Rapport Annuel SICAV-FIS Audited Signed 20131231

Fonds de Compensation
de la Scurit Sociale,
SICAVFIS
Socit dInvestissement Capital Variable Fonds dInvestissement Spcialis
Annual Report including audited financial statements

as of 31 December 2013
R.C.S. Luxembourg B 129 879
No subscriptions can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the
current Issue Document accompanied with the latest annual and most recent semi-annual report, ifpublished thereafter.
Fonds de Compensation de la Scurit Sociale, SICAV-FIS
Socit dInvestissement Capital Variable

Fonds dInvestissement Spcialis
Annual Report including audited financial statements
Contents
General Information
Information to the Shareholder
FDC SICAV Obligations EUR Actif 1

Schedule of Investments and Other Net Assets
Industrial Classification of the Investment Portfolio
Report of the Board of Directors4

Report of the Rviseur dentreprises agr
Statement of Net Assets
Statement of Operations and Changes in Net Assets
15
Notes to the Financial Statements
17
FDC SICAV Actions Monde Actif 1
31
31
34


FDC SICAV Actions Monde Index

FDC SICAV Actions Monde Small Cap Actif 1*

FDC SICAV Actions Monde Small Cap Index*

FDC SICAV Actions EMMA Actif 1


FDC SICAV Actions EMMA Index


11
Statement of Share Statistics


FDC SICAV Obligations EUR Index

FDC SICAV Obligations Monde Actif 1
35
35
38

39
39
42

43
43
72

FDC SICAV Obligations Monde Index
74
74
78

FDC SICAV Obligations EMMA Actif 1*
80
80
125

127
127
142
FDC SICAV Obligations EMMA Index*
144
144
147
FDC SICAV Montaire EUR Actif 1
148
148
165

* Please see note 10.
167
167
175
176
176
179
180
180
186
187
187
201
202
202
206
207
207
210
211
211
218
219
219
240
242
242
245
246
246
249
250
250
253
254
254
257
Fonds de Compensation de la Scurit Sociale, SICAVFIS

General Information
Registered Office
Mr Carlos Pereira
Salari
60, boulevard J.-F. Kennedy
L-1470 Esch-sur-Alzette, Grand Duchy of Luxembourg
Fonds de Compensation de la Scurit Sociale,

SICAV-FIS
Atrium Business Park
31, Z.A. Bourmicht
L-8070 Bertrange, Grand Duchy of Luxembourg
Mr Ren Pizzaferri
Salari
18, rue Auguste Lumire
L-1950 Luxembourg, Grand Duchy of Luxembourg
Board of Directors
Mr Jean-Marie Schneider
Salari
12, rue Lon Laval
L-3372 Leudelange, Grand Duchy of Luxembourg
Chairman
Mr Robert Kieffer
Prsident du Fonds de Compensation
34, avenue de la Porte-Neuve
Mr Claude Seywert
Fonctionnaire
125, route dEsch
Members
Mr Yves Wagner
Directeur de Socits
19, rue de Bitbourg
Mr Serge de Cillia
Salari
12, rue Erasme
Administration and Management
Mr Gabriel Di Letizia
Salari
50, avenue J.-F. Kennedy
Administrative Agent
Citibank International plc (Luxembourg Branch)
31, Z.A. Bourmicht
Mr Franois Engels
Salari
2, circuit de la Foire
Mr Marc Flammang
Directeur de Banque
7, rue Thomas Edison
L-1445 Strassen, Grand Duchy of Luxembourg
Custodian Agent
Citibank International plc (Luxembourg Branch)
31, Z.A. Bourmicht
Mr Armand Gobber
Salari
2, rue Thomas Edison
L-1445 Strassen, Grand Duchy of Luxembourg
Investment Managers
Mr Luc-Henri Jamar
Salari
21, rue Lon Metz
L-4238 Esch-sur-Alzette, Grand Duchy of Luxembourg
FDC SICAV Actions Monde - Actif 1

J.P. Morgan Asset Management UK Limited
20, Finsbury Street
London EC2Y 9AP, United Kingdom
Mr Gary Kneip
Indpendant
8, rue Henri M. Schnadt

Invesco Asset Management Deutschland GmbH
60-62, Bleichstrasse
D-60313 Frankfurt on the Main, Germany
Mr Fernand Lepage
Fonctionnaire
1a, boulevard Prince Henri

ING Asset Management B.V.
Schenkkade 65
NL-2595 AS, The Hague, Netherlands
Mr Jean Olinger
Fonctionnaire
2, rue de la Congrgation
FDC SICAV Actions Monde - Index

State Street Global Advisors France S.A.
23-25, rue Delarivire Lefoullon
F-92064 Paris la Dfense, France

General Information (continued)
FDC SICAV Obligations Monde - Actif 2
FDC SICAV Actions Monde Small Cap - Actif 1*
Allianz Global Investors Europe GmbH UK Branch
155 Bishopsgate
London EC2M 3AD, United Kingdom
Franklin Templeton Investment Management Limited

The Adelphi, 1-11 John Adam Street
London WC2N 6HT, United Kingdom
FDC SICAV Actions Monde Small Cap - Index*

BlackRock Investment Management UK Limited
12 Throgmorton Avenue
London EC2N 2DL, United Kingdom

Wellington Management International Limited
80, Victoria Street, Cardinal Place
London SW1E 5JL, United Kingdom
FDC SICAV Actions EMMA - Actif 1

Dimensional Fund Advisors Limited
20, Triton Street, Regents Place
London NW1 3BF, United Kingdom
FDC SICAV Obligations Monde - Index

BlackRock Investment Management UK Limited
33, King William Street
London EC4R 9AS, United Kingdom

AllianceBernstein Limited
50, Berkeley Street
London W1J 8HA, United Kingdom
FDC SICAV Obligations EMMA - Actif 1*

Pictet Asset Management Limited
Moor House, Level 11
120 London Wall
London EC2Y 5ET, United Kingdom
FDC SICAV Actions EMMA - Index

State Street Global Advisors France S.A.
23-25, rue Delarivire Lefoullon
FDC SICAV Obligations EMMA - Index*

UBS Global Asset Management (UK) Limited
21 Lombard Street
London EC3V 9AH, United Kingdom
FDC SICAV Obligations EUR - Actif 1

Allianz Global Investors France S.A.
20, rue Le Peletier
F-75009 Paris, France
FDC SICAV Montaire EUR - Actif 1

AXA Investment Managers Paris S.A.
Cur Dfense - Tour B - La Dfense 4
100, esplanade du Gnral de Gaulle

BNP Paribas Asset Management
1, boulevard Haussmann

Amundi S.A.
90, boulevard Pasteur

Amundi S.A.
90, boulevard Pasteur
Cabinet de Rvision Agr

Deloitte Audit, Socit Responsabilit Limite
560, rue de Neudorf
FDC SICAV Obligations EUR - Index

Credit Suisse AG
Paradeplatz 8
CH-8001 Zurich, Switzerland
Legal Advisor

Natixis Asset Management
21, quai dAusterlitz
Allen & Overy Luxembourg

33, avenue J.F. Kennedy
Information to the Shareholder

As per the Issue Document, annual audited reports are available for inspection by the Shareholder at the registered office
of the Company four months after the close of the accounting year. Unaudited half-yearly reports are also available in the
same manner two months after the end of the period to which they refer.

Report of the Board of Directors

Suite la rvision dtaille et approfondie de la stratgie dinvestissement
du Fonds de compensation mene tout au long de
lanne 2012, le conseil dadministration du Fonds de compensation a valid dbut 2013 le document final sur la stratgie
dinvestissement revue. Par consquent, la directive du conseil dadministration a galement t amende pour y ancrer
les modifications apportes la stratgie dinvestissement.
Le plus grand changement au niveau de la stratgie dinvestissement consistait sans doute dans lintgration de deux nouvelles classes dactifs, savoir les actions monde petite capitalisation et les obligations relatives aux marchs mergents.
Pour implmenter ces deux classes dactifs additionnelles, quatre nouveaux compartiments ont t lancs en cours danne
au sein de la SICAV-FIS. Ainsi, lissue dun appel doffres, la gestion de ces compartiments a t confie, au niveau des
actions monde petite capitalisation, Allianz Global Investors Europe GmbH UK Branch ainsi qu BlackRock Investment Management (UK) Limited et, au niveau des obligations relatives aux marchs mergents, Pictet Asset Management
Limited et UBS Global Asset Management (UK) Limited.
Paralllement au lancement de ces nouveaux compartiments, le conseil dadministration a poursuivi sa politique
dinvestissement socialement responsable. De ce fait, la politique courante a t tendue sur les deux nouveaux compartiments dactions monde petite capitalisation. De plus, deux nouvelles listes de socits juges non conformes aux conventions et normes internationales ratifies par le Grand-Duch de Luxembourg et donc exclure de lunivers dinvestissement
autoris de la SICAV-FIS ont t valides et implmentes au cours de 2013.
En raison dune sous-performance cumule importante, le conseil dadministration se voyait galement contraint de rvoquer en 2013 le mandat de gestion de portefeuille dun grant en charge dun compartiment dactions monde gestion
active, compartiment qui a par la suite t repris par le grant de rserve Kleinwort Benson Investors Dublin Limited.
Enfin, le conseil dadministration a valid en 2013 des souscriptions nettes pour un montant total de 630 millions deuros,
dont 280 millions deuros ont t allous parts gales aux deux nouveaux compartiments relatifs aux actions monde
petite capitalisation (les deux nouveaux compartiments correspondants aux obligations relatives aux marchs mergents
ayant t aliments par un transfert interne au sein de la SICAV-FIS) et 350 millions deuros un compartiment montaire.
Au 31 dcembre 2013, la valeur nette dinventaire de la SICAV-FIS slevait 11,74 milliards deuros. A cette mme date,
la SICAV-FIS a atteint un rendement absolu de 6,09% pour lanne 2013, excdant son indice de rfrence stratgique de
54 points de base.
Dans un environnement de taux dintrt faibles, les compartiments montaires ont dgag une modeste performance
de 0,21%. La performance des obligations libelles en euros a atteint 2,57%, rendement principalement soutenu par la
continuation de la politique montaire accommodante de la Banque centrale europenne et un regain de confiance dans
la monnaie unique. En revanche, les obligations monde affichaient une performance ngative de 0,67%, ceci surtout en
raison des craintes lies aux fiscal cliff aux Etats-Unis et des anticipations quant un dbut de la rduction du programme de rachat obligataire de la Banque centrale amricaine. Les marchs mergents ont souffert dun ralentissement
conomique et dune fuite de capitaux vers les marchs dvelopps. En consquence, les obligations relatives aux marchs
mergents ont connu une performance ngative de 4,05%. Dans cette mme optique, les actions relatives aux marchs
mergents affichaient une performance ngative de 8,74%. En raison de perspectives macroconomiques qui se sont nettement amliores au cours de lanne 2013 et de la continuation des politiques dassouplissement montaires au sein des
pays dvelopps, les marchs des actions monde et des actions monde petite capitalisation ont affich une performance
de respectivement 21,77% et 5,08%.
Deloitte.
Deloitte Audit
Societe responsab1fite limitee
560, rue de Neudorf

L-2220 Luxembourg
B.P. 1173
L-1011 Luxembourg
Tel: +352 451 451
Fax +352 45 1 452 992
www.deloitte.lu
To the Shareholder of
Fonds de Compensation de la Securite Sociale, SICAV-FIS

31 , Z.A. Bourmicht
L-8070 Bertrange
Grand Duchy of Luxembourg
REPORT OF THE REVISEUR D'ENTREPRISES AGREE

As at 31 December 2013
Following our appointment by the Annual General Meeting on 25 April 2013, we have audited the accompanying financial
statements of Fonds de Compensation de la Securite Sociale, SI CAY-FIS and of each of its sub-funds, which comprise the
statement of net assets and the schedule of investments and other net assets as at 31 December 2013 and the statement of
operations and changes in net assets for the year then ended and a summary of significant accounting policies and other
explanatory information.
Responsibility of the Board of Directors for the financial statements

The Board of Directors is responsible for the preparation and fair presentation of these financial statements in accordance
with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such
internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
Responsibility of the reviseur d'entreprises agree

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du
Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend of the reviseur d'entreprises agree's judgement, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. Tn making those risk assessments,
the reviseur d'entreprises agree considers internal control relevant to the entity's preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors, as
well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
5
Soc1ete a responsab1hte lim1tee au capital de 35.000
RCS Luxembourg B 67 .895
Autofisation d'etablissement 10022179
Deloitte.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of Fonds de Compensation de la
Securite Sociale, SI CAY-FIS and of each of its sub-funds, as of 31 December 2013, and of the results of their operations
and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements
relating to the preparation of the financial statements.
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not
been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we
express no opinion on such information. However, we have no observation to make concerning such information in the
context of the financial statements taken as a whole.
For Deloitte Audit, Societe aResponsabilite Limitee
Cabinet de Revision A ree
Philippe Lenges, Reviseur: 'en/reprises agree

Partner
Luxembourg, 23 April 2014
(continued)

Statement of Net Assets as of 31 December 2013
FDC SICAV
Actions Monde Actif 1
EUR
FDC SICAV
EUR
FDC SICAV
EUR
508,452,048
151,617,350
532,747,635
109,344,077
401,043,863
65,668,686
1,321,633,453
509,099,467
134,629,122
8,897,436
139,482,943
5,847,693
Securities at market value

Liquid assets
Margins paid
Cash collateral
Dividend accruals
Interest accruals
Accrued interests on swaps
Receivable resulting from sales of securities
Net unrealised gain on futures contracts
Net unrealised gain on forward foreign
exchange contracts
Net unrealised gain on swap contracts
Tax reclaim
Other assets
660,069,398
11,915,163
503,316
642,091,712
9,775,166
403,382
466,712,549
15,305,105
750,707
1,830,732,920
36,618,729
1,742,994
2,155,915
325
1,465,192
143,526,558
4,225,916
18,516
145,330,636
955,604
41,366
178,432
32,650
94,623
104,801
101,144
251,567
563
Total assets
672,582,500
652,375,061
482,869,505
1,872,967,642
147,770,990
146,539,251
Assets
Securities at cost
Unrealised gains/(losses)
FDC SICAV
FDC SICAV
FDC SICAV
Actions Monde Actions Monde
Actions Monde
Index Small Cap - Actif1* Small Cap - Index*
EUR
EUR
EUR
Liabilities
Bank overdraft
Margins received
Payable resulting from purchases of securities
Payable resulting from swaps
Net unrealised loss on forward foreign
exchange contracts
Accrued expenses
Other payable
1,125,728
4,769
28,122
39,336
3,252,794
663,297
2,063
153,950
1,435
383,139
392
214,573
603
157,261
85
44,587
84
Total liabilities
3,918,154
155,388
383,531
1,345,673
157,346
112,129
668,664,346
652,219,673
482,485,974
1,871,621,969
147,613,644
146,427,122
Total Net Asset Value
The accompanying notes form an integral part of these financial statements.

Statement of Net Assets as of 31 December 2013 (continued)

FDC SICAV
Actions EMMA Actif 1
EUR
Assets
Securities at cost
FDC SICAV
EUR
FDC SICAV
FDC SICAV
FDC SICAV
FDC SICAV
Actions EMMA - Obligations EUR- Obligations EUR - Obligations EUR Index
Actif 1
Actif 2
Actif 3
EUR
EUR
EUR
EUR
152,352,167
(5,866,852)
143,731,194
(11,515,255)
317,184,132
(4,654,032)
571,478,721
20,489,987
590,208,928
10,088,915
587,724,797
17,813,784

Liquid assets
Margins paid
Cash collateral
Dividend accruals
Interest accruals
Net unrealised gain on forward foreign
exchange contracts
Tax reclaim
Other assets
146,485,315
620,776
70,217
132,215,939
780,896
103,809
86,562
312,530,100
5,944,775
1,521,016
235,017
156,580
591,968,708
12,132,786
110,800
9,649,891
409,840
600,297,843
5,025,300
10,437,501
605,538,581
2,557,889
2,999,867
9,571,900
572,195
115,191
25,136
Total assets
147,176,308
133,302,397
320,387,488
614,272,025
615,785,780
621,240,432
Liabilities
Bank overdraft
Margins received
Net unrealised loss on forward foreign
exchange contracts
Accrued expenses
Other payable
7,812
162,387
1,231,034
196,560
1,037
285,179
392
97,743
4,077
150,220
1,670
179,285
986
202,881
641
Total liabilities
205,409
447,958
1,332,854
151,890
180,271
203,522
146,970,899
132,854,439
319,054,634
614,120,135
615,605,509
621,036,910
(continued)


FDC SICAV
Obligations EUR Index
EUR
Assets
Securities at cost
Liquid assets
Margins paid
Cash collateral
Dividend accruals
Interest accruals
Net unrealised gain on forward foreign exchange
contracts
Tax reclaim
Other assets
Total assets
FDC SICAV
Obligations MondeActif 1
EUR
FDC SICAV
EUR
FDC SICAV
EUR
FDC SICAV
Obligations MondeIndex
EUR
797,386,893
23,548,523
446,228,733
(28,484,062)
475,052,780
(11,794,713)
455,107,804
(40,730,509)
1,383,278,020
(82,695,061)
820,935,416
661,736
15,887,406
417,744,671
6,777,055
4,540,688
463,258,067
12,358,228
5,313,784
414,377,295
1,871,913
938,441
3,978,853
768,300
1,300,582,959
11,911,714
14,378,693
22,512,184
1,701,937
937
5,881,748
7,260,112
17,570,996
837,484,558
430,765,288
486,811,827
429,194,914
1,366,956,546
Liabilities
Bank overdraft
Margins received
Net unrealised loss on forward foreign exchange
contracts
Accrued expenses
Other payable
109,233
44,744,424
92,260
392
247,797
779
194,734
462
223,491
393
212,468
392
Total liabilities
92,652
248,576
195,196
333,117
44,957,284
837,391,906
430,516,712
486,616,631
428,861,797
1,321,999,262


FDC SICAV
FDC SICAV
Obligations EMMA- Obligations EMMAActif 1*
Index*
EUR
EUR
Assets
Securities at cost
Liquid assets
Margins paid
Cash collateral
Dividend accruals
Interest accruals
Net unrealised gain on forward foreign exchange
contracts
Tax reclaim
Other assets
Total assets
Liabilities
Bank overdraft
Margins received
Net unrealised loss on forward foreign exchange
contracts
Accrued expenses
Other payable
Total liabilities
FDC SICAV
Montaire EUR Actif 1
EUR
FDC SICAV
EUR
Combined
EUR
137,473,046
(7,815,158)
138,035,945
(7,683,578)
876,059,967
44,137
671,041,220
(3,646,429)
10,780,333,411
717,574,406
129,657,888
4,250,370
2,177,846
543,031
130,352,367
1,814,791
2,393,072
876,104,104
14,572,908
105,291
531,624
9,201
667,394,791
8,129,411
6,866,639
9,022,229
11,497,907,817
168,206,231
7,418,409
41,366
4,419,311
85,727,897
9,201
32,164,331
3,404,757
316,864
226
32,846,848
226
577,834
937
136,945,999
134,560,230
891,323,354
691,413,070
11,832,725,165
2,394,445
1,349
16,975
31,188,443
7,815
2,494,117
78,533,804
1,349
16,975
180,592
84
19,987
83,796
84
182,052
6,990
87,121
2,128
3,272,781
4,232,986
25,169
2,575,121
103,867
207,366
31,277,692
88,584,996
134,370,878
134,456,363
891,115,988
660,135,378
11,744,140,169
10

Statement of Operations and Changes in Net Assets for the year/period ended
31 December 2013
FDC SICAV
EUR
FDC SICAV
EUR
FDC SICAV
EUR
539,277,625
535,816,204
405,237,611
1,537,954,038
11,749,072
2,124
41,688
15,439,716
1,559
11,265,757
348
40,841,624
36,298
374,780
164,900
506,823
11,792,884
15,441,275
11,266,105
41,252,702
164,900
506,823
Expenses
Management fees
Custodian & administration fees
Professional fees
Interest paid on swaps
Other charges
2,386,118
151,233
30,065
25,778
498,749
148,844
31,933
25,979
1,374,043
120,543
2,844
25,292
593,537
380,692
67,473
30,684
144,705
13,585
1,495
8,186
32,680
24,499
1,265
8,476
Total Expenses
2,593,194
705,505
1,522,722
1,072,386
167,971
66,920
Net operational income/(loss)
9,199,690
14,735,770
9,743,383
40,180,316
(3,071)
439,903
38,384,881
46,392,632
6,551,473
16,147,243
5,510,591
(1,555,556)
107,280
8,197
Net assets at the beginning of the year/period

Income
Dividends, net
Interest on securities, net
Interest on bank accounts
Interest received on swaps
Other Income
Total Income
Net profit/(loss) on:

Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on futures contracts
Net realised gain/(loss) on forward foreign
exchange contracts
Net realised gain/(loss) on foreign exchange
Net realised (loss) on swap contracts
Net realised gain on options contracts
Variation of unrealised capital gain/(loss) on:
Net change in unrealised gain/(loss) on
securities
Net change in unrealised gain/(loss) on futures
contracts
Net change in unrealised gain/(loss) on forward
foreign exchange contracts
Net change in unrealised gain on swap contracts
(1,601,546)
(34,840)
(204,711)
24,664
67,424
(169,295)
FDC SICAV
FDC SICAV
Actions Monde Actions Monde
Index Small Cap - Actif 1*
EUR
EUR
(1,752,846)
24,716
250,119
FDC SICAV Actions

Monde Small Cap Index*
EUR
(553,186)
544,585
86,448,172
55,455,114
61,046,943
272,253,339
8,897,436
5,847,693
1,329,288
32,650
8,435
(3,009,636)
Capital gain/(loss) on investments
120,187,031
101,667,699
67,504,980
293,487,615
7,616,715
5,987,219
Increase/(decrease) of net assets resulting

from operations
129,386,721
116,403,469
77,248,363
333,667,931
7,613,644
6,427,122
140,000,000
140,000,000
668,664,346
652,219,673
482,485,974
1,871,621,969
147,613,644
146,427,122
Capital Movements
Subscriptions
Redemptions
Net assets at the end of the year/period
11

31 December 2013 (continued)
FDC SICAV
EUR
FDC SICAV
EUR
158,298,509
156,213,802
341,738,541
598,881,470
602,143,375
598,317,342
3,571,604
3,546
4,195,010
2,594
8,021,809
8,628
19,878,394
178
20,174,712
3,672
1,943
21,797,125
763
3,575,150
4,197,604
8,030,437
19,878,572
20,180,327
21,797,888
Expenses
Management fees
Professional fees
Other charges
728,187
131,170
3,230
25,218
1,257,260
122,804
4,518
25,384
312,081
210,598
11,201
38,546
482,540
166,448
2,872
27,066
595,919
162,186
2,872
25,732
687,106
164,668
2,872
26,410
Total Expenses
887,805
1,409,966
572,426
678,926
786,709
881,056
2,687,345
2,787,638
7,458,011
19,199,646
19,393,618
20,916,832
180,788
(7,570,854)
(5,657,077)
(122,087)
13,582,839
359,260
6,580,472
11,566,665
1,032,444
1,163
(162,714)
(1,381,421)
(348,785)
(1,319)
(499,514)
(12)
(412)
(7)
404,308
(14,034,192)
(17,194,921)
(23,817,545)
(18,548,668)
(12,511,544)
(11,501,639)

Income
Dividends, net
Other Income
Total Income

exchange contracts
securities
contracts
348,980
FDC SICAV
FDC SICAV
FDC SICAV
FDC SICAV
Actions EMMA - Obligations EUR - Obligations EUR - Obligations EUR Index
Actif 1
Actif 2
Actif 3
EUR
EUR
EUR
EUR
(44,376)
645,600
300,965
(14,014,955)
(26,147,001)
(30,141,918)
(3,960,981)
(5,931,484)
1,802,736

from operations
(11,327,610)
(23,359,363)
(22,683,907)
15,238,665
13,462,134
22,719,568
Capital Movements
Subscriptions
Redemptions
146,970,899
132,854,439
319,054,634
614,120,135
615,605,509
621,036,910
12

FDC SICAV
EUR
FDC SICAV
Obligations Monde Actif 1
EUR
FDC SICAV
EUR
FDC SICAV
EUR
FDC SICAV
Obligations Monde Index
EUR
821,670,263
434,893,020
487,545,494
434,565,031
1,328,764,363
30,028,929
11,078,183
4,708
16,808
15,305,276
51,142
11,506,890
1,086
40,781,245
27,792
30,028,929
11,099,699
15,356,418
11,507,976
40,809,037
Expenses
Management fees
Professional fees
Other charges
234,204
220,995
2,298
25,565
891,554
120,106
3,448
25,698
673,957
133,177
28,815
25,899
796,317
120,891
3,994
35,163
661,938
301,505
2,872
25,565
Total Expenses
483,062
1,040,806
861,848
956,365
991,880
29,545,867
10,058,893
14,494,570
10,551,611
39,817,157
(1,728,136)
(11,887,826)
5,224,365
(12,986,890)
431,171
(9,081,660)
(19)
32,497,725
(413,053)
24,301,410
(938,514)
26,414,233
154,680
112,162,075
(859,582)
(12,096,069)
(29,140,258)
(39,541,048)
(29,299,293)
(132,331,331)

Income
Dividends, net
Other Income
Total Income

exchange contracts
securities
contracts
from operations
487,733
(5,491,789)
(4,469,646)
(1,456,479)
(16,471,760)
(13,824,224)
(14,435,201)
(15,423,433)
(16,254,845)
(46,582,258)
15,721,643
(4,376,308)
(928,863)
(5,703,234)
(6,765,101)
Capital Movements
Subscriptions
Redemptions
837,391,906
430,516,712
486,616,631
428,861,797
1,321,999,262
13

FDC SICAV
Obligations EMMA Actif 1*
EUR
FDC SICAV
Obligations EMMA Index*
EUR
FDC SICAV
EUR
FDC SICAV
EUR
Combined
EUR

Income
Dividends, net
Other Income
1,168,667,184
308,924,593
10,458,908,465
2,272,894
89,922
1,970,944
5,301,174
4,206
9,812
9,255
9,121,054
95,756,315
189,216,820
148,644
99,734
444,474
Total Income
2,362,816
1,970,944
5,324,447
9,121,054
285,665,987
Expenses
Management fees
Professional fees
Other charges
168,182
16,723
1,955
81,811
5,183
71,905
17,012
1,725
5,121
670,467
272,025
2,298
18,323
31,400
208,337
161,027
2,298
26,588
13,469,786
3,160,731
212,343
100,134
498,933
Total Expenses
273,854
95,763
994,513
398,250
17,441,927
2,088,962
1,875,181
4,329,934
8,722,804
268,224,060
(1,503,142)
(16,824)
(4,135,813)
(7)
(5,587)
(6)
(355,796)
(3,376,200)

exchange contracts
securities
contracts
(65,059)
(3,671)
(198,100)
95,048
(51,679)
(7,815,158)
41,008
247,410
(7,683,578)
316,864
(19,987)
88,542,954
7,202,752
191,569,471
(3,863,100)
(57,266)
404,308
130,701,457
2,751,860
226
(30,245,018)
226
(7,718,084)
(7,418,818)
(1,881,130)
(7,512,019)
387,007,644

from operations
(5,629,122)
(5,543,637)
2,448,804
1,210,785
655,231,704
Capital Movements
Subscriptions
Redemptions
140,000,000
140,000,000
(280,000,000)
350,000,000
134,370,878
134,456,363
891,115,988
660,135,378
14
910,000,000
(280,000,000)
11,744,140,169

Statement of Share Statistics as of 31 December 2013
FDC SICAV
EUR
FDC SICAV
EUR
FDC SICAV
EUR
FDC SICAV
Actions Monde Index
EUR
FDC SICAV
Actions Monde Small
Cap - Actif 1*
EUR
668,664,346
539,277,625
606,736,667
652,219,673
535,816,204
616,289,990
482,485,974
405,237,611
1,871,621,969
1,537,954,038
1,338,645,620
147,613,644
Net asset value per share

120.26
96.99
85.18
116.50
95.71
85.89
121.35
101.92
128.56
105.64
91.95
105.44
Shares outstanding
5,559,998.00
5,559,998.00
7,122,660.78
5,598,549.81
5,598,549.81
7,175,671.04
3,975,895.25
3,975,895.25
14,558,172.76
14,558,172.76
14,558,172.76
1,400,000.00
FDC SICAV Actions

Monde Small Cap Index*
EUR
FDC SICAV Actions

EMMA - Actif 1
EUR
FDC SICAV Actions

EMMA - Actif 2
EUR
146,427,122
146,970,899
158,298,509
132,854,439
156,213,802
319,054,634
341,738,541
475,327,927
614,120,135
598,881,470
439,513,501

104.59
98.73
106.34
87.97
103.43
104.32
111.73
96.75
137.14
133.73
120.33
Shares outstanding
1,400,000.00
1,488,630.75
1,488,630.75
1,510,305.11
1,510,305.11
3,058,477.63
3,058,477.63
4,912,905.08
4,478,162.71
4,478,162.71
3,652,467.06
Net assets
FDC SICAV Actions FDC SICAV Obligations

EMMA - Index
EUR - Actif 1
EUR
EUR
Net assets
15

Statement of Share Statistics as of 31 December 2013 (continued)

FDC SICAV
Obligations EUR Actif 2
EUR
FDC SICAV
Obligations EUR Actif 3
EUR
FDC SICAV
EUR
FDC SICAV
EUR
FDC SICAV
EUR
615,605,509
602,143,375
446,270,065
621,036,910
598,317,342
437,133,435
837,391,906
821,670,263
305,566,126
430,516,712
434,893,020
428,897,042
486,616,631
487,545,494
437,486,862

138.73
135.70
122.93
139.13
134.04
120.22
115.34
113.18
102.30
133.86
135.22
128.77
151.42
151.71
136.13
Shares outstanding
4,437,290.95
4,437,290.95
3,630,188.45
4,463,698.08
4,463,698.08
3,636,157.53
7,260,039.74
7,260,039.74
2,987,062.56
3,216,206.15
3,216,206.15
3,330,667.90
3,213,639.65
3,213,639.65
3,213,639.65
Net assets
FDC SICAV
FDC SICAV
FDC SICAV
FDC SICAV
Obligations Monde - Obligations Monde - Obligations EMMA - Obligations EMMA Index*
Actif 3
Index
Actif 1*
EUR
EUR
EUR
EUR
FDC SICAV
EUR
FDC SICAV
EUR
Net assets
428,861,797
434,565,031
1,321,999,262
1,328,764,363
1,259,105,417
134,370,878
134,456,363
891,115,988
1,168,667,184
1,897,793,907
660,135,378
308,924,593
454,789,913

100.49
101.82
111.05
111.62
105.77
95.98
96.04
111.08
110.84
110.14
110.92
110.66
109.33
Shares outstanding
4,267,822.41
4,267,822.41
11,904,542.63
11,904,542.63
11,904,542.63
1,400,000.00
1,400,000.00
8,022,111.33
10,543,952.27
17,230,892.02
5,951,672.83
2,791,687.27
4,159,801.10
16

1. Organisation
Fonds de Compensation de la Scurit Sociale, SICAV-FIS (the Company) was incorporated on 16 July 2007 under the
laws of the Grand Duchy of Luxembourg as a Socit dInvestissement Capital Variable (SICAV) with multiple
Sub-Funds for an unlimited period.
The Company has been created under the law of 13 February 2007 on Specialized Investment Funds, as amended, by the
Fonds de Compensation commun au rgime gnral de pension, a public institution created by the modified law of 6 May
2004 for the administration of general pension assets.
The Companys articles of incorporation have been deposited with the Registrar and have been published in the Recueil
des Socits et Associations (Mmorial C No 1623) on 2 August 2007. The Company has been registered under number
B129879 at the Luxembourg Commercial Register.
As of 31 December 2013, the Company has issued shares in the following twenty-one Sub-Funds:
Equity Sub-Funds
Bond Sub-Funds
Money Market Sub-Funds
The Company may create further Sub-Funds at the discretion of the Board of Directors. The Companys shares are limited
to one unique shareholder, the Fonds de Compensation commun au rgime gnral de pension.
The Company as a whole constitutes a single legal entity. In relation to third parties, the segregation of liabilities of the
different Sub-Funds is ensured.
2. Significant Accounting Policies
a) General
These financial statements are prepared in accordance with Luxembourg legal and regulatory requirements relating to
undertakings for collective investment in transferable securities and generally accounting principles.
17

as of 31 December 2013 (continued)
2. Significant Accounting Policies (continued)
b) Foreign currency translation

The financial statements and accounting records of each Sub-Fund are expressed in EUR. Transactions in currencies other
than the Sub-Funds currency are translated into EUR based on the exchange rate in effect at the date of the transaction.
Assets and liabilities denominated in other currencies are translated at the rate of exchange at each balance sheet date.
Any resulting gains or losses are recognised in the Statement of Operations and Changes in Net Assets under the heading
Net realised gain/(loss) on foreign exchange.
Exchange rates used as of 31 December 2013 are as follows:
Currency
Exchange Rate
Currency
Exchange Rate
AUD
BRL
CAD
CHF
CLP
CNY
COP
CZK
DEM
DKK
EGP
GBP
HKD
HUF
IDR
ILS
INR
JPY
KRW
1.540211
3.250925
1.464073
1.225480
724.093537
8.341960
2,660.135135
27.372321
1.955830
7.460355
9.574749
0.831970
10.684268
297.075063
16,769.502251
4.782871
85.232263
144.829362
1,454.224052
MAD
MXN
MYR
NGN
NOK
NZD
PEN
PHP
PLN
RON
RUB
SEK
SGD
THB
TRY
TWD
USD
ZAR
11.247011
18.047333
4.513474
220.401472
8.359825
1.674200
3.853716
61.157960
4.157891
4.464008
45.279640
8.850032
1.739801
45.279640
2.960526
41.067863
1.377950
14.432272
1 EUR=
c) Investment Securities
Listed securities and securities dealt in on another regulated market are valued on the basis of their last available market price.
Securities which are neither listed on any stock exchange nor dealt in on another regulated market are valued at their last available
market price; if there is no such market price, they are valued in good faith on the basis of their reasonably foreseeable sale prices.
The value of any cash at hand or on deposit, bills and accounts receivable, prepaid expenses, dividends and interests declared
or due but not yet collected will be deemed to be the full value thereof, unless it is unlikely that such values are received in
full, in which case the value thereof will be determined by deducting such amount to reflect the true value thereof.
Money market instruments which are neither listed on any stock exchange nor dealt in on another regulated market and maturing within one year from the date of purchase are valued at amortised cost, which approximates market value.
Shares or units of underlying UCITS are valued on the basis of their last available NAV per share or unit.
Any difference arising between the cost of securities held at the balance sheet date and their market value at that date is recognised in the Statement of Net Assets under the heading Unrealised gains/(losses).
The net movement in the balance of the unrealised appreciation of investments at the beginning and at the end of the year is
recognised in the Statement of Operations and Changes in Net Assets under the heading Net change in unrealised gain/(loss)
on securities. Security transactions are accounted for on the date the securities are purchased or sold. Purchases of securities
are recorded at cost.
As of 31 December 2013 none of the Sub-Funds own collateralized financial instruments (ABS, MBS, CDO).
d) Interest Income
Interest income is recognised on an accrual basis, net of any unrecoverable withholding tax.
18

2. Significant Accounting Policies (continued)
e) Dividend Income
Dividends are accounted for on an ex-dividend basis net of any unrecoverable withholding tax.
f) Realised Gains and Losses
Realised gains and losses comprise the profit or loss arising on the disposal of securities during the year and differences
arising on the revaluation of other assets and liabilities denominated in foreign currency.
Realised gains or losses are determined on the basis of the weighted average cost of the securities sold.
g) Derivatives Valuation
Forward foreign exchange contracts
Outstanding forward foreign exchange contracts are valued at the closing date by reference to the forward exchange rate
applicable to the outstanding life of the contract.
The unrealised appreciation or depreciation on open forward foreign exchange contracts is calculated as the difference
between the contract rate and the rate to close out the contract on any valuation day.
The unrealised appreciation or depreciation on such contracts is disclosed in the Statement of Net Assets under the heading
Net unrealised gain on forward foreign exchange contracts or Net unrealised loss on forward foreign exchange contracts.
The realised gain or loss on forward foreign exchange contracts is disclosed in the Statement of Operations and Changes
in Net Assets under the heading Net realised gain/(loss) on forward foreign exchange contracts.
Futures contracts
Outstanding futures contracts are valued at the closing date at the last available market price of the instruments.
The unrealised appreciation or depreciation on futures contracts is included in the Statement of Net Assets under the
heading Net unrealised gain on futures contracts or Net unrealised loss on futures contracts. All margins are included
in Margins paid or Margins received.
The realised gain or loss on futures contracts is disclosed in the Statement of Operations and Changes in Net Assets under
the heading Net realised gain/(loss) on futures contracts.
Swap contracts
Outstanding swap contracts, if any, are valued at the closing date at the last available market price of the instruments.
The unrealised appreciation or depreciation on swap contracts is included in the Statement of Net Assets under the heading
Net unrealised gain on swap contracts or Net unrealised loss on swap contracts.
The realised gain or loss on swap contracts is disclosed in the Statement of Operations and Changes in Net Assets under
the heading Net realised (loss) on swap contracts.
Interest received or paid on swap contracts, if any, are disclosed in the Statement of Operations and Changes in Net Assets
under the heading Interest received on swaps and/or Interest paid on swaps.
h) Combined Figures
The combined Statement of Net Assets and the combined Statement of Operations and Changes in Net Assets are expressed
in EUR and are the sum of all Sub-Funds.
3. Custodian and Administration Fees
The Custodian Bank charges a custody fee to each Sub-Fund based on the average net assets.
The Administrative Agent charges an administration fee to each Sub-Fund based on the average net assets.
4. Management Fees
A management fee is charged and is allocated to the Investment Managers. The fee is accrued daily, and is paid quarterly
in arrears at the applicable average annual rates set out below calculated on the basis of the average daily net assets attributable to each class of each Sub-Fund during the relevant month.
19

