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N O R T H E R N T R U S T

U C I T S C O M M O N C O N T R A C T U A L F U N D

( F o r m e r l y N o r t h e r n T r u s t N o n - U C I T S C o m m o n C o n t r a c t u a l F u n d )

I n t e r i m R e p o r t a n d

F i n a n c i a l S t a t e m e n t s

S i x m o n t h s e n d e d 3 0 J u n e 2 0 12

U n a u d i t e d

2 of 91 | Northern Trust Non-UCITS Common Contractual Fund - Interim Report and Financial Statements | northerntrust.com

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northern trust emerging markets equit y index fund

investment review .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

portfolio and statement of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

portfolio changes – material acquisit ions and disposals . . . . . . . . . . . . . . . . . . . . . . . . . 32

northern trust world equit y index fund

investment review .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

portfolio and statement of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

portfolio changes – material acquisit ions and disposals . . . . . . . . . . . . . . . . . . . . . . . . . 84

northern trust europe eur hedged equit y fund

investment review .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

portfolio and statement of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87

portfolio changes – material acquisit ions and disposals . . . . . . . . . . . . . . . . . . . . . . . 104

profit and loss account .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106

bal ance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

statement of changes in net assets attributable to holders of redeemable

participating units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

profit and loss account (december 2011 comparative) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110

bal ance sheet (december 2011 comparative) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111


participating units (december 2011 comparative) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112

profit and loss account (june 2011 comparative) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114


participating units (june 2011 comparative) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

statement of accounting policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

notes forming part of the f inancial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120

management and other information .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

C O N T E N T S


Launch Date1 December 2009

Fund Size$84.7 million

BenchmarkMSCI Emerging Markets

Fund ReviewIn the first half of the year the Fund returned 3.92%

against a benchmark return of 3.93%. Since the Fund

inception date, in December 2009, the Fund has posted

a return of 0.98% while the benchmark has returned

1.00%. During the period the Fund received a net

inflow of $1.88 mln.

MSCI implemented changes to their series of

indices at the end of February 2012. These changes

included normal investment review changes such as

additions, deletions, and float and shares changes.

For the MSCI Emerging Markets Index there were no

additions and one deletion. Two-way index turnover

was minimal.


indexes at the end of May 2012. These changes

included normal investment review changes such as

additions, deletions, and float and shares changes. For

the MSCI Emerging Markets Index 23 additions and 20

deletions were seen.

The index changes were carefully traded to

minimise cost and deviation from the benchmark and

were used as an opportunity to equitise some of the

futures exposure.

Northern Trust Global Investments Limited

Investment Manager

July 2012

NORThERN TRUST EMERGING MARKETS EQUITY INDEX FUND INVESTMENT REVIEWSIX MONThS ENDED 30 JUNE 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

Financial assets at fair value through profit or loss

EqUITIES: 98.18% (31 DEC 2011: 99.08%)

Brazil: 12.91% (31 Dec 2011: 14.80%)

2,400 AES Tiete Pref 33,994 0.04

11,900 All America Latina Logistica 49,995 0.06

3,939 Amil Participacoes 39,225 0.05

2,728 Anhanguera Educacional Participacoes 34,599 0.04

47,128 Banco Bradesco Pref 699,057 0.83

14,538 Banco do Brasil 140,666 0.17

4,300 Banco do Estado do Rio Grande do Sul Pref Class B 30,251 0.04

18,200 Banco Santander Brasil 138,859 0.16

43,345 BM&FBovespa 220,113 0.26

10,720 BR Malls Participacoes 122,153 0.14

4,300 BR Properties 50,489 0.06

5,800 Bradespar Pref 94,653 0.11

3,900 Braskem Pref Class A 25,853 0.03

16,500 BRF - Brasil Foods 248,426 0.29

22,400 CCR 181,224 0.21

7,000 Centrais Eletricas Brasileiras 49,419 0.06

5,900 Centrais Eletricas Brasileiras Pref Class B 57,058 0.07

4,817 CETIP- Mercados Organizados 59,901 0.07

2,600 Cia Brasileira de Distribuicao Grupo Pao de Acucar Pref 103,049 0.12

18,577 Cia de Bebidas das Americas Pref 711,438 0.84

48 Cia de Bebidas das Americas Receipt 1,784 -

2,700 Cia de Saneamento Basico do Estado de Sao Paulo 103,000 0.12

1,400 Cia de Saneamento de Minas Gerais-COPASA 30,172 0.04

700 Cia de Transmissao de Energia Eletrica Paulista Pref 22,230 0.03

11,975 Cia Energetica de Minas Gerais Pref 222,657 0.26

3,900 Cia Energetica de Sao Paulo Pref Class B 70,911 0.08

3,411 Cia Hering 64,386 0.08

2,500 Cia Paranaense de Energia Pref 54,745 0.06

19,000 Cia Siderurgica Nacional 107,122 0.13

7,488 Cielo 219,174 0.26

2,700 CosanIndustria e Comercio 41,454 0.05

5,800 CPFL Energia 72,987 0.09

8,300 Cyrela Brazil RealtyEmpreendimentos e Participacoes 60,859 0.07

NORTHERN TRUST EMERGING MARKETS EqUITY INDEX FUND PORTFOLIO AND STATEMENT OF INVESTMENTS

As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

6,541 Diagnosticos da America 42,808 0.05

5,880 Duratex 30,967 0.04

4,880 EcoRodovias Infraestrutura e Logistica 39,094 0.05

5,280 EDP - Energias do Brasil 33,719 0.04

2,200 Eletropaulo Metropolitana Eletricidade de Sao Paulo Pref 27,619 0.03

13,300 Embraer 88,032 0.10

5,700 Fibria Celulose 42,020 0.05

22,059 Gerdau Pref 193,438 0.23

5,000 HRT Participacoes em Petroleo 15,507 0.02

8,252 Hypermarcas 48,528 0.06

56,300 Itau Unibanco Pref 789,084 0.93

61,981 Itausa - Investimentos Itau Pref 261,011 0.31

9,958 JBS 29,749 0.04

10,100 Klabin Pref 45,535 0.05

1,500 Light 18,430 0.02

2,899 Localiza Rent a Car 43,590 0.05

11,018 Lojas Americanas Pref 72,327 0.09

2,888 Lojas Renner 80,626 0.10

6,200 Metalurgica Gerdau Pref 68,007 0.08

4,427 MMX Mineracao e Metalicos 12,831 0.02

1,300 MPX Energia 19,837 0.02

7,100 MRV Engenharia e Participacoes 32,713 0.04

1,748 Multiplan Empreendimentos Imobiliarios 42,573 0.05

1,100 Multiplus 25,706 0.03

4,100 Natura Cosmeticos 95,469 0.11

2,500 Obrascon Huarte Lain Brasil 22,109 0.03

5,565 Odontoprev 28,122 0.03

32,700 OGX Petroleo e Gas Participacoes 89,103 0.11

6,218 Oi 29,112 0.03

19,774 Oi Pref 80,822 0.10

28,398 PDG RealtyEmpreendimentos e Participacoes 49,383 0.06

73,639 Petroleo Brasileiro 689,528 0.81

104,018 Petroleo Brasileiro Pref 940,488 1.11

3,600 Porto Seguro 30,516 0.04

4,439 Raia Drogasil 44,534 0.05

8,800 Redecard 143,219 0.17

9,000 Souza Cruz 131,447 0.16


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

3,764 Sul America 29,091 0.03

7,495 Telefonica Brasil Pref 185,588 0.22

19,600 Tim Participacoes 108,368 0.13

2,680 Totvs 51,384 0.06

4,000 Tractebel Energia 73,621 0.09

8,300 Ultrapar Participacoes 185,865 0.22

8,700 Usinas Siderurgicas de Minas Gerais Pref Class A 27,241 0.03

32,100 Vale 638,199 0.75

47,500 Vale Indonesia 13,528 0.02

49,500 Vale Pref 960,351 1.13

Total Brazil 10,912,742 12.91

Chile: 1.95% (31 Dec 2011: 1.74%)

58,040 AES Gener 33,352 0.04

58,469 Aguas Andinas Class A 36,081 0.04

425,722 Banco de Chile 59,981 0.07

750 Banco de Credito e Inversiones 46,520 0.05

1,618,099 Banco Santander Chile 120,286 0.14

1,790 CAP 65,902 0.08

21,618 Cencosud 118,923 0.14

2,320 Cencosud Rts 756 -

3,052 Cia Cervecerias Unidas 38,151 0.05

168,025 Colbun 46,437 0.05

2,277,878 Corpbanca 28,670 0.03

13,845 E.CL 32,820 0.04

83,375 Empresa Nacional de Electricidad 140,949 0.17

28,510 Empresas CMPC 113,370 0.13

11,729 Empresas COPEC 172,559 0.20

333,867 Enersis 125,232 0.15

2,550 ENTEL Chile 47,540 0.06

4,434 Lan Airlines 116,098 0.14

1,683 Latam Airlines - Depositary Receipt 43,692 0.05

11,446 SACI Falabella 105,755 0.13

2,469 Sociedad Quimica y Minera de Chile Pref Class B 137,287 0.16

11,634 Vina Concha y Toro 22,690 0.03

Total Chile 1,653,051 1.95


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

Colombia: 1.21% (31 Dec 2011: 0.95%)

4,611 Almacenes Exito 76,316 0.09

2,140 Banco Davivienda Pref 26,378 0.03

5,494 Bancolombia 83,050 0.10

7,939 Bancolombia Pref 123,658 0.15

6,897 Cementos Argos 27,050 0.03

122,498 Ecopetrol 342,141 0.41

1,723 Financiera Colombiana 29,251 0.03

36 Financiera Colombiana - Non Dividend 547 -

32,236 Grupo Aval Acciones y Valores Pref 20,680 0.03

5,568 Grupo de Inversiones Suramericana 96,398 0.11

1,627 Grupo de Inversiones Suramericana Pref 29,627 0.03

9,018 Interconexion Electrica 58,611 0.07

6,957 Inversiones Argos 64,316 0.08

2,138 Inversiones Argos Pref 19,166 0.02

21,357 Isagen 29,317 0.03

Total Colombia 1,026,506 1.21

Czech Republic: 0.30% (31 Dec 2011: 0.35%)

3,900 CEZ 135,089 0.16

365 Komercni Banka 63,496 0.08

2,700 Telefonica Czech Republic 51,667 0.06

Total Czech Republic 250,252 0.30

Egypt: 0.33% (31 Dec 2011: 0.31%)

13,897 Commercial International Bank Egypt 59,685 0.07

6,876 Egyptian Financial Group-Hermes 11,520 0.01

16,083 Egyptian Kuwaiti Class C 18,817 0.02

3,853 National Societe Generale Bank 18,443 0.02

2,279 Orascom Construction Industries 93,504 0.11

63,554 Orascom Telecom 32,204 0.04

63,554 Orascom Telecom Media And Technology 15,525 0.02

25,160 Talaat Moustafa 18,356 0.02

8,178 Telecom Egypt 18,088 0.02

Total Egypt 286,142 0.33


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

Hong Kong: 0.87% (31 Dec 2011: 5.16%)

115,000 Belle International 194,512 0.23

68,000 Bosideng International 17,445 0.02

77,818 China Gas 38,724 0.05

33,000 China Mengniu Dairy Class C 86,575 0.10

56,429 China Resources Cement 32,591 0.04

48,000 China Resources Land 97,772 0.12

40,948 Far East Horizon 28,770 0.03

187,952 GCL-Poly Energy 40,707 0.05

259,000 GOME Electrical Appliances 34,058 0.04

19,000 Haier Electronics Class C 22,633 0.03

60,130 Hengdeli 18,914 0.02

47,000 Huabao International 22,904 0.03

14,000 Kingboard Chemical 26,928 0.03

41,367 Lee & Man Paper Manufacturing 16,479 0.02

37,137 Minmetals Resources 15,464 0.02

66,000 Shougang Fushan Resources 16,932 0.02

21,000 Yingde Gases 19,113 0.02

Total Hong Kong 730,521 0.87

Hungary: 0.29% (31 Dec 2011: 0.29%)

11,240 Magyar Telekom Telecommunications 22,163 0.03

1,068 MOL Hungarian Oil and Gas 77,311 0.09

5,378 OTP Bank 85,266 0.10

335 Richter Gedeon Nyrt 55,344 0.07

Total Hungary 240,084 0.29

India: 6.38% (31 Dec 2011: 6.11%)

1,185 ACC 26,912 0.03

5,411 Adani Enterprises 21,553 0.03

10,645 Adani Ports and Special Economic Zone 23,097 0.03

771 Aditya Birla Nuvo 11,143 0.01

13,739 Ambuja Cements 42,827 0.05

632 Asian Paints 44,015 0.05

5,826 Axis Bank 105,987 0.13

2,144 Bajaj Auto 60,396 0.07

1,594 Bank of Baroda 20,923 0.02


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

3,208 Bank of India 19,940 0.02

15,555 Bharat Heavy Electricals 64,758 0.08

1,957 Bharat Petroleum 26,075 0.03

13,676 Bharti Airtel 74,718 0.09

4,377 Cairn India 24,109 0.03

1,760 Canara Bank 13,007 0.02

7,188 Cipla /India 40,752 0.05

11,831 Coal India 73,484 0.09

11,135 Dabur India 22,844 0.03

9,187 DLF 32,669 0.04

2,281 Dr Reddy's Laboratories 67,272 0.08

10,575 GAIL India 66,687 0.08

16,543 GMR Infrastructure 7,437 0.01

2,561 Godrej Consumer Products 26,344 0.03

1,499 HCL Technologies 12,791 0.02

38,341 HDFC Bank 386,981 0.46

893 Hero Motocorp 34,377 0.04

29,216 Hindalco Industries 62,738 0.07

22,367 Hindustan Unilever 182,069 0.22

27,547 Housing Development Finance 322,266 0.38

10,330 ICICI Bank 166,416 0.20

15,912 Idea Cellular 21,602 0.03

10,628 Infosys 477,618 0.56

27,319 Infrastructure Development Finance 66,616 0.08

52,618 ITC 243,983 0.29

21,341 Jaiprakash Associates 28,093 0.03

9,802 Jindal Steel & Power 82,571 0.10

1,717 JSW Steel 20,902 0.02

7,602 Kotak Mahindra Bank 80,642 0.10

5,349 Larsen & Toubro 133,909 0.16

7,541 LIC Housing Finance 36,466 0.04

3,191 Lupin 30,698 0.04

7,975 Mahindra & Mahindra 101,018 0.12

811 Maruti Suzuki India 16,991 0.02

12,671 NTPC 36,185 0.04

18,839 Oil & Natural Gas 96,110 0.11

2,292 Piramal Healthcare 21,670 0.03


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

5,569 Power Finance 17,829 0.02

32,163 Power Grid of India 65,409 0.08

2,838 Ranbaxy Laboratories 24,934 0.03

2,216 Reliance Capital 14,226 0.02

13,966 Reliance Communications 15,883 0.02

32,214 Reliance Industries 425,703 0.50

2,286 Reliance Infrastructure 22,856 0.03

12,483 Reliance Power 23,888 0.03

6,017 Rural Electrification 20,669 0.02

11,929 Satyam Computer Services 16,782 0.02

10,165 Sesa Goa 34,891 0.04

2,737 Shriram Transport Finance 25,980 0.03

1,938 Siemens 25,473 0.03

3,341 State Bank of India 129,188 0.15

35,862 Sterlite Industries India 65,963 0.08

8,163 Sun Pharmaceutical Industries 92,953 0.11

11,880 Tata Consultancy Services 271,930 0.32

36,318 Tata Motors 157,702 0.19

23,173 Tata Power 43,453 0.05

8,026 Tata Steel 63,456 0.07

5,500 Titan Industries 22,006 0.03

1,569 Ultratech Cement 42,615 0.05

26,939 Unitech 10,639 0.01

4,858 United Phosphorus 10,954 0.01

2,505 United Spirits 30,793 0.04

13,162 Wipro 94,210 0.11

11,238 Zee Entertainment Enterprises 29,547 0.03

Total India 5,379,593 6.38

Indonesia: 2.68% (31 Dec 2011: 2.95%)

336,000 Adaro Energy 51,871 0.06

9,500 Astra Agro Lestari 20,279 0.02

505,000 Astra International 368,299 0.44

303,000 Bank Central Asia 235,496 0.28

79,091 Bank Danamon Indonesia 50,524 0.06

226,365 Bank Mandiri Persero 173,524 0.20

197,606 Bank Negara Indonesia Persero 80,473 0.10


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

271,000 Bank Rakyat Indonesia Persero 183,215 0.22

337,000 Bumi Resources 39,826 0.05

179,005 Charoen Pokphand Indonesia 65,275 0.08

11,500 Gudang Garam 75,299 0.09

11,500 Indo Tambangraya Megah 44,017 0.05

35,500 Indocement Tunggal Prakarsa 65,576 0.08

105,000 Indofood Sukses Makmur 54,219 0.06

32,500 Indosat 14,965 0.02

51,750 Jasa Marga Persero 29,752 0.04

130,619 Kalbe Farma 52,498 0.06

269,000 Perusahaan Gas Negara Persero 100,956 0.12

72,000 Semen Gresik Persero 86,622 0.10

19,500 Tambang Batubara Bukit Asam Persero 30,415 0.04

254,000 Telekomunikasi Indonesia Persero 220,399 0.26

36,500 Unilever Indonesia 88,991 0.11

40,363 United Tractors 91,749 0.11

42,163 XL Axiata 27,607 0.03

Total Indonesia 2,251,847 2.68

Malaysia: 3.49% (31 Dec 2011: 3.61%)

25,600 AirAsia 28,780 0.03

22,200 Alliance Financial 29,083 0.03

38,600 AMMB 76,459 0.09

60,700 Axiata 104,560 0.12

70,200 Berjaya Corp 17,354 0.02

17,800 Berjaya Sports Toto 24,103 0.03

2,500 British American Tobacco Malaysia 44,088 0.05

27,700 Bumi Armada 34,892 0.04

121,300 CIMB 289,164 0.34

84,000 DiGi.Com 112,423 0.13

43,425 Gamuda 47,863 0.06

52,000 Genting 154,420 0.18

75,100 Genting Malaysia 85,139 0.10

5,400 Genting Plantations 15,815 0.02

13,680 Hong Leong Bank 53,591 0.06

6,300 Hong Leong Financial 24,283 0.03

26,800 IJM Corp 42,367 0.05


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

80,500 IOI Corp 131,568 0.16

11,500 Kuala Lumpur Kepong 83,077 0.10

8,100 Lafarge Malayan Cement 18,621 0.02

88,127 Malayan Banking 241,444 0.29

12,123 Malaysia Airports 21,226 0.03

11,192 Malaysia Marine and Heavy Engineering Class E 18,680 0.02

43,900 Maxis 88,339 0.11

30,840 MISC 44,772 0.05

22,600 MMC Corp 18,504 0.02

12,524 Parkson 18,063 0.02

66,600 Petronas Chemicals 135,696 0.16

5,900 Petronas Dagangan 39,203 0.05

15,000 Petronas Gas 85,026 0.10

12,200 PPB 61,394 0.07

322 Public Bank 1,395 -

26,400 Public Bank - Foreign Market 114,562 0.14

17,497 RHB Capital 40,774 0.05

56,000 Sapurakencana Petroleum 38,797 0.05

69,200 Sime Darby 215,521 0.25

11,900 SP Setia 14,015 0.02

24,700 Telekom Malaysia 43,947 0.05

67,750 Tenaga Nasional 143,799 0.17

28,716 UEM Land 18,809 0.02

13,300 UMW 38,239 0.05

111,466 YTL Corp 70,906 0.08

49,600 YTL Power International 27,490 0.03

Total Malaysia 2,958,251 3.49

Mexico: 4.95% (31 Dec 2011: 4.70%)

7,000 Alfa Class A 111,184 0.13

980,222 America Movil Series L 1,269,640 1.50

7,582 Arca Continental Class C 43,789 0.05

271,383 Cemex 181,314 0.21

10,663 Coca-Cola Femsa Series L 138,558 0.16

32,516 Compartamos Class C 38,072 0.04

3,800 El Puerto de Liverpool Class C 31,779 0.04

48,600 Fomento Economico Mexicano 430,873 0.51


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

6,400 Grupo Aeroportuario del Pacifico Class B 25,165 0.03

42,300 Grupo Bimbo Class A 103,183 0.12

13,000 Grupo Carso Class A Series A 41,936 0.05

45,119 Grupo Financiero Banorte 232,385 0.27

48,100 Grupo Financiero Inbursa 108,661 0.13

96,447 Grupo Mexico Class B Series B 284,401 0.34

16,400 Grupo Modelo Class C Series C 144,090 0.17

62,600 Grupo Televisa SAB Series C 267,682 0.32

3,595 Industrias Penoles Class C 153,824 0.18

42,000 Kimberly-Clark de Mexico Class A 81,992 0.10

20,309 Mexichem 86,722 0.10

17,400 Minera Frisco Class A 72,784 0.09

129,700 Wal-Mart de Mexico 345,360 0.41

Total Mexico 4,193,394 4.95

Morocco: 0.09% (31 Dec 2011: 0.15%)

693 Attijariwafa Bank 26,632 0.03

2,641 Douja Promotion Groupe Addoha 20,292 0.02

2,336 Maroc Telecom 29,709 0.04

Total Morocco 76,633 0.09

People's Republic of China: 16.68% (31 Dec 2011: 12.59%)

40,000 Agile Property 51,206 0.06

517,306 Agricultural Bank of China 206,073 0.24

52,000 Air China 30,435 0.04

94,000 Aluminumof China 39,990 0.05

26,000 Angang Steel 14,145 0.02

30,000 Anhui Conch Cement 81,025 0.10

23,000 Anta Sports Products 13,877 0.02

39,274 AviChina Industry & Technology 12,911 0.02

1,838,100 Bank of China 696,676 0.82

188,570 Bank of Communications 126,170 0.15

34,000 BBMG 23,538 0.03

44,000 Beijing Capital International Airport 26,660 0.03

12,000 Beijing Enterprises 71,936 0.08

61,160 Brilliance China Automotive 53,143 0.06

11,500 Byd 21,675 0.03


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

37,000 China Agri-Industries 20,177 0.02

40,000 China BlueChemical 22,690 0.03

198,400 China Citic Bank 101,031 0.12

98,000 China Coal Energy 80,100 0.09

107,000 China Communications Construction 93,387 0.11

50,400 China Communications Services 24,820 0.03

1,763,640 China Construction Bank 1,202,763 1.42

58,500 China COSCO 25,793 0.03

18,000 China Everbright 25,340 0.03

17,100 China International Marine Containers Class B 21,736 0.03

184,000 China Life Insurance 473,471 0.56

58,000 China Longyuan Power 37,760 0.04

99,705 China Merchants Bank 185,866 0.22

28,566 China Merchants International 86,359 0.10

129,485 China Minsheng Banking 114,681 0.14

149,500 China Mobile 1,633,411 1.93

70,000 China National Building Material 74,811 0.09

36,000 China Oilfield Services 51,423 0.06

104,000 China Overseas Land & Investment 241,067 0.28

42,300 China Pacific Insurance 135,786 0.16

414,000 China Petroleum & Chemical 367,201 0.43

91,000 China Railway 37,776 0.04

44,500 China Railway Construction 36,773 0.04

32,000 China Resources Enterprise 94,678 0.11

18,000 China Resources Gas 30,956 0.04

46,800 China Resources Power 95,931 0.11

75,079 China Rongsheng Heavy Industries 17,326 0.02

48,446 China Shanshui Cement 32,789 0.04

86,000 China Shenhua Energy 299,903 0.35

81,000 China Shipping Container Lines 19,318 0.02

30,000 China Shipping Development 13,923 0.02

37,505 China Southern Airlines 16,439 0.02

44,610 China State Construction International 41,695 0.05

18,400 China Taiping Insurance 29,746 0.04

352,000 China Telecom 152,928 0.18

114,000 China Unicom Hong Kong 143,440 0.17

28,300 China Vanke Class B 37,068 0.04


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

37,000 China Yurun Food 32,197 0.04

23,000 China ZhengTong Auto Services 12,098 0.01

59,200 China Zhongwang 22,591 0.03

54,079 Chongqing Rural Commercial Bank 21,682 0.03

34,000 Citic Pacific 51,284 0.06

12,000 CITIC Securities 25,155 0.03

443,000 CNOOC 879,507 1.04

38,000 COSCO Pacific 51,438 0.06

102,812 Country Garden Class C 40,161 0.05

19,800 CSG Class B 13,248 0.02

46,000 CSR 35,522 0.04

17,000 Dah Chong Hong 15,122 0.02

24,160 Daphne International 24,357 0.03

76,000 Datang International Power Generation 29,785 0.04

8,000 Dongfang Electric - Class H 16,171 0.02

66,147 Dongfeng Motor 101,478 0.12

23,950 Dongyue 11,083 0.01

18,000 ENN Energy 62,886 0.07

138,296 Evergrande Real Estate 70,068 0.08

38,500 Fosun International 19,953 0.02

76,000 Franshion Properties China 22,829 0.03

85,000 Geely Automobile 29,587 0.03

16,000 Golden Eagle Retail 32,467 0.04

25,650 Great Wall Motor 50,858 0.06

60,000 Guangdong Investment 43,162 0.05

54,987 Guangzhou Automobile 45,652 0.05

23,200 Guangzhou R&F Properties 30,447 0.04

18,500 Hengan International 178,755 0.21

74,000 Huaneng Power International 55,523 0.07

1,590,150 Industrial & Commercial Bank of China 879,448 1.04

15,500 Inner Mongolia Yitai Coal Class B 87,513 0.10

30,320 Intime Department Store 29,707 0.04

28,000 Jiangsu Expressway 26,134 0.03

33,000 Jiangxi Copper 72,068 0.09

74,000 Kunlun Energy 117,723 0.14

152,000 Lenovo 128,155 0.15

31,034 Longfor Properties 48,250 0.06


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

37,141 Lonking 8,810 0.01

58,000 Metallurgicalof China Class H 12,336 0.01

38,000 Nine Dragons Paper 21,114 0.02

35,500 Parkson Retail 31,395 0.04

522,000 PetroChina 669,589 0.79

63,800 PICC Property & Casualty 71,311 0.08

43,500 Ping An Insurance Group 346,010 0.41

46,586 Poly Hong Kong Investments 24,924 0.03

28,810 Sany Heavy Equipment International 15,376 0.02

40,000 Shandong Weigao Medical Polymer 44,039 0.05

68,000 Shanghai Electric 27,439 0.03

13,000 Shanghai Industrial 34,189 0.04

8,900 Shanghai Pharmaceuticals 11,095 0.01

38,000 Shimao Property 58,003 0.07

69,570 Shui On Land 28,162 0.03

54,085 Sihuan Pharmaceutical 19,523 0.02

85,490 Sino-Ocean Land 42,211 0.05

56,000 Sinopec Shanghai Petrochemical 16,316 0.02

17,555 Sinopharm 48,205 0.06

49,500 Soho China 37,651 0.04

47,500 Sun Art Retail 51,990 0.06

25,100 Tencent 731,302 0.86

48,000 Tingyi Cayman Islands Class C 122,648 0.14

8,000 Tsingtao Brewery 45,431 0.05

24,000 Uni-President China 22,277 0.03

150,000 Want Want China 183,709 0.22

10,000 Weichai Power 39,385 0.05

15,230 Wumart Stores 30,787 0.04

52,000 Yanzhou Coal Mining 80,311 0.09

115,312 Yuexiu Property 27,948 0.03

19,222 Zhaojin Mining Industry 25,028 0.03

34,000 Zhejiang Expressway 22,398 0.03

12,000 Zhongsheng 14,465 0.02

11,232 Zhuzhou CSR Times Electric 30,336 0.04

144,000 Zijin Mining 48,267 0.06

33,000 Zoomlion Heavy Industry Science and Technology 41,650 0.05

17,680 ZTE 34,052 0.04

Total People's Republic of China 14,123,568 16.68


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

Peru: 0.51% (31 Dec 2011: 0.48%)

