Schroder International Selection Fund Semi-Annual Report

Transcription

1 International Selection Fund Semi-Annual Report 30 June 2015 Luxembourg R.C.S. Luxembourg B 8.202

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3 International Selection Fund Société d Investissement à Capital Variable (SICAV) Semi-Annual Report 30 June 2015 No subscriptions can be received on the basis of periodical reports. Subscriptions are valid only if made on the basis of the current prospectus accompanied by the last available annual report or semi-annual report if published thereafter. Audited annual and unaudited semi-annual reports, the current prospectus, KIID and the Articles of Incorporation of International Selection Fund (the 'Company') are available, free of charge, at the Company s registered office, 5, rue Höhenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg.

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5 International Selection Fund Semi-Annual Report 30 June 2015 Page 5 Table of contents International Selection Fund Board of Directors Administration Directors Report Investment Managers Report Notes to the Financial Statements Statement of Distribution of Investments by Industry Portfolio of Investments Mainstream Equity Funds Asian Opportunities EURO Equity European Large Cap Global Equity Italian Equity Japanese Equity Swiss Equity UK Equity US Large Cap Specialist Equity Funds Asia Pacific Property Securities Asian Dividend Maximiser Asian Equity Yield Asian Smaller Companies Asian Total Return BRIC (Brazil, Russia, India, China) China Opportunities Emerging Asia Emerging Europe Emerging s European Dividend Maximiser European Equity (Ex UK) European Equity Focus European Equity Yield European Opportunities European Smaller Companies European Special Situations European Total Return Frontier s Equity Global Climate Change Equity Global Demographic Opportunities Global Dividend Maximiser

6 Page 6 International Selection Fund Semi-Annual Report 30 June 2015 Table of contents Specialist Equity Funds (cont) Global Emerging Opportunities Global Emerging s Smaller Companies Global Energy Global Equity Yield Global Property Securities Global Recovery Global Small Cap Energy Global Smaller Companies Greater China Hong Kong Equity Indian Equity Indian Opportunities Japanese Opportunities Japanese Smaller Companies Korean Equity Latin American Middle East Swiss Equity Opportunities Swiss Small & Mid Cap Equity Taiwanese Equity UK Opportunities US Small & Mid Cap Equity US Smaller Companies Style Equity European Small & Mid-Cap Alpha Equity Funds European Equity Alpha Global Equity Alpha Japanese Equity Alpha Quantitative Equity Funds QEP Global Active QEP Global Blend QEP Global Core QEP Global Emerging s QEP Global Quality QEP Global Plus Asset Allocation Funds Global Tactical Asset Allocation Multi-Asset Funds Asian Diversified Growth Emerging Multi-Asset Income * * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

7 International Selection Fund Semi-Annual Report 30 June 2015 Page 7 Table of contents Multi-Asset Funds (cont) Global Conservative Global Diversified Growth Global Dynamic Balanced Global Multi-Asset Allocation Global Multi-Asset Income Japan DGF Strategic Beta Wealth Preservation EUR Wealth Preservation Multi-Manager Funds Multi-Manager Global Diversity Absolute Return Funds Asian Bond Absolute Return Emerging s Debt Absolute Return European Alpha Absolute Return European Equity Absolute Return QEP Global Absolute * Mainstream Bond Funds EURO Bond EURO Government Bond EURO Short Term Bond Global Bond Global Inflation Linked Bond Hong Kong Dollar Bond US Dollar Bond Specialist Bond Funds Asian Local Currency Bond EURO Corporate Bond EURO Credit Conviction EURO High Yield Global Corporate Bond Global High Income Bond Global High Yield Global Unconstrained Bond Strategic Bond Strategic Credit Specialist Bond Funds (Medium-higher Risk) Asian Convertible Bond Emerging Bond Emerging Corporate Bond Emerging Local Currency Bond * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

8 Page 8 International Selection Fund Semi-Annual Report 30 June 2015 Table of contents Specialist Bond Funds (Medium-higher Risk) (cont) Global Conservative Convertible Bond Global Convertible Bond Global Credit Duration Hedged RMB Fixed Income Liquidity Funds EURO Liquidity US Dollar Liquidity Currency Fund Global Managed Currency Appendix I - Unaudited TER

9 International Selection Fund Semi-Annual Report 30 June 2015 International Selection Fund Page 9 The Company International Selection Fund (the Company ) is an open-ended umbrella company incorporated under Luxembourg law, which enables investors to choose from Funds (specific portfolios of assets and liabilities within the Company having their own net asset value and represented by a separate class or classes of shares) offering different investment objectives. The shares of each Fund are listed on the Luxembourg Stock Exchange. Prices are also available on Bloomberg and Reuters. This report covers the period from 1 January 2015 to 30 June The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investment. The last day on which prices were calculated was 30 June 2015, the last working day of the period. At the date of this report, 110 Funds were available for investment. Please refer to the current prospectus for the investment objectives of the Funds as well as details of investment restrictions. The monthly factsheets for each Fund can be obtained from the Company s registered office and are also available on the website of Investment Management (Luxembourg) S.A. ( Hereafter, International Selection Fund will be referred to as the Company and all names of the Funds will be preceded by, e.g. Global Equity Alpha. Corporate Governance s is a FATCA compliant organisation. The FATCA classification of this entity and its GIIN is as follows: FATCA entity classification: FFI; Sponsoring entity: Investment Management (Luxembourg) S.A.; Sponsoring entity GIIN: 4RIMT SP.442 The Company is subject to corporate governance based on: 1. Its obligations as defined by the UCITS Directive 2009/65/EC dated 13 July 2009, as implemented in Luxembourg law which is available for inspection at the registered office of the Company at 5, rue Höhenhof, 1736 Senningerberg, Grand Duchy of Luxembourg. 2. Its articles of incorporation which are available for inspection at the registered office of the Company and at the Luxembourg corporate and trade register, Registre de Commerce et des Sociétés ( RCSL ). 3. The obligations in respect of the management of the Company, for which the Company has appointed Investment Management (Luxembourg) S.A., which is subject to the requirements of the Management Company Directive 2010/43/EC, as implemented in Luxembourg law. 4. The Association of the Luxembourg Fund Industry ( ALFI ) code of conduct, which the Company has voluntarily adopted. Internal Control and Risk Management Systems The Board of Directors is responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of error or fraud in achieving the Company's financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The Board of Directors has contracted with the Management Company to put procedures in place to ensure all relevant accounting records are properly maintained and are readily available, including the production of annual and semi-annual reports. The annual and semiannual reports of the Company are required to be approved by the Board of Directors of the Company and filed with the Commission de Surveillance du Secteur Financier ( CSSF ) and, in the case of annual reports, with the RCSL. The annual statutory financial statements are required to be audited by independent auditors who report to the Board of Directors on their findings. The Board meets at least four times a year and ensures that the Company maintains high standards of integrity and control in its operations and that it possesses adequate governance and means of control as law and regulation demand.

10 Page 10 International Selection Fund Semi-Annual Report 30 June 2015 Board of Directors Chairman Directors Massimo Tosato Executive Vice Chairman Investment Management Limited 31 Gresham Street London EC2V 7QA United Kingdom Mike Champion Head of Product Development Investment Management Limited 31 Gresham Street London EC2V 7QA United Kingdom Marie-Jeanne Chevremont-Lorenzini Independent Director 37C Avenue J.F. Kennedy 1855 Luxembourg Grand Duchy of Luxembourg Jacques Elvinger Avocat Elvinger, Hoss & Prussen 2, place Winston Churchill 2014 Luxembourg Grand Duchy of Luxembourg Daniel De Fernando Garcia Independent Director Serrano Madrid Spain Achim Kuessner Country Head Germany, Austria & CEE Investment Management GmbH Taunustor Frankfurt Germany Ketil Petersen Country Head Nordic Region s Denmark Filial af Investment Management (Luxembourg) S.A. Store Strandstraede Copenhagen K Denmark Georges-Arnaud Saier Independent Director 6, rue Paul Baudry F Paris France Carlo Trabattoni Head of Pan European Intermediary Distribution and GFIG Investment Management Limited 31 Gresham Street London EC2V 7QA United Kingdom

11 Administration International Selection Fund Semi-Annual Report 30 June 2015 Page 11 Registered Office Management Company, Domiciliary Agent, Principal Paying Agent, Registrar and Transfer Agent 5, rue Höhenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg Investment Management (Luxembourg) S.A. 5, rue Höhenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg Custodian and Fund Administrator Principal Legal Adviser Auditor Investment Managers J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre, 6, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg Elvinger, Hoss & Prussen 2, place Winston Churchill, L-2014 Luxembourg, Grand Duchy of Luxembourg PricewaterhouseCoopers, Société coopérative 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg Investment Management Limited 31, Gresham Street, London EC2V 7QA, United Kingdom Asian Dividend Maximiser BRIC (Brazil, Russia, India, China) Emerging Europe Emerging s Emerging s Debt Absolute Return Emerging Multi-Asset Income * EURO Bond EURO Corporate Bond EURO Credit Conviction EURO Equity EURO Government Bond EURO High Yield EURO Liquidity EURO Short Term Bond European Alpha Absolute Return European Dividend Maximiser European Equity (Ex UK) European Equity Absolute Return European Equity Alpha European Equity Focus European Equity Yield European Large Cap European Opportunities European Smaller Companies European Special Situations European Total Return Frontier s Equity Global Bond Global Climate Change Equity Global Demographic Opportunities Global Diversified Growth Global Dividend Maximiser Global Emerging Opportunities Global Emerging s Smaller Companies Global Energy Global Equity Global Equity Alpha Global Equity Yield Global Inflation Linked Bond Global Managed Currency Global Multi-Asset Allocation Global Multi-Asset Income Global Property Securities Global Recovery Global Small Cap Energy Global Smaller Companies Global Tactical Asset Allocation Global Unconstrained Bond Italian Equity Latin American Middle East Multi-Manager Global Diversity * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

12 Page 12 International Selection Fund Semi-Annual Report 30 June 2015 Administration (cont) Investment Managers (cont) Investment Management Limited (cont) 31, Gresham Street, London EC2V 7QA, United Kingdom QEP Global Absolute * QEP Global Active QEP Global Blend QEP Global Core QEP Global Emerging s QEP Global Quality QEP Global Plus Strategic Beta 10 Strategic Bond Strategic Credit UK Equity UK Opportunities Wealth Preservation EUR Wealth Preservation Investment Management (Hong Kong) Limited Suites 3301, Level 33, Two Pacific Place, 88 Queensway, Hong Kong SAR Asia Pacific Property Securities Asian Diversified Growth China Opportunities Emerging Asia Greater China Hong Kong Dollar Bond Hong Kong Equity Japan DGF RMB Fixed Income Taiwanese Equity Investment Management (Japan) Limited 21st Floor Marunouchi Trust Tower Main, Marunouchi, Chiyoda-Ku, Tokyo , Japan Japanese Equity Japanese Equity Alpha Japanese Opportunities Japanese Smaller Companies Investment Management North America Inc. 875 Third Avenue, 22nd Floor, New York, New York , United States of America Emerging Bond Emerging Local Currency Bond Global Corporate Bond Global Credit Duration Hedged Global High Income Bond Global High Yield US Dollar Bond US Dollar Liquidity US Large Cap US Small & Mid-Cap Equity US Smaller Companies Investment Management (Singapore) Limited 138 Street #23-01, CapitaGreen, Singapore , Singapore Asian Bond Absolute Return Asian Equity Yield Asian Local Currency Bond Asian Opportunities Asian Smaller Companies Asian Total Return Emerging Corporate Bond * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

13 Administration (cont) International Selection Fund Semi-Annual Report 30 June 2015 Page 13 Investment Managers (cont) Investment Management (Singapore) Limited (cont) 138 Street #23-01, CapitaGreen, Singapore , Singapore Indian Equity Indian Opportunities Korean Equity Investment Management (Switzerland) AG Central 2, CH-8021 Zurich, Switzerland Asian Convertible Bond European Small & Mid-Cap Global Conservative Global Conservative Convertible Bond Global Convertible Bond Global Dynamic Balanced Swiss Equity Swiss Equity Opportunities Swiss Small & Mid Cap Equity * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

14 Page 14 International Selection Fund Semi-Annual Report 30 June 2015 Directors Report Introduction The directors of the Company submit their report for the period ended 30 June Activities during the period On 30 June 2015, the total net assets of the Company were EUR 89,822,134,278 compared to EUR 78,174,779,760 on 31 December 2014, representing an increase of New Funds During the period under review, 2 new Funds were made available for investment within the Company: 8 April 2015 Emerging Multi-Asset Income; 27 May 2015 QEP Global Absolute; 2. New share classes In addition to the 18 share classes launched in new Funds, the following share classes were also made available during the period: 25 February 2015 Asian Dividend Maximiser A Dis RMB Hedged; China Opportunities A Dis HKD; Emerging Asia IZ Acc; EURO Bond IZ Dis; European Dividend Maximiser AX Dis; Global High Yield I Dis GBP Hedged; Global Multi-Asset Income A Dis SGD; Japan DGF X Dis; Strategic Bond I Dis GBP Hedged; 11 March 2015 Global Conservative C Acc & I Acc; Global Multi-Asset Allocation A Acc & I Acc EUR Hedged; 29 April 2015 Global Recovery X Dis; QEP Global Emerging s IZ Dis EUR; 20 May 2015 EURO Equity I Acc Hedged; QEP Global Emerging s I Dis GBP; 3 June 2015 Global Multi-Asset Allocation B Acc & B Dis; QEP Global Core X Dis. 3. Share class liquidations The following share classes were liquidated during the period: 16 February 2015 Global Corporate Bond C Acc EUR Duration Hedged; 10 April 2015 Asian Opportunities I Acc EUR; 22 April 2015 Global Small Cap Energy I Acc CHF & I Acc EUR; 6 May 2015 Asian Bond Absolute Return B Dis, I Acc EUR Hedged, A Acc HKD, I Acc SGD Hedged; Asian Convertible Bond C Dis GBP Hedged; Asian Local Currency Bond A1 Dis & B Dis; Asian Opportunities B Dis; Asian Smaller Companies C Dis; Asian Total Return A1 Acc EUR Hedged, B Acc EUR Hedged, C Dis JPY Hedged; BRIC (Brazil, Russia, India, China) I Acc EUR; China Opportunities A1 Acc SGD Hedged; Emerging s B Dis; EURO Corporate Bond A Dis EUR Duration Hedged; EURO Liquidity I Acc JPY; European Equity Alpha I Dis; European Equity Yield A1 Acc ; European Large Cap B Dis; European Smaller Companies I Acc; European Total Return I Acc, C Dis, I Dis, A Acc GBP Hedged & C Acc GBP Hedged; Global Bond B Dis & I Acc EUR Hedged; Global Climate Change Equity A1 Acc EUR, I Acc EUR, A Dis EUR Hedged & C Dis GBP;

15 International Selection Fund Semi-Annual Report 30 June 2015 Directors Report (cont) Page 15 Activities during the period (cont) 6 May 2015 (cont) Global Emerging Opportunities I Acc EUR & A Dis GBP; Global Energy A Dis EUR Hedged; Global Equity A Dis; Global Equity Alpha A Dis & B Dis; Global Equity Yield I Dis; Global High Income Bond B Acc, A1 Acc, A1 Dis & A Dis SGD Hedged; Global Multi-Asset Income I Acc EUR Hedged & I Acc GBP Hedged; Hong Kong Dollar Bond B Acc; Italian Equity C Dis; Korean Equity A Dis; Latin American I Acc EUR; Middle East I Acc EUR; Swiss Equity I Acc; Taiwanese Equity C Dis & I Dis; US Large Cap B Dis & I Acc EUR; US Small & Mid-Cap Equity I Acc EUR; 7 May 2015 Japanese Equity B Dis; Japanese Equity Alpha A1 Acc & B Acc; Japanese Smaller Companies A Dis & B Dis. Furthermore, the following changes took effect during the period: 1 January 2015 EURO Corporate Bond Z Dis class changed the distribution policy from annual variable to semi-annual 3; Global Property Securities Z Dis EUR class changed the distribution frequency from annual to semi-annual; 12 February 2015 Change in the investment policy to allow investment in Chinese Interbank Bond for Asian Bond Absolute Return, Asian Local Currency Bond and Hong Kong Dollar Bond; 1 April 2015 Minimum subscription changed for all I classes from EUR/ 20,000,000 to EUR/ 5,000,000; Minimum additional subscription changed for all I classes from EUR/ 10,000,000 EUR/ 2,500,00; Minimum holding changed for all I classes from EUR/ 20,000,000 to EUR/ 5,000,000; Management fee reduction for European Equity Absolute Return A, A1, B shares from 2 to 1.5 and C shares from 1 to 0.75; Distribution fee reduction for Global Diversified Growth B Acc class from 0.80 to 0.60; Change of investment policies for European Opportunities, European Equity (Ex UK), RMB Fixed Income, Strategic Credit and UK Opportunities; 28 May 2015 Change in distribution policy for European Equity Yield A Dis RMB Hedged from 4 to 4 + premium and Global Corporate Bond A Dis RMB Hedged from 3 to 3 + currency premium. The Board of Directors International Selection Fund 30 June 2015 The information contained in this report is historical and not necessarily indicative of future performance.

16 Page 16 International Selection Fund Semi-Annual Report 30 June 2015 Investment Managers Report The six-month period was marked by divergence in monetary policy. Several major central banks eased financial conditions, while in the US the focus was on when the Federal Reserve (Fed) would raise interest rates. In total, 21 central banks cut policy rates over the first three months of the period. In the eurozone, ongoing weak growth figures and inflation dipping into negative territory saw the European Central Bank (ECB) announce a much-anticipated quantitative easing programme. The programme envisages asset purchases totalling 60 billion per month from March 2015 to September Meanwhile, in the US focus was on the likely timing of the first interest rate hike from the current ultra-low level. However, although labour market data continued to be robust, other economic indicators showed a slowdown over the winter. This was largely attributed to poor weather conditions but the weaker data meant the market pushed out expectations for a rate rise until the latter part of Nevertheless, the expectation that the US would tighten monetary policy while other economies are still easing policy led to a rise in the US dollar versus other major currencies. The Chinese authorities took steps on several occasions to loosen monetary policy as growth slowed, making cuts to interest rates and the reserve requirement ratio. The Reserve Bank of India was another to lower interest rates over the period. Elsewhere in emerging markets, economic fundamentals deteriorated in Brazil and a corruption scandal at state controlled oil major Petrobras hit the investment outlook for the entire country. On the political front, elections in Greece saw victory for left-wing party Syriza, which formed an anti-austerity coalition government. The period saw multiple sets of negotiations between Athens and its creditors aimed at agreeing reforms needed to release further bailout funds. However, these talks broke down and the Greek government called a referendum on the bailout. Scheduled for 5 July, the vote has been widely regarded as an inout decision on Greece s ongoing membership of the eurozone. Elsewhere, the UK held a general election in May. A coalition government had been widely expected but the Conservative Party won a surprise outright majority in a result largely perceived as positive for business. The global growth picture remained somewhat subdued. The eurozone saw a small acceleration in growth to 0.4 quarter on quarter (q/q) for the first quarter (Q1) of 2015, from 0.3 in the fourth quarter (Q4) of Japanese growth expanded to 1.0 q/q in Q1 (3.9 annualised), supported by business spending. However, the US experienced a contraction of 0.2 (q/q, annualised) in Q1 from a 2.2 growth rate in Q4, as poor weather dragged on activity. Chinese growth slowed to 7.0 year on year in Q1 from 7.3 the previous quarter. Oil prices largely stabilised during the period after the sharp drop seen at the end of Equities overview The MSCI World index returned over the six months. US equities made gains although the optimistic mood at the start of the period gave way to greater uncertainty, as economic indicators weakened and the stronger dollar weighed on exporters. In the eurozone, returns were stronger, supported by the ECB s announcement of quantitative easing along with the weaker euro and signs of the economy picking up. Japanese equities experienced strong gains in local currency terms but the yen s weakness meant these gains were more muted for overseas investors. Globally, merger & acquisition activity picked up in several sectors including food producers (Kraft merging with Heinz), pharmaceuticals (Pfizer buying Hospira) and oil (Royal Dutch Shell bidding for BG Group). The MSCI Emerging s index returned Chinese equities registered strong returns, albeit with profit-taking setting in towards the end of the period. The rally was primarily due to local investors expectations for further monetary policy easing and a shift in investment preferences, away from the slowing Chinese property market into local equities. Russian equities were also strong as oil prices recovered and geopolitical worries eased. Fixed income overview Bond markets largely underperformed equities over the period. Q was, broadly speaking, another period of yield compression in global bond markets. However, there was a reversal in the second half of the period, with bond yields climbing sharply across most major bond markets. In spite of ongoing fragility in macroeconomic data from the US, the Fed warned that investors should expect rate hikes to begin in The comments pushed Treasury yields higher. In the eurozone, inflation expectations were revised upwards and Bund yields rose aggressively in April, May and the start of June. The end of June saw Bund yields fall back slightly due to uncertainty stemming from a potential Greek default. In corporate bond markets, investment grade bonds were outperformed by high yield. The investment grade BofA Merrill Lynch Global Corporate Bond index fell by but the high yield equivalent rose by Corporate bonds struggled through the second part of the period given softer returns in sovereign bonds and a continued high level of supply coming from the US. 1 Datastream, MSCI World, US$. 2 Datastream, MSCI Emerging s, US$. 3 Datastream, BofA Merrill Lynch Global Corporate Bond, US$ 4 Datastream, BofA Merrill Lynch Global High Yield, US$

17 International Selection Fund Semi-Annual Report 30 June 2015 Investment Managers Report (cont) Page 17 Outlook The world economy is likely to enjoy better growth in the second half of this year as the benefits of lower energy prices flow through and growth revives further in the US, Europe and Japan. As this benefits trade, emerging markets should also improve as we head into We are seeing a pick-up in activity. In the US, retail and auto sales have strengthened after a soft Q1 and employment growth remains robust. We think the Fed will raise interest rates in September and into next year. Europe continues to expand, with little evidence that the Greek crisis has significantly damaged business or consumer confidence so far. Bank lending and credit growth are reviving after the contraction experienced in 2013 and Meanwhile, the latest figures show that economic performance in Japan was better than expected in Q1 on the back of stronger investment. Leading indicators suggest growth remained robust in Q2 and we are looking for Japanese consumer spending to improve as real incomes strengthen in the coming months. Emerging economies remain the laggards with China continuing to decelerate in Q2 and as a group they continue to lag the recovery seen in purchasing managers indices in the developed world. Overall, these trends bode well for the second half of the year and into next and our forecast assumes that global growth can pick up to 2.9 in This is based on continued recovery in Europe and Japan and steady growth in the US, which feeds through to better exports from the emerging economies. The ongoing benefits from lower energy costs, loose monetary policy and a less restrictive fiscal stance support demand in the developed world and underpin the forecast. The Investment Managers International Selection Fund 30 June 2015 The information contained in this report is historical and not necessarily indicative of future performance.

18 Page 18 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements as at 30 June 2015 The Company The Company was incorporated in Luxembourg on 5 December 1968 as a société anonyme. Pursuant to an Extraordinary General Meeting of Shareholders held on 31 January 1989, the form and name of the Company, as well as its establishment period, was changed to a société d investissement à capital variable ( SICAV ) established for an unlimited period under the name of International Selection Fund. The company qualifies as an undertaking for collective investment (UCI) regulated by the provisions of Part I of the Luxembourg Law of 17 December 2010, as amended, regarding undertaking for collective investment (the 2010 law ). Classes of Shares At the date of this report, fifteen classes of shares are available within the Funds: A, B, C, D, E, I, IZ, J, R, S, X, Z, A1, B1 and AX shares. All Funds offer A, B and C shares, apart from the following Funds: Asian Diversified Growth (offers only A, C, I & A1 shares); Emerging Multi-Asset Income* (offers only A, C, I & A1 shares); EURO High Yield (offers only A, C & I shares); European Equity (Ex UK) (offers only A, C & S shares); European Equity Focus (offers only A, C, I & Z shares); European Small & Mid-Cap (offers only A, C, I & Z shares); Global Conservative (offers only A, C, I & A1 shares); Global Conservative Convertible Bond (offers only A, C, E & I shares); Global Demographic Opportunities (offers only A, C & Z shares); Global Small Cap Energy (offers only A, C & I shares); Global Tactical Asset Allocation (offers only C & I shares); Indian Opportunities (offers only A, C, E & I shares); Japan DGF (offers only C, I & X shares); Japanese Opportunities (offers only A, C, I & A1 shares); Multi-Manager Global Diversity (offers only A & C shares); QEP Global Absolute* (offers only A, C & I shares); QEP Global Blend (offers only A, C, I, S & Z shares); QEP Global Core (offers only C, I & X shares); QEP Global Emerging s (offers only A, C, I, Z, A1 & IZ shares); QEP Global Plus (offers only A, C & I shares); RMB Fixed Income (offers only A, C, E & I shares); Strategic Beta 10 (offers only I shares); UK Opportunities (offers only A, C & S shares); Wealth Preservation (offers only A, C, E & I shares). Shares are generally issued as Accumulation shares. Distribution shares may be issued within any Fund at the Directors discretion. A list of available Distribution shares may be obtained upon request at the Management Company. In accordance with the provisions of the current prospectus, the Directors may also offer classes in multiple currency denominations. The respective Investment Managers have the ability to hedge the shares of such classes in relation to the Fund currency or in relation to currencies in which the relevant Fund's underlying assets are denominated. Where hedging of this kind is undertaken, the respective Investment Managers may engage, for the exclusive account of such share class, in currency forwards, currency futures, currency option transactions and swaps in order to preserve the value of the reference currency against the Fund currency. Where undertaken, the effects of this hedging will be reflected in the Asset and, therefore, in the performance of such additional share class. Similarly, any expenses arising from such hedging transactions will be borne by the class in relation to which they have been incurred. The classes of share available for each Fund are set out in detail in the current prospectus. The Directors may decide from time to time for some or all of the Bond Funds to issue duration hedged share classes. Duration hedged share classes utilise hedging strategies that seek to reduce the share class' sensitivity to changes in interest rate movements. There is no assurance that these hedging strategies will be successful. Where undertaken, the effects of this hedging will be reflected in the Asset and, therefore, in the performance of the share class. Similarly, any expenses arising from such hedging transactions will be borne by the duration hedged share class. The performance of the duration hedged share classes may underperform other share classes in the Bond Funds depending on interest rate movements. Duration hedged share classes can be issued in relation to any type of available share classes of Bond Funds. The naming convention used for the share classes is as follows: A Acc for base currency share class; A Acc CCY for a multicurrency share class; A Acc CCY Hedged for a hedged share class. Initial Charge The Management Company and Distributors are entitled to the following initial charges, which can be partly or fully waived at the Directors discretion.

19 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 19 Initial Charge (cont) A and AX Shares Equity Funds and Asset Allocation Funds Multi-Asset Funds Multi-Manager Funds Absolute Return Funds, Bond Funds and Currency Funds Liquidity Funds Initial charge of up to of the Asset per Share Initial charge of up to of the Asset per Share with the exception of: up to of the Asset per Share of Global Dynamic Balanced, Global Multi-Asset Allocation, Wealth Preservation EUR and Wealth Preservation up to of the Asset per Share of Global Conservative Initial charge of up to of the Asset per Share Initial charge of up to of the Asset per Share No initial charge A1 Shares Equity Funds and Asset Allocation Funds Multi-Asset Funds Absolute Return Funds, Bond Funds and Currency Funds Liquidity Funds C and E Shares Liquidity Funds Initial charge of up to of the Asset per Share Initial charge of up to of the Asset per Share with the exception of: up to of the Asset per Share of Global Dynamic Balanced, Global Multi-Asset Allocation, Wealth Preservation EUR and Wealth Preservation up to of the Asset per Share of Global Conservative Initial charge of up to of the Asset per Share No initial charge Initial charge of up to of the Asset per Share with the exception of Liquidity Funds No initial charge B, B1, D, I, IZ, J, R, S, X and Z Shares No initial charge Distribution Charge A, AX, C, E, I, IZ, J, R, S, X and Z Shares No distribution charge B Shares * Equity Funds Absolute Return Funds Bond Funds Liquidity Funds Currency Funds Asset Allocation Funds Multi-Asset Funds D Shares ** A1 Shares ** B1 Shares ** Distribution charge of 0.60 per annum of the net assets of Funds Distribution charge of 0.50 per annum of the net assets of Funds Distribution charge of 0.50 per annum of the net assets of Funds with the exception of: 0.10 per annum of the net assets of EURO Short Term Bond Distribution charge of 0.10 per annum of the net assets of Funds with the exception of: No distribution charge for US Dollar Liquidity Distribution charge of 0.50 per annum of the net assets of Funds Distribution charge of 0.60 per annum of the net assets of Funds Distribution charge of 0.60 per annum of the net assets of Funds with the exception of: 0.50 per annum of the net assets of Funds Wealth Preservation EUR and Wealth Preservation Distribution charge of 1.00 per annum of the net assets of Funds Distribution charge of 0.50 per annum of the net assets of Funds with the exception of: 0.10 per annum of the net assets of EURO Liquidity No distribution charge for US Dollar Liquidity Distribution charge of 1.25 per annum of the net assets of Funds (including a shareholder servicing fee of 0.25 p.a.) with the exception of: 0.60 per annum of the net assets of Global Conservative * Distribution charges in respect of B shares are payable quarterly. ** Distribution charges in respect of A1, B1 and D shares are paid at such intervals, as may be agreed upon from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such shares.

20 Page 20 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Minimum Subscription, Minimum Additional Subscription and Minimum Holding In accordance with the provisions of the current prospectus, minimum amounts for subscription, additional subscription and holding are as follows: * A, AX, A1, B, B1 and D Shares The minimum initial subscription, additional subscription and holding amount is EUR 1,000 or 1,000 or their near equivalent in any other freely convertible currency. ** C and E Shares The minimum initial subscription and holding amount is EUR 500,000 or 500,000 or their near equivalent in any other freely convertible currency. The minimum additional subscription amount is EUR 250,000 or 250,000 or their near equivalent in any other freely convertible currency. ** E Shares will only be available, with prior agreement of the Management Company. I & J Shares The minimum initial subscription and holding amount is EUR 5,000,000 or 5,000,000 or their near equivalent in any other freely convertible currency. The minimum additional subscription amount is EUR 2,500,000 or 2,500,000 or their near equivalent in any other freely convertible currency. ** I shares will only be offered to investors who, at the time the relevant subscription order is received, are clients of s with an agreement covering the charging structure relevant to the clients investments in such shares and who are Institutional Investors. J Shares will only be offered to and can only be acquired by Japanese Fund of Funds, which are Institutional Investors. IZ & Z Shares The minimum initial subscription and holding amount is EUR 100,000,000 or 100,000,000 or their near equivalent in any other freely convertible currency. The minimum additional subscription amount is EUR 20,000,000 or 20,000,000 or their near equivalent in any other freely convertible currency. ** IZ Shares will only be offered to and can only be acquired by Institutional Investors, with prior agreement of the Management Company. Z Shares will be offered in limited circumstances to professional investors for distribution in certain countries and through certain Distributors, with the prior agreement of the Management Company. X Shares The minimum initial subscription and holding amount is EUR 25,000,000 or 25,000,000 or their near equivalent in any other freely convertible currency. The minimum additional subscription amount is EUR 12,500,000 or 12,500,000 or their near equivalent in any other freely convertible currency. ** X shares will only be available, with prior agreement of the Management Company, to institutional investors, as may be defined from time to time by the guidelines or recommendations issued by the Luxembourg supervisory authority. R & S Shares There are no minimum subscription or holding amounts. Further details on specific features of the different classes of shares and the conditions under which initial and distribution fees are calculated can be found in the current prospectus. Asset Calculation of Asset per Share The Asset per share of each class is calculated on each Dealing Day in the currency of the relevant class. It is calculated by dividing the Asset attributable to each class, being the proportionate value of its assets less its liabilities, by the number of shares of such class then in issue. The resulting sum is rounded to the nearest two decimal places. Further details on rules that apply in valuing total assets can be found in the current prospectus. Valuation of the of the Company The value of securities, financial derivative instruments and assets is determined on the basis of the last available price on the stock exchange or any other regulated market on which those securities or assets are traded or admitted for trading. Where such securities or other assets are quoted or dealt in on more than one stock exchange or any other regulated market, the Directors shall make regulations for the order of priority in which stock exchanges or other regulated markets shall be used for the provision of prices of securities or other assets. If a security is not traded on or admitted to any official stock exchange or any other regulated market or, in the case of securities so traded or admitted, the last available price does not reflect their true value, the Directors are required to proceed on the basis of their expected sales price, which shall be valued with prudence and in good faith. Liquid assets and money market instruments are usually valued on an amortised cost basis. Financial derivative instruments, which are not listed on any official stock exchange or any other regulated market, are valued in accordance with market practice. The swaps are valued at their fair value based on the underlying securities (at close of business or intraday) as well as on the characteristics of the underlying commitments. ** These minima may be waived from time to time at the discretion of the Directors.

21 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 21 Asset (cont) Valuation of the of the Company (cont) Units or shares in undertakings for collective investments are valued on the basis of their last available net asset value. Liquid assets and money market instruments held within the liquidity Funds are usually valued on an amortised cost basis. The value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Company may consider appropriate in such case to reflect the true value thereof. Any assets or liabilities in currencies other than the base currencies of the Funds will be converted using the relevant spot rate quoted by a bank or other responsible financial institution. If any of the aforesaid valuation principles do not reflect the valuation method commonly used in specific markets or if any such valuation principles do not seem accurate for the purpose of determining the value of the Company s assets, the Directors may fix different valuation principles in good faith and in accordance with generally accepted valuation principles and procedures. The Directors are authorised to apply other appropriate valuation principles for the assets of the Funds and/or the assets of a given class if the aforesaid valuation methods appear impossible or inappropriate due to extraordinary circumstances or events. As of 30 June 2015, fair valuation was applied to the following securities: Security Name Fund Anxin-China QEP Global Emerging s Banca Popolare dell'etruria e del Lazio QEP Global Blend Caja De Ahorros Del Mediterraneo QEP Global Core China Animal Healthcare QEP Global Emerging s China Lumena New Materials QEP Global Active China Lumena New Materials QEP Global Quality China Lumena New Materials QEP Global Emerging s China Lumena New Materials QEP Global Blend China Lumena New Materials Global Multi-Asset Income China Lumena New Materials Global Plus China Lumena New Materials QEP Global Absolute * China Taifeng Beddings QEP Global Active China Taifeng Beddings QEP Global Emerging s China Taifeng Beddings QEP Global Plus Corp GEO QEP Global Active Corp GEO QEP Global Emerging s Corp GEO QEP Global Plus Irish Bank Resolution Corporation QEP Global Core Jurong Technologies Industrial QEP Global Active Longtop Financial Technologies ADR Hong Kong Equity Neo QEP Global Emerging s Ow Bunker European Smaller Companies Ow Bunker Global Smaller Companies Parmalat Finanziaria EURO Equity Parmalat Finanziaria Italian Equity Parmalat Finanziaria European Equity Alpha Peace Mark European Equity Alpha Safeway Global Recovery Safeway (New York) Global Recovery SNS Bank RegS 11,25 perpetual Global High Yield SNS Bank RegS 11,25 perpetual EURO High Yield SNS Bank NV /10/2020 Global Bond SNS REAAL QEP Global Active SNS REAAL QEP Global Blend SNS REAAL QEP Global Absolute * Sound Global Emerging Asia Sound Global Greater China Sound Global China Opportunities Urbi Desarrollos Urbanos QEP Global Active Urbi Desarrollos Urbanos QEP Global Emerging s Urbi Desarrollos Urbanos QEP Global Plus Ya Hsin Industrial QEP Global Active * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

22 Page 22 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Asset (cont) Valuation of the of the Company (cont) Additionally, Greek securities were fair valued as at 30 June The list of securities together with the haircut amounts are disclosed in the following table: Fund Security Description Currency Haircut Emerging Europe Emerging s European Equity Yield Global Recovery European Equity Alpha QEP Global Active QEP Global Blend QEP Global Emerging s QEP Global Plus Hellenic Telecommunications Organization (895,045) JUMBO (551,026) National Bank of Greece (1,354,120) Piraeus Bank (843,997) EUR (3,644,188) Hellenic Telecommunications Organization (829,801) National Bank of Greece (1,790,926) (2,620,727) Athens Water Supply & Sewage (1,205,951) EUR (1,205,951) Hellenic Exchanges - Athens Stock Exchange (920,651) Hellenic Telecommunications Organization (240,597) OPAP (251,108) (1,412,356) Mytilineos (1,871,262) EUR (1,871,262) JUMBO (59,195) (59,195) JUMBO (7,529) Metka (11,301) (18,830) Athens Water Supply & Sewage (20,480) JUMBO (61,179) Metka (46,577) OPAP (269,825) (398,061) JUMBO (24,420) (24,420) JUMBO (2,166) Metka (1,707) (3,873) Fair Pricing In accordance with the provisions of the current prospectus, fair value pricing may be implemented to protect the interests of the Company s shareholders against market timing practices. Accordingly, if a Fund is primarily invested in markets that are closed for business at the time the Fund is valued, the Directors may, during periods of market volatility and by derogation from the provisions above under Calculation of Asset per share, cause the Fund Administrator to allow for the Asset per share to be adjusted to reflect more accurately the fair value of the Fund s investments at the point of valuation. The level of adjustment is based upon the movement in a chosen surrogate up until the point of valuation, provided that such movement exceeds the threshold as determined by the Directors for the relevant Fund. The surrogate will usually be in the form of a futures index but might also be a basket of securities, which the Directors believe is strongly correlated to and representative of the performance of the Fund. Where an adjustment is made as per the foregoing, it is applied consistently to all classes of shares in the same Fund. During the period under review, fair value pricing was applied to 21 Funds. The Directors, however, reserve the right to extend the implementation of fair value pricing in respect of other Funds whenever they deem it appropriate. * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

23 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 23 Fair Pricing (cont) The Funds in relation to which fair value pricing was applied during the period under review as well as details of the relevant reference indices, thresholds and surrogates are shown below: Fund Threshold Surrogate Global Climate Change Equity 0.50 CME S&P 500 Index Futures Global Demographic Opportunities 0.50 CME S&P 500 Index Futures Global Dividend Maximiser 0.50 CME S&P 500 Index Futures Global Energy * 0.50 CME S&P 500 Index Futures Global Equity 0.50 CME S&P 500 Index Futures Global Equity Alpha 0.50 CME S&P 500 Index Futures Global Equity Yield 0.50 CME S&P 500 Index Futures Global Property Securities * 0.50 CME S&P 500 Index Futures Global Smaller Companies 0.50 CME S&P 500 Index Futures Japanese Equity 0.50 CME Yen Denominated Nikkei 225 Index Future Japanese Equity Alpha 0.50 CME Yen Denominated Nikkei 225 Index Future Japanese Opportunities 0.50 CME Yen Denominated Nikkei 225 Index Future Japanese Smaller Companies 0.50 CME Yen Denominated Nikkei 225 Index Future Latin American * 0.50 CME S&P 500 Index Futures QEP Global Active 0.50 CME S&P 500 Index Futures QEP Global Blend ** 0.50 CME S&P 500 Index Futures QEP Global Core 0.50 CME S&P 500 Index Futures QEP Global Quality 0.50 CME S&P 500 Index Futures US Large Cap 0.50 CME S&P 500 Index Futures US Small & Mid-Cap Equity 0.50 CME S&P 500 Index Futures US Smaller Companies 0.50 CME S&P 500 Index Futures On 30 June 2015, the last working date of the period under review, the following Funds were adjusted: Fund Currency Total Adjustment Global Climate Change Equity 694,431 Global Demographic Opportunities 129,244 Global Dividend Maximiser 12,704,372 Global Equity 252,897 Global Equity Alpha 4,071,246 Global Equity Yield 1,418,605 Global Smaller Companies 1,162,544 Japanese Equity JPY 2,740,570,315 Japanese Equity Alpha JPY 49,476,607 Japanese Opportunities JPY 789,823,704 Japanese Smaller Companies JPY 251,005,755 QEP Global Active 5,852,998 QEP Global Blend 1,447,318 QEP Global Core 5,359,738 QEP Global Quality 7,055,585 US Large Cap 8,478,133 US Small & Mid-Cap Equity 8,646,227 US Smaller Companies 2,919,789 Exchange Rates The exchange rates used for the calculation of the combined total in Eur of the financial Statement as at 30 June 2015 are: 1 EUR = ; 1 EUR = GBP; 1 EUR = CHF; 1 EUR = JPY; 1 EUR = HKD; 1 EUR = RMB. Swing Pricing Adjustment A Fund may suffer dilution of the Asset per Share due to investors buying or selling Shares in a Fund at a price that does not reflect the dealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash inflows or outflows. * Fund was removed from the program on 4 May ** Fund was added to the program on 19 January 2015.

24 Page 24 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Swing Pricing Adjustment (cont) In order to counter this impact, a Swing Pricing mechanism may be adopted to protect the interests of Shareholders of the Fund. If on any Valuation Date, the aggregate net transactions in Shares of a Fund exceed a pre-determined threshold, as determined and reviewed for each Fund on a quarterly basis by the Management Company, the Asset per Share may be adjusted upwards or downwards to reflect net inflows and net outflows respectively. The net inflows and net outflows is determined by the Management Company based on the latest available information at the time of calculation of the Asset per Share. The Swing Pricing mechanism may be applied across all Funds. The extent of the price adjustment will be set by the Management Company to reflect dealing and other costs. Such adjustment may vary from Fund to Fund and will not exceed 2 of the original Asset per Share. The swing pricing mechanism has been applied to the Company s Funds since 12 January On 30 June 2015, the last working day of the period under review, swing pricing adjustments were applied to 3 Funds. The official Asset s per share of those Funds following the application of the swing pricing adjustment on that date are shown in the following table. All other financial information stated in this report is shown before any adjustments for swing pricing. Emerging Local European Equity (Ex UK) Currency Bond US Large Cap EUR Asset per Share (including swing pricing adjustment) as at 30 June 2015 Class A Acc Class B Acc Class C Acc Class E Acc Class I Acc Class S Acc Class A1 Acc Class B1 Acc Class A Dis Class B Dis Class C Dis Class I Dis Class S Dis Class A1 Dis Class A Acc (EUR) Class B Acc (EUR) Class C Acc (EUR) Class Z Acc (EUR) Class A1 Acc (EUR) Class A Acc (NOK) Class A Acc (GBP) Class A Acc EUR Hedged Class B Acc EUR Hedged Class C Acc EUR Hedged Class E Acc EUR Hedged Class I Acc EUR Hedged Class Z Acc EUR Hedged Class A1 Acc EUR Hedged Class A Dis (GBP) Class C Dis (GBP) Class A Dis GBP Hedged Class C Dis GBP Hedged Taxation The Company is not subject to any taxes in Luxembourg on income or capital gains. The only tax to which the Company in Luxembourg is subject is the taxe d abonnement to a rate of 0.05 per annum based on the net asset value of each Fund at the end of the relevant quarter, calculated and paid quarterly. In respect of any Share Class or Fund which comprises only institutional Investors (within the meaning of Article 174 of the Law), the tax levied will be at the rate of 0.01 per annum. Changes in the Funds A list specifying the total purchases and sales for each Fund, which took place during the period under review, may be obtained free of charge upon request at the Company s registered office.

25 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 25 Transactions made for a Purpose other than Hedging In accordance with the provisions of the current prospectus, the Company may, for a purpose other than hedging, purchase and sell futures contracts, options on any kind of financial instruments and equity swaps provided that the Company will only enter into equity swap transactions with highly rated financial institutions specialised in this type of transactions. Securities Lending There has been no securities lending activity on the Company s Funds since December Disclosure of Transaction Costs The transaction costs are broker commission fees and taxes related to the purchase and sale of transferable securities. The transaction costs are shown net of the corresponding elements of the swing pricing factors that were applied when net flows in a Fund exceeded 1 on any business day during the period under review. Bond funds will generally show the figure of zero as the broker commission fees are included in the spread, which is excluded from the calculation pursuant to Annex I, Schedule B, Chapter V of Directive 2009/65/EC of the European Parliament. The transaction costs for the period under review are as follows: Funds Currency Transaction costs Asia Pacific Property Securities 18,892 Asian Bond Absolute Return - Asian Convertible Bond - Asian Diversified Growth 2,625 Asian Dividend Maximiser 77,253 Asian Equity Yield 1,345,552 Asian Local Currency Bond - Asian Opportunities 659,397 Asian Smaller Companies 147,096 Asian Total Return 744,318 BRIC (Brazil, Russia, India, China) 715,196 China Opportunities 986,927 Emerging Asia 604,461 Emerging Europe EUR 448,465 Emerging Bond - Emerging Corporate Bond - Emerging Local Currency Bond - Emerging s 1,529,419 Emerging s Debt Absolute Return - Emerging Multi-Asset Income * 7,419 EURO Bond EUR - EURO Corporate Bond EUR - EURO Credit Conviction EUR - EURO Equity EUR 1,431,402 EURO Government Bond EUR - EURO High Yield EUR - EURO Liquidity EUR - EURO Short Term Bond EUR - European Alpha Absolute Return EUR 37,758 European Dividend Maximiser EUR 560,319 European Equity (ex UK) EUR 50,240 European Equity Absolute Return EUR 100,038 European Equity Alpha EUR 49,254 European Equity Focus EUR 11,521 European Equity Yield EUR 28,838 European Large Cap EUR 98,448 European Opportunities EUR 121,890 European Small & Mid-Cap EUR - European Smaller Companies EUR 135,084 European Special Situations EUR 387,583 European Total Return EUR 14,836 Frontier s Equity 1,447,058 Global Bond - Global Climate Change Equity 80,378 Global Conservative EUR 3,179 Global Conservative Convertible Bond - Global Convertible Bond - Global Corporate Bond - Global Credit Duration Hedged EUR - * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

26 Page 26 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Disclosure of Transaction Costs (cont) Funds Currency Transaction costs Global Demographic Opportunities 15,865 Global Diversified Growth EUR 69,622 Global Dividend Maximiser 1,306,502 Global Dynamic Balanced EUR 51,063 Global Emerging Opportunities 1,049,030 Global Emerging s Smaller Companies 41,701 Global Energy 260,740 Global Equity 26,495 Global Equity Alpha 391,683 Global Equity Yield 26,454 Global High Income Bond - Global High Yield - Global Inflation Linked Bond EUR - Global Managed Currency - Global Multi-Asset Allocation 15,574 Global Multi-Asset Income 1,192,902 Global Property Securities 71,494 Global Recovery 19,450 Global Small Cap Energy 25,113 Global Smaller Companies 170,803 Global Tactical Asset Allocation 11,304 Global Unconstrained Bond - Greater China 599,902 Hong Kong Dollar Bond HKD - Hong Kong Equity HKD 3,633,580 Indian Equity 109,395 Indian Opportunities 34,138 Italian Equity EUR 49,610 Japan DGF JPY 805,915 Japanese Equity JPY 57,015,178 Japanese Equity Alpha JPY 510,032 Japanese Opportunities JPY 15,312,006 Japanese Smaller Companies JPY 6,370,709 Korean Equity 18,361 Latin American 251,660 Middle East 177,135 Multi-Manager Global Diversity - QEP Global Absolute * 974 QEP Global Active 586,572 QEP Global Blend 93,526 QEP Global Core 247,922 QEP Global Emerging s 357,140 QEP Global Quality 448,867 QEP Global Plus 222,454 RMB Fixed Income RMB - Strategic Beta 10 6,201 Strategic Bond - Strategic Credit GBP - Swiss Equity CHF 27,628 Swiss Equity Opportunities CHF 13,588 Swiss Small & Mid Cap Equity CHF 50,302 Taiwanese Equity - UK Equity GBP - UK Opportunities GBP 51,309 US Dollar Bond - US Dollar Liquidity - US Large Cap 543,195 US Small & Mid Cap Equity 572,105 US Smaller Companies 210,442 Wealth Preservation EUR EUR 14,943 Wealth Preservation - Investing in Russian securities Those Funds with an investment objective that allows investment in Russian securities may invest directly in Russian securities that are traded on the Moscow Exchange. Securities traded on the Russian Trading Stock Exchange can be treated as investments in securities dealt in on a Regulated. * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

27 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 27 Investment Restriction To ensure eligibility for the French Plan d Epargne en Actions (PEA), EURO Equity, European Dividend Maximiser, European Equity Focus, European Large Cap, UK Equity and UK Opportunities will invest at least 75 of their assets in equity securities issued by companies which have their head office in the European Union, or in an EEA state that has signed a tax agreement with France, including a clause on combating fraud and tax avoidance. European Equity (Ex UK) and European Opportunities are no longer eligible for the PEA as from 1 April Information for Residents of the Hong Kong SAR Registration of Funds On 30 June 2015, all the Funds of the Company, except for those indicated in the table below were registered for sale in Hong Kong SAR. In relation to the Funds that were registered in Hong Kong SAR, only A, A1, B1 and D shares were available for retail investors. Funds not registered for sale in Hong Kong SAR Asian Convertible Bond Asian Dividend Maximiser Emerging Bond Emerging Corporate Bond Emerging Local Currency Bond Emerging Multi-Asset Income * EURO Credit Conviction EURO High Yield European Alpha Absolute Return European Dividend Maximiser European Equity (ex UK) European Equity Absolute Return European Equity Focus European Equity Yield European Opportunities European Small & Mid-Cap European Special Situations European Total Return Global Conservative Global Conservative Convertible Bond Global Convertible Bond Global Diversified Growth Global Dividend Maximiser Global Dynamic Balanced Global Emerging s Smaller Companies Global High Income Bond Global Multi-Asset Allocation Global Recovery Global Small Cap Energy Global Tactical Asset Allocation Global Unconstrained Bond Indian Opportunities Italian Equity Japan DGF Multi-Manager Global Diversity QEP Global Absolute * QEP Global Blend QEP Global Core QEP Global Emerging s QEP Global Plus RMB Fixed Income Strategic Beta 10 Strategic Credit Swiss Equity Swiss Equity Opportunities Swiss Small & Mid Cap Equity UK Opportunities Wealth Preservation EUR Wealth Preservation * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

28 Page 28 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Information for Residents of the Hong Kong SAR (cont) Funds not registered for sale in Hong Kong SAR (cont) Soft Commission Arrangements Pursuant to the requirements of the Hong Kong Securities and Futures Commission regulations, the following statement is made: Soft commission arrangements have been undertaken in respect of the Company. Services which are paid for through or by soft commission were in majority limited to the following areas: a) research, analysis or price information including computer or other information facilities; b) portfolio valuations; c) performance measurement. Transactions with Connected Persons The Company has entered into agreements and arrangements with Investment Management Limited and its affiliates, under which a management fee, performance fee and a transfer agency fee are payable. These agreements and arrangements have been entered into in the ordinary course of business and on normal commercial terms. The details of the management fees and performance fees are set out in the Notes to the Financial Statements. In addition, the Management Company is entitled to receive the customary charges for its services as administration agent, coordinator, domiciliary agent, global distributor, principal paying agent and registrar and transfer agent. These fees accrue daily at an annual rate of up to 0.4 by reference to the Asset of the relevant Fund and are paid monthly in arrears. Further details on fees payable by the Company can be found in the current prospectus. No transactions of the Company were effected through a broker who is a connected person of the Management Company, the Investment Adviser, or the Directors of the Company. Directors Fees Each of the following Independent Directors receives in remuneration the amount of EUR 20,000 per annum: Marie-Jeanne Chevremont, Daniel de Fernando Garcia and Georges-Arnaud Saier. The remaining directors have waived their right to remuneration. Expense Subsidy The administration fees, custodian fees, distribution fees, management fees and statutory fees are calculated and accrued daily by reference to the Asset of the Funds and are paid monthly. These fees were monitored to ensure the total expenses incurred were not deemed to be significant relative to the Asset of the Funds (above threshold agreed by the Board of Directors). The TER cap for Global Climate Change Equity equals 0.88 for IZ Acc share classes. For Global Diversified Growth, the TER cap equals 0.03 for I Acc share classes and 0.67 for X Acc share classes. For Strategic Beta 10, the TER cap equals 0.10 for I Acc share classes. For Asian Opportunities X Acc share class, Global Multi-Asset Allocation* C Acc and A1 Acc share classes, US Dollar Liquidity A Acc, A1 Acc, B Acc share classes, QEP Global Emerging s A Acc, A1 Acc, C Acc, I Acc, Z Acc, Z Dis share classes and QEP Global Plus I Acc share class, the actual TER were lower than the TER cap. Management Fees The Investment Managers are entitled to receive management fees for their services, which are calculated and accrued daily by reference to the Asset of the Funds and are paid monthly. No management fees are payable out of the net assets for I and J share classes, however the Investors are charged directly by s. The actual rates payable as at 30 June 2015, which vary from Fund to Fund and from share class to share class are set out in the following tables: Fund * A Acc A1 Acc B Acc B1 Acc C Acc D Acc E Acc I Acc IZ Acc J Acc R Acc S Acc X Acc Z Acc Mainstream Equity Funds Asian Opportunities EURO Equity European Large Cap Global Equity Italian Equity Japanese Equity Swiss Equity UK Equity * For the multi-currency, hedged and duration hedged classes, the rate of the management fees is the same as the rate applicable to the base currency equivalent classes.

29 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 29 Management Fees (cont) Fund * A Acc A1 Acc B Acc B1 Acc C Acc D Acc E Acc I Acc IZ Acc J Acc R Acc S Acc X Acc Z Acc Mainstream Equity Funds (cont) US Large Cap Specialist Equity Funds Asia Pacific Property Securities Asian Dividend Maximiser Asian Equity Yield Asian Smaller Companies Asian Total Return BRIC (Brazil, Russia, India, China) China Opportunities Emerging Asia Emerging Europe Emerging s European Dividend Maximiser European Equity Focus European Equity Yield European Opportunities European Smaller Companies European Special Situations European Total Return Frontier s Equity Global Climate Change Equity Global Demographic Opportunities Global Dividend Maximiser Global Emerging Opportunities Global Emerging s Smaller Companies Global Energy Global Equity Yield Global Property Securities Global Recovery Global Small Cap Energy Global Smaller Companies Greater China Hong Kong Equity Indian Equity Indian Opportunities Japanese Opportunities Japanese Smaller Companies Korean Equity Latin American Middle East Swiss Equity Opportunities Swiss Small & Mid Cap Equity Taiwanese Equity UK Opportunities US Small & Mid-Cap Equity US Smaller Companies Style Equity Funds European Small & Mid-Cap Alpha Equity Funds European Equity Alpha Global Equity Alpha Japanese Equity Alpha Quantitative Equity Funds QEP Global Active * For the multi-currency, hedged and duration hedged classes, the rate of the management fees is the same as the rate applicable to the base currency equivalent classes.

30 Page 30 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Management Fees (cont) Fund * A Acc A1 Acc B Acc B1 Acc C Acc D Acc E Acc I Acc IZ Acc J Acc R Acc S Acc X Acc Z Acc Quantitative Equity Funds (cont) QEP Global Blend QEP Global Core QEP Global Emerging s QEP Global Quality QEP Global Plus Asset Allocation Funds Global Tactical Asset Allocation Multi-Asset Funds Asian Diversified Growth Emerging Multi-Asset Income ** Global Conservative Global Diversified Growth Global Dynamic Balanced Global Multi-Asset Allocation Global Multi-Asset Income Japan DGF Strategic Beta Wealth Preservation EUR Wealth Preservation Multi-Manager Funds Multi-Manager Global Diversity Absolute Return Funds Asian Bond Absolute Return Emerging s Debt Absolute Return European Alpha Absolute Return European Equity Absolute Return QEP Global Absolute ** Mainstream Bond Funds EURO Bond EURO Government Bond EURO Short Term Bond Global Bond Global Inflation Linked Bond Hong Kong Dollar Bond US Dollar Bond Specialist Bond Funds Asian Local Currency Bond EURO Corporate Bond EURO Credit Conviction EURO High Yield Global Corporate Bond Global High Income Bond Global High Yield Global Unconstrained Bond Strategic Bond Strategic Credit Specialist Bond Funds (Mediumhigher Risk) Asian Convertible Bond Emerging Bond Emerging Corporate Bond Emerging Local Currency Bond * For the multi-currency, hedged and duration hedged classes, the rate of the management fees is the same as the rate applicable to the base currency equivalent classes. ** Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

31 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 31 Management Fees (cont) Fund * A Acc A1 Acc B Acc B1 Acc C Acc D Acc E Acc I Acc IZ Acc J Acc R Acc S Acc X Acc Z Acc Specialist Bond Funds (Mediumhigher Risk) (cont) Global Conservative Convertible Bond Global Convertible Bond Global Credit Duration Hedged RMB Fixed Income Liquidity Funds EURO Liquidity US Dollar Liquidity Currency Funds Global Managed Currency Fund * A Dis AX Dis ** B Dis B1 Dis C Dis D Dis S Dis ** IZ Dis ** X Dis Z Dis A1 Dis Mainstream Equity Funds Asian Opportunities EURO Equity European Large Cap Global Equity Italian Equity Japanese Equity Swiss Equity UK Equity US Large Cap Specialist Equity Funds Asian Dividend Maximiser Asian Equity Yield Asian Smaller Companies Asian Total Return BRIC (Brazil, Russia, India, China) Emerging Asia Emerging Europe Emerging s European Dividend Maximiser European Equity (ex UK) European Equity Yield European Opportunities European Smaller Companies European Special Situations European Total Return Frontier s Equity Global Climate Change Equity Global Demographic Opportunities Global Dividend Maximiser Global Emerging Opportunities Global Energy Global Equity Yield Global Property Securities Global Recovery Global Small Cap Energy Global Smaller Companies Greater China Indian Equity Japanese Opportunities Japanese Smaller Companies Korean Equity Latin American * For the multi-currency, hedged and duration hedged classes, the rate of the management fees is the same as the rate applicable to the base currency equivalent classes. ** Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

32 Page 32 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Management Fees (cont) Fund * A Dis AX Dis ** B Dis B1 Dis C Dis D Dis S Dis ** IZ Dis ** X Dis Z Dis A1 Dis Specialist Equity Funds (cont) Middle East Taiwanese Equity UK Opportunities US Small & Mid-Cap Equity US Smaller Companies Alpha Equity Funds European Equity Alpha Global Equity Alpha Quantitative Equity Funds QEP Global Active QEP Global Blend QEP Global Core QEP Global Emerging s QEP Global Quality QEP Global Plus Multi-Asset Funds Emerging Multi-Asset Income ** Global Conservative Global Diversified Growth Global Dynamic Balanced Global Multi-Asset Income Wealth Preservation EUR Multi-Manager Funds Multi-Manager Global Diversity Absolute Return Funds Asian Bond Absolute Return Emerging s Debt Absolute Return QEP Global Absolute ** Mainstream Bond Funds EURO Bond EURO Government Bond EURO Short Term Bond Global Bond Global Inflation Linked Bond Hong Kong Dollar Bond US Dollar Bond Specialist Bond Funds Asian Local Currency Bond EURO Corporate Bond EURO Credit Conviction EURO High Yield Global Corporate Bond Global High Income Bond Global High Yield Global Unconstrained Bond Strategic Bond Strategic Credit Specialist Bond Funds (Medium-higher Risk) Asian Convertible Bond Emerging Bond Emerging Corporate Bond Emerging Local Currency Bond Global Convertible Bond Global Credit Duration Hedged RMB Fixed Income * For the multi-currency, hedged and duration hedged classes, the rate of the management fees is the same as the rate applicable to the base currency equivalent classes. ** Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

33 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 33 Management Fees (cont) Fund * A Dis AX Dis ** B Dis B1 Dis C Dis D Dis S Dis ** IZ Dis ** X Dis Z Dis A1 Dis Currency Funds Global Managed Currency Performance Fees In accordance with the provisions of the current prospectus, performance fees terms were applied to 13 Funds. Accordingly, the Investment Managers of the relevant Funds are entitled to receive from the funds a performance fee, in addition to management fee, provided that the increase in the Asset per share of the Funds over the calendar year outperforms their relevant benchmarks over the same period, in accordance with the high water mark principle, i.e. by reference to the Asset per Share at the end of any previous performance period (the High Water Mark). The performance period shall normally be each financial year except that where the Asset per Share as at the end of the financial year is lower than the High Water Mark, the performance period will commence on the date of the High Water Mark. If a performance fee is introduced on a Fund during a financial year, then its first performance period will commence on the date on which such fee is introduced. The performance fee is 15 of the outperformance (except for European Equity Focus, Global Tactical Asset Allocation and QEP Global Absolute, which is set at 10, and for European Alpha Absolute Return and European Equity Absolute Return which is set at 20) and is payable annually in January. Further details of the calculation of the performance fees can be found in the current prospectus. The Funds in relation to which performance fees were calculated during the period under review as well as details of the relevant Investment Managers and benchmarks are set out in the following table. Fund Investment Manager Benchmark Asian Convertible Bond Investment Management (Switzerland) AG UBS Asia ex Japan Convertible European Alpha Absolute Return Investment Management Limited 3 Month EUR London Interbank Offer Rate Act 360 European Equity Absolute Return Investment Management Limited 3 Month EUR London Interbank Offer Rate Act 360 European Equity Alpha Investment Management Limited MSCI Europe TR European Equity Focus Investment Management Limited MSCI Europe TR European Special Situations Investment Management Limited MSCI Europe TR Frontier s Equity Investment Management Limited MSCI Frontier s TR Global Emerging s Smaller Companies Investment Management Limited MSCI Emerging small cap TR Global Small Cap Energy Investment Management Limited MSCI World Energy TR Global Smaller Companies Investment Management Limited S&P Developed Small Cap TR Global Tactical Asset Allocation Investment Management Limited BBA Libor 3 Month Act 360 Japanese Equity Alpha Investment Management (Japan) Limited TOPIX TR Swiss Equity Opportunities Investment Management (Switzerland) AG Swiss Exchange Swiss Performance Index Dividends The Directors declared the following dividends during the period under review: Record Date Ex-Dividend Date Payment Date Fund Share Class Currency Gross Dividend Dividend per Share 28-Jan Jan Feb-2015 Asian Bond Absolute Return A Distribution 159, Asian Bond Absolute Return A1 Distribution 103, Asian Bond Absolute Return B1 Distribution Asian Bond Absolute Return D Distribution 7, Asian Bond Absolute Return EUR A1 Distribution EUR 30, Asian Bond Absolute Return EUR Hedged A1 Distribution EUR 21, Asian Bond Absolute Return HKD A Distribution HKD 264, Asian Dividend Maximiser A Distribution 593, Asian Dividend Maximiser AUD A Distribution AUD 34, Asian Dividend Maximiser AUD Hedged A Distribution AUD 50, Asian Dividend Maximiser CHF A Distribution CHF 1, Asian Dividend Maximiser EUR A Distribution EUR 16, Asian Dividend Maximiser EUR Hedged A Distribution EUR 93, Asian Dividend Maximiser EUR Hedged A1 Distribution EUR 19, Asian Dividend Maximiser EUR Hedged B Distribution EUR 156, * For the multi-currency, hedged and duration hedged classes, the rate of the management fees is the same as the rate applicable to the base currency equivalent classes. ** Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

34 Page 34 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Dividends (cont) Record Date Ex-Dividend Date Payment Date Fund Share Class Currency Gross Dividend Dividend per Share 28-Jan Jan Feb-2015 (cont) Asian Dividend Maximiser SGD A Distribution SGD 657, Asian Dividend Maximiser SGD Hegded A Distribution SGD 81, Asian Equity Yield A Distribution 1,233, Asian Equity Yield A1 Distribution 128, Asian Equity Yield C Distribution 452, Asian Equity Yield S Distribution 24, Asian Local Currency Bond A Distribution 4, Asian Local Currency Bond C Distribution 29, Asian Local Currency Bond EUR Hedged A Distribution EUR Emerging s Debt Absolute Return A1 Distribution 702, Emerging s Debt Absolute Return B1 Distribution 1, Emerging s Debt Absolute Return AUD Hedged A1 Distribution AUD 31, Emerging s Debt Absolute Return EUR Hedged A1 Distribution EUR 171, Emerging s Debt Absolute Return EUR Hedged B1 Distribution EUR European Dividend Maximiser Hedged A Distribution 360, European Equity Yield RMB Hedged A Distribution CNH 5, European Equity Yield SGD Hedged A Distribution SGD 129, European Equity Yield Hedged A1 Distribution 134, European Equity Yield Hedged A Distribution 239, Global Corporate Bond A1 Distribution 202, Global Corporate Bond A Distribution 482, Global Corporate Bond AUD Hedged A1 Distribution AUD 27, Global Corporate Bond RMB Hedged A Distribution CNH 50, Global Dividend Maximiser AX Distribution 3,536, Global Dividend Maximiser AUD Hedged A Distribution AUD 1,906, Global Dividend Maximiser JPY J Distribution JPY 2,916, Global Dividend Maximiser RMB Hedged A Distribution CNH 1,964, Global Equity Yield A1 Distribution 353, Global Equity Yield A Distribution 646, Global Equity Yield HKD A Distribution HKD 56, Global High Income Bond A Distribution 4, Global High Income Bond A1 Distribution 1, Global High Income Bond B Distribution 4, Global High Income Bond SGD Hedged A Distribution SGD Global High Yield A1 Distribution 594, Global High Yield AUD Hedged A1 Distribution AUD 119, Global Multi-Asset Income A Distribution 4,234, Global Multi-Asset Income A1 Distribution 442, Global Multi-Asset Income B Distribution 48, Global Multi-Asset Income C Distribution 309, Global Multi-Asset Income I Distribution 45, Global Multi-Asset Income J Distribution 164, Global Multi-Asset Income AUD Hedged A Distribution AUD 2,921, Global Multi-Asset Income GBP Hedged A Distribution GBP 489, Global Multi-Asset Income GBP Hedged I Distribution GBP 220, Global Multi-Asset Income HKD A Distribution HKD 16,587, Global Multi-Asset Income RMB Hedged A Distribution CNH 75, Global Multi-Asset Income SGD Hedged A Distribution SGD 2,992, Hong Kong Dollar Bond A Distribution HKD 7,693, Strategic Bond J Distribution Strategic Bond A Distribution 91, Feb Feb Mar-2015 Asian Bond Absolute Return A Distribution 164, Asian Bond Absolute Return A1 Distribution 103, Asian Bond Absolute Return B1 Distribution Asian Bond Absolute Return D Distribution 5, Asian Bond Absolute Return EUR A1 Distribution EUR 38, Asian Bond Absolute Return EUR Hedged A1 Distribution EUR 23, Asian Bond Absolute Return HKD A Distribution HKD 261, Asian Dividend Maximiser A Distribution 636, Asian Dividend Maximiser AUD A Distribution AUD 35, Asian Dividend Maximiser AUD Hedged A Distribution AUD 94, Asian Dividend Maximiser CHF A Distribution CHF 1, Asian Dividend Maximiser EUR A Distribution EUR 24, Asian Dividend Maximiser EUR Hedged A Distribution EUR 99,

35 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 35 Dividends (cont) Record Date Ex-Dividend Date Payment Date Fund Share Class Currency Gross Dividend Dividend per Share 25-Feb Feb Mar-2015 (cont) Asian Dividend Maximiser EUR Hedged A1 Distribution EUR 26, Asian Dividend Maximiser EUR Hedged B Distribution EUR 164, Asian Dividend Maximiser SGD A Distribution SGD 675, Asian Dividend Maximiser SGD Hegded A Distribution SGD 107, Asian Equity Yield A Distribution 1,236, Asian Equity Yield A1 Distribution 129, Asian Equity Yield C Distribution 465, Asian Equity Yield S Distribution 25, Asian Local Currency Bond A Distribution 3, Asian Local Currency Bond C Distribution 23, Asian Local Currency Bond EUR Hedged A Distribution EUR Emerging s Debt Absolute Return A1 Distribution 663, Emerging s Debt Absolute Return B1 Distribution 1, Emerging s Debt Absolute Return AUD Hedged A1 Distribution AUD 35, Emerging s Debt Absolute Return EUR Hedged A1 Distribution EUR 160, Emerging s Debt Absolute Return EUR Hedged B1 Distribution EUR European Dividend Maximiser Hedged A Distribution 418, European Equity Yield RMB Hedged A Distribution CNH 5, European Equity Yield SGD Hedged A Distribution SGD 122, European Equity Yield Hedged A1 Distribution 109, European Equity Yield Hedged A Distribution 242, Global Corporate Bond A1 Distribution 201, Global Corporate Bond A Distribution 489, Global Corporate Bond AUD Hedged A1 Distribution AUD 31, Global Corporate Bond RMB Hedged A Distribution CNH 57, Global Dividend Maximiser AX Distribution 4,300, Global Dividend Maximiser AUD Hedged A Distribution AUD 2,202, Global Dividend Maximiser JPY J Distribution JPY 3,467, Global Dividend Maximiser RMB Hedged A Distribution CNH 2,794, Global Equity Yield A1 Distribution 351, Global Equity Yield A Distribution 694, Global Equity Yield HKD A Distribution HKD 45, Global High Income Bond A Distribution 4, Global High Income Bond A1 Distribution 1, Global High Income Bond B Distribution 4, Global High Income Bond SGD Hedged A Distribution SGD Global High Yield A1 Distribution 602, Global High Yield AUD Hedged A1 Distribution AUD 104, Global Multi-Asset Income A Distribution 4,398, Global Multi-Asset Income A1 Distribution 457, Global Multi-Asset Income B Distribution 51, Global Multi-Asset Income C Distribution 320, Global Multi-Asset Income I Distribution 45, Global Multi-Asset Income J Distribution 199, Global Multi-Asset Income AUD Hedged A Distribution AUD 2,756, Global Multi-Asset Income GBP Hedged A Distribution GBP 507, Global Multi-Asset Income GBP Hedged I Distribution GBP 222, Global Multi-Asset Income HKD A Distribution HKD 15,689, Global Multi-Asset Income RMB Hedged A Distribution CNH 77, Global Multi-Asset Income SGD Hedged A Distribution SGD 3,052, Hong Kong Dollar Bond A Distribution HKD 9,758, Strategic Bond J Distribution Strategic Bond A Distribution 90, Mar Mar Apr-2015 Asian Bond Absolute Return A Distribution 161, Asian Bond Absolute Return A1 Distribution 101, Asian Bond Absolute Return B1 Distribution Asian Bond Absolute Return D Distribution 9, Asian Bond Absolute Return EUR A1 Distribution EUR 29, Asian Bond Absolute Return EUR Hedged A1 Distribution EUR 21, Asian Bond Absolute Return HKD A Distribution HKD 239, Asian Dividend Maximiser A Distribution 663, Asian Dividend Maximiser AUD A Distribution AUD 43, Asian Dividend Maximiser AUD Hedged A Distribution AUD 110, Asian Dividend Maximiser CHF A Distribution CHF 1,

36 Page 36 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Dividends (cont) Record Date Ex-Dividend Date Payment Date Fund Share Class Currency Gross Dividend Dividend per Share 25-Mar Mar Apr-2015 (cont) Asian Dividend Maximiser EUR A Distribution EUR 27, Asian Dividend Maximiser EUR Hedged A Distribution EUR 101, Asian Dividend Maximiser EUR Hedged A1 Distribution EUR 26, Asian Dividend Maximiser EUR Hedged B Distribution EUR 160, Asian Dividend Maximiser RMB Hedged A Distribution RMB Asian Dividend Maximiser SGD A Distribution SGD 712, Asian Dividend Maximiser SGD Hegded A Distribution SGD 150, Asian Equity Yield A Distribution 1,196, Asian Equity Yield A1 Distribution 121, Asian Equity Yield C Distribution 459, Asian Equity Yield S Distribution 24, Asian Local Currency Bond A Distribution 6, Asian Local Currency Bond C Distribution 52, Asian Local Currency Bond A1 Distribution 1, Asian Local Currency Bond B Distribution Asian Local Currency Bond EUR Hedged A Distribution EUR China Opportunities A Distribution HKD Emerging Bond B Distribution 1, Emerging Bond A1 Distribution Emerging Corporate Bond A1 Distribution Emerging Corporate Bond B Distribution Emerging Local Currency Bond A1 Distribution Emerging Local Currency Bond B Distribution Emerging s Debt Absolute Return A1 Distribution 627, Emerging s Debt Absolute Return B1 Distribution 1, Emerging s Debt Absolute Return A Distribution 350, Emerging s Debt Absolute Return B Distribution 87, Emerging s Debt Absolute Return AUD Hedged A1 Distribution AUD 34, Emerging s Debt Absolute Return EUR Hedged A1 Distribution EUR 146, Emerging s Debt Absolute Return EUR Hedged B1 Distribution EUR Emerging s Debt Absolute Return EUR Hedged A Distribution EUR 428, Emerging s Debt Absolute Return EUR Hedged B Distribution EUR 35, Emerging s Debt Absolute Return EUR Hedged Z Distribution EUR 17, Emerging s Debt Absolute Return SGD Hedged A Distribution SGD 823, EURO Bond A1 Distribution EUR 283, EURO Bond A Distribution EUR 1,694, EURO Bond B Distribution EUR 2,787, EURO Corporate Bond I Distribution EUR 508, EURO Credit Conviction A Distribution EUR 52, EURO Credit Conviction B Distribution EUR 9, EURO Credit Conviction C Distribution EUR 341, EURO Credit Conviction I Distribution EUR 318, EURO High Yield A Distribution EUR 44, EURO High Yield C Distribution EUR European Dividend Maximiser AX Distribution EUR European Dividend Maximiser A1 Distribution EUR 4,596, European Dividend Maximiser A Distribution EUR 6,443, European Dividend Maximiser B Distribution EUR 8,154, European Dividend Maximiser C Distribution EUR 3,846, European Dividend Maximiser Z Distribution EUR 444, European Dividend Maximiser Hedged A Distribution 521, European Equity Yield A1 Distribution EUR 44, European Equity Yield A Distribution EUR 172, European Equity Yield B Distribution EUR 67, European Equity Yield C Distribution EUR 43, European Equity Yield S Distribution EUR 20, European Equity Yield Z Distribution EUR 2, European Equity Yield RMB Hedged A Distribution CNH 5, European Equity Yield SGD Hedged A Distribution SGD 133, European Equity Yield Hedged A1 Distribution 149, European Equity Yield Hedged A Distribution 245, Global Bond EUR I Distribution EUR 393,

37 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 37 Dividends (cont) Record Date Ex-Dividend Date Payment Date Fund Share Class Currency Gross Dividend Dividend per Share 25-Mar Mar Apr-2015 (cont) Global Bond EUR Hedged A Distribution EUR 77, Global Bond EUR Hedged I Distribution EUR 477, Global Bond EUR Hedged A1 Distribution EUR 15, Global Bond EUR Hedged B Distribution EUR 213, Global Climate Change Equity EUR Hedged A Distribution EUR Global Conservative A Distribution EUR 53, Global Conservative A1 Distribution EUR 35, Global Conservative Convertible Bond A Distribution Global Conservative Convertible Bond CHF Hedged A Distribution CHF Global Conservative Convertible Bond EUR Hedged A Distribution EUR Global Convertible Bond C Distribution 206, Global Convertible Bond EUR Hedged B Distribution EUR 272, Global Convertible Bond EUR Hedged A Distribution EUR 165, Global Convertible Bond EUR Hedged A1 Distribution EUR 24, Global Convertible Bond EUR Hedged I Distribution EUR Global Corporate Bond A1 Distribution 187, Global Corporate Bond A Distribution 480, Global Corporate Bond AUD Hedged A1 Distribution AUD 36, Global Corporate Bond EUR Hedged A Distribution EUR 1,268, Global Corporate Bond EUR Hedged A1 Distribution EUR 90, Global Corporate Bond EUR Hedged B Distribution EUR 525, Global Corporate Bond RMB Hedged A Distribution CNH 61, Global Credit Duration Hedged I Distribution EUR Global Credit Duration Hedged A Distribution EUR 9, Global Credit Duration Hedged A1 Distribution EUR 1, Global Credit Duration Hedged B Distribution EUR 9, Global Credit Duration Hedged GBP Hedged I Distribution GBP 302, Global Demographic Opportunities EUR Hedged A Distribution EUR 5, Global Diversified Growth A Distribution EUR 45, Global Diversified Growth A1 Distribution EUR 30, Global Dividend Maximiser AX Distribution 5,597, Global Dividend Maximiser A Distribution 23,017, Global Dividend Maximiser B Distribution 4,691, Global Dividend Maximiser C Distribution 750, Global Dividend Maximiser A1 Distribution 8,858, Global Dividend Maximiser AUD Hedged A Distribution AUD 2,655, Global Dividend Maximiser EUR Hedged A Distribution EUR 2,813, Global Dividend Maximiser EUR Hedged A1 Distribution EUR 2,955, Global Dividend Maximiser EUR Hedged B Distribution EUR 4,533, Global Dividend Maximiser GBP C Distribution GBP 135, Global Dividend Maximiser GBP Z Distribution GBP 24, Global Dividend Maximiser JPY J Distribution JPY 4,782, Global Dividend Maximiser PLN Hedged A1 Distribution PLN 1,030, Global Dividend Maximiser RMB Hedged A Distribution CNH 3,310, Global Dividend Maximiser SGD A Distribution SGD 5,289, Global Dynamic Balanced A Distribution EUR 221, Global Dynamic Balanced A1 Distribution EUR 131, Global Dynamic Balanced B Distribution EUR 277, Global Energy EUR Hedged A Distribution EUR Global Equity Yield A1 Distribution 277, Global Equity Yield A Distribution 695, Global Equity Yield C Distribution 14, Global Equity Yield HKD A Distribution HKD 46, Global High Income Bond A Distribution 4, Global High Income Bond A1 Distribution 1, Global High Income Bond B Distribution 4, Global High Income Bond EUR Hedged A Distribution EUR 92, Global High Income Bond EUR Hedged B Distribution EUR 303, Global High Income Bond EUR Hedged A1 Distribution EUR 159, Global High Income Bond SGD Hedged A Distribution SGD Global High Yield A1 Distribution 653, Global High Yield A Distribution 2,172, Global High Yield B Distribution 123, Global High Yield S Distribution 58, Global High Yield AUD Hedged A1 Distribution AUD 108, Global High Yield EUR S Distribution EUR Global High Yield EUR Hedged B Distribution EUR 1,006, Global High Yield EUR Hedged A Distribution EUR 291,

38 Page 38 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Dividends (cont) Record Date Ex-Dividend Date Payment Date Fund Share Class Currency Gross Dividend Dividend per Share 25-Mar Mar Apr-2015 (cont) Global High Yield EUR Hedged A1 Distribution EUR 100, Global High Yield GBP S Distribution GBP 4, Global High Yield GBP Hedged I Distribution GBP Global High Yield GBP Hedged C Distribution GBP 1,084, Global Inflation Linked Bond A Distribution EUR 60, Global Inflation Linked Bond A1 Distribution EUR 7, Global Inflation Linked Bond B Distribution EUR 77, Global Managed Currency GBP A Distribution GBP Global Multi-Asset Income A Distribution 4,374, Global Multi-Asset Income A1 Distribution 472, Global Multi-Asset Income B Distribution 52, Global Multi-Asset Income C Distribution 322, Global Multi-Asset Income I Distribution 45, Global Multi-Asset Income J Distribution 255, Global Multi-Asset Income A Distribution SGD 2, Global Multi-Asset Income AUD Hedged A Distribution AUD 2,677, Global Multi-Asset Income CHF Hedged C Distribution CHF 111, Global Multi-Asset Income EUR Hedged A Distribution EUR 7,112, Global Multi-Asset Income EUR Hedged A1 Distribution EUR 2,184, Global Multi-Asset Income EUR Hedged B Distribution EUR 8,393, Global Multi-Asset Income EUR Hedged C Distribution EUR 231, Global Multi-Asset Income EUR Hedged Z Distribution EUR 1, Global Multi-Asset Income GBP Hedged A Distribution GBP 508, Global Multi-Asset Income GBP Hedged I Distribution GBP 221, Global Multi-Asset Income HKD A Distribution HKD 14,471, Global Multi-Asset Income RMB Hedged A Distribution CNH 74, Global Multi-Asset Income SGD Hedged A Distribution SGD 3,013, Global Unconstrained Bond EUR Hedged A Distribution EUR 39, Global Unconstrained Bond EUR Hedged B Distribution EUR 55, Hong Kong Dollar Bond A Distribution HKD 8,134, QEP Global Plus A Distribution 1, Strategic Bond J Distribution Strategic Bond A Distribution 86, Strategic Bond EUR Hedged A Distribution EUR 864, Strategic Bond EUR Hedged A1 Distribution EUR 290, Strategic Bond EUR Hedged B Distribution EUR 745, Strategic Credit EUR Hedged A Distribution EUR 1, Strategic Credit EUR Hedged B Distribution EUR US Dollar Bond A1 Distribution 9, US Dollar Bond A Distribution 682, US Dollar Bond S Distribution 48, US Dollar Bond EUR Hedged A Distribution EUR 48, US Dollar Bond EUR Hedged A1 Distribution EUR 6, US Dollar Bond EUR Hedged B Distribution EUR 40, US Dollar Bond GBP Hedged A Distribution GBP 4, Apr Apr May-2015 Asian Bond Absolute Return A Distribution 158, Asian Bond Absolute Return A1 Distribution 98, Asian Bond Absolute Return B1 Distribution Asian Bond Absolute Return D Distribution 2, Asian Bond Absolute Return EUR A1 Distribution EUR 17, Asian Bond Absolute Return EUR Hedged A1 Distribution EUR 20, Asian Bond Absolute Return HKD A Distribution HKD 221, Asian Dividend Maximiser A Distribution 695, Asian Dividend Maximiser AUD A Distribution AUD 49, Asian Dividend Maximiser AUD Hedged A Distribution AUD 130, Asian Dividend Maximiser CHF A Distribution CHF 1, Asian Dividend Maximiser EUR A Distribution EUR 30, Asian Dividend Maximiser EUR Hedged A Distribution EUR 105, Asian Dividend Maximiser EUR Hedged A1 Distribution EUR 31, Asian Dividend Maximiser EUR Hedged B Distribution EUR 164, Asian Dividend Maximiser RMB Hedged A Distribution RMB Asian Dividend Maximiser SGD A Distribution SGD 690, Asian Dividend Maximiser SGD Hegded A Distribution SGD 172, Asian Equity Yield A Distribution 1,110, Asian Equity Yield A1 Distribution 112, Asian Equity Yield C Distribution 530,

39 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 39 Dividends (cont) Record Date Ex-Dividend Date Payment Date Fund Share Class Currency Gross Dividend Dividend per Share 29-Apr Apr May-2015 (cont) Asian Equity Yield S Distribution 26, Asian Local Currency Bond A Distribution 3, Asian Local Currency Bond C Distribution 27, Asian Local Currency Bond EUR Hedged A Distribution EUR Emerging s Debt Absolute Return A1 Distribution 614, Emerging s Debt Absolute Return B1 Distribution 1, Emerging s Debt Absolute Return AUD Hedged A1 Distribution AUD 35, Emerging s Debt Absolute Return EUR Hedged A1 Distribution EUR 139, Emerging s Debt Absolute Return EUR Hedged B1 Distribution EUR Emerging Multi-Asset Income A Distribution Emerging Multi-Asset Income A1 Distribution Emerging Multi-Asset Income C Distribution Emerging Multi-Asset Income I Distribution 42, Emerging Multi-Asset Income AUD Hedged A Distribution AUD Emerging Multi-Asset Income SGD Hedged A Distribution SGD European Dividend Maximiser AX Distribution EUR European Dividend Maximiser Hedged A Distribution 1,092, European Equity Yield RMB Hedged A Distribution CNH 5, European Equity Yield SGD Hedged A Distribution SGD 133, European Equity Yield Hedged A1 Distribution 236, European Equity Yield Hedged A Distribution 226, Global Corporate Bond A1 Distribution 230, Global Corporate Bond A Distribution 603, Global Corporate Bond S Distribution 10, Global Corporate Bond AUD Hedged A1 Distribution AUD 41, Global Corporate Bond RMB Hedged A Distribution CNH 78, Global Dividend Maximiser AX Distribution 6,442, Global Dividend Maximiser AUD Hedged A Distribution AUD 3,102, Global Dividend Maximiser JPY J Distribution JPY 7,670, Global Dividend Maximiser RMB Hedged A Distribution CNH 3,597, Global Equity Yield A1 Distribution 252, Global Equity Yield A Distribution 643, Global Equity Yield HKD A Distribution HKD 113, Global High Income Bond A Distribution 5, Global High Income Bond B Distribution 4, Global High Yield A1 Distribution 675, Global High Yield AUD Hedged A1 Distribution AUD 124, Global Multi-Asset Income A Distribution 4,341, Global Multi-Asset Income A1 Distribution 524, Global Multi-Asset Income B Distribution 52, Global Multi-Asset Income C Distribution 339, Global Multi-Asset Income I Distribution 41, Global Multi-Asset Income J Distribution 365, Global Multi-Asset Income A Distribution SGD 13, Global Multi-Asset Income AUD Hedged A Distribution AUD 2,584, Global Multi-Asset Income GBP Hedged A Distribution GBP 491, Global Multi-Asset Income GBP Hedged I Distribution GBP 222, Global Multi-Asset Income HKD A Distribution HKD 13,056, Global Multi-Asset Income RMB Hedged A Distribution CNH 58, Global Multi-Asset Income SGD Hedged A Distribution SGD 3,165, Hong Kong Dollar Bond A Distribution HKD 8,753, Strategic Bond J Distribution Strategic Bond A Distribution 84, UK Equity S Distribution GBP 11, US Dollar Bond S Distribution 29, May May Jun-2015 Asian Bond Absolute Return A Distribution 153, Asian Bond Absolute Return A1 Distribution 97, Asian Bond Absolute Return B1 Distribution Asian Bond Absolute Return D Distribution 1, Asian Bond Absolute Return EUR A1 Distribution EUR 10, Asian Bond Absolute Return EUR Hedged A1 Distribution EUR 20, Asian Bond Absolute Return HKD A Distribution HKD 207, Asian Dividend Maximiser A Distribution 703, Asian Dividend Maximiser AUD A Distribution AUD 50,

40 Page 40 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Dividends (cont) Record Date Ex-Dividend Date Payment Date Fund Share Class Currency Gross Dividend Dividend per Share 27-May May Jun-2015 (cont) Asian Dividend Maximiser AUD Hedged A Distribution AUD 137, Asian Dividend Maximiser CHF A Distribution CHF 1, Asian Dividend Maximiser EUR A Distribution EUR 42, Asian Dividend Maximiser EUR Hedged A Distribution EUR 106, Asian Dividend Maximiser EUR Hedged A1 Distribution EUR 31, Asian Dividend Maximiser EUR Hedged B Distribution EUR 164, Asian Dividend Maximiser RMB Hedged A Distribution CNH Asian Dividend Maximiser SGD A Distribution SGD 693, Asian Dividend Maximiser SGD Hegded A Distribution SGD 202, Asian Equity Yield A Distribution 1,055, Asian Equity Yield A1 Distribution 104, Asian Equity Yield C Distribution 518, Asian Equity Yield S Distribution 23, Asian Local Currency Bond A Distribution 3, Asian Local Currency Bond C Distribution 27, Asian Local Currency Bond EUR Hedged A Distribution EUR Emerging s Debt Absolute Return A1 Distribution 591, Emerging s Debt Absolute Return B1 Distribution 1, Emerging s Debt Absolute Return AUD Hedged A1 Distribution AUD 34, Emerging s Debt Absolute Return EUR Hedged A1 Distribution EUR 134, Emerging s Debt Absolute Return EUR Hedged B1 Distribution EUR Emerging Multi-Asset Income A Distribution Emerging Multi-Asset Income A1 Distribution Emerging Multi-Asset Income C Distribution Emerging Multi-Asset Income I Distribution 99, Emerging Multi-Asset Income AUD Hedged A Distribution AUD Emerging Multi-Asset Income SGD Hedged A Distribution SGD European Dividend Maximiser AX Distribution EUR European Dividend Maximiser Hedged A Distribution 1,741, European Equity Yield RMB Hedged A Distribution CNH 10, European Equity Yield SGD Hedged A Distribution SGD 136, European Equity Yield Hedged A1 Distribution 264, European Equity Yield Hedged A Distribution 243, Global Corporate Bond A1 Distribution 173, Global Corporate Bond A Distribution 450, Global Corporate Bond AUD Hedged A1 Distribution AUD 38, Global Corporate Bond RMB Hedged A Distribution CNH 116, Global Dividend Maximiser AX Distribution 6,663, Global Dividend Maximiser AUD Hedged A Distribution AUD 3,134, Global Dividend Maximiser JPY J Distribution JPY 8,940, Global Dividend Maximiser RMB Hedged A Distribution CNH 3,526, Global Equity Yield A1 Distribution 236, Global Equity Yield A Distribution 590, Global Equity Yield HKD A Distribution HKD 111, Global High Income Bond A Distribution 5, Global High Income Bond B Distribution 4, Global High Yield A1 Distribution 669, Global High Yield AUD Hedged A1 Distribution AUD 103, Global Multi-Asset Income A Distribution 4,289, Global Multi-Asset Income SGD A Distribution SGD 18, Global Multi-Asset Income A1 Distribution 539, Global Multi-Asset Income B Distribution 52, Global Multi-Asset Income C Distribution 346, Global Multi-Asset Income I Distribution 42, Global Multi-Asset Income J Distribution 440, Global Multi-Asset Income AUD Hedged A Distribution AUD 2,351, Global Multi-Asset Income GBP Hedged A Distribution GBP 480, Global Multi-Asset Income GBP Hedged I Distribution GBP 218, Global Multi-Asset Income HKD A Distribution HKD 11,934, Global Multi-Asset Income RMB Hedged A Distribution CNH 53, Global Multi-Asset Income SGD Hedged A Distribution SGD 3,177, Hong Kong Dollar Bond A Distribution HKD 9,992, Strategic Bond J Distribution Strategic Bond A Distribution 82,

41 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 41 Dividends (cont) Record Date Ex-Dividend Date Payment Date Fund Share Class Currency Gross Dividend Dividend per Share 24-Jun Jun Jul-2015 Asian Bond Absolute Return A Distribution 136, Asian Bond Absolute Return A1 Distribution 102, Asian Bond Absolute Return B1 Distribution Asian Bond Absolute Return D Distribution 1, Asian Bond Absolute Return EUR A1 Distribution EUR 5, Asian Bond Absolute Return EUR Hedged A1 Distribution EUR 18, Asian Bond Absolute Return HKD A Distribution HKD 194, Asian Dividend Maximiser A Distribution 715, Asian Dividend Maximiser AUD A Distribution AUD 51, Asian Dividend Maximiser AUD Hedged A Distribution AUD 139, Asian Dividend Maximiser CHF A Distribution CHF 1, Asian Dividend Maximiser EUR A Distribution EUR 41, Asian Dividend Maximiser EUR Hedged A Distribution EUR 110, Asian Dividend Maximiser EUR Hedged A1 Distribution EUR 35, Asian Dividend Maximiser EUR Hedged B Distribution EUR 163, Asian Dividend Maximiser RMB Hedged A Distribution CNH Asian Dividend Maximiser SGD A Distribution SGD 682, Asian Dividend Maximiser SGD Hegded A Distribution SGD 220, Asian Equity Yield A Distribution 986, Asian Equity Yield A1 Distribution 101, Asian Equity Yield C Distribution 485, Asian Equity Yield S Distribution 22, Asian Local Currency Bond A Distribution 3, Asian Local Currency Bond C Distribution 27, Asian Local Currency Bond EUR Hedged A Distribution EUR Emerging s Debt Absolute Return A1 Distribution 536, Emerging s Debt Absolute Return B1 Distribution 1, Emerging s Debt Absolute Return AUD Hedged A1 Distribution AUD 33, Emerging s Debt Absolute Return EUR Hedged A1 Distribution EUR 131, Emerging s Debt Absolute Return EUR Hedged B1 Distribution EUR Emerging Multi-Asset Income A Distribution Emerging Multi-Asset Income A1 Distribution Emerging Multi-Asset Income C Distribution Emerging Multi-Asset Income I Distribution 99, Emerging Multi-Asset Income AUD Hedged A Distribution AUD Emerging Multi-Asset Income SGD Hedged A Distribution SGD European Dividend Maximiser AX Distribution EUR European Dividend Maximiser Hedged A Distribution 1,887, European Equity Yield RMB Hedged A Distribution CNH 9, European Equity Yield SGD Hedged A Distribution SGD 143, European Equity Yield Hedged A1 Distribution 258, European Equity Yield Hedged A Distribution 242, Global Corporate Bond A1 Distribution 133, Global Corporate Bond A Distribution 353, Global Corporate Bond AUD Hedged A1 Distribution AUD 21, Global Corporate Bond RMB Hedged A Distribution CNH 69, Global Dividend Maximiser AX Distribution 6,996, Global Dividend Maximiser AUD Hedged A Distribution AUD 3,336, Global Dividend Maximiser JPY J Distribution JPY 12,196, Global Dividend Maximiser RMB Hedged A Distribution CNH 3,467, Global Equity Yield A1 Distribution 228, Global Equity Yield A Distribution 575, Global Equity Yield HKD A Distribution HKD 131, Global High Income Bond A Distribution 4, Global High Income Bond B Distribution 4, Global High Yield A1 Distribution 747, Global High Yield AUD Hedged A1 Distribution AUD 98, Global Multi-asset Allocation B Distribution Global Multi-Asset Income A Distribution 4,220, Global Multi-Asset Income SGD A Distribution SGD 28, Global Multi-Asset Income A1 Distribution 544, Global Multi-Asset Income B Distribution 53, Global Multi-Asset Income C Distribution 347, Global Multi-Asset Income I Distribution 41, Global Multi-Asset Income J Distribution 522, Global Multi-Asset Income AUD Hedged A Distribution AUD 2,245,

42 Page 42 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Dividends (cont) Record Date Ex-Dividend Date Payment Date Fund Share Class Currency Gross Dividend Dividend per Share 24-Jun Jun Jul-2015 (cont) Global Multi-Asset Income GBP Hedged A Distribution GBP 462, Global Multi-Asset Income GBP Hedged I Distribution GBP 215, Global Multi-Asset Income HKD A Distribution HKD 10,768, Global Multi-Asset Income RMB Hedged A Distribution CNH 58, Global Multi-Asset Income SGD Hedged A Distribution SGD 3,141, Hong Kong Dollar Bond A Distribution HKD 8,570, Strategic Bond J Distribution Strategic Bond A Distribution 81, China Opportunities A Distribution HKD Global Conservative Convertible Bond A Distribution Global Conservative Convertible Bond EUR Hedged A Distribution EUR Global Conservative Convertible Bond CHF Hedged A Distribution CHF Emerging Bond B Distribution 2, Emerging Bond A1 Distribution Emerging Corporate Bond A1 Distribution Emerging Corporate Bond B Distribution 1, Emerging Local Currency Bond A1 Distribution Emerging Local Currency Bond B Distribution Emerging s Debt Absolute Return A Distribution 312, Emerging s Debt Absolute Return B Distribution 81, Emerging s Debt Absolute Return EUR Hedged A Distribution EUR 377, Emerging s Debt Absolute Return EUR Hedged B Distribution EUR 24, Emerging s Debt Absolute Return EUR Hedged Z Distribution EUR 11, Emerging s Debt Absolute Return SGD Hedged A Distribution SGD 772, EURO Bond A1 Distribution EUR 269, EURO Bond A Distribution EUR 1,374, EURO Bond B Distribution EUR 2,522, EURO Corporate Bond I Distribution EUR 523, EURO Credit Conviction A Distribution EUR 110, EURO Credit Conviction B Distribution EUR 15, EURO Credit Conviction C Distribution EUR 377, EURO Credit Conviction I Distribution EUR 344, EURO High Yield A Distribution EUR 65, EURO High Yield C Distribution EUR European Dividend Maximiser A1 Distribution EUR 4,686, European Dividend Maximiser A Distribution EUR 6,440, European Dividend Maximiser B Distribution EUR 8,344, European Dividend Maximiser C Distribution EUR 3,412, European Dividend Maximiser Z Distribution EUR 436, European Equity Yield A1 Distribution EUR 42, European Equity Yield A Distribution EUR 183, European Equity Yield B Distribution EUR 81, European Equity Yield C Distribution EUR 55, European Equity Yield S Distribution EUR 128, European Equity Yield Z Distribution EUR 2, Global Bond EUR I Distribution EUR 392, Global Bond EUR Hedged A Distribution EUR 53, Global Bond EUR Hedged I Distribution EUR 508, Global Bond EUR Hedged A1 Distribution EUR 19, Global Bond EUR Hedged B Distribution EUR 214, Global Conservative A Distribution EUR 44, Global Conservative A1 Distribution EUR 34, Global Convertible Bond C Distribution 212, Global Convertible Bond EUR Hedged B Distribution EUR 290, Global Convertible Bond EUR Hedged A Distribution EUR 190, Global Convertible Bond EUR Hedged A1 Distribution EUR 25, Global Convertible Bond EUR Hedged I Distribution EUR Global Corporate Bond EUR Hedged A Distribution EUR 1,176, Global Corporate Bond EUR Hedged A1 Distribution EUR 86, Global Corporate Bond EUR Hedged B Distribution EUR 462, Global High Yield GBP Hedged I Distribution GBP Global Credit Duration Hedged I Distribution EUR Global Credit Duration Hedged A Distribution EUR 9, Global Credit Duration Hedged A1 Distribution EUR 1, Global Credit Duration Hedged B Distribution EUR 9,

43 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 43 Dividends (cont) Record Date Ex-Dividend Date Payment Date Fund Share Class Currency Gross Dividend Dividend per Share 24-Jun Jun Jul-2015 (cont) Global Credit Duration Hedged GBP Hedged I Distribution GBP 248, Global Demographic Opportunities EUR Hedged A Distribution EUR 8, Global Diversified Growth A Distribution EUR 44, Global Diversified Growth A1 Distribution EUR 30, Global Dividend Maximiser A Distribution 29,916, Global Dividend Maximiser B Distribution 4,586, Global Dividend Maximiser C Distribution 978, Global Dividend Maximiser A1 Distribution 8,907, Global Dividend Maximiser EUR Hedged A Distribution EUR 2,669, Global Dividend Maximiser EUR Hedged A1 Distribution EUR 2,743, Global Dividend Maximiser EUR Hedged B Distribution EUR 4,045, Global Dividend Maximiser PLN Hedged A1 Distribution PLN 958, Global Dividend Maximiser GBP C Distribution GBP 187, Global Dividend Maximiser GBP Z Distribution GBP 26, Global Dividend Maximiser SGD A Distribution SGD 7,655, Global Dynamic Balanced A Distribution EUR 266, Global Dynamic Balanced A1 Distribution EUR 220, Global Dynamic Balanced B Distribution EUR 422, Global Equity Yield C Distribution 14, Global High Income Bond EUR Hedged A Distribution EUR 89, Global High Income Bond EUR Hedged B Distribution EUR 331, Global High Income Bond EUR Hedged A1 Distribution EUR 165, Global High Yield A Distribution 2,235, Global High Yield B Distribution 122, Global High Yield S Distribution Global High Yield EUR S Distribution EUR Global High Yield EUR Hedged B Distribution EUR 880, Global High Yield EUR Hedged A Distribution EUR 285, Global High Yield EUR Hedged A1 Distribution EUR 91, Global High Yield GBP S Distribution GBP 3, Global High Yield GBP Hedged C Distribution GBP 1,050, Global Inflation Linked Bond A Distribution EUR 75, Global Inflation Linked Bond A1 Distribution EUR 9, Global Inflation Linked Bond B Distribution EUR 100, Global Managed Currency GBP A Distribution GBP Global Multi-Asset Income CHF Hedged C Distribution CHF 107, Global Multi-Asset Income EUR Hedged A Distribution EUR 7,161, Global Multi-Asset Income EUR Hedged A1 Distribution EUR 2,043, Global Multi-Asset Income EUR Hedged B Distribution EUR 8,233, Global Multi-Asset Income EUR Hedged C Distribution EUR 244, Global Multi-Asset Income EUR Hedged Z Distribution EUR 1, Global Unconstrained Bond EUR Hedged A Distribution EUR 31, Global Unconstrained Bond EUR Hedged B Distribution EUR 79, Strategic Bond EUR Hedged A Distribution EUR 806, Strategic Bond EUR Hedged A1 Distribution EUR 260, Strategic Bond EUR Hedged B Distribution EUR 693, Strategic Credit EUR Hedged A Distribution EUR 1, Strategic Credit EUR Hedged B Distribution EUR 1, US Dollar Bond A1 Distribution 10, US Dollar Bond A Distribution 670, US Dollar Bond S Distribution 50, US Dollar Bond EUR Hedged A Distribution EUR 42, US Dollar Bond EUR Hedged A1 Distribution EUR 5, US Dollar Bond EUR Hedged B Distribution EUR 33, US Dollar Bond GBP Hedged A Distribution GBP 4, Emerging s Debt Absolute Return JPY Hedged C Distribution JPY 140,236, Emerging s GBP I Distribution GBP 169, Emerging s GBP S Distribution GBP EURO Corporate Bond A Distribution EUR 3,926, EURO Corporate Bond B Distribution EUR 2,037, EURO Corporate Bond A1 Distribution EUR 379, EURO Corporate Bond JPY Hedged C Distribution JPY 279,513, European Equity (Ex UK) S Distribution EUR 133, European Opportunities A Distribution EUR 641, European Opportunities C Distribution EUR 554, European Opportunities S Distribution EUR European Opportunities GBP A Distribution GBP 7, European Opportunities GBP C Distribution GBP 142,

44 Page 44 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Dividends (cont) Record Date Ex-Dividend Date Payment Date Fund Share Class Currency Gross Dividend Dividend per Share 24-Jun Jun Jul-2015 (cont) European Opportunities A Distribution 60, European Opportunities C Distribution 61, Global Corporate Bond SGD Hedged A Distribution SGD 168, EURO Corporate Bond Z distribution EUR 5,811, Global Property Securities EUR A Distribution EUR 14, Global Property Securities EUR Z distribution EUR 317, Multi-Manager Global Diversity A Distribution 1, Multi-Manager Global Diversity C Distribution 27, Strategic Credit C Distribution GBP 7,164, Strategic Credit S Distribution GBP 404, Strategic Credit EUR C Distribution EUR 3, Strategic Credit EUR Hedged C Distribution EUR 1,135, Strategic Credit Hedged C Distribution 2,418, Strategic Credit Hedged S Distribution 12, UK Opportunities A Distribution GBP 573, UK Opportunities C Distribution GBP 1,840, UK Opportunities S Distribution GBP 19, UK Opportunities EUR A Distribution EUR 698, UK Opportunities EUR C Distribution EUR 22, UK Opportunities A Distribution 92, UK Opportunities C Distribution 91, QEP Global Plus A Distribution 2, QEP Global Absolute GBP Hedged I Distribution GBP 21, Futures Contracts Futures contracts were valued at the last available price on 30 June The counterparty for all outstanding future contracts was UBS. The unrealised appreciation/(depreciation) is shown in the Statement of under unrealised appreciation/(depreciation) on futures contracts. On 30 June 2015, the following Funds held open futures contracts: Maturity Date Quantity Contract Currency (Short)/ Long position Price Unrealised Appreciation/ (Depreciation) Japanese Equity Sep Topix Index Future JPY 4,465,023,817 1, ( 95,283,817 ) JPY ( 95,283,817 ) European Total Return Sep S&P 500 Index Future ( 1,050,600 ) 2, ,829 EUR 15,829 Japanese Opportunities Sep Topix Index Future JPY 8,603,620,000 1, ( 92,410,000 ) JPY ( 92,410,000 ) US Small & Mid Cap Equity Sep Russell 2000 Mini Index Future 8,827,963 1, ( 59,063 ) Sep S&P Mid 400 EMINI Future 21,555,285 1, ( 313,635 ) ( 372,698 ) US Smaller Companies Sep Russell 2000 Mini Index Future 2,179,340 1, ( 49,750 ) ( 49,750 ) QEP Global Core Sep S&P 500 EMINI Future 26,029,460 2, ( 414,160 ) ( 414,160 ) Global Tactical Asset Allocation Jul Hang Seng Index Future HKD 5,448,977 26, ( 26,853 ) Jul IBEX 35 Index Future EUR 4,887,730 10, ,633 Jul MSCI Taiwan Index Future 9,222, ( 151,643 ) Jul OMXS30 Index Future SEK 4,814,300 1, Sep Year Mini JGB Future JPY 278,806, ,104 Sep AUST 10 Year Bond Long Future AUD 41,034, ,425 Sep CAN 10 Year Bond Future CAD 1,249, ,405 Sep DAX Index Future EUR 15,934,057 11, ( 432,453 )

45 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 45 Futures Contracts (cont) Maturity Date Quantity Contract Currency (Short)/ Long position Price Unrealised Appreciation/ (Depreciation) Global Tactical Asset Allocation (cont) Sep DAX Index Future EUR ( 5,141,700 ) 11, ,473 Sep Euro STOXX 50 Future EUR 2,659,008 3, ( 55,796 ) Sep Euro STOXX 50 Future EUR ( 15,415,886 ) 3, ( 190,666 ) Sep Euro-BOBL Future EUR 2,070, ,169 Sep Euro-Bund Future EUR 913, ( 3,229 ) Sep Euro-BUXL 30 Year Bond Future EUR 300, ( 4,877 ) Sep FTSE 100 Index Future GBP 8,402,360 6, ( 259,187 ) Sep FTSE/JSE Top 40 Index Future ZAR ( 112,601,120 ) 46, ( 74,759 ) Sep Korea 10 Year Bond Future KRW ( 18,267,150,000 ) ( 84,353 ) Sep KOSPI 200 Index Future KRW 6,232,800, ( 47,094 ) Sep Long Gilt Future GBP 28,317, ( 543,415 ) Sep Mini MSCI Emerging s Index Future 7,803, ,665 Sep NASDAQ 100 E-Mini Future 13,536,093 4, ( 238,278 ) Sep Russell 2000 Mini Index Future 753,000 1, ( 1,380 ) Sep S&P 500 EMINI Future 23,003,640 2, ( 73,815 ) Sep S&P 500 EMINI Future ( 74,683,257 ) 2, ,969 Sep S&P/TSX 60 Index Future CAD 854, ( 9,978 ) Sep SPI 200 Future AUD 1,644,600 5, ( 19,655 ) Sep SPI 200 Future AUD ( 14,122,065 ) 5, ,268 Sep Swiss Index Future CHF 1,240,120 8, ( 602 ) Sep Topix Index Future JPY 1,419,860,000 1, ( 144,018 ) Sep US 5 Year Note Future (CBT) 2,381, ,875 Sep US 10 Year Note Future (CBT) 21,745, ,672 Sep US 10 Year Note Future (CBT) ( 38,413,352 ) ( 21,414 ) Mar DAY EURO$ Future ( 154,349,300 ) ( 23,325 ) ( 1,493,189 ) Emerging Multi-Asset Income * Jul FTSE China A50 Index Future ( 224,888 ) 12, ,508 Jul MSCI Taiwan Index Future 487, ( 8,011 ) Sep AUST 10 Year Bond Long Future AUD 1,743, ,944 Sep FTSE/JSE Top 40 Index Future ZAR ( 5,537,760 ) 46, ( 3,677 ) Sep MEX BOLSA Index Future MXN 3,647,600 44, ( 4,636 ) Sep Mini MSCI Emerging s Index Future 479, ,942 Sep S&P 500 EMINI Future 939,477 2, ( 9,889 ) Sep SPI 200 Future AUD ( 1,101,864 ) 5, ,315 Sep US 2 Year Note Future (CBT) ( 1,309,406 ) ( 4,031 ) Sep US 10 Year Note Future (CBT) ( 3,012,746 ) ( 11,629 ) Sep US Ultra Bond Future (CBT) ( 308,370 ) ( 12,294 ) Global Conservative Sep AUST 10 Year Bond Long Future AUD 2,619, ,787 Sep DAX Index Future EUR 853,610 10, ( 30,598 ) Sep Euro STOXX 50 Future EUR 1,276,324 3, ( 39,724 ) Sep Euro-BTP Future EUR ( 2,634,478 ) ,078 Sep Euro-Schatz Future EUR ( 1,112,300 ) ( 500 ) Sep FTSE 100 Index Future GBP 1,488,673 6, ( 80,772 ) Sep Long Gilt Future GBP 941, ( 19,980 ) Sep Mini MSCI Emerging s Index Future 2,210, ( 5,112 ) Sep NASDAQ 100 E-Mini Future 1,165,359 4, ( 22,204 ) Sep S&P 500 EMINI Future ( 1,139,820 ) 2, ,479 Sep Short Term Euro-BTP Future EUR 1,682, ( 12,450 ) Sep SPI 200 Future AUD ( 1,508,182 ) 5, ,547 Sep Topix Index Future JPY 198,120,000 1, ( 18,093 ) Sep US 10 Year Note Future (CBT) ( 7,064,125 ) ( 3,702 ) EUR ( 147,244 ) Global Diversified Growth Jul Mini-Hang Seng Index Future HKD 9,537,121 26, ( 42,303 ) Jul MSCI Taiwan Index Future 3,758, ( 55,469 ) Jul OMXS30 Index Future SEK 9,162,700 1, ( 5,290 ) * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

46 Page 46 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Futures Contracts (cont) Maturity Date Quantity Contract Currency (Short)/ Long position Price Unrealised Appreciation/ (Depreciation) Global Diversified Growth (cont) Jul SGX CNX Nifty Index Future 3,533,581 8, ,610 Sep Year Mini JGB Future JPY 542,938, ,442 Sep AUST 10 Year Bond Long Future AUD 1,995, ,933 Sep CAN 10 Year Bond Future CAD 36,164, ,881 Sep DAX Index Future EUR 22,762,939 10, ( 815,939 ) Sep Euro STOXX 50 Future EUR 21,520,237 3, ( 669,787 ) Sep Euro-BOBL Future EUR 4,141, ,108 Sep Euro-Bund Future EUR 1,827, ( 2,280 ) Sep Euro-BUXL 30 Year Bond Future EUR 601, ( 5,579 ) Sep FTSE 100 Index Future GBP 16,500,308 6, ( 972,915 ) Sep KOSPI 200 Index Future KRW 4,197,600, ( 28,531 ) Sep Long Gilt Future GBP 24,222, ( 334,433 ) Sep Mini MSCI Emerging s Index Future 8,282, ,850 Sep Mini Tokyo Price Index Future JPY 123,846,773 1, ( 11,468 ) Sep NASDAQ 100 E-Mini Future 1,344,645 4, ( 25,620 ) Sep NIKKEI 225 (OSE) Future JPY 6,513,490,377 20, ( 144,597 ) Sep Russell 2000 Mini Index Future 1,380,500 1, ( 6,022 ) Sep S&P 500 EMINI Future 1,657,920 2, ( 10,878 ) Sep S&P 500 EMINI Future ( 61,135,800 ) 2, ,132 Sep SPI 200 Future AUD 1,781,650 5, ( 19,041 ) Sep SPI 200 Future AUD ( 9,871,735 ) 5, ,307 Sep Swiss Index Future CHF 1,062,960 8, ( 5,434 ) Sep US 2 Year Note Future (CBT) ( 3,277,859 ) ( 5,147 ) Sep US 5 Year Note Future (CBT) 4,524, ,395 Sep US 5 Year Note Future (CBT) ( 1,073,680 ) Sep US 10 Year Note Future (CBT) 46,845, ( 129,470 ) EUR ( 2,718,222 ) Global Dynamic Balanced Sep AUST 10 Year Bond Long Future AUD 22,076, ,632 Sep DAX Index Future EUR 17,072,204 10, ( 611,954 ) Sep Euro STOXX 50 Future EUR 19,967,518 3, ( 903,268 ) Sep Euro-BTP Future EUR ( 22,788,232 ) ,772 Sep Euro-Schatz Future EUR ( 7,341,180 ) ( 3,300 ) Sep FTSE 100 Index Future GBP 19,516,860 6, ( 1,006,162 ) Sep Long Gilt Future GBP 6,705, ( 142,358 ) Sep Mini MSCI Emerging s Index Future 31,502, ( 14,457 ) Sep NASDAQ 100 E-Mini Future 15,777,168 4, ( 300,610 ) Sep S&P 500 EMINI Future 10,154,760 2, ( 66,629 ) Sep Short Term Euro-BTP Future EUR 9,759, ( 72,210 ) Sep SPI 200 Future AUD ( 23,582,477 ) 5, ,734 Sep Topix Index Future JPY 3,912,870,000 1, ( 357,331 ) Sep US 10 Year Note Future (CBT) ( 65,678,945 ) ( 72,721 ) EUR ( 2,758,862 ) Global Multi-Asset Allocation Sep AUST 10 Year Bond Long Future AUD 5,612, ,660 Sep DAX Index Future EUR 10,816,786 11, ( 298,372 ) Sep Euro STOXX 50 Future EUR 4,244,065 3, ( 116,681 ) Sep Euro-BTP Future EUR ( 4,083,440 ) ,925 Sep Euro-Bund Future EUR ( 10,839,600 ) ( 104,957 ) Sep FTSE 100 Index Future GBP 6,218,901 6, ( 321,371 ) Sep Mini MSCI Emerging s Index Future 10,175, ,416 Sep NASDAQ 100 E-Mini Future 7,203,665 4, ( 158,465 ) Sep NIKKEI 225 (OSE) Future JPY 1,116,018,600 20, ( 27,518 ) Sep SPI 200 Future AUD ( 5,758,512 ) 5, ,653 Sep Topix Index Future JPY 330,200,000 1, ( 33,493 ) Sep US 10 Year Note Future (CBT) ( 16,182,703 ) ( 73,313 ) ( 964,516 ) Global Multi-Asset Income Sep ,689 AUST 10 Year Bond Long Future AUD 335,011, ,400,529 Sep ,294 Euro STOXX 50 Future EUR 117,216,417 3, ( 2,935,844 ) Sep Euro-Bund Future EUR ( 59,080,386 ) ,038

47 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 47 Futures Contracts (cont) Maturity Date Quantity Contract Currency (Short)/ Long position Price Unrealised Appreciation/ (Depreciation) Global Multi-Asset Income (cont) Sep FTSE 100 Index Future GBP 33,340,128 6, ( 1,951,703 ) Sep ,418 Long Gilt Future GBP ( 161,994,180 ) ( 3,013,622 ) Sep S&P 500 EMINI Future 86,615,897 2, ( 1,610,285 ) Sep ,067 SPI 200 Future AUD ( 284,155,521 ) 5, ,058,683 Sep Topix Index Future JPY 16,262,350,000 1, ( 1,649,512 ) Sep US 5 Year Note Future (CBT) ( 81,361,068 ) ,176 Sep ,834 US 10 Year Note Future (CBT) ( 736,928,546 ) ,753,390 Sep ,048 US Ultra Bond Future (CBT) ( 159,735,548 ) ( 1,394,452 ) ( 5,239,602 ) Japan DGF Jul IBEX 35 Index Future EUR 6,524,775 10, ,654,309 Sep CAN 10 Year Bond Future CAD 6,289, ( 3,283,545 ) Sep DAX Index Future EUR ( 6,266,063 ) 11, ( 23,374,658 ) Sep Euro STOXX 50 Future EUR 4,653,890 3, ,094,627 Sep Euro-BUXL 30 Year Bond Future EUR 2,400, ( 4,941,046 ) Sep Korea 3 Year Bond Future KRW 13,429,140, ( 1,212,877 ) Sep Korea 10 Year Bond Future KRW ( 13,341,372,517 ) ( 741,474 ) Sep KOSPI 200 Index Future KRW 9,187,050, Sep S&P 500 EMINI Future ( 20,959,686 ) 2, ,673,640 Sep US 10 Year Note Future (CBT) ( 5,598,674 ) ,136,927 JPY 22,005,903 Strategic Beta 10 Jul Mini-Hang Seng Index Future HKD 13,351,970 26, ( 66,046 ) Jul OMXS30 Index Future SEK 1,397,700 1, Sep Year Mini JGB Future JPY 73,370, Sep AUST 10 Year Bond Long Future AUD 11,973, ,808 Sep CAN 10 Year Bond Future CAD 8,939, ( 20,415 ) Sep CAN 10 Year Bond Future CAD ( 10,236,927 ) ,349 Sep DAX Index Future EUR ( 4,968,450 ) 11, ( 32,799 ) Sep Euro STOXX 50 Future EUR 2,384,036 3, ,473 Sep Euro-BOBL Future EUR 517, Sep Euro-Bund Future EUR 304, ( 1,077 ) Sep Euro-Bund Future EUR ( 13,517,106 ) ,754 Sep Euro-BUXL 30 Year Bond Future EUR 1,961, ( 39,266 ) Sep Euro-Schatz Future EUR ( 14,348,670 ) ( 6,509 ) Sep FTSE 100 Index Future GBP 2,053,602 6, ( 42,267 ) Sep FTSE 100 Index Future GBP ( 5,717,280 ) 6, ,071 Sep Japan 10 Year Bond Future JPY ( 1,466,200,000 ) ( 28,591 ) Sep Korea 3 Year Bond Future KRW 9,931,740, ( 6,509 ) Sep Korea 10 Year Bond Future KRW 12,578,794, ,317 Sep Long Gilt Future GBP 3,504, ( 58,391 ) Sep Mini MSCI Emerging s Index Future 1,489, ,682 Sep Mini Tokyo Price Index Future JPY 254,298,707 1, ( 26,155 ) Sep NASDAQ 100 E-Mini Future 177,138 4, ( 1,008 ) Sep Russell 2000 Mini Index Future 4,643,500 1, ( 8,510 ) Sep S&P 500 EMINI Future 2,206,050 2, ( 37,013 ) Sep S&P 500 EMINI Future ( 4,307,050 ) 2, ,263 Sep SPI 200 Future AUD 3,015,100 5, ( 36,035 ) Sep US 2 Year Note Future (CBT) 15,737, ,625 Sep US 5 Year Note Future (CBT) 595, Sep US 10 Year Note Future (CBT) 17,723, ( 81,195 ) Sep US 10 Year Note Future (CBT) ( 20,887,539 ) ,961 Sep US Ultra Bond Future (CBT) 9,865, ( 179,320 ) ( 184,795 ) Wealth Preservation EUR Jul SGX CNX Nifty Index Future 235,004 8, ( 212 ) Jul SGX MSCI Indonesia Index Future 433,270 5, ( 2,640 ) Sep Euro STOXX 50 Future EUR 1,087,600 3, ( 9,110 ) Sep FTSE 100 Index Future GBP 199,275 6, ( 4,405 ) Sep NIKKEI 225 (SGX) Future JPY 234,002,500 20, ( 4,863 ) EUR ( 21,230 )

48 Page 48 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Futures Contracts (cont) Maturity Date Quantity Contract Currency (Short)/ Long position Price Unrealised Appreciation/ (Depreciation) Asian Bond Absolute Return Sep ,229 Korea 3 Year Bond Future KRW 134,169,930, ( 120,865 ) Sep Korea 10 Year Bond Future KRW ( 37,040,300,000 ) ,800 Sep US 5 Year Note Future (CBT) 83,904, ( 131,813 ) Sep US 10 Year Note Future (CBT) 67,198, ( 157,938 ) Sep US Long Bond Future (CBT) ( 4,323,366 ) ,491 ( 237,325 ) European Alpha Absolute Return Sep FTSE/MIB Index Future EUR ( 10,932,950 ) 22, ( 14,955 ) EUR ( 14,955 ) European Equity Absolute Return Sep DAX Index Future EUR ( 3,689,291 ) 11, ,804 Sep Euro STOXX 50 Future EUR ( 3,598,978 ) 3, ,978 EUR 276,782 EURO Bond Sep Euro-BOBL Future EUR 122,079, ,428 Sep Euro-BTP Future EUR 38,351, ( 131,339 ) Sep ,336 Euro-Bund Future EUR 201,653, ,217,683 Sep Euro-OAT Future EUR ( 42,092,000 ) ,560 Sep ,202 Long Gilt Future GBP ( 139,767,553 ) ,164,098 Sep US 2 Year Note Future (CBT) ( 15,736,500 ) ( 22,072 ) Sep ,472 US 5 Year Note Future (CBT) ( 175,260,000 ) ( 133,323 ) Sep ,443 US 10 Year Note Future (CBT) ( 307,688,548 ) ( 149,485 ) Sep US Long Bond Future (CBT) ( 1,704,508 ) ,398 Sep US Ultra Bond Future (CBT) ( 11,867,875 ) ,086 EUR 2,950,034 EURO Government Bond Sep Euro-BOBL Future EUR 12,555, ,670 Sep Euro-BTP Future EUR ( 132,992 ) ,992 Sep Euro-Bund Future EUR 40,625, ,087 Sep Euro-BUXL 30 Year Bond Future EUR 450, ( 6,300 ) Sep Long Gilt Future GBP 1,272, ( 841 ) Sep US 10 Year Note Future (CBT) ( 79,518,520 ) ( 447,145 ) Sep US Ultra Bond Future (CBT) 15,583, ( 185,883 ) EUR ( 100,420 ) EURO Short Term Bond Sep Euro-BOBL Future EUR 24,203, ,606 Sep ,310 Euro-Schatz Future EUR 145,711, ,950 Sep US 2 Year Note Future (CBT) ( 22,074,813 ) ( 30,962 ) Sep US 5 Year Note Future (CBT) ( 15,478,125 ) ( 11,775 ) EUR 38,819 Global Bond Sep AUST 10 Year Bond Long Future AUD 5,863, ,606 Sep Euro-BOBL Future EUR ( 14,220,710 ) ( 33,405 ) Sep Euro-Bund Future EUR 117,058, ,722,777 Sep Euro-OAT Future EUR 46,840, ( 733,491 ) Sep Euro-Schatz Future EUR 7,563, ,431 Sep Japan 10 Year Bond Future JPY 13,953,600, ,844 Sep Korea 10 Year Bond Future KRW 20,490,821, ,211 Sep Long Gilt Future GBP 15,328, ( 294,162 ) Sep US 2 Year Note Future (CBT) 3,934, ,906 Sep US 2 Year Note Future (CBT) ( 43,914,266 ) ( 85,890 ) Sep ,959 US 5 Year Note Future (CBT) ( 352,331,612 ) ( 274,851 ) Sep US 10 Year Note Future (CBT) 45,038, ,766 Sep ,547 US 10 Year Note Future (CBT) ( 193,518,724 ) ( 1,427,448 ) Sep US Long Bond Future (CBT) 37,459, ( 428,693 ) Sep US Ultra Bond Future (CBT) 2,895, ,718 ( 1,164,681 ) Global Inflation Linked Bond Sep AUST 10 Year Bond Long Future AUD ( 7,857,579 ) ( 23,297 ) Sep Euro-BTP Future EUR ( 5,984,644 ) ,644 Sep Euro-Bund Future EUR 20,110, ,535

49 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 49 Futures Contracts (cont) Maturity Date Quantity Contract Currency (Short)/ Long position Price Unrealised Appreciation/ (Depreciation) Global Inflation Linked Bond (cont) Sep Euro-OAT Future EUR 14,674, ( 204,930 ) Sep Long Gilt Future GBP ( 3,429,600 ) ( 53,541 ) Sep US 2 Year Note Future (CBT) 29,289, ,211 Sep US 5 Year Note Future (CBT) ( 33,396,563 ) ( 78,959 ) Sep US 10 Year Note Future (CBT) ( 51,474,463 ) ( 283,552 ) Sep US Ultra Bond Future (CBT) 11,838, ( 136,946 ) EUR ( 369,835 ) Hong Kong Dollar Bond Sep ,823 US 10 Year Note Future (CBT) ( 231,807,213 ) ,130,535 HKD 16,130,535 US Dollar Bond Sep Euro-Bund Future EUR 49,887, ,514 Sep US 2 Year Note Future (CBT) 64,194, ,093 Sep US 5 Year Note Future (CBT) ( 82,184,015 ) ( 39,188 ) Sep ,575 US 10 Year Note Future (CBT) ( 199,539,377 ) ,064,768 Sep US Long Bond Future (CBT) 37,893, ( 561,688 ) Sep US Ultra Bond Future (CBT) ( 39,046,875 ) ,378,125 Dec , DAY EURO$ Future 959,651, ,643 Dec , DAY EURO$ Future ( 952,124,556 ) ( 249,806 ) 2,841,461 Asian Local Currency Bond Sep Korea 3 Year Bond Future KRW 11,681,190, ( 10,523 ) Sep Korea 10 Year Bond Future KRW 25,505,530, ( 39,561 ) Sep US 5 Year Note Future (CBT) 5,370, ( 8,437 ) Sep US 10 Year Note Future (CBT) 12,504, ( 29,391 ) Sep US Long Bond Future (CBT) ( 1,698,465 ) ,621 ( 45,291 ) EURO Corporate Bond Sep Euro-BOBL Future EUR 116,777, ,670 Sep Euro-BOBL Future EUR ( 37,647,470 ) ( 51,580 ) Sep Euro-Bund Future EUR ( 36,260,957 ) ( 31,193 ) Sep Euro-BUXL 30 Year Bond Future EUR ( 33,991,433 ) ,273 Sep Euro-Schatz Future EUR ( 11,118,300 ) ( 9,200 ) Sep Long Gilt Future GBP ( 64,224,767 ) ,076,246 Sep US 5 Year Note Future (CBT) ( 25,260,071 ) ( 108,686 ) Sep US 10 Year Note Future (CBT) ( 55,964,797 ) ,119 Sep US Long Bond Future (CBT) ( 12,332,250 ) ,154 EUR 1,820,803 EURO Credit Conviction Sep Euro-BOBL Future EUR 17,089, ,220 Sep Euro-Bund Future EUR ( 6,512,780 ) ( 16,770 ) Sep Euro-BUXL 30 Year Bond Future EUR ( 3,459,305 ) ,625 Sep Long Gilt Future GBP ( 9,826,740 ) ,672 Sep US 5 Year Note Future (CBT) ( 3,433,328 ) ( 20,003 ) Sep US 10 Year Note Future (CBT) ( 22,917,711 ) ,101 Sep US Long Bond Future (CBT) ( 2,436,000 ) ,524 EUR 312,369 Global Corporate Bond Sep AUST 10 Year Bond Long Future AUD 18,406, ,555 Sep CAN 10 Year Bond Future CAD 45,780, ,078 Sep Euro-BOBL Future EUR 51,694, ( 4,474 ) Sep Euro-BOBL Future EUR ( 15,899,660 ) ( 39,236 ) Sep Euro-Bund Future EUR 24,820, ( 76,920 ) Sep Euro-Bund Future EUR ( 4,994,801 ) ( 18,221 ) Sep Euro-BUXL 30 Year Bond Future EUR ( 7,083,911 ) ,000 Sep Long Gilt Future GBP 6,472, ( 180,723 ) Sep Long Gilt Future GBP ( 29,695,140 ) ,334 Sep ,285 US 2 Year Note Future (CBT) 280,755, ,452 Sep US 5 Year Note Future (CBT) 74,740, ,374 Sep US 5 Year Note Future (CBT) ( 88,866,813 ) ,586 Sep US 10 Year Note Future (CBT) 27,716, ( 245,250 )

50 Page 50 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Futures Contracts (cont) Maturity Date Quantity Contract Currency (Short)/ Long position Price Unrealised Appreciation/ (Depreciation) Global Corporate Bond (cont) Sep ,628 US 10 Year Note Future (CBT) ( 333,806,719 ) ,637,656 Sep US Long Bond Future (CBT) 24,029, ( 246,031 ) Sep US Long Bond Future (CBT) ( 1,390,312 ) ,531 Sep US Ultra Bond Future (CBT) ( 127,335,938 ) ,489,688 7,781,399 Global High Income Bond Sep US 10 Year Note Future (CBT) ( 1,144,641 ) ,500 10,500 Global High Yield Sep Euro-Bund Future EUR ( 1,215,021 ) Sep US 5 Year Note Future (CBT) ( 11,449,055 ) ,305 Sep US 10 Year Note Future (CBT) ( 31,146,508 ) ,664 Sep US Long Bond Future (CBT) ( 20,854,677 ) , ,175 Global Unconstrained Bond Sep Euro-Bund Future EUR 6,946, ,634 Sep Japan 10 Year Bond Future JPY 293,760, ,470 Sep Long Gilt Future GBP 352, ( 8,566 ) Sep Long Gilt Future GBP ( 4,645,231 ) ,087 Sep US 2 Year Note Future (CBT) ( 437,125 ) ( 687 ) Sep US 5 Year Note Future (CBT) ( 6,667,971 ) ( 5,217 ) Sep US 10 Year Note Future (CBT) ( 8,684,938 ) ( 10,141 ) Sep US Long Bond Future (CBT) ( 2,779,418 ) ,855 Dec One-Day Interbank Deposit Future BRL 15,352, , ,883 Strategic Bond Sep Euro-BOBL Future EUR ( 9,043,020 ) ( 28,572 ) Sep ,322 Euro-Bund Future EUR 347,926, ,235,348 Sep Euro-Bund Future EUR ( 22,629,762 ) ,611 Sep Long Gilt Future GBP ( 71,406,278 ) ,412,513 Sep US 2 Year Note Future (CBT) 5,243, ,125 Sep US 2 Year Note Future (CBT) ( 58,336,094 ) ( 111,875 ) Sep ,358 US 5 Year Note Future (CBT) ( 1,114,376,254 ) ( 761,048 ) Sep US 10 Year Note Future (CBT) 1,630, ,594 Sep ,154 US 10 Year Note Future (CBT) ( 645,405,683 ) ( 4,078,848 ) Sep US Long Bond Future (CBT) 137,643, ( 1,563,193 ) Sep US Long Bond Future (CBT) ( 17,595,000 ) ,906 Sep US Ultra Bond Future (CBT) 54,862, ( 1,665,125 ) Sep US Ultra Bond Future (CBT) ( 3,955,617 ) ( 41,883 ) ( 1,296,447 ) Strategic Credit Sep Euro-BOBL Future EUR ( 1,552,440 ) ( 1,537 ) Sep Long Gilt Future GBP ( 12,752,110 ) ,800 Sep US 5 Year Note Future (CBT) ( 2,857,500 ) ( 1,547 ) GBP 149,716 Emerging Corporate Bond Sep US 5 Year Note Future (CBT) ( 1,074,164 ) ,688 Sep US 10 Year Note Future (CBT) 2,273, ( 5,063 ) Sep US Long Bond Future (CBT) ( 930,188 ) ,000 23,625 Global Credit Duration Hedged Sep Euro-BOBL Future EUR ( 14,100,630 ) ( 20,320 ) Sep Euro-Bund Future EUR 609, ( 1,683 ) Sep Euro-Bund Future EUR ( 3,644,707 ) Sep Euro-BUXL 30 Year Bond Future EUR ( 150,722 ) ,562 Sep Long Gilt Future GBP ( 4,910,220 ) ,909 Sep US 2 Year Note Future (CBT) 874, ,435 Sep US 2 Year Note Future (CBT) ( 6,338,094 ) ( 9,085 ) Sep US 5 Year Note Future (CBT) 1,539, ,196 Sep US 5 Year Note Future (CBT) ( 12,287,227 ) ,886 Sep US 10 Year Note Future (CBT) 5,588, ( 39,183 )

51 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 51 Futures Contracts (cont) Maturity Date Quantity Contract Currency (Short)/ Long position Price Unrealised Appreciation/ (Depreciation) Global Credit Duration Hedged (cont) Sep US 10 Year Note Future (CBT) ( 30,399,953 ) ,680 Sep US Long Bond Future (CBT) 1,694, ( 34,139 ) Sep US Long Bond Future (CBT) ( 2,458,509 ) ,598 Sep US Ultra Bond Future (CBT) 633, ( 16,498 ) Sep US Ultra Bond Future (CBT) ( 11,474,688 ) ,896 EUR 638,561 Cash Collateral Reinvestment For the purpose of counterparty risk mitigation, Funds with currency hedging transactions related to hedged share classes will pay or receive cash collateral on a daily basis from the counterparty, thus reducing their exposure over the duration of the forward contract. Investment Managers may reinvest the cash collateral they receive from their counterparty in connection with currency hedging. Collateral receivable or payable at the maturity date of the forward contracts are shown in the Statement of as Hedged Currency Class Forward Contract Collateral Receivable/Payable. Collateral calls receivable or payable are shown in the Statement of as Hedged Currency Class Forward Contract Collateral Calls Receivable/Payable. Forward Foreign Exchange Contracts Outstanding forward foreign exchange contracts were valued at the last available price on 30 June 2015, by reference to the forward rate of exchange applicable to the maturity of the contracts. The unrealised appreciation/(depreciation) is shown in the Statement of under unrealised appreciation/(depreciation) on forward foreign exchange contracts. On 30 June 2015, the following Funds were committed to outstanding forward foreign exchange contracts: Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Asian Opportunities Share Class Hedging PLN 46,628,427 12,423, Jul ,827 PLN 25,730,784 6,933, Aug-2015 ( 62,143 ) 370,908 PLN 1,384, Jul ( 22,486 ) EURO Equity Share Class Hedging CHF 19,781,600 EUR 18,954, Jul ,788 CNH 152,030,600 EUR 21,730, Jul ,725 EUR 459,238 CHF 478, Jul EUR 607,477 CNH 4,243, Jul-2015 ( 846 ) EUR 16,934 GBP 12, Jul-2015 ( 60 ) EUR 1,113,268 PLN 4,677, Jul-2015 ( 1,162 ) EUR 4,901,675 5,517, Jul-2015 ( 16,924 ) GBP 383,500 EUR 537, Jul PLN 154,068,018 EUR 37,082, Jul-2015 ( 376,536 ) PLN 92,520,866 EUR 22,173, Aug-2015 ( 156,415 ) 143,592,300 EUR 131,475, Jul-2015 ( 3,471,364 ) 138,001,100 EUR 122,737, Aug ,601 7,957,000 EUR 7,123, Sep-2015 ( 37,262 ) EUR ( 3,743,284 ) Global Equity Share Class Hedging AUD 738, , Jul-2015 ( 1,554 ) AUD 12,500 9, Jul-2015 ( 61 ) ( 1,615 )

52 Page 52 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Japanese Equity Share Class Hedging EUR 274,769,238 JPY 37,738,171, Jul-2015 ( 20,919,175 ) EUR 250,871,076 JPY 34,981,139, Jul-2015 ( 543,962,899 ) EUR 252,725,876 JPY 35,233,372, Jul-2015 ( 541,191,722 ) EUR 262,372,076 JPY 36,464,213, Jul-2015 ( 447,469,100 ) EUR 98,056,253 JPY 13,614,284, Jul-2015 ( 153,601,984 ) JPY 1,599,329,540 13,061, Jul , ,089,200 JPY 41,563,978, Jul-2015 ( 191,235,675 ) 314,998,900 JPY 38,914,282, Aug-2015 ( 379,096,999 ) JPY ( 2,276,488,940 ) Swiss Equity Share Class Hedging CHF 45,405 EUR 43, Jul-2015 ( 45 ) CHF 1,463 GBP 1, Jul-2015 ( 1 ) CHF 31,995 34, Jul EUR 2,619,600 CHF 2,734, Jul-2015 ( 3,632 ) GBP 44,800 CHF 65, Jul ,427,100 CHF 1,323, Jul ,194 CHF ( 1,431 ) UK Equity Share Class Hedging CHF 731,900 GBP 500, Jul-2015 ( 164 ) EUR 217,000 GBP 154, Jul-2015 ( 241 ) GBP 10,847 CHF 15, Jul GBP 2,074 EUR 2, Jul GBP 11,694 18, Jul ,000 GBP 514, Jul GBP 302 US Large Cap Share Class Hedging EUR 11,705,400 13,447, Jul-2015 ( 320,185 ) EUR 3,658,900 4,174, Jul-2015 ( 70,327 ) EUR 2,918,900 3,321, Jul-2015 ( 47,024 ) EUR 2,964,300 3,225, Aug ,499 EUR 6,131,300 6,742, Aug ,169 EUR 5,719,000 6,175, Aug ,863 EUR 2,465,900 2,697, Sep ,419 EUR 1,300 1, Sep EUR 14,831,400 16,636, Oct ,376 EUR 5,743,900 6,448, Oct ,559 EUR 16,670,804 18,214, Oct ,745 EUR 49,273,596 54,925, Oct ,996 EUR 36,037,400 40,684, Nov-2015 ( 188,438 ) 5,039,095 EUR 4,476, Jul , ,386 Asian Dividend Maximiser Share Class Hedging AUD 10,153,900 7,847, Jul-2015 ( 21,263 ) AUD 9,226,900 7,126, Jul-2015 ( 17,169 ) AUD 200, , Jul-2015 ( 215 ) CNH 64,400 10, Jul CNH Aug EUR 844, , Jul-2015 ( 18,428 ) EUR 1,356,900 1,547, Jul-2015 ( 26,049 ) EUR 1,889,800 2,151, Jul-2015 ( 31,675 ) EUR 1,033,800 1,176, Aug-2015 ( 16,675 ) EUR 757, , Aug ,955

53 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 53 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Asian Dividend Maximiser (cont) EUR 570, , Aug ,102 EUR 790, , Sep ,954 EUR 21,541,300 23,061, Sep ,120,816 EUR 11,792,800 12,931, Sep ,658 EUR 1,566,400 1,767, Oct-2015 ( 8,718 ) EUR 4,596,700 5,160, Oct ,048 EUR 4,764,100 5,313, Oct ,319 EUR 1,621,900 1,827, Nov-2015 ( 4,851 ) SGD 2,170,000 1,582, Jul ,180 SGD 1,711,700 1,243, Jul ,519 SGD 2,710,000 1,982, Jul ,733 SGD 2,773,900 2,041, Jul ,129 SGD 1,168, , Jul ,157 SGD 3,567,800 2,643, Aug ,951 SGD 2,827,100 2,117, Aug-2015 ( 18,096 ) SGD 2,893,800 2,161, Aug-2015 ( 12,881 ) SGD 461, , Aug-2015 ( 5,086 ) SGD 3,342,200 2,506, Sep-2015 ( 25,800 ) SGD 1,318, , Sep-2015 ( 80 ) SGD 2,817,900 2,085, Sep ,002 SGD 5,756,100 4,269, Sep ,946 SGD 3,627,300 2,709, Oct-2015 ( 18,448 ) SGD 719, , Oct-2015 ( 729 ) 338 CNH 2, Jul ,403 EUR 844, Jul-2015 ( 1,321 ) 1,046,013 EUR 932, Jul ,447,283 Asian Equity Yield Share Class Hedging EUR 144, , Jul-2015 ( 3,161 ) EUR 119, , Jul-2015 ( 2,531 ) EUR 201, , Aug-2015 ( 3,257 ) EUR 346, , Aug ,423 EUR 171, , Aug ,515 EUR 10,458,800 11,643, Sep ,043 EUR 116, , Oct-2015 ( 1,974 ) EUR 301, , Oct-2015 ( 1,302 ) 163,060 EUR 144, Jul ,021 EUR 119, Jul-2015 ( 557 ) 225,108 EUR 201, Aug-2015 ( 1,402 ) 388,944 EUR 346, Aug ,837 EUR 171, Aug ,333 EUR 37, Sep ,359 Asian Total Return Share Class Hedging EUR 2,865,400 3,274, Jul-2015 ( 60,880 ) EUR 2,635,800 2,995, Jul-2015 ( 38,952 ) EUR 7,455,600 8,366, Aug-2015 ( 2,558 ) EUR 3,178,100 3,405, Aug ,073 EUR 8,627,500 9,400, Aug ,345 EUR 2,190,500 2,369, Sep ,660 EUR 20,709,700 22,418, Sep ,776 EUR 21,809,400 24,290, Sep ,549 EUR 33,307,400 37,268, Sep ,730 EUR 29,407,400 32,812, Oct ,975 EUR 37,537,100 41,804, Oct ,008 EUR 22,167,100 25,073, Oct-2015 ( 170,493 ) EUR 7,313,600 8,273, Nov-2015 ( 56,172 )

54 Page 54 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Asian Total Return (cont) PLN 2,337, , Jul ,604 3,229,271 EUR 2,865, Jul ,560 2,394,809 EUR 2,128, Jul ,982 20,000 PLN 74, Jul ,955,269 Portfolio Hedging 248,333,076 AUD 317,800, Jul ,665,078 3,665,078 5,620,347 China Opportunities Share Class Hedging SGD 1,736,000 1,271, Jul ,459 SGD 409, , Jul ,264 SGD 1,090, , Jul ,033 SGD 953, , Jul ,642 SGD 127,700 94, Jul SGD 1,131, , Aug ,726 SGD 1,902,300 1,426, Aug-2015 ( 14,534 ) SGD 184, , Aug-2015 ( 966 ) SGD 170, , Sep-2015 ( 814 ) SGD 123,900 91, Sep SGD 2,188,000 1,615, Sep , ,170 SGD 165, Jul ,171 Emerging s Share Class Hedging AUD 124,300 96, Jul-2015 ( 262 ) AUD 5,200 4, Jul-2015 ( 19 ) EUR 23,900 27, Jul-2015 ( 702 ) EUR 675, , Jul-2015 ( 12,976 ) EUR 473, , Jul-2015 ( 5,375 ) EUR 27,300 31, Aug-2015 ( 440 ) EUR 1,124,400 1,224, Aug ,989 EUR 1,024,200 1,117, Aug ,382 EUR 160, , Sep ,463 EUR 156, , Sep EUR 72,300 80, Oct EUR 84,600 95, Oct-2015 ( 255 ) 1,161 AUD 1, Jul ,084 EUR 23, Jul-2015 ( 718 ) 327,357 EUR 292, Jul-2015 ( 250 ) 52,836 European Dividend Maximiser Share Class Hedging EUR 8,759,959 9,860, Jul-2015 ( 30,246 ) 125,249,500 EUR 114,736, Jul-2015 ( 3,084,249 ) 155,948,500 EUR 138,679, Aug ,288 3,606,200 EUR 3,228, Sep-2015 ( 16,887 ) EUR ( 2,848,094 ) European Equity (Ex UK) Share Class Hedging EUR 1,120,363 GBP 801, Jul-2015 ( 5,302 ) GBP 31,822,500 EUR 44,634, Jul ,056 EUR 53,754

55 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 55 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) European Equity Yield Share Class Hedging CNH 1,829,600 EUR 261, Jul EUR 5,500 CNH 38, Jul-2015 ( 19 ) EUR 559,328 SGD 847, Jul-2015 ( 1,714 ) EUR 4,965,282 5,589, Jul-2015 ( 17,144 ) SGD 43,709,600 EUR 29,034, Jul-2015 ( 98,464 ) 116,859,400 EUR 107,074, Jul-2015 ( 2,901,817 ) 63,241,000 EUR 56,245, Aug ,939 EUR ( 2,911,685 ) European Opportunities Share Class Hedging EUR 126, , Jul-2015 ( 436 ) 1,181,300 EUR 1,050, Jul ,485 4,744,900 EUR 4,219, Aug , ,900 EUR 169, Sep-2015 ( 481 ) EUR 9,978 European Smaller Companies Share Class Hedging EUR 995,686 1,120, Jul-2015 ( 3,438 ) 26,691,200 EUR 24,360, Jul-2015 ( 567,262 ) 11,282,200 EUR 10,078, Sep-2015 ( 30,117 ) EUR ( 600,817 ) European Total Return Share Class Hedging EUR 49,903 GBP 35, Jul-2015 ( 236 ) EUR 2,399 2, Jul-2015 ( 8 ) GBP 2,272,000 EUR 3,186, Jul , ,300 EUR 154, Jul ,700 EUR 2, Aug-2015 ( 10 ) EUR 4,707 Frontier s Equity Share Class Hedging PLN 61,995,200 16,492, Jul ,428 PLN 15,606,400 4,205, Aug-2015 ( 37,691 ) 753,602 PLN 2,809, Jul ,754 41,491 Global Climate Change Equity Share Class Hedging EUR 136, , Jul-2015 ( 2,986 ) EUR 83,800 95, Jul-2015 ( 1,780 ) EUR 71,100 77, Aug ,696 EUR 6,033,100 6,384, Sep ,103 EUR 991,100 1,102, Sep ,689 EUR 195, , Oct ,094 EUR 78,800 88, Nov-2015 ( 235 ) 153,536 EUR 136, Jul ,217 EUR 83, Jul ,572 EUR 71, Aug-2015 ( 1,219 ) 820,974 EUR 737, Sep-2015 ( 6,734 ) 388,982 Global Demographic Opportunities Share Class Hedging EUR 139, , Jul-2015 ( 3,050 ) EUR 194, , Jul-2015 ( 4,128 ) EUR 138, , Jul-2015 ( 2,234 )

56 Page 56 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Demographic Opportunities (cont) EUR 129, , Aug-2015 ( 45 ) EUR 302, , Aug ,770 EUR 156, , Aug ,919 EUR 140, , Sep ,021 EUR 8,310,700 8,795, Sep ,242 EUR 174, , Sep ,342 EUR 2,387,100 2,674, Oct ,511 EUR 137, , Oct-2015 ( 722 ) EUR 145, , Nov-2015 ( 436 ) 152,064 EUR 139, Jul-2015 ( 4,602 ) 216,130 EUR 194, Jul-2015 ( 1,789 ) 156,033 EUR 138, Jul ,034 EUR 129, Aug ,690 EUR 9, Aug ,682 Global Dividend Maximiser Share Class Hedging AUD 205,675, ,354, Jul ,549 AUD 117,810,111 90,955, Jul-2015 ( 183,529 ) AUD 95,368,641 73,592, Jul-2015 ( 143,096 ) CNH 176,628,155 28,361, Jul ,397 CNH 158,483,841 25,407, Jul ,017 CNH 169,917,255 27,272, Aug ,527 CNH 14,693,160 2,356, Aug EUR 43,484,400 49,160, Jul-2015 ( 400,162 ) EUR 42,386,299 48,105, Jul-2015 ( 571,314 ) EUR 30,778,600 35,034, Jul-2015 ( 514,594 ) EUR 9,125,200 10,421, Jul-2015 ( 186,023 ) EUR 11,573,200 13,114, Jul-2015 ( 131,428 ) EUR 7,807,200 8,321, Aug ,898 EUR 8,797,400 9,634, Aug ,970 EUR 29,087,600 31,740, Sep ,388 EUR 35,475,400 37,543, Sep ,276,218 EUR 10,681,300 11,434, Sep ,759 EUR 2,795,200 3,052, Sep ,763 EUR 56,018,700 62,397, Sep ,364 EUR 39,669,000 44,392, Oct ,204 EUR 25,961,600 29,146, Oct ,568 EUR 46,875,752 52,211, Oct ,992 EUR 20,069,000 22,676, Nov-2015 ( 127,483 ) EUR 82,673,448 93,351, Nov-2015 ( 448,559 ) EUR 1,973,000 2,223, Nov-2015 ( 5,881 ) PLN 34,952,600 9,371, Jul-2015 ( 29,560 ) PLN 12,952,100 3,490, Aug-2015 ( 31,281 ) 1,977,180 CNH 12,280, Jul-2015 ( 770 ) 9,805,195 EUR 8,745, Jul-2015 ( 1,932 ) 374,798 PLN 1,396, Jul ,646 3,205,530 Portfolio Hedging 968,656,134 EUR 862,435, Sep , ,568 3,701,098 Global Energy Share Class Hedging EUR 500, , Jul-2015 ( 13,885 ) EUR 906,400 1,033, Jul-2015 ( 17,273 ) EUR 418, , Jul-2015 ( 8,909 ) EUR 501, , Jul-2015 ( 7,408 )

57 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 57 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Energy (cont) EUR 680, , Aug ,383 EUR 399, , Aug ,561 EUR 524, , Sep ,059 EUR 248, , Sep ,142 EUR 624, , Sep ,251 EUR 183, , Sep EUR 2,136,500 2,427, Oct-2015 ( 27,851 ) EUR 286, , Oct EUR 262, , Oct-2015 ( 94 ) EUR 64,800 73, Nov-2015 ( 339 ) 552,953 EUR 500, Jul-2015 ( 8,554 ) 281,524 EUR 251, Jul-2015 ( 660 ) ( 10,162 ) Global Equity Yield Portfolio Hedging 109,907,235 EUR 97,855, Sep ,229 56,229 Global Property Securities Share Class Hedging EUR 1,057,100 1,201, Jul-2015 ( 15,622 ) EUR 597, , Aug-2015 ( 205 ) EUR 2,644,500 2,907, Aug ,216 EUR 10,320,200 11,289, Sep ,503 EUR 5,822,000 6,358, Sep ,566 EUR 13,569,800 15,210, Oct ,459 EUR 16,072,600 17,902, Oct ,326 EUR 890,500 1,014, Nov-2015 ( 13,316 ) 1,193,113 EUR 1,057, Jul , ,138 EUR 597, Aug-2015 ( 4,746 ) 1,427,398 EUR 1,277, Aug-2015 ( 5,630 ) 685,827 Global Recovery Share Class Hedging GBP 6,379,800 9,936, Jul , ,745 GBP 167, Jul-2015 ( 375 ) 115,266 Hong Kong Equity Share Class Hedging EUR 8,897,200 HKD 77,581, Jul-2015 ( 204,808 ) HKD 2,533,973 EUR 291, Jul-2015 ( 243 ) HKD ( 205,051 ) Japanese Opportunities Share Class Hedging EUR 38,908,900 JPY 5,369,623, Jul-2015 ( 28,644,320 ) EUR 43,489,300 JPY 6,091,633, Jul-2015 ( 121,839,034 ) EUR 44,742,400 JPY 6,226,119, Jul-2015 ( 84,241,996 ) EUR 50,217,500 JPY 6,979,543, Jul-2015 ( 86,009,831 ) EUR 2,723,700 JPY 376,888, Jul-2015 ( 2,992,514 ) JPY 327,180,949 2,672, Jul , ,910,800 JPY 19,958,449, Jul-2015 ( 145,057,872 ) 53,509,400 JPY 6,610,424, Aug-2015 ( 64,386,580 ) JPY ( 532,969,903 )

58 Page 58 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) UK Opportunities Share Class Hedging EUR 423,700 GBP 302, Jul-2015 ( 471 ) GBP 4,219 EUR 5, Jul GBP ( 453 ) US Small & Mid Cap Equity Share Class Hedging EUR 3,152,600 3,604, Jul-2015 ( 68,818 ) EUR 3,370,700 3,845, Jul-2015 ( 64,709 ) EUR 1,914,500 2,186, Jul-2015 ( 39,534 ) EUR 4,861,400 5,508, Jul-2015 ( 55,207 ) EUR 3,399,700 3,657, Aug ,161 EUR 2,545,300 2,799, Aug ,943 EUR 2,895,900 3,113, Aug ,916 EUR 5,192,900 5,679, Sep ,293 EUR 17,755,700 19,008, Sep ,847 EUR 41,791,100 45,697, Sep ,222,484 EUR 6,757,000 7,538, Sep ,577 EUR 59,058,200 65,689, Oct ,573 EUR 29,295,400 32,630, Oct ,289 EUR 6,626,900 7,480, Nov-2015 ( 34,692 ) EUR 12,533,100 14,172, Nov-2015 ( 88,680 ) EUR 13,360,900 15,036, Nov-2015 ( 20,762 ) 3,245,965 EUR 2,886, Jul ,250 3,251,931 Japanese Equity Alpha Share Class Hedging EUR 1,995,800 JPY 276,119, Jul-2015 ( 2,158,795 ) EUR 18,811,100 JPY 2,634,908, Jul-2015 ( 52,700,922 ) EUR 15,703,200 JPY 2,185,175, Jul-2015 ( 29,566,338 ) EUR 581,900 JPY 80,831, Jul-2015 ( 952,313 ) JPY 130,969,641 EUR 940, Jul ,909,487 JPY ( 83,468,881 ) QEP Global Active Share Class Hedging EUR 4,670,036 AUD 6,825, Jul-2015 ( 13,938 ) EUR 3,735,534 CAD 5,187, Jul ,219 EUR 1,905,502 CHF 2,004, Jul-2015 ( 19,112 ) EUR 12,513,683 GBP 9,189, Jul-2015 ( 444,896 ) EUR 10,676,020 JPY 1,498,935, Jul-2015 ( 273,041 ) EUR 1,308,516 SGD 1,980, Jul-2015 ( 3,073 ) EUR 69,825,857 79,022, Jul-2015 ( 693,951 ) ( 1,431,792 ) Portfolio Hedging 9,634,016 AUD 12,437, Jul ,585 38,210,388 GBP 24,884, Jul-2015 ( 999,330 ) 37,164,286 JPY 4,621,100, Jul-2015 ( 591,152 ) 6,659,248 ZAR 82,957, Jul-2015 ( 139,236 ) ( 1,667,133 ) ( 3,098,925 ) QEP Global Blend Portfolio Hedging 2,164,523 AUD 2,794, Jul ,061 20,702,072 GBP 13,482, Jul-2015 ( 541,429 ) 4,895,582 JPY 608,728, Jul-2015 ( 77,871 ) ( 605,239 )

59 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 59 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) QEP Global Core Portfolio Hedging GBP 4,579,240 6,995, Jul ,471 7,595,504 GBP 4,946, Jul-2015 ( 198,648 ) 5,670,424 JPY 705,074, Jul-2015 ( 90,196 ) ( 69,373 ) QEP Global Emerging s Portfolio Hedging 14,381,234 THB 485,677, Jul ,948 11,311,470 TRY 30,477, Jul-2015 ( 42,336 ) 30,613,601 ZAR 378,462, Jul-2015 ( 401,912 ) ( 417,300 ) QEP Global Quality Portfolio Hedging GBP 11,426,798 17,457, Jul ,658 64,030,504 GBP 41,700, Jul-2015 ( 1,674,614 ) 3,089,109 ZAR 38,482, Jul-2015 ( 64,589 ) ( 1,191,545 ) QEP Global Plus Portfolio Hedging GBP 35,529,900 54,556, Jul ,316,769 2,423,670 AUD 3,129, Jul ,588 51,740,873 JPY 6,433,589, Jul-2015 ( 844,328 ) 5,036,402 TRY 13,570, Jul-2015 ( 8,840 ) 486,189 Global Tactical Asset Allocation Share Class Hedging EUR 400, , Jul-2015 ( 7,704 ) EUR 3,127,900 3,544, Jul-2015 ( 35,521 ) EUR 650, , Aug ,561 EUR 428, , Sep-2015 ( 198 ) EUR 11,993,600 13,359, Sep ,342 GBP 1,565,600 2,425, Jul ,083 GBP 11,871,500 18,279, Jul ,573 GBP 11,028,200 16,869, Jul ,198 GBP 18,076,200 28,143, Jul ,942 GBP 2,083,700 3,265, Aug , ,361 EUR 400, Jul-2015 ( 13,204 ) 3,483,970 EUR 3,127, Jul-2015 ( 24,854 ) 734,131 EUR 650, Aug , ,049 EUR 428, Sep ,960 6,193,196 EUR 5,482, Sep ,925 1,414,383 Portfolio Hedging AUD 6,880,000 5,383, Jul-2015 ( 84,369 ) CAD 10,500,000 GBP 5,426, Aug-2015 ( 101,010 ) CLP 4,810,000,000 7,779, Jul-2015 ( 263,405 ) EUR 7,465,593 JPY 1,050,600, Jul-2015 ( 210,735 ) EUR 4,830,000 5,509, Jul-2015 ( 92,371 ) GBP 13,738,903 CAD 26,170, Aug ,908 HUF 6,901,419,041 PLN 91,300, Aug ,397 INR 1,113,100,000 17,214, Jul ,840 JPY 1,050,600,000 EUR 8,248, Jul-2015 ( 667,566 ) PLN 30,640,000 HUF 2,288,930, Aug ,142 SGD 52,250,000 38,888, Jul-2015 ( 77,410 ) 12,694,128 AUD 16,370, Jul ,565 3,017,761 CLP 1,903,000, Jul ,179

60 Page 60 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Tactical Asset Allocation (cont) 12,736,994 EUR 11,290, Jul ,609 6,366,048 INR 408,000, Jul-2015 ( 21,896 ) 51,524,747 SGD 69,380, Jul-2015 ( 10,245 ) ( 318,367 ) 1,096,016 Asian Diversified Growth Share Class Hedging GBP 7,000 11, Jul-2015 ( 41 ) ( 41 ) Portfolio Hedging 4,868,383 AUD 6,245, Jul ,340 2,073,577 EUR 1,895, Jul-2015 ( 35,519 ) 3,460,352 GBP 2,242, Jul-2015 ( 66,965 ) 6,998,200 JPY 851,520, Jul ,748 2,781,110 KRW 3,075,630, Jul ,789 2,093,789 NZD 2,880, Jul ,771 4,191,206 SGD 5,639, Jul ,351 1,387,424 THB 46,999, Jul-2015 ( 456 ) 227, ,018 Emerging Multi-Asset Income * Share Class Hedging AUD 12,500 9, Jul-2015 ( 26 ) AUD Jul SGD 14,100 10, Jul AUD Jul SGD Jul Portfolio Hedging CLP 137,000, , Jul-2015 ( 14,465 ) COP 961,030, , Jul-2015 ( 34,251 ) HUF 132,700, , Jul-2015 ( 18,250 ) INR 47,400, , Jul ,534 RUB 23,340, , Jul-2015 ( 36,270 ) TRY 489, , Jul-2015 ( 2,641 ) 732,849 BRL 2,318, Jul-2015 ( 13,665 ) 262,444 COP 665,951, Jul , ,827 HUF 96,400, Jul ,857 IDR 9,447,000, Jul-2015 ( 5,916 ) 2,564,465 KRW 2,821,000, Jul , ,427 MXN 7,440, Jul-2015 ( 1,425 ) 2,157,720 MYR 7,942, Jul ,299 1,308,694 PLN 4,876, Jul , ,815 RUB 38,995, Jul , ,954 SGD 1,307, Jul-2015 ( 992 ) 917,804 TRY 2,495, Jul-2015 ( 13,456 ) 1,791,332 TWD 55,800, Jul-2015 ( 4,699 ) 483,108 ZAR 5,890, Jul-2015 ( 127 ) ( 22,135 ) ( 22,071 ) Global Conservative Share Class Hedging CHF 10,961,700 EUR 10,496, Jul ,156 72,156 * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

61 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 61 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Conservative (cont) Portfolio Hedging AUD 2,868,845 2,245, Jul-2015 ( 37,580 ) CAD 29,178 EUR 21, Jul-2015 ( 240 ) CAD 993, , Jul-2015 ( 6,915 ) CHF 187,000 EUR 178, Jul ,861 CHF 557, , Jul ,935 CLP 380,000, , Jul-2015 ( 6,796 ) CLP 380,000, , Oct-2015 ( 6,872 ) EUR 960,781 CAD 1,319, Jul ,846 EUR 181,007 CHF 187, Jul EUR 178,702 CHF 187, Oct-2015 ( 1,915 ) EUR 6,284,526 GBP 4,537, Jul-2015 ( 118,393 ) EUR 660,312 GBP 471, Oct-2015 ( 2,857 ) EUR 1,628,063 JPY 227,018, Jul-2015 ( 41,598 ) EUR 19,682,210 21,612, Jul ,142 GBP 604,000 CAD 1,147, Jul ,845 GBP 604,000 CAD 1,175, Oct ,075 GBP 1,138,471 EUR 1,585, Jul ,435 HUF 255,900,000 PLN 3,378, Jul ,751 HUF 255,900,000 PLN 3,421, Oct-2015 ( 2,463 ) INR 41,900, , Jul-2015 ( 6,737 ) INR 41,900, , Oct-2015 ( 2,600 ) JPY 227,018,000 EUR 1,671, Jul-2015 ( 2,257 ) JPY 222,243,228 1,798, Jul ,772 NZD 1,306, , Jul-2015 ( 16,193 ) PLN 3,416,733 HUF 255,900, Jul ,304 SGD 2,556,634 1,904, Jul-2015 ( 3,911 ) 2,245,000 AUD 2,947, Jul-2015 ( 16,367 ) 1,196,000 AUD 1,553, Oct , ,607 CAD 993, Jul-2015 ( 11,934 ) 595,000 CHF 565, Jul-2015 ( 10,375 ) 595,000 CHF 555, Oct-2015 ( 3,142 ) 601,504 CLP 380,000, Jul ,668 2,935,971 EUR 2,650, Jul-2015 ( 15,056 ) 1,798,000 JPY 222,347, Jul-2015 ( 21,539 ) 1,798,000 JPY 221,961, Oct-2015 ( 21,045 ) 902,000 NZD 1,298, Jul , ,000 NZD 1,316, Oct ,222 1,904,000 SGD 2,525, Jul ,543 1,904,000 SGD 2,560, Oct ,338 93,252 EUR 165,408 Global Diversified Growth Share Class Hedging CHF 9,965,800 EUR 9,542, Jul ,510 GBP 90,968,700 EUR 127,399, Jul ,272 PLN 70,392,800 EUR 16,902, Jul-2015 ( 139,719 ) 177,548,000 EUR 157,520, Jul ,771,526 2,579,589 Portfolio Hedging EUR 3,636,812 AUD 5,364, Sep-2015 ( 44,097 ) EUR 3,717,416 CAD 5,193, Sep-2015 ( 34,980 ) EUR 60,196,698 GBP 44,237, Sep-2015 ( 2,137,177 ) EUR 11,833,354 JPY 1,660,210, Sep-2015 ( 375,280 ) EUR 9,726,442 10,611, Jul ,548 EUR 239,017, ,207, Sep-2015 ( 1,490,418 ) GBP 21,301,000 CAD 40,482, Sep ,750 GBP 19,027,000 29,063, Sep ,124

62 Page 62 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Diversified Growth (cont) 15,509,441 AUD 20,390, Sep-2015 ( 84,448 ) 6,197,000 EUR 5,573, Jul-2015 ( 12,491 ) 24,732,000 EUR 21,947, Sep ,258 30,179,878 SGD 41,059, Sep-2015 ( 267,910 ) ( 2,500,121 ) EUR 79,468 Global Dynamic Balanced Share Class Hedging CHF 32,634,800 EUR 31,247, Jul ,974 GBP 2,110,100 EUR 2,954, Jul ,669 SEK 471,038,500 EUR 51,132, Jul ,302 10,386,500 EUR 9,213, Jul , ,996 Portfolio Hedging CAD 197,148 EUR 144, Jul-2015 ( 1,606 ) CLP 4,016,000,000 6,347, Jul-2015 ( 68,805 ) EUR 1,642,449 AUD 2,364, Jul ,575 EUR 6,914,742 CAD 9,493, Jul ,076 EUR 3,898,141 CHF 4,026, Jul ,043 EUR 34,270,611 GBP 24,647, Jul-2015 ( 507,005 ) EUR 10,254,415 GBP 7,386, Jul-2015 ( 165,636 ) EUR 23,276,605 JPY 3,233,781, Jul-2015 ( 506,353 ) EUR 122,024, ,124, Jul ,642,179 EUR 58,096,063 63,931, Jul ,055 GBP 8,345,000 CAD 15,850, Jul ,813 GBP 226,373 EUR 314, Jul ,685 HUF 3,534,600,000 PLN 46,593, Jul ,961 INR 594,200,000 9,263, Jul ,236 JPY 3,233,781,000 EUR 23,727, Jul ,771 15,971,000 AUD 20,775, Jul ,958 6,410,000 CHF 6,084, Jul-2015 ( 111,709 ) 243,642 EUR 223, Jul-2015 ( 4,458 ) 63,931,000 EUR 57,392, Jul-2015 ( 22,789 ) 25,507,000 JPY 3,153,950, Jul-2015 ( 306,525 ) 12,714,000 NZD 18,321, Jul ,924 26,297,000 SGD 34,890, Jul ,301 1,934,691 EUR 2,342,687 Global Multi-Asset Allocation Share Class Hedging EUR 6,000 6, Jul-2015 ( 131 ) EUR 7,300 8, Jul-2015 ( 155 ) EUR 602, , Jul-2015 ( 12,439 ) EUR 49,900 56, Aug-2015 ( 516 ) EUR 927,600 1,020, Aug ,771 EUR 4,246,500 4,668, Aug ,476 EUR 371, , Aug ,740 EUR 151, , Sep ,989 EUR 917,700 1,013, Sep ,669 EUR 395, , Sep ,541 EUR 1,889,900 2,112, Oct ,153 EUR 865, , Oct ,648 EUR 181, , Oct EUR 1,151,600 1,297, Nov-2015 ( 3,444 ) 6,531 EUR 6, Jul-2015 ( 198 ) 7,947 EUR 7, Jul-2015 ( 241 ) 655,848 EUR 602, Jul-2015 ( 19,846 ) 54,339 EUR 49, Aug-2015 ( 1,644 )

63 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 63 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Multi-Asset Allocation (cont) 1,010,219 EUR 927, Aug-2015 ( 30,555 ) 1,111,675 EUR 1,000, Aug-2015 ( 10,556 ) 95,436 Portfolio Hedging CAD 30,147 24, Jul CHF 2,623,000 EUR 2,503, Aug ,472 CLP 1,008,000,000 1,589, Aug-2015 ( 18,125 ) EUR 290, , Jul ,882 EUR 10,628,000 12,064, Aug-2015 ( 140,509 ) GBP 2,033,000 CAD 3,862, Aug ,515 GBP 2,858,000 EUR 3,932, Aug ,448 GBP 34,078 52, Jul ,652 HUF 861,200,000 PLN 11,377, Aug ,792 INR 167,200,000 2,576, Aug ,898 JPY 763,926,000 EUR 5,625, Aug-2015 ( 68,517 ) 4,139,138 AUD 5,402, Aug-2015 ( 16,160 ) 1,142,850 CAD 1,427, Jul-2015 ( 6,210 ) 1,620,620 CAD 2,008, Aug ,057 6,535,520 CHF 6,150, Aug-2015 ( 84,509 ) 558,317 DKK 3,707, Aug ,966,604 EUR 11,800, Jul-2015 ( 265,831 ) 21,800,116 EUR 19,757, Aug-2015 ( 365,162 ) 5,669,747 GBP 3,709, Jul-2015 ( 175,710 ) 8,617,510 GBP 5,626, Aug-2015 ( 245,719 ) 19,473,078 JPY 2,411,307, Aug-2015 ( 233,186 ) 798,966 NOK 6,380, Aug-2015 ( 12,763 ) 3,956,698 NZD 5,713, Aug ,574 8,277,365 SGD 11,028, Aug ,838 ( 1,174,596 ) ( 1,079,160 ) Global Multi-Asset Income Share Class Hedging AUD 134,107, ,477, Jul-2015 ( 107,240 ) AUD 216,648, ,332, Jul-2015 ( 406,399 ) AUD 59,994,400 46,303, Jul-2015 ( 98,230 ) CHF 8,559,100 9,216, Jul-2015 ( 16,516 ) CNH 1,429, , Jul CNH 13,482,800 2,163, Jul ,593 EUR 75,237,724 85,123, Jul-2015 ( 756,295 ) EUR 64,439,979 72,445, Jul-2015 ( 179,175 ) EUR 110,708, ,309, Jul-2015 ( 143,226 ) EUR 143,109, ,134, Jul-2015 ( 1,612,742 ) EUR 93,671, ,887, Jul ,712 EUR 30,131,082 33,668, Aug ,721 EUR 61,228,940 65,836, Aug ,863,170 EUR 160,027, ,749, Aug ,820,069 EUR 163,106, ,506, Aug ,536,576 EUR 119,520, ,860, Sep ,283,135 EUR 152,536, ,515, Sep ,702,195 EUR 114,741, ,674, Sep ,132,970 EUR 55,826,907 61,046, Sep ,632,374 EUR 82,476,245 91,860, Sep ,266 EUR 50,566,534 56,591, Oct ,555 EUR 70,015,699 77,921, Oct ,361 EUR 109,932, ,110, Oct ,375,562 EUR 51,802,151 57,699, Oct ,025 EUR 53,805,739 60,868, Nov-2015 ( 413,175 ) EUR 38,392,755 43,294, Nov-2015 ( 151,107 ) EUR 118,306, ,315, Nov-2015 ( 352,655 )

64 Page 64 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Multi-Asset Income (cont) GBP 25,132,401 38,991, Jul ,800 GBP 72,390, ,254, Jul ,813,345 GBP 41,546,500 63,506, Jul ,956,026 GBP 23,166,673 35,874, Jul ,791 GBP 122,705, ,682, Jul ,638,032 GBP 46,496,100 73,335, Aug-2015 ( 85,553 ) SGD 39,948,989 28,787, Jul ,111 SGD 42,835,686 31,266, Jul ,215 SGD 34,998,394 25,469, Jul ,870 SGD 42,147,694 31,007, Jul ,579 SGD 32,525,510 23,829, Jul ,096 SGD 45,696,166 33,694, Aug ,166 SGD 52,855,766 39,586, Aug-2015 ( 345,548 ) SGD 58,238,766 43,625, Aug-2015 ( 393,515 ) SGD 60,414,666 45,133, Aug-2015 ( 292,133 ) SGD 58,498,566 43,778, Sep-2015 ( 362,690 ) SGD 60,457,809 45,130, Sep-2015 ( 262,079 ) SGD 54,339,665 40,217, Sep ,312 SGD 57,180,980 42,275, Sep ,127 SGD 54,372,650 40,233, Sep ,435 SGD 40,206,813 29,875, Oct-2015 ( 41,743 ) SGD 29,797,880 22,232, Oct-2015 ( 123,868 ) 178,896 CNH 1,112, Jul-2015 ( 319 ) 46,545,617 Portfolio Hedging AUD 28,087,000 22,379, Aug-2015 ( 774,090 ) CHF 61,811,000 67,763, Aug-2015 ( 1,228,141 ) CLP 39,936,000,000 66,475, Aug-2015 ( 4,203,353 ) COP 147,823,776,000 62,231, Aug-2015 ( 5,374,241 ) EUR 113,259,837 JPY 15,939,861, Aug-2015 ( 3,201,935 ) EUR 3,134,860 3,504, Jul ,298 EUR 18,842,000 21,390, Aug-2015 ( 251,975 ) GBP 82,709,000 CAD 156,395, Aug ,470,309 GBP 7,539,077 11,882, Jul-2015 ( 4,155 ) GBP 7,191,000 10,956, Aug ,674 HUF 10,357,800,000 38,291, Aug-2015 ( 1,440,766 ) INR 7,978,500, ,935, Aug ,588,779 JPY 15,939,861,000 EUR 117,637, Aug-2015 ( 1,709,175 ) THB 1,198,400,000 35,464, Aug-2015 ( 66,289 ) TRY 58,276,000 21,903, Aug-2015 ( 342,375 ) 238,665,475 AUD 307,368, Aug ,233,531 46,224,858 BRL 142,257, Aug , ,189,854 CAD 133,778, Aug ,556, ,633,010 CHF 213,389, Aug-2015 ( 3,064,764 ) 28,990,440 COP 69,606,046, Aug ,218,145 13,555,253 CZK 331,430, Aug-2015 ( 101,049 ) 269,570,576 EUR 238,251, Jul ,311, ,875,700 EUR 447,403, Aug-2015 ( 7,064,138 ) 9,188,933 EUR 8,250, Sep-2015 ( 72,575 ) 377,594,887 GBP 238,366, Jul ,046, ,799,894 GBP 354,974, Aug-2015 ( 14,427,923 ) 55,759,528 IDR 756,378,000, Aug-2015 ( 545,250 ) 13,013,584 ILS 50,281, Aug-2015 ( 334,616 ) 5,386,281 INR 350,000, Sep-2015 ( 37,826 ) 178,469,500 JPY 21,834,814, Aug , ,978,856 KRW 223,208,000, Aug ,588, ,077,326 MXN 2,023,880, Aug , ,929,072 MYR 960,309, Aug ,312,226 45,671,970 NOK 342,530, Aug ,091,791 1,852,509 NZD 2,455, Aug ,729

65 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 65 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Multi-Asset Income (cont) 143,197,930 PLN 515,180, Aug ,536,686 31,589,421 RUB 1,782,591, Aug ,461 58,903,265 SEK 491,091, Aug-2015 ( 896,498 ) 251,649,696 SGD 336,891, Aug ,500,902 36,074,654 THB 1,198,400, Aug ,613 84,813,958 TRY 234,357, Aug-2015 ( 1,894,275 ) 93,903,673 TWD 2,875,800, Aug ,329,541 38,874,711 ZAR 468,650, Aug ,512 ( 7,243,003 ) 39,302,614 Japan DGF Portfolio Hedging CLP 3,707,000,000 6,135, Jul-2015 ( 42,566,326 ) JPY 480,594,840 AUD 5,048, Jul ,002,812 JPY 6,093,551,270 EUR 45,725, Jul-2015 ( 154,736,344 ) JPY 2,825,467,332 GBP 15,032, Jul-2015 ( 78,192,473 ) JPY 930,569,801 HKD 59,295, Jul-2015 ( 8,472,192 ) JPY 367,780,423 IDR 40,165,300, Jul-2015 ( 4,100 ) JPY 1,111,995,312 KRW 10,040,170, Jul ,874,815 JPY 1,297,111,000 NZD 14,650, Jul ,864,794 JPY 2,409,527,712 SGD 26,592, Jul-2015 ( 9,396,880 ) JPY 368,529,252 THB 102,284, Jul-2015 ( 2,314,679 ) JPY 13,030,022, ,962, Jul-2015 ( 102,542,420 ) SGD 1,611,000 JPY 148,034, Jul-2015 ( 1,491,186 ) 2,100,000 JPY 260,447, Jul-2015 ( 2,614,040 ) JPY ( 313,588,219 ) Strategic Beta 10 Share Class Hedging GBP 15,023,400 23,134, Jul ,746 GBP 645,700 1,018, Jul-2015 ( 1,189 ) 538,557 Portfolio Hedging BRL 7,748,020 2,477, Aug-2015 ( 8,664 ) CAD 2,152,000 1,737, Aug-2015 ( 5,754 ) CHF 4,115,000 4,417, Aug ,413 CLP 916,000,000 1,475, Aug-2015 ( 47,191 ) COP 5,262,800,000 2,081, Aug-2015 ( 57,171 ) CZK 30,160,000 1,219, Aug ,230 EUR 3,934,000 4,356, Aug ,017 GBP 1,103,000 1,685, Aug ,469 HUF 1,208,810,000 4,374, Aug-2015 ( 74,224 ) IDR 38,314,000,000 2,861, Aug-2015 ( 9,830 ) ILS 18,410,000 4,751, Aug ,954 INR 302,886,200 4,693, Aug ,226 JPY 146,927,436 1,186, Aug ,663 KRW 784,000, , Aug-2015 ( 8,104 ) MYR 5,493,000 1,531, Aug-2015 ( 80,666 ) NOK 11,764,000 1,511, Aug-2015 ( 14,864 ) NZD 84,000 62, Aug-2015 ( 5,833 ) PHP 66,140,000 1,488, Aug-2015 ( 24,128 ) PLN 4,353,000 1,187, Aug-2015 ( 24,777 ) RUB 352,550,000 6,698, Aug-2015 ( 455,031 ) SEK 26,980,000 3,166, Aug ,850 TRY 7,856,000 2,856, Aug ,288 1,005,967 AUD 1,294, Aug ,365 3,535,469 BRL 11,103, Aug-2015 ( 2,547 ) 3,975,272 CAD 4,871, Aug ,165 3,817,654 CHF 3,600, Aug-2015 ( 57,915 )

66 Page 66 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Strategic Beta 10 (cont) 1,469,783 CLP 916,000, Aug ,459 3,198,892 COP 8,097,100, Aug ,537 1,786,113 CZK 44,371, Aug-2015 ( 42,195 ) 346,389 DKK 2,292, Aug ,471 1,644,709 EUR 1,479, Aug-2015 ( 14,574 ) 4,016,602 GBP 2,623, Aug-2015 ( 115,686 ) 242,133 HKD 1,877, Aug-2015 ( 31 ) 1,663,820 HUF 462,129, Aug ,678 4,889,454 ILS 18,926, Aug-2015 ( 135,098 ) 280,056 INR 18,100, Aug-2015 ( 2,439 ) 1,866,640 JPY 231,620, Aug-2015 ( 26,261 ) 4,795,754 KRW 5,255,715, Aug ,861 1,528,381 MYR 5,493, Aug ,684 1,545,656 NOK 12,070, Aug ,964 4,005,972 NZD 5,609, Aug ,117 1,477,247 PHP 66,140, Aug ,405 1,297,541 PLN 4,804, Aug ,743 2,180,857 RUB 113,210, Aug ,081 1,655,612 SEK 13,866, Aug-2015 ( 32,960 ) 491,463 SGD 660, Aug ,738,271 THB 92,800, Aug-2015 ( 2,833 ) 1,178,913 TWD 36,330, Aug ,424 ZAR 5,293, , Aug , ,787 Wealth Preservation EUR Portfolio Hedging CAD 346,000 EUR 251, Jul-2015 ( 3,424 ) CLP 50,000,000 EUR 70, Aug-2015 ( 812 ) EUR 320,367 BRL 1,113, Aug ,650 EUR 560,342 CAD 759, Jul ,469 EUR 300,293 CAD 413, Sep ,575 EUR 72,041 CLP 50,000, Aug ,554 EUR 246,904 GBP 178, Sep-2015 ( 2,909 ) EUR 746,801 HUF 232,500, Aug ,433 EUR 235,718 IDR 3,420,000, Jul ,959 EUR 194,143 IDR 2,950,000, Aug-2015 ( 947 ) EUR 782,673 JPY 105,500, Jul ,133 EUR 556,390 RUB 31,600, Jul ,756 EUR 215,104 RUB 13,900, Sep-2015 ( 2,098 ) EUR 215,661 THB 8,200, Sep EUR 4,219,658 4,609, Jul ,430 EUR 2,208,213 2,470, Aug ,957 EUR 569,072 VND 13,800,000, Aug ,348 HUF 232,500,000 EUR 754, Aug-2015 ( 16,814 ) IDR 3,420,000,000 EUR 230, Jul-2015 ( 1,715 ) JPY 105,500,000 EUR 818, Jul-2015 ( 50,157 ) PLN 1,000,000 EUR 238, Sep-2015 ( 1,249 ) RUB 32,000, , Dec-2015 ( 29,415 ) 2,792,000 EUR 2,494, Jul-2015 ( 5,070 ) 135,115 IDR 1,820,000, Aug ,094 INR 57,360, Aug-2015 ( 9,938 ) EUR 111,412 Wealth Preservation Share Class Hedging GBP 64, , Jul-2015 ( 118 ) ( 118 )