4. Management Fees (continued)
Average applicable rates for the year/period ended 31 December 2013 are as follows:
SubFunds

0.39%
0.08%
0.31%
0.03%
0.41%
0.09%
0.48%
0.89%
0.10%
0.08%
0.10%
0.11%
0.03%
0.21%
0.14%
0.18%
0.05%
0.49%
0.21%
0.06%
0.04%
5. Taxation
The Company is not liable to any tax on income or capital gains in Luxembourg and is exempt from the taxe dabonnement
as provided by the article 267, paragraph 1 of the Code de la Scurit Sociale in Luxembourg.
In some cases, the Company may be entitled to reclaim all or a portion of withholding tax applicable on dividends and
interest income. Such reclaim amounts, if any, are reflected in the Statement of Net Assets under Tax reclaim.
6. Forward Foreign Exchange Contracts
As of 31 December 2013, the Sub-Funds have the following outstanding forward foreign exchange contracts:
Maturity Date
Currency
Amount
purchased
Currency
Amount sold
Unrealised Gain/(Loss)
(in Sub-Fund Ccy)
7-Feb-14
AUD
20,835,406
EUR
14,517,120
(1,023,464)
7-Feb-14
CAD
29,291,049
EUR
20,785,292
(797,391)
7-Feb-14
CAD
4,555,767
USD
4,319,491
(25,960)
7-Feb-14
EUR
4,735,827
CHF
5,830,622
(23,596)
7-Feb-14
EUR
1,971,943
GBP
1,655,012
(16,855)
(475,821)
7-Feb-14
EUR
26,729,783
GBP
22,639,565
7-Feb-14
EUR
2,845,606
GBP
2,372,496
(5,373)
7-Feb-14
EUR
1,704,710
JPY
229,659,474
118,635
7-Feb-14
EUR
1,353,970
SEK
12,168,645
(20,137)
7-Feb-14
EUR
4,491,857
USD
6,078,947
80,204
7-Feb-14
EUR
3,321,955
USD
4,567,555
7,160
7-Feb-14
EUR
3,627,966
USD
4,929,843
50,248
* Please see note 10. The rate is annualised for the new Sub-Funds.
20

6. Forward Foreign Exchange Contracts (continued)
Maturity Date
Currency
Amount
purchased
Currency
Amount sold
(in Sub-Fund Ccy)
7-Feb-14
HKD
29,011,827
EUR
2,771,033
(55,552)
7-Feb-14
JPY
621,241,994
EUR
4,676,812
(386,453)
7-Feb-14
NOK
18,602,893
EUR
2,306,620
(84,515)
7-Feb-14
SEK
22,051,035
EUR
2,507,461
(17,440)
7-Feb-14
SGD
6,781,324
EUR
4,037,247
(139,437)
7-Feb-14
USD
17,465,119
EUR
12,924,163
(249,267)
7-Feb-14
USD
3,053,021
EUR
2,259,290
(43,632)
7-Feb-14
USD
9,895,867
EUR
7,325,838
Total Unrealised Loss on Forward Foreign Currency Contracts, Net
(144,148)
(3,252,794)
Currency
Amount
purchased
Currency
Amount sold
(in Sub-Fund Ccy)
3-Jan-14
BRL
14,834,000
USD
6,231,726
38,330
3-Jan-14
BRL
17,570,000
USD
7,500,213
(41,034)
3-Jan-14
BRL
2,736,000
USD
1,143,383
11,427
15-Jan-14
CNY
5,007,000
USD
820,685
(380)
15-Jan-14
CNY
5,683,000
USD
931,639
(542)
15-Jan-14
EUR
1,607,902
CZK
44,148,000
(5,206)
15-Jan-14
EUR
1,375,455
TRY
3,854,000
78,025
15-Jan-14
EUR
6,032,948
USD
8,278,466
25,078
15-Jan-14
MXN
60,415,000
EUR
3,417,365
(73,693)
15-Jan-14
MYR
3,395,000
USD
1,059,415
(17,915)
15-Jan-14
PHP
63,726,000
USD
1,447,331
(3,227)
Maturity Date
15-Jan-14
TRY
1,218,000
EUR
415,287
(5,175)
3-Jan-14
USD
6,332,280
BRL
14,834,000
34,661
133,489
3-Jan-14
USD
7,627,523
BRL
17,570,000
3-Jan-14
USD
1,167,933
BRL
2,736,000
6,393
4-Feb-14
USD
6,182,379
BRL
14,834,000
(34,845)
15-Jan-14
USD
1,750,307
CNY
10,690,000
(547)
15-Jan-14
USD
1,667,561
INR
101,473,000
20,902
15-Jan-14
USD
1,778,114
INR
109,194,000
10,629
15-Jan-14
USD
1,421,259
KRW
1,493,999,000
(1,411)
15-Jan-14
USD
555,014
KRW
591,423,000
(6,054)
15-Jan-14
USD
608,562
KRW
650,321,000
(7,902)
15-Jan-14
USD
670,721
KRW
705,666,000
(1,090)
15-Jan-14
USD
3,565,077
RUB
117,234,000
3,062
15-Jan-14
ZAR
33,134,000
EUR
2,324,653
(33,758)
15-Jan-14
ZAR
8,068,000
EUR
564,751
(6,927)
15-Jan-14
ZAR
6,033,000
EUR
424,223
Total Unrealised Gain on Forward Foreign Currency Contracts, Net
21
(7,099)
115,191


Maturity Date
Currency
Amount
purchased
Currency
Amount sold
(in Sub-Fund Ccy)
19-Mar-14
EUR
5,608,099
AUD
8,500,000
117,976
19-Mar-14
EUR
12,224,520
CAD
17,850,000
55,634
19-Mar-14
EUR
27,028,954
GBP
22,750,000
(301,351)
19-Mar-14
EUR
892,591
GBP
750,000
(8,407)
19-Mar-14
EUR
1,762,885
JPY
250,000,000
35,982
19-Mar-14
EUR
65,294,015
JPY
9,170,120,000
1,950,134
19-Mar-14
EUR
166,763,341
USD
230,000,000
(154,425)
19-Mar-14
EUR
4,418,829
USD
6,080,000
6,394
1,701,937
Currency
Amount
purchased
13-Jan-14
AUD
3,250,000
13-Jan-14
EUR
2,105,468
13-Jan-14
EUR
12,402,507
CAD
Maturity Date
Amount sold
(in Sub-Fund Ccy)
EUR
2,224,321
(116,036)
AUD
3,250,000
(2,820)
17,500,000
453,440
(255,845)
Currency
13-Jan-14
EUR
28,589,127
GBP
24,000,000
13-Jan-14
EUR
622,192
KRW
900,000,000
(149)
13-Jan-14
EUR
213,200,000
USD
290,279,902
2,537,296
13-Jan-14
EUR
9,423,655
ZAR
129,000,000
502,767
13-Jan-14
GBP
1,800,000
USD
2,919,046
44,953
13-Jan-14
KRW
900,000,000
EUR
617,017
5,324
13-Jan-14
KRW
37,050,000,000
USD
34,405,906
650,565
13-Jan-14
MXN
360,000,000
USD
27,138,474
232,872
13-Jan-14
MYR
74,250,000
USD
23,123,638
(356,362)
134,703
13-Jan-14
PLN
35,000,000
EUR
8,275,993
13-Jan-14
SGD
4,600,000
EUR
2,705,038
(61,052)
13-Jan-14
USD
24,507,918
AUD
26,300,000
725,682
13-Jan-14
USD
9,782,630
AUD
11,000,000
(36,290)
14-Jan-14
USD
41,948,197
JPY
4,100,000,000
2,131,050
13-Jan-14
USD
34,796,901
KRW
37,050,000,000
(364,781)
13-Jan-14
ZAR
129,000,000
EUR
9,265,384
(343,569)
22
5,881,748

Maturity Date
Currency
Amount
purchased
Currency
Amount sold
(in Sub-Fund Ccy)
17-Jan-14
AUD
614,000
USD
552,237
(2,576)
17-Jan-14
DKK
7,030,000
USD
1,282,059
12,026
17-Jan-14
DKK
10,120,000
USD
1,837,528
23,157
17-Jan-14
DKK
5,130,000
USD
949,937
(1,660)
17-Jan-14
EUR
560,000
USD
762,484
6,648
17-Jan-14
EUR
430,000
USD
592,531
(13)
17-Jan-14
EUR
300,000
USD
412,401
711
17-Jan-14
EUR
5,338,000
USD
7,240,650
83,292
1,532,881
17-Jan-14
EUR
75,019,000
USD
101,259,146
17-Jan-14
EUR
623,000
USD
847,701
7,804
17-Jan-14
EUR
4,224,000
USD
5,688,182
95,954
17-Jan-14
EUR
75,015,000
USD
101,313,534
1,489,412
17-Jan-14
EUR
75,007,000
USD
101,242,873
1,532,691
17-Jan-14
EUR
75,019,000
USD
101,274,150
1,521,994
17-Jan-14
EUR
1,243,000
USD
1,685,496
19,797
17-Jan-14
EUR
4,300,000
USD
5,824,741
72,850
17-Jan-14
GBP
456,000
USD
746,664
6,169
17-Jan-14
GBP
450,000
USD
736,885
6,054
17-Jan-14
GBP
325,000
USD
538,248
(21)
17-Jan-14
JPY
57,500,000
USD
547,100
15
17-Jan-14
SEK
5,176,000
USD
787,344
13,292
17-Jan-14
USD
9,647,560
AUD
10,473,000
209,685
17-Jan-14
USD
17,759,384
CAD
18,731,000
99,994
17-Jan-14
USD
5,675,376
CHF
5,191,000
(117,776)
(7,839)
17-Jan-14
USD
603,958
CZK
12,210,000
17-Jan-14
USD
2,240,651
DKK
12,130,000
(63)
17-Jan-14
USD
2,284,593
DKK
12,510,000
(19,114)
17-Jan-14
USD
952,880
EUR
690,000
1,527
17-Jan-14
USD
3,279,860
EUR
2,418,000
(37,730)
17-Jan-14
USD
2,808,045
EUR
2,066,000
(28,137)
17-Jan-14
USD
875,981
EUR
645,000
(9,280)
17-Jan-14
USD
1,046,874
EUR
770,000
(10,259)
(2,929)
17-Jan-14
USD
2,647,112
EUR
1,924,000
17-Jan-14
USD
815,858
EUR
593,000
(913)
17-Jan-14
USD
5,880,902
EUR
4,283,000
(15,094)
17-Jan-14
USD
3,162,970
EUR
2,335,000
(39,560)
17-Jan-14
USD
296,609
EUR
215,000
256
17-Jan-14
USD
50,208,243
GBP
30,995,000
(813,888)
17-Jan-14
USD
494,589
ILS
1,764,000
(9,764)
17-Jan-14
USD
1,021,663
JPY
104,795,000
17,796
17-Jan-14
USD
65,068,022
JPY
6,583,153,000
1,762,171
17-Jan-14
USD
1,551,326
JPY
159,738,000
22,783
17-Jan-14
USD
818,846
KRW
861,672,000
(1,307)
23

Maturity Date
Currency
Amount
purchased
Currency
Amount sold
(in Sub-Fund Ccy)
17-Jan-14
USD
6,354,784
KRW
6,764,795,000
(63,542)
17-Jan-14
USD
2,088,305
MXN
27,357,000
1,755
18,851
21-Jan-14
USD
1,409,128
MYR
4,540,000
17-Jan-14
USD
252,255
NOK
1,542,000
(1,270)
17-Jan-14
USD
2,695,755
PLN
8,421,000
(66,785)
17-Jan-14
USD
4,231,422
SEK
28,180,000
(112,433)
17-Jan-14
USD
695,105
SGD
869,000
4,970
17-Jan-14
USD
1,678,145
THB
53,751,000
31,768
17-Jan-14
USD
1,330,431
ZAR
13,597,000
25,762
7,260,112
Maturity Date
Currency
Amount
purchased
Currency
Amount sold
(in Sub-Fund Ccy)
7-Jan-14
AUD
29,240,000
EUR
18,839,478
136,371
7-Jan-14
CAD
63,155,000
EUR
42,877,996
251,562
5-Feb-14
CAD
730,000
EUR
498,251
(84)
7-Jan-14
CHF
3,010,000
EUR
2,456,068
269
7-Jan-14
CZK
38,000,000
EUR
1,384,567
3,789
7-Jan-14
DKK
37,750,000
EUR
5,060,764
(427)
7-Jan-14
EUR
19,525,290
AUD
29,240,000
549,688
5-Feb-14
EUR
18,803,859
AUD
29,240,000
(135,528)
7-Jan-14
EUR
43,799,483
CAD
63,155,000
670,033
5-Feb-14
EUR
42,856,946
CAD
63,155,000
(241,598)
7-Jan-14
EUR
2,445,586
CHF
3,010,000
(10,750)
5-Feb-14
EUR
2,456,640
CHF
3,010,000
(329)
7-Jan-14
EUR
1,390,352
CZK
38,000,000
1,996
5-Feb-14
EUR
1,384,644
CZK
38,000,000
(4,107)
7-Jan-14
EUR
5,063,610
DKK
37,750,000
3,273
5-Feb-14
EUR
5,061,637
DKK
37,750,000
31
7-Jan-14
EUR
92,910,756
GBP
77,440,000
(165,704)
5-Feb-14
EUR
90,997,873
GBP
75,940,000
(258,904)
5-Feb-14
EUR
576,797
GBP
480,000
(17)
7-Jan-14
EUR
1,771,313
ILS
8,500,000
(5,629)
5-Feb-14
EUR
1,775,828
ILS
8,500,000
(164)
7-Jan-14
EUR
565,907
JPY
78,850,000
21,447
7-Jan-14
EUR
1,152,909
JPY
160,640,000
43,688
10,281,596
7-Jan-14
EUR
264,706,930
JPY
36,846,490,000
5-Feb-14
EUR
3,381,533
JPY
489,680,000
(213)
5-Feb-14
EUR
255,105,638
JPY
36,935,980,000
24,538
7-Jan-14
EUR
5,488,274
MXN
97,950,000
63,213
5-Feb-14
EUR
5,431,996
MXN
97,950,000
21,150
13-Mar-14
EUR
2,296,521
MYR
10,200,000
49,425
7-Jan-14
EUR
1,706,365
NOK
14,150,000
14,159
24

Maturity Date
Currency
Amount
purchased
Currency
Amount sold
(in Sub-Fund Ccy)
(12,478)
5-Feb-14
EUR
1,677,872
NOK
14,150,000
7-Jan-14
EUR
2,402,583
NZD
4,010,000
8,589
5-Feb-14
EUR
2,375,269
NZD
4,010,000
(13,632)
7-Jan-14
EUR
4,060,187
SEK
36,200,000
(29,727)
5-Feb-14
EUR
4,059,388
SEK
36,200,000
(28,495)
7-Jan-14
EUR
2,211,448
SGD
3,775,000
41,660
5-Feb-14
EUR
2,162,304
SGD
3,775,000
(7,511)
7-Jan-14
EUR
4,265,474
THB
187,500,000
125,911
5-Feb-14
EUR
4,114,802
THB
187,500,000
(19,013)
7-Jan-14
EUR
1,454,150
USD
2,000,000
2,708
7-Jan-14
EUR
480,616,920
USD
654,160,000
5,879,226
5-Feb-14
EUR
5,312,228
USD
7,320,000
(89)
5-Feb-14
EUR
473,495,611
USD
650,770,000
1,214,708
7-Jan-14
EUR
3,075,693
ZAR
43,050,000
95,706
643
5-Feb-14
EUR
645,103
ZAR
9,350,000
5-Feb-14
EUR
243,249
ZAR
3,530,000
(62)
5-Feb-14
EUR
2,966,510
ZAR
43,050,000
(783)
7-Jan-14
GBP
75,940,000
EUR
91,013,687
259,890
7-Jan-14
GBP
480,000
EUR
576,912
7-Jan-14
GBP
1,500,000
EUR
1,779,917
22,959
7-Jan-14
GBP
580,000
EUR
697,125
(13)
7-Jan-14
ILS
8,500,000
EUR
1,776,756
185
7-Jan-14
JPY
489,680,000
EUR
3,381,080
160
7-Jan-14
JPY
150,000,000
EUR
1,060,066
(24,316)
7-Jan-14
JPY
36,935,980,000
EUR
255,065,120
(22,177)
7-Jan-14
JPY
17,730,000
EUR
122,420
7-Jan-14
MXN
97,950,000
EUR
5,444,782
(19,694)
7-Jan-14
NOK
14,150,000
EUR
1,679,665
12,546
7-Jan-14
NZD
4,010,000
EUR
2,381,235
12,763
7-Jan-14
SEK
36,200,000
EUR
4,061,438
28,474
7-Jan-14
SGD
3,775,000
EUR
2,162,373
7,415
7-Jan-14
THB
187,500,000
EUR
4,152,824
(13,221)
7-Jan-14
USD
2,350,000
EUR
1,734,605
(29,161)
7-Jan-14
USD
1,400,000
EUR
1,020,349
(4,340)
7-Jan-14
USD
7,320,000
EUR
5,312,316
(39)
(14,337)
7-Jan-14
USD
1,640,000
EUR
1,204,519
7-Jan-14
USD
2,370,000
EUR
1,720,001
(42)
7-Jan-14
USD
650,770,000
EUR
473,493,888
(1,216,431)
(612)
7-Jan-14
ZAR
9,350,000
EUR
647,852
7-Jan-14
ZAR
43,050,000
EUR
2,979,239
25
838
17,570,996

FDC SICAV Obligations EMMA - Actif 1
Maturity Date
4-Feb-14
Currency
Amount
purchased
Currency
Amount sold
(in Sub-Fund Ccy)
BRL
1,360,000
USD
569,753
1,029
2,064
4-Feb-14
BRL
1,360,000
USD
568,326
4-Feb-14
BRL
1,360,000
USD
566,195
3,611
4-Feb-14
BRL
1,360,000
USD
566,077
3,696
4-Feb-14
BRL
2,720,000
USD
1,149,620
(5,283)
4-Feb-14
BRL
2,740,000
USD
1,140,716
7,274
4-Feb-14
BRL
1,360,000
USD
569,038
1,548
4-Feb-14
BRL
1,360,000
USD
564,784
4,634
4-Feb-14
BRL
1,360,000
USD
563,732
5,398
4-Feb-14
BRL
1,360,000
USD
564,315
4,975
13-Feb-14
EUR
848,691
PLN
3,550,000
(2,757)
(1,962)
13-Feb-14
EUR
849,483
PLN
3,550,000
28-Feb-14
HUF
58,000,000
USD
258,458
7,030
21-Feb-14
IDR
19,600,000,000
USD
1,661,725
(52,939)
4-Feb-14
MXN
15,200,000
USD
1,170,314
(9,590)
4-Feb-14
MXN
40,453,329
USD
3,040,529
28,289
4-Feb-14
MXN
7,600,000
USD
584,212
(4,109)
4-Feb-14
MXN
7,600,000
USD
584,887
(4,599)
4-Feb-14
MXN
7,600,000
USD
583,853
(3,849)
(2,907)
4-Feb-14
MXN
5,200,000
USD
399,855
4-Feb-14
MXN
7,600,000
USD
583,673
(3,718)
4-Feb-14
MXN
7,600,000
USD
584,990
(4,674)
4-Feb-14
MXN
2,143,241
USD
163,173
(14)
4-Feb-14
MXN
13,500,000
USD
1,046,796
(13,867)
4-Feb-14
MXN
8,279,789
USD
637,048
(4,898)
27-Jan-14
MYR
600,000
USD
186,858
(2,991)
10-Feb-14
MYR
720,000
USD
218,281
560
8-Jan-14
PHP
18,875,000
USD
432,516
(3,695)
15-Jan-14
PHP
18,875,000
USD
432,814
(3,952)
21-Jan-14
PHP
9,300,000
USD
213,058
(1,819)
21-Jan-14
PHP
18,875,000
USD
426,361
703
22-Jan-14
PHP
18,875,000
USD
433,112
(4,196)
10-Feb-14
PHP
18,875,000
USD
426,361
813
13-Feb-14
PLN
1,490,000
USD
475,370
12,376
13-Feb-14
PLN
1,632,018
USD
540,381
(742)
13-Feb-14
PLN
625,844
USD
207,225
(285)
21-Feb-14
RON
1,120,000
USD
340,613
3,210
6-Feb-14
RUB
38,300,000
USD
1,150,067
5,702
11-Feb-14
THB
17,800,000
USD
539,067
1,128
11-Feb-14
THB
36,284,831
USD
1,117,144
(10,959)
3-Jan-14
TRY
2,319,645
USD
1,086,673
(5,463)
10-Mar-14
TRY
500,000
USD
238,711
(6,802)
10-Mar-14
TRY
3,390,000
USD
1,573,341
(13,372)
26

Currency
Amount
purchased
Currency
Amount sold
(in Sub-Fund Ccy)
4-Feb-14
USD
1,150,011
4-Feb-14
USD
1,149,716
BRL
2,710,000
8,694
BRL
2,730,000
4-Feb-14
USD
2,326
1,158,433
BRL
2,720,000
11,787
4-Feb-14
USD
580,452
BRL
1,360,000
6,799
4-Feb-14
USD
1,155,897
BRL
2,710,000
13,005
4-Feb-14
USD
811,201
BRL
1,900,000
9,699
4-Feb-14
USD
1,150,197
BRL
2,730,000
2,679
4-Feb-14
USD
1,150,987
BRL
2,710,000
9,410
4-Feb-14
USD
582,855
BRL
1,370,000
5,482
4-Feb-14
USD
1,152,278
BRL
2,690,000
16,507
4-Feb-14
USD
1,145,656
BRL
2,690,000
11,657
4-Feb-14
USD
1,148,101
BRL
2,690,000
13,447
4-Feb-14
USD
744,048
BRL
1,750,000
6,655
27-Jan-14
USD
98,647
CLP
52,000,000
2
(5,970)
Maturity Date
28-Feb-14
USD
278,439
HUF
62,000,000
28-Feb-14
USD
44,905
HUF
9,933,000
(741)
4-Feb-14
USD
572,714
MXN
7,500,000
1,293
4-Feb-14
USD
1,165,427
MXN
15,200,000
6,061
4-Feb-14
USD
1,166,894
MXN
15,200,000
7,129
4-Feb-14
USD
896,765
MXN
11,899,868
(6,633)
4-Feb-14
USD
986,431
MXN
12,904,789
2,951
4-Feb-14
USD
1,162,964
MXN
15,100,000
9,809
4-Feb-14
USD
1,167,122
MXN
15,100,000
12,836
4-Feb-14
USD
1,166,606
MXN
15,100,000
12,460
16-Jan-14
USD
330,696
MYR
1,070,000
3,345
8-Jan-14
USD
426,168
PHP
18,875,000
(907)
3-Jan-14
USD
541,778
PLN
1,632,018
725
3-Jan-14
USD
207,760
PLN
625,844
278
13-Feb-14
USD
402,908
PLN
1,250,000
(7,423)
13-Feb-14
USD
723,835
PLN
2,180,000
2,456
6-Feb-14
USD
1,153,500
RUB
38,400,000
(5,440)
6-Feb-14
USD
2,065,614
RUB
67,900,000
9,345
6-Feb-14
USD
567,010
RUB
18,700,000
1,208
6-Feb-14
USD
1,062,213
RUB
35,300,000
(3,661)
10-Mar-14
USD
3,987,087
TRY
8,274,820
141,111
10-Mar-14
USD
259,571
TRY
540,000
8,753
10-Mar-14
USD
1,071,410
TRY
2,319,645
5,480
28-Feb-14
USD
256,995
ZAR
2,708,175
454
28-Feb-14
USD
743,154
ZAR
7,694,414
10,794
28-Feb-14
USD
313,416
ZAR
3,291,825
1,309
28-Feb-14
USD
585,652
ZAR
6,100,000
5,990
28-Feb-14
USD
332,736
ZAR
3,462,350
3,635
28-Feb-14
USD
4,109,178
ZAR
42,248,510
80,248
28-Feb-14
USD
1,149,425
ZAR
12,000,000
9,823
28-Feb-14
ZAR
1,276,111
USD
122,599
(1,302)
27

Maturity Date
Currency
Amount
purchased
Currency
Amount sold
(in Sub-Fund Ccy)
28-Feb-14
ZAR
5,600,000
USD
534,673
(3,293)
28-Feb-14
ZAR
10,523,889
USD
1,011,089
(10,758)
28-Feb-14
ZAR
5,600,000
USD
534,989
(3,523)
28-Feb-14
ZAR
11,800,000
USD
1,135,984
(13,725)
316,864
FDC SICAV Obligations EMMA - Index
Maturity Date
18-Mar-14
Currency
Amount
purchased
Currency
Amount sold
MXN
21,100,000
USD
1,628,652
(in Sub-Fund Ccy)
(19,987)
Total Unrealised Loss on Forward Foreign Currency Contracts
(19,987)
7. Futures Contracts
As of 31 December 2013, the Sub-Funds have the following outstanding positions on futures contracts:
Maturity
Date
Long/
(Short)
Quantity Contract
Trade
Ccy
Commitment Local Market

(in Sub-Fund
Price
Ccy) (in trade Ccy)
Unrealised Gain/
(Loss)
(in Sub-Fund Ccy)
21-Mar-14
370 CME S&P500 EMINI FUT 21/03/2014
USD
24,716,789
1,841
920,732
21-Mar-14
370 DJ EURO STOXX 50 21/03/2014
EUR
11,499,600
3,108
544,460
Total Unrealised Gain on Open Futures Contracts
1,465,192
FDC SICAV Actions Monde Small Cap - Index
Maturity
Date
21-Mar-14
Long/
(Short)
Quantity Contract
Trade
Ccy
13 RUSSELL 2000 INDEX 21/03/2014
USD

(in Sub-Fund
Price
Ccy) (in trade Ccy)
Unrealised Gain/
(Loss)
(in Sub-Fund Ccy)
1,161
32,650
1,095,700
32,650
Maturity
Date
21-Mar-14
Long/
(Short)
Quantity Contract
Trade
Ccy
140 MINI MSCI EMERGING MARKETS

INDEX 21/03/2014
USD

(in Sub-Fund
Price
Ccy) (in trade Ccy)
5,165,354
1,017
Unrealised Gain/
(Loss)
(in Sub-Fund Ccy)
156,580
156,580
28

7. Futures Contracts (continued)
Maturity
Date
Long/
(Short)
Quantity Contract
Trade
Ccy

(in Sub-Fund
Price
Ccy) (in trade Ccy)
Unrealised Gain/
(Loss)
(in Sub-Fund Ccy)
6-Mar-14
6-Mar-14
(253) EURO-BUND FUTURE 06/03/2014

(6) EURO-SCHATZ FUTURE 06/03/2014
EUR
EUR
(35,210,010)
(661,800)
139
110
261,880
60
6-Mar-14
(168) EUX EURO-BOBL 5YR 6%

06/03/2014
EUR
(20,904,240)
124
147,900
409,840
Maturity
Date
Long/
(Short)
Quantity Contract
Trade
Ccy

(in Sub-Fund
Price
Ccy) (in trade Ccy)
Unrealised Gain/
(Loss)
(in Sub-Fund Ccy)
6-Mar-14
6-Mar-14
(85) EURO-BUND FUTURE 06/03/2014

(369) EURO-SCHATZ FUTURE 06/03/2014
EUR
EUR
(11,829,450)
(40,700,700)
139
110
155,070
68,265
6-Mar-14
(491) EUX EURO-BOBL 5YR 6%

06/03/2014
130 EUX BUXL 30YR 4% DEC 06/03/2014
EUR
(61,095,130)
124
520,460
EUR
15,862,600
122
(171,600)
6-Mar-14
Total Unrealised Gain on Open Futures Contracts, Net
572,195
Maturity
Date
Long/
(Short)
Quantity Contract
31-Mar-14
31-Mar-14
(427)
90
Trade
Ccy

(in Sub-Fund
Price
Ccy) (in trade Ccy)
Unrealised Gain/
(Loss)
(in Sub-Fund Ccy)
USD
USD
(36,972,632)
14,356,925
27-Mar-14
(65)
CBT US 5YR NOTE 6% 31/03/2014

CBT US 2YR NOTE 6% SEP
31/03/2014
LIF LONG GILT FUTURE 27/03/2014
GBP
20-Mar-14
USD
20-Mar-14
(84) CBT US LONG BOND 20YR 6% SEP

20/03/2014
(14) CAN 10YR BOND FUT 20/03/2014
CAD
(1,211,934)
127
14,125
20-Mar-14
(15)
USD
(1,339,456)
123
10,205
20-Mar-14
(20) US ULTRA BOND(CBT) 20/03/2014
6-Mar-14
22
US 10YR NOTE FUT 20/03/2014

EURO-OAT FUTURE 06/03/2014
119
110
442,891
(22,858)
(8,325,304)
107
180,572
(7,821,946)
128
73,864
USD
(1,977,575)
136
29,494
EUR
2,891,680
131
(35,360)
6-Mar-14
(264)
EURO-BUND FUTURE 06/03/2014
EUR
(36,740,880)
139
367,210
6-Mar-14
103
EURO-SCHATZ FUTURE 06/03/2014
EUR
11,360,900
110
(12,135)
6-Mar-14
218
EUX EURO-BOBL 5YR 6%

06/03/2014
EUX BUXL 30YR 4% DEC 06/03/2014
EUR
27,125,740
124
(194,240)
EUR
5,124,840
122
(26,000)
EUR
(3,214,960)
115
(22,400)
JPY
6,927,048
143
(39,633)
AUD
3,100,883
97
6-Mar-14
6-Mar-14
11-Mar-14
17-Mar-14
42
(28) EURO-BTP FUTURE 06/03/2014

7 TSE JPN 10YR BOND 6% 11/03/2014
44 AUST 3YR BOND FUT 17/03/2014
Total Unrealised Gain on Open Futures Contracts, Net
2,565
768,300
29

8. Swap Contracts
As of 31 December 2013, the Sub-Funds have the following outstanding swap contracts:
Description
Receive
Unrealised Gain/
(loss)
Trade Ccy (in Sub-Fund Ccy)
Maturity Date
Pay
Interest Rate Swap
23-Jan-14
0.1625%
EONIA
EUR
401
Interest Rate Swap
19-Mar-14
0.196%
EONIA
EUR
(1,034)
Interest Rate Swap
23-May-14
0.1525%
EONIA
EUR
Total Unrealised Gain on Swap Contracts, Net
859
226
9. Changes in the Investment Portfolio

Changes in the Investment Portfolio during the reporting year are available to the Shareholder at the registered offices of
the Company and the Custodian Bank.
10. Important Events
A new Issue Document has been published in September 2013.
The Board of Directors of the Company resolved to launch the four following Sub-Funds on 1 October 2013:
- FDC SICAV Actions Monde Small Cap Actif 1
- FDC SICAV Actions Monde Small Cap Index
- FDC SICAV Obligations EMMA Actif 1
- FDC SICAV Obligations EMMA Index
On 21 November 2013, the Board of Directors of the Company resolved:
- t o terminate the Investment Management Agreement with Invesco Asset Management Deutschland GmbH regarding
Sub-Fund FDC SICAV Actions Monde - Actif 2;
- t o activate the stand-by mandate for Sub-Fund FDC SICAV Actions Monde - Actif 2 held by Kleinwort Benson Investors Ltd.
11. Subsequent Events
On 22 November 2013, the Investment Management Agreement with Invesco Asset Management Deutschland GmbH
regarding Sub-Fund FDC SICAV Actions Monde - Actif 2 has been terminated with effect from 28 February 2014.
On 9 December 2013, the stand-by mandate with Kleinwort Benson Investors Ltd. has been activated.
On 16 January 2014, 100% of the total net assets of Sub-Fund FDC SICAV Actions Monde - Actif 2 have been taken over
by Kleinwort Benson Investors Ltd.
30

Schedule of Investments and Other Net Assets as of 31 December 2013
(expressed in EUR)
Quantity
Description
Market Value
% NAV
Transferable securities and money market instruments admitted to an official exchange listing
AUD Equities
1,600,814
Goodman Group
4,916,111
0.74
4,916,111
0.74
CAD Equities
306,571
4,007,840
0.60
4,007,840
0.60
9,563,461
6,836,186
6,819,308
4,068,958
1.43
1.02
1.02
0.61
27,287,913
4.08
7,179,678
6,876,735
3,752,168
7,038,959
9,714,204
3,756,651
4,396,730
3,525,810
7,459,409
6,842,508
7,931,912
8,293,340
2,801,616
3,316,478
6,538,103
3,056,811
7,956,338
1.07
1.03
0.56
1.05
1.45
0.56
0.66
0.53
1.12
1.03
1.19
1.24
0.42
0.50
0.98
0.46
1.19
100,437,450
15.04
11,232,565
6,092,107
8,972,896
8,809,120
9,704,499
4,876,405
3,094,326
8,550,784
12,418,180
6,031,628
5,050,590
10,240,683
1.68
0.91
1.34
1.32
1.45
0.73
0.46
1.28
1.85
0.90
0.76
1.54
95,073,783
14.22
4,814,106
2,591,951
0.72
0.39
7,406,057
1.11
First Quantum Minerals Limited
CHF Equities
131,980
117,663
33,535
60,773
Compagnie Financiere Richemont SA

Novartis AG - Reg
Roche Holding AG
Swiss Re Limited
EUR Equities
55,080
101,069
219,425
90,837
95,284
93,975
27,583
206,248
407,173
107,926
107,712
72,116
384,046
254,624
223,334
248,926
38,973
Allianz SE - Reg
ASML Holding NV
Assicurazioni Generali SpA
BASF SE
Bayer AG
Compagnie de Saint-Gobain
Continental AG
GDF Suez
Repsol YPF SA
Schneider Electric SA
Sodexho
Solvay SA
Stora Enso Oyj
Suez Environnement Company
Unilever NV
UPM-Kymmene Oyj
Volkswagen AG Pfd
GBP Equities
720,243
271,185
230,549
366,446
1,218,878
201,541
191,975
530,895
477,649
161,823
147,333
3,594,910
BG Group plc
BHP Billiton plc
British American Tobacco plc
Diageo plc
HSBC Holdings plc
Intercontinental Hotels Group plc
Pearson plc
Prudential plc
Royal Dutch Shell plc - A
SABMiller plc
Shire plc
Vodafone Group plc
HKD Equities
488,000
467,000
Hutchison Whampoa Limited

Wharf Holdings Limited
31

Schedule of Investments and Other Net Assets as of 31 December 2013 (continued)
(expressed in EUR)
Quantity
Description
Market Value
% NAV
6,064,757
5,303,759
6,217,565
3,873,524
3,691,586
5,311,470
2,838,682
6,739,928
5,513,799
10,171,667
0.91
0.79
0.93
0.58
0.55
0.79
0.42
1.01
0.82
1.52
55,726,737
8.32
2,108,565
5,852,176
0.32
0.88
7,960,741
1.20
8,483,081
4,808,521
6,280,843
3,769,309
6,584,036
6,291,833
11,718,794
5,908,258
8,464,425
3,073,659
10,764,055
4,234,140
9,090,924
5,741,770
8,552,395
6,817,944
3,013,180
8,978,647
7,586,969
14,811,314
9,010,462
3,596,201
5,996,996
4,703,167
13,131,412
3,927,774
3,061,222
6,825,479
3,935,938
5,825,779
7,825,258
9,654,601
3,317,820
5,881,511
3,584,638
5,435,134
7,056,430
7,130,654
1.27
0.72
0.94
0.56
0.98
0.94
1.75
0.88
1.27
0.46
1.61
0.63
1.36
0.86
1.28
1.02
0.45
1.34
1.13
2.22
1.35
0.54
0.90
0.70
1.95
0.59
0.46
1.02
0.59
0.87
1.17
1.45
0.50
0.88
0.54
0.81
1.05
1.07
JPY Equities
134,100
965,000
263,300
425,000
170,000
870,200
92,700
528,500
86,800
271,800
Daikin Industries Limited

Hitachi Limited
Japan Tobacco Inc.
Mitsubishi Electric Corp.
Mitsubishi Estate Company Limited
Nissan Motor Company Limited
Nitto Denko Corp.
Orix Corp.
Softbank Corp.
Sumitomo Mitsui Financial Group Inc.
SEK Equities
110,747
659,770
Electrolux AB
Telefonaktiebolaget LM Ericsson
USD Equities
112,907
110,653
77,914
19,754
22,750
18,140
1,037,117
29,102
219,446
75,984
284,635
92,244
241,063
136,600
214,698
133,867
72,613
154,093
255,798
18,211
150,789
48,008
36,740
178,042
197,559
99,399
19,454
102,531
112,149
352,553
199,978
355,425
39,226
258,432
83,479
6,443
130,955
109,041
ACE Limited
Adobe Systems Inc.
Allergan Inc.
Alliance Data Systems Corp.
Amazon.com Inc.
Autozone Inc.
Bank of America Corp.
Biogen Idec Inc.
Bristol-Myers Squibb Company
Cerner Corp.
Citigroup Inc.
Citrix Systems Inc.
Comcast Corp.
DISH Network Corp.
Ebay Inc.
Emerson Electric Company
Ensco International Inc.
Fluor Corp.
General Motors Acceptance Corp.
Google Inc.
Home Depot Inc.
Humana Inc.
IntercontinentalExchange Inc.
Invesco Limited
Johnson & Johnson
Lam Research Corp.
Linkedin Corp.
Marathon Petroleum Corp.
Marsh & McLennan Companies Inc.
Masco Corp.
MetLife Inc.
Microsoft Corp.
Monsanto Company
Morgan Stanley
Paccar Inc.
Priceline.com Inc.
Qualcomm Inc.
Schlumberger Limited
32