4,700 Cia de Minas Buenaventura ADR 178,506 0.21

1,700 Credicorp 214,013 0.25

39,482 Volcan Cia Minera SAA Class B - Lima 44,306 0.05

Total Peru 436,825 0.51

Philippines: 0.90% (31 Dec 2011: 0.66%)

43,100 Aboitiz Equity Ventures 50,071 0.06

45,388 Aboitiz Power 36,787 0.04

82,711 Alliance Global Group 22,653 0.03

4,992 Ayala 55,589 0.07

124,200 Ayala Land 63,670 0.08

18,984 Bank of the Philippine Islands 33,611 0.04

29,402 BDO Unibank 44,241 0.05

20,570 DMCI 27,778 0.03

179,000 Energy Development 25,617 0.03

790 Globe Telecom 20,905 0.02

16,890 International Container Terminal Services 29,463 0.03

9,900 Jollibee Foods 24,483 0.03

6,650 Manila Electric 39,993 0.05

9,400 Metropolitan Bank & Trust 20,636 0.02

1,015 Philippine Long Distance Telephone 63,836 0.08

11,560 San Miguel 31,277 0.04

5,360 SM Investments 92,863 0.11

174,275 SM Prime 53,852 0.06

19,670 Universal Robina 29,387 0.03

Total Philippines 766,712 0.90

Poland: 1.42% (31 Dec 2011: 1.28%)

1,563 Asseco Poland 22,855 0.03

782 Bank Handlowy w Warszawie 18,933 0.02

10,170 Bank Millennium 11,245 0.01

2,874 Bank Pekao 130,468 0.15

349 BRE Bank 31,048 0.04

5,246 Cyfrowy Polsat 22,950 0.03

2,873 Enea 13,662 0.02

1,432 Eurocash 17,593 0.02


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

1,816 Grupa Lotos 15,182 0.02

1,085 Jastrzebska Spolka Weglowa 32,511 0.04

3,421 KGHM Polska Miedz 148,637 0.18

1,138 Kernel 20,784 0.02

18,264 PGE 106,389 0.13

7,684 Polski Koncern Naftowy Orlen S.A. 86,135 0.10

47,540 Polskie Gornictwo Naftowe i Gazownictwo Class I 59,117 0.07

15,067 Powszechna Kasa Oszczednosci Bank Polski 156,210 0.18

1,408 Powszechny Zaklad Ubezpieczen 140,914 0.17

16,037 Synthos 28,496 0.03

24,307 Tauron Polska Energia 33,285 0.04

19,434 Telekomunikacja Polska 90,668 0.11

3,261 TVN 8,550 0.01

Total Poland 1,195,632 1.42

Republic of South Korea: 14.88% (31 Dec 2011: 14.84%)

77 Amorepacific 71,531 0.08

4,180 BS Financial Group 46,167 0.05

2,641 Celltrion 69,867 0.08

1,192 Cheil Industries 103,969 0.12

299 CJ 20,858 0.02

185 CJ CheilJedang 52,576 0.06

667 Daelim Industrial 52,528 0.06

2,830 Daewoo Engineering & Construction 21,645 0.03

785 Daewoo International 22,618 0.03

4,622 Daewoo Securities 42,372 0.05

2,290 Daewoo Shipbuilding & Marine Engineering 52,384 0.06

3,300 DGB Financial Group 39,905 0.05

930 Dongbu Insurance 34,063 0.04

890 Dongkuk Steel Mill 11,889 0.01

238 Doosan 26,910 0.03

1,120 Doosan Heavy Industries & Construction 56,227 0.07

2,660 Doosan Infracore 42,617 0.05

544 E-Mart 118,741 0.14

1,220 GS 55,389 0.07

855 GS Engineering & Construction 56,958 0.07

5,590 Hana Financial Group 176,678 0.21


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

2,210 Hankook Tire 87,408 0.10

1,170 Hanwha 28,756 0.03

2,270 Hanwha Chemical 41,819 0.05

343 Honam Petrochemical 70,825 0.08

547 Hyosung 26,124 0.03

354 Hyundai Department Store Class C 43,889 0.05

1,350 Hyundai Development 28,465 0.03

1,733 Hyundai Engineering & Construction 98,350 0.12

298 Hyundai Glovis 56,590 0.07

1,058 Hyundai Heavy Industries 237,862 0.28

983 Hyundai Hysco 34,974 0.04

1,471 Hyundai Marine & Fire Insurance Class C 38,016 0.04

810 Hyundai Merchant Marine 17,716 0.02

263 Hyundai Mipo Dockyard 27,096 0.03

1,683 Hyundai Mobis 403,356 0.48

3,807 Hyundai Motor Class C 772,801 0.91

540 Hyundai Motor Pref 31,259 0.04

900 Hyundai Motor 2nd Pref 58,541 0.07

2,850 Hyundai Securities Class C 21,126 0.02

1,405 Hyundai Steel Class C 103,043 0.12

384 Hyundai Wia 56,660 0.07

3,910 Industrial Bank of Korea 43,526 0.05

2,310 Kangwon Land 49,110 0.06

9,240 KB Financial Group 297,687 0.35

113 KCC 27,427 0.03

6,505 Kia Motors 424,258 0.50

1,110 Korea Aerospace Industries 28,493 0.03

6,520 Korea Electric Power 146,015 0.17

6,180 Korea Exchange Bank 43,975 0.05

550 Korea Gas 19,448 0.02

890 Korea Investment Class C 29,528 0.03

4,010 Korea Life Insurance 22,512 0.03

203 Korea Zinc 68,237 0.08

860 Korean Air Lines 37,768 0.04

1,060 KP Chemical 12,263 0.01

720 KT 19,079 0.02

2,797 KT&G 198,294 0.23


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

281 Kumho Petro chemical 29,441 0.03

2,423 LG 116,353 0.14

1,141 LG Chem 290,891 0.34

144 LG Chem Pref 11,102 0.01

6,080 LG Display 113,335 0.13

2,638 LG Electronics 140,497 0.17

229 LG Household & Health Care 123,362 0.15

243 LG Innotek 18,946 0.02

5,355 LG Uplus 25,902 0.03

17 Lotte Confectionery 23,214 0.03

259 Lotte Shopping Class C 70,440 0.08

424 LS 31,726 0.04

395 LS Industrial Systems 22,313 0.03

319 Mando 47,069 0.06

682 Mirae Asset Securities 18,459 0.02

404 NCSoft 96,295 0.11

1,039 NHN 226,787 0.27

382 OCI 75,209 0.09

87 Orion Corp/Republic of South Korea 72,009 0.09

1,599 POSCO 507,475 0.60

479 S1 24,047 0.03

3,170 Samsung C&T 181,008 0.21

1,236 Samsung Card Class C 34,425 0.04

1,462 Samsung Electro-Mechanics Class C 135,305 0.16

2,725 Samsung Electronics 2,857,402 3.38

504 Samsung Electronics Pref 329,590 0.39

721 Samsung Engineering 112,996 0.13

904 Samsung Fire & Marine Insurance 178,377 0.21

4,110 Samsung Heavy Industries 133,848 0.16

1,433 Samsung Life Insurance 116,482 0.14

870 Samsung SDI 115,078 0.14

1,344 Samsung Securities 57,440 0.07

891 Samsung Techwin 59,978 0.07

10,544 Shinhan Financial 365,475 0.43

163 Shinsegae 29,886 0.04

684 SK 79,129 0.09


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

542 SK C&C 50,398 0.06

12,750 SK Hynix 265,497 0.31

1,518 SK Innovation 182,900 0.22

3,370 SK Networks 25,481 0.03

211 SK Telecom 23,028 0.03

1,131 S-Oil 89,662 0.11

3,330 STX Pan Ocean 13,083 0.02

1,200 Woongjin Coway 37,299 0.04

8,500 Woori Finance Class C 92,395 0.11

2,792 Woori Investment & Securities 26,936 0.03

226 Yuhan 26,342 0.03

Total Republic of South Korea 12,632,500 14.88

Russian Federation: 5.83% (31 Dec 2011: 6.27%)

36 AK Transneft Pref 52,163 0.06

7,755,941 Federal GridUnified Energy System 46,794 0.06

21,437 Federal Hydrogenerating ADR 51,213 0.06

684,229 Federal Hydrogenerating Class C 16,622 0.02

22,924 Gazprom 108,667 0.13

120,502 Gazprom ADR 1,136,334 1.34

420,096 IDGC 26,046 0.03

46,695,820 Inter Rao Ues 40,309 0.05

4,202 LSR GDR 18,022 0.02

2,469 Lukoil 137,140 0.16

10,070 Lukoil ADR 561,403 0.66

139 Magnit 17,027 0.02

5,721 Magnit GDR 172,088 0.20

3,300 Mechel ADR 21,285 0.03

1,180 MMC Norilsk Nickel 195,570 0.23

13,199 Mobile Telesystems ADR 227,023 0.27

2,285 NovaTek GDR 242,210 0.29

1,661 Novolipetsk Steel GDR 27,058 0.03

3,762 Rosneft Oil 23,697 0.03

27,639 Rosneft Oil GDR 173,020 0.20

27,888 Rostelecom 100,163 0.12

184,432 Sberbank of Russia 491,204 0.58


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

7,228 Sberbank of Russia ADR 76,490 0.09

23,145 Sberbank of Russia Pref 44,611 0.05

1,166 Severstal 13,617 0.02

2,969 Severstal GDR 34,826 0.04

2,922 Sistema JSFC GDR 54,525 0.06

25,275 Surgutneftegas 20,842 0.02

15,435 Surgutneftegas ADR 127,647 0.15

153,890 Surgutneftegas Pref 88,386 0.10

6,015 Tatneft 33,416 0.04

4,962 Tatneft ADR 166,475 0.20

1,307 TMK GDR 15,684 0.02

17,226 Uralkali 131,927 0.16

3,562 Uralkali GDR 136,353 0.16

11,945,744 VTB Bank 21,029 0.02

26,976 VTB Bank GDR 95,225 0.11

Total Russian Federation 4,946,111 5.83

South Africa: 7.80% (31 Dec 2011: 7.73%)

7,101 ABSA 122,597 0.14

19,463 African Bank Investments 86,410 0.10

2,540 African Rainbow Minerals 51,561 0.06

1,694 Anglo American Platinum 100,414 0.12

9,388 AngloGold Ashanti 320,261 0.38

4,271 ArcelorMittal South Africa 27,364 0.03

7,700 Aspen Pharmacare 118,487 0.14

660 Assore 24,121 0.03

10,805 Aveng 47,297 0.06

5,221 Barloworld 51,709 0.06

6,726 Bidvest 149,677 0.18

6,381 Discovery 40,571 0.05

2,986 Exxaro Resources 69,395 0.08

74,107 FirstRand 239,125 0.28

4,897 Foschini Group 76,648 0.09

17,716 Gold Fields 224,956 0.27

43,910 Growthpoint Properties 123,486 0.15

10,071 Harmony Gold Mining 94,202 0.11

13,488 Impala Platinum 223,055 0.26


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

4,338 Imperial 91,231 0.11

5,149 Investec 30,226 0.04

1,919 Kumba Iron Ore 128,719 0.15

2,741 Liberty 29,057 0.03

21,617 Life Healthcare 82,281 0.10

2,902 Massmart 59,892 0.07

24,141 MMI 53,132 0.06

5,807 Mr Price 79,467 0.09

41,948 MTN 722,787 0.85

9,556 Naspers 508,255 0.60

5,186 Nedbank 110,264 0.13

22,193 Netcare 43,417 0.05

5,622 Northam Platinum 15,982 0.02

5,456 Pick n Pay Stores 29,286 0.03

11,935 Pretoria Portland Cement Class C 39,037 0.05

61,357 Redefine Properties 64,294 0.08

11,214 Remgro 180,293 0.21

4,250 Reunert 35,337 0.04

17,378 RMB 74,114 0.09

17,378 RMI 36,908 0.04

42,352 Sanlam 185,130 0.22

12,223 Sappi 41,025 0.05

13,482 Sasol 564,436 0.67

10,649 Shoprite 196,183 0.23

4,390 Spar Group 60,999 0.07

29,055 Standard Bank 392,705 0.46

28,280 Steinhoff International 85,236 0.10

4,169 Tiger Brands 124,884 0.15

11,243 Truworths International 123,063 0.15

8,911 Vodacom 101,221 0.12

20,737 Woolworths 127,386 0.15

Total South Africa 6,607,583 7.80

Taiwan: 10.81% (31 Dec 2011: 10.79%)

59,059 Acer 60,867 0.07

130,495 Advanced Semiconductor Engineering 106,763 0.13

7,700 Advantech 25,405 0.03


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

2,000 Airtac International 11,377 0.01

53,182 Asia Cement 66,644 0.08

16,287 Asustek Computer 147,965 0.17

178,000 AU Optronics 71,772 0.08

53,795 Capital Securities 17,893 0.02

14,000 Catcher Technology 92,990 0.11

170,799 Cathay Financial Class C 167,170 0.20

109,000 Chang Hwa Commercial Bank 57,263 0.07

39,300 Cheng Shin Rubber Industry 98,628 0.12

8,160 Cheng Uei Precision Industry 16,081 0.02

9,780 Chicony Electronics 17,934 0.02

141,170 Chimei Innolux 58,102 0.07

82,362 China Airlines 36,930 0.04

228,402 China Development Financial 53,805 0.06

36,664 China Life Insurance 34,106 0.04

18,000 China Motor 16,262 0.02

33,500 China Petrochemical Development 28,024 0.03

284,500 China Steel 266,555 0.31

259,483 Chinatrust Financial 147,606 0.17

95,400 Chunghwa Telecom 300,070 0.35

11,000 Clevo 15,790 0.02

109,696 Compal Electronics 100,391 0.12

14,000 CTCI 26,047 0.03

46,500 Delta Electronics 141,437 0.17

18,000 E Ink 19,726 0.02

87,484 E.Sun Financial Class C 44,789 0.05

18,000 Epistar 39,451 0.05

15,435 Eternal Chemical 11,543 0.01

34,100 Eva Airways 20,710 0.02

40,499 Evergreen MarineTaiwan 21,818 0.03

8,000 Everlight Electronics 13,572 0.02

21,730 Far Eastern Department Stores 20,287 0.02

68,289 Far Eastern New Century 71,979 0.09

40,000 Far EasTone Telecommunications 86,599 0.10

6,000 Farglory Land Development Class C 10,559 0.01

10,000 Feng Hsin Iron & Steel Class C 16,731 0.02

151,959 First Financial Class C 88,221 0.10


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

76,000 Formosa Chemicals & Fibre 199,378 0.24

1,210 Formosa International Hotels 12,835 0.02

30,000 Formosa Petrochemical 81,211 0.10

100,000 Formosa Plastics 267,024 0.32

18,000 Formosa Taffeta 16,142 0.02

16,561 Foxconn Technology 59,572 0.07

125,041 Fubon Financial Class C 124,685 0.15

6,253 Giant Manufacturing 28,770 0.03

14,000 Highwealth Construction 21,830 0.03

4,120 Hiwin Technologies 41,634 0.05

223,988 Hon Hai Precision Industry 670,053 0.79

6,000 Hotai Motor 38,749 0.05

17,540 HTC 228,604 0.27

132,039 Hua Nan Financial Class C 72,680 0.09

41,762 Inotera Memories 9,600 0.01

44,100 Inventec 14,211 0.02

70,000 KGI Securities 30,567 0.04

6,000 Kinsus Interconnect Technology 16,343 0.02

2,000 Largan Precision 41,359 0.05

6,680 LCY Chemical 10,640 0.01

47,470 Lite-On Technology 59,248 0.07

76,000 Macronix International 23,829 0.03

24,043 MediaTek 219,633 0.26

205,020 Mega Financial 149,898 0.18

6,967 Motech Industries 9,558 0.01

9,706 MStar Semiconductor 64,631 0.08

8,501 Nan Kang Rubber Tire 11,805 0.01

119,000 Nan Ya Plastics 212,635 0.25

4,120 Nan Ya Printed Circuit Board 6,933 0.01

11,000 Novatek Microelectronics 33,642 0.04

40,931 Pegatron 53,278 0.06

3,399 Phison Electronics 27,297 0.03

54,060 Pou Chen 46,037 0.05

20,300 Powertech Technology 39,194 0.05

15,000 President Chain Store 79,555 0.09

64,000 Quanta Computer 170,038 0.20

10,617 Radiant Opto-Electronics 53,289 0.06


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

9,180 Realtek Semiconductor 16,618 0.02

3,150 Richtek Technology 18,446 0.02

16,013 Ruentex Development 24,433 0.03

11,461 Ruentex Industries 18,868 0.02

132,178 Shin Kong Financial 37,948 0.04

72,000 Siliconware Precision Industries 75,168 0.09

6,050 Simplo Technology 41,197 0.05

12,600 Sino-American Silicon Products 19,563 0.02

135,590 SinoPac Financial 50,815 0.06

5,000 Standard Foods 14,305 0.02

30,480 Synnex Technology International 74,045 0.09

135,078 Taishin Financial 51,527 0.06

52,166 Taiwan Business Bank 15,012 0.02

73,706 Taiwan Cement 87,184 0.10

96,778 Taiwan Cooperative Financial 56,995 0.07

17,000 Taiwan Fertilizer 38,852 0.05

23,793 Taiwan Glass Industry 19,944 0.02

41,700 Taiwan Mobile 137,442 0.16

607,000 Taiwan Semiconductor Manufacturing 1,651,300 1.95

40,000 Teco Electric and Machinery 25,832 0.03

4,017 TPK 50,271 0.06

7,000 Transcend Information 19,324 0.02

9,990 Tripod Technology 28,080 0.03

12,100 TSRC 29,678 0.04

16,000 Tung Ho Steel Enterprise 15,526 0.02

10,000 U-Ming Marine Transport 15,894 0.02

29,000 Unimicron Technology 32,799 0.04

94,562 Uni-President Enterprises Class C 150,616 0.18

305,000 United Microelectronics 131,655 0.16

104,000 Walsin Lihwa 28,710 0.03

26,250 Wan Hai Lines 12,824 0.02

32,997 Wintek 17,997 0.02

45,214 Wistron 55,222 0.07

31,894 WPG 37,193 0.04

33,000 Yang Ming Marine Transport 14,741 0.02

200,408 Yuanta Financial Class C 90,866 0.11

20,000 Yulon Motor 35,068 0.04


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

3,000 Zhen Ding Technology 9,396 0.01

Total Taiwan 9,147,603 10.81

Thailand: 2.12% (31 Dec 2011: 1.90%)

22,500 Advanced Info Service 130,707 0.15

8,700 Bangkok Bank 52,457 0.06

20,200 Bangkok Bank - Foreign Registered 131,656 0.16

5,300 Bangkok Bank Receipt 31,957 0.04

43,600 Bank of Ayudhya 41,184 0.05

2,420 Banpu 33,831 0.04

21,600 BEC World 34,345 0.04

72,000 Charoen Pokphand Foods 87,280 0.10

105,400 CP ALL 117,812 0.14

12,300 Glow Energy 24,011 0.03

25,917 Indorama Ventures 22,441 0.03

12,800 Indorama Ventures Receipt 11,083 0.01

231,400 IRPC 26,084 0.03

4,700 Kasikornbank 23,974 0.03

35,900 Kasikornbank - Foreign Registered 186,508 0.22

4,700 Kasikornbank Receipt 23,974 0.03

66,900 Krung Thai Bank 33,913 0.04

19,093 PTT 194,176 0.23

25,701 PTT Exploration & Production 135,950 0.16

3,700 PTT Exploration & Production Receipt 19,572 0.02

30,213 PTT Global Chemical 52,797 0.06

9,505 PTT Global Chemical Receipt 16,610 0.02

2,400 PTT Receipt 24,408 0.03

7,400 Siam Cement 84,345 0.10

3,200 Siam Cement Receipt 31,839 0.04

33,000 Siam Commercial Bank 152,739 0.18

6,800 Siam Commercial Bank Receipt 31,474 0.04

19,500 Thai Oil 35,150 0.04

Total Thailand 1,792,277 2.12

Turkey: 1.63% (31 Dec 2011: 1.25%)

44,427 Akbank 162,607 0.19

5,214 Anadolu Efes Biracilik Ve Malt Sanayii 66,735 0.08


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

4,986 Arcelik Class A 25,196 0.03

10,779 Asya Katilim Bankasi Class A 10,787 0.01

2,577 BIM Birlesik Magazalar Class A 106,146 0.13

1,523 Coca-Cola Icecek Class A 23,577 0.03

14,719 Emlak Konut Gayrimenkul Yatirim Ortakligi Reits 18,066 0.02

8,718 Enka Insaat ve Sanayi Class A 23,377 0.03

18,504 Eregli Demir ve Celik Fabrikalari 20,563 0.02

1,462 Ford Otomotiv Sanayi Class A 13,256 0.02

20,147 Haci Omer Sabanci 84,656 0.10

17,076 KOC Class A 65,143 0.08

976 Koza Altin Isletmeleri Class A 18,886 0.02

4,601 TAV Havalimanlari Class A 24,726 0.03

2,999 Tupras Turkiye Petrol Rafinerileri 64,168 0.08

11,497 Turk Hava Yollari Class A 20,214 0.02

12,576 Turk Telekomunikasyon Class A 51,314 0.06

20,568 Turkcell Iletisim Hizmetleri Class A 104,165 0.12

54,145 Turkiye Garanti Bankasi 212,545 0.25

7,486 Turkiye Halk Bankasi 58,565 0.07

41,965 Turkiye Is Bankasi Class C 111,368 0.13

10,953 Turkiye Sise ve Cam Fabrikalari 17,925 0.02

17,966 Turkiye Vakiflar Bankasi Class D 37,348 0.04

20,826 Yapi ve Kredi Bankasi 42,718 0.05

Total Turkey 1,384,051 1.63

United States: 0.15% (31 Dec 2011: 0.14%)

3,938 Southern Copper 124,086 0.15

Total United States 124,086 0.15

Total Equities 83,115,964 98.18


As at 30 June 2012



As at 30 June 2012

Counterparty

CurrencyNo. of

ContractsUnrealised

Gain/loss US$% of

Net Assets

Futures Contracts - Unrealised Gains: 0.07% (31 Dec 2011: -0.01%)

Taiwan: 0.00% (31 Dec 2011: 0.00%)

Citigroup MSCI Taiwan Stock Index July 2012 USD 2 1,600 -

Total Taiwan 1,600 -

United States: 0.07% (31 Dec 2011: -0.01%)

Citigroup MSCI Emerging Markets September 2012 USD 31 57,875 0.07


Total Futures Contracts - Unrealised Gains 59,475 0.07

Total Value of Investments 83,175,439 98.25

Cash 994,723 1.18

Other Net Assets 486,533 0.57

Net Assets Attributable to Holders of Redeemable Participating Shares 84,656,695 100.00

Analysis of Total Assets (unaudited)

% ofTotal Assets

Transferable securities admitted to an offical stock exchange 98.05

OTC financial derivatives 0.07

Cash 1.17

Net current assets 0.71

100.00


NORTHERN TRUST EMERGING MARKETS EqUITY INDEX FUND PORTFOLIO CHANGES – MATERIAL ACqUISTIONS AND DISPOSALS

Schedule of material changes in investments for the six months ended 30 June 2012

Purchases Holdings Cost USD

China Construction Bank 317,000 225,127

Industrial & Commercial Bank of China 135,000 86,168

Samsung Electronics 66 72,680

Bank of China 185,000 71,332

Mr Price 5,807 70,860

Ecopetrol 17,419 51,114

BR Properties 4,300 48,681

Gazprom ADR 3,238 43,411

Grupo de Inversiones Suramericana 2,469 42,936

Lan Airlines 1,653 42,891

China Minsheng Banking 42,041 40,646

Akbank 13,074 39,316

Taiwan Semiconductor Manufacturing 14,000 38,156

Coca-Cola Femsa Series L 3,263 37,652

Sapurakencana Petroleum 56,000 37,447

Petroleo Brasileiro Pref 2,700 35,997

Itau Unibanco Pref 1,600 34,566

Kunlun Energy 20,000 34,200

Aguas Andinas Class A 58,469 33,668

CNOOC 15,000 32,892


NORTHERN TRUST EMERGING MARKETS EqUITY INDEX FUND PORTFOLIO CHANGES – MATERIAL ACqUISTIONS AND DISPOSALS


Sales Holdings Cost USD

Grupo Elektra 1,800 66,453

Wal-Mart de Mexico 25,100 60,773

Alibaba.Com 30,000 52,200

Rosneft Oil GDR 8,506 50,634

China Unicom Hong Kong 34,000 46,663

SP Setia 29,250 37,794

BM&FBovespa 6,155 33,333

SK Telecom 321 32,672

Maroc Telecom 2,265 28,692

Bidvest 1,368 28,609

Skyworth Digital 63,631 28,099

Maxis 13,400 26,168

JBS 9,400 25,304

Telemar Norte Leste Pref Class A 600 24,332

The Egyptian Company for Mobile Services 719 24,091

China Rongsheng Heavy Industries 88,184 22,390

Usinas Siderurgicas de Minas Gerais 4,600 22,174

Banpu 1,480 20,936

IndusInd Bank 3,260 20,834

Samsung Electronics 20 20,457

The above represents the top 20 purchases and sales of the Fund during the current period. A full list of purchases and sales are available from the manager on request.


