000 GNI Group Ltd 42,849 0.01%

9,920 Halozyme Therapeutics Inc 201,035 0.05%

9,004 ImmunoGen Inc 116,207 0.03%

5,336 Innate Pharma SA 70,115 0.02%

5,810 Inovio Pharmaceuticals Inc 42,550 0.01%

6,882 Insmed Inc 150,833 0.04%

1,471 Intercept Pharmaceuticals Inc 318,677 0.07%

4,000 Intrexon Corp 175,193 0.04%

1,658 Karyopharm Therapeutics Inc 40,490 0.01%

2,348 Kite Pharma Inc 128,485 0.03%

1,691 Kythera Biopharmaceuticals Inc 114,297 0.03%

1,351 Ligand Pharmaceuticals Inc 122,344 0.03%

2,500 MacroGenics Inc 85,196 0.02%

6,083 Medicines Co/The 156,197 0.04%

9,526 Merrimack Pharmaceuticals Inc 105,716 0.02%

6,531 Mesoblast Ltd 16,940 0.00%

6,738 Momenta Pharmaceuticals Inc 137,941 0.03%

1,945 MorphoSys AG 125,219 0.03%

6,539 Myriad Genetics Inc 199,480 0.05%

2,048 NewLink Genetics Corp 81,372 0.02%

33,000 Novavax Inc 329,941 0.08%

3,347 Omeros Corp 54,041 0.01%

3,500 OvaScience Inc 90,877 0.02%

16,167 PDL BioPharma Inc 93,299 0.02%

2,619 Prothena Corp PLC 123,804 0.03%

2,100 PTC Therapeutics Inc 90,714 0.02%

3,900 Repligen Corp 144,456 0.03%

4,000 Retrophin Inc 119,009 0.03%

895 Sage Therapeutics Inc 58,638 0.01%

5,100 Sangamo BioSciences Inc 50,762 0.01%

10,121 Seattle Genetics Inc 439,649 0.10%

4,730 Sequenom Inc 12,905 0.00%

3,031 Spectrum Pharmaceuticals Inc 18,607 0.00%

2,100 Takara Bio Inc 20,917 0.00%

1,821 Theravance Biopharma Inc 21,279 0.00%

6,375 Theravance Inc 103,389 0.02%

1,800 Ultragenyx Pharmaceutical Inc 165,412 0.04%

825 Vilmorin & Cie SA 62,180 0.01%

8,000 Zeltia SA 29,400 0.01%

7,109 Ziopharm Oncology Inc 76,564 0.02%


109






Building Materials

2,850 AAON Inc 57,604 0.01%

55,171 Adelaide Brighton Ltd 164,031 0.04%

2,023 Apogee Enterprises Inc 95,576 0.02%

4,287 Armstrong World Industries Inc 205,000 0.05%

2,369 Boise Cascade Co 77,989 0.02%

13,100 Builders FirstSource Inc 150,964 0.04%

4,000 Bunka Shutter Co Ltd 28,341 0.01%

6,549 Buzzi Unicem SpA 83,631 0.02%

9,000 Central Glass Co Ltd 33,864 0.01%

1,500 Chofu Seisakusho Co Ltd 31,642 0.01%

4,846 Continental Building Products Inc 92,162 0.02%

46,395 CSR Ltd 116,496 0.03%

21,000 Daiken Corp 47,595 0.01%

3,003 Drew Industries Inc 156,376 0.04%

4,930 Eagle Materials Inc 337,737 0.08%

113 Forbo Holding AG 120,675 0.03%

5,000 Fujitec Co Ltd 55,927 0.01%

3,100 Gibraltar Industries Inc 56,675 0.01%

3,576 Griffon Corp 51,095 0.01%

5,300 Headwaters Inc 86,668 0.02%

23,892 Italcementi SpA 141,441 0.03%

2,409 Italmobiliare SpA 52,772 0.01%

10,483 Kingspan Group PLC 226,957 0.05%

4,013 Lennox International Inc 387,866 0.09%

3,256 Lindab International AB 24,706 0.01%

14,572 Louisiana-Pacific Corp 222,726 0.05%

2,400 Masonite International Corp 151,018 0.04%

4,349 NCI Building Systems Inc 58,822 0.01%

7,082 Nibe Industrier AB 172,280 0.04%

7,000 Nichias Corp 38,969 0.01%

72,000 Nippon Sheet Glass Co Ltd 68,652 0.02%

1,600 Norbord Inc 30,148 0.01%

1,900 Noritz Corp 32,178 0.01%

5,400 Okabe Co Ltd 38,023 0.01%

11,249 Owens Corning 416,461 0.10%

5,900 PGT Inc 76,835 0.02%

3,491 Ply Gem Holdings Inc 36,940 0.01%

2,138 Quanex Building Products Corp 41,121 0.01%

282 Rockwool International A/S 37,953 0.01%

25,800 Sanwa Holdings Corp 195,100 0.05%

3,127 Simpson Manufacturing Co Inc 95,421 0.02%

521 STO SE & Co KGaA PRF 73,357 0.02%

48,000 Sumitomo Osaka Cement Co Ltd 159,485 0.04%


110






Building Materials (continued)

82,000 Summit Ascent Holdings Ltd 40,440 0.01%

5,000 Takara Standard Co Ltd 31,796 0.01%

2,350 Tarkett SA 45,473 0.01%

2,697 Trex Co Inc 119,649 0.03%

1,912 Universal Forest Products Inc 89,285 0.02%

7,848 USG Corp 195,742 0.05%

2,163 Vicat 132,916 0.03%

11,623 Wienerberger AG 163,942 0.04%

Chemicals

3,758 A Schulman Inc 147,460 0.03%

5,500 Aceto Corp 121,581 0.03%

10,500 ADEKA Corp 130,924 0.03%

6,000 Aica Kogyo Co Ltd 125,159 0.03%

10,626 Alent PLC 55,480 0.01%

1,340 American Vanguard Corp 16,597 0.00%

6,331 Axiall Corp 204,840 0.05%

2,117 Balchem Corp 105,869 0.02%

5,794 Cabot Corp 193,913 0.05%

6,365 Calgon Carbon Corp 110,711 0.03%

10,921 Canexus Corp 11,463 0.00%

9,751 Chemtura Corp 247,757 0.06%

5,000 Chugoku Marine Paints Ltd 33,373 0.01%

23,690 Clariant AG 435,908 0.10%

5,400 Cytec Industries Inc 293,360 0.07%

17,000 Dainichiseika Color & Chemicals Manufacturing Co Ltd 76,933 0.02%

37,000 Denki Kagaku Kogyo KK 147,632 0.03%

73,000 DIC Corp 163,841 0.04%

38,519 DuluxGroup Ltd 151,988 0.04%

600 Earth Chemical Co Ltd 20,442 0.00%

45,573 Elementis PLC 165,062 0.04%

23,956 Essentra PLC 335,773 0.08%

7,891 Ferro Corp 118,840 0.03%

2,600 Hawkins Inc 94,251 0.02%

5,063 HB Fuller Co 184,580 0.04%

18,401 Huntsman Corp 364,486 0.08%

2,409 IMCD Group NV 78,293 0.02%

2,168 Innophos Holdings Inc 102,426 0.02%

2,568 Innospec Inc 103,808 0.02%

3,200 Intrepid Potash Inc 34,292 0.01%

5,801 Kemira OYJ 59,112 0.01%

940 Koppers Holdings Inc 20,855 0.00%

995 Kraton Performance Polymers Inc 21,325 0.00%

1,866 Kronos Worldwide Inc 18,355 0.00%


111






Chemicals (continued)

8,000 Kureha Corp 28,282 0.01%

140 KWS Saat SE 41,790 0.01%

8,300 Landec Corp 107,493 0.02%

445 Lenzing AG 28,436 0.01%

2,600 Lintec Corp 53,339 0.01%

2,414 Minerals Technologies Inc 147,609 0.03%

832 NewMarket Corp 331,463 0.08%

7,300 Nihon Nohyaku Co Ltd 63,609 0.01%

8,000 Nihon Parkerizing Co Ltd 72,936 0.02%

16,000 Nippon Kayaku Co Ltd 154,908 0.04%

11,000 Nippon Shokubai Co Ltd 135,222 0.03%

9,000 Nippon Soda Co Ltd 51,951 0.01%

12,000 Nippon Synthetic Chemical Industry Co Ltd/The 73,229 0.02%

8,900 Nissan Chemical Industries Ltd 176,448 0.04%

8,000 NOF Corp 57,680 0.01%

18,381 Nufarm Ltd/Australia 91,674 0.02%

18,843 Nuplex Industries Ltd 48,037 0.01%

5,905 Olin Corp 142,829 0.03%

3,057 OM Group Inc 92,187 0.02%

10,100 OMNOVA Solutions Inc 67,895 0.02%

11,429 Platform Specialty Products Corp 262,389 0.06%

7,970 PolyOne Corp 280,187 0.07%

808 Quaker Chemical Corp 64,425 0.01%

2,400 Rayonier Advanced Materials Inc 35,024 0.01%

15,139 Rentech Inc 14,538 0.00%

11,092 RPM International Inc 487,502 0.11%

8,000 Sakai Chemical Industry Co Ltd 25,759 0.01%

5,000 Sanyo Chemical Industries Ltd 31,539 0.01%

7,400 Sekisui Jushi Corp 86,462 0.02%

4,326 Sensient Technologies Corp 265,337 0.06%

7,417 SGL Carbon SE 107,398 0.02%

148,000 Showa Denko KK 175,856 0.04%

535 Siegfried Holding AG 84,981 0.02%

2,768 Stepan Co 134,425 0.03%

12,000 Sumitomo Bakelite Co Ltd 48,849 0.01%

37,727 Synthomer PLC 165,933 0.04%

1,300 Taiyo Holdings Co Ltd 48,819 0.01%

7,000 Takasago International Corp 26,287 0.01%

1,209 Tessenderlo Chemie NV 41,668 0.01%

11,000 Toagosei Co Ltd 82,375 0.02%

9,000 Tokai Carbon Co Ltd 25,349 0.01%

18,000 Tokuyama Corp 31,158 0.01%

4,700 Tokyo Ohka Kogyo Co Ltd 119,793 0.03%


112







48,000 Tosoh Corp 267,920 0.06%

26,000 Toyo Ink SC Holdings Co Ltd 93,634 0.02%

6,678 Tronox Ltd 87,685 0.02%

106,000 Ube Industries Ltd 179,596 0.04%

6,668 Valspar Corp/The 489,657 0.11%

7,535 Victrex PLC 205,269 0.05%

1,334 Wacker Chemie AG 123,528 0.03%

6,061 WR Grace & Co 545,610 0.13%

16,000 Zeon Corp 132,611 0.03%

Coal

4,771 Cloud Peak Energy Inc 19,954 0.00%

21,500 Peabody Energy Corp 42,259 0.01%

5,173 SunCoke Energy Inc 60,356 0.01%

2,200 Westmoreland Coal Co 41,030 0.01%

68,200 Whitehaven Coal Ltd 61,865 0.01%

Commercial Services

5,371 Aaron's Inc 174,550 0.04%

5,985 ABM Industries Inc 176,563 0.04%

3,800 Advisory Board Co/The 186,453 0.04%

1,500 Aeon Delight Co Ltd 41,257 0.01%

3,850 Altus Group Ltd/Canada 49,266 0.01%

859 American Public Education Inc 19,829 0.00%

5,000 AMN Healthcare Services Inc 141,761 0.03%

6,894 Apollo Education Group Inc 79,694 0.02%

5,700 Arrowhead Research Corp 36,578 0.01%

803 Ascent Capital Group Inc 30,803 0.01%

2,363 ASTM SpA 27,907 0.01%

9,711 Avis Budget Group Inc 384,187 0.09%

2,100 Barrett Business Services Inc 68,455 0.02%

16,377 Berendsen PLC 235,554 0.05%

1,700 Black Diamond Group Ltd 21,399 0.00%

8,835 Booz Allen Hamilton Holding Corp 200,139 0.05%

3,740 Bright Horizons Family Solutions Inc 194,015 0.05%

5,624 Brink's Co/The 148,550 0.03%

4,632 Cape PLC 16,509 0.00%

797 Capella Education Co 38,391 0.01%

3,291 Cardtronics Inc 109,434 0.03%

11,289 Career Education Corp 33,435 0.01%

11,100 CBIZ Inc 96,037 0.02%

2,998 CEB Inc 234,254 0.05%

2,256 Cimpress NV 170,405 0.04%

7,518 Civeo Corp 20,715 0.00%

2,572 Colliers International Group Inc 88,382 0.02%


113






Commercial Services (continued)

1,327 CorVel Corp 38,135 0.01%

2,650 CoStar Group Inc 478,674 0.11%

1,549 Cramo OYJ 26,798 0.01%

8,165 De La Rue PLC 60,506 0.01%

4,194 Deluxe Corp 233,376 0.05%

5,437 DeVry Education Group Inc 146,294 0.03%

7,812 DH Corp 224,191 0.05%

5,300 Duskin Co Ltd 82,218 0.02%

5,868 Elior 105,419 0.02%

9,290 EnerCare Inc 88,825 0.02%

2,011 Ennis Inc 33,553 0.01%

4,292 Euronet Worldwide Inc 237,674 0.06%

6,787 EVERTEC Inc 129,381 0.03%

22,692 Evotec AG 80,557 0.02%

2,900 ExamWorks Group Inc 101,768 0.02%

96,560 Ezion Holdings Ltd 65,971 0.02%

4,361 FTI Consulting Inc 161,414 0.04%

4,287 Global Cash Access Holdings Inc 29,780 0.01%

6,140 Global Payments Inc 570,080 0.13%

439 Graham Holdings Co 423,575 0.10%

3,471 Grand Canyon Education Inc 132,086 0.03%

8,100 Great Lakes Dredge & Dock Corp 43,328 0.01%

3,950 Green Dot Corp - Class A 67,783 0.02%

1,775 Groupe Crit 80,053 0.02%

314,000 Haier Healthwise Holdings Ltd 32,353 0.01%

786 Hamburger Hafen und Logistik AG 14,266 0.00%

136,492 Hays PLC 314,805 0.07%

4,629 Healthcare Services Group Inc 137,308 0.03%

1,809 HealthEquity Inc 52,036 0.01%

3,159 Heartland Payment Systems Inc 153,244 0.04%

1,971 Heidrick & Struggles International Inc 46,135 0.01%

8,759 HMS Holdings Corp 134,978 0.03%

24,824 HomeServe PLC 150,809 0.04%

2,294 Huron Consulting Group Inc 144,307 0.03%

1,404 ICF International Inc 43,927 0.01%

1,187 Insperity Inc 54,226 0.01%

14,088 Interserve PLC 131,342 0.03%

6,092 Intrum Justitia AB 165,395 0.04%

33,220 ITE Group PLC 80,182 0.02%

1,095 K12 Inc 12,432 0.00%

2,000 Kanamoto Co Ltd 45,548 0.01%

388 Kapsch TrafficCom AG 8,612 0.00%

12,623 KAR Auction Services Inc 423,712 0.10%


114







5,300 Kelly Services Inc 73,017 0.02%

2,308 Kforce Inc 47,374 0.01%

3,979 Korn/Ferry International 124,170 0.03%

1,920 Kyoritsu Maintenance Co Ltd 110,830 0.03%

623 Landauer Inc 19,928 0.00%

7,200 LifeLock Inc 105,977 0.02%

14,710 Live Nation Entertainment Inc 362,931 0.08%

5,022 Loomis AB 126,350 0.03%

2,840 MacDonald Dettwiler & Associates Ltd 186,343 0.04%

61,973 Macquarie Atlas Roads Group 135,946 0.03%

6,682 Macquarie Infrastructure Corp 495,543 0.12%

2,628 Matthews International Corp - Class A 125,338 0.03%

1,329 McGrath RentCorp 36,296 0.01%

2,891 McMillan Shakespeare Ltd 24,111 0.01%

7,000 Meiko Network Japan Co Ltd 74,139 0.02%

1,700 Meitec Corp 56,858 0.01%

29,701 Michael Page International PLC 228,481 0.05%

6,118 MoneyGram International Inc 505 0.00%

2,126 Monro Muffler Brake Inc 118,607 0.03%

3,030 Monster Worldwide Inc 17,785 0.00%

2,858 Morneau Shepell Inc 34,147 0.01%

1,707 Morningstar Inc 121,874 0.03%

2,388 Multi-Color Corp 136,910 0.03%

3,619 Navigant Consulting Inc 48,299 0.01%

26,589 Navitas Ltd 78,686 0.02%

6,600 Net 1 UEPS Technologies Inc 108,282 0.03%

3,000 Nichii Gakkan Co 21,652 0.01%

2,400 Nihon M&A Center Inc 88,896 0.02%

59,500 Nippon Parking Development Co Ltd 77,681 0.02%

2,300 Nishio Rent All Co Ltd 51,621 0.01%

16,932 Northgate PLC 137,423 0.03%

1,500 Nutrisystem Inc 33,495 0.01%

3,756 On Assignment Inc 132,414 0.03%

4,344 PAREXEL International Corp 250,729 0.06%

1,684 Paylocity Holding Corp 54,184 0.01%

30,703 Prosegur Cia de Seguridad SA 151,059 0.04%

59,518 QinetiQ Group PLC 188,434 0.04%

4,368 Quad/Graphics Inc 72,565 0.02%

2,674 Ramirent OYJ 17,515 0.00%

36,547 Recall Holdings Ltd 174,712 0.04%

5,563 Rent-A-Center Inc/TX 141,546 0.03%

176,861 Rentokil Initial PLC 369,468 0.09%

3,016 Resources Connection Inc 43,554 0.01%


115







8,676 Ritchie Bros Auctioneers Inc 217,364 0.05%

9,270 Rollins Inc 237,366 0.06%

8,834 RPS Group PLC 28,087 0.01%

5,800 RPX Corp 87,973 0.02%

17,901 RR Donnelley & Sons Co 280,034 0.06%

11,122 Sabre Corp 237,573 0.06%

14,608 Savills PLC 195,058 0.05%

16,826 Service Corp International/US 444,435 0.10%

9,129 ServiceMaster Global Holdings Inc 296,352 0.07%

1,200 ServiceSource International Inc 5,891 0.00%

10,850 SFX Entertainment Inc 43,723 0.01%

19,900 Slater & Gordon Ltd 48,870 0.01%

3,065 Societa Iniziative Autostradali e Servizi SpA 29,332 0.01%

6,900 Sohgo Security Services Co Ltd 244,442 0.06%

5,476 Sotheby's 222,343 0.05%

2,083 SP Plus Corp 48,813 0.01%

1,219 Strayer Education Inc 47,154 0.01%

5,691 Team Health Holdings Inc 333,686 0.08%

1,121 Team Inc 40,496 0.01%

3,500 Temp Holdings Co Ltd 113,467 0.03%

8,200 Toppan Forms Co Ltd 101,463 0.02%

7,416 Transcontinental Inc 82,049 0.02%

9,600 Travelport Worldwide Ltd 118,729 0.03%

3,000 TriNet Group Inc 68,255 0.02%

4,195 TrueBlue Inc 112,574 0.03%

36,237 UBM PLC 273,390 0.06%

4,477 Universal Technical Institute Inc 34,556 0.01%

7,116 USG People NV 94,714 0.02%

1,762 Viad Corp 42,872 0.01%

958 Weight Watchers International Inc 4,170 0.00%

3,879 WEX Inc 396,778 0.09%

9,422 Wirecard AG 323,646 0.08%

8,581 WS Atkins PLC 183,620 0.04%

4,400 Xoom Corp 83,147 0.02%

Computers

9,379 3D Systems Corp 164,313 0.04%

2,086 Alten SA 86,913 0.02%

11,633 Altran Technologies SA 112,072 0.03%

59,000 Anite PLC 105,764 0.02%

3,046 Arcam AB 46,867 0.01%

2,500 Barracuda Networks Inc 88,898 0.02%

1,011 Bechtle AG 68,738 0.02%

34,830 Brocade Communications Systems Inc 371,370 0.09%


116






Computers (continued)

2,118 CACI International Inc 153,765 0.04%

25,600 Cadence Design Systems Inc 451,711 0.10%

1,750 CANCOM SE 56,516 0.01%

20,000 Ciber Inc 61,928 0.01%

10,510 Convergys Corp 240,441 0.06%

2,900 Cray Inc 76,808 0.02%

6,431 Diebold Inc 202,015 0.05%

3,237 DST Systems Inc 366,000 0.08%

5,854 Econocom Group SA/NV 43,173 0.01%

4,541 Electronics For Imaging Inc 177,328 0.04%

1,800 Engility Holdings Inc 40,646 0.01%

3,800 EPAM Systems Inc 242,931 0.06%

3,119 ExlService Holdings Inc 96,800 0.02%

3,000 Fleetmatics Group PLC 126,090 0.03%

11,805 Fortinet Inc 437,893 0.10%

4,891 F-Secure OYJ 15,358 0.00%

4,191 IGATE Corp 179,383 0.04%

15,286 Indra Sistemas SA 140,998 0.03%

4,945 Ingenico Group 520,709 0.12%

3,889 Insight Enterprises Inc 104,398 0.02%

7,473 Jack Henry & Associates Inc 433,946 0.10%

5,443 Jenoptik AG 58,893 0.01%

4,913 KEYW Holding Corp/The 41,096 0.01%

5,552 Leidos Holdings Inc 201,162 0.05%

5,233 Lexmark International Inc 207,592 0.05%

1,529 LivePerson Inc 13,462 0.00%

13,318 Logitech International SA 175,224 0.04%

7,036 Manhattan Associates Inc 376,680 0.09%

6,196 MAXIMUS Inc 365,521 0.08%

9,200 Mentor Graphics Corp 218,234 0.05%

3,936 Mercury Systems Inc 51,717 0.01%

919 MTS Systems Corp 56,870 0.01%

14,952 NCR Corp 403,927 0.09%

2,300 NEC Networks & System Integration Corp 45,110 0.01%

3,800 NET One Systems Co Ltd 23,942 0.01%

3,639 NetScout Systems Inc 119,765 0.03%

2,785 Nimble Storage Inc 70,137 0.02%

3,100 NS Solutions Corp 92,087 0.02%

5,300 Obic Co Ltd 212,250 0.05%

1,800 Qualys Inc 65,186 0.02%

11,452 Quantum Corp 17,267 0.00%

1,549 RealD Inc 17,142 0.00%

1,800 Roland DG Corp 45,614 0.01%


117







7,800 Sandvine Corp 20,131 0.00%

4,675 Science Applications International Corp 221,750 0.05%

5,000 SCSK Corp 136,975 0.03%

148,930 Serco Group PLC 248,054 0.06%

4,878 Silver Spring Networks Inc 54,331 0.01%

1,110 Sopra Steria Group 89,522 0.02%

3,618 Super Micro Computer Inc 96,051 0.02%

1,798 Sykes Enterprises Inc 39,133 0.01%

3,414 Synaptics Inc 265,763 0.06%

3,782 Syntel Inc 161,164 0.04%

1,840 TeleTech Holdings Inc 44,720 0.01%

7,720 Tieto OYJ 161,657 0.04%

3,509 Unisys Corp 62,955 0.01%

11,703 VeriFone Systems Inc 356,699 0.08%

3,000 Virtusa Corp 138,395 0.03%

4,163 Vocera Communications Inc 42,781 0.01%

8,000 Wacom Co Ltd 26,111 0.01%

1,840 Wincor Nixdorf AG 64,915 0.02%

6,900 Xaar PLC 45,288 0.01%

25,029 Xchanging PLC 42,394 0.01%


10,500 Aderans Co Ltd 81,404 0.02%

40,400 Avon Products Inc 226,983 0.05%

2,900 Dr Ci:Labo Co Ltd 91,357 0.02%

1,280 Elizabeth Arden Inc 16,382 0.00%

2,700 Fancl Corp 33,745 0.01%

1,571 Inter Parfums Inc 47,841 0.01%

2,800 Kose Corp 206,603 0.05%

12,000 Lion Corp 86,344 0.02%

1,300 Mandom Corp 51,966 0.01%

240 Milbon Co Ltd 6,856 0.00%

9,900 Pigeon Corp 279,923 0.06%

3,000 Pola Orbis Holdings Inc 152,487 0.04%

1,212 Revlon Inc - Class A 39,932 0.01%


4,400 Ai Holdings Corp 69,902 0.02%

3,163 Beacon Roofing Supply Inc 94,305 0.02%

3,200 Canon Marketing Japan Inc 48,890 0.01%

1,490 Core-Mark Holding Co Inc 79,234 0.02%

28,000 Daiwabo Holdings Co Ltd 49,905 0.01%

2,589 D'ieteren SA/NV 83,107 0.02%

7,075 Diploma PLC 80,690 0.02%

4,900 Doshisha Co Ltd 77,989 0.02%


118






Distribution/Wholesale (continued)

12,358 Entertainment One Ltd 62,098 0.01%

4,482 Essendant Inc 157,888 0.04%

4,000 Fossil Group Inc 249,004 0.06%

1,826 H&E Equipment Services Inc 32,728 0.01%

14,387 HD Supply Holdings Inc 454,258 0.11%

11,000 Inabata & Co Ltd 108,032 0.03%

34,663 Inchcape PLC 396,798 0.09%

14,345 Ingram Micro Inc 322,254 0.07%

14,000 Itochu Enex Co Ltd 120,758 0.03%

10,000 Iwatani Corp 56,917 0.01%

7,700 John Menzies PLC 53,229 0.01%

54,000 Kanematsu Corp 84,759 0.02%

5,004 MARR SpA 79,564 0.02%

7,000 Matsuda Sangyo Co Ltd 76,860 0.02%

12,200 Nagase & Co Ltd 151,226 0.04%

3,900 Nippon Gas Co Ltd 109,701 0.03%

4,113 Pool Corp 259,065 0.06%

1,100 Rentrak Corp 68,910 0.02%

1,750 Safilo Group SpA 22,610 0.01%

3,358 ScanSource Inc 114,706 0.03%

40,428 SIG PLC 114,414 0.03%

13,000 Sinanen Co Ltd 45,864 0.01%

127,200 Sojitz Corp 277,091 0.06%

989 Titan Machinery Inc 13,075 0.00%

3,000 Trusco Nakayama Corp 91,646 0.02%

120,000 VST Holdings Ltd 39,315 0.01%

9,400 Wakita & Co Ltd 86,044 0.02%

2,306 Watsco Inc 256,098 0.06%

3,500 WESCO International Inc 215,617 0.05%

3,800 Yamazen Corp 31,133 0.01%


3,750 AGF Management Ltd - Class B 15,798 0.00%

28,800 Aiful Corp 83,439 0.02%

8,883 Air Lease Corp 270,269 0.06%

5,728 Aircastle Ltd 116,544 0.03%

995 Altisource Portfolio Solutions SA 27,496 0.01%

29,700 ARA Asset Management Ltd 34,644 0.01%

3,900 Arlington Asset Investment Corp 68,465 0.02%

3,150 Artisan Partners Asset Management Inc 131,349 0.03%

27,109 Ashmore Group PLC 110,661 0.03%

1,145 Avanza Bank Holding AB 37,341 0.01%

12,089 Azimut Holding SpA 317,215 0.07%

13,337 BGC Partners Inc 104,738 0.02%


119






Diversified Financial Services (continued)

2,385 BinckBank NV 20,392 0.00%

4,489 Blackhawk Network Holdings Inc 165,991 0.04%

8,161 Bolsas y Mercados Espanoles SHMSF SA 296,081 0.07%

32,562 Brewin Dolphin Holdings PLC 134,162 0.03%

1,100 Calamos Asset Management Inc 12,094 0.00%

3,589 Callidus Capital Corp 35,993 0.01%

13,283 Canaccord Genuity Group Inc 74,292 0.02%

6,754 CBOE Holdings Inc 346,853 0.08%

5,600 Century Tokyo Leasing Corp 162,653 0.04%

13,354 Close Brothers Group PLC 288,017 0.07%

1,214 Cohen & Steers Inc 37,133 0.01%

9,072 CoreLogic Inc/United States 323,163 0.08%

8,482 Cowen Group Inc - Class A 48,721 0.01%

456 Credit Acceptance Corp 100,752 0.02%

2,600 Dundee Corp 23,439 0.01%

21,268 Element Financial Corp 301,967 0.07%

1,812 Ellie Mae Inc 113,498 0.03%

2,285 Encore Capital Group Inc 87,651 0.02%

1,327 Enova International Inc 22,248 0.01%

4,724 Euronext NV 166,852 0.04%

4,255 Evercore Partners Inc 206,067 0.05%

9,343 Federated Investors Inc 280,827 0.07%

378 FFP 27,594 0.01%

4,734 Financial Engines Inc 180,489 0.04%

25,000 FlexiGroup Ltd/Australia 50,185 0.01%

6,262 FNFV Group 86,438 0.02%

1,100 Fuyo General Lease Co Ltd 42,196 0.01%

15,813 GAM Holding AG 298,409 0.07%

1,175 GAMCO Investors Inc 72,459 0.02%

3,500 Gluskin Sheff + Associates Inc 63,155 0.01%

2,520 GMP Capital Inc 9,294 0.00%

3,302 Greenhill & Co Inc 122,484 0.03%

421,200 Guotai Junan International Holdings Ltd 246,248 0.06%

140,000 Haitong International Securities Group Ltd 113,454 0.03%

4,900 Hannon Armstrong Sustainable Infrastructure Capital Inc 88,175 0.02%

99,036 Henderson Group PLC 364,852 0.08%

2,800 Hitachi Capital Corp 66,540 0.02%

1,200 IBJ Leasing Co Ltd 25,041 0.01%

36,600 Ichigo Group Holdings Co Ltd 81,071 0.02%

32,529 IG Group Holdings PLC 342,755 0.08%

4,854 Interactive Brokers Group Inc 181,056 0.04%

41,394 Intermediate Capital Group PLC 321,061 0.07%

20,235 International Personal Finance PLC 130,528 0.03%


120







2,596 Investment Technology Group Inc 57,782 0.01%

23,424 IOOF Holdings Ltd 145,264 0.03%

5,100 J Trust Co Ltd 43,242 0.01%

18,000 Jaccs Co Ltd 77,762 0.02%

12,533 Janus Capital Group Inc 192,573 0.04%

10,300 Japan Securities Finance Co Ltd 53,865 0.01%

8,799 KCG Holdings Inc 97,372 0.02%

31,300 Kenedix Inc 108,130 0.03%

7,199 LPL Financial Holdings Inc 300,378 0.07%

11,000 Magellan Financial Group Ltd 132,032 0.03%

144,664 Man Group PLC 320,381 0.07%

3,312 MarketAxess Holdings Inc 275,762 0.06%

10,700 Marusan Securities Co Ltd 103,359 0.02%

5,200 Matsui Securities Co Ltd 41,001 0.01%

3,513 MLP AG 13,209 0.00%

2,081 Moelis & Co 53,622 0.01%

4,332 Nationstar Mortgage Holdings Inc 65,318 0.02%

1,783 Nelnet Inc 69,307 0.02%

15,356 NorthStar Asset Management Group Inc/New York 254,831 0.06%

8,800 Ocwen Financial Corp 80,560 0.02%

10,000 Okasan Securities Group Inc 63,151 0.01%

4,330 OM Asset Management Plc 69,135 0.02%

53,100 Orient Corp 84,904 0.02%

22,590 Paragon Group of Cos PLC/The 132,071 0.03%

3,974 Perpetual Ltd 132,572 0.03%

4,602 PHH Corp 107,512 0.02%

1,196 Piper Jaffray Cos 46,844 0.01%

4,111 Plus500 Ltd 22,631 0.01%

4,747 PRA Group Inc 265,469 0.06%

13,872 Provident Financial PLC 573,119 0.13%

5,520 RCS Capital Corp - Class A 37,949 0.01%

3,200 Ricoh Leasing Co Ltd 88,133 0.02%

36,866 SLM Corp 326,573 0.08%

48,100 Sparx Group Co Ltd 90,669 0.02%

3,900 Springleaf Holdings Inc 160,697 0.04%

33,226 Sprott Inc 58,998 0.01%

5,533 Stifel Financial Corp 286,731 0.07%

45,000 Sun Hung Kai & Co Ltd 36,259 0.01%

2,680 TMX Group Ltd 102,401 0.02%

18,000 Tokai Tokyo Financial Holdings Inc 117,633 0.03%

13,700 Tricon Capital Group Inc 107,451 0.02%

19,756 Tullett Prebon PLC 102,313 0.02%

70,000 Value Partners Group Ltd 99,191 0.02%


121







435 Virtus Investment Partners Inc 51,632 0.01%

2,582 Vontobel Holding AG 107,493 0.02%

7,865 Waddell & Reed Financial Inc 333,955 0.08%

2,700 WageWorks Inc 98,021 0.02%

1,650 Walter Investment Management Corp 33,868 0.01%

9,550 WisdomTree Investments Inc 188,266 0.04%

568 World Acceptance Corp 31,357 0.01%

Electric

106,281 A2A SpA 113,721 0.03%

8,064 ACEA SpA 91,849 0.02%

1,760 Albioma SA 23,971 0.01%

15,898 Algonquin Power & Utilities Corp 106,975 0.02%

3,624 ALLETE Inc 150,886 0.04%

4,649 Atlantic Power Corp 12,901 0.00%

5,556 Avista Corp 152,837 0.04%

527 BKW AG 17,663 0.00%

3,739 Black Hills Corp 146,479 0.03%

4,147 Boralex Inc 39,591 0.01%

5,992 Capital Power Corp 92,786 0.02%

5,622 Cleco Corp 271,715 0.06%

115,376 DUET Group 183,850 0.04%

7,993 Dynegy Inc 209,832 0.05%

3,240 El Paso Electric Co 100,788 0.02%

2,346 Elia System Operator SA/NV 85,136 0.02%

5,983 Empire District Electric Co/The 117,061 0.03%

4,291 EnerNOC Inc 37,357 0.01%

1,952 EVN AG 19,167 0.00%

12,531 Great Plains Energy Inc 271,719 0.06%

8,992 Hawaiian Electric Industries Inc 239,932 0.06%

47,399 Hera SpA 106,363 0.02%

14,700 Hokkaido Electric Power Co Inc 149,761 0.03%

4,277 IDACORP Inc 215,501 0.05%

63,463 Infratil Ltd 121,534 0.03%

84,895 Iren SpA 104,251 0.02%

14,133 ITC Holdings Corp 408,185 0.09%

4,012 MGE Energy Inc 139,459 0.03%

7,840 Northland Power Inc 89,164 0.02%

4,224 NorthWestern Corp 184,814 0.04%

3,612 NRG Yield Inc 71,287 0.02%

3,612 NRG Yield Inc - Class A 70,963 0.02%

1,200 Okinawa Electric Power Co Inc/The 26,933 0.01%

3,278 Ormat Technologies Inc 110,855 0.03%

1,642 Otter Tail Corp 39,201 0.01%


122






Electric (continued)

6,605 PNM Resources Inc 145,829 0.03%

6,879 Portland General Electric Co 204,728 0.05%

22,223 REN - Redes Energeticas Nacionais SGPS SA 55,802 0.01%

121,298 Spark Infrastructure Group 163,583 0.04%

8,589 Talen Energy Corp 132,281 0.03%

22,291 TECO Energy Inc 353,311 0.08%

5,887 UIL Holdings Corp 242,095 0.06%

11,437 Westar Energy Inc 351,260 0.08%


2,487 Advanced Energy Industries Inc 61,360 0.01%

3,042 Bekaert SA 76,993 0.02%

4,224 Belden Inc 307,948 0.07%

1,064 Daetwyler Holding AG 113,525 0.03%

1,785 Encore Wire Corp 70,955 0.02%

4,634 EnerSys 292,339 0.07%

25,000 Fujikura Ltd 125,606 0.03%

82,000 Furukawa Electric Co Ltd 131,114 0.03%

20,907 Gamesa Corp Tecnologica SA 295,416 0.07%

6,559 Generac Holdings Inc 233,998 0.05%

6,758 General Cable Corp 119,669 0.03%

9,163 GrafTech International Ltd 40,790 0.01%

27,000 GS Yuasa Corp 95,255 0.02%

4,751 Hubbell Inc 461,711 0.11%

522 Huber & Suhner AG 20,554 0.00%

4,000 Icom Inc 90,510 0.02%

41,625 Johnson Electric Holdings Ltd 120,231 0.03%

3,068 Leoni AG 173,741 0.04%

2,040 Littelfuse Inc 173,735 0.04%

614 Mersen 13,483 0.00%

1,696 Nexans SA 56,977 0.01%

9,000 Nippon Signal Company Ltd 88,720 0.02%

1,100 Powell Industries Inc 34,722 0.01%

3,512 Saft Groupe SA 122,920 0.03%

1,023 Solar A/S 50,054 0.01%

4,579 SunPower Corp - Class A 116,756 0.03%

3,110 TKH Group NV 116,858 0.03%

3,990 Universal Display Corp 185,247 0.04%

10,400 Ushio Inc 121,591 0.03%

6,900 Vicor Corp 75,490 0.02%

1,856 Vossloh AG 99,389 0.02%

1,196 Zumtobel Group AG 31,879 0.01%


123






Electronics

8,318 Allegion PLC 448,972 0.10%

15,500 Alps Electric Co Ltd 429,169 0.10%

454 American Science & Engineering Inc 17,851 0.00%

11,200 Anritsu Corp 67,854 0.02%

3,800 Avigilon Corp 46,004 0.01%

7,809 AVX Corp 94,336 0.02%

6,200 Azbil Corp 143,928 0.03%

978 Badger Meter Inc 55,729 0.01%

1,690 Barco NV 97,141 0.02%

6,102 Benchmark Electronics Inc 119,280 0.03%

5,555 Brady Corp 123,345 0.03%

16,624 Celestica Inc 173,766 0.04%

2,146 Checkpoint Systems Inc 19,607 0.00%

2,591 Coherent Inc 147,619 0.03%

2,643 CTS Corp 45,710 0.01%

2,114 Dialight PLC 15,248 0.00%

3,700 Eizo Corp 76,394 0.02%

29,153 Electrocomponents PLC 87,155 0.02%

2,751 ESCO Technologies Inc 92,367 0.02%

530 EVS Broadcast Equipment SA 13,780 0.00%

902 FARO Technologies Inc 37,806 0.01%

3,522 FEI Co 262,143 0.06%

6,490 Fingerprint Cards AB 125,306 0.03%

1,788 Fluidigm Corp 38,835 0.01%

4,000 Fujitsu General Ltd 46,032 0.01%

2,000 Futaba Corp 32,537 0.01%

350,000 GCL New Energy Holdings Ltd 27,553 0.01%

28,404 Gentex Corp/MI 418,591 0.10%

6,700 GSI Group Inc 90,380 0.02%

32,670 Halma PLC 351,388 0.08%

2,800 Horiba Ltd 102,274 0.02%

4,000 Hosiden Corp 21,975 0.01%

5,295 II-VI Inc 90,198 0.02%

5,800 IMAX Corp 209,627 0.05%

1,400 Inaba Denki Sangyo Co Ltd 43,744 0.01%

1,000 Iriso Electronics Co Ltd 63,665 0.01%

3,918 Itron Inc 121,106 0.03%

2,062 Ituran Location and Control Ltd 45,712 0.01%

14,648 Jabil Circuit Inc 279,892 0.06%

4,000 Japan Aviation Electronics Industry Ltd 97,698 0.02%

336 Kaba Holding AG 179,572 0.04%

7,700 Kaga Electronics Co Ltd 89,742 0.02%

13,921 Keysight Technologies Inc 389,693 0.09%


124






Electronics (continued)

6,203 Knowles Corp 100,767 0.02%

6,200 Kuroda Electric Co Ltd 103,546 0.02%

3,700 Methode Electronics Inc 91,155 0.02%

3,600 Mitsumi Electric Co Ltd 21,916 0.01%

8,747 National Instruments Corp 231,275 0.05%

2,106 Newport Corp 35,837 0.01%

2,800 Nichicon Corp 20,455 0.00%

1,900 Nissha Printing Co Ltd 28,833 0.01%

4,000 Nitto Kogyo Corp 80,857 0.02%

1,400 NVE Corp 98,510 0.02%

43,034 Opus Group AB 36,307 0.01%

1,842 OSI Systems Inc 117,030 0.03%

3,000 Oxford Instruments PLC 41,096 0.01%

1,279 Park Electrochemical Corp 21,994 0.01%

10,377 PerkinElmer Inc 490,258 0.11%

2,909 Plexus Corp 114,564 0.03%

30,832 Premier Farnell PLC 75,245 0.02%

3,547 Renishaw PLC 114,701 0.03%

1,065 Rofin-Sinar Technologies Inc 26,381 0.01%

2,283 Rogers Corp 135,521 0.03%

68,150 Rotork PLC 223,748 0.05%

1,700 Ryosan Co Ltd 40,150 0.01%

6,925 Sanmina Corp 125,299 0.03%

919 Sartorius AG 153,243 0.04%

24,000 SCREEN Holdings Co Ltd 135,720 0.03%

10,235 Spectris PLC 304,827 0.07%

3,200 Star Micronics Co Ltd 49,007 0.01%

8,600 Tabuchi Electric Co Ltd 71,972 0.02%

14,000 Taiyo Yuden Co Ltd 176,413 0.04%

3,596 TASER International Inc 107,506 0.02%

3,699 Tech Data Corp 191,092 0.04%

1,800 Tokyo Seimitsu Co Ltd 35,448 0.01%

9,900 Toyo Corp/Chuo-ku 74,791 0.02%

110,000 Truly International Holdings Ltd 40,623 0.01%

11,670 TT Electronics plc 23,926 0.01%

2,519 TTM Technologies Inc 22,586 0.01%

38,000 United Engineers Ltd 62,309 0.01%

27,000 Venture Corp Ltd 138,935 0.03%

9,637 Vishay Intertechnology Inc 101,023 0.02%

2,258 Watts Water Technologies Inc 105,077 0.02%

5,179 Woodward Inc 255,603 0.06%


125







21,349 Ballard Power Systems Inc 39,597 0.01%

7,535 Clean Energy Fuels Corp 38,006 0.01%

18,623 Ence Energia y Celulosa SA 57,080 0.01%

6,865 First Solar Inc 289,461 0.07%

42,900 FuelCell Energy Inc 37,614 0.01%

4,362 FutureFuel Corp 50,385 0.01%

3,200 Green Plains Inc 79,124 0.02%

10,674 Innergex Renewable Energy Inc 81,492 0.02%

2,089 NextEra Energy Partners LP 74,283 0.02%

7,954 Nordex SE 170,971 0.04%

3,770 Pattern Energy Group Inc 96,026 0.02%

17,975 Plug Power Inc 39,525 0.01%

6,158 REC Solar ASA 74,464 0.02%

5,148 Renewable Energy Group Inc 53,411 0.01%

750 REX American Resources Corp 42,838 0.01%

4,600 SolarCity Corp 221,082 0.05%

9,500 Solazyme Inc 26,773 0.01%

5,129 TerraForm Power Inc 174,833 0.04%

414,000 United Photovoltaics Group Ltd 58,473 0.01%


41,059 Abengoa SA 115,786 0.03%

2,708 Acciona SA 183,413 0.04%

13,471 AECOM 399,947 0.09%

6,796 Aecon Group Inc 62,292 0.01%

1,626 Aegion Corp 27,640 0.01%

4,557 Arcadis NV 112,421 0.03%

5,435 Astaldi SpA 45,219 0.01%

49,597 Balfour Beatty PLC 169,346 0.04%

30,100 BBA Aviation PLC 128,181 0.03%

3,817 Bilfinger SE 129,492 0.03%

2,242 Bird Construction Inc 17,955 0.00%

21,716 Cardno Ltd 48,386 0.01%

39,757 Carillion PLC 191,865 0.04%

6,600 Chudenko Corp 113,712 0.03%

5,461 Comfort Systems USA Inc 112,484 0.03%

9,500 COMSYS Holdings Corp 126,956 0.03%

33,653 Downer EDI Ltd 110,966 0.03%

3,167 Dycom Industries Inc 167,275 0.04%

3,707 Eiffage SA 184,979 0.04%

6,912 EMCOR Group Inc 296,344 0.07%

1,694 Exponent Inc 68,082 0.02%

518 Flughafen Wien AG 40,311 0.01%

417 Flughafen Zuerich AG 289,740 0.07%


126






Engineering & Construction (continued)

17,496 Fomento de Construcciones y Contratas SA 159,686 0.04%

1,443 Gaztransport Et Technigaz SA 81,876 0.02%

3,173 Granite Construction Inc 101,125 0.02%

2,200 Grontmij NV 9,471 0.00%

19,000 Hazama Ando Corp 92,395 0.02%

7,115 JM AB 173,929 0.04%

8,000 Kandenko Co Ltd 44,829 0.01%

11,500 KBR Inc 201,059 0.05%

4,116 Keller Group PLC 59,434 0.01%

8,437 Kier Group PLC 169,463 0.04%

12,000 Kinden Corp 142,498 0.03%

17,044 Koninklijke BAM Groep NV 64,614 0.01%

35,000 Kumagai Gumi Co Ltd 92,673 0.02%

3,800 Kyowa Exeo Corp 39,745 0.01%

6,000 Kyudenko Corp 96,817 0.02%

8,000 Maeda Corp 49,758 0.01%

4,000 Maeda Road Construction Co Ltd 66,129 0.02%

6,564 MasTec Inc 117,059 0.03%

4,700 Mirait Holdings Corp 49,227 0.01%

7,877 Monadelphous Group Ltd 50,914 0.01%

1,645 MYR Group Inc 45,709 0.01%

8,225 NCC AB 225,173 0.05%

5,000 Nippo Corp 76,941 0.02%

5,000 Nippon Densetsu Kogyo Co Ltd 79,031 0.02%

11,000 Nippon Koei Co Ltd 38,888 0.01%

15,000 Nishimatsu Construction Co Ltd 50,499 0.01%

4,209 Obrascon Huarte Lain SA 64,250 0.01%

10,000 Okumura Corp 45,842 0.01%

16,380 Peab AB 108,520 0.03%

15,000 Penta-Ocean Construction Co Ltd 55,670 0.01%

500 PER Aarsleff A/S 153,823 0.04%

6,996 Royal Imtech NV 25,969 0.01%

31,071 Sacyr SA 105,517 0.02%

19,281 Salini Impregilo SpA 79,052 0.02%

65,000 SATS Ltd 159,871 0.04%

24,948 Shikun & Binui Ltd 50,333 0.01%

6,600 Shinko Plantech Co Ltd 52,330 0.01%

1,500 SHO-BOND Holdings Co Ltd 56,220 0.01%

36,000 SOCAM Development Ltd 26,465 0.01%

7,096 Stantec Inc 186,197 0.04%

78,300 Sumitomo Mitsui Construction Co Ltd 91,889 0.02%

1,800 Taikisha Ltd 39,000 0.01%

4,700 Takasago Thermal Engineering Co Ltd 51,227 0.01%

14,000 Takuma Co Ltd 80,094 0.02%


127







2,806 Tecnicas Reunidas SA 129,357 0.03%

23,000 Tekken Corp 61,406 0.01%

27,000 Toa Corp/Tokyo 39,211 0.01%

10,000 Toda Corp 41,221 0.01%

10,000 Toenec Corp 55,817 0.01%

3,000 Toshiba Plant Systems & Services Corp 32,808 0.01%

4,500 Totetsu Kogyo Co Ltd 83,670 0.02%

9,000 Toyo Engineering Corp 19,209 0.00%

73,931 Transfield Services Ltd 72,674 0.02%

1,803 Tutor Perini Corp 34,921 0.01%

6,378 WSP Global Inc 180,241 0.04%

11,000 Yahagi Construction Co Ltd 69,951 0.02%

17,000 Yurtec Corp 110,350 0.03%

Entertainment

8,792 Amaya Inc 216,288 0.05%

3,926 AMC Entertainment Holdings Inc 108,104 0.03%

2,400 Avex Group Holdings Inc 37,847 0.01%

7,210 Betfair Group PLC 244,858 0.06%

12,279 Betsson AB 159,114 0.04%

53,257 Bwin.Party Digital Entertainment PLC 73,556 0.02%

8,084 Caesars Acquisition Co 49,917 0.01%

2,900 Carmike Cinemas Inc 69,077 0.02%

1,027 Churchill Downs Inc 115,263 0.03%

8,411 Cinemark Holdings Inc 303,240 0.07%

5,551 Cineplex Inc 187,637 0.04%

4,100 Dolby Laboratories Inc 146,013 0.03%

6,964 DreamWorks Animation SKG Inc 164,881 0.04%

8,667 Gaming and Leisure Properties Inc 285,166 0.07%

3,495 Great Canadian Gaming Corp 60,326 0.01%

6,933 GVC Holdings PLC 44,282 0.01%

2,300 Heiwa Corp 41,128 0.01%

10 International Game Technology PLC 159 0.00%

2,604 International Speedway Corp 85,702 0.02%

36,000 Juventus Football Club SpA 9,616 0.00%

90,680 Ladbrokes PLC 166,138 0.04%

8,194 Lions Gate Entertainment Corp 272,471 0.06%

6,179 Madison Square Garden Co/The 463,009 0.11%

2,532 Marriott Vacations Worldwide Corp 208,500 0.05%

2,700 Mars Engineering Corp 42,954 0.01%

400,000 Mei Ah Entertainment Group Ltd 64,368 0.01%

6,509 National CineMedia Inc 93,236 0.02%


128

Schedule of Investment (continued)





Entertainment (continued)

3,478 Paddy Power PLC 267,354 0.06%

6,383 Penn National Gaming Inc 105,123 0.02%

6,074 Pinnacle Entertainment Inc 203,230 0.05%

6,475 Regal Entertainment Group 121,515 0.03%

3,914 Scientific Games Corp 54,589 0.01%

5,700 SeaWorld Entertainment Inc 94,335 0.02%

4,000 Shochiku Co Ltd 32,155 0.01%

7,197 Six Flags Entertainment Corp 289,702 0.07%

3,505 SkiStar AB 36,206 0.01%

17,000 Toei Co Ltd 108,854 0.03%

17,000 Tokyotokeiba Co Ltd 36,160 0.01%

1,585 Unibet Group PLC 86,578 0.02%

800 Universal Entertainment Corp 16,236 0.00%

3,447 Vail Resorts Inc 337,832 0.08%

Environmental Control

1,800 Asahi Holdings Inc 27,540 0.01%

3,100 CECO Environmental Corp 31,523 0.01%

4,817 Clean Harbors Inc 232,333 0.05%

9,071 Covanta Holding Corp 172,513 0.04%

1,800 Daiseki Co Ltd 31,276 0.01%

4,356 Derichebourg SA 12,541 0.00%

12,300 Hitachi Zosen Corp 62,971 0.01%

22,000 Hyflux Ltd 12,611 0.00%

2,207 MSA Safety Inc 96,088 0.02%

2,301 Newalta Corp 23,522 0.01%

9,414 Progressive Waste Solutions Ltd 226,717 0.05%

16,965 Shanks Group PLC 24,365 0.01%

609,700 SIIC Environment Holdings Ltd 79,247 0.02%

7,072 Tetra Tech Inc 162,741 0.04%

103,614 Transpacific Industries Group Ltd 55,036 0.01%

1,420 US Ecology Inc 62,092 0.01%

10,338 Waste Connections Inc 437,198 0.10%

Food

2,855 AAK AB 151,720 0.04%

3,257 AGT Food & Ingredients Inc 74,224 0.02%

4,000 Amsterdam Commodities NV 90,780 0.02%

3,900 Arcs Co Ltd 76,319 0.02%

3,400 Ariake Japan Co Ltd 124,938 0.03%

1,417 Atria Oyj 12,951 0.00%

5,374 Austevoll Seafood ASA 25,196 0.01%

4,100 Axfood AB 58,717 0.01%

5,753 B&G Foods Inc 147,310 0.03%

4,157 Bakkafrost P/F 99,349 0.02%


129






Food (continued)

3,100 Bonduelle S.C.A. 70,680 0.02%

136,335 Booker Group PLC 324,065 0.08%

2,700 Boulder Brands Inc 16,817 0.00%

2,000 Calavo Growers Inc 93,215 0.02%

3,176 Cal-Maine Foods Inc 148,795 0.03%

600 Chefs' Warehouse Inc/The 11,438 0.00%

9,998 Chr Hansen Holding A/S 437,587 0.10%

3,552 Corbion NV 62,995 0.01%

14,419 Dairy Crest Group PLC 108,377 0.03%

15,004 Darling Ingredients Inc 197,414 0.05%

9,310 Dean Foods Co 135,113 0.03%

7,891 Devro PLC 33,721 0.01%

2,900 Diamond Foods Inc 81,675 0.02%

9,054 Ebro Foods SA 157,177 0.04%

295 Emmi AG 85,275 0.02%

5,500 Ezaki Glico Co Ltd 245,271 0.06%

15,258 Flowers Foods Inc 289,631 0.07%

4,070 Fresh Del Monte Produce Inc 141,219 0.03%

3,838 Fresh Market Inc/The 110,710 0.03%

3,276 Frutarom Industries Ltd 123,380 0.03%

6,500 Fuji Oil Co Ltd/Osaka 102,311 0.02%

13,429 Glanbia PLC 236,753 0.05%

27,582 Greencore Group PLC 122,247 0.03%

14,092 Greggs PLC 235,310 0.05%

8,418 Hain Celestial Group Inc/The 497,585 0.12%

2,419 High Liner Foods Inc 39,389 0.01%

1,528 HKScan OYJ 8,144 0.00%

4,800 House Foods Group Inc 81,960 0.02%

2,072 Ingles Markets Inc - Class A 88,835 0.02%

6,297 Ingredion Inc 451,053 0.10%

8,000 Itoham Foods Inc 38,727 0.01%

1,646 J&J Snack Foods Corp 163,492 0.04%

4,590 Kesko OYJ 143,254 0.03%

9,300 Kewpie Corp 176,806 0.04%

1,836 Lancaster Colony Corp 149,704 0.03%

3,400 Leroy Seafood Group AS 99,293 0.02%

9,191 Maple Leaf Foods Inc 156,528 0.04%

27,497 Marine Harvest ASA 281,997 0.07%

5,000 Marudai Food Co Ltd 16,796 0.00%

76,014 Metcash Ltd 57,942 0.01%

16,000 Morinaga & Co Ltd/Japan 61,494 0.01%

9,000 Morinaga Milk Industry Co Ltd 29,639 0.01%


130






Food (continued)

710 Naturex 44,283 0.01%

14,000 Nichirei Corp 86,769 0.02%

29,000 Nippon Beet Sugar Manufacturing Co Ltd 42,966 0.01%

8,000 Nippon Flour Mills Co Ltd 43,480 0.01%

11,100 Nippon Suisan Kaisha Ltd 28,495 0.01%

7,000 Nisshin Oillio Group Ltd/The 25,774 0.01%

5,527 North West Co Inc/The 98,380 0.02%

41,752 Ocado Group PLC 262,783 0.06%

2,379 Osem Investments Ltd 44,476 0.01%

10,288 Pinnacle Foods Inc 420,495 0.10%

4,836 Post Holdings Inc 234,074 0.05%

20,194 Premier Foods PLC 10,760 0.00%

1,812 Premium Brands Holdings Corp 41,815 0.01%

2,800 San-A Co Ltd 111,311 0.03%

1,662 Sanderson Farms Inc 112,113 0.03%

44 Seaboard Corp 142,125 0.03%

12,822 Select Harvests Ltd 97,294 0.02%

3,000 Seneca Foods Corp 74,771 0.02%

4,222 Snyder's-Lance Inc 122,280 0.03%

79,894 Sonae SGPS SA 94,035 0.02%

3,202 SpartanNash Co 93,514 0.02%

14,066 Sprouts Farmers Market Inc 340,604 0.08%

2,303 Strauss Group Ltd 33,521 0.01%

6,063 Suedzucker AG 90,490 0.02%

20,000 Super Group Ltd/Singapore 14,797 0.00%

16,673 SUPERVALU Inc 121,060 0.03%

3,403 Tootsie Roll Industries Inc 98,682 0.02%

3,668 TreeHouse Foods Inc 266,755 0.06%

4,101 United Natural Foods Inc 234,385 0.05%

16,100 UNY Group Holdings Co Ltd 92,463 0.02%

3,867 Viscofan SA 209,785 0.05%

703 Weis Markets Inc 26,594 0.01%

14,131 Wessanen 111,338 0.03%

2,600 Yaoko Co Ltd 108,509 0.03%

6,700 Yokohama Reito Co Ltd 46,931 0.01%


16,839 BillerudKorsnas AB 237,328 0.06%

7,650 Canfor Corp 149,588 0.03%

2,028 Canfor Pulp Products Inc 22,831 0.01%

10,360 Cascades Inc 53,251 0.01%

1,861 Clearwater Paper Corp 95,706 0.02%

5,000 Daio Paper Corp 45,108 0.01%


131






Forest Products & Paper (continued)

1,270 Deltic Timber Corp 77,098 0.02%

5,756 Domtar Corp 213,874 0.05%

83,968 DS Smith PLC 457,492 0.11%

6,000 Hokuetsu Kishu Paper Co Ltd 29,749 0.01%

3,892 Holmen AB 101,835 0.02%

8,800 Interfor Corp 129,625 0.03%

8,693 Metsa Board OYJ 48,420 0.01%

101,000 Mitsubishi Paper Mills Ltd 68,154 0.02%

1,222 Neenah Paper Inc 64,664 0.02%

2,411 PH Glatfelter Co 47,584 0.01%

9,500 Portucel SA 32,775 0.01%

4,591 Resolute Forest Products Inc 46,355 0.01%

2,858 Schweitzer-Mauduit International Inc 102,295 0.02%

2,750 Semapa-Sociedade de Investimento e Gestao 33,303 0.01%

21,736 Smurfit Kappa Group PLC 537,097 0.12%

10,500 Sumitomo Forestry Co Ltd 116,291 0.03%

1,193 Veritiv Corp 39,039 0.01%

51,748 Western Forest Products Inc 82,959 0.02%

Gas

9,757 AGL Resources Inc 407,724 0.09%

8,800 Atmos Energy Corp 405,012 0.09%

1,646 Chesapeake Utilities Corp 79,552 0.02%

13,306 Just Energy Group Inc 62,272 0.01%

4,266 Laclede Group Inc/The 199,325 0.05%

6,307 National Fuel Gas Co 333,351 0.08%

9,100 New Jersey Resources Corp 225,009 0.05%

3,005 Northwest Natural Gas Co 113,760 0.03%

4,586 ONE Gas Inc 175,175 0.04%

7,014 Piedmont Natural Gas Co Inc 222,280 0.05%

17,139 Questar Corp 321,645 0.07%

3,186 Rubis SCA 195,812 0.05%

5,844 South Jersey Industries Inc 129,709 0.03%

3,176 Southwest Gas Corp 151,674 0.04%

14,980 UGI Corp 463,167 0.11%

2,160 Valener Inc 26,149 0.01%

6,928 Vectren Corp 239,265 0.06%

4,783 WGL Holdings Inc 233,054 0.05%

Hand/Machine Tools

10,000 Asahi Diamond Industrial Co Ltd 101,145 0.02%

2,200 Disco Corp 163,460 0.04%

6,653 DMG Mori AG 215,258 0.05%

10,300 DMG Mori Co Ltd 178,668 0.04%

3,352 Franklin Electric Co Inc 97,263 0.02%


132






Hand/Machine Tools (continued)