67 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 67 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Wealth Preservation (cont) Portfolio Hedging RUB 50,000, , Dec-2015 ( 29,028 ) 803,931 RUB 50,000, Dec-2015 ( 47,093 ) ( 76,121 ) ( 76,239 ) Multi-Manager Global Diversity Share Class Hedging EUR 4,700 5, Aug EUR 139, , Aug ,985 EUR 11,300 12, Sep EUR 3,400 3, Oct-2015 ( 22 ) EUR 1,600 1, Nov ,930 EUR 1, Aug ,193 Portfolio Hedging 4,405,752 GBP 2,800, Jul-2015 ( 5,576 ) ( 5,576 ) ( 1,383 ) Asian Bond Absolute Return Share Class Hedging EUR 16,384,700 18,516, Jul-2015 ( 143,482 ) EUR 445, , Jul-2015 ( 13,091 ) EUR 4,339,300 4,917, Jul-2015 ( 49,278 ) EUR 788, , Aug ,923 EUR 9,646,300 10,208, Sep ,938 EUR 340, , Sep ,914 EUR 527, , Sep ,730 GBP 261, , Aug-2015 ( 482 ) SGD 659, , Jul ,916 SGD 3,094,300 2,289, Sep ,548 SGD 2,145,200 1,583, Sep ,467 SGD 5,849,400 4,364, Oct-2015 ( 24,428 ) 981,539 EUR 870, Jul , ,751 Portfolio Hedging CNH 213,800,000 33,808, Sep ,429 CNY 190,000,000 30,870, Aug ,171 IDR 175,400,000,000 12,991, Sep-2015 ( 69,400 ) INR 1,300,000,000 20,126, Sep ,132 JPY 1,768,863,600 14,280, Jul ,651 KRW 120,500,000, ,387, Jul-2015 ( 2,709,537 ) MYR 180,000,000 SGD 66,325, Aug-2015 ( 1,702,616 ) MYR 253,400,000 68,415, Aug-2015 ( 1,478,690 ) PHP 663,000,000 14,710, Jul-2015 ( 19,043 ) SGD 176,000, ,621, Sep ,167 THB 750,000,000 SGD 29,858, Sep-2015 ( 58,226 ) TWD 438,000,000 14,232, Aug-2015 ( 131,378 ) 58,837,448 CNH 373,000, Sep-2015 ( 894,332 ) 9,474,121 IDR 130,000,000, Sep-2015 ( 103,499 ) 99,282,198 INR 6,453,000, Sep-2015 ( 722,841 ) 27,720,000 JPY 3,423,004, Jul-2015 ( 246,013 ) 127,419,741 KRW 139,900,000, Jul ,405,940 95,874,445 MYR 346,800, Aug ,265,155 39,145,107 PHP 1,740,000, Jul ,072

68 Page 68 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Asian Bond Absolute Return (cont) 30,999,346 SGD 42,400, Sep-2015 ( 465,981 ) 77,140,834 THB 2,620,000, Sep-2015 ( 65,670 ) 324, ,242 Emerging s Debt Absolute Return Share Class Hedging AUD 4,303,500 3,326, Jul-2015 ( 9,063 ) AUD 4,170,000 3,219, Jul-2015 ( 6,689 ) CHF 44,584,900 48,011, Jul-2015 ( 86,033 ) EUR 60,513,518 68,534, Jul-2015 ( 677,852 ) EUR 61,832,967 70,123, Jul-2015 ( 781,322 ) EUR 59,921,994 67,952, Jul-2015 ( 746,106 ) EUR 60,532,865 69,131, Jul-2015 ( 1,233,978 ) EUR 59,889,754 67,863, Jul-2015 ( 680,122 ) EUR 50,217,100 54,351, Aug ,992,566 EUR 18,472,100 20,207, Aug ,772 EUR 12,249,100 13,180, Aug ,853 EUR 61,800,400 67,596, Sep ,764,830 EUR 40,558,485 42,923, Sep ,602,365 EUR 89,558,584 96,189, Sep ,347,888 EUR 2,149,898 2,330, Sep ,021 EUR 31,231,600 34,945, Sep ,645 EUR 42,609,900 48,116, Oct-2015 ( 266,122 ) EUR 44,454,933 49,361, Oct ,123 EUR 41,353,367 45,224, Oct ,226,740 EUR 57,569,400 64,122, Oct ,771 EUR 88,597, ,125, Nov-2015 ( 578,054 ) EUR 55,054,900 62,065, Nov-2015 ( 197,842 ) EUR 31,415,300 35,296, Nov ,242 GBP 103,472, ,342, Jul ,709,293 GBP 92,387, ,831, Jul ,746,046 GBP 50,615,414 77,372, Jul ,379,824 GBP 125,743, ,210, Jul ,906,805 GBP 84,612, ,376, Jul ,062 GBP 31,678,600 49,964, Aug-2015 ( 58,288 ) JPY 9,226,526,800 74,642, Jul ,148 PLN 12,940,900 3,489, Jul-2015 ( 31,236 ) PLN 11,018,500 2,969, Aug-2015 ( 26,611 ) SEK 76,670,400 9,362, Jul-2015 ( 27,398 ) SGD 8,815,600 6,419, Jul ,616 SGD 8,218,900 5,976, Jul ,509 SGD 9,436,672 6,917, Jul ,909 SGD 2,321,200 1,707, Jul ,261 SGD 15,927,028 11,661, Jul ,765 SGD 10,702,400 7,906, Aug ,066 SGD 3,165,300 2,384, Aug-2015 ( 34,804 ) SGD 3,182,700 2,374, Oct-2015 ( 13,291 ) 85,470 AUD 110, Jul ,729,543 JPY 213,538, Jul-2015 ( 15,444 ) 465,534 SEK 3,838, Jul-2015 ( 1,806 ) 615,357 SGD 826, Jul ,270 24,885,780 Portfolio Hedging BRL 129,000,000 39,717, Aug ,094,492 CLP 26,200,000,000 42,549, Jul-2015 ( 1,630,540 ) COP 107,000,000,000 42,599, Jul-2015 ( 1,385,307 ) COP 107,000,000,000 43,831, Jul-2015 ( 2,646,453 ) COP 107,000,000,000 42,145, Nov-2015 ( 1,434,215 ) EUR 153,600, ,372, Aug ,945,259

69 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 69 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Emerging s Debt Absolute Return (cont) EUR 37,200,000 41,900, Aug-2015 ( 164,091 ) HUF 12,000,000,000 42,938, Jul-2015 ( 229,687 ) HUF 12,450,000,000 45,761, Aug-2015 ( 1,466,022 ) HUF 6,050,000,000 22,251, Aug-2015 ( 732,788 ) IDR 560,000,000,000 41,936, Jul ,671 INR 1,560,000,000 24,718, Jul-2015 ( 211,911 ) KRW 66,000,000,000 59,631, Sep-2015 ( 719,638 ) MYR 170,000,000 47,714, Jul-2015 ( 2,726,935 ) MYR 236,000,000 65,084, Aug-2015 ( 2,783,677 ) MYR 98,000,000 27,002, Aug-2015 ( 1,135,609 ) PHP 3,535,000,000 78,844, Aug-2015 ( 540,818 ) RUB 2,960,000,000 42,386, Feb ,710,015 33,769,836 BRL 104,700, Aug ,393 62,320,829 BRL 203,000, Aug-2015 ( 1,903,436 ) 72,858,508 BRL 237,900, Aug-2015 ( 2,353,065 ) 41,490,558 COP 107,000,000, Jul ,084 40,492,265 COP 107,000,000, Jul-2015 ( 693,105 ) 44,227,983 CZK 1,115,000, Jul-2015 ( 1,689,859 ) 57,729,578 CZK 1,400,000, Sep ,943 45,574,846 CZK 1,115,000, Sep-2015 ( 409,441 ) 82,922,080 EUR 76,000, Aug-2015 ( 2,339,504 ) 41,343,001 EUR 37,200, Aug-2015 ( 393,872 ) 42,544,894 HUF 12,000,000, Jul-2015 ( 163,838 ) 41,764,597 IDR 560,000,000, Jul-2015 ( 238,028 ) 42,131,734 IDR 560,000,000, Jul ,734 25,909,428 IDR 349,000,000, Aug ,374 18,406,817 IDR 248,400,000, Sep ,832 24,333,177 INR 1,560,000, Jul-2015 ( 173,657 ) 48,045,172 KRW 53,300,000, Aug ,069 84,560,951 KRW 95,000,000, Sep-2015 ( 236,239 ) 130,384,951 MXN 2,015,000, Aug ,112, ,123,471 MXN 2,198,330, Aug ,298,852 89,980,281 MXN 1,410,000, Sep ,677 38,466,562 MXN 597,000, Sep , ,720,650 MXN 1,800,000, Sep ,503,317 45,986,961 MYR 170,000, Jul ,859 41,290,675 MYR 151,000, Aug ,428,838 41,592,920 PHP 1,880,000, Aug-2015 ( 50,986 ) 104,348,515 PLN 395,100, Jul-2015 ( 1,293,534 ) 41,011,890 PLN 156,000, Aug-2015 ( 648,264 ) 73,669,414 PLN 272,000, Sep ,064,040 41,588,433 PLN 156,000, Sep-2015 ( 36,298 ) 59,133,251 RUB 3,100,000, Jul ,869,117 38,640,894 RUB 2,200,000, Sep ,129 52,352,521 RUB 2,960,000, Feb ,255,694 83,840,332 SGD 113,000, Sep-2015 ( 16,177 ) 60,983,407 THB 2,003,000, Jul ,779,400 16,240,839 THB 549,590, Sep ,257 56,138,277 THB 1,900,000, Sep ,829 1,576,134 26,461,914 European Alpha Absolute Return Share Class Hedging GBP 3,564,300 EUR 5,000, Jul ,270 1,725,700 EUR 1,533, Jul ,262 EUR 41,532 European Equity Absolute Return Share Class Hedging EUR 2,291,447 GBP 1,622, Jul ,322

70 Page 70 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) European Equity Absolute Return (cont) GBP 51,343,700 EUR 72,037, Jul ,825 5,176,200 EUR 4,601, Jul , ,925 Portfolio Hedging EUR 7,147,187 GBP 5,200, Nov-2015 ( 169,559 ) ( 169,559 ) EUR 268,366 QEP Global Absolute * Share Class Hedging EUR 29,863 33, Jul-2015 ( 511 ) GBP 23,642,526 37,442, Jul-2015 ( 267,478 ) ( 267,989 ) Portfolio Hedging 1,280,562 AUD 1,653, Jul ,935 1,346,989 CAD 1,653, Jul ,265 1,606,556 CHF 1,499, Jul ,108 3,899,627 EUR 3,454, Jul , ,198 GBP 192, Jul-2015 ( 7,149 ) 466,848 ILS 1,790, Jul-2015 ( 7,904 ) 6,869,789 JPY 854,206, Jul-2015 ( 112,104 ) 584,017 SEK 4,824, Jul ,415 42,443 SGD 56, Jul ,658 THB 6,405, Jul ,716 TRY 570, Jul-2015 ( 372 ) 303,270 ZAR 3,777, Jul-2015 ( 7,264 ) ( 46,097 ) ( 314,086 ) EURO Bond Portfolio Hedging EUR 146,674,033 GBP 104,653, Jul-2015 ( 312,539 ) EUR 183,542, ,617, Jul-2015 ( 1,541,380 ) 8,120,000 EUR 7,142, Jul ,275 EUR ( 1,757,644 ) EURO Government Bond Portfolio Hedging EUR 7,182,831 GBP 5,186, Jul-2015 ( 103,565 ) EUR 10,977,117 12,218, Jul ,778 GBP 2,857,840 EUR 3,919, Jul ,525 11,904,384 EUR 10,614, Jul-2015 ( 648 ) EUR 74,090 EURO Short Term Bond Portfolio Hedging EUR 98,252,726 GBP 70,066, Jul-2015 ( 155,858 ) EUR 110,137, ,549, Jul-2015 ( 893,727 ) EUR ( 1,049,585 ) Global Bond Share Class Hedging AUD 60,000 JPY 5,718, Jul-2015 ( 513 ) CAD 60,000 JPY 6,002, Jul-2015 ( 755 ) CHF 862,762 AUD 1,201, Jul ,707 CHF 1,780,970 CAD 2,360, Jul ,666 CHF 52,917 CZK 1,383, Jul-2015 ( 55 ) * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

71 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 71 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Bond (cont) CHF 178,227 DKK 1,266, Jul ,283 CHF 16,364,587 EUR 15,601, Jul ,855 CHF 4,078,169 GBP 2,834, Jul-2015 ( 80,221 ) CHF 65,994 ILS 270, Jul-2015 ( 700 ) CHF 9,972,424 JPY 1,325,099, Jul-2015 ( 101,583 ) CHF 243,805 MXN 4,059, Jul ,226 CHF 73,086 NOK 615, Jul CHF 73,055 NZD 110, Jul ,078 CHF 136,756 PLN 542, Jul ,122 CHF 313,075 SEK 2,787, Jul-2015 ( 2,560 ) CHF 114,126 SGD 164, Jul CHF 169,753 THB 6,117, Jul ,533 CHF 77,140 TRY 220, Jul ,003 CHF 31,434,259 33,196, Jul ,017 CHF 115,710 ZAR 1,550, Jul-2015 ( 2,608 ) EUR 3,238,313 AUD 4,722, Jul-2015 ( 5,028 ) EUR 6,436,756 CAD 8,956, Jul ,989 EUR 2,377,983 CHF 2,494, Jul-2015 ( 16,123 ) EUR 154,991 CZK 4,250, Jul-2015 ( 1,223 ) EUR 659,266 DKK 4,916, Jul EUR 15,300,660 GBP 11,130, Jul-2015 ( 377,542 ) EUR 179,341 ILS 770, Jul-2015 ( 3,261 ) EUR 37,924,838 JPY 5,284,909, Jul-2015 ( 644,632 ) EUR 879,693 MXN 15,390, Jul ,825 EUR 141,608 NOK 1,254, Jul-2015 ( 814 ) EUR 271,840 NZD 430, Jul ,751 EUR 376,018 PLN 1,565, Jul ,256 EUR 928,391 SEK 8,675, Jul-2015 ( 14,603 ) EUR 374,444 SGD 566, Jul-2015 ( 474 ) EUR 586,767 THB 22,140, Jul ,964 EUR 313,853 TRY 940, Jul ,821 EUR 122,524, ,550, Jul ,849 EUR 389,590 ZAR 5,480, Jul-2015 ( 12,152 ) GBP 120,000 CHF 174, Jul ,268 GBP 600,000 EUR 836, Jul ,710 GBP 60,000 JPY 11,462, Jul GBP 960,000 1,492, Jul ,377 JPY 54,033,380 AUD 565, Jul ,296 JPY 101,750,033 CAD 1,014, Jul ,219 JPY 29,783,174 CHF 224, Jul ,436 JPY 3,901,363 CZK 768, Jul JPY 12,062,790 DKK 645, Jul ,574 JPY 1,058,796,755 EUR 7,589, Jul ,270 JPY 230,572,237 GBP 1,204, Jul-2015 ( 13,265 ) JPY 4,970,713 ILS 153, Jul-2015 ( 2 ) JPY 13,993,021 MXN 1,759, Jul ,113 JPY 4,691,041 NOK 299, Jul JPY 4,490,535 NZD 51, Jul ,159 JPY 8,775,066 PLN 263, Jul ,371 JPY 16,154,342 SEK 1,087, Jul-2015 ( 314 ) JPY 6,742,769 SGD 73, Jul JPY 10,073,700 THB 2,730, Jul ,524 JPY 6,070,278 TRY 131, Jul JPY 1,731,671,650 13,783, Jul ,150 JPY 8,733,917 ZAR 882, Jul-2015 ( 923 ) 8,106,955 AUD 10,644, Jul-2015 ( 91,158 ) 15,603,208 CAD 19,529, Jul-2015 ( 114,409 ) 5,847,785 CHF 5,515, Jul-2015 ( 83,992 ) 476,613 CZK 11,770, Jul-2015 ( 8,178 ) 1,752,152 DKK 11,766, Jul-2015 ( 16,980 ) 153,424,437 EUR 137,879, Jul-2015 ( 1,213,104 )

72 Page 72 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Bond (cont) 36,611,286 GBP 24,005, Jul-2015 ( 1,212,955 ) 562,374 ILS 2,180, Jul-2015 ( 16,314 ) 89,163,695 JPY 11,200,424, Jul-2015 ( 2,346,318 ) 11,414,728 KRW 12,665,554, Jul ,687 2,076,490 MXN 32,778, Jul-2015 ( 14,543 ) 2,741,928 MYR 10,150, Jul , ,662 NOK 4,260, Jul-2015 ( 10,633 ) 848,165 NZD 1,210, Jul ,941 1,032,180 PLN 3,889, Jul-2015 ( 7,696 ) 618,581 RUB 33,558, Jul ,091 2,451,642 SEK 20,720, Jul-2015 ( 70,183 ) 948,062 SGD 1,290, Jul-2015 ( 10,158 ) 1,440,998 THB 49,020, Jul-2015 ( 9,496 ) 883,921 TRY 2,400, Jul-2015 ( 10,149 ) 977,678 ZAR 12,410, Jul-2015 ( 39,338 ) ( 4,140,963 ) Portfolio Hedging AUD 7,070,929 5,387, Jul ,977 CAD 24,882,500 19,921, Jul ,282 CHF 205, , Jul ,217 CZK 47,395,304 1,919, Jul ,931 EUR 32,969,629 37,073, Jul-2015 ( 97,171 ) GBP 17,164,017 26,198, Jul ,223 ILS 7,900,000 2,037, Jul ,119 JPY 17,440,712, ,104, Jul ,390,261 KRW 25,964,580,000 23,400, Jul-2015 ( 194,109 ) MYR 21,661,255 5,851, Jul-2015 ( 120,323 ) NOK 152,369,709 19,588, Jul-2015 ( 191,646 ) RUB 78,800,000 1,452, Jul-2015 ( 44,830 ) SEK 69,777,569 8,256, Jul ,353 SGD 4,610,000 3,388, Jul ,300 THB 177,278,357 5,211, Jul ,341 TRY 8,400,000 3,093, Jul ,523 3,442,509 CAD 4,310, Jul-2015 ( 26,528 ) 430,583 CHF 399, Jul ,297 1,338,858 DKK 8,990, Jul-2015 ( 12,975 ) 262,162,638 EUR 234,663, Jul-2015 ( 1,022,213 ) 72,347,221 GBP 46,796, Jul-2015 ( 1,387,694 ) 30,141,938 JPY 3,749,226, Jul-2015 ( 490,092 ) 10,210,648 MXN 161,178, Jul-2015 ( 71,513 ) 28,211,951 NZD 39,817, Jul ,253,864 4,837,259 PLN 18,225, Jul-2015 ( 36,065 ) ZAR 45,150,543 3,557, Jul ,119 2,542,648 ( 1,598,315 ) Global Inflation Linked Bond Share Class Hedging GBP 37,064,700 EUR 51,978, Jul ,358 1,295,400 EUR 1,189, Jul-2015 ( 34,833 ) 98,532,500 EUR 87,596, Aug , ,569 Portfolio Hedging CAD 6,719,400 EUR 4,767, Jul ,021 EUR 9,178,435 AUD 13,383, Jul-2015 ( 12,707 ) EUR 19,023,304 CAD 26,474, Jul ,469 EUR 296,171,813 GBP 215,606, Jul-2015 ( 6,734,232 ) EUR 9,573,753 JPY 1,335,064, Jul-2015 ( 151,947 ) EUR 23,458,420 NZD 37,231, Jul ,479

73 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 73 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Inflation Linked Bond (cont) EUR 8,764,930 SEK 81,900, Jul-2015 ( 122,927 ) EUR 342,296, ,206, Jul ,401,201 GBP 53,348,087 EUR 74,078, Jul ,616 NOK 43,778,100 EUR 5,006, Jul-2015 ( 37,245 ) 70,110,116 EUR 62,500, Jul ,941 ( 2,714,331 ) EUR ( 2,467,762 ) US Dollar Bond Share Class Hedging EUR 3,910,900 4,432, Jul-2015 ( 46,653 ) EUR 3,483,600 3,954, Jul-2015 ( 48,029 ) EUR 33,483,554 37,941, Jul-2015 ( 380,247 ) EUR 3,204,000 3,646, Aug-2015 ( 51,681 ) EUR 4,570,300 4,916, Aug ,275 EUR 9,261,700 10,182, Aug ,416 EUR 3,777,500 4,033, Aug ,583 EUR 65,567,300 71,716, Sep ,872,401 EUR 28,156,200 29,797, Sep ,806,594 EUR 43,439,900 46,504, Sep ,260,222 EUR 33,964,700 37,139, Sep ,544 EUR 18,031,000 20,084, Sep ,376 EUR 3,121,700 3,493, Oct ,214 EUR 23,322,200 25,481, Oct ,125 EUR 6,512,600 7,314, Oct ,767 EUR 2,292,300 2,587, Nov-2015 ( 12,000 ) EUR 3,749,600 4,224, Nov-2015 ( 11,215 ) GBP 118, , Jul ,209 GBP 467, , Jul , ,646 EUR 761, Jul ,441 19,636 GBP 12, Jul-2015 ( 60 ) 7,915,001 Portfolio Hedging 3,767,453 BRL 11,830, Aug , ,134 EUR 779, Jul ,948 7,943,758 GBP 5,149, Jul-2015 ( 169,396 ) ( 141,805 ) 7,773,196 Asian Local Currency Bond Share Class Hedging EUR 1,086,000 1,229, Jul-2015 ( 11,617 ) EUR 193, , Aug ,948 EUR 47,900 52, Aug ,512 EUR 25,000 27, Sep EUR 209, , Sep ,437 EUR 300, , Sep ,653 EUR 16,500 18, Oct-2015 ( 278 ) EUR 622, , Oct-2015 ( 4,784 ) SGD 36,400 26, Aug SGD 2,749,300 2,051, Oct-2015 ( 11,481 ) 43,838 EUR 39, Jul-2015 ( 15 ) ( 13,775 ) Portfolio Hedging CNH 153,500,000 24,294, Sep ,591 CNY 32,000,000 5,199, Aug ,408 IDR 24,000,000,000 1,777, Sep-2015 ( 9,602 ) IDR 46,000,000,000 3,356, Oct ,836 INR 317,000,000 4,906, Sep ,454

74 Page 74 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Asian Local Currency Bond (cont) JPY 336,926,400 2,720, Jul ,696 KRW 52,800,000,000 48,947, Jul-2015 ( 1,766,168 ) MYR 24,800,000 SGD 9,138, Aug-2015 ( 234,583 ) MYR 40,100,000 10,834, Aug-2015 ( 242,121 ) PHP 375,000,000 8,318, Jul-2015 ( 9,474 ) SGD 35,420,000 26,058, Sep ,567 TWD 9,500, , Aug-2015 ( 3,795 ) 656,503 IDR 9,000,000, Sep-2015 ( 6,563 ) 16,712,860 INR 1,086,000, Sep-2015 ( 117,369 ) 5,280,000 JPY 652,000, Jul-2015 ( 46,860 ) 7,681,167 KRW 8,500,000, Jul ,618 5,288,222 MYR 19,100, Aug ,843 1,259,843 PHP 56,000, Jul ,959 8,433,165 SGD 11,500, Sep-2015 ( 101,063 ) 9,819,259 THB 333,000, Sep ,372 1,754,272 TWD 54,000, Aug ,737 ( 1,588,517 ) ( 1,602,292 ) EURO Corporate Bond Share Class Hedging CHF 62,767,400 EUR 60,143, Jul ,447 EUR 2,645,008 JPY 366,224, Jul-2015 ( 22,807 ) JPY 19,722,093,900 EUR 141,849, Jul ,819,361 84,725,300 EUR 77,214, Jul-2015 ( 1,686,844 ) 34,786,900 EUR 30,925, Aug , ,195 Portfolio Hedging EUR 518,657,500 GBP 370,067, Jul-2015 ( 1,105,031 ) EUR 502,206, ,097, Jul-2015 ( 4,231,949 ) GBP 3,200,091 EUR 4,465, Jul ,793 15,075,230 EUR 13,268, Jul ,760 ( 5,137,427 ) EUR ( 4,886,232 ) EURO Credit Conviction Portfolio Hedging EUR 99,905,824 GBP 71,283, Jul-2015 ( 212,883 ) EUR 106,578, ,558, Jul-2015 ( 895,045 ) GBP 407,592 EUR 568, Jul ,667 3,874,892 EUR 3,407, Jul ,738 EUR ( 1,057,523 ) EURO High Yield Portfolio Hedging EUR 350,408 CHF 365, Jul EUR 33,912,938 GBP 24,201, Jul-2015 ( 77,822 ) EUR 15,216,500 17,212, Jul-2015 ( 127,788 ) GBP 1,624,167 EUR 2,268, Jul ,149 EUR ( 192,422 ) Global Corporate Bond Share Class Hedging AUD 8,932,100 6,903, Jul-2015 ( 18,811 ) CNH 415,100 66, Jul CNH 5,905, , Jul ,011 CNH 7,631,000 1,225, Aug EUR 35,453,888 40,066, Jul-2015 ( 310,472 ) EUR 46,960,815 53,103, Jul-2015 ( 439,902 ) EUR 32,831,400 37,168, Jul-2015 ( 346,254 )

75 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 75 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Corporate Bond (cont) EUR 50,434,785 57,540, Jul-2015 ( 969,399 ) EUR 37,332,339 42,161, Jul-2015 ( 283,139 ) EUR 97,799, ,150, Aug ,570,128 EUR 58,217,797 62,079, Aug ,241,091 EUR 70,333,629 77,307, Aug ,614,736 EUR 108,406, ,648, Aug ,007,871 EUR 17,398,100 19,029, Sep ,837 EUR 14,147,500 14,972, Sep ,750 EUR 9,198,800 9,847, Sep ,623 EUR 45,835,200 50,119, Sep ,340,784 EUR 40,087,600 44,771, Sep ,573 EUR 18,354,500 20,540, Oct ,812 EUR 68,922,500 76,896, Oct ,703 EUR 9,312,000 10,174, Oct ,932 EUR 47,654,900 53,880, Nov-2015 ( 335,881 ) EUR 22,112,800 24,943, Nov-2015 ( 94,766 ) EUR 11,923,200 13,435, Nov-2015 ( 35,541 ) SGD 113,400 83, Jul ,181 SGD 2,056,800 1,514, Jul ,109 SGD 189, , Jul SGD 970, , Aug-2015 ( 10,670 ) SGD 1,310, , Aug ,519 SGD 1,469,700 1,090, Sep SGD 1,327, , Sep ,397 SGD 2,388,100 1,781, Oct-2015 ( 9,973 ) 22,701 CNH 141, Jul-2015 ( 8 ) 111,402 EUR 98, Jul ,265 84,419 SGD 113, Jul ,756 SGD 157, Jul-2015 ( 86 ) 13,937,106 Portfolio Hedging EUR 169,561,396 GBP 120,983, Jul-2015 ( 405,298 ) EUR 38,794,754 43,813, Jul-2015 ( 295,851 ) 632,885,214 EUR 559,412, Jul ,363,930 10,629,315 GBP 6,889, Jul-2015 ( 226,664 ) 4,436,117 18,373,223 Global High Income Bond Share Class Hedging EUR 1,521,600 1,736, Jul-2015 ( 30,363 ) EUR 2,392,600 2,712, Jul-2015 ( 28,945 ) EUR 2,487,700 2,735, Aug ,704 EUR 4,476,100 4,887, Sep ,969 EUR 27,761,800 29,717, Sep ,447,876 EUR 1,465,400 1,615, Sep ,504 EUR 852, , Sep ,159 EUR 1,339,800 1,510, Oct-2015 ( 6,373 ) EUR 1,062,600 1,192, Oct EUR 536, , Oct ,447 EUR 4,924,800 5,571, Nov-2015 ( 37,825 ) PLN 19,674,200 5,260, Jul-2015 ( 2,557 ) SEK 200,800 24, Jul-2015 ( 72 ) SGD Jul SGD 13,900 10, Jul SGD Jul-2015 ( 1 ) SGD Aug ,361 EUR 657, Jul-2015 ( 3,502 ) 63,359 PLN 237, Jul-2015 ( 89 ) 302 SGD Jul

76 Page 76 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global High Income Bond (cont) 10,477 SGD 13, Jul SGD Jul SGD Aug ,588,620 Portfolio Hedging BRL 3,350,000 1,036, Aug ,192 EUR 1,190,000 1,331, Aug ,814 HUF 622,700,000 2,283, Jul-2015 ( 68,161 ) MXN 9,900, , Jul-2015 ( 14,654 ) MXN 36,250,000 2,354, Sep-2015 ( 51,028 ) MXN 26,700,000 1,714, Sep-2015 ( 19,274 ) MXN 11,300, , Sep-2015 ( 19,484 ) MYR 2,300, , Jul-2015 ( 37,155 ) MYR 7,060,000 1,940, Nov-2015 ( 88,296 ) PLN 7,100,000 1,952, Jul-2015 ( 55,027 ) PLN 3,525, , Aug-2015 ( 45,196 ) 1,055,617 BRL 3,350, Aug-2015 ( 12,256 ) 1,262,246 COP 3,350,000, Sep-2015 ( 21,886 ) 1,337,122 EUR 1,190, Aug ,086 2,223,537 HUF 622,700, Jul ,905 1,283,080 HUF 362,000, Sep-2015 ( 4,240 ) 2,295,466 MXN 36,250, Sep-2015 ( 7,530 ) 1,315,073 MYR 4,750, Nov ,817 1,898,996 PLN 7,100, Jul , ,375 PLN 3,525, Aug-2015 ( 19,237 ) 1,292,456 PLN 4,850, Sep-2015 ( 2,334 ) ZAR 11,550, , Jul-2015 ( 26,497 ) ZAR 8,150, , Sep ,782 ( 375,168 ) 1,213,452 Global High Yield Share Class Hedging AUD 1,479,400 1,143, Jul-2015 ( 3,116 ) AUD 17,654,300 13,630, Jul-2015 ( 28,443 ) EUR 49,741,055 56,017, Jul-2015 ( 240,795 ) EUR 5,915,764 6,266, Jul ,102 EUR 15,222,050 17,231, Jul-2015 ( 159,552 ) EUR 42,274,650 48,230, Jul-2015 ( 812,554 ) EUR 22,768,993 25,706, Jul-2015 ( 164,695 ) EUR 134,936, ,508, Aug ,876,009 EUR 48,416,409 51,314, Aug ,008,690 EUR 16,509,500 18,125, Aug ,748 EUR 21,221,827 22,761, Aug ,054,018 EUR 38,638,763 40,891, Sep ,479,190 EUR 7,166,000 7,671, Sep ,854 EUR 6,061,400 6,750, Sep ,348 EUR 11,792 13, Sep EUR 67,041,508 75,024, Oct ,299 EUR 24,329,200 27,314, Oct ,841 EUR 15,590,300 17,013, Oct ,916 EUR 22,268,300 24,803, Oct ,816 EUR 2,257,300 2,553, Nov-2015 ( 17,337 ) EUR 30,405,400 34,326, Nov-2015 ( 158,989 ) EUR 5,595,800 6,305, Nov-2015 ( 16,680 ) GBP 17,571,300 27,039, Jul ,877 GBP 28,556,928 43,751, Jul ,246,814 GBP 38,365,557 58,619, Jul ,831,147 GBP 17,488,500 27,078, Jul ,461 SEK 1,034, , Jul-2015 ( 370 )

77 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 77 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global High Yield (cont) 165,904 AUD 214, Jul ,771,585 GBP 1,124, Jul-2015 ( 717 ) 1,549 SEK 12, Jul-2015 ( 9 ) 13,198,795 Portfolio Hedging EUR 13,741,392 15,426, Jul-2015 ( 11,834 ) GBP 3,378,588 5,354, Jul-2015 ( 31,060 ) 1,802,685 CHF 1,662, Jul , ,624,683 EUR 417,817, Jul ,937, ,914,886 GBP 90,232, Jul ,415 4,660,549 17,859,344 Global Unconstrained Bond Share Class Hedging EUR 228, , Jul-2015 ( 4,992 ) EUR 1,028,900 1,173, Jul-2015 ( 19,752 ) EUR 1,865,200 2,127, Jul-2015 ( 35,851 ) EUR 2,442,800 2,661, Aug ,620 EUR 355, , Aug ,065 EUR 3,739,700 4,089, Aug ,824 EUR 878, , Sep ,298 EUR 5,861,300 6,203, Sep ,080 EUR 4,799,300 5,139, Sep ,176 EUR 721, , Sep ,747 EUR 5,592,400 6,250, Sep ,484 EUR 3,053,000 3,424, Oct ,235 EUR 169, , Oct EUR 343, , Nov-2015 ( 2,636 ) GBP 176, , Jul ,298 GBP 4,000 6, Jul-2015 ( 7 ) 248,940 EUR 228, Jul-2015 ( 7,534 ) 1,152,709 EUR 1,028, Jul-2015 ( 1,262 ) 207,986 EUR 184, Jul ,459 Portfolio Hedging CAD 1,449,400 1,160, Jul ,246 EUR 260, , Jul-2015 ( 1,233 ) GBP 170, , Jul ,596 NOK 10,543,100 1,358, Jul-2015 ( 16,756 ) 532,672 BRL 1,689, Jul-2015 ( 10,042 ) 313,066 CAD 391, Jul-2015 ( 2,412 ) 967,615 COP 2,495,479, Jul ,892 15,540,555 EUR 13,910, Jul-2015 ( 61,094 ) 18,963,269 GBP 12,397, Jul-2015 ( 570,350 ) 1,923,638 JPY 241,712, Jul-2015 ( 51,205 ) 1,658,195 MXN 26,010, Jul-2015 ( 1,127 ) 813,898 MYR 3,012, Jul ,736 2,178,068 NZD 3,082, Jul , ,718 PEN 1,255, Jul ,230 ZAR 10,768, Jul-2015 ( 17,279 ) ( 605,759 ) 219,700 Strategic Bond Share Class Hedging CHF 633, , Jul-2015 ( 1,222 ) EUR 49,699,195 55,069, Jul ,612 EUR 97,511, ,135, Jul-2015 ( 781,519 ) EUR 55,784,563 63,325, Jul-2015 ( 759,417 )

78 Page 78 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Strategic Bond (cont) EUR 23,946,764 26,838, Jul ,408 EUR 42,457,042 48,036, Jul-2015 ( 409,380 ) EUR 42,196,224 46,736, Aug ,097 EUR 68,130,111 72,208, Aug ,233,738 EUR 47,580,800 52,326, Aug ,064,475 EUR 27,906,400 30,028, Aug ,289,148 EUR 35,527,100 38,859, Sep ,014,545 EUR 42,691,900 45,202, Sep ,717,551 EUR 5,967,000 6,388, Sep ,469 EUR 82,857,032 90,599, Sep ,426,765 EUR 57,511,100 64,059, Sep ,721 EUR 32,709,895 36,588, Oct ,997 EUR 68,993,605 76,782, Oct ,704 EUR 30,493,900 33,317, Oct ,337 EUR 19,868,900 22,474, Oct-2015 ( 152,817 ) EUR 22,346,800 25,280, Nov-2015 ( 171,634 ) EUR 970,656 1,095, Nov-2015 ( 5,061 ) EUR 47,206,344 53,195, Nov-2015 ( 140,715 ) GBP 95,705, ,661, Jul ,150,921 GBP 75,431, ,875, Jul ,983,585 GBP 141,929, ,716, Jul ,915,205 GBP 77,193, ,512, Jul ,110,778 GBP 45,137,573 70,597, Jul ,712 GBP 94,255, ,663, Aug-2015 ( 173,429 ) SEK 40,337,700 4,925, Jul-2015 ( 14,415 ) 29,710,159 Portfolio Hedging CAD 67,255,100 53,839, Jul ,837 EUR 555,068 GBP 398, Jul-2015 ( 5,763 ) EUR 80,525,306 90,578, Jul-2015 ( 266,390 ) GBP 12,376,213 EUR 16,798, Jul ,723 GBP 11,401,694 17,791, Jul ,052 NOK 418,271,200 53,910, Jul-2015 ( 664,775 ) 762,852,594 EUR 683,030, Jul-2015 ( 3,194,700 ) 958,696,160 GBP 626,358, Jul-2015 ( 28,230,660 ) 94,186,904 NZD 132,931, Jul ,186,082 ( 27,051,594 ) 2,658,565 Strategic Credit Share Class Hedging EUR 43,525,600 GBP 31,039, Jul-2015 ( 48,430 ) GBP 536,568 EUR 753, Jul GBP 1,512,220 2,381, Jul ,190,700 GBP 58,439, Jul ,967 27,964 Portfolio Hedging CHF 110,764 GBP 74, Jul ,028 CHF 7,593,701 GBP 5,259, Oct-2015 ( 57,553 ) EUR 1,414,372 GBP 1,029, Jul-2015 ( 22,783 ) EUR 12,372,839 GBP 8,871, Jul-2015 ( 61,895 ) EUR 7,791,520 GBP 5,622, Aug-2015 ( 71,544 ) EUR 3,849,200 GBP 2,769, Oct-2015 ( 24,963 ) GBP 6,734,058 CHF 9,992, Jul-2015 ( 88,851 ) GBP 43,088,191 EUR 60,292, Jul ,057 GBP 8,824,928 EUR 12,372, Jul ,559 GBP 14,324,593 EUR 19,788, Aug ,894 GBP 28,359,431 EUR 39,297, Oct ,265 GBP 9,227,563 EUR 12,846, Nov ,961

79 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 79 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Strategic Credit (cont) GBP 30,979,837 49,073, Jul-2015 ( 167,929 ) GBP 26,783,647 39,651, Aug ,610,415 GBP 31,682,638 50,185, Oct-2015 ( 187,040 ) 49,073,585 GBP 30,959, Jul ,056 7,427,742 GBP 4,854, Aug-2015 ( 139,357 ) 1,200,000 GBP 756, Oct ,066 1,789,386 GBP 1,817,350 Asian Convertible Bond Share Class Hedging CHF 3,784,000 4,074, Jul-2015 ( 7,302 ) EUR 13,045,800 14,882, Jul-2015 ( 250,446 ) EUR 3,490,600 3,838, Aug ,161 EUR 17,318,500 18,940, Aug ,702 EUR 18,569,000 20,291, Sep ,365 EUR 912, , Sep ,696 EUR 9,282,000 10,321, Sep ,939 EUR 887, , Sep ,736 EUR 7,782,200 8,696, Oct ,927 GBP 495, , Jul ,236 GBP 1,993,800 3,144, Jul-2015 ( 3,672 ) PLN 38,135,700 10,205, Jul-2015 ( 13,378 ) PLN 13,535,400 3,646, Aug-2015 ( 31,768 ) 12,460,093 EUR 11,085, Jul ,291 1,045,487 Portfolio Hedging EUR 244, , Jul-2015 ( 2,781 ) SGD 10,156,665 7,540, Jul , ,033 EUR 242, Jul ,113 34,984,756 SGD 47,602, Jul-2015 ( 374,837 ) ( 372,735 ) 672,752 Emerging Bond Share Class Hedging EUR 51,900 59, Jul-2015 ( 997 ) EUR 46,600 52, Aug-2015 ( 16 ) EUR 169, , Aug ,799 EUR 1,036,100 1,133, Aug ,596 EUR 40,600 43, Sep ,643 EUR 200, , Sep ,417 EUR 285, , Sep ,559 EUR 73,600 83, Sep-2015 ( 1,116 ) EUR 46,400 51, Oct EUR 65,500 73, Nov EUR 1,273,600 1,437, Nov-2015 ( 6,660 ) SEK 110,787,000 13,527, Jul-2015 ( 39,590 ) 58,893 EUR 51, Jul ,724 EUR 2, Aug ,365 SEK 2,225, Jul ,094 Portfolio Hedging BRL 4,850,000 1,500, Aug ,159 EUR 1,575,000 1,761, Aug ,048 HUF 829,500,000 3,042, Jul-2015 ( 90,724 ) MXN 13,250, , Jul-2015 ( 19,612 ) MXN 38,500,000 2,500, Sep-2015 ( 54,196 ) MYR 3,200, , Jul-2015 ( 51,694 )

80 Page 80 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Emerging Bond (cont) MYR 9,320,000 2,561, Nov-2015 ( 116,560 ) PLN 9,500,000 2,612, Jul-2015 ( 73,628 ) PLN 4,650,000 1,301, Aug-2015 ( 59,355 ) 1,528,281 BRL 4,850, Aug-2015 ( 17,744 ) 1,639,035 COP 4,350,000, Sep-2015 ( 28,420 ) 1,769,720 EUR 1,575, Aug ,761 2,962,128 HUF 829,500, Jul ,680 1,665,877 HUF 470,000, Sep-2015 ( 5,506 ) 2,437,943 MXN 38,500, Sep-2015 ( 7,997 ) 1,716,502 MYR 6,200, Nov ,809 2,540,910 PLN 9,500, Jul ,994 1,216,750 PLN 4,650, Aug-2015 ( 25,376 ) 1,692,184 PLN 6,350, Sep-2015 ( 3,056 ) ZAR 15,350,000 1,289, Jul-2015 ( 35,215 ) ZAR 2,450, , Sep ( 433,096 ) ( 432,002 ) Emerging Corporate Bond Share Class Hedging EUR 3,771,500 4,273, Jul-2015 ( 42,734 ) EUR 88,700 97, Aug ,986 EUR 114, , Sep ,833 EUR 144, , Oct-2015 ( 1,362 ) 105,395 EUR 93, Jul ( 38,094 ) Portfolio Hedging CNY 9,600,000 1,559, Aug ,122 KRW 2,550,000,000 2,375, Jul-2015 ( 96,455 ) MYR 2,800, , Aug-2015 ( 22,289 ) 1,577,411 CNH 10,000, Sep-2015 ( 23,977 ) 682,318 EUR 600, Aug ,037 2,336,877 KRW 2,550,000, Jul ,212 ( 69,350 ) ( 107,444 ) Emerging Local Currency Bond Share Class Hedging EUR 331, , Jul-2015 ( 6,370 ) EUR 37,600 42, Aug-2015 ( 606 ) EUR 59,400 64, Aug ,676 EUR 1,110,900 1,214, Aug ,733 EUR 295, , Sep ,586 EUR 126, , Sep ,221 EUR 624, , Sep ,750 EUR 273, , Sep ,065 EUR 485, , Oct-2015 ( 556 ) EUR 103, , Oct EUR 190, , Oct-2015 ( 1,467 ) EUR 47,100 53, Nov-2015 ( 247 ) 41,170 EUR 36, Jul ,895 Portfolio Hedging BRL 2,650, , Aug ,675 EUR 420, , Aug ,346 HUF 94,300, , Jul-2015 ( 11,711 ) MXN 3,500, , Jul-2015 ( 5,181 ) MYR 900, , Jul-2015 ( 14,539 ) PLN 2,500, , Jul-2015 ( 19,376 )

81 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 81 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Emerging Local Currency Bond (cont) PLN 1,625, , Aug-2015 ( 21,625 ) THB 17,000, , Sep-2015 ( 591 ) TRY 600, , Sep , ,040 BRL 2,650, Aug-2015 ( 9,695 ) 226,074 COP 600,000, Sep-2015 ( 3,920 ) 471,925 EUR 420, Aug ,868 HUF 94,300, Jul-2015 ( 4,661 ) 450,141 HUF 127,000, Sep-2015 ( 1,488 ) 668,660 PLN 2,500, Jul ,208 PLN 1,625, Aug-2015 ( 8,868 ) 453,026 PLN 1,700, Sep-2015 ( 818 ) ZAR 4,100, , Jul-2015 ( 9,406 ) ( 78,200 ) ( 18,305 ) Global Conservative Convertible Bond Share Class Hedging CHF 368, , Jul-2015 ( 712 ) EUR 651, , Jul-2015 ( 9,627 ) EUR 1,757,000 1,931, Aug ,053 EUR 5,659,700 6,189, Aug ,669 EUR 239, , Sep ,200 EUR 112, , Sep ,573 EUR 318, , Oct ,291 EUR 41,843,150 45,836, Oct ,165,152 EUR 23,216,100 25,858, Oct , ,596 EUR 651, Jul , ,999 EUR 196, Aug ,603,244 Portfolio Hedging AUD 666, , Jul ,644 CHF 210, , Jul EUR 5,116,201 5,735, Jul ,416 JPY 499,250,000 4,034, Jul ,952 SGD 1,252, , Jul-2015 ( 2,159 ) 507,287 AUD 666, Jul-2015 ( 5,704 ) 3,738,268 CHF 3,524, Jul-2015 ( 51,857 ) 34,649,848 EUR 31,020, Jul-2015 ( 140,449 ) 1,220,301 GBP 800, Jul-2015 ( 40,429 ) 7,573,742 JPY 951,227, Jul-2015 ( 198,002 ) 1,074,960 SEK 9,085, Jul-2015 ( 30,773 ) 2,655,649 SGD 3,613, Jul-2015 ( 28,453 ) ( 447,714 ) 1,155,530 Global Convertible Bond Share Class Hedging CHF 199,161, ,470, Jul-2015 ( 384,312 ) EUR 20,170,368 22,794, Jul-2015 ( 177,136 ) EUR 46,225,791 52,476, Jul-2015 ( 637,317 ) EUR 36,000,100 40,909, Jul-2015 ( 533,531 ) EUR 11,899,220 13,495, Jul-2015 ( 148,693 ) EUR 57,124,013 64,729, Jul-2015 ( 648,713 ) EUR 68,888,077 76,304, Aug ,383 EUR 58,290,473 62,084, Aug ,317,625 EUR 36,177,600 39,644, Aug ,438 EUR 15,801,100 17,184, Sep ,637 EUR 25,401,500 28,291, Sep ,757 EUR 32,426,900 36,288, Oct ,852 EUR 38,102,900 41,743, Oct ,056,916

82 Page 82 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Convertible Bond (cont) EUR 12,441,500 13,857, Oct ,461 EUR 72,078,760 81,486, Nov-2015 ( 499,319 ) EUR 73,381,540 82,789, Nov-2015 ( 327,770 ) EUR 25,600,500 28,774, Nov-2015 ( 2,823 ) GBP 14,981,500 23,068, Jul ,323 GBP 447, , Jul-2015 ( 825 ) GBP 13,427,500 21,178, Aug-2015 ( 24,707 ) 4,483,246 Portfolio Hedging EUR 60,558,348 68,016, Jul-2015 ( 97,770 ) JPY 4,249,587,350 34,452, Jul ,064 SGD 23,619,117 17,547, Jul-2015 ( 2,657 ) 701,671,574 EUR 628,512, Jul-2015 ( 3,231,108 ) 23,549,117 GBP 15,356, Jul-2015 ( 647,726 ) 261,400,536 JPY 32,779,576, Jul-2015 ( 6,416,042 ) 6,634,200 SEK 55,658, Jul-2015 ( 139,975 ) 65,028,524 SGD 88,308, Jul-2015 ( 567,281 ) ( 10,834,495 ) ( 6,351,249 ) Global Credit Duration Hedged Share Class Hedging EUR 625,950 GBP 447, Jul-2015 ( 2,962 ) GBP 43,206,800 EUR 60,591, Jul ,177 4,440,900 EUR 3,948, Aug ,196 96,411 Portfolio Hedging EUR 7,716,360 GBP 5,505, Jul-2015 ( 16,442 ) EUR 1,033,578 GBP 773, Jan-2016 ( 47,462 ) EUR 52,253,940 59,108, Jul-2015 ( 438,827 ) GBP 773,238 EUR 1,001, Jan ,054 ( 423,677 ) EUR ( 327,266 ) Global Managed Currency Share Class Hedging EUR 14,700 16, Sep EUR 5,900 6, Oct-2015 ( 80 ) EUR 63,900 71, Oct ,793 EUR 6, Sep-2015 ( 169 ) ( 89 ) Portfolio Hedging BRL 2,215, , Jul-2015 ( 8,590 ) CLP 98,000, , Jul-2015 ( 6,099 ) CNY 4,100, , Oct ,081 COP 400,000, , Jul-2015 ( 5,179 ) COP 400,000, , Jul-2015 ( 9,893 ) COP 400,000, , Aug-2015 ( 5,141 ) CZK 3,880, , Aug EUR 2,193,000 2,454, Aug ,934 HUF 45,000, , Jul-2015 ( 861 ) HUF 57,000, , Aug-2015 ( 6,712 ) HUF 45,000, , Aug-2015 ( 5,451 ) INR 18,330, , Aug JPY 94,095, , Jul-2015 ( 19,869 ) JPY 46,600, , Aug ,305 KRW 341,000, , Aug-2015 ( 9,912 ) MXN 6,850, , Aug-2015 ( 12,532 )

83 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 83 Forward Foreign Exchange Contracts (cont) Currency Bought Currency Sold Maturity Date Unrealised Appreciation/ (Depreciation) Global Managed Currency (cont) MYR 1,160, , Jul-2015 ( 14,334 ) MYR 580, , Aug-2015 ( 444 ) PHP 10,150, , Aug-2015 ( 1,553 ) PLN 1,360, , Aug-2015 ( 5,593 ) RUB 21,370, , Aug-2015 ( 12,184 ) RUB 10,400, , Feb , ,763 BRL 510, Jul-2015 ( 4,668 ) 653,386 CNY 4,100, Oct-2015 ( 13,438 ) 155,105 COP 400,000, Jul , ,373 COP 400,000, Jul-2015 ( 2,591 ) 634,754 EUR 579, Aug-2015 ( 14,934 ) 158,529 HUF 45,000, Jul-2015 ( 1,629 ) 79,248 HUF 22,500, Aug-2015 ( 805 ) 159,433 HUF 45,000, Aug-2015 ( 624 ) 158,698 MXN 2,500, Aug-2015 ( 448 ) 313,044 MYR 1,160, Jul , ,398 PHP 7,250, Aug-2015 ( 197 ) 160,067 PLN 600, Sep-2015 ( 139 ) 152,885 ZAR 1,950, Aug-2015 ( 5,775 ) ZAR 3,900, , Aug-2015 ( 1,327 ) ZAR 1,950, , Aug-2015 ( 2,060 ) ( 117,756 ) ( 117,845 ) The forward foreign exchange contracts were related to the following counterparties: Forward Foreign Exchange Contracts Counterparties Fund Counterparty Unrealised Appreciation/ (Depreciation) Asian Opportunities Bank of America ( 97,129 ) HSBC 74,643 ( 22,486 ) EURO Equity Bank of America ( 1,531,586 ) HSBC ( 2,211,698 ) EUR ( 3,743,284 ) Global Equity Bank of America ( 990 ) HSBC ( 625 ) ( 1,615 ) Japanese Equity Bank of America ( 924,175,118 ) HSBC ( 1,352,313,822 ) JPY ( 2,276,488,940 ) Swiss Equity Bank of America ( 726 ) HSBC ( 705 ) CHF ( 1,431 ) UK Equity Bank of America 308

84 Page 84 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts Counterparties (cont) Fund Counterparty Unrealised Appreciation/ (Depreciation) UK Equity (cont) HSBC ( 6 ) GBP 302 US Large Cap Bank of America 792,544 HSBC 114, ,386 Asian Dividend Maximiser Bank of America 605,123 HSBC 842,160 1,447,283 Asian Equity Yield Bank of America ( 735 ) HSBC 102, ,359 Asian Total Return Bank of America 5,147,988 HSBC 472,359 5,620,347 China Opportunities Bank of America 25,709 HSBC 13,462 39,171 Emerging s Bank of America 31,924 HSBC 20,912 52,836 European Dividend Maximiser Bank of America ( 1,417,542 ) HSBC ( 1,430,552 ) EUR ( 2,848,094 ) European Equity (Ex UK) Bank of America 40,222 HSBC 13,532 EUR 53,754 European Equity Yield Bank of America ( 1,847,583 ) HSBC ( 1,064,102 ) EUR ( 2,911,685 ) European Opportunities Bank of America 1,568 HSBC 8,410 EUR 9,978 European Smaller Companies Bank of America ( 366,983 ) HSBC ( 233,834 ) EUR ( 600,817 ) European Total Return Bank of America 3,501

85 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 85 Forward Foreign Exchange Contracts Counterparties (cont) Fund Counterparty Unrealised Appreciation/ (Depreciation) European Total Return (cont) HSBC 1,206 EUR 4,707 Frontier s Equity Bank of America ( 18,589 ) HSBC 60,080 41,491 Global Climate Change Equity Bank of America ( 3,412 ) HSBC 392, ,982 Global Demographic Opportunities Bank of America 3,695 HSBC 541, ,682 Global Dividend Maximiser Bank of America 2,545,379 BNP Paribas 110,452 HSBC 660,151 State Street 385,116 3,701,098 Global Energy Bank of America ( 5,142 ) HSBC ( 5,020 ) ( 10,162 ) Global Equity Yield BNP Paribas 12,532 State Street 43,697 56,229 Global Property Securities Bank of America 485,199 HSBC 200, ,827 Global Recovery Bank of America 35,422 HSBC 79, ,266 Hong Kong Equity Bank of America ( 205,051 ) HKD ( 205,051 ) Japanese Opportunities Bank of America ( 272,511,855 ) HSBC ( 260,458,048 ) JPY ( 532,969,903 ) UK Opportunities Bank of America ( 325 ) HSBC ( 128 ) GBP ( 453 ) US Small & Mid Cap Equity Bank of America 1,983,395

86 Page 86 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts Counterparties (cont) Fund Counterparty Unrealised Appreciation/ (Depreciation) US Small & Mid Cap Equity (cont) HSBC 1,268,536 3,251,931 Japanese Equity Alpha Bank of America ( 51,711,224 ) HSBC ( 31,757,657 ) JPY ( 83,468,881 ) QEP Global Active BNP Paribas ( 139,236 ) Citibank ( 693,951 ) HSBC ( 1,013,268 ) J.P. Morgan 16,219 State Street ( 886,378 ) UBS ( 444,896 ) Westpac Banking Australia 62,585 ( 3,098,925 ) QEP Global Blend HSBC ( 541,429 ) State Street ( 77,871 ) Westpac Banking Australia 14,061 ( 605,239 ) QEP Global Core HSBC 20,823 State Street ( 90,196 ) ( 69,373 ) QEP Global Emerging s BNP Paribas ( 430,964 ) HSBC 56,000 J.P. Morgan ( 42,336 ) ( 417,300 ) QEP Global Quality BNP Paribas ( 64,589 ) HSBC ( 1,126,956 ) ( 1,191,545 ) QEP Global Plus HSBC 1,316,769 J.P. Morgan ( 8,840 ) State Street ( 844,328 ) Westpac Banking Australia 22, ,189 Global Tactical Asset Allocation Bank of America 607,271 Deutsche Bank ( 51,338 ) HSBC 850,171 J.P. Morgan ( 665,370 ) Skandinaviska Enskilda Banken 43,142 Standard Chartered Bank 376,574 State Street ( 64,434 ) 1,096,016 Asian Diversified Growth ANZ Banking 86,340 Bank of America ( 1 ) Barclays Bank ( 102,484 )

87 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 87 Forward Foreign Exchange Contracts Counterparties (cont) Fund Counterparty Unrealised Appreciation/ (Depreciation) Asian Diversified Growth (cont) BNP Paribas 13,351 Citibank 128,315 HSBC ( 40 ) State Street 101, ,018 Emerging Multi-Asset Income * Bank of America 64 BNP Paribas ( 3,906 ) Citibank ( 27,701 ) Credit Suisse ( 59,627 ) Deutsche Bank ( 13,597 ) Goldman Sachs ( 14,465 ) HSBC ( 8,288 ) Standard Chartered Bank 89,639 UBS 15,810 ( 22,071 ) Global Conservative Bank of America 39,046 BNP Paribas 33,544 Citibank 20,400 Credit Suisse ( 45,385 ) Deutsche Bank ( 20,100 ) Goldman Sachs 228,232 HSBC ( 66,054 ) J.P. Morgan 16,837 Northern Trust 10,278 RBC ( 12,349 ) RBS ( 41,884 ) Skandinaviska Enskilda Banken 6,751 Standard Chartered Bank 12,508 State Street ( 16,416 ) EUR 165,408 Global Diversified Growth Bank of America 1,331,290 Citibank 230,257 Goldman Sachs 39,787 HSBC ( 126,127 ) J.P. Morgan 92,311 Northern Trust ( 273,433 ) State Street ( 1,214,617 ) EUR 79,468 Global Dynamic Balanced Bank of America 248,050 BNP Paribas 1,027,644 Citibank 347,160 Credit Suisse ( 569,668 ) Deutsche Bank ( 65,841 ) Goldman Sachs 1,359,358 HSBC ( 361,600 ) Standard Chartered Bank 301,813 State Street 55,771 EUR 2,342,687 Global Multi-Asset Allocation Bank of America 103,137 * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

88 Page 88 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts Counterparties (cont) Fund Counterparty Unrealised Appreciation/ (Depreciation) Global Multi-Asset Allocation (cont) Barclays Bank 560 BNP Paribas 6,808 Citibank 96,574 Credit Suisse ( 109,595 ) Deutsche Bank ( 256,102 ) HSBC ( 111,405 ) J.P. Morgan ( 175,005 ) RBC 5,057 Skandinaviska Enskilda Banken 23,792 Standard Chartered Bank 128,413 State Street ( 791,394 ) ( 1,079,160 ) Global Multi-Asset Income Bank of America 22,095,450 Barclays Bank ( 774,090 ) BNP Paribas 3,055,128 Citibank ( 4,437,603 ) Credit Suisse ( 9,876,259 ) Deutsche Bank ( 8,523,320 ) Goldman Sachs 1,427,848 HSBC 25,423,759 J.P. Morgan 4,046,758 RBC 4,581,542 Skandinaviska Enskilda Banken ( 1,294,430 ) Standard Chartered Bank 4,712,641 State Street ( 3,773,825 ) UBS 2,639,015 39,302,614 Japan DGF Barclays Bank ( 175,214,171 ) Citibank ( 95,803,622 ) UBS ( 42,570,426 ) JPY ( 313,588,219 ) Strategic Beta 10 Bank of America 538,557 Barclays Bank 3,380 BNP Paribas ( 28,219 ) Canadian Imperial Bank of Commerce 24,777 Citibank 26,269 Credit Suisse ( 91,641 ) Deutsche Bank ( 2,619 ) HSBC 38,627 J.P. Morgan ( 13,764 ) Northern Trust ( 2,424 ) RBC 29,911 Standard Chartered Bank 75,205 State Street 60,668 UBS ( 38,940 ) 619,787 Wealth Preservation EUR Barclays Bank ( 25,022 ) BNP Paribas 32,894 Canadian Imperial Bank of Commerce 6,203 Citibank 5,899 Credit Suisse 31,191 Deutsche Bank 15,020 Goldman Sachs 3,472

89 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 89 Forward Foreign Exchange Contracts Counterparties (cont) Fund Counterparty Unrealised Appreciation/ (Depreciation) Wealth Preservation EUR (cont) HSBC 4,957 J.P. Morgan ( 22,972 ) RBC ( 2,609 ) Standard Chartered Bank ( 5,421 ) State Street 33,209 UBS 34,591 EUR 111,412 Wealth Preservation Barclays Bank ( 23,629 ) Goldman Sachs ( 17,051 ) HSBC ( 118 ) Standard Chartered Bank ( 35,441 ) ( 76,239 ) Multi-Manager Global Diversity Bank of America 1,253 HSBC 2,940 State Street ( 5,576 ) ( 1,383 ) Asian Bond Absolute Return ANZ Banking 410,718 Bank of America 630,356 Citibank ( 212,916 ) Deutsche Bank ( 952,558 ) Goldman Sachs ( 722,819 ) HSBC 121,493 J.P. Morgan 2,707,343 UBS ( 1,179,375 ) 802,242 Emerging s Debt Absolute Return Bank of America 15,146,399 Barclays Bank 6,943 BNP Paribas 5,065,108 Canadian Imperial Bank of Commerce 395,677 Citibank ( 3,968,094 ) Credit Suisse 6,217,514 Deutsche Bank ( 1,135,187 ) Goldman Sachs ( 5,219,252 ) HSBC 10,935,222 J.P. Morgan ( 111,051 ) Standard Chartered Bank ( 1,213,327 ) State Street 1,846,176 UBS ( 1,504,214 ) 26,461,914 European Alpha Absolute Return Bank of America 15,196 HSBC 26,336 EUR 41,532 European Equity Absolute Return Bank of America 341,350 BNP Paribas ( 169,559 ) HSBC 96,575 EUR 268,366

90 Page 90 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts Counterparties (cont) Fund Counterparty Unrealised Appreciation/ (Depreciation) European Equity Absolute Return (cont) QEP Global Absolute * BNP Paribas ( 4,850 ) Citibank ( 511 ) Deutsche Bank ( 7,904 ) HSBC ( 6,644 ) J.P. Morgan ( 244,585 ) RBS 1,108 State Street ( 112,104 ) UBS 49,469 Westpac Banking Australia 11,935 ( 314,086 ) EURO Bond Citibank 96,275 Deutsche Bank ( 26,904 ) Goldman Sachs ( 55,819 ) J.P. Morgan ( 1,672,065 ) State Street ( 58,420 ) UBS ( 40,711 ) EUR ( 1,757,644 ) EURO Government Bond Goldman Sachs 82,778 J.P. Morgan ( 8,688 ) EUR 74,090 EURO Short Term Bond Deutsche Bank ( 16,213 ) Goldman Sachs ( 33,637 ) J.P. Morgan ( 981,338 ) State Street 6,136 UBS ( 24,533 ) EUR ( 1,049,585 ) Global Bond Barclays Bank ( 10,316 ) BNP Paribas 29,930 Canadian Imperial Bank of Commerce 5,252 Citibank 129,432 Credit Suisse ( 25,738 ) Deutsche Bank 363,201 Goldman Sachs 882,840 HSBC ( 8,807 ) J.P. Morgan ( 766,138 ) Northern Trust ( 978 ) RBC ( 596,755 ) Standard Chartered Bank ( 63,942 ) State Street ( 1,454,169 ) UBS ( 82,127 ) ( 1,598,315 ) Global Inflation Linked Bond Bank of America 106,770 BNP Paribas ( 17,962 ) Citibank ( 20,807 ) Goldman Sachs 2,103,627 HSBC 445,211 J.P. Morgan ( 5,590,513 ) * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

91 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 91 Forward Foreign Exchange Contracts Counterparties (cont) Fund Counterparty Unrealised Appreciation/ (Depreciation) Global Inflation Linked Bond (cont) RBC 24,469 Standard Chartered Bank ( 8,370 ) State Street 493,809 UBS ( 3,996 ) EUR ( 2,467,762 ) US Dollar Bond Bank of America 4,526,190 Citibank 4,807 HSBC 3,388,811 State Street ( 158,448 ) UBS 11,836 7,773,196 Asian Local Currency Bond ANZ Banking 114,172 Bank of America 23,306 Citibank 203,628 Goldman Sachs ( 70,580 ) HSBC ( 44,490 ) J.P. Morgan ( 297,937 ) RBC ( 26,628 ) Standard Chartered Bank 1,949 UBS ( 1,505,712 ) ( 1,602,292 ) EURO Corporate Bond Bank of America ( 133,218 ) BNP Paribas ( 19,286 ) Deutsche Bank ( 94,934 ) Goldman Sachs ( 196,960 ) HSBC 382,200 J.P. Morgan ( 4,617,611 ) RBC 143,368 State Street ( 206,140 ) UBS ( 143,651 ) EUR ( 4,886,232 ) EURO Credit Conviction Deutsche Bank ( 18,326 ) Goldman Sachs ( 38,020 ) J.P. Morgan ( 974,617 ) RBC 40,962 State Street ( 39,792 ) UBS ( 27,730 ) EUR ( 1,057,523 ) EURO High Yield Credit Suisse 38 Deutsche Bank ( 5,990 ) Goldman Sachs ( 12,428 ) J.P. Morgan ( 150,985 ) Northern Trust ( 1,270 ) State Street ( 12,723 ) UBS ( 9,064 ) EUR ( 192,422 ) Global Corporate Bond Bank of America 8,393,943 Citibank 960,840 Deutsche Bank ( 34,889 )

92 Page 92 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts Counterparties (cont) Fund Counterparty Unrealised Appreciation/ (Depreciation) Global Corporate Bond (cont) Goldman Sachs ( 72,385 ) HSBC 5,594,628 J.P. Morgan 3,023,823 State Street 560,057 UBS ( 52,794 ) 18,373,223 Global High Income Bond Bank of America 807,098 Barclays Bank ( 176,900 ) BNP Paribas ( 21,886 ) Citibank ( 86,707 ) HSBC 693,229 J.P. Morgan 16,320 State Street ( 17,702 ) 1,213,452 Global High Yield Bank of America 6,418,373 Citibank 699,614 Credit Suisse 13,459 HSBC 6,780,423 J.P. Morgan 3,334,352 Northern Trust ( 6,283 ) RBC 8,800 State Street 593,762 UBS 16,844 17,859,344 Global Unconstrained Bond Bank of America 492,137 Barclays Bank 4,591 Canadian Imperial Bank of Commerce 3,127 Citibank ( 20,054 ) Credit Suisse ( 941 ) Deutsche Bank ( 11,033 ) Goldman Sachs ( 293 ) HSBC 333,322 J.P. Morgan ( 18,998 ) RBC ( 18,176 ) Standard Chartered Bank 16,736 State Street ( 533,266 ) UBS ( 27,452 ) 219,700 Strategic Bond Bank of America 17,472,739 Citibank ( 672,921 ) Deutsche Bank 289,837 HSBC 12,307,300 J.P. Morgan ( 618,322 ) Northern Trust ( 5,763 ) RBC ( 900,935 ) Standard Chartered Bank 660,723 State Street ( 24,513,345 ) UBS ( 1,360,748 ) 2,658,565 Strategic Credit Bank of America 23,689 Citibank 1,929

93 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 93 Forward Foreign Exchange Contracts Counterparties (cont) Fund Counterparty Unrealised Appreciation/ (Depreciation) Strategic Credit (cont) Deutsche Bank 265,318 HSBC 43,930 J.P. Morgan 1,612,424 Northern Trust 11,180 Standard Chartered Bank ( 147,914 ) State Street 6,794 GBP 1,817,350 Asian Convertible Bond Bank of America 723,647 Barclays Bank ( 2,724 ) BNP Paribas ( 374,837 ) HSBC 321,841 J.P. Morgan 1,113 Northern Trust 5,194 Standard Chartered Bank 1,013 State Street ( 2,495 ) 672,752 Emerging Bond Bank of America ( 2,436 ) Barclays Bank ( 233,529 ) BNP Paribas ( 28,420 ) Citibank ( 116,042 ) HSBC ( 113,029 ) J.P. Morgan 60,918 State Street 536 ( 432,002 ) Emerging Corporate Bond ANZ Banking ( 22,289 ) Bank of America 56,867 HSBC ( 30,627 ) RBC 9,037 State Street ( 23,977 ) UBS ( 96,455 ) ( 107,444 ) Emerging Local Currency Bond Bank of America 27,145 Barclays Bank ( 59,821 ) BNP Paribas ( 3,920 ) Citibank ( 26,282 ) HSBC 32,750 J.P. Morgan 11,823 ( 18,305 ) Global Conservative Convertible Bond Bank of America 205,372 BNP Paribas ( 24,856 ) Canadian Imperial Bank of Commerce ( 12,389 ) Citibank 9,032 Deutsche Bank ( 31,807 ) Goldman Sachs 6,515 HSBC 1,406,548 J.P. Morgan 26,165 RBC ( 81,337 ) State Street ( 307,443 ) UBS ( 40,270 ) 1,155,530

94 Page 94 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Forward Foreign Exchange Contracts Counterparties (cont) Fund Counterparty Unrealised Appreciation/ (Depreciation) Global Convertible Bond Bank of America 1,042,303 Barclays Bank ( 5,754 ) BNP Paribas 45,833 Canadian Imperial Bank of Commerce ( 100,676 ) Citibank 5,744 Goldman Sachs ( 3,689,488 ) HSBC 2,937,110 J.P. Morgan ( 49,537 ) Northern Trust ( 10,014 ) RBC 28,762 Standard Chartered Bank ( 3,029,207 ) State Street ( 3,670,854 ) UBS 144,529 ( 6,351,249 ) Global Credit Duration Hedged Bank of America 36,575 Deutsche Bank ( 1,415 ) Goldman Sachs ( 2,937 ) HSBC 59,835 J.P. Morgan ( 414,109 ) State Street ( 3,073 ) UBS ( 2,142 ) EUR ( 327,266 ) Global Managed Currency Bank of America ( 89 ) BNP Paribas 10,471 Citibank ( 27,890 ) Credit Suisse 8,051 Deutsche Bank 1,072 Goldman Sachs ( 32,926 ) HSBC ( 15,375 ) J.P. Morgan ( 8,680 ) Standard Chartered Bank ( 39,056 ) State Street 2,506 UBS ( 15,929 ) ( 117,845 ) Options Contracts Options contracts were valued at the last available price on 30 June 2015 and the net market value is shown in the Statement of under market value of options & swaptions for assets and under market value of options & swaptions for liabilities. On 30 June 2015, the following Funds were committed to outstanding options contracts: Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Asian Dividend Maximiser (163,448) Call on Amcor /Australia Strike Price Expiring on 06-Aug-15 (220,024) Call on Amcor /Australia Strike Price Expiring on 24-Jul-15 (82,745) Call on AMP Strike Price 7.08 Expiring on 06-Aug-15 Deutsche Bank AUD (29,756) (23,739) 5,137 Deutsche Bank AUD (31,735) (990) 30,589 Goldman Sachs AUD (6,283) (847) 5,250

95 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 95 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Asian Dividend Maximiser (cont) (97,519) Call on AMP Strike Price 7.22 Expiring on 24-Jul-15 (809,000) Call on ANTA Sports Products Strike Price Expiring on 24-Jul-15 (625,000) Call on ANTA Sports Products Strike Price Expiring on 02-Sep-15 (809,000) Call on ANTA Sports Products Strike Price Expiring on 06-Aug-15 (746,900) Call on Ascendas Real Estate Investment Trust Strike Price 2.63 Expiring on 24-Jul-15 (649,400) Call on Ascendas Real Estate Investment Trust Strike Price 2.64 Expiring on 06-Aug-15 (390,800) Call on Ascendas Real Estate Investment Trust Strike Price 2.66 Expiring on 02-Sep-15 (151,000) Call on Asustek Computer Strike Price Expiring on 02-Sep-15 (191,000) Call on Asustek Computer Strike Price Expiring on 06-Aug-15 (56,419) Call on Australia & New Zealand Banking Strike Price Expiring on 02-Sep-15 (56,693) Call on Australia & New Zealand Banking Strike Price Expiring on 06-Aug-15 (47,209) Call on Australia & New Zealand Banking Strike Price Expiring on 24-Jul-15 (840,000) Call on Belle International Strike Price Expiring on 06-Aug-15 (1,047,000) Call on Belle International Strike Price Expiring on 02-Sep-15 (1,437,000) Call on Belle International Strike Price Expiring on 24-Jul-15 (713,000) Call on BOC Hong Kong Strike Price Expiring on 24-Jul-15 (699,500) Call on BOC Hong Kong Strike Price Expiring on 06-Aug-15 (165,531) Call on Brambles Strike Price Expiring on 06-Aug-15 (208,499) Call on Brambles Strike Price Expiring on 02-Sep-15 (123,073) Call on Brambles Strike Price Expiring on 24-Jul-15 (752,200) Call on CapitaLand Mall Trust Strike Price 2.22 Expiring on 06-Aug-15 J.P. Morgan AUD (7,388) (187) 7,164 Deutsche Bank HKD (29,708) (21,312) 8,388 Deutsche Bank HKD (25,860) (30,308) (4,445) J.P. Morgan HKD (29,235) (14,038) 15,203 J.P. Morgan SGD (21,407) (4,942) 16,535 J.P. Morgan SGD (18,050) (5,650) 12,155 Morgan Stanley SGD (10,042) (4,650) 5,425 J.P. Morgan (17,652) (23,675) (6,023) HSBC (25,598) (10,916) 14,682 Citibank AUD (19,565) (19,530) (95) Deutsche Bank AUD (16,026) (7,415) 8,137 BNP Paribas AUD (17,001) (511) 16,406 J.P. Morgan HKD (15,297) (2,294) 13,006 J.P. Morgan HKD (25,468) (4,313) 21,159 BNP Paribas HKD (38,326) (117) 38,197 Deutsche Bank HKD (45,825) (157,551) (111,740) J.P. Morgan HKD (40,326) (117,588) (77,255) Goldman Sachs AUD (24,403) (4,795) 18,886 Citibank AUD (24,916) (7,240) 17,509 Deutsche Bank AUD (13,680) (807) 12,806 J.P. Morgan SGD (18,131) (10,014) 7,870

96 Page 96 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Asian Dividend Maximiser (cont) (1,012,300) Call on CapitaLand Mall Trust Strike Price 2.32 Expiring on 24-Jul-15 (175,000) Call on China Mobile Strike Price Expiring on 02-Sep-15 (136,000) Call on China Mobile Strike Price Expiring on 06-Aug-15 (1,816,000) Call on China Petroleum & Chemical Strike Price 7.68 Expiring on 02-Sep-15 (3,140,000) Call on China Petroleum & Chemical Strike Price 8.07 Expiring on 24-Jul-15 (112,846) Call on Computershare Strike Price Expiring on 06-Aug-15 (94,330) Call on Computershare Strike Price Expiring on 24-Jul-15 (11,689) Call on Coway Strike Price 102, Expiring on 02-Sep-15 (15,152) Call on Coway Strike Price 108, Expiring on 24-Jul-15 (208,000) Call on Delta Electronics Strike Price Expiring on 02-Sep-15 (270,000) Call on Delta Electronics Strike Price Expiring on 06-Aug-15 (270,000) Call on Delta Electronics Strike Price Expiring on 24-Jul-15 (178,416) Call on Fletcher Building Strike Price 8.24 Expiring on 02-Sep-15 (185,253) Call on Fletcher Building Strike Price 8.52 Expiring on 06-Aug-15 (20,498) Call on Halla Visteon Climate Control Strike Price 40, Expiring on 02-Sep-15 (20,748) Call on Halla Visteon Climate Control Strike Price 48, Expiring on 06-Aug-15 (23,915) Call on Halla Visteon Climate Control Strike Price 50, Expiring on 24-Jul-15 (32,500) Call on Hang Seng Bank Strike Price Expiring on 24-Jul-15 (32,500) Call on Hang Seng Bank Strike Price Expiring on 06-Aug-15 (25,100) Call on Hang Seng Bank Strike Price Expiring on 02-Sep-15 (1,599,000) Call on HKT Trust & HKT Strike Price Expiring on 02-Sep-15 (1,551,000) Call on HKT Trust & HKT Strike Price Expiring on 06-Aug-15 (1,995,000) Call on HKT Trust & HKT Strike Price Expiring on 24-Jul-15 J.P. Morgan SGD (28,564) (1,979) 26,678 J.P. Morgan HKD (37,775) (17,188) 20,592 Deutsche Bank HKD (28,467) (2,456) 26,016 Deutsche Bank HKD (25,366) (20,953) 4,417 J.P. Morgan HKD (53,562) (5,850) 47,696 Deutsche Bank AUD (16,448) (2,686) 13,275 Deutsche Bank AUD (13,920) (273) 13,578 J.P. Morgan (15,188) (13,826) 1,362 BNP Paribas (17,338) (59) 17,279 Morgan Stanley (16,078) (7,601) 8,477 HSBC (24,273) (1,309) 22,964 J.P. Morgan (24,732) (69) 24,663 Citibank AUD (12,889) (310) 12,494 Goldman Sachs AUD (17,569) (20) 17,029 Citibank (10,169) (30,943) (20,774) Goldman Sachs (9,888) (1,371) 8,517 BNP Paribas (13,751) (215) 13,536 Deutsche Bank HKD (10,323) (16,327) (6,007) J.P. Morgan HKD (9,645) (3,971) 5,676 J.P. Morgan HKD (7,061) (3,303) 3,759 J.P. Morgan HKD (20,025) (3,953) 16,075 HSBC HKD (22,804) (166) 22,642 J.P. Morgan HKD (29,268) (21) 29,238

97 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 97 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Asian Dividend Maximiser (cont) (236,000) Call on Hon Hai Precision Industry Strike Price Expiring on 02-Sep-15 (214,400) Call on HSBC Strike Price Expiring on 24-Jul-15 (327,200) Call on HSBC Strike Price Expiring on 02-Sep-15 (274,400) Call on HSBC Strike Price Expiring on 06-Aug-15 (5,089) Call on Hyundai Motor Strike Price 134, Expiring on 06-Aug-15 (12,146) Call on Hyundai Motor Strike Price 136, Expiring on 06-Aug-15 (4,798) Call on Hyundai Motor Strike Price 136, Expiring on 24-Jul-15 (185,269) Call on Iluka Resources Strike Price 9.53 Expiring on 24-Jul-15 (151,923) Call on Iluka Resources Strike Price 9.94 Expiring on 02-Sep-15 (106,272) Call on Iluka Resources Strike Price Expiring on 06-Aug-15 (350,122) Call on Incitec Pivot Strike Price 4.39 Expiring on 06-Aug-15 (395,084) Call on Incitec Pivot Strike Price 4.41 Expiring on 02-Sep-15 (286,591) Call on Incitec Pivot Strike Price 4.75 Expiring on 24-Jul-15 (16,200) Call on Jardine Matheson Strike Price Expiring on 02-Sep-15 (10,900) Call on Jardine Matheson Strike Price Expiring on 24-Jul-15 (7,600) Call on Jardine Matheson Strike Price Expiring on 06-Aug-15 (5,374) Call on LG Chem Strike Price 220, Expiring on 24-Jul-15 (4,523) Call on LG Chem Strike Price 221, Expiring on 02-Sep-15 (4,213) Call on LG Chem Strike Price 228, Expiring on 06-Aug-15 (201,500) Call on Link REIT Strike Price Expiring on 02-Sep-15 (184,000) Call on Link REIT Strike Price Expiring on 06-Aug-15 (155,500) Call on Link REIT Strike Price Expiring on 24-Jul-15 (563,300) Call on Mapletree Commercial Trust Strike Price 1.58 Expiring on 06-Aug-15 Morgan Stanley (8,921) (4,001) 4,920 BNP Paribas HKD (29,402) (6,163) 23,230 J.P. Morgan HKD (43,662) (10,635) 33,032 Deutsche Bank HKD (40,637) (4,141) 36,504 HSBC (6,991) (456) 6,535 BNP Paribas (16,828) (1,541) 15,287 Citibank (7,707) (61) 7,646 J.P. Morgan AUD (16,776) (902) 15,792 J.P. Morgan AUD (15,879) (3,095) 12,679 Goldman Sachs AUD (10,712) (599) 9,796 Goldman Sachs AUD (16,324) (3,701) 12,141 Morgan Stanley AUD (19,130) (8,770) 10,233 BNP Paribas AUD (14,119) (84) 13,965 Morgan Stanley (9,728) (775) 8,953 Morgan Stanley (10,156) (1) 10,155 Goldman Sachs (5,175) (3) 5,172 J.P. Morgan (14,026) (1,647) 12,379 J.P. Morgan (9,188) (10,241) (1,053) Goldman Sachs (9,385) (2,061) 7,324 Morgan Stanley HKD (19,003) (24,520) (5,515) J.P. Morgan HKD (16,765) (5,355) 11,413 J.P. Morgan HKD (14,145) (2,014) 12,127 J.P. Morgan SGD (7,086) (881) 6,108

98 Page 98 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Asian Dividend Maximiser (cont) (591,300) Call on Mapletree Commercial Trust Strike Price 1.60 Expiring on 02-Sep-15 (425,800) Call on Mapletree Commercial Trust Strike Price 1.65 Expiring on 24-Jul-15 (1,537,000) Call on Mapletree Greater China Commercial Trust Strike Price 1.09 Expiring on 06-Aug-15 (823,800) Call on Mapletree Industrial Trust Strike Price 1.62 Expiring on 06-Aug-15 (682,500) Call on Mapletree Industrial Trust Strike Price 1.64 Expiring on 24-Jul-15 (52,000) Call on MediaTek Strike Price Expiring on 06-Aug-15 (327,600) Call on MGM China Strike Price Expiring on 02-Sep-15 (286,800) Call on MGM China Strike Price Expiring on 06-Aug-15 (600,800) Call on MGM China Strike Price Expiring on 24-Jul-15 (803,278) Call on Mirvac Strike Price 2.05 Expiring on 06-Aug-15 (1,093,263) Call on Mirvac Strike Price 2.06 Expiring on 02-Sep-15 (846,613) Call on Mirvac Strike Price 2.08 Expiring on 24-Jul-15 (89,776) Call on National Australia Bank Strike Price Expiring on 02-Sep-15 (67,088) Call on National Australia Bank Strike Price Expiring on 24-Jul-15 (78,869) Call on Orica Strike Price Expiring on 06-Aug-15 (130,204) Call on Orica Strike Price Expiring on 24-Jul-15 (159,786) Call on Orica Strike Price Expiring on 02-Sep-15 (361,000) Call on PCCW Strike Price 5.35 Expiring on 02-Sep-15 (397,000) Call on PCCW Strike Price 5.73 Expiring on 06-Aug-15 (182,800) Call on Sands China Strike Price Expiring on 02-Sep-15 (150,400) Call on Sands China Strike Price Expiring on 06-Aug-15 (329,200) Call on Sands China Strike Price Expiring on 24-Jul-15 (339,300) Call on SATS Strike Price 3.18 Expiring on 24-Jul-15 J.P. Morgan SGD (6,787) (1,376) 5,433 J.P. Morgan SGD (7,631) (58) 7,598 J.P. Morgan SGD (17,945) (9,444) 8,257 Deutsche Bank SGD (12,907) (2,175) 10,556 J.P. Morgan SGD (6,520) (982) 5,560 HSBC (9,566) (36,730) (27,164) Morgan Stanley HKD (6,773) (2,426) 4,348 BNP Paribas HKD (10,527) (40) 10,488 Deutsche Bank HKD (17,303) (4) 17,294 Goldman Sachs AUD (18,694) (3,857) 14,285 Goldman Sachs AUD (23,245) (11,463) 11,627 Morgan Stanley AUD (16,920) (1,014) 15,823 Citibank AUD (32,185) (31,060) 910 Deutsche Bank AUD (25,760) (186) 25,448 Deutsche Bank AUD (19,113) (17,331) 1,216 Morgan Stanley AUD (30,923) (15,217) 15,554 Citibank AUD (37,023) (17,483) 19,293 Morgan Stanley HKD (3,161) (667) 2,495 Deutsche Bank HKD (4,664) (80) 4,586 Deutsche Bank HKD (8,049) (3,637) 4,413 HSBC HKD (10,882) (288) 10,596 BNP Paribas HKD (24,085) (89) 23,989 Citibank SGD (10,051) (105,830) (95,746)

99 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 99 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Asian Dividend Maximiser (cont) (478,700) Call on SATS Strike Price 3.25 Expiring on 06-Aug-15 (323,700) Call on SATS Strike Price 3.48 Expiring on 02-Sep-15 (245,807) Call on Scentre Strike Price 4.06 Expiring on 06-Aug-15 (223,461) Call on Scentre Strike Price 4.15 Expiring on 02-Sep-15 (350,000) Call on Shenzhou International Strike Price Expiring on 06-Aug-15 (417,000) Call on Shenzhou International Strike Price Expiring on 02-Sep-15 (210,000) Call on Shenzhou International Strike Price Expiring on 24-Jul-15 (531,000) Call on Shimao Property Strike Price Expiring on 02-Sep-15 (1,105,000) Call on Siliconware Precision Industries Strike Price Expiring on 02-Sep-15 (623,000) Call on Siliconware Precision Industries Strike Price Expiring on 06-Aug-15 (1,331,000) Call on Siliconware Precision Industries Strike Price Expiring on 24-Jul-15 (434,300) Call on Singapore Telecommunications Strike Price 4.34 Expiring on 06-Aug-15 (91,000) Call on Sun Hung Kai Properties Strike Price Expiring on 24-Jul-15 (27,000) Call on Sun Hung Kai Properties Strike Price Expiring on 06-Aug-15 (63,000) Call on Sun Hung Kai Properties Strike Price Expiring on 02-Sep-15 (131,530) Call on Suncorp Strike Price Expiring on 06-Aug-15 (131,530) Call on Suncorp Strike Price Expiring on 24-Jul-15 (217,000) Call on Swire Pacific Strike Price Expiring on 02-Sep-15 (194,500) Call on Swire Pacific Strike Price Expiring on 06-Aug-15 (206,000) Call on Swire Pacific Strike Price Expiring on 24-Jul-15 (60,717) Call on Sydney Airport Strike Price 5.42 Expiring on 06-Aug-15 (52,043) Call on Sydney Airport Strike Price 5.68 Expiring on 02-Sep-15 (515,000) Call on Taiwan Mobile Strike Price Expiring on 02-Sep-15 J.P. Morgan SGD (12,692) (127,862) (115,342) J.P. Morgan SGD (8,126) (42,114) (33,961) Goldman Sachs AUD (11,070) (3,295) 7,448 Citibank AUD (6,728) (1,953) 4,730 Deutsche Bank HKD (20,981) (27,808) (6,823) Deutsche Bank HKD (28,349) (41,470) (13,117) Deutsche Bank HKD (17,090) (4,083) 13,002 Morgan Stanley HKD (18,368) (6,948) 11,422 Citibank (20,553) (16,735) 3,818 Deutsche Bank (18,816) (3,582) 15,234 Deutsche Bank (36,336) (499) 35,837 BNP Paribas SGD (24,011) (8,379) 15,306 BNP Paribas HKD (21,946) (8,299) 13,640 J.P. Morgan HKD (7,761) (1,368) 6,394 Deutsche Bank HKD (15,244) (5,069) 10,176 Goldman Sachs AUD (20,299) (16,042) 3,657 Deutsche Bank AUD (21,202) (1,053) 20,044 Morgan Stanley HKD (34,660) (11,450) 23,214 Deutsche Bank HKD (39,621) (3,969) 35,660 BNP Paribas HKD (41,346) (1,514) 39,820 Goldman Sachs AUD (3,255) (1,372) 1,787 Deutsche Bank AUD (3,085) (1,063) 2,001 Morgan Stanley (24,720) (48,550) (23,830)

100 Page 100 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Asian Dividend Maximiser (cont) (565,000) Call on Taiwan Mobile Strike Price Expiring on 06-Aug-15 (992,000) Call on Taiwan Semiconductor Manufacturing Strike Price Expiring on 24-Jul-15 (1,140,000) Call on Taiwan Semiconductor Manufacturing Strike Price Expiring on 02-Sep-15 (294,000) Call on Taiwan Semiconductor Manufacturing Strike Price Expiring on 06-Aug-15 (187,464) Call on Transurban Strike Price Expiring on 24-Jul-15 (144,561) Call on Transurban Strike Price Expiring on 06-Aug-15 (150,862) Call on Transurban Strike Price Expiring on 02-Sep-15 (55,600) Call on United Overseas Bank Strike Price Expiring on 02-Sep-15 (92,800) Call on United Overseas Bank Strike Price Expiring on 24-Jul-15 (32,000) Call on United Overseas Bank Strike Price Expiring on 06-Aug-15 (42,060) Call on Wesfarmers Strike Price Expiring on 02-Sep-15 (19,178) Call on Wesfarmers Strike Price Expiring on 24-Jul-15 (24,773) Call on Wesfarmers Strike Price Expiring on 06-Aug-15 (37,484) Call on Woodside Petroleum Strike Price Expiring on 06-Aug-15 (14,644) Call on Woodside Petroleum Strike Price Expiring on 24-Jul-15 (46,334) Call on Woodside Petroleum Strike Price Expiring on 02-Sep-15 (397,000) Call on Yue Yuen Industrial Strike Price Expiring on 02-Sep-15 (382,500) Call on Yue Yuen Industrial Strike Price Expiring on 06-Aug-15 Merrill Lynch (29,952) (17,737) 12,215 J.P. Morgan (77,277) (42,182) 35,095 J.P. Morgan (74,100) (77,661) (3,561) J.P. Morgan (21,038) (10,451) 10,587 Deutsche Bank AUD (21,375) (1,594) 19,676 Deutsche Bank AUD (14,537) (2,685) 11,422 Deutsche Bank AUD (16,471) (2,741) 13,620 Morgan Stanley SGD (9,355) (8,888) 498 Morgan Stanley SGD (21,587) (381) 21,276 J.P. Morgan SGD (6,407) (145) 6,175 J.P. Morgan AUD (21,994) (2,752) 19,096 BNP Paribas AUD (9,524) (34) 9,443 Deutsche Bank AUD (12,910) (132) 12,396 Goldman Sachs AUD (13,082) (5,493) 7,203 BNP Paribas AUD (5,903) (436) 5,437 Goldman Sachs AUD (17,955) (6,014) 11,822 Deutsche Bank HKD (21,301) (12,246) 9,057 Deutsche Bank HKD (19,047) (395) 18,655 (1,537,806) 1,060,039 Asian Total Return 660 Put on KOSPI 200 Index Strike Price Expiring on 10-Sep-15 1,789 Put on KOSPI 200 Index Strike Price Expiring on 13-Aug Put on KOSPI 200 Index Strike Price Expiring on 13-Aug-15 UBS KRW 2,198,784 1,489,915 (708,771) UBS KRW 4,001,613 3,038,926 (919,639) UBS KRW 1,003,275 1,036,437 37,773

101 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 101 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Asian Total Return (cont) 321 Put on KOSPI 200 Index Strike Price Expiring on 09-Jul-15 2,520 Put on S&P/ASX 200 Index Strike Price 5, Expiring on 16-Jul-15 UBS KRW 432,070 1,234, ,065 UBS AUD 3,067,869 4,570,505 1,588,896 11,369, ,324 European Dividend Maximiser (154,961) Call on Ageas Strike Price Expiring on 04-Aug-15 (132,624) Call on Ageas Strike Price Expiring on 15-Jul-15 (157,342) Call on Ageas Strike Price Expiring on 24-Jul-15 (159,314) Call on Ageas Strike Price Expiring on 15-Sep-15 (153,153) Call on Ageas Strike Price Expiring on 01-Sep-15 (122,742) Call on Ageas Strike Price Expiring on 20-Aug-15 (296,303) Call on Alstom Strike Price Expiring on 04-Aug-15 (238,778) Call on Alstom Strike Price Expiring on 20-Aug-15 (191,123) Call on Alstom Strike Price Expiring on 15-Jul-15 (236,359) Call on Alstom Strike Price Expiring on 24-Jul-15 (256,630) Call on Alstom Strike Price Expiring on 01-Sep-15 (534,625) Call on Alstom Strike Price Expiring on 15-Sep-15 (1,542,852) Call on BAE Systems Strike Price 5.22 Expiring on 15-Sep-15 (928,712) Call on BAE Systems Strike Price 5.23 Expiring on 04-Aug-15 (1,301,454) Call on BAE Systems Strike Price 5.41 Expiring on 01-Sep-15 (1,556,830) Call on BAE Systems Strike Price 5.43 Expiring on 20-Aug-15 (1,588,734) Call on BAE Systems Strike Price 5.45 Expiring on 15-Jul-15 (1,298,317) Call on BAE Systems Strike Price 5.56 Expiring on 24-Jul-15 (23,124) Call on BASF Strike Price Expiring on 15-Sep-15 (39,399) Call on BASF Strike Price Expiring on 01-Sep-15 Goldman Sachs EUR (56,793) (131,382) (74,589) Morgan Stanley EUR (61,657) (62,940) (1,283) Morgan Stanley EUR (53,574) (84,650) (31,076) Société Générale EUR (53,928) (80,616) (26,688) Deutsche Bank EUR (57,770) (46,347) 11,423 Goldman Sachs EUR (55,516) (28,963) 26,553 Morgan Stanley EUR (129,810) (25,796) 104,014 Morgan Stanley EUR (114,780) (32,208) 82,572 Morgan Stanley EUR (100,148) (303) 99,845 Morgan Stanley EUR (97,002) (2,963) 94,039 Société Générale EUR (108,350) (40,065) 68,285 Morgan Stanley EUR (197,223) (100,212) 97,011 Goldman Sachs GBP (144,588) (34,823) 111,309 Morgan Stanley GBP (122,342) (2,484) 124,894 Barclays Bank GBP (118,998) (6,867) 114,573 Goldman Sachs GBP (168,772) (3,586) 165,530 Morgan Stanley GBP (182,781) (1) 184,280 Morgan Stanley GBP (93,460) (10) 93,952 HSBC EUR (29,945) (24,236) 5,709 Barclays Bank EUR (55,734) (20,258) 35,476

102 Page 102 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) European Dividend Maximiser (cont) (20,753) Call on BASF Strike Price Expiring on 04-Aug-15 (49,248) Call on BASF Strike Price Expiring on 20-Aug-15 (27,983) Call on BASF Strike Price Expiring on 24-Jul-15 (30,182) Call on BASF Strike Price Expiring on 15-Jul-15 (37,799) Call on Bilfinger Strike Price Expiring on 15-Sep-15 (54,382) Call on Bilfinger Strike Price Expiring on 01-Sep-15 (76,543) Call on Bilfinger Strike Price Expiring on 15-Jul-15 (149,290) Call on BNP Paribas Strike Price Expiring on 15-Sep-15 (73,577) Call on BNP Paribas Strike Price Expiring on 04-Aug-15 (150,403) Call on BNP Paribas Strike Price Expiring on 01-Sep-15 (128,708) Call on BNP Paribas Strike Price Expiring on 15-Jul-15 (182,953) Call on BNP Paribas Strike Price Expiring on 20-Aug-15 (1,423,067) Call on BP Strike Price 4.57 Expiring on 15-Sep-15 (1,359,985) Call on BP Strike Price 4.68 Expiring on 01-Sep-15 (1,699,982) Call on BP Strike Price 4.74 Expiring on 20-Aug-15 (1,054,635) Call on BP Strike Price 4.98 Expiring on 04-Aug-15 (965,947) Call on BP Strike Price 5.09 Expiring on 24-Jul-15 (2,181,838) Call on Centrica Strike Price 2.78 Expiring on 15-Jul-15 (1,783,002) Call on Centrica Strike Price 2.83 Expiring on 24-Jul-15 (2,885,832) Call on Centrica Strike Price 2.85 Expiring on 04-Aug-15 (2,635,501) Call on Centrica Strike Price 2.87 Expiring on 15-Sep-15 (2,880,759) Call on Centrica Strike Price 2.95 Expiring on 01-Sep-15 (4,190,837) Call on Centrica Strike Price 2.97 Expiring on 20-Aug-15 Deutsche Bank EUR (31,360) (1,690) 29,670 Barclays Bank EUR (64,933) (7,674) 57,259 Deutsche Bank EUR (35,804) (145) 35,659 HSBC EUR (44,377) (16) 44,361 Morgan Stanley EUR (19,701) (7,203) 12,498 Deutsche Bank EUR (31,351) (5,899) 25,452 HSBC EUR (52,524) - 52,524 Société Générale EUR (112,176) (156,263) (44,087) UBS EUR (55,654) (28,506) 27,148 Société Générale EUR (141,980) (104,839) 37,141 Morgan Stanley EUR (113,997) (15,388) 98,609 Barclays Bank EUR (156,461) (75,686) 80,775 Deutsche Bank GBP (102,693) (64,542) 39,248 Société Générale GBP (126,410) (30,175) 98,829 UBS GBP (163,787) (22,585) 141,536 Goldman Sachs GBP (90,959) (4,842) 89,862 HSBC GBP (90,435) (1,373) 89,547 Morgan Stanley GBP (139,589) (24,589) 116,145 HSBC GBP (92,287) (17,105) 75,678 Goldman Sachs GBP (156,971) (32,106) 131,327 Goldman Sachs GBP (137,052) (91,789) 46,727 Barclays Bank GBP (163,436) (36,003) 130,787 Goldman Sachs GBP (247,435) (23,425) 224,516

103 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 103 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) European Dividend Maximiser (cont) (186,643) Call on Cie de Saint-Gobain Strike Price Expiring on 04-Aug-15 (223,025) Call on Cie de Saint-Gobain Strike Price Expiring on 24-Jul-15 (272,914) Call on Cie de Saint-Gobain Strike Price Expiring on 15-Jul-15 (272,457) Call on Cie de Saint-Gobain Strike Price Expiring on 20-Aug-15 (191,422) Call on Cie de Saint-Gobain Strike Price Expiring on 01-Sep-15 (310,696) Call on Cie de Saint-Gobain Strike Price Expiring on 15-Sep-15 (34,385) Call on D/S Norden Strike Price Expiring on 04-Aug-15 (42,431) Call on D/S Norden Strike Price Expiring on 24-Jul-15 (34,021) Call on D/S Norden Strike Price Expiring on 15-Jul-15 (20,233) Call on D/S Norden Strike Price Expiring on 15-Sep-15 (77,567) Call on D/S Norden Strike Price Expiring on 20-Aug-15 (34,122) Call on D/S Norden Strike Price Expiring on 01-Sep-15 (62,482) Call on Daimler Strike Price Expiring on 15-Sep-15 (45,249) Call on Daimler Strike Price Expiring on 04-Aug-15 (71,150) Call on Daimler Strike Price Expiring on 01-Sep-15 (26,009) Call on Daimler Strike Price Expiring on 15-Jul-15 (50,535) Call on Daimler Strike Price Expiring on 24-Jul-15 (88,937) Call on Daimler Strike Price Expiring on 20-Aug-15 (257,389) Call on Delta Lloyd Strike Price Expiring on 15-Sep-15 (143,528) Call on Delta Lloyd Strike Price Expiring on 20-Aug-15 (266,426) Call on Delta Lloyd Strike Price Expiring on 24-Jul-15 (916,715) Call on Deutsche Telekom Strike Price Expiring on 01-Sep-15 (440,398) Call on Deutsche Telekom Strike Price Expiring on 04-Aug-15 Morgan Stanley EUR (116,894) (113,942) 2,952 Morgan Stanley EUR (128,239) (51,251) 76,988 Morgan Stanley EUR (176,602) (27,044) 149,558 Morgan Stanley EUR (200,638) (97,309) 103,329 Société Générale EUR (104,746) (78,311) 26,435 Société Générale EUR (151,619) (147,608) 4,011 Morgan Stanley DKK (6,855) (114,394) (107,536) Morgan Stanley DKK (9,111) (114,490) (105,379) Merrill Lynch DKK (9,007) (54,936) (45,923) Morgan Stanley DKK (3,890) (37,754) (33,865) Barclays Bank DKK (23,596) (95,192) (71,611) HSBC DKK (7,700) (32,041) (24,343) HSBC EUR (82,776) (74,330) 8,446 Deutsche Bank EUR (74,710) (20,743) 53,967 HSBC EUR (89,286) (52,447) 36,839 Barclays Bank EUR (39,757) (1,088) 38,669 HSBC EUR (79,284) (4,517) 74,767 Barclays Bank EUR (119,665) (22,369) 97,296 HSBC EUR (45,687) (31,417) 14,270 UBS EUR (37,748) (723) 37,025 Goldman Sachs EUR (65,248) (148) 65,100 Goldman Sachs EUR (269,148) (234,378) 34,770 Goldman Sachs EUR (126,967) (41,480) 85,487

104 Page 104 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) European Dividend Maximiser (cont) (1,048,993) Call on Deutsche Telekom Strike Price Expiring on 20-Aug-15 (457,494) Call on Deutsche Telekom Strike Price Expiring on 24-Jul-15 (784,237) Call on Deutsche Telekom Strike Price Expiring on 15-Jul-15 (1,084,165) Call on Direct Line Insurance Strike Price 3.34 Expiring on 04-Aug-15 (791,877) Call on Direct Line Insurance Strike Price 3.41 Expiring on 20-Aug-15 (1,558,743) Call on Direct Line Insurance Strike Price 3.43 Expiring on 01-Sep-15 (1,415,665) Call on Direct Line Insurance Strike Price 3.45 Expiring on 15-Jul-15 (1,143,207) Call on Direct Line Insurance Strike Price 3.46 Expiring on 24-Jul-15 (1,289,663) Call on Direct Line Insurance Strike Price 3.50 Expiring on 15-Sep-15 (458,776) Call on DNB Strike Price Expiring on 15-Jul-15 (283,567) Call on DNB Strike Price Expiring on 15-Sep-15 (249,952) Call on DNB Strike Price Expiring on 04-Aug-15 (334,927) Call on DNB Strike Price Expiring on 24-Jul-15 (685,078) Call on Endesa Strike Price Expiring on 15-Sep-15 (654,710) Call on Endesa Strike Price Expiring on 01-Sep-15 (629,459) Call on Endesa Strike Price Expiring on 04-Aug-15 (576,662) Call on Endesa Strike Price Expiring on 15-Jul-15 (465,017) Call on Endesa Strike Price Expiring on 24-Jul-15 (33,960) Call on Heineken Strike Price Expiring on 04-Aug-15 (37,662) Call on Heineken Strike Price Expiring on 24-Jul-15 (23,385) Call on Heineken Strike Price Expiring on 15-Jul-15 (1,495,851) Call on HSBC Strike Price 6.28 Expiring on 15-Sep-15 (1,189,303) Call on HSBC Strike Price 6.42 Expiring on 15-Jul-15 Goldman Sachs EUR (255,744) (126,571) 129,173 Goldman Sachs EUR (140,039) (18,686) 121,353 Goldman Sachs EUR (210,725) (12,221) 198,504 Goldman Sachs GBP (53,265) (187,009) (131,552) Morgan Stanley GBP (40,313) (78,158) (37,763) Société Générale GBP (109,254) (154,604) (43,109) Barclays Bank GBP (87,769) (80,683) 7,806 Goldman Sachs GBP (52,109) (78,593) (26,204) Goldman Sachs GBP (72,983) (99,365) (25,603) Morgan Stanley NOK (131,456) (11,685) 114,043 Goldman Sachs NOK (60,552) (46,158) 13,801 UBS NOK (45,747) (8,318) 35,391 Goldman Sachs NOK (64,972) (3,566) 58,779 Morgan Stanley EUR (159,486) (434,561) (275,075) Société Générale EUR (167,082) (269,857) (102,775) Deutsche Bank EUR (123,689) (85,073) 38,616 Goldman Sachs EUR (146,357) (311) 146,046 Morgan Stanley EUR (104,397) (716) 103,681 Deutsche Bank EUR (36,721) (23,800) 12,921 Goldman Sachs EUR (34,430) (2,993) 31,437 Goldman Sachs EUR (24,604) (57) 24,547 Morgan Stanley GBP (173,254) (49,143) 125,961 Morgan Stanley GBP (158,709) (561) 159,450

105 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 105 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) European Dividend Maximiser (cont) (1,668,424) Call on HSBC Strike Price 6.48 Expiring on 20-Aug-15 (1,842,157) Call on HSBC Strike Price 6.55 Expiring on 01-Sep-15 (989,455) Call on HSBC Strike Price 6.71 Expiring on 24-Jul-15 (1,466,264) Call on HSBC Strike Price 6.72 Expiring on 04-Aug-15 (70,655) Call on Koninklijke Ahold Strike Price Expiring on 04-Aug-15 (31,810) Call on Koninklijke Ahold Strike Price Expiring on 24-Jul-15 (189,876) Call on Koninklijke Ahold Strike Price Expiring on 20-Aug-15 (132,023) Call on Koninklijke Ahold Strike Price Expiring on 15-Jul-15 (151,901) Call on Koninklijke Ahold Strike Price Expiring on 01-Sep-15 (154,650) Call on Koninklijke Ahold Strike Price Expiring on 15-Sep-15 (2,780,510) Call on Legal & General Strike Price 2.68 Expiring on 15-Sep-15 (3,050,010) Call on Legal & General Strike Price 2.78 Expiring on 01-Sep-15 (1,899,786) Call on Legal & General Strike Price 2.82 Expiring on 20-Aug-15 (2,828,932) Call on Legal & General Strike Price 2.82 Expiring on 24-Jul-15 (2,773,510) Call on Legal & General Strike Price 2.86 Expiring on 15-Jul-15 (25,891) Call on Mobistar Strike Price Expiring on 20-Aug-15 (53,220) Call on Mobistar Strike Price Expiring on 04-Aug-15 (23,506) Call on Mobistar Strike Price Expiring on 15-Sep-15 (95,051) Call on Mobistar Strike Price Expiring on 24-Jul-15 (32,390) Call on Mobistar Strike Price Expiring on 01-Sep-15 (46,487) Call on Mobistar Strike Price Expiring on 15-Jul-15 (3,851) Call on Novartis Strike Price Expiring on 15-Sep-15 (29,141) Call on Novartis Strike Price Expiring on 01-Sep-15 Société Générale GBP (217,839) (7,821) 210,462 Société Générale GBP (237,690) (10,017) 232,549 Goldman Sachs GBP (121,928) (101) 122,483 UBS GBP (193,946) (566) 201,364 Deutsche Bank EUR (18,469) (12,351) 6,118 HSBC EUR (7,093) (496) 6,597 Société Générale EUR (60,419) (7,784) 52,635 HSBC EUR (40,294) (569) 39,725 Société Générale EUR (41,515) (5,845) 35,670 Deutsche Bank EUR (39,173) (6,200) 32,973 Goldman Sachs GBP (119,849) (48,338) 72,791 Goldman Sachs GBP (121,379) (13,394) 110,476 Goldman Sachs GBP (93,251) (3,293) 90,148 Goldman Sachs GBP (104,154) (658) 104,055 Barclays Bank GBP (147,328) (52) 148,484 Société Générale EUR (6,950) (14,480) (7,530) UBS EUR (15,589) (9,792) 5,797 HSBC EUR (5,372) (9,514) (4,142) Deutsche Bank EUR (29,000) (10,563) 18,437 HSBC EUR (9,367) (8,837) 530 Goldman Sachs EUR (13,082) (870) 12,212 Goldman Sachs CHF (4,840) (2,900) 1,958 Goldman Sachs CHF (35,064) (12,343) 22,629

106 Page 106 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) European Dividend Maximiser (cont) (39,993) Call on Novartis Strike Price Expiring on 20-Aug-15 (22,723) Call on Novartis Strike Price Expiring on 24-Jul-15 (36,779) Call on Novartis Strike Price Expiring on 04-Aug-15 (714,197) Call on Orange Polska Strike Price 9.52 Expiring on 15-Sep-15 (661,007) Call on Orange Polska Strike Price Expiring on 15-Jul-15 (443,993) Call on Orange Polska Strike Price Expiring on 01-Sep-15 (648,939) Call on Orange Polska Strike Price Expiring on 04-Aug-15 (470,435) Call on Orange Polska Strike Price Expiring on 24-Jul-15 (184,570) Call on RELX Strike Price Expiring on 04-Aug-15 (65,444) Call on RELX Strike Price Expiring on 15-Sep-15 (160,554) Call on RELX Strike Price Expiring on 01-Sep-15 (200,693) Call on RELX Strike Price Expiring on 20-Aug-15 (114,036) Call on RELX Strike Price Expiring on 24-Jul-15 (10,295) Call on RELX Strike Price Expiring on 15-Jul-15 (913,611) Call on Royal Bank of Scotland Strike Price 3.79 Expiring on 04-Aug-15 (657,432) Call on Royal Bank of Scotland Strike Price 3.89 Expiring on 01-Sep-15 (678,483) Call on Royal Bank of Scotland Strike Price 3.89 Expiring on 15-Jul-15 (735,793) Call on Royal Bank of Scotland Strike Price 3.91 Expiring on 20-Aug-15 (285,062) Call on Royal Bank of Scotland Strike Price 3.98 Expiring on 15-Sep-15 (564,472) Call on Royal Bank of Scotland Strike Price 4.01 Expiring on 24-Jul-15 (99,713) Call on Sanofi Strike Price Expiring on 04-Aug-15 (83,819) Call on Sanofi Strike Price Expiring on 15-Sep-15 (80,104) Call on Sanofi Strike Price Expiring on 01-Sep-15 Société Générale CHF (56,412) (12,286) 44,128 HSBC CHF (26,299) (893) 25,194 Goldman Sachs CHF (44,650) (14,662) 29,769 Deutsche Bank PLN (15,348) (8,058) 7,105 Goldman Sachs PLN (25,769) (6) 24,686 HSBC PLN (11,946) (736) 11,030 Deutsche Bank PLN (18,362) (136) 17,619 Deutsche Bank PLN (16,793) (15) 16,054 Morgan Stanley EUR (60,465) (46,559) 13,906 HSBC EUR (22,572) (18,162) 4,410 Barclays Bank EUR (52,389) (31,891) 20,498 Barclays Bank EUR (77,889) (13,765) 64,124 Deutsche Bank EUR (30,926) (2,719) 28,207 HSBC EUR (3,781) (31) 3,750 UBS GBP (47,228) (46,393) 2,780 Goldman Sachs GBP (34,402) (40,744) (5,637) Morgan Stanley GBP (58,870) (3,657) 55,695 UBS GBP (47,673) (32,756) 15,015 Société Générale GBP (13,873) (15,861) (1,840) Goldman Sachs GBP (33,509) (3,609) 30,080 Deutsche Bank EUR (157,815) (123,687) 34,128 Goldman Sachs EUR (117,456) (150,702) (33,246) HSBC EUR (122,070) (102,768) 19,302

107 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 107 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) European Dividend Maximiser (cont) (83,389) Call on Sanofi Strike Price Expiring on 20-Aug-15 (23,966) Call on Solvay Strike Price Expiring on 01-Sep-15 (16,537) Call on Solvay Strike Price Expiring on 04-Aug-15 (29,957) Call on Solvay Strike Price Expiring on 20-Aug-15 (10,122) Call on Solvay Strike Price Expiring on 15-Sep-15 (17,021) Call on Solvay Strike Price Expiring on 24-Jul-15 (18,390) Call on Solvay Strike Price Expiring on 15-Jul-15 (136,447) Call on Statoil Strike Price Expiring on 15-Sep-15 (130,399) Call on Statoil Strike Price Expiring on 01-Sep-15 (50,809) Call on Statoil Strike Price Expiring on 20-Aug-15 (106,665) Call on Statoil Strike Price Expiring on 15-Jul-15 (92,617) Call on Statoil Strike Price Expiring on 24-Jul-15 (71,270) Call on Statoil Strike Price Expiring on 04-Aug-15 (185,093) Call on Swedbank Strike Price Expiring on 04-Aug-15 (215,884) Call on Swedbank Strike Price Expiring on 20-Aug-15 (237,432) Call on Swedbank Strike Price Expiring on 15-Sep-15 (239,204) Call on Swedbank Strike Price Expiring on 01-Sep-15 (171,307) Call on Swedbank Strike Price Expiring on 24-Jul-15 (87,253) Call on Swiss Re Strike Price Expiring on 04-Aug-15 (70,181) Call on Swiss Re Strike Price Expiring on 01-Sep-15 (19,546) Call on Swiss Re Strike Price Expiring on 15-Sep-15 (94,094) Call on Swiss Re Strike Price Expiring on 20-Aug-15 (26,954) Call on Swiss Re Strike Price Expiring on 24-Jul-15 Société Générale EUR (115,452) (64,229) 51,223 Deutsche Bank EUR (50,561) (47,253) 3,308 Goldman Sachs EUR (37,375) (11,525) 25,850 UBS EUR (57,472) (29,446) 28,026 HSBC EUR (20,390) (15,650) 4,740 Morgan Stanley EUR (32,086) (655) 31,431 HSBC EUR (39,835) (26) 39,809 Deutsche Bank NOK (30,867) (23,815) 6,750 Deutsche Bank NOK (33,288) (7,234) 25,618 UBS NOK (13,626) (1,666) 11,360 Morgan Stanley NOK (34,840) (107) 33,215 Deutsche Bank NOK (23,846) (318) 22,564 Deutsche Bank NOK (18,228) (371) 17,045 Goldman Sachs SEK (49,618) (62,745) (12,555) Goldman Sachs SEK (78,079) (41,044) 37,250 Goldman Sachs SEK (49,664) (43,642) 5,928 Goldman Sachs SEK (65,695) (30,417) 36,564 Société Générale SEK (60,116) (3,098) 57,992 Goldman Sachs CHF (107,162) (86,102) 20,534 Goldman Sachs CHF (73,443) (55,266) 17,985 Goldman Sachs CHF (15,662) (14,435) 1,285 Goldman Sachs CHF (84,586) (41,773) 42,817 Société Générale CHF (30,870) (3,351) 27,270

108 Page 108 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) European Dividend Maximiser (cont) (66,998) Call on Swiss Re Strike Price Expiring on 15-Jul-15 (3,689,512) Call on Tesco Strike Price 2.29 Expiring on 01-Sep-15 (4,054,324) Call on Tesco Strike Price 2.33 Expiring on 15-Sep-15 (4,391,752) Call on Tesco Strike Price 2.37 Expiring on 20-Aug-15 (2,199,867) Call on Tesco Strike Price 2.48 Expiring on 04-Aug-15 (1,590,662) Call on Tesco Strike Price 2.54 Expiring on 24-Jul-15 (2,499,260) Call on Tesco Strike Price 2.70 Expiring on 15-Jul-15 (133,314) Call on UPM-Kymmene Strike Price Expiring on 04-Aug-15 (157,991) Call on UPM-Kymmene Strike Price Expiring on 15-Sep-15 (323,796) Call on UPM-Kymmene Strike Price Expiring on 15-Jul-15 (332,474) Call on UPM-Kymmene Strike Price Expiring on 24-Jul-15 (306,863) Call on Vallourec Strike Price Expiring on 20-Aug-15 (77,727) Call on Vallourec Strike Price Expiring on 04-Aug-15 (222,747) Call on Vallourec Strike Price Expiring on 01-Sep-15 (114,738) Call on Vallourec Strike Price Expiring on 24-Jul-15 (147,183) Call on Vallourec Strike Price Expiring on 15-Jul-15 (95,604) Call on Vinci Strike Price Expiring on 04-Aug-15 (83,321) Call on Vinci Strike Price Expiring on 15-Sep-15 (95,633) Call on Vinci Strike Price Expiring on 01-Sep-15 (83,118) Call on Vinci Strike Price Expiring on 15-Jul-15 (37,261) Call on Vinci Strike Price Expiring on 20-Aug-15 (67,924) Call on Vinci Strike Price Expiring on 24-Jul-15 (3,324,149) Call on Vodafone Strike Price 2.40 Expiring on 15-Jul-15 Goldman Sachs CHF (82,293) (540) 80,937 Goldman Sachs GBP (115,837) (127,180) (8,966) Goldman Sachs GBP (166,863) (130,897) 37,748 Goldman Sachs GBP (202,634) (63,989) 139,058 UBS GBP (104,516) (6,538) 102,280 Goldman Sachs GBP (49,982) (1,674) 48,577 Goldman Sachs GBP (116,108) (227) 116,834 Morgan Stanley EUR (32,396) (28,101) 4,295 Deutsche Bank EUR (34,774) (44,864) (10,090) Morgan Stanley EUR (81,953) (1) 81,952 Goldman Sachs EUR (61,441) (22) 61,419 Société Générale EUR (117,897) (4,042) 113,855 Goldman Sachs EUR (26,279) (261) 26,018 Deutsche Bank EUR (77,182) (2,497) 74,685 Goldman Sachs EUR (38,380) (20) 38,360 HSBC EUR (59,388) - 59,388 Deutsche Bank EUR (68,796) (29,363) 39,433 HSBC EUR (51,642) (60,282) (8,640) Barclays Bank EUR (78,553) (29,079) 49,474 Barclays Bank EUR (63,585) (1,162) 62,423 Société Générale EUR (26,869) (7,548) 19,321 Société Générale EUR (46,209) (2,214) 43,995 Morgan Stanley GBP (121,440) (115,650) 6,786

109 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 109 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) European Dividend Maximiser (cont) (1,825,942) Call on Vodafone Strike Price 2.46 Expiring on 04-Aug-15 (2,680,576) Call on Vodafone Strike Price 2.48 Expiring on 24-Jul-15 (3,642,461) Call on Vodafone Strike Price 2.63 Expiring on 15-Sep-15 (2,690,371) Call on Vodafone Strike Price 2.72 Expiring on 01-Sep-15 (3,481,739) Call on Vodafone Strike Price 2.79 Expiring on 20-Aug-15 (1,746,468) Call on WM Morrison Supermarkets Strike Price 2.00 Expiring on 04-Aug-15 (1,670,375) Call on WM Morrison Supermarkets Strike Price 2.00 Expiring on 15-Sep-15 (1,768,697) Call on WM Morrison Supermarkets Strike Price 2.01 Expiring on 20-Aug-15 (1,485,407) Call on WM Morrison Supermarkets Strike Price 2.09 Expiring on 24-Jul-15 (1,263,072) Call on WM Morrison Supermarkets Strike Price 2.12 Expiring on 15-Jul-15 (129,854) Call on Wolters Kluwer Strike Price Expiring on 15-Sep-15 (109,278) Call on Wolters Kluwer Strike Price Expiring on 04-Aug-15 (91,823) Call on Wolters Kluwer Strike Price Expiring on 01-Sep-15 (114,063) Call on Wolters Kluwer Strike Price Expiring on 15-Jul-15 (93,212) Call on Wolters Kluwer Strike Price Expiring on 24-Jul-15 Morgan Stanley GBP (65,802) (79,468) (10,957) Morgan Stanley GBP (87,039) (64,624) 22,883 Morgan Stanley GBP (165,612) (129,943) 37,438 Deutsche Bank GBP (141,521) (42,786) 101,638 Goldman Sachs GBP (186,037) (21,484) 164,933 Morgan Stanley GBP (69,067) (22,940) 48,970 Goldman Sachs GBP (49,470) (61,358) (11,359) Goldman Sachs GBP (67,220) (34,642) 32,716 Morgan Stanley GBP (40,300) (4,831) 35,685 Morgan Stanley GBP (55,562) (1,052) 54,966 Société Générale EUR (56,837) (41,174) 15,663 Goldman Sachs EUR (59,414) (8,872) 50,542 HSBC EUR (49,272) (14,745) 34,527 Morgan Stanley EUR (62,757) (19) 62,738 Société Générale EUR (33,510) (98) 33,412 EUR (7,326,389) EUR 8,459,844 European Total Return 16 Put on CAC 40 Index Strike Price 5, Expiring on 17-Jul Put on CAC 40 Index Strike Price 5, Expiring on 18-Dec Put on CAC 40 Index Strike Price 5, Expiring on 18-Sep Put on DAX Index Strike Price 11, Expiring on 17-Jul Put on DAX Index Strike Price 11, Expiring on 18-Sep Put on DAX Index Strike Price 11, Expiring on 18-Sep Put on EURO STOXX 50 Index Strike Price 3, Expiring on 21-Aug-15 UBS EUR 27,472 37,328 9,856 UBS EUR 108, ,534 28,004 UBS EUR 27,900 31,100 3,200 UBS EUR 18,260 29,950 11,690 UBS EUR 26,010 34,895 8,885 UBS EUR 27,150 50,050 22,900 UBS EUR 26,688 45,984 19,296

110 Page 110 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) European Total Return (cont) 12 Put on FTSE MIB Index Strike Price 23, Expiring on 17-Jul Put on FTSE MIB Index Strike Price 23, Expiring on 18-Sep Put on FTSE MIB Index Strike Price 23, Expiring on 21-Aug-15 8 Put on FTSE 100 Index Strike Price 6, Expiring on 16-Oct-15 7 Put on FTSE 100 Index Strike Price 6, Expiring on 21-Aug-15 5 Put on FTSE 100 Index Strike Price 6, Expiring on 18-Dec-15 5 Put on FTSE 100 Index Strike Price 6, Expiring on 18-Sep-15 5 Put on S&P 500 Index Strike Price 2, Expiring on 18-Sep-15 5 Put on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 UBS EUR 28,050 24,000 (4,050) UBS EUR 35,125 33,500 (1,625) UBS EUR 26,438 43,125 16,687 UBS GBP 27,101 35,751 7,869 UBS GBP 14,085 30,200 16,132 UBS GBP 24,018 37,310 12,999 UBS GBP 17,493 31,970 14,264 UBS 27,195 27, UBS 18,263 16,342 (2,073) EUR 645,885 EUR 164,458 Global Dividend Maximiser (63,400) Call on AES Tiete Strike Price Expiring on 23-Jul-15 (153,000) Call on AES Tiete Strike Price Expiring on 02-Jul-15 (169,524) Call on Ageas Strike Price Expiring on 29-Jul-15 (150,196) Call on Ageas Strike Price Expiring on 02-Jul-15 (154,961) Call on Ageas Strike Price Expiring on 05-Aug-15 (141,830) Call on Ageas Strike Price Expiring on 23-Jul-15 (153,537) Call on Ageas Strike Price Expiring on 09-Jul-15 (201,975) Call on Ageas Strike Price Expiring on 13-Aug-15 (126,254) Call on Ageas Strike Price Expiring on 16-Jul-15 (121,204) Call on Ageas Strike Price Expiring on 27-Aug-15 (145,874) Call on Ageas Strike Price Expiring on 17-Sep-15 (137,904) Call on Ageas Strike Price Expiring on 10-Sep-15 (171,686) Call on Ageas Strike Price Expiring on 03-Sep-15 Morgan Stanley (6,315) (46) 6,269 Morgan Stanley (16,157) - 16,157 Goldman Sachs EUR (74,989) (193,714) (117,430) J.P. Morgan EUR (71,458) (36,405) 37,936 Goldman Sachs EUR (76,450) (140,133) (64,233) Morgan Stanley EUR (67,863) (97,593) (26,884) Goldman Sachs EUR (74,031) (51,417) 25,851 Deutsche Bank EUR (99,911) (111,754) (13,597) Société Générale EUR (51,246) (24,954) 28,547 Deutsche Bank EUR (65,739) (66,094) 1,114 UBS EUR (75,908) (100,600) (25,896) UBS EUR (72,083) (80,870) (9,041) UBS EUR (89,854) (83,415) 5,798

111 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 111 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (145,858) Call on Ageas Strike Price Expiring on 23-Sep-15 (222,227) Call on Alstom Strike Price Expiring on 05-Aug-15 (217,325) Call on Alstom Strike Price Expiring on 29-Jul-15 (105,013) Call on Alstom Strike Price Expiring on 02-Jul-15 (306,372) Call on Alstom Strike Price Expiring on 13-Aug-15 (244,092) Call on Alstom Strike Price Expiring on 27-Aug-15 (125,811) Call on Alstom Strike Price Expiring on 09-Jul-15 (168,759) Call on Alstom Strike Price Expiring on 23-Jul-15 (368,034) Call on Alstom Strike Price Expiring on 23-Sep-15 (97,390) Call on Alstom Strike Price Expiring on 16-Jul-15 (480,851) Call on Alstom Strike Price Expiring on 17-Sep-15 (334,582) Call on Alstom Strike Price Expiring on 10-Sep-15 (286,474) Call on Alstom Strike Price Expiring on 03-Sep-15 (227,900) Call on American International Strike Price Expiring on 02-Jul-15 (26,200) Call on American International Strike Price Expiring on 09-Jul-15 (100,400) Call on American International Strike Price Expiring on 23-Jul-15 (167,000) Call on American International Strike Price Expiring on 29-Jul-15 (174,000) Call on American International Strike Price Expiring on 27-Aug-15 (145,300) Call on American International Strike Price Expiring on 16-Jul-15 (94,000) Call on American International Strike Price Expiring on 13-Aug-15 (169,100) Call on American International Strike Price Expiring on 05-Aug-15 (176,800) Call on American International Strike Price Expiring on 03-Sep-15 (172,300) Call on American International Strike Price Expiring on 17-Sep-15 UBS EUR (88,975) (86,077) 2,963 Morgan Stanley EUR (121,282) (37,317) 83,093 Morgan Stanley EUR (121,814) (20,741) 103,178 Morgan Stanley EUR (55,712) - 57,959 Morgan Stanley EUR (188,305) (47,173) 137,827 Morgan Stanley EUR (171,720) (59,009) 116,549 Morgan Stanley EUR (83,438) (37) 87,049 Société Générale EUR (77,970) (4,158) 77,081 Morgan Stanley EUR (191,555) (132,815) 58,880 UBS EUR (51,999) (437) 53,850 Morgan Stanley EUR (252,411) (133,557) 114,851 Morgan Stanley EUR (178,878) (77,611) 100,638 UBS EUR (159,669) (55,571) 102,958 J.P. Morgan (162,379) (814,927) (652,548) Goldman Sachs (19,173) (64,419) (45,246) Deutsche Bank (74,075) (247,905) (173,830) Société Générale (113,526) (413,215) (299,689) Morgan Stanley (168,276) (383,037) (214,761) Goldman Sachs (109,862) (162,992) (53,130) Goldman Sachs (72,060) (141,128) (69,068) J.P. Morgan (134,620) (200,468) (65,848) HSBC (166,103) (174,986) (8,883) Goldman Sachs (187,824) (141,526) 46,298

112 Page 112 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (176,800) Call on American International Strike Price Expiring on 10-Sep-15 (67,900) Call on American International Strike Price Expiring on 23-Sep-15 (109,600) Call on Apollo Education Strike Price Expiring on 23-Sep-15 (86,700) Call on Apollo Education Strike Price Expiring on 27-Aug-15 (116,800) Call on Apollo Education Strike Price Expiring on 03-Sep-15 (95,500) Call on Apollo Education Strike Price Expiring on 17-Sep-15 (119,200) Call on Apollo Education Strike Price Expiring on 10-Sep-15 (107,100) Call on Apollo Education Strike Price Expiring on 13-Aug-15 (172,700) Call on Apollo Education Strike Price Expiring on 23-Jul-15 (140,400) Call on Apollo Education Strike Price Expiring on 09-Jul-15 (188,600) Call on Apollo Education Strike Price Expiring on 16-Jul-15 (92,200) Call on Apollo Education Strike Price Expiring on 29-Jul-15 (124,700) Call on AT&T Strike Price Expiring on 16-Jul-15 (195,600) Call on AT&T Strike Price Expiring on 02-Jul-15 (35,500) Call on AT&T Strike Price Expiring on 09-Jul-15 (76,200) Call on AT&T Strike Price Expiring on 23-Jul-15 (133,400) Call on AT&T Strike Price Expiring on 29-Jul-15 (84,100) Call on AT&T Strike Price Expiring on 17-Sep-15 (77,573) Call on BNP Paribas Strike Price Expiring on 17-Sep-15 (148,335) Call on BNP Paribas Strike Price Expiring on 02-Jul-15 (77,573) Call on BNP Paribas Strike Price Expiring on 10-Sep-15 (94,612) Call on BNP Paribas Strike Price Expiring on 16-Jul-15 (17,809) Call on BNP Paribas Strike Price Expiring on 09-Jul-15 Goldman Sachs (169,870) (110,238) 59,632 J.P. Morgan (57,226) (45,029) 12,197 UBS (38,294) (33,182) 5,112 Morgan Stanley (32,347) (17,034) 15,313 Deutsche Bank (40,717) (20,204) 20,513 UBS (27,218) (17,950) 9,268 Deutsche Bank (35,915) (19,774) 16,141 Morgan Stanley (30,524) (9,563) 20,961 Deutsche Bank (58,753) (5,332) 53,421 Morgan Stanley (41,741) (251) 41,490 Morgan Stanley (56,429) (2,474) 53,955 Deutsche Bank (28,545) (3,296) 25,249 Morgan Stanley (61,265) (225,766) (164,501) HSBC (122,230) (404,480) (282,250) Morgan Stanley (17,410) (59,284) (41,874) Morgan Stanley (44,341) (74,236) (29,895) Morgan Stanley (74,198) (55,047) 19,151 Morgan Stanley (39,763) (57,751) (17,988) Société Générale EUR (82,103) (134,326) (53,525) Morgan Stanley EUR (173,251) (24) 180,215 Société Générale EUR (97,803) (81,288) 16,171 Société Générale EUR (85,870) (19,270) 70,378 Goldman Sachs EUR (21,060) (851) 21,130

113 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 113 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (110,093) Call on BNP Paribas Strike Price Expiring on 05-Aug-15 (108,781) Call on BNP Paribas Strike Price Expiring on 29-Jul-15 (44,644) Call on BNP Paribas Strike Price Expiring on 23-Sep-15 (65,288) Call on BNP Paribas Strike Price Expiring on 23-Jul-15 (93,747) Call on British American Tobacco Strike Price Expiring on 10-Sep-15 (94,148) Call on British American Tobacco Strike Price Expiring on 03-Sep-15 (49,021) Call on British American Tobacco Strike Price Expiring on 23-Sep-15 (61,778) Call on British American Tobacco Strike Price Expiring on 17-Sep-15 (92,676) Call on British American Tobacco Strike Price Expiring on 27-Aug-15 (119,718) Call on British American Tobacco Strike Price Expiring on 02-Jul-15 (88,855) Call on British American Tobacco Strike Price Expiring on 05-Aug-15 (21,760) Call on British American Tobacco Strike Price Expiring on 09-Jul-15 (81,666) Call on British American Tobacco Strike Price Expiring on 29-Jul-15 (77,512) Call on British American Tobacco Strike Price Expiring on 13-Aug-15 (76,360) Call on British American Tobacco Strike Price Expiring on 16-Jul-15 (46,585) Call on British American Tobacco Strike Price Expiring on 23-Jul-15 (1,730,453) Call on Centrica Strike Price 2.70 Expiring on 02-Jul-15 (1,730,453) Call on Centrica Strike Price 2.76 Expiring on 09-Jul-15 (827,803) Call on Centrica Strike Price 2.76 Expiring on 16-Jul-15 (1,379,672) Call on Centrica Strike Price 2.80 Expiring on 23-Jul-15 (963,252) Call on Centrica Strike Price 2.81 Expiring on 05-Aug-15 (1,059,577) Call on Centrica Strike Price 2.81 Expiring on 29-Jul-15 (2,448,193) Call on Centrica Strike Price 2.82 Expiring on 10-Sep-15 Deutsche Bank EUR (108,603) (46,005) 61,817 Société Générale EUR (123,781) (33,574) 92,346 Morgan Stanley EUR (49,924) (39,743) 10,218 Goldman Sachs EUR (69,294) (10,571) 61,628 Deutsche Bank GBP (90,073) (69,929) 21,677 Morgan Stanley GBP (79,067) (27,747) 53,197 UBS GBP (42,548) (22,053) 20,526 Société Générale GBP (61,148) (22,250) 38,331 HSBC GBP (94,373) (18,436) 78,972 Société Générale GBP (119,067) - 126,834 HSBC GBP (84,662) (5,195) 82,428 Société Générale GBP (22,201) (10) 23,646 Goldman Sachs GBP (72,121) (2,477) 71,411 UBS GBP (83,791) (5,585) 78,009 UBS GBP (72,499) (82) 76,464 Goldman Sachs GBP (44,588) (89) 46,746 Société Générale GBP (110,893) (11,080) 107,047 Goldman Sachs GBP (114,113) (15,911) 105,679 Morgan Stanley GBP (54,609) (17,784) 39,873 Société Générale GBP (92,851) (22,324) 75,205 Goldman Sachs GBP (65,997) (22,413) 45,892 Goldman Sachs GBP (78,504) (16,550) 63,879 Société Générale GBP (182,460) (128,186) 57,377

114 Page 114 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (2,448,193) Call on Centrica Strike Price 2.85 Expiring on 03-Sep-15 (2,448,193) Call on Centrica Strike Price 2.90 Expiring on 17-Sep-15 (2,448,193) Call on Centrica Strike Price 2.90 Expiring on 23-Sep-15 (2,133,935) Call on Centrica Strike Price 2.92 Expiring on 27-Aug-15 (1,415,789) Call on Centrica Strike Price 3.02 Expiring on 13-Aug-15 (134,062) Call on Cie de Saint-Gobain Strike Price Expiring on 29-Jul-15 (145,864) Call on Cie de Saint-Gobain Strike Price Expiring on 05-Aug-15 (127,249) Call on Cie de Saint-Gobain Strike Price Expiring on 13-Aug-15 (103,494) Call on Cie de Saint-Gobain Strike Price Expiring on 16-Jul-15 (196,531) Call on Cie de Saint-Gobain Strike Price Expiring on 02-Jul-15 (154,554) Call on Cie de Saint-Gobain Strike Price Expiring on 17-Sep-15 (152,137) Call on Cie de Saint-Gobain Strike Price Expiring on 27-Aug-15 (154,554) Call on Cie de Saint-Gobain Strike Price Expiring on 03-Sep-15 (35,726) Call on Cie de Saint-Gobain Strike Price Expiring on 09-Jul-15 (154,554) Call on Cie de Saint-Gobain Strike Price Expiring on 10-Sep-15 (125,002) Call on Cie de Saint-Gobain Strike Price Expiring on 23-Sep-15 (879,700) Call on Cisco Systems Strike Price Expiring on 02-Jul-15 (159,900) Call on Cisco Systems Strike Price Expiring on 09-Jul-15 (199,100) Call on Cisco Systems Strike Price Expiring on 23-Sep-15 (561,100) Call on Cisco Systems Strike Price Expiring on 16-Jul-15 (691,800) Call on Cisco Systems Strike Price Expiring on 10-Sep-15 (691,800) Call on Cisco Systems Strike Price Expiring on 03-Sep-15 (342,300) Call on Cisco Systems Strike Price Expiring on 23-Jul-15 Deutsche Bank GBP (177,491) (86,409) 95,296 Deutsche Bank GBP (187,300) (79,681) 105,882 Société Générale GBP (186,970) (87,465) 99,641 Morgan Stanley GBP (167,455) (33,435) 139,406 Goldman Sachs GBP (106,892) (3,005) 103,637 Goldman Sachs EUR (106,398) (124,908) (16,671) HSBC EUR (115,719) (123,115) (8,228) Morgan Stanley EUR (100,853) (98,089) 994 Société Générale EUR (68,743) (14,842) 56,924 Société Générale EUR (149,469) (6) 155,492 Morgan Stanley EUR (124,661) (136,440) (13,755) Société Générale EUR (116,825) (89,206) 30,229 Morgan Stanley EUR (114,839) (88,829) 25,190 Morgan Stanley EUR (28,096) (260) 29,064 Morgan Stanley EUR (98,091) (69,533) 28,213 Société Générale EUR (93,229) (56,071) 37,226 J.P. Morgan (455,508) (62) 455,446 Goldman Sachs (75,089) (1,519) 73,570 Société Générale (87,644) (63,516) 24,128 Morgan Stanley (272,807) (5,304) 267,503 Morgan Stanley (359,390) (142,675) 216,715 Deutsche Bank (267,173) (98,985) 168,188 Deutsche Bank (147,223) (6,087) 141,136

115 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 115 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (652,900) Call on Cisco Systems Strike Price Expiring on 05-Aug-15 (612,400) Call on Cisco Systems Strike Price Expiring on 17-Sep-15 (569,400) Call on Cisco Systems Strike Price Expiring on 13-Aug-15 (681,000) Call on Cisco Systems Strike Price Expiring on 27-Aug-15 (600,100) Call on Cisco Systems Strike Price Expiring on 29-Jul-15 (4,972,000) Call on CNOOC Strike Price Expiring on 02-Jul-15 (4,612,000) Call on CNOOC Strike Price Expiring on 17-Sep-15 (4,073,000) Call on CNOOC Strike Price Expiring on 23-Sep-15 (2,616,000) Call on CNOOC Strike Price Expiring on 09-Jul-15 (4,612,000) Call on CNOOC Strike Price Expiring on 10-Sep-15 (4,538,000) Call on CNOOC Strike Price Expiring on 27-Aug-15 (4,540,000) Call on CNOOC Strike Price Expiring on 03-Sep-15 (2,891,000) Call on CNOOC Strike Price Expiring on 13-Aug-15 (1,847,000) Call on CNOOC Strike Price Expiring on 05-Aug-15 (2,611,000) Call on CNOOC Strike Price Expiring on 23-Jul-15 (3,304,000) Call on CNOOC Strike Price Expiring on 16-Jul-15 (3,661,000) Call on CNOOC Strike Price Expiring on 29-Jul-15 (179,800) Call on Coach Strike Price Expiring on 27-Aug-15 (182,700) Call on Coach Strike Price Expiring on 10-Sep-15 (102,100) Call on Coach Strike Price Expiring on 23-Sep-15 (182,700) Call on Coach Strike Price Expiring on 03-Sep-15 (182,700) Call on Coach Strike Price Expiring on 17-Sep-15 (138,700) Call on Coach Strike Price Expiring on 13-Aug-15 Morgan Stanley (329,127) (26,685) 302,442 Morgan Stanley (277,295) (93,016) 184,279 Goldman Sachs (281,226) (32,310) 248,916 Morgan Stanley (289,425) (58,752) 230,673 Morgan Stanley (278,927) (11,426) 267,501 Société Générale HKD (120,369) (71) 120,311 J.P. Morgan HKD (101,251) (74,615) 26,640 Morgan Stanley HKD (92,372) (54,003) 38,361 J.P. Morgan HKD (68,522) (141) 68,361 Deutsche Bank HKD (125,046) (38,097) 86,955 Morgan Stanley HKD (145,449) (37,081) 108,384 J.P. Morgan HKD (122,165) (41,894) 80,268 BNP Paribas HKD (79,148) (8,652) 70,481 UBS HKD (54,033) (2,148) 51,887 Goldman Sachs HKD (82,575) (571) 81,979 Société Générale HKD (122,243) (86) 122,146 Deutsche Bank HKD (111,052) (1,312) 109,712 Société Générale (143,085) (84,093) 58,992 Morgan Stanley (115,338) (85,471) 29,867 UBS (63,802) (45,621) 18,181 HSBC (113,913) (48,468) 65,445 UBS (88,298) (50,581) 37,717 J.P. Morgan (89,032) (2,207) 86,825

116 Page 116 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (158,400) Call on Coach Strike Price Expiring on 29-Jul-15 (172,400) Call on Coach Strike Price Expiring on 05-Aug-15 (208,400) Call on Coach Strike Price Expiring on 02-Jul-15 (7,800) Call on Coach Strike Price Expiring on 09-Jul-15 (148,200) Call on Coach Strike Price Expiring on 16-Jul-15 (90,400) Call on Coach Strike Price Expiring on 23-Jul-15 (52,729) Call on Daimler Strike Price Expiring on 17-Sep-15 (55,340) Call on Daimler Strike Price Expiring on 03-Sep-15 (55,340) Call on Daimler Strike Price Expiring on 10-Sep-15 (52,229) Call on Daimler Strike Price Expiring on 05-Aug-15 (54,475) Call on Daimler Strike Price Expiring on 27-Aug-15 (45,566) Call on Daimler Strike Price Expiring on 13-Aug-15 (48,003) Call on Daimler Strike Price Expiring on 29-Jul-15 (41,944) Call on Daimler Strike Price Expiring on 23-Sep-15 (18,217) Call on Daimler Strike Price Expiring on 09-Jul-15 (37,056) Call on Daimler Strike Price Expiring on 16-Jul-15 (70,371) Call on Daimler Strike Price Expiring on 02-Jul-15 (280,991) Call on Delta Lloyd Strike Price Expiring on 23-Sep-15 (166,705) Call on Delta Lloyd Strike Price Expiring on 17-Sep-15 (304,650) Call on Delta Lloyd Strike Price Expiring on 10-Sep-15 (362,386) Call on Delta Lloyd Strike Price Expiring on 03-Sep-15 (292,369) Call on Delta Lloyd Strike Price Expiring on 27-Aug-15 (86,665) Call on Delta Lloyd Strike Price Expiring on 13-Aug-15 Deutsche Bank (85,394) (4) 85,390 Société Générale (102,475) (71) 102,404 HSBC (164,803) - 164,803 Goldman Sachs (5,702) - 5,702 Morgan Stanley (95,619) - 95,619 Deutsche Bank (65,115) - 65,115 Morgan Stanley EUR (85,860) (93,930) (9,432) HSBC EUR (90,720) (72,492) 17,581 Goldman Sachs EUR (94,856) (72,918) 21,604 Deutsche Bank EUR (108,124) (28,232) 79,115 HSBC EUR (94,267) (48,683) 47,691 Deutsche Bank EUR (94,550) (24,859) 68,032 Goldman Sachs EUR (82,042) (11,369) 72,091 J.P. Morgan EUR (70,987) (45,808) 25,232 HSBC EUR (29,042) (131) 30,182 BNP Paribas EUR (58,767) (1,821) 59,531 Société Générale EUR (116,248) - 120,937 UBS EUR (94,047) (65,018) 29,098 J.P. Morgan EUR (43,782) (27,811) 15,277 UBS EUR (94,893) (39,374) 55,186 UBS EUR (111,651) (28,204) 82,650 Morgan Stanley EUR (93,863) (17,666) 78,294 UBS EUR (28,340) (895) 26,948

117 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 117 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (310,565) Call on Delta Lloyd Strike Price Expiring on 29-Jul-15 (276,234) Call on Delta Lloyd Strike Price Expiring on 05-Aug-15 (461,540) Call on Delta Lloyd Strike Price Expiring on 02-Jul-15 (164,186) Call on Delta Lloyd Strike Price Expiring on 23-Jul-15 (297,913) Call on Delta Lloyd Strike Price Expiring on 16-Jul-15 (305,760) Call on Delta Lloyd Strike Price Expiring on 09-Jul-15 (656,141) Call on Deutsche Telekom Strike Price Expiring on 10-Sep-15 (820,541) Call on Deutsche Telekom Strike Price Expiring on 27-Aug-15 (641,427) Call on Deutsche Telekom Strike Price Expiring on 17-Sep-15 (733,056) Call on Deutsche Telekom Strike Price Expiring on 13-Aug-15 (890,401) Call on Deutsche Telekom Strike Price Expiring on 03-Sep-15 (840,339) Call on Deutsche Telekom Strike Price Expiring on 05-Aug-15 (772,342) Call on Deutsche Telekom Strike Price Expiring on 29-Jul-15 (440,574) Call on Deutsche Telekom Strike Price Expiring on 23-Jul-15 (722,174) Call on Deutsche Telekom Strike Price Expiring on 16-Jul-15 (674,872) Call on Deutsche Telekom Strike Price Expiring on 23-Sep-15 (1,132,233) Call on Deutsche Telekom Strike Price Expiring on 02-Jul-15 (223,757) Call on Deutsche Telekom Strike Price Expiring on 09-Jul-15 (1,519,419) Call on Direct Line Insurance Strike Price 3.29 Expiring on 13-Aug-15 (2,846,237) Call on Direct Line Insurance Strike Price 3.32 Expiring on 02-Jul-15 (1,084,165) Call on Direct Line Insurance Strike Price 3.33 Expiring on 05-Aug-15 (1,364,058) Call on Direct Line Insurance Strike Price 3.33 Expiring on 29-Jul-15 (1,164,847) Call on Direct Line Insurance Strike Price 3.39 Expiring on 23-Jul-15 Morgan Stanley EUR (92,293) (1,613) 92,275 Goldman Sachs EUR (81,275) (2,401) 78,289 Morgan Stanley EUR (149,143) - 155,159 Goldman Sachs EUR (53,557) (54) 55,749 Morgan Stanley EUR (87,676) (2) 91,531 Goldman Sachs EUR (90,632) - 94,595 Deutsche Bank EUR (228,300) (264,961) (37,465) Morgan Stanley EUR (316,798) (279,452) 44,425 Deutsche Bank EUR (242,057) (261,166) (22,948) Deutsche Bank EUR (285,980) (162,514) 118,447 Deutsche Bank EUR (332,659) (257,510) 72,775 Goldman Sachs EUR (334,948) (122,229) 210,311 Goldman Sachs EUR (252,849) (80,319) 176,900 Deutsche Bank EUR (150,021) (32,938) 123,374 Société Générale EUR (195,549) (26,768) 177,383 Deutsche Bank EUR (266,488) (174,058) 92,624 Société Générale EUR (353,669) - 367,935 Société Générale EUR (62,527) (696) 64,565 UBS GBP (115,676) (291,842) (176,437) Morgan Stanley GBP (173,807) (401,022) (215,877) Morgan Stanley GBP (70,650) (227,399) (154,278) Société Générale GBP (93,489) (262,883) (167,102) Goldman Sachs GBP (85,331) (147,338) (57,707)

118 Page 118 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (1,451,825) Call on Direct Line Insurance Strike Price 3.44 Expiring on 16-Jul-15 (788,777) Call on Direct Line Insurance Strike Price 3.45 Expiring on 27-Aug-15 (1,201,039) Call on Direct Line Insurance Strike Price 3.45 Expiring on 17-Sep-15 (1,012,703) Call on Direct Line Insurance Strike Price 3.49 Expiring on 23-Sep-15 (1,382,494) Call on Direct Line Insurance Strike Price 3.53 Expiring on 10-Sep-15 (1,362,280) Call on Direct Line Insurance Strike Price 3.55 Expiring on 03-Sep-15 (447,141) Call on DNB Strike Price Expiring on 09-Jul-15 (399,509) Call on DNB Strike Price Expiring on 16-Jul-15 (485,970) Call on DNB Strike Price Expiring on 23-Sep-15 (423,915) Call on DNB Strike Price Expiring on 27-Aug-15 (509,391) Call on DNB Strike Price Expiring on 23-Jul-15 (390,618) Call on DNB Strike Price Expiring on 29-Jul-15 (467,360) Call on DNB Strike Price Expiring on 03-Sep-15 (455,703) Call on DNB Strike Price Expiring on 05-Aug-15 (117,101) Call on Endesa Strike Price Expiring on 17-Sep-15 (529,778) Call on Endesa Strike Price Expiring on 10-Sep-15 (508,451) Call on Endesa Strike Price Expiring on 27-Aug-15 (387,403) Call on Endesa Strike Price Expiring on 23-Sep-15 (499,992) Call on Endesa Strike Price Expiring on 05-Aug-15 (673,665) Call on Endesa Strike Price Expiring on 02-Jul-15 (549,991) Call on Endesa Strike Price Expiring on 29-Jul-15 (673,665) Call on Endesa Strike Price Expiring on 09-Jul-15 (716,142) Call on Endesa Strike Price Expiring on 23-Jul-15 BNP Paribas GBP (106,869) (103,274) 9,559 Société Générale GBP (50,818) (74,159) (21,706) J.P. Morgan GBP (100,100) (130,342) (31,169) J.P. Morgan GBP (73,513) (97,829) (24,262) Deutsche Bank GBP (114,603) (95,772) 20,780 UBS GBP (97,715) (81,174) 18,861 Morgan Stanley NOK (126,764) (13,311) 116,781 BNP Paribas NOK (119,546) (11,999) 106,570 J.P. Morgan NOK (146,369) (111,777) 33,770 Deutsche Bank NOK (137,423) (46,204) 90,113 Goldman Sachs NOK (170,663) (13,634) 158,414 Goldman Sachs NOK (111,392) (11,214) 96,624 UBS NOK (129,275) (34,369) 93,113 UBS NOK (113,946) (12,815) 94,590 Deutsche Bank EUR (38,627) (110,786) (72,771) Deutsche Bank EUR (180,219) (367,279) (187,695) Société Générale EUR (156,654) (216,009) (55,855) Morgan Stanley EUR (133,093) (165,264) (32,074) Goldman Sachs EUR (131,919) (70,667) 60,303 Société Générale EUR (195,979) - 203,884 Morgan Stanley EUR (151,017) (24,806) 128,821 Goldman Sachs EUR (199,323) (393) 207,646 Deutsche Bank EUR (216,880) (4,527) 221,448

119 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 119 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (429,685) Call on Endesa Strike Price Expiring on 16-Jul-15 (147,222) Call on Eni Strike Price Expiring on 09-Jul-15 (43,700) Call on First American Financial Strike Price Expiring on 03-Sep-15 (33,600) Call on First American Financial Strike Price Expiring on 10-Sep-15 (50,500) Call on First American Financial Strike Price Expiring on 13-Aug-15 (49,900) Call on First American Financial Strike Price Expiring on 05-Aug-15 (34,000) Call on First American Financial Strike Price Expiring on 09-Jul-15 (70,100) Call on First American Financial Strike Price Expiring on 23-Sep-15 (45,600) Call on First American Financial Strike Price Expiring on 27-Aug-15 (40,900) Call on First American Financial Strike Price Expiring on 17-Sep-15 (29,000) Call on First American Financial Strike Price Expiring on 02-Jul-15 (43,900) Call on First American Financial Strike Price Expiring on 29-Jul-15 (32,300) Call on First American Financial Strike Price Expiring on 16-Jul-15 (27,200) Call on First American Financial Strike Price Expiring on 23-Jul-15 (171,324) Call on GlaxoSmithKline Strike Price Expiring on 23-Sep-15 (301,064) Call on GlaxoSmithKline Strike Price Expiring on 10-Sep-15 (234,339) Call on GlaxoSmithKline Strike Price Expiring on 17-Sep-15 (325,299) Call on GlaxoSmithKline Strike Price Expiring on 03-Sep-15 (267,819) Call on GlaxoSmithKline Strike Price Expiring on 13-Aug-15 (320,212) Call on GlaxoSmithKline Strike Price Expiring on 27-Aug-15 (307,009) Call on GlaxoSmithKline Strike Price Expiring on 05-Aug-15 (282,167) Call on GlaxoSmithKline Strike Price Expiring on 29-Jul-15 (160,961) Call on GlaxoSmithKline Strike Price Expiring on 23-Jul-15 BNP Paribas EUR (130,241) (204) 135,766 Société Générale EUR (45,442) (2,883) 44,546 Deutsche Bank (23,944) (42,644) (18,700) Goldman Sachs (18,429) (32,830) (14,401) Morgan Stanley (30,487) (38,113) (7,626) Goldman Sachs (26,941) (31,745) (4,804) Goldman Sachs (15,783) (1,945) 13,838 Morgan Stanley (44,534) (60,420) (15,886) Deutsche Bank (30,124) (32,018) (1,894) UBS (25,669) (31,418) (5,749) HSBC (13,488) (4) 13,484 Goldman Sachs (25,646) (9,136) 16,510 Goldman Sachs (12,749) (1,220) 11,529 Deutsche Bank (13,108) (470) 12,638 Société Générale GBP (72,111) (51,993) 20,170 Morgan Stanley GBP (129,403) (61,124) 70,479 Morgan Stanley GBP (78,571) (49,215) 28,627 Morgan Stanley GBP (134,292) (47,728) 89,753 Morgan Stanley GBP (114,977) (19,003) 95,705 Société Générale GBP (145,683) (32,071) 118,297 UBS GBP (131,911) (20,356) 116,168 Société Générale GBP (118,235) (4,923) 116,210 Goldman Sachs GBP (55,438) (1,624) 56,607

120 Page 120 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (413,650) Call on GlaxoSmithKline Strike Price Expiring on 02-Jul-15 (75,194) Call on GlaxoSmithKline Strike Price Expiring on 09-Jul-15 (263,839) Call on GlaxoSmithKline Strike Price Expiring on 16-Jul-15 (1,500) Call on Graham Strike Price 1, Expiring on 05-Aug-15 (2,500) Call on Graham Strike Price 1, Expiring on 13-Aug-15 (1,400) Call on Graham Strike Price 1, Expiring on 29-Jul-15 (1,300) Call on Graham Strike Price 1, Expiring on 02-Jul-15 (1,800) Call on Graham Strike Price 1, Expiring on 27-Aug-15 (1,300) Call on Graham Strike Price 1, Expiring on 17-Sep-15 (1,500) Call on Graham Strike Price 1, Expiring on 03-Sep-15 (1,200) Call on Graham Strike Price 1, Expiring on 23-Sep-15 (1,900) Call on Graham Strike Price 1, Expiring on 09-Jul-15 (1,000) Call on Graham Strike Price 1, Expiring on 10-Sep-15 (48,000) Call on Guess? Strike Price Expiring on 27-Aug-15 (56,800) Call on Guess? Strike Price Expiring on 13-Aug-15 (69,400) Call on Guess? Strike Price Expiring on 02-Jul-15 (56,900) Call on Guess? Strike Price Expiring on 16-Jul-15 (71,400) Call on Guess? Strike Price Expiring on 05-Aug-15 (43,000) Call on Guess? Strike Price Expiring on 23-Jul-15 (42,500) Call on Guess? Strike Price Expiring on 29-Jul-15 (67,100) Call on Guess? Strike Price Expiring on 09-Jul-15 (72,400) Call on Guess? Strike Price Expiring on 03-Sep-15 (82,200) Call on Guess? Strike Price Expiring on 23-Sep-15 Société Générale GBP (124,536) - 132,660 Morgan Stanley GBP (30,466) (10) 32,452 Société Générale GBP (94,271) (575) 98,957 Morgan Stanley (25,375) (63,304) (37,929) Morgan Stanley (32,500) (52,805) (20,305) Morgan Stanley (23,117) (13,628) 9,489 Morgan Stanley (23,099) - 23,099 Goldman Sachs (39,520) (26,575) 12,945 Morgan Stanley (24,342) (26,738) (2,396) Morgan Stanley (28,140) (20,822) 7,318 Morgan Stanley (20,130) (19,466) 664 Morgan Stanley (30,197) (136) 30,061 Goldman Sachs (14,647) (9,907) 4,740 Deutsche Bank (17,261) (26,394) (9,133) Morgan Stanley (21,277) (16,884) 4,393 J.P. Morgan (21,507) - 21,507 Goldman Sachs (18,003) (1,722) 16,281 Deutsche Bank (28,339) (5,459) 22,880 Deutsche Bank (13,489) (1,332) 12,157 Goldman Sachs (12,558) (719) 11,839 Morgan Stanley (21,962) (42) 21,920 Deutsche Bank (30,256) (7,788) 22,468 HSBC (25,203) (15,347) 9,856

121 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 121 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (82,100) Call on Guess? Strike Price Expiring on 17-Sep-15 (146,500) Call on Guess? Strike Price Expiring on 10-Sep-15 (1,539,580) Call on HSBC Strike Price 5.98 Expiring on 02-Jul-15 (1,136,506) Call on HSBC Strike Price 6.13 Expiring on 17-Sep-15 (484,006) Call on HSBC Strike Price 6.15 Expiring on 23-Sep-15 (1,194,513) Call on HSBC Strike Price 6.30 Expiring on 10-Sep-15 (177,053) Call on HSBC Strike Price 6.31 Expiring on 09-Jul-15 (981,992) Call on HSBC Strike Price 6.34 Expiring on 16-Jul-15 (677,611) Call on HSBC Strike Price 6.34 Expiring on 23-Jul-15 (1,175,832) Call on HSBC Strike Price 6.41 Expiring on 27-Aug-15 (1,194,513) Call on HSBC Strike Price 6.44 Expiring on 03-Sep-15 (634,024) Call on HSBC Strike Price 6.51 Expiring on 13-Aug-15 (1,142,671) Call on HSBC Strike Price 6.66 Expiring on 05-Aug-15 (1,129,032) Call on HSBC Strike Price 6.84 Expiring on 29-Jul-15 (556,700) Call on Intel Strike Price Expiring on 02-Jul-15 (105,500) Call on Intel Strike Price Expiring on 09-Jul-15 (71,700) Call on Intel Strike Price Expiring on 23-Sep-15 (437,800) Call on Intel Strike Price Expiring on 10-Sep-15 (437,800) Call on Intel Strike Price Expiring on 17-Sep-15 (216,600) Call on Intel Strike Price Expiring on 23-Jul-15 (437,800) Call on Intel Strike Price Expiring on 03-Sep-15 (413,200) Call on Intel Strike Price Expiring on 05-Aug-15 (355,100) Call on Intel Strike Price Expiring on 16-Jul-15 Morgan Stanley (21,822) (7,672) 14,150 Deutsche Bank (39,892) (8,229) 31,663 J.P. Morgan GBP (224,015) (745) 237,883 J.P. Morgan GBP (185,828) (79,796) 104,309 J.P. Morgan GBP (70,193) (34,300) 35,944 Société Générale GBP (226,358) (34,911) 195,296 Morgan Stanley GBP (20,560) (52) 21,855 Société Générale GBP (133,401) (1,680) 139,166 Société Générale GBP (118,245) (2,638) 121,566 HSBC GBP (229,240) (12,577) 224,036 UBS GBP (199,126) (13,863) 189,992 Goldman Sachs GBP (105,151) (3,220) 101,685 Morgan Stanley GBP (192,071) (1,003) 197,786 Goldman Sachs GBP (201,858) (61) 206,745 Merrill Lynch (325,892) (14) 325,878 Morgan Stanley (62,625) (2,451) 60,174 Société Générale (40,138) (23,931) 16,207 Goldman Sachs (216,142) (85,160) 130,982 Morgan Stanley (248,101) (84,163) 163,938 Deutsche Bank (105,116) (8,082) 97,034 Deutsche Bank (219,250) (54,498) 164,752 J.P. Morgan (206,518) (19,681) 186,837 Société Générale (175,100) (3,595) 171,505

122 Page 122 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (379,700) Call on Intel Strike Price Expiring on 29-Jul-15 (360,500) Call on Intel Strike Price Expiring on 13-Aug-15 (431,000) Call on Intel Strike Price Expiring on 27-Aug-15 (248,000) Call on JPMorgan Chase & Co. Strike Price Expiring on 02-Jul-15 (28,600) Call on JPMorgan Chase & Co. Strike Price Expiring on 09-Jul-15 (109,100) Call on JPMorgan Chase & Co. Strike Price Expiring on 23-Jul-15 (158,200) Call on JPMorgan Chase & Co. Strike Price Expiring on 16-Jul-15 (181,900) Call on JPMorgan Chase & Co. Strike Price Expiring on 29-Jul-15 (184,100) Call on JPMorgan Chase & Co. Strike Price Expiring on 05-Aug-15 (189,400) Call on JPMorgan Chase & Co. Strike Price Expiring on 27-Aug-15 (56,600) Call on JPMorgan Chase & Co. Strike Price Expiring on 13-Aug-15 (192,400) Call on JPMorgan Chase & Co. Strike Price Expiring on 03-Sep-15 (192,400) Call on JPMorgan Chase & Co. Strike Price Expiring on 10-Sep-15 (127,600) Call on JPMorgan Chase & Co. Strike Price Expiring on 23-Sep-15 (179,300) Call on JPMorgan Chase & Co. Strike Price Expiring on 17-Sep-15 (15,424) Call on Koninklijke Ahold Strike Price Expiring on 05-Aug-15 (215,101) Call on Koninklijke Ahold Strike Price Expiring on 29-Jul-15 (217,027) Call on Koninklijke Ahold Strike Price Expiring on 23-Sep-15 (364,107) Call on Koninklijke Ahold Strike Price Expiring on 02-Jul-15 (387,065) Call on Koninklijke Ahold Strike Price Expiring on 23-Jul-15 (364,107) Call on Koninklijke Ahold Strike Price Expiring on 09-Jul-15 (179,068) Call on Koninklijke Ahold Strike Price Expiring on 13-Aug-15 (232,239) Call on Koninklijke Ahold Strike Price Expiring on 16-Jul-15 Morgan Stanley (174,814) (11,401) 163,413 Morgan Stanley (178,303) (16,882) 161,421 Morgan Stanley (245,067) (12,679) 232,388 Société Générale (252,761) (925,088) (672,327) Morgan Stanley (33,402) (97,058) (63,656) Deutsche Bank (89,069) (238,669) (149,600) Goldman Sachs (151,429) (259,888) (108,459) Morgan Stanley (138,826) (303,556) (164,730) Morgan Stanley (184,063) (260,462) (76,399) Goldman Sachs (180,650) (241,940) (61,290) Morgan Stanley (48,603) (48,385) 218 Deutsche Bank (172,294) (193,787) (21,493) Merrill Lynch (177,970) (107,675) 70,295 Morgan Stanley (118,260) (88,215) 30,045 Morgan Stanley (166,480) (104,744) 61,736 Morgan Stanley EUR (5,122) (3,991) 1,094 BNP Paribas EUR (65,867) (24,013) 42,993 Morgan Stanley EUR (92,385) (63,423) 29,030 J.P. Morgan EUR (137,595) (1) 143,145 Société Générale EUR (131,134) (10,698) 125,935 Goldman Sachs EUR (128,229) (635) 133,202 Goldman Sachs EUR (77,849) (10,271) 66,212 Société Générale EUR (72,464) (1,862) 73,789

123 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 123 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (71,096) Call on Koninklijke Ahold Strike Price Expiring on 27-Aug-15 (206,271) Call on Koninklijke Ahold Strike Price Expiring on 17-Sep-15 (210,998) Call on Koninklijke Ahold Strike Price Expiring on 10-Sep-15 (286,337) Call on Koninklijke Ahold Strike Price Expiring on 03-Sep-15 (48,800) Call on Kulicke & Soffa Industries Strike Price Expiring on 23-Sep-15 (36,900) Call on Kulicke & Soffa Industries Strike Price Expiring on 17-Sep-15 (60,500) Call on Kulicke & Soffa Industries Strike Price Expiring on 10-Sep-15 (47,400) Call on Kulicke & Soffa Industries Strike Price Expiring on 27-Aug-15 (65,300) Call on Kulicke & Soffa Industries Strike Price Expiring on 03-Sep-15 (92,800) Call on Kulicke & Soffa Industries Strike Price Expiring on 13-Aug-15 (43,100) Call on Kulicke & Soffa Industries Strike Price Expiring on 09-Jul-15 (28,300) Call on Kulicke & Soffa Industries Strike Price Expiring on 29-Jul-15 (30,300) Call on Kulicke & Soffa Industries Strike Price Expiring on 23-Jul-15 (33,800) Call on Kulicke & Soffa Industries Strike Price Expiring on 02-Jul-15 (31,100) Call on Kulicke & Soffa Industries Strike Price Expiring on 16-Jul-15 (2,788,795) Call on Legal & General Strike Price 2.66 Expiring on 17-Sep-15 (3,589,665) Call on Legal & General Strike Price 2.66 Expiring on 23-Sep-15 (3,925,234) Call on Legal & General Strike Price 2.71 Expiring on 29-Jul-15 (3,175,297) Call on Legal & General Strike Price 2.74 Expiring on 10-Sep-15 (2,211,416) Call on Legal & General Strike Price 2.74 Expiring on 27-Aug-15 (3,106,812) Call on Legal & General Strike Price 2.75 Expiring on 03-Sep-15 (3,568,395) Call on Legal & General Strike Price 2.76 Expiring on 13-Aug-15 (3,261,450) Call on Legal & General Strike Price 2.77 Expiring on 05-Aug-15 Morgan Stanley EUR (29,601) (3,812) 26,450 J.P. Morgan EUR (74,316) (14,417) 58,720 Société Générale EUR (88,041) (11,692) 76,040 UBS EUR (117,552) (7,823) 108,890 Morgan Stanley (9,296) (7,428) 1,868 UBS (6,221) (3,084) 3,137 Morgan Stanley (11,991) (3,309) 8,682 Deutsche Bank (9,115) (923) 8,192 Deutsche Bank (13,412) (1,322) 12,090 HSBC (15,766) (251) 15,515 Goldman Sachs (12,848) - 12,848 Morgan Stanley (6,965) - 6,965 Merrill Lynch (8,078) - 8,078 Merrill Lynch (9,004) - 9,004 Goldman Sachs (8,385) - 8,385 Deutsche Bank GBP (153,032) (69,795) 81,819 J.P. Morgan GBP (197,271) (98,726) 98,689 Morgan Stanley GBP (249,224) (13,404) 241,929 Société Générale GBP (176,627) (23,285) 156,346 HSBC GBP (129,983) (19,570) 114,593 UBS GBP (172,158) (14,564) 161,681 Morgan Stanley GBP (254,196) (12,464) 241,137 UBS GBP (175,787) (6,220) 175,715

124 Page 124 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (3,612,670) Call on Legal & General Strike Price 2.80 Expiring on 23-Jul-15 (3,533,115) Call on Legal & General Strike Price 2.86 Expiring on 02-Jul-15 (2,625,522) Call on Legal & General Strike Price 2.88 Expiring on 16-Jul-15 (3,694,000) Call on Li & Fung Strike Price 7.34 Expiring on 23-Sep-15 (3,230,000) Call on Li & Fung Strike Price 7.69 Expiring on 17-Sep-15 (1,534,000) Call on Li & Fung Strike Price 7.95 Expiring on 10-Sep-15 (421,000) Call on Luk Fook Strike Price Expiring on 10-Sep-15 (334,000) Call on Luk Fook Strike Price Expiring on 17-Sep-15 (196,000) Call on Luk Fook Strike Price Expiring on 02-Jul-15 (292,000) Call on Luk Fook Strike Price Expiring on 23-Sep-15 (257,000) Call on Luk Fook Strike Price Expiring on 03-Sep-15 (279,000) Call on Luk Fook Strike Price Expiring on 09-Jul-15 (363,000) Call on Luk Fook Strike Price Expiring on 05-Aug-15 (672,000) Call on Luk Fook Strike Price Expiring on 23-Jul-15 (146,000) Call on Luk Fook Strike Price Expiring on 27-Aug-15 (427,000) Call on Luk Fook Strike Price Expiring on 29-Jul-15 (351,000) Call on Luk Fook Strike Price Expiring on 13-Aug-15 (389,700) Call on Microsoft Strike Price Expiring on 02-Jul-15 (335,500) Call on Microsoft Strike Price Expiring on 09-Jul-15 (248,600) Call on Microsoft Strike Price Expiring on 16-Jul-15 (235,600) Call on Microsoft Strike Price Expiring on 23-Jul-15 (232,300) Call on Microsoft Strike Price Expiring on 23-Sep-15 (231,900) Call on Microsoft Strike Price Expiring on 10-Sep-15 Morgan Stanley GBP (186,764) (1,198) 194,978 Morgan Stanley GBP (190,612) - 203,046 BNP Paribas GBP (143,499) (61) 151,447 Morgan Stanley HKD (65,382) (48,357) 17,018 J.P. Morgan HKD (47,704) (24,863) 22,843 J.P. Morgan HKD (17,195) (7,030) 10,165 J.P. Morgan HKD (20,527) (42,705) (22,177) BNP Paribas HKD (12,709) (20,680) (7,970) J.P. Morgan HKD (9,434) - 9,435 Morgan Stanley HKD (13,049) (15,178) (2,130) J.P. Morgan HKD (11,769) (4,293) 7,475 J.P. Morgan HKD (16,211) - 16,206 J.P. Morgan HKD (14,791) (99) 14,693 Société Générale HKD (31,346) (1) 31,335 J.P. Morgan HKD (8,606) (296) 8,311 Deutsche Bank HKD (21,376) (5) 21,366 Goldman Sachs HKD (16,574) (85) 16,486 HSBC (269,750) (555,755) (286,005) Morgan Stanley (236,595) (410,800) (174,205) Société Générale (157,215) (239,395) (82,180) Société Générale (153,164) (126,270) 26,894 Morgan Stanley (206,794) (151,141) 55,653 Morgan Stanley (215,388) (88,848) 126,540

125 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 125 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (240,400) Call on Microsoft Strike Price Expiring on 17-Sep-15 (136,100) Call on Microsoft Strike Price Expiring on 05-Aug-15 (306,500) Call on Microsoft Strike Price Expiring on 03-Sep-15 (76,100) Call on Microsoft Strike Price Expiring on 27-Aug-15 (191,700) Call on Microsoft Strike Price Expiring on 13-Aug-15 (318,200) Call on Microsoft Strike Price Expiring on 29-Jul-15 (1,958,808) Call on Nokia Strike Price 7.08 Expiring on 05-Aug-15 (2,763,939) Call on Nokia Strike Price 7.68 Expiring on 02-Jul-15 (2,110,920) Call on Nokia Strike Price 7.76 Expiring on 27-Aug-15 (582,456) Call on Nokia Strike Price 7.85 Expiring on 29-Jul-15 (442,214) Call on Nokia Strike Price 7.86 Expiring on 09-Jul-15 (1,762,927) Call on Nokia Strike Price 8.23 Expiring on 16-Jul-15 (729,767) Call on Nokia Strike Price 8.24 Expiring on 23-Jul-15 (359,000) Call on NWS Strike Price Expiring on 23-Sep-15 (997,000) Call on NWS Strike Price Expiring on 17-Sep-15 (380,000) Call on NWS Strike Price Expiring on 10-Sep-15 (249,000) Call on NWS Strike Price Expiring on 27-Aug-15 (507,000) Call on NWS Strike Price Expiring on 03-Sep-15 (261,000) Call on NWS Strike Price Expiring on 13-Aug-15 (338,000) Call on NWS Strike Price Expiring on 23-Jul-15 (431,000) Call on NWS Strike Price Expiring on 05-Aug-15 (374,000) Call on NWS Strike Price Expiring on 16-Jul-15 (344,000) Call on NWS Strike Price Expiring on 29-Jul-15 UBS (219,005) (86,670) 132,335 J.P. Morgan (111,235) (17,321) 93,914 Deutsche Bank (248,663) (80,127) 168,536 Morgan Stanley (65,971) (16,501) 49,470 Morgan Stanley (158,766) (14,762) 144,004 Société Générale (249,787) (8,771) 241,016 Deutsche Bank EUR (230,532) (173,850) 55,025 J.P. Morgan EUR (355,411) - 369,748 Société Générale EUR (346,140) (128,666) 225,210 Société Générale EUR (78,264) (11,352) 68,265 Société Générale EUR (58,009) (374) 60,172 Morgan Stanley EUR (234,042) (5,562) 238,775 Société Générale EUR (109,011) (5,588) 107,995 Goldman Sachs HKD (8,170) (6,084) 2,085 UBS HKD (23,881) (10,543) 13,339 BNP Paribas HKD (10,886) (2,069) 8,818 J.P. Morgan HKD (8,244) (533) 7,712 J.P. Morgan HKD (15,729) (1,237) 14,492 J.P. Morgan HKD (7,533) (69) 7,462 Goldman Sachs HKD (9,756) (5) 9,749 Goldman Sachs HKD (12,959) (53) 12,906 Goldman Sachs HKD (12,607) - 12,606 Goldman Sachs HKD (9,401) (12) 9,387

126 Page 126 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (364,000) Call on NWS Strike Price Expiring on 09-Jul-15 (272,800) Call on Pfizer Strike Price Expiring on 05-Aug-15 (130,500) Call on Pfizer Strike Price Expiring on 23-Sep-15 (238,000) Call on Pfizer Strike Price Expiring on 13-Aug-15 (289,100) Call on Pfizer Strike Price Expiring on 03-Sep-15 (250,800) Call on Pfizer Strike Price Expiring on 29-Jul-15 (224,200) Call on Pfizer Strike Price Expiring on 17-Sep-15 (273,800) Call on Pfizer Strike Price Expiring on 10-Sep-15 (284,600) Call on Pfizer Strike Price Expiring on 27-Aug-15 (367,600) Call on Pfizer Strike Price Expiring on 02-Jul-15 (66,700) Call on Pfizer Strike Price Expiring on 09-Jul-15 (234,500) Call on Pfizer Strike Price Expiring on 16-Jul-15 (143,100) Call on Pfizer Strike Price Expiring on 23-Jul-15 (114,400) Call on Philip Morris International Strike Price Expiring on 02-Jul-15 (20,800) Call on Philip Morris International Strike Price Expiring on 09-Jul-15 (68,000) Call on Philip Morris International Strike Price Expiring on 10-Sep-15 (62,400) Call on Philip Morris International Strike Price Expiring on 23-Sep-15 (89,900) Call on Philip Morris International Strike Price Expiring on 03-Sep-15 (44,600) Call on Philip Morris International Strike Price Expiring on 23-Jul-15 (70,500) Call on Philip Morris International Strike Price Expiring on 17-Sep-15 (78,000) Call on Philip Morris International Strike Price Expiring on 29-Jul-15 (83,200) Call on Philip Morris International Strike Price Expiring on 27-Aug-15 (84,900) Call on Philip Morris International Strike Price Expiring on 05-Aug-15 J.P. Morgan HKD (13,710) - 13,706 J.P. Morgan (141,992) (52,708) 89,284 J.P. Morgan (59,938) (54,119) 5,819 HSBC (121,166) (47,970) 73,196 Deutsche Bank (133,622) (69,335) 64,287 Morgan Stanley (137,589) (28,124) 109,465 J.P. Morgan (104,029) (65,599) 38,430 Deutsche Bank (127,372) (66,990) 60,382 J.P. Morgan (163,190) (50,053) 113,137 J.P. Morgan (189,314) - 189,314 HSBC (35,050) (119) 34,931 Morgan Stanley (107,284) (2,724) 104,560 Deutsche Bank (65,783) (3,088) 62,695 HSBC (165,343) (336,632) (171,289) Goldman Sachs (27,530) (33,271) (5,741) Goldman Sachs (100,674) (56,436) 44,238 HSBC (78,636) (38,827) 39,809 HSBC (99,313) (51,548) 47,765 Deutsche Bank (63,350) (4,685) 58,665 UBS (90,818) (40,727) 50,091 Morgan Stanley (77,438) (9,765) 67,673 Goldman Sachs (100,215) (29,287) 70,928 Goldman Sachs (96,286) (11,201) 85,085

127 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 127 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (72,900) Call on Philip Morris International Strike Price Expiring on 16-Jul-15 (74,000) Call on Philip Morris International Strike Price Expiring on 13-Aug-15 (297,421) Call on Repsol Strike Price Expiring on 17-Sep-15 (304,237) Call on Repsol Strike Price Expiring on 10-Sep-15 (412,868) Call on Repsol Strike Price Expiring on 03-Sep-15 (244,532) Call on Repsol Strike Price Expiring on 27-Aug-15 (525,002) Call on Repsol Strike Price Expiring on 02-Jul-15 (389,655) Call on Repsol Strike Price Expiring on 05-Aug-15 (525,002) Call on Repsol Strike Price Expiring on 09-Jul-15 (334,863) Call on Repsol Strike Price Expiring on 16-Jul-15 (194,242) Call on Repsol Strike Price Expiring on 23-Jul-15 (406,317) Call on Repsol Strike Price Expiring on 13-Aug-15 (16,469) Call on Repsol Strike Price Expiring on 29-Jul-15 (4,949) Call on Samsung Electronics Strike Price 1,095, Expiring on 23-Sep-15 (6,699) Call on Samsung Electronics Strike Price 1,121, Expiring on 17-Sep-15 (8,962) Call on Samsung Electronics Strike Price 1,167, Expiring on 05-Aug-15 (9,086) Call on Samsung Electronics Strike Price 1,177, Expiring on 03-Sep-15 (7,814) Call on Samsung Electronics Strike Price 1,186, Expiring on 29-Jul-15 (3,818) Call on Samsung Electronics Strike Price 1,194, Expiring on 27-Aug-15 (5,200) Call on Samsung Electronics Strike Price 1,206, Expiring on 02-Jul-15 (7,232) Call on Samsung Electronics Strike Price 1,257, Expiring on 16-Jul-15 (7,022) Call on Samsung Electronics Strike Price 1,263, Expiring on 23-Jul-15 (5,706) Call on Samsung Electronics Strike Price 1,269, Expiring on 09-Jul-15 Société Générale (92,904) (1,341) 91,563 J.P. Morgan (83,494) (6,675) 76,819 Deutsche Bank EUR (74,317) (58,692) 14,446 Morgan Stanley EUR (90,759) (48,148) 42,292 Deutsche Bank EUR (123,847) (51,950) 71,013 Deutsche Bank EUR (76,735) (27,158) 51,291 Merrill Lynch EUR (168,632) - 175,434 Deutsche Bank EUR (121,600) (11,693) 109,033 Goldman Sachs EUR (174,796) (171) 182,269 BNP Paribas EUR (98,802) (865) 102,284 Deutsche Bank EUR (57,111) (1,392) 58,114 Goldman Sachs EUR (109,447) (10,058) 97,468 BNP Paribas EUR (4,675) (154) 4,601 J.P. Morgan (76,841) (95,468) (18,627) Morgan Stanley (105,996) (91,505) 14,491 UBS (133,850) (19,909) 113,941 Morgan Stanley (151,331) (49,444) 101,887 Morgan Stanley (93,392) (6,778) 86,614 J.P. Morgan (68,773) (13,680) 55,093 J.P. Morgan (76,981) - 76,981 UBS (116,533) (404) 116,129 Morgan Stanley (95,658) (976) 94,682 J.P. Morgan (90,009) (20) 89,989

128 Page 128 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (37,456) Call on Sanofi Strike Price Expiring on 09-Jul-15 (131,416) Call on Sanofi Strike Price Expiring on 16-Jul-15 (152,919) Call on Sanofi Strike Price Expiring on 05-Aug-15 (105,621) Call on Sanofi Strike Price Expiring on 17-Sep-15 (159,494) Call on Sanofi Strike Price Expiring on 27-Aug-15 (133,390) Call on Sanofi Strike Price Expiring on 13-Aug-15 (162,028) Call on Sanofi Strike Price Expiring on 10-Sep-15 (206,036) Call on Sanofi Strike Price Expiring on 02-Jul-15 (140,546) Call on Sanofi Strike Price Expiring on 29-Jul-15 (162,028) Call on Sanofi Strike Price Expiring on 03-Sep-15 (84,367) Call on Sanofi Strike Price Expiring on 23-Sep-15 (80,172) Call on Sanofi Strike Price Expiring on 23-Jul-15 (2,265,800) Call on Singapore Telecommunications Strike Price 4.15 Expiring on 27-Aug-15 (2,302,300) Call on Singapore Telecommunications Strike Price 4.22 Expiring on 10-Sep-15 (635,700) Call on Singapore Telecommunications Strike Price 4.22 Expiring on 17-Sep-15 (2,172,900) Call on Singapore Telecommunications Strike Price 4.38 Expiring on 05-Aug-15 (1,618,300) Call on Singapore Telecommunications Strike Price 4.38 Expiring on 13-Aug-15 (2,727,800) Call on Singapore Telecommunications Strike Price 4.51 Expiring on 02-Jul-15 (2,779,200) Call on Singapore Telecommunications Strike Price 4.51 Expiring on 23-Jul-15 (2,927,700) Call on Singapore Telecommunications Strike Price 4.54 Expiring on 09-Jul-15 (2,927,700) Call on Singapore Telecommunications Strike Price 4.61 Expiring on 16-Jul-15 (288,500) Call on Staples Strike Price Expiring on 27-Aug-15 (280,000) Call on Staples Strike Price Expiring on 10-Sep-15 Goldman Sachs EUR (66,466) (425) 68,948 Goldman Sachs EUR (232,803) (8,986) 234,058 Deutsche Bank EUR (302,754) (308,568) (7,990) J.P. Morgan EUR (202,686) (309,011) (109,539) Société Générale EUR (288,525) (324,987) (30,015) Goldman Sachs EUR (231,020) (173,066) 53,900 UBS EUR (354,577) (304,917) 48,413 Société Générale EUR (350,839) (154) 364,837 Goldman Sachs EUR (226,961) (106,100) 124,784 Société Générale EUR (350,288) (248,996) 98,792 J.P. Morgan EUR (170,238) (134,526) 35,837 Goldman Sachs EUR (139,863) (14,556) 131,172 HSBC SGD (100,568) (184,845) (84,004) J.P. Morgan SGD (128,452) (167,528) (39,062) Deutsche Bank SGD (39,103) (49,427) (10,744) Deutsche Bank SGD (122,920) (30,343) 91,226 BNP Paribas SGD (80,344) (30,625) 48,011 J.P. Morgan SGD (148,317) - 150,587 Merrill Lynch SGD (116,841) (17,542) 99,334 Goldman Sachs SGD (122,739) (899) 122,656 UBS SGD (149,229) (3,103) 146,990 Deutsche Bank (78,385) (49,494) 28,891 Goldman Sachs (71,484) (57,749) 13,735