Launch Date10 November 2010

Fund Size$157.1 million

BenchmarkMSCI world

Fund ReviewIn the first half of the year the Fund returned 6.00%

against a benchmark return of 5.91%. Since the Fund

inception date, in mid November 2010, the Fund has

posted a return of 1.81% while the benchmark has

returned 1.59%. During the period the Fund received

flows of approximately $114 mln into the Fund.

MSCI announced the results of its quarterly

review for the MSCI Standard Developed and

Emerging Market Index Series for February 2012.

For MSCI World, there were 2 additions, 3 deletions

and a number of free float changes and share in issue

changes. Two-way index turnover was minimal. The

index changes were carefully traded to minimise any

deviation from the benchmark [resulting from trading

costs] and were used as an opportunity to equitise

some of the futures exposure.

MSCI announced the results of its quarterly review

for the MSCI Standard Developed and Emerging

Market Index Series for May 2012. For MSCI World,

there were 44 additions, 25 deletions and a number of

free float changes and share in issue changes. Two-way

index turnover was minimal. The index changes were

carefully traded to minimise any deviation from the

benchmark [resulting from trading costs] and were

used as an opportunity to equitise some of the

futures exposure.


Investment Manager

July 2012

NORThERN TRUST WORLD EQUITY INDEX FUND INVESTMENT REVIEWSIX MONThS ENDED 30 JUNE 2012


NominalHolding

Fair ValueUSD

% ofNet Assets


EqUITIES: 96.19% (31 DEC 2011: 98.89%)

Australia: 3.40% (31 Dec 2011: 3.58%)

3,514 AGL Energy 53,202 0.03

15,787 Alumina 12,784 0.01

7,833 Amcor 56,927 0.04

18,117 AMP 71,498 0.05

3,968 APA 20,296 0.01

6,268 Asciano 27,949 0.02

1,133 ASX 34,632 0.02

17,487 Australia & New Zealand Banking 394,889 0.25

2,119 Bendigo and Adelaide Bank 16,095 0.01

20,711 BHP Billiton 667,678 0.43

4,798 Boral 14,509 0.01

9,910 Brambles 62,575 0.04

820 Caltex Australia 11,364 0.01

416 Campbell Brothers 23,133 0.01

8,580 Centro Retail Australia Reits 17,414 0.01

11,843 CFS Retail Property Trust Reits 23,551 0.01

3,743 Coca-Cola Amatil 51,336 0.03

366 Cochlear 24,701 0.02

10,133 Commonwealth Bank of Australia 551,541 0.35

2,821 Computershare 21,427 0.01

2,553 Crown 22,218 0.01

3,330 CSL 134,557 0.09

32,193 Dexus Property Reits 30,689 0.02

4,234 Echo Entertainment - NPV 18,575 0.01

847 Echo Entertainment 2,865 -

846 Echo Entertainment Rts 850 -

10,352 Fairfax Media 5,889 -

8,025 Fortescue Metals 40,308 0.03

9,112 Goodman Reits 34,279 0.02

7,996 GPT Reits 26,966 0.02

1,417 Harvey Norman 2,832 -

2,687 Iluka Resources 31,179 0.02

10,549 Incitec Pivot 30,818 0.02

NORTHERN TRUST WORLD EqUITY INDEX FUND PORTFOLIO AND STATEMENT OF INVESTMENTS

As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

13,207 Insurance Australia 47,112 0.03

970 Leighton 16,177 0.01

3,446 Lend Lease 25,433 0.02

10,491 Lynas 9,087 0.01

2,234 Macquarie 59,539 0.04

4,846 Metcash 16,740 0.01

22,568 Mirvac Reits 29,495 0.02

14,647 National Australia Bank 353,427 0.22

4,927 Newcrest Mining 114,190 0.07

2,361 Orica 59,753 0.04

7,023 Origin Energy 87,827 0.06

1,993 OZ Minerals 16,057 0.01

6,544 Qantas Airways 7,211 -

7,133 QBE Insurance 97,830 0.06

11,050 QR National 38,511 0.03

775 Ramsay Health Care 17,962 0.01

2,824 Rio Tinto 163,553 0.10

6,107 Santos 66,669 0.04

922 Sims Metal Management 9,082 0.01

2,258 Sonic Healthcare 29,395 0.02

6,685 SP AusNet 6,990 -

15,074 Stockland Reits 47,591 0.03

8,198 Suncorp 67,983 0.04

993 Sydney Airport 2,952 -

3,930 TABCORP 11,803 0.01

7,346 Tatts 19,729 0.01

27,988 Telstra 105,863 0.07

4,342 Toll 17,714 0.01

8,312 Transurban 48,480 0.03

6,478 Wesfarmers 198,544 0.13

14,140 Westfield Reits 137,695 0.09

18,986 Westfield Retail Trust Reits 55,466 0.04

20,031 Westpac Banking 433,858 0.28

1,662 Whitehaven Coal 7,070 -

4,148 Woodside Petroleum 131,894 0.08

7,869 Woolworths 216,172 0.14


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

1,180 WorleyParsons 30,360 0.02

Total Australia 5,344,740 3.40

Austria: 0.11% (31 Dec 2011: 0.09%)

458 Andritz Class A 23,551 0.01

1,445 Erste Bank Class A 27,406 0.02

3,800 IMMOFINANZ Class A 12,080 0.01

1,045 OMV Class A 32,849 0.02

333 Raiffeisen Bank International 10,882 0.01

1,351 Telekom Austria Class A 13,303 0.01

346 Verbund Class A 7,934 0.01

203 Vienna InsuranceWiener Versicherung Gruppe Class A 8,213 0.01

831 Voestalpine Class A 21,993 0.01

Total Australia 158,211 0.11

Belgium: 0.42% (31 Dec 2011: 0.39%)

15,758 Ageas 31,196 0.02

5,072 Anheuser-Busch InBev 394,565 0.25

996 Belgacom 28,383 0.02

498 Colruyt 22,243 0.01

675 Delhaize 24,739 0.02

541 Groupe Bruxelles Lambert 36,731 0.02

885 KBC Groep 18,717 0.01

149 Mobistar 5,113 -

389 Solvay 38,397 0.02

357 Telenet 15,630 0.01

679 UCB 34,330 0.02

752 Umicore 34,709 0.02

Total Belgium 684,753 0.42

Canada: 4.63% (31 Dec 2011: 5.13%)

1,087 Agnico-Eagle Mines 43,973 0.03

1,002 Agrium 88,686 0.06

651 Alimentation Couche Tard Class B 28,391 0.02

1,846 ARC Resources 41,467 0.03

1,927 Athabasca Oil 21,171 0.01

4,084 Bank of Montreal 225,382 0.14


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

7,044 Bank of Nova Scotia 364,413 0.23

6,467 Barrick Gold 243,278 0.15

760 Baytex Energy 31,974 0.02

1,591 BCE 65,516 0.04

323 Bell Aliant 8,089 0.01

9,161 Bombardier Class B 36,125 0.02

1,143 Bonavista Energy 17,849 0.01

3,670 Brookfield Asset Management Class A 121,355 0.08

2,025 CAE 19,645 0.01

2,521 Cameco 55,319 0.04

2,547 Canadian Imperial Bank of Commerce 179,011 0.11

2,848 Canadian National Railway Class C 240,534 0.15

7,044 Canadian Natural Resources 188,701 0.12

2,901 Canadian Oil Sands 56,116 0.04

1,092 Canadian Pacific Railway 80,038 0.05

497 Canadian Tire Class A 33,580 0.02

311 Canadian Utilities Class A 20,272 0.01

4,841 Cenovus Energy 153,713 0.10

845 Centerra Gold 5,902 -

1,447 CGI Group Class A 34,733 0.02

1,105 CI Financial 23,933 0.02

1,827 Crescent Point Energy 68,101 0.04

4,319 Eldorado Gold 53,127 0.03

136 Empire Class A 7,159 -

4,739 Enbridge 189,011 0.12

4,725 Encana 98,259 0.06

1,391 Enerplus 17,847 0.01

124 Fairfax Financial 49,036 0.03

1,229 Finning International 28,547 0.02

3,038 First Quantum Minerals 53,641 0.03

1,219 Fortis Inc/Canada 38,611 0.02

877 Franco-Nevada 39,607 0.03

387 George Weston 21,957 0.01

857 Gildan Activewear 23,580 0.02

5,199 Goldcorp 195,476 0.12

1,822 Great-West Lifeco 39,444 0.03

474 H&R Real Estate Investment Trust Reits 11,391 0.01


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

2,156 Husky Energy 53,823 0.03

2,393 IAMGOLD 28,262 0.02

745 IGM Financial 29,261 0.02

1,951 Imperial Oil 81,508 0.05

673 Industrial Alliance Insurance & Financial Services 16,154 0.01

403 Inmet Mining 16,496 0.01

799 Intact Financial 49,682 0.03

2,040 Ivanhoe Mines 20,091 0.01

2,040 Ivanhoe Mines Rts 1,841 -

6,819 Kinross Gold 55,585 0.04

800 Loblaw Cos 25,425 0.02

640 Lululemon Athletica 38,163 0.02

1,404 Magna International 55,378 0.04

11,847 Manulife Financial 128,877 0.08

821 MEG Energy 29,387 0.02

647 Metro 33,085 0.02

1,001 National Bank of Canada 71,453 0.05

2,721 New Gold 25,917 0.02

3,299 Nexen 55,790 0.04

697 Onex 27,027 0.02

415 Open Text 20,765 0.01

1,780 Osisko Mining 12,222 0.01

2,076 Pacific Rubiales Energy 43,905 0.03

989 Pan American Silver 16,715 0.01

1,835 Pembina Pipeline 46,836 0.03

1,879 Pengrowth Energy 11,907 0.01

3,012 Penn West Petroleum 40,359 0.03

5,502 Potashof Saskatchewan 240,168 0.15

1,561 Power Financial 38,969 0.02

2,187 Powerof Canada 51,315 0.03

1,922 Precision Drilling 13,065 0.01

803 Progress Energy Resources Class C 15,809 0.01

3,027 Research In Motion 22,388 0.01

843 RioCan Real Estate Investment Trust Reits 22,906 0.01

575 Ritchie Bros Auctioneers 12,307 0.01

2,572 Rogers Communications Class B 93,121 0.06

9,236 Royal Bank of Canada 472,558 0.30


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

929 Saputo 38,574 0.02

2,321 Shaw Communications Class B 43,804 0.03

1,341 Shoppers Drug Mart 53,998 0.03

2,360 Silver Wheaton 63,361 0.04

980 SNC-Lavalin Group 36,664 0.02

3,839 Sun Life Financial 83,411 0.05

10,130 Suncor Energy 292,537 0.19

6,961 Talisman Energy 79,685 0.05

3,671 Teck Resources Class B 113,538 0.07

904 TELUS 52,824 0.03

421 Telus Corporation 25,249 0.02

2,364 Thomson Reuters 67,178 0.04

973 Tim Hortons 51,225 0.03

439 TMX Group 19,981 0.01

5,787 Toronto-Dominion Bank 452,311 0.29

975 Tourmaline Oil 25,708 0.02

1,491 TransAlta 25,229 0.02

4,507 TransCanada 188,645 0.12

1,899 Valeant Pharmaceuticals International 85,073 0.05

669 Vermilion Energy 30,167 0.02

1,663 Viterra 26,345 0.02

5,021 Yamana Gold 77,375 0.05

Total Canada 7,315,362 4.63

Cayman Islands: 0.04% (31 Dec 2011: 0.00%)

15,050 Sands China 47,535 0.03

9,817 Wynn Macau 22,806 0.01

Total Cayman Islands 70,341 0.04

Denmark: 0.43% (31 Dec 2011: 0.44%)

4 AP Moeller - Maersk Class A 24,922 0.02

8 AP Moeller - Maersk Class B 52,494 0.03

645 Carlsberg Class B 50,779 0.03

121 Coloplast Class B 21,770 0.01

4,389 Danske Bank 60,985 0.04

1,213 DSV 24,040 0.02

2,604 Novo Nordisk Class B 377,163 0.24


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

1,480 Novozymes Class B 38,350 0.02

3,178 TDC 22,133 0.01

128 Tryg 7,197 -

229 William Demant 20,581 0.01

Total Denmark 700,414 0.43

Finland: 0.30% (31 Dec 2011: 0.35%)

866 Elisa 17,452 0.01

2,911 Fortum 55,302 0.04

338 Kesko Class B 8,832 0.01

979 Kone Class B 59,175 0.04

863 Metso 29,691 0.02

688 Neste Oil 7,731 -

24,118 Nokia 49,583 0.03

703 Nokian Renkaat 26,639 0.02

449 Orion Class B 8,524 0.01

728 Pohjola Bank Class A 8,490 0.01

2,825 Sampo Class A 73,207 0.05

4,326 Stora Enso 26,571 0.02

3,397 UPM-Kymmene 38,368 0.02

1,073 Wartsila 35,118 0.02

Total Finland 444,683 0.30

France: 3.43% (31 Dec 2011: 3.61%)

1,024 Accor 32,072 0.02

259 Aeroports de Paris 19,590 0.01

2,009 Air Liquide 229,584 0.15

7 AIR Liquide Bonus Rts 80 -

15,515 Alcatel-Lucent 25,616 0.02

1,338 Alstom 42,331 0.03

372 Arkema 24,336 0.02

374 AtoS 22,364 0.01

11,083 AXA 147,400 0.09

6,212 BNP Paribas 239,141 0.15

1,208 Bouygues 32,500 0.02

375 Bureau Veritas 33,379 0.02

943 Cap Gemini 34,705 0.02


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

3,733 Carrefour 68,905 0.04

362 Casino Guichard Perrachon 31,841 0.02

341 Christian Dior 46,845 0.03

2,581 Cie de St-Gobain 95,315 0.06

1,059 Cie Generale de Geophysique - Veritas 27,194 0.02

1,215 Cie Generale des Etablissements Michelin 79,377 0.05

1,314 Cie Generale d'Optique Essilor International 122,230 0.08

758 CNP Assurances 9,263 0.01

6,468 Credit Agricole 28,491 0.02

3,758 Danone 233,757 0.15

380 Dassault Systemes 35,647 0.02

856 Edenred 24,274 0.02

1,562 Electricite de France 34,789 0.02

211 Eurazeo 8,108 0.01

840 Eutelsat Communications 25,867 0.02

147 Fonciere Des Regions Reits 10,566 0.01

12,123 France Telecom 159,616 0.10

7,557 GDF Suez 179,864 0.11

107 Gecina Reits 9,539 0.01

3,451 Groupe Eurotunnel 28,029 0.02

113 ICADE Reits 8,547 0.01

149 Iliad 21,603 0.01

169 Imerys 8,598 0.01

420 JCDecaux 9,269 0.01

704 Klepierre Reits 23,139 0.01

1,301 Lafarge 58,042 0.04

753 Lagardere 21,014 0.01

1,436 Legrand 48,757 0.03

1,556 L'Oreal 182,141 0.12

1,625 LVMH Moet Hennessy Louis Vuitton 247,155 0.16

6,402 Natixis 17,208 0.01

1,348 Pernod-Ricard 144,142 0.09

1,454 Peugeot 14,306 0.01

466 PPR 66,382 0.04

994 Publicis Group 45,475 0.03

135 Remy Cointreau 14,833 0.01

1,240 Renault 49,475 0.03


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

624 Rexel 10,663 0.01

1,395 Safran 51,693 0.03

7,615 Sanofi 577,316 0.37

3,356 Schneider Electric 186,243 0.12

1,179 SCOR 28,593 0.02

213 Societe BIC 22,003 0.01

4,306 Societe Generale 100,602 0.06

595 Sodexo 46,362 0.03

1,851 Suez Environnement Class C 19,884 0.01

599 Technip 62,295 0.04

534 Thales 17,633 0.01

13,666 Total 615,671 0.39

598 Unibail-Rodamco Reits 110,115 0.07

720 Vallourec 29,394 0.02

2,462 Veolia Environnement 31,194 0.02

2,891 Vinci 134,958 0.09

8,294 Vivendi 153,988 0.10

159 Wendel 11,760 0.01

191 Zodiac Aerospace 19,413 0.01

Total France 5,352,481 3.43

Germany: 3.10% (31 Dec 2011: 3.28%)

1,367 Adidas Class A 97,946 0.06

2,936 Allianz 294,758 0.19

193 Axel Springer Class A 8,297 0.01

5,953 BASF 413,240 0.26

5,353 Bayer 385,719 0.25

2,075 Bayerische Motoren Werke Class A 149,913 0.10

394 Bayerische Motoren Werke Pref 19,418 0.01

676 Beiersdorf Class A 43,880 0.03

297 Brenntag Class A 32,859 0.02

476 Celesio Class A 7,789 -

22,537 Commerzbank Class A 38,210 0.02

512 Continental Class A 42,637 0.03

5,843 Daimler 262,085 0.17

6,011 Deutsche Bank 217,405 0.14

1,195 Deutsche Boerse Class A 64,497 0.04


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

1,722 Deutsche Lufthansa 19,915 0.01

5,599 Deutsche Post 99,049 0.06

18,213 Deutsche Telekom 200,022 0.13

11,636 E.ON Class A 251,033 0.16

163 FraportFrankfurt Airport Services Worldwide Class A 8,774 0.01

770 Fresenius 79,913 0.05

1,343 Fresenius Medical Care 95,153 0.06

1,124 GEA Class A 29,912 0.02

323 Hannover Rueckversicherung 19,220 0.01

916 HeidelbergCement Class A 43,900 0.03

859 Henkel 47,725 0.03

1,111 Henkel Pref 73,837 0.05

76 Hochtief Class A 3,679 -

114 Hugo Boss 11,261 0.01

6,614 Infineon Technologies Class A 44,754 0.03

1,053 K+S 48,107 0.03

574 Kabel Deutschland Class A 35,784 0.02

539 Lanxess Class A 34,009 0.02

1,109 Linde Class A 172,615 0.11

211 MAN 21,566 0.01

416 Merck 41,558 0.03

872 Metro Class A 25,458 0.02

1,159 Muenchener Rueckversicherungs 163,483 0.10

974 Porsche Automobil Pref 48,385 0.03

428 ProSiebenSat.1 Media Pref 9,570 0.01

3,167 RWE Class A 129,314 0.08

210 RWE Pref 7,799 -

190 Salzgitter Class A 7,806 -

5,952 SAP Class A 351,572 0.22

5,330 Siemens 447,373 0.28

438 Suedzucker Class A 15,530 0.01

2,312 ThyssenKrupp Class A 37,658 0.02

483 United Internet 8,305 0.01

206 Volkswagen Class A 31,070 0.02

936 Volkswagen Pref 148,004 0.09

67 Wacker Chemie Class A 4,608 -

Total Germany 4,896,374 3.10


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

Greece: 0.02% (31 Dec 2011: 0.03%)

1,250 Coca Cola Hellenic Bottling 22,208 0.01

1,269 OPAP 7,972 0.01

Total Greece 30,180 0.02

Hong Kong: 1.14% (31 Dec 2011: 1.16%)

65,666 AIA 224,337 0.14

941 ASM Pacific Technology 11,943 0.01

9,970 Bank of East Asia 35,603 0.02

23,813 BOC Hong Kong 72,450 0.05

9,462 Cathay Pacific Airways 15,199 0.01

9,259 Cheung Kong 112,920 0.07

2,788 Cheung Kong Infrastructure 16,803 0.01

12,268 CLP 103,988 0.07

11,137 First Pacific Class C 11,500 0.01

10,366 Foxconn International 3,755 -

7,654 Galaxy Entertainment 18,906 0.01

5,300 Hang Lung 32,489 0.02

16,247 Hang Lung Properties 54,877 0.03

4,945 Hang Seng Bank 67,575 0.04

6,646 Henderson Land Development 36,542 0.02

34,016 Hong Kong & China Gas 72,006 0.05

6,566 Hong Kong Exchanges and Clearing 93,113 0.06

2,700 Hopewell 7,693 -

37,000 Hutchison Port Trust 26,270 0.02

14,030 Hutchison Whampoa 120,280 0.08

5,000 Hysan Development Class C 18,887 0.01

4,403 Kerry Properties 18,760 0.01

37,325 Li & Fung 71,312 0.05

2,752 Lifestyle International 6,003 -

14,724 Link REIT Reits 60,078 0.04

3,200 MGM China 4,835 -

9,847 MTR 33,577 0.02

23,473 New World Development 27,265 0.02

26,000 Noble 22,884 0.01

7,486 NWS 10,848 0.01

1,156 Orient Overseas International 5,603 -


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

17,465 PCCW 6,394 -

8,743 Power Assets 65,486 0.04

8,252 Shangri-La Asia 15,723 0.01

19,173 Sino Land Class C 28,722 0.02

369 Sino-Forest 4 -

9,528 SJM 17,541 0.01

10,323 Sun Hung Kai Properties 121,305 0.08

4,721 Swire Pacific Class A 54,594 0.03

9,772 Wharf 53,604 0.03

5,697 Wheelock 21,446 0.01

1,074 Wing Hang Bank 10,364 0.01

4,415 Yue Yuen Industrial 13,774 0.01

Total Hong Kong 1,827,258 1.14

India: 0.01% (31 Dec 2011: 0.00%)

681 Vedanta Resources 9,741 0.01

Total India 9,741 0.01

Ireland: 0.28% (31 Dec 2011: 0.65%)

4,485 CRH 86,001 0.05

3,247 Elan 47,387 0.03

2,788 James Hardie Industries Receipt 22,748 0.01

915 Kerry Class A 40,177 0.03

368 Ryanair 1,868 -

40 Ryanair ADR 1,216 -

3,699 Shire 106,287 0.07

7,710 WPP 93,477 0.06

2,029 XL 42,690 0.03

Total Ireland 441,851 0.28

Israel: 0.21% (31 Dec 2011: 0.27%)

7,369 Bank Hapoalim BM Class B 22,387 0.01

8,319 Bank Leumi Le-Israel BM 19,993 0.01

13,719 Bezeq The Israeli Telecommunication Class C 14,291 0.01

12 Delek 1,750 -

138 Elbit Systems 4,719 -

12 Israel 6,609 -


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

3,065 Israel Chemicals 32,947 0.02

779 Mizrahi Tefahot Bank 5,951 -

332 NICE Systems 12,041 0.01

6,055 Teva Pharmaceutical Industries 235,403 0.15

Total Israel 356,091 0.21

Italy: 0.81% (31 Dec 2011: 0.92%)

7,313 Assicurazioni Generali 98,931 0.06

2,116 Atlantia 26,987 0.02

644 Autogrill 5,839 -

21,711 Banca Monte dei Paschi di Siena 5,406 -

12,070 Banco Popolare SC 16,206 0.01

41,860 Enel 135,037 0.09

12,469 Enel Green Power 19,748 0.01

15,498 Eni 330,025 0.21

340 Exor 7,296 -

5,401 Fiat 27,197 0.02

5,825 Fiat Industrial 57,216 0.04

2,593 Finmeccanica 10,464 0.01

66,503 Intesa Sanpaolo 94,354 0.06

5,477 Intesa Sanpaolo - Non Convertible 6,224 -

812 Luxottica 28,462 0.02

3,321 Mediaset 5,812 -

3,876 Mediobanca 17,088 0.01

1,835 Pirelli & C. Class C 19,317 0.01

1,447 Prysmian 21,558 0.01

1,753 Saipem 77,840 0.05

9,960 Snam 44,492 0.03

59,407 Telecom Italia 58,842 0.04

39,912 Telecom Italia - Non Convertible 32,239 0.02

8,002 Terna Rete Elettrica Nazionale 28,881 0.02

26,028 UniCredit 98,432 0.06

5,901 Unione di Banche Italiane SCPA 19,246 0.01

Total Italy 1,293,139 0.81

Japan: 8.59% (31 Dec 2011: 8.91%)

