GLOBAL EQUITY UNIT TRUST

Transcription

1 GLOBAL EQUITY UNIT TRUST FOR THE PERIOD ENDED 31 MARCH 2013

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3 Manager St. James's Place Unit Trust Group Limited P.O. Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: (Authorised and regulated by the Financial Conduct Authority) Directors of the Manager D. C. Bellamy A. M. Croft I. S. Gascoigne D. J. Lamb Secretary of the Manager St. James's Place Administration Limited Investment Adviser Sands Capital Management, LLC* 1101 Wilson Blvd, Suite 2300 Arlington, VA United States of America Tweedy, Browne Company LLC* 350 Park Avenue, 9th Floor New York, NY United States of America EdgePoint Investment Group Inc*** Cassini House 1st Floor St.James's Street London, SW1A 1LD United Kingdom Auditor PricewaterhouseCoopers LLP Erskine House Queen Street Edinburgh, EH2 4NH United Kingdom BlackRock Investment Management ** 12 Throgmorton Aveneue London EC2N 2DL United Kingdom *(Authorised and regulated by the Securities and Exchange Commission) **(Authorised and regulated by the Financial Conduct Authority) ***(Authorised and regulated by the Ontario Securities Commission) Trustee BNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria Street London, EC4V 4LA United Kingdom (Authorised and regulated by the Financial Conduct Authority) Registrar International Financial Data Services (UK) Limited IFDS House St. Nicholas Lane Basildon, SS15 5FS United Kingdom (Authorised and regulated by the Financial Conduct Authority) Prospectus and Manager's Reports Copies of the up to date Prospectus (Scheme Particulars) and latest Manager's Report and Financial Statements for the range of St. James's Place Unit Trusts can be requested from a member of the St. James's Place Partnership or, at any time during normal business hours, from the Administration Centre at P.O. Box 9034, Chelmsford CM99 2XA. Freephone:

4 Report of the Manager During the period under review, 1 October 2012 to 31 March 2013, the St. James's Place Global Equity Unit Trust Income unit offer price rose by 15.2% from 110.9p to 127.8p and the Accumulation unit offer price (in which revenue is reflected in the price rather than distributed) rose by 16.4% from 110.9p to 129.1p. On the 24 May 2013, the latest available date before the printing of this report, the Income unit offer price was 132.7p and the Accumulation unit offer price was 133.9p. The estimated yield was 0.90%. The Trust's Performance The performance of the Trust since its launch in September 2011 and over the period under review is shown below, together with figures for the most commonly quoted indices in comparable markets where the major proportion of the Trust has been invested. St. James's Place Global Equity Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI AC World (NDR) MSCI ACWI Equal Weighted (NDR) 12/09/11 to 30/09/12 to 31/03/13 31/03/13 % change % change Source: Financial Express for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Investment Adviser's Comments The latter part of 2012 saw investor attention turn to the decisions that politicians in the US faced in order to reduce the nation s budget deficit without triggering draconian spending cuts and tax rises with the potential to choke the timid global recovery. Throughout December market valuations held up suggesting that most investors believed the full impact of these cuts would be avoided. Which, largely due to a sticking plaster solution, proved to be the case. The US economy began to gain momentum in the first quarter of 2013 as the improving labour market, rising house prices and upside surprises in both manufacturing and retail sales figures gave stocks a boost. In Europe, investors initially unsettled by an inconclusive election result in Italy were buoyed as the European Central Bank and the Bank of England kept their benchmark interest rates on hold. In March, global markets were weighed down by the threat of contagion from the potential collapse of the Cypriot banking sector. These fears were allayed slightly - late in the month as EU finance ministers approved terms for a sizeable bailout. Japanese equities continued their steady rise as the country s new government pressed on with its efforts to revive the economy alongside the central banks efforts to revive inflation. Performance in emerging markets has been mixed and lagged that of developed markets. Indonesian and Philippine equities performed well as financial stocks rose against a backdrop of growing consumer confidence. These gains were offset by flat performance in China and disappointing returns from India, where companies reported weak earnings, and South Africa, where worries of a slowdown in consumer spending weighed on equity markets. We continue to hold a positive long-term view of global equities. Ineffective money multipliers have kept a lid on inflation and this has bolstered the belief that low nominal and negative real rates are here to stay. Most emerging countries are in much better shape than the developed world. Emerging economies are growing, debt loads are low and fiscal balances strong. The outperformance in developed equities has been driven by defensive sectors and this suggests that although investors are moving into equities they currently have one eye on volatility. BlackRock Investment Management (UK) Limited 16 April

5 Report of the Manager Stock markets performed well in 2012 and started the new year on a positive note. Relief that a hard landing from the US fiscal cliff had been averted, better macroeconomic news from China and the US and signs of progress in the eurozone all boosted sentiment. Against this backdrop, the portfolio appreciated significantly over the four months to 1 February A major component of the performance during the period was the significant exposure to Europe. The cheaper valuations in Europe and our confidence in the authorities ability to contain the crisis led us to continue to hold a good proportion of the portfolio in European shares. This approach was rewarded. The portfolio s top performer was Sky Deutschland, but the European financial holdings also made a substantial contribution to performance these investments rose strongly as sentiment towards both the region and the sector improved. The strongest performers from this group included: BNP Paribas, HSBC, Swiss Re, Svenska Handelsbanken, Unicredit, RBS and ING Groep. Human Genome, a biotechnology holding, was also a major contributor. We had long recognised the company s value as a potential takeover candidate, and this was realised in Our US housing investments Wolseley and St. Joe Company - performed well in response to increased confidence in the recovery of the US housing market. Lennar, a holding within this theme, was sold during the period at a very good profit. Some resource and energy holdings, however, were weak. One of our newest themes focused on e-commerce. Within this theme the portfolio held Kinnevik, a telecom holding company which also owns a leading fashion etailer in non-anglo Saxon markets; Deutsche Post which is heavily involved in e-commerce through DHL; and Schibsted, a leader in online classified advertising. Taube Hodson Stonex Partners LLP 12 February 2013 From 4 February 2013, EdgePoint Investment Group Inc replaced Taube Hodson Stonex Partners LLP as an Investment Adviser to the Trust. Despite strong recent performance in global equity markets, macro concerns continue to weigh on investors minds. European sovereign debt, slow-growing emerging markets and the US economy are but a few of the more worrisome issues making headlines. While it is impossible to predict how many of these macro concerns will be resolved, we believe uncertainty will persist. The future isn t as bright as it could be for the average business. Fortunately, we don t hold average businesses. We search for companies that can grow in spite of macroeconomic headwinds. The uncertainty that exists currently has created an opportunity to purchase these businesses today and not pay a premium for that future growth. If we re right in our investment decisions, we re buying tomorrow s growth at a discount and that s a recipe for higher stock prices in the future. We ve been able to find attractive businesses across the market cap spectrum. US company Drew Industries is an example of a smaller company we hold. It supplies components for manufactured homes and recreational vehicles and has a strong history of executing well on its strategy. Not only is the company moving into new markets providing it with strong growth potential, it s in a position to benefit from secular and cyclical drivers as well. An example of a larger company is TE Connectivity, a business that designs and manufactures electronic connection products for industries across the globe. We re pleased with the collection of businesses in the portfolio and excited about their long-term prospects. We continue to approach investing in these markets with measured confidence and look forward to building the value of the portfolio over the long term. EdgePoint Investment Group Inc 02 April

6 Report of the Manager Clearly, macro challenges persist China s slowdown, the European recession, and geopolitical risks among others but collectively, the companies within the portfolio continue to deliver solid business results. The situation in Europe remains precarious; a number of company management teams have noted that the region remains weak and are seeing signs that the periphery is starting to affect the core. Our strategy has historically been underweight Europe, but has limited exposure through businesses such as Jeronimo Martins which operates Biedronka, Poland s largest food retailer. Though Europe will likely continue to face headwinds in the near term, we think it is possible to identify growing businesses in the region that meet our investment criteria. The portfolio outperformed the wider global equity market over the six month period to the end of March ARM, Visa, BioMarin Pharmaceutical, ASML Holding and Las Vegas Sands were among the strongest contributors to relative outperformance. BioMarin Pharmaceutical, a pioneer and leader in the development of protein-based drugs for rare genetic diseases, was added to the portfolio in November. Its primary products on the market today are treatments for lysosomal storage disorders. The company s existing global manufacturing and sales infrastructure should drive significant operating margin expansion as the company finds patients who can benefit from its current commercial products. Furthermore, should late-stage pipeline opportunities prove successful, these too can leverage existing infrastructure. The largest detractors from relative results were Petrofac, National Oilwell Varco, Tingyi Holding, CETIP, and Raia Drogasil. Petrofac is a leading engineering and construction company that enables the build-out of hydrocarbon production and infrastructure occurring across the globe. The company has a large and growing pipeline of engineering and construction business. This pipeline, combined with ongoing expansion into higher-margin geographies and industry-leading net margins, gives us conviction in the company s ability to sustain above-average growth. We remain focused on understanding the long-term growth drivers of companies in the portfolio and ensuring that each business continues to meet our strict investment criteria while delivering on our expectations for sustained above-average growth. Sands Capital Management, LLC 04 April 2013 Global equity markets continued to gain momentum over the last six months, setting aside concerns about the approaching fiscal cliff late last year and more recently the financial crisis in Cyprus. Virtually all segments of the market have performed well in this liquidity fed advance. Whilst the portfolio has performed well on an absolute and risk-adjusted basis during the period, it has lagged wider global benchmarks largely due to its underweighting in Japan and residual cash reserves. Results over the last six months were attributable, in large part, to strong returns in the portfolio s pharmaceutical holdings, most notably Roche, Novartis and Johnson & Johnson, and in the financial holdings, including banks such as HSBC and Bangkok Bank, and insurance stocks such as Zurich Financial Services and Munich Re. Returns were also strong in the food products and food retailing sectors, which included companies such as Nestle, Unilever, Metcash, Sysco and Tesco. Industrials such as ABB, Emerson Electric and the technology giant, Cisco Systems, also delivered very good returns. Conversely, the oil and gas component of the portfolio continued to lag in relative terms. New positions established over the period included Cisco Systems, DBS Group (the large Singaporean bank), GlaxoSmithKline and Wells Fargo. We added to our positions in Axel Springer, ABB, Royal Dutch Shell, Siemens and Zurich Financial Services among others. We sold Exelon and IGM Financial, and trimmed back our position in Vodafone. We believe the portfolio holdings remain reasonably priced with an average prospective price earnings ratio of 12.8 and dividend yield of 3.9%. However, with the market s rather aggressive advance over the last six months, uncovering significant mispricing and identifying opportunities for new investment has become much more difficult. Tweedy, Browne Company LLC 15 April

7 Performance Record The St. James's Place Global Equity Unit Trust was first offered on 12 September 2011 at an offer price of p per unit. Unit Price History Calendar year * Income Accumulation Highest Lowest Highest Lowest Offer Bid Offer Bid p p p p Distributions The record of net distributions paid per unit is shown below: Income Accumulation revenue distributed revenue distributed per 1,000 per 1,000 Invested Invested per unit at 12/09/11 per unit at 12/09/11 Calendar year p p * Asset s Year ended September * Units in Issue Units in Issue NAV per NAV per Unit Income Accumulation NAV of Trust Income Accumulatio '000 p p 1,693,700 3,479,456,146 3,670, ,066,605 4,080,636,304 5,113, On 1 February 2013, as part of a scheme of arrangement, the assets of the St. James's Place International Unit Trust were transferred to the Scheme. Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2013 was 1.58%. Risk and Reward Profile The synthetic risk and reward indicator for the St. James s Place Global Equity Unit Trust, as disclosed in its most recent Non-UCITS retail scheme Key Investor Information Document (NURS- KIID), is a 6. It was calculated using performance data up to 4 February The risk category is recalculated weekly and in the period from 30 September 2012 to 31 March 2013, the risk category did not change. * To 31 March

8 Investment AUSTRALIA (2.29%) 96, AGL Energy 116,625 1, ALS 183,622 1, Alumina 2,059,592 1, Amcor 214,782 1, AMP 372,401 1, APA 309,957 1, Asciano 388,919 1, ASX 60,301 1, Aurizon 471,906 1, Australia & New Zealand Banking 71,590 1, Bendigo and Adelaide Bank 213,641 1, BHP Billiton Australia 49,896 1, Boral 427,056 1, Brambles 235,501 1, Caltex Australia 93,506 1, CFS Retail Property Trust # 858,937 1, Coca-Cola Amatil 121,494 1, Cochlear 22,762 1, Commonwealth Bank of Australia 28,522 1, Computershare 190,776 1, Crown (Australia) 172,418 1, CSL 36,065 1, Dexus Property # 1,703,355 1, Echo Entertainment 465,359 1, Federation Centres # 714,247 1, Flight Centre 63,864 1, Fortescue Metals 443,967 1, Goodman # 369,463 1, GPT # 483,615 1, Harvey Norman 894,175 1, Iluka Resources 214,625 1, Incitec Pivot 537,727 1, Insurance Australia 378,542 1, Leighton 96,253 1, Lend Lease 205,227 1, Macquarie 54,147 1, Metcash 3,182,831 9, Mirvac # 1,143,784 1, National Australia Bank 71,588 1, Newcrest Mining 64, Orica 71,428 1, Origin Energy 159,166 1, OZ Minerals 233, Qantas Airways 1,288,005 1, QBE Insurance 156,613 1, Ramsay Health Care 62,857 1, Rio Tinto (Australia) 29,366 1, Santos 150,806 1, Sims Metal Management 192,719 1, Sonic Healthcare 132,174 1, SP Aus 1,620,363 1, Stockland # 486,380 1, Suncorp 176,822 1, Sydney Airport 488,906 1,