3,900 Hitachi Koki Co Ltd 29,206 0.01%

1,421 Industria Macchine Automatiche SpA 59,398 0.01%

6,456 Kennametal Inc 197,701 0.05%

4,716 Konecranes OYJ 123,229 0.03%

2,395 KUKA AG 178,954 0.04%

7,115 Lincoln Electric Holdings Inc 388,828 0.09%

22,000 Meidensha Corp 74,227 0.02%

6,953 Meyer Burger Technology AG 53,686 0.01%

6,800 OSG Corp 130,874 0.03%

3,423 Regal Beloit Corp 223,008 0.05%

50 Schweiter Technologies AG 36,158 0.01%

Healthcare-Products

1,259 Abaxis Inc 58,170 0.01%

3,561 ABIOMED Inc 210,074 0.05%

2,080 Accelerate Diagnostics Inc 48,182 0.01%

5,069 Accuray Inc 30,663 0.01%

21,766 Advanced Medical Solutions Group PLC 43,934 0.01%

4,906 Affymetrix Inc 48,083 0.01%

6,950 Alere Inc 329,037 0.08%

5,503 Align Technology Inc 309,723 0.07%

702 Analogic Corp 49,711 0.01%

2,841 AngioDynamics Inc 41,817 0.01%

3,300 As One Corp 102,021 0.02%

2,000 Asahi Intecc Co Ltd 123,075 0.03%

2,154 AtriCure Inc 47,635 0.01%

186,000 Biosensors International Group Ltd 101,042 0.02%

3,047 Bio-Techne Corp 269,286 0.06%

10,881 Bruker Corp 199,319 0.05%

2,148 Cantel Medical Corp 103,467 0.02%

3,200 Cardiovascular Systems Inc 75,965 0.02%

3,770 Carl Zeiss Meditec AG 86,220 0.02%

37 Carmat 2,109 0.00%

6,522 Cepheid 357,943 0.08%

23,200 Cerus Corp 108,067 0.03%

130 Comet Holding AG 97,131 0.02%

3,598 CONMED Corp 188,167 0.04%

2,958 Cyberonics Inc 157,856 0.04%

4,400 Cynosure Inc 152,353 0.04%

2,402 DiaSorin SpA 98,362 0.02%

895 Draegerwerk AG & Co KGaA PRF 86,018 0.02%

6,683 Endologix Inc 92,010 0.02%

42,972 Fisher & Paykel Healthcare Corp Ltd 178,670 0.04%

1,700 Fukuda Denshi Co Ltd 84,789 0.02%


133






Healthcare-Products (continued)

8,900 GenMark Diagnostics Inc 72,369 0.02%

927 Genomic Health Inc 23,121 0.01%

6,809 Globus Medical Inc 156,872 0.04%

3,228 Greatbatch Inc 156,214 0.04%

3,762 Haemonetics Corp 139,648 0.03%

4,125 Halyard Health Inc 149,939 0.03%

5,351 Hanger Inc 112,572 0.03%

1,216 HeartWare International Inc 79,331 0.02%

4,687 Hill-Rom Holdings Inc 228,545 0.05%

800 Hogy Medical Co Ltd 36,849 0.01%

1,869 ICU Medical Inc 160,464 0.04%

7,824 IDEXX Laboratories Inc 450,396 0.10%

5,281 Insulet Corp 146,860 0.03%

2,264 Integra LifeSciences Holdings Corp 136,893 0.03%

1,092 Invacare Corp 21,199 0.00%

1,912 Ion Beam Applications 46,691 0.01%

2,257 K2M Group Holdings Inc 48,657 0.01%

2,500 LDR Holding Corp 97,043 0.02%

1,847 Luminex Corp 28,612 0.01%

4,828 Masimo Corp 167,866 0.04%

6,125 Meridian Bioscience Inc 102,468 0.02%

1,932 Merit Medical Systems Inc 37,350 0.01%

10,400 MiMedx Group Inc 108,182 0.03%

2,000 Nakanishi Inc 70,999 0.02%

2,181 Natus Medical Inc 83,309 0.02%

7,000 Nihon Kohden Corp 155,568 0.04%

6,200 Nipro Corp 56,980 0.01%

4,328 NuVasive Inc 184,043 0.04%

8,228 NxStage Medical Inc 105,490 0.02%

3,510 OraSure Technologies Inc 16,980 0.00%

1,100 Paramount Bed Holdings Co Ltd 29,166 0.01%

1,767 Quidel Corp 36,396 0.01%

4,883 Rockwell Medical Inc 70,646 0.02%

310 Sartorius Stedim Biotech 76,710 0.02%

5,441 Sirona Dental Systems Inc 490,383 0.11%

30,212 Sorin SpA 75,832 0.02%

2,678 Spectranetics Corp/The 55,305 0.01%

5,357 STAAR Surgical Co 46,445 0.01%

4,916 STERIS Corp 284,318 0.07%

688 Straumann Holding AG 169,477 0.04%

5,942 Synergy Health PLC 144,175 0.03%

1,241 Tecan Group AG 133,482 0.03%

3,586 Teleflex Inc 435,939 0.10%


134







4,037 Thoratec Corp 161,487 0.04%

8,100 Topcon Corp 175,262 0.04%

2,900 Tornier NV 65,043 0.02%

14,153 Unilife Corp 27,310 0.01%

1,479 Vascular Solutions Inc 46,088 0.01%

3,500 VWR Corp 83,966 0.02%

5,973 West Pharmaceutical Services Inc 311,355 0.07%

3,855 Wright Medical Group Inc 90,856 0.02%

4,149 Zeltiq Aesthetics Inc 109,739 0.03%

1,128 Orthofix International NPV 33,530 0.01%

Healthcare-Services

4,954 Acadia Healthcare Co Inc 348,274 0.08%

747 Adeptus Health Inc - Class A 63,685 0.01%

3,100 Ain Pharmaciez Inc 129,149 0.03%

2,818 Air Methods Corp 104,556 0.02%

1,295 Amedisys Inc 46,177 0.01%

5,003 Amsurg Corp 314,091 0.07%

1,608 Bio-Reference Laboratories Inc 59,532 0.01%

1,000 BML Inc 28,092 0.01%

15,896 Brookdale Senior Living Inc 495,056 0.11%

2,100 Capital Senior Living Corp 46,177 0.01%

1,744 Chemed Corp 205,204 0.05%

9,991 Community Health Systems Inc 564,650 0.13%

2,800 Ensign Group Inc/The 128,314 0.03%

794 Eurofins Scientific SE 216,841 0.05%

15,291 Extendicare Inc 83,214 0.02%

7,083 Health Net Inc/CA 407,613 0.09%

6,801 HealthSouth Corp 281,147 0.07%

2,389 Healthways Inc 25,687 0.01%

2,664 IPC Healthcare Inc 132,435 0.03%

7,190 Kindred Healthcare Inc 130,933 0.03%

2,400 Korian SA 71,544 0.02%

3,989 LifePoint Health Inc 311,294 0.07%

1,990 Magellan Health Inc 125,147 0.03%

7,325 Medical Facilities Corp 79,778 0.02%

8,670 MEDNAX Inc 576,677 0.13%

1,000 Message Co Ltd 24,204 0.01%

2,839 Molina Healthcare Inc 179,126 0.04%

2,860 Orpea 179,465 0.04%

4,000 PeptiDream Inc 100,631 0.02%

4,000 Premier Inc - Class A 138,072 0.03%

37,362 Primary Health Care Ltd 129,897 0.03%

1,482 Providence Service Corp/The 58,897 0.01%


135






Healthcare-Services (continued)

43,000 Raffles Medical Group Ltd 131,843 0.03%

4,519 RHOEN-KLINIKUM AG 108,750 0.03%

10,000 Select Medical Holdings Corp 145,396 0.03%

2,500 Sienna Senior Living Inc 27,767 0.01%

3,068 Surgical Care Affiliates Inc 105,681 0.02%

8,659 Tenet Healthcare Corp 449,814 0.10%

582 Triple-S Management Corp 13,403 0.00%

2,510 US Physical Therapy Inc 123,360 0.03%

4,240 WellCare Health Plans Inc 322,814 0.07%


2,005 Ackermans & van Haaren NV 255,938 0.06%

7 Bollore SA 33 0.00%

19,241 Boustead Singapore Ltd 16,031 0.00%

14,643 CIR-Compagnie Industriali Riunite SpA 13,969 0.00%

18,123 Cofide SpA 8,048 0.00%

33,585 Drax Group PLC 165,066 0.04%

11,598 Horizon Pharma PLC 361,618 0.08%

7,900 HRG Group Inc 92,174 0.02%

85,000 Melco International Development Ltd 107,851 0.03%

32,932 Mitie Group PLC 146,424 0.03%

3,887 National Bank Holdings Corp 72,668 0.02%

1,076 Orascom Development Holding AG 11,987 0.00%

1,364 Schouw & Co 63,904 0.01%

21,000 Seiko Holdings Corp 95,497 0.02%

13,299 Sherritt International Corp 19,982 0.00%

Home Builders

5,000 Beazer Homes USA Inc 89,526 0.02%

10,046 Bellway PLC 336,349 0.08%

11,029 Berkeley Group Holdings PLC 520,889 0.12%

9,577 Bovis Homes Group PLC 150,455 0.03%

1,360 Cavco Industries Inc 92,083 0.02%

28,484 Crest Nicholson Holdings plc 225,753 0.05%

8,662 Galliford Try PLC 212,374 0.05%

26,800 Haseko Corp 283,845 0.07%

10,300 Hovnanian Enterprises Inc 24,590 0.01%

7,203 KB Home 107,314 0.02%

3,122 M/I Homes Inc 69,126 0.02%

3,945 MDC Holdings Inc 106,113 0.02%

3,737 Meritage Homes Corp 157,939 0.04%

18,000 Mitsui Home Co Ltd 74,725 0.02%

312 NVR Inc 375,229 0.09%

5,000 PanaHome Corp 31,942 0.01%

21,082 Redrow PLC 131,795 0.03%

4,703 Ryland Group Inc/The 195,726 0.05%


136






Home Builders (continued)

17,304 Standard Pacific Corp 138,376 0.03%

4,500 Taylor Morrison Home Corp 82,229 0.02%

3,987 Thor Industries Inc 201,390 0.05%

12,982 TRI Pointe Homes Inc 178,267 0.04%

2,190 William Lyon Homes 50,455 0.01%

3,800 Winnebago Industries Inc 80,454 0.02%

6,207 YIT OYJ 39,787 0.01%

Home Furnishings

2,600 Alpine Electronics Inc 45,005 0.01%

1,000 American Woodmark Corp 49,228 0.01%

8,000 Bang & Olufsen A/S 61,663 0.01%

5,100 Canon Electronics Inc 89,589 0.02%

20,000 Clarion Co Ltd 52,369 0.01%

4,419 Daktronics Inc 47,038 0.01%

6,532 De' Longhi 134,298 0.03%

1,272 Dorel Industries Inc 30,551 0.01%

1,086 DTS Inc/CA 29,718 0.01%

1,792 Ethan Allen Interiors Inc 42,363 0.01%

2,800 Foster Electric Co Ltd 56,538 0.01%

65,000 France Bed Holdings Co Ltd 90,106 0.02%

3,600 Hoshizaki Electric Co Ltd 190,114 0.04%

54,413 Howden Joinery Group PLC 397,462 0.09%

2,606 iRobot Corp 74,564 0.02%

7,200 JVC Kenwood Corp 17,638 0.00%

3,451 La-Z-Boy Inc 81,583 0.02%

14,350 Nobia AB 135,194 0.03%

27,637 Pace PLC 145,233 0.03%

36,800 Pioneer Corp 60,191 0.01%

427 Rational AG 140,675 0.03%

2,184 SEB SA 182,582 0.04%

6,519 Select Comfort Corp 175,935 0.04%

27,206 Technicolor SA 159,155 0.04%

4,829 Tempur Sealy International Inc 285,614 0.07%

12,440 TiVo Inc 113,213 0.03%

1,800 Universal Electronics Inc 80,517 0.02%


10,831 ACCO Brands Corp 75,531 0.02%

2,147 Helen of Troy Ltd 187,858 0.04%

4,900 Kokuyo Co Ltd 37,881 0.01%

3,200 Mitsubishi Pencil Co Ltd 135,896 0.03%

32,000 OSIM International Ltd 35,300 0.01%

4,000 Pilot Corp 140,385 0.03%

1,845 Spectrum Brands Holdings Inc 168,885 0.04%

4,555 Tumi Holdings Inc 83,889 0.02%

3,355 Wausau Paper Corp 27,642 0.01%

886 WD-40 Co 69,309 0.02%


137






Housewares

7,290 Breville Group Ltd 31,229 0.01%

3,093 Duni AB 37,554 0.01%

282 NACCO Industries Inc 15,378 0.00%

9,000 Noritake Co Ltd/Nagoya Japan 18,813 0.00%

3,000 Sangetsu Co Ltd 41,081 0.01%

3,239 Scotts Miracle-Gro Co/The 172,125 0.04%

4,898 Toro Co/The 297,959 0.07%

4,465 Tupperware Brands Corp 258,635 0.06%

Insurance

8,463 Allied World Assurance Co Holdings AG 328,281 0.08%

5,000 Ambac Financial Group Inc 74,672 0.02%

7,369 American Equity Investment Life Holding Co 178,438 0.04%

6,693 American Financial Group Inc/OH 390,695 0.09%

648 AMERISAFE Inc 27,369 0.01%

41,361 Amlin PLC 278,129 0.06%

3,813 AmTrust Financial Services Inc 224,187 0.05%

3,215 Argo Group International Holdings Ltd 160,721 0.04%

6,263 Aspen Insurance Holdings Ltd 269,249 0.06%

13,499 Assured Guaranty Ltd 290,649 0.07%

3,800 Baldwin & Lyons Inc 78,510 0.02%

49,272 Beazley PLC 205,722 0.05%

11,097 Brown & Brown Inc 327,273 0.08%

40,645 Challenger Ltd/Australia 188,414 0.04%

16,252 Chesnara PLC 74,554 0.02%

14,153 Citizens Inc 94,760 0.02%

1,565 Clal Insurance Enterprises Holdings Ltd 22,992 0.01%

19,800 CNO Financial Group Inc 326,090 0.08%

6,300 Donegal Group Inc 86,115 0.02%

2,226 Employers Holdings Inc 45,511 0.01%

3,926 Endurance Specialty Holdings Ltd 231,501 0.05%

1,368 Enstar Group Ltd 190,246 0.04%

4,700 Essent Group Ltd 115,370 0.03%

29,212 esure Group PLC 104,732 0.02%

1,347 Euler Hermes Group 121,796 0.03%

4,606 FBD Holdings PLC 41,730 0.01%

2,000 FBL Financial Group Inc 103,608 0.02%

9,117 First American Financial Corp 304,473 0.07%

45,000 Genworth Financial Inc 305,735 0.07%

3,433 Genworth MI Canada Inc 80,949 0.02%

2,992 Greenlight Capital Re Ltd 78,331 0.02%

3,477 Grupo Catalana Occidente SA 96,765 0.02%

3,564 Hanover Insurance Group Inc/The 236,800 0.05%


138






Insurance (continued)

8,320 Harel Insurance Investments & Financial Services Ltd 33,947 0.01%

8,755 HCC Insurance Holdings Inc 603,782 0.14%

4,600 Heritage Insurance Holdings Inc 94,915 0.02%

22,190 Hiscox Ltd 262,786 0.06%

2,600 Horace Mann Educators Corp 84,893 0.02%

599 Infinity Property & Casualty Corp 40,772 0.01%

3,937 Kemper Corp 136,216 0.03%

19,583 Lancashire Holdings Ltd 170,410 0.04%

3,813 Maiden Holdings Ltd 54,002 0.01%

16,208 MBIA Inc 87,426 0.02%

3,769 Meadowbrook Insurance Group Inc 29,091 0.01%

21,251 Mediolanum SpA 157,257 0.04%

4,776 Menorah Mivtachim Holdings Ltd 41,713 0.01%

2,600 Mercury General Corp 129,860 0.03%

29,954 MGIC Investment Corp 305,938 0.07%

60,456 Migdal Insurance & Financial Holding Ltd 63,013 0.01%

4,866 Montpelier Re Holdings Ltd 172,507 0.04%

760 Navigators Group Inc/The 52,904 0.01%

12,200 NMI Holdings Inc - Class A 87,815 0.02%

20,338 Old Republic International Corp 285,302 0.07%

16,818 Phoenix Group Holdings 194,657 0.05%

3,648 Primerica Inc 149,594 0.03%

5,494 ProAssurance Corp 227,857 0.05%

15,464 Radian Group Inc 260,370 0.06%

5,641 Reinsurance Group of America Inc 480,310 0.11%

2,620 RLI Corp 120,842 0.03%

837 Safety Insurance Group Inc 43,352 0.01%

5,950 Selective Insurance Group Inc 149,791 0.03%

14,310 Societa Cattolica di Assicurazioni SCRL 101,386 0.02%

44,679 St James's Place PLC 571,366 0.13%

4,110 StanCorp Financial Group Inc 278,906 0.06%

2,800 Stewart Information Services Corp 100,018 0.02%

55,444 Storebrand ASA 204,547 0.05%

6,317 Symetra Financial Corp 137,033 0.03%

6,200 Third Point Reinsurance Ltd 82,077 0.02%

33,959 Unipol Gruppo Finanziario SpA 154,853 0.04%

777 United Fire Group Inc 22,846 0.01%

3,600 Universal Insurance Holdings Inc 78,191 0.02%

7,602 Validus Holdings Ltd 300,136 0.07%

2,350 Vittoria Assicurazioni SpA 23,265 0.01%


139






Internet

7,100 8x8 Inc 57,096 0.01%

2,600 Angie's List Inc 14,374 0.00%

4,300 ASOS PLC 235,435 0.05%

3,442 Atea ASA 27,486 0.01%

3,900 Bankrate Inc 36,718 0.01%

15,100 Bazaarvoice Inc 79,823 0.02%

2,375 Blucora Inc 34,425 0.01%

783 Blue Nile Inc 21,356 0.00%

12,438 CDW Corp 382,673 0.09%

4,912 Cogent Communications Holdings Inc 149,185 0.03%

3,599 comScore Inc 172,036 0.04%

9,600 COOKPAD Inc 156,316 0.04%

5,200 Coupons.com Inc 50,357 0.01%

3,700 CyberAgent Inc 157,673 0.04%

2,640 DHI Group Inc 21,064 0.00%

3,400 Digital Garage Inc 40,674 0.01%

7,400 Endurance International Group Holdings Inc 137,214 0.03%

1,100 ePlus Inc 75,673 0.02%

1,269 FTD Cos Inc 32,107 0.01%

3,713 Global Eagle Entertainment Inc 43,388 0.01%

8,000 GMO internet Inc 96,348 0.02%

11,900 Gree Inc 62,407 0.01%

37,976 Groupon Inc 171,441 0.04%

6,000 GrubHub Inc 183,468 0.04%

6,100 Gurunavi Inc 90,199 0.02%

1,265 HealthStream Inc 34,537 0.01%

10,293 HomeAway Inc 287,487 0.07%

6,878 IAC/InterActiveCorp 491,744 0.11%

10,327 iiNET Ltd 67,819 0.02%

4,800 Infomart Corp 54,429 0.01%

3,800 Internet Initiative Japan Inc 59,924 0.01%

6,666 Intertain Group Ltd/The 82,569 0.02%

3,100 Intralinks Holdings Inc 33,137 0.01%

8,264 IRESS Ltd 57,691 0.01%

3,797 j2 Global Inc 231,528 0.05%

19,817 Just Eat PLC 113,789 0.03%

36,600 kabu.com Securities Co Ltd 110,064 0.03%

2,400 Lands' End Inc 53,484 0.01%

11,208 Liberty Ventures 395,026 0.09%

1,071 Liquidity Services Inc 9,257 0.00%

1,667 Marketo Inc 41,982 0.01%

2,943 MercadoLibre Inc 374,280 0.09%

13,400 Monex Group Inc 33,122 0.01%


140






Internet (continued)

98,597 Monitise PLC 14,961 0.00%

1,500 MonotaRO Co Ltd 59,191 0.01%

3,479 New Media Investment Group Inc 55,985 0.01%

7,652 NIC Inc 125,542 0.03%

29,576 Optimal Payments PLC 97,792 0.02%

12,800 Orbitz Worldwide Inc 131,194 0.03%

16,227 Pandora Media Inc 226,322 0.05%

4,400 Perficient Inc 75,979 0.02%

3,200 Proto Corp 46,332 0.01%

6,085 Qliro Group AB 8,063 0.00%

31,573 Quindell PLC 55,595 0.01%

375 Reply SpA 34,369 0.01%

3,900 RetailMeNot Inc 62,410 0.01%

8,140 Rightmove PLC 376,516 0.09%

5,200 RingCentral Inc - Class A 86,293 0.02%

3,300 Safeguard Scientifics Inc 57,636 0.01%

3,491 Shutterfly Inc 149,798 0.03%

1,400 Shutterstock Inc 73,682 0.02%

1,545 Stamps.com Inc 102,015 0.02%

5,100 Start Today Co Ltd 128,118 0.03%

1,812 Textura Corp 45,259 0.01%

35,851 Trade Me Group Ltd 73,770 0.02%

3,703 TrueCar Inc 39,848 0.01%

3,100 VASCO Data Security International Inc 83,997 0.02%

1,309 VirnetX Holding Corp 4,934 0.00%

3,200 Wayfair Inc - Class A 108,103 0.03%

6,327 Web.com Group Inc 137,534 0.03%

2,851 WebMD Health Corp 113,303 0.03%

5,300 Yelp Inc 204,684 0.05%

6,331 Yoox SpA 183,726 0.04%

3,300 Zendesk Inc 65,781 0.02%

821 zooplus AG 104,267 0.02%

7,000 zulily Inc 81,924 0.02%


2,457 Acacia Research Corp 19,339 0.00%

1,328 Aker ASA 25,603 0.01%

104,000 Asian Pay Television Trust 58,923 0.01%

4,465 BHF Kleinwort Benson Group 19,601 0.00%

345,000 China LNG Group Ltd 62,706 0.01%

2,148 Corp Financiera Alba SA 89,357 0.02%

8,482 Fairfax India Holdings Corp 86,403 0.02%

944 Investment AB Oresund 16,235 0.00%

1,949 KBC Ancora 70,554 0.02%

15,022 Tungsten Corp PLC 13,888 0.00%

5,490 Uranium Participation Corp 20,641 0.00%

12,200 Vostok New Ventures Ltd 79,177 0.02%


141






Iron/Steel

8,026 Acerinox SA 99,603 0.02%

5,000 Aichi Steel Corp 20,060 0.00%

12,077 AK Steel Holding Corp 41,948 0.01%

8,497 Allegheny Technologies Inc 230,308 0.05%

280,076 Arrium Ltd 26,082 0.01%

31,813 Atlas Iron Ltd 2,633 0.00%

45,283 BlueScope Steel Ltd 93,712 0.02%

7,500 Canam Group Inc 74,999 0.02%

5,245 Carpenter Technology Corp 182,083 0.04%

14,580 Cliffs Natural Resources Inc 56,661 0.01%

8,895 Commercial Metals Co 128,372 0.03%

22,000 Daido Steel Co Ltd 82,295 0.02%

53,527 Evraz PLC 93,082 0.02%

13,891 Ferrexpo PLC 13,039 0.00%

28,000 Japan Steel Works Ltd/The 103,917 0.02%

4,700 Kyoei Steel Ltd 78,081 0.02%

6,533 Labrador Iron Ore Royalty Corp 66,973 0.02%

32,300 Nippon Yakin Kogyo Co Ltd 54,489 0.01%

7,200 Nisshin Steel Co Ltd 80,218 0.02%

28,416 Outokumpu OYJ 128,383 0.03%

7,726 Reliance Steel & Aluminum Co 419,376 0.10%

5,729 Russel Metals Inc 93,615 0.02%

4,104 Salzgitter AG 131,574 0.03%

6,000 Sanyo Special Steel Co Ltd 25,085 0.01%

58,800 Schmolz + Bickenbach AG 46,869 0.01%

661 Schnitzer Steel Industries Inc 10,364 0.00%

32,584 SSAB AB 140,778 0.03%

23,566 Steel Dynamics Inc 438,135 0.10%

14,900 Tokyo Steel Manufacturing Co Ltd 98,248 0.02%

11,000 Topy Industries Ltd 25,253 0.01%

51,032 Tubos Reunidos SA 72,721 0.02%

14,903 United States Steel Corp 275,803 0.06%

5,643 Worthington Industries Inc 152,242 0.04%

4,100 Yamato Kogyo Co Ltd 85,976 0.02%

9,000 Yodogawa Steel Works Ltd 35,316 0.01%

Leisure Time

4,500 Accell Group 74,925 0.02%

2,400 Accordia Golf Co Ltd 20,349 0.00%

8,683 Amer Sports Oyj 207,524 0.05%

765 Arctic Cat Inc 22,802 0.01%

25,376 Ardent Leisure Group 37,986 0.01%

4,100 BRP Inc/CA 86,037 0.02%

7,500 Brunswick Corp 342,353 0.08%


142






Leisure Time (continued)

11,900 Callaway Golf Co 95,482 0.02%

5,800 ClubCorp Holdings Inc 124,308 0.03%

4,929 CTS Eventim AG & Co KGaA 161,203 0.04%

4,400 Daiichikosho Co Ltd 139,094 0.03%

2,800 HIS Co Ltd 85,639 0.02%

285 Kuoni Reisen Holding AG 66,647 0.02%

6,100 Liberty TripAdvisor Holdings Inc 176,397 0.04%

17,000 Mizuno Corp 72,320 0.02%

4,600 Nautilus Inc 88,805 0.02%

4,158 Performance Sports Group Ltd 67,196 0.02%

7,000 Piaggio & C SpA 21,070 0.00%

796 Steiner Leisure Ltd 38,421 0.01%

136,313 Thomas Cook Group PLC 263,212 0.06%

10,000 Tokyo Dome Corp 37,333 0.01%

Lodging

8,829 Belmond Ltd 98,972 0.02%

5,331 Boyd Gaming Corp 71,530 0.02%

2,300 Caesars Entertainment Corp 12,633 0.00%

2,573 Choice Hotels International Inc 125,278 0.03%

4,400 Diamond Resorts International Inc 124,592 0.03%

75,181 Echo Entertainment Group Ltd 226,116 0.05%

4,300 Extended Stay America Inc 72,439 0.02%

103,000 Far East Consortium International Ltd/HK 43,762 0.01%

4,806 Interval Leisure Group Inc 98,561 0.02%

7,018 La Quinta Holdings Inc 143,925 0.03%

75,000 Macau Legend Development Ltd 21,967 0.01%

8,663 Melia Hotels International SA 102,570 0.02%

15,239 NH Hotel Group SA 78,481 0.02%

15,000 OUE Ltd 19,896 0.00%

6,800 Resorttrust Inc 148,530 0.03%

14,000 Rezidor Hotel Group AB 49,972 0.01%

64,791 Skycity Entertainment Group Ltd 165,173 0.04%

Machinery-Construction & Mining

1,018 Astec Industries Inc 38,209 0.01%

3,200 Badger Daylighting Ltd 60,249 0.01%

3,615 Danieli & C Officine Meccaniche SpA 54,734 0.01%

16,404 Duro Felguera SA 59,875 0.01%

1,257 Hyster-Yale Materials Handling Inc 78,159 0.02%

8,300 Joy Global Inc 269,664 0.06%

3,200 Modec Inc 44,078 0.01%

6,836 Oshkosh Corp 260,016 0.06%

19,658 Outotec OYJ 113,525 0.03%


143






Machinery-Construction & Mining (continued)

1,836 Palfinger AG 50,306 0.01%

7,000 Tadano Ltd 93,957 0.02%

8,824 Terex Corp 184,130 0.04%

1,993 Wacker Neuson SE 37,468 0.01%

2,952 Wajax Corp 45,754 0.01%


720 Ag Growth International Inc 24,239 0.01%

9,400 Aida Engineering Ltd 92,525 0.02%

1,779 Alamo Group Inc 87,242 0.02%

3,775 Albany International Corp 134,846 0.03%

1,527 Altra Industrial Motion Corp 37,250 0.01%

3,438 Applied Industrial Technologies Inc 122,345 0.03%

11,681 ATS Automation Tooling Systems Inc 128,396 0.03%

1,808 Briggs & Stratton Corp 31,253 0.01%

659 Bucher Industries AG 147,207 0.03%

293 Burckhardt Compression Holding AG 99,681 0.02%

9,392 BWX Technologies Inc 276,483 0.06%

3,129 Chart Industries Inc 100,396 0.02%

3,900 CKD Corp 40,162 0.01%

7,741 Cognex Corp 334,179 0.08%

3,656 Columbus McKinnon Corp/NY 82,032 0.02%

3,967 Concentric AB 42,158 0.01%

100 Conzzeta AG 61,367 0.01%

6,000 Daifuku Co Ltd 82,955 0.02%

4,855 Deutz AG 24,955 0.01%

2,325 Duerr AG 194,277 0.05%

674 DXP Enterprises Inc 28,129 0.01%

3,300 Eagle Industry Co Ltd 68,934 0.02%

40,000 Ebara Corp 173,978 0.04%

4,451 FLSmidth & Co 192,124 0.04%

3,800 Fuji Machine Manufacturing Co Ltd 35,704 0.01%

5,645 Graco Inc 359,867 0.08%

5,000 Harmonic Drive Systems Inc 88,089 0.02%

9,088 Heidelberger Druckmaschinen AG 18,067 0.00%

6,992 IDEX Corp 493,117 0.11%

141 Inficon Holding AG 43,264 0.01%

9,570 Interpump Group SpA 138,574 0.03%

29,000 Iseki & Co Ltd 51,475 0.01%

5,400 Juki Corp 65,233 0.02%

820 Jungheinrich AG 49,848 0.01%

2,006 Kadant Inc 84,979 0.02%

2,700 Kendrion NV 70,767 0.02%

4,100 Komori Corp 50,010 0.01%


144






Machinery-Diversified (continued)

1,756 Krones AG 164,643 0.04%

1,162 Lindsay Corp 91,681 0.02%

15,000 Makino Milling Machine Co Ltd 135,874 0.03%

11,693 Manitowoc Co Inc/The 205,693 0.05%

3,000 Max Co Ltd 28,825 0.01%

4,881 Middleby Corp/The 491,648 0.11%

3,600 Miura Co Ltd 37,468 0.01%

30,000 Nippon Sharyo Ltd 72,613 0.02%

4,000 Nippon Thompson Co Ltd 20,126 0.00%

5,924 Nordson Corp 414,127 0.10%

2,100 Obara Group Inc 101,350 0.02%

17,907 OC Oerlikon Corp AG 196,908 0.05%

13,000 OKUMA Corp 131,870 0.03%

20,000 Organo Corp 76,280 0.02%

903 Pfeiffer Vacuum Technology AG 72,168 0.02%

127 Rieter Holding AG 18,027 0.00%

1,300 Shima Seiki Manufacturing Ltd 18,603 0.00%

3,500 Sintokogio Ltd 27,853 0.01%

6,020 Spirax-Sarco Engineering PLC 288,312 0.07%

1,034 Tennant Co 60,637 0.01%

6,670 Toromont Industries Ltd 149,797 0.03%

7,000 Toshiba Machine Co Ltd 28,803 0.01%

25,000 Toyo Kanetsu KK 40,707 0.01%

7,000 Tsubakimoto Chain Co 61,457 0.01%

3,000 Tsugami Corp 14,831 0.00%

12,075 Valmet OYJ 121,716 0.03%

4,411 Zebra Technologies Corp 439,635 0.10%

Media

5,189 AMC Networks Inc 381,188 0.09%

131,862 APN News & Media Ltd 64,583 0.01%

4,633 Atresmedia Corp de Medios de Comunicacion SA 64,399 0.01%

2,443 Cogeco Cable Inc 126,872 0.03%

7,517 Corus Entertainment Inc 90,084 0.02%

14,600 Cumulus Media Inc 26,600 0.01%

25,367 Daily Mail & General Trust PLC 332,635 0.08%

7,250 Entravision Communications Corp 53,552 0.01%

4,300 EW Scripps Co/The 88,184 0.02%

3,447 FactSet Research Systems Inc 502,757 0.12%

222,148 Fairfax Media Ltd 124,893 0.03%

11,215 Gannett Co Inc 140,817 0.03%

7,900 Gray Television Inc 111,176 0.03%

11,200 Houghton Mifflin Harcourt Co 253,312 0.06%

54,796 Informa PLC 422,690 0.10%


145






Media (continued)

5,086 John Wiley & Sons Inc - Class A 248,183 0.06%

7,692 Liberty Broadband Corp 352,825 0.08%

10,919 Media General Inc 161,894 0.04%

13,422 Mediaset Espana Comunicacion SA 157,776 0.04%

74,151 Mediaset SpA 319,739 0.07%

4,310 Meredith Corp 201,729 0.05%

7,702 Metropole Television SA 134,246 0.03%

6,773 Modern Times Group MTG AB 162,931 0.04%

9,514 New York Times Co/The 116,555 0.03%

3,465 Nexstar Broadcasting Group Inc 174,152 0.04%

45,867 Nine Entertainment Co Holdings Ltd 49,042 0.01%

20,529 NOS SGPS SA 147,275 0.03%

5,327 Promotora de Informaciones SA 42,350 0.01%

8,107 Quebecor Inc 181,953 0.04%

22,960 SAI Global Ltd 66,046 0.02%

3,595 Sanoma OYJ 16,717 0.00%

12,468 Schibsted AS 341,925 0.08%

1,407 Scholastic Corp 55,727 0.01%

98,397 Seven West Media Ltd 69,234 0.02%

7,047 Sinclair Broadcast Group Inc 176,523 0.04%

34,641 SKY Network Television Ltd 126,369 0.03%

24,100 SKY Perfect JSAT Holdings Inc 116,135 0.03%

11,084 Societe Television Francaise 1 171,469 0.04%

118,442 Solocal Group 52,707 0.01%

23,377 Southern Cross Media Group Ltd 15,642 0.00%

7,300 Starz 292,996 0.07%

33,800 Television Broadcasts Ltd 179,998 0.04%

319,015 Ten Network Holdings Ltd 41,812 0.01%

10,601 Time Inc 218,927 0.05%

3,100 Tokyo Broadcasting System Holdings Inc 38,449 0.01%

174,000 TOM Group Ltd 36,662 0.01%

36,600 Trinity Mirror PLC 77,492 0.02%

16,100 Usen Corp 41,567 0.01%

1,600 World Wrestling Entertainment Inc 23,694 0.01%

3,646 Yellow Pages Ltd/Canada 48,831 0.01%


3,400 Advanced Drainage Systems Inc 89,501 0.02%

2,146 Aurubis AG 113,094 0.03%

15,057 Bodycote PLC 143,246 0.03%

901 Circor International Inc 44,096 0.01%

6,495 Furmanite Corp 47,334 0.01%

9,000 Hanwa Co Ltd 37,957 0.01%

659 Haynes International Inc 29,171 0.01%


146






Metal Fabricate/Hardware (continued)

6,300 Kitz Corp 28,279 0.01%

10,992 Kloeckner & Co SE 88,980 0.02%

1,982 LB Foster Co 61,566 0.01%

10,186 Martinrea International Inc 97,758 0.02%

20,400 MISUMI Group Inc 260,052 0.06%

4,280 Mueller Industries Inc 133,371 0.03%

14,589 Mueller Water Products Inc 119,153 0.03%

19,000 Nachi-Fujikoshi Corp 100,617 0.02%

23,000 Nippon Steel & Sumikin Bussan Corp 75,408 0.02%

1,884 NN Inc 43,152 0.01%

40,000 NTN Corp 225,907 0.05%

2,280 Oiles Corp 38,864 0.01%

2,074 RBC Bearings Inc 133,576 0.03%

10,925 Rexnord Corp 234,443 0.05%

4,157 RTI International Metals Inc 117,599 0.03%

9,000 Ryobi Ltd 31,554 0.01%

17,935 Sims Metal Management Ltd 128,916 0.03%

1,227 Sun Hydraulics Corp 41,968 0.01%

6,306 Timken Co/The 206,974 0.05%

4,005 TimkenSteel Corp 97,016 0.02%

8,000 Toho Zinc Co Ltd 22,473 0.01%

12,802 UACJ Corp 29,108 0.01%

2,009 Valmont Industries Inc 214,333 0.05%

Mining

5,448 Acacia Mining PLC 23,216 0.01%

7,365 Alacer Gold Corp 15,513 0.00%

9,050 Alamos Gold Inc 45,997 0.01%

32,264 Asanko Gold Inc 51,028 0.01%

25,103 AuRico Gold Inc 64,426 0.01%

74,750 B2Gold Corp 102,638 0.02%

40,800 Capstone Mining Corp 35,784 0.01%

108,282 Centamin PLC 94,379 0.02%

13,923 Centerra Gold Inc 71,065 0.02%

2,398 Century Aluminum Co 22,448 0.01%

9,146 China Gold International Resources Corp Ltd 13,610 0.00%

12,966 Coeur Mining Inc 66,448 0.02%

3,246 Compass Minerals International Inc 239,299 0.06%

9,333 CuDeco Ltd 10,945 0.00%

19,262 Denison Mines Corp 12,463 0.00%

15,430 Detour Gold Corp 159,400 0.04%

7,258 Dominion Diamond Corp 91,310 0.02%

19,000 Dowa Holdings Co Ltd 161,098 0.04%

4,622 Dundee Precious Metals Inc 8,440 0.00%


147






Mining (continued)

475 Eramet 33,003 0.01%

20,279 Evolution Mining Ltd 16,087 0.00%

12,339 First Majestic Silver Corp 53,666 0.01%

7,095 Fortuna Silver Mines Inc 23,208 0.01%

41,000 Furukawa Co Ltd 65,557 0.02%

7,645 Gem Diamonds Ltd 15,674 0.00%

4,800 Globe Specialty Metals Inc 76,252 0.02%

19,155 Great Basin Gold Ltd

1,318,800 G-Resources Group Ltd 38,169 0.01%

18,407 Guyana Goldfields Inc 52,402 0.01%

44,299 Hecla Mining Co 104,565 0.02%

5,830 Hochschild Mining PLC 7,838 0.00%

2,954 Horsehead Holding Corp 31,072 0.01%

15,833 HudBay Minerals Inc 118,376 0.03%

45,717 IAMGOLD Corp 82,164 0.02%

1,939 Imperial Metals Corp 14,497 0.00%

33,892 Independence Group NL 97,492 0.02%

22,600 Ivanhoe Mines Ltd 14,622 0.00%

1,893 Kaiser Aluminum Corp 141,151 0.03%

36,643 KAZ Minerals PLC 105,202 0.02%

48,260 Lake Shore Gold Corp 44,408 0.01%

41,532 Lonmin PLC 65,599 0.02%

43,318 Lucara Diamond Corp 61,971 0.01%

56,994 Lundin Mining Corp 210,190 0.05%

10,505 MAG Silver Corp 73,934 0.02%

2,591 Major Drilling Group International Inc 11,642 0.00%

961 Materion Corp 30,403 0.01%

6,088 McEwen Mining Inc 5,239 0.00%

68,000 Midas Holdings Ltd 14,504 0.00%

19,473 Mineral Resources Ltd 88,657 0.02%

45,000 Mitsui Mining & Smelting Co Ltd 109,250 0.03%

25,681 Nevsun Resources Ltd 86,771 0.02%

46,282 New Gold Inc 111,461 0.03%

22,000 Nippon Coke & Engineering Co Ltd 19,041 0.00%

6,000 Nippon Denko Co Ltd 12,542 0.00%

23,000 Nittetsu Mining Co Ltd 101,050 0.02%

35,323 Northern Star Resources Ltd 53,850 0.01%

32,393 Novagold Resources Inc 99,902 0.02%

36,294 Nyrstar NV 116,649 0.03%

14,548 OceanaGold Corp 32,317 0.01%

500 OSAKA Titanium Technologies Co Ltd 12,066 0.00%

7,667 Osisko Gold Royalties Ltd 86,645 0.02%

16,146 OZ Minerals Ltd 44,329 0.01%


148






Mining (continued)

20,000 Pacific Metals Co Ltd 54,570 0.01%

442,988 Paladin Energy Ltd 74,868 0.02%

15,500 Pan American Silver Corp 119,674 0.03%

36,468 Petra Diamonds Ltd 76,646 0.02%

6,947 Premier Gold Mines Ltd 12,086 0.00%

19,679 Pretium Resources Inc 95,635 0.02%

10,300 Primero Mining Corp 36,061 0.01%

14,359 Regis Resources Ltd 10,698 0.00%

175,792 Romarco Minerals Inc 53,710 0.01%

5,938 Royal Gold Inc 328,237 0.08%

8,249 Rubicon Minerals Corp 7,709 0.00%

4,061 Sandfire Resources NL 16,108 0.00%

7,400 Sandstorm Gold Ltd 19,630 0.00%

1,428 Seabridge Gold Inc 7,874 0.00%

34,004 SEMAFO Inc 82,136 0.02%

2,161 Silver Standard Resources Inc 12,195 0.00%

42,000 Sirius Resources NL 95,609 0.02%

12,478 Stillwater Mining Co 129,797 0.03%

18,062 Syrah Resources Ltd 46,599 0.01%

14,691 Tahoe Resources Inc 159,898 0.04%

4,133 Thompson Creek Metals Co Inc 3,031 0.00%

1,100 Toho Titanium Co Ltd 11,408 0.00%

117,339 Torex Gold Resources Inc 95,321 0.02%

5,495 US Silica Holdings Inc 144,797 0.03%

5,901 Vedanta Resources PLC 43,312 0.01%

23,127 Western Areas Ltd 51,530 0.01%


8,384 Aalberts Industries NV 223,350 0.05%

4,265 Actuant Corp 88,385 0.02%

8,119 AGFA-Gevaert NV 20,298 0.00%

42,137 ALS Ltd 170,042 0.04%

10,800 Amano Corp 126,743 0.03%

1,300 American Railcar Industries Inc 56,751 0.01%

13,147 Ansell Ltd 218,474 0.05%

6,486 AO Smith Corp 419,011 0.10%

5,041 AptarGroup Inc 288,516 0.07%

2,803 AZZ Inc 130,314 0.03%

3,444 Barnes Group Inc 120,518 0.03%

2,170 Blount International Inc 21,268 0.00%

17,699 Bradken Ltd 17,520 0.00%

5,533 Carlisle Cos Inc 497,185 0.12%

4,107 Clarcor Inc 229,420 0.05%

7,854 Colfax Corp 325,312 0.08%


149






Miscellaneous Manufacture (continued)

4,114 Crane Co 216,851 0.05%

11,743 Donaldson Co Inc 377,311 0.09%

1,732 EnPro Industries Inc 88,947 0.02%

4,800 Fabrinet 80,689 0.02%

355 Faiveley Transport SA 23,998 0.01%

4,184 Federal Signal Corp 55,989 0.01%

24,278 Fenner PLC 71,022 0.02%

2,429 FreightCar America Inc 45,519 0.01%

4,100 Glory Ltd 109,011 0.03%

3,710 GUD Holdings Ltd 22,624 0.01%

10,711 GWA Group Ltd 16,846 0.00%

8,288 Harsco Corp 122,736 0.03%

8,079 Hexcel Corp 360,662 0.08%

22,260 Hexpol AB 205,743 0.05%

5,066 Hillenbrand Inc 139,586 0.03%

2,153 Indus Holding AG 97,294 0.02%

7,925 ITT Corp 297,596 0.07%

2,073 John Bean Technologies Corp 69,937 0.02%

5,397 Koninklijke Ten Cate NV 99,818 0.02%

803 LSB Industries Inc 29,433 0.01%

2,121 Lydall Inc 56,271 0.01%

22,967 Morgan Advanced Materials PLC 105,813 0.02%

1,861 Myers Industries Inc 31,735 0.01%

4,000 Nikkiso Co Ltd 37,671 0.01%

1,900 Nitta Corp 47,312 0.01%

1,905 NKT Holding 98,086 0.02%

3,400 Nolato AB 69,691 0.02%

3,451 Polypore International Inc 185,466 0.04%

2,100 Proto Labs Inc 127,184 0.03%

3,758 Raven Industries Inc 68,570 0.02%

1,208 RHI AG 26,969 0.01%

672 Semperit AG Holding 24,864 0.01%

27,686 Senior PLC 112,157 0.03%

86,000 Singamas Container Holdings Ltd 14,038 0.00%

4,127 Smith & Wesson Holding Corp 61,449 0.01%

3,400 SPX Corp 220,899 0.05%

786 Standex International Corp 56,386 0.01%

1,077 Sturm Ruger & Co Inc 55,532 0.01%

5,100 Sumitomo Riko Co Ltd 36,546 0.01%

1,100 Tamron Co Ltd 20,840 0.00%

700 Toyo Tanso Co Ltd 10,479 0.00%

19,235 Trelleborg AB 318,950 0.07%

3,167 TriMas Corp 84,135 0.02%


150






Miscellaneous Manufacture (continued)

13,169 Trinity Industries Inc 312,383 0.07%

5,873 Uponor OYJ 79,344 0.02%

19,761 Vesuvius PLC 118,544 0.03%

1,900 Tredegar Corp 37,703 0.01%

Office Furnishings

6,237 Herman Miller Inc 161,943 0.04%

4,917 HNI Corp 225,727 0.05%

5,470 Interface Inc 122,979 0.03%

16,100 Itoki Corp 82,543 0.02%

6,141 Knoll Inc 137,955 0.03%

6,100 Okamura Corp 47,739 0.01%

9,127 Steelcase Inc 154,902 0.04%

Office/Business Equipment

5,300 Eastman Kodak Co 79,914 0.02%

3,412 Neopost SA 131,686 0.03%

18,506 Pitney Bowes Inc 345,638 0.08%

5,000 Riso Kagaku Corp 84,972 0.02%

3,500 Sato Holdings Corp 88,823 0.02%

8,000 Toshiba TEC Corp 38,903 0.01%

Oil & Gas

12,477 Abraxas Petroleum Corp 33,035 0.01%

20,594 Advantage Oil & Gas Ltd 116,959 0.03%

4,787 Alon USA Energy Inc 81,201 0.02%

67,465 Amerisur Resources PLC 34,758 0.01%

1,567 Approach Resources Inc 9,634 0.00%

31,017 Athabasca Oil Corp 45,488 0.01%

5,115 Atwood Oceanics Inc 121,379 0.03%

24,860 AWE Ltd 20,750 0.00%

20,109 Bankers Petroleum Ltd 44,814 0.01%

117,970 Beach Energy Ltd 85,447 0.02%

8,139 Bellatrix Exploration Ltd 17,027 0.00%

3,834 Bill Barrett Corp 29,558 0.01%

5,530 Birchcliff Energy Ltd 27,709 0.01%

34,732 BlackPearl Resources Inc 27,216 0.01%

3,123 Bonanza Creek Energy Inc 51,153 0.01%

17,345 Bonavista Energy Corp 84,666 0.02%

3,254 Bonterra Energy Corp 73,664 0.02%

3,400 Boulder Energy Ltd 20,287 0.00%

178,000 Brightoil Petroleum Holdings Ltd 82,428 0.02%

62,355 Cairn Energy PLC 149,449 0.03%

27,103 California Resources Corp 146,923 0.03%


151






Oil & Gas (continued)

9,070 Callon Petroleum Co 67,728 0.02%

4,600 Canacol Energy Ltd 9,160 0.00%

11,700 CanElson Drilling Inc 36,336 0.01%

4,800 Cardinal Energy Ltd 49,448 0.01%

4,469 Carrizo Oil & Gas Inc 197,499 0.05%

234 Clayton Williams Energy Inc 13,809 0.00%

622 Contango Oil & Gas Co 6,850 0.00%

35,000 Cosmo Oil Co Ltd 51,086 0.01%

8,553 Crew Energy Inc 35,109 0.01%

2,318 CVR Energy Inc 78,307 0.02%

7,992 DCC PLC 564,038 0.13%

4,700 Delek US Holdings Inc 155,317 0.04%

28,900 Denbury Resources Inc 164,965 0.04%

19,124 Det Norske Oljeselskap ASA 121,080 0.03%

5,677 Diamondback Energy Inc 384,071 0.09%

47,676 DNO ASA 56,345 0.01%

18,000 Drillsearch Energy Ltd 12,851 0.00%

7,490 Eclipse Resources Corp 35,359 0.01%

8,529 Energy XXI Ltd 20,132 0.00%

43,396 EnQuest PLC 26,186 0.01%

8,410 Ensign Energy Services Inc 74,002 0.02%

2,721 ERG SpA 29,278 0.01%

8,327 Etablissements Maurel et Prom 55,474 0.01%

24,154 EXCO Resources Inc 25,580 0.01%

5,705 Freehold Royalties Ltd 66,195 0.02%

13,061 Gastar Exploration Inc 36,222 0.01%

2,266 Granite Oil Corp 10,247 0.00%

51,736 Gulf Keystone Petroleum Ltd 27,020 0.01%

8,539 Gulfport Energy Corp 308,468 0.07%

22,920 Halcon Resources Corp 23,862 0.01%

2,800 Japan Petroleum Exploration Co Ltd 79,992 0.02%

1,800 Jerusalem Oil Exploration 64,579 0.01%

5,200 Jones Energy Inc 42,237 0.01%

35,241 Karoon Gas Australia Ltd 54,698 0.01%

7,131 Kelt Exploration Ltd 43,267 0.01%

10,521 Kosmos Energy Ltd 79,602 0.02%

12,973 Laredo Petroleum Inc 146,473 0.03%

15,250 Legacy Oil + Gas Inc 26,531 0.01%

10,023 LinnCo LLC 85,009 0.02%

69,309 Liquefied Natural Gas Ltd 182,160 0.04%

12,367 Magnum Hunter Resources Corp 20,756 0.00%

5,800 Matador Resources Co 130,138 0.03%

7,858 Memorial Resource Development Corp 133,788 0.03%


152







2,405 MPI 6,710 0.00%

3,971 Murphy USA Inc 198,942 0.05%

13,459 Newfield Exploration Co 436,312 0.10%

23,300 Noble Corp plc 321,834 0.07%

1,882 Northern Oil and Gas Inc 11,435 0.00%

10,703 NuVista Energy Ltd 51,475 0.01%

14,112 Oasis Petroleum Inc 200,750 0.05%

84,301 Oil Refineries Ltd 27,216 0.01%

60,966 Ophir Energy PLC 97,413 0.02%

26,536 Pacific Rubiales Energy Corp 89,851 0.02%

11,500 Painted Pony Petroleum Ltd 65,808 0.02%

18,007 Parex Resources Inc 135,536 0.03%

6,248 Parker Drilling Co 18,617 0.00%

8,176 Parkland Fuel Corp 146,237 0.03%

5,100 Parsley Energy Inc - Class A 79,736 0.02%

15,059 Patterson-UTI Energy Inc 254,295 0.06%

7,378 PBF Energy Inc 188,191 0.04%

3,600 PDC Energy Inc 173,312 0.04%

41,878 Pengrowth Energy Corp 93,930 0.02%

8,758 Penn Virginia Corp 34,428 0.01%

40,721 Penn West Petroleum Ltd 62,939 0.01%

22,221 Precision Drilling Corp 134,186 0.03%

46,289 Premier Oil PLC 97,418 0.02%

17,400 QEP Resources Inc 289,063 0.07%

19,000 Raging River Exploration Inc 119,243 0.03%

1,581 Rex Energy Corp 7,932 0.00%

7,293 Rice Energy Inc 136,343 0.03%

11,500 RMP Energy Inc 19,345 0.00%

9,558 Rockhopper Exploration PLC 9,005 0.00%

6,302 Rosetta Resources Inc 130,882 0.03%

10,160 Rowan Cos PLC 192,495 0.04%

2,700 RSP Permian Inc 68,118 0.02%

5,493 Sanchez Energy Corp 48,314 0.01%

27,090 SandRidge Energy Inc 21,323 0.00%

10,590 Saras SpA 16,859 0.00%

9,083 Secure Energy Services Inc 83,450 0.02%

68,916 Senex Energy Ltd 13,311 0.00%

3,800 Seventy Seven Energy Inc 14,631 0.00%

6,522 SM Energy Co 269,965 0.06%

21,505 Soco International PLC 53,424 0.01%

32,400 Spartan Energy Corp 71,740 0.02%

3,766 Stone Energy Corp 42,554 0.01%

18,600 Surge Energy Inc 47,335 0.01%

7,000 Synergy Resources Corp 71,809 0.02%


153







7,169 Tethys Oil AB 43,037 0.01%

9,000 TORC Oil & Gas Ltd 56,289 0.01%

2,756 TransGlobe Energy Corp 9,867 0.00%

3,300 Transocean Partners LLC 40,961 0.01%

2,482 Triangle Petroleum Corp 11,183 0.00%

4,978 Trilogy Energy Corp 20,219 0.00%

13,692 Ultra Petroleum Corp 153,854 0.04%

3,455 Unit Corp 84,096 0.02%

1,515 W&T Offshore Inc 7,451 0.00%

6,446 Western Refining Inc 252,356 0.06%

20,961 Whitecap Resources Inc 198,606 0.05%

21,841 WPX Energy Inc 240,718 0.06%

29,300 Z Energy Ltd 104,040 0.02%

Oil & Gas Services

29,136 Akastor ASA 46,200 0.01%

12,784 Aker Solutions ASA 64,168 0.01%

42,947 Australian Oil & Gas Corp Pty Ltd 76,435 0.02%

1,348 Basic Energy Services Inc 9,134 0.00%

2,800 Bourbon SA 40,880 0.01%

3,806 Bristow Group Inc 182,068 0.04%

4,692 C&J Energy Services Ltd 55,586 0.01%

6,588 Calfrac Well Services Ltd 36,515 0.01%

31,498 Canadian Energy Services & Technology Corp 163,035 0.04%

2,579 Canyon Services Group Inc 10,772 0.00%

1,953 CARBO Ceramics Inc 72,970 0.02%

10,799 CGG SA 54,157 0.01%

7,320 Dresser-Rand Group Inc 559,610 0.13%

3,194 Dril-Quip Inc 215,714 0.05%

8,635 Enerflex Ltd 83,803 0.02%

6,241 Exterran Holdings Inc 182,883 0.04%

5,924 Flotek Industries Inc 66,620 0.02%

6,392 Forum Energy Technologies Inc 116,343 0.03%

2,545 Frank's International NV 43,033 0.01%

1,725 Fred Olsen Energy ASA 10,754 0.00%

5,815 Fugro NV 114,323 0.03%

800 Geospace Technologies Corp 16,550 0.00%

8,842 Helix Energy Solutions Group Inc 100,228 0.02%

125,000 Hilong Holding Ltd 32,560 0.01%

12,973 Hunting PLC 111,700 0.03%

4,075 ION Geophysical Corp 3,913 0.00%

30,226 John Wood Group PLC 274,971 0.06%

21,311 Key Energy Services Inc 34,428 0.01%


154






Oil & Gas Services (continued)

3,600 Matrix Service Co 59,063 0.01%

17,732 McDermott International Inc 84,984 0.02%

9,854 MRC Global Inc 136,552 0.03%

7,727 Mullen Group Ltd 113,376 0.03%

4,117 Newpark Resources Inc 30,041 0.01%

9,000 NOW Inc 160,824 0.04%

3,759 Oil States International Inc 125,604 0.03%

5,134 Pason Systems Inc 82,490 0.02%

29,686 Petroleum Geo-Services ASA 142,876 0.03%

1,800 PHI Inc 48,498 0.01%

2,652 Pioneer Energy Services Corp 15,090 0.00%

13,604 Prosafe SE 42,212 0.01%

7,525 RPC Inc 93,404 0.02%

13,747 SBM Offshore NV 146,131 0.03%

952 Schoeller-Bleckmann Oilfield Equipment AG 51,627 0.01%

2,052 SEACOR Holdings Inc 130,649 0.03%

5,375 ShawCor Ltd - Class A 141,386 0.03%

14,200 Superior Energy Services Inc 268,146 0.06%

4,807 Targa Resources Corp 384,922 0.09%

2,002 Tesco Corp 19,585 0.00%

2,917 TETRA Technologies Inc 16,703 0.00%

7,753 TGS Nopec Geophysical Co ASA 161,941 0.04%

1,100 Thermon Group Holdings Inc 23,763 0.01%

3,600 Total Energy Services Inc 39,467 0.01%

12,636 Trican Well Service Ltd 37,698 0.01%

10,169 Trinidad Drilling Ltd 29,534 0.01%

7,600 Western Energy Services Corp 31,634 0.01%


7,851 Bemis Co Inc 317,154 0.07%

10,295 Berry Plastics Group Inc 299,370 0.07%

2,384 CCL Industries Inc 262,561 0.06%

1,200 FP Corp 39,211 0.01%

1,800 Fuji Seal International Inc 47,661 0.01%

2,800 Fujimori Kogyo Co Ltd 75,987 0.02%

2,938 Gerresheimer AG 164,264 0.04%

31,907 Graphic Packaging Holding Co 398,909 0.09%

1,229 Greif Inc 39,544 0.01%

8,080 Huhtamaki OYJ 223,978 0.05%

4,300 Intertape Polymer Group Inc 57,868 0.01%

7,068 KapStone Paper and Packaging Corp 146,663 0.03%

859 Mayr Melnhof Karton AG 87,060 0.02%

127,085 Orora Ltd 183,222 0.04%

14,100 Owens-Illinois Inc 290,302 0.07%


155






Packaging & Containers (continued)

10,000 Rengo Co Ltd 37,187 0.01%

21,767 RPC Group PLC 204,931 0.05%

4,363 Silgan Holdings Inc 206,598 0.05%

8,170 Sonoco Products Co 314,276 0.07%

17 Vetropack Holding AG 25,828 0.01%

Pharmaceuticals

1,200 3-D Matrix Ltd 12,542 0.00%

9,295 ACADIA Pharmaceuticals Inc 349,376 0.08%

1,800 Agios Pharmaceuticals Inc 179,548 0.04%

7,081 Akorn Inc 277,469 0.06%

450 ALK-Abello AS 47,052 0.01%

3,000 Almirall SA 53,190 0.01%

10,300 Amicus Therapeutics Inc 130,807 0.03%

6,700 Amphastar Pharmaceuticals Inc 105,714 0.02%

3,941 Anacor Pharmaceuticals Inc 273,875 0.06%

1,800 Anika Therapeutics Inc 53,360 0.01%

10,000 Array BioPharma Inc 64,710 0.02%

5,100 BioDelivery Sciences International Inc 36,435 0.01%

1,078 BioGaia AB 28,684 0.01%

4,200 BioScrip Inc 13,683 0.00%

961 Boiron SA 84,568 0.02%

33,813 BTG PLC 299,727 0.07%

8,013 Catalent Inc 210,933 0.05%

2,356 Cempra Inc 72,655 0.02%

4,500 Chimerix Inc 186,591 0.04%

5,121 Clinigen Group Plc 45,069 0.01%

2,793 Clovis Oncology Inc 220,292 0.05%

1,874 DBV Technologies SA 97,204 0.02%

4,600 Depomed Inc 88,598 0.02%

6,798 DexCom Inc 487,977 0.11%

3,400 Diplomat Pharmacy Inc 136,555 0.03%

16,000 Dyax Corp 380,542 0.09%

1,300 Esperion Therapeutics Inc 95,394 0.02%

9,966 Faes Farma SA 23,071 0.01%

2,954 Fagron 109,446 0.03%

3,237 Galapagos NV 148,238 0.03%

396 Galenica AG 370,985 0.09%

12,036 Greencross Ltd 47,741 0.01%

15,955 GW Pharmaceuticals PLC 146,046 0.03%

5,600 Herbalife Ltd 276,884 0.06%

14,827 Hikma Pharmaceuticals PLC 404,546 0.09%

6,126 Impax Laboratories Inc 252,473 0.06%

54,961 Indivior PLC 174,395 0.04%

2,050 Infinity Pharmaceuticals Inc 20,147 0.00%


156






Pharmaceuticals (continued)