(expressed in EUR)
Quantity
60,928
113,293
188,950
222,058
176,522
49,283
150,151
175,303
105,195
225,412
36,601
360,394
182,381
Description
Market Value
% NAV
3,968,865
6,034,017
6,021,114
11,235,446
8,164,118
6,008,595
12,400,438
9,579,677
5,672,186
10,197,891
5,914,809
11,874,079
5,105,000
0.59
0.90
0.90
1.68
1.22
0.90
1.85
1.43
0.85
1.53
0.88
1.77
0.76
Sempra Energy
State Street Corp.
Texas Instruments Inc.
Time Warner Inc.
TJX Companies Inc.
Union Pacific Corp.
United Technologies Corp.
UnitedHealth Group Inc.
Vertex Pharmaceuticals Inc.
VF Corp.
Visa Inc. - A
Wells Fargo & Company
Williams Companies Inc.
Total Equities
357,050,808
53.37
659,867,440
98.68
EUR Rights
407,173
Repsol SA - Right
Total Rights
201,958
0.03
201,958
0.03
201,958
0.03
Total Transferable securities and money market instruments admitted to an official

exchange listing
660,069,398
98.71
Total Investment in Securities
660,069,398
98.71
Other Net Assets

Total Net Assets
8,594,948
1.29
668,664,346
100.00
33

Industrial Classification of the Investment Portfolio as of 31 December 2013
Sector
%
NAV
Banks
Pharmaceuticals
Insurance
Oil and gas producers
Internet software and services
Retail
Broadcasting, radio and television
Auto manufacturers
Semiconductors
Financial services
Electrical equipment
Software
Chemicals
Oil and gas services
Telecommunication services
Building materials
Tobacco
Beverages
Healthcare services
Aerospace and defence
Commercial services
Biotechnology
Apparel
Mining (non precious)
Engineering and construction
Diversified companies
Food services
Transportation
Forest products and paper
Telecommunication equipment
Real estate investment trust
Leisure and entertainment
Automobile parts and equipment
Real estate
Electrical utilities
Water utilities
Home furnishings
9.88
8.41
6.55
6.15
5.75
4.94
4.36
3.65
3.57
3.49
3.42
3.26
3.21
2.42
2.36
2.34
2.27
2.22
1.97
1.85
1.75
1.73
1.53
1.51
1.34
1.11
0.98
0.90
0.88
0.88
0.74
0.73
0.66
0.55
0.53
0.50
0.32
98.71
Other Net Assets
1.29
Total Net Assets
100.00
34

(expressed in EUR)
Quantity
Description
Market Value
% NAV
AUD Equities
1,171,294
58,500
62,437
52,949
1,171,294
181,055
1,006,304
2,708,010
73,908
Amcor Limited
Commonwealth Bank of Australia
CSL Limited
Flight Centre Limited
Orora Limited
Sonic Healthcare Limited
Suncorp-Metway Limited
Telstra Corp. Limited
Woolworths Limited
8,023,024
2,954,984
2,795,497
1,634,662
882,152
1,949,013
8,558,944
9,230,586
1,624,313
1.23
0.45
0.43
0.25
0.14
0.30
1.31
1.42
0.25
37,653,175
5.78
2,268,990
1,836,565
1,016,691
7,742,362
5,400,019
3,683,118
0.35
0.28
0.16
1.19
0.83
0.56
21,947,745
3.37
CAD Equities
720,600
44,400
74,500
591,000
234,600
144,800
Bombardier Inc.
Canadian National Railway Company
Canadian Oil Sands Trust
EnCana Corp.
Husky Energy Inc.
Suncor Energy Inc.
CHF Equities
33,476
Roche Holding AG
6,807,310
1.04
6,807,310
1.04
4,472,702
2,547,527
8,976,751
0.69
0.39
1.38
15,996,980
2.46
1,694,235
2,949,108
5,081,351
2,140,742
1,751,199
6,551,755
5,570,336
1,379,791
1,890,789
8,257,649
7,356,781
1,406,350
6,858,036
5,340,869
1,180,825
6,280,954
3,491,358
0.26
0.45
0.78
0.33
0.27
1.00
0.85
0.21
0.29
1.27
1.13
0.22
1.05
0.82
0.18
0.96
0.54
69,182,128
10.61
2,955,789
9,494,952
10,215,913
0.45
1.46
1.57
DKK Equities
567
52,940
67,374
AP Moller - Maersk A/S

Coloplast A/S - B
Novo Nordisk A/S
EUR Equities
21,929
28,927
65,778
13,430
53,759
151,661
361,241
98,101
57,646
632,770
56,482
52,781
190,501
113,274
6,340
131,621
99,953
Anheuser-Busch InBev NV
Bayer AG
Compagnie Generale des Etablissements Michelin
Continental AG
Corio NV
Delhaize Group
Deutsche Lufthansa AG - Reg
Ferrovial SA
Kone Oyj
Koninklijke Ahold NV
Merck KGaA
Philips Electronics NV
Prosieben Sat.1 Media AG Pfd
Randstad Holdings NV
Unibail-Rodamco SE
Vinci SA
Voestalpine AG
GBP Equities
648,162
4,071,913
155,951
BT Group plc
ITV plc
Next plc
35

(expressed in EUR)
Quantity
938,013
199,482
321,633
Description
Market Value
% NAV
10,135,871
5,466,774
8,361,990
1.55
0.84
1.28
46,631,289
7.15
9,282,939
1,287,313
1.42
0.20
10,570,252
1.62
2,438,456
5,246,581
1,327,079
1,211,288
4,444,660
2,915,403
8,177,002
6,200,970
6,262,667
0.37
0.80
0.20
0.19
0.68
0.45
1.25
0.95
0.96
38,224,106
5.85
3,215,106
0.49
3,215,106
0.49
2,430,257
0.37
2,430,257
0.37
5,815,937
2,736,747
1,539,071
3,753,816
8,059,461
0.89
0.42
0.24
0.58
1.24
21,905,032
3.37
6,781,598
1,306,158
7,188,799
10,629,361
10,648,819
4,766,420
1,351,318
3,484,733
5,663,860
7,197,614
1,488,263
11,609,906
11,072,831
10,479,959
8,729,446
9,156,645
4,899,241
1,498,191
7,330,002
1.04
0.20
1.10
1.63
1.63
0.73
0.21
0.53
0.87
1.10
0.23
1.78
1.70
1.61
1.34
1.40
0.75
0.23
1.12
Reed Elsevier plc

Royal Dutch Shell plc
HKD Equities
941,000
529,000

SJM Holdings Limited
JPY Equities
540,000
77,300
40,000
53,000
275,800
74,600
218,500
255,500
1,751,000
Asahi Glass Company Limited

Daito Trust Construction Company Limited
FamilyMart Company Limited
Kao Corp.
Namco Bandai Holdings
Nippon Telegraph & Telephone Corp.
Tokio Marine Holdings Inc.
Tokyo Gas Company Limited
NOK Equities
247,721
DnB Nor Bank ASA
NZD Equities
1,765,178
Telecom Corp. of New Zealand Limited
SEK Equities
594,013
354,357
160,623
105,131
394,069
Nordea Bank AB
Securitas AB
Skandinaviska Enskilda Banken AB
Svenska Handelsbanken AB
Swedbank AB
USD Equities
524,100
33,000
86,100
128,300
338,100
186,800
37,100
308,400
195,700
58,700
8,800
712,600
292,800
204,400
259,800
247,400
106,700
12,300
64,800
Activision Blizzard Inc.

Allstate Corp.
Ameriprise Financial
Amgen Inc.
Archer-Daniels-Midland Company
AT&T Inc.
Avery Dennison Corp.
Best Buy Company Inc.
Celgene Corp.
CF Industries Holdings Inc.
Cisco Systems Inc.
Citigroup Inc.
ConocoPhillips
Edison International
Eli Lilly & Company
Entergy Corp.
EOG Resources Inc.
Everest Re Group Limited
36

(expressed in EUR)
Quantity
599,600
117,900
278,600
427,600
372,500
144,900
78,100
194,200
587,800
40,400
323,600
451,400
279,700
274,000
88,600
55,700
167,300
1,028,800
576,300
331,100
140,100
465,400
32,500
592,700
62,900
95,500
48,300
418,400
383,700
20,800
227,800
234,600
59,900
Description
Market Value
% NAV
3,381,031
4,214,778
7,901,367
8,698,159
11,048,351
7,902,489
10,046,813
4,092,723
11,935,588
2,414,120
13,733,538
4,396,232
8,023,906
10,264,436
5,520,662
1,426,910
11,137,145
10,736,343
15,654,349
9,885,304
1,628,798
12,922,242
2,486,647
13,174,934
8,657,509
2,257,292
1,968,524
7,159,819
9,317,176
1,586,171
8,332,029
8,366,228
1,973,555
0.51
0.65
1.21
1.33
1.69
1.21
1.54
0.63
1.83
0.37
2.11
0.67
1.23
1.58
0.85
0.22
1.70
1.65
2.40
1.52
0.25
1.98
0.38
2.02
1.33
0.35
0.30
1.10
1.43
0.24
1.28
1.28
0.30
Flextronics International Limited

GameStop Corp.
Gap Inc.
General Electric Capital Corp.
Gilead Sciences Inc.
Goldman Sachs Group Inc.
H&R Block Inc.
Hewlett-Packard Company
Home Depot Inc.
JPMorgan Chase & Company
Keycorp
Kroger Company
Lincoln National Corp.
Manpower Inc.
Marathon Oil Corp.
Marvell Technology Group Limited
Microsoft Corp.
NetApp Inc.
Nvidia Corp.
Oracle Corp.
PartnerRe Limited
Pfizer Inc.
PPG Industries Inc.
Safeway Inc.
Seagate Technology
Symantec Corp.
Tyson Foods Inc.
United Parcel Service Inc.
Valero Energy Corp.
Verizon Communications Inc.
367,528,332
56.34
Total Equities
642,091,712
98.45

exchange listing
642,091,712
98.45
642,091,712
98.45
Other Net Assets
10,127,961
1.55
Total Net Assets
652,219,673
100.00
37

Sector
%
NAV
Banks
Pharmaceuticals
Insurance
Software
Retail
Biotechnology
Food services
Computers and peripherals
Transportation
Semiconductors
Auto manufacturers
Miscellaneous machinery
Employment services
Agriculture
Chemicals
Publishing and printing
Food
Packaging and containers
Financial services
Commercial services
Real estate
Electronic equipment
Toys and games
Iron and steel
Healthcare supplies and equipment
Building materials
Healthcare services
Machinery
Beverages
Business and office equipment
Cosmetics and personal care
11.99
9.90
7.42
5.54
5.42
4.87
4.70
4.37
4.10
3.65
2.51
2.09
2.06
1.90
1.78
1.69
1.68
1.67
1.63
1.56
1.55
1.43
1.42
1.37
1.17
1.11
1.10
1.10
1.05
0.96
0.80
0.73
0.68
0.54
0.45
0.45
0.39
0.37
0.30
0.29
0.26
0.21
0.19
98.45
Other Net Assets
1.55
Total Net Assets
100.00
38

(expressed in EUR)
Quantity
Description
Market Value
% NAV
AUD Equities
426,758
227,760
Campbell Brothers Limited

Westpac Banking Corp.
2,441,053
4,788,219
0.51
0.99
7,229,272
1.50
2,533,695
1,767,699
3,797,085
0.53
0.37
0.79
8,098,479
1.69
2,952,753
9,116,682
7,993,241
5,947,144
0.61
1.89
1.66
1.23
26,009,820
5.39
6,941,052
3,458,921
3,339,197
4,231,729
3,746,950
3,817,077
2,940,352
4,462,739
5,755,324
3,363,391
4,632,342
3,308,000
2,616,641
4,975,879
825,816
7,269,331
6,273,932
2,157,520
1.44
0.72
0.69
0.88
0.78
0.79
0.61
0.92
1.19
0.70
0.96
0.69
0.54
1.03
0.17
1.51
1.30
0.44
74,116,193
15.36
6,796,889
3,206,359
6,413,019
3,819,347
2,578,774
5,933,522
4,840,153
5,579,549
2,745,936
2,127,757
4,918,455
3,534,814
3,732,547
4,042,412
1.41
0.66
1.33
0.79
0.53
1.23
1.00
1.16
0.57
0.44
1.02
0.73
0.77
0.84
CAD Equities
77,169
93,600
55,531
Rogers Communications Inc.

Teck Cominco Limited
Toronto-Dominion Bank
CHF Equities
132,693
171,092
137,578
29,246
Credit Suisse - Reg

Nestle SA - Reg
Novartis AG - Reg
Roche Holding AG
EUR Equities
74,925
171,149
373,178
54,610
50,882
67,380
315,997
85,297
51,571
1,874,800
325,877
21,756
828,051
323,109
53,073
94,260
100,689
11,584
Adidas AG
AXA SA
Banco Bilbao Vizcaya Argentaria
BASF SE
Beiersdorf AG
BNP Paribas
Credit Agricole
Danone SA
Fresenius SE
Intesa Sanpaolo SpA
Jeronimo Martins SGPS SA
Linde AG
Portugal Telecom SGPS SA - Reg
Reed Elsevier NV
Saipem SpA
Sanofi-Aventis SA
SAP AG
Unibail-Rodamco SE
GBP Equities
514,541
593,194
411,209
170,015
565,488
509,970
201,343
416,698
72,571
183,729
519,290
219,467
226,669
117,923
Arm Holdings plc

Aviva plc
BG Group plc
BHP Billiton plc
BT Group plc
Compass Group plc
Diageo plc
Experian plc
Intertek Group plc
Land Securities Group plc
National Grid plc
Prudential plc
Scottish & Southern Energy plc
Shire plc
39

(expressed in EUR)
Quantity
240,011
2,830,789
Description
Market Value
% NAV
3,923,400
8,063,960
0.81
1.68
72,256,893
14.97
2,231,178
2,942,785
2,188,264
1,609,844
0.46
0.61
0.45
0.33
8,972,071
1.85
5,075,904
2,556,774
3,818,839
6,018,317
2,211,231
1,892,290
3,604,725
4,636,590
2,621,516
3,201,561
3,360,617
1.05
0.53
0.79
1.25
0.46
0.39
0.75
0.96
0.54
0.66
0.70
38,998,364
8.08
Standard Chartered Bank plc

Vodafone Group plc
HKD Equities
973,000
510,000
700,000
1,720,000
Hang Lung Properties Limited

HongKong Electric Holdings
Hysan Development Company Limited
Li & Fung Limited
JPY Equities
118,000
111,200
66,000
201,300
109,600
125,600
166,000
967,600
220,100
50,400
89,800
Astellas Pharma Inc.

Canon Inc.
East Japan Railway Company
Honda Motor Company Limited
Hoya Corp.
Kurita Water Industries Limited
Mitsubishi UFJ Financial Group Inc.
NTT DoCoMo Inc.
Softbank Corp.
SEK Equities
249,624
SKF AB - B
4,758,352
0.99
4,758,352
0.99
5,619,375
7,887,543
5,746,739
5,157,383
12,672,669
5,454,387
6,047,831
2,147,544
5,737,477
2,969,828
2,966,879
7,087,817
4,993,904
2,243,116
1,488,524
6,465,249
3,431,225
4,489,090
4,113,830
4,570,721
8,437,620
10,381,043
7,336,722
3,293,932
4,198,031
5,593,933
3,165,078
6,755,572
1.16
1.63
1.18
1.07
2.63
1.13
1.25
0.45
1.19
0.62
0.61
1.47
1.04
0.46
0.31
1.34
0.71
0.93
0.85
0.95
1.74
2.16
1.52
0.68
0.87
1.16
0.66
1.40
USD Equities
74,792
181,507
70,842
130,301
31,121
213,762
149,054
29,483
148,748
64,700
229,417
136,463
75,346
49,958
36,035
126,942
26,673
74,527
218,361
33,578
126,942
244,606
204,029
128,580
63,062
79,441
80,885
248,700
ACE Limited
Adobe Systems Inc.
Air Products & Chemicals Inc.
Allstate Corp.
Apple Inc.
AT&T Inc.
BorgWarner Inc.
Boston Properties Inc.
Citrix Systems Inc.
Corning Inc.
CVS Caremark Corp.
Deere & Company
Devon Energy Corp.
Diamond Offshore Drilling
Hess Corp.
Intel Corp.
International Business Machines Corp.
Johnson & Johnson
Lowes Cos Inc.
Marathon Oil Corp.
McDonalds Corp.
MetLife Inc.
Microsoft Corp.
40

(expressed in EUR)
Quantity
81,079
152,421
197,887
98,278
88,860
127,761
158,166
204,848
137,280
119,903
224,400
108,106
71,661
208,143
Description
Market Value
% NAV
2,204,746
4,688,940
2,300,628
6,782,713
4,795,906
7,690,045
9,344,530
5,295,320
6,171,846
3,515,426
10,152,107
1,215,256
4,804,790
6,857,790
0.46
0.98
0.48
1.41
0.99
1.60
1.93
1.10
1.28
0.73
2.10
0.25
1.00
1.42
226,273,105
46.90
Noble Corp.
Northeast Utilities
Nvidia Corp.
Occidental Petroleum Corp.
Omnicom Group Inc.
PepsiCo Inc.
Procter & Gamble Company
Spectra Energy Corp.
St Jude Medical Inc.
US Bancorp
VF Corp.
Weatherford International Limited
WellPoint Inc.
Total Equities
466,712,549
96.73

exchange listing
466,712,549
96.73
466,712,549
96.73
15,773,425
3.27
482,485,974
100.00
Other Net Assets

Total Net Assets
41

Sector
%
NAV
Banks
Pharmaceuticals
Food services
Insurance
Software
Retail
Apparel
Chemicals
Semiconductors
Beverages
Commercial services
Real estate
Auto manufacturers
Machinery
Healthcare services
Advertising
Metal fabrication
IT Consulting and services
Transportation
Environment control and services
Distribution and wholesale
12.67
9.22
6.45
5.61
5.00
5.00
4.95
4.15
3.54
2.75
2.74
2.71
2.63
2.60
2.54
2.47
2.36
1.73
1.66
1.34
1.33
1.25
1.25
1.16
1.04
1.03
1.00
0.99
0.99
0.95
0.79
0.61
0.53
0.51
0.46
0.39
0.33
96.73
Other Net Assets
3.27
Total Net Assets
100.00
42

(expressed in EUR)
Quantity
Description
Market Value
% NAV
AUD Equities
44,559
180,476
88,654
264,710
113,349
12,751
229,223
68,968
26,536
28,280
266,094
38,064
142,175
11,254
42,630
165,493
41,745
2,989
134,001
33,510
41,507
42,956
488,475
51,342
104,707
4,598
132,568
163,882
132,072
25,138
36,023
151,230
47,341
10,268
40,766
24,039
60,655
260,394
195,868
62,700
35,796
91,199
88,654
175,981
99,667
169,256
11,032
28,435
80,148
26,754
28,136
77,183
162,698
100,480
AGL Energy Limited

Alumina Limited
Amcor Limited
AMP Limited
Asciano Group
ASX Limited
Australia & New Zealand Banking Group Limited
Australian Pipeline Trust
Bank of Queensland Limited
Bendigo Bank Limited
BHP Billiton Limited
Boral Limited
Brambles Limited
Caltex Australia Limited
Campbell Brothers Limited
CFS Retail Property Trust
Coca-Cola Amatil Limited
Cochlear Limited
Commonwealth Bank of Australia
Computershare Limited
Crown Limited
CSL Limited
Dexus Property Group
Echo Entertainment Group Limited
Federation Centres
Flight Centre Limited
Fortescue Metals Group Limited
Goodman Group
GPT Group
Harvey Norman Holdings Limited
Iluka Resources Limited
Insurance Australia Group Limited
James Hardie Industries SE
Leighton Holdings Limited
Lend Lease Corp. Limited
Macquarie Group Limited
Metcash Limited
Mirvac Group
National Australia Bank Limited
Newcrest Mining Limited
Orica Limited
Origin Energy Limited
Orora Limited
Qantas Airways Limited
QBE Insurance Group Limited
QR National Limited
Ramsay Health Care Limited
Recall Holdings Limited
Santos Limited
Seek Limited
Sonic Healthcare Limited
SP AusNet
Stockland
Suncorp-Metway Limited
43
434,825
130,651
607,255
754,492
423,897
304,326
4,796,652
268,670
209,502
215,743
6,563,329
117,883
844,625
146,501
243,843
208,987
326,054
114,343
6,768,732
247,592
454,089
1,923,272
318,734
82,003
159,078
141,951
500,935
503,283
291,548
51,575
201,841
571,453
397,733
107,399
294,851
857,950
124,444
284,027
4,429,316
317,528
554,529
833,113
66,769
125,112
744,812
536,270
309,856
74,955
761,302
232,936
302,877
62,389
381,337
854,615
0.02
0.01
0.03
0.04
0.02
0.02
0.26
0.01
0.01
0.01
0.35
0.01
0.05
0.01
0.01
0.01
0.02
0.01
0.36
0.01
0.02
0.10
0.02
0.00
0.01
0.01
0.03
0.03
0.02
0.00
0.01
0.03
0.02
0.01
0.02
0.05
0.01
0.02
0.24
0.02
0.03
0.04
0.00
0.01
0.04
0.03
0.02
0.00
0.04
0.01
0.02
0.00
0.02
0.05

(expressed in EUR)
Quantity
67,646
51,342
100,805
344,250
51,331
124,763
53,413
168,524
271,592
259,482
54,393
103,601
17,221
Description
Market Value
% NAV
166,896
121,004
202,891
1,173,419
189,299
554,066
167,153
1,104,009
523,713
5,455,113
1,373,765
2,276,891
185,604
0.01
0.01
0.01
0.06
0.01
0.04
0.01
0.06
0.03
0.29
0.07
0.12
0.01
55,075,607
2.98
212,512
769,888
703,826
270,116
599,853
203,968
161,549
2,621,388
4,519,194
352,671
669,229
115,021
2,187,551
183,461
331,878
1,241,607
409,259
107,964
546,457
1,995,245
2,887,211
2,238,774
499,475
1,514,249
394,135
316,726
578,906
1,308,132
456,365
299,398
977,667
349,449
222,407
79,318
2,025,581
886,900
332,197
260,710
241,074
123,383
687,685
0.01
0.04
0.04
0.01
0.03
0.01
0.01
0.14
0.24
0.02
0.04
0.01
0.12
0.01
0.02
0.07
0.02
0.01
0.03
0.11
0.16
0.12
0.03
0.08
0.02
0.02
0.03
0.07
0.02
0.02
0.05
0.02
0.01
0.00
0.11
0.05
0.02
0.01
0.01
0.01
0.04
Sydney Airport
Tabcorp Holdings Limited
Tatts Group Limited
Telstra Corp. Limited
Toll Holdings Limited
Transurban Group
Treasury Wine Estates Limited
Westfield Group
Westfield Retail Trust
Westpac Banking Corp.
Woodside Petroleum Limited
Woolworths Limited
Worleyparsons Limited
CAD Equities
11,100
11,600
12,900
9,700
29,700
6,400
36,500
54,200
99,600
12,400
21,300
6,300
25,700
34,000
105,400
44,100
29,300
11,700
36,300
32,200
69,800
91,200
36,600
13,800
5,800
13,000
16,800
63,000
18,800
12,400
34,700
5,800
54,000
1,600
63,900
67,700
25,200
900
13,000
10,200
52,603
Agnico-Eagle Mines Limited

Agrium Inc.
Alimentation Couche Tard Inc.
Altagas Limited
Arc Energy Trust
Atco Limited - I
Athabasca Oil Sands Corp.
Bank of Montreal
Bank of Nova Scotia
Baytex Energy Trust
BCE Inc.
Bell Aliant Inc.
Biovail Corp.
Blackberry Limited
Bombardier Inc.
Brascan Corp. Limited
Brookfield Properties Corp.
CAE Inc.
Cameco Corp.
Canadian Imperial Bank of Commerce
Canadian National Railway Company
Canadian Natural Resources Limited
Canadian Oil Sands Trust
Canadian Pacific Railway Limited
Canadian Tire Corp. Limited
Canadian Utilities Limited
Catamaran Corp.
Cenovus Energy Inc.
CGI Group Inc.
Ci Finance Corp.
Crescent Point Energy Corp.
Dollarama Inc.
Eldorado Gold Corp.
Empire Company Limited
Enbridge Inc.
EnCana Corp.
Enerplus Resources Fund
Fairfax Financial Holdings Limited
Finning International Inc.
First Capital Realty Inc.
First Quantum Minerals Limited
44

(expressed in EUR)
Quantity
21,500
9,600
5,700
9,000
64,100
20,800
13,700
28,400
24,500
9,300
13,500
8,800
44,725
6,500
103,981
11,500
19,900
147,600
14,300
7,900
7,000
13,500
39,000
5,300
5,500
25,700
23,500
64,000
47,115
11,800
28,800
18,100
13,800
30,200
119,300
10,800
33,900
15,700
33,600
10,900
50,800
127,548
95,700
51,447
20,800
28,768
12,700
77,250
12,200
21,500
58,300
6,500
64,700
Description
Market Value
% NAV
447,160
283,855
301,727
347,995
1,008,737
465,277
200,250
653,711
787,174
298,233
639,651
337,136
107,225
283,828
330,251
332,887
1,183,883
2,113,076
298,976
338,971
310,299
815,031
148,107
207,609
367,062
321,936
600,633
287,199
285,444
262,021
628,493
445,060
233,476
991,559
5,818,846
356,958
598,546
624,001
492,271
355,796
1,301,859
3,244,298
807,265
971,611
519,406
789,312
537,728
5,282,182
372,482
197,955
1,932,884
276,813
404,797
0.02
0.02
0.02
0.02
0.04
0.02
0.01
0.03
0.04
0.02
0.03
0.02
0.01
0.02
0.02
0.02
0.06
0.11
0.02
0.02
0.02
0.04
0.01
0.01
0.02
0.02
0.03
0.02
0.02
0.01
0.03
0.02
0.01
0.05
0.31
0.02
0.03
0.03
0.03
0.02
0.07
0.17
0.04
0.05
0.03
0.04
0.03
0.28
0.02
0.01
0.10
0.01
0.02
76,431,321
4.08
Fortis Inc.
Franco-Nevada Corp.
George Weston Limited
Gildan Activewear Inc.
Goldcorp Inc.
Great-West Lifeco Inc.
H&R
Husky Energy Inc.
Imperial Oil Limited
Industrial Alliance Insurance & Financial Services Inc.
Intact Financial Corp.
Investors Group
Ivanhoe Mines Limited
Keyera Corp.
Kinross Gold Corp.
Loblaw Companies Limited
Magna International Inc.
Manulife Financial Corp.
MEG Energy Corp.
Methanex Corp.
Metro Inc. - A
National Bank of Canada
New Gold Inc.
Onex Corp.
Open Text Corp.
Pacific Rubiales Energy Corp.
Pembina Pipeline Corp.
Pengrowth Energy Trust
Penn West Petroleum Limited
Peyto Exploration & Development Corp.
Power Corp. of Canada
Power Financial Corp.
RioCan
Rogers Communications Inc.
Royal Bank of Canada
Saputo Inc.
Shaw Communications Inc.
Shoppers Drug Mart Corp.
Silver Wheaton Corp.
SNC-Lavalin Group Inc.
Sun Life Financial Inc.
Suncor Energy Inc.
Talisman Energy Inc.
Teck Cominco Limited
Telus Corp.
Thomson Reuters Corp.
Tim Hortons Inc.
Toronto-Dominion Bank
Tourmaline Oil Corp.
TransAlta Corp.
TransCanada Corp.
Vermilion Energy Trust
Yamana Gold Inc.
45

(expressed in EUR)
Quantity
Description
Market Value
% NAV
3,598,314
546,181
730,496
364,471
408,615
117,686
292,371
3,080,553
2,779,317
216,510
757,104
720,438
1,157,891
574,531
376,580
328,116
353,249
253,356
14,257,912
11,106,805
74,395
364,767
11,987,015
386,996
108,031
800,385
403,659
332,539
226,275
365,832
1,167,956
380,078
249,328
2,074,685
738,159
2,230,363
4,139,967
2,607,825
0.19
0.03
0.04
0.02
0.02
0.01
0.02
0.16
0.15
0.01
0.04
0.04
0.06
0.03
0.02
0.02
0.02
0.01
0.75
0.59
0.00
0.02
0.64
0.02
0.01
0.04
0.02
0.02
0.01
0.02
0.06
0.02
0.01
0.11
0.04
0.12
0.22
0.14
70,658,751
3.75
217,295
1,041,264
708,787
451,375
899,956
378,939
4,424,821
521,597
436,432
98,427
77,704
0.01
0.06
0.04
0.02
0.05
0.02
0.24
0.03
0.02
0.01
0.00
9,256,597
0.50
CHF Equities
187,805
8,883
12,680
6,530
4,408
129
13,805
42,513
124,899
837
3,430
693
21,258
16,435
3,941
100
9
3,670
267,577
191,168
1,268
1,879
58,948
3,612
1,006
478
156
3,396
1,927
4,670
2,428
2,515
4,425
30,987
1,921
7,695
299,849
12,363
ABB Limited - Reg

Actelion Limited - Reg
Adecco SA - Reg
Aryzta AG
Baloise Holding AG P.P. 144A - Reg
Barry Callebaut AG - Reg
Coca-Cola HBC Finance
Compagnie Financiere Richemont SA
Credit Suisse - Reg
EMS-Chemie Holding AG - Reg
Geberit AG - Reg
Givaudan - Reg
Holcim Limited - Reg
Julius Baer Group Limited
Kuehne & Nagel International AG - Reg
Lindt & Spruengli AG
Lindt & Spruengli AG - Reg
Lonza Group AG - Reg
Nestle SA - Reg
Novartis AG - Reg
Pargesa Holding SA
Partners Group - Reg
Roche Holding AG
Schindler Holding AG
Schindler Holding AG - Reg
SGS SA - Reg
Sika AG
Sonova Holding AG - Reg
Sulzer AG - Reg
Swatch Group AG - Reg
Swatch Group AG - B
Swiss Life Holding AG - Reg
Swiss Prime Site AG - Reg
Swiss Re Limited
Swisscom AG - Reg
Syngenta AG - Reg
UBS AG - Reg
Zurich Financial Services AG - Reg
DKK Equities
29
132
8,813
9,380
53,971
15,900
33,210
17,000
61,900
1,400
1,100
AP Moller - Maersk A/S - A

AP Moller - Maersk A/S - B
Carlsberg A/S
Coloplast A/S - B
Danske Bank A/S
DSV A/S
Novo Nordisk A/S
Novozymes A/S
TDC A/S
Trygvesta AS
William Demant Holding
46

(expressed in EUR)
Quantity
Description
Market Value
% NAV
451,376
373,184
278,748
1,683,454
1,033,362
136,785
2,727,181
1,052,995
752,591
4,946,521
986,464
5,120,716
1,012,866
468,041
2,076,377
1,754,118
398,584
398,161
3,079,580
172,463
30,360
4,145,331
533,883
258,478
461,039
6,167,441
443,090
475,173
5,915,431
6,986,634
298,591
2,311,507
552,889
245,179
4,826,750
525,696
514,610
323,604
542,021
531,390
1,586,394
344,881
97,865
629,887
582,875
308,996
236,135
944,341
1,455,890
160,974
1,108,383
1,353,250
1,594,478
183,723
824,693
338,038
0.02
0.02
0.01
0.09
0.06
0.01
0.15
0.06
0.04
0.26
0.05
0.27
0.05
0.03
0.11
0.09
0.02
0.02
0.16
0.01
0.00
0.22
0.03
0.01
0.02
0.33
0.02
0.03
0.31
0.37
0.02
0.12
0.03
0.01
0.26
0.03
0.03
0.02
0.03
0.03
0.08
0.02
0.01
0.03
0.03
0.02
0.01
0.05
0.09
0.01
0.06
0.07
0.09
0.01
0.04
0.02
EUR Equities
27,949
10,880
11,141
18,172
150,592
1,658
26,529
18,690
230,998
37,948
31,714
66,279
78,093
5,520
30,517
102,580
24,438
6,052
152,379
3,693
173,092
463,269
281,584
248,776
105,140
947,962
1,758,293
385,067
76,338
68,530
4,809
27,124
7,508
11,401
85,203
19,172
3,819
15,232
143,089
10,816
55,064
4,117
4,255
4,586
70,353
20,738
5,819
80,644
36,420
12,796
14,348
17,511
10,003
5,640
88,629
18,472
Abertis Infraestructuras SA
Accor SA
ACS Actividades de Construccion y Servicios
Adidas AG
Aegon NV
Aeroports de Paris
Air Liquide SA
Akzo Nobel NV
Alcatel-Lucent
Allianz SE - Reg
Amadeus IT Holding SA
Anheuser-Busch InBev NV
ArcelorMittal
Arkema SA
ASML Holding NV
Assicurazioni Generali SpA
Atlantia SpA
Atos Origin SA
AXA SA
Axel Springer AG
Banca Monte dei Paschi di Siena SpA
Banco Bilbao Vizcaya Argentaria
Banco de Sabadell SA
Banco Espirito Santo SA - Reg
Banco Popular Espanol SA
Banco Santander Central Hispano SA
Bank of Ireland
Bankia SA
BASF SE
Bayer AG
Bayerische Motoren Werke AG Pfd
Bayerische Motoren Werke AG
Beiersdorf AG
Belgacom SA
BNP Paribas
Bouygues SA
Brenntag AG
Bureau Veritas SA
Caixabank
Cap Gemini SA
Carrefour SA
Casino Guichard Perrachon SA
Celesio AG
Christian Dior SA
CNH Industrial NV
CNP Assurances
Colruyt SA
Commerzbank AG
Compagnie de Saint-Gobain
Compagnie Generale de Geophysique-Veritas
Compagnie Generale des Etablissements Michelin
Compagnie Generale dOptique Essilor International
Continental AG
Corio NV
Credit Agricole
CRH plc
47

(expressed in EUR)
Quantity
80,099
46,625
5,487
7,404
18,509
84,986
18,563
18,896
79,575
242,001
24,698
41,797
153,551
16,948
17,328
11,649
13,891
118,203
532,507
140,328
215,752
19,735
2,256
5,344
32,969
72,964
3,381
19,060
43,374
1,730
18,116
10,950
2,958
5,648
35,843
26,367
113,206
12,398
880
6,512
13,462
6,658
36,315
4,968
10,155
8,319
19,950
14,041
9,544
2,417
2,400
416,736
3,113
2,502
1,745
76,074
18,251
77,976
Description
Market Value
% NAV
5,038,227
2,439,420
495,092
319,853
333,902
2,946,890
1,117,493
291,376
2,108,738
3,008,072
346,636
271,681
2,059,887
412,345
445,070
224,360
263,860
216,430
1,690,177
374,676
3,773,502
499,888
128,547
154,495
463,709
433,771
212,158
589,907
721,310
94,095
937,141
1,222,020
210,136
244,643
427,069
492,931
1,935,257
428,971
84,506
521,025
468,006
444,288
277,447
309,904
560,048
382,549
979,146
1,183,797
721,908
149,999
248,400
1,931,571
210,657
372,548
110,301
256,217
2,186,470
605,094
0.27
0.13
0.03
0.02
0.02
0.16
0.06
0.02
0.12
0.16
0.02
0.01
0.11
0.02
0.02
0.01
0.01
0.01
0.09
0.02
0.20
0.03
0.01
0.01
0.02
0.02
0.01
0.03
0.04
0.01
0.05
0.07
0.01
0.01
0.02
0.03
0.10
0.02
0.00
0.03
0.03
0.02
0.01
0.02
0.03
0.02
0.05
0.06
0.04
0.01
0.01
0.10
0.01
0.02
0.01
0.01
0.12
0.03
Daimler AG - Reg
Danone SA
Dassault Systemes SA
Delhaize Group
Delta Lloyd NV
Deutsche Bank AG - Reg
Deutsche Boerse AG
Deutsche Lufthansa AG - Reg
Deutsche Post AG - Reg
Deutsche Telekom AG - Reg
Deutsche Wohnen AG
Distribuidora Internacional de Alimentacion SA
E.ON AG
Electricite de France SA
Electricite de France SA
Elisa Corp.
Enagas
Enel Green Power SpA
Enel SpA
Energias de Portugal SA
ENI SpA
Erste Group Bank AG
Eurazeo
Exor SpA
Ferrovial SA
Fiat SpA
Fonciere des Regions
Fortis
Fortum Oyj
Fraport AG Frankfurt Airport Services Worldwide
Fresenius Medical Care AG & Company KGaA
Fresenius SE
Fuchs Petrolub AG Pfd
Fugro NV
Galp Energia SGPS SA - B
Gas Natural SDG SA
GDF Suez
Gea Group AG
Gecina SA
Gemalto NV
Grifols SA
Groupe Bruxelles Lambert SA
Groupe Eurotunnel SA
Hannover Rueckversicherung AG - Reg
HeidelbergCement AG
Heineken Holding NV
Heineken NV
Henkel KGaA Pfd
Henkel KGaA
Hochtief AG
Hugo Boss AG
Iberdrola SA
Icade
Iliad SA
Imerys SA
Immofinanz AG
Inditex SA
Infineon Technologies AG
48