9 Investment TABCORP 596,023 1, Tatts 564,626 1, Telstra 399,942 1, Toll 383,638 1, Transurban 267,038 1, Treasury Wine Estates 326,714 1, Wesfarmers 48,187 1, Westfield # 161,879 1, Westfield Retail Trust # 560,366 1, Westpac Banking 68,176 1, Whitehaven Coal 610, Woodside Petroleum 49,879 1, Woolworths 59,445 1, WorleyParsons 68,850 1, AUSTRIA (0.23%) 10, ANDRITZ 29,891 1, Erste Group Bank 63,666 1, IMMOFINANZ 446,739 1, OMV 48,088 1, Raiffeisen Bank International 40, Telekom Austria 257,269 1, Verbund 77,814 1, Vienna Insurance 39,468 1, Voestalpine 53,291 1, BELGIUM (0.49%) 26, Ageas 66,905 1, Anheuser-Busch InBev 19,723 1, Belgacom 60,244 1, Colruyt 38,064 1, Delhaize 50,034 1, Groupe Bruxelles Lambert 19,799 1, KBC 88,144 1, Solvay 13,861 1, Telenet 38,431 1, UCB 299,822 12, Umicore 34,681 1, BERMUDA (0.37%) 11, Arch Capital 38,073 1, Axis Capital 48,884 1, Bunge 24,140 1, Everest 16,818 1, Marvell Technology 212,576 1, Nabors Industries 127,219 1, PartnerRe 21,463 1, RenaissanceRe 21,785 1, Seadrill 44,842 1, BRAZIL (2.73%) 139, AES Tiete Preference 167,400 1, All America Latina Logistica 440,200 1, Amil Participacoes 119,700 1, Anhanguera Educacional Participacoes 114,500 1, Arteris 196,200 1, Banco Bradesco 25, Banco Bradesco Preference 80,

10 Investment Banco do Brasil 191,800 1, Banco do Estado do Rio Grande do Sul Preference 219,600 1, Banco Santander Brasil 248,600 1, BM&FBovespa 5,911,800 26, BR Malls Participacoes 138,000 1, BR Properties 142,100 1, Bradespar Preference 129,300 1, Braskem Preference 265,700 1, BRF - Brasil Foods 92,400 1, CCR 202,000 1, Centrais Eletricas Brasileiras 294, Centrais Eletricas Brasileiras Preference 233, CETIP - Mercados Organizados 603,160 4, Cia Brasileira de Distribuicao Grupo Pao de Acucar 39,400 1, Preference Cia de Bebidas das Americas Preference 40,008 1, Cia de Saneamento Basico do Estado de Sao Paulo 42,500 1, Cia de Saneamento de Minas Gerais 77,900 1, Cia Energetica de Minas Gerais Preference 147,000 1, Cia Energetica de Sao Paulo Preference 203,100 1, Cia Hering 72, Cia Paranaense de Energia Preference 141,000 1, Cia Siderurgica Nacional 358,800 1, Cielo 525,600 10, Cosan SA Industria e Comercio 91,000 1, CPFL Energia 161,500 1, Cyrela Brazil Realty 205,500 1, Diagnosticos da America 289,400 1, Duratex 252,900 1, EcoRodovias Infraestrutura e Logistica 207,900 1, EDP - Energias do Brasil 292,600 1, Eletropaulo Metropolitana Eletricidade de Sao Paulo 271, Preference Embraer 255,700 1, Fibria Celulose 177,600 1, Gerdau Preference 197, Hypermarcas 247,100 1, Itau Unibanco Preference 115,300 1, Itausa - Investimentos Itau Preference 387,600 1, JBS 632,900 1, Klabin Preference 312,500 1, Kroton Educacional 194,800 1, Light 164,400 1, Localiza Rent a Car 105,500 1, Lojas Americanas 44, Lojas Americanas Preference 142, Lojas Renner 49,300 1, Marcopolo Preference 297,000 1, Metalurgica Gerdau Preference 161,000 1, MPX Energia 329,200 1, MRV Engenharia e Participacoes 339, Muliplus 78, Multiplan Empreendimentos Imobiliarios 59,900 1, Natura Cosmeticos 459,500 7, Odontoprev 325, OGX Petroleo e Gas Participacoes 798,

11 Investment OI 82, OI Preference 333, PDG Realty SA Empreendimentos e Participacoes 1,302,900 1, Petroleo Brasileiro 78, Petroleo Brasileiro Preference 109, Porto Seguro 154,600 1, Qualicorp 216,700 1, Raia Drogasil 1,044,200 7, Souza Cruz 122,600 1, Sul America 224,351 1, Telefonica Brasil Preference 79,040 1, Tim Participacoes 485,800 1, Totvs 93,400 1, Tractebel Energia 103,800 1, Ultrapar Participacoes 81,400 1, Usinas Siderurgicas de Minas Gerais Preference 329,000 1, Vale 38, Vale Preference 61, WEG 146,100 1, CANADA (3.28%) 127, Agnico-Eagle Mines 30, Agrium 17,840 1, Alimentation Couche Tard 38,987 1, ARC Resources 69,607 1, Athabasca Oil Sands 162, Bank of Montreal 29,348 1, Bank of Nova Scotia 32,175 1, Barrick Gold 50, Baytex Energy 38,100 1, BCE 41,113 1, Bell Aliant 64,900 1, Bombardier 562,589 1, Bonavista Energy 106,300 1, Brookfield Asset Management 51,495 1, Brookfield Office Properties 108,699 1, CAE 182,583 1, Cameco 102,009 1, Canadian Imperial Bank of Commerce 22,058 1, Canadian National Railway 19,834 1, Canadian Natural Resources 61,938 1, Canadian Oil Sands 85,274 1, Canadian Pacific Railway 18,672 1, Canadian Tire 25,863 1, Canadian Utilities 26,114 1, Catamaran 37,177 1, Cenovus Energy 52,648 1, Centerra Gold 180, CGI 74,869 1, CI Financial 73,619 1, Crescent Point Energy 44,678 1, Dollarama 27,734 1, Eldorado Gold 113, Empire 30,800 1, Enbridge 46,371 1, Encana 82,822 1,

12 Investment Enerplus 137,587 1, Finning International 74,684 1, First Quantum Minerals 165,240 2, Fortis 54,235 1, Franco-Nevada 30, George Weston 27,642 1, Gildan Activewear 52,571 1, Goldcorp 42, Great-West Lifeco 76,891 1, H&R Real Estate Investment Trust 73,800 1, Husky Energy 61,100 1, IAMGOLD 144, IGM Financial 43,117 1, Imperial Oil 40,177 1, Industrial Alliance Insurance & Financial Services 62,960 1, Intact Financial 27,503 1, Kinross Gold 160, Loblaw 52,191 1, Magna International 38,351 1, Manulife Financial 141,020 1, MEG Energy 54,000 1, Metro 27,439 1, National Bank of Canada 290,922 14, New Gold 171,583 1, Onex 43,016 1, Open Text 32,234 1, Osisko Mining 238, Pacific Rubiales Energy 82,900 1, Pan American Silver 90, Pembina Pipeline 64,159 1, Pengrowth Energy 342,800 1, Penn West Petroleum 164,223 1, Potash Corp of Saskatchewan 46,789 1, Power Corp of Canada 71,595 1, Power Financial 67,391 1, Research In Motion 145,687 1, RioCan Real Estate Investment Trust 64,125 1, Ritchie Bros Auctioneers 79,891 1, Rogers Communications 35,077 1, Royal Bank of Canada 30,369 1, Saputo 38,304 1, Shaw Communications 82,546 1, Shoppers Drug Mart 41,818 1, Silver Wheaton 47, SNC-Lavalin 42,527 1, Sun Life Financial 64,004 1, Suncor Energy 52,807 1, Talisman Energy 155,974 1, Teck Resources 54,268 1, TELUS 14, TELUS (Canadian Listing) 9, Thomson Reuters 64,752 1, Tim Hortons 37,979 1, Toronto-Dominion Bank 21,179 1, Tourmaline Oil 51,900 1, TransAlta 114,042 1,

13 Investment TransCanada 39,847 1, Turquoise Hill Resources 237,762 1, Ultra Petroleum 80,347 1, Valeant Pharmaceuticals International 32,268 1, Vermilion Energy 36,174 1, Yamana Gold 90, CAYMAN ISLANDS (0.03%) Herbalife 38, CHILE (0.54%) 28, Aguas Andinas 2,625,992 1, Banco de Chile 12,031,323 1, Banco de Chile - T 463, Banco de Credito e Inversiones 27,124 1, Banco Santander Chile ADR 73,534 1, CAP 50,642 1, Cencosud 366,941 1, Cia Cervecerias Unidas 34, Cia Cervecerias Unidas ADR 55,715 1, Colbun 6,421,462 1, Corpbanca 166,505,438 1, Embotelladora Andina ADR 56,631 1, Empresa Electrica del Norte Grande 743,921 1, Empresa Nacional de Electricidad 133, Empresa Nacional de Electricidad ADR 34,800 1, Empresas CMPC 482,707 1, Empresas COPEC 126,803 1, Enersis ADR 190,240 2, ENTEL Chile 88,977 1, Gener 2,837,357 1, Latam Airlines ADR 78,300 1, SACI Falabella 169,163 1, Sociedad Quimica y Minera de Chile ADR 31,477 1, Vina Concha y Toro 948,615 1, CHINA (2.41%) 117, Agile Property 1,368,000 1, Agricultural Bank of China 3,996,000 1, Air China 2,596,000 1, Airtac International 339,000 1, Aluminum Corp of China 4,100,000 1, Angang Steel 2,738, Anhui Conch Cement 542,500 1, Anta Sports Products 2,389,000 1, AviChina Industry & Technology 3,948,000 1, Bank of China 4,231,000 1, Bank of Communications 3,057,000 1, BBMG 2,087,500 1, Beijing Capital International Airport 2,666,000 1, Byd 707,000 1, China BlueChemical 2,870,000 1, China Citic Bank 3,361,000 1, China Coal Energy 1,755,000 1, China Communications Construction 1,932,000 1, China Communications Services 3,169,200 1, China Construction Bank 2,241,000 1, China COSCO 3,660,500 1,

14 Investment China International Marine Containers 1,406,215 1, China Life Insurance 570, China Longyuan Power 3,450,000 2, China Merchants Bank 924,000 1, China Minsheng Banking 1,817,000 1, China National Building Material 1,412,000 1, China Oilfield Services 964,000 1, China Pacific Insurance 544,600 1, China Petroleum & Chemical 1,648,000 1, China Railway 3,151,000 1, China Railway Construction 1,800,500 1, China Shanshui Cement 2,599, China Shenhua Energy 426,500 1, China Shipping Container Lines 6,609,000 1, China Shipping Development 3,450,000 1, China Southern Airlines 3,828,000 1, China Telecom 3,182,000 1, China Vanke 1,255,100 1, Chongqing Rural Commercial Bank 3,931,000 1, CITIC Securities 875,500 1, Country Garden 3,999,617 1, CSR 2,058, Daphne International 1,408,000 1, Datang International Power Generation 4,912,000 1, Dongfang Electric 1,053,400 1, Dongfeng Motor 1,194,000 1, ENN Energy 406,000 1, Evergrande Real Estate 4,645,000 1, Golden Eagle Retail 761, Great Wall Motor 557,500 1, Greentown China 833,000 1, Guangzhou Automobile 2,256,000 1, Guangzhou R&F Properties 1,294,000 1, Haitong Securities 1,596,400 1, Hengan International 192,500 1, Huaneng Power International 2,152,000 1, Industrial & Commercial Bank of China 2,632,000 1, Inner Mongolia Yitai Coal 324,000 1, Intime Department Store 1,420,500 1, Jiangsu Expressway 1,882,000 1, Jiangxi Copper 684,000 1, Longfor Properties 969,000 1, New China Life Insurance 427, Parkson Retail 2,274, People's Insurance 2,843, PetroChina 1,314,000 1, PICC Property & Casualty 1,362,200 1, Ping An Insurance 231,500 1, Shandong Weigao Group Medical Polymer 1,636, Shanghai Electric 4,450,000 1, Shanghai Pharmaceuticals 923,500 1, Shui On Land 3,768,000 1, Sihuan Pharmaceutical 4,331,000 1, Sinopec Shanghai Petrochemical 5,972,000 1, Sinopharm 577,600 1, Soho China 2,400,000 1,