129 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 129 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (339,600) Call on Staples Strike Price Expiring on 29-Jul-15 (518,500) Call on Staples Strike Price Expiring on 02-Jul-15 (335,900) Call on Staples Strike Price Expiring on 03-Sep-15 (364,100) Call on Staples Strike Price Expiring on 17-Sep-15 (505,600) Call on Staples Strike Price Expiring on 09-Jul-15 (599,400) Call on Staples Strike Price Expiring on 16-Jul-15 (402,600) Call on Staples Strike Price Expiring on 05-Aug-15 (392,200) Call on Staples Strike Price Expiring on 23-Jul-15 (304,800) Call on Staples Strike Price Expiring on 13-Aug-15 (77,092) Call on Swedbank Strike Price Expiring on 17-Sep-15 (133,688) Call on Swedbank Strike Price Expiring on 23-Jul-15 (155,250) Call on Swedbank Strike Price Expiring on 16-Jul-15 (33,070) Call on Swedbank Strike Price Expiring on 09-Jul-15 (243,403) Call on Swedbank Strike Price Expiring on 02-Jul-15 (3,757,184) Call on Tesco Strike Price 2.25 Expiring on 03-Sep-15 (3,191,250) Call on Tesco Strike Price 2.28 Expiring on 27-Aug-15 (3,639,930) Call on Tesco Strike Price 2.30 Expiring on 17-Sep-15 (3,139,701) Call on Tesco Strike Price 2.33 Expiring on 23-Sep-15 (3,757,184) Call on Tesco Strike Price 2.34 Expiring on 10-Sep-15 (3,545,934) Call on Tesco Strike Price 2.41 Expiring on 05-Aug-15 (5,200,704) Call on Tesco Strike Price 2.42 Expiring on 29-Jul-15 (5,822,045) Call on Tesco Strike Price 2.46 Expiring on 23-Jul-15 (3,569,793) Call on Tesco Strike Price 2.47 Expiring on 13-Aug-15 Deutsche Bank (97,737) (18,065) 79,672 Morgan Stanley (161,668) - 161,668 Deutsche Bank (97,579) (62,077) 35,502 UBS (104,643) (78,642) 26,001 Morgan Stanley (157,545) (445) 157,100 Goldman Sachs (167,532) (5,456) 162,076 Goldman Sachs (142,480) (29,679) 112,801 Deutsche Bank (107,934) (9,995) 97,939 J.P. Morgan (84,765) (29,744) 55,021 Société Générale SEK (31,713) (35,008) (3,834) Goldman Sachs SEK (59,604) (4,005) 59,262 Goldman Sachs SEK (62,415) (2,076) 63,372 Société Générale SEK (13,324) (68) 14,037 J.P. Morgan SEK (99,677) - 104,473 Morgan Stanley GBP (211,088) (211,164) 4,937 Deutsche Bank GBP (191,473) (126,631) 71,000 Deutsche Bank GBP (188,158) (172,337) 14,077 Société Générale GBP (188,364) (129,530) 58,972 Société Générale GBP (194,440) (115,160) 82,587 UBS GBP (211,095) (22,073) 196,406 BNP Paribas GBP (282,132) (20,212) 268,835 Morgan Stanley GBP (334,521) (10,762) 340,616 BNP Paribas GBP (218,209) (20,032) 197,666

130 Page 130 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (4,063,091) Call on Tesco Strike Price 2.62 Expiring on 16-Jul-15 (3,317,355) Call on Tesco Strike Price 2.65 Expiring on 02-Jul-15 (4,041,225) Call on Tesco Strike Price 2.69 Expiring on 09-Jul-15 (132,446) Call on Vinci Strike Price Expiring on 17-Sep-15 (168,419) Call on Vinci Strike Price Expiring on 02-Jul-15 (125,000) Call on Vinci Strike Price Expiring on 05-Aug-15 (132,446) Call on Vinci Strike Price Expiring on 10-Sep-15 (110,189) Call on Vinci Strike Price Expiring on 13-Aug-15 (130,375) Call on Vinci Strike Price Expiring on 27-Aug-15 (31,406) Call on Vinci Strike Price Expiring on 09-Jul-15 (132,446) Call on Vinci Strike Price Expiring on 03-Sep-15 (115,932) Call on Vinci Strike Price Expiring on 29-Jul-15 (104,140) Call on Vinci Strike Price Expiring on 23-Sep-15 (88,690) Call on Vinci Strike Price Expiring on 16-Jul-15 (169,800) Call on Wells Fargo & Co. Strike Price Expiring on 02-Jul-15 (161,600) Call on Wells Fargo & Co. Strike Price Expiring on 09-Jul-15 (71,000) Call on Wells Fargo & Co. Strike Price Expiring on 23-Jul-15 (138,600) Call on Wells Fargo & Co. Strike Price Expiring on 29-Jul-15 (126,000) Call on Wells Fargo & Co. Strike Price Expiring on 05-Aug-15 (91,700) Call on Wells Fargo & Co. Strike Price Expiring on 17-Sep-15 (190,145) Call on Wolters Kluwer Strike Price Expiring on 17-Sep-15 (188,461) Call on Wolters Kluwer Strike Price Expiring on 10-Sep-15 (247,276) Call on Wolters Kluwer Strike Price Expiring on 03-Sep-15 UBS GBP (219,280) (962) 230,556 Société Générale GBP (155,171) - 165,293 Goldman Sachs GBP (191,728) (36) 204,255 Deutsche Bank EUR (136,272) (176,850) (42,739) HSBC EUR (167,046) (23) 173,761 HSBC EUR (115,431) (57,729) 56,872 Deutsche Bank EUR (142,245) (127,448) 14,296 BNP Paribas EUR (114,850) (54,552) 58,283 Deutsche Bank EUR (143,071) (85,594) 60,673 Morgan Stanley EUR (31,703) (696) 32,394 Morgan Stanley EUR (140,759) (83,207) 56,548 Goldman Sachs EUR (97,990) (15,805) 83,878 J.P. Morgan EUR (112,210) (70,704) 41,589 Morgan Stanley EUR (70,217) (1,393) 71,913 J.P. Morgan (155,707) (82,501) 73,206 HSBC (148,866) (129,346) 19,520 Deutsche Bank (58,426) (70,257) (11,831) Goldman Sachs (107,609) (79,723) 27,886 J.P. Morgan (93,228) (64,129) 29,099 UBS (71,435) (36,404) 35,031 Société Générale EUR (114,653) (101,168) 11,666 Société Générale EUR (106,419) (53,530) 52,515 UBS EUR (148,490) (60,514) 86,916

131 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 131 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Dividend Maximiser (cont) (171,491) Call on Wolters Kluwer Strike Price Expiring on 27-Aug-15 (165,066) Call on Wolters Kluwer Strike Price Expiring on 13-Aug-15 (200,059) Call on Wolters Kluwer Strike Price Expiring on 23-Sep-15 (14,359) Call on Wolters Kluwer Strike Price Expiring on 05-Aug-15 (274,021) Call on Wolters Kluwer Strike Price Expiring on 29-Jul-15 (335,638) Call on Wolters Kluwer Strike Price Expiring on 02-Jul-15 (316,991) Call on Wolters Kluwer Strike Price Expiring on 23-Jul-15 (214,081) Call on Wolters Kluwer Strike Price Expiring on 16-Jul-15 (216,331) Call on Wolters Kluwer Strike Price Expiring on 09-Jul-15 Goldman Sachs EUR (109,265) (35,310) 76,397 UBS EUR (100,248) (19,115) 79,374 UBS EUR (111,211) (58,308) 52,984 HSBC EUR (8,925) (741) 8,119 Goldman Sachs EUR (138,671) (5,805) 135,263 Merrill Lynch EUR (208,271) - 216,673 Société Générale EUR (178,796) (582) 185,712 UBS EUR (107,314) (48) 111,987 Goldman Sachs EUR (125,250) (1) 130,726 (27,562,404) 27,431,703 Global Tactical Asset Allocation (25) Call on DAX Index Strike Price 12, Expiring on 17-Jul-15 (12) Call on DAX Index Strike Price 12, Expiring on 17-Jul-15 (41) Call on EURO STOXX 50 Index Strike Price 3, Expiring on 21-Aug-15 (21) Call on EURO STOXX 50 Index Strike Price 3, Expiring on 21-Aug-15 (35) Call on FTSE 100 Index Strike Price 7, Expiring on 21-Aug-15 (9) Call on HANG SENG Index Strike Price 28, Expiring on 30-Jul-15 (23) Call on NIKKEI 225 Index Strike Price 21, Expiring on 14-Aug-15 (30) Call on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 (25) Put on DAX Index Strike Price 10, Expiring on 21-Aug-15 (12) Put on DAX Index Strike Price 11, Expiring on 17-Jul-15 (21) Put on EURO STOXX 50 Index Strike Price 3, Expiring on 21-Aug-15 (41) Put on EURO STOXX 50 Index Strike Price 3, Expiring on 21-Aug-15 (13) Put on FTSE 100 Index Strike Price 6, Expiring on 21-Aug-15 UBS EUR (9,094) (3,266) 5,865 UBS EUR (2,817) (1,002) 1,823 UBS EUR (17,767) (10,804) 7,034 UBS EUR (4,836) (2,331) 2,520 UBS GBP (13,715) (5,240) 8,494 UBS HKD (12,287) (5,457) 6,832 UBS JPY (27,820) (14,091) 14,090 UBS (20,250) (4,275) 15,975 UBS EUR (45,786) (36,920) 8,789 UBS EUR (5,998) (18,536) (12,514) UBS EUR (11,010) (23,430) (12,386) UBS EUR (32,602) (72,732) (40,000) UBS GBP (8,993) (19,359) (10,345)

132 Page 132 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Tactical Asset Allocation (cont) (22) Put on FTSE 100 Index Strike Price 6, Expiring on 21-Aug-15 (9) Put on HANG SENG Index Strike Price 25, Expiring on 30-Jul-15 (23) Put on NIKKEI 225 Index Strike Price 19, Expiring on 14-Aug-15 (15) Put on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 (15) Put on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 UBS GBP (19,743) (55,295) (35,534) UBS HKD (19,268) (26,121) (6,853) UBS JPY (27,820) (69,518) (41,335) UBS (13,200) (28,125) (14,925) UBS (15,750) (32,475) (16,725) (428,977) (119,195) Asian Diversified Growth 21 Put on HANG SENG Index Strike Price 25, Expiring on 30-Jul Put on HANG SENG Index Strike Price 26, Expiring on 30-Jul Put on KOSPI 200 Index Strike Price Expiring on 09-Jul Put on NIKKEI 225 Index Strike Price 19, Expiring on 10-Jul Put on S&P/ASX 200 Index Strike Price 5, Expiring on 16-Jul-15 UBS HKD 60,046 52,822 (7,224) UBS HKD 117, ,431 57,918 UBS KRW 58,617 37,335 (21,165) UBS JPY 64,363 61,882 (3,257) UBS AUD 52,704 88,085 35, ,555 62,218 Emerging Multi-Asset Income * (17) Put on S&P 500 Index Strike Price 2, Expiring on 17-Jul Put on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 UBS (6,800) (22,780) (15,980) UBS 21,845 58,225 36,380 35,445 20,400 Global Conservative 14 Put on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 UBS 28,208 36,943 8,670 EUR 36,943 EUR 8,670 Global Diversified Growth 2,075 Call on EURO STOXX 50 Index Strike Price 3, Expiring on 21-Aug-15 (4,150) Call on EURO STOXX 50 Index Strike Price 3, Expiring on 21-Aug-15 (730) Put on FTSE 100 Index Strike Price 5, Expiring on 18-Dec-15 (396) Put on S&P 500 Index Strike Price 1, Expiring on 18-Sep Put on S&P 500 Index Strike Price 2, Expiring on 18-Sep-15 UBS EUR 1,144, ,100 (588,263) UBS EUR (1,340,450) (612,125) 728,325 UBS GBP (1,604,225) (1,321,030) 279,657 UBS (670,588) (1,300,855) (625,547) UBS 1,930,850 2,205, ,129 EUR (472,500) EUR 48,301 * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

133 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 133 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Diversified Growth (cont) Global Dynamic Balanced 1,589 Call on EURO STOXX 50 Index Strike Price 3, Expiring on 21-Aug-15 (3,178) Call on EURO STOXX 50 Index Strike Price 3, Expiring on 21-Aug Put on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 UBS EUR 883, ,852 (457,632) UBS EUR (1,032,532) (468,755) 563,777 UBS 606, , ,410 EUR 751,364 EUR 292,555 Global Multi-Asset Allocation 113 Put on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 UBS 254, ,545 24, ,545 24,295 Global Multi-Asset Income (6,095) Put on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 6,095 Put on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 UBS (2,438,000) (8,167,300) (5,729,300) UBS 7,832,075 20,875,375 13,043,300 12,708,075 7,314,000 Japan DGF 91 Put on EURO STOXX 50 Index Strike Price 3, Expiring on 17-Jul Put on EURO STOXX 50 Index Strike Price 3, Expiring on 17-Jul Put on EURO STOXX 50 Index Strike Price 3, Expiring on 17-Jul Put on NIKKEI 225 Index Strike Price 19, Expiring on 10-Jul Put on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 UBS EUR 11,290,386 5,620,440 (5,508,528) UBS EUR 11,734,528 6,952,445 (4,538,766) UBS EUR 7,655,560 18,367,682 10,819,378 UBS JPY 13,608,000 10,500,000 (3,108,000) UBS 8,330,717 12,541,868 4,203,343 JPY 53,982,435 JPY 1,867,427 Strategic Beta 10 (10) Call on DAX Index Strike Price 12, Expiring on 17-Jul-15 (5) Call on DAX Index Strike Price 12, Expiring on 17-Jul-15 (16) Call on EURO STOXX 50 Index Strike Price 3, Expiring on 21-Aug-15 (7) Call on EURO STOXX 50 Index Strike Price 3, Expiring on 21-Aug-15 (13) Call on FTSE 100 Index Strike Price 7, Expiring on 21-Aug-15 (4) Call on HANG SENG Index Strike Price 28, Expiring on 30-Jul-15 (9) Call on NIKKEI 225 Index Strike Price 21, Expiring on 14-Aug-15 UBS EUR (3,638) (1,306) 2,346 UBS EUR (1,174) (418) 760 UBS EUR (6,933) (4,216) 2,745 UBS EUR (1,612) (777) 840 UBS GBP (5,186) (1,946) 3,246 UBS HKD (5,461) (2,425) 3,036 UBS JPY (10,886) (5,514) 5,514

134 Page 134 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Strategic Beta 10 (cont) (12) Call on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 (10) Put on DAX Index Strike Price 10, Expiring on 21-Aug-15 (5) Put on DAX Index Strike Price 11, Expiring on 17-Jul-15 (7) Put on EURO STOXX 50 Index Strike Price 3, Expiring on 21-Aug-15 (16) Put on EURO STOXX 50 Index Strike Price 3, Expiring on 21-Aug-15 (4) Put on FTSE 100 Index Strike Price 6, Expiring on 21-Aug-15 (9) Put on FTSE 100 Index Strike Price 6, Expiring on 21-Aug-15 (4) Put on HANG SENG Index Strike Price 25, Expiring on 30-Jul-15 (9) Put on NIKKEI 225 Index Strike Price 19, Expiring on 14-Aug-15 (6) Put on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 (6) Put on S&P 500 Index Strike Price 2, Expiring on 17-Jul-15 UBS (8,100) (1,710) 6,390 UBS EUR (18,315) (14,768) 3,515 UBS EUR (2,499) (7,723) (5,214) UBS EUR (3,670) (7,810) (4,129) UBS EUR (12,723) (28,383) (15,609) UBS GBP (2,767) (5,957) (3,183) UBS GBP (8,077) (22,621) (14,537) UBS HKD (8,563) (11,609) (3,046) UBS JPY (10,886) (27,203) (16,174) UBS (5,280) (11,250) (5,970) UBS (6,300) (12,990) (6,690) (168,626) (46,160) Asian Bond Absolute Return (20,000,000) Call on Forwards JPY/ Strike Price Expiring on 09-Jul-15 (20,000,000) Put on Forwards JPY/ Strike Price Expiring on 09-Jul-15 J.P. Morgan (277,809) (469,189) (191,380) J.P. Morgan (280,191) (19,566) 260,625 (488,755) 69,245 EURO Bond (1,551) Put on US 5 Year Note Future (CBT) Strike Price Expiring on 24-Jul-15 1,551 Put on US 5 Year Note Future (CBT) Strike Price Expiring on 24-Jul-15 UBS (356,486) (64,836) 294,633 UBS 956, ,106 (413,498) EUR 486,270 EUR (118,865) Global Bond (27,390,000) Call on Forwards NOK/GBP Strike Price Expiring on 05-Aug-15 (33,720,000) Call on Forwards /EUR Strike Price 1.13 Expiring on 31-Jul-15 (29,060,000) Call on Forwards /GBP Strike Price 1.57 Expiring on 10-Aug-15 27,390,000 Put on Forwards NOK/GBP Strike Price Expiring on 05-Aug-15 (33,720,000) Put on Forwards /EUR Strike Price 1.02 Expiring on 31-Jul-15 UBS GBP (666,917) (3,842,625) (3,184,417) Deutsche Bank EUR (577,602) (376,880) 210,704 J.P. Morgan GBP (718,780) (641,218) 102,554 UBS GBP 666, (657,859) Deutsche Bank EUR (102,215) (23,998) 79,983

135 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 135 Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Bond (cont) 33,720,000 Put on Forwards /EUR Strike Price 1.09 Expiring on 31-Jul-15 (29,060,000) Put on Forwards /GBP Strike Price 1.40 Expiring on 10-Aug-15 29,060,000 Put on Forwards /GBP Strike Price 1.50 Expiring on 10-Aug-15 Deutsche Bank EUR 488, ,342 (203,880) J.P. Morgan GBP (360,745) (119) 373,170 J.P. Morgan GBP 1,059,618 42,967 (1,053,494) (4,548,182) (4,333,239) Global Inflation Linked Bond (5,740,000) Call on Forwards NOK/GBP Strike Price Expiring on 05-Aug-15 (9,920,000) Call on Forwards /EUR Strike Price 1.13 Expiring on 31-Jul-15 (8,480,000) Call on Forwards /GBP Strike Price 1.57 Expiring on 10-Aug-15 5,740,000 Put on Forwards NOK/GBP Strike Price Expiring on 05-Aug-15 (9,920,000) Put on Forwards /EUR Strike Price 1.02 Expiring on 31-Jul-15 9,920,000 Put on Forwards /EUR Strike Price 1.09 Expiring on 31-Jul-15 (8,480,000) Put on Forwards /GBP Strike Price 1.40 Expiring on 10-Aug-15 8,480,000 Put on Forwards /GBP Strike Price 1.50 Expiring on 10-Aug-15 UBS GBP (111,859) (718,142) (595,131) Deutsche Bank EUR (154,155) (98,876) 55,279 J.P. Morgan GBP (185,678) (166,866) 26,688 UBS GBP 111, (122,946) Deutsche Bank EUR (27,280) (6,296) 20,984 Deutsche Bank EUR 130,448 76,959 (53,489) J.P. Morgan GBP (93,189) (31) 97,111 J.P. Morgan GBP 273,724 11,181 (274,154) EUR (902,005) EUR (845,658) Asian Local Currency Bond (4,000,000) Call on Forwards JPY/ Strike Price Expiring on 09-Jul-15 (4,000,000) Put on Forwards JPY/ Strike Price Expiring on 09-Jul-15 J.P. Morgan (55,562) (93,838) (38,276) J.P. Morgan (56,038) (3,913) 52,125 (97,751) 13,849 Global Unconstrained Bond (1,030,000) Call on Forwards NOK/GBP Strike Price Expiring on 05-Aug-15 (2,060,000) Call on Forwards /EUR Strike Price 1.13 Expiring on 31-Jul-15 (1,260,000) Call on Forwards /GBP Strike Price 1.57 Expiring on 10-Aug-15 1,030,000 Put on Forwards NOK/GBP Strike Price Expiring on 05-Aug-15 (2,060,000) Put on Forwards /EUR Strike Price 1.02 Expiring on 31-Jul-15 2,060,000 Put on Forwards /EUR Strike Price 1.09 Expiring on 31-Jul-15 (1,260,000) Put on Forwards /GBP Strike Price 1.40 Expiring on 10-Aug-15 UBS GBP (25,079) (144,502) (119,750) Deutsche Bank EUR (35,286) (23,024) 12,872 J.P. Morgan GBP (31,165) (27,802) 4,447 UBS GBP 25, (24,739) Deutsche Bank EUR (6,244) (1,466) 4,886 Deutsche Bank EUR 29,860 17,921 (12,455) J.P. Morgan GBP (15,641) (5) 16,180

136 Page 136 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Options Contracts (cont) Par Subject to Call or Put Contract Counterparty Currency Premium Paid/ (Received) Unrealised Appreciation/ (Depreciation) Global Unconstrained Bond (cont) 1,260,000 Put on Forwards /GBP Strike Price 1.50 Expiring on 10-Aug-15 (59) Put on US 5 Year Note Future (CBT) Strike Price Expiring on 24-Jul Put on US 5 Year Note Future (CBT) Strike Price Expiring on 24-Jul-15 J.P. Morgan GBP 45,944 1,863 (45,678) UBS (15,334) (2,766) 12,568 UBS 41,146 23,508 (17,638) (156,260) (169,307) Strategic Bond (84,180,000) Call on Forwards NOK/GBP Strike Price Expiring on 05-Aug-15 (103,220,000) Call on Forwards /EUR Strike Price 1.13 Expiring on 31-Jul-15 (88,230,000) Call on Forwards /GBP Strike Price 1.57 Expiring on 10-Aug-15 84,180,000 Put on Forwards NOK/GBP Strike Price Expiring on 05-Aug-15 (103,220,000) Put on Forwards /EUR Strike Price 1.02 Expiring on 31-Jul ,220,000 Put on Forwards /EUR Strike Price 1.09 Expiring on 31-Jul-15 (88,230,000) Put on Forwards /GBP Strike Price 1.40 Expiring on 10-Aug-15 88,230,000 Put on Forwards /GBP Strike Price 1.50 Expiring on 10-Aug-15 UBS GBP (2,049,691) (11,809,865) (9,786,939) Deutsche Bank EUR (1,768,092) (1,153,664) 644,985 J.P. Morgan GBP (2,182,311) (1,946,822) 311,369 UBS GBP 2,049,691 1,073 (2,021,853) Deutsche Bank EUR (312,891) (73,462) 244,836 Deutsche Bank EUR 1,496, ,948 (624,095) J.P. Morgan GBP (1,095,271) (361) 1,132,993 J.P. Morgan GBP 3,217, ,454 (3,198,549) (13,954,699) (13,297,253) Swaptions The Company may use options on swaps ( swaptions ). The Company will only enter into these transactions with highly rated financial institutions specialised in this type of transaction. In addition, the use of swaptions must comply with the investment objectives and policies and risk profile of the relevant Fund. The total commitments arising from the use of swaptions together with the total commitments arising from the use of other derivative instruments may not, at anytime, exceed the net assets of the relevant Fund. Swaptions were valued at the last available price on 30 June 2015 using an independent vendor valuation that derives its valuation from brokers quotes available in the market. The net market value is shown in the Statement of under market value of options & swaptions for assets and under market value of options & swaptions for liabilities. On 30 June 2015, the following Funds were committed to outstanding swaptions: Protection Position Description Counterparty Currency Premium Nominal Interest Paid Maturity Date Unrealised Appreciation/ (Depreciation) EURO Bond Buy Sell Call on Credit Default Swap Strike Price 1.00 Expiring on 15-Jul-15 J.P. Morgan EUR 580,320 83,200, Jul , ,599 Put on Interest Rate Swap Strike Price 1.00 Expiring on 17-Sep-15 Deutsche Bank EUR ( 308,020 ) ( 70,880,000 ) Sep ,020 EUR 889, ,619 EURO Government Bond Sell Call on Interest Rate Swap Strike Price 1.00 Expiring on 18-Nov-15 Citibank EUR ( 286,990 ) ( 5,218,000 ) Nov-2015 ( 143,496 ) 143,494

137 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 137 Swaptions (cont) Protection Position Description Counterparty Currency Premium Nominal Interest Paid Maturity Date Unrealised Appreciation/ (Depreciation) EURO Government Bond (cont) Sell Sell Sell Sell Sell Sell Call on Interest Rate Swap Strike Price 1.00 Expiring on 02-Dec-15 Deutsche Bank EUR ( 588,041 ) ( 10,358,300 ) Dec-2015 ( 306,914 ) 281,127 Call on Interest Rate Swap Strike Price 1.00 Expiring on 11-Mar-16 Citibank EUR ( 508,900 ) ( 7,000,000 ) Mar-2016 ( 99,083 ) 409,817 Call on Interest Rate Swap Strike Price 1.00 Expiring on 29-Mar-16 Morgan Stanley GBP ( 232,053 ) ( 2,880,000 ) Mar-2016 ( 51,724 ) 188,276 Put on Interest Rate Swap Strike Price 1.00 Expiring on 17-Sep-15 Deutsche Bank EUR ( 299,980 ) ( 69,030,000 ) Sep ,980 Put on Interest Rate Swap Strike Price 1.00 Expiring on 18-Nov-15 Citibank EUR ( 286,990 ) ( 5,218,000 ) Nov-2015 ( 560,404 ) ( 273,414 ) Put on Interest Rate Swap Strike Price 1.00 Expiring on 02-Dec-15 Deutsche Bank EUR ( 588,041 ) ( 10,358,300 ) Dec-2015 ( 1,124,267 ) ( 536,226 ) EUR ( 2,285,888 ) 513,054 EURO Short Term Bond Sell Put on Interest Rate Swap Strike Price 1.00 Expiring on 17-Sep-15 Deutsche Bank EUR ( 171,219 ) ( 39,400,000 ) Sep ,219 EUR - 171,219 Global Bond Sell Sell Sell Sell Sell Sell Sell Sell Call on Interest Rate Swap Strike Price 1.00 Expiring on 18-Nov-15 Citibank EUR ( 889,936 ) ( 14,205,400 ) Nov-2015 ( 438,052 ) 438,047 Call on Interest Rate Swap Strike Price 1.00 Expiring on 02-Dec-15 Deutsche Bank EUR ( 1,017,351 ) ( 16,197,200 ) Dec-2015 ( 528,023 ) 503,066 Call on Interest Rate Swap Strike Price 1.00 Expiring on 10-Mar-16 Citibank EUR ( 1,114,898 ) ( 15,169,000 ) Mar-2016 ( 365,703 ) 795,203 Call on Interest Rate Swap Strike Price 1.00 Expiring on 11-Mar-16 Citibank EUR ( 1,169,009 ) ( 15,169,000 ) Mar-2016 ( 240,765 ) 995,833 Call on Interest Rate Swap Strike Price 1.00 Expiring on 14-Mar-16 Citibank EUR ( 53,768 ) ( 680,000 ) Mar-2016 ( 12,744 ) 44,063 Put on Interest Rate Swap Strike Price 1.00 Expiring on 17-Sep-15 Deutsche Bank EUR ( 777,245 ) ( 133,860,000 ) Sep ,294 Put on Interest Rate Swap Strike Price 1.00 Expiring on 18-Nov-15 Citibank EUR ( 889,936 ) ( 14,205,400 ) Nov-2015 ( 1,710,757 ) ( 834,657 ) Put on Interest Rate Swap Strike Price 1.00 Expiring on 02-Dec-15 Deutsche Bank EUR ( 1,017,351 ) ( 16,197,200 ) Dec-2015 ( 1,971,325 ) ( 940,236 ) ( 5,267,369 ) 1,653,613 Global Inflation Linked Bond Sell Sell Sell Sell Sell Call on Interest Rate Swap Strike Price 1.00 Expiring on 18-Nov-15 Citibank EUR ( 208,593 ) ( 3,792,600 ) Nov-2015 ( 104,297 ) 104,296 Call on Interest Rate Swap Strike Price 1.00 Expiring on 02-Dec-15 Deutsche Bank EUR ( 456,278 ) ( 8,037,300 ) Dec-2015 ( 233,661 ) 222,617 Call on Interest Rate Swap Strike Price 1.00 Expiring on 11-Mar-16 Citibank EUR ( 290,800 ) ( 4,000,000 ) Mar-2016 ( 56,619 ) 234,181 Call on Interest Rate Swap Strike Price 1.00 Expiring on 29-Mar-16 Morgan Stanley GBP ( 169,205 ) ( 2,100,000 ) Mar-2016 ( 37,715 ) 137,284 Put on Interest Rate Swap Strike Price 1.00 Expiring on 17-Sep-15 Deutsche Bank EUR ( 98,299 ) ( 22,620,000 ) Sep ,299

138 Page 138 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Swaptions (cont) Protection Position Description Counterparty Currency Premium Nominal Interest Paid Maturity Date Unrealised Appreciation/ (Depreciation) Global Inflation Linked Bond (cont) Sell Sell Put on Interest Rate Swap Strike Price 1.00 Expiring on 18-Nov-15 Citibank EUR ( 208,593 ) ( 3,792,600 ) Nov-2015 ( 407,319 ) ( 198,726 ) Put on Interest Rate Swap Strike Price 1.00 Expiring on 02-Dec-15 Deutsche Bank EUR ( 456,278 ) ( 8,037,300 ) Dec-2015 ( 872,351 ) ( 416,073 ) EUR ( 1,711,962 ) 181,878 Global Unconstrained Bond Buy Buy Sell Call on Credit Default Swap Strike Price 1.00 Expiring on 15-Jul-15 Citibank 35,040 7,300, Jul ,147 17,107 Call on Credit Default Swap Strike Price 1.00 Expiring on 15-Jul-15 J.P. Morgan EUR 39,144 5,000, Jul ,970 20,863 Put on Interest Rate Swap Strike Price 1.00 Expiring on 17-Sep-15 Citibank EUR ( 11,845 ) ( 1,970,000 ) Sep , ,117 47,911 Strategic Bond Sell Sell Sell Sell Sell Sell Sell Call on Interest Rate Swap Strike Price 1.00 Expiring on 18-Nov-15 Citibank EUR ( 3,121,587 ) ( 49,827,600 ) Nov-2015 ( 1,536,536 ) 1,536,517 Call on Interest Rate Swap Strike Price 1.00 Expiring on 02-Dec-15 Deutsche Bank EUR ( 3,051,621 ) ( 48,584,700 ) Dec-2015 ( 1,583,843 ) 1,508,984 Call on Interest Rate Swap Strike Price 1.00 Expiring on 10-Mar-16 Citibank EUR ( 3,443,695 ) ( 46,854,000 ) Mar-2016 ( 1,129,583 ) 2,456,221 Call on Interest Rate Swap Strike Price 1.00 Expiring on 11-Mar-16 Citibank EUR ( 3,811,204 ) ( 49,454,000 ) Mar-2016 ( 784,942 ) 3,246,618 Put on Interest Rate Swap Strike Price 1.00 Expiring on 17-Sep-15 Deutsche Bank EUR ( 2,318,845 ) ( 399,360,000 ) Sep ,946,063 Put on Interest Rate Swap Strike Price 1.00 Expiring on 18-Nov-15 Citibank EUR ( 3,121,587 ) ( 49,827,600 ) Nov-2015 ( 6,000,740 ) ( 2,927,687 ) Put on Interest Rate Swap Strike Price 1.00 Expiring on 02-Dec-15 Deutsche Bank EUR ( 3,051,621 ) ( 48,584,700 ) Dec-2015 ( 5,913,135 ) ( 2,820,307 ) ( 16,948,779 ) 4,946,409

139 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 139 Interest Rate Swaps In order to hedge against interest rate fluctuations, the Company may enter into interest rate swaps provided: a) The commitments deriving there from do not exceed the value of the relevant assets to be hedged; and b) The total amount of such transactions does not exceed the level necessary to cover the risk of the fluctuation of the value of the assets concerned. Such contracts must be denominated in the currencies in which the assets of such Fund are denominated, or in currencies which are likely to fluctuate in a similar manner and must be either listed on an exchange or dealt in on a Regulated. Interest rate swaps were valued at the last available price on 30 June 2015 at their intrinsic value. The valuation method involves a current value of each interest rate and capital series converted into the currency of the Fund on the closing date. The result of these revaluations together with any interest receivable/payable in relation to interest rate swaps on 30 June 2015 is shown in the Statement of under unrealised appreciation/(depreciation) on interest rate swaps contracts. Collateral related to interest rate swaps is disclosed under the heading Collateral exposure. On 30 June 2015, the following Funds were committed to interest rate swaps: Description Counterparty Nominal Currency Maturity Date Unrealised Appreciation/ (Depreciation) Strategic Beta 10 Receive fixed rate Pay floating rate GBP LIBOR 6 Months Receive fixed rate Pay floating rate GBP LIBOR 6 Months Receive fixed rate Pay floating rate GBP LIBOR 6 Months Receive fixed rate 1.81 Pay floating rate NOK NIBOR 6 Months Receive fixed rate Pay floating rate NOK NIBOR 6 Months Receive fixed rate Pay floating rate NOK NIBOR 6 Months Receive fixed rate Pay floating rate NOK NIBOR 6 Months Receive fixed rate 3.7 Pay floating rate NZD BBR 3 Months Receive fixed rate Pay floating rate NZD BBR 3 Months Receive fixed rate 3.92 Pay floating rate NZD BBR 3 Months Receive fixed rate 2.05 Pay floating rate PLN WIBOR 6 Months Receive fixed rate 2.68 Pay floating rate PLN WIBOR 6 Months Receive fixed rate Pay floating rate PLN WIBOR 6 Months Pay fixed rate Receive floating rate ZAR JIBAR 3 Months Asian Bond Absolute Return Receive fixed rate 4.55 Pay floating rate CNY SHIBOR 3 Months Receive fixed rate 3.86 Pay floating rate CNY CNREPOFIX=CFXS 1 Week Pay fixed rate 2.85 Receive floating rate CNY CNREPOFIX=CFXS 1 Week Pay fixed rate 2.63 Receive floating rate CNY CNREPOFIX=CFXS 1 Week Pay fixed rate 2.61 Receive floating rate CNY CNREPOFIX=CFXS 1 Week Receive fixed rate Pay floating rate HKD HIBOR 3 Months Receive fixed rate Pay floating rate HKD HIBOR 3 Months Pay fixed rate 2.77 Receive floating rate HKD HIBOR 3 Months Pay fixed rate 2.54 Receive floating rate HKD HIBOR 3 Months Pay fixed rate 7.87 Receive floating rate INR MIBOR 1 Day Morgan Stanley 358,000 GBP 12-Dec-2044 ( 5,209 ) UBS 447,000 GBP 12-Dec-2044 ( 4,480 ) UBS 1,770,000 GBP 12-Dec-2044 ( 59,897 ) Citigroup 13,000,000 NOK 09-Apr-2025 ( 80,540 ) Morgan Stanley 31,360,000 NOK 09-Apr-2025 ( 187,205 ) Morgan Stanley 10,400,000 NOK 09-Apr-2025 ( 20,059 ) Morgan Stanley 75,280,000 NOK 09-Apr-2025 ( 159,171 ) Citigroup 4,048,000 NZD 23-Mar-2025 ( 6,748 ) Citigroup 1,350,000 NZD 23-Mar-2025 ( 5,402 ) Citigroup 8,530,000 NZD 23-Mar ,066 Barclays Bank 3,969,000 PLN 09-Apr-2025 ( 85,875 ) Barclays Bank 1,860,000 PLN 09-Apr-2025 ( 13,596 ) J.P. Morgan 1,020,000 PLN 09-Apr-2025 ( 10,417 ) UBS 29,370,000 ZAR 16-Jun ( 589,686 ) HSBC 57,000,000 CNY 24-Jun ,483 Bank of America 190,000,000 CNY 20-Jun ,585,317 Deutsche Bank 55,000,000 CNY 07-May-2020 ( 117,244 ) J.P. Morgan 90,000,000 CNY 14-May-2020 ( 41,079 ) Bank of America 20,000,000 CNY 19-May-2020 ( 5,983 ) Barclays Bank 800,000,000 HKD 07-Jun ,084 HSBC 170,000,000 HKD 03-Mar ,027,659 Deutsche Bank 30,000,000 HKD 28-Mar-2024 ( 220,426 ) HSBC 140,000,000 HKD 06-Aug-2024 ( 724,974 ) Bank of America 3,500,000,000 INR 19-Sep-2019 ( 1,468,362 )

140 Page 140 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Interest Rate Swaps (cont) Description Counterparty Nominal Currency Maturity Date Unrealised Appreciation/ (Depreciation) Asian Bond Absolute Return (cont) Pay fixed rate Receive floating rate KRW CD_KSDA 3 Months Pay fixed rate Receive floating rate KRW CD_KSDA 3 Months Receive fixed rate Pay floating rate SGD SOR 6 Months Receive fixed rate Pay floating rate SGD SOR 6 Months Pay fixed rate 1.8 Receive floating rate SGD SOR 6 Months Receive fixed rate 2.08 Pay floating rate SGD SOR 6 Months Pay fixed rate 2.21 Receive floating rate SGD SOR 6 Months Pay fixed rate Receive floating rate SGD SOR 6 Months Receive fixed rate Pay floating rate SGD SOR 6 Months Receive fixed rate Pay floating rate SGD SOR 6 Months Pay fixed rate Receive floating rate SGD SOR 6 Months Pay fixed rate 2.08 Receive floating rate THB THBFIX 6 Months Receive fixed rate 2.05 Pay floating rate THB THBFIX 6 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate 1.61 Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate 1.5 Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Receive fixed rate Pay floating rate LIBOR 3 Months EURO Bond Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months EURO Government Bond Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months J.P. Morgan 50,000,000,000 KRW 02-Jun-2016 ( 1,038,785 ) Merrill Lynch 65,000,000,000 KRW 15-Mar-2017 ( 1,938,556 ) BNP Paribas 40,000,000 SGD 23-Mar-2020 ( 107,299 ) Deutsche Bank 60,000,000 SGD 23-Mar-2020 ( 155,610 ) Deutsche Bank 97,000,000 SGD 16-Apr ,174,444 Bank of America 99,000,000 SGD 13-May-2020 ( 319,108 ) Bank of America 45,000,000 SGD 01-Jul-2020 ( 225,198 ) HSBC 50,000,000 SGD 11-Jul-2020 ( 577,242 ) Deutsche Bank 22,000,000 SGD 24-Oct-2020 ( 439,496 ) Deutsche Bank 55,000,000 SGD 14-Oct-2024 ( 1,291,685 ) Bank of America 55,000,000 SGD 30-Jan ,295,194 Deutsche Bank 950,000,000 THB 11-May ,483 Bank of America 950,000,000 THB 25-May-2020 ( 160,299 ) Barclays Bank 11,000, May ,329 BNP Paribas 11,000, Oct-2018 ( 121,643 ) BNP Paribas 50,000, Aug-2019 ( 744,825 ) Barclays Bank 48,000, May ,950 UBS 90,000, Oct-2021 ( 1,861,805 ) UBS 10,000, Oct-2021 ( 206,867 ) Barclays Bank 35,000, Dec-2021 ( 23,461 ) Deutsche Bank 24,000, Mar-2024 ( 1,093,607 ) Deutsche Bank 44,000, Oct-2024 ( 478,613 ) Deutsche Bank 44,000, Jan-2025 ( 1,437,942 ) ( 7,760,166 ) J.P. Morgan 5,300,000 GBP 15-Jun-2045 ( 1,799 ) RBS 10,250,000 GBP 15-Jun ,176 Barclays Bank 4,950,000 GBP 16-Jun-2045 ( 5,193 ) EUR 94,184 Citigroup 3,820,000 EUR 27-Feb ,583 RBS 15,300,000 EUR 05-Mar ,064,641 BNP Paribas 2,500,000 EUR 08-Apr ,436 Citigroup 5,000,000 EUR 08-Apr ,014,471 Barclays Bank 395,000 GBP 15-Aug-2044 ( 33,862 ) Barclays Bank 395,000 GBP 15-Aug-2044 ( 33,801 )

141 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 141 Interest Rate Swaps (cont) Description Counterparty Nominal Currency Maturity Date Unrealised Appreciation/ (Depreciation) EURO Government Bond (cont) Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate 3.15 Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate 3.14 Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate LIBOR 3 Months EURO Short Term Bond Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Global Bond Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Receive fixed rate 1.29 Pay floating rate EUR EURIBOR 6 Months Receive fixed rate 1.12 Pay floating rate EUR EURIBOR 6 Months Receive fixed rate 1.01 Pay floating rate EUR EURIBOR 6 Months Receive fixed rate 0.87 Pay floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Pay fixed rate 0.72 Receive floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate 0.5 Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate 0.94 Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Barclays Bank 363,000 GBP 15-Aug-2044 ( 31,062 ) Citigroup 243,000 GBP 15-Aug-2044 ( 21,295 ) Deutsche Bank 2,210,000 GBP 13-Aug-2044 ( 196,752 ) RBS 263,000 GBP 15-Aug-2044 ( 23,245 ) RBS 526,000 GBP 15-Aug-2044 ( 46,161 ) Citigroup 7,000,000 GBP 13-Oct-2044 ( 717,820 ) J.P. Morgan 1,060,000 GBP 15-Jun-2045 ( 360 ) RBS 2,042,500 GBP 15-Jun ,161 Barclays Bank 982,500 GBP 16-Jun-2045 ( 1,031 ) Citigroup 6,900, May ,519 EUR 2,086,422 BNP Paribas 10,000,000 EUR 09-Jun ,238 BNP Paribas 15,000,000 EUR 16-Jun ,185 EUR 41,423 Barclays Bank 26,100,000 EUR 12-Mar ,225,015 Deutsche Bank 26,500,000 EUR 24-Mar ,228,868 RBS 26,500,000 EUR 24-Mar ,231,459 Citigroup 26,500,000 EUR 26-Mar ,260,914 RBS 26,500,000 EUR 26-Mar ,263,504 Barclays Bank 10,300,000 EUR 12-Aug ,036 Deutsche Bank 34,500,000 EUR 31-Oct ,709 RBS 8,800,000 EUR 19-Nov-2024 ( 29,793 ) Citigroup 4,810,000 EUR 18-Dec-2024 ( 97,036 ) Barclays Bank 4,000,000 EUR 08-Jan-2025 ( 161,534 ) RBS 64,523,000 EUR 16-Jan ,521,066 Barclays Bank 10,797,000 EUR 10-Feb-2025 ( 442,851 ) Barclays Bank 35,960,000 EUR 30-Apr ,459,631 Barclays Bank 32,623,000 EUR 30-Apr ,243,671 RBS 33,697,000 EUR 30-Apr ,326,602 RBS 33,697,000 EUR 30-Apr ,308,470 Citigroup 11,010,000 EUR 27-Feb ,880 RBS 215,253,000 GBP 20-Feb ,892 Citigroup 15,225,000 GBP 16-Mar ,805 J.P. Morgan 3,420,000 GBP 15-Jun-2045 ( 1,302 )

142 Page 142 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Interest Rate Swaps (cont) Description Counterparty Nominal Currency Maturity Date Unrealised Appreciation/ (Depreciation) Global Bond (cont) Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate 2.88 Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate 2.54 Receive floating rate LIBOR 3 Months Pay fixed rate 2.61 Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Receive fixed rate Pay floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Receive fixed rate Pay floating rate LIBOR 3 Months Receive fixed rate Pay floating rate LIBOR 3 Months Receive fixed rate 2 Pay floating rate LIBOR 3 Months Receive fixed rate Pay floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate 2.51 Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Receive fixed rate Pay floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Global Inflation Linked Bond Pay fixed rate Receive floating rate EUR EURIBOR 6 Months RBS 6,610,500 GBP 15-Jun ,168 Barclays Bank 3,190,500 GBP 16-Jun-2045 ( 3,753 ) Barclays Bank 37,500, Mar-2024 ( 1,996,245 ) Deutsche Bank 38,000, Mar-2024 ( 1,984,132 ) RBS 38,000, Mar-2024 ( 1,974,684 ) Citigroup 38,150, Mar-2024 ( 1,996,335 ) RBS 38,150, Mar-2024 ( 1,993,174 ) Barclays Bank 6,290, May-2024 ( 253,904 ) RBS 8,700, May-2024 ( 359,665 ) RBS 3,070, May-2024 ( 106,632 ) Morgan Stanley 8,208, May-2024 ( 214,406 ) Barclays Bank 28,300, Aug-2024 ( 670,398 ) Barclays Bank 50,430, Aug-2024 ( 1,483,788 ) Barclays Bank 30,150, Oct-2024 ( 315,880 ) RBS 12,000, Nov-2024 ( 103,811 ) Citigroup 67,200, Nov-2024 ( 554,165 ) Citigroup 8,540, Dec ,814 Barclays Bank 5,100, Jan ,443 Barclays Bank 36,300, Jan ,643 RBS 100,081, Jan-2025 ( 3,513,501 ) Barclays Bank 2,098, Feb ,386 Barclays Bank 4,300, Mar ,352 Barclays Bank 540, Mar ,284 Barclays Bank 38,155, Apr-2025 ( 1,314,290 ) Barclays Bank 41,875, Apr-2025 ( 1,413,956 ) RBS 39,321, Apr-2025 ( 1,372,279 ) RBS 39,321, Apr-2025 ( 1,358,019 ) Citigroup 24,500, Jun ,499 Morgan Stanley 76,084, Jun-2025 ( 491,299 ) Citigroup 12,970, May ,588 Morgan Stanley 33,130, Jun ,973 RBS 9,710, Feb ,307 3,947,147 RBS 2,795,000 EUR 08-Sep-2044 ( 107,073 )

143 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 143 Interest Rate Swaps (cont) Description Counterparty Nominal Currency Maturity Date Unrealised Appreciation/ (Depreciation) Global Inflation Linked Bond (cont) Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate 3.15 Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate 3.14 Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate LIBOR 3 Months Hong Kong Dollar Bond Receive fixed rate Pay floating rate CNY CNREPOFIX=CFXS 1 Week Receive fixed rate 3.41 Pay floating rate CNY CNREPOFIX=CFXS 1 Week Pay fixed rate 2.65 Receive floating rate CNY CNREPOFIX=CFXS 1 Week Pay fixed rate 2.64 Receive floating rate CNY CNREPOFIX=CFXS 1 Week Receive fixed rate Pay floating rate HKD HIBOR 3 Months Receive fixed rate Pay floating rate HKD HIBOR 3 Months Receive fixed rate 1.17 Pay floating rate HKD HIBOR 3 Months Receive fixed rate Pay floating rate HKD HIBOR 3 Months Receive fixed rate 0.65 Pay floating rate HKD HIBOR 3 Months Receive fixed rate 0.63 Pay floating rate HKD HIBOR 3 Months Receive fixed rate 0.65 Pay floating rate HKD HIBOR 3 Months Receive fixed rate Pay floating rate HKD HIBOR 3 Months Receive fixed rate Pay floating rate HKD HIBOR 3 Months Receive fixed rate Pay floating rate HKD HIBOR 3 Months Receive fixed rate 1.69 Pay floating rate HKD HIBOR 3 Months Receive fixed rate 1.01 Pay floating rate HKD HIBOR 3 Months Receive fixed rate Pay floating rate HKD HIBOR 3 Months Receive fixed rate Pay floating rate HKD HIBOR 3 Months Receive fixed rate 1.39 Pay floating rate HKD HIBOR 3 Months Receive fixed rate 1.4 Pay floating rate HKD HIBOR 3 Months Receive fixed rate Pay floating rate HKD HIBOR 3 Months Receive fixed rate Pay floating rate HKD HIBOR 3 Months Receive fixed rate 1.4 Pay floating rate HKD HIBOR 3 Months Receive fixed rate 1.61 Pay floating rate HKD HIBOR 3 Months RBS 3,945,000 EUR 08-Sep-2044 ( 153,168 ) Deutsche Bank 1,630,000 GBP 13-Aug-2044 ( 152,615 ) Barclays Bank 292,000 GBP 15-Aug-2044 ( 26,329 ) Barclays Bank 292,000 GBP 15-Aug-2044 ( 26,281 ) Barclays Bank 268,000 GBP 15-Aug-2044 ( 24,121 ) Citigroup 180,000 GBP 15-Aug-2044 ( 16,590 ) RBS 194,000 GBP 15-Aug-2044 ( 18,033 ) RBS 389,000 GBP 15-Aug-2044 ( 35,903 ) Citigroup 5,230, May ,944 EUR ( 317,169 ) Bank of America 250,000,000 CNY 10-Mar ,516,974 Standard Chartered Bank 250,000,000 CNY 10-Mar ,585,256 Deutsche Bank 250,000,000 CNY 30-Apr-2020 ( 1,058,596 ) HSBC 250,000,000 CNY 30-Apr-2020 ( 918,376 ) Deutsche Bank 615,000,000 HKD 07-Jun ,338 Deutsche Bank 600,000,000 HKD 23-Jul ,545,739 HSBC 800,000,000 HKD 20-Jun ,768,149 Bank of America 300,000,000 HKD 08-Nov-2017 ( 1,679,083 ) Bank of America 300,000,000 HKD 12-Nov-2017 ( 1,919,727 ) Bank of America 150,000,000 HKD 04-Dec-2017 ( 1,148,906 ) Deutsche Bank 300,000,000 HKD 12-Dec-2017 ( 2,225,789 ) Bank of America 300,000,000 HKD 14-May-2018 ( 1,295,462 ) Deutsche Bank 300,000,000 HKD 15-May-2018 ( 860,547 ) Bank of America 275,000,000 HKD 21-Feb ,406,537 Deutsche Bank 275,000,000 HKD 21-Feb ,381,160 BNP Paribas 115,000,000 HKD 06-Aug-2019 ( 1,643,963 ) BNP Paribas 115,000,000 HKD 07-Aug-2019 ( 1,529,077 ) BNP Paribas 80,000,000 HKD 10-Aug-2022 ( 2,268,885 ) BNP Paribas 80,000,000 HKD 15-Aug-2022 ( 2,650,111 ) Deutsche Bank 80,000,000 HKD 30-Aug-2022 ( 2,666,947 ) Deutsche Bank 80,000,000 HKD 20-Sep-2022 ( 2,032,134 ) Bank of America 160,000,000 HKD 24-Sep-2022 ( 4,765,325 ) Deutsche Bank 80,000,000 HKD 30-Dec-2022 ( 2,853,341 ) Bank of America 160,000,000 HKD 10-May-2023 ( 4,130,512 )

144 Page 144 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Interest Rate Swaps (cont) Description Counterparty Nominal Currency Maturity Date Unrealised Appreciation/ (Depreciation) Hong Kong Dollar Bond (cont) Receive fixed rate 1.62 Pay floating rate HKD HIBOR 3 Months Pay fixed rate 2.29 Receive floating rate HKD HIBOR 3 Months Pay fixed rate Receive floating rate HKD HIBOR 3 Months Pay fixed rate Receive floating rate HKD HIBOR 3 Months Asian Local Currency Bond Receive fixed rate 4.55 Pay floating rate CNY SHIBOR 3 Months Receive fixed rate Pay floating rate CNY CNREPOFIX=CFXS 1 Week Receive fixed rate 4 Pay floating rate CNY CNREPOFIX=CFXS 1 Week Receive fixed rate 3.95 Pay floating rate CNY CNREPOFIX=CFXS 1 Week Receive fixed rate 4.43 Pay floating rate CNY CNREPOFIX=CFXS 1 Week Receive fixed rate Pay floating rate CNY CNREPOFIX=CFXS 1 Week Receive fixed rate 2.74 Pay floating rate CNY CNREPOFIX=CFXS 1 Week Pay fixed rate 2.72 Receive floating rate CNY CNREPOFIX=CFXS 1 Week Pay fixed rate 2.61 Receive floating rate CNY CNREPOFIX=CFXS 1 Week Receive fixed rate Pay floating rate HKD HIBOR 3 Months Pay fixed rate 1.15 Receive floating rate HKD HIBOR 3 Months Receive fixed rate 1.82 Pay floating rate HKD HIBOR 3 Months Receive fixed rate 1.31 Pay floating rate HKD HIBOR 3 Months Receive fixed rate 1.57 Pay floating rate HKD HIBOR 3 Months Receive fixed rate 1.54 Pay floating rate HKD HIBOR 3 Months Pay fixed rate 7.88 Receive floating rate INR MIBOR 1 Day Receive fixed rate 2.81 Pay floating rate KRW CD_KSDA 3 Months Pay fixed rate 3.75 Receive floating rate MYR KLIBOR 3 Months Receive fixed rate 4.12 Pay floating rate MYR KLIBOR 3 Months Receive fixed rate Pay floating rate MYR KLIBOR 3 Months Receive fixed rate Pay floating rate SGD SOR 6 Months Pay fixed rate Receive floating rate SGD SOR 6 Months Receive fixed rate Pay floating rate SGD SOR 6 Months Pay fixed rate 2.21 Receive floating rate SGD SOR 6 Months Receive fixed rate Pay floating rate SGD SOR 6 Months Pay fixed rate 2.11 Receive floating rate SGD SOR 6 Months Receive fixed rate 2.05 Pay floating rate THB THBFIX 6 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Deutsche Bank 160,000,000 HKD 10-May-2023 ( 4,010,155 ) Deutsche Bank 230,000,000 HKD 13-Oct-2024 ( 4,371,459 ) HSBC 230,000,000 HKD 13-Oct-2024 ( 4,472,577 ) Bank of America 350,000,000 HKD 22-Jan ,292,961 HKD ( 28,858 ) HSBC 11,000,000 CNY 24-Jun ,181 J.P. Morgan 40,000,000 CNY 02-Dec ,344 BNP Paribas 10,000,000 CNY 24-Jun ,222 BNP Paribas 40,000,000 CNY 25-Jun ,111 Deutsche Bank 40,000,000 CNY 17-Apr ,983 Deutsche Bank 65,000,000 CNY 20-Jun ,320 J.P. Morgan 35,000,000 CNY 01-Dec ,065 Bank of America 27,000,000 CNY 13-May-2020 ( 30,859 ) BNP Paribas 70,000,000 CNY 19-May-2020 ( 20,939 ) Barclays Bank 120,000,000 HKD 07-Jun ,163 BNP Paribas 70,000,000 HKD 31-Oct-2017 ( 59,070 ) Bank of America 75,000,000 HKD 19-Jun ,389 HSBC 15,000,000 HKD 27-Jul-2022 ( 72,406 ) Deutsche Bank 20,000,000 HKD 16-Aug-2022 ( 53,868 ) Deutsche Bank 17,000,000 HKD 20-Aug-2022 ( 50,888 ) J.P. Morgan 850,000,000 INR 19-Sep-2019 ( 361,768 ) Barclays Bank 4,000,000,000 KRW 29-Jan ,248 Bank of America 22,000,000 MYR 27-Jan-2017 ( 2,298 ) Bank of America 65,000,000 MYR 19-Jun ,746 Bank of America 8,000,000 MYR 17-Aug-2022 ( 88,776 ) BNP Paribas 17,000,000 SGD 23-Mar-2020 ( 45,602 ) J.P. Morgan 18,000,000 SGD 16-Apr ,137 Deutsche Bank 23,000,000 SGD 13-May-2020 ( 70,056 ) Bank of America 11,000,000 SGD 01-Jul-2020 ( 55,048 ) Deutsche Bank 12,000,000 SGD 14-Oct-2024 ( 281,822 ) J.P. Morgan 12,000,000 SGD 30-Jan ,787 J.P. Morgan 400,000,000 THB 25-May-2020 ( 67,494 ) Barclays Bank 6,000, May ,998 BNP Paribas 12,700, Aug-2019 ( 189,186 )

145 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 145 Interest Rate Swaps (cont) Description Counterparty Nominal Currency Maturity Date Unrealised Appreciation/ (Depreciation) Asian Local Currency Bond (cont) Pay fixed rate 1.5 Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Receive fixed rate Pay floating rate LIBOR 3 Months EURO Corporate Bond Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months EURO Credit Conviction Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Global Unconstrained Bond Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Strategic Bond Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Barclays Bank 11,000, May ,364 Barclays Bank 6,300, Oct-2021 ( 114,935 ) Barclays Bank 5,000, Dec-2021 ( 4,101 ) Deutsche Bank 7,000, Mar-2024 ( 318,969 ) Deutsche Bank 9,500, Oct-2024 ( 103,337 ) Deutsche Bank 9,500, Jan-2025 ( 310,465 ) 535,171 Citigroup 32,400,000 EUR 15-Sep-2029 ( 1,123,961 ) HSBC 74,500,000 GBP 08-Dec-2019 ( 68,449 ) Barclays Bank 8,000,000 GBP 23-Oct-2027 ( 279,158 ) Citigroup 8,000,000 GBP 23-Oct-2029 ( 339,157 ) Citigroup 109,000, Sep-2017 ( 1,058,227 ) Barclays Bank 50,000, Mar ,325 RBS 57,900, May ,623 Citigroup 27,600, Sep-2024 ( 574,997 ) Barclays Bank 20,000, Sep-2024 ( 629,508 ) EUR ( 2,927,509 ) Citigroup 2,000,000 EUR 15-Sep-2029 ( 69,380 ) HSBC 5,900,000 GBP 08-Dec-2019 ( 5,421 ) Barclays Bank 2,000,000 GBP 23-Oct-2027 ( 69,789 ) Citigroup 2,000,000 GBP 23-Oct-2029 ( 84,789 ) Citigroup 8,000, Sep-2017 ( 77,668 ) Barclays Bank 5,000, Mar ,632 Barclays Bank 16,500, May ,495 Barclays Bank 5,000, Sep-2024 ( 157,377 ) EUR ( 258,297 ) J.P. Morgan 220,000 GBP 15-Jun-2045 ( 84 ) RBS 420,500 GBP 15-Jun ,654 Barclays Bank 200,500 GBP 16-Jun-2045 ( 236 ) Citigroup 2,000, Apr ,815 Barclays Bank 350, May , ,821 Barclays Bank 80,600,000 EUR 12-Mar ,871,118

146 Page 146 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Interest Rate Swaps (cont) Description Counterparty Nominal Currency Maturity Date Unrealised Appreciation/ (Depreciation) Strategic Bond (cont) Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Receive fixed rate 1.29 Pay floating rate EUR EURIBOR 6 Months Receive fixed rate 1.12 Pay floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Receive fixed rate 0.87 Pay floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Pay fixed rate 0.72 Receive floating rate EUR EURIBOR 6 Months Receive fixed rate Pay floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate 0.5 Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate EUR EURIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate 0.94 Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate 2.88 Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate 2.54 Receive floating rate LIBOR 3 Months Pay fixed rate 2.61 Receive floating rate LIBOR 3 Months Receive fixed rate Pay floating rate LIBOR 3 Months Deutsche Bank 80,000,000 EUR 24-Mar ,728,658 RBS 80,000,000 EUR 24-Mar ,736,479 Citigroup 80,500,000 EUR 26-Mar ,868,060 RBS 80,500,000 EUR 26-Mar ,875,927 Barclays Bank 42,500,000 EUR 12-Aug ,378,303 Deutsche Bank 79,200,000 EUR 31-Oct ,079 RBS 36,000,000 EUR 05-Nov ,678 Citigroup 9,500,000 EUR 21-Nov ,012 Citigroup 19,160,000 EUR 18-Dec-2024 ( 386,529 ) Barclays Bank 29,800,000 EUR 08-Jan-2025 ( 1,203,427 ) RBS 200,019,000 EUR 16-Jan ,815,214 Barclays Bank 12,595,000 EUR 10-Feb-2025 ( 516,598 ) Barclays Bank 109,178,000 EUR 30-Apr ,467,675 Barclays Bank 99,041,000 EUR 30-Apr ,811,618 RBS 102,301,000 EUR 30-Apr ,063,350 RBS 102,301,000 EUR 30-Apr ,008,304 Citigroup 17,660,000 EUR 27-Feb ,366,413 RBS 659,666,000 GBP 20-Feb ,447 RBS 36,150,000 GBP 11-Mar-2017 ( 23,883 ) Citigroup 28,396,000 GBP 16-Mar ,589 J.P. Morgan 10,110,000 GBP 15-Jun-2045 ( 3,848 ) RBS 19,574,500 GBP 15-Jun ,661 Barclays Bank 9,464,500 GBP 16-Jun-2045 ( 11,133 ) Barclays Bank 115,700, Mar-2024 ( 6,159,082 ) Deutsche Bank 115,500, Mar-2024 ( 6,030,717 ) RBS 115,500, Mar-2024 ( 6,002,002 ) Citigroup 115,800, Mar-2024 ( 6,059,647 ) RBS 115,800, Mar-2024 ( 6,050,054 ) RBS 18,990, May-2024 ( 785,062 ) RBS 6,700, May-2024 ( 232,714 ) Morgan Stanley 16,861, May-2024 ( 440,412 ) Barclays Bank 71,797, Aug-2024 ( 1,700,796 ) Barclays Bank 92,620, Aug-2024 ( 2,744,346 ) UBS 15,600, Oct ,937

147 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 147 Interest Rate Swaps (cont) Description Counterparty Nominal Currency Maturity Date Unrealised Appreciation/ (Depreciation) Strategic Bond (cont) Receive fixed rate Pay floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Receive fixed rate Pay floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Receive fixed rate Pay floating rate LIBOR 3 Months Receive fixed rate Pay floating rate LIBOR 3 Months Receive fixed rate 2 Pay floating rate LIBOR 3 Months Receive fixed rate Pay floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Pay fixed rate 2.51 Receive floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Receive fixed rate Pay floating rate LIBOR 3 Months Pay fixed rate Receive floating rate LIBOR 3 Months Strategic Credit Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate 1.58 Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Pay fixed rate Receive floating rate GBP LIBOR 6 Months Emerging Corporate Bond Pay fixed rate Receive floating rate LIBOR 3 Months RMB Fixed Income Receive fixed rate 4.45 Pay floating rate CNY SHIBOR 3 Months Receive fixed rate 3.88 Pay floating rate CNY CNREPOFIX=CFXS 1 Week Pay fixed rate 3.39 Receive floating rate CNY CNREPOFIX=CFXS 1 Week Receive fixed rate 3.31 Pay floating rate CNY CNREPOFIX=CFXS 1 Week Citigroup 17,300, Oct ,723 Barclays Bank 83,000, Oct-2024 ( 869,587 ) RBS 47,600, Nov-2024 ( 523,225 ) Citigroup 12,800, Nov-2024 ( 115,774 ) Citigroup 140,400, Nov-2024 ( 1,157,808 ) Citigroup 10,940, Dec ,485 Barclays Bank 37,840, Jan ,312 Barclays Bank 145,600, Jan ,645,840 RBS 311,235, Jan-2025 ( 10,926,395 ) Barclays Bank 5,494, Feb ,090 Barclays Bank 115,838, Apr-2025 ( 3,990,165 ) Barclays Bank 127,132, Apr-2025 ( 4,292,753 ) RBS 119,375, Apr-2025 ( 4,166,115 ) RBS 119,375, Apr-2025 ( 4,122,824 ) Citigroup 73,600, Jun ,569,629 Morgan Stanley 217,494, Jun-2025 ( 1,404,429 ) Citigroup 43,810, May ,281,998 Morgan Stanley 94,706, Jun ,080,480 RBS 20,040, Feb ,740,461 15,300,215 Barclays Bank 1,000,000 GBP 15-Jun ,885 Citigroup 3,000,000 GBP 15-Jun ,175 Morgan Stanley 1,000,000 GBP 15-Jun ,747 Barclays Bank 1,000,000 GBP 15-Sep ,474 Citigroup 1,000,000 GBP 15-Sep ,154 Citigroup 1,400,000 GBP 15-Sep ,063 GBP 80,498 Deutsche Bank 4,400, Oct-2021 ( 80,340 ) ( 80,340 ) BNP Paribas 6,500,000 CNY 24-Jun ,090 BNP Paribas 15,000,000 CNY 20-Jun ,954 BNP Paribas 8,000,000 CNY 24-Sep-2019 ( 279,244 ) BNP Paribas 7,000,000 CNY 09-Mar ,950

148 Page 148 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Interest Rate Swaps (cont) Description Counterparty Nominal Currency Maturity Date Unrealised Appreciation/ (Depreciation) RMB Fixed Income (cont) Pay fixed rate 2.82 Receive floating rate CNY CNREPOFIX=CFXS 1 Week Pay fixed rate 2.62 Receive floating rate CNY CNREPOFIX=CFXS 1 Week J.P. Morgan 7,000,000 CNY 07-May-2020 ( 76,583 ) J.P. Morgan 7,000,000 CNY 19-May-2020 ( 12,893 ) RMB 770,274 Total Return Swaps The Company may use total return swaps. A total return swap is a bilateral financial contract which allows the Company to enjoy all of the cash flow benefits of an asset without actually owning this asset (the Reference Asset ). The Company will have to pay a periodic fee (fixed or floating payment) in exchange of its right to receive the total return of the Reference Asset (coupons or capital gains or losses). The Reference Asset can be almost any asset, index or basket of asset which constitutes an eligible investment for the Company. The Company may use such instruments to seek exposure to an eligible market or for hedging purposes. The Company will only enter into a total return swap transaction with highly rated financial institutions specialised in this type of transaction. In addition, the use of total return swap must comply with the investment objectives and policies and risk profile of the relevant Fund. The total commitments arising from the use of total return swaps together with the total commitments arising from the use of other derivative instruments may not, at anytime, exceed the net assets of the relevant Fund. The total return swaps were valued at the last available price on 30 June The unrealised gain or loss on total return swaps at period-end is represented by the values of interests to be received (or paid), based on relevant swap agreements interest rates less (or plus, respectively), the value of the performance to be paid (or received, respectively), based on the total return value of underlying assets, which is made of the current fair value of equities plus the dividend distributed for such equities for the relevant swap period. The unrealised appreciation/(depreciation) is shown in the Statement of under unrealised appreciation/(depreciation) on total return swaps contracts. Collateral related to total return swaps is disclosed under the heading Collateral exposure. On 30 June 2015, the following Funds were committed to total return swaps: Currency Nominal Maturity Date Counterparty Fund Pays Fund Receives Unrealised Appreciation/ (Depreciation) QEP Global Plus AUD 17,291, Feb-2017 UBS Performance of the underlying Interest + spread = 2 ( 288,049 ) Australian stocks (basket) CAD 195, Feb-2017 UBS Interest + spread = Performance of the underlying Canadian stocks ( 10,003 ) (basket) CAD 21,919, Feb-2017 UBS Performance of the underlying Interest + spread = ( 421,258 ) Canadian stocks (basket) CHF 3,117, Feb-2017 UBS Interest + spread = (0.431) Performance of the underlying Swiss stocks 388,386 (basket) CHF 6,103, Feb-2017 UBS Performance of the underlying Swiss Interest + spread = (0.781) ( 997,241 ) stocks (basket) CZK 12,439, Feb-2017 UBS Interest + spread = 0.83 Performance of the underlying Czech stocks 87,860 (basket) DKK 8,769, Feb-2017 UBS Interest + spread = 0.3 Performance of the underlying Danish stocks ( 6,651 ) (basket) EUR 23,451, Feb-2017 UBS Interest + spread = 0.17 Performance of the underlying European stocks 1,738,061 (basket) EUR 29,531, Feb-2017 UBS Performance of the underlying Interest + spread = (0.18) ( 3,492,805 ) European stocks (basket) GBP 520, Apr-2017 HSBC Interest + spread = Performance of the underlying British stocks ( 13,463 ) (basket) GBP 57,162, Feb-2017 UBS Interest + spread = Performance of the underlying British stocks 623,949 (basket) GBP 10,076, Feb-2017 UBS Performance of the underlying British Interest + spread = ,026,512 stocks (basket) HKD 155,000, Feb-2017 UBS Interest + spread = Performance of the underlying Hong Kong ( 943,426 ) stocks (basket) HKD 125,274, Feb-2017 UBS Performance of the underlying Hong Interest + spread = ( 1,477,631 ) Kong stocks (basket) ILS 16,021, Feb-2017 UBS Interest + spread = 0.84 Performance of the underlying Israeli stocks (basket) 789,845

149 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 149 Total Return Swaps (cont) Currency Nominal Maturity Date Counterparty Fund Pays Fund Receives Unrealised Appreciation/ (Depreciation) QEP Global Plus (cont) JPY 3,192,578, Feb-2017 UBS Performance of the underlying Interest + spread = ( 7,248,580 ) Japanese stocks (basket) MXN 9,432, Feb-2017 UBS Performance of the underlying Interest + spread = 2.83 ( 90,417 ) Mexican stocks (basket) NOK 12,787, Feb-2017 UBS Interest + spread = 1.28 Performance of the underlying Norwegian stocks 598,640 (basket) PLN 7,061, Feb-2017 UBS Interest + spread = 1.13 Performance of the underlying Polish stocks 100,972 (basket) SEK 18,030, Feb-2017 UBS Interest + spread = Performance of the underlying Swedish stocks 307,511 (basket) SEK 8,727, Feb-2017 UBS Performance of the underlying Interest + spread = (0.276) ( 159,607 ) Swedish stocks (basket) SGD 2,770, Feb-2017 UBS Performance of the underlying Interest + spread = ,709 Singapore stocks (basket) TRY 1,917, Feb-2017 UBS Interest + spread = Performance of the underlying Turkish stocks 235,918 (basket) TRY 2,967, Feb-2017 UBS Performance of the underlying Interest + spread = ( 172,383 ) Turkish stocks (basket) 185,658, Feb-2017 UBS Interest + spread = Performance of the underlying American stocks ( 10,079,448 ) (basket) 124,301, Feb-2017 UBS Performance of the underlying Interest + spread = 0.13 ( 7,454,530 ) American stocks (basket) ZAR 197,937, Feb-2017 UBS Interest + spread = 6.65 Performance of the underlying South African ( 60,215 ) stocks (basket) ZAR 8,541, Feb-2017 UBS Performance of the underlying South Interest + spread = ,332 African stocks (basket) ( 26,378,012 ) Global Tactical Asset Allocation 20,043, Sep-2015 Deutsche Bank ICE LIBOR 3 Month, 3 monthly 3 Monthly S&P 500 Consumer Discret Total ( 163,404 ) Return Index 5,196, Sep-2015 HSBC BBA LIBOR 3 Month, 3 3 Monthly KBW Banks Total Return Index ( 101,252 ) monthly 5,224, Sep-2015 HSBC BBA LIBOR 3 Month, 3 3 Monthly KBW Banks Total Return Index ( 129,325 ) monthly ( 393,981 ) Global Diversified Growth 8,252, Aug-2015 J.P. Morgan 0.08 Fixed Fee, 3 monthly 3 Monthly Bloomberg Commodity Index ( 191,818 ) 15,063, Aug-2015 Credit Suisse 0.08 Fixed Fee, 3 monthly 3 Monthly Bloomberg Commodity Index ( 561,304 ) 16,642, Aug-2015 UBS BBA LIBOR 3 Month, 3 3 Monthly KBW Banks Total Return Index 34,370 monthly 24,403, Sep-2015 Merrill Lynch ICE LIBOR 3 Month, 3 monthly 3 Monthly S&P 500 Consumer Discret Total ( 60,132 ) Return Index 12,440, Sep-2015 HSBC BBA LIBOR 3 Month, 3 3 Monthly KBW Banks Total Return Index ( 217,542 ) monthly 12,507, Sep-2015 HSBC BBA LIBOR 3 Month, 3 3 Monthly KBW Banks Total Return Index ( 277,866 ) monthly EUR ( 1,274,292 ) Strategic Beta , Sep-2015 BNP Paribas 0.08 Fixed Fee, 6 monthly 6 Monthly Bloomberg Commodity Index 5,033 1,712, Sep-2015 BNP Paribas 0.08 Fixed Fee, 6 monthly 6 Monthly Bloomberg Commodity Index ( 36,881 ) 8,795, Sep-2015 BNP Paribas 0.08 Fixed Fee, 6 monthly 6 Monthly Bloomberg Commodity Index ( 115,363 ) EUR 3,932, Sep-2015 J.P. Morgan Euribor 3 Month, 3 monthly 3 Monthly Deutsche Borse AG DAX Mid-Cap Index ( 145,260 ) GBP 1,364, Sep-2015 UBS BBA LIBOR GBP 3 Month, 3 monthly 3 Monthly FTSE UK Series FTSE 250 Total Return GBP Index EUR 1,236, Sep-2015 UBS Euribor 3 Month, 3 monthly 3 Monthly Deutsche Borse AG DAX Mid-Cap Index GBP 121, Sep-2015 UBS BBA LIBOR GBP 3 Month, 3 monthly GBP 3,130, Sep-2015 UBS BBA LIBOR GBP 3 Month, 3 monthly GBP 1,196, Sep-2015 UBS BBA LIBOR GBP 3 Month, 3 monthly 3 Monthly FTSE UK Series FTSE 250 Total Return GBP Index 3 Monthly FTSE UK Series FTSE 250 Total Return GBP Index 3 Monthly FTSE UK Series FTSE 250 Total Return GBP Index ( 22,737 ) 12,622 ( 2,030 ) ( 52,124 ) ( 42,820 )

150 Page 150 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Total Return Swaps (cont) Currency Nominal Maturity Date Counterparty Fund Pays Fund Receives Unrealised Appreciation/ (Depreciation) Strategic Beta 10 (cont) 3,504, Sep-2015 BNP Paribas 0.08 Fixed Fee, 6 monthly 6 Monthly Bloomberg Commodity Index 88,857 6,929, Oct-2015 J.P. Morgan Monthly MSCI Daily Total Return ICE LIBOR 1 Month, monthly 92,870 World Index 6,800, Oct-2015 J.P. Morgan ICE LIBOR 1 Month, monthly Monthly JPMSHGB2 Equity Quality Index ( 77,564 ) 738, Oct-2015 J.P. Morgan Monthly MSCI Daily Total Return ICE LIBOR 1 Month, monthly 9,902 World Index 5,447, Oct-2015 J.P. Morgan Monthly MSCI Daily Total Return ICE LIBOR 1 Month, monthly 73,056 World Index 981, Oct-2015 J.P. Morgan ICE LIBOR 1 Month, monthly Monthly JPMSHGB2 Equity Quality Index ( 11,237 ) 6,567, Oct-2015 J.P. Morgan LIBOR 1 Month, monthly Monthly JPMSHGB Custom Index RAR ( 83,523 ) 11,335, Oct-2015 J.P. Morgan Monthly MSCI Daily Total Return ICE LIBOR 1 Month, monthly 152,059 World Index 13,810, Oct-2015 J.P. Morgan LIBOR 1 Month, monthly Monthly JPMSHGB Custom Index RAR ( 175,753 ) 20,839, Oct-2015 J.P. Morgan Monthly MSCI Daily Total Return ICE LIBOR 1 Month, monthly 279,546 World Index 21,310, Oct-2015 J.P. Morgan ICE LIBOR 1 Month, monthly Monthly JPMSHGB2 Equity Quality Index ( 245,737 ) ( 297,084 ) Asian Bond Absolute Return IDR 200,000,000, Mar-2029 Citigroup Fully Funded Indonesia Government Bond 9 15/03/ ,112,959 IDR 65,000,000, Mar-2034 Australia & New Zealand Banking Fully Funded Indonesia Government Bond /03/2034 4,948,484 IDR 50,000,000, Mar-2034 Citigroup Fully Funded Indonesia Government Bond ,806,527 15/03/ ,867,970 European Alpha Absolute Return CHF 4,771, Oct-2015 Deutsche Bank Performance of the underlying Swiss Interest + spread = ,821 stocks (basket) EUR 21,569, Oct-2015 Deutsche Bank Interest + spread = Performance of the underlying French stocks ( 6,744 ) (basket) EUR 26,482, Mar-2016 Deutsche Bank Performance of the underlying Interest + spread = ,424 European stocks (basket) GBP 1,926, Oct-2015 Deutsche Bank Interest + spread = 0 Performance of the underlying British stocks ( 14,040 ) (basket) NOK 45,298, Oct-2015 Deutsche Bank Performance of the underlying Interest + spread = (0.83) ( 710,832 ) Norwegian stocks (basket) 8,096, Oct-2015 Deutsche Bank Performance of the underlying Interest + spread = ( 536,282 ) American stocks (basket) EUR ( 942,653 ) European Equity Absolute Return CHF 1,041, Oct-2015 Deutsche Bank Performance of the underlying Swiss Interest + spread = ,862 stocks (basket) DKK 35,911, Oct-2015 Deutsche Bank Performance of the underlying Interest + spread = ( 226,117 ) Danish stocks (basket) EUR 7,532, Jan-2016 Deutsche Bank Interest + spread = Performance of the underlying European stocks 972,009 (basket) EUR 25,735, Apr-2016 Deutsche Bank Performance of the underlying Interest + spread = ,759 European stocks (basket) GBP 27,597, Oct-2015 Deutsche Bank Interest + spread = Performance of the underlying British stocks ( 178,854 ) (basket) GBP 16,566, Oct-2015 Deutsche Bank Performance of the underlying British Interest + spread = (0.1079) 168,148 stocks (basket) NOK 32,319, Oct-2015 Deutsche Bank Performance of the underlying Interest + spread = (0.83) ( 26,447 ) Norwegian stocks (basket) EUR 1,643,360 QEP Global Absolute * AUD 604, May-2018 UBS Interest + spread = 2.35 Performance of the underlying Australian stocks ( 24,545 ) (basket) AUD 2,456, May-2018 UBS Performance of the underlying Australian stocks (basket) Interest + spread = 2 77,623 * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

151 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 151 Total Return Swaps (cont) Currency Nominal Maturity Date Counterparty Fund Pays Fund Receives Unrealised Appreciation/ (Depreciation) QEP Global Absolute * (cont) CAD 318, May-2018 UBS Interest + spread = Performance of the underlying Canadian stocks ( 8,735 ) (basket) CAD 2,741, May-2018 UBS Performance of the underlying Interest + spread = ,880 Canadian stocks (basket) CHF 176, May-2018 UBS Interest + spread = (0.431) Performance of the underlying Swiss stocks ( 11,180 ) (basket) CHF 923, May-2018 UBS Performance of the underlying Swiss Interest + spread = (0.781) 32,155 stocks (basket) CZK 405, May-2018 UBS Interest + spread = 0.83 Performance of the underlying Czech stocks 478 (basket) DKK 276, May-2018 UBS Interest + spread = 0.30 Performance of the underlying Danish stocks 2,385 (basket) DKK 1,779, May-2018 UBS Performance of the underlying Interest + spread = (0.05) 8,628 Danish stocks (basket) EUR 2,432, May-2018 UBS Interest + spread = 0.17 Performance of the underlying European stocks ( 174,630 ) (basket) EUR 6,097, May-2018 UBS Performance of the underlying Interest + spread = (0.18) 333,184 European stocks (basket) GBP 3,379, May-2018 UBS Interest + spread = 8313 Performance of the underlying British stocks ( 325,185 ) (basket) GBP 1,411, May-2018 UBS Performance of the underlying British Interest + spread = ,868 stocks (basket) HKD 12,336, May-2018 UBS Interest + spread = Performance of the underlying Hong Kong ( 140,431 ) stocks (basket) HKD 18,050, May-2018 UBS Performance of the underlying Hong Interest + spread = ,125 Kong stocks (basket) JPY 103,066, May-2018 UBS Interest + spread = Performance of the underlying Japanese stocks ( 25,918 ) (basket) JPY 858,051, May-2018 UBS Performance of the underlying Interest + spread = ,156 Japanese stocks (basket) MXN 474, May-2018 UBS Performance of the underlying Interest + spread = Mexican stocks (basket) NOK 966, May-2018 UBS Interest + spread = 1.28 Performance of the underlying Norwegian stocks ( 3,471 ) (basket) NOK 1,603, May-2018 UBS Performance of the underlying Interest + spread = ,315 Norwegian stocks (basket) NZD 12, May-2018 UBS Interest + spread = 3.65 Performance of the underlying New Zealand ( 309 ) stocks (basket) PLN 223, May-2018 UBS Performance of the underlying Polish Interest + spread = ,782 stocks (basket) SEK 1,189, May-2018 UBS Interest + spread = Performance of the underlying Swedish stocks ( 9,750 ) (basket) SEK 4,670, May-2018 UBS Performance of the underlying Interest + spread = (0.276) 21,037 Swedish stocks (basket) SGD 27, May-2018 UBS Interest + spread = 0.94 Performance of the underlying Singapore stocks ( 995 ) (basket) SGD 471, May-2018 UBS Performance of the underlying Interest + spread = ,639 Singapore stocks (basket) TRY 31, May-2018 UBS Interest + spread = Performance of the underlying Turkish stocks 679 (basket) TRY 605, May-2018 UBS Performance of the underlying Interest + spread = Turkish stocks (basket) 18,053, May-2018 UBS Interest + spread = Performance of the underlying American stocks ( 590,580 ) (basket) 25,534, May-2018 UBS Performance of the underlying Interest + spread = ,902 American stocks (basket) ZAR 8,641, May-2018 UBS Interest + spread = 6.65 Performance of the underlying South African 13,499 stocks (basket) ZAR 2,969, May-2018 UBS Performance of the underlying South Interest + spread = ,203 African stocks (basket) 360,015 Asian Local Currency Bond IDR 25,000,000, Nov-2016 UBS Fully Funded Indonesia Government Bond /07/2031 2,115,368 IDR 40,000,000, May-2022 UBS Fully Funded Indonesia Government Bond 7 15/05/2022 2,819,997 * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

152 Page 152 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Total Return Swaps (cont) Currency Nominal Maturity Date Counterparty Fund Pays Fund Receives Unrealised Appreciation/ (Depreciation) Asian Local Currency Bond (cont) IDR 35,000,000, Mar-2029 Australia & New Fully Funded Indonesia Government Bond 9 15/03/2029 2,819,768 Zealand Banking IDR 35,000,000, Mar-2029 Citigroup Fully Funded Indonesia Government Bond 9 15/03/2029 2,819,768 IDR 20,000,000, Mar-2029 Standard Chartered Fully Funded Indonesia Government Bond 9 15/03/2029 1,611,296 Bank IDR 30,000,000, Jun-2032 UBS Fully Funded Indonesia Government Bond /06/2032 2,205,378 IDR 30,000,000, May-2033 Citigroup Fully Funded Indonesia Government Bond /05/2033 1,875,405 IDR 20,000,000, Mar-2034 Standard Chartered Bank IDR 20,000,000, Mar-2034 Standard Chartered Bank IDR 20,000,000, Mar-2034 Standard Chartered Bank Fully Funded Indonesia Government Bond /03/2034 Fully Funded Indonesia Government Bond /03/2034 Fully Funded Indonesia Government Bond /03/2034 1,522,610 1,522,611 1,522,611 20,834,812 Credit Default Swaps The Company may use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolios by buying protection. In addition, the Company may, provided it is in the exclusive interests of its Shareholders, buy protection under credit default swaps without holding the underlying assets. Furthermore, provided it is in the exclusive interest of its Shareholders, the Company may also sell protection under credit default swaps in order to acquire a specific credit exposure. Such mechanism is set out in more detail in the Company s current prospectus. The Company will only enter into credit default swap transactions with highly rated financial institutions specialised in this type of transaction and only in accordance with the standard terms laid down by the International Swaps and Derivatives Association. In addition, the use of credit default swaps must comply with the investment objectives and policies and risk profile of the relevant Fund. Credit default swaps were valued on 30 June 2015 at their intrinsic value. The valuation method involves the current value of the interest-rate series and the current value of the credit spread traded on the market at the closing date. The result of these revaluations, together with any interest receivable/payable related to the credit default swaps on 30 June 2015, is shown in the Statement of under unrealised appreciation/(depreciation) on credit default swaps. Collateral related to credit default swaps is disclosed under the heading Collateral exposure. On 30 June 2015, the following Funds were committed to credit default swap agreements: Protection Position Description Counterparty Currency Nominal Interest Paid/ Received Maturity Date Unrealised Appreciation/ (Depreciation) Asian Bond Absolute Return Buy Indonesia Government /03/2017 Citigroup 5,000, Mar ,454 Buy Indonesia Government /03/2017 J.P. Morgan 5,000, Mar , ,908 EURO Bond Buy Rexam /03/2013 HSBC EUR 1,500, Mar-2017 ( 22,443 ) Buy Rexam /03/2013 Goldman Sachs EUR 700, Jun-2017 ( 11,713 ) Buy St-Gobain Nederland 5 25/04/2014 BNP Paribas EUR 2,200, Jun-2017 ( 31,257 ) EUR ( 65,413 ) Buy ITRAXX Europe Crossover Series 23 20/06/2020 BNP Paribas EUR 55,500, Jun-2020 ( 4,076,022 ) EUR ( 4,076,022 ) EUR ( 4,141,435 ) Global Bond Buy Accor /02/2014 Credit Suisse EUR 1,430, Dec-2017 ( 24,506 ) Buy Airbus Group Finance /09/2018 Barclays Bank EUR 4,310, Mar-2018 ( 81,864 ) Buy Akzo Nobel 8 06/04/2016 BNP Paribas EUR 2,355, Jun-2016 ( 22,598 ) Buy Akzo Nobel 8 06/04/2016 Deutsche Bank EUR 785, Jun-2016 ( 7,533 ) Buy Akzo Nobel 8 06/04/2016 J.P. Morgan EUR 1,960, Jun-2016 ( 18,808 )

153 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 153 Credit Default Swaps (cont) Protection Position Description Counterparty Currency Nominal Interest Paid/ Received Maturity Date Unrealised Appreciation/ (Depreciation) Global Bond (cont) Buy Anheuser-Busch InBev /01/2017 Credit Suisse EUR 5,240, Dec-2018 ( 112,034 ) Buy BBVA Senior Finance /01/2014 Deutsche Bank EUR 2,720, Dec-2018 ( 225,937 ) Buy Bertelsmann & Co. KGaA /09/2016 Credit Suisse EUR 600, Mar-2017 ( 9,705 ) Buy Bouygues /05/2016 J.P. Morgan EUR 2,680, Dec-2017 ( 53,165 ) Buy British Telecommunications /12/2028 Goldman Sachs EUR 360, Mar-2017 ( 5,365 ) Buy Campbell Soup /07/2017 J.P. Morgan 2,770, Mar-2018 ( 56,736 ) Buy Continental Aktiengesellschaft 5 20/03/2017 J.P. Morgan EUR 300, Mar-2017 ( 28,187 ) Sell Deutsche Telekom International Finance 6 Credit Suisse EUR 1,850, Dec ,688 20/01/2017 Sell Deutsche Telekom International Finance 6 Morgan Stanley EUR 920, Dec ,218 20/01/2017 Buy Enel /06/2017 Citigroup EUR 1,200, Jun-2019 ( 12,456 ) Buy Enel /06/2017 Goldman Sachs EUR 1,070, Jun-2019 ( 11,107 ) Buy Enel /06/2017 J.P. Morgan EUR 2,940, Jun-2019 ( 30,517 ) Sell Heathrow Funding /02/2018 Credit Suisse EUR 2,137, Sep ,408 Sell Heathrow Funding /02/2018 J.P. Morgan EUR 2,363, Sep ,105 Buy HeidelbergCement Finance Luxembourg Deutsche Bank EUR 1,000, Jun-2016 ( 54,333 ) 04/01/2018 Buy HeidelbergCement Finance Luxembourg Deutsche Bank EUR 2,000, Jun-2016 ( 108,667 ) 04/01/2018 Buy HeidelbergCement Finance Luxembourg J.P. Morgan EUR 1,510, Jun-2016 ( 82,043 ) 04/01/2018 Buy Holcim Finance Luxembourg /12/2014 Deutsche Bank EUR 5,010, Jun-2016 ( 46,836 ) Buy Iberdrola Finanzas /06/2015 Barclays Bank EUR 420, Mar-2016 ( 2,930 ) Buy Johnson Controls /07/2017 Barclays Bank 1,580, Sep-2018 ( 36,340 ) Buy Johnson Controls /07/2017 Barclays Bank 1,050, Sep-2018 ( 24,150 ) Buy Johnson Controls /07/2017 Barclays Bank 3,160, Sep-2018 ( 72,680 ) Buy Klepierre /03/2016 Barclays Bank EUR 150, Mar-2017 ( 2,399 ) Buy Lowe's Companies /10/2016 BNP Paribas 2,819, Mar-2018 ( 68,215 ) Buy Lowe's Companies /10/2016 J.P. Morgan 2,931, Mar-2018 ( 70,925 ) Buy METRO /03/2015 Barclays Bank EUR 1,000, Jun-2018 ( 15,582 ) Buy METRO /03/2015 BNP Paribas EUR 4,350, Dec-2017 ( 68,305 ) Buy Michelin Luxembourg /06/2019 Credit Suisse EUR 900, Sep-2019 ( 23,680 ) Buy Michelin Luxembourg /06/2019 J.P. Morgan EUR 1,180, Sep-2019 ( 31,047 ) Buy Michelin Luxembourg /06/2019 Merrill Lynch EUR 1,180, Sep-2019 ( 31,047 ) Sell New Look 5 14/05/2018 BNP Paribas EUR 342, Dec ,970 Sell New Look 5 14/05/2018 Credit Suisse EUR 754, Dec ,395 Sell New Look 5 14/05/2018 Morgan Stanley EUR 184, Dec ,112 Buy Newell Rubbermaid /04/2018 J.P. Morgan 2,810, Mar-2018 ( 59,085 ) Buy Orange /05/2018 Credit Suisse EUR 1,850, Dec-2018 ( 38,656 ) Buy Orange /05/2018 Morgan Stanley EUR 920, Dec-2018 ( 19,223 ) Buy Rentokil Initial /03/2016 Citigroup EUR 930, Jun-2017 ( 16,518 ) Buy Rentokil Initial /03/2016 J.P. Morgan EUR 820, Jun-2017 ( 14,564 ) Buy Rexam /03/2013 HSBC EUR 360, Mar-2017 ( 6,040 ) Sell Société Générale /03/2017 J.P. Morgan EUR 2,950, Mar ,420 Sell SSE /09/2022 J.P. Morgan EUR 600, Sep ,688 Buy Standard Chartered Bank /10/2014 Credit Suisse EUR 1,660, Mar-2020 ( 15,669 ) Buy Standard Chartered Bank /10/2014 Merrill Lynch EUR 2,620, Mar-2020 ( 24,731 ) Buy Stanley Black & Decker /12/2021 J.P. Morgan 2,750, Mar-2018 ( 51,182 ) Buy St-Gobain Nederland 5 25/04/2014 Credit Suisse EUR 2,580, Dec-2017 ( 47,343 ) Buy STMicroelectronics Finance /03/2013 Credit Suisse EUR 1,540, Dec-2017 ( 21,982 ) Buy Telecom Italia /01/2019 Credit Suisse EUR 1,480, Dec-2016 ( 9,378 ) Buy Telecom Italia /01/2019 Credit Suisse EUR 1,150, Dec-2016 ( 7,287 ) Sell Telecom Italia /01/2019 Credit Suisse EUR 4,840, Sep ,333 Buy Telefonica Emisiones /02/2016 Citigroup EUR 600, Mar-2017 ( 6,961 ) Buy Telefonica Emisiones /02/2016 Barclays Bank EUR 1,620, Jun-2018 ( 24,407 ) Buy Telefonica Emisiones /02/2016 Citigroup EUR 1,590, Jun-2018 ( 23,955 ) Buy Telefonica Emisiones /02/2016 J.P. Morgan EUR 2,190, Jun-2018 ( 32,994 ) Buy Telenor /03/2014 Barclays Bank EUR 2,400, Mar-2018 ( 56,627 ) Buy Telenor /03/2014 J.P. Morgan EUR 1,950, Mar-2018 ( 46,010 ) Buy Vivendi /10/2013 BNP Paribas EUR 1,500, Dec-2017 ( 31,463 ) Buy Vivendi /10/2013 Deutsche Bank EUR 1,460, Dec-2017 ( 30,624 )

154 Page 154 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Credit Default Swaps (cont) Protection Position Description Counterparty Currency Nominal Interest Paid/ Received Maturity Date Unrealised Appreciation/ (Depreciation) Global Bond (cont) Buy Vivendi /10/2013 J.P. Morgan EUR 1,050, Mar-2018 ( 23,494 ) Buy Volkswagen International Finance Barclays Bank EUR 4,250, Mar-2018 ( 69,898 ) 22/05/2018 Buy Wolters Kluwer /01/2014 Citigroup EUR 3,700, Mar-2018 ( 84,133 ) Sell WPP 6 04/04/2017 Credit Suisse EUR 1,000, Mar ,827 ( 1,744,757 ) Buy CDX NA HY Series 24V2 20/06/2020 J.P. Morgan 15,095, Jun-2020 ( 878,367 ) Buy CDX NA HY Series 24V2 20/06/2020 J.P. Morgan 14,950, Jun-2020 ( 869,930 ) Buy CDX NA IG Series 24V1 20/06/2020 Merrill Lynch 244,300, Jun-2020 ( 3,300,055 ) ( 5,048,352 ) ( 6,793,109 ) US Dollar Bond Buy CDX NA HY Series 24V2 20/06/2020 Credit Suisse 55,300, Jun-2020 ( 3,217,866 ) Buy CDX NA HY Series 24V2 20/06/2020 Credit Suisse 33,400, Jun-2020 ( 1,943,522 ) ( 5,161,388 ) Asian Local Currency Bond Buy Indonesia Government /03/2017 BNP Paribas 2,000, Mar ,782 51,782 EURO Corporate Bond Buy Akzo Nobel 8 06/04/2016 BNP Paribas EUR 13,830, Jun-2016 ( 118,351 ) Buy Akzo Nobel 8 06/04/2016 Deutsche Bank EUR 4,610, Jun-2016 ( 39,450 ) Buy Akzo Nobel 8 06/04/2016 J.P. Morgan EUR 11,560, Jun-2016 ( 98,925 ) Sell Bayer /05/2018 Barclays Bank EUR 10,000, Dec ,627 Sell Carrefour /11/2016 BNP Paribas EUR 3,800, Jun ,865 Buy Casino Guichard Perrachon /04/2016 Credit Suisse EUR 10,000, Mar-2017 ( 90,253 ) Buy Casino Guichard Perrachon /04/2016 Credit Suisse EUR 7,000, Mar-2017 ( 63,177 ) Buy Chile Government /08/2020 Goldman Sachs 20,000, Mar-2019 ( 222,235 ) Buy China Government /10/2014 Goldman Sachs 7,700, Jun-2017 ( 85,798 ) Sell Cie de Saint-Gobain 4 08/10/2018 Credit Suisse EUR 10,000, Mar ,818 Sell Crédit Agricole/London /08/2022 Barclays Bank EUR 50,000, Mar ,296,223 Sell Danone /05/2015 Barclays Bank EUR 10,000, Dec ,336 Buy Daimler 2 05/05/2017 Credit Suisse EUR 10,000, Jun-2016 ( 81,610 ) Sell Danone /05/2015 J.P. Morgan EUR 25,000, Dec ,840 Buy Deutsche Lufthansa /05/2013 J.P. Morgan EUR 10,000, Mar-2018 ( 49,282 ) Sell Deutsche Telekom International Finance 6 Barclays Bank EUR 20,000, Dec ,122 20/01/2017 Sell Deutsche Telekom International Finance 6 Credit Suisse EUR 10,660, Dec ,915 20/01/2017 Sell Deutsche Telekom International Finance 6 Morgan Stanley EUR 5,340, Dec ,182 20/01/2017 Sell Deutsche Telekom International Finance 6 Barclays Bank EUR 20,000, Sep ,662 20/01/2017 Buy E.ON International Finance /05/2017 Credit Suisse EUR 10,000, Jun-2018 ( 186,724 ) Buy EDP - Energias de Portugal 6 08/12/2014 Barclays Bank EUR 8,535, Mar-2017 ( 660,521 ) Buy Enel /06/2017 Barclays Bank EUR 17,065, Mar-2017 ( 195,186 ) Buy Enel /06/2017 Credit Suisse EUR 17,000, Mar-2017 ( 194,442 ) Sell Erste Group Bank /04/2016 Barclays Bank EUR 10,000, Mar-2019 ( 163,014 ) Sell Heathrow Funding /02/2018 J.P. Morgan EUR 20,000, Mar ,992 Sell Heathrow Funding /02/2018 J.P. Morgan EUR 20,000, Mar ,992 Buy HeidelbergCement Finance Luxembourg Credit Suisse EUR 30,000, Jun-2016 ( 1,453,616 ) 04/01/2018 Buy HeidelbergCement Finance Luxembourg BNP Paribas EUR 15,000, Jun-2018 ( 1,961,958 ) 04/01/2018 Buy Holcim Finance Luxembourg /12/2014 Citigroup EUR 20,000, Jun-2018 ( 349,974 ) Buy Holcim Finance Luxembourg /12/2014 Credit Suisse EUR 10,000, Jun-2018 ( 174,987 ) Buy Holcim Finance Luxembourg /12/2014 J.P. Morgan EUR 25,000, Jun-2016 ( 208,424 ) Buy HSBC Bank 4 15/01/2021 J.P. Morgan EUR 33,300, Mar-2019 ( 540,598 )

155 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 155 Credit Default Swaps (cont) Protection Position Description Counterparty Currency Nominal Interest Paid/ Received Maturity Date Unrealised Appreciation/ (Depreciation) EURO Corporate Bond (cont) Buy Iberdrola Finanzas /06/2015 Citigroup EUR 13,138, Dec-2018 ( 189,681 ) Buy Iberdrola Finanzas /06/2015 Credit Suisse EUR 4,380, Dec-2018 ( 63,237 ) Buy Iberdrola Finanzas /06/2015 Goldman Sachs EUR 12,482, Dec-2018 ( 180,210 ) Sell Iberdrola International /11/2020 Morgan Stanley EUR 15,000, Sep ,631 Sell Italy Government /09/2023 Credit Suisse 25,000, Sep ,799 Sell Italy Government /09/2023 J.P. Morgan 25,000, Sep ,799 Buy Japan Government Twenty Year Bond 2 Citigroup 15,500, Dec-2017 ( 280,749 ) 21/03/2022 Buy Japan Government Twenty Year Bond 2 Citigroup 19,000, Dec-2017 ( 344,144 ) 21/03/2022 Buy Japan Government Twenty Year Bond 2 Credit Suisse 15,500, Dec-2017 ( 280,749 ) 21/03/2022 Sell Kering /04/2015 Citigroup EUR 10,000, Dec ,227 Sell Kering /04/2015 Citigroup EUR 20,000, Dec ,455 Sell Kering /04/2015 J.P. Morgan EUR 9,000, Mar ,918 Sell Koninklijke KPN /10/2030 Credit Suisse EUR 30,000, Dec ,471 Buy Ladbrokes Group Finance /03/2017 Barclays Bank EUR 4,425, Dec ,869 Sell Ladbrokes Group Finance /03/2017 BNP Paribas EUR 750, Mar-2019 ( 24,490 ) Sell Ladbrokes Group Finance /03/2017 Deutsche Bank EUR 3,656, Mar-2019 ( 119,378 ) Sell Ladbrokes Group Finance /03/2017 Deutsche Bank EUR 395, Mar-2019 ( 12,898 ) Sell Ladbrokes Group Finance /03/2017 Goldman Sachs EUR 1,000, Mar-2019 ( 32,653 ) Buy Ladbrokes Group Finance /03/2017 Merrill Lynch EUR 2,650, Dec ,453 Sell Lloyds Bank /05/2017 BNP Paribas EUR 20,715, Jun ,503 Sell Lloyds Bank /05/2017 Goldman Sachs EUR 12,430, Jun ,519 Buy Nationwide Building Society /01/2015 J.P. Morgan EUR 20,000, Mar-2018 ( 342,583 ) Buy Orange /05/2018 Credit Suisse EUR 15,000, Jun-2018 ( 267,983 ) Buy Safeway /08/2014 Deutsche Bank EUR 7,500, Sep-2017 ( 86,801 ) Buy Santander International Debt /02/2028 Barclays Bank EUR 10,000, Mar-2019 ( 785,852 ) Buy Santander International Debt /02/2028 Citigroup EUR 10,000, Mar-2019 ( 785,852 ) Buy Santander International Debt /02/2028 Citigroup EUR 30,000, Mar-2019 ( 2,357,557 ) Sell Smurfit Kappa Acquisitions 5 20/06/2018 Citigroup EUR 4,000, Jun ,132 Sell Société Générale /03/2013 UBS EUR 10,000, Sep ,561 Sell SSE /09/2022 Credit Suisse EUR 25,000, Dec ,391 Sell SSE /09/2022 Deutsche Bank EUR 10,000, Dec ,957 Buy Standard Chartered Bank /10/2014 Merrill Lynch EUR 33,300, Mar-2019 ( 367,252 ) Buy Standard Life /07/2022 Goldman Sachs EUR 20,000, Dec-2017 ( 168,303 ) Buy Telecom Italia /01/2019 Credit Suisse EUR 15,000, Mar ,842 Buy Telefonica Emisiones /02/2016 Citigroup EUR 20,000, Jun-2018 ( 268,715 ) Buy Telenor /03/2014 Credit Suisse EUR 10,000, Jun-2018 ( 224,728 ) Buy ThyssenKrupp /03/2015 Goldman Sachs EUR 20,000, Mar-2018 ( 59,967 ) Buy ThyssenKrupp /03/2015 J.P. Morgan EUR 20,000, Mar-2018 ( 59,967 ) Sell ThyssenKrupp /03/2015 J.P. Morgan EUR 20,000, Jun-2019 ( 210,455 ) Buy UPM-Kymmene /12/2014 Credit Suisse EUR 20,000, Jun-2016 ( 956,100 ) Buy Volkswagen International Finance Credit Suisse EUR 25,000, Jun-2016 ( 176,241 ) 22/05/2018 EUR ( 5,017,969 ) EURO Credit Conviction Sell Deutsche Telekom International Finance 6 Barclays Bank EUR 3,000, Sep ,549 20/01/2017 Buy EDP - Energias de Portugal 6 08/12/2014 Barclays Bank EUR 800, Mar-2017 ( 61,912 ) Buy Enel /06/2017 Barclays Bank EUR 1,600, Mar-2017 ( 18,300 ) Buy HSBC Bank 4 15/01/2021 J.P. Morgan EUR 1,500, Mar-2019 ( 24,351 ) Sell Iberdrola International /11/2020 Morgan Stanley EUR 5,000, Sep ,877 Sell Kering /04/2015 J.P. Morgan EUR 1,000, Mar ,435 Buy Ladbrokes Group Finance /03/2017 Barclays Bank EUR 575, Dec ,910 Sell Ladbrokes Group Finance /03/2017 Deutsche Bank EUR 340, Mar-2019 ( 11,102 ) Buy Ladbrokes Group Finance /03/2017 Merrill Lynch EUR 350, Dec ,815 Sell Lloyds Bank /05/2017 BNP Paribas EUR 4,285, Jun ,917 Sell Lloyds Bank /05/2017 Goldman Sachs EUR 2,570, Jun ,733 Buy Santander International Debt /02/2028 Citigroup EUR 5,000, Mar-2019 ( 392,926 ) Sell Smurfit Kappa Acquisitions 5 20/06/2018 Citigroup EUR 1,000, Jun ,783

156 Page 156 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Credit Default Swaps (cont) Protection Position Description Counterparty Currency Nominal Interest Paid/ Received Maturity Date Unrealised Appreciation/ (Depreciation) EURO Credit Conviction (cont) Sell SSE /09/2022 J.P. Morgan EUR 3,000, Mar ,429 Buy Standard Chartered Bank /10/2014 Merrill Lynch EUR 1,500, Mar-2019 ( 16,543 ) EUR ( 41,686 ) EURO High Yield Buy BBVA Senior Finance /01/2018 Citigroup EUR 1,000, Mar-2019 ( 77,723 ) Buy British Airways /08/2016 Citigroup EUR 500, Jun-2016 ( 22,776 ) Buy Cable & Wireless International Finance Citigroup EUR 435, Dec-2019 ( 70,554 ) 25/03/2019 Buy Cable & Wireless International Finance Citigroup EUR 435, Dec-2019 ( 70,554 ) 25/03/2019 Buy Colombia Government /01/2033 Goldman Sachs 800, Mar ,656 Sell Dixons Retail /08/2015 Citigroup EUR 600, Mar ,300 Sell Eileme /01/2020 Goldman Sachs EUR 500, Jun ,020 Buy HeidelbergCement Finance Luxembourg Barclays Bank EUR 550, Sep-2018 ( 77,032 ) 04/01/2018 Buy HeidelbergCement Finance Luxembourg BNP Paribas EUR 600, Jun-2018 ( 78,478 ) 04/01/2018 Buy Holcim Finance Luxembourg /12/2014 J.P. Morgan EUR 550, Jun-2016 ( 4,585 ) Buy HSBC Bank 4 15/01/2021 J.P. Morgan EUR 600, Mar-2019 ( 9,741 ) Buy Iberdrola Finanzas /06/2015 Citigroup EUR 219, Dec-2018 ( 3,162 ) Buy Iberdrola Finanzas /06/2015 Credit Suisse EUR 73, Dec-2018 ( 1,054 ) Buy Iberdrola Finanzas /06/2015 Goldman Sachs EUR 208, Dec-2018 ( 3,003 ) Buy Japan Government Twenty Year Bond 2 Citigroup 700, Sep-2018 ( 15,442 ) 21/03/2022 Buy Rallye /11/2016 Goldman Sachs EUR 500, Dec-2018 ( 52,214 ) Buy Santander International Debt /02/2028 Citigroup EUR 1,000, Mar-2019 ( 78,585 ) Buy Standard Chartered Bank /10/2014 J.P. Morgan EUR 600, Mar-2019 ( 6,617 ) Buy Standard Chartered Bank /10/2014 Merrill Lynch EUR 600, Mar-2019 ( 6,617 ) Buy Standard Chartered Bank /10/2014 Citigroup EUR 640, Jun-2019 ( 6,826 ) Buy Stena /02/2017 Credit Suisse EUR 1,200, Jun-2016 ( 47,310 ) Buy Stora Enso /06/2014 Credit Suisse EUR 530, Sep-2016 ( 30,713 ) Buy Turkey Government /01/2030 Citigroup 850, Dec ,559 Buy UPM-Kymmene /12/2014 Credit Suisse EUR 550, Jun-2016 ( 26,293 ) Buy Wendel /05/2016 Barclays Bank EUR 600, Jun-2016 ( 27,693 ) EUR ( 506,437 ) Global Corporate Bond Sell Cooperatieve Centrale Raiffeisen-Boerenleenbank Barclays Bank EUR 12,200, Jun , /04/2017 Sell Crédit Agricole/London 0 21/04/2017 Citigroup EUR 12,200, Jun , ,922 Buy CDX NA HY Series 24V2 20/06/2020 J.P. Morgan 20,100, Jun-2020 ( 1,169,604 ) Buy CDX NA HY Series 24V2 20/06/2020 Credit Suisse 54,500, Jun-2020 ( 3,171,315 ) Buy CDX NA HY Series 24V2 20/06/2020 Credit Suisse 32,900, Jun-2020 ( 1,914,427 ) ( 6,255,346 ) ( 5,927,424 ) Global High Income Bond Sell Brazilian Government /03/2030 Credit Suisse 1,350, Sep-2019 ( 72,111 ) Sell Brazilian Government /03/2030 Citigroup 3,400, Dec-2019 ( 202,103 ) Buy Japan Government Twenty Year Bond 2 J.P. Morgan 3,000, Jun-2018 ( 69,787 ) 21/03/2022 Sell Russian Foreign- Eurobond /03/2030 Citigroup 2,750, Dec-2015 ( 18,390 ) ( 362,391 ) Global High Yield Buy BBVA Senior Finance /01/2018 Citigroup EUR 4,000, Mar-2019 ( 348,616 ) Buy British Airways /08/2016 Citigroup EUR 3,300, Jun-2016 ( 168,565 ) Buy Cable & Wireless International Finance /03/2019 Citigroup EUR 1,530, Dec-2019 ( 278,268 )

157 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 157 Credit Default Swaps (cont) Protection Position Description Counterparty Currency Nominal Interest Paid/ Received Maturity Date Unrealised Appreciation/ (Depreciation) Global High Yield (cont) Buy Cable & Wireless International Finance Citigroup EUR 1,530, Dec-2019 ( 278,268 ) 25/03/2019 Buy Cable & Wireless International Finance Morgan Stanley EUR 1,185, Dec-2019 ( 215,521 ) 25/03/2019 Buy Colombia Government /01/2033 Goldman Sachs 3,600, Mar ,770 Sell Dixons Retail /08/2015 Citigroup EUR 2,600, Mar ,373 Sell Eileme /01/2020 Goldman Sachs EUR 2,750, Jun ,339 Buy HeidelbergCement Finance Luxembourg BNP Paribas EUR 3,100, Jun-2018 ( 454,671 ) 04/01/2018 Buy HeidelbergCement Finance Luxembourg Barclays Bank EUR 2,500, Sep-2018 ( 392,630 ) 04/01/2018 Buy Holcim Finance Luxembourg /12/2014 J.P. Morgan EUR 2,800, Jun-2016 ( 26,176 ) Buy HSBC Bank 4 15/01/2021 J.P. Morgan EUR 2,700, Mar-2019 ( 49,151 ) Buy Iberdrola Finanzas /06/2015 Citigroup EUR 1,095, Dec-2018 ( 17,727 ) Buy Iberdrola Finanzas /06/2015 Credit Suisse EUR 365, Dec-2018 ( 5,909 ) Buy Iberdrola Finanzas /06/2015 Goldman Sachs EUR 1,040, Dec-2018 ( 16,837 ) Buy Japan Government Twenty Year Bond 2 Citigroup 3,260, Sep-2018 ( 80,641 ) 21/03/2022 Sell KB Home /09/2017 Barclays Bank 5,000, Mar ,942 Sell MGM Resorts International /01/2017 Citigroup 6,000, Jun ,782 Buy Rallye /11/2016 Goldman Sachs EUR 2,800, Dec-2018 ( 327,878 ) Buy Santander International Debt /02/2028 Citigroup EUR 4,000, Mar-2019 ( 352,483 ) Buy Standard Chartered Bank /10/2014 J.P. Morgan EUR 2,700, Mar-2019 ( 33,390 ) Buy Standard Chartered Bank /10/2014 Morgan Stanley EUR 2,700, Mar-2019 ( 33,390 ) Buy Standard Chartered Bank /10/2014 Citigroup EUR 2,600, Jun-2019 ( 31,095 ) Buy Stena /02/2017 Credit Suisse EUR 6,000, Jun-2016 ( 265,253 ) Buy Stora Enso /06/2014 Credit Suisse EUR 2,440, Sep-2016 ( 158,554 ) Buy Turkey Government /01/2030 Citigroup 3,000, Dec ,857 Buy UPM-Kymmene /12/2014 Credit Suisse EUR 2,800, Jun-2016 ( 150,096 ) Buy Wendel /05/2016 Barclays Bank EUR 3,000, Jun-2016 ( 155,264 ) ( 1,679,320 ) Global Unconstrained Bond Buy British Airways /08/2016 J.P. Morgan EUR 100, Sep-2019 ( 17,129 ) Buy Deutsche Lufthansa /07/2016 J.P. Morgan EUR 100, Sep ( 16,251 ) Buy ITRAXX Europe Crossover Series 23 20/06/2020 BNP Paribas EUR 4,000, Jun-2020 ( 329,413 ) ( 329,413 ) ( 345,664 ) Strategic Bond Buy Accor /02/2014 Credit Suisse EUR 5,770, Dec-2017 ( 98,882 ) Buy Airbus Group Finance /09/2018 Barclays Bank EUR 10,630, Mar-2018 ( 201,905 ) Buy Akzo Nobel 8 06/04/2016 BNP Paribas EUR 5,940, Jun-2016 ( 57,000 ) Buy Akzo Nobel 8 06/04/2016 Deutsche Bank EUR 1,980, Jun-2016 ( 19,000 ) Buy Akzo Nobel 8 06/04/2016 J.P. Morgan EUR 4,980, Jun-2016 ( 47,788 ) Buy Anheuser-Busch InBev /01/2017 Credit Suisse EUR 15,020, Dec-2018 ( 321,135 ) Buy BBVA Senior Finance /01/2014 Deutsche Bank EUR 7,990, Dec-2018 ( 663,690 ) Buy Bertelsmann & Co. KGaA /09/2016 Credit Suisse EUR 800, Mar-2017 ( 12,939 ) Buy Bouygues /05/2016 J.P. Morgan EUR 10,880, Dec-2017 ( 215,833 ) Buy British Telecommunications /12/2028 Citigroup EUR 6,000, Mar-2017 ( 89,419 ) Buy British Telecommunications /12/2028 Goldman Sachs EUR 480, Mar-2017 ( 7,153 ) Buy Campbell Soup /07/2017 J.P. Morgan 5,820, Mar-2018 ( 119,207 ) Buy Continental Aktiengesellschaft 5 20/03/2017 J.P. Morgan EUR 390, Mar-2017 ( 36,643 ) Buy Continental Aktiengesellschaft 5 20/03/2017 BNP Paribas EUR 6,000, Jun-2017 ( 641,396 ) Sell Deutsche Telekom International Finance 6 Credit Suisse EUR 5,245, Dec ,368 20/01/2017 Sell Deutsche Telekom International Finance 6 Morgan Stanley EUR 2,620, Dec ,121 20/01/2017 Buy Enel /06/2017 Citigroup EUR 3,430, Jun-2019 ( 35,603 )

158 Page 158 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Credit Default Swaps (cont) Protection Position Description Counterparty Currency Nominal Interest Paid/ Received Maturity Date Unrealised Appreciation/ (Depreciation) Strategic Bond (cont) Buy Enel /06/2017 Goldman Sachs EUR 3,080, Jun-2019 ( 31,970 ) Buy Enel /06/2017 J.P. Morgan EUR 8,440, Jun-2019 ( 87,607 ) Buy Eni /01/2014 Barclays Bank EUR 11,840, Dec-2017 ( 217,494 ) Buy GDF Suez /02/2018 Deutsche Bank EUR 7,200, Sep-2017 ( 143,525 ) Sell Heathrow Funding /02/2018 Credit Suisse EUR 5,270, Sep ,514 Sell Heathrow Funding /02/2018 J.P. Morgan EUR 5,830, Sep ,151 Buy HeidelbergCement Finance Luxembourg Deutsche Bank EUR 2,525, Jun-2016 ( 137,192 ) 04/01/2018 Buy HeidelbergCement Finance Luxembourg Deutsche Bank EUR 5,050, Jun-2016 ( 274,383 ) 04/01/2018 Buy HeidelbergCement Finance Luxembourg J.P. Morgan EUR 3,795, Jun-2016 ( 206,195 ) 04/01/2018 Buy Holcim Finance Luxembourg /12/2014 Deutsche Bank EUR 12,570, Jun-2016 ( 117,511 ) Buy Iberdrola Finanzas /06/2015 J.P. Morgan EUR 7,750, Dec-2018 ( 125,468 ) Buy Iberdrola Finanzas /06/2015 Goldman Sachs EUR 5,294, Dec-2018 ( 85,707 ) Buy Iberdrola Finanzas /06/2015 Barclays Bank EUR 1,756, Dec-2018 ( 28,429 ) Buy Johnson Controls /07/2017 Barclays Bank 3,350, Sep-2018 ( 77,050 ) Buy Johnson Controls /07/2017 Barclays Bank 2,235, Sep-2018 ( 51,405 ) Buy Johnson Controls /07/2017 Barclays Bank 6,700, Sep-2018 ( 154,100 ) Buy Klepierre /03/2016 Barclays Bank EUR 200, Mar-2017 ( 3,199 ) Buy Lowe's Companies /10/2016 BNP Paribas 7,010, Mar-2018 ( 169,630 ) Buy Lowe's Companies /10/2016 J.P. Morgan 7,290, Mar-2018 ( 176,406 ) Buy METRO /03/2015 BNP Paribas EUR 8,850, Dec-2017 ( 138,965 ) Buy Michelin Luxembourg /06/2019 Credit Suisse EUR 2,600, Sep-2019 ( 68,408 ) Buy Michelin Luxembourg /06/2019 J.P. Morgan EUR 3,300, Sep-2019 ( 86,825 ) Buy Michelin Luxembourg /06/2019 Merrill Lynch EUR 3,300, Sep-2019 ( 86,825 ) Sell New Look 5 14/05/2018 BNP Paribas EUR 990, Dec ,017 Sell New Look 5 14/05/2018 Credit Suisse EUR 2,175, Dec ,947 Sell New Look 5 14/05/2018 Morgan Stanley EUR 535, Dec ,555 Buy Newell Rubbermaid /04/2018 J.P. Morgan 5,890, Mar-2018 ( 123,848 ) Buy Orange /05/2018 Credit Suisse EUR 5,245, Dec-2018 ( 109,595 ) Buy Orange /05/2018 Morgan Stanley EUR 2,620, Dec-2018 ( 54,745 ) Buy Rexam /03/2013 HSBC EUR 480, Mar-2017 ( 8,053 ) Sell Société Générale /03/2017 J.P. Morgan EUR 5,175, Mar ,330 Sell SSE /09/2022 J.P. Morgan EUR 1,580, Sep ,144 Buy Standard Chartered Bank /10/2014 Credit Suisse EUR 4,510, Mar-2020 ( 42,572 ) Buy Standard Chartered Bank /10/2014 Merrill Lynch EUR 7,140, Mar-2020 ( 67,398 ) Buy Stanley Black & Decker /12/2021 J.P. Morgan 5,760, Mar-2018 ( 107,202 ) Buy St-Gobain Nederland 5 25/04/2014 Credit Suisse EUR 10,480, Dec-2017 ( 192,309 ) Buy STMicroelectronics Finance /03/2013 Credit Suisse EUR 3,174, Dec-2017 ( 45,306 ) Buy Stora Enso 5 19/03/2018 Credit Suisse EUR 5,150, Sep-2016 ( 334,653 ) Buy Stora Enso /06/2014 J.P. Morgan EUR 2,500, Sep-2016 ( 162,453 ) Buy Stora Enso /06/2014 Barclays Bank EUR 2,500, Sep-2016 ( 162,453 ) Buy Telecom Italia /01/2019 Credit Suisse EUR 6,550, Dec-2016 ( 41,503 ) Buy Telecom Italia /01/2019 Credit Suisse EUR 5,080, Dec-2016 ( 32,189 ) Sell Telecom Italia /01/2019 Credit Suisse EUR 17,360, Sep ,278 Buy Telefonica Emisiones /02/2016 Citigroup EUR 800, Mar-2017 ( 9,281 ) Buy Telefonica Emisiones /02/2016 Barclays Bank EUR 4,460, Jun-2018 ( 67,194 ) Buy Telefonica Emisiones /02/2016 Citigroup EUR 4,390, Jun-2018 ( 66,140 ) Buy Telefonica Emisiones /02/2016 J.P. Morgan EUR 6,050, Jun-2018 ( 91,149 ) Buy Telenor /03/2014 Barclays Bank EUR 5,930, Mar-2018 ( 139,917 ) Buy Telenor /03/2014 J.P. Morgan EUR 4,100, Mar-2018 ( 96,738 ) Buy Veolia Environnement /05/2018 HSBC EUR 7,200, Sep-2017 ( 139,918 ) Buy Vivendi /10/2013 BNP Paribas EUR 6,090, Dec-2017 ( 127,739 ) Buy Vivendi /10/2013 Deutsche Bank EUR 5,930, Dec-2017 ( 124,383 ) Buy Vivendi /10/2013 J.P. Morgan EUR 2,800, Mar-2018 ( 62,650 ) Buy Volkswagen International Finance Barclays Bank EUR 10,450, Mar-2018 ( 171,866 ) 22/05/2018 Buy Wolters Kluwer /01/2014 Citigroup EUR 9,900, Mar-2018 ( 225,113 ) Sell WPP 6 04/04/2017 Credit Suisse EUR 2,325, Mar ,372 ( 6,590,457 )

159 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 159 Credit Default Swaps (cont) Protection Position Description Counterparty Currency Nominal Interest Paid/ Received Maturity Date Unrealised Appreciation/ (Depreciation) Strategic Bond (cont) Buy CDX NA HY Series 24V2 20/06/2020 J.P. Morgan 46,122, Jun-2020 ( 2,683,805 ) Buy CDX NA HY Series 24V2 20/06/2020 J.P. Morgan 70,650, Jun-2020 ( 4,111,072 ) Buy CDX NA IG Series 24V1 20/06/2020 Merrill Lynch 868,700, Jun-2020 ( 11,734,581 ) ( 18,529,458 ) ( 25,119,915 ) Strategic Credit Sell Aviva /06/2016 J.P. Morgan EUR 1,000, Jun ,879 Sell Aviva /06/2016 J.P. Morgan EUR 1,000, Jun ,879 Sell Aviva /06/2016 J.P. Morgan EUR 2,000, Mar ,355 Sell Beni Stabili /01/2018 Credit Suisse EUR 1,000, Jun ,969 Sell Beni Stabili /01/2018 J.P. Morgan EUR 1,000, Jun ,968 Sell Beni Stabili /01/2018 Morgan Stanley EUR 1,000, Sep ,623 Buy Cable & Wireless International Finance BNP Paribas EUR 1,000, Dec-2019 ( 115,417 ) 25/03/2019 Sell Cable & Wireless Worldwide /11/2014 J.P. Morgan EUR 1,500, Mar ,723 Sell Cable & Wireless Worldwide /11/2014 J.P. Morgan GBP 1,500, Mar ,637 Sell France Government /04/2019 J.P. Morgan 1,500, Dec Sell France Government /04/2019 J.P. Morgan 1,000, Dec Sell Fresenius US Finance II /07/2015 J.P. Morgan EUR 2,000, Mar ,320 Sell Jaguar Land Rover Automotive J.P. Morgan EUR 2,000, Mar ,703 15/05/2018 Sell Koninklijke KPN /02/2019 Credit Suisse EUR 1,000, Jun ,264 Sell Koninklijke KPN /02/2019 Goldman Sachs EUR 1,000, Sep ,548 Sell Koninklijke KPN /10/2030 Credit Suisse EUR 1,100, Mar ,870 Sell Ladbrokes Group Finance /03/2017 BNP Paribas EUR 1,000, Mar-2019 ( 23,236 ) Sell Monitchem Holdco /06/2021 Morgan Stanley EUR 700, Dec ,717 Sell Novafives /06/2021 Morgan Stanley EUR 1,000, Mar ,444 Sell Novo Banco EMTN /05/2017 Credit Suisse EUR 1,000, Mar ,301 Sell Royal Bank of Scotland /12/2020 J.P. Morgan EUR 2,000, Sep ,503 Sell Royal Bank of Scotland /12/2020 J.P. Morgan EUR 1,000, Sep ,252 Sell Royal Bank of Scotland /12/2020 J.P. Morgan EUR 2,000, Dec ,168 Sell Royal Bank of Scotland /12/2020 J.P. Morgan EUR 2,000, Mar ,822 Sell Schaeffler Finance /02/2017 Citigroup EUR 1,000, Sep ,786 Sell Smurfit Kappa Acquisitions 5 20/06/2018 Citigroup EUR 1,000, Mar ,901 Sell Smurfit Kappa Acquisitions 5 20/06/2018 J.P. Morgan EUR 2,000, Mar ,802 Sell Smurfit Kappa Acquisitions 5 20/06/2018 J.P. Morgan EUR 2,000, Mar ,802 Sell Smurfit Kappa Acquisitions 5 20/06/2018 Goldman Sachs EUR 1,000, Jun ,278 Sell Smurfit Kappa Acquisitions 5 20/06/2018 Goldman Sachs EUR 1,000, Sep ,578 Sell Tesco 6 14/12/2029 Barclays Bank EUR 1,000, Dec-2019 ( 15,419 ) Sell Tesco 6 14/12/2029 Credit Suisse EUR 1,000, Dec-2019 ( 15,419 ) Sell Tesco 6 14/12/2029 Credit Suisse EUR 1,000, Dec-2019 ( 15,419 ) Sell Tesco 6 14/12/2029 J.P. Morgan EUR 1,000, Dec-2019 ( 15,419 ) Sell Tesco 6 14/12/2029 Citigroup EUR 1,000, Jun-2020 ( 22,412 ) Sell Virgin Media Finance /02/2022 J.P. Morgan EUR 1,000, Jun ,077 Buy Wind Acquisition Finance 4 15/07/2020 Morgan Stanley EUR 700, Dec-2019 ( 54,972 ) GBP 1,516,966 Emerging Bond Sell Brazilian Government /03/2030 Credit Suisse 1,550, Sep-2019 ( 82,793 ) Sell Brazilian Government /03/2030 Citigroup 3,575, Dec-2019 ( 212,506 ) Buy Japan Government Twenty Year Bond 2 J.P. Morgan 3,500, Jun-2018 ( 81,419 ) 21/03/2022 Sell Russian Foreign- Eurobond /03/2030 Citigroup 2,900, Dec-2015 ( 19,393 ) ( 396,111 ) Emerging Corporate Bond Buy Abu Dhabi Government /04/2019 Citigroup 1,000, Dec-2019 ( 21,558 ) Buy Indonesia Government /03/2017 BNP Paribas 1,500, Dec ,374 Buy Mexico Government /03/2019 BNP Paribas 500, Mar ,211 15,027

160 Page 160 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Credit Default Swaps (cont) Protection Position Description Counterparty Currency Nominal Interest Paid/ Received Maturity Date Unrealised Appreciation/ (Depreciation) Emerging Local Currency Bond Sell Brazilian Government /03/2030 Citigroup 1,325, Dec-2019 ( 78,761 ) ( 78,761 ) Global Credit Duration Hedged Sell Crédit Agricole/London 0 21/04/2017 Citigroup EUR 500, Jun ,015 Sell Cooperatieve Centrale Raiffeisen-Boerenleenbank Barclays Bank EUR 500, Jun , /04/2017 EUR 11,985 Buy CDX NA HY Series 24V2 20/06/2020 Credit Suisse 2,100, Jun-2020 ( 108,975 ) Buy CDX NA HY Series 24V2 20/06/2020 Credit Suisse 1,200, Jun-2020 ( 62,271 ) Buy CDX NA HY Series 24V2 20/06/2020 J.P. Morgan 900, Jun-2020 ( 46,703 ) EUR ( 217,949 ) EUR ( 205,964 ) Inflation Swaps The Company invests in inflation swaps as part of the investment strategy. Inflation swaps were valued with the last available price at the NAV calculation point, at their intrinsic value. The valuation method involves the determination of the net present value of future cash flows at the closing date. The result of these revaluations together with any interest receivable/payable in relation to inflation swaps is shown in the Statement of under unrealised appreciation/(depreciation) on inflation swaps. On 30 June 2015, the following Fund was committed to inflation swaps: Description Counterparty Nominal Currency Maturity Date Unrealised Appreciation/ (Depreciation) Global Inflation Linked Bond Receive floating rate EUR HICPXT 1 Month Pay fixed rate Receive floating rate USCPI 1 Month Pay fixed rate Receive floating rate USCPI 1 Month Pay fixed rate Citigroup 25,000,000 EUR 10-Apr ,260 UBS 25,000, Apr-2017 ( 18,071 ) Deutsche Bank 30,000, Apr ,726 EUR 262,915 Collateral exposure As at 30 June 2015, the exposure of the collateral for swaps and swaptions by counterparty was as follows: Collateral received/paid Counterparty Type of Collateral Currency Collateral QEP Global Plus Paid UBS Cash 25,859,208 25,859,208 Global Tactical Asset Allocation Paid Deutsche Bank Cash 1,160,000 Paid HSBC Cash 210,000 1,370,000 Global Diversified Growth Received UBS Cash EUR 41,000 Paid Credit Suisse Cash EUR 580,000 Paid HSBC Cash EUR 440,000 Paid J.P. Morgan Cash EUR 260,000 EUR 1,321,000 Strategic Beta 10 Paid Barclays Bank Cash 210,000

161 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 161 Collateral exposure (cont) Collateral received/paid Counterparty Type of Collateral Currency Collateral Global Tactical Asset Allocation (cont) Paid Citigroup Cash 260,000 Paid J.P. Morgan Cash 100,000 Paid Morgan Stanley Cash 440,000 Paid UBS Cash 220,000 1,230,000 Asian Bond Absolute Return Received Barclays Bank Cash 650,000 Paid BNP Paribas Cash 950,000 Paid Deutsche Bank Cash 3,820,000 Paid HSBC Cash 490,000 Paid J.P. Morgan Cash 840,000 Paid UBS Cash 1,970,000 8,720,000 European Alpha Absolute Return Paid Deutsche Bank Cash EUR 3,400,000 EUR 3,400,000 European Equity Absolute Return Paid Deutsche Bank Cash EUR 4,450,000 EUR 4,450,000 QEP Global Absolute * Paid UBS Cash 239, ,616 EURO Bond Paid BNP Paribas Cash EUR 4,730,000 EUR 4,730,000 EURO Government Bond Received RBS Cash EUR 950,000 Paid Deutsche Bank Cash EUR 1,450,000 EUR 2,400,000 Global Bond Received RBS Cash EUR 2,374,000 Paid Credit Suisse Cash 250,000 Paid Deutsche Bank Cash 2,080,000 Paid J.P. Morgan Cash 2,410,000 Paid Merrill Lynch Cash 3,540,000 10,942,061 Global Inflation Linked Bond Paid Deutsche Bank Cash EUR 890,000 Paid RBS Cash EUR 720,000 EUR 1,610,000 Hong Kong Dollar Bond Received Bank of America Cash 980,000 Received HSBC Cash HKD 1,166,000 Received Standard Chartered Bank Cash 1,460,000 Paid BNP Paribas Cash HKD 8,031,420 Paid Deutsche Bank Cash 1,490,000 HKD 39,664,156 Asian Local Currency Bond Received Barclays Bank Cash 260,000 Received BNP Paribas Cash EUR 190,000 Received J.P. Morgan Cash 290,000 Paid Deutsche Bank Cash 190, ,055 EURO Corporate Bond Received Barclays Bank Cash EUR 3,610,000 Received Morgan Stanley Cash EUR 20,000 Received RBS Cash EUR 870,000 Received UBS Cash EUR 790,000 Paid BNP Paribas Cash EUR 1,620,000 Paid Citigroup Cash EUR 6,510,000 Paid Credit Suisse Cash EUR 2,850,000 * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

162 Page 162 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Collateral exposure (cont) Collateral received/paid Counterparty Type of Collateral Currency Collateral Global Tactical Asset Allocation (cont) Paid Goldman Sachs Cash EUR 730,000 Paid Merrill Lynch Cash EUR 370,000 EUR 17,370,000 EURO Credit Conviction Received Barclays Bank Cash EUR 50,000 Received Goldman Sachs Cash EUR 50,000 Received J.P. Morgan Government Bonds EUR 164,704 Paid Citigroup Cash EUR 450,000 EUR 714,704 EURO High Yield Paid Barclays Bank Cash EUR 150,000 Paid Citigroup Cash EUR 160,000 Paid Credit Suisse Cash EUR 110,000 EUR 420,000 Global Corporate Bond Received Citigroup Cash 250,000 Paid J.P. Morgan Cash 1,420,000 1,670,000 Global High Income Bond Paid Citigroup Cash 220, ,000 Global High Yield Received Goldman Sachs Cash 170,000 Paid Credit Suisse Cash 1,340,000 1,510,000 Global Unconstrained Bond Received Citigroup Cash 220,000 Paid BNP Paribas Cash 490,000 Paid J.P. Morgan Cash 20, ,000 Strategic Bond Received Barclays Bank Cash 3,988,000 Received RBS Cash EUR 4,706,000 Received UBS Cash EUR 116,000 Received UBS Cash 150,000 Paid BNP Paribas Cash 1,100,000 Paid Citigroup Cash 3,430,000 Paid Credit Suisse Cash 820,000 Paid Deutsche Bank Cash 7,380,000 Paid Goldman Sachs Cash 200,000 Paid J.P. Morgan Cash 8,980,000 Paid Merrill Lynch Cash 12,550,000 Paid Morgan Stanley Cash 1,060,000 45,065,101 Strategic Credit Received Citigroup Cash GBP 270,000 Received Credit Suisse Cash GBP 200,000 Received Goldman Sachs Cash GBP 250,000 Received J.P. Morgan Government Bonds EUR 1,311,213 Received J.P. Morgan Government Bonds GBP 130,381 Received Morgan Stanley Cash GBP 160,000 GBP 1,943,441 Emerging Bond Paid Citigroup Cash 220,000 Paid Credit Suisse Cash 60, ,000 Emerging Corporate Bond Paid Deutsche Bank Cash 210, ,000

163 Emerging Multi-Asset Income * Emerging s Debt Absolute Return 1,810,976 1,615,010 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 163 Cross sub-fund investment As at 30 June 2015, the total cross sub-fund investment amounts to EUR 1,268,503,199 and therefore, the total combined NAV at period end without cross sub-fund investments would amount to EUR 88,553,631,079. The details of the cross sub-fund investments are disclosed in the following table: Fund Cross investment Currency (in base currency) (in EUR) Asian Opportunities Emerging s Global Energy US Small & Mid Cap Equity US Smaller Companies Asian Diversified Growth Asian Smaller Companies 104,751,210 93,416,104 Indian Opportunities 122,842, ,550,132 Korean Equity 63,077,892 56,252, ,672, ,218,483 Frontier s Equity 44,041,088 39,275,412 Global Emerging s Smaller Companies 32,798,658 29,249,523 76,839,746 68,524,935 Global Small Cap Energy 3,548,266 3,164,309 3,548,266 3,164,309 US Dollar Liquidity 84,646,205 75,486,658 84,646,205 75,486,658 US Dollar Liquidity 17,160,467 15,303,537 17,160,467 15,303,537 Asia Pacific Property Securities 4,537,802 4,046,767 Asian Bond Absolute Return 7,076,774 6,310,998 Asian Equity Yield 3,302,988 2,945,572 Asian Local Currency Bond 3,411,369 3,042,225 Asian Opportunities 4,182,931 3,730,297 Asian Smaller Companies 4,323,388 3,855,555 Asian Total Return 7,673,381 6,843,046 China Opportunities 2,552,216 2,276,042 Emerging Asia 647, ,157 Emerging s Debt Absolute Return 2,679,042 2,389,144 Hong Kong Equity 1,235,707 1,101,992 Indian Equity 986, ,053 Japanese Equity 5,962,194 5,317,026 Japanese Smaller Companies 6,509,432 5,805,047 Korean Equity 1,123,607 1,002,022 Latin American 1,516,756 1,352,628 Taiwanese Equity 1,076, ,018 58,798,120 52,435,589 Global Conservative Global Diversified Growth 1,810,976 1,615,010 EURO Corporate Bond 2,666,681 2,666,681 EURO Liquidity 4,423,582 4,423,582 EUR 7,090,263 7,090,263 Emerging s Debt Absolute Return 35,704,435 35,704,435 EURO Liquidity 96,415,759 96,415,759 European Special Situations 23,928,798 23,928,798 Global Energy 1,392,517 1,392,517 Global High Yield 18,668,620 18,668,620 Global Tactical Asset Allocation 22,340,699 22,340,699 * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

164 Page 164 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Cross sub-fund investment (cont) Fund Cross investment Currency (in base currency) (in EUR) Global Diversified Growth (cont) Global Dynamic Balanced Global Multi-Asset Allocation Global Multi-Asset Income Japan DGF Multi-Manager Global Diversity Asian Bond Absolute Return European Alpha Absolute Return European Equity Absolute Return Global Bond Global Corporate Bond Global High Yield Strategic Bond QEP Global Active 62,021,350 62,021,350 QEP Global Quality 55,440,088 55,440,088 EUR 315,912, ,912,266 EURO Corporate Bond 28,184,617 28,184,617 EUR 28,184,617 28,184,617 EURO Corporate Bond 7,870,336 7,018,689 7,870,336 7,018,689 Emerging Multi-Asset Income 4,727,111 4,215,591 4,727,111 4,215,591 Asia Pacific Property Securities 492,464,344 3,587,590 Asian Bond Absolute Return 1,990,496,069 14,500,714 Asian Local Currency Bond 3,104,423,578 22,615,648 Asian Total Return 2,157,550,929 15,717,705 Emerging s Debt Absolute Return 2,631,537,308 19,170,684 EURO Bond 1,175,922,567 8,566,567 EURO Equity 1,330,498,417 9,692,648 Global Bond 6,871,193,412 50,056,473 Global High Yield 1,181,859,533 8,609,817 Japanese Equity 1,417,331,075 10,325,222 Japanese Smaller Companies 815,771,602 5,942,876 QEP Global Active 723,001,087 5,267,045 QEP Global Quality 220,091,762 1,603,363 Strategic Bond 1,784,571,334 13,000,558 JPY 25,896,713, ,656,910 US Dollar Liquidity 2,724,890 2,430,030 2,724,890 2,430,030 RMB Fixed Income 23,790,150 21,215,823 23,790,150 21,215,823 EURO Liquidity 7,535,102 7,535,102 EUR 7,535,102 7,535,102 EURO Liquidity 7,037,280 7,037,280 EUR 7,037,280 7,037,280 Emerging Bond 5,479,440 4,886,511 5,479,440 4,886,511 Emerging Corporate Bond 65,264,300 58,202,064 65,264,300 58,202,064 EURO High Yield 139,595, ,490, ,595, ,490,000 Emerging Bond 17,806,354 15,879,532 17,806,354 15,879,532 Total 1,268,503,199 Commitments Global Diversified Growth committed to invest EUR 5,000,000 in Private Equity Fund of Funds IV Class C (the Underlying Fund ) in a secondary purchase transaction representing 5,000,000 shares at an initial price of EUR 1.00 per share. As at 30 June 2015, the Sub- Fund has paid an equivalent of 65 of its initial commitment and is committed to pay the remaining EUR 1,750,000 upon capital call notice from the Underlying Fund Manager. The shares of the Underlying Fund are subject to liquidity restrictions.

165 International Selection Fund Semi-Annual Report 30 June 2015 Notes to the Financial Statements Page 165 Subsequent Events On 1 July 2015 the distribution policy was changed for EURO Credit Conviction A Dis class from quarterly variable to semi-annual 3 fixed. On 8 July 2015 the following share classes were launched. Global Dynamic Balanced A Acc NOK Hedged shares; Global Multi-Asset Income A Dis NOK Hedged shares; Global Multi-Asset Income A Acc SEK Hedged shares; Global Multi-Asset Income A Dis SEK Hedged shares; On 10 July 2015 distribution policies were changed as follows: European Dividend Maximiser for quarterly distributing classes, from 8 p.a. to 7 p.a.; Global Equity Yield for quarterly distributing classes, from 4 p.a. to 3 p.a.; Global Dividend Maximiser for quarterly distributing classes, from 8 p.a. to 7 p.a.; On 14 July 2015 QEP Global Emerging s I Dis GBP class was liquidated. On 15 July 2015 Wealth Preservation was liquidated. On 29 July 2015 Multi-Manager Diversity was launched. Additionally the following share classes were launched on 29 July 2015: Global Multi-Asset Income A1 Acc PLN Hedged class, European Dividend Maximiser A Dis SGD Hedged class and QEP Global Emerging s I Dis class. On 5 August 2015 Strategic Beta 10 C Acc class was launched.

166 Page 166 International Selection Fund Semi-Annual Report 30 June 2015 Statement of as at 30 June 2015 ASSETS Asian Opportunities EURO Equity European Large Cap Global Equity Italian Equity Japanese Equity EUR EUR EUR JPY Investments Securities at cost 2,872,644,730 2,212,547, ,510,611 55,545, ,971, ,659,377,366 Unrealised appreciation/(depreciation) 415,167, ,828,315 29,776,757 7,036,089 52,077,533 97,653,524,809 Securities at 3,287,812,554 2,445,375, ,287,368 62,581, ,049, ,312,902,175 unrealised appreciation/(depreciation) on forward foreign exchange contracts (22,486) (3,743,284) - (1,615) - (2,276,488,940) on futures contracts (95,283,817) on interest rate swaps contracts on inflation swaps contracts on total return swaps contracts on credit default swaps contracts ,287,790,068 2,441,632, ,287,368 62,580, ,049, ,941,129,418 Cash at banks 32,622,666 23,654,773 2,002, ,922 10,867,669 6,139,992,388 Receivables for securities sold 680,282 7,488,534-56, ,647,317 Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract 164,711 1,493, ,689,295,841 collateral receivable hedged currency class forward contract - 1,800, collateral calls receivable Receivables for subscriptions 7,482,491 21,440, ,347 6,454 4,563,749 1,907,379,256 Dividends and interest receivable 10,531,308 4,977,670 1,303,680 83, ,401,742 Sundry receivables and prepayments 2 2,716, ,835 56,414 51,140 10,445,634 market value of options & swaptions TOTAL ASSETS 3,339,271,528 2,505,204, ,085,357 63,340, ,531, ,868,291,596 LIABILITIES Bank overdraft Payables for securities purchased - 3,758, ,783 4,416,285 1,740,376,715 Hedged currency class forward contract collateral payable hedged currency class forward contract 205, ,575,336,851 collateral calls payable Payables for redemptions 1,534,264 8,131, ,425 63, ,735 1,167,517,926 Dividends payable Management fees payable 2,514,508 2,205, ,077 21, , ,307,674 Other payables and accruals 1,422,578 1,097,463 88,769 15, , ,573,974 market value of options & swaptions TOTAL LIABILITIES 5,677,148 15,192, , ,012 5,743,366 5,979,113,140 TOTAL NET ASSETS 3,333,594,380 2,490,011, ,719,086 63,014, ,788, ,889,178,456 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

167 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 167 ASSETS Swiss Equity UK Equity US Large Cap Asia Pacific Property Securities Asian Dividend Maximiser Asian Equity Yield CHF GBP Investments Securities at cost 181,701, ,768,319 1,025,599, ,852, ,966,728 2,166,699,197 Unrealised appreciation/(depreciation) 52,534,474 17,921, ,173, ,317 (9,347,700) 97,070,494 Securities at 234,236, ,689,340 1,159,772, ,766, ,619,028 2,263,769,691 unrealised appreciation/(depreciation) on forward foreign exchange contracts (1,431) ,386-1,447, ,359 on futures contracts on interest rate swaps contracts on inflation swaps contracts on total return swaps contracts on credit default swaps contracts ,234, ,689,642 1,160,680, ,766, ,066,311 2,263,871,050 Cash at banks 4,829,923 8,560,791 23,488,276 3,722,256 11,568,082 26,814,141 Receivables for securities sold 25,481 16,308 22,696,399 37,123 1,996,506 3,832,114 Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract , collateral receivable hedged currency class forward contract collateral calls receivable Receivables for subscriptions 453,951 5,874,861 6,209, ,571 2,822,326 5,532,240 Dividends and interest receivable - 817, , ,745 2,418,953 11,340,948 Sundry receivables and prepayments 4, ,787-9,116 - market value of options & swaptions TOTAL ASSETS 239,548, ,959,024 1,214,402, ,675, ,881,294 2,311,390,493 LIABILITIES Bank overdraft Payables for securities purchased - 14,166 31,933,916-3,976, ,910 Hedged currency class forward contract ,270 55,410 collateral payable hedged currency class forward contract - - 1,149, ,787 - collateral calls payable Payables for redemptions 115,881 1,491,696 14,700, ,455 1,012,534 9,341,003 Dividends payable ,930,960 1,596,935 Management fees payable 231, ,427 1,021, , ,529 2,269,975 Other payables and accruals 121, , ,993 75, , ,134 market value of options & swaptions ,537,806 - TOTAL LIABILITIES 468,855 1,805,183 49,371, ,992 10,574,218 14,822,367 TOTAL NET ASSETS 239,079, ,153,841 1,165,030, ,108, ,307,076 2,296,568,126 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

168 Page 168 International Selection Fund Semi-Annual Report 30 June 2015 Statement of ASSETS Asian Smaller Companies Asian Total Return BRIC (Brazil, Russia, India, China) China Opportunities Emerging Asia Emerging Europe EUR Investments Securities at cost 307,511,213 1,848,934,523 1,019,019,224 1,323,984, ,928, ,708,290 Unrealised appreciation/(depreciation) 30,641, ,188, ,585, ,375, ,112,561 (14,952,807) Securities at 338,153,177 2,366,122,930 1,221,605,187 1,491,360, ,040, ,755,483 unrealised appreciation/(depreciation) on forward foreign exchange contracts - 5,620,347-39, on futures contracts on interest rate swaps contracts on inflation swaps contracts on total return swaps contracts on credit default swaps contracts ,153,177 2,371,743,277 1,221,605,187 1,491,399, ,040, ,755,483 Cash at banks 11,552,004 52,900,241 9,200,349 46,013,905 19,188, ,133 Receivables for securities sold 549,927 3,976,679 1,530,535 21,323,722 17,877,082 1,281,240 Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract collateral receivable hedged currency class forward contract collateral calls receivable Receivables for subscriptions 409,420 3,043, ,425 22,363,312 2,805, ,306 Dividends and interest receivable 436,677 3,828,606 10,234,398 15,771,216 5,895, ,393 Sundry receivables and prepayments ,093 market value of options & swaptions - 11,369, TOTAL ASSETS 351,101,205 2,446,862,409 1,243,362,894 1,596,871, ,808, ,313,648 LIABILITIES Bank overdraft Payables for securities purchased - 5,643, ,752 15,591,717 1,928, Hedged currency class forward contract - 276,875-65, collateral payable hedged currency class forward contract - 1,493,363-51, collateral calls payable Payables for redemptions 131,027 5,366,188 3,479,455 8,369,306 3,186,580 1,121,817 Dividends payable Management fees payable 176,880 2,026,056 1,348,576 1,997,439 1,088, ,348 Other payables and accruals 164, , ,351 7,716,290 6,470, ,474 market value of options & swaptions TOTAL LIABILITIES 472,018 15,677,448 6,369,134 33,792,541 12,673,989 1,734,351 TOTAL NET ASSETS 350,629,187 2,431,184,961 1,236,993,760 1,563,079, ,134, ,579,297 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

169 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 169 ASSETS Emerging s European Dividend Maximiser European Equity (Ex UK) European Equity Focus European Equity Yield European Opportunities EUR EUR EUR EUR EUR Investments Securities at cost 2,825,433,198 1,516,409, ,203,171 8,605, ,703, ,982,040 Unrealised appreciation/(depreciation) 237,162,388 73,055,868 26,073, ,281 11,647,992 49,677,251 Securities at 3,062,595,586 1,589,465, ,276,457 8,968, ,351, ,659,291 unrealised appreciation/(depreciation) on forward foreign exchange contracts 52,836 (2,848,094) 53,754 - (2,911,685) 9,978 on futures contracts on interest rate swaps contracts on inflation swaps contracts on total return swaps contracts on credit default swaps contracts ,062,648,422 1,586,617, ,330,211 8,968, ,439, ,669,269 Cash at banks 39,978,606 40,758,458 2,333, ,196 7,908,661 2,569,200 Receivables for securities sold 3,947,964-1,636,408-4, ,379 Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract - 886, ,524,472 - collateral receivable hedged currency class forward contract - 1,722, ,473-1,143,113 - collateral calls receivable Receivables for subscriptions 7,179,838 10,015, ,805-2,283, ,055 Dividends and interest receivable 16,629,889 12,437,939 83,297 27,081 3,298, ,951 Sundry receivables and prepayments 16,144 4,372, ,890 6, , ,212 market value of options & swaptions TOTAL ASSETS 3,130,400,863 1,656,810, ,542,653 9,310, ,294, ,052,066 LIABILITIES Bank overdraft Payables for securities purchased 6,079, , Hedged currency class forward contract 25, , collateral payable hedged currency class forward contract 51, collateral calls payable Payables for redemptions 985,368 10,519,488 1,090,774-9,132, ,106 Dividends payable 266,865 25,005, ,691-1,038,196 1,515,303 Management fees payable 1,368,962 2,026, ,780 1, , ,599 Other payables and accruals 843,500 1,036,487 64,916 1, , ,530 market value of options & swaptions - 7,326, TOTAL LIABILITIES 9,621,918 46,254,564 1,755,399 3,625 10,880,363 2,544,538 TOTAL NET ASSETS 3,120,778,945 1,610,555, ,787,254 9,306, ,413, ,507,528 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

170 Page 170 International Selection Fund Semi-Annual Report 30 June 2015 Statement of ASSETS European Smaller Companies European Special Situations European Total Return Frontier s Equity Global Climate Change Equity Global Demographic Opportunities EUR EUR EUR Investments Securities at cost 405,160, ,576,092 32,265,797 1,605,736, ,072,510 35,927,772 Unrealised appreciation/(depreciation) 35,104, ,516,786 5,591,119 (142,007,658) 25,172,721 1,118,554 Securities at 440,264, ,092,878 37,856,916 1,463,728, ,245,231 37,046,326 unrealised appreciation/(depreciation) on forward foreign exchange contracts (600,817) - 4,707 41, , ,682 on futures contracts , on interest rate swaps contracts on inflation swaps contracts on total return swaps contracts on credit default swaps contracts ,663, ,092,878 37,877,452 1,463,769, ,634,213 37,592,008 Cash at banks 18,504,972 17,781, ,491 18,330,353 3,206,722 1,246,030 Receivables for securities sold 100, , Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract 375, , collateral receivable hedged currency class forward contract 117, collateral calls receivable Receivables for subscriptions 9,732,380 1,108,448-10,100,204 1,304,898 50,419 Dividends and interest receivable 1,142,700 2,072,798 51,105 2,815, ,244 28,586 Sundry receivables and prepayments 373,314 1,164,698 44, ,961 19,140 market value of options & swaptions , TOTAL ASSETS 470,010, ,220,360 38,876,810 1,495,731, ,279,038 38,936,183 LIABILITIES Bank overdraft Payables for securities purchased 3,646,790 3,367,946-1,149, Hedged currency class forward contract , ,830 collateral payable hedged currency class forward contract ,970-56,300 collateral calls payable Payables for redemptions 9,262, ,657 59,337 7,146, ,649 4,789 Dividends payable ,586 Management fees payable 551, ,158 48,745 1,235, ,444 48,696 Other payables and accruals 299, ,209 29, ,264 82,204 18,113 market value of options & swaptions TOTAL LIABILITIES 13,760,711 5,276, ,372 10,687, , ,314 TOTAL NET ASSETS 456,249, ,943,390 38,739,438 1,485,044, ,333,991 38,320,869 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

171 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 171 ASSETS Global Dividend Maximiser Global Emerging Opportunities Global Emerging s Smaller Companies Global Energy Global Equity Yield Global Property Securities Investments Securities at cost 4,758,768, ,311,257 71,399, ,260, ,727, ,602,198 Unrealised appreciation/(depreciation) (55,467,882) 36,295,889 2,959,110 (178,350,119) 1,959,765 25,256,002 Securities at 4,703,300, ,607,146 74,358, ,910, ,686, ,858,200 unrealised appreciation/(depreciation) on forward foreign exchange contracts 3,701, (10,162) 56, ,827 on futures contracts on interest rate swaps contracts on inflation swaps contracts on total return swaps contracts on credit default swaps contracts ,707,001, ,607,146 74,358, ,899, ,743, ,544,027 Cash at banks 116,628,275 70,930,201 1,856,364 11,901,723 3,382, ,671 Receivables for securities sold 12,561, ,968-5,064,903-2,124,702 Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract 2,907, , collateral receivable hedged currency class forward contract collateral calls receivable Receivables for subscriptions 29,801, ,116-1,964,963 3,722, ,768 Dividends and interest receivable 21,129,442 1,046,248 41, ,371 2,458,212 1,167,255 Sundry receivables and prepayments 5,216, ,530 1,266, ,590 market value of options & swaptions TOTAL ASSETS 4,895,245, ,078,679 76,256, ,877, ,573, ,155,013 LIABILITIES Bank overdraft Payables for securities purchased 35,872,848-30,352 4,190, ,569 - Hedged currency class forward contract ,108 collateral payable hedged currency class forward contract 6,932, ,234 collateral calls payable Payables for redemptions 18,923, ,664-4,028,815 2,244, ,051 Dividends payable 71,503, , ,754 Management fees payable 6,209, , , , ,534 Other payables and accruals 2,541, ,501 10, , , ,950 market value of options & swaptions 27,562, TOTAL LIABILITIES 169,545,798 1,920,042 40,802 8,978,441 4,331,221 2,202,631 TOTAL NET ASSETS 4,725,700, ,158,637 76,215, ,899, ,241, ,952,382 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

172 Page 172 International Selection Fund Semi-Annual Report 30 June 2015 Statement of ASSETS Global Recovery Global Small Cap Energy Global Smaller Companies Greater China Hong Kong Equity Indian Equity HKD Investments Securities at cost 146,080,339 55,445, ,877, ,378,344 21,347,821, ,764,040 Unrealised appreciation/(depreciation) (10,398,528) (30,620,038) 34,156,421 81,730,208 4,688,310,721 51,457,308 Securities at 135,681,811 24,824, ,034, ,108,552 26,036,132, ,221,348 unrealised appreciation/(depreciation) on forward foreign exchange contracts 115, (205,051) - on futures contracts on interest rate swaps contracts on inflation swaps contracts on total return swaps contracts on credit default swaps contracts ,797,077 24,824, ,034, ,108,552 26,035,927, ,221,348 Cash at banks 6,649, ,187 8,748,070 9,710, ,559,573 13,486,068 Receivables for securities sold - 1,554, ,231 16,053,251-1,289,516 Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract ,997 - collateral receivable hedged currency class forward contract collateral calls receivable Receivables for subscriptions 66,830 31,940 8,912, , ,471, ,184 Dividends and interest receivable 371, ,128 6,957,138 71,248, ,899 Sundry receivables and prepayments 130,934-59, market value of options & swaptions TOTAL ASSETS 143,015,641 27,191, ,797, ,813,143 26,470,989, ,072,015 LIABILITIES Bank overdraft Payables for securities purchased 278,200 1,380,998 6,756,214 5,453,990-1,057,091 Hedged currency class forward contract 136, collateral payable hedged currency class forward contract ,997 - collateral calls payable Payables for redemptions 56,670 61, ,657 4,766,708 42,256, ,130 Dividends payable Management fees payable 70,712 17, ,589 1,041,880 30,486, ,810 Other payables and accruals 49,008 10,381 88,014 2,921,074 12,075, ,175 market value of options & swaptions TOTAL LIABILITIES 591,062 1,470,660 7,118,474 14,183,652 85,601,851 1,579,206 TOTAL NET ASSETS 142,424,579 25,720, ,679, ,629,491 26,385,387, ,492,809 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

173 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 173 ASSETS Indian Opportunities Japanese Opportunities Japanese Smaller Companies Korean Equity Latin American Middle East JPY JPY Investments Securities at cost 120,957,680 95,570,294,519 28,413,185, ,250, ,909, ,979,138 Unrealised appreciation/(depreciation) 25,818,017 23,545,177,735 9,441,679,076 (5,187,015) (34,457,220) 2,932,960 Securities at 146,775, ,115,472,254 37,854,864, ,063, ,451, ,912,098 unrealised appreciation/(depreciation) on forward foreign exchange contracts - (532,969,903) on futures contracts - (92,410,000) on interest rate swaps contracts on inflation swaps contracts on total return swaps contracts on credit default swaps contracts ,775, ,490,092,351 37,854,864, ,063, ,451, ,912,098 Cash at banks 3,414,543 9,894,685,299 1,018,739,500 2,823,671 2,696,318 3,956,099 Receivables for securities sold 70,507-29,556, ,920 - Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract - 549,194, collateral receivable hedged currency class forward contract collateral calls receivable Receivables for subscriptions - 1,318,109, ,448, , , ,431 Dividends and interest receivable 201,047 78,670,840 30,346,319 17, , ,849 Sundry receivables and prepayments - 5,976, market value of options & swaptions TOTAL ASSETS 150,461, ,336,729,221 39,254,955, ,004, ,019, ,489,477 LIABILITIES Bank overdraft Payables for securities purchased - 927,888, ,988, ,701 - Hedged currency class forward contract collateral payable hedged currency class forward contract - 490,829, collateral calls payable Payables for redemptions - 1,876,920,828 11,812,988 83,035 1,027, ,523 Dividends payable Management fees payable 1, ,009,938 21,518,450 40, , ,707 Other payables and accruals 20,634 49,315,423 11,775,974 28, , ,581 market value of options & swaptions TOTAL LIABILITIES 22,214 3,468,964, ,096, ,506 2,350, ,811 TOTAL NET ASSETS 150,439, ,867,764,600 38,715,859, ,853, ,669, ,861,666 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

174 Page 174 International Selection Fund Semi-Annual Report 30 June 2015 Statement of ASSETS Swiss Equity Opportunities Swiss Small & Mid Cap Equity Taiwanese Equity UK Opportunities US Small & Mid Cap Equity US Smaller Companies CHF CHF GBP Investments Securities at cost 80,079, ,774, ,636, ,717,903 1,014,506, ,228,235 Unrealised appreciation/(depreciation) 13,180,724 53,273,984 32,945,785 (2,854,297) 260,338,321 82,347,044 Securities at 93,259, ,048, ,582, ,863,606 1,274,845, ,575,279 unrealised appreciation/(depreciation) on forward foreign exchange contracts (453) 3,251,931 - on futures contracts (372,698) (49,750) on interest rate swaps contracts on inflation swaps contracts on total return swaps contracts on credit default swaps contracts ,259, ,048, ,582, ,863,153 1,277,724, ,525,529 Cash at banks 7,251,921 10,229,866-5,313,288 30,192,790 11,291,936 Receivables for securities sold - 55,209 2,488, ,848 Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract collateral receivable hedged currency class forward contract collateral calls receivable Receivables for subscriptions 44,666 56,844 18,284, ,237 9,788, ,762 Dividends and interest receivable - - 2,168, , , ,250 Sundry receivables and prepayments 344 7, ,607 3,076 market value of options & swaptions TOTAL ASSETS 100,556, ,397, ,525, ,952,407 1,318,299, ,511,401 LIABILITIES Bank overdraft - - 1,931, Payables for securities purchased - - 6,867,250 1,038,735 2,245,109 23,392 Hedged currency class forward contract ,419,258 - collateral payable hedged currency class forward contract ,624,058 - collateral calls payable Payables for redemptions ,070 2,114,104 38,554 1,578, ,714 Dividends payable ,062, Management fees payable 57, , , ,405 1,214, ,128 Other payables and accruals 39,284 82, ,414 75, , ,264 market value of options & swaptions TOTAL LIABILITIES 97, ,375 11,355,608 4,368,489 8,742,937 1,082,498 TOTAL NET ASSETS 100,459, ,986, ,169, ,583,918 1,309,556, ,428,903 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

175 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 175 ASSETS European Small & Mid-Cap European Equity Alpha Global Equity Alpha Japanese Equity Alpha QEP Global Active QEP Global Blend EUR EUR JPY Investments Securities at cost 22,594, ,284, ,552,181 6,137,144,856 1,743,635, ,526,210 Unrealised appreciation/(depreciation) 2,444, ,170, ,818,438 1,324,557,551 6,247,861 3,180,980 Securities at 25,039, ,454, ,370,619 7,461,702,407 1,749,883, ,707,190 unrealised appreciation/(depreciation) on forward foreign exchange contracts (83,468,881) (3,098,925) (605,239) on futures contracts on interest rate swaps contracts on inflation swaps contracts on total return swaps contracts on credit default swaps contracts ,039, ,454, ,370,619 7,378,233,526 1,746,784, ,101,951 Cash at banks 1,470,432 68,751,682 6,348, ,897,407 2,085,924 8,831,910 Receivables for securities sold 1,037, ,707,410 25,624,945 2,286,473 Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract ,909, collateral receivable hedged currency class forward contract collateral calls receivable Receivables for subscriptions - 1,447,124 6,952,225-7,367,504 - Dividends and interest receivable 142,003 3,447,128 1,490,096 2,893,789 3,386, ,431 Sundry receivables and prepayments 363, , , ,657 1,380, ,246 market value of options & swaptions TOTAL ASSETS 28,051, ,776, ,629,633 7,623,125,298 1,786,630, ,138,011 LIABILITIES Bank overdraft Payables for securities purchased 221, ,178,065 37,933,723 5,270,198 Hedged currency class forward contract collateral payable hedged currency class forward contract ,128, collateral calls payable Payables for redemptions - 1,041,071 59,790-1,929,199 - Dividends payable Management fees payable 2, , ,585 3,675, ,076 13,186 Other payables and accruals 6, , ,801 1,935, ,225 50,417 market value of options & swaptions TOTAL LIABILITIES 231,387 2,176,029 1,061, ,917,610 40,623,223 5,333,801 TOTAL NET ASSETS 27,820, ,600, ,568,457 7,516,207,688 1,746,007, ,804,210 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

176 Page 176 International Selection Fund Semi-Annual Report 30 June 2015 Statement of ASSETS QEP Global Core QEP Global Emerging s QEP Global Quality QEP Global Plus Global Tactical Asset Allocation Asian Diversified Growth Investments Securities at cost 1,148,635, ,402,876 1,601,205, ,421, ,245,697 56,786,521 Unrealised appreciation/(depreciation) 122,402,266 (66,482,421) 75,847,887 (1,288,554) (239,296) 9,756,213 Securities at 1,271,037, ,920,455 1,677,053, ,132, ,006,401 66,542,734 unrealised appreciation/(depreciation) on forward foreign exchange contracts (69,373) (417,300) (1,191,545) 486,189 1,096, ,018 on futures contracts (414,160) (1,493,189) - on interest rate swaps contracts on inflation swaps contracts on total return swaps contracts (26,378,012) (393,981) - on credit default swaps contracts ,270,553, ,503,155 1,675,861, ,240, ,215,247 66,769,752 Cash at banks 27,147,690 9,928,589 7,903,328 67,727,002 30,415,960 1,751,008 Receivables for securities sold 6,112,835 3,070,964 6,675,525 21,687,337 31,556 - Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract collateral receivable hedged currency class forward contract collateral calls receivable Receivables for subscriptions 957,328 1,271,342 2,294,488 1,705, Dividends and interest receivable 1,559,327 3,809,482 2,502, , ,386 51,285 Sundry receivables and prepayments 542, , ,203-1 market value of options & swaptions ,555 TOTAL ASSETS 1,306,873, ,583,566 1,696,206, ,704, ,109,149 68,987,601 LIABILITIES Bank overdraft Payables for securities purchased 8,790,768 3,250,976 8,737,963 31,474, ,559 Hedged currency class forward contract ,244,585 - collateral payable hedged currency class forward contract ,174 - collateral calls payable Payables for redemptions 140, ,067 4,454,221 1,228, Dividends payable , Management fees payable 96, , , ,272 23,745 2,538 Other payables and accruals 164, , , ,001 24,964 13,913 market value of options & swaptions ,977 - TOTAL LIABILITIES 9,192,412 4,148,570 14,433,283 33,079,771 1,773, ,010 TOTAL NET ASSETS 1,297,680, ,434,996 1,681,773, ,624, ,335,704 68,793,591 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

177 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 177 ASSETS Emerging Multi-Asset Income * Global Conservative Global Diversified Growth Global Dynamic Balanced Global Multi-Asset Allocation Global Multi-Asset Income EUR EUR EUR Investments Securities at cost 23,660,170 50,969, ,764, ,300, ,196,928 6,241,812,969 Unrealised appreciation/(depreciation) (960,553) 959,186 66,823,143 2,132,176 (2,265,204) (196,848,788) Securities at 22,699,617 51,928, ,588, ,432, ,931,724 6,044,964,181 unrealised appreciation/(depreciation) on forward foreign exchange contracts (22,071) 165,408 79,468 2,342,687 (1,079,160) 39,302,614 on futures contracts (12,294) (147,244) (2,718,222) (2,758,862) (964,516) (5,239,602) on interest rate swaps contracts on inflation swaps contracts on total return swaps contracts - - (1,274,292) on credit default swaps contracts ,665,252 51,946, ,674, ,016, ,888,048 6,079,027,193 Cash at banks 994,935 1,018,321 75,829,912 25,064,988 11,999, ,809,026 Receivables for securities sold 4 3,840 13,266-25,033 3,146,156 **** Accruals for management fee rebates ,821-4,889 - Accruals for subsidy on underlying management , fees ***** Hedged currency class forward contract collateral receivable hedged currency class forward contract - - 1,603, , collateral calls receivable Receivables for subscriptions - 168,754 4,486,112 8,324, ,854 19,212,820 Dividends and interest receivable 266, ,411 46,621 1,616, ,089 67,018,907 Sundry receivables and prepayments ,735-6,113 1,829,042 market value of options & swaptions 35,445 36, , ,545 12,708,075 TOTAL ASSETS 23,962,042 53,400, ,834, ,017, ,060,610 6,454,751,219 LIABILITIES Bank overdraft Payables for securities purchased - 16, , ,847 22,826,153 Hedged currency class forward contract - - 3,067, ,172 77,131 26,260,901 collateral payable hedged currency class forward contract ,778,670 collateral calls payable Payables for redemptions - 164, ,715 2,815,011 80,786 22,044,482 Dividends payable 100,048 78,638 75, , ,204,017 Management fees payable 25 47, , , ,633 6,050,323 Other payables and accruals 2,304 32, , , ,149 2,673,868 market value of options & swaptions , TOTAL LIABILITIES 102, ,372 4,693,506 4,971, , ,838,414 TOTAL NET ASSETS 23,859,665 53,061, ,141, ,045, ,437,063 6,321,912,805 * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review. **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

178 Page 178 International Selection Fund Semi-Annual Report 30 June 2015 Statement of ASSETS Japan DGF Strategic Beta 10 Wealth Preservation EUR Wealth Preservation Multi-Manager Global Diversity Asian Bond Absolute Return JPY EUR Investments Securities at cost 31,617,661,131 49,565,137 21,444,964 4,449,580 17,848, ,177,801 Unrealised appreciation/(depreciation) 5,136,533,619 (133,853) (272,382) - (125,270) (13,859,916) Securities at 36,754,194,750 49,431,284 21,172,582 4,449,580 17,723, ,317,885 unrealised appreciation/(depreciation) on forward foreign exchange contracts (313,588,219) 619, ,412 (76,239) (1,383) 802,242 on futures contracts 22,005,903 (184,795) (21,230) - - (237,325) on interest rate swaps contracts - (589,686) (7,760,166) on inflation swaps contracts on total return swaps contracts - (297,084) ,867,970 on credit default swaps contracts ,908 36,462,612,434 48,979,506 21,262,764 4,373,341 17,722, ,249,514 Cash at banks 529,726,563 14,400, , , ,730 38,123,561 Receivables for securities sold 25,367,553 14, , **** Accruals for management fee rebates ,340 - Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract collateral receivable hedged currency class forward contract collateral calls receivable Receivables for subscriptions , ,849 Dividends and interest receivable 61,818,899 1,323 42, ,497 6,950,875 Sundry receivables and prepayments - 20,662 1,327 1, market value of options & swaptions 53,982, TOTAL ASSETS 37,133,507,884 63,416,111 22,331,390 4,666,389 18,523, ,759,799 LIABILITIES Bank overdraft Payables for securities purchased ,943,062 Hedged currency class forward contract - 514, ,946 collateral payable hedged currency class forward contract ,824 collateral calls payable Payables for redemptions , ,362,689 Dividends payable , ,855 Management fees payable 13,660,258-16, , ,140 Other payables and accruals 4,996,016 13,823 15,529 1,360 9, ,914 market value of options & swaptions - 168, ,755 TOTAL LIABILITIES 18,656, ,091 43,061 1,811 46,426 9,295,185 TOTAL NET ASSETS 37,114,851,610 62,719,020 22,288,329 4,664,578 18,477, ,464,614 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

179 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 179 ASSETS Emerging s Debt Absolute Return European Alpha Absolute Return European Equity Absolute Return QEP Global Absolute * EURO Bond EURO Government Bond EUR EUR EUR EUR Investments Securities at cost 4,221,182,401 74,542,860 73,614,325 33,636,531 2,373,635, ,723,679 Unrealised appreciation/(depreciation) (166,453,274) 1,898,321 4,737,445 (710,014) 46,909,299 (14,260,692) Securities at 4,054,729,127 76,441,181 78,351,770 32,926,517 2,420,545, ,462,987 unrealised appreciation/(depreciation) on forward foreign exchange contracts 26,461,914 41, ,366 (314,086) (1,757,644) 74,090 on futures contracts - (14,955) 276,782-2,950,034 (100,420) on interest rate swaps contracts ,184 2,086,422 on inflation swaps contracts on total return swaps contracts - (942,653) 1,643, , on credit default swaps contracts (4,141,435) - 4,081,191,041 75,525,105 80,540,278 32,972,446 2,417,690, ,523,079 Cash at banks 55,760,186 12,466,979 8,054,093 1,913,613 26,243,336 20,360,734 Receivables for securities sold - - 4,643,762 1,468,594-4,820,247 Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract collateral receivable hedged currency class forward contract , collateral calls receivable Receivables for subscriptions 745, , ,300-7,276,154 5,861,368 Dividends and interest receivable 42,506, ,447 75,362 32,919,490 7,859,832 Sundry receivables and prepayments 1,812,844 14,521 64, , market value of options & swaptions ,376,189 - TOTAL ASSETS 4,182,016,116 88,210,221 93,671,549 36,705,679 2,485,505,417 1,013,425,260 LIABILITIES Bank overdraft Payables for securities purchased - - 3,232, , Hedged currency class forward contract 15,029,898-95, collateral payable hedged currency class forward contract 7,434, collateral calls payable Payables for redemptions 7,860, ,481 2,192,570-6,363,161 10,121,686 Dividends payable 3,273, ,731 4,167,045 - Management fees payable 1,811, ,923 77, ,398, ,861 Other payables and accruals 1,133, ,701 1,235,130 14, , ,298 market value of options & swaptions ,285,888 TOTAL LIABILITIES 36,543,387 1,245,105 6,832, ,400 12,761,500 12,896,733 TOTAL NET ASSETS 4,145,472,729 86,965,116 86,838,731 36,387,279 2,472,743,917 1,000,528,527 * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review. **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

180 Page 180 International Selection Fund Semi-Annual Report 30 June 2015 Statement of ASSETS EURO Short Term Bond Global Bond Global Inflation Linked Bond Hong Kong Dollar Bond US Dollar Bond Asian Local Currency Bond EUR EUR HKD Investments Securities at cost 831,902,293 2,165,987, ,593,482 11,875,206,257 1,933,432, ,641,627 Unrealised appreciation/(depreciation) 18,299,187 (144,917,680) 61,382,693 46,756,893 (27,015,854) (12,660,025) Securities at 850,201,480 2,021,069, ,976,175 11,921,963,150 1,906,416, ,981,602 unrealised appreciation/(depreciation) on forward foreign exchange contracts (1,049,585) (1,598,315) (2,467,762) - 7,773,196 (1,602,292) on futures contracts 38,819 (1,164,681) (369,835) 16,130,535 2,841,461 (45,291) on interest rate swaps contracts 41,423 3,947,147 (317,169) (28,858) - 535,171 on inflation swaps contracts , on total return swaps contracts ,834,812 on credit default swaps contracts - (6,793,109) - - (5,161,388) 51, ,232,137 2,015,460, ,084,324 11,938,064,827 1,911,870, ,755,784 Cash at banks 20,940,151 38,309,263 17,535, ,413,382 22,622,488 11,067,931 Receivables for securities sold 12,408 45,038 30,456, Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract collateral receivable hedged currency class forward contract , collateral calls receivable Receivables for subscriptions 13,574,516 31,953,342 1,518,599 30,030,117 12,595,966 5,341 Dividends and interest receivable 4,099,148 15,186,243 2,461,607 45,462,232 12,441,684 2,114,468 Sundry receivables and prepayments 1 7, , market value of options & swaptions TOTAL ASSETS 887,858,361 2,100,961, ,127,356 12,544,970,563 1,959,530, ,943,524 LIABILITIES Bank overdraft Payables for securities purchased 3,700,000 6,435,112-19,920,000 12,719, ,766 Hedged currency class forward contract - - 1,252,939-5,452,284 14,769 collateral payable hedged currency class forward contract ,201,641 - collateral calls payable Payables for redemptions 3,421, ,261 47,442,086 64,773,368 5,804, ,004 Dividends payable - 1,330, ,483 8,570, ,012 31,119 Management fees payable 255, , ,862 7,953, ,512 54,122 Other payables and accruals 206, , ,140 6,030, ,621 69,124 market value of options & swaptions - 9,815,551 2,613, ,751 TOTAL LIABILITIES 7,582,899 18,759,934 52,169, ,248,400 28,570,143 1,633,655 TOTAL NET ASSETS 880,275,462 2,082,202, ,957,879 12,437,722,163 1,930,960, ,309,869 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

181 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 181 ASSETS EURO Corporate Bond EURO Credit Conviction EURO High Yield Global Corporate Bond Global High Income Bond Global High Yield EUR EUR EUR Investments Securities at cost 5,402,253, ,947, ,579,428 2,308,358,534 63,470,630 2,211,282,692 Unrealised appreciation/(depreciation) 103,820,644 (5,839,488) 6,928,464 (59,935,449) (1,661,870) (40,913,224) Securities at 5,506,074, ,108, ,507,892 2,248,423,085 61,808,760 2,170,369,468 unrealised appreciation/(depreciation) on forward foreign exchange contracts (4,886,232) (1,057,523) (192,422) 18,373,223 1,213,452 17,859,344 on futures contracts 1,820, ,369-7,781,399 10, ,175 on interest rate swaps contracts (2,927,509) (258,297) on inflation swaps contracts on total return swaps contracts on credit default swaps contracts (5,017,969) (41,686) (506,437) (5,927,424) (362,391) (1,679,320) 5,495,063, ,063, ,809,033 2,268,650,283 62,670,321 2,187,238,667 Cash at banks 115,337,144 17,331,483 4,612,012 38,222, ,872 92,987,857 Receivables for securities sold 2,000, , ,545 18,317,814-2,863,123 Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract collateral receivable hedged currency class forward contract 3,389, collateral calls receivable Receivables for subscriptions 23,956, , ,262 9,184,991 56,797 11,316,454 Dividends and interest receivable 63,911,787 10,315,891 2,663,805 23,794,392 1,225,890 31,987,324 Sundry receivables and prepayments market value of options & swaptions TOTAL ASSETS 5,703,657, ,986, ,240,657 2,358,169,516 64,713,901 2,326,393,425 LIABILITIES Bank overdraft Payables for securities purchased 106,950,893 15,691,375-26,297, ,538 17,320,787 Hedged currency class forward contract 1,999, ,731,050 1,141,579 8,022,772 collateral payable hedged currency class forward contract ,515, ,514 4,599,644 collateral calls payable Payables for redemptions 23,215, , ,001 8,089, ,167 6,170,942 Dividends payable 14,691, ,530 65,991 2,570, ,377 6,251,358 Management fees payable 2,572, ,044 25,618 1,221,233 54,976 1,394,122 Other payables and accruals 1,738, ,930 20,309 1,033,626 47, ,703 market value of options & swaptions TOTAL LIABILITIES 151,168,137 17,032, ,919 52,458,125 3,052,618 44,727,328 TOTAL NET ASSETS 5,552,489, ,953, ,878,738 2,305,711,391 61,661,283 2,281,666,097 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

182 Page 182 International Selection Fund Semi-Annual Report 30 June 2015 Statement of ASSETS Global Unconstrained Bond Strategic Bond Strategic Credit Asian Convertible Bond Emerging Bond Emerging Corporate Bond GBP Investments Securities at cost 58,871,014 2,658,983, ,261, ,560,489 84,549,855 76,480,931 Unrealised appreciation/(depreciation) (2,084,749) (40,898,669) (11,216,670) 1,740,214 (2,636,734) 8,054 Securities at 56,786,265 2,618,084, ,044, ,300,703 81,913,121 76,488,985 unrealised appreciation/(depreciation) on forward foreign exchange contracts 219,700 2,658,565 1,817, ,752 (432,002) (107,444) on futures contracts 138,883 (1,296,447) 149, ,625 on interest rate swaps contracts 221,821 15,300,215 80, (80,340) on inflation swaps contracts on total return swaps contracts on credit default swaps contracts (345,664) (25,119,915) 1,516,966 - (396,111) 15,027 57,021,005 2,609,627, ,609, ,973,455 81,085,008 76,339,853 Cash at banks 1,453,481 76,200,018 8,508,096 8,007, , ,140 Receivables for securities sold ,018, ,240 Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract , ,318 41,435 collateral receivable hedged currency class forward contract collateral calls receivable Receivables for subscriptions 78,748 11,319, , , ,364 - Dividends and interest receivable 691,551 13,225,484 5,311, ,688 1,537, ,470 Sundry receivables and prepayments 17 3, market value of options & swaptions TOTAL ASSETS 59,244,802 2,710,375, ,819, ,638,004 84,264,812 78,668,138 LIABILITIES Bank overdraft Payables for securities purchased - 7,512, ,197 1,400, , ,000 Hedged currency class forward contract 615,466 20,930, , collateral payable hedged currency class forward contract 122,794 7,314, , ,741 98,104 53,129 collateral calls payable Payables for redemptions 219,787 7,854, ,923 5,432, ,482 86,847 Dividends payable 124,231 2,053,219 9,924,488-2,911 1,224 Management fees payable 35,634 1,078, , ,921 34,431 6,838 Other payables and accruals 28, , ,610 93,714 24,821 11,864 market value of options & swaptions 44,143 30,903, TOTAL LIABILITIES 1,190,304 78,382,836 11,457,965 8,043,545 1,155, ,902 TOTAL NET ASSETS 58,054,498 2,631,992, ,361, ,594,459 83,109,096 78,033,236 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

183 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 183 ASSETS Emerging Local Currency Bond Global Conservative Convertible Bond Global Convertible Bond Global Credit Duration Hedged RMB Fixed Income EUR RMB Investments Securities at cost 23,124,864 80,008,233 1,960,322,015 71,758, ,547,932 Unrealised appreciation/(depreciation) (1,795,529) (647,741) (10,586,883) 2,082, ,863 Securities at 21,329,335 79,360,492 1,949,735,132 73,841, ,214,795 unrealised appreciation/(depreciation) on forward foreign exchange contracts (18,305) 1,155,530 (6,351,249) (327,266) - on futures contracts ,561 - on interest rate swaps contracts ,274 on inflation swaps contracts on total return swaps contracts on credit default swaps contracts (78,761) - - (205,964) - 21,232,269 80,516,022 1,943,383,883 73,946, ,985,069 Cash at banks 768,092 2,187,236-4,084,772 8,218,654 Receivables for securities sold - 3,220,915 17,299, ,675 5,000,000 Accruals for management fee rebates **** Accruals for subsidy on underlying management fees ***** Hedged currency class forward contract - - 1,385, collateral receivable hedged currency class forward contract ,523 - collateral calls receivable Receivables for subscriptions - 35,071 36,814,825-2,061 Dividends and interest receivable 476,250 86,068 3,709, ,345 2,044,242 Sundry receivables and prepayments 5,479 14, , market value of options & swaptions TOTAL ASSETS 22,482,090 86,059,754 2,002,773,805 79,665, ,250,026 LIABILITIES Bank overdraft ,934, Payables for securities purchased - 2,568,773 14,533, ,311 - Hedged currency class forward contract 105,563 1,010, ,765 - collateral payable hedged currency class forward contract - 494,548 3,440, collateral calls payable Payables for redemptions - - 2,782, ,622 10,420 Dividends payable 620 1, , ,872 - Management fees payable 4,680 40,829 1,435,461 10,828 24,348 Other payables and accruals 6,463 23, ,519 18,716 51,511 market value of options & swaptions TOTAL LIABILITIES 117,326 4,139,454 51,680,107 1,833,114 86,279 TOTAL NET ASSETS 22,364,764 81,920,300 1,951,093,698 77,832, ,163,747 **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

184 Page 184 International Selection Fund Semi-Annual Report 30 June 2015 Statement of ASSETS EURO Liquidity ** US Dollar Liquidity ** Global Managed Currency ** Total *** EUR EUR Investments Securities at cost 829,672, ,062,778 14,648,889 83,427,301,052 Unrealised appreciation/(depreciation) 12,181 33,492-4,207,052,892 Securities at 829,685, ,096,270 14,648,889 87,634,353,944 unrealised appreciation/(depreciation) on forward foreign exchange contracts - - (117,845) 66,369,049 on futures contracts ,544 on interest rate swaps contracts ,261,302 on inflation swaps contracts ,915 on total return swaps contracts ,364,828 on credit default swaps contracts (48,392,394) 829,685, ,096,270 14,531,044 87,679,010,188 Cash at banks 17,915,821 86,460,795 1,392,416 2,202,403,086 Receivables for securities sold ,635,285 **** Accruals for management fee rebates ,992 Accruals for subsidy on underlying management ,748 fees ***** Hedged currency class forward contract ,446,892 collateral receivable hedged currency class forward contract ,593,600 collateral calls receivable Receivables for subscriptions 1,660,980 3,156,847 3, ,637,374 Dividends and interest receivable 879,941 1,493, ,273,157 Sundry receivables and prepayments ,053,209 market value of options & swaptions ,326,678 TOTAL ASSETS 850,141, ,207,211 15,927,245 91,212,526,209 LIABILITIES Bank overdraft ,634,496 Payables for securities purchased ,607,294 Hedged currency class forward contract ,287,276 collateral payable hedged currency class forward contract ,921,131 collateral calls payable Payables for redemptions 861,944 1,546, , ,588,847 Dividends payable - - 1, ,664,843 Management fees payable 197,909 41,798 12,565 64,946,194 Other payables and accruals 190,036 49,211 5,583 49,683,649 market value of options & swaptions ,058,201 TOTAL LIABILITIES 1,249,889 1,637, ,578 1,390,391,931 TOTAL NET ASSETS 848,891, ,570,075 15,637,667 89,822,134,278 ** EURO Liquidity, US Dollar Liquidity and Global Managed Currency : the Securities at represent the amortised cost of the securities. *** For the total of the Statement of, which has been presented in Euro, assets and liabilities stated in currencies other than Euro have been converted at the following exchange rates ruling as at 30 June 2015: 1 Euro = US Dollar; 1 Euro = British Pound; 1 Euro = Swiss Franc; 1 Euro = Japanese Yen; 1 Euro = Hong Kong Dollar; 1 Euro = Renminbi. **** s has agreements in place to receive rebates on the management fees of some underlying investments. Accruals are booked on a weekly basis to reflect payments due to the sub-funds and also to reflect payments received to the sub-funds. ***** The Management Company of Global Diversified Growth has undertaken to subsidise the underlying management fees of certain investments made by the fund.