3,200 Insys Therapeutics Inc 103,163 0.02%

2,318 Intra-Cellular Therapies Inc 66,469 0.02%

2,586 Ipsen SA 127,968 0.03%

14,842 Ironwood Pharmaceuticals Inc 160,648 0.04%

7,000 Kaken Pharmaceutical Co Ltd 219,489 0.05%

10,000 Keryx Biopharmaceuticals Inc 89,571 0.02%

1,800 Kissei Pharmaceutical Co Ltd 41,059 0.01%

2,700 Kobayashi Pharmaceutical Co Ltd 164,766 0.04%

6,100 KYORIN Holdings Inc 111,719 0.03%

2,000 Lannett Co Inc 106,695 0.02%

12,800 MannKind Corp 65,367 0.02%

55,659 Mayne Pharma Group Ltd 37,819 0.01%

25,103 Meda AB 313,343 0.07%

1,671 Medivir AB 12,697 0.00%

600 Mochida Pharmaceutical Co Ltd 30,497 0.01%

9,870 Nektar Therapeutics 110,818 0.03%

2,906 Neogen Corp 123,731 0.03%

6,935 Neurocrine Biosciences Inc 297,268 0.07%

1,600 Nevro Corp 77,185 0.02%

2,250 Nichi-iko Pharmaceutical Co Ltd 54,872 0.01%

3,000 Nippon Shinyaku Co Ltd 82,515 0.02%

2,200 Ophthotech Corp 102,793 0.02%

19,900 OPKO Health Inc 287,194 0.07%

15,717 Orexigen Therapeutics Inc 69,825 0.02%

10,552 Oriola-KD OYJ 43,685 0.01%

5,676 Owens & Minor Inc 173,204 0.04%

3,835 Pacira Pharmaceuticals Inc 243,413 0.06%

5,000 PharMerica Corp 149,435 0.03%

1,849 Phibro Animal Health Corp 64,620 0.01%

3,600 Portola Pharmaceuticals Inc 147,173 0.03%

3,200 PRA Health Sciences Inc 104,340 0.02%

4,882 Prestige Brands Holdings Inc 202,606 0.05%

52,422 ProMetic Life Sciences Inc 88,562 0.02%

1,700 Radius Health Inc 103,294 0.02%

8,609 Raptor Pharmaceutical Corp 122,003 0.03%

2,500 Receptos Inc 426,427 0.10%

7,331 Recordati SpA 137,896 0.03%

2,048 Relypsa Inc 60,822 0.01%

8,000 Rohto Pharmaceutical Co Ltd 118,645 0.03%

3,255 Sagent Pharmaceuticals Inc 71,019 0.02%

461 Santhera Pharmaceutical Holding AG 39,845 0.01%

2,235 Sarepta Therapeutics Inc 61,040 0.01%

2,600 Sawai Pharmaceutical Co Ltd 135,970 0.03%


157







3,200 Seikagaku Corp 47,130 0.01%

2,000 Ship Healthcare Holdings Inc 37,113 0.01%

143,103 Sigma Pharmaceuticals Ltd 76,011 0.02%

5,700 Sirtex Medical Ltd 114,224 0.03%

2,300 Sosei Group Corp 119,775 0.03%

4,359 STADA Arzneimittel AG 131,882 0.03%

59 Stallergenes SA 3,230 0.00%

15,859 Swedish Orphan Biovitrum AB 188,694 0.04%

22,700 Synergy Pharmaceuticals Inc 169,099 0.04%

3,500 TESARO Inc 184,675 0.04%

1,922 Tetraphase Pharmaceuticals Inc 81,834 0.02%

15,700 TherapeuticsMD Inc 110,754 0.03%

5,400 Toho Holdings Co Ltd 111,652 0.03%

3,600 Torii Pharmaceutical Co Ltd 85,947 0.02%

600 Towa Pharmaceutical Co Ltd 34,458 0.01%

4,900 Tsumura & Co 94,665 0.02%

26,402 UDG Healthcare PLC 182,383 0.04%

134,000 United Laboratories International Holdings Ltd/The 87,028 0.02%

1,200 USANA Health Sciences Inc 147,184 0.03%

7,500 Vanda Pharmaceuticals Inc 85,420 0.02%

6,961 VCA Inc 339,897 0.08%

55,000 Vectura Group PLC 139,273 0.03%

199 Virbac SA 38,208 0.01%

3,411 VIVUS Inc 7,225 0.00%

4,199 XenoPort Inc 23,102 0.01%

1,751 Zafgen Inc 54,422 0.01%

2,200 ZERIA Pharmaceutical Co Ltd 28,852 0.01%

2,683 ZS Pharma Inc 126,155 0.03%

Pipelines

4,087 Enbridge Energy Management LLC 121,047 0.03%

5,046 Enbridge Income Fund Holdings Inc 125,259 0.03%

5,832 EnLink Midstream LLC 162,733 0.04%

10,191 Gibson Energy Inc 165,207 0.04%

2,310 Primoris Services Corp 41,050 0.01%

3,411 SemGroup Corp - Class A 243,319 0.06%

Private Equity

4,000 Alaris Royalty Corp 87,676 0.02%

14,845 Allied Minds PLC 113,779 0.03%

1,633 Aurelius AG 62,617 0.01%

1,899 Gimv NV 81,287 0.02%

3,600 Jafco Co Ltd 128,987 0.03%

25,957 Ratos AB 150,209 0.03%

14,325 SVG Capital PLC 97,945 0.02%


158






Real Estate

8,300 Airport Facilities Co Ltd 39,936 0.01%

3,494 Alexander & Baldwin Inc 123,554 0.03%

1,292 Allreal Holding AG 160,061 0.04%

4,038 Altisource Residential Corp 61,067 0.01%

116,602 Argosy Property Ltd 78,207 0.02%

144,700 Ascendas India Trust 86,322 0.02%

8,371 CA Immobilien Anlagen AG 131,006 0.03%

12,853 Castellum AB 161,964 0.04%

11,215 Cedar Woods Properties Ltd 40,693 0.01%

15,566 Charter Hall Group 48,535 0.01%

78,000 Chip Eng Seng Corp Ltd 39,773 0.01%

10,530 Citycon OYJ 23,608 0.01%

10,611 Conwert Immobilien Invest SE 120,647 0.03%

8,000 Daibiru Corp 66,481 0.02%

13,000 Daikyo Inc 18,784 0.00%

3,906 Deutsche Euroshop AG 153,857 0.04%

5,387 DREAM Unlimited Corp 37,526 0.01%

10,129 Fabege AB 123,913 0.03%

5,431 Fastighets AB Balder 75,134 0.02%

2,572 FirstService Corp 64,197 0.01%

20,682 Forest City Enterprises Inc 410,225 0.10%

2,220 Forestar Group Inc 26,221 0.01%

21,075 Foxtons Group PLC 70,472 0.02%

13,384 Gazit-Globe Ltd 143,290 0.03%

51,762 Grainger PLC 167,094 0.04%

31,055 Great Eagle Holdings Ltd 103,902 0.02%

1,800 Heiwa Real Estate Co Ltd 22,180 0.01%

14,700 Helical Bar PLC 83,723 0.02%

2,600 HFF Inc - Class A 97,377 0.02%

5,720 Hispania Activos Inmobiliarios SAU 75,275 0.02%

54,500 Hopewell Holdings Ltd 179,188 0.04%

2,889 Howard Hughes Corp/The 372,184 0.09%

7,580 Hufvudstaden AB 82,727 0.02%

85,103 IMMOFINANZ AG 179,738 0.04%

140,845 Inmobiliaria Colonial SA 88,873 0.02%

93,328 K Wah International Holdings Ltd 44,190 0.01%

8,986 Kennedy-Wilson Holdings Inc 198,318 0.05%

2,555 Killam Properties Inc 18,717 0.00%

26,000 Kowloon Development Co Ltd 29,468 0.01%

17,016 Kungsleden AB 103,531 0.02%

2,739 L E Lundbergforetagen AB 109,085 0.03%

4,299 LEG Immobilien AG 267,914 0.06%

28,500 Leopalace21 Corp 156,987 0.04%


159






Real Estate (continued)

2,867 Marcus & Millichap Inc 118,725 0.03%

18,865 Merlin Properties Socimi SA 206,760 0.05%

60,000 Midland Holdings Ltd 24,381 0.01%

346 Mobimo Holding AG 63,300 0.01%

2,716 Nexity SA 95,603 0.02%

93,602 Norwegian Property ASA 103,575 0.02%

6,281 Patrizia Immobilien AG 137,774 0.03%

3,274 PSP Swiss Property AG 251,538 0.06%

33,693 Quintain Estates & Development PLC 50,411 0.01%

48,532 Regus PLC 178,930 0.04%

1,000 Relo Holdings Inc 88,749 0.02%

8,339 S IMMO AG 62,126 0.01%

79,750 Shun Tak Holdings Ltd 39,608 0.01%

13,474 Sponda OYJ 44,599 0.01%

7,282 St Joe Co/The 101,498 0.02%

12,764 ST Modwen Properties PLC 81,597 0.02%

1,700 Sumitomo Real Estate Sales Co Ltd 38,529 0.01%

6,955 TAG Immobilien AG 73,028 0.02%

16,500 Takara Leben Co Ltd 88,225 0.02%

19,676 Technopolis OYJ 71,227 0.02%

18,446 UNITE Group PLC/The 148,799 0.03%

17,076 Wallenstam AB 108,790 0.03%

60,000 Wheelock Properties Singapore Ltd 70,187 0.02%

6,488 Wihlborgs Fastigheter AB 94,740 0.02%

29,000 Wing Tai Holdings Ltd 36,823 0.01%

10,500 Xenia Hotels & Resorts Inc 204,873 0.05%

35,000 Yanlord Land Group Ltd 26,362 0.01%

228,000 Yoma Strategic Holdings Ltd 64,588 0.01%

REITS

57,651 Abacus Property Group 116,125 0.03%

7,552 Acadia Realty Trust 197,306 0.05%

23 Activia Properties Inc 174,939 0.04%

118 Advance Residence Investment Corp 259,560 0.06%

1,200 AG Mortgage Investment Trust Inc 18,611 0.00%

1,100 Agree Realty Corp 28,798 0.01%

62,300 AIMS AMP Capital Industrial REIT 62,081 0.01%

327 Alexander's Inc 120,328 0.03%

6,233 Alexandria Real Estate Equities Inc 489,264 0.11%

4,160 Allied Properties Real Estate Investment Trust 105,987 0.02%

4,197 American Assets Trust Inc 147,697 0.03%

9,442 American Campus Communities Inc 319,394 0.07%

8,156 American Capital Mortgage Investment Corp 117,048 0.03%

13,691 American Homes 4 Rent 197,095 0.05%


160






REITS (continued)

4,985 American Residential Properties Inc 82,770 0.02%

4,913 Anworth Mortgage Asset Corp 21,739 0.01%

14,164 Apartment Investment & Management Co 469,464 0.11%

5,600 Apollo Commercial Real Estate Finance Inc 82,578 0.02%

2,989 Apollo Residential Mortgage Inc 39,408 0.01%

26,316 Armour Residential REIT Inc 66,369 0.02%

6,983 Artis Real Estate Investment Trust 68,825 0.02%

123,000 Ascott Residence Trust 105,761 0.02%

3,576 Ashford Hospitality Prime Inc 48,206 0.01%

10,552 Ashford Hospitality Trust Inc 80,120 0.02%

5,694 Associated Estates Realty Corp 146,311 0.03%

1,835 Befimmo SA 100,650 0.02%

183,402 Beni Stabili SpA SIIQ 122,146 0.03%

15,747 Big Yellow Group PLC 141,697 0.03%

17,227 BioMed Realty Trust Inc 299,022 0.07%

7,115 Blackstone Mortgage Trust Inc 177,652 0.04%

1,329 Boardwalk Real Estate Investment Trust 54,105 0.01%

14,260 Brandywine Realty Trust 169,963 0.04%

49,867 BWP Trust 105,262 0.02%

7,367 Calloway Real Estate Investment Trust 153,163 0.04%

93,596 Cambridge Industrial Trust 42,734 0.01%

4,800 Campus Crest Communities Inc 23,866 0.01%

5,794 Canadian Apartment Properties REIT 114,962 0.03%

2,526 Canadian Real Estate Investment Trust 77,086 0.02%

32,000 CapitaLand Retail China Trust 37,113 0.01%

12,371 Capstead Mortgage Corp 123,244 0.03%

3,767 CareTrust REIT Inc 42,836 0.01%

4,087 CatchMark Timber Trust Inc 42,440 0.01%

13,643 CBL & Associates Properties Inc 198,363 0.05%

83,000 CDL Hospitality Trusts 90,177 0.02%

8,700 Cedar Realty Trust Inc 49,973 0.01%

181,000 Champion REIT 89,265 0.02%

43,427 Charter Hall Retail REIT 127,017 0.03%

3,300 Chartwell Retirement Residences 27,235 0.01%

4,100 Chatham Lodging Trust 97,404 0.02%

4,334 Chesapeake Lodging Trust 118,561 0.03%

16,141 Chimera Investment Corp 198,612 0.05%

8,500 Choice Properties Real Estate Investment Trust 65,995 0.02%

1,766 Cofinimmo SA 163,726 0.04%

9,125 Colony Capital Inc 185,497 0.04%

10,800 Columbia Property Trust Inc 237,964 0.06%

7,315 Cominar Real Estate Investment Trust 93,237 0.02%

1,986 CoreSite Realty Corp 80,994 0.02%


161






REITS (continued)

7,697 Corporate Office Properties Trust 162,617 0.04%

9,835 Corrections Corp of America 291,996 0.07%

18,964 Cousins Properties Inc 176,671 0.04%

107,277 Cromwell Property Group 75,852 0.02%

14,336 CubeSmart 297,991 0.07%

4,100 CyrusOne Inc 108,369 0.03%

12,756 CYS Investments Inc 88,497 0.02%

64 Daiwa House Residential Investment Corp 130,357 0.03%

29 Daiwa Office Investment Corp 124,645 0.03%

6,972 DCT Industrial Trust Inc 196,733 0.05%

29,314 DDR Corp 406,744 0.09%

8,357 Derwent London PLC 401,298 0.09%

17,528 DiamondRock Hospitality Co 201,520 0.05%

11,902 Douglas Emmett Inc 287,776 0.07%

12,449 Dream Global Real Estate Investment Trust 88,869 0.02%

12,100 Dream Industrial Real Estate Investment Trust 71,155 0.02%

5,913 Dream Office Real Estate Investment Trust 104,315 0.02%

4,621 DuPont Fabros Technology Inc 122,140 0.03%

3,653 Dynex Capital Inc 24,983 0.01%

3,138 EastGroup Properties Inc 158,365 0.04%

3,467 Education Realty Trust Inc 97,581 0.02%

6,520 Empire State Realty Trust Inc 99,831 0.02%

5,048 EPR Properties 248,187 0.06%

10,160 Equity Commonwealth 234,076 0.05%

6,558 Equity LifeStyle Properties Inc 309,477 0.07%

5,355 Equity One Inc 112,175 0.03%

3,995 Eurocommercial Properties NV 149,433 0.03%

3,600 Excel Trust Inc 50,953 0.01%

10,950 FelCor Lodging Trust Inc 97,097 0.02%

10,060 First Industrial Realty Trust Inc 169,111 0.04%

2,378 First Potomac Realty Trust 21,983 0.01%

90,000 First Real Estate Investment Trust 83,385 0.02%

8,542 Franklin Street Properties Corp 86,708 0.02%

27,000 Frasers Centrepoint Trust 37,073 0.01%

35 Frontier Real Estate Investment Corp 140,679 0.03%

50 Fukuoka REIT Corp 78,297 0.02%

6,037 GEO Group Inc/The 185,087 0.04%

1,422 Getty Realty Corp 20,879 0.00%

8 Global One Real Estate Investment Corp 27,314 0.01%

131,692 Goodman Property Trust 94,323 0.02%

7,842 Government Properties Income Trust 130,559 0.03%

3,550 Gramercy Property Trust Inc 74,460 0.02%

830 Granite Real Estate Investment Trust 25,634 0.01%

28,752 Great Portland Estates PLC 314,929 0.07%


162






REITS (continued)

75 Hankyu Reit Inc 74,978 0.02%

65,655 Hansteen Holdings PLC 107,037 0.02%

7,700 Hatteras Financial Corp 112,646 0.03%

9,220 Healthcare Realty Trust Inc 192,476 0.04%

12,775 Healthcare Trust of America Inc 274,602 0.06%

106 Heiwa Real Estate REIT Inc 72,150 0.02%

5,282 Hersha Hospitality Trust 121,550 0.03%

99,750 Hibernia REIT plc 125,685 0.03%

8,043 Highwoods Properties Inc 288,384 0.07%

4,891 Home Properties Inc 320,667 0.07%

13,590 Hospitality Properties Trust 351,520 0.08%

5,800 Hudson Pacific Properties Inc 147,681 0.03%

122 Ichigo Real Estate Investment Corp 79,282 0.02%

30 Industrial & Infrastructure Fund Investment Corp 121,682 0.03%

3,100 InfraREIT Inc 78,905 0.02%

15,166 Inland Real Estate Corp 128,221 0.03%

20,363 InnVest Real Estate Investment Trust 75,390 0.02%

9,939 Invesco Mortgage Capital Inc 127,739 0.03%

55,543 Investa Office Fund 145,596 0.03%

11,083 Investors Real Estate Trust 71,022 0.02%

246 Invincible Investment Corp 117,822 0.03%

4,656 iStar Financial Inc 55,661 0.01%

116 Japan Excellent Inc 120,306 0.03%

276 Japan Hotel REIT Investment Corp 164,986 0.04%

65 Japan Logistics Fund Inc 117,376 0.03%

147 Japan Rental Housing Investments Inc 92,725 0.02%

36 Kenedix Office Investment Corp 162,125 0.04%

173,500 Keppel REIT 132,414 0.03%

7,101 Kilroy Realty Corp 427,959 0.10%

7,712 Kite Realty Group Trust 169,371 0.04%

94,608 Kiwi Property Group Ltd 73,792 0.02%

6,709 Lamar Advertising Co 346,108 0.08%

4,030 Lar Espana Real Estate Socimi SA 39,913 0.01%

9,825 LaSalle Hotel Properties 312,686 0.07%

21,303 Lexington Realty Trust 162,134 0.04%

100,000 Lippo Malls Indonesia Retail Trust 24,329 0.01%

60,269 LondonMetric Property PLC 137,218 0.03%

3,104 LTC Properties Inc 115,892 0.03%

11,526 Mack-Cali Realty Corp 190,652 0.04%

84,773 Mapletree Industrial Trust 88,148 0.02%

98,496 Mapletree Logistics Trust 74,187 0.02%

12 MCUBS MidCity Investment Corp 32,962 0.01%


163






REITS (continued)

21,546 Medical Properties Trust Inc 253,516 0.06%

3,036 Mercialys SA 60,766 0.01%

30,633 MFA Financial Inc 203,175 0.05%

6,493 Mid-America Apartment Communities Inc 424,300 0.10%

10,000 Monmouth Real Estate Investment Corp 87,237 0.02%

1,921 Morguard Real Estate Investment Trust 22,759 0.01%

105 Mori Hills REIT Investment Corp 121,990 0.03%

85 Mori Trust Sogo Reit Inc 148,193 0.03%

3,113 National Health Investors Inc 174,062 0.04%

12,765 National Retail Properties Inc 401,097 0.09%

17,403 New Residential Investment Corp 238,038 0.06%

7,242 New Senior Investment Group Inc 86,901 0.02%

7,200 New York Mortgage Trust Inc 48,336 0.01%

12,900 New York REIT Inc 115,199 0.03%

7,242 Newcastle Investment Corp 28,729 0.01%

32 Nippon Accommodations Fund Inc 111,017 0.03%

28 Nomura Real Estate Office Fund Inc 113,981 0.03%

6 Nomura Real Estate Residential Fund Inc 30,409 0.01%

984 Northern Property Real Estate Investment Trust 15,831 0.00%

28,389 NorthStar Realty Finance Corp 405,120 0.09%

12,132 NSI NV 42,826 0.01%

13,402 Omega Healthcare Investors Inc 412,934 0.10%

2,400 One Liberty Properties Inc 45,837 0.01%

180 Orix JREIT Inc 232,890 0.05%

102,500 OUE Hospitality Trust 63,880 0.01%

10,655 Outfront Media Inc 241,368 0.06%

15,100 Paramount Group Inc 232,558 0.05%

23,000 Parkway Life Real Estate Investment Trust 35,260 0.01%

5,819 Parkway Properties Inc/Md 91,082 0.02%

6,143 Pebblebrook Hotel Trust 236,413 0.05%

7,795 Pennsylvania Real Estate Investment Trust 149,296 0.03%

7,089 PennyMac Mortgage Investment Trust 110,897 0.03%

4,793 Physicians Realty Trust 66,075 0.02%

13,954 Piedmont Office Realty Trust Inc 220,293 0.05%

4,522 Post Properties Inc 220,662 0.05%

3,801 Potlatch Corp 120,491 0.03%

95,687 Precinct Properties New Zealand Ltd 66,212 0.02%

26 Premier Investment Corp 128,532 0.03%

10,011 Primary Health Properties PLC 55,321 0.01%

127,000 Prosperity REIT 40,873 0.01%

2,089 PS Business Parks Inc 135,273 0.03%

1,895 QTS Realty Trust Inc 61,993 0.01%

6,500 RAIT Financial Trust 35,644 0.01%

8,657 Ramco-Gershenson Properties Trust 126,802 0.03%


164






REITS (continued)

12,000 Rayonier Inc 275,175 0.06%

101,563 Redefine International PLC/Isle of Man 74,976 0.02%

8,932 Redwood Trust Inc 125,859 0.03%

4,500 Resource Capital Corp 15,630 0.00%

9,013 Retail Opportunity Investments Corp 126,353 0.03%

19,500 Retail Properties of America Inc 243,794 0.06%

9,919 RLJ Lodging Trust 265,112 0.06%

6,300 Rouse Properties Inc 92,448 0.02%

4,206 Ryman Hospitality Properties Inc 200,485 0.05%

5,286 Sabra Health Care REIT Inc 122,116 0.03%

944 Saul Centers Inc 41,676 0.01%

94 Sekisui House SI Residential Investment Corp 88,113 0.02%

5,406 Select Income REIT 100,143 0.02%

20,192 Senior Housing Properties Trust 318,048 0.07%

22,905 Shaftesbury PLC 280,629 0.07%

36,752 Shopping Centres Australasia Property Group 54,001 0.01%

6,198 Silver Bay Realty Trust Corp 90,617 0.02%

3,065 Sovran Self Storage Inc 239,077 0.06%

43,766 Spirit Realty Capital Inc 379,840 0.09%

5,412 STAG Industrial Inc 97,146 0.02%

176,000 Starhill Global REIT 103,235 0.02%

23,053 Starwood Property Trust Inc 446,287 0.10%

4,189 Starwood Waypoint Residential Trust 89,329 0.02%

4,500 STORE Capital Corp 81,179 0.02%

19,688 Strategic Hotels & Resorts Inc 214,161 0.05%

9,200 Summit Hotel Properties Inc 107,424 0.02%

3,658 Sun Communities Inc 202,992 0.05%

100,000 Sunlight Real Estate Investment Trust 45,729 0.01%

15,930 Sunstone Hotel Investors Inc 214,602 0.05%

7,863 Tanger Factory Outlet Centers Inc 223,709 0.05%

5,807 Taubman Centers Inc 362,221 0.08%

55 Tokyu REIT Inc 60,955 0.01%

22 Top REIT Inc 83,424 0.02%

27,825 Two Harbors Investment Corp 243,238 0.06%

550 Universal Health Realty Income Trust 22,934 0.01%

7,184 Urban Edge Properties 134,047 0.03%

2,933 Urstadt Biddle Properties Inc - Class A 49,173 0.01%

2,398 Vastned Retail NV 94,757 0.02%

1,336 Warehouses De Pauw CVA 92,571 0.02%

5,405 Washington Real Estate Investment Trust 125,884 0.03%

9,693 Weingarten Realty Investors 284,387 0.07%

2,906 Wereldhave NV 148,003 0.03%


165






REITS (continued)

7,300 Western Asset Mortgage Capital Corp 96,770 0.02%

6,836 Winthrop Realty Trust 92,950 0.02%

9,375 WP Carey Inc 495,928 0.12%

16,565 WP GLIMCHER Inc 201,153 0.05%

Retail

6,756 Abercrombie & Fitch Co 130,427 0.03%

880 Adastria Co Ltd 28,271 0.01%

3,976 Aeropostale Inc 5,781 0.00%

16,661 American Eagle Outfitters Inc 257,496 0.06%

699 America's Car-Mart Inc/TX 30,941 0.01%

6,410 Amplifon SpA 44,774 0.01%

3,470 ANN INC 150,392 0.03%

21,400 AO World PLC 43,708 0.01%

10,000 AOKI Holdings Inc 128,063 0.03%

3,900 Aoyama Trading Co Ltd 141,595 0.03%

3,200 Arcland Sakamoto Co Ltd 64,920 0.02%

2,178 Asbury Automotive Group Inc 177,141 0.04%

14,148 Ascena Retail Group Inc 211,484 0.05%

3,000 ASKUL Corp 84,825 0.02%

5,200 Autobacs Seven Co Ltd 78,111 0.02%

2,600 AutoCanada Inc 77,195 0.02%

14,598 Autogrill SpA 109,631 0.03%

3,864 Barnes & Noble Inc 90,028 0.02%

6,600 Bic Camera Inc 74,646 0.02%

5,117 Big Lots Inc 206,618 0.05%

96 Biglari Holdings Inc 35,649 0.01%

763 Bijou Brigitte AG 42,888 0.01%

3,253 BJ's Restaurants Inc 141,454 0.03%

12,891 Bloomin' Brands Inc 247,014 0.06%

2,613 Bob Evans Farms Inc/DE 119,721 0.03%

6,366 Brinker International Inc 329,384 0.08%

2,283 Buckle Inc/The 93,783 0.02%

1,703 Buffalo Wild Wings Inc 239,493 0.06%

6,119 Burlington Stores Inc 281,182 0.07%

14,334 Byggmax Group AB 87,212 0.02%

4,229 Cabela's Inc 189,702 0.04%

40,000 Cafe de Coral Holdings Ltd 129,661 0.03%

3,828 Caleres Inc 109,185 0.03%

3,315 Casey's General Stores Inc 284,848 0.07%

1,451 Cash America International Inc 34,107 0.01%

3,688 Cato Corp/The - Class A 128,296 0.03%

5,400 Cawachi Ltd 72,917 0.02%

3,751 Cheesecake Factory Inc/The 183,594 0.04%

16,180 Chico's FAS Inc 241,495 0.06%


166






Retail (continued)

2,231 Children's Place Inc/The 130,973 0.03%

1,400 Chiyoda Co Ltd 29,512 0.01%

24,000 Chow Sang Sang Holdings International Ltd 43,233 0.01%

2,096 Chuy's Holdings Inc 50,397 0.01%

2,227 Clas Ohlson AB 35,049 0.01%

8,100 Colowide Co Ltd 110,207 0.03%

2,400 Conn's Inc 85,514 0.02%

2,597 Container Store Group Inc/The 39,321 0.01%

11,357 Copart Inc 361,646 0.08%

1,100 Cosmos Pharmaceutical Corp 133,931 0.03%

1,357 Cracker Barrel Old Country Store Inc 181,664 0.04%

6,725 CST Brands Inc 235,755 0.05%

3,000 Dave & Buster's Entertainment Inc 97,173 0.02%

5,700 DCM Holdings Co Ltd 50,127 0.01%

123,458 Debenhams PLC 155,529 0.04%

2,351 Del Frisco's Restaurant Group Inc 39,310 0.01%

3,165 Delek Automotive Systems Ltd 31,776 0.01%

332 Delticom AG 6,972 0.00%

13,600 Denny's Corp 141,712 0.03%

1,945 Dillard's Inc 183,625 0.04%

1,627 DineEquity Inc 144,695 0.03%

6,793 Domino's Pizza Enterprises Ltd 167,242 0.04%

14,991 Domino's Pizza Group PLC 164,412 0.04%

4,843 Domino's Pizza Inc 492,906 0.11%

1,000 Doutor Nichires Holdings Co Ltd 15,740 0.00%

6,938 DSW Inc - Class A 207,791 0.05%

9,761 Dunkin' Brands Group Inc 481,830 0.11%

3,600 EDION Corp 22,893 0.01%

1,170,000 Emperor Watch & Jewellery Ltd 46,053 0.01%

33,954 Enterprise Inns PLC 59,429 0.01%

161,000 Esprit Holdings Ltd 135,318 0.03%

5,889 Express Inc 95,719 0.02%

2,694 Ezcorp Inc 17,965 0.00%

2,400 Fiesta Restaurant Group Inc 107,701 0.02%

4,190 Finish Line Inc/The 104,618 0.02%

1,994 First Cash Financial Services Inc 81,589 0.02%

3,743 Five Below Inc 132,796 0.03%

3,228 Francesca's Holdings Corp 39,025 0.01%

2,510 Fred's Inc - Class A 43,455 0.01%

1,719 Genesco Inc 101,872 0.02%

94,000 Giordano International Ltd 45,597 0.01%

8,093 GNC Holdings Inc 323,081 0.07%

20,512 Grafton Group PLC 224,674 0.05%


167






Retail (continued)

32,282 Greene King PLC 384,807 0.09%

2,021 Group 1 Automotive Inc 164,753 0.04%

1,166 Groupe Fnac 62,707 0.01%

7,227 Guess? Inc 124,342 0.03%

9,900 Gulliver International Co Ltd 82,706 0.02%

6,500 H2O Retailing Corp 121,572 0.03%

14,427 Halfords Group PLC 107,521 0.02%

3,893 Haverty Furniture Cos Inc 75,540 0.02%

1,000 Heiwado Co Ltd 22,297 0.01%

1,998 Hibbett Sports Inc 83,528 0.02%

76,484 Home Retail Group PLC 182,448 0.04%

2,913 HSN Inc 183,507 0.04%

7,990 Hudson's Bay Co 159,395 0.04%

4,300 Izumi Co Ltd 163,057 0.04%

5,054 J D Wetherspoon PLC 56,214 0.01%

3,474 Jack in the Box Inc 274,877 0.06%

7,009 JB Hi-Fi Ltd 94,185 0.02%

28,705 JC Penney Co Inc 218,212 0.05%

1,000 Jin Co Ltd 38,727 0.01%

3,000 Joshin Denki Co Ltd 20,750 0.00%

5,100 Kappa Create Holdings Co Ltd 43,205 0.01%

10,331 Kate Spade & Co 199,722 0.05%

3,000 Kisoji Co Ltd 44,448 0.01%

8,000 Kohnan Shoji Co Ltd 93,297 0.02%

1,300 Komeri Co Ltd 26,708 0.01%

3,966 Krispy Kreme Doughnuts Inc 68,556 0.02%

4,300 K's Holdings Corp 139,087 0.03%

2,500 Kura Corp 71,330 0.02%

2,600 Kusuri No Aoki Co Ltd 103,360 0.02%

45,000 Laox Co Ltd 154,138 0.04%

2,187 Lithia Motors Inc 222,115 0.05%

50,000 Lookers PLC 111,862 0.03%

18,000 Luk Fook Holdings International Ltd 47,616 0.01%

2,754 Lumber Liquidators Holdings Inc 51,190 0.01%

4,370 Majestic Wine PLC 23,964 0.01%

140,800 Man Wah Holdings Ltd 124,045 0.03%

4,618 MarineMax Inc 97,441 0.02%

2,310 Matas A/S 44,126 0.01%

4,400 Matsumotokiyoshi Holdings Co Ltd 182,339 0.04%

2,900 Matsuya Co Ltd 48,922 0.01%

1,800 Mattress Firm Holding Corp 98,465 0.02%

3,768 Men's Wearhouse Inc/The 216,672 0.05%

5,700 Michaels Cos Inc/The 137,666 0.03%


168






Retail (continued)

17,353 Mitchells & Butlers PLC 111,814 0.03%

1,700 MOS Food Services Inc 31,721 0.01%

13,913 Mothercare PLC 53,023 0.01%

1,288 Movado Group Inc 31,397 0.01%

4,642 MSC Industrial Direct Co Inc 290,677 0.07%

28,723 Myer Holdings Ltd 24,272 0.01%

7,990 N Brown Group PLC 38,593 0.01%

126,000 NewOcean Energy Holdings Ltd 52,513 0.01%

4,500 Nishimatsuya Chain Co Ltd 40,663 0.01%

4,509 Noodles & Co 59,084 0.01%

5,168 Nu Skin Enterprises Inc 218,603 0.05%

45,904 Office Depot Inc 356,784 0.08%

1,233 Outerwall Inc 84,225 0.02%

2,154 Panera Bread Co - Class A 337,870 0.08%

2,208 Papa John's International Inc 149,836 0.03%

3,417 Penske Automotive Group Inc 159,810 0.04%

3,344 Pep Boys-Manny Moe & Jack/The 36,825 0.01%

10,799 Pier 1 Imports Inc 122,412 0.03%

2,400 Plenus Co Ltd 38,815 0.01%

1,786 Popeyes Louisiana Kitchen Inc 96,161 0.02%

16,612 Poundland Group PLC 75,807 0.02%

5,883 Premier Investments Ltd 51,742 0.01%

1,930 PriceSmart Inc 158,045 0.04%

3,500 Rallye SA 94,535 0.02%

942 Red Robin Gourmet Burgers Inc 72,556 0.02%

7,572 Regis Corp 107,104 0.02%

2,226 Reitmans Canada Ltd 10,418 0.00%

14,887 Restaurant Group PLC/The 146,251 0.03%

3,500 Restoration Hardware Holdings Inc 306,682 0.07%

9,825 RONA Inc 107,219 0.02%

6,000 Royal Holdings Co Ltd 89,864 0.02%

3,537 Ruby Tuesday Inc 19,904 0.00%

1,969 Rush Enterprises Inc 46,318 0.01%

4,372 Ruth's Hospitality Group Inc 63,253 0.01%

2,200 Ryohin Keikaku Co Ltd 383,074 0.09%

86,000 Sa Sa International Holdings Ltd 41,816 0.01%

2,000 Saizeriya Co Ltd 39,857 0.01%

13,114 Sally Beauty Holdings Inc 371,693 0.09%

5,608 Salvatore Ferragamo SpA 151,080 0.04%

2,500 Sears Holdings Corp 59,908 0.01%

6,600 Senshukai Co Ltd 41,535 0.01%

3,000 Seria Co Ltd 101,438 0.02%

5,800 Shimachu Co Ltd 150,170 0.03%


169






Retail (continued)

1,816 Shoe Carnival Inc 47,038 0.01%

3,000 Sonic Automotive Inc - Class A 64,163 0.01%

3,382 Sonic Corp 87,418 0.02%

2,600 St Marc Holdings Co Ltd 76,852 0.02%

1,091 Stage Stores Inc 17,165 0.00%

1,255 Stockmann OYJ Abp 7,794 0.00%

2,700 Sugi Holdings Co Ltd 123,772 0.03%

3,300 Sundrug Co Ltd 176,450 0.04%

4,700 SuperGroup PLC 81,533 0.02%

11,096 Superior Plus Corp 100,189 0.02%

4,950 Takkt AG 81,230 0.02%

1,909 Tile Shop Holdings Inc 24,312 0.01%

38,000 Trinity Ltd 5,895 0.00%

12,600 TSI Holdings Co Ltd 78,277 0.02%

3,200 Tsuruha Holdings Inc 223,678 0.05%

5,910 Tuesday Morning Corp 59,752 0.01%

1,400 United Arrows Ltd 39,380 0.01%

2,500 Valor Co Ltd 56,202 0.01%

115 Valora Holding AG 20,288 0.00%

900 Vera Bradley Inc 9,103 0.00%

5,454 Vista Outdoor Inc 219,785 0.05%

3,539 Vitamin Shoppe Inc 118,380 0.03%

1,700 WATAMI Co Ltd 12,581 0.00%

24,922 Wendy's Co/The 252,307 0.06%

8,809 WH Smith PLC 189,991 0.04%

7,992 Williams-Sonoma Inc 590,111 0.14%

9,679 World Duty Free SpA 97,274 0.02%

5,885 World Fuel Services Corp 253,263 0.06%

1,700 Xebio Co Ltd 29,801 0.01%

7,100 Yoshinoya Holdings Co Ltd 77,229 0.02%

12,700 Zensho Holdings Co Ltd 108,613 0.03%

1,960 Zoe's Kitchen Inc 72,018 0.02%

754 Zumiez Inc 18,021 0.00%

4,668 Texas Roadhouse Inc 156,815 0.04%

Savings & Loans

7,632 Astoria Financial Corp 94,458 0.02%

7,400 Banc of California Inc 91,321 0.02%

16,000 Bank Mutual Corp 110,142 0.03%

7,300 Beneficial Bancorp Inc 81,832 0.02%

1,668 Berkshire Hills Bancorp Inc 42,636 0.01%

777 BofI Holding Inc 73,718 0.02%

4,190 Brookline Bancorp Inc 42,457 0.01%

13,142 Capitol Federal Financial Inc 142,012 0.03%


170






Savings & Loans (continued)

2,656 Dime Community Bancshares Inc 40,381 0.01%

7,808 EverBank Financial Corp 137,702 0.03%

31,314 First Niagara Financial Group Inc 265,306 0.06%

2,760 Flagstar Bancorp Inc 45,777 0.01%

1,053 Flushing Financial Corp 19,856 0.00%

5,656 HomeStreet Inc 115,841 0.03%

33,338 Investors Bancorp Inc 368,029 0.09%

4,500 Northfield Bancorp Inc 60,784 0.01%

7,739 Northwest Bancshares Inc 89,045 0.02%

2,847 Oritani Financial Corp 41,011 0.01%

5,454 Provident Financial Services Inc 92,956 0.02%

5,807 Sterling Bancorp/DE 76,614 0.02%

8,444 TFS Financial Corp 127,471 0.03%

4,100 United Financial Bancorp Inc 49,493 0.01%

11,237 Washington Federal Inc 235,491 0.05%

3,600 WSFS Financial Corp 88,368 0.02%

Semiconductors

58,613 Advanced Micro Devices Inc 126,253 0.03%

8,934 AIXTRON SE 54,131 0.01%

3,267 Ambarella Inc 301,102 0.07%

12,740 Amkor Technology Inc 68,377 0.02%

7,007 ams AG 275,226 0.07%

3,801 Applied Micro Circuits Corp 23,027 0.01%

34,618 Atmel Corp 306,193 0.07%

3,757 BE Semiconductor Industries NV 93,794 0.02%

3,277 Brooks Automation Inc 33,676 0.01%

2,355 Cabot Microelectronics Corp 99,573 0.02%

4,553 Cavium Inc 281,181 0.07%

1,140 CEVA Inc 19,880 0.00%

5,825 Cirrus Logic Inc 177,908 0.04%

10,200 Cree Inc 238,293 0.06%

15,873 CSR PLC 195,818 0.05%

26,500 Cypress Semiconductor Corp 279,698 0.06%

5,198 Dialog Semiconductor PLC 252,051 0.06%

3,912 Diodes Inc 84,651 0.02%

800 Enplas Corp 29,192 0.01%

13,488 Entegris Inc 176,378 0.04%

9,500 Exar Corp 83,387 0.02%

11,123 Fairchild Semiconductor International Inc 173,504 0.04%

3,957 FormFactor Inc 32,673 0.01%

24,114 Imagination Technologies Group PLC 75,307 0.02%

2,210 Inphi Corp 45,342 0.01%

11,597 Integrated Device Technology Inc 225,862 0.05%


171






Semiconductors (continued)

5,826 Integrated Silicon Solution Inc 115,767 0.03%

11,118 Intersil Corp 124,831 0.03%

7,228 InvenSense Inc 97,956 0.02%

3,591 IPG Photonics Corp 274,514 0.06%

3,289 Kontron AG 13,008 0.00%

7,386 Kulicke & Soffa Industries Inc 77,625 0.02%

5,782 Lattice Semiconductor Corp 30,565 0.01%

2,400 M/A-COM Technology Solutions Holdings Inc 82,391 0.02%

10,600 MaxLinear Inc - Class A 115,114 0.03%

1,400 Megachips Corp 15,618 0.00%

1,939 Melexis NV 100,828 0.02%

3,963 Mellanox Technologies Ltd 172,826 0.04%

3,347 Micrel Inc 41,755 0.01%

2,000 Micronics Japan Co Ltd 41,323 0.01%

7,913 Microsemi Corp 248,213 0.06%

4,692 MKS Instruments Inc 159,769 0.04%

2,959 Monolithic Power Systems Inc 134,671 0.03%

28,305 Nanoco Group PLC 37,556 0.01%

3,067 Nanometrics Inc 44,373 0.01%

6,000 Nippon Chemi-Con Corp 16,239 0.00%

9,337 Nordic Semiconductor ASA 57,677 0.01%

5,095 OmniVision Technologies Inc 119,784 0.03%

36,526 ON Semiconductor Corp 383,225 0.09%

11,239 Photronics Inc 95,928 0.02%

18,620 PMC-Sierra Inc 143,051 0.03%

2,332 Power Integrations Inc 94,561 0.02%

8,124 QLogic Corp 103,464 0.02%

8,478 Rambus Inc 110,255 0.03%

135,433 REC Silicon ASA 26,018 0.01%

7,120 Rovi Corp 101,924 0.02%

3,695 Rudolph Technologies Inc 39,829 0.01%

6,000 Sanken Electric Co Ltd 33,314 0.01%

6,876 Semtech Corp 122,499 0.03%

12,000 Shindengen Electric Manufacturing Co Ltd 53,954 0.01%

3,700 Shinko Electric Industries Co Ltd 23,963 0.01%

3,008 Silicon Laboratories Inc 145,811 0.03%

16,400 Sumco Corp 184,402 0.04%

4,300 SunEdison Semiconductor Ltd 66,650 0.02%

19,356 Teradyne Inc 335,108 0.08%

4,341 Tessera Technologies Inc 147,973 0.03%

3,772 Tower Semiconductor Ltd 52,678 0.01%

1,153 Ultratech Inc 19,206 0.00%

5,000 Ulvac Inc 69,129 0.02%

4,603 Veeco Instruments Inc 118,731 0.03%

4,940 Wi-LAN Inc 10,263 0.00%

4,823 Xcerra Corp 32,768 0.01%


172






Shipbuilding

36,000 Cosco Corp Singapore Ltd 11,518 0.00%

4,140 Huntington Ingalls Industries Inc 418,347 0.10%

53,000 Mitsui Engineering & Shipbuilding Co Ltd 82,412 0.02%

23,000 Vard Holdings Ltd 8,738 0.00%

Software

10,788 ACI Worldwide Inc 237,894 0.06%

6,000 Actua Corp 76,791 0.02%

7,664 Acxiom Corp 120,924 0.03%

3,465 Advent Software Inc 137,487 0.03%

17,428 Allscripts Healthcare Solutions Inc 213,979 0.05%

7,427 Aspen Technology Inc 303,626 0.07%

3,500 athenahealth Inc 359,926 0.08%

5,273 AVEVA Group PLC 134,567 0.03%

1,372 Benefitfocus Inc 53,996 0.01%

3,685 Blackbaud Inc 188,351 0.04%

4,107 Bottomline Technologies de Inc 102,509 0.02%

11,403 Broadridge Financial Solutions Inc 511,815 0.12%

2,623 BroadSoft Inc 81,383 0.02%

4,664 Callidus Software Inc 65,217 0.02%

5,300 Capcom Co Ltd 92,169 0.02%

6,297 Castlight Health Inc 46,004 0.01%

4,470 CommVault Systems Inc 170,142 0.04%

3,300 CompuGroup Medical AG 103,571 0.02%

640 Computer Programs & Systems Inc 30,685 0.01%

3,158 Constant Contact Inc 81,515 0.02%

4,545 Cornerstone OnDemand Inc 141,955 0.03%

1,976 CSG Systems International Inc 56,148 0.01%

1,764 Cvent Inc 40,815 0.01%

5,154 Dealertrack Technologies Inc 290,450 0.07%

2,600 Demandware Inc 165,866 0.04%

8,400 DeNA Co Ltd 148,236 0.03%

5,980 Descartes Systems Group Inc/The 86,195 0.02%

1,713 Ebix Inc 50,135 0.01%

3,000 Envestnet Inc 108,858 0.03%

2,522 Epiq Systems Inc 38,208 0.01%

2,456 Fair Isaac Corp 200,104 0.05%

4,000 Fuji Soft Inc 73,141 0.02%

4,158 GameLoft SE 15,967 0.00%

16,506 Glu Mobile Inc 91,996 0.02%

5,700 Guidewire Software Inc 270,778 0.06%

2,000 HubSpot Inc 88,997 0.02%

2,611 Imperva Inc 158,647 0.04%

11,700 inContact Inc 103,643 0.02%


173






Software (continued)

639 Industrial & Financial Systems 18,524 0.00%

5,076 Infoblox Inc 119,406 0.03%

9,319 Informatica Corp 405,396 0.09%

160,100 Innovation Group PLC 70,054 0.02%

4,200 Inovalon Holdings Inc 105,170 0.02%

1,300 Interactive Intelligence Group Inc 51,886 0.01%

4,200 IT Holdings Corp 80,218 0.02%

5,600 Koei Tecmo Holdings Co Ltd 86,543 0.02%

4,328 Kudelski SA 55,073 0.01%

3,803 ManTech International Corp/VA 98,983 0.02%

4,800 Marvelous Inc 54,147 0.01%

7,029 MedAssets Inc 139,167 0.03%

4,714 Medidata Solutions Inc 229,819 0.05%

9,511 Micro Focus International PLC 182,712 0.04%

750 MicroStrategy Inc 114,486 0.03%

2,555 Monotype Imaging Holdings Inc 55,287 0.01%

9,735 MSCI Inc 537,775 0.12%

7,619 Myriad Group AG 38,780 0.01%

3,200 Nemetschek AG 92,384 0.02%

5,500 Nihon Unisys Ltd 50,748 0.01%

3,740 NSD Co Ltd 44,412 0.01%

2,503 Omnicell Inc 84,714 0.02%

10,735 Opera Software ASA 82,784 0.02%

2,500 Paycom Software Inc 76,624 0.02%

2,624 PDF Solutions Inc 37,681 0.01%

1,924 Pegasystems Inc 39,526 0.01%

20,148 Playtech PLC 232,773 0.05%

2,834 Progress Software Corp 69,947 0.02%

3,000 Proofpoint Inc 171,432 0.04%

2,100 PROS Holdings Inc 39,787 0.01%

9,536 PTC Inc 351,074 0.08%

8,215 Qlik Technologies Inc 257,760 0.06%

4,748 Quality Systems Inc 70,611 0.02%

5,926 RealPage Inc 101,426 0.02%

13,325 Redknee Solutions Inc 45,406 0.01%

2,985 RIB Software AG 43,178 0.01%

5,429 SciQuest Inc 72,163 0.02%

104,400 Silverlake Axis Ltd 68,196 0.02%

3,725 SimCorp AS 133,074 0.03%

7,011 Software AG 172,330 0.04%

5,872 SolarWinds Inc 243,112 0.06%

6,307 Solera Holdings Inc 252,235 0.06%

1,018 SPS Commerce Inc 60,119 0.01%


174






Software (continued)

4,900 Square Enix Holdings Co Ltd 97,361 0.02%

7,576 SS&C Technologies Holdings Inc 424,969 0.10%

3,349 Synchronoss Technologies Inc 137,453 0.03%

2,161 SYNNEX Corp 141,953 0.03%

4,286 Tableau Software Inc 443,525 0.10%

9,761 Take-Two Interactive Software Inc 241,528 0.06%

1,688 Tangoe Inc 19,059 0.01%

32,175 Technology One Ltd 81,012 0.02%

4,363 Temenos Group AG 129,682 0.03%

4,513 TomTom NV 45,739 0.01%

3,200 Transcosmos Inc 76,515 0.02%

2,554 Tyler Technologies Inc 296,568 0.07%

8,361 UBISOFT Entertainment 133,609 0.03%

2,788 Ultimate Software Group Inc/The 411,219 0.10%

4,000 Veeva Systems Inc - Class A 100,628 0.02%

5,168 Verint Systems Inc 281,754 0.07%

5,925 Xero Ltd 64,915 0.02%

69,258 Zynga Inc 177,776 0.04%

Storage/Warehousing

19,000 Mitsui-Soko Holdings Co Ltd 54,071 0.01%

3,842 Mobile Mini Inc 144,963 0.03%

25,300 Safestore Holdings PLC 100,973 0.02%

8,000 Sumitomo Warehouse Co Ltd/The 40,135 0.01%

8,402 Wesco Aircraft Holdings Inc 114,244 0.03%

8,711 Westshore Terminals Investment Corp 190,436 0.04%

Telecommunications

5,300 ADTRAN Inc 77,298 0.02%

2,803 Anixter International Inc 163,898 0.04%

3,500 Arista Networks Inc 256,767 0.06%

11,263 ARRIS Group Inc 309,323 0.07%

3,336 Ascom Holding AG 52,702 0.01%

1,700 Atlantic Tele-Network Inc 105,399 0.02%

1,165 Black Box Corp 20,912 0.01%

243,430 Cable & Wireless Communications PLC 228,840 0.05%

4,000 CalAmp Corp 65,554 0.02%

8,300 Cellcom Israel Ltd 29,798 0.01%

36,757 Chorus Ltd 64,701 0.02%

9,045 Ciena Corp 192,233 0.05%

11,952 Cincinnati Bell Inc 40,977 0.01%

52,254 Colt Group SA 139,400 0.03%

11,409 CommScope Holding Co Inc 312,411 0.07%

1,491 Comtech Telecommunications Corp 38,874 0.01%

1,935 Comverse Inc 34,872 0.01%


175






Telecommunications (continued)

4,485 Consolidated Communications Holdings Inc 84,572 0.02%

6,616 DigitalGlobe Inc 165,014 0.04%

5,008 Drillisch AG 200,295 0.05%

4,717 EarthLink Holdings Corp 31,709 0.01%

3,711 EchoStar Corp 162,136 0.04%

1,700 Ei Towers SpA 91,885 0.02%

23,600 Extreme Networks Inc 56,977 0.01%

2,094 EZchip Semiconductor Ltd 29,886 0.01%

2,404 FairPoint Communications Inc 39,312 0.01%

311,000 FIH Mobile Ltd 168,860 0.04%

8,693 Finisar Corp 139,422 0.03%

11,501 Freenet AG 347,503 0.08%

1,611 Gigamon Inc 47,700 0.01%

39,000 Globalstar Inc 73,856 0.02%

13,712 GN Store Nord A/S 254,393 0.06%

5,100 Gogo Inc 98,091 0.02%

7,300 Harmonic Inc 44,749 0.01%

4,000 Hitachi Kokusai Electric Inc 54,628 0.01%

256,000 Hong Kong Television Network Ltd 66,683 0.02%

90,000 Hutchison Telecommunications Hong Kong Holdings Ltd 33,550 0.01%

10,890 Infinera Corp 205,055 0.05%

2,494 Inteliquent Inc 41,186 0.01%

4,154 InterDigital Inc/PA 212,099 0.05%

3,775 Iridium Communications Inc 30,798 0.01%

2,831 Ixia 31,608 0.01%

18,931 Jazztel PLC 245,156 0.06%

21,086 JDS Uniphase Corp 219,149 0.05%

28,042 KCOM Group PLC 37,009 0.01%

31,957 Laird PLC 165,860 0.04%

2,179 LogMeIn Inc 126,121 0.03%

564 Loral Space & Communications Inc 31,951 0.01%

897 Lumos Networks Corp 11,907 0.00%

43,000 M1 Ltd/Singapore 92,863 0.02%

9,213 M2 Group Ltd 68,002 0.02%

2,646 Manitoba Telecom Services Inc 53,090 0.01%

1,080 Mobistar SA 18,338 0.00%

3,268 NETGEAR Inc 88,050 0.02%

6,916 NeuStar Inc - Class A 181,311 0.04%

8,000 Nisshinbo Holdings Inc 80,329 0.02%

64,000 Oki Electric Industry Co Ltd 120,640 0.03%

12,200 Partner Communications Co Ltd 30,361 0.01%

70,053 Pharol SGPS SA 27,671 0.01%

3,000 PKC Group OYJ 59,490 0.01%


176







4,387 Plantronics Inc 221,712 0.05%

12,316 Polycom Inc 126,454 0.03%

7,200 Premiere Global Services Inc 66,494 0.02%

2,365 RigNet Inc 64,888 0.02%

7,700 Ruckus Wireless Inc 71,458 0.02%

4,500 Shenandoah Telecommunications Co 138,247 0.03%

6,812 ShoreTel Inc 41,452 0.01%

3,976 Sierra Wireless Inc 88,694 0.02%

14,936 SmarTone Telecommunications Holdings Ltd 23,378 0.01%

2,374 Sonus Networks Inc 14,744 0.00%

29,440 Spirent Communications PLC 37,711 0.01%

660,000 Suncorp Technologies Ltd 39,732 0.01%

2,895 Sunrise Communications Group AG 217,276 0.05%

44,634 TalkTalk Telecom Group PLC 240,979 0.06%

20,149 Telecity Group PLC 292,368 0.07%

6,975 Telecom Plus PLC 97,468 0.02%

10,077 Telephone & Data Systems Inc 265,898 0.06%

13,256 Telit Communications PLC 54,168 0.01%

2,700 Ubiquiti Networks Inc 77,338 0.02%

803 U-Blox AG 145,905 0.03%

823 United States Cellular Corp 27,825 0.01%

3,701 ViaSat Inc 200,164 0.05%

8,380 Vonage Holdings Corp 36,929 0.01%

14,700 VTech Holdings Ltd 175,116 0.04%

3,600 West Corp 97,254 0.02%

5,923 Windstream Holdings Inc 33,916 0.01%

Textiles

1,172 G&K Services Inc 72,727 0.02%

9,000 Japan Vilene Co Ltd 52,942 0.01%

24,000 Kurabo Industries Ltd 46,120 0.01%

9,000 Nitto Boseki Co Ltd 35,646 0.01%

90,000 Pacific Textiles Holdings Ltd 128,990 0.03%

5,000 Teikoku Sen-I Co Ltd 63,922 0.01%

34,000 Texwinca Holdings Ltd 32,395 0.01%

104,000 Toyobo Co Ltd 148,747 0.03%

1,562 UniFirst Corp 156,803 0.04%

Toys/Games/Hobbies

4,100 Tomy Co Ltd 19,216 0.01%

Transportation

16,863 Ansaldo STS SpA 157,416 0.04%

1,593 ArcBest Corp 45,465 0.01%

8,188 bpost SA 201,752 0.05%


177






Transportation (continued)

6,900 BW LPG Ltd 52,817 0.01%

15,107 BW Offshore Ltd 8,703 0.00%

6,406 Cabcharge Australia Ltd 16,174 0.00%

1,800 CAI International Inc 33,263 0.01%

2,987 Cargotec Oyj 101,707 0.03%

2,800 Celadon Group Inc 51,969 0.01%

2,153 Cie Maritime Belge SA 27,645 0.01%

305 Construcciones y Auxiliar de Ferrocarriles SA 81,298 0.02%

5,228 Con-way Inc 180,038 0.04%

1,059 D/S Norden AS 23,920 0.01%

1,000 Dfds A/S 124,131 0.03%

1,641 Echo Global Logistics Inc 48,102 0.01%

828 Era Group Inc 15,219 0.01%

7,000 Euronav NV 92,260 0.02%

4,495 Exmar NV 40,109 0.01%

373,600 Ezra Holdings Ltd 42,583 0.01%

121,848 Firstgroup PLC 205,527 0.05%

2,622 Forward Air Corp 122,981 0.03%

10,124 Freightways Ltd 35,642 0.01%

11,000 Fuji Kyuko Co Ltd 85,603 0.02%

27,000 Fukuyama Transporting Co Ltd 134,466 0.03%

3,572 Gategroup Holding AG 101,197 0.02%

4,799 Genesee & Wyoming Inc 328,117 0.08%

4,349 Go-Ahead Group PLC 161,692 0.04%

5,764 Heartland Express Inc 104,654 0.02%

2,200 Hitachi Transport System Ltd 32,805 0.01%

7,900 Horizon North Logistics Inc 21,865 0.01%

1,431 Hornbeck Offshore Services Inc 26,367 0.01%

3,578 Hub Group Inc 129,543 0.03%

5,000 Iino Kaiun Kaisha Ltd 21,417 0.01%

9,460 Irish Continental Group PLC 37,272 0.01%

77,000 Kawasaki Kisen Kaisha Ltd 163,218 0.04%

42,000 Kerry Logistics Network Ltd 59,612 0.01%

1,000 Kintetsu World Express Inc 40,341 0.01%

1,429 Kirby Corp 98,319 0.02%

5,056 Knight Transportation Inc 121,340 0.03%

3,729 Landstar System Inc 223,800 0.05%

3,900 Marten Transport Ltd 75,956 0.02%

330 Matson Inc 12,451 0.00%

40,000 Nankai Electric Railway Co Ltd 161,362 0.04%

34,145 National Express Group PLC 148,154 0.03%

145,000 Neptune Orient Lines Ltd/Singapore 79,252 0.02%

2,700 Nippon Konpo Unyu Soko Co Ltd 42,300 0.01%

27,000 Nishi-Nippon Railroad Co Ltd 111,296 0.03%


178







195 Norbert Dentressangle SA 42,422 0.01%

43,000 NS United Kaiun Kaisha Ltd 83,578 0.02%

6,324 Ocean Yield ASA 44,368 0.01%

2,549 Oesterreichische Post AG 105,184 0.02%

5,696 Old Dominion Freight Line Inc 350,722 0.08%

23,500 Orient Overseas International Ltd 107,871 0.03%

230,000 Pacific Basin Shipping Ltd 69,496 0.02%

1,463 Panalpina Welttransport Holding AG 165,791 0.04%

46,177 PostNL NV 184,108 0.04%

3,200 Roadrunner Transportation Systems Inc 74,098 0.02%

4,669 Ryder System Inc 366,120 0.09%

1,650 Saia Inc 58,184 0.01%

23,000 Sankyu Inc 112,858 0.03%

17,000 Seino Holdings Co Ltd 171,073 0.04%

15,000 Senko Co Ltd 85,265 0.02%

121,000 Singapore Post Ltd 152,836 0.04%

198,000 SITC International Holdings Co Ltd 117,362 0.03%

74,000 SMRT Corp Ltd 75,960 0.02%

30,000 Sotetsu Holdings Inc 140,385 0.03%

38,222 Stagecoach Group PLC 217,852 0.05%

1,941 Stolt-Nielsen Ltd 29,449 0.01%

4,708 Student Transportation Inc 19,495 0.00%

8,234 Swift Transportation Co 167,533 0.04%

3,175 Tidewater Inc 64,771 0.02%

8,275 TransForce Inc 150,685 0.04%

9,617 UTi Worldwide Inc 86,227 0.02%

4,156 Werner Enterprises Inc 97,913 0.03%

7,343 XPO Logistics Inc 297,753 0.07%

3,039 YRC Worldwide Inc 35,403 0.01%

Trucking & Leasing

653 AMERCO 191,592 0.04%

3,064 GATX Corp 146,160 0.03%

1,671 Greenbrier Cos Inc/The 70,262 0.02%

2,862 TAL International Group Inc 81,170 0.02%

Water

3,623 American States Water Co 121,580 0.03%

13,323 Aqua America Inc 292,838 0.07%

5,476 California Water Service Group 112,302 0.03%

1,800 Connecticut Water Service Inc 55,186 0.01%

2,700 Middlesex Water Co 54,669 0.01%

33,779 Pennon Group PLC 386,440 0.09%

1,273 PICO Holdings Inc 16,818 0.00%

3,600 SJW Corp 99,161 0.02%

Investment in transferable securities at fair value through

profit or loss 424,923,086 98.62%


179



Investment Value EUR % of Net Assets

OTC Financial Derivatives Instruments

Forward Exchange Contracts0.05% (2014 - 0.07%)

Buy AUD 135,525 Sell EUR 92,749 14/08/2015 440 0.00%

Buy EUR 101,426 Sell AUD 143,925 14/08/2015 2,469 0.00%

Buy EUR 121,083 Sell JPY 16,290,000 14/08/2015 1,613 0.00%

Buy EUR 127,970 Sell CAD 175,160 14/08/2015 2,210 0.00%

Buy EUR 128,127 Sell CAD 174,820 14/08/2015 2,612 0.00%

Buy EUR 131,342 Sell CAD 176,940 14/08/2015 4,306 0.00%

Buy EUR 131,711 Sell CAD 176,940 14/08/2015 4,676 0.00%

Buy EUR 246,447 Sell CAD 342,040 14/08/2015 868 0.00%

Buy EUR 273,057 Sell USD 303,420 02/07/2015 736 0.00%

Buy EUR 591,490 Sell JPY 79,425,000 14/08/2015 8,991 0.00%

Buy EUR 736,154 Sell USD 818,000 01/07/2015 1,995 0.00%

Buy EUR 87,273 Sell CHF 90,190 14/08/2015 558 0.00%

Buy EUR 99,200 Sell AUD 141,775 14/08/2015 1,719 0.00%

Buy GBP 137,360 Sell EUR 191,315 14/08/2015 2,383 0.00%

Buy GBP 351,200 Sell EUR 488,054 14/08/2015 7,191 0.00%

Buy GBP 612,875 Sell EUR 821,550 14/08/2015 42,696 0.01%

Buy GBP 67,650 Sell EUR 93,222 14/08/2015 2,175 0.00%

Buy GBP 69,985 Sell EUR 96,771 14/08/2015 1,918 0.00%

Buy JPY 16,325,000 Sell EUR 117,499 14/08/2015 2,228 0.00%

Buy USD 1,229,200 Sell EUR 1,081,524 14/08/2015 20,991 0.01%

Buy USD 1,461,600 Sell EUR 1,309,037 14/08/2015 1,927 0.00%

Buy USD 167,104 Sell EUR 149,864 02/07/2015 112 0.00%

Buy USD 430,000 Sell EUR 384,901 14/08/2015 782 0.00%

Buy USD 630,800 Sell EUR 561,027 14/08/2015 4,761 0.00%

Buy USD 7,070,637 Sell EUR 6,228,100 14/08/2015 113,819 0.03%

Buy USD 90,000 Sell EUR 80,362 02/07/2015 414 0.00%

Financial derivatives instruments at fair value through

profit or loss 234,590 0.05%

Forward Exchange Contracts (0.05%) (2014 - (0.03%))

Buy AUD 140,425 Sell EUR 99,047 14/08/2015 (2,489) (0.00%)

Buy AUD 143,500 Sell EUR 99,689 14/08/2015 (1,016) (0.00%)

Buy AUD 238,100 Sell EUR 166,889 14/08/2015 (3,168) (0.00%)

Buy CAD 172,480 Sell EUR 124,552 14/08/2015 (714) (0.00%)

Buy CAD 176,420 Sell EUR 129,438 14/08/2015 (2,771) (0.00%)

Buy CAD 351,880 Sell EUR 256,583 14/08/2015 (3,938) (0.00%)

Buy CAD 463,128 Sell EUR 338,668 14/08/2015 (6,148) (0.00%)

Buy CHF 149,530 Sell EUR 145,449 14/08/2015 (1,681) (0.00%)

Buy CHF 90,950 Sell EUR 87,545 14/08/2015 (100) (0.00%)

Buy CHF 94,000 Sell EUR 91,014 14/08/2015 (636) (0.00%)

Buy EUR 188,437 Sell AUD 274,050 14/08/2015 (4) (0.00%)

Buy EUR 2,377,744 Sell USD 2,709,080 14/08/2015 (52,164) (0.01%)

Buy EUR 286,400 Sell GBP 207,225 14/08/2015 (5,825) (0.00%)

Buy EUR 3,474,557 Sell USD 3,892,480 14/08/2015 (16,765) (0.01%)

Buy EUR 3,475,094 Sell USD 3,906,930 14/08/2015 (29,196) (0.01%)


180





(continued)

Buy EUR 352,509 Sell JPY 48,120,000 14/08/2015 (401) (0.00%)

Buy EUR 469,429 Sell GBP 346,450 14/08/2015 (19,137) (0.01%)

Buy EUR 559,689 Sell USD 623,664 07/07/2015 (3) (0.00%)

Buy EUR 565,910 Sell GBP 407,370 14/08/2015 (8,551) (0.00%)

Buy EUR 595,637 Sell JPY 82,600,000 14/08/2015 (10,149) (0.00%)

Buy EUR 663,512 Sell USD 744,720 14/08/2015 (4,458) (0.00%)

Buy EUR 80,315 Sell USD 90,000 14/08/2015 (409) (0.00%)

Buy EUR 86,340 Sell CHF 90,290 14/08/2015 (470) (0.00%)

Buy EUR 86,387 Sell CHF 90,290 14/08/2015 (423) (0.00%)

Buy EUR 96,180 Sell GBP 69,535 14/08/2015 (1,877) (0.00%)

Buy JPY 123,515,000 Sell EUR 914,194 14/08/2015 (8,340) (0.00%)

Buy JPY 16,010,000 Sell EUR 118,397 14/08/2015 (981) (0.00%)

Buy JPY 31,440,000 Sell EUR 235,048 14/08/2015 (4,469) (0.00%)

Buy JPY 83,200,000 Sell EUR 611,459 14/08/2015 (1,273) (0.00%)

Buy USD 3,839,970 Sell EUR 3,498,907 14/08/2015 (54,693) (0.01%)


profit or loss (242,249) (0.05%)

Future contracts dealt on a regulated market

Futures (0.01%) (2014 - (0.00%))

DJ EURO STOXX 50 18/09/2015 (455) (0.00%)

FTSE 100 INDEX FUTURE 18/09/2015 (9,972) (0.00%)

RUSSELL MINI 18/09/2015 (30,784) (0.01%)

S&P/TSE 60 IX 17/09/2015 (4,345) (0.00%)

SPI 200 INDEX 17/09/2015 (1,500) (0.00%)

SWISS MKT IX FUTR 18/09/2015 (1,104) (0.00%)

TOPIX INDEX FUTURES 10/09/2015 (7,754) (0.00%)

Investments in derivative instruments at fair value

through Profit or Loss (55,914) (0.01%)

Total investments at fair value through Profit or Loss 424,859,513 98.61%

Cash and cash equivalents 5,340,631 1.24%

Net current assets 663,394 0.15%

Net assets attributable to holders of redeemable shares 430,863,538 100.00%

Total assets comprised as follows; % of Total Assets

Transferable securities and money market instruments admitted to an official

stock exchange listing or traded on a regulated market 98.49%

OTC financial derivative instruments

0.05%

Financial derivatives instruments dealt in on a regulated

-%

Other current assets

1.46%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulated market.