15 Investment Tencent 54,700 1, Tingyi Cayman Islands 4,294,000 7, Tsingtao Brewery 326,000 1, Uni-President China 1,361,000 1, Want Want China 1,238,000 1, Weichai Power 468,800 1, Wumart Stores 912,000 1, Yanzhou Coal Mining 1,106, Zhaojin Mining Industry 1,012, Zhejiang Expressway 2,290,000 1, Zhongsheng 1,408,500 1, Zhuzhou CSR Times Electric 579,000 1, Zijin Mining 4,270, Zoomlion Heavy Industry Science and Technology 1,365,400 1, ZTE 1,181,000 1, COLOMBIA (0.28%) 13, Almacenes Exito 92,374 1, Banco Davivienda Preference 134,187 1, BanColombia 43, BanColombia Preference 62, Cementos Argos 345,393 1, Corp Financiera Colombiana 89,788 1, Corp Financiera Colombiana-ND 2, Ecopetrol 571,126 1, Grupo Argos 145,470 1, Grupo Argos Preference 91, Grupo Aval Acciones y Valores Preference 2,517,536 1, Grupo de Inversiones Suramericana 71, Grupo de Inversiones Suramericana Preference 16, Interconexion Electrica ESP 364,158 1, Isagen 1,198,624 1, CURACAO (0.45%) 21, Schlumberger 426,880 21, CZECH REPUBLIC (0.08%) 3, CEZ 49, Komercni Banka 9,178 1, Telefonica Czech Republic 96, DENMARK (0.39%) 31, AP Moeller - Maersk 'A' shares AP Moeller - Maersk 'B' shares Carlsberg 16,565 1, Coloplast 37,329 1, Danske Bank 108,536 1, DSV 74,955 1, NKT 488,575 11, Novo Nordisk 10,610 1, Novozymes 360,502 8, TDC 342,491 1, Tryg 25,154 1, William Demant 21,475 1, EGYPT (0.22%) 7, Commercial International Bank 261, Commercial International Bank GDR 128, Egyptian Financial 650,

16 Investment Egyptian Financial GDR 366, Egyptian Kuwaiti 1,300,000 1, National Societe Generale Bank SAE 281, Orascom Telecom GDR 770,137 1, Talaat Moustafa 2,000, Telecom Egypt 600, FINLAND (0.38%) 16, Elisa 81, Fortum 97,373 1, Kesko 57,380 1, Kone 23,963 1, Metso 48,180 1, Neste Oil 123,032 1, Nokia 522,337 1, Nokian Renkaat 43,348 1, Orion 'B' shares 70,035 1, Pohjola Bank 131,158 1, Sampo 55,949 1, Stora Enso 278,085 1, UPM-Kymmene 158,748 1, Wartsila 37,398 1, FRANCE (3.73%) 139, Accor 53,484 1, Aeroports de Paris 22,879 1, Air Liquide 14,422 1, Alstom 51,639 1, Arkema 17,715 1, AtoS 469,953 21, AXA 109,659 1, BNP Paribas 32,455 1, Bouygues 74,240 1, Bureau Veritas 16,166 1, Cap Gemini 44,753 1, Carrefour 73,165 1, Casino Guichard Perrachon 19,359 1, Christian Dior 11,499 1, Cie de St-Gobain 44,774 1, Cie Generale de Geophysique - Veritas 58, Cie Generale des Etablissements Michelin 20,010 1, CNP Assurances 198,607 1, Credit Agricole 240,924 1, Danone 27,510 1, Dassault Systemes 16,296 1, Edenred 59,647 1, EDF 91,883 1, Essilor 18,212 1, Eurazeo 39,724 1, Eutelsat Communications 57,347 1, Fonciere Des Regions # 22,408 1, France Telecom 165,696 1, GDF Suez 79,029 1, Gecina # 15,090 1, Groupe Eurotunnel 237,317 1, ICADE # 20,067 1, Iliad 10,169 1,

17 Investment Imerys 31,772 1, JCDecaux 77,463 1, Klepierre # 49,142 1, Lafarge 31,076 1, Lagardere SCA 53,128 1, Legrand 42,768 1, L'Oreal 13,549 1, LVMH Moet Hennessy Louis Vuitton 10,461 1, Natixis 566,965 1, Pernod-Ricard 16,400 1, Peugeot 287,708 1, PPR 9,935 1, Publicis 31,342 1, Remy Cointreau 17,275 1, Renault 35,960 1, Rexel 129,822 1, Safran 41,334 1, Sanofi 19,690 1, Schneider Electric 26,291 1, SCOR 508,739 9, Societe BIC 13,632 1, Societe Generale 51,333 1, Sodexo 22,241 1, Suez Environnement 168,815 1, Technip 15,621 1, Thales 50,528 1, Total 841,564 26, Unibail-Rodamco # 7,795 1, Vallourec 33,372 1, Veolia Environnement 170,050 1, Vinci 40,292 1, Vivendi 80,926 1, Wendel 19,699 1, Zodiac Aerospace 16,611 1, GERMANY (2.91%) 102, Adidas 20,512 1, Allianz 13,803 1, Axel Springer 633,947 18, BASF 20,286 1, Bayer 19,545 1, Bayerische Motoren Werke 18,491 1, Beiersdorf 23,732 1, Brenntag 14,844 1, Celesio 102,999 1, Commerzbank 991, Continental 16,987 1, Daimler 36,168 1, Delticom 102,169 3, Deutsche Bank 41,049 1, Deutsche Boerse 32,720 1, Deutsche Lufthansa 104,616 1, Deutsche Post 83,102 1, Deutsche Telekom 159,799 1, E.ON 98,016 1, Fraport 32,044 1,

18 Investment Fresenius Medical Care 25,899 1, Fresenius SE & Co 15,849 1, GEA 55,146 1, Hannover Rueckversicherung 23,921 1, HeidelbergCement 35,036 1, Henkel 10, Henkel Preference 13, Hochtief 33,941 1, Hugo Boss 17,035 1, Infineon Technologies 232,170 1, K+S 40,909 1, Kabel Deutschland 109,294 6, Lanxess 20, Linde 10,378 1, MAN SE 16,890 1, Merck 13,523 1, Metro AG 60,093 1, Muenchener Rueckversicherungs 79,775 9, Porsche Automobil Preference 25,028 1, ProSiebenSat.1 Media Preference 62,844 1, RWE 42,538 1, Salzgitter 40,217 1, SAP 22,840 1, Siemens 165,826 11, Suedzucker 56,791 1, ThyssenKrupp 85,332 1, United Internet 84,148 1, Volkswagen 2, Volkswagen Preference 6, GREECE (0.06%) 2, Coca Cola Hellenic Bottling 77,908 1, OPAP 269,897 1, GUERNSEY (0.02%) 1, Resolution 472,148 1, HONG KONG (2.87%) 105, AIA 467,400 1, ASM Pacific Technology 149,300 1, Bank of East Asia 413,600 1, Beijing Enterprises 270,500 1, Belle International 856, BOC Hong Kong 567,500 1, Bosideng International 6,146,000 1, Brilliance China Automotive 1,472,000 1, Cathay Pacific Airways 1,011,000 1, Chaoda Modern Agriculture * 1,484, Cheung Kong 123,000 1, Cheung Kong Infrastructure 296,000 1, China Agri-Industries 3,233,300 1, China Everbright 1,210,000 1, China Foods 1,690, China Gas 2,666,000 1, China Mengniu Dairy 617,000 1, China Merchants International 570,000 1, China Mobile (Hong Kong) 155,500 1, China Overseas Land & Investment 602,000 1,

19 Investment China Resources Cement 2,870,000 1, China Resources Enterprise 502, China Resources Gas 976,000 1, China Resources Land 678,000 1, China Resources Power 806,000 1, China State Construction International 1,422,000 1, China Taiping Insurance 1,039,600 1, China Unicom Hong Kong 1,100, Citic Pacific 1,376,000 1, CLP 197,500 1, CNOOC 843,000 1, COSCO Pacific 1,234,000 1, Dah Chong Hong 1,736,000 1, Far East Horizon 2,329,000 1, First Pacific 1,636,000 1, Fosun International 3,166,500 1, Franshion Properties China 5,762,000 1, Galaxy Entertainment 469,000 1, GCL-Poly Energy 10,466,000 1, Geely Automobile 3,590,000 1, GOME Electrical Appliances 17,459,000 1, Guangdong Investment 2,136,000 1, Haier Electronics 1,322,000 1, Hang Lung Properties 487,000 1, Hang Seng Bank 122,800 1, Henderson Land Development 246,000 1, HKT Trust 1,857,000 1, Hong Kong & China Gas 686,000 1, Hong Kong Exchanges and Clearing 108,500 1, Hopewell 454,500 1, Huabao International 3,613,000 1, Hutchison Whampoa 170,000 1, Hysan Development 321,000 1, Kerry Properties 344,500 1, Kingboard Chemical 595,000 1, Kunlun Energy 890,000 1, Lee & Man Paper Manufacturing 3,099,000 1, Lenovo 1,908,000 1, Li & Fung 1,086, Link REIT 320,000 1, MGM China 989,200 1, Minmetals Resources 4,520,000 1, MTR 426,000 1, New World Development 1,112,000 1, Nine Dragons Paper 2,415,000 1, Noble (Hong Kong) 1,959,000 1, NWS 1,119,000 1, Orient Overseas International 281,000 1, PCCW 4,088,000 1, Poly Hong Kong Investments 2,702,000 1, Power 200,000 1, Shanghai Industrial 539,000 1, Shangri-La Asia 878,000 1, Shimao Property 869,000 1, Shougang Fushan Resources 4,722,000 1, Sino Land 1,056,000 1,

20 Investment Sino-Ocean Land 2,560,500 1, SJM 755,000 1, Sun Art Retail 1,233,500 1, Sun Hung Kai Properties 119,000 1, Swire Pacific 147,000 1, Swire Properties 535,000 1, Wharf 237,000 1, Wheelock & Co 373,000 1, Wing Hang Bank 168,000 1, Yingde Gases 1,760,500 1, Yue Yuen Industrial 513,000 1, Yuexiu Property 5,574,000 1, HUNGARY (0.11%) 3, Magyar Telekom Telecommunications 941,218 1, MOL Hungarian Oil and Gas 22,598 1, OTP Bank 99,347 1, INDIA (0.35%) 17, Axis Bank GDR 84,046 1, Dr Reddy's Laboratories ADR 53,893 1, HDFC Bank ADR 55,300 1, ICICI Bank ADR 34, Infosys ADR 17, Larsen & Toubro GDR 74,885 1, LIC Housing Finance GDR 198,383 1, Ranbaxy Laboratories GDR 194,965 1, Reliance Capital GDR 270,000 1, Reliance Communications GDR 1,560,000 1, Reliance Industries GDR 46, State Bank of India GDR 22,673 1, Sterlite Industries India ADR 233,185 1, Tata Motors ADR 75,301 1, Wipro ADR 199,000 1, INDONESIA (0.63%) 32, Adaro Energy 12,481,000 1, Astra Agro Lestari 847,500 1, Astra International 2,194,500 1, Bank Central Asia 1,804,000 1, Bank Danamon Indonesia 2,854,000 1, Bank Mandiri Persero 1,888,500 1, Bank Negara Indonesia Persero 4,560,000 1, Bank Rakyat Indonesia Persero 2,347,000 1, Bumi Resources 28,634,500 1, Charoen Pokphand Indonesia 5,333,000 1, Global Mediacom 7,357,000 1, Gudang Garam 313,500 1, Indo Tambangraya Megah 425,500 1, Indocement Tunggal Prakarsa 773,000 1, Indofood Sukses Makmur 2,865,500 1, Indosat 2,849,000 1, Jasa Marga Persero 2,911,000 1, Kalbe Farma 17,245,000 1, Media Nusantara Citra 6,837,500 1, Perusahaan Gas Negara Persero 3,653,500 1, Semen Gresik Persero 1,166,500 1, Tambang Batubara Bukit Asam Persero 1,020,500 1,

21 Investment Telekomunikasi Indonesia Persero 1,698,500 1, Unilever Indonesia 669,000 1, United Tractors 874,500 1, XL Axiata 2,659, IRELAND (4.04%) 107, Accenture 27,208 1, Covidien 30,811 1, CRH 98,109 1, Eaton 60,256 2, Elan 167,135 1, Grafton 2,914,225 12, Ingersoll-Rand 35,717 1, Institutional Cash Series - Institutional Sterling 54, Institutional Cash Series - Institutional US Dollar 75,308,008 49, James Hardie Industries 190,776 1, Kerry 35,594 1, Ryanair 283,372 1, Ryanair ADR 952,700 26, Seagate Technology 64,539 1, Warner Chilcott 148,629 1, Willis 51,227 1, XL 73,322 1, ISRAEL (0.25%) 12, Bank Hapoalim 419,063 1, Bank Leumi Le-Israel 521,110 1, Bezeq The Israeli Telecommunication 1,425,779 1, Delek 8,247 1, Israel 2,724 1, Israel Chemicals 144,959 1, Mellanox Technologies 20, Mizrahi Tefahot Bank 186,961 1, NICE Systems 52,992 1, Teva Pharmaceutical Industries 43,272 1, ITALY (1.20%) 45, Assicurazioni Generali 106,671 1, Atlantia 106,623 1, Banca Monte dei Paschi di Siena 6,571,342 1, Banco Popolare 1,252,960 1, Enel 488,162 1, Enel Green Power 1,103,344 1, ENI 355,904 5, Exor 69,726 1, Fiat 381,106 1, Fiat Industrial 164,233 1, Finmeccanica 354,023 1, Intesa Sanpaolo 1,044,393 1, Luxottica 46,324 1, Mediobanca 322,391 1, Pirelli & C 159,867 1, Prada 2,397,000 15, Prysmian 85,143 1, Saipem 40, Snam 401,533 1, Telecom Italia 1,237, Telecom Italia RSP 724,