185 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 185 Asian Opportunities EURO Equity European Large Cap Global Equity Italian Equity EUR EUR EUR Asset as at 30 June ,333,594,380 2,490,011, ,719,086 63,014, ,788,255 Shares Outstanding ** as at 30 June 2015 Class A Dis 21,266, ,606 30, ,807 Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis - 14, ,889 Class B Dis EUR Hedged Class C Dis 5,213, ,011 16, ,582 - Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis 96, ,620 - Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 13,713,995 10,885, , ,509 3,731,162 Class A Acc AUD Hedged ,378 - Class A Acc CHF Class A Acc CHF Hedged - 438, Class A Acc EUR 3,781, Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged - 11, Class A Acc HKD Class A Acc NOK 90, ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

186 Page 186 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Asian Opportunities EURO Equity European Large Cap Global Equity Italian Equity EUR EUR EUR Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged - 488, Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD 50, Class A Acc SGD Hedged Class A Acc Class A Acc Hedged - 4,498, Class B Acc 2,120,972 3,704, , ,947 3,932,267 Class B Acc EUR 3,278, Class B Acc EUR Hedged Class B Acc Hedged Class C Acc 125,390,337 28,001, , ,920,680 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR 9,338, Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged - 1,522, Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 14,509,873 5,005, ,374 1,474, Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged - 480, Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc 47, Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 10,936,993 9,716,056 41,996 37, ,253 Class A1 Acc EUR 378, Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged 1,596,845 2,317, Class A1 Acc SEK Class A1 Acc - 652, Class A1 Acc Hedged Class B1 Acc - 2, Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

187 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 187 Asian Opportunities EURO Equity European Large Cap Global Equity Italian Equity EUR EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

188 Page 188 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Asian Opportunities EURO Equity European Large Cap Global Equity Italian Equity EUR EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

189 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 189 Japanese Equity Swiss Equity UK Equity US Large Cap Asia Pacific Property Securities JPY CHF GBP Asset as at 30 June ,889,178, ,079, ,153,841 1,165,030, ,108,489 Shares Outstanding ** as at 30 June 2015 Class A Dis 2,384, ,028 3,099,092 32,164 - Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis , Class A Dis Hedged Class AX Dis Class B Dis - 8, , Class B Dis EUR Hedged Class C Dis 2,468,421 39,195 6,804,500 15,589 - Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis - - 1,250,646 19,608 - Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis , Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 76,920,537 2,887,066 16,047,190 1,274, ,052 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged , Class A Acc EUR ,154 8,958 Class A Acc EUR Hedged 5,406,222 77,781 37, ,195 - Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged - 1, Class A Acc HKD Class A Acc NOK ,876 - ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

190 Page 190 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Japanese Equity Swiss Equity UK Equity US Large Cap Asia Pacific Property Securities JPY CHF GBP Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged 924,522 31, , Class B Acc 2,553, ,443 6,590, ,125 14,471 Class B Acc EUR ,620 - Class B Acc EUR Hedged 971, ,854 - Class B Acc Hedged Class C Acc 46,538,878 1,871,691 10,453,139 1,657, ,687 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR 187, ,523, Class C Acc EUR Hedged 3,552, ,102 - Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged 985, Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 14,561,881-6,079, , ,644 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged 25, Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged 1,808, Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc ,615 8,822 - Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc , Class Z Acc EUR Class Z Acc EUR Hedged 63, Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 5,063, ,011 3,585,954 1,553, ,875 Class A1 Acc EUR ,422 - Class A1 Acc EUR Hedged 210, ,975 - Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc 4,213, Class A1 Acc Hedged 445, Class B1 Acc , Class B1 Acc EUR Hedged Class B1 Acc 10, ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

191 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 191 Japanese Equity Swiss Equity UK Equity US Large Cap Asia Pacific Property Securities JPY CHF GBP ** *** Asset per Share as at 30 June 2015 Class A Dis 1, Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis 1, Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 1, Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

192 Page 192 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Japanese Equity Swiss Equity UK Equity US Large Cap Asia Pacific Property Securities JPY CHF GBP ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc 1, Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 1, Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

193 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 193 Asian Dividend Maximiser Asian Equity Yield Asian Smaller Companies Asian Total Return BRIC (Brazil, Russia, India, China) Asset as at 30 June ,307,076 2,296,568, ,629,187 2,431,184,961 1,236,993,760 Shares Outstanding ** as at 30 June 2015 Class A Dis 1,340,006 21,867, Class A Dis AUD 79, Class A Dis AUD Hedged 203, Class A Dis CHF 2, Class A Dis CHF Hedged Class A Dis EUR 65, Class A Dis EUR Hedged 204, Class A Dis GBP - 261,460-36,516 19,841 Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD 1,181, ,408 - Class A Dis SGD Hedged 399, Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged 309, Class C Dis - 9,843, Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP ,683,890 - Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis - 335, Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP ,533 - Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis - 2,423, Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged 67, Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 244,954 21,671,783 98, ,930 2,421,025 Class A Acc AUD Hedged Class A Acc CHF 1,920 25, Class A Acc CHF Hedged Class A Acc EUR 37, , ,186 Class A Acc EUR Hedged ,106 - Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

194 Page 194 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Asian Dividend Maximiser Asian Equity Yield Asian Smaller Companies Asian Total Return BRIC (Brazil, Russia, India, China) Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc - 1,712,662 31,250 59, ,897 Class B Acc EUR ,583 Class B Acc EUR Hedged Class B Acc Hedged Class C Acc 7,385 19,943, ,481 5,543,700 1,032,224 Class C Acc AUD Class C Acc CHF - 70, ,316 Class C Acc CHF Hedged Class C Acc EUR - 374, ,583 Class C Acc EUR Hedged ,774 - Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 6,375 10,639, ,269 1,014, ,909 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged - 46, Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc - 54,350-22, Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc - 3,348, , , ,402 Class A1 Acc EUR ,592 Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged ,685 - Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

195 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 195 Asian Dividend Maximiser Asian Equity Yield Asian Smaller Companies Asian Total Return BRIC (Brazil, Russia, India, China) ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD , Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

196 Page 196 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Asian Dividend Maximiser Asian Equity Yield Asian Smaller Companies Asian Total Return BRIC (Brazil, Russia, India, China) ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

197 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 197 China Opportunities Emerging Asia Emerging Europe Emerging s European Dividend Maximiser EUR EUR Asset as at 30 June ,563,079, ,134, ,579,297 3,120,778,945 1,610,555,550 Shares Outstanding ** as at 30 June 2015 Class A Dis ,500 2,075,188 5,117,632 Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP - 64,864 54, Class A Dis GBP Hedged Class A Dis HKD 1, Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged ,699,135 Class AX Dis Class B Dis ,059-6,961,908 Class B Dis EUR Hedged Class C Dis ,476 3,658,332 2,570,940 Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP ,655,669 - Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis ,653 - Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis ,350 Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis ,861,445 Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 2,406,107 2,491,763 6,056,466 13,612, ,260 Class A Acc AUD Hedged ,064 - Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR - 1,538,925-8,737,594 - Class A Acc EUR Hedged ,846 - Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD 299,681, Class A Acc NOK , ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

198 Page 198 International Selection Fund Semi-Annual Report 30 June 2015 Statement of China Opportunities Emerging Asia Emerging Europe Emerging s European Dividend Maximiser EUR EUR Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK ,801 - Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged 976, Class A Acc Class A Acc Hedged Class B Acc 92, , ,672 1,604, ,301 Class B Acc EUR - 1,385,396-1,689,155 - Class B Acc EUR Hedged Class B Acc Hedged Class C Acc 600,320 1,556,917 4,743,771 20,328, ,600 Class C Acc AUD ,405 - Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR - 1,826,561-2,497,518 - Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc 7, Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 26,349 1,447, ,117 58,520,056 81,515 Class I Acc AUD ,721,350 - Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR - 2,790,873-38,468,567 - Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc ,583 - Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc ,305,800 - Class X Acc GBP Hedged Class Z Acc ,240 Class Z Acc EUR - 56, Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 192,803 19,943,419 1,284,363 9,578, ,765 Class A1 Acc EUR - 368,298-3,157,031 - Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK ,790,729 - Class A1 Acc - - 1,775, Class A1 Acc Hedged Class B1 Acc , Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

199 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 199 China Opportunities Emerging Asia Emerging Europe Emerging s European Dividend Maximiser EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

200 Page 200 International Selection Fund Semi-Annual Report 30 June 2015 Statement of China Opportunities Emerging Asia Emerging Europe Emerging s European Dividend Maximiser EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

201 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 201 European Equity (Ex UK) European Equity Focus European Equity Yield European Opportunities European Smaller Companies EUR EUR EUR EUR EUR Asset as at 30 June ,787,254 9,306, ,413, ,507, ,249,398 Shares Outstanding ** as at 30 June 2015 Class A Dis 158,027-1,450, , ,128 Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP 1,060-81,821 4,133 - Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged , Class A Dis SGD Class A Dis SGD Hedged - - 1,493, Class A Dis ,730 - Class A Dis Hedged - - 3,188, Class AX Dis Class B Dis ,627-31,749 Class B Dis EUR Hedged Class C Dis 496, , , ,611 Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP 299, ,890 - Class C Dis GBP Hedged 261, Class C Dis JPY Hedged Class C Dis ,773 - Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis 73, , Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis , Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis , Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged - - 3,286, Class B1 Dis Class B1 Dis EUR Hedged Class A Acc - 8,204 5,570, ,308 2,406,368 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

202 Page 202 International Selection Fund Semi-Annual Report 30 June 2015 Statement of European Equity (Ex UK) European Equity Focus European Equity Yield European Opportunities European Smaller Companies EUR EUR EUR EUR EUR Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged ,808 Class B Acc ,380 12,101 1,444,744 Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc ,159 1,288,348 2,051,172 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc - 50, ,728 - Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc ,900-99,461 Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc ,635 1,623 2,554,866 Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc ,241,227 Class A1 Acc Hedged - - 1,171,578 51,088 - Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

203 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 203 European Equity (Ex UK) European Equity Focus European Equity Yield European Opportunities European Smaller Companies EUR EUR EUR EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

204 Page 204 International Selection Fund Semi-Annual Report 30 June 2015 Statement of European Equity (Ex UK) European Equity Focus European Equity Yield European Opportunities European Smaller Companies EUR EUR EUR EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

205 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 205 European Special Situations European Total Return Frontier s Equity Global Climate Change Equity Global Demographic Opportunities EUR EUR Asset as at 30 June ,943,390 38,739,438 1,485,044, ,333,991 38,320,869 Shares Outstanding ** as at 30 June 2015 Class A Dis - 5,756 20, Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged ,612 Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis 63, ,441 - Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis 57, Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP ,665 - Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 1,789, ,872 2,647,805 2,385, ,758 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR ,829,590 - Class A Acc EUR Hedged ,949 65,251 Class A Acc EUR Duration Hedged Class A Acc GBP 6, Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK , ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

206 Page 206 International Selection Fund Semi-Annual Report 30 June 2015 Statement of European Special Situations European Total Return Frontier s Equity Global Climate Change Equity Global Demographic Opportunities EUR EUR Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK , Class A Acc SEK Hedged Class A Acc SGD ,062,684 - Class A Acc SGD Hedged Class A Acc Class A Acc Hedged - 1, Class B Acc 261, , ,583 99,920 - Class B Acc EUR ,404 - Class B Acc EUR Hedged ,347 - Class B Acc Hedged Class C Acc 1,197,625 3, ,067 1,120,672 20,813 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR - - 2,429,545 1,330,393 - Class C Acc EUR Hedged ,806 Class C Acc EUR Duration Hedged Class C Acc GBP , Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged - 15, Class E Acc Class I Acc 434,933-2,420,390 1,555,834 - Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP ,935 - Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR ,157,536 - Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 87,483 23, , ,443 - Class A1 Acc EUR Class A1 Acc EUR Hedged ,506 - Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged , Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

207 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 207 European Special Situations European Total Return Frontier s Equity Global Climate Change Equity Global Demographic Opportunities EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK - - 1, ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

208 Page 208 International Selection Fund Semi-Annual Report 30 June 2015 Statement of European Special Situations European Total Return Frontier s Equity Global Climate Change Equity Global Demographic Opportunities EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK - - 1, Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

209 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 209 Global Dividend Maximiser Global Emerging Opportunities Global Emerging s Smaller Companies Global Energy Global Equity Yield Asset as at 30 June ,725,700, ,158,637 76,215, ,899, ,241,985 Shares Outstanding ** as at 30 June 2015 Class A Dis 269,723,652 47, ,524,302 Class A Dis AUD Class A Dis AUD Hedged 43,648, Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR ,899 - Class A Dis EUR Hedged 12,127, Class A Dis GBP ,259 75,684 Class A Dis GBP Hedged Class A Dis HKD ,297 Class A Dis RMB Hedged 9,522, Class A Dis SGD 71,865, Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis 190,605, Class B Dis 42,403, Class B Dis EUR Hedged 18,776, Class C Dis 8,401, ,494 13,231 Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP 2,492, ,912 - Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY 1,355, Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP 342, ,009 - Class Z Dis GBP Hedged Class A1 Dis 82,611, ,353 Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged 12,669, Class A1 Dis PLN Hedged 1,980, Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 14,629,271 9,995, ,867, ,691 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR - 3,701, , ,950 Class A Acc EUR Hedged 2,650, ,061 - Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD - 1, Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

210 Page 210 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Global Dividend Maximiser Global Emerging Opportunities Global Emerging s Smaller Companies Global Energy Global Equity Yield Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD 2,361,759 2,821, Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc 4,637, , ,134 24,183 Class B Acc EUR - 1,983, ,916 Class B Acc EUR Hedged Class B Acc Hedged Class C Acc 3,651,422 20,807, ,873,686 55,550 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR - 332, ,287 74,461 Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc - 105, Class D Acc EUR - 38, Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc - 3,424, ,104 2,778, ,848 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR ,169 Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR ,390 11,907 Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 7,273,471 2,304,112-6,183, ,647 Class A1 Acc EUR - 615, ,907 75,712 Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

211 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 211 Global Dividend Maximiser Global Emerging Opportunities Global Emerging s Smaller Companies Global Energy Global Equity Yield ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY 1, Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

212 Page 212 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Global Dividend Maximiser Global Emerging Opportunities Global Emerging s Smaller Companies Global Energy Global Equity Yield ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

213 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 213 Global Property Securities Global Recovery Global Small Cap Energy Global Smaller Companies Greater China Asset as at 30 June ,952, ,424,579 25,720, ,679, ,629,491 Shares Outstanding ** as at 30 June 2015 Class A Dis ,471 - Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR 10, Class A Dis EUR Hedged Class A Dis GBP - - 6,893-36,866 Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis 81,454 36, Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP ,191-1,645,955 Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR 215, Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 313,864 44, ,295 8,379,958 Class A Acc AUD Hedged Class A Acc CHF - - 1, Class A Acc CHF Hedged Class A Acc EUR 221, , ,917 Class A Acc EUR Hedged 168, Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged - 7, Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

214 Page 214 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Global Property Securities Global Recovery Global Small Cap Energy Global Smaller Companies Greater China Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc 32,269 15,191-19,393 1,107,140 Class B Acc EUR Class B Acc EUR Hedged 31, Class B Acc Hedged Class C Acc 192, ,894 4, ,299 4,221,992 Class C Acc AUD Class C Acc CHF - - 1, Class C Acc CHF Hedged Class C Acc EUR , Class C Acc EUR Hedged 62, Class C Acc EUR Duration Hedged Class C Acc GBP - 154, Class C Acc GBP Hedged - 44, Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc - 206, Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged - 2, Class E Acc Class I Acc 103, , , , ,258 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged 37, Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 126, ,994 1,178,394 Class A1 Acc EUR ,387 - Class A1 Acc EUR Hedged 59, Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc ,010 Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

215 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 215 Global Property Securities Global Recovery Global Small Cap Energy Global Smaller Companies Greater China ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

216 Page 216 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Global Property Securities Global Recovery Global Small Cap Energy Global Smaller Companies Greater China ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

217 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 217 Hong Kong Equity Indian Equity Indian Opportunities Japanese Opportunities Japanese Smaller Companies HKD JPY JPY Asset as at 30 June ,385,387, ,492, ,439, ,867,764,600 38,715,859,474 Shares Outstanding ** as at 30 June 2015 Class A Dis ,020 - Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis ,903 - Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis ,467 - Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP ,147 Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis ,350 Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 31,528, ,437 3,929 10,642,070 19,571,946 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged ,239,447 - Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ,996 - ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

218 Page 218 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Hong Kong Equity Indian Equity Indian Opportunities Japanese Opportunities Japanese Smaller Companies HKD JPY JPY Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK ,255,576 - Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc 3,321, ,993,174 - Class A Acc Hedged ,678,968 - Class B Acc 44, , ,425,427 Class B Acc EUR Class B Acc EUR Hedged 12, Class B Acc Hedged Class C Acc 27,526, ,301 7,572 11,391, ,924,153 Class C Acc AUD Class C Acc CHF 5, Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged 55, ,758,548 - Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged ,305,436 - Class D Acc 150, Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 723, , ,960 4,718, ,439,490 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged ,000 - Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged ,573,327 - Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc ,336 Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 10,483, ,884-4,811,558 47,509,174 Class A1 Acc EUR ,771,629 Class A1 Acc EUR Hedged ,288 - Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc 113, ,039,350 Class A1 Acc Hedged ,049,762 - Class B1 Acc ,322 Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

219 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 219 Hong Kong Equity Indian Equity Indian Opportunities Japanese Opportunities Japanese Smaller Companies HKD JPY JPY ** *** Asset per Share as at 30 June 2015 Class A Dis , Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis , Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis , Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc , Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

220 Page 220 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Hong Kong Equity Indian Equity Indian Opportunities Japanese Opportunities Japanese Smaller Companies HKD JPY JPY ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc , Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc , Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc , Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

221 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 221 Korean Equity Latin American Middle East Swiss Equity Opportunities Swiss Small & Mid Cap Equity CHF CHF Asset as at 30 June ,853, ,669, ,861, ,459, ,986,102 Shares Outstanding ** as at 30 June 2015 Class A Dis - 142, Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP - 32, Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis - 21, Class B Dis EUR Hedged Class C Dis 28,203 14, Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 432,858 1,786,835 4,720, ,944 1,898,942 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR - 170, , Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

222 Page 222 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Korean Equity Latin American Middle East Swiss Equity Opportunities Swiss Small & Mid Cap Equity CHF CHF Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD - 92,146 1,577, Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc 20, , ,627 50, ,773 Class B Acc EUR - 179, , Class B Acc EUR Hedged Class B Acc Hedged Class C Acc 142,949 74,232 1,725,917 90,252 1,047,027 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR - 6, , Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 1,766,785 90,485 2,741, ,699 4,762,213 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY , Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 176,076 4,340,333 2,240,418 11, ,430 Class A1 Acc EUR - 155, , Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

223 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 223 Korean Equity Latin American Middle East Swiss Equity Opportunities Swiss Small & Mid Cap Equity CHF CHF ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

224 Page 224 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Korean Equity Latin American Middle East Swiss Equity Opportunities Swiss Small & Mid Cap Equity CHF CHF ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY - - 1, Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

225 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 225 Taiwanese Equity UK Opportunities US Small & Mid Cap Equity US Smaller Companies European Small & Mid-Cap GBP EUR Asset as at 30 June ,169, ,583,918 1,309,556, ,428,903 27,820,424 Shares Outstanding ** as at 30 June 2015 Class A Dis 1,822, ,192 34, ,301 - Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR - 320, Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis - 51, Class A Dis Hedged Class AX Dis Class B Dis 2, ,732 - Class B Dis EUR Hedged Class C Dis - 983,877 73,641 15,595 - Class C Dis CHF Hedged Class C Dis EUR - 10, Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis - 51, Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged , Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis - 10,293 3, Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 4,667, ,855 1,030,006 9,908 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR , Class A Acc EUR Hedged , Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

226 Page 226 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Taiwanese Equity UK Opportunities US Small & Mid Cap Equity US Smaller Companies European Small & Mid-Cap GBP EUR Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc 57,169-86, ,480 - Class B Acc EUR , Class B Acc EUR Hedged , Class B Acc Hedged Class C Acc 8,234,600 38,105 1,020, ,001 9,546 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR - 112, , Class C Acc EUR Hedged - 4, , Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 1,705, , , ,828 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc - - 4, Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc , Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR , Class Z Acc EUR Hedged - - 3, Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 3,198,877-1,495,965 1,569,341 - Class A1 Acc EUR , Class A1 Acc EUR Hedged , Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

227 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 227 Taiwanese Equity UK Opportunities US Small & Mid Cap Equity US Smaller Companies European Small & Mid-Cap GBP EUR ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

228 Page 228 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Taiwanese Equity UK Opportunities US Small & Mid Cap Equity US Smaller Companies European Small & Mid-Cap GBP EUR ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

229 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 229 European Equity Alpha Global Equity Alpha Japanese Equity Alpha QEP Global Active QEP Global Blend EUR JPY Asset as at 30 June ,600, ,568,457 7,516,207,688 1,746,007, ,804,210 Shares Outstanding ** as at 30 June 2015 Class A Dis 252, ,638 - Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP - 32, Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis 17,794 4,284-45,550 - Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP ,893 Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis , Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 6,803, , , ,566 1,514 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR - 88, , Class A Acc EUR Hedged ,937 - Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

230 Page 230 International Selection Fund Semi-Annual Report 30 June 2015 Statement of European Equity Alpha Global Equity Alpha Japanese Equity Alpha QEP Global Active QEP Global Blend EUR JPY Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc 1, , Class A Acc Hedged Class B Acc 318,972 28,307-37,250 - Class B Acc EUR - 39,314-37,912 - Class B Acc EUR Hedged ,424 - Class B Acc Hedged Class C Acc 1,859,789 3,736, , ,802 60,969 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR - 59, ,420 7,349 17,218 Class C Acc EUR Hedged , ,531 - Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 2,047, , ,209, ,656 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR - 92,315-1,669, ,379 Class I Acc EUR Hedged , ,334 - Class I Acc GBP - 288, Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc - 316, Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc ,015 51,009 Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc 1, Class Z Acc EUR , Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 1,452,034 9, ,377 - Class A1 Acc EUR - 26,023-7,770 - Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

231 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 231 European Equity Alpha Global Equity Alpha Japanese Equity Alpha QEP Global Active QEP Global Blend EUR JPY ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc , Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

232 Page 232 International Selection Fund Semi-Annual Report 30 June 2015 Statement of European Equity Alpha Global Equity Alpha Japanese Equity Alpha QEP Global Active QEP Global Blend EUR JPY ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc , Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc , Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

233 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 233 QEP Global Core QEP Global Emerging s QEP Global Quality QEP Global Plus Global Tactical Asset Allocation Asset as at 30 June ,297,680, ,434,996 1,681,773, ,624, ,335,704 Shares Outstanding ** as at 30 June 2015 Class A Dis ,152 - Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis 2,232,110-44, Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis 2,301, Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP , Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR - 222, Class J Dis Class J Dis JPY Class S Dis , Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP - 2, Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc - 58,208 1,201, ,402 - Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR - 33, ,315 38,939 - Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK , ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

234 Page 234 International Selection Fund Semi-Annual Report 30 June 2015 Statement of QEP Global Core QEP Global Emerging s QEP Global Quality QEP Global Plus Global Tactical Asset Allocation Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc , Class B Acc EUR , Class B Acc EUR Hedged Class B Acc Hedged Class C Acc 13,761,556 1,285, ,971 24, ,603 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR - 706, ,976 5,657 - Class C Acc EUR Hedged ,595 Class C Acc EUR Duration Hedged Class C Acc GBP - 2,212-12,969 - Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 29,972,919 3,043,058 5,848,510 19, ,837 Class I Acc AUD ,896,871 - Class I Acc CHF 356, Class I Acc CHF Hedged Class I Acc EUR , Class I Acc EUR Hedged ,464 Class I Acc GBP - 999, Class I Acc GBP Hedged ,394 Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc , Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc ,058, Class A1 Acc EUR , Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

235 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 235 QEP Global Core QEP Global Emerging s QEP Global Quality QEP Global Plus Global Tactical Asset Allocation ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK - - 1, ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

236 Page 236 International Selection Fund Semi-Annual Report 30 June 2015 Statement of QEP Global Core QEP Global Emerging s QEP Global Quality QEP Global Plus Global Tactical Asset Allocation ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

237 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 237 Asian Diversified Growth Emerging Multi-Asset Income * Global Conservative Global Diversified Growth Global Dynamic Balanced EUR EUR EUR Asset as at 30 June ,793,591 23,859,665 53,061, ,141, ,045,344 Shares Outstanding ** as at 30 June 2015 Class A Dis ,800 51, ,430 Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged ,651 - Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis ,234 Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis - 251, Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis ,221 36, ,954 Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 59, , , ,622 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged ,035 54, ,755 Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review. ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

238 Page 238 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Asian Diversified Growth Emerging Multi-Asset Income * Global Conservative Global Diversified Growth Global Dynamic Balanced EUR EUR EUR Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged ,112 Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged ,553 - Class B Acc , ,279 Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc 79, ,824 1,146,215 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged ,002 74,144 Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged ,018 - Class C Acc Class C Acc Hedged ,372 87,142 Class D Acc Class D Acc EUR Class D Acc Hedged ,721 - Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 4,174, , ,476 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged ,281 Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged ,476 - Class I Acc JPY Hedged Class I Acc Class I Acc Hedged ,013,496 - Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc ,908,157 - Class X Acc GBP Hedged ,666 - Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 22, ,886 54, ,151 Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged ,556 18,019 Class A1 Acc PLN Hedged ,198 - Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged ,390 - Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review. ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

239 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 239 Asian Diversified Growth Emerging Multi-Asset Income * Global Conservative Global Diversified Growth Global Dynamic Balanced EUR EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review. ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

240 Page 240 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Asian Diversified Growth Emerging Multi-Asset Income * Global Conservative Global Diversified Growth Global Dynamic Balanced EUR EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged , Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review. ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

241 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 241 Global Multi-Asset Allocation Global Multi-Asset Income Japan DGF Strategic Beta 10 Wealth Preservation EUR JPY EUR Asset as at 30 June ,437,063 6,321,912,805 37,114,851,610 62,719,020 22,288,329 Shares Outstanding ** as at 30 June 2015 Class A Dis - 10,153, ,972 Class A Dis AUD Class A Dis AUD Hedged - 4,327, Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged - 5,746, Class A Dis GBP Class A Dis GBP Hedged - 1,050, Class A Dis HKD - 3,392, Class A Dis RMB Hedged - 19, Class A Dis SGD - 50, Class A Dis SGD Hedged - 6,497, Class A Dis Class A Dis Hedged Class AX Dis Class B Dis 9 130, Class B Dis EUR Hedged - 6,739, Class C Dis - 832, Class C Dis CHF Hedged - 91, Class C Dis EUR Class C Dis EUR Hedged - 184, Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis - 91, Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged - 449, Class IZ Dis Class IZ Dis EUR Class J Dis - 531, Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis - - 1, Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged - 1, Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis - 1,332, ,883 Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged - 1,666, Class A1 Dis PLN Hedged Class A1 Dis ,564 Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 9 2,641, ,367 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged 6,344 1,335, Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged - 1,134, Class A Acc HKD - 34, Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

242 Page 242 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Global Multi-Asset Allocation Global Multi-Asset Income Japan DGF Strategic Beta 10 Wealth Preservation EUR JPY EUR Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD - 93, Class A Acc SGD Hedged - 77, Class A Acc Class A Acc Hedged Class B Acc 9 737, ,953 Class B Acc EUR Class B Acc EUR Hedged - 1,094, Class B Acc Hedged Class C Acc 82,511 1,122,209 1,500-32,183 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged 62,817 1,127, Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged - 123, Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc - 4,761,857 37,584, , ,741 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged ,269 - Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc ,354, Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged - 147, Class A1 Acc 820, , ,752 Class A1 Acc EUR Class A1 Acc EUR Hedged 4, , Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc ,099 Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

243 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 243 Global Multi-Asset Allocation Global Multi-Asset Income Japan DGF Strategic Beta 10 Wealth Preservation EUR JPY EUR ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

244 Page 244 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Global Multi-Asset Allocation Global Multi-Asset Income Japan DGF Strategic Beta 10 Wealth Preservation EUR JPY EUR ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

245 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 245 Wealth Preservation Multi-Manager Global Diversity Asian Bond Absolute Return Emerging s Debt Absolute Return European Alpha Absolute Return EUR Asset as at 30 June ,664,578 18,477, ,464,614 4,145,472,729 86,965,116 Shares Outstanding ** as at 30 June 2015 Class A Dis - 8,308 5,401,144 2,506,206 - Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged ,491,600 - Class A Dis GBP Class A Dis GBP Hedged - - 2, ,381 - Class A Dis HKD - - 5,809, Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged ,840,593 - Class A Dis Class A Dis Hedged Class AX Dis Class B Dis ,103 - Class B Dis EUR Hedged ,741 - Class C Dis - 174,221 18,428, ,063 - Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged ,275,604 - Class C Dis GBP Class C Dis GBP Hedged ,665,722 - Class C Dis JPY Hedged ,000,084 - Class C Dis Class C Dis Hedged Class D Dis , Class I Dis ,426,099 - Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged ,550,933 - Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis ,198 - Class S Dis EUR Class S Dis EUR Hedged ,320 - Class S Dis GBP Class S Dis GBP Hedged ,596,982 - Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged ,304 - Class Z Dis GBP Class Z Dis GBP Hedged ,871 - Class A1 Dis - - 3,771,851 13,170,482 - Class A1 Dis AUD Hedged ,076 - Class A1 Dis EUR , Class A1 Dis EUR Hedged ,530 2,368,279 - Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis ,833 25,988 - Class B1 Dis EUR Hedged ,217 - Class A Acc 15-4,321,625 2,783, ,326 Class A Acc AUD Hedged ,115 - Class A Acc CHF Class A Acc CHF Hedged ,548 - Class A Acc EUR Class A Acc EUR Hedged - 1,561 15,961 2,500,672 - Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

246 Page 246 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Wealth Preservation Multi-Manager Global Diversity Asian Bond Absolute Return Emerging s Debt Absolute Return European Alpha Absolute Return EUR Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged ,561 - Class A Acc SGD Class A Acc SGD Hedged - - 1,109, Class A Acc Class A Acc Hedged Class B Acc , , ,402 Class B Acc EUR Class B Acc EUR Hedged ,312 - Class B Acc Hedged Class C Acc 6,505-5,031,346 6,075, ,261 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged ,455 - Class C Acc EUR ,411,012 - Class C Acc EUR Hedged ,407 22,671,215 - Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged ,493 Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc ,744 Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 43,579-11,070,932 40,126,289 - Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged ,670,153 - Class I Acc EUR Class I Acc EUR Hedged ,343,772 - Class I Acc GBP Class I Acc GBP Hedged ,883,858 - Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc ,493 Class R Acc GBP Hedged ,186 Class R Acc Hedged ,825 Class S Acc ,407 - Class S Acc EUR Class S Acc EUR Hedged ,869 - Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged ,531 - Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc - - 9,468,597 5,484,395 - Class A1 Acc EUR , Class A1 Acc EUR Hedged - - 4, ,001 - Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged ,449 - Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged ,556 Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

247 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 247 Wealth Preservation Multi-Manager Global Diversity Asian Bond Absolute Return Emerging s Debt Absolute Return European Alpha Absolute Return EUR ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged , Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

248 Page 248 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Wealth Preservation Multi-Manager Global Diversity Asian Bond Absolute Return Emerging s Debt Absolute Return European Alpha Absolute Return EUR ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

249 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 249 European Equity Absolute Return QEP Global Absolute * EURO Bond EURO Government Bond EURO Short Term Bond EUR EUR EUR EUR Asset as at 30 June ,838,731 36,387,279 2,472,743,917 1,000,528, ,275,462 Shares Outstanding ** as at 30 June 2015 Class A Dis ,213,909 2,880, ,481 Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis ,910,424 2,165, ,545 Class B Dis EUR Hedged Class C Dis - - 1,966,349 8,010, ,007 Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged - 154, Class IZ Dis , Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis - - 2,127, Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 16, ,337,072 18,911,756 32,787,091 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review. ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

250 Page 250 International Selection Fund Semi-Annual Report 30 June 2015 Statement of European Equity Absolute Return QEP Global Absolute * EURO Bond EURO Government Bond EURO Short Term Bond EUR EUR EUR EUR Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc 29,450-14,018,012 4,565,787 27,208,370 Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc 29, ,361,888 47,952,830 46,777,314 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged 16, Class C Acc Class C Acc Hedged 24, Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc ,761,596 2,176,009 8,072,610 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged - 67, Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc - - 2,307, Class IZ Acc GBP Class J Acc JPY Class R Acc 43, Class R Acc GBP Hedged 447, Class R Acc Hedged 16, Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc - - 4,505,608 6,004,618 3,450,545 Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc , Class A1 Acc Hedged 7, Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review. ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

251 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 251 European Equity Absolute Return QEP Global Absolute * EURO Bond EURO Government Bond EURO Short Term Bond EUR EUR EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review. ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

252 Page 252 International Selection Fund Semi-Annual Report 30 June 2015 Statement of European Equity Absolute Return QEP Global Absolute * EURO Bond EURO Government Bond EURO Short Term Bond EUR EUR EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review. ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

253 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 253 Global Bond Global Inflation Linked Bond Hong Kong Dollar Bond US Dollar Bond Asian Local Currency Bond EUR HKD Asset as at 30 June ,082,202, ,957,879 12,437,722,163 1,930,960, ,309,869 Shares Outstanding ** as at 30 June 2015 Class A Dis 1,080,523 1,051, ,655,634 7,481,368 13,134 Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged 695, ,973 2,211 Class A Dis GBP Class A Dis GBP Hedged ,591 - Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis - 1,483,686-3,470,936 - Class B Dis EUR Hedged 2,790, ,132 - Class C Dis 490,877 46,210-2,381, ,137 Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged ,964 - Class C Dis GBP - 212, Class C Dis GBP Hedged - 1,414, Class C Dis JPY Hedged Class C Dis Class C Dis Hedged - 156, Class D Dis Class I Dis Class I Dis EUR 5,243, Class I Dis EUR Hedged 7,380, Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis ,014 - Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis - 145,352-74,268 - Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged 259, ,842 - Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 10,432,139 5,491, ,359,520 9,129,619 64,718 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR ,339 Class A Acc EUR Hedged 2,202, ,018 - Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

254 Page 254 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Global Bond Global Inflation Linked Bond Hong Kong Dollar Bond US Dollar Bond Asian Local Currency Bond EUR HKD Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged ,007 Class A Acc Class A Acc Hedged 746,089 2,226, Class B Acc 2,399,000 3,024,089-2,960,458 35,934 Class B Acc EUR Class B Acc EUR Hedged 633, ,266 - Class B Acc Hedged - 741, Class C Acc 16,380,937 7,059,115 40,730,468 39,353, ,643 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged 7,199, ,101 23,620 Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged 1,203, , Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 22,708, , ,469 1,947, ,670 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged 609, Class I Acc EUR ,015 Class I Acc EUR Hedged ,100 - Class I Acc GBP 1,522, Class I Acc GBP Hedged Class I Acc JPY Hedged 348, Class I Acc Class I Acc Hedged 1,687, Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 14,790, , ,943,979 12,309, ,805 Class A1 Acc EUR Class A1 Acc EUR Hedged 129, Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged - 25, Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

255 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 255 Global Bond Global Inflation Linked Bond Hong Kong Dollar Bond US Dollar Bond Asian Local Currency Bond EUR HKD ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

256 Page 256 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Global Bond Global Inflation Linked Bond Hong Kong Dollar Bond US Dollar Bond Asian Local Currency Bond EUR HKD ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged 10, Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

257 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 257 EURO Corporate Bond EURO Credit Conviction EURO High Yield Global Corporate Bond Global High Income Bond EUR EUR EUR Asset as at 30 June ,552,489, ,953, ,878,738 2,305,711,391 61,661,283 Shares Outstanding ** as at 30 June 2015 Class A Dis 15,914, ,594 49,212 29,586,973 14,015 Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged ,522,378 77,194 Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged ,890 - Class A Dis SGD Class A Dis SGD Hedged ,225 - Class A Dis Class A Dis Hedged Class AX Dis Class B Dis 8,422,120 17,692-5,717,371 12,867 Class B Dis EUR Hedged , ,197 Class C Dis 2,365, , ,718,572 - Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged ,893 - Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged 1,793, Class C Dis Class C Dis Hedged Class D Dis Class I Dis 3,939, , ,789 - Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis 78, ,108 - Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis 920, Class Z Dis 20,380, Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis 1,512, ,069,121 - Class A1 Dis AUD Hedged ,226 - Class A1 Dis EUR Class A1 Dis EUR Hedged , ,942 Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 58,216, , ,494 35,017,968 4,242 Class A Acc AUD Hedged ,645 - Class A Acc CHF Class A Acc CHF Hedged 263, Class A Acc EUR Class A Acc EUR Hedged ,449,325 15,986 Class A Acc EUR Duration Hedged 2,034, Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

258 Page 258 International Selection Fund Semi-Annual Report 30 June 2015 Statement of EURO Corporate Bond EURO Credit Conviction EURO High Yield Global Corporate Bond Global High Income Bond EUR EUR EUR Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged 845, Class B Acc 15,707,495 41,446-8,758,592 - Class B Acc EUR Class B Acc EUR Hedged ,405 - Class B Acc Hedged Class C Acc 89,096,371 1,139, ,719 18,202,308 - Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged 253, Class C Acc EUR Class C Acc EUR Hedged ,578,211 2,425 Class C Acc EUR Duration Hedged 3,477, Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc 16,485,058 2,004,294 1,003,654 20,727, Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged ,075 - Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc 10,268,945 2,808, Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc ,443 - Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc 3,485, Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged 56, Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 3,750, ,410,748 - Class A1 Acc EUR Class A1 Acc EUR Hedged ,525 - Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged ,720 Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc ,597 - Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

259 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 259 EURO Corporate Bond EURO Credit Conviction EURO High Yield Global Corporate Bond Global High Income Bond EUR EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged 10, Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

260 Page 260 International Selection Fund Semi-Annual Report 30 June 2015 Statement of EURO Corporate Bond EURO Credit Conviction EURO High Yield Global Corporate Bond Global High Income Bond EUR EUR EUR ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged , Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

261 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 261 Global High Yield Global Unconstrained Bond Strategic Bond Strategic Credit Asian Convertible Bond GBP Asset as at 30 June ,281,666,097 58,054,498 2,631,992, ,361, ,594,459 Shares Outstanding ** as at 30 June 2015 Class A Dis 8,271, , Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged 715,091 42, ,503 1,572 - Class A Dis GBP Class A Dis GBP Hedged , Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis 351, Class B Dis EUR Hedged 2,421, , ,866 1,986 - Class C Dis ,381 2,814,686 - Class C Dis CHF Hedged Class C Dis EUR ,217 - Class C Dis EUR Hedged ,917 - Class C Dis GBP Class C Dis GBP Hedged 638, Class C Dis JPY Hedged Class C Dis Class C Dis Hedged ,962 - Class D Dis Class I Dis 176, Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged , Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis 38,717-25, ,641 - Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP 2, Class S Dis GBP Hedged Class S Dis Hedged ,536 - Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis 5,652, Class A1 Dis AUD Hedged 166, Class A1 Dis EUR Class A1 Dis EUR Hedged 52, , Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 5,989,236 72, , ,131 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged - - 5,881-11,695 Class A Acc EUR Class A Acc EUR Hedged 4,125,175 64,124 1,779, ,106 Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged ,224 Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

262 Page 262 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Global High Yield Global Unconstrained Bond Strategic Bond Strategic Credit Asian Convertible Bond GBP Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged , Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc 1,025, ,800-28,643 Class B Acc EUR Class B Acc EUR Hedged 2,488,268 55, ,410 1,735 53,960 Class B Acc Hedged Class C Acc 9,162,955 4,863 1,015,296 87, ,624 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged ,194 Class C Acc EUR Class C Acc EUR Hedged 5,024,984 20,852 1,285,568 1, ,130 Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged - 1, ,941-4,489 Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged - 1, Class E Acc GBP Hedged Class E Acc Class I Acc 7,624, ,015 2,037, Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged 533, , Class I Acc GBP Class I Acc GBP Hedged 103, ,398, Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 3,658, , ,783 Class A1 Acc EUR Class A1 Acc EUR Hedged 141, ,932-25,312 Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged ,559 Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

263 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 263 Global High Yield Global Unconstrained Bond Strategic Bond Strategic Credit Asian Convertible Bond GBP ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

264 Page 264 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Global High Yield Global Unconstrained Bond Strategic Bond Strategic Credit Asian Convertible Bond GBP ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged 1, , Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

265 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 265 Emerging Bond Emerging Corporate Bond Emerging Local Currency Bond Global Conservative Convertible Bond Global Convertible Bond Asset as at 30 June ,109,096 78,033,236 22,364,764 81,920,300 1,951,093,698 Shares Outstanding ** as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged ,841 Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis 2,381 1, Class B Dis EUR Hedged ,166 Class C Dis ,813 Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged ,453,538 Class C Dis GBP Class C Dis GBP Hedged ,424 Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis 12,950 11,426 29, Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged ,948 Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 14,999 8,893 3, ,026,198 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged ,146 Class A Acc EUR Class A Acc EUR Hedged 3,465 20,616 2, ,683 Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged ,296 Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

266 Page 266 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Emerging Bond Emerging Corporate Bond Emerging Local Currency Bond Global Conservative Convertible Bond Global Convertible Bond Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged 148, Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc 23,311 17,092 16, ,980 Class B Acc EUR Class B Acc EUR Hedged 18,119 12,339 9, ,968 Class B Acc Hedged Class C Acc 287, ,953,170 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged , ,579 Class C Acc EUR Class C Acc EUR Hedged 7, , ,171 1,150,642 Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged ,884 Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged ,714 - Class E Acc GBP Hedged Class E Acc Class I Acc 280, , , ,715 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged ,114,498 Class I Acc EUR Class I Acc EUR Hedged ,626 Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 4,228 3,585 8, ,465 Class A1 Acc EUR Class A1 Acc EUR Hedged 2,419 3, ,964 Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

267 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 267 Emerging Bond Emerging Corporate Bond Emerging Local Currency Bond Global Conservative Convertible Bond Global Convertible Bond ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

268 Page 268 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Emerging Bond Emerging Corporate Bond Emerging Local Currency Bond Global Conservative Convertible Bond Global Convertible Bond ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

269 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 269 Global Credit Duration Hedged RMB Fixed Income EURO Liquidity US Dollar Liquidity Global Managed Currency EUR RMB EUR Asset as at 30 June ,832, ,163, ,891, ,570,075 15,637,667 Shares Outstanding ** as at 30 June 2015 Class A Dis 12, Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP ,285 Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged 46, Class AX Dis Class B Dis 12, Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis - 2, Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged 316, Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis 2, Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc 22,117 10,124 2,579, ,930 15,053 Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR - 30,010-2,007 4,309 Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP ,121 Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

270 Page 270 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Global Credit Duration Hedged RMB Fixed Income EURO Liquidity US Dollar Liquidity Global Managed Currency EUR RMB EUR Shares Outstanding ** as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc - 2, Class A Acc Hedged 1, Class B Acc 20, ,949 1,012,072 4,431 Class B Acc EUR ,409 - Class B Acc EUR Hedged Class B Acc Hedged Class C Acc 52, ,758,258 89,166 27,730 Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR - 11,465-16,504 - Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc - 5, Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc ,835,454 3,642,379 3,497 Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged 116, Class I Acc JPY Hedged Class I Acc - 386, Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc 5, , ,796 7,390 Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes.

271 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Page 271 Global Credit Duration Hedged RMB Fixed Income EURO Liquidity US Dollar Liquidity Global Managed Currency EUR RMB EUR ** *** Asset per Share as at 30 June 2015 Class A Dis Class A Dis AUD Class A Dis AUD Hedged Class A Dis CHF Class A Dis CHF Hedged Class A Dis EUR Class A Dis EUR Hedged Class A Dis GBP Class A Dis GBP Hedged Class A Dis HKD Class A Dis RMB Hedged Class A Dis SGD Class A Dis SGD Hedged Class A Dis Class A Dis Hedged Class AX Dis Class B Dis Class B Dis EUR Hedged Class C Dis Class C Dis CHF Hedged Class C Dis EUR Class C Dis EUR Hedged Class C Dis GBP Class C Dis GBP Hedged Class C Dis JPY Hedged Class C Dis Class C Dis Hedged Class D Dis Class I Dis Class I Dis EUR Class I Dis EUR Hedged Class I Dis GBP Class I Dis GBP Hedged Class IZ Dis Class IZ Dis EUR Class J Dis Class J Dis JPY Class S Dis Class S Dis EUR Class S Dis EUR Hedged Class S Dis GBP Class S Dis GBP Hedged Class S Dis Hedged Class X Dis Class Z Dis Class Z Dis EUR Class Z Dis EUR Hedged Class Z Dis GBP Class Z Dis GBP Hedged Class A1 Dis Class A1 Dis AUD Hedged Class A1 Dis EUR Class A1 Dis EUR Hedged Class A1 Dis PLN Hedged Class A1 Dis Class A1 Dis Hedged Class B1 Dis Class B1 Dis EUR Hedged Class A Acc Class A Acc AUD Hedged Class A Acc CHF Class A Acc CHF Hedged Class A Acc EUR Class A Acc EUR Hedged Class A Acc EUR Duration Hedged Class A Acc GBP Class A Acc GBP Hedged Class A Acc HKD Class A Acc NOK ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

272 Page 272 International Selection Fund Semi-Annual Report 30 June 2015 Statement of Global Credit Duration Hedged RMB Fixed Income EURO Liquidity US Dollar Liquidity Global Managed Currency EUR RMB EUR ** *** Asset per Share as at 30 June 2015 Class A Acc RMB Hedged Class A Acc SEK Class A Acc SEK Hedged Class A Acc SGD Class A Acc SGD Hedged Class A Acc Class A Acc Hedged Class B Acc Class B Acc EUR Class B Acc EUR Hedged Class B Acc Hedged Class C Acc Class C Acc AUD Class C Acc CHF Class C Acc CHF Hedged Class C Acc EUR Class C Acc EUR Hedged Class C Acc EUR Duration Hedged Class C Acc GBP Class C Acc GBP Hedged Class C Acc Class C Acc Hedged Class D Acc Class D Acc EUR Class D Acc Hedged Class E Acc Class E Acc CHF Hedged Class E Acc EUR Hedged Class E Acc GBP Hedged Class E Acc Class I Acc Class I Acc AUD Class I Acc CHF Class I Acc CHF Hedged Class I Acc EUR Class I Acc EUR Hedged Class I Acc GBP Class I Acc GBP Hedged Class I Acc JPY Hedged Class I Acc Class I Acc Hedged Class I Acc Duration Hedged Class IZ Acc Class IZ Acc GBP Class J Acc JPY Class R Acc Class R Acc GBP Hedged Class R Acc Hedged Class S Acc Class S Acc EUR Class S Acc EUR Hedged Class S Acc GBP Hedged Class X Acc Class X Acc GBP Hedged Class Z Acc Class Z Acc EUR Class Z Acc EUR Hedged Class Z Acc EUR Duration Hedged Class Z Acc GBP Class Z Acc GBP Hedged Class A1 Acc Class A1 Acc EUR Class A1 Acc EUR Hedged Class A1 Acc GBP Hedged Class A1 Acc PLN Hedged Class A1 Acc SEK Class A1 Acc Class A1 Acc Hedged Class B1 Acc Class B1 Acc EUR Hedged Class B1 Acc ** Please refer to the Classes of Shares section of the Notes to the Financial Statements for the naming convention used for the share classes. *** The Asset per Share of each share class is stated in the currency of the share class.

273 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry Page 273 Asian Opportunities EURO Equity European Large Cap Global Equity Italian Equity Japanese Equity Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

274 Page 274 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Swiss Equity UK Equity US Large Cap Asia Pacific Property Securities Asian Dividend Maximiser Asian Equity Yield Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

275 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Page 275 Asian Smaller Companies Asian Total Return BRIC (Brazil, Russia, India, China) China Opportunities Emerging Asia Emerging Europe Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas (1.06) Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

276 Page 276 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Emerging s European Dividend Maximiser European Equity (Ex UK) European Equity Focus European Equity Yield European Opportunities Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

277 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Page 277 European Smaller Companies European Special Situations European Total Return Frontier s Equity Global Climate Change Equity Global Demographic Opportunities Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

278 Page 278 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Global Dividend Maximiser Global Emerging Opportunities Global Emerging s Smaller Companies Global Energy Global Equity Yield Global Property Securities Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

279 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Page 279 Global Recovery Global Small Cap Energy Global Smaller Companies Greater China Hong Kong Equity Indian Equity Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

280 Page 280 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Indian Opportunities Japanese Opportunities Japanese Smaller Companies Korean Equity Latin American Middle East Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

281 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Page 281 Swiss Equity Opportunities Swiss Small & Mid Cap Equity Taiwanese Equity UK Opportunities US Small & Mid Cap Equity US Smaller Companies Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

282 Page 282 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) European Small & Mid-Cap European Equity Alpha Global Equity Alpha Japanese Equity Alpha QEP Global Active QEP Global Blend Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas - (0.23) Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) (0.22) 1.46 Total

283 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Page 283 QEP Global Core QEP Global Emerging s QEP Global Quality QEP Global Plus Global Tactical Asset Allocation Asian Diversified Growth Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

284 Page 284 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Emerging Multi-Asset Income * Global Conservative Global Diversified Growth Global Dynamic Balanced Global Multi-Asset Allocation Global Multi-Asset Income Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

285 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Page 285 Japan DGF Strategic Beta 10 Wealth Preservation EUR Wealth Preservation Multi-Manager Global Diversity Asian Bond Absolute Return Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

286 Page 286 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Emerging s Debt Absolute Return European Alpha Absolute Return European Equity Absolute Return QEP Global Absolute * EURO Bond EURO Government Bond Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

287 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Page 287 EURO Short Term Bond Global Bond Global Inflation Linked Bond Hong Kong Dollar Bond US Dollar Bond Asian Local Currency Bond Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) (0.27) Total

288 Page 288 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) EURO Corporate Bond EURO Credit Conviction EURO High Yield Global Corporate Bond Global High Income Bond Global High Yield Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) (0.24) 4.88 Total

289 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Page 289 Global Unconstrained Bond Strategic Bond Strategic Credit Asian Convertible Bond Emerging Bond Emerging Corporate Bond Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

290 Page 290 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Emerging Local Currency Bond Global Conservative Convertible Bond Global Convertible Bond Global Credit Duration Hedged RMB Fixed Income Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

291 International Selection Fund Semi-Annual Report 30 June 2015 Distribution of Investments by Industry (cont) Page 291 EURO Liquidity US Dollar Liquidity Global Managed Currency Bonds, Commercial Papers, and Mortgage Backed Securities Money s Instruments - Assimilated to Cash Other Securities Advertising Aerospace & Military Technology Agricultural Operations Airport Services Appliances & Household Durables Automobiles Banking Beverages & Tobacco Broadcasting & Cable TV Building Materials & Components Chemicals Commercial Services Computer Software & Services Computer Storage & Peripherals Construction & Housing Diversified Commercial Services Diversified Metals & Mining Electrical & Electronics Electronic Components & Instruments Energy Equipment & Services Energy Sources Financial Services Food & Household Products Forest Products & Paper Health & Personal Care Industrial Components Insurance Internet Software & Services Investment Funds Leisure & Tourism Machinery & Engineering Marine Ports & Services Misc. Materials & Commodities Movies & Entertainment Multi - Industry Oil & Gas Drilling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Real Estate Real Estate Management & Development Retail Semiconductors Systems Software Telecommunications Textile & Apparel Trading Companies & Distributors Transportation - Airlines Transportation - Road & Rail Transportation - Shipping Utilities - Electrical & Gas Water Utilities Investments portfolio as a percentage of Fair Pricing Adjustment Other /(Liabilities) Total

292 Page 292 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments as at 30 June 2015 Asian Opportunities Asian Opportunities (cont) Money Instruments Admitted Money Instruments Admitted Australia 41,191, ,495,138 Oil Search 41,191, China 238,815, ,947 Alibaba ADR 32,423, ,457 Baidu ADR 25,956, ,784,100 China Lodging ADR 43,853, ,161,239 Mindray Medical International ADR 32,828, ,000 Vipshop ADR 15,185, ,136,752 WuXi PharmaTech Cayman ADR 88,568, France 45,591, ,481 LVMH Moet Hennessy Louis Vuitton 45,591, Hong Kong SAR 1,115,977, ,325,000 AAC Technologies 47,035, ,743,600 AIA 148,888, ,337,500 BOC Hong Kong 47,237, ,257,220 Cheung Kong Property 43,604, ,466,000 China Mobile 69,978, ,851,800 China Pacific Insurance 'H' 52,072, ,614,000 China Petroleum & Chemical 'H' 21,240, ,821,720 CK Hutchison 41,457, ,655,000 Galaxy Entertainment 34,497, ,355,000 Haitian International 54,890, ,083,500 Johnson Electric 54,981, ,126,500 Samsonite International 24,636, ,844,000 Shandong Weigao Medical Polymer 'H' 14,074, ,140,000 Shenzhou International 68,763, ,924,000 Sino Biopharmaceutical 39,383, ,551,000 Swire Pacific 44,637, ,171,850 Swire Properties 77,170, ,738,000 Techtronic Industries 71,222, ,102,100 Tencent 141,724, ,044,000 Tingyi Cayman Islands 18,479, India 309,232, ,912 Dr Reddy's Laboratories 21,638, ,543,487 Glenmark Pharmaceuticals 24,109, ,732,483 HDFC Bank 92,002, ,624,424 IndusInd Bank 65,460, ,500 Lupin 22,358, ,893 Oracle Financial Services Software 29,512, ,700 Tata Consultancy Services 10,248, ,343,746 Zee Entertainment Enterprises 42,450, ,397,457 Zee Entertainment Enterprises Preference 1,450, Indonesia 40,027, ,101,287 Bank Mandiri Persero 40,027, Taiwan (cont) 40,821,000 Siliconware Precision Industries 62,349, ,062,925 Taiwan Semiconductor Manufacturing 218,291, Thailand 174,279, ,167,400 Intouch (NVDR) 53,510, ,078,700 Kasikornbank (Foreign) 84,390, ,801,100 LPN Development (NVDR) 36,378, United Kingdom 110,566, ,697,752 BHP Billiton 34,297, ,191,600 HSBC 37,929, ,385 Rio Tinto 38,339, United States of America 44,789, ,161 Cognizant Technology Solutions 44,789, Total Money Instruments Admitted 2,945,352, Units in Open-Ended Investment Scheme Hong Kong SAR 33,654, ,627 Umbrella Fund II - China Equity Alpha Fund Class I Acc 33,654, Luxembourg 290,672, ,012 Asian Smaller Companies 104,751, Class I Acc 766,523 Indian Opportunities Class I 122,842, Acc 1,384,502 Korean Equity Class I Acc 63,077, Total Units in Open-Ended Investment Scheme 324,326, Units in Closed-Ended Investment Scheme United Kingdom 18,133, ,129,483 AsiaPacific Fund 18,133, Total Units in Closed-Ended Investment Scheme 18,133, Total Investments 3,287,812, Other 45,781, Asset 3,333,594, Philippines 137,125, ,321,600 Alliance Global 30,934, ,632,400 Ayala Land 65,004, ,360,420 GT Capital 41,186, Singapore 219,336, ,545,400 Hongkong Land 70,072, ,429,100 Jardine Matheson 81,101, ,200 United Overseas Bank 15,670, ,545,700 UOL 49,079, ,000 Venture 3,412, South Korea 41,185, ,660 NAVER 41,185, Taiwan 427,232, ,727,000 Delta Electronics 49,680, ,889,000 Giant Manufacturing 49,685, ,061,000 Hon Hai Precision Industry 47,225,

293 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 293 EURO Equity EURO Equity (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Belgium 159,335, ,423,533 KBC Groep 86,180, ,609 Solvay 32,688, ,378 UCB 40,467, Finland 55,452, ,298,035 Sampo 55,452, France 694,607, ,917 Accor 24,306, ,067 Airbus 55,468, ,239,222 Bureau Veritas 25,589, ,052,668 Danone 62,012, ,512 Dassault Systemes 31,256, ,893 Edenred 22,049, ,462 Eurazeo 24,828, ,173,403 Lagardere 31,294, ,928 Legrand 49,977, ,792,616 Orange 39,306, ,642 Publicis Groupe 36,821, ,960 Remy Cointreau 34,985, ,352,413 Sanofi 122,190, ,229,023 Société Générale 95,246, ,712,448 Vivendi 39,274, Germany 719,041, ,512 Beiersdorf 52,822, ,419 Continental 60,665, ,698 Deutsche Boerse 61,306, ,191,297 Deutsche Wohnen 45,852, ,677 Fresenius Medical Care & Co. KGaA 59,213, ,700 Fuchs Petrolub Preference 31,371, ,168 GEA 35,530, ,353 KUKA 61,924, ,704 Linde 66,322, ,325 MorphoSys 22,909, ,547 MTU Aero Engines 45,239, ,750 Rocket Internet 15,910, ,467 RTL 16,676, ,613,939 SAP 101,807, ,477 Symrise 41,487, Switzerland 44,250, ,233 Dufry Registered 27,108, ,305 Swatch 17,142, United States of America 59,636, ,290 Autoliv 59,636, Total Money Instruments Admitted 2,434,930, Money Instruments dealt on another Regulated EUR Spain 10,445, ,759 Cellnex Telecom 10,445, Total Money Instruments dealt on another Regulated 10,445, Other Transferable Securities not dealt on another Regulated EUR Italy - - 7,571,884 Parmalat Finanziaria ** - - Total Other Transferable Securities not dealt on another Regulated - - Total Investments 2,445,375, Other 44,635, Asset 2,490,011, Ireland 73,308, ,938,222 Smurfit Kappa 73,308, Italy 213,784, ,099,369 Enel 46,062, ,581,005 FinecoBank Banca Fineco 30,669, ,715,114 Intesa Sanpaolo 111,799, ,073,851 Telecom Italia 25,252, herlands 251,539, ,309,309 Aegon 42,165, ,008,116 ASM International 42,426, ,222 ASML 67,851, ,520 Heineken 42,294, ,083,388 Koninklijke DSM 56,802, Spain 73,694, ,142 ACS Actividades de Construccion y 20,555, Servicios 30,189,724 Bankia 34,506, ,006,835 Indra Sistemas 18,631, Sweden 90,279, ,267,672 Nordea Bank 37,124, ,310,661 Svenska Cellulosa 53,155, ** The security was Fair d as at 30 June 2015.

294 Page 294 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments European Large Cap European Large Cap (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Belgium 12,804, ,257 Anheuser-Busch InBev 5,729, ,959 KBC Groep 3,872, ,247 UCB 3,202, Denmark 1,846, ,180 ISS 1,846, France 40,341, ,255 Accor 1,856, ,474 Airbus 2,104, ,159 Arkema 3,413, ,530 Danone 1,916, ,594 Edenred 2,066, ,955 Klepierre 2,468, ,904 Legrand 4,296, ,417 Orange 3,594, ,224 Pernod-Ricard 3,899, ,674 Sanofi 7,198, ,728 Société Générale 4,004, ,484 Vivendi 3,520, Germany 25,348, ,514 Brenntag 2,955, ,606 Continental 3,340, ,875 Fresenius Medical Care & Co. KGaA 2,611, ,574 GEA 3,705, ,152 Linde 2,612, ,835 Rocket Internet 1,793, ,026 SAP 5,615, ,804 Volkswagen Preference 2,714, Ireland 4,421, ,209 Smurfit Kappa 4,421, Italy 14,757, ,825 Enel 2,563, ,629 FinecoBank Banca Fineco 1,691, ,596,102 Intesa Sanpaolo 'RSP' 4,615, ,883,946 Telecom Italia RSP 3,547, ,817 Yoox 2,337, United Kingdom 44,509, ,952 Aviva 3,847, ,015 BG 4,942, ,321 Carnival 1,211, ,551 Centrica 3,081, ,910 Experian 3,002, ,343,584 Firstgroup 2,273, ,735 Imperial Tobacco 5,812, ,718,519 Lloyds Banking 4,494, ,999 London Stock Exchange 2,901, ,991 Prudential 3,740, ,219 Rio Tinto 2,186, ,773 Standard Chartered 3,435, ,093,812 Vodafone 3,579, United States of America 6,609, ,248 Autoliv 2,658, ,198 Kerry 3,950, Total Money Instruments Admitted 206,548, Money Instruments dealt on another Regulated EUR Spain 739, ,944 Cellnex Telecom 739, Total Money Instruments dealt on another Regulated 739, Total Investments 207,287, Other 3,431, Asset 210,719, herlands 16,179, ,391 ASML 2,489, ,158 Heineken 3,308, ,137 ING 1,911, ,290 Koninklijke DSM 4,209, ,854 Unilever 4,260, Norway 2,957, ,986 DNB 2,957, Spain 6,013, ,086 ACS Actividades de Construccion y 2,069, Servicios 61,276 Amadeus IT 2,205, ,520,518 Bankia 1,737, Sweden 5,828, ,029 Hexagon 2,406, ,189 Nordea Bank 3,421, Switzerland 24,931, ,056 Compagnie Financiere Richemont 447, Registered 108,925 Credit Suisse Registered 2,721, ,849 Dufry Registered 5,295, ,010 Lonza Registered 3,388, ,596 Roche 8,296, ,505 Sika 4,782,

295 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 295 Global Equity Global Equity (cont) Money Instruments Admitted Money Instruments Admitted Australia 885, ,192 Amcor 509, ,638 CSL 375, Belgium 595, ,826 KBC Groep 463, ,816 UCB 132, Brazil 655, ,400 Raia Drogasil 655, Canada 571, ,587 Canadian Pacific Railway 571, Denmark 461, ,399 Novo Nordisk 461, Finland 240, ,643 Nokia 240, France 3,001, ,423 BNP Paribas 585, ,700 Essilor International 572, ,290 Hermes International 490, ,002 Ingenico 481, ,645 Safran 459, ,809 Schneider Electric 410, Germany 2,377, ,002 Bayer 431, ,752 Bayerische Motoren Werke 307, ,397 Continental 575, ,140 Deutsche Bank 311, ,786 Fresenius Medical Care & Co. KGaA 401, ,958 SAP 350, Hong Kong SAR 1,002, ,200 AIA 695, ,400 Tencent 307, India 326, ,410 HDFC Bank ADR 326, Italy 659, ,445 Intesa Sanpaolo 659, Japan 5,125, ,500 Bridgestone 351, ,800 Daikin Industries 561, ,200 FANUC 450, ,000 Kubota 634, ,900 Murata Manufacturing 680, ,500 Nabtesco 413, ,500 ORIX 409, ,500 Seven & i 322, ,600 SMC 481, ,400 Sumitomo Mitsui Financial 820, Mexico 396, ,949 Cemex ADR 396, herlands 1,260, ,787 Akzo Nobel 430, ,613 ASML 487, ,950 Royal Dutch Shell 342, Norway 757, ,387 Statoil 757, Singapore 286, ,636 DBS 286, Sweden 364, ,871 Hexagon 364, Switzerland 2,455, ,402 Lonza Registered 461, ,279 Nestlé Registered 684, ,588 Roche 1,309, Taiwan 572, ,000 Taiwan Semiconductor Manufacturing 572, United Kingdom 5,834, ,053 ARM 400, ,520 Barclays 542, ,404 BG 343, ,310 BHP Billiton 289, ,748 BT 643, ,157 Capita 628, ,716 Diageo 312, ,146 Imperial Tobacco 445, ,821 ITV 520, ,555 Prudential 455, ,545 Reckitt Benckiser 829, ,334 Whitbread 421, United States of America 33,619, ,782 Amazon.com 766, ,808 Amgen 880, ,725 Apple 1,584, ,398 Ball 526, Biogen 195, ,165 Boeing 439, ,384 BorgWarner 539, ,569 Cabot Oil & Gas 489, ,509 Capital One Financial 658, ,104 Carnival 543, ,865 Catalent 172, ,000 Celgene 229, ,369 Cimarex Energy 477, ,955 Citigroup 1,204, ,692 Coca-Cola 342, ,706 Cognizant Technology Solutions 960, ,938 Comcast 1,075, ,310 Costco Wholesale 584, ,649 Danaher 563, ,775 Discover Financial Services 445, ,293 Estee Lauder 541, ,876 Facebook 418, ,246 FedEx 384, ,359 Gilead Sciences 503, ,291 Google 1,240, ,370 Harley-Davidson 356, ,682 Hilton Worldwide 537, ,236 Home Depot 689, ,509 IMS Health 320, ,693 Johnson & Johnson 458, ,834 Jones Lang LaSalle 478, ,221 JPMorgan Chase & Co. 955, ,642 Liberty Global 442, LinkedIn 176, ,826 LyondellBasell Industries 287, ,562 Marathon Oil 495, ,745 MasterCard 994, ,039 McKesson 233, ,900 Medtronic 212, ,744 Merck & Co. 271, ,976 MetLife 331, ,459 MGIC Investment 185,

296 Page 296 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Equity (cont) Italian Equity Money Instruments Admitted Money Instruments Admitted EUR United States of America (cont) 1,881 Mohawk Industries 355, ,365 NASDAQ OMX 648, ,436 O'Reilly Automotive 551, ,051 Palo Alto works 352, ,933 Pfizer 501, ,812 QUALCOMM 176, ,646 Schlumberger 740, ,306 Sensata Technologies 173, ,641 Signet Jewelers 465, ,261 Starbucks 335, ,188 State Street 700, ,830 Thermo Fisher Scientific 625, ,845 TJX 452, ,774 TripAdvisor 237, ,633 Ultimate Software 267, ,670 UnitedHealth 1,050, ,293 Vantiv 275, ,533 VMware 217, ,616 Walgreens Boots Alliance 473, ,325 Walt Disney 941, ,728 Wells Fargo & Co. 881, Total Money Instruments Admitted 61,450, Derivatives India 313, ,954 Maruti Suzuki India Warrants 15/02/ , herlands 565, ,227 Idea Cellular Warrants 13/03/ , Total Derivatives 878, Fair Pricing Adjustment United States of America 252, SIM Systematic FV USA *** 252, Total Fair Pricing Adjustment 252, Total Investments 62,581, Other 432, Asset 63,014, Italy 346,666, ,291 Anima 4,700, ,391 Assicurazioni Generali 12,435, ,799 Astaldi 1,922, ,045 Atlantia 4,120, ,565 Autogrill 2,006, ,037 Banca Popolare dell'emilia Romagna 5,651, ,626,519 Banca Popolare di Milano 6,344, ,177,676 Banca Sistema 4,416, ,046 Banco Popolare 6,383, ,761 Brembo 7,671, ,041,447 Cerved Information Solutions 7,087, ,280 Credito Emiliano 3,609, ,517 Davide Campari-Milano 2,115, ,468 De' Longhi 2,734, ,098 DiaSorin 4,731, ,069,332 Enel 33,487, ,034,029 Eni 32,869, ,720 FinecoBank Banca Fineco 6,405, ,006,828 Immobiliare Grande Distribuzione 1,570, ,999 Industria Macchine Automatiche 6,445, ,948 Infrastrutture Wireless Italiane 1,303, ,152 Interpump 6,663, ,219,027 Intesa Sanpaolo 17,306, ,212,918 Intesa Sanpaolo 'RSP' 17,967, ,432 Italcementi 2,935, ,478,737 Maire Tecnimont 4,368, ,092 MARR 6,694, ,051,853 Mediolanum 7,894, ,443 Moncler 4,866, ,325 Prysmian 4,344, ,984 Recordati 7,604, ,897 SAES Getters 1,360, ,966 Salvatore Ferragamo 4,284, ,824,893 Snam 12,288, ,818 Sogefi 1,990, ,039,051 Telecom Italia 17,204, ,495 Tenaris 7,223, ,486,844 Terna Rete Elettrica Nazionale 5,991, ,955,841 UniCredit 30,503, ,016,373 Unione di Banche Italiane 14,790, ,959 Yoox 10,338, ,629 Zignago Vetro 2,032, Total Money Instruments Admitted 346,666, Money Instruments dealt on another Regulated EUR Switzerland 4,382, ,851,164 RCS MediaGroup 4,382, Total Money Instruments dealt on another Regulated 4,382, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

297 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 297 Italian Equity (cont) Japanese Equity Other Transferable Securities not dealt on another Regulated EUR Money Instruments Admitted JPY Italy ,708 Parmalat Finanziaria ** - - Total Other Transferable Securities not dealt on another Regulated - - Total Investments 351,049, Other 9,739, Asset 360,788, Japan 410,572,331, ,900 ABC-Mart 2,793,021, ,045,800 Aida Engineering 1,403,463, ,664,100 Aisin Seiki 8,669,961, ,443,800 Astellas Pharma 9,502,152, ,249,800 Bridgestone 10,185,969, ,865,900 Bunka Shutter 1,802,459, ,700 Century Tokyo Leasing 3,657,852, ,443,000 Citizen 2,940,322, ,500 Daikyonishikawa 1,095,685, ,800 Daito Trust Construction 3,408,384, ,800 DeNa 2,213,038, ,900 Disco 5,033,597, ,525,000 Dowa 7,542,900, ,345,200 Eagle Industry 3,831,129, ,500 East Japan Railway 2,625,885, ,600 Fuji Seal International 854,126, ,185,400 Fujimori Kogyo 4,385,980, ,215,000 Fujitsu 2,200,346, ,100 Hamakyorex 2,240,109, ,507,100 Haseko 2,176,252, ,500 Hikari Tsushin 3,159,450, ,253,000 Hitachi 9,885,720, ,700 Hitachi High-Technologies 3,185,591, ,045,600 Honda Motor 4,142,144, ,600 Information Services International-Dentsu 407,528, ,527,100 Isuzu Motors 8,884,813, ,240,700 ITOCHU 8,474,211, ,300 Itochu Techno-Solutions 1,437,465, ,300 Izumi 3,108,721, ,265,700 Japan Airlines 9,674,539, ,437,600 Japan Tobacco 10,629,154, ,300 JSP 722,709, ,798,000 Kamigumi 4,367,700, ,964,800 KDDI 14,666,019, ,100 Kissei Pharmaceutical 1,598,851, ,200 Koshidaka 287,736, ,189,000 Kubota 10,074,443, ,006,000 Kumiai Chemical Industry 962,742, ,300 Kuroda Electric 1,717,541, ,842,100 Kyowa Exeo 2,626,834, ,100 Message 954,030, ,113,000 Mitsubishi Electric 8,088,766, ,739,700 Mitsubishi UFJ Financial 15,607,388, ,108,900 Mitsui & Co. 6,831,046, ,400 Musashi Seimitsu Industry 637,181, ,487,300 Nabtesco 4,566,011, ,075,500 NEC works & System Integration 2,875,887, ,882,600 Nichi-iko Pharmaceutical 6,259,645, ,700 Nihon Kohden 983,841, ,530,300 Nihon Unisys 4,441,117, ,188,200 Nippon Densetsu Kogyo 2,560,571, ,054,700 Nippon Signal 1,417,516, ,816,000 Nippon Steel & Sumitomo Metal 3,432,998, ,817,600 Nippon Telegraph & Telephone 8,058,329, ,200 Nitta 1,433,369, ,100 Nitto Denko 7,515,826, ,921,200 Nomura Real Estate 4,937,484, ,700 Nomura Research Institute 2,839,033, ,700 NS Solutions 3,526,335, ,800 Obara 722,484, ,400 Olympus 1,406,052, ,118,100 Omron 5,948,292, ,145,200 ORIX 11,190,409, ,400 Otsuka 719,805, ** The security was Fair d as at 30 June 2015.

298 Page 298 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Japanese Equity (cont) Swiss Equity Money Instruments Admitted JPY Money Instruments Admitted CHF Japan (cont) 107,300 Relo 1,298,330, ,400 Rohto Pharmaceutical 1,913,620, ,900 Ryohin Keikaku 5,267,906, ,735,000 Sankyu 1,829,715, ,878,100 Santen Pharmaceutical 4,987,747, ,614,400 Seiko Epson 5,675,862, ,591,000 Senko 2,783,025, ,600 Seven & i 4,984,376, ,584,100 Shinko Electric Industries 2,281,760, ,500 Ship Healthcare 1,752,025, ,700 Siix 1,263,777, ,400 SoftBank 3,643,428, ,500 Stanley Electric 2,096,468, ,336,100 Sumitomo Mitsui Financial 18,211,769, ,136,000 Suruga Bank 2,984,272, ,743,500 T&D 6,831,887, ,800 Temp 2,580,396, ,124,300 Tokai Tokyo Financial 2,783,751, ,656,900 Tokio Marine 8,440,248, ,100 Toppan Forms 1,484,728, ,071,000 Toshiba 3,397,891, ,692,000 Toshiba TEC 4,436,796, ,700 Toyota Industries 4,157,986, ,258,700 Toyota Motor 18,528,116, ,600 TPR 2,467,808, ,400 Trusco Nakayama 1,992,536, ,192,000 Tsubakimoto Chain 1,426,824, ,700 United Arrows 827,209, ,170,000 Zeon 4,712,100, Total Money Instruments Admitted 410,572,331, Fair Pricing Adjustment JPY Japan 2,740,570, SIM Systematic FV Japan *** 2,740,570, Total Fair Pricing Adjustment 2,740,570, Total Investments 413,312,902, Other 3,576,276, Asset 416,889,178, Switzerland 234,236, ,000 ABB Registered 9,915, ,500 Actelion Registered 5,856, ,000 Adecco Registered 2,611, ,600 ams 567, ,846 Ascom Registered 2,188, ,819 Banque Cantonale Vaudoise Registered 4,538, Belimo Registered 1,541, ,000 Bucher Industries Registered 3,039, ,900 Clariant Registered 1,038, ,200 Compagnie Financiere Richemont 9,338, Registered 403,368 Credit Suisse Registered 10,511, ,730 DKSH 2,024, ,412 Dufry Registered 3,750, ,560 EFG International 2,312, ,000 Flughafen Zuerich Registered 2,924, ,737 Forbo Registered 4,080, ,684 GAM 1,810, ,538 Gategroup 1,902, ,784 Georg Fischer Registered 1,806, ,050 Helvetia Registered 3,267, ,400 Holcim Registered 6,644, ,318 Implenia Registered 2,887, ,100 Kuoni Reisen Registered 1,497, ,706 Leonteq 1,429, ,185 Logitech International Registered 5,274, ,500 Nestlé Registered 22,740, ,000 Novartis Registered 22,952, ,000 OC Oerlikon Registered 3,118, ,585 Orior 3,003, ,500 Partners 1,842, ,200 Rieter Registered 1,067, ,700 Roche 23,018, ,000 Schindler 2,316, ,073 Schweiter Technologies 2,321, ,000 St Galler Kantonalbank Registered 1,379, ,849 Sunrise Communications 2,721, ,400 Swatch Registered 7,087, ,050 Swiss Life Registered 6,289, ,800 Swiss Re 3,078, ,310 Swisscom Registered 4,915, ,218 Swissquote Registered 863, ,500 Syngenta Registered 7,872, ,500 Tecan Registered 3,425, ,216 Temenos Registered 1,250, ,072 Tornos Registered 80, ,000 UBS Registered 11,095, ,780 Zehnder 2,385, ,000 Zürich Insurance 6,649, Total Money Instruments Admitted 234,236, Total Investments 234,236, Other 4,843, Asset 239,079, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

299 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 299 UK Equity UK Equity (cont) Money Instruments Admitted GBP Money Instruments dealt on another Regulated GBP United Kingdom 242,649, ,000 3i 4,820, ,000 Anglo American 2,777, ,000 AstraZeneca 11,460, ,915,000 Aviva 9,603, ,413,000 BAE Systems 6,448, ,096,000 Balfour Beatty 5,133, ,865,000 Barclays 7,556, ,000 BG 5,516, ,089,000 BP 13,077, ,156,000 BT 5,263, ,000 BTG 4,030, ,000 Bunzl 1,878, ,000 Carnival 8,091, ,281,000 Centrica 6,074, ,386,770 Chemring 3,042, ,574 Daily Mail & General Trust 4,557, ,000 De La Rue 1,860, ,831,000 Debenhams 2,529, ,000 Drax 2,779, ,000 Essentra 3,281, ,350,000 Firstgroup 2,829, ,646,000 G4S 7,197, ,000 GlaxoSmithKline 10,266, ,474 Greene King 487, ,000 Headlam 2,336, ,937,000 HSBC 11,153, ,130,000 ICAP 5,932, ,000 Imperial Tobacco 8,351, ,490,000 ITV 3,978, ,757,000 Ladbrokes 2,282, ,851,000 Legal & General 4,662, ,477,000 Lloyds Banking 3,850, ,000 Melrose Industries 2,088, ,000 Micro Focus International 2,622, ,486,000 QinetiQ 3,353, ,000 Reed Elsevier 6,962, ,243,000 Rentokil Initial 6,279, ,000 Rio Tinto 3,313, ,000 Rolls-Royce 2,500, ,613,000 Royal Bank of Scotland 5,745, ,000 Royal Dutch Shell 2,264, ,512,000 Sage 7,862, ,000 Smith & Nephew 4,713, ,000 Smiths 4,169, ,142 SVG Capital 1,170, ,807 Tate & Lyle 2,517, ,956,000 Tesco 6,297, ,296,000 Vodafone 7,674, United Kingdom 40, ,185,000 Rolls-Royce 40, Total Money Instruments dealt on another Regulated 40, Total Investments 242,689, Other 13,464, Asset 256,153, Total Money Instruments Admitted 242,649,

300 Page 300 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments US Large Cap US Large Cap (cont) Money Instruments Admitted Money Instruments Admitted China 7,344, ,593 Alibaba ADR 7,344, United Kingdom 5,679, ,823 ARM ADR 5,679, United States of America 1,138,270, ,136 Amazon.com 23,270, ,173 American Airlines 12,051, ,753 Amgen 24,976, ,388 Apple 60,818, ,941 Ball 10,806, ,511 Boeing 13,943, ,626 Catalent 16,769, ,204 Cimarex Energy 18,808, ,861 Citigroup 29,408, ,788 Citizens Financial 10,416, ,918 Comcast 19,848, ,477 CSX 18,529, ,952 Danaher 9,064, ,753 Discover Financial Services 14,834, ,469 Dynegy 6,181, ,800 EOG Resources 18,181, ,048 Estee Lauder 15,062, ,058 Express Scripts 11,732, ,058 Exxon Mobil 19,136, ,150 Facebook 30,214, ,314 Google 39,139, ,665 Hewlett-Packard 13,536, ,675 Hilton Worldwide 13,027, ,032 Home Depot 22,222, ,162 Honeywell International 15,803, ,658 Ingersoll-Rand 14,506, ,222 JPMorgan Chase & Co. 33,346, ,593 Kraft Foods 15,986, ,812 LyondellBasell Industries 8,313, ,833 MasterCard 13,307, ,956 Medtronic 19,861, ,709 Memorial Resource Development 6,343, ,001 Merck & Co. 21,541, ,525 MetLife 21,828, ,511,085 MFA Financial 11,212, ,614 NASDAQ OMX 14,254, ,167 Navient 12,987, ,685 App 10,030, ,323 NextEra Energy 17,309, ,466 Northrop Grumman 14,672, ,556 Oracle 14,129, ,527 O'Reilly Automotive 16,195, ,202 PepsiCo 16,320, ,678 Pfizer 27,398, ,297 QUALCOMM 17,426, ,179 Realogy 12,829, ,594 Reynolds American 19,259, ,532 Salesforce.com 16,767, ,774 SBA Communications 14,773, ,755 Schlumberger 20,623, ,542 SolarCity 5,728, ,665 Thermo Fisher Scientific 21,186, ,725 TJX 12,404, ,347 Tyson Foods 10,795, ,458 UnitedHealth 25,868, ,565 Vantiv 14,407, ,581 Verizon Communications 23,879, ,329 Wal-Mart Stores 20,378, ,025 Walt Disney 30,300, United States of America (cont) 582,511 Wells Fargo & Co. 32,655, ,999 Workday 8,394, ,123 XPO Logistics 14,214, ,259 Zimmer Biomet 19,044, Total Money Instruments Admitted 1,151,294, Fair Pricing Adjustment United States of America 8,478, SIM Systematic FV USA *** 8,478, Total Fair Pricing Adjustment 8,478, Total Investments 1,159,772, Other 5,257, Asset 1,165,030, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

301 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 301 Asia Pacific Property Securities Asian Dividend Maximiser Money Instruments Admitted Money Instruments Admitted Australia 30,915, ,310 Dexus Property 4,722, ,637,178 Federation Centres 3,684, ,466,575 GPT 4,838, ,741,767 Mirvac 5,335, ,422,308 Scentre 7,001, ,687,306 Stockland 5,332, Hong Kong SAR 65,931, ,000 Cheung Kong Property 4,172, ,024,400 Fortune Real Estate Investment Trust 3,035, ,465,000 Hang Lung 6,453, ,943,000 Hang Lung Properties 5,777, ,529,000 Hysan Development 6,626, ,469,500 Kerry Properties 5,762, ,000 Link REIT 3,361, ,000 Sun Hung Kai Properties 8,765, ,681,000 Sunlight Real Estate Investment Trust 2,385, ,891,700 Swire Properties 12,424, ,076,987 Wharf 7,168, Japan 41,629, Japan Real Estate Investment 2,734, ,000 Mitsubishi Estate 17,445, ,000 Mitsui Fudosan 15,593, ,000 Sumitomo Realty & Development 5,857, Philippines 2,691, ,255,800 Ayala Land 2,691, Singapore 58,906, ,610,033 Ascendas Real Estate Investment Trust 4,770, ,995,500 CapitaLand 10,390, ,470,500 CapitaLand Commercial Trust 5,181, ,773,500 CapitaLand Mall Trust 2,833, ,500 City Developments 2,176, ,827,400 Far East Hospitality Trust REIT 2,779, ,389,700 Frasers Centrepoint Trust 2,127, ,586,500 Hongkong Land 13,009, ,027,150 Mandarin Oriental International 3,192, ,394,000 Mapletree Commercial Trust 4,782, ,578,200 Mapletree Greater China Commercial 1,953, Trust 1,110,400 UOL 5,709, Thailand 2,849, ,873,800 Land and Houses (NVDR) 2,849, Total Money Instruments Admitted 202,925, Units in Closed-Ended Investment Scheme Japan 2,841, Nippon Building Fund 2,841, Total Units in Closed-Ended Investment Scheme 2,841, Total Investments 205,766, Other 4,341, Asset 210,108, Australia 75,305, ,642 Amcor 6,648, ,514 AMP 1,371, ,065 Australia & New Zealand Banking 4,667, ,780 Brambles 6,550, ,419 Computershare 2,910, ,601 Iluka Resources 4,058, ,664,188 Incitec Pivot 4,938, ,644,211 Mirvac 5,196, ,890 National Australia Bank 7,982, ,683 Orica 9,360, ,871 Scentre 2,153, ,404 South32 501, ,800 Suncorp 3,890, ,479 Sydney Airport 435, ,118 Transurban 3,463, ,201 Wesfarmers 4,217, ,726 Westpac Banking 2,768, ,810 Woodside Petroleum 4,190, China 5,609, ,313,000 ANTA Sports Products 5,609, Hong Kong SAR 100,407, ,225,000 Belle International 6,018, ,314,500 BOC Hong Kong 13,809, ,568 Cheung Kong Property 4,549, ,000 China Mobile 7,476, ,742,000 China Petroleum & Chemical 'H' 10,995, ,068 CK Hutchison 4,291, ,900 Hang Seng Bank 1,815, ,535,260 HKT Trust & HKT 8,864, ,000 Link REIT 4,392, ,862,000 MGM China 3,045, ,205,000 PCCW 719, ,068,800 Sands China 3,598, ,481,000 Shenzhou International 7,202, ,771,000 Shimao Property 3,495, ,000 Sun Hung Kai Properties 4,520, ,500 Swire Pacific 11,181, ,323,500 Yue Yuen Industrial 4,430, India 4,200, ,608 Infosys 4,200, New Zealand 3,380, ,161 Fletcher Building 3,380, Singapore 38,266, ,514,900 Ascendas Real Estate Investment Trust 4,596, ,776,800 CapitaLand Mall Trust 4,435, ,100 ComfortDelGro 1,409, ,749,500 Hutchison Port Trust 3,622, ,600 Jardine Matheson 3,155, ,401,900 Mapletree Commercial Trust 3,702, ,069,500 Mapletree Greater China Commercial 2,326, Trust 2,877,700 Mapletree Industrial Trust 3,335, ,047,900 SATS 5,614, ,100 Singapore Telecommunications 1,361, ,600 United Overseas Bank 4,706, South Korea 19,088, ,292 Coway 3,537, ,329 Halla Visteon Climate Control 2,354, ,957 Hyundai Motor 724, ,540 Hyundai Motor Non-cumulative 1,325, Preference 34,703 Hyundai Motor Preference 3,257,

302 Page 302 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Asian Dividend Maximiser (cont) Asian Equity Yield Money Instruments Admitted Money Instruments Admitted South Korea (cont) 46,929 LG Chem Preference 7,887, Taiwan 53,198, ,000 Asustek Computer 5,352, ,558,000 Chunghwa Telecom 4,955, ,000 Delta Electronics 3,942, ,236,000 Hon Hai Precision Industry 3,875, ,000 MediaTek 2,605, ,362,000 Mega Financial 2,122, ,813,000 Siliconware Precision Industries 7,351, ,718,000 Taiwan Mobile 5,720, ,803,000 Taiwan Semiconductor Manufacturing 17,272, Thailand 20,524, ,900 Bangkok Bank (Foreign) 3,355, ,100 Bangkok Bank (NVDR) 2,867, ,342,300 Glow Energy (Foreign) 3,388, ,300 Intouch (Foreign) 582, ,758,600 Intouch (NVDR) 6,371, ,000 Land and Houses (Foreign) 1,866-15,093,500 Land and Houses (NVDR) 3,955, United Kingdom 19,249, ,404 BHP Billiton 7,341, ,316,000 HSBC 11,908, Total Money Instruments Admitted 339,231, Units in Closed-Ended Investment Scheme South Korea 3,370, ,261 Macquarie Korea Infrastructure Fund 3,370, Total Units in Closed-Ended Investment Scheme 3,370, Derivatives Hong Kong SAR 17, ,000 Sun Hung Kai Properties Warrants 22/04/ , Total Derivatives 17, Total Investments 342,619, Other 9,688, Asset 352,307, Australia 559,281, ,844,312 Amcor 30,079, ,036 ASX 27,957, ,914,394 Brambles 31,982, ,590 CSL 24,167, ,291,124 DUET 20,104, ,808,413 DuluxGroup 34,427, ,471,119 Incitec Pivot 28,106, ,847,264 Medibank 15,256, ,600,322 National Australia Bank 66,343, ,290,612 Oil Search 40,067, ,724,681 Recall 30,579, ,188,482 Rio Tinto 49,239, ,606,761 Tabcorp 68,763, ,174,217 Telstra 67,082, ,249 Woodside Petroleum 25,124, China 66,250, ,585,000 ANTA Sports Products 6,268, ,677,450 China Construction Bank 'H' 59,981, Hong Kong SAR 664,167, ,237,400 AIA 73,564, ,482,000 Belle International 14,378, ,187,500 BOC Hong Kong 71,611, ,088,920 Cheung Kong Property 42,208, ,476,500 China Mobile 44,508, ,124,800 China Petroleum & Chemical 'H' 28,585, ,059,420 CK Hutchison 15,565, ,385,000 Fortune Real Estate Investment Trust 51,767, ,324,000 Fortune Real Estate Investment Trust 14,375, (Singapore) 71,770,220 HKT Trust & HKT 84,431, ,139,600 Jardine Strategic 64,765, ,188,000 Kerry Properties 39,951, ,355,600 MGM China 10,395, ,278,000 Swire Pacific 53,776, ,003,000 Swire Properties 54,283, India 42,639, ,756,908 Infosys 42,639, Indonesia 28,525, ,842,783 Bank Mandiri Persero 28,525, Philippines 72,982, ,094,930 Globe Telecom 60,910, ,870,530 Manila Electric 12,072, Singapore 206,854, ,883,100 Hongkong Land 64,641, ,959,400 Hutchison Port Trust 22,024, ,954 Jardine Matheson 51,129, ,303,778 Mapletree Commercial Trust 37,339, ,772,700 Mapletree Greater China Commercial 8,922, Trust 4,434,100 UOL 22,798, South Korea 135,615, ,950 Coway 31,864, ,207 Hyundai Motor Preference 18,230, ,764 Samsung Electronics Preference 22,872, ,287 SK Telecom 62,646, Taiwan 264,071, ,507,000 Catcher Technology 31,281, ,487,000 Hon Hai Precision Industry 32,883, ,057,000 Mega Financial 30,605, ,044,000 Siliconware Precision Industries 58,108, ,139,000 Taiwan Mobile 57,065,

303 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 303 Asian Equity Yield (cont) Asian Smaller Companies Money Instruments Admitted Money Instruments Admitted Taiwan (cont) 8,198,655 Taiwan Semiconductor Manufacturing 37,236, ,838,000 Zhen Ding Technology 16,890, Thailand 154,917, ,317,600 Advanced Info Service (Foreign) 30,684, ,520,000 Bangkok Bank (NVDR) 29,095, ,156,200 BTS Rail Mass Transit Growth 61,361, Infrastructure Fund (Foreign) 128,878,180 Land and Houses (NVDR) 33,774, United Kingdom 68,465, ,515,149 BHP Billiton 30,608, ,183,600 HSBC 37,856, Total Money Instruments Admitted 2,263,769, Total Investments 2,263,769, Other 32,798, Asset 2,296,568, Hong Kong SAR 89,428, ,621,500 Baoxin Auto 2,938, ,370,000 Best Pacific International 'H' 7,043, ,809,000 Boer Power 5,964, ,153,000 Dah Chong Hong 3,198, ,868,000 Haitian International 6,740, ,771,500 HKBN 4,960, ,421,750 Johnson Electric 7,794, ,850,500 Lee's Pharmaceutical 4,735, ,650,000 Nexteer Automotive 3,804, ,645,000 Pacific Textiles 9,014, ,051,500 SmarTone Telecommunications 8,809, ,789,500 Techtronic Industries 9,139, ,759,000 Tenwow International 8,675, ,083,000 Varitronix International 3,783, ,176,000 Yip's Chemical 2,824, India 59,709, ,276 AIA Engineering 5,227, ,889 Apollo Hospitals Enterprise 7,131, ,724,332 Arvind 7,283, ,005 Eicher Motors 6,772, ,726 Gateway Distriparks 5,094, ,285,293 Gujarat Pipavav Port 4,400, ,615 Max India 5,228, ,640 Rallis India 3,273, ,118 Supreme Industries 6,929, ,060,702 Triveni Turbine 3,784, ,096 VA Tech Wabag 4,584, Indonesia 2,313, ,189,200 Arwana Citramulia 2,313, Malaysia 12,940, ,765,100 Bursa Malaysia 8,117, ,931,550 Karex 4,823, Philippines 12,742, ,011,100 D&L Industries 6,891, ,255 GT Capital 5,850, Singapore 24,075, ,795,800 First Resources 7,269, ,887,200 ifast 4,173, ,348,800 SATS 6,439, ,506,200 Silverlake Axis 6,193, South Korea 37,021, ,192 Halla Visteon Climate Control 6,279, ,370 Hana Tour Service 5,057, ,932 Nexen Tire 5,084, ,905 S-1 5,748, ,216 Samchuly Bicycle 6,632, ,593 Sung Kwang Bend 2,527, ,819 Suprema 5,692, Sri Lanka 7,075, ,645,942 John Keells 7,075, Taiwan 78,820, ,299,000 Aerospace Industrial Development 12,820, ,529,000 Chroma ATE 7,780, ,244,000 CTCI 5,232, ,000 Eclat Textile 11,417, ,258,000 Gourmet Master 6,079, ,257 Merida Industry 6,059, ,314,605 Posiflex Technology 6,650, ,337,000 ScinoPharm Taiwan 1,519, ,338,000 Sporton International 9,018, ,978,000 Toung Loong Textile Manufacturing 8,312,

304 Page 304 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Asian Smaller Companies (cont) Asian Total Return Money Instruments Admitted Money Instruments Admitted Taiwan (cont) 442,140 Wowprime 3,930, Thailand 14,026, ,095,300 Bumrungrad Hospital (Foreign) 6,065, ,907,400 KCE Electronics (Foreign) 4,778, ,463,700 Namyong Terminal (Foreign) 3,182, Total Money Instruments Admitted 338,153, Other Transferable Securities not dealt on another Regulated India ,804 Arvind Infrastructure - - Total Other Transferable Securities not dealt on another Regulated - - Total Investments 338,153, Other 12,476, Asset 350,629, Australia 246,570, ,128,304 Amcor 22,507, ,226,028 BHP Billiton 25,562, ,926,368 Brambles 56,591, ,556 CSL 37,494, ,292,641 Medibank 14,397, ,008,560 Oil Search 27,526, ,087,400 Recall 16,491, ,394 Rio Tinto 30,384, ,776 Woodside Petroleum 15,613, China 135,598, ,587,200 China Lodging ADR 39,013, ,007 Mindray Medical International ADR 23,238, ,769,520 WuXi PharmaTech Cayman ADR 73,346, France 32,483, ,603 LVMH Moet Hennessy Louis Vuitton 32,483, Hong Kong SAR 783,905, ,588,000 AAC Technologies 25,921, ,667,400 AIA 89,472, ,250,000 Cafe de Coral 11,738, ,064,208 Cheung Kong Property 42,003, ,749,000 Chow Sang Sang International 29,603, ,487,708 CK Hutchison 36,550, ,565,000 Haitian International 34,231, ,174,000 Hang Lung 22,792, ,324,000 HKT Trust & HKT 39,202, ,999,000 Hysan Development 39,003, ,415,315 Jardine Strategic 73,111, ,793,250 Johnson Electric 37,955, ,191,000 Pacific Textiles 54,600, ,467,300 Samsonite International 15,443, ,362,000 Shenzhou International 21,212, ,505,000 Swire Pacific 29,357, ,912,850 Swire Properties 53,995, ,995,500 Techtronic Industries 75,343, ,624,200 Tencent 52,366, India 217,216, ,763,242 Apollo Hospitals Enterprise 57,133, ,593,794 HDFC Bank 69,865, ,434,295 IndusInd Bank 20,303, ,298 Tata Consultancy Services 34,000, ,045,626 Zee Entertainment Enterprises 34,946, ,916,658 Zee Entertainment Enterprises Preference 966, Indonesia 40,517, ,940,900 Bank Mandiri Persero 27,092, ,259,069 Surya Citra Media 13,425, Philippines 121,498, ,616,400 Alliance Global 23,862, ,944,300 Ayala Land 61,128, ,205,860 GT Capital 36,507, Singapore 168,362, ,064,000 Hongkong Land 66,124, ,500,000 Hutchison Port Trust 16,695, ,601 Jardine Matheson 37,602, ,288,800 Mapletree Commercial Trust 7,933, ,024,000 StarHub 8,874, ,054,900 UOL 31,131, Sri Lanka 20,286, ,321,192 John Keells 20,286,

305 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 305 Asian Total Return (cont) Money Instruments Admitted BRIC (Brazil, Russia, India, China) Money Instruments Admitted Taiwan 354,668, ,555,000 Delta Electronics 28,372, ,088,901 Giant Manufacturing 51,372, ,395,000 Hon Hai Precision Industry 51,408, ,286,705 Merida Industry 53,574, ,865,000 Siliconware Precision Industries 36,451, ,207,000 Taiwan Mobile 17,337, ,844,739 Taiwan Semiconductor Manufacturing 71,963, ,879,000 Vanguard International Semiconductor 14,178, ,596,000 Zhen Ding Technology 30,010, Thailand 141,836, ,376,700 Kasikornbank (Foreign) 35,688, ,843,900 Kasikornbank (NVDR) 32,706, ,318,900 Land and Houses (NVDR) 36,772, ,328,800 Siam City Cement (NVDR) 36,669, United States of America 102,872, ,550 Cognizant Technology Solutions 33,068, ,094,800 Hollysys Automation Technologies 25,760, ,859,796 ResMed 44,044, Total Money Instruments Admitted 2,365,818, Derivatives Sri Lanka 304, ,906 John Keells Warrants 12/11/ , ,906 John Keells Warrants 11/11/ , Total Derivatives 304, Total Investments 2,366,122, Other 65,062, Asset 2,431,184, Brazil 201,440, ,373,374 Ambev ADR 20,510, ,034 Banco Bradesco ADR Preference 7,047, ,024,500 BB Seguridade Participações 22,715, ,290,152 CCR 11,195, ,474,200 Cielo 20,120, ,000 Companhia Brasileira de Distribuicao 7,275, Preference 477,716 Embraer ADR 14,288, ,925,686 Itau Unibanco ADR Preference 42,672, ,700 Lojas Americanas Preference 5,026, ,364 Telefonica Brasil ADR Preference 6,480, ,332 Ultrapar Participações 18,104, ,000 Vale 6,013, ,258,220 WEG 19,989, China 173,410, ,052 Baidu ADR 21,664, ,730,000 Brilliance China Automotive 26,112, ,640,040 China Construction Bank 'H' 112,003, ,151 Mindray Medical International ADR 13,630, Hong Kong SAR 466,808, ,730,000 Belle International 19,271, ,856,000 China Life Insurance 'H' 60,322, ,785,500 China Mobile 74,069, ,536,600 China Pacific Insurance 'H' 55,358, ,706,200 China Petroleum & Chemical 'H' 80,002, ,548,000 China Unicom Hong Kong 8,730, ,426,935 Industrial & Commercial Bank of China 46,425, 'H' 5,922,600 Tencent 118,186, ,000 Tingyi Cayman Islands 1,499, ,000 Weichai Power 'H' 2,941, India 222,537, ,160,120 Axis Bank 36,535, ,629,604 HDFC Bank 51,121, ,067,593 Infosys 16,511, ,680 Infosys ADR 11,112, ,799 Lupin 22,130, ,847 Maruti Suzuki India 32,513, ,936 Tata Consultancy Services 35,950, ,301,841 Tata Motors 15,701, ,433 Ultratech Cement 961, Russia 97,837, ,561 Lukoil OAO ADR 31,808, ,053 Magnit GDR 17,381, ,307,734 MMC Norilsk Nickel ADR 22,208, ,585 NOVATEK OAO GDR 4,945, ,162,055 Sberbank of Russia ADR 21,492, United States of America 59,570, ,100 Hollysys Automation Technologies 16,708, ,317 Yum! Brands 42,861, Total Money Instruments Admitted 1,221,605, Total Investments 1,221,605, Other 15,388, Asset 1,236,993,

306 Page 306 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments China Opportunities China Opportunities (cont) Money Instruments Admitted Money Instruments Admitted China 267,222, ,776,000 ANTA Sports Products 9,157, ,965 Baidu ADR 6,609, ,432,620 China Construction Bank 'H' 116,380, ,000 E-House China ADR 5,987, ,800 Homeinns Hotel ADR 5,861, ,080 Mindray Medical International ADR 13,317, ,031 New Oriental Education & Technology 17,464, ADR 300,120 Qihoo 360 Technology ADR 20,141, ,802,700 Shanghai Bailian 17,165, ,016,735 Shanghai Jinjiang International Hotels 11,411, Development 1,638,700 SouFun ADR 13,322, ,300 Vipshop ADR 15,579, ,978,000 Zhuzhou CSR Times Electric 'H' 14,824, Hong Kong SAR 1,174,875, ,606,200 AIA 10,514, ,444,000 Angang Steel 'H' 6,517, ,675,000 Bank of China 'H' 14,091, ,910,000 Baoxin Auto 8,845, ,664,000 Beijing Development HK 5,732, ,143,000 Belle International 35,873, ,015,500 Biostime International 11,757, ,275,500 BOC Hong Kong 5,314, ,616,000 CGN Power 'H' 20,223, ,225,500 Cheung Kong Property 18,458, ,175,000 China Cinda Asset Management 'H' 3,441, ,929,000 China Dongxiang 13,203, ,098,000 China Everbright International 10,933, ,317,680 China Life Insurance 'H' 62,332, ,615,000 China Machinery Engineering 'H' 3,898, ,146,600 China Medical System 3,007, ,952,500 China Mobile 140,220, ,232,000 China Overseas Land & Investment 11,402, ,117,400 China Pacific Insurance 'H' 34,153, ,087,800 China Petroleum & Chemical 'H' 48,401, ,467,333 China Resources Land 37,202, ,166,000 China Telecom 'H' 21,813, ,782,000 China Unicom Hong Kong 27,983, ,984,000 CNOOC 28,355, ,375,000 Consun Pharmaceutical 4,588, ,414,000 CRRC 'H' 3,705, ,108,000 CSPC Pharmaceutical 13,939, ,678,400 Dah Sing Banking 8,047, ,651,800 Dongfang Electric 'H' 3,081, ,462,000 Dongfeng Motor 'H' 10,010, ,817,000 Galaxy Entertainment 19,200, ,220,000 Gemdale Properties and Investment 3,338, ,713,000 Goldpac 3,647, ,178,000 Harbin Electric 'H' 11,903, ,510,330 Industrial & Commercial Bank of China 97,346, 'H' 11,074,000 Intime Retail 14,684, ,024,000 Jiangxi Copper 'H' 10,055, ,892,000 Joy City Property 7,788, ,900 Livzon Pharmaceutical 'H' 5,271, ,492,000 Longfor Properties 7,150, ,489,000 Pacific Textiles 13,556, ,278,000 PetroChina 'H' 43,826, ,561,000 Ping An Insurance of China 'H' 21,082, ,780,000 Shandong Weigao Medical Polymer 'H' 17,013, ,904,000 Shanghai Electric 'H' 5,637, ,853,300 Shanghai Haohai Biological Technology 'H' 11,833, Hong Kong SAR (cont) 15,612,000 Shanghai Jin Jiang International Hotels 6,867, H 1,124,000 Sinopec Oilfield Service 'H' 545, ,748,400 Sinopharm 'H' 7,769, ,354,000 Skyworth Digital 19,006, ,668,000 Springland International 3,367, ,956,000 Tencent 138,808, ,371,000 Tenwow International 8,931, ,919,000 Tibet 5100 Water Resources 4,991, ,624,000 Tingyi Cayman Islands 9,447, ,956,000 Trinity 8,634, ,237,800 Xinjiang Goldwind Science & Technology 10,594, 'H' 10,172,000 Xinyi Glass 5,405, ,235,478 Yunnan Water Investment 'H' 7,043, ,699,500 Zhaojin Mining Industry 'H' 11,698, ,532,600 Zoomlion Heavy Industry Science and Technology 'H' 11,375, Singapore 7,708, ,000 Hongkong Land 7,708, United States of America 15,507, ,830 Sohu.com 4,411, ,881,000 Sound Global ** 11,096, Total Money Instruments Admitted 1,465,314, Units in Open-Ended Investment Scheme Hong Kong SAR 6,509, ,841 Umbrella Fund II - China Equity Alpha Fund Class I Acc 6,509, Total Units in Open-Ended Investment Scheme 6,509, Derivatives China 19,536, ,541,812 China Vanke Warrants 16/11/2015 8,287, ,564,518 Hangzhou Hikvision Digital Technology Warrants 21/10/ ,248, Total Derivatives 19,536, Total Investments 1,491,360, Other 71,718, Asset 1,563,079, ** The security was Fair d as at 30 June 2015.

307 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 307 Emerging Asia Emerging Asia (cont) Money Instruments Admitted Money Instruments Admitted Australia 25,996, ,460 BHP Billiton 12,498, ,608 Newcrest Mining 5,726, ,570 Rio Tinto 7,771, China 78,011, ,082,000 ANTA Sports Products 5,048, ,030,190 China Construction Bank 'H' 32,905, ,780 Qihoo 360 Technology ADR 9,917, ,680,000 Shenguan 6,848, ,900 SouFun ADR 7,405, ,200 Vipshop ADR 5,561, ,377,500 Zhuzhou CSR Times Electric 'H' 10,323, Hong Kong SAR 308,902, ,407,800 AIA 15,762, ,564,500 Baoxin Auto 7,990, ,206,000 Belle International 22,123, ,172,000 CGN Power 'H' 14,754, ,089,000 Cheung Kong Property 9,032, ,828,000 China Life Insurance 'H' 21,018, ,050,500 China Mobile 51,856, ,284,600 China Pacific Insurance 'H' 6,164, ,469,200 China Petroleum & Chemical 'H' 13,349, ,847,555 China Resources Land 25,458, ,580,000 China Unicom Hong Kong 7,207, ,545,000 Galaxy Entertainment 10,144, ,559,490 Industrial & Commercial Bank of China 25,871, 'H' 402,000 Jardine Strategic 12,168, ,278,000 Pacific Textiles 3,637, ,460,000 PetroChina 'H' 4,976, ,332,000 Shandong Weigao Medical Polymer 'H' 9,210, ,200 Shanghai Haohai Biological Technology 6,290, 'H' 22,163,000 Springland International 7,718, ,505,200 Tencent 30,036, ,515,000 Tibet 5100 Water Resources 4,129, India 102,872, ,522,780 HDFC Bank 29,603, ,153,525 ICICI Bank 10,421, ,296 IndusInd Bank 6,572, ,537,116 Infosys 23,773, ,800 Lupin 7,284, ,550 Marico 4,906, ,025,967 Reliance Infrastructure 6,261, ,030 Shriram Transport Finance 4,680, ,672,398 Sobha 9,367, Indonesia 32,590, ,282,022 Bank Mandiri Persero 10,765, ,500,000 Mitra Keluarga Karyasehat 2,700, ,091,400 Semen Indonesia Persero 5,482, ,077,500 Telekomunikasi Indonesia Persero 13,642, Philippines 14,336, ,242,800 Ayala Land 9,294, ,560 GT Capital 5,042, South Korea 80,869, ,000 Hyundai Mobis 7,391, ,470 Hyundai Motor 26,077, ,200 Korea Aerospace Industries 3,923, ,713 Samsung Electronics 20,080, ,460 SK Hynix 6,181, ,021 SK Telecom 17,214, Taiwan 175,571, ,780,000 Advanced Semiconductor Engineering 11,863, ,626,000 Aerospace Industrial Development 7,756, ,000 Asustek Computer 3,069, ,171,000 Ennoconn 13,949, ,079,000 FocalTech Systems 5,754, ,990,589 Hon Hai Precision Industry 43,868, ,000 momo.com 4,068, ,293,000 Novatek Microelectronics 6,227, ,911 Silergy 4,641, ,199,000 Siliconware Precision Industries 9,468, ,590,066 Taiwan Semiconductor Manufacturing 57,181, ,371 Voltronic Power Technology 3,462, ,220,000 Zhen Ding Technology 4,259, Thailand 63,299, ,059,900 Bangkok Bank (Foreign) 16,173, ,362,700 BTS Rail Mass Transit Growth 7,056, Infrastructure Fund (Foreign) 4,910,800 Intouch (NVDR) 11,342, ,360,900 Kasikornbank (Foreign) 18,809, ,839,320 Land and Houses (NVDR) 9,916, United Kingdom 4,654, ,400 HSBC 4,654, United States of America 8,007, ,181,000 Sound Global ** 8,007, Total Money Instruments Admitted 919,548, Money Instruments dealt on another Regulated Taiwan 4,003, ,000 Parade Technologies 4,003, Total Money Instruments dealt on another Regulated 4,003, Units in Open-Ended Investment Scheme Hong Kong SAR 15,795, ,264 Umbrella Fund II - China Equity Alpha Fund Class I Acc 15,795, Total Units in Open-Ended Investment Scheme 15,795, Singapore 24,435, ,737,000 Hongkong Land 14,243, ,600 Jardine Matheson 10,192, ** The security was Fair d as at 30 June 2015.

308 Page 308 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Emerging Asia (cont) Emerging Europe Derivatives Money Instruments Admitted EUR China 10,693, ,607,541 China Vanke Warrants 16/11/2015 6,101, ,590 Hangzhou Hikvision Digital Technology Warrants 16/04/2020 4,592, Total Derivatives 10,693, Total Investments 950,040, Other 33,093, Asset 983,134, Cyprus 4,382, ,024,956 Globaltrans Investment GDR 4,382, Czech Republic 8,922, ,564 Komercni Banka 8,922, Georgia 1,525, ,439 TBC Bank GDR 1,525, ,835, Greece 12,099, ,809 Hellenic Telecommunications Organization ** 475,440 JUMBO ** 2,976, ,329,756 National Bank of Greece ** 2,641, ,226,119 Piraeus Bank ** 1,646, Hungary 10,849, ,845 OTP Bank 10,849, Kazakhstan 3,840, ,919 Halyk Savings Bank of Kazakhstan GDR 2,047, ,249 KCell GDR 1,792, herlands 6,777, ,149 X5 Retail GDR 6,777, Poland 51,627, ,219 Bank Pekao 9,124, ,231 Bank Zachodni WBK 7,221, ,287 CCC 4,070, ,045 Eurocash 4,224, ,626 KGHM Polska Miedz 2,418, ,992 KRUK 4,372, ,053,933 Powszechna Kasa Oszczednosci Bank 7,873, Polski 65,313 Powszechny Zaklad Ubezpieczen 6,766, ,080 UNIWHEELS 3,023, ,678 Work Service 2,531, Russia 145,770, ,536,406 Gazprom OAO ADR 11,628, ,380 Lenta GDR RegS 1,894, ,351 Lukoil OAO ADR 32,300, ,765 Magnit GDR 21,286, ,887 Mail.Ru GDR 4,722, ,446,177 MMC Norilsk Nickel ADR 21,902, ,355 Mobile TeleSystems ADR 5,546, ,794 NOVATEK OAO GDR 14,506, ,899,787 Sberbank of Russia ADR 22,564, ,619 Tatneft OAO ADR 9,417, Turkey 74,460, ,207,732 Akbank 15,943, ,770 Aselsan Elektronik Sanayi Ve Ticaret 3,009, ,180 AvivaSA Emeklilik ve Hayat 2,933, ,567 Ford Otomotiv Sanayi 3,678, ,291 Tofas Turk Otomobil Fabrikasi 4,973, ,096 Tupras Turkiye Petrol Rafinerileri 10,502, ,533,371 Turkcell Iletisim Hizmetleri 6,341, ,634,138 Turkiye Garanti Bankasi 10,121, ,656,263 Turkiye Is Bankasi 8,759, ,866,114 Turkiye Sinai Kalkinma Bankasi 3,916, ,758 Ulker Biskuvi Sanayi 4,281, United Arab Emirates 3,416, ,785,702 Emaar Properties 3,416, United Kingdom 6,995, ,138 Bank of Georgia 2,993, ,522 Nostrum Oil & Gas 4,001, ** The security was Fair d as at 30 June 2015.

309 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 309 Emerging Europe (cont) Emerging s Money Instruments Admitted EUR Money Instruments Admitted United States of America 10,088, ,532 Luxoft 10,088, Total Money Instruments Admitted 340,755, Total Investments 340,755, Other 1,823, Asset 342,579, Brazil 228,936, ,083,075 Ambev ADR 24,825, ,477,888 Banco Bradesco ADR Preference 13,404, ,199,600 BB Seguridade Participações 24,680, ,507,904 CCR 17,148, ,801,244 Cielo 24,584, ,700 Companhia Brasileira de Distribuicao 7,293, Preference 509,000 Embraer ADR 15,224, ,234,861 Itau Unibanco ADR Preference 46,032, ,700 Lojas Americanas Preference 5,151, ,000 Telefonica Brasil ADR Preference 8,405, ,405 Ultrapar Participações 19,679, ,525,300 Vale ADR 9,334, ,147,000 WEG 13,171, Chile 16,670, ,081,800 Enersis ADR 16,670, China 222,366, ,736 Baidu ADR 18,994, ,752,000 Brilliance China Automotive 24,585, ,160,210 China Construction Bank 'H' 134,397, ,913,986 Chongqing Changan Automobile 12,569, ,233 Mindray Medical International ADR 16,035, ,106,000 Zhuzhou CSR Times Electric 'H' 15,783, Czech Republic 7,504, ,178 Komercni Banka 7,504, Egypt 16,243, ,416,415 Commercial International Bank Egypt 10,478, ,763 Commercial International Bank Egypt GDR 5,764, ,482, Greece 7,976, ,764 Hellenic Telecommunications Organization ** 3,927,313 National Bank of Greece ** 3,493, Hong Kong SAR 608,955, ,202,800 AIA 73,338, ,817,000 Belle International 19,371, ,393,000 China Life Insurance 'H' 45,246, ,470,000 China Longyuan Power 'H' 20,537, ,728,000 China Mobile 86,135, ,776,800 China Pacific Insurance 'H' 56,511, ,284,600 China Petroleum & Chemical 'H' 90,856, ,010,000 China Unicom Hong Kong 14,179, ,054,760 Industrial & Commercial Bank of China 31,032, 'H' 8,101,500 Tencent 161,667, ,000 Tingyi Cayman Islands 1,818, ,477,400 Weichai Power 'H' 8,260, Hungary 23,224, ,177,537 OTP Bank 23,224, India 286,110, ,140,013 Axis Bank 53,923, ,395,741 HDFC Bank 66,015, ,696,236 Infosys 26,234, ,656 Infosys ADR 9,573, ,137 Lupin 22,673, ,241 Maruti Suzuki India 43,731, ,096,943 Tata Consultancy Services 43,966, ,693,586 Tata Motors 18,374, ,382 Ultratech Cement 1,617, ** The security was Fair d as at 30 June 2015.

310 Page 310 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Emerging s (cont) Emerging s (cont) Money Instruments Admitted Money Instruments Admitted Indonesia 20,840, ,318,538 Astra International 6,536, ,975,000 Bank Mandiri Persero 14,303, Kuwait 13,141, ,616,772 National Bank of Kuwait 13,141, Mexico 18,501, ,457 Fomento Economico Mexicano ADR 6,103, ,305,098 Grupo Financiero Banorte 12,398, Philippines 40,863, ,912,800 Ayala Land 19,768, ,063,500 SM Investments 21,095, Poland 47,503, ,085 Bank Pekao 23,997, ,358 KGHM Polska Miedz 7,290, ,719,469 Powszechna Kasa Oszczednosci Bank 14,404, Polski 15,598 Powszechny Zaklad Ubezpieczen 1,811, Qatar 14,269, ,355 Qatar National Bank 14,269, Russia 78,464, ,419 Lukoil OAO ADR 19,689, ,793 Magnit GDR 15,072, ,023,685 MMC Norilsk Nickel ADR 17,384, ,500 NOVATEK OAO GDR 9,518, ,253,207 Sberbank of Russia ADR 16,799, South Africa 104,828, ,444 Aspen Pharmacare 18,874, ,903,141 FirstRand 25,908, ,251 Naspers 44,315, ,934,414 Woolworths/South Africa 15,730, South Korea 528,854, ,955 Amorepacific 31,000, ,845 Coway 23,439, ,614,996 DGB Financial 16,893, ,104,743 Hana Financial 28,692, ,524 Hotel Shilla 11,516, ,897 Hyundai Department Store 16,282, ,470 Hyundai Mobis 9,565, ,335 Hyundai Motor 43,812, ,770 Korea Electric Power 13,175, ,285 LG 14,933, ,057 LG Chem 38,109, ,927 NAVER 33,967, ,374 Orion 7,846, ,443 POSCO 10,502, ,238 S-1 9,842, ,571 Samsung C&T 11,042, ,287 Samsung Electronics 145,431, ,797 Shinhan Financial 5,044, ,315 SK Hynix 33,518, ,235 SK Innovation 4,497, ,316 SK Telecom 19,739, Thailand 100,557, ,744,000 Advanced Info Service (Foreign) 26,608, ,500 Advanced Info Service (NVDR) 5,532, ,015,900 Kasikornbank (NVDR) 33,669, ,673,070 Minor International (Foreign) 12,146, ,126,000 PTT (Foreign) 22,600, Turkey 119,841, ,041,295 Akbank 28,917, ,555,890 KOC 25,766, ,212 Tupras Turkiye Petrol Rafinerileri 17,527, ,189,878 Turkcell Iletisim Hizmetleri 14,793, ,997,718 Turkiye Garanti Bankasi 18,730, ,686,366 Turkiye Is Bankasi 14,104, United Arab Emirates 51,585, ,044,379 Emaar Properties 51,585, United States of America 37,947, ,478 Yum! Brands 37,947, Total Money Instruments Admitted 2,985,755, Units in Open-Ended Investment Scheme Luxembourg 76,839, ,600 Frontier s Equity 44,041, Class I Acc 294,396 Global Emerging Smaller Companies Class I Acc 32,798, Total Units in Open-Ended Investment Scheme 76,839, Total Investments 3,062,595, Other 58,183, Asset 3,120,778, Taiwan 390,566, ,406,000 Advanced Semiconductor Engineering 38,382, ,528,000 Catcher Technology 44,021, ,602,501 Cathay Financial 44,608, ,588,847 CTBC Financial 38,952, ,200 Eclat Textile 11,665, ,228,729 Hon Hai Precision Industry 75,971, ,176,000 Taiwan Mobile 27,222, ,162,432 Taiwan Semiconductor Manufacturing 109,740,

311 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 311 European Dividend Maximiser European Dividend Maximiser (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Belgium 130,409, ,045,790 Ageas 71,265, ,526,247 Mobistar 43,476, ,388 Solvay 15,667, Denmark 30,739, ,361,806 D/S Norden 30,739, Finland 18,721, ,159,915 UPM-Kymmene 18,721, France 267,909, ,673,128 Alstom 68,645, ,900 BNP Paribas 43,617, ,642,832 Cie de Saint-Gobain 67,520, ,099 Sanofi 37,865, ,284,386 Vallourec 23,786, ,347 Vinci 26,473, United Kingdom (cont) 4,123,768 Royal Bank of Scotland 20,642, ,028,832 Tesco 80,923, ,745,604 Vodafone 64,611, ,212,345 WM Morrison Supermarkets 38,693, Total Money Instruments Admitted 1,589,465, Total Investments 1,589,465, Other 21,089, Asset 1,610,555, Germany 137,315, ,132 BASF 16,492, ,689 Bilfinger 30,710, ,251 Daimler 30,978, ,771,276 Deutsche Telekom 59,133, Italy 105,362, ,619,784 Eni 26,175, ,542,633 Intesa Sanpaolo 'RSP' 24,705, ,043,815 Snam 34,990, ,606,839 Tenaris 19,490, herlands 77,897, ,286,949 Delta Lloyd 19,239, ,826 Heineken 8,352, ,735 Koninklijke Ahold 13,534, ,009 Reed Elsevier 18,118, ,625 Wolters Kluwer 18,652, Norway 38,767, ,876,242 DNB 27,890, ,239 Statoil 10,877, Poland 53,466, ,604,054 Orange Polska 53,466, Spain 59,567, ,425,393 Endesa 59,567, Sweden 26,467, ,251,496 Swedbank 26,467, Switzerland 46,432, ,396 Novartis Registered 14,851, ,838 Swiss Re 31,581, United Kingdom 596,408, ,563,627 BAE Systems 61,338, ,115,336 BP 42,331, ,029,939 Cape 14,381, ,725,903 Centrica 73,819, ,370,378 Direct Line Insurance 59,070, ,638,019 HSBC 77,987, ,686,803 Legal & General 62,609,

312 Page 312 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments European Equity (Ex UK) European Equity (Ex UK) (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Belgium 9,332, ,531 Ageas 3,711, ,863 KBC Groep 5,621, Denmark 7,795, ,272 D/S Norden 1,179, ,688 Pandora 6,615, Finland 1,576, ,156 Nokia 1,576, France 39,211, ,249 Alcatel-Lucent 1,224, ,227 AXA 5,612, ,102 BNP Paribas 5,105, ,935 Eurofins Scientific 3,518, ,984 Legrand 2,303, ,567 L'Oréal 3,660, ,868 Pernod-Ricard 2,395, ,276 Publicis Groupe 2,893, ,081 Renault 3,062, ,956 Sanofi 4,061, ,066 Thales 1,872, ,158 TOTAL 3,500, Germany 29,760, ,899 Allianz 1,975, ,752 Bayer 6,626, ,973 Deutsche Boerse 2,481, ,822 Deutsche Telekom 4,513, ,235 Deutsche Wohnen 1,218, ,629 E.ON 1,481, ,727 Henkel & Co. KGaA Preference 2,304, ,053 HUGO BOSS 1,830, ,297 MorphoSys 736, ,931 OSRAM Licht 2,368, ,759 ProSiebenSat.1 Media 2,323, ,960 Volkswagen Preference 1,899, Switzerland (cont) 85,468 GAM 1,618, ,994 Novartis Registered 9,669, ,969 Rieter Registered 1,559, ,962 Roche 7,116, ,491 Zürich Insurance 2,630, Total Money Instruments Admitted 165,160, Money Instruments dealt on another Regulated EUR Spain 3,116, ,127 NH Hotel 3,116, Total Money Instruments dealt on another Regulated 3,116, Total Investments 168,276, Other 3,510, Asset 171,787, Ireland 3,778, ,378 CRH 3,442, ,183 CRH (London) 335, Italy 18,425, ,761 Anima 3,376, ,587 Atlantia 3,819, ,647,521 Banca Popolare di Milano 1,577, ,327,976 Intesa Sanpaolo 4,403, ,587,788 Telecom Italia 5,248, herlands 10,366, ,805 ING 7,454, ,447 Randstad 2,911, Norway 2,698, ,611 Petroleum Geo-Services 989, ,523 Telenor 1,709, Spain 9,508, ,745,877 Bankia 3,138, ,422 Mediaset Espana Comunicacion 3,315, ,798 Merlin Properties Socimi 3,054, Sweden 5,566, ,834 Boliden 1,828, ,376 SKF 1,704, ,061 Telefonaktiebolaget LM Ericsson 2,033, Switzerland 27,139, ,887 Basilea Pharmaceutica Registered 1,801, ,834 Credit Suisse Registered 2,743,

313 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 313 European Equity Focus European Equity Yield Money Instruments Admitted EUR Money Instruments Admitted EUR Belgium 667, ,957 EVS Broadcast Equipment 393, ,927 Mobistar 274, France 2,288, ,110 Accor 143, ,741 Alstom 275, ,216 Arkema 145, ,459 Bollore 437, ,728 Sanofi 427, ,858 Société Générale 250, ,707 Societe Television Francaise 1 151, ,122 Technicolor 457, Germany 137, Volkswagen Preference 137, Italy 316, ,204 Danieli & C Officine Meccaniche 72, ,432 Intesa Sanpaolo 'RSP' 244, Norway 224, ,104 DNB 224, Portugal 358, ,967 Sonae 358, Switzerland 139, Swatch 139, United Kingdom 4,469, ,025 AstraZeneca 458, ,668 Aviva 293, ,644 Barclays 272, ,170 BG 272, ,553 Carnival 163, ,473 Centrica 405, ,787 De La Rue 316, ,812 GlaxoSmithKline 372, ,420 Home Retail 387, ,666 HSBC 288, ,652 ITE 18, ,062 Pearson 275, ,243 Rio Tinto 159, ,038 Royal Bank of Scotland 210, ,644 Royal Dutch Shell 169, ,896 Tesco 403, Total Money Instruments Admitted 8,601, Money Instruments dealt on another Regulated EUR Spain 366, ,214 Atresmedia de Medios de Comunicacion 366, Total Money Instruments dealt on another Regulated 366, Total Investments 8,968, Other 338, Asset 9,306, Belgium 27,909, ,324 Ageas 14,955, ,630 Mobistar 9,665, ,314 Solvay 3,287, Denmark 6,450, ,785 D/S Norden 6,450, Finland 3,928, ,417 UPM-Kymmene 3,928, France 57,621, ,284 Alstom 15,261, ,942 BNP Paribas 9,697, ,759 Cie de Saint-Gobain 14,169, ,951 Sanofi 7,946, ,538 Vallourec 4,991, ,001 Vinci 5,555, Germany 32,797, ,827 BASF 3,666, ,806 Bilfinger 6,444, ,120 Daimler 6,501, ,946 Deutsche Telekom 11,837, ,145,644 MLP 4,347, Greece 6,514, ,322,039 Athens Water Supply & Sewage ** 6,514, Italy 21,907, ,282 Eni 5,046, ,792,733 Intesa Sanpaolo 'RSP' 5,184, ,688,052 Snam 7,343, ,229 Tenaris 4,333, herlands 14,763, ,076 Delta Lloyd 4,037, ,684 Koninklijke Ahold 3,008, ,282 Reed Elsevier 3,802, ,093 Wolters Kluwer 3,914, Norway 8,618, ,122 DNB 6,200, ,674 Statoil 2,418, Poland 11,886, ,136,871 Orange Polska 11,886, Romania 3,464, ,992 Fondul Proprietatea Fund GDR 3,464, Russia 1,338, ,349 M Video 1,338, Spain 13,242, ,526 Endesa 13,242, Sweden 5,884, ,230 Swedbank 5,884, Switzerland 9,744, ,129 Novartis Registered 3,116, ,650 Swiss Re 6,627, United Kingdom 131,278, ,126,164 BAE Systems 13,636, ,581,866 BP 9,410, ,326,702 Cape 4,734, ,385,418 Centrica 16,411, ,750,154 Direct Line Insurance 13,132, ,142,703 HSBC 17,337, ** The security was Fair d as at 30 June 2015.

314 Page 314 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments European Equity Yield (cont) European Opportunities Money Instruments Admitted EUR Money Instruments Admitted EUR United Kingdom (cont) 3,711,701 Legal & General 13,139, ,402 Royal Bank of Scotland 4,331, ,672,194 Tesco 16,982, ,143,756 Vodafone 13,559, ,381,974 WM Morrison Supermarkets 8,602, Total Money Instruments Admitted 357,351, Total Investments 357,351, Other 3,062, Asset 360,413, Belgium 18,376, ,121 Ageas 6,657, ,000 Delhaize 4,161, ,835 KBC Groep 7,557, Denmark 16,321, ,381 D/S Norden 2,604, ,427 Pandora 13,716, Finland 3,352, ,545 Nokia 3,352, France 58,903, ,287 Alcatel-Lucent 2,614, ,907 AXA 9,327, ,269 BNP Paribas 10,879, ,806 Eurofins Scientific 3,211, ,501 Imerys 2,665, ,467 Legrand 7,859, ,238 L'Oréal 5,391, ,613 Publicis Groupe 4,989, ,014 Renault 8,019, ,793 Thales 3,946, Germany 45,112, ,296 Allianz 4,305, ,791 Bayer 6,119, ,724 Deutsche Boerse 5,472, ,699 Deutsche Telekom 6,627, ,906 Deutsche Wohnen 2,906, ,801 E.ON 2,813, ,623 Henkel & Co. KGaA Preference 3,713, ,911 Hugo Boss 2,728, ,319 MorphoSys 1,651, ,242 OSRAM Licht 4,623, ,579 Volkswagen Preference 4,150, Ireland 8,581, ,836 CRH 8,581, Isle of Man 6,648, ,468 Playtech 6,648, Italy 28,348, ,814 Anima 5,348, ,430 Atlantia 2,629, ,356,702 Banca Popolare di Milano 3,214, ,260,402 Intesa Sanpaolo 7,495, ,445,437 Telecom Italia 9,661, herlands 15,840, ,320 ING 11,446, ,612 Randstad 4,393, Norway 2,181, ,345 Petroleum Geo-Services 2,181, Spain 15,936, ,723,539 Bankia 6,542, ,320 Mediaset Espana Comunicacion 3,931, ,803 Merlin Properties Socimi 5,463, Sweden 10,969, ,053 Boliden 3,879, ,477 SKF 3,672, ,358 Telefonaktiebolaget LM Ericsson 3,417, Switzerland 29,413, ,480 Basilea Pharmaceutica Registered 3,002, ,229 Credit Suisse Registered 4,327, ,731 Novartis Registered 14,437,

315 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 315 European Opportunities (cont) European Smaller Companies Money Instruments Admitted EUR Money Instruments Admitted EUR Switzerland (cont) 14,070 Rieter Registered 2,000, ,371 Zürich Insurance 5,645, United Kingdom 91,515, ,913 3i 3,375, ,166 Aviva 6,759, ,792 BG 5,630, ,311 BP 5,546, ,000 Diageo 5,206, ,724 HellermannTyton 3,088, ,541 HSBC 7,060, ,463 Imperial Tobacco 11,929, ,961,672 ITV 7,360, ,929 Melrose Industries 2,125, ,579,087 Rentokil Initial 3,284, ,914 Rio Tinto 4,240, ,737 SABMiller 3,805, ,683,879 Serco 2,839, ,624 Shire 8,095, ,742 Smith & Nephew 3,567, ,588,480 Thomas Cook 3,062, ,387,038 Vodafone 4,538, Total Money Instruments Admitted 351,503, Money Instruments dealt on another Regulated EUR Spain 6,155, ,189,452 NH Hotel 6,155, Total Money Instruments dealt on another Regulated 6,155, Total Investments 357,659, Other 1,848, Asset 359,507, Austria 2,970, ,000 Kapsch TrafficCom 2,970, Belgium 4,603, ,000 EVS Broadcast Equipment 4,603, Denmark 15,170, ,000 FLSmidth & Co. 7,583, ,000 Matas 7,586, Finland 2,350, ,000 Vaisala 2,350, France 48,943, ,000 Albioma 1,758, ,853 Belvedere 1,716, ,000 Elis 3,558, ,809 Euler Hermes 4,495, ,000 Eurofins Scientific 3,808, ,000 Lectra 7,245, ,000 Montupet 5,908, ,000 Naturex 7,233, ,142 Rubis 6,678, ,932 SPIE 2,925, ,000 UBISOFT Entertainment 3,615, Germany 41,434, ,000 BRAAS Monier Building 6,636, ,000 RIB Software 4,314, ,000 Stabilus 6,203, ,000 Tom Tailor 8,346, ,000 XING 6,693, ,000 Zeal work 9,240, Ireland 30,533, ,641,879 Dalata Hotel 5,991, ,000 FBD 1,530, ,000 FBD (London) 3,923, ,000 Irish Continental 1,398, ,422,301 Irish Residential Properties REIT 1,564, ,500,000 Mincon 2,450, ,773 Origin Enterprises 2,798, ,227 Origin Enterprises (London) 57, ,999 Paddy Power 2,085, ,000 Smurfit Kappa 8,732, Italy 56,816, ,000 Anima 3,539, ,000 Banca Popolare dell'emilia Romagna 6,468, ,541 Banca Sistema 3,249, ,100,000 Cerved Information Solutions 7,485, ,017 Credito Emiliano 5,479, ,000 FinecoBank Banca Fineco 3,682, ,825 Industria Macchine Automatiche 329, ,500,000 Maire Tecnimont 10,339, ,000,000 OVS 5,350, ,000,000 Sorin 5,036, ,000 Yoox 5,858, herlands 16,630, ,061 Beter Bed 4,668, ,806 Delta Lloyd 6,844, ,000 Sligro Food 3,542, ,000 Wessanen 1,576, Norway 11,321, ,000 Borregaard 2,521, ,400,000 Storebrand 8,800, Portugal 1,798, ,000 NOS 1,798,

316 Page 316 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments European Smaller Companies (cont) European Smaller Companies (cont) Money Instruments Admitted EUR Other Transferable Securities not dealt on another Regulated EUR Spain 3,626, ,000 Applus Services 3,626, Sweden 17,174, ,000 AAK 2,678, ,200,000 Bufab 6,432, ,000 Coor Service Management 3,060, ,000 Modern Times 1,696, ,833,333 Opus 3,306, Switzerland 33,371, ,000 Ascom Registered 2,351, ,500 Comet Registered 3,399, ,519 EFG International 1,034, ,000 Helvetia Registered 5,694, ,000 Interroll Registered 6,763, ,000 Komax Registered 4,578, ,000 Kuoni Reisen Registered 2,353, ,000 OC Oerlikon Registered 7,196, United Kingdom 133,755, ,400,000 Arrow Global 5,243, ,000 BTG 3,102, ,282 Dalata Hotel 899, ,100,000 Dart 6,190, ,016 Dialight 3,361, ,400,000 Eco Animal Health 6,000, ,700,313 Findel 5,185, ,150,000 Grainger 13,250, ,075,000 International Personal Finance 6,971, ,000 Irish Continental 583, ,400 James Fisher & Sons 6,244, ,000 Just Retirement 1,455, ,000 Keller 4,325, ,100,000 Lamprell 6,545, ,000 Northgate 5,506, ,200,000 Pets at Home 9,222, ,000,000 Photo-Me International 7,970, ,300,000 Polypipe 4,937, ,800,000 Premier Oil 3,798, ,418,896 President Energy 2,166, ,247,103 Raven Russia 3,936, ,000,000 Redrow 12,492, ,014 Sanne 3,565, ,000 Telecom Plus 6,975, ,000 Victrex 3,826, Denmark ,000 OW Bunker ** - - Ireland 6,135, ,577,699 Irish Residential Properties REIT 6,135, Italy 70-2,000,000 Sorin Rights 31/12/ Total Other Transferable Securities not dealt on another Regulated 6,135, Units in Open-Ended Investment Scheme EUR Luxembourg 3,954, ,000 Synthomer 3,954, Total Units in Open-Ended Investment Scheme 3,954, Total Investments 440,264, Other 15,984, Asset 456,249, Total Money Instruments Admitted 420,500, Money Instruments dealt on another Regulated EUR Spain 7,966, ,600,000 Naturhouse Health 7,966, Switzerland 1,707, ,500,000 RCS MediaGroup 1,707, Total Money Instruments dealt on another Regulated 9,673, ** The security was Fair d as at 30 June 2015.

317 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 317 European Special Situations European Special Situations (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Belgium 43,745, ,750 Anheuser-Busch InBev 19,051, ,262 Ontex 13,042, ,796 Telenet 11,651, France 58,770, ,124 BNP Paribas 11,758, ,760 Essilor International 12,909, ,596 Imerys 10,010, ,969 Orange 5,348, ,999 Orpea 12,025, ,853 Safran 6,719, Germany 106,392, ,158 Bayer 17,819, ,625 Brenntag 15,879, ,862 Fresenius & Co. KGaA 19,437, ,830 GEA 13,992, ,675 Henkel & Co. KGaA Preference 10,816, ,781 MorphoSys 4,354, ,109 ProSiebenSat.1 Media 17,650, ,242 Rocket Internet 3,529, ,734 Volkswagen Preference 2,911, United Kingdom (cont) 328,929 Spectris 9,762, ,020,206 Vodafone 9,882, Total Money Instruments Admitted 630,972, Money Instruments dealt on another Regulated EUR Spain 7,119, ,329 Aena 7,119, Total Money Instruments dealt on another Regulated 7,119, Total Investments 638,092, Other 16,850, Asset 654,943, herlands 18,341, ,424 ASML 18,341, Norway 32,783, ,499,667 DNB 22,292, ,061,867 XXL ASA 10,490, Portugal 7,569, ,924 CTT-Correios de Portugal 7,569, Spain 28,885, ,635 Amadeus IT 14,926, ,919 Grifols 2,655, ,684 Grifols 'B' Preference 3,140, ,351 Telefónica 8,163, Sweden 91,854, ,322,825 Assa Abloy 22,550, ,758 Hexagon 23,455, ,663 Hexpol 8,873, ,645,091 Husqvarna 17,953, ,674,248 Nordea Bank 19,021, Switzerland 151,543, ,071 Clariant Registered 11,842, ,243 Givaudan Registered 6,678, ,160 Lonza Registered 23,005, ,326 Nestlé Registered 21,656, ,985 Novartis Registered 10,999, ,156 Roche 22,691, ,569 SFS 10,324, ,919 U-Blox 6,077, ,085,008 UBS Registered 20,906, ,646 Zürich Insurance 17,361, United Kingdom 91,086, ,317 Bunzl 9,434, ,892 Croda International 9,000, ,073 Essentra 5,241, ,290 Experian 10,854, ,854 IMI 10,298, ,344,894 Sage 17,135, ,837 Shire 9,476,

318 Page 318 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments European Total Return European Total Return (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Belgium 2,123, ,352 Anheuser-Busch InBev 1,025, ,934 KBC Groep 601, ,641 UCB 496, Denmark 340, ,465 ISS 340, France 6,728, ,695 Accor 401, ,874 Arkema 646, ,275 Bureau Veritas 253, ,869 Danone 522, ,421 Edenred 768, ,350 Legrand 888, ,055 Orange 465, ,500 Pernod Ricard 785, ,996 Sanofi 993, ,113 Société Générale 432, ,922 Vivendi 571, Germany 7,297, ,658 Brenntag 871, ,386 Deutsche Annington Immobilien 849, ,316 Deutsche Wohnen 822, ,766 Fresenius Medical Care & Co. KGaA 581, ,464 GEA 787, ,310 HeidelbergCement 310, ,363 Linde 579, ,834 Rocket Internet 353, ,015 RTL 492, ,115 SAP 1,016, ,981 Volkswagen Preference 631, Ireland 945, ,901 Smurfit Kappa 945, Italy 2,863, ,364 Enel 852, ,914 FinecoBank Banca Fineco 461, ,075 Intesa Sanpaolo 'RSP' 755, ,770 Telecom Italia RSP 794, United Kingdom (cont) 5,163 Carnival 237, ,591 Imperial Tobacco 677, ,483 Lloyds Banking 464, ,248 Reed Elsevier 592, ,919 Standard Chartered 724, ,240 Unilever 823, United States of America 1,141, ,025 Autoliv 529, ,169 Kerry 611, Total Money Instruments Admitted 36,164, Money Instruments dealt on another Regulated EUR Spain 135, ,001 Cellnex Telecom 135, Total Money Instruments dealt on another Regulated 135, Units in Open-Ended Investment Scheme EUR Luxembourg 1,556, ,400 SSF Sterling Liquidity Plus Class I Acc 1,556, Total Units in Open-Ended Investment Scheme 1,556, Total Investments 37,856, Other 882, Asset 38,739, herlands 2,488, ,231 ASML 493, ,458 Heineken 855, ,837 ING 403, ,031 Koninklijke DSM 735, Norway 920, ,928 DNB 920, Spain 813, ,423 Amadeus IT 267, ,029 Bankia 546, Sweden 2,229, ,008 Assa Abloy 579, ,279 Hexagon 833, ,902 Nordea Bank 816, Switzerland 3,386, ,747 Compagnie Financiere Richemont 276, Registered 8,167 Dufry Registered 1,033, ,817 Roche 1,437, Sika 638, United Kingdom 4,886, ,332 Aviva 805, ,142 BP 560,

319 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 319 Frontier s Equity Frontier s Equity (cont) Money Instruments Admitted Money Instruments Admitted Argentina 90,500, ,200 Banco Macro ADR 21,798, ,400 Grupo Financiero Galicia ADR 16,983, ,920,500 YPF ADR 51,719, Bangladesh 17,330, ,432,400 GrameenPhone 6,065, ,345,166 Square Pharmaceuticals 11,265, Egypt 30,821, ,960,299 Global Telecom 30,821, Georgia 22,007, ,116,096 TBC Bank GDR 22,007, Kazakhstan 44,933, ,678,215 Halyk Savings Bank of Kazakhstan GDR 23,032, ,573,562 KCell GDR 21,901, Kenya 54,903, ,498,900 Kenya Commercial Bank 24,767, ,733,300 Safaricom 30,136, Kuwait 287,481, ,892,325 Agility Public Warehousing 25,956, ,092,500 Kuwait Foods Americana 9,762, ,694,583 Kuwait Projects 43,150, ,256,385 Mabanee SAK 7,393, ,125,000 Mobile Telecommunications 46,871, ,389,762 National Bank of Kuwait 143,427, ,547,275 VIVA Kuwait Telecom 10,918, Lebanon 22,957, ,302,668 BLOM Bank SAL GDR 22,957, Nigeria 121,072, ,241,722 Access Bank 7,277, ,209,218 FBN 11,865, ,103,220 Guaranty Trust Bank 37,855, ,540,031 United Bank for Africa 15,620, ,884,404 Zenith Bank 48,452, Oman 86,080, ,102,591 Bank Muscat 48,722, ,326,251 Oman Telecommunications 28,511, ,411,118 Ooredoo 8,845, Pakistan 179,098, ,123,120 Engro 52,783, ,017,600 Habib Bank 14,816, ,747,400 Lucky Cement 19,108, ,016,200 MCB Bank 17,152, ,045,100 Oil & Gas Development 17,668, ,324,001 United Bank 57,569, United Kingdom 58,792, ,911,352 Bank of Georgia 58,792, Vietnam 4,872, ,715 Hoa Phat 1,191, ,296,530 PetroVietnam Gas 3,680, Total Money Instruments Admitted 1,355,826, Money Instruments dealt on another Regulated Kenya 9,824, ,959,800 Equity 9,824, Oman 1,284, OMR 4,968,945 Bank Muscat /03/2018 1,284, Romania 9,945, ,088,496 Societatea Nationala de Gaze Naturale ROMGAZ 9,945, Total Money Instruments dealt on another Regulated 21,054, Derivatives Saudi Arabia 86,847, ,302 Deutsche Bank 27/09/ Fawaz 5,939, Abdulaziz Alhokair & Co. 320,955 Deutsche Bank 27/09/ Saudi 8,137, Basic Industries 1,113,597 Deutsche Bank 13/04/ Al-Hassan 12,382, G.I. Shaker 4,323,748 Deutsche Bank 18/01/ Rabigh 24,327, Refining & Petrochemicals 2,218,921 HSBC Bank 09/10/ Saudi Industry 15,855, Investment 24,594 HSBC Bank 20/03/ Fawaz 642, Abdulaziz Alhokair & Co. 741,547 Merrill Lynch 24/05/ Al Tayyar Travel 19,562, Total Derivatives 86,847, Total Investments 1,463,728, Other 21,316, Asset 1,485,044, Qatar 17,231, ,302 Gulf International Services 17,231, Sri Lanka 39,324, ,132,623 Commercial Bank of Ceylon 14,543, ,272,361 John Keells 24,781, United Arab Emirates 278,416, ,908,531 Dubai Islamic Bank 24,039, ,239,551 Emaar Properties 77,748, ,604,383 Emirates REIT CEIC 29,771, ,313,888 First Gulf Bank 30,267, ,601 Orascom Construction 7,098, ,342,214 Ras Al Khaimah Ceramics 28,617, ,682,670 Union National Bank/Abu Dhabi 80,872,

320 Page 320 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Climate Change Equity Money Instruments Admitted Global Climate Change Equity (cont) Money Instruments Admitted Australia 3,499, ,281 Brambles 3,499, Austria 4,068, ,318 Zumtobel 4,068, Canada 2,359, ,669 Lumenpulse 2,359, China 3,003, ,052 Alibaba ADR 3,003, Denmark 2,019, ,113 Vestas Wind Systems 2,019, France 12,927, ,788 Compagnie Générale des Etablissements 2,335, Michelin 39,680 Safran 2,746, ,358 Saft 3,073, ,327 Schneider Electric 1,718, ,842 Suez Environnement 3,052, Germany 11,520, ,540 Bayer 3,954, ,807 Continental 4,514, ,135 OSRAM Licht 3,052, Hong Kong SAR 1,354, ,000 Beijing Enterprises 1,354, Italy 2,937, ,438 Yoox 2,937, Japan 32,420, ,300 Aisin Seiki 2,779, ,800 Bridgestone 2,100, ,200 Daikin Industries 7,282, ,500 East Japan Railway 3,462, ,000 Hitachi Metals 2,796, ,000 Kubota 3,631, ,900 Sekisui House 5,842, ,300 Seven & i 4,524, South Korea 2,771, ,132 LG Chem 2,771, Spain 3,460, ,563 Red Electrica 3,460, Sweden 6,005, ,525 Hexagon 6,005, Switzerland 4,542, ,868 Swiss Re 3,584, ,321 Syngenta Registered 958, United States of America (cont) 97,173 Hexcel 4,825, ,956 Honeywell International 2,541, ,731 Kansas City Southern 976, ,488 Lindsay 2,467, ,409 Lowe's 4,417, ,842 Meritage Homes 3,801, ,452 Mueller Water Products 4,493, ,529 National Instruments 4,371, ,608 NextEra Energy 3,888, ,909 Owens Corning 2,496, ,048 Polycom 3,615, ,589 Quanta Services 2,150, ,695 Sealed Air 3,347, ,118 Sensata Technologies 1,950, ,743 SolarCity 2,862, ,781 Sprouts Farmers 2,303, ,464 Tesla Motors 1,955, ,523 Tractor Supply 6,444, ,607 Trimble Navigation 4,800, ,462 Weyerhaeuser 3,545, Total Money Instruments Admitted 189,295, Money Instruments dealt on another Regulated Germany 1,255, ,799 Wacker Chemie 1,255, Total Money Instruments dealt on another Regulated 1,255, Fair Pricing Adjustment United States of America 694, SIM Systematic FV USA *** 694, Total Fair Pricing Adjustment 694, Total Investments 191,245, Other 4,088, Asset 195,333, Taiwan 2,150, ,000 Topkey 2,150, United Kingdom 2,957, ,054,856 Vectura 2,957, United States of America 91,296, ,684 Amazon.com 5,022, ,565 Ball 3,880, ,008 BorgWarner 3,850, ,481 Calpine 1,825, ,201 Canadian Solar 1,728, ,524 Danaher 4,705, ,803 Ecolab 3,026, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

321 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 321 Global Demographic Opportunities Global Demographic Opportunities (cont) Money Instruments Admitted Money Instruments Admitted Brazil 544, ,499 Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR Preference 544, China 530, ,000 Brilliance China Automotive 530, Egypt 400, ,637 Edita Food Industries GDR RegS 400, Finland 503, ,654 Nokia 503, France 552, ,452 Hermes International 552, Germany 1,902, ,296 Bayerische Motoren Werke 591, ,654 Fresenius Medical Care & Co. KGaA 558, ,596 GEA 752, Hong Kong SAR 1,674, ,000 Huatai Securities 'H' 161, ,739 Jardine Strategic 779, ,400 Samsonite International 734, India 1,039, ,537 Larsen & Toubro GDR RegS 462, ,642 Mahindra & Mahindra 577, Italy 1,718, ,820 Industria Macchine Automatiche 747, ,776 Sorin 970, Japan 951, ,000 Kubota 951, Nigeria 524, ,313,954 Zenith Bank 524, Peru 663, ,751 Credicorp 663, South Korea 637, ,247 Hyundai Motor 637, Spain 907, ,486 Telefónica 907, Switzerland 1,543, ,322 Credit Suisse Registered 709, ,151 Lonza Registered 834, Taiwan 1,075, ,000 Aerospace Industrial Development 1,075, United States of America (cont) 28,460 Citigroup 1,561, ,805 Cognizant Technology Solutions 660, ,295 Estee Lauder 541, ,308 Google 1,249, ,035 Harley-Davidson 561, ,949 IMS Health 760, ,565 Laboratory Corp of America 545, ,822 Mead Johnson Nutrition 522, ,100 Mohawk Industries 962, ,818 Pfizer 1,035, ,856 Prudential Financial 773, ,214 Sprouts Farmers 467, ,063 Walgreens Boots Alliance 595, ,778 Yum! Brands 517, Total Money Instruments Admitted 36,032, Other Transferable Securities not dealt on another Regulated Italy ,776 Sorin Rights 31/12/ Total Other Transferable Securities not dealt on another Regulated 13 - Derivatives herlands 884, ,701 Idea Cellular Warrants 13/03/ , Total Derivatives 884, Fair Pricing Adjustment United States of America 129, SIM Systematic FV USA *** 129, Total Fair Pricing Adjustment 129, Total Investments 37,046, Other 1,274, Asset 38,320, United Kingdom 6,160, ,443 BTG 511, ,698 Capita 893, ,699 Diageo 925, ,882 Just Retirement 902, ,964 N Brown 473, ,621 Pets at Home 830, ,766 Prudential 828, ,154 Reckitt Benckiser 795, United States of America 14,701, ,685 Affiliated Managers 588, ,745 Amgen 719, ,002 Ares Management 1,001, ,338 Carnival 897, ,097 Catalent 738, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

322 Page 322 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Dividend Maximiser Global Dividend Maximiser (cont) Money Instruments Admitted Money Instruments Admitted Belgium 254,368, ,511,938 Ageas 254,368, Brazil 37,094, ,694,818 AES Tiete Preference 37,094, Canada 160,766, ,663 Fairfax Financial 106,687, ,702,565 Fairfax India 54,079, Finland 71,731, ,351,031 Nokia 71,731, France 507,407, ,873,631 Alstom 140,341, ,826 BNP Paribas 48,843, ,566,474 Cie de Saint-Gobain 72,194, ,642,256 Sanofi 166,381, ,342,437 Vinci 79,646, Germany 211,018, ,907 Daimler 52,342, ,024,607 Deutsche Telekom 158,676, Hong Kong SAR 244,086, ,749,000 CNOOC 66,333, ,122,000 Li & Fung 42,142, ,030,000 Luk Fook 61,985, ,871,000 NWS 73,625, Italy 85,058, ,693,930 Eni 85,058, herlands 194,713, ,447,880 Delta Lloyd 57,800, ,902,218 Koninklijke Ahold 55,421, ,675,240 Wolters Kluwer 81,491, Norway 82,101, ,925,524 DNB 82,101, United States of America (cont) 2,291,630 Guess? 44,297, ,437,935 Intel 134,868, ,950,666 JPMorgan Chase & Co. 131,084, ,058,960 Kulicke & Soffa Industries 72,101, ,106,766 Microsoft 137,847, ,930,635 Pfizer 98,440, ,884 Philip Morris International 73,060, ,976,076 Staples 198,793, ,350 Wells Fargo & Co. 45,988, Total Money Instruments Admitted 4,688,418, Other Transferable Securities not dealt on another Regulated Spain 2,177, ,431 Repsol 2,177, Repsol Rights 03/07/ Total Other Transferable Securities not dealt on another Regulated 2,177, Fair Pricing Adjustment United States of America 12,704, SIM Systematic FV USA *** 12,704, Total Fair Pricing Adjustment 12,704, Total Investments 4,703,300, Other 22,399, Asset 4,725,700, Singapore 72,992, ,335,200 Singapore Telecommunications 72,992, South Korea 93,416, ,225 Samsung Electronics Preference 93,416, Spain 179,763, ,369,661 Endesa 104,708, ,184,589 Repsol 75,054, Sweden 15,237, ,503 Swedbank 15,237, United Kingdom 807,539, ,248 British American Tobacco 51,704, ,813,485 Centrica 104,126, ,345,042 Direct Line Insurance 151,775, ,297,134 GlaxoSmithKline 69,543, ,106,909 HSBC 109,851, ,808,141 Legal & General 150,077, ,774,231 Tesco 170,461, United States of America 1,671,120, ,792,426 American International 110,395, ,083,999 Apollo Education 110,085, ,500 AT&T 23,232, ,011,944 Cisco Systems 193,108, ,852,205 Coach 64,808, ,050,332 First American Financial 75,288, ,394 Graham 157,718, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

323 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 323 Global Emerging Opportunities Global Emerging Opportunities (cont) Money Instruments Admitted Money Instruments Admitted Brazil 14,395, ,100 Companhia Brasileira de Distribuicao 1,300, Preference 437,800 Embraer ADR 13,094, China 34,850, ,200 Baidu ADR 13,473, ,538,000 China Construction Bank 'H' 13,277, ,400 WuXi PharmaTech Cayman ADR 8,099, Cyprus 6,159, ,284,627 Globaltrans Investment GDR 6,159, Hong Kong SAR 64,498, ,236,600 AIA 14,641, ,051,000 Belle International 8,122, ,722,000 China Pacific Insurance 'H' 13,061, ,036,000 China Petroleum & Chemical 'H' 13,838, ,200 Tencent 13,633, ,000 Tingyi Cayman Islands 1,201, Hungary 13,451, ,013 OTP Bank 13,451, India 73,410, ,555,800 Axis Bank 13,663, ,983 HDFC Bank 17,807, ,566 Infosys 12,907, ,275 Maruti Suzuki India 14,831, ,302 Tata Consultancy Services 14,200, Kuwait 19,445, ,875,562 National Bank of Kuwait 13,877, ,809,019 VIVA Kuwait Telecom 5,568, Mexico 19,474, ,187,056 Cemex 12,900, ,955,031 Corp Inmobiliaria Vesta 6,573, Turkey (cont) 270,164 Coca-Cola Icecek 4,410, ,177,520 KOC 14,736, ,215 Tupras Turkiye Petrol Rafinerileri 8,817, ,307,840 Turkiye Is Bankasi 13,305, ,026,064 Ulker Biskuvi Sanayi 7,080, United Arab Emirates 28,303, ,652,549 Emaar Properties 14,272, ,752,109 First Gulf Bank 7,250, ,661,965 Union National Bank/Abu Dhabi 6,779, United Kingdom 14,933, ,503 Bank of Georgia 14,933, United States of America 6,706, ,000 Hollysys Automation Technologies 6,706, Total Money Instruments Admitted 564,029, Derivatives Saudi Arabia 12,577, ,065 HSBC Bank 31/10/ Saudi Basic Industries 12,577, Total Derivatives 12,577, Total Investments 576,607, Other 70,551, Asset 647,158, herlands 5,710, ,956 X5 Retail GDR 5,710, Pakistan 7,060, ,344,200 Habib Bank 7,060, South Africa 25,680, ,311 Aspen Pharmacare 12,780, ,939,277 FirstRand 12,900, South Korea 86,604, ,876 Coway 8,243, ,295,228 DGB Financial 13,548, ,637 Hotel Shilla 6,941, ,477 Hyundai Mobis 6,345, ,821 Kia Motors 12,385, ,743 NAVER 14,024, ,498 SK Hynix 12,423, ,785 SK Telecom 12,691, Taiwan 42,520, ,197,000 Catcher Technology 14,935, ,816,232 Cathay Financial 13,618, ,453,887 Hon Hai Precision Industry 13,965, Thailand 32,354, ,897,800 Advanced Info Service (NVDR) 13,487, ,407,500 Bangkok Bank (NVDR) 7,418, ,045,500 Kasikornbank (NVDR) 11,448, Turkey 68,471, ,688,984 Akbank 13,503, ,499 AvivaSA Emeklilik ve Hayat 6,616,

324 Page 324 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Emerging s Smaller Companies Global Emerging s Smaller Companies (cont) Money Instruments Admitted Money Instruments Admitted Brazil 4,143, ,100 AES Tiete 1,189, ,900 Cia Energetica do Ceara Preference 908, ,300 Mahle-Metal Leve 1,271, ,900 Odontoprev 773, Chile 831, ,359 Vina Concha y Toro 831, China 3,650, ,925 Anhui Gujing Distillery 1,117, ,800 China Lodging ADR 1,224, ,200 idreamsky Technology ADR 272, ,040 Leju ADR 1,036, Cyprus 685, ,045 Globaltrans Investment GDR 685, Hong Kong SAR 8,505, ,208,000 Baoxin Auto 768, ,990,000 Best Pacific International 'H' 1,465, ,000 Boer Power 949, ,000 China Shineway Pharmaceutical 1,194, ,000 Haitian International 1,694, ,958,000 Springland International 1,030, ,357,000 Tenwow International 1,403, India 11,159, ,885 Apollo Hospitals Enterprise 1,631, ,622 Arvind 1,700, ,985 Eicher Motors 1,841, ,160 Gateway Distriparks 1,530, ,983 Pfizer 1,109, ,511 Rallis India 1,096, ,577 Supreme Industries 1,162, ,008 Tree House Education and Accessories 1,086, Indonesia 492, ,623,200 Industri Jamu Dan Farmasi Sido Muncul 492, Malaysia 1,231, ,000 Bursa Malaysia 1,231, Mexico 2,589, ,046 Corp Inmobiliaria Vesta 777, ,900 Grupo Aeroportuario del Pacifico 888, ,100 PLA Administradora Industrial REIT 923, Pakistan 750, ,700 Habib Bank 750, Poland 2,146, ,282 CCC 529, ,920 UNIWHEELS 542, ,800 Warsaw Stock Exchange 1,075, Singapore 2,944, ,075,000 First Resources 1,629, ,805,760 Silverlake Axis 1,314, Sri Lanka 762, ,389 John Keells 762, Taiwan 15,277, ,102,000 Aerospace Industrial Development 1,519, ,000 Chin-Poon Industrial 657, ,000 Chipbond Technology 1,241, ,000 Chroma ATE 1,113, ,000 CTCI 1,542, ,160 Eclat Textile 902, ,000 Gourmet Master 1,261, ,500 Merida Industry 1,638, ,665 Posiflex Technology 1,546, ,680 ScinoPharm Taiwan 680, ,000 St Shine Optical 730, ,000 Topkey 860, ,000 Toung Loong Textile Manufacturing 1,227, ,000 Yungtay Engineering 356, Thailand 2,576, ,200 Bumrungrad Hospital (Foreign) 1,551, ,967,400 LPN Development (Foreign) 1,025, Turkey 3,253, ,782 Aselsan Elektronik Sanayi Ve Ticaret 437, ,939 Ford Otomotiv Sanayi 940, ,828 Tofas Turk Otomobil Fabrikasi 866, ,577,394 Turkiye Sinai Kalkinma Bankasi 1,008, United Arab Emirates 3,365, ,009,749 Aramex PJSC 1,904, ,225 Ras Al Khaimah Ceramics 573, ,282 Union National Bank/Abu Dhabi 887, United Kingdom 576, ,731 Bank of Georgia 576, United States of America 1,352, ,500 Hollysys Automation Technologies 1,352, Total Money Instruments Admitted 74,358, Other Transferable Securities not dealt on another Regulated India ,262 Arvind Infrastructure - - Total Other Transferable Securities not dealt on another Regulated - - Total Investments 74,358, Other 1,856, Asset 76,215, South Africa 1,667, ,050 DataTec 1,667, South Korea 6,396, ,964 Halla Visteon Climate Control 1,101, ,206 KEPCO Plant Service & Engineering 760, ,524 Nexen Tire 933, ,291 S-1 1,424, ,827 Sung Kwang Bend 835, ,250 Suprema 1,341,

325 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 325 Global Energy Global Energy (cont) Money Instruments Admitted Derivatives Australia 649, ,432,094 Antares Energy 649, Canada 119,010, ,534,921 Bankers Petroleum 10,696, ,764,650 Bellatrix Exploration 8,758, ,026,866 Canyon Services 9,398, ,125 Cenovus Energy 13,008, ,312,026 Gran Tierra Energy 9,971, ,233,666 Legacy Oil + Gas 8,213, ,287 MEG Energy 11,579, ,918,967 Painted Pony Petroleum 11,724, ,261,814 Parex Resources 10,421, ,705 Suncor Energy 11,633, ,653,265 TransAtlantic Petroleum 13,605, British Virgin Islands 9-3,835,781 Petro-Victory Energy Equity Warrants 9-22/07/2016 Total Derivatives 9 - Total Investments 448,910, Other 10,989, Asset 459,899, Italy 16,062, ,394 Eni 16,062, Norway 14,627, ,296 Fred Olsen Energy 3,746, ,153,273 Prosafe 10,881, Portugal 10,909, ,004 Galp Energia 10,909, United Kingdom 103,371, ,666,124 BG 28,066, ,070,152 BP 13,810, ,631,568 EnQuest 10,530, ,738,288 Exillon Energy 8,082, ,664,274 Faroe Petroleum 11,741, ,151,041 Nostrum Oil & Gas 10,402, ,065,926 Premier Oil 9,620, ,370 Royal Dutch Shell 'A' 96, ,882 Royal Dutch Shell 'B' 6,460, ,460,337 RusPetro 4,560, United States of America 180,730, ,606 Ensco 10,901, ,377 Marathon Oil 13,675, ,789 Matador Resources 10,318, ,000 National Oilwell Varco 13,502, ,186 Newfield Exploration 10,632, ,568,526 Northern Oil and Gas 10,430, ,989 Oasis Petroleum 10,153, ,673 Occidental Petroleum 22,798, ,820 Rowan 5,848, ,055,771 Sanchez Energy 10,177, ,041 Schlumberger 20,390, ,525 Southwestern Energy 11,909, ,793 Tesco 9,102, ,013,123 Triangle Petroleum 10,246, ,713,835 Vantage Drilling 515, ,711 WPX Energy 10,126, Total Money Instruments Admitted 445,361, Units in Open-Ended Investment Scheme Luxembourg 3,548, ,122 Global Small Cap Energy Class I Acc 3,548, Total Units in Open-Ended Investment Scheme 3,548,

326 Page 326 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Equity Yield Global Equity Yield (cont) Money Instruments Admitted Money Instruments Admitted Belgium 28,778, ,749 Ageas 28,778, Brazil 6,180, ,115,457 AES Tiete Preference 6,180, Canada 18,271, ,834 Fairfax Financial 12,070, ,246 Fairfax India 6,201, Finland 5,143, ,198 Nokia 5,143, France 57,407, ,394 Alstom 15,877, ,907 BNP Paribas 5,526, ,228 Cie de Saint-Gobain 8,167, ,802 Sanofi 18,824, ,881 Vinci 9,011, Germany 23,874, ,460 Daimler 5,921, ,021,028 Deutsche Telekom 17,952, Hong Kong SAR 27,540, ,289,000 CNOOC 7,504, ,002,000 Li & Fung 4,761, ,397,000 Luk Fook 7,065, ,672,000 NWS 8,209, Italy 9,623, ,063 Eni 9,623, herlands 21,937, ,578 Delta Lloyd 6,447, ,352 Koninklijke Ahold 6,270, ,672 Wolters Kluwer 9,219, United States of America (cont) 685,500 Kulicke & Soffa Industries 8,157, ,494 Microsoft 15,595, ,567 Pfizer 11,137, ,169 Philip Morris International 8,265, ,468,090 Staples 22,491, ,813 Wells Fargo & Co. 5,203, Total Money Instruments Admitted 525,013, Other Transferable Securities not dealt on another Regulated Spain 254, ,776 Repsol Rights 03/07/ , Total Other Transferable Securities not dealt on another Regulated 254, Fair Pricing Adjustment United States of America 1,418, SIM Systematic FV USA *** 1,418, Total Fair Pricing Adjustment 1,418, Total Investments 526,686, Other 6,555, Asset 533,241, Norway 9,288, ,265 DNB 9,288, Singapore 8,258, ,640,100 Singapore Telecommunications 8,258, South Korea 10,569, ,905 Samsung Electronics Preference 10,569, Spain 20,338, ,514 Endesa 11,846, ,437 Repsol 8,491, United Kingdom 91,363, ,962 British American Tobacco 5,849, ,807,353 Centrica 11,780, ,206,907 Direct Line Insurance 17,171, ,032 GlaxoSmithKline 7,868, ,369,754 HSBC 12,428, ,277,545 Legal & General 16,979, ,744,505 Tesco 19,285, United States of America 186,439, ,792 American International 12,489, ,471 Apollo Education 12,454, ,319 Cisco Systems 21,848, ,555 Coach 7,332, ,971 First American Financial 8,517, ,676 Graham 17,844, ,271 Guess? 5,011, ,100 Intel 15,258, ,695 JPMorgan Chase & Co. 14,830, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

327 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 327 Global Property Securities Global Property Securities (cont) Money Instruments Admitted Money Instruments Admitted Australia 17,456, ,187,764 GPT 3,918, ,041,560 Mirvac 2,911, ,263,296 Stockland 3,992, ,774 Westfield REIT 6,634, Canada 3,115, ,882 RioCan Real Estate Investment Trust 3,115, France 11,366, ,002 Klepierre 3,306, ,182 Unibail-Rodamco 8,059, United States of America (cont) 32,521 Taubman Centers 2,264, ,470 Vornado Realty Trust 4,789, Total Money Instruments Admitted 248,858, Total Investments 248,858, Other 3,094, Asset 251,952, Hong Kong SAR 21,986, ,500 Cheung Kong Property 2,442, ,490,000 Hang Lung Properties 4,430, ,262 Hysan Development 2,952, ,418 Sun Hung Kai Properties 9,419, ,600 Swire Properties 2,741, Japan 29,828, ,618 GLP J-REIT 2,500, ,200 Hulic 1,385, Japan Real Estate Investment 3,678, Kenedix Office Investment REIT 2,226, ,000 Mitsubishi Estate 7,882, ,000 Mitsui Fudosan 7,810, ,019 Nomura Real Estate Master Fund 2,566, ,000 Tokyo Tatemono 1,777, Singapore 5,526, ,600 Global Logistic Properties 1,700, ,600 Hongkong Land 3,826, Sweden 3,255, ,046 Hufvudstaden 3,255, United Kingdom 25,211, ,111 Big Yellow 1,562, ,507 Derwent London 5,896, ,565 Great Portland Estates 3,762, ,320 Land Securities 7,543, ,446 Shaftesbury 3,244, ,993 UNITE 3,202, United States of America 131,110, ,355 American Trust REIT 2,741, ,086 AvalonBay Communities 6,217, ,548 Boston Properties 9,128, ,492 Brixmor Property 1,903, ,538 CubeSmart 4,685, ,197 Douglas Emmett 1,831, ,318 EastGroup Properties 1,898, ,297 Empire State Realty Trust REIT 4,381, ,949 Equity LifeStyle Properties 5,037, ,817 Equity One 2,610, ,004 Equity Residential 9,396, ,066 Essex Property Trust 6,118, ,451 Federal Realty Investment Trust 3,892, ,668 General Growth Properties 6,393, ,083 Health Care REIT 8,159, ,175 Kilroy Realty 2,971, ,850 LaSalle Hotel Properties 5,223, ,084 Pebblebrook Hotel Trust 4,919, ,197 Prologis 6,064, ,949 Public Storage 7,492, ,862 Sabra Health Care REIT 1,858, ,309 Simon Property 16,297, ,665 SL Green Realty REIT 3,154, ,825 Starwood Hotels & Resorts Worldwide 1,677,

328 Page 328 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Recovery Global Recovery (cont) Money Instruments Admitted Money Instruments Admitted Australia 2,952, ,969,833 Pacific Brands 2,952, Belgium 5,185, ,724 Mobistar 5,185, Canada 2,090, ,052 Teck Resources 2,090, Croatia 1,883, ,602 Hrvatski Telekom 1,883, Czech Republic 4,204, ,682 Philip Morris Czech Republic 4,204, Egypt 2,135, ,014,500 Telecom Egypt 2,135, Finland 1,398, ,869 Nokia 1,398, France 6,956, ,814 Societe Television Francaise 1 3,871, ,287 Technicolor 3,085, ,795, ,299, Greece 4,452, ,127 Hellenic Exchanges - Athens Stock Exchange ** 167,520 Hellenic Telecommunications Organization ** 183,569 OPAP ** 1,356, Hong Kong SAR 2,766, ,042,000 TAI Cheung 2,766, Italy 6,173, ,608 Danieli & C Officine Meccaniche 1,610, ,009 Intesa Sanpaolo 'RSP' 2,334, ,857 UniCredit 2,228, Japan 2,195, ,000 Sankyo 2,195, herlands 3,010, ,490 TNT Express 3,010, United Kingdom (cont) 491,903 Tullett Prebon 2,850, ,166,075 WM Morrison Supermarkets 3,325, United States of America 48,980, ,940 Abercrombie & Fitch 'A' 2,212, ,288 American International 5,068, ,565 Apollo Education 4,779, ,243 Avon Products 1,194, ,918 Bridgepoint Education 3,845, ,848 Career Education 2,345, ,985 Cisco Systems 4,350, ,300 Citigroup 2,266, ,407 DeVry Education 2,646, ,452 Hewlett-Packard 3,370, ,112 Intel 4,227, ,608 Merck & Co. 2,555, ,599 Microsoft 2,156, ,718 Pfizer 2,442, ,085 Staples 2,789, ,240 Strayer Education 2,727, Total Money Instruments Admitted 135,644, Money Instruments dealt on another Regulated United States of America 37, ,386 Safeway ** 1,727-35,386 Safeway (New York) ** 35, Total Money Instruments dealt on another Regulated 37, Total Investments 135,681, Other 6,742, Asset 142,424, New Zealand 1,631, ,895 Spark New Zealand 1,631, Poland 1,673, ,390 Orange Polska 1,673, Russia 1,528, ,532 M Video 1,528, South Africa 2,654, ,563,134 ArcelorMittal South Africa 2,654, South Korea 2,355, ,319 Industrial Bank of Korea 2,355, Spain 734, ,653 Endesa 734, United Kingdom 30,681, ,977 AstraZeneca 1,343, ,767 Aviva 1,468, ,120,524 Barclays 4,657, ,856 Chemring 1,880, ,727,344 Debenhams 3,839, ,700,429 Lonmin 3,035, ,108 Royal Bank of Scotland 5,209, ,858 Tesco 3,071, ** The security was Fair d as at 30 June 2015.