200 ABC-Mart 7,465 -


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

1,100 Advantest 16,971 0.01

3,600 Aeon 44,757 0.03

700 Aeon Credit Service 12,914 0.01

500 Aeon Mall 10,571 0.01

1,000 Air Water 12,069 0.01

1,100 Aisin Seiki 36,271 0.02

4,000 Ajinomoto 55,496 0.04

300 Alfresa 15,867 0.01

6,000 All Nippon Airways 16,995 0.01

3,000 Amada 17,596 0.01

4,000 Aozora Bank 9,475 0.01

2,400 Asahi 51,405 0.03

7,000 Asahi Glass 46,760 0.03

7,000 Asahi Kasei 37,724 0.02

1,000 Asics 12,621 0.01

2,900 Astellas Pharma 125,937 0.08

2,000 Bank of Kyoto 15,090 0.01

7,000 Bank of Yokohama 32,899 0.02

500 Benesse 22,340 0.01

4,200 Bridgestone 95,538 0.06

1,800 Brother Industries 20,394 0.01

7,300 Canon 289,566 0.18

10 Central Japan Railway Class C 78,581 0.05

5,000 Chiba Bank 29,891 0.02

1,000 Chiyoda 12,144 0.01

4,400 Chubu Electric Power 71,357 0.05

1,600 Chugai Pharmaceutical 30,219 0.02

1,000 Chugoku Bank 12,984 0.01

1,700 Chugoku Electric Power Class C 27,932 0.02

2,000 Citizen 11,631 0.01

400 Coca-Cola West 6,963 -

4,000 Cosmo Oil 10,127 0.01

1,000 Credit Saison 22,020 0.01

4,000 Dai Nippon Printing 31,132 0.02

2,000 Daicel 12,207 0.01

2,000 Daido Steel 12,357 0.01

1,000 Daihatsu Motor 17,383 0.01


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

57 Dai-ichi Life Insurance 65,151 0.04

4,300 Daiichi Sankyo 72,161 0.05

1,400 Daikin Industries 39,022 0.02

1,100 Dainippon Sumitomo Pharma Class C 11,181 0.01

500 Daito Trust Construction 47,312 0.03

3,000 Daiwa House Industry 42,374 0.03

10,000 Daiwa Securities Group 37,223 0.02

700 Dena 18,309 0.01

3,000 Denki Kagaku Kogyo 10,377 0.01

3,100 Denso 104,628 0.07

1,100 Dentsu 32,370 0.02

2,200 East Japan Railway Class C 137,862 0.09

1,600 Eisai 69,984 0.04

900 Electric Power Development Class C 23,563 0.01

300 FamilyMart 13,724 0.01

1,200 FANUC 194,761 0.12

300 Fast Retailing 59,707 0.04

4,000 Fuji Electric 9,675 0.01

4,000 Fuji Heavy Industries 31,934 0.02

3,000 FUJIFILM 56,323 0.04

11,000 Fujitsu 52,250 0.03

4,000 Fukuoka Financial Group 15,541 0.01

5,000 Furukawa Electric 11,718 0.01

700 Gree 13,870 0.01

3,000 GS Yuasa 13,611 0.01

3,000 Gunma Bank 14,137 0.01

3,000 Hachijuni Bank 15,528 0.01

170 Hakuhodo DY 11,207 0.01

400 Hamamatsu Photonics 13,465 0.01

7,000 Hankyu Hanshin 35,268 0.02

2,000 Hino Motors 14,338 0.01

200 Hirose Electric 19,652 0.01

500 Hisamitsu Pharmaceutical Class C 24,564 0.02

29,000 Hitachi 177,002 0.11

800 Hitachi Chemical 12,473 0.01

800 Hitachi Construction Machinery 14,879 0.01

400 Hitachi High-Technologies Class C 9,786 0.01


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

1,000 Hitachi Metals 11,819 0.01

1,400 Hokkaido Electric Power Class C 18,055 0.01

900 Hokuriku Electric Power Class C 13,964 0.01

10,500 Honda Motor 361,756 0.23

2,800 Hoya 61,306 0.04

1,500 Hulic 8,215 0.01

700 Ibiden 12,502 0.01

100 Idemitsu Kosan 8,898 0.01

7,000 IHI 14,826 0.01

14 Inpex 77,992 0.05

2,700 Isetan Mitsukoshi 28,492 0.02

7,000 Isuzu Motors 37,110 0.02

9,600 ITOCHU 100,103 0.06

200 Itochu Techno-Solutions 9,638 0.01

2,000 Iyo Bank 15,917 0.01

3,000 J Front Retailing 15,002 0.01

300 Japan Petroleum Exploration 11,355 0.01

4 Japan Prime Realty Investment Reits 11,239 0.01

3 Japan Real Estate Investment Reits 27,485 0.02

12 Japan Retail Fund Investment Reits 19,025 0.01

2,000 Japan Steel Works 10,954 0.01

5,800 Japan Tobacco 171,623 0.11

2,800 JFE 46,251 0.03

1,000 JGC 28,763 0.02

5,000 Joyo Bank 22,685 0.01

1,300 JSR 22,370 0.01

1,600 JTEKT 16,363 0.01

14 Jupiter Telecommunications 14,300 0.01

14,600 JX 74,656 0.05

6,000 Kajima 17,521 0.01

2,000 Kamigumi 15,867 0.01

2,000 Kaneka 11,004 0.01

4,800 Kansai Electric Power 57,451 0.04

1,000 Kansai Paint 10,665 0.01

3,400 Kao 93,490 0.06

10,000 Kawasaki Heavy Industries 27,071 0.02

6,000 Kawasaki Kisen Kaisha 11,731 0.01


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

17 KDDI 109,299 0.07

3,000 Keikyu 27,259 0.02

4,000 Keio 28,926 0.02

2,000 Keisei Electric Railway Class C 16,844 0.01

210 Keyence 51,638 0.03

1,000 Kikkoman 12,332 0.01

10,000 Kintetsu 39,855 0.03

5,000 Kirin 58,654 0.04

19,000 Kobe Steel 22,622 0.01

1,000 Koito Manufacturing 13,886 0.01

6,100 Komatsu 143,574 0.09

600 Konami 13,475 0.01

3,500 Konica Minolta 27,328 0.02

7,000 Kubota 64,043 0.04

2,300 Kuraray 29,604 0.02

700 Kurita Water Industries 16,116 0.01

1,000 Kyocera 85,600 0.05

1,000 Kyowa Hakko Kirin 10,239 0.01

2,500 Kyushu Electric Power 29,609 0.02

400 Lawson 27,973 0.02

1,600 LIXIL 33,648 0.02

100 Mabuchi Motor 3,960 -

800 Makita 27,803 0.02

10,000 Marubeni 65,923 0.04

1,700 Marui 12,911 0.01

200 Maruichi Steel Tube 4,279 -

18,000 Mazda Motor 24,138 0.02

400 McDonald's 11,265 0.01

600 Medipal 8,467 0.01

400 MEIJI 18,323 0.01

200 Miraca 8,284 0.01

9,000 Mitsubishi 180,023 0.11

8,000 Mitsubishi Chemical 34,992 0.02

12,000 Mitsubishi Electric 99,261 0.06

8,000 Mitsubishi Estate 142,173 0.09

3,000 Mitsubishi Gas Chemical Class C 16,919 0.01

19,000 Mitsubishi Heavy Industries 76,676 0.05


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

1,000 Mitsubishi Logistics 10,490 0.01

7,000 Mitsubishi Materials 20,090 0.01

26,000 Mitsubishi Motors 26,068 0.02

1,400 Mitsubishi Tanabe Pharma 20,090 0.01

82,200 Mitsubishi UFJ Financial Group 389,417 0.25

410 Mitsubishi UFJ Lease & Finance 16,957 0.01

11,200 Mitsui 164,793 0.10

6,000 Mitsui Chemicals 14,889 0.01

5,000 Mitsui Fudosan 95,877 0.06

8,000 Mitsui OSK Lines 28,475 0.02

147,000 Mizuho Financial Group 246,873 0.16

2,800 MS&AD Insurance 48,532 0.03

1,200 Murata Manufacturing 62,489 0.04

800 Nabtesco 17,646 0.01

1,200 Namco Bandai 16,348 0.01

17,000 NEC 26,206 0.02

800 Nexon 15,541 0.01

2,000 NGK Insulators 21,882 0.01

1,000 NGK Spark Plug 13,109 0.01

1,100 NHK Spring 11,746 0.01

700 Nidec 52,814 0.03

2,100 Nikon 63,218 0.04

700 Nintendo 81,151 0.05

4 Nippon Building Fund Reits 38,651 0.02

2,000 Nippon Electric Glass 11,781 0.01

6,000 Nippon Express 24,665 0.02

1,000 Nippon Meat Packers 13,197 0.01

800 Nippon Paper Group 12,673 0.01

33,000 Nippon Steel 74,032 0.05

2,800 Nippon Telegraph & Telephone 129,841 0.08

11,000 Nippon Yusen 28,813 0.02

4,000 Nishi-Nippon City Bank 9,675 0.01

15,900 Nissan Motor 149,056 0.09

1,500 Nisshin Seifun Group 17,502 0.01

4,000 Nisshin Steel 5,565 -

400 Nissin Foods 15,215 0.01

200 Nitori 18,900 0.01


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

1,000 Nitto Denko 42,299 0.03

2,400 NKSJ 50,653 0.03

700 NOK 14,756 0.01

23,300 Nomura 85,853 0.05

700 Nomura Real Estate 12,695 0.01

1 Nomura Real Estate Office Fund Reits 5,634 -

700 Nomura Research Institute 15,326 0.01

3,000 NSK 19,175 0.01

2,000 NTN 6,216 -

9 NTT Data 27,443 0.02

100 NTT DOCOMO 166,312 0.11

7 NTT Urban Development 5,615 -

4,000 Obayashi 17,496 0.01

4,000 Odakyu Electric Railway Class C 39,704 0.03

6,000 OJI Paper 22,935 0.01

1,700 Olympus 27,442 0.02

1,500 Omron 31,395 0.02

600 Ono Pharmaceutical 37,599 0.02

300 Oriental Land 34,290 0.02

670 ORIX 61,886 0.04

13,000 Osaka Gas 54,418 0.03

100 Otsuka 8,510 0.01

2,500 Otsuka Holdings 76,545 0.05

14,100 Panasonic 113,627 0.07

4,200 Rakuten 43,374 0.03

12,100 Resona 49,589 0.03

4,000 Ricoh 33,388 0.02

200 Rinnai 13,736 0.01

700 Rohm 26,714 0.02

200 Sankyo 9,726 0.01

258 Sanrio 9,374 0.01

400 Santen Pharmaceutical 16,418 0.01

154 SBI 11,291 0.01

1,400 Secom 63,955 0.04

1,500 Sega Sammy 30,455 0.02

400 Seiko Epson 4,016 -

3,000 Sekisui Chemical 27,748 0.02


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

4,000 Sekisui House 37,498 0.02

4,800 Seven & I 144,199 0.09

4,800 Seven Bank 12,272 0.01

7,000 Sharp 35,268 0.02

1,300 Shikoku Electric Power Class C 27,584 0.02

2,000 Shimadzu 17,170 0.01

100 Shimamura 11,543 0.01

400 Shimano 26,068 0.02

4,000 Shimizu 13,836 0.01

2,600 Shin-Etsu Chemical 142,073 0.09

11,000 Shinsei Bank 13,235 0.01

2,100 Shionogi 28,425 0.02

2,200 Shiseido 34,603 0.02

3,000 Shizuoka Bank 30,756 0.02

11,000 Showa Denko 21,231 0.01

900 Showa Shell Sekiyu 5,482 -

300 SMC 51,548 0.03

5,700 Softbank 210,955 0.13

8,900 Sojitz 14,612 0.01

6,400 Sony 90,076 0.06

1,300 Sony Financial 21,083 0.01

400 Square Enix 6,261 -

1,100 Stanley Electric 16,902 0.01

700 Sumco 6,273 -

7,100 Sumitomo 98,594 0.06

9,000 Sumitomo Chemical 27,409 0.02

4,800 Sumitomo Electric Industries 59,135 0.04

3,000 Sumitomo Heavy Industries 13,348 0.01

20,000 Sumitomo Metal Industries 32,586 0.02

3,000 Sumitomo Metal Mining 33,500 0.02

8,600 Sumitomo Mitsui Financial Group 281,529 0.18

20,000 Sumitomo Mitsui Trust 59,155 0.04

2,000 Sumitomo Realty & Development 48,653 0.03

1,200 Sumitomo Rubber Industries 15,491 0.01

1,000 Suruga Bank 10,202 0.01

500 Suzuken 16,825 0.01

2,100 Suzuki Motor 42,663 0.03


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

500 Sysmex 19,677 0.01

3,500 T&D 36,978 0.02

6,000 Taiheiyo Cement 13,686 0.01

7,000 Taisei 18,687 0.01

200 Taisho Pharmaceutical 16,819 0.01

2,000 Taiyo Nippon Sanso 11,605 0.01

1,000 Takashimaya 7,645 -

5,100 Takeda Pharmaceutical 231,063 0.15

800 TDK 32,084 0.02

5,000 Teijin 15,102 0.01

1,100 Terumo 44,943 0.03

800 THK 14,959 0.01

6,000 Tobu Railway 31,508 0.02

2,000 Toho Gas 12,408 0.01

700 Toho/Tokyo 12,063 0.01

3,000 Tohoku Electric Power 30,041 0.02

4,700 Tokio Marine 116,985 0.07

10,400 Tokyo Electric Power 20,073 0.01

1,100 Tokyo Electron 50,940 0.03

16,000 Tokyo Gas 81,614 0.05

7,000 Tokyu 32,899 0.02

3,000 Tokyu Land 14,739 0.01

4,000 Toppan Printing 26,570 0.02

9,000 Toray Industries 61,023 0.04

26,000 Toshiba 97,757 0.06

3,000 Tosoh 8,084 0.01

2,000 TOTO 14,839 0.01

1,100 Toyo Seikan Kaisha 13,221 0.01

400 Toyoda Gosei 9,114 0.01

400 Toyota Boshoku 4,818 -

1,100 Toyota Industries 31,184 0.02

17,500 Toyota Motor 699,649 0.45

1,600 Toyota Tsusho 30,300 0.02

700 Trend Micro 20,520 0.01

400 Tsumura Class C 10,558 0.01

8,000 Ube Industries 18,448 0.01

700 Unicharm 39,873 0.03


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

700 Ushio 8,598 0.01

140 USS 15,072 0.01

1,100 West Japan Railway Class C 45,219 0.03

98 Yahoo Japan 31,590 0.02

700 Yakult Honsha 27,372 0.02

490 Yamada Denki 24,902 0.02

1,000 Yamaguchi Financial Group Class I 8,786 0.01

1,300 Yamaha 13,279 0.01

1,900 Yamaha Motor 17,978 0.01

2,300 Yamato 36,868 0.02

200 Yamato Kogyo 5,535 -

1,000 Yamazaki Baking 13,072 0.01

2,000 Yaskawa Electric 15,039 0.01

1,400 Yokogawa Electric 14,353 0.01

Total Japan 13,376,021 8.59

Jersey: 0.03% (31 Dec 2011: 0.04%)

603 Randgold Resources 54,240 0.03

Total Jersey 54,240 0.03

Luxembourg: 0.14% (31 Dec 2011: 0.20%)

6,177 ArcelorMittal 94,929 0.06

371 Millicom International Cellular Receipt 34,991 0.02

1,913 SES Receipt 45,252 0.03

2,964 Tenaris 51,871 0.03

177 Veripos - -

Total Luxembourg 227,043 0.14

Mexico: 0.02% (31 Dec 2011: 0.00%)

1,172 Fresnillo 26,783 0.02

Total Mexico 26,783 0.02

Netherlands: 1.90% (31 Dec 2011: 1.17%)

10,803 Aegon 49,958 0.03

1,508 Akzo Nobel 70,884 0.05

2,603 ASML 132,348 0.08

475 Corio Reits 20,875 0.01


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

503 Delta Lloyd 6,983 -

2,676 European Aeronautic Defence and Space NV 94,884 0.06

488 Fugro 29,559 0.02

478 Gemalto 34,328 0.02

1,627 Heineken 84,954 0.05

752 Heineken Class A 33,707 0.02

24,828 ING Groep 165,921 0.11

8,783 Koninklijke KPN 84,220 0.05

6,647 Koninklijke Ahold 82,447 0.05

544 Koninklijke Boskalis Westminster 17,929 0.01

936 Koninklijke DSM 46,088 0.03

6,471 Koninklijke Philips Electronics 127,861 0.08

352 Koninklijke Vopak 22,581 0.01

1,670 QIAGEN 27,943 0.02

866 Randstad 25,469 0.02

4,174 Reed Elsevier 47,737 0.03

23,487 Royal Dutch Shell Class A 791,100 0.50

17,181 Royal Dutch Shell Class B 599,583 0.38

1,195 SBM Offshore 16,507 0.01

2,255 TNT Express 26,439 0.02

10,466 Unilever 350,442 0.22

1,871 Wolters Kluwer 29,751 0.02

Total Netherlands 3,020,498 1.90

New Zealand: 0.04% (31 Dec 2011: 0.06%)

8,126 Auckland International Airport 15,936 0.01

1,728 Contact Energy 6,694 -

4,317 Fletcher Building 20,368 0.01

4,768 SKYCITY Entertainment 13,030 0.01

11,866 Telecom of New Zealand 22,794 0.01

Total New Zealand 78,822 0.04

Norway: 0.34% (31 Dec 2011: 0.31%)

1,030 Aker Solutions 14,537 0.01

6,315 DNB 62,625 0.04

1,650 Gjensidige Forsikring 19,194 0.01

6,211 Norsk Hydro 27,897 0.02


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

5,014 Orkla 36,320 0.02

2,326 Seadrill 82,601 0.05

7,267 Statoil 172,859 0.11

4,671 Telenor 77,713 0.05

1,212 Yara International 52,766 0.03

Total Norway 546,512 0.34

People's Republic of China: 0.00% (31 Dec 2011: 0.01%)

3,000 CoscoSingapore 2,321 -

8,000 Yangzijiang Shipbuilding 6,315 -

Total People's Republic of China 8,636 -

Portugal: 0.06% (31 Dec 2011: 0.08%)

7,150 Banco Espirito Santo 4,882 -

11,998 EDP - Energias de Portugal 28,381 0.02

1,199 Galp Energia 15,216 0.01

1,616 Jeronimo Martins 27,327 0.02

4,972 Portugal Telecom 21,800 0.01

Total Portugal 97,606 0.06

Singapore: 0.74% (31 Dec 2011: 0.70%)

9,000 Ascendas Real Estate Investment Trust Reits 15,275 0.01

16,000 CapitaLand 34,102 0.02

15,000 CapitaMall Trust Reits 22,616 0.01

8,000 CapitaMalls Asia 9,883 0.01

3,000 City Developments 26,524 0.02

15,000 ComfortDelGro 18,294 0.01

12,340 DBS 135,109 0.09

4,538 Flextronics International 28,136 0.02

7,000 Fraser and Neave 38,680 0.02

43,000 Genting Singapore 47,861 0.03

11,000 Global Logistic Properties 18,148 0.01

47,000 Golden Agri-Resources 24,858 0.02

1,000 Jardine Cycle & Carriage 36,557 0.02

9,200 Keppel 74,657 0.05

5,000 Keppel Land 12,709 0.01

7,000 Neptune Orient Lines 6,106 -


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

9,000 Olam International 12,859 0.01

17,146 Oversea-Chinese Banking 118,972 0.08

7,000 SembCorp Industries 28,347 0.02

5,000 SembCorp Marine 18,866 0.01

3,000 Singapore Airlines 24,558 0.02

5,000 Singapore Exchange 24,905 0.02

10,000 Singapore Press 30,786 0.02

10,000 Singapore Technologies Engineering 24,550 0.02

50,000 Singapore Telecommunications 130,249 0.08

3,000 StarHub 8,099 0.01

8,055 United Overseas Bank 118,650 0.08

2,000 UOL 7,783 -

12,000 Wilmar International 34,196 0.02

Total Singapore 1,132,335 0.74

Spain: 1.07% (31 Dec 2011: 1.38%)

2,442 Abertis Infraestructuras 32,989 0.02

2,440 Abertis Infraestructuras Rts 1,592 -

163 Acciona 9,743 0.01

524 Acerinox 5,864 -

1,020 ACS Actividades de Construccion y Servicios 21,863 0.01

1,989 Amadeus IT Class A 42,153 0.03

30,148 Banco Bilbao Vizcaya Argentaria 215,362 0.14

13,851 Banco de Sabadell 26,946 0.02

5,627 Banco Popular Espanol 12,732 0.01

58,182 Banco Santander 385,497 0.25

6,776 Bankia 7,946 0.01

6,018 CaixaBank 19,559 0.01

4,347 Distribuidora Internacional de Alimentacion 20,466 0.01

1,373 Enagas 25,038 0.02

2,554 Ferrovial 28,804 0.02

2,373 Gas Natural 30,431 0.02

118 GAS Natural Bonus Rts 1,513 -

1,038 Grifols 26,332 0.02

25,440 Iberdrola 120,067 0.08

1,373 Inditex 142,058 0.09

4,971 Mapfre 10,112 0.01


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

691 Red Electrica 30,175 0.02

5,181 Repsol 83,107 0.05

5,170 Repsol Rts 3,635 -

26,569 Telefonica 349,649 0.22

682 Zardoya Otis 7,599 -

682 Zardoya Otis Rts 366 -

Total Spain 1,661,598 1.07

Sweden: 1.20% (31 Dec 2011: 1.26%)

2,087 Alfa Laval Class A 35,739 0.02

2,152 Assa Abloy Class B 60,048 0.04

2,965 Atlas Copco Class A 63,747 0.04

4,073 Atlas Copco Class B 77,537 0.05

2,013 Boliden Class A 27,997 0.02

1,685 Electrolux Class B Series B 33,444 0.02

548 Elekta Class B 25,025 0.02

1,238 Getinge Class B 30,670 0.02

5,863 Hennes & Mauritz Class B 210,145 0.13

1,163 Hexagon Class B 19,916 0.01

261 Holmen Class B 7,101 -

3,562 Husqvarna Class B 16,798 0.01

646 Industrivarden Class C 8,311 0.01

1,410 Investment Kinnevik Class B 28,292 0.02

2,904 Investor Class B 55,409 0.04

1,448 Lundin Petroleum Class A 27,041 0.02

399 Modern Times Class B 18,452 0.01

16,985 Nordea Bank Class A 146,168 0.09

947 Ratos Class B 8,986 0.01

6,640 Sandvik Class A 84,991 0.05

2,000 Scania Class B 34,220 0.02

1,937 Securitas Class B 15,042 0.01

9,088 Skandinaviska Enskilda Banken Class A 58,933 0.04

2,479 Skanska Class B 37,962 0.02

2,607 SKF Class B 51,329 0.03

894 SSAB Class A 7,396 -

3,691 Svenska Cellulosa Class B 55,346 0.04

3,124 Svenska Handelsbanken Class A 102,604 0.07


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

4,996 Swedbank Class A 78,605 0.05

1,350 Swedish Match Class A 54,509 0.03

2,015 Tele2 Class B 31,178 0.02

19,279 Telefonaktiebolaget LM Ericsson Class B 176,104 0.11

14,477 TeliaSonera Class A 92,537 0.06

9,098 Volvo Class B 103,800 0.07

Total Sweden 1,885,382 1.20

Switzerland: 3.33% (31 Dec 2011: 3.94%)

14,123 ABB 230,534 0.15

802 Actelion 32,961 0.02

837 Adecco 37,141 0.02

590 Aryzta Class A 29,360 0.02

350 Baloise 23,111 0.01

22 Banque Cantonale Vaudoise 11,680 0.01

9 Barry Callebaut 8,187 0.01

3,430 Cie Financiere Richemont Class A 187,898 0.12

7,117 Credit Suisse 129,783 0.08

1,579 GAM Class A 17,600 0.01

243 Geberit 47,932 0.03

53 Givaudan 52,048 0.03

8,655 Glencore International 40,121 0.03

1,350 Holcim 74,667 0.05

1,284 Julius Baer 46,476 0.03

332 Kuehne + Nagel International 35,147 0.02

1 Lindt & Spruengli 36,762 0.02

4 Lindt & Spruengli PTG 12,382 0.01

315 Lonza 13,106 0.01

21,241 Nestle 1,269,074 0.81

14,762 Novartis 825,050 0.53

126 Pargesa Class B 7,495 -

106 Partners Class A 18,882 0.01

4,522 Roche 781,616 0.50

169 Schindler 19,087 0.01

298 Schindler PTG 33,310 0.02

36 SGS 67,512 0.04

14 Sika Class B 27,039 0.02


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

313 Sonova 30,242 0.02

4,372 STMicroelectronics 23,991 0.02

39 Straumann 5,732 -

186 Sulzer 22,009 0.01

235 Swatch Group 16,325 0.01

194 Swatch Group Class B 76,555 0.05

213 Swiss Life 20,040 0.01

311 Swiss Prime Site 26,007 0.02

2,208 Swiss Re Class A 138,919 0.09

141 Swisscom 56,787 0.04

602 Syngenta 205,628 0.13

23,454 UBS 273,816 0.17

941 Zurich Insurance Class A 212,259 0.14

Total Switzerland 5,224,271 3.33

United Kingdom: 8.15% (31 Dec 2011: 9.45%)