22 Investment Terna Rete Elettrica Nazionale 475,329 1, UniCredit 384,722 1, Unione di Banche Italiane SCPA 505,259 1, JAPAN (8.00%) 459, ABC-Mart 42,800 1, Acom 62,690 1, Advantest 130,400 1, Aeon 157,100 1, Aeon Credit Service 92,000 1, Aeon Mall 68,500 1, Air Water 139,000 1, Aisin Seiki 55,600 1, Ajinomoto 128,000 1, Alfresa 39,700 1, All Nippon Airways 813,000 1, Amada 308,000 1, Aozora Bank 991,000 1, Asahi 78,300 1, Asahi Glass 231,000 1, Asahi Kasei 303,000 1, Asics 124,000 1, Astellas Pharma 35,700 1, Bank of Kyoto 206,000 1, Bank of Yokohama 371,000 1, Benesse 39,800 1, Bridgestone 68,300 1, Brother Industries 178,600 1, Calbee 21,700 1, Canon 49,500 1, Casio Computer 206,100 1, Central Japan Railway 22,300 1, Chiba Bank 295,000 1, Chiyoda 120, Chubu Electric Power 126,800 1, Chugai Pharmaceutical 89,400 1, Chugoku Bank 127,000 1, Chugoku Electric Power 122,200 1, Citizen 355,800 1, Coca-Cola West 115,200 1, Cosmo Oil 922,000 1, Credit Saison 82,900 1, Dai Nippon Printing 233,000 1, Daicel 291,000 1, Daido Steel 409,000 1, Daihatsu Motor 102,000 1, Dai-ichi Life Insurance 1,488 1, Daiichi Sankyo 115,300 1, Daikin Industries 56,300 1, Dainippon Sumitomo Pharma 160,000 1, Daito Trust Construction 19,000 1, Daiwa House Industry 116,000 1, Daiwa Securities 389,000 1, Dena 57,700 1, Denki Kagaku Kogyo 518,000 1, Denso 52,600 1,

23 Investment Dentsu 71,000 1, Don Quijote 45,000 1, East Japan Railway 27,200 1, Eiken Chemical 223,400 2, Eisai 42,100 1, Electric Power Development 66,000 1, FamilyMart 40,300 1, FANUC 10,100 1, Fast Retailing 7,900 1, Fuji Electric 826,000 1, Fuji Heavy Industries 160,000 1, FUJIFILM 97,500 1, Fujitsu 474,000 1, Fukuoka Financial 450,000 1, Furukawa Electric 877,000 1, Gree 104, GS Yuasa 461,000 1, Gunma Bank 358,000 1, Hachijuni Bank 337,000 1, Hakuhodo 28,370 1, Hamamatsu Photonics 774,500 20, Hankyu Hanshin 333,000 1, Hino Motors 204,000 1, Hirose Electric 15,300 1, Hiroshima Bank 419,000 1, Hisamitsu Pharmaceutical 35,400 1, Hitachi 319,000 1, Hitachi Chemical 119,500 1, Hitachi Construction Machinery 99,200 1, Hitachi High-Technologies 77,600 1, Hitachi Metals 235,000 1, Hokkaido Electric Power 174,400 1, Hokuriku Electric Power 155,400 1, Honda Motor 52,300 1, Horiba 510,800 10, Hoya 90,900 1, Hulic 239,600 1, Ibiden 124,500 1, Idemitsu Kosan 20,400 1, IHI 770,000 1, Inpex 310 1, Isetan Mitsukoshi 197,000 1, Isuzu Motors 308,000 1, ITOCHU 177,500 1, Itochu Techno-Solutions 38,500 1, Iyo Bank 219,000 1, J Front Retailing 368,000 1, Japan Airlines 40,000 1, Japan Exchange 26,101 1, Japan Petroleum Exploration 49,400 1, Japan Prime Realty Investment # 619 1, Japan Real Estate Investment # 179 1, Japan Retail Fund Investment # 1,021 1, Japan Steel Works 305,000 1, Japan Tobacco 72,600 1, JFE 111,200 1,

24 Investment JGC 54, Joyo Bank 347,000 1, JS 84,800 1, JSR 93,900 1, JTEKT 211,900 1, Jupiter Telecommunications 1,323 1, JX 350,300 1, Kajima 606,000 1, Kamigumi 232,000 1, Kaneka 348,000 1, Kansai Electric Power 192,000 1, Kansai Paint 163,000 1, Kao 65,200 1, Kawasaki Heavy Industries 738,000 1, KDDI 48,600 1, Keikyu 191,000 1, Keio 233,000 1, Keisei Electric Railway 208,000 1, Keyence 6,500 1, Kikkoman 129,000 1, Kinden 295,000 1, Kintetsu 455,000 1, Kirin 140,000 1, Kobe Steel 1,881,000 1, Koito Manufacturing 123,000 1, Komatsu 76,400 1, Konami 73, Konica Minolta 247,000 1, Kubota 173,000 1, Kuraray 140,400 1, Kurita Water Industries 77,600 1, Kyocera 19,500 1, Kyowa Hakko Kirin 177,000 1, Kyushu Electric Power 174,700 1, Lawson 26,800 1, M , Mabuchi Motor 41,000 1, Makita 43,900 1, Marubeni 259,000 1, Marui 258,500 1, Maruichi Steel Tube 80,600 1, Mazda Motor 1,115,000 2, McDonald's Japan 63,500 1, Medipal 143,300 1, MEIJI 39,600 1, Miraca 43,700 1, Mitsubishi 91,600 1, Mitsubishi Chemical 404,500 1, Mitsubishi Electric 227,000 1, Mitsubishi Estate 93,000 1, Mitsubishi Gas Chemical 298,000 1, Mitsubishi Heavy Industries 392,000 1, Mitsubishi Logistics 136,000 1, Mitsubishi Materials 604,000 1, Mitsubishi Motors 1,841,000 1, Mitsubishi Tanabe Pharma 301,200 3,

25 Investment Mitsubishi UFJ Financial 383,500 1, Mitsubishi UFJ Lease & Finance 400,500 1, Mitsui & Co 127,400 1, Mitsui Chemicals 737,000 1, Mitsui Fudosan 85,000 1, Mitsui OSK Lines 693,000 1, Mizuho Financial 1,111,800 1, MS&AD Insurance 99,000 1, Murata Manufacturing 31,100 1, Nabtesco 87,900 1, Namco Bandai 125,600 1, NEC 999,000 1, Nexon 161,600 1, NGK Insulators 159,000 1, NGK Spark Plug 142,000 1, NHK Spring 196,200 1, Nidec 27,200 1, Nikon 66,600 1, Nintendo 13, Nippon Building Fund # 184 1, Nippon Electric Glass 307,000 1, Nippon Express 489,000 1, Nippon Meat Packers 124,000 1, Nippon Paper 150,100 1, Nippon Steel 742,000 1, Nippon Telegraph & Telephone 38,600 1, Nippon Yusen 831,000 1, Nishi-Nippon City Bank 721,000 1, Nissan Motor 179,700 1, Nisshin Seifun 141,500 1, Nissin Foods 45,500 1, Nitori 24,750 1, Nitto Denko 35,200 1, NKSJ 89,450 1, NOK 106,800 1, Nomura 417,300 1, Nomura Real Estate 130,900 1, Nomura Real Estate Office Fund # 296 1, Nomura Research Institute 88,800 1, NSK 288,000 1, NTT Data 618 1, NTT DoCoMo 1,210 1, NTT Urban Development 2,112 1, Obayashi 387,000 1, Odakyu Electric Railway 175,000 1, OJI Paper 561,000 1, Olympus 91,800 1, Omron 79,800 1, Ono Pharmaceutical 32,000 1, Oracle Japan 41,700 1, Oriental Land 13,800 1, ORIX 156,600 1, Osaka Gas 433,000 1, Otsuka 22,100 1, Otsuka 59,000 1, Panasonic 356,900 1,

26 Investment Park24 107,600 1, Rakuten 222,900 1, Resona 410,100 1, Ricoh 187,000 1, Rinnai 25,200 1, Rohm 61,700 1, Sankyo 42,400 1, Sanrio 47,900 1, Santen Pharmaceutical 43,800 1, SBI 220,010 1, Secom 33,500 1, Sega Sammy 102,500 1, Sekisui Chemical 223,000 1, Sekisui House 189,000 1, Seven & I 60,500 1, Seven Bank 666,400 1, Sharp 853,000 1, Shikoku Electric Power 126,800 1, Shimadzu 268,000 1, Shimamura 17,900 1, Shimano 25,600 1, Shimizu 583,000 1, Shin-Etsu Chemical 30,400 1, Shinsei Bank 1,080,000 1, Shionogi & Co 109,900 1, Shiseido 124,000 1, Shizuoka Bank 175,000 1, Showa Denko KK 1,168,000 1, Showa Shell Sekiyu KK 294,200 1, SMC 10,400 1, Softbank 49,900 1, Sojitz 1,366,300 1, Sony 177,100 2, Sony Financial 100, Stanley Electric 118,300 1, Sumco 244,400 1, Sumitomo 141,800 1, Sumitomo Chemical 569,000 1, Sumitomo Electric Industries 154,300 1, Sumitomo Heavy Industries 408,000 1, Sumitomo Metal Mining 137,000 1, Sumitomo Mitsui Financial 55,800 1, Sumitomo Mitsui Trust 578,000 1, Sumitomo Realty & Development 63,000 1, Sumitomo Rubber Industries 152,300 1, Suruga Bank 142,000 1, Suzuken 57,700 1, Suzuki Motor 74,800 1, Sysmex 40,000 1, T&D 167,450 1, Taiheiyo Cement 783,000 1, Taisei 659,000 1, Taisho Pharmaceutical 23,500 1, Taiyo Nippon Sanso 300,000 1, Takashimaya 276,000 1, Takeda Pharmaceutical 39,500 1,

27 Investment TDK 44,300 1, Teijin 786,000 1, Terumo 37,500 1, THK 98,700 1, Tobu Railway 339,000 1, Toho 104,200 1, Toho Gas 298,000 1, Tohoku Electric Power 197,300 1, Tokio Marine 66,400 1, Tokyo Electric Power 1,113,400 1, Tokyo Electron 39,900 1, Tokyo Gas 350,000 1, Tokyu 340,000 1, Tokyu Land 305,000 1, TonenGeneral Sekiyu 197,000 1, Toppan Printing 283,000 1, Toray Industries 296,000 1, Toshiba 491,000 1, TOTO 258,000 1, Toyo Seikan Kaisha 147,600 1, Toyo Suisan Kaisha 65,000 1, Toyoda Gosei 82,000 1, Toyota Boshoku 166,600 1, Toyota Industries 57,700 1, Toyota Motor 40,900 1, Toyota Tsusho 75,900 1, Trend Micro 67,500 1, Tsumura & Co 55,100 1, Ube Industries 806,000 1, Unicharm 34,200 1, Ushio 154,700 1, USS 16,980 1, West Japan Railway 43,700 1, Yahoo Japan 5,333 1, Yakult Honsha 42,200 1, Yamada Denki 51,130 1, Yamaguchi Financial 191,000 1, Yamaha 193,400 1, Yamaha Motor 162,900 1, Yamato 115,000 1, Yamato Kogyo 62,400 1, Yamazaki Baking 151,000 1, Yaskawa Electric 207,000 1, Yokogawa Electric 164,500 1, JERSEY (1.01%) 35, Experian 104,538 1, Glencore International 356,803 1, Petrofac 1,942,582 27, Randgold Resources 16, Shire 63,049 1, Wolseley 38,934 1, WPP 128,339 1, LUXEMBOURG (0.23%) 6, ArcelorMittal 126,576 1, Kernel 85,161 1,

28 Investment Millicom International Cellular 20,230 1, SES 64,161 1, Subsea 7 77,304 1, Tenaris 90,075 1, MACAO (0.05%) 2, Sands China 367,600 1, Wynn Macau 618,800 1, MALAYSIA (1.10%) 50, AirAsia 1,891,300 1, Alliance Financial 1,315,900 1, AMMB 840,400 1, Axiata 938,000 1, Berjaya Sports Toto 1,252,984 1, British American Tobacco Malaysia 97,200 1, Bumi Armada 1,383,700 1, Bumiputra-Commerce 725,000 1, DiGi.Com 1,222,200 1, Felda Global Ventures 1,138,400 1, Gamuda 1,255,900 1, Genting 591,300 1, Genting Malaysia 1,540,800 1, Genting Plantations 629,300 1, Hong Leong Bank 388,700 1, Hong Leong Financial 423,800 1, IHH Healthcare 1,669,200 1, IJM 755, IOI 1,112,400 1, Kuala Lumpur Kepong 260,500 1, Lafarge Malayan Cement 560,300 1, Malayan Banking 599,400 1, Malaysia Airports 1,000,000 1, Malaysia Marine and Heavy Engineering 1,228, Maxis 837,900 1, MISC 1,303,100 1, MMC 1,990,400 1, Parkson 1,181,200 1, Petronas Chemicals 868,100 1, Petronas Dagangan 244,700 1, Petronas Gas 298,700 1, PPB 449,100 1, Public Bank 350,900 1, RHB Capital 713,500 1, Sapurakencana Petroleum 1,944,500 1, Sime Darby 559,000 1, Telekom Malaysia 1,011,000 1, Tenaga Nasional 834,900 1, UEM Land 2,574,500 1, UMW 533,900 1, YTL 2,960,013 1, YTL Power International 3,498,700 1, MAURITIUS (0.03%) 1, Golden Agri-Resources 3,409,000 1, MEXICO (0.73%) 35, Alfa 856,300 1,