329 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 329 Global Small Cap Energy Global Smaller Companies Money Instruments Admitted Money Instruments Admitted Australia 1,253, ,461,451 Antares Energy 883, ,047 Sundance Energy Australia 370, Canada 9,899, ,050 Bankers Petroleum 1,228, ,651 Bellatrix Exploration 1,146, ,086 Canacol Energy 1,239, ,548 Canyon Services 1,106, ,958,390 Crown Point Energy 414, ,300 Enhanced Oil Resources 25, ,227,002 Madalena Energy 1,378, ,604 Mapan Energy 60, ,042 McCoy Global 1,172, ,793 Painted Pony Petroleum 945, ,063,868 Petroamerica Oil 428, ,144,208 Petrodorado Energy 155, ,649 TransAtlantic Petroleum 598, Ireland 1,289, ,385,331 PetroNeft Resources 1,289, United Kingdom 6,678, ,325,571 Eland Oil & Gas 1,524, ,618,751 EnQuest 1,090, ,579,118 Enteq Upstream 848, ,895 Exillon Energy 1,118, ,027,931 Faroe Petroleum 1,393, ,005,899 IGAS Energy 433, ,891 JKX Oil & Gas 270, United States of America 5,702, ,002 FX Energy 316, ,938 Gastar Exploration 1,270, ,443 Northern Oil and Gas 1,213, ,765 Sanchez Energy 1,173, ,943 Tesco 1,201, ,092 TransAtlantic Petroleum 526, Total Money Instruments Admitted 24,822, Derivatives British Virgin Islands 3-1,162,489 Petro-Victory Energy Equity Warrants 3-22/07/2016 Canada 1, ,155,000 Valeura Energy Warrants 09/02/2016 1, Total Derivatives 1, Total Investments 24,824, Other 895, Asset 25,720, Australia 3,350, ,168 Amcor 477, ,677 Ansell 383, ,124 Asaleo Care 605, ,157 Computershare 624, ,254 Iluka Resources 717, ,667 Mirvac 541, Austria 214, ,786 ANDRITZ 214, Canada 2,116, ,300 BRP 1,218, ,530 Lumenpulse 897, Denmark 2,768, ,095 FLSmidth & Co. 976, ,984 GN Store Nord 728, ,000 Matas 1,063, France 9,176, ,391 Belvedere 723, ,811 Elis 953, ,554 Euler Hermes 470, ,679 Eurofins Scientific 817, ,642 Lectra 1,040, ,567 Montupet 1,440, ,035 Naturex 1,201, ,026 Rubis 910, ,825 UBISOFT Entertainment 1,618, Germany 6,369, ,420 BRAAS Monier Building 976, ,039 Freenet 241, ,448 MTU Aero Engines 233, ,484 RIB Software 814, ,552 Sartorius Preference 479, ,333 Stabilus 970, ,092 Tom Tailor 874, ,967 XING 828, ,180 Zeal work 950, Hong Kong SAR 9,775, ,000 Baoxin Auto 503, ,000 Convenience Retail Asia 399, ,000 Dah Chong Hong 388, ,000 Haitian International 897, ,500 HKBN 781, ,250 Johnson Electric 1,452, ,900 Samsonite International 1,475, ,000 Shenzhou International 753, ,000 Sitoy 595, ,500 Techtronic Industries 1,898, ,000 Varitronix International 275, ,000 Yue Yuen Industrial 354, India 1,956, ,099 Arvind 756, ,036 Gateway Distriparks 571, ,217 Supreme Industries 628, Indonesia 484, ,700 Matahari Department Store 484, Ireland 5,405, ,487 Dalata Hotel 521, ,236 DCC 733, ,000 FBD 161, ,942 FBD (London) 193, ,216 Glanbia 635,

330 Page 330 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Smaller Companies (cont) Global Smaller Companies (cont) Money Instruments Admitted Money Instruments Admitted Ireland (cont) 55,000 Grafton 666, ,000 Irish Continental 358, ,194 Irish Residential Properties REIT 282, ,998 Paddy Power 432, ,747 Smurfit Kappa 1,419, Italy 13,224, ,950 Anima 991, ,680 Banca Popolare dell'emilia Romagna 1,012, ,997 Banca Popolare di Milano 987, ,569 Banca Sistema 481, ,048 Cerved Information Solutions 1,656, ,984 Credito Emiliano 1,074, ,000 FinecoBank Banca Fineco 900, ,133 Industria Macchine Automatiche 1,045, ,862 Maire Tecnimont 1,519, ,985 RCS MediaGroup 1,041, ,000 Sorin 1,129, ,103 Yoox 1,382, Japan 23,884, ,100 Ai 691, ,400 Aica Kogyo 683, ,800 Arcs 693, ,300 Asahi Diamond Industrial 352, ,600 Daibiru 810, ,500 Digital Garage 619, ,000 Eagle Industry 791, ,400 Fukushima Industries 172, ,600 Glory 491, ,200 Hitachi High-Technologies 343, ,900 Hitachi Transport System 612, ,600 JSP 477, ,200 Kakaku.com 610, ,700 Kissei Pharmaceutical 500, ,200 Koito Manufacturing 592, ,000 Kumiai Chemical Industry 547, ,000 Kureha 492, ,100 Kuroda Electric 876, ,400 Lintec 557, ,000 Mitsui Sugar 426, ,500 Musashi Seimitsu Industry 591, ,900 NEC works & System Integration 980, ,400 Nichi-iko Pharmaceutical 282, ,200 Nihon Parkerizing 479, ,800 Nippon Densetsu Kogyo 1,211, ,000 Nippon Soda 437, ,500 Nitta 1,317, ,100 Obara 274, ,600 OBIC Business Consultants 700, ,200 Plenus 291, ,000 Sumitomo Real Estate Sales 403, ,000 Takasago International 539, ,500 Tokai Tokyo Financial 1,059, ,400 TPR 853, ,900 Trusco Nakayama 1,187, ,900 Tsuruha 770, ,800 Tsutsumi Jewelry 183, ,800 Unipres 644, ,800 Yushin Precision Equipment 332, Malaysia 694, ,200 Bursa Malaysia 694, herlands 1,867, ,404 Delta Lloyd 1,079, ,806 Sligro Food 787, New Zealand 609, ,709 Fletcher Building 609, Norway 839, ,125 Storebrand 839, Philippines 1,019, ,628,300 D&L Industries 700, ,510 GT Capital 318, Singapore 3,813, ,000 First Resources 812, ,220 Mapletree Industrial Trust 280, ,900 SATS 761, ,489,200 Silverlake Axis 1,084, ,000 UOL 874, South Korea 2,515, ,861 Halla Visteon Climate Control 891, ,903 Hankook Tire 259, ,935 S-1 837, ,792 Sung Kwang Bend 527, Spain 871, ,025 Applus Services 871, Sweden 4,848, ,258 AAK 856, ,302 Bufab 783, ,000 Intrum Justitia 554, ,570 Loomis 1,392, ,632 Opus 465, ,844 Transcom Worldwide 794, Switzerland 3,977, ,057 Ascom Registered 985, ,856 Helvetia Registered 1,077, ,490 Interroll Registered 941, ,354 OC Oerlikon Registered 972, Taiwan 7,119, ,000 Aerospace Industrial Development 778, ,000 Chroma ATE 747, ,000 CTCI 811, ,000 Eclat Textile 572, ,645 Merida Industry 1,297, ,000 Posiflex Technology 713, ,560 ScinoPharm Taiwan 291, ,000 Sporton International 802, ,000 Toung Loong Textile Manufacturing 1,105, Thailand 928, ,000 Bumrungrad Hospital (Foreign) 526, ,100 LPN Development (Foreign) 402, United Kingdom 27,312, ,500 A.G.Barr 408, ,401 Alent 516, ,000 Ashtead 437, ,176 Berendsen 642, ,364 Bodycote 410, ,437 Brewin Dolphin 489, ,852 Computacenter 422, ,329 Dalata Hotel 439, ,970 db x-trackers Russell 2000 UCITS ETF 2,881, DR 1C 45,000 Dechra Pharmaceuticals 692, ,000 Dignity 511, ,000 Diploma 510, ,000 Elementis 322,

331 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 331 Global Smaller Companies (cont) Global Smaller Companies (cont) Money Instruments Admitted Money Instruments Admitted United Kingdom (cont) 56,754 ETFS Russell 2000 US Small Cap GO 2,875, UCITS ETF 186,400 Grainger 667, ,000 Halma 603, ,402 HomeServe 629, ,000 IG 643, ,000 Intermediate Capital 521, ,000 Investec 455, ,997 James Fisher & Sons 468, ,329 Just Retirement 446, ,933 Keller 467, ,181 Kennedy Wilson Europe Real Estate 864, ,198 Laird 239, ,000 Lamprell 378, ,000 London Stock Exchange 378, ,344 Micro Focus International 696, ,334 MP Evans 465, ,398 Northgate 415, ,000 Pets at Home 634, ,000 Photo-Me International 446, ,000 Premier Oil 309, ,926 Rank 393, ,000 Redrow 840, ,000 Ricardo 346, ,882 Senior 327, ,053 Soco International 349, ,662 SSP 557, ,000 ST Modwen Properties 536, ,564 SuperGroup 655, ,800 Taylor Wimpey 739, ,230 Telecom Plus 629, ,202 TT Electronics 265, ,273 Victrex 376, United States of America 155,567, ,139 Advance Auto Parts 2,882, ,100 Aerie Pharmaceuticals 568, ,819 Airgas 1,141, ,400 Akorn 484, ,110 Alaska Air 1,284, ,700 Allegiant Travel 1,883, ,600 Alliant Energy 1,300, ,234 Allison Transmission 2,256, ,818 AOL 1,890, ,451 Aramark 3,461, ,010 Ares Capital 1,568, ,766 Arthur J Gallagher & Co. 1,973, ,023 Berry Plastics 1,801, ,600 Brunswick 1,188, ,300 Cadence Design Systems 1,584, ,047 Carlisle Cos 1,396, ,239 Catalent 1,743, ,433 Cepheid 1,386, ,837 Chegg 695, ,200 Ciena 1,497, ,971 CLARCOR 1,232, ,600 ClubCorp 863, ,800 Compass Minerals International 1,059, ,100 Cooper 2,138, ,600 CoreLogic 1,712, ,139 Cullen/Frost Bankers 1,661, ,900 Darling Ingredients 1,176, ,000 Dean Foods 674, ,500 DigitalGlobe 1,549, ,800 Douglas Emmett 1,578, ,700 East West Bancorp 1,325, United States of America (cont) 139,800 Entegris 2,032, ,988 Envision Healthcare 708, ,807 Equity LifeStyle Properties 1,617, ,700 Finisar 990, ,133 Flexion Therapeutics 709, ,600 Fluidigm 420, ,100 Fortinet 734, ,500 Fortune Brands Home & Security 1,561, ,000 Gannett 310, ,900 Generac 753, ,324 Genesee & Wyoming 1,480, ,800 Global Eagle Entertainment 1,172, ,124 Graco 1,844, ,308 Graham 1,399, ,126 HCC Insurance 700, ,200 Helmerich & Payne 1,340, ,900 Hemisphere Media 345, ,200 Herman Miller 1,617, ,800 Hexcel 1,827, ,500 HFF 1,177, ,600 IDACORP 1,049, ,582 IDEX 1,217, ,596 INC Research 'A' 1,695, ,900 Integrated Device Technology 2,011, ,933 J D Wetherspoon 574, ,813 Jack in the Box 1,029, ,591 K2M 748, ,500 KAR Auction Services 2,068, ,700 Kennedy-Wilson 2,317, ,900 Kirby 298, ,900 Lennox International 1,382, ,800 LifePoint Health 1,446, ,900 Linear Technology 2,035, ,000 Louisiana-Pacific 989, ,656 M/A-COM Technology Solutions 2,113, ,100 Masimo 929, ,200 Matador Resources 668, ,140 Mid-America Apartment Communities 1,402, ,900 Minerals Technologies 1,127, ,300 MSC Industrial Direct 1,134, ,265 NorthWestern 1,287, ,600 ON Semiconductor 1,237, ,300 Owens Corning 2,221, ,100 Packaging Corp of America 2,196, ,400 PacWest Bancorp 1,325, ,800 PAREXEL International 1,587, ,162 Parkway Properties 760, ,821 Pretium Resources 512, ,127 PTC 1,809, ,300 PVH 3,423, ,600 Quanta Services 680, ,500 Radian 1,608, ,679 Redwood Trust 680, ,636 Reinsurance Group of America 1,290, ,847 Reliance Steel & Aluminum 794, ,900 Rollins 2,126, ,600 RPC 698, ,495 Ryder System 2,215, ,400 Sabre 1,612, ,900 Sealed Air 1,754, ,700 Simpson Manufacturing 1,418, ,200 Sirona Dental Systems 820, ,679 Snap-on 1,217, ,087 Sotheby's 1,900, ,100 South State 1,138,

332 Page 332 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Smaller Companies (cont) Greater China Money Instruments Admitted Money Instruments Admitted United States of America (cont) 26,700 Spectranetics 634, ,500 Spectrum Brands 1,681, ,600 Steel Dynamics 1,187, ,785 Stifel Financial 1,358, ,400 Synergy Resources 975, ,100 Synopsys 1,452, ,000 TEGNA 1,391, ,758 Torchmark 1,489, ,394 Unilife 253, ,192 Universal Health Services 1,722, ,700 Valmont Industries 1,032, ,874 Vantiv 1,392, ,142 Verint Systems 1,332, ,019 VWR 1,798, ,818 Waste Connections 1,922, ,636 WhiteWave Foods 998, ,716 Wintrust Financial 1,042, ,900 Zions Bancorporation 1,635, Total Money Instruments Admitted 290,708, Money Instruments dealt on another Regulated Germany 828, ,336 Elmos Semiconductor 828, Total Money Instruments dealt on another Regulated 828, Other Transferable Securities not dealt on another Regulated Denmark ,500 OW Bunker ** - - India ,909 Arvind Infrastructure - - Ireland 334, ,806 Irish Residential Properties REIT 334, Italy ,000 Sorin Rights 31/12/ Total Other Transferable Securities not dealt on another Regulated 334, Fair Pricing Adjustment United States of America 1,162, SIM Systematic FV USA *** 1,162, Total Fair Pricing Adjustment 1,162, Total Investments 293,034, Other 11,645, Asset 304,679, Australia 14,787, ,490 BHP Billiton 5,097, ,969 Newcrest Mining 4,515, ,880 Rio Tinto 5,173, China 113,521, ,450 Baidu ADR 4,902, ,568,170 China Construction Bank 'H' 39,789, ,900 E-House China ADR 4,750, ,970 Mindray Medical International ADR 2,882, ,485 New Oriental Education & Technology 10,109, ADR 7,532,000 Parkson Retail 1,573, ,550 Qihoo 360 Technology ADR 12,183, ,039,537 Shanghai Jinjiang International Hotels 5,794, Development 19,066,000 Shenguan 4,894, ,600 SouFun ADR 6,712, ,000 Vipshop ADR 7,840, ,613,000 Zhuzhou CSR Times Electric 'H' 12,088, Hong Kong SAR 554,373, ,163,000 AIA 40,345, ,646,000 Angang Steel 'H' 2,516, ,481,000 Bank of China 'H' 6,163, ,139,000 Baoxin Auto 7,719, ,736,000 Beijing Jingkelong 'H' 3,481, ,208,000 Belle International 22,125, ,810,000 Biostime International 5,299, ,173,500 BOC Hong Kong 13,222, ,395,000 CGN Power 'H' 10,681, ,046,000 Chen Hsong 4,760, ,807,128 Cheung Kong Property 14,988, ,036,000 China Dongxiang 5,562, ,427,000 China Life Insurance 'H' 23,626, ,775,000 China Machinery Engineering 'H' 2,992, ,491,000 China Mobile 57,496, ,212,600 China Pacific Insurance 'H' 10,617, ,015,600 China Petroleum & Chemical 'H' 18,998, ,094,888 China Resources Land 19,772, ,347,000 China Shineway Pharmaceutical 7,987, ,486,000 China Telecom 'H' 4,393, ,232,000 China Unicom Hong Kong 9,807, ,324,000 Chow Sang Sang International 6,671, ,628 CK Hutchison 9,397, ,775,000 CNOOC 5,356, ,596,000 CSPC Pharmaceutical 9,481, ,128,000 Dongfeng Motor 'H' 4,196, ,148,000 Galaxy Entertainment 8,561, ,256,000 Gemdale Properties and Investment 5,436, ,600,000 Harbin Electric 'H' 2,823, ,684,305 Industrial & Commercial Bank of China 29,149, 'H' 3,093,500 Intime Retail 4,102, ,033,000 Jiangxi Copper 'H' 3,393, ,144,000 Joy City Property 4,988, ,000 Livzon Pharmaceutical 'H' 722, ,666,000 Longfor Properties 2,651, ,936,500 Lung Kee Bermuda 6,094, ,243,000 Pacific Textiles 6,775, ,936,000 PetroChina 'H' 15,549, ,000 Ping An Insurance of China 'H' 6,482, ,780,000 Public Financial 3,984, ,340,000 Shandong Weigao Medical Polymer 'H' 9,963, ** The security was Fair d as at 30 June *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

333 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 333 Greater China (cont) Hong Kong Equity Money Instruments Admitted Money Instruments Admitted HKD Hong Kong SAR (cont) 1,226,500 Shanghai Haohai Biological Technology 7,831, 'H' 9,104,000 Skyworth Digital 8,103, ,929,000 Springland International 5,547, ,000 Sun Hung Kai Properties 5,281, ,234,600 Tencent 44,591, ,071,000 Tenwow International 5,044, ,642,000 Tibet 5100 Water Resources 2,381, ,244,000 Tingyi Cayman Islands 2,541, ,208,000 Trinity 4,530, ,431,000 Xinjiang Goldwind Science & Technology 4,916, 'H' 10,626,000 Xinyi Glass 5,647, ,051,522 Yunnan Water Investment 'H' 4,320, ,011,500 Zhaojin Mining Industry 'H' 10,017, ,128,200 Zoomlion Heavy Industry Science and Technology 'H' 5,273, Singapore 19,674, ,407,400 Hongkong Land 11,540, ,330 Jardine Matheson 8,133, Taiwan 167,812, ,422,000 Advanced Semiconductor Engineering 10,028, ,874,000 Aerospace Industrial Development 3,962, ,000 Asustek Computer 4,682, ,028,000 Ennoconn 12,245, ,525,000 FocalTech Systems 6,259, ,432,791 Hon Hai Precision Industry 32,713, ,032,000 Novatek Microelectronics 4,970, ,993 Silergy 6,230, ,899,000 Siliconware Precision Industries 9,010, ,086,430 Taiwan Semiconductor Manufacturing 68,519, ,428 Voltronic Power Technology 5,211, ,139,800 Zhen Ding Technology 3,979, United States of America 9,513, ,770 Sohu.com 2,580, ,548,000 Sound Global ** 6,933, Total Money Instruments Admitted 879,683, Derivatives China 11,424, ,293,627 China Vanke Warrants 16/11/2015 5,367, ,522 Hangzhou Hikvision Digital Technology Warrants 21/10/2015 6,057, Total Derivatives 11,424, Total Investments 891,108, China 1,807,112, ,205 Alibaba ADR 298,029, ,734 Baidu ADR 658,629, ,331,600 China Lodging ADR 444,292, ,853,268 Mindray Medical International ADR 406,160, Hong Kong SAR 19,560,056, ,374,600 AIA 2,505,760, ,495,000 Beijing Enterprises 378,983, ,393,000 Belle International 450,009, ,598,500 BOC Hong Kong 891,431, ,395,000 Cathay Pacific Airways 541,208, ,466,000 Chen Hsong 60,871, ,902,528 Cheung Kong Property 1,215,432, ,571,000 China Mengniu Dairy 369,919, ,792,500 China Mobile 674,155, ,972,480 China Overseas Land & Investment 464,197, ,513,600 China Pacific Insurance 'H' 800,305, ,923,800 China Petroleum & Chemical 'H' 541,380, ,960,000 China Resources Land 300,794, ,574,402 China Taiping Insurance 489,447, ,587,528 CK Hutchison 1,433,719, ,266,059 Dah Sing Banking 89,312, ,720,450 First Pacific 213,991, ,877,000 Galaxy Entertainment 336,099, ,166,000 Haitian International 440,304, ,135,000 Hang Lung 482,710, ,467,900 HKT Trust & HKT 514,987, ,250,000 Kerry Properties 615,600, ,802,000 MGM China 263,769, ,396,800 Samsonite International 359,034, ,817,000 Shenzhou International 520,900, ,433,000 Sun Hung Kai Properties 1,184,784, ,389,500 Swire Pacific 'A' 525,206, ,009,500 Swire Pacific 'B' 109,372, ,391,280 Swire Properties 578,934, ,682,500 Techtronic Industries 626,935, ,569,900 Tencent 1,171,063, ,848,000 Tingyi Cayman Islands 409,432, Singapore 2,064,231, ,643,440 CapitaLand Retail China Trust 56,560, ,622,300 Hongkong Land 675,251, ,283,218 Jardine Matheson 564,546, ,477,400 Jardine Strategic 581,355, ,390,000 Mandarin Oriental International 175,701, ,841,000 Mapletree Greater China Commercial Trust 10,816, United Kingdom 2,200,039, ,361,932 HSBC 2,200,039, Total Money Instruments Admitted 25,631,440, Other 19,520, Asset 910,629, Other Transferable Securities not dealt on another Regulated HKD United States of America ,700 Longtop Financial Technologies ADR ** - - Total Other Transferable Securities not dealt on another Regulated - - ** The security was Fair d as at 30 June 2015.

334 Page 334 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Hong Kong Equity (cont) Indian Equity Units in Open-Ended Investment Scheme HKD Money Instruments Admitted Hong Kong SAR 404,691, ,356 Umbrella Fund II - China Equity Alpha Fund Class I Acc 404,691, Total Units in Open-Ended Investment Scheme 404,691, Total Investments 26,036,132, Other 349,255, Asset 26,385,387, India 275,128, ,651 Adani Ports & Special Economic Zone 4,376, ,390 Apollo Hospitals Enterprise 3,874, ,754 Aurobindo Pharma 1,522, ,521 Bata India 3,432, ,053 Bharti Infratel 4,720, ,479 Blue Dart Express 1,018, ,239 Britannia Industries 7,737, ,894 Cipla 4,137, ,082 Cummins India 6,481, ,133 Dabur India 3,358, ,739 DB 1,610, ,230 Dr Reddy's Laboratories 6,108, ,297 Glenmark Pharmaceuticals 4,987, ,465 Godrej Consumer Products 1,019, ,826 HCL Technologies 8,061, ,251 HDFC Bank 10,677, ,902 Hindustan Unilever 2,619, ,039,500 Hindustan Zinc 2,729, ,182 Housing Development Finance 18,194, ,362 HSIL 3,038, ,457,040 ICICI Bank 7,051, ,825 IndusInd Bank 7,882, ,142,036 Infosys 17,663, ,396,700 ITC 6,916, ,711 Jyothy Laboratories 3,320, ,513 Kotak Mahindra Bank 4,199, ,616 Larsen & Toubro 11,333, ,029,704 LIC Housing Finance 7,295, ,858 Lupin 1,655, ,125 Marico 6,013, ,636 Maruti Suzuki India 5,967, ,369 Max India 3,001, ,783 Navneet Education 1,336, ,589,315 NTPC 5,600, ,371 Oil & Natural Gas 3,217, ,765 Oracle Financial Services Software 1,055, ,108 Phoenix Mills 3,769, ,884,100 Power Grid of India 4,117, ,787 Prestige Estates Projects 674, ,577,332 RattanIndia Power 1,442, ,262 Reliance Industries 14,947, ,145 Repco Home Finance 1,084, ,345 Shriram Transport Finance 2,431, ,292 Sobha 3,037, ,653 State Bank of India 1,707, ,100 Sun Pharmaceutical Industries 3,203, ,962 Tata Consultancy Services 12,543, ,528 Tata Motors 6,552, ,128 Tech Mahindra 1,840, ,029,802 Voltas 5,101, ,955 Wipro 8,494, ,873 Yes Bank 5,779, ,779 Zee Entertainment Enterprises 5,004, ,272,524 Zee Entertainment Enterprises Preference 179, United States of America 6,092, ,591 Cognizant Technology Solutions 6,092, Total Money Instruments Admitted 281,221, Total Investments 281,221, Other 14,271, Asset 295,492,

335 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 335 Indian Opportunities Japanese Opportunities Money Instruments Admitted Money Instruments Admitted JPY India 146,775, ,545 Aditya Birla Nuvo 2,850, ,000 BASF India 943, ,770 Bata India 1,192, ,000 Bharat Electronics 1,586, ,375 Bharti Airtel 5,783, ,424 Cadila Healthcare 1,141, ,781 CMC 2,193, ,179 CRISIL 2,651, ,104 Cummins India 2,142, ,522,095 DCB Bank 3,116, ,137 Entertainment work India 1,059, ,418,656 Federal Bank 3,294, ,967 Gujarat Pipavav Port 2,314, ,452,877 Gujarat State Petronet 2,708, ,157 HDFC Bank 9,120, ,500 HDFC Bank ADR 1,779, ,080 Housing Development Finance 6,295, ,908 ICICI Bank 4,180, ,538 ICRA 2,040, ,812 Idea Cellular 1,427, ,987 Indraprastha Gas 1,765, ,356 Infosys 9,068, ,800 ITC 3,049, ,530 Kotak Mahindra Bank 7,511, ,446 Larsen & Toubro 7,855, ,432 Lupin 1,731, ,243 Mahindra & Mahindra 2,946, ,718 Mahindra Holidays & Resorts India 1,201, ,417 Maruti Suzuki India 3,714, ,099 Oracle Financial Services Software 2,797, ,025 Ortel Communications 1,390, ,233 Pfizer 1,973, ,354 Pidilite Industries 1,689, ,000 Ramco Systems 2,987, ,253 Reliance Industries 1,481, ,565 Sanofi India 2,135, ,000 SKF India 889, ,158 SKS Microfinance 3,088, ,276 Sun Pharmaceutical Industries 4,222, ,838 Tata Consultancy Services 6,005, ,159 Tata Motors 1,815, ,493 Tata Motors 'A' 2,148, ,733 Thermax 1,884, ,840 Torrent Pharmaceuticals 1,673, ,447 Torrent Power 1,419, ,282 United Spirits 2,618, ,806 Voltas 2,768, ,231,212 Zee Entertainment Enterprises 7,117, Total Money Instruments Admitted 146,775, Total Investments 146,775, Other 3,663, Asset 150,439, Japan 118,325,648, ,500 ABC-Mart 782,705, ,700 Aisin Seiki 3,160,907, ,300 AOI Electronic 1,569,219, ,000 AT-Group 714,150, ,057,000 Bando Chemical Industries 539,070, ,300 Belc 692,566, ,000 Bridgestone 1,127,347, ,043,300 Brother Industries 1,809,082, ,000 C Uyemura 3,105,760, ,800 Canon 632,421, ,700 Central Japan Railway 899,673, ,700 Century Tokyo Leasing 3,376,692, ,600 CREATE SD 1,319,840, ,000 Daido Metal 636,120, ,600 DeNA 838,731, ,800 Descente 479,089, ,800 Doshisha 105,896, ,439,000 Dowa 1,663,484, ,800 DTS 1,259,831, ,600 Eagle Industry 1,616,524, ,700 Foster Electric 1,290,331, ,138,000 Fuji Machine Manufacturing 1,457,778, ,900 Hakuto 1,129,350, ,321,000 Hanwa 759,575, ,222,300 Haseko 1,765,001, ,200 HI-LEX 3,297,280, ,600 Honda Motor 1,464,170, ,900 Iida 391,755, ,600 Inaba Denki Sangyo 1,876,956, ,100 Inabata & Co. 504,936, ,400 Iriso Electronics 237,832, ,820,000 ITOCHU 4,559,940, ,000 JGC 388,416, ,300 JSP 839,116, ,741,000 JX 1,975,996, ,600 Kakaku.com 662,019, ,200 Kato Sangyo 651,382, ,700 KDDI 2,326,865, ,200 Koito Manufacturing 330,430, ,700 Konica Minolta 1,098,472, ,500 Kuroda Electric 1,597,315, ,600 Kyowa Exeo 1,364,111, ,800 Message 392,040, ,000 Mie Bank 170,221, ,800 Mirai Industry 535,814, ,600 Mirait 139,372, ,000 Mitsuboshi Belting 244,440, ,660,500 Mitsui & Co. 2,760,581, ,000 Mitsui OSK Lines 194,040, ,500 Morita 682,318, ,300 Musashi Seimitsu Industry 672,554, ,800 Musashino Bank 506,708, ,300 Nafco 1,283,062, ,300 Nakanishi 1,095,292, ,100 NEC works & System Integration 243,601, ,845,200 Nexon 3,107,316, ,000 Nippon Seiki 1,715,970, ,700 Nishio Rent All 1,171,062, ,024,900 Nisshin Fudosan 886,906, ,500 Nissin Kogyo 530,512, ,200 Nitta 1,358,679, ,000 Okinawa Cellular Telephone 2,087,800, ,747,700 ORIX 3,182,561, ,623,000 Prima Meat Packers 608,625, ,300 Proto 494,092,

336 Page 336 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Japanese Opportunities (cont) Japanese Smaller Companies Money Instruments Admitted JPY Money Instruments Admitted JPY Japan (cont) 96,400 Relo 1,166,440, ,400 Sakata INX 149,748, ,700 San-A 518,694, ,931,000 Sankyu 1,291,839, ,000 Shikoku Chemicals 710,396, ,227,600 Shizuoka Gas 1,049,598, ,100 Siix 1,759,401, ,500 Sintokogio 445,392, ,000 SK Kaken 1,339,610, ,200 Sompo Japan Nipponkoa 3,360,540, ,800 St Marc 1,167,894, ,207,800 Starts 2,305,690, ,043,200 Sumitomo Mitsui Financial 5,694,828, ,800 Suruga Bank 1,013,496, ,100 Suzuki Motor 223,703, ,132,400 T&D 2,066,630, ,500 T&K Toka 650,355, ,000 TDK 2,098,880, ,000 TECHNO ASSOCIE 338,800, ,244,400 Tokai Tokyo Financial 1,108,760, ,200 Tokai/Gifu 706,052, ,203,200 Tokyo Steel Manufacturing 1,081,676, ,368,000 Tomoku 384,408, ,300 Topre 774,163, ,300 Toyoda Gosei 874,973, ,300 Toyota Industries 1,691,254, ,500 Toyota Motor 3,236,083, ,400 Trusco Nakayama 134,946, ,100 Tsukada Global 619,680, Total Money Instruments Admitted 118,325,648, Fair Pricing Adjustment JPY Japan 789,823, SIM Systematic FV Japan *** 789,823, Total Fair Pricing Adjustment 789,823, Total Investments 119,115,472, Other 7,752,292, Asset 126,867,764, Japan 37,603,858, ,500 Aeon Fantasy 694,869, ,700 Ai 298,258, ,600 Arcs 369,784, ,000 Asahi Diamond Industrial 271,663, ,800 Bit-isle 81,215, ,900 Bunka Shutter 221,117, ,400 Century Tokyo Leasing 563,904, ,500 COOKPAD 467,310, ,300 Daibiru 570,238, ,300 Digital Garage 771,952, ,500 Disco 450,785, ,000 Eagle Industry 982,560, ,200 Enigmo 384,764, ,400 Fuji Seal International 272,194, ,900 Fujimori Kogyo 876,530, ,900 Fukushima Industries 219,393, ,600 Glory 310,300, ,000 Hamakyorex 743,280, ,500 HI-LEX 255,587, ,400 Himaraya 126,828, ,800 HIS 111,756, ,200 Hitachi Transport System 404,973, ,800 Information Services International-Dentsu 471,007, ,500 Innotech 340,443, ,800 JCR Pharmaceuticals 497,898, ,300 JSP 393,218, ,700 Kakaku.com 274,128, ,000 Kintetsu World Express 577,500, ,200 Kissei Pharmaceutical 569,752, ,800 Koito Manufacturing 447,895, ,900 Konishi 310,380, ,100 Kumiai Chemical Industry 269,012, ,000 Kureha 446,814, ,900 Kuroda Electric 728,412, ,500 MEC 530,657, ,700 Message 500,610, ,500 Mimasu Semiconductor Industry 429,352, ,500 Mitsubishi Pencil 408,195, ,400 Mitsubishi Research Institute 360,574, ,000 Mitsuboshi Belting 517,010, ,000 Mitsui Sugar 187,880, ,000 MTI 509,736, ,000 Musashi Seimitsu Industry 244,522, ,400 Musashino Bank 311,374, ,200 N Field 642,076, ,700 Nabtesco 603,869, ,700 NEC works & System Integration 718,503, ,900 Nichi-iko Pharmaceutical 116,042, ,500 Nihon Parkerizing 410,811, ,800 Nihon Unisys 694,164, ,700 Nippon Aqua 296,049, ,900 Nippon Densetsu Kogyo 820,839, ,000 Nippon Soda 535,947, ,200 Nitta 795,109, ,100 Obara 362,558, ,000 OBIC Business Consultants 756,040, ,000 Onoken 403,158, ,700 Pal 392,754, ,000 Piolax 758,670, ,500 Press Kogyo 549,793, ,700 Prestige International 186,579, ,200 Relo 208,120, ,000 Sanrio 136,325, ,000 Senko 586,675, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

337 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 337 Japanese Smaller Companies (cont) Korean Equity Money Instruments Admitted JPY Money Instruments Admitted Japan (cont) 257,700 Septeni 353,049, ,900 Sinko Industries 623,487, ,900 Sogo Medical 712,770, ,200 Starts 517,720, ,000 Takasago International 282,624, ,300 Temp 509,626, ,200 Tokai Tokyo Financial 231,838, ,000 Toshiba TEC 658,359, ,700 TPR 738,576, ,500 Transcosmos 396,090, ,500 Trusco Nakayama 901,722, ,800 Tsukui 491,328, ,900 Tsuruha 742,387, ,700 Unipres 342,673, ,100 United Arrows 249,658, ,100 Wellnet 385,732, ,000 WirelessGate 365,210, ,600 Yushin Precision Equipment 351,282, Total Money Instruments Admitted 37,603,858, Fair Pricing Adjustment JPY Japan 251,005, SIM Systematic FV Japan *** 251,005, Total Fair Pricing Adjustment 251,005, Total Investments 37,854,864, Other 860,995, Asset 38,715,859, South Korea 112,063, ,693 Chong Kun Dang Pharmaceutical 460, ,799 Chongkundang 1,281, ,883 CJ 1,556, ,846 CJ CheilJedang 5,459, ,595 CJ E&M 1,721, ,715 Coway 4,716, ,822 Dongwha Enterprise 954, ,481 GS 2,556, ,009 Heung-A Shipping 1,837, ,927 Hyundai Engineering & Construction 2,015, ,947 Hyundai Glovis 2,338, ,141 Hyundai Hysco 985, ,845 Hyundai Mobis 2,055, ,176 Hyundai Motor 3,425, ,691 Hyundai Steel 647, ,017 Hyundai Wia 1,382, ,586 Industrial Bank of Korea 1,338, ,063 Kangwon Land 4,930, ,658 KB Financial 1,077, ,222 Kginicis 1,189, ,186 Kolon Industries 1,108, ,560 Korea Electric Power 7,516, ,803 Korean Reinsurance 965, ,543 LG 2,792, ,264 LG Chem 3,551, ,488 LG Innotek 2,919, ,777 LG Uplus 2,325, ,250 LIG Insurance 4,468, ,951 Lotte Food 3,200, ,596 NAVER 7,139, ,596 PSK 1,055, ,027 Samsung Electronics 10,233, ,907 Samsung Life Insurance 2,970, ,517 Seegene 3,656, ,509 Sekonix 1,441, ,167 SFA Engineering 1,019, ,237 Shinhan Financial 900, ,864 Signetics 823, ,868 SK Hynix 5,743, ,488 SK Innovation 2,561, ,611 SK Telecom 1,030, ,776 Wonik Materials 2,708, Total Money Instruments Admitted 112,063, Total Investments 112,063, Other 2,789, Asset 114,853, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

338 Page 338 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Latin American Latin American (cont) Money Instruments Admitted Money Instruments Admitted Brazil 128,033, ,400 AES Tiete Preference 2,318, ,660 Ambev 408, ,013,157 Ambev ADR 12,239, ,040,067 Banco Bradesco ADR Preference 9,433, ,300 BB Seguridade Participações 9,585, ,335 BR Malls Participações 2,212, ,700 BRF 6,060, ,107,720 CCR 5,415, ,260 Cielo 7,837, ,000 Companhia Brasileira de Distribuicao 2,327, Preference 157,322 Embraer ADR 4,705, ,055 Itau Unibanco ADR Preference 8,653, ,276 Itau Unibanco Preference 9,723, ,345,601 Itausa - Investimentos Itau Preference 3,858, ,300 Klabin 3,350, ,100 Lojas Americanas 3,002, ,600 Lojas Americanas Preference 940, ,300 Mahle-Metal Leve 3,398, ,689 Petroleo Brasileiro ADR 1,902, ,991 Petroleo Brasileiro ADR Preference 7,002, ,616 Telefonica Brasil ADR Preference 6,141, ,944 Ultrapar Participações 8,334, ,348 Vale ADR 889, ,378 Vale ADR Preference 1,865, ,047,300 WEG 6,425, Peru 6,408, ,231 Credicorp 5,058, ,681 Southern Copper 1,349, Total Money Instruments Admitted 237,451, Total Investments 237,451, Other 1,217, Asset 238,669, Chile 22,823, ,603,938 Banco de Chile 4,036, ,301 Banco Santander Chile ADR 3,929, ,052,507 Empresa Nacional de Electricidad 1,440, ,200 Empresa Nacional de Electricidad ADR 3,920, ,475 Enersis ADR 5,909, ,891 Forus 1,926, ,441 SACI Falabella 1,661, Colombia 7,989, ,380 Cemex Latam 2,987, ,261 Ecopetrol ADR 983, ,038 Grupo de Inversiones Suramericana 2,211, ,970 Grupo de Inversiones Suramericana Preference 1,807, Mexico 72,196, ,220,338 Alfa 2,354, ,765,342 Alpek 2,545, ,289 America Movil ADR 11,314, ,275 Cemex ADR 7,894, ,654,760 Corp Inmobiliaria Vesta 2,750, ,029,629 Credito Real Sofom 2,351, ,662 El Puerto de Liverpool 3,667, ,968 Fomento Economico Mexicano ADR 10,963, ,339 Grupo Aeroportuario del Pacifico ADR 2,984, ,078,387 Grupo Bimbo 5,389, ,127,022 Grupo Financiero Banorte 6,061, ,423 Grupo Mexico 1,831, ,814 Grupo Televisa ADR 6,168, ,685,900 PLA Administradora Industrial REIT 3,324, ,064,176 Wal-Mart de Mexico 2,594,

339 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 339 Middle East Middle East (cont) Money Instruments Admitted Money Instruments dealt on another Regulated Egypt 17,050, ,379 Commercial International Bank Egypt 5,898, ,363 Edita Food Industries GDR RegS 1,597, ,000,000 Emaar Misr for Development 1,991, ,035,416 Global Telecom 2,332, ,411,015 Medinet Nasr Housing 5,229, Jersey 4,215, ,325,131 Centamin 4,215, Kuwait 18,724, ,488 Agility Public Warehousing 1,712, ,300 Kuwait Foods Americana 1,807, ,339,097 Kuwait Projects 4,877, ,170,000 Mobile Telecommunications 1,607, ,063,506 National Bank of Kuwait 8,719, Lebanon 1,077, ,069 BLOM Bank SAL GDR 1,077, Oman 3,322, ,568,939 Bank Muscat 2,241, ,791 Oman Telecommunications 1,080, Qatar 16,926, ,280 Gulf International Services 3,807, ,464 Industries Qatar 2,193, ,043 Ooredoo 1,028, ,643 Qatar Electricity & Water 2,732, ,239 Qatar National Bank 7,164, Turkey 54,607, ,201,900 Akbank 12,101, ,318 Aselsan Elektronik Sanayi Ve Ticaret 1,648, ,122 AvivaSA Emeklilik ve Hayat 1,628, ,286 Ford Otomotiv Sanayi 2,539, ,361 KOC 2,283, ,062 Tofas Turk Otomobil Fabrikasi 3,271, ,854 Tupras Turkiye Petrol Rafinerileri 6,275, ,005,219 Turkcell Iletisim Hizmetleri 4,661, ,303,232 Turkiye Garanti Bankasi 7,193, ,344,803 Turkiye Is Bankasi 7,055, ,714,816 Turkiye Sinai Kalkinma Bankasi 3,015, ,102 Ulker Biskuvi Sanayi 2,933, Oman 57, OMR 221,915 Bank Muscat /03/ , Total Money Instruments dealt on another Regulated 57, Derivatives Saudi Arabia 35,313, ,374 Credit Suisse Nassau 14/10/2015-1,185, Fawaz Abdulaziz Alhokair & Co. 302,355 Deutsche Bank 13/04/ Al-Hassan 3,362, G.I. Shaker 19,386 Deutsche Bank 27/09/ Fawaz 506, Abdulaziz Alhokair & Co. 761,921 Deutsche Bank 18/01/ Rabigh 4,286, Refining & Petrochemicals 85,538 Deutsche Bank 27/09/ Saudi 2,168, Basic Industries 184,263 HSBC Bank 31/10/ Saudi Basic 4,671, Industries 593,379 HSBC Bank 09/10/ Saudi Industry 4,239, Investment 188,308 HSBC Bank 31/07/ Yanbu 2,711, National Petrochemical 176,637 Merrill Lynch 24/05/ Al Tayyar 4,659, Travel 46,003 Merrill Lynch 02/03/ Jarir 2,709, ing 160,648 Merrill Lynch 02/03/ Samba 1,116, Financial 316,660 Merrill Lynch 01/03/ Saudi Hollandi Bank 3,695, Total Derivatives 35,313, Total Investments 188,912, Other 3,949, Asset 192,861, United Arab Emirates 35,998, ,525 Abu Dhabi Commercial Bank 1,489, ,960,747 Amanat 1,460, ,067 Dubai Islamic Bank 933, ,878,458 Emaar Properties 12,611, ,867,161 Emirates REIT CEIC 3,469, ,034,768 First Gulf Bank 4,282, ,234,405 Ras Al Khaimah Ceramics 1,977, ,279,951 Union National Bank/Abu Dhabi 9,775, United Kingdom 1,618, ,000 Integrated Diagnostics 1,618, Total Money Instruments Admitted 153,540,

340 Page 340 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Swiss Equity Opportunities Money Instruments Admitted CHF Swiss Small & Mid Cap Equity Money Instruments Admitted CHF Switzerland 93,259, ,000 ABB Registered 3,020, ,500 Actelion Registered 1,998, ,000 Adecco Registered 2,073, ,000 ams 417, ,549 Ascom Registered 2,052, Belimo Registered 1,904, ,820 Bucher Industries Registered 1,828, ,350 Cembra Money Bank 705, ,700 Clariant Registered 707, ,400 Coltene Registered 437, ,820 Compagnie Financiere Richemont 3,838, Registered 168,700 Credit Suisse Registered 4,396, ,400 DKSH 1,797, ,625 Dufry Registered 1,930, ,274 EFG International 1,182, ,400 Feintool International Registered 647, ,500 Flughafen Zuerich Registered 1,827, ,770 Forbo Registered 1,932, ,700 GAM 1,514, ,989 Gategroup 1,766, ,500 Holcim Registered 1,915, ,700 Implenia Registered 1,498, ,260 Kuoni Reisen Registered 1,045, ,344 Leonteq 713, ,312 Logitech International Registered 3,233, ,900 Nestlé Registered 6,510, ,300 Novartis Registered 7,524, ,000 OC Oerlikon Registered 1,709, ,000 Orior 1,849, ,462 Peach Property 834, ,800 Rieter Registered 1,305, ,300 Roche 6,186, ,614 SHL TeleMedicine Registered 2,375, ,655 Sunrise Communications 2,081, ,400 Swatch Registered 2,452, ,200 Swiss Life Registered 1,991, ,883 Swiss Re 910, ,230 Swisscom Registered 1,705, ,535 Swissquote Registered 816, ,993 Syngenta Registered 3,837, ,300 Tecan Registered 1,830, ,000 UBS Registered 1,045, ,567 VZ 2,351, ,200 Zehnder 1,555, Total Money Instruments Admitted 93,259, Total Investments 93,259, Other 7,199, Asset 100,459, Switzerland 293,048, ,308 Airesis Registered 1,093, ,000 Airopack Technology 1,008, ,000 ams 1,461, ,400 Aryzta 1,173, ,593 Ascom Registered 4,898, ,531 Banque Cantonale Vaudoise Registered 10,176, ,750 Belimo Registered 6,055, ,491 Bell Registered 6,187, ,750 Bucher Industries Registered 7,656, ,815 Burckhardt Compression 3,906, ,800 Cembra Money Bank 1,360, ,700 Clariant Registered 7,027, ,720 Coltene Registered 1,346, ,792 Daetwyler 6,472, ,846 DKSH 3,871, ,658 Dufry Registered 10,514, ,416 EFG International 5,097, ,100 Flughafen Zuerich Registered 10,307, ,935 Forbo Registered 9,757, ,560 GAM 6,113, ,505 Gategroup 5,406, ,595 Georg Fischer Registered 4,929, ,668 Helvetia Registered 11,700, ,389 Huegli 1,749, ,100 Implenia Registered 5,434, ,671 Interroll Registered 6,274, ,540 Kuoni Reisen Registered 3,324, ,074 Leonteq 5,102, ,390 Logitech International Registered 11,183, ,773 Looser 2,073, ,114 Metall Zug Registered 2,828, ,000 OC Oerlikon Registered 7,530, ,271 Orior 8,871, ,805 Partners 8,166, ,230 Peach Property 957, ,691 Repower 1,220, ,720 Rieter Registered 1,589, ,006 Romande Energie Registered 1,086, ,500 Schindler 9,804, ,317 Schweiter Technologies 4,772, ,378 SFS 2,623, ,000 Sika 6,630, ,677 Sonova Registered 3,659, ,651 St Galler Kantonalbank Registered 6,429, ,170 Sulzer Registered 3,264, ,046 Sunrise Communications 5,861, ,900 Swatch Registered 7,550, ,050 Swiss Life Registered 11,485, ,571 Swissquote Registered 2,200, ,873 Tecan Registered 9,980, ,081 Temenos Registered 3,765, ,921 Thurgauer Kantonalbank 1,437, ,687 Tornos Registered 150, ,240 VZ 9,175, ,400 Zehnder 5,540, ,768 Zug Estates 3,800, Total Money Instruments Admitted 293,048, Total Investments 293,048, Other 9,937, Asset 302,986,

341 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 341 Taiwanese Equity Taiwanese Equity (cont) Money Instruments Admitted Units in Open-Ended Investment Scheme Taiwan 320,202, ,089,000 Advanced Semiconductor Engineering 12,281, ,856,000 Aerospace Industrial Development 8,073, ,000 Asustek Computer 7,285, ,208,957 Cathay Financial 16,045, ,533,000 Cathay Real Estate Development 4,703, ,951,760 Chunghwa Telecom 18,931, ,203,000 Cleanaway 7,097, ,747,735 CTBC Financial 5,300, ,315,000 CTCI 3,734, ,009,000 Delta Electronics 10,260, ,012,000 Ennoconn 12,055, ,607,199 Far EasTone Telecommunications 3,875, ,726,000 FocalTech Systems 5,354, ,353,006 Formosa Plastics 10,215, ,516,000 Fubon Financial 10,948, ,000 Gourmet Master 2,769, ,641,939 Hon Hai Precision Industry 30,233, ,200,819 Hota Industrial Manufacturing 3,850, ,002,000 Huaku Development 2,170, ,000 Intai Technology 2,612, ,395,686 Kenda Rubber Industrial 3,717, ,000 Largan Precision 10,939, ,706 MediaTek 5,507, ,824,000 Mega Financial 3,436, ,000 momo.com 7,553, ,000 Nan Liu Enterprise 3,988, ,000 Novatek Microelectronics 4,122, ,000 Richtek Technology 1,554, ,624,000 Ruentex Development 2,561, ,187,000 Ruentex Industries 2,708, ,121,484 Shin Kong Financial 2,168, ,836 Silergy 6,782, ,094,000 Siliconware Precision Industries 9,307, ,220,000 Taiwan Mobile 7,391, ,281,565 Taiwan Semiconductor Manufacturing 33,071, ,364,000 Teco Electric and Machinery 4,152, ,000 Toung Loong Textile Manufacturing 2,336, ,317,591 TURVO International 3,173, ,967,000 Uni-President Enterprises 8,782, ,701,000 Vanguard International Semiconductor 2,716, ,028 Voltronic Power Technology 6,438, ,849,242 Yuanta Financial 4,777, ,493,450 Zhen Ding Technology 5,213, Taiwan 5,168, ,311 LOHAS Small & Medium Cap I 5,168, Total Units in Open-Ended Investment Scheme 5,168, Total Investments 328,582, Other 11,586, Asset 340,169, Total Money Instruments Admitted 320,202, Money Instruments dealt on another Regulated Taiwan 3,211, ,000 Parade Technologies 3,211, Total Money Instruments dealt on another Regulated 3,211,

342 Page 342 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments UK Opportunities UK Opportunities (cont) Money Instruments Admitted GBP Money Instruments dealt on another Regulated GBP United Kingdom 162,807, ,000 3i 2,756, ,660 Antofagasta 3,945, ,000 AstraZeneca 6,502, ,125,000 Aviva 5,641, ,000 Babcock International 3,021, ,000 Berendsen 2,030, ,329,540 Booker 3,943, ,000 BP 1,651, ,000 Britvic 3,087, ,870 BT 2,972, ,000 BTG 3,531, ,340 Carnival 3,418, ,000 Daily Mail & General Trust 3,808, ,752,311 EnQuest 749, ,000 GKN 3,043, ,000 GlaxoSmithKline 8,164, ,139,066 Hansteen 2,477, ,000 Howden Joinery 4,130, ,810 ICAP 3,353, ,030 Imperial Tobacco 4,145, ,000 Intermediate Capital 3,174, ,102,870 ITV 2,944, ,575,000 Legal & General 3,967, ,760,000 Lloyds Banking 5,814, ,283,241 Low & Bonar 890, ,390,000 Man 2,192, ,000 Marks & Spencer 3,315, ,005,171 Melrose Industries 5,020, ,660 Merlin Entertainments 2,548, ,000 N Brown 3,230, ,274 National Express 2,375, ,415,790 Old Mutual 2,895, ,000 Pearson 5,734, ,811 Poundland 149, ,000 Premier Farnell 1,648, ,500 Reckitt Benckiser 1,020, ,000 Reed Elsevier 3,476, ,960,000 Rentokil Initial 2,900, ,420 Rolls-Royce 1,870, ,200,000 Royal Bank of Scotland 4,274, ,000 Royal Dutch Shell 9,155, ,110,000 Sage 5,772, ,858,882 Sepura 2,937, ,673 Sophos 1,057, ,188,050 SSP 3,400, ,581 Stock Spirits 645, ,895,780 Tesco 4,038, ,000 UBM 3,544, ,928 WANdisco 437, United Kingdom 56, ,036,220 Rolls-Royce 56, Total Money Instruments dealt on another Regulated 56, Total Investments 162,863, Other 1,720, Asset 164,583, Total Money Instruments Admitted 162,807,

343 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 343 US Small & Mid Cap Equity US Small & Mid Cap Equity (cont) Money Instruments Admitted Money Instruments Admitted Canada 7,431, ,900 BRP 7,431, United States of America 1,174,121, ,100 Advance Auto Parts 24,173, ,900 Aerie Pharmaceuticals 4,310, ,207 Affiliated Managers 8,377, ,845 Airgas 9,793, ,800 Akorn 5,436, ,500 Alaska Air 10,504, ,754 Alexandria Real Estate Equities 5,917, ,200 Alliant Energy 9,850, ,000 Allison Transmission 13,699, ,300 AOL 11,712, ,327 Apartment Investment & Management 6,290, ,754 Aramark 29,577, ,774 Ares Capital 9,143, ,884 Arrow Electronics 13,952, ,139 Arthur J Gallagher & Co. 15,413, ,045 Atmel 2,773, ,400 Berry Plastics 15,466, ,400 Brown & Brown 7,550, ,500 Brunswick 11,154, ,900 Cadence Design Systems 10,503, ,700 Carlisle Cos 13,687, ,313 Catalent 14,876, ,500 Cepheid 5,948, ,800 Ciena 11,769, ,900 CLARCOR 8,755, ,425 Commerce Bancshares 7,807, ,300 Cooper 16,667, ,000 CoreLogic 17,789, ,300 Cullen/Frost Bankers 7,097, ,800 DigitalGlobe 7,613, ,100 Domino's Pizza 8,561, ,200 Douglas Emmett 9,644, ,600 Dover 9,994, ,300 East West Bancorp 8,807, ,912 Envision Healthcare 9,364, ,504 Equity LifeStyle Properties 10,053, ,700 Finisar 6,383, ,400 First Republic Bank 6,658, ,200 Fluidigm 5,568, ,700 Fortune Brands Home & Security 13,929, ,450 Gannett 2,139, ,100 Gartner 6,421, ,100 Genesee & Wyoming 8,052, ,500 Graco 11,331, ,400 Graham 11,128, ,582 HCC Insurance 21,241, ,800 Helmerich & Payne 10,390, ,505 Henry Schein 11,022, ,300 Hexcel 17,445, ,300 Horsehead 2,766, ,243 IDEX 8,064, ,300 Interface 12,977, ,901 Jack in the Box 10,270, ,400 JDS Uniphase 3,245, ,500 KAR Auction Services 15,001, ,300 Kirby 3,238, ,900 Lennox International 14,032, ,400 LifePoint Health 10,969, ,000 Linear Technology 7,406, ,703 Masimo 8,932, ,000 Matador Resources 3,342, ,000 Microchip Technology 10,195, ,500 Minerals Technologies 9,443, United States of America (cont) 124,500 MSC Industrial Direct 8,663, ,106 NorthWestern 10,693, ,900 ON Semiconductor 6,913, ,793 Owens Corning 16,242, ,700 Packaging Corp of America 11,932, ,700 PAREXEL International 11,500, ,743 Parkway Properties 6,763, ,678 PartnerRe 9,985, ,400 PDC Energy 5,978, ,900 PerkinElmer 15,473, ,900 Portland General Electric 6,862, ,700 ProAssurance 10,947, ,820 PTC 14,838, ,900 PVH 19,873, ,000 Quanta Services 6,169, ,620 Quintiles Transnational 15,541, ,700 Radian 10,875, ,700 Raymond James Financial 8,823, ,500 Redwood Trust 8,105, ,700 Reinsurance Group of America 8,773, ,400 Reliance Steel & Aluminum 7,447, ,250 Rollins 19,000, ,600 RPC 6,096, ,600 Ryder System 16,300, ,400 Sabre 14,410, ,500 SBA Communications 6,301, ,200 Sealed Air 17,191, ,600 Sirona Dental Systems 8,164, ,500 Snap-on 23,064, ,900 Sotheby's 9,885, ,400 Spectrum Brands 10,436, ,966 SVB Financial 6,297, ,695 Synopsys 18,397, ,900 TEGNA 9,580, ,250 Torchmark 10,134, ,000 Towers Watson & Co. 8,278, ,734 Universal Health Services 14,094, ,000 Valmont Industries 5,577, ,262 Vantiv 15,755, ,100 VeriSign 4,364, ,195 Verisk Analytics 7,282, ,456 VWR 16,616, ,552 Waste Connections 18,159, ,200 West Pharmaceutical Services 5,858, ,500 Westar Energy 6,319, ,172 WhiteWave Foods 9,585, ,900 Wintrust Financial 6,496, ,100 Zions Bancorporation 12,422, Total Money Instruments Admitted 1,181,552, Units in Open-Ended Investment Scheme Luxembourg 84,646, ,070 US Dollar Liquidity Class I Acc 84,646, Total Units in Open-Ended Investment Scheme 84,646,

344 Page 344 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments US Small & Mid Cap Equity (cont) US Smaller Companies Fair Pricing Adjustment Money Instruments Admitted United States of America 8,646, SIM Systematic FV USA *** 8,646, Total Fair Pricing Adjustment 8,646, Total Investments 1,274,845, Other 34,711, Asset 1,309,556, China 1,729, ,900 Homeinns Hotel ADR 1,729, Ireland 1,616, ,700 Trinity Biotech ADR 1,616, United States of America 393,148, ,700 Aerie Pharmaceuticals 1,523, ,300 Allegiant Travel 5,684, ,200 AMC Entertainment 2,745, ,600 American Eagle Outfitters 4,787, ,000 AMERISAFE 3,324, ,200 AOL 4,259, ,200 Applied Industrial Technologies 729, ,500 Balchem 2,164, ,959 Beacon Roofing Supply 2,746, ,600 Belden 5,172, ,000 Berry Plastics 3,765, ,300 Bristow 763, ,800 Brown & Brown 7,661, ,600 Brunswick 5,519, ,000 Cadence Design Systems 5,593, ,600 Carrizo Oil & Gas 2,278, ,207 Catalent 5,599, ,300 Centene 4,451, ,900 Cepheid 4,551, ,448 Chegg 1,691, ,100 Ciena 3,650, ,000 CLARCOR 1,727, ,800 Cleco 4,770, ,400 ClubCorp 3,288, ,500 Compass Diversified 2,136, ,300 Compass Minerals International 2,094, ,300 Cooper 4,471, ,600 CoreLogic 6,935, ,000 Darling Ingredients 2,471, ,750 Dean Foods 1,892, ,100 DigitalGlobe 2,933, ,300 Domino's Pizza 2,314, ,500 Douglas Emmett 3,369, ,900 Dycom Industries 3,510, ,700 Entegris 4,604, ,200 EPAM Systems 1,753, ,294 Equity LifeStyle Properties 4,635, ,700 ESCO Technologies 2,632, ,800 Evolent Health 731, ,100 Fabrinet 2,171, ,100 Fairchild Semiconductor International 3,034, ,500 FARO Technologies 1,165, ,100 Finisar 2,608, ,219 First Citizens BancShares 3,458, ,900 First Horizon National 1,930, ,600 FirstMerit 3,801, ,417 Flexion Therapeutics 1,235, ,100 Fluidigm 1,506, ,300 Fortinet 4,721, ,800 Fortune Brands Home & Security 3,657, ,932 Fox Factory 1,022, ,900 Generac 2,108, ,900 Genesee & Wyoming 2,520, ,700 Global Eagle Entertainment 3,210, ,407 Golub Capital BDC 4,088, ,200 HealthSouth 3,458, ,759 Hemisphere Media 1,216, ,300 Heritage Financial 2,937, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

345 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 345 US Smaller Companies (cont) US Smaller Companies (cont) Money Instruments Admitted Money Instruments Admitted United States of America (cont) 102,861 Herman Miller 3,070, ,900 Hexcel 5,755, ,600 HFF 3,000, ,000 Horsehead 1,054, ,900 IDACORP 2,984, ,551 IDEX 5,745, ,745 INC Research 'A' 3,412, ,900 Integrated Device Technology 2,097, ,700 Interval Leisure 3,694, ,900 JDS Uniphase 1,180, ,456 K2M 2,639, ,200 KemPharm 1,962, ,300 Kennedy-Wilson 5,929, ,300 Kornit Digital 1,858, ,700 Lakeland Financial 2,113, ,000 LifePoint Health 4,391, ,900 Louisiana-Pacific 1,239, ,400 M/A-COM Technology Solutions 2,369, ,800 Masimo 2,613, ,900 Matrix Service 809, ,300 Matthews International 5,368, ,157 Mid-America Apartment Communities 4,921, ,800 Minerals Technologies 4,057, ,336 NorthWestern 5,409, ,300 Old National Bancorp 3,111, ,900 On Assignment 1,753, ,100 OSI Systems 2,123, ,900 Packaging Corp of America 5,061, ,300 PacWest Bancorp 2,954, ,200 PAREXEL International 4,300, ,500 Portland General Electric 1,509, ,100 Powell Industries 1,904, ,691 Pretium Resources 781, ,352 ProAssurance 3,901, ,352 PTC 5,386, ,400 Radian 3,243, ,163 Redwood Trust REIT 3,110, ,300 Regal Beloit 1,242, ,054 Reinsurance Group of America 3,790, ,800 Rig 1,629, ,351 ServiceMaster Global 4,034, ,601 Sientra 1,717, ,300 Simmons First National 2,719, ,900 Simpson Manufacturing 4,453, ,000 Sirona Dental Systems 4,802, ,400 SJW 993, ,400 South State 4,628, ,700 Spectranetics 1,702, ,700 Steel Dynamics 4,222, ,600 Steven Madden 5,982, ,351 Stifel Financial 4,704, ,900 Surgical Care Affiliates 2,578, ,200 Synergy Resources 4,524, ,928 Terreno Realty REIT 4,150, ,800 Tetra Tech 1,726, ,535 Towers Watson & Co. 3,109, ,890 Unilife 1,204, ,100 Universal Forest Products 2,302, ,000 US Ecology 1,642, ,900 Valmont Industries 3,903, ,330 Verint Systems 4,112, ,000 VWR 5,896, United States of America (cont) 77,297 Waste Connections 3,640, ,700 West Pharmaceutical Services 3,282, ,600 Wintrust Financial 2,833, Total Money Instruments Admitted 396,495, Units in Open-Ended Investment Scheme Luxembourg 17,160, ,293 US Dollar Liquidity Class I Acc 17,160, Total Units in Open-Ended Investment Scheme 17,160, Fair Pricing Adjustment United States of America 2,919, SIM Systematic FV USA *** 2,919, Total Fair Pricing Adjustment 2,919, Total Investments 416,575, Other 10,853, Asset 427,428, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

346 Page 346 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments European Small & Mid-Cap Money Instruments Admitted EUR European Small & Mid-Cap (cont) Money Instruments Admitted EUR Austria 7,287, ,380 Agrana Beteiligungs 830, ,000 AMAG Austria Metall 250, ,000 Austria Technologie & Systemtechnik 182, ,470 EVN 495, ,052 FACC 281, ,250 Lenzing 80, ,240 Mayr Melnhof Karton 948, ,000 Oesterreichische Post 497, ,500 OMV 61, ,000 POLYTEC 102, ,000 RHI 295, ,542 Rosenbauer International 1,100, ,000 Semperit 705, ,000 Verbund 131, ,000 Vienna Insurance Wiener Versicherung 433, ,500 voestalpine 890, Belgium 804, ,000 Barco 231, ,000 Bekaert 307, ,000 Euronav 93, ,000 Umicore 171, Denmark 45, ,000 D/S Norden 45, Finland 373, ,000 Kemira 144, ,000 Neste 228, France 2,104, ,300 Compagnie Générale des Etablissements 984, Michelin 8,000 Imerys 553, ,000 Neopost 154, ,900 Technip 162, ,000 Vicat 249, Germany 6,285, ,000 Aurubis 481, ,000 Bilfinger 68, ,904 Deutsche Annington Immobilien 124, ,000 Deutsche Lufthansa Registered 501, ,046 H&R 737, ,700 Hannover Rueck 590, ,000 Jungheinrich Preference 672, ,000 K+S 223, ,000 Krones 190, ,400 KWS Saat 417, ,200 LEG Immobilien 576, ,800 Pfeiffer Vacuum Technology 384, ,000 Rheinmetall 277, ,000 Sixt Preference 1,039, Norway (cont) 10,000 Yara International 463, Spain 248, ,000 Indra Sistemas 92, ,000 Mapfre 156, Sweden 370, ,000 Holmen 370, Switzerland 3,974, ,100 Banque Cantonale Vaudoise Registered 612, ,300 Bucher Industries Registered 515, Burckhardt Compression 173, ,000 Cembra Money Bank 164, Emmi Registered 116, ,100 Helvetia Registered 569, ,000 Liechtensteinische Landesbank 397, Luzerner Kantonalbank Registered 271, ,500 Pargesa 395, ,850 St Galler Kantonalbank Registered 611, ,053 Thurgauer Kantonalbank 149, Total Money Instruments Admitted 24,296, Money Instruments dealt on another Regulated EUR Germany 742, ,494 Sixt Leasing 386, ,000 Wuestenrot & Wuerttembergische 355, Total Money Instruments dealt on another Regulated 742, Total Investments 25,039, Other 2,781, Asset 27,820, Italy 609, ,000 Snam 609, herlands 988, ,000 Boskalis Westminster 398, ,000 Fugro 39, ,000 Koninklijke DSM 157, ,000 Koninklijke Ten Cate 393, Norway 1,203, ,000 Borregaard 189, ,000 DNB 148, ,000 Odfjell Drilling 29, ,000 Orkla ASA 280, ,000 Storebrand 91,

347 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 347 European Equity Alpha European Equity Alpha (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Austria 5,432, ,305,900 Atrium European Real Estate 5,432, Belgium 54,823, ,160,807 Ageas 40,436, ,948 Mobistar 14,386, Denmark 12,329, ,679 Carlsberg 8,265, ,035 D/S Norden 4,063, France 179,574, ,259 Alstom 24,659, ,543 BNP Paribas 8,954, ,359,401 Bollore 25,944, ,290 Faiveley Transport 9,473, ,228 Nexity 6,434, ,696 Pierre & Vacances 4,412, ,182 Saft 18,279, ,103 Sanofi 23,952, ,670 Sopra Steria 3,385, ,897,545 Technicolor 46,200, ,479 Vicat 7,878, Germany 35,075, ,640 adidas 8,294, ,145,519 Deutsche Telekom 17,961, ,323,911 MLP 8,819, Greece 10,108, ,069,110 Mytilineos ** 10,108, United Kingdom (cont) 3,468,620 Home Retail 8,276, ,618,658 HSBC 29,280, ,315,997 ICAP 17,086, ,820,225 Royal Bank of Scotland 24,128, ,152,238 RPS 16,345, ,576,729 Tesco 43,642, ,699,872 Tullett Prebon 13,950, ,277,391 Vodafone 10,724, Total Money Instruments Admitted 724,345, Other Transferable Securities not dealt on another Regulated EUR Hong Kong SAR - - 3,236,000 Peace Mark ** - - Italy ,900 Parmalat Finanziaria ** - - Total Other Transferable Securities not dealt on another Regulated 10,108, Total Investments 734,454, Other 72,146, Asset 806,600, Ireland 7,648, ,198 CRH 7,648, Italy 11,495, ,922 Prysmian 11,495, herlands 32,006, ,644,576 ING 24,726, ,011 Wolters Kluwer 7,280, New Zealand 22,063, ,598,228 Coats 22,063, Norway 15,677, ,095 DNB 6,259, ,337,694 Ocean Yield 9,418, Romania 7,207, ,689 Fondul Proprietatea Fund GDR 7,207, Russia 3,890, ,285,694 M Video 3,890, Switzerland 73,539, ,801 Gategroup 8,550, ,014,904 Kudelski 13,134, ,762 Kuoni Reisen Registered 43,717, ,729 Novartis Registered 8,138, United Kingdom 263,580, ,626,063 Ashmore 6,690, ,392 AstraZeneca 12,929, ,374,166 Cape 12,041, ,638,018 Centrica 24,841, ,518,087 Cobham 9,405, ,723,549 Debenhams 10,952, ,121,708 Direct Line Insurance 14,906, ,692,614 Hargreaves Services 8,378, ** The security was Fair d as at 30 June 2015.

348 Page 348 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Equity Alpha Global Equity Alpha (cont) Money Instruments Admitted Money Instruments Admitted China 9,243, ,016 Alibaba ADR 9,243, Finland 14,123, ,038,022 Nokia 14,123, France 52,176, ,029 BNP Paribas 14,421, ,677 Essilor International 13,490, ,341 Safran 14,006, ,186 Schneider Electric 10,258, Germany 15,102, ,843 Fresenius Medical Care & Co. KGaA 15,102, Hong Kong SAR 21,942, ,326,400 AIA 15,229, ,766 Jardine Strategic 6,712, India 23,279, ,199 HDFC Bank ADR 9,604, ,940,762 Idea Cellular 13,674, Israel 14,568, ,250 Check Point Software Technologies 14,568, Japan 76,371, ,500 Bridgestone 12,334, ,800 Daikin Industries 15,241, ,000 Kubota 15,035, ,600 SMC 14,936, ,100 Sumitomo Mitsui Financial 18,823, Mexico 6,896, ,768 Cemex ADR 6,896, Norway 13,482, ,117 Statoil 13,482, Spain 14,251, ,421,002 Banco Bilbao Vizcaya Argentaria 14,251, Sweden 11,639, ,877 Assa Abloy 11,639, Switzerland 29,187, ,175 Nestlé Registered 17,120, ,280 Roche 12,066, United States of America (cont) 105,531 Celgene 12,126, ,220 Cimarex Energy 10,399, ,109 Citigroup 24,976, ,057 Cognizant Technology Solutions 15,908, ,516 Comcast 20,903, ,238 Danaher 17,732, ,135 Estee Lauder 17,393, ,843 Google 22,106, ,494 Harley-Davidson 9,032, ,332 Hilton Worldwide 18,292, ,667 JPMorgan Chase & Co. 21,616, ,382 MetLife 15,774, ,080 Owens Corning 10,045, ,793 Pfizer 24,480, ,445 Schlumberger 13,658, ,650 Sprouts Farmers 6,185, ,384 Thermo Fisher Scientific 18,172, ,967 Ultimate Software 10,478, ,597 UnitedHealth 20,432, ,457 Visa 16,376, ,500 Walgreens Boots Alliance 15,802, ,624 Walt Disney 17,367, ,953 Zimmer Biomet 9,175, Total Money Instruments Admitted 925,299, Fair Pricing Adjustment United States of America 4,071, SIM Systematic FV USA *** 4,071, Total Fair Pricing Adjustment 4,071, Total Investments 929,370, Other 14,197, Asset 943,568, Taiwan 19,724, ,343,000 Taiwan Semiconductor Manufacturing 19,724, United Kingdom 97,478, ,336 ARM 8,891, ,519 BHP Billiton 6,677, ,951 Capita 13,531, ,566 Imperial Tobacco 18,061, ,837 Prudential 15,889, ,467 Reckitt Benckiser 18,126, ,442,502 Vodafone 16,300, United States of America 505,832, ,701 Affiliated Managers 11,555, ,444 Amazon.com 14,806, ,273 Amgen 23,387, ,560 Apple 27,341, ,423 Ball 13,116, ,503 BorgWarner 13,876, ,933 Cabot Oil & Gas 9,879, ,380 Capital One Financial 15,916, ,483 Carnival 7,512, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

349 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 349 Japanese Equity Alpha QEP Global Active Money Instruments Admitted JPY Money Instruments Admitted Japan 7,412,225, ,000 Bridgestone 162,990, ,600 Disco 208,678, ,000 Dowa 230,044, ,800 HIS 165,966, ,000 Hitachi 292,868, ,600 Hoshizaki Electric 126,720, ,500 Isuzu Motors 253,181, ,100 Itochu Techno-Solutions 192,455, ,300 Japan Airlines 206,241, ,000 JGC 173,400, ,700 JTEKT 196,334, ,600 JX 221,104, ,200 Kintetsu World Express 210,100, ,000 Kubota 236,863, ,900 Lintec 254,247, ,000 Makino Milling Machine 227,240, ,000 Mitsubishi Estate 213,556, ,000 Mitsubishi Gas Chemical 192,080, ,500 Mitsui & Co. 193,681, ,100 Nabtesco 138,457, ,800 Nomura 195,855, ,600 Nomura Real Estate 281,672, ,500 Omron 178,220, ,300 ORIX 282,801, ,900 SoftBank 186,713, ,000 Sony 287,304, ,900 Sumitomo Electric Industries 261,596, ,000 Sumitomo Mitsui Financial 502,228, ,000 Tokai Carbon 160,896, ,300 Tokyo Steel Manufacturing 218,726, ,000 Toshiba TEC 200,889, ,100 Unipres 113,028, ,900 United Arrows 237,386, ,100 Yaskawa Electric 208,700, Total Money Instruments Admitted 7,412,225, Fair Pricing Adjustment JPY Japan 49,476, SIM Systematic FV Japan *** 49,476, Total Fair Pricing Adjustment 49,476, Total Investments 7,461,702, Other 54,505, Asset 7,516,207, Australia 57,086, ,788 Ausdrill 97, ,582,980 Beach Energy 1,281, ,663 BHP Billiton 3,600, ,200 Breville 489, ,699 BWP Trust 619, ,837 Cabcharge Australia 724, ,054 Cardno 278, ,369 Collection House 550, ,632 Decmil 160, ,139 Flight Centre Travel 2,291, ,457 Independence 808, ,032 JB Hi-Fi 1,562, ,641 M2 2,471, ,187 MACA 68,779-72,795 McMillan Shakespeare 678, ,216,887 Metcash 1,036, ,785 Monadelphous 872, ,875 Myer 377, ,538 NRW 61,109-84,802 Orica 1,390, ,446 OZ Minerals 1,630, ,954 RCR Tomlinson 368, ,485,768 Resolute Mining 349, ,048 Rio Tinto 4,103, ,939 Sandfire Resources NL 1,014, ,266,846 South32 1,747, ,466,888 Telstra 11,675, ,399 Thorn 359, ,035 Western Areas 495, ,748 Woodside Petroleum 7,407, ,120 Woolworths 7,878, ,299 WorleyParsons 636, Austria 3,730, ,319 Oesterreichische Post 3,266, ,888 Raiffeisen Bank International 464, Belgium 6,811, ,863 Ageas 2,299, ,796 Anheuser-Busch InBev 4,155, ,872 Colruyt 357, Bermuda 3,390, ,800 Axis Capital 3,390, Brazil 19,059, ,000 AES Tiete Preference 1,119, ,200 Banco do Estado do Rio Grande do Sul 448, 'B' Preference 210,200 CCR 1,027, ,596 Companhia Energetica de Minas Gerais 2,407, ADR Preference 86,100 Companhia Energetica de Sao Paulo 'B' 543, Preference 124,600 Eternit 113, ,637 Ez Tec Empreendimentos e 390, Participacoes 34,900 Grendene 187, ,900 Grupo BTG Pactual 2,163, ,432 Itausa - Investimentos Itau Preference 2,624, ,300 Mahle-Metal Leve 518, ,500 TOTVS 910, ,100 Transmissora Alianca de Energia Eletrica 947, ,700 Vale 1,845, ,100 Vale ADR Preference 1,911, ,800 Vale Preference 1,898, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

350 Page 350 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Active (cont) QEP Global Active (cont) Money Instruments Admitted Money Instruments Admitted Canada 32,120, ,200 BCE 1,287, ,400 Centerra Gold 1,587, ,300 Corus Entertainment 1,812, ,100 Dominion Diamond 635, ,600 Genworth MI Canada 4,494, ,700 IAMGOLD 842, ,200 Magna International 2,119, ,700 Nevsun Resources 366, ,700 Power Financial 882, ,400 Rogers Communications 7,586, ,600 Shaw Communications 3,394, ,100 Sherritt International 125, ,200 Teck Resources 4,367, ,700 Transcontinental 1,819, ,614 Yellow Pages 797, Chile 1,909, ,632 Administradora de Fondos de Pensiones 208, Habitat 110,400 Enersis ADR 1,701, China 3,637, ,544,000 China Construction Bank 'H' 2,323, ,000 Shenguan 127, ,000 SouFun ADR 1,186, Colombia 1,820, ,300 Ecopetrol ADR 1,820, Cyprus 254, ,087 Globaltrans Investment GDR 254, Czech Republic 3,183, ,705 CEZ 3,183, Denmark 3,966, ,154 AP Moeller - Maersk 3,966, Finland 22,187, ,486 Fortum 7,338, ,188 F-Secure 362, ,179 Kone 1,865, ,011 Nokian Renkaat 2,618, ,579 Orion 5,596, ,432 Ramirent 766, ,047 Sampo 289, ,969 Tieto 188, ,246 Tikkurila 1,515, ,998 UPM-Kymmene 1,646, France 45,371, ,206 AXA 3,844, ,877 BNP Paribas 1,981, ,669 Christian Dior 4,126, ,662 CNP Assurances 523, ,793 Compagnie Générale des Etablissements 4,051, Michelin 116,235 Crédit Agricole 1,771, ,809 Edenred 420, Euler Hermes 100, ,125 Metropole Television 3,241, ,802 Neopost 1,163, ,054 Plastic Omnium 811, ,808 Sanofi 7,781, ,309 Société Générale 3,752, ,876 Technip 2,754, ,051 TOTAL 3,225, France (cont) 610 Total Gabon 177, ,391 UBISOFT Entertainment 295, ,716 Valeo 2,369, ,806 Vivendi 2,978, Germany 45,269, ,844 Allianz 1,727, ,115 Aurubis 427, ,592 BASF 7,858, ,385 Bijou Brigitte 215, ,151 Commerzbank 1,435, ,684 Continental 4,004, ,716 Deutsche Bank 4,408, ,967 E.ON 2,221, ,966 Hannover Rueck 3,259, Pfeiffer Vacuum Technology 28,588-91,596 ProSiebenSat.1 Media 4,611, ,832 RTL 2,925, ,743 Siemens 8,103, ,096 Software 279, ,026 STADA Arzneimittel 2,763, ,964 STO SE & Co. KGaA Preference 456, ,330 Talanx 541, Greece 319, ,548 JUMBO ** 319, Hong Kong SAR 78,311, ,500 Anhui Conch Cement 'H' 1,829, ,554,000 Bank of China 'H' 3,610, ,000 Baoye 'H' 153, ,000 Belle International 1,074, ,000 BOC Hong Kong 3,828, ,695,000 Champion REIT 931, ,000,421 Champion Technology 157, ,026,000 Chaoda Modern Agriculture 135, ,000 Cheung Kong Infrastructure 411, ,378,000 China BlueChemical 'H' 503, ,000 China Lilang 846, ,762,000 China Lumena New Materials ** ,500 China Mobile 4,116, ,000 CK Hutchison 1,410, ,000 CLP 3,051, ,383,000 CNOOC 3,381, ,840,000 CSI Properties 419, ,800 Dah Sing Banking 588, ,600 Dah Sing Financial 1,873, ,068,000 Dan Form 220, ,126,000 Dongfeng Motor 'H' 1,510, ,800 Dynam Japan 855, ,145,000 Emperor Entertainment Hotel 492, ,634,333 Emperor International 618, ,000 Giordano International 476, ,137 Great Eagle 902, ,960,000 Guangdong Investment 4,146, ,000 HKR International 129, ,000 Hopewell 227, ,000 Hysan Development 2,370, ,768,000 Industrial & Commercial Bank of China 2,994, 'H' 1,064,000 Jiangsu Expressway 'H' 1,397, ,500 Johnson Electric 336, ,500 Kerry Properties 1,174, ,000 Kowloon Development 356, ,485,000 Lai Sun Development 347, ** The security was Fair d as at 30 June 2015.

351 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 351 QEP Global Active (cont) QEP Global Active (cont) Money Instruments Admitted Money Instruments Admitted Hong Kong SAR (cont) 502,000 Lai Sun Garment 75, ,500 Lifestyle International 590, ,221,000 Lonking 244, ,000 New World Development 986, ,000 Pacific Textiles 780, ,000 PCCW 301, ,721,000 Peak Sport Products 419, ,000 Power 4,559, ,671,000 Real Nutriceutical 500, ,010,000 SA SA International 547, ,000 Sands China 962, ,254,000 Sino Land 2,096, ,225,000 SJM 1,327, ,000 Sun Hung Kai Properties 2,365, ,000 Swire Pacific 2,941, ,800 Swire Properties 2,716, ,400 Television Broadcasts 643, ,900 VTech 795, ,000 Wharf 3,893, ,000 Wheelock & Co. 3,325, ,500 Yue Yuen Industrial 584, ,000 Zhejiang Expressway 'H' 774, Indonesia 9,416, ,000 Indocement Tunggal Prakarsa 1,047, ,121,000 Perusahaan Gas Negara Persero 686, ,039,500 Semen Indonesia Persero 935, ,505,500 Telekomunikasi Indonesia Persero 4,506, ,000 United Tractors 1,490, ,691,500 Vale Indonesia 750, Isle of Man 3,111, ,944 Playtech 3,111, Israel 15,866, ,698 Babylon 27, ,222 Bank Hapoalim 2,892, ,435 Bank Leumi Le-Israel 2,632, ,620,398 Bezeq The Israeli Telecommunication 2,774, ,693 Delek Automotive Systems 1,064, ,116 Israel Discount Bank 1,420, ,278 Ituran Location and Control 824, ,550 Rami Levi Chain Stores Hashikma 643, ing ,400 Teva Pharmaceutical Industries ADR 3,585, Italy 19,840, ,341 ASTM 1,694, ,645 Eni 10,014, ,307 Mediobanca 3,659, ,345 Recordati 1,439, ,946 Reply 409, ,371 Societa Cattolica di Assicurazioni 476, ,963 Societa Iniziative Autostradali e Servizi 405, ,017 Tenaris 1,741, Japan 186,513, , Bank 506, ,400 ABC-Mart 1,860, ,000 Achilles 129, ,500 Aeon Delight 597, ,600 Aisan Industry 381, ,100 Amano 1,961, ,200 Arcs 658, ,700 Asahi 812, ,000 Asahi Kasei 3,646, ,800 Asante 407, ,200 Avex 635, Japan (cont) 10,100 BML 315, ,100 Bridgestone 3,480, ,800 Canon 10,599, ,000 Central Glass 502, ,200 Central Japan Railway 5,633, ,700 Chori 503, ,000 Comture 224, ,000 Corona 68,162-83,000 Daihatsu Motor 1,181, ,900 Daiichikosho 2,073, ,000 Daishi Bank 177, ,000 Daiwa Industries 730, ,000 Daiwa Securities 3,828, ,000 Eighteenth Bank 177, ,300 Elecom 1,062, ,500 Enplas 589, ,300 FamilyMart 3,187, ,700 Fuji Heavy Industries 2,677, ,200 FUJIFILM 3,829, ,900 Fujimori Kogyo 873, ,000 Fujitsu General 2,512, ,000 Fuyo General Lease 384, ,000 Geo 455, ,400 Gree 738, ,000 Gunma Bank 1,373, ,000 Hachijuni Bank 2,709, ,000 Hazama Ando 698, ,600 Heiwa 1,744, ,000 Higo Bank 1,549, ,900 HI-LEX 588, ,000 Hino Motors 1,706, ,600 Hirano Tecseed/Kinzoku 118, ,000 Hyakujushi Bank 153, ,700 Infocom 226, ,700 Inpex 4,168, ,000 Isuzu Motors 3,781, ,000 Iyo Bank 835, ,700 Japan Digital Laboratory 1,406, ,200 Japan Petroleum Exploration 1,660, ,000 Juroku Bank 810, ,000 Kagoshima Bank 1,843, ,900 Kato Sangyo 583, ,500 KDDI 11,836, ,000 Kinden 952, ,600 Konaka 104, ,100 Kuroda Electric 894, ,000 Kyowa Exeo 465, ,800 Lawson 8,337, ,200 Lintec 1,192, ,400 Meiko work Japan 405, ,300 Miraca 3,714, ,100 Miroku Jyoho Service 97, ,000 Mitsubishi Motors 1,872, ,900 Mitsubishi UFJ Financial 4,196, ,200 Mixi 854, ,148,200 Mizuho Financial 2,485, ,200 MTI 664, ,200 Namura Shipbuilding 859, ,600 uren 753, ,800 Nexon 1,194, ,500 NHK Spring 2,484, ,800 NIFTY 118, ,400 Nihon Parkerizing 481, ,000 Nippon Electric Glass 1,093, ,000 Nippon Pillar Packing 564,

352 Page 352 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Active (cont) QEP Global Active (cont) Money Instruments Admitted Money Instruments Admitted Japan (cont) 56,900 Nishimatsuya Chain 572, ,800 Nisshin Fudosan 196, ,900 Nissin Kogyo 2,623, ,000 Nittetsu Mining 738, ,100 Nitto Kogyo 655, ,600 Nittoc Construction 372, ,800 NTT DOCOMO 10,604, ,000 Oita Bank 302, ,200 ORIX 3,915, ,300 Otsuka 2,209, ,400 Pal 341, ,000 San-In Godo Bank 3,135, ,300 Sanyo Housing Nagoya 236, ,000 Sekisui Jushi 1,015, ,000 Shiga Bank 463, ,700 Shin-Etsu Polymer 227, ,400 Showa 561, ,200 Sinko Industries 172, ,400 SNT 160, ,300 Sony Financial 4,124, ,900 Sumitomo Densetsu 919, ,200 Sumitomo Mitsui Financial 4,780, ,000 Sumitomo Mitsui Trust 920, ,300 Sumitomo Rubber Industries 748, ,000 T RAD 170, ,000 Taihei Dengyo Kaisha 681, ,500 Teikoku Sen-I 334, ,000 Toagosei 1,434, ,700 Tokai Rika 2,342, ,200 Tokai/Gifu 478, ,000 TOMONY 329, ,000 Toppan Forms 909, ,000 Toshiba TEC 194, ,000 Towa Bank 430, ,000 Toyo Kohan 585, ,700 Toyo Machinery & Metal 321, ,600 Toyo Seikan 778, ,200 Trend Micro 2,642, ,300 TS Tech 2,736, ,200 Tsukada Global 76,141-82,000 Wakita & Co. 835, ,300 Yahoo Japan 1,070, ,200 Yamazen 339, ,000 Yodogawa Steel Works 493, ,000 Yuasa Trading 335, Malaysia 2,270, ,700 Affin 215, ,300 AMMB 869, ,400 IOI Properties 445, ,700 KLCCP Stapled 740, Mexico 2,255, ,300 America Movil ADR 2,255, herlands 26,114, ,263 Arcadis 1,876, ,433 ArcelorMittal 1,382, ,635 Boskalis Westminster 3,058, ,081 Brunel International 857, ,229 NN 1,168, ,382 Reed Elsevier 5,185, ,547 Royal Dutch Shell 6,035, ,110 Tetragon Financial 200, ,986 Unilever 6,348, New Zealand 1,021, ,852 SKY work Television 1,021, Norway 22,028, ,205 Aker Solutions 317, ,569 Salmar 945, ,982 Statoil 9,653, ,051 Subsea 7 272, ,265 Telenor 1,736, ,068 TGS Nopec Geophysical 1,799, ,542 Yara International 7,303, Philippines 2,405, ,000 Manila Water 369, ,066,300 Nickel Asia 1,062, ,800 Philippine Long Distance Telephone ADR 973, Poland 6,513, ,444 KGHM Polska Miedz 2,276, ,561 PGE Polska Grupa Energetyczna 1,665, ,265 Polskie Gornictwo Naftowe i 1,358, Gazownictwo 1,042,454 Tauron Polska Energia 1,212, Portugal 984, ,581 Portucel 984, Russia 17,426, ,774 Gazprom OAO ADR 1,787, ,805 Lukoil OAO ADR 1,538, ,431 MegaFon GDR 1,243, ,810 MMC Norilsk Nickel ADR 5,397, ,600 Mobile TeleSystems ADR 2,338, ,844 Sistema GDR 597, ,077 Surgutneftegas OAO ADR 3,061, ,800 Tatneft OAO ADR 1,462, Singapore 12,564, ,000 Cache Logistics Trust REIT 267, ,300 CapitaLand Mall Trust 626, ,350 China Merchants Pacific 235, ,000 Frasers Centrepoint Trust 642, ,000 Hong Fok 174, ,000 Hongkong Land 516, ,500 Mapletree Industrial Trust 927, ,021,000 Mapletree Logistics Trust 857, ,000 SATS 1,675, ,000 Singapore Telecommunications 2,577, ,000 UOL 1,233, ,691,000 Yangzijiang Shipbuilding 2,829, South Africa 33,644, ,647 Anglo American 3,114, ,996 AVI 888, ,679 Bidvest 1,796, ,141 Kumba Iron Ore 1,466, ,738 Lewis 992, ,764 Liberty 2,264, ,256 Life Healthcare 699, ,909 MMI 2,026, ,229 MTN 7,212, ,066 Peregrine 421, ,410 Reunert 665, ,932 Sasol 5,653, ,064 Sibanye Gold 932, ,891 Sun International 324, ,285 Truworths International 1,367, ,481 Vodacom 3,490, ,068 Wilson Bayly Holmes-Ovcon 325,

353 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 353 QEP Global Active (cont) QEP Global Active (cont) Money Instruments Admitted Money Instruments Admitted South Korea 15,836, ,001 AtlasBX 231, ,880 Daechang Forging 270, ,590 Global & Yuasa Battery 464, ,650 Grand Korea Leisure 323, ,497 GS Home Shopping 468, ,470 Hankook Tire 1,181, ,468 Hyundai Home Shopping work 708, ,982 INTOPS 283, ,762 KB Financial 2,004, ,885 Kia Motors 2,344, ,198 KT&G 1,034, ,129 NEOWIZ 355, ,911 Samsung Electronics 4,433, ,210 Shinhan Financial 862, ,813 Silicon Works 867, Spain 6,453, ,421 Mapfre 2,836, ,685 Repsol 3,617, Sweden 33,607, ,651 Alfa Laval 4,274, ,456 Axfood 2,906, ,564 Boliden 1,205, ,465 Clas Ohlson 558, ,628 Industrivarden 3,758, ,139 Intrum Justitia 3,210, ,251 Investment Kinnevik 'B' 3,009, ,985 Investor 7,813, ,581 Nolato 351, ,399 Oriflame Cosmetics 1,623, ,736 Swedish Match 2,244, ,564 TeliaSonera 2,651, Switzerland 40,600, ,100 ACE 8,849, ,191 Baloise Registered 1,757, ,452 BB Biotech Registered 5,219, ,118 Coltene Registered 302, ,814 Nestlé Registered 5,221, ,703 Pargesa 252, ,014 Roche 12,275, ,313 SGS Registered 4,283, Sika 2,437, Taiwan 22,849, ,000 Accton Technology 160, ,725 Chicony Electronics 1,653, ,000 Chin-Poon Industrial 332, ,000 Coretronic 441, ,060 Cyberlink 480, ,000 Draytek 174, ,000 Elite Material 378, ,000 Everlight Electronics 673, ,000 Far EasTone Telecommunications 1,825, ,000 FLEXium Interconnect 488, ,000 Flytech Technology 389, ,085,000 Formosan Rubber 1,018, ,000 Foxconn Technology 807, ,000 Grape King Bio 362, ,291,000 Greatek Electronics 1,508, ,000 Holtek Semiconductor 786, ,500 Lumax International 208, ,000 Novatek Microelectronics 563, ,000 Pegatron 472, ,000 Phison Electronics 1,219, ,000 Polytronics Technology 420, Taiwan (cont) 702,430 Realtek Semiconductor 1,796, ,000 Sigurd Microelectronics 558, ,000 Simplo Technology 1,275, ,000 Sitronix Technology 464, ,000 Sonix Technology 527, ,400 Taiwan Surface Mounting Technology 133, ,213 Test Research 975, ,000 Transcend Information 1,071, ,000 United Integrated Services 476, ,000 Yageo 531, ,000 Zhen Ding Technology 670, Thailand 7,586, ,400 Delta Electronics Thailand (NVDR) 1,059, ,800 PTT (Foreign) 19, ,300 PTT (NVDR) 3,086, ,100 PTT Exploration & Production (NVDR) 3,179, ,300 TTW (NVDR) 242, Turkey 9,974, ,029 Akcansa Cimento 317, ,353 Enka Insaat ve Sanayi 901, ,091,913 Eregli Demir ve Celik Fabrikalari 1,751, ,576 Gubre Fabrikalari 777, ,038 Ipek Dogal Enerji Kaynaklari Ve Uretim 305, ,180 Koza Altin Isletmeleri 1,035, ,585 Koza Anadolu Metal Madencilik 247, Isletmeleri 179,620 Soda Sanayii 390, ,959 TAV Havalimanlari 807, ,420 Turk Telekomunikasyon 1,584, ,516 Turkcell Iletisim Hizmetleri 1,852, United Kingdom 167,005, ,946 Amlin 4,196, ,977 Anglo American 2,971, ,067 Ashmore 2,810, ,627 Asian Citrus 89, ,966 AstraZeneca 12,549, ,514,666 Barclays 6,295, ,145 Beazley 1,284, ,051 Berendsen 1,328, ,056 Berkeley 1,954, ,607 BHP Billiton 4,638, ,127 BP 6,104, ,262 British American Tobacco 3,590, ,618 BT 5,263, ,832 Cairn Energy 1,684, ,835 Chesnara 179, ,461 Dart 1,946, ,772 Dunelm 385, ,939 GlaxoSmithKline 13,497, ,019 Go-Ahead 372, ,995 Highland Gold Mining 270, ,690 HSBC 5,241, ,400 HSBC (Hong Kong) 3,478, ,934 Imperial Tobacco 3,359, ,790 Indivior 402, ,929 Interserve 413, ,719 Kcom 351, ,214 Keller 375, ,091,532 Legal & General 12,271, ,865 Marks & Spencer 1,771, ,938 Mitie 422, ,808 Moneysupermarket.com 875, ,157 N Brown 1,164, ,793 Next 1,976,

354 Page 354 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Active (cont) QEP Global Active (cont) Money Instruments Admitted Money Instruments Admitted United Kingdom (cont) 45,553 Phoenix 589, ,164 QinetiQ 1,604, ,357 Reed Elsevier 4,691, ,616 Rio Tinto 4,826, ,210 Rotork 1,201, ,337,515 Royal Bank of Scotland 7,507, ,224 Royal Dutch Shell 6,086, ,062 Royal Mail 2,039, ,463 Sky 5,464, ,767 Smiths 954, ,132 Soco International 1,253, ,090,150 South32 1,503, ,958 Spectris 3,127, ,472 Ultra Electronics 1,217, ,105 Unilever 6,963, ,854 Verizon Communications 3,849, ,256 Weir 3,244, ,545 WH Smith 1,905, ,713 William Hill 3,617, ,621 WS Atkins 1,836, United States of America 746,299, ,100 ADT 6,592, ,354 Aetna 9,591, ,800 Aflac 10,371, ,500 Allied World Assurance 2,831, ,800 Ally Financial 3,169, ,100 Altria 3,411, ,100 American Equity Investment Life 2,050, ,200 American Financial 5,137, ,000 American International 5,974, ,765 Amgen 12,850, ,500 Anthem 6,277, ,194 Apple 13,846, ,300 Assured Guaranty 3,286, ,700 Bank of America 6,717, ,500 Baxter International 9,219, ,900 BB&T 7,120, ,900 Bed Bath & Beyond 2,331, ,100 Best Buy 2,130, ,900 Brinker International 1,368, ,800 Broadridge Financial Solutions 940, ,700 Brocade Communications Systems 2,840, ,500 Buckle 1,824, ,900 CA 4,328, ,500 Campbell Soup 7,122, ,700 Cardinal Health 9,270, ,500 Cato 1,709, ,200 Century Aluminum 520, ,000 CF Industries 4,254, ,700 CH Robinson Worldwide 2,510, ,413 Chevron 7,388, ,096,000 China Taifeng Beddings ** 122, ,100 Cisco Systems 11,073, ,760 Citigroup 9,042, ,800 Citizens & Northern 98, ,200 CNA Financial 1,718, ,830 Coach 2,758, ,100 Comcast 3,544, ,600 Compass Minerals International 2,947, ,469 Computer Programs & Systems 1,273, ,600 ConocoPhillips 7,357, ,364 Contango Oil & Gas 367, ,100 Cooper Tire & Rubber 2,740, United States of America (cont) 43,800 Copa 3,568, ,800 Corning 4,861, ,100 Corp GEO ** 1,514-12,800 Cracker Barrel Old Country Store 1,883, ,800 Crane 3,672, ,500 CTC Media 231, ,500 Cummins 10,556, ,200 Delphi Automotive 3,144, ,400 Deluxe 3,852, ,700 Discover Financial Services 5,486, ,900 Domtar 1,925, ,161 Douglas Dynamics 1,340, ,000 Dover 7,149, ,600 Dow Chemical 1,808, ,900 Dr Pepper Snapple 7,692, ,700 EMC/Massachusetts 6,229, ,000 Emerson Electric 8,389, ,500 Enanta Pharmaceuticals 1,499, ,600 Ensco 1,657, ,200 Everest Re 5,114, ,200 Exxon Mobil 9,292, ,500 FBR & Co. 586, ,200 Fifth Third Bancorp 4,714, ,900 Flowserve 1,530, ,500 GameStop 2,416, ,850 Gannett 718, ,100 Gap 1,982, ,800 Garmin 3,377, ,600 General Dynamics 7,886, ,400 Genuine Parts 2,089, ,200 Genworth Financial 733, ,400 Gilead Sciences 11,591, ,435 Goldman Sachs 10,265, ,600 Government Properties Income Trust 253, ,400 Guess? 1,090, ,400 Harris 4,117, ,200 HCA 6,088, ,000 HCI 570, ,400 Health 4,491, ,900 Hewlett-Packard 4,942, ,100 Hillenbrand 2,016, ,200 Honeywell International 6,233, ,200 Horace Mann Educators 2,607, ,200 Hubbell 4,373, ,400 Huntington Ingalls Industries 4,093, ,600 Ingredion 937, ,900 Intel 10,208, ,800 Inteliquent 291, ,000 International Business Machines 10,104, ,000 International Paper 7,632, ,300 John Wiley & Sons 1,544, ,500 Johnson & Johnson 13,724, ,900 JPMorgan Chase & Co. 13,702, ,100 Keysight Technologies 2,012, ,600 KLA-Tencor 3,378, ,900 Kohl's 1,494, ,000 L-3 Communications 2,265, ,000 Lexmark International 3,186, ,100 Lincoln Electric 3,722, ,400 Lincoln National 4,891, ,600 Linear Technology 824, ,300 LyondellBasell Industries 3,587, ,600 Marathon Oil 2,071, ,000 Marathon Petroleum 3,559, ** The security was Fair d as at 30 June 2015.

355 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 355 QEP Global Active (cont) QEP Global Active (cont) Money Instruments Admitted Money Instruments Admitted United States of America (cont) 112,100 Maxim Integrated Products 3,853, ,600 MBIA 436, ,700 McDonald's 3,884, ,900 Medallion Financial 162, ,800 Merck & Co. 10,873, ,700 Meredith 920, ,500 Microchip Technology 1,722, ,000 Microsoft 11,669, ,016 Millicom International Cellular 602, ,900 Molina Healthcare 6,931, ,600 Mosaic 4,617, ,200 National Oilwell Varco 3,749, ,700 National Western Life Insurance 2,089, ,700 App 4,076, ,200 NeuStar 3,166, ,500 Norfolk Southern 3,435, ,900 Northrop Grumman 6,172, ,600 Occidental Petroleum 8,247, ,200 Oracle 9,223, ,300 Outerwall 1,460, ,000 Packaging Corp of America 3,191, ,700 Parker-Hannifin 6,674, ,016 Persimmon 1,091, ,400 PetMed Express 1,395, ,300 Pfizer 12,975, ,700 Philip Morris International 3,421, ,450 Phillips 66 3,488, ,200 PNC Financial Services 8,437, ,000 Principal Financial 6,748, ,200 QUALCOMM 7,777, ,200 Quality Systems 844, ,400 Quest Diagnostics 9,354, ,000 Raytheon 5,371, ,400 RenaissanceRe 3,386, ,200 Rock-Tenn 2,083, ,800 Rockwell Automation 5,014, ,500 RPX 225, ,500 RR Donnelley & Sons 2,118, ,600 Sanmina 752, ,900 Schweitzer-Mauduit International 1,641, ,300 Scripps works Interactive 3,775, ,700 Seagate Technology 1,553, ,060 Select Income REIT 1,422, ,600 SkyWest 504, ,570 SNS REAAL ** ,200 Sonoco Products 1,001, ,900 Strayer Education 390, ,500 Symantec 4,058, ,500 Symetra Financial 4,030, ,700 TEGNA 3,216, ,400 Teradata 2,379, ,500 Terra Nitrogen 1,378, ,100 Texas Instruments 5,002, ,600 Thor Industries 1,793, ,900 Torchmark 572, ,700 Transocean 1,590, ,300 Triple-S Management 620, ,200 Tupperware Brands 2,919, ,400 United Technologies 2,498, ,400 UnitedHealth 12,409, ,600 Universal Insurance 512, ,300 Urbi Desarrollos Urbanos ** - - 6,142 USANA Health Sciences 854, ,600 Valero Energy 8,393, United States of America (cont) 59,000 Validus 2,587, ,000 Vera Bradley 583, ,617 Verizon Communications 4,799, ,700 Viacom 3,844, ,000 Waddell & Reed Financial 2,073, ,700 Wal-Mart Stores 5,906, ,700 Western Digital 4,483, ,000 Western Union 5,680, ,800 Westlake Chemical 3,385, ,700 World Acceptance 352, ,800 Xilinx 4,212, ,300 Zimmer Biomet 6,918, Total Money Instruments Admitted 1,740,623, Money Instruments dealt on another Regulated Spain 854, ,822 Almirall 854, Taiwan 945, ,000 Win Semiconductors 945, Total Money Instruments dealt on another Regulated 1,799, Other Transferable Securities not dealt on another Regulated Singapore ,000 Jurong Technologies Industrial ** - - Taiwan ,000 Ya Hsin Industrial ** - - Total Other Transferable Securities not dealt on another Regulated - - Units in Closed-Ended Investment Scheme United Kingdom 1,502, ,264 HICL Infrastructure 1,502, Total Units in Closed-Ended Investment Scheme 1,502, Derivatives Hong Kong SAR 103, ,000 Sun Hung Kai Properties Warrants 22/04/ , Malaysia 1,087-3,984 Sunway Warrants 17/08/2016 1,087 - Total Derivatives 104, ** The security was Fair d as at 30 June 2015.

356 Page 356 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Active (cont) QEP Global Blend Fair Pricing Adjustment Money Instruments Admitted United States of America 5,852, SIM Systematic FV USA *** 5,852, Total Fair Pricing Adjustment 5,852, Total Investments 1,749,883, Other Liabilities ( 3,876,761 ) ( 0.22 ) Asset 1,746,007, Australia 11,994, ,854 Ausdrill 14, ,103 Beach Energy 191, ,575 BHP Billiton 991, ,131 carsales.com 134, ,657 Collection House 80, ,974 Decmil 95, ,703 Fleetwood 27, ,918 Flight Centre Travel 181, ,586 Independence 220, ,761 JB Hi-Fi 326, ,974 M2 370, ,310 MACA 49, ,832 Medusa Mining 126, ,164 Monadelphous 203, ,984 Myer 84, ,571 NRW 9, ,875 OZ Minerals 499, ,364 Resolute Mining 50, ,512 Rio Tinto 974, ,464 Sandfire Resources NL 241, ,920 Seek 172, ,739 Sirtex Medical 218, ,379 South32 424, ,884 Telstra 3,009, ,006 Woodside Petroleum 1,741, ,016 Woolworths 1,330, ,896 WorleyParsons 223, Austria 425, ,152 Oesterreichische Post 425, Belgium 1,307, ,574 Ageas 413, ,892 Anheuser-Busch InBev 601, ,467 Colruyt 293, Bermuda 930, ,500 Axis Capital 930, Brazil 2,962, ,000 AES Tiete Preference 310, ,900 Bradespar Preference 228, ,100 Companhia Energetica de Minas Gerais 372, ADR Preference 46,700 Grupo BTG Pactual 428, ,440 Itausa - Investimentos Itau Preference 474, ,200 Vale 398, ,100 Vale ADR Preference 402, ,200 Vale Preference 347, Canada 6,347, ,100 CCL Industries 502, ,900 Centerra Gold 459, ,800 Corus Entertainment 171, ,200 Dominion Diamond 355, ,823 Genworth MI Canada 737, ,100 Nevsun Resources 283, ,500 Rogers Communications 1,595, ,400 Shaw Communications 924, ,100 Teck Resources 859, ,900 Transcontinental 457, Chile 116, ,944 Administradora de Fondos de Pensiones Habitat 116, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

357 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 357 QEP Global Blend (cont) QEP Global Blend (cont) Money Instruments Admitted Money Instruments Admitted China 920, ,000 China Construction Bank 'H' 579, ,699 Ease ADR 238, ,000 Shenguan 102, Colombia 569, ,600 Ecopetrol ADR 569, Czech Republic 683, ,422 CEZ 560, Komercni Banka 122, Denmark 1,268, AP Moeller - Maersk 480, Coloplast 54, ,869 Novozymes 185, ,074 Pandora 547, Finland 5,174, ,106 Fortum 1,648, ,479 Kone 1,300, ,212 Nokian Renkaat 198, ,009 Orion 1,775, ,494 Tieto 106, ,297 Tikkurila 144, France 8,664, ,310 AXA 1,038, ,731 BNP Paribas 356, ,674 Boiron 851, ,382 Christian Dior 874, ,131 Compagnie Générale des Etablissements 764, Michelin 27,312 Crédit Agricole 416, ,804 Edenred 70, ,384 Legrand 940, ,071 Metropole Television 727, ,369 Neopost 233, ,830 Société Générale 902, Stallergenes 49, ,431 Technip 466, ,770 Valeo 446, ,486 Vivendi 526, Germany 8,004, ,593 Allianz 413, Amadeus Fire 33, ,851 BASF 794, ,449 Bertrandt 461, ,082 Bijou Brigitte 68, ,395 Continental 1,054, ,206 Deutsche Bank 957, ,166 E.ON 408, ,304 FUCHS PETROLUB Preference 270, ,898 HUGO BOSS 556, Pfeiffer Vacuum Technology 14,653-19,530 ProSiebenSat.1 Media 983, ,205 RTL 110, ,548 Siemens 1,497, ,469 STO SE & Co. KGaA Preference 379, Greece 101, ,793 JUMBO ** 40, ,283 Metka ** 61, Hong Kong SAR 13,717, , Degrees International 76, ,000 AMVIG 21, Hong Kong SAR (cont) 186,500 Anhui Conch Cement 'H' 654, ,228,000 Bank of China 'H' 798, ,000 Belle International 193, ,000 Champion REIT 157, ,412,000 Champion Technology 37, ,000 China BlueChemical 'H' 194, ,000 China Child Care 34, ,000 China Lilang 101, ,000 China Lumena New Materials ** ,000 China Mobile 588, ,000 CIMC Enric 306, ,000 CNOOC 824, ,000 Consun Pharmaceutical 86, ,780,000 CSI Properties 68, ,800 Dah Sing Financial 162, ,000 Dongfeng Motor 'H' 450, ,800 Dynam Japan 204, ,000 Emperor Entertainment Hotel 50, ,000 Emperor International 118, ,000 Fairwood 32, ,698 Great Eagle 312, ,000 Guangdong Investment 325, ,400 Hang Seng Bank 164, ,090 Henderson Land Development 240, ,000 HKR International 35, ,000 Huabao International 47, ,000 Hysan Development 359, ,000 Industrial & Commercial Bank of China 618, 'H' 285,000 Jintian Pharmaceutical 152, ,000 Kerry Properties 160, ,140,000 Lai Sun Development 27, ,000 Lai Sun Garment 26,562-86,000 New World Development 112, ,000 Pacific Textiles 116, ,000 Peak Sport Products 44, ,000 Power 364, ,000 Prosperity REIT 96, ,000 Real Nutriceutical 68, ,000 SA SA International 336, ,000 Sands China 417, ,000 Sino Land 417, ,000 Sitoy 139, ,000 SJM 99, ,000 Sun Hung Kai Properties 761, ,000 Sunlight Real Estate Investment Trust 56, ,000 Swire Pacific 678, ,200 Swire Properties 715, ,000 TAI Cheung ,300 Television Broadcasts 120, ,700 VTech 208, ,000 Wharf 832, ,000 Wheelock & Co. 449, ,000 Xingda International 44, India 659, ,600 Infosys ADR 659, Indonesia 2,992, ,500 Indocement Tunggal Prakarsa 309, ,049,000 Perusahaan Gas Negara Persero 339, ,892,000 Perusahaan Perkebunan London 220, Sumatra Indonesia 503,000 Semen Indonesia Persero 452, ,519,500 Telekomunikasi Indonesia Persero 993, ** The security was Fair d as at 30 June 2015.

358 Page 358 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Blend (cont) QEP Global Blend (cont) Money Instruments Admitted Money Instruments Admitted Indonesia (cont) 251,500 United Tractors 384, ,438,500 Vale Indonesia 292, Ireland 349, ,034 Paddy Power 349, Isle of Man 695, ,528 Playtech 695, Israel 3,371, ,152 Babylon 21,707-83,363 Bank Leumi Le-Israel 357, ,753 Bezeq The Israeli Telecommunication 763, ,034 Check Point Software Technologies 159, ,926 Delek Automotive Systems 325, ,492 Israel Discount Bank 386, ,426 Ituran Location and Control 382, ,484 Rami Levi Chain Stores Hashikma 109, ing ,600 Teva Pharmaceutical Industries ADR 866, Italy 4,710, ,275 ASTM 365, ,467 Banca Popolare dell'etruria e del Lazio ** 18,085-12,249 DiaSorin 564, ,583 Eni 2,257, ,039 Recordati 1,090, ,379 Tenaris 413, Japan 38,132, ,000 ABC-Mart 611, ,900 Amiyaki Tei 157, ,200 ARCLAND SERVICE 350, ,700 Arcs 102, ,000 Asahi 170, ,000 Asahi Kasei 427, ,200 Asax 80, ,000 Atsugi 30, ,000 Awa Bank 172, ,000 Bank of Nagoya 23, ,200 Bridgestone 784, ,500 Canon 2,033, ,000 Central Japan Railway 1,264, ,500 Chiba Kogyo Bank 26, ,700 Chori 26, Corona 974-1,000 Daihatsu Diesel Manufacturing 5,579-3,700 Daiichikosho 130, ,000 Daishi Bank 88, ,000 FamilyMart 45, ,800 FUJIFILM 850, ,100 Fujikura Kasei 76, ,500 Fujimori Kogyo 136, ,000 Fujitsu General 692, ,300 Fukushima Industries 78, ,700 Fuyo General Lease 72, ,300 Gendai Agency 29, ,600 Graphite Design 19,909-33,900 Gree 198, ,000 Hachijuni Bank 520, ,100 Hagihara Industries 35, ,700 Heiwa 193, ,000 Higo Bank 130, ,000 HI-LEX 295, ,600 Hoya 344, ,000 Hyakugo Bank 69, Japan (cont) 12,000 Hyakujushi Bank 42, ,800 Inpex 975, ,000 Isuzu Motors 892, ,400 Japan Digital Laboratory 117, ,400 Japan Petroleum Exploration 426, ,000 Japan Tobacco 463, ,000 Kagoshima Bank 245, ,000 Kaken Pharmaceutical 244, ,000 Kamei 37, ,100 KDDI 2,801, ,400 Kura 203, ,500 Kuroda Electric 399, ,500 Lasertec 48, ,800 Lawson 1,218, ,200 Meiko work Japan 61, ,600 Miraca 1,379, ,200 Miroku Jyoho Service 20, ,500 Mitsubishi UFJ Financial 830, ,000 Mitsuboshi Belting 23, ,900 Mixi 243, ,800 Mizuho Financial 584, ,200 MTI 211, ,000 Murakami 37, ,700 Namura Shipbuilding 117, ,700 Nexon 449, ,900 NHK Spring 538, ,000 Nichireki 75, ,000 Nihon Parkerizing 172, ,000 Nippon Pillar Packing 71, ,000 Nippon Road 49, ,000 Nippon Seiki 238, ,900 Nishimatsuya Chain 492, ,800 Nissin Kogyo 591, ,000 Nittetsu Mining 34, ,300 NTT DOCOMO 2,284, ,300 Oracle 849, ,300 ORIX 1,045, ,600 Otsuka 1,007, ,000 Right On 24, ,000 Sakai Chemical Industry 17,931-3,700 San-A 163, ,000 San-In Godo Bank 414, ,000 Sanyo Housing Nagoya 40, ,000 Shiga Bank 48, ,000 Shin-Etsu Polymer 23, ,200 Sinko Industries 22,105-1,100 Sintokogio 9,750-52,600 Sony Financial 922, ,200 St Marc 335, ,200 Sumitomo Densetsu 161, ,000 Sumitomo Heavy Industries 233, ,200 Sumitomo Mitsui Financial 1,123, ,300 Sumitomo Rubber Industries 640, ,000 Takiron 66, ,000 Tayca 40, ,900 Teikoku Sen-I 112, ,300 Tokai Rika 457, ,000 Towa Bank 89, ,000 Toyo Kohan 39, ,100 Trend Micro 653, ,200 TS Tech 647, ,500 Tsuruha 194, ,400 USS 314, ,400 Yahoo Japan 1,381, ** The security was Fair d as at 30 June 2015.

359 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 359 QEP Global Blend (cont) QEP Global Blend (cont) Money Instruments Admitted Money Instruments Admitted Japan (cont) 5,000 Yamanashi Chuo Bank 23,649-29,000 Yodogawa Steel Works 126, Kazakhstan 183, ,607 KCell GDR 183, Malaysia 859, ,280 Berjaya Auto 45, ,800 British American Tobacco Malaysia 275, ,000 DiGi.Com 538, Mexico 630, ,000 America Movil ADR 630, herlands 5,618, ,001 Arcadis 446, ,338 Boskalis Westminster 612, ,176 Brunel International 105, ,162 NN 231, ,193 Reed Elsevier 1,141, ,362 Royal Dutch Shell 1,443, ,034 Tetragon Financial 60, ,269 Unilever 1,577, New Zealand 123, ,298 SKY work Television 123, Norway 4,709, ,189 Aker Solutions 97, ,626 Statoil 2,514, ,842 TGS Nopec Geophysical 393, ,800 Yara International 1,704, Philippines 135, ,300 Nickel Asia 135, Poland 1,070, ,394 KGHM Polska Miedz 613, ,160 Polskie Gornictwo Naftowe i Gazownictwo 457, Russia 3,673, ,955 Gazprom OAO ADR 102, ,215 Lukoil OAO ADR 539, ,384 MegaFon GDR 144, ,521 MMC Norilsk Nickel ADR 1,350, ,900 Mobile TeleSystems ADR 513, ,974 Surgutneftegas OAO ADR 684, ,600 Tatneft OAO ADR 338, Singapore 1,969, ,300 CapitaLand Mall Trust 123, ,000 Hongkong Land 590, ,400 M1 289, ,300 Mapletree Industrial Trust 23, ,000 SATS 101, ,000 Yangzijiang Shipbuilding 841, South Africa 7,587, ,793 Anglo American 337, ,194 Kumba Iron Ore 551, ,826 Lewis 284, ,483 Life Healthcare 918, ,995 MMI 444, ,102 MTN 1,719, ,142 Sanlam 412, ,387 Sasol 1,465, ,341 Sibanye Gold 336, ,752 Truworths International 300, ,650 Vodacom 816, South Korea 3,634, ,531 GS Home Shopping 287, ,170 Hankook Tire 344, ,303 Hyundai Home Shopping work 252, ,180 Industrial Bank of Korea 221, ,212 KB Financial 435, ,520 Kia Motors 547, ,850 KT&G 411, ,840 Kunsul Chemical Industrial 137, Samsung Electronics 996, Spain 1,140, ,147 Mapfre 437, ,008 Zardoya Otis 702, Sweden 10,293, ,227 Alfa Laval 881, ,429 Atlas Copco 953, ,361 Axfood 783, ,432 Clas Ohlson 344, ,225 Hexpol 317, ,004 Industrivarden 965, ,464 Indutrade 68, ,248 Intrum Justitia 901, ,803 Investment Kinnevik 'B' 832, ,804 Investor 1,448, ,160 Ent 242, ,917 Nolato 223, ,017 Swedish Match 549, ,572 TeliaSonera 1,190, ,640 Unibet 591, Switzerland 13,036, ,900 ACE 2,529, ,804 Actelion Registered 711, ,635 BB Biotech Registered 1,087, Belimo Registered 276, EMS-Chemie Registered 81, Galenica Registered 468, ,113 Geberit Registered 715, Givaudan Registered 416, LEM Registered 232, ,930 Nestlé Registered 1,543, ,499 Pargesa 102, ,895 Roche 2,823, SGS Registered 1,555, Sika 463, VP Bank 27, Taiwan 5,545, ,000 China Steel Chemical 238, ,000 Cleanaway 165, ,000 Cyberlink 73, ,000 Draytek 35, ,000 DYNACOLOR 43, ,897 Flytech Technology 258, ,000 Formosan Rubber 145, ,000 Grape King Bio 299, ,000 Greatek Electronics 89, ,000 Holtek Semiconductor 157, ,000 Lumax International 70, ,000 Novatek Microelectronics 356, ,000 Pegatron 537, ,000 Polytronics Technology 138, ,000 President Chain Store 217, ,000 Radiant Opto-Electronics 247, ,000 Realtek Semiconductor 304, ,000 Sigurd Microelectronics 147,

360 Page 360 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Blend (cont) QEP Global Blend (cont) Money Instruments Admitted Money Instruments Admitted Taiwan (cont) 57,000 Simplo Technology 263, ,440 Sinmag Equipment 140, ,000 Sonix Technology 142, ,000 St Shine Optical 444, ,300 Taiwan Secom 60, ,300 Taiwan Semiconductor Manufacturing 767, ADR 31,000 Transcend Information 113, ,000 United Integrated Services 86, Thailand 3,476, ,700 Advanced Info Service (Foreign) 111, ,800 Advanced Info Service (NVDR) 602, ,600 BEC World (NVDR) 517, ,100 Delta Electronics Thailand (Foreign) 88, ,600 Delta Electronics Thailand (NVDR) 170, ,100 Hana Microelectronics (NVDR) 111, ,000 PTT (NVDR) 871, ,500 PTT Exploration & Production (Foreign) 185, ,900 PTT Exploration & Production (NVDR) 758, ,300 TTW (Foreign) 33, ,400 TTW (NVDR) 25, Turkey 2,303, ,628 Adana Cimento Sanayii 16, ,431 Eregli Demir ve Celik Fabrikalari 291, ,147 Gubre Fabrikalari 102, ,852 Ipek Dogal Enerji Kaynaklari Ve Uretim 118, ,384 Koza Altin Isletmeleri 345, ,325 Koza Anadolu Metal Madencilik 176, Isletmeleri 84,645 Soda Sanayii 184, ,998 TAV Havalimanlari 239, ,559 Turk Telekomunikasyon 344, ,693 Turkcell Iletisim Hizmetleri 485, United Kingdom 47,669, ,989 Abcam 73, ,984 Admiral 792, ,815 Amlin 578, ,780 Anglo American 706, ,756 Ashmore 893, ,034 AstraZeneca 2,691, ,607 AVEVA 301, ,320 Barclays 1,306, ,427 Berkeley 549, ,288 BHP Billiton 1,036, ,156 BP 1,428, ,671 British American Tobacco 849, ,257 BT 783, ,481 Burberry 385, ,348 Cairn Energy 405, ,387 Chesnara 363, Daejan 30, ,510 Dart 337, ,770 Diploma 316, ,912 Dunelm 473, ,416 Experian 1,332, ,532 GlaxoSmithKline 3,006, ,764 Halma 214, ,777 Highland Gold Mining 39, ,257 HSBC 1,399, ,800 HSBC (Hong Kong) 785, ,305 IG 226, ,199 Imperial Tobacco 887, ,238 Indivior 101, ,904 Intertek 804, United Kingdom (cont) 22,117 ITE 60, ,738 ITV 453, ,550 Keller 461, ,433 Lancashire 199, ,833 Legal & General 2,908, ,206 Micro Focus International 370, ,447 Next 758, ,199 PayPoint 581, ,991 Reckitt Benckiser 2,173, ,484 Reed Elsevier 1,492, ,919 Rio Tinto 1,175, ,370 Rotork 785, ,275 Royal Bank of Scotland 1,764, ,364 Royal Dutch Shell 1,494, ,932 Royal Mail 692, ,283 Sage 993, ,598 Senior 425, ,665 Sky 1,029, ,890 Soco International 575, ,459 South32 356, ,546 Spectris 883, ,459 Spirax-Sarco Engineering 450, ,669 Ultra Electronics 326, ,022 Unilever 1,436, ,263 Verizon Communications 764, ,397 Weir 786, ,722 WH Smith 640, ,919 William Hill 412, ,658 WS Atkins 111, United States of America 183,306, ,000 3M 1,385, ,100 Accenture 1,749, ,900 ADT 1,652, ,860 Aetna 2,527, ,800 Aflac 2,445, ,500 Allied World Assurance 583, ,800 Ally Financial 648, ,900 Altria 676, ,600 American Equity Investment Life 680, ,700 American Financial 1,213, ,200 American International 936, ,506 Amgen 3,108, ,500 Amsurg 383, ,800 Analog Devices 563, ,700 Apple 3,324, ,800 Assured Guaranty 945, ,400 Bank of America 1,949, ,100 Baxter International 2,055, ,600 BB&T 1,674, ,600 Best Buy 477, ,400 Bio-Techne 333, ,800 Broadridge Financial Solutions 540, ,100 Brocade Communications Systems 664, ,600 Buckle 443, ,600 CA 976, ,100 Campbell Soup 1,132, ,400 Cardinal Health 2,545, ,600 Cato 253, ,500 Centene 764, ,864 Chevron 1,533, ,600 Cisco Systems 2,274, ,000 Citigroup 1,975, ,395 Coach 783, ,100 Compass Minerals International 505, ,014 Computer Programs & Systems 869,

361 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 361 QEP Global Blend (cont) QEP Global Blend (cont) Money Instruments Admitted Money Instruments Admitted United States of America (cont) 17,300 ConocoPhillips 1,055, ,715 Contango Oil & Gas 44, ,500 Cooper Tire & Rubber 456, ,700 Copa 708, ,800 Corning 527, ,100 CR Bard 1,726, ,200 Cracker Barrel Old Country Store 912, ,500 CTC Media 46, ,600 Cummins 2,439, ,700 Delphi Automotive 989, ,100 Deluxe 978, ,300 Discover Financial Services 1,393, ,400 Dover 1,429, ,000 Dr Pepper Snapple 1,759, ,400 EMC/Massachusetts 2,193, ,900 Emerson Electric 2,161, Enanta Pharmaceuticals 39, ,800 Energizer 1,423, ,400 Everest Re 1,160, ,400 Exxon Mobil 2,186, ,300 Factset Research Systems 535, ,060 FBL Financial 60, ,000 Fifth Third Bancorp 1,224, ,000 FLIR Systems 156, ,200 Flowserve 726, ,300 GameStop 611, ,100 Gannett 100, ,200 Gap 654, ,800 Garmin 738, ,400 General Dynamics 2,468, ,500 Gentex 402, ,200 Genuine Parts 642, ,400 Gilead Sciences 2,355, ,645 Goldman Sachs 2,418, ,500 Guess? 299, ,000 Harris 1,079, ,400 HCI 456, ,100 Health 835, ,100 Hewlett-Packard 1,171, ,369 Hillenbrand 682, ,700 Honeywell International 1,802, ,000 Horace Mann Educators 794, ,100 Hubbell 1,207, ,000 Huntington Ingalls Industries 787, ,000 Illinois Tool Works 823, ,300 Ingredion 508, ,000 Intel 2,188, ,900 International Bancshares 157, ,700 International Business Machines 1,743, ,000 International Paper 1,335, ,900 Intuit 596, ,000 Jack Henry & Associates 718, ,600 John Wiley & Sons 305, ,000 Johnson & Johnson 3,028, ,300 JPMorgan Chase & Co. 3,111, ,800 KLA-Tencor 267, ,400 Lexmark International 725, ,300 Lincoln Electric 810, ,300 Lincoln National 1,190, ,600 Linear Technology 1,046, ,900 LyondellBasell Industries 396, ,200 Maxim Integrated Products 1,210, ,600 McDonald's 916, ,700 MEDNAX 348, United States of America (cont) 19,400 Medtronic 1,422, ,500 Merck & Co. 945, ,300 Meridian Bioscience 797, ,000 Microchip Technology 896, ,000 Microsoft 2,351, ,229 Millicom International Cellular 167, ,200 Molina Healthcare 995, ,500 MSC Industrial Direct 869, ,600 National Oilwell Varco 1,146, ,000 National Western Life Insurance 240, ,900 App 915, ,000 NeuStar 841, ,000 Norfolk Southern 1,391, ,100 Northrop Grumman 1,602, ,600 Occidental Petroleum 1,980, ,200 Oracle 2,352, ,400 Outerwall 257, ,500 Parker-Hannifin 1,561, ,500 Paychex 1,754, ,800 PepsiCo 543, ,100 PetMed Express 310, ,900 Pfizer 1,877, ,600 Philip Morris International 689, ,342 Pitney Bowes 261, ,200 PNC Financial Services 2,027, ,900 Polaris Industries 425, ,500 Principal Financial 1,141, ,100 QUALCOMM 1,571, ,400 Quality Systems 468, ,000 Quest Diagnostics 1,708, ,000 Ralph Lauren 267, ,500 Raven Industries 154, ,800 Raytheon 1,227, ,300 RenaissanceRe 841, ,400 Renewable Energy 84, ,500 ResMed 1,191, ,700 REX American Resources 232, ,600 Rockwell Automation 1,425, ,000 Ross Stores 485, ,900 RPX 81, ,900 Sanderson Farms 217, ,900 Scripps works Interactive 770, ,200 Seagate Technology 696, ,566 SNS REAAL ** ,000 St Jude Medical 1,311, ,000 Strayer Education 43, ,500 Stryker 3,099, ,900 Symetra Financial 791, ,000 Syntel 375, ,200 TEGNA 449, ,900 Teradata 624, ,900 Terra Nitrogen 227, ,800 Texas Instruments 1,432, ,900 Thor Industries 334, ,700 Toro 317, ,600 Transocean 280, ,500 Transocean Partners 47, ,300 Tupperware Brands 859, ,600 Union Pacific 1,490, ,800 United Technologies 1,539, ,600 UnitedHealth 2,617, ,000 Universal Insurance 379, ,500 US Physical Therapy 188, ,481 USANA Health Sciences 205, ** The security was Fair d as at 30 June 2015.

362 Page 362 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Blend (cont) QEP Global Core Money Instruments Admitted Money Instruments Admitted United States of America (cont) 30,700 Valero Energy 1,859, ,900 Validus 609, ,600 Varian Medical Systems 217, ,400 Verizon Communications 1,094, ,900 Viacom 379, ,400 Waddell & Reed Financial 1,008, ,600 Wal-Mart Stores 114, ,100 Waters 524, ,800 Western Digital 1,294, ,500 Western Union 1,211, ,500 Westlake Chemical 917, ,300 World Acceptance 390, ,000 WW Grainger 473, ,100 Xilinx 971, ,300 Yum! Brands 564, ,400 Zimmer Biomet 2,010, Total Money Instruments Admitted 411,067, Money Instruments dealt on another Regulated Spain 37, ,875 Almirall 37, Total Money Instruments dealt on another Regulated 37, Units in Closed-Ended Investment Scheme United Kingdom 133, ,919 HICL Infrastructure 133, Total Units in Closed-Ended Investment Scheme 133, Derivatives Hong Kong SAR 21, ,000 Sun Hung Kai Properties Warrants 22/04/ , Total Derivatives 21, Fair Pricing Adjustment United States of America 1,447, SIM Systematic FV USA *** 1,447, Total Fair Pricing Adjustment 1,447, Total Investments 412,707, Other 6,097, Asset 418,804, Australia 20,424, ,957 Ausdrill 20, ,728 BHP Billiton 3,330, ,781 Cabcharge Australia 137, ,875 carsales.com 588, ,609 Commonwealth Bank of Australia 696, ,755 Downer EDI 385, ,441 Drillsearch Energy 117, ,420 Energy Resources of Australia 7, ,623 Evolution Mining 215, ,217 Flight Centre Travel 478, ,119 Independence 463, ,467 IRESS 331, ,510 JB Hi-Fi 337, ,135 M2 999, ,445 Mirvac 847, ,985 Monadelphous 144, ,779 Platinum Asset Management 281, ,113 Rio Tinto 1,579, ,351 Sirtex Medical 276, ,686 South32 369, ,801 Spark Infrastructure 240, ,018 St Barbara 36, ,341 Telstra 3,593, ,867 Woodside Petroleum 3,004, ,400 Woolworths 1,940, Austria 1,472, ,130 Oesterreichische Post 1,167, ,955 Raiffeisen Bank International 305, Belgium 9,419, ,818 Ageas 1,633, ,623 Anheuser-Busch InBev 6,593, ,290 Colruyt 1,192, Bermuda 1,429, ,900 Axis Capital 1,429, Brazil 2,790, ,400 Companhia Energetica de Minas Gerais 115, ADR Preference 172,590 Itausa - Investimentos Itau Preference 494, ,600 Transmissora Alianca de Energia Eletrica 671, ,300 Ultrapar Participações ADR 908, ,000 Vale ADR Preference 297, ,800 Vale Preference 303, Canada 20,220, ,700 Barrick Gold 1,256, ,100 BCE 1,624, ,700 Cameco 875, ,700 CCL Industries 1,189, ,600 Centerra Gold 125, ,200 CI Financial 734, ,100 Cogeco Cable 297, ,800 Constellation Software 1,127, ,800 Constellation Software Rights /09/ ,300 Corus Entertainment 379, ,200 Enbridge Income Fund 622, ,500 Finning International 851, ,300 Genworth MI Canada 723, ,200 Great-West Lifeco 359, ,900 IAMGOLD 97, ,200 Magna International 1,731, ,500 Metro 226, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

363 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 363 QEP Global Core (cont) QEP Global Core (cont) Money Instruments Admitted Money Instruments Admitted Canada (cont) 38,000 Nevsun Resources 145, ,500 Potash Corp of Saskatchewan 1,588, ,000 Ritchie Bros Auctioneers 364, ,800 Rogers Communications 3,148, ,400 Shaw Communications 1,208, ,800 Stantec 255, ,800 Teck Resources 804, ,100 Transcontinental 336, ,000 Westshore Terminals Investment 145, China 214, ,529 Ease ADR 214, Colombia 703, ,800 Ecopetrol ADR 703, Cyprus 65, ,721 Globaltrans Investment GDR 65, Czech Republic 771, ,597 CEZ 771, Denmark 5,941, AP Moeller - Maersk 1,507, ,723 Novo Nordisk 2,184, ,546 Novozymes 698, ,101 Pandora 1,198, ,229 Royal Unibrew 351, Finland 10,729, ,379 Elisa 268, ,694 Fortum 2,636, ,446 Kone 2,207, ,476 Nokian Renkaat 845, ,330 Orion 2,071, ,461 Sampo 2,608, ,580 Tikkurila 91, France 46,631, ,957 Air Liquide 513, ,324 AXA 3,255, ,041 BNP Paribas 3,172, ,165 Boiron 114, ,143 Christian Dior 1,226, ,392 CNP Assurances 655, ,859 Compagnie Générale des Etablissements 2,021, Michelin 58,047 Crédit Agricole 884, ,583 Edenred 1,140, ,596 Euler Hermes 681, ,934 Eurofins Scientific 589, ,528 Imerys 1,515, ,991 Ipsen 727, ,857 Legrand 2,862, ,141 LVMH Moet Hennessy Louis Vuitton 2,903, ,387 Metropole Television 400, ,760 Peugeot 818, ,720 Plastic Omnium 776, ,464 Publicis Groupe 1,909, ,944 Sanofi 5,870, ,491 Schneider Electric 2,507, ,389 Societe BIC 1,045, ,506 Société Générale 1,797, ,325 TOTAL 5,619, ,676 Valeo 1,558, ,941 Vinci 1,420, ,953 Vivendi 641, Germany 40,966, ,833 Allianz 4,116, ,191 Amadeus Fire 196, ,544 Aurubis 452, ,320 BASF 5,142, ,507 Bayer 3,231, ,047 Commerzbank 658, ,881 Continental 2,851, ,572 CTS Eventim & Co. KGaA 207, ,424 Daimler 226, ,928 Deutsche Bank 1,960, ,343 Deutsche Euroshop 550, ,635 Duerr 920, ,101 E.ON 665, ,680 Hannover Rueck 660, ,942 HUGO BOSS 1,130, ,360 Merck KGaA 1,351, ,889 Muenchener Rueckversicherungs- 2,143, Gesellschaft 2,574 Pfeiffer Vacuum Technology 231, ,677 ProSiebenSat.1 Media 1,745, ,642 RTL 1,529, ,639 SAP 4,147, ,300 Siemens 4,867, ,000 Software 498, ,128 STADA Arzneimittel 1,061, STO SE & Co. KGaA Preference 150, ,652 Wincor Nixdorf 266, Hong Kong SAR 22,655, ,400 AIA 663, ,000 BOC Hong Kong 2,079, ,000 Cheung Kong Infrastructure 1,110, ,000 China Mobile 1,139, ,000 China Shenhua Energy 'H' 143, ,000 CK Hutchison 1,704, ,000 CNOOC 729, ,400 Dah Sing Financial 160, ,600 Dynam Japan 85, ,333 Emperor International 12, ,000 Guangdong Investment 1,003, ,000 Hang Lung Properties 377, ,400 Hang Seng Bank 1,825, ,630 Henderson Land Development 777, ,000 Hopewell 194, ,000 Hysan Development 611, ,500 Kerry Properties 347, ,800 MGM China 442, ,500 Power 1,409, ,200 Sands China 872, ,000 Sino Land 561, ,000 Sun Hung Kai Properties 1,684, ,000 Swire Pacific 1,005, ,200 Swire Properties 1,015, ,000 Television Broadcasts 231, ,000 Wharf 1,823, ,000 Wheelock & Co. 643, India 643, ,600 Infosys ADR 643, Indonesia 1,400, ,125,500 Perusahaan Gas Negara Persero 687, ,243,500 Telekomunikasi Indonesia Persero 712, Ireland 1,796, ,762 Ryanair 1,796,

364 Page 364 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Core (cont) QEP Global Core (cont) Money Instruments Admitted Money Instruments Admitted Isle of Man 746, ,539 Playtech 746, Israel 6,517, ,418 Babylon 5, ,177 Bank Hapoalim 1,228, ,181 Bank Leumi Le-Israel 1,705, ,620 Bezeq The Israeli Telecommunication 1,110, ,500 Check Point Software Technologies 1,134, ,044 Israel Discount Bank 257, ,100 Teva Pharmaceutical Industries ADR 1,074, Italy 12,455, ,210 ASTM 499, ,777 Atlantia 371, ,617 Banca Popolare di Milano 569, ,732 Banca Popolare di Sondrio SCARL 326, ,893 DiaSorin 732, ,887 Eni 4,709, ,901 Industria Macchine Automatiche 373, ,166 Mediaset 359, ,907 Mediobanca 1,717, ,196 Recordati 1,243, ,066 UniCredit 752, ,396 Unione di Banche Italiane 801, Japan 115,392, ,100 ABC-Mart 862, ,200 Aica Kogyo 678, ,900 Aichi Bank 163, ,200 Aisin Seiki 1,242, ,300 Asahi 397, ,000 Asahi Kasei 2,020, ,700 Astellas Pharma 1,293, ,000 Awa Bank 770, ,000 Bank of Yokohama 827, ,900 Bridgestone 1,697, ,100 Brother Industries 653, ,600 Canon 3,923, ,900 Central Japan Railway 2,509, ,000 Chugoku Bank 189, ,000 Daihatsu Motor 355, ,500 Daiichikosho 545, ,600 Daiwa House Industry 1,016, ,000 Daiwa Securities 1,903, ,800 DeNa 251, ,900 Elecom 71, ,200 EPS 75, ,400 FANUC 2,335, ,800 Fuji Heavy Industries 2,459, ,600 FUJIFILM 1,736, ,000 Fujitsu General 538, ,800 Gree 226, ,000 Hachijuni Bank 1,298, ,900 Heiwa 396, ,000 Higo Bank 208, ,100 Hisamitsu Pharmaceutical 819, ,000 Hitachi Metals 368, ,300 Hoya 1,775, ,000 Hyakugo Bank 228, ,600 Infocom 100, ,100 Inpex 2,558, ,500 Isuzu Motors 965, ,200 ITOCHU 2,102, ,000 Iyo Bank 1,290, ,300 Japan Petroleum Exploration 1,027, ,300 Japan Tobacco 1,471, ,300 JSR 1,313, Japan (cont) 44,000 Kagoshima Bank 318, ,300 KDDI 4,929, ,300 Keyence 1,780, ,400 Komatsu 1,734, ,500 Konica Minolta 507, ,000 Kura 222, ,100 Lawson 3,087, ,200 Lintec 552, ,400 Makita 1,540, ,000 Marubeni 986, MCUBS MidCity Investment 162, ,200 Meiko work Japan 108, ,600 Miraca 2,279, ,400 Mitsubishi Chemical 1,412, ,000 Mitsubishi Electric 1,356, ,000 Mitsubishi Materials 230, ,000 Mitsubishi Motors 697, ,100 Mitsubishi UFJ Financial 4,341, ,100 Mizuho Financial 1,599, ,800 MTI 149, ,800 Nakanishi 347, ,000 Namura Shipbuilding 85, ,200 Nexon 456, ,200 NHK Spring 487, ,800 NIFTY 21,791-4,000 Nihon Parkerizing 40,616-25,000 Nikon 289, ,000 Nippon Electric Glass 572, ,200 Nishimatsuya Chain 364, ,900 Nissin Kogyo 444, ,200 Nitto Kogyo 252, ,000 Nomura Research Institute 743, ,800 NTT DOCOMO 4,553, ,600 Oracle 568, ,900 ORIX 2,601, ,100 Pal 36,123-85,000 Ricoh 881, ,200 San-A 141, ,000 San-In Godo Bank 405, ,800 SBI 245, ,200 Seiko Epson 624, ,000 Sekisui Chemical 1,461, ,000 Shiga Bank 242, ,000 Shizuoka Bank 1,034, ,900 Showa 317, ,000 Sony 1,837, ,600 Sony Financial 2,219, ,000 St Marc 32,921-28,000 Sumitomo Bakelite 126, ,100 Sumitomo Densetsu 87, ,000 Sumitomo Heavy Industries 1,324, ,000 Sumitomo Metal Mining 974, ,500 Sumitomo Mitsui Financial 2,787, ,000 Sumitomo Mitsui Trust 1,117, ,700 Suzuki Motor 1,374, ,900 T&D 1,042, ,300 Teikoku Sen-I 160, ,000 T-Gaia 427, ,200 Tokai Rika 404, ,800 TOMONY 127, ,000 Toppan Printing 869, ,300 Toyo Seikan 421, ,900 Toyoda Gosei 721, ,800 Toyota Motor 4,543, ,300 TPR 129,

365 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 365 QEP Global Core (cont) QEP Global Core (cont) Money Instruments Admitted Money Instruments Admitted Japan (cont) 27,200 Trend Micro 930, ,100 TS Tech 350, ,600 Tsuruha 903, ,000 United Super s 146, ,000 Wakita & Co. 173, ,500 Yahoo Japan 1,612, ,000 Yamanashi Chuo Bank 160, ,800 Yamazen 52,923-22,000 Yokohama Rubber 441, Mexico 613, ,200 America Movil ADR 613, herlands 9,355, ,593 Arcadis 602, ,484 Boskalis Westminster 371, ,219 Koninklijke Vopak 740, ,312 Reed Elsevier 2,160, ,249 Royal Dutch Shell 322, ,855 Unilever 4,565, ,492 Wolters Kluwer 593, New Zealand 227, ,955 SKY work Television 227, Norway 9,572, ,727 Salmar 508, ,254 Statoil 4,045, ,770 Telenor 2,294, ,671 TGS Nopec Geophysical 996, ,248 Yara International 1,727, Poland 1,446, ,855 Bank Pekao 520, ,894 KGHM Polska Miedz 541, ,003 Polskie Gornictwo Naftowe i Gazownictwo 383, Russia 2,112, ,386 Gazprom OAO ADR 192, ,527 Lukoil OAO ADR 597, ,763 MMC Norilsk Nickel ADR 454, ,800 Mobile TeleSystems ADR 340, ,500 Tatneft OAO ADR 527, Singapore 11,530, ,000 Ascendas Real Estate Investment Trust 1,040, ,000 Cache Logistics Trust REIT 199, ,000 CapitaLand Commercial Trust 428, ,000 CapitaLand Mall Trust 1,156, ,000 Frasers Centrepoint Trust 423, ,000 Mapletree Commercial Trust 178, ,000 Mapletree Greater China Commercial 184, Trust 596,000 Mapletree Industrial Trust 690, ,000 Mapletree Logistics Trust 655, ,000 Singapore Telecommunications 2,846, ,000 United Overseas Bank 2,382, ,000 UOL 215, ,072,000 Yangzijiang Shipbuilding 1,127, South Africa 2,314, ,377 Kumba Iron Ore 90, ,911 MTN 820, ,099 Sasol 971, ,192 Sibanye Gold 200, ,459 Vodacom 233, South Korea 2,569, ,270 Hankook Tire 610, South Korea (cont) 22,790 KB Financial 751, ,770 Kia Motors 314, Samsung Electronics 892, Spain 9,818, ,163 Amadeus IT 2,065, ,035 Banco Santander 1,899, ,889 Grifols 281, ,441 Grifols ADR Preference 1,152, ,094 Grifols 'B' Preference 315, ,160 Grupo Catalana Occidente 381, ,807 Mapfre 1,444, ,721 Repsol 1,950, ,407 Zardoya Otis 327, Sweden 18,846, ,754 Alfa Laval 2,306, ,108 Atlas Copco 2,369, ,980 Axfood 890, ,942 Boliden 782, ,286 Hexpol 695, ,142 Industrivarden 1,431, ,617 Intrum Justitia 1,375, ,130 Investment Kinnevik 'B' 1,101, ,537 Investor 3,659, ,742 JM 298, ,499 Medivir 73, Nolato 13,046-18,256 Swedish Match 527, ,071 TeliaSonera 2,935, ,308 Unibet 386, Switzerland 49,893, ,375 ACE 2,578, ,780 Actelion Registered 1,300, ,011 Adecco Registered 1,239, ,794 Baloise Registered 593, ,554 BB Biotech Registered 1,063, ,859 Compagnie Financiere Richemont 2,224, Registered 144,844 Nestlé Registered 10,680, ,275 Novartis Registered 9,179, ,395 Roche 11,243, ,404 SGS Registered 2,600, Sika 1,963, ,988 UBS Registered 3,651, Vaudoise Assurances 216, ,372 Zürich Insurance 1,358, Taiwan 4,038, ,000 China Steel Chemical 62, ,000 Formosan Rubber 100, ,000 MediaTek 818, ,000 Novatek Microelectronics 563, ,000 Phison Electronics 536, ,000 Realtek Semiconductor 271, ,000 Simplo Technology 365, ,300 Taiwan Semiconductor Manufacturing 1,237, ADR 77,000 United Integrated Services 83, Thailand 1,401, ,700 PTT Exploration & Production (Foreign) 99, ,400 PTT Exploration & Production (NVDR) 1,182, ,100 TTW (Foreign) 119, Turkey 643, ,054 Koza Altin Isletmeleri 96,510 -

366 Page 366 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Core (cont) QEP Global Core (cont) Money Instruments Admitted Money Instruments Admitted Turkey (cont) 251,455 Soda Sanayii 547, United Kingdom 102,983, ,005 Abcam 194, ,274 Aberdeen Asset Management 1,324, ,344 Admiral 1,130, ,208 Amlin 777, ,440 Anglo American 2,490, ,792 Ashmore 1,009, ,541 AstraZeneca 5,478, ,970 Barclays 3,644, ,557 Beazley 991, ,614 Berendsen 873, ,300 BHP Billiton 2,915, ,343 BP 5,499, ,915 British American Tobacco 4,709, ,918 BT 903, ,214 Burberry 1,575, ,213 Cairn Energy 196, ,997 Dart 347, ,714 Diageo 341, ,247 Experian 1,679, ,652 Fidessa 200, ,971 GlaxoSmithKline 6,010, ,406 Halma 764, ,649 Highland Gold Mining 54, ,187 HSBC 7,959, ,000 HSBC (Hong Kong) 742, ,351 IG 730, ,797 IMI 1,256, ,822 Imperial Tobacco 2,769, ,637 Indivior 229, ,889 Intertek 2,072, ,468 ITV 1,415, ,302 Keller 376, ,174 Legal & General 3,168, ,240 Micro Focus International 737, ,803 Moneysupermarket.com 730, ,970 Next 2,115, ,704 Reckitt Benckiser 4,669, ,307 Reed Elsevier 2,413, ,439 Rio Tinto 2,713, ,139 Rotork 1,201, ,628 Royal Bank of Scotland 1,889, ,122 Royal Dutch Shell 'A' 4,713, ,833 Royal Dutch Shell 'B' 3,111, ,370 Royal Mail 1,397, ,647 Sage 1,349, ,531 Sky 1,833, ,950 Smiths 496, ,270 Soco International 267, ,779 Spectris 658, ,559 Unilever 4,373, ,819 Verizon Communications 2,201, ,401 Weir 1,027, ,089 WH Smith 409, ,203 William Hill 841, United States of America 711,961, ,732 3M 4,885, ,983 AbbVie 2,686, ,500 Accenture 4,205, ,100 ADT 1,354, ,429 Aetna 4,891, ,298 Aflac 3,397, ,900 Allergan 1,466, United States of America (cont) 13,992 Alliance Resource Partners 344, ,500 Allied World Assurance 886, ,600 Ally Financial 1,274, ,331 Altria 3,909, ,900 Amazon.com 3,395, ,000 AMC works 811, ,200 Amdocs 1,223, ,600 American Equity Investment Life 707, ,300 American Express 956, ,950 American Financial 2,267, ,500 American International 4,896, ,294 Amgen 8,230, ,400 Amsurg 3,373, ,800 Anthem 945, ,271 Apple 29,422, ,500 Applied Industrial Technologies 140, ,100 Arch Capital 1,135, ,500 Assured Guaranty 724, ,497 AT&T 4,238, ,500 Automatic Data Processing 1,254, ,000 AutoZone 1,989, ,762 Bank of America 7,951, ,334 Baxter International 4,262, ,400 BB&T 3,638, ,118 Becton Dickinson & Co. 1,292, ,200 Bed Bath & Beyond 1,526, ,554 Berkshire Hathaway 2,942, ,400 Best Buy 765, ,440 Biogen 3,740, ,133 Bio-Techne 699, ,379 Boeing 2,965, ,500 Brinker International 143, ,500 Bristol-Myers Squibb 1,220, ,400 Broadridge Financial Solutions 770, ,000 Buckeye Partners 451, ,300 Buckle 429, ,200 CA 1,575, ,600 Cablevision Systems 326, ,336 California Resources 143, ,300 Campbell Soup 1,283, ,057 Capital One Financial 3,515, ,200 Cardinal Health 4,454, ,900 Cash America International 206, ,200 Cato 161, ,400 Celgene 3,378, ,600 Centene 370, ,000 CF Industries 1,689, ,400 CH Robinson Worldwide 2,615, ,000 Charles River Laboratories International 633, ,598 Chevron 8,856, ,800 Chubb 359, ,600 Cintas 808, ,300 Cisco Systems 7,994, ,449 Citigroup 8,695, ,785 Citizens & Northern 139, ,200 Citrix Systems 432, ,600 Clorox 3,198, ,955 CNA Financial 949, ,226 Coach 1,512, ,880 Coca-Cola 3,895, ,438 Comcast 6,564, ,800 Comerica 2,139, ,800 Compass Minerals International 811, ,659 Computer Programs & Systems 524, ,711 ConocoPhillips 4,985,

367 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 367 QEP Global Core (cont) QEP Global Core (cont) Money Instruments Admitted Money Instruments Admitted United States of America (cont) 12,400 Cooper Tire & Rubber 418, ,900 Copa 888, ,100 Corning 2,326, ,500 Corrections Corp of America REIT 453, ,224 Costco Wholesale 301, ,400 CR Bard 1,777, ,700 Cracker Barrel Old Country Store 838, ,500 Crane 1,023, ,447 Cummins 4,255, ,800 CVS Health 2,494, ,300 Delphi Automotive 2,392, ,500 Deluxe 1,306, ,400 DIRECTV 594, ,458 Discover Financial Services 3,179, ,700 Dollar Tree 1,087, ,467 Douglas Dynamics 302, ,524 Dover 3,260, ,500 Dow Chemical 4,037, ,600 Dr Pepper Snapple 3,563, ,800 Dun & Bradstreet 710, ,600 Eastman Chemical 297, ,800 ebay 4,025, ,200 Ebix 394, ,631 EI du Pont de Nemours & Co. 931, ,310 Eli Lilly & Co. 5,136, ,700 EMC/Massachusetts 4,488, ,481 Emerson Electric 3,749, ,600 Energizer 1,924, ,300 EPR Properties 566, ,900 Estee Lauder 593, ,800 Everest Re 2,140, ,300 Exxon Mobil 15,429, ,200 F5 works 984, ,700 Facebook 5,293, ,900 FactSet Research Systems 794, ,575 FBL Financial 204, ,800 FedEx 991, ,900 Fifth Third Bancorp 3,027, ,300 First Financial 550, ,000 Flowserve 1,535, ,900 Foot Locker 983, ,000 Ford Motor 285, ,900 Franklin Resources 2,244, ,900 GameStop 722, ,700 Gannett 137, ,800 Gap 1,019, ,800 Garmin 914, ,388 General Dynamics 2,891, ,109 General Electric 7,328, ,600 General Mills 3,565, ,000 Gentex 394, ,600 Genuine Parts 1,571, ,600 Genworth Financial 118, ,626 Gilead Sciences 9,424, ,533 Goldman Sachs 6,132, ,468 Google 6,748, ,992 Google 'C' 4,689, ,000 Harley-Davidson 559, ,500 Harris 1,966, ,100 Hasbro 612, ,300 HCI 232, ,400 Health 791, ,900 Helmerich & Payne 761, ,600 Henry Schein 1,223, ,200 Hewlett-Packard 3,482, United States of America (cont) 20,200 Hillenbrand 616, ,200 Home Depot 5,770, ,381 Honeywell International 4,418, ,559 Horace Mann Educators 886, ,400 Hubbell 1,675, ,600 Huntington Ingalls Industries 1,304, ICON 8,136-38,151 Illinois Tool Works 3,488, ,800 Illumina 1,455, ,700 Ingredion 783, ,434 Intel 6,698, ,100 Inteliquent 278, ,700 International Bancshares 1,003, ,943 International Business Machines 6,998, ,700 International Paper 2,847, ,500 Invesco 1,776, ,374 j2 Global 700, ,900 Jack Henry & Associates 973, ,400 John Wiley & Sons 567, ,997 Johnson & Johnson 12,600, ,691 JPMorgan Chase & Co. 12,008, ,200 Kellogg 1,890, ,900 KeyCorp 2,094, ,002 Kimberly-Clark 3,289, ,600 Kinder Morgan 138, ,300 KLA-Tencor 1,410, ,100 Kohl's 193, ,800 Kulicke & Soffa Industries 104, ,100 L Brands 2,390, ,200 L-3 Communications 702, ,000 Lear 1,119, ,400 Lexmark International 460, ,700 Lincoln Electric 1,626, ,400 Lincoln National 2,193, ,500 Linear Technology 1,530, ,300 Lowe's 1,978, ,600 LTC Properties 481, ,600 LyondellBasell Industries 2,499, ,200 M&T Bank 1,396, ,300 Magellan Midstream Partners 2,176, ,900 Marathon Oil 2,986, ,000 Marathon Petroleum 2,339, ,300 Marriott Vacations Worldwide 389, ,700 MasterCard 2,007, ,000 Maxim Integrated Products 1,340, ,800 MBIA 151, ,088 McDonald's 4,684, ,800 McGraw-Hill Financial 1,388, ,800 McKesson 3,992, ,057 Medtronic 5,355, ,298 Merck & Co. 7,923, ,600 Meredith 239, ,900 Meridian Bioscience 274, ,600 Mettler-Toledo International 881, ,200 Microchip Technology 953, ,336 Microsoft 14,834, Millicom International Cellular 41,475-6,457 Monsanto 666, ,575 Morgan Stanley 4,312, ,700 Mosaic 674, ,000 MSC Industrial Direct 974, ,300 Murphy Oil 923, ,500 National Oilwell Varco 2,355, ,700 App 1,194, ,500 Scout Systems 491,

368 Page 368 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Core (cont) QEP Global Core (cont) Money Instruments Admitted Money Instruments Admitted United States of America (cont) 9,100 NeuStar 263, ,200 Newmont Mining 992, ,928 NIKE 1,822, ,000 Nordstrom 297, ,116 Norfolk Southern 3,141, ,000 Northern Trust 2,364, ,700 Northrop Grumman 2,808, ,741 Occidental Petroleum 4,854, ,400 Oceaneering International 1,079, ,700 OFG Bancorp 241, ,100 Omnicom 1,736, ,025 Oracle 7,276, ,000 O'Reilly Automotive 1,585, ,100 Outerwall 234, ,100 Packaging Corp of America 1,758, ,200 Parker-Hannifin 3,377, ,300 Paychex 2,306, ,977 PepsiCo 7,024, ,399 Persimmon 573, ,500 PetMed Express 162, ,242 Pfizer 11,193, ,044 Philip Morris International 5,051, ,405 Phillips 66 1,758, ,200 PNC Financial Services 4,802, ,700 Polaris Industries 1,129, ,040 Priceline 1,152, ,500 Principal Financial 3,171, ,888 Procter & Gamble 8,449, ,400 Public Service Enterprise 3,310, ,117 QUALCOMM 5,830, ,900 Quality Systems 509, ,200 Quest Diagnostics 1,936, ,415 Ralph Lauren 590, ,600 Raytheon 3,031, ,300 RenaissanceRe 1,551, ,400 REX American Resources 150, ,800 Reynolds American 1,411, ,900 Rock-Tenn 1,212, ,600 Rockwell Automation 2,409, ,188 Ross Stores 1,902, ,626 Schlumberger 5,707, ,600 Schweitzer-Mauduit International 184, ,679 Science Applications International 618, ,400 Scotts Miracle-Gro 567, ,100 Scripps works Interactive 1,172, ,200 SEI Investments 738, Simon Property 161, ,900 Skyworks Solutions 908, ,447 St Jude Medical 979, ,500 Stanley Black & Decker 1,312, ,200 Starbucks 974, ,000 Stryker 4,386, ,100 Symantec 1,397, ,900 Symetra Financial 984, ,300 T Rowe Price 797, ,300 Target 352, ,400 TEGNA 613, ,700 Teradata 321, ,600 Terra Nitrogen 191, ,422 Texas Instruments 3,679, ,900 Thor Industries 505, ,000 Time Warner 1,124, ,400 TJX 2,008, ,600 Torchmark 1,075, United States of America (cont) 29,800 Transocean 475, ,600 Transocean Partners 223, ,600 Triple-S Management 347, ,183 Tupperware Brands 270, ,300 Twenty-First Century Fox 1,140, ,404 Union Pacific 3,955, ,475 United Parcel Service 630, ,752 United Technologies 4,768, ,600 United Therapeutics 1,639, ,477 UnitedHealth 7,813, ,500 Universal Insurance 320, ,900 US Bancorp 820, ,400 US Physical Therapy 290, ,100 Valero Energy 3,700, ,200 Validus 885, ,900 Valmont Industries 581, ,564 Verizon Communications 7,369, ,700 Viacom 2,169, ,800 Visa 3,122, ,442 Waddell & Reed Financial 1,481, ,329 Wal-Mart Stores 2,737, ,700 Walt Disney 5,731, ,701 Waters 856, ,287 Wells Fargo & Co. 12,909, ,000 Western Digital 1,639, ,800 Western Union 1,807, ,300 Westlake Chemical 1,379, ,500 World Acceptance 154, ,700 WW Grainger 1,112, ,100 Xilinx 1,059, ,200 Zimmer Biomet 1,770, ,200 Zions Bancorporation 542, Total Money Instruments Admitted 1,262,721, Money Instruments dealt on another Regulated Germany 498, ,072 Dialog Semiconductor 498, Spain 1,496, ,938 Abertis Infraestructuras 515, ,168 Almirall 981, Total Money Instruments dealt on another Regulated 1,994, Other Transferable Securities not dealt on another Regulated Ireland ,062 Irish Bank Resolution ** - - Spain - - 2,048 Caja de Ahorros del Mediterraneo ** - - Total Other Transferable Securities not dealt on another Regulated - - ** The security was Fair d as at 30 June 2015.

369 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 369 QEP Global Core (cont) QEP Global Emerging s Units in Closed-Ended Investment Scheme Money Instruments Admitted United Kingdom 881, ,618 HICL Infrastructure 881, Total Units in Closed-Ended Investment Scheme 881, Derivatives France 49,261-10,113 Peugeot Warrants 29/04/ ,261 - Hong Kong SAR 30,797-8,666 Sun Hung Kai Properties Warrants 22/04/ ,797 - Total Derivatives 80,058 - Fair Pricing Adjustment United States of America 5,359, SIM Systematic FV USA *** 5,359, Total Fair Pricing Adjustment 5,359, Total Investments 1,271,037, Other 26,643, Asset 1,297,680, Brazil 69,257, ,400 AES Tiete Preference 1,869, ,400 Ambev 5,076, ,011,100 Banco do Estado do Rio Grande do Sul 2,980, 'B' Preference 75,800 Banco Santander Brasil ADR 401, ,300 BB Seguridade Participações 631, ,800 Bematech 57, ,600 Bradespar Preference 1,433, ,195,000 CCR 5,841, ,100 Cia Hering 394, ,900 Companhia Brasileira de Distribuicao 1,418, Preference 579,694 Companhia Energetica de Minas Gerais 2,202, ADR Preference 387,600 Companhia Energetica de Sao Paulo 'B' 2,446, Preference 196,300 Companhia Paranaense de Energia ADR 2,127, ,600 Cyrela Brazil Realty Empreendimentos e 193, Participações 51,900 Direcional Engenharia 81, ,100 EcoRodovias Infraestrutura e Logistica 1,566, ,400 Eternit 43, ,500 Eucatex Industria e Comercio Preference 33,667-51,916 Ez Tec Empreendimentos e 245, Participações 105,300 Grendene 567, ,300 Grupo BTG Pactual 4,890, ,086,481 Itausa - Investimentos Itau Preference 5,982, ,600 Mahle-Metal Leve 1,364, ,100 Metalurgica Gerdau Preference 327, ,900 Multiplus 575, ,300 Natura Cosmeticos 2,055, ,000 Odontoprev 2,988, ,600 Petroleo Brasileiro ADR 1,576, ,400 Petroleo Brasileiro ADR Preference 1,459, ,600 Petroleo Brasileiro Preference 1,484, ,115 Randon Participações Preference 384, ,800 Santos Brasil Participações 353, ,300 Smiles 1,524, ,900 Telefonica Brasil ADR 998, ,700 TOTVS 2,621, ,483 Tractebel Energia 2,398, ,400 Transmissora Alianca de Energia Eletrica 2,734, ,800 Vale 2,001, ,900 Vale ADR Preference 1,967, ,800 Vale Preference 1,956, Chile 8,430, ,710 Administradora de Fondos de Pensiones 1,226, Habitat 14,392 CAP 49, ,013,730 Empresa Nacional de Electricidad 2,756, ,700 Enersis ADR 3,308, ,234 Forus 667, ,052 Inversiones La Construccion 103, ,500 Sociedad Quimica y Minera de Chile ADR 318, China 20,888, ,400 Baidu ADR 3,488, ,562,000 China Construction Bank 'H' 5,079, ,200 Mindray Medical International ADR 4,613, ,386 Ease ADR 2,163, ,866,000 Shenguan 735, ,435,000 Sinopec Engineering 'H' 1,329, ,800 SouFun ADR 3,478, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

370 Page 370 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Emerging s (cont) QEP Global Emerging s (cont) Money Instruments Admitted Money Instruments Admitted Colombia 3,646, ,082 Cemex Latam 1,861, ,576 Ecopetrol ADR 1,785, Cyprus 1,355, ,608 Globaltrans Investment GDR 1,355, Czech Republic 10,712, ,362 CEZ 5,471, ,572 Fortuna Entertainment 24,541-23,755 Komercni Banka 5,216, Egypt 7,942, ,295 Alexandria Mineral Oils 151, ,091 Commercial International Bank Egypt 4,380, ,494 Eastern Tobacco 999, ,348 Egyptian International Pharmaceutical 382, Industrial 11,463,009 Orascom Telecom Media And 1,336, Technology 651,553 Telecom Egypt 690, Greece 2,150, ,022 Athens Water Supply & Sewage ** 110, ,075 JUMBO ** 330, ,137 Metka ** 251, ,252 OPAP ** 1,457, Hong Kong SAR 114,843, ,000 Agile Property 171, ,297,000 Agricultural Bank of China 'H' 2,311, ,000 AMVIG 17,543-1,670,000 Anhui Conch Cement 'H' 5,859, ,000 Asian Citrus 89, ,688,000 Bank of China 'H' 7,598, ,381,000 Bank of Communications 'H' 3,523, ,000 Baoye 'H' 134, ,467,000 Belle International 3,993, ,000 Boyaa Interactive International 573, ,000 C C Land 78, ,448,000 China BlueChemical 'H' 1,988, ,874,000 China Child Care 669, ,414,000 China Creative Home 271, ,362,000 China Dongxiang 889, ,587,000 China Lesso 2,105, ,000 China Life Insurance 'H' 1,575, ,000 China Lilang 720, ,640,000 China Lumena New Materials ** - - 2,308,000 China Medical System 3,233, ,000 China Mobile 7,835, ,000 China Oilfield Services 'H' 717, ,800 China Pacific Insurance 'H' 4,073, ,000 China Shenhua Energy 'H' 1,988, ,071,000 China Shineway Pharmaceutical 1,599, ,059,000 Chongqing Rural Commercial Bank 'H' 848, ,000 CIMC Enric 744, ,472,000 CITIC 2,639, ,285,000 CNOOC 4,661, ,000 Consun Pharmaceutical 187, ,000 Dawnrays Pharmaceutical 190, ,370,000 Dongfeng Motor 'H' 4,520, ,460,000 Geely Automobile 779, ,000 Golden Meditech 109, ,000 Great Wall Motor 'H' 1,357, ,384,000 Guangdong Investment 6,141, ,000 Haitian International 1,725, ,000 Harbin Electric 'H' 506, Hong Kong SAR (cont) 147,500 Hengan International 1,752, ,050,000 HOSA International 526, ,755,000 Huabao International 1,659, ,596,000 Industrial & Commercial Bank of China 6,830, 'H' 2,802,000 Jiangsu Expressway 'H' 3,679, ,650,000 Jintian Pharmaceutical 2,489, ,000 Kingboard Chemical 247, ,000 Lai Fung 16, ,000 Le Saunda 70, ,000 Longfor Properties 412, ,191,000 Lonking 1,237, ,587,000 Pacific Online 696, ,000 Peak Sport Products 133, ,500 Ping An Insurance of China 'H' 1,613, ,000 Qingling Motors 'H' 154, ,000 Real Nutriceutical 254, ,000 Road King Infrastructure 22, ,000 Shandong Luoxin Pharmaceutical Stock 196, 'H' 592,500 Shenzhen International 1,034, ,000 Silver Grant International Industries 18,668-4,472,000 Sino Biopharmaceutical 5,191, ,500 Sinotruk Hong Kong 31, ,000 Skyworth Digital 307, ,000,000 TCC International 301, ,000 TCC International Rights 07/07/2015 8, ,000 Tencent 4,250, ,419,000 Tibet 5100 Water Resources 508, ,176,000 Weichai Power 'H' 3,921, ,500 Weiqiao Textile 'H' 121, ,300,000 Xingda International 377, ,000 Yuexiu Transport Infrastructure 342, Hungary 3,004, ,352 OTP Bank 3,004, India 48,088, ,089 Allahabad Bank 380, ,219 Apollo Tyres 1,471, ,547 Bajaj & Investment 150, ,347 Bajaj Auto 5,166, ,107,674 Cairn India 3,159, ,301 Credit Analysis & Research 515, ,408 Divi's Laboratories 1,311, ,313 eclerx Services 521, ,087 Eros International Media 166, ,550 Federal Bank 228, ,618 HCL Technologies 3,607, ,701 Hero MotoCorp 2,446, ,500 ICICI Bank ADR 1,645, ,019 Indian Bank 1,235, ,288 Indraprastha Gas 257, ,098 Infosys 1,115, ,300 Infosys ADR 8,378, ,818 ITC 132, ,517 Jammu & Kashmir Bank 1,129, ,053 Lupin 416, ,187,501 NMDC 2,214, ,934 Oil India 1,487, ,301 Oriental Bank of Commerce 364, ,858 Sun Pharmaceutical Industries 1,317, ,325 Tata Consultancy Services 53, ,204 Tech Mahindra 1,728, ,442 Wipro 7,485, ** The security was Fair d as at 30 June 2015.

371 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 371 QEP Global Emerging s (cont) QEP Global Emerging s (cont) Money Instruments Admitted Money Instruments Admitted Indonesia 38,808, ,700 Arwana Citramulia 14,219-7,077,800 Astra International 3,755, ,500 Bank Bukopin 40, ,500 Bank Central Asia 353, ,600 Bank Mandiri Persero 662, ,015,000 Bank Negara Indonesia Persero 801, ,091,000 Bank Pembangunan Daerah Jawa Barat 128, Dan Banten Tbk 14,611,400 Bank Pembangunan Daerah Jawa Timur 521, ,918,900 Bank Rakyat Indonesia Persero 4,594, ,000 Indo Tambangraya Megah 167, ,638,100 Indocement Tunggal Prakarsa 4,130, ,027,500 Indofood Sukses Makmur 506, ,688,000 Panin Financial 293, ,446,700 Perusahaan Gas Negara Persero 4,351, ,141,000 Perusahaan Perkebunan London 1,299, Sumatra Indonesia 4,994,300 Semen Indonesia Persero 4,495, ,500 Surya Citra Media 100, ,882,400 Telekomunikasi Indonesia Persero 7,665, ,700,000 United Tractors 4,126, ,923,500 Vale Indonesia 797, Kazakhstan 819, ,133 KazMunaiGas Exploration Production 198, GDR 73,039 KCell GDR 621, Malaysia 10,452, ,100 A & M Realty 31,358-78,700 Affin 56, ,792,300 AMMB 2,862, ,000 Astro Malaysia 434, ,140 Berjaya Auto 160, ,800 British American Tobacco Malaysia 1,868, ,700 Carlsberg Brewery Malaysia 505, ,000 Country Heights 29,241-35,600 Daiman Development 23,196-1,820,300 DiGi.Com 2,584, ,400 Dutch Lady Milk Industries 16,842-43,000 Guinness Anchor 162, ,200 Integrated Logistics 52, ,900 IOI Properties 172, ,100 KLCCP Stapled 101, ,900 Kossan Rubber Industries 106, ,300 Kumpulan Fima 62, ,200 Media Prima 89, ,100 MNRB 143, ,400 Nestlé Malaysia 102, ,100 OSK 107, ,600 Padini 31, ,400 Petronas Gas 672, ,300 Star Media 14,589-37,700 Uchi Technologies 15, ,500 WTK 43, Mexico 9,257, ,500 America Movil ADR 5,475, ,700 Consorcio ARA 40, ,600 Gentera 548, ,499,700 Kimberly-Clark de Mexico 3,192, Morocco 1,719, ,275 Maroc Telecom 1,719, Philippines 7,513, ,800 Aboitiz Power 856, ,380 Manila Electric 480, Philippines (cont) 1,162,100 Manila Water 616, ,174,000 Metro Pacific Investments 227, ,721,900 Nickel Asia 2,427, ,700 Philippine Long Distance Telephone ADR 2,506, ,600 Union Bank of the Philippines 20,745-2,673,000 Vista Land & Lifescapes 376, Poland 14,800, ,229 Asseco Poland 174, ,880 Bank Pekao 5,032, ,417 KGHM Polska Miedz 4,139, ,798 MCI Management 34, ,851 PGE Polska Grupa Energetyczna 689, ,700,005 Polskie Gornictwo Naftowe i Gazownictwo 4,730, Qatar 903, ,058 Industries Qatar 753, ,122 United Development 149, Russia 26,383, ,198 Gazprom Neft OAO ADR 580, ,605 Gazprom OAO ADR 2,357, ,223 LSR GDR RegS 121, ,071 Lukoil OAO ADR 3,451, ,999 MegaFon GDR 1,932, ,422 MMC Norilsk Nickel ADR 6,290, ,400 Mobile TeleSystems ADR 2,326, ,122 NOVATEK OAO GDR 623, ,393 Rostelecom OJSC ADR 929, ,068 RusHydro ADR 161, ,908 Sistema GDR 325, ,091 Surgutneftegas OAO ADR 3,835, ,946 Tatneft OAO ADR 3,447, Singapore 3,150, ,542,000 Thai Beverage 3,150, South Africa 99,983, ,504 Aeci 205, ,076 African Rainbow Minerals 819, ,807 Anglo American 3,057, ,617 Anglo American Platinum 240, ,089 AVI 2,365, ,422 Bidvest 7,660, ,363 Famous Brands 258, ,193,239 FirstRand 5,236, ,684 Group Five 84, ,976 Growthpoint Properties REIT 2,017, ,196 Kumba Iron Ore 3,067, ,104 Lewis 1,827, ,381 Liberty 2,451, ,750,655 Life Healthcare 5,463, ,738 Metair Investments 138, ,458,131 MMI 3,617, ,389 Mr Price 1,955, ,008 MTN 7,992, ,695 care 2,317, ,817 Rand Merchant Insurance 2,650, ,150 Raubex 47, ,412 Reunert 214, ,481 RMB 3,866, ,523 SABMiller 6,244, ,392,019 Sanlam 7,641, ,554 Santam 132, ,862 Sasol 8,553, ,993 Sibanye Gold 1,542, ,030 Spur 52,

372 Page 372 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Emerging s (cont) QEP Global Emerging s (cont) Money Instruments Admitted Money Instruments Admitted South Africa (cont) 234,848 Standard Bank 3,082, ,194 Tiger Brands 1,917, ,900 Truworths International 4,124, ,096 Tsogo Sun 857, ,173 Vodacom 8,111, ,610 Wilson Bayly Holmes-Ovcon 167, South Korea 81,545, ,142 Amorepacific Preference 1,289, ,903 Asia Paper Manufacturing 44, ,712 AtlasBX 386, ,100 BNK Financial 242, ,457 Cell Biotech 495, ,814 CJ O Shopping 885, ,809 Coway 801, CS 69, ,383 Dae Han Flour Mills 278, ,410 Daechang Forging 157, ,650 Daeduck GDS 136, ,270 DGB Financial 755, ,142 Dongyang E&P 131, ,486 e-litecom 447, ,540 Gaon Cable 31,323-7,079 Global & Yuasa Battery 242, ,156 Grand Korea Leisure 1,811, ,639 GS Home Shopping 2,184, ,401 Halla Visteon Climate Control 2,219, ,181 Hana Financial 679, ,733 Hancom 719, ,670 Hankook Tire 4,343, ,320 Hanshin Machinery 77, ,740 Hanssem 437, ,080 Hanwha Galleria Timeworld 382, ,810 Hanwha Life Insurance 154, ,800 Husteel 35,726-3,480 HwaSung Industrial 82, ,095 Hyundai Home Shopping work 2,638, ,070 Hyundai Hy Communications & works 208, ,524 Hyundai Mobis 3,700, ,880 Hyundai Motor 2,781, ,780 Hyundai Motor Preference 1,011, ,157 Hyundai Wia 2,684, ,950 Industrial Bank of Korea 761, ,757 Innochips Technology 130, ,207 INTOPS 82, ,590 Kangwon Land 3,691, ,990 KB Financial 3,727, ,180 KG Chemical 133, ,355 Kia Motors 5,805, ,270 Korea Export Packaging Industrial 112, Korea Petroleum Industrial 53, ,000 Korea United Pharm 464, KPX Chemical 10,371-21,166 KT&G 1,795, ,300 Kumho Tire 599, ,060 Kunsul Chemical Industrial 533, ,153 Kwangju Bank 28,404-21,700 LF 587, ,905 LG Chem Preference 488, ,534 LG Display 289, ,586 Medy-Tox 2,781, MegaStudy 22, MegaStudyEdu 23, Neo ** South Korea (cont) 12,163 NEOWIZ 187, ,654 S&T 141, ,300 S&T Dynamics 140, ,790 Samsung Climate Control 74, ,446 Samsung Electronics 7,307, ,360 Samsung Electronics GDR 7,621, Samsung Electronics GDR (Mexico) 116, ,572 Samsung Life Insurance 2,265, ,740 Sebang 30,957-10,940 Sewon Precision Industry 245, ,690 Shindaeyang Paper 165, ,800 Shinhan Financial 4,264, ,562 Silicon Works 892, ,190 SL 547, ,530 Tae Kyung Chemical 46, Taekwang Industrial 321, ,956 Woori Bank 2,058, ,560 Yoosung Enterprise 124, ,999 Youngone 314, Taiwan 99,215, , , ,000 Asia Plastic Recycling 75, ,000 Asustek Computer 2,982, ,000 Aten International 206, ,000 Aurora 48, ,000 AV Tech 43, ,883 Boardtek Electronics 492, ,000 Catcher Technology 1,197, ,000 CHC Resources 19, ,000 Cheng Shin Rubber Industry 1,441, ,316,000 China Life Insurance 2,365, ,000 China Motor 115, ,000 China Steel Chemical 1,559, ,000 Chipbond Technology 1,938, ,000 ChipMOS TECHNOLOGIES 442, ,000 Cleanaway 914, ,000 Coretronic 655, ,000 CviLux 234, ,540 Cyberlink 455, ,000 Draytek 310, ,000 DYNACOLOR 118, ,000 Elite Material 1,799, ,000 Everlight Electronics 1,320, ,342,000 Far EasTone Telecommunications 3,236, ,000 FLEXium Interconnect 913, ,084 Flytech Technology 1,328, ,000 Formosan Rubber 626, ,171,000 Foxconn Technology 4,239, ,000 FSP Technology 250, ,000 Fubon Financial 1,049, ,000 GeoVision 153, ,000 Grape King Bio 1,763, ,000 Greatek Electronics 1,149, ,000 Hanpin Electron 39, ,000 Holtek Semiconductor 435, ,000 Hon Hai Precision Industry 1,975, ,000 KD Holding 317, ,000 King Slide Works 812, ,000 Kinsus Interconnect Technology 935, ,000 Largan Precision 3,304, ,600 Lumax International 386, ,000 MediaTek 5,906, ,900 Microlife 23,106 - ** The security was Fair d as at 30 June 2015.

373 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 373 QEP Global Emerging s (cont) QEP Global Emerging s (cont) Money Instruments Admitted Money Instruments Admitted Taiwan (cont) 33,000 New Era Electronics 26, ,000 Novatek Microelectronics 3,573, ,000 On-Bright Electronics 694, ,272,000 Pegatron 3,712, ,000 Phison Electronics 2,326, ,000 Polytronics Technology 480, ,000 Posiflex Technology 647, ,000 President Chain Store 4,215, ,531 Radiant Opto-Electronics 1,711, ,861 Raydium Semiconductor 145, ,000 Realtek Semiconductor 2,163, ,000 Richtek Technology 363, ,000 Senao works 300, ,000 Sigurd Microelectronics 238, ,000 Simplo Technology 2,731, ,882 Sinmag Equipment 701, ,000 Sirtec International 877, ,000 Sonix Technology 464, ,000 St Shine Optical 1,317, ,000 Taiwan Fire & Marine Insurance 9, ,000 Taiwan Mobile 3,203, ,430 Taiwan Secom 1,102, ,647,000 Taiwan Semiconductor Manufacturing 7,480, ,400 Taiwan Semiconductor Manufacturing 7,192, ADR 102,250 Taiwan Sogo Shin Kong SEC 132, ,560 Taiwan Surface Mounting Technology 108, ,448 Test Research 610, ,000 Thinking Electronic Industrial 192, ,000 Transcend Information 601, ,000 Tripod Technology 199, ,000 United Integrated Services 148, ,949 Vivotek 236, ,000 Yageo 804, ,000 Yung Chi Paint & Varnish Manufacturing 56, ,000 Yungtay Engineering 253, ,000 Zhen Ding Technology 2,492, Thailand 40,509, ,100 Advanced Info Service (NVDR) 7,043, ,800 Bangkok Bank (NVDR) 4,669, ,275,900 BEC World (NVDR) 2,527, ,800 Bumrungrad Hospital (NVDR) 1,737, ,500 Delta Electronics Thailand (Foreign) 146, ,262,000 Delta Electronics Thailand (NVDR) 3,382, ,189,700 Hana Microelectronics (NVDR) 1,426, ,900 Kasikornbank (NVDR) 3,682, ,000 MK Real Estate Development (NVDR) 23,638-7,800 PTT (Foreign) 82, ,800 PTT (NVDR) 6,557, ,200 PTT Exploration & Production (Foreign) 139, ,237,400 PTT Exploration & Production (NVDR) 3,993, ,647,100 Total Access Communication (NVDR) 4,060, ,200 TTW (Foreign) 42, ,972,200 TTW (NVDR) 994, Turkey 24,723, ,070 Adana Cimento Sanayii 123, ,248 Akcansa Cimento 295, ,477 Cimsa Cimento Sanayi VE Ticaret 172, ,556 EGE Seramik Sanayi ve Ticaret 80, ,055,840 Enka Insaat ve Sanayi 3,875, ,201,101 Eregli Demir ve Celik Fabrikalari 1,927, ,280 Gubre Fabrikalari 1,841, ,526 Ipek Dogal Enerji Kaynaklari Ve Uretim 263, Turkey (cont) 249,262 Koza Altin Isletmeleri 2,656, ,131 Koza Anadolu Metal Madencilik 591, Isletmeleri 298,676 Soda Sanayii 650, ,532 TAV Havalimanlari 2,973, ,752,816 Turk Telekomunikasyon 4,549, ,018,477 Turkcell Iletisim Hizmetleri 4,723, United Arab Emirates 2,842, ,344 Abu Dhabi Commercial Bank 913, ,604 Al Waha Capital PJSC 325, ,702 Bank of Sharjah 39, ,238 Dubai Islamic Bank 1,050, ,178 National Bank of Abu Dhabi 270, ,770 RAK Properties 61, ,632 Union National Bank/Abu Dhabi 180, United States of America 1,618, ,000 China Taifeng Beddings ** 73, ,400 Corp GEO ** ,200 CTC Media 679, ,500 Urbi Desarrollos Urbanos ** ,268 Yandex 864, Total Money Instruments Admitted 754,564, Money Instruments dealt on another Regulated Taiwan 2,147, ,000 Portwell 631, ,091,000 Win Semiconductors 1,516, United States of America 525, ,660,000 Anxin-China ** 67, ,000 China Animal Healthcare ** 457, Total Money Instruments dealt on another Regulated 2,672, Other Transferable Securities not dealt on another Regulated Russia 28,691-6,631 OTCPharm 28,691 - Total Other Transferable Securities not dealt on another Regulated 28,691 - Units in Closed-Ended Investment Scheme South Africa 2,639, ,463 Coronation Fund Managers 2,639, Total Units in Closed-Ended Investment Scheme 2,639, Derivatives Hong Kong SAR ,909 Golden Meditech Warrants 30/07/ ** The security was Fair d as at 30 June 2015.

374 Page 374 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Emerging s (cont) QEP Global Quality Derivatives Money Instruments Admitted Malaysia 13, ,066 CB Industrial Product Warrants 06/11/ ,857 - Total Derivatives 14,753 - Total Investments 759,920, Other 13,514, Asset 773,434, Australia 31,080, ,903 BHP Billiton 3,459, ,524 BWP Trust 829, ,627 CSL 774, ,132 Flight Centre Travel 1,896, ,201 JB Hi-Fi 948, ,390 M2 1,751, ,232 Monadelphous 572, ,681 Platinum Asset Management 661, ,845 REA 297, ,857 Rio Tinto 3,847, ,341,587 Telstra 11,082, ,680 Woolworths 4,959, Austria 3,174, ,357 Oesterreichische Post 3,174, Belgium 11,670, ,236 Anheuser-Busch InBev 7,529, ,400 Colruyt 3,829, ,245 Melexis 311, Bermuda 2,790, ,500 Axis Capital 2,790, Brazil 8,387, ,800 Ambev 3,047, ,300 CCR 827, ,938 Companhia Energetica de Minas Gerais 816, ADR Preference 215,600 Grupo BTG Pactual 1,977, ,300 Odontoprev 579, ,400 TOTVS 683, ,500 Tractebel Energia 455, Canada 19,665, ,000 CCL Industries 3,678, ,500 Constellation Software Rights 1,107-15/09/ ,000 Genworth MI Canada 4,611, ,400 Rogers Communications 7,060, ,600 Shaw Communications 3,547, ,900 Transcontinental 767, Chile 1,392, ,304 Administradora de Fondos de Pensiones 684, Habitat 517,256 Empresa Nacional de Electricidad 708, China 702, ,996 Ease ADR 702, Czech Republic 5,179, ,219 CEZ 3,356, ,303 Komercni Banka 1,823, Denmark 8,134, ,927 Coloplast 1,655, ,360 Novo Nordisk 2,549, ,901 Novozymes 2,012, ,754 Pandora 1,917, Finland 20,534, ,451 Kone 6,254, ,251 Orion 7,289, ,883 Sampo 6,700, ,571 Tikkurila 289, France 18,081, ,957 Boiron 2,253, ,767 Christian Dior 4,146, ,194 Edenred 905,

375 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 375 QEP Global Quality (cont) QEP Global Quality (cont) Money Instruments Admitted Money Instruments Admitted France (cont) 5,606 Ipsen 313, ,298 Legrand 3,347, ,245 LVMH Moet Hennessy Louis Vuitton 4,180, ,832 Metropole Television 2,411, ,017 Plastic Omnium 522, Germany 21,237, ,722 BASF 7,959, ,548 Bertrandt 1,410, ,601 Continental 4,224, ,927 Deutsche Euroshop 308, ,010 FUCHS PETROLUB Preference 814, ,786 HUGO BOSS 2,249, ,787 ProSiebenSat.1 Media 4,268, Hong Kong SAR 24,139, ,000 Anhui Conch Cement 'H' 1,529, ,306,000 China Lumena New Materials ** ,000 China Mobile 4,199, ,000 China Shineway Pharmaceutical 100, ,800 Dah Sing Financial 438, ,800 Dynam Japan 596, ,278,000 Guangdong Investment 3,191, ,900 Hang Seng Bank 1,620, ,000 Pacific Online 307, ,500 Power 4,217, ,054,000 SA SA International 1,112, ,600 Sands China 2,005, ,000 Sino Biopharmaceutical 501, ,000 Sitoy 513, ,300 Television Broadcasts 1,390, ,000 Wharf 2,416, Japan (cont) 36,100 Daicel 463, ,200 Daiichikosho 2,506, ,600 Dr Ci:Labo 2,687, ,900 FANUC 1,208, ,000 Fuji Heavy Industries 6,554, ,000 Fujitsu General 1,499, ,800 Heiwa 1,111, ,600 Hisamitsu Pharmaceutical 1,887, ,500 Hoya 4,108, ,900 Kakaku.com 1,113, ,300 KDDI 13,617, Kura 19, ,500 Lawson 10,987, ,200 Lintec 530, ,100 Miraca 5,554, ,000 Mixi 943, ,400 Nakanishi 411, ,600 Nexon 1,163, ,000 NHK Spring 1,785, ,100 Nihon Parkerizing 508, ,000 NTT DOCOMO 12,024, ,400 Oracle Japan 3,320, ,100 ORIX 5,654, ,900 Pal 193, ,500 Sony Financial 5,302, ,100 Sysmex 542, ,000 Taiyo 2,007, ,900 Trend Micro 3,522, ,000 TS Tech 2,675, ,300 USS 1,612, ,698,100 Yahoo Japan 6,852, India 3,286, ,200 Infosys ADR 3,286, Indonesia 9,876, ,263,500 Indocement Tunggal Prakarsa 1,978, ,088,000 Perusahaan Perkebunan London 710, Sumatra Indonesia 2,294,000 Semen Indonesia Persero 2,064, ,216,000 Telekomunikasi Indonesia Persero 4,222, ,500 United Tractors 900, Ireland 1,297, ,979 Paddy Power 1,297, Isle of Man 2,297, ,138 Playtech 2,297, Israel 6,764, ,232 Check Point Software Technologies 2,755, ,432 Osem Investment 238, ,500 Teva Pharmaceutical Industries ADR 3,769, Italy 12,137, ,458 DiaSorin 4,446, ,852 Recordati 7,691, Japan 129,322, ,800 ABC-Mart 3,108, ,700 Aeon Delight 358, ,500 Ai 451, ,200 Aica Kogyo 957, ,000 Asahi Kasei 3,712, ,800 Canon 12,323, ,200 Central Japan Railway 5,633, ,800 CREATE SD 406, Malaysia 1,489, ,697,800 Astro Malaysia 1,385, ,720 Berjaya Sports Toto 104, Mexico 7,194, ,300 America Movil ADR 4,420, ,303,000 Kimberly-Clark de Mexico 2,774, herlands 16,243, ,901 Arcadis 1,783, ,006 Boskalis Westminster 1,687, ,208 Reed Elsevier 6,704, ,356 Unilever 6,068, New Zealand 544, ,605 SKY work Television 544, Norway 15,358, ,411 Statoil 7,820, ,064 Telenor 6,265, ,495 TGS Nopec Geophysical 1,272, Philippines 745, ,100 Philippine Long Distance Telephone ADR 745, Poland 1,249, ,021 Polskie Gornictwo Naftowe i Gazownictwo 1,249, Russia 1,371, ,005 MegaFon GDR 291, ,400 Mobile TeleSystems ADR 1,079, Singapore 8,483, ,300 M1 879, ,600 Mapletree Industrial Trust 586, ** The security was Fair d as at 30 June 2015.