6,017 3i 18,601 0.01

4,828 Aberdeen Asset Management 19,666 0.01

1,361 Admiral 25,445 0.02

1,823 Aggreko 59,244 0.04

2,151 AMEC 33,805 0.02

8,417 Anglo American 275,716 0.18

2,548 Antofagasta 43,481 0.03

8,962 ARM 71,055 0.05

2,415 Associated British Foods 48,560 0.03

8,075 AstraZeneca 361,339 0.23

18,986 Aviva 81,176 0.05

2,084 Babcock International 27,898 0.02

19,766 BAE Systems 89,472 0.06

4,334 Balfour Beatty 20,257 0.01

73,801 Barclays 188,504 0.12

21,731 BG 443,092 0.28

13,475 BHP Billiton 381,696 0.24

121,839 BP 806,340 0.51

12,667 British American Tobacco 644,007 0.41

5,453 British Land Reits 43,662 0.03

7,588 British Sky Broadcasting 82,893 0.05


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

48,672 BT 161,382 0.10

2,314 Bunzl 37,855 0.02

2,945 Burberry 61,203 0.04

4,005 Capita 41,208 0.03

3,561 Capital Shopping Centres Reits 17,985 0.01

1,130 Carnival 38,673 0.02

33,785 Centrica 168,508 0.11

6,798 Cobham 24,758 0.02

12,476 Compass 130,910 0.08

866 Croda International 30,738 0.02

514 Delphi Automotive 13,107 0.01

16,000 Diageo 412,063 0.26

1,768 Eurasian Natural Resources 11,519 0.01

1,225 Evraz 5,009 -

6,026 Experian 85,111 0.05

9,954 G4S 43,574 0.03

10,685 GKN 30,267 0.02

32,416 GlaxoSmithKline 735,696 0.47

4,525 Hammerson Reits 31,434 0.02

113,581 HSBC 999,578 0.64

3,506 ICAP 18,559 0.01

1,548 IMI 20,188 0.01

6,410 Imperial Tobacco 246,820 0.16

2,552 Inmarsat 19,673 0.01

1,871 InterContinental Hotels 45,046 0.03

4,420 International Consolidated Airlines Class D 11,073 0.01

9,515 International Power PLC/United Kingdom 62,307 0.04

1,097 Intertek 45,974 0.03

4,901 Invensys 17,119 0.01

3,096 Investec 18,064 0.01

25,185 ITV 30,258 0.02

7,989 J Sainsbury 37,766 0.02

1,406 Johnson Matthey 48,692 0.03

1,440 Kazakhmys 16,296 0.01

14,312 Kingfisher 64,515 0.04

4,960 Land Securities Reits 57,452 0.04

39,114 Legal & General 78,096 0.05


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

270,793 Lloyds Banking 132,090 0.08

901 London Stock Exchange 14,188 0.01

1,050 Lonmin 12,755 0.01

12,550 Man 14,989 0.01

9,399 Marks & Spencer 47,911 0.03

5,596 Meggitt 33,818 0.02

22,848 National Grid 242,072 0.15

1,122 Next 56,296 0.04

43,898 Old Mutual 104,242 0.07

5,386 Pearson 106,948 0.07

1,613 Petrofac 35,115 0.02

16,065 Prudential 185,955 0.12

4,261 Reckitt Benckiser 224,889 0.14

8,141 Reed Elsevier 65,312 0.04

9,912 Resolution 30,456 0.02

5,913 Rexam 39,045 0.02

8,399 Rio Tinto 397,705 0.25

12,289 Rolls-Royce 165,377 0.11

1,302,634 Rolls-Royce Pref Class C 2,043 -

11,988 Royal Bank of Scotland 40,482 0.03

22,843 RSA Insurance 38,730 0.02

6,091 SABMiller 244,090 0.16

8,626 Sage Group 37,517 0.02

766 Schroders 16,051 0.01

5,035 Segro Reits 17,161 0.01

3,274 Serco 27,524 0.02

1,524 Severn Trent 39,512 0.03

6,070 Smith & Nephew 60,693 0.04

2,470 Smiths 39,322 0.03

6,264 SSE 136,663 0.09

15,241 Standard Chartered 330,961 0.21

14,834 Standard Life 54,304 0.03

1,771 Subsea 7 34,887 0.02

3,308 Tate & Lyle 33,595 0.02

51,176 Tesco 248,868 0.16

3,845 TUI Travel 10,222 0.01

5,946 Tullow Oil 137,092 0.09


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

8,125 Unilever 273,224 0.17

4,489 United Utilities 47,525 0.03

1,849 Virgin Media 45,097 0.03

318,004 Vodafone 894,051 0.57

1,387 Weir Group 33,284 0.02

1,243 Whitbread 39,538 0.03

14,637 WM Morrison Supermarkets 61,090 0.04

1,916 Wolseley 71,432 0.05

13,237 Xstrata 165,802 0.11

Total United Kingdom 12,774,308 8.15


4,158 3M Class C 372,557 0.24

10,041 Abbott Laboratories 647,343 0.41

653 Abercrombie & Fitch Class A 22,293 0.01

4,120 Accenture Class A 247,571 0.16

2,224 ACE 164,865 0.10

3,293 Activision Blizzard 39,483 0.03

3,089 Adobe Systems 99,991 0.06

463 Advance Auto Parts 31,586 0.02

3,813 Advanced Micro Devices 21,848 0.01

4,062 AES Corp 52,115 0.03

2,118 Aetna 82,115 0.05

263 Affiliated Managers Group 28,785 0.02

2,987 Aflac 127,216 0.08

703 AGCO 32,148 0.02

2,219 Agilent Technologies 87,074 0.06

1,358 Air Products & Chemicals 109,631 0.07

459 Airgas 38,561 0.02

1,147 Akamai Technologies 36,417 0.02

494 Albemarle 29,462 0.02

7,134 Alcoa 62,422 0.04

1,231 Alexion Pharmaceuticals 122,238 0.08

89 Alleghany 30,238 0.02

735 Allegheny Technologies 23,439 0.01

1,962 Allergan Inc/United States 181,622 0.12

308 Alliance Data Systems 41,580 0.03


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

705 Alliant Energy 32,127 0.02

3,115 Allstate 109,305 0.07

1,108 Alpha Natural Resources 9,651 0.01

2,125 Altera 71,910 0.05

12,950 Altria Group 447,422 0.28

2,344 Amazon.com 535,252 0.34

1,542 Ameren 51,719 0.03

2,036 American Capital Agency Reits 68,430 0.04

3,119 American Electric Power 124,448 0.08

6,734 American Express Class C 391,986 0.25

3,895 American International Group 124,991 0.08

2,541 American Tower Reits 177,641 0.11

1,170 American Water Works 40,108 0.03

1,455 Ameriprise Financial 76,038 0.05

1,600 AmerisourceBergen 62,960 0.04

1,031 AMETEK 51,457 0.03

5,092 Amgen 371,920 0.24

1,055 Amphenol Class A 57,941 0.04

3,211 Anadarko Petroleum 212,568 0.14

1,958 Analog Devices 73,758 0.05

6,018 Annaly Capital Management Class I Reits 100,982 0.06

568 ANSYS 35,846 0.02

1,881 Aon 87,993 0.06

2,480 Apache 217,967 0.14

861 Apollo Group Class A 31,160 0.02

5,972 Apple 3,487,648 2.22

8,501 Applied Materials 97,421 0.06

916 Arch Capital 36,356 0.02

4,302 Archer-Daniels-Midland Class C 126,995 0.08

795 Arrow Electronics 26,084 0.02

675 Assurant 23,517 0.01

37,885 AT&T 1,350,979 0.86

1,521 Autodesk 53,220 0.03

557 Autoliv 30,446 0.02

3,135 Automatic Data Processing 174,494 0.11

220 AutoZone 80,777 0.05

1,405 Avago Technologies 50,439 0.03


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

610 AvalonBay Communities Reits 86,303 0.05

768 Avery Dennison 20,997 0.01

1,003 Avnet 30,953 0.02

2,780 Avon Products 45,064 0.03

830 Axis Capital 27,016 0.02

2,779 Baker Hughes 114,217 0.07

976 Ball 40,065 0.03

68,180 Bank of America 557,712 0.35

7,824 Bank of New York Mellon 171,737 0.11

3,628 Baxter International 192,828 0.12

4,499 BB&T 138,794 0.09

908 Beam 56,741 0.04

1,330 Becton Dickinson and Class C 99,417 0.06

1,543 Bed Bath & Beyond 95,357 0.06

5,843 Berkshire Hathaway Class B 486,897 0.31

1,977 Best Buy 41,438 0.03

1,429 Biogen Idec 206,319 0.13

852 BlackRock 144,687 0.09

1,092 BMC Software 46,607 0.03

4,563 Boeing 339,031 0.22

699 BorgWarner 45,847 0.03

917 Boston Properties Reits 99,375 0.06

9,101 Boston Scientific 51,603 0.03

1,625 Brands 69,111 0.04

10,816 Bristol-Myers Squibb Class C 388,835 0.25

3,128 Broadcom Class A 105,726 0.07

1,845 Brookfield Office Properties 32,251 0.02

552 Brown-Forman Class B 53,461 0.03

934 Bunge 58,599 0.04

2,103 CA 56,970 0.04

1,550 Cablevision Systems Class A 20,599 0.01

1,344 Cabot Oil & Gas 52,954 0.03

2,207 Calpine 36,438 0.02

1,613 Cameron International 68,891 0.04

1,262 Campbell Soup Class C 42,126 0.03

3,208 Capital One Financial 175,349 0.11

2,299 Cardinal Health 96,558 0.06


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

1,435 CareFusion 36,851 0.02

1,387 CarMax 35,979 0.02

2,871 Carnival 98,389 0.06

4,154 Caterpillar 352,716 0.22

1,882 CBRE Group Class A 30,790 0.02

3,915 CBS Class B 128,334 0.08

1,005 Celanese Class A 34,793 0.02

2,825 Celgene 181,252 0.12

2,551 CenterPoint Energy 52,729 0.03

4,063 CenturyLink 160,448 0.10

867 Cerner 71,666 0.05

404 CF Industries 78,271 0.05

1,052 CH Robinson Worldwide 61,574 0.04

6,729 Charles Schwab 87,006 0.06

222 Charter Communications Class A 15,733 0.01

4,060 Chesapeake Energy 75,516 0.05

12,600 Chevron 1,329,300 0.85

199 Chipotle Mexican Grill 75,610 0.05

1,761 Chubb Corp 128,236 0.08

913 Church & Dwight 50,644 0.03

1,802 Cigna 79,288 0.05

551 Cimarex Energy Class C 30,371 0.02

983 Cincinnati Financial 37,423 0.02

719 Cintas 27,761 0.02

34,686 Cisco Systems 595,559 0.38

1,220 CIT Group 43,481 0.03

18,843 Citigroup 516,487 0.33

1,211 Citrix Systems 101,651 0.06

922 Cliffs Natural Resources 45,445 0.03

834 Clorox 60,432 0.04

413 CME Group 110,729 0.07

1,465 CMS Energy 34,427 0.02

1,867 Coach 109,182 0.07

1,186 Cobalt International Energy 27,871 0.02

13,061 Coca-Cola 1,021,240 0.65

2,028 Coca-Cola Enterprises 56,865 0.04

1,939 Cognizant Technology Solutions Class A 116,340 0.07


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

3,040 Colgate-Palmolive Class C 316,464 0.20

13,501 Comcast Class A 431,627 0.27

3,785 Comcast Class A Special 118,849 0.08

1,277 Comerica 39,217 0.02

994 Computer Sciences 24,671 0.02

2,638 ConAgra Foods 68,403 0.04

588 Concho Resources 50,051 0.03

7,635 ConocoPhillips 426,644 0.27

1,450 CONSOL Energy 43,848 0.03

1,806 Consolidated Edison 112,315 0.07

1,338 Constellation Brands Class A 36,206 0.02

312 Continental Resources 20,785 0.01

960 Cooper Industries 65,453 0.04

283 Core Laboratories 32,800 0.02

9,326 Corning 120,585 0.08

2,838 Costco Wholesale 269,610 0.17

1,005 Coventry Health Care 31,949 0.02

3,092 Covidien 165,422 0.11

538 CR Bard 57,803 0.04

584 Cree 14,991 0.01

1,022 Crown 35,249 0.02

1,818 Crown Castle International 106,644 0.07

6,741 CSX 150,729 0.10

1,106 Cummins 107,182 0.07

8,391 CVS Caremark 392,111 0.25

3,758 Danaher 195,717 0.12

849 Darden Restaurants 42,985 0.03

575 DaVita 56,471 0.04

2,373 Deere Class C 191,904 0.12

9,651 Dell 120,831 0.08

1,057 Delta Air Lines 11,574 0.01

2,480 Denbury Resources 37,473 0.02

945 DENTSPLY International 35,730 0.02

2,473 Devon Energy 143,409 0.09

460 Diamond Offshore Drilling 27,200 0.02

595 Dick's Sporting Goods 28,560 0.02

687 Digital Realty Trust Reits 51,573 0.03


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

4,277 DIRECTV Class A 208,803 0.13

3,267 Discover Financial Services 112,973 0.07

893 Discovery Communications Class A 48,222 0.03

733 Discovery Communications Class C 36,716 0.02

1,332 DISH Network Class A 38,029 0.02

319 Dolby Laboratories Class A 13,175 0.01

1,383 Dollar General 75,221 0.05

1,598 Dollar Tree 85,972 0.05

3,673 Dominion Resources 198,342 0.13

1,173 Dover 62,885 0.04

7,630 Dow Chemical 240,345 0.15

1,859 DR Horton 34,168 0.02

1,335 Dr Pepper Snapple Group 58,406 0.04

1,085 DTE Energy 64,373 0.04

1,931 Duke Realty Reits 28,270 0.02

280 Dun & Bradstreet 19,928 0.01

8,553 Dunited Kingdome Energy 197,232 0.13

883 Eastman Chemical Class C 44,477 0.03

1,861 Eaton 73,751 0.05

839 Eaton Vance 22,611 0.01

7,463 eBay 313,521 0.20

1,927 Ecolab 132,057 0.08

1,981 Edison International 91,522 0.06

733 Edwards Lifesciences 75,719 0.05

5,947 EI du Pont de Nemours 300,740 0.19

2,153 Electronic Arts 26,590 0.02

6,726 Eli Lilly Class C 288,613 0.18

13,184 EMC Corp/MA 337,906 0.22

4,748 Emerson Electric Class C 221,162 0.14

394 Energen 17,781 0.01

458 Energizer 34,464 0.02

1,092 Entergy 74,136 0.05

1,732 EOG Resources 156,071 0.10

917 EQT 49,179 0.03

801 Equifax 37,327 0.02

295 Equinix 51,817 0.03

1,952 Equity Residential Reits 121,727 0.08


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

1,495 Estee Lauder Cos Class A 80,909 0.05

364 Everest Re 37,670 0.02

5,472 Exelon 205,857 0.13

711 Expedia 34,178 0.02

1,349 Expeditors International of Washington 52,274 0.03

5,096 Express Scripts Class C 284,510 0.18

30,161 Exxon Mobil 2,580,877 1.64

481 F5 Networks 47,888 0.03

2,806 Facebook Class A 87,323 0.06

638 Family Dollar Stores 42,414 0.03

1,776 Fastenal Class C 71,591 0.05

396 Federal Realty Investment Trust Reits 41,220 0.03

1,938 FedEx 177,540 0.11

1,024 Fidelity National Financial Class A 19,722 0.01

1,531 Fidelity National Information Services 52,176 0.03

5,651 Fifth Third Bancorp 75,723 0.05

531 First Republic Bank 17,842 0.01

2,655 FirstEnergy 130,599 0.08

880 Fiserv 63,554 0.04

1,180 FLIR Systems 23,010 0.01

348 Flowserve 39,933 0.03

1,041 Fluor 51,363 0.03

898 FMC 48,025 0.03

1,489 FMC Technologies 58,413 0.04

22,785 Ford Motor Class C 218,508 0.14

1,606 Forest Laboratories 56,194 0.04

339 Fossil 25,947 0.02

1,010 Franklin Resources 112,100 0.07

6,109 Freeport-McMoRan Copper & Gold 208,134 0.13

6,352 Frontier Communications 24,328 0.02

1,013 GameStop Class A 18,599 0.01

2,038 Gap 55,760 0.04

766 Garmin 29,330 0.02

1,896 General Dynamics 125,060 0.08

67,491 General Electric Class C 1,406,512 0.90

2,743 General Growth Properties Reits 49,621 0.03

4,136 General Mills 159,401 0.10


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

4,970 General Motors Class C 98,008 0.06

1,008 Genuine Parts Class C 60,732 0.04

3,129 Genworth Financial Class A 17,710 0.01

4,835 Gilead Sciences 247,939 0.16

3,011 Goldman Sachs Group 288,634 0.18

770 Goodrich 97,713 0.06

1,269 Goodyear Tire & Rubber Class C 14,987 0.01

1,650 Google Class A 957,115 0.61

848 Green Mountain Coffee Roasters 18,469 0.01

2,069 H&R Block 33,063 0.02

5,892 Halliburton Class C 167,274 0.11

1,568 Harley-Davidson 71,705 0.05

747 Harris 31,262 0.02

2,695 Hartford Financial Services Group 47,513 0.03

774 Hasbro 26,215 0.02

1,287 HCA 39,163 0.02

2,637 HCP Reits 116,424 0.07

1,342 Health Care REIT Reits 78,239 0.05

716 Helmerich & Payne 31,132 0.02

546 Henry Schein 42,856 0.03

746 Herbalife 36,054 0.02

1,049 Hershey 75,559 0.05

1,709 Hertz Global 21,875 0.01

1,971 Hess 85,640 0.05

12,802 Hewlett-Packard Class C 257,448 0.16

3,780 Hillshire Brands 69,930 0.04

1,936 HJ Heinz Class C 105,280 0.07

1,354 HollyFrontier 47,972 0.03

1,738 Hologic 31,354 0.02

9,945 Home Depot 526,986 0.34

4,712 Honeywell International 263,118 0.17

1,012 Hormel Foods 30,785 0.02

1,056 Hospira 36,939 0.02

4,626 Host Hotels & Resorts Reits 73,183 0.05

3,385 Hudson City Bancorp 21,562 0.01

1,041 Humana 80,615 0.05

314 IHS Class A 33,827 0.02


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

2,773 Illinois Tool Works 146,664 0.09

780 Illumina 31,504 0.02

1,789 Ingersoll-Rand 75,460 0.05

477 Integrys Energy Group 27,127 0.02

31,996 Intel 852,693 0.54

468 IntercontinentalExchange 63,639 0.04

7,060 International Business Machines 1,380,795 0.88

579 International Flavors & Fragrances 31,729 0.02

2,062 International Game Technology 32,477 0.02

2,647 International Paper Class C 76,525 0.05

2,937 Interpublic of Cos 31,866 0.02

1,818 Intuit 107,898 0.07

251 Intuitive Surgical 139,001 0.09

2,756 Invesco 62,286 0.04

855 Iron Mountain 28,181 0.02

848 Jacobs Engineering Group 32,105 0.02

584 JB Hunt Transport Services 34,806 0.02

1,023 JC Penney 23,846 0.02

730 JM Smucker 55,130 0.04

17,612 Johnson & Johnson 1,189,867 0.76

4,376 Johnson Controls 121,259 0.08

672 Joy Global 38,123 0.02

24,500 JPMorgan Chase Class C 875,385 0.56

3,390 Juniper Networks 55,291 0.04

700 Kansas City Southern 48,692 0.03

1,010 KBR 24,957 0.02

1,610 Kellogg Class C 79,421 0.05

6,167 KeyCorp 47,733 0.03

2,478 Kimberly-Clark 207,582 0.13

2,549 Kimco Realty Reits 48,507 0.03

2,926 Kinder Morgan 94,276 0.06

52,046 Kinder Morgan Fractions - -

584 Kinder Morgan Management 42,877 0.03

1,011 KLA-Tencor 49,792 0.03

1,538 Kohl's 69,964 0.04

10,844 Kraft Foods Class A 418,795 0.27

3,289 Kroger Class C 76,272 0.05


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

635 L-3 Communications 46,996 0.03

602 Laboratoryof America 55,751 0.04

1,290 Lam Research 48,685 0.03

2,647 Las Vegas Sands 115,118 0.07

933 Legg Mason 24,603 0.02

730 Leggett & Platt 15,425 0.01

1,341 Leucadia National 28,523 0.02

1,119 Level 3 Communications 24,786 0.02

876 Liberty Global Class A 43,476 0.03

771 Liberty Global Class C 36,815 0.02

3,698 Liberty Interactive Class A 65,787 0.04

700 Liberty Media- Liberty Capital Class A 61,537 0.04

798 Liberty Property Trust Reits 29,398 0.02

1,100 Life Technologies 49,489 0.03

1,920 Lincoln National 41,990 0.03

1,420 Linear Technology 44,489 0.03

268 LinkedIn Class A 28,480 0.02

1,778 Lockheed Martin 154,828 0.10

1,991 Loews 81,452 0.05

811 Lorillard 107,011 0.07

8,114 Lowe's 230,762 0.15

3,640 LSI 23,187 0.01

2,123 LyondellBasell Industries Class A 85,493 0.05

696 M&T Bank 57,469 0.04

847 Macerich Reits 50,015 0.03

2,654 Macy's 91,165 0.06

558 Manpower 20,451 0.01

4,543 Marathon Oil 116,164 0.07

2,254 Marathon Petroleum 101,250 0.06

1,685 Marriott International Class A 66,052 0.04

3,421 Marsh & McLennan 110,259 0.07

315 Martin Marietta Materials 24,828 0.02

3,327 Marvell Technology 37,529 0.02

2,501 Masco 34,689 0.02

695 Mastercard Class A 298,926 0.19

2,239 Mattel 72,633 0.05

1,896 Maxim Integrated Products 48,613 0.03


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

750 McCormickInc 45,488 0.03

6,592 McDonald's 583,590 0.37

1,565 McGraw-Hill 70,425 0.04

1,610 McKesson 150,937 0.10

1,310 MDU Resources Group 28,309 0.02

1,303 Mead Johnson Nutrition Class C 104,905 0.07

1,161 MeadWestvaco 33,379 0.02

6,793 Medtronic 263,093 0.17

19,366 Merck 808,530 0.51

5,251 MetLife 161,993 0.10

2,057 MetroPCS Communications 12,445 0.01

2,164 MGM Resorts International 24,150 0.02

1,233 Microchip Technology 40,788 0.03

5,730 Micron Technology 36,156 0.02

48,385 Microsoft 1,480,097 0.94

399 Mohawk Industries 27,862 0.02

1,030 Molson Coors Brewing Class B 42,858 0.03

3,433 Monsanto Class C 284,184 0.18

959 Monster Beverage 68,281 0.04

1,272 Moody's 46,492 0.03

9,306 Morgan Stanley 135,775 0.09

1,947 Mosaic 106,618 0.07

1,778 Motorola Solutions 85,540 0.05

1,094 Murphy Oil 55,017 0.04

2,646 Mylan 56,545 0.04

1,803 Nabors Industries 25,963 0.02

886 NASDAQ OMX Group 20,086 0.01

2,713 National Oilwell Varco 174,826 0.11

2,465 NetApp 78,436 0.05

339 Netflix 23,211 0.01

2,837 New York Community Bancorp 35,548 0.02

1,962 Newell Rubbermaid 35,591 0.02

858 Newfield Exploration Class C 25,148 0.02

3,191 Newmont Mining 154,795 0.10

10,503 News Class A 234,112 0.15

2,813 News Class B 63,349 0.04

2,583 NextEra Energy 177,736 0.11


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

900 Nielsen 23,598 0.02

888 NII 9,084 0.01

2,399 NIKE Class B 210,584 0.13

1,802 NiSource 44,599 0.03

1,635 Noble 53,187 0.03

1,159 Noble Energy 98,306 0.06

1,086 Nordstrom 53,963 0.03

2,053 Norfolk Southern 147,344 0.09

1,978 Northeast Utilities 76,766 0.05

1,319 Northern Trust 60,700 0.04

1,604 Northrop Grumman 102,319 0.07

1,617 NRG Energy 28,071 0.02

1,539 Nuance Communications 36,659 0.02

2,000 Nucor 75,800 0.05

3,921 NVIDIA 54,188 0.03

1,681 NYSE Euronext 43,000 0.03

5,242 Occidental Petroleum 449,606 0.29

785 Omnicare 24,516 0.02

1,775 Omnicom Group 86,265 0.05

1,234 ONEOK 52,211 0.03

25,603 Oracle 760,409 0.48

300 OracleJapan 12,878 0.01

826 O'Reilly Automotive 69,194 0.04

1,195 Owens-Illinois 22,908 0.01

1,990 PACCAR 77,988 0.05

753 Pall 41,272 0.03

985 Parker Hannifin 75,727 0.05

448 PartnerRe 33,900 0.02

694 Patterson Cos 23,922 0.02

1,961 Paychex 61,595 0.04

1,744 Peabody Energy 42,763 0.03

667 Pentair 25,533 0.02

2,577 People's United Financial 29,919 0.02

1,595 Pepco 31,214 0.02

10,100 PepsiCo 713,666 0.45

540 Perrigo Class C 63,682 0.04

733 PetSmart 49,976 0.03


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

48,393 Pfizer 1,113,039 0.71

2,535 PG&E 114,759 0.07

11,072 Philip Morris International 966,143 0.61

4,074 Phillips 66 135,420 0.09

659 Pinnacle West Capital 34,097 0.02

713 Pioneer Natural Resources Class C 62,894 0.04

1,430 Pitney Bowes 21,407 0.01

895 Plains Exploration & Production 31,486 0.02

1,030 Plum Creek Timber Class C Reits 40,891 0.03

3,398 PNC Financial Services Group 207,652 0.13

997 PPG Industries 105,802 0.07

3,760 PPL 104,566 0.07

1,897 Praxair 206,261 0.13

948 Precision Castparts 155,937 0.10

320 priceline.com 212,646 0.14

1,920 Principal Financial Group 50,362 0.03

17,582 Procter & Gamble 1,076,898 0.69

1,933 Progress Energy 116,309 0.07

3,557 Progressive Corp 74,092 0.05

2,832 Prologis Reits 94,107 0.06

3,022 Prudential Financial 146,355 0.09

3,265 Public Service Enterprise Group 106,113 0.07

944 Public Storage Reits 136,323 0.09

382 PVH 29,716 0.02

1,157 QEP Resources 34,675 0.02

10,846 QUALCOMM 603,905 0.38

1,506 Quanta Services 36,249 0.02

963 Quest Diagnostics 57,684 0.04

669 Rackspace Hosting 29,396 0.02

375 Ralcorp 25,028 0.02

390 Ralph Lauren 54,623 0.03

1,004 Range Resources 62,117 0.04

792 Rayonier Reits 35,561 0.02

2,090 Raytheon 118,273 0.08

1,238 Red Hat 69,922 0.04

652 Regency Centers Reits 31,016 0.02

470 Regeneron Pharmaceuticals 53,683 0.03


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

8,535 Regions Financial 57,611 0.04

388 RenaissanceRe 29,492 0.02

1,857 Republic Services 49,136 0.03

2,251 Reynolds American 101,002 0.06

920 Robert Half International 26,284 0.02

450 Rock-Tenn Class A 24,548 0.02

899 Rockwell Automation 59,388 0.04

962 Rockwell Collins 47,475 0.03

579 Roper Industries 57,078 0.04

1,490 Ross Stores 93,080 0.06

904 Rowan Cos Class A 29,226 0.02

892 Royal Caribbean Cruises 23,219 0.01

1,581 Safeway 28,695 0.02

2,006 SAIC 24,313 0.02

806 Salesforce.com 111,438 0.07

1,569 SanDisk 57,237 0.04

761 SBA Communications Class A 43,415 0.03

825 SCANA 39,468 0.03

8,440 Schlumberger 547,840 0.35

595 Scripps Networks Interactive Class A 33,832 0.02

2,696 Seagate Technology 66,672 0.04

866 Sealed Air 13,371 0.01

323 Sears 19,283 0.01

904 SEI Investments 17,981 0.01

1,461 Sempra Energy 100,634 0.06

506 Sensata Technologies 13,551 0.01

560 Sherwin-Williams 74,116 0.05

801 Sigma-Aldrich 59,218 0.04

1,892 Simon Property Group Reits 294,509 0.19

24,080 Sirius XM Radio 44,548 0.03

529 SL Green Realty Reits 42,447 0.03

3,267 SLM 51,325 0.03

5,439 Southern 251,826 0.16

928 Southwest Airlines Class C 8,556 0.01

2,102 Southwestern Energy Class C 67,117 0.04

4,185 Spectra Energy 121,616 0.08

18,675 Sprint Nextel 60,881 0.04


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

350 SPX 22,862 0.01

2,129 St Jude Medical 84,968 0.05

1,073 Stanley Black & Decker 69,058 0.04

4,244 Staples 55,384 0.04

4,792 Starbucks 255,509 0.16

1,239 Starwood Hotels & Resorts Worldwide 65,717 0.04

3,174 State Street 141,687 0.09

510 Stericycle 46,752 0.03

1,846 Stryker 101,715 0.06

663 Sunoco 31,493 0.02

3,469 SunTrust Banks 84,054 0.05

1,110 Superior Energy Services 22,455 0.01

399 SXC Health Solutions 39,573 0.03

4,682 Symantec 68,404 0.04

989 Synopsys 29,106 0.02

3,759 Sysco 112,056 0.07

1,626 T Rowe Price Group 102,373 0.07

3,983 Target 231,771 0.15

1,463 TD Ameritrade 24,871 0.02

2,769 TE Connectivity 88,359 0.06

1,071 Teradata 77,123 0.05

7,376 Texas Instruments 211,617 0.13

1,774 Textron 44,119 0.03

2,423 Thermo Fisher Scientific 125,778 0.08

774 Tiffany Class C 40,983 0.03

6,057 Time Warner 233,195 0.15

2,056 Time Warner Cable 168,798 0.11

4,965 TJX Cos 213,147 0.14

925 Toll Brothers 27,500 0.02

2,000 TonenGeneral Sekiyu 17,722 0.01

677 Torchmark 34,222 0.02

1,135 Total System Services 27,161 0.02

460 Tractor Supply 38,208 0.02

307 TransDigm Group 41,230 0.03

2,175 Transocean 97,019 0.06

2,490 Travelers 158,962 0.10

753 Trimble Navigation 34,646 0.02


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

743 TRW Automotive 27,313 0.02

2,834 Tyco International 149,777 0.10

1,890 Tyson Foods Class A 35,589 0.02

1,452 UDR Reits 37,520 0.02

374 Ulta Salon Cosmetics & Fragrance 34,924 0.02

1,141 Ultra Petroleum 26,323 0.02

3,020 Union Pacific 360,316 0.23

445 United Continental 10,827 0.01

4,555 United Parcel Service Class B 358,752 0.23

1,017 United States Steel 20,950 0.01

5,551 United Technologies 419,267 0.27

6,714 UnitedHealth Group 392,769 0.25

1,853 Unum 35,448 0.02

862 Urban Outfitters 23,783 0.02

491 URS 17,126 0.01

12,365 US Bancorp 397,658 0.25

3,602 Valero Energy 86,988 0.06

717 Varian Medical Systems 43,572 0.03

1,824 Ventas Reits 115,131 0.07

655 VeriFone Systems 21,674 0.01

1,015 VeriSign 44,224 0.03

870 Verisk Analytics Class A 42,856 0.03

18,244 Verizon Communications 810,763 0.52

1,338 Vertex Pharmaceuticals 74,821 0.05

575 VF 76,734 0.05

3,064 Viacom Class B 144,069 0.09

3,336 Visa Class A 412,430 0.26

522 VMware Class A 47,523 0.03

1,067 Vornado Realty Trust Reits 89,607 0.06

874 Vulcan Materials Class C 34,707 0.02

5,653 Walgreen Class C 167,216 0.11

12,058 Wal-Mart Stores 840,684 0.54

11,003 Walt Disney 533,646 0.34

457 Walter Energy 20,181 0.01

1,132 Warner Chilcott Class A 20,285 0.01

23 Washington Post Class B 8,598 0.01

2,597 Waste Management 86,740 0.06


As at 30 June 2012


NominalHolding

Fair ValueUSD

% ofNet Assets

565 Waters 44,901 0.03

815 Watson Pharmaceuticals 60,302 0.04

5,071 Weatherford International 64,047 0.04

2,106 WellPoint 134,342 0.09

31,977 Wells Fargo Class C 1,069,311 0.68

1,432 Western Digital 43,647 0.03

4,178 Western Union Class C 70,358 0.04

3,569 Weyerhaeuser Class C Reits 79,803 0.05

509 Whirlpool 31,130 0.02

753 Whiting Petroleum 30,963 0.02

1,116 Whole Foods Market 106,377 0.07

3,683 Williams 106,144 0.07

1,069 Willis 39,008 0.02

3,595 Windstream 34,728 0.02

1,460 Wisconsin Energy 57,772 0.04

778 WR Berkley 30,280 0.02

382 WW Grainger 73,054 0.05

897 Wyndham Worldwide 47,308 0.03

520 Wynn Resorts 53,934 0.03

3,154 Xcel Energy 89,605 0.06

8,868 Xerox 69,791 0.04

1,618 Xilinx 54,316 0.03

1,173 Xylem Inc 29,524 0.02

7,123 Yahoo! 112,757 0.07

2,958 Yum! Brands 190,554 0.12

1,141 Zimmer 73,435 0.05

Total United States 82,060,302 52.25



As at 30 June 2012


Counterparty

CurrencyNo. of

ContractsUnrealised

Gain% of

Net Assets

Futures Contracts - Unrealised Gains: 0.11% (31 Dec 2011: 0.00%)

Canada: 0.00% (31 Dec 2011: 0.00%)

Citigroup S&P/Tsx 60 September 2012 CAD 2 4,641 -

Total Canada 4,641 -


Citigroup E-Mini MSCI EAFE September 2012 USD 35 94,700 0.06

Citigroup E-Mini S&P 500 September 2012 USD 49 84,090 0.05




As at 30 June 2012


Fair ValueUSD

% ofNet Assets



Cash 5,411,194 3.44


Net Assets Attributable to Holders of Redeemable Participating Shares

157,107,145 100.00


% ofTotal Assets

Transferable securities admitted to an offical stock exchange

96.12


Cash 3.44


100.00


As at 30 June 2012

The above entities are classified according to the country of incorporation.


NORTHERN TRUST WORLD EqUITY INDEX FUND PORTFOLIO CHANGES – MATERIAL ACqUISTIONS AND DISPOSALS


Purchases Holdings Cost USD

Apple 4,369 2,518,928

Exxon Mobil 22,477 1,927,539

Microsoft 35,474 1,143,192

International Business Machines 5,503 1,114,573

Chevron 9,340 974,008

General Electric Class C 49,551 970,787

Nestle 15,288 952,367

BHP Billiton 24,611 893,631

Procter & Gamble 12,936 868,926

AT&T 27,617 854,143

Johnson & Johnson 12,694 820,506

Pfizer 36,054 812,241

Wells Fargo Class C 23,517 782,200

JPMorgan Chase Class C 17,866 780,045

HSBC 83,398 742,447

Google Class A 1,202 735,683

Philip Morris International 8,132 711,393

Coca-Cola 9,530 703,008

Intel 23,945 664,100

Vodafone 234,372 646,205




Sales Holdings Cost USD


Commonwealth Bank of Australia 5,129 265,852

Westpac Banking 9,591 217,152

Australia & New Zealand Banking 8,320 200,207

National Australia Bank 6,959 177,224

International Business Machines 741 145,232

Exxon Mobil 1,632 134,227

Toyota Motor 3,100 132,855

Apple 176 105,016

Woolworths 3,882 104,187

Wesfarmers 3,173 98,228

AIA 26,867 98,035

Rio Tinto 1,336 90,387

Hutchison Whampoa 7,836 78,333

Banco Bilbao Vizcaya Argentaria 8,957 77,125

Singapore Telecommunications 30,000 74,616

Newcrest Mining 2,406 73,888

Kinder Morgan 5,081 73,844

Viterra 4,640 73,517

Motorola Mobility Holdings 1,818 72,720

The above represents the top 20 purchases and sales of the Fund during the current period. A full list of purchases

and sales are available from the manager on request.


Launch Date19 April 2012

Fund Size€77.9 million

BenchmarkMSCI Europe 100% Hedged to EUR

Fund ReviewSince inception the Fund has outperformed the

benchmark and is down 1.54% against the

benchmark return of -1.65%. The period saw net

inflows of €7.21 mn.


indexes end of May 2012. These changes included

normal investment review changes such as additions,

deletions, and float and shares changes. For MSCI

Europe 100% Hedged to EUR Index there were 14

additions, 15 deletions and a number of free float

changes and share in issue changes. The turnover at

the MSCI review was minimal. The index changes

were carefully traded to minimise any deviation from

the benchmark [resulting from trading costs] and

were used as an opportunity to equitise some of the

futures exposure.