(expressed in EUR)
Quantity
328,888
76,559
1,000,315
4,033
17,227
12,425
22,680
5,927
10,549
8,231
25,958
89,419
6,766
12,133
5,526
16,566
8,918
6,138
23,229
15,524
19,680
21,692
13,824
4,355
31,972
42,640
5,654
9,331
9,300
15,473
87,357
6,941
308,608
8,310
10,871
11,132
149,357
8,007
6,609
16,765
76,728
11,299
7,528
13,382
51,790
36,393
15,431
15,638
13,533
22,119
2,326
8,592
8,101
57,492
2,781
16,779
72,442
22,314
Description
Market Value
% NAV
3,321,769
370,470
1,794,565
120,869
244,882
278,009
935,550
910,684
532,619
277,261
851,422
1,166,918
259,848
693,522
234,966
902,350
240,964
297,540
930,554
2,360,424
2,513,136
2,876,359
538,445
388,684
99,529
271,190
736,434
328,451
288,486
2,478,001
373,364
99,742
1,796,099
289,770
355,862
387,282
1,344,213
163,503
270,969
1,388,310
2,044,417
142,141
110,059
1,012,482
163,656
291,144
555,516
292,587
900,080
374,585
59,592
405,113
392,899
885,377
169,613
980,733
1,327,137
425,640
0.18
0.02
0.10
0.01
0.01
0.01
0.05
0.05
0.03
0.01
0.05
0.06
0.01
0.04
0.01
0.05
0.01
0.02
0.05
0.13
0.13
0.15
0.03
0.02
0.01
0.01
0.04
0.02
0.02
0.13
0.02
0.01
0.10
0.02
0.02
0.02
0.07
0.01
0.01
0.07
0.10
0.01
0.01
0.05
0.01
0.02
0.03
0.02
0.05
0.02
0.00
0.02
0.02
0.05
0.01
0.05
0.07
0.02
ING Groep NV
International Consolidated Airlines Group SA
Intesa Sanpaolo SpA
JC Decaux SA
Jeronimo Martins SGPS SA
K+S AG
KBC Groep NV
Kering
Kerry Group plc - A
Klepierre
Kone Oyj
Koninklijke Ahold NV
Koninklijke Boskalis Westminster NV
Koninklijke DSM NV
Koninklijke Vopak NV
Lafarge SA
Lagardere SCA
Lanxess AG
Legrand SA
Linde AG
LOreal SA
Louis Vuitton Moet Hennessy SA
Luxottica Group SpA
MAN AG
Mapfre SA
Mediobanca SpA
Merck KGaA
Metro AG
Metso Oyj
Muenchener Rueckversicherungs AG - Reg
Natixis
Neste Oil Oyj
Nokia Oyj
Nokian Renkaat Oyj
Oci
OMV AG
Orange SA
Orion OYJ
Osram Licht AG
Pernod-Ricard SA
Philips Electronics NV
Pirelli & Company SpA
Pohjola Bank plc
Porsche Automobil Holding SE Pfd
Portugal Telecom SGPS SA - Reg
Premiere AG
Prosieben Sat.1 Media AG Pfd
Prysmian SpA
Publicis Groupe
Qiagen NV
Raiffeisen International Bank Holding AG
Randstad Holdings NV
Red Electrica Corp. SA
Reed Elsevier NV
Remy Cointreau
Renault SA
Repsol YPF SA
Rexel SA
49

(expressed in EUR)
Quantity
247,731
3,211
40,032
20,685
25,174
32,989
99,210
77,307
43,739
13,467
21,899
66,096
169,136
3,434
61,087
6,935
4,377
46,924
43,450
3,684
20,072
8,478
497,307
906,938
23,277
346,651
18,303
5,121
42,908
136,346
6,989
27,829
25,514
179,299
7,870
8,450
7,910
361,810
137,977
70,697
12,786
35,396
6,264
11,650
24,618
5,106
37,121
104,409
8,248
11,854
2,078
15,848
2,722
22,134
6,659
14,171
2,805
Description
Market Value
% NAV
580,434
301,609
1,065,051
129,281
391,707
1,178,367
7,651,075
4,817,000
2,773,053
357,751
515,283
6,562,673
687,707
305,832
2,579,093
510,693
503,355
274,036
316,968
72,280
261,438
592,273
282,968
653,902
139,662
4,102,615
100,740
222,123
681,379
495,209
327,085
492,295
172,168
7,984,185
426,082
286,920
1,473,238
1,946,538
4,039,278
348,960
395,343
434,663
503,814
461,340
291,846
184,965
1,771,414
1,999,954
288,103
2,419,994
409,158
566,883
288,396
459,170
87,566
470,477
361,144
0.03
0.02
0.06
0.01
0.02
0.06
0.41
0.26
0.15
0.02
0.03
0.35
0.04
0.02
0.14
0.03
0.03
0.01
0.02
0.00
0.01
0.03
0.02
0.03
0.01
0.22
0.01
0.01
0.04
0.03
0.02
0.03
0.01
0.43
0.02
0.02
0.08
0.10
0.21
0.02
0.02
0.02
0.03
0.02
0.02
0.01
0.09
0.11
0.02
0.13
0.02
0.03
0.02
0.02
0.00
0.03
0.02
238,363,405
12.76
Royal KPN NV
Rtl Group SA
RWE AG
Ryanair Holdings plc
Saipem SpA
Sampo Oyj - A
Sanofi-Aventis SA
SAP AG
Schneider Electric SA
SCOR SE
SES SA
Siemens AG - Reg
Snam Rete Gas SpA
Societe Bic SA
Societe Generale
Sodexho
Solvay SA
STMicroelectronics NV
Stora Enso Oyj
Suedzucker AG
Suez Environnement Company
Technip SA
Telecom Italia SpA - NVDR
Telecom Italia SpA
Telefonica Deutschland Holding AG
Telefonica SA
Telekom Austria AG
Telenet Group Holding NV
Tenaris SA
Terna Rete Elettrica Nazionale SpA
Thales SA
ThyssenKrupp AG
TNT Express NV
Total SA
UCB SA
Umicore
Unibail-Rodamco SE
UniCredit SpA
Unilever NV
Unione di Banche Italiane scpa
United Internet AG - Reg
Upm-Kymmene OYJ
Valeo SA
Vallourec SA
Veolia Environnement
Vienna Insurance Group
Vinci SA
Vivendi SA
Voestalpine AG
Volkswagen AG Pfd
Volkswagen AG
Wartsila Oyj
Wendel
Wolters Kluwer NV
Zardoya-Otis SA
Ziggo NV
Zodiac SA
50

(expressed in EUR)
Quantity
Description
Market Value
% NAV
337,799
424,174
238,375
382,711
338,208
1,844,276
383,323
1,581,957
771,408
4,577,847
1,338,020
458,681
4,175,968
4,383,449
3,915,496
6,152,658
501,555
826,126
3,124,542
581,712
751,960
722,110
392,780
1,775,579
294,567
1,884,783
882,475
328,488
4,986,841
206,324
244,015
1,067,216
157,672
331,056
663,637
7,873,298
3,402,958
322,855
318,527
12,436,736
183,388
483,820
2,293,066
339,249
485,291
460,033
300,246
196,406
659,111
388,757
592,748
957,628
670,259
1,240,246
168,075
3,930,095
0.02
0.02
0.01
0.02
0.02
0.10
0.02
0.08
0.04
0.24
0.07
0.02
0.22
0.23
0.21
0.33
0.03
0.04
0.17
0.03
0.04
0.04
0.02
0.09
0.02
0.10
0.05
0.02
0.27
0.01
0.01
0.06
0.01
0.02
0.04
0.42
0.18
0.02
0.02
0.67
0.01
0.03
0.12
0.02
0.03
0.02
0.02
0.01
0.04
0.02
0.03
0.05
0.04
0.07
0.01
0.21
GBP Equities
72,978
70,580
15,139
18,631
25,862
116,241
38,703
119,758
26,249
106,550
247,541
28,163
1,277,543
281,071
174,295
158,086
66,340
81,435
685,167
33,377
41,267
57,878
13,066
424,857
89,279
161,992
48,207
11,123
207,445
68,772
13,217
79,703
17,596
104,925
147,904
406,475
905,391
53,507
19,572
1,562,045
33,785
26,395
81,598
37,334
20,057
12,158
49,124
37,341
282,660
88,612
15,035
207,101
57,876
463,335
45,122
4,145,182
3i Group plc
Aberdeen Asset Management plc
Admiral Group plc
Aggreko plc
Amec plc
Anglo American plc
Antofagasta plc
Arm Holdings plc
Associated British Foods plc
AstraZeneca plc
Aviva plc
Babcock International Group
Barclays Bank
BG Group plc
BHP Billiton plc
British American Tobacco plc
British Land Company plc
British Sky Broadcasting plc
BT Group plc
Bunzl plc
Burberry Group plc
Capita Group plc
Carnival plc
Centrica plc
Cobham plc
Compass Group plc
CRH plc
Croda International
Diageo plc
Direct Line Insurance Group
Easyjet plc
Experian plc
Fresnillo plc
G4S plc
GKN plc
GlaxoSmithKline plc
Glencore International plc
Hammerson plc
Hargreaves Lansdown plc
HSBC Holdings plc
ICAP plc
IMI plc
Imperial Tobacco Group plc
Inmarsat plc
Intercontinental Hotels Group plc
Intertek Group plc
Invensys plc
Investec plc
ITV plc
J Sainsbury plc
Johnson Matthey plc
Kingfisher plc
Land Securities Group plc
Legal & General Group plc
Liberty International plc
Lloyds TSB Bank plc
51

(expressed in EUR)
Quantity
16,858
130,618
56,847
110,031
319,354
13,598
380,487
70,655
25,252
18,149
209,098
8,999
54,218
92,880
115,887
59,915
151,625
170,562
208,467
319,906
279,354
81,052
91,058
5,675
85,711
57,964
16,557
47,768
79,610
28,452
200,064
175,840
50,699
660,571
20,418
28,493
80,609
105,744
50,227
4,020,167
15,624
18,317
71,923
210,847
22,104
105,405
Description
Market Value
% NAV
351,154
679,176
360,431
404,299
3,024,762
890,767
864,816
1,138,844
376,062
267,009
3,367,806
409,945
3,123,513
1,003,632
493,095
382,044
2,323,665
693,138
5,713,006
8,317,092
306,898
3,021,051
441,844
177,214
1,411,399
232,701
339,312
1,637,492
823,879
506,136
3,270,396
760,029
492,993
2,654,687
459,422
141,477
828,404
3,154,642
405,393
11,452,095
400,380
825,836
347,439
661,455
909,964
1,748,368
0.02
0.04
0.02
0.02
0.16
0.05
0.05
0.06
0.02
0.01
0.18
0.02
0.16
0.05
0.03
0.02
0.12
0.04
0.31
0.43
0.02
0.16
0.02
0.01
0.08
0.01
0.02
0.09
0.04
0.03
0.17
0.04
0.03
0.14
0.02
0.01
0.04
0.17
0.02
0.60
0.02
0.04
0.02
0.04
0.05
0.09
160,325,742
8.55
3,711,499
60,744
356,062
781,485
234,850
1,454,925
238,238
940,935
102,364
0.20
0.00
0.02
0.04
0.01
0.09
0.01
0.05
0.01
London Stock Exchange Group plc

Marks & Spencer Group plc
Meggitt plc
Melrose plc
National Grid plc
Next plc
Old Mutual plc
Pearson plc
Persimmon plc
Petrofac Limited
Prudential plc
Randgold Resources Limited
Reckitt Benckiser plc
Reed Elsevier plc
Resolution Limited
Rexam plc
Rolls-Royce Holdings plc
Royal Bank of Scotland plc
Royal Dutch Shell plc
RSA Insurance Group
SABMiller plc
Sage Group plc
Schroders plc
Scottish & Southern Energy plc
Segro plc
Severn Trent plc
Shire plc
Smith & Nephew plc
Smiths Group plc
Standard Chartered Bank plc
Standard Life plc
Tate & Lyle plc
Tesco plc
Travis Perkins plc
TUI Travel plc
Tullow Oil plc
Unilever plc
United Utilities plc
Vodafone Group plc
Weir Group plc
Whitbread plc
William Hill plc
WM Morrison Supermarkets plc
Wolseley plc
WPP plc
HKD Equities
1,019,400
10,000
115,807
336,000
153,000
127,000
52,000
164,000
124,000
Aia Group Limited

ASM Pacific Technology
Bank of East Asia Limited
BOC Hong Kong Holdings Limited
Cathay Pacific Airways Limited
Cheung Kong Holdings Limited
Cheung Kong Infrastructure Holdings Limited
CLP Holdings Limited
First Pacific Company
52

(expressed in EUR)
Quantity
174,000
176,000
58,800
91,250
293,000
446,028
94,980
121,500
27,000
191,000
30,642
55,500
468,000
166,181
79,192
105,000
288,550
72,855
333,000
192,140
74,000
223,609
128,000
131,233
51,500
96,556
126,625
71,000
106,400
34,000
Description
Market Value
% NAV
1,132,665
403,584
691,780
377,921
210,064
742,248
1,149,439
701,075
66,336
1,884,210
95,790
139,733
438,027
584,823
245,338
288,438
264,399
80,599
108,151
1,139,252
104,722
221,845
311,486
1,208,016
438,154
177,129
702,796
236,904
350,044
82,420
0.06
0.02
0.04
0.02
0.01
0.04
0.06
0.04
0.00
0.10
0.01
0.01
0.02
0.03
0.01
0.02
0.01
0.00
0.01
0.06
0.01
0.01
0.02
0.06
0.02
0.01
0.04
0.01
0.02
0.00
22,458,490
1.20
161,222
62,933
195,541
42,019
87,053
1,986,870
0.01
0.00
0.01
0.00
0.00
0.11
2,535,638
0.13
47,590
160,470
111,903
430,955
89,567
272,627
78,658
415,710
514,937
64,876
210,247
115,211
158,435
577,126
307,065
0.00
0.01
0.01
0.02
0.00
0.01
0.00
0.02
0.03
0.00
0.01
0.01
0.01
0.03
0.02
Galaxy Entertainment Group Limited

Hang Lung Properties Limited
Hang Seng Bank Limited
Henderson Land Development Company Limited - ADR
HKT Limited
Hong Kong & China Gas
Hong Kong Exchanges & Clearing Limited
HongKong Electric Holdings
Hopewell Holdings Limited
Hysan Development Company Limited
Kerry Properties Limited
Li & Fung Limited
Link
MGM China Holdings Limited
MTR Corp.
New World Development Limited
NWS Holdings Limited
Pccw Limited
Sands China Limited
Shangri-La Asia Limited
Sino Land Company
Sjm Holdings Limited
Sun Hung Kai Properties Limited
Swire Pacific Limited
Swire Properties Limited
Wharf Holdings Limited
Wheelock & Company Limited
Wynn Macau Limited
Yue Yuen Industrial Holdings
ILS Equities
131,029
227
32,328
110
2,928
68,465
Bezeq Israeli Telecommunication Corp. Limited

Delek Group Limited
Israel Chemicals Limited
Israel Corp. Limited
Nice Systems Limited
Teva Pharmaceutical Industries Limited
JPY Equities
1,500
65,100
12,400
43,800
4,600
13,380
8,000
14,100
49,000
1,800
145,000
18,000
77,000
28,200
68,000
ABC-Mart Inc.
Acom Company Limited
Advantest Corp.
Aeon Company Limited
Aeon Credit Service Company Limited
Aeon Mall Company Limited
Air Water Inc.
Aisin Seiki Company Limited
Ajinomoto Company Inc.
Alfresa Holdings Corp.
All Nippon Airways Company Limited
Amada Company Limited
Aozora Bank Limited
Asahi Breweries Limited
Asahi Glass Company Limited
53

(expressed in EUR)
Quantity
92,000
9,000
38,000
15,000
90,000
3,100
11,100
7,600
94,000
12,900
12,000
57,000
10,000
60,100
17,100
8,000
22,000
13,500
3,100
15,000
41,000
13,000
14,000
20,000
65,300
59,000
21,800
8,800
5,700
45,000
139,000
4,500
42,200
21,100
5,400
26,900
18,200
9,000
2,900
15,500
4,600
35,000
45,000
44,300
182,000
91,000
8,700
29,000
18,000
22,000
13,000
7,000
113,000
25,000
2,500
66,000
3,400
4,800
Description
Market Value
% NAV
523,430
111,545
1,634,613
90,935
364,153
90,434
110,134
134,075
2,161,302
114,634
1,025,759
279,039
105,365
563,946
274,513
73,797
248,513
82,587
47,668
286,475
315,930
76,835
50,459
246,083
792,188
783,384
985,919
99,952
386,876
632,295
1,007,738
68,729
1,617,144
626,461
237,507
1,556,466
512,085
190,466
96,213
2,060,183
1,378,450
118,899
936,792
911,820
683,618
289,658
62,413
151,578
72,955
93,116
73,155
203,239
443,170
285,163
258,580
198,233
124,422
55,580
0.03
0.01
0.09
0.00
0.02
0.00
0.01
0.01
0.12
0.01
0.05
0.01
0.01
0.03
0.01
0.00
0.01
0.00
0.00
0.02
0.02
0.00
0.00
0.01
0.04
0.04
0.05
0.01
0.02
0.04
0.05
0.00
0.09
0.03
0.01
0.08
0.03
0.01
0.01
0.11
0.07
0.01
0.05
0.05
0.04
0.02
0.00
0.01
0.00
0.00
0.00
0.01
0.02
0.02
0.01
0.01
0.01
0.00
Asahi Kasei Corp.

Asics Corp.
Astellas Pharma Inc.
Bank of Kyoto Limited
Bank of Yokohama Limited
Benesse Holdings Inc.
Brother Industries Limited
Calbee Inc.
Canon Inc.
Casio Computer Company Limited
Central Japan Railway Company
Chiba Bank Limited
Chiyoda Corp.
Chubu Electric Power Company Inc.
Chugai Pharmaceutical Company Limited
Chugoku Bank Limited
Chugoku Electric Power Company Inc.
Citizen Watch Company Limited
Coca-Cola West Japan Company Limited
Credit Saison Company Limited
Dai Nippon Printing Company Limited
Daicel Chemical Industries Limited
Daido Steel Company Limited
Daihatsu Motor Company Limited
Dai-ichi Mutual Life Insurance Company
Daiichi Sankyo Company Limited
Daikin Industries Limited
Dainippon Pharmaceutical Company Limited
Daito Trust Construction Company Limited
Daiwa House Industry Company Limited
Daiwa Securities Group Inc. - ADR
Dena Company Limited
Denso Corp.
Dentsu Inc.
Don Quijote Company Limited
East Japan Railway Company
Eisai Company Limited
Electric Power Development Company
FamilyMart Company Limited
Fanuc Limited
Fast Retailing Company Limited
Fuji Electric Holdings Company Limited
Fuji Heavy Industries Limited
Fujifilm Holdings Corp.
Fujitsu Limited
Fukuoka Financial Group Inc.
Gree Inc.
Gungho Online Entertainment
Gunma Bank Limited
Hachijuni Bank Limited
Hakuhodo DY Holdings Inc.
Hamamatsu Photonics KK
Hankyu Corp.
Hino Motors Limited
Hirose Electric Company Limited
Hiroshima Bank Limited
Hisamitsu Pharmaceutical Company Inc.
Hitachi Chemical Company Limited
54

(expressed in EUR)
Quantity
4,800
3,800
395,000
9,000
14,200
99,000
13,400
135,600
39,400
9,900
7,200
122,000
72,400
28,480
89,000
131,400
1,600
14,000
55,000
5,000
23,500
2,400
41
193
108
14,000
93,400
45,900
16,000
35,000
18,700
12,300
9,000
185,870
100,000
12,000
14,000
53,500
10,000
42,800
107,000
43,100
36,000
45,000
13,000
3,522
7,000
7,000
122,000
74,000
182,000
5,000
82,900
5,100
36,000
91,000
39,700
8,800
Description
Market Value
% NAV
74,405
69,294
2,170,969
92,343
118,538
143,548
132,030
4,054,067
794,913
134,389
118,965
382,436
673,863
293,985
401,894
1,178,550
47,118
99,662
302,287
179,176
484,995
66,036
95,402
285,444
420,578
56,839
2,205,547
792,946
455,709
129,773
372,246
172,912
111,234
694,304
272,735
79,873
66,699
446,605
107,368
978,172
325,811
1,925,418
215,509
217,808
86,799
1,094,322
95,989
53,166
310,835
773,061
226,197
69,288
1,223,214
85,534
260,748
1,092,658
343,467
132,581
0.00
0.00
0.12
0.00
0.01
0.01
0.01
0.22
0.04
0.01
0.01
0.02
0.04
0.02
0.02
0.06
0.00
0.01
0.02
0.01
0.03
0.00
0.01
0.02
0.02
0.00
0.12
0.04
0.02
0.01
0.02
0.01
0.01
0.04
0.01
0.00
0.00
0.02
0.01
0.05
0.02
0.10
0.01
0.01
0.00
0.06
0.01
0.00
0.02
0.04
0.01
0.00
0.07
0.00
0.01
0.06
0.02
0.01
Hitachi Construction Machinery Company Limited

Hitachi High-Technologies Corp.
Hitachi Limited
Hitachi Metals Limited
Hokkaido Electric Power Company Inc.
Hokuhoku Financial Group Inc.
Hokuriku Electric Power Company
Honda Motor Company Limited
Hoya Corp.
Ibiden Company Limited
Idemitsu Kosan Company Limited
IHI Corp.
Inpex Corp.
Isetan Mitsukoshi Holdings Limited
Isuzu Motors Limited
Itochu Corp.
Itochu Techno-Science Corp.
Iyo Bank Limited
J Front Retailing Company Limited
Japan Airlines Company Limited
Japan Exchange Group Inc.
Japan Petroleum Exploration Company
Japan Prime Realty Investment Corp.
Japan Real Estate Investment Corp.
Japan Real Estate Investment Corp.
Japan Steel Works Limited
Japan Tobacco Inc.
JFE Holdings Inc.
JGC Corp.
Joyo Bank Limited
JS Group Corp.
JSR Corp.
JTEKT Corp.
Jx Holdings Inc.
Kajima Corp.
Kamigumi Company Limited
Kaneka Corp.
Kansai Electric Power Company Inc.
Kansai Paint Company Limited
Kao Corp.
Kawasaki Heavy Industries Limited
KDDI Corp.
Keihin Electric Express Railway Company Limited
Keio Corp.
Keisei Electric Railway Company Limited
Keyence Corp.
Kikkoman Corp.
Kinden Corp.
Kintetsu Corp.
Kirin Brewery Company Limited
Kobe Steel Limited
Koito Manufacturing Company Limited
Komatsu Limited
Konami Corp.
Konica Minolta Holdings Inc.
Kubota Corp.
Kuraray Company Limited
Kurita Water Industries Limited
55

(expressed in EUR)
Quantity
28,600
12,000
27,500
6,400
81
1,500
8,500
160,000
12,800
2,700
212,000
3,700
6,900
3,417
4,700
93,000
114,700
173,000
104,000
22,000
239,000
6,000
87,000
28,800
12,000
1,070,300
27,100
143,400
40,000
73,000
83,000
39,350
1,916,720
15,900
8,200
8,900
190,000
31,000
17,000
7,000
8,400
28,100
9,200
122
26,000
66,000
8,000
21
626,340
31,100
112,000
32,000
219,100
9,350
3,900
1,950
12,000
27,725
Description
Market Value
% NAV
1,036,737
96,030
254,817
347,775
147,370
64,731
323,967
835,190
94,390
49,515
796,303
68,646
66,127
159,491
160,962
312,078
1,597,395
1,576,752
2,258,383
117,573
1,074,292
68,812
233,074
224,507
121,467
5,128,713
120,690
1,450,541
70,152
1,907,798
271,644
766,735
3,017,428
1,025,386
137,300
143,428
310,918
427,662
292,275
57,323
597,393
389,789
889,958
515,531
99,096
231,956
99,759
145,868
1,522,286
1,215,403
259,837
62,529
1,337,328
70,175
119,561
134,237
367,467
559,748
0.06
0.01
0.01
0.02
0.01
0.00
0.02
0.04
0.01
0.00
0.04
0.00
0.00
0.01
0.01
0.02
0.10
0.08
0.13
0.01
0.06
0.00
0.01
0.01
0.01
0.27
0.01
0.08
0.00
0.11
0.01
0.04
0.16
0.05
0.01
0.01
0.02
0.02
0.02
0.00
0.03
0.02
0.05
0.03
0.01
0.01
0.01
0.01
0.09
0.06
0.01
0.00
0.07
0.00
0.01
0.01
0.02
0.03
Kyocera Corp.
Kyowa Hakko Kogyo Company Limited
Kyushu Electric Power Company Inc.
Lawson Inc.
M3 Inc.
Mabuchi Motor Company Limited
Makita Corp.
Marubeni Corp.
Marui Company Limited
Maruichi Steel Tube Limited
Mazda Motor Corp.
McDonalds Holdings Company Japan Limited
Medipal Holdings Corp.
Meiji Holdings Company Limited
Miraca Holdings Inc.
Mitsubishi Chemical Holding
Mitsubishi Corp.
Mitsubishi Electric Corp.
Mitsubishi Gas Chemical Company Inc.
Mitsubishi Heavy Industries Limited
Mitsubishi Logistics Corp.
Mitsubishi Materials Corp.
Mitsubishi Motors Corp.
Mitsubishi Tanabe Pharma Corp.
Mitsubishi UFJ Financial Group Inc.
Mitsubishi UFJ Lease & Finance Company Limited
Mitsui & Company Limited
Mitsui Chemicals Inc.
Mitsui Fudosan Company Limited
Mitsui OSK Lines Limited
Mitsui Sumitomo Insurance Group Holdings Inc.
Mizuho Financial Group Inc.
Murata Manufacturing Company Limited
Nabtesco Corp.
Namco Bandai Holdings
NEC Corp.
NGK Insulators Limited
NGK Spark Plug Company Limited
NHK Spring Company Limited
Nidec Corp.
Nikon Corp.
Nintendo Company Limited
Nippon Building Fund Inc.
Nippon Electric Glass Company Limited
Nippon Express Company Limited
Nippon Meat Packers Inc.
Nippon Prologis Inc.
Nippon Steel Corp.
Nippon Telegraph & Telephone Corp.
Nippon Yusen Kabushiki Kaisha
Nishi-Nippon City Bank Limited
Nissan Motor Company Limited
Nisshin Seifun Group Inc.
Nissin Food Products Company Limited
Nitori Company Limited
Nitto Denko Corp.
Nksj Holdings Inc.
56

(expressed in EUR)
Quantity
4,900
302,700
5,300
15
5,700
34,000
9,600
124,700
6,600
74,000
46,000
65,000
23,900
15,200
6,500
1,800
3,700
111,500
142,000
900
29,800
196,000
10,600
53,400
134,200
60,000
1,600
7,200
2,900
6,400
3,800
9,070
19,000
13,600
46,000
43,000
62,900
34,000
98,000
20,900
12,000
1,200
5,700
30,000
36,500
143,000
22,200
24,800
45,000
26,500
123,000
15,700
4,700
81,600
62,900
90,500
8,800
6,300
Description
Market Value
% NAV
58,193
1,690,847
86,656
50,646
130,467
307,065
257,185
1,485,248
55,095
306,057
302,052
241,905
549,523
487,498
413,349
47,787
387,552
1,421,953
404,932
83,333
625,509
1,656,459
145,135
576,662
496,662
463,166
90,479
254,534
97,114
195,540
128,696
99,574
831,737
251,380
409,724
436,445
1,815,392
96,486
226,004
227,285
75,813
81,696
355,391
109,992
1,547,407
253,754
349,487
289,560
348,617
284,524
126,542
115,775
859,978
5,183,479
81,215
1,141,019
116,297
104,747
0.00
0.09
0.00
0.00
0.01
0.02
0.01
0.08
0.00
0.02
0.02
0.01
0.03
0.03
0.02
0.00
0.02
0.08
0.02
0.00
0.03
0.08
0.01
0.03
0.03
0.02
0.00
0.01
0.01
0.01
0.01
0.01
0.04
0.01
0.02
0.02
0.10
0.01
0.01
0.01
0.00
0.00
0.02
0.01
0.08
0.01
0.02
0.02
0.02
0.02
0.01
0.01
0.04
0.28
0.00
0.06
0.01
0.01
NOK Corp.
Nomura Holdings Inc.
Nomura Real Estate Holdings Inc.
Nomura Real Estate Office Fund Inc.
Nomura Research Institute Limited
NSK Limited
NTT Data Corp.
NTT DoCoMo Inc.
NTT Urban Development Corp.
Obayashi Corp.
Odakyu Electric Railway Company Limited
OJI Paper Company Limited
Olympus Corp.
Omron Corp.
Ono Pharmaceutical Company Limited
Oracle Corp.
Oriental Land Company Limited
Orix Corp.
Osaka Gas Company Limited
Otsuka Corp.
Otsuka Holdings Company Limited
Panasonic Corp.
Park24 Company Limited
Rakuten Inc.
Resona Holdings Inc.
Ricoh Company Limited
Rinnai Corp.
Rohm Company Limited
Sankyo Company Limited
Sanrio Company Limited
Santen Pharmaceutical Company Limited
SBI Holdings Inc.
Secom Company Limited
Sega Sammy Holdings Inc.
Sekisui Chemical Company Limited
Sekisui House Limited
Seven & I Holdings Company Limited
Seven Bank Limited
Sharp Corp.
Shikoku Electric Power Company Inc.
Shimadzu Corp.
Shimamura Company Limited
Shimano Inc.
Shimizu Corp.
Shin-Etsu Chemical Company Limited
Shinsei Bank Limited
Shionogi & Company Limited
Shiseido Company Limited
Shizuoka Bank Limited
Shoei Company Limited
Showa Denko KK
Showa Shell Sekiyu KK
SMC Corp.
Softbank Corp.
Sojitz Corp.
Sony Corp.
Sony Financial Holdings Inc.
Stanley Electric Company Limited
57

(expressed in EUR)
Quantity
6,300
115,000
98,800
62,100
26,000
53,000
106,100
270,470
31,000
8,100
14,000
10,000
3,600
34,000
6,000
40,000
92,000
105,000
1,800
11,000
17,000
67,200
8,900
72,000
12,200
6,200
62,000
4,900
23,000
29,200
55,100
15,600
220,000
34,000
85,000
55,000
23,000
42,000
106,000
362,000
33,000
8,100
4,000
3,100
3,700
13,400
16,400
11,300
2,800
51,000
11,000
191
10,800
12,600
108,000
8,000
61,100
10,000
Description
Market Value
% NAV
40,368
327,144
901,163
752,081
86,888
503,910
3,970,618
1,034,599
1,119,455
83,556
324,313
130,222
84,638
663,899
257,268
405,719
256,633
346,546
89,857
56,812
122,896
2,238,773
309,716
116,330
427,082
112,331
218,326
78,256
81,309
238,512
1,337,274
620,427
786,857
274,199
399,677
375,960
153,249
243,887
532,820
1,104,776
379,833
126,341
87,275
52,377
33,544
439,020
294,755
287,124
53,901
79,231
455,709
199,533
107,680
396,715
436,238
293,311
145,125
67,252
0.00
0.02
0.05
0.04
0.00
0.03
0.21
0.06
0.06
0.00
0.02
0.01
0.00
0.04
0.01
0.02
0.01
0.02
0.00
0.00
0.01
0.12
0.02
0.01
0.02
0.01
0.01
0.00
0.00
0.01
0.07
0.03
0.04
0.01
0.02
0.02
0.01
0.01
0.02
0.06
0.02
0.01
0.00
0.00
0.00
0.02
0.02
0.02
0.00
0.00
0.02
0.01
0.01
0.02
0.02
0.02
0.01
0.00
Sumco Corp.
Sumitomo Chemical Company Limited
Sumitomo Corp.
Sumitomo Electric Industries Limited
Sumitomo Heavy Industries Limited
Sumitomo Metal Mining Company Limited
Sumitomo Mitsui Trust Holdings Inc.
Sumitomo Realty & Development Company Limited
Sumitomo Rubber Industries Inc.
Suntory Beverage & Food Limited
Suruga Bank Limited
Suzuken Company Limited
Suzuki Motor Corp.
Sysmex Corp.
T&D Holdings Inc.
Taiheiyo Cement Corp.
Taisei Corp.
Taisho Pharmaceutical Holdings Company Limited
Taiyo Nippon Sanso Corp.
Takashimaya Company Limited
Takeda Pharmaceutical Company Limited
TDK Corp.
Teijin Limited
Terumo Corp.
THK Company Limited
Tobu Railway Company Limited
Toho Company Limited
Toho Gas Company Limited
Tohoku Electric Power Company Inc.
Tokio Marine Holdings Inc.
Tokyo Electron Limited
Tokyo Gas Company Limited
Tokyo Tatemono Company Limited
Tokyu Corp.
Tokyu Fudosan Holdings Corp.
TonenGeneral Sekiyu KK
Toppan Printing Company Limited
Toray Industries Inc.
Toshiba Corp.
Toto Limited
Toyo Seikan Kaisha Limited
Toyo Suisan Kaisha Limited
Toyoda Gosei Company Limited
Toyota Boshoku Corp.
Toyota Industries Corp.
Toyota Tsusho Corp.
Trend Micro Inc.
Tsumura & Company
Ube Industries Limited
Unicharm Corp.
United Urban Investment Corp.
USS Company Limited
West Japan Railway Company
Yahoo! Japan Corp.
Yakult Honsha Company Limited
Yamada Denki Company Limited
Yamaguchi Financial Group Inc.
58

(expressed in EUR)
Quantity
7,500
19,900
29,600
2,500
7,000
11,000
12,000
17,000
Description
Market Value
% NAV
86,429
216,685
434,509
57,999
52,151
126,307
133,813
121,253
0.00
0.01
0.02
0.00
0.00
0.01
0.01
0.01
150,373,675
7.98
267,424
99,287
1,100,844
228,429
209,722
318,958
885,248
1,566,057
947,876
423,041
0.01
0.01
0.06
0.01
0.01
0.02
0.05
0.08
0.05
0.02
6,046,886
0.32
94,259
48,818
242,145
139,107
0.01
0.00
0.01
0.01
524,329
0.03
453,049
1,171,327
520,136
1,248,458
228,047
335,457
334,900
336,611
2,753,177
474,732
141,562
138,192
553,722
938,383
331,976
402,609
2,406,100
969,697
332,887
188,445
1,113,530
433,544
661,111
1,065,594
1,531,398
1,517,286
470,971
0.02
0.06
0.03
0.07
0.01
0.02
0.02
0.02
0.15
0.03
0.01
0.01
0.03
0.06
0.02
0.02
0.13
0.04
0.02
0.01
0.06
0.02
0.04
0.06
0.08
0.08
0.03
Yamaha Corp.
Yamaha Motor Company Limited
Yamato Holdings Company Limited
Yamato Kogyo Company Limited
Yamazaki Baking Company Limited
Yaskawa Electric Corp.
Yokogawa Electric Corp.
Yokohama Rubber Company Limited
NOK Equities
19,256
7,657
84,819
16,505
64,767
56,349
29,889
89,061
54,800
13,550
Acergy SA
Aker Kvaerner ASA
DnB Nor Bank ASA
Gjensidige Forsikring ASA
Norsk Hydro ASA
Orkla ASA
Seadrill Limited
Statoil ASA
Telenor ASA
Yara International ASA
NZD Equities
44,705
15,932
47,638
101,038
Auckland International Airport Limited

Contact Energy Limited
Fletcher Building Limited
Telecom Corp. of New Zealand Limited
SEK Equities
24,300
30,507
28,206
61,968
20,500
17,619
30,136
13,541
82,261
20,666
32,356
10,000
16,450
37,527
23,429
5,563
245,748
94,618
23,400
24,400
116,212
29,200
34,682
47,629
42,889
74,188
20,165
Alfa Laval AB
Assa Abloy AB
Atlas Copco AB
Atlas Copco AB - A
Boliden AB
Electrolux AB
Elekta AB - B
Getinge AB - B
Hennes & Mauritz AB
Hexagon AB
Husqvarna AB - B
Industrivarden AB
Investment AB Kinnevik - B
Investor AB - B
Lundin Petroleum AB
Millicom International Cellular SA
Nordea Bank AB
Sandvik AB
Scania AB - B
Securitas AB
Skandinaviska Enskilda Banken AB
Skanska AB
SKF AB - B
Svenska Cellulosa AB
Svenska Handelsbanken AB
Swedbank AB
Swedish Match AB
59