29 Investment Alpek 664,595 1, America Movil 1,446,800 1, Arca Continental 236,000 1, Cemex 2,016,500 1, Coca-Cola Femsa 138,600 1, Compartamos 1,360,800 1, Controladora Comercial Mexicana 572,900 1, El Puerto de Liverpool 179,800 1, Fomento Economico Mexicano 175,500 1, Grupo Aeroportuario del Pacifico 356,200 1, Grupo Aeroportuario del Sureste 167,000 1, Grupo Bimbo 745,800 1, Grupo Carso 460,500 1, Grupo Financiero Banorte 309,400 1, Grupo Financiero Inbursa 651,500 1, Grupo Financiero Santander Mexico 627,700 1, Grupo Mexico 543,665 1, Grupo Modelo 172,900 1, Grupo Televisa 360,500 1, Industrias CH 262,600 1, Industrias Penoles 36,290 1, Kimberly-Clark de Mexico 688,300 1, Mexichem 366,718 1, Minera Frisco 445,700 1, Wal-Mart de Mexico 568,300 1, MOROCCO (0.07%) 3, Attijariwafa Bank 45,904 1, Douja Promotion 227,378 1, Maroc Telecom 133,500 1, NETHERLANDS (2.23%) 113, Aegon 321,980 1, Akzo Nobel 378,925 16, ASML 28,990 1, ASML (New York) 627,000 27, Core Laboratories 17,452 1, Corio # 40,634 1, DE Master Blenders 150,473 1, Delta Lloyd 154,369 1, European Aeronautic Defence and Space 66,181 2, Fugro Dutch Cert 31,097 1, Gemalto 18,469 1, Heineken 27,313 1, Heineken Holding 28,768 1, ING Dutch Cert 197, Koninklijke Ahold 137,517 1, Koninklijke Boskalis Westminster 45,468 1, Koninklijke DSM 31,702 1, Koninklijke KPN 303, Koninklijke Philips Electronics 68,054 1, Koninklijke Vopak 339,711 13, LyondellBasell Industries 36,179 1, Nielsen 80,110 1, OCI 39, QIAGEN 95,132 1, Randstad 56,345 1,

30 Investment Reed Elsevier (herlands) 125,561 1, Sensata Technologies 80,200 1, STMicroelectronics 298,033 1, TNT Express 178, Unilever Dutch Cert 685,327 18, Wolters Kluwer 88,422 1, Ziggo 55,372 1, NEW ZEALAND (0.14%) 6, Auckland International Airport 797,102 1, Contact Energy 458,502 1, Fletcher Building 268,143 1, SKYCITY Entertainment 575,621 1, Telecom Corp of New Zealand 887,668 1, NORWAY (0.66%) 9, Aker Solutions 95,000 1, DNB 123,155 1, Gjensidige Forsikring 122,700 1, Norsk Hydro 402,663 1, Orkla 205,184 1, Statoil 70,386 1, Telenor 85,342 1, Yara International 36,838 1, PERU (0.05%) 2, Cia de Minas Buenaventura ADR 50, Credicorp 12,873 1, PHILIPPINES (0.50%) 24, Aboitiz Equity Ventures 1,481,700 1, Aboitiz Power 2,079,200 1, Alliance Global 2,603, Ayala 148,850 1, Ayala Land 3,061,800 1, Bank of the Philippine Islands 738,450 1, BDO Unibank 1,012,164 1, DMCI 1,293,680 1, Energy Development 10,018,500 1, Globe Telecom 63,350 1, International Container Terminal Services 1,072,600 1, Jollibee Foods 669,530 1, Metropolitan Bank & Trust 728,080 1, Philippine Long Distance Telephone 29,605 1, San Miguel 643,710 1, SM Investments 84,630 1, SM Prime 4,975,500 1, Universal Robina 908,040 1, POLAND (0.58%) 22, Asseco Poland 127,731 1, Bank Handlowy w Warszawie 58,962 1, Bank Millennium 1,306,757 1, Bank Pekao 31,748 1, BRE Bank 17,872 1, Cyfrowy Polsat 354,441 1, Enea 360,551 1, Eurocash 133,913 1, Grupa Lotos 155,798 1,

31 Investment Jastrzebska Spolka Weglowa 63,764 1, KGHM Polska Miedz 30, PGE 332,666 1, Polski Koncern Naftowy Orlen 120,989 1, Polskie Gornictwo Naftowe i Gazownictwo 1,142,444 1, Powszechna Kasa Oszczednosci Bank Polski 158,980 1, Powszechny Zaklad Ubezpieczen 14,218 1, Synthos 966,542 1, Tauron Polska Energia 1,361,065 1, Telekomunikacja Polska 466, Zaklady Azotowe w Tarnowie-Moscicach 74, PORTUGAL (0.33%) 16, Banco Espirito Santo 1,779,112 1, EDP - Energias de Portugal 743,529 1, Galp Energia 128,475 1, Jeronimo Martins 858,947 11, Portugal Telecom 370,798 1, RUSSIA (0.74%) 33, Federal Hydrogenerating ADR 783,326 1, Gazprom ADR 300,870 1, LSR GDR 447,967 1, Lukoil ADR 33,414 1, Magnit GDR 50,726 1, Mail.ru GDR 260,000 4, Mechel ADR 306,300 1, MegaFon GDR 88,147 1, MMC Norilsk Nickel ADR 160,679 1, Mobile Telesystems ADR 114,343 1, NovaTek GDR 17,488 1, Novolipetsk Steel GDR 87, Rosneft GDR 336,290 1, Rostelecom ADR 78,644 1, Sberbank of Russia ADR 160,456 1, Severstal GDR 193,420 1, Sistema JSFC GDR 103,951 1, Surgutneftegas ADR 261,544 1, Tatneft ADR 52,591 1, TMK GDR 141,400 1, Uralkali GDR 71,023 1, VTB Bank GDR 597,863 1, SINGAPORE (1.14%) 55, Ascendas Real Estate Investment Trust 865,000 1, Avago Technologies 54,100 1, CapitaCommercial Trust # 1,354,000 1, CapitaLand 629,000 1, CapitaMall Trust # 986,000 1, CapitaMalls Asia 1,124,000 1, City Developments 190,000 1, ComfortDelGro 1,302,000 1, DBS 1,029,000 8, Flextronics International 304,978 1, Genting Singapore 1,736,000 1, Global Logistic Properties 851,000 1, Hutchison Port Trust 2,394,000 1, Jardine Cycle & Carriage 43,000 1,

32 Investment Keppel 208,000 1, Keppel Land 620,000 1, Olam International 1,301,000 1, Oversea-Chinese Banking 234,000 1, SembCorp Industries 433,000 1, SembCorp Marine 493,000 1, Singapore Airlines 209,000 1, Singapore Exchange 329,000 1, Singapore Press 407, Singapore Technologies Engineering 614,000 1, Singapore Telecom 681,000 1, StarHub 581,000 1, United Overseas Bank 1,084,300 11, UOL 380,000 1, Wilmar International 682,000 1, Yangzijiang Shipbuilding 2,329,000 1, SOUTH AFRICA (1.88%) 86, ABSA 112,565 1, African Bank Investments 464,685 1, African Rainbow Minerals 87,189 1, Anglo American Platinum 39,081 1, AngloGold Ashanti 56, ArcelorMittal South Africa 502,331 1, Aspen Pharmacare 102,834 1, Assore 41, Aveng 605,104 1, Barloworld 203,983 1, Bidvest 76,333 1, Discovery 276,133 1, Exxaro Resources 98,933 1, FirstRand 571,221 1, Foschini 120, Gold Fields 145, Growthpoint Properties 636,212 1, Harmony Gold Mining 217, Impala Platinum 104,777 1, Imperial 83,928 1, Investec (South Africa) 308,828 1, Kumba Iron Ore 27, Liberty 141,119 1, Life Healthcare 494,782 1, Massmart 85,596 1, MMI 726,758 1, Mr Price 122,524 1, MTN 97,053 1, Naspers 702,851 28, Nedbank 85,932 1, care 890,325 1, Northam Platinum 425,909 1, Pick n Pay Stores 376,928 1, PPC 522,877 1, Redefine Properties 1,706,581 1, Remgro 103,963 1, Reunert 212,383 1, RMB 409,860 1,

33 Investment RMI 669,648 1, Sanlam 385,384 1, Sappi 553,805 1, Sasol 40,511 1, Shoprite 89,331 1, Spar 126,372 1, Standard Bank 170,824 1, Steinhoff International 548, Tiger Brands 54,178 1, Truworths International 153, Vodacom 133,289 1, Woolworths South Africa 223,207 1, SOUTH KOREA (2.80%) 118, Amorepacific 1, Amorepacific Group 4, BS Financial 139,540 1, Celltrion 38,528 1, Cheil Industries 13, Cheil Worldwide 87,190 1, CJ 18,483 1, CJ CheilJedang 5,810 1, Daelim Industrial 22,052 1, Daewoo Engineering & Construction 202,440 1, Daewoo International 45,670 1, Daewoo Securities 193,073 1, Daewoo Shipbuilding & Marine Engineering 87,970 1, DGB Financial 114,240 1, Dongbu Insurance 41,620 1, Doosan 15,640 1, Doosan Heavy Industries & Construction 46,197 1, Doosan Infracore 124,360 1, E-Mart 8,658 1, Glovis 9,089 1, GS 27,674 1, GS Engineering & Construction 39,893 1, Hana Financial 40, Hankook Tire 44,444 1, Hanwha 63,510 1, Hanwha Chem 120,500 1, Honam Petrochemical 20,504 2, Hynix Semiconductor 79,350 1, Hyosung 29, Hyundai Department Store 12,770 1, Hyundai Development 101,840 1, Hyundai Engineering & Construction 30,681 1, Hyundai Heavy Industries 9,795 1, Hyundai Hysco 43, Hyundai Marine & Fire Insurance 57,640 1, Hyundai Merchant Marine 79, Hyundai Mipo Dockyard 18,452 1, Hyundai Mobis 7,163 1, Hyundai Motor 7,827 1, Hyundai Securities 250,030 1, Hyundai Steel 25,105 1, Hyundai Wia 10,861 1,

34 Investment Industrial Bank Of Korea 173,630 1, Kangwon Land 65,970 1, KB Financial 52,080 1, KCC 6,883 1, Kia Motors 33,561 1, Korea Aerospace Industries 70,200 1, Korea Electric Power 74,750 1, Korea Exchange Bank 282,410 1, Korea Gas 24, Korea Investment 52,040 1, Korea Kumho Petrochemical 19,578 1, Korea Life Insurance 253,910 1, Korea Zinc 4, Korean Air Lines 43,870 1, KT 49,050 1, KT&G 22,700 1, LG 30,873 1, LG Chem 6, LG Display 54,890 1, LG Electronics 23,661 1, LG Household & Health Care 2,959 1, LG Innotek 21, LG Uplus 252,060 1, Lotte Confectionery 1,308 1, Lotte Shopping 5,869 1, LS 19,922 1, LS Industrial Systems 27, Mando 14,532 1, Mirae Asset Securities 67,540 1, NCSoft 11,789 1, Neo 13, NHN 7,302 1, OCI 13,238 1, Orion 1,753 1, POSCO 6,074 1, S1 30,227 1, Samsung C&T 32,964 1, Samsung Card 52,900 1, Samsung Electro-Mechanics 17,457 1, Samsung Electronics 1,247 1, Samsung Electronics Preference Samsung Engineering 13, Samsung Fire & Marine Insurance 8,937 1, Samsung Heavy Industries 55,520 1, Samsung Life Insurance 20,774 1, Samsung SDI 12,579 1, Samsung Securities 41,269 1, Samsung Techwin 34,161 1, Shinhan Financial 40, Shinsegae 9,465 1, SK 10,910 1, SK C&C 21,768 1, SK Innovation 12,626 1, SK works 239,570 1, SK Telecom 12,764 1, S-Oil 19,871 1,

35 Investment Woongjin Coway 51,680 1, Woori Finance 198,010 1, Woori Investment & Securities 190,899 1, Yuhan 10,821 1, SPAIN (0.86%) 27, Abertis Infraestructuras 124,128 1, Acciona 29,261 1, ACS Actividades de Construccion y Servicios 71,450 1, Amadeus IT 72,109 1, Banco Bilbao Vizcaya Argentaria 211,120 1, Banco de Sabadell 746, Banco Popular Espanol 2,504,173 1, Banco Santander 234,526 1, Bankia 846, CaixaBank 657,616 1, Distribuidora Internacional de Alimentacion 244,655 1, Enagas 93,196 1, Ferrovial 121,085 1, Gas Natural 111,456 1, Grifols 53,812 1, Iberdrola 338,464 1, Inditex 13,154 1, International Consolidated Airlines 651,681 1, Mapfre 639,223 1, Red Electrica 38,560 1, Repsol 80,054 1, Telefonica 132,024 1, Zardoya Otis 140,278 1, SWEDEN (1.42%) 46, Alfa Laval 94,225 1, Assa Abloy 49,122 1, Atlas Copco 'A' shares 45, Atlas Copco 'B' shares 23, Boliden 102,074 1, Electrolux 67,921 1, Elekta 122,200 1, Getinge 55,127 1, Hennes & Mauritz 53,881 1, Hexagon 70,800 1, Husqvarna 298,296 1, Industrivarden 120,872 1, Investor 77,215 1, Kinnevik 90,588 1, Lundin Petroleum 74,892 1, Medicover 445,000 7, Nordea Bank 200,914 1, Ratos 181,800 1, Sandvik 120,889 1, Scania 84,001 1, Securitas 225,397 1, Skandinaviska Enskilda Banken 219,791 1, Skanska 111,174 1, SKF 72,638 1, Svenska Cellulosa 87,607 1, Svenska Handelsbanken 50,757 1,