181





Equities - AUD - 0.03% (2014 - -%)

Insurance

68,356 Medibank Pvt Ltd 94,779 0.03%

Equities - DKK - 0.03% (2014 - -%)

Commercial Services

3,274 ISS A/S 96,905 0.03%

Equities - EUR - 0.58% (2014 - 0.71%)

Apparel

3,800 Asics Corp 88,214 0.03%

Auto Manufacturers

1,679 Volkswagen AG 349,142 0.12%

Banks

851 Banco de Sabadell SA 1,843 0.00%

12,735 Deutsche Bank AG 343,208 0.12%

1,267 KBC Groep NV 75,944 0.03%

Commercial Services

210 Abertis Infraestructuras SA 3,082 0.00%

Electric

13,485 GDF Suez 224,390 0.08%


2,711 Ferrovial SA 830 0.00%

Iron/Steel

8,963 ArcelorMittal 78,274 0.03%

Media

2,440 ProSiebenSat.1 Media AG 108,092 0.04%


6,077 Tenaris SA 73,410 0.03%

Real Estate

4,358 Deutsche Annington Immobilien SE 110,247 0.04%

4,574 Deutsche Wohnen AG 94,019 0.03%

Telecommunications

2,743 SES SA 82,660 0.03%

Equities - GBP - 0.05% (2014 - 0.15%)

Aerospace/Defense

3,015,144 Rolls-Royce Holdings PLC 4,256 0.00%

JPY


14,000 Daiwa Securities Group Inc 94,183 0.03%

Real Estate

9,000 Tokyu Fudosan Holdings Corp 62,315 0.02%


182





Equities - SGD - 0.00% (2014 - 0.02%)


222 Jardine Cycle & Carriage Ltd 1,052 0.00%

Equities - USD - 97.09 (2014 - 98.63%)

Advertising

1,600 Dentsu Inc 74,403 0.03%

2,900 Interpublic Group of Cos Inc/The 50,155 0.02%

2,236 Omnicom Group Inc 139,454 0.05%

1,555 Publicis Groupe SA 103,128 0.04%

10,339 WPP PLC 208,104 0.07%

Aerospace/Defense

5,535 Airbus Group SE 322,137 0.11%

1,116 B/E Aerospace Inc 54,989 0.02%

23,378 BAE Systems PLC 148,888 0.05%

6,012 Boeing Co/The 748,505 0.26%

11,489 Cobham PLC 42,650 0.01%

5,670 Finmeccanica SpA 63,958 0.02%

2,481 General Dynamics Corp 315,503 0.11%

1,479 Harris Corp 102,091 0.04%

14,000 IHI Corp 58,531 0.02%

19,000 Kawasaki Heavy Industries Ltd 79,574 0.03%

891 L-3 Communications Holdings Inc 90,667 0.03%

2,375 Lockheed Martin Corp 396,260 0.14%

12,678 Meggitt PLC 83,463 0.03%

1,798 Northrop Grumman Corp 255,983 0.09%

2,992 Raytheon Co 256,933 0.09%

1,113 Rockwell Collins Inc 92,251 0.03%

16,499 Rolls-Royce Holdings PLC 202,609 0.07%

1,804 Safran SA 109,665 0.04%

1,186 Thales SA 64,234 0.02%

500 TransDigm Group Inc 100,821 0.03%

7,295 United Technologies Corp 726,292 0.25%

3,080 Zodiac Aerospace 89,936 0.03%

Agriculture

17,905 Altria Group Inc 785,975 0.27%

6,004 Archer-Daniels-Midland Co 259,839 0.09%

16,710 British American Tobacco PLC 805,471 0.28%

1,088 Bunge Ltd 85,735 0.03%

61,000 Golden Agri-Resources Ltd 16,670 0.01%

8,485 Imperial Tobacco Group PLC 367,323 0.13%

8,600 Japan Tobacco Inc 275,052 0.10%

14,483 Philip Morris International Inc 1,042,095 0.36%

3,946 Reynolds American Inc 264,412 0.09%

2,208 Swedish Match AB 56,316 0.02%

Airlines

2,768 American Airlines Group Inc 99,210 0.03%

2,465 Delta Air Lines Inc 90,883 0.03%


183





Equities - USD - 97.09 (2014 - 98.63%) (continued)

Airlines (continued)

3,489 Deutsche Lufthansa AG 40,350 0.01%

9,208 International Consolidated Airlines Group SA 64,235 0.02%

7,000 Singapore Airlines Ltd 50,064 0.02%

2,900 Southwest Airlines Co 86,125 0.03%

Apparel

2,119 adidas AG 145,469 0.05%

3,832 Burberry Group PLC 84,974 0.03%

509 Christian Dior SE 89,126 0.03%

1,800 Gildan Activewear Inc 53,689 0.02%

4,061 Hanesbrands Inc 121,444 0.04%

157 Hermes International 52,532 0.02%

2,667 LVMH Moet Hennessy Louis Vuitton SE 419,119 0.14%

2,297 Michael Kors Holdings Ltd 86,771 0.03%

5,898 NIKE Inc 571,802 0.20%

593 Ralph Lauren Corp 70,445 0.02%

1,471 Under Armour Inc - Class A 110,160 0.04%

3,024 VF Corp 189,278 0.07%

Auto Manufacturers

3,126 Bayerische Motoren Werke AG 306,911 0.11%

1,039 Bayerische Motoren Werke AG PRF 78,891 0.03%

5,000 Daihatsu Motor Co Ltd 63,922 0.02%

9,480 Daimler AG 773,947 0.27%

3,557 Fiat Chrysler Automobiles NV 46,739 0.02%

34,253 Ford Motor Co 461,441 0.16%

5,400 Fuji Heavy Industries Ltd 178,549 0.06%

13,547 General Motors Co 405,243 0.14%

14,600 Honda Motor Co Ltd 424,221 0.15%

5,500 Isuzu Motors Ltd 64,848 0.02%

4,500 Mazda Motor Corp 79,148 0.03%

7,600 Mitsubishi Motors Corp 58,085 0.02%

22,200 Nissan Motor Co Ltd 207,607 0.07%

3,450 PACCAR Inc 197,581 0.07%

5,343 Peugeot SA 98,552 0.03%

1,638 Porsche Automobil Holding SE PRF 123,784 0.04%

1,385 Renault SA 129,387 0.04%

2,400 Suzuki Motor Corp 72,789 0.03%

921 Tesla Motors Inc 221,744 0.08%

25,600 Toyota Motor Corp 1,540,254 0.53%

11,235 Volvo AB 125,048 0.04%


2,000 Aisin Seiki Co Ltd 76,427 0.03%

580 Autoliv Inc 60,775 0.02%

1,862 BorgWarner Inc 94,988 0.03%

6,200 Bridgestone Corp 205,887 0.07%

1,984 Cie Generale des Etablissements Michelin 186,476 0.06%

1,051 Continental AG 223,075 0.08%

2,613 Delphi Automotive PLC 199,551 0.07%


184







4,500 Denso Corp 201,204 0.07%

22,573 GKN PLC 106,578 0.04%

1,737 Goodyear Tire & Rubber Co/The 47,003 0.02%

6,089 Johnson Controls Inc 270,677 0.09%

705 Lear Corp 71,032 0.02%

4,562 Magna International Inc 229,900 0.08%

2,000 NGK Insulators Ltd 46,282 0.02%

3,000 NGK Spark Plug Co Ltd 74,703 0.03%

750 Nokian Renkaat OYJ 21,083 0.01%

6,545 Pirelli & C. SpA 99,091 0.03%

7,400 Sumitomo Electric Industries Ltd 102,962 0.04%

2,400 Toyota Industries Corp 122,870 0.04%

823 Valeo SA 116,331 0.04%

418 WABCO Holdings Inc 46,414 0.02%

Banks

30,000 Aozora Bank Ltd 101,658 0.04%

26,429 Australia & New Zealand Banking Group Ltd 587,048 0.20%

55,006 Banco Bilbao Vizcaya Argentaria SA 483,613 0.17%

439,250 Banco Comercial Portugues SA 34,262 0.01%

50,428 Banco de Sabadell SA 109,177 0.04%

6,695 Banco Popolare SC 98,818 0.03%

10,172 Banco Popular Espanol SA 44,208 0.02%

131,785 Banco Santander SA 825,501 0.29%

14,580 Bank Hapoalim BM 70,520 0.02%

14,257 Bank Leumi Le-Israel BM 54,135 0.02%

98,319 Bank of America Corp 1,501,875 0.52%

18,046 Bank of East Asia Ltd/The 70,823 0.02%

388,601 Bank of Ireland 140,674 0.05%

4,000 Bank of Kyoto Ltd/The 41,367 0.01%

6,662 Bank of Montreal 354,454 0.12%

10,854 Bank of New York Mellon Corp/The 408,852 0.14%

11,377 Bank of Nova Scotia/The 527,292 0.18%

15,000 Bank of Yokohama Ltd/The 82,581 0.03%

64,326 Bankia SA 73,203 0.03%

14,686 Bankinter SA 97,353 0.03%

145,728 Barclays PLC 535,838 0.19%

6,245 BB&T Corp 225,934 0.08%

3,500 Bendigo & Adelaide Bank Ltd 29,600 0.01%

9,475 BNP Paribas SA 513,071 0.18%

39,500 BOC Hong Kong Holdings Ltd 147,704 0.05%

12,508 CaixaBank SA 51,983 0.02%

3,709 Canadian Imperial Bank of Commerce/Canada 245,494 0.08%

4,615 Capital One Financial Corp 364,370 0.13%

13,000 Chiba Bank Ltd/The 88,962 0.03%

1,674 CIT Group Inc 69,848 0.02%

28,185 Citigroup Inc 1,397,361 0.48%

3,071 Citizens Financial Group Inc 75,273 0.03%


185






Banks (continued)

1,884 Comerica Inc 86,777 0.03%

10,447 Commerzbank AG 119,775 0.04%

14,879 Commonwealth Bank of Australia 873,763 0.30%

9,715 Credit Agricole SA 129,598 0.04%

14,351 Credit Suisse Group AG 354,201 0.12%

5,920 Danske Bank A/S 156,176 0.05%

16,370 DBS Group Holdings Ltd 225,756 0.08%

8,759 DNB ASA 130,696 0.05%

1,555 Erste Group Bank AG 39,614 0.01%

6,464 Fifth Third Bancorp 120,787 0.04%

869 First Republic Bank/CA 49,159 0.02%

8,000 Fukuoka Financial Group Inc 37,260 0.01%

3,453 Goldman Sachs Group Inc/The 647,058 0.22%

8,200 Hang Seng Bank Ltd 143,820 0.05%

179,356 HSBC Holdings PLC 1,443,277 0.50%

9,782 Huntington Bancshares Inc 99,295 0.03%

33,739 ING Groep NV 499,675 0.17%

121,042 Intesa Sanpaolo SpA 393,629 0.14%

4,500 Investec PLC 36,332 0.01%

13,000 Joyo Bank Ltd/The 65,410 0.02%

34,907 JPMorgan Chase & Co 2,122,867 0.73%

8,158 KeyCorp 109,974 0.04%

508,315 Lloyds Banking Group PLC 611,588 0.21%

912 M&T Bank Corp 102,258 0.04%

3,200 Mediobanca SpA 28,144 0.01%

115,700 Mitsubishi UFJ Financial Group Inc 746,615 0.26%

218,200 Mizuho Financial Group Inc 424,112 0.15%

14,185 Morgan Stanley 493,840 0.17%

24,481 National Australia Bank Ltd 562,524 0.19%

3,388 National Bank of Canada 114,279 0.04%

7,746 Natixis SA 50,000 0.02%

29,606 Nordea Bank AB 331,123 0.11%

1,786 Northern Trust Corp 122,561 0.04%

32,368 Oversea-Chinese Banking Corp Ltd 219,631 0.08%

5,100 PNC Financial Services Group Inc/The 437,816 0.15%

2,808 Raiffeisen Bank International AG 36,644 0.01%

10,900 Regions Financial Corp 101,350 0.04%

15,400 Resona Holdings Inc 75,510 0.03%

13,050 Royal Bank of Canada 716,565 0.25%

21,419 Royal Bank of Scotland Group PLC 106,269 0.04%

34,000 Shinsei Bank Ltd 61,596 0.02%

3,000 Shizuoka Bank Ltd/The 28,143 0.01%

12,795 Skandinaviska Enskilda Banken AB 146,702 0.05%

6,551 Societe Generale SA 274,290 0.09%

23,038 Standard Chartered PLC 331,361 0.11%

3,460 State Street Corp 239,113 0.08%

12,100 Sumitomo Mitsui Financial Group Inc 484,482 0.17%


186






Banks (continued)

30,000 Sumitomo Mitsui Trust Holdings Inc 123,354 0.04%

5,746 SunTrust Banks Inc 221,857 0.08%

5,100 Suruga Bank Ltd 98,267 0.03%

16,152 Svenska Handelsbanken AB 211,398 0.07%

8,798 Swedbank AB 183,952 0.06%

16,315 Toronto-Dominion Bank/The 622,094 0.21%

31,989 UBS Group AG 609,197 0.21%

44,177 UniCredit SpA 266,166 0.09%

9,732 Unione di Banche Italiane SCpA 70,022 0.02%

12,221 United Overseas Bank Ltd 187,925 0.06%

15,712 US Bancorp/MN 612,009 0.21%

45,827 Wells Fargo & Co 2,313,149 0.80%

29,249 Westpac Banking Corp 648,678 0.22%

4,000 Yamaguchi Financial Group Inc 44,741 0.02%

Beverages

7,243 Anheuser-Busch InBev NV 778,623 0.27%

2,700 Asahi Group Holdings Ltd 77,085 0.03%

1,129 Brown-Forman Corp - Class B 101,511 0.04%

720 Carlsberg A/S 58,634 0.02%

6,171 Coca-Cola Amatil Ltd 38,951 0.01%

38,836 Coca-Cola Co/The 1,367,381 0.47%

2,664 Coca-Cola Enterprises Inc 103,863 0.04%

2,901 Coca-Cola HBC AG 56,017 0.02%

1,500 Constellation Brands Inc 156,193 0.05%

24,359 Diageo PLC 632,989 0.22%

1,918 Dr Pepper Snapple Group Inc 125,491 0.04%

700 Heineken Holding NV 44,065 0.02%

2,170 Heineken NV 147,712 0.05%

885 Keurig Green Mountain Inc 60,867 0.02%

9,000 Kirin Holdings Co Ltd 111,296 0.04%

1,598 Molson Coors Brewing Co 100,122 0.03%

1,434 Monster Beverage Corp 172,487 0.06%

13,832 PepsiCo Inc 1,158,750 0.40%

2,053 Pernod Ricard SA 212,691 0.07%

606 Remy Cointreau SA 39,178 0.01%

9,769 SABMiller PLC 455,589 0.16%

2,700 Suntory Beverage & Food Ltd 96,542 0.03%

13,446 Treasury Wine Estates Ltd 46,284 0.02%

Biotechnology

1,807 Alexion Pharmaceuticals Inc 293,171 0.10%

662 Alnylam Pharmaceuticals Inc 71,221 0.02%

7,016 Amgen Inc 966,699 0.33%

2,301 Biogen Inc 834,200 0.29%

1,331 BioMarin Pharmaceutical Inc 163,395 0.06%

7,496 Celgene Corp 778,630 0.27%

4,382 CSL Ltd 261,382 0.09%

13,899 Gilead Sciences Inc 1,460,505 0.50%


187






Biotechnology (continued)

1,294 Illumina Inc 253,597 0.09%

1,571 Incyte Corp 146,934 0.05%

1,512 Isis Pharmaceuticals Inc 78,097 0.03%

998 Medivation Inc 102,290 0.04%

659 Regeneron Pharmaceuticals Inc 301,719 0.10%

300 United Therapeutics Corp 46,836 0.02%

2,211 Vertex Pharmaceuticals Inc 245,032 0.08%

Building Materials

16,000 Asahi Glass Co Ltd 86,256 0.03%

6,400 Boral Ltd 25,827 0.01%

3,094 Cie de Saint-Gobain 124,595 0.04%

7,663 CRH PLC 194,027 0.07%

2,200 Daikin Industries Ltd 142,144 0.05%

11,095 Fletcher Building Ltd 54,684 0.02%

1,194 Fortune Brands Home & Security Inc 49,102 0.02%

334 Geberit AG 99,981 0.03%

1,321 HeidelbergCement AG 93,963 0.03%

2,754 Holcim Ltd 182,494 0.06%

6,445 James Hardie Industries PLC 77,003 0.03%

2,152 Lafarge SA 127,484 0.04%

4,000 LIXIL Group Corp 71,293 0.02%

812 Martin Marietta Materials Inc 103,129 0.04%

3,058 Masco Corp 73,198 0.03%

18 Sika AG 57,011 0.02%

24,000 Taiheiyo Cement Corp 63,019 0.02%

6,000 TOTO Ltd 97,081 0.03%

938 Vulcan Materials Co 70,657 0.02%

Chemicals

1,016 Agrium Inc 96,683 0.03%

3,256 Air Liquide SA 369,393 0.13%

2,205 Air Products & Chemicals Inc 270,786 0.09%

639 Airgas Inc 60,665 0.02%

2,511 Akzo Nobel NV 163,893 0.06%

1,200 Albemarle Corp 59,526 0.02%

687 Arkema SA 44,401 0.02%

15,000 Asahi Kasei Corp 110,625 0.04%

456 Ashland Inc 49,889 0.02%

8,268 BASF SE 651,684 0.23%

1,121 Brenntag AG 57,653 0.02%

1,670 Celanese Corp 107,736 0.04%

2,790 CF Industries Holdings Inc 160,960 0.06%

1,803 Croda International PLC 70,037 0.02%

10,839 Dow Chemical Co/The 497,785 0.17%

1,352 Eastman Chemical Co 99,283 0.03%

2,106 Ecolab Inc 213,719 0.07%

8,477 EI du Pont de Nemours & Co 486,541 0.17%

1,006 FMC Corp 47,447 0.02%


188







87 Givaudan SA 135,186 0.05%

16,905 Incitec Pivot Ltd 44,897 0.02%

500 International Flavors & Fragrances Inc 49,044 0.02%

2,555 Israel Chemicals Ltd 16,029 0.01%

2,209 Johnson Matthey PLC 94,725 0.03%

3,500 JSR Corp 55,553 0.02%

2,467 K+S AG 93,216 0.03%

3,000 Kansai Paint Co Ltd 41,742 0.01%

1,176 Koninklijke DSM NV 61,152 0.02%

5,700 Kuraray Co Ltd 62,586 0.02%

995 LANXESS AG 52,626 0.02%

1,507 Linde AG 256,039 0.09%

400 Lonza Group AG 47,980 0.02%

3,952 LyondellBasell Industries NV 367,179 0.13%

1,040 Methanex Corp 52,126 0.02%

12,000 Mitsubishi Chemical Holdings Corp 67,816 0.02%

4,547 Monsanto Co 434,989 0.15%

3,709 Mosaic Co/The 155,956 0.05%

3,900 Nippon Paint Holdings Co Ltd 98,831 0.03%

1,400 Nitto Denko Corp 103,301 0.04%

1,747 Novozymes A/S 74,495 0.03%

7,332 Potash Corp of Saskatchewan Inc 203,880 0.07%

2,183 PPG Industries Inc 224,766 0.08%

2,814 Praxair Inc 301,933 0.10%

863 Sherwin-Williams Co/The 213,016 0.07%

3,000 Shin-Etsu Chemical Co Ltd 167,208 0.06%

1,118 Sigma-Aldrich Corp 139,825 0.05%

624 Solvay SA 77,002 0.03%

15,000 Sumitomo Chemical Co Ltd 80,975 0.03%

1,765 Symrise AG 98,258 0.03%

893 Syngenta AG 325,889 0.11%

17,000 Teijin Ltd 59,227 0.02%

14,000 Toray Industries Inc 106,330 0.04%

1,000 Umicore SA 42,530 0.01%

1,700 Yara International ASA 79,202 0.03%

Coal

1,729 CONSOL Energy Inc 33,736 0.01%

Commercial Services

4,191 Abertis Infraestructuras SA 61,650 0.02%

1,532 Adecco SA 111,670 0.04%

2,641 ADT Corp/The 79,571 0.03%

2,603 Aggreko PLC 52,871 0.02%

1,735 Aramark 48,226 0.02%

6,383 Ashtead Group PLC 99,016 0.03%

3,405 Atlantia SpA 75,455 0.03%

4,620 Automatic Data Processing Inc 332,672 0.11%

5,768 Babcock International Group PLC 87,929 0.03%


189







300 Benesse Holdings Inc 6,755 0.00%

13,297 Brambles Ltd 97,229 0.03%

2,900 Bunzl PLC 71,143 0.02%

1,600 Bureau Veritas SA 33,056 0.01%

5,799 Capita PLC 101,334 0.04%

1,419 Cintas Corp 107,730 0.04%

7,000 Dai Nippon Printing Co Ltd 64,923 0.02%

4,440 Edenred 98,413 0.03%

900 Equifax Inc 78,425 0.03%

8,483 Experian PLC 138,776 0.05%

564 FleetCor Technologies Inc 78,996 0.03%

16,954 G4S PLC 64,278 0.02%

632 Gartner Inc 48,656 0.02%

2,513 H&R Block Inc 66,874 0.02%

4,915 Hertz Global Holdings Inc 79,932 0.03%

76,000 Hutchison Port Holdings Trust 42,973 0.01%

2,317 Intertek Group PLC 80,126 0.03%

693 ManpowerGroup Inc 55,592 0.02%

9,364 MasterCard Inc - Class A 785,628 0.27%

2,404 McGraw Hill Financial Inc 216,731 0.07%

1,485 Moody's Corp 143,889 0.05%

1,900 Quanta Services Inc 49,146 0.02%

782 Randstad Holding NV 45,677 0.02%

8,385 RELX PLC 122,497 0.04%

1,100 Robert Half International Inc 54,793 0.02%

2,300 Secom Co Ltd 134,030 0.05%

8,314 Securitas AB 98,562 0.03%

2,288 SEI Investments Co 100,683 0.03%

49 SGS SA 80,280 0.03%

12,000 Toppan Printing Co Ltd 90,128 0.03%

2,900 Total System Services Inc 108,717 0.04%

712 Towers Watson & Co 80,389 0.03%

18,423 Transurban Group 118,190 0.04%

1,136 United Rentals Inc 89,334 0.03%

2,790 Vantiv Inc 95,629 0.03%

1,826 Verisk Analytics Inc - Class A 119,242 0.04%

6,449 Western Union Co/The 117,670 0.04%

Computers

5,503 Accenture PLC 477,993 0.17%

54,535 Apple Inc 6,138,981 2.12%

944 Atos SE 63,229 0.02%

3,177 BlackBerry Ltd 23,319 0.01%

1,244 Cap Gemini SA 98,736 0.03%

1,714 CGI Group Inc 60,192 0.02%

5,521 Cognizant Technology Solutions Corp 302,709 0.10%

1,461 Computer Sciences Corp 86,071 0.03%

3,600 Computershare Ltd 29,080 0.01%


190







17,430 EMC Corp/MA 412,832 0.14%

19,000 Fujitsu Ltd 95,377 0.03%

1,002 Gemalto NV 80,040 0.03%

17,583 Hewlett-Packard Co 473,583 0.16%

452 IHS Inc - Class A 52,182 0.02%

8,792 International Business Machines Corp 1,283,528 0.44%

3,034 NetApp Inc 85,939 0.03%

2,700 NTT Data Corp 105,949 0.04%

2,571 SanDisk Corp 134,342 0.05%

3,224 Seagate Technology PLC 137,444 0.05%

1,533 Synopsys Inc 69,688 0.02%

1,600 TDK Corp 109,961 0.04%

1,411 Teradata Corp 46,856 0.02%

2,064 Western Digital Corp 145,269 0.05%


1,199 Beiersdorf AG 90,093 0.03%

8,484 Colgate-Palmolive Co 498,060 0.17%

2,135 Estee Lauder Cos Inc/The 166,056 0.06%

4,600 Kao Corp 192,078 0.07%

2,179 L'Oreal SA 348,640 0.12%

25,284 Procter & Gamble Co/The 1,775,462 0.61%

3,900 Shiseido Co Ltd 79,465 0.03%

5,077 Svenska Cellulosa AB 115,762 0.04%

3,000 Unicharm Corp 64,021 0.02%

14,370 Unilever NV 536,791 0.19%


1,983 Fastenal Co 75,070 0.03%

1,346 Genuine Parts Co 108,156 0.04%

14,900 ITOCHU Corp 176,716 0.06%

2,000 Jardine Cycle & Carriage Ltd 44,125 0.02%

2,944 LKQ Corp 79,915 0.03%

14,000 Marubeni Corp 72,116 0.02%

11,300 Mitsubishi Corp 223,117 0.08%

12,600 Mitsui & Co Ltd 153,643 0.05%

4,411 Rexel SA 63,783 0.02%

10,300 Sumitomo Corp 107,579 0.04%

2,700 Toyota Tsusho Corp 65,055 0.02%

1,444 Wolseley PLC 82,813 0.03%

520 WW Grainger Inc 110,445 0.04%


11,919 Aberdeen Asset Management PLC 67,968 0.02%

606 Affiliated Managers Group Inc 118,894 0.04%

564 Alliance Data Systems Corp 147,778 0.05%

5,346 Ally Financial Inc 107,621 0.04%

7,897 American Express Co` 550,848 0.19%

1,816 Ameriprise Financial Inc 203,620 0.07%

2,067 ASX Ltd 56,892 0.02%


191







1,221 BlackRock Inc 379,143 0.13%

11,582 Charles Schwab Corp/The 339,394 0.12%

1,400 CI Financial Corp 33,817 0.01%

3,224 CME Group Inc/IL 269,274 0.09%

2,000 Credit Saison Co Ltd 38,492 0.01%

2,087 Deutsche Boerse AG 154,960 0.05%

3,890 Discover Financial Services 201,168 0.07%

1,868 E*TRADE Financial Corp 50,212 0.02%

1,000 Eaton Vance Corp 35,119 0.01%

2,800 FNF Group 92,956 0.03%

3,383 Franklin Resources Inc 148,868 0.05%

5,832 Hargreaves Lansdown PLC 94,914 0.03%

9,856 Hong Kong Exchanges and Clearing Ltd 312,183 0.11%

4,100 ICAP PLC 30,643 0.01%

1,441 IGM Financial Inc 41,209 0.01%

1,050 Intercontinental Exchange Inc 210,726 0.07%

4,826 Invesco Ltd 162,383 0.06%

3,800 Japan Exchange Group Inc 110,790 0.04%

1,787 Julius Baer Group Ltd 90,013 0.03%

1,198 Legg Mason Inc 55,406 0.02%

1,966 London Stock Exchange Group PLC 65,768 0.02%

2,511 Macquarie Group Ltd 140,997 0.05%

10,000 Mitsubishi UFJ Lease & Finance Co Ltd 49,142 0.02%

1,200 NASDAQ OMX Group Inc/The 52,569 0.02%

4,789 Navient Corp 78,269 0.03%

33,300 Nomura Holdings Inc 202,869 0.07%

11,400 ORIX Corp 152,263 0.05%

309 Partners Group Holding AG 82,942 0.03%

979 Raymond James Financial Inc 52,350 0.02%

922 Schroders PLC 41,333 0.01%

12,000 Singapore Exchange Ltd 62,629 0.02%

3,402 Synchrony Financial 100,546 0.03%

2,823 T Rowe Price Group Inc 196,941 0.07%

2,042 TD Ameritrade Holding Corp 67,480 0.02%

18,237 Visa Inc - Class A 1,099,098 0.38%

Electric

5,624 AES Corp/VA 66,931 0.02%

5,147 AGL Energy Ltd 55,211 0.02%

1,595 Alliant Energy Corp 82,627 0.03%

2,580 Ameren Corp 87,250 0.03%

4,566 American Electric Power Co Inc 217,071 0.07%

2,626 Calpine Corp 42,400 0.01%

8,300 Chubu Electric Power Co Inc 111,071 0.04%

15,000 CLP Holdings Ltd 114,438 0.04%

2,800 CMS Energy Corp 80,014 0.03%

2,902 Consolidated Edison Inc 150,752 0.05%

5,632 Dominion Resources Inc/VA 338,011 0.12%


192







1,488 DTE Energy Co 99,681 0.03%

6,646 Duke Energy Corp 421,235 0.15%

18,061 E.ON SE 215,829 0.07%

2,813 Edison International 140,322 0.05%

18,168 EDP - Energias de Portugal SA 61,862 0.02%

3,200 Electric Power Development Co Ltd 101,512 0.04%

1,740 Electricite de France SA 34,800 0.01%

5,181 Endesa SA 88,932 0.03%

12,100 Enel Green Power SpA 21,211 0.01%

68,529 Enel SpA 278,502 0.10%

1,502 Entergy Corp 95,038 0.03%

2,971 Eversource Energy 121,085 0.04%

8,368 Exelon Corp 235,974 0.08%

4,109 FirstEnergy Corp 120,039 0.04%

3,153 Fortis Inc/Canada 79,515 0.03%

6,180 Fortum OYJ 98,509 0.03%

42,518 Iberdrola SA 256,894 0.09%

8,800 Kansai Electric Power Co Inc/The 87,491 0.03%

4,700 Kyushu Electric Power Co Inc 48,951 0.02%

3,135 MDU Resources Group Inc 54,951 0.02%

3,602 NextEra Energy Inc 316,913 0.11%

4,846 NRG Energy Inc 99,512 0.03%

2,306 OGE Energy Corp 59,130 0.02%

6,639 Origin Energy Ltd 54,819 0.02%

3,403 Pepco Holdings Inc 82,280 0.03%

4,139 PG&E Corp 182,395 0.06%

1,479 Pinnacle West Capital Corp 75,516 0.03%

10,000 Power Assets Holdings Ltd 81,849 0.03%

5,433 PPL Corp 143,700 0.05%

4,963 Public Service Enterprise Group Inc 174,966 0.06%

1,306 Red Electrica Corp SA 93,875 0.03%

4,981 RWE AG 96,059 0.03%

1,080 SCANA Corp 49,095 0.02%

7,946 Southern Co/The 298,813 0.10%

7,756 SSE PLC 168,156 0.06%

678 Talen Energy Corp 10,442 0.00%

15,357 Terna Rete Elettrica Nazionale SpA 60,875 0.02%

3,900 Tohoku Electric Power Co Inc 47,427 0.02%

12,100 Tokyo Electric Power Co Inc 59,196 0.02%

2,033 TransAlta Corp 14,147 0.00%

3,714 WEC Energy Group Inc 149,900 0.05%

2,916 Xcel Energy Inc 84,219 0.03%


303 Acuity Brands Inc 48,944 0.02%

2,515 AMETEK Inc 123,651 0.04%

3,200 Brother Industries Ltd 40,699 0.01%

6,263 Emerson Electric Co 311,576 0.11%


193






Electrical Components & Equipment (continued)

1,981 Legrand SA 99,763 0.03%

2,200 Nidec Corp 147,889 0.05%

884 OSRAM Licht AG 37,972 0.01%

4,609 Schneider Electric SE 285,542 0.10%

Electronics

3,815 Agilent Technologies Inc 132,097 0.05%

2,908 Amphenol Corp 151,298 0.05%

800 Arrow Electronics Inc 40,065 0.01%

1,000 Avnet Inc 36,896 0.01%

10,389 Corning Inc 183,966 0.06%

5,683 Flextronics International Ltd 57,687 0.02%

1,238 FLIR Systems Inc 34,244 0.01%

1,000 Garmin Ltd 39,427 0.01%

420 Hirose Electric Co Ltd 54,002 0.02%

6,961 Honeywell International Inc 637,061 0.22%

4,100 Hoya Corp 147,564 0.05%

2,200 Ibiden Co Ltd 33,402 0.01%

440 Keyence Corp 213,192 0.07%

9,773 Koninklijke Philips NV 223,020 0.08%

3,800 Kyocera Corp 177,348 0.06%

326 Mettler-Toledo International Inc 99,907 0.03%

6,000 Minebea Co Ltd 88,940 0.03%

1,800 Murata Manufacturing Co Ltd 282,003 0.10%

18,000 NEC Corp 48,981 0.02%

5,000 Nippon Electric Glass Co Ltd 22,737 0.01%

1,500 Omron Corp 58,531 0.02%

1,984 Sensata Technologies Holding NV 93,911 0.03%

3,966 TE Connectivity Ltd 228,876 0.08%

3,508 Thermo Fisher Scientific Inc 408,543 0.14%

2,600 Trimble Navigation Ltd 54,744 0.02%

3,247 Tyco International Plc 112,138 0.04%

835 Waters Corp 96,210 0.03%


1,797 SunEdison Inc 48,239 0.02%

2,261 Vestas Wind Systems A/S 101,231 0.03%


1,862 ACS Actividades de Construccion y Servicios SA 53,728 0.02%

450 Aena SA 42,183 0.01%

725 Boskalis Westminster NV 31,828 0.01%

1,210 Bouygues SA 40,577 0.01%

14,000 Cheung Kong Infrastructure Holdings Ltd 97,570 0.03%

1,053 Chicago Bridge & Iron Co NV 47,291 0.02%

804 CIMIC Group Ltd 12,063 0.00%

2,711 Ferrovial SA 52,729 0.02%

1,815 Fluor Corp 86,352 0.03%

1,437 Jacobs Engineering Group Inc 52,388 0.02%

3,000 JGC Corp 50,873 0.02%


194







3,700 Lend Lease Group 38,362 0.01%

8,000 Obayashi Corp 52,399 0.02%

1,211 SBA Communications Corp 124,958 0.04%

14,000 Shimizu Corp 105,868 0.04%

17,000 Singapore Technologies Engineering Ltd 37,393 0.01%

3,499 Skanska AB 63,583 0.02%

1,242 SNC-Lavalin Group Inc 37,465 0.01%

4,384 Sydney Airport 15,060 0.01%

20,000 Taisei Corp 103,125 0.04%

4,501 Vinci SA 233,512 0.08%

2,379 WorleyParsons Ltd 17,084 0.01%

Entertainment

47,000 Genting Singapore PLC 28,038 0.01%

16,214 Merlin Entertainments PLC 97,747 0.03%

2,000 Oriental Land Co Ltd/Japan 114,641 0.04%

3,800 Sega Sammy Holdings Inc 44,595 0.02%

9,575 Tabcorp Holdings Ltd 30,053 0.01%

15,000 Tatts Group Ltd 38,492 0.01%

14,588 William Hill PLC 83,003 0.03%


1,000 Kurita Water Industries Ltd 20,933 0.01%

2,399 Republic Services Inc 84,337 0.03%

825 Stericycle Inc 99,153 0.03%

4,679 Waste Management Inc 194,643 0.07%

Food

5,000 Ajinomoto Co Inc 97,239 0.03%

650 Aryzta AG 28,777 0.01%

2,638 Associated British Foods PLC 106,903 0.04%

2,105 Campbell Soup Co 90,023 0.03%

4,591 Carrefour SA 131,854 0.05%

1,363 Casino Guichard Perrachon SA 92,616 0.03%

21 Chocoladefabriken Lindt & Sprungli AG 151,122 0.05%

1,100 Colruyt SA 44,182 0.02%

3,573 ConAgra Foods Inc 140,201 0.05%

5,610 Danone SA 325,324 0.11%

878 Delhaize Group 65,025 0.02%

3,909 Distribuidora Internacional de Alimentacion SA 26,777 0.01%

1,600 Empire Co Ltd 101,186 0.03%

5,903 General Mills Inc 295,203 0.10%

500 George Weston Ltd 35,265 0.01%

1,301 Hershey Co/The 103,723 0.04%

1,383 Hormel Foods Corp 69,969 0.02%

12,197 J Sainsbury PLC 45,674 0.02%

2,357 Jeronimo Martins SGPS SA 27,106 0.01%

983 JM Smucker Co/The 95,644 0.03%

2,203 Kellogg Co 123,971 0.04%

1,140 Kerry Group PLC 75,799 0.03%


195






Food (continued)

10,153 Koninklijke Ahold NV 170,570 0.06%

5,853 Kraft Foods Group Inc 447,249 0.15%

4,591 Kroger Co/The 298,773 0.10%

2,123 Loblaw Cos Ltd 96,274 0.03%

866 McCormick & Co Inc/MD 62,918 0.02%

1,000 MEIJI Holdings Co Ltd 115,888 0.04%

999 METRO AG 28,252 0.01%

2,658 Metro Inc 64,051 0.02%

14,456 Mondelez International Inc 533,764 0.18%

30,193 Nestle SA 1,957,242 0.68%

4,000 NH Foods Ltd 81,972 0.03%

7,531 Orkla ASA 53,008 0.02%

6,256 Safeway Inc 2,967 0.00%

3,242 Saputo Inc 70,409 0.02%

5,600 Seven & i Holdings Co Ltd 216,050 0.07%

5,791 Sysco Corp 187,628 0.06%

6,436 Tate & Lyle PLC 47,194 0.02%

66,154 Tesco PLC 198,472 0.07%

2,000 Toyo Suisan Kaisha Ltd 65,498 0.02%

2,154 Tyson Foods Inc 82,413 0.03%

12,542 Unilever PLC 483,295 0.17%

11,064 Wesfarmers Ltd 297,885 0.10%

1,153 WhiteWave Foods Co/The 50,582 0.02%

3,700 Whole Foods Market Inc 130,971 0.05%

17,000 Wilmar International Ltd 37,167 0.01%

15,526 WM Morrison Supermarkets PLC 39,622 0.01%

11,984 Woolworths Ltd 222,874 0.08%

1,700 Yakult Honsha Co Ltd 90,524 0.03%

Food Service

15,945 Compass Group PLC 236,993 0.08%

1,019 Sodexo SA 86,798 0.03%


4,118 International Paper Co 175,889 0.06%

3,520 Mondi PLC 68,118 0.02%

7,000 Oji Holdings Corp 27,314 0.01%

6,406 Stora Enso OYJ 59,223 0.02%

3,600 UPM-Kymmene OYJ 57,132 0.02%

2,000 West Fraser Timber Co Ltd 98,676 0.03%

Gas

2,270 Canadian Utilities Ltd 58,699 0.02%

4,150 CenterPoint Energy Inc 70,880 0.02%

50,965 Centrica PLC 189,771 0.07%

1,500 Enagas SA 36,593 0.01%

4,151 Gas Natural SDG SA 84,431 0.03%

64,469 Hong Kong & China Gas Co Ltd 121,357 0.04%

3,176 Keyera Corp 95,210 0.03%

35,142 National Grid PLC 405,357 0.14%


196






Gas (continued)

2,701 NiSource Inc 110,517 0.04%

20,000 Osaka Gas Co Ltd 70,897 0.02%

2,066 Sempra Energy 183,459 0.06%

16,336 Snam SpA 69,722 0.02%

18,000 Tokyo Gas Co Ltd 85,815 0.03%

Hand/Machine Tools

1,200 Finning International Inc 20,264 0.01%

1,700 Makita Corp 82,794 0.03%

10,747 Sandvik AB 106,539 0.04%

621 Schindler Holding AG 91,187 0.03%

500 SMC Corp/Japan 135,196 0.05%

718 Snap-on Inc 102,622 0.04%

1,689 Stanley Black & Decker Inc 159,532 0.06%

28,000 Techtronic Industries Co Ltd 82,335 0.03%

Healthcare-Products

4,732 Baxter International Inc 296,992 0.10%

2,015 Becton Dickinson and Co 256,170 0.09%

11,818 Boston Scientific Corp 187,739 0.06%

400 Cochlear Ltd 22,116 0.01%

1,279 Coloplast A/S 75,284 0.03%

635 Cooper Cos Inc/The 101,428 0.04%

741 CR Bard Inc 113,524 0.04%

5,845 Danaher Corp 448,998 0.16%

1,000 DENTSPLY International Inc 46,266 0.02%

941 Edwards Lifesciences Corp 120,290 0.04%

4,669 Elekta AB 26,261 0.01%

1,509 Essilor International SA 161,463 0.06%

1,724 Getinge AB 37,202 0.01%

1,058 Henry Schein Inc 134,952 0.05%

1,895 Hologic Inc 64,731 0.02%

348 Intuitive Surgical Inc 151,325 0.05%

13,251 Medtronic PLC 881,259 0.30%

2,500 Olympus Corp 77,564 0.03%

1,700 QIAGEN NV 37,460 0.01%

1,600 ResMed Inc 80,948 0.03%

7,807 Smith & Nephew PLC 118,351 0.04%

350 Sonova Holding AG 42,486 0.01%

2,686 St Jude Medical Inc 176,150 0.06%

3,071 Stryker Corp 263,414 0.09%

1,900 Sysmex Corp 101,732 0.04%

4,000 Terumo Corp 86,168 0.03%

1,070 Varian Medical Systems Inc 80,985 0.03%

1,758 Zimmer Biomet Holdings Inc 172,345 0.06%

Healthcare-Services

3,246 Aetna Inc 371,329 0.13%

2,455 Anthem Inc 361,662 0.12%

775 Centene Corp 55,924 0.02%


197






Healthcare-Services (continued)

2,602 Cigna Corp 378,320 0.13%

1,780 DaVita HealthCare Partners Inc 126,958 0.04%

3,046 Envision Healthcare Holdings Inc 107,930 0.04%

2,075 Fresenius Medical Care AG & Co KGaA 153,633 0.05%

3,215 Fresenius SE & Co KGaA 185,023 0.06%

3,419 HCA Holdings Inc 278,381 0.10%

1,403 Humana Inc 240,860 0.08%

818 Laboratory Corp of America Holdings 88,995 0.03%

1,321 Quest Diagnostics Inc 85,980 0.03%

1,057 Ramsay Health Care Ltd 44,820 0.02%

3,680 Sonic Healthcare Ltd 54,249 0.02%

8,711 UnitedHealth Group Inc 953,816 0.33%

931 Universal Health Services Inc 118,736 0.04%


20,350 Bollore SA 97,171 0.03%

11,800 Keppel Corp Ltd 64,652 0.02%

4,660 Leucadia National Corp 101,548 0.04%

44,360 Noble Group Ltd 22,472 0.01%

5,000 Swire Pacific Ltd 56,409 0.02%

721 Wendel SA 79,274 0.03%

15,000 Wharf Holdings Ltd/The 89,605 0.03%

Home Builders

11,846 Barratt Developments PLC 102,749 0.04%

3,900 Daiwa House Industry Co Ltd 81,610 0.03%

2,000 DR Horton Inc 49,111 0.02%

1,675 Lennar Corp 76,729 0.03%

2,212 Persimmon PLC 61,664 0.02%

3,805 PulteGroup Inc 68,812 0.02%

8,000 Sekisui Chemical Co Ltd 88,192 0.03%

4,500 Sekisui House Ltd 64,164 0.02%

28,921 Taylor Wimpey PLC 75,848 0.03%

1,900 Toll Brothers Inc 65,124 0.02%

Home Furnishings

2,795 Electrolux AB 78,543 0.03%

441 Harman International Industries Inc 47,076 0.02%

2,362 Leggett & Platt Inc 103,197 0.04%

20,300 Panasonic Corp 250,364 0.09%

10,000 Sharp Corp/Japan 10,929 0.00%

10,100 Sony Corp 256,428 0.09%

876 Whirlpool Corp 136,054 0.05%


800 Avery Dennison Corp 43,755 0.02%

1,050 Church & Dwight Co Inc 76,455 0.03%

1,020 Clorox Co/The 95,226 0.03%

1,414 Henkel AG & Co KGaA 120,883 0.04%

1,575 Henkel AG & Co KGaA PRF 158,445 0.05%

3,792 Kimberly-Clark Corp 360,652 0.12%

5,822 Reckitt Benckiser Group PLC 450,992 0.16%

532 Societe BIC SA 76,076 0.03%


198






Housewares

2,192 Newell Rubbermaid Inc 80,877 0.03%

Industrial

500 Energizer Holdings Inc 59,033 0.02%

Insurance

3,143 ACE Ltd 286,825 0.10%

1,300 Admiral Group PLC 25,451 0.01%

18,391 Aegon NV 121,233 0.04%

3,479 Aflac Inc 194,215 0.07%

2,303 Ageas 79,580 0.03%

104,800 AIA Group Ltd 615,730 0.21%

194 Alleghany Corp 81,619 0.03%

4,055 Allianz SE 566,484 0.20%

3,438 Allstate Corp/The 200,164 0.07%

12,397 American International Group Inc 687,832 0.24%

22,650 AMP Ltd 94,059 0.03%

2,293 Aon PLC 205,139 0.07%

1,326 Arch Capital Group Ltd 79,689 0.03%

1,120 Arthur J Gallagher & Co 47,546 0.02%

10,575 Assicurazioni Generali SpA 170,892 0.06%

900 Assurant Inc 54,120 0.02%

35,050 Aviva PLC 243,656 0.08%

19,488 AXA SA 441,013 0.15%

2,025 Axis Capital Holdings Ltd 96,997 0.03%

676 Baloise Holding AG 74,009 0.03%

10,815 Berkshire Hathaway Inc 1,321,154 0.46%

2,298 Chubb Corp/The 196,223 0.07%

1,100 Cincinnati Financial Corp 49,540 0.02%

1,632 CNP Assurances 24,447 0.01%

10,300 Dai-ichi Life Insurance Co Ltd/The 181,804 0.06%

3,968 Delta Lloyd NV 58,429 0.02%

19,343 Direct Line Insurance Group PLC 91,681 0.03%

509 Everest Re Group Ltd 83,148 0.03%

233 Fairfax Financial Holdings Ltd 103,161 0.04%

2,685 Great-West Lifeco Inc 70,183 0.02%

600 Hannover Rueck SE 52,074 0.02%

3,704 Hartford Financial Services Group Inc/The 138,194 0.05%

20,722 Insurance Australia Group Ltd 79,763 0.03%

1,400 Intact Financial Corp 87,350 0.03%

56,779 Legal & General Group PLC 199,478 0.07%

2,342 Lincoln National Corp 124,478 0.04%

2,245 Loews Corp 77,594 0.03%

19,311 Manulife Financial Corp 322,215 0.11%

12,500 Mapfre SA 38,588 0.01%

5,037 Marsh & McLennan Cos Inc 256,326 0.09%

8,046 MetLife Inc 404,322 0.14%

4,700 MS&AD Insurance Group Holdings Inc 131,445 0.05%


199







1,536

Muenchener Rueckversicherungs-Gesellschaft AG in

Muenchen 244,224 0.08%

3,983 NN Group NV 100,431 0.03%

48,151 Old Mutual PLC 136,950 0.05%

860 PartnerRe Ltd 99,183 0.03%

2,441 Power Corp of Canada 56,049 0.02%

2,246 Power Financial Corp 57,917 0.02%

2,214 Principal Financial Group Inc 101,917 0.04%

6,656 Progressive Corp/The 166,251 0.06%

3,992 Prudential Financial Inc 313,570 0.11%

22,396 Prudential PLC 484,455 0.17%

10,984 QBE Insurance Group Ltd 103,578 0.04%

554 RenaissanceRe Holdings Ltd 50,473 0.02%

9,679 RSA Insurance Group PLC 54,265 0.02%

4,508 Sampo Oyj 190,463 0.07%

1,250 SCOR SE 39,556 0.01%

3,000 Sompo Japan Nipponkoa Holdings Inc 98,831 0.03%

3,600 Sony Financial Holdings Inc 56,665 0.02%

19,887 Standard Life PLC 124,634 0.04%

6,253 Sun Life Financial Inc 187,452 0.06%

13,767 Suncorp Group Ltd 127,542 0.04%

253 Swiss Life Holding AG 52,020 0.02%

3,128 Swiss Re AG 248,582 0.09%

5,800 T&D Holdings Inc 77,637 0.03%

5,600 Tokio Marine Holdings Inc 209,231 0.07%

1,125 Torchmark Corp 58,784 0.02%

3,182 Travelers Cos Inc/The 276,048 0.10%

2,704 Unum Group 86,760 0.03%

2,386 Voya Financial Inc 99,513 0.03%

1,804 Willis Group Holdings PLC 75,936 0.03%

1,347 WR Berkley Corp 62,780 0.02%

3,121 XL Group PLC 104,201 0.04%

1,374 Zurich Insurance Group AG 375,540 0.13%

Internet

3,696 Amazon.com Inc 1,439,954 0.50%

10,565 eBay Inc 571,204 0.20%

700 Expedia Inc 68,700 0.02%

742 F5 Networks Inc 80,147 0.03%

18,844 Facebook Inc 1,450,508 0.50%

5,558 Google Inc 2,643,453 0.91%

320 Iliad SA 63,632 0.02%

921 LinkedIn Corp 170,801 0.06%

477 Netflix Inc 281,242 0.10%

497 Priceline Group Inc/The 513,580 0.18%

6,100 Rakuten Inc 88,476 0.03%

7,038 Seek Ltd 68,261 0.02%

1,199 Splunk Inc 74,919 0.03%


200







6,446 Symantec Corp 134,509 0.05%

1,000 Trend Micro Inc/Japan 30,732 0.01%

1,573 TripAdvisor Inc 123,022 0.04%

3,950 Twitter Inc 128,405 0.04%

2,475 United Internet AG 98,691 0.03%

852 VeriSign Inc 47,196 0.02%

27,600 Yahoo Japan Corp 100,004 0.03%

8,337 Yahoo! Inc 293,987 0.10%


26,048 CK Hutchison Holdings Ltd 343,472 0.12%

2,251 EXOR SpA 96,388 0.03%

1,282 Groupe Bruxelles Lambert SA 92,560 0.03%

1,400 Investment AB Kinnevik 39,690 0.01%

4,874 Investor AB 162,852 0.06%

Iron/Steel

11,876 Fortescue Metals Group Ltd 15,647 0.01%

4,500 JFE Holdings Inc 89,661 0.03%

39,000 Kobe Steel Ltd 58,927 0.02%

75,185 Nippon Steel & Sumitomo Metal Corp 175,032 0.06%

2,497 Nucor Corp 98,764 0.03%

4,424 ThyssenKrupp AG 103,234 0.04%

1,534 voestalpine AG 57,264 0.02%

Leisure Time

3,437 Carnival Corp 152,355 0.05%

1,724 Carnival PLC 79,062 0.03%

1,711 Harley-Davidson Inc 86,533 0.03%

2,115 Jarden Corp 98,233 0.03%

2,052 Norwegian Cruise Line Holdings Ltd 103,208 0.04%

771 Polaris Industries Inc 102,489 0.04%

1,515 Royal Caribbean Cruises Ltd 106,996 0.04%

900 Shimano Inc 110,240 0.04%

6,006 TUI AG 87,318 0.03%

5,500 Yamaha Motor Co Ltd 107,992 0.04%

Lodging

1,612 Accor SA 72,975 0.03%

3,800 Crown Resorts Ltd 31,980 0.01%

26,000 Galaxy Entertainment Group Ltd 93,009 0.03%

5,018 Hilton Worldwide Holdings Inc 124,076 0.04%

2,952 InterContinental Hotels Group PLC 106,919 0.04%

3,240 Las Vegas Sands Corp 152,869 0.05%

2,378 Marriott International Inc/MD 158,768 0.05%

33,200 MGM China Holdings Ltd 48,736 0.02%

2,500 MGM Resorts International 40,949 0.01%

24,400 Sands China Ltd 73,726 0.03%

12,000 Shangri-La Asia Ltd 15,031 0.01%

15,000 SJM Holdings Ltd 14,587 0.01%

1,462 Starwood Hotels & Resorts Worldwide Inc 106,402 0.04%


201






Lodging (continued)

1,997 Whitbread PLC 139,417 0.05%

1,500 Wyndham Worldwide Corp 110,272 0.04%

10,000 Wynn Macau Ltd 14,981 0.01%

1,144 Wynn Resorts Ltd 101,309 0.03%


20,455 ABB Ltd 384,633 0.13%

9,013 Atlas Copco AB 217,678 0.08%

5,226 Caterpillar Inc 397,836 0.14%

43,000 Hitachi Ltd 254,457 0.09%

10,000 Komatsu Ltd 180,212 0.06%

17,000 Mitsubishi Electric Corp 197,258 0.07%


600 AGCO Corp 30,576 0.01%

2,207 Alstom SA 56,168 0.02%

1,072 ANDRITZ AG 53,225 0.02%

11,334 CNH Industrial NV 92,712 0.03%

1,287 Cummins Inc 151,536 0.05%

3,075 Deere & Co 267,841 0.09%

1,900 FANUC Corp 349,511 0.12%

1,704 Flowserve Corp 80,535 0.03%

1,000 GEA Group AG 40,010 0.01%

2,020 Hexagon AB 65,636 0.02%

3,210 Kone OYJ 116,844 0.04%

11,000 Kubota Corp 156,643 0.05%

596 MAN SE 55,064 0.02%

1,272 Metso OYJ 31,342 0.01%

27,000 Mitsubishi Heavy Industries Ltd 147,477 0.05%

1,564 Rockwell Automation Inc 174,957 0.06%

827 Roper Technologies Inc 128,006 0.04%

5,000 Sumitomo Heavy Industries Ltd 26,185 0.01%

1,131 Wabtec Corp/DE 95,661 0.03%

3,264 Weir Group PLC/The 78,183 0.03%

1,235 Xylem Inc/NY 41,089 0.01%

Media

2,020 Cablevision Systems Corp 43,402 0.01%

4,653 CBS Corp - Class B non voting 231,773 0.08%

860 Charter Communications Inc 132,180 0.05%

3,086 Comcast Corp 166,016 0.06%

19,953 Comcast Corp - Class A 1,076,982 0.37%

4,521 DIRECTV 376,507 0.13%

5,600 Discovery Communications Inc 159,926 0.06%

1,844 DISH Network Corp 112,060 0.04%

767 Gannett Co Inc 9,631 0.00%

32,920 ITV PLC 122,347 0.04%

1,646 Lagardere SCA 43,059 0.01%

7,994 Liberty Global PLC 369,925 0.13%

2,712 Liberty Media Corp 87,495 0.03%


202






Media (continued)