(expressed in EUR)
Quantity
23,135
258,919
199,920
126,638
Description
Market Value
% NAV
190,438
2,296,618
1,209,681
1,208,423
0.01
0.12
0.06
0.06
25,958,061
1.40
198,528
136,682
326,546
210,231
72,100
226,233
180,228
1,337,275
356,091
428,566
104,903
123,980
885,655
63,352
177,146
1,358,491
239,821
120,215
239,338
254,546
423,888
1,497,827
155,345
1,402,721
81,831
387,251
65,387
0.01
0.01
0.02
0.01
0.00
0.01
0.01
0.07
0.02
0.02
0.01
0.01
0.05
0.00
0.01
0.07
0.01
0.01
0.01
0.01
0.02
0.08
0.01
0.07
0.00
0.02
0.00
11,054,177
0.57
5,486,030
3,574,444
5,051,241
3,204,190
2,231,461
522,756
1,725,198
602,079
401,611
1,643,183
802,705
1,871,244
304,981
1,137,201
1,338,488
487,028
448,534
400,227
794,579
1,612,614
406,360
0.29
0.19
0.27
0.17
0.12
0.03
0.09
0.03
0.02
0.09
0.04
0.10
0.02
0.06
0.07
0.03
0.02
0.02
0.04
0.09
0.02
Tele2 AB
Telefonaktiebolaget LM Ericsson
Teliasonera AB
Volvo AB - B
SGD Equities
157,000
164,000
187,500
192,000
64,000
41,000
156,000
136,058
414,400
258,000
334,880
6,000
137,700
33,000
288,037
231,716
76,000
47,000
40,000
61,000
179,000
712,000
63,000
114,899
23,000
197,000
96,000
Ascendas
CapitaCommercial Trust
Capitaland Limited
Capitamall Trust
CapitaMalls Asia Limited
City Developments Limited
Comfortdelgro Corp. Limited
DBS Group Holdings Limited
Genting International plc
Global Logistic Properties Limited
Golden Agri-Resources Limited
Jardine Cycle & Carriage Limited
Keppel Corp. Limited
Keppel Land Limited
Noble Group Limited
Oversea-Chinese Banking Corp. Limited
SembCorp Industries Limited
SembCorp Marine Limited
Singapore Airlines Limited
Singapore Exchange Limited
Singapore Press Holdings Limited
Singapore Telecommunications Limited
StarHub Limited
United Overseas Bank Limited
UOL Group Limited
Wilmar International Limited
Yangzijiang Shipbuilding Holdings Limited
USD Equities
53,900
128,500
131,800
53,700
29,700
40,400
39,700
20,500
5,000
33,011
5,100
38,600
7,100
27,400
16,500
6,000
13,100
8,700
103,000
16,700
1,400
3M Company
Abbott Laboratories
Abbvie Inc.
Accenture plc
ACE Limited
Activision Blizzard Inc.
Adobe Systems Inc.
ADT Corp.
Advance Auto Parts Inc.
Aetna Inc.
Affiliated Managers Group
Aflac Inc.
Agco Corp.
Agilent Technologies Inc.
Air Products & Chemicals Inc.
Airgas Inc.
Akamai Technologies Inc.
Albemarle Corp.
Alcoa Inc.
Alexion Pharmaceuticals Inc.
Alleghany Corp.
60

(expressed in EUR)
Quantity
23,900
4,100
7,800
39,800
28,900
164,100
30,100
17,500
31,700
40,700
82,900
115,825
33,000
17,000
17,000
20,100
20,325
63,500
12,500
29,000
77,600
8,400
23,400
32,700
75,380
94,800
12,000
52,400
6,400
6,300
6,100
440,700
16,400
9,500
41,000
2,900
21,900
9,709
7,600
11,400
40,100
8,700
39,924
12,800
891,363
95,500
45,500
60,000
8,500
16,200
20,000
91,700
23,500
19,700
10,500
11,600
21,600
12,800
Description
Market Value
% NAV
1,926,639
782,331
292,086
1,575,305
682,258
4,571,863
8,711,187
459,233
443,770
1,380,542
5,458,484
4,291,059
1,911,578
521,368
1,419,391
1,025,604
776,892
5,260,829
808,992
1,071,860
561,466
531,572
1,424,599
2,039,434
30,695,215
1,217,034
519,816
1,650,394
251,969
443,668
293,811
11,244,974
599,014
632,897
2,404,449
1,005,861
840,590
833,046
276,820
364,929
501,123
300,344
1,601,074
479,878
10,071,862
2,421,547
2,296,546
1,625,023
536,852
1,298,986
1,165,499
7,889,946
680,126
3,999,474
535,458
2,664,140
876,415
932,353
0.10
0.04
0.02
0.08
0.04
0.24
0.47
0.02
0.02
0.07
0.28
0.23
0.10
0.03
0.08
0.05
0.04
0.28
0.04
0.06
0.03
0.03
0.08
0.11
1.65
0.07
0.03
0.08
0.01
0.02
0.02
0.60
0.03
0.03
0.13
0.05
0.04
0.04
0.01
0.02
0.03
0.02
0.09
0.03
0.54
0.13
0.12
0.09
0.03
0.07
0.06
0.41
0.04
0.21
0.03
0.13
0.05
0.05
Allergan Inc.
Alliance Data Systems Corp.
Alliant Energy Corp.
Allstate Corp.
Altera Corp.
Altria Group Inc.
Amazon.com Inc.
Ameren Corp.
American Capital Agency Corp.
American Electric Power Company Inc.
American Express Company
American International Group Inc.
American Tower Corp.
American Water Works Company Inc.
Ameriprise Financial
AmerisourceBergen Corp.
Ametek Inc.
Amgen Inc.
Amphenol Corp.
Analog Devices Inc.
Annaly Capital Management Inc.
Ansys Inc.
Aon plc
Apache Corp.
Apple Inc.
Applied Materials Inc.
Arch Capital Group Limited
Archer-Daniels-Midland Company
Arrow Electronics Inc.
Ashland Inc.
Assurant Inc.
AT&T Inc.
Autodesk Inc.
Autoliv Inc.
Automatic Data Processing Inc.
Autozone Inc.
Avago Technologies Limited
AvalonBay Communities Inc.
Avery Dennison Corp.
Avnet Inc.
Avon Products Inc.
Axis Capital Holdings Limited
Baker Hughes Inc.
Ball Corp.
Bank of New York Mellon Corp.
Baxter International Inc.
BB&T Corp.
BE Aerospace Inc.
Becton Dickinson & Company
Bed Bath & Beyond Inc.
Berkshire Hathaway Inc.
Best Buy Company Inc.
Biogen Idec Inc.
BioMarin Pharmaceuticals Inc.
Blackrock Inc.
BorgWarner Inc.
Boston Properties Inc.
61

(expressed in EUR)
Quantity
103,500
136,500
41,000
9,075
11,200
29,600
18,100
32,000
26,900
7,300
23,000
14,900
48,700
26,800
16,050
19,000
29,900
53,800
21,400
48,900
11,600
34,900
29,500
51,180
25,800
4,800
14,600
95,200
5,500
17,100
40,900
8,000
2,900
22,900
10,600
22,700
6,200
11,600
10,500
442,400
13,800
253,350
71,452
15,100
10,800
26,000
24,900
26,000
24,000
331,100
23,400
27,000
38,900
77,400
179,100
42,300
12,900
11,300
Description
Market Value
% NAV
902,841
5,265,050
882,216
497,694
667,391
722,842
235,519
900,120
380,869
301,335
993,643
467,994
2,707,578
1,299,400
463,813
648,340
871,644
3,545,541
408,447
2,261,973
465,616
4,279,331
496,252
1,182,977
1,043,646
811,780
618,139
1,796,292
545,869
535,108
805,563
482,688
1,121,276
1,605,883
509,865
1,441,123
472,036
440,867
454,077
7,207,721
522,076
9,580,949
241,120
693,113
727,028
1,480,431
483,743
1,059,095
286,513
9,926,151
749,405
1,978,635
396,354
3,662,872
6,754,187
1,531,205
445,057
458,249
0.05
0.28
0.05
0.03
0.04
0.04
0.01
0.05
0.02
0.02
0.05
0.03
0.14
0.07
0.02
0.03
0.05
0.18
0.02
0.12
0.02
0.23
0.03
0.06
0.06
0.04
0.03
0.09
0.03
0.03
0.04
0.03
0.06
0.09
0.03
0.08
0.03
0.02
0.02
0.38
0.03
0.51
0.01
0.04
0.04
0.08
0.03
0.06
0.02
0.52
0.04
0.11
0.02
0.20
0.36
0.08
0.02
0.02
Boston Scientific Corp.

Broadcom Corp.
Brown-Forman Corp.
Bunge Limited
CA Inc.
Cablevision Systems Corp.
Cabot Oil & Gas Corp.
Calpine Corp.
Camden Property Trust
Cameron International Corp.
Campbell Soup Company
Capital One Financial Corp.
Cardinal Health Inc.
CareFusion Corp.
Carmax Inc. P.P. 144A
Carnival Corp.
Caterpillar Inc.
CB Richard Ellis Group Inc.
CBS Corp.
Celanese Corp.
Celgene Corp.
Centerpoint Energy Inc.
CenturyTel Inc.
Cerner Corp.
CF Industries Holdings Inc.
CH Robinson Worldwide Inc.
Charles Schwab Corp.
Charter Communications Inc.
Cheniere Energy Inc.
Chesapeake Energy Corp.
Chicago Bridge & Iron Company NV
Chipotle Mexican Grill Inc.
Chubb Corp.
Church & Dwight Inc.
Cigna Corp.
Cimarex Energy Company
Cincinnati Financial Corp.
Cintas Corp.
Cisco Systems Inc.
CIT Group Inc.
Citigroup Inc.
Citizens Communications Company
Citrix Systems Inc.
Clorox Company
CME Group Inc.
CMS Energy Corp.
Coach Inc. P.P. 144A
Cobalt International Energy
Coca Cola Company
Coca-Cola Enterprises Inc.
Cognizant Technology Solutions Corp. - A
Cole Real Estate Investment
Colgate-Palmolive Company
Comcast Corp.
Comcast Corp. - A
Comerica Inc.
Computer Sciences Corp.
62

(expressed in EUR)
Quantity
34,500
8,900
96,700
21,200
24,900
14,300
3,100
4,500
130,900
36,300
39,300
6,800
10,500
23,900
12,100
91,000
15,900
102,600
50,900
9,700
15,000
30,800
27,000
17,800
31,100
10,300
31,700
5,800
7,900
10,100
45,401
39,500
6,800
12,100
16,100
26,900
18,600
49,200
14,600
101,900
19,600
19,765
15,100
59,572
28,800
3,800
13,500
37,797
9,100
98,300
22,100
29,400
8,200
77,700
24,700
83,000
171,400
60,300
Description
Market Value
% NAV
843,753
697,558
4,957,985
585,252
998,927
730,385
253,138
623,589
1,692,832
3,135,138
1,942,255
660,976
476,784
1,273,614
391,376
1,899,975
1,626,636
5,328,989
2,851,685
382,735
689,829
2,041,412
1,178,207
354,850
370,821
362,382
1,423,331
239,585
333,096
360,036
2,276,393
1,603,850
413,838
793,993
676,739
1,177,552
761,575
2,309,769
1,022,885
3,283,399
317,480
698,829
727,522
2,983,463
314,345
338,510
790,631
2,087,962
282,586
3,915,735
1,672,315
987,859
391,329
3,663,536
411,204
3,071,955
3,128,350
3,071,122
0.05
0.04
0.26
0.03
0.05
0.04
0.01
0.03
0.09
0.17
0.10
0.04
0.03
0.07
0.02
0.10
0.08
0.28
0.15
0.02
0.04
0.10
0.06
0.02
0.02
0.02
0.08
0.01
0.02
0.02
0.12
0.09
0.02
0.04
0.04
0.06
0.04
0.13
0.05
0.18
0.02
0.04
0.04
0.17
0.02
0.02
0.04
0.11
0.02
0.21
0.09
0.05
0.02
0.20
0.02
0.16
0.17
0.16
ConAgra Foods Inc.

Concho Resources Inc.
ConocoPhillips
Consol Energy Inc.
Consolidated Edison Inc.
Constellation Brands Inc.
Continental Resources Inc.
Core Laboratories NV
Corning Inc.
Costco Wholesale Corp.
Covidien Limited
CR Bard Inc.
Cree Inc.
Crown Castle International Corp.
Crown Holdings Inc.
CSX Corp.
Cummins Inc.
CVS Caremark Corp.
Danaher Corp.
Darden Restaurants Inc.
DaVita Inc.
Deere & Company
Delphi Automotive plc
Delta Air Lines Inc.
Denbury Resources Inc.
Dentsply International Inc.
Devon Energy Corp.
Diamond Offshore Drilling
Dicks Sporting Goo Com
Digital Realty Trust Inc.
DirecTV Group Inc.
Discover Financial Services
Discovery Communications Inc.
Discovery Holding Company - A
DISH Network Corp.
Dollar General Corp.
Dollar Tree Inc.
Dominion Resources Inc.
Dover Corp.
Dow Jones & Company Inc.
DR Horton Inc.
Dr Pepper Snapple Group Inc.
DTE Energy Company
Duke Energy Corp.
Duke Realty Corp.
Dun & Bradstreet Corp.
Eastman Chemical Company
Eaton Corp.
Eaton Vance Corp.
Ebay Inc.
Ecolab Inc.
Edison International
Edwards Lifesciences Corp.
EI Du Pont de Nemours & Company
Electronic Arts Inc.
Eli Lilly & Company
EMC Corp.
63

(expressed in EUR)
Quantity
6,000
5,000
22,100
16,700
22,300
14,000
9,500
4,300
29,500
19,000
4,400
73,099
7,700
19,300
68,262
365,200
5,800
140,800
9,300
26,700
4,600
24,800
24,595
18,300
70,700
7,500
37,571
21,600
5,800
58,100
12,000
12,300
12,200
19,800
303,400
20,500
11,000
4,900
34,500
12,200
24,100
9,000
845,000
38,043
52,400
80,400
11,400
126,400
35,400
22,700
9,200
24,300
70,200
11,600
17,100
9,500
34,900
9,700
Description
Market Value
% NAV
308,066
392,757
917,071
766,798
2,716,232
912,167
476,327
553,747
1,110,465
1,038,557
497,716
1,453,015
389,261
619,779
3,479,606
26,821,177
382,443
5,585,202
438,493
920,583
338,536
2,587,536
958,133
430,955
1,079,009
284,934
899,228
925,636
493,186
327,615
262,129
703,661
710,866
750,214
3,397,411
893,077
543,314
426,507
1,445,397
436,135
683,499
301,883
17,188,832
554,101
1,897,953
2,384,664
688,244
6,893,546
4,553,869
18,462,294
504,616
512,117
2,585,472
570,508
859,250
481,291
917,615
387,240
0.02
0.02
0.05
0.04
0.15
0.05
0.03
0.03
0.06
0.06
0.03
0.08
0.02
0.03
0.19
1.42
0.02
0.30
0.02
0.05
0.02
0.15
0.05
0.02
0.06
0.02
0.05
0.05
0.03
0.02
0.01
0.04
0.04
0.04
0.18
0.05
0.03
0.02
0.08
0.02
0.04
0.02
0.93
0.03
0.10
0.13
0.04
0.36
0.24
0.99
0.03
0.03
0.14
0.03
0.05
0.03
0.05
0.02
Energen Corp.
Energizer Holdings Inc.
Ensco International Inc.
Entergy Corp.
EOG Resources Inc.
EQT Corp.
Equifax Inc.
Equinix Inc.
Equity Residential
Estee Lauder Companies Inc.
Everest Re Group Limited
Exelon Corp.
Expedia Inc.
Expeditors International Washington Inc.
Express Scripts Inc.
Exxon Mobil Corp.
F5 Networks Inc.
Facebook Inc. - A
Family Dollar Stores Inc.
Fastenal Company
Federal Realty Investment Trust
FedEx Corp.
Fidelity National Information Services Inc.
Fidelity National Title Group Inc.
Fifth Third BanCorp.
First Republic Bank
FirstEnergy Corp.
Fiserv Inc.
Fleetcor Technologies Inc.
Flextronics International Limited
Flir Systems Inc.
Flowserve Corp.
Fluor Corp.
FMC Technologies Inc.
Ford Motor Company
Forest Laboratories Inc.
Fortune Brands Inc.
Fossil Inc.
Franklin Resources Inc.
GameStop Corp.
Gap Inc.
Garmin Limited
General Electric Capital Corp.
General Growth Properties Inc.
General Mills Inc.
Genuine Parts Company
Gilead Sciences Inc.
Google Inc.
Green Mountain Coffee Roasters Inc.
H&R Block Inc.
Halliburton Company
Hansen Natural Corp.
Harley-Davidson Inc.
Harris Corp.
Hartford Financial Services Group Inc.
Hasbro Inc.
64

(expressed in EUR)
Quantity
23,400
39,000
23,500
7,700
6,700
8,200
12,100
31,900
25,400
162,800
17,800
19,500
118,900
11,400
11,300
68,808
35,100
12,300
400,000
5,000
37,600
11,800
26,484
6,000
413,600
8,852
87,100
8,100
20,400
33,200
36,500
23,300
3,400
36,732
14,916
9,700
8,700
235,300
56,400
7,500
314,800
40,200
8,500
11,800
19,900
81,700
31,300
29,800
50,916
10,775
12,300
18,500
49,397
139,793
41,100
7,400
16,600
33,100
Description
Market Value
% NAV
810,199
1,027,962
913,600
469,840
555,566
468,333
853,792
662,563
1,529,954
3,305,740
641,883
316,285
7,104,920
373,699
338,520
970,737
240,207
921,373
195,943
434,341
2,294,284
947,288
1,183,943
236,917
7,792,050
1,444,894
11,856,270
505,416
268,852
1,181,317
468,849
1,290,508
947,692
970,314
328,532
544,149
654,228
15,639,991
2,099,727
318,353
13,360,066
658,452
763,856
273,088
881,957
795,685
2,372,799
427,120
1,330,219
591,616
575,390
761,911
1,932,934
3,581,184
1,179,058
490,684
655,953
1,894,551
0.04
0.05
0.05
0.03
0.03
0.03
0.05
0.04
0.08
0.18
0.03
0.02
0.39
0.02
0.02
0.05
0.01
0.05
0.01
0.02
0.12
0.05
0.06
0.01
0.43
0.08
0.64
0.03
0.01
0.06
0.03
0.07
0.05
0.05
0.02
0.03
0.03
0.84
0.11
0.02
0.72
0.04
0.04
0.01
0.05
0.04
0.13
0.02
0.08
0.03
0.03
0.04
0.10
0.18
0.06
0.03
0.04
0.10
HCA Inc.
HCP Inc.
Health Care Inc.
Helmerich & Payne Inc.
Henry Schein Inc.
Herbalife Limited
Hershey Foods Corp.
Hertz Global Holdings Inc.
Hess Corp.
Hewlett-Packard Company
HollyFrontier Corp.
Hologic Inc.
Home Depot Inc.
Hormel Foods Corp.
Hospira Inc.
Host Hotels & Resorts Inc.
Hudson City Bancorp Inc.
Humana Inc.
Hutchison Port Holdings Trust
IHS Inc.
Illinois Tool Works Inc.
Illumina Inc.
Ingersoll-Rand plc
Integrys Energy Group Inc.
Intel Corp.
IntercontinentalExchange Inc.
International Business Machines Corp.
International Flavors & Fragrances Inc.
International Game Technology
International Paper Company
Interpublic Group of Companies Inc.
Intuit Inc.
Intuitive Surgical Inc.
Invesco Limited
Iron Mountain Inc.
JB Hunt Transport Services Inc.
JM Smucker Company
Johnson & Johnson
Johnson Controls Inc.
Joy Global Inc.
Juniper Networks Inc.
Kansas City Southern de Mexico SA de CV
KBR Inc.
Kellogg Company
Keycorp
Kimberly-Clark Corp.
Kimco Realty Corp.
Kinder Morgan Inc.
Kinder Morgan Management
Kla-Tencor Corp.
Kohls Corp.
Kraft Foods Group Inc.
Kraft Foods Inc. - A
Kroger Company
Laboratory Corp. of America Holdings
Lam Research Corp.
Las Vegas Sands Corp.
65

(expressed in EUR)
Quantity
11,500
11,500
7,025
13,200
27,500
10,300
13,195
17,086
9,000
41,000
8,900
13,154
22,900
22,400
8,700
24,500
30,500
31,800
87,300
49,400
20,000
9,200
36,000
9,700
9,700
34,700
6,100
58,200
27,600
19,545
46,900
3,500
37,400
27,100
8,700
29,900
21,800
9,000
84,700
22,500
19,400
13,900
18,700
13,000
85,700
242,774
77,500
9,550
2,500
32,600
15,900
13,700
89,600
656,600
4,500
11,800
45,200
18,400
Description
Market Value
% NAV
362,872
258,217
237,013
378,963
565,587
247,942
807,433
1,103,439
956,530
873,290
218,762
723,592
857,867
740,462
1,369,005
584,963
1,067,760
1,169,581
3,139,239
395,071
897,710
394,119
2,097,377
819,532
414,553
1,344,737
380,091
1,490,954
1,837,329
700,126
1,645,984
253,848
390,299
447,815
5,274,867
1,032,434
441,553
450,147
5,964,251
1,276,896
2,272,332
308,172
1,136,697
348,409
3,569,304
8,818,055
3,032,621
233,145
440,128
556,444
936,842
444,918
1,414,925
17,835,581
486,266
480,837
3,823,114
1,047,823
0.02
0.01
0.01
0.02
0.03
0.01
0.04
0.06
0.05
0.05
0.01
0.04
0.05
0.04
0.07
0.03
0.06
0.06
0.17
0.02
0.05
0.02
0.11
0.04
0.02
0.07
0.02
0.08
0.10
0.04
0.09
0.01
0.02
0.02
0.27
0.05
0.02
0.02
0.32
0.07
0.12
0.02
0.06
0.02
0.19
0.47
0.16
0.01
0.02
0.03
0.05
0.02
0.08
0.95
0.03
0.03
0.20
0.06
Legg Mason Inc.

Leggett & Platt Inc.
Leidos Holdings Inc.
Lennar Corp.
Leucadia National Corp.
Level 3 Communications Inc.
Liberty Global Inc.
Liberty Global Inc. - A
Liberty Media Corp.
Liberty Media Corp. - Interactive
Liberty Property Trust
Life Technologies Corp.
Lincoln National Corp.
Linear Technology Corp.
Linkedin Corp.
Lkq Corp.
Loews Corp.
Lorillard Inc.
Lowes Cos Inc.
LSI Logic Corp.
Limited Brands Inc.
Lululemon Athletica Inc.
LyondellBasell Industries NV
M&T Bank Corp.
Macerich Company
Macys Inc.
Manpower Inc.
Marathon Oil Corp.
Marriott International Inc.
Marsh & McLennan Companies Inc.
Martin Marietta Materials Inc.
Marvell Technology Group Limited
Masco Corp.
Mastercard Inc.
Mattel Inc.
Maxim Integrated Products Inc.
McCormick & Company Inc.
McDonalds Corp.
McGraw-Hill Companies Inc.
McKesson Corp.
MDU Resources Group Inc.
Mead Johnson Nutrition Company - A
MeadWestvaco Corp.
Medtronic Inc.
Merck & Company Inc.
MetLife Inc.
MetroPCS Communications Inc.
Mettler Toledo International Inc.
MGM Mirage Inc.
Michael Kors Holdings Limited
Microchip Technology Inc.
Micron Technology Inc.
Microsoft Corp.
Mohawk Industries Inc.
Molson Coors Brewing Company
Monsanto Company
Moodys Corp.
66

(expressed in EUR)
Quantity
121,900
23,400
15,100
33,500
21,000
13,300
35,169
28,200
4,700
30,100
20,900
40,000
32,300
36,600
129,200
35,300
22,000
58,600
27,700
21,100
30,700
12,800
26,200
23,464
19,700
31,200
16,100
29,700
52,100
67,300
8,900
9,600
16,200
8,700
20,300
15,000
288,200
10,000
12,300
29,000
8,600
11,600
5,400
4,200
28,600
26,300
17,937
23,400
17,100
127,948
10,430
8,900
549,939
36,900
5,200
135,300
49,250
8,200
Description
Market Value
% NAV
2,774,255
802,727
710,975
1,055,118
258,928
384,150
2,029,820
841,938
1,255,778
368,072
491,577
668,529
422,400
919,017
3,298,564
2,193,392
732,668
3,344,319
660,964
573,763
1,517,455
574,070
1,765,047
721,825
884,817
650,288
177,597
1,150,540
605,713
4,644,748
509,476
386,313
398,549
381,097
1,095,621
676,875
8,002,129
934,069
319,383
1,245,277
532,683
1,082,930
413,166
125,578
944,997
372,756
1,011,043
256,764
237,398
7,701,301
1,161,572
469,883
12,224,414
1,078,655
399,184
8,555,237
2,756,742
314,920
0.15
0.04
0.04
0.06
0.01
0.02
0.11
0.04
0.07
0.03
0.03
0.03
0.02
0.05
0.18
0.13
0.04
0.19
0.04
0.03
0.08
0.03
0.09
0.04
0.05
0.03
0.01
0.07
0.03
0.25
0.03
0.02
0.02
0.02
0.06
0.04
0.43
0.05
0.02
0.07
0.03
0.06
0.02
0.01
0.05
0.02
0.05
0.01
0.01
0.41
0.06
0.03
0.65
0.06
0.02
0.46
0.15
0.02
Morgan Stanley
Mosaic Company
Murphy Oil Corp.
Mylan Laboratories
Nabors Industries Limited
Nasdaq Stock Market Inc.
National Oilwell Varco Inc.
NetApp Inc.
NetFlix Inc.
New York Community Bancorp Inc.
Newell Rubbermaid Inc.
Newmont Mining Corp.
News Corp.
News Corp. - B - ADR
News Corp. Inc.
Nextera Energy Inc.
Nielsen Holdings NV
Nike Inc.
NiSource Inc.
Noble Corp.
Noble Energy Inc.
Nordstrom Inc.
Norfolk Southern Corp.
Northeast Utilities
Northern Trust Corp.
NRG Energy Inc.
Nuance Communications Inc.
Nucor Corp.
Nvidia Corp.
Occidental Petroleum Corp.
Oceaneering International Inc.
Ocwen Financial Corp.
OGE Energy Corp.
Omnicare Inc.
Omnicom Group Inc.
Oneok Inc.
Oracle Corp.
OReilly Automotive Inc.
Owens-Illinois Inc.
Paccar Inc.
Pall Corp.
Parker Hannifin Corp.
PartnerRe Limited
Patterson Companies Inc.
Paychex Inc.
Peabody Energy Corp.
Pentair Limited - Reg
Peoples United Financial Inc.
Pepco Holdings Inc.
PepsiCo Inc.
Perrigo Company
Petsmart Inc.
Pfizer Inc.
PG&E Corp.
Pharmacyclics Inc.
Philip Morris International Inc.
Phillips 66
Pinnacle West Capital Corp.
67

(expressed in EUR)
Quantity
10,800
12,000
42,901
5,400
4,700
11,900
52,300
24,600
12,700
4,300
23,000
227,200
47,800
43,079
39,900
43,200
12,400
28,500
6,700
19,800
143,300
16,100
14,000
12,000
14,600
10,500
9,300
9,700
17,200
15,900
9,600
6,200
116,400
4,300
25,500
11,800
26,000
10,700
7,200
12,200
10,700
8,200
17,800
8,800
10,400
17,000
46,400
22,700
9,600
9,000
110,986
7,200
26,900
15,400
2,400
12,200
18,300
12,300
10,200
Description
Market Value
% NAV
1,442,691
405,036
2,415,370
570,744
602,256
1,637,907
1,142,064
2,321,375
2,482,027
3,627,359
823,056
13,423,093
945,975
1,155,172
2,670,328
1,004,483
1,354,511
421,311
661,369
440,415
7,721,633
368,748
543,967
340,767
893,302
397,689
284,139
348,241
465,965
646,639
322,566
1,238,425
835,441
303,757
614,391
403,167
943,242
326,059
548,693
1,046,157
574,001
825,267
967,926
225,820
357,900
401,822
1,858,425
1,162,058
625,904
306,521
7,257,847
451,506
1,096,342
380,544
85,414
307,490
1,192,066
346,073
414,603
0.08
0.02
0.13
0.03
0.03
0.09
0.06
0.12
0.13
0.19
0.04
0.71
0.05
0.06
0.14
0.05
0.07
0.02
0.04
0.02
0.41
0.02
0.03
0.02
0.05
0.02
0.02
0.02
0.02
0.03
0.02
0.07
0.04
0.02
0.03
0.02
0.05
0.02
0.03
0.06
0.03
0.04
0.05
0.01
0.02
0.02
0.10
0.06
0.03
0.02
0.40
0.02
0.06
0.02
0.00
0.02
0.06
0.02
0.02
Pioneer Natural Resources Company

Plum Creek Timber Company Inc.
PNC Financial Services Group Inc.
Polaris Industries Inc.
Polo Ralph Lauren Corp.
PPG Industries Inc.
PPL Corp.
Praxair Inc.
Precision Castparts Corp.
Priceline.com Inc.
Principal Financial Group
Procter & Gamble Company
Progressive Corp.
Prologis Inc.
Prudential Financial Inc.
Public Service Enterprise Group Inc.
Public Storage Inc.
Pulte Homes Inc.
Pvh Corp.
Qep Resources Inc.
Qualcomm Inc.
Quanta Services Inc.
Quest Diagnostics Inc.
Rackspace Hosting Inc.
Range Resources Corp.
Raymond James Financial Inc.
Rayonier Inc.
Realogy Holdings Corp.
Realty Income Corp.
Red Hat Inc.
Regency Centers Corp.
Regeneron Pharmaceuticals Inc.
Regions Financial Corp.
RenaissanceRe Holdings Limited
Republic Services Inc.
Resmed Inc.
Reynolds American Inc.
Robert Half International Inc.
Rock-Tenn Company
Rockwell Automation Inc.
Rockwell Collins Inc.
Roper Industries Inc.
Ross Stores Inc.
Rowan Companies Inc.
Royal Caribbean Cruises Limited
Safeway Inc.
Salesforce.com Inc.
Sandisk Corp.
SBA Communications Corp.
Scana Corp.
Schlumberger Limited
Scripps Networks Interactive
Seagate Technology
Sealed Air Corp.
Sears Holdings Corp.
SEI Investments Company
Sempra Energy
Sensata Technologies Holding NV
Servicenow Inc.
68

(expressed in EUR)
Quantity
6,700
8,800
26,200
270,900
8,300
36,000
71,000
18,800
32,600
53,900
64,598
3,900
23,600
11,687
51,500
63,500
15,000
38,100
7,600
27,000
44,200
12,700
62,800
12,800
50,400
22,700
51,100
20,300
13,800
6,800
11,400
93,200
29,800
9,200
24,905
76,033
58,900
12,400
9,150
14,132
5,400
13,600
4,600
32,800
24,200
9,800
11,400
33,300
41,000
21,900
10,900
21,800
5,900
6,500
38,800
61,000
71,800
83,600
7,500
Description
Market Value
% NAV
892,231
600,376
2,893,132
686,121
556,445
686,585
2,118,225
257,043
930,482
1,393,315
503,958
281,925
1,061,011
684,367
593,879
3,612,442
864,872
2,029,217
640,729
1,472,318
1,180,741
245,253
1,074,657
376,861
1,320,396
1,380,006
2,346,309
451,389
455,577
742,105
483,980
2,969,928
2,408,091
619,454
2,449,020
3,847,034
2,724,117
332,958
518,939
341,314
500,086
765,694
537,532
2,155,167
609,413
589,088
615,440
1,331,807
1,221,118
531,785
299,247
369,411
413,272
411,807
4,730,504
4,651,750
5,929,707
4,568,440
442,287
0.05
0.03
0.15
0.04
0.03
0.04
0.11
0.01
0.05
0.07
0.03
0.02
0.06
0.04
0.03
0.19
0.05
0.11
0.03
0.08
0.06
0.01
0.06
0.02
0.07
0.07
0.13
0.02
0.02
0.04
0.03
0.16
0.12
0.03
0.13
0.21
0.15
0.02
0.03
0.02
0.03
0.04
0.03
0.12
0.03
0.03
0.03
0.07
0.07
0.03
0.02
0.02
0.02
0.02
0.26
0.26
0.31
0.23
0.02
Sherwin-Williams Company
Sigma-Aldrich Corp.
Simon Property Group Inc.
Sirius XM Radio Inc..
SL Green Realty Corp.
SLM Corp.
Southern Company
Southwest Airlines Company
Southwestern Energy Company
Spectra Energy Corp.
Sprint Corp.
SPX Corp.
St Jude Medical Inc.
Stanley Works
Staples Inc.
Starbucks Corp.
Starwood Hotels & Resorts Worldwide Inc.
State Street Corp.
Stericycle Inc.
Stryker Corp.
SunTrust Banks Inc.
Superior Energy Services Inc.
Symantec Corp.
Synopsys Inc.
Sysco Corp.
T Rowe Price Group Inc.
Target Corp.
TD Ameritrade Holding Corp.
Teradata Corp.
Tesla Motors Inc.
Tesoro Petroleum Corp.
Texas Instruments Inc.
Thermo Fisher Scientific Inc.
Tiffany & Company Com
Time Warner Cable Inc. - A
Time Warner Inc.
TJX Companies Inc.
Toll Brothers Inc.
Torchmark Corp.
Total System Services Inc.
Towers Watson & Company
Tractor Supply Company
Transdigm Group Inc.
Travelers Companies Inc.
Trimble Navigation Limited
TripAdvisor Inc.
TRW Automotive Holdings Corp.
Tyco Electronics Limited
Tyco International Limited
Tyson Foods Inc.
UAL Corp.
UDR Inc.
Ulta Salon, Cosmetics & Fragrance
Under Armour
Union Pacific Corp.
United Parcel Service Inc.
United Technologies Corp.
UnitedHealth Group Inc.
Universal Health Services Inc.
69

(expressed in EUR)
Quantity
Description
23,800
10,100
152,000
46,100
10,200
8,800
23,700
12,900
11,500
239,300
20,200
29,200
37,000
43,300
8,700
14,638
9,500
72,800
141,800
39,000
6,700
12,916
72,400
24,300
421,891
16,700
44,800
45,425
7,400
12,900
29,400
57,200
12,600
61,500
17,200
5,500
10,300
5,100
13,800
7,100
43,200
96,959
24,500
24,900
12,600
36,300
13,700
41,300
% NAV
605,903
271,933
4,456,475
1,686,157
241,389
496,152
985,185
559,644
548,481
8,533,838
1,089,198
1,321,041
2,345,208
6,997,384
566,404
943,219
409,659
3,034,676
7,862,055
1,269,951
486,230
1,574,722
813,873
1,629,288
13,900,250
1,016,822
560,833
1,040,725
842,385
579,210
1,233,863
1,601,077
409,743
356,160
516,019
331,928
324,335
945,348
737,996
1,000,683
875,945
856,338
816,459
575,359
316,383
1,991,831
926,523
979,787
0.03
0.01
0.24
0.09
0.01
0.03
0.05
0.03
0.03
0.46
0.06
0.07
0.13
0.36
0.03
0.05
0.02
0.16
0.42
0.07
0.03
0.08
0.04
0.09
0.75
0.05
0.03
0.06
0.05
0.03
0.07
0.09
0.02
0.02
0.03
0.02
0.02
0.05
0.04
0.05
0.05
0.05
0.04
0.03
0.02
0.11
0.05
0.05
Unum Group
Urban Outfitters Inc.
US Bancorp
Valero Energy Corp.
Vantiv Inc. - A
Varian Medical Systems Inc.
Ventas Inc.
VeriSign Inc.
Verisk Analytics Inc.
Verizon Communications Inc.
Vertex Pharmaceuticals Inc.
VF Corp.
Viacom Inc.
Visa Inc. - A
VMware Inc.
Vornado Realty Trust
Vulcan Materials Company
Walgreen Company
Walt Disney Company
Waste Management Inc.
Waters Corp.
Watson Pharmaceuticals Inc.
Weatherford International Limited
WellPoint Inc.
Western Digital Corp.
Western Union Company
Weyerhaeuser Company
Whirlpool Corp.
Whiting Petroleum Corp.
Whole Foods Market Inc.
Williams Companies Inc.
Willis Group Holdings plc
Windstream Corp.
Wisconsin Energy Corp.
Workday Inc - A
WR Berkley Corp.
WW Grainger Inc.
Wyndham Worldwide Corp.
Wynn Resorts Limited
Xcel Energy Inc.
Xerox Corp.
Xilinx Inc.
XL Capital Limited
Xylem Inc.
Yum! Brands Inc.
Zimmer Holdings Inc.
Zoetis Inc.
Total Equities
USD Warrants Equity
41,472
Market Value
1,001,465,889
53.56
1,830,528,568
97.81
American International Group Inc.- Wts 19/Jan/21

Kinder Morgan Inc.- Wts 25/May/17
Total Warrants Equity

70
0.00
122,194
0.01
122,199
0.01
122,199
0.01

(expressed in EUR)
Quantity
Description
Market Value
% NAV
30,548
0.00
30,548
0.00
35,932
0.00
CAD Rights
44,725
Turquoise Hill Resources Limited - Right
EUR Rights
72,442
Repsol SA - Right
35,932
0.00
66,480
0.00
1,830,717,247
97.82
0
0
0
0.00
0.00
0.00
0.00
15,673
0.00
15,673
0.00
15,673
15,673
0.00
0.00
1,830,732,920
97.82
Total Rights
exchange listing
Other transferable securities and money market instruments
EUR Equities
3,335
124,138
28,496
Anglo Irish Bank Corp. plc*

BGP Holdings plc*
Immoeast AG*
GBP Equities
13,039,750
Rolls-Royce Holdings plc*
Total Equities
Total Other transferable securities and money market instruments
Other Net Assets
Total Net Assets
40,889,049
2.18
1,871,621,969
100.00
* Illiquid securities
71

Sector
%
NAV
Banks
Pharmaceuticals
Insurance
Retail
Food services
Chemicals
Financial services
Software
Beverages
Transportation
Semiconductors
Auto manufacturers
Biotechnology
Tobacco
Commercial services
Machinery
Real estate
Healthcare services
Apparel
Building materials
Household products
Iron and steel
Advertising
Precious metals
Metal fabrication
11.27
7.66
6.58
4.89
4.18
3.79
3.02
2.76
2.69
2.56
2.55
2.54
2.42
2.41
2.36
2.23
2.13
2.10
1.90
1.85
1.66
1.52
1.41
1.35
1.32
1.25
1.23
1.21
1.06
1.02
0.94
0.90
0.87
0.83
0.83
0.80
0.66
0.63
0.62
0.61
0.56
0.50
0.48
0.40
0.27
0.26
0.26
0.25
0.22
72