36 Investment Swedbank 96,239 1, Swedish Match 51,850 1, Tele2 101,317 1, Telefonaktiebolaget LM Ericsson 193,066 1, TeliaSonera 261,266 1, Volvo 120,849 1, SWITZERLAND (4.26%) 186, ABB 1,044,807 15, ACE 22,473 1, Actelion 36,933 1, Adecco 36,710 1, Aryzta 34,862 1, Baloise 21,062 1, Banque Cantonale Vaudoise 3,277 1, Barry Callebaut 1,737 1, Cie Financiere Richemont 24,059 1, Credit Suisse 77,535 1, EMS-Chemie 7,202 1, Garmin 45,928 1, Geberit 8,514 1, Givaudan 1,776 1, Holcim 26,439 1, Julius Baer 52,137 1, Kuehne + Nagel International 14,232 1, Lindt & Spruengli Lindt & Spruengli PC Lonza 38,655 1, Nestle 297,387 14, Noble 50,648 1, Novartis 555,428 25, Pargesa 26,803 1, Partners 8,387 1, Pentair 37,061 1, Roche 137,698 21, Schindler 2, Schindler 'Part Cert' 8, SGS 11,410 18, Sika 827 1, Sonova 16,136 1, Sulzer 10,163 1, Swatch 3, Swatch BR 3,173 1, Swiss Life 13,061 1, Swiss Prime Site 22,213 1, Swiss Reinsurance 24,879 1, Swisscom 4,349 1, Syngenta 4,596 1, TE Connectivity 804,657 22, Transocean 38,805 1, Tyco International 63,723 1, UBS 112,779 1, Weatherford International 178,273 1, Zurich Financial Services 122,556 22, TAIWAN (2.94%) 139, Acer 2,063,000 1,

37 Investment Advanced Semiconductor Engineering 2,117,102 1, Advantech 470,000 1, Asia Cement 1,410,580 1, Asustek Computer 165,000 1, AU Optronics 4,228,000 1, Capital Securities 4,993,000 1, Catcher Technology 355,000 1, Cathay Financial 1,695,250 1, Chailease 869,000 1, Chang Hwa Commercial Bank 3,310,900 1, Cheng Shin Rubber Industry 699,860 1, Cheng Uei Precision Industry 764, Chicony Electronics 821,290 1, Chimei Innolux 5,387,740 2, China Airlines 4,427,563 1, China Development Financial 7,446,800 1, China Life Insurance (Taiwan) 2,032,801 1, China Motor 1,994,000 1, China Petrochemical Development 3,052,900 1, China Steel 1,992,075 1, Chinatrust Financial 3,154,105 1, Chunghwa Telecom 548,000 1, Clevo 1,556,229 1, Compal Electronics 2,751,000 1, CTCI 922,000 1, Delta Electronics 507,000 1, E Ink 2,540,000 1, E.Sun Financial 3,300,800 1, Epistar 1,317,000 1, Eternal Chemical 2,074,000 1, Eva Airways 3,006,000 1, Evergreen Marine 3,044,000 1, Far Eastern Department Stores 1,761,440 1, Far Eastern New Century 1,594,500 1, Far EasTone Telecommunications 724,000 1, Farglory Land Development 985,000 1, Feng Hsin Iron & Steel 1,029,000 1, First Financial 2,953,540 1, Formosa Chemicals & Fibre 759,000 1, Formosa International Hotels 150,600 1, Formosa Petrochemical 603,000 1, Formosa Plastics 679,000 1, Formosa Taffeta 1,891,000 1, Foxconn Technology 517, Fubon Financial 1,560,769 1, Giant Manufacturing 344,000 1, Hermes Microvision 84,000 1, Highwealth Construction 968,200 1, Hiwin Technologies 245,750 1, Hon Hai Precision Industry 526, Hotai Motor 255,000 1, HTC 203,000 1, Hua Nan Financial 3,244,864 1, Inventec 4,928,215 1, Kinsus Interconnect Technology 574,000 1, Largan Precision 67,000 1,

38 Investment LEE Chang Yung Chem 1,471,616 1, Lite-On Technology 1,389,365 1, Macronix International 6,637,152 1, MediaTek 157,014 1, Mega Financial 2,208,215 1, Merida Industry 444,000 1, MStar Semiconductor 206,000 1, Nan Kang Rubber Tire 1,501,980 1, Nan Ya Plastics 1,006,000 1, Novatek Microelectronics 475,000 1, Oriental Union Chemical 1,441, Pegatron 1,355,000 1, Phison Electronics 258,000 1, Pou Chen 1,655,000 1, Powertech Technology 1,260,000 1, President Chain Store 337,000 1, Quanta Computer 702,000 1, Radiant Opto-Electronics 391,930 1, Realtek Semiconductor 894,980 1, Richtek Technology 317,000 1, Ruentex Development 923,164 1, Ruentex Industries 740,047 1, ScinoPharm Taiwan 830,000 1, Shin Kong Financial 6,391,000 1, Siliconware Precision Industries 1,652,000 1, Simplo Technology 372,500 1, SinoPac Financial 4,276,422 1, Standard Foods 648,880 1, Synnex Technology International 968,000 1, Taishin Financial 4,643,718 1, Taiwan Business Bank 6,216,360 1, Taiwan Cement 1,401,000 1, Taiwan Cooperative Financial 3,232,971 1, Taiwan Fertilizer 712,000 1, Taiwan Glass Industry 1,898,695 1, Taiwan Mobile 488,000 1, Taiwan Semiconductor Manufacturing 540,000 1, Teco Electric and Machinery 2,483,000 1, TPK 117,179 1, Transcend Information 675,000 1, Tripod Technology 873,000 1, TSRC 900,000 1, Tung Ho Steel Enterprise 1,757,000 1, U-Ming Marine Transport 1,111,000 1, Unimicron Technology 1,702,000 1, Uni-President Enterprises 958,720 1, United Microelectronics 4,622,000 1, Walsin Lihwa 6,098,000 1, Wan Hai Lines 3,330,000 1, Wintek 3,946,000 1, Wistron 1,726,550 1, WPG 1,388,000 1, Yang Ming Marine Transport 4,306,000 1, Yuanta Financial 3,580,000 1, Yulon Motor 989,000 1,

39 Investment Zhen Ding Technology 639,650 1, THAILAND (0.58%) 42, Advanced Info Service 272,500 1, Airports of Thailand 598,100 1, Bangkok Bank 'Foreign' 177, Bangkok Bank 'Local' 126, Bangkok Bank 'NVDR' 993,400 4, Bangkok Dusit Medical Services 503,600 1, Bank of Ayudhya 1,704,600 1, Banpu 136,900 1, BEC World 835,500 1, Central Pattana 711,600 1, Charoen Pokphand Foods 1,632,100 1, CP ALL 7,795,000 8, Glow Energy 778,800 1, Indorama Ventures 2,235,200 1, IRPC 12,966,900 1, Kasikornbank 'A' shares 198, Kasikornbank 'L' shares 121, Krung Thai Bank 3,098,325 1, PTT 169,700 1, PTT Exploration & Production 405,170 1, PTT Global Chemical 840,796 1, Siam Cement 139,100 1, Siam Commercial Bank 341,600 1, Siam Makro 122,400 1, Thai Oil 846,900 1, TURKEY (0.73%) 34, Akbank 385,295 1, Anadolu Efes Biracilik Ve Malt Sanayii 123,370 1, Arcelik 289,749 1, Asya Katilim Bankasi 1,709,480 1, BIM Birlesik Magazalar 38,771 1, Coca-Cola Icecek 89,405 1, Emlak Konut Gayrimenkul Yatirim Ortakligi # 1,100,730 1, Enka Insaat ve Sanayi 564,316 1, Eregli Demir ve Celik Fabrikalari 1,445,884 1, Ford Otomotiv Sanayi 177,556 1, Haci Omer Sabanci 336,346 1, KOC 377,242 1, Koza Altin Isletmeleri 73,584 1, TAV Havalimanlari 350,422 1, Tofas Turk Otomobil Fabrikasi 287,073 1, Tupras Turkiye Petrol Rafinerileri 69,945 1, Turk Hava Yollari 633,854 1, Turk Sise ve Cam Fabrikalari 1,242,311 1, Turk Telekomunikasyon 476,262 1, Turkcell Iletisim Hizmetleri 302,429 1, Turkiye Garanti Bankasi 373,418 1, Turkiye Halk Bankasi 195,551 1, Turkiye Is Bankasi 539,941 1, Turkiye Vakiflar Bankasi Tao 709,329 1, Yapi ve Kredi Bankasi 673,663 1, UNITED KINGDOM (9.18%) 577, i 457,634 1,

40 Investment Aberdeen Asset Management 326,078 1, Admiral 98,545 1, Aggreko 49, AMEC 106,384 1, Anglo American 63,648 1, Antofagasta 88, Aon 29,311 1, ARM 4,444,059 41, Associated British Foods 66,516 1, AstraZeneca 38,087 1, Aviva 314, Babcock International 117,591 1, BAE Systems 2,258,665 8, Balfour Beatty 433,222 1, Barclays 457,525 1, BBA Aviation 1,961,657 4, BG 102,191 1, BHP Billiton 56,859 1, BP 252,589 1, British American Tobacco 228,226 8, British Land # 236,188 1, British Sky Broadcasting 140,421 1, BT 486,224 1, Bunzl 103,459 1, Burberry 86,081 1, Camellia 108,757 11, Capita 149,074 1, Capital Shopping Centres # 322,991 1, Carnival 44,749 1, Centrica 341,755 1, Cobham 529,619 1, Compass 153,322 1, Croda International 46,681 1, Daily Mail & General Trust 1,366,651 9, Delphi Automotive 430,037 12, Diageo 790,487 16, Ensco 30,335 1, Eurasian Natural Resources 403, Evraz 472,872 1, Fresnillo 55, G4S 6,304,871 18, GKN 513,718 1, GlaxoSmithKline 1,500,085 23, Hammerson # 224,472 1, Hargreaves Lansdown 143,784 1, HSBC 1,592,684 11, ICAP 376,211 1, IMI 109,492 1, Imperial Tobacco 697,446 16, Inmarsat 190,939 1, InterContinental Hotels 65,770 1, Intertek 37,237 1, Invensys 491,586 1, Investec (United Kingdom) 291,294 1, ITV 1,132,292 1, Johnson Matthey 47,454 1,

41 Investment Kazakhmys 158, Kingfisher 390,870 1, Land Securities # 138,770 1, Legal & General 768,839 1, Lloyds Banking 2,437,639 1, London Stock Exchange 123,783 1, Marks & Spencer 297,776 1, Meggitt 285,789 1, Melrose Industries 504,330 1, National Grid 157,797 1, Next 30,753 1, Old Mutual 658,807 1, Pearson 685,469 8, Prudential 109,302 1, Reckitt Benckiser 29,080 1, Reed Elsevier (United Kingdom) 175,622 1, Rexam 202,885 1, Rio Tinto 36,380 1, Rolls-Royce 124,859 1, Rowan 54,262 1, Royal Bank of Scotland 389,680 1, Royal Dutch Shell 'A' shares (BATS) 27, Royal Dutch Shell 'A' shares (MTF) 1,103,909 23, Royal Dutch Shell 'B' shares 19, RSA Insurance 935,097 1, SABMiller 40,227 1, Sage 361,412 1, Sainsbury (J) 318,816 1, Schroders 69,292 1, Segro # 482,151 1, Serco 197,962 1, Severn Trent 69,345 1, Smith & Nephew 166,438 1, Smiths 107,424 1, SSE 78,633 1, St. James's Place Money Unit Trust (Acc) 228,689, , Standard Chartered 77,046 1, Standard Life 358,455 1, Tate & Lyle 143,238 1, Tesco 2,258,801 8, TUI Travel 410,331 1, Tullow Oil 79, Unilever 46,506 1, United Utilities 163,021 1, Vedanta Resources 102,675 1, Vodafone 4,455,377 8, Weir 58,090 1, Whitbread 49,152 1, WM Morrison Supermarkets 412,646 1, Xstrata 106,738 1, UNITED STATES (26.15%) 1,715, M 151,669 10, Abbott Laboratories 24, AbbVie 29, Actavis 20,059 1,