4,540 News Corp - Class A 59,449 0.02%

2,995 Nielsen NV 120,343 0.04%

1,998 Numericable-SFR SAS 94,995 0.03%

8,293 Pearson PLC 141,053 0.05%

6,324 RELX NV 134,543 0.05%

700 Scripps Networks Interactive Inc 41,069 0.01%

3,371 Shaw Communications Inc 65,916 0.02%

14,000 Singapore Press Holdings Ltd 38,073 0.01%

31,294 Sirius XM Holdings Inc 104,763 0.04%

7,574 Sky PLC 110,863 0.04%

1,534 TEGNA Inc 44,153 0.02%

3,689 Thomson Reuters Corp 126,129 0.04%

2,716 Time Warner Cable Inc 434,311 0.15%

7,217 Time Warner Inc 566,180 0.20%

14,322 Twenty-First Century Fox Inc 417,371 0.14%

2,768 Viacom Inc - Class B 160,585 0.06%

10,224 Vivendi SA 231,318 0.08%

15,117 Walt Disney Co/The 1,548,604 0.54%

3,113 Wolters Kluwer NV 82,946 0.03%


8,460 Assa Abloy AB 142,844 0.05%

3,400 NSK Ltd 47,157 0.02%

1,269 Precision Castparts Corp 227,639 0.08%

5,405 SKF AB 110,554 0.04%

1,687 Vallourec SA 30,906 0.01%

Mining

2,178 Agnico Eagle Mines Ltd 55,522 0.02%

15,039 Alcoa Inc 150,498 0.05%

31,687 Alumina Ltd 33,443 0.01%

10,354 Anglo American PLC 134,236 0.05%

3,190 Antofagasta PLC 31,046 0.01%

10,788 Barrick Gold Corp 103,535 0.04%

28,310 BHP Billiton Ltd 528,256 0.18%

20,658 BHP Billiton PLC 364,195 0.13%

2,016 Boliden AB 32,949 0.01%

4,224 Cameco Corp 54,264 0.02%

9,064 Eldorado Gold Corp 33,753 0.01%

7,498 First Quantum Minerals Ltd 88,023 0.03%

2,000 Franco-Nevada Corp 85,649 0.03%

10,371 Freeport-McMoRan Inc 173,315 0.06%

1,300 Fresnillo PLC 12,735 0.00%

101,709 Glencore PLC 366,516 0.13%

4,862 Goldcorp Inc 70,849 0.02%

4,530 Iluka Resources Ltd 23,999 0.01%

11,475 Kinross Gold Corp 24,006 0.01%

22,000 Mitsubishi Materials Corp 75,840 0.03%

9,256 Newcrest Mining Ltd 83,133 0.03%


203






Mining (continued)

5,295 Newmont Mining Corp 111,013 0.04%

9,109 Norsk Hydro ASA 34,343 0.01%

979 Randgold Resources Ltd 59,213 0.02%

4,973 Rio Tinto Ltd 184,389 0.06%

12,337 Rio Tinto PLC 455,195 0.16%

3,783 Silver Wheaton Corp 58,879 0.02%

49,540 South32 Ltd 60,776 0.02%

5,000 Sumitomo Metal Mining Co Ltd 68,341 0.02%

6,940 Teck Resources Ltd 61,765 0.02%

7,332 Turquoise Hill Resources Ltd 25,037 0.01%

9,163 Yamana Gold Inc 24,768 0.01%


5,789 3M Co 801,690 0.28%

3,466 Alfa Laval AB 54,698 0.02%

10,788 Bombardier Inc 17,450 0.01%

1,984 Dover Corp 124,966 0.04%

4,294 Eaton Corp PLC 260,099 0.09%

4,300 FUJIFILM Holdings Corp 137,936 0.05%

94,234 General Electric Co 2,247,171 0.78%

3,128 Illinois Tool Works Inc 257,691 0.09%

3,652 IMI PLC 57,992 0.02%

2,153 Ingersoll-Rand PLC 130,278 0.05%

4,000 Konica Minolta Inc 41,925 0.01%

12,593 Melrose Industries PLC 43,993 0.02%

5,100 Nikon Corp 52,968 0.02%

2,822 Orica Ltd 41,425 0.01%

1,235 Pall Corp 137,943 0.05%

1,453 Parker-Hannifin Corp 151,703 0.05%

1,593 Pentair PLC 98,294 0.03%

7,424 Siemens AG 670,758 0.23%

3,271 Smiths Group PLC 52,126 0.02%

422 Sulzer AG 38,967 0.01%

2,641 Textron Inc 105,787 0.04%

27,000 Toshiba Corp 83,373 0.03%

1,913 Wartsila OYJ Abp 80,384 0.03%


10,350 Canon Inc 302,326 0.10%

9,000 Ricoh Co Ltd 83,835 0.03%

6,100 Seiko Epson Corp 97,134 0.03%

12,110 Xerox Corp 115,644 0.04%

Oil & Gas

5,097 Anadarko Petroleum Corp 357,092 0.12%

3,174 Apache Corp 164,169 0.06%

2,590 ARC Resources Ltd 39,845 0.01%

1,224 Baytex Energy Corp 17,097 0.01%

30,888 BG Group PLC 461,927 0.16%

168,220 BP PLC 997,619 0.34%


204







3,273 Cabot Oil & Gas Corp 92,650 0.03%

2,751 Caltex Australia Ltd 60,442 0.02%

11,370 Canadian Natural Resources Ltd 277,093 0.10%

6,903 Canadian Oil Sands Ltd 50,122 0.02%

7,709 Cenovus Energy Inc 110,673 0.04%

1,754 Cheniere Energy Inc 109,031 0.04%

4,056 Chesapeake Energy Corp 40,662 0.01%

17,593 Chevron Corp 1,523,242 0.53%

636 Cimarex Energy Co 62,966 0.02%

5,135 Cobalt International Energy Inc 44,750 0.02%

1,115 Concho Resources Inc 113,942 0.04%

11,530 ConocoPhillips 635,485 0.22%

3,528 Crescent Point Energy Corp 65,004 0.02%

3,339 Devon Energy Corp 178,278 0.06%

537 Diamond Offshore Drilling Inc 12,439 0.00%

7,559 Encana Corp 74,828 0.03%

1,441 Energen Corp 88,333 0.03%

1,338 Enerplus Corp 10,542 0.00%

24,742 Eni SpA 393,893 0.14%

2,500 Ensco PLC 49,969 0.02%

5,061 EOG Resources Inc 397,676 0.14%

1,487 EQT Corp 108,556 0.04%

39,274 Exxon Mobil Corp 2,932,684 1.01%

3,300 Galp Energia SGPS SA 34,716 0.01%

1,121 Helmerich & Payne Inc 70,850 0.02%

2,476 Hess Corp 148,622 0.05%

2,120 HollyFrontier Corp 81,227 0.03%

4,517 Husky Energy Inc 77,577 0.03%

3,175 Imperial Oil Ltd 110,130 0.04%

8,400 Inpex Corp 85,732 0.03%

24,100 JX Holdings Inc 93,367 0.03%

2,759 Lundin Petroleum AB 42,377 0.01%

6,773 Marathon Oil Corp 161,331 0.06%

5,688 Marathon Petroleum Corp 267,043 0.09%

1,372 MEG Energy Corp 20,121 0.01%

2,572 Murphy Oil Corp 95,959 0.03%

2,568 Nabors Industries Ltd 33,258 0.01%

3,780 Noble Energy Inc 144,795 0.05%

6,812 Occidental Petroleum Corp 475,471 0.16%

1,624 OMV AG 40,080 0.01%

5,286 Phillips 66 382,194 0.13%

1,388 Pioneer Natural Resources Co 172,771 0.06%

1,345 Range Resources Corp 59,609 0.02%

19,860 Repsol SA 161,015 0.06%

59,147 Royal Dutch Shell PLC 1,498,047 0.52%

10,535 Santos Ltd 56,903 0.02%

3,859 Seadrill Ltd 35,966 0.01%


205







4,590 Southwestern Energy Co 93,637 0.03%

11,823 Statoil ASA 188,958 0.07%

13,453 Suncor Energy Inc 332,693 0.11%

861 Tesoro Corp 65,228 0.02%

3,000 TonenGeneral Sekiyu KK 25,063 0.01%

20,041 TOTAL SA 873,186 0.30%

1,909 Tourmaline Oil Corp 51,491 0.02%

3,701 Transocean Ltd 53,741 0.02%

10,000 Tullow Oil PLC 47,949 0.02%

4,912 Valero Energy Corp 275,975 0.10%

1,845 Vermilion Energy Inc 71,557 0.02%

1,098 Whiting Petroleum Corp 33,111 0.01%

6,482 Woodside Petroleum Ltd 153,057 0.05%

Oil & Gas Services

2,275 Amec Foster Wheeler PLC 26,251 0.01%

4,078 Baker Hughes Inc 225,824 0.08%

2,412 Cameron International Corp 113,370 0.04%

700 Core Laboratories NV 71,646 0.02%

2,550 FMC Technologies Inc 94,956 0.03%

7,634 Halliburton Co 295,096 0.10%

4,427 National Oilwell Varco Inc 191,829 0.07%

1,197 Oceaneering International Inc 50,052 0.02%

4,400 Petrofac Ltd 57,479 0.02%

2,932 Saipem SpA 27,781 0.01%

11,601 Schlumberger Ltd 897,406 0.31%

2,902 Subsea 7 SA 25,408 0.01%

1,134 Technip SA 62,960 0.02%

7,227 Weatherford International PLC 79,587 0.03%


10,153 Amcor Ltd/Australia 96,092 0.03%

1,036 Ball Corp 65,227 0.02%

900 Crown Holdings Inc 42,738 0.01%

1,100 MeadWestvaco Corp 46,589 0.02%

780 Packaging Corp of America 43,746 0.02%

8,112 Rexam PLC 63,205 0.02%

1,744 Rock-Tenn Co 94,228 0.03%

1,300 Sealed Air Corp 59,948 0.02%

Pharmaceuticals

14,857 Abbott Laboratories 654,444 0.23%

16,105 AbbVie Inc 971,186 0.34%

1,273 Actelion Ltd 167,243 0.06%

1,630 Alkermes PLC 94,125 0.03%

3,526 Allergan plc 960,330 0.33%

1,940 AmerisourceBergen Corp 185,155 0.06%

23,000 Astellas Pharma Inc 294,461 0.10%

11,828 AstraZeneca PLC 670,984 0.23%

8,017 Bayer AG 1,006,534 0.35%


206







15,544 Bristol-Myers Squibb Co 928,287 0.32%

3,285 Cardinal Health Inc 246,626 0.09%

2,300 Catamaran Corp 126,209 0.04%

2,000 Chugai Pharmaceutical Co Ltd 61,978 0.02%

4,500 Daiichi Sankyo Co Ltd 74,725 0.03%

2,600 Eisai Co Ltd 156,680 0.05%

9,164 Eli Lilly & Co 686,683 0.24%

1,549 Endo International PLC 110,732 0.04%

6,814 Express Scripts Holding Co 543,921 0.19%

43,540 GlaxoSmithKline PLC 812,768 0.28%

2,787 Grifols SA 100,694 0.03%

1,300 Hisamitsu Pharmaceutical Co Inc 45,339 0.02%

1,361 Hospira Inc 108,360 0.04%

580 Jazz Pharmaceuticals PLC 91,654 0.03%

26,033 Johnson & Johnson 2,277,128 0.79%

1,184 Mallinckrodt PLC 125,095 0.04%

2,284 McKesson Corp 460,838 0.16%

2,178 Mead Johnson Nutrition Co 176,359 0.06%

26,573 Merck & Co Inc 1,357,746 0.47%

1,600 Merck KGaA 143,008 0.05%

2,000 Mitsubishi Tanabe Pharma Corp 26,918 0.01%

3,678 Mylan NV 224,007 0.08%

21,537 Novartis AG 1,905,965 0.66%

17,801 Novo Nordisk A/S 870,020 0.30%

910 Omnicare Inc 76,977 0.03%

600 Ono Pharmaceutical Co Ltd 58,839 0.02%

2,185 Orion Oyj 68,565 0.02%

4,700 Otsuka Holdings Co Ltd 134,565 0.05%

1,301 Perrigo Co PLC 215,817 0.07%

57,382 Pfizer Inc 1,726,816 0.60%

6,578 Roche Holding AG 1,655,120 0.57%

11,493 Sanofi 1,014,142 0.35%

3,400 Santen Pharmaceutical Co Ltd 43,217 0.01%

3,100 Shionogi & Co Ltd 107,889 0.04%

5,730 Shire PLC 412,080 0.14%

500 Taisho Pharmaceutical Holdings Co Ltd 30,329 0.01%

6,900 Takeda Pharmaceutical Co Ltd 299,150 0.10%

8,115 Teva Pharmaceutical Industries Ltd 430,925 0.15%

1,000 UCB SA 64,390 0.02%

2,775 Valeant Pharmaceuticals International Inc 552,736 0.19%

4,199 Zoetis Inc 181,723 0.06%

Pipelines

15,405 APA Group 87,564 0.03%

7,921 Enbridge Inc 332,608 0.11%

2,750 Inter Pipeline Ltd 56,739 0.02%

15,983 Kinder Morgan Inc/DE 550,698 0.19%

1,226 Koninklijke Vopak NV 55,495 0.02%


207






Pipelines (continued)

2,146 ONEOK Inc 76,040 0.03%

2,478 Pembina Pipeline Corp 71,916 0.02%

6,959 Spectra Energy Corp 203,611 0.07%

6,638 TransCanada Corp 242,228 0.08%

3,670 Veresen Inc 44,562 0.02%

6,110 Williams Cos Inc/The 314,713 0.11%

Private Equity

7,800 3i Group PLC 56,865 0.02%

1,586 Onex Corp 78,797 0.03%

Real Estate

7,938 Brookfield Asset Management Inc 249,036 0.09%

27,000 CapitaLand Ltd 62,989 0.02%

2,593 CBRE Group Inc 86,108 0.03%

26,048 Cheung Kong Property Holdings Ltd 193,900 0.07%

500 Daito Trust Construction Co Ltd 46,502 0.02%

29,000 Global Logistic Properties Ltd 48,905 0.02%

17,000 Hang Lung Properties Ltd 45,364 0.02%

16,306 Henderson Land Development Co Ltd 100,144 0.03%

4,000 Hulic Co Ltd 31,862 0.01%

321 Jones Lang LaSalle Inc 49,265 0.02%

13,000 Kerry Properties Ltd 45,752 0.02%

11,000 Mitsubishi Estate Co Ltd 212,716 0.07%

9,000 Mitsui Fudosan Co Ltd 226,223 0.08%

40,962 New World Development Co Ltd 48,085 0.02%

1,788 REA Group Ltd 48,362 0.02%

1,849 Realogy Holdings Corp 77,531 0.03%

27,195 Sino Land Co Ltd 40,803 0.01%

3,000 Sumitomo Realty & Development Co Ltd 94,474 0.03%

14,826 Sun Hung Kai Properties Ltd 215,579 0.07%

20,000 Swire Properties Ltd 57,306 0.02%

945 Swiss Prime Site AG 64,390 0.02%

3,500 Tokyo Tatemono Co Ltd 43,641 0.02%

14,000 Wheelock & Co Ltd 64,182 0.02%

REITS

3,500 American Capital Agency Corp 57,705 0.02%

5,592 American Realty Capital Properties Inc 40,803 0.01%

3,987 American Tower Corp 333,824 0.12%

8,110 Annaly Capital Management Inc 66,892 0.02%

48,000 Ascendas Real Estate Investment Trust 78,706 0.03%

1,349 AvalonBay Communities Inc 193,560 0.07%

1,474 Boston Properties Inc 160,127 0.06%

8,421 British Land Co PLC/The 94,318 0.03%

1,500 Camden Property Trust 100,000 0.03%

37,000 CapitaLand Mall Trust 53,024 0.02%

1,109 Communications Sales & Leasing Inc 24,605 0.01%

3,232 Crown Castle International Corp 232,929 0.08%

12,624 Dexus Property Group 63,571 0.02%


208






REITS (continued)

1,087 Digital Realty Trust Inc 65,052 0.02%

4,830 Duke Realty Corp 80,500 0.03%

410 Equinix Inc 93,466 0.03%

3,594 Equity Residential 226,343 0.08%

612 Essex Property Trust Inc 116,721 0.04%

779 Extra Space Storage Inc 45,599 0.02%

400 Federal Realty Investment Trust 45,985 0.02%

24,448 Federation Centres 49,245 0.02%

410 Gecina SA 45,326 0.02%

4,585 General Growth Properties Inc 105,592 0.04%

22,887 Goodman Group 98,991 0.03%

15,549 GPT Group/The 45,907 0.02%

9,751 Hammerson PLC 84,715 0.03%

4,363 HCP Inc 142,810 0.05%

3,561 Health Care REIT Inc 209,754 0.07%

6,359 Host Hotels & Resorts Inc 113,174 0.04%

16,445 Intu Properties PLC 71,401 0.02%

1,568 Iron Mountain Inc 43,626 0.02%

10 Japan Real Estate Investment Corp 40,781 0.01%

35 Japan Retail Fund Investment Corp 62,869 0.02%

3,985 Kimco Realty Corp 80,616 0.03%

1,757 Klepierre 69,322 0.02%

6,117 Land Securities Group PLC 103,956 0.04%

1,000 Liberty Property Trust 28,918 0.01%

22,320 Link REIT/The 117,312 0.04%

1,453 Macerich Co/The 97,284 0.03%

26,200 Mirvac Group 33,436 0.01%

14 Nippon Building Fund Inc 55,039 0.02%

1,651 Plum Creek Timber Co Inc 60,116 0.02%

4,747 Prologis Inc 158,063 0.05%

1,254 Public Storage 207,503 0.07%

2,250 Realty Income Corp 89,641 0.03%

962 Regency Centers Corp 50,923 0.02%

2,306 RioCan Real Estate Investment Trust 44,379 0.02%

57,160 Scentre Group 147,863 0.05%

15,871 Segro PLC 90,907 0.03%

2,693 Simon Property Group Inc 418,186 0.14%

841 SL Green Realty Corp 82,945 0.03%

27,196 Stockland 76,918 0.03%

2,397 UDR Inc 68,907 0.02%

944 Unibail-Rodamco SE 214,005 0.07%

76 United Urban Investment Corp 96,492 0.03%

3,616 Ventas Inc 201,506 0.07%

1,550 Vornado Realty Trust 132,060 0.05%

15,150 Westfield Corp 95,311 0.03%

5,104 Weyerhaeuser Co 144,297 0.05%


209






Retail

564 Advance Auto Parts Inc 80,631 0.03%

6,400 Aeon Co Ltd 81,561 0.03%

2,252 Alimentation Couche-Tard Inc 86,501 0.03%

315 AutoZone Inc 188,542 0.07%

1,489 Bed Bath & Beyond Inc 92,184 0.03%

2,225 Best Buy Co Inc 65,120 0.02%

651 Canadian Tire Corp Ltd - Class A 62,516 0.02%

2,098 CarMax Inc 124,671 0.04%

287 Chipotle Mexican Grill Inc 155,836 0.05%

4,973 Cie Financiere Richemont SA 363,205 0.13%

3,179 Coach Inc 98,748 0.03%

4,330 Costco Wholesale Corp 524,870 0.18%

10,916 CVS Health Corp 1,027,527 0.35%

1,525 Darden Restaurants Inc 97,287 0.03%

1,300 Dick's Sporting Goods Inc 60,403 0.02%

15,552 Dixons Carphone PLC 99,551 0.03%

3,050 Dollar General Corp 212,805 0.07%

1,746 Dollar Tree Inc 123,781 0.04%

792 Dollarama Inc 43,101 0.01%

2,800 Don Quijote Holdings Co Ltd 106,998 0.04%

1,388 Family Dollar Stores Inc 98,177 0.03%

1,100 FamilyMart Co Ltd 45,424 0.02%

500 Fast Retailing Co Ltd 203,757 0.07%

1,777 Foot Locker Inc 106,872 0.04%

2,343 GameStop Corp 90,339 0.03%

3,239 Gap Inc/The 110,961 0.04%

6 Groupe Fnac 40 0.00%

8,052 Hennes & Mauritz AB 278,007 0.10%

12,328 Home Depot Inc/The 1,229,591 0.42%

867 HUGO BOSS AG 86,917 0.03%

9,746 Inditex SA 284,145 0.10%

7,000 Isetan Mitsukoshi Holdings Ltd 112,338 0.04%

6,200 J Front Retailing Co Ltd 104,774 0.04%

750 Kering 120,113 0.04%

18,729 Kingfisher PLC 91,813 0.03%

2,387 Kohl's Corp 134,132 0.05%

2,732 L Brands Inc 210,209 0.07%

900 Lawson Inc 55,318 0.02%

4,500 Liberty Interactive Corp QVC Group 112,076 0.04%

9,412 Lowe's Cos Inc 565,717 0.20%

1,201 lululemon athletica Inc 70,387 0.02%

1,362 Luxottica Group SpA 81,243 0.03%

2,609 Macy's Inc 157,987 0.05%

12,750 Marks & Spencer Group PLC 96,462 0.03%

8,637 McDonald's Corp 736,959 0.25%

1,176 Next PLC 123,665 0.04%

1,500 Nitori Holdings Co Ltd 109,800 0.04%


210






Retail (continued)

1,678 Nordstrom Inc 112,198 0.04%

913 O'Reilly Automotive Inc 185,173 0.06%

861 Pandora A/S 82,985 0.03%

700 PVH Corp 72,375 0.03%

1,261 Restaurant Brands International Inc 43,395 0.01%

6,439 Rite Aid Corp 48,255 0.02%

4,140 Ross Stores Inc 180,619 0.06%

859 Signet Jewelers Ltd 98,867 0.03%

4,915 Staples Inc 67,536 0.02%

13,001 Starbucks Corp 625,605 0.22%

1,112 Swatch Group AG/The 170,651 0.06%

5,724 Target Corp 419,359 0.14%

1,179 Tiffany & Co 97,139 0.03%

6,201 TJX Cos Inc/The 368,264 0.13%

1,600 Tractor Supply Co 129,155 0.05%

700 Ulta Salon Cosmetics & Fragrance Inc 97,034 0.03%

1,100 Urban Outfitters Inc 34,554 0.01%

7,619 Walgreens Boots Alliance Inc 577,408 0.20%

15,089 Wal-Mart Stores Inc 960,566 0.33%

10,700 Yamada Denki Co Ltd 38,456 0.01%

3,821 Yum! Brands Inc 308,917 0.11%

Savings & Loans

3,500 Hudson City Bancorp Inc 31,036 0.01%

4,026 New York Community Bancorp Inc 66,413 0.02%

2,600 People's United Financial Inc 37,826 0.01%

Semiconductors

2,000 Advantest Corp 18,689 0.01%

3,519 Altera Corp 161,706 0.06%

3,049 Analog Devices Inc 175,642 0.06%

10,492 Applied Materials Inc 180,987 0.06%

12,495 ARM Holdings PLC 182,893 0.06%

2,867 ASML Holding NV 265,771 0.09%

2,400 Avago Technologies Ltd 286,333 0.10%

4,872 Broadcom Corp 225,147 0.08%

11,629 Infineon Technologies AG 129,431 0.04%

44,342 Intel Corp 1,210,431 0.42%

1,543 KLA-Tencor Corp 77,842 0.03%

1,361 Lam Research Corp 99,369 0.03%

2,154 Linear Technology Corp 85,507 0.03%

4,576 Marvell Technology Group Ltd 54,151 0.02%

2,855 Maxim Integrated Products Inc 88,594 0.03%

1,958 Microchip Technology Inc 83,341 0.03%

10,772 Micron Technology Inc 182,144 0.06%

4,003 NVIDIA Corp 72,249 0.03%

1,509 Qorvo Inc 108,712 0.04%

14,864 QUALCOMM Inc 835,516 0.29%

1,700 Rohm Co Ltd 102,370 0.04%


211






Semiconductors (continued)

1,565 Skyworks Solutions Inc 146,218 0.05%

5,833 STMicroelectronics NV 42,902 0.02%

10,220 Texas Instruments Inc 472,476 0.16%

1,300 Tokyo Electron Ltd 73,868 0.03%

1,999 Xilinx Inc 79,228 0.03%

Shipbuilding

8,000 Sembcorp Industries Ltd 20,743 0.01%

7,000 Sembcorp Marine Ltd 13,251 0.00%

Software

3,853 Activision Blizzard Inc 83,720 0.03%

4,878 Adobe Systems Inc 354,664 0.12%

1,950 Akamai Technologies Inc 122,194 0.04%

4,360 Amadeus IT Holding SA 155,892 0.05%

900 ANSYS Inc 73,700 0.03%

1,732 Autodesk Inc 77,841 0.03%

3,059 CA Inc 80,415 0.03%

1,015 CDK Global Inc 49,174 0.02%

2,676 Cerner Corp 165,863 0.06%

1,980 Citrix Systems Inc 124,679 0.04%

128 Constellation Software Inc/Canada 45,628 0.02%

1,122 Dassault Systemes 73,177 0.03%

520 Dun & Bradstreet Corp/The 56,938 0.02%

2,671 Electronic Arts Inc 159,416 0.06%

2,711 Fidelity National Information Services Inc 150,368 0.05%

2,342 Fiserv Inc 174,105 0.06%

2,676 Intuit Inc 242,022 0.08%

500 Konami Corp 8,347 0.00%

72,969 Microsoft Corp 2,891,385 1.00%

1,700 Nuance Communications Inc 26,716 0.01%

1,673 Open Text Corp 61,014 0.02%

32,768 Oracle Corp 1,185,201 0.41%

1,000 Oracle Corp Japan 37,553 0.01%

2,602 Paychex Inc 109,479 0.04%

1,100 Rackspace Hosting Inc 36,716 0.01%

1,783 Red Hat Inc 121,507 0.04%

15,490 Sage Group PLC/The 112,054 0.04%

5,528 Salesforce.com inc 345,463 0.12%

8,652 SAP SE 541,615 0.19%

1,453 ServiceNow Inc 96,906 0.03%

1,224 VMware Inc - Class A 94,189 0.03%

1,415 Workday Inc - Class A 97,013 0.04%

Telecommunications

30,349 Alcatel-Lucent 99,181 0.03%

843 Altice SA 104,153 0.04%

48,594 AT&T Inc 1,549,146 0.54%

1,254 BCE Inc 47,833 0.02%

24,845 Bezeq The Israeli Telecommunication Corp Ltd 38,007 0.01%


212







81,112 BT Group PLC 515,434 0.18%

4,921 CenturyLink Inc 129,760 0.04%

47,794 Cisco Systems Inc 1,177,906 0.41%

29,726 Deutsche Telekom AG 459,267 0.16%

890 Eutelsat Communications SA 25,766 0.01%

8,805 Frontier Communications Corp 39,118 0.01%

4,366 Inmarsat PLC 56,419 0.02%

4,633 Juniper Networks Inc 107,987 0.04%

16,200 KDDI Corp 350,998 0.12%

29,517 Koninklijke KPN NV 101,243 0.03%

3,100 Level 3 Communications Inc 146,542 0.05%

797 Millicom International Cellular SA 52,716 0.02%

2,603 Motorola Solutions Inc 133,958 0.05%

700 NICE-Systems Ltd 39,969 0.01%

6,600 Nippon Telegraph & Telephone Corp 214,620 0.07%

35,894 Nokia OYJ 218,594 0.08%

15,400 NTT DOCOMO Inc 264,763 0.09%

17,880 Orange SA 246,923 0.09%

696 Palo Alto Networks Inc 109,129 0.04%

1,881 Proximus 59,571 0.02%

2,988 Rogers Communications Inc 95,159 0.03%

74,600 Singapore Telecommunications Ltd 209,340 0.07%

9,200 SoftBank Group Corp 486,455 0.17%

27,937 Spark New Zealand Ltd 47,396 0.02%

7,974 Sprint Corp 32,635 0.01%

260 Swisscom AG 130,840 0.05%

5,297 TDC A/S 34,843 0.01%

158,196 Telecom Italia SpA 168,247 0.06%

29,964 Telefonaktiebolaget LM Ericsson 278,408 0.10%

42,984 Telefonica SA 548,046 0.19%

7,744 Telenor ASA 151,771 0.05%

25,240 TeliaSonera AB 133,256 0.05%

35,880 Telstra Corp Ltd 151,970 0.05%

3,014 TELUS Corp 93,235 0.03%

3,412 T-Mobile US Inc 118,725 0.04%

38,906 Verizon Communications Inc 1,628,895 0.56%

241,098 Vodafone Group PLC 782,205 0.27%

924 Windstream Holdings Inc 5,291 0.00%

Textiles

700 Mohawk Industries Inc 119,934 0.04%

Toys/Games/Hobbies

1,520 Hasbro Inc 102,029 0.04%

2,760 Mattel Inc 63,637 0.02%

1,100 Nintendo Co Ltd 165,154 0.06%

Transportation

70 AP Moeller - Maersk A/S 113,728 0.04%

6,600 Asciano Ltd 30,276 0.01%


213







17,402 Aurizon Holdings Ltd 61,582 0.02%

7,868 Canadian National Railway Co 407,591 0.14%

1,663 Canadian Pacific Railway Ltd 239,128 0.08%

1,400 Central Japan Railway Co 226,986 0.08%

1,757 CH Robinson Worldwide Inc 98,384 0.03%

27,000 ComfortDelGro Corp Ltd 56,330 0.02%

8,369 CSX Corp 245,241 0.08%

8,521 Deutsche Post AG 223,293 0.08%

2,985 DSV A/S 86,750 0.03%

2,600 East Japan Railway Co 209,962 0.07%

1,467 Expeditors International of Washington Inc 60,704 0.02%

2,556 FedEx Corp 390,901 0.14%

3,300 Groupe Eurotunnel SE 42,867 0.02%

12,000 Hankyu Hanshin Holdings Inc 63,635 0.02%

968 JB Hunt Transport Services Inc 71,319 0.03%

1,052 Kansas City Southern 86,109 0.03%

8,000 Keikyu Corp 54,218 0.02%

10,000 Keio Corp 64,252 0.02%

20,000 Kintetsu Group Holdings Co Ltd 61,171 0.02%

508 Kuehne + Nagel International AG 60,544 0.02%

12,000 Mitsui OSK Lines Ltd 34,502 0.01%

19,952 MTR Corp Ltd 83,385 0.03%

9,000 Nippon Express Co Ltd 39,739 0.01%

18,000 Nippon Yusen KK 45,020 0.02%

2,644 Norfolk Southern Corp 207,306 0.07%

8,000 Odakyu Electric Railway Co Ltd 67,068 0.02%

8,565 Royal Mail PLC 62,201 0.02%

2,740 TNT Express NV 20,849 0.01%

19,000 Tobu Railway Co Ltd 73,303 0.03%

17,000 Tokyu Corp 102,245 0.04%

7,869 Union Pacific Corp 673,547 0.23%

6,573 United Parcel Service Inc 571,701 0.20%

1,400 West Japan Railway Co 80,454 0.03%

4,900 Yamato Holdings Co Ltd 85,159 0.03%

Water

2,216 American Water Works Co Inc 96,719 0.03%

2,742 Severn Trent PLC 80,542 0.03%

2,069 Suez Environnement Co 34,521 0.01%

7,525 United Utilities Group PLC 94,745 0.03%

2,463 Veolia Environnement SA 45,048 0.02%


profit or loss 283,032,620 97.78%


214





Forward Exchange Contracts - 0.71% (2014 - 0.07%)

Buy EUR 97,519,791 Sell USD 106,960,780 02/07/2015 1,521,967 0.53%

Buy EUR 6,165,687 Sell CAD 8,445,480 02/07/2015 94,270 0.03%

Buy USD 5,266,030 Sell EUR 4,638,530 14/08/2015 84,770 0.03%

Buy EUR 4,542,858 Sell AUD 6,519,801 02/07/2015 45,769 0.02%

Buy EUR 6,231,852 Sell CHF 6,441,797 02/07/2015 45,006 0.02%

Buy EUR 2,145,877 Sell HKD 18,245,571 02/07/2015 33,602 0.01%

Buy EUR 14,874,636 Sell JPY 2,023,664,544 02/07/2015 31,760 0.01%

Buy GBP 448,920 Sell EUR 601,771 14/08/2015 31,274 0.01%

Buy USD 6,256,624 Sell EUR 5,590,090 02/07/2015 25,261 0.01%

Buy EUR 1,546,602 Sell USD 1,697,360 14/08/2015 24,192 0.01%

Buy USD 1,058,800 Sell EUR 927,974 14/08/2015 21,703 0.01%

Buy JPY 177,637,292 Sell EUR 1,286,594 02/07/2015 16,313 0.01%

Buy JPY 118,373,374 Sell EUR 855,117 02/07/2015 13,110 0.01%

Buy EUR 914,158 Sell SGD 1,353,378 02/07/2015 12,069 0.00%

Buy USD 523,750 Sell EUR 459,692 14/08/2015 10,079 0.00%

Buy EUR 424,777 Sell NOK 3,635,930 02/07/2015 10,009 0.00%

Buy EUR 89,014 Sell NZD 137,576 02/07/2015 5,516 0.00%

Buy EUR 533,666 Sell CAD 735,000 02/07/2015 5,278 0.00%

Buy GBP 570,119 Sell EUR 801,096 02/07/2015 3,646 0.00%

Buy CHF 376,810 Sell EUR 358,946 02/07/2015 2,951 0.00%

Buy USD 99,184,867 Sell EUR 89,016,511 02/07/2015 2,397 0.00%

Buy AUD 572,308 Sell EUR 392,587 02/07/2015 2,167 0.00%

Buy EUR 251,207 Sell CAD 346,920 14/08/2015 2,125 0.00%

Buy GBP 69,605 Sell EUR 96,166 14/08/2015 1,987 0.00%

Buy GBP 69,075 Sell EUR 95,466 14/08/2015 1,940 0.00%

Buy EUR 12,224,948 Sell GBP 8,666,107 04/08/2015 1,726 0.00%

Buy EUR 448,077 Sell CAD 621,383 02/07/2015 1,367 0.00%

Buy EUR 87,985,859 Sell USD 98,080,037 04/08/2015 1,342 0.00%

Buy EUR 4,044,440 Sell AUD 5,876,289 04/08/2015 1,138 0.00%

Buy EUR 100,327 Sell AUD 144,418 14/08/2015 1,026 0.00%

Buy EUR 8,743,363 Sell USD 9,740,946 01/07/2015 816 0.00%

Buy EUR 5,498,539 Sell CAD 7,655,237 04/08/2015 644 0.00%

Buy EUR 90,840 SellCHF 93,820 14/08/2015 634 0.00%

Buy CHF 90,230 Sell EUR 86,182 14/08/2015 571 0.00%

Buy HKD 1,067,267 Sell EUR 123,007 02/07/2015 549 0.00%

Buy EUR 147,333 Sell SEK 1,357,277 02/07/2015 521 0.00%

Buy EUR 245,808 Sell JPY 33,446,600 14/08/2015 512 0.00%

Buy SEK 1,619,305 Sell EUR 174,647 02/07/2015 507 0.00%

Buy CHF 5,973,487 Sell EUR 5,736,567 02/07/2015 501 0.00%

Buy EUR 1,100,533 Sell DKK 8,206,624 02/07/2015 432 0.00%

Buy EUR 2,165,772 Sell USD 2,414,310 14/08/2015 288 0.00%

Buy SGD 118,800 Sell EUR 79,010 02/07/2015 176 0.00%

Buy EUR 287,745 Sell GBP 203,940 14/08/2015 159 0.00%

Buy ILS 144,492 Sell EUR 34,222 02/07/2015 155 0.00%

Buy EUR 30,665 Sell NOK 267,517 02/07/2015 148 0.00%

Buy CHF 565,461 Sell EUR 542,936 02/07/2015 145 0.00%


215




OTC Financial Derivatives Instruments (continued)

Forward Exchange Contracts - 0.71% (2014 - 0.07%)

(continued)

Buy ILS 96,286 Sell EUR 22,774 02/07/2015 134 0.00%

Buy SGD 79,165 Sell EUR 52,635 02/07/2015 132 0.00%

Buy EUR 6,263 Sell NZD 10,122 02/07/2015 119 0.00%

Buy EUR 1,916,847 Sell HKD 16,565,650 04/08/2015 62 0.00%

Buy EUR 382,087 Sell NOK 3,353,452 04/08/2015 45 0.00%

Buy DKK 720,378 Sell EUR 96,538 02/07/2015 29 0.00%

Buy EUR 75,972 NZD 125,587 04/08/2015 25 0.00%

Buy JPY 190,550 Sell EUR 1,372 01/07/2015 25 0.00%

Buy EUR 80,945 Sell DKK 603,809 02/07/2015 4 0.00%

Buy DKK 7,610,012 Sell EUR 1,020,122 02/07/2015 3 0.00%

Buy CHF 89,930 Sell EUR 86,461 14/08/2015 3 0.00%


profit or loss 2,063,099 0.71%


Futures - 0.00% (2014 - 0.02%)

DJ EURO STOXX 50 18/09/2015 (10) 210 0.00%

FTSE 100 INDEX FUTURE 18/09/2015 (10) 71 0.00%

S&P 500 EMINI INDEX 18/09/2015 (50) 808 0.00%

S&P/TSE 60 IX 17/09/2015 (200) 129 0.00%

SWISS MKT IX FUTR 18/09/2015 (10) 19 0.00%

TOPIX INDEX FUTURES 10/09/2015 (1,000) 110 0.00%

Investment in derivative instruments at fair value

through profit or loss 1,347 0.00%


Forward Exchange Contracts (0.14%) (2014 (1.23%))

Buy EUR 13,556,740 Sell GBP 9,746,524 02/07/2015

Buy EUR 6,982,070 Sell USD 7,869,729 02/07/2015 (200,795) (0.07%)

Buy EUR 1,969,683 Sell SEK 18,447,312.00 02/07/2015 (81,050) (0.03%)

Buy EUR 990,427 Sell GBP 717,109 02/07/2015 (25,696) (0.01%)

Buy EUR 1,071,697 Sell JPY 148,892,822 02/07/2015 (21,795) (0.01%)

Buy EUR 1,341,014 SellJPY 185,152,030 01/07/2015 (20,380) (0.01%)

Buy CAD 500,040 Sell EUR 365,660 14/08/2015 (17,012) (0.01%)

Buy JPY 82,976,500 Sell EUR 614,149 14/08/2015 (6,638) (0.00%)

Buy CAD 741,344 Sell EUR 537,473 02/07/2015 (5,603) (0.00%)

Buy CHF 342,320 Sell EUR 332,978 14/08/2015 (4,525) (0.00%)

Buy EUR 387,845 Sell ILS 1,646,070 02/07/2015 (3,848) (0.00%)

Buy AUD 257,920 Sell EUR 180,756 14/08/2015 (3,776) (0.00%)

Buy EUR 242,885 Sell JPY 33,540,000 14/08/2015 (3,406) (0.00%)

Buy EUR 195,319 Sell GBP 140,550 14/08/2015 (3,096) (0.00%)

Buy AUD 141,775 Sell EUR 100,104 14/08/2015 (2,881) (0.00%)

Buy CAD 494,015 Sell EUR 357,439 02/07/2015 (2,617) (0.00%)

Buy EUR 396,729 Sell AUD 578,314 01/07/2015 (2,294) (0.00%)

Buy EUR 153,608 Sell HKD 1,342,433 02/07/2015 (2,205) (0.00%)


216





Forward Exchange Contracts (0.14% ) (2014 (1.23%))

(continued)

Buy EUR 329,119 Sell AUD 479,700 02/07/2015 (1,804) (0.00%)

Buy EUR 454,000 Sell CHF 473,961 2/07/2015 (1,758) (0.00%)

Buy EUR 5,541,748 Sell CHF 5,766,494 04/08/2015 (1,202) (0.00%)

Buy EUR 27,956 Sell ILS 121,111 02/07/2015 (1,197) (0.00%)

Buy USD 9,389,018 Sell EUR 8,427,408 02/07/2015 (857) (0.00%)

Buy GBP 9,037,964 Sell EUR 12,758,098 02/07/2015 (719) (0.00%)

Buy AUD 381,373 Sell EUR 263,739 02/07/2015 (713) (0.00%)

Buy EUR 65,725 Sell SGD 99,576 02/07/2015 (684) (0.00%)

Buy JPY 16,040,000 Sell EUR 118,216 14/08/2015 (647) (0.00%)

Buy GBP 855,550 Sell EUR 1,208,204 02/07/2015 (579) (0.00%)

Buy EUR 96,249 Sell AUD 140,725 14/08/2015 (567) (0.00%)

Buy AUD 6,045,820 Sell EUR 4,170,538 02/07/2015 (517) (0.00%)

Buy EUR 87,415 Sell SGD 131,440 01/07/2015 (377) (0.00%)

Buy JPY 15,900,000 Sell EUR 116,798 14/08/2015 (196) (0.00%)

Buy EUR 825,133 Sell SGD 1,239,451 04/08/2015 (188) (0.00%)

Buy EUR 13,554,771 Sell JPY 1,848,175,405 04/08/2015 (157) (0.00%)

Buy EUR 991,126 Sell DKK 7,390,512 04/08/2015 (149) (0.00%)

Buy EUR 173,929 Sell CHF 181,000 14/08/2015 (108) (0.00%)

Buy CAD 7,831,504 Sell EUR 5,630,125 02/07/2015 (96) (0.00%)

Buy SEK 17,106,216 Sell EUR 1,850,401 02/07/2015 (93) (0.00%)

Buy NZD 8,047 Sell EUR 4,965 02/07/2015 (83) (0.00%)

Buy NZD 12,076 Sell EUR 7,394 02/07/2015 (81) (0.00%)

Buy HKD 16,919,141 Sell EUR 1,958,758 02/07/2015 (65) (0.00%)

Buy NOK 319,162 Sell EUR 36,448 02/07/2015 (43) (0.00%)

Buy AUD 135,232 Sell EUR 93,018 14/08/2015 (40) (0.00%)

Buy HKD 1,601,596 Sell EUR 185,445 02/07/2015 (31) (0.00%)

Buy EUR 1,761,374 Sell SEK 16,280,073 04/08/2015 (30) (0.00%)

Buy EUR 357,021 Sell ILS 1,501,321 04/08/2015 (27) (0.00%)

Buy SEK 1,079,068 Sell EUR 116,743 02/07/2015 (26) (0.00%)

Buy GBP 134,130 Sell EUR 189,167 14/08/2015 (25) (0.00%)

Buy NOK 212,682 Sell EUR 24,282 02/07/2015 (23) (0.00%)

Buy USD 1,257,450 Sell EUR 1,127,873 14/08/2015 (20) (0.00%)

Buy JPY 1,876,546,700 Sell EUR 13,763,829 02/07/2015 (19) (0.00%)

Buy CAD 172,100 Sell EUR 123,579 14/08/2015 (16) (0.00%)

Buy SGD 1,254,989 Sell EUR 836,520 02/07/2015 (13) (0.00%)

Buy NOK 3,371,603 Sell EUR 384,623 02/07/2015 (12) (0.00%)

Buy NZD 127,575 Sell EUR 77,435 02/07/2015 (8) (0.00%)

Buy JPY 16,291,700 Sell EUR 119,487 14/08/2015 (7) (0.00%)

Buy ILS 1,526,403 Sell EUR 363,153 02/07/2015 (4) (0.00%)

(1) (0.00%)


profit or loss (420,799) (0.14%)


217





Futures (0.03%) (2014 (0.01% ))

DJ EURO STOXX 50 18/09/2015 (10) (560) (0.00%)

FTSE 100 INDEX FUTURE 18/09/2015 (10) (7,537) (0.00%)

S&P 500 EMINI INDEX 18/09/2015 (50) (62,870) (0.03%)

S&P/TSE 60 IX 17/09/2015 (200) (2,173) (0.00%)

SPI 200 INDEX 17/09/2015 (25) (1,500) (0.00%)

SPI 200 INDEX 17/09/2015 (25) (207) (0.00%)

SWISS MKT IX FUTR 18/09/2015 (10) (2,209) (0.00%)

TOPIX INDEX FUTURES 10/09/2015 (1,000) (5,846) (0.00%)


through profit or loss (82,902) (0.03%)

Total investment at fair value through profit or loss 284,593,365 98.32%


Net Current liabilities (16,294,715) (5.63%)






0.65%


-%


10.48%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a

regulated market.


218



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Government Security - 99.99 (2014 - 99.81%)

Austria

157,000 Austria Government Bond 4.850 15/03/2026 216,877 0.95%






929,681 4.09%

Belgium

153,000 Belgium Government Bond 4.500 28/03/2026 204,283 0.90%








1,789,892 7.88%

Finland

85,000 Finland Government Bond 4.000 04/07/2025 112,432 0.49%




312,748 1.38%

France

351,000 France Government Bond OAT 6.000 25/10/2025 529,551 2.33%












5,698,228 25.10%


219



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets

Transferable Securities (continued)

Government Security - 99.99 (2014 - 99.81%) (continued)

Germany

169,000 Bundesrepublik Deutschland 6.500 04/07/2027 285,250 1.26%












4,012,854 17.67%

Ireland

67,000 Ireland Government Bond 2.400 15/05/2030 69,541 0.31%


148,804 0.66%

Italy

286,000 Italy Buoni Poliennali Del Tesoro 4.500 01/03/2026 344,270 1.52%















5,397,158 23.77%

Netherlands

100,000 Netherlands Government Bond 0.250 15/07/2025 92,547 0.41%






1,394,802 6.14%


220


Indexed Euro Government Long Dated Bond Fund(continued)

Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Government Security - 99.99 (2014 - 99.81%) (continued)

Slovak Republic

77,000 Slovakia Government Bond 4.350 14/10/2025 101,185 0.45%



171,548 0.76%

Slovenia

18,000 Slovenia Government Bond 5.125 30/03/2026 22,512 0.10%

Spain

244,000 Spain Government Bond 4.650 30/07/2025 304,760 1.34%












2,824,939 12.44%

Total Government Security

22,703,166 99.99%

Financial assets at fair value through profit or loss

22,703,166 99.99%

Cash and cash equivalents

32,457 0.14%

Net current liabilities

(29,840) (0.13%)


22,705,783 100.00%

Total assets comprised as follows;

% of

Total

Assets

Transferable securities and money market instruments admitted to an official stock

exchange listing or traded on a regulated market 98.54%


-%


-%


1.46%

100.00%



221



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

Australia

100,000 APT Pipelines Ltd 2.000 22/03/2027 94,309 0.08%

100,000 Australia & New Zealand Banking Group Ltd 3.750 10/03/2017 107,013 0.09%

50,000 Australia & New Zealand Banking Group Ltd 5.125 10/09/2019 60,343 0.05%

90,000 BHP Billiton Finance Ltd 6.375 04/04/2016 95,558 0.08%






100,000 Brambles Finance Ltd 2.375 12/06/2024 104,453 0.08%

110,000 Commonwealth Bank of Australia 4.250 10/11/2016 119,021 0.10%




100,000 Macquarie Bank Ltd 1.000 16/09/2019 100,759 0.08%

50,000 Macquarie Bank Ltd 6.000 21/09/2020 61,615 0.05%

100,000 National Australia Bank Ltd 4.750 15/07/2016 109,310 0.09%






200,000 Origin Energy Finance Ltd 3.500 04/10/2021 221,822 0.18%

100,000 Scentre Group Trust 1 2.250 16/07/2024 104,249 0.08%

100,000 Telstra Corp Ltd 4.250 23/03/2020 117,341 0.10%

200,000 Telstra Corp Ltd 3.750 16/05/2022 234,309 0.19%

100,000 Telstra Corp Ltd 3.500 21/09/2022 117,887 0.10%

100,000 Transurban Finance Co Pty Ltd 1.875 16/09/2024 99,936 0.08%

100,000 Wesfarmers Ltd 1.250 07/10/2021 100,920 0.08%

100,000 Westpac Banking Corp 4.250 22/09/2016 108,186 0.09%

100,000 Westpac Banking Corp 4.125 25/05/2018 110,941 0.09%

3,957,270 3.24%

Austria

100,000 Erste Group Bank AG 3.375 28/03/2017 105,397 0.08%

100,000 Erste Group Bank AG 1.875 13/05/2019 103,186 0.08%

300,000 OMV AG 1.750 25/11/2019 316,724 0.26%

100,000 OMV AG 2.625 27/09/2022 110,514 0.09%

100,000 Raiffeisen Bank International AG 2.750 10/07/2017 105,530 0.09%

100,000 Telekom Finanzmanagement GmbH 3.125 03/12/2021 112,007 0.09%

100,000 Telekom Finanzmanagement GmbH 4.000 04/04/2022 116,809 0.10%

100,000 Verbund AG 1.500 20/11/2024 97,413 0.08%

1,067,580 0.87%


222



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

Belgium

100,000 Anheuser-Busch InBev NV 1.250 24/03/2017 101,949 0.08%






100,000 Belfius Bank SA/NV 1.125 22/05/2017 101,162 0.08%

100,000 Belfius Bank SA/NV 2.250 26/09/2018 106,298 0.09%

80,000 BNP Paribas Fortis SA 4.375 01/02/2017 86,511 0.07%

100,000 Eandis CVBA 2.875 09/10/2023 113,102 0.09%

100,000 Elia System Operator SA/NV 5.625 22/04/2016 105,424 0.09%

50,000 Elia System Operator SA/NV 5.250 13/05/2019 59,259 0.05%

100,000 KBC Groep NV 2.375 25/11/2024 102,206 0.08%

100,000 KBC Groep NV 1.875 11/03/2027 95,062 0.08%

100,000 Proximus 2.375 04/04/2024 105,294 0.09%

1,666,102 1.36%

Brazil

100,000 Vale SA 3.750 10/01/2023 105,306 0.09%

150,000 Votorantim Cimentos SA 3.500 13/07/2022 147,690 0.12%

252,996 0.21%

Bristish Virgin

300,000

Sinopec Group Overseas Development 2015

Ltd 1.000 28/04/2022 289,440 0.24%

Canada

100,000 Total Capital Canada Ltd 2.125 18/09/2029 101,480 0.08%

Cayman Islands

200,000 Hutchison Whampoa Europe Finance 12 Ltd 2.500 06/06/2017 208,123 0.17%

100,000 Hutchison Whampoa Europe Finance 13 Ltd 3.750 10/05/2018 102,024 0.08%

100,000 Hutchison Whampoa Finance 06 Ltd 4.625 21/09/2016 108,776 0.09%



888,000 0.73%

Czech Republic

100,000 CEZ AS 4.500 29/06/2020 117,405 0.10%

100,000 CEZ AS 4.875 16/04/2025 127,274 0.10%

244,679 0.20%


223



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

Denmark

100,000 AP Moeller - Maersk A/S 3.375 28/08/2019 113,007 0.09%

50,000 Carlsberg Breweries A/S 3.375 13/10/2017 54,388 0.04%



110,000 Danske Bank A/S 3.875 18/05/2016 114,044 0.09%

100,000 Danske Bank A/S 3.875 28/02/2017 107,220 0.09%

100,000 Danske Bank A/S 3.875 04/10/2023 110,004 0.09%

80,000 DONG Energy A/S 4.875 16/12/2021 100,497 0.08%

100,000 DONG Energy A/S 2.625 19/09/2022 110,248 0.09%

200,000 DONG Energy A/S 4.875 08/07/3013 221,225 0.18%

100,000 ISS Global A/S 2.125 02/12/2024 100,117 0.08%

100,000 TDC A/S 4.375 23/02/2018 111,186 0.09%

100,000 TDC A/S 1.750 27/02/2027 92,145 0.08%

1,554,591 1.27%

Finland

60,000 Fortum OYJ 6.000 20/03/2019 72,223 0.06%

100,000 Fortum OYJ 4.000 24/05/2021 115,179 0.09%

100,000 Fortum OYJ 2.250 06/09/2022 105,790 0.09%

100,000 Pohjola Bank Oyj 1.750 29/08/2018 105,173 0.09%

100,000 Pohjola Bank Oyj 1.125 17/06/2019 101,753 0.08%

100,000 Pohjola Bank Oyj 5.750 28/02/2022 124,726 0.10%

200,000 Pohjola Bank Oyj 0.750 03/03/2022 191,667 0.16%

100,000 Sampo Oyj 1.500 16/09/2021 101,629 0.08%

100,000 Teollisuuden Voima Oyj 2.125 04/02/2025 90,127 0.07%

1,008,267 0.82%

France

100,000 Accor SA 2.500 21/03/2019 105,946 0.09%

100,000 Aeroports de Paris 3.125 11/06/2024 114,757 0.09%

100,000 Aeroports de Paris 1.500 07/04/2025 99,476 0.08%

50,000 Air Liquide Finance SA 3.889 09/06/2020 57,802 0.05%

100,000 Air Liquide Finance SA 1.875 05/06/2024 103,695 0.08%

100,000 ALD International SA 0.750 26/01/2018 100,300 0.08%

100,000 Alstom SA 3.000 08/07/2019 108,797 0.09%

100,000 Arkema SA 1.500 20/01/2025 95,791 0.08%

200,000 Autoroutes du Sud de la France SA 4.000 24/09/2018 227,905 0.19%



150,000 AXA SA 5.250 16/04/2040 169,378 0.14%

100,000 AXA SA 3.941 07/11/2024 101,313 0.08%

100,000 AXA SA 3.875 20/05/2049 101,563 0.08%

200,000 Banque Federative du Credit Mutuel SA 4.375 31/05/2016 208,317 0.17%


224



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

France (continued)











100,000 BNP Paribas Cardif SA 4.032 29/11/2049 98,412 0.08%

200,000 BNP Paribas SA 3.000 24/02/2017 210,795 0.17%

50,000 BNP Paribas SA 5.431 07/09/2017 57,282 0.05%

200,000 BNP Paribas SA 1.500 12/03/2018 206,190 0.17%

100,000 BNP Paribas SA 2.000 28/01/2019 105,204 0.09%

100,000 BNP Paribas SA 2.500 23/08/2019 108,798 0.09%

140,000 BNP Paribas SA 3.750 25/11/2020 162,240 0.13%

100,000 BNP Paribas SA 2.250 13/01/2021 106,150 0.09%

100,000 BNP Paribas SA 4.125 14/01/2022 118,810 0.10%

100,000 BNP Paribas SA 4.500 21/03/2023 123,455 0.10%

200,000 BNP Paribas SA 2.875 26/09/2023 222,524 0.18%

100,000 BNP Paribas SA 2.375 20/05/2024 104,371 0.09%

200,000 BNP Paribas SA 2.375 17/02/2025 189,557 0.16%

100,000 BNP Paribas SA 2.875 20/03/2026 101,947 0.08%

100,000 BNP Paribas SA 5.019 29/04/2049 105,478 0.08%

200,000 Bouygues SA 4.000 12/02/2018 220,492 0.18%

100,000 Bouygues SA 3.641 29/10/2019 113,978 0.09%

100,000 Bouygues SA 4.250 22/07/2020 119,568 0.10%

200,000 BPCE SA 1.625 08/02/2017 205,250 0.17%

200,000 BPCE SA 3.750 21/07/2017 220,569 0.18%

100,000 BPCE SA 1.375 22/05/2019 102,129 0.08%

300,000 BPCE SA 0.750 22/01/2020 296,794 0.24%

100,000 BPCE SA 2.125 17/03/2021 104,893 0.08%

100,000 BPCE SA 4.500 10/02/2022 121,255 0.10%

100,000 BPCE SA 4.625 18/07/2023 117,290 0.10%

200,000 BPCE SA 3.000 19/07/2024 225,217 0.18%

100,000 BPCE SA 2.750 08/07/2026 102,790 0.08%

100,000 Cap Gemini SA 1.750 01/07/2020 100,604 0.08%

100,000 Carrefour SA 1.875 19/12/2017 104,508 0.09%

100,000 Carrefour SA 1.750 22/05/2019 103,794 0.08%

120,000 Carrefour SA 4.000 09/04/2020 137,832 0.11%

200,000 Carrefour SA 1.750 15/07/2022 206,476 0.17%

50,000 Casino Guichard Perrachon SA 4.379 08/02/2017 53,961 0.04%


225



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

France (continued)






100,000 Cie de Saint-Gobain 4.750 11/04/2017 108,639 0.09%



50,000

Cie Financiere et Industrielle des Autoroutes

SA 5.875 09/10/2016 55,696 0.05%

50,000

Cie Financiere et Industrielle des Autoroutes

SA 5.250 30/04/2018 57,161 0.05%

50,000 CNP Assurances 6.000 14/09/2040 58,375 0.05%

100,000 CNP Assurances 6.875 30/09/2041 123,387 0.10%

50,000 CNP Assurances 4.750 29/12/2049 52,361 0.04%

100,000 CNP Assurances 4.000 18/11/2024 99,885 0.08%

100,000 Credit Agricole Assurances SA 4.250 13/01/2025 97,956 0.08%

200,000 Credit Agricole SA 5.971 01/02/2018 229,633 0.19%




200,000 Credit Agricole SA/London 1.875 18/10/2017 209,247 0.17%









100,000 Credit Mutuel Arkea SA 1.000 26/01/2023 95,768 0.08%

100,000 Danone SA 2.500 29/09/2016 104,718 0.09%

200,000 Danone SA 1.250 06/06/2018 204,279 0.17%

100,000 Danone SA 2.250 15/11/2021 107,450 0.09%

100,000 Danone SA 1.125 14/01/2025 94,222 0.08%

110,000 Electricite de France SA 5.500 25/10/2016 121,808 0.10%










226



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

France (continued)


100,000 Eutelsat SA 4.125 27/03/2017 107,422 0.09%

100,000 Eutelsat SA 2.625 13/01/2020 107,287 0.09%

200,000 GDF Suez 0.000 13/03/2017 199,128 0.16%

200,000 GDF Suez 1.500 20/07/2017 207,878 0.17%

100,000 GDF Suez 2.250 01/06/2018 105,572 0.09%

100,000 GDF Suez 6.875 24/01/2019 125,674 0.10%

100,000 GDF Suez 1.375 19/05/2020 102,862 0.08%

100,000 GDF Suez 3.000 01/02/2023 113,475 0.09%

200,000 GDF Suez 1.000 13/03/2026 185,611 0.15%

200,000 GDF Suez 2.375 19/05/2026 212,591 0.17%

200,000 GDF Suez 6.875 24/01/2019 202,954 0.17%

100,000 Gecina SA 1.750 30/07/2021 102,556 0.08%

100,000 Groupe Auchan SA 3.625 19/10/2018 112,560 0.09%

100,000 Groupe Auchan SA 1.750 23/04/2021 103,535 0.08%

100,000 Groupe Auchan SA 2.250 06/04/2023 105,695 0.09%

100,000 Holding d'Infrastructures de Transport SAS 5.750 09/03/2018 114,938 0.09%

200,000 HSBC France SA 1.875 16/01/2020 210,483 0.17%

100,000 ICADE 2.250 16/04/2021 104,232 0.09%

100,000 Kering 1.875 08/10/2018 105,478 0.09%

100,000 Kering 0.875 28/03/2022 96,023 0.08%

100,000 Klepierre 4.000 13/04/2017 107,351 0.09%

200,000 Klepierre 1.000 17/04/2023 190,264 0.16%

100,000 Klepierre 1.750 06/11/2024 99,592 0.08%

100,000 La Banque Postale SA 2.750 23/04/2026 102,094 0.08%

200,000 La Poste SA 4.250 08/11/2021 245,957 0.20%

200,000 La Poste SA 4.375 26/06/2023 247,441 0.20%

100,000 LVMH Moet Hennessy Louis Vuitton SE 4.000 06/04/2018 111,048 0.09%

50,000 Natixis SA 4.125 20/01/2017 53,441 0.04%

100,000 Orange SA 4.750 21/02/2017 108,908 0.09%

100,000 Orange SA 5.625 22/05/2018 115,217 0.09%

100,000 Orange SA 1.875 03/09/2018 105,604 0.09%

200,000 Orange SA 4.125 23/01/2019 227,557 0.19%

100,000 Orange SA 3.875 14/01/2021 116,703 0.10%

200,000 Orange SA 3.000 15/06/2022 222,695 0.18%

100,000 Orange SA 8.125 28/01/2033 167,853 0.14%

200,000 Orange SA 4.250 28/02/2049 210,580 0.17%

100,000 Orange SA 5.000 01/10/2026 106,727 0.09%

100,000 Pernod Ricard SA 5.000 15/03/2017 109,042 0.09%

200,000 Pernod Ricard SA 2.000 22/06/2020 207,460 0.17%

100,000 Pernod Ricard SA 2.125 27/09/2024 102,435 0.08%

100,000 Publicis Groupe SA 1.125 16/12/2021 99,158 0.08%

100,000 RCI Banque SA 1.750 06/07/2016 103,033 0.08%


227



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

France (continued)