Industrial Classification of the Investment Portfolio as of 31 December 2013 (continued)
Sector
Home furnishings
Home builders
Agriculture
Employment services
Toys and games
Food
Pipelines
Water utilities
Investment companies
Textiles
Restaurants
Media
Holding companies
Airlines
Energy - alternate sources
Storage and warehousing
%
NAV
0.22
0.19
0.18
0.18
0.15
0.14
0.14
0.14
0.13
0.12
0.10
0.09
0.08
0.06
0.04
0.03
0.01
0.01
0.00
97.82
Other Net Assets
2.18
Total Net Assets
100.00
73

(expressed in EUR)
Quantity
Description
Market Value
% NAV
AUD Equities
128,167
31,227
157,128
63,542
430,483
119,225
102,908
878,856
100,000
Ainsworth Game Technology Limited

Ansell Limited
Aveo Group
Bank of Queensland Limited
Beach Energy Limited
BlueScope Steel Limited
Challenger Financial Services Group Limited
Lynas Corp. Limited
Navitas Limited
365,309
419,074
210,155
501,665
399,679
450,516
414,248
168,329
417,475
0.25
0.28
0.14
0.34
0.27
0.31
0.28
0.11
0.28
3,346,450
2.26
851,249
646,696
1,021,017
0.58
0.44
0.70
2,518,962
1.72
1,053,812
983,828
1,252,693
609,053
0.71
0.67
0.85
0.41
3,899,386
2.64
1,265,821
1,029,420
807,219
1,053,408
803,063
763,862
705,547
723,912
876,573
925,659
1,248,962
871,886
823,090
930,395
2,129,921
0.86
0.70
0.55
0.71
0.54
0.52
0.48
0.49
0.60
0.63
0.85
0.59
0.56
0.63
1.44
14,958,738
10.15
558,863
833,524
556,653
993,792
848,889
1,071,545
1,146,566
984,355
1,102,386
561,132
0.38
0.56
0.38
0.67
0.58
0.73
0.78
0.67
0.75
0.38
CHF Equities
2,668
45,678
1,994
Burckhardt Compression Holding AG

Gam Holding Limited
Georg Fischer AG - Reg
DKK Equities
26,878
24,965
43,773
31,819
Jyske Bank - Reg

Pandora A/S
Simcorp A/S
Topdanmark A/S
EUR Equities
43,975
38,000
68,005
138,972
71,320
121,248
9,883
11,676
10,881
99,160
10,250
22,732
5,300
32,401
65,335
Aareal Bank AG
Cargotec Corp.
De Longhi SpA
Gamesa Corp. Tecnologica SA
Glanbia plc
Mediolanum SpA
MTU Aero Engines Holding AG
Paddy Power plc
Schoeller-Bleckmann Oilfield Equipment AG
Sol Melia SA
Stedim SA
Unit 4 Agresso NV
Virbac SA
Wirecard AG
Yoox SpA
GBP Equities
21,486
198,701
172,227
68,843
114,651
182,683
161,133
28,535
298,552
18,229
Aveva Group plc

Barratt Developments plc
Elementis plc
Hikma Pharmaceuticals plc
IG Group Holdings plc
Michael Page International plc
Restaurant Group plc
Rotork plc
Senior plc
Spectris plc
74

(expressed in EUR)
Quantity
32,284
34,493
Description
Market Value
% NAV
1,160,248
761,610
0.79
0.52
10,579,563
7.19
613,519
233,109
418,365
595,081
185,780
478,865
0.42
0.16
0.28
0.40
0.13
0.32
2,524,719
1.71
779,467
739,429
518,452
548,055
645,908
594,907
656,773
603,607
888,632
942,469
534,560
487,194
476,253
676,624
1,041,708
681,491
619,474
769,464
528,622
888,342
700,045
564,167
0.53
0.50
0.35
0.37
0.44
0.40
0.44
0.41
0.60
0.64
0.36
0.33
0.32
0.46
0.71
0.46
0.42
0.52
0.36
0.60
0.47
0.38
14,885,643
10.07
1,102,123
632,195
0.75
0.43
1,734,318
1.18
861,589
939,457
763,683
685,451
0.58
0.64
0.52
0.47
3,250,180
2.21
241,079
457,409
387,975
0.16
0.31
0.26
1,086,463
0.73
Spirax-Sarco Engineering plc

Victrex plc
HKD Equities
230,000
210,000
1,228,000
289,000
476,000
748,000
Melco International Development

Pacific Textile Holdings Limited
Playmates Toys Limited
Techtronic Industries Company
Truly International Holdings
Xinyi Glass Holdings Limited
JPY Equities
54,300
32,600
103,000
53,200
22,900
24,000
29,000
31,000
22,500
57,400
140,000
12,000
47,800
27,800
94,000
70,000
38,000
121,000
30,000
82,000
28,600
66,000
Aica Kogyo Company Limited

Cookpad Inc.
Denki Kogyo Company Limited
Denyo Company Limited
Green Hospital Supply Inc.
G-Tekt Corp.
Inaba Denki Sangyo Company Limited
Internet Initiative Japan Inc.
Jafco Company Limited
Japan Airport Terminal Company Limited
Kayaba Industry Company Limited
Kusuri No Aoki Company Limited
Nichiha Corp.
Paramount Bed Holdings Company Limited
Rohto Pharmaceutical Company Limited
Tadano
Takeuchi Manufacturing Company Limited
Takuma Company Limited
Tamron Company Limited
Toshiba Plant Systems & Services Corp.
Ts Tech Company Limited
Wakita & Company Limited
NOK Equities
22,965
139,447
Schibsted ASA
Storebrand ASA
SEK Equities
34,071
40,756
52,843
62,378
Axis Communications AB
Betsson AB
Trelleborg AB
Wallenstam AB - B
SGD Equities
682,000
346,000
900,000
Courts Asia Limited

Osim International Limited
Yoma Strategic Holdings Limited
75

(expressed in EUR)
Quantity
Description
Market Value
% NAV
1,735,988
736,175
987,221
718,835
924,098
773,324
917,451
1,496,362
842,066
693,169
596,299
1,001,669
765,187
765,211
1,168,656
931,280
886,847
1,529,624
450,383
936,308
917,510
980,294
707,268
954,078
711,010
1,065,014
1,204,637
817,621
844,895
1,367,307
891,958
1,261,129
1,082,808
1,062,901
1,190,100
782,090
898,790
887,474
1,119,075
918,518
957,505
1,360,880
1,140,227
1,206,119
1,003,935
985,954
567,207
760,511
1,070,074
607,947
1,099,155
676,854
945,500
847,092
738,074
1,091,398
877,497
1.17
0.50
0.67
0.49
0.63
0.52
0.63
1.00
0.57
0.47
0.40
0.68
0.52
0.52
0.79
0.63
0.59
1.04
0.31
0.63
0.62
0.66
0.48
0.64
0.48
0.72
0.82
0.55
0.57
0.93
0.60
0.85
0.73
0.72
0.81
0.53
0.61
0.60
0.76
0.62
0.65
0.92
0.77
0.82
0.68
0.67
0.38
0.52
0.72
0.41
0.74
0.46
0.64
0.57
0.50
0.74
0.60
USD Equities
50,541
44,375
43,769
24,361
62,267
31,639
51,886
49,328
21,733
32,400
18,902
43,971
75,206
23,552
60,245
26,585
43,769
52,159
8,288
16,375
10,209
17,790
14,151
21,126
11,600
29,516
42,859
32,245
63,480
63,076
175,582
26,128
67,119
12,500
35,884
11,220
46,195
78,744
26,382
53,068
26,888
26,686
67,928
27,090
24,765
16,779
14,859
33,100
27,090
42,960
28,707
50,036
29,617
30,224
42,253
6,267
39,827
Acadia Healthcare Company Inc.

Advanced Energy Industries Inc.
Air Lease Corp.
Alkermes plc
American Axle & Manufacturing Holdings Inc.
Arkansas Best Corp.
Arris Group Inc.
Aspen Technology Inc.
Atwood Oceanics Inc.
Boise Cascade Company
Bonanza Creek Energy Inc.
Brown & Brown Inc.
Cadence Design Systems Inc.
Carrizo Oil & Gas Inc.
Cathay General BanCorp.
Cheesecake Factory
Chemtura Corp.
Cogent Communications Group Inc.
Commvault Systems Inc.
Conns Inc.
Cooper Companies Inc.
Core-Mark Holding Company Inc.
Cubist Pharmaceuticals Inc.
Curtiss-Wright Corp.
Deckers Outdoor Corp.
EchoStar Holding Corp.
Electronics for Imaging
Epam Systems Inc.
Everbank Financial Corp.
Examworks Group Inc.
Extreme Networks
First Financial Holdings Inc.
FirstMerit Corp.
Fleetcor Technologies Inc.
Fortune Brands Home & Security Inc.
Genesee & Wyoming Inc.
Gentherm Inc.
Genworth Financial Inc.
Gnc Holdings Inc.
Goodyear Tire & Rubber Company
Guidewire Software Inc.
Hanesbrands Inc.
Hilltop Holdings Inc.
Jarden Corp.
KapStone Paper & Packaging Corp.
Lear Corp.
Ligand Pharmaceuticals Inc.
Lions Gate Entertainment Corp.
Macquarie Infrastructure Company LLC
Magnachip Semiconduct
Marriott Vacations Worldwide Corp.
Matador Resources Company
Maximus Inc.
Medicines Company
Mentor Graphics Corp.
Middleby Corp.
NPS Pharmaceuticals Inc.
76

(expressed in EUR)
Quantity
Market Value
% NAV
665,001
961,758
876,073
777,110
706,249
872,122
1,260,562
1,283,948
701,247
859,987
1,271,867
877,502
681,431
980,468
782,508
972,639
975,938
915,957
791,898
832,348
847,631
1,003,684
1,039,899
1,101,489
1,257,994
753,170
508,251
1,722,356
1,163,676
1,246,219
780,982
813,613
0.45
0.65
0.59
0.53
0.48
0.59
0.85
0.88
0.48
0.58
0.87
0.59
0.46
0.66
0.53
0.66
0.66
0.62
0.54
0.56
0.57
0.68
0.71
0.75
0.86
0.51
0.34
1.16
0.79
0.84
0.53
0.55
84,742,136
57.37
Total Equities
143,526,558
97.23

exchange listing
143,526,558
97.23
143,526,558
97.23
19,509
23,900
34,570
131,712
9,200
22,743
55,798
61,155
49,025
43,971
23,754
13,444
38,310
36,693
31,639
102,701
60,549
24,361
23,956
92,794
51,957
34,671
54,484
9,906
22,238
30,426
56,708
39,928
50,440
71,971
25,574
11,321
Description
Oasis Petroleum Inc.
Ocwen Financial Corp.
On Assignment Inc.
Parker Drilling Company
Pharmacyclics Inc.
Portfolio Recovery Associates Inc.
Primoris Services Corp.
PrivateBank Corp.
Rex Energy Corp.
Roadrunner Transportation Systems Inc.
Ryder System Inc.
Salix Pharmaceuticals Limited
Sanchez Energy Corp.
Six Flags Entertainment Corp Six Us
Sterling Financial Corp.
Sunedison Inc.
Swift Transporation Company
Synaptics Inc.
Team Health Holdings Inc.
Tetra Technologies Inc.
TIBCO Software Inc.
Trimas Corp.
Tutor Perini Corp.
Ultimate Software Group Inc.
United Rentals Inc.
US Silica Holdings Inc.
Wabash National Corp.
Wageworks Inc.
Website Pros Inc.
Western Alliance Bancorp
Worthington Industries
Wright Express Corp.
Other Net Assets

Total Net Assets
4,087,086
2.77
147,613,644
100.00
77

%
NAV
Sector
Banks
Software
Financial services
Commercial services
Retail
Pharmaceuticals
Transportation
Machinery
Insurance
Healthcare services
Chemicals
Employment services
Biotechnology
Apparel
Building materials
Household products
Semiconductors
Home builders
Home furnishings
Food
Metal fabrication
Construction and Building materials
Medical
Auto manufacturers
Iron and steel
7.10
5.08
4.78
4.75
4.69
4.40
4.14
3.96
3.93
3.88
3.86
3.76
3.69
3.22
2.59
2.47
2.10
2.02
1.86
1.65
1.58
1.48
1.47
1.44
1.40
1.27
1.21
1.16
1.13
1.13
1.12
1.07
0.75
0.73
0.72
0.68
0.62
0.56
0.55
0.54
0.53
0.47
0.46
0.34
0.31
78

%
NAV
Sector
Toys and games
Textiles
Real estate
0.28
0.16
0.14
97.23
Other Net Assets
2.77
Total Net Assets
100.00
79

(expressed in EUR)
Quantity
Description
Market Value
% NAV
AUD Equities
21,623
12,865
19,855
5,734
4,090
35,365
20,208
58,739
53,638
19,466
16,238
12,557
64,821
51,388
23,844
9,060
4,597
27,346
7,964
8,510
23,482
16,490
16,725
79,510
60,350
25,296
27,116
3,210
19,647
55,511
17,749
41,499
100,193
11,790
91,532
6,375
14,973
13,142
7,924
14,076
28,578
6,341
8,997
6,928
4,412
10,915
114,068
8,541
19,051
4,978
3,250
15,901
8,288
6,278
ABacus Property Group

Acrux Limited
Adelaide Brighton Limited
Ansell Limited
Arb Corp. Limited
Ardent Leisure Group
Aristocrat Leisure Limited
Arrium Limited
Atlas Iron Limited
Aurora Oil & Gas Limited
Australand Holdings Limited
Automotive Holdings Group
Beach Energy Limited
Beadell Resources Limited
BlueScope Steel Limited
Bradken Limited
Breville Group Limited
Bwp Trust
Cardno Limited
Carsales Limited
Challenger Financial Services Group Limited
Charter Hall Group
Charter Hall Retail Units
Commonwealth Property Office Fund
Cromwell Property Group
CSR Limited
David Jones Limited
Dominos Pizza Enterprises Limited
Downer EDI Limited
Duet Group
Dulux Group Limited
Envestra NPV
Fairfax Media Limited
Flexigroup Limited
Goodman Fielder Limited
GrainCorp Limited
Gud Holdings Limited
Gwa International Npv
Iinet Limited
Independence Group
ING Office Fund - NVDR
Invocare Limited
Ioof Holdings Limited
Iress Market Technology Limited
JB Hi-Fi Limited
Karoon Gas Australia Limited
Lynas Corp. Limited
M2 Telecommunications Group Limited
Macquarie Atlas Roads Group
Magellan Financial Group Limited
Mcmillan Shakespeare Limited
Mermaid Marine Australia Limited
Mesoblast Limited
Mineral Resources Limited
80
32,570
21,383
47,310
76,952
31,096
46,152
61,534
66,740
40,049
38,168
40,589
30,818
60,183
26,358
90,099
35,470
26,653
38,883
35,678
56,302
94,525
39,078
38,983
64,270
38,203
43,523
53,168
33,700
61,994
72,082
61,767
30,716
41,633
34,217
40,708
35,182
55,995
25,939
33,492
28,422
58,076
45,451
52,339
42,462
61,588
30,756
21,848
34,769
34,015
34,809
24,920
35,101
31,479
48,383
0.02
0.01
0.03
0.05
0.02
0.03
0.04
0.05
0.03
0.03
0.03
0.02
0.04
0.02
0.06
0.02
0.02
0.03
0.02
0.04
0.06
0.03
0.03
0.04
0.03
0.03
0.04
0.02
0.04
0.05
0.04
0.02
0.03
0.02
0.03
0.02
0.04
0.02
0.02
0.02
0.04
0.03
0.04
0.03
0.04
0.02
0.01
0.02
0.02
0.02
0.02
0.02
0.02
0.03

(expressed in EUR)
Quantity
4,325
29,301
9,353
9,036
17,119
61,662
29,611
2,044
9,554
5,372
19,900
27,521
17,493
3,094
11,379
7,521
52,832
37,162
83,457
7,826
2,883
12,615
27,314
55,720
35,741
6,309
14,017
54,152
8,747
28,677
Description
Market Value
% NAV
52,230
52,316
39,046
25,755
35,011
25,622
34,702
64,045
42,739
28,600
63,956
36,987
33,164
34,773
28,665
31,545
25,383
37,278
35,221
55,333
21,956
27,847
29,970
58,787
34,692
54,438
48,416
41,136
41,514
43,754
0.04
0.04
0.03
0.02
0.02
0.02
0.02
0.04
0.03
0.02
0.04
0.03
0.02
0.02
0.02
0.02
0.02
0.03
0.02
0.04
0.01
0.02
0.02
0.04
0.02
0.04
0.03
0.03
0.03
0.03
3,571,461
2.41
29,973
39,190
30,309
92,481
51,416
31,643
68,323
37,256
19,944
31,181
24,545
40,491
37,341
44,007
43,962
36,952
30,540
28,493
42,252
34,264
33,194
82,346
46,158
35,403
49,235
0.02
0.03
0.02
0.06
0.04
0.02
0.05
0.03
0.01
0.02
0.02
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.03
0.02
0.02
0.06
0.03
0.02
0.03
Monadelphous Group Limited

Myer Holdings Limited
Navitas Limited
Nufarm Limited
OZ Minerals Limited
Pacific Brands Limited
Panaust Limited
Perpetual Limited
Platinum Asset Management
Premier Investment Limited
Primary Health Care Limited
Qube Holdings Limited
Regis Resources Limited
Reject Shop Limited
SAI Global
Sandfire Resources NL
Senex Energy Limited
Shopping Centres Australasia
Sigma Pharmaceuticals Limited
Sims Group Limited
Sirtex Medical Limited
Skilled Group Limited
Southern Cross Media Group Limited
Spark Infrastructure Group
STW Communications Group Limited
Super Retail Group Limited
Tpg Telecom Limited
Transpacific Industries Group Limited
United Group Limited
West Australian Newspapers
CAD Equities
9,519
3,566
3,344
6,940
5,849
1,551
13,628
1,665
13,456
8,581
9,686
4,359
14,018
29,555
755
12,380
5,725
5,738
2,062
22,099
812
8,661
1,248
1,672
2,865
Advantage Oil & Gas Limited

Aecon Group Inc.
Agf Management Limited- B
Aimia Inc.
Alamos Gold Inc.
Alaris Royalty Corp.
Algonquin Power & Utilities Corp.
Allied Properties
Anatolia Minerals Development Limited
Argonaut Gold Inc.
Atlantic Power Corp.
ATS Automation Tooling Systems Inc.
Aurico Gold Inc.
B2gold Corp.
Badger Daylighting Limited
Bankers Petroleum Limited
Bellatrix Exploration Limited
Birchcliff Energy Limited
Black Diamond Group Limited Bdi Cn
Blackpearl Resources Inc.
Boardwalk
Bonavista Energy Corp.
Bonterra Energy Corp.
Calfrac Well Services Limited
Calloway
81

(expressed in EUR)
Quantity
2,166
2,840
975
2,888
9,401
3,627
3,851
4,016
18,807
7,259
8,424
3,856
2,709
2,151
719
3,937
5,447
5,934
3,654
3,795
33,101
6,998
3,257
1,457
1,835
6,895
1,947
5,114
2,226
11,965
4,439
5,302
6,567
6,360
1,183
9,354
3,046
1,708
1,650
5,701
3,860
1,362
5,975
9,438
2,266
17,876
6,665
2,679
17,370
19,986
3,451
7,898
3,060
1,411
7,643
10,050
1,967
4,554
22,458
Description
Market Value
% NAV
31,438
44,848
28,882
76,260
45,975
66,046
31,617
58,427
38,537
54,737
24,856
26,311
81,525
27,092
110,492
69,163
31,810
25,859
74,349
24,806
29,165
19,597
33,859
40,265
23,425
14,458
38,326
48,902
35,958
31,382
45,479
60,586
30,591
45,308
36,967
19,487
46,000
36,795
41,282
106,693
38,598
75,288
40,607
56,342
27,751
43,101
48,255
25,672
31,677
25,527
43,395
40,999
71,814
45,219
32,001
40,363
59,370
43,765
70,561
0.02
0.03
0.02
0.05
0.03
0.05
0.02
0.04
0.03
0.04
0.02
0.02
0.06
0.02
0.08
0.04
0.02
0.02
0.05
0.02
0.02
0.01
0.02
0.03
0.02
0.01
0.03
0.03
0.02
0.02
0.03
0.04
0.02
0.03
0.03
0.01
0.03
0.03
0.03
0.07
0.03
0.05
0.03
0.04
0.02
0.03
0.03
0.02
0.02
0.02
0.03
0.03
0.05
0.03
0.02
0.03
0.04
0.03
0.05
Can Apartment Prop Real Estate

Canadian Energy Services & Technology Corp.
Canadian
Canadian Western Bank
Canexus Corp.
Canfor Corp.
Canyon Services Group Inc.
Capital Power Corp.
Capstone Mining Corp.
Celestica Inc.
Centerra Gold Inc.
Chartwell Retirement Residences
Cineplex Inc
Cominar
Constellation Software Inc
Corus Entertainment Inc. - B
Cott Corp.
Crew Energy Inc.
Davis + Henderson Corp.
Deethree Exploration Limited
Denison Mines Corp.
Detour Gold Corp.
Dominion Diamond Corp.
Dorel Industries Inc.
Dundee Corp.
Dundee Precious Metals Inc.
Dundee
Element Financial Corp.
Enbridge Income Fund Holdings Inc.
Endeavour Silver Corp.
Enerflex Limited
Ensign Energy Services Inc.
Extendicare Inc.
First Majestic Silver Corp.
Firstservice Corp.
Fortuna Silver Mines Inc.
Freehold Royalties Limited
Genivar Inc.
Genworth Mi Canada Inc.
Gibson Energy Inc.
Great Canadian Gaming Corp.
Home Capital Group Inc.
Horizon North Logistics Inc.
HudBay Minerals Inc.
Hudsons Bay Company
Iamgold Corp.
Innergex Renewable Energy
Intertape Polymer Group Inc.
Ithaca Energy Inc.
Ivanhoe Mines Limited
Jean Coutu Group Inc. - A
Just Energy Group Inc.
Labrador Iron Ore Royalty Company
Laurentian Bank of Canada
Legacy Oil + Gas Inc.
Lightstream Resources Limited
Linamar Corp.
Liquor Stores NA Limited
Lundin Mining Corp.
82

(expressed in EUR)
Quantity
1,514
5,053
5,014
3,857
3,890
13,621
2,802
1,505
3,139
5,925
15,329
6,264
24,540
19,879
755
7,532
2,669
6,404
3,661
3,436
9,920
5,568
4,676
3,671
8,092
4,174
5,281
29,728
2,649
7,324
5,741
4,682
2,559
15,837
6,370
14,587
1,914
6,664
3,849
22,322
9,019
33,999
3,364
2,892
3,550
2,872
5,554
6,668
2,937
6,060
10,981
9,819
1,347
1,420
2,102
1,555
6,193
Description
Market Value
% NAV
85,107
26,541
57,501
20,549
75,431
32,841
33,339
34,807
55,187
62,646
28,269
30,548
27,489
63,952
61,093
63,844
70,878
28,782
46,185
53,931
67,350
20,841
83,902
66,295
37,252
69,449
47,649
19,899
56,795
22,961
33,331
56,507
74,249
40,023
32,066
24,310
86,099
56,213
46,454
34,457
14,292
21,829
61,234
40,731
35,450
49,551
33,687
59,116
55,367
40,771
42,377
95,704
33,563
100,481
29,849
36,759
53,467
0.06
0.02
0.04
0.01
0.05
0.02
0.02
0.02
0.04
0.04
0.02
0.02
0.02
0.04
0.04
0.04
0.05
0.02
0.03
0.04
0.05
0.01
0.06
0.05
0.03
0.05
0.03
0.01
0.04
0.02
0.02
0.04
0.05
0.03
0.02
0.02
0.06
0.04
0.03
0.02
0.01
0.01
0.04
0.03
0.02
0.03
0.02
0.04
0.04
0.03
0.03
0.07
0.02
0.07
0.02
0.03
0.04
6,398,009
4.40
MacDonald Dettwiler & Associates Limited

Major Drilling Group International
Maple Leaf Foods Inc.
Martinrea International Inc.
Mullen Group Limited
Nevsun Resources Limited
Newalta Corp.
Norbord Inc.
North West Company Inc.
Northland Power Inc.
Novagold Resources Inc.
Nuvista Energy Limited
Oceanagold Corp.
Osisko Mining Corp.
Paladin Labs Inc.
Pan American Silver Corp.
Paramount Resources Limited
Parex Resources Inc.
Parkland Fuel Corp.
Pason Systems Inc.
Precision Drilling Corp.
Pretium Resources Inc.
Progrssive Waste Solutions
Quebecor Inc.
Raging River Exploration Inc.
Ritchie Bros Auctioneers Inc.
Rona Inc.
Rubicon Minerals Corp.
Russel Metals Inc.
Sandstorm Gold Limited
Savanna Energy Services Corp.
Secure Energy Services Inc.
Shawcor Limited
Sherritt International Corp.
Silver Standard Resources Inc.
Silvercorp Metals Inc.
Stantec Inc.
Superior Plus Corp.
Tahoe Resources Inc.
Taseko Mines Limited
Thompson Creek Metals Company Inc.
Torex Gold Resources Inc.
Toromont Industries Limited
Total Energy Services Inc.
Transcontinental Inc. - A
Transforce Inc.
Transglobe Energy Corp.
Trican Well Service Limited
Trilogy Energy
Trinidad Drilling Limited
Uranium Participation Corp.
Veresen Inc.
Wajax Corp.
West Fraser Timber Company Limited
Westport Innovations Inc.
Westshore Terminals Limited
Whitecap Resources Inc Wcp Cn
83

(expressed in EUR)
Quantity
Description
Market Value
% NAV
41,831
49,481
43,624
42,316
61,924
53,283
142,713
123,314
25,771
54,045
46,635
130,434
102,233
42,161
79,879
64,269
43,016
60,672
58,721
33,992
52,912
69,703
36,874
48,747
62,837
74,905
57,825
100,607
36,346
93,218
46,571
52,130
56,130
65,289
50,367
45,434
0.03
0.03
0.03
0.03
0.04
0.04
0.10
0.08
0.02
0.04
0.03
0.09
0.07
0.03
0.05
0.04
0.03
0.04
0.04
0.02
0.04
0.05
0.03
0.03
0.04
0.05
0.04
0.08
0.02
0.06
0.03
0.04
0.04
0.04
0.03
0.03
2,250,209
1.53
46,747
26,058
124,036
50,045
95,732
52,941
118,340
105,781
46,308
150,224
40,792
63,238
78,299
65,222
96,242
181,623
0.03
0.02
0.08
0.03
0.07
0.04
0.09
0.07
0.03
0.10
0.03
0.04
0.05
0.04
0.07
0.11
1,341,628
0.90
CHF Equities
1,630
491
495
492
293
167
10,723
965
2,477
127
75
178
7,221
2,135
156
176
1,124
1,143
166
3,063
161
6,973
4,263
321
5,540
6,876
474
1,633
212
1,778
164
383
652
3,175
773
1,358
AFG Arbonia-Forster Holding

Allreal Holding AG - Reg
Austriamicrosystems AG
Basilea Pharmaceutical
Bucher Industries AG - Reg
Burckhardt Compression Holding AG
Clariant AG - Reg
Dufry Group - Reg
EFG International - Reg
Flughafen Zuerich AG - Reg
Forbo Holding AG
Galenica Holding AG - Reg
Gam Holding Limited
Gategroup Holding AG
Georg Fischer AG - Reg
Helvetia Patria Holding
Huber & Suhner AG - Reg
Implenia AG - Reg
Kaba Holdings AG - Reg
Kudelski SA
Kuoni Reisen Holding - Reg
Logitech International SA - Reg
Meyer Burger Technology AG
Mobimo Holding AG - Reg
Nobel Biocare Holding AG - Reg
Oc Oerlikon Corp. AG - Reg
Panalpina Welttransport Holding AG - Reg
PSP Swiss Property AG - Reg
Rieter Holding AG - Reg
Schweizerische National-Versicherungs-Gesellschaft - Reg
St Galler Kantonalbank - Reg
Straumann Holding AG - Reg
Tecan Group AG - Reg
Temenos Group AG - Reg
Valiant Holding - Reg
Zehnder Group AG
DKK Equities
568
1,048
4,296
1,310
2,412
1,863
6,628
2,698
1,291
3,812
317
641
2,736
3,379
5,028
8,458
Alk-ABello A/S
Auriga Industries
Christian Hansen Holding A/S
D/S Norden
FL Smidth & Company A/S - B
Genmab A/S
GN Store Nord
Jyske Bank - Reg
NKT Holding A/S
Pandora A/S
Rockwool International AS
Royal Unibrew A/S
Simcorp A/S
Sydbank A/S
Topdanmark A/S
Vestas Wind Systems A/S
84

(expressed in EUR)
Quantity
Description
Market Value
% NAV
50,453
83,523
51,468
25,960
49,742
44,108
87,374
44,752
29,817
41,679
40,845
72,138
43,630
34,073
74,836
41,902
49,385
27,754
70,969
33,702
102,799
28,825
66,450
109,145
60,155
71,271
99,462
109,440
138,669
42,638
23,978
48,278
49,592
42,824
54,375
33,913
47,175
143,085
31,920
46,660
29,879
28,439
59,978
74,656
51,095
38,522
40,051
50,508
36,288
31,431
24,708
51,965
49,268
38,814
35,226
35,318
0.03
0.06
0.04
0.02
0.03
0.03
0.06
0.03
0.02
0.03
0.03
0.05
0.03
0.02
0.05
0.03
0.03
0.02
0.05
0.02
0.07
0.02
0.05
0.07
0.04
0.05
0.07
0.07
0.09
0.03
0.02
0.03
0.04
0.03
0.04
0.02
0.03
0.11
0.02
0.03
0.02
0.02
0.04
0.05
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.04
0.03
0.03
0.02
0.02
EUR Equities
59,321
3,604
1,788
11,930
1,191
4,770
1,026
4,256
3,258
1,263
6,408
4,771
5,558
2,538
2,921
1,516
2,062
2,309
1,602
5,489
5,184
64,775
2,952
15,727
133,678
17,018
597,727
78,508
27,806
752
635
976
983
1,665
4,007
69,211
425
1,755
420
2,333
1,526
1,101
4,575
17,566
3,967
1,422
1,654
5,675
672
27,499
1,420
579
2,427
101
3,776
831
A2A SpA
Aalberts Industries NV
Aareal Bank AG
Abengoa Finance SA - B
Acciona SA
Acerinox SA
Ackermans & Van Haaren
Aixtron AG
Alstria Office Rt-AG
Alten
Altran Technologies SA
Amer Sports Oyj
Ansaldo STS SpA
Aperam
Arcadis NV
Arseus NV
Asm International NV
Atresmedia Corporacion de Medios de Comunicaion SA
Aurubis AG
Autogrill SpA
Azimut Holding SpA
Banca Carige SpA
Banca Generali SpA
Banca Popolare dellEmilia Romagna Scrl
Banca Popolare di Milano Scarl
Banca Popolare di Sondrio SCARL
Banco Comercial Portugues SA
Banco Popolare SpA
Bankinter SA
Barco NV
BayWa AG
Bechtle AG
Befimmo SCA Sicafi
Bekaert SA
Beneteau SA
Beni Stabili SpA
Bertrandt AG
Bilfinger Berger AG
Biotest AG
Bourbon SA
Brembo SpA
Brunello Cucinelli SpA
Buzzi Unicem SpA
C&C Group plc
CA Immobilien Anlagen AG
Cargotec Corp.
Carl Zeiss Meditec AG
Caverion Corp.
Ciments Vicat SA
CIR-Compagnie Industriali Riunite SpA
Club Mediterranee
Cofinimmo
Compagnie Plastic-Omnium SA
Construcciones y Auxiliar de Ferrocarriles SA
Conwert Immobilien Invest Ag
Corporacion Financiera Alba
85

(expressed in EUR)
Quantity
2,832
1,118
2,774
13,078
1,479
4,031
3,046
1,236
916
428
2,763
1,040
3,210
1,483
791
1,417
3,507
4,640
654
1,484
357
1,148
13,633
303
1,989
767
2,226
25,415
4,658
3,006
2,215
6,035
8,801
1,388
1,394
702
6,624
2,942
1,268
6,598
1,279
2,035
7,633
1,479
11,367
13,030
30,300
3,380
17,064
4,726
1,964
1,462
5,033
1,499
1,644
5,264
1,281
9,654
Description
Market Value
% NAV
43,613
41,154
45,078
79,513
47,069
26,141
47,624
42,135
33,159
40,626
58,023
67,402
54,682
62,064
26,657
41,901
34,176
56,399
65,465
45,796
70,151
53,945
35,991
15,883
55,105
46,787
36,006
59,624
101,451
32,164
33,890
49,427
66,712
70,552
43,026
49,245
55,569
68,107
48,171
74,293
18,251
52,951
56,003
26,297
68,020
33,552
49,995
63,037
36,415
57,445
57,339
85,205
43,888
51,513
51,161
32,742
43,618
75,098
0.03
0.03
0.03
0.05
0.03
0.02
0.03
0.03
0.02
0.03
0.04
0.05
0.04
0.04
0.02
0.03
0.02
0.04
0.04
0.03
0.05
0.04
0.02
0.01
0.04
0.03
0.02
0.04
0.07
0.02
0.02
0.03
0.05
0.05
0.03
0.03
0.04
0.05
0.03
0.05
0.01
0.04
0.04
0.02
0.05
0.02
0.03
0.04
0.02
0.04
0.04
0.06
0.03
0.04
0.03
0.02
0.03
0.05
CSM
CTS Eventim AG
Danieli & Company SpA - NVDR
Davide Campari-Milano SpA
Deutsche Euroshop AG
Deutz AG
Dialog Semiconductor plc
DiaSorin SpA
Dieteren SA
Draegerwerk AG
Drillisch AG
Duerr AG
Ebro Puleva SA
Eiffage SA
Elia System Operator SA
ElringKlinger AG
ERG SpA
Etablissements Maurel & Prom
Euler Hermes SA
Eurocommercial Properties NV
Eurofins Scientific
EVS Broadcast Equipment SA
Faes Farma SA
Faiveley SA
Faurecia
Flughafen Wien AG
Fomento de Construcciones y Contratas SA
Fondiaria-Sai SpA
Freenet AG
Gagfah SA P.P. 144A
Galapagos NV
Gameloft SA
Gamesa Corp. Tecnologica SA
Gerresheimer AG
Gerry Weber International AG
Gesco AG
Gestevision Telecinco SA
Gildemeister AG
Gimv NV
Glanbia plc
Groupe Steria SCA
Grupo Catalana Occidente SA
Hamborner AG
Hamburger Hafen und Logistik AG
Havas SA
Heidelberger Druckmaschinen
Hera SpA
Huhtamaki Oyj
Imtech NV
Indra Sistemas SA
Indus Holding AG
Ingenico
Interpump Group SpA
Ipsen
Ipsos
Italcementi SpA
IWKA AG
Jazztel plc
86

(expressed in EUR)
Quantity
2,942
818
1,558
3,397
3,182
441
6,347
4,024
2,165
10,551
1,836
573
163
3,591
1,090
622
1,507
3,597
2,938
543
30,826
1,583
10,576
2,654
3,055
904
2,135
1,452
1,231
1,282
2,676
1,528
2,953
9,532
1,724
2,049
1,167
50,097
7,285
2,052
11,522
538
43,479
9,579
1,022
3,420
170
4,711
5,968
1,722
1,766
4,163
1,394
2,196
1,949
1,811
1,686
5,285
Description
Market Value
% NAV
36,334
38,687
40,929
41,308
85,278
50,759
82,511
40,047
55,987
39,914
42,044
35,772
40,750
42,517
46,816
25,897
81,875
79,710
48,918
48,870
106,226
30,045
66,629
40,474
42,159
50,488
152,418
81,341
45,332
35,140
25,695
55,138
106,633
22,019
50,763
71,264
49,294
20,374
55,439
127,224
108,745
53,224
59,392
47,703
31,145
31,293
40,987
31,752
62,425
77,223
39,832
88,485
64,173
37,332
48,725
50,074
52,266
33,745
0.02
0.03
0.03
0.03
0.06
0.03
0.06
0.03
0.04
0.03
0.03
0.02
0.03
0.03
0.03
0.02
0.06
0.05
0.03
0.03
0.07
0.02
0.05
0.03
0.03
0.03
0.10
0.06
0.03
0.02
0.02
0.04
0.07
0.02
0.03
0.05
0.03
0.01
0.04
0.10
0.07
0.04
0.04
0.03
0.02
0.02
0.03
0.02
0.04
0.05
0.03
0.06
0.04
0.03
0.03
0.03
0.04
0.02
Jenoptik AG
Jungheinrich AG
KBC Ancora
Kemira Oyj
Kesko Oyj - B
Kinepolis Group NV
Kingspan Group plc
Kloeckner & Company AG
Konecranes Oyj
Koninklijke BAM Groep NV
Koninklijke Ten Cate NV
Krones AG
KWS Saat AG
Laboratorios Almirall SA
Leg Immobilien AG
Lenzing AG
Leoni AG
Lottomatica SpA
M6-Metropole Television
Mayr-Melnhof Karton AG
Mediaset SpA
Medica SA
Mediolanum SpA
Mercialys
Mobistar SA
Morphosys AG
MTU Aero Engines Holding AG
Neopost SA
Nexans SA
Nexity
Nordex AG
Norma Group
Nutreco Holding NV
Nyrstar
Obrascon Huarte Lain SA
Oesterreichische Post AG
Orpea
Outokumpu Oyj
Outotec Oyj
Paddy Power plc
Peugeot SA
Pfeiffer Vacuum Technology AG
Piccolo Credito Valtellinese Scarl
Prosegur Compania de Seguridad - Reg
Rallye SA
Ramirent Oyj
Rational AG
Rautaruukki Oyj
Recordati SpA
Rheinmetall AG
RHI AG
Rhoen Klinikum AG
Rubis
Safilo SpA
Saft Groupe SA
Salvatore Ferragamo Italia SpA
Salzgitter AG
Sanoma OYJ
87