376 Page 376 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Quality (cont) QEP Global Quality (cont) Money Instruments Admitted Money Instruments Admitted Singapore (cont) 1,980,000 Singapore Telecommunications 6,193, ,451,000 Thai Beverage 824, South Africa 33,603, ,477 AVI 1,052, ,941 Bidvest 1,726, ,264 FirstRand 2,472, ,749 Liberty 760, ,470 Life Healthcare 2,881, ,535 MMI 1,521, ,922 MTN 7,225, ,303 RMB 607, ,019 Sanlam 2,294, ,318 Sasol 6,970, ,163 Truworths International 1,620, ,533 Vodacom 4,470, South Korea 7,931, ,660 Coway 625, ,270 Hyundai Home Shopping work 467, ,870 Kangwon Land 756, ,607 KT&G 1,833, ,747 Samsung Electronics 4,247, Spain 2,448, ,631 Zardoya Otis 2,448, Sweden 38,391, ,846 Alfa Laval 5,334, ,274 Atlas Copco 5,937, ,180 Axfood 4,148, ,805 Clas Ohlson 1,096, ,585 Hennes & Mauritz 802, ,350 Hexpol 1,377, ,149 Indutrade 1,504, ,846 Intrum Justitia 3,880, ,894 Investment Kinnevik 'B' 1,222, ,820 Investor 6,811, ,232 Ent 876, ,160 Swedish Match 3,267, ,753 Unibet 2,131, Switzerland 66,891, ,500 ACE 8,788, ,293 Actelion Registered 3,746, ,799 BB Biotech Registered 1,435, Belimo Registered 684, EMS-Chemie Registered 236, ,788 Galenica Registered 1,879, ,924 Geberit Registered 3,020, ,214 Givaudan Registered 2,142, LEM Registered 698, ,582 Nestlé Registered 11,620, ,484 Novartis Registered 8,902, ,208 Roche 11,760, ,788 SGS Registered 5,163, ,912 Sika 6,813, Taiwan 12,605, ,000 Catcher Technology 1,821, ,000 China Steel Chemical 903, ,000 Far EasTone Telecommunications 455, ,000 Novatek Microelectronics 1,700, ,000 Simplo Technology 1,359, ,000 St Shine Optical 317, ,555 Taiwan Secom 112, ,300 Taiwan Semiconductor Manufacturing ADR 5,601, Taiwan (cont) 91,000 Transcend Information 333, Thailand 8,859, ,800 Advanced Info Service (NVDR) 2,471, ,600 BEC World (Foreign) 289, ,400 BEC World (NVDR) 738, ,400 Delta Electronics Thailand (NVDR) 1,544, ,500 PTT Exploration & Production (Foreign) 1,018, ,300 PTT Exploration & Production (NVDR) 1,689, ,308,300 TTW (NVDR) 1,107, Turkey 1,493, ,327 Turk Telekomunikasyon 1,493, United Kingdom 178,193, ,153 Abcam 675, ,659 Admiral 4,263, ,450 Ashmore 3,296, ,191 AstraZeneca 10,835, ,404 AVEVA 1,773, ,206 Beazley 488, ,845 Berendsen 1,484, ,632 BHP Billiton 4,376, ,537 British American Tobacco 3,063, ,671 Burberry 2,335, ,051 Capita 2,856, ,018 Compass 2,145, ,877 Croda International 1,838, ,388 Diageo 3,309, ,896 Diploma 484, ,314 Dunelm 1,357, ,983 Essentra 187, ,404 Experian 7,848, ,903 GlaxoSmithKline 11,008, ,217 Halma 2,198, ,212 Hikma Pharmaceuticals 2,004, ,864 HSBC 4,290, ,000 HSBC (Hong Kong) 3,456, ,308 IG 916, ,005 IMI 2,768, ,074 Imperial Tobacco 3,415, ,197 Indivior 432, ,290 Intertek 3,549, ,678 ITV 2,876, ,253 James Halstead 184, ,305,013 Legal & General 13,119, ,619 Micro Focus International 1,089, ,719 Moneysupermarket.com 1,411, ,228 Next 3,087, ,131 PayPoint 2,626, ,567 Reckitt Benckiser 8,744, ,641 Reed Elsevier 6,725, ,226 Rio Tinto 3,673, ,840 Rotork 3,309, ,379 SABMiller 5,397, ,262 Sage 3,730, ,982 Senior 1,837, ,432 Sky 4,017, ,299 Smiths 2,935, ,172 Spectris 2,967, ,272 Spirax-Sarco Engineering 3,052, ,589 Ultra Electronics 2,285, ,070 Unilever 9,005, ,583 Victrex 1,121, ,825 Weir 3,232, ,359 WH Smith 2,020, ,191 William Hill 3,080,

377 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 377 QEP Global Quality (cont) QEP Global Quality (cont) Money Instruments Admitted Money Instruments Admitted United States of America 923,390, ,200 3M 8,190, ,300 Accenture 7,473, ,000 ADT 5,778, ,952 Aetna 11,321, ,100 Aflac 11,618, ,800 Alliance Resource Partners 783, ,100 Allied World Assurance 2,338, ,500 Altria 4,112, ,600 American Equity Investment Life 3,261, ,400 American Express 3,220, ,900 American Financial 5,637, ,038 Amgen 12,891, ,700 Amsurg 2,976, ,200 Anthem 2,152, ,800 Apple 13,797, ,700 Assured Guaranty 3,034, ,300 AutoZone 2,188, ,800 Bank of America 4,742, ,000 Baxter International 8,901, ,600 BB&T 6,665, ,400 Bio-Techne 1,314, ,800 Broadridge Financial Solutions 2,491, ,500 Buckle 1,778, ,300 CA 3,584, ,900 Campbell Soup 7,046, ,900 Cardinal Health 10,124, ,700 Cash America International 306, ,500 Cato 710, ,300 CBOE 1,386, ,700 Centene 6,897, ,800 CH Robinson Worldwide 6,218, ,600 Chemed 340, ,685 Chevron 7,414, ,400 Church & Dwight 5,218, ,500 Cisco Systems 7,587, ,200 Clorox 7,652, ,376 Coach 3,337, ,900 Coca-Cola 4,448, ,400 Colgate-Palmolive 3,426, ,300 Comcast 2,717, ,700 Community Bank System 1,570, ,200 Compass Minerals International 2,748, ,800 Copa 3,242, ,900 Corning 4,588, ,600 CorVel 726, ,900 CR Bard 5,452, ,300 Cracker Barrel Old Country Store 4,164, ,100 CSX 3,868, ,600 Cummins 11,094, ,400 Delphi Automotive 4,006, ,600 Deluxe 4,715, ,500 Discover Financial Services 6,736, ,200 Dover 6,882, ,800 Dr Pepper Snapple 7,684, ,800 Dril-Quip 1,413, ,181 Dun & Bradstreet 2,226, ,200 Edwards Lifesciences 1,879, ,000 EI du Pont de Nemours & Co. 1,591, ,400 EMC/Massachusetts 8,249, ,500 Emerson Electric 9,084, ,300 Energizer 5,706, ,400 Estee Lauder 3,648, ,000 Everest Re 3,446, ,914 Exponent 350, ,300 Express Scripts 3,669, United States of America (cont) 108,000 Exxon Mobil 8,944, ,300 F5 works 2,076, ,700 FactSet Research Systems 3,681, ,531 FBL Financial 774, ,500 Fifth Third Bancorp 5,052, ,300 FLIR Systems 1,757, ,600 Flowserve 3,511, ,200 FMC Technologies 2,252, ,500 Franklin Resources 3,348, ,900 GameStop 2,176, ,100 Gap 2,477, ,200 Garmin 3,263, ,200 General Dynamics 8,822, ,900 General Mills 7,394, ,438 Gentex 3,112, ,200 Genuine Parts 2,071, ,700 Gilead Sciences 9,779, ,599 Goldman Sachs 10,714, ,900 Graco 275, ,500 Harris 4,742, ,523 Hillenbrand 2,638, ,500 Honeywell International 7,995, ,300 Horace Mann Educators 3,585, ,500 Hubbell 3,862, ,200 Huntington Ingalls Industries 5,307, ,200 Illinois Tool Works 5,413, ,800 Intel 9,566, ,900 International Bancshares 3,910, ,600 International Business Machines 6,127, ,300 International Paper 1,349, ,800 Intuit 1,798, ,100 j2 Global 2,574, ,400 Jack Henry & Associates 2,575, ,300 John Wiley & Sons 2,745, ,600 Johnson & Johnson 12,952, ,300 JPMorgan Chase & Co. 12,922, ,200 Keysight Technologies 2,267, ,100 Kimberly-Clark 4,679, ,700 KLA-Tencor 1,154, ,900 Lancaster Colony 803, ,100 Lexmark International 2,305, ,800 Lincoln Electric 5,593, ,000 Lincoln National 5,219, ,100 Linear Technology 5,725, ,000 LTC Properties 290, ,100 LyondellBasell Industries 5,802, ,200 Marathon Petroleum 4,484, ,400 Maxim Integrated Products 3,623, ,200 McDonald's 3,741, ,600 McKesson 3,050, ,500 MEDNAX 5,444, ,900 Medtronic 4,977, ,600 Merck & Co. 6,737, ,900 Meredith 931, ,500 Meridian Bioscience 2,126, ,500 Microchip Technology 3,894, ,700 Microsoft 9,659, ,277 Millicom International Cellular 321, ,500 MSC Industrial Direct 3,305, ,000 App 3,610, ,100 NeuStar 2,293, ,700 New 758, ,100 Norfolk Southern 4,357, ,800 Northern Trust 4,561, ,700 Northrop Grumman 7,251,

378 Page 378 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Quality (cont) QEP Global Quality (cont) Money Instruments Admitted Money Instruments Admitted United States of America (cont) 95,300 Occidental Petroleum 7,373, ,400 Oceaneering International 1,264, ,500 Oracle 11,135, ,100 Packaging Corp of America 5,136, ,600 Parker-Hannifin 7,472, ,100 Paychex 5,900, ,400 PepsiCo 7,626, ,900 Pfizer 13,634, ,700 Philip Morris International 2,940, ,700 PNC Financial Services 10,589, ,100 Polaris Industries 3,242, ,108 Priceline 2,335, ,861 Primerica 1,727, ,800 Principal Financial 6,230, ,100 ProAssurance 1,392, ,800 Procter & Gamble 7,346, ,700 Public Service Enterprise 2,459, ,600 QUALCOMM 8,679, ,900 Quality Systems 4,401, ,100 Quest Diagnostics 7,980, ,900 Ralph Lauren 1,191, ,400 Raven Industries 2,048, ,600 Raytheon 6,771, ,300 RenaissanceRe 4,795, ,500 ResMed 5,405, ,000 Reynolds American 3,002, ,200 Rockwell Automation 5,432, ,500 Rockwell Collins 2,084, ,800 Roper Technologies 3,244, ,200 Ross Stores 2,000, ,600 Schlumberger 7,332, ,300 Scripps works Interactive 4,423, ,500 SEI Investments 1,433, ,300 Snap-on 840, ,000 SolarWinds 817, ,300 Sonoco Products 1,178, ,600 St Jude Medical 5,798, ,900 Stanley Black & Decker 934, ,140 Stryker 12,791, ,800 Symetra Financial 3,748, ,200 Syntel 2,405, ,500 T Rowe Price 4,144, Taro Pharmaceutical Industries 96, ,196 Terra Nitrogen 1,221, ,700 Texas Instruments 5,960, ,300 Thor Industries 3,082, ,000 TJX 792, ,500 Torchmark 3,845, ,400 Toro 1,850, ,100 Tupperware Brands 2,784, ,400 Union Pacific 7,298, ,000 United Technologies 6,914, ,100 UnitedHealth 12,009, ,300 Universal Health Services 3,434, ,400 Universal Insurance 816, ,162 USANA Health Sciences 1,691, ,000 Valero Energy 7,691, ,100 Varian Medical Systems 5,024, ,900 Verizon Communications 7,992, ,900 Viacom 1,603, ,100 Wabtec 1,131, ,000 Waddell & Reed Financial 4,712, ,000 Wal-Mart Stores 8,213, ,700 Waste Management 1,747, United States of America (cont) 17,700 Waters 2,262, ,700 Wells Fargo & Co. 7,775, ,100 Western Digital 4,761, ,300 Western Union 4,017, ,700 Westlake Chemical 4,262, ,800 World Acceptance 1,473, ,600 WW Grainger 1,562, ,800 Xilinx 3,684, ,800 Zimmer Biomet 8,612, Total Money Instruments Admitted 1,667,642, Money Instruments dealt on another Regulated Spain 1,049, ,556 Almirall 1,049, Total Money Instruments dealt on another Regulated 1,049, Units in Closed-Ended Investment Scheme South Africa 1,226, ,439 Coronation Fund Managers 1,226, Total Units in Closed-Ended Investment Scheme 1,226, Derivatives Hong Kong SAR 79, ,416 Sun Hung Kai Properties Warrants 22/04/ , Total Derivatives 79, Fair Pricing Adjustment United States of America 7,055, SIM Systematic FV USA *** 7,055, Total Fair Pricing Adjustment 7,055, Total Investments 1,677,053, Other 4,720, Asset 1,681,773, *** For further details please refer to the Fair Pricing section in the Notes to the Financial Statements.

379 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 379 QEP Global Plus QEP Global Plus (cont) Money Instruments Admitted Money Instruments Admitted Australia 24,042, ,677 Acrux 59, ,727 Ausdrill 55, ,774 Beach Energy 540, ,944 BHP Billiton 1,495, ,385 Breville 397, ,869 BWP Trust 241, ,031 Cardno 156, ,855 Collection House 73, ,226 Decmil 60, ,116 Downer EDI 841, ,478 Flight Centre Travel 930, ,038 Independence 211, ,382 JB Hi-Fi 350, ,512 M2 374, ,893 MACA 86, ,474 Medusa Mining 170, ,980 Metcash 676, ,879 Monadelphous 395, ,368 Myer 331, ,774 NRW 9,637-40,196 Orica 657, ,668 OZ Minerals 246, ,601 Perseus Mining 62, ,903 Programmed Maintenance Services 68, ,130 RCR Tomlinson 59, ,407 Resolute Mining 54, ,385 Rio Tinto 1,627, ,791 Sonic Healthcare 686, ,268 South32 693, ,245,281 Telstra 5,876, ,270 Thorn 180, ,196 Western Areas 79, ,453 Woodside Petroleum 2,905, ,909 Woolworths 3,127, ,829 WorleyParsons 254, Austria 1,019, ,261 Oesterreichische Post 655, ,052 Raiffeisen Bank International 364, Belgium 5,867, ,525 Ageas 982, ,867 AGFA-Gevaert 116, ,613 Anheuser-Busch InBev 3,427, ,254 Colruyt 1,264, ,336 Van de Velde 76, Bermuda 1,339, ,100 Axis Capital 1,339, Brazil 3,900, ,317 Companhia Energetica de Minas Gerais 1,174, ADR Preference 28,400 Companhia Paranaense de Energia ADR 312, ,900 EcoRodovias Infraestrutura e Logistica 366, ,800 Grupo BTG Pactual 1,038, ,700 Vale ADR Preference 897, ,800 Via Varejo 111, Canada 14,153, ,700 BCE 1,304, ,200 Canfor Pulp Products 65, ,900 Centerra Gold 664, ,300 Chorus Aviation 244, ,500 Corus Entertainment 1,021, ,700 Dominion Diamond 234, E-L Financial 52, ,200 Genworth MI Canada 1,975, Canada (cont) 104,600 IAMGOLD 209, ,100 Kinross Gold 184, ,700 Medical Facilities 287, ,400 Nevsun Resources 242, ,100 North West 358, ,500 Power Financial 703, ,909 Rogers Communications 3,332, ,900 Shaw Communications 1,348, ,900 Sherritt International 244, ,300 Teck Resources 915, ,400 Transcontinental 596, ,146 Yellow Pages 166, Chile 1,535, ,000 Enersis ADR 1,535, China 1,880, ,800 Mindray Medical International ADR 1,362, ,298,000 Shenguan 333, ,000 SouFun ADR 185, Colombia 237, ,900 Ecopetrol ADR 237, Czech Republic 1,873, ,612 CEZ 942, ,199 Komercni Banka 930, Denmark 229, AP Moeller - Maersk 229, Finland 10,216, ,551 Fortum 2,176, ,560 F-Secure 134, ,078 Nokian Renkaat 1,192, ,306 Orion 1,479, ,374 Ramirent 272, ,454 Sampo 1,009, ,232 Tieto 192, ,995 Tikkurila 953, ,519 UPM-Kymmene 1,123, ,913 Wartsila 1,681, France 19,198, ,899 AXA 1,459, ,142 Boiron 210, ,492 Christian Dior 1,656, ,293 Compagnie Générale des Etablissements 973, Michelin 45,729 Crédit Agricole 679, ,296 Edenred 624, Euler Hermes 79, ,471 Imerys 494, ,768 Metropole Television 1,102, ,806 Neopost 550, ,743 Peugeot 693, ,347 Plastic Omnium 900, ,097 Sanofi 4,335, ,322 Société Générale 1,367, ,305 Stallergenes 79, ,773 Technip 1,532, ,232 TOTAL 2,341, ,525 UBISOFT Entertainment 116, Germany 18,486, ,029 Allianz 938, ,722 BASF 1,292, Bijou Brigitte 48, ,059 Continental 1,669,

380 Page 380 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Plus (cont) QEP Global Plus (cont) Money Instruments Admitted Money Instruments Admitted Germany (cont) 60,913 Deutsche Bank 1,829, ,712 E.ON 1,340, ,254 HUGO BOSS 1,145, ,607 Muenchener Rueckversicherungs- 284, Gesellschaft 42,430 ProSiebenSat.1 Media 2,094, ,643 RTL 1,864, ,374 Siemens 3,158, ,016 Software 109, ,381 STADA Arzneimittel 2,102, ,157 STO SE & Co. KGaA Preference 181, ,862 Talanx 425, Greece 142, ,230 JUMBO ** 142, Hong Kong SAR 21,520, ,000 Belle International 165, ,500 BOC Hong Kong 414, ,000 Chaoda Modern Agriculture 58, ,000 China BlueChemical 'H' 215, ,000 China Lilang 143, ,724,000 China Lumena New Materials ** ,000 China Mobile 1,613, ,000 China Shenhua Energy 'H' 134, ,000 CIMC Enric 499, ,000 CK Hutchison 308, ,000 CNOOC 1,370, ,000 Dah Sing Banking 612, ,000 Dan Form 115, ,000 Emperor Entertainment Hotel 25,256-1,210,000 Emperor International 284, ,000 Giordano International 210, ,710,000 Guangdong Investment 2,395, ,210 Henderson Land Development 49, ,500 Hopewell 613, ,000 Huabao International 193, ,000 Hysan Development 936, ,000 Johnson Electric 212, ,000 Kerry Properties 850, ,000 Lifestyle International 793, ,000 Pacific Textiles 841, ,000 SA SA International 288, ,000 Shandong Luoxin Pharmaceutical Stock 38, 'H' 394,000 Sino Land 658, ,000 Sun Hung Kai Properties 1,069, ,000 Swire Pacific 1,344, ,800 Swire Properties 1,285, ,000 Television Broadcasts 498, ,000 Truly International 200, ,000 Wharf 1,743, ,000 Wheelock & Co. 1,333, India 1,061, ,000 Infosys ADR 1,061, Israel 1,345, ,796 Bezeq The Israeli Telecommunication 234, ,474 Delek Automotive Systems 519, ,342 Israel Chemicals 344, ,639 Rami Levi Chain Stores Hashikma ing , Italy 10,545, ,950 Credito Valtellinese 637, Italy (cont) 6,321 Danieli & C Officine Meccaniche 128, ,600 Eni 4,356, ,412 Mediobanca 1,395, ,411 Recordati 1,957, ,520 Reply 461, ,689 Societa Cattolica di Assicurazioni 273, ,923 Tenaris 685, ,671 UniCredit 648, Japan 107,245, ,000 ABC-Mart 979, ,200 ADEKA 141, ,900 Aeon Delight 763, ,000 Aichi Steel 151, ,200 Aizawa Securities 67, ,100 Alpen 129, ,800 Alpine Electronics 497, ,300 Amano 579, ,600 Amiyaki Tei 185, ,600 Asahi 743, ,000 Asahi Kasei 1,454, ,000 Awa Bank 949, ,000 Bank of Kyoto 1,348, ,900 BML 1,405, ,400 Bridgestone 1,383, ,900 Brother Industries 338, ,000 Bunka Shutter 339, C Uyemura 37, ,600 Canon 4,217, ,000 Central Glass 255, ,900 Central Japan Railway 2,330, ,400 Century Tokyo Leasing 401, ,900 Chori 157, ,500 Chudenko 182, ,000 Chugoku Bank 47, ,400 Cleanup 68, ,000 COMSYS 610, ,600 Comture 86, ,800 Corona 85, ,000 Daihatsu Diesel Manufacturing 55, ,000 Daihatsu Motor 470, ,200 Daiichikosho 1,873, ,000 Daishi Bank 211, ,000 Daiwa Industries 125, ,000 Daiwa Securities 1,184, ,300 DeNa 399, ,900 Dvx 59, ,300 Elecom 498, ,300 en-japan 346, ,600 Enplas 227, ,200 ESPEC 70, ,300 FamilyMart 151, ,100 Fuji Heavy Industries 1,072, ,800 Fuji Kosan 31,898-42,700 FUJIFILM 1,526, ,200 Fujimori Kogyo 429, ,400 Fujishoji 75, ,000 Fujitsu General 1,192, ,500 Fukushima Industries 412, ,200 Fuyo General Lease 649, ,900 Gendai Agency 55, ,100 Geo 358, ,400 Gree 317, ,700 GungHo Online Entertainment 197, ** The security was Fair d as at 30 June 2015.

381 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 381 QEP Global Plus (cont) QEP Global Plus (cont) Money Instruments Admitted Money Instruments Admitted Japan (cont) 48,000 Gunma Bank 354, ,000 Hachijuni Bank 1,125, ,100 Happinet 148, ,700 Hazama Ando 225, ,900 Heiwa 1,093, ,000 Higo Bank 293, ,000 HI-LEX 328, ,400 Hirano Tecseed/Kinzoku 31,463-36,000 Hyakugo Bank 178, ,000 Hyakujushi Bank 132, ,100 Inaba Denki Sangyo 1,082, ,900 Innotech 23, ,800 Inpex 1,817, ,000 Isuzu Motors 1,563, ,000 ITOCHU 1,321, ,200 Itochu Enex 424, ,400 Iyo Bank 1,184, ,800 J Trust 593, ,800 Japan Digital Laboratory 416, ,500 Japan Petroleum Exploration 620, ,600 Japan Tobacco 413, ,000 Juroku Bank 290, ,000 Kagoshima Bank 282, ,000 Kamei 56, ,000 Kanamoto 482, ,000 Kanematsu 328, ,200 Kanematsu Electronics 86, ,600 Kato Sangyo 178, ,200 KDDI 6,064, ,000 Kimoto 18,502-22,000 Kinden 291, ,000 Koatsu Gas Kogyo 31,038-5,800 Konishi 109, ,000 Kyowa Exeo 524, ,100 Lawson 2,814, ,000 Lintec 1,280, ,000 Maeda Road Construction 626, ,900 MEC 155, ,400 Meiko work Japan 51, ,300 Miraca 4,216, ,000 Mirait 385, ,800 Miroku Jyoho Service 37, ,000 Mitsubishi Motors 732, ,200 Mitsubishi UFJ Financial 1,899, ,800 Mitsui & Co. 269, ,000 Mitsui Sugar 111, ,700 Mizuho Financial 978, ,200 MTI 21,026-2,000 Murakami 37, ,100 Nafco 32,178-13,800 Namura Shipbuilding 118, ,700 uren 48, ,700 Nexon 1,261, ,600 NHK Spring 987, ,800 Nichiha 258, ,500 NIFTY 78, ,700 Nihon Parkerizing 149, ,000 Nikon 682, ,000 Nippon Electric Glass 729, ,000 Nippon Hume 81, ,000 Nippon Pillar Packing 143, ,000 Nippon Road 79, ,000 Nippon Seiki 616, ,400 Nishimatsuya Chain 1,171, ,700 Nissin Kogyo 969, Japan (cont) 28,000 Nittetsu Mining 137, ,500 Nitto Kogyo 731, ,000 Nittoc Construction 47, ,300 NTT DOCOMO 4,258, ,000 Oki Electric Industry 296, ,200 Okinawa Cellular Telephone 298, ,400 ORIX 2,089, ,800 Otsuka 1,237, ,000 Pal 131, ,800 Ricoh Leasing 331, ,000 Riken 111, ,000 Ryosan 263, ,500 Sakai Moving Service 58, ,500 San-A 199, ,000 San-In Godo Bank 723, ,500 Sanyo Housing Nagoya 65, ,800 Seikitokyu Kogyo 77, ,000 Sekisui Jushi 234, ,000 Shiga Bank 64, ,000 Shikoku Chemicals 51, ,000 Shimamura 630, ,200 Shin-Etsu Polymer 239, ,000 Shinsei Bank 595, ,300 Showa 381, ,700 Sinko Industries 77, ,000 SK Kaken 301, ,000 Sony Financial 3,191, ,500 St Marc 444, ,900 Sumitomo Densetsu 156, ,100 Sumitomo Mitsui Financial 1,878, ,000 Sumitomo Mitsui Trust 361, ,900 Sumitomo Rubber Industries 1,099, ,200 T&D 390, ,600 T&K Toka 103, ,200 Takamatsu Construction 48, ,000 Takara Standard 559, ,000 Takiron 93, ,600 Tamron 181, ,000 Tayca 60, ,300 Techno Medica 77, ,900 Teikoku Sen-I 838, ,000 T-Gaia 126, ,000 Tokai Carbon 197, ,200 Tokai Rika 1,055, ,000 Tokai/Gifu 434, ,300 Token 145, ,000 Toppan Printing 686, ,000 Toshiba TEC 503, ,000 Towa Bank 97, ,000 Toyo Ink 276, ,000 Toyo Kohan 79, ,500 Toyo Machinery & Metal 48, ,000 Toyo Seikan 481, ,000 Trend Micro 1,540, ,500 TS Tech 1,431, ,900 Tsukada Global 11,863-19,200 Unipres 402, ,000 Utoc 75, ,000 Wakita & Co. 346, ,600 Yahoo Japan 426, ,000 Yamanashi Chuo Bank 170, ,000 Yokohama Rubber 341, ,000 Yuasa Trading 119, ,800 Zappallas 46,

382 Page 382 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Plus (cont) QEP Global Plus (cont) Money Instruments Admitted Money Instruments Admitted Kazakhstan 255, ,419 KCell GDR 255, Malaysia 1,164, ,300 Affin 144, ,400 AMMB 229, ,200 DiGi.Com 790, Mexico 2,307, ,300 America Movil ADR 2,307, herlands 3,912, ,550 Aegon 863, ,961 Arcadis 713, ,822 Brunel International 710, ,210 NN 1,466, ,623 Royal Dutch Shell 158, New Zealand 2,356, ,464 Skellerup 21, ,945 SKY work Television 1,255, ,415 Spark New Zealand 499, ,570 Trade Me 579, Norway 8,033, ,306 Aker Solutions 309, ,080 Salmar 366, ,893 Statoil 4,058, ,598 Storebrand 401, ,473 Subsea 7 726, ,221 Telenor 681, ,804 TGS Nopec Geophysical 88, ,997 Yara International 1,401, Philippines 1,875, ,083,800 Manila Water 575, ,750 Nickel Asia 427, ,000 Philippine Long Distance Telephone ADR 872, Poland 1,221, ,606 Bank Pekao 363, ,692 KGHM Polska Miedz 161, ,660 PGE Polska Grupa Energetyczna 155, ,051 Polskie Gornictwo Naftowe i Gazownictwo 540, Russia 2,349, ,681 MMC Norilsk Nickel ADR 1,226, ,900 Mobile TeleSystems ADR 1,123, Singapore 11,035, ,800 Boustead Projects 17,149-86,000 Boustead Singapore 79, ,000 Cache Logistics Trust REIT 391, ,300 CapitaLand Mall Trust 246, ,000 CapitaLand Retail China Trust 253, ,550 China Merchants Pacific 90, ,000 Frasers Centrepoint Trust 904, ,000 Haw Par 60, ,000 Hong Fok 141, ,000 Hong Leong Finance 64, ,000 Hongkong Land 1,435, ,000 Mapletree Industrial Trust 1,027, ,000 SATS 1,452, ,300 Singapore Telecommunications 3,055, ,250 UMS 92, ,000 UOL 724, ,000 Wing Tai 127, ,000 Yangzijiang Shipbuilding 871, South Africa 843, ,757 Bidvest 653, ,222 Kumba Iron Ore 189, South Korea 102, Dae Han Flour Mills 102, Spain 3,956, ,069 Duro Felguera 244, ,289 Grupo Catalana Occidente 536, ,484 Mapfre 1,755, ,953 Repsol 1,420, Sweden 19,708, ,882 Alfa Laval 1,844, ,248 Axfood 1,280, ,824 Boliden 670, ,113 Clas Ohlson 685, ,427 Industrivarden 1,457, ,935 Intrum Justitia 1,631, ,608 Investment Kinnevik 'B' 2,388, ,640 Investor 3,634, ,328 JM 471, ,652 Nolato 266, ,467 SKF 1,537, ,143 Swedish Match 856, ,118 TeliaSonera 2,983, Switzerland 25,370, ,400 ACE 3,904, ,198 APG 490, ,117 Baloise Registered 1,234, ,432 BB Biotech Registered 1,313, ,865 Coltene Registered 212, ,489 Credit Suisse Registered 1,470, ,099 Nestlé Registered 3,329, ,411 Pargesa 902, ,408 Roche 2,076, ,461 SGS Registered 2,667, Sika 1,376, ,628 Swiss Re 1,206, ,754 Swisscom Registered 1,544, ,324 UBS Registered 1,534, ,299 Valiant Registered 223, ,183 Zürich Insurance 1,882, Taiwan 2,013, ,000 Elite Material 340, ,000 Holtek Semiconductor 187, ,000 MediaTek 396, ,000 Realtek Semiconductor 89, ,000 Taiwan Semiconductor Manufacturing ADR 999, Thailand 606, ,000 BEC World (NVDR) 606, Turkey 4,916, ,456 Akcansa Cimento 122, ,666 Cimsa Cimento Sanayi VE Ticaret 307, ,078 Enka Insaat ve Sanayi 396, ,959 Eregli Demir ve Celik Fabrikalari 591, ,813 Gubre Fabrikalari 540, ,647 Ipek Dogal Enerji Kaynaklari Ve Uretim 189, ,331 Koza Altin Isletmeleri 183, ,492 Koza Anadolu Metal Madencilik 258, Isletmeleri 49,593 Soda Sanayii 107, ,586 TAV Havalimanlari 378, ,119 Turk Telekomunikasyon 595,

383 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 383 QEP Global Plus (cont) QEP Global Plus (cont) Money Instruments Admitted Money Instruments Admitted Turkey (cont) 270,431 Turkcell Iletisim Hizmetleri 1,246, United Kingdom 4,345, ,017 Alent 1,407, ,200 HSBC 1,947, ,506 Royal Mail 732, ,653 William Hill 257, United States of America 283,942, ,600 Accenture 3,058, ,100 ADT 1,681, ,500 Aflac 4,322, ,000 Alliance Resource Partners 723, ,000 Ally Financial 1,256, ,000 Altria 1,124, ,900 American Equity Investment Life 806, ,600 American Financial 299, ,100 American International 2,169, ,700 American Public Education 120, ,488 Amgen 5,141, ,500 Anthem 2,544, ,700 Apple 5,481, ,900 Arch Capital 1,801, ,200 Assured Guaranty 604, ,300 Bank of America 2,285, ,500 Baxter International 3,531, ,500 BB&T 2,801, ,300 Bed Bath & Beyond 917, ,400 Best Buy 1,317, ,500 Brinker International 547, ,800 Broadridge Financial Solutions 790, ,000 Brocade Communications Systems 1,116, ,500 Buckle 984, C&F Financial 25,490-80,700 CA 2,363, ,700 California Resources 451, ,500 Capital One Financial 1,627, ,500 Cardinal Health 4,642, ,700 Cash America International 149, ,400 Caterpillar 542, ,600 Cato 682, ,000 Century Aluminum 521, ,000 CF Industries 1,478, ,300 CH Robinson Worldwide 1,016, ,473 Chevron 2,746, ,000 China Taifeng Beddings ** 37, ,100 Cisco Systems 4,341, ,270 Citigroup 3,329, ,400 Clorox 3,474, ,700 CNA Financial 676, ,634 Coach 610, ,743 Computer Programs & Systems 253, ,900 Comtech Telecommunications 142, ,300 ConocoPhillips 1,983, ,706 Contango Oil & Gas 143, ,200 Cooper Tire & Rubber 1,089, ,300 Copa 189, ,600 Corning 2,359, ,600 Corp GEO ** Crane 6,578-29,400 CTC Media 66, ,600 Cummins 4,145, ,500 Delphi Automotive 1,914, ,000 Deluxe 1,984, ,000 Dillard's 631, United States of America (cont) 47,200 Discover Financial Services 2,719, ,032 Douglas Dynamics 795, ,100 Dover 919, ,900 Dow Chemical 1,734, ,500 Dr Pepper Snapple 4,993, ,500 EMC/Massachusetts 2,229, ,000 Emerson Electric 3,492, ,697 Enanta Pharmaceuticals 616, ,400 Ensco 699, ,000 Everest Re 2,002, ,100 Exxon Mobil 4,334, ,900 FBL Financial 340, ,900 FBR & Co. 43, ,300 Fifth Third Bancorp 1,859, ,600 GameStop 1,271, ,100 Gannett 351, ,700 Gap 1,629, ,800 Garmin 518, ,300 General Mills 2,356, ,200 Genuine Parts 1,629, ,900 Genworth Financial 188, ,392 Goldman Sachs 4,048, ,400 Government Properties Income Trust 285, ,600 Harris 1,661, ,400 HCA 2,395, ,900 HCI 835, ,000 Health 1,795, ,300 Helmerich & Payne 2,063, ,900 Hewlett-Packard 1,077, ,500 Honeywell International 2,498, ,400 Horace Mann Educators 1,178, ,200 Huntington Ingalls Industries 698, ,900 Intel 4,680, ,100 Inteliquent 112, ,800 International Bancshares 1,606, ,200 International Business Machines 2,472, ,600 International Paper 3,788, ,300 John Wiley & Sons 614, ,000 Johnson & Johnson 779, ,200 JPMorgan Chase & Co. 3,333, ,700 Kimberly-Clark 604, ,100 KLA-Tencor 2,029, ,800 Kohl's 1,114, ,400 L-3 Communications 2,312, ,600 Lexmark International 1,219, ,600 Lincoln National 2,049, ,000 LyondellBasell Industries 3,209, ,000 Macy's 674, ,200 magicjack VocalTec 202, ,800 Marathon Oil 870, ,200 Marathon Petroleum 1,475, ,200 Maxim Integrated Products 1,804, ,900 MBIA 83, McDonald's 85, ,400 Merck & Co. 4,064, ,800 Meredith 667, ,900 Meridian Bioscience 967, ,700 Microchip Technology 697, ,900 Microsoft 5,116, ,592 Millicom International Cellular 264, ,900 Molina Healthcare 2,734, ,000 Mosaic 2,389, ,100 National Oilwell Varco 1,646, ,200 National Western Life Insurance 287, ** The security was Fair d as at 30 June 2015.

384 Page 384 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Plus (cont) QEP Global Plus (cont) Money Instruments Admitted Money Instruments Admitted United States of America (cont) 1,100 Navigators 85, ,900 App 943, ,100 NeuStar 499, ,000 Northrop Grumman 3,965, ,100 Occidental Petroleum 1,640, ,400 Omnicom 583, ,900 Oracle 3,622, ,400 Outerwall 563, ,100 Packaging Corp of America 1,131, ,800 Parker-Hannifin 209, ,000 Paychex 1,031, ,300 PetMed Express 557, ,000 Pfizer 4,660, ,500 Philip Morris International 1,162, ,300 Phillips 66 1,474, ,000 Pitney Bowes 395, ,700 PNC Financial Services 927, ,500 Principal Financial 692, ,700 ProAssurance 956, ,200 QUALCOMM 889, ,500 Quality Systems 2,162, ,000 Quest Diagnostics 4,496, ,100 Raytheon 2,784, ,100 RenaissanceRe 1,329, ,200 Renewable Energy 106, ,900 REX American Resources 502, ,000 Reynolds American 447, ,300 Schweitzer-Mauduit International 729, ,100 Scripps works Interactive 1,902, ,900 Seagate Technology 992, ,500 Select Income REIT 546, ,300 SkyWest 154, ,878 SNS REAAL ** ,300 Sonoco Products 612, ,100 Spok 237, ,700 Stanley Black & Decker 599, ,200 Strayer Education 51, ,900 Stryker 1,423, ,100 Symantec 1,606, ,100 Symetra Financial 824, ,600 TE Connectivity 360, ,200 Tech Data 759, ,200 TEGNA 1,609, ,000 Terra Nitrogen 363, ,900 Texas Instruments 2,930, ,300 Thor Industries 692, ,100 Torchmark 762, ,600 Transocean 638, ,800 Triple-S Management 354, ,900 Tupperware Brands 1,026, ,500 UnitedHealth 4,697, ,800 Universal Insurance 672, ,500 Urbi Desarrollos Urbanos ** - - 1,956 USANA Health Sciences 267, ,000 Valero Energy 3,192, ,100 Validus 1,016, ,500 Valmont Industries 891, ,699 Vectrus 141, ,100 Vera Bradley 406, ,392 Verizon Communications 1,789, ,800 Viacom 2,508, ,600 Waddell & Reed Financial 1,163, ,500 Wal-Mart Stores 2,305, ,000 Waste Management 2,132, United States of America (cont) 26,700 Western Digital 2,093, ,300 Western Refining 623, ,900 Western Union 2,254, ,900 World Acceptance 239, ,000 Zimmer Biomet 4,259, Total Money Instruments Admitted 626,161, Money Instruments dealt on another Regulated Germany 190, ,393 Takkt 190, United States of America 34,781, ,550,000 US Treasury Bill 0 02/07/2015 3,549, ,378,000 US Treasury Bill 0 09/07/2015 5,377, ,378,000 US Treasury Bill 0 16/07/2015 5,377, ,300,000 US Treasury Bill 0 23/07/2015 6,299, ,277,000 US Treasury Bill 0 30/07/2015 5,276, ,349,000 US Treasury Bill 0 06/08/2015 5,348, ,550,000 US Treasury Bill 0 24/09/2015 3,549, Total Money Instruments dealt on another Regulated 34,971, Total Investments 661,132, Other 33,492, Asset 694,624, ** The security was Fair d as at 30 June 2015.

385 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 385 Global Tactical Asset Allocation Asian Diversified Growth Money Instruments Admitted Units in Open-Ended Investment Scheme Germany 14,015, ,000,000 KFW /08/ ,015, Supranational 12,244, ,000,000 Inter-American Development Bank 4,030, /09/2015 7,731,000 International Bank for Reconstruction & Development /03/2016 8,214, Total Money Instruments Admitted 26,259, Money Instruments dealt on another Regulated United States of America 127,472, ,000,000 US Treasury Bill 0 23/07/ ,996, ,500,000 US Treasury Bill 0 06/08/ ,495, ,500,000 US Treasury Bill 0 20/08/ ,494, ,000,000 US Treasury Bill 0 24/09/ ,997, ,500,000 US Treasury Bill 0 15/10/ ,498, ,500,000 US Treasury Bill 0 12/11/ ,497, ,500,000 US Treasury Bill 0 10/12/ ,492, Total Money Instruments dealt on another Regulated 127,472, Units in Open-Ended Investment Scheme United Kingdom 2,273, ,956 ishares JPMorgan Emerging s Bond Fund 2,273, Total Units in Open-Ended Investment Scheme 2,273, Total Investments 156,006, Other 28,329, Asset 184,335, Luxembourg 58,798, ,594 Asia Pacific Property 4,537, Securities Class I Acc 431,774 Asian Bond Absolute 7,076, Return Class I Acc 104,757 Asian Equity Yield Class I 3,302, Acc 26,341 Asian Local Currency Bond 3,411, Class I Acc 220,852 Asian Opportunities Class I 4,182, Acc 15,065 Asian Smaller Companies 4,323, Class I Acc 32,681 Asian Total Return Class I 7,673, Acc 7,003 China Opportunities Class I 2,552, Acc 18,412 Emerging Asia Class I Acc 647, ,733 Emerging s Debt 2,679, Absolute Return Class I Acc 23,172 Hong Kong Equity Class I 1,235, Acc 5,218 Indian Equity Class I Acc 986, ,435 Japanese Equity Class I 5,962, Acc 5,583,572 Japanese Smaller 6,509, Companies Class I Acc 25,030 Korean Equity Class C Acc 1,123, ,876 Latin American Class I Acc 1,516, ,262 Taiwanese Equity Class I Acc 1,076, United States of America 1,106, ,566 ishares MSCI Malaysia Index Fund Class 1,106, Dis Total Units in Open-Ended Investment Scheme 59,904, Units in Closed-Ended Investment Scheme Guernsey 1,664, ,655 International Public Partnerships Ordinary shares Class Dis 1,664, United Kingdom 4,974, ,224 HgCapital Trust Ordinary shares Class 1,597, Dis 1,392,338 HICL Infrastructure 3,376, Total Units in Closed-Ended Investment Scheme 6,638, Total Investments 66,542, Other 2,250, Asset 68,793,

386 Page 386 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Emerging Multi-Asset Income * Money Instruments Admitted Emerging Multi-Asset Income * (cont) Money Instruments Admitted Armenia 196, ,000 Republic of Armenia RegS 6 196, /09/2020 Azerbaijan 211, ,000 State Oil of the Azerbaijan Republic 211, /03/2030 Brazil 1,748, ,000 Banco Nacional de Desenvolvimento Economico e Social RegS /09/ , ,100 BB Seguridade Participações 135, BRL 192,500 Brazil Notas do Tesouro Nacional , /01/ BRF 16, ,300 CETIP - Mercados Organizados 123, ,480 Cielo 156, ,200 Cyrela Brazil Realty Empreendimentos e 112, Participacoes 46,710 Itausa - Investimentos Itau Preference 133, ,400 Multiplus 66, ,500 Qualicorp 15, ,400 Tractebel Energia 15, ,500 Transmissora Alianca de Energia Eletrica 119, ,300 Ultrapar Participações 27, ,900 Via Varejo 10, ,200 WEG 19, Chile 34, ,954 AES Gener 17, ,901 Aguas Andinas 17, China 454, ,000 China Construction Bank 'H' 326, ,200 CSG 16, ,000 Sinopec Engineering 'H' 112, Colombia 236, COP 557,000,000 Colombia Government , /04/2021 Croatia 147, ,000 Croatia Government RegS , /07/2020 Czech Republic 64, Komercni Banka 64, El Salvador 96, ,000 El Salvador Government RegS , /01/2025 Hong Kong SAR 2,118, ,000 Agricultural Bank of China 'H' 158, ,000 Anhui Conch Cement 'H' 14, ,000 Anhui Expressway 'H' 19, ,000 Bank of China 'H' 262, ,000 Belle International 115, ,000 China Life Insurance 'H' 13, ,000 China Petroleum & Chemical 'H' 189, ,000 China Resources Cement 15, ,000 China Resources Power 16, ,000 CHINA UNICOM HONG KONG 12, ,000 CNOOC 177, ,000 Dongfeng Motor 'H' 99, ,000 Hengan International 130, ,000 Huaneng Power International 'H' 150, ,000 Industrial & Commercial Bank of China 276, 'H' 74,000 Jiangsu Expressway 'H' 97, Hong Kong SAR (cont) 31,000 Lee & Man Paper Manufacturing 19, ,000 Lenovo 13, ,500 Longfor Properties 16, ,000 PICC Property & Casualty 'H' 13, ,000 Shenzhen International 24, ,000 Shenzhou International 14, ,600 Sinopharm 'H' 15, ,000 Tingyi Cayman Islands 12, ,000 Want Want China 122, ,000 Zhejiang Expressway 'H' 116, Hungary 386, HUF 74,190,000 Hungary Government /06/ , HUF 32,700,000 Hungary Government /06/ , Indonesia 1,283, ,400 Astra International 143, ,100 Indocement Tunggal Prakarsa 15, ,900 Indofood Sukses Makmur 15, IDR 5,505,000,000 Indonesia Government , /05/2028 IDR 906,000,000 Indonesia Government , /03/ ,000 Pertamina Persero RegS , /05/ ,000 Perusahaan Listrik Negara RegS , /11/ ,300 Semen Indonesia Persero 15, ,200 Telekomunikasi Indonesia Persero 151, ,100 Unilever Indonesia 103, ,400 United Tractors 38, Kazakhstan 178, ,000 Development Bank of Kazakhstan RegS 178, /12/2022 Lebanon 379, ,000 Lebanon Government EMTN , /11/ ,000 Lebanon Government GMTN /11/ , Malaysia 620, ,700 Alliance Financial 15, ,100 AMMB 38, ,300 Axiata 119, ,400 CIMB 15, ,100 DiGi.Com 108, ,500 Hong Leong Bank 15, ,700 KLCCP Stapled 19, ,200 Petronas Chemicals 17, ,100 Public Bank 139, ,100 UMW 67, ,100 Westports 16, ,400 YTL 47, Mexico 937, ,163 Coca-Cola Femsa 17, ,839 Fomento Economico Mexicano 16, ,713 Grupo Aeroportuario del Pacifico 80, ,212 Grupo Aeroportuario del Sureste 16, ,967 Grupo Financiero Inbursa 15, ,922 Grupo Financiero Santander Mexico 14, ,500 Infraestructura Energetica Nova 114, MXN 3,785,000 Mexican Bonos 5 11/12/ , MXN 1,865,000 Mexican Bonos /06/ , MXN 1,995,000 Mexican Bonos 8 11/06/ , ,422 Wal-Mart de Mexico 149, * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

387 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 387 Emerging Multi-Asset Income * (cont) Emerging Multi-Asset Income * (cont) Money Instruments Admitted Money Instruments Admitted Morocco 204, ,000 Morocco Government RegS , /12/2022 Namibia 215, ,000 Namibia Government RegS , /11/2021 Philippines 81, ,200 DMCI 49, ,810 Semirara Mining and Power 15, ,060 Universal Robina 17, Poland 881, Bank Handlowy w Warszawie 16, ,805 Bank Pekao 134, PLN 800,000 Poland Government /04/ , PLN 1,145,000 Poland Government /07/ , ,000 Poland Government 3 17/03/ , ,049 Powszechny Zaklad Ubezpieczen 121, Romania 106, ,000 Romanian Government RegS , /01/2024 Russia 785, ,844 Lukoil OAO ADR 169, ,507 Moscow Exchange MICEX-RTS 85, ,415 NOVATEK OAO GDR 144, ,462 PhosAgro OAO GDR Regs 43, ,000 Russian Railways via RZD Capital EMTN 203, /04/ ,481 Surgutneftegas OAO ADR 121, Tatneft OAO ADR 16, Serbia 210, ,000 Republic of Serbia RegS , /12/2018 South Africa 1,269, ,504 AVI 123, ,418 Barclays Africa 126, Bidvest 16, ,851 Capital Property Fund REIT 65, ,000 Eskom SOC RegS /02/ , ,713 FirstRand 165, ,150 Growthpoint Properties REIT 129, ,799 Hyprop Investments 17, ,808 Life Healthcare 133, ,439 MMI 15, Nedbank 17, ,069 care 15, ,378 RMB 18, ,800 Sanlam 53, Sasol 18, ,605 Tsogo Sun 16, ,519 Vodacom 131, South Korea 1,599, Amorepacific Preference 133, Coway 34, ,232 Dongbu Insurance 112, Halla Visteon Climate Control 16, ,149 Hanwha Life Insurance 100, Hyundai Marine & Fire Insurance 21, Hyundai Motor 16, ,362 Hyundai Motor Preference 127, KB Financial 17, Kia Motors 17, Korea Electric Power 18, ,719 KT&G 145, South Korea (cont) 314 LG 17, ,077 LG Display 94, Samsung Electronics 403, Samsung Fire & Marine Insurance 19, ,572 Samsung Life Insurance 151, Shinhan Financial 18, SK Hynix 17, SK Telecom 115, Sri Lanka 197, ,000 Sri Lanka Government RegS , /07/2022 Supranational 197, ,000 Eurasian Development Bank RegS 5 197, /09/2020 Taiwan 1,724, ,000 Advanced Semiconductor Engineering 143, ,000 Asia Cement 54, ,000 Asustek Computer 116, ,000 AU Optronics 15, ,000 Chicony Electronics 16, ,000 China Steel 142, ,000 Delta Electronics 15, ,000 Hon Hai Precision Industry 15, ,000 Inventec 118, ,000 MediaTek 13, ,000 Novatek Microelectronics 120, ,000 Pegatron 17, ,000 Ruentex Industries 116, ,000 Siliconware Precision Industries 126, ,000 Synnex Technology International 91, ,000 Taiwan Cement 122, ,000 Taiwan Mobile 19, ,000 Taiwan Secom 14, ,000 Taiwan Semiconductor Manufacturing 417, ,000 Transcend Information 11, ,000 Zhen Ding Technology 13, Thailand 549, ,200 Advanced Info Service (NVDR) 136, ,600 Bangkok Bank (NVDR) 119, ,600 Krung Thai Bank (NVDR) 66, ,600 PTT (NVDR) 155, ,100 PTT Global Chemical (NVDR) 22, ,100 Siam Cement (NVDR) 16, ,400 Siam City Cement (NVDR) 15, ,700 Siam Commercial Bank (Foreign) 17, Turkey 742, ,887 Akcansa Cimento 16, ,180 Eregli Demir ve Celik Fabrikalari 112, ,032 TAV Havalimanlari 16, Turk Traktor ve Ziraat Makineleri 16, ,831 Turkcell Iletisim Hizmetleri 133, TRY 145,000 Turkey Government /03/ , TRY 575,000 Turkey Government /02/ , TRY 545,000 Turkey Government /07/ , Total Money Instruments Admitted 17,863, * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

388 Page 388 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Emerging Multi-Asset Income * (cont) Emerging Multi-Asset Income * (cont) Money Instruments dealt on another Regulated Units in Open-Ended Investment Scheme Brazil 192, ,000 Brazilian Government /01/ , Colombia 88, COP 235,000,000 Empresas Publicas de Medellin RegS 88, /09/2024 Costa Rica 193, ,000 Costa Rica Government RegS 7 193, /04/2044 Dominican Republic 218, ,000 Dominican Republic RegS /04/ , Ecuador 202, ,000 Ecuador Government RegS , /03/2020 Malaysia 427, MYR 1,085,000 Malaysia Government , /03/2020 MYR 535,000 Malaysia Government /09/ , Luxembourg 1,810, ,840 Emerging s Debt Absolute Return Class A Dis 1,810, Total Units in Open-Ended Investment Scheme 1,810, Units in Closed-Ended Investment Scheme South Africa 99, ,720 Coronation Fund Managers 99, Total Units in Closed-Ended Investment Scheme 99, Total Investments 22,699, Other 1,160, Asset 23,859, Mexico 107, ,000 Petroleos Mexicanos , /06/2035 Philippines 251, PHP 10,000,000 Philippine Government , /01/2036 Romania 96, RON 350,000 Romania Government , /06/2017 Russia 373, RUB 16,785,000 Russian Federal Bond - OFZ , /01/ ,000 Russian Foreign Bond - Eurobond RegS 5 29/04/ , South Africa 499, ZAR 3,690,000 South Africa Government , /02/2041 ZAR 1,300,000 South Africa Government 7 90, /02/2031 ZAR 2,230,000 South Africa Government /02/ , Total Money Instruments dealt on another Regulated 2,650, Other Transferable Securities not dealt on another Regulated Kazakhstan 182, ,000 KazMunayGas National RegS , /04/2023 Panama 91, ,884 ENA Norte Trust RegS , /04/2023 Total Other Transferable Securities not dealt on another Regulated 274, * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

389 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 389 Global Conservative Global Conservative (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Australia 54, ,984 Amcor 28, CSL 26, Belgium 38, KBC Groep 30, UCB 8, Canada 38, Canadian Pacific Railway 38, Denmark 30, Novo Nordisk 30, Finland 15, ,465 Nokia 15, France 2,311, BNP Paribas 31, Essilor International 43, EUR 804,000 France Government Bond OAT , /05/2023 EUR 144,000 France Government Bond OAT 4 207, /04/2055 EUR 907,000 France Government Bond OAT ,050, /04/ Hermes International 32, Ingenico 34, Safran 26, Schneider Electric 27, Germany 3,248, Bayer 35, Bayerische Motoren Werke 24, EUR 1,155,000 Bundesobligation 1 12/10/2018 1,198, EUR 356,000 Bundesobligation /10/ , Continental 26, Deutsche Bank 18, Fresenius Medical Care & Co. KGaA 26, EUR 228,000 Germany (Bund) /07/ , EUR 174,000 Germany (Bund) /07/ , EUR 635,000 Germany (Bund) /01/ , SAP 33, Hong Kong SAR 49, ,600 AIA 38, Jardine Strategic 10, Israel 28, Check Point Software Technologies 28, Italy 3,675, ,844 Intesa Sanpaolo 38, EUR 545,000 Italy Buoni Poliennali Del Tesoro , /12/2016 EUR 303,000 Italy Buoni Poliennali Del Tesoro , /12/2024 EUR 517,000 Italy Buoni Poliennali Del Tesoro , /09/2019 EUR 131,000 Italy Buoni Poliennali Del Tesoro , /09/2044 EUR 416,000 Italy Buoni Poliennali Del Tesoro 5 524, /08/2034 EUR 1,223,000 Italy Buoni Poliennali Del Tesoro /09/2022 1,505, Japan 296, Bridgestone 19, Daikin Industries 32, FANUC 18, ,000 Kubota 42, Murata Manufacturing 31, ,100 Nabtesco 24, Japan (cont) 2,100 ORIX 28, Seven & i 19, SMC 27, ,300 Sumitomo Mitsui Financial 52, herlands 63, Akzo Nobel 8, ASML 29, Royal Dutch Shell 24, Norway 78, DNB 13, ,065 Statoil 64, Singapore 19, ,400 DBS 19, Sweden 24, Hexagon 24, Switzerland 173, ,146 Credit Suisse Registered 28, Lonza Registered 29, Nestlé Registered 45, Roche 70, United Kingdom 5,090, ,640 ARM 24, ,933 Barclays 36, ,504 BG 22, ,015 BHP Billiton 18, ,375 BT 47, ,501 Capita 43, Diageo 19, Imperial Tobacco 30, ,788 ITV 32, ,440 Prudential 31, Reckitt Benckiser 75, GBP 352,000 UK Treasury 2 22/07/ , GBP 304,000 UK Treasury /12/ , GBP 265,000 UK Treasury /12/ , GBP 757,000 UK Treasury /03/2019 1,198, GBP 56,000 UK Treasury /09/ , GBP 816,000 UK Treasury /12/2030 1,497, GBP 175,000 UK Treasury 5 07/03/ , Whitbread 24, United States of America 2,206, Amazon.com 50, Amgen 49, Apple 93, Ball 40, Biogen 12, Boeing 31, BorgWarner 35, ,159 Cabot Oil & Gas 32, Capital One Financial 54, Carnival 33, Catalent 11, Celgene 14, Cimarex Energy 27, ,363 Citigroup 67, Citizens Financial 10, Coca-Cola 24, Cognizant Technology Solutions 52, Colgate-Palmolive 40, ,280 Comcast 68, Costco Wholesale 42,

390 Page 390 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Conservative (cont) Global Conservative (cont) Money Instruments Admitted EUR Money Instruments dealt on another Regulated EUR United States of America (cont) 614 Danaher 46, Discover Financial Services 27, Estee Lauder 36, Facebook 27, FedEx 25, Gilead Sciences 32, Google 72, Harley-Davidson 23, ,363 Hilton Worldwide 33, Home Depot 57, IMS Health 16, Johnson & Johnson 26, Jones Lang LaSalle 32, ,155 JPMorgan Chase & Co. 69, Liberty Global 29, LinkedIn 11, LyondellBasell Industries 18, ,209 Marathon Oil 28, MasterCard 61, McKesson 14, Medtronic 13, Merck & Co. 17, MetLife 20, MGIC Investment 8, Mohawk Industries 21, NASDAQ OMX 33, O'Reilly Automotive 47, ,107 Pfizer 33, QUALCOMM 11, Schlumberger 46, Sensata Technologies 9, Signet Jewelers 28, Starbucks 22, State Street 46, Thermo Fisher Scientific 52, TJX 31, TripAdvisor 15, Ultimate Software 16, UnitedHealth 66, Vantiv 15, VMware 13, Walgreens Boots Alliance 30, Walt Disney 59, ,140 Wells Fargo & Co. 57, France (cont) EUR 571,000 France Government Bond OAT , /04/2017 EUR 2,000,000 France Treasury Bill BTF 0 05/08/2015 2,000, EUR 2,500,000 France Treasury Bill BTF 0 16/09/2015 2,501, herlands 1,000, EUR 1,000,000 Dutch Treasury Certificate 0 1,000, /08/2015 United States of America 16,521, ,455,000 US Treasury /10/2016 1,309, ,907,000 US Treasury /01/2017 2,623, ,734,000 US Treasury 1 15/09/2017 1,565, ,753,000 US Treasury /02/2020 1,550, ,314,000 US Treasury /09/2018 1,189, ,189,000 US Treasury /11/2022 1,900, ,000 US Treasury /09/ , ,594,000 US Treasury /12/2020 1,474, ,453,000 US Treasury /08/2044 1,310, ,384,000 US Treasury /02/2018 1,326, ,000 US Treasury /02/ , ,000 US Treasury /02/ , Total Money Instruments dealt on another Regulated 26,364, Units in Open-Ended Investment Scheme EUR Italy 1,030, ,225 ishares Euro Inflation Linked Government Bond UCITS ETF 1,030, Luxembourg 7,090, ,107 EURO Corporate Bond 2,666, Class I Acc 33,944 EURO Liquidity Class I Acc 4,423, Total Units in Open-Ended Investment Scheme 8,120, Total Investments 51,928, Other 1,133, Asset 53,061, Total Money Instruments Admitted 17,442, Money Instruments dealt on another Regulated EUR Belgium 2,001, EUR 2,000,000 Belgium Treasury Bill 0 15/10/2015 2,001, Canada 920, CAD 653,000 Canadian Government , /09/2016 CAD 104,000 Canadian Government , /12/2048 CAD 338,000 Canadian Government /06/ , France 5,920, EUR 732,000 France Government Bond OAT , /05/2030

391 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 391 Global Diversified Growth Global Diversified Growth (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Australia 1,434, ,368 Commonwealth Bank of Australia 256, ,676 National Australia Bank 291, ,444 Telstra 285, ,245 Westpac Banking 271, ,026 Woodside Petroleum 212, ,321 Woolworths 117, Belgium 238, ,709 Ageas 162, ,055 Groupe Bruxelles Lambert 76, Bermuda 295, ,198 Axis Capital 295, Canada 1,749, ,314 Bank of Montreal 124, ,916 Bank of Nova Scotia 230, ,077 BCE 271, ,502 Canadian Imperial Bank of Commerce 234, ,817 Power Corp of Canada 134, ,283 Rogers Communications 261, ,425 Royal Bank of Canada 244, ,482 Toronto-Dominion Bank 249, France 198, ,273 Eutelsat Communications 126, ,390 Vinci 72, Germany 971, ,642 Deutsche Lufthansa Registered 263, ,310 E.ON 206, ,711 Muenchener Rueckversicherungs- 272, Gesellschaft 11,787 RWE 227, Italy 283, ,421 Assicurazioni Generali 283, Japan 3,319, ,000 ANA 346, ,700 Canon 313, ,000 Dai Nippon Printing 195, ,000 Hankyu Hanshin 116, ,600 Hitachi Construction Machinery 230, ,000 Marubeni 294, ,000 Nagoya Railroad 111, ,000 Nippon Steel & Sumitomo Metal 301, ,400 Nippon Telegraph & Telephone 404, ,000 Nippon Yusen KK 273, ,000 Taiheiyo Cement 252, ,000 TonenGeneral Sekiyu KK 134, ,000 West Japan Railway 345, Luxembourg 157, ,214 SES 157, herlands 278, ,558 ArcelorMittal 278, Portugal 193, ,184 EDP - Energias de Portugal 193, Singapore 563, ,600 DBS 270, ,000 Singapore Press 90, ,400 Wilmar International 112, ,600 Yangzijiang Shipbuilding 90, Sweden 535, ,523 Investor 287, ,069 TeliaSonera 248, Switzerland 1,339, ,933 ACE 267, ,038 Roche 265, ,424 Swatch Registered 97, ,112 Swiss Prime Site Registered 145, Swisscom Registered 270, ,066 Zürich Insurance 293, United Kingdom 2,597, ,379 BP 126, ,276 Compass 288, ,094 Fiserv 973, ,300 National Grid 271, ,058 Next 216, ,011 Severn Trent 149, ,546 SSE 273, ,701 WM Morrison Supermarkets 298, United States of America 46,961, ,054 Accenture 1,566, ,954 Activision Blizzard 812, ,179 AES 84, ,423 AmerisourceBergen 325, ,469 Apple 1,617, ,745 Archer-Daniels-Midland 293, AutoZone 354, ,801 Ball 370, ,668 Baxter International 296, ,799 Bunge 299, ,409 CA 689, ,798 CenturyLink 206, ,269 Chubb 277, ,969 Cisco Systems 1,605, ,254 Clorox 305, ,968 Colgate-Palmolive 291, ,156 Computer Sciences 894, ,773 Consolidated Edison 249, ,914 Corning 1,236, ,693 Deere & Co. 314, ,640 DENTSPLY International 305, ,460 Dr Pepper Snapple 293, ,799 ebay 1,641, ,634 Eli Lilly & Co. 348, ,738 EMC/Massachusetts 1,393, ,039 Entergy 253, ,730 Fidelity National Information Services 825, ,284 Flextronics International 490, ,305 General Dynamics 293, ,987 General Mills 301, ,711 Genuine Parts 137, ,440 Google 1,671, ,026 Harris 555, ,471 Hess 268, ,668 Hewlett-Packard 1,658, ,486 Intel 1,840, ,118 International Business Machines 1,918, ,769 International Paper 289, ,992 Johnson & Johnson 262, ,874 Kellogg 273, ,156 Kimberly-Clark 300, ,359 Liberty Media 303, ,462 Marvell Technology 494, ,820 Maxim Integrated Products 611, ,130 McDonald's 268, ,040 Mettler-Toledo International 316, ,908 Micron Technology 721, ,187 Microsoft 1,600,

392 Page 392 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Diversified Growth (cont) Global Diversified Growth (cont) Money Instruments Admitted EUR Money Instruments dealt on another Regulated EUR United States of America (cont) 1,680 Millicom International Cellular 112, ,221 App 603, ,920 New York Community Bancorp 326, ,014 Nuance Communications 467, ,069 NVIDIA 615, ,447 Omnicom 276, ,681 PartnerRe 309, ,575 Paychex 318, ,735 PepsiCo 314, ,952 Pfizer 330, ,586 Philip Morris International 257, ,070 Plum Creek Timber REIT 294, ,530 Praxair 270, ,664 Procter & Gamble 257, ,797 Public Storage 295, ,377 Seagate Technology 720, ,037 Southern 302, ,441 Symantec 760, ,295 Synopsys 550, ,090 Texas Instruments 1,391, ,007 Torchmark 311, ,729 Total System Services 551, ,243 US Bancorp 282, ,885 Varian Medical Systems 291, ,786 Verizon Communications 284, ,328 VMware 1,181, ,822 Voya Financial 324, ,197 Wal-Mart Stores 269, ,871 Waste Management 327, ,098 Wells Fargo & Co. 306, ,352 Western Digital 761, ,971 Western Union 620, ,514 Xerox 943, Total Money Instruments Admitted 61,118, Money Instruments dealt on another Regulated EUR Belgium 40,837, EUR 40,806,000 Belgium Treasury Bill 0 15/10/ ,837, France 66,530, EUR 36,500,000 France Treasury Bill BTF 0 20/08/ ,510, EUR 30,000,000 France Treasury Bill BTF 0 16/09/ ,019, herlands 35,032, EUR 35,000,000 Dutch Treasury Certificate 0 35,032, /08/2015 Spain 265, ,927 Abertis Infraestructuras 265, United States of America 4,065, ,000 ECAF I A A /06/ , ,000 OneMain Financial Issuance Trust , A A /09/ ,000 OneMain Financial Issuance Trust , A A /03/ ,000 OneMain Financial Issuance Trust , A A /07/ ,000 SoFi Professional Loan Program 2015-B 403, A1 FRN 25/04/ ,605 SpringCastle America Funding 2014-AA 697, A /05/ ,000 Springleaf Funding Trust 2015-AA A /11/ , United States of America (cont) 1,090,000 Wendys Funding A A2I /06/ , Total Money Instruments dealt on another Regulated 146,731, Units in Open-Ended Investment Scheme EUR Ireland 6,598, ,926 GAM Star Fund - Global Rates Class Acc 6,598, Luxembourg 368,610, ,505 RWC Funds - RWC Global Convertibles 24,333, Fund Class B 15,271 GAIA Cat Bond Class I Acc 17,062, ,167 GAIA Sirios US Equity Class C 11,301, Acc 1,183,942 Emerging s Debt 35,704, Absolute Return Class I Acc 739,839 EURO Liquidity Class I Acc 96,415, ,201 European Special 23,928, Situations Fund Class I Acc 60,534 Global Energy Class I Acc 1,392, ,952 Global High Yield Class I 18,668, Acc 228,045 Global Tactical Asset 22,340, Allocation Class I Acc 315,245 QEP Global Active 62,021, Class I Acc 409,827 QEP Global Quality Class I Acc 55,440, United Kingdom 58,125, ,780 ishares JPMorgan Emerging 3,974, s Bond Fund 1,537,532 Vanguard S&P 500 UCITS ETF 54,150, Total Units in Open-Ended Investment Scheme 433,334, Units in Closed-Ended Investment Scheme EUR Guernsey 6,137, ,200,644 International Public Partnerships Ordinary shares Class Dis 6,137, Ireland 5,610, ,902,396 Private Equity Fund of Funds IV Class C 5,610, United Kingdom 12,656, ,608,412 HICL Infrastructure 5,675, ,064,134 John Laing Infrastructure Fund Ordinary shares Class Dis 6,980, Total Units in Closed-Ended Investment Scheme 24,403, Total Investments 665,588, Other 73,553, Asset 739,141,

393 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 393 Global Dynamic Balanced Global Dynamic Balanced (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Australia 1,157, ,395 Amcor 599, ,366 CSL 558, Belgium 829, ,809 KBC Groep 647, ,797 UCB 181, Canada 814, ,684 Canadian Pacific Railway 814, Denmark 641, ,148 Novo Nordisk 641, Finland 320, ,372 Nokia 320, France 19,266, ,338 BNP Paribas 669, ,057 Essilor International 762, EUR 5,760,000 France Government Bond OAT ,147, /05/2023 EUR 1,042,000 France Government Bond OAT 4 1,499, /04/2055 EUR 6,517,000 France Government Bond OAT ,547, /04/2019 2,033 Hermes International 690, ,870 Ingenico 729, ,441 Safran 642, ,214 Schneider Electric 576, Germany 25,597, ,984 Bayer 755, ,331 Bayerische Motoren Werke 522, EUR 8,277,000 Bundesobligation 1 12/10/2018 8,590, EUR 2,533,000 Bundesobligation /10/2016 2,582, ,688 Continental 564, ,250 Deutsche Bank 409, ,644 Fresenius Medical Care & Co. KGaA 569, EUR 1,636,000 Germany (Bund) /07/2042 2,257, EUR 1,253,000 Germany (Bund) /07/2034 1,954, EUR 4,537,000 Germany (Bund) /01/2024 6,679, ,303 SAP 710, Hong Kong SAR 1,125, ,600 AIA 843, ,300 Jardine Strategic 281, Israel 614, ,746 Check Point Software Technologies 614, Italy 72,926, ,634 Intesa Sanpaolo 823, EUR 46,000,000 Italy Buoni Ordinari del Tesoro 0 45,982, /09/2015 EUR 3,957,000 Italy Buoni Poliennali Del Tesoro 1.5 4,018, /12/2016 EUR 2,187,000 Italy Buoni Poliennali Del Tesoro 2.5 2,209, /12/2024 EUR 3,704,000 Italy Buoni Poliennali Del Tesoro ,179, /09/2019 EUR 940,000 Italy Buoni Poliennali Del Tesoro ,167, /09/2044 EUR 2,991,000 Italy Buoni Poliennali Del Tesoro 5 3,772, /08/2034 EUR 8,749,000 Italy Buoni Poliennali Del Tesoro /09/ ,771, Japan 7,396, ,200 Bridgestone 472, ,300 Daikin Industries 796, ,800 FANUC 700, ,000 Kubota 970, Japan (cont) 6,100 Murata Manufacturing 958, ,000 Nabtesco 564, ,200 ORIX 578, ,200 Seven & i 471, ,600 SMC 704, ,300 Sumitomo Mitsui Financial 1,176, herlands 1,348, ,864 Akzo Nobel 189, ,772 ASML 633, ,644 Royal Dutch Shell 525, Norway 1,660, ,966 DNB 281, ,365 Statoil 1,379, Singapore 405, ,400 DBS 405, Sweden 515, ,806 Hexagon 515, Switzerland 3,696, ,370 Credit Suisse Registered 608, ,227 Lonza Registered 629, ,662 Nestlé Registered 968, ,834 Roche 1,490, United Kingdom 42,305, ,850 ARM 518, ,049 Barclays 780, ,945 BG 479, ,594 BHP Billiton 388, ,701 BT 1,003, ,146 Capita 929, ,249 Diageo 421, ,948 Imperial Tobacco 654, ,729 ITV 698, ,625 Prudential 661, ,562 Reckitt Benckiser 1,604, GBP 2,527,000 UK Treasury 2 22/07/2020 3,652, GBP 2,197,000 UK Treasury /12/2046 4,141, GBP 1,912,000 UK Treasury /12/2055 3,814, GBP 5,431,000 UK Treasury /03/2019 8,600, GBP 409,000 UK Treasury /09/ , GBP 5,855,000 UK Treasury /12/ ,748, GBP 1,240,000 UK Treasury 5 07/03/2018 1,945, ,354 Whitbread 517, United States of America 47,138, ,787 Amazon.com 1,075, ,751 Amgen 1,054, ,771 Apple 1,986, ,512 Ball 862, Biogen 271, ,826 Boeing 600, ,686 BorgWarner 757, ,627 Cabot Oil & Gas 695, ,658 Capital One Financial 1,154, ,358 Carnival 718, ,873 Catalent 234, ,010 Celgene 310, ,051 Cimarex Energy 593, ,974 Citigroup 1,427, ,115 Citizens Financial 220, ,982 Coca-Cola 529, ,451 Cognizant Technology Solutions 1,122, ,491 Colgate-Palmolive 850,

394 Page 394 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Dynamic Balanced (cont) Global Dynamic Balanced (cont) Money Instruments Admitted EUR Money Instruments dealt on another Regulated EUR United States of America (cont) 30,007 Comcast 1,615, ,363 Costco Wholesale 896, ,064 Danaher 993, ,699 Discover Financial Services 601, ,995 Estee Lauder 771, ,667 Facebook 590, ,514 FedEx 539, ,757 Gilead Sciences 700, ,159 Google 1,534, ,129 Harley-Davidson 508, ,983 Hilton Worldwide 710, ,021 Home Depot 1,192, ,199 IMS Health 361, ,510 Johnson & Johnson 570, ,579 Jones Lang LaSalle 693, ,556 JPMorgan Chase & Co. 1,481, ,505 Liberty Global 620, ,359 LinkedIn 248, ,396 LyondellBasell Industries 400, ,698 Marathon Oil 615, ,726 MasterCard 1,305, ,564 McKesson 314, ,500 Medtronic 296, ,056 Merck & Co. 362, ,992 MetLife 447, ,671 MGIC Investment 229, ,829 Mohawk Industries 479, ,327 NASDAQ OMX 711, ,038 O'Reilly Automotive 1,023, ,541 Pfizer 709, ,426 QUALCOMM 248, ,809 Schlumberger 984, ,438 Sensata Technologies 209, ,251 Signet Jewelers 601, ,771 Starbucks 469, ,510 State Street 993, ,562 Thermo Fisher Scientific 1,110, ,138 TJX 660, ,203 TripAdvisor 323, ,356 Ultimate Software 346, ,015 UnitedHealth 1,415, ,719 Vantiv 329, ,674 VMware 283, ,800 Walgreens Boots Alliance 665, ,610 Walt Disney 1,279, ,248 Wells Fargo & Co. 1,220, France 79,414, EUR 5,277,000 France Government Bond OAT 2.5 5,818, /05/2030 EUR 4,094,000 France Government Bond OAT ,386, /04/2017 EUR 8,680,000 France Treasury Bill BTF 0 05/08/2015 8,681, EUR 30,000,000 France Treasury Bill BTF 0 20/08/ ,008, EUR 30,500,000 France Treasury Bill BTF 0 16/09/ ,520, herlands 30,025, EUR 30,000,000 Dutch Treasury Certificate 0 30,025, /08/2015 United States of America 118,428, ,341,000 US Treasury /10/2016 9,306, ,861,000 US Treasury /01/ ,828, ,425,000 US Treasury 1 15/09/ ,215, ,572,000 US Treasury /02/ ,117, ,421,000 US Treasury /09/2018 8,525, ,716,000 US Treasury /11/ ,647, ,110,000 US Treasury /09/2019 6,457, ,449,000 US Treasury /12/ ,593, ,424,000 US Treasury /08/2044 9,402, ,938,000 US Treasury /02/2018 9,524, ,177,000 US Treasury /02/2036 3,594, ,291,000 US Treasury /02/2029 6,213, Total Money Instruments dealt on another Regulated 273,131, Units in Open-Ended Investment Scheme EUR Luxembourg 28,184, ,206,017 EURO Corporate Bond Class I Acc 28,184, Italy 12,357, ,647 ishares Euro Inflation Linked Government Bond UCITS ETF 12,357, Total Units in Open-Ended Investment Scheme 40,541, Total Investments 541,432, Other 30,612, Asset 572,045, Total Money Instruments Admitted 227,759, Money Instruments dealt on another Regulated EUR Belgium 38,629, EUR 38,600,000 Belgium Treasury Bill 0 15/10/ ,629, Canada 6,633, CAD 4,715,000 Canadian Government ,498, /09/2016 CAD 757,000 Canadian Government , /12/2048 CAD 2,424,000 Canadian Government /06/2029 2,538,

395 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 395 Global Multi-Asset Allocation Global Multi-Asset Allocation (cont) Money Instruments Admitted Money Instruments Admitted Australia 542, ,565 Amcor 280, ,924 CSL 261, Belgium 392, ,528 KBC Groep 307, ,171 UCB 85, Canada 379, ,381 Canadian Pacific Railway 379, Denmark 302, ,508 Novo Nordisk 302, Finland 152, ,946 Nokia 152, France 4,548, ,169 BNP Paribas 321, ,971 Essilor International 362, EUR 868,000 France Government Bond OAT ,038, /05/2023 EUR 162,000 France Government Bond OAT 4 260, /04/2055 EUR 983,000 France Government Bond OAT ,276, /04/ Hermes International 324, ,878 Ingenico 346, ,395 Safran 304, ,447 Schneider Electric 314, Germany 5,409, ,506 Bayer 359, ,233 Bayerische Motoren Werke 249, EUR 1,249,000 Bundesobligation 1 12/10/2018 1,453, EUR 388,000 Bundesobligation /10/ , ,126 Continental 270, ,418 Deutsche Bank 196, ,202 Fresenius Medical Care & Co. KGaA 268, EUR 246,000 Germany (Bund) /07/ , EUR 188,000 Germany (Bund) /07/ , EUR 684,000 Germany (Bund) /01/2024 1,126, ,736 SAP 334, Hong Kong SAR 521, ,800 AIA 391, ,300 Jardine Strategic 130, Israel 286, ,665 Check Point Software Technologies 286, Italy 4,804, ,449 Intesa Sanpaolo 392, EUR 570,000 Italy Buoni Poliennali Del Tesoro , /12/2016 EUR 331,000 Italy Buoni Poliennali Del Tesoro , /12/2024 EUR 558,000 Italy Buoni Poliennali Del Tesoro , /09/2019 EUR 142,000 Italy Buoni Poliennali Del Tesoro , /09/2044 EUR 450,000 Italy Buoni Poliennali Del Tesoro 5 643, /08/2034 EUR 1,319,000 Italy Buoni Poliennali Del Tesoro /09/2022 1,832, Japan 3,448, ,000 Bridgestone 221, ,100 Daikin Industries 366, ,600 FANUC 327, ,000 Kubota 444, ,500 Murata Manufacturing 436, ,500 Nabtesco 263, Japan (cont) 18,000 ORIX 267, ,300 Seven & i 270, ,000 SMC 301, ,300 Sumitomo Mitsui Financial 548, herlands 637, ,199 Akzo Nobel 89, ,837 ASML 300, ,650 Royal Dutch Shell 247, Norway 779, ,947 DNB 132, ,191 Statoil 647, Singapore 189, ,300 DBS 189, Sweden 244, ,623 Hexagon 244, Switzerland 1,768, ,210 Credit Suisse Registered 286, ,445 Lonza Registered 331, ,143 Nestlé Registered 452, ,444 Roche 697, United Kingdom 9,710, ,603 ARM 243, ,442 Barclays 367, ,386 BG 225, ,048 BHP Billiton 182, ,666 BT 471, ,270 Capita 435, ,840 Diageo 199, ,263 Imperial Tobacco 305, ,250 ITV 329, ,832 Prudential 314, ,616 Reckitt Benckiser 749, GBP 382,000 UK Treasury 2 22/07/ , GBP 331,000 UK Treasury /12/ , GBP 288,000 UK Treasury /12/ , GBP 818,000 UK Treasury /03/2019 1,445, GBP 62,000 UK Treasury /09/ , GBP 881,000 UK Treasury /12/2030 1,800, GBP 185,000 UK Treasury 5 07/03/ , ,081 Whitbread 243, United States of America 21,965, ,166 Amazon.com 501, ,247 Amgen 492, ,446 Apple 927, ,662 Ball 402, Biogen 126, ,296 Boeing 318, ,153 BorgWarner 353, ,319 Cabot Oil & Gas 324, ,141 Capital One Financial 538, ,853 Carnival 335, ,717 Catalent 109, ,267 Celgene 145, ,535 Cimarex Energy 276, ,141 Citigroup 666, ,837 Citizens Financial 103, ,277 Coca-Cola 247, ,569 Cognizant Technology Solutions 524, ,072 Colgate-Palmolive 397, ,397 Comcast 683, ,085 Costco Wholesale 418,

396 Page 396 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Multi-Asset Allocation (cont) Global Multi-Asset Allocation (cont) Money Instruments Admitted Money Instruments dealt on another Regulated United States of America (cont) 5,474 Danaher 463, ,924 Discover Financial Services 282, ,187 Estee Lauder 360, ,211 Facebook 275, ,472 FedEx 251, ,830 Gilead Sciences 326, ,323 Google 716, ,244 Harley-Davidson 237, ,144 Hilton Worldwide 331, ,271 Home Depot 582, ,530 IMS Health 168, ,727 Johnson & Johnson 266, ,918 Jones Lang LaSalle 323, ,289 JPMorgan Chase & Co. 691, ,659 Liberty Global 289, LinkedIn 115, ,841 LyondellBasell Industries 187, ,768 Marathon Oil 287, ,589 MasterCard 609, McKesson 147, ,800 Medtronic 131, ,956 Merck & Co. 169, ,785 MetLife 209, ,317 MGIC Investment 82, ,183 Mohawk Industries 223, ,841 NASDAQ OMX 332, ,111 O'Reilly Automotive 477, ,864 Pfizer 331, ,853 QUALCOMM 116, ,367 Schlumberger 459, ,859 Sensata Technologies 97, ,199 Signet Jewelers 280, ,094 Starbucks 219, ,080 State Street 463, ,006 Thermo Fisher Scientific 518, ,667 TJX 308, ,759 TripAdvisor 150, Ultimate Software 162, ,453 UnitedHealth 660, ,071 Vantiv 153, ,538 VMware 132, ,600 Walgreens Boots Alliance 303, ,308 Walt Disney 600, ,160 Wells Fargo & Co. 569, United States of America 71,683, ,601,000 US Treasury /10/2016 1,605, ,120,000 US Treasury /01/2017 3,137, ,874,000 US Treasury 1 15/09/2017 1,884, ,896,000 US Treasury /02/2020 1,866, ,439,000 US Treasury /09/2018 1,450, ,370,000 US Treasury /11/2022 2,288, ,072,000 US Treasury /09/2019 1,083, ,716,000 US Treasury /12/2020 1,767, ,567,000 US Treasury /08/2044 1,565, ,500,000 US Treasury /02/2018 1,601, ,000 US Treasury /02/ , ,000 US Treasury /02/2029 1,041, ,500,000 US Treasury Bill 0 23/07/2015 9,498, ,000,000 US Treasury Bill 0 06/08/2015 8,997, ,000,000 US Treasury Bill 0 20/08/2015 8,997, ,000,000 US Treasury Bill 0 24/09/2015 8,998, ,300,000 US Treasury Bill 0 12/11/2015 6,299, ,000,000 US Treasury Bill 0 10/12/2015 8,996, Total Money Instruments dealt on another Regulated 74,509, Units in Open-Ended Investment Scheme Italy 4,894, ,044 ishares Euro Inflation Linked Government Bond UCITS ETF 4,894, Luxembourg 7,870, ,329 EURO Corporate Bond Class I Acc 7,870, United Kingdom 5,574, ,510 Vanguard S&P 500 UCITS ETF 5,574, Total Units in Open-Ended Investment Scheme 18,338, Total Investments 148,931, Other 10,505, Asset 159,437, Total Money Instruments Admitted 56,083, Money Instruments dealt on another Regulated Canada 1,109, CAD 708,000 Canadian Government , /09/2016 CAD 114,000 Canadian Government , /12/2048 CAD 365,000 Canadian Government /06/ , France 1,716, EUR 791,000 France Government Bond OAT , /05/2030 EUR 615,000 France Government Bond OAT /04/ ,

397 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 397 Global Multi-Asset Income Global Multi-Asset Income (cont) Money Instruments Admitted Money Instruments Admitted Argentina 9,119, ,990,000 Provincia de Buenos Aires RegS ,119, /10/2015 Armenia 5,414, ,505,000 Republic of Armenia RegS 6 5,414, /09/2020 Australia 99,864, ,425 Adelaide Brighton 1,792, ,295 ASX 2,315, ,131 Bendigo & Adelaide Bank 549, ,623 BHP Billiton 6,142, ,587 BWP Trust 812, ,382 Cabcharge Australia 249, ,510 Cardno 568, ,918 carsales.com 1,829, ,149,848 Coca-Cola Amatil 8,109, ,342 Collection House 246, ,206 CSR 446, ,780 DuluxGroup 413, ,765 Fairfax Media 339, ,522 Flight Centre Travel 2,932, ,076 GUD 852, ,743 Insurance Australia 3,663, ,902 InvoCare 474, ,040 JB Hi-Fi 2,763, ,734 M2 7,453, ,812 MACA 72,053-95,263 Macquarie 5,977, ,189,812 Metcash 3,568, ,608 Monadelphous 921, ,440 Myer 774, ,891 Programmed Maintenance Services 106,313-99,084 RCR Tomlinson 131, ,332 Rio Tinto 5,648, ,424 Seek 3,732, ,124 South32 1,044, ,604 Tabcorp 475, ,443,824 Telstra 21,031, ,404 Thorn 128,533-16,816 Woodside Petroleum 443, ,028 Woolworths 11,430, ,978 WorleyParsons 2,423, Austria 15,211, ,253 Atrium European Real Estate 52,493 - EUR 5,000,000 BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse EMTN /10/2023 6,840, EUR 1,000,000 Erste Bank EMTN /10/2022 1,268, ,789 Oesterreichische Post 7,049, Azerbaijan 8,073, ,620,000 State Oil of the Azerbaijan Republic 8,073, /03/2030 Belgium 23,933, ,561 Ageas 1,935, ,235 Anheuser-Busch InBev 9,865, ,734 Colruyt 2,211, ,029 Groupe Bruxelles Lambert 495, ,880 Proximus 9,127, ,100 Van de Velde 298, Bermuda 24,152, ,750,000 Alamo Re FRN 07/06/2017 1,751, ,250,000 Kilimanjaro Re 144A FRN 30/04/2018 4,109, ,000,000 Kilimanjaro Re 144A FRN 25/11/2019 1,981, Bermuda (cont) 4,125,000 Manatee Re 144A FRN 22/12/2017 4,072, ,500,000 Pelican III Re 144A FRN 16/04/2018 4,445, ,000,000 Tradewynd Re 144A FRN 09/07/2018 3,240, ,500,000 Tramline Re II 144A FRN 04/01/2019 4,552, Brazil 130,862, ,709 AES Tiete Preference 657, ,100 Ambev 4,215, ,900 Banco do Estado do Rio Grande do Sul 144,158 - 'B' Preference 7,950,000 Banco Nacional de Desenvolvimento Economico e Social RegS /09/2023 8,122, ,700 BB Seguridade Participações 1,657, BRL 21,692,000 Brazil Notas do Tesouro Nacional 10 66,522, /01/ ,900 CCR 791, ,300 CETIP - Mercados Organizados 528, ,360 Cia Paranaense de Energia Preference 587, ,757 Companhia Energetica de Minas Gerais 3,126, ADR Preference 180,300 Cyrela Brazil Realty Empreendimentos e 575, Participacoes 81,674 Ez Tec Empreendimentos e 386, Participacoes 234,400 Grupo BTG Pactual 2,149, ,007,940 Itausa - Investimentos Itau Preference 5,757, ,830,000 Marfrig Europe 144A ,249, /06/2019 5,050,000 Marfrig Europe RegS ,826, /06/ ,300 Natura Cosmeticos 3,346, ,105 Tractebel Energia 4,271, ,300 Transmissora Alianca de Energia Eletrica 942, ,100 Vale 3,050, ,700 Vale ADR Preference 2,029, ,900 Vale Preference 2,371, ,600,000 Votorantim Cimentos RegS /04/2041 2,552, Canada 68,725, ,645 Bank of Montreal 515, ,842 Bank of Nova Scotia 512, ,332 BCE 14,514, ,878 Canadian Imperial Bank of Commerce 511, ,100 Corus Entertainment 3,269, ,900 Genworth MI Canada 9,510, ,645 Husky Energy 474, ,317 IGM Financial 491, ,800 Medical Facilities 565, ,800 North West 727, ,471 Pembina Pipeline 538, ,972 Potash Corp of Saskatchewan 10,518, ,824 Power Financial 483, ,500 Rogers Communications 16,389, ,585 Shaw Communications 6,208, ,900 Teck Resources 1,085, ,696 TransCanada 521, ,200 Transcontinental 1,888, Chile 6,654, ,632 Administradora de Fondos de Pensiones 323, Habitat 6,000,000 Cencosud RegS /01/2023 6,034, ,000 Sociedad Quimica y Minera de Chile ADR 295,450 - China 26,362, ,000,000 Bluestar Finance EMTN ,005, /06/2020

398 Page 398 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Multi-Asset Income (cont) Global Multi-Asset Income (cont) Money Instruments Admitted Money Instruments Admitted China (cont) 2,800,000 CAR RegS /02/2020 2,848, ,000 CCCI Treasure variable perpetual 596, ,700,000 CDBL Funding /12/2019 1,695, ,260,000 China Construction Bank 'H' 8,456, ,000,000 China Hongqiao RegS ,044, /06/2017 5,200,000 Dianjian Haixing variable perpetual 5,302, ,933,343 Fufeng RegS /04/2016 1,964, ,000 Sinopec Engineering 'H' 496, ,000 SouFun ADR 951, Colombia 18,686, ,800 Ecopetrol ADR 2,911, COP 43,038,000,000 Empresa de Telecomunicaciones de Bogota RegS 7 17/01/ ,774, Croatia 7,417, ,770,000 Croatia Government RegS ,417, /07/2020 Czech Republic 8,026, ,743 CEZ 5,204, ,848 Komercni Banka 2,821, Denmark 2,562, ,482 TDC 2,562, Dominican Republic 3,355, ,330,000 Dominican Republic RegS /01/2025 3,355, El Salvador 7,435, ,735,000 El Salvador Government RegS ,435, /01/2025 Finland 58,421, ,062 Fortum 11,511, ,008 Kone 7,062, ,948 Nokian Renkaat 4,212, ,992 Orion 12,677, EUR 3,650,000 Paroc RegS /05/2020 4,050, ,166 Ramirent 875, ,830 Sampo 11,201, ,982 Tieto 3,326, ,199 Tikkurila 699, ,944 UPM-Kymmene 2,804, France 187,864, EUR 8,100,000 Accor variable perpetual 9,074, ,466 AXA 6,711, ,950,000 AXA EMTN 5.5 perpetual 11,921, EUR 2,800,000 Benu Capital FRN 08/01/2020 3,135, GBP 5,800,000 BPCE /04/2029 9,497, EUR 3,500,000 Cerba European Lab RegS 7 4,127, /02/ ,519 CNP Assurances 538, GBP 3,000,000 CNP Assurances variable 30/09/2041 5,386, EUR 300,000 CNP Assurances variable perpetual 329,590-82,728 Edenred 2,070, ,446 Electricite de France 463, GBP 4,800,000 Electricite de France EMTN variable 7,680, perpetual GBP 700,000 Electricite de France EMTN variable 1,101, perpetual (Frankruft) 48,206 Euler Hermes 4,978, EUR 6,800,000 GDF Suez variable perpetual 7,771, EUR 4,900,000 Groupama variable perpetual 5,628, EUR 7,260,000 La Mondiale SAM variable perpetual 8,273, ,577,000 La Mondiale variable perpetual 10,412, France (cont) 289,123 Metropole Television 5,675, ,699 Neopost 1,984, EUR 3,900,000 Novalis RegS 3 30/04/2022 4,228, ,485,000 Numericable-SFR 144A 6 15/05/ ,367, ,400,000 Numericable-SFR RegS ,376, /05/2019 EUR 3,700,000 Numericable-SFR RegS ,220, /05/2022 GBP 6,800,000 Orange EMTN variable perpetual 10,940, ,984 Rallye 1,038, ,657 Sanofi 5,740, EUR 4,297,000 SGD RegS /05/2019 4,900, ,875,000 Société Générale 144A 5 17/01/ ,931, ,753 TOTAL 11,344, EUR 5,550,000 TOTAL EMTN variable perpetual 5,798, ,648 Vivendi 2,356, EUR 2,500,000 WFS Global RegS /07/2022 2,856, Germany 112,338, ,946 Allianz 5,249, ,145 Amadeus Fire 102, ,763 BASF 9,219, ,531 Bijou Brigitte 97,341 - EUR 4,950,000 Deutsche Bank EMTN ,216, /02/2025 8,550,000 Deutsche Telekom International Finance 11,957, /06/2030 2,427,000 Dresdner Funding Trust I RegS ,024, /06/2031 EUR 2,000,000 EnBW Energie Baden-Wuerttemberg 2,216, EMTN variable 02/04/ ,880 Freenet 1,506, EUR 4,000,000 Grand City Properties variable perpetual 4,287, ,815 Hannover Rueck 3,738, ,020 HUGO BOSS 4,209, ,995 Muenchener Rueckversicherungs- 3,425, Gesellschaft EUR 4,250,000 Pfleiderer GmbH RegS ,901, /08/2019 EUR 1,100,000 ProGroup RegS /05/2022 1,266, EUR 1,100,000 ProGroup RegS FRN 01/05/2022 1,248, ,058 ProSiebenSat.1 Media 7,253, ,937 RTL 6,059, GBP 7,500,000 RWE variable perpetual 12,346, ,000,000 Schaeffler Finance 144A ,968, /05/ ,579 Siemens 8,601, EUR 6,250,000 Volkswagen International Finance RegS 7,288, variable perpetual 2,503 Volkswagen Preference 595, ,783 Wincor Nixdorf 1,556, Ghana 2,457, ,375,000 Republic of Ghana RegS 8.5 2,457, /10/2017 Hong Kong SAR 177,697, ,479,000 Agricultural Bank of China 'H' 3,485, ,181,000 Bank of China 'H' 11,819, ,600 Bank of East Asia 3,688, ,000 Baoye 'H' 82,752-2,001,000 Belle International 2,304, ,773,500 BOC Hong Kong 7,389, ,194,000 Champion REIT 656, ,067,000 China Dongxiang 811, ,000 China Lilang 451, ,552,000 China Lumena New Materials ** - - ** The security was Fair d as at 30 June 2015.

399 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 399 Global Multi-Asset Income (cont) Global Multi-Asset Income (cont) Money Instruments Admitted Money Instruments Admitted Hong Kong SAR (cont) 444,500 China Mobile 5,690, ,000,000 China Oil & Gas RegS ,009, /04/ ,200 China Petroleum & Chemical 'H' 588, ,278,000 China South City 441, ,000 CK Hutchison 2,556, ,500 CLP 1,075, ,865,000 CNOOC 5,484, ,468,400 Dynam Japan 2,147, ,010,000 Giordano International 545, ,600,000 Goodman HK Finance EMTN ,647, /06/2024 2,490,000 Guangdong Investment 3,488, ,439,600 Guangzhou R&F Properties 'H' 1,765, ,000,000 Haitong International Finance ,020, /07/ ,500 Hang Seng Bank 5,403, ,000 HKT Capital No 2 RegS ,241-02/04/2025 2,000,000 HKT Capital No 2 RegS ,931, /04/2025 1,000,000 HKT Trust & HKT 1,176, ,000 Hopewell 1,996, ,526,000 Huaneng Power International 'H' 3,519, ,000 Hysan Development 3,276, ,445,000 Industrial & Commercial Bank of China 10,683, 'H' 4,098,000 Jiangsu Expressway 'H' 5,381, ,500 Kerry Properties 1,594, ,704,000 Li & Fung 1,351, ,900,000 Li & Fung RegS variable perpetual 4,112, ,000 Lifestyle International 1,751, ,000 Link REIT 4,919, ,400,000 LS Finance /06/2025 4,330, ,000 Luk Fook 306,539-4,000,000 Nan Fung Treasury EMTN 4.5 4,100, /09/2022 1,658,000 Pacific Textiles 2,647, ,500 Power 7,026, ,000 Real Nutriceutical 251,980-1,075,200 Sands China 3,619, ,846,000 Sino Land 3,086, ,500 Sinotrans Shipping 141,048-1,159,000 SJM 1,255, ,000 Sun Hung Kai Properties 5,135, ,500 Swire Pacific 5,662, ,200 Swire Properties 1,338, ,000 Television Broadcasts 2,415, ,000,000 Texhong Textile RegS ,037, /01/ ,000 Texwinca 562, ,800 VTech 4,337, ,000 Wharf 6,150, ,000 Wheelock & Co. 669, ,000 Xinhua Winshare Publishing and Media 157,152 - 'H' 1,662,000 Yue Yuen Industrial 5,563, ,422,000 Zhejiang Expressway 'H' 3,361, Hungary 35,737, HUF 9,148,800,000 Hungary Government /06/ ,947, HUF 764,660,000 Hungary Government /06/2020 2,789, India 47,164, ,000,000 ABJA Investment /01/2020 2,030, ,000,000 Bharat Petroleum EMTN 4 08/05/ , ,800,000 Bharti Airtel International herlands RegS /03/2023 6,074, India (cont) 2,100,000 Bharti Airtel International herlands 2,227, RegS /05/2024 INR 600,000,000 India Government /05/2023 8,896, INR 200,000,000 India Government /09/2027 3,178, INR 200,000,000 India Government /11/2023 3,306, ,000,000 Indian Oil EMTN /08/2023 5,450, ,200,000 Oil India /04/2024 6,634, ,000,000 ONGC Videsh RegS /05/2023 3,875, ,000,000 ONGC Videsh RegS /07/2024 1,018, ,000,000 Reliance Industries RegS , /01/2025 2,800,000 Reliance Industries RegS /02/2045 2,531, Indonesia 78,528, ,000,000 Golden Legacy RegS 9 24/04/2019 1,996, ,347,400 Indocement Tunggal Prakarsa 3,675, IDR 271,058,000,000 Indonesia Government ,222, /05/2023 IDR 298,193,000,000 Indonesia Government ,428, /05/2028 IDR 101,026,000,000 Indonesia Government ,608, /03/2024 1,690,000 MPM Global /09/2019 1,604, ,200,000 Pacific Emerald RegS /07/2018 2,314, ,400,000 Pakuwon Prima Pte /07/2019 3,432, ,000 Pelabuhan Indonesia II RegS , /05/2025 6,545,000 Pertamina Persero RegS ,833, /05/ ,976,500 Perusahaan Gas Negara Persero 4,199, ,000 Perusahaan Gas Negara Persero RegS 504, /05/2024 3,700,000 Star Energy Geothermal Wayang Windu 3,555, RegS /03/ ,031,500 Telekomunikasi Indonesia Persero 5,940, ,500,000 Theta Capital 7 16/05/2019 1,557, ,500 United Tractors 184,151 - Ireland 37,851, EUR 3,288,000 Ardagh Packaging Finance/Ardagh USA 3,678, RegS /01/2022 EUR 6,500,000 Baggot Securities RegS ,543, perpetual 10,000,000 Fly Leasing /12/ ,425, EUR 5,000,000 PYLON II CAPITAL FRN 05/05/2016 5,832, ,000,000 XLIT /03/ ,371, Isle of Man 4,555, ,129 Playtech 4,555, Israel 14,819, ,797 Babylon 15,859-4,251,395 Bezeq The Israeli Telecommunication 7,280, ,394 Delek Automotive Systems 2,905, ,872 Ituran Location and Control 195,063-74,500 Teva Pharmaceutical Industries ADR 4,423, Italy 121,943, ,525 Assicurazioni Generali 507, GBP 5,000,000 Assicurazioni Generali variable perpetual 7,975, ,247 ASTM 445, ,432 Atlantia 2,998, GBP 5,100,000 Enel variable 10/09/2075 8,732, ,766 Eni 14,238, EUR 3,000,000 Generali Finance EMTN variable 3,208, perpetual EUR 3,550,000 Intesa Sanpaolo EMTN ,946, /09/ ,668 Recordati 5,720, EUR 4,450,000 Rhino Bondco RegS /11/2020 5,331,

400 Page 400 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Multi-Asset Income (cont) Global Multi-Asset Income (cont) Money Instruments Admitted Money Instruments Admitted Italy (cont) EUR 1,300,000 Rhino Bondco RegS FRN 15/12/2019 1,460, ,594 Snam 3,929, EUR 4,250,000 TeamSystem RegS /05/2020 5,084, ,600,000 Telecom Italia 144A /05/ ,911, EUR 2,000,000 UniCredit variable perpetual 2,601, ,286,316 UnipolSai 3,256, ,500,000 Wind Acquisition Finance 144A ,644, /04/2021 EUR 2,000,000 Wind Acquisition Finance RegS 4 2,251, /07/2020 EUR 5,754,000 Wind Acquisition Finance RegS 7 23/04/2021 6,696, Jamaica 1,225, ,250,000 Digicel RegS /03/2023 1,225, Japan 48,353, ,000 Asahi 920, ,500 Canon 14,005, ,800 Daiichikosho 1,154, ,000 Daiwa Securities 1,573, ,100 Fujikura Kasei 180,517-15,500 Gendai Agency 86, ,100 Heiwa 3,188, ,000 Kanematsu Electronics 165, ,400 Lawson 14,745, ,700 NTT DOCOMO 10,104, ,500 Sony Financial 1,639, ,800 Toyota Motor 589, Kazakhstan 4,453, ,655,000 Development Bank of Kazakhstan RegS 4,164, /12/ ,043 KCell GDR 289,706 - Kenya 3,926, ,835,000 Kenya Government RegS ,926, /06/2019 Lebanon 19,367, ,965,000 Lebanon Government EMTN ,002, /11/ ,179,000 Lebanon Government GMTN /11/ ,364, Luxembourg 39,172, ,220,000 Altice 144A /05/ ,692, ,000,000 Altice Financing 144A , /02/2023 EUR 1,500,000 Altice Financing RegS ,697, /02/2023 EUR 1,500,000 Altice Financing RegS /01/2022 1,796, EUR 4,000,000 Altice RegS /05/2022 4,538, ,725,000 ArcelorMittal /10/2039 8,726, EUR 100,000 Ardagh Packaging Finance RegS ,169-15/10/ ,189 SES 449, EUR 4,400,000 SIG Combibloc RegS /02/2023 5,157, Malaysia 14,162, ,336,600 AMMB 5,329, ,300 Astro Malaysia 425, ,100 Axiata 501, ,500 British American Tobacco Malaysia 2,060, ,809,200 DiGi.Com 5,407, ,100 IOI Properties 373, ,900 Star Media 63,394 - Mexico 88,627, EUR 1,000,000 Cemex Finance RegS ,155, /04/2021 Mexico (cont) EUR 3,000,000 Cemex RegS /01/2022 3,389, ,800,000 Cemex RegS /01/2025 2,672, ,800,000 Cemex RegS /03/2019 2,872, ,000,000 Grupo Cementos de Chihuahua RegS 2,165, /02/2020 MXN 127,110,000 Grupo Televisa EMTN ,914, /05/2043 3,414,100 Kimberly-Clark de Mexico 7,268, MXN 393,995,000 Mexican Bonos 5 11/12/ ,959, MXN 269,320,000 Mexican Bonos /06/ ,877, MXN 207,935,000 Mexican Bonos 8 11/06/ ,820, MXN 45,410,000 Petroleos Mexicanos RegS ,027, /11/ ,125 Wal-Mart de Mexico 504, Mongolia 8,469, ,500,000 Development Bank of Mongolia RegS 3,447, /03/2017 5,200,000 Mongolia Government RegS /01/2018 5,022, Morocco 5,716, ,580,000 Morocco Government RegS ,716, /12/2022 Namibia 7,295, ,775,000 Namibia Government RegS 5.5 7,295, /11/2021 herlands 104,755, EUR 1,500,000 ABN AMRO Bank EMTN variable 1,692, /06/2025 EUR 6,800,000 Achmea EMTN variable perpetual 7,353, EUR 8,650,000 Atradius Finance variable 23/09/2044 9,156, ,578 Boskalis Westminster 3,998, GBP 3,000,000 Cooperatieve Centrale Raiffeisen- Boerenleenbank EMTN /09/2027 5,133, ,203 Delta Lloyd 3,423, EUR 3,000,000 Delta Lloyd Levensverzekering variable 4,109, /08/ ,655 Koninklijke Ahold 547, ,563,000 Koninklijke KPN 144A variable 11,056, /03/2073 GBP 3,450,000 Koninklijke KPN EMTN variable 5,655, /03/2073 GBP 800,000 Koninklijke KPN GMTN 5 18/11/2026 1,357, GBP 4,108,000 Koninklijke KPN GMTN ,353, /09/2029 EUR 2,050,000 Koninklijke KPN variable perpetual 2,448, ,777 Koninklijke Philips 408, ,254 Reed Elsevier 9,535, ,009 Royal Dutch Shell 11,151, ,775 Unilever 16,753, EUR 3,000,000 UPC RegS /09/2022 3,620, New Zealand 13,891, ,195 Goodman Property Trust REIT 176, ,349 Precinct Properties New Zealand 162, ,093 Skellerup 186, ,055,454 SKY work Television 4,299, ,069,137 Spark New Zealand 7,709, ,960 Trade Me 1,355, Nigeria 2,823, ,800,000 Nigeria Government RegS ,823, /07/2018 Norway 39,897, ,658 Atea 1,125, ,200 Salmar 3,209, ,394 Statoil 14,113,

401 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 401 Global Multi-Asset Income (cont) Global Multi-Asset Income (cont) Money Instruments Admitted Money Instruments Admitted Norway (cont) 703,735 Telenor 15,413, ,391 TGS Nopec Geophysical 2,251, ,687 Veidekke 1,504, ,857 Yara International 2,279, Pakistan 6,319, ,000,000 Pakistan Government RegS ,319, /04/2019 Peru 2,794, ,940,000 Cementos Pacasmayo SAA RegS 4.5 2,794, /02/2023 Philippines 5,964, ,100 Manila Water 273,419-92,400 Philippine Long Distance Telephone ADR 5,690, Poland 67,614, ,361 Asseco Poland 1,369, ,165 Bank Handlowy w Warszawie 1,098, ,844 Bank Pekao 5,558, ,451 KGHM Polska Miedz 2,621, PLN 127,360,000 Poland Government /04/ ,193, PLN 66,255,000 Poland Government /07/ ,838, ,020,279 Polskie Gornictwo Naftowe i 5,291, Gazownictwo 14,143 Powszechny Zaklad Ubezpieczen 1,642, Portugal 5,217, EUR 4,130,000 Novo Banco EMTN 5 23/04/2019 4,725, EUR 430,000 Novo Banco EMTN 5 14/05/ , Russia 22,456, ,716 Gazprom OAO ADR 1,813, ,930 Lukoil OAO ADR 5,876, ,529 MMC Norilsk Nickel ADR 8,602, ,000 Mobile TeleSystems ADR 1,170, ,750 Rosneft OAO GDR 2,347, ,255,000 Russian Railways via RZD Capital EMTN 2,291, /04/ ,663 Surgutneftegas OAO ADR 355,293 - Singapore 53,131, ,543,000 Ascendas Real Estate Investment Trust 2,820, ,000 Cache Logistics Trust REIT 210, ,800 CapitaLand Mall Trust 1,053, ,531,000 Frasers Centrepoint Trust 2,343, ,000 Hongkong Land 1,517, ,200 Keppel 3,684, ,900 M1 2,180, ,700 Mapletree Greater China Commercial 734, Trust 3,746,000 Mapletree Industrial Trust 4,341, ,321,000 Mapletree Logistics Trust 1,948, ,000 Sabana Shari'ah Compliant Industrial 128,204 - Real Estate Investment Trust REIT 1,606,000 SATS 4,403, ,192,100 Singapore Telecommunications 16,240, ,774,500 StarHub 5,207, ,300 Thai Beverage 203, ,200 United Overseas Bank 2,351, ,578,000 Yangzijiang Shipbuilding 3,761, South Africa 88,954, ,781 Anglo American 2,451, ,758 AVI 3,800, ,555 Barclays Africa 2,507, ,966 Bidvest 2,642, ,935,000 Eskom SOC RegS /02/ ,072, ,088,469 FirstRand 4,777, South Africa (cont) 603,087 Growthpoint Properties REIT 1,294, GBP 3,690,000 Investec EMTN /05/2022 5,850, ,484 Kumba Iron Ore 1,593, ,663 Lewis 1,367, ,069 Liberty 4,595, ,924,763 Life Healthcare 6,006, ,412,503 MMI 3,503, ,070 MTN 12,363, ,504 Nedbank 548, ,912 Peregrine 745, ,595 Reunert 905, ,878 Sanlam 1,437, ,280 Sasol 9,089, ,414 Sibanye Gold 463, ,270 Truworths International 2,296, ,218 Vodacom 10,640, Spain 22,187, EUR 4,700,000 Bankia MTN variable 22/05/2024 5,140, ,665 Duro Felguera 1,212, ,982 Ferrovial 595, EUR 6,800,000 Gas Natural Fenosa Finance variable 6,933, perpetual 21,503 Gas Natural SDG 498, EUR 1,900,000 Grupo Antolin Dutch RegS ,172, /06/2022 1,129,304 Mapfre 3,952, ,285 Red Electrica 510, ,101 Zardoya Otis 1,171, Sri Lanka 7,321, ,135,000 Sri Lanka Government RegS 6 7,321, /01/2019 Supranational 12,927, RUB 462,000,000 Eurasian Development Bank EMTN 8 7,626, /10/2017 5,370,000 Eurasian Development Bank RegS 5 26/09/2020 5,300, South Korea 3,150, ,378 KT&G 2,577, ,562 SK Telecom 572, Sweden 59,953, ,873 Alfa Laval 2,576, ,031 Axfood 8,535, ,618 Hennes & Mauritz 1,583, ,250 Industrivarden 6,705, ,791 Intrum Justitia 6,684, ,321 Investor 10,009, ,955 JM 2,555, ,706 Nolato 173,934-97,020 Swedish Match 2,801, ,176 Telefonaktiebolaget LM Ericsson 4,837, ,261,683 TeliaSonera 13,490, Switzerland 98,834, ,894 ACE 2,630, ,823 Baloise Registered 4,188, ,655 BB Biotech Registered 6,776, ,962,000 Credit Suisse RegS variable perpetual 5,181, ,287 Kuehne + Nagel International Registered 576, ,423 Mobilezone Registered 647, ,772 Nestlé Registered 11,044, ,417 Novartis Registered 11,880, ,119 PSP Swiss Property Registered 527, ,873 Roche 20,226, ,925 SGS Registered 7,269,

402 Page 402 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Multi-Asset Income (cont) Global Multi-Asset Income (cont) Money Instruments Admitted Money Instruments Admitted Switzerland (cont) 46,459 Swiss Re 4,177, ,729 Swisscom Registered 11,197, ,964 UBS Registered 517, ,600,000 UBS variable perpetual 2,645, EUR 1,600,000 UBS variable perpetual 1,820, ,216 Zürich Insurance 7,525, Taiwan 87,489, ,000 Advanced Semiconductor Engineering 505, ,000 Asia Cement 519, ,000 Asustek Computer 5,478, ,000 Cheng Shin Rubber Industry 964, ,630 Chicony Electronics 1,637, ,000 China Steel Chemical 727, ,000 Chipbond Technology 1,780, ,000 Cleanaway 182, ,000 Coretronic 610, ,220 Cyberlink 103, ,000 Delta Electronics 1,838, ,000 Draytek 137,272-60,000 DYNACOLOR 97,171-1,058,000 Elan Microelectronics 1,470, ,000 Everlight Electronics 782, ,336,000 Far EasTone Telecommunications 8,044, ,000 Faraday Technology 317, ,000 Formosa Cayman /04/ , ,000 Formosan Rubber 862, ,927,000 Fubon Financial 3,824, ,433,000 Greatek Electronics 1,674, ,000 Holtek Semiconductor 1,343, ,184,000 Inventec 2,887, ,000 KD Holding 153,418-3,439,000 King's Town Bank 2,979, ,000 Kinsus Interconnect Technology 257, ,000 MediaTek 4,610, ,000 Microlife 214, ,000 Novatek Microelectronics 3,044, ,293,000 Pegatron 3,774, ,000 Phison Electronics 2,715, ,000 Primax Electronics 533, ,473 Radiant Opto-Electronics 2,799, ,395,180 Realtek Semiconductor 3,567, ,000 Ruentex Industries 878, ,120,000 Sigurd Microelectronics 1,010, ,312,000 Siliconware Precision Industries 3,531, ,000 Simplo Technology 2,214, ,000 Sitronix Technology 1,624, ,000 Sonix Technology 1,137, ,000 Synnex Technology International 680, ,000 Taiwan Cement 1,018, ,724,000 Taiwan Mobile 9,069, ,615 Taiwan Secom 124, ,000 Taiwan Semiconductor Manufacturing 526, ,000 Test Research 521, ,000 Thinking Electronic Industrial 80, ,000 Transcend Information 1,060, ,000 Tripod Technology 1,198, ,000 United Integrated Services 556, ,000 Yungtay Engineering 1,339, Thailand 34,857, ,100 Advanced Info Service (NVDR) 6,446, ,244,500 BEC World (NVDR) 3,602, ,300 Delta Electronics Thailand (Foreign) 35,643-1,125,100 Delta Electronics Thailand (NVDR) 3,015, ,687,300 Hana Microelectronics (NVDR) 2,023, Thailand (cont) 502,000 PTT (NVDR) 5,336, ,100 PTT Exploration & Production (Foreign) 42,283-1,445,600 PTT Exploration & Production (NVDR) 4,665, ,000,000 PTT Exploration & Production RegS 4,036, variable perpetual 2,000,000 PTT Global Chemical RegS ,049, /09/ ,100 Ratchaburi Electricity Generating (NVDR) 534, ,000 Total Access Communication (NVDR) 2,231, ,600 TTW (Foreign) 19,274-2,443,700 TTW (NVDR) 817, Turkey 67,335, ,943 Adana Cimento Sanayii 53,361-26,382 Akcansa Cimento 154,915-1,397,109 Enka Insaat ve Sanayi 2,633, ,285 Eregli Demir ve Celik Fabrikalari 984, ,081 Koza Altin Isletmeleri 3,625, ,670 Mardin Cimento Sanayii ve Ticaret 93, ,512 TAV Havalimanlari 1,612, ,306,319 Turk Telekomunikasyon 3,390, ,628 Turkcell Iletisim Hizmetleri 3,407, ,305,000 Turkey Government /03/2023 4,944, TRY 15,695,000 Turkey Government /03/2023 5,211, TRY 59,715,000 Turkey Government /02/ ,696, TRY 56,445,000 Turkey Government /07/ ,528, United Kingdom 708,912, GBP 3,100,000 AA Bond RegS /07/2022 4,865, ,247,988 Aberdeen Asset Management 8,051, ,640 Admiral 7,740, ,997 Amlin 7,497, GBP 5,400,000 Anglian Water Osprey Financing EMTN 8,462, /04/2023 GBP 1,500,000 Anglian Water Services Financing step 3,167, coupon 15/01/ ,808 Anglo American 5,275, GBP 3,000,000 Arqiva Broadcast Finance RegS 9.5 5,227, /03/ ,340 Ashmore 4,080, ,235 AstraZeneca 17,434, ,782,077 BAE Systems 12,816, ,000,000 Barclays /09/2024 2,886, GBP 3,000,000 Barclays Bank EMTN /09/2026 5,246, ,167 Barratt Developments 557, ,498,175 Beazley 7,018, ,737 Bellway 3,377, ,959 Berendsen 3,981, ,856 Berkeley 2,787, ,734 BHP Billiton 10,257, EUR 1,000,000 Boparan Finance RegS ,029, /07/2021 GBP 2,740,000 Boparan Finance RegS ,099, /07/2019 GBP 500,000 Boparan Finance RegS , /07/2021 1,142,841 BP 7,624, ,963 British American Tobacco 9,967, ,372,188 BT 9,845, ,172 Carillion 2,515, ,532,497 Centrica 6,430, ,129 Chesnara 1,064, ,574 Compass 5,786, EUR 674,000 Co-Operative Bank EMTN , /10/2015 GBP 3,042,000 Co-Operative Bank EMTN ,762, /09/2017 GBP 3,000,000 Co-Operative step coupon 08/07/2020 5,091, ,157 Debenhams 431,

403 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 403 Global Multi-Asset Income (cont) Global Multi-Asset Income (cont) Money Instruments Admitted Money Instruments Admitted United Kingdom (cont) 37,195 Diploma 475, ,729 Direct Line Insurance 3,200, GBP 4,000,000 Direct Line Insurance variable 7,799, /04/ ,102 Electrocomponents 734, GBP 4,000,000 Equiniti Newco 2 RegS ,303, /12/2018 EUR 3,300,000 Erste Capital Finance Jersey Tier1 EMTN 3,349, variable perpetual GBP 4,200,000 Eversholt Funding EMTN ,564, /02/2035 GBP 5,680,000 Friends Life /04/ ,734, GBP 3,253,000 Galaxy Bidco RegS FRN 15/11/2019 5,105, ,584 Galliford Try 3,251, ,245,593 GlaxoSmithKline 26,272, ,249 Glencore 521, ,807 Go-Ahead 4,161, GBP 1,400,000 Greene King Finance FRN 15/03/2036 1,897, ,531 Hansteen 258,262 - GBP 807,000 HBOS Sterling Finance Jersey variable 1,621, perpetual 1,390,883 HSBC 12,620, ,400 HSBC (Hong Kong) 4,202, GBP 2,900,000 HSBC EMTN 6 29/03/2040 5,209, GBP 2,100,000 HSBC EMTN 7 07/04/2038 4,214, GBP 3,000,000 Iceland Bondco RegS ,186, /07/2021 GBP 1,832,000 Iceland Bondco RegS ,525, /07/2024 GBP 2,005,000 IDH Finance RegS 6 01/12/2018 3,225, GBP 1,800,000 IDH Finance RegS FRN 01/12/2018 2,838, ,977 IG 1,802, EUR 4,000,000 Iglo Foods Bondco RegS FRN 4,509, /06/ ,653 IMI 721, ,140 Imperial Tobacco 8,438, ,186 Indivior 562, GBP 3,500,000 Infinis RegS 7 15/02/2019 5,762, ,812 Informa 878, ,773 Inmarsat 7,838, ,633 Interserve 1,550, ,747 ITE 980, ,661 Kcom 1,012, ,786 Keller 2,146, ,702,294 Legal & General 14,696, GBP 6,220,000 Legal & General EMTN variable 10,120, /06/2064 GBP 4,900,000 Lloyds Bank EMTN /04/2025 9,737, ,702 Lonmin 17, ,505 Man 890, ,794 Marks & Spencer 5,068, GBP 3,000,000 MEIF Renewable Energy UK RegS 4,892, /02/2020 EUR 4,700,000 Merlin Entertainments RegS ,035, /03/ ,178 Micro Focus International 3,598, ,049 Mitie 482, ,103 Moneysupermarket.com 2,867, GBP 3,218,000 Moto Finance RegS /09/2020 5,195, GBP 3,300,000 Moy Park Bondco RegS ,314, /05/ ,686 N Brown 1,904, ,967 National Grid 4,223, ,804 Next 4,685, ,125,545 Old Mutual 3,627, GBP 3,700,000 Old Mutual EMTN 8 03/06/2021 6,579, ,375 Phoenix 3,694, United Kingdom (cont) GBP 3,000,000 Pizzaexpress Financing 1 RegS ,012, /08/ ,227 Premier Farnell 1,739, GBP 4,000,000 R&R Ice Cream 144A /05/2020 6,447, ,936 Reckitt Benckiser 10,602, ,785 Reed Elsevier 7,074, ,677 Rio Tinto 10,262, GBP 3,000,000 Rio Tinto Finance EMTN 4 11/12/2029 4,794, GBP 6,740,000 RL Finance Bonds No. 2 variable 11,188, /11/ ,700 Rotork 1,987, ,155,000 Royal Bank of Scotland 144A variable 2,540, perpetual 10,000,000 Royal Bank of Scotland ,653, /06/2023 2,400,000 Royal Bank of Scotland variable 2,574, perpetual 1,500,000 Royal Bank of Scotland variable 1,874, perpetual (New York) 357,961 Royal Dutch Shell 'A' 10,218, ,148 Royal Dutch Shell 'B' 13,364, ,188 Royal Mail 4,714, ,586 Sage 7,518, ,598,563 Real Estate Investment Trust 26,363, ,378 Sky 7,550, ,058 Smiths 4,600, GBP 3,000,000 Southern Water Greensands Financing 5,357, GMTN /04/2019 GBP 387,900 Spirit Issuer variable 28/12/ , GBP 569,000 Spirit Issuer variable 28/12/ , GBP 6,400,000 SSE variable perpetual 9,766, ,500,000 Standard Chartered 144A 5.7 3,671, /03/2044 GBP 6,000,000 Standard Chartered EMTN ,193, /06/2034 GBP 2,255,000 Stonegate Pub Financing RegS ,585, /04/2019 GBP 1,700,000 Stonegate Pub Financing RegS FRN 2,700, /04/2019 1,251,160 Taylor Wimpey 3,690, GBP 5,000,000 TES Finance RegS /07/2020 7,898, GBP 6,920,000 Tesco EMTN /03/2042 9,206, GBP 1,000,000 Thames Water Utilities Cayman Finance 1,769, EMTN variable 13/09/2030 EUR 5,000,000 Thomas Cook Finance RegS ,966, /06/ ,534 TUI 471, ,228,764 UK Commercial Property Trust 11,673, ,278 Unilever 12,363, GBP 1,000,000 Unique Pub Finance /03/2024 1,615, ,824 Verizon Communications 3,566, GBP 2,500,000 Virgin Media Finance RegS 7 4,210, /04/2023 GBP 400,000 Virgin Media Secured Finance RegS 623, /01/2025 EUR 5,400,000 Viridian FundCo II RegS 7.5 6,080, /03/2020 GBP 1,900,000 Voyage Care Bondco RegS 6.5 3,118, /08/ ,864 Weir 4,090, ,622 WH Smith 2,266, ,478 William Hill 4,888, GBP 3,500,000 WM Morrison Supermarkets EMTN /12/2023 5,575, United States of America 1,108,348, ,116 3M 6,483, ,883 AbbVie 12,286, ,300 Accenture 9,213, ,000 Actavis Funding /03/ ,

404 Page 404 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Multi-Asset Income (cont) Global Multi-Asset Income (cont) Money Instruments Admitted Money Instruments Admitted United States of America (cont) 13,820,000 Actavis Funding /03/ ,147, ,400 ADT 2,176, ,700 Aflac 2,131, ,165,000 Aircastle /02/ ,498, ,800 Alliance Resource Partners 1,300, ,000,000 Ally Financial /09/ ,333, ,600 Altria 4,701, ,950,000 Altria /02/ ,766, ,602 Ameren 510, ,991 American Electric Power 527, ,400 Amgen 13,856, ,100 Apple 6,612, ,300 Applied Industrial Technologies 332, ,700 B&G Foods 6,108, ,970,000 Bank of America variable perpetual 8,522, ,200 Baxter International 14,709, ,811 BB&T 515, ,288 Boeing 4,895, ,940 CA 5,288, ,227 Campbell Soup 2,643, ,301 Caterpillar 2,669, ,600 Cato 2,788, ,901 CenterPoint Energy 518, ,705 CH Robinson Worldwide 537, ,834 Chevron 17,871, ,400 China Metal Recycling ** ,494 Cisco Systems 21,797, ,500,000 CIT 5 01/08/2023 7,457, ,750,000 Citigroup /09/ ,481, ,200 Citizens & Northern 436, ,200 Clorox 14,447, ,966 CME 3,596, ,266 Coach 8,651, ,195 Coca-Cola 14,979, ,000 Community Bank System 452, ,834 Computer Programs & Systems 4,224, ,407 ConocoPhillips 14,850, ,008 Consolidated Edison 523, ,800 Copa 6,502, ,500 Cracker Barrel Old Country Store 6,989, ,400 Cummins 13,822, ,759 Dominion Resources 522, ,000 Domtar 1,468, ,783 Douglas Dynamics 3,922, ,839 Dow Chemical 550, ,000 Dr Pepper Snapple 2,493, ,019 DTE Energy 523, ,000,000 Eastman Chemical /10/ ,485, ,150,000 Eastman Chemical /09/2042 2,094, ,019 Eaton 536, ,656 EI du Pont de Nemours & Co. 487, ,867 Eli Lilly & Co. 12,555, ,528 Emerson Electric 10,085, ,700,000 Ensco /10/ ,387, ,048 Entergy 1,122, ,333 Eversource Energy 515, ,634 Exxon Mobil 19,432, ,283 Fastenal 560, ,500 Fifth Third Bancorp 6,442, ,300 GameStop 3,947, ,346 Garmin 7,095, ,888 General Mills 13,504, ,525 General Motors 3,506, ,679 Genuine Parts 507, United States of America (cont) 14,375,000 Goldman Sachs /10/ ,909, ,600 Guess? 2,389, ,400 HCP REIT 1,337, ,300 Honeywell International 1,049, ,600 Horace Mann Educators 6,015, ,866 Intel 16,862, ,500 Inteliquent 581, ,500 International Bancshares 199,650-88,100 International Business Machines 14,357, ,250,000 International Business Machines 5.6 4,809, /11/ ,702 International Paper 5,328, ,000,000 JC Penney /10/2036 2,907, ,873 Johnson & Johnson 23,528, ,713 JPMorgan Chase & Co. 17,855, ,000,000 KB Home /05/2019 4,995, ,100 Kellogg 9,771, ,400 Kimberly-Clark 10,866, ,800,000 Kinder Morgan /06/ ,849, ,900 KLA-Tencor 830, ,907 Kohl's 556, ,162 Kraft Foods 1,556, ,319 Landauer 2,720, ,800 Lexmark International 5,832, ,606 LyondellBasell Industries 7,174, ,200 Main Street Capital 260,514-4,350,000 Marathon Petroleum 5 15/09/2054 3,973, ,800 Mattel 3,284, ,700 Maxim Integrated Products 6,142, ,267 McDonald's 10,046, ,621 Merck & Co. 21,920, ,000 Meredith 2,653, ,000 Meridian Bioscience 7,051, ,460,000 Meritor /02/ ,418, ,259,000 MetLife /12/ ,630, ,000,000 MGM Resorts International ,788, /03/ ,700 Microchip Technology 6,593, ,717 Microsoft 24,790, ,697 Millicom International Cellular 1,555, ,000 National Oilwell Varco 3,448, ,524 New York Community Bancorp 3,769, ,833 Nucor 397, ,600 Occidental Petroleum 10,336, ,294 Omnicom 504, ,705 PACCAR 551, ,502 Paychex 10,973, ,160 People's United Financial 555, ,259 PepsiCo 15,670, ,201 Persimmon 4,372, ,100 PetMed Express 3,052, ,999 Pfizer 24,352, ,800,000 Pfizer /05/ ,706, ,456 PG&E 515, ,500 Philip Morris International 4,847, ,120 PPL 651, ,655 Principal Financial 9,572, ,733 Procter & Gamble 18,384, ,978 Public Service Enterprise 587, ,900 Quad/Graphics 899, ,753 QUALCOMM 14,637, ,200 Quality Systems 8,792, ,700 Quest Diagnostics 11,226, ,956 Raytheon 2,681, ** The security was Fair d as at 30 June 2015.

405 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 405 Global Multi-Asset Income (cont) Global Multi-Asset Income (cont) Money Instruments Admitted Money Instruments dealt on another Regulated United States of America (cont) 13,930 Republic Services 543, ,537 Reynolds American 7,996, ,500,000 Reynolds American /09/2043 8,036, ,700 Rockwell Automation 2,298, ,960,000 Rowan /01/2044 4,224, ,600 RR Donnelley & Sons 4,354, ,411 Seagate Technology 4,480, ,500 Select Income REIT 4,231, ,000 Sonoco Products 733, ,484 Southern 3,754, ,511 Spectra Energy 3,430, ,800,000 Sprint Communications 6 15/11/2022 2,548, ,000 Sprint Communications 7 15/08/ ,492-2,750,000 State of Oregon /06/2027 3,281, ,499 Sysco 10,529, ,563 T Rowe Price 508, ,455 Talen Energy 44,460-6,539 Target 536, ,185,000 TEGNA /07/2020 8,495, ,100 Terra Nitrogen 2,768, ,300 Texas Instruments 7,382, ,000,000 T-Mobile USA /03/ ,245, ,100 Trustmark 2,567, ,200 Tupperware Brands 4,341, ,900,000 Tyson Foods /08/ ,272, ,000,000 United Rentals North America ,836, /11/ ,600 Universal 663, ,500 Valero Energy 8,993, ,350,000 Valero Energy /06/2037 1,539, ,100 Validus 3,557, ,700 Vector 2,304, ,339 Verizon Communications 10,352, ,000 Verizon Communications , /09/ ,000 Waddell & Reed Financial 6,643, ,147 Wal-Mart Stores 4,438, ,250,000 Wal-Mart Stores /07/2040 4,565, ,381 Waste Management 527, ,600,000 Weatherford International/Bermuda 1,361, /04/2042 8,550,000 Weatherford International/Bermuda 7 8,198, /03/ ,411 WEC Energy 515, ,266 Wells Fargo & Co. 7,358, ,170,000 Wells Fargo Capital X /12/2036 4,248, ,100 Western Union 9,265, ,250,000 Williams Partners /01/2045 3,725, ,150,000 Williams Partners /04/2040 2,224, ,331 Xcel Energy 557, ,200 Xilinx 6,076, ,700,000 Zions Bancorporation variable perpetual 9,216, Total Money Instruments Admitted 4,211,145, Money Instruments dealt on another Regulated Barbados 3,559, ,290,000 Columbus International 144A ,559, /03/2021 Bermuda 68,559, ,000,000 Blue Danube II 144A FRN 23/05/2016 3,988, ,000,000 Citrus Re 144A FRN 09/04/2018 2,946, Bermuda (cont) 3,500,000 Citrus Re 144A FRN 18/04/2017 3,421, ,900,000 Compass Re II 144A FRN 08/12/2015 2,766, ,000,000 Embarcadero Reinsurance 144A variable 5,011, /08/2015 3,000,000 Everglades Re 144A FRN 28/04/2017 3,023, ,500,000 Galileo Re 144A FRN 08/01/2018 2,520, ,000,000 Galileo Re 144A FRN 09/01/2017 3,045, ,200,000 Gator Re 144A FRN 09/01/2017 3,819, ,550,000 Lakeside Re III 144A FRN 08/01/2016 2,605, ,000 Loma Reinsurance 144A FRN 772, /01/ ,000 Loma Reinsurance FRN 08/01/ , ,000,000 Mona Lisa Re 144A FRN 07/07/2017 4,131, ,500,000 Nakama Re 144A FRN 29/09/2016 4,541, ,000,000 Northshore Re 144A FRN 05/07/2016 4,066, ,000,000 Queen Street VIII Re 144A FRN 3,987, /06/2016 4,250,000 Riverfront Re 144A variable 06/01/2017 4,182, ,000,000 Sanders Re 144A FRN 05/05/2017 2,941, ,000,000 Sanders Re FRN 05/05/2017 2,942, ,000 Skyline Re 144A FRN 23/01/ ,625-2,900,000 Tar Heel Re 144A FRN 09/05/2016 2,963, ,000,000 Tradewynd Re 144A FRN 08/01/2016 2,937, ,000,000 Tradewynd Re 144A FRN 09/01/2017 1,004, Brazil 23,514, ,320,000 Brazilian Government /01/2025 9,933, ,835,000 Brazilian Government 5 27/01/2045 2,444, ,200,000 BRF RegS /05/2023 5,872, ,050,000 Odebrecht Drilling Norbe VIII/IX RegS 1,584, /06/2021 3,500,000 Samarco Mineracao RegS ,238, /11/ ,000 Tupy Overseas RegS /07/ , Canada 5,643, ,665,000 MDC Partners 144A /04/2020 5,643, Cayman Islands 29,716, ,500,000 Caelus Re 144A FRN 07/03/2016 4,429, ,250,000 East Lane Re V 144A FRN 16/03/2016 5,353, ,000 East Lane Re VI 144A FRN 14/03/ , ,000,000 Ibis Re II 144A FRN 28/06/ , ,000 Ibis Re II FRN 28/06/ , ,130,000 Longpoint Re III 144A FRN 18/05/2016 2,129, ,000,000 MultiCat Mexico 2012-I Class A 144A 1,983, FRN 04/12/2015 1,500,000 MultiCat Mexico 2012-I Class A 144A 1,505, FRN 04/12/2015 3,000,000 Pelican Re 144A FRN 15/05/2017 3,028, ,000,000 Residential Reinsurance A FRN 4,189, /06/2016 1,500,000 Residential Reinsurance A FRN 1,555, /06/2016 (USA) 1,000,000 Residential Reinsurance A FRN 1,013, /12/2016 1,000,000 Residential Reinsurance A FRN 1,021, /12/2017 1,250,000 Residential Reinsurance 2013-II 144A FRN 06/12/2017 1,211, Chile 3,196, ,300,000 Empresa Electrica Guacolda RegS 3,196, /04/2025 China 23,114, ,300,000 Beijing State-Owned Management Hong Kong /05/2025 1,270, ,400,000 CGNPC International 4 19/05/2025 1,393,

406 Page 406 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Multi-Asset Income (cont) Global Multi-Asset Income (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated China (cont) 2,200,000 China Resources Power East Foundation 2,256, variable perpetual 5,500,000 CITIC /01/2023 6,376, ,200,000 CITIC EMTN /04/2021 2,520, ,000,000 CRCC Yupeng variable perpetual 4,080, ,500,000 Sinochem Global Capital RegS variable 1,559, perpetual 3,600,000 Yancoal International Trading variable perpetual 3,657, Colombia 13,147, COP 35,062,000,000 Empresas Publicas de Medellin RegS /09/ ,147, Costa Rica 15,086, ,280,000 Costa Rica Government RegS 7 6,070, /04/ ,730,000 Instituto Costarricense de Electricidad RegS /05/2043 9,015, Dominican Republic 7,229, ,615,000 Dominican Republic RegS /04/2044 7,229, Ecuador 12,053, ,910,000 Ecuador Government RegS ,053, /03/2020 El Salvador 2,175, ,985,000 El Salvador Government RegS ,175, /04/2032 France 16,844, ,500,000 BPCE 144A /10/ ,176, ,500,000 SPCM 144A 6 15/01/2022 4,668, Germany 13,371, EUR 3,600,000 Safari Verwaltungs GmbH RegS ,268, /02/2021 9,400,000 ZF North America Capital 144A /04/2025 9,102, Hong Kong SAR 10,362, ,800,000 CLP Power HK Finance variable 7,951, perpetual 1,400,000 Hutchison Whampoa International 14 1,382, RegS /10/2024 1,722,000 PCCW 1,028, India 1,005, ,000,000 ABJA Investment /07/2024 1,005, Indonesia 5,858, ,500,000 Pratama Agung /02/2020 2,430, ,500,000 TBG Global /02/2022 3,427, Ireland 26,353, ,500,000 Atlas IX Capital 144A FRN 07/01/2019 3,481, ,675,000 Fly Leasing /10/2021 8,826, ,630,000 James Hardie International Finance 144A 11,002, /02/2023 3,100,000 Queen Street X RE 144A FRN 08/06/2018 3,043, Italy 25,769, EUR 4,490,000 Gamenet RegS /08/2018 4,762, ,000,000 Intesa Sanpaolo 144A ,849, /06/ ,475,000 Intesa Sanpaolo /01/ ,274, EUR 3,000,000 UniCredit EMTN /10/2022 3,883, Jamaica 10,692, ,910,000 Digicel 144A /03/ ,692, Luxembourg 36,934, ,690,000 ArcelorMittal /06/2025 4,699, ,676,689 Ardagh Finance 144A ,063, /06/2019 6,000,000 INEOS 144A /02/2019 6,053, ,125,000 INEOS 144A /08/2018 1,149, ,125,000 INEOS 144A /08/2018 1,147, ,000,000 Intelsat Jackson /08/ ,481, ,630,000 Intelsat Luxembourg ,374, /06/ ,000 Millicom International Cellular RegS /05/ , Malaysia 33,050, MYR 77,970,000 Malaysia Government ,487, /03/2020 MYR 41,865,000 Malaysia Government /09/ ,111, ,500,000 Petronas Capital RegS /03/2045 1,451, Mexico 15,880, ,000,000 Grupo Televisa 5 13/05/2045 5,700, ,000,000 Mexichem RegS /09/2044 2,785, ,905,000 Petroleos Mexicanos /06/2035 7,394, herlands 31,095, ,150,000 Constellium 144A 8 15/01/2023 9,378, EUR 4,000,000 Constellium RegS 7 15/01/2023 4,512, ,755,000 Sensata Technologies 144A 5 8,536, /10/2025 8,305,000 Sensata Technologies 144A /11/2024 8,668, Peru 10,907, ,500,000 BBVA Banco Continental RegS 5 3,643, /08/2022 1,275,000 Cia Minera Ares RegS ,309, /01/2021 1,000,000 Cia Minera Milpo SAA RegS ,024, /03/2023 5,000,000 Transportadora de Gas del Peru RegS /04/2028 4,930, Philippines 8,842, PHP 351,000,000 Philippine Government ,842, /01/2036 Romania 5,195, RON 18,900,000 Romania Government ,195, /06/2017 Russia 27,320, RUB 1,389,100,000 Russian Federal Bond - OFZ ,416, /01/2018 5,000,000 Russian Foreign - Eurobond RegS /04/2022 4,903, Singapore 4,613, ,700,000 Global Logistic Properties ,613, /06/2025 South Africa 56,470, ,535,000 South Africa Government ,603, /01/2024 2,510,000 South Africa Government ,791, /09/2025 ZAR 382,765,000 South Africa Government ,826, /02/2041 ZAR 124,100,000 South Africa Government 7 8,684, /02/2031 ZAR 231,580,000 South Africa Government /02/ ,565, Spain 4,363, ,032 Abertis Infraestructuras 4,363,

407 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 407 Global Multi-Asset Income (cont) Global Multi-Asset Income (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated United Kingdom 23,062, ,085,000 Ashtead Capital 144A /07/2022 3,300, ,800,000 Barclays Bank variable 10/04/2023 4,121, ,500,000 Fiat Chrysler Automobiles 144A 4.5 4,484, /04/2020 6,120,000 Fiat Chrysler Automobiles 144A ,021, /04/2023 1,060,000 Jaguar Land Rover Automotive 144A 1,112, /02/ ,000 RBS Capital Trust II variable perpetual 891, GBP 1,900,000 Virgin Media Finance RegS /10/2024 3,129, United States of America 1,109,931, ,265,000 Activision Blizzard 144A ,383, /09/2021 6,000,000 AES /05/2023 5,684, ,000,000 Ahern Rentals 144A /05/ ,850, ,195,000 Alliance One International ,221, /07/ ,665,000 Ally Financial /02/ ,296, ,500,000 Ally Financial /03/2020 1,498, ,850,000 Ally Financial /03/2025 9,408, ,275,000 American Express variable perpetual 11,907, ,400,000 American Municipal Power ,339, /02/2041 4,250,000 Apple /05/2043 3,871, ,080,000 Argos Merger Sub 144A ,672, /03/2023 EUR 2,750,000 AT&T /03/2035 2,662, ,000,000 AT&T /06/ ,460, ,000,000 Bank of America variable perpetual 10,971, ,500,000 Bank of America variable perpetual 8,792, ,800,000 BlueLine Rental Finance 144A 7 7,975, /02/2019 9,600,000 Boyd Gaming /05/2023 9,830, ,915,000 BreitBurn Energy Partners ,474, /04/2022 4,250,000 Buckeye Partners /10/2044 4,018, ,220,000 BWAY 144A /08/ ,844, ,000,000 Calpine /01/ ,368, ,600,000 CBS /01/ ,964, ,225,000 CCO/CCO Capital 144A ,816, /05/2023 8,085,000 CDW/CDW Finance 5 01/09/2023 7,965, ,160,000 CDW/CDW Finance 6 15/08/2022 5,352, ,320,000 Cedar Fair/Canada's Wonderland/ Magnum Management /06/2024 4,384, ,000,000 Chesapeake Energy /06/2021 8,193, ,750,000 Chicago Transit Authority ,171, /12/ ,000,000 CHS/Community Health Systems 10,562, /07/2020 3,560,000 Cisco Systems /01/2040 4,066, ,000,000 Citigroup variable perpetual 5,004, ,740,000 Cleveland Clinic Foundation ,130, /01/2114 GBP 1,500,000 Comcast /11/2029 2,847, ,778,000 CommScope 144A 5 15/06/2021 8,547, ,745,000 CommScope Technologies Finance 8,701, A 6 15/06/2025 4,930,000 Crestwood Midstream Partners/ Crestwood Midstream Finance 144A /04/2023 5,168, ,260,000 Crestwood Midstream Partners/ Crestwood Midstream Finance /03/ ,522, ,920,000 DaVita HealthCare Partners ,834, /07/2024 7,335,000 DISH DBS 5 15/03/2023 6,764, ,675,000 DISH DBS /11/2024 1,607, United States of America (cont) 2,755,000 Dynegy 144A /11/2019 2,878, ,205,000 Dynegy 144A /11/2022 2,329, ,970,000 Dynegy 144A /11/ ,593, ,855,000 Endeavor Energy Resources/EER 2,940, Finance 144A /09/ ,000,000 Endeavor Energy Resources/EER 14,925, Finance 144A 7 15/08/2021 8,400,000 Energy Transfer Equity ,759, /01/ ,500,000 Energy Transfer Partners ,855, /02/2043 3,990,000 Enova International /06/2021 3,800, ,300,000 Envision Healthcare 144A ,320, /07/ ,640,000 EV Energy Partners/EV Energy Finance 10,901, /04/ ,600,000 Express Scripts /11/ ,350, ,220,000 Exterran Partners/EXLP Finance 6 3,107, /04/2021 9,870,000 Family Tree Escrow 144A ,344, /03/2023 4,700,000 Ferrellgas/Ferrellgas Finance 144A 4,735, /06/2023 7,205,000 Ferrellgas/Ferrellgas Finance ,286, /01/ ,190,000 Fidelity & Guaranty Life 144A ,738, /04/2021 1,915,000 First Data /06/2021 2,119, ,917,000 First Data /08/2021 5,547, ,700,000 Freeport-McMoRan /03/ ,191, ,640,000 GCI /04/2025 7,754, ,300,000 Gilead Sciences /02/2045 8,252, ,575,000 Halcon Resources /05/2021 5,725, ,550,000 Halcon Resources /07/2020 1,689, ,355,000 HCA /04/ ,189, ,650,000 HealthSouth /03/2023 4,630, GBP 700,000 HJ Heinz /07/2027 1,103, ,200,000 Icahn Enterprises/Icahn Enterprises 11,604, Finance 6 01/08/2020 5,630,000 Infor Software Parent 144A ,655, /05/2021 7,505,000 Infor US 144A /05/2022 7,636, ,045,000 Jaguar 144A /10/2017 4,140, ,035,000 JC Penney /10/2019 2,018, ,630,000 Jones Energy /04/2022 8,220, ,545,000 JPMorgan Chase & Co. variable 6,496, perpetual 4,955,000 JPMorgan Chase & Co. variable 5,268, perpetual 8,000,000 Kraft Foods /02/2040 9,365, ,000,000 Lamar Media /01/2024 7,164, ,965,000 Landry's 144A /05/ ,047, ,200,000 Liberty Mutual 144A /08/2044 3,102, ,500,000 Linn Energy/Linn Energy Finance 6.5 7,220, /09/2021 2,800,000 Los Angeles Department of Water & 3,757, Power /07/2045 8,255,000 Marina District Finance ,490, /08/2018 3,750,000 Memorial Production Partners/Memorial 3,443, Production Finance /08/2022 7,765,000 Memorial Production Partners/Memorial 7,422, Production Finance /05/ ,000,000 Men's Wearhouse 7 01/07/ ,050, ,400,000 MGM Resorts International 6 7,512, /03/ ,000 Midstates Petroleum , /10/2020 5,000,000 Midstates Petroleum /06/2021 2,071, ,043,000 Milacron/Mcron Finance 144A /02/2021 7,254,

408 Page 408 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Multi-Asset Income (cont) Global Multi-Asset Income (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated United States of America (cont) 10,875,000 Modular Space 144A ,406, /01/ ,600,000 Morgan Stanley variable perpetual 11,500, ,285,000 MPG Holdco I /10/ ,249, ,770,000 Multi-Color 144A /12/2022 2,846, ,200,000 Mustang Merger 144A /08/2021 9,384, ,485,000 Navient 5 26/10/2020 2,466, ,500,000 Navient /01/2023 2,389, ,000,000 Navient MTN /03/ ,507, ,900,000 NCI Building Systems 144A ,453, /01/2023 5,000,000 NCR /12/2023 5,313, ,285,000 NES Rentals 144A /05/2018 8,429, ,290,000 Nielsen Finance 144A 5 15/04/2022 6,186, ,000,000 Oasis Petroleum /03/2022 5,103, ,000,000 Oracle /05/2045 4,638, ,900,000 Pacific LifeCorp 144A ,960, /01/2043 9,360,000 Penn Virginia /05/2020 8,470, ,775,000 Pinnacle Entertainment /04/2021 7,151, ,045,000 Port Authority of New York & New Jersey 6,939, /10/ ,225,000 Qualitytech/QTS Finance ,510, /08/2022 3,155,000 Quintiles Transnational 144A ,186, /05/2023 3,645,000 Rite Aid 144A /04/2023 3,758, ,180,000 RKI Exploration & Production/RKI 15,142, Finance 144A /08/2021 5,140,000 Sabine Pass Liquefaction 144A ,073, /03/ ,515,000 Sabine Pass Liquefaction ,473, /05/2024 8,635,000 Sabra Health Care/Sabra Capital ,937, /06/ ,520,000 Sabra Health Care/Sabra Capital ,151, /02/2021 8,700,000 SandRidge Energy /03/2021 3,828, EUR 1,500,000 Sealed Air RegS /09/2023 1,707, ,000,000 Select Medical /06/2021 8,073, ,100,000 Seventy Seven Operating ,615, /11/2019 7,850,000 Signet UK Finance /06/2024 7,941, ,410,000 Sinclair Television 144A ,346, /08/2024 4,850,000 Sinclair Television /11/2021 5,039, ,535,000 Sirius XM Radio 144A ,179, /04/ ,000,000 Sirius XM Radio 144A 6 15/07/ ,100, ,900,000 Southern California Public Power 3,380, Authority /07/ ,065,000 Sprint /09/ ,640, ,475,000 State of California /04/2039 3,636, ,190,000 Suburban Propane Partners/Suburban 7,182, Energy Finance /06/2024 4,660,000 Suburban Propane Partners/Suburban 4,725, Energy Finance /03/2025 9,310,000 Sunoco/Sunoco Finance 144A ,705, /04/2023 9,735,000 TEGNA /10/ ,005, ,470,000 Tenet Healthcare 6 01/10/2020 2,625, ,340,000 United Rentals North America ,976, /07/2025 3,000,000 University of California ,707, /05/2115 3,700,000 US Treasury Bill 0 06/08/2015 3,699, ,465,000 Valeant Pharmaceuticals International 9,549, A /03/2023 5,050,000 Valeant Pharmaceuticals International 144A /05/2023 5,188, United States of America (cont) 15,150,000 Valeant Pharmaceuticals International 15,585, A /04/2025 8,650,000 Vander Intermediate II 144A ,541, /02/2019 6,878,000 Verizon Communications 144A ,956, /03/2055 7,638,000 Verizon Communications ,987, /08/2054 5,675,000 Viacom /09/2043 5,685, ,860,000 Viking Cruises 144A /10/2022 4,265, GBP 4,000,000 Wal-Mart Stores /03/2034 8,099, ,585,000 WaveDivision Escrow 144A ,837, /09/ ,000,000 West 144A /07/ ,987, Total Money Instruments dealt on another Regulated 1,684,924, Other Transferable Securities not dealt on another Regulated Kazakhstan 14,985, ,750,000 KazMunayGas National RegS 4.4 4,342, /04/ ,670,000 KazMunayGas National RegS /04/ ,643, Panama 4,934, ,773,073 ENA Norte Trust RegS ,934, /04/2023 Total Other Transferable Securities not dealt on another Regulated 19,919, Units in Open-Ended Investment Scheme Luxembourg 4,727, ,086 Emerging Multi-Asset Income Class I Dis 4,727, United States of America 21,158, ,996,082 ishares Mortgage Real Estate Capped 21,158, ETF Total Units in Open-Ended Investment Scheme 25,885, Units in Closed-Ended Investment Scheme Guernsey 16,673, ,800,055 International Public Partnerships Ordinary shares Class Dis 16,673, South Africa 1,884, ,838 Coronation Fund Managers 1,884, United Kingdom 84,398, ,412,268 Bilfinger Berger Global Infrastructure 16,205, SICAV Dis 13,883,134 GCP Infrastructure Investments 25,049, ,449,782 HICL Infrastructure 22,969, ,009,818 Starwood European Real Estate Finance 20,174, Total Units in Closed-Ended Investment Scheme 102,956,

409 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 409 Global Multi-Asset Income (cont) Japan DGF Derivatives Money Instruments Admitted JPY Hong Kong SAR 133,561-37,583 Sun Hung Kai Properties Warrants 22/04/ ,561 - Total Derivatives 133,561 - Total Investments 6,044,964, Other 276,948, Asset 6,321,912, United Kingdom 2,341,845, GBP 1,620,000 UK Treasury /07/ ,064, GBP 3,910,000 UK Treasury /09/ ,864, GBP 5,060,000 UK Treasury 5 07/03/2025 1,226,915, United States of America 911,269, ,527 Energy Select Sector SPDR Fund 911,269, Total Money Instruments Admitted 3,253,115, Money Instruments dealt on another Regulated JPY United States of America 1,897,737, ,990,000 US Treasury Inflation Indexed Bonds /01/2024 1,897,737, Total Money Instruments dealt on another Regulated 1,897,737, Other Transferable Securities not dealt on another Regulated JPY New Zealand 1,447,052, NZD 14,960,000 New Zealand Government 5.5 1,447,052, /04/2023 Total Other Transferable Securities not dealt on another Regulated 1,447,052, Units in Open-Ended Investment Scheme JPY Luxembourg 25,896,713, ,616 Asia Pacific Property 492,464, Securities Class I Acc 988,851 Asian Bond Absolute 1,990,496, Return Class I Acc 195,176 Asian Local Currency Bond 3,104,423, Class I Acc 74,819 Asian Total Return Class I 2,157,550, Acc 637,704 Emerging s Debt 2,631,537, Absolute Return Class I Acc 377,279 EURO Bond Class I Acc 1,175,922, ,045 EURO Equity Class I Acc 1,330,498, ,251,331 Global Bond Class I Acc 6,871,193, ,183 Global High Yield Class I 1,181,859, Acc 989,929 Japanese Equity Class I 1,417,331, Acc 5,697,525 Japanese Smaller 815,771, Companies Class I Acc 26,856 QEP Global Active 723,001, Class I Acc 11,890 QEP Global Quality Class I 220,091, Acc 89,074 Strategic Bond Class I Acc 1,784,571, Singapore 1,604,655, ,712,148 International Opportunities Portfolio - Asian Investment Grade Credit A 1,604,655, United States of America 1,569,834, ,010 ishares Global Consumer Discretionary 747,481, ETF

410 Page 410 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Japan DGF (cont) Strategic Beta 10 Units in Open-Ended Investment Scheme JPY Money Instruments dealt on another Regulated United States of America (cont) 73,115 ishares US Financials ETF 822,353, Total Units in Open-Ended Investment Scheme 29,071,203, Units in Closed-Ended Investment Scheme JPY Guernsey 297,136, ,131,903 International Public Partnerships Ordinary shares Class Dis 297,136, United Kingdom 787,950, ,951,470 Bilfinger Berger Global Infrastructure 460,101, SICAV Dis 1,100,877 HICL Infrastructure 327,848, Total Units in Closed-Ended Investment Scheme 1,085,086, Total Investments 36,754,194, Other 360,656, Asset 37,114,851, United States of America 34,289, ,600,000 US Treasury Bill 0 23/07/2015 2,599, ,180,000 US Treasury Bill 0 06/08/2015 7,180, ,406,000 US Treasury Bill 0 20/08/2015 7,405, ,326,000 US Treasury Bill 0 24/09/2015 7,325, ,180,000 US Treasury Bill 0 15/10/2015 7,179, ,600,000 US Treasury Bill 0 12/11/2015 2,599, Total Money Instruments dealt on another Regulated 34,289, Units in Open-Ended Investment Scheme Ireland 11,330, ,347 ishares TIPS UCITS ETF 11,330, United States of America 3,810, ,759 ishares JP Morgan Emerging 3,810, s Bond ETF Total Units in Open-Ended Investment Scheme 15,141, Total Investments 49,431, Other 13,287, Asset 62,719,

411 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 411 Wealth Preservation EUR Wealth Preservation EUR (cont) Money Instruments Admitted EUR Money Instruments dealt on another Regulated EUR Brazil 168, BRL 65,000 Brazil Notas do Tesouro Nacional Serie F 168, /01/2021 Canada 306, ,422 Alamos Gold 77, ,356 Bankers Petroleum 61, Franco-Nevada 34, ,450 Painted Pony Petroleum 133, Hungary 466, ,475 Magyar Telekom Telecommunications 67, ,713 MOL Hungarian Oil & Gas 123, ,113 OTP Bank 160, ,685 Richter Gedeon 115, Indonesia 314, IDR 2,500,000,000 Indonesia Government , /04/2019 IDR 2,207,000,000 Indonesia Government /03/ , Portugal 81, ,670 Galp Energia 81, Supranational 777, INR 20,600,000 International Finance /06/ , INR 32,300,000 International Finance /06/ , Thailand 71, ,500 Khonburi Sugar (Foreign) 71, United Kingdom 1,141, ,350 BG 110, ,555 ETFS Physical Silver 181, ,800 Fresnillo 144, ,235 Randgold Resources ADR 75, ,120 Source Physical Gold P 629, United States of America 1,159, ,000 Agnico Eagle Mines 77, ,434 AuRico Gold 54, ,587 EQT 115, ,487 First Majestic Silver 97, ,360 Marathon Oil 56, ,317 Northern Oil and Gas 55, ,336 Range Resources 57, ,040 Royal Gold 57, ,310 Sanchez Energy 97, ,450 Silver Wheaton 100, ,604 Southwestern Energy 92, ,400 TransAtlantic Petroleum 33, ,985 Ultra Petroleum 89, ,800 WPX Energy 130, ,070 Yamana Gold 44, Brazil 110, BRL 44,500 Brazil Notas do Tesouro Nacional Serie F 110, /01/2025 France 13,759, EUR 1,300,000 France Treasury Bill BTF 0 05/08/2015 1,300, EUR 2,600,000 France Treasury Bill BTF 0 20/08/2015 2,600, EUR 1,700,000 France Treasury Bill BTF 0 16/09/2015 1,701, EUR 2,350,000 France Treasury Bill BTF 0 30/09/2015 2,351, EUR 2,300,000 France Treasury Bill BTF 0 14/10/2015 2,302, EUR 1,800,000 France Treasury Bill BTF 0 28/10/2015 1,801, EUR 1,700,000 France Treasury Bill BTF 0 11/11/2015 1,701, Russia 388, RUB 18,100,000 Russian Federal Bond - OFZ , /05/2020 RUB 11,000,000 Russian Federal Bond - OFZ /02/ , Thailand 252, THB 9,300,000 Thailand Government /07/ , Total Money Instruments dealt on another Regulated 14,510, Other Transferable Securities not dealt on another Regulated EUR Vietnam 446, ,900 Masan 125, VND 3,500,000,000 Vietnam Government /03/ , ,456 Vingroup 162, Total Other Transferable Securities not dealt on another Regulated 446, Units in Open-Ended Investment Scheme EUR United States of America 867, ,811 ishares Global Energy ETF 867, Total Units in Open-Ended Investment Scheme 867, Total Investments 21,172, Other 1,115, Asset 22,288, Vietnam 861, ,100 Bank for Foreign Trade of Vietnam 285, ,200 Bank for Investment and Development of 131, Vietnam 35,800 Bao Viet 59, ,200 PetroVietnam Gas 235, ,000 Vietnam Joint Stock Commercial Bank for Industry and Trade 148, Total Money Instruments Admitted 5,347,

412 Page 412 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Wealth Preservation Multi-Manager Global Diversity Money Instruments dealt on another Regulated Units in Open-Ended Investment Scheme United States of America 4,449, ,000 US Treasury Bill 0 02/07/ , ,000 US Treasury Bill 0 30/07/ , ,350,000 US Treasury Bill 0 06/08/2015 1,349, ,000 US Treasury Bill 0 13/08/ , ,000 US Treasury Bill 0 20/08/ , ,000 US Treasury Bill 0 27/08/ , Total Money Instruments dealt on another Regulated 4,449, Total Investments 4,449, Other 214, Asset 4,664, Ireland 5,781, ,175 Findlay Park American Fund Class F 1,075, Goldman Sachs Funds - Liquid 1,955, Reserves Class I Acc 1,200 Heptagon Fund - Yacktman US Equity 182, Fund Class C 331,000 J O Hambro Capital Management Umbrella Fund - Global Opportunities Class Dis 595, ,000 Majedie Asset Management Tortoise 1,444, Fund Class H 5,750 Odey Swan Fund Class I Acc 529, Luxembourg 5,928, ,000 JPMorgan Funds Income Opportunity 1,891, Plus Fund Class C Dis 45,500 Morgan Stanley Investment Funds - 1,312, Diversified Alpha Plus Fund 24,500 US Dollar Liquidity Class I Acc 2,724, United Kingdom 6,013, ,000 Artemis Strategic Fund Class I 498, Acc 16,500 BlackRock Gold and General Fund Class 165, A Acc 40,400 GAM Funds - Global Diversified Fund 998, Class I Acc 328,000 GLG International ICVC - Japan Core 951, Alpha Class P 50,000 Invesco Perpetual European Investment Series - European Equity Fund Class Z Acc 265, ,000 Majedie Asset Management UK Equity Fund Class X 301,000 European Absolute Target Fund 400,000 Thesis Unit Trust Management - TM Sanditon European Fund Class Acc 650,000 Thesis Unit Trust Management - TM Sanditon European Select Class F Acc 931, , , , Total Units in Open-Ended Investment Scheme 17,723, Total Investments 17,723, Other 753, Asset 18,477,

413 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 413 Asian Bond Absolute Return Asian Bond Absolute Return (cont) Money Instruments Admitted Money Instruments Admitted China 56,582, CNH 9,000, Degrees International 7.5 1,399, /09/2017 HKD 32,000,000 Biostime International 0 20/02/2019 3,937, ,000 CCCI Treasure variable perpetual 198, ,400,000 CDBL Funding /12/2019 1,396, ,500,000 CDBL Funding /12/2024 3,431, ,000,000 Central Plaza Development variable 1,029, perpetual CNY 50,000,000 China Government /10/2019 8,193, ,200,000 China Mengniu Dairy /11/2018 1,234, CNH 30,000,000 China Singyes Solar Technologies 5 4,750, /08/2019 3,800,000 Dianjian Haixing variable perpetual 3,875, ,000,000 ENN Energy 0 26/02/2018 3,400, ,335 Fufeng RegS /04/ , ,000,000 Future Land Development ,053, /07/ ,000 Greentown China 8 24/03/ , ,400,000 Greentown China /02/2018 2,532, ,000,000 Haitian International 2 13/02/2019 5,308, ,000,000 KWG Property /01/2019 1,029, ,950,000 Logan Property RegS ,068, /06/2019 CNH 9,000,000 Longfor Properties /05/2018 1,474, ,000,000 Longfor Properties EMTN ,092, /10/2019 3,325,000 Times Property /03/2019 3,573, ,500,000 Wanda Properties International /01/2024 1,628, Hong Kong SAR 32,692, HKD 26,000,000 ASM Pacific Technology 2 28/03/2019 3,624, ,200,000 China Overseas Finance Investment 4,979, Cayman IV 0 04/02/2021 4,000,000 CIFI /04/2018 4,367, ,500,000 Goodman HK Finance EMTN ,508, /06/2024 5,000,000 Johnson Electric 1 02/04/2021 5,259, ,800,000 PB Issuer No /07/2021 5,712, ,000,000 PCCW Capital No 4 RegS ,076, /04/2022 4,000,000 Shimao Property /01/2021 4,197, ,100,000 SmarTone Finance /04/2023 1,967, India 116,383, INR 2,600,000,000 India Government /05/ ,551, INR 2,300,000,000 India Government /04/ ,962, INR 1,750,000,000 India Government /09/ ,810, ,000,000 Larsen & Toubro /10/2019 5,490, INR 200,000,000 Rural Electrification /09/2016 3,190, INR 150,000,000 Rural Electrification /08/2016 2,393, ,000,000 Vedanta Resources Jersey /07/2016 2,984, Indonesia 23,994, ,700,000 Pacific Emerald RegS /07/2018 3,892, ,000,000 Pelabuhan Indonesia II RegS ,818, /05/2025 8,000,000 Perusahaan Gas Negara Persero RegS 8,070, /05/2024 5,900,000 Perusahaan Penerbit SBSN Indonesia III 6,595, RegS /03/ ,000 Star Energy Geothermal Wayang Windu 480, RegS /03/2020 2,100,000 Theta Capital 7 11/04/2022 2,138, Kazakhstan 2,360, ,500,000 Kazakhstan Government RegS ,360, /10/2024 Mongolia 21,011, ,000,000 Development Bank of Mongolia RegS 6,895, /03/ ,400,000 Mongolia Government RegS ,371, /12/2022 3,500,000 Trade & Development Bank of Mongolia RegS /05/2020 3,744, Philippines 3,172, ,000,000 Petron RegS variable perpetual 3,172, South Korea 61,072, ,000,000 Hana Bank RegS /09/2024 2,057, ,000,000 Korea Exchange Bank ,081, /10/2024 KRW 52,000,000,000 Korea Treasury Bond /09/ ,068, ,000 Shinsegae variable 08/05/ , ,000,000 Woori Bank RegS /04/2024 2,074, Taiwan 12,453, ,500,000 Asia Cement 0 13/05/2018 1,507, ,000 Formosa Cayman /04/ , ,000,000 TPK RegS 0 08/04/2020 4,926, ,000,000 Zhen Ding Technology 0 26/06/2019 5,544, Total Money Instruments Admitted 329,723, Money Instruments dealt on another Regulated China 85,545, CNY 10,000,000 China Government /09/2024 1,679, ,500,000 China Resources Power East Foundation 4,616, variable perpetual CNH 13,000,000 China Unicom 4 16/04/2017 2,096, ,500,000 CITIC /01/2023 1,739, ,000,000 CITIC variable perpetual 1,040, ,800,000 CITIC variable perpetual 2,072, ,000,000 CRCC Yupeng variable perpetual 4,080, ,000,000 Ctrip.com International ,674, /10/2018 5,000,000 Franshion Capital RegS 6.8 perpetual 5,447, CNY 100,000,000 People's Republic Of China ,063, /05/2020 CNY 50,000,000 People'S Republic Of China ,042, /01/2020 CNY 80,000,000 People's Republic Of China ,170, /04/2025 4,000,000 Poly Property /05/2018 4,020, ,800,000 Qihoo 360 Technology 144A ,411, /08/2021 6,000,000 SouFun 2 15/12/2018 5,745, ,000,000 YY /04/2019 5,646, Hong Kong SAR 1,939, CNH 12,000,000 Gemdale International /07/2015 1,939, India 2,514, ,500,000 ABJA Investment /07/2024 2,514, Indonesia 1,955, ,000 Pratama Agung /02/ , ,500,000 TBG Global /02/2022 1,469, Malaysia 17,796, MYR 66,300,000 Malaysia Government ,796, /07/2024

414 Page 414 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Asian Bond Absolute Return (cont) Emerging s Debt Absolute Return Money Instruments dealt on another Regulated Money Instruments Admitted Philippines 36,808, PHP 240,000,000 Philippine Government /11/2022 5,290, PHP 300,000,000 Philippine Government ,557, /01/2036 PHP 825,000,000 Philippine Government 7 27/01/ ,731, PHP 220,000,000 Philippine Government 7 31/03/2017 5,229, Thailand 62,071, THB 550,000,000 Thailand Government /07/ ,733, THB 940,000,000 Thailand Government /03/ ,810, THB 425,000,000 Thailand Government ,247, /06/2023 THB 200,000,000 Thailand Government /12/2021 6,279, United States of America 43,999, ,000,000 US Treasury Bill 0 03/09/ ,999, ,000,000 US Treasury Bill 0 06/08/ ,999, Total Money Instruments dealt on another Regulated 252,631, Units in Open-Ended Investment Scheme Hong Kong SAR 27,172, ,500 Umbrella Fund II - 15,963, China Fixed Income I CNH 1,100,000 Umbrella Fund II - China Fixed Income I 11,209, Luxembourg 23,790, ,500 RMB Fixed Income Class I Acc 23,790, Total Units in Open-Ended Investment Scheme 50,962, Total Investments 633,317, Other 54,146, Asset 687,464, Brazil 138,257, BRL 6,880,000 Brazil Notas do Tesouro Nacional Serie F 19,968, /01/2021 BRL 34,656,000 Brazil Notas do Tesouro Nacional Serie F 98,641, /01/ ,635,000 Brazilian Government /01/ ,647, Colombia 41,536, ,640,000 Colombia Government 4 26/02/ ,536, Czech Republic 144,927, CZK 1,812,330,000 Czech Republic /09/ ,062, CZK 1,584,000,000 Czech Republic 4 11/04/ ,865, Ecuador 3,562, ,950,000 Ecuador Government RegS ,562, /06/2024 Indonesia 106,641, IDR 181,250,000,000 Indonesia Government ,509, /04/2019 IDR 969,345,000,000 Indonesia Government ,007, /03/ ,490,000 Indonesia Government RegS /01/ ,123, Mexico 574,174, MXN 1,400,000,000 Mexico Cetes 0 23/07/ ,740, MXN 922,000,000 Mexico Cetes 0 17/09/ ,857, MXN 1,844,000,000 Mexico Cetes 0 01/10/ ,522, MXN 1,850,000,000 Mexico Cetes 0 12/11/ ,705, MXN 2,878,500,000 Mexico Cetes 0 04/02/ ,066, ,600,000 Mexico Government /01/ ,282, Poland 298,418, PLN 706,400,000 Poland Government 5 25/04/ ,035, PLN 384,700,000 Poland Government /10/ ,383, South Korea 77,638, KRW 57,050,000,000 Korea Treasury Bond 3 10/12/ ,978, KRW 28,496,000,000 Korea Treasury Bond /09/ ,659, Supranational 78,733, INR 2,164,000,000 International Finance /06/ ,148, INR 1,200,000,000 International Finance /06/ ,039, INR 1,500,000,000 International Finance GMTN /10/ ,544, Vietnam 21,546, VND 472,000,000,000 Vietnam Government /01/ ,546, Total Money Instruments Admitted 1,485,437, Money Instruments dealt on another Regulated Brazil 117,212, BRL 34,846,000 Brazil Notas do Tesouro Nacional Serie F 97,431, /01/ ,550,000 Brazilian Government /01/ ,780, Ecuador 18,874, ,650,000 Ecuador Government RegS ,874, /03/2020 Russia 145,584, RUB 2,970,000,000 Russian Federal Bond - OFZ ,528, /05/2020 RUB 6,775,800,000 Russian Federal Bond - OFZ /02/ ,055,

415 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 415 Emerging s Debt Absolute Return (cont) European Alpha Absolute Return Money Instruments dealt on another Regulated Money Instruments Admitted EUR Singapore 82,674, SGD 111,250,000 Singapore Government ,674, /07/2015 South Africa 107,013, ,180,000 South Africa Government ,665, /09/2025 ZAR 864,000,000 South Africa Government /12/ ,348, Thailand 144,164, THB 591,250,000 Bank of Thailand FRN 26/02/ ,508, THB 3,393,600,000 Thailand Government /07/ ,247, THB 852,500,000 Thailand Government /03/ ,408, United States of America 1,894,739, ,000,000 US Treasury Bill 0 23/07/ ,995, ,000,000 US Treasury Bill 0 30/07/ ,993, ,000,000 US Treasury Bill 0 06/08/ ,988, ,000,000 US Treasury Bill 0 13/08/ ,988, ,000,000 US Treasury Bill 0 27/08/ ,987, ,000,000 US Treasury Bill 0 03/09/ ,997, ,000,000 US Treasury Bill 0 22/10/ ,965, ,000,000 US Treasury Bill 0 05/11/ ,967, ,000,000 US Treasury Bill 0 12/11/ ,955, ,000,000 US Treasury Bill 0 19/11/ ,987, ,000,000 US Treasury Bill 0 27/11/ ,973, ,000,000 US Treasury Bill 0 03/12/ ,958, ,000,000 US Treasury Bill 0 10/12/ ,978, Vietnam 10,574, VND 200,000,000,000 Vietnam Government /05/ ,574, Total Money Instruments dealt on another Regulated 2,520,838, Other Transferable Securities not dealt on another Regulated Vietnam 48,453, VND 340,081,300,000 Vietnam Government /08/ ,689, VND 180,000,000,000 Vietnam Government /02/2024 9,357, VND 440,000,000,000 Vietnam Government /03/ ,406, Total Other Transferable Securities not dealt on another Regulated 48,453, Total Investments 4,054,729, Other 90,743, Asset 4,145,472, Denmark 2,218, ,020 Pandora 2,218, Finland 3,406, ,000 Neste 3,406, Germany 49,950, ,160 Brenntag 1,808, EUR 5,400,000 Germany (Bund) 0 26/08/2015 5,406, EUR 7,000,000 Germany (Bund) 0 16/09/2015 7,008, EUR 8,000,000 Germany (Bund) 0 30/09/2015 8,010, EUR 7,500,000 Germany (Bund) 0 14/10/2015 7,511, EUR 6,500,000 Germany (Bund) 0 28/10/2015 6,509, EUR 8,400,000 Germany (Bund) 0 11/11/2015 8,410, ,200 LANXESS 2,602, ,000 Rheinmetall 2,683, Italy 4,679, ,000 Intesa Sanpaolo 2,133, ,210 Moncler 2,546, herlands 3,539, ,310 Randstad 1,770, ,890 USG People 1,768, Spain 1,599, ,100 Mediaset Espana Comunicacion 1,599, United States of America 1,978, ,700 Veeco Instruments 1,978, Total Money Instruments Admitted 67,372, Money Instruments dealt on another Regulated EUR Spain 1,534, ,360 Atresmedia de Medios de Comunicacion 1,534, Total Money Instruments dealt on another Regulated 1,534, Units in Open-Ended Investment Scheme EUR Luxembourg 7,535, ,820 EURO Liquidity Class I Acc 7,535, Total Units in Open-Ended Investment Scheme 7,535, Total Investments 76,441, Other 10,523, Asset 86,965,

416 Page 416 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments European Equity Absolute Return Money Instruments Admitted EUR European Equity Absolute Return (cont) Units in Open-Ended Investment Scheme EUR Belgium 3,325, ,400 Cie d'entreprises 2,496, ,200 Delhaize 829, Denmark 5,762, ,000 Bavarian Nordic 2,338, ,000 D/S Norden 1,264, ,400 Pandora 2,158, Finland 2,047, ,800 Neste 1,024, ,000 Nokia 1,023, Luxembourg 7,037, ,000 EURO Liquidity Class I Acc 7,037, Total Units in Open-Ended Investment Scheme 7,037, Total Investments 78,351, Other 8,486, Asset 86,838, France 4,803, ,000 Imerys 1,920, ,905 Nexity 2,883, Germany 34,044, EUR 6,000,000 Germany (Bund) 0 15/07/2015 6,005, EUR 7,000,000 Germany (Bund) 0 26/08/2015 7,008, EUR 5,500,000 Germany (Bund) 0 30/09/2015 5,507, EUR 9,000,000 Germany (Bund) 0 14/10/2015 9,012, EUR 6,500,000 Germany (Bund) 0 28/10/2015 6,510, Italy 4,064, ,368 Anima 1,326, ,344,000 Banca Popolare di Milano 1,271, ,232,000 Credito Valtellinese 1,466, herlands 1,490, ,000 USG People 1,490, Norway 1,218, ,469 XXL ASA 1,218, Spain 1,914, ,720 Merlin Properties Socimi 1,914, Sweden 1,163, ,000 Com Hem 1,163, Switzerland 790, ,443 Cembra Money Bank 790, Total Money Instruments Admitted 60,626, Money Instruments dealt on another Regulated EUR Germany 1,808, ,360 United Internet RegS 1,808, Spain 1,556, ,000 Atresmedia de Medios de Comunicacion 1,556, United Kingdom 7,322, GBP 5,200,000 UK Treasury Bill 0 16/11/2015 7,322, Total Money Instruments dealt on another Regulated 10,687,

417 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 417 QEP Global Absolute * QEP Global Absolute * (cont) Money Instruments Admitted Money Instruments Admitted Australia 1,165, ,667 Austal 37, ,748 Beach Energy 9, ,755 BHP Billiton 78, ,008 Breville 28, ,520 BWP Trust REIT 50, ,859 Cabcharge Australia 24, CSL 48, ,250 Downer EDI 22, ,229 DuluxGroup 71, ,414 DWS 1,535-2,292 Flight Centre Travel 60, ,961 MACA 12, ,428 McMillan Shakespeare 41, ,250 Medusa Mining 25, ,888 Metcash 30, ,664 Monadelphous 26, Rio Tinto 39, ,755 South32 5, ,279 Telstra 279, ,124 Woodside Petroleum 187, ,057 Woolworths 84, Austria 140, ,572 Atrium European Real Estate 7, ,897 Oesterreichische Post 133, Belgium 613, ,598 Ageas 100, ,032 Anheuser-Busch InBev 243, ,236 Colruyt 100, ,731 Melexis 100, Sofina 69, Bermuda 26, Axis Capital 26, Brazil 11, ,075 Companhia Energetica de Minas Gerais ADR Preference 11, Canada 1,303, ,800 Alimentation Couche-Tard 119, ,100 CCL Industries 134, ,000 Centerra Gold 34, ,000 CGI 39, ,800 CI Financial 75, ,800 Corby Spirit and Wine 30, Corus Entertainment 10, Dominion Diamond 11, E-L Financial 52, ,400 Enbridge Income Fund 66, ,100 Genworth MI Canada 81, ,400 Magna International 78, ,500 Medical Facilities 91, ,800 Nevsun Resources 40, ,100 North West 61, ,400 Rogers Communications 120, ,400 Shaw Communications 95, ,400 Stantec 70, ,100 Teck Resources 50, ,100 Transcontinental 38, Chile 72, ,600 Enersis ADR 72, China 106, Ease ADR 12, ,000 Shenguan 39, ,400 SouFun ADR 53, Colombia 35, ,700 Ecopetrol ADR 35, Czech Republic 142, ,576 CEZ 106, Komercni Banka 36, Denmark 119, Coloplast 36, ,101 SimCorp 83, Finland 765, ,320 Fortum 183, ,013 F-Secure 24, ,697 Kone 68, ,044 Nokian Renkaat 32, ,832 Orion 133, ,243 Ramirent 52, ,371 Sampo 158, Tikkurila 6, ,240 Wartsila 104, Germany 573, Amadeus Fire 49, Bijou Brigitte 13, Continental 92, Deutsche Bank 3, HUGO BOSS 56, ,473 ProSiebenSat.1 Media 122, RTL 85, ,600 STADA Arzneimittel 87, STO & Co. KGaA Preference 61, Greece 22, ,794 JUMBO ** 12, ,347 Metka ** 9, Hong Kong SAR 734, ,000 Chaoda Modern Agriculture 2, ,000 China BlueChemical 'H' 8, ,000 China Child Care 7, ,000 China Lumena New Materials ** - - 1,000 China Shenhua Energy 'H' 2, ,000 China Shineway Pharmaceutical 38, ,000 CIMC Enric 37, ,000 CNOOC 61, ,000 CSI Properties 6, ,000 Dah Sing Financial 78, ,000 Emperor Entertainment Hotel 4, ,000 Emperor International 6, ,000 Fortune Real Estate Investment Trust 34, ,000 Giordano International 30, ,000 Goldlion 8, ,000 Great Eagle 3, ,500 Hopewell 56, ,000 Hysan Development 13, ,000 Jiangsu Expressway 'H' 21, ,000 Pacific Textiles 57, ,000 Prosperity REIT 40, ,000 Real Nutriceutical 8, ,000 Regal Real Estate Investment Trust REIT 47, ,000 Sitoy 26, * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review. ** The security was Fair d as at 30 June 2015.