Investment Manager

July 2012

NORThERN TRUST EUROPE EUR hEDGED EQUITY FUND INVESTMENT REVIEWSIX MONThS ENDED 30 JUNE 2012


NominalHolding

Fair ValueUS$

% ofNet Assets


EqUITIES: 97.40%

Austria: 0.42%

1,180 Andritz Class A 47,814 0.06

3,474 Erste Bank Class A 51,919 0.07

15,719 IMMOFINANZ Class A 39,376 0.05

2,510 OMV Class A 62,173 0.08

695 Raiffeisen Bank International 17,896 0.03

5,295 Telekom Austria Class A 41,084 0.05

965 Verbund Class A 17,438 0.02

548 Vienna InsuranceWiener Versicherung Grp Class A 17,470 0.02

1,568 Voestalpine Class A 32,701 0.04

Total Austria 327,871 0.42

Belgium: 1.68%

35,489 Ageas 55,363 0.07

12,562 Anheuser-Busch InBev 770,051 0.99

2,381 Belgacom 53,465 0.07

1,071 Colruyt 37,694 0.05

1,473 Delhaize 42,540 0.05

1,255 Groupe Bruxelles Lambert 67,143 0.09

2,347 KBC Groep 39,113 0.05

424 Mobistar 11,465 0.01

907 Solvay 70,546 0.09

967 Telenet 33,362 0.04

1,752 UCB 69,800 0.09

1,736 Umicore 63,138 0.08

Total Belgium 1,313,680 1.68

Denmark: 1.73%

8 AP Moeller - Maersk Class A 39,277 0.05

20 AP Moeller - Maersk Class B 103,412 0.13

1,626 Carlsberg Class B 100,871 0.13

378 Coloplast Class B 53,591 0.07

9,892 Danske Bank 108,309 0.14

2,773 DSV 43,305 0.06

NORTHERN TRUST EUROPE EUR HEDGED EqUITY FUND PORTFOLIO AND STATEMENT OF INVESTMENTS

As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

6,393 Novo Nordisk Class B 729,648 0.94

3,898 Novozymes Class B 79,592 0.10

7,100 TDC 38,965 0.05

352 Tryg 15,596 0.02

472 William Demant 33,427 0.04

Total Denmark 1,345,993 1.73

Finland: 1.08%

2,016 Elisa 32,014 0.04

7,162 Fortum 107,215 0.14

979 Kesko Class B 20,158 0.03

2,492 Kone Class B 118,694 0.15

1,994 Metso 54,057 0.07

1,939 Neste Oil 17,170 0.02

59,088 Nokia 95,723 0.12

1,630 Nokian Renkaat 48,672 0.06

1,378 Orion Class B 20,615 0.03

1,998 Pohjola Bank Class A 18,362 0.02

6,408 Sampo Class A 130,851 0.17

8,528 Stora Enso 41,276 0.05

8,067 UPM-Kymmene 71,796 0.09

2,607 Wartsila 67,235 0.09

Total Finland 843,838 1.08

France: 13.28%

2,178 Accor 53,753 0.07

490 Aeroports de Paris 29,204 0.04

4,866 Air Liquide 438,183 0.56

34,622 Alcatel-Lucent 45,043 0.06

3,184 Alstom 79,377 0.10

1,000 Arkema 51,550 0.07

868 AtoS 40,900 0.05

27,880 AXA 292,182 0.37

15,167 BNP Paribas 460,091 0.59

2,883 Bouygues 61,120 0.08

849 Bureau Veritas 59,549 0.08


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

2,341 Cap Gemini 67,889 0.09

9,127 Carrefour 132,752 0.17

882 Casino Guichard Perrachon 61,131 0.08

822 Christian Dior 88,982 0.11

6,350 Cie de St-Gobain 184,785 0.24

2,102 Cie Generale de Geophysique - Veritas 42,534 0.05

2,996 Cie Generale des Etablissements Michelin 154,234 0.20

3,168 Cie Generale d’Optique Essilor International 232,214 0.30

2,137 CNP Assurances 20,579 0.03

15,668 Credit Agricole 54,384 0.07

9,039 Danone 443,047 0.57

907 Dassault Systemes 67,045 0.09

2,675 Edenred 59,773 0.08

3,749 Electricite de France 65,795 0.08

481 Eurazeo 14,565 0.02

2,057 Eutelsat Communications 49,913 0.06

506 Fonciere Des Regions Reits 28,660 0.04

29,165 France Telecom 302,587 0.39

19,386 GDF Suez 363,584 0.47

317 Gecina Reits 22,269 0.03

8,709 Groupe Eurotunnel 55,738 0.07

330 ICADE Reits 19,668 0.03

357 Iliad 40,787 0.05

490 Imerys 19,644 0.03

946 JCDecaux 16,451 0.02

1,670 Klepierre Reits 43,253 0.06

3,004 Lafarge 105,606 0.14

1,883 Lagardere 41,407 0.05

3,817 Legrand 102,124 0.13

3,748 L’Oreal 345,716 0.44

3,971 LVMH Moet Hennessy Louis Vuitton 475,924 0.61

13,585 Natixis 28,773 0.04

3,312 Pernod-Ricard 279,069 0.36

3,363 Peugeot 26,073 0.03

1,197 PPR 134,363 0.17

2,196 Publicis Groupe 79,166 0.10


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

345 Remy Cointreau 29,870 0.04

2,992 Renault 94,068 0.12

1,772 Rexel 23,860 0.03

3,609 Safran 105,383 0.14

18,843 Sanofi 1,125,681 1.44

8,198 Schneider Electric 358,499 0.46

2,676 SCOR 51,138 0.07

405 Societe BIC 32,967 0.04

10,990 Societe Generale 202,326 0.26

1,438 Sodexo 88,293 0.11

4,445 Suez Environnement Class C 37,627 0.05

1,561 Technip 127,924 0.16

1,445 Thales 37,599 0.05

33,171 Total 1,177,571 1.51

1,446 Unibail-Rodamco Reits 209,815 0.27

1,733 Vallourec 55,751 0.07

5,639 Veolia Environnement 56,300 0.07

7,165 Vinci 263,565 0.34

20,202 Vivendi 295,555 0.38

487 Wendel 28,382 0.04

536 Zodiac Aerospace 42,928 0.06

Total France 10,326,538 13.28

Germany: 12.09%

3,287 Adidas Class A 185,584 0.24

7,152 Allianz 565,795 0.73

550 Axel Springer Class A 18,631 0.02

14,383 BASF 786,750 1.01

12,954 Bayer 735,528 0.94

5,216 Bayerische Motoren Werke Class A 296,947 0.38

830 Bayerische Motoren Werke Pref 32,233 0.04

1,528 Beiersdorf Class A 78,157 0.10

721 Brenntag Class A 62,857 0.08

1,251 Celesio Class A 16,132 0.02

55,572 Commerzbank Class A 74,244 0.10

1,224 Continental Class A 80,319 0.10


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

14,227 Daimler 502,853 0.65

14,607 Deutsche Bank 416,300 0.53

3,090 Deutsche Boerse Class A 131,418 0.17

3,279 Deutsche Lufthansa 29,881 0.04

13,325 Deutsche Post 185,751 0.24

44,041 Deutsche Telekom 381,131 0.49

28,214 E.ON Class A 479,638 0.62

518 FraportFrankfurt Airport Services Worldwide Class A 21,971 0.03

1,949 Fresenius 159,389 0.20

3,290 Fresenius Medical Care 183,681 0.24

2,737 GEA Class A 57,395 0.07

975 Hannover Rueckversicherung 45,718 0.06

2,147 HeidelbergCement Class A 81,081 0.10

1,976 Henkel 86,509 0.11

2,803 Henkel Pref 146,793 0.19

573 Hochtief Class A 21,860 0.03

331 Hugo Boss 25,765 0.03

17,261 Infineon Technologies Class A 92,036 0.12

2,617 K+S 94,212 0.12

1,391 Kabel Deutschland Class A 68,333 0.09

1,293 Lanxess Class A 64,288 0.08

2,681 Linde Class A 328,825 0.42

723 MAN 58,230 0.07

1,001 Merck 78,799 0.10

1,910 Metro Class A 43,939 0.06

2,827 Muenchener Rueckversicherungs 314,220 0.40

2,313 Porsche Automobil Pref 90,542 0.12

1,463 ProSiebenSat.1 Media Pref 25,778 0.03

7,669 RWE Class A 246,750 0.32

561 RWE Pref 16,418 0.02

569 Salzgitter Class A 18,421 0.02

14,389 SAP Class A 669,736 0.86

12,897 Siemens 853,008 1.09

949 Suedzucker Class A 26,515 0.03

5,891 ThyssenKrupp Class A 75,611 0.10

1,552 United Internet 21,030 0.03


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

458 Volkswagen Class A 54,433 0.07

2,270 Volkswagen Pref 282,842 0.36

226 Wacker Chemie Class A 12,249 0.02

Total Germany 9,426,526 12.09

Greece: 0.08%

3,225 Coca Cola Hellenic Bottling 45,150 0.06

3,397 OPAP 16,815 0.02

Total Greece 61,965 0.08

India: 0.03%

1,774 Vedanta Resources 19,996 0.03

Total India 19,996 0.03

Ireland: 0.95%

11,303 CRH 170,788 0.22

7,867 Elan 90,471 0.12

2,355 Kerry Class A 81,483 0.10

2,771 Ryanair 11,084 0.01

8,842 Shire 200,202 0.26

19,979 WPP 190,873 0.24

Total Ireland 744,901 0.95

Italy: 3.16%

18,633 Assicurazioni Generali 198,628 0.25

4,858 Atlantia 48,823 0.06

1,709 Autogrill 12,211 0.02

104,082 Banca Monte dei Paschi di Siena 20,421 0.03

25,922 Banco Popolare SC 27,425 0.04

103,708 Enel 263,626 0.34

25,780 Enel Green Power 32,173 0.04

37,693 Eni 632,488 0.81

948 Exor 16,031 0.02

14,147 Fiat 56,135 0.07

13,658 Fiat Industrial 105,713 0.14

5,981 Finmeccanica 19,020 0.02


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

159,961 Intesa Sanpaolo 178,836 0.23

13,818 Intesa Sanpaolo - Non Convertible 12,374 0.02

1,866 Luxottica 51,539 0.07

10,523 Mediaset 14,511 0.02

7,481 Mediobanca 25,989 0.03

3,509 Pirelli & C. Class C 29,107 0.04

2,944 Prysmian 34,563 0.04

4,074 Saipem 142,549 0.18

24,521 Snam 86,314 0.11

142,508 Telecom Italia 111,227 0.14

93,928 Telecom Italia - Non Convertible 59,785 0.08

21,326 Terna Rete Elettrica Nazionale 60,651 0.08

63,612 UniCredit 189,564 0.24

12,011 Unione di Banche Italiane SCPA 30,868 0.04

Total Italy 2,460,571 3.16

Jersey: 0.13%

1,387 Randgold Resources 98,311 0.13

Total Jersey 98,311 0.13

Luxembourg: 0.57%

14,825 ArcelorMittal 179,531 0.23

1,053 Millicom International Cellular Receipt 78,258 0.10

4,479 SES Receipt 83,489 0.11

7,468 Tenaris 102,984 0.13

453 Veripos - -

Total Luxembourg 444,262 0.57

Mexico: 0.06%

2,747 Fresnillo 49,466 0.06

Total Mexico 49,466 0.06

Netherlands: 7.52%

27,273 Aegon 99,383 0.13

3,717 Akzo Nobel 137,678 0.18

6,505 ASML 260,623 0.33


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

1,066 Corio Reits 36,916 0.05

7,397 DE Master Blenders 1753 65,907 0.08

1,478 Delta Lloyd 16,169 0.02

6,415 European Aeronautic Defence and Space NV 179,235 0.23

1,023 Fugro 48,828 0.06

1,244 Gemalto 70,398 0.09

3,908 Heineken 160,795 0.21

1,299 Heineken Class A 45,881 0.06

60,294 ING Groep 317,508 0.41

22,302 Koninklijke 168,514 0.22

16,881 Koninklijke Ahold 164,995 0.21

990 Koninklijke Boskalis Westminster 25,710 0.03

2,348 Koninklijke DSM 91,102 0.12

15,855 Koninklijke Philips Electronics 246,862 0.32

1,101 Koninklijke Vopak 55,656 0.07

3,440 QIAGEN 45,356 0.06

1,794 Randstad 41,576 0.05

10,446 Reed Elsevier 94,139 0.12

57,279 Royal Dutch Shell Class A 1,520,269 1.95

41,535 Royal Dutch Shell Class B 1,142,184 1.47

2,802 SBM Offshore 30,500 0.04

5,556 TNT Express 51,332 0.07

25,420 Unilever 670,707 0.86

4,692 Wolters Kluwer 58,791 0.08

Total Netherlands 5,847,014 7.52

Norway: 1.30%

2,400 Aker Solutions 26,692 0.03

14,966 DNB 116,950 0.15

2,900 Gjensidige Forsikring 26,583 0.03

14,701 Norsk Hydro 52,032 0.07

12,052 Orkla 68,793 0.09

5,551 Seadrill 155,335 0.20

17,540 Statoil 328,767 0.42

11,421 Telenor 149,730 0.19

2,827 Yara International 96,984 0.12


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

Total Norway 1,021,866 1.30

Portugal: 0.25%

28,936 Banco Espirito Santo 15,568 0.02

18,641 Banco Espirito Santo RFD 10,029 0.01

29,124 EDP - Energias de Portugal 54,287 0.07

3,696 Galp Energia 36,960 0.05

3,523 Jeronimo Martins 46,944 0.06

9,715 Portugal Telecom 33,565 0.04

Total Portugal 197,353 0.25

Spain: 4.07%

5,932 Abertis Infraestructuras 63,146 0.08

5,920 Abertis Infraestructuras Rts 3,043 -

356 Acciona 16,768 0.02

1,445 Acerinox 12,742 0.02

2,011 ACS Actividades de Construccion y Servicios 33,966 0.04

4,752 Amadeus IT Class A 79,358 0.10

74,577 Banco Bilbao Vizcaya Argentaria 419,794 0.54

31,256 Banco de Sabadell 47,915 0.06

15,696 Banco Popular Espanol 27,986 0.04

146,929 Banco Santander 767,116 0.99

12,438 Bankia 11,493 0.01

10,957 CaixaBank 28,061 0.04

9,720 Distribuidora Internacional de Alimentacion 36,061 0.05

2,869 Enagas 41,227 0.05

6,570 Ferrovial 58,388 0.07

5,440 Gas Natural 54,971 0.07

272 Gas Natural RFD 2,749 -

2,342 Grifols 46,817 0.06

61,792 Iberdrola 229,804 0.29

3,402 Inditex 277,365 0.36

10,945 Mapfre 17,545 0.02

1,682 Red Electrica 57,878 0.07

12,482 Repsol 157,772 0.20

12,474 Repsol Rts 6,911 0.01


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

64,725 Telefonica 671,198 0.86

2,073 Zardoya Otis 18,201 0.02

2,073 Zardoya Otis Rts 877 -

Total Spain 3,189,152 4.07

Sweden: 4.67%

5,121 Alfa Laval Class A 69,102 0.09

5,265 Assa Abloy Class B 115,765 0.15

9,311 Atlas Copco Class A 157,743 0.20

6,913 Atlas Copco Class B 103,701 0.13

4,308 Boliden Class A 47,214 0.06

3,569 Electrolux Class B Series B 55,820 0.07

1,452 Elekta Class B 52,249 0.07

3,048 Getinge Class B 59,502 0.08

15,049 Hennes & Mauritz Class B 425,039 0.55

3,924 Hexagon Class B 52,950 0.07

744 Holmen Class B 15,951 0.02

6,429 Husqvarna Class B 23,890 0.03

1,680 Industrivarden Class C 17,031 0.02

3,249 InvestmentKinnevik Class B 51,371 0.07

6,931 Investor Class B 104,208 0.13

3,499 Lundin Petroleum Class A 51,489 0.07

699 Modern Times Class B 25,472 0.03

41,906 Nordea Bank Class A 284,174 0.36

2,800 Ratos Class B 20,937 0.03

15,856 Sandvik Class A 159,927 0.21

5,015 Scania Class B 67,615 0.09

4,469 Securitas Class B 27,346 0.04

21,466 Skandinaviska Enskilda Banken Class A 109,689 0.14

6,023 Skanska Class B 72,679 0.09

5,926 SKF Class B 91,940 0.12

2,271 SSAB Class A 14,804 0.02

8,864 Svenska Cellulosa Class B 104,735 0.13

7,867 Svenska Handelsbanken Class A 203,602 0.26

13,117 Swedbank Class A 162,624 0.21

3,208 Swedish Match Class A 102,069 0.13


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

4,906 Tele2 Class B 59,816 0.08

47,270 Telefonaktiebolaget LM Ericsson Class B 340,245 0.44

34,311 TeliaSonera Class A 172,818 0.22

22,219 Volvo Class B 199,754 0.26

Total Sweden 3,623,271 4.67

Switzerland: 12.78%

34,651 ABB 445,702 0.57

1,774 Actelion 57,452 0.07

2,081 Adecco 72,765 0.09

1,281 Aryzta Class A 50,231 0.06

687 Baloise 35,747 0.05

51 Banque Cantonale Vaudoise 21,336 0.03

26 Barry Callebaut 18,637 0.02

8,183 Cie Financiere Richemont Class A 353,234 0.45

17,285 Credit Suisse 248,377 0.32

2,801 GAM Class A 24,602 0.03

573 Geberit 89,063 0.11

133 Givaudan 102,920 0.13

21,387 Glencore International 78,122 0.10

3,711 Holcim 161,737 0.21

3,119 Julius Baer 88,962 0.11

826 Kuehne + Nagel International 68,905 0.09

1 Lindt & Spruengli 28,968 0.04

13 Lindt & Spruengli PTG 31,711 0.04

747 Lonza 24,490 0.03

51,562 Nestle 2,427,521 3.12

35,957 Novartis 1,583,579 2.03

389 Pargesa Class B 18,233 0.02

190 Partners Class A 26,669 0.03

10,987 Roche 1,496,453 1.92

310 Schindler 27,589 0.04

747 Schindler PTG 65,797 0.08

88 SGS 130,041 0.17

36 Sika Class B 54,787 0.07

771 Sonova 58,700 0.08


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

9,882 STMicroelectronics 42,730 0.05

114 Straumann 13,202 0.02

352 Sulzer 32,822 0.04

629 Swatch Grp 34,431 0.04

489 Swatch Grp Class B 152,055 0.20

446 Swiss Life 33,065 0.04

814 Swiss Prime Site 53,638 0.07

5,552 Swiss Re Class A 275,253 0.35

355 Swisscom 112,663 0.14

1,483 Syngenta 399,160 0.51

57,269 UBS 526,845 0.68

2,324 Zurich Insurance Class A 413,080 0.53

Total Switzerland 9,981,274 12.78

United Kingdom: 31.30%

14,270 3i 34,762 0.04

13,899 Aberdeen Asset Management 44,612 0.06

3,222 Admiral 47,467 0.06

4,226 Aggreko 108,221 0.14

4,921 AMEC 60,941 0.08

20,819 Anglo American 537,386 0.69

6,022 Antofagasta 80,977 0.10

21,643 ARM 135,217 0.17

5,463 Associated British Foods 86,559 0.11

19,991 AstraZeneca 704,901 0.90

46,316 Aviva 156,045 0.20

5,593 Babcock International 58,998 0.08

51,169 BAE Systems 182,514 0.23

9,848 Balfour Beatty 36,271 0.05

181,865 Barclays 366,040 0.47

53,163 BG 854,171 1.10

33,196 BHP Billiton 740,961 0.95

296,747 BP 1,547,531 1.99

30,785 British American Tobacco 1,233,324 1.58

12,733 British Land Reits 80,338 0.10

17,187 British Sky Broadcasting 147,949 0.19


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

121,943 BT 318,606 0.41

5,272 Bunzl 67,960 0.09

6,917 Burberry 113,273 0.15

9,915 Capita 80,388 0.10

7,958 Capital Shopping Centres Reits 31,670 0.04

2,752 Carnival 74,216 0.11

80,748 Centrica 317,359 0.41

17,020 Cobham 48,844 0.06

29,833 Compass 246,669 0.32

2,172 Croda International 60,749 0.08

39,097 Diageo 793,430 1.02

3,739 Eurasian Natural Resources 19,196 0.02

5,555 Evraz 17,899 0.02

15,842 Experian 176,314 0.23

21,108 G4S 72,811 0.09

22,962 GKN 51,253 0.08

78,869 GlaxoSmithKline 1,410,480 1.81

11,101 Hammerson Reits 60,766 0.08

278,756 HSBC 1,933,109 2.48

8,058 ICAP 33,612 0.04

5,283 IMI 54,292 0.07

15,684 Imperial Tobacco 475,883 0.61

6,534 Inmarsat 39,691 0.05

4,424 InterContinental Hotels 83,930 0.11

13,503 International Consolidated Airlines Class D 26,655 0.03

23,840 International Power PLC 123,014 0.16

2,466 Intertek 81,437 0.10

11,799 Invensys 32,476 0.04

7,727 Investec 35,526 0.05

59,186 ITV 56,032 0.07

18,805 J Sainsbury 70,050 0.09

3,297 Johnson Matthey 89,973 0.12

3,141 Kazakhmys 28,009 0.04

37,526 Kingfisher 133,294 0.17

12,422 Land Securities Reits 113,379 0.15

93,128 Legal & General 146,521 0.19


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

650,799 Lloyds Banking 250,149 0.32

2,896 London Stock Exchange 35,936 0.05

2,355 Lonmin 22,543 0.03

27,085 Man 25,491 0.03

25,565 Marks & Spencer 102,688 0.13

12,083 Meggitt 57,539 0.07

55,546 National Grid 463,735 0.60

2,593 Next 102,520 0.13

76,258 Old Mutual 142,693 0.18

12,881 Pearson 201,546 0.26

4,100 Petrofac 70,334 0.09

40,116 Prudential 365,903 0.47

10,322 Reckitt Benckiser 429,280 0.55

19,411 Reed Elsevier 122,712 0.16

21,411 Resolution 51,840 0.07

13,552 Rexam 70,514 0.09

21,123 Rio Tinto 788,153 1.01

29,260 Rolls-Royce 310,280 0.40

2,855,746 Rolls-Royce Pref Class C 3,529 -

33,081 Royal Bank of Scotland 88,027 0.11

54,852 RSA Insurance 73,284 0.09

14,921 SABMiller 471,173 0.60

21,214 Sage Group 72,705 0.09

1,642 Schroders 27,113 0.03

12,271 Segro Reits 32,956 0.04