(expressed in EUR)
Quantity
485
7,862
658
1,038
4,712
1,546
9,292
2,393
5,146
5,151
2,951
51,062
17,896
8,892
2,450
195
1,892
4,249
5,491
12,534
1,567
2,371
1,949
1,696
3,415
725
2,085
19,957
506
5,595
5,098
3,918
10,627
11,862
1,676
2,481
1,030
300
260
1,933
647
895
837
5,370
1,276
4,434
5,709
4,825
1,973
12,953
7,880
Description
Market Value
% NAV
41,962
116,358
53,008
68,197
38,370
44,486
165,956
46,903
37,128
72,166
74,955
53,564
37,116
30,411
88,016
23,761
20,888
142,342
48,211
48,256
61,873
105,024
37,012
34,174
56,143
35,155
52,959
82,821
61,428
28,820
61,049
40,277
46,164
43,534
64,283
35,280
33,975
29,160
40,378
79,930
52,006
47,167
47,851
61,889
64,272
127,322
52,180
49,022
64,320
29,921
42,552
0.03
0.08
0.04
0.05
0.03
0.03
0.12
0.03
0.03
0.05
0.05
0.04
0.03
0.02
0.06
0.02
0.01
0.10
0.03
0.03
0.04
0.07
0.03
0.02
0.04
0.02
0.04
0.06
0.04
0.02
0.04
0.03
0.03
0.03
0.04
0.02
0.02
0.02
0.03
0.05
0.04
0.03
0.03
0.04
0.04
0.09
0.04
0.03
0.04
0.02
0.03
12,069,750
8.22
49,928
88,372
37,238
55,697
0.03
0.06
0.03
0.04
Sartorius AG
SBM Offshore NV
Schoeller-Bleckmann Oilfield Equipment AG
SEB SA
Semapa-Sociedade de Investimento e Gestao
SGL Carbon AG
Smurfit Kappa Group plc
Societa Cattolica di Assicurazioni Scrl
Societa Iniziative Autostradali e Servizi SpA
Societe Television Francaise 1
Software AG
Sonae SGPS SA
Sorin SpA
Sponda OYJ
Stada Arzneimittel AG
Stedim SA
Stockmann Oyj - B
Symrise
Tag Immobilien AG
Technicolor
Tecnicas Reunidas SA
Teleperformance
Tessenderlo Chemie NV
Thrombogenics NV
Tietoenator Oyj
Tipp24 SE
Tkh Group NV
TNT NV
Tods SpA
TomTom
TUI AG
Ubisoft Entertainment
Unipol Gruppo Finanziario SpA
Unipol Gruppo Finanziario SpA
Unit 4 Agresso NV
Uponor Oyj
Vastned Retail NV
Vilmorin & Compagnie
Virbac SA
Viscofan SA
Wacker Chemie AG
Warehouses De Pauw SCA
Wereldhave NV
Wienerberger AG
Wincor Nixdorf AG
Wirecard AG
World Duty Free SpA
YIT Oyj
Yoox SpA
Zeltia SA
Zon Multimedia - Servicos De Telecomunicacoes E Multimedia
GBP Equities
8,460
43,453
15,627
13,053
Abcam plc
Afren plc
African Minerals Limited
Alent plc
88

(expressed in EUR)
Quantity
20,159
24,830
14,354
20,568
2,774
4,315
2,430
15,766
28,484
1,715
38,599
18,893
26,766
4,831
7,192
4,745
3,213
6,668
15,409
7,716
48,861
5,863
14,723
10,178
14,888
31,792
124,919
19,122
9,430
19,504
18,106
14,870
9,902
13,584
10,630
4,812
5,224
8,858
7,161
10,639
8,732
3,278
4,464
51,001
3,892
11,051
2,770
6,202
5,947
7,060
15,880
34,343
150,479
4,048
17,391
18,766
37,332
21,456
Description
Market Value
% NAV
111,194
29,546
69,236
187,889
204,190
73,544
63,206
74,853
98,225
49,370
161,918
72,804
87,475
91,165
80,956
151,481
41,709
38,310
38,015
62,138
95,435
55,884
53,975
84,717
102,806
47,040
84,459
62,011
31,538
77,175
71,926
103,754
26,660
52,534
48,552
79,355
40,061
38,872
54,398
122,826
56,676
116,979
46,734
44,750
116,717
38,255
47,944
50,319
54,683
43,533
152,793
137,047
87,740
43,790
58,341
60,653
60,397
39,716
0.08
0.02
0.05
0.14
0.15
0.05
0.04
0.05
0.07
0.03
0.12
0.05
0.06
0.06
0.06
0.10
0.03
0.03
0.03
0.04
0.07
0.04
0.04
0.06
0.07
0.03
0.06
0.04
0.02
0.05
0.05
0.07
0.02
0.04
0.03
0.05
0.03
0.03
0.04
0.08
0.04
0.08
0.03
0.03
0.08
0.03
0.03
0.03
0.04
0.03
0.11
0.09
0.06
0.03
0.04
0.04
0.04
0.03
Amlin plc
Anite plc
Ashmore Group plc
Ashtead Group plc
ASOS plc
Atkins WS plc P.P. 144A
Aveva Group plc
AZ Electronic Materials SA
Balfour Beatty plc
Bank of Georgia
Barratt Developments plc
BBA Aviation plc
Beazley plc
Bellway plc
Berendsen plc
Berkeley Group Holdings plc
Betfair Group plc
Big Yellow Group plc
Blinkx plc
Bodycote International
Booker Group plc
Bovis Homes Group plc
Brewin Dolphin Holdings plc
Britvic
BTG plc
Bwin Party Digital Entertainment
Cable & Wireless plc
Cairn Energy plc
Cape plc
Capital & Counties Properties
Carillion plc
Catlin Group Limited
Chemring Group plc
Chesnara plc
Cineworld Group plc
Close Brothers Group plc
Computacenter plc
Crest Nicholson Holdings plc
CSR plc
Daily Mail & General Trust
Dairy Crest Group plc
DCC plc
De La Rue plc
Debenhams plc
Derwent London plc
Devro plc
Dignity plc
Diploma plc
Domino Printing Sciences
Dominos Pizza Group plc
Drax Group plc
DS Smith plc
DSG International plc
Dunelm Group plc
Electrocomponents plc
Elementis plc
Enquest plc
Enterprise Inns plc
89

(expressed in EUR)
Quantity
19,521
31,697
10,050
8,470
50,114
25,978
4,245
3,013
1,561
9,469
18,765
14,476
24,756
7,876
7,945
36,649
9,106
12,599
34,476
54,673
39,618
4,795
13,802
8,935
33,401
14,004
4,899
14,538
10,641
16,137
22,721
159,635
14,501
10,177
7,036
14,158
5,054
10,023
12,057
3,290
32,643
2,440
39,436
13,979
8,374
22,520
17,734
24,854
8,261
72,467
24,572
3,817
10,621
6,562
6,776
7,140
16,381
12,914
Description
Market Value
% NAV
26,256
35,051
58,587
87,452
74,451
107,663
59,646
46,971
32,985
73,638
45,967
104,224
66,356
83,354
41,111
76,538
48,815
91,392
44,837
85,298
108,858
69,219
115,297
15,170
77,042
46,339
45,930
107,641
22,754
119,188
156,623
66,677
73,205
60,917
52,687
52,261
61,841
46,382
31,680
45,437
46,200
53,817
84,800
46,576
81,629
37,435
65,760
36,147
53,420
74,038
42,412
21,793
62,299
60,575
48,867
36,208
62,593
162,362
0.02
0.02
0.04
0.06
0.05
0.07
0.04
0.03
0.02
0.05
0.03
0.07
0.05
0.06
0.03
0.05
0.03
0.06
0.03
0.06
0.07
0.05
0.08
0.01
0.05
0.03
0.03
0.07
0.02
0.09
0.10
0.05
0.05
0.04
0.04
0.04
0.04
0.03
0.02
0.03
0.03
0.04
0.06
0.03
0.06
0.03
0.04
0.02
0.04
0.05
0.03
0.01
0.04
0.04
0.03
0.02
0.04
0.11
Evraz plc
F&C Asset Management plc
Fenner plc
Filtrona plc
Firstgroup plc
Galiform plc
Galliford Try plc
Genus plc
Go-Ahead Group plc
Grafton Group plc
Grainger Trust plc
Great Portland Estates plc
Greencore Group plc
Greene King plc
Greggs plc
Gulf Keystone Petroleum Limited
Halfords Group plc
Halma plc
Hansteen Holdings plc
Hays plc
Henderson Group plc
Hikma Pharmaceuticals plc
Hiscox Limited
Hochschild Mining plc
Home Retail Group
Homeserve plc
Hunting plc
IG Group Holdings plc
Imagination Technologies Group plc
Inchcape plc
Informa plc
Innovation Group plc
Intermediate Capital Group plc
International Personal Finance plc
Interserve plc
ITE Group plc
Jardine Lloyd Thompson Group plc
Jupiter Fund Management plc
Kazakhmys plc
Keller Group plc
Kesa Electricals plc
Kier Group plc
Ladbrokes plc
Laird Group plc
Lancashire Holdings Limited
London & Stamford Property
Lonmin plc
Lookers plc
Majestic Wine plc
Man Group plc
Marstons plc
Mears Group plc
Michael Page International plc
Micro Focus International
Millennium & Copthorne Hotels
Mitchells & Butlers plc
Mitie Group plc
Mondi plc
90

(expressed in EUR)
Quantity
21,213
54,762
13,961
6,322
17,945
8,289
16,999
18,687
2,937
13,271
12,804
13,473
6,581
6,677
18,432
21,354
5,102
27,746
134,368
26,876
11,580
28,015
1,525
66,833
9,208
3,679
3,389
2,104
1,991
7,566
13,098
23,829
5,866
8,587
18,503
10,763
35,383
22,646
8,882
4,553
2,640
31,947
39,563
8,679
14,751
8,852
14,936
23,353
3,347
21,289
124,054
8,264
2,688
58,606
14,978
11,424
2,689
7,971
Description
Market Value
% NAV
46,048
44,101
53,379
40,464
59,359
51,111
90,229
73,628
62,378
50,757
57,097
106,638
57,546
59,148
49,205
80,491
99,591
72,369
31,494
30,527
43,427
73,138
35,652
93,023
65,521
121,164
116,908
21,648
53,917
53,655
52,850
32,007
45,548
37,131
68,321
81,114
46,144
57,597
42,191
140,152
94,878
39,858
36,497
74,588
129,076
39,080
67,933
39,017
48,396
78,301
166,255
72,064
57,187
117,780
35,466
51,698
62,315
38,573
0.03
0.03
0.04
0.03
0.04
0.03
0.06
0.05
0.04
0.03
0.04
0.07
0.04
0.04
0.03
0.05
0.07
0.05
0.02
0.02
0.03
0.05
0.02
0.06
0.04
0.08
0.08
0.01
0.04
0.04
0.04
0.02
0.03
0.03
0.05
0.06
0.03
0.04
0.03
0.11
0.06
0.03
0.02
0.05
0.09
0.03
0.05
0.03
0.03
0.05
0.12
0.05
0.04
0.07
0.02
0.04
0.04
0.03
Moneysupermarket.com Group plc

Monitise plc
Morgan Crucible Company
N Brown Group plc
National Express Group plc
Northgate plc
Ocado Group plc
Ophir Energy plc
Oxford Instruments plc
Pace Micro Technology plc
Paragon Group Companies
Pennon Group plc
Phoenix Group Holdings
Playtech plc
Premier Farnell plc
Premier Oil plc
Provident Financial plc
QinetiQ plc
Quindell plc Qpp Ln
Quintain Estates & Development plc
Redrow plc
Regus Group plc
Renishaw plc
Rentokil Initial plc
Restaurant Group plc
Rightmove plc
Rotork plc
Roxboro Group
Royalblue Group plc
Rpc Group plc
RPS Group plc
Salamander Energy plc
Savills plc
Sdl plc
Senior plc
Shaftesbury plc
Shanks Group plc
SIG plc
Soco International plc
Spectris plc
Spirax-Sarco Engineering plc
Spirent Communications plc
Spirit Pub Company plc
Sports Direct International plc
St Jamess Place plc
St Modwen Properties plc
Stagecoach Group plc
Stobart Group Limited
Synergy Healthcare plc
Talktalk Telecom Group plc
Taylor Wimpey plc
Telecity Group plc
Telecom Plus plc
Thomas Cook Group plc
TT Electronics plc
Tullett Prebon plc
Ultra Electronics Holdings
Unite Group plc
91

(expressed in EUR)
Quantity
9,610
11,871
26,470
10,677
3,181
4,767
5,608
13,599
7,271
28,682
12,997
Description
Market Value
% NAV
75,774
46,230
44,542
65,450
70,237
43,632
67,474
112,130
46,145
52,919
39,758
0.05
0.03
0.03
0.04
0.05
0.03
0.05
0.08
0.03
0.04
0.03
12,762,096
8.74
46,798
28,251
33,095
37,789
39,939
112,285
41,371
44,106
34,789
23,313
25,866
56,859
44,177
47,294
98,697
34,363
40,101
47,790
27,751
37,434
34,997
30,683
49,010
26,675
122,517
86,382
24,440
28,882
35,941
77,286
93,081
49,935
11,681
0.03
0.02
0.02
0.03
0.03
0.08
0.03
0.03
0.02
0.02
0.02
0.04
0.03
0.03
0.07
0.02
0.03
0.03
0.02
0.03
0.02
0.02
0.03
0.02
0.08
0.06
0.02
0.02
0.02
0.05
0.06
0.03
0.01
1,573,578
1.07
38,646
37,839
32,551
51,527
50,194
44,732
35,807
66,558
0.03
0.03
0.02
0.04
0.03
0.03
0.02
0.05
United Business Media plc

United Drug plc
Vectura Group plc
Vesuvius plc
Victrex plc
Wetherspoon (JD) plc
WH Smith plc
Wood Group (John) plc
Workspace Group plc
Xchanging Limited
Yule Catto & Company plc
HKD Equities
20,000
88,000
16,000
29,600
9,600
80,300
106,000
68,000
14,000
1,332,000
94,000
81,000
16,000
62,000
37,000
58,000
11,000
92,000
25,000
44,000
82,000
37,000
26,500
95,000
59,500
17,800
32,000
74,000
64,000
8,200
8,500
78,000
78,000
Cafe de Coral Holdings Limited

Champion
Chow Sang Sang Holding
Dah Sing Banking Group Limited
DAH Sing Financial
Esprit Holdings Limited
Fih Mobile Limited
Giordano International Limited
Great Eagle Holdings Limited
G-Resources Group Limited
Hutchison Telecommunications Hong Kong Holdings Limited
Johnson Electric Holdings Limited
Luk Fook Holdings International Limited
Macau Legend Development Limited
Melco International Development
Newocean Energy Holdings Limited
Orient Overseas International Limited
Pacific Basin Shipping Limited
Pacific Textile Holdings Limited
Sa Sa International Holdings Limited
Shun Tak Holdings Limited
SmarTone Telecommunications Holding Limited
Stella International Holdings Limited
Sunlight
Techtronic Industries Company
Television Broadcasts Limited
Texwinca Holdings Limited
Truly International Holdings
Value Partners Group Limited
Vtech Holdings Limited
Wing Hang Bank Limited
Xinyi Glass Holdings Limited
Xinyi Solar Holdings Limited
ILS Equities
7,619
3,783
1,803
3,376
5,144
10,602
27,961
3,754
Alony Hetz Properties & Investments Limited

Cellcom Israel Limited
Ezchip Semiconductor Limited
Frutarom Industries Limited
Gazit Globe Limited
Harel Insurance Investments & Financial Services Limited
Migdal Insurance & Financial Holding Limited
Osem Investments Limited
92

(expressed in EUR)
Quantity
5,919
574
21,646
3,563
Description
Market Value
% NAV
39,601
68,083
38,469
49,480
0.03
0.05
0.03
0.03
553,487
0.39
56,232
49,440
56,204
51,516
38,379
86,205
43,064
21,025
39,322
54,685
59,408
35,314
52,726
27,707
49,075
27,826
36,573
32,521
30,242
34,040
43,004
26,528
40,026
25,520
29,497
29,994
33,426
33,876
33,833
52,710
25,180
45,281
34,452
26,569
57,033
34,696
31,513
65,014
29,325
41,759
47,261
29,621
41,152
43,624
48,313
40,102
32,728
46,344
37,330
34,275
62,929
0.04
0.03
0.04
0.04
0.03
0.06
0.03
0.01
0.03
0.04
0.04
0.02
0.04
0.02
0.03
0.02
0.02
0.02
0.02
0.02
0.03
0.02
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.04
0.02
0.03
0.02
0.02
0.04
0.02
0.02
0.04
0.02
0.03
0.03
0.02
0.03
0.03
0.03
0.03
0.02
0.03
0.03
0.02
0.04
Partner Communications
Paz Oil Company Limited
Shikun & Binui Limited
Strauss Group Limited
JPY Equities
16,000
5,400
55,000
9
4,800
55
3,000
7,000
5,000
18,000
7,200
5,300
6,600
2,200
2,500
2,000
4,900
1,200
20,000
2,000
3,800
1,700
11,000
700
12,000
8,000
3,300
2,600
14,000
2,200
1,800
3,000
1,800
1,300
5,000
25,000
400
2,200
3,300
4,500
2,300
15,000
10,000
6,000
3,400
16,000
6
16
11
6,800
21,000
77 Bank Limited
Accordia Golf Company Limited
Achilles Corp.
Activia Properties Inc.
Adeka Corp.
Advance Residence Investment Corp.
Aica Kogyo Company Limited
Aichi Steel Corp.
Aida Engineering Limited
Aiful Corp.
Alps Electric Company Limited
Amano Corp.
Anritsu Corp.
Aoki Holdings
Aoyama Trading Company Limited
Arcs Company Limited
Asahi Diamond Industrial Company Limited
Asahi Intecc Company Limited
Asahi Organic Chemicals Industry Company Limited
Asatsu-DK Inc.
Autobacs Seven Company Limited
Avex Group Holdings Inc.
Awa Bank Limited
Bank of Iwate Limited
Bank of Nagoya Limited
Calsonic Kansei Corp.
Canon Marketing Japan Inc.
Capcom Company Limited
Central Glass Company Limited
Century Leasing System Inc.
Chiyoda Company Limited
Coca-Cola East Japan Company Limited
Cocokara Fine Inc.
Colopl Inc.
Comsys Holdings Corp.
Cosmo Oil Company Limited
Cosmos Pharmaceutical Corp.
Cyber Agent Limited
Daibiru Corp.
Daifuku Company Limited
Daiichikosho Company Limited
Daikyo Inc.
Dainippon Screen Manufacturing Company Limited
Daio Paper Corp.
Daiseki Company Limited
Daishi Bank Limited
Daiwa House REIT
Daiwa House Residential Investment Corp.
Daiwa Office Investment Corp.
Dcm Holdings Company Limited
Denki Kagaku Kogyo K K
93

(expressed in EUR)
Quantity
34,000
2,100
1,300
2,500
11,000
2,600
1,100
19,000
15,000
2,700
2,000
4,000
2,400
600
22
4,000
4,400
3,700
1,800
16,000
4,000
3,000
7
5,000
17,000
33,000
11,000
2,900
1,400
7
3,000
100
3,600
1,600
16,000
23,000
6,000
8
11,000
20,100
2,900
2,400
9,000
1,100
2,400
4,000
3,200
6,100
800
13,000
28,000
1,800
1,600
3,600
13,000
12,000
1,600
5,600
Description
Market Value
% NAV
75,123
39,628
62,653
30,294
78,077
35,797
20,636
88,684
24,753
26,435
42,464
32,866
34,733
31,071
78,990
23,863
26,553
40,033
40,517
54,464
37,755
23,241
41,180
19,955
24,415
60,154
30,229
27,492
39,778
34,558
56,446
70,980
34,302
45,129
66,837
41,925
34,841
30,215
42,761
111,027
34,080
30,259
35,856
39,875
50,791
40,876
34,689
33,905
30,602
33,840
41,180
44,618
41,318
39,498
37,789
30,325
33,750
25,133
0.05
0.03
0.04
0.02
0.06
0.02
0.01
0.06
0.02
0.02
0.03
0.02
0.02
0.02
0.05
0.02
0.02
0.03
0.03
0.04
0.03
0.02
0.03
0.01
0.02
0.04
0.02
0.02
0.03
0.02
0.04
0.05
0.02
0.03
0.05
0.03
0.02
0.02
0.03
0.08
0.02
0.02
0.02
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
DIC Corp.
Digital Garage Inc.
Disco Corp.
Doutor Nichires Holdings Company Limited
Dowa Holding Company Limited
Duskin Company Limited
Dwango Company Limited
Ebara Corp.
Eighteenth Bank Limited
Euglena Company Limited
Exedy Corp.
Ezaki Glico Company Limited
FCC Company Limited
Fp Corp.
Frontier Real Estate Investment Corp.
Fuji Kyuko Company Limited
Fuji Machine Manufacturing Company Limited
Fuji Oil Company Limited
Fuji Seal International Inc.
Fujikura Limited
Fujitec Company Limited
Fujitsu General Limited
Fukuoka REIT Corp.
Fukuyama Transporting Company Limited
Furukawa Company Limited
Furukawa Electric Company Limited
Furukawa-Sky Aluminum Corp.
Futaba Corp.
Fuyo General Lease Company Limited
Global One
Glory Limited
Glp J - REIT
GMO internet Inc
Green Hospital Supply Inc.
GS Yuasa Corp.
Gunze Limited
H2O Retailing Corp.
Hankyu REIT Inc.
Hanwa Company Limited
Haseko Corp.
Heiwa Corp.
Heiwa Real Estate Company Limited
Higo Bank Limited
HIS Company Limited
Hitachi Capital Corp.
Hitachi Kokusai Electric Inc.
Hitachi Transport System Limited
Hitachi Zosen Corp.
Hogy Medical Company Limited
Hokkoku Bank Limited
Hokuetsu Bank Limited
Horiba Limited
Hoshizaki Electric Company Limited
House Foods Corp.
Hyakugo Bank Limited
Hyakujushi Bank Limited
IBJ Leasing Company Limited
Iino Kaiun Kaisha Limited
94

(expressed in EUR)
Quantity
1,800
5,000
7
1,600
11,000
4,000
2,600
10,000
13,000
2,200
2,700
7,000
1,500
2,200
3,000
50
124
7
6,700
9
15,000
1,200
3,400
8,000
4,000
1,000
5,000
22,000
36,000
8,000
2,600
13,000
9,700
15
3,900
1,100
2,200
3,000
1,300
4,200
1,900
2,800
1,600
2,200
39,000
3,900
2,700
4,900
8,300
2,400
10,000
6,000
3,000
6,000
1,700
28,000
5,900
1,600
Description
Market Value
% NAV
40,765
39,771
42,388
31,154
23,849
45,819
39,513
31,623
47,932
50,128
27,889
24,311
59,242
36,123
28,005
42,567
43,151
53,891
37,796
31,817
39,978
29,580
40,402
36,899
43,638
18,456
20,472
26,279
66,119
30,546
29,262
45,419
36,234
51,733
39,342
32,127
39,312
29,062
52,690
22,359
35,290
34,587
36,899
46,178
50,087
42,493
42,002
47,028
31,864
32,281
40,530
28,834
35,773
37,534
39,087
35,380
54,914
40,600
0.03
0.03
0.03
0.02
0.02
0.03
0.03
0.02
0.03
0.03
0.02
0.02
0.04
0.02
0.02
0.03
0.03
0.04
0.03
0.02
0.03
0.02
0.03
0.03
0.03
0.01
0.01
0.02
0.05
0.02
0.02
0.03
0.02
0.04
0.03
0.02
0.03
0.02
0.04
0.02
0.02
0.02
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.03
0.02
0.02
0.03
0.03
0.02
0.04
0.03
Inaba Denki Sangyo Company Limited

Inabata & Company Limited
Industrial & Infrastructure Fund Investment Corp.
Internet Initiative Japan Inc.
Iseki & Company Limited
IT Holdings Corp.
Ito En Limited
Itoham Foods Inc.
Iwatani Corp.
Izumi Company Limited
J Trust Company Limited
Jaccs Company Limited
Jafco Company Limited
Japan Airport Terminal Company Limited
Japan Aviation Electronics Industry Limited
Japan Excellent Inc.
Japan Hotel Investment
Japan Logistics Fund Inc.
Japan Securities Finance Company Limited
Joint Investment Corp.
Juroku Bank Limited
Kadokawa Holdings Inc.
Kagome Company Limited
Kagoshima Bank Limited
Kaken Pharmaceutical Company Limited
Kanamoto Company Limited
Kandenko Company Limited
Kanematsu Corp.
Kawasaki Kisen Kaisha Limited
Kayaba Industry Company Limited
Keihin Corp.
Keiyo Bank Limited
Kenedix Inc
Kenedix Realty Investment Corp.
Kewpie Corp.
Kintetsu World Express Inc.
Kissei Pharmaceutical Company Limited
Kiyo Bank Limited
Kobayashi Pharmaceutical Company
Kokuyo Company Limited
Komeri Company Limited
Komori Corp.
Kose Corp.
Ks Holdings Corp
Kurabo Industries Limited
Kuroda Electric Company Limited
Kyorin Company Limited
Kyowa Exeo Corp.
Leopalace21 Corp.
Lintec Corp.
Lion Corp.
Maeda Corp.
Maeda Road Construction Company Limited
Makino Milling Machine Company Limited
Mandom Corp.
Maruha Nichiro Holdings Inc.
Matsui Securities Company Limited
Matsumotokiyoshi Holdings Company
95

(expressed in EUR)
Quantity
3,000
13,000
2,100
16
20,000
14,000
5,200
3,900
2,000
32,000
26,000
6,000
4,800
1,700
14,000
6,000
1,400
9,400
1,400
11
4,600
8
1,800
1,600
9,000
6,100
11
12,000
2,100
6,500
7,000
3,300
2,200
14,000
2,400
1,700
700
3,000
3,000
200
4,000
3,000
11
42,000
7,000
4,000
12,000
7,000
3,600
25,800
4,400
3,000
40,000
3,000
6,000
8,000
7,000
25,000
Description
Market Value
% NAV
27,446
35,186
41,295
25,917
31,347
74,336
33,571
88,998
23,600
47,946
57,985
20,217
29,066
30,836
28,420
22,123
60,416
30,570
20,667
53,014
60,093
46,289
28,262
38,942
36,850
53,659
17,370
32,562
36,873
30,967
34,800
23,196
24,654
51,813
46,167
43,078
34,268
31,133
45,467
11,213
36,567
36,187
53,774
53,939
19,526
39,550
42,919
72,209
47,004
25,296
59,364
42,132
37,838
42,443
48,139
37,009
18,995
48,850
0.02
0.02
0.03
0.02
0.02
0.05
0.02
0.06
0.02
0.03
0.04
0.01
0.02
0.02
0.02
0.02
0.04
0.02
0.01
0.04
0.04
0.03
0.02
0.03
0.03
0.04
0.01
0.02
0.03
0.02
0.02
0.02
0.02
0.04
0.03
0.03
0.02
0.02
0.03
0.01
0.02
0.02
0.04
0.04
0.01
0.03
0.03
0.05
0.03
0.02
0.04
0.03
0.03
0.03
0.03
0.03
0.01
0.04
Megmilk Snow Brand Company Limited

Meidensha Corp.
Meitec Corp.
Mid Inc.
MIE Bank Limited
Minebea Company Limited
Mirait Holdings Corp.
Misumi Corp.
Mitsuba Corp.
Mitsui Engineering & Shipbuilding Company Limited
Mitsui Mining & Smelting Company Limited
Mitsui-Soko Company Limited
Mitsumi Electric Company Limited
Miura Company Limited
Miyazaki Bank Limited
Mizuno Corp.
Mochida Pharmaceutical Company Limited
Monex Beans Holdings Inc.
Monotaro Company Limited
Mori Hills Investment C
Mori Seiki Company Limited
Mori Trust Sogo Inc.
Musashi Seimitsu Industry Company Limited
Musashino Bank Limited
Nachi-Fujikoshi Corp.
Nagase & Company Limited
Nanocarrier Company Limited
Nanto Bank Limited
NEC System Intergration & Construction Limited
NET One Systems Company Limited
Nichias Corp.
Nichicon Corp.
Nichi-iko Pharmaceutical Company Limited
Nichirei Corp.
Nifco Inc.
Nihon Kohden Corp.
Nihon M&A Center Inc.
Nihon Nohyaku Company Limited
Nihon Parkerizing Company Limited
Nihon Trim Company Limited
Nikkiso Company Limited
Nippo Corp.
Nippon Accommodations Fund
Nippon Beet Sugar Mfg Company Limited
Nippon Chemi-Con Corp.
Nippon Densetsu Kogyo Company Limited
Nippon Flour Mills Company Limited
Nippon Kayaku Company Limited
Nippon Konpo Unyu Soko Company Limited
Nippon Light Metal Holdings Company Limited
Nippon Paper Industries Company Limited
Nippon Seiki Company Limited
Nippon Sheet Glass Company Limited
Nippon Shinyaku Company Limited
Nippon Shokubai Company Limited
Nippon Soda Company Limited
Nippon Steel & Sumikin Bussan Corp.
Nippon Valqua Industries Limited
96

(expressed in EUR)
Quantity
5,600
14,000
5,600
4,000
3,600
7,000
2,300
2,200
10,000
9,000
73
9
1,600
15,100
19,000
3,300
18,000
2,400
16,000
8,000
33,000
900
7,000
9,000
6,000
15,500
74
3,400
8,000
1,400
14,500
1,700
900
1,000
1,200
12
1,000
10,000
1,100
3,600
13,000
4,000
1,000
2,300
7,000
2,100
8,000
6,000
1,600
18,000
11,000
17,000
1,100
5,600
8,000
7,000
3,000
11,100
Description
Market Value
% NAV
36,772
32,286
64,534
42,229
31,295
48,864
35,382
35,181
38,321
46,482
54,638
33,867
24,868
44,624
62,577
70,749
35,918
35,214
43,085
59,215
56,508
21,998
56,018
30,201
33,018
26,328
67,292
41,928
21,211
34,075
36,943
59,864
22,464
26,272
31,112
33,722
37,216
43,707
13,102
47,700
41,110
44,328
78,506
35,541
24,118
38,019
41,649
32,107
23,067
50,957
54,153
51,882
51,647
109,232
28,613
53,311
30,967
37,555
0.03
0.02
0.04
0.03
0.02
0.03
0.02
0.02
0.03
0.03
0.04
0.02
0.02
0.03
0.04
0.05
0.02
0.02
0.03
0.04
0.04
0.02
0.04
0.02
0.02
0.02
0.05
0.03
0.01
0.02
0.03
0.03
0.02
0.02
0.02
0.02
0.03
0.03
0.01
0.03
0.03
0.03
0.05
0.02
0.02
0.03
0.03
0.02
0.02
0.03
0.04
0.04
0.04
0.07
0.02
0.04
0.02
0.03
Nipro Corp.
Nishimatsu Construction Company Limited
Nissan Chemical Industries Limited
Nissan Shatai Company Limited
Nisshin Steel Holdings Company Limited
Nisshinbo Industries Inc.
Nissin Kogyo Company Limited
Nitta Corp.
Nitto Boseki Company Limited
NOF Corp.
Nomura Real Estate Master Fund
Nomura Real Estate Residential Fund Inc.
Noritz Corp.
North Pacific Bank Limited
NTN Corp.
Obic Company Limited
Ogaki Kyoritsu Bank Limited
Oiles Corp.
Oita Bank Limited
Okasan Holdings Inc.
Oki Electric Industry Company Limited
Okinawa Electric Power Company
Okuma Corp.
Okumura Corp.
Onward Kashiyama Company Limited
Orient Corp.
Orix J Inc.
OSG Corp.
Pacific Metals Company Limited
Paramount Bed Holdings Company Limited
Penta-Ocean Construction Company Limited
Pigeon Corp.
Pilot Corp.
Point Inc.
Pola Orbis Holdings Inc.
Premier Investment Company
Relo Holdings Inc.
Rengo Company Limited
Reprocell Inc.
Resorttrust Inc.
Riken Corp.
Rohto Pharmaceutical Company Limited
Ryohin Keikaku Company Limited
Ryosan Company Limited
Sanden Corp.
Sangetsu Company Limited
San-In Godo Bank Limited
Sanken Electric Company Limited
Sankyo Tateyama Inc.
Sankyu Inc.
Sanwa Shutter Corp.
Sapporo Holdings Limited
Sawai Pharmaceutical Company Limited
Seiko Epson Corp.
Seiko Holdings Corp.
Seiko Holdings Corp.
Sekisui Jushi Corp.
Senshu Ikeda Holdings Inc.
97

(expressed in EUR)
Quantity
1,200
10,000
1,700
2,500
4,300
6,000
1,200
5,000
3,100
9,600
2,700
17,000
3,200
2,500
1,800
2,400
12,000
7,400
33,800
16,000
8,000
1,400
5,000
2,200
5,000
2,400
9,000
5,000
5,600
1,700
4,000
1,500
13,000
12,000
10,000
16,000
2,600
12,000
2,800
9,300
14,000
8,000
2,200
3,100
5,600
7,000
10
12,800
9
3,400
9,000
2,000
7,000
23,000
1,600
11,000
9,000
39,000
Description
Market Value
% NAV
35,048
38,114
23,206
42,964
25,890
37,824
40,020
33,419
36,259
37,716
39,000
42,257
40,655
45,070
53,131
45,687
31,320
62,591
29,872
44,632
33,529
45,481
48,678
35,500
47,332
36,076
60,899
27,377
34,374
35,390
25,437
28,969
40,392
33,722
25,202
36,236
30,285
30,408
40,445
65,241
38,570
38,390
34,163
47,368
21,073
20,541
44,811
37,561
30,698
37,468
37,782
21,667
35,235
77,657
21,852
39,419
37,223
52,241
0.02
0.03
0.02
0.03
0.02
0.03
0.03
0.02
0.02
0.03
0.03
0.03
0.03
0.03
0.04
0.03
0.02
0.04
0.02
0.03
0.02
0.03
0.03
0.02
0.03
0.02
0.04
0.02
0.02
0.02
0.02
0.02
0.03
0.02
0.02
0.02
0.02
0.02
0.03
0.04
0.03
0.03
0.02
0.03
0.01
0.01
0.03
0.03
0.02
0.03
0.03
0.01
0.02
0.05
0.01
0.03
0.03
0.04
Seria Company Limited

Shiga Bank Limited
Shima Seiki Manufacturing Limited
Shimachu Company Limited
Shinko Electric Industries
Shinmaywa Industries Limited
Sho-Bond Holdings Company Limited
Shochiku Company Limited
Showa Corp.
Sky Perfect Jsat Holdings Inc.
Sohgo Security Services Company Limited
Sotetsu Holdings Inc.
Square Enix Company Limited
Start Today Company Limited
Sugi Pharmacy Company Limited
Sumisho Computer Systems Corp.
Sumitomo Bakelite Company Limited
Sumitomo Forestry Company Limited
Sumitomo Mitsui Construction Company Limited
Sumitomo Osaka Cement Company Limited
Sumitomo Warehouse Company Limited
Sundrug Company Limited
Tadano
Taikisha Limited
Taiyo Yuden Company Limited
Takara Bio Inc.
Takara Holdings Inc.
Takara Standard Company Limited
Takasago Thermal Engineering Company Limited
Takata Corp.
Takuma Company Limited
Temp Holdings Company Limited
Toagosei Company Limited
Tochigi Bank Limited
Toda Corp.
Toho Bank Limited
Toho Holdings Company Limited
Tokai Carbon Company Limited
Tokai Rika Company Limited
Tokai Tokyo Financial Holding
Tokuyama Corp.
Tokyo Dome Corp.
Tokyo Ohka Kogyo Company Limited
Tokyo Seimitsu Company Limited
Tokyo Steel Manufacturing Company Limited
Tokyotokeiba Company Limited
Tokyu Inc.
Tomony Holdings Inc.
Top Inc.
Topcon Corp.
Toshiba Machine Company Limited
Toshiba Plant Systems & Services Corp.
Toshiba TEC Corp.
Tosoh Corp.
Totetsu Kogyo Company Limited
Toyo INK MFG Company Limited
Toyo Tire & Rubber Company Limited
Toyobo Company Limited
98