418 Page 418 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Absolute * (cont) QEP Global Absolute * (cont) Money Instruments Admitted Money Instruments Admitted Hong Kong SAR (cont) 2,000 Soundwill 3, ,000 Sunlight Real Estate Investment Trust 47, ,200 Swire Properties 10, ,000 TAI Cheung 9, ,000 Television Broadcasts 11, ,000 Wheelock & Co. 51, Indonesia 223, ,000 Perusahaan Gas Negara Persero 51, ,500 Telekomunikasi Indonesia Persero 134, ,500 United Tractors 37, Israel 433, ,467 Bank Hapoalim 83, ,742 Bank Leumi Le-Israel 96, ,442 Bezeq The Israeli Telecommunication 62, ,185 Delek Automotive Systems 35, ,281 Israel Discount Bank 58, Ituran Location and Control 13, ,369 Osem Investment 28, ,178 Rami Levi Chain Stores Hashikma 51, ing ,062 Union Bank of Israel 4, Italy 190, ,533 ASTM 20, ,610 Eni 170, Japan 6,334, ,500 ABC-Mart 91, ,200 ADEKA 58, ,000 Aeon Delight 122, ,300 Aica Kogyo 76, ,200 Aichi Bank 67, ,000 Aichi Steel 4, ,400 Amano 31, Amiyaki Tei 16, ,500 Asahi 42, ,000 Asahi Kasei 8, ,200 Asante 14, ,000 Awa Bank 12, ,000 Bando Chemical Industries 41, ,000 Bank of Kyoto 80, Bank of Okinawa 38, ,100 BML 97, ,600 Brother Industries 22, C Uyemura 5, ,000 Calsonic Kansei 49, ,600 Canon 214, ,000 Central Glass 8, Central Japan Railway 90, Chori 9, ,000 Chugoku Bank 47, ,000 COMSYS 29, ,100 Daiichikosho 73, ,000 Dainichiseika Color & Chemicals 10, Manufacturing 8,000 Daishi Bank 33, ,000 Daiwa Industries 6, ,400 Dr Ci:Labo 49, ,200 Elecom 29, ,400 en-japan 25, FamilyMart 9, FANUC 61, ,500 Fuji Heavy Industries 128, Fujimori Kogyo 15, ,000 Fujitsu General 51, ,400 Fukushima Industries 43, Japan (cont) 4,500 Funai Soken 52, ,600 Gree 15, ,000 Gunma Bank 44, ,000 Hachijuni Bank 37, Hamakyorex 27, ,400 Heiwa 47, ,000 Higo Bank 13, ,500 HI-LEX 49, ,000 Hitachi Metals 46, ,000 Hokkoku Bank 36, ,000 Hyakugo Bank 34, ,000 Hyakujushi Bank 42, ,400 Inaba Denki Sangyo 48, ,300 ITOCHU 70, ,600 IwaiCosmo 46, ,000 Iyo Bank 61, ,100 Japan Digital Laboratory 29, ,300 Japan Petroleum Exploration 41, ,300 Japan Tobacco 81, ,700 JSR 47, ,000 Kanamoto 25, Kato Sangyo 9, ,600 KDDI 304, ,000 Keihin 28, ,000 Keiyo Bank 42, ,000 Konica Minolta 58, Konishi 7, Kuroda Electric 9, ,000 Kyowa Exeo 34, ,500 Lawson 239, ,500 Lintec 57, ,000 Maeda Road Construction 36, Mars Engineering 10, Miraca 30, ,000 Miroku Jyoho Service 32, ,000 Mitsubishi Motors 85, ,000 Mitsubishi Steel Manufacturing 36, ,000 Mitsuboshi Belting 39, ,000 Mitsui Sugar 7, ,900 Namura Shipbuilding 24, uren 5, ,400 Nexon 74, ,800 NHK Spring 52, Nidec 22, ,400 Nihon Parkerizing 54, ,000 Nikon 57, ,000 Nippo 34, ,000 Nippon Denko 34, ,000 Nippon Seiki 39, ,900 Nishimatsuya Chain 49, ,200 Nissin Kogyo 69, ,000 Nittetsu Mining 4, ,400 Nitto Kogyo 54, ,300 NTT DOCOMO 82, ,800 Oracle 117, ,700 ORIX 114, ,500 Pack 50, ,200 Ricoh Leasing 67, ,000 Riken 3, ,000 Sakai Chemical Industry 7, ,300 Sakai Moving Service 50, ,000 San-In Godo Bank 28, ,000 Sekisui Chemical 73, ,000 Sekisui Jushi 26, Senshu Electric 10, * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

419 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 419 QEP Global Absolute * (cont) QEP Global Absolute * (cont) Money Instruments Admitted Money Instruments Admitted Japan (cont) 5,000 Shiga Bank 26, ,000 Shikoku Chemicals 51, ,000 Shizuoka Bank 41, ,000 Shizuoka Gas 48, Showa 5, ,000 SK Kaken 100, ,100 Sony Financial 212, St Marc 6, Sumitomo Densetsu 11, ,400 Sumitomo Rubber Industries 68, ,400 T&D 80, ,000 Takiron 35, ,000 Tayca 8, ,400 Teikoku Sen-I 34, ,500 Toagosei 12, ,500 Tokai Rika 62, Tokai/Gifu 14, Token 12, ,000 Tokyo Tekko 25, ,000 Toyo Kohan 14, ,600 Trend Micro 54, ,100 TS Tech 29, Tsuruha 54, ,000 United Super s 77, ,700 USS 66, ,000 Wakita & Co. 10, ,400 Yahoo Japan 102, ,000 Yamanashi Chuo Bank 42, Yamazen 8, ,000 Yodogawa Steel Works 8, Mexico 47, ,800 Grupo Industrial Maseca 9, ,600 Kimberly-Clark de Mexico 38, herlands 192, ,773 Arcadis 48, ,360 BinckBank 60, ,206 Brunel International 83, New Zealand 115, ,467 Precinct Properties New Zealand 15, ,949 Skellerup 36, ,732 SKY work Television 31, ,986 Trade Me 32, Norway 383, ,106 Salmar 30, ,933 SpareBank 1 Nord Norge 52, ,132 Statoil 233, ,466 TGS Nopec Geophysical 34, ,951 Veidekke 32, Poland 133, Bank Pekao 40, ,520 KGHM Polska Miedz 43, ,565 Polskie Gornictwo Naftowe i Gazownictwo 50, Russia 62, ,484 MMC Norilsk Nickel ADR 25, ,800 Mobile TeleSystems ADR 37, Singapore 736, ,000 Cache Logistics Trust REIT 38, ,000 CapitaLand Retail China Trust REIT 50, ,450 China Merchants Pacific 72, ,000 First Real Estate Investment Trust REIT 38, ,000 Frasers Centrepoint Trust REIT 10, Singapore (cont) 3,000 Hong Leong Finance 5, ,000 Hongkong Land 24, ,000 M1 91, ,000 Mapletree Industrial Trust 49, ,000 SATS 98, ,000 Starhill Global REIT 48, ,000 Thai Beverage 80, ,000 UOL 5, ,000 Wing Tai 29, ,000 Yangzijiang Shipbuilding 91, South Africa 271, ,162 Anglo American 60, ,548 AVI 57, ,523 Kumba Iron Ore 31, ,412 Lewis 11, ,272 Truworths International 8, ,851 Vodacom 101, Spain 130, ,031 Mapfre 130, Sweden 1,279, ,381 AddTech 51, ,938 Alfa Laval 121, ,318 Atlas Copco 120, ,628 Axfood 121, ,416 Clas Ohlson 77, ,210 Hexpol 74, ,608 Industrivarden 49, ,700 Indutrade 78, ,062 Intrum Justitia 122, ,746 Investment Oresund 33, ,057 Investor 151, ,674 JM 45, Nolato 10, ,932 Oriflame Cosmetics 75, ,679 Swedish Match 47, ,755 TeliaSonera 98, Switzerland 1,203, ACE 10, Baloise Registered 96, BB Biotech Registered 109, Coltene Registered 29, Galenica Registered 112, Geberit Registered 60, ,065 Nestlé Registered 149, ,480 Novartis Registered 145, Roche 175, SGS Registered 127, Sika 81, Swatch 59, Vetropack 38, VP Bank 5, Thailand 184, ,400 Delta Electronics Thailand (NVDR) 17, ,900 PTT Exploration & Production (NVDR) 70, ,700 Total Access Communication (NVDR) 33, ,600 TTW (NVDR) 62, Turkey 205, ,259 Adana Cimento Sanayii 10, ,090 Akcansa Cimento 30, ,184 Cimsa Cimento Sanayi VE Ticaret 12, ,381 Enka Insaat ve Sanayi 36, ,077 Koza Altin Isletmeleri 21, * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

420 Page 420 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments QEP Global Absolute * (cont) QEP Global Absolute * (cont) Money Instruments Admitted Money Instruments Admitted Turkey (cont) United States of America (cont) 20,620 Soda Sanayii 44, ,800 HCI 79, ,380 Turk Telekomunikasyon 48, ,600 Honeywell International 163, ,900 Horace Mann Educators 105, United States of America 9,002, ,000 Hubbell 108, Accenture 48, Humana 76, Adams Resources & Energy 8, Huntington Ingalls Industries 33, ,200 ADT 40, ,500 Intel 45, ,400 Aflac 211, ,000 International Business Machines 162, Alliance Resource Partners 9, ,200 Jack Henry & Associates 77, ,200 Allied World Assurance 51, John Wiley & Sons 27, ,000 Ally Financial 67, ,700 Johnson & Johnson 263, ,900 American Equity Investment Life 105, ,800 JPMorgan Chase & Co. 121, ,300 American Financial 149, ,300 Kulicke & Soffa Industries 26, ,100 American International 129, L Brands 17, ,100 American States Water 41, ,400 Lexmark International 106, ,361 Amgen 208, ,900 Lincoln Electric 115, Amsurg 48, ,000 Maxim Integrated Products 34, Apple 12, McDonald's 19, Arch Capital 33, McKesson 44, AutoZone 66, Merck & Co. 39, ,400 Bank of America 125, ,900 Microsoft 216, ,000 BB&T 80, Millicom International Cellular 14, Bed Bath & Beyond 13, ,300 Mosaic 107, Best Buy 22, ,700 National Bankshares 49, Buckle 9, App 6, Cato 7, ,700 NeuStar 78, ,600 Century Aluminum 16, Northrop Grumman 79, Chase 35, ,400 Oracle 56, Chevron 78, Outerwall 15, ,700 Cisco Systems 211, ,500 Packaging Corp of America 93, Citigroup 22, ,400 Parker-Hannifin 162, Citizens & Northern 14, ,600 PetMed Express 62, Clorox 41, ,500 Pfizer 83, Coach 27, Philip Morris International 72, ,300 Computer Programs & Systems 122, Procter & Gamble 39, Copa 16, ,000 Public Service Enterprise 117, Corning 15, QUALCOMM 18, ,100 CR Bard 187, ,500 Quality Systems 91, ,300 CSX 107, ,000 Quest Diagnostics 72, ,400 CTC Media 3, RenaissanceRe 20, ,500 Cummins 196, ,200 Reynolds American 89, ,100 Delphi Automotive 178, ,100 Rockwell Automation 137, Deluxe 49, ,000 Ross Stores 48, ,000 Discover Financial Services 172, ,800 RPX 47, ,400 Douglas Dynamics 51, Schweitzer-Mauduit International 35, ,000 Dover 140, ,500 Scripps works Interactive 98, ,000 Dr Pepper Snapple 72, ,159 SNS REAAL ** - - 1,500 EI du Pont de Nemours & Co. 95, ,000 Symetra Financial 24, EMC/Massachusetts 13, Terra Nitrogen 12, Emerson Electric 44, ,627 Tetragon Financial 16, Energizer 52, Texas Instruments 25, Exxon Mobil 8, ,000 TJX 66, F5 works 24, ,400 Triple-S Management 35, ,300 Fifth Third Bancorp 110, Tupperware Brands 38, ,100 Franklin Resources 53, ,100 Union Pacific 104, ,200 GameStop 51, United States Lime & Minerals 17, Gap 15, UnitedHealth 73, ,500 Garmin 109, Universal Insurance 14, General Dynamics 28, USANA Health Sciences 64, ,200 General Mills 122, Utah Medical Products 35, ,100 Gentex 83, ,000 Valero Energy 62, Genuine Parts 44, Validus 17, Genworth Financial 6, ,500 Wal-Mart Stores 106, ,117 Goldman Sachs 233, ,200 Waste Management 101, * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review. ** The security was Fair d as at 30 June 2015.

421 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 421 QEP Global Absolute * (cont) EURO Bond Money Instruments Admitted Money Instruments Admitted EUR United States of America (cont) 300 Western Union 6, Westlake Chemical 54, World Acceptance 49, ,000 Xilinx 132, Total Money Instruments Admitted 26,964, Money Instruments dealt on another Regulated Spain 210, ,629 Almirall 130, ,581 Corp Financiera Alba 73, Iberpapel Gestion 6, Sweden Ent United States of America 5,750, ,000 US Treasury Bill 0 02/07/ , ,000 US Treasury Bill 0 09/07/ , ,000 US Treasury Bill 0 16/07/ , ,000 US Treasury Bill 0 23/07/ , ,000 US Treasury Bill 0 30/07/ , ,000 US Treasury Bill 0 06/08/ , ,000 US Treasury Bill 0 13/08/ , ,094,000 US Treasury Bill 0 10/09/2015 1,094, ,094,000 US Treasury Bill 0 17/09/2015 1,094, ,264,000 US Treasury Bill 0 24/09/2015 1,263, ,094,000 US Treasury Bill 0 01/10/2015 1,094, Total Money Instruments dealt on another Regulated 5,962, Total Investments 32,926, Other 3,460, Asset 36,387, Austria 11,072, EUR 10,200,000 UNIQA Insurance EMTN variable 11,072, /07/2043 Belgium 90,148, ,200,000 AG Insurance variable perpetual 3,035, EUR 11,400,000 Belfius Bank EMTN /05/ ,525, EUR 22,700,000 Belgium Government 4 28/03/ ,971, EUR 31,450,000 Belgium Government /09/ ,201, EUR 6,800,000 KBC Groep EMTN variable 11/03/2027 6,414, Canada 3,699, EUR 3,700,000 Canadian Imperial Bank of Commerce 3,699, /10/2019 Denmark 12,107, EUR 3,750,000 DONG Energy EMTN variable 3,978, /07/3013 EUR 8,284,000 DONG Energy variable 06/11/3015 8,129, France 380,269, EUR 5,500,000 Accor variable perpetual 5,495, EUR 7,464,000 BNP Paribas EMTN variable 14/10/2027 7,323, EUR 7,400,000 Bureau Veritas /01/2021 7,990, EUR 23,200,000 Caisse Centrale du Credit Immobilier de 23,973, France EMTN /04/2019 EUR 7,600,000 Caisse d'amortissement de la Dette 9,625, Sociale 4 15/12/2025 EUR 8,300,000 Caisse d'amortissement de la Dette 8,552, Sociale EMTN /04/2016 EUR 9,000,000 Caisse de Refinancement de l'habitat 10,093, EMTN /01/2025 EUR 3,800,000 Cie de Financement Foncier ,762, /02/2020 GBP 2,000,000 CNP Assurances variable 30/09/2041 3,202, EUR 5,900,000 CNP Assurances variable perpetual 5,780, EUR 14,850,000 Compagnie de Financement Foncier 18,271, EMTN /01/2022 EUR 2,950,000 Credit Agricole Home Loan EMTN 4.5 3,026, /01/2016 EUR 12,800,000 Dexia Credit Local EMTN ,323, /09/2019 EUR 2,400,000 Electricite de France EMTN variable 2,594, perpetual EUR 31,000,000 France Government Bond OAT 1 32,041, /05/2019 EUR 33,318,000 France Government Bond OAT 4 45,319, /10/2038 EUR 13,900,000 France Government Bond OAT 4 20,196, /04/2060 EUR 12,500,000 France Government Bond OAT ,523, /04/2029 EUR 18,800,000 France Government Bond OAT ,874, /10/2032 EUR 8,300,000 GELF Bond Issuer I EMTN ,139, /11/2021 EUR 9,800,000 Groupama variable perpetual 10,039, EUR 20,750,000 HSBC SFH France EMTN ,370, /03/2022 EUR 5,410,000 La Mondiale SAM variable perpetual 5,498, ,400,000 La Mondiale variable perpetual 5,235, EUR 5,100,000 Novalis RegS 3 30/04/2022 4,930, ,683,000 Numericable-SFR 144A 6 15/05/2022 3,247, EUR 3,900,000 Numericable-SFR RegS ,967, /05/2022 EUR 8,800,000 Societe Fonciere Lyonnaise ,777, /11/2021 EUR 17,000,000 Société Générale EMTN 2 29/04/ ,490, EUR 7,800,000 TOTAL EMTN variable perpetual 7,558, EUR 14,000,000 UNEDIC EMTN /02/ ,225, EUR 1,900,000 Wendel /02/2027 1,816, * Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

422 Page 422 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments EURO Bond (cont) EURO Bond (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Germany 304,719, EUR 6,300,000 Bayer EMTN variable 01/07/2075 6,382, EUR 17,600,000 Bundesobligation /02/ ,925, EUR 3,500,000 Deutsche Bank EMTN ,289, /02/2025 EUR 14,100,000 Eurogrid GmbH /06/ ,961, EUR 9,000,000 FMS Wertmanagement AoeR EMTN 9,249, /02/2017 EUR 4,900,000 FMS Wertmanagement AoeR EMTN 5,229, /05/2019 EUR 44,800,000 Germany (Bund) /05/ ,949, EUR 41,120,000 Germany (Bund) /07/ ,347, EUR 16,630,000 Germany (Bund) /07/ ,808, EUR 5,774,000 Germany (Bund) /07/2040 9,609, EUR 19,300,000 Germany (Bund) /01/ ,333, EUR 4,300,000 Infineon Technologies 1 10/09/2018 4,300, EUR 5,500,000 KFW /01/2022 6,219, EUR 900,000 KFW /01/2023 1,163, EUR 9,845,000 Landwirtschaftliche Rentenbank EMTN 10,459, /10/2019 EUR 34,000,000 Landwirtschaftliche Rentenbank EMTN 36,698, /05/2020 EUR 5,000,000 Landwirtschaftliche Rentenbank EMTN 5,423, /03/2018 EUR 4,559,000 Trionista Holdco GmbH RegS 5 4,736, /04/2020 EUR 4,284,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS /04/2023 4,631, India 6,881, EUR 6,800,000 ONGC Videsh /07/2021 6,881, Ireland 36,711, EUR 8,200,000 Bank of Ireland EMTN 2 08/05/2017 8,301, EUR 4,800,000 ESB Finance EMTN /06/2027 4,710, EUR 1,916,000 ESB Finance EMTN /01/2024 2,164, EUR 9,600,000 Ireland Government /03/ ,789, EUR 9,300,000 Ryanair EMTN /03/2023 8,744, Italy 414,615, EUR 3,330,000 ACEA /09/2018 3,629, EUR 6,500,000 ACEA EMTN /07/2024 6,646, ,250,000 Enel 144A variable 24/09/2073 4,367, EUR 5,700,000 FCA Capital Ireland EMTN ,533, /04/2020 EUR 6,400,000 FCA Capital Ireland EMTN 2 6,445, /10/2019 EUR 2,900,000 FCA Capital Ireland EMTN ,000, /04/2019 EUR 4,000,000 FCA Capital Ireland EMTN 4 4,318, /10/2018 EUR 1,476,000 Fiat Chrysler Finance Europe GMTN 1,556, /03/2021 EUR 13,500,000 Generali Finance EMTN variable 12,876, perpetual EUR 4,217,000 Hera EMTN /01/2028 5,372, EUR 10,000,000 Intesa Sanpaolo EMTN ,392, /03/2022 EUR 7,700,000 Intesa Sanpaolo EMTN ,633, /09/2026 EUR 55,269,000 Italy Buoni Poliennali Del Tesoro ,009, /05/2017 EUR 1,210,000 Italy Buoni Poliennali Del Tesoro ,361, /03/2021 EUR 103,500,000 Italy Buoni Poliennali Del Tesoro ,169, /09/2019 EUR 15,900,000 Italy Buoni Poliennali Del Tesoro ,886, /03/2026 EUR 43,440,000 Italy Buoni Poliennali Del Tesoro 5 55,714, /09/2040 EUR 63,150,000 Italy Buoni Poliennali Del Tesoro /09/ ,231, Italy (cont) EUR 6,800,000 Pirelli International EMTN ,756, /11/2019 EUR 4,100,000 Societa Esercizi Aereoportuali Sea 4,181, /04/2021 EUR 5,500,000 Telecom Italia EMTN /01/2023 5,530, Japan 5,111, EUR 5,200,000 Nomura Europe Finance EMTN 1.5 5,111, /05/2021 herlands 179,799, EUR 10,500,000 ABN AMRO Bank EMTN ,782, /01/2024 EUR 4,400,000 ABN AMRO Bank EMTN variable 4,428, /06/2025 EUR 8,476,000 Achmea Bank EMTN ,090, /04/2022 EUR 7,533,000 ING Bank EMTN /04/2020 7,418, GBP 2,500,000 Koninklijke KPN EMTN variable 3,654, /03/2073 EUR 39,300,000 herlands Government ,770, /07/2022 EUR 7,550,000 herlands Government ,997, /01/2042 EUR 48,600,000 herlands Government ,253, /07/2017 EUR 11,300,000 herlands Government ,866, /01/2028 EUR 2,625,000 TenneT variable perpetual 2,865, EUR 17,100,000 Ziggo Secured Finance RegS /01/ ,671, Norway 6,867, EUR 5,775,000 Sparebank 1 Boligkreditt EMTN 4 6,867, /02/2021 Portugal 10,418, EUR 6,000,000 Brisa Concessao Rodoviaria EMTN 5,399, /04/2025 EUR 5,000,000 EDP Finance EMTN /01/2022 5,019, South Africa 8,172, GBP 5,780,000 Investec EMTN /05/2022 8,172, Spain 247,968, EUR 1,102,000 Campofrio Food RegS ,091, /03/2022 EUR 4,000,000 Canal de Isabel II Gestion EMTN ,663, /02/2025 EUR 7,500,000 Fondo de Reestructuracion Ordenada 7,902, Bancaria /07/2016 EUR 5,000,000 Grupo Antolin Dutch RegS ,092, /04/2021 EUR 8,500,000 Instituto de Credito Oficial GMTN 9,254, /07/2017 EUR 18,300,000 Instituto de Credito Oficial RegS 6 22,683, /03/2021 EUR 5,100,000 Redexis Gas Finance EMTN ,528, /04/2027 EUR 8,000,000 Redexis Gas Finance EMTN ,485, /04/2021 EUR 8,200,000 Spain Government /07/2030 7,335, EUR 51,600,000 Spain Government /04/ ,182, EUR 8,000,000 Spain Government /10/2023 9,398, EUR 9,500,000 Spain Government /10/ ,638, EUR 35,100,000 Spain Government /07/ ,773, EUR 42,700,000 Spain Government /04/ ,175, EUR 5,100,000 Spain Government /07/2026 6,761, Supranational 55,659, EUR 8,000,000 European Financial Stability Facility 8,289, EMTN /09/2017 EUR 16,300,000 European Financial Stability Facility EMTN /07/ ,065,

423 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 423 EURO Bond (cont) EURO Bond (cont) Money Instruments Admitted EUR Money Instruments dealt on another Regulated EUR Supranational (cont) EUR 20,000,000 European Investment Bank /04/2021 EUR 6,000,000 European Investment Bank EMTN 4 15/04/ ,239, ,065, France (cont) GBP 3,670,000 Electricite de France EMTN /07/2031 EUR 88,200,000 France Government Bond OAT /10/2023 6,222, ,721, Sweden 52,782, EUR 4,760,000 Molnlycke /02/2022 4,770, EUR 6,000,000 Skandinaviska Enskilda Banken EMTN 7,197, /04/2021 EUR 16,800,000 Stadshypotek EMTN 1 01/04/ ,267, EUR 8,000,000 Swedbank Hypotek EMTN ,228, /05/2021 GBP 10,900,000 Swedbank Hypotek EMTN FRN 02/04/ ,319, Switzerland 34,260, EUR 16,000,000 Credit Suisse/Guernsey EMTN 1 16,377, /03/2019 EUR 10,100,000 UBS EMTN variable 12/02/ ,737, EUR 6,200,000 UBS/London /12/2019 7,145, United Kingdom 137,336, EUR 5,402,000 Abbey National Treasury Services/ 5,249, London EMTN /01/ ,600,000 Barclays 2 16/03/ ,206, EUR 2,446,000 Coventry Building Society 2.5 2,597, /11/2020 EUR 6,100,000 Delphi Automotive /03/2025 5,581, GBP 6,000,000 Heathrow Finance /09/2019 8,942, EUR 6,300,000 Lloyds Bank EMTN 1 19/11/2021 6,158, EUR 8,000,000 Lloyds Bank EMTN /04/2021 8,344, EUR 8,000,000 Nationwide Building Society EMTN 8,138, /06/2019 EUR 4,600,000 Pearson Funding Five ,342, /05/2025 GBP 5,300,000 Southern Gas works EMTN 2.5 7,002, /02/2025 GBP 11,650,000 Tesco EMTN /02/ ,773, GBP 20,500,000 UK Treasury /01/ ,279, GBP 3,800,000 Unique Pub Finance /03/2024 5,476, GBP 3,600,000 William Hill /06/2020 5,038, GBP 1,200,000 William Hill EMTN /11/2016 1,792, EUR 6,400,000 WPP Finance EMTN /09/2026 6,413, United States of America 37,545, ,840,000 Actavis Funding /03/ ,351, EUR 12,820,000 Microsoft /12/ ,595, EUR 3,750,000 Prologis International Funding II EMTN 3,488, /04/2025 GBP 5,521,500 Virgin Media Secured Finance RegS 6 15/04/2021 8,111, Total Money Instruments Admitted 2,036,146, Money Instruments dealt on another Regulated EUR Germany 19,022, GBP 9,000,000 BMW US Capital EMTN FRN 12,632, /02/2017 EUR 6,400,000 ZF North America Capital /04/2019 6,390, Italy 1,835, EUR 1,686,000 Banca Monte dei Paschi di Siena EMTN 1,835, /04/2021 herlands 7,024, ,424,000 Cooperatieve Centrale Raiffeisen- 2,737, Boerenleenbank 144A variable perpetual 4,500,000 UPCB Finance VI 144A /01/2022 4,286, Supranational 6,820, EUR 4,750,000 European Investment Bank 4 6,820, /10/2037 Switzerland 24,917, ,000,000 Credit Suisse/New York FRN 24,917, /01/2018 United Kingdom 3,088, ,400,000 Jaguar Land Rover Automotive 144A /12/2018 3,088, United States of America 125,548, EUR 10,300,000 AT&T /03/2035 8,894, ,500,000 AT&T 3 30/06/ ,621, ,530,000 Citigroup FRN 27/04/ ,714, EUR 15,600,000 Coca-Cola FRN 09/03/ ,595, ,606,000 Goldman Sachs FRN 22/05/ ,845, ,300,000 McGraw Hill Financial 144A 4 2,933, /06/2025 9,700,000 Merck & Co /02/2025 8,281, ,900,000 Microsoft /02/ ,772, EUR 3,500,000 Moody's /03/2027 3,274, ,380,000 Verizon Communications 144A ,751, /01/ ,772,000 Verizon Communications 144A /03/2055 9,864, Total Money Instruments dealt on another Regulated 384,398, Total Investments 2,420,545, Other 52,198, Asset 2,472,743, Austria 55,117, EUR 31,200,000 Austria Government /10/ ,403, EUR 18,327,000 Austria Government /09/ ,714, Canada 17,839, ,000,000 Royal Bank of Canada GMTN FRN 17,839, /02/2017 France 123,183, ,350,000 BPCE 144A /10/2023 1,274, ,200,000 BPCE 144A /10/2023 3,965,

424 Page 424 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments EURO Government Bond EURO Government Bond (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Austria 1,193, EUR 1,000,000 Austria Government /11/2022 1,193, Belgium 35,791, EUR 15,000,000 Belgium Government /06/ ,537, EUR 2,000,000 Belgium Government 4 28/03/2019 2,291, EUR 6,000,000 Belgium Government 4 28/03/2032 7,922, EUR 6,280,000 Belgium Government /03/2041 9,040, Finland 22,410, EUR 15,000,000 Finland Government /04/ ,394, EUR 4,500,000 Finland Government /04/2021 5,298, EUR 2,900,000 Finland Government 4 04/07/2025 3,717, France 242,071, EUR 16,511,000 France Government Bond OAT 1 17,009, /05/2018 EUR 7,500,000 France Government Bond OAT 1 7,752, /05/2019 EUR 87,384,000 France Government Bond OAT ,383, /05/2024 EUR 11,700,000 France Government Bond OAT ,994, /10/2020 EUR 3,650,000 France Government Bond OAT 3 4,219, /04/2022 EUR 22,600,000 France Government Bond OAT ,627, /05/2045 EUR 15,100,000 France Government Bond OAT ,936, /04/2021 EUR 3,710,000 France Government Bond OAT 4 5,390, /04/2060 EUR 5,320,000 France Government Bond OAT ,160, /04/2019 EUR 9,050,000 France Government Bond OAT ,411, /04/2029 EUR 32,415,000 French Treasury Note BTAN 1 25/07/ ,186, Germany 99,749, EUR 17,400,000 Bundesobligation 0 17/04/ ,330, EUR 4,700,000 Bundesschatzanweisungen 0 4,719, /03/2017 EUR 28,550,000 Germany (Bund) /02/ ,798, EUR 20,670,000 Germany (Bund) 1 15/08/ ,162, EUR 18,800,000 Germany (Bund) /07/ ,835, EUR 4,050,000 Germany (Bund) 4 04/01/2037 5,903, Ireland 25,942, EUR 1,500,000 Ireland Government 2 18/02/2045 1,304, EUR 7,890,000 Ireland Government /03/2023 9,397, EUR 12,900,000 Ireland Government /04/ ,241, Italy 290,772, EUR 11,000,000 Italy Buoni Poliennali Del Tesoro ,043, /01/2018 EUR 32,500,000 Italy Buoni Poliennali Del Tesoro ,935, /05/2017 EUR 10,000,000 Italy Buoni Poliennali Del Tesoro ,165, /12/2016 EUR 2,500,000 Italy Buoni Poliennali Del Tesoro 1.5 2,319, /06/2025 EUR 25,550,000 Italy Buoni Poliennali Del Tesoro ,023, /12/2024 EUR 9,300,000 Italy Buoni Poliennali Del Tesoro 3.5 9,936, /11/2017 EUR 8,000,000 Italy Buoni Poliennali Del Tesoro 3.5 8,658, /06/2018 EUR 14,000,000 Italy Buoni Poliennali Del Tesoro ,284, /12/2018 EUR 38,674,000 Italy Buoni Poliennali Del Tesoro ,462, /05/2021 EUR 43,417,000 Italy Buoni Poliennali Del Tesoro 4 01/02/ ,884, Italy (cont) EUR 2,070,000 Italy Buoni Poliennali Del Tesoro 4 01/02/2037 EUR 3,900,000 Italy Buoni Poliennali Del Tesoro /03/2024 EUR 2,000,000 Italy Buoni Poliennali Del Tesoro /05/2017 EUR 9,000,000 Italy Buoni Poliennali Del Tesoro /09/2028 EUR 18,190,000 Italy Buoni Poliennali Del Tesoro /09/2044 EUR 16,967,000 Italy Buoni Poliennali Del Tesoro 5 01/03/2022 EUR 3,600,000 Italy Buoni Poliennali Del Tesoro 5 01/08/2034 EUR 13,327,000 Italy Buoni Poliennali Del Tesoro /11/2029 2,318, ,592, ,157, ,975, ,901, ,448, ,587, ,075, herlands 42,848, EUR 18,100,000 herlands Government ,893, /01/2019 EUR 11,040,000 herlands Government ,876, /07/2023 EUR 6,000,000 herlands Government 2 6,568, /07/2024 EUR 4,430,000 herlands Government /01/2047 5,509, Spain 136,328, EUR 3,000,000 Spain Government /10/2017 2,998, EUR 11,450,000 Spain Government /01/ ,602, EUR 7,940,000 Spain Government /07/2030 7,102, EUR 34,500,000 Spain Government /04/ ,576, EUR 11,200,000 Spain Government /04/ ,491, EUR 14,800,000 Spain Government /04/ ,687, EUR 15,000,000 Spain Government /10/ ,808, EUR 8,000,000 Spain Government /07/2019 9,159, EUR 2,000,000 Spain Government /10/2028 2,526, EUR 11,320,000 Spain Government /10/ ,060, EUR 6,620,000 Spain Government /01/2022 8,314, United Kingdom 8,279, GBP 5,100,000 UK Treasury /01/2045 8,279, Total Money Instruments Admitted 905,388, Money Instruments dealt on another Regulated EUR Austria 28,526, EUR 2,600,000 Austria Government /06/2044 3,375, EUR 20,900,000 Austria Government /04/ ,150, Italy 4,351, EUR 4,000,000 Italy Buoni Poliennali Del Tesoro 3.5 4,351, /03/2030 Spain 34,197, EUR 2,097,000 Spain Government /04/2025 1,971, EUR 5,200,000 Spain Government 4 30/04/2020 5,878,

425 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 425 EURO Government Bond (cont) EURO Short Term Bond Money Instruments dealt on another Regulated EUR Money Instruments Admitted EUR Spain (cont) EUR 19,500,000 Spain Government /10/ ,184, EUR 4,500,000 Spain Government Inflation Linked Bond 1 30/11/2030 4,162, Total Money Instruments dealt on another Regulated 67,074, Total Investments 972,462, Other 28,065, Asset 1,000,528, Belgium 10,494, EUR 4,000,000 Anheuser-Busch InBev EMTN FRN 4,016, /03/2018 7,260,000 Belgium Government EMTN /03/2018 6,477, Canada 15,241, EUR 3,000,000 Bank of Montreal EMTN FRN 3,009, /11/2016 GBP 2,000,000 Bank of Montreal FRN 29/01/2018 2,812, GBP 4,200,000 Bank of Nova Scotia FRN 02/11/2017 5,905, GBP 2,500,000 Toronto-Dominion Bank FRN 16/04/2018 3,514, France 95,151, EUR 9,240,000 BNP Paribas FRN 19/01/2017 9,246, GBP 3,000,000 BPCE EMTN FRN 06/03/2017 4,235, EUR 10,700,000 Caisse Centrale du Credit Immobilier de 10,799, France EMTN /05/2017 GBP 3,000,000 Caisse d'amortissement de la Dette 4,250, Sociale EMTN /02/2017 EUR 3,700,000 Cap Gemini FRN 02/07/2018 3,717, EUR 2,300,000 Cie de Financement Foncier ,277, /02/2020 EUR 2,300,000 Crédit Agricole/London EMTN FRN 2,303, /01/2016 GBP 3,000,000 Credit Mutuel - CIC Home Loan SFH 4,220, FRN 22/04/2016 EUR 5,700,000 Dexia Credit Local EMTN 1 5,755, /07/2016 1,950,000 Dexia Credit Local/New York RegS 1.5 1,748, /10/2017 EUR 25,000,000 France Government Bond OAT 1 25,754, /05/2018 EUR 10,000,000 France Government Bond OAT 1 10,336, /05/2019 EUR 10,000,000 Société Générale EMTN /02/ ,505, Germany 44,473, GBP 3,000,000 Aareal Bank RegS FRN 02/05/2016 4,219, GBP 1,550,000 BASF EMTN /12/2017 2,186, EUR 10,000,000 Bundesschatzanweisungen ,010, /09/2015 EUR 7,000,000 Deutsche Bank EMTN FRN 11/03/2016 7,001, EUR 3,000,000 Erste Abwicklungsanstalt EMTN FRN 3,011, /08/2016 EUR 11,000,000 FMS Wertmanagement AoeR EMTN 11,304, /02/2017 2,830,000 LBBW EMTN /03/2018 2,522, GBP 3,000,000 Muenchener Hypothekenbank EMTN FRN 25/04/2016 4,217, Italy 241,231, EUR 36,000,000 Italy Buoni Poliennali Del Tesoro ,141, /01/2018 EUR 38,000,000 Italy Buoni Poliennali Del Tesoro ,508, /05/2017 EUR 41,000,000 Italy Buoni Poliennali Del Tesoro ,677, /12/2016 EUR 15,000,000 Italy Buoni Poliennali Del Tesoro ,262, /03/2016 EUR 16,000,000 Italy Buoni Poliennali Del Tesoro ,530, /11/2016 EUR 34,000,000 Italy Buoni Poliennali Del Tesoro ,120, /12/2018 EUR 17,300,000 Italy Buoni Poliennali Del Tesoro 4 18,283, /02/2017 EUR 17,500,000 Italy Buoni Poliennali Del Tesoro ,934, /06/2017 EUR 18,800,000 Italy Certificati di Credito del Tesoro 0 29/04/ ,771,

426 Page 426 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments EURO Short Term Bond (cont) EURO Short Term Bond (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Luxembourg 3,224, EUR 3,100,000 SES Global Americas EMTN ,224, /10/2018 herlands 26,008, EUR 3,000,000 ABN AMRO Bank EMTN FRN 3,012, /08/2016 GBP 2,000,000 Bank Nederlandse Gemeenten EMTN 2,817, FRN 03/04/2018 1,000,000 Bank Nederlandse Gemeenten RegS 892, /05/ ,000,000 Nederlandse Waterschapsbank RegS 10,759, /09/2017 5,250,000 Nederlandse Waterschapsbank RegS 4,697, /01/2018 4,285,000 Nederlandse Waterschapsbank RegS FRN 18/10/2016 3,829, Norway 1,503, ,680,000 Kommunalbanken RegS ,503, /10/2016 Spain 123,555, EUR 12,000,000 FADE - Fondo de Amortizacion del Deficit Electrico EMTN /09/ ,330, EUR 12,000,000 FADE - Fondo de Amortizacion del Deficit Electrico EMTN /12/ ,325, EUR 2,500,000 Instituto de Credito Oficial GMTN 0.5 2,491, /12/2017 EUR 12,500,000 Spain Government /10/ ,492, EUR 10,000,000 Spain Government /01/ ,179, EUR 27,800,000 Spain Government /04/ ,522, EUR 15,000,000 Spain Government /07/ ,507, EUR 28,150,000 Spain Government /01/ ,703, Supranational 16,945, EUR 5,000,000 Asian Development Bank GMTN ,039, /04/2017 1,000,000 European Investment Bank , /05/2018 EUR 11,000,000 European Stability Mechanism EMTN 0 17/10/ ,011, Sweden 24,530, ,000,000 Kommuninvest I Sverige RegS ,789, /12/2016 GBP 5,000,000 Nordea Bank EMTN FRN 15/02/2016 7,041, EUR 2,000,000 Stadshypotek EMTN 1 01/04/2019 2,055, GBP 1,500,000 Svenska Handelsbanken EMTN FRN 2,112, /05/2016 GBP 2,540,000 Swedbank GMTN FRN 02/06/2017 3,569, GBP 4,400,000 Swedbank Hypotek EMTN FRN 6,183, /04/2018 2,000,000 Sweden Government RegS /01/2018 1,777, Switzerland 12,722, EUR 2,400,000 Credit Suisse/Guernsey EMTN 1 2,456, /03/2019 GBP 1,300,000 Credit Suisse/London EMTN FRN 1,826, /07/2016 EUR 2,000,000 Credit Suisse/London EMTN FRN 1,993, /10/2019 2,000,000 Nestle EMTN 2 30/09/2019 1,791, EUR 4,650,000 UBS/London EMTN FRN 05/09/2016 4,655, United Kingdom 28,151, EUR 2,000,000 Barclays Bank EMTN FRN 02/06/2016 2,002, GBP 3,000,000 Barclays Bank EMTN FRN 12/02/2018 4,217, EUR 6,000,000 Elsevier Finance via Aquarius + 6,023, Investments EMTN FRN 20/05/2017 GBP 1,730,000 HSBC Bank EMTN FRN 16/05/2016 2,437, EUR 3,100,000 INEOS Grangemouth /07/2019 3,149, United Kingdom (cont) GBP 1,900,000 Lloyds Bank EMTN FRN 16/01/2017 2,673, GBP 2,500,000 Lloyds Bank EMTN FRN 19/01/2018 3,514, GBP 2,430,000 Nationwide Building Society EMTN FRN 3,416, /04/2018 GBP 500,000 Reed Elsevier Investments /08/ , United States of America 20,690, ,000,000 Bank of America /04/2019 2,704, EUR 4,600,000 Caterpillar International Finance EMTN 4,615, FRN 27/09/2017 3,000,000 Exxon Mobil /03/2017 2,678, EUR 2,000,000 JPMorgan Chase & Co. EMTN ,068, /06/2016 EUR 4,600,000 Morgan Stanley GMTN FRN 19/11/2019 4,610, EUR 4,000,000 Wells Fargo & Co. EMTN FRN 24/04/2019 4,013, Total Money Instruments Admitted 663,924, Money Instruments dealt on another Regulated EUR Canada 10,052, ,257,000 Bank of Nova Scotia FRN 15/07/2016 2,915, ,000,000 Royal Bank of Canada GMTN FRN 3,569, /10/2017 4,000,000 Toronto-Dominion Bank GMTN FRN 06/01/2017 3,567, France 8,187, ,770,000 BPCE MTN FRN 10/02/2017 3,381, ,400,000 Dexia Credit Local/New York RegS 2,152, /10/2016 3,000,000 Société Générale 0 24/06/2016 2,653, Germany 4,210, GBP 3,000,000 BMW US Capital EMTN FRN 4,210, /02/2017 herlands 1,782, ,000,000 ABN AMRO Bank RegS FRN 1,782, /06/2016 Spain 30,124, EUR 15,000,000 Spain Government /10/ ,472, EUR 12,000,000 Spain Government /10/ ,652, Supranational 25,334, EUR 24,400,000 European Stability Mechanism EMTN /10/ ,334, Sweden 10,804, ,190,000 Nordea Bank RegS FRN 04/04/2017 6,417, ,000,000 Stadshypotek RegS /04/2020 4,387, Switzerland 21,066, EUR 5,000,000 Credit Suisse /05/2016 5,000, ,000,000 Credit Suisse/New York FRN 6,229, /01/2018 GBP 7,000,000 UBS /06/2016 9,836, United Kingdom 37,789, EUR 4,000,000 Abbey National Treasury Services ,000, /05/2016 GBP 3,000,000 Abbey National Treasury Services 1 4,215, /04/2016 3,000,000 Barclays Bank 0 18/04/2016 2,675, EUR 14,000,000 Barclays Bank /03/ ,000, GBP 2,000,000 Barclays Bank /04/2016 2,810,

427 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 427 EURO Short Term Bond (cont) Global Bond Money Instruments dealt on another Regulated EUR Money Instruments Admitted United Kingdom (cont) GBP 1,500,000 Lloyds Bank 0 14/04/2016 2,087, EUR 8,000,000 Lloyds Bank /05/2016 8,000, United States of America 36,922, ,000,000 Apple FRN 03/05/2016 1,783, ,000,000 Bank of America FRN 14/02/2017 2,677, ,790,000 Citigroup FRN 27/04/2018 6,041, EUR 4,100,000 Coca-Cola FRN 09/03/2017 4,098, ,080,000 Goldman Sachs FRN 22/05/2017 5,424, ,690,000 HSBC USA /03/2018 4,175, ,000,000 JPMorgan Chase & Co. FRN 15/02/2017 5,354, ,760,000 JPMorgan Chase & Co. MTN FRN 3,354, /11/2016 EUR 4,000,000 Wells Fargo & Co. EMTN FRN 24/04/2019 4,013, Total Money Instruments dealt on another Regulated 186,276, Total Investments 850,201, Other 30,073, Asset 880,275, Australia 22,629, AUD 16,900,000 Australia Government /07/ ,580, AUD 8,597,000 Australia Government 6 15/02/2017 7,049, Barbados 3,558, ,568,083 Global SC Finance II A A ,558, /04/2028 Belgium 52,861, EUR 25,350,000 Belgium Government /09/ ,432, ,420,000 Belgium Government EMTN /03/ ,429, Brazil 9,106, ,700,000 Brazilian Government ,106, /01/2021 Canada 4,734, EUR 3,700,000 Canadian Imperial Bank of Commerce 4,148, /10/ ,000 Talisman Energy /02/ , Denmark 7,510, DKK 47,000,000 Denmark Government /11/2023 7,510, Finland 1,565, ,545,000 Finland Government 144A ,565, /03/2016 France 154,407, GBP 6,000,000 BPCE /04/2029 9,824, EUR 5,200,000 BPCE SFH /10/2022 5,724, EUR 17,900,000 Caisse Centrale du Credit Immobilier de 20,741, France EMTN /04/ ,000,000 Caisse d'amortissement de la Dette 19,514, Sociale RegS /02/2022 EUR 4,500,000 Cap Gemini /07/2020 5,080, EUR 2,900,000 Cie de Financement Foncier ,219, /02/2020 EUR 18,150,000 Dexia Credit Local EMTN ,185, /09/2019 GBP 1,500,000 Electricite de France EMTN variable 2,400, perpetual EUR 9,240,000 France Government Bond OAT ,428, /05/2024 EUR 13,250,000 HSBC SFH France EMTN ,586, /03/2022 GBP 1,585,000 Orange EMTN variable perpetual 2,550, GBP 699,000 Orange variable perpetual 1,124, EUR 1,250,000 SCOR variable perpetual 1,465, EUR 6,000,000 Société Générale EMTN 2 29/04/2024 7,317, EUR 10,200,000 TOTAL EMTN variable perpetual 11,082, EUR 16,200,000 UNEDIC EMTN /02/ ,161, Germany 157,978, EUR 3,700,000 Bayer variable 02/04/2075 3,948, ,070,000 Continental Rubber of America 144A 3,156, /09/2019 EUR 1,800,000 EnBW Energie Baden-Wuerttemberg 2,189, EMTN variable 02/04/2072 EUR 14,000,000 FMS Wertmanagement AoeR EMTN 16,754, /05/2019 EUR 7,600,000 Germany (Bund) /02/2025 8,297, EUR 19,800,000 Germany (Bund) /02/ ,279, EUR 1,600,000 Germany (Bund) 4 04/07/2016 1,871, EUR 150,000 Germany (Bund) 4 04/01/ , EUR 9,050,000 Germany (Bund) /07/ ,646, EUR 1,210,000 Germany (Bund) /07/2034 2,105, EUR 8,395,000 Germany (Bund) /07/ ,667, EUR 4,940,000 Germany (Bund) /01/2024 8,139, ,800,000 KFW 2 02/05/ ,798, ,000,000 Landwirtschaftliche Rentenbank /06/ ,759,

428 Page 428 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Bond (cont) Global Bond (cont) Money Instruments Admitted Money Instruments Admitted Germany (cont) EUR 12,800,000 Landwirtschaftliche Rentenbank EMTN 15,492, /05/2020 4,830,000 LBBW EMTN /03/2018 4,828, GBP 1,700,000 RWE variable perpetual 2,798, Ireland 5,413, GBP 1,350,000 ESB Finance EMTN /03/2020 2,481, EUR 1,300,000 Ireland Government /03/2025 1,942, GBP 654,555 Money Partners Securities 4X A1A FRN 15/03/ , Italy 205,360, EUR 1,800,000 Edison EMTN /11/2017 2,180, ,591,000 Enel 144A variable 24/09/2073 6,442, GBP 1,700,000 Enel variable 10/09/2075 2,910, EUR 12,000,000 Italy Buoni Poliennali Del Tesoro ,604, /12/2015 EUR 25,550,000 Italy Buoni Poliennali Del Tesoro ,279, /12/2018 EUR 89,755,000 Italy Buoni Poliennali Del Tesoro ,106, /05/2021 EUR 2,810,000 Italy Buoni Poliennali Del Tesoro 4 3,529, /02/2037 EUR 1,570,000 Italy Buoni Poliennali Del Tesoro 5 2,257, /09/2040 EUR 15,960,000 Italy Buoni Poliennali Del Tesoro ,170, /09/2022 GBP 1,550,000 Telecom Italia EMTN ,649, /06/2019 EUR 2,900,000 UniCredit EMTN variable 28/10/2025 3,489, EUR 1,494,000 Wind Acquisition Finance RegS 7 23/04/2021 1,738, Mexico 44,783, ,310,000 America Movil 5 30/03/2020 9,205, ,300,000 Cemex 144A /03/2019 4,412, ,000 Grupo Cementos de Chihuahua RegS 768, /02/2020 MXN 60,913,000 Mexican Bonos /06/2021 4,059, MXN 185,600,000 Mexican Bonos 8 11/06/ ,228, EUR 12,900,000 Petroleos Mexicanos EMTN /04/ ,107, herlands 58,293, EUR 2,400,000 ABN AMRO Bank EMTN variable 2,708, /06/ ,000,000 Bank Nederlandse Gemeenten RegS 24,905, /03/ ,350 E-MAC Program 2007-NL3A A1 FRN 261, /07/2047 GBP 3,073,000 Koninklijke KPN EMTN variable 5,037, /03/ ,000,000 Nederlandse Waterschapsbank RegS 19,446, /04/2022 EUR 3,800,000 herlands Government 2 4,664, /07/2024 EUR 500,000 SNS Bank EMTN /10/2020 ** - - EUR 1,038,000 TenneT variable perpetual 1,270, Poland 7,625, PLN 27,000,000 Poland Government 4 25/10/2023 7,625, Spain 72,492, EUR 3,100,000 Bankia MTN variable 22/05/2024 3,390, EUR 3,200,000 BPE Financiaciones /05/2016 3,640, EUR 17,140,000 Spain Government /07/ ,193, EUR 10,550,000 Spain Government /04/ ,137, EUR 25,654,000 Spain Government /01/ ,130, Supranational 64,493, ,700,000 European Bank for Reconstruction & Development GMTN /02/ ,159, EUR 21,150,000 European Investment Bank /04/2021 EUR 9,040,000 European Stability Mechanism EMTN 0 17/10/ ,185, ,147, Sweden 17,287, EUR 15,000,000 Stadshypotek EMTN 1 01/04/ ,287, Switzerland 17,992, CHF 12,700,000 Switzerland Government 4 11/02/ ,992, United Kingdom 124,500, ,979,000 Abbey National Treasury Services ,049, /08/2018 GBP 1,100,000 Arqiva Broadcast Finance RegS 9.5 1,916, /03/2020 EUR 1,400,000 Aviva EMTN variable 03/07/2044 1,565, GBP 2,664,000 Aviva variable perpetual 4,403, EUR 551,298 Eurosail X A3A FRN 10/09/ , GBP 884,498 Eurosail X A3C FRN 10/12/2044 1,329, ,620,000 Friends Life variable perpetual 4,002, GBP 1,019,675 Marble Arch Residential Securitisation 1,588, No.4 4X A3C FRN 20/03/2040 GBP 193,970 Money Partners Securities 2X A2A FRN 294, /05/ ,242 Money Partners Securities 2X A2C FRN 33,011-14/05/2039 EUR 616,680 Money Partners Securities 3X A2B FRN 660, /09/2039 GBP 589,759 Paragon Mortgages 9X AA FRN 874, /05/2041 GBP 265,680 Residential Mortgage Securities 20X A2A 395, FRN 10/08/2038 GBP 916,604 Residential Mortgage Securities 22X A3A 1,369, FRN 14/11/2039 GBP 1,408,680 Residential Mortgage Securities 25 A1 2,275, FRN 16/12/2050 GBP 1,813,000 RL Finance Bonds variable perpetual 2,871, GBP 29,019 RMAC 2003-NS1X A3 FRN 12/06/ ,884 - GBP 480,947 RMAC 2003-NS2X A3 FRN 12/09/ , GBP 573,077 RMAC 2003-NS3X A3 FRN 12/12/ , GBP 283,535 RMAC 2003-NS4X A3 FRN 12/03/ , EUR 431,057 RMAC 2005-NS1X A2C FRN 450, /06/2037 GBP 1,400,000 Southern Gas works EMTN 2.5 2,074, /02/2025 GBP 115,591 Southern Pacific Financing 2005-B A 172, FRN 10/06/2043 GBP 139,236 Southern Pacific Financing 2006-A A 209, FRN 10/03/2044 GBP 1,127,700 Spirit Issuer variable 28/12/2021 1,705, GBP 1,462,000 Spirit Issuer variable 28/12/2036 2,377, EUR 2,400,000 SSE variable perpetual 2,857, ,160,000 Tesco RegS /11/2037 8,830, GBP 13,200,000 UK Treasury /01/ ,029, GBP 4,360,000 UK Treasury 4 07/03/2022 7,868, GBP 10,910,000 UK Treasury /12/ ,103, GBP 4,249,000 UK Treasury /03/2020 7,716, GBP 3,720,000 UK Treasury /12/2030 7,601, GBP 2,505,000 Unique Pub Finance /03/2024 4,048, EUR 3,700,000 Viridian FundCo II RegS /03/2020 4,166, United States of America 170,149, ,800,000 Ally Financial /07/2016 3,839, ,000 Bank of America /06/ , ,100,000 Bank of America /06/2019 8,423, ** The security was Fair d as at 30 June 2015.

429 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 429 Global Bond (cont) Global Bond (cont) Money Instruments Admitted Money Instruments dealt on another Regulated United States of America (cont) 6,300,000 Bank of America MTN ,444, /04/2044 1,700,000 Bank of America MTNL ,867, /05/ ,745,000 Citigroup /05/ ,984, ,320,000 Citigroup /05/2018 5,929, ,000 CSX /10/ , ,945,000 CSX /05/2042 3,989, ,160,000 CSX /05/2037 2,582, ,000 CVS Health /06/ , ,970,000 Digital Realty Trust /03/2021 3,237, ,170,000 Dow Chemical /11/ ,411, ,150,000 Dr Pepper Snapple /11/2021 2,185, ,798,000 Ensco /10/2044 6,095, ,290,000 Hartford Financial Services 5.5 5,924, /03/ ,915,000 International Paper /06/ ,122, ,000,000 JPMorgan Chase & Co ,139, /10/2020 1,045,000 JPMorgan Chase Bank 6 01/10/2017 1,140, ,100,000 Kinder Morgan /06/2045 9,350, ,531,000 Kroger /04/2031 3,268, ,000 Lowe's /11/ , ,045,000 Macy's Retail /01/2022 8,336, ,205,000 Macy's Retail /01/2042 6,336, ,927,000 Monsanto /07/2064 5,084, ,810,000 Morgan Stanley /04/2016 1,852, ,900,000 Morgan Stanley 5 24/11/2025 4,090, ,537,000 Prudential Financial MTN ,086, /05/2044 1,400,000 Prudential Financial MTN ,410, /09/2015 3,994,000 Tyson Foods /08/2044 4,101, ,655,000 Verizon Communications ,914, /11/ ,000 Verizon Communications ,138, /09/2043 2,735,000 Wal-Mart Stores /07/2020 2,914, ,100,000 Wells Fargo & Co /12/2017 1,208, ,000 Willis /03/ , Total Money Instruments Admitted 1,202,745, Money Instruments dealt on another Regulated Barbados 693, ,875 Global SC Finance II SRL A A1 693, /07/2029 Bermuda 7,900, ,118,556 Cronos Containers Program I A A 4,137, /11/2029 3,761,333 Textainer Marine Containers A A /10/2039 3,762, Canada 80,190, ,095,000 Bank of Montreal 144A ,119, /01/2016 CAD 35,500,000 Canadian Government ,229, /06/2022 CAD 17,241,000 Canadian Government /06/ ,570, CAD 7,941,000 Canadian Government 5 01/06/2037 9,318, ,215,000 Element Rail Leasing II A A2 12,111, /02/2045 2,740,000 National Bank of Canada 144A 2.2 2,788, /10/2016 1,200,000 Province of Quebec /08/2021 1,228, Canada (cont) 5,690,000 Province of Quebec /08/2021 (USA) 5,824, China 5,763, ,070,000 COSL Finance BVI RegS ,763, /09/2022 Denmark 1,426, ,395,000 Danske Bank 144A /04/2016 1,426, France 6,165, ,640,000 Electricite de France 144A 6 2,820, /01/2114 EUR 2,900,000 French Treasury Note BTAN /07/2016 3,344, Germany 4,004, ,000,000 Norddeutsche Landesbank Girozentrale 4,004, RegS /10/2015 Japan 211,368, JPY 600,000,000 Japan Government Five Year Bond 0.2 4,922, /09/2017 JPY 1,781,000,000 Japan Government Ten Year Bond ,896, /03/2023 JPY 6,176,000,000 Japan Government Ten Year Bond ,482, /09/2022 JPY 2,735,700,000 Japan Government Ten Year Bond ,648, /12/2020 JPY 3,236,600,000 Japan Government Ten Year Bond ,077, /06/2021 JPY 2,646,000,000 Japan Government Ten Year Bond ,893, /03/2016 JPY 2,945,650,000 Japan Government Thirty Year Bond 24,315, /03/2033 JPY 1,360,000,000 Japan Government Thirty Year Bond 12,368, /09/2042 JPY 2,912,950,000 Japan Government Thirty Year Bond /05/ ,763, Malaysia 1,722, ,700,000 SSG Resources /10/2022 1,722, Mexico 8,053, ,750,000 Petroleos Mexicanos ,053, /01/2022 Peru 2,001, ,030,000 Transportadora de Gas del Peru RegS 2,001, /04/2028 United Kingdom 4,994, ,563,000 WPP Finance /11/2043 4,994, United States of America 478,513, ,286,000 21st Century Fox America 5.4 7,796, /10/ ,000 AbbVie /11/ , ,694 American Credit Acceptance Receivables 49,701 - Trust A /04/2018 1,025,000 AmeriCredit Automobile Receivables 1,037, Trust C /11/2019 1,570,000 AmeriCredit Automobile Receivables 1,575, Trust C /03/ ,000 AmeriCredit Automobile Receivables 435, Trust C /06/ ,940,000 Apple /05/ ,966, ,550,000 ARL Second A A ,591, /06/2044 2,345,000 AT&T /05/2035 2,159, ,735,000 AT&T /05/2046 3,398, ,195,000 BAMLL Commercial Mortgage Securities 1,192, Trust 2014-ICTS A FRN 15/06/ ,926 Carfinance Capital Auto Trust A A /11/ ,989 -

430 Page 430 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Bond (cont) Global Bond (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated United States of America (cont) 3,876,629 CarFinance Capital Auto Trust A 3,881, A /06/2021 1,925,000 Chase Issuance Trust 2012-A2 A2 FRN 1,925, /05/ ,175,000 Chrysler Capital Auto Receivables Trust 10,113, AA D /07/2021 1,220,000 Citigroup Commercial Mortgage Trust 1,216, G C FRN 15/06/ ,000 Citigroup Commercial Mortgage Trust 318, G E FRN 15/06/ ,000 CLI Funding V A , /03/2028 2,265,020 CLI Funding V A A ,272, /06/ ,006,000 CLI Funding A A ,077, /10/2029 7,003,000 Comcast /03/2044 7,119, ,000 COMM 2014-TWC Mortgage Trust FRN 378, /02/2032 2,437,458 Consumer Credit Origination Loan Trust 2,451, A /03/ ,839 CPS Auto Receivables Trust 2014-C A 647, /02/ ,349 Credit-Based Asset Servicing and Securitization 2003-CB4 AF1 step coupon 25/03/ , ,000 CSMC Series 2014-ICE B FRN 223, /04/ ,000 CSMC Series 2014-ICE C FRN 164, /04/2027 2,210,000 CSMC Series 2014-ICE D FRN 2,201, /04/2027 1,175,000 Digital Realty Trust /02/2020 1,317, ,060,000 DIRECTV/DIRECTV Financing ,658, /03/ ,000 DIRECTV/DIRECTV Financing ,046, /03/ ,000 DT Auto Owner Trust A B , /03/ ,000 DT Auto Owner Trust A C , /10/ ,000 DT Auto Owner Trust A C , /01/ ,875,000 ECAF I A A /06/ ,875, ,948 Exeter Automobile Receivables Trust 141, A A /05/ ,903 Fannie Mae-Aces 2014-M8 FA FRN 352, /05/ ,955,839 Fannie Mae-Aces 2014-M8 X2 variable 567, /06/ ,107 FHLMC (Gold) Pool N A , /06/ ,008 FHLMC (Gold) Pool N G , /05/ ,891 FHLMC Multifamily Structured Pass 549, Through Certificates A FRN 25/04/ ,021,982 FHLMC Multifamily Structured Pass Through Certificates K038 X1 variable 25/03/ , FHLMC REMICS 2646 SH FRN 15/07/2033 1,850,077 FHLMC REMICS 3281 CI FRN 15/02/ ,680 FHLMC REMICS 4149 IO 3 15/01/2033 1,258,178 FHLMC REMICS 4170 QI 3 15/05/2032 1,841,501 FHLMC REMICS 4357 MA 3 15/10/ ,177 Flagship Credit Auto Trust A /01/ ,000 Flagship Credit Auto Trust B /02/ , , , ,869, , , United States of America (cont) 18,245,562 FNMA - Aces 2012-M14 X2 variable 521, /09/ ,943 FNMA Interest Strip ,142-25/07/ ,142 FNMA Interest Strip ,737-25/07/ ,929 FNMA Interest Strip ,707-25/07/2018 1,400,000 FNMA Pool 3 25/07/2045 1,391, ,064 FNMA Pool N /02/ , ,952 FNMA Pool N , /10/ ,258 FNMA Pool N FRN 01/09/ , ,011,617 FNMA Pool N ,137, /10/ ,778 FNMA Pool N AB /05/ , ,762,798 FNMA Pool N AR /06/2043 2,755, ,954,489 FNMA Pool N AS /08/2043 1,948, ,928,760 FNMA Pool N AS /08/2043 2,920, ,542,692 FNMA Pool N AU /07/2043 3,532, ,525 FNMA REMICS HI ,127-25/01/ ,363 FNMA REMICS AI 5.5 6,086-25/12/2026 1,255,122 FNMA REMICS GI 3 173, /10/2032 1,354,356 FNMA REMICS KZ 2.5 1,129, /10/2041 1,502,516 FNMA REMICS PA 3.5 1,598, /08/2043 1,304,000 Freeport-McMoRan /03/2043 1,095, ,000 FREMF Mortgage Trust 2011-K702 B 304, variable 25/04/ ,000 FREMF Mortgage Trust 2012-K706 B 787, variable 25/11/ ,000 FREMF Mortgage Trust 2012-K711 B 725, variable 25/08/2045 2,515,000 FREMF Mortgage Trust 2012-KF01 B 2,563, FRN 25/10/ ,000 FREMF Mortgage Trust 2013-K712 B 595, variable 25/05/ ,586 FREMF Mortgage Trust 2013-KF02 B 731, FRN 25/12/ ,000 FREMF Mortgage Trust 2014-K36 B 402, variable 25/12/ ,000 FREMF Mortgage Trust 2014-K38 B 982, variable 25/06/ ,000 Glencore Finance Canada 144A , /11/ ,424,408 GNMA IO variable 16/06/ , ,274,483 GNMA IO variable 16/10/2044 2,845, ,238 GNMA MI /12/2037 7,604-5,892,292 GNMA IO variable 16/12/ , ,421,151 GNMA IO variable 16/12/ , ,420,904 GNMA IO variable 16/01/ , ,342,370 GNMA IO variable 16/01/2054 1,194, ,435,339 GNMA IO variable 16/08/ , ,317,520 GNMA IO variable 16/06/2052 2,527, ,415,203 GNMA IB variable 16/08/2055 2,738, ,075,540 GNMA SA FRN 20/02/2044 1,205, ,392 GNMA VA 3 16/02/ , ,151 GNMA Z 4 20/03/ , ,559,374 GNMA BI variable 16/07/2054 1,973, ,227,512 GNMA IA variable 16/02/ , ,896,143 GNMA IO variable 16/04/ , ,296 GNMA I Pool N AE ,346-15/01/ ,948 GNMA I Pool N AE ,466-15/12/ ,141 GNMA II Pool N /05/ ,

431 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 431 Global Bond (cont) Global Bond (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated United States of America (cont) 62,713 GNMA II Pool N /03/ ,744 GNMA II Pool N /07/ ,096 Hilton USA Trust 2013-HLF ALF FRN 05/11/ ,029 Impac Secured Trust A1 FRN 25/05/ ,063 Impac Secured Trust A2 FRN 25/05/ ,212 Impac Secured Trust A2 FRN 25/08/2036 1,345,000 Impac Secured Trust M1 FRN 25/08/ ,000 JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU A FRN 15/12/ ,774-62, , , , , ,227, , ,285,000 Kraft Foods /02/2020 1,433, ,360,000 Kroger /04/2031 1,756, ,525,000 Longtrain Leasing III A A ,305, /01/ ,000 LSTAR Commercial Mortgage Trust 224, B variable 20/01/2041 3,200,000 McGraw Hill Financial 144A 4 3,189, /06/ ,570,000 Medtronic 144A /03/ ,701, ,400,000 Merck & Co /02/2025 4,212, ,980,000 Microsoft 4 12/02/ ,663, ,910,000 Morgan Stanley 5 24/11/2025 9,345, ,955,000 Motel 6 Trust 2015-MTL6 B ,936, /02/2030 9,850,000 Nordstrom 5 15/01/ ,425, ,655,000 OnDeck Asset Securitization Trust ,660, A A /05/ ,000 OneMain Financial Issuance Trust , A A /06/ ,000 OneMain Financial Issuance Trust , A A /09/2024 6,180,000 OneMain Financial Issuance Trust ,267, A A /03/ ,590,000 OneMain Financial Issuance Trust ,599, A A /07/ ,000 Prestige Auto Receivables Trust A 320, B /04/2020 5,043,000 Reynolds American /08/2045 5,261, ,000 Santander Drive Auto Receivables Trust 236, C /04/2019 1,095,000 Santander Drive Auto Receivables Trust 1,123, C /01/2020 1,285,000 Santander Drive Auto Receivables Trust 1,301, C /06/ ,000 Santander Drive Auto Receivables Trust 987, C /04/ ,000 Santander Drive Auto Receivables Trust 547, C /11/ ,000 Santander Drive Auto Receivables Trust 791, C /08/ ,000 SCG Trust 2013-SRP1 A FRN 339, /11/ ,256 SpringCastle America Funding 2014-AA 960, A /05/2023 4,800,000 SpringCastle America Funding 2014-AA 4,910, B /10/ ,733 TAL Advantage A A , /02/ ,823 TAL Advantage A A , /05/2039 1,174,125 TAL Advantage V A A ,181, /11/ ,754 Thornburg Mortgage Securities Trust 313, A3 FRN 25/04/2045 3,163,655 Trinity Rail Leasing A A /07/2043 3,148, United States of America (cont) 9,400,000 US Treasury /02/2017 9,451, ,400,000 US Treasury 1 31/05/ ,405, ,220,000 US Treasury /08/ ,328, ,300,000 US Treasury /08/ ,221, ,930,000 US Treasury /05/ ,943, ,050,000 US Treasury Bill 0 10/12/2015 3,049, ,132,000 US Treasury Inflation Indexed Bonds 56,353, /04/2019 9,416,000 Verizon Communications 144A ,154, /03/ ,510,000 Wendys Funding A A2I ,495, /06/ ,000 Westlake Automobile Receivables Trust 300, A B /11/ ,000 Westlake Automobile Receivables Trust A C /11/ , Total Money Instruments dealt on another Regulated 812,798, Other Transferable Securities not dealt on another Regulated United States of America 45, ,257 GNMA IO variable 16/06/ ,646 - Total Other Transferable Securities not dealt on another Regulated 45,646 - Units in Open-Ended Investment Scheme Luxembourg 5,479, ,000 Emerging Bond Class I Acc 5,479, Total Units in Open-Ended Investment Scheme 5,479, Total Investments 2,021,069, Other 61,132, Asset 2,082,202,

432 Page 432 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Inflation Linked Bond Money Instruments Admitted EUR Global Inflation Linked Bond (cont) Money Instruments Admitted EUR Australia 8,934, AUD 9,200,000 Australia Government 3 20/09/2025 8,934, France 29,997, EUR 8,000,000 France Government Bond OAT ,616, /07/2024 EUR 2,800,000 France Government Bond OAT 1.8 4,359, /07/2040 EUR 12,020,000 France Government Bond OAT /07/ ,021, Germany 13,152, EUR 2,000,000 Deutsche Bundesrepublik Inflation Linked 2,274, Bond /04/2030 EUR 8,800,000 Deutsche Bundesrepublik Inflation Linked Bond /04/ ,877, Italy 79,368, EUR 2,000,000 Italy Buoni Poliennali Del Tesoro ,026, /05/2017 EUR 5,400,000 Italy Buoni Poliennali Del Tesoro 2.1 6,351, /09/2021 EUR 23,940,000 Italy Buoni Poliennali Del Tesoro ,763, /09/2019 EUR 25,550,000 Italy Buoni Poliennali Del Tesoro ,330, /09/2024 EUR 5,925,000 Italy Buoni Poliennali Del Tesoro ,988, /09/2035 EUR 4,790,000 Italy Buoni Poliennali Del Tesoro /09/2041 5,907, Spain 2,816, EUR 2,650,000 Spain Government Inflation Linked Bond 2,816, /11/2024 Sweden 8,813, SEK 75,500,000 Sweden Inflation Linked Bond ,813, /06/2022 United Kingdom 222,258, GBP 7,400,000 UK Gilt Inflation Linked ,447, /11/2019 GBP 19,390,000 UK Gilt Inflation Linked ,356, /03/2024 GBP 8,040,000 UK Gilt Inflation Linked ,931, /03/2044 GBP 1,900,000 UK Gilt Inflation Linked ,842, /03/2058 GBP 1,650,000 UK Gilt Inflation Linked ,831, /03/2068 GBP 3,537,000 UK Gilt Inflation Linked ,373, /03/2052 GBP 4,390,000 UK Gilt Inflation Linked ,063, /03/2062 GBP 4,350,000 UK Gilt Inflation Linked /03/ ,851, GBP 1,360,000 UK Gilt Inflation Linked ,092, /03/2040 GBP 3,900,000 UK Gilt Inflation Linked ,363, /11/2042 GBP 7,220,000 UK Gilt Inflation Linked ,516, /03/2034 GBP 1,300,000 UK Gilt Inflation Linked ,485, /11/2047 GBP 4,330,000 UK Gilt Inflation Linked ,247, /11/2037 GBP 4,935,000 UK Gilt Inflation Linked ,590, /11/2027 GBP 6,181,000 UK Gilt Inflation Linked ,141, /11/2032 GBP 3,166,000 UK Gilt Inflation Linked ,528, /11/2055 GBP 11,320,000 UK Gilt Inflation Linked /11/ ,271, United Kingdom (cont) GBP 2,765,000 UK Gilt Inflation Linked 2 26/01/2035 8,915, GBP 3,230,000 UK Gilt Inflation Linked /07/ ,407, Total Money Instruments Admitted 365,340, Money Instruments dealt on another Regulated EUR Canada 18,799, CAD 2,100,000 Canadian Government /12/2044 2,048, CAD 4,750,000 Canadian Government 3 01/12/2036 6,320, CAD 2,535,000 Canadian Government 4 01/12/2031 3,978, CAD 4,500,000 Canadian Government /12/2021 6,452, France 20,104, EUR 18,223,000 France Government Bond OAT ,104, /07/2030 Japan 9,703, JPY 1,210,000,000 Japanese Government CPI Linked Bond 9,703, /09/2023 New Zealand 13,032, NZD 20,800,000 New Zealand Government ,032, /09/2035 Spain 8,725, EUR 4,500,000 Spain Government Inflation Linked Bond 4,562, /11/2019 EUR 4,500,000 Spain Government Inflation Linked Bond 1 30/11/2030 4,162, United States of America 307,269, ,500,000 US Treasury Inflation Indexed Bonds 25,480, /04/ ,340,000 US Treasury Inflation Indexed Bonds 53,180, /04/ ,000,000 US Treasury Inflation Indexed Bonds 26,979, /04/ ,400,000 US Treasury Inflation Indexed Bonds 11,463, /01/2022 8,900,000 US Treasury Inflation Indexed Bonds 8,109, /07/ ,100,000 US Treasury Inflation Indexed Bonds 23,452, /01/ ,300,000 US Treasury Inflation Indexed Bonds 18,642, /01/ ,830,000 US Treasury Inflation Indexed Bonds 12,588, /07/ ,924,000 US Treasury Inflation Indexed Bonds 11,317, /02/2043 9,425,000 US Treasury Inflation Indexed Bonds 8,079, /02/2042 3,000,000 US Treasury Inflation Indexed Bonds 2,450, /02/ ,950,000 US Treasury Inflation Indexed Bonds 21,382, /01/ ,160,000 US Treasury Inflation Indexed Bonds 15,710, /02/ ,010,000 US Treasury Inflation Indexed Bonds 25,040, /01/ ,350,000 US Treasury Inflation Indexed Bonds /01/ ,954,

433 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 433 Global Inflation Linked Bond (cont) Hong Kong Dollar Bond Money Instruments dealt on another Regulated EUR Money Instruments Admitted HKD United States of America (cont) 5,320,000 US Treasury Inflation Indexed Bonds /04/ ,835,000 US Treasury Inflation Indexed Bonds /04/2029 8,916, ,521, Total Money Instruments dealt on another Regulated 377,635, Total Investments 742,976, Other Liabilities ( 2,018,296 ) ( 0.27 ) Asset 740,957, Australia 10,921, HKD 10,000,000 Westpac Banking EMTN ,921, /12/2019 China 535,450, CNH 20,000,000 Agricultural Bank of China/Dubai EMTN 24,992, /09/2017 4,200,000 Agricultural Bank of China/Hong Kong 32,809, EMTN /12/2017 CNH 42,000,000 Agricultural Development Bank of China 52,363, /01/2016 CNH 9,000,000 China Construction Bank variable 11,391, /11/2024 CNH 35,000,000 China Datang EMTN /04/ ,668, ,000,000 China Mengniu Dairy /11/2018 7,976, CNH 31,000,000 China Minmetals /03/ ,669, ,000,000 CNPC General Capital RegS ,089, /04/2016 5,200,000 Eastern Creation II Investment EMTN 40,628, /11/2017 4,000,000 Export-Import Bank of China RegS 31,438, /07/2024 CNH 20,000,000 Hang Seng Bank China ,821, /07/2017 CNH 24,000,000 Industrial & Commercial Bank of China 29,979, /11/2016 2,800,000 Industrial & Commercial Bank of China/ 21,901, Luxembourg EMTN FRN 12/02/2018 CNH 13,000,000 Industrial & Commercial Bank of China/ 16,196, Singapore EMTN /11/2015 CNH 15,000,000 Maikun Investment /06/ ,863, CNH 20,000,000 Sinochem Offshore Capital ,986, /05/2017 6,800,000 Sinopec Group Overseas Development 2014 RegS FRN 10/04/ ,674, Hong Kong SAR 444,663, ,000,000 Amipeace EMTN 2 06/12/ ,961, ,600,000 CNOOC Finance ,885, /05/ ,800,000 CNPC General Capital EMTN FRN 83,745, /11/ ,900,000 CNPC General Capital RegS FRN 107,787, /05/2017 3,500,000 HLP Finance EMTN /06/ ,102, HKD 25,000,000 Hysan MTN /08/ ,116, ,000,000 Hysan MTN EMTN /01/ ,134, ,000,000 PCCW-HKT Capital No 5 RegS ,606, /03/2023 HKD 12,000,000 Sun Hung Kai Properties Capital 12,120, /09/2016 1,600,000 Swire Pacific MTN Financing EMTN /10/ ,203, Indonesia 11,637, ,500,000 Astra Sedaya Finance EMTN ,637, /04/2018 Japan 7,458, CNH 6,000,000 Mitsubishi UFJ Lease & Finance EMTN 7,458, /02/2017 Malaysia 63,934, ,000,000 Penerbangan Malaysia RegS ,934, /03/2016 New Zealand 54,711, CNH 44,000,000 Fonterra Co-operative EMTN ,711, /01/2019 Singapore 91,696, HKD 35,000,000 CMT MTN EMTN /06/ ,515, CNH 17,000,000 Global Logistic Properties EMTN /05/ ,175,

434 Page 434 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Hong Kong Dollar Bond (cont) Hong Kong Dollar Bond (cont) Money Instruments Admitted HKD Money Instruments dealt on another Regulated HKD Singapore (cont) 3,000,000 Oversea-Chinese Banking RegS variable 15/10/2024 HKD 10,000,000 United Overseas Bank EMTN /03/ ,866, ,138, South Korea 215,605, ,200,000 Export-Import Bank of Korea FRN 24,886, /01/ ,000 Hana Bank RegS /09/2024 5,583, ,700,000 Hana Bank RegS FRN 09/11/ ,669, ,000,000 Kookmin Bank EMTN ,297, /01/2016 HKD 16,000,000 Kookmin Bank EMTN /10/ ,003, ,400,000 Kookmin Bank RegS FRN 11/10/ ,765, ,000,000 Korea Housing Finance RegS ,934, /12/2016 3,500,000 Shinhan Bank RegS FRN 08/04/ ,139, ,000,000 Shinsegae variable 08/05/ ,326, Taiwan 79,741, ,000,000 Competition Team Technologies RegS 62,077, /12/2017 2,400,000 Formosa Cayman /04/ ,664, United Kingdom 15,339, HKD 15,000,000 BP Capital s EMTN /06/ ,339, United States of America 23,692, CNH 19,000,000 Caterpillar Financial Services EMTN /03/ ,692, Total Money Instruments Admitted 1,554,852, Money Instruments dealt on another Regulated HKD Cayman Islands 69,115, HKD 30,000,000 MTR EMTN /10/ ,825, HKD 40,000,000 MTR EMTN /10/ ,289, China 662,162, HKD 30,000,000 Agricultural Bank of China/Hong Kong 29,973, /01/2016 HKD 50,000,000 Agricultural Bank of China/Hong Kong 50,141, /06/2016 HKD 30,000,000 Agricultural Bank of China/Hong Kong 29,973, /07/2015 3,250,000 Agricultural Bank Of China/New York 25,243, FRN 21/05/2018 HKD 40,000,000 Bank of China/Hong Kong ,872, /04/2018 HKD 30,000,000 Bank of China/Hong Kong 2 30,237, /06/2016 HKD 20,000,000 Bank of China/Hong Kong ,261, /09/2017 HKD 10,000,000 Bank of China/Hong Kong ,151, /04/2017 HKD 50,000,000 Bank of China/Hong Kong ,452, /07/2015 HKD 25,000,000 Bank of China/Hong Kong ,212, /07/2020 HKD 15,000,000 Bank of Communications/Hong Kong 15,045, /03/2018 HKD 20,000,000 China Construction Bank/Hong Kong 20,153, Certificate /11/2016 HKD 15,000,000 China Development Bank/Hong Kong 15,132, /01/2016 HKD 15,000,000 China Development Bank/Hong Kong 3 21/02/ ,440, China (cont) HKD 30,000,000 China Development Bank/Hong Kong 30,272, /05/2023 HKD 5,000,000 China Development Bank/Hong Kong 5,339, /05/2020 HKD 20,000,000 China Development Bank/Hong Kong 19,955, FRN 27/02/2018 CNH 20,000,000 China Power Construction ,086, /05/2017 CNH 38,000,000 China Unicom 4 16/04/ ,509, CNH 23,000,000 China Unicom Hong Kong EMTN ,760, /07/2016 7,500,000 CITIC EMTN /04/ ,616, HKD 30,000,000 CLP Power Hong Kong Financing ,203, /09/2022 CNH 13,000,000 Industrial & Commercial Bank of China 16,354, /11/2018 HKD 13,000,000 Wharf Finance EMTN /01/ ,772, Hong Kong SAR 8,429,727, HKD 38,000,000 Airport Authority Hong Kong EMTN ,392, /09/2016 HKD 15,000,000 Airport Authority Hong Kong MTN ,191, /07/2016 HKD 20,000,000 Airport Authority Hong Kong MTN ,740, /09/2022 HKD 76,000,000 Bank of East Asia /07/ ,956, HKD 8,000,000 Bank of East Asia /08/2015 8,135, HKD 10,000,000 Cheung Kong Finance ,741, /01/2020 HKD 5,000,000 CLP Power Hong Kong Financing ,344, /09/2021 HKD 30,000,000 CLP Power Hong Kong Financing MTN 30,133, /09/2022 HKD 9,000,000 CLP Power Hong Kong Financing MTN 9,196, /01/2016 HKD 7,000,000 Dah Sing Bank /01/2017 7,044, HKD 80,000,000 Hang Seng Bank /10/ ,530, CNH 10,000,000 HKCG Finance EMTN /04/ ,285, HKD 25,000,000 HKCG Finance EMTN /07/ ,740, HKD 10,000,000 HKCG Finance EMTN /11/ ,296, HKD 10,000,000 HKCG Finance MTN /05/ ,380, HKD 10,000,000 HKCG Finance MTN /12/ ,465, HKD 5,000,000 HKCG Finance MTN /06/2019 5,366, HKD 20,000,000 HLP Finance EMTN /06/ ,983, HKD 30,000,000 HLP Finance EMTN /09/ ,948, HKD 20,000,000 HLP Finance EMTN /05/ ,125, HKD 50,000,000 HLP Finance EMTN /10/ ,467, HKD 100,000,000 Hong Kong Government ,420, /12/2017 HKD 50,000,000 Hong Kong Government ,114, /05/2016 HKD 130,000,000 Hong Kong Government ,208, /06/2017 HKD 665,000,000 Hong Kong Government ,070, /03/2018 HKD 265,000,000 Hong Kong Government ,422, /02/2018 HKD 180,000,000 Hong Kong Government ,707, /06/2018 HKD 90,000,000 Hong Kong Government ,746, /11/2017 HKD 205,000,000 Hong Kong Government ,204, /12/2016 HKD 180,000,000 Hong Kong Government ,011, /06/2022 HKD 50,000,000 Hong Kong Government ,630, /04/2017 HKD 212,000,000 Hong Kong Government ,199, /01/2023 HKD 340,000,000 Hong Kong Government /12/ ,441,

435 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 435 Hong Kong Dollar Bond (cont) Hong Kong Dollar Bond (cont) Money Instruments dealt on another Regulated HKD Money Instruments dealt on another Regulated HKD Hong Kong SAR (cont) HKD 785,000,000 Hong Kong Government ,428, /06/2019 HKD 130,000,000 Hong Kong Government ,421, /03/2019 HKD 35,000,000 Hong Kong Government ,208, /12/2015 HKD 519,250,000 Hong Kong Government ,558, /09/2019 HKD 40,000,000 Hong Kong Government ,570, /06/2016 HKD 245,000,000 Hong Kong Government ,992, /12/2018 HKD 63,000,000 Hong Kong Government ,847, /03/2016 HKD 595,000,000 Hong Kong Government ,924, /12/2023 HKD 100,000,000 Hong Kong Government ,967, /12/2019 HKD 90,000,000 Hong Kong Government ,277, /08/2025 HKD 105,000,000 Hong Kong Government ,109, /08/2021 HKD 118,000,000 Hong Kong Government ,877, /01/2020 HKD 500,000,000 Hong Kong Government FRN 512,312, /06/2016 HKD 30,000,000 Hong Kong Government FRN 31,357, /08/2017 HKD 30,000,000 Hong Kong Mortgage 2 11/01/ ,241, HKD 111,000,000 Hong Kong Mortgage MTN ,258, /03/2017 HKD 60,000,000 Hong Kong Mortgage MTN ,306, /04/2017 HKD 65,000,000 Hong Kong Mortgage MTN ,330, /08/2017 HKD 5,000,000 Hong Kong Mortgage MTN ,066, /08/2016 HKD 10,000,000 Hong Kong Mortgage MTN ,133, /07/2018 HKD 52,500,000 Hong Kong Science & Technology Parks 53,436, EMTN /07/2019 HKD 66,000,000 Hong Kong Science & Technology Parks 69,208, MTN /07/2024 HKD 180,000,000 Hong Kong Treasury Bill 0 05/08/ ,998, HKD 250,000,000 Hong Kong Treasury Bill 0 23/09/ ,957, HKD 30,000,000 Hongkong Land Notes EMTN ,022, /06/2020 HKD 20,000,000 Hongkong Land Notes EMTN 4 21,272, /02/2027 HKD 20,000,000 Hongkong Land Notes EMTN ,249, /04/2027 HKD 10,000,000 Hongkong Land Notes GMTN ,913, /12/2021 3,300,000 ICBCIL Finance /03/ ,664, HKD 10,000,000 Industrial & Commercial Bank of China 10,123, Asia /04/2017 HKD 5,000,000 Industrial & Commercial Bank of China 5,067, Asia EMTN /04/2016 HKD 20,000,000 Industrial & Commercial Bank of China 20,008, Asia FRN 15/08/2016 HKD 1,500,000 Kowloon Canton Railway MTN ,615, /07/2019 HKD 20,000,000 Link Finance Cayman 2009 EMTN 19,828, /07/2022 HKD 7,000,000 Link Finance Cayman 2009 EMTN 7,249, /07/2020 HKD 13,000,000 Link Finance Cayman /12/ ,017, HKD 20,000,000 MTR Cayman Islands /03/ ,286, HKD 94,000,000 OCBC Wing Hang Bank ,070, /07/2015 HKD 18,000,000 OCBC Wing Hang Bank /10/ ,078, Hong Kong SAR (cont) HKD 20,000,000 OCBC Wing Hang Bank ,478, /07/2018 HKD 10,000,000 Sun Hung Kai Properties ,292, /04/2017 HKD 12,000,000 Sun Hung Kai Properties Capital 12,952, /02/2021 HKD 38,000,000 Sun Hung Kai Properties Capital 38,819, /02/2016 HKD 40,000,000 Sun Hung Kai Properties Capital 41,002, EMTN /12/2022 HKD 25,000,000 Sun Hung Kai Properties Capital 26,472, EMTN 4 16/04/2024 HKD 9,000,000 Sun Hung Kai Properties Capital 9,175, EMTN /01/2016 HKD 10,000,000 Sun Hung Kai Properties Capital 10,129, EMTN /11/2015 HKD 6,000,000 Swire Pacific MTN Financing 3.9 6,055, /11/2030 HKD 10,000,000 Swire Pacific MTN Financing ,705, /12/2018 HKD 20,000,000 Swire Pacific MTN Financing EMTN 4 21,446, /08/2023 2,500,000 Swire Properties MTN Financing EMTN 19,460, /03/2020 HKD 80,000,000 Urban Renewal Authority MTN ,946, /07/2017 HKD 30,000,000 Urban Renewal Authority MTN ,586, /05/2020 HKD 80,000,000 Urban Renewal Authority MTN ,514, /01/2020 HKD 50,000,000 Urban Renewal Authority MTN ,199, /08/2019 HKD 15,000,000 Urban Renewal Authority MTN ,737, /01/2023 HKD 45,000,000 Wharf Finance EMTN /01/ ,523, HKD 20,000,000 Wharf Finance EMTN /11/ ,116, HKD 15,000,000 Wharf Finance EMTN 3 11/10/ ,256, HKD 15,000,000 Wharf Finance EMTN /10/ ,297, HKD 25,000,000 Wharf Finance EMTN /09/ ,538, HKD 8,000,000 Wharf Finance EMTN /11/2021 8,452, ,900,000 Wharf Finance EMTN ,923, /11/ ,200,000 Wheelock Finance /07/ ,274, ,000,000 Zhejiang Energy Hong Kong /09/ ,463, Japan 30,011, HKD 30,000,000 Mizuho Bank EMTN /06/ ,011, Malaysia 59,432, HKD 20,000,000 CIMB Bank EMTN /03/ ,001, ,000,000 Hong Leong Bank /03/ ,430, Singapore 91,206, ,000,000 CMT MTN EMTN /03/ ,482, HKD 50,000,000 DBS Bank Hong Kong /06/ ,724, South Korea 122,210, HKD 25,000,000 Export-Import Bank of Korea EMTN 25,028, /08/2015 HKD 40,000,000 Korea National Oil EMTN ,063, /01/2018 HKD 10,000,000 Korea National Oil EMTN ,277, /12/2016 6,000,000 Shinhan Bank RegS /09/ ,841, Total Money Instruments dealt on another Regulated 9,463,867,

436 Page 436 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Hong Kong Dollar Bond (cont) US Dollar Bond Other Transferable Securities not dealt on another Regulated HKD Money Instruments Admitted Cayman Islands 10,280, HKD 10,000,000 CK Bond Finance /04/ ,280, China 10,944, HKD 10,000,000 China Development Technology 10,944, Investment /09/2023 Hong Kong SAR 206,900, HKD 15,000,000 Agricultural Bank of China ,022, /07/2015 HKD 30,000,000 Hongkong Electric Finance MTN ,161, /09/2017 HKD 40,000,000 Hongkong Land Notes EMTN ,936, /12/2022 HKD 20,000,000 Hongkong Land Notes EMTN 3 20,115, /10/2022 HKD 20,000,000 Hongkong Land Notes EMTN ,448, /05/2028 HKD 20,000,000 OCBC Wing Hang Bank ,000, /07/2015 HKD 40,000,000 Sun Hung Kai Properties Capital 41,005, EMTN /12/2022 HKD 20,000,000 Swire Pacific MTN Financing EMTN /02/ ,210, Malaysia 45,438, CNH 20,000,000 Cagamas Global EMTN ,003, /09/2017 HKD 20,000,000 Malayan Banking EMTN /03/ ,435, South Korea 5,089, HKD 5,000,000 Korea Development Bank EMTN 2.4 5,089, /09/2016 Total Other Transferable Securities not dealt on another Regulated 278,653, Units in Open-Ended Investment Scheme HKD Hong Kong SAR 152,830, ,524,803 Umbrella Fund II - 152,830, China Fixed Income II HKD Total Units in Open-Ended Investment Scheme 152,830, Deposit HKD China 471,758, HKD 35,230,844 China Construction Bank ,230, /08/2015 HKD 345,989,533 China Construction Bank ,989, /07/2015 HKD 90,537,933 Industrial & Commercial Bank of China /07/ ,537, Total Deposit 471,758, Total Investments 11,921,963, Other 515,759, Asset 12,437,722, Argentina 1,141, ,125,000 Provincia de Buenos Aires RegS ,141, /10/2015 Armenia 211, ,000 Republic of Armenia RegS 6 211, /09/2020 Azerbaijan 248, ,000 State Oil of the Azerbaijan Republic 248, /03/2030 Barbados 5,179, ,193,500 Global SC Finance II A A ,179, /04/2028 Brazil 18,107, ,000 Banco Nacional de Desenvolvimento Economico e Social RegS /09/ , BRL 2,390,000 Brazil Notas do Tesouro Nacional 10 01/01/2017 1,350,000 CIMPOR Financial Operations 144A /07/ ,000 CIMPOR Financial Operations RegS /07/2024 1,390,000 Marfrig Europe 144A /06/ ,000 Marfrig Europe RegS /06/2019 1,495,000 Petrobras Global Finance 3 15/01/2019 7,385,000 Petrobras Global Finance /06/2115 7,329, ,156, , ,327, , ,379, ,046, Canada 42,100, ,211,000 Barrick Gold /05/2023 7,010, ,950,000 Royal Bank of Canada ,968, /12/2015 5,000,000 Suncor Energy /06/2038 6,121, Chile 477, ,000 Cencosud RegS /01/ , China 2,054, ,000 China Aoyuan Property , /01/ ,000 Future Land Development RegS , /01/ ,000 KWG Property /01/ , ,000 Logan Property RegS , /06/ ,000 Times Property /03/ , ,000 Wanda Properties International , /01/ ,000 Yingde Gases Investment RegS , /04/ ,000 Yuzhou Properties /01/ , Colombia 2,013, ,000 Bancolombia /09/ , ,000 Colombia Government , /03/ ,000 Colombia Government 4 26/02/ , ,000 Ecopetrol /05/ , Costa Rica 454, ,000 Instituto Costarricense de Electricidad 454, RegS /11/2021 Dominican Republic 619, ,000 Dominican Republic RegS /01/ ,

437 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 437 US Dollar Bond (cont) US Dollar Bond (cont) Money Instruments Admitted Money Instruments Admitted Ecuador 856, ,000 Ecuador Government RegS , /06/2024 herlands (cont) 2,930,000 LYB International Finance /03/2044 2,861, El Salvador 485, ,000 El Salvador Government RegS , /01/2025 Germany 5,442, ,390,000 FMS Wertmanagement AoeR ,442, /11/2018 Ghana 465, ,000 Republic of Ghana RegS , /10/2017 Hong Kong SAR 391, ,000 MIE RegS /04/ , Hungary 108, ,000 Hungary Government , /02/2023 India 608, ,000 Rolta Americas RegS , /07/ ,000 Vedanta Resources Jersey /07/ , Indonesia 1,164, ,000 Golden Legacy RegS 9 24/04/ , ,000 Indonesia Government RegS , /01/ ,000 Pertamina Persero RegS , /05/ ,000 Star Energy Geothermal Wayang Windu RegS /03/ , Italy 2,859, ,835,000 Telecom Italia 144A /05/2024 2,859, Kazakhstan 1,176, ,315,000 Development Bank of Kazakhstan RegS 1,176, /12/2022 Kenya 680, ,000 Kenya Government RegS , /06/2019 Lebanon 2,272, ,320,000 Lebanon Government EMTN ,336, /11/ ,000 Lebanon Government GMTN /11/ , Mexico 17,985, ,040,071 Fermaca Enterprises 144A ,079, /03/ ,547 Fermaca Enterprises RegS , /03/2038 MXN 191,130,000 Mexican Bonos 8 11/06/ ,623, ,000 Mexico Government /01/ , ,925,000 Petroleos Mexicanos 144A /01/2026 1,884, Mongolia 936, ,000 Mongolia Government RegS , /01/2018 Morocco 449, ,000 Morocco Government RegS , /12/ ,000 OCP RegS /10/ , herlands 7,114, ,332,880 E-MAC Program 2007-NL3A A1 FRN 4,253, /07/2047 Nigeria 458, ,000 Nigeria Government RegS , /07/2018 Norway 2,144, ,143,000 Eksportfinans 2 15/09/2015 2,144, Pakistan 526, ,000 Pakistan Government RegS , /04/2019 Peru 2,697, ,650,000 BBVA Banco Continental 144A ,697, /04/2018 Russia 2,496, ,990,000 Gazprom OAO Via Gaz Capital RegS 1,838, /02/ ,000 Mobile Telesystems OJSC via MTS International Funding RegS 5 30/05/ , ,000 Russian Railways via RZD Capital EMTN /04/ , Serbia 448, ,000 Republic of Serbia RegS , /12/2018 South Africa 942, ,000 Eskom SOC RegS /02/ , Sweden 2,630, ,570,000 Swedbank Hypotek 144A ,630, /04/2017 Switzerland 4,575, ,480,000 UBS/London 144A /03/2017 4,575, Turkey 643, ,000 Turkey Government /03/ , United Kingdom 74,140, ,785,000 Barclays /03/2025 2,646, ,350,000 Barclays Bank 144A ,930, /06/2021 6,950,000 Ensco /03/2021 7,095, ,000,000 HSBC 4 30/03/2022 6,300, ,020,000 HSBC /03/2044 8,356, ,550,000 Lloyds Bank /09/2019 4,548, GBP 78,954 Mansard Mortgages X A2 FRN 117, /10/2048 EUR 801,684 Money Partners Securities 3X A2B FRN 858, /09/2039 GBP 763,217 Paragon Mortgages 9X AA FRN 1,132, /05/2041 GBP 884,646 Preferred Residential Securities 8X A1A2 1,350, FRN 15/12/2042 GBP 920,040 Residential Mortgage Securities 20X A2A 1,368, FRN 10/08/2038 GBP 2,785,066 Residential Mortgage Securities 22X A3A 4,160, FRN 14/11/2039 4,175,000 Rio Tinto Finance /03/2022 4,201, ,785,000 Standard Chartered 144A ,729, /04/2018 2,428,000 Tesco 144A /11/2037 2,344, United States of America 203,517, ,455,000 Actavis Funding 3 12/03/2020 1,459, ,539,000 Actavis Funding /03/ ,403, ,738,000 Actavis Funding /03/2025 3,663, ,426,000 Actavis Funding /06/2024 5,358,

438 Page 438 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments US Dollar Bond (cont) US Dollar Bond (cont) Money Instruments Admitted Money Instruments dealt on another Regulated United States of America (cont) 1,670,000 Ally Financial /09/2017 1,668, ,510,000 Ally Financial /07/2016 1,525, ,143,000 Altria /11/2038 5,068, ,110,000 Bank of America /07/2020 1,252, ,355,000 Bank of America MTN /01/2023 6,249, ,040,000 Bank of America MTN /08/2024 2,031, ,330,000 Boston Scientific /10/2018 2,363, ,705,000 Cardinal Health /11/2019 5,681, ,000 Chesapeake Energy FRN 15/04/ , ,530,000 Citigroup /07/2039 9,450, ,015,000 Eastman Chemical /10/2044 7,640, ,348,000 Ensco /10/2024 4,166, ,825,000 Ensco /03/2025 2,809, ,859,000 Ensco /10/ ,633, ,411,000 Enterprise Products Operating ,173, /03/2044 5,000,000 Enterprise Products Operating ,676, /10/2054 4,470,000 Ford Motor Credit 5 15/05/2018 4,809, ,000,000 General Electric Capital GMTN ,375, /01/2039 2,400,000 General Motors Financial 3.5 2,443, /07/2019 6,977,000 HSBC Bank USA /08/2020 7,713, ,570,000 Kinder Morgan /06/2025 7,359, ,390,000 Marathon Petroleum 5 15/09/2054 6,751, ,765,000 Meritor /02/2024 5,750, ,000,000 Monsanto /07/2064 4,289, ,940,000 Morgan Stanley /04/ ,037, ,595,000 Noble Energy /12/ ,161, ,439,000 Noble Energy 6 01/03/2041 2,587, ,655,000 Phillips /04/2022 9,115, ,179,000 Phillips /11/2034 9,022, ,000,000 Phillips /05/2042 2,189, ,600,000 Prudential Financial MTN ,802, /06/2020 4,000,000 Prudential Financial MTN ,928, /06/ ,000 Reynolds American /06/ , ,850,000 Wells Fargo Capital X /12/2036 2,903, ,460,000 Williams Partners /03/2044 2,296, Total Money Instruments Admitted 410,830, Brazil (cont) 725,000 Odebrecht Finance RegS /06/ ,211 Odebrecht Offshore Drilling Finance RegS /10/ ,000 Samarco Mineracao RegS /11/ , , , Canada 75,576, ,375,000 Bank of Montreal 144A ,635, /01/ ,335,000 Bank of Nova Scotia 144A ,632, /08/2016 1,885,000 Cogeco Cable 144A ,917, /05/ ,215,000 Element Rail Leasing II A A2 11,119, /02/2045 2,365,000 Province of Manitoba Canada ,968, /12/2018 3,620,000 Province of New Brunswick Canada 3,772, /06/ ,335,000 Toronto-Dominion Bank 144A /09/ ,529, Chile 2,762, ,690,000 VTR Finance 144A /01/2024 2,762, China 330, ,000 YY /04/ , Colombia 6,552, ,000 Banco Davivienda RegS , /07/ ,000 Banco de Bogota RegS , /02/2023 6,105,000 Ecopetrol /06/2026 6,010, Costa Rica 10,593, ,160,000 Costa Rica Government 144A ,942, /03/ ,000 Costa Rica Government RegS 7 546, /04/2044 1,315,000 Instituto Costarricense de Electricidad RegS /05/2043 1,104, Denmark 4,094, ,005,000 Danske Bank 144A /04/2016 4,094, Dominican Republic 333, ,000 Dominican Republic RegS /04/ , Money Instruments dealt on another Regulated Ecuador 1,163, ,150,000 Ecuador Government RegS ,163, /03/2020 Argentina 717, ,000 Provincia de Buenos Aires RegS , /09/ ,000 YPF RegS /07/ , Barbados 2,620, ,625,083 Global SC Finance II SRL A A1 2,620, /07/2029 Bermuda 28,359, ,595,000 Cronos Containers Program I A A 9,639, /11/ ,713,333 Textainer Marine Containers A A /10/ ,719, Brazil 2,546, ,000 Brazilian Government /01/ , ,030,000 Brazilian Government 5 27/01/ , ,200 Odebrecht Drilling Norbe VIII/IX RegS /06/ , El Salvador 705, ,000 El Salvador Government RegS , /01/ ,000 El Salvador Government RegS , /12/ ,000 El Salvador Government RegS /04/ ,793 - Germany 30,872, ,900,000 EMD Finance 144A /03/ ,852, ,000,000 Norddeutsche Landesbank Girozentrale 144A 2 05/02/2019 2,019, Ireland 3,281, ,225,000 Fly Leasing /10/2021 3,281, Luxembourg 223, ,000 Millicom International Cellular RegS 6 223, /03/2025

439 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 439 US Dollar Bond (cont) US Dollar Bond (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated Mexico 5,200, ,000 Metalsa RegS /04/ , ,227,914 Mexico Generadora de Energia 144A 3,161, /12/ ,000 Petroleos Mexicanos , /01/ ,000 Petroleos Mexicanos , /06/ ,000 Servicios Corporativos Javer RegS /04/ , herlands 8,537, ,240,000 Cooperatieve Centrale Raiffeisen- 1,289, Boerenleenbank /02/2022 3,625,000 Cooperatieve Centrale Raiffeisen- 3,623, Boerenleenbank /11/2022 3,500,000 Cooperatieve Centrale Raiffeisen- Boerenleenbank /12/2023 3,625, Panama 201, ,000 Panama Government 4 22/09/ , Peru 538, ,000 Banco Internacional del Peru SAA 325, Interbank RegS variable 19/03/ ,000 BBVA Banco Continental RegS variable 22/09/ , Russia 1,835, ,000 Russian Foreign - Eurobond RegS , /04/2022 1,000,000 Russian Foreign - Eurobond RegS 990, /09/ ,000 Severstal OAO Via Steel Capital RegS /10/ , South Africa 626, ,000 South Africa Government , /01/2024 Switzerland 21,182, ,895,000 Credit Suisse/New York ,804, /04/2018 6,390,000 UBS/Stamford /06/2017 6,377, Turkey 811, ,000 Turkiye Garanti Bankasi RegS , /10/2019 United Kingdom 15,317, ,830,000 Inmarsat Finance 144A ,756, /05/ ,890,000 Standard Chartered 144A /01/ ,560, United States of America 1,266,272, ,080,000 AbbVie /11/2022 1,068, ,460,000 AbbVie /05/ ,324, ,726,000 Actavis Funding /06/2044 3,595, ,660,000 Aflac /03/ ,721, ,065,000 Aircastle /04/2017 2,205, ,005,000 Altria 4 31/01/2024 5,099, ,555 American Credit Acceptance Receivables 303, Trust A /04/2018 7,115,000 American Express Credit Account Master 7,116, Trust A FRN 15/01/ ,000 American Municipal Power , /02/ ,570,000 American Tower /06/ ,356, ,000 AmeriCredit Automobile Receivables 645, Trust C /01/2019 4,490,000 AmeriCredit Automobile Receivables 4,545, Trust C /11/2019 1,300,000 AmeriCredit Automobile Receivables Trust B /07/2019 1,299, United States of America (cont) 3,115,000 AmeriCredit Automobile Receivables 3,125, Trust C /03/2020 2,515,000 AmeriCredit Automobile Receivables 2,516, Trust C /06/2020 4,225,000 AmeriCredit Automobile Receivables 4,265, Trust C /09/2020 3,675,000 AmeriCredit Automobile Receivables 3,706, Trust C /11/2020 4,315,000 Anthem /01/2043 3,969, ,895,399 ARL Second A A ,875, /06/2044 9,770,000 ARL Second A A ,858, /06/ ,255,000 AT&T /06/ ,328, ,980,000 AT&T /03/2024 9,060, ,480,000 AT&T /05/2035 4,126, ,290,000 AT&T /05/2046 8,452, ,135,000 BA Credit Card Trust 2014-A3 A FRN 6,131, /01/2020 2,380,000 BAMLL Commercial Mortgage Securities 2,374, Trust 2014-ICTS A FRN 15/06/2028 7,445,000 Bank of America /04/2025 7,186, ,417,000 Bank of America MTN 4 22/01/2025 7,237, ,400,000 Bank of America MTN FRN 01/04/2019 5,414, ,900,000 Barclays Dryrock Issuance Trust ,900, A FRN 16/12/2019 5,785,000 Barclays Dryrock Issuance Trust ,783, A FRN 16/03/2020 2,720,000 Cabela's Credit Card Master Note Trust 2,754, A A /10/ ,830,000 Cabela's Credit Card Master Note Trust 11,821, A FRN 15/07/ ,106,000 Capital One Bank USA ,662, /02/ ,671 Carfinance Capital Auto Trust A A 214, /11/2017 3,568,261 CarFinance Capital Auto Trust A 3,572, A /06/2021 4,000,000 CBS /08/2019 3,959, ,235,000 CBS /01/2045 6,476, ,575,000 Chase Issuance Trust 2012-A2 A2 FRN 3,575, /05/2019 7,630,000 Chrysler Capital Auto Receivables Trust 7,583, AA D /07/2021 8,390,000 CIT Equipment Collateral 2014-VT1 A3 8,401, /10/2019 5,940,000 Citibank Credit Card Issuance Trust 5,933, A7 A7 FRN 24/08/2018 9,505,000 Citigroup /03/2025 9,130, ,525,000 Citigroup /07/2022 4,640, ,960,000 Citigroup /11/2026 8,812, ,375,000 Citigroup Commercial Mortgage Trust 2,367, G C FRN 15/06/2033 6,150,000 Citigroup FRN 27/04/2018 6,135, ,081,125 CLI Funding V A ,075, /03/2028 2,365,824 CLI Funding V A NOTE ,378, /06/2028 3,428,864 CLI Funding V A A ,439, /06/2029 4,965,333 CLI Funding V A A ,992, /10/2029 3,500,000 COMM 2014-SAVA Mortgage Trust FRN 3,489, /06/2034 2,255,000 COMM 2014-TWC Mortgage Trust FRN 2,248, /02/2032 1,710,000 CommScope 144A /06/2020 1,729, ,000,000 ConocoPhillips FRN 15/05/ ,008, ,193,712 Consumer Credit Origination Loan Trust 2,206, A /03/2021 9,482,000 Continental Resources 5 15/09/2022 9,331,

440 Page 440 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments US Dollar Bond (cont) US Dollar Bond (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated United States of America (cont) 3,690,500 CPS Auto Receivables Trust 2014-C A /02/ ,089 Credit-Based Asset Servicing and Securitization 2003-CB4 AF1 step coupon 25/03/2031 2,035,000 Crestwood Midstream Partners/ Crestwood Midstream Finance 144A /04/2023 3,690, , ,133, ,107,167 Cronos Containers Program I A A 2,088, /04/2028 1,305,000 CSMC Series 2014-ICE B FRN 1,299, /04/2027 9,313,000 Devon Energy 5 15/06/2045 9,142, ,840,000 Discover Financial Services ,507, /03/ ,000 Dow Chemical /10/ , ,560,000 DT Auto Owner Trust A B ,563, /03/2018 2,765,000 DT Auto Owner Trust A C ,784, /10/2019 2,850,000 DT Auto Owner Trust A C ,859, /01/ ,000 Dynegy 144A /11/ , ,000 Dynegy 144A /11/ , ,000,000 Dynegy 144A /11/2024 1,062, ,755,000 ECAF I A A /06/ ,755, ,245,000 Energy Transfer Partners ,365, /10/ ,237 Exeter Automobile Receivables Trust 848, A A /05/2018 1,937,878 Fannie Mae-Aces 2014-M8 FA FRN 1,941, /05/ ,888,824 Fannie Mae-Aces 2014-M8 X2 variable 1,554, /06/ ,564 FHLMC (Gold) Pool N A , /06/ ,850 FHLMC (Gold) Pool N G , /05/2035 1,053,830 FHLMC (Gold) Pool N G ,179, /07/2039 3,615,179 FHLMC (Gold) Pool N Q ,600, /01/2043 2,941,387 FHLMC Multifamily Structured Pass 2,954, Through Certificates A FRN 25/04/ ,575,013 FHLMC Multifamily Structured Pass Through Certificates K038 X1 variable 25/03/2024 2,432, ,011 FHLMC REMICS 2646 SH FRN 15/07/ ,126 FHLMC REMICS 3700 AI /03/2028 7,659,706 FHLMC REMICS 4170 QI 3 15/05/2032 3,042,672 FHLMC REMICS 4357 MA 3 15/10/ ,789 FHLMC Structured Pass Through Securities T-15 A6 FRN 25/11/2028 4,340,000 Fidelity & Guaranty Life 144A /04/2021 1,389,175 Flagship Credit Auto Trust A /04/ ,615 Flagship Credit Auto Trust A /01/2019 1,010,000 Flagship Credit Auto Trust B /02/ ,847,011 FNMA - Aces 2012-M14 X2 variable 25/09/ ,370 FNMA Interest Strip /07/2018 1,004,722 FNMA Interest Strip /07/ ,089 FNMA Interest Strip /07/2018 5,334-4, , ,089, ,076-4,535, ,390, , ,014, ,539, ,462-52,252-33,279 - United States of America (cont) 1,138,570 FNMA Interest Strip variable 128, /07/2027 1,765,953 FNMA Interest Strip variable 226, /07/2027 1,460,819 FNMA Interest Strip variable 202, /07/ ,452 FNMA Pool N , /10/ ,215 FNMA Pool N FRN 01/09/ , ,620,132 FNMA Pool N ,822, /10/2035 1,638,884 FNMA Pool N AL1886 FRN 01/06/2042 1,708, ,664 FNMA Pool N MA /10/ , ,003,620 FNMA Pool No ,085, /02/2039 1,154,913 FNMA REMICS HI ,248-25/01/2019 1,294,946 FNMA REMICS AI ,919-25/12/2026 3,013,434 FNMA REMICS IL , /12/2032 7,448,966 FNMA REMICS GI 3 1,030, /10/2032 2,667,357 FNMA REMICS KZ 2.5 2,223, /10/2041 2,667,042 FNMA REMICS VA 4 2,887, /07/2025 4,307,523 FNMA REMICS PA 3.5 4,582, /08/2043 6,330,000 Ford Credit Auto Owner Trust A 6,335, /07/2026 3,565,000 Ford Motor Credit /05/2016 3,578, ,650,000 Ford Motor Credit /12/ ,598, ,745,000 Ford Motor Credit FRN 09/01/2018 6,755, ,000 FREMF Mortgage Trust 2011-K702 B 603, variable 25/04/2044 6,690,000 FREMF Mortgage Trust 2012-K706 B 7,021, variable 25/11/2044 4,570,000 FREMF Mortgage Trust 2012-K711 B 4,738, variable 25/08/ ,405,000 FREMF Mortgage Trust 2012-KF01 B 10,607, FRN 25/10/2044 2,456,000 FREMF Mortgage Trust 2013-K712 B 2,500, variable 25/05/2045 3,176,249 FREMF Mortgage Trust 2013-KF02 B 3,269, FRN 25/12/2045 2,290,000 FREMF Mortgage Trust 2014-K36 B 2,392, variable 25/12/2046 1,845,000 FREMF Mortgage Trust 2014-K38 B 1,928, variable 25/06/ ,005,000 FREMF Mortgage Trust 2015-K718 B 13,870, variable 25/02/2022 7,500,000 General Electric Capital GMTN 6 8,610, /08/ ,000 General Motors Financial , /08/2017 2,020,000 George Washington University ,054, /09/2022 5,000,000 Gilead Sciences /04/2024 5,103, ,510,784 GNMA AI /03/ , ,944,165 GNMA IO variable 16/10/2044 2,682, ,200,738 GNMA MI /12/ ,332-52,161,304 GNMA IO variable 16/12/2053 2,705, ,087,349 GNMA IO variable 16/12/2051 1,579, ,074,701 GNMA IO variable 16/01/2053 3,697, ,687,013 GNMA AK variable 16/04/205 4,815, ,936,195 GNMA IO variable 16/10/2053 2,679, ,440,529 GNMA IO variable 16/08/2052 1,260, ,362,741 GNMA IO variable 16/06/2052 2,418, ,467,337 GNMA IB variable 16/08/2055 2,652, ,362,149 GNMA SA FRN 20/02/2044 1,765,

441 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 441 US Dollar Bond (cont) US Dollar Bond (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated United States of America (cont) 3,400,447 GNMA Z 4 20/03/2044 3,535, ,031,350 GNMA BI variable 16/07/2054 1,871, ,881,609 GNMA IA variable 16/02/2048 1,185, ,232,622 GNMA IO variable 16/08/2054 6,591, ,085,272 GNMA IO variable 16/05/2054 1,087, ,297 GNMA I Pool N /08/ ,314-29,507 GNMA I Pool N /09/ , ,908 GNMA I Pool N AE , /01/ ,209 GNMA I Pool N AE , /12/ ,469 GNMA II Pool N /02/ , ,393 GNMA II Pool N , /05/ ,283 GNMA II Pool N , /03/ ,221 GNMA II Pool N , /07/ ,004 GNMA II Pool N MA , /12/ ,074 GNMA II Pool N MA , /05/2039 9,747,000 Goldman Sachs /04/2020 9,695, ,775,000 Goldman Sachs FRN 22/05/2017 9,779, ,820,000 Goldman Sachs MTN FRN 29/11/2023 4,891, ,701,961 GP Portfolio Trust 2014-GGP A FRN 3,697, /02/2027 1,931,512 Hilton USA Trust 2013-HLF ALF FRN 1,931, /11/2030 8,320,000 HJ Heinz 144A /07/2022 8,342, ,875,000 HJ Heinz 144A /07/2045 3,947, ,935,000 Home Depot /06/ ,770, ,873 Impac CMB Trust A FRN 108, /03/ ,945 Impac Secured Trust A1 425, FRN 25/05/2036 1,805,507 Impac Secured Trust A2 1,748, FRN 25/05/ ,012 Impac Secured Trust A1 32,554 - FRN 25/08/ ,905 Impac Secured Trust A2 252, FRN 25/08/ ,000 Impac Secured Trust , M1 FRN 25/08/2036 4,270,000 JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU A FRN 15/12/2028 4,269, ,000,000 JPMorgan Chase & Co ,849, /09/2024 8,500,000 JPMorgan Chase & Co ,094, /08/2021 6,720,000 Kinder Morgan Energy Partners ,555, /09/2024 1,310,000 LSTAR Commercial Mortgage Trust 1,337, B variable 20/01/ ,000 Marina District Finance , /08/2018 4,756,000 McGraw Hill Financial 144A 4 4,740, /06/2025 2,540,000 Men's Wearhouse 7 01/07/2022 2,717, ,950,000 Merck & Co /02/2022 8,672, ,905 Merrill Lynch Mortgage Investors ,794 - A4 3A FRN 25/05/2033 4,380,000 Morgan Stanley /02/2023 4,440, ,850,000 Morgan Stanley /01/2045 3,578, ,425,000 Motel 6 Trust 2015-MTL6 B ,407, /02/2030 6,930,000 Nissan Master Owner Trust Receivables 6,929, A A FRN 15/02/2018 3,240,000 OnDeck Asset Securitization Trust A A /05/2018 3,251, United States of America (cont) 5,390,000 OneMain Financial Issuance Trust ,422, A A /06/2024 2,945,000 OneMain Financial Issuance Trust ,960, A A /09/2024 5,560,000 OneMain Financial Issuance Trust ,639, A A /03/2026 3,000,000 OneMain Financial Issuance Trust ,081, A B /03/ ,360,000 OneMain Financial Issuance Trust ,369, A A /07/2025 5,105,000 Philadelphia Authority for Industrial 5,049, Development /04/2026 2,500,000 Phillips 66 Partners /02/2025 2,375, ,885,000 Prestige Auto Receivables Trust A 1,888, B /04/2020 3,432,000 Reynolds American /08/2035 3,545, ,747,000 Reynolds American /08/2045 4,952, ,605,000 Sabine Pass Liquefaction 144A ,545, /03/2025 1,335,000 Sabra Health Care/Sabra Capital ,381, /06/2023 1,410,000 Santander Drive Auto Receivables Trust 1,417, C /04/2019 6,285,000 Santander Drive Auto Receivables Trust 6,447, C /01/2020 5,380,000 Santander Drive Auto Receivables Trust 5,447, C /06/2019 5,200,000 Santander Drive Auto Receivables Trust 5,237, C /04/2020 3,165,000 Santander Drive Auto Receivables Trust 3,206, C /11/2019 4,635,000 Santander Drive Auto Receivables Trust 4,676, C /08/2020 1,385,000 SCG Trust 2013-SRP1 A FRN 1,383, /11/2026 6,900,000 Sempra Energy 6 15/10/2039 8,161, ,775,000 Seventy Seven Operating ,449, /11/2019 1,605,000 Signet UK Finance /06/2024 1,623, ,295,000 Sirius XM Radio 144A ,255, /04/2025 2,265,859 SoFi Professional Loan Program 2014-A 2,298, A1 FRN 25/06/ ,263,433 Spirit Master Funding A A ,234, /03/2042 7,156,918 SpringCastle America Funding 2014-AA 7,203, A /05/2023 8,740,000 SpringCastle America Funding 2014-AA 8,941, B /10/2027 9,525,000 Springleaf Funding Trust 2015-AA A 9,644, /11/ ,690,000 State Board of Administration Finance 11,971, /07/2020 6,684,425 Store Master Funding I A A1 6,592, /04/2045 4,125,000 Suburban Propane Partners/Suburban 4,182, Energy Finance /03/ ,000 Synchrony Credit Card Master Note 100, Trust A FRN 15/03/2020 9,290,000 Synchrony Credit Card Master Note 9,326, Trust A /11/2020 3,414,667 TAL Advantage A A ,432, /02/2039 2,884,327 TAL Advantage A A ,904, /05/ ,667 TAL Advantage V A A , /02/2038 5,466,625 TAL Advantage V A A ,499, /11/ ,763,250 TAL Advantage V A A /11/ ,854,

442 Page 442 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments US Dollar Bond (cont) US Dollar Bond (cont) Money Instruments dealt on another Regulated Other Transferable Securities not dealt on another Regulated United States of America (cont) 2,365,000 Targa Resources Partners/Targa Resources Partners Finance 144A 5 15/01/2018 2,443, ,175,000 TEGNA 144A /09/2024 3,151, ,808,175 Thornburg Mortgage Securities Trust 1,816, A3 FRN 25/04/2045 2,948,782 Trinity Rail Leasing A A ,934, /07/2043 3,500,000 Trip Rail Master Funding A A2 3,932, /07/2041 9,500,000 Tyson Foods /06/ ,080, ,860,000 United Auto Credit Securitization Trust 2,876, C /06/2019 2,175,000 United Rentals North America 5.5 2,105, /07/ ,790,000 US Treasury /12/ ,843, ,010,000 US Treasury /04/ ,125, ,940,000 US Treasury /04/ ,469, ,660,000 US Treasury 2 15/02/ ,279, ,055,000 US Treasury /05/2025 5,934, ,475,000 US Treasury /08/ ,588, ,000 US Treasury /02/ , ,255,000 US Treasury 3 15/11/ ,980, ,610,000 US Treasury /08/ ,572, ,000,000 Verizon Communications ,695, /08/2046 4,526,000 Verizon Communications ,140, /08/2054 5,335,000 Verizon Communications RegS ,630, /03/2055 2,636,995 VFC A /07/2030 2,636, ,320,000 Valeant Pharmaceuticals International 1,356, A /05/2023 1,095,000 Valeant Pharmaceuticals International 1,126, A /04/2025 3,302,547 WaMu Commercial Mortgage Securities Trust 2007-SL3 A1A variable 23/03/2045 3,370, ,265,000 Wells Fargo & Co /02/2023 2,253, ,710,000 Wells Fargo & Co. MTN ,740, /06/2026 7,025,000 World Financial work Credit Card 7,024, Master Trust 2014-A A FRN 15/12/2019 7,365,000 World Financial work Credit Card Master Trust 2015-A A FRN 15/02/2022 7,361, United States of America 397, ,170,691 GNMA IO variable 16/06/ , Total Other Transferable Securities not dealt on another Regulated 3,051, Total Investments 1,906,416, Other 24,543, Asset 1,930,960, Venezuela 1,277, ,310,000 Petroleos de Venezuela RegS 6 1,167, /11/ ,000 Venezuela Government RegS 6 09/12/ , Total Money Instruments dealt on another Regulated 1,492,535, Other Transferable Securities not dealt on another Regulated Kazakhstan 2,235, ,430,000 KazMunayGas National RegS 4.4 1,307, /04/2023 1,105,000 KazMunayGas National RegS /04/ , Panama 418, ,422 ENA Norte Trust RegS , /04/2023

443 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 443 Asian Local Currency Bond Money Instruments Admitted Asian Local Currency Bond (cont) Money Instruments Admitted China 9,215, HKD 8,000,000 Biostime International 0 20/02/ , ,000 CCCI Treasure variable perpetual 198, CNH 7,000,000 China Singyes Solar Technologies 5 1,108, /08/2019 1,000,000 Dianjian Haixing variable perpetual 1,019, ,000 ENN Energy 0 26/02/ , ,668 Fufeng RegS /04/ , ,000,000 Greentown China 8 24/03/2019 1,057, ,000 Greentown China /02/ , ,750,000 Haitian International 2 13/02/2019 1,857, ,000 Logan Property RegS , /06/2019 CNH 2,000,000 Times Property /06/ , ,000 Times Property /03/ , ,000 Wanda Properties International /01/ , Hong Kong SAR 7,198, HKD 6,000,000 ASM Pacific Technology 2 28/03/ , ,200,000 China Overseas Finance Investment 1,422, Cayman IV 0 04/02/2021 1,000,000 CIFI /04/2018 1,091, ,500,000 Goodman HK Finance EMTN ,508, /06/ ,000 New World China Land EMTN , /11/2019 1,000,000 PB Issuer No /07/ , ,000,000 SmarTone Finance /04/ , India 40,674, INR 400,000,000 India Government /05/2023 5,931, INR 480,000,000 India Government /04/2021 7,505, INR 300,000,000 India Government /06/2022 4,769, INR 700,000,000 India Government /09/ ,124, INR 300,000,000 India Government /11/2023 4,959, ,500,000 Larsen & Toubro /10/2019 1,647, INR 160,000,000 Power Grid of India /10/2018 2,546, INR 50,000,000 Rural Electrification /09/ , INR 50,000,000 Rural Electrification /08/ , ,000 Vedanta Resources Jersey /07/ , Indonesia 7,479, IDR 20,000,000,000 Indonesia Government ,497, /09/2016 IDR 31,500,000,000 Indonesia Government ,373, /09/ ,000 Pacific Emerald RegS /07/ , ,000,000 Pelabuhan Indonesia II RegS , /05/ ,000 Perusahaan Gas Negara Persero RegS 504, /05/2024 1,200,000 Perusahaan Penerbit SBSN Indonesia III 1,341, RegS /03/ ,000 Star Energy Geothermal Wayang Windu RegS /03/ , Mongolia 7,255, ,400,000 Development Bank of Mongolia RegS 2,364, /03/2017 4,200,000 Mongolia Government RegS ,821, /12/2022 1,000,000 Trade & Development Bank of Mongolia RegS /05/2020 1,069, Philippines 426, ,000 ICTSI Treasury EMTN , /09/2025 South Korea 12,844, ,000,000 Korea Exchange Bank ,020, /10/2024 South Korea (cont) KRW 4,000,000,000 Korea Treasury Bond /03/2017 3,683, KRW 2,500,000,000 Korea Treasury Bond /06/2021 2,491, KRW 3,000,000,000 Korea Treasury Bond /09/2017 2,898, KRW 2,000,000,000 Korea Treasury Bond /03/2028 2,356, ,000 Shinsegae variable 08/05/ , Taiwan 8,711, ,000 Formosa Cayman /04/ , TWD 50,000,000 Taiwan Government 2 20/07/2015 1,617, TWD 100,000,000 Taiwan Government /09/2018 3,365, TWD 50,000,000 Taiwan Government /08/2029 1,685, ,500,000 Zhen Ding Technology 0 26/06/2019 1,663, Total Money Instruments Admitted 93,806, Money Instruments dealt on another Regulated China 7,879, HKD 10,000,000 Bank of China/Hong Kong ,352, /07/2020 1,000,000 CITIC /01/2023 1,159, ,000,000 CRCC Yupeng variable perpetual 1,020, ,000 Ctrip.com International , /10/2018 1,800,000 Qihoo 360 Technology 144A ,654, /08/2021 1,000,000 SouFun 2 15/12/ , ,000,000 YY /04/ , Hong Kong SAR 5,495, HKD 25,000,000 Hong Kong Government 1.1 3,106, /01/2023 HKD 10,000,000 Industrial & Commercial Bank of China 1,307, Asia EMTN /04/2016 HKD 8,000,000 Sun Hung Kai Properties Capital MTN /06/2026 1,081, Indonesia 878, ,000 Pratama Agung /02/ , ,000 TBG Global /02/ , Malaysia 14,582, MYR 23,000,000 Malaysia Government ,102, /10/2017 MYR 11,500,000 Malaysia Government /09/2018 3,052, MYR 9,000,000 Malaysia Government ,421, /09/2017 MYR 11,200,000 Malaysia Government /07/2024 3,006, Philippines 11,598, PHP 50,000,000 Philippine Government /11/2022 1,102, PHP 194,000,000 Philippine Government ,535, /01/2021 PHP 180,000,000 Philippine Government ,534, /01/2036 PHP 60,000,000 Philippine Government 7 31/03/2017 1,426, Singapore 26,867, SGD 12,000,000 Housing & Development Board MTN 8,795, /01/2018 SGD 4,500,000 Singapore Government ,351, /06/2021 SGD 6,900,000 Singapore Government ,209, /07/2023 SGD 3,300,000 Singapore Government ,419, /09/2030 SGD 2,600,000 Singapore Government /09/2022 2,022,

444 Page 444 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Asian Local Currency Bond (cont) EURO Corporate Bond Money Instruments dealt on another Regulated Money Instruments Admitted EUR Singapore (cont) SGD 1,900,000 Singapore Government /09/2033 SGD 4,500,000 Singapore Government /03/2027 1,476, ,592, Austria 17,638, EUR 5,035,000 Erste Group Bank EMTN ,697, /10/2022 EUR 11,000,000 UNIQA Insurance EMTN variable 31/07/ ,940, Thailand 26,097, THB 220,000,000 Thailand Government /03/2028 6,040, THB 270,000,000 Thailand Government ,416, /06/2023 THB 220,000,000 Thailand Government /12/2021 6,907, THB 150,000,000 Thailand Government /06/2019 4,733, United States of America 9,999, ,000,000 US Treasury Bill 0 06/08/2015 4,999, ,000,000 US Treasury Bill 0 03/09/2015 4,999, Total Money Instruments dealt on another Regulated 103,399, Units in Open-Ended Investment Scheme Hong Kong SAR 24,775, ,066,000 Umbrella Fund II - 17,625, China Fixed Income I CNH 701,670 Umbrella Fund II - China Fixed Income I 7,150, Total Units in Open-Ended Investment Scheme 24,775, Total Investments 221,981, Other 31,328, Asset 253,309, Belgium 137,885, ,200,000 AG Insurance variable perpetual 22,006, EUR 27,409,000 Anheuser-Busch InBev EMTN ,011, /04/2030 EUR 3,150,000 Barry Callebaut Services 6 13/07/2017 3,459, EUR 38,100,000 Belfius Bank EMTN /05/ ,518, EUR 22,700,000 Belfius Bank EMTN /09/ ,758, GBP 4,000,000 Belfius Funding EMTN variable 5,607, /02/2017 EUR 7,300,000 Brussels Airport EMTN ,072, /07/2020 EUR 3,200,000 Ontex RegS /11/2021 3,368, EUR 9,200,000 UCB EMTN /04/2022 9,083, China 7,733, EUR 7,831,000 State Grid Europe Development ,733, /01/2022 Denmark 72,206, EUR 29,200,000 Danske Bank EMTN /05/ ,893, GBP 4,512,000 Danske Bank EMTN variable 29/09/2021 6,715, EUR 10,343,000 DONG Energy EMTN variable 10,973, /07/3013 EUR 26,112,000 DONG Energy variable 06/11/ ,624, Finland 18,419, EUR 18,000,000 Aktia Bank EMTN /10/ ,419, France 752,409, EUR 500,000 Accor EMTN /06/ , EUR 13,100,000 Accor variable perpetual 13,088, EUR 11,500,000 Aeroports de Paris /04/ ,431, EUR 36,100,000 ALD International EMTN ,133, /01/2018 EUR 15,500,000 Atos /07/ ,439, EUR 18,972,000 BNP Paribas EMTN variable 14/10/ ,615, EUR 1,700,000 BPCE 4 18/02/2017 1,776, EUR 52,700,000 BPCE EMTN /01/ ,024, EUR 25,000,000 BPCE EMTN /03/ ,108, EUR 27,100,000 Cap Gemini /07/ ,284, EUR 43,900,000 Cap Gemini /07/ ,064, EUR 1,750,000 CNP Assurances variable 14/09/2040 1,971, EUR 7,000,000 CNP Assurances variable perpetual 6,858, EUR 36,800,000 Credit Agricole/London EMTN ,267, /01/2022 EUR 6,300,000 Electricite de France EMTN variable 6,584, perpetual EUR 43,800,000 Electricite de France EMTN variable 45,769, perpetual GBP 9,300,000 Electricite de France EMTN variable 13,048, perpetual EUR 5,573,000 Faurecia /06/2022 5,359, EUR 9,200,000 GDF Suez variable perpetual 9,311, EUR 2,300,000 GDF Suez variable perpetual 2,398, EUR 16,300,000 GELF Bond Issuer I EMTN ,985, /11/2021 EUR 3,050,000 Groupama variable 27/10/2039 3,412, EUR 50,100,000 Groupama variable perpetual 51,322, EUR 6,900,000 Kering EMTN /03/2022 6,623, EUR 6,400,000 Kering EMTN /07/2020 6,848, EUR 31,420,000 La Mondiale SAM variable perpetual 31,932, ,300,000 La Mondiale variable perpetual 24,531, EUR 4,409,000 Novalis RegS 3 30/04/2022 4,262, EUR 13,700,000 Numericable-SFR RegS /05/ ,937,

445 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 445 EURO Corporate Bond (cont) EURO Corporate Bond (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR France (cont) EUR 11,600,000 Numericable-SFR RegS ,719, /05/2024 EUR 4,700,000 Orange EMTN /01/2033 7,764, EUR 30,300,000 Orange EMTN variable perpetual 30,871, EUR 18,100,000 Orange EMTN variable perpetual 18,707, EUR 17,150,000 Pernod Ricard /03/ ,709, EUR 23,400,000 Publicis /12/ ,091, GBP 6,003,000 RCI Banque EMTN /10/2017 8,440, EUR 1,700,000 Remy Cointreau RegS ,800, /12/2016 EUR 1,600,000 Societe Des Autoroutes Paris-Rhin- 1,615, Rhone EMTN FRN 31/03/2019 EUR 44,000,000 Societe Fonciere Lyonnaise ,889, /11/2021 EUR 18,800,000 Societe Fonciere Lyonnaise ,012, /11/2017 EUR 5,100,000 Societe Fonciere Lyonnaise ,292, /05/2016 EUR 8,420,000 TOTAL EMTN variable perpetual 8,158, EUR 7,527,000 Veolia Environnement EMTN ,925, /11/2033 EUR 9,600,000 Wendel /02/2027 9,178, EUR 1,200,000 Wendel /01/2021 1,315, Germany 483,272, EUR 40,479,000 Bayer EMTN variable 01/07/ ,006, EUR 11,500,000 Bayer variable 02/04/ ,943, EUR 9,850,000 Bayer variable 29/07/2105 9,879, EUR 3,592,342 Bundesobligation 0 17/04/2020 3,577, ,995,000 Continental Rubber of America 144A 28,420, /09/2019 EUR 19,467,000 Deutsche Annington Finance ,133, /03/2020 EUR 21,700,000 Deutsche Annington Finance variable 21,689, perpetual EUR 19,492,000 Deutsche Bank EMTN ,317, /02/2025 EUR 1,875,000 Deutsche Raststaetten Gruppe IV GmbH 2,017, RegS /12/2020 EUR 5,000,000 Deutsche Telekom International Finance 6,167, EMTN /10/2030 EUR 9,940,000 EnBW Energie Baden-Wuerttemberg 9,826, EMTN variable 02/04/2076 EUR 29,600,000 Eurogrid GmbH /06/ ,309, EUR 82,431,177 Germany (Bund) /02/ ,261, EUR 8,560,363 Germany (Bund) /09/2022 9,206, EUR 4,790,000 Germany (Bund) /02/2023 5,147, EUR 3,800,186 Germany (Bund) /05/2024 4,067, EUR 56,126,125 Germany (Bund) 2 04/01/ ,175, EUR 2,292,792 Germany (Bund) /09/2021 2,569, EUR 15,100,000 Grand City Properties /04/ ,504, EUR 3,400,000 HeidelbergCement Finance Luxembourg 3,744, EMTN /01/2018 EUR 19,000,000 Infineon Technologies 1 10/09/ ,003, EUR 19,500,000 Infineon Technologies /03/ ,128, EUR 11,800,000 Mahle GmbH EMTN /05/ ,841, EUR 3,000,000 Robert Bosch GmbH /07/2039 3,311, EUR 17,100,000 Symrise EMTN /07/ ,504, EUR 4,800,000 Techem GmbH RegS ,031, /10/2019 EUR 900,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS /09/ , EUR 8,235,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS /04/2023 EUR 15,401,700 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS /01/2023 8,903, ,622, India 15,674, EUR 9,500,000 ONGC Videsh /07/2021 9,613, EUR 6,001,000 Samvardhana Motherson Automotive Systems RegS /07/2021 6,060, Ireland 242,798, EUR 23,424,000 Bank of Ireland /01/ ,729, EUR 52,648,000 Bank of Ireland EMTN 2 08/05/ ,299, EUR 34,938,000 Bank of Ireland EMTN variable 35,130, /06/2024 EUR 500,000 CRH Finance EMTN 5 25/01/ , EUR 26,085,000 ERVIA EMTN /12/ ,051, EUR 11,000,000 ESB Finance EMTN /06/ ,795, EUR 7,800,000 ESB Finance EMTN /01/2024 8,811, EUR 5,124,000 ESB Finance EMTN /09/2017 5,774, GBP 12,040,000 ESB Finance EMTN /03/ ,740, EUR 25,600,000 Ryanair EMTN /03/ ,070, EUR 23,512,000 Ryanair EMTN /06/ ,919, EUR 7,212,000 Smurfit Kappa Acquisitions RegS /09/2018 7,903, Israel 20,397, EUR 21,600,000 Teva Pharmaceutical Finance 20,397, herlands II /03/2023 Italy 430,521, EUR 20,034,000 ACEA /09/ ,837, EUR 32,206,000 ACEA EMTN /07/ ,932, EUR 13,000,000 Autostrada Brescia Verona Vicenza 12,821, Padova /03/2020 EUR 21,433,000 Banca Monte dei Paschi di Siena 22,817, /07/2024 EUR 10,100,000 Beni Stabili /01/ ,466, EUR 3,500,000 Cerved RegS /01/2020 3,671, ,021,000 Enel 144A variable 24/09/ ,768, EUR 5,000,000 Enel variable 10/01/2074 5,454, GBP 2,114,000 Enel variable 10/09/2075 3,228, EUR 24,200,000 FCA Capital Ireland EMTN ,492, /04/2020 EUR 27,800,000 FCA Capital Ireland EMTN 2 27,998, /10/2019 EUR 8,000,000 FCA Capital Ireland EMTN ,277, /04/2019 EUR 30,180,000 FCA Capital Ireland EMTN ,319, /01/2018 EUR 19,591,000 FCA Capital Ireland EMTN 4 21,148, /10/2018 EUR 20,500,000 Generali Finance EMTN variable 19,552, perpetual EUR 23,747,000 Hera EMTN /01/ ,256, EUR 17,445,000 Intesa Sanpaolo EMTN ,385, /03/2022 EUR 4,369,000 Intesa Sanpaolo EMTN 3.5 4,743, /01/2022 EUR 27,900,000 Intesa Sanpaolo EMTN ,010, /11/2016 EUR 600,000 Intesa Sanpaolo EMTN 5 28/02/ , EUR 8,900,000 Intesa Sanpaolo Vita variable perpetual 8,738, EUR 2,442,000 Pirelli & C. RegS /02/2016 2,511, EUR 23,300,000 Pirelli International EMTN ,152, /11/2019 EUR 10,755,000 Snam EMTN 5 18/01/ ,268, EUR 24,200,000 Societa Esercizi Aereoportuali Sea 24,683, /04/2021 EUR 793,000 UniCredit EMTN variable 28/10/ , EUR 4,477,000 Wind Acquisition Finance RegS 4 15/07/2020 4,493, Japan 53,899, EUR 46,290,000 Nomura Europe Finance EMTN ,358, /06/2020 EUR 8,689,000 Nomura Europe Finance EMTN /05/2021 8,541,

446 Page 446 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments EURO Corporate Bond (cont) EURO Corporate Bond (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Mexico 24,830, EUR 1,020,000 America Movil /06/2017 1,086, EUR 6,380,000 America Movil variable 06/09/2073 7,343, EUR 2,232,000 Cemex RegS /01/2022 2,248, EUR 12,895,000 Petroleos Mexicanos EMTN ,684, /04/2027 EUR 2,300,000 Petroleos Mexicanos EMTN /01/2017 2,466, herlands 354,698, EUR 19,700,000 ABN AMRO Bank EMTN variable 19,825, /06/2025 EUR 44,200,000 Achmea Bank EMTN ,191, /04/2022 EUR 3,200,000 Achmea Bank EMTN /02/2021 3,394, EUR 26,590,000 Achmea EMTN variable 04/04/ ,761, EUR 17,300,000 Achmea EMTN variable perpetual 16,684, EUR 10,650,000 Alliander variable perpetual 11,093, EUR 18,900,000 Eneco variable perpetual 18,894, EUR 28,006,000 ING Bank EMTN /04/ ,578, EUR 9,000,000 ING Bank EMTN variable 16/09/2020 9,049, EUR 15,888,000 ING Bank EMTN variable 21/11/ ,788, ,329,000 ING Bank EMTN variable 21/11/ ,262, EUR 26,100,000 JAB /11/ ,824, GBP 12,500,000 Koninklijke KPN EMTN variable 18,272, /03/2073 EUR 18,680,000 Koninklijke KPN variable perpetual 19,893, EUR 21,839,000 TenneT variable perpetual 23,839, EUR 16,400,000 UPCB Finance IV RegS 4 15/01/ ,484, EUR 25,300,000 Vesteda Finance EMTN ,575, /07/2019 EUR 7,468,000 Ziggo Secured Finance RegS /01/2025 7,280, Norway 95,223, EUR 11,300,000 Santander Consumer Bank EMTN 11,240, /04/2018 EUR 8,100,000 Santander Consumer Bank EMTN 1 8,144, /06/2016 EUR 13,100,000 SpareBank 1 SMN EMTN ,647, /02/2018 EUR 23,489,000 SpareBank 1 SR-Bank EMTN 2 24,468, /05/2018 EUR 34,400,000 SpareBank 1 SR-Bank EMTN ,023, /04/2021 EUR 1,892,000 Statkraft EMTN /03/2030 1,698, Poland 20,206, EUR 13,792,000 mfinance France EMTN 2 26/11/ ,343, ,650,000 Poland Government /07/2019 6,862, Portugal 53,812, EUR 12,900,000 Brisa Concessao Rodoviaria EMTN 11,608, /04/2025 EUR 11,318,000 EDP Finance EMTN /01/ ,361, EUR 5,000,000 EDP Finance EMTN /09/2017 5,475, EUR 24,600,000 Parpublica - Participacoes Publicas SGPS EMTN /07/ ,367, South Africa 17,065, GBP 12,070,000 Investec EMTN /05/ ,065, South Korea 8,979, EUR 8,450,000 Korea Gas GMTN /04/2019 8,979, Spain 177,505, EUR 650,000 Abertis Infraestructuras , /06/2017 EUR 25,200,000 Autonomous Community of Madrid 25,838, Spain /07/2023 EUR 26,536,000 Autonomous Community of Madrid 29,785, Spain /09/2026 EUR 2,800,000 Bankia 4 03/02/2025 3,394, Spain (cont) EUR 3,563,000 Campofrio Food RegS ,527, /03/2022 EUR 21,200,000 Canal de Isabel II Gestion EMTN ,419, /02/2025 EUR 1,300,000 Gas Natural Capital s EMTN 1,386, /04/2017 EUR 2,321,000 Grupo Antolin Dutch RegS ,364, /04/2021 EUR 10,400,000 Grupo Antolin Dutch RegS ,606, /06/2022 EUR 26,200,000 Inmobiliaria Colonial /06/ ,053, EUR 5,700,000 Kutxabank 3 01/02/2017 5,954, EUR 700,000 Prosegur Cia de Seguridad , /04/2018 EUR 10,800,000 Redexis Gas Finance EMTN ,590, /04/2027 EUR 35,960,000 Redexis Gas Finance EMTN /04/ ,141, Sweden 26,567, EUR 16,260,000 Molnlycke /02/ ,294, EUR 10,100,000 PGE Sweden EMTN /06/ ,272, Switzerland 126,522, EUR 14,113,000 Adecco International Financial Services 13,887, EMTN /11/2022 EUR 11,374,000 Credit Suisse Funding Guernsey EMTN 10,757, /04/2022 EUR 17,511,000 Credit Suisse/London EMTN ,455, /03/2018 EUR 10,850,000 ELM for Swiss Life Insurance & Pension 11,463, EMTN variable perpetual EUR 14,450,000 Swiss Life AG Via JP Morgan Bank 14,585, Luxembourg variable perpetual EUR 16,800,000 UBS variable perpetual 17,048, EUR 16,618,000 UBS/London EMTN /05/ ,572, EUR 24,900,000 Zuercher Kantonalbank variable 15/06/ ,750, United Arab Emirates 3,462, EUR 3,330,000 IPIC GMTN RegS /05/2016 3,462, United Kingdom 1,136,268, EUR 34,708,000 Abbey National Treasury Services EMTN 34,302, /01/2020 EUR 22,644,000 Abbey National Treasury Services EMTN 24,112, /07/2020 EUR 11,775,000 Abbey National Treasury Services/ 11,442, London EMTN /01/2022 EUR 27,800,000 Aviva EMTN variable 04/12/ ,240, GBP 110,000 Bank of Scotland variable perpetual 181,835 - EUR 57,027,000 BAT International Finance EMTN ,488, /03/2019 EUR 28,250,000 Coventry Building Society ,004, /11/2020 EUR 26,113,000 Coventry Building Society EMTN ,198, /12/2017 EUR 25,700,000 FCE Bank EMTN /05/ ,396, GBP 4,298,000 FCE Bank EMTN /11/2018 6,105, GBP 35,400,000 FCE Bank EMTN /11/ ,156, GBP 26,420,000 Friends Life /04/ ,528, ,848,000 Friends Life variable perpetual 26,474, EUR 17,400,000 G4S International Finance EMTN ,488, /12/2018 GBP 1,498,000 HBOS Sterling Finance Jersey variable 2,684, perpetual EUR 43,579,000 Heathrow Funding EMTN ,077, /02/2030 EUR 3,500,000 Heathrow Funding EMTN ,666, /10/2016 EUR 13,380,000 ICAP GMTN /03/ ,739, GBP 8,600,000 InterContinental Hotels EMTN 6 09/12/ ,815,

447 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 447 EURO Corporate Bond (cont) EURO Corporate Bond (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR United Kingdom (cont) GBP 2,500,000 Legal & General variable perpetual 3,663, GBP 7,011,000 Liverpool Victoria Friendly Society 9,924, variable 22/05/2043 EUR 20,000,000 Lloyds Bank EMTN /04/ ,603, EUR 30,896,000 Lloyds Bank EMTN 1 19/11/ ,199, EUR 12,000,000 Lloyds TSB Bank EMTN variable 13,764, /12/2021 EUR 22,963,000 Merlin Entertainments RegS ,938, /03/2022 EUR 7,600,000 Motability Operations EMTN ,627, /06/2023 GBP 2,442,000 National Express EMTN ,653, /01/2017 EUR 5,200,000 Nationwide Building Society EMTN 6,334, /07/2020 EUR 22,303,000 Nationwide Building Society EMTN 23,666, variable 20/03/2023 EUR 11,587,000 NGG Finance variable 18/06/ ,254, EUR 19,000,000 Pearson Funding Five ,934, /05/2025 EUR 4,605,000 Pearson Funding Five ,767, /05/2021 GBP 25,946,000 RL Finance Bonds variable perpetual 36,643, EUR 34,900,000 Royal Bank of Scotland EMTN ,201, /11/2016 EUR 31,214,000 Royal Bank of Scotland EMTN ,019, /04/2018 EUR 5,450,000 Royal Bank of Scotland EMTN variable 5,591, /09/2021 EUR 7,200,000 Royal Mail /07/2024 7,401, EUR 7,995,000 Sky EMTN /11/2023 7,910, GBP 1,300,000 SSE EMTN variable perpetual 1,838, EUR 20,750,000 SSE EMTN variable perpetual 20,917, EUR 12,565,000 SSE variable perpetual 13,341, EUR 15,715,000 SSE variable perpetual 14,947, GBP 13,430,000 Stagecoach /12/ ,946, ,300,000 Tesco 144A /11/2017 1,238, EUR 6,050,000 Tesco EMTN /11/2018 6,341, GBP 850,000 Tesco EMTN 5 24/03/2023 1,208, EUR 2,782,000 Tesco EMTN /04/2047 2,628, GBP 2,683,000 Tesco EMTN /01/2033 3,714, GBP 4,500,000 Tesco EMTN 6 14/12/2029 6,710, GBP 30,200,000 Tesco EMTN /02/ ,073, GBP 4,100,000 Virgin Media Secured Finance RegS 5,695, /01/2025 EUR 20,300,000 Viridian FundCo II RegS ,384, /03/2020 GBP 3,300,000 Voyage Care Bondco RegS 6.5 4,830, /08/2018 GBP 21,271,000 William Hill /06/ ,769, GBP 8,860,000 William Hill EMTN /11/ ,232, EUR 26,164,000 WPP Finance Deutschland GmbH EMTN 22,911, /03/2030 EUR 16,500,000 WPP Finance EMTN /09/ ,534, EUR 84,100,000 Yorkshire Building Society EMTN ,790, /03/2022 EUR 46,371,000 Yorkshire Building Society EMTN /03/ ,003, United States of America 449,040, ,140,000 Actavis Funding /03/ ,093, ,925,000 Actavis Funding /03/ ,660, ,968,000 Ally Financial /07/2016 4,476, EUR 1,000,000 American International ,139, /11/2017 EUR 1,900,000 American International EMTN ,963, /04/2016 EUR 14,549,000 AT&T /06/ ,333, EUR 15,586,000 AT&T /12/ ,251, EUR 28,067,000 Bank of America EMTN /06/ ,690, United States of America (cont) EUR 2,850,000 Bank of America EMTN ,066, /04/2017 GBP 5,512,000 Bank of America EMTN 5.5 8,734, /12/2019 EUR 8,701,000 Merck & Co /10/2026 8,732, EUR 17,100,000 Metropolitan Life Global Funding I GMTN 17,002, /09/2021 EUR 19,000,000 Microsoft /12/ ,630, EUR 17,800,000 Morgan Stanley EMTN ,078, /09/2017 EUR 25,639,000 Morgan Stanley GMTN ,928, /03/2021 EUR 5,400,000 Pfizer /06/2021 6,901, EUR 7,616,000 Philip Morris International ,904, /03/2020 EUR 12,189,000 Philip Morris International ,853, /05/2019 EUR 14,700,000 Philip Morris International EMTN ,896, /03/2026 EUR 16,400,000 Prologis /10/ ,222, EUR 33,100,000 Prologis 3 02/06/ ,401, EUR 21,630,000 Prologis EMTN 3 18/01/ ,963, EUR 12,250,000 Prologis International Funding II EMTN 11,395, /04/2025 EUR 3,905,000 Prologis International Funding II EMTN 4,123, /10/2018 EUR 13,094,000 Prologis International Funding II EMTN 13,797, /04/2022 EUR 22,080,000 Thermo Fisher Scientific 2 15/04/ ,360, GBP 22,221,900 Virgin Media Secured Finance RegS 6 32,644, /04/2021 GBP 5,600,000 Wells Fargo & Co. EMTN /09/2029 7,791, Total Money Instruments Admitted 4,747,039, Money Instruments dealt on another Regulated EUR Australia 57,512, ,500,000 APT Pipelines 144A /03/ ,512, France 29,257, ,038,000 BPCE 4 15/04/ ,838, GBP 10,000,000 Electricite de France EMTN ,954, /07/ ,000 SPCM RegS 6 15/01/ , Germany 40,686, ,000,000 Deutsche Annington Finance RegS ,263, /10/2017 EUR 20,704,000 Schaeffler Finance RegS ,824, /05/2019 EUR 1,600,000 ZF North America Capital /04/2019 1,597, Italy 65,903, EUR 23,100,000 Enel /02/ ,573, EUR 16,600,000 Intesa Sanpaolo EMTN ,270, /09/2016 EUR 16,400,000 Snam EMTN /06/ ,994, EUR 5,497,000 Snam EMTN /02/2020 6,065, herlands 870, EUR 750,000 Wolters Kluwer /04/ , Portugal 74,083, ,760,000 EDP Finance RegS /01/ ,167, EUR 34,461,938 TAGUS-Sociedade de Titularizacao de Creditos /02/ ,916,

448 Page 448 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments EURO Corporate Bond (cont) EURO Credit Conviction Money Instruments dealt on another Regulated EUR Money Instruments Admitted EUR United Kingdom 67,419, GBP 35,800,000 J Sainsbury /11/ ,107, ,000,000 Jaguar Land Rover Automotive 144A 5,451, /12/2018 8,985,000 Sky 144A /09/2024 7,860, United States of America 423,301, EUR 780,000 Amgen /12/ , EUR 55,800,000 AT&T /03/ ,183, ,700,000 AT&T 3 30/06/ ,062, ,500,000 AT&T /01/ ,336, EUR 24,200,000 Citigroup /01/ ,329, EUR 7,270,000 Citigroup EMTN /10/2021 7,213, EUR 67,025,000 Discovery Communications ,867, /03/2027 EUR 26,500,000 Eli Lilly & Co /06/ ,408, EUR 9,100,000 General Electric /05/2027 8,970, EUR 20,850,000 HJ Heinz 2 30/06/ ,656, EUR 1,150,000 HSBC Finance EMTN ,249, /05/ ,450,000 McGraw Hill Financial 144A 4 9,288, /06/2025 EUR 23,000,000 Metropolitan Life Global Funding I 22,268, /01/2022 EUR 37,915,000 Mondelez International ,267, /03/2035 EUR 14,300,000 Moody's /03/ ,379, EUR 9,936,000 Morgan Stanley GMTN ,528, /01/2025 EUR 2,400,000 Morgan Stanley GMTN ,525, /10/2016 EUR 12,000,000 National Grid North America EMTN 11,533, /02/2022 8,750,000 Reynolds American /06/2020 7,907, ,205,000 Reynolds American /11/2022 7,897, EUR 7,000,000 Sealed Air RegS /09/2023 7,105, ,411,000 Verizon Communications 144A ,195, /01/2036 EUR 11,356,000 Wells Fargo & Co. EMTN /10/ ,249, Total Money Instruments dealt on another Regulated 759,034, Total Investments 5,506,074, Other 46,415, Asset 5,552,489, Austria 13,084, EUR 4,000,000 BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse EMTN /10/2023 4,880, EUR 3,413,000 Erste Bank EMTN /10/2022 3,862, EUR 4,000,000 UNIQA Insurance EMTN variable 4,342, /07/2043 Belgium 17,113, ,600,000 AG Insurance variable perpetual 2,466, EUR 3,602,000 Anheuser-Busch InBev EMTN 1.5 3,155, /04/2030 EUR 1,500,000 Belfius Bank EMTN /05/2017 1,516, EUR 1,400,000 Belfius Bank EMTN /09/2018 1,465, GBP 5,000,000 Belfius Funding EMTN variable 7,009, /02/2017 EUR 300,000 Ontex RegS /11/ , EUR 1,200,000 UCB EMTN /04/2022 1,184, China 611, EUR 619,000 State Grid Europe Development , /01/2022 Denmark 11,398, GBP 462,000 Danske Bank EMTN variable 29/09/ , EUR 1,965,000 DONG Energy EMTN variable 2,084, /07/3013 EUR 5,000,000 DONG Energy variable 26/06/3013 5,604, EUR 3,079,000 DONG Energy variable 06/11/3015 3,021, Finland 1,330, EUR 1,300,000 Aktia Bank EMTN /10/2017 1,330, France 96,684, EUR 2,800,000 Accor variable perpetual 2,797, EUR 2,800,000 ALD International EMTN ,802, /01/2018 EUR 2,300,000 Atos /07/2020 2,291, EUR 2,665,000 BNP Paribas EMTN variable 14/10/2027 2,614, EUR 4,000,000 Cap Gemini /07/2020 4,027, EUR 6,400,000 Cap Gemini /07/2023 6,424, EUR 1,500,000 CNP Assurances variable perpetual 1,469, EUR 2,200,000 Credit Agricole/London EMTN ,108, /01/2022 EUR 6,000,000 Electricite de France EMTN variable 6,269, perpetual GBP 800,000 Electricite de France EMTN variable 1,122, perpetual EUR 2,900,000 Electricite de France EMTN variable 3,031, perpetual EUR 927,000 Faurecia /06/ , EUR 1,000,000 GDF Suez variable perpetual 1,042, EUR 1,300,000 GDF Suez variable perpetual 1,315, EUR 1,300,000 GELF Bond Issuer I EMTN ,274, /11/2021 EUR 1,400,000 Groupama variable 27/10/2039 1,566, EUR 7,200,000 Groupama variable perpetual 7,375, EUR 900,000 Kering EMTN /03/ , EUR 3,100,000 Kering EMTN /07/2020 3,317, EUR 5,140,000 La Mondiale SAM variable perpetual 5,223, ,695,000 La Mondiale variable perpetual 2,613, EUR 583,000 Novalis RegS 3 30/04/ , EUR 5,729,000 Numericable-SFR RegS ,828, /05/2022 EUR 2,230,000 Numericable-SFR RegS ,253, /05/2024 EUR 2,800,000 Orange EMTN variable perpetual 2,893, EUR 2,675,000 Orange EMTN variable perpetual 2,725, EUR 7,864,000 Orange variable perpetual 8,169, EUR 1,700,000 Publicis /12/2021 1,677, EUR 1,000,000 SCOR variable perpetual 1,045,

449 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 449 EURO Credit Conviction (cont) EURO Credit Conviction (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR France (cont) EUR 5,900,000 Societe Fonciere Lyonnaise ,885, /11/2021 EUR 2,700,000 Societe Fonciere Lyonnaise 3.5 2,874, /11/2017 EUR 580,000 TOTAL EMTN variable perpetual 562, EUR 1,500,000 Wendel /02/2027 1,434, EUR 300,000 Wendel /01/ , Germany 68,306, EUR 1,300,000 Allianz variable perpetual 1,402, EUR 7,732,000 Bayer EMTN variable 01/07/2075 7,832, EUR 3,000,000 Bayer variable 02/04/2075 2,854, EUR 3,198,000 Bayer variable 29/07/2105 3,207, EUR 417,602 Bundesobligation 0 17/04/ , ,700,000 Continental Rubber of America 144A 3,392, /09/2019 EUR 2,264,000 Deutsche Annington Finance ,225, /03/2020 EUR 1,800,000 Deutsche Annington Finance variable 1,799, perpetual EUR 5,110,000 Deutsche Bank EMTN ,801, /02/2025 EUR 2,285,000 Deutsche Raststaetten Gruppe IV GmbH 2,458, RegS /12/2020 EUR 9,960,000 EnBW Energie Baden-Wuerttemberg 9,845, EMTN variable 02/04/2076 EUR 3,920,000 Germany (Bund) /02/2025 3,816, EUR 511,540 Germany (Bund) 2 04/01/ , EUR 168,504 Germany (Bund) /09/ , EUR 1,120,000 Germany (Bund) /01/2021 1,261, EUR 521,559 Germany (Bund) /07/ , EUR 3,000,000 Grand City Properties /04/2025 2,682, EUR 3,900,000 Grand City Properties variable perpetual 3,728, EUR 3,900,000 Infineon Technologies 1 10/09/2018 3,900, EUR 1,900,000 Infineon Technologies /03/2022 1,863, EUR 2,700,000 Mahle GmbH EMTN /05/2022 2,709, EUR 2,340,000 Symrise EMTN /07/2019 2,395, EUR 1,296,000 Techem GmbH RegS ,358, /10/2019 EUR 2,634,300 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS /01/2023 2,843, Iceland 6,165, EUR 6,200,000 Arion Banki HF EMTN ,165, /03/2018 India 2,448, EUR 1,239,000 ONGC Videsh /07/2021 1,253, EUR 1,183,000 Samvardhana Motherson Automotive Systems RegS /07/2021 1,194, Ireland 26,757, EUR 800,000 Bank of Ireland /01/ , EUR 4,201,000 Bank of Ireland EMTN 2 08/05/2017 4,253, EUR 10,440,000 Bank of Ireland EMTN variable 10,497, /06/2024 EUR 2,400,000 ESB Finance EMTN /06/2027 2,355, GBP 310,000 ESB Finance EMTN /03/ , EUR 2,500,000 Ryanair EMTN /03/2023 2,350, EUR 4,201,000 Ryanair EMTN /06/2021 4,273, EUR 1,528,000 Smurfit Kappa Acquisitions RegS /09/2018 1,674, Israel 7,365, EUR 7,800,000 Teva Pharmaceutical Finance 7,365, herlands II /03/2023 Italy 62,317, EUR 3,850,000 ACEA EMTN /07/2024 3,936, EUR 1,700,000 Autostrada Brescia Verona Vicenza Padova /03/2020 1,676, Italy (cont) EUR 2,665,000 Banca Monte dei Paschi di Siena 2,837, /07/2024 EUR 4,000,000 Banca Popolare di Vicenza EMTN ,820, /03/2020 EUR 6,159,000 Beni Stabili /01/2018 6,382, ,029,000 Enel 144A variable 24/09/2073 4,140, EUR 1,329,000 Enel variable 10/01/2074 1,449, EUR 3,604,000 FCA Capital Ireland EMTN ,498, /04/2020 EUR 2,710,000 FCA Capital Ireland EMTN 2 2,729, /10/2019 EUR 600,000 FCA Capital Ireland EMTN , /04/2019 EUR 1,891,000 FCA Capital Ireland EMTN ,962, /01/2018 EUR 7,162,000 FCA Capital Ireland EMTN 4 7,731, /10/2018 EUR 6,400,000 Generali Finance EMTN variable 6,104, perpetual EUR 1,623,000 Intesa Sanpaolo EMTN ,524, /03/2022 EUR 631,000 Intesa Sanpaolo EMTN , /01/2022 EUR 2,700,000 Intesa Sanpaolo EMTN ,676, /09/2026 EUR 3,000,000 Intesa Sanpaolo EMTN 4 30/10/2023 3,353, EUR 2,500,000 Intesa Sanpaolo Vita variable perpetual 2,454, EUR 1,900,000 Pirelli International EMTN ,887, /11/2019 EUR 2,161,000 Societa Esercizi Aereoportuali Sea 2,204, /04/2021 EUR 107,000 UniCredit EMTN variable 28/10/ , EUR 523,000 Wind Acquisition Finance RegS 4 15/07/ , Japan 6,378, EUR 5,200,000 Nomura Europe Finance EMTN ,095, /06/2020 EUR 1,305,000 Nomura Europe Finance EMTN /05/2021 1,282, Mexico 5,909, EUR 1,904,000 America Movil variable 06/09/2073 2,191, EUR 808,000 Cemex RegS /01/ , EUR 3,205,000 Petroleos Mexicanos EMTN /04/2027 2,904, herlands 62,385, EUR 8,350,000 ABN AMRO Bank EMTN variable 8,403, /06/2025 EUR 5,700,000 Achmea Bank EMTN ,440, /04/2022 EUR 2,400,000 Achmea Bank EMTN /02/2021 2,545, EUR 2,460,000 Achmea EMTN variable 04/04/2043 2,753, EUR 2,500,000 Achmea EMTN variable perpetual 2,411, EUR 1,500,000 Eneco variable perpetual 1,499, EUR 2,799,000 ING Bank EMTN /04/2020 2,756, EUR 3,560,000 ING Bank EMTN variable 16/09/2020 3,579, EUR 779,000 ING Bank EMTN variable 21/11/ , ,051,000 ING Bank EMTN variable 21/11/2023 2,802, EUR 4,400,000 JAB /11/2021 4,353, GBP 6,100,000 Koninklijke KPN EMTN variable 8,916, /03/2073 EUR 3,564,000 Koninklijke KPN variable perpetual 3,795, EUR 5,919,000 TenneT variable perpetual 6,461, EUR 3,800,000 UPCB Finance IV RegS 4 15/01/2027 3,587, EUR 1,695,000 Vesteda Finance EMTN ,713, /07/2019 EUR 555,000 Ziggo Secured Finance RegS /01/ ,

450 Page 450 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments EURO Credit Conviction (cont) EURO Credit Conviction (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Norway 1,683, EUR 1,500,000 Santander Consumer Bank EMTN 1,492, /04/2018 EUR 213,000 Statkraft EMTN /03/ , Poland 5,603, EUR 5,056,000 mfinance France EMTN 2 26/11/2021 4,891, ,000 Poland Government /07/ , Portugal 8,055, EUR 3,400,000 Brisa Concessao Rodoviaria EMTN 3,059, /04/2025 EUR 2,116,000 EDP Finance EMTN /01/2022 2,124, ,000,000 EDP Finance RegS 6 02/02/2018 2,871, South Africa 4,566, GBP 3,230,000 Investec EMTN /05/2022 4,566, Spain 19,250, EUR 1,780,000 Autonomous Community of Madrid 1,825, Spain /07/2023 EUR 480,000 Autonomous Community of Madrid 536, Spain /05/2024 EUR 677,000 Autonomous Community of Madrid 759, Spain /09/2026 EUR 727,000 Campofrio Food RegS , /03/2022 EUR 3,400,000 Canal de Isabel II Gestion EMTN ,114, /02/2025 EUR 835,000 Grupo Antolin Dutch RegS , /04/2021 EUR 2,800,000 Grupo Antolin Dutch RegS ,855, /06/2022 EUR 3,700,000 Inmobiliaria Colonial /06/2019 3,679, EUR 1,400,000 Redexis Gas Finance EMTN ,243, /04/2027 EUR 3,457,000 Redexis Gas Finance EMTN /04/2021 3,666, Sweden 3,163, EUR 1,330,000 Molnlycke /02/2022 1,332, EUR 1,800,000 PGE Sweden EMTN /06/2019 1,830, Switzerland 19,320, EUR 1,939,000 Adecco International Financial Services 1,908, EMTN /11/2022 EUR 1,625,000 Credit Suisse Funding Guernsey EMTN 1,536, /04/2022 EUR 3,800,000 ELM for Swiss Life Insurance & Pension 4,014, EMTN variable perpetual EUR 5,000,000 Swiss Life AG Via JP Morgan Bank 5,046, Luxembourg variable perpetual EUR 2,600,000 UBS variable perpetual 2,638, EUR 4,200,000 Zuercher Kantonalbank variable 15/06/2027 4,174, United Kingdom 149,576, EUR 2,305,000 Abbey National Treasury Services EMTN 2,454, /07/2020 EUR 2,870,000 Abbey National Treasury Services/ 2,789, London EMTN /01/2022 GBP 2,343,000 Anglian Water Osprey Financing EMTN 3,274, /04/2023 EUR 3,900,000 Aviva EMTN variable 04/12/2045 3,681, GBP 1,115,000 British Airways /08/2016 1,678, EUR 12,640,000 Coventry Building Society ,425, /11/2020 EUR 233,000 Coventry Building Society EMTN , /12/2017 GBP 3,500,000 FCE Bank EMTN /11/2019 4,959, GBP 8,392,000 Friends Life /04/ ,144, ,900,000 Friends Life variable perpetual 1,873, GBP 1,100,000 Friends Life variable perpetual 1,651, United Kingdom (cont) EUR 2,810,000 G4S International Finance EMTN ,985, /12/2018 GBP 1,737,000 HBOS Sterling Finance Jersey variable 3,112, perpetual EUR 3,217,000 Heathrow Funding EMTN 1.5 2,810, /02/2030 EUR 1,317,000 ICAP GMTN /03/2019 1,352, GBP 1,036,000 Kelda Finance No 3 RegS ,523, /02/2020 GBP 2,500,000 Legal & General variable perpetual 3,663, GBP 606,000 Liverpool Victoria Friendly Society 857, variable 22/05/2043 EUR 3,620,000 Lloyds Bank EMTN 1 19/11/2021 3,538, EUR 2,324,000 Lloyds TSB Bank EMTN variable 2,665, /12/2021 EUR 3,939,000 Merlin Entertainments RegS ,763, /03/2022 EUR 1,800,000 Motability Operations EMTN ,806, /06/2023 EUR 5,507,000 NGG Finance variable 18/06/2076 5,824, EUR 2,500,000 Pearson Funding Five ,359, /05/2025 GBP 2,900,000 RL Finance Bonds variable perpetual 4,095, EUR 3,747,000 Royal Bank of Scotland EMTN ,203, /04/2018 EUR 600,000 Royal Mail /07/ , EUR 294,000 Sky EMTN /11/ , GBP 1,000,000 Spirit Issuer /12/2027 1,461, EUR 3,306,000 SSE EMTN variable perpetual 3,332, EUR 5,100,000 SSE variable perpetual 5,415, EUR 1,736,000 SSE variable perpetual 1,651, EUR 4,000,000 Tesco EMTN /11/2018 4,192, GBP 1,426,000 Tesco EMTN 5 24/03/2023 2,027, GBP 5,262,000 Tesco EMTN /02/2022 8,027, GBP 1,200,000 Virgin Media Secured Finance RegS 1,667, /01/2025 EUR 3,800,000 Viridian FundCo II RegS 7.5 3,815, /03/2020 GBP 790,000 William Hill /06/2020 1,105, GBP 2,526,000 William Hill EMTN /11/2016 3,772, EUR 2,962,000 WPP Finance Deutschland GmbH EMTN 2,593, /03/2030 EUR 10,700,000 Yorkshire Building Society EMTN ,278, /03/2022 EUR 4,433,000 Yorkshire Building Society EMTN /03/2019 4,589, United States of America 47,680, ,960,000 Actavis Funding /03/2022 9,689, ,900,000 Actavis Funding /03/2025 2,534, EUR 1,039,000 AT&T /12/2032 1,083, EUR 1,300,000 Metropolitan Life Global Funding I GMTN 1,292, /09/2021 EUR 3,235,000 Morgan Stanley GMTN ,397, /03/2021 EUR 6,400,000 Prologis /10/2020 6,330, EUR 800,000 Prologis 3 02/06/ , EUR 2,000,000 Prologis EMTN 3 18/01/2022 2,123, EUR 3,125,000 Prologis International Funding II EMTN 2,907, /04/2025 EUR 1,545,000 Prologis International Funding II EMTN 1,631, /10/2018 EUR 1,471,000 Prologis International Funding II EMTN 1,549, /04/2022 EUR 1,760,000 Thermo Fisher Scientific 2 15/04/2025 1,702,

451 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 451 EURO Credit Conviction (cont) EURO Credit Conviction (cont) Money Instruments Admitted EUR Money Instruments dealt on another Regulated EUR United States of America (cont) GBP 7,255,800 Virgin Media Secured Finance RegS 6 15/04/2021 GBP 1,400,000 Wells Fargo & Co. EMTN /09/ ,658, ,947, Total Money Instruments Admitted 647,157, Money Instruments dealt on another Regulated EUR Australia 6,585, ,500,000 APT Pipelines 144A /03/2025 6,585, Canada 946, GBP 470,599 UK Treasury 6 07/12/ , France 4,742, ,166,000 BPCE 4 15/04/2024 1,966, ,000,000 SPCM 144A 6 15/01/2022 2,775, Germany 7,533, EUR 752,000 Deutsche Telekom International Finance 1,226, EMTN /01/2033 EUR 5,873,000 Schaeffler Finance RegS ,907, /05/2019 EUR 400,000 ZF North America Capital /04/ , United States of America (cont) EUR 1,400,000 Moody's /03/2027 1,309, EUR 1,432,000 Morgan Stanley GMTN ,373, /01/2025 7,000,000 MPLX 4 15/02/2025 6,089, EUR 6,000,000 National Grid North America EMTN 5,766, /02/2022 5,195,000 Reynolds American /11/2022 4,457, ,500,000 Reynolds American /06/2020 2,259, EUR 2,000,000 Sealed Air RegS /09/2023 2,030, ,739,000 Verizon Communications 144A ,817, /01/2036 EUR 1,415,000 Wells Fargo & Co. EMTN /10/2021 1,401, Total Money Instruments dealt on another Regulated 152,950, Total Investments 800,108, Other 10,845, Asset 810,953, Italy 10,237, ,850,000 Intesa Sanpaolo /01/2017 1,659, EUR 5,000,000 Intesa Sanpaolo EMTN ,545, /04/2020 EUR 2,748,000 Snam EMTN /02/2020 3,032, Portugal 6,850, ,610,000 EDP Finance RegS /01/2021 3,385, EUR 1,900,000 Parpublica - Participacoes Publicas 1,959, SGPS EMTN /07/2021 EUR 1,486,038 TAGUS-Sociedade de Titularizacao de Creditos /02/2018 1,505, United Kingdom 5,502, GBP 3,200,000 J Sainsbury /11/2019 4,836, ,000 Sky 144A /09/ , United States of America 110,552, ,000,000 American Express variable perpetual 2,595, ,550,000 Apple /05/2025 8,464, EUR 9,900,000 AT&T /03/2035 8,548, ,600,000 AT&T 3 30/06/ ,846, ,500,000 AT&T /01/2038 2,467, EUR 9,150,000 Bank of America EMTN 2.5 9,716, /07/2020 EUR 1,900,000 Citigroup /01/2025 1,831, EUR 1,050,000 Citigroup EMTN /10/2021 1,041, EUR 9,632,000 Discovery Communications 1.9 8,747, /03/2027 EUR 3,700,000 Eli Lilly & Co /06/2030 3,547, EUR 5,200,000 General Electric /05/2027 5,125, EUR 3,050,000 HJ Heinz 2 30/06/2023 3,021, ,000,000 JPMorgan Chase & Co. variable 8,851, perpetual 2,900,000 McGraw Hill Financial 144A 4 2,577, /06/2025 EUR 5,480,000 Mondelez International /03/2035 4,663,

452 Page 452 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments EURO High Yield EURO High Yield (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Austria 2,698, EUR 1,500,000 BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse EMTN /10/2023 1,830, EUR 800,000 UNIQA Insurance EMTN variable 31/07/ , Belgium 193, GBP 130,000 KBC Bank variable perpetual 193, Finland 593, EUR 600,000 Paroc RegS /05/ , France 13,703, EUR 400,000 BPCE variable perpetual 549, EUR 500,000 Casino Guichard Perrachon EMTN 511, variable perpetual EUR 1,150,000 Cerba European Lab RegS 7 1,209, /02/2020 EUR 850,000 Groupama variable perpetual 874, EUR 1,500,000 Groupama variable perpetual 1,536, EUR 50,000 Groupama variable perpetual 50, EUR 820,000 Holding Medi-Partenaires RegS 7 874, /05/2020 EUR 1,060,000 HomeVi RegS /08/2021 1,115, EUR 1,000,000 Novalis RegS 3 30/04/ , ,000 Numericable-SFR RegS , /05/2019 EUR 2,000,000 Numericable-SFR RegS ,034, /05/ ,000 Numericable-SFR RegS 6 15/05/ , GBP 400,000 Orange EMTN variable perpetual 573, EUR 400,000 Peugeot EMTN /01/ , EUR 896,000 SGD RegS /05/ , EUR 450,000 Société Générale variable perpetual 555, EUR 500,000 WFS Global RegS /07/ , Germany 12,550, EUR 250,000 Auris Luxembourg II RegS 8 269, /01/2023 EUR 1,200,000 Deutsche Raststaetten Gruppe IV GmbH 1,291, RegS /12/2020 1,070,000 Dresdner Funding Trust I RegS ,189, /06/2031 EUR 200,000 FMC Finance VII RegS , /02/2021 EUR 1,200,000 Grand City Properties variable perpetual 1,147, EUR 750,000 HeidelbergCement Finance , /04/2020 EUR 479,000 HeidelbergCement Finance , /10/2019 EUR 1,550,000 Pfleiderer GmbH RegS ,594, /08/2019 EUR 900,000 ProGroup RegS /05/ , EUR 335,000 Trionista Holdco GmbH RegS 5 348, /04/2020 EUR 1,000,000 Trionista TopCo GmbH RegS ,059, /04/2021 EUR 500,000 Unitymedia GmbH RegS , /01/2027 EUR 1,150,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS 4 15/01/2025 1,175, EUR 810,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS /01/2023 EUR 315,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS /09/2022 EUR 90,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS /01/ , , , Greece 507, EUR 382,000 ERB Hellas EMTN /06/ , EUR 450,000 OTE GMTN /07/ , Hungary 332, EUR 350,000 OTP Bank variable perpetual 332, Iceland 1,591, EUR 1,600,000 Arion Banki HF EMTN ,591, /03/2018 Ireland 6,612, EUR 1,500,000 Allied Irish Banks EMTN ,458, /03/2020 EUR 1,450,000 Ardagh Packaging Finance/Ardagh USA 1,446, RegS /01/2022 EUR 1,200,000 Baggot Securities RegS ,242, perpetual EUR 1,000,000 Bank of Ireland EMTN 2 08/05/2017 1,012, EUR 450,000 Bank of Ireland EMTN 10 12/02/ , EUR 400,000 Bank of Ireland EMTN variable 402, /06/2024 EUR 450,000 Smurfit Kappa Acquisitions RegS /09/ , Italy 19,227, EUR 1,500,000 Banca Monte dei Paschi di Siena EMTN 1,514, /04/2019 EUR 600,000 Beni Stabili /01/ , EUR 800,000 Cerved RegS 8 15/01/ , ,000 Enel 144A variable 24/09/ , EUR 550,000 Fiat Chrysler Finance Europe GMTN 579, /03/2021 EUR 500,000 Fiat Chrysler Finance Europe GMTN 7 536, /03/2017 EUR 2,400,000 Generali Finance EMTN variable 2,289, perpetual EUR 1,550,000 Intesa Sanpaolo EMTN ,536, /09/2026 EUR 300,000 Intesa Sanpaolo variable perpetual 337, EUR 300,000 Intesa Sanpaolo variable perpetual 318, EUR 700,000 Intesa Sanpaolo Vita variable perpetual 687, EUR 1,750,000 Rhino Bondco RegS /11/2020 1,869, EUR 300,000 Rhino Bondco RegS FRN 15/12/ , EUR 450,000 Sisal RegS /09/ , EUR 800,000 TeamSystem RegS /05/ , EUR 1,300,000 Telecom Italia EMTN /01/2023 1,307, EUR 1,175,000 UniCredit variable perpetual 1,363, EUR 800,000 Wind Acquisition Finance RegS 4 802, /07/2020 EUR 2,591,000 Wind Acquisition Finance RegS 7 23/04/2021 2,689, Luxembourg 6,555, ,000 Altice 144A /05/ , ,000 Altice Financing 144A , /02/2023 EUR 200,000 Altice Financing RegS , /02/2023 EUR 400,000 Altice Financing RegS /01/ , EUR 1,600,000 Altice RegS /05/2022 1,619, EUR 900,000 Ardagh Packaging Finance RegS , /10/2020 EUR 162,000 ConvaTec Healthcare E RegS , /12/2018 EUR 2,000,000 SIG Combibloc RegS /02/2023 2,090, Mexico 1,767, EUR 800,000 Cemex Finance RegS , /04/2021 EUR 500,000 Cemex RegS /01/ , ,000 Cemex RegS /05/ ,

453 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 453 EURO High Yield (cont) EURO High Yield (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR herlands 4,556, EUR 1,220,000 Constellium RegS /05/2021 1,122, GBP 800,000 Koninklijke KPN EMTN variable 1,169, /03/2073 EUR 575,000 Koninklijke KPN variable perpetual 612, EUR 530,000 OI European RegS /03/ , EUR 1,000,000 SNS Bank RegS perpetual ** - - CHF 294,000 UPC RegS /03/ , EUR 800,000 Ziggo Secured Finance RegS /01/ , Portugal 3,910, EUR 600,000 Novo Banco EMTN 4 21/01/ , EUR 870,000 Novo Banco EMTN 5 23/04/ , EUR 260,000 Novo Banco EMTN 5 14/05/ , EUR 400,000 Novo Banco EMTN /07/ , EUR 400,000 Novo Banco RegS /01/ , EUR 1,300,000 Parpublica - Participacoes Publicas SGPS EMTN /07/2021 1,340, Russia 1,522, EUR 1,750,000 Russian Railways via RZD Capital 1,522, /05/2021 South Africa 1,710, GBP 1,210,000 Investec EMTN /05/2022 1,710, Spain 9,602, EUR 1,500,000 Bankia MTN variable 22/05/2024 1,462, EUR 400,000 BBVA International Preferred variable 404, perpetual EUR 1,000,000 Campofrio Food RegS , /03/2022 EUR 400,000 Criteria CaixaHolding 1 25/11/ , EUR 2,100,000 Empark Funding RegS ,281, /12/2019 EUR 463,500 Ence Energia y Celulosa RegS , /02/2020 EUR 680,000 Grupo Antolin Dutch RegS , /04/2021 EUR 500,000 Grupo Antolin Dutch RegS , /06/2022 EUR 100,000 NH Hotel 4 08/11/ , EUR 900,000 NH Hotel RegS /11/ , EUR 8,000 Pastor Participaciones Preferentes 7,400 - variable perpetual EUR 600,000 Telefonica Europe variable perpetual 637, EUR 200,000 Telefonica Europe variable perpetual 219, EUR 300,000 Telefonica Europe variable perpetual 347, Switzerland 1,708, EUR 700,000 UBS variable perpetual 710, ,100,000 UBS variable perpetual 998, United Kingdom 44,738, GBP 700,000 AA Bond RegS /07/ , EUR 300,000 Alliance Automotive Finance RegS , /12/2021 GBP 1,200,000 Arqiva Broadcast Finance RegS 9.5 1,864, /03/2020 EUR 1,200,000 Aviva EMTN variable 04/12/2045 1,132, GBP 20,000 Bank of Scotland variable perpetual 33, ,000 Barclays /09/ , GBP 800,000 Barclays Bank variable perpetual 1,171, EUR 850,000 Boparan Finance RegS , /07/2021 GBP 500,000 Boparan Finance RegS , /07/2021 GBP 310,000 Cable & Wireless International Finance /03/ , United Kingdom (cont) EUR 449,000 Co-Operative Bank/United Kingdom 446, EMTN /10/2015 GBP 956,000 Co-Operative Bank/United Kingdom 1,334, EMTN /09/2017 GBP 620,000 Co-Operative step coupon 08/07/ , GBP 1,300,000 Equiniti Newco 2 RegS ,827, /12/2018 EUR 1,000,000 Erste Capital Finance Jersey Tier1 EMTN 905, variable perpetual 553,000 Friends Life variable perpetual 545, GBP 500,000 Galaxy Bidco RegS FRN 15/11/ , GBP 810,000 Greene King Finance FRN 15/03/ , EUR 1,050,000 HBOS EMTN variable perpetual 1,057, EUR 750,000 HBOS Euro Finance Jersey EMTN 738, variable perpetual GBP 550,000 Iceland Bondco RegS , /07/2021 GBP 159,000 Iceland Bondco RegS , /07/2024 GBP 750,000 IDH Finance RegS 6 01/12/2018 1,076, EUR 1,400,000 Iglo Foods Bondco RegS FRN 1,407, /06/2020 GBP 700,000 Investec Bank EMTN ,179, /02/2022 EUR 700,000 Merlin Entertainments RegS , /03/2022 GBP 473,000 Mitchells & Butlers Finance FRN 601, /06/2036 GBP 300,000 Moto Finance RegS /09/ , GBP 1,000,000 Moy Park Bondco RegS ,436, /05/2021 GBP 450,000 Pizzaexpress Financing 1 RegS , /08/2022 EUR 196,000 R&R Ice Cream RegS , /05/ ,000 Royal Bank of Scotland 144A variable 788, perpetual EUR 950,000 Royal Bank of Scotland 5.25 perpetual 949, EUR 700,000 Royal Bank of Scotland 5.5 perpetual 700, ,000,000 Royal Bank of Scotland variable 1,114, perpetual 1,300,000 Sable International Finance 144A ,249, /02/2020 GBP 405,000 Spirit Issuer variable 28/12/ , GBP 590,000 Spirit Issuer variable 28/12/ , GBP 1,400,000 TES Finance RegS /07/2020 1,972, EUR 1,200,000 Tesco Corporate Treasury Services 1,128, EMTN /07/2024 GBP 1,300,000 Tesco EMTN /02/2022 1,983, EUR 1,350,000 Thomas Cook Finance RegS ,436, /06/2020 GBP 367,000 Unique Pub Finance /03/ , EUR 1,250,000 Virgin Media Finance RegS 4.5 1,245, /01/2025 GBP 950,000 Virgin Media Finance RegS 7 1,427, /04/2023 GBP 100,000 Virgin Media Secured Finance RegS 138, /01/2025 EUR 1,800,000 Viridian FundCo II RegS 7.5 1,807, /03/2020 GBP 500,000 Voyage Care Bondco RegS /08/ , Total Money Instruments Admitted 134,084, ** The security was Fair d as at 30 June 2015.