42 Investment Activision Blizzard 155,720 1, Adobe Systems 52,577 1, ADT 41,104 1, Advance Auto Parts 22,311 1, AES 172,880 1, Aetna 41,223 1, Affiliated Managers 13,990 1, Aflac 29,874 1, AGCO 39,417 1, Agilent Technologies 48,264 1, Air Products & Chemicals 21,241 1, Airgas 19,241 1, Akamai Technologies 46,327 1, Albemarle 30,716 1, Alcoa 221,597 1, Alere 2,318,408 38, Alexion Pharmaceuticals 18,603 1, Alleghany 5,320 1, Allegheny Technologies 70,861 1, Allergan 358,253 26, Alliance Data Systems 12,477 1, Alliant Energy 39,756 1, Allison Transmission 218,900 3, Allstate 41,940 1, Altera 1,536,150 35, Altria 52,194 1, Amazon.com 170,901 29, Ameren 61,121 1, American Capital Agency # 67,700 1, American Electric Power 44,186 1, American Express 31,597 1, American International 952,122 24, American Tower # 22,708 1, American Water Works 46,483 1, Ameriprise Financial 29,977 1, AmerisourceBergen 42,259 1, AMETEK 45,033 1, Amgen 20,452 1, Amphenol 28,569 1, Anadarko Petroleum 23,766 1, Analog Devices 43,757 1, Annaly Capital Management # 119,460 1, ANSYS 26,017 1, Apache 23,054 1, Apple 3, Applied Materials 168,572 1, Archer-Daniels-Midland 66,028 1, Arrow Electronics 47,636 1, Asian Paints Warrant 17/08/ ,000 7, Assurant 50,512 1, AT&T 51,004 1, Autodesk 53,758 1, Autoliv 29,751 1, Automatic Data Processing 31,720 1, AutoZone 4,502 1, AvalonBay Communities # 15,828 1,

43 Investment Avery Dennison 52,240 1, Avnet 61,012 1, Avon Products 123,235 1, Baker Hughes 42,395 1, Ball 39,073 1, Bank of America 179,297 1, Bank of New York Mellon 72,259 1, Baxter International 25,460 1, BB&T 61,435 1, Beam 31,712 1, Becton Dickinson and Co 22,202 1, Bed Bath & Beyond 30,012 1, Berkshire Hathaway 19,796 1, Best Buy 142,031 2, Biogen Idec 126,263 15, BioMarin Pharmaceutical 566,000 22, BlackRock 9,039 1, BMC Software 43,796 1, Boeing 23,724 1, BorgWarner 27,218 1, Boston Properties # 17,182 1, Boston Scientific 311,977 1, Bristol-Myers Squibb 53,045 1, Broadcom 54,502 1, Brown-Forman 22,794 1, CA 79,712 1, Cablevision Systems 126,329 1, Cabot Oil & Gas 36,702 1, Calpine 102,458 1, Camden Property Trust # 26,490 1, Cameron International 32,676 1, Campbell Soup 48,305 1, Capital One Financial 30,096 1, Cardinal Health 44,413 1, CareFusion 62,500 1, Carlisle Cos 166,217 7, CarMax 50,703 1, Carnival (NY) 46,352 1, Caterpillar 20,828 1, CBRE 97,001 1, CBS 50,975 1, Celanese 44,013 1, Celgene 19,235 1, CenterPoint Energy 88,697 1, CenturyLink 45,409 1, Cerner 277,691 17, CF Industries 7, CH Robinson Worldwide 28,117 1, Charles Schwab 131,857 1, Charter Communications 36,800 2, Chesapeake Energy 101,535 1, Chevron 16,531 1, Chipotle Mexican Grill 6,544 1, Chubb 17,743 1, Church & Dwight 32,166 1, Cigna 32,991 1,

44 Investment Cimarex Energy 28,722 1, Cincinnati Financial 44,720 1, Cintas 42,905 1, Cisco Systems 1,299,082 17, CIT 47,300 1, Citigroup 49,632 1, Citrix Systems 28,358 1, Cliffs Natural Resources 58, Clorox 23,741 1, CME 34,398 1, CMS Energy 72,552 1, Coach 30,550 1, Cobalt International Energy 98,300 1, Coca-Cola 47,194 1, Coca-Cola Enterprises 58,274 1, Cognizant Technology Solutions 29,042 1, Colgate-Palmolive 16,885 1, Comcast 'A' shares 36,416 1, Comcast 'Special A' shares 9, Comerica 58,263 1, Computer Sciences 46,609 1, ConAgra Foods 59,787 1, Concho Resources 22,346 1, ConocoPhillips 262,312 10, Consol Energy 55,255 1, Consolidated Edison 32,128 1, Constellation Brands 53,049 1, Continental Resources 25,311 1, Corning 155,572 1, Costco Wholesale 18,300 1, Coventry Health Care 40,777 1, CR Bard 17,601 1, Cree 48,522 1, Crown 46,967 1, Crown Castle International 26,479 1, CSX 88,125 1, Cummins 17,580 1, CVS Caremark 38,923 1, Danaher 33,463 1, Darden Restaurants 33,117 1, DaVita 16,052 1, Deere & Co 20,800 1, Dell 177,408 1, Delta Air Lines 179,925 1, Denbury Resources 112,826 1, DENTSPLY International 43,984 1, Devon Energy 33,432 1, Diamond Offshore Drilling 26,627 1, Dick's Sporting Goods 33,895 1, Digi International 224,078 1, Digital Realty Trust # 27,033 1, DIRECTV 35,578 1, Discover Financial Services 44,310 1, Discovery Communications 'A' shares 21,417 1, Discovery Communications 'C' shares 12, DISH work 50,753 1,

45 Investment Dolby Laboratories 48,480 1, Dollar General 35,800 1, Dollar Tree 41,920 1, Dominion Resources 34,811 1, Dover 27,615 1, Dow Chemical 58,366 1, DR Horton 92,694 1, Dr Pepper Snapple 39,254 1, Drew Industries 266,617 6, DTE Energy 29,146 1, Duke Energy 28,894 1, Duke Realty # 151,150 1, Dun & Bradstreet 22,668 1, DuPont 40,674 1, Eastman Chemical 29,803 1, Eaton Vance 55,760 1, ebay 30,201 1, Ecolab 25,482 1, Edison International 39,565 1, Edwards Lifesciences 20,622 1, Electronic Arts 118,422 1, Eli Lilly & Co 32,255 1, EMC 70,160 1, Emerson Electric 470,958 17, Energen 40,292 1, Energizer 22,533 1, Entergy 27,878 1, EOG Resources 15,175 1, EQT 28,271 1, Equifax 34,301 1, Equinix 8,416 1, Equity Residential # 34,259 1, Estee Lauder 30,545 1, Exelon 60,137 1, Expedia 25,203 1, Expeditors International of Washington 47,334 1, Express Scripts 33,926 1, Exxon Mobil 23,555 1, F5 works 19,038 1, Facebook 1,231,189 21, Family Dollar Stores 24, Fastenal 42,776 1, Federal Realty Investment Trust # 16,903 1, FedEx 19,932 1, Fidelity National Financial 76,045 1, Fidelity National Information Services 49,178 1, Fifth Third Bancorp 119,723 1, First Republic Bank 50,881 1, FirstEnergy 42,212 1, Fiserv 23,340 1, FLIR Systems 88,881 1, Flowserve 10,846 1, Fluor 32,954 1, FMC 31,369 1, FMC Technologies 386,929 13, Ford Motor 159,191 1,

46 Investment Forest Laboratories 51,840 1, Fortune Brands Home & 547,606 13, Fossil 17,818 1, Franklin Resources 13,570 1, Freeport-McMoRan Copper & Gold 43, Frontier Communications 378, GameStop 56, Gap 49,837 1, General Dynamics 26,684 1, General Electric 84,063 1, General Growth Properties # 92,192 1, General Mills 42,801 1, General Motors 70,343 1, Genuine Parts 28,089 1, Gilead Sciences 46,701 1, Goldman Sachs 12,518 1, Goodyear Tire & Rubber 147,944 1, Google 43,951 23, Green Mountain Coffee Roasters 61,287 2, H&R Block 96,825 1, Halliburton 54,700 1, Harley-Davidson 32,976 1, Harris 37,943 1, Hartford Financial Services 82,682 1, Hasbro 45,512 1, HCA 83,940 2, HCP # 36,651 1, Health Care REIT 26,280 1, Helmerich & Payne 34,605 1, Henry Schein 21,905 1, Hero Motocorp Warrant 08/10/ ,000 8, Hershey 24,037 1, Hertz Global 153,093 2, Hess 34,834 1, Hewlett-Packard 139,192 2, HJ Heinz 30,104 1, HollyFrontier 39,434 1, Hologic 93,887 1, Home Depot 27,288 1, Honeywell International 28,540 1, Hormel Foods 56,888 1, Hospira 63,031 1, Host Hotels & Resorts # 118,585 1, Hudson City Bancorp 220,802 1, Humana 26,665 1, IHS 19,741 1, Illinois Tool Works 380,343 15, Illumina 36,450 1, Integrys Energy 33,086 1, Intel 89,006 1, IntercontinentalExchange 13,374 1, International Business Machines 9,379 1, International Flavors & Fragrances 27,473 1, International Game Technology 1,620,955 17, International Paper 47,975 1, International Rectifier 1,930,696 26,

47 Investment Interpublic 172,361 1, Intuit 29,607 1, Intuitive Surgical 44,657 14, Invesco 71,467 1, Iron Mountain 55,288 1, ITC Warrant 29/09/2014 4,556,000 17, Jacobs Engineering 39,885 1, JB Hunt Transport Services 28,857 1, JC Penney 102,924 1, JM Smucker 20,919 1, Johnson & Johnson 407,362 21, Johnson Controls 65,111 1, Joy Global 30,928 1, JPMorgan Chase & Co 984,863 31, Juniper works 104,892 1, Kansas City Southern 22,332 1, KBR 62,156 1, Kellogg 31,644 1, KeyCorp 207,944 1, Kimberly-Clark 70,706 4, Kimco Realty # 92,178 1, Kinder Morgan 52,400 1, Kinder Morgan Management 24,241 1, KLA-Tencor 38,467 1, Knoll 1,425,756 17, Kohl's 33,292 1, Kraft Foods 40,295 1, Kroger 71,108 1, L-3 Communications 23,298 1, Laboratory Corp of America 21,283 1, Lam Research 50,165 1, Las Vegas Sands 627,397 23, Legg Mason 68,026 1, Leggett & Platt 57,078 1, Lennar 47,658 1, Leucadia National 124,938 2, Level 3 Communications 95,105 1, Liberty Global 12, Liberty Global 'A' shares 17, Liberty Interactive 90,499 1, Liberty Media 14,343 1, Liberty Property Trust # 49,965 1, Life Technologies 35,752 1, Lincoln National 71,943 1, Linear Technology 53,900 1, LinkedIn 18,600 2, LKQ 77,779 1, Lockheed Martin 156,097 9, Loews 42,618 1, Lorillard 43,154 1, Lowe's 50,409 1, LSI 260,888 1, Ltd Brands 35,066 1, Lululemon Athletica 24,688 1, M&T Bank 17,832 1, Macerich # 30,571 1,

48 Investment Macy's 44,167 1, Manpower 452,896 16, Marathon Oil 59,640 1, Marathon Petroleum 29,943 1, Marriott International 50,799 1, Marsh & McLennan 49,376 1, Martin Marietta Materials 20,414 1, Masco 91,603 1, Mastercard 3,697 1, Mattel 48,254 1, Maxim Integrated Products 61,789 1, McCormick & Co 26,887 1, McDonald's 20,444 1, McGraw-Hill 34,859 1, McKesson 18,844 1, MDU Resources 86,267 1, Mead Johnson Nutrition 26,201 1, MeadWestvaco 58,878 1, Medtronic 42,092 1, MercadoLibre 347,000 21, Merck & Co 42,808 1, Merit Medical Systems 934,786 7, MetLife 53,154 1, MetroPCS Communications 167,831 1, MGM Resorts International 179,560 1, Microchip Technology 58,320 1, Micron Technology 309,889 2, Microsoft 1,692,215 31, Mohawk Industries 20,169 1, Molson 52,610 1, Mondelez International 69,205 1, Monsanto 19,050 1, Monster Beverage 38,616 1, Moody's 39,024 1, Morgan Stanley 107,509 1, Mosaic 33,087 1, Motorola Solutions 32,512 1, Murphy Oil 30,201 1, Mylan 69,154 1, NASDAQ OMX 79,261 1, National Instruments 493,594 10, National Oilwell Varco 371,674 17, App 55,931 1, flix 21,470 2, New York Community Bancorp 145,641 1, Newell Rubbermaid 83,187 1, Newfield Exploration 73,064 1, Newmont Mining 37,222 1, News Corp 'A' shares 56,924 1, News Corp 'B' shares 17, NextEra Energy 25,762 1, NIKE 490,170 18, NiSource 86,270 1, Noble Energy 18,956 1, Nordstrom 32,658 1, Norfolk Southern 30,311 1,