7,787 Serco 51,585 0.07

3,758 Severn Trent 76,775 0.10

14,182 Smith & Nephew 111,740 0.14

5,901 Smiths 74,026 0.09

14,657 SSE 251,979 0.32

37,427 Standard Chartered 640,427 0.82

35,630 Standard Life 102,780 0.13

4,534 Subsea 7 70,380 0.09

7,600 Tate & Lyle 60,820 0.08

125,707 TESCO 481,707 0.62

6,952 TUI Travel 14,564 0.02


As at 30 June 2012


NominalHolding

Fair ValueUS$

% ofNet Assets

14,185 Tullow Oil 257,714 0.33

20,096 Unilever 532,508 0.68

10,295 United Utilities 85,886 0.11

778,972 Vodafone 1,725,730 2.21

3,275 Weir Group 61,929 0.08

2,854 Whitbread 71,534 0.09

37,581 WM Morrison Supermarkets 123,596 0.16

4,511 Wolseley 132,524 0.17

32,531 Xstrata 321,084 0.41

Total United Kingdom 24,395,882 31.30

United States: 0.25%

5,533 Transocean 194,482 0.25




As at 30 June 2012



As at 30 June 2012

Counterparty

Currency

No. of Contracts

UnrealisedGain

% ofNet Assets

Futures Contracts - Unrealised Gains: 0.08%

Germany: 0.04%

Citigroup Euro Stoxx 50 Index September 2012 EUR 38 29,960 0.04

Total Germany 29,960 0.04

Sweden: 0.01%

Citigroup OMX 30 Index July 2012 SEK 10 3,950 0.01

Total Sweden 3,950 0.01

Switzerland: 0.01%

Citigroup Eurex Swiss Mkt Index September 2012 CHF 6 6,693 0.01

Total Switzerland 6,693 0.01

United Kingdom: 0.02%

Citigroup FTSE 100 Index September 2012 GBP 12 16,020 0.02

Total United Kingdom 16,020 0.02


Counterparty

CurrencyBuys

CurrencySells

CurrencyRate

MaturityDate

MaturityDate

% ofNet Assets

Forward Currency Contracts: 0.11%

UBS EUR 26,422,349 GBP 21,233,000 1.2444 03-Jul-2012 179,964 0.23

UBS EUR 9,938,809 CHF 11,938,000 0.8325 03-Jul-2012 48 -

Total Fair Value Gains on Forward Currency Contracts 180,012 0.23

UBS EUR 1,056,220 NOK 7,979,000 0.1324 03-Aug-2012 (39) -

UBS EUR 3,644,571 SEK 31,972,000 0.1140 03-Aug-2012 (334) -

UBS EUR 10,216,133 CHF 12,266,000 0.8329 03-Aug-2012 (652) -

UBS EUR 27,316,531 GBP 22,110,000 1.2355 03-Aug-2012 (1,173) -

UBS EUR 1,048,277 NOK 7,932,000 0.1322 03-Jul-2012 (3,182) -

UBS EUR 3,515,009 SEK 31,640,000 0.1111 03-Jul-2012 (97,073) (0.12)

Total Fair Value Losses on Forward Currency Contracts (102,453) (0.12)

Total Forward Currency Contracts 77,559 0.11



As at 30 June 2012

The above entities are classified according to the country of incorporation.

UnrealisedGain

% ofNet Assets


Cash 1,623,919 2.08


Net Assets Attributable to Holders of Redeemable Participating Shares 77,927,576 100.00


% ofTotal Assets

Transferable securities admitted to an offical stock exchange 97.18


Derivatives dealt on a regulated market 0.23

Cash 2.08


100.00




Purchases Holdings Cost EUR

Nestle 51,802 2,454,991

HSBC 283,943 1,930,766

Vodafone 778,972 1,639,510

BP 299,516 1,595,594

Roche 10,987 1,535,659

Novartis 35,957 1,529,559

Royal Dutch Shell Class A 57,279 1,500,878

GlaxoSmithKline 78,869 1,420,065

British American Tobacco 30,785 1,222,011

Total 33,507 1,218,977

Royal Dutch Shell Class B 41,535 1,121,880

Sanofi 18,843 1,065,962

BASF 14,383 944,496

Rio Tinto 21,524 931,899

BG 53,163 920,817

Siemens 12,897 909,236


Diageo 39,097 757,939

Novo Nordisk Class B 6,437 737,683

SAP Class A 14,389 713,123




Sales Holdings Cost EUD

Synthes 1,016 134,464

HSBC 5,187 35,306

BNP Paribas 1,185 33,824

Lindt & Spruengli 1 28,002

Neopost 476 20,126

MAN 233 18,024

National Bank Of Greece 14,764 17,166

Rio Tinto 401 16,596

Vestas Wind Systems 2,988 16,399

Heineken Class A 496 16,234

Telefonica Rts 62,232 15,952

Cimpor-Cimentos de Portugal 2,817 15,491

Eni 961 15,419

BP 2,769 14,586

Atlas Copco Class A 868 14,220

Eiffage 572 14,006

Total 336 11,945

Bekaert 555 11,821

UBS 1,235 11,503

Credit Suisse 691 11,157

The above represents the top 20 purchases and sales of the Fund during the current period. A full list of purchases

and sales are available from the manager on request.


Notes

Northern Trust Emerging MarketsEquity Index Fund

USD

Northern Trust World Equity

Index FundUSD

* Northern Trust Europe EUR

Hedged Equity FundEUR

TotalUSD

INCOME

Income from financial assets at fair value through profit or loss:

Dividend income 1,455,328 1,741,238 1,277,235 4,852,383

Gains and losses from financial assets at fair value through profit or loss:

Net realised loss on investments (682,979) (34,471) (67,691) (805,205)

Movement in net unrealised gain/(loss) on investments

2,334,684 (2,724,298) (1,735,741) (2,639,842)

Net realised and unrealised loss on forward net exchange contracts

(1,745) (28,566) (425,294) (581,665)

Income from financial assets that are not at fair value through profit or loss:

Bank interest 1,973 1,089 - 3,062

Net realised loss on foreign currency (35,586) (23,052) 108,190 81,620

Movement in net unrealised gain on foreign currency 6,372 37,919 (1,192) 42,746

Net investment gain 3,078,047 (1,030,141) (844,493) 953,099

OPERATING EXPENSES

Investment management fees 1,7 8,668 28,210 7,011 45,967

Administration fees 1,7 8,768 10,384 2,805 22,788

Custody fees 1,7 32,756 4,645 1,402 39,219

Audit fee 1,182 15,265 2,202 19,302

Transaction costs 2,208 9,671 2,606 15,257

Operating expenses 22,770 35,911 8,740 70,011

Total operating expenses before finance costs 76,352 104,086 24,766 212,544

Net gain/(loss) from operations before finance costs 3,001,695 (1,134,227) (869,259) 740,555

FINANCE COSTS

Dividends paid and payable 2 - - - -

Withholding taxes on dividends and other investments (132,552) (282,416) (159,774) (622,100)

Change in net assets attributable to holdersof redeemable participating units

2,869,143 (1,416,643) (1,029,033) 118,455

NORTHERN TRUST NON-UCITS COMMON CONTRACTUAL FUND PROFIT AND LOSS ACCOUNT

For the six months ended 30 June 2012

The result of operations arose solely from continuing operations.

The accompanying notes form an integral part of these financial statements. * The Northern Trust Europe EUR Hedged Equity Fund commenced operations on 19 April 2012 when the first subscription was made for the period. * Sub Funds denominated in Euro have been converted to USD for the period at the average exchange rate of 0.77136 for the purpose of aggregation.


Notes


USD


Index FundUSD



TotalUSD

ASSETS

Financial assets at fair value through profit or loss - held for trading

Investment in transferable securities 83,115,964 151,099,976 75,914,212 330,554,873

Unrealised gain on future contracts 59,475 183,431 56,623 314,763

Unrealised gain on forward exchange currency contracts

- - 180,012 228,444

Loans and receivables

Cash at bank 3 954,346 4,992,949 1,506,768 7,859,459

Margin cash 3 40,377 418,245 117,151 607,292

Dividends receivable 525,962 276,310 189,553 1,042,824

Other assets 71,107 228,993 150,955 491,669

Total assets 84,767,231 157,199,904 78,115,274 341,099,324

LIABILITIES

Financial liabilities at fair value through profit or loss

Unrealised loss on forward exchange contracts - - 102,453 130,018

Financial liabilities measured at amortised cost

Investment management fees payable 1,7 6,003 21,494 7,011 36,394

Administration fees payable 1,7 7,298 8,502 2,805 19,360

Custody fees payable 1,7 33,233 4,253 1,402 39,265

Audit fee payable 14,288 22,288 2,202 39,370

Other expenses payable 49,714 32,968 5,562 89,740

Securities purchased payable - 3,254 66,263 87,345

Total liabilities (excluding net assets attributable to holders of redeemable participating units)

110,536 92,759 187,698 441,492

Net assets attributable to holders of redeemableparticipating units

84,656,695 157,107,145 77,927,576 340,657,832

Equivalent to a Net Asset Value per unit of: 9 9.58 9.75 9.84

Number of Units in issue: 9 8,838,568 16,110,030 7,917,960

NORTHERN TRUST NON-UCITS COMMON CONTRACTUAL FUND BALANCE SHEET

As at 30 June 2012

The accompanying notes form an integral part of these financial statements. * The Northern Trust Europe EUR Hedged Equity Fund commenced operations on 19 April 2012 when the first subscription was made for the period. * Sub Funds denominated in Euro have been converted to USD at the closing exchange rate for the year of 0.7880 for the purpose of aggregation.



USD


Index FundUSD



TotalUSD

Net assets attributable to participating equity unitholders at beginning of the period

79,896,352 43,665,589 - 123,561,941

Foreign exchange adjustments on aggregration - - - (2,131,871)

Proceeds from redeemable participating units issued and distributions reinvested

1,884,581 184,729,465 79,113,868 289,177,827

Dilution levy 6,619 213,328 15,524 240,073

Cost of redeemable participating units redeemed - (70,084,595) (172,784) (70,308,593)

Change in net assets attributable to participating equity unitholders

2,869,143 (1,416,643) (1,029,033) 118,455

Net assets attributable to holders of redeemable participating units at end of the period

84,656,695 157,107,145 77,927,576 340,657,832

NORTHERN TRUST NON-UCITS COMMON CONTRACTUAL FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS




USD


Index FundUSD



Units Transactions No of Units No of Units No of Units

Units in issue at beginning of the period Class A 7,443,750 - -

Class B 1,194,593 3,554,042 -

Class C - 1,148,790 -

Class E - - -

Class F - - -

Units subscribed during the period Class A - - 7,935,613

Class B - - -

Class C - 511,649 -

Class E - 4,600,204 -

Class F - 6,733,351 -

Units redeemed during the period Class A - - (17,653)

Class B - (405,449) -

Class C - - -

Class E - - -

Class F - (32,556) -

Units in issue at end of period Class A 7,443,750 - 7,917,960

Class B 1,194,593 3,148,593 -

Class C - 1,660,438 -

Class E - 4,600,204 -

Class F - 6,700,795 -

The accompanying notes form an integral part of these financial statements. * The Northern Trust Europe EUR Hedged Equity Fund commenced operations on 19 April 2012 when the first subscription was made for the period. *Sub Funds denominated in Euro have been converted to USD for the period at the average exchange rate of 0.77136 for the purpose of aggregation




Notes


USD


Index FundUSD

TotalUSD

INCOME


Dividend income 2,537,429 1,690,322 4,227,751


Net realised (loss)/gain on investments (792,609) 8,958,627 8,166,018

Movement in net unrealised loss on investments (19,783,423) (5,176,436) (24,959,859)

Net realised gain on forward exchange contracts 25,079 214,972 240,051


Bank interest 2,527 672 3,199

Net realised loss on foreign currency (61,652) (211,599) (273,251)

Movement in net unrealised loss on foreign currency (9,503) (1,932) (11,435)

Net investment gain (18,082,152) 5,474,626 (12,607,526)

OPERATING EXPENSES

Investment management fees 1,7 6,922 22,073 28,995

Administration fees 1,7 17,382 12,988 30,370

Custody fees 1,7 63,807 6,558 70,365

Audit fee 14,858 14,858 29,716

Transaction costs 11,092 13,554 24,646

Operating expenses 27,817 27,239 55,056

Total operating expenses before finance costs 141,878 97,270 239,148

Net (loss)/gain from operations before finance costs (18,224,030) 5,377,356 (12,846,674)

FINANCE COSTS

Dividends paid and payable 2 (2,019,171) (566,055) (2,585,226)

Withholding taxes on dividends and other investments (292,149) (117,803) (409,952)

Change in net assets attributable to holdersof redeemable participating units

(20,535,350) 4,693,498 (15,841,852)


For the year ended 31 December 2011


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


Notes


USD


Index FundUSD

TotalUSD

ASSETS

Financial assets at fair value through profit or loss - held for trading

Investment in transferable securities 79,163,531 43,181,498 122,345,029

Unrealised gain on future contracts 600 1,411 2,011

Loans and receivables

Cash at bank 3 422,000 312,029 734,029

Margin cash 3 288,758 145,532 434,290

Dividends receivable 124,412 58,850 183,262

Securities sold receivable - 5,213 5,213

Other assets 2,791 10,330 13,121

Total assets 80,002,092 43,714,863 123,716,955

LIABILITIES

Financial liabilities at fair value through profit or loss

Unrealised loss on future contracts 4,030 1,528 5,558

Financial liabilities measured at amortised cost

Investment management fees payable 1,7 6,922 7,738 14,660

Administration fees payable 1,7 5,515 2,080 7,595

Custody fees payable 1,7 23,164 1,103 24,267

Audit fee payable 31,023 16,940 47,963

Other expenses payable 35,046 18,033 53,079

Securities purchased payable - 752 752

Other liabilities 40 1,100 1,140

Total liabilities (excluding net assets attributable to holders of redeemable participating units)

105,740 49,274 155,014

Net assets attributable to holders of redeemableparticipating units

79,896,352 43,665,589 123,561,941

Equivalent to a Net Asset Value per unit of: 10

Class A 9.25 -

Class B - 9.28

Number of Units in issue: 10 8,638,343 4,702,832

NORTHERN TRUST NON-UCITS COMMON CONTRACTUAL FUND BALANCE SHEET




USD


Index FundUSD

TotalUSD

Net assets attributable to participating equity unitholders at beginning of the year

88,419,700 149,456,354 237,876,054


11,945,934 47,283,421 59,229,355

Dilution levy 66,068 93,052 159,120

Cost of redeemable participating units redeemed - (157,860,736) (157,860,736)

Change in net assets attributable to participating equity unitholders (20,535,350) 4,693,498 (15,841,852)


79,896,352 43,665,589 123,561,941





USD


Index FundUSD

Units Transactions No of Units No of Units

Units in issue at beginning of the year Class A 7,443,750 14,565,897

Class B - -

Class C - -

Units subscribed during the year Class A - -

Class B 1,194,593 3,554,042

Class C 1,148,790

Units redeemed during the year Class A - (14,565,897)

Class B - -

Class C -

Units in issue at end of year Class A 7,443,750 -

Class B 1,194,593 3,554,042

Class C - 1,148,790









Notes

Northern Trust Emerging Markets Equity Index Fund

US$


Index FundUS$

TotalUS$

INCOME


Dividend income 1,267,275 1,297,672 2,564,947


Net realised gain on investments 135,947 8,962,516 9,098,463

Movement in net unrealised loss on investments (462,520) (1,866,713) (2,329,233)

Net realised gain on forward exchange contracts - 157,776 157,776


Bank interest 715 235 950

Net realised gain/(loss) on foreign currency 10,105 (143,854) (133,749)

Movement in net unrealised loss on foreign currency (563) (714) (1,277)

Net investment income 950,959 8,406,918 9,357,877

OPERATING EXPENSES

Management fee 1,7 3,399 3,399 6,798

Administration fee 1,7 8,750 9,771 18,521

Custody fee 1,7 32,102 4,886 36,988

Audit fee 7,388 7,388 14,776

Investment management fee 1,7 - 15,529 15,529

Operating expenses 12,434 8,535 20,969

Total operating expenses before finance costs 64,073 49,508 113,581

Net gain from operations before finance costs 886,886 8,357,410 9,244,296

FINANCE COSTS

Withholding taxes on dividends and other investments (135,149) (100,287) (235,436)

Change in net assets attributable to holders of redeemable participating units

751,737 8,257,123 9,008,860




US$


Index FundUS$

TotalUS$

Net assets attributable to holders of redeemable participating units at beginning of the period

88,419,700 149,456,354 237,876,054


- 35,558,514 35,558,514

Dilution levy - 45,971 45,971

Cost of redeemable participating units redeemed - (157,871,442) (157,871,442)

Change in net assets attributable to holders of redeemable participating units

751,737 8,257,123 9,008,860


89,171,437 35,446,520 124,617,957

UNITS TRANSACTIONS

No of Units No of Units

Units in issue at beginning of the period Class A 7,443,750 14,565,897

Class B - -

Units subscribed during the period Class A - -

Class B - 3,554,042

Units redeemed during the period Class A - (14,565,897)

Class B - -

Units in issue at end of period Class A 7,443,750 -

Class B - 3,554,042

NORTHERN TRUST Non-UCITS COMMON CONTRACTUAL FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS



Background to the FundThe Fund was constituted on 14 October 2009 as an

open-ended umbrella Common Contractual Fund

authorised by the Central Bank of Ireland pursuant to

the provisions of the Non-UCITS Regulations. On the

20 January 2012 the Fund was approved by the Central

Bank of Ireland as a UCITS Fund pursuant to the

European Communities (Undertakings for Collective

Investment in Transferable Securities) Regulations,

2011. The Fund umbrella is now called the Northern

Trust UCITS Common Contractual Fund.

The Fund currently comprises of three Sub-

Funds; Northern Trust Emerging Markets Equity

Index Fund, Northern Trust World Equity Index Fund

and Northern Trust Europe EUR Hedged Equity

Index Fund (the “Sub-Funds”), which commenced

operations on 1 December 2009, 10 November

2010 and 19 April 2012 respectively when the first

subscriptions were made.