100,000 RCI Banque SA 1.125 30/09/2019 101,231 0.08%

300,000 RCI Banque SA 0.625 04/03/2020 292,035 0.24%

100,000 RTE Reseau de Transport d'Electricite SA 4.125 27/09/2016 108,008 0.09%

100,000 RTE Reseau de Transport d'Electricite SA 1.625 08/10/2024 99,735 0.08%

100,000 Sanofi 1.000 14/11/2017 102,467 0.08%

80,000 Sanofi 4.125 11/10/2019 94,551 0.08%

100,000 Sanofi 1.125 10/03/2022 100,726 0.08%

200,000 Sanofi 1.750 10/09/2026 202,044 0.17%

100,000 Schneider Electric SE 4.000 11/08/2017 111,232 0.09%





300,000 SNCF Mobilites Group 4.125 19/02/2025 381,049 0.31%

100,000 Societe Des Autoroutes Paris-Rhin-Rhone 5.000 12/01/2017 109,264 0.09%

200,000 Societe Des Autoroutes Paris-Rhin-Rhone 1.875 15/01/2025 200,004 0.16%

100,000 Societe Generale SA 3.750 01/03/2017 106,866 0.09%






100,000 Sodexo SA 1.750 24/01/2022 103,294 0.08%

100,000 Sogecap SA 4.125 18/02/2026 95,567 0.08%

100,000 Solvay Finance SA 4.199 29/05/2049 103,480 0.08%

100,000 Suez Environnement Co 4.078 17/05/2021 118,017 0.10%



100,000 Total Capital International SA 2.125 19/11/2021 107,730 0.09%



130,000 Total Capital SA 4.875 28/01/2019 153,312 0.12%

100,000 Total Capital SA 5.125 26/03/2024 131,272 0.11%

400,000 TOTAL SA 4.875 29/12/2049 378,933 0.31%

100,000 Unibail-Rodamco SE 3.875 05/11/2020 117,657 0.10%





100,000 Veolia Environnement SA 4.247 06/01/2021 119,069 0.10%



200,000 Vinci SA 4.125 20/02/2017 215,291 0.17%


228



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

France (continued)

100,000 Vinci SA 3.375 30/03/2020 112,061 0.09%

100,000 Vivendi SA 4.000 31/03/2017 107,197 0.09%

100,000 Vivendi SA 4.875 02/12/2019 119,506 0.10%

100,000 Wendel SA 4.875 26/05/2016 104,401 0.09%

100,000 Wendel SA 5.875 17/09/2019 122,353 0.10%

100,000 Wendel SA 2.750 02/10/2024 103,365 0.08%

100,000 WPP Finance SA 2.250 22/09/2026 101,662 0.08%

28,118,217 22.98%

Germany

100,000 Allianz SE 5.625 17/10/2042 121,432 0.10%

200,000 Allianz SE 2.241 07/07/2045 183,780 0.15%

100,000 Allianz SE 4.750 24/10/2023 110,819 0.09%

100,000 Allianz SE 3.375 18/09/2024 99,186 0.08%

200,000 BASF SE 1.500 01/10/2018 209,320 0.17%

100,000 BASF SE 1.875 04/02/2021 106,167 0.09%

100,000 BASF SE 2.500 22/01/2024 109,595 0.09%

100,000 Bayer AG 1.125 24/01/2018 102,401 0.08%

100,000 Bayer AG 1.875 25/01/2021 106,111 0.09%

100,000 Bayer AG 3.75 01/07/2074 104,240 0.09%

150,000 Bayer AG 2.375 02/04/2075 143,088 0.12%

100,000 Bayer AG 3.000 01/07/2075 104,194 0.09%

100,000 Berlin Hyp AG 1.250 22/01/2025 98,545 0.08%

100,000 Bertelsmann SE & Co KGaA 1.750 14/10/2024 100,187 0.08%

100,000 Bertelsmann SE & Co KGaA 3.500 23/04/2075 91,874 0.08%

50,000 Bilfinger SE 2.375 07/12/2019 47,606 0.04%

100,000 Commerzbank AG 3.875 22/03/2017 106,944 0.09%

100,000 Commerzbank AG 3.625 10/07/2017 109,865 0.09%

100,000 Commerzbank AG 0.500 03/04/2018 99,948 0.08%

120,000 Commerzbank AG 4.000 16/09/2020 140,547 0.11%

100,000 Continental AG 3.000 16/07/2018 108,564 0.09%

100,000 CRH Finance Germany GmbH 1.750 16/07/2021 102,316 0.08%

100,000 Daimler AG 1.000 08/07/2016 101,806 0.08%

70,000 Daimler AG 4.125 19/01/2017 75,471 0.06%

200,000 Daimler AG 1.500 19/11/2018 208,754 0.17%

100,000 Daimler AG 2.000 25/06/2021 105,858 0.09%

100,000 Daimler AG 2.250 24/01/2022 108,040 0.09%

100,000 Daimler AG 1.875 08/07/2024 104,167 0.08%

300,000 Deutsche Bank AG 5.125 31/08/2017 342,181 0.28%

200,000 Deutsche Bank AG 5.000 24/06/2020 227,674 0.19%

200,000 Deutsche Bank AG 1.250 08/09/2021 197,923 0.16%

100,000 Deutsche Bank AG 2.375 11/01/2023 105,098 0.09%

150,000 Deutsche Bank AG 2.750 17/02/2025 142,220 0.11%


229



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

Germany (continued)

100,000 Deutsche Bank AG 1.125 17/03/2025 90,111 0.07%

100,000 Deutsche Boerse AG 1.125 26/03/2018 102,479 0.08%

100,000 Deutsche Pfandbriefbank AG 0.875 20/01/2017 97,710 0.08%

100,000 Deutsche Post AG 2.875 11/12/2024 112,996 0.09%

100,000 DVB Bank SE 0.500 15/01/2018 99,877 0.08%

200,000 DVB Bank SE 2.375 02/12/2020 214,573 0.18%

100,000 EnBW Energie Baden-Wuerttemberg AG 7.375 02/04/2072 109,923 0.09%

100,000 EnBW Energie Baden-Wuerttemberg AG 3.625 02/04/2076 99,579 0.08%

50,000 EWE AG 5.250 16/07/2021 64,022 0.05%

100,000 Hannover Rueck SE 3.375 26/06/2025 99,380 0.08%

100,000 K+S AG 4.125 06/12/2021 118,692 0.10%

100,000 Landesbank Berlin AG 4.375 22/12/2015 104,233 0.09%

100,000 Linde AG 1.750 17/09/2020 106,487 0.09%

100,000 Linde AG 2.00 18/04/2023 106,498 0.09%

100,000 Merck Financial Services GmbH 4.500 24/03/2020 118,246 0.10%

100,000 Merck KGaA 2.625 12/12/2074 97,892 0.08%

100,000 METRO AG 1.375 28/10/2021 100,965 0.08%

100,000

Muenchener Rueckversicherungs-Gesellschaft

AG in Muenchen 6.000 26/05/2041 119,681 0.10%

100,000


AG in Muenchen 6.250 26/05/2042 123,197 0.10%

50,000


AG in Muenchen 5.767 29/06/2049 53,894 0.04%

50,000 Robert Bosch GmbH 5.125 12/06/2017 54,927 0.04%

100,000 Robert Bosch GmbH 1.750 08/07/2024 104,198 0.09%

100,000 RWE AG 3.500 21/04/2075 89,250 0.07%

150,000 SAP SE 1.125 20/02/2023 148,848 0.12%

100,000 SAP SE 1.750 22/02/2027 98,240 0.08%

100,000 Vier Gas Transport GmbH 2.000 12/06/2020 105,068 0.08%

100,000 Vier Gas Transport GmbH 3.125 10/07/2023 114,787 0.09%

200,000 Volkswagen Bank GmbH 1.500 13/02/2019 207,520 0.17%

200,000 Volkswagen Leasing GmbH 1.000 04/10/2017 204,392 0.17%




100,000 WPP Finance Deutschland GmbH 1.625 23/03/2030 87,761 0.07%

7,904,815 6.46%

Guernsey

150,000 Credit Suisse Group Funding Guernsey Ltd 1.250 14/04/2022 142,216 0.12%


230



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

Ireland

100,000

Aquarius and Investments PLC for Zurich

Insurance Co Ltd 4.250 02/10/2043 113,017 0.09%

100,000 Bank of Ireland 2.750 05/06/2016 101,817 0.08%

200,000 Bank of Ireland 1.250 09/04/2020 194,699 0.16%

100,000 CRH Finance LTD 3.125 03/04/2023 109,104 0.09%

100,000 ESB Finance Ltd 2.125 08/06/2027 98,087 0.08%

100,000 FCA Capital Ireland PLC 2.625 17/04/2019 103,782 0.08%

200,000 FCA Capital Ireland PLC 2.000 23/10/2019 204,091 0.17%

100,000 GE Capital European Funding 4.125 27/10/2016 107,945 0.09%











100,000 Ryanair Ltd 1.125 10/03/2023 94,191 0.08%

100,000 Swisscom AG via Lunar Funding V 1.875 08/09/2021 105,308 0.09%

2,505,702 2.05%

Italy

100,000 2i Rete Gas SpA 1.750 16/07/2019 104,106 0.09%

200,000 A2A SpA 4.375 10/01/2021 231,323 0.19%

100,000 ACEA SpA 3.750 12/09/2018 111,921 0.09%

200,000 Assicurazioni Generali SpA 2.875 14/01/2020 215,284 0.18%




100,000 Atlantia SpA 3.625 30/11/2018 110,947 0.09%

200,000 Atlantia SpA 2.875 26/02/2021 218,386 0.18%

200,000 Atlantia SpA 4.375 16/09/2025 252,530 0.21%

200,000 CDP Reti SpA 1.875 29/05/2022 199,037 0.16%

100,000 Edison SpA 3.875 10/11/2017 110,219 0.09%

200,000 Enel SpA 5.250 20/06/2017 218,532 0.18%

200,000 Enel SpA 4.875 20/02/2018 224,824 0.18%

100,000 Eni SpA 4.750 14/11/2017 112,934 0.09%

100,000 Eni SpA 3.500 29/01/2018 108,861 0.09%

100,000 Eni SpA 4.125 16/09/2019 116,584 0.10%

100,000 Eni SpA 4.250 03/02/2020 116,299 0.10%

200,000 Eni SpA 2.625 22/11/2021 217,747 0.18%

100,000 Eni SpA 3.250 10/07/2023 114,280 0.09%


231



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

Italy

100,000 Eni SpA 3.750 12/09/2025 118,724 0.10%

150,000 Eni SpA 1.500 02/02/2026 141,618 0.12%

100,000 Ferrovie dello Stato Italiane SpA 3.500 13/12/2021 111,756 0.09%

80,000 Hera SpA 4.500 03/12/2019 93,493 0.08%

100,000 Hera SpA 2.375 04/07/2024 103,901 0.08%

200,000 Intesa Sanpaolo SpA 4.125 19/09/2016 214,331 0.18%










100,000 Mediobanca SpA 4.625 11/10/2016 107,930 0.09%

200,000 Mediobanca SpA 0.875 14/11/2017 199,186 0.16%

100,000 Mediobanca SpA 2.250 18/03/2019 102,616 0.08%

100,000 Poste Italiane SpA 3.250 18/06/2018 106,126 0.09%

100,000 Snam SpA 4.375 11/07/2016 108,342 0.09%

200,000 Snam SpA 2.375 30/06/2017 206,974 0.17%

150,000 Snam SpA 3.875 19/03/2018 164,148 0.13%

100,000 Snam SpA 5.000 18/01/2019 116,120 0.09%

150,000 Snam SpA 1.500 24/04/2019 153,166 0.13%

100,000 Snam SpA 3.500 13/02/2020 111,523 0.09%

100,000 Snam SpA 3.250 22/01/2024 111,181 0.09%

100,000 Societa Iniziative Autostradali e Servizi SpA 4.500 26/10/2020 119,130 0.10%

100,000 Terna Rete Elettrica Nazionale SpA 4.125 17/02/2017 107,369 0.09%




100,000 UniCredit SpA 2.250 16/12/2016 102,863 0.08%

150,000 UniCredit SpA 4.875 07/03/2017 161,615 0.13%

100,000 UniCredit SpA 3.375 11/01/2018 107,038 0.09%

100,000 UniCredit SpA 3.625 24/01/2019 108,965 0.09%

100,000 UniCredit SpA 1.500 19/06/2019 99,957 0.08%

200,000 UniCredit SpA 3.250 14/01/2021 215,447 0.18%

100,000 Unione di Banche Italiane SCpA 2.750 28/04/2017 103,196 0.08%

100,000 Unione di Banche Italiane SCpA 2.875 18/02/2019 104,675 0.09%

8,634,501 7.06%

Japan

200,000 Sumitomo Mitsui Banking Corp 1.000 19/01/2022 194,877 0.16%


232



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

Luxembourg

100,000 Glencore Finance Europe SA 5.250 22/03/2017 109,239 0.09%






100,000 Hannover Finance Luxembourg SA 5.750 14/09/2040 120,243 0.10%

100,000 Holcim Finance Luxembourg SA 3.000 22/01/2024 111,325 0.09%

100,000 KBC IFIMA SA 2.125 10/09/2018 106,666 0.09%

100,000 Nestle Finance International Ltd 1.250 04/05/2020 103,146 0.08%

100,000 Nestle Finance International Ltd 1.750 12/09/2022 105,789 0.09%

100,000 Novartis Finance SA 1.625 09/11/2026 100,586 0.08%

100,000 SES SA 4.625 09/03/2020 117,678 0.10%

1,543,394 1.26%

Mexico

100,000 America Movil SAB de CV 3.750 28/06/2017 106,539 0.09%




100,000 Petroleos Mexicanos 5.500 09/01/2017 109,641 0.09%






1,154,081 0.94%

Netherlands

100,000 ABB Finance BV 2.625 26/03/2019 108,191 0.09%

100,000 ABN AMRO Bank NV 4.250 11/04/2016 104,096 0.09%

100,000 ABN AMRO Bank NV 3.625 06/10/2017 109,804 0.09%

100,000 ABN AMRO Bank NV 4.750 11/01/2019 116,372 0.10%

100,000 ABN AMRO Bank NV 2.125 26/11/2020 106,302 0.09%

100,000 ABN AMRO Bank NV 6.375 27/04/2021 122,756 0.10%

100,000 ABN AMRO Bank NV 7.125 06/07/2022 134,608 0.11%

100,000 ABN AMRO Bank NV 2.500 29/11/2023 107,731 0.09%

150,000 ABN AMRO Bank NV 1.000 16/04/2025 138,269 0.11%

100,000 ABN AMRO Bank NV 2.875 30/06/2025 100,581 0.08%

100,000 Achmea Bank NV 2.750 18/02/2021 106,911 0.09%

100,000 Achmea BV 2.500 19/11/2020 106,845 0.09%

100,000 Achmea BV 4.250 04/02/2025 97,880 0.08%

100,000 Aegon NV 4.000 25/04/2044 101,222 0.08%


233



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

Netherlands (continued)

100,000 Airbus Group Finance BV 4.625 12/08/2016 108,935 0.09%



100,000 Akzo Nobel NV 4.000 17/12/2018 113,888 0.09%

100,000 Allianz Finance II BV 4.000 23/11/2016 107,619 0.09%







100,000 BAT Netherlands Finance BV 2.375 19/01/2023 106,310 0.09%

200,000 Bharti Airtel International Netherlands BV 4.000 10/12/2018 217,921 0.18%

100,000 BMW Finance NV 1.000 24/10/2016 101,722 0.08%

150,000 BMW Finance NV 3.875 18/01/2017 160,993 0.13%

100,000 BMW Finance NV 3.625 29/01/2018 109,871 0.09%

100,000 BMW Finance NV 0.500 05/09/2018 100,578 0.08%

50,000 BMW Finance NV 3.250 14/01/2019 55,432 0.05%

100,000 BMW Finance NV 1.625 17/07/2019 104,971 0.09%

100,000 BMW Finance NV 0.500 21/01/2020 99,331 0.08%

200,000 BMW Finance NV 2.000 04/09/2020 214,610 0.18%

100,000 BMW Finance NV 1.250 05/09/2022 101,011 0.08%

200,000

Cooperatieve Centrale Raiffeisen-

Boerenleenbank BA/Netherlands 3.875 20/04/2016 207,463 0.17%

180,000



100,000



300,000



300,000



200,000



200,000



200,000



100,000



100,000



150,000




234



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)


300,000



100,000



100,000



300,000



100,000 Corio NV 3.250 26/02/2021 111,211 0.09%

100,000 Delta Lloyd Levensverzekering NV 9.000 29/08/2042 129,259 0.11%

100,000 Deutsche Annington Finance BV 3.625 08/10/2021 113,904 0.09%




100,000 Deutsche Bahn Finance BV 2.875 30/06/2016 102,753 0.08%






200,000 Deutsche Post Finance BV 1.875 27/06/2017 206,179 0.17%

200,000 Deutsche Telekom International Finance BV 6.000 20/01/2017 222,778 0.18%




100,000 E.ON International Finance BV 5.500 19/01/2016 105,353 0.09%



100,000 EDP Finance BV 2.625 15/04/2019 103,345 0.08%

300,000 EDP Finance BV 2.625 18/01/2022 304,057 0.25%

130,000 Enbw International Finance BV 4.875 16/01/2025 169,205 0.14%

100,000 Enbw International Finance BV 2.500 04/06/2026 105,368 0.09%

100,000 Enel Finance International NV 4.125 12/07/2017 110,988 0.09%







100,000 Gas Natural Fenosa Finance BV 3.875 17/01/2023 115,799 0.09%

150,000 Heineken NV 2.500 19/03/2019 161,061 0.13%

100,000 Heineken NV 2.875 04/08/2025 112,255 0.09%

100,000 Iberdrola International BV 4.250 11/10/2018 114,228 0.09%



235



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)





100,000 ING Bank NV 3.875 24/05/2016 103,674 0.08%

100,000 ING Bank NV 1.875 27/02/2018 104,190 0.09%

200,000 ING Bank NV 1.250 13/12/2019 204,190 0.17%

200,000 ING Bank NV 0.700 16/04/2020 197,031 0.16%

200,000 ING Bank NV 4.500 21/02/2022 242,295 0.20%

100,000 ING Bank NV 3.500 21/11/2023 107,587 0.09%

200,000 ING Bank NV 3.625 25/02/2026 213,887 0.17%

200,000 ING Groep NV 4.750 31/05/2017 217,246 0.18%

200,000 JAB Holdings BV 1.500 24/11/2021 199,375 0.16%

50,000 Koninklijke DSM NV 5.250 17/10/2017 57,463 0.05%

100,000 Koninklijke DSM NV 1.000 09/04/2025 92,883 0.08%

100,000 Koninklijke KPN NV 6.500 15/01/2016 106,283 0.09%



100,000 Linde Finance BV 3.125 12/12/2018 110,916 0.09%

50,000 Linde Finance BV 7.375 14/07/2066 56,675 0.05%

100,000 Nederlandse Gasunie NV 5.125 31/03/2017 109,681 0.09%

150,000 NN Group NV 4.625 08/04/2044 156,084 0.13%

100,000 NN Group NV 4.500 15/01/2026 103,537 0.08%

150,000 Nomura Europe Finance NV 1.875 29/05/2018 154,532 0.13%

100,000 Nomura Europe Finance NV 1.500 12/05/2021 98,429 0.08%

110,000 Repsol International Finance BV 4.750 16/02/2017 119,345 0.10%




100,000 Robert Bosch Investment Nederland BV 1.625 24/05/2021 104,278 0.09%

100,000 Roche Finance Europe BV 2.000 25/06/2018 105,117 0.09%

150,000 Roche Finance Europe BV 0.875 25/02/2025 141,674 0.12%

200,000 RWE Finance BV 5.125 23/07/2018 236,782 0.19%

100,000 RWE Finance BV 1.875 30/01/2020 103,963 0.08%

130,000 RWE Finance BV 6.500 10/08/2021 174,623 0.14%

100,000 RWE Finance BV 3.000 17/01/2024 108,040 0.09%

350,000 Shell International Finance BV 4.375 14/05/2018 392,478 0.32%




100,000 Siemens Financieringsmaatschappij NV 5.125 20/02/2017 109,855 0.09%





236



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)



100,000 SPP Infrastructure Financing BV 2.625 12/02/2025 91,992 0.08%

100,000 TenneT Holding BV 3.875 21/02/2018 110,328 0.09%



100,000

Teva Pharmaceutical Finance Netherlands II

BV 1.250 31/03/2023 94,668 0.08%

100,000 Unilever NV 0.500 03/02/2022 96,597 0.08%

100,000 Urenco Finance NV 2.500 15/02/2021 104,543 0.08%

100,000 Volkswagen International Finance NV 1.000 26/10/2016 101,673 0.08%









250,000 Volkswagen International Finance NV 6.000 29/12/2049 235131 0.19%

100,000 Wolters Kluwer NV 6.375 10/04/2018 117,284 0.10%

21,575,371 17.64%

Norway

100,000 DNB Bank ASA 3.875 29/06/2020 114,798 0.10%

100,000 DNB Bank ASA 4.375 24/02/2021 118,857 0.10%

100,000 DNB Bank ASA 4.250 18/01/2022 120,326 0.10%

100,000 DNB Bank ASA 3.000 26/09/2023 106,938 0.08%

100,000 SpareBank 1 SR-Bank ASA 2.000 14/05/2018 104,335 0.08%

100,000 SpareBank 1 SR-Bank ASA 2.125 14/04/2021 105,016 0.09%

50,000 Statkraft AS 6.625 02/04/2019 61,800 0.05%

100,000 Statkraft AS 2.500 28/11/2022 109,793 0.09%

100,000 Statoil ASA 2.000 10/09/2020 107,455 0.09%

100,000 Statoil ASA 5.625 11/03/2021 127,974 0.10%

150,000 Statoil ASA 0.875 17/02/2023 145,240 0.12%

100,000 Statoil ASA 1.250 17/02/2027 93,808 0.08%

100,000 Statoil ASA 1.625 17/02/2035 88,229 0.07%

50,000 Telenor ASA 4.875 29/05/2017 54,650 0.04%

100,000 Telenor ASA 1.750 15/01/2018 104,210 0.09%

100,000 Telenor ASA 2.500 22/05/2025 107,950 0.09%

1,671,379 1.37%

Spain

100,000 Abertis Infraestructuras SA 5.125 12/06/2017 109,183 0.09%



237



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

Spain (continued)



100,000 ADIF Alta Velocidad 3.500 27/05/2024 107,398 0.09%

200,000 BBVA Senior Finance SAU 2.375 22/01/2019 210,938 0.17%

100,000 BBVA Subordinated Capital SAU 3.500 11/04/2024 104,353 0.09%

100,000 CaixaBank SA 2.500 18/04/2017 103,642 0.08%

100,000 Criteria CaixaHolding SA 2.375 09/05/2019 103,293 0.08%

200,000 Criteria CaixaHolding SA 1.625 21/04/2022 189,842 0.16%

200,000 Enagas Financiaciones SAU 1.250 06/02/2025 183,192 0.15%

100,000 Ferrovial Emisiones SA 3.375 30/01/2018 107,918 0.09%

100,000 Gas Natural Capital Markets SA 4.375 02/11/2016 108,188 0.09%





100,000 Iberdrola Finanzas SAU 4.125 23/03/2020 114,761 0.09%

100,000 Inmobiliaria Colonial SA 1.863 05/06/2019 98,879 0.08%

100,000 Red Electrica Financiaciones SA Unipersonal 4.750 16/02/2018 112,667 0.09%

100,000 Santander Consumer Finance SA 1.450 29/01/2016 101,202 0.08%

100,000 Santander International Debt SAU 1.375 25/03/2017 101,663 0.08%



100,000 Santander Issuances SAU 2.500 18/03/2025 94,048 0.08%

200,000 Telefonica Emisiones SAU 4.750 07/02/2017 217,193 0.18%






4,441,141 3.63%

Sweden

100,000 Akzo Nobel Sweden Finance AB 2.625 27/07/2022 110,490 0.09%

100,000 Investor AB 4.875 18/11/2021 126,501 0.10%

100,000 Nordea Bank AB 2.250 05/10/2017 105,930 0.09%

100,000 Nordea Bank AB 1.375 12/04/2018 102,904 0.08%

200,000 Nordea Bank AB 4.000 29/06/2020 229,540 0.19%

200,000 Nordea Bank AB 2.000 17/02/2021 210,304 0.17%

200,000 Nordea Bank AB 4.625 15/02/2022 215,202 0.18%

100,000 Nordea Bank AB 3.250 05/07/2022 115,933 0.09%

100,000 SBAB Bank AB 2.375 04/09/2020 108,522 0.09%

100,000 Skandinaviska Enskilda Banken AB 3.750 19/05/2016 103,549 0.08%



238



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

Sweden (continued)





100,000 SKF AB 2.375 29/10/2020 107,403 0.09%

200,000 Svenska Handelsbanken AB 3.750 24/02/2017 214,024 0.17%





100,000 Swedbank AB 2.375 04/04/2016 102,242 0.08%

100,000 Swedbank AB 1.500 18/03/2019 103,315 0.08%

100,000 Swedbank AB 3.000 05/12/2022 106,312 0.09%

50,000 Telefonaktiebolaget LM Ericsson 5.375 27/06/2017 55,024 0.04%

100,000 TeliaSonera AB 4.750 07/03/2017 109,111 0.09%

100,000 TeliaSonera AB 1.375 18/02/2019 103,650 0.08%

100,000 TeliaSonera AB 4.250 18/02/2020 117,551 0.10%

100,000 TeliaSonera AB 3.625 14/02/2024 118,570 0.10%

100,000 TeliaSonera AB 3.000 07/09/2027 115,022 0.09%

100,000 Vattenfall AB 6.250 17/03/2021 129,999 0.11%

100,000 Vattenfall AB 3.000 19/03/2077 90,094 0.07%

50,000 Volvo Treasury AB 5.000 31/05/2017 54,528 0.05%

100,000 Volvo Treasury AB 2.375 26/11/2019 107,546 0.09%

4,022,730 3.29%

Switzerland

100,000 Credit Suisse AG/London 3.875 25/01/2017 107,013 0.09%







100,000 Elsevier Finance SA Via ELM BV 2.500 24/09/2020 109,169 0.09%

120,000 UBS AG/London 6.000 18/04/2018 139,453 0.11%

200,000 UBS AG/London 1.250 03/09/2021 201,033 0.16%

1,563,083 1.27%

United Arab Emirates

100,000 Emirates Telecommunications Corp 2.750 18/06/2026 104,530 0.08%

100,000 Glencore Finance Dubai Ltd 2.625 19/11/2018 106,751 0.09%

211,281 0.17%


239



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

United Kingdom

100,000

Abbey National Treasury Services

PLC/London 2.000 14/01/2019 104,656 0.08%

200,000


PLC/London 1.125 14/01/2022 195,249 0.16%

100,000


PLC/London 1.125 10/03/2025 91,894 0.08%

200,000 Anglo American Capital PLC 1.750 20/11/2017 206,269 0.17%






150,000 AstraZeneca PLC 0.875 24/11/2021 148,243 0.12%

50,000 Aviva PLC 6.875 22/05/2038 56,617 0.05%

100,000 Aviva PLC 3.875 03/07/2044 103,093 0.08%

150,000 Barclays Bank PLC 4.000 20/01/2017 161,194 0.13%





200,000 Barclays PLC 1.500 01/04/2022 196,104 0.16%

200,000 BAT International Finance PLC 5.375 29/06/2017 223,480 0.18%




200,000 BG Energy Capital PLC 3.000 16/11/2018 219,969 0.18%

100,000 BG Energy Capital PLC 2.250 21/11/2029 101,135 0.08%

100,000 BP Capital Markets PLC 2.177 16/02/2016 102,059 0.08%








150,000 British Telecommunications PLC 1.125 10/06/2019 152,126 0.12%

100,000 Compass Group PLC 3.125 13/02/2019 109,800 0.09%

100,000 Diageo Finance PLC 1.125 20/05/2019 100,724 0.08%



100,000 EE Finance PLC 3.250 03/08/2018 110,449 0.09%

100,000 FCE Bank PLC 1.625 09/09/2016 102,617 0.08%

100,000 FCE Bank PLC 1.875 18/04/2019 102,720 0.08%

200,000 FCE Bank PLC 1.875 24/06/2021 202,565 0.17%


240



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

United Kingdom (continued)

100,000 GlaxoSmithKline Capital PLC 5.625 13/12/2017 116,010 0.09%



110,000 HSBC Bank PLC 3.750 30/11/2016 117,893 0.10%

200,000 HSBC Bank PLC 3.875 24/10/2018 227,223 0.19%

200,000 HSBC Bank PLC 4.000 15/01/2021 236,299 0.19%

100,000 HSBC Holdings PLC 6.000 10/06/2019 117,383 0.10%

200,000 HSBC Holdings PLC 3.375 10/01/2024 213,200 0.17%

100,000 Imperial Tobacco Finance PLC 4.500 05/07/2018 115,113 0.09%



100,000 Leeds Building Society 1.375 05/05/2022 96,468 0.08%

100,000 Lloyds Bank PLC 6.375 17/06/2016 106,133 0.09%

150,000 Lloyds Bank PLC 4.625 02/02/2017 163,155 0.13%

100,000 Lloyds Bank PLC 1.875 10/10/2018 105,421 0.09%

200,000 Lloyds Bank PLC 6.500 24/03/2020 242,286 0.20%

100,000 Lloyds Bank PLC 1.000 19/11/2021 98,183 0.08%

200,000 Lloyds Bank PLC 1.250 13/01/2025 190,415 0.16%

100,000 National Grid PLC 4.375 10/03/2020 117,319 0.10%

100,000 Nationwide Building Society 3.125 03/04/2017 105,527 0.09%




100,000 NGG Finance PLC 4.250 18/06/2076 105,699 0.09%

100,000 Rio Tinto Finance PLC 2.000 11/05/2020 105,442 0.09%

100,000 Royal Bank of Scotland Group PLC 1.500 28/11/2016 101,695 0.08%

100,000 Royal Bank of Scotland Group PLC 1.625 25/06/2019 100,329 0.08%

100,000 Royal Bank of Scotland PLC/The 5.375 30/09/2019 121,266 0.10%

200,000 Royal Bank of Scotland PLC/The 5.500 23/03/2020 241,505 0.20%

200,000 Sky PLC 1.500 15/09/2021 201,525 0.16%

150,000 Sky PLC 1.875 24/11/2023 149,750 0.12%

100,000 Sky PLC 2.500 15/09/2026 102,713 0.08%

150,000 Smiths Group PLC 1.250 28/04/2023 142,556 0.12%

100,000 SSE PLC 2.000 17/06/2020 104,941 0.08%

200,000 SSE PLC 2.375 01/04/2021 191,072 0.16%

100,000 Standard Chartered Bank 5.875 26/09/2017 115,386 0.09%

200,000 Standard Chartered PLC 1.750 29/10/2017 208,026 0.17%



300,000 Vodafone Group PLC 1.000 11/09/2020 297,728 0.24%



11,555,411 9.45%


241



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

United States

100,000 3M Co 0.950 15/05/2023 97,365 0.08%

100,000 3M Co 1.500 09/11/2026 98,511 0.08%

100,000 Amgen Inc 2.125 13/09/2019 106,739 0.09%

200,000 Apple Inc 1.000 10/11/2022 197,221 0.16%

100,000 Apple Inc 1.625 10/11/2026 99,117 0.08%

200,000 AT&T Inc 2.650 17/12/2021 216,702 0.18%

300,000 AT&T Inc 1.450 01/06/2022 295,635 0.24%

100,000 AT&T Inc 2.500 15/03/2023 104,703 0.09%

100,000 AT&T Inc 2.400 15/03/2024 103,113 0.08%

100,000 AT&T Inc 2.600 17/12/2029 96,538 0.08%

100,000 AT&T Inc 3.550 17/12/2032 106,007 0.09%

100,000 AT&T Inc 2.450 15/03/2035 86,857 0.07%

100,000 Bank of America Corp 7.000 15/06/2016 106,701 0.09%







150,000 Berkshire Hathaway Inc 0.750 16/03/2023 140,854 0.12%

200,000 Berkshire Hathaway Inc 1.125 16/03/2027 178,298 0.15%

50,000 BMW US Capital LLC 1.250 20/07/2016 51,148 0.04%

100,000 BMW US Capital LLC 1.000 18/07/2017 102,330 0.08%

100,000 Bristol-Myers Squibb Co 1.000 15/05/2025 93,006 0.08%

50,000 Cargill Inc 4.875 29/05/2017 54,526 0.04%

50,000 Citigroup Inc 4.375 30/01/2017 54,099 0.04%

300,000 Citigroup Inc 5.000 02/08/2019 362,722 0.30%

100,000 Citigroup Inc 7.375 04/09/2019 132,298 0.11%

150,000 Citigroup Inc 1.375 27/10/2021 150,164 0.12%

200,000 Citigroup Inc 2.375 22/05/2024 205,759 0.17%

100,000 Citigroup Inc 1.750 28/01/2025 97,120 0.08%

100,000 Citigroup Inc 2.125 10/09/2026 99,355 0.08%

50,000 Citigroup Inc 4.250 25/02/2030 58,224 0.05%

100,000 Coca-Cola Co/The 1.125 22/09/2022 99,672 0.08%

150,000 Coca-Cola Co/The 0.750 09/03/2023 142,715 0.12%

100,000 Coca-Cola Co/The 1.875 22/09/2026 101,316 0.08%

100,000 Coca-Cola Co/The 1.125 09/03/2027 91,682 0.07%

100,000 Coca-Cola Co/The 1.625 09/03/2035 86,142 0.07%

200,000 Eli Lilly & Co 1.625 02/06/2026 194,337 0.16%

100,000 GE Capital Trust II 5.500 15/09/2067 110,215 0.09%

100,000 GE Capital Trust IV 4.625 15/09/2066 105,319 0.08%

100,000 General Electric Capital Corp 5.500 15/09/2067 110,340 0.09%

200,000 General Electric Co 1.875 28/05/2027 197,197 0.16%

100,000 Goldman Sachs Group Inc/The 4.500 09/05/2016 104,265 0.09%


242



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

United States (continued)








100,000 HSBC Finance Corp 4.875 30/05/2017 108,862 0.09%

100,000 Illinois Tool Works Inc 1.750 20/05/2022 102,341 0.08%

100,000 Illinois Tool Works Inc 2.125 22/05/2030 93,825 0.08%

200,000 International Business Machines Corp 1.875 06/11/2020 212,176 0.17%



50,000 Johnson & Johnson 4.750 06/11/2019 60,839 0.05%

100,000 JPMorgan Chase & Co 3.750 15/06/2016 103,514 0.08%








100,000 JPMorgan Chase Bank NA 4.375 30/11/2021 107,286 0.09%

100,000 Kellogg Co 1.250 10/03/2025 93,342 0.08%

100,000 Kinder Morgan Inc/DE 2.250 16/03/2027 93,621 0.08%

200,000 McDonald's Corp 1.125 26/05/2022 196,905 0.16%

100,000 Merck & Co Inc 1.125 15/10/2021 100,834 0.08%

100,000 Merck & Co Inc 1.875 15/10/2026 101,696 0.08%

50,000 Metropolitan Life Global Funding I 4.625 16/05/2017 54,112 0.04%




200,000 Microsoft Corp 2.125 06/12/2021 215,203 0.18%

100,000 Microsoft Corp 3.125 06/12/2028 115,308 0.09%

100,000 Mondelez International Inc 2.375 26/01/2021 106,279 0.09%

200,000 Mondelez International Inc 1.625 08/03/2027 181,033 0.15%

100,000 Moody's Corp 1.750 09/03/2027 94,203 0.08%

200,000 Morgan Stanley 3.750 21/09/2017 220,094 0.18%

100,000 Morgan Stanley 2.250 12/03/2018 104,875 0.09%

200,000 Morgan Stanley 5.000 02/05/2019 232,052 0.19%

200,000 Morgan Stanley 2.375 31/03/2021 211,039 0.17%

200,000 Morgan Stanley 1.875 30/03/2023 200,612 0.16%

100,000 National Grid North America Inc 1.750 20/02/2018 103,887 0.08%

100,000 Oracle Corp 2.250 10/01/2021 107,526 0.09%


243



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Corporate Bonds - 99.99% (2014 - 99.69%)

(continued)

United States (continued)

100,000 PepsiCo Inc 1.750 28/04/2021 104,178 0.09%

200,000 Pfizer Inc 5.750 03/06/2021 256,324 0.21%

180,000 Philip Morris International Inc 1.750 19/03/2020 187,162 0.15%




100,000 PPG Industries Inc 0.875 13/03/2022 95,932 0.08%

100,000 Priceline Group Inc/The 2.375 23/09/2024 99,657 0.08%

100,000 Priceline Group Inc/The 1.800 03/03/2027 88,549 0.07%

150,000 Procter & Gamble Co/The 5.125 24/10/2017 172,093 0.14%



200,000 Prologis LP 1.375 07/10/2020 199,562 0.16%

100,000 Prologis LP 3.000 18/01/2022 107,405 0.09%

150,000 Roche Holdings Inc 6.500 04/03/2021 200,006 0.16%

100,000 SABMiller Holdings Inc 1.875 20/01/2020 105,199 0.09%

70,000 Toyota Motor Credit Corp 1.250 01/08/2017 72,194 0.06%




150,000 Verizon Communications Inc 2.375 17/02/2022 159,293 0.13%




150,000 Walgreens Boots Alliance Inc 2.125 20/11/2026 146,091 0.12%

100,000 Wal-Mart Stores Inc 1.900 08/04/2022 104,700 0.09%



100,000 Wells Fargo & Co 4.375 01/08/2016 108,502 0.09%

50,000 Wells Fargo & Co 4.125 03/11/2016 53,969 0.04%

100,000 Wells Fargo & Co 2.250 03/09/2020 108,247 0.09%

200,000 Wells Fargo & Co 1.125 29/10/2021 199,531 0.16%

200,000 Wells Fargo & Co 2.625 16/08/2022 219,685 0.18%

100,000 Wells Fargo & Co 2.250 02/05/2023 104,999 0.08%

16,047,095 13.12%

Total Corporate Bonds

122,315,699 99.99%


122,315,699 99.99%


475,398 0.39%


(465,759) (0.38%)


122,325,338 100.00%


244




% of Total Assets




-%


-%


1.02%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a

regulated market.


245



Holding Investment

Coupon

Rate %

Maturity

Date Value EUR

% of Net

Assets


Government Security - 85.23% (2014 - 97.38%)

United States

3,370,000 United States Treasury Bill -% 23/07/2015 3,024,583 6.57%











39,247,373 85.23%

OTC Financial Derivatives Instruments Swap- –% (2014 - –%)

49,827,458 S&P Gsle E119 ER Strategy

- -%

Total OTC Financial Derivatives

Instruments

- -%


39,247,373 85.23%


6,829,952 14.83%


(28,670) (0.06%)


46,048,655 100.00%


% of Total Assets




-%


-%


14.82%

100.00%

The counterparty for swap contract is Goldman Sachs.


246


Indexed Minimum Volatilty Global Fund (continued)



Equities – EUR - 0.70% (2014 - 0.90%)

Commercial Services



1,527 Zardoya Otis SA 14,916 0.00%

Real Estate

12,167 Deutsche Annington Immobilien SE 307,818 0.10%

Telecommunications

62,647 SES SA 1,887,867 0.59%

JPY - 0.39% (2014 - 0.12%)

Commercial Services

26,900 Recruit Holdings Co Ltd 736,924 0.23%

REITS

315 Nippon Prologis REIT Inc 520,768 0.16%

USD - 98.45% (2014 - 97.96%)

Agriculture

24,453 Altria Group Inc 1,073,413 0.34%

6,242 Philip Morris International Inc 449,131 0.14%

7,327 Reynolds American Inc 490,966 0.15%

Apparel

2,684 VF Corp 167,997 0.05%

Banks

237,000 Aozora Bank Ltd 803,101 0.25%


112,510 Bank Hapoalim BM 544,186 0.17%


258,000 Bank of East Asia Ltd/The 1,012,540 0.32%

4,824 BB&T Corp 174,525 0.05%


60,403 CaixaBank SA 251,035 0.08%

10,505 Danske Bank A/S 277,134 0.09%


163,300 Hang Seng Bank Ltd 2,864,123 0.90%

60,426 HSBC Holdings PLC 486,248 0.15%

1,809 M&T Bank Corp 202,835 0.06%

28,119 Mizrahi Tefahot Bank Ltd 313,154 0.10%


185,827 Oversea-Chinese Banking Corp Ltd 1,260,918 0.39%




41,407 US Bancorp/MN 1,612,874 0.50%

47,001 Wells Fargo & Co 2,372,407 0.74%

Beverages

6,774 Anheuser-Busch InBev NV 728,205 0.23%

61,022 Coca-Cola Co/The 2,148,531 0.67%

39,775 PepsiCo Inc 3,332,075 1.04%

28,900 Suntory Beverage & Food Ltd 1,033,361 0.32%


247





Equities - USD - 98.45% (2014 - 97.96%) (continued)

Chemicals

13,896 Air Liquide SA 1,576,501 0.49%

9,954 Ecolab Inc 1,010,141 0.32%

1,529 Givaudan SA 2,375,858 0.74%

3,215 Linde AG 546,229 0.17%

4,008 Monsanto Co 383,426 0.12%

5,942 Praxair Inc 637,557 0.20%

1,025 Sherwin-Williams Co/The 253,003 0.08%

10,475 Sigma-Aldrich Corp 1,310,080 0.41%

5,323 Syngenta AG 1,942,560 0.61%

Commercial Services


42,649 Automatic Data Processing Inc 3,071,019 0.96%

13,700 Benesse Holdings Inc 308,488 0.10%

16,644 Bureau Veritas SA 343,865 0.11%

133,065 G4S PLC 504,490 0.16%

4,150 Gartner Inc 319,500 0.10%

17,000 Park24 Co Ltd 261,473 0.08%

14,500 Secom Co Ltd 844,970 0.26%

1,163 SGS SA 1,905,431 0.60%

Computers

13,047 Accenture PLC 1,133,269 0.35%


9,600 Itochu Techno-Solutions Corp 214,759 0.07%

23,300 Nomura Research Institute Ltd 818,599 0.26%

9,600 Otsuka Corp 402,760 0.13%

30,793 Synopsys Inc 1,399,807 0.44%


9,740 Beiersdorf AG 731,864 0.23%

21,331 Colgate-Palmolive Co 1,252,253 0.39%

7,466 L'Oreal SA 1,194,560 0.37%


14,400 Unicharm Corp 307,298 0.10%


3,534 Genuine Parts Co 283,970 0.09%


3,238 Partners Group Holding AG 869,147 0.27%

18,778 Visa Inc - Class A 1,131,702 0.35%

Electric

5,551 Ameren Corp 187,724 0.06%


241,000 CLP Holdings Ltd 1,838,634 0.58%

36,597 Consolidated Edison Inc 1,901,126 0.59%

28,730 Dominion Resources Inc/VA 1,724,264 0.54%

31,723 Duke Energy Corp 2,010,661 0.63%



248







70,577 Endesa SA 1,211,454 0.38%

10,176 Fortum OYJ 162,205 0.05%

184,371 Iberdrola SA 1,113,970 0.35%

10,954 NextEra Energy Inc 963,759 0.30%

29,699 Pepco Holdings Inc 718,086 0.23%

20,865 PG&E Corp 919,468 0.29%


6,219 PPL Corp 164,489 0.05%

7,656 Red Electrica Corp SA 550,313 0.17%

87,321 Southern Co/The 3,283,746 1.03%

13,486 SSE PLC 292,386 0.09%

294,730 Terna Rete Elettrica Nazionale SpA 1,168,310 0.37%

15,123 WEC Energy Group Inc 610,376 0.19%

43,256 Xcel Energy Inc 1,249,307 0.39%


6,096 Aeroports de Paris 617,830 0.19%

174,266 Auckland International Airport Ltd 522,007 0.16%

126,000 Cheung Kong Infrastructure Holdings Ltd 878,132 0.27%

30,128 Ferrovial SA 585,990 0.18%

10,011 SBA Communications Corp 1,032,996 0.32%

Entertainment

9,600 Oriental Land Co Ltd/Japan 550,275 0.17%


20,271 Republic Services Inc 712,632 0.22%

17,953 Stericycle Inc 2,157,679 0.68%


Food

9,000 Ajinomoto Co Inc 175,030 0.05%

449 Barry Callebaut AG 459,230 0.14%

15,126 Campbell Soup Co 646,880 0.20%

114 Chocoladefabriken Lindt & Sprungli AG 1,672,380 0.52%

14,430 Colruyt SA 579,581 0.18%

16,933 Danone SA 981,945 0.31%

82,124 General Mills Inc 4,106,937 1.29%

10,644 Hershey Co/The 848,597 0.27%

6,708 Hormel Foods Corp 339,374 0.11%

8,476 JM Smucker Co/The 824,702 0.26%

20,649 Kellogg Co 1,161,993 0.36%

21,188 Kerry Group PLC 1,408,790 0.44%

19,253 McCormick & Co Inc/MD 1,398,789 0.44%


65,291 Nestle SA 4,232,447 1.33%

13,300 Nissin Foods Holdings Co Ltd 523,848 0.16%

14,181 Sysco Corp 459,463 0.14%

6,743 Unilever PLC 259,836 0.08%



249






Food (continued)


8,184 Sodexo SA 697,113 0.22%

Gas

23,337 Enagas SA 569,306 0.18%

23,076 Gas Natural SDG SA 469,366 0.15%

200,677 Hong Kong & China Gas Co Ltd 377,756 0.12%


365,101 Snam SpA 1,558,251 0.49%

Hand/Machine Tools

4,529 Schindler Holding AG 664,165 0.21%

Healthcare-Products

29,343 Baxter International Inc 1,841,641 0.58%

9,307 Becton Dickinson and Co 1,183,214 0.37%

22,532 Coloplast A/S 1,326,268 0.41%

7,775 CR Bard Inc 1,191,162 0.37%

6,443 Essilor International SA 689,401 0.22%

15,737 Henry Schein Inc 2,007,308 0.63%

10,514 Medtronic PLC 699,235 0.22%

18,765 Patterson Cos Inc 819,348 0.26%

3,950 Sonova Holding AG 479,489 0.15%

14,828 Varian Medical Systems Inc 1,122,281 0.35%

5,593 William Demant Holding A/S 382,744 0.12%

Healthcare-Services

3,613 Anthem Inc 532,254 0.17%

11,110 DaVita HealthCare Partners Inc 792,418 0.25%

33,644 Fresenius Medical Care AG & Co KGaA 2,491,002 0.78%

23,526 Fresenius SE & Co KGaA 1,353,921 0.42%

3,671 Laboratory Corp of America Holdings 399,388 0.12%

12,900 Miraca Holdings Inc 579,056 0.18%


19,810 UnitedHealth Group Inc 2,169,108 0.68%




25,246 Church & Dwight Co Inc 1,838,277 0.58%

8,659 Clorox Co/The 808,391 0.25%

26,630 Kimberly-Clark Corp 2,532,742 0.79%

2,916 Reckitt Benckiser Group PLC 225,883 0.07%

1,696 Societe BIC SA 242,528 0.08%

Insurance

4,778 ACE Ltd 436,032 0.14%

2,833 Alleghany Corp 1,191,884 0.37%

26,023 Arch Capital Group Ltd 1,563,902 0.49%


22,121 Axis Capital Holdings Ltd 1,059,592 0.33%


250








24,079 Chubb Corp/The 2,056,073 0.64%

7,203 Everest Re Group Ltd 1,176,645 0.37%

21,443 Marsh & McLennan Cos Inc 1,091,203 0.34%

7,702 PartnerRe Ltd 888,267 0.28%

9,721 RenaissanceRe Holdings Ltd 885,639 0.28%

17,483 Sampo Oyj 738,657 0.23%

7,563 Swiss Re AG 601,031 0.19%

12,552 Travelers Cos Inc/The 1,088,921 0.34%

20,182 WR Berkley Corp 940,631 0.29%

Internet

24,770 eBay Inc 1,339,207 0.42%

15,609 Facebook Inc 1,201,495 0.38%

1,626 Google Inc 780,496 0.25%

1,515 Iliad SA 301,258 0.09%

24,600 Kakaku.com Inc 319,726 0.10%

34,100 M3 Inc 615,775 0.19%


17,807 Groupe Bruxelles Lambert SA 1,285,665 0.40%


9,815 ANDRITZ AG 487,315 0.15%

3,379 Deere & Co 294,321 0.09%

7,237 MAN SE 668,626 0.21%

38,168 Zardoya Otis SA 372,901 0.12%

Media

4,504 Kabel Deutschland Holding AG 540,480 0.17%

311,600 Singapore Press Holdings Ltd 847,399 0.27%

57,174 Sky PLC 836,874 0.26%

16,584 Vivendi SA 375,213 0.12%

Mining

46,265 Agnico Eagle Mines Ltd 1,179,388 0.37%

170,166 Barrick Gold Corp 1,633,126 0.51%

161,193 Eldorado Gold Corp 600,263 0.19%

34,389 Franco-Nevada Corp 1,472,695 0.46%

44,381 Fresnillo PLC 434,750 0.14%

166,893 Goldcorp Inc 2,431,966 0.76%

230,387 Kinross Gold Corp 481,966 0.15%

146,304 Newcrest Mining Ltd 1,314,027 0.41%

109,877 Newmont Mining Corp 2,303,650 0.72%

19,750 Randgold Resources Ltd 1,194,540 0.37%

87,004 Silver Wheaton Corp 1,354,137 0.42%

205,512 Yamana Gold Inc 555,508 0.17%


63,100 Canon Inc 1,843,167 0.58%


251






Oil & Gas

69,506 BP PLC 412,201 0.13%

9,603 Cabot Oil & Gas Corp 271,835 0.09%

14,840 Chevron Corp 1,284,881 0.40%

31,717 Eni SpA 504,935 0.16%

37,653 Exxon Mobil Corp 2,811,640 0.88%



6,344 OMV AG 156,570 0.05%

52,490 Repsol SA 425,563 0.13%



Oil & Gas Services


Pharmaceuticals

52,684 Abbott Laboratories 2,320,706 0.73%

16,214 AmerisourceBergen Corp 1,547,475 0.48%


2,811 AstraZeneca PLC 159,464 0.05%

21,275 Bristol-Myers Squibb Co 1,270,543 0.40%


23,945 Eli Lilly & Co 1,794,263 0.56%

16,052 Express Scripts Holding Co 1,281,336 0.40%

61,998 GlaxoSmithKline PLC 1,157,327 0.36%

39,873 Johnson & Johnson 3,487,724 1.09%

13,000 Kyowa Hakko Kirin Co Ltd 152,656 0.05%

5,719 McKesson Corp 1,153,912 0.36%

42,050 Merck & Co Inc 2,148,543 0.67%

3,499 Merck KGaA 312,741 0.10%

46,100 Mitsubishi Tanabe Pharma Corp 620,464 0.19%

50,582 Novartis AG 4,476,368 1.40%

22,064 Novo Nordisk A/S 1,078,373 0.34%

10,400 Omnicare Inc 879,734 0.28%


39,196 Pfizer Inc 1,179,539 0.37%

9,839 Roche Holding AG 2,475,635 0.77%

4,914 Sanofi 433,611 0.14%

23,500 Santen Pharmaceutical Co Ltd 298,707 0.09%

59,500 Takeda Pharmaceutical Co Ltd 2,579,630 0.81%


12,247 UCB SA 788,584 0.25%

Pipelines

17,801 Spectra Energy Corp 520,833 0.16%

Real Estate

4,300 Daito Trust Construction Co Ltd 399,915 0.13%


14,255 Swiss Prime Site AG 971,301 0.30%


252






REITS

76,796 American Capital Agency Corp 1,266,148 0.40%

17,276 American Tower Corp 1,446,489 0.45%

195,293 Annaly Capital Management Inc 1,610,790 0.51%

7,534 AvalonBay Communities Inc 1,081,009 0.34%

11,179 Brixmor Property Group Inc 232,068 0.07%

7,196 Camden Property Trust 479,733 0.15%

15,637 Crown Castle International Corp 1,126,953 0.35%

10,902 Equity Residential 686,585 0.21%

13,474 Federal Realty Investment Trust 1,548,990 0.48%

18,233 HCP Inc 596,803 0.19%

7,141 Health Care REIT Inc 420,628 0.13%

158 Japan Prime Realty Investment Corp 440,952 0.14%

220 Japan Real Estate Investment Corp 897,175 0.28%

469 Japan Retail Fund Investment Corp 842,444 0.26%

119,588 Link REIT/The 628,545 0.20%

218 Nippon Building Fund Inc 857,039 0.27%

13,211 Public Storage 2,186,064 0.69%

8,034 Realty Income Corp 320,077 0.10%

4,405 Simon Property Group Inc 684,036 0.21%

513 United Urban Investment Corp 651,319 0.20%

19,295 Ventas Inc 1,075,235 0.34%

Retail

4,100 ABC-Mart Inc 225,240 0.07%

3,975 AutoZone Inc 2,379,221 0.74%

615 Chipotle Mexican Grill Inc 333,934 0.10%

8,162 CVS Health Corp 768,292 0.24%

5,597 Dollar General Corp 390,514 0.12%

3,844 Dollar Tree Inc 272,516 0.09%

5,028 Dollarama Inc 273,626 0.09%

6,450 Family Dollar Stores Inc 456,224 0.14%

4,246 Home Depot Inc/The 423,495 0.13%

69,630 Inditex SA 2,030,063 0.64%

12,800 Lawson Inc 786,744 0.25%

24,796 Luxottica Group SpA 1,479,081 0.46%

46,165 McDonald's Corp 3,939,065 1.23%

14,100 McDonald's Holdings Co Japan Ltd 267,337 0.08%

2,847 Next PLC 299,383 0.09%

7,800 Nitori Holdings Co Ltd 570,959 0.18%

4,044 Ross Stores Inc 176,430 0.06%

4,600 Shimamura Co Ltd 433,889 0.14%

23,812 Starbucks Corp 1,145,827 0.36%

19,425 Target Corp 1,423,140 0.45%

10,786 TJX Cos Inc/The 640,558 0.20%

32,600 USS Co Ltd 528,432 0.17%

46,045 Wal-Mart Stores Inc 2,931,226 0.92%


253






Savings & Loans

52,672 People's United Financial Inc 766,301 0.24%

Semiconductors

14,043 QUALCOMM Inc 789,367 0.25%

Software

4,107 Adobe Systems Inc 298,607 0.09%

61,801 Amadeus IT Holding SA 2,209,695 0.69%

19,598 Dassault Systemes 1,278,182 0.40%

2,840 Fidelity National Information Services Inc 157,523 0.05%

6,384 Fiserv Inc 474,589 0.15%

9,984 Intuit Inc 902,969 0.28%

25,249 Microsoft Corp 1,000,488 0.31%

8,500 Oracle Corp Japan 319,204 0.10%

42,492 Paychex Inc 1,787,852 0.56%

16,536 SAP SE 1,035,154 0.32%

Telecommunications

109,215 AT&T Inc 3,481,706 1.09%

6,151 BCE Inc 234,627 0.07%


17,884 Eutelsat Communications SA 517,742 0.16%

484,000 HKT Trust & HKT Ltd 511,014 0.16%

60,850 Inmarsat PLC 786,324 0.25%

20,300 KDDI Corp 439,831 0.14%

17,386 Motorola Solutions Inc 894,735 0.28%

54,000 Nippon Telegraph & Telephone Corp 1,755,982 0.55%

223,500 NTT DOCOMO Inc 3,842,507 1.20%

264,000 PCCW Ltd 141,507 0.04%

30,434 Proximus 963,845 0.30%

718,700 Singapore Telecommunications Ltd 2,016,787 0.63%

124,000 StarHub Ltd 326,474 0.10%

5,060 Swisscom AG 2,546,339 0.80%

95,040 TDC A/S 625,159 0.20%

114,672 Telefonica Deutschland Holding AG 592,854 0.19%

174,851 Telefonica SA 2,229,350 0.70%

10,661 Telenet Group Holding NV 520,150 0.16%

26,254 Telenor ASA 514,539 0.16%

4,474 TELUS Corp 138,399 0.04%


Transportation

11,700 Kuehne + Nagel International AG 1,394,415 0.44%

294,382 MTR Corp Ltd 1,230,301 0.39%

75,000 Nagoya Railroad Co Ltd 251,945 0.08%

2,151 Union Pacific Corp 184,115 0.06%

13,977 United Parcel Service Inc 1,215,680 0.38%


31,800 Yamato Holdings Co Ltd 552,668 0.17%


254






Water

2,938 American Water Works Co Inc 128,231 0.04%


profit or loss 318,110,327 99.54%


Forward Exchange Contracts 0.01% (2014 - 0.03%)

Buy USD 889,219 Sell EUR 783,259 14/08/2015 14,314 0.01%

Buy EUR 386,796 Sell USD 424,500 14/08/2015 6,050 0.00%

Buy GBP 56,180 Sell EUR 75,308 14/08/2015 3,914 0.00%

Buy USD 315,210 Sell EUR 279,493 14/08/2015 3,231 0.00%

Buy USD 314,670 Sell EUR 279,642 14/08/2015 2,597 0.00%

Buy JPY 26,329,500 Sell EUR 190,698 01/07/2015 2,419 0.00%

Buy USD 318,885 Sell EUR 284,112 14/08/2015 1,908 0.00%

Buy USD 314,910 Sell EUR 281,162 14/08/2015 1,292 0.00%

Buy USD 1,709,022 Sell EUR 1,532,737 02/07/2015 1,118 0.00%

Buy USD 209,890 Sell EUR 187,177 14/08/2015 1,081 0.00%

Buy JPY 33,680,800 Sell EUR 246,245 02/07/2015 792 0.00%

Buy EUR 90,230 Sell CHF 93,190 14/08/2015 630 0.00%

Buy AUD 144,626 Sell EUR 99,242 02/07/2015 515 0.00%

Buy JPY 10,560,000 Sell EUR 77,148 14/08/2015 299 0.00%

Buy EUR 120,895 Sell JPY 16,450,000 14/08/2015 252 0.00%

Buy SGD 148,400 Sell EUR 98,695 01/07/2015 221 0.00%

Buy CHF 91,040 Sell EUR 87,333 14/08/2015 199 0.00%

Buy EUR 28,985 Sell CHF 30,000 01/07/2015 175 0.00%

Buy HKD 1,178,000 Sell EUR 136,268 02/07/2015 107 0.00%

Buy USD 110,000 Sell EUR 98,556 14/08/2015 107 0.00%

Buy EUR 753,312 Sell USD 839,760 14/08/2015 100 0.00%

Buy JPY 460,000 Sell EUR 3,358 02/07/2015 15 0.00%

Buy AUD 1,200 Sell EUR 826 02/07/2015 1 0.00%





Buy EUR 182,854 Sell USD 209,450 14/08/2015 (5,013) (0.01%)

Buy CHF 397,601 Sell EUR 383,711 01/07/2015 (1,870) (0.00%)

Buy CHF 154,720 Sell EUR 150,497 14/08/2015 (1,739) (0.00%)

Buy JPY 16,290,000 Sell EUR 121,083 14/08/2015 (1,613) (0.00%)

Buy EUR 121,443 Sell JPY 16,770,000 14/08/2015 (1,548) (0.00%)

Buy JPY 20,990,230 Sell EUR 155,359 14/08/2015 (1,417) (0.00%)

Buy JPY 16,010,000 Sell EUR 118,595 14/08/2015 (1,179) (0.00%)

Buy EUR 48,112 Sell USD 54,859 01/07/2015 (1,124) (0.00%)

Buy CAD 160,513 Sell EUR 116,260 03/07/2015 (873) (0.00%)

Buy EUR 18,056 Sell USD 20,589 02/07/2015 (422) (0.00%)


255





Forward Exchange Contracts (0.01%) (2014 - (0.01%)) (continued)

Buy EUR 14,825 Sell USD 16,905 08/07/2015 (346) (0.00%)

Buy EUR 77,148 Sell JPY 10,560,000 01/07/2015 (306) (0.00%)

Buy EUR 10,680 Sell USD 12,178 10/07/2015 (249) (0.00%)

Buy EUR 10,316 Sell USD 11,765 20/07/2015 (241) (0.00%)

Buy EUR 8,847 Sell USD 10,089 15/07/2015 (207) (0.00%)

Buy CHF 30,000 Sell EUR 29,023 14/08/2015 (179) (0.00%)

Buy EUR 5,704 Sell USD 6,505 16/07/2015 (133) (0.00%)