454 Page 454 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments EURO High Yield (cont) Global Corporate Bond Money Instruments dealt on another Regulated EUR Money Instruments Admitted France 1,373, ,000 Rexel 144A /06/ , ,000 SPCM 144A 6 15/01/ , Germany 1,265, EUR 500,000 JH-Holding Finance RegS , /12/2022 EUR 700,000 Safari Verwaltungs GmbH RegS /02/ , Italy 3,437, EUR 830,000 Gamenet RegS /08/ , ,000 Intesa Sanpaolo 144A , /06/2024 EUR 850,000 UniCredit EMTN /04/ , EUR 850,000 UniCredit EMTN /10/ , Jamaica 786, ,000 Digicel 144A /03/ , Russia 2,253, EUR 2,400,000 Gazprom OAO Via Gaz Capital EMTN 2,253, /03/2020 United Kingdom 3,501, ,000,000 Fiat Chrysler Automobiles 144A , /04/2020 GBP 1,400,000 J Sainsbury /11/2019 2,115, ,000 RBS Capital Trust II variable perpetual 497, United States of America 4,803, ,600,000 Enova International /06/2021 1,359, EUR 1,900,000 Infor US RegS /05/2022 1,932, EUR 1,000,000 Kloeckner Pentaplast of America RegS 1,004, /11/2020 EUR 500,000 Sealed Air RegS /09/ , Total Money Instruments dealt on another Regulated 17,423, Total Investments 151,507, Other 7,370, Asset 158,878, Australia 1,175, ,122,000 BHP Billiton Finance USA 5 1,175, /09/2043 Belgium 19,814, EUR 2,700,000 Anheuser-Busch InBev EMTN ,165, /09/2021 EUR 3,636,000 Anheuser-Busch InBev EMTN ,406, /01/2033 EUR 10,800,000 Belfius Bank EMTN /05/ ,243, Brazil 8,172, ,370,000 Banco Nacional de Desenvolvimento Economico e Social RegS /09/2023 1,399, ,420,000 Marfrig Europe 144A /06/2019 4,835,000 Petrobras Global Finance 3 15/01/2019 2,310, ,462, Canada 50,836, ,920,000 Bank of Nova Scotia /07/2021 4,948, ,955,000 Bank of Nova Scotia ,048, /01/2021 4,070,000 Barrick Gold /05/2023 3,956, ,078,000 Barrick North America Finance ,798, /05/ ,386,000 Suncor Energy /06/ ,940, ,020,000 Suncor Energy /06/2039 1,291, ,570,000 Teck Resources /01/2021 1,523, ,415,000 Teck Resources /02/2043 3,329, Chile 995, ,000 Cencosud RegS /01/ , China 15,251, ,075,000 CNOOC Curtis Funding No 1 RegS 4.5 5,346, /10/2023 EUR 8,945,000 State Grid Europe Development /01/2022 9,904, Colombia 3,505, ,221,000 Bancolombia /09/2022 2,217, ,000 Colombia Government 4 26/02/ , ,230,000 Ecopetrol /05/2045 1,088, Denmark 3,476, GBP 2,000,000 DONG Energy EMTN ,476, /01/2032 France 83,400, EUR 5,100,000 Accor variable perpetual 5,713, EUR 1,800,000 Cap Gemini /07/2020 2,032, GBP 800,000 CNP Assurances variable 30/09/2041 1,436, EUR 2,800,000 CNP Assurances variable perpetual 3,076, EUR 3,100,000 Credit Agricole /03/2027 3,177, EUR 6,700,000 Credit Agricole/London EMTN ,980, /11/2020 GBP 5,650,000 Electricite de France EMTN ,934, /09/2050 EUR 8,153,000 GELF Bond Issuer I EMTN ,965, /11/2021 EUR 8,648,000 La Mondiale SAM variable perpetual 9,855, ,602,000 Orange /01/2042 4,744, EUR 10,200,000 Societe Fonciere Lyonnaise ,408, /11/2021 EUR 1,900,000 Société Generale EMTN ,987, /02/2025 EUR 3,100,000 Société Generale EMTN 4 07/06/2023 3,735, EUR 8,950,000 TOTAL EMTN variable perpetual 9,351, Germany 45,576, EUR 2,400,000 Continental EMTN /09/2020 2,957,

455 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 455 Global Corporate Bond (cont) Global Corporate Bond (cont) Money Instruments Admitted Money Instruments Admitted Germany (cont) EUR 9,530,000 Deutsche Post EMTN ,939, /12/2024 EUR 3,500,000 Deutsche Telekom International Finance 5,067, EMTN /04/2025 GBP 4,912,000 E.ON International Finance EMTN 9,603, /06/2032 EUR 6,200,000 Eurogrid GmbH /06/2025 6,884, EUR 9,100,000 Grand City Properties /04/2025 9,125, India 2,779, EUR 1,364,000 ONGC Videsh /07/2021 1,547, ,460,000 Rolta Americas RegS /07/2019 1,231, Ireland 13,714, EUR 5,000,000 Bank of Ireland EMTN ,443, /04/2020 EUR 6,000,000 Bank of Ireland EMTN 2 08/05/2017 6,811, ,400,000 Fly Leasing /12/2020 1,459, Italy 38,900, EUR 2,200,000 Assicurazioni Generali EMTN ,530, /05/2026 GBP 447,000 Enel Finance International EMTN , /09/2040 GBP 4,528,000 Enel variable 10/09/2075 7,753, EUR 2,076,000 FCA Capital Ireland EMTN ,259, /04/2020 EUR 3,603,000 FCA Capital Ireland EMTN 4 4,361, /10/2018 EUR 2,316,000 Generali Finance EMTN variable 2,476, perpetual EUR 3,475,000 Intesa Sanpaolo EMTN ,863, /09/2026 EUR 5,120,000 Pirelli International EMTN ,704, /11/2019 EUR 2,300,000 Snam EMTN 5 18/01/2019 2,941, ,163,000 Telecom Italia 144A /05/2024 6,216, Japan 11,413, EUR 10,355,000 Nomura Europe Finance EMTN ,413, /05/2021 Kazakhstan 188, ,000 Kazakhstan Government RegS , /10/2024 Mexico 252, ,184 Fermaca Enterprises 144A , /03/2038 herlands 84,174, EUR 1,500,000 ABN AMRO Bank EMTN variable 1,692, /06/2025 EUR 14,500,000 Achmea Bank EMTN ,520, /04/2022 EUR 1,513,000 Achmea EMTN variable 04/04/2043 1,898, EUR 3,099,000 Achmea EMTN variable perpetual 3,351, EUR 4,831,000 Atradius Finance variable 23/09/2044 5,113, EUR 2,200,000 Cooperatieve Centrale Raiffeisen- Boerenleenbank EMTN /09/2022 2,749, GBP 3,000,000 Koninklijke KPN GMTN 5 18/11/2026 5,090, GBP 4,758,000 Koninklijke KPN GMTN ,516, /09/2029 8,002,000 LYB International Finance ,813, /03/2044 9,055,000 Shell International Finance ,962, /05/2025 EUR 19,168,000 TenneT variable perpetual 23,463, Portugal 1,311, EUR 1,300,000 Brisa Concessao Rodoviaria EMTN 1,311, /04/2025 Romania 3,748, ,530,000 Romanian Government RegS ,748, /01/2024 Spain 5,159, EUR 4,500,000 Abertis Infraestructuras 2.5 5,159, /02/2025 Supranational 8,424, GBP 4,581,000 European Investment Bank EMTN 8,424, /06/2037 Sweden 14,321, EUR 8,041,000 Molnlycke /02/2022 9,035, GBP 2,400,000 Vattenfall EMTN /04/2039 5,285, United Kingdom 261,622, GBP 12,965,000 Abbey National Treasury Services/ 19,858, London EMTN /02/2020 GBP 7,161,000 Anglian Water Services Financing step 15,121, coupon 15/01/2029 6,160,000 Barclays /06/2020 6,091, ,766,000 Barclays Bank 144A ,202, /06/2021 EUR 3,994,000 Coventry Building Society 2.5 4,756, /11/2020 GBP 1,330,000 CPUK Finance EMTN ,082, /02/ ,069,000 Ensco /03/ ,404, GBP 7,300,000 Eversholt Funding EMTN ,886, /02/2035 EUR 11,500,000 FCE Bank EMTN /05/ ,742, EUR 4,087,000 GlaxoSmithKline Capital EMTN ,507, /12/2024 EUR 10,020,000 Heathrow Funding EMTN 1.5 9,817, /02/2030 GBP 2,559,000 HSBC EMTN 6 29/03/2040 4,597, ,750,000 Jaguar Land Rover Automotive 144A 6,648, /03/2020 EUR 13,331,000 Lloyds TSB Bank EMTN variable 17,147, /12/2021 GBP 6,113,384 Residential Mortgage Securities 25 A1 9,874, FRN 16/12/2050 5,689,000 Rio Tinto Finance USA ,496, /08/2022 2,560,000 Royal Bank of Scotland RegS variable 2,832, /03/2022 GBP 8,000,000 Scottish Widows /06/ ,078, GBP 8,313,000 Southern Water Services Finance EMTN 13,544, variable 31/03/2038 8,362,000 Standard Chartered 144A ,174, /01/ ,245,000 Standard Chartered RegS ,165, /04/2018 EUR 2,838,000 Tesco EMTN /04/2047 3,006, GBP 5,073,000 Tesco EMTN /02/2022 8,678, GBP 5,734,000 Thames Water Utilities Cayman Finance 10,145, EMTN variable 13/09/2030 GBP 2,610,000 Thames Water Utilities Cayman Finance 4,355, EMTN variable 21/07/2025 EUR 4,400,000 Wellcome Trust /01/2027 4,633, EUR 10,000,000 Yorkshire Building Society EMTN /03/ ,772, United States of America 594,963, ,000 Actavis Funding 3 12/03/ , ,070,000 Actavis Funding /03/ ,830, ,280,000 Actavis Funding /03/2035 5,033, ,195,000 Actavis Funding /06/2044 3,083, ,479,000 Aircastle /12/2018 2,571, ,580,000 Altria /01/ ,174, ,000 Altria /11/2038 1,148, ,022,000 Altria /02/2039 3,336,

456 Page 456 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Corporate Bond (cont) Global Corporate Bond (cont) Money Instruments Admitted Money Instruments Admitted United States of America (cont) 9,234,000 American Campus Communities Operating Partnership /04/2023 9,097, ,182,000 American Express /12/2022 8,845, ,031,000 American International /07/ ,504, EUR 2,600,000 AT&T /06/2022 2,872, ,793,000 Bank of America MTN /01/2023 3,729, ,004,000 Bank of America MTN /08/2024 5,979, ,145,000 Bank of America variable perpetual 14,388, ,481,000 BB&T MTN /01/2020 9,491, ,377,000 Becton Dickinson & Co ,383, /12/2019 7,002,000 Boston Scientific /10/2018 7,103, ,325,000 Burlington Northern Santa Fe ,860, /03/2042 3,319,000 Capital One Financial /04/2019 3,321, ,221,000 Cardinal Health /11/ ,162, ,418,000 Chesapeake Energy FRN 15/04/2019 2,228, ,377,000 Citigroup /07/ ,253, ,323,000 ConocoPhillips /02/2039 2,876, ,111,000 CSX /05/2042 7,191, ,157,000 CSX /05/2037 1,383, ,481,000 Discover Bank/Greenwood 4.2 9,595, /08/2023 6,684,000 Dow Chemical /10/2034 6,245, ,377,000 Eastman Chemical /10/ ,798, ,617,000 Eastman Chemical /09/2042 1,575, ,015,000 Ensco /03/2025 8,964, ,741,000 Enterprise Products Operating ,638, /03/2023 2,371,000 Enterprise Products Operating 5.1 2,319, /02/2045 2,309,000 Enterprise Products Operating ,536, /10/ ,124,000 EOG Resources /03/ ,493, ,167,000 Ford Motor /07/2031 2,768, GBP 2,800,000 GE Capital UK Funding EMTN ,089, /05/2023 9,201,000 General Electric Capital GMTN ,239, /09/2022 7,111,000 General Electric Capital MTNA ,250, /03/2032 4,982,000 Georgia Power /03/2042 4,773, ,655,000 Goldman Sachs /07/ ,551, ,489,000 Hartford Financial Services ,366, /03/2040 2,920,000 Hewlett-Packard /01/2019 2,952, ,371,000 Hewlett-Packard /09/2022 7,453, ,267,000 Hewlett-Packard /09/2021 4,448, ,608,000 HSBC Bank USA /08/ ,466, ,656,000 Humana /12/2022 4,524, ,442,000 Humana /06/2018 2,801, ,684,000 International Paper /06/2044 8,053, ,000 International Paper /11/2039 1,188, ,082,000 Johnson Controls /12/2021 6,255, ,426,000 JPMorgan Chase & Co ,235, /09/ ,346,000 Kinder Morgan /06/ ,355, ,011,000 Kinder Morgan Energy Partners 5 4,395, /08/2042 9,481,000 Macy's Retail /12/2034 9,168, ,186,000 Macy's Retail /01/2042 4,274, ,741,000 Magellan Midstream Partners ,451, /07/2019 2,991,000 Marathon Petroleum /09/2044 2,744, ,983,000 Marathon Petroleum 5 15/09/2054 8,206, ,148,000 MetLife /12/2036 6,739, EUR 8,438,000 Metropolitan Life Global Funding I GMTN /09/2021 9,408, United States of America (cont) 9,474,000 Monsanto /07/2064 8,127, ,812,000 Nisource Finance /03/2022 9,005, ,987,000 Noble Energy /12/2021 9,361, ,481,000 Philip Morris International 2.5 9,114, /08/2022 4,504,000 Philip Morris International ,007, /08/ ,623,000 Phillips /04/ ,188, ,584,000 Phillips /11/2044 1,515, ,845,000 Phillips /05/2042 3,114, ,481,000 Plains All American Pipeline/PAA Finance 10,274, /02/2021 EUR 5,875,000 Prologis International Funding II EMTN 6,128, /04/2025 EUR 3,972,000 Prologis International Funding II EMTN 4,693, /04/2022 1,489,000 Reynolds American /11/2042 1,348, ,802,000 Reynolds American /06/2037 2,161, ,643,000 Schlumberger Investment ,132, /12/2023 9,481,000 Sempra Energy /12/2023 9,852, ,925,000 Synchrony Financial /08/2021 4,969, ,696,000 Synchrony Financial /08/2024 2,702, ,873,000 Tyson Foods /08/ ,218, ,287,000 Williams Partners /03/2044 1,201, Total Money Instruments Admitted 1,273,181, Money Instruments dealt on another Regulated Brazil 1,824, ,895,000 Brazilian Government /01/2025 1,824, Chile 1,896, ,751,000 Nacional del Cobre de Chile RegS 1,896, /09/2035 Costa Rica 6,429, ,651,000 Costa Rica Government RegS 7 6,429, /04/2044 Ecuador 4,083, ,035,000 Ecuador Government RegS ,083, /03/2020 France 37,612, ,435,000 BNP Paribas /05/ ,315, ,577,000 BPCE 144A /03/ ,235, ,125,000 BPCE MTN /01/ ,050, EUR 3,900,000 Orange EMTN /09/2022 5,011, Germany 51,488, ,049,000 Bayer US Finance RegS 3 08/10/2021 6,087, ,150,000 EMD Finance 144A /03/ ,105, ,495,000 Siemens Financieringsmaatschappij 7,424, A /05/ ,970,000 Siemens Financieringsmaatschappij RegS /05/ ,870, Italy 18,296, ,979,000 Intesa Sanpaolo /01/ ,079, EUR 6,637,000 Snam EMTN /04/2023 7,217, Mexico 23,065, ,172,000 Kansas City Southern de Mexico 3 3,044, /05/ ,655,000 Petroleos Mexicanos RegS /07/ ,801,

457 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 457 Global Corporate Bond (cont) Global Corporate Bond (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated Mexico (cont) 5,335,000 Petroleos Mexicanos RegS /01/2026 5,220, herlands 14,971, ,257,000 Cooperatieve Centrale Raiffeisen- 9,191, Boerenleenbank 144A variable perpetual 5,783,000 Cooperatieve Centrale Raiffeisen- Boerenleenbank /11/2022 5,780, Panama 5,330, ,280,000 Panama Government 4 22/09/2024 5,330, Peru 395, ,000 BBVA Banco Continental RegS 5 395, /08/2022 Portugal 15,436, EUR 13,586,637 TAGUS-Sociedade de Titularizacao de 15,436, Creditos /02/2018 Switzerland 42,165, ,935,000 Credit Suisse/New York ,850, /04/2018 8,460,000 Glencore Funding 144A ,535, /04/ ,795,000 UBS/Stamford MTN FRN 26/03/ ,779, United States of America 684,785, ,390,000 AbbVie /11/ ,263, ,175,000 AbbVie /05/2025 7,082, ,860,000 American International ,562, /01/ ,605,000 American Tower /06/ ,326, EUR 4,300,000 Amgen /12/2018 5,418, ,810,000 Anadarko Petroleum /07/2024 9,665, ,605,000 Anthem /08/2019 4,563, ,676,000 Anthem /01/ ,422, ,955,000 AT&T /02/ ,999, ,020,000 AT&T /08/2016 6,101, EUR 3,500,000 AT&T /03/2035 3,388, ,000,000 AT&T 3 30/06/2022 6,757, ,435,000 AT&T /06/2045 2,950, ,575,000 AT&T /05/2035 1,450, ,575,000 AT&T /05/2046 5,072, ,640,000 Bank of America /05/2018 6,642, ,067,000 Bank of America /04/2025 5,856, ,837,000 Bank of America MTN FRN 01/04/ ,877, ,185,000 Bank of New York Mellon ,023, /02/2020 6,245,000 BorgWarner /03/2045 5,830, ,666,000 Capital One Bank USA ,418, /02/2023 4,080,000 Capital One/Mclean /09/2019 4,046, ,876,623 CarFinance Capital Auto Trust A 4,882, A /06/2021 4,755,000 CBS /01/2045 4,256, ,187,000 Citigroup /11/ ,986, ,010,000 Comcast /03/2024 5,072, ,420,433 Consumer Credit Origination Loan Trust 3,440, A /03/2021 8,782,000 Continental Resources 5 15/09/2022 8,643, ,397,000 Delphi /03/2024 3,502, ,335,000 Devon Energy /05/2022 5,264, ,470,000 Devon Energy 5 15/06/2045 3,406, ,700,000 Digital Realty Trust /07/2022 5,638, ,060,000 Discover Financial Services ,911, /03/2025 1,170,000 Dynegy 144A /11/2019 1,222, ,000 Dynegy 144A /11/ , ,750,000 Dynegy 144A /11/2024 1,859, ,160,000 Eaton /11/2022 6,938, United States of America (cont) 18,025,000 ECAF I A A /06/ ,025, EUR 1,400,000 Eli Lilly & Co /06/2030 1,505, ,100,000 Energy Transfer Partners 3.6 5,733, /02/2023 9,100,000 Energy Transfer Partners ,358, /10/2020 8,836,000 EQT /11/2021 9,326, ,845,000 EV Energy Partners/EV Energy Finance 3,600, /04/2019 5,930,000 FedEx 4 15/01/2024 6,146, ,060,000 Ford Motor Credit /11/ ,007, ,657,000 Freeport-McMoRan /03/2043 7,273, ,660,000 Gilead Sciences /04/2024 7,817, ,240,000 Goldman Sachs /01/2018 8,359, ,221,000 Goldman Sachs MTN FRN 29/11/ ,432, ,100,000 HJ Heinz 144A /07/2045 9,271, EUR 2,150,000 HJ Heinz 2 30/06/2023 2,388, ,500,000 Home Depot /02/2024 7,790, ,186,000 Kraft Foods /02/2040 2,559, ,203,000 Lorillard Tobacco /05/2023 2,137, ,045,000 Lorillard Tobacco /05/2040 2,631, ,805,000 McDonald's MTN /05/2025 2,747, ,326,000 McGraw Hill Financial 144A 4 3,315, /06/ ,321,000 Medtronic 144A /03/ ,518, EUR 13,800,000 Mondelez International ,169, /03/ ,663,000 Morgan Stanley /01/ ,922, ,535,000 NBCUniversal Media ,988, /04/2021 3,020,000 Nielsen Finance 144A 5 15/04/2022 2,970, ,105,000 Noble Energy /11/2044 2,979, ,275,000 Norfolk Southern 3 01/04/2022 9,275, ,415,000 Occidental Petroleum /02/2023 7,140, ,850,000 Philip Morris International 3.6 6,958, /11/2023 1,205,000 Phillips 66 Partners /02/2045 1,074, ,915,000 PNC Bank /11/2022 7,627, ,740,000 Prudential Financial MTN ,086, /06/ ,310,000 Reynolds American /06/ ,531, ,090,000 Sabine Pass Liquefaction 144A ,997, /03/2025 8,105,000 Sempra Energy /03/2020 8,047, ,343,000 Signet UK Finance /06/2024 8,439, ,120,000 Sirius XM Radio 144A ,054, /04/2025 7,780,000 Springleaf Funding Trust 2015-AA A 7,877, /11/2024 3,200,000 Target 4 01/07/2042 3,038, ,000,000 Time Warner /03/2020 7,644, ,150,000 Travelers /06/2019 2,453, ,455,000 United Rentals North America 5.5 3,344, /07/2025 8,175,000 US Treasury /11/2015 8,219, ,635,000 US Treasury /04/ ,497, ,660,000 US Treasury /05/2020 3,636, ,296,100 US Treasury /05/2025 2,250, ,860,000 US Treasury /02/2045 6,902, ,000,000 Valero Energy /03/2025 6,808, ,322,000 Ventas Realty /02/ ,724, ,774,000 Verizon Communications ,759, /02/2020 3,329,000 Verizon Communications ,045, /08/2054 5,552,000 Verizon Communications RegS ,984, /01/ ,914,000 Verizon Communications RegS /03/ ,153,

458 Page 458 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Corporate Bond (cont) Global High Income Bond Money Instruments dealt on another Regulated Money Instruments Admitted United States of America (cont) 13,908,000 Voya Financial /07/ ,598, ,935,000 Valeant Pharmaceuticals International 3,015, A /05/2023 2,400,000 Valeant Pharmaceuticals International 2,469, A /04/2025 GBP 5,600,000 Wells Fargo & Co. EMTN ,483, /04/ ,890,000 Wells Fargo & Co. MTN /06/ ,935, Total Money Instruments dealt on another Regulated 907,780, Other Transferable Securities not dealt on another Regulated Panama 2,195, ,124,328 ENA Norte Trust RegS ,195, /04/2023 Total Other Transferable Securities not dealt on another Regulated 2,195, Units in Open-Ended Investment Scheme Luxembourg 65,264, ,000 Emerging Corporate Bond Class Acc 65,264, Total Units in Open-Ended Investment Scheme 65,264, Total Investments 2,248,423, Other 57,288, Asset 2,305,711, Argentina 1,830, ,805,000 Provincia de Buenos Aires/Argentina 1,830, RegS /10/2015 Brazil 5,029, BRL 997,000 Brazil Notas do Tesouro Nacional 10 3,057, /01/ ,000 CIMPOR Financial Operations RegS 299, /07/ ,000 Marfrig Europe RegS , /06/ ,000 Petrobras Global Finance 3 682, /01/ ,000 Petrobras Global Finance /06/ , China 3,949, HKD 4,000,000 Biostime International 0 20/02/ , ,000 China Aoyuan Property , /01/2019 CNH 4,000,000 China Singyes Solar Technologies 5 633, /08/ ,000 Future Land Development RegS , /01/ ,000 KWG Property /01/ , ,000 Logan Property RegS , /06/ ,000 Times Property /03/ , ,000 Yingde Gases Investment RegS , /04/ ,000 Yuzhou Properties /01/ , Colombia 2,066, ,000 Bancolombia /09/ , ,000 Ecopetrol /05/ , COP 3,478,000,000 Empresa de Telecomunicaciones de Bogota RegS 7 17/01/2023 1,274, Ecuador 1,221, ,355,000 Ecuador Government RegS ,221, /06/2024 France 197, ,000 Numericable-SFR 144A 6 15/05/ , Ghana 620, ,000 Republic of Ghana RegS , /10/2017 Hong Kong SAR 524, ,000 MIE RegS /04/ , India 985, ,000 Rolta Americas RegS , /07/ ,000 Vedanta Resources Jersey /07/ , Indonesia 1,493, ,000 Golden Legacy RegS 9 24/04/ , IDR 9,995,000,000 Indonesia Government , /05/2023 IDR 7,836,000,000 Indonesia Government 7 15/05/ , Ireland 208, ,000 Fly Leasing /12/ , Italy 316, ,000 Enel 144A variable 24/09/ , ,000 Telecom Italia 144A /05/ , Kazakhstan 469, ,000 Development Bank of Kazakhstan RegS 469, /12/2022

459 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 459 Global High Income Bond (cont) Global High Income Bond (cont) Money Instruments Admitted Money Instruments dealt on another Regulated Lebanon 2,518, ,490,000 Lebanon Government GMTN ,518, /11/2019 Luxembourg 269, ,000 Altice 144A /05/ , ,000 ArcelorMittal /10/ , Mexico 480, MXN 8,840,000 Grupo Televisa EMTN , /05/2043 Mongolia 1,313, ,360,000 Mongolia Government RegS ,313, /01/2018 Morocco 333, ,000 OCP RegS /10/ , Pakistan 442, ,000 Pakistan Government RegS , /04/2019 Russia 2,345, ,035,000 Gazprom OAO Via Gaz Capital RegS 1,880, /02/ ,000 Mobile Telesystems OJSC via MTS International Funding RegS 5 30/05/ , South Africa 1,277, ,260,000 Eskom SOC RegS /02/2025 1,277, Turkey 2,481, TRY 2,665,000 Turkey Government /02/ , TRY 1,750,000 Turkey Government /11/ , TRY 2,515,000 Turkey Government /07/ , United Kingdom 383, ,000 Royal Bank of Scotland , /06/ ,000 Virgin Media Finance 144A /01/ , United States of America 1,511, ,000 CHS/Community Health Systems 211, /02/ ,000 GenOn Americas Generation , /10/ ,000 JC Penney /10/ , ,000 Meritor /02/ , ,000 Morgan Stanley Preference variable 203, perpetual 130,000 Regency Energy Partners/Regency 138, Energy Finance /03/ ,000 T-Mobile USA /03/ , ,000 Zions Bancorporation variable perpetual 285, Total Money Instruments Admitted 32,272, Money Instruments dealt on another Regulated Argentina 520, ,000 YPF RegS /07/ , Brazil 1,585, ,200 Odebrecht Drilling Norbe VIII/IX RegS 323, /06/2021 1,020,000 Odebrecht Finance RegS , /06/ ,000 Samarco Mineracao RegS /11/ , Canada 192, ,000 Calfrac 144A /12/ , ,000 Gibson Energy 144A /07/ , China 451, ,000 YY /04/ , Costa Rica 1,639, ,000 Costa Rica Government RegS 7 488, /04/2044 1,370,000 Instituto Costarricense de Electricidad RegS /05/2043 1,151, Ecuador 1,543, ,525,000 Ecuador Government RegS ,543, /03/2020 El Salvador 625, ,000 El Salvador Government RegS , /01/ ,000 El Salvador Government RegS /04/ , Luxembourg 1,027, ,000 Aguila 3 144A /01/ , ,000 ArcelorMittal /06/ , ,771 Ardagh Finance 144A , /06/ ,000 INEOS 144A /08/ , ,000 Intelsat Jackson /12/ , ,000 Intelsat Luxembourg /06/ , Mexico 1,132, ,000 Metalsa RegS /04/ , ,000 Servicios Corporativos Javer RegS /04/ , herlands 329, ,000 Constellium 144A 8 15/01/ , ,000 Sensata Technologies 144A 5 01/10/ , Peru 448, ,000 Banco Internacional del Peru SAA 448, Interbank RegS variable 19/03/2029 Russia 3,154, RUB 49,100,000 Russian Federal Bond - OFZ , /01/2018 RUB 79,910,000 Russian Federal Bond - OFZ 7 1,155, /01/ ,000 Russian Foreign - Eurobond RegS 594, /09/ ,000 Severstal OAO Via Steel Capital RegS /10/ , South Africa 938, ZAR 15,070,000 South Africa Government , /02/2041 United States of America 13,415, ,000 Ahern Rentals 144A /05/ , ,000 Alliance One International , /07/ ,000 Argos Merger Sub 144A , /03/ ,000 Bank of America variable perpetual 199, ,000 BlueLine Rental Finance 144A 7 71, /02/ ,000 Boyd Gaming /05/ , ,000 BreitBurn Energy Partners , /04/ ,000 BWAY 144A /08/ ,

460 Page 460 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global High Income Bond (cont) Global High Income Bond (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated United States of America (cont) 100,000 Caesars Entertainment Resort Properties 8 01/10/ ,000 Caesars Growth Properties/Caesars Growth Properties Finance 144A /05/ , , ,000 Calpine /01/ , ,000 CCO/CCO Capital /09/ , ,000 Chesapeake Energy /06/ , ,000 CommScope Technologies Finance 288, A 6 15/06/ ,000 Crestwood Midstream Partners/ Crestwood Midstream Finance 144A /04/ , ,000 Dynegy 144A /11/ , ,000 Dynegy 144A /11/ , ,000 Dynegy 144A /11/ , ,000 Eco Services Operations/Eco Finance 82, A /11/ ,000 Endeavor Energy Resources/EER 72, Finance 144A /09/ ,000 Endeavor Energy Resources/EER 199, Finance 144A 7 15/08/ ,000 Endo Finance/Endo/Endo Finco 144A 204, /07/ ,000 EP Energy/Everest Acquisition Finance 95, A /06/ ,000 EV Energy Partners/EV Energy Finance 117, /04/ ,000 Exterran Partners/EXLP Finance 6 106, /04/ ,000 Family Tree Escrow 144A , /03/ ,000 Ferrellgas/Ferrellgas Finance 144A 100, /06/ ,000 Fidelity & Guaranty Life 144A , /04/ ,000 First Data /06/ , ,000 First Data /08/ , ,000 GCI /04/ , ,000 Golden Nugget Escrow 144A , /12/ ,000 Goldman Sachs variable perpetual 247, ,000 Halcon Resources /05/ , ,000 Halcon Resources /07/ , ,000 HCA /02/ , ,000 HD Supply /07/ , ,000 HealthSouth /11/ , ,000 iheartcommunications 9 15/12/ , ,000 Infor Software Parent 144A , /05/ ,000 Infor US 144A /05/ , ,000 JC Penney /10/ , ,000 Jones Energy /04/ , ,000 Kindred Healthcare /04/ , ,000 Landry's 144A /05/ , ,000 Linn Energy/Linn Energy Finance , /09/ ,000 Marina District Finance , /08/ ,000 Memorial Production Partners/Memorial 137, Production Finance /08/ ,000 Memorial Production Partners/Memorial 47, Production Finance /05/ ,000 Men's Wearhouse 7 01/07/ , ,000 MGM Resorts International 6 203, /03/ ,000 Midstates Petroleum /06/ , ,000 Milacron/Mcron Finance 144A , /02/ ,000 Modular Space 144A /01/ , United States of America (cont) 200,000 MPG Holdco I /10/ , ,000 Multi-Color 144A /12/ , ,000 Mustang Merger 144A /08/ , ,000 Navient /01/ , ,000 NCI Building Systems 144A , /01/ ,000 NCR /12/ , ,000 NES Rentals 144A /05/ , ,000 Oasis Petroleum /03/ , ,000 Penn Virginia /05/ , ,000 Pinnacle Entertainment /04/ , ,000 Qualitytech/QTS Finance , /08/ ,000 Rite Aid 144A /04/ , ,000 RKI Exploration & Production/RKI 199, Finance 144A /08/ ,000 Rosetta Resources /06/ , ,000 Sabine Pass Liquefaction 144A , /03/ ,000 Sirius XM Radio 144A 6 15/07/ , ,000 Sprint /09/ , ,000 Sunoco/Sunoco Finance 144A , /04/ ,000 SUPERVALU /11/ , ,000 TEGNA 144A /09/ , ,000 Tenet Healthcare 144A , /06/ ,000 Tesoro Logistics/Tesoro Logistics 179, Finance 144A /10/ ,000 Triangle USA Petroleum 144A , /07/ ,000 United Rentals North America , /07/ ,000 Vander Intermediate II 144A , /02/ ,000 Viking Cruises 144A /10/ , ,000 Valeant Pharmaceuticals International 87, A /05/ ,000 Valeant Pharmaceuticals International 174, A /04/ ,000 Wave Holdco 144A /07/ , ,000 WaveDivision Escrow 144A , /09/ ,000 Wise Metals Intermediate/Wise Finance 144A /06/ , Venezuela 1,306, ,265,000 Petroleos de Venezuela RegS 6 1,151, /11/ ,000 Venezuela Government RegS 6 09/12/ , Total Money Instruments dealt on another Regulated 28,311, Other Transferable Securities not dealt on another Regulated Kazakhstan 1,224, ,340,000 KazMunayGas National RegS 4.4 1,224, /04/2023 Total Other Transferable Securities not dealt on another Regulated 1,224, Total Investments 61,808, Other Liabilities ( 147,477 ) ( 0.24 ) Asset 61,661,

461 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 461 Global High Yield Global High Yield (cont) Money Instruments Admitted Money Instruments Admitted Austria 7,709, EUR 3,500,000 BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse EMTN /10/2023 4,788, EUR 2,400,000 UNIQA Insurance EMTN variable 31/07/2043 2,921, Belgium 934, GBP 560,000 KBC Bank variable perpetual 934, Brazil 12,469, ,750,000 Aralco Finance RegS , /05/2020 3,740,000 Marfrig Europe 144A ,570, /06/ ,155,000 Petrobras Global Finance /06/2115 8,313, Colombia 2,765, ,125,000 Ecopetrol /05/2045 2,765, Costa Rica 6,214, ,370,000 Costa Rica Government RegS ,214, /03/2045 Finland 2,663, EUR 2,400,000 Paroc RegS /05/2020 2,663, France 48,307, EUR 1,995,000 BPCE variable perpetual 3,073, EUR 2,200,000 Casino Guichard Perrachon EMTN 2,523, variable perpetual EUR 2,915,000 Cerba European Lab RegS 7 3,437, /02/ ,000 Electricite de France 144A variable 659, perpetual EUR 4,000,000 Groupama variable perpetual 4,614, EUR 3,600,000 Groupama variable perpetual 4,135, EUR 1,260,000 Holding Medi-Partenaires RegS 7 1,506, /05/2020 EUR 432,000 HomeVi RegS /08/ , EUR 1,700,000 Novalis RegS 3 30/04/2022 1,842, ,945,000 Numericable-SFR 144A 6 15/05/2022 8,844, EUR 4,250,000 Numericable-SFR RegS ,848, /05/2022 2,050,000 Numericable-SFR RegS 6 15/05/2022 2,029, GBP 1,350,000 Orange EMTN variable perpetual 2,172, EUR 3,507,000 SGD RegS /05/2019 3,999, EUR 1,650,000 Société Générale variable perpetual 2,282, EUR 1,600,000 WFS Global RegS /07/2022 1,827, Germany 39,474, EUR 830,000 Auris Luxembourg II RegS 8 1,004, /01/2023 EUR 2,925,000 Deutsche Raststaetten Gruppe IV GmbH 3,529, RegS /12/2020 4,412,000 Dresdner Funding Trust I RegS ,498, /06/2031 EUR 4,000,000 Grand City Properties variable perpetual 4,287, EUR 2,353,000 HeidelbergCement Finance 8.5 3,358, /10/2019 EUR 5,400,000 Pfleiderer GmbH RegS ,227, /08/2019 EUR 1,400,000 ProGroup RegS /05/2022 1,612, ,000 Schaeffler Finance 144A , /11/2022 1,145,000 Schaeffler Finance RegS ,139, /05/2021 EUR 1,495,000 Trionista Holdco GmbH RegS 5 1,741, /04/2020 EUR 3,510,000 Trionista TopCo GmbH RegS /04/2021 4,170, Germany (cont) EUR 1,450,000 Unitymedia GmbH RegS /01/2027 EUR 1,400,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS 4 15/01/2025 EUR 1,215,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS /01/2023 1,000,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH 144A /01/2023 EUR 675,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS /09/2022 1,573, ,605, ,443, ,040, , Greece 2,222, EUR 1,207,000 ERB Hellas EMTN /06/ , EUR 1,900,000 OTE GMTN /07/2020 1,680, Hungary 1,971, EUR 1,850,000 OTP Bank variable perpetual 1,971, Iceland 6,021, EUR 5,400,000 Arion Banki HF EMTN ,021, /03/2018 Ireland 20,323, EUR 4,062,000 Ardagh Packaging Finance/Ardagh USA 4,544, RegS /01/2022 EUR 2,850,000 Baggot Securities RegS ,307, perpetual EUR 1,987,000 Bank of Ireland EMTN 10 12/02/2020 2,760, EUR 1,600,000 Bank of Ireland EMTN variable 1,804, /06/2024 7,585,000 Fly Leasing /12/2020 7,907, Italy 109,013, GBP 1,500,000 Assicurazioni Generali variable perpetual 2,392, EUR 4,300,000 Banca Monte dei Paschi di Siena EMTN 4,869, /04/2019 EUR 2,275,000 Cerved RegS 8 15/01/2021 2,748, ,820,000 Enel 144A variable 24/09/2073 9,011, EUR 2,600,000 Fiat Chrysler Finance Europe GMTN 3,074, /03/2021 EUR 7,450,000 Generali Finance EMTN variable 7,967, perpetual EUR 3,150,000 Intesa Sanpaolo EMTN ,501, /09/2026 EUR 1,500,000 Intesa Sanpaolo variable perpetual 1,785, EUR 1,500,000 Intesa Sanpaolo variable perpetual 1,890, EUR 2,800,000 Intesa Sanpaolo Vita variable perpetual 3,082, EUR 7,300,000 Rhino Bondco RegS /11/2020 8,746, EUR 1,900,000 Rhino Bondco RegS FRN 15/12/2019 2,134, EUR 1,900,000 Sisal RegS /09/2017 2,122, EUR 2,850,000 TeamSystem RegS /05/2020 3,409, ,210,000 Telecom Italia 144A /05/ ,369, EUR 4,200,000 Telecom Italia EMTN /01/2023 4,735, GBP 1,950,000 Telecom Italia EMTN ,333, /06/2019 EUR 3,250,000 UniCredit variable perpetual 4,228, ,660,000 Wind Acquisition Finance 144A ,846, /04/2021 EUR 10,106,000 Wind Acquisition Finance RegS 7 23/04/ ,762, Luxembourg 21,754, ,385,000 Altice 144A /05/2022 4,242, ,575,000 Altice Financing 144A ,568, /02/2023 EUR 700,000 Altice Financing RegS , /02/2023 EUR 5,150,000 Altice RegS /05/2022 5,843, ,101,000 ArcelorMittal /10/2039 1,101,

462 Page 462 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global High Yield (cont) Global High Yield (cont) Money Instruments Admitted Money Instruments Admitted Luxembourg (cont) EUR 100,000 Ardagh Packaging Finance RegS ,169-15/10/2020 EUR 6,900,000 SIG Combibloc RegS /02/2023 8,087, Mexico 6,185, EUR 2,118,000 Cemex Finance RegS ,446, /04/2021 EUR 1,650,000 Cemex RegS /01/2022 1,864, ,900,000 Cemex RegS /05/2025 1,874, herlands 18,876, EUR 2,780,000 Constellium RegS /05/2021 2,869, ,320,000 Koninklijke KPN 144A variable 6,615, /03/2073 GBP 2,200,000 Koninklijke KPN EMTN variable 3,606, /03/2073 EUR 1,167,000 Koninklijke KPN variable perpetual 1,393, EUR 4,800,000 SNS Bank RegS perpetual ** - - CHF 1,557,000 UPC RegS /03/2023 1,822, EUR 2,350,000 Ziggo Secured Finance RegS /01/2025 2,569, Norway 370, ,000 Eksportfinans 2 15/09/ , Poland 429, ,000 Eileme 2 144A /01/ , Portugal 9,267, EUR 2,100,000 Novo Banco EMTN 4 21/01/2019 2,349, EUR 2,377,000 Novo Banco EMTN 5 23/04/2019 2,719, EUR 964,000 Novo Banco EMTN 5 14/05/2019 1,102, EUR 1,300,000 Novo Banco EMTN /07/2016 1,499, EUR 1,400,000 Novo Banco RegS /01/2018 1,595, Russia 1,911, ,050,000 Gazprombank OJSC Via GPB Eurobond 1,911, Finance RegS /09/2019 South Africa 14,149, ,795,000 Eskom SOC RegS /02/2025 7,903, GBP 3,940,000 Investec EMTN /05/2022 6,246, Spain 26,575, EUR 5,800,000 Bankia MTN variable 22/05/2024 6,343, EUR 1,850,000 BBVA International Preferred variable 2,098, perpetual EUR 1,500,000 Campofrio Food RegS ,665, /03/2022 EUR 1,800,000 Criteria CaixaHolding 1 25/11/2017 2,244, EUR 2,735,000 Empark Funding RegS ,331, /12/2019 EUR 2,014,200 Ence Energia y Celulosa RegS ,398, /02/2020 EUR 2,730,000 Grupo Antolin Dutch RegS ,118, /04/2021 EUR 1,600,000 Grupo Antolin Dutch RegS ,829, /06/2022 EUR 200,000 NH Hotel 4 08/11/ , EUR 37,000 Pastor Participaciones Preferentes 38,378 - variable perpetual EUR 2,400,000 Telefonica Europe variable perpetual 2,858, EUR 300,000 Telefonica Europe variable perpetual 369, Switzerland 6,699, EUR 2,400,000 UBS variable perpetual 2,731, ,900,000 UBS variable perpetual 3,968, United Kingdom 168,723, GBP 2,300,000 AA Bond RegS /07/2022 3,610, United Kingdom (cont) EUR 950,000 Alliance Automotive Finance RegS ,114, /12/2021 GBP 4,175,000 Arqiva Broadcast Finance RegS 9.5 7,274, /03/2020 EUR 2,900,000 Aviva EMTN variable 04/12/2045 3,069, GBP 71,000 Bank of Scotland variable perpetual 131, ,600,000 Barclays /09/2024 2,501, GBP 3,014,000 Barclays Bank variable perpetual 4,948, GBP 3,070,000 Boparan Finance RegS 5.5 4,427, /07/2021 GBP 1,220,000 Cable & Wireless International Finance 2,224, /03/2019 EUR 1,605,000 Co-Operative Bank/United Kingdom 1,789, EMTN /10/2015 GBP 3,990,000 Co-Operative Bank/United Kingdom 6,247, EMTN /09/2017 GBP 2,320,000 Co-Operative step coupon 08/07/2020 3,937, GBP 5,010,000 Equiniti Newco 2 RegS ,895, /12/2018 EUR 3,600,000 Erste Capital Finance Jersey Tier1 EMTN 3,653, variable perpetual GBP 2,250,000 Galaxy Bidco RegS FRN 15/11/2019 3,531, GBP 2,800,000 Greene King Finance FRN 15/03/2036 3,795, EUR 2,800,000 HBOS EMTN variable perpetual 3,163, DEM 2,470,000 HBOS Euro Finance Jersey EMTN 2,727, variable perpetual GBP 850,000 Iceland Bondco RegS ,186, /07/2021 GBP 1,077,000 Iceland Bondco RegS ,484, /07/2024 GBP 2,320,000 IDH Finance RegS 6 01/12/2018 3,732, GBP 1,900,000 IDH Finance RegS FRN 01/12/2018 2,995, EUR 5,500,000 Iglo Foods Bondco RegS FRN 6,200, /06/2020 GBP 1,970,000 Investec Bank EMTN ,721, /02/ ,000 Jaguar Land Rover Automotive 144A 394, /03/2020 EUR 2,500,000 Merlin Entertainments RegS ,678, /03/2022 GBP 2,152,000 Mitchells & Butlers Finance FRN 3,068, /06/2036 GBP 1,100,000 Moto Finance RegS /09/2020 1,775, GBP 3,500,000 Moy Park Bondco RegS ,636, /05/2021 GBP 1,200,000 Pizzaexpress Financing 1 RegS ,004, /08/2022 EUR 753,000 R&R Ice Cream RegS , /05/2020 1,750,000 Royal Bank of Scotland 144A variable 2,062, perpetual 760,000 Royal Bank of Scotland , /05/2024 EUR 3,860,000 Royal Bank of Scotland 5.25 perpetual 4,325, ,000 Royal Bank of Scotland 6 19/12/ , ,000 Royal Bank of Scotland , /06/2023 3,600,000 Royal Bank of Scotland variable 3,861, perpetual 5,250,000 Sable International Finance 144A ,657, /02/2020 GBP 2,228,400 Spirit Issuer variable 28/12/2021 3,371, GBP 784,000 Spirit Issuer variable 28/12/2036 1,274, GBP 4,800,000 TES Finance RegS /07/2020 7,582, EUR 1,850,000 Tesco Corporate Treasury Services 1,950, EMTN /07/2024 GBP 4,250,000 Tesco EMTN /02/2022 7,270, EUR 3,650,000 Thomas Cook Finance RegS /06/2020 4,355, ** The security was Fair d as at 30 June 2015.

463 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 463 Global High Yield (cont) Global High Yield (cont) Money Instruments Admitted Money Instruments Admitted United Kingdom (cont) GBP 1,541,000 Unique Pub Finance /03/2024 2,490, ,000 Virgin Media Finance 144A , /01/2025 EUR 3,500,000 Virgin Media Finance RegS 4.5 3,910, /01/2025 GBP 3,240,000 Virgin Media Finance RegS 7 5,457, /04/2023 GBP 200,000 Virgin Media Secured Finance RegS 311, /01/2025 EUR 6,000,000 Viridian FundCo II RegS 7.5 6,756, /03/2020 GBP 2,125,000 Voyage Care Bondco RegS /08/2018 3,488, United States of America 183,694, ,000 AES /03/ , ,000 Aircastle /12/ , ,620,000 Aircastle /02/2022 6,801, ,000 Ally Financial /07/ , ,000 Ally Financial /09/ , ,082,000 Ally Financial /09/2020 1,262, ,000 Bank of America variable perpetual 921, ,795,000 Chesapeake Energy /04/2022 4,165, ,960,000 CHS/Community Health Systems 9,141, /08/2021 8,285,000 CHS/Community Health Systems 8,753, /02/ ,000 CIT 5 15/08/ , ,995,000 CIT 5 01/08/2023 7,950, ,095,000 Citigroup variable perpetual 1,034, ,564,000 Dana /09/2021 8,797, ,345,000 Energy Transfer Equity /10/2020 7,219, ,645,000 Ensco /03/2025 3,624, ,700,000 GenOn Americas Generation 8.5 6,398, /10/ ,575 GMAC Capital Trust I variable 7,396, /02/2040 8,230,000 HCA /03/2022 8,927, ,400,000 HCA /05/ ,068, ,410,000 International Lease Finance ,530, /09/2017 4,885,000 JC Penney /10/2036 3,551, ,000 JPMorgan Chase & Co. variable 720, perpetual 505,000 KB Home /05/ , ,000 Kinder Morgan /06/ , ,000 L Brands /04/ , ,687,000 Meritor /02/ ,652, ,000 MGM Resorts International , /04/ ,000 MGM Resorts International , /03/ ,000 Morgan Stanley Preference variable 915, perpetual 19,000 Morgan Stanley Preference variable 507, perpetual 4,095,000 Regency Energy Partners/Regency 4,377, Energy Finance /03/ ,000 Reynolds Issuer /10/ , ,000 Rite Aid 8 15/08/ , ,595,000 Sprint Communications 6 15/11/2022 9,641, ,760,000 Sprint Communications 7 15/08/ ,626, ,415,000 Sunoco Logistics Partners Operations 1,294, /05/ ,000 TEGNA /07/ , ,000 Terex 6 15/05/ , ,740,000 T-Mobile USA /03/2025 5,880, ,380,000 T-Mobile USA /04/2022 3,529, ,925,000 United Rentals North America /06/2023 5,017, United States of America (cont) 350,000 Williams Partners/ACMP Finance , /03/2024 4,975,000 Zions Bancorporation variable perpetual 4,727, Total Money Instruments Admitted 718,729, Money Instruments dealt on another Regulated Brazil 14,258, ,820,000 JBS USA/JBS USA Finance 144A ,778, /06/2025 2,590,000 Marfrig Europe RegS ,607, /05/2018 3,775,000 Marfrig Europe RegS /07/2017 3,872, Canada 3,979, ,000 Calfrac 144A /12/ , ,280,000 Cogeco Cable 144A ,302, /05/ ,000 Gibson Energy 144A /07/ , ,000 MDC Partners 144A /04/ , ,180,000 Videotron 144A /06/2024 1,180, Chile 570, ,000 VTR Finance 144A /01/ , Colombia 1,895, ,925,000 Ecopetrol /06/2026 1,895, Ecuador 7,575, ,485,000 Ecuador Government RegS ,575, /03/2020 France 11,826, ,357,000 Rexel 144A /06/2020 2,466, ,720,000 SPCM 144A 6 15/01/2022 9,047, ,000 SPCM RegS 6 15/01/ , Germany 20,925, EUR 1,700,000 JH-Holding Finance RegS ,003, /12/2022 EUR 2,755,000 Safari Verwaltungs GmbH RegS ,266, /02/ ,000 Schaeffler Finance 144A , /05/2021 5,725,000 Schaeffler Finance 144A ,808, /05/2021 9,660,000 ZF North America Capital 144A 4 29/04/2020 9,647, Ireland 14,399, ,230,000 Fly Leasing /10/2021 7,356, ,805,000 James Hardie International Finance 144A /02/2023 7,043, Italy 12,490, EUR 3,550,000 Gamenet RegS /08/2018 3,765, ,200,000 Intesa Sanpaolo 144A ,103, /06/2024 EUR 1,250,000 UniCredit EMTN /04/2021 1,544, EUR 3,150,000 UniCredit EMTN /10/2022 4,077, Jamaica 6,909, ,050,000 Digicel 144A /03/2023 6,909, Luxembourg 43,883, ,770,000 Aguila 3 144A /01/2018 6,809, ,740,000 ArcelorMittal /06/ ,765,

464 Page 464 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global High Yield (cont) Global High Yield (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated Luxembourg (cont) 4,281,851 Ardagh Finance 144A ,453, /06/2019 2,540,000 INEOS 144A /08/2018 2,595, ,475,000 INEOS 144A /08/2018 3,544, ,565,000 Intelsat Jackson /12/2022 6,942, ,180,000 Intelsat Luxembourg ,837, /06/2023 5,080,000 Millicom International Cellular 144A 6 15/03/2025 4,935, herlands 13,869, ,315,000 AerCap Ireland Capital/AerCap Global 7,369, Aviation Trust 144A /05/2021 1,050,000 Constellium 144A 8 15/01/2023 1,076, ,060,000 Sensata Technologies 144A 5 4,933, /10/ ,000 Sensata Technologies 144A /11/ , Portugal 2,543, EUR 2,200,000 Parpublica - Participacoes Publicas 2,543, SGPS EMTN /07/2021 United Kingdom 32,003, ,000 Ashtead Capital 144A /07/ , ,900,000 Barclays Bank variable 10/04/2023 3,145, ,400,000 Fiat Chrysler Automobiles 144A 4.5 3,388, /04/2020 4,760,000 Fiat Chrysler Automobiles 144A ,683, /04/ ,000 Inmarsat Finance 144A , /05/2022 GBP 4,800,000 J Sainsbury /11/2019 8,134, ,970,000 Jaguar Land Rover Automotive 144A 6,263, /02/2023 1,750,000 RBS Capital Trust II variable perpetual 1,950, GBP 1,600,000 Virgin Media Finance RegS /10/2024 2,635, United States of America 1,124,914, ,994,000 Academy/Academy Finance 144A ,443, /08/2019 7,940,000 Activision Blizzard 144A ,356, /09/2021 4,920,000 AES /05/2023 4,660, ,250,000 AES FRN 01/06/2019 6,265, ,800,000 Ahern Rentals 144A /05/ ,622, ,000 Alere 144A /07/ , ,085,000 Alliance Data Systems 144A ,994, /08/2022 6,726,000 Alliance One International ,927, /07/2021 8,080,000 Ally Financial /02/2022 7,800, ,000,000 Ally Financial /05/2022 2,974, ,080,000 American Express variable perpetual 5,898, ,460,000 AmeriGas Finance /05/2020 5,759, ,000 Amkor Technology /06/ , ,690,000 Argos Merger Sub 144A ,100, /03/2023 3,395,000 AT&T /05/2035 3,126, ,870,000 AT&T /05/2046 4,430, ,000 Bank of America variable perpetual 356, ,275,000 Beverage Packaging Luxembourg II/ Beverage Packaging II 144A /12/2016 1,276, ,905,000 BlueLine Rental Finance 144A 7 2,970, /02/ ,225,000 Boyd Gaming /05/ ,470, ,310,000 BreitBurn Energy Partners/BreitBurn 4,451, Finance /04/ ,371,000 BWAY 144A /08/ ,870, United States of America (cont) 6,145,000 Caesars Entertainment Resort Properties 8 01/10/2020 4,135,000 Caesars Growth Properties/Caesars Growth Properties Finance 144A /05/2022 5,837, ,121, ,418,000 California Resources /09/2021 4,753, ,000 Calpine 144A 6 15/01/ , ,555,000 Calpine /01/2025 9,313, ,570,000 CCO/CCO Capital /02/2023 9,326, ,000,000 CCO/CCO Capital /09/ ,637, ,350,000 CDW/CDW Finance 5 01/09/2023 2,315, ,000 CDW/CDW Finance 6 15/08/ , ,715,000 Cedar Fair/Canada's Wonderland/ Magnum Management /06/2024 3,770, ,540,000 Cequel Communications I/Cequel Capital 4,125, A /12/2021 6,610,000 Chaparral Energy /10/2020 5,387, ,100,000 Chesapeake Energy /06/2021 6,463, ,000,000 Citigroup variable perpetual 6,005, ,525,000 Claire's Stores 144A /06/2020 1,561, ,651,000 CommScope 144A 5 15/06/2021 2,581, ,380,000 CommScope Technologies Finance 11,323, A 6 15/06/2025 4,879,000 Continental Resources 5 15/09/2022 4,801, ,000,000 Crestwood Midstream Partners/ Crestwood Midstream Finance /03/2022 8,186, ,440,000 Crimson Merger Sub 144A ,027, /05/2022 6,220,000 CyrusOne/CyrusOne Finance 144A 6,422, /11/ ,000 CyrusOne/CyrusOne Financial , /11/ ,780,000 DaVita HealthCare Partners ,663, /07/ ,000 DISH DBS /04/ , ,330,000 DISH DBS 5 15/03/2023 9,527, ,825,000 DISH DBS /11/2024 1,750, ,590,000 Dynegy 144A /11/2019 2,706, ,065,000 Dynegy 144A /11/2022 2,182, ,090,000 Dynegy 144A /11/2024 7,533, ,190,000 ECAF I A A /06/ ,190, ,446,000 Eco Services Operations/Eco Finance 3,480, A /11/2022 7,025,000 Endeavor Energy Resources/EER 6,989, Finance 144A 7 15/08/2021 2,865,000 Endeavor Energy Resources/EER 2,950, Finance 144A /09/2023 5,765,000 Endo Finance/Endo/Endo Finco 144A 5,894, /07/2023 1,100,000 Energy Transfer Equity ,147, /01/2024 6,100,000 Enova International /06/2021 5,810, ,950,000 Envision Healthcare 144A ,964, /07/2022 3,560,000 EP Energy/Everest Acquisition Finance 3,577, A /06/2023 8,565,000 EV Energy Partners/EV Energy Finance 8,021, /04/ ,000 Exterran Partners/EXLP Finance 6 689, /04/2021 3,420,000 Family Tree Escrow 144A ,584, /03/2023 4,720,000 Ferrellgas/Ferrellgas Finance 144A 4,755, /06/2023 3,352,000 Ferrellgas/Ferrellgas Finance ,390, /01/2022 7,665,000 Fidelity & Guaranty Life 144A ,009, /04/2021 4,080,000 First Data /06/2021 4,516,

465 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 465 Global High Yield (cont) Global High Yield (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated United States of America (cont) 16,193,000 First Data /08/ ,268, ,225,000 First Data 144A /01/2022 1,301, ,545,000 GCI /04/2025 6,643, ,000 General Motors /10/ , ,000 General Motors Financial , /05/ ,200,000 General Motors Financial ,548, /09/ ,705,000 Golden Nugget Escrow 144A ,218, /12/2021 8,345,000 Goldman Sachs /05/2045 8,098, ,950,000 Goldman Sachs variable perpetual 10,820, ,055,000 Gray Television /10/ ,617, ,000 H&E Equipment Services 7 947, /09/2022 3,630,000 Halcon Resources /07/2020 2,404, ,000 HCA 5 15/03/ , ,600,000 HCA /02/ ,742, ,000 HD Supply /07/ , ,640,000 HealthSouth /11/2024 6,754, ,245,000 Hologic 144A /07/2022 2,298, ,215,000 Horizon Pharma Financing 144A ,306, /05/2023 6,275,000 Icahn Enterprises/Icahn Enterprises 6,501, Finance 6 01/08/2020 8,980,000 iheartcommunications 9 15/12/2019 8,554, ,000 Infor Software Parent 144A , /05/2021 5,565,000 Infor US 144A /05/2022 5,662, EUR 7,000,000 Infor US RegS /05/2022 7,981, ,000 International Lease Finance , /03/ ,000 Jaguar 144A /10/ , ,070,000 Jaguar II/Jaguar Merger Sub 144A 9.5 6,519, /12/2019 2,270,000 JC Penney /10/2019 2,251, ,390,000 Jones Energy/Jones Energy Finance 8,943, /04/2022 5,430,000 JPMorgan Chase & Co. variable 5,389, perpetual 650,000 Kinder Morgan Delaware 144A , /11/2023 7,375,000 Kindred Healthcare /04/2022 7,364, EUR 3,400,000 Kloeckner Pentaplast of America RegS 3,830, /11/2020 8,315,000 Lamar Media 5 01/05/2023 8,292, ,400,000 Landry's 144A /05/ ,283, ,604,000 Lennar /11/2022 3,555, ,000 Levi Strauss & Co /05/ , ,570,000 LifePoint Health /12/2021 7,843, ,840,000 Linn Energy/Linn Energy Finance ,278, /09/2021 3,290,000 Live Nation Entertainment 144A ,314, /06/2022 2,608,000 Marina District Finance ,682, /08/2018 3,165,000 McGraw Hill Financial 144A 4 3,154, /06/2025 2,475,000 Memorial Production Partners/Memorial 2,272, Production Finance /08/2022 5,980,000 Memorial Production Partners/Memorial 5,715, Production Finance /05/ ,600,000 Men's Wearhouse 7 01/07/ ,342, ,415,000 MetLife variable perpetual 7,352, ,200,000 MGM Resorts International 6 4,263, /03/ ,000 Midstates Petroleum /06/ , ,882,000 Midstates Petroleum /10/2020 2,120, United States of America (cont) 9,892,000 Milacron/Mcron Finance 144A ,188, /02/2021 7,145,000 Modular Space 144A ,180, /01/2019 5,125,000 Morgan Stanley variable perpetual 5,080, ,645,000 MPG Holdco I /10/2022 7,093, ,250,000 Multi-Color 144A /12/2022 3,339, ,460,000 Mustang Merger 144A /08/2021 7,609, ,780,000 Navient /01/2023 5,524, ,695,000 Navient MTN /01/2019 4,817, ,000 Navient MTN 6 25/01/ , ,735,000 Navient MTN /03/2024 3,612, ,000 NCI Building Systems 144A , /01/ ,000 NCR /12/ , ,920,000 NCR /12/2023 5,228, ,565,000 NES Rentals 144A /05/ ,837, ,000 Nexstar Broadcasting , /11/2020 3,875,000 Nielsen Finance 144A 5 15/04/2022 3,811, ,435,000 NRG Energy /05/2024 8,406, ,355,000 NRG Energy /09/2020 3,514, ,695,000 Oasis Petroleum /03/2022 6,834, ,152,000 Penn Virginia /05/2020 7,377, ,920,000 Pinnacle Entertainment /04/ ,637, ,050,000 Qualitytech/QTS Finance ,200, /08/2022 4,415,000 Quintiles Transnational 144A ,459, /05/2023 7,825,000 Regency Energy Partners/Regency 7,966, Energy Finance 5 01/10/2022 1,504,000 Reynolds American /08/2035 1,553, ,195,000 Reynolds American /08/2045 5,419, ,345,000 Rite Aid 144A /04/2023 8,605, ,955,000 RKI Exploration & Production/RKI 10,927, Finance 144A /08/2021 4,190,000 Rosetta Resources /06/2024 4,455, ,680,000 Sabine Pass Liquefaction 144A ,528, /03/2025 2,564,000 Sabine Pass Liquefaction ,623, /02/ ,000 Sabine Pass Liquefaction , /05/ ,000 Sabra Health Care/Sabra Capital ,009, /06/ ,715,000 Sabra Health Care/Sabra Capital ,224, /02/2021 5,945,000 SandRidge Energy /10/2022 2,496, EUR 1,400,000 Sealed Air RegS /09/2023 1,593, ,550,000 Select Medical /06/ ,647, ,865,000 Seventy Seven Operating ,873, /11/ ,000 Sinclair Television 144A , /08/ ,000 Sinclair Television /11/ , ,455,000 Sirius XM Radio 144A ,255, /04/ ,000 Sirius XM Radio 144A 6 15/07/ , ,015,000 Sprint /09/ , ,000 Steel Dynamics /04/ , ,505,000 Sunoco/Sunoco Finance 144A ,823, /04/2023 7,340,000 SUPERVALU /11/2022 7,716, ,315,000 Targa Resources Partners/Targa Resources Partners Finance 144A 5 15/01/2018 6,524, ,000 TEGNA 144A /09/ , ,775,000 TEGNA /10/2019 4,907, ,855,000 Tenet Healthcare 144A 5 01/03/2019 9,844,

466 Page 466 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global High Yield (cont) Global Unconstrained Bond Money Instruments dealt on another Regulated Money Instruments Admitted United States of America (cont) 3,550,000 Tenet Healthcare 144A ,598, /06/2023 2,210,000 Tenet Healthcare 6 01/10/2020 2,348, ,815,000 Tesoro Logistics/Tesoro Logistics 1,901, Finance 144A /10/2019 2,300,000 Tesoro Logistics/Tesoro Logistics 2,426, Finance 144A /10/2022 3,590,000 T-Mobile USA /04/2021 3,747, ,000 Triangle USA Petroleum 144A , /07/2022 3,710,000 Tribune Media 144A /07/2022 3,737, ,795,000 United Rentals North America 5.5 3,673, /07/ ,000 Univision Communications 144A , /02/ ,000,000 US Treasury Bill 0 23/07/ ,999, ,000,000 US Treasury Bill 0 17/09/ ,997, ,565,000 Valeant Pharmaceuticals International 2,587, A /03/2023 1,140,000 Valeant Pharmaceuticals International 1,165, A /12/ ,055,000 Vander Intermediate II 144A ,879, /02/ ,695,000 Viking Cruises 144A /10/ ,027, ,020,000 Valeant Pharmaceuticals International 4,130, A /05/ ,805,000 Valeant Pharmaceuticals International 12,144, A /04/ ,839,000 Wave Holdco 144A /07/ ,130, ,765,000 WaveDivision Escrow 144A ,972, /09/2020 3,360,000 Wells Fargo & Co. variable perpetual 3,445, ,000 West 144A /07/ , ,325,000 Williams Partners /09/2045 6,532, ,000 Williams Partners/ACMP Finance , /07/ ,270,000 Wise Metals Intermediate/Wise Finance 144A /06/ ,338, Total Money Instruments dealt on another Regulated 1,312,044, Units in Open-Ended Investment Scheme Luxembourg 139,595, ,000,000 Euro High Yield Class I 139,595, Total Units in Open-Ended Investment Scheme 139,595, Total Investments 2,170,369, Other 111,296, Asset 2,281,666, Austria 273, EUR 200,000 BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse EMTN /10/ , Canada 467, ,000 Barrick North America Finance , /05/ ,000 Teck Resources /02/ , ,000 TransCanada PipeLines /10/ , China 265, ,000 Haitian International 2 13/02/ , France 2,887, EUR 100,000 Accor variable perpetual 112, GBP 300,000 BPCE EMTN FRN 06/03/ , GBP 100,000 CNP Assurances variable 30/09/ , EUR 65,000 Elior Finance RegS /05/ , EUR 190,000 France Government Bond OAT , /05/2045 EUR 82,000 France Government Bond OAT 4 133, /04/2060 EUR 150,000 France Government Bond OAT , /10/2032 EUR 140,000 HomeVi RegS /08/ , EUR 200,000 Novalis RegS 3 30/04/ , EUR 100,000 Orange EMTN variable perpetual 114, GBP 550,000 Orange EMTN variable perpetual 884, Germany 1,686, EUR 100,000 Bayer EMTN variable 01/07/ , EUR 390,000 Germany (Bund) 4 04/01/ , EUR 200,000 Grand City Properties variable perpetual 214, EUR 100,000 Pfleiderer GmbH RegS , /08/2019 GBP 100,000 RWE variable perpetual 164, EUR 130,000 Trionista TopCo GmbH RegS , /04/2021 EUR 250,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS 4 15/01/ , Hong Kong SAR 374, ,000 PB Issuer No /07/ , India 397, ,000 Vedanta Resources Jersey , /07/2016 Ireland 462, EUR 214,000 Baggot Securities RegS , perpetual EUR 190,000 Bank of Ireland EMTN variable 11/06/ , Italy 3,422, EUR 110,000 Cerved RegS 8 15/01/ , EUR 100,000 Enel variable 10/01/ , GBP 300,000 Enel variable 10/09/ , EUR 100,000 FCA Capital Ireland EMTN 2 112, /10/2019 EUR 100,000 Intesa Sanpaolo EMTN , /09/2026 EUR 1,040,000 Italy Buoni Poliennali Del Tesoro 1.5 1,082, /06/2025 EUR 500,000 Italy Buoni Poliennali Del Tesoro , /12/2024 EUR 100,000 IVS F. RegS /04/ , EUR 100,000 Telecom Italia EMTN /01/ , GBP 200,000 Telecom Italia EMTN /06/ ,

467 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 467 Global Unconstrained Bond (cont) Global Unconstrained Bond (cont) Money Instruments Admitted Money Instruments Admitted Italy (cont) 200,000 Wind Acquisition Finance 144A /04/ , Luxembourg 234, EUR 200,000 SIG Combibloc RegS /02/ , Mexico 1,979, MXN 2,000,000 America Movil /12/ , MXN 16,400,000 Mexican Bonos 10 05/12/2024 1,342, EUR 400,000 Petroleos Mexicanos EMTN , /04/2027 MXN 1,600,000 Petroleos Mexicanos RegS /11/ , herlands 1,868, GBP 300,000 Cooperatieve Centrale Raiffeisen- Boerenleenbank EMTN /01/ , GBP 200,000 Cooperatieve Centrale Raiffeisen- Boerenleenbank variable perpetual GBP 580,000 Koninklijke KPN EMTN variable 14/03/ , , Peru 344, PEN 1,180,000 Peru Government /09/ , Portugal 429, EUR 315,000 Portugal Obrigacoes do Tesouro OT 429, /02/2024 Singapore 367, ,000 BW /09/ , South Africa 332, GBP 210,000 Investec EMTN /05/ , Spain 1,478, EUR 100,000 BPE Financiaciones /05/ , EUR 200,000 Grupo Antolin Dutch RegS , /06/2022 EUR 635,000 Spain Government /10/ , EUR 215,000 Spain Government /07/ , EUR 100,000 Telefonica Europe variable perpetual 119, Sweden 315, GBP 200,000 Swedbank Hypotek EMTN FRN 315, /04/2018 Switzerland 203, ,000 UBS variable perpetual 203, Taiwan 884, ,000 Asia Cement 0 13/05/ , ,000 TPK RegS 0 08/04/ , United Kingdom 12,030, GBP 400,000 Anglian Water Osprey Financing EMTN 626, /04/2023 GBP 100,000 Arqiva Broadcast Finance RegS , /03/2020 GBP 100,000 Aviva variable perpetual 165, GBP 200,000 Bank of Scotland /05/ , GBP 200,000 Bank of Scotland /05/ , ,000 Barclays 2 16/03/ , ,000 Barclays /09/ , GBP 100,000 Boparan Finance RegS , /07/2019 GBP 130,000 Cable & Wireless International Finance 237, /03/2019 GBP 200,000 Care UK Health & Social Care RegS FRN 306, /07/2019 GBP 140,000 Co-Operative step coupon 08/07/ , GBP 200,000 Equiniti Newco 2 RegS /12/ , United Kingdom (cont) GBP 34,111 Eurosail X A3C FRN 10/12/ , GBP 220,000 FCE Bank EMTN /11/ , GBP 700,000 Firstgroup /04/2021 1,384, GBP 100,000 Friends Life /04/ , GBP 100,000 Heathrow Finance /09/ , GBP 100,000 Iceland Bondco RegS , /07/2021 EUR 200,000 Ineos Finance RegS 4 01/05/ , GBP 250,000 Mitchells & Butlers Finance FRN 356, /06/2036 EUR 71,946 Money Partners Securities 3X A2B FRN 77, /09/2039 GBP 100,000 NGG Finance variable 18/06/ , GBP 100,000 Old Mutual variable perpetual 158, GBP 100,000 Pizzaexpress Financing 1 RegS , /08/ ,000 Rio Tinto Finance USA /11/ , ,000 Royal Bank of Scotland , /01/2021 GBP 220,000 Sky EMTN /11/ , ,000 Standard Chartered 144A , /01/2043 GBP 200,000 Tesco EMTN 5 24/03/ , GBP 840,000 UK Treasury /01/2045 1,529, GBP 1,145,000 UK Treasury /12/2027 2,190, GBP 105,000 UK Treasury /12/ , GBP 100,000 Virgin Media Finance RegS 7 15/04/ , United States of America 4,384, ,000 Actavis Funding /03/ , ,000 Actavis Funding /03/ , ,000 Allegheny Technologies , /01/ ,000 Altria /11/ , ,000 Bank of America MTN , /04/ ,000 Citigroup /05/ , ,000 Citigroup /07/ , ,000 Ensco /10/ , ,000 Enterprise Products Operating , /02/ ,000 General Electric Capital GMTN , /01/ ,000 HSBC Bank USA 7 15/01/ , ,000 Kinder Morgan /06/ , ,000 Monsanto /07/ , ,000 Phillips /11/ , ,000 Phillips /05/ , ,000 Prudential Financial MTN , /06/ ,000 Tyson Foods /08/ , ,000 Verizon Communications , /09/ ,000 Wells Fargo & Co /01/ , Total Money Instruments Admitted 35,091, Money Instruments dealt on another Regulated Canada 403, CAD 360,000 Canadian Government , /06/ ,000 Glencore Finance Canada 144A 6 15/11/ ,

468 Page 468 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Unconstrained Bond (cont) Global Unconstrained Bond (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated China 1,046, ,000 Qihoo 360 Technology 144A , /08/ ,000 Qihoo 360 Technology /09/ , ,000 SouFun 2 15/12/ , ,000 YY /04/ , Colombia 859, COP 1,892,000,000 Colombian TES 10 24/07/ , Germany 544, EUR 150,000 Safari Verwaltungs GmbH RegS , /02/ ,000 Siemens Financieringsmaatschappij RegS /05/ , Italy 629, EUR 200,000 Gamenet RegS /08/ , ,000 Intesa Sanpaolo 144A /06/ , Japan 1,904, JPY 207,250,000 Japan Government Thirty Year Bond 1,710, /03/2033 JPY 21,350,000 Japan Government Thirty Year Bond /09/ , United States of America (cont) 520,000 Goldman Sachs FRN 22/05/ , ,000 Medtronic 144A /03/ , ,000 Merck & Co /02/ , ,000 Morgan Stanley /01/ , ,000 Morgan Stanley FRN 05/01/ , ,000 Reynolds American /08/ , ,000 Reynolds American /08/ , ,000,000 US Treasury /03/2020 1,979, ,050,000 US Treasury /11/2024 1,041, ,000 US Treasury /11/ , ,950,000 US Treasury Bill 0 09/07/2015 2,949, ,000 Verizon Communications 144A /03/ , Total Money Instruments dealt on another Regulated 21,694, Total Investments 56,786, Other 1,268, Asset 58,054, Malaysia 786, MYR 2,930,000 Malaysia Government , /07/2024 Mexico 242, ,000 Petroleos Mexicanos RegS , /01/2046 Portugal 497, EUR 200,000 Parpublica - Participacoes Publicas 231, SGPS EMTN /07/2021 EUR 210,000 Portugal Obrigacoes do Tesouro /06/ , Russia 396, ,000 Russian Foreign - Eurobond RegS 396, /09/2023 South Africa 804, ZAR 10,400,000 South Africa Government 8 804, /01/2030 Spain 1,054, EUR 1,000,000 Spain Government /04/2025 1,054, Switzerland 898, ,000 Credit Suisse/New York FRN 898, /01/2018 United Kingdom 295, ,000 Anglo American Capital 144A , /09/ ,000 Fiat Chrysler Automobiles 144A /04/ , United States of America 11,331, ,000 AbbVie /05/ , ,000 AbbVie /05/ , ,000 Altria /01/ , ,000 AT&T /05/ , ,000 AT&T /05/ , ,000 Capital One Bank USA , /02/ ,000 Citigroup FRN 27/04/ , ,200 CLI Funding V A NOTE , /06/ ,667 Cronos Containers Program I A A 388, /04/ ,000 Dow Chemical /10/ ,

469 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 469 Strategic Bond Strategic Bond (cont) Money Instruments Admitted Money Instruments Admitted Belgium 30,306, ,290,000 Belgium Government EMTN ,306, /03/2018 Canada 22,496, GBP 3,000,000 Bank of Montreal EMTN FRN 4,746, /10/2016 EUR 8,750,000 Bank of Montreal EMTN FRN 9,843, /11/2016 GBP 5,000,000 Bank of Nova Scotia EMTN FRN 20/09/2016 7,907, France 178,733, GBP 10,000,000 BNP Paribas FRN 16/05/ ,801, GBP 5,800,000 BPCE /04/2029 9,497, GBP 8,000,000 BPCE EMTN FRN 06/03/ ,664, EUR 23,000,000 Caisse Centrale du Credit Immobilier de 25,773, France EMTN FRN 01/03/2018 GBP 7,231,000 Caisse d'amortissement de la Dette 11,488, Sociale EMTN /02/2017 EUR 6,700,000 Cap Gemini FRN 02/07/2018 7,549, EUR 6,100,000 Crédit Agricole/London EMTN FRN 6,849, /01/2016 GBP 13,000,000 Credit Mutuel - CIC Home Loan SFH 20,508, FRN 22/04/2016 GBP 20,000,000 Dexia Credit Local EMTN FRN 31,531, /04/2016 8,770,000 Dexia Credit Local/New York RegS 1.5 8,817, /10/2017 EUR 4,450,000 SCOR variable perpetual 5,217, EUR 21,200,000 TOTAL EMTN variable perpetual 23,034, Germany 188,352, GBP 9,000,000 Aareal Bank RegS FRN 02/05/ ,193, EUR 7,500,000 Bayer variable 02/04/2075 8,003, ,230,000 Continental Rubber of America 144A 9,490, /09/2019 GBP 11,500,000 Deutsche Bank/London EMTN FRN 18,124, /02/2016 GBP 6,300,000 Deutsche Pfandbriefbank AG EMTN FRN 9,936, /05/ ,000,000 Erste Abwicklungsanstalt EMTN FRN 20,027, /01/ ,000,000 Erste Abwicklungsanstalt EMTN FRN 10,012, /06/2016 EUR 3,000,000 Erste Abwicklungsanstalt EMTN FRN 3,376, /08/2016 GBP 10,000,000 FMS Wertmanagement AoeR EMTN 1 15,778, /12/ ,800,000 FMS Wertmanagement RegS FRN 30,807, /09/ ,000,000 Landwirtschaftliche Rentenbank EMTN 26,999, FRN 30/06/2016 8,200,000 LBBW EMTN /03/2018 8,197, GBP 7,000,000 Muenchener Hypothekenbank EMTN 11,034, FRN 25/04/2016 GBP 1,500,000 Volkswagen Financial Services EMTN 2 23/10/2015 2,370, Ireland 13,594, GBP 6,812,000 DECO 2012-MHILX A FRN 28/07/ ,791, GBP 1,853,347 Money Partners Securities 4X A1A FRN 15/03/2040 2,802, Italy 38,444, ,440,000 Enel 144A variable 24/09/ ,878, GBP 3,100,000 Enel variable 10/09/2075 5,307, GBP 4,350,000 Telecom Italia EMTN ,435, /06/2019 EUR 5,887,000 UniCredit EMTN variable 28/10/2025 7,083, EUR 6,650,000 Wind Acquisition Finance RegS 7 23/04/2021 7,739, Mexico 41,688, ,510,000 Cemex 144A /03/ ,916, ,750,000 Grupo Cementos de Chihuahua RegS 1,894, /02/2020 EUR 23,500,000 Petroleos Mexicanos EMTN /04/ ,877, herlands 164,720, EUR 27,990,000 ABN AMRO Bank EMTN FRN 31,521, /08/2016 EUR 6,300,000 ABN AMRO Bank EMTN variable 7,109, /06/ ,300,000 Bank Nederlandse Gemeenten RegS 30,286, /07/ ,000,000 Bank Nederlandse Gemeenten RegS 30,038, FRN 18/07/2016 EUR 18,750,000 Cooperatieve Centrale Raiffeisen- Boerenleenbank/herlands GMTN FRN 18/11/ ,083, ,481,310 E-MAC Program 2007-NL3A A1 FRN 25/07/2047 GBP 7,644,000 Koninklijke KPN EMTN variable 14/03/2073 GBP 5,000,000 Nederlandse Waterschapsbank EMTN FRN 25/01/2016 8,000,000 Nederlandse Waterschapsbank RegS /09/ ,760,000 Nederlandse Waterschapsbank RegS FRN 18/10/2016 3,417, ,529, ,903, ,043, ,786, Norway 16,466, ,620,000 Eksportfinans 2 15/09/2015 2,622, ,794,000 Kommunalbanken RegS /10/ ,844, South Africa 8,244, GBP 5,200,000 Investec EMTN /05/2022 8,244, Spain 36,837, EUR 7,900,000 Bankia MTN variable 22/05/2024 8,640, EUR 28,110,000 Spain Government /07/ ,196, Supranational 129,549, EUR 35,300,000 Asian Development Bank GMTN ,899, /04/ ,000,000 European Investment Bank ,056, /05/2018 GBP 13,000,000 European Investment Bank EMTN FRN 20,495, /01/2016 EUR 12,565,000 European Stability Mechanism EMTN 0 14,104, /10/ ,000,000 Inter-American Development Bank GMTN FRN 26/11/ ,994, Sweden 92,337, ,400,000 Kommuninvest I Sverige RegS ,443, /12/2016 GBP 10,374,000 Nordea Bank EMTN FRN 15/02/ ,382, EUR 14,000,000 Nordea Bank EMTN FRN 25/11/ ,736, GBP 23,000,000 Stadshypotek FRN 15/02/ ,274, GBP 6,650,000 Swedbank EMTN FRN 06/11/ ,500, Switzerland 33,646, EUR 30,000,000 Credit Suisse/London EMTN FRN 33,646, /12/2015 United Kingdom 453,562, GBP 13,000,000 Abbey National Treasury Services/ 20,482, London FRN 29/05/2018 GBP 1,124,872 ALBA A2 FRN 17/03/2039 1,767, GBP 2,700,000 Arqiva Broadcast Finance RegS 9.5 4,704, /03/2020 EUR 3,800,000 Aviva EMTN variable 03/07/2044 4,248, GBP 3,893,000 Aviva variable perpetual 6,435,

470 Page 470 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Strategic Bond (cont) Strategic Bond (cont) Money Instruments Admitted Money Instruments Admitted United Kingdom (cont) GBP 3,664,000 Bank of Scotland Capital Funding RegS 6,607, variable perpetual GBP 30,100,000 Barclays Bank EMTN FRN 12/02/ ,445, ,600,000 BAT International Finance EMTN ,623, /03/2016 3,785,000 BP Capital s FRN 06/11/2015 3,785, EUR 6,831,495 Eurosail X A3A FRN 10/09/2044 7,463, GBP 2,490,118 Eurosail X A3C FRN 10/12/2044 3,741, GBP 2,511,511 Eurosail X A3C FRN 13/03/2045 3,765, GBP 4,250,000 Friends Life Group variable perpetual 6,730, ,409,000 Friends Life variable perpetual 12,615, GBP 519,987 Granite Mortgages variable 20/07/ , GBP 6,560,000 Investec Bank EMTN ,392, /02/2022 EUR 3,093,000 Lloyds Bank EMTN FRN 14/10/2015 3,470, GBP 6,320,000 Lloyds Bank EMTN FRN 16/01/2017 9,973, GBP 10,000,000 Lloyds Bank EMTN FRN 19/01/ ,764, GBP 3,237,000 Lloyds Bank EMTN variable 09/07/2025 5,546, GBP 2,576,785 Mansard Mortgages X A2 FRN 3,828, /10/2048 GBP 3,760,910 Marble Arch Residential Securitisation 5,859, No.4 4X A3C FRN 20/03/2040 GBP 564,795 Money Partners Securities 2X A2A FRN 858, /05/ ,726 Money Partners Securities 2X A2C FRN 99,033-14/05/2039 EUR 2,086,434 Money Partners Securities 3X A2B FRN 2,234, /09/2039 GBP 7,619,000 Mortgage Funding A2 FRN 11,304, /03/2046 GBP 3,850,000 National Westminster Bank ,136, /09/2015 GBP 12,150,000 Nationwide Building Society EMTN FRN 19,155, /04/2018 GBP 10,000,000 work Rail Infrastructure Finance 16,027, EMTN /11/2015 5,333,000 work Rail Infrastructure Finance RegS 5,334, FRN 13/02/2017 GBP 6,393,000 Newday Partnership Funding C 10,159, FRN 15/12/2022 GBP 1,500,000 Old Mutual variable perpetual 2,376, GBP 1,682,547 Paragon Mortgages 9X AA FRN 2,495, /05/2041 GBP 531,670 Preferred Residential Securities 8X A1A2 811, FRN 15/12/2042 GBP 1,230,000 Residential Mortgage Securities 20X A2A 1,829, FRN 10/08/2038 GBP 2,162,006 Residential Mortgage Securities 21X A3A 3,260, FRN 12/11/2038 GBP 3,913,194 Residential Mortgage Securities 22X A3A 5,845, FRN 14/11/2039 EUR 299,659 Residential Mortgage Securities 22X A3C 318, FRN 14/11/2039 GBP 2,391,374 Residential Mortgage Securities 25 A1 3,862, FRN 16/12/2050 GBP 7,111,000 RL Finance Bonds variable perpetual 11,261, GBP 116,078 RMAC 2003-NS1X A3 FRN 12/06/ , GBP 1,339,780 RMAC 2003-NS2X A3 FRN 12/09/2035 2,004, GBP 1,757,435 RMAC 2003-NS3X A3 FRN 12/12/2035 2,665, GBP 756,093 RMAC 2003-NS4X A3 FRN 12/03/2036 1,132, GBP 1,517,355 RMAC 2004-NSP4 A2 FRN 12/12/2036 2,230, EUR 2,183,706 RMAC 2005-NS1X A2C FRN 2,279, /06/2037 GBP 4,466,893 RMAC Securities 2006-NS1X A2A FRN 6,507, /06/2044 EUR 435,868 RMAC Securities 2006-NS1X A2C FRN 452, /06/2044 GBP 1,038,795 RMAC Securities 2006-NS2X A2A FRN 1,511, /06/2044 GBP 1,097,925 Southern Pacific Financing 2005-B A FRN 10/06/2043 1,634, United Kingdom (cont) GBP 3,128,083 Southern Pacific Financing 2006-A A 4,696, FRN 10/03/2044 GBP 2,770,200 Spirit Issuer variable 28/12/2021 4,190, GBP 3,446,000 Spirit Issuer variable 28/12/2036 5,603, EUR 3,200,000 SSE variable perpetual 3,810, GBP 39,200,000 UK Treasury /01/ ,359, GBP 5,833,000 Unique Pub Finance /03/2024 9,426, GBP 5,505,000 William Hill EMTN /11/2016 9,219, GBP 11,435,000 Yorkshire Building Society FRN 23/03/ ,219, United States of America 183,365, ,670,000 Ally Financial /07/ ,844, ,850,000 Bank of America MTN ,235, /04/ ,110,000 Citigroup /05/ ,540, GBP 3,000,000 Citigroup EMTN /11/2015 4,803, ,868,000 Ensco /10/ ,228, ,130,000 International Paper /06/ ,523, ,000,000 Kinder Morgan /06/ ,218, ,887,000 Monsanto /07/2064 9,339, EUR 13,990,000 Morgan Stanley GMTN FRN 19/11/ ,722, ,780,000 Prudential Financial MTN ,062, /05/ ,407,000 Tyson Foods /08/ ,847, Total Money Instruments Admitted 1,632,347, Money Instruments dealt on another Regulated Barbados 4,139, ,146,542 Global SC Finance II SRL A A1 4,139, /07/2029 Bermuda 10,485, ,436,667 Cronos Containers Program I A A 10,485, /11/2029 Brazil 9,594, ,530,000 Marfrig Europe RegS ,594, /05/2018 Canada 85,287, ,220,000 Bank of Montreal MTN FRN 15/07/ ,265, ,726,000 Bank of Nova Scotia FRN 15/07/ ,770, ,785,000 Element Rail Leasing II A A2 16,642, /02/ ,400,000 Royal Bank of Canada GMTN FRN 17,403, /02/2017 8,000,000 Royal Bank of Canada GMTN FRN 8,004, /10/ ,828,000 Toronto-Dominion Bank GMTN FRN 13,830, /01/2017 6,350,000 Toronto-Dominion Bank MTN FRN 09/09/2016 6,370, Cayman Islands - - 2,717,666 Sharp SP I Interest Margin Trust 2006-HE3N NA /06/ France 98,642, ,000,000 Banque Federative Du Credit Mutuel 0 9,957, /02/2016 GBP 12,000,000 BNP Paribas/London /10/ ,909, ,310,000 BPCE MTN FRN 10/02/ ,376, ,000,000 Caisse d'amortissement de la Dette 14,955, Sociale 0 24/02/2016 8,000,000 Credit Agricole/London RegS FRN 15/04/2016 8,047,

471 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 471 Strategic Bond (cont) Strategic Bond (cont) Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated France (cont) 13,150,000 Dexia Credit Local/New York RegS 13,222, /10/2016 GBP 8,000,000 Natixis /08/ ,606, ,221,000 SPCM 144A 6 15/01/2022 9,566, Germany 9,010, ,000,000 Norddeutsche Landesbank Girozentrale 9,010, RegS /10/2015 Ireland 5,349, EUR 4,759,868 Bluestep Mortgage Securities No2 FRN 5,349, /11/2055 Peru 5,078, ,150,000 Transportadora de Gas del Peru RegS 5,078, /04/2028 Supranational 14,682, EUR 13,080,000 European Stability Mechanism EMTN 0 28/10/ ,682, Sweden 11,023, ,000,000 Svenska Handelsbanken FRN 11,023, /03/2016 Switzerland 43,340, EUR 7,000,000 Credit Suisse /04/2016 7,849, ,850,000 Swiss Re Capital I 144A variable 3,974, perpetual GBP 20,000,000 UBS /06/ ,516, United Kingdom 63,591, GBP 18,000,000 Abbey National Treasury Services ,364, /02/2016 GBP 5,500,000 Abbey National Treasury Services 1 8,666, /04/2016 EUR 15,000,000 Barclays Bank /03/ ,820, GBP 5,000,000 Barclays Bank /04/2016 7,879, GBP 1,179,296 Temese Funding 1 A FRN 21/11/2021 1,861, United States of America 607,632, ,604,000 21st Century Fox America ,838, /10/ ,338 Aegis Asset Backed Securities Trust 59, M1 FRN 25/06/ ,690,000 Apple /05/ ,742, ,790,000 AT&T /05/2035 4,411, ,590,000 AT&T /05/2046 4,176, ,950,000 Bank of America FRN 14/02/2017 9,956, ,312,744 CarFinance Capital Auto Trust A 5,318, A /06/ ,510,000 Citigroup FRN 27/04/ ,483, ,662,549 CLI Funding V A A ,680, /06/ ,919,333 CLI Funding V A A ,001, /10/2029 EUR 18,500,000 Coca-Cola FRN 09/03/ ,738, ,364,000 Comcast /03/ ,586, ,150,000 ECAF I A A /06/ ,150, FHLMC REMICS 2646 SH FRN /07/2033 1,186,223 FHLMC REMICS 3281 CI FRN 182, /02/2037 3,172,462 FHLMC REMICS 4170 QI 3 334, /05/ ,839 FNMA Interest Strip ,545-25/07/ ,645 FNMA Interest Strip ,062-25/07/ ,771 FNMA Interest Strip ,643-25/07/2018 1,210,148 FNMA REMICS HI /01/ ,938 - United States of America (cont) 3,037,641 FNMA REMICS GI 3 420, /10/2032 9,979,000 Freeport-McMoRan /03/2043 8,384, ,010,642 GNMA LI /02/ , ,675 GNMA MI /12/2037 8,313-12,079,199 GNMA IO variable 16/12/ , ,816,740 GNMA IO variable 16/01/ , ,861,902 GNMA IO variable 16/01/2054 1,164, ,245,820 GNMA IO variable 16/08/ , ,843,325 GNMA IO variable 16/06/2052 3,448, ,492,958 GNMA IB variable 16/08/2055 3,735, ,606,000 Goldman Sachs FRN 22/05/ ,617, ,100,000 HSBC USA /03/ ,062, ,797 Impac CMB Trust Series A1 119,992 - FRN 25/10/2033 2,109,842 Impac Secured Trust A1 2,041, FRN 25/05/ ,758 Impac Secured Trust A2 293, FRN 25/05/ ,981 Impac Secured Trust A1 19,704 - FRN 25/08/ ,034 Impac Secured Trust A2 510, FRN 25/08/ ,000,000 JPMorgan Chase & Co. FRN 15/02/ ,006, ,434,000 JPMorgan Chase & Co. MTN FRN 42,452, /11/ ,510,000 Medtronic 144A /03/ ,778, ,839 Merrill Lynch Mortgage Investors , HE2 A1A FRN 25/08/ ,700,000 Microsoft 4 12/02/ ,992, ,254 Morgan Stanley ABS Capital I ,177 - NC10 B3 FRN 25/10/ ,070,000 Motel 6 Trust 2015-MTL6 B ,044, /02/ ,343 New Century Home Equity Loan Trust 28,165 - Series M5 FRN 25/07/2033 4,510,000 OneMain Financial Issuance Trust ,533, A A /09/2024 2,635,000 OneMain Financial Issuance Trust ,672, A A /03/2026 8,500,000 OneMain Financial Issuance Trust ,506, A A /07/ ,211,000 Reynolds American /08/ ,653, ,185 Specialty Underwriting & Residential Finance 2003-BC4 A3B variable 25/11/ , ,160,000 Springleaf Funding Trust 2015-AA A /11/2024 7,828,471 Store Master Funding I A A /04/2045 7,545,542 TAL Advantage V A A /11/2038 4,398,028 Trinity Rail Leasing A A /07/ ,260,000 US Treasury Inflation Indexed Bonds /04/ ,467 Wachovia Mortgage Loan Trust WMC1 A4 FRN 25/10/ ,325, ,720, ,591, ,376, ,565, , Total Money Instruments dealt on another Regulated 967,859,

472 Page 472 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Strategic Bond (cont) Strategic Credit Other Transferable Securities not dealt on another Regulated Money Instruments Admitted GBP United States of America 71,322-1,106,652 GNMA IO variable 16/06/ ,322 - Total Other Transferable Securities not dealt on another Regulated 71,322 - Units in Open-Ended Investment Scheme Luxembourg 17,806, ,733 Emerging Bond Class I Acc 17,806, Total Units in Open-Ended Investment Scheme 17,806, Total Investments 2,618,084, Other 13,907, Asset 2,631,992, Australia 2,007, GBP 2,000,000 National Australia Bank GMTN FRN 2,007, /11/2016 Bermuda 3,325, GBP 1,760,000 Fidelity International /02/2024 2,152, GBP 1,006,000 Fidelity International EMTN /10/2020 1,173, Canada 12,988, GBP 4,000,000 Bank of Montreal EMTN FRN 4,016, /10/2016 GBP 2,000,000 Bank of Nova Scotia EMTN FRN 2,007, /09/2016 GBP 465,000 Bank of Nova Scotia FRN 02/11/ , GBP 3,100,000 Royal Bank of Canada EMTN FRN 3,099, /06/2019 GBP 1,000,000 Toronto-Dominion Bank EMTN FRN 999, /01/2018 GBP 2,400,000 Toronto-Dominion Bank FRN 16/04/2018 2,400, Czech Republic 179, EUR 409,360 New World Resources RegS 8 179, /04/2020 Finland 3,599, GBP 3,600,000 Pohjola Bank EMTN FRN 21/05/2018 3,599, France 39,363, GBP 5,399,000 BNP Paribas FRN 16/05/2016 5,413, GBP 10,100,000 BPCE EMTN FRN 06/03/ ,146, EUR 2,764,000 Cegedim RegS /04/2020 2,124, EUR 4,198,000 Cerba European Lab RegS 7 3,141, /02/2020 GBP 4,200,000 Dexia Credit Local EMTN FRN 4,202, /04/2016 EUR 350,000 Faurecia /06/ , EUR 3,130,000 Holding Medi-Partenaires RegS 7 2,375, /05/2020 EUR 5,043,000 Labco RegS /01/2018 3,749, EUR 700,000 Labeyrie Fine Foods RegS , /03/2021 GBP 170,000 Lafarge EMTN 10 30/05/ , EUR 1,030,000 Novafives RegS FRN 30/06/ , ,936,000 Numericable-SFR 144A ,473, /05/2019 2,703,000 Numericable-SFR 144A 6 15/05/2022 1,696, ,775,000 Numericable-SFR RegS /05/2019 2,379, Germany 11,202, EUR 900,000 Deutsche Raststaetten Gruppe IV GmbH 689, RegS /12/ ,000 Fresenius Medical Care US Finance 420, A /09/2018 EUR 400,000 Galapagos/Luxembourg RegS , /06/2021 EUR 1,100,000 Galapagos/Luxembourg RegS FRN 773, /06/2021 EUR 2,300,000 Grand City Properties variable perpetual 1,564, EUR 500,000 HeidelbergCement Finance , /10/2019 GBP 740,000 Linde Finance variable 14/07/ , EUR 1,867,000 Pfleiderer GmbH RegS ,366, /08/2019 EUR 1,338,000 ProGroup RegS /05/ , EUR 300,000 ProGroup RegS FRN 01/05/ , EUR 731,000 Schaeffler Finance RegS , /05/ ,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH 144A /01/ ,

473 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 473 Strategic Credit (cont) Strategic Credit (cont) Money Instruments Admitted GBP Money Instruments Admitted GBP Germany (cont) EUR 453,600 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS /09/2022 EUR 1,206,000 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS /04/2023 EUR 1,706,400 Unitymedia Hessen GmbH & Co./ Unitymedia NRW GmbH RegS /01/ , , ,310, India 1,250, ,920,000 Vedanta Resources RegS ,250, /06/2016 Ireland 63, EUR 90,000 Ardagh Packaging Finance/Ardagh USA 63, RegS /01/2022 Italy 16,041, EUR 1,200,000 Beni Stabili /01/ , EUR 1,400,000 CNH Industrial Finance Europe EMTN 1,099, /03/2018 EUR 700,000 Fiat Chrysler Finance Europe GMTN 7 534, /03/2017 EUR 2,260,000 Guala Closures RegS FRN 15/11/2019 1,613, EUR 2,150,000 IVS F. RegS /04/2020 1,613, EUR 1,750,000 Rhino Bondco RegS /11/2020 1,330, EUR 1,500,000 Rhino Bondco RegS FRN 15/12/2019 1,069, GBP 600,000 Telecom Italia EMTN , /06/2019 4,296,000 Wind Acquisition Finance 144A ,714, /07/2020 3,500,000 Wind Acquisition Finance 144A ,263, /04/2021 EUR 500,000 Wind Acquisition Finance RegS FRN 358, /04/2019 EUR 1,000,000 Wind Acquisition Finance RegS FRN 710, /07/2020 EUR 1,650,000 Zobele RegS /02/2018 1,197, Luxembourg 9,869, CHF 2,274,000 Aguila 3 RegS /01/2018 1,569, ,000 Altice Financing 144A , /02/2023 EUR 700,000 Ardagh Packaging Finance RegS , /10/2020 EUR 1,000,000 Cerberus Nightingale 1 SARL RegS 731, /02/2020 EUR 2,904,000 ConvaTec Healthcare E RegS ,193, /12/2018 EUR 450,000 GCS Holdco Finance I RegS , /11/2018 EUR 2,162,000 Matterhorn Telecom RegS FRN 1,545, /05/2022 EUR 1,050,000 Monitchem HoldCo 3 RegS FRN 751, /06/2021 EUR 2,300,000 SIG Combibloc RegS /02/2023 1,710, Mexico 4,083, GBP 3,220,000 Petroleos Mexicanos EMTN ,083, /06/2022 herlands 4,842, GBP 4,100,000 ING Bank EMTN FRN 27/11/2017 4,094, EUR 1,070,000 Stork Technical Services RegS 11 15/08/ , New Zealand 1,500, GBP 1,500,000 Westpac Securities EMTN FRN 1,500, /10/2017 Poland 7,592, ,100,000 Eileme 2 144A /01/2020 1,485, EUR 2,130,000 Eileme 2 RegS /01/2020 1,682, Poland (cont) EUR 6,034,000 Play Finance 2 RegS /02/2019 4,424, South Africa 1,769, GBP 1,017,000 Investec EMTN /05/2022 1,023, EUR 1,100,000 Sappi Papier GmbH RegS /04/ , Spain 10,527, EUR 1,200,000 Almirall RegS /04/ , EUR 1,971,000 Befesa Zinc Via Zinc Capital RegS 1,469, /05/2018 EUR 900,000 Campofrio Food RegS , /03/2022 EUR 1,139,000 Empark Funding RegS , /12/2019 EUR 2,772,000 Empark Funding RegS FRN 15/12/2019 1,991, EUR 3,175,000 Grupo Antolin Dutch RegS ,301, /04/2021 EUR 1,600,000 Grupo Antolin Dutch RegS ,161, /06/2022 EUR 750,000 PortAventura Entertainment Barcelona 534, RegS FRN 01/12/2019 GBP 600,000 Telefonica Emisiones EMTN /03/ , Switzerland 7,193, GBP 3,000,000 Credit Suisse/London EMTN FRN 3,000, /03/2016 GBP 3,500,000 Credit Suisse/London EMTN FRN 3,499, /07/2016 EUR 928,571 Gategroup Finance Luxembourg RegS /03/ , United Kingdom 191,891, GBP 1,800,000 AA Bond EMTN /07/2020 1,876, GBP 1,700,000 AA Bond RegS /07/2022 1,693, GBP 1,900,000 Abbey National Treasury Services EMTN 1,903, FRN 20/01/2017 GBP 2,000,000 Abbey National Treasury Services/ 1,999, London FRN 29/05/2018 EUR 1,694,000 Alliance Automotive Finance RegS ,261, /12/2021 EUR 2,100,000 Alliance Automotive Finance RegS FRN 1,502, /12/2021 GBP 480,000 Amlin variable 19/12/ , GBP 2,200,000 Arqiva Financing EMTN ,297, /06/2020 GBP 1,680,000 Aviva EMTN variable 03/06/2041 1,845, GBP 500,000 Aviva EMTN variable 04/06/ , GBP 1,695,000 Beazley variable 17/10/2026 1,771, GBP 1,903,000 Boparan Finance RegS ,806, /07/2019 GBP 500,000 Boparan Finance RegS , /07/2021 GBP 2,690,000 British Airways /08/2016 2,881, GBP 865,000 BUPA Finance 5 25/04/ , GBP 1,000,000 BUPA Finance EMTN /07/2016 1,059, GBP 5,750,000 Cable & Wireless International Finance 6,653, /03/2019 GBP 3,883,000 Care UK Health & Social Care RegS FRN 3,772, /07/2019 GBP 2,460,000 Co-Operative Bank/United Kingdom 2,444, EMTN /09/2017 GBP 2,900,000 Coventry Building Society EMTN ,466, /09/2022 GBP 1,830,000 Coventry Building Society EMTN 6 2,113, /10/2019 GBP 800,000 CPUK Finance EMTN ,012, /02/2024 GBP 587,000 Daily Mail & General Trust , /12/2018 GBP 2,050,000 Daily Mail & General Trust RegS 10 09/04/2021 2,790,

474 Page 474 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Strategic Credit (cont) Strategic Credit (cont) Money Instruments Admitted GBP Money Instruments Admitted GBP United Kingdom (cont) EUR 3,862,000 Eco-Bat Finance RegS ,692, /02/2017 GBP 3,605,000 Elli Finance UK RegS /06/2019 3,629, GBP 1,990,000 Equiniti Newco 2 RegS ,990, /12/2018 GBP 390,000 F&C Asset Management variable 405, /12/2026 GBP 2,640,000 F&C Finance 9 20/12/2016 2,888, GBP 550,000 FCE Bank EMTN /02/ , GBP 1,200,000 FCE Bank EMTN /11/2015 1,216, GBP 640,000 First Hydro Finance 9 31/07/ , GBP 2,670,000 First Hydro Finance 9 31/07/2021 3,530, (Bearer) GBP 951,000 Galaxy Bidco RegS /11/ , GBP 1,398,000 Galaxy Bidco RegS FRN 15/11/2019 1,392, GBP 940,000 GKN /10/2019 1,088, GBP 1,600,000 GKN EMTN /09/2022 1,784, GBP 4,350,000 Grainger 5 16/12/2020 4,472, GBP 600,000 Hammerson /12/ , GBP 600,000 Hammerson /03/ , GBP 5,855,000 Henderson UK Finance ,032, /03/2016 GBP 2,615,000 HSBC Bank EMTN FRN 16/05/2016 2,621, GBP 1,403,000 IDH Finance RegS 6 01/12/2018 1,432, GBP 3,300,000 IDH Finance RegS FRN 01/12/2018 3,302, EUR 2,880,000 Iglo Foods Bondco RegS FRN 2,060, /06/2020 GBP 350,000 Imperial Tobacco Finance EMTN 9 464, /02/2022 EUR 1,800,000 Ineos Finance RegS 4 01/05/2023 1,223, GBP 5,372,000 Infinis RegS 7 15/02/2019 5,612, EUR 4,515,000 Innovia Finance RegS FRN 31/03/2020 3,207, ,500,000 Jaguar Land Rover Automotive 144A 2,812, /03/2020 EUR 1,450,000 Kerling RegS /02/2017 1,056, GBP 1,026,000 Ladbrokes Group Finance ,101, /03/2017 GBP 401,000 LBG Capital No /01/ , GBP 2,605,000 Legal & General EMTN variable 3,418, /07/2041 GBP 700,000 Lloyds Banking variable perpetual 704, GBP 1,740,000 Lloyds Banking variable perpetual 1,834, GBP 2,021,000 MEIF Renewable Energy UK RegS 2,091, /02/2020 GBP 700,000 Motability Operations EMTN , /12/2019 GBP 1,870,000 Moto Finance RegS /09/2020 1,915, GBP 1,500,000 Moy Park Bondco RegS ,532, /05/2021 GBP 570,000 National Express EMTN , /01/2017 GBP 1,380,000 Nationwide Building Society EMTN FRN 1,380, /04/2018 GBP 450,000 NIE Finance RegS /06/ , GBP 405,000 Novae /04/ , GBP 2,090,000 Old Mutual EMTN /10/2016 2,229, GBP 1,217,000 Old Mutual EMTN 8 03/06/2021 1,373, GBP 4,100,000 Pennon variable perpetual 4,311, GBP 3,397,726 Priory Group No 3 RegS 7 15/02/2018 3,520, GBP 682,000 Priory No.3 RegS /02/ , GBP 2,313,000 R&R Ice Cream RegS /05/2020 2,366, GBP 3,170,000 Rentokil Initial EMTN /03/2016 3,268, GBP 1,300,000 RL Finance Bonds No. 2 variable 1,369, /11/2043 GBP 5,752,000 RL Finance Bonds variable perpetual 5,780, EUR 1,142,000 Royal Bank of Scotland 5.25 perpetual 812, EUR 500,000 Royal Bank of Scotland 5.5 perpetual 355, GBP 3,477,000 RSA Insurance variable 20/05/2039 4,133, United Kingdom (cont) 2,700,000 Sable International Finance 144A ,846, /02/2020 GBP 2,314,000 Santander UK EMTN variable 2,786, /10/2023 GBP 660,000 Southern Water Greensands Financing 747, GMTN /04/2019 GBP 481,000 Spirit Issuer /12/ , GBP 1,200,000 Spirit Issuer FRN 28/12/2031 1,170, GBP 3,425,000 Spirit Issuer FRN 28/12/2036 3,322, GBP 930,000 SSE EMTN variable perpetual 935, GBP 1,500,000 SSE variable perpetual 1,452, GBP 2,456,000 Stonegate Pub Financing RegS ,478, /04/2019 GBP 1,250,000 Stonegate Pub Financing RegS FRN 1,260, /04/2019 GBP 1,600,000 Telereal Securitisation variable 1,645, /12/2033 1,220,000 Tesco 144A /11/ , GBP 500,000 Tesco EMTN /12/ , GBP 1,730,000 Tesco EMTN /02/2022 1,878, GBP 1,040,000 Thames Water Kemble Finance EMTN 1,142, /04/2019 GBP 1,475,000 Thomas Cook EMTN /06/2017 1,573, GBP 550,000 Travelex Financing RegS 8 01/08/ , EUR 4,500,000 Viridian FundCo II RegS 7.5 3,215, /03/2020 GBP 3,294,000 Voyage Care Bondco RegS 6.5 3,431, /08/2018 GBP 410,000 William Hill /06/ , GBP 2,510,000 William Hill EMTN /11/2016 2,667, GBP 4,300,000 Yorkshire Building Society FRN 23/03/2016 4,347, United States of America 12,657, GBP 1,480,000 GE Capital UK Funding EMTN FRN 1,485, /05/2016 GBP 2,239,000 GE Capital UK Funding EMTN FRN 2,240, /01/2018 EUR 1,620,000 MPT Operating Partnership/MPT Finance 1,239, EMTN /10/2020 GBP 7,358,400 Virgin Media Secured Finance RegS 6 15/04/2021 7,692, Total Money Instruments Admitted 341,952, Money Instruments dealt on another Regulated GBP Canada 1,183, ,000 Bombardier 144A /04/ , ,000,000 Bombardier 144A /03/ , ,000 Bombardier RegS /09/ , France 2,429, ,684,000 SPCM 144A 6 15/01/2022 1,767, ,000,000 SPCM RegS 6 15/01/ , Germany 2,509, EUR 1,764,000 Safari Verwaltungs GmbH RegS ,327, /02/2021 1,865,000 ZF North America Capital 144A 4 29/04/2020 1,182, Ireland 5,627, ,050,000 Ardagh Packaging Finance/Ardagh USA 1,270, A FRN 15/12/2019 7,000,000 Ardagh Packaging Finance/Ardagh USA RegS FRN 15/12/2019 4,357,

475 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 475 Strategic Credit (cont) Asian Convertible Bond Money Instruments dealt on another Regulated GBP Money Instruments Admitted Jamaica 684, ,100,000 Digicel 144A /03/ , Luxembourg 8,971, ,931,000 Aguila 3 144A /01/2018 1,232, ,710,000 ConvaTec Finance International 144A 1,073, /01/2019 3,898,000 INEOS 144A /02/2019 2,495, ,485,000 INEOS 144A /08/2018 1,611, EUR 2,417,000 INEOS RegS /08/2018 1,764, EUR 1,110,000 Xefin Lux RegS FRN 01/06/ , Mexico 433, EUR 550,000 CEMEX Espana/Luxembourg RegS 433, /04/2019 South Africa 2,937, ,330,000 Sappi Papier 144A /04/2021 2,210, ,070,000 Sappi Papier GmbH 144A /07/ , United Kingdom 6,458, EUR 620,000 Algeco Scotsman Global Finance RegS 433, /10/2018 GBP 2,462,000 Equiniti Newco 2 RegS FRN 15/12/2018 2,458, ,400,000 Fiat Chrysler Automobiles 144A 4.5 1,517, /04/2020 3,168,000 Jaguar Land Rover Automotive 144A /12/2018 2,048, United States of America 5,856, ,408,000 HCA /10/2019 2,855, ,525,000 HCA /02/2020 1,076, ,050,000 Infor US 144A /05/ , EUR 290,000 Iron Mountain EMTN /10/ , ,533,000 Prologis International Funding II 144A /02/2020 1,038, Total Money Instruments dealt on another Regulated 37,092, Total Investments 379,044, Other 6,317, Asset 385,361, China 53,992, ,500,000 Billion Express Investments ,522, /10/2015 1,600,000 Cosmos Boom Investment 0.5 1,600, /06/2020 5,500,000 ENN Energy 0 26/02/2018 6,234, ,500,000 Haitian International 2 13/02/2019 3,715, HKD 86,000,000 Hengan International 0 27/06/ ,860, HKD 50,000,000 Kingsoft /04/2019 6,346, HKD 7,000,000 Logo Star /11/2018 1,643, ,000,000 Semiconductor Manufacturing 3,555, International 0 07/11/2018 HKD 46,000,000 Shenzhou International /06/2019 6,893, HKD 64,000,000 Tong Jie 0 18/02/2018 8,618, Hong Kong SAR 28,471, HKD 28,000,000 ASM Pacific Technology 2 28/03/2019 3,902, ,400,000 China Overseas Finance Investment 11,145, Cayman IV 0 04/02/2021 3,250,000 Johnson Electric 1 02/04/2021 3,418, ,000,000 Newford Capital 0 12/05/2016 1,095, HKD 70,000,000 Shine Power International 0 28/07/2019 8,909, India 3,294, ,000,000 Larsen & Toubro /10/2019 3,294, Malaysia 11,082, ,200,000 Cahaya Capital 0 18/09/2021 6,207, SGD 6,000,000 Indah Capital 0 24/10/2018 4,874, Philippines 2,163, ,000,000 AYC Finance /05/2019 2,163, Singapore 15,443, SGD 3,000,000 CapitaLand Commercial Trust 2.5 2,439, /09/2017 SGD 5,000,000 CapitaLand RegS /10/2023 3,860, HKD 13,000,000 China Merchants Pacific ,914, /11/2017 2,000,000 Olam International 6 15/10/2016 2,052, SGD 2,500,000 Ruby /02/2017 2,209, SGD 4,000,000 Suntec Real Estate Investment Trust /03/2018 2,966, South Korea 2,420, ,400,000 Hyundai Heavy Industries 0 2,420, /06/2020 Taiwan 29,461, ,600,000 Advanced Semiconductor Engineering 4,680, /09/2018 2,000,000 Asia Cement 0 13/05/2018 2,009, ,000,000 Epistar 0 07/08/2018 2,988, ,500,000 Radiant Opto-Electronics 0 1,671, /07/2016 6,000,000 Siliconware Precision Industries 0 6,495, /10/2019 6,500,000 TPK RegS 0 08/04/2020 6,404, ,700,000 Zhen Ding Technology 0 26/06/2019 5,211, Thailand 1,489, ,400,000 CP Foods /01/2019 1,489, Total Money Instruments Admitted 147,819,

476 Page 476 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Asian Convertible Bond (cont) Emerging Bond Money Instruments dealt on another Regulated Money Instruments Admitted China 2,615, ,700,000 Ctrip.com International 144A 1 2,615, /07/2020 Singapore 11,367, SGD 11,000,000 CapitaLand RegS /06/2020 7,774, SGD 5,000,000 CapitaLand RegS /06/2025 3,593, Taiwan 12,239, ,400,000 Advanced Semiconductor Engineering 1,404, /03/2018 4,000,000 Far Eastern International Bank 0 4,058, /02/2018 7,000,000 United Microelectronics 0 18/05/2020 6,776, Thailand 1,258, THB 40,000,000 Bangkok Dusit Medical Services 0 1,258, /09/2019 Total Money Instruments dealt on another Regulated 27,481, Total Investments 175,300, Other 2,293, Asset 177,594, Argentina 2,596, ,560,000 Provincia de Buenos Aires RegS ,596, /10/2015 Brazil 8,848, BRL 1,343,500 Brazil Notas do Tesouro Nacional 10 4,120, /01/ ,000 CIMPOR Financial Operations RegS 726, /07/ ,000 Marfrig Europe RegS , /06/2019 2,750,000 Petrobras Global Finance 3 2,537, /01/ ,000 Petrobras Global Finance /06/ , Chile 1,041, ,035,000 Cencosud RegS /01/2023 1,041, China 5,612, HKD 8,000,000 Biostime International 0 20/02/ , ,000 China Aoyuan Property , /01/2019 CNH 5,000,000 China Singyes Solar Technologies 5 791, /08/ ,000 Future Land Development RegS , /01/ ,000 KWG Property /01/ , ,000 Logan Property RegS , /06/ ,000 Times Property /03/ , ,000 Yingde Gases Investment RegS , /04/ ,000 Yuzhou Properties /01/ , Colombia 4,282, ,035,000 Bancolombia /09/2022 1,033, ,770,000 Ecopetrol /05/2045 1,566, COP 4,592,000,000 Empresa de Telecomunicaciones de Bogota RegS 7 17/01/2023 1,683, Ecuador 1,542, ,710,000 Ecuador Government RegS ,542, /06/2024 Ghana 848, ,000 Republic of Ghana RegS , /10/2017 Hong Kong SAR 661, ,000 MIE RegS /04/ , India 1,335, ,000 Rolta Americas RegS , /07/ ,000 Vedanta Resources Jersey /07/ , Indonesia 2,867, ,000 Golden Legacy RegS 9 24/04/ , IDR 13,097,000,000 Indonesia Government , /05/2023 IDR 10,271,000,000 Indonesia Government 7 15/05/ , ,000 Perusahaan Listrik Negara RegS , /10/ ,000 Star Energy Geothermal Wayang Windu RegS /03/ , Kazakhstan 1,484, ,660,000 Development Bank of Kazakhstan RegS 1,484, /12/2022 Lebanon 4,220, ,350,000 Lebanon Government EMTN ,379, /11/2018

477 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 477 Emerging Bond (cont) Emerging Bond (cont) Money Instruments Admitted Money Instruments dealt on another Regulated Lebanon (cont) 1,820,000 Lebanon Government GMTN /11/2019 1,840, Mexico 5,160, ,278 Fermaca Enterprises RegS , /03/2038 MXN 16,450,000 Grupo Televisa EMTN , /05/2043 MXN 51,465,000 Mexican Bonos /06/2027 3,607, Mongolia 1,738, ,800,000 Mongolia Government RegS ,738, /01/2018 Morocco 448, ,000 OCP RegS /10/ , Pakistan 1,079, ,025,000 Pakistan Government RegS ,079, /04/2019 Russia 4,203, ,875,000 Gazprom OAO Via Gaz Capital RegS 3,580, /02/ ,000 Mobile Telesystems OJSC via MTS International Funding RegS 5 30/05/ , South Africa 1,824, ,800,000 Eskom SOC RegS /02/2025 1,824, Turkey 3,236, TRY 3,475,000 Turkey Government /02/2020 1,204, TRY 2,280,000 Turkey Government /11/ , TRY 3,285,000 Turkey Government /07/2019 1,194, Total Money Instruments Admitted 53,035, Money Instruments dealt on another Regulated Argentina 689, ,000 YPF RegS /07/ , Brazil 3,063, ,090,000 Brazilian Government 5 27/01/ , ,500 Odebrecht Drilling Norbe VIII/IX RegS 427, /06/2021 1,380,000 Odebrecht Finance RegS ,057, /06/ ,000 Samarco Mineracao RegS /11/ , China 600, ,000 YY /04/ , Colombia 1,413, ,000 Banco Davivienda RegS , /07/2022 COP 2,460,000,000 Empresas Publicas de Medellin RegS /09/ , Costa Rica 3,247, ,465,000 Costa Rica Government RegS 7 1,416, /04/2044 2,180,000 Instituto Costarricense de Electricidad RegS /05/2043 1,831, El Salvador 853, ,000 El Salvador Government RegS , /01/ ,000 El Salvador Government RegS /04/ , Luxembourg 403, ,000 Millicom International Cellular RegS 6 403, /03/2025 Mexico 2,406, ,080,000 Metalsa RegS /04/2023 1,024, ,000 Petroleos Mexicanos , /06/ ,000 Servicios Corporativos Javer RegS /04/ , Peru 582, ,000 Banco Internacional del Peru SAA 582, Interbank RegS variable 19/03/2029 Philippines 730, PHP 29,000,000 Philippine Government , /01/2036 Russia 5,260, RUB 82,025,000 Russian Federal Bond - OFZ 6.2 1,323, /01/2018 RUB 92,285,000 Russian Federal Bond - OFZ 7 1,334, /01/2023 1,800,000 Russian Foreign - Eurobond RegS 1,783, /09/ ,000 Severstal OAO Via Steel Capital RegS /10/ , South Africa 2,037, ZAR 19,575,000 South Africa Government 6.5 1,218, /02/2041 ZAR 11,700,000 South Africa Government 7 28/02/ , United States of America 1,199, ,200,000 US Treasury Bill 0 20/08/2015 1,199, Venezuela 1,739, ,340,000 Petroleos de Venezuela RegS 6 1,530, /11/ ,000 Venezuela Government RegS 6 09/12/ , Total Money Instruments dealt on another Regulated 26,414, Other Transferable Securities not dealt on another Regulated Kazakhstan 2,463, ,695,000 KazMunayGas National RegS 4.4 2,463, /04/2023 Total Other Transferable Securities not dealt on another Regulated 2,463, Total Investments 81,913, Other 1,195, Asset 83,109, Ecuador 2,185, ,160,000 Ecuador Government RegS ,185, /03/2020

478 Page 478 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Emerging Corporate Bond Money Instruments Admitted Emerging Corporate Bond (cont) Money Instruments Admitted Brazil 4,024, ,000 Braskem Finance /02/ , ,000 Brazilian Government , /01/ ,000 CIMPOR Financial Operations RegS 342, /07/2024 1,100,000 Marfrig Europe RegS ,051, /06/ ,000 Minerva Luxembourg RegS variable 403, perpetual 510,000 Petrobras Global Finance 3 470, /01/2019 EUR 400,000 Petrobras Global Finance , /04/ ,000 Petrobras Global Finance /03/ , Chile 1,709, ,700,000 Cencosud RegS /01/2023 1,709, China 7,058, CNH 5,000, Degrees International , /09/ ,000 Bluestar Finance EMTN , /06/ ,000 Central Plaza Development variable 205, perpetual 800,000 Charming Light Investments EMTN 806, /09/ ,000 China Aoyuan Property , /05/2018 CNH 1,000,000 China New Town Finance I , /05/2018 CNH 4,000,000 China Singyes Solar Technologies 5 633, /08/ ,000 Dianjian Haixing variable perpetual 407, ,000 ENN Energy 0 26/02/ , ,335 Fufeng RegS /04/ , ,000 Future Land Development , /07/ ,000 Greentown China 8 24/03/ , ,000 Greentown China /02/ , ,000 KWG Property /08/ , ,000 Logan Property RegS , /06/2019 CNH 4,000,000 Longfor Properties /05/ , CNH 2,000,000 Times Property /06/ , ,000 Wanda Properties International , /01/ ,000 Yuzhou Properties /01/ , Colombia 998, ,000,000 Bancolombia /09/ , Czech Republic 418, ,000 CEZ RegS /04/ , El Salvador 714, ,000 AES El Salvador Trust II RegS , /03/2023 Hong Kong SAR 5,944, HKD 2,000,000 ASM Pacific Technology 2 28/03/ , ,000 China Oil & Gas RegS , /04/ ,000 CIFI /04/ , ,000 COSCO Pacific Finance , /01/2023 1,150,000 Goodman HK Finance EMTN ,156, /06/ ,000 HKT Capital No 2 RegS , /04/ ,000 HLP Finance EMTN /04/ , ,000 HLP Finance EMTN /06/ , Hong Kong SAR (cont) 500,000 Johnson Electric 1 02/04/ , ,000 LS Finance /06/ , ,000 MIE EMTN /02/ , ,000 PB Issuer No /07/ , ,000 Shimao Property /01/ , ,000 SmarTone Finance /04/ , ,000 Wiseyear /04/ , India 4,791, ,000 ABJA Investment /01/ , ,000 Bharti Airtel International herlands 628, RegS /03/ ,000 Bharti Airtel International herlands 212, RegS /05/2024 1,000,000 Indian Oil EMTN /08/2023 1,090, ,000 Oil India /04/ , ,000 ONGC Videsh RegS /07/ , ,000 ONGC Videsh RegS /05/ , ,000 Reliance Industries RegS , /02/ ,000 Vedanta Resources Jersey , /07/ ,000 Vedanta Resources RegS 6 389, /01/ ,000 Vedanta Resources RegS /06/ , Indonesia 2,759, ,000 Golden Legacy RegS 9 24/04/ , ,000 Pacific Emerald RegS /07/ , ,000 Pakuwon Prima Pte /07/ , ,000 Pelabuhan Indonesia II RegS , /05/ ,000 Pertamina Persero RegS , /05/ ,000 Perusahaan Gas Negara Persero RegS 605, /05/ ,000 Theta Capital 7 11/04/ , Jamaica 294, ,000 Digicel RegS /03/ , Kazakhstan 717, ,000 Kazakhstan Government RegS , /10/ ,000 KazMunayGas National RegS /07/ , Mexico 2,843, ,000 BBVA Bancomer/Texas RegS ,048, /09/ ,000 Cemex RegS /03/ , ,368 Fermaca Enterprises RegS , /03/ ,000 Grupo Bimbo RegS /06/ , ,000 Grupo Cementos de Chihuahua RegS /02/ , Mongolia 789, ,000 Development Bank of Mongolia RegS 394, /03/ ,000 Mongolia Government RegS , /12/ ,000 Trade & Development Bank of Mongolia RegS /05/ , Peru 190, ,000 Cementos Pacasmayo SAA RegS , /02/2023 Philippines 2,500, ,000 Alliance Global/Cayman , /08/2017

479 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 479 Emerging Corporate Bond (cont) Money Instruments Admitted Emerging Corporate Bond (cont) Money Instruments dealt on another Regulated Philippines (cont) 200,000 Megaworld /04/ , ,000 Petron RegS variable perpetual 634, ,000 Royal Capital variable perpetual 419, ,000 SM Investments /10/ , ,000 Travellers International Hotel /11/ , Russia 2,819, ,000 Gazprom OAO Via Gaz Capital RegS 739, /02/ ,000 Gazprom OAO Via Gaz Capital RegS 672, /04/2034 1,200,000 Mobile Telesystems OJSC via MTS International Funding RegS 5 30/05/2023 1,082, ,000 Mobile Telesystems OJSC via MTS International Funding RegS /06/ , Singapore 3,064, ,000 Oversea-Chinese Banking RegS , /06/2024 1,000,000 Oversea-Chinese Banking RegS variable 1,026, /10/2024 1,300,000 United Overseas Bank EMTN variable 1,325, /09/ ,000 UOB Cayman RegS variable perpetual 205, South Africa 707, ,000 FirstRand Bank EMTN , /04/2020 South Korea 2,525, ,000 Hana Bank RegS /09/ , ,000 Korea Development Bank , /01/ ,000 Korea Exchange Bank , /10/ ,000 Shinsegae variable 08/05/ , ,200,000 Woori Bank RegS /04/2024 1,244, Taiwan 221, ,000 Zhen Ding Technology 0 26/06/ , Thailand 807, ,000 PTT Exploration & Production RegS 807, variable perpetual Turkey 500, ,000 Turkiye Is Bankasi RegS 5 25/06/ , ,000 Turkiye Is Bankasi RegS 6 24/10/ , United Arab Emirates 4,022, ,000 DP World /06/ , ,000 DP World RegS /07/ , ,000 EMG SUKUK /06/ , ,428 Emirates Airline RegS /02/ , ,000 Emirates NBD Tier 1 variable perpetual 598, ,000 Jafz Sukuk 7 19/06/ , ,000 MAF Global Securities variable perpetual 865, Total Money Instruments Admitted 50,425, Money Instruments dealt on another Regulated Brazil 2,000, ,000 Brazilian Government /01/ , ,000 BRF RegS /05/ , Brazil (cont) 410,000 Odebrecht Drilling Norbe VIII/IX RegS /06/2021 1,100,000 Samarco Mineracao RegS /11/ , ,017, Cayman Islands 481, CNH 3,000,000 21Vianet /06/ , Chile 575, ,000 E.CL RegS /01/ , ,000 Empresa Electrica Guacolda RegS /04/ , China 2,956, ,000 Beijing State-Owned Management Hong Kong /05/ , ,000 CRCC Yupeng variable perpetual 612, ,000 Ctrip.com International , /10/ ,000 Franshion Capital RegS 6.8 perpetual 653, ,000 Poly Property /05/ , ,000 Qihoo 360 Technology 144A , /08/ ,000 SouFun 2 15/12/ , ,000 Yancoal International Trading variable perpetual 507, Colombia 2,202, ,000 Banco Davivienda RegS , /07/ ,000 Banco de Bogota RegS 5 15/01/ , ,000 Colombia Telecomunicaciones RegS 398, /09/ ,000 Transportadora de Gas Internacional ESP RegS /03/ , Costa Rica 210, ,000 Instituto Costarricense de Electricidad 210, RegS /05/2043 Hong Kong SAR 864, ,000 Bank of China Hong Kong RegS , /02/ ,000 Bank of East Asia EMTN variable 04/05/ , India 201, ,000 ABJA Investment /07/ , Indonesia 195, ,000 TBG Global /02/ , Luxembourg 661, ,000 Millicom International Cellular RegS 244, /05/ ,000 Telefonica Celular del Paraguay RegS /12/ , Mexico 3,212, ,000 Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santand RegS /11/ , ,000 BBVA Bancomer/Texas RegS , /03/2021 1,000,000 Grupo Televisa 5 13/05/ , ,000 Metalsa RegS /04/ , ,000 Mexichem RegS /09/ , ,090 Mexico Generadora de Energia RegS 721, /12/ ,000 Tenedora Nemak RegS /02/ ,

480 Page 480 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Emerging Corporate Bond (cont) Money Instruments dealt on another Regulated Emerging Local Currency Bond Money Instruments Admitted Peru 3,182, ,000 Banco de Credito del Peru 144A , /01/ ,000 Banco de Credito del Peru RegS , /04/ ,000 BBVA Banco Continental RegS 5 572, /08/ ,000 BBVA Banco Continental RegS variable 606, /09/ ,000 Cia Minera Milpo SAA RegS , /03/ ,000 Transportadora de Gas del Peru RegS /04/ , Russia 1,853, EUR 200,000 Gazprom OAO Via Gaz Capital EMTN 210, /03/ ,000 Russian Foreign - Eurobond RegS , /01/ ,000 Russian Foreign - Eurobond RegS 314, /06/ ,500 Russian Foreign - Eurobond RegS step 659, coupon 31/03/ ,000 Severstal OAO Via Steel Capital RegS /10/ , South Korea 807, CNH 5,000,000 SK Global Chemical Investment Hong 807, Kong /09/2016 Turkey 202, ,000 Turkiye Garanti Bankasi RegS , /10/2019 United States of America 4,799, ,800,000 US Treasury Bill 0 06/08/2015 4,799, Total Money Instruments dealt on another Regulated 24,408, Other Transferable Securities not dealt on another Regulated Kazakhstan 840, ,000,000 KazMunayGas National RegS , /04/2043 Total Other Transferable Securities not dealt on another Regulated 840, Brazil 3,000, BRL 978,500 Brazil Notas do Tesouro Nacional 10 3,000, /01/2017 China 404, HKD 2,000,000 Biostime International 0 20/02/ , CNH 1,000,000 China Singyes Solar Technologies 5 08/08/ , Colombia 622, COP 1,698,000,000 Empresa de Telecomunicaciones de 622, Bogota RegS 7 17/01/2023 Hungary 1,043, HUF 289,850,000 Hungary Government /06/2018 1,043, Indonesia 2,144, IDR 5,263,000,000 Indonesia Government , /05/2023 IDR 17,994,000,000 Indonesia Government ,112, /05/2028 IDR 5,847,000,000 Indonesia Government 7 15/05/ , IDR 3,831,000,000 Indonesia Government /03/ , Mexico 2,731, MXN 6,420,000 Grupo Televisa EMTN , /05/2043 MXN 17,485,000 Mexican Bonos 5 11/12/2019 1,107, MXN 18,185,000 Mexican Bonos /06/2027 1,274, Poland 1,077, PLN 1,610,000 Poland Government /04/ , PLN 2,490,000 Poland Government /07/ , Supranational 488, RUB 29,600,000 Eurasian Development Bank EMTN 8 05/10/ , Turkey 2,046, TRY 655,000 Turkey Government /03/ , TRY 2,650,000 Turkey Government /02/ , TRY 2,505,000 Turkey Government /07/ , Total Money Instruments Admitted 13,560, Money Instruments dealt on another Regulated Units in Open-Ended Investment Scheme Colombia 720, COP 1,922,000,000 Empresas Publicas de Medellin RegS 720, /09/2024 Hong Kong SAR 815, ,000 Umbrella Fund II - China Fixed Income I 815, Total Units in Open-Ended Investment Scheme 815, Total Investments 76,488, Other 1,544, Asset 78,033, Malaysia 1,420, MYR 2,475,000 Malaysia Government , /03/2020 MYR 2,900,000 Malaysia Government /09/ , Philippines 251, PHP 10,000,000 Philippine Government , /01/2036 Romania 203, RON 740,000 Romania Government , /06/2017 Russia 1,339, RUB 37,900,000 Russian Federal Bond - OFZ , /01/2018 RUB 50,345,000 Russian Federal Bond - OFZ 7 25/01/ ,

481 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 481 Emerging Local Currency Bond (cont) Global Conservative Convertible Bond Money Instruments dealt on another Regulated Money Instruments Admitted South Africa 2,238, ZAR 17,045,000 South Africa Government 6.5 1,061, /02/2041 ZAR 6,300,000 South Africa Government 7 440, /02/2031 ZAR 9,185,000 South Africa Government /02/ , Thailand 444, THB 13,900,000 Thailand Government /12/ , United States of America 1,149, ,000 US Treasury Bill 0 20/08/ , ,000 US Treasury Bill 0 24/09/ , Total Money Instruments dealt on another Regulated 7,768, Total Investments 21,329, Other 1,035, Asset 22,364, Austria 644, EUR 500,000 IMMOFINANZ /09/ , Belgium 250, EUR 200,000 Sagerpar /10/ , China 1,254, ,000 ENN Energy 0 26/02/ , HKD 3,000,000 Tong Jie 0 18/02/ , Finland 1,101, EUR 900,000 Solidium 0 04/09/2018 1,101, France 11,107, EUR 1,400,000 Airbus 0 01/07/2022 1,587, EUR 135,000 AXA /01/ , EUR 600,000 Cap Gemini 0 01/01/ , EUR 800,500 Crédit Agricole 0 06/12/ , EUR 1,100,000 Fonciere Des Regions ,205, /04/2019 EUR 1,700,000 Fonciere Des Regions ,922, /01/2017 EUR 180,000 Rallye 1 02/10/ , EUR 5,000,000 Suez Environnement 0 27/02/2020 1,215, EUR 170,000 Technip /01/ , EUR 608,400 Unibail-Rodamco 0 01/07/2021 2,181, EUR 226,100 Unibail-Rodamco 0 01/01/ , Germany 5,934, EUR 1,200,000 Deutsche Wohnen /09/2021 1,650, EUR 1,300,000 Haniel Finance Deutschland GmbH 0 1,513, /05/2020 2,000,000 Siemens Financieringsmaatschappij 2,234, /08/ ,000 Siemens Financieringsmaatschappij RegS /08/ , Hong Kong SAR 2,036, HKD 16,000,000 Shine Power International 0 28/07/2019 2,036, Italy 4,323, EUR 3,100,000 Eni /01/2016 3,727, EUR 500,000 Telecom Italia /03/ , Japan 5,741, ,000 Bank of Iwate 0 25/07/ , JPY 100,000,000 Chugoku Electric Power 0 23/03/ , JPY 70,000,000 Chugoku Electric Power 0 25/03/ , JPY 20,000,000 EDION 0 19/06/ , ,000 Gunma Bank 0 11/10/ , ,000 Joyo Bank 0 24/04/ , JPY 30,000,000 Nagoya Railroad 0 11/12/ , JPY 50,000,000 Park /04/ , ,300,000 Shizuoka Bank 0 25/04/2018 1,292, JPY 30,000,000 Sumitomo Forestry 0 24/08/ , JPY 70,000,000 Takashimaya 0 11/12/ , Singapore 1,722, SGD 1,500,000 CapitaLand RegS /06/2020 1,060, SGD 750,000 Ruby /02/ , South Korea 371, KRW 400,000,000 Lotte Shopping 0 24/01/ , Sweden 2,602, SEK 8,000,000 Industrivarden 0 15/05/2019 1,096, EUR 1,200,000 Industrivarden RegS /02/2017 1,505, Switzerland 6,199, CHF 850,000 BKW /09/ , CHF 500,000 Implenia /06/ , CHF 1,060,000 Schindler /06/2017 1,177,

482 Page 482 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Conservative Convertible Bond (cont) Global Convertible Bond Money Instruments Admitted Money Instruments Admitted Switzerland (cont) 2,600,000 STMicroelectronics 0 03/07/2019 2,666, CHF 705,000 Swiss Life Holding 0 02/12/ , United Arab Emirates 2,968, EUR 500,000 Aabar Investments 1 27/03/ , ,800,000 DP World /06/2024 1,955, ,000 National Bank of Abu Dhabi 1 12/03/ , United Kingdom 783, GBP 500,000 British Land White /06/ , Total Money Instruments Admitted 47,040, Money Instruments dealt on another Regulated Japan 1,720, ,100,000 Mitsui OSK Lines 0 24/04/2018 1,035, ,000 Mitsui OSK Lines 0 24/04/ , JPY 50,000,000 Senshukai 0 23/04/ , Mexico 5,771, EUR 5,000,000 America Movil 0 28/05/2020 5,771, Taiwan 401, ,000 Advanced Semiconductor Engineering 401, /03/2018 United Kingdom 508, GBP 300,000 J Sainsbury /11/ , United States of America 23,918, ,000 Brocade Communications Systems 144A 416, /01/2020 3,600,000 Citrix Systems /04/2019 3,825, ,605,000 Illumina 0 15/06/2019 3,018, ,300,000 Intel /12/2035 5,166, ,000 InterDigital 144A /03/ , ,000 Lam Research /05/2016 1,052, ,000 Newmont Mining /07/ , ,320,000 Priceline /06/2020 1,440, ,180,000 Priceline 144A /09/2021 3,036, ,120,000 Red Hat 144A /10/2019 2,569, ,320,000 Royal Gold /06/2019 1,346, ,000 Toll Brothers Finance /09/ , ,000 Twitter 144A 1 15/09/ , Total Money Instruments dealt on another Regulated 32,319, Total Investments 79,360, Other 2,559, Asset 81,920, Austria 6,440, EUR 5,000,000 IMMOFINANZ /09/2019 6,440, Belgium 52,770, EUR 31,000,000 GBL Verwaltung /02/ ,748, EUR 12,000,000 Sagerpar /10/ ,021, China 59,734, ,500,000 ENN Energy 0 26/02/2018 7,368, HKD 164,000,000 Hengan International 0 27/06/ ,617, ,000,000 Semiconductor Manufacturing 4,740, International 0 07/11/2018 HKD 86,000,000 Shenzhou International /06/ ,888, HKD 90,000,000 Tong Jie 0 18/02/ ,119, Finland 21,071, EUR 3,000,000 Nokia RegS 5 26/10/2017 8,709, EUR 10,100,000 Solidium 0 04/09/ ,361, France 136,727, EUR 90,000,000 Air France-KLM /02/ ,471, EUR 7,500,000 Airbus 0 01/07/2022 8,505, EUR 275,000,000 Alcatel-Lucent 0 30/01/ ,964, EUR 200,000,000 Alcatel-Lucent /01/ ,157, EUR 46,500,000 Alcatel-Lucent /07/2018 2,080, EUR 10,790,000 Cap Gemini 0 01/01/ ,078, EUR 3,500,000 Crédit Agricole 0 06/12/2016 2,960, EUR 4,559,900 Ingenico 0 26/06/2022 8,705, EUR 10,000,000 Misarte /01/ ,594, EUR 24,000,000 Peugeot /01/2016 8,336, EUR 9,000,000 Rallye 1 02/10/ ,870, EUR 44,710,000 Suez Environnement 0 27/02/ ,872, EUR 1,000,000 Unibail-Rodamco 0 01/07/2021 3,585, EUR 4,000,000 Unibail-Rodamco 0 01/01/ ,545, Germany 216,790, EUR 16,000,000 adidas /06/ ,464, EUR 13,000,000 Deutsche Post /12/ ,443, EUR 11,200,000 Deutsche Wohnen /09/ ,400, EUR 4,100,000 Fresenius & Co. KGaA 0 24/09/2019 5,994, EUR 8,000,000 Fresenius Medical Care & Co. KGaA 10,876, /01/2020 EUR 24,500,000 Haniel Finance Deutschland GmbH 0 28,532, /05/2020 EUR 18,000,000 RAG-Stiftung 0 31/12/ ,124, ,000,000 Siemens Financieringsmaatschappij 29,042, /08/ ,000,000 Siemens Financieringsmaatschappij 42,941, RegS /08/2017 EUR 15,000,000 Volkswagen International Finance RegS /11/ ,969, Hong Kong SAR 46,439, HKD 40,000,000 ASM Pacific Technology 2 28/03/2019 5,575, ,000,000 China Overseas Finance Investment 17,785, Cayman IV 0 04/02/2021 5,000,000 Johnson Electric 1 02/04/2021 5,259, HKD 140,000,000 Shine Power International 0 28/07/ ,819, Italy 119,525, EUR 3,000,000 Buzzi Unicem /07/2019 3,830, EUR 38,000,000 Eni /01/ ,697, EUR 8,000,000 Prysmian /03/ ,006, EUR 50,400,000 Telecom Italia /03/ ,990, Japan 216,322, JPY 300,000,000 Advantest 0 14/03/2019 2,538, JPY 1,900,000,000 Chugoku Electric Power 0 23/03/ ,485, JPY 780,000,000 Chugoku Electric Power 0 25/03/2020 6,932, JPY 1,055,000,000 Ebara 0 19/03/ ,031, JPY 550,000,000 EDION 0 01/10/2021 4,985,

483 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 483 Global Convertible Bond (cont) Global Convertible Bond (cont) Money Instruments Admitted Money Instruments Admitted Japan (cont) JPY 370,000,000 EDION 0 19/06/2025 3,025, ,000,000 Gunma Bank 0 11/10/2019 3,525, JPY 400,000,000 Japan Airport Terminal 0 04/03/2022 3,722, ,000,000 Joyo Bank 0 24/04/2019 7,272, JPY 1,350,000,000 Kawasaki Kisen Kaisha 0 26/09/ ,054, JPY 1,300,000,000 Nagoya Railroad 0 11/12/ ,072, JPY 200,000,000 Resorttrust 0 01/12/2021 1,831, JPY 350,000,000 SBI 0 02/11/2017 3,352, JPY 660,000,000 T&D 0 05/06/2020 5,663, JPY 580,000,000 Taiyo Yuden 0 27/01/2021 5,226, JPY 1,700,000,000 Takashimaya 0 11/12/ ,497, JPY 1,300,000,000 Takashimaya 0 11/12/ ,750, JPY 600,000,000 Teijin 0 12/12/2018 6,067, JPY 200,000,000 Teijin 0 10/12/2021 2,091, JPY 600,000,000 Terumo 0 04/12/2019 5,139, JPY 1,600,000,000 Terumo 0 06/12/ ,742, JPY 1,700,000,000 Toppan Printing 0 19/12/ ,246, JPY 600,000,000 Toray Industries 0 30/08/2019 5,962, JPY 800,000,000 Toray Industries 0 31/08/2021 8,436, JPY 2,210,000,000 Yamada Denki 0 28/06/ ,687, ,000,000 Yamaguchi Financial FRN 26/03/ ,979, Jersey 11,222, GBP 6,000,000 British Land Jersey /09/ ,222, Malaysia 5,686, SGD 7,000,000 Indah Capital 0 24/10/2018 5,686, herlands 10,836, EUR 4,000,000 OCI /09/2018 5,111, EUR 4,200,000 Salzgitter Finance 2 08/11/2017 5,724, Norway 10,438, EUR 8,000,000 Marine Harvest /05/ ,438, Philippines 2,163, ,000,000 AYC Finance /05/2019 2,163, Singapore 44,021, SGD 34,500,000 CapitaLand RegS /06/ ,382, SGD 22,000,000 CapitaLand RegS /10/ ,987, SGD 3,000,000 Ruby /02/2017 2,651, Spain 5,389, EUR 3,900,000 Acciona 3 30/01/2019 5,389, Sweden 16,889, SEK 50,000,000 Industrivarden 0 15/05/2019 6,852, EUR 8,000,000 Industrivarden RegS /02/ ,037, Switzerland 27,048, ,000,000 STMicroelectronics 0 03/07/ ,306, ,000,000 STMicroelectronics 1 03/07/ ,742, Taiwan 49,712, ,400,000 Advanced Semiconductor Engineering 9,620, /09/2018 3,000,000 Asia Cement 0 13/05/2018 3,014, ,000,000 Epistar 0 07/08/2018 5,977, ,000,000 Siliconware Precision Industries 0 12,990, /10/2019 6,000,000 TPK RegS 0 08/04/2020 5,911, ,000,000 Zhen Ding Technology 0 26/06/ ,197, United Arab Emirates 77,048, EUR 28,000,000 Aabar Investments /03/ ,035, EUR 24,000,000 Aabar Investments 1 27/03/ ,369, ,400,000 DP World /06/ ,644, United Kingdom 12,531, GBP 8,000,000 British Land White /06/ ,531, United States of America 8,616, ,000,000 QIAGEN /03/2019 7,527, ,000,000 QIAGEN /03/2021 1,088, Total Money Instruments Admitted 1,157,428, Money Instruments dealt on another Regulated China 11,474, ,000,000 Ctrip.com International ,539, /10/2018 7,160,000 Ctrip.com International 144A 1 01/07/2020 6,935, Japan 55,220, JPY 790,000,000 CYBERDYNE 0 12/12/2017 7,066, JPY 190,000,000 Daifuku 0 02/10/2017 2,094, JPY 320,000,000 Iida 0 18/06/2020 2,704, JPY 600,000,000 K's 0 20/12/2019 6,234, JPY 900,000,000 LIXIL 0 04/03/2020 7,272, JPY 1,400,000,000 LIXIL 0 04/03/ ,089, ,000,000 Mitsui OSK Lines 0 24/04/2018 9,415, ,000,000 Mitsui OSK Lines 0 24/04/2020 7,269, JPY 200,000,000 Shionogi & Co. 0 17/12/2019 2,072, Mexico 89,362, EUR 44,000,000 America Movil 0 28/05/ ,791, ,800,000 Cemex /03/ ,788, ,000,000 Cemex /03/ ,781, herlands 23,444, ,200,000 NXP Semiconductor 144A 1 23,444, /12/2019 Taiwan 10,648, ,000,000 United Microelectronics 0 18/05/ ,648, United States of America 602,155, ,000,000 Akamai Technologies 0 15/02/ ,726, ,000,000 Brocade Communications Systems 144A 14,560, /01/ ,000,000 Citrix Systems /04/ ,062, ,000,000 FireEye 1 01/06/ ,575, ,000,000 Hologic step coupon 15/12/2037 3,315, ,000,000 Illumina 0 15/06/ ,428, ,000,000 Illumina /06/2021 8,575, ,850,000 Impax Laboratories 144A 2 13,936, /06/2022 7,500,000 Intel /12/2035 9,011, ,000,000 Intel /08/ ,828, ,000,000 InterDigital 144A /03/2020 9,281, ,880,000 Isis Pharmaceuticals 144A 1 11,621, /11/2021 6,160,000 Jarden /03/2034 7,268, ,500,000 Jazz Investments I 144A ,256, /08/2021 6,000,000 Lam Research /05/2016 7,893, ,470,000 Liberty Media /10/2023 7,124, ,000,000 LinkedIn 144A /11/ ,976, ,000,000 Medicines 144A /01/2022 3,301, ,129,000 Microchip Technology 144A ,261, /02/ ,010,000 Micron Technology 3 15/11/ ,053, ,000,000 NVIDIA 1 01/12/ ,538, ,620,000 Priceline /06/ ,775, ,000,000 Priceline 144A /09/ ,055, ,000,000 Red Hat 144A /10/ ,390,

484 Page 484 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Convertible Bond (cont) Global Credit Duration Hedged Money Instruments dealt on another Regulated Money Instruments Admitted EUR United States of America (cont) 16,072,000 Royal Gold /06/ ,391, ,350,000 Salesforce.com /04/ ,875, ,000,000 SanDisk /10/ ,707, ,000,000 SanDisk /08/ ,550, ,961,000 ServiceNow 0 01/11/ ,027, ,000,000 SolarCity /11/2018 2,173, ,555,000 SunEdison 144A /01/ ,697, ,000,000 SunEdison 144A /06/ ,137, ,000,000 Tesla Motors /03/ ,767, ,000,000 Tesla Motors /03/ ,458, ,000,000 Twitter 144A /09/ ,345, ,000,000 Twitter 144A 1 15/09/ ,545, ,000,000 Whiting Petroleum 144A ,282, /04/ ,900,000 Wright Medical 144A 2 15/02/ ,641, ,500,000 Yahoo! 0 01/12/2018 8,739, Total Money Instruments dealt on another Regulated 792,306, Total Investments 1,949,735, Other 1,358, Asset 1,951,093, Belgium 421, EUR 100,000 Anheuser-Busch InBev EMTN , /09/2021 EUR 200,000 Anheuser-Busch InBev EMTN , /01/2033 EUR 100,000 Belfius Bank EMTN /05/ , Brazil 673, ,000 Banco Nacional de Desenvolvimento Economico e Social RegS /09/ , ,000 Marfrig Europe 144A /06/ ,000 Petrobras Global Finance 3 15/01/ , , Canada 1,428, ,000 Bank of Nova Scotia /07/ , ,000 Bank of Nova Scotia , /01/ ,000 Barrick Gold /05/ , ,000 Barrick North America Finance , /05/ ,000 Suncor Energy /06/ , ,000 Suncor Energy /06/ , ,000 Teck Resources /01/ , ,000 Teck Resources /02/ , Chile 179, ,000 Cencosud RegS /01/ , China 740, ,000 CNOOC Curtis Funding No 1 RegS , /10/2023 EUR 460,000 State Grid Europe Development /01/ , Colombia 154, ,000 Bancolombia /09/ , Costa Rica 174, ,000 Costa Rica Government RegS , /03/2045 Denmark 155, GBP 100,000 DONG Energy EMTN , /01/2032 France 3,663, EUR 300,000 Accor variable perpetual 299, EUR 100,000 Cap Gemini /07/ , GBP 100,000 CNP Assurances variable 30/09/ , EUR 200,000 CNP Assurances variable perpetual 195, EUR 200,000 Credit Agricole /03/ , EUR 300,000 Credit Agricole/London EMTN , /11/2020 GBP 200,000 Electricite de France EMTN , /09/2050 EUR 360,000 GELF Bond Issuer I EMTN , /11/2021 EUR 314,000 La Mondiale SAM variable perpetual 319, ,000 Orange /01/ , EUR 500,000 Societe Fonciere Lyonnaise , /11/2021 EUR 100,000 Société Generale EMTN , /02/2025 EUR 200,000 Société Generale EMTN 4 07/06/ , EUR 460,000 TOTAL EMTN variable perpetual 428, Germany 1,833, EUR 100,000 Continental EMTN /09/ , EUR 371,000 Deutsche Post EMTN /12/ ,

485 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 485 Global Credit Duration Hedged (cont) Global Credit Duration Hedged (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Germany (cont) EUR 200,000 Deutsche Telekom International Finance 258, EMTN /04/2025 GBP 227,000 E.ON International Finance EMTN 395, /06/2032 EUR 300,000 Eurogrid GmbH /06/ , EUR 400,000 Grand City Properties /04/ , India 325, EUR 154,000 ONGC Videsh /07/ , ,000 Rolta Americas RegS /07/ , Indonesia 281, ,000 Pertamina Persero RegS 6 03/05/ , Ireland 683, EUR 200,000 Bank of Ireland EMTN , /04/2020 EUR 300,000 Bank of Ireland EMTN 2 08/05/ , ,000 Fly Leasing /12/ , Italy 2,173, EUR 100,000 Assicurazioni Generali EMTN , /05/2026 GBP 50,000 Enel Finance International EMTN , /09/2040 GBP 149,000 Enel variable 10/09/ , EUR 569,000 FCA Capital Ireland EMTN 4 614, /10/2018 EUR 165,000 Generali Finance EMTN variable 157, perpetual EUR 130,000 Intesa Sanpaolo EMTN 2 18/06/ , EUR 179,000 Intesa Sanpaolo EMTN , /09/2026 EUR 240,000 Pirelli International EMTN , /11/2019 EUR 100,000 Snam EMTN 5 18/01/ , ,000 Telecom Italia 144A /05/ , Japan 422, EUR 430,000 Nomura Europe Finance EMTN , /05/2021 Kazakhstan 168, ,000 Kazakhstan Government RegS , /10/2024 Mexico 396, ,803 Fermaca Enterprises 144A , /03/2038 herlands 3,452, EUR 100,000 ABN AMRO Bank EMTN variable 100, /06/2025 EUR 600,000 Achmea Bank EMTN , /04/2022 EUR 171,000 Achmea EMTN variable 04/04/ , EUR 140,000 Achmea EMTN variable perpetual 135, EUR 260,000 Atradius Finance variable 23/09/ , EUR 100,000 Cooperatieve Centrale Raiffeisen- Boerenleenbank EMTN /09/ , GBP 200,000 Koninklijke KPN GMTN 5 18/11/ , GBP 150,000 Koninklijke KPN GMTN , /09/ ,000 LYB International Finance , /03/ ,000 Shell International Finance , /05/2025 EUR 858,000 TenneT variable perpetual 936, Romania 160, ,000 Romanian Government RegS , /01/2024 Spain 204, EUR 200,000 Abertis Infraestructuras , /02/2025 Sweden 617, EUR 420,000 Molnlycke /02/ , GBP 100,000 Vattenfall EMTN /04/ , United Kingdom 9,172, GBP 660,000 Abbey National Treasury Services/ 901, London EMTN /02/2020 GBP 370,000 Anglian Water Services Financing step 696, coupon 15/01/ ,000 Barclays /06/ , ,000 Barclays Bank 144A , /06/2021 EUR 100,000 Coventry Building Society , /11/2020 GBP 120,000 CPUK Finance EMTN , /02/ ,000 Ensco /03/ , GBP 400,000 Eversholt Funding EMTN , /02/2035 EUR 500,000 FCE Bank EMTN /05/ , EUR 440,000 Heathrow Funding EMTN , /02/2030 GBP 100,000 HSBC EMTN 6 29/03/ , ,000 Jaguar Land Rover Automotive 144A 175, /03/2020 EUR 594,000 Lloyds TSB Bank EMTN variable 681, /12/ ,000 Rio Tinto Finance USA , /08/ ,000 Royal Bank of Scotland RegS variable 225, /03/2022 GBP 300,000 Scottish Widows /06/ , GBP 320,000 Southern Water Services Finance EMTN 464, variable 31/03/ ,000 Standard Chartered 144A , /01/ ,000 Standard Chartered RegS , /04/2018 EUR 210,000 Tesco EMTN /04/ , GBP 68,000 Tesco EMTN /02/ , GBP 168,000 Thames Water Utilities Cayman Finance 249, EMTN variable 21/07/2025 GBP 220,000 Thames Water Utilities Cayman Finance 347, EMTN variable 13/09/2030 EUR 400,000 Yorkshire Building Society EMTN /03/ , United States of America 12,478, ,000 Actavis Funding 3 12/03/ , ,000 Actavis Funding /03/ , ,000 Actavis Funding /03/ , ,000 Actavis Funding /06/ , ,000 Altria 4 31/01/ , ,000 Altria /01/ , ,000 American Express /12/ , ,000 American International /07/ , EUR 100,000 AT&T /06/ , ,000 Bank of America MTN /08/ , ,000 Bank of America variable perpetual 606, ,000 Becton Dickinson & Co , /12/ ,000 Chesapeake Energy FRN 15/04/ , ,000 ConocoPhillips /02/ , ,000 Eastman Chemical /10/ , ,000 Eastman Chemical /09/ , ,000 Ensco /03/ , ,000 EOG Resources /03/ , ,000 Ford Motor /01/ ,

486 Page 486 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Global Credit Duration Hedged (cont) Global Credit Duration Hedged (cont) Money Instruments Admitted EUR Money Instruments dealt on another Regulated EUR United States of America (cont) GBP 200,000 GE Capital UK Funding EMTN , /05/ ,000 General Electric Capital , /03/ ,000 Goldman Sachs /01/ , ,000 Hewlett-Packard /01/ , ,000 Hewlett-Packard /09/ , ,000 Hewlett-Packard /09/ , ,000 HSBC Bank USA /08/ , ,000 International Paper /11/ , ,000 Johnson Controls /12/ , ,000 JPMorgan Chase & Co , /09/ ,000 Kinder Morgan /06/ , ,000 Kinder Morgan Energy Partners , /04/ ,000 Macy's Retail /01/ , ,000 Marathon Petroleum /09/ , ,000 Marathon Petroleum 5 15/09/ , ,000 MetLife /12/ , EUR 320,000 Metropolitan Life Global Funding I GMTN 318, /09/ ,000 Monsanto /07/ , ,000 Nisource Finance /03/ , ,000 Noble Energy /12/ , ,000 Philip Morris International , /08/ ,000 Phillips /04/ , ,000 Phillips /11/ , ,000 Phillips /05/ , EUR 375,000 Prologis International Funding II EMTN 348, /04/2025 EUR 275,000 Prologis International Funding II EMTN 289, /04/ ,000 Reynolds American /11/ , ,000 Reynolds American /06/ , ,000 Schlumberger Investment , /12/ ,000 Synchrony Financial /08/ , ,000 Synchrony Financial /08/ , ,000 Williams Partners /03/ , Total Money Instruments Admitted 39,962, Money Instruments dealt on another Regulated EUR Brazil 171, ,000 Brazilian Government /01/ , Ecuador 180, ,000 Ecuador Government RegS , /03/2020 France 1,228, ,000 BNP Paribas /05/ , ,000 BPCE 144A /03/ , ,000 BPCE MTN /01/ , EUR 200,000 Orange EMTN /09/ , Germany 1,592, ,000 Bayer US Finance RegS 3 08/10/ , ,000 EMD Finance 144A /03/ , ,000 Siemens Financieringsmaatschappij 220, A /05/ ,000 Siemens Financieringsmaatschappij RegS /05/ , Italy 721, ,000 Intesa Sanpaolo /01/ , EUR 300,000 Snam EMTN /04/ , Mexico 579, ,000 Petroleos Mexicanos RegS , /07/ ,000 Petroleos Mexicanos RegS /01/ , herlands 886, ,000 Cooperatieve Centrale Raiffeisen- 886, Boerenleenbank 144A variable perpetual Panama 180, ,000 Panama Government 4 22/09/ , Peru 194, ,000 BBVA Banco Continental RegS 5 194, /08/2022 Portugal 860, EUR 849,165 TAGUS-Sociedade de Titularizacao de 860, Creditos /02/2018 Switzerland 654, ,000 Credit Suisse/New York , /04/ ,000 Glencore Funding 144A /04/ , Thailand 202, ,000 Thai Oil RegS /01/ , United States of America 26,425, ,000 AbbVie /11/ , ,000 AbbVie /05/ , ,000 American International , /01/ ,000 American Tower /06/ , EUR 200,000 Amgen /12/ , ,000 Anadarko Petroleum /07/ , ,000 Anthem /08/ , ,000 Anthem /01/ , ,000 AT&T /02/ , ,000 AT&T /08/ , EUR 100,000 AT&T /03/ , ,000 AT&T 3 30/06/ , ,000 AT&T /06/ , ,000 AT&T /05/ , ,000 AT&T /05/ , ,000 Bank of America /05/ , ,000 Bank of America /04/ , ,000 Bank of America MTN /08/ , ,000 BorgWarner /03/ , ,000 Capital One Bank USA , /02/ ,047 CarFinance Capital Auto Trust A 184, A /06/ ,000 CBS /01/ , ,000 Citigroup /03/ , ,000 Comcast /03/ , ,771 Consumer Credit Origination Loan Trust 197, A /03/ ,000 Continental Resources 5 15/09/ , ,000 Devon Energy /05/ , ,000 Devon Energy 5 15/06/ , ,000 Digital Realty Trust /07/ , ,000 Discover Financial Services , /03/ ,000 Dynegy 144A /11/ , ,000 Dynegy 144A /11/ ,

487 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 487 Global Credit Duration Hedged (cont) Global Credit Duration Hedged (cont) Money Instruments dealt on another Regulated EUR Money Instruments dealt on another Regulated EUR United States of America (cont) 85,000 Dynegy 144A /11/ , ,000 Eaton /11/ , ,000 ECAF I A A /06/ , EUR 100,000 Eli Lilly & Co /06/ , ,000 Energy Transfer Partners , /02/ ,000 Energy Transfer Partners , /10/ ,000 EQT /11/ , ,000 EV Energy Partners/EV Energy Finance 110, /04/ ,000 FedEx 4 15/01/ , ,000 Ford Motor Credit /11/ , ,000 Freeport-McMoRan /03/ , ,000 Freeport-McMoRan /03/ , ,000 Gilead Sciences /04/ , ,000 Goldman Sachs Group MTN FRN 566, /11/ ,000 HJ Heinz 144A /07/ , EUR 100,000 HJ Heinz 2 30/06/ , ,000 Kraft Foods /02/ , ,000 Lorillard Tobacco /05/ , ,000 McDonald's MTN /05/ , ,000 McGraw Hill Financial 144A 4 90, /06/ ,000 Medtronic 144A /03/ , EUR 300,000 Mondelez International , /03/ ,000 Morgan Stanley /01/ , ,000 Nielsen Finance 144A 5 15/04/ , ,000 Norfolk Southern 3 01/04/ , ,000 Occidental Petroleum /02/ , ,000 Philip Morris International , /11/ ,000 Phillips 66 Partners /02/ , ,000 PNC Bank /11/ , ,000 PNC Bank MTN /06/ , ,000 Reynolds American /06/ , ,000 Sabine Pass Liquefaction 144A , /03/ ,000 Sempra Energy /03/ , ,000 Signet UK Finance /06/ , ,000 Sirius XM Radio 144A , /04/ ,000 Springleaf Funding Trust 2015-AA A 297, /11/ ,000 Tyson Foods /06/ , ,000 United Rentals North America , /07/ ,000 US Treasury /05/ , ,200,000 US Treasury /10/2015 1,074, ,000 US Treasury /05/ , ,500 US Treasury /05/ , ,000 US Treasury /02/ , ,000 US Treasury 3 15/11/ , ,000,000 US Treasury Bill 0 05/11/2015 1,783, ,500,000 US Treasury Bill 0 23/07/2015 2,229, ,000 Ventas Realty /02/ , ,000 Verizon Communications , /02/2020 1,058,000 Verizon Communications RegS , /03/ ,000 Voya Financial /07/ , ,000 Valeant Pharmaceuticals International 114, A /05/ ,000 Valeant Pharmaceuticals International 96, A /04/2025 GBP 200,000 Wells Fargo & Co. EMTN /04/ , United States of America (cont) 881,000 Wells Fargo & Co. MTN /06/ , Total Money Instruments dealt on another Regulated 33,878, Total Investments 73,841, Other 3,991, Asset 77,832,

488 Page 488 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments RMB Fixed Income RMB Fixed Income (cont) Money Instruments Admitted RMB Money Instruments dealt on another Regulated RMB China 100,091, RMB 6,000,000 Bank of China /05/2017 6,002, RMB 4,000,000 Bank of China/London EMTN ,002, /01/2017 RMB 8,000,000 Bestgain Real Estate EMTN ,012, /12/2016 RMB 10,000,000 China Construction Bank variable 10,129, /11/2024 RMB 4,000,000 China Development Bank 4.2 4,033, /01/2027 RMB 5,000,000 China General Nuclear Power ,005, /11/2015 RMB 13,000,000 China Government /06/ ,812, RMB 5,000,000 China Government /06/2023 4,946, RMB 9,000,000 China Government /06/2027 9,051, RMB 2,000,000 China Government /06/2028 2,001, RMB 4,000,000 China Government /05/2021 4,123, RMB 9,000,000 Hang Seng Bank China ,958, /07/2017 RMB 1,000,000 Industrial & Commercial Bank of China/ 997, Singapore EMTN /11/2015 RMB 5,000,000 Industrial & Commercial Bank of China/ 5,009, Singapore EMTN /09/2016 RMB 1,000,000 Shanghai Baosteel /03/2017 1,008, RMB 14,000,000 Sinochem Offshore Capital /05/ ,997, France 11,099, RMB 8,000,000 Air Liquide Finance /09/2018 8,064, RMB 3,000,000 BNP Paribas EMTN variable 17/03/2025 3,035, Germany 2,013, RMB 2,000,000 Volkswagen International Finance EMTN 2,013, /11/2017 Japan 9,084, RMB 1,000,000 Mitsubishi UFJ Lease & Finance EMTN 994, /02/2017 RMB 8,000,000 Mitsui & Co. EMTN /03/2017 8,089, New Zealand 14,926, RMB 15,000,000 Fonterra Co-operative EMTN ,926, /01/2019 Singapore 7,032, RMB 3,000,000 BOC Aviation EMTN /11/2018 3,045, RMB 4,000,000 Global Logistic Properties EMTN /05/2016 3,987, South Korea 16,027, RMB 6,000,000 EIBKOR /11/2019 6,008, RMB 10,000,000 Export-Import Bank of Korea EMTN /01/ ,019, Total Money Instruments Admitted 160,275, Money Instruments dealt on another Regulated RMB China (cont) RMB 3,000,000 China Construction Bank 3.8 3,019, /09/2017 RMB 2,000,000 China Development Bank/Hong Kong 1,918, /09/2021 RMB 5,000,000 China Government /05/2021 5,154, RMB 2,000,000 China Government 4 22/05/2024 2,105, RMB 1,000,000 China Government /05/2029 1,080, RMB 11,000,000 China Power Construction ,042, /05/2017 RMB 8,000,000 China Resources Power ,002, /11/2015 RMB 3,000,000 People'S Republic Of China 4 22/05/2024 3,158, Hong Kong SAR 21,072, RMB 3,000,000 ICBCIL Finance /06/2018 3,027, RMB 10,000,000 Starway Enterprises ,042, /01/2017 RMB 8,000,000 Wharf Finance EMTN 4 27/03/2018 8,001, South Korea 12,030, RMB 12,000,000 SK Global Chemical Investment Hong 12,030, Kong /09/2016 Total Money Instruments dealt on another Regulated 92,638, Other Transferable Securities not dealt on another Regulated RMB Malaysia 6,002, RMB 6,000,000 Cagamas Global EMTN 3.7 6,002, /09/2017 Japan 6,961, RMB 7,000,000 Bank of Tokyo Mitsubishi UJF ,961, /05/2017 Total Other Transferable Securities not dealt on another Regulated 12,964, Units in Open-Ended Investment Scheme RMB Hong Kong SAR 29,336, ,991 Umbrella Fund II - China Fixed Income I CNH 29,336, Total Units in Open-Ended Investment Scheme 29,336, Total Investments 295,214, Other 15,948, Asset 311,163, Australia 7,029, RMB 4,000,000 Australia & New Zealand Banking EMTN 3,988, variable 30/01/2025 RMB 3,000,000 Commonwealth Bank of Australia EMTN variable 11/03/2025 3,041, China 52,505, RMB 2,000,000 Agricultural Development Bank of China 2,001, /01/2017 RMB 10,000,000 CGB 3 21/05/ ,020, RMB 5,000,000 China Construction Bank /05/2016 5,001,

489 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 489 EURO Liquidity EURO Liquidity (cont) Money Instruments Admitted EUR Money Instruments Admitted EUR Australia 30,065, EUR 10,000,000 Australia & New Zealand Banking EMTN 10,025, FRN 04/10/2016 EUR 10,000,000 National Australia Bank EMTN FRN 10,034, /01/2018 EUR 10,000,000 National Australia Bank GMTN FRN 16/01/ ,005, Canada 42,976, EUR 18,850,000 Bank of Montreal EMTN FRN 18,910, /11/2016 EUR 10,000,000 Bank of Nova Scotia EMTN FRN 10,029, /09/2016 EUR 14,000,000 Toronto-Dominion Bank EMTN FRN 16/06/ ,036, France 61,008, EUR 3,000,000 Banque Federative du Credit Mutuel 3,016, EMTN FRN 15/11/2016 EUR 4,500,000 Banque Federative du Credit Mutuel 4,498, EMTN FRN 23/03/2017 EUR 2,240,000 BNP Paribas FRN 19/01/2017 2,241, EUR 8,300,000 BPCE EMTN FRN 24/09/2015 8,306, EUR 9,800,000 BPCE EMTN FRN 10/03/2017 9,797, EUR 3,800,000 Crédit Agricole/London EMTN FRN 3,805, /01/2016 EUR 5,500,000 HSBC EMTN FRN 27/01/2016 5,504, EUR 2,000,000 Société Générale EMTN ,001, /07/2015 EUR 2,300,000 Société Générale EMTN FRN 2,307, /01/2016 EUR 10,000,000 Société Générale EMTN FRN 10,016, /03/2016 EUR 9,500,000 Société Générale EMTN FRN 16/01/2017 9,511, herlands 56,543, EUR 10,000,000 ABN AMRO Bank EMTN ,071, /09/2015 EUR 4,290,000 ABN AMRO Bank EMTN ,427, /04/2016 EUR 5,000,000 ABN AMRO Bank EMTN FRN 5,007, /04/2016 EUR 5,000,000 ABN AMRO Bank EMTN FRN 5,021, /08/2016 EUR 8,000,000 Cooperatieve Centrale Raiffeisen- 8,000, Boerenleenbank FRN 22/07/2015 EUR 8,000,000 Cooperatieve Centrale Raiffeisen- 8,002, Boerenleenbank EMTN FRN 07/03/2016 EUR 8,000,000 Cooperatieve Centrale Raiffeisen- 8,006, Boerenleenbank GMTN FRN 15/01/2016 EUR 6,000,000 Cooperatieve Centrale Raiffeisen- 6,004, Boerenleenbank GMTN FRN 13/01/2017 EUR 2,000,000 ING Bank EMTN FRN 28/10/2015 2,000, Sweden 12,596, EUR 6,000,000 Nordea Bank EMTN FRN 25/11/2016 6,014, EUR 3,000,000 Skandinaviska Enskilda Banken FRN 3,004, /08/2016 EUR 3,500,000 Svenska Handelsbanken RegS /02/2016 3,577, Switzerland 23,507, EUR 6,500,000 Credit Suisse/London EMTN FRN 6,501, /08/2015 EUR 3,000,000 Credit Suisse/London EMTN FRN 3,000, /12/2015 EUR 6,000,000 Credit Suisse/London EMTN FRN 5,996, /03/2017 EUR 8,000,000 UBS/London EMTN FRN 05/09/2016 8,008, United Kingdom 23,216, EUR 4,488,000 Abbey National Treasury Services/ London EMTN /10/2015 4,532, United Kingdom (cont) EUR 7,000,000 Abbey National Treasury Services/ 7,002, London EMTN FRN 24/10/2017 EUR 8,399,000 Lloyds Bank EMTN /09/2015 8,455, EUR 2,209,000 Lloyds Bank EMTN FRN 14/10/2015 2,210, EUR 1,000,000 Standard Chartered EMTN /12/2015 1,016, Total Money Instruments Admitted 249,913, Money Instruments dealt on another Regulated EUR France 180,987, EUR 7,000,000 Banque Federative Du Credit Mutuel 0 6,998, /11/2015 EUR 15,000,000 Banque Federative Du Credit Mutuel 0 14,997, /12/2015 EUR 16,000,000 BCPE International /02/ ,000, EUR 8,000,000 BNP Paribas 0 03/08/2015 8,000, EUR 7,000,000 BNP Paribas /09/2015 7,000, EUR 10,000,000 BNP Paribas /01/ ,000, EUR 11,000,000 BNP Paribas /11/ ,000, EUR 12,000,000 Credit Agricole & Investment Bank 0 12,000, /08/2015 EUR 6,000,000 Crédit Agricole 0 18/08/2015 5,999, EUR 9,000,000 Crédit Agricole /12/2015 9,000, EUR 9,000,000 Engie 0 06/11/2015 8,999, EUR 28,000,000 Engie 0 12/11/ ,997, EUR 5,000,000 GDF Suez 0 03/09/2015 5,000, EUR 15,000,000 HSBC 0 09/10/ ,998, EUR 11,000,000 HSBC 0 18/01/ ,995, EUR 4,000,000 Natixis 0 09/08/2015 3,999, EUR 8,000,000 Société Générale /09/2015 8,000, Germany 53,997, EUR 6,000,000 DZ Bank 0 30/11/2015 5,999, EUR 11,000,000 DZ Bank 0 12/02/ ,999, EUR 30,000,000 Volkswagen Financial Services 0 29,998, /11/2015 EUR 7,000,000 Volkswagen Services 0 05/08/2015 7,000, herlands 36,296, EUR 2,300,000 ABN AMRO Bank 0 13/07/2015 2,299, EUR 1,000,000 ABN AMRO Bank 0 17/08/ , EUR 9,000,000 ING Bank 0 08/09/2015 8,999, EUR 8,000,000 ING Bank 0 11/09/2015 7,996, EUR 6,000,000 ING Bank /07/2015 6,000, EUR 10,000,000 Rabobank Nederland 0 26/10/2015 9,999, Qatar 16,992, EUR 17,000,000 Qatar National Bank 0 13/08/ ,992, Supranational 4,000, EUR 4,000,000 European Financial Stability Facility 4,000, /07/2015 Sweden 33,496, EUR 1,500,000 Nordea Bank 0 13/07/2015 1,499, EUR 7,000,000 Nordea Bank 0 18/08/2015 7,000, EUR 14,000,000 Nordea Bank 0 24/08/ ,996, EUR 6,000,000 Nordea Bank 0 08/09/2015 6,000, EUR 5,000,000 Nordea Bank 0 08/01/2016 4,998, Switzerland 40,000, EUR 7,000,000 Credit Suisse 0 28/08/2015 7,000, EUR 10,000,000 Credit Suisse 0 31/08/2015 9,999, EUR 11,000,000 Credit Suisse /07/ ,000, EUR 12,000,000 UBS/London /09/ ,000,

490 Page 490 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments EURO Liquidity (cont) US Dollar Liquidity Money Instruments dealt on another Regulated EUR Money Instruments Admitted United Arab Emirates 40,004, EUR 30,000,000 National Bank of Abu Dhabi 0 30,003, /07/2015 EUR 10,000,000 National Bank of Abu Dhabi 0 28/07/ ,001, United Kingdom 148,996, EUR 13,000,000 Abbey National Treasury Services ,000, /07/2015 EUR 30,000,000 Barclays Bank 0 08/09/ ,998, EUR 20,000,000 JPMorgan Chase Bank 0 09/12/ ,000, EUR 5,000,000 Lloyds Bank /08/2015 5,000, EUR 8,000,000 Lloyds Bank /07/2015 8,000, EUR 2,000,000 Lloyds Banking /07/2015 2,000, EUR 20,000,000 Nationwide Building Society 0 19,999, /08/2015 EUR 8,000,000 Qatar National Bank 0 24/08/2015 8,000, EUR 10,000,000 Qatar National Bank 0 28/09/2015 9,999, EUR 6,000,000 Qatar National Bank 0 19/10/2015 5,999, EUR 10,000,000 Standard Chartered 0 11/02/2016 9,998, EUR 12,000,000 Standard Chartered 0 15/07/ ,999, EUR 2,000,000 Standard Chartered 0 23/10/2015 1,999, EUR 3,000,000 Standard Chartered Bank 0 09/07/2015 3,000, United States of America 24,999, EUR 25,000,000 Procter & Gamble 0 29/09/ ,999, Total Money Instruments dealt on another Regulated 579,771, Total Investments 829,685, Other 19,206, Asset 848,891, Canada 12,007, ,000,000 Royal Bank of Canada ,007, /12/2015 Germany 15,010, ,000,000 KFW /09/ ,010, Supranational 7,028, ,000,000 Inter-American Development Bank 7,028, GMTN /11/2016 Total Money Instruments Admitted 34,046, Money Instruments dealt on another Regulated Canada 77,470, ,000,000 Bank of Montreal 144A ,151, /01/ ,000,000 Bank of Nova Scotia 0 20/10/2015 9,990, ,500,000 Bank of Nova Scotia 144A ,509, /10/2015 2,000,000 Bank of Nova Scotia 144A ,030, /08/ ,000,000 Caisse Centrale Desjardins du Quebec 10,140, A /03/2016 9,380,000 Canadian Imperial Bank of Commerce 9,380, A /07/ ,000,000 National Bank of Canada 144A ,267, /10/ ,000,000 Royal Bank of Canada/New York FRN 10/09/ ,000, herlands 44,959, ,000,000 Bank Nederlandse Gemeenten 0 14,981, /11/ ,000,000 Cooperatieve Centrale Raiffeisen- 14,979, Boerenleenbank 0 02/12/ ,000,000 ING Funding 0 16/07/ ,998, Norway 10,045, ,000,000 DNB Boligkreditt 144A /10/ ,045, Sweden 29,984, ,000,000 Nordea Bank 0 14/09/2015 9,995, ,000,000 Skandinaviska Enskilda Banken 0 14,989, /10/2015 5,000,000 Svenska Handelsbanken 0 13/07/2015 4,999, Switzerland 10,000, ,000,000 UBS/London 144A FRN 08/04/2016 5,000, ,000,000 UBS/Stamford /07/2015 5,000, United Kingdom 19,961, ,000,000 Abbey National 0 11/12/ ,961, United States of America 332,627, ,000,000 Federal Home Loan Bank Discount 29,990, Notes 0 08/09/2015 5,000,000 Federal Home Loan Banks ,002, /02/ ,000,000 FNMA /08/ ,019, ,000,000 FNMA /10/ ,426, ,462,000 Google 0 30/09/2015 3,460, ,000,000 MetLife 0 23/07/ ,998, ,400,000 US Treasury /02/ ,424, ,000,000 US Treasury /08/ ,041, ,000,000 US Treasury /11/ ,080, ,000,000 US Treasury /05/ ,131, ,500,000 US Treasury 2 31/01/ ,733, ,000,000 US Treasury 2 30/04/ ,213,

491 International Selection Fund Semi-Annual Report 30 June 2015 Portfolio of Investments Page 491 US Dollar Liquidity (cont) Global Managed Currency Money Instruments dealt on another Regulated Money Instruments dealt on another Regulated United States of America (cont) 25,000,000 US Treasury /02/ ,325, ,000,000 US Treasury /11/ ,641, ,000,000 US Treasury /05/ ,537, ,000,000 US Treasury Bill 0 17/09/2015 9,998, ,000,000 US Treasury FRN 31/01/ ,000, ,200,000 US Treasury Inflation Indexed Bonds /04/2016 5,600, Total Money Instruments dealt on another Regulated 525,049, Total Investments 559,096, Other 89,473, Asset 648,570, United States of America 14,648, ,200,000 US Treasury Bill 0 02/07/2015 2,199, ,150,000 US Treasury Bill 0 23/07/2015 1,149, ,000 US Treasury Bill 0 30/07/ , ,700,000 US Treasury Bill 0 06/08/2015 1,699, ,200,000 US Treasury Bill 0 13/08/2015 2,199, ,000 US Treasury Bill 0 27/08/ , ,000 US Treasury Bill 0 03/09/ , ,400,000 US Treasury Bill 0 17/09/2015 1,399, ,600,000 US Treasury Bill 0 01/10/2015 1,599, ,000,000 US Treasury Bill 0 10/12/2015 1,999, Total Money Instruments dealt on another Regulated 14,648, Total Investments 14,648, Other 988, Asset 15,637,

492 Page 492 International Selection Fund Semi-Annual Report 30 June 2015 Appendix I - Unaudited TER B1 B1 Fund * A B C D E I IZ J S X Z AX R A1 Acc Dis Mainstream Equity Funds Asian Opportunities EURO Equity European Large Cap Global Equity Italian Equity Japanese Equity Swiss Equity UK Equity US Large Cap Specialist Equity Funds Asia Pacific Property Securities Asian Dividend Maximiser Asian Equity Yield Asian Smaller Companies Asian Total Return BRIC (Brazil, Russia, India, China) China Opportunities Emerging Asia Emerging Europe Emerging s European Dividend Maximiser European Equity (ex UK) European Equity Focus European Equity Yield European Opportunities European Smaller Companies European Special Situations European Total Return Frontier s Equity Global Climate Change Equity Global Demographic Opportunities Global Dividend Maximiser Global Emerging Opportunities Global Emerging s Smaller Companies Global Energy Global Equity Yield Global Property Securities Global Recovery Global Small Cap Energy Global Smaller Companies Greater China Hong Kong Equity Indian Equity Indian Opportunities Japanese Opportunities Japanese Smaller Companies Korean Equity Latin American Middle East Swiss Equity Opportunities Swiss Small & Mid Cap Equity Taiwanese Equity UK Opportunities US Small & Mid-Cap Equity US Smaller Companies Style Equity Funds European Small & Mid-Cap * For the multi-currency, hedged and duration hedged classes, the rate of the management fees is the same as the one applicable to the base currency equivalent classes.

493 International Selection Fund Semi-Annual Report 30 June 2015 Appendix I - Unaudited TER (cont) Page 493 B1 B1 Fund * A B C D E I IZ J S X Z AX R A1 Acc Dis Alpha Equity Funds European Equity Alpha Global Equity Alpha Japanese Equity Alpha Quantitative Equity Funds QEP Global Active QEP Global Blend QEP Global Core QEP Global Emerging s QEP Global Quality QEP Global Plus Asset Allocation Funds Global Tactical Asset Allocation Multi-Asset Funds Asian Diversified Growth Emerging Multi-Asset Income ** Global Conservative Global Diversified Growth Global Dynamic Balanced Global Multi-Asset Allocation Global Multi-Asset Income Japan DGF Strategic Beta Wealth Preservation EUR Wealth Preservation Multi-Manager Funds Multi-Manager Global Diversity Absolute Return Funds Asian Bond Absolute Return Emerging s Debt Absolute Return European Alpha Absolute Return European Equity Absolute Return QEP Global Absolute ** Mainstream Bond Funds EURO Bond EURO Government Bond EURO Short Term Bond Global Bond Global Inflation Linked Bond Hong Kong Dollar Bond US Dollar Bond Specialist Bond Funds Asian Local Currency Bond EURO Corporate Bond EURO Credit Conviction EURO High Yield Global Corporate Bond Global High Income Bond Global High Yield Global Unconstrained Bond Strategic Bond Strategic Credit Specialist Bond Funds (Medium-higher Risk) Asian Convertible Bond Emerging Bond * For the multi-currency, hedged and duration hedged classes, the rate of the management fees is the same as the one applicable to the base currency equivalent classes. ** Please refer to the Directors Report for the details of all corporate actions that occurred during the period under review.

494 Page 494 International Selection Fund Semi-Annual Report 30 June 2015 Appendix I - Unaudited TER (cont) B1 B1 Fund * A B C D E I IZ J S X Z AX R A1 Acc Dis Specialist Bond Funds (Medium-higher Risk) (cont) Emerging Corporate Bond Emerging Local Currency Bond Global Conservative Convertible Bond Global Convertible Bond Global Credit Duration Hedged RMB Fixed Income Liquidity Funds EURO Liquidity US Dollar Liquidity Currency Funds Global Managed Currency * For the multi-currency, hedged and duration hedged classes, the rate of the management fees is the same as the one applicable to the base currency equivalent classes.

495

496 Investment Management (Luxembourg) S.A. 5, rue Höhenhof L-1736 Senningerberg Grand Duchy of Luxembourg Tel: (+352) Fax: (+352) S SAR 30 June 2015 LUEN