The accounting policies applied in the preparation

of these financial statements are consistent with the

accounting policies applied in the Audited Financial

Statements for the year ended 31 December 2011.

Basis of AccountingThe financial statements have been prepared for the six

months ended 30 June 2012.

These financial statements are prepared in accordance

with Generally Accepted Accounting Principles and

comply with the ASB Statement on Interim Reports

and as such condensed Financial Statements and

selected note disclosures have been presented.

IncomeDividends are credited to the Profit and Loss Account

on the dates on which the relevant securities are listed

as "ex-dividend". Dividend income is shown gross

of any non-recoverable withholding taxes, which is

disclosed in the Profit and Loss Account, and net of

any tax credits. Bank interest is accounted for on an

effective yield basis.

Fees and ChargesIn accordance with the Deed of Constitution,

Investment Management fees, Performance fees,

Administrator fees, Custody fees and other operating

expenses are charged to the Profit and Loss Account

on an accruals basis.

Financial Instruments(i) ClassificationIn accordance with FRS 25 and FRS 26 the Fund has

designated its equity investments into the financial

assets at fair value through profit or loss category.

The category of financial assets and financial

liabilities at fair value through profit or loss comprises:

■■ Financial instruments held-for-trading. These

comprise investments in equities. These

instruments are acquired principally for the

purpose of generating a profit from short–term

fluctuations in price.

■■ 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.

Financial assets that are classified as loans and

receivables include balances due from brokers,

deposits and accounts receivable.

Financial liabilities that are not at fair value through

profit or loss include balances due to brokers, accounts

payable, securities purchased payable and financial

liabilities arising on redeemable participating Units.

(ii) Measurement Financial instruments are measured initially at fair

value (transaction price) plus, in the case of a financial

asset or financial liability not at fair value through

profit or loss, transaction costs that are directly

attributable to the acquisition or issue of the financial

asset or financial liability.

Transaction costs on financial assets and financial

liabilities at fair value through profit or loss are expensed

immediately, while on other financial instruments they

STATEMENT OF ACCOUNTING POLICIESFor the six months ended 30 June 2012


are amortised. Subsequent to initial recognition, all

instruments classified at fair value through profit or

loss, are measured at fair value with changes in their

fair value recognised in the Profit and Loss Account.

Financial assets classified as loans and receivables

are carried at amortised cost using the effective interest

rate method, less impairment losses, if any.

Financial liabilities, other than those at fair value

through profit or loss, are measured at amortised cost

using the effective interest rate. Financial liabilities

arising from the redeemable Units issued by the Fund

are carried at the redemption amount representing

the investors’ right to a residual interest in the

Fund’s assets.

(iii) Fair value measurement principlesFinancial assets are priced at current bid prices; while

financial liabilities are priced at current ask prices.

If a quoted market price is not available on a

recognised stock exchange or from a broker / dealer for

non-exchange-traded financial instruments, the fair

value of the instrument is estimated using valuation

techniques, including use of recent arm’s length market

transactions, reference to the current fair value of

another instrument that is substantially the same,

discounted cash flow techniques, option pricing models

or any other valuation technique that provides a reliable

estimate of prices obtained in actual market transactions.

Where discounted cash flow techniques are used,

estimated future cash flows are based on management’s

best estimates and the discount rate used is a market

rate at the balance sheet date applicable for an

instrument with similar terms and conditions. Where

other pricing models are used, inputs are based on

market data at the balance sheet date. Fair values

for unquoted equity investments are estimated, if

possible, using applicable price/earnings ratios for

similar listed companies adjusted to reflect the specific

circumstances of the issuer.

The fair value of the derivatives that are not

exchange-traded is estimated at the amount that the

Fund would receive or pay to terminate the contract

at the Balance Sheet date taking into account the

current market conditions (volatility, appropriate yield

curve) and the credit worthiness of the counterparties.

Specifically, the fair value of the forward contract is

determined as a net present value of the estimated

future cash flows, discounted at appropriate market

rates on the valuation date.

(iv) ImpairmentFinancial assets that are stated at cost or amortised cost

are reviewed at each balance sheet date to determine

whether there is objective evidence of impairment.

If any such indication exists, an impairment loss

is recognised in the Profit and Loss Account 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 Profit

and Loss Account.

(v) Recognition and De-recognitionThe Fund recognises financial assets and financial

liabilities when all significant rights and access to

the benefits from the assets and the exposure to the

risks inherent in those benefits are transferred to the

Fund. The Fund derecognises financial assets and

financial liabilities when all such benefits and risks are

transferred from the Fund.

(vi) Offsetting Financial InstrumentsFinancial assets and liabilities are offset and the

net amount reported in the Balance Sheet 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.


(vii) Transaction costsTransaction costs are incremental costs that are directly

attributable to the acquisition, issue or disposal of a

financial asset or financial liability. An incremental cost

is one that would not have been incurred if the entity

had not acquired, issued or disposed of the financial

instrument. Transaction costs for the period

of USD15,257 have been included in the Profit or

Loss Account.

Net Gains and Losses on InvestmentsRealised gains or losses on disposal of investments held

for trading or classified at fair value through profit or

loss and unrealised gains and losses on valuation of

investments held for trading or classified at fair value

through profit or loss at the period end are calculated

on a weighted average cost basis and included in the

Profit and Loss Account.

Redeemable Participating UnitsAll redeemable participating Units issued by the

Fund provide the investors with the right to require

redemption for cash at the value proportionate

to the investor’s share in the Fund’s net assets at

the redemption date. In accordance with FRS 25,

such instruments give rise to a financial liability

for the present value of the redemption amount.

In accordance with the Prospectus, the Fund is

contractually obliged to redeem Units at the Net

Asset Value per Unit on the valuation date.

Functional CurrencyThe functional currency of Northern Trust Emerging

Markets Equity Index Fund and Northern Trust World

Equity Index Fund is US Dollars and the functional

currency of Northern Trust Europe EUR Hedged

Equity Index Fund is Euro as the Directors of the

Manager have determined that this reflects the Fund’s

primary economic environment. The presentation

currency of the Fund is US Dollars.

Foreign CurrencyTransactions in foreign currencies are translated

at the foreign currency exchange rate ruling at

the date of the transaction. Monetary assets and

liabilities denominated in foreign currencies are

translated to US Dollars at the foreign currency

closing exchange rate at the period end date. Non-

monetary assets and liabilities that are stated at

fair value are translated at the foreign currency

exchange rates at the dates that the values

were determined.

Foreign currency exchange differences relating

to investments at fair value through profit or loss are

included in the realised net gain or loss on investments

at fair value through profit or loss and change in

unrealised net gain or loss on investments at fair

value through profit or loss. All other foreign currency

exchange differences relating to monetary items,

including cash, are presented in the Profit and

Loss Account.

Foreign exchange gains and losses on financial

assets and financial liabilities at fair value through

profit or loss are recognised together with other

changes in the fair value.

For the purposes of combining the financial

statements, The Northern Trust Europe EUR Hedged

Equity Index Fund amounts in the Balance Sheet have

been translated into US Dollar at the Euro exchange

rate of 0.7880 ruling at 30 June 2012. The amounts in

the Profit and Loss Account as well as proceeds from

the subscription and redemption of shares in the

Statement of Changes in Net Assets Attributable to

Holders of Redeemable Participating Shares have been

translated at the average Euro exchange rate of 0.7714.

The method of translation has no effect on

the Net Asset Value per share attributable to the

individual Funds.

The amount of USD(2,131,871) (31 Dec 2011:

USD nil) included in the Statement of Changes in

Net Assets Attributable to Holders of Redeemable


Participating Units reflects the notional foreign

exchange adjustment as a result of the method

of translation.

Forward Foreign Exchange ContractsThe unrealised gain or loss on any open forward

foreign exchange contracts, if any, is calculated by

reference to the difference between the contracted

rate and the rate to close out the contract. Realised

gains or losses include net gains on contracts which

have been settled or offset by other contracts.

Future ContractsFor open future contracts, changes in the value of

the contract are recognised as unrealised gains or losses

by "marking to market" the value of the contract at

the balance sheet date. When the contract is closed,

the difference between the proceeds from (or cost of)

the closing transactions and the original transaction

is recorded as a realised gain or loss.

Use of EstimatesThe preparation of financial statements requires

management to make estimates and assumptions that

affect the reported amounts of assets and liabilities and

disclosure of contingent assets and liabilities at the date

of the financial statements and the reported amounts

of income and expenses during the period. Actual

results could differ from those estimates.

TaxationThe CCF is a common contractual fund as defined

in section 739I of the TCA, in which the Unitholders

by contractual arrangement participate and share in

the property of the CCF as co-owners. The CCF is

transparent for Irish tax purposes and does not have

separate legal personality.

Section 739I of the TCA provides that a common

contractual fund shall not be chargeable to tax in

respect of its relevant income and relevant gains

("relevant profits"). Instead, the relevant profits of the

common contractual fund shall be treated as arising, or

as the case may be, accruing to each Unitholder of the

common contractual fund in proportion to the value

of the Units beneficially owned by the Unitholder, as

if the relevant profits had arisen or as the case may be,

accrued, to the Unitholders in the common contractual

Sub-Fund without passing through the hands of the

common contractual fund. This tax treatment is

subject to each of the Units of the common

contractual fund:

(a) being an asset of a pension fund or being

beneficially owned by a person other than an

individual, or

(b) being held by an intermediary, a Custodian or

Trustee for the benefit of a person other than

an individual.

It is the intention of the Manager that the CCF should

meet these conditions.

On the basis that the Units of the CCF are

held by persons described above and that the

CCF is constituted other than under trust law, the

CCF shall not be chargeable to tax in respect of its

relevant profits.

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.

Dividend PolicyDividends may be made at the discretion of the

Manager following consultation with the Investment

Manager in accordance with the provisions of

the Prospectus.


1. FeesThe Manager will be entitled to charge a fee out of the

assets of the Fund of up to 1% of the net assets of each

Sub-Fund.

The Investment Manager is entitled to receive out

of the assets of the Fund of up to 1% of the net assets

of each Sub-Fund.

The Investment Manager is also entitled to be

reimbursed out of the assets of each Sub-Fund for all

reasonable out of pocket costs and expenses incurred

in the performance of its duties.

The Custodian and Administrator are entitled to

receive out of the assets of each Sub-Fund a combined

aggregate annual fee of up to 0.2% of the Net Asset

Value of the Sub-Fund (plus VAT, if any).

2. DistributionsThere were no distributions on the Northern

Trust Emerging Markets Equity Index Fund (2011:

USD2,019,171), Northern Trust World Equity Index

Fund (2011: USD566,055) or Northern Trust Europe

EUR Hedged Equity Index Fund during the six months

ended 30 June 2012.

3. Cash and Cash EquivalentsAll cash balances were held with Northern

Trust (Guernsey) Limited. Margin cash is held

with Citigroup.

4. Soft Commission ArrangementsThere were no soft commission arrangements during

the period or during the year ended 31 December 2011.

5. Financial Reporting Standard No. 1Under Financial Reporting Standard No.1, the Fund

is exempt from the requirement to prepare a cash flow

statement, as it complies with the conditions for open

ended investment funds.

6. Financial Reporting Standard No. 3There are no recognised gains or losses for the period

other than those as set out in the Profit and Loss

Account and accordingly, a separate Statement of Total

Recognised Gains and Losses, as required by Financial

Reporting Standard No. 3, has not been prepared.

The increase in net assets attributable to holders of

redeemable participating Units arose solely from

continuing operations.

7. Transactions with the Investment Manager, the Custodian and Related PartiesThe following transactions were entered into during

the period by the Fund in the ordinary course of

business and on normal commercial terms:

Northern Trust Global Investments Limited, as

Investment Manager, earned a fee of USD45,967 (2011:

USD28,995) of which USD36,394 (2011: USD14,660)

was payable at the period end.

Northern Trust Fiduciary Services (Ireland)

Limited, as Custodian, earned a fee of USD39,219

(2011: USD70,365) of which USD39,265 (2011:

USD24,267) was payable at the period end.

Northern Trust International Fund Administration

Services (Ireland) Limited, as Administrator, earned

a fee of USD22,788 (2011: USD30,370) of which

USD19,360 (2011: USD7,595) was payable at the

period end.

During the period the Fund received bank interest

of USD3,062 (2011: USD3,199) in respect of its cash

balances held with Northern Trust (Guernsey) Limited.

Richard Bartholomew, Penelope Biggs and

Malcolm Palmer, who served as Directors of the

Manager, were employees of Northern Trust during

the period.

Northern Trust World Equity Index Fund held

1,319 units in Northern Trust at the period end

(2011: Nil).

NOTES FORMING PART OF ThE FINANCIAL STATEMENTSFor the six months ended 30 June 2011


Northern Trust also earned sundry fees of

USD4,427 (2011: USD9,203) of which USD14,172

(2011: USD11,930) was due at the period end.

8. Financial Instruments and Associated Risks The Fund’s activities expose it to a variety of financial

risks: market risk (including currency risk, fair value

interest rate risk, cash flow interest rate risk and

price risk), credit risk and liquidity risk. The Fund’s

overall risk management programme focuses on

the unpredictability of financial markets and seeks

to minimize potential adverse effects on the Fund’s

financial performance. Each Sub-Fund may use

derivative financial instruments to moderate certain

risk exposures.

The investment objective of the Northern Trust

Emerging Markets Equity Index Sub-Fund is to

closely match the risk and return characteristics of

the MSCI Emerging Markets Index with net

dividends reinvested.


World Equity Index Sub-Fund is to closely match the

risk and return characteristics of the MSCI World

Index with net dividends reinvested.


Europe EUR Hedged Equity Index Fund is to closely

match the risk and return characteristics of the

MSCI Europe 100% Hedged to EUR Index (the

Index) with net dividends reinvested. Any change of

Index shall only be made with the prior approval of

the Unitholders.

The Sub-Funds seeks to achieve its investment

objective through investing primarily in a diversified

portfolio of transferable equity and equity-related

securities issued by companies or linked to companies

in their respective indices. The Sub-Funds may also

invest (up to 25% of the Net Asset Value) indirectly

in such securities through holdings in open-ended

collective investment schemes including exchange

traded fund (ETFs). Any such ETFs shall be listed/

traded on global stock exchanges.

Price RiskPrice risk is the risk that the value of an instrument

will fluctuate as a result of changes in market prices

(other than those arising from interest rate risk or

currency risk), whether caused by factors specific to an

individual investment, its issuer or all factors affecting

all instruments traded in the market.

The Fund’s investments are susceptible to price risk

arising from uncertainties about future prices of the

instruments. Each Sub-Funds’ price risk is investing

primarily in a diversified portfolio of companies listed

or traded on a regulated stock exchange or market.

The Fund may use the following derivative

instruments solely for the purpose of efficient portfolio

management: spot and forward currency contracts,

options on securities, indices and currencies, swaps,

futures, options on futures, when-issued and forward

commitment securities subject to borrowing limits

(10% of the Sub-Funds’ net assets).

The Sub-Funds’ overall market positions are

monitored on a daily basis by the Fund’s Investment

Manager and are reviewed on a periodic basis by

the Manager.

Interest Rate Risk The majority of the Fund’s financial assets and

liabilities are non-interest bearing. As a result, the Fund

is not subject to significant amounts of risk due to

fluctuations in the prevailing levels of market interest

rates. Any excess cash and cash equivalents are invested

at short-term market interest rates.

Currency RiskThe Sub-Funds hold assets denominated in currencies

other than the United States Dollar, the functional

currency. It is therefore exposed to currency risk, as the


value of the securities denominated in other currencies

will fluctuate due to changes in exchange rates.

The Sub-Funds may enter into currency exchange

transactions in an attempt to protect against changes

in currency exchange rates between the trade and

settlement dates of specific securities transactions or

anticipated securities transactions. The Sub-Funds

may also enter into forward contracts to hedge against

a change in such currency exchange rates that would

cause a decline in the value of existing investments

denominated or principally traded in a currency

other than the base currency of the Sub-Funds. To

do this, the Sub-Funds would enter into a forward

contract to sell the currency in which the investment is

denominated or principally traded in exchange for the

base currency of the Sub-Funds.

In accordance with the Fund’s policy, the

Investment Manager monitors the Fund’s

currency position on a daily basis. If there are

material issues the Manager is notified by the

Investment Manager.

Credit Risk The Sub-Funds take on exposure to credit risk, which

is the risk that a counterparty will be unable to pay

amounts in full when due. Impairment provisions

are provided for losses that have been incurred by the

Balance Sheet date, if any. The carrying amounts of

financial assets best represent the maximum credit risk

exposure at the Balance Sheet date. This relates also to

financial assets carried at amortised cost, as they have a

short-term to maturity.

The Sub-Funds’ Manager analyses credit

concentration based on the counterparty, industry and

geographical location of the financial assets that the

Sub-Funds hold.

Substantially all of the cash assets are held with

Northern Trust (Guernsey) Limited (NTGL). Cash

deposited with NTGL is deposited as banker and is

held on its Balance Sheet. Accordingly, in accordance

with usual banking practice, NTGL’s liability to the

Fund in respect of such cash deposits shall be that of

debtor and the Fund will rank as a general creditor

of NTGL. The financial assets are held with the

Custodian, Northern Trust Fiduciary Services (Ireland)

Limited. These assets are held distinct and separately

from the proprietary assets of the Custodian. Securities

are clearly recorded to ensure they are held on behalf of

the Fund. Bankruptcy or insolvency of the Custodian

and or one of its agents or affiliates may cause the

Fund’s rights with respect to the securities held by the

Custodian to be delayed or limited.

Both Northern Trust Fiduciary Services (Ireland)

Limited and Northern Trust (Guernsey) Limited

are wholly owned subsidiaries of Northern Trust

Corporation. As at 30 June 2012 Northern Trust

Corporation had a long term rating from Standard &

Poor’s of A+ (2011: A+).

Risk is managed by monitoring the credit quality

and financial positions of the Custodian the Fund uses.

Northern Trust acts as its own sub-custodian in the

U.S., the U.K., Ireland and Canada. In all other markets

Northern Trust appoints a local sub - custodian.

Northern Trust continually reviews its sub-custodian

network to ensure clients have access to the most

efficient, creditworthy and cost-effective provider in

each market.

All transactions in equities are settled/paid

for upon delivery using approved brokers. The

risk of default is considered minimal, as delivery

of securities sold is only made once the broker has

received payment. Payment is made on a purchase

once the securities have been received by the broker.

The trade will fail if either party fails to meet its

obligation. In accordance with the Fund’s policy,

the Investment Manager monitors the Fund’s credit

position on a daily basis, and the Manager reviews it

on a regular basis.


Liquidity Risk The main liability of the Fund is the redemption

of any Units that investors wish to sell. The Fund’s

constitution provides for the weekly creation and

cancellation of Units and it is therefore exposed to the

liquidity risk of meeting Unitholder redemptions at

any time. The Fund’s financial instruments include

investments in equities, which can normally be easily

liquidated at an amount close to fair value in order to

meet liquidity requirements.

The Sub-Funds may, from time to time, invest in

derivative contracts traded over the counter, which are

not traded in an organised market and may be illiquid.

As a result, the Sub-Funds may not be able to liquidate

quickly its investments in these instruments at an

amount close to their fair value to meet its liquidity

requirements or to respond to specific events such

as a deterioration in the creditworthiness of any

particular issuer.

In accordance with the Fund’s policy, the

Investment Manager monitors the Sub-Funds’

liquidity risk on a daily basis, and the Manager

reviews it on a periodic basis.

Fair Value of Financial Assets and LiabilitiesMost of the Fund’s financial instruments are carried at

fair value on the Balance Sheet. Usually the fair value

of the financial instruments can be reliably determined

within a reasonable range of estimates. For certain

other financial instruments, including amounts other

assets, accrued expenses and payable for securities

purchased, the carrying amounts approximate fair

value due to the immediate or short-term nature of

these financial instruments. The carrying value of all

the Fund’s financial assets and liabilities at the Balance

Sheet date approximated their fair values.

9. Net Asset Value Attributable to Participating UnitsThe Net Asset Value per Unit is determined by

dividing the value of the net assets of each Sub-Fund

by the total number of Units in issue at that time.

10. Efficient Portfolio ManagementThe Fund may use the following instruments for

efficient portfolio management: spot and forward

currency contracts, options on securities, indices and

currencies, swaps, futures and options on futures,

when issued and forward commitment securities

(subject to the borrowing limits (10% of the Fund’s net

assets set out herein) and may enter into stocklending

arrangement subject to the relevant restrictions set out

by the Central Bank of Ireland.


11. Exchange RatesThe exchange rates to US Dollar (USD) at the six months ended 30 June 2012 are:

Austrailian Dollar 0.9756 Hong Kong Dollar 7.7569 Norweigan Kroner 5.9445

Brazilian Real 2.0185 Hungarian Forint 225.1724 Philippine Peso 48.0000

Canadian Dollar 1.0195 Indian Rupee 55.8350 Polish Zloty 3.3373

Chilean Peso 502.3000 Indonesian Rupiah 9392.5000 Singapore Dollar 1.2668

Columbian Peso 1784.800 Israeli Shekel 3.9071 South African Rand 8.1785

Czech Republic Koruna 20.1194 Japanese Yen 79.7900 South Korean Won 6.9024

Danish Kroner 5.8582 Malaysian Ringit 3.1755 Swedish Krona 6.9024

Egyptian Pound 6.0585 Mexican Peso 13.4259 Swiss Franc 0.9465

Euro 0.7880 Moroccan Dirham 8.7199 Taiwan Dollar 29.8850

British Pound Sterling 0.6376 New Zealand Dollar 1.2441 Thai Baht 31.7600

Turkish Lira 1.8087

The exchange rates to US Dollar (USD) at the period ended 31 December 2011 are:

Austrailian Dollar 0.9754 Hong Kong Dollar 7.7666 Norweigan Kroner 5.9680

Brazilian Real 1.8653 Hungarian Forint 242.4720 Philippine Peso 43.8550

Canadian Dollar 1.0183 Indian Rupee 53.1050 Polish Zloty 3.4340

Chilean Peso 519.4500 Indonesian Rupiah 9067.5000 Singapore Dollar 1.2967

Columbian Peso 1938.5000 Israeli Shekel 3.8238 South African Rand 8.0734

Czech Republic Koruna 19.6453 Japanese Yen 76.9400 South Korean Won 1152.0000

Danish Kroner 5.7254 Malaysian Ringit 3.1700 Swedish Krona 6.8553

Egyptian Pound 6.0308 Mexican Peso 13.9554 Swiss Franc 0.9351

Euro 0.7703 Moroccan Dirham 8.5714 Taiwan Dollar 30.2790

British Pound Sterling 0.6435 New Zealand Dollar 1.2819 Thai Baht 31.5500

Turkish Lira 1.8886


12. Events during the periodOn the 20 January 2012 the fund was approved by the

Central Bank of Ireland as a UCITS Fund. The Fund

umbrella is now called the Northern Trust UCITS

Common Contractual Fund. The names of the existing

Sub Funds, the Northern Trust World Equity Index

Fund and the Northern Trust Emerging Markets

Equity Index Fund remain the same.

During the period the Northern Trust World

Equity Index Fund launched Share Class E and

Share Class F. On the 19 April 2012, a new Sub-Fund

launched under Northern Trust UCITS Common

Contractual Fund called Northern Trust Europe Equity

EUR Hedged Index Fund.

Richard Bartholomew resigned as a Director of the

Manager on 6 March 2012.

There were no other material events during the

period end date, which would have an impact on the

financial statements at 30 June 2012.

13. Subsequent EventsThere were no material events subsequent to the

period end date, which would have an impact on the

financial statements at 30 June 2012.

14. Commitments and ContingenciesThere were no significant commitments or

contingencies at 30 June 2012 or 31 December 2011

15. Approval of Financial StatementsThe financial statements were approved by the

Directors of the Manager on 15 August 2012.


Manager: Northern Trust Fund Managers (Ireland) Limited

Georges Court

54-62 Townsend Street

Dublin 2

Ireland

Directors of the Manager: Gerald Brady Irish Independent

John Fitzpatrick Irish Independent

Michael Boyce Irish Independent

Michael Griffin Irish Independent

Penelope Biggs British

Malcolm Palmer British

Richard Bartholomew (appointed 6 March 2012) British

Investment Manager: Northern Trust Global Investments Limited

50 Bank Street

Canary Wharf

London E14 5NT

United Kingdom

Custodian: Northern Trust Fiduciary Services (Ireland) Limited

Georges Court


Dublin 2

Ireland

Administrator: Northern Trust International Fund Administration Services (Ireland) Limited

Georges Court


Dublin 2

Ireland

Independent Auditor: KPMG

Chartered Accountants

1 Harbourmaster Place

International Financial Services Centre

Dublin 1

Ireland

MANAGEMENT AND OThER INFORMATION


Legal Advisor: Maples and Calder

75 St. Stephen’s Green

Dublin 2

Ireland

Secretary: Northern Trust International Fund Administration Services (Ireland) Limited

Georges Court


Dublin 2

Ireland

IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not

intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by

law. For more information about this notice, see http://www.northerntrust.com/circular230.

Elestiunt, quianim oluptasped quiam qui dis audiam volupicil ium sum hillectius, aut eaque liquodi tatissus arumque quassi abo. Aborro ese erestiae eaqui consectiore parchit inciis coritatus. Elestiunt, quianim oluptasped quiam qui dis audiam volupicil ium sum hillectius, aut eaque liquodi tatissus arumque quassi abo. Aborro ese erestiae eaqui consectiore parchit inciis coritatus.

Elestiunt, quianim oluptasped quiam qui dis audiam volupicil ium sum hillectius, aut eaque liquodi tatissus arumque quassi abo:

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