Buy EUR 117,545 Sell JPY 16,045,000 14/08/2015 (128) (0.00%)

Buy USD 1,461,711 Sell EUR 1,312,015 01/07/2015 (122) (0.00%)

Buy EUR 98,610 Sell USD 110,000 01/07/2015 (115) (0.00%)

Buy EUR 86,955 Sell CHF 90,490 14/08/2015 (48) (0.00%)

Buy CHF 91,720 Sell EUR 88,229 14/08/2015 (44) (0.00%)

Buy EUR 3,358 Sell JPY 460,000 14/08/2015 (15) (0.00%)


profit or loss (18,931) (0.01%)


Futures (0.01%) (2014 - –%)

DJ EURO STOXX 50 18/09/2015 (10) (175) (0.00%)

DJ EURO STOXX 50 18/09/2015 (10) (3,500) (0.00%)


S&P 500 EMINI INDEX 18/09/2015 (50) (14,670) (0.01%)

S&P 500 EMINI INDEX 18/09/2015 (50) (7,270) (0.00%)

SWISS MKT IX FUTR 18/09/2015 (10) (2,209) (0.00%)






Net Current liabilities (1,089,042) (0.34%)






0.01%


-%


1.95%

100.00%



256



Holding Investment

Coupon

Rate %

Maturity

Date

Value

EUR

% of Net

Assets


Government Security - 101.22% (2014 - 99.25%)

Brazil

4,550 Brazil Letras do Tesouro Nacional 0.000 01/07/2016 1,150,034 1.09%

17,000 Brazil Letras do Tesouro Nacional 0.000 01/10/2016 415,526 0.39%

4,810 Brazil Letras do Tesouro Nacional 0.000 01/01/2017 1,141,231 1.08%





464,000 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2017 1,339,433 1.27%

1,600 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2018 455,937 0.43%


4,525,000 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2021 1,240,083 1.17%

3,650,000 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2023 980,884 0.93%


500,000 Brazilian Government International Bond 12.500 05/01/2022 176,352 0.17%



11,013,541 10.42%

Chile

50,000,000 Chile Government International Bond 5.500 05/08/2020 76,459 0.07%

Colombia

1,700,000,000 Colombia Government International Bond 7.750 14/04/2021 655,513 0.62%

400,000,000 Colombia Government International Bond 4.375 21/03/2023 126,689 0.12%

1,300,000,000 Colombia Government International Bond 9.850 28/06/2027 552,093 0.52%

500,000,000 Colombian TES 7.250 15/06/2016 177,513 0.17%

1,350,000,000 Colombian TES 5.000 21/11/2018 473,958 0.45%

2,500,000,000 Colombian TES 7.000 11/09/2019 946,087 0.90%

1,725,000,000 Colombian TES 11.000 24/07/2020 778,122 0.74%

1,375,000,000 Colombian TES 7.000 04/05/2022 482,686 0.46%

3,925,000,000 Colombian TES 10.000 24/07/2024 1,727,289 1.63%

1,200,000,000 Colombian TES 7.500 26/08/2026 432,576 0.41%

2,100,000,000 Colombian TES 6.000 28/04/2028 625,743 0.59%

460,000,000 Colombian TES 7.750 18/09/2030 152,594 0.14%

7,130,863 6.75%

Hungary

100,000,000 Hungary Government Bond 6.750 24/02/2017 351,914 0.33%








257



Holding Investment

Coupon

Rate %

Maturity

Date

Value

EUR

% of Net

Assets


Government Security - 101.22% (2014 - 99.25%) (continued)

Hungary (continued)




4,961,154 4.70%

Indonesia

1,000,000,000 Indonesia Treasury Bond 7.375 15/09/2016 68,749 0.06%











22,300,000,000 Indonesia Treasury Bond 8.375 15/03/2024 1,543,016 1.46%










16,000,000,000 Indonesia Treasury Bond 8.375 15/03/2034 1,095,360 1.04%

9,831,047 9.30%

Malaysia

500,000 Malaysia Government Bond 3.172 15/07/2016 120,705 0.11%

1,925,000 Malaysia Government Bond 4.262 15/09/2016 470,042 0.45%













258



Holding Investment

Coupon

Rate %

Maturity

Date

Value

EUR

% of Net

Assets



Malaysia (continued)















11,012,959 10.42%

Mexico

60,000 Mexican Bonos 6.250 16/06/2016 352,767 0.33%

117,400 Mexican Bonos 7.250 15/12/2016 705,495 0.67%

115,600 Mexican Bonos 5.000 15/06/2017 673,178 0.64%

118,400 Mexican Bonos 7.750 14/12/2017 733,099 0.69%

118,900 Mexican Bonos 4.750 14/06/2018 684,502 0.65%

82,500 Mexican Bonos 8.500 13/12/2018 528,371 0.50%

1,000,000 Mexican Bonos 5.000 11/12/2019 56,916 0.05%

141,000 Mexican Bonos 8.000 11/06/2020 902,671 0.85%

60,000 Mexican Bonos 6.500 10/06/2021 359,121 0.34%

70,000 Mexican Bonos 6.500 09/06/2022 416,303 0.39%

58,200 Mexican Bonos 8.000 07/12/2023 377,536 0.36%

135,800 Mexican Bonos 10.000 05/12/2024 999,631 0.95%

59,200 Mexican Bonos 7.500 03/06/2027 373,037 0.35%

68,900 Mexican Bonos 8.500 31/05/2029 470,433 0.45%

111,800 Mexican Bonos 7.750 29/05/2031 717,139 0.68%

50,000 Mexican Bonos 7.750 23/11/2034 319,524 0.30%

39,800 Mexican Bonos 10.000 20/11/2036 312,247 0.30%

126,500 Mexican Bonos 8.500 18/11/2038 867,121 0.82%

98,200 Mexican Bonos 7.750 13/11/2042 626,384 0.59%

10,475,475 9.91%

Nigeria

60,000,000 Nigeria Government Bond 13.050 16/08/2016 280,010 0.27%






1,807,381 1.71%


259



Holding Investment

Coupon

Rate %

Maturity

Date

Value

EUR

% of Net

Assets



Peru

200 Peru Government Bond 8.600 12/08/2017 63,574 0.06%

1,808 Peru Government Bond 7.840 12/08/2020 581,103 0.55%






1,840,231 1.74%

Philippines

14,000,000 Philippine Government International Bond 3.900 26/11/2022 278,998 0.27%

10,000,000 Philippine Government International Bond 6.250 14/01/2036 232,949 0.22%

511,947 0.49%

Poland

1,000,000 Poland Government Bond 5.000 25/04/2016 247,176 0.23%

500,000 Poland Government Bond 0.000 25/07/2016 117,147 0.11%












3,950,000 Poland Government Bond 4.000 25/10/2023 1,022,924 0.97%


10,540,275 9.97%

Romania

500,000 Romania Government Bond 5.750 27/01/2016 116,987 0.11%



1,230,000 Romania Government Bond 5.900 26/07/2017 311,248 0.29%







2,679,360 2.54%


260



Holding Investment

Coupon

Rate %

Maturity

Date

Value

EUR

% of Net

Assets



Russia

31,040,000 Russian Federal Bond - OFZ 6.900 03/08/2016 496,333 0.47%














10,000,000 Russian Foreign Bond - Eurobond 7.850 10/03/2018 152,875 0.14%

5,576,580 5.28%

South Africa

10,400,000 South Africa Government Bond 8.250 15/09/2017 803,491 0.76%





22,900,000 South Africa Government Bond 10.500 21/12/2026 1,975,256 1.87%








10,645,252 10.07%

Thailand

8,000,000 Thailand Government Bond 4.125 18/11/2016 221,023 0.21%

51,000,000 Thailand Government Bond 3.250 16/06/2017 1,401,937 1.33%










261



Holding Investment

Coupon

Rate %

Maturity

Date

Value

EUR

% of Net

Assets



Thailand (continued)



8,706,887 8.24%

Turkey

700,000 Turkey Government Bond 8.200 13/07/2016 239,547 0.23%

850,000 Turkey Government Bond 8.200 16/11/2016 282,118 0.27%

2,258,000 Turkey Government Bond 9.000 08/03/2017 771,495 0.73%





3,000,000 Turkey Government Bond 8.500 10/07/2019 1,014,987 0.96%








10,153,863 9.61%


106,963,274 101.22%


Forward Exchange Contracts 0.00% (2014 - -%)

Buy PLN 1,851,271 Sell EUR 441,789 02/07/2015

51 0.00%

Buy HUF 44,396,651 Sell EUR 140,821 02/07/2015

10 0.00%


profit or loss 61 0.00%

Forward Exchange Contracts 0.00% (2014 - -%)

Buy RUB 16,812,088 Sell EUR 271,848 02/07/2015

(1,016) (0.00%)

Buy PEN 486,576 Sell EUR 137,704 02/07/2015

(273) (0.00%)

Buy TRY 1,819,414 Sell EUR 69,529 02/07/2015

(176) (0.00%)

Buy ZAR 6,981,062 Sell EUR 516,204 02/07/2015

(99) (0.00%)


profit or loss (1,564) (0.00%)


106,961,771 101.22%


555,404 0.52%


(1,841,139) (1.74%)


105,676,036 100.00%


262




% of

Total

Assets




-%


-%


1.47%

100.00%



263





Equities – EUR - 1.13% (2014 - 1.08)

Auto Manufacturers

632 Volkswagen AG 131,411 0.23%

Banks

216 Banco de Sabadell SA 468 0.00%

6,395 Deutsche Bank AG 172,345 0.30%

389 KBC Groep NV 23,317 0.04%

20,000 National Bank of Greece SA 19,200 0.03%

Commercial Services

60 Abertis Infraestructuras SA 888 0.00%

Electric

10,432 GDF Suez 173,588 0.30%


828 Ferrovial SA 253 0.00%

Iron/Steel

8,708 ArcelorMittal 76,047 0.13%

Media

443 ProSiebenSat.1 Media AG 19,625 0.04%


954 Tenaris SA 11,524 0.02%

Telecommunications

670 SES SA 20,190 0.04%

GBP - 0.00% (2014 - 0.04%)

Aerospace/Defense

578,523 Rolls-Royce Holdings PLC 817 0.00%

JPY - 0.02% (2014 - 0.03%)


2,000 Daiwa Securities Group Inc 13,455 0.02%

KRW - 0.08% (2014 - -0.14%)


1,070 KB Financial Group Inc 31,769 0.06%

Insurance

145 Samsung Life Insurance Co Ltd 12,542 0.02%

USD - 97.25 (2014 - 97.38%)

Advertising

600 Dentsu Inc 27,901 0.05%

496 Omnicom Group Inc 30,934 0.05%

286 Publicis Groupe SA 18,968 0.03%

1,465 WPP PLC 29,488 0.05%

Aerospace/Defense

1,122 Airbus Group SE 65,300 0.11%

7,301 BAE Systems PLC 46,498 0.08%

750 Boeing Co/The 93,376 0.16%

949 Finmeccanica SpA 10,705 0.02%

469 General Dynamics Corp 59,642 0.10%

6,000 IHI Corp 25,085 0.04%


264





Equities - USD – 97.25% (2014 - 97.96%) (continued)

Aerospace/Defense (continued)

6,000 Kawasaki Heavy Industries Ltd 25,129 0.04%

176 L-3 Communications Holdings Inc 17,910 0.03%

443 Lockheed Martin Corp 73,913 0.13%

382 Northrop Grumman Corp 54,386 0.09%

555 Raytheon Co 47,660 0.08%

236 Rockwell Collins Inc 19,561 0.03%

4,103 Rolls-Royce Holdings PLC 50,385 0.09%

348 Safran SA 21,155 0.04%

354 Thales SA 19,173 0.03%

1,244 United Technologies Corp 123,853 0.22%

Agriculture

2,437 Altria Group Inc 106,977 0.19%

2,243 Archer-Daniels-Midland Co 97,072 0.17%

3,112 British American Tobacco PLC 150,008 0.26%

741 Bunge Ltd 58,391 0.10%


1,400 Japan Tobacco Inc 44,776 0.08%

276 KT&G Corp 21,075 0.04%

2,773 Philip Morris International Inc 199,526 0.35%

295 Reynolds American Inc 19,767 0.03%

Airlines

4,170 Air France-KLM 26,267 0.05%

1,605 Deutsche Lufthansa AG 18,562 0.03%

2,061 International Consolidated Airlines Group SA 14,391 0.03%


Apparel

314 adidas AG 21,556 0.04%

78 Christian Dior SE 13,658 0.02%

331 LVMH Moet Hennessy Louis Vuitton SE 52,017 0.09%

453 NIKE Inc 43,918 0.08%

276 VF Corp 17,275 0.03%

Auto Manufacturers

864 Bayerische Motoren Werke AG 84,828 0.15%

1,000 Daihatsu Motor Co Ltd 12,784 0.02%

2,588 Daimler AG 211,284 0.37%

6,146 Fiat Chrysler Automobiles NV 80,758 0.14%

11,701 Ford Motor Co 157,631 0.27%

1,000 Fuji Heavy Industries Ltd 33,065 0.06%

4,354 General Motors Co 130,245 0.23%

6,800 Honda Motor Co Ltd 197,582 0.34%

717 Hyundai Motor Co 78,459 0.14%

1,500 Isuzu Motors Ltd 17,686 0.03%

1,308 Kia Motors Corp 47,675 0.08%

1,600 Mazda Motor Corp 28,142 0.05%

1,600 Mitsubishi Motors Corp 12,228 0.02%


265






Auto Manufacturers (continued)

11,600 Nissan Motor Co Ltd 108,480 0.19%

623 PACCAR Inc 35,679 0.06%

2,331 Peugeot SA 42,995 0.07%

247 Porsche Automobil Holding SE PRF 18,666 0.03%

692 Renault SA 64,647 0.11%

1,100 Suzuki Motor Corp 33,362 0.06%

5,800 Toyota Motor Corp 348,964 0.61%

3,927 Volvo AB 43,708 0.08%


900 Aisin Seiki Co Ltd 34,392 0.06%

238 Autoliv Inc 24,939 0.04%

1,600 Bridgestone Corp 53,132 0.09%

778 Cie Generale des Etablissements Michelin 73,124 0.13%

188 Continental AG 39,903 0.07%

318 Delphi Automotive PLC 24,285 0.04%

1,300 Denso Corp 58,126 0.10%

5,076 GKN PLC 23,966 0.04%

385 Goodyear Tire & Rubber Co/The 10,418 0.02%

98 Hyundai Mobis Co Ltd 16,717 0.03%

1,226 Johnson Controls Inc 54,500 0.09%

251 Lear Corp 25,289 0.04%

584 Magna International Inc 29,430 0.05%

2,600 Sumitomo Electric Industries Ltd 36,176 0.06%

600 Toyota Industries Corp 30,718 0.05%

148 Valeo SA 20,920 0.04%

210 Visteon Corp 19,786 0.03%

Banks

7,170 Australia & New Zealand Banking Group Ltd 159,262 0.28%

12,128 Banca Monte dei Paschi di Siena SpA 21,175 0.04%

2,386 Banca Popolare dell'Emilia Romagna SC 19,088 0.03%

21,719 Banco Bilbao Vizcaya Argentaria SA 190,953 0.33%

12,801 Banco de Sabadell SA 27,714 0.05%

1,844 Banco Popolare SC 27,217 0.05%

5,960 Banco Popular Espanol SA 25,902 0.05%


5,190 Bank Hapoalim BM 25,103 0.04%

28,681 Bank of America Corp 438,118 0.76%

70,623 Bank of Ireland 25,566 0.04%

1,950 Bank of Montreal 103,751 0.18%

2,178 Bank of New York Mellon Corp/The 82,042 0.14%

3,147 Bank of Nova Scotia/The 145,855 0.25%

4,000 Bank of Yokohama Ltd/The 22,022 0.04%

21,835 Bankia SA 24,848 0.04%

63,593 Barclays PLC 233,830 0.41%

1,781 BB&T Corp 64,434 0.11%


266






Banks (continued)

4,809 BNP Paribas SA 260,407 0.45%


7,255 CaixaBank SA 30,152 0.05%

1,307 Canadian Imperial Bank of Commerce/Canada 86,509 0.15%

1,226 Capital One Financial Corp 96,797 0.17%

410 CIT Group Inc 17,107 0.03%

8,497 Citigroup Inc 421,266 0.73%

435 Comerica Inc 20,036 0.03%

7,294 Commerzbank AG 83,626 0.15%

3,566 Commonwealth Bank of Australia 209,412 0.36%

5,003 Credit Agricole SA 66,740 0.12%

5,553 Credit Suisse Group AG 137,055 0.24%

2,026 Danske Bank A/S 53,448 0.09%


3,910 DNB ASA 58,342 0.10%

1,061 Erste Group Bank AG 27,029 0.05%

1,595 Fifth Third Bancorp 29,804 0.05%

4,000 Fukuoka Financial Group Inc 18,630 0.03%

966 Goldman Sachs Group Inc/The 181,019 0.32%

1,900 Hang Seng Bank Ltd 33,324 0.06%

67,909 HSBC Holdings PLC 546,463 0.95%

1,485 Huntington Bancshares Inc/OH 15,074 0.03%

1,760 Industrial Bank of Korea 20,463 0.04%

15,317 ING Groep NV 226,845 0.40%

41,196 Intesa Sanpaolo SpA 133,969 0.23%

9,681 JPMorgan Chase & Co 588,749 1.03%

1,597 KeyCorp 21,528 0.04%

166,141 Lloyds Banking Group PLC 199,895 0.35%

252 M&T Bank Corp 28,256 0.05%

47,700 Mitsubishi UFJ Financial Group Inc 307,809 0.54%


2,177 Morgan Stanley 75,791 0.13%

7,143 National Australia Bank Ltd 164,132 0.29%

698 National Bank of Canada 23,544 0.04%

4,286 Natixis SA 27,666 0.05%

8,910 Nordea Bank AB 99,652 0.17%

447 Northern Trust Corp 30,675 0.05%



431 Raiffeisen Bank International AG 5,625 0.01%

3,569 Regions Financial Corp 33,185 0.06%

6,300 Resona Holdings Inc 30,890 0.05%


9,939 Royal Bank of Scotland Group PLC 49,312 0.09%

2,000 Shizuoka Bank Ltd/The 18,762 0.03%


267






Banks (continued)

3,397 Skandinaviska Enskilda Banken AB 38,948 0.07%

3,764 Societe Generale SA 157,599 0.27%

8,667 Standard Chartered PLC 124,660 0.22%

494 State Street Corp 34,139 0.06%

5,200 Sumitomo Mitsui Financial Group Inc 208,207 0.36%

9,000 Sumitomo Mitsui Trust Holdings Inc 37,006 0.06%

1,039 SunTrust Banks Inc 40,116 0.07%

2,313 Svenska Handelsbanken AB 30,273 0.05%

2,484 Swedbank AB 51,936 0.09%

4,089 Toronto-Dominion Bank/The 155,914 0.27%

6,732 UBS Group AG 128,204 0.22%

26,739 UniCredit SpA 161,102 0.28%

2,901 Unione di Banche Italiane SCpA 20,873 0.04%


2,894 US Bancorp/MN 112,726 0.20%

9,040 Wells Fargo & Co 456,300 0.79%

6,718 Westpac Banking Corp 148,990 0.26%

1,594 Woori Bank 12,569 0.02%

Beverages

820 Anheuser-Busch InBev NV 88,150 0.15%

1,200 Asahi Group Holdings Ltd 34,260 0.06%

390 Carlsberg A/S 31,760 0.06%

5,421 Coca-Cola Co/The 190,869 0.33%

395 Coca-Cola Enterprises Inc 15,400 0.03%

2,802 Diageo PLC 72,812 0.13%

380 Dr Pepper Snapple Group Inc 24,863 0.04%

400 Heineken Holding NV 25,180 0.04%

420 Heineken NV 28,589 0.05%

3,000 Kirin Holdings Co Ltd 37,099 0.06%

378 Molson Coors Brewing Co 23,684 0.04%

2,139 PepsiCo Inc 179,191 0.31%

428 Pernod Ricard SA 44,341 0.08%

996 SABMiller PLC 46,450 0.08%

Biotechnology

463 Amgen Inc 63,794 0.11%

72 Biogen Inc 26,103 0.05%

242 Celgene Corp 25,137 0.04%

328 CSL Ltd 19,565 0.03%

414 Gilead Sciences Inc 43,503 0.08%

Building Materials

411 Armstrong World Industries Inc 19,654 0.03%

7,000 Asahi Glass Co Ltd 37,737 0.07%

1,964 Cie de Saint-Gobain 79,090 0.14%

1,764 CRH PLC 44,470 0.08%

400 Daikin Industries Ltd 25,844 0.05%


268






Building Materials (continued)

531 HeidelbergCement AG 37,770 0.07%

420 Holcim Ltd 27,831 0.05%

668 Lafarge SA 39,572 0.07%

1,000 LIXIL Group Corp 17,823 0.03%

Chemicals

267 Agrium Inc 25,408 0.04%

621 Air Liquide SA 70,452 0.12%

344 Air Products & Chemicals Inc 42,245 0.07%

634 Akzo Nobel NV 41,381 0.07%

303 Arkema SA 19,583 0.03%

5,000 Asahi Kasei Corp 36,875 0.06%

2,578 BASF SE 203,198 0.35%

360 Brenntag AG 18,515 0.03%

530 CF Industries Holdings Inc 30,577 0.05%

2,214 Dow Chemical Co/The 101,679 0.18%

264 Eastman Chemical Co 19,387 0.03%

224 Ecolab Inc 22,732 0.04%

1,178 EI du Pont de Nemours & Co 67,612 0.12%

16 Givaudan SA 24,862 0.04%

343 Johnson Matthey PLC 14,708 0.03%

424 K+S AG 16,021 0.03%

483 Koninklijke DSM NV 25,116 0.04%

561 LANXESS AG 29,671 0.05%

203 LG Chem Ltd 45,489 0.08%

314 Linde AG 53,349 0.09%

838 LyondellBasell Industries NV 77,858 0.14%

5,200 Mitsubishi Chemical Holdings Corp 29,387 0.05%

9,000 Mitsui Chemicals Inc 30,035 0.05%

486 Monsanto Co 46,493 0.08%

506 Mosaic Co/The 21,276 0.04%

300 Nitto Denko Corp 22,136 0.04%

821 Potash Corp of Saskatchewan Inc 22,829 0.04%

317 PPG Industries Inc 32,639 0.06%

253 Praxair Inc 27,146 0.05%

500 Shin-Etsu Chemical Co Ltd 27,868 0.05%

13,000 Showa Denko KK 15,447 0.03%

150 Solvay SA 18,510 0.03%

6,000 Sumitomo Chemical Co Ltd 32,390 0.06%

174 Syngenta AG 63,499 0.11%

7,000 Teijin Ltd 24,388 0.04%

3,000 Toray Industries Inc 22,785 0.04%

445 Umicore SA 18,926 0.03%

387 Yara International ASA 18,030 0.03%

Coal

885 Peabody Energy Corp 1,740 0.00%


269






Commercial Services


263 Adecco SA 19,170 0.03%

230 ADT Corp/The 6,930 0.01%

604 Atlantia SpA 13,385 0.02%

484 Automatic Data Processing Inc 34,851 0.06%

355 Avis Budget Group Inc 14,045 0.02%

1,369 Brambles Ltd 10,010 0.02%

1,125 Capita PLC 19,659 0.03%

3,000 Dai Nippon Printing Co Ltd 27,824 0.05%

1,864 Experian PLC 30,494 0.05%

6,244 G4S PLC 23,673 0.04%

752 Hertz Global Holdings Inc 12,230 0.02%

343 ManpowerGroup Inc 27,515 0.05%

400 MasterCard Inc - Class A 33,560 0.06%

218 McGraw Hill Financial Inc 19,654 0.03%

431 Randstad Holding NV 25,175 0.04%

1,605 RELX PLC 23,448 0.04%

1,477 RR Donnelley & Sons Co 23,105 0.04%

300 Secom Co Ltd 17,482 0.03%

13 SGS SA 21,299 0.04%

3,000 Toppan Printing Co Ltd 22,532 0.04%

1,120 Western Union Co/The 20,436 0.04%

Computers

656 Accenture PLC 56,981 0.10%

3,431 Apple Inc 386,226 0.67%

3,355 BlackBerry Ltd 24,625 0.04%

196 Cap Gemini SA 15,557 0.03%

454 Cognizant Technology Solutions Corp 24,892 0.04%

327 Computer Sciences Corp 19,264 0.03%

1,677 EMC Corp/MA 39,720 0.07%

6,000 Fujitsu Ltd 30,119 0.05%

5,170 Hewlett-Packard Co 139,249 0.24%

1,864 International Business Machines Corp 272,122 0.47%

600 NTT Data Corp 23,544 0.04%

376 SanDisk Corp 19,647 0.03%

599 Seagate Technology PLC 25,536 0.04%

400 TDK Corp 27,490 0.05%

281 Western Digital Corp 19,777 0.03%


783 Avon Products Inc 4,399 0.01%

965 Colgate-Palmolive Co 56,651 0.10%

1,000 Kao Corp 41,756 0.07%

338 L'Oreal SA 54,080 0.09%

4,317 Procter & Gamble Co/The 303,143 0.53%

1,300 Shiseido Co Ltd 26,488 0.05%

1,346 Svenska Cellulosa AB SCA 30,691 0.05%

2,426 Unilever NV 90,623 0.16%


270







191 Genuine Parts Co 15,348 0.03%

1,345 Ingram Micro Inc 30,215 0.05%

8,500 ITOCHU Corp 100,811 0.18%

30,000 Li & Fung Ltd 21,359 0.04%

13,200 Marubeni Corp 67,995 0.12%

6,400 Mitsubishi Corp 126,367 0.22%

9,200 Mitsui & Co Ltd 112,184 0.20%

1,673 Rexel SA 24,192 0.04%

271 Samsung C&T Corp 14,435 0.03%

16,600 Sojitz Corp 36,161 0.06%

5,600 Sumitomo Corp 58,489 0.10%

1,200 Toyota Tsusho Corp 28,913 0.05%

559 Wolseley PLC 32,058 0.06%

74 WW Grainger Inc 15,717 0.03%


2,500 Ally Financial Inc 50,328 0.09%

1,203 American Express Co 83,914 0.15%

118 Ameriprise Financial Inc 13,231 0.02%

139 BlackRock Inc 43,162 0.08%

1,107 Charles Schwab Corp/The 32,439 0.06%

600 CME Group Inc/IL 50,113 0.09%

481 Deutsche Boerse AG 35,714 0.06%

652 Discover Financial Services 33,718 0.06%

353 FNF Group 11,719 0.02%

450 Franklin Resources Inc 19,802 0.03%

910 Hana Financial Group Inc 21,270 0.04%

124 Intercontinental Exchange Inc 24,886 0.04%

755 Invesco Ltd 25,404 0.04%

781 Macquarie Group Ltd 43,854 0.08%

8,170 Man Group PLC 18,094 0.03%

7,300 Nomura Holdings Inc 44,473 0.08%

2,700 ORIX Corp 36,062 0.06%

670 Shinhan Financial Group Co Ltd 22,399 0.04%

3,601 SLM Corp 31,899 0.06%

251 T Rowe Price Group Inc 17,511 0.03%

696 Visa Inc - Class A 41,946 0.07%

Electric

2,644 AES Corp/VA 31,466 0.05%

1,439 AGL Energy Ltd 15,436 0.03%

367 Alliant Energy Corp 19,012 0.03%

753 Ameren Corp 25,465 0.04%


614 Calpine Corp 9,914 0.02%

3,100 Chubu Electric Power Co Inc 41,484 0.07%

3,000 CLP Holdings Ltd 22,888 0.04%


271







693 CMS Energy Corp 19,804 0.03%

942 Consolidated Edison Inc 48,935 0.09%

814 Dominion Resources Inc/VA 48,853 0.09%

455 DTE Energy Co 30,480 0.05%

1,573 Duke Energy Corp 99,700 0.17%

18,117 E.ON SE 216,498 0.38%

504 Edison International 25,141 0.04%


400 Electric Power Development Co Ltd 12,689 0.02%

1,204 Electricite de France SA 24,080 0.04%

2,132 Endesa SA 36,596 0.06%

46,658 Enel SpA 189,618 0.33%

435 Entergy Corp 27,524 0.05%

461 Eversource Energy 18,788 0.03%

3,477 Exelon Corp 98,050 0.17%

1,879 FirstEnergy Corp 54,893 0.10%

625 Fortis Inc/Canada 15,762 0.03%

1,061 Fortum OYJ 16,912 0.03%

18,923 Iberdrola SA 114,333 0.20%

5,800 Kansai Electric Power Co Inc/The 57,664 0.10%

1,320 Korea Electric Power Corp 48,644 0.08%

4,300 Kyushu Electric Power Co Inc 44,785 0.08%

785 NextEra Energy Inc 69,066 0.12%

880 NRG Energy Inc 18,071 0.03%

5,226 Origin Energy Ltd 43,152 0.08%

641 Pepco Holdings Inc 15,499 0.03%

1,244 PG&E Corp 54,820 0.10%

341 Pinnacle West Capital Corp 17,411 0.03%


1,582 PPL Corp 41,843 0.07%

1,539 Public Service Enterprise Group Inc 54,256 0.09%

268 Red Electrica Corp SA 19,264 0.03%

5,159 RWE AG 99,491 0.17%

204 SCANA Corp 9,274 0.02%

2,230 Southern Co/The 83,860 0.15%

3,525 SSE PLC 76,425 0.13%

197 Talen Energy Corp 3,034 0.01%


1,000 Tohoku Electric Power Co Inc 12,161 0.02%

24,800 Tokyo Electric Power Co Inc 121,327 0.21%

1,379 TransAlta Corp 9,596 0.02%

844 WEC Energy Group Inc 34,065 0.06%

1,293 Xcel Energy Inc 37,344 0.07%


1,279 Emerson Electric Co 63,629 0.11%

411 Legrand SA 20,698 0.04%


272






Electrical Components & Equipment (continued)

688 LG Electronics Inc 26,129 0.05%

1,126 Schneider Electric SE 69,733 0.12%

Electronics

489 Arrow Electronics Inc 24,490 0.04%

933 Avnet Inc 34,424 0.06%

1,889 Corning Inc 33,450 0.06%

2,562 Flextronics International Ltd 26,006 0.05%

881 Honeywell International Inc 80,628 0.14%

600 Hoya Corp 21,595 0.04%

889 Jabil Circuit Inc 16,987 0.03%

2,386 Koninklijke Philips NV 54,449 0.09%

700 Kyocera Corp 32,669 0.06%

520 LG Display Co Ltd 10,816 0.02%

200 Murata Manufacturing Co Ltd 31,334 0.05%

15,000 NEC Corp 40,817 0.07%

615 TE Connectivity Ltd 35,491 0.06%

457 Tech Data Corp 23,609 0.04%

351 Thermo Fisher Scientific Inc 40,878 0.07%

700 Tyco International Plc 24,175 0.04%


579 Vestas Wind Systems A/S 25,923 0.05%


502 ACS Actividades de Construccion y Servicios SA 14,485 0.03%

5,719 Balfour Beatty PLC 19,527 0.03%

1,252 Bouygues SA 41,986 0.07%

202 Eiffage SA 10,080 0.02%

828 Ferrovial SA 16,105 0.03%

610 Fluor Corp 29,022 0.05%

281 HOCHTIEF AG 19,530 0.03%

376 Jacobs Engineering Group Inc 13,708 0.02%

6,000 Kajima Corp 25,305 0.04%

969 Lend Lease Group 10,047 0.02%

3,000 Obayashi Corp 19,650 0.03%

3,000 Shimizu Corp 22,686 0.04%

1,701 Skanska AB 30,910 0.05%

5,000 Taisei Corp 25,781 0.04%

1,624 Vinci SA 84,253 0.15%

Entertainment

7,571 Tatts Group Ltd 19,428 0.03%


436 Republic Services Inc 15,328 0.03%


Food

1,000 Ajinomoto Co Inc 19,448 0.03%

359 Associated British Foods PLC 14,548 0.03%


273






Food (continued)

3,375 Carrefour SA 96,930 0.17%

303 Casino Guichard Perrachon SA 20,589 0.04%

953 ConAgra Foods Inc 37,395 0.07%

1,005 Danone SA 58,280 0.10%

419 Delhaize Group 31,031 0.05%

3,500 Distribuidora Internacional de Alimentacion SA 23,975 0.04%

1,061 General Mills Inc 53,060 0.09%

346 George Weston Ltd 24,404 0.04%

13,259 J Sainsbury PLC 49,651 0.09%

113 JM Smucker Co/The 10,995 0.02%

487 Kellogg Co 27,405 0.05%

3,385 Koninklijke Ahold NV 56,868 0.10%

552 Kraft Foods Group Inc 42,180 0.07%

1,166 Kroger Co/The 75,881 0.13%

478 Loblaw Cos Ltd 21,676 0.04%

200 MEIJI Holdings Co Ltd 23,178 0.04%

1,655 METRO AG 46,803 0.08%

849 Metro Inc 20,459 0.04%


5,024 Nestle SA 325,678 0.57%

1,000 NH Foods Ltd 20,493 0.04%

3,325 Orkla ASA 23,403 0.04%

2,100 Seven & i Holdings Co Ltd 81,019 0.14%

2,062 SUPERVALU Inc 14,972 0.03%

1,735 Sysco Corp 56,214 0.10%

48,082 Tesco PLC 144,254 0.25%

748 Tyson Foods Inc 28,619 0.05%

1,788 Unilever PLC 68,899 0.12%

2,834 Wesfarmers Ltd 76,302 0.13%

550 Whole Foods Market Inc 19,469 0.03%



3,824 Woolworths Ltd 71,117 0.12%

3,286 Safeway Inc 1,569 0.00%

Food Service


128 Sodexo SA 10,903 0.02%


603 International Paper Co 25,755 0.04%

988 Mondi PLC 19,120 0.03%

4,000 Oji Holdings Corp 15,608 0.03%

936 Smurfit Kappa Group PLC 23,129 0.04%

2,124 Stora Enso OYJ 19,636 0.03%

2,467 UPM-Kymmene OYJ 39,151 0.07%


274






Gas

1,379 CenterPoint Energy Inc 23,553 0.04%

25,954 Centrica PLC 96,641 0.17%

749 Gas Natural SDG SA 15,235 0.03%


533 NiSource Inc 21,809 0.04%

5,000 Osaka Gas Co Ltd 17,724 0.03%

404 Sempra Energy 35,875 0.06%

4,146 Snam SpA 17,695 0.03%

8,000 Tokyo Gas Co Ltd 38,140 0.07%

Hand/Machine Tools

1,848 Sandvik AB 18,320 0.03%

100 SMC Corp/Japan 27,039 0.05%

259 Stanley Black & Decker Inc 24,463 0.04%

Healthcare-Products

692 Baxter International Inc 43,432 0.08%

179 Becton Dickinson and Co 22,757 0.04%

1,830 Boston Scientific Corp 29,071 0.05%

512 Danaher Corp 39,331 0.07%

106 Essilor International SA 11,342 0.02%

191 Henry Schein Inc 24,363 0.04%

1,136 Medtronic PLC 75,550 0.13%

1,664 Smith & Nephew PLC 25,226 0.04%

400 St Jude Medical Inc 26,232 0.05%

199 Stryker Corp 17,069 0.03%

246 Zimmer Biomet Holdings Inc 24,116 0.04%

Healthcare-Services

564 Aetna Inc 64,519 0.11%

748 Anthem Inc 110,193 0.19%

317 Cigna Corp 46,090 0.08%

2,152 Community Health Systems Inc 24,549 0.04%

326 DaVita HealthCare Partners Inc 23,252 0.04%

405 Fresenius Medical Care AG & Co KGaA 29,986 0.05%

807 Fresenius SE & Co KGaA 46,443 0.08%

1,133 HCA Holdings Inc 92,251 0.16%

446 Health Net Inc/CA 25,666 0.04%

271 Humana Inc 46,524 0.08%

201 Laboratory Corp of America Holdings 21,868 0.04%

395 Quest Diagnostics Inc 25,709 0.04%

426 Tenet Healthcare Corp 22,130 0.04%



5,000 Keppel Corp Ltd 27,395 0.05%

931 Leucadia National Corp 20,288 0.04%

30,245 Noble Group Ltd 15,321 0.03%




275






Home Builders

2,400 Daiwa House Industry Co Ltd 50,222 0.09%

2,000 Sekisui House Ltd 28,517 0.05%

Home Furnishings

406 Electrolux AB 11,409 0.02%

448 LG Corp 22,277 0.04%

8,800 Panasonic Corp 108,532 0.19%

14,000 Sharp Corp/Japan 15,300 0.03%

4,000 Sony Corp 101,556 0.18%

119 Whirlpool Corp 18,482 0.03%


227 Clorox Co/The 21,192 0.04%

242 Henkel AG & Co KGaA 20,689 0.04%

135 Henkel AG & Co KGaA PRF 13,581 0.02%

662 Kimberly-Clark Corp 62,962 0.11%

843 Reckitt Benckiser Group PLC 65,302 0.11%

Insurance

702 ACE Ltd 64,063 0.11%

11,729 Aegon NV 77,318 0.13%

1,012 Aflac Inc 56,495 0.10%

1,173 Ageas 40,533 0.07%

11,400 AIA Group Ltd 66,978 0.12%

1,789 Allianz SE 249,923 0.44%

1,038 Allstate Corp/The 60,434 0.11%

4,251 American International Group Inc 235,861 0.41%

6,256 AMP Ltd 25,979 0.05%

218 Aon PLC 19,503 0.03%

335 Arch Capital Group Ltd 20,132 0.04%


413 Assurant Inc 24,835 0.04%

10,777 Aviva PLC 74,918 0.13%

9,407 AXA SA 212,880 0.37%

150 Baloise Holding AG 16,422 0.03%

1,906 Berkshire Hathaway Inc 416,568 0.73%

571 Chubb Corp/The 48,757 0.08%

218 Cincinnati Financial Corp 9,818 0.02%

5,100 Dai-ichi Life Insurance Co Ltd/The 90,019 0.16%

1,700 Delta Lloyd NV 25,033 0.04%

5,897 Direct Line Insurance Group PLC 27,950 0.05%

148 Everest Re Group Ltd 24,177 0.04%

27 Fairfax Financial Holdings Ltd 11,954 0.02%

5,000 Genworth Financial Inc 33,971 0.06%

542 Great-West Lifeco Inc 14,167 0.02%

291 Hannover Rueck SE 25,256 0.04%

1,331 Hartford Financial Services Group Inc/The 49,659 0.09%

2,315 Insurance Australia Group Ltd 8,911 0.02%


276







341 Intact Financial Corp 21,276 0.04%

15,698 Legal & General Group PLC 55,151 0.10%

433 Lincoln National Corp 23,014 0.04%

656 Loews Corp 22,673 0.04%

4,939 Manulife Financial Corp 82,410 0.14%

8,131 Mapfre SA 25,100 0.04%

759 Marsh & McLennan Cos Inc 38,624 0.07%

2,191 MetLife Inc 110,101 0.19%

2,200 MS&AD Insurance Group Holdings Inc 61,527 0.11%

721

Muenchener Rueckversicherungs-Gesellschaft AG in

Muenchen 114,639 0.20%

17,408 Old Mutual PLC 49,512 0.09%

112 PartnerRe Ltd 12,917 0.02%

1,093 Power Corp of Canada 25,097 0.04%

1,038 Power Financial Corp 26,767 0.05%

669 Principal Financial Group Inc 30,796 0.05%

1,244 Progressive Corp/The 31,072 0.05%

1,344 Prudential Financial Inc 105,571 0.18%

4,751 Prudential PLC 102,770 0.18%

4,896 QBE Insurance Group Ltd 46,169 0.08%

270 Reinsurance Group of America Inc 22,990 0.04%

4,170 RSA Insurance Group PLC 23,379 0.04%

848 Sampo Oyj 35,828 0.06%

72 Samsung Fire & Marine Insurance Co Ltd 17,032 0.03%

641 SCOR SE 20,284 0.04%

1,100 Sompo Japan Nipponkoa Holdings Inc 36,238 0.06%

4,498 Standard Life PLC 28,189 0.05%

1,929 Sun Life Financial Inc 57,827 0.10%

4,848 Suncorp Group Ltd 44,913 0.08%

155 Swiss Life Holding AG 31,870 0.06%

1,328 Swiss Re AG 105,536 0.18%

2,000 T&D Holdings Inc 26,771 0.05%

2,200 Tokio Marine Holdings Inc 82,198 0.14%

877 Travelers Cos Inc/The 76,082 0.13%

721 Unum Group 23,134 0.04%

714 Voya Financial Inc 29,779 0.05%

482 XL Group PLC 16,093 0.03%

600 Zurich Insurance Group AG 163,991 0.29%

Internet

175 Amazon.com Inc 68,180 0.12%

880 eBay Inc 47,578 0.08%

350 Facebook Inc 26,941 0.05%

373 Google Inc 177,248 0.31%

25 Priceline Group Inc/The 25,834 0.04%

618 Symantec Corp 12,896 0.02%

712 Yahoo! Inc 25,107 0.04%


277







2,920 CK Hutchison Holdings Ltd 38,503 0.07%

Iron/Steel

4,500 Cliffs Natural Resources Inc 17,488 0.03%

466 Hyundai Steel Co 25,384 0.04%

2,600 JFE Holdings Inc 51,804 0.09%

14,000 Kobe Steel Ltd 21,153 0.04%

28,000 Nippon Steel & Sumitomo Metal Corp 65,185 0.11%

822 Nucor Corp 32,513 0.06%

295 POSCO 53,169 0.09%

1,666 ThyssenKrupp AG 38,876 0.07%

1,437 United States Steel Corp 26,594 0.05%

419 voestalpine AG 15,641 0.03%

Leisure Time

584 Carnival Corp 25,887 0.05%

353 Harley-Davidson Inc 17,853 0.03%

264 Royal Caribbean Cruises Ltd 18,645 0.03%

12,505 Thomas Cook Group PLC 24,146 0.04%

1,889 TUI AG 27,420 0.05%

Lodging

363 Accor SA 16,433 0.03%

633 Las Vegas Sands Corp 29,866 0.05%

1,319 MGM Resorts International 21,605 0.04%

294 Starwood Hotels & Resorts Worldwide Inc 21,397 0.04%

166 Wynn Resorts Ltd 14,700 0.03%


4,935 ABB Ltd 92,797 0.16%

790 Atlas Copco AB 19,825 0.03%

1,508 Caterpillar Inc 114,799 0.20%

22,000 Hitachi Ltd 130,187 0.23%

3,100 Komatsu Ltd 55,866 0.10%

5,000 Mitsubishi Electric Corp 58,017 0.10%


360 AGCO Corp 18,346 0.03%

763 Alstom SA 19,418 0.03%

4,000 CNH Industrial NV 32,720 0.06%

271 Cummins Inc 31,909 0.06%

881 Deere & Co 76,738 0.13%

200 FANUC Corp 36,791 0.06%

488 Kone OYJ 17,763 0.03%

2,000 Kubota Corp 28,480 0.05%

9,000 Mitsubishi Heavy Industries Ltd 49,159 0.09%

266 Rockwell Automation Inc 29,756 0.05%

Media

719 CBS Corp - Class B non voting 35,814 0.06%

151 Charter Communications Inc 23,208 0.04%


278






Media (continued)

758 Comcast Corp 40,778 0.07%

2,953 Comcast Corp - Class A 159,391 0.28%

657 DIRECTV 54,715 0.10%

322 DISH Network Corp 19,568 0.03%

270 Gannett Co Inc 3,384 0.01%

358 Lagardere SCA 9,365 0.02%

1,093 Liberty Global PLC 50,340 0.09%

3,500 Mediaset SpA 15,092 0.03%

87 News Corp 1,112 0.00%

279 News Corp - Class A 3,653 0.01%

492 Nielsen NV 19,769 0.03%

1,421 Pearson PLC 24,169 0.04%

1,305 RELX NV 27,764 0.05%

796 Shaw Communications Inc 15,565 0.03%

1,813 Sky PLC 26,537 0.05%

539 TEGNA Inc 15,514 0.03%

589 Thomson Reuters Corp 20,138 0.04%

841 Time Warner Cable Inc 134,483 0.23%

1,598 Time Warner Inc 125,365 0.22%

1,361 Twenty-First Century Fox Inc 39,651 0.07%

538 Viacom Inc - Class B 31,212 0.05%

5,397 Vivendi SA 122,107 0.21%

1,314 Walt Disney Co/The 134,608 0.23%

622 Wolters Kluwer NV 16,573 0.03%


1,374 Assa Abloy AB 23,199 0.04%

475 Aurubis AG 25,033 0.04%

72 Precision Castparts Corp 12,916 0.02%

1,365 SKF AB 27,920 0.05%

543 Vallourec SA 9,948 0.02%

Mining

2,233 Alcoa Inc 22,346 0.04%

6,558 Anglo American PLC 85,022 0.15%

1,979 Antofagasta PLC 19,260 0.03%

4,065 Barrick Gold Corp 39,013 0.07%

9,647 BHP Billiton Ltd 180,010 0.31%

6,865 BHP Billiton PLC 121,028 0.21%

1,156 Boliden AB 18,893 0.03%

745 First Quantum Minerals Ltd 8,746 0.02%

5,178 Freeport-McMoRan Inc 86,532 0.15%

43,819 Glencore PLC 157,905 0.28%

1,417 Goldcorp Inc 20,649 0.04%

6,000 Mitsubishi Materials Corp 20,684 0.04%

1,820 Newcrest Mining Ltd 16,346 0.03%

1,514 Newmont Mining Corp 31,742 0.06%


279






Mining (continued)

2,201 Norsk Hydro ASA 8,298 0.01%

1,575 Rio Tinto Ltd 58,398 0.10%

3,377 Rio Tinto PLC 124,600 0.22%

16,512 South32 Ltd 20,245 0.04%

3,000 Sumitomo Metal Mining Co Ltd 41,004 0.07%

2,629 Teck Resources Ltd 23,398 0.04%

3,991 Yamana Gold Inc 10,788 0.02%


714 3M Co 98,878 0.17%

5,164 Bombardier Inc 8,353 0.01%

176 Dover Corp 11,086 0.02%

527 Eaton Corp PLC 31,922 0.06%

1,400 FUJIFILM Holdings Corp 44,909 0.08%

21,623 General Electric Co 515,637 0.90%

470 Illinois Tool Works Inc 38,720 0.07%

159 Ingersoll-Rand PLC 9,621 0.02%

2,500 Konica Minolta Inc 26,203 0.05%

900 Nikon Corp 9,347 0.02%

742 Orica Ltd 10,892 0.02%

162 Parker-Hannifin Corp 16,914 0.03%

2,087 Siemens AG 188,560 0.33%

928 Smiths Group PLC 14,789 0.03%

447 Textron Inc 17,905 0.03%

25,000 Toshiba Corp 77,197 0.13%

202 Wartsila OYJ Abp 8,488 0.01%


3,400 Canon Inc 99,315 0.17%

1,045 Pitney Bowes Inc 19,518 0.03%

3,000 Ricoh Co Ltd 27,945 0.05%

4,098 Xerox Corp 39,134 0.07%

Oil & Gas

725 Anadarko Petroleum Corp 50,793 0.09%

1,391 Apache Corp 71,947 0.13%

740 ARC Resources Ltd 11,384 0.02%

7,628 BG Group PLC 114,076 0.20%

104,046 BP PLC 617,039 1.07%

5,535 California Resources Corp 30,005 0.05%

2,382 Canadian Natural Resources Ltd 58,051 0.10%

2,771 Canadian Oil Sands Ltd 20,120 0.04%

4,013 Cenovus Energy Inc 57,612 0.10%

1,008 Chesapeake Energy Corp 10,105 0.02%

6,240 Chevron Corp 540,274 0.94%

3,957 ConocoPhillips 218,093 0.38%

1,937 Crescent Point Energy Corp 35,690 0.06%

2,560 Denbury Resources Inc 14,613 0.03%


280







642 Devon Energy Corp 34,278 0.06%

272 Diamond Offshore Drilling Inc 6,301 0.01%

4,327 Encana Corp 42,834 0.08%

1,239 Enerplus Corp 9,762 0.02%

16,669 Eni SpA 265,370 0.46%

1,367 Ensco PLC 27,323 0.05%

462 EOG Resources Inc 36,302 0.06%

11,089 Exxon Mobil Corp 828,042 1.44%


971 Hess Corp 58,284 0.10%

871 HollyFrontier Corp 33,372 0.06%

987 Husky Energy Inc 16,951 0.03%

1,500 Idemitsu Kosan Co Ltd 26,438 0.05%

500 Imperial Oil Ltd 17,343 0.03%

4,800 Inpex Corp 48,990 0.09%

14,600 JX Holdings Inc 56,563 0.10%

2,328 Marathon Oil Corp 55,452 0.10%

1,682 Marathon Petroleum Corp 78,967 0.14%

1,000 Murphy Oil Corp 37,309 0.07%

157 Murphy USA Inc 7,866 0.01%

1,315 Nabors Industries Ltd 17,031 0.03%

576 Noble Corp plc 7,956 0.01%

239 Noble Energy Inc 9,155 0.02%


1,635 OMV AG 40,352 0.07%

9,000 Pacific Rubiales Energy Corp 30,474 0.05%

3,800 Pengrowth Energy Corp 8,523 0.01%

4,205 Penn West Petroleum Ltd 6,499 0.01%

1,951 Phillips 66 141,063 0.25%

14,158 Repsol SA 114,786 0.20%

30,116 Royal Dutch Shell PLC 762,778 1.33%

2,211 Santos Ltd 11,942 0.02%

1,995 Seadrill Ltd 18,594 0.03%

126 SK Holdings Co Ltd 20,073 0.04%

515 SK Innovation Co Ltd 50,554 0.09%

6,125 Statoil ASA 97,891 0.17%

3,825 Suncor Energy Inc 94,592 0.16%

400 Tesoro Corp 30,303 0.05%


10,356 TOTAL SA 451,211 0.79%

3,458 Transocean Ltd 50,212 0.09%

1,977 Valero Energy Corp 111,075 0.19%

2,062 Woodside Petroleum Ltd 48,689 0.08%


281






Oil & Gas Services

976 Baker Hughes Inc 54,047 0.09%

318 Cameron International Corp 14,947 0.03%

4,000 CGG SA 20,060 0.03%

1,317 Halliburton Co 50,909 0.09%


3,138 Saipem SpA 29,733 0.05%


248 Technip SA 13,769 0.02%

2,724 Weatherford International PLC 29,998 0.05%


1,485 Amcor Ltd/Australia 14,055 0.02%

543 MeadWestvaco Corp 22,998 0.04%

678 Owens-Illinois Inc 13,959 0.02%

3,102 Rexam PLC 24,169 0.04%

Pharmaceuticals

1,932 Abbott Laboratories 85,104 0.15%

893 AbbVie Inc 53,851 0.09%

63 Allergan plc 17,158 0.03%

729 AmerisourceBergen Corp 69,576 0.12%


2,842 AstraZeneca PLC 161,222 0.28%

1,207 Bayer AG 151,539 0.26%

1,978 Bristol-Myers Squibb Co 118,126 0.21%


559 Catamaran Corp 30,674 0.05%

1,800 Daiichi Sankyo Co Ltd 29,890 0.05%

700 Eisai Co Ltd 42,183 0.07%

1,681 Eli Lilly & Co 125,962 0.22%

1,322 Express Scripts Holding Co 105,527 0.18%

11,146 GlaxoSmithKline PLC 208,064 0.36%

3,906 Johnson & Johnson 341,661 0.60%

438 McKesson Corp 88,374 0.16%

4,604 Merck & Co Inc 235,241 0.41%

455 Mylan NV 27,712 0.05%

3,009 Novartis AG 266,288 0.46%

1,339 Novo Nordisk A/S 65,443 0.11%


11,376 Pfizer Inc 342,342 0.60%

887 Roche Holding AG 223,182 0.39%

2,621 Sanofi 231,277 0.41%

340 Shire PLC 24,452 0.04%

1,800 Takeda Pharmaceutical Co Ltd 78,039 0.14%


97 Valeant Pharmaceuticals International Inc 19,321 0.04%


282






Pipelines

935 Enbridge Inc 39,261 0.07%

1,494 Kinder Morgan Inc/DE 51,476 0.09%

278 ONEOK Inc 9,851 0.02%

856 Pembina Pipeline Corp 24,843 0.04%

971 Spectra Energy Corp 28,410 0.05%

1,385 TransCanada Corp 50,540 0.09%

822 Williams Cos Inc/The 42,339 0.07%

Real Estate

1,308 Brookfield Asset Management Inc 41,035 0.07%

3,420 Cheung Kong Property Holdings Ltd 25,458 0.04%

300 Daito Trust Construction Co Ltd 27,901 0.05%

3,300 Henderson Land Development Co Ltd 20,267 0.04%

3,000 Mitsubishi Estate Co Ltd 58,013 0.10%

1,000 Mitsui Fudosan Co Ltd 25,136 0.04%

22,422 New World Development Co Ltd 26,321 0.05%

1,000 Sumitomo Realty & Development Co Ltd 31,491 0.05%


REITS

1,603 American Capital Agency Corp 26,429 0.05%

237 American Tower Corp 19,844 0.03%

3,889 Annaly Capital Management Inc 32,077 0.06%

140 AvalonBay Communities Inc 20,088 0.04%

203 Boston Properties Inc 22,053 0.04%

2,156 British Land Co PLC/The 24,148 0.04%

624 Communications Sales & Leasing Inc 13,844 0.02%

343 Crown Castle International Corp 24,720 0.04%

418 Equity Residential 26,325 0.05%

958 General Growth Properties Inc 22,063 0.04%

421 HCP Inc 13,780 0.02%

290 Health Care REIT Inc 17,082 0.03%

1,497 Host Hotels & Resorts Inc 26,643 0.05%

724 Land Securities Group PLC 12,304 0.02%

4,000 Link REIT/The 21,024 0.04%

13,165 Mirvac Group 16,801 0.03%

593 Prologis Inc 19,745 0.04%

123 Public Storage 20,353 0.04%

1,100 RioCan Real Estate Investment Trust 21,169 0.04%

12,306 Scentre Group 31,834 0.06%

177 Simon Property Group Inc 27,486 0.05%

7,500 Stockland 21,212 0.04%

123 Unibail-Rodamco SE 27,884 0.05%

304 Ventas Inc 16,941 0.03%

283 Vornado Realty Trust 24,112 0.04%

4,744 Westfield Corp 29,845 0.05%

820 Weyerhaeuser Co 23,183 0.04%


283






Retail

4,400 Aeon Co Ltd 56,073 0.10%

429 Alimentation Couche-Tard Inc 16,478 0.03%

45 AutoZone Inc 26,935 0.05%

458 Bed Bath & Beyond Inc 28,355 0.05%

1,323 Best Buy Co Inc 38,721 0.07%

244 Canadian Tire Corp Ltd - Class A 23,431 0.04%

410 CarMax Inc 24,364 0.04%

631 Cie Financiere Richemont SA 46,085 0.08%

627 Coach Inc 19,476 0.03%

806 Costco Wholesale Corp 97,701 0.17%

1,742 CVS Health Corp 163,975 0.29%

383 Darden Restaurants Inc 24,433 0.04%

393 Dollar General Corp 27,420 0.05%

318 Gap Inc/The 10,894 0.02%

6 Groupe Fnac 40 0.00%

1,376 Hennes & Mauritz AB 47,508 0.08%

1,355 Home Depot Inc/The 135,147 0.24%

1,010 Inditex SA 29,447 0.05%

1,600 Isetan Mitsukoshi Holdings Ltd 25,677 0.05%

1,500 J Front Retailing Co Ltd 25,349 0.04%

2,917 JC Penney Co Inc 22,175 0.04%

150 Kering 24,023 0.04%

8,460 Kingfisher PLC 41,472 0.07%

519 Kohl's Corp 29,164 0.05%

276 L Brands Inc 21,236 0.04%

412 Liberty Interactive Corp QVC Group 10,261 0.02%

1,198 Lowe's Cos Inc 72,007 0.13%

609 Macy's Inc 36,878 0.06%

6,370 Marks & Spencer Group PLC 48,193 0.08%

1,546 McDonald's Corp 131,914 0.23%

188 Next PLC 19,770 0.04%

315 Nordstrom Inc 21,062 0.04%

97 O'Reilly Automotive Inc 19,673 0.03%

3,430 Rite Aid Corp 25,705 0.05%

528 Ross Stores Inc 23,035 0.04%

255 Sears Holdings Corp 6,111 0.01%

2,285 Staples Inc 31,398 0.05%

496 Starbucks Corp 23,867 0.04%

34 Swatch Group AG/The 11,889 0.02%

1,522 Target Corp 111,507 0.20%

620 TJX Cos Inc/The 36,821 0.07%

1,170 Walgreens Boots Alliance Inc 88,669 0.15%

4,165 Wal-Mart Stores Inc 265,144 0.46%

480 World Fuel Services Corp 20,657 0.04%

4,300 Yamada Denki Co Ltd 15,454 0.03%

366 Yum! Brands Inc 29,590 0.05%


284






Savings & Loans

808 New York Community Bancorp Inc 13,329 0.02%

Semiconductors

404 Analog Devices Inc 23,273 0.04%

1,572 Applied Materials Inc 27,117 0.05%

224 ASML Holding NV 20,765 0.04%

568 Broadcom Corp 26,249 0.05%

2,151 Infineon Technologies AG 23,941 0.04%

8,918 Intel Corp 243,440 0.42%

1,436 Micron Technology Inc 24,281 0.04%

1,648 QUALCOMM Inc 92,635 0.16%

250 Samsung Electronics Co Ltd 255,062 0.44%

810 SK Hynix Inc 27,568 0.05%

2,558 STMicroelectronics NV 18,814 0.03%

919 Texas Instruments Inc 42,486 0.07%

300 Tokyo Electron Ltd 17,046 0.03%

Shipbuilding

435 Hyundai Heavy Industries Co Ltd 38,851 0.07%

580 Samsung Heavy Industries Co Ltd 7,957 0.01%

Software

933 Activision Blizzard Inc 20,273 0.04%

116 Adobe Systems Inc 8,434 0.01%

589 Amadeus IT Holding SA 21,060 0.04%

662 CA Inc 17,403 0.03%

231 Fidelity National Information Services Inc 12,813 0.02%

333 Fiserv Inc 24,755 0.04%

8,557 Microsoft Corp 339,070 0.59%

3,016 Oracle Corp 109,087 0.19%

331 Paychex Inc 13,927 0.02%

1,161 SAP SE 72,679 0.13%

Telecommunications

8,996 Alcatel-Lucent 29,399 0.05%

18,880 AT&T Inc 601,883 1.05%

583 BCE Inc 22,238 0.04%


14,980 BT Group PLC 95,192 0.17%

2,043 CenturyLink Inc 53,871 0.09%

5,461 Cisco Systems Inc 134,589 0.23%

11,510 Deutsche Telekom AG 177,830 0.31%

2,953 Frontier Communications Corp 13,119 0.02%

957 Juniper Networks Inc 22,306 0.04%

4,200 KDDI Corp 91,000 0.16%

18,471 Koninklijke KPN NV 63,356 0.11%

620 KT Corp 14,193 0.03%

3,600 Nippon Telegraph & Telephone Corp 117,065 0.20%

10,484 Nokia OYJ 63,848 0.11%


285







3,600 NTT DOCOMO Inc 61,893 0.11%

10,646 Orange SA 147,021 0.26%

360 Proximus 11,401 0.02%

1,227 Rogers Communications Inc 39,076 0.07%

16,000 Singapore Telecommunications Ltd 44,899 0.08%

70 SK Telecom Co Ltd 14,081 0.03%

1,600 SoftBank Group Corp 84,601 0.15%

14,556 Spark New Zealand Ltd 24,694 0.04%

32 Swisscom AG 16,103 0.03%

2,351 TDC A/S 15,465 0.03%

1,559 Tele2 AB 16,256 0.03%

118,167 Telecom Italia SpA 122,931 0.21%

6,743 Telefonaktiebolaget LM Ericsson 62,652 0.11%

23,409 Telefonica SA 298,465 0.52%

2,291 Telenor ASA 44,900 0.08%

6,863 TeliaSonera AB 36,234 0.06%

12,307 Telstra Corp Ltd 52,126 0.09%

644 TELUS Corp 19,922 0.04%

8,987 Verizon Communications Inc 376,420 0.66%


520 Windstream Holdings Inc 2,978 0.01%

Toys/Games/Hobbies

462 Mattel Inc 10,652 0.02%

400 Nintendo Co Ltd 60,056 0.10%

Transportation

39 AP Moeller - Maersk A/S 62,867 0.11%

6,983 Aurizon Holdings Ltd 24,711 0.04%

614 Canadian National Railway Co 31,807 0.06%

154 Canadian Pacific Railway Ltd 22,144 0.04%

400 Central Japan Railway Co 64,853 0.11%

327 CH Robinson Worldwide Inc 18,310 0.03%

1,405 CSX Corp 41,171 0.07%

2,903 Deutsche Post AG 76,073 0.13%

1,200 East Japan Railway Co 96,905 0.17%

419 FedEx Corp 64,080 0.11%

2,000 Hankyu Hanshin Holdings Inc 10,606 0.02%

4,000 Kintetsu Group Holdings Co Ltd 12,234 0.02%

7,000 Mitsui OSK Lines Ltd 20,126 0.04%

3,000 Nippon Express Co Ltd 13,246 0.02%

13,000 Nippon Yusen KK 32,515 0.06%

556 Norfolk Southern Corp 43,594 0.08%

5,000 Tokyu Corp 30,071 0.05%

835 Union Pacific Corp 71,471 0.12%

978 United Parcel Service Inc 85,063 0.15%

700 West Japan Railway Co 40,226 0.07%

800 Yamato Holdings Co Ltd 13,901 0.02%


286






Water

457 American Water Works Co Inc 19,946 0.04%

868 Severn Trent PLC 25,496 0.04%

1,014 Suez Environnement Co 16,919 0.03%


2,601 Veolia Environnement SA 47,572 0.08%

56,547,272 98.48%


Forward Exchange Contracts 0.02% (2014 - 0.02%)