49 Investment Northeast Utilities 47,265 1, Northern Trust 36,571 1, Northrop Grumman 27,159 1, NRG Energy 123,411 2, Nuance Communications 80,593 1, Nucor 44,318 1, NVIDIA 145,483 1, NYSE Euronext 76,813 1, Occidental Petroleum 23,434 1, Oceaneering International 31,340 1, OGE Energy 32,578 1, Omnicare 52,065 1, Omnicom 37,127 1, ONEOK 38,328 1, Oracle 58,293 1, O'Reilly Automotive 18,654 1, Owens-Illinois 89,869 1, PACCAR 40,578 1, Pall 28,713 1, Parker Hannifin 21,690 1, Patterson 52,502 1, Paychex 54,849 1, Peabody Energy 70, People's United Financial 153,860 1, Pepco 91,494 1, PepsiCo 25,186 1, Perrigo 17,097 1, PetSmart 25,142 1, Pfizer 71,714 1, PG&E 42,726 1, Philip Morris International 130,697 7, Phillips 66 35,632 1, Pinnacle West Capital 35,014 1, Pioneer Natural Resources 19,563 1, Pitney Bowes 159,693 1, Plains Exploration & Production 51,813 1, Plum Creek Timber # 42,295 1, PNC Financial Services 31,795 1, Polaris Industries 22,003 1, PPG Industries 11,745 1, PPL 61,863 1, Praxair 206,522 15, Precision Castparts 9,917 1, priceline.com 2,705 1, Principal Financial 65,373 1, Procter & Gamble 25,167 1, Progressive 1,389,802 22, ProLogis # 51,288 1, Prudential Financial 33,810 1, PTC 301,443 5, Public Service Enterprise 59,347 1, Public Storage # 12,165 1, PulteGroup 98,498 1, PVH 16,080 1, QEP Resources 61,000 1, QUALCOMM 466,323 20,

50 Investment Quanta Services 68,780 1, Quest Diagnostics 30,420 1, Rackspace Hosting 28, Ralph Lauren 10,974 1, Range Resources 26,204 1, Rayonier # 35,579 1, Raytheon 31,131 1, Realty Income # 61,677 1, Red Hat 35,527 1, Regency Centers # 37,477 1, Regeneron Pharmaceuticals 10,032 1, Regions Financial 265,216 1, Republic Services 62,967 1, ResMed 41,529 1, Reynolds American 40,361 1, Robert Half International 63,062 1, Rock-Tenn 24,055 1, Rockwell Automation 22,402 1, Rockwell Collins 30,795 1, Roper Industries 15,831 1, Ross Stores 31,053 1, Royal Caribbean Cruises 50,429 1, Safeway 107,707 1, SAIC 159,756 1, Salesforce.com 260,938 30, SanDisk 43,604 1, SBA Communications 26,260 1, SCANA 38,794 1, Scripps works Interactive 29,401 1, Sealed Air 101,430 1, Sears 37,679 1, SEI Investments 75,019 1, Sempra Energy 26,387 1, Sherwin-Williams 11,171 1, SHFL Entertainment 774,780 8, Sigma-Aldrich 24,053 1, Simon Property # 11,343 1, Sirius XM Radio 564,865 1, SL Green Realty # 17,795 1, SLM 91,060 1, Southern 41,360 1, Southern Copper 48,291 1, Southwest Airlines 185,513 1, Southwestern Energy 51,136 1, Spectra Energy 64,395 1, Sprint Nextel 315,841 1, SPX 25,530 1, St Jude Medical 55,382 1, Stanley Black & Decker 24,687 1, Staples 149,428 1, Starbucks 33,903 1, Starwood Hotels & Resorts Worldwide 33,021 1, State Street 39,150 1, Stericycle 18,800 1, Stryker 31,675 1, SunTrust Banks 56,852 1,

51 Investment Superior Energy Services 92,815 1, Symantec 92,359 1, Synopsys 50,038 1, Sysco 611,603 14, T Rowe Price 27,287 1, Target 28,336 1, TD Ameritrade 111,317 1, Team 330,233 8, Tenneco 856,009 22, Teradata 29,174 1, Texas Instruments 59,467 1, Textron 72,989 1, Thermo Fisher Scientific 29,375 1, Tiffany & Co 27,659 1, Time Warner 37,946 1, Time Warner Cable 16,368 1, TJX 40,582 1, Toll Brothers 52,742 1, Torchmark 33,829 1, Total System Services 80,881 1, Tractor Supply 19,641 1, TransDigm 13,072 1, Travelers 21,146 1, Trimble Navigation 64,244 1, TRW Automotive 37,299 1, Tyson Foods 91,077 1, UDR # 75,282 1, Ulta Salon Cosmetics & Fragrance 18, Under Armour 34,776 1, Union Pacific 14,472 1, United Continental 87,375 1, United Parcel Service 24,289 1, United States Steel 84,212 1, United Technologies 22,552 1, UnitedHealth 32,938 1, Unum 85,600 1, Urban Outfitters 40,397 1, US Bancorp 54,328 1, Valero Energy 55,916 1, Varian Medical Systems 25,370 1, Ventas # 21,319 1, Verifone Systems 56, VeriSign 43,827 1, Verisk Analytics 36,300 1, Verizon Communications 38,064 1, Vertex Pharmaceuticals 43,801 1, VF 11,255 1, Viacom 35,187 1, Virgin Media 51,633 1, Visa 331,768 37, VMware 19, Vornado Realty Trust # 23,378 1, Vulcan Materials 35,662 1, WABCO 462,480 21, Walgreen 52,465 1, Wal-Mart Stores 24,813 1,

52 Investment Walt Disney 36,081 1, Waste Management 55,031 1, Waters 20,858 1, WellPoint 561,904 24, Wells Fargo & Co 2,296,028 56, Western Digital 48,955 1, Western Union 138,831 1, Weyerhaeuser # 58,428 1, Whirlpool 17,505 1, Whiting Petroleum 39,470 1, Whole Foods 19,213 1, Williams 57,876 1, Windstream 212,953 1, Wisconsin Energy 48,439 1, WR Berkley 44,336 1, WW Grainger 9,258 1, Wyndham Worldwide 35,793 1, Wynn Resorts 16,123 1, Xcel Energy 68,959 1, Xerox 268,410 1, Xilinx 584,665 14, Xylem 67,500 1, Yahoo! 93,338 1, Yum! Brands 23,493 1, Zimmer 26,293 1, DERIVATIVES (0.02%) Futures SGX CNX NIFTY Index Futures April , Investment assets 5,073, Total other assets (net) 39, assets 5,113, Comparative figures shown in brackets relate to 30 September All investments held are listed, unless otherwise stated. Derivative contracts were traded on an eligible derivatives exchange. Stocks shown as ADRs and GDRs represent American Depositary Receipts and Global Depositary Receipts. During the period/year under review the Manager decided to place some of the sterling cash held on deposit into the St. James s Place Money Unit Trust in order to spread risk across a number of institutions. The St. James s Place Money Unit Trust is highly liquid and is rated AAA by Standard & Poors. This investment is a related party. This investment is a related party. * Suspended securities. # Real Estate Investment Trust (REIT). 50

53 Material Portfolio Changes Cost Purchases S&P 500 E Mini Index Futures March ,108 St. James's Place Money Unit Trust (Acc) 385,489 Institutional Cash Series - Institutional Sterling 366,410 Euro STOXX 50 Index Futures March ,480 FTSE 100 Index Futures March ,829 Wells Fargo & Co 93,987 SGX CNX NIFTY Index Futures March ,757 SGX CNX NIFTY Index Futures February ,009 Swiss Index Futures March ,025 Alere 70,747 Proceeds Sales Institutional Cash Series - Institutional Sterling 455,526 S&P 500 E Mini Index Futures March ,421 Euro STOXX 50 Index Futures March ,386 St. James's Place Money Unit Trust (Acc) 182,644 FTSE 100 Index Futures March ,216 SGX CNX NIFTY Index Futures March ,291 SGX CNX NIFTY Index Futures February ,587 Swiss Index Futures March ,493 SGX CNX NIFTY Index Futures October ,275 SGX CNX NIFTY Index Futures November ,339 This investment is a related party. 51

54 Statement of Total Return for the period 01 October 2012 to 31 March 2013 (unaudited) Income capital gains Revenue Expenses Finance costs: Interest revenue before taxation Taxation revenue after taxation Total return before equalisation Finance costs: Equalisation Change in net assets attributable to unitholders from investment activities 01/10/12 to 31/03/13 12/09/11 to 31/03/12 631, ,839 38,262 40,158 (30,971) (29,914) (73) (100) 7,218 10,144 (3,892) (5,493) 3,326 4, , ,490 1, , ,526 Statement of Change in Attributable to Unitholders for the period 01 October 2012 to 31 March 2013 (unaudited) 01/10/12 to 31/03/13 12/09/11 to 31/03/12 Opening net assets attributable to unitholders 3,670,019 - Movement due to creation and cancellation of units: Amounts receivable on creation of units 923,990 3,655,995 Amounts payable on cancellation of units (116,669) (264,299) Stamp duty reserve tax Change in net assets attributable to unitholders from investment activities (see above) Closing net assets attributable to unitholders 807,321 3,391,696 (39) (25) 635, ,526 5,113,298 3,819,197 Comparative information is provided for the Statement of Change in Attributable to Unitholders. Since this information is for the prior interim period, the net assets at the end of that period do not correspond to the net assets at the start of the current period. The prices per unit as at 28 March 2013 (unaudited) were: Income units Accumulation units Bid Offer p p

55 Balance Sheet Investment assets Debtors Cash and bank balances for the period 01 October 2012 to 31 March 2013 (unaudited) 31/03/13 30/09/12 5,073,343 3,624,674 16,697 16,973 44,228 46,813 Total other assets 60,925 63,786 Total assets 5,134,268 3,688,460 Liabilities Investment liabilities - (532) Creditors (20,947) (17,772) Bank overdrafts (23) (119) Distribution payable on income units - (18) Total other liabilities (20,970) (17,909) Total liabilities (20,970) (18,441) assets attributable to unitholders 5,113,298 3,670,019 Accounting and Distribution policies Basis of accounting The interim financial statements have been prepared on the same basis as the audited annual financial statements for the year ended 30 September They have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds issued by the Investment Management Association (IMA) in October 2010 (the IMA SORP 2010). Directors' Certificate This report is certified in accordance with the requirements of the rules in the Financial Conduct Authority's Collective Investment Schemes Sourcebook. Directors A. M. Croft D. J. Lamb London 28 May

56 General Information The Trust St. James's Place Global Equity Unit Trust is an authorised Unit Trust scheme under section 243 of the Financial Services and s Act (2000) and is constituted by a Trust Deed dated 29 July The Unit Trust is subject to the rules of the Financial Conduct Authority's Collective Investment Scheme Sourcebook and is classified as a Non-UCITS retail scheme. The Trust Manager The Manager of the Trust is St. James's Place Unit Trust Group Limited which is a member of the IMA and is authorised and regulated by the Financial Conduct Authority. Investment Objectives The investment objective of the Scheme is to achieve long-term capital appreciation by investing worldwide in equities. The Scheme will invest primarily in a diversified international equity portfolio, cash and near cash. The Scheme is also permitted to invest in other types of transferable securities, units and/or shares in collective investment schemes, money market instruments, deposits, and derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. European Savings Directive As a Non-UCITS retail scheme, the Trust is currently exempt from the reporting requirements of this Directive. Unit Dealings Dealings on the Trust take place on a daily basis. Purchase or sale instructions can be made by telephone or in writing to St. James's Place Unit Trust Group Limited, P.O. Box 9034, Chelmsford, CM99 2XA, United Kingdom, freephone: The Manager adopts a policy of forward pricing, i.e. the order will be transacted on the dealing day following receipt of the client's instructions, or if received before noon on the dealing day, on that dealing day. In the case of telephone purchases of units from the Manager, settlement must be by return of post after receipt of the contract note. In the case of telephone redemptions, the proceeds will not become payable until the receipt at the Administration Centre of a written request. A contract note confirming the subscription or redemption price and the number of units involved will be forwarded, together with a cancellation notice, where appropriate, on the next business day. The most recent issue and redemption prices will be published on the Manager's website: and are available by calling the Administration Centre on Minimum Investment The minimum lump sum investment is 1,500, thereafter the minimum additional investment is 1,000. The minimum monthly investment is 150 and the minimum monthly increment is 50. The minimum annual investment is 1,500 and the minimum annual increment is

57 General Information Management Charges The Trust Deed permits the following management charges which are receivable by the Manager: (a) A Preliminary Charge of 5 per cent which is included in the offer price of the Units. (b) An Annual Management Charge at a rate of 1.27 per cent of the value of the Trust. Income Distributions Income distributions are made annually on or before the 30 November each year. Accumulation Distributions Revenue due to accumulation unitholders is reflected in the price of their units. Tax Vouchers Income unitholders that receive income distributions by direct credit and accumulation unitholders (where the distribution income is reinvested) receive an annual consolidated tax voucher in May with all the relevant payment and tax information required to complete a tax return. Tax vouchers will be enclosed if income unitholders receive payment by cheque. Report A report is sent semi-annually to all unitholders on or before 31 May and 30 November each year. Capital Gains Tax The Trust is not liable to tax on capital gains and an individual holding units will not be liable to capital gains tax unless the total chargeable gains for the tax year 2013/2014 exceed 10,900 (2012/ ,600). To calculate capital gains on accumulation units, the total amount of reinvested net revenue (shown on the annual tax credit vouchers) should be added to the base cost of the units purchased. Unitholders should consult their professional advisers for any advice regarding their tax position. 55

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60 St. James s Place Unit Trust Group Ltd is authorised and regulated by the Financial Conduct Authority. St. James s Place Unit Trust Group Ltd Registered Office: St. James s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number Perivan Financial Print Global Equity (05/13)