Buy GBP 66,345 Sell EUR 88,934 14/08/2015 4,622 0.01%

Buy USD 216,835 Sell EUR 190,997 14/08/2015 3,490 0.01%

Buy JPY 57,039,750. Sell EUR 417,025 02/07/2015 1,341 0.00%

Buy USD 1,667,171 Sell EUR 1,495,203 02/07/2015 1,091 0.00%

Buy USD 103,710 Sell EUR 91,974 14/08/2015 1,047 0.00%

Buy JPY 9,352,400. Sell EUR 67,737 01/07/2015 859 0.00%

Buy AUD 121,680 Sell EUR 83,497 02/07/2015 433 0.00%

Buy NOK 175,206 Sell EUR 19,882 01/07/2015 105 0.00%

Buy SGD 30,798 Sell EUR 20,468 02/07/2015 60 0.00%

Buy EUR 2,402 Sell CHF 2,470 14/08/2015 28 0.00%

Buy HKD 178,750.0 EUR 20,677.41 02/07/2015 16 0.00%

Buy EUR 9,100 Sell JPY 1,240,00014/08/2015 6 0.00%

Buy DKK 149,292 Sell EUR 20,009 01/07/2015 3 0.00%




Futures 0.00% (2014 - 0.03%)

DJ EURO STOXX 50 18/09/2015 (10) 80 0.00%


through profit or loss 80 0.00%



Buy JPY 16,040,000 SellEUR 119,416 14/08/2015 (1,780) (0.01%)

Buy USD 106,085 Sell EUR 96,55614/08/2015 (1,405) (0.00%)

Buy CAD 166,261 Sell EUR 120,423 03/07/2015 (904) (0.00%)

Buy CHF 129,989 Sell EUR 125,448 01/07/2015 (611) (0.00%)

Buy GBP 300,936 Sell EUR 424,901 01/07/2015 (128) (0.00%)

Buy EUR 4,525 Sell USD 5,138 02/07/2015 (87) (0.00%)

Buy SEK 184,960 Sell EUR 20,074 01/07/2015 (67) (0.00%)

Buy EUR 8,909.60 Sell USD 10,000 14/08/2015 (60) (0.00%)

Buy CHF 91,720 SellEUR 88,229 14/08/2015 (44) (0.00%)


287





Forward Exchange Contracts (0.01%) (2014 - (0.01%)) (continued)

Buy JPY 630,000 Sell EUR 4,663 14/08/2015 (43) (0.00%)

Buy USD 434,180 Sell EUR 389,715 01/07/2015 (36) (0.00%)

Buy EUR 934 Sell USD 1,061 14/07/2015 (18) (0.00%)


profit or loss (5,183) (0.01%)


Futures (0.02%) (2014 - –%)

DJ EURO STOXX 50 18/09/2015 (10) (140) (0.00%)


S&P 500 EMINI INDEX 18/09/2015 (50) (8,383) (0.01%)

SWISS MKT IX FUTR 18/09/2015 (10) (1,104) (0.00%)






Net current liabilities (397,191) (0.69%)






0.02%


-%


7.89%

100.00%



288





Equities - EUR 0.25% (2014 0.27%)

Media

8,148 RTL Group SA 660,477 0.11%

Telecommunications

27,113 SES SA 817,050 0.14%

Equities - JPY 0.57% (2014- -%)

Airlines

107,500 Japan Airlines Co Ltd 3,366,788 0.57%

Equities - USD 98.79% (2014 99.06%)

Advertising

17,260 Publicis Groupe SA 1,144,684 0.20%

Aerospace/Defense

0.00%

43,112 Lockheed Martin Corp 7,193,073 1.23%

14,479 Thales SA 784,183 0.13%

Agriculture

165,814 Altria Group Inc 7,278,732 1.24%

111,347 British American Tobacco PLC 5,367,252 0.92%


162,300 Japan Tobacco Inc 5,190,801 0.88%

100,040 Philip Morris International Inc 7,198,175 1.23%

145,384 Reynolds American Inc 9,741,850 1.66%

28,890 Swedish Match AB 736,852 0.13%

Airlines

59,695 Ryanair Holdings PLC 705,595 0.12%


Auto Manufacturers

145,400 Mitsubishi Motors Corp 1,111,250 0.19%

Banks

137,758 Bank Hapoalim BM 666,305 0.11%

179,257 Bank of New York Mellon Corp/The 6,752,303 1.15%

484,000 BOC Hong Kong Holdings Ltd 1,809,842 0.31%

126,000 Chiba Bank Ltd/The 862,247 0.15%

72,500 Hang Seng Bank Ltd 1,271,580 0.22%

43,912 Northern Trust Corp 3,013,383 0.51%


747,800 Resona Holdings Inc 3,666,624 0.63%

191,600 Sumitomo Mitsui Financial Group Inc 7,671,639 1.31%

108,900 United Overseas Bank Ltd 1,674,580 0.29%

Beverages

87,712 PepsiCo Inc 7,347,907 1.25%

Biotechnology

4,528 Biogen Inc 1,641,573 0.28%

79,485 Gilead Sciences Inc 8,352,274 1.42%

Chemicals

107,398 CF Industries Holdings Inc 6,195,964 1.06%


289


Global Low Volatility Active Equity Fund (continued)



Equities - USD 98.79% (2014 99.06%) (continued)

Commercial Services

33,820 Capita PLC 590,986 0.10%

39,834 RELX PLC 581,938 0.10%

Computers

18,137 Apple Inc 2,041,674 0.35%

8,528 Atos SE 571,205 0.10%

7,446 Gemalto NV 594,786 0.10%



118,333 Colgate-Palmolive Co 6,946,833 1.18%


195,306 Unilever NV 7,295,656 1.24%


36,894 Deutsche Boerse AG 2,739,380 0.47%

192,832 Hong Kong Exchanges and Clearing Ltd 6,107,846 1.04%

155,300 Singapore Exchange Ltd 810,520 0.14%

Electric

97,500 CLP Holdings Ltd 743,846 0.13%

127,605 Consolidated Edison Inc 6,628,772 1.13%

56,109 Edison International 2,798,903 0.48%

124,071 Endesa SA 2,129,679 0.36%

95,863 Entergy Corp 6,065,645 1.03%

68,070 Fortum OYJ 1,085,036 0.18%

22,738 PG&E Corp 1,002,007 0.17%

210,000 Power Assets Holdings Ltd 1,718,825 0.29%

198,202 Public Service Enterprise Group Inc 6,987,412 1.19%

146,690 RWE AG 2,828,917 0.48%

194,939 Southern Co/The 7,330,770 1.25%


19,485 ACS Actividades de Construccion y Servicios SA 562,240 0.10%

88,000 JGC Corp 1,492,279 0.25%

Food

14,770 Campbell Soup Co 631,655 0.11%

30,621 Hershey Co/The 2,441,270 0.42%

220,394 Koninklijke Ahold NV 3,702,619 0.63%

118,720 Kroger Co/The 7,726,070 1.32%

108,217 Nestle SA 7,015,097 1.20%


201,005 Woolworths Ltd 3,738,212 0.64%

Gas

657,242 Centrica PLC 2,447,275 0.42%

349,000 Osaka Gas Co Ltd 1,237,148 0.21%

307,942 Snam SpA 1,314,296 0.22%

Healthcare-Products

32,438 Becton Dickinson and Co 4,123,894 0.70%

23,136 Coloplast A/S 1,361,821 0.23%


290







20,159 Essilor International SA 2,157,013 0.37%

64,700 Olympus Corp 2,007,355 0.34%

7,287 Sonova Holding AG 884,566 0.15%

24,874 Varian Medical Systems Inc 1,882,628 0.32%

Healthcare-Services

49,603 DaVita HealthCare Partners Inc 3,537,920 0.60%

53,413 Fresenius Medical Care AG & Co KGaA 3,954,699 0.67%

69,733 Fresenius SE & Co KGaA 4,013,134 0.68%

8,704 HCA Holdings Inc 708,694 0.12%

24,312 Quest Diagnostics Inc 1,582,397 0.27%


102,400 Keppel Corp Ltd 561,051 0.10%




6,311 Clorox Co/The 589,185 0.10%

70,801 Kimberly-Clark Corp 6,733,784 1.15%

Insurance

64,993 Admiral Group PLC 1,272,406 0.22%

21,504 Arch Capital Group Ltd 1,292,324 0.22%

29,106 Axis Capital Holdings Ltd 1,394,173 0.24%

34,814 Chubb Corp/The 2,972,719 0.51%

23,713 Everest Re Group Ltd 3,873,634 0.66%

12,854 Intact Financial Corp 801,998 0.14%

25,351 PartnerRe Ltd 2,923,715 0.50%

21,015 RenaissanceRe Holdings Ltd 1,914,587 0.33%

78,200 Travelers Cos Inc/The 6,784,071 1.16%

17,486 Zurich Insurance Group AG 4,779,250 0.81%

Internet

3,972 Iliad SA 789,832 0.13%

36,400 Mixi Inc 1,623,247 0.28%


26,982 Investment AB Kinnevik 764,944 0.13%

73,391 Investor AB 2,452,164 0.42%

Media

21,614 DIRECTV 1,800,003 0.31%

54,996 Scripps Networks Interactive Inc 3,226,610 0.55%

194,085 Sky PLC 2,840,884 0.48%

26,786 Vivendi SA 606,033 0.10%

52,073 Wolters Kluwer NV 1,387,485 0.24%

Mining

309,648 Newmont Mining Corp 6,491,992 1.11%

44,960 Randgold Resources Ltd 2,719,317 0.46%


236,800 Canon Inc 6,916,988 1.18%

38,600 Seiko Epson Corp 614,648 0.10%


291






Oil & Gas

1,179,238 BP PLC 6,993,403 1.19%

78,519 Chevron Corp 6,798,356 1.16%

438,433 Eni SpA 6,979,853 1.19%

69,191 Ensco PLC 1,382,951 0.24%

97,695 Exxon Mobil Corp 7,295,121 1.24%

334,700 Inpex Corp 3,416,005 0.58%

165,360 Marathon Petroleum Corp 7,763,401 1.32%

15,132 Murphy Oil Corp 564,564 0.10%

22,320 OMV AG 550,858 0.09%


221,559 Statoil ASA 3,541,009 0.60%

158,386 TOTAL SA 6,900,878 1.18%

90,902 Woodside Petroleum Ltd 2,146,434 0.37%

Oil & Gas Services

24,898 Core Laboratories NV 2,548,347 0.43%


Pharmaceuticals

179,811 Abbott Laboratories 7,920,592 1.35%

20,863 Actelion Ltd 2,740,926 0.47%

237,200 Astellas Pharma Inc 3,036,785 0.52%

12,605 AstraZeneca PLC 715,062 0.12%

97,785 Cardinal Health Inc 7,341,335 1.25%

9,294 Eli Lilly & Co 696,424 0.12%

357,892 GlaxoSmithKline PLC 6,680,830 1.14%

84,102 Johnson & Johnson 7,356,472 1.25%

142,895 Merck & Co Inc 7,301,214 1.24%

34,118 Merck KGaA 3,049,467 0.52%

82,064 Novartis AG 7,262,438 1.24%

151,054 Novo Nordisk A/S 7,382,733 1.26%

120,400 Otsuka Holdings Co Ltd 3,447,150 0.59%

252,206 Pfizer Inc 7,589,721 1.29%

28,856 Roche Holding AG 7,260,589 1.24%

84,464 Sanofi 7,453,103 1.27%

68,800 Shionogi & Co Ltd 2,394,441 0.41%

24,606 Teva Pharmaceutical Industries Ltd 1,306,634 0.22%

Real Estate

28,200 Daito Trust Construction Co Ltd 2,622,696 0.45%

327,000 Hang Lung Properties Ltd 872,593 0.15%

502,000 Sino Land Co Ltd 753,185 0.13%

REITS

164,198 American Capital Agency Corp 2,707,160 0.46%

458,801 Annaly Capital Management Inc 3,784,223 0.65%

135,274 HCP Inc 4,427,789 0.75%

329,000 Link REIT/The 1,729,198 0.29%

31,393 Public Storage 5,194,693 0.89%


292






Retail

8,017 AutoZone Inc 4,798,544 0.82%

138,863 Best Buy Co Inc 4,064,192 0.69%

16,047 Dollar Tree Inc 1,137,635 0.19%

24,493 Family Dollar Stores Inc 1,732,448 0.30%

89,162 GameStop Corp 3,437,802 0.59%

58,697 Gap Inc/The 2,010,828 0.34%

28,200 Lawson Inc 1,733,296 0.30%

86,866 McDonald's Corp 7,411,910 1.26%

14,471 Next PLC 1,521,730 0.26%

19,600 Nitori Holdings Co Ltd 1,434,717 0.24%

166,260 Staples Inc 2,284,546 0.39%

128,015 TJX Cos Inc/The 7,602,542 1.29%

108,193 Wal-Mart Stores Inc 6,887,569 1.17%

Semiconductors

6,236 ASML Holding NV 578,077 0.10%

259,081 Intel Corp 7,072,293 1.21%

Software

17,529 Dassault Systemes 1,143,241 0.19%

111,479 SAP SE 6,978,585 1.19%

Telecommunications

620,468 Koninklijke KPN NV 2,128,205 0.36%

248,600 Nippon Telegraph & Telephone Corp 8,084,020 1.38%

51,167 Proximus 1,620,459 0.28%

5,678 Swisscom AG 2,857,335 0.49%

120,640 TDC A/S 793,552 0.14%

560,072 Telefonica SA 7,140,918 1.22%


Transportation

342,800 ComfortDelGro Corp Ltd 715,180 0.12%

8,976 Kuehne + Nagel International AG 1,069,767 0.18%

111,390 Royal Mail PLC 808,936 0.14%


Investment in transferable securities at fair value

through profit or loss 584,260,300 99.61%


Forward Exchange Contracts – 0.00% (2014 -%)

Buy EUR 11,545.12 SellCHF (12,000) 01/07/2015 21 0.00%

Buy EUR 32,526 Sell GBP (23,000) 01/07/2015 61 0.00%

Buy EUR 114,404 Sell USD 127,000 01/07/2015 421 0.00%


profit or loss 503 0.00%


293




Forward Exchange Contracts – (0.00%) (2014 -%)

Buy EUR 173,754 Sell JPY 23,700,000 01/07/2015 (78) (0.00%)


profit or loss (78) (0.00%)



Net Current liabilities 1,081,049 0.18%






-%


-%


0.41%

Total Asset

100.00%



294





Equities - USD

Building Materials

81,529 CRH PLC 2,064,314 3.08%

Chemicals

46,595 Yara International ASA 2,170,823 3.23%

Computers

36,352 Wincor Nixdorf AG 1,282,499 1.91%

Electric

495,175 Terna Rete Elettrica Nazionale SpA 1,962,874 2.93%

Food

87,113 Sysco Corp 2,822,455 4.20%

834,618 Tesco PLC 2,503,984 3.73%

Hand/Machine Tools

240,588 Sandvik AB 2,385,037 3.55%

Insurance

2,235 Fairfax Financial Holdings Ltd 989,553 1.47%

251,156 FBD Holdings PLC 2,275,473 3.39%

371,485 Lancashire Holdings Ltd 3,232,638 4.82%


195,587 Smiths Group PLC 3,116,855 4.64%

Oil & Gas

4,525 DCC PLC 319,353 0.48%

108,050 Diamond Offshore Drilling Inc 2,502,935 3.73%

361,675 Dragon Oil PLC 3,706,277 5.52%

Pharmaceuticals


REITS

3,244,030 Irish Residential Properties REIT Plc 3,600,873 5.36%

Retail

31,679 McDonald's Corp 2,703,036 4.03%

Savings & Loans

225,803 People's United Financial Inc 3,285,107 4.89%

Semiconductors

50,334 Intel Corp 1,373,998 2.05%

Software

36,287 Microsoft Corp 1,437,867 2.14%

Telecommunications

4,545 Proximus 143,940 0.21%

367,405 TeliaSonera AB 1,939,736 2.89%

831,495 Vodafone Group PLC 2,697,658 4.02%

Toys/Games/Hobbies

132,574 Mattel Inc 3,056,746 4.55%

Water

181,981 United Utilities Group PLC 2,291,256 3.41%

Investment in transferable securities at fair value

through profit or loss 54,534,865 81.23%


295


Setanta Reditus Income Fund (continued)



Options

(834) CALL TESCO PLC TSCO LN 21/08/2015 210 (108,891) (0.16%)

(502) CALL EURO STOXX 50(PRICE) INDEX 17/07/20 (48,694) (0.08%)

(391) PUT WINCOR NIXDORF AG WIN GR 17/07/2015 (36,363) (0.06%)

(245) PUT INTEL CORP INTC US 17/07/2015 31 (25,508) (0.04%)

(2,405) CALL SANDVIK AB SAND SS 17/07/2015 100 (22,112) (0.03%)

(445) CALL YARA INTERNATIONAL ASA YAR NO 16/07 (17,767) (0.03%)

(258) PUT INTEL CORP INTC US 17/07/2015 30 (15,514) (0.02%)

(186) PUT MICROSOFT CORP MSFT US 21/08/2015 42 (13,549) (0.02%)

(495) CALL TERNA SPA TRN IM 21/08/2015 4.4 (7,376) (0.01%)

(597) CALL VODAFONE GROUP PLC VOD LN 17/07/201 (6,320) (0.01%)

(177) PUT MICROSOFT CORP MSFT US 17/07/2015 43 (5,242) (0.01%)

(2,706) CALL TELIASONERA AB TLSN SS 17/07/2015 5 (4,390) (0.01%)

(195) CALL WINCOR NIXDORF AG WIN GR 17/07/2015 (2,145) (0.00%)

(133) CALL UTD UTILITIES 21/08/2015 1020 (1,408) (0.00%)

(316) CALL MCDONALD'S CORP MCD US 17/07/2015 1 (1,134) (0.00%)

(47) CALL UTD UTILITIES 21/08/2015 1000 (995) (0.00%)

(234) CALL VODAFONE GROUP PLC VOD LN 17/07/201 (826) (0.00%)

(503) CALL INTEL CORP INTC US 17/07/2015 36 (451) (0.00%)

(362) CALL MICROSOFT CORP MSFT US 17/07/2015 5 (325) (0.00%)


profit or loss (319,010) (0.48%)









-%


-%


19.41%

Total Asset

100.00%



296





Equities – EUR


399,590 Mincon Group Plc 279,713 0.39%

Equities - USD

Advertising

17,331 Omnicom Group Inc 1,080,893 1.51%

Apparel

21,447 NIKE Inc 2,079,254 2.90%

Banks




5,574 First Citizens BancShares Inc/NC 1,315,908 1.83%

Beverages

8,703 PepsiCo Inc 729,077 1.02%

Building Materials

77,451 CRH PLC 1,961,059 2.74%

Commercial Services

31,973 ADT Corp/The 963,322 1.34%

Computers

60,123 Hewlett-Packard Co 1,619,360 2.26%


41,810 NCR Corp 1,129,493 1.58%


52,151 Federated Investors Inc 1,567,526 2.19%

Electric

20,781 Exelon Corp 586,016 0.82%

21,799 Fortum OYJ 347,476 0.48%


Electronics

1,522 Thermo Fisher Scientific Inc 177,252 0.25%

31,357 Tyco International Plc 1,082,945 1.51%

Food

11,462 Kerry Group PLC 762,108 1.06%

203,864 Parmalat SpA 477,449 0.67%


56,181 Sysco Corp 1,820,260 2.54%

455,905 Tesco PLC 1,367,786 1.91%



Hand/Machine Tools

34,016 Kennametal Inc 1,041,667 1.45%

Healthcare-Products

11,000 Henry Schein Inc 1,403,087 1.96%

30,695 Medtronic PLC 2,041,375 2.85%

20,031 STERIS Corp 1,158,497 1.62%

3,337 Stryker Corp 286,230 0.40%


297


Setanta Global Equity Fund (continued)



Equities - USD (continued)

Healthcare-Services

16,924 Quest Diagnostics Inc 1,101,533 1.54%

12,445 UnitedHealth Group Inc 1,362,673 1.90%


61,398 Drax Group PLC 301,763 0.42%

97,205 Leucadia National Corp 2,118,235 2.95%

Insurance

3,178 Everest Re Group Ltd 519,142 0.72%

5,074 Fairfax Financial Holdings Ltd 2,246,530 3.13%


3,171 Markel Corp 2,278,726 3.18%

Internet

32,503 Symantec Corp 678,240 0.95%

Media

27,533 Liberty Global PLC 1,317,238 1.84%

Mining




Oil & Gas

17,267 Contango Oil & Gas Co 190,151 0.27%

46,954 DCC PLC 3,313,793 4.62%

20,038 Devon Energy Corp 1,069,880 1.49%

44,028 Diamond Offshore Drilling Inc 1,019,891 1.42%

175,738 Dragon Oil PLC 1,800,881 2.51%

13,264 Exxon Mobil Corp 990,455 1.38%

21,345 Imperial Oil Ltd 740,387 1.03%


11,425 Sasol Ltd 380,013 0.53%

13,610 Tupras Turkiye Petrol Rafinerileri AS 309,594 0.43%


119,678 Owens-Illinois Inc 2,464,022 3.44%

Pharmaceuticals


Real Estate

62,149 Brookfield Asset Management Inc 1,948,362 2.72%

Retail


14,123 Lowe's Cos Inc 848,876 1.18%

18,144 McDonald's Corp 1,548,151 2.16%


Semiconductors

23,574 Intel Corp 643,514 0.90%

37,404 Taiwan Semiconductor Manufacturing Co Ltd 762,381 1.06%


298






Software

9,915 Fair Isaac Corp 807,830 1.13%

37,454 Microsoft Corp 1,484,109 2.07%

26,594 Oracle Corp 961,890 1.34%

Telecommunications

20,873 AT&T Inc 665,418 0.93%


26,134 Hellenic Telecommunications Organization SA 171,439 0.24%

32,000 NTT DOCOMO Inc 550,158 0.77%

19,333 Proximus 612,276 0.85%

80,495 TeliaSonera AB 424,978 0.59%


Water


Mincon Group Plc

Investment in transferable securities at fair value through profit

or loss 70,174,607 97.89%





Total assets comprised as follows:

% of Net Assets



OTC financial derivative instruments -%

Financial derivatives instruments dealt in on a regulated -%

Other current assets 2.42%

100.00%



299


Setanta Reditus Global Balance Fund

Holding Investment

Value EUR % of Net Assets


Equities - EUR


75,598 Mincon Group Plc 52,919 0.23%

Equities - USD

Advertising


Apparel

4,393 NIKE Inc 425,895 1.84%

Banks




1,225 First Citizens BancShares Inc/NC

289,198 1.25%

Beverages

2,006 PepsiCo Inc

168,049 0.73%

Building Materials

17,338 CRH PLC

438,998 1.89%

Commercial Services

6,510 ADT Corp/The

196,141 0.84%

Computers

12,303 Hewlett-Packard Co

331,371 1.43%

1,783 Lexmark International Inc

70,731 0.31%

8,551 NCR Corp

231,004 1.00%


11,182 Federated Investors Inc

336,102 1.45%

Electric

4,257 Exelon Corp

120,046 0.52%

4,356 Fortum OYJ

69,435 0.30%

33,144 Terna Rete Elettrica Nazionale SpA

131,383 0.57%

Electronics

353 Thermo Fisher Scientific Inc

41,110 0.18%

7,149 Tyco International Plc

246,898 1.07%

Food

2,539 Kerry Group PLC

168,818 0.73%

44,084 Parmalat SpA

103,245 0.45%

454 Sanderson Farms Inc

30,625 0.13%

12,057 Sysco Corp

390,646 1.69%

101,837 Tesco PLC

305,527 1.32%


15,907 Resolute Forest Products Inc

160,612 0.69%

Hand/Machine Tools

0.00%

7,179 Kennametal Inc

219,842 0.95%

Healthcare-Products

2,299 Henry Schein Inc

293,245 1.27%

6,418 Medtronic PLC

426,830 1.84%

4,372 STERIS Corp

252,856 1.09%

681 Stryker Corp

58,412 0.25%


300


Setanta Reditus Global Balance Fund (continued)




Healthcare-Services

3,539 Quest Diagnostics Inc

230,343 0.99%

2,693 UnitedHealth Group Inc

294,872 1.27%


11,292 Drax Group PLC

55,499 0.24%

20,570 Leucadia National Corp

448,250 1.93%

Insurance

717 Everest Re Group Ltd

117,125 0.51%

1,061 Fairfax Financial Holdings Ltd

469,761 2.03%

40,365 Lancashire Holdings Ltd

351,254 1.52%

669 Markel Corp

480,753 2.07%

Internet

6,302 Symantec Corp

131,504 0.57%

Media

5,609 Liberty Global PLC

268,924 1.16%

Mining

19,013 Sandstorm Gold Ltd

50,169 0.22%


49,697 Melrose Industries PLC

173,615 0.75%

Oil & Gas

3,381 Contango Oil & Gas Co

37,233 0.16%

10,744 DCC PLC

758,261 3.27%

4,367 Devon Energy Corp

233,165 1.01%

9,596 Diamond Offshore Drilling Inc

222,288 0.96%

39,562 Dragon Oil PLC

405,413 1.75%

2,891 Exxon Mobil Corp

215,878 0.93%

4,705 Imperial Oil Ltd

163,201 0.70%

1,787 Occidental Petroleum Corp

124,731 0.54%

2,390 Sasol Ltd

79,495 0.34%

3,213 Tupras Turkiye Petrol Rafinerileri AS

73,088 0.32%


26,391 Owens-Illinois Inc

543,358 2.34%

Pharmaceuticals

4,000 Astellas Pharma Inc

51,211 0.22%

Real Estate

13,287 Brookfield Asset Management Inc

416,545 1.80%

REITS

1,041,248 Irish Residential Properties REIT Plc

1,155,785 4.99%

Retail

6,465 J D Wetherspoon PLC

71,908 0.31%

2,900 Lowe's Cos Inc

174,307 0.75%

3,746 McDonald's Corp

319,630 1.38%

167 Swatch Group AG/The

58,394 0.25%


301


Setanta Reditus Global Balance Fund (continued)




Semiconductors

4,625 Intel Corp

126,251 0.54%


Software

2,100 Fair Isaac Corp

171,099 0.74%

7,861 Microsoft Corp

311,491 1.34%

5,102 Oracle Corp

184,537 0.80%

Telecommunications

4,303 AT&T Inc

137,177 0.59%

11,679 Cisco Systems Inc

287,835 1.24%


6,000 NTT DOCOMO Inc

103,155 0.44%

4,042 Proximus

128,010 0.55%

14,594 TeliaSonera AB

77,050 0.33%

33,835 Vodafone Group PLC

109,771 0.47%

Water

9,135 United Utilities Group PLC

115,014 0.50%

Investment at fair value through profit or loss 16,057,261 69.29%

Government Security

EUR

Coupon

Rate %

Maturity

Date Value EUR % of Net Assets

987,000 Belgium Government Bond 4.000 28/03/2019 1,141,040 4.92%




399,064 Slovenia Government Bond 4.000 17/02/2016 413,864 1.79%




4,713,142 20.34%



2,381,435 10.28%

Net current assets

20,833 0.09%


Total assets comprised as follows: % of Net Assets






Total Assets 100.00%



302





Equities - EUR


215,051 Mincon Group Plc 150,536 0.23%

Equities - USD

Advertising


Apparel

18,822 NIKE Inc 1,824,764 2.79%

Banks




4,503 First Citizens BancShares Inc/NC 1,063,067 1.63%

Beverages

149,070 C&C Group PLC 524,130 0.80%

7,395 PepsiCo Inc 619,502 0.95%

Building Materials

63,534 CRH PLC 1,608,681 2.46%

Commercial Services

25,894 ADT Corp/The 780,167 1.19%

Computers

52,174 Hewlett-Packard Co 1,405,261 2.15%


34,767 NCR Corp 939,227 1.44%


42,657 Federated Investors Inc 1,282,160 1.96%

Electric 0.00%

17,202 Exelon Corp 485,090 0.74%

17,411 Fortum OYJ 277,531 0.42%


Electronics

638 Thermo Fisher Scientific Inc 74,302 0.11%

25,800 Tyco International Plc 891,029 1.36%

Food

9,701 Kerry Group PLC 645,019 0.99%

168,887 Parmalat SpA 395,533 0.61%


47,174 Sysco Corp 1,528,434 2.34%

403,526 Tesco PLC 1,210,641 1.85%



Hand/Machine Tools

27,961 Kennametal Inc 856,246 1.31%


303


Setanta Reditus Global Equity Fund (continued)



Equities – USD (continued)

Healthcare-Products

5,993 Henry Schein Inc 764,428 1.17%

16,476 Medtronic PLC 1,095,738 1.68%

18,814 STERIS Corp 1,088,112 1.67%

1,079 Stryker Corp 92,551 0.14%

Healthcare-Services




45,962 Drax Group PLC 225,897 0.35%

76,513 Leucadia National Corp 1,667,327 2.55%

Insurance


2,565 Everest Re Group Ltd 419,005 0.64%

4,099 Fairfax Financial Holdings Ltd 1,814,845 2.78%


2,500 Markel Corp 1,796,536 2.75%

Internet

26,886 Symantec Corp 561,030 0.86%


33,463 Oshkosh Corp 1,272,807 1.95%

Media

22,713 Liberty Global PLC 1,088,526 1.67%

Mining




Oil & Gas

12,462 Contango Oil & Gas Co 137,236 0.21%

38,639 DCC PLC 2,734,176 4.18%

15,858 Devon Energy Corp 846,699 1.30%

35,564 Diamond Offshore Drilling Inc 823,826 1.26%

146,640 Dragon Oil PLC 1,502,698 2.30%

63,890 Eni SpA 1,017,129 1.56%

10,715 Exxon Mobil Corp 800,115 1.22%

17,103 Imperial Oil Ltd 593,246 0.91%


9,171 Sasol Ltd 305,042 0.47%

8,844 Tupras Turkiye Petrol Rafinerileri AS 201,179 0.31%


96,277 Owens-Illinois Inc 1,982,224 3.03%

Pharmaceuticals 0.00%


15,205 Johnson & Johnson 1,329,994 2.03%

2,389 Novartis AG 211,420 0.32%

25,383 Pfizer Inc 763,859 1.17%

6,588 Sanofi 581,325 0.89%


304





Equities – USD (continued)

Real Estate

49,606 Brookfield Asset Management Inc 1,555,141 2.38%

Retail 0.00%


11,998 Lowe's Cos Inc 721,151 1.10%

15,819 McDonald's Corp 1,349,769 2.07%


Semiconductors

19,380 Intel Corp 529,028 0.81%

1,428 Samsung Electronics Co Ltd 732,456 1.12%


Software

8,222 Fair Isaac Corp 669,892 1.02%

30,761 Microsoft Corp 1,218,900 1.86%

22,463 Oracle Corp 812,474 1.24%

Telecommunications

17,330 AT&T Inc 552,470 0.85%



26,000 NTT DOCOMO Inc 447,003 0.68%

16,129 Proximus 510,805 0.78%

64,242 TeliaSonera AB 339,169 0.52%


Water


Investment in transferable securities at fair

value through profit or loss 64,039,103 97.98%



Net current assets 176,735 0.27%


Total assets comprised as follows:

% of Net Assets






100.00%


Beresford Funds Plc Semi-Annual Report and Unaudited Financial Statements for the period ended 30 June 2015

Portfolio Changes for the period ended 30 June 2015

305


Largest Purchases

Nominal

Description

Value

EUR

23,300 Noble Corp PLC 356,083

45,000 Genworth Financial Inc 325,997

14,100 Owens-Illinois Inc 307,467

53,339 AA PLC 303,771

14,200 Superior Energy Services Inc 299,153

17,400 QEP Resources Inc 298,938

8,300 Joy Global Inc 294,887

12,000 Rayonier Inc 282,695

10,200 Cree Inc 281,797

4,000 Fossil Group Inc 259,156

10,800 Columbia Property Trust Inc 258,294

40,400 Avon Products Inc 247,703

15,100 Paramount Group Inc 245,759

18,959 GAGFAH SA 245,101

2,895 Sunrise Communications Group AG 234,780

3,400 SPX Corp 230,519

53,504 Banca Carige SpA 227,658

10,500 Xenia Hotels & Resorts Inc 216,840

28,900 Denbury Resources Inc 216,496

100,010 Serco Group PLC 214,428



306


Largest Sales

Nominal

Description

Value

EUR

12,665 Alkermes PLC 792,968

6,317 Alnylam Pharmaceuticals Inc 755,080

4,413 United Therapeutics Corp 739,270

6,729 Lear Corp 711,862

271,720 Taylor Wimpey PLC 693,773

21,153 Gannett Co Inc 690,313

14,204 CDK Global Inc 690,190

23,481 Goodyear Tire & Rubber Co/The 681,821

85,504 Rite Aid Corp 679,854

80,462 Barratt Developments PLC 662,785

6,018 Harman International Industries Inc 661,338

10,356 Extra Space Storage Inc 661,285

24,389 E*TRADE Financial Corp 655,148

14,906 WhiteWave Foods Co/The 652,809

14,669 Arthur J Gallagher & Co 648,047

10,308 Isis Pharmaceuticals Inc 629,868

3,971 Jones Lang LaSalle Inc 627,242

9,104 Centene Corp 625,418

3,848 Acuity Brands Inc 619,252

9,944 Splunk Inc 613,125

7,628 Gartner Inc 608,460

29,624 Mondi PLC 608,401

21,774 SunEdison Inc 595,028

13,825 Fortune Brands Home & Security Inc 578,112

5,012 WABCO Holdings Inc 577,749

9,123 Packaging Corp of America 575,481

16,466 Envision Healthcare Holdings Inc 554,773

5,639 Cubist Pharmaceuticals Inc 503,813

2,574 Puma Biotechnology Inc 458,730

10,649 Freescale Semiconductor Ltd 438,117

9,395 NPS Pharmaceuticals Inc 385,402

6,182 Protective Life Corp 383,482



307


Largest Purchases

Nominal

Description

Value

EUR

4,600 Apple Inc 522,619

16,218 Medtronic PLC 363,315

30,048 CK Hutchison Holdings Ltd 320,410

3,500 Exxon Mobil Corp 263,892

6,300 Microsoft Corp 257,079

3,824 Allergan PLC 244,077

4,000 Wells Fargo & Co 203,791

2,300 Johnson & Johnson 201,429

8,200 General Electric Co 198,737

3,100 JPMorgan Chase & Co 188,714

30,219 Banco Santander SA 184,450

2,000 Novartis AG 179,721

2,700 Nestle SA 179,128

655 Roche Holding AG 166,495

19,875 HSBC Holdings PLC 162,065

4,539 Coca-Cola Co/The 161,981

2,265 Procter & Gamble Co/The 159,522

5,203 Deutsche Annington Immobilien SE 159,035

4,780 Mylan NV 150,879

325 Google Inc 149,071

Largest Sales

Nominal

Description

Value

EUR

13,431 Apple Inc 1,527,238



5,962 Johnson & Johnson 537,359

10,647 Wells Fargo & Co 530,739




14,278 Pfizer Inc 431,703

6,214 Nestle SA 426,126


3,237 Allergan Inc/United States 394,441

1,436 Roche Holding AG 369,324

3,992 Chevron Corp 368,911


6,785 Merck & Co Inc 363,164

3,558 Gilead Sciences Inc 361,056

12,137 Intel Corp 356,883

5,700 Toyota Motor Corp 343,753

3,918 PepsiCo Inc 331,013



308


Largest Purchases

Nominal

Description

Coupon

Rate

Maturity

Date

Value

EUR

170,000 France Government Bond OAT 0.500 25/05/2025 168,652

160,000 Spain Government Bond 1.950 30/07/2030 167,101



120,000 Italy Buoni Poliennali Del Tesoro 3.250 01/09/2046 141,795

110,000 Ireland Government Bond 2.000 18/02/2045 116,756

100,000 Netherlands Government Bond 0.250 15/07/2025 99,041

70,000 Bundesrepublik Deutschland 2.500 15/08/2046 92,197

90,000 Belgium Government Bond 0.800 22/06/2025 90,718





50,000 Austria Government Bond 4.850 15/03/2026 68,580




50,000 Finland Government Bond 0.750 15/04/2031 51,387









30,000 Slovakia Government Bond 4.350 14/10/2025 41,104









309


Largest Sales

Nominal

Description

Coupon

Rate

Maturity

Date

Value

EUR






















50,000 Austria Government Bond 4.150 15/03/2037 85,036






















310


Largest Purchases

Nominal

Description

Coupon

Rate

Maturity

Date

Value

EUR

300,000 EDP Finance BV 2.625 18/01/2022 319,375

300,000 AT&T Inc 1.450 01/06/2022 309,196

300,000 Credit Agricole SA 2.625 17/03/2027 308,330

300,000 TOTAL SA 2.625 29/12/2049 305,079

300,000 Banque Federative du Credit Mutuel SA 1.250 14/01/2025 302,198

300,000 BPCE SA 0.750 22/01/2020 300,013

300,000 RCI Banque SA 0.625 04/03/2020 294,998

300,000 Sinopec Group Overseas Development 2015 Ltd 1.000 28/04/2022 293,955

250,000 Hutchison Whampoa Finance 14 Ltd 1.375 31/10/2021 254,817

200,000 Credit Agricole SA/London 5.125 18/04/2023 250,558

200,000 Deutsche Bahn Finance BV 4.875 12/03/2019 234,864

200,000 Credit Agricole SA 5.875 11/06/2019 234,190

200,000 Credit Agricole SA/London 3.125 17/07/2023 219,616

200,000 Telefonica Emisiones SAU 2.736 29/05/2019 218,704

200,000 DVB Bank SE 2.375 02/12/2020 215,300

200,000 Electricite de France SA 2.250 27/04/2021 215,232

200,000 Pernod Ricard SA 2.000 22/06/2020 212,016

200,000 Citigroup Inc 2.125 10/09/2026 209,854

200,000 Commonwealth Bank of Australia 1.625 04/02/2019 208,188

200,000 Volkswagen International Finance NV 1.625 16/01/2030 208,069



311


Largest Sales

Nominal

Description

Coupon

Rate

Maturity

Date

Value

EUR

200,000 Telefonica Emisiones SAU 5.496 01/04/2016 221,428

200,000 Vodafone Group PLC 6.250 15/01/2016 212,213

200,000 Roche Holdings Inc 5.625 04/03/2016 211,056

200,000 Eni SpA 5.000 28/01/2016 209,476

200,000 Pfizer Inc 4.750 03/06/2016 209,133

200,000 Santander International Debt SAU 4.625 21/03/2016 208,695

200,000 Santander International Debt SAU 3.381 01/12/2015 205,930

200,000 BPCE SA 1.750 14/03/2016 203,132

180,000 Gazprom OAO Via Gaz Capital SA 6.605 13/02/2018 185,845

100,000 Veolia Environnement SA 6.750 24/04/2019 132,864

103,000 Intesa Sanpaolo SpA 6.625 13/09/2023 128,385

100,000 ESB Finance Ltd 6.250 11/09/2017 117,415

100,000 Imperial Tobacco Finance PLC 4.500 05/07/2018 116,010

100,000 Intesa Sanpaolo SpA 5.150 16/07/2020 113,647

100,000 Enel Finance International NV 3.625 17/04/2018 112,856

100,000 Iberdrola International BV 4.500 21/09/2017 112,578

100,000 Enel Finance International NV 4.125 12/07/2017 111,378

100,000 Unibail-Rodamco SE 3.000 22/03/2019 109,947

100,000 Unibail-Rodamco SE 2.375 25/02/2021 109,779

100,000 Tesco PLC 5.875 12/09/2016 109,579

100,000 Areva SA 4.625 05/10/2017 109,201

100,000

Cellco Partnership / Verizon Wireless Capital

LLC 8.750 18/12/2015 108,463

100,000 Generali Finance BV 4.596 21/11/2025 107,909

100,000

Cooperatieve Centrale Raiffeisen-Boerenleenbank

BA/Netherlands 3.875 20/04/2016 107,560

100,000 GE Capital European Funding 3.750 04/04/2016 107,371

100,000 Citigroup Inc 2.125 10/09/2026 107,177

100,000 Swiss Reinsurance Co via ELM BV 5.252 29/05/2049 107,155

100,000 Toyota Motor Corp 6.625 03/02/2016 106,559

100,000 Orange SA 1.875 03/09/2018 105,975

100,000 Areva SA 3.875 23/09/2016 105,526

100,000 Areva SA 3.500 22/03/2021 105,425

100,000 Atlantia SpA 5.625 05/06/2016 105,417

100,000 Vattenfall AB 5.250 17/03/2026 105,119

100,000 KBC IFIMA SA 5.000 16/03/2016 104,841



312


Largest Purchases

Nominal

Description

Coupon

Rate

Maturity

Date

Value

EUR

5,000,000 United States Treasury Bill 0.000 26/05/2016 4,567,724






Largest Sales

Nominal

Description

Coupon

Rate

Maturity

Date

Value

EUR












313

Indexed Minimum Volatility Global Fund

Largest Purchases

Nominal

Description

Value

EUR

83,084 American Capital Agency Corp 1,567,651

28,924 Wells Fargo & Co 1,474,738

11,369 Sigma-Aldrich Corp 1,442,983

148,924 Annaly Capital Management Inc 1,416,938

22,847 Baxter International Inc 1,388,512

24,770 eBay Inc 1,386,732

77,232 Endesa SA 1,319,246

90,673 Telefonica SA 1,173,380

16,590 Coloplast A/S 1,142,564

258,000 Bank of East Asia Ltd/The 1,060,076

167,818 Iberdrola SA 1,052,292

11,852 Kerry Group PLC 811,662

17,483 Sampo Oyj 749,896

29,699 Pepco Holdings Inc 737,234

9,085 Varian Medical Systems Inc 714,673

9,432 Groupe Bruxelles Lambert SA 712,568

9,714 Facebook Inc 707,225

20,800 Canon Inc 659,297

95,040 TDC A/S 641,602

7,563 Swiss Re AG 617,369

Largest Sales

Nominal

Description

Value

EUR

55,300 Eisai Co Ltd 3,179,044

24,393 American Tower Corp 2,065,709

33,600 Oriental Land Co Ltd/Japan 1,977,597

28,456 QUALCOMM Inc 1,807,984

17,195 AmerisourceBergen Corp 1,761,806

31,000 West Japan Railway Co 1,686,488

36,198 Wisconsin Energy Corp 1,412,948

235,000 Link REIT/The 1,243,245

15,965 Fresenius Medical Care AG & Co KGaA 1,240,051

582 Givaudan SA 974,646

83,993 Barrick Gold Corp 899,147

7,326 SBA Communications Corp 746,896

13,392 Consolidated Edison Inc 745,675

9,603 Dassault Systemes 680,467


8,306 Automatic Data Processing Inc 642,858

4,168 Societe BIC SA 627,074

5,170 Air Liquide SA 608,121

21,877 Royal Dutch Shell PLC 587,415

157,000 Osaka Gas Co Ltd 574,737



314


Largest Purchases

Nominal

Description

Coupon

Rate

Maturity

Date

Value

EUR

3,000,000 Turkey Government Bond 8.500 10/07/2019 1,085,456

4,550 Brazil Letras do Tesouro Nacional 0.000 01/01/2019 877,176

2,150,000 Turkey Government Bond 9.000 24/07/2024 820,587

2,050,000,000 Colombian TES 7.000 11/09/2019 787,132


21,000,000 Thailand Government Bond 4.875 22/06/2029 671,226

2,700,000 Poland Government Bond 3.250 25/07/2019 659,280

9,300,000,000 Indonesia Treasury Bond 8.375 15/03/2024 637,645

1,300,000,000 Colombian TES 10.000 24/07/2024 589,439


1,500,000,000 Colombian TES 7.250 15/06/2016 554,520

82,500 Mexican Bonos 8.500 13/12/2018 533,731

2,000 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2019 532,982




6,500,000 South Africa Government Bond 8.500 31/01/2037 500,895



1,200,000,000 Colombian TES 7.500 26/08/2026 440,784

950,000,000 Colombian TES 11.000 24/07/2020 429,000

100,000,000 Hungary Government Bond 7.500 12/11/2020 415,915





1,500,000 Malaysia Government Bond 3.955 15/09/2025 355,279


950,000,000 Colombian TES 5.000 21/11/2018 349,318

1,000,000 Brazilian Government International Bond 12.500 05/01/2022 341,576


1,300,000 Romania Government Bond 5.750 29/04/2020 332,956

50,000 Mexican Bonos 7.750 23/11/2034 328,840


850,000 Turkey Government Bond 8.200 16/11/2016 297,270






315


Largest Sales

Nominal

Description

Coupon

Rate

Maturity

Date

Value

EUR

3,900,000,000 Colombia Government International Bond 12.000 22/10/2015 1,543,660


2,300,000,000 Colombian TES 7.250 15/06/2016 898,138



1,630,000,000 Colombia Government International Bond 9.850 28/06/2027 815,200





109,500 Mexican Bonos 6.250 16/06/2016 682,128


1,590,000,000 Colombia Government International Bond 7.750 14/04/2021 670,035












20,000,000 Russian Foreign Bond - Eurobond 7.850 10/03/2018 281,097




860,000 Malaysia Government Bond 3.418 15/08/2022 211,200

500,000 Brazilian Government International Bond 12.500 05/01/2022 184,368



316


Largest Purchases

Nominal

Description

Value

EUR


40,142 BP PLC 243,165


3,950 TOTAL SA 181,814



1,681 Chevron Corp 155,880

3,855 AT&T Inc 118,723

100,326 Lloyds Banking Group PLC 114,674

2,071 BNP Paribas SA 113,632

27,204 Glencore PLC 110,385

985 Apple Inc 104,837

6,668 Eni SpA 103,057

2,400 Verizon Communications Inc 101,077

3,203 Deutsche Bank AG 98,245

428 Volkswagen AG 93,412

2,400 Sumitomo Mitsui Financial Group Inc 91,292


6,536 Standard Chartered PLC 90,002

2,294 Toronto-Dominion Bank/The 88,923

Largest Sales

Nominal

Description

Value

EUR

1,692 Apple Inc 192,855



9,300 Bank of America Corp 138,828

4,357 Intel Corp 127,947

3,957 AT&T Inc 121,285

3,888 Pfizer Inc 118,361

2,339 Wells Fargo & Co 116,015

18,431 BP PLC 110,501


2,100 Abbott Laboratories 92,320


981 Chevron Corp 91,181


1,980 TOTAL SA 89,183



4,000 CK Hutchison Holdings Ltd 82,017

1,934 Verizon Communications Inc 81,862




317


Largest Purchases

Nominal

Description

Value

EUR

87,712 PepsiCo Inc 7,541,570

128,015 TJX Cos Inc/The 7,407,081

73,622 Gilead Sciences Inc 7,028,851

179,257 Bank of New York Mellon Corp/The 6,837,942

225,390 Intel Corp 6,534,799

120,681 TOTAL SA 5,653,127

426,063 Telefonica SA 5,564,594

195,380 Royal Dutch Shell PLC 5,552,341

111,347 British American Tobacco PLC 5,458,779

162,300 Japan Tobacco Inc 5,214,163

135,274 HCP Inc 4,659,501

71,558 Kroger Co/The 4,554,810

61,426 Procter & Gamble Co/The 4,414,792

138,863 Best Buy Co Inc 4,267,170

28,866 Becton Dickinson and Co 3,579,788

37,870 Sanofi 3,340,147

146,690 RWE AG 3,238,914

107,500 Japan Airlines Co Ltd 3,145,919

65,180 Reynolds American Inc 3,142,099

60,101 Merck & Co Inc 3,136,239



318


Largest Sales

Nominal

Description

Value

EUR

131,126 Kraft Foods Group Inc 9,891,780

107,611 Dollar Tree Inc 7,296,478

1,635,002 Enel SpA 6,923,810

123,731 Lorillard LLC 6,847,642

103,633 Eli Lilly & Co 6,641,966

213,724 AT&T Inc 6,402,695

106,519 ConocoPhillips 6,124,518

238,124 Marathon Oil Corp 5,793,563

91,951 AstraZeneca PLC 5,590,310

48,893 Laboratory Corp of America Holdings 5,037,243

153,500 Hong Kong Exchanges and Clearing Ltd 4,878,858

321,458 Deutsche Lufthansa AG 4,435,076

77,274 Kellogg Co 4,377,992

37,971 Apple Inc 4,293,247

63,173 Quest Diagnostics Inc 3,980,679

39,032 Cie Generale des Etablissements Michelin 3,938,956

5,663 AutoZone Inc 3,400,670

153,200 Daiwa House Industry Co Ltd 3,092,991

96,522 General Motors Co 2,936,144

67,665 Microsoft Corp 2,893,864

15,418 Allergan Inc/United States 2,856,282

119,872 Vivendi SA 2,687,134

387,068 Banco Santander SA 2,639,644

134,500 CK Hutchison Holdings Ltd 2,522,763

30,080 Delhaize Group 2,520,369

503,000 Tokyo Gas Co Ltd 2,471,948

617,309 J Sainsbury PLC 2,273,267

49,575 Verizon Communications Inc 2,178,223

6,198 Zurich Insurance Group AG 2,144,551

83,772 Newmont Mining Corp 2,005,087

7,508 CF Industries Holdings Inc 2,004,182

134,000 Cheung Kong Holdings Ltd 1,962,248

320,000 Bank of Yokohama Ltd/The 1,743,380

339,000 Fujitsu Ltd 1,686,198



319


Largest Purchases

Nominal

Description

Value

EUR

160,652 Wincor Nixdorf AG 6,820,896

531,488 Sandvik AB 5,550,141

4,083,333 Irish Residential Properties REIT PLC 4,246,666

371,485 Lancashire Holdings Ltd 3,257,340

225,803 People's United Financial Inc 3,211,216

195,587 Smiths Group PLC 3,164,758

87,113 Sysco Corp 3,132,411

5,839 Fairfax Financial Holdings Ltd 3,055,789

361,675 Dragon Oil PLC 3,050,435

146,930 Pearson PLC 3,041,106

132,574 Mattel Inc 2,863,966

834,618 Tesco PLC 2,809,297

48,696 DCC PLC 2,807,654

114,488 CRH PLC 2,776,334

108,050 Diamond Offshore Drilling Inc 2,772,805

31,679 McDonald's Corp 2,718,557

831,495 Vodafone Group PLC 2,629,079

251,156 FBD Holdings PLC 2,622,554

163,100 Astellas Pharma Inc 2,523,774

181,981 United Utilities Group PLC 2,399,208

46,595 Yara International ASA 2,299,652

367,405 TeliaSonera AB 2,118,388

495,175 Terna Rete Elettrica Nazionale SpA 1,982,680

682,552 Home Retail Group PLC 1,607,646


50,334 Intel Corp 1,386,393

45,731 Zumtobel Group AG 1,041,295

Largest Sales

Nominal

Description

Value

EUR

124,300 Wincor Nixdorf AG 5,087,100

290,900 Sandvik AB 2,962,729

44,171 DCC PLC 2,737,411

146,930 Pearson PLC 2,658,053


682,552 Home Retail Group PLC 1,597,341

110,800 Astellas Pharma Inc 1,546,357

45,731 Zumtobel Group AG 1,049,808

839,303 Irish Residential Properties REIT PLC 839,303

32,959 CRH PLC 829,085

6,577 Tele2 AB 71,811

1,633,333 Irish Residential Properties REIT PLC 65,333



320


Largest Purchases

Nominal

Description

Value

EUR

46,954 DCC PLC 2,724,707


119,678 Owens-Illinois Inc 2,637,218

3,354 Markel Corp 2,413,850

30,695 Medtronic PLC 2,238,404

97,205 Leucadia National Corp 2,111,674

62,149 Brookfield Asset Management Inc 2,077,696

56,181 Sysco Corp 2,015,033

21,447 NIKE Inc 1,983,154

78,787 CRH PLC 1,912,684


60,123 Hewlett-Packard Co 1,827,060


52,151 Federated Investors Inc 1,613,644

24,507 STERIS Corp 1,572,591

21,307 Omnicom Group Inc 1,560,455

455,905 Tesco PLC 1,526,307


55,980 Cisco Systems Inc 1,486,020

11,000 Henry Schein Inc 1,454,196

175,738 Dragon Oil PLC 1,442,277

12,445 UnitedHealth Group Inc 1,411,087

5,574 First Citizens BancShares Inc/NC 1,330,904

31,357 Tyco International PLC 1,254,300

16,924 Quest Diagnostics Inc 1,210,628

158,557 Emulex Corp 1,191,024

41,810 NCR Corp 1,182,968

31,973 ADT Corp/The 1,180,431


73,321 Resolute Forest Products Inc 1,125,779

44,028 Diamond Offshore Drilling Inc 1,121,487

20,038 Devon Energy Corp 1,100,094

26,594 Oracle Corp 1,099,849

34,016 Kennametal Inc 1,066,560

15,207 Lowe's Cos Inc 1,057,938

21,416 Liberty Global PLC 1,054,504

13,264 Exxon Mobil Corp 1,052,255

11,797 Fair Isaac Corp 957,527

229,320 Melrose Industries PLC 937,597

17,360 Waste Management Inc 894,350

37,404 Taiwan Semiconductor Manufacturing Co Ltd 860,569



321


Largest Sales

Nominal

Description

Value

EUR

158,557 Emulex Corp 1,141,033



5,861 Kroger Co/The 375,558

3,976 Omnicom Group Inc 288,605

4,476 STERIS Corp 281,528

28,669 Lancashire Holdings Ltd 261,162

1,327 Everest Re Group Ltd 217,248

9,501 Tupras Turkiye Petrol Rafinerileri AS 212,123

1,846 Stryker Corp 159,759

1,882 Fair Isaac Corp 157,940

24,780 Dah Sing Financial Holdings Ltd 150,512

183 Markel Corp 127,763

1,084 Lowe's Cos Inc 76,375

5,507 Contango Oil & Gas Co 62,843

480 Thermo Fisher Scientific Inc 55,914

3,292 Fortum OYJ 54,294

1,336 CRH PLC 32,645

8,748 Bank Leumi Le-Israel BM 31,974

889 Proximus 26,938



322


Largest Purchases

Nominal

Description

Coupon

Rate

Maturity

Date

Value

EUR

987,000 Belgium Government Bond 4.000 28/03/2019 1,148,029

1,041,248 Irish Residential Properties REIT PLC - - 1,041,248


10,744 DCC PLC - - 623,471

26,391 Owens-Illinois Inc - - 581,899




1,061 Fairfax Financial Holdings Ltd - - 555,265

710 Markel Corp - - 511,439

6,418 Medtronic PLC - - 469,169

378,412 Slovakia Government Bond 5.300 12/05/2019 461,882

20,570 Leucadia National Corp - - 446,698

13,287 Brookfield Asset Management Inc - - 445,506

12,057 Sysco Corp - - 433,546

17,632 CRH PLC - - 427,576

47,618 Lancashire Holdings Ltd - - 417,535

399,064 Slovenia Government Bond 4.000 17/02/2016 413,350

4,393 NIKE Inc 406,570

12,303 Hewlett-Packard Co 374,938


11,182 Federated Investors Inc 345,875

101,837 Tesco PLC 342,780

3,746 McDonald's Corp 338,439


39,562 Dragon Oil PLC 324,684


11,679 Cisco Systems Inc 310,678

2,693 UnitedHealth Group Inc 306,120

2,299 Henry Schein Inc 304,463

1,225 First Citizens BancShares Inc/NC 293,281

7,149 Tyco International PLC 286,949


33,994 Emulex Corp 255,351

3,539 Quest Diagnostics Inc 253,778

15,907 Resolute Forest Products Inc 246,912

9,596 Diamond Offshore Drilling Inc 243,886

8,551 NCR Corp 243,472

6,510 ADT Corp/The 241,256

4,367 Devon Energy Corp 239,489




323

Setanta Reditus Global Balanced Fund (continued)

Largest Sales

Nominal

Description

Value

EUR


33,994 Emulex Corp 244,666


1,438 Kroger Co/The 92,143


7,253 Lancashire Holdings Ltd 66,072

898 Omnicom Group Inc 65,176

2,142 Tupras Turkiye Petrol Rafinerileri AS 47,798

284 Everest Re Group Ltd 46,494

413 Fair Isaac Corp 34,605

393 Stryker Corp 34,011

41 Markel Corp 28,625

7,396 Bank Leumi Le-Israel BM 27,032


238 Lowe's Cos Inc 16,769



651 Fortum OYJ 10,737

294 CRH PLC 7,184

176 Proximus 5,333



324


Largest Purchases

Nominal

Description

Value

EUR

38,639 DCC PLC 2,757,692

96,277 Owens-Illinois Inc 2,079,564


14,642 Berkshire Hathaway Inc 1,830,863

2,500 Markel Corp 1,765,037

18,822 NIKE Inc 1,752,518

63,534 CRH PLC 1,653,769

76,513 Leucadia National Corp 1,649,991

47,174 Sysco Corp 1,557,161


49,606 Brookfield Asset Management Inc 1,551,640

33,463 Oshkosh Corp 1,492,731

52,174 Hewlett-Packard Co 1,490,766

146,640 Dragon Oil PLC 1,397,755


15,205 Johnson & Johnson 1,336,669

42,657 Federated Investors Inc 1,321,658


47,971 Cisco Systems Inc 1,220,562

403,526 Tesco PLC 1,203,440

16,476 Medtronic PLC 1,110,833

18,814 STERIS Corp 1,068,978

63,890 Eni SpA 1,038,725

4,503 First Citizens BancShares Inc/NC 1,005,180

34,767 NCR Corp 993,622



18,278 Liberty Global PLC 916,074

27,961 Kennametal Inc 897,045

35,564 Diamond Offshore Drilling Inc 891,173

22,463 Oracle Corp 871,047

15,858 Devon Energy Corp 870,838

27,850 Pfizer Inc 849,207

25,894 ADT Corp/The 834,752


5,993 Henry Schein Inc 762,708

11,998 Lowe's Cos Inc 741,047

1,428 Samsung Electronics Co Ltd 724,867

194,825 Melrose Industries PLC 723,687

7,403 Sanofi 666,465

31,127 Taiwan Semiconductor Manufacturing Co Ltd 657,285



325


Largest Sales

Nominal

Description

Value

EUR

1,746 Stryker Corp 151,105

911 Everest Re Group Ltd 149,143

2,467 Pfizer Inc 75,214

815 Sanofi 74,992




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