(expressed in EUR)
Quantity
2,200
4,900
7,000
800
1,800
1,100
9,900
5,800
5,000
7,400
1,400
1,200
11,000
11,000
3,100
1,000
4,500
8,000
900
Description
Market Value
% NAV
53,850
23,818
38,763
53,415
24,509
29,925
44,021
55,906
36,975
37,708
19,526
22,711
32,887
34,786
52,462
31,762
35,079
54,409
15,939
0.04
0.02
0.03
0.04
0.02
0.02
0.03
0.04
0.03
0.03
0.01
0.02
0.02
0.02
0.04
0.02
0.02
0.04
0.01
14,356,374
9.85
33,858
68,285
36,344
27,569
33,032
78,102
45,955
106,946
34,016
33,451
44,145
89,263
66,439
24,471
148,438
42,606
62,985
93,039
51,649
0.02
0.05
0.02
0.02
0.02
0.05
0.03
0.07
0.02
0.02
0.03
0.06
0.05
0.02
0.10
0.03
0.04
0.06
0.04
1,120,593
0.75
22,038
63,681
27,997
34,842
36,601
56,661
41,323
59,955
73,835
52,706
53,017
0.02
0.04
0.02
0.02
0.02
0.04
0.03
0.05
0.05
0.04
0.04
522,656
0.37
Ts Tech Company Limited

Tsi Holdings Company Limited
Tsubakimoto Chain Company
Tsuruha Holdings
Unipres Corp.
United Arrows Limited
UNY Company Limited
Ushio Inc.
Wacoal Corp.
Wacom Company Limited
Xebio Company Limited
Yachiyo Bank Limited
Yamagata Bank Limited
Yamanashi Chuo Bank Limited
Yamatake Corp.
Zenkoku Hosho Company Limited
Zensho Holdings Company Limited
Zeon Corp.
Zeria Pharmaceutical Company Limited
NOK Equities
1,275
1,591
5,085
2,134
4,140
26,980
1,556
121,062
1,511
38,465
4,449
10,444
11,868
83,773
3,093
6,476
13,893
4,837
7,642
Aker ASA - A
Algeta ASA
Atea ASA
Cermaq ASA
Det Norske Oljeselskap ASA
DNO International ASA
Fred Olsen Energy ASA
Marine Harvest
Norwegian Air Shuttle AS
Norwegian Property ASA
Opera Software ASA
Petroleum Geo-Services ASA
ProSafe ASA
Renewable Energy Corp. AS
Schibsted ASA
Sparebank 1
Storebrand ASA
TGS Nopec Geophysical Company ASA
Tomra Systems ASA
NZD Equities
25,622
27,692
47,586
25,697
56,739
7,925
32,480
26,911
21,167
21,734
2,748
Chorus Limited
Fisher & Paykel Healthcare Corp.
Goodman Property Trust
Infratil Limited
Kiwi Income Property Trust
Mainfreight Limited
Mighty River Power Limited
Sky City Entertainment Group Limited
Sky Network Television Limited
Trade Me Group Limited
Xero Limited
99

(expressed in EUR)
Quantity
Description
Market Value
% NAV
59,402
48,941
44,996
56,671
50,320
62,493
68,633
51,847
63,839
42,990
75,335
59,855
45,934
50,395
43,597
77,084
73,851
34,111
26,033
58,932
54,232
96,841
38,369
90,886
89,201
65,536
37,571
52,600
41,382
58,386
70,052
60,530
46,008
141,195
62,626
45,904
0.04
0.03
0.03
0.04
0.03
0.04
0.05
0.04
0.04
0.03
0.05
0.04
0.03
0.03
0.03
0.05
0.05
0.02
0.02
0.04
0.04
0.07
0.03
0.06
0.06
0.04
0.03
0.04
0.03
0.04
0.05
0.04
0.03
0.11
0.04
0.03
2,146,578
1.47
40,275
44,902
50,029
40,725
28,498
29,756
1,829
48,066
49,574
34,034
43,361
34,283
47,468
30,032
34,763
43,258
36,556
0.03
0.03
0.03
0.03
0.02
0.02
0.00
0.03
0.04
0.02
0.03
0.02
0.03
0.02
0.02
0.03
0.02
SEK Equities
1,276
1,925
1,234
2,241
2,183
6,807
6,068
3,800
9,076
4,954
3,317
1,099
1,738
5,177
1,437
3,790
3,601
6,988
3,634
3,420
1,760
10,503
1,715
2,414
3,761
4,000
6,101
2,357
9,307
8,886
3,594
10,866
6,100
9,770
1,785
3,525
Aarhuskarlshamn AB
AF AB - B
Axfood AB
Axis Communications AB
Betsson AB
Billerudkorsnas AB
Castellum AB
Clas Ohlson AB - B
East Capital Explorer AB
Fabege AB
Hakon Invest AB
Hexpol AB
Holmen AB
Hufvudstaden AB
Indutrade AB
Intrum Justitia AB
JM AB
Kungsleden AB
Lindab International AB
Loomis AB - B
Lundbergforetagen AB
Meda AB
Mekonomen AB
Modern Times Group AB
NCC AB
Nibe Industrier AB - B
Nobia AB
Oriflame Cosmetics SA
Peab AB
Ratos AB
Saab AB
SSAB Svenskt Stal AB
Swedish Orphan Biovitrum AB
Trelleborg AB
Unibet Group plc
Wihlborgs Fastigheter AB
SGD Equities
49,000
42,000
128,000
58,800
67,000
62,000
37,000
75,000
125,000
44,520
46,000
79,000
37,200
38,000
72,000
71,000
30,000
AIMS AMP Capital Industrial

ARA Asset Management Limited
Ascendas India Trust - NVDR
Ascott Residence Trust
Asian Pay Television Trust
Biosensors International Group Limited
Blumont Group Limited
Cache Logistics Trust
Cambridge Industrial Trust
CapitaRetail China Trust
CDL Hospitality Trusts
Cosco Corp. Singapore Limited
Ezion Holdings Limited
Ezra Holdings Limited
Far East Hospitality Trust
First
First Resources Limited
100

(expressed in EUR)
Quantity
37,000
78,000
141,000
24,000
91,000
68,000
54,000
71,000
39,000
28,000
16,000
30,000
68,000
88,000
11,000
28,000
13,000
Description
Market Value
% NAV
37,430
53,127
33,633
45,109
41,059
46,511
41,436
43,054
25,218
37,820
28,601
55,696
51,788
77,894
24,026
28,888
57,386
0.03
0.04
0.02
0.03
0.03
0.03
0.03
0.03
0.02
0.03
0.02
0.04
0.04
0.05
0.02
0.02
0.04
1,366,085
0.94
263,490
33,718
44,101
38,276
65,224
38,424
76,809
36,541
49,282
47,970
26,464
47,126
52,067
48,256
45,528
31,992
79,720
39,733
59,323
131,141
77,613
41,113
50,160
43,747
72,305
56,804
71,620
75,521
45,317
38,666
28,234
38,813
35,735
45,151
169,356
69,380
70,312
0.18
0.02
0.03
0.03
0.04
0.03
0.05
0.02
0.03
0.03
0.02
0.03
0.04
0.03
0.03
0.02
0.05
0.03
0.04
0.09
0.05
0.03
0.03
0.03
0.05
0.04
0.05
0.05
0.03
0.03
0.02
0.03
0.02
0.03
0.12
0.05
0.05
Frasers Centrepoint Trust

Keppel
Lippo-Mapletree Indonesia Retail Trust
M1 Limited
Macquarie MEAG Prime
Mapletree Commercial Trust
Mapletree Industrial Trust
Mapletree Logistics Trust
Neptune Orient Lines Limited
Parkway Life
Raffles Medical Group Limited
Singapore Airport Terminal Services Limited
Singapore Post Limited
Suntec
Super Coffeemix Manufacturing Limited
United Engineers Limited
Venture Corp. Limited
USD Equities
3,907
4,573
1,902
1,883
3,057
1,323
3,216
1,883
4,239
2,312
2,508
1,372
2,871
2,678
6,576
6,560
1,690
1,875
2,231
1,653
2,892
1,568
2,559
2,637
25,745
2,237
1,550
3,536
880
2,434
4,280
1,836
1,279
3,978
4,941
3,076
1,661
3D Systems Corp.
8x8 Inc.
AAON Inc.
Aar Corp.
Aarons Inc.
Abaxis Inc.
Abercrombie & Fitch Company
Abiomed Inc.
Abitibowater Inc.
ABM Industries Inc.
Acacia Research - Acacia Technologies
Acadia Healthcare Company Inc.
Acadia Pharmaceuticals Inc.
Acadia Realty Trust
Accelrys Inc.
Acco Brands Corp.
Aci Worldwide Inc.
Acorda Therapeutics Inc.
Actuant Corp.
Acuity Brands Inc.
Acxiom Corp.
Administaff Inc.
Adtran Inc.
Advanced Energy Industries Inc.
Advanced Micro Devices Inc.
Advent Software Inc.
Advisory Board Company
Aecom Technology Corp.
Aegerion Pharmaceuticals Inc.
Aegion Corp.
Aeropostale Inc.
Aerovironment Inc.
AFC Enterprises
AG Mortgage Investment Trust
AGL Resources Inc.
Air Lease Corp.
Air Methods Corp.
101

(expressed in EUR)
Quantity
3,112
9,417
3,410
964
1,695
1,943
2,441
2,516
5,280
4,396
1,210
1,616
7,127
1,112
2,050
6,461
2,344
11,192
667
1,943
2,297
1,459
347
1,735
2,883
4,254
3,520
9,996
7,441
2,767
3,063
1,012
7,419
313
2,913
1,541
1,805
3,235
2,312
1,397
1,513
710
884
1,660
1,153
853
2,207
20,052
3,228
5,570
1,657
4,506
9,132
4,152
1,509
3,481
2,165
2,788
Description
Market Value
% NAV
43,271
56,039
60,952
51,329
44,197
58,842
112,701
104,350
155,800
113,668
38,804
58,497
18,361
91,037
41,076
72,490
109,430
57,993
76,785
48,252
113,537
35,979
59,894
39,574
42,786
99,439
44,602
113,457
77,761
52,973
128,304
31,925
69,239
16,334
60,736
27,164
55,331
34,511
42,366
46,555
35,894
45,631
57,205
18,251
75,174
26,643
58,556
61,264
109,213
104,734
43,182
89,338
56,199
44,535
53,759
33,801
30,308
137,200
0.03
0.04
0.04
0.04
0.03
0.05
0.08
0.07
0.11
0.08
0.03
0.04
0.01
0.06
0.03
0.05
0.07
0.04
0.05
0.03
0.08
0.02
0.04
0.03
0.03
0.07
0.03
0.08
0.05
0.04
0.09
0.02
0.05
0.01
0.04
0.02
0.04
0.02
0.03
0.03
0.02
0.03
0.05
0.01
0.05
0.02
0.04
0.04
0.07
0.07
0.03
0.06
0.04
0.03
0.04
0.02
0.02
0.10
Aircastle Limited
AK Steel Holding Corp.
Akorn Inc.
Alaska Air Group Inc.
Albany International Corp.
Alexander & Baldwin Inc.
Alexandria Real Estate Equities Inc.
Align Technology Inc.
Alkermes plc
Allegheny Technologies Inc.
Allegion plc
Allete Inc.
Allied Nevada Gold Corp.
Allied World Assurance Company
Allison Transmission Holdings Inc.
Allscripts Healthcare Solutions
Alnylam Pharmaceuticals Inc.
Alpha Natural Resources Inc.
Altisource Portfolio Solutions SA
Altra Holdings Inc.
Amc Networks Inc. - A
Amcol International Corp.
Amerco Inc.
American Assets Trust Inc.
American Axle & Manufacturing Holdings Inc.
American Campus Communities
American Capital Mortgage Investment Corp.
American Capital Strategies Limited
American Eagle Outfitters Inc.
American Equity Investment Life Holding Company
American Financial Group Inc.
American Public Education Inc.
American Realty Capital Properties
American Science & Engineering Inc.
American States Water Company
American Vanguard Corp.
Amerisafe Inc.
Amn Healthcare Services Inc.
AMR Corp.
Amsurg Corp.
Amtrust Financial Services Inc.
Analogic Corp.
Andersons Inc.
Angies List Inc.
Anixter International Inc.
Annies Inc.
AnnTaylor Stores Corp.
Anworth Mortgage Asset Corp.
AOL Inc.
Apartment Investment & Management Company
Apogee Enterprises Inc.
Apollo Group Inc.
Apollo Investment Corp.
Apollo Residential Mortgage
Applied Industrial Technologies Inc.
Applied Micro Circuits Corp.
Approach Resources Inc.
Aptargroup Inc.
102

(expressed in EUR)
Quantity
6,949
11,634
764
10,637
11,102
1,658
7,888
1,330
21,112
987
5,843
5,985
1,847
4,525
4,642
5,237
1,093
748
695
3,477
2,139
3,632
5,320
4,866
7,110
1,580
3,106
1,502
943
18,042
2,369
2,993
2,072
2,933
8,610
4,388
3,039
2,906
1,397
2,368
1,236
1,416
1,501
2,468
3,075
1,674
1,455
1,894
2,336
1,484
1,839
4,308
2,152
1,863
1,608
3,100
2,361
2,749
Description
Market Value
% NAV
118,964
37,571
31,592
45,159
143,170
55,938
39,041
32,508
61,438
41,265
21,244
105,827
53,938
154,111
60,301
39,640
42,627
46,445
9,180
20,893
64,126
110,176
67,178
56,678
121,721
44,294
31,174
146,607
38,714
102,521
51,938
98,655
80,282
44,146
20,995
128,715
62,172
100,048
49,535
58,274
48,886
60,321
85,456
32,078
56,727
71,846
59,754
24,659
55,808
48,269
51,128
51,867
62,907
33,016
82,212
92,148
39,546
54,403
0.09
0.03
0.02
0.03
0.10
0.04
0.03
0.02
0.04
0.03
0.01
0.07
0.04
0.11
0.04
0.03
0.03
0.03
0.01
0.01
0.04
0.08
0.05
0.04
0.08
0.03
0.02
0.11
0.03
0.07
0.04
0.07
0.05
0.03
0.01
0.09
0.04
0.07
0.03
0.04
0.03
0.04
0.06
0.02
0.04
0.05
0.04
0.02
0.04
0.03
0.03
0.04
0.04
0.02
0.06
0.06
0.03
0.04
Aqua America Inc.

Arch Coal Inc.
Arctic Cat Inc.
Arena Pharmaceuticals Inc.
Ares Capital Corp.
Argo Group International Holdings Limited
Ariad Pharmaceuticals Inc.
Arkansas Best Corp.
Armour Residential Inc.
Armstrong World Industries Inc.
Array Biopharma Inc.
Arris Group Inc.
Arthrocare Corp.
Arthur J Gallagher & Company
Aruba Networks Inc.
Arvinmeritor Inc.
Asbury Automotive Group Inc.
Ascent Media Corp.
Ashford Hospitality Prime
Ashford Hospitality Trust Inc.
Aspen Insurance Holdings Limited
Aspen Technology Inc.
Associated Banc-Corp
Associated Estates Realty
Assured Guaranty Limited
Astec Industries Inc.
Astoria Financial Corp.
Athenahealth Inc.
Atlantic Tele-Network Inc.
Atmel Corp.
ATMI Inc.
Atmos Energy Corp.
Atwood Oceanics Inc.
Auxilium Pharmaceuticals Inc.
Avanir Pharmaceuticals Inc.
Avis Budget Group Inc. P.P. 144A
Avista Corp.
Axiall Corp.
AZZ Inc.
B&G Foods Inc.
Badger Meter Inc.
Balchem Corp.
Bally Technologies Inc.
Bancorp. Inc.
Bancorpsouth Inc.
Bank of Hawaii Corp.
Bank Of The Ozarks Inc.
Bankrate Inc.
Bankunited Inc.
Banner Corp.
Barnes Group Inc.
BBCN Bancorp Inc.
Beacon Roofing Supply Inc.
Beazer Homes Inc.
Belden T Inc.
Bemis Company
Benchmark Electronics Inc.
Berkshire Hills Bancorp Inc.
103

(expressed in EUR)
Quantity
2,773
8,000
2,476
2,350
6,456
608
1,409
3,945
1,501
1,658
2,192
6,850
2,173
4,181
2,147
985
1,511
696
1,451
1,273
1,278
1,931
367
4,793
1,864
2,730
3,578
2,035
6,229
2,777
2,899
810
2,956
2,581
1,327
4,610
1,223
17,108
3,641
6,647
4,127
2,055
3,613
3,752
1,582
1,228
771
2,309
1,927
2,389
1,614
898
10,980
3,095
3,744
6,224
1,146
6,495
Description
Market Value
% NAV
47,875
35,183
58,021
45,671
84,896
54,541
26,116
21,186
33,834
63,182
59,892
46,381
37,863
43,905
45,435
33,661
55,475
39,615
31,044
61,269
40,317
26,836
64,398
43,897
48,915
31,422
29,238
45,678
63,694
110,258
45,780
21,597
99,409
63,947
72,285
132,215
24,266
110,126
71,819
46,164
94,014
41,966
51,837
125,415
35,418
46,840
82,362
38,708
93,221
89,114
53,529
47,717
111,716
46,202
62,683
38,077
50,092
44,354
0.03
0.02
0.04
0.03
0.06
0.04
0.02
0.01
0.02
0.04
0.04
0.03
0.03
0.03
0.03
0.02
0.04
0.03
0.01
0.04
0.03
0.02
0.04
0.03
0.03
0.02
0.02
0.03
0.04
0.08
0.03
0.01
0.07
0.04
0.05
0.09
0.02
0.08
0.05
0.03
0.06
0.03
0.04
0.08
0.02
0.03
0.06
0.03
0.06
0.06
0.04
0.03
0.07
0.03
0.04
0.03
0.03
0.03
Berry Plastics Group Inc.

BGC Partners Inc.
Big Lots Inc.
Bill Barrett Corp.
BioMed Realty Trust Inc.
Bio-Rad Laboratories Inc.
Bio-Reference Laboratories
BioScrip Inc.
Bjs Restaurants Inc.
Black Hills Corp.
Blackbaud Inc.
Blackrock Kelso Capital Corp.
Bloomin Brands Inc.
Blount International Inc.
Blucora Inc.
Blue Nile Inc.
Bob Evans Farms Inc.
Bofi Holding Inc.
Boise Cascade Company
BOK Financial Corp.
Bonanza Creek Energy Inc.
Booz Allen Hamilton Holdings
Boston Beer Company Inc.
Boston Private Financial Holdings Inc.
Bottomline Technologies Inc.
Boulder Brands Inc.
Boyd Gaming Corp.
Brady Corp.
Brandywine Realty Trust
BRE Properties Inc.
Briggs & Stratton Corp.
Bright Horizons Family Solutions Inc.
Brinker International Inc.
Brinks Company
Bristow Group Inc.
Broadridge Financial Solutions LLC
Broadsoft Inc.
Brocade Communications Systems Inc.
Brookdale Senior Living Inc.
Brookline Bancorp Inc.
Brown & Brown Inc.
Brown Shoe Company Inc.
Bruker Corp.
Brunswick Corp.
Brush Engineered Materials Inc.
Buckle Inc.
Buffalo Wild Wings Inc.
C&J Energy Services Inc.
Cabelas Inc.
Cabot Corp.
Cabot Microelectronics Corp.
CACI International Inc.
Cadence Design Systems Inc.
Calgon Carbon Corp.
California Water Service Group
Callaway Golf Company
Cal-Maine Foods Inc.
Campus Crest Communities Inc.
104

(expressed in EUR)
Quantity
1,859
707
2,439
7,577
6,074
883
3,040
1,982
2,066
1,966
1,812
2,066
1,538
1,572
2,886
2,106
2,179
6,385
3,398
1,400
3,557
2,142
2,910
1,842
1,184
2,619
1,978
1,054
3,887
1,992
6,824
1,086
39,243
2,663
1,287
629
4,215
13,960
4,028
806
2,985
7,304
1,645
1,647
3,455
2,321
1,096
2,016
6,580
4,064
756
5,104
2,133
3,560
1,119
1,246
2,565
Description
Market Value
% NAV
45,748
34,089
42,463
79,017
53,381
74,673
39,711
62,497
119,047
88,744
58,872
107,638
78,410
43,694
55,984
48,602
54,572
83,221
128,132
44,989
62,495
91,637
98,665
70,902
82,178
29,973
69,290
58,607
78,758
36,560
93,301
44,900
88,286
22,611
45,869
40,923
73,199
36,066
97,430
47,250
44,257
46,380
94,573
76,915
32,295
100,996
41,758
68,207
125,158
53,088
33,067
40,189
62,553
98,640
60,410
60,828
118,556
0.03
0.02
0.03
0.05
0.04
0.05
0.03
0.04
0.08
0.06
0.04
0.07
0.05
0.03
0.04
0.03
0.04
0.06
0.09
0.03
0.04
0.06
0.07
0.05
0.06
0.02
0.05
0.04
0.05
0.02
0.06
0.03
0.06
0.02
0.03
0.03
0.05
0.02
0.07
0.03
0.03
0.03
0.06
0.05
0.02
0.07
0.03
0.05
0.09
0.04
0.02
0.03
0.04
0.07
0.04
0.04
0.08
Cantel Medical Corp.

Capella Education Company
Capital Senior Living Corp.
Capitalsource Inc.
Capitol Federal Financial Inc.
Carbo Ceramics Inc.
Cardinal Financial Corp.
Cardtronics Inc.
Carlisle Companies Inc.
Carpenter Technology
Carrizo Oil & Gas Inc.
Carters Inc.
Caseys General Stores Inc.
Cash America International Inc.
Cathay General BanCorp.
Cato Corp.
Cavium Inc.
CBL & Associates Properties Inc.
Cboe Holdings Inc.
CEC Entertainment Inc.
Celldex Therapeutics Inc.
Centene Corp.
Cepheid Inc.
Charles River Laboratories International Inc.
Chart Industries Inc.
Checkpoint Systems Inc.
Cheesecake Factory
Chemed Corp.
Chemtura Corp.
Chesapeake Lodging Trust
Chicos FAS Inc.
Childrens Place Retail Stores Inc.
Chimera Investment Corp.
Chiquita Brands International Inc.
Choice Hotels International Inc.
Churchill Downs Inc.
Ciena Corp.
Cincinnati Bell Inc.
Cinemark Holdings Inc.
Circor International Inc.
Cirrus Logic Inc.
Citizens Inc.
City National Corp.
Clarcor Inc.
Clean Energy Fuels Corp.
Clean Harbors Inc.
Clearwater Paper Corp.
Cleco Corp.
Cliffs Natural Resources Inc.
Cloud Peak Energy Inc.
Clovis Oncology Inc.
Coeur dAlene Mines Corp.
Cogent Communications Group Inc.
Cognex Corp.
Coherent Inc.
Coinstar Inc.
Colfax Corp.
105

(expressed in EUR)
Quantity
3,538
2,269
631
2,717
4,728
1,754
3,985
1,805
1,330
879
9,050
1,861
2,904
1,845
1,871
1,081
6,745
3,760
1,921
1,565
4,204
2,296
1,772
2,588
4,481
807
1,803
1,435
1,374
3,811
4,645
1,107
7,499
2,101
3,306
871
1,697
1,816
469
4,357
2,767
2,218
2,440
4,517
928
2,662
1,888
1,527
4,383
1,066
1,285
1,682
6,546
2,880
10,731
1,447
5,729
4,706
Description
Market Value
% NAV
52,096
45,299
36,062
88,552
69,756
50,509
113,567
98,087
77,264
39,429
73,624
38,639
38,546
138,152
57,707
61,811
86,592
53,564
43,315
53,675
64,222
66,167
159,255
45,151
119,183
44,469
42,120
55,548
77,208
65,520
108,106
148,286
56,054
134,267
42,586
69,575
82,821
36,190
44,243
50,338
72,611
47,323
65,022
52,252
35,465
133,047
101,980
68,961
54,296
33,598
61,091
32,567
49,881
46,671
57,707
97,828
81,573
71,310
0.04
0.03
0.02
0.06
0.05
0.03
0.09
0.07
0.06
0.03
0.05
0.03
0.03
0.09
0.04
0.04
0.06
0.04
0.03
0.04
0.04
0.05
0.10
0.03
0.08
0.03
0.03
0.04
0.05
0.04
0.07
0.11
0.04
0.10
0.03
0.05
0.06
0.02
0.03
0.03
0.05
0.03
0.04
0.04
0.02
0.09
0.07
0.05
0.04
0.02
0.04
0.02
0.03
0.03
0.04
0.07
0.06
0.05
Colony Financial Inc.

Columbia Banking System Inc.
Columbia Sportswear Company
Commerce Bancshares Inc.
Commercial Metals Company
Community Bank System Inc.
Community Health Systems Inc.
Commvault Systems Inc.
Compass Minerals International Inc.
Computer Programs & Systems Inc.
Compuware Corp.
ComScore Inc.
Comstock Resources Inc.
Concur Technologies Inc.
Conmed Corp.
Conns Inc.
Conseco Inc.
Consolidated Communications Holdings Inc.
Constant Contact Inc.
Contango Oil & Gas Company
Convergys Corp.
Con-way Inc.
Cooper Companies Inc.
Cooper Tire & Rubber Company
Copart
Core-Mark Holding Company Inc.
Coresite Realty Corp.
Cornerstone Ondemand Inc.
Corporate Executive Board Company
Corporate Office Properties Trust
Corrections Corp. of America
CoStar Group Inc.
Cousins Properties Inc.
Covance Inc.
Covanta Holding Corp.
Cracker Barrel Old Country Store Inc.
Crane Company
Cray Inc.
Credit Acceptance Corp.
CROCS Inc.
Crosstex Energy Inc.
CSG Systems International
Cst Brands Inc.
Cubesmart
Cubic Corp.
Cubist Pharmaceuticals Inc.
Cullen / Frost Bankers Inc.
Curtiss-Wright Corp.
CVB Finance Corp.
Cvr Energy Inc.
Cyberonics Inc.
Cynosure Inc.
Cypress Semiconductor Corp.
Cyrusone Inc.
Cys Investments Inc.
Cytec Industries Inc.
Dana Holding Corp.
Darling International Inc.
106

(expressed in EUR)
Quantity
11,531
1,837
3,971
1,464
2,198
909
2,241
1,036
10,490
10,961
9,270
2,446
2,958
1,341
7,112
2,689
2,395
2,412
1,053
955
2,085
1,700
2,187
1,324
4,985
1,193
4,586
2,855
5,831
2,902
1,416
1,261
1,061
2,858
4,235
3,158
530
1,683
2,083
10,773
1,881
10,645
5,083
1,181
1,384
8,139
1,333
2,483
1,992
1,332
1,293
2,560
2,377
2,241
3,830
2,103
5,697
2,780
Description
Market Value
% NAV
59,665
64,097
49,538
89,734
54,888
44,818
84,878
48,208
22,762
57,193
103,400
63,016
76,013
51,443
59,613
64,417
32,155
72,030
74,286
57,905
35,649
47,572
110,544
90,646
157,226
48,544
77,512
73,553
89,542
125,583
52,614
100,600
69,868
88,626
148,138
56,631
44,309
33,942
32,531
153,548
105,697
39,167
128,998
49,650
49,938
52,096
44,973
63,267
55,989
34,268
25,213
78,846
39,658
35,178
63,067
48,304
29,602
57,862
0.04
0.04
0.03
0.06
0.04
0.03
0.06
0.03
0.02
0.04
0.07
0.04
0.05
0.04
0.04
0.04
0.02
0.05
0.05
0.04
0.02
0.03
0.08
0.06
0.12
0.03
0.05
0.05
0.06
0.08
0.04
0.07
0.05
0.06
0.10
0.04
0.03
0.02
0.02
0.11
0.07
0.03
0.09
0.03
0.03
0.04
0.03
0.04
0.04
0.02
0.02
0.05
0.03
0.02
0.04
0.03
0.02
0.04
DCT Industrial Trust Inc.

DealerTrack Holdings Inc.
Dean Foods Company
Deckers Outdoor Corp.
Delek US Holdings Inc.
Deltic Timber Corp.
Deluxe Corp.
Demandware Inc.
Dendreon Corp.
Dennys Corp.
Developers Diversified Realty Corp.
Devry Inc.
Dexcom Inc.
Diamondback Energy Inc.
DiamondRock Hospitality Company
Diebold Inc.
Digital River Inc.
Digitalglobe Inc.
Dillards Inc.
DineEquity Inc.
Diodes Inc.
Dolby Laboratories Inc.
Dominos Pizza Inc.
Domtar Inc.
Donaldson Company Inc.
Dorman Products Inc.
Douglas Emmett Inc.
DreamWorks Animation SKG Inc.
Dress Barn Inc.
Dresser-Rand Group Inc.
Drew Industries Inc.
Dril-Quip Inc.
DST Systems Inc.
DSW Inc.
Dunkin Brands Group Inc.
DuPont Fabros Technology Inc.
DXP Enterprises Inc.
Dycom Industries Inc.
Dynegy Inc.
E*Trade Financial Corp.
Eagle Materials Inc.
Earthlink Inc.
East West Bancorp Inc.
Eastgroup Properties Inc.
EchoStar Holding Corp.
Education Realty Trust Inc.
EHealth Inc.
El Paso Electric Company
Electronics for Imaging
Elizabeth Arden Inc.
Ellie Mae Inc.
Emcor Group Inc.
Emergent Biosolutions Inc.
Emeritus Corp.
Empire District Electric Company
Employers Holdings Inc.
Emulex Corp.
Enbridge Energy Management LLC
107

(expressed in EUR)
Quantity
1,118
1,408
4,692
3,018
1,484
3,404
1,950
1,072
882
1,281
507
7,082
1,399
2,016
1,691
1,886
3,205
1,985
1,387
1,796
1,390
1,147
1,632
1,968
3,416
1,295
3,029
2,278
3,777
1,796
6,818
7,806
9,069
2,063
954
3,662
2,353
3,768
3,179
1,625
1,316
5,635
983
3,916
3,727
1,468
6,480
4,602
1,169
4,868
5,764
1,975
4,086
2,740
3,485
4,648
6,074
1,302
Description
Market Value
% NAV
40,778
55,382
229,706
38,197
63,185
66,847
99,188
25,984
36,901
41,155
51,110
59,618
40,916
51,967
34,975
67,285
84,268
32,326
31,063
44,654
144,764
84,871
36,028
68,340
45,466
56,181
54,207
35,907
32,043
38,932
26,274
107,974
40,345
41,351
53,614
49,617
58,400
115,204
26,969
128,047
60,015
54,594
41,590
41,634
77,897
95,200
38,374
42,849
44,319
113,296
38,693
99,585
70,929
56,015
89,860
95,122
27,286
58,432
0.03
0.04
0.15
0.03
0.04
0.05
0.07
0.02
0.03
0.03
0.03
0.04
0.03
0.04
0.02
0.05
0.06
0.02
0.02
0.03
0.09
0.06
0.02
0.05
0.03
0.04
0.04
0.02
0.02
0.03
0.02
0.07
0.03
0.03
0.04
0.03
0.04
0.08
0.02
0.09
0.04
0.04
0.03
0.03
0.05
0.07
0.03
0.03
0.04
0.08
0.03
0.07
0.05
0.04
0.06
0.06
0.02
0.04
Encore Capital Group Inc.

Encore Wire Corp.
Endo Pharmaceuticals Holdings Inc.
Endologix Inc.
Endurance Specialty Holdings Limited
Energy XXI Bermuda
EnerSys
Engility Holdings Inc.
EnPro Industries Inc.
Ensign Group Inc.
Enstar Group Limited
Entegris Inc.
Envestnet Inc.
Envision Healthcare Holdings Inc.
Epl Oil & Gas Inc.
EPR Properties
Equity Lifestyle Properties Inc.
Equity One Inc.
Era Group Inc.
ESCO Technologies Inc.
Essex Property Trust Inc.
Esterline Technologies Corp.
Ethan Allen Interiors Inc.
Euronet Worldwide Inc.
Everbank Financial Corp.
Evercore Partners Inc.
Evertec Inc.
EW Scripps Company
Exact Sciences Corp.
Examworks Group Inc.
Exco Resources Inc.
Exelis Inc.
Exelixis Inc.
Exlservice Holdings Inc.
Exponent Inc.
Express Inc.
Exterran Holdings Inc.
Extra Space Storage Inc.
Ezcorp Inc.
Factset Research Systems Inc.
Fair Isaac Corp.
Fairchild Semiconductor International Inc.
Faro Technologies Inc.
Federal Signal Corp.
Federated Investors Inc.
FEI Company
FelCor Lodging Trust Inc.
Ferro Corp.
Fiesta Restaurant Group Inc.
Fifth & Pacific Companies Inc.
Fifth Street Finance Corp.
Financial Engines Inc.
Finisar Corp.
Finish Line
First American Corp.
First American Financial
First Bancorp
First Cash Finance Services
108

(expressed in EUR)
Quantity
235
8,002
4,525
1,263
1,142
8,771
3,884
3,534
12,256
4,890
3,063
6,238
1,589
2,374
7,735
1,894
5,474
6,007
3,949
7,879
1,931
1,538
5,628
6,441
1,985
1,685
4,150
2,250
1,606
5,800
3,024
2,543
1,618
1,412
1,786
6,477
3,432
1,172
2,496
9,382
3,660
1,804
2,867
2,086
1,084
1,668
5,623
2,391
18,425
669
3,405
852
3,178
2,224
7,416
6,522
2,850
4,065
Description
Market Value
% NAV
37,968
51,219
57,238
60,788
55,121
74,155
49,186
44,959
94,458
41,272
121,456
100,636
49,817
34,578
120,520
52,671
50,134
180,652
54,738
20,642
29,807
42,704
78,133
213,618
40,710
53,695
99,447
30,061
52,028
50,299
40,643
29,620
47,555
33,385
53,323
61,482
22,192
52,928
92,037
201,399
188,718
68,301
117,847
44,522
57,475
116,267
134,622
46,520
207,655
46,040
45,937
45,625
68,705
44,611
50,375
47,284
134,418
53,131
0.03
0.03
0.04
0.04
0.04
0.05
0.03
0.03
0.07
0.03
0.08
0.07
0.03
0.02
0.08
0.04
0.03
0.13
0.04
0.01
0.02
0.03
0.05
0.16
0.03
0.04
0.07
0.02
0.04
0.03
0.03
0.02
0.03
0.02
0.04
0.04
0.02
0.03
0.06
0.14
0.14
0.05
0.08
0.03
0.04
0.07
0.09
0.03
0.15
0.03
0.03
0.03
0.05
0.03
0.03
0.03
0.10
0.03
First Citizens BancShares Inc.

First Commonwealth Financial Corp.
First Financial Bancorp
First Financial Bankshares Inc.
First Financial Holdings Inc.
First Horizon National Corp.
First Industrial Realty Trust Inc.
First Midwest Bancorp Inc.
First Niagara Financial Group Inc.
First Potomac Realty Trust
First Solar Inc.
FirstMerit Corp.
Five Below Inc.
Flotek Industries Inc.
Flowers Foods Inc.
Fluidigm Corp.
FNB Corp.
Foot Locker Inc.
Forest City Enterprises
Forest Oil Corp.
Forestar Real Estate Group
Forrester Research Inc.
Fortinet Inc.
Fortune Brands Home & Security Inc.
Forum Energy Technologies Inc.
Forward Air Corp.
Foster Wheeler AG
Francescas Holdings Corp.
Franklin Electric Company Inc.
Franklin Street Properties Corp.
Freds Inc.
Freescale Semiconductor Holdings
Fresh Market Inc.
Ftd Companies Inc.
FTI Consulting Inc.
Fulton Financial Corp.
Fusion-Io Inc.
G&k Services Inc.
Gaming and Leisure Properties
Gannett Company Inc.
Gartner Inc.
GATX Corp.
Generac Holdings Inc.
General Cable Corp.
Genesco Inc.
Genesee & Wyoming Inc.
Gentex Corp.
Gentherm Inc.
Genworth Financial Inc.
Geospace Technologies Corp.
Gibraltar Industries Inc.
G-Iii Apparel Group Limited
Glacier Bancorp
Glatfelter
Glimcher Realty Trust
Global Cash Access Holdings Inc.
Global Payments Inc.
Globe Specialty Metals Inc.
109

(expressed in EUR)
Quantity
2,363
3,967
4,153
1,424
9,924
2,131
6,110
1,915
1,896
11,168
5,482
6,468
1,632
1,428
1,236
1,887
1,035
3,798
871
18,321
6,025
2,810
1,730
3,194
1,704
1,975
1,592
11,451
4,991
3,002
3,947
1,908
2,962
1,597
2,670
8,452
1,824
3,527
5,551
3,942
1,336
2,083
4,186
2,798
4,871
11,000
3,243
4,236
3,016
4,321
3,290
1,087
1,962
3,195
1,748
782
21,119
861
Description
Market Value
% NAV
34,606
168,273
57,596
17,589
171,768
120,813
49,795
60,593
48,131
77,806
36,601
113,780
52,396
34,033
51,971
46,163
39,358
36,410
44,892
156,492
38,128
63,360
61,607
146,377
36,641
60,384
104,882
32,077
54,294
79,911
201,282
54,473
47,054
69,202
158,597
45,267
65,325
71,746
65,825
74,552
53,558
78,667
140,166
48,754
34,607
104,576
69,828
65,510
62,095
30,856
79,555
25,851
21,856
45,492
63,225
53,324
47,205
36,210
0.02
0.11
0.04
0.01
0.12
0.08
0.03
0.04
0.03
0.05
0.02
0.09
0.04
0.02
0.04
0.03
0.03
0.02
0.03
0.11
0.03
0.04
0.04
0.10
0.03
0.04
0.07
0.02
0.04
0.05
0.14
0.04
0.03
0.05
0.10
0.03
0.04
0.05
0.04
0.05
0.04
0.05
0.10
0.03
0.02
0.07
0.05
0.04
0.04
0.02
0.05
0.02
0.01
0.03
0.04
0.03
0.03
0.02
Globus Medical Inc.

Gnc Holdings Inc.
Golub Capital Bdc Inc.
Goodrich Petroleum Corp.
Goodyear Tire & Rubber Company
Graco Inc.
GrafTech International Limited
Grand Canyon Education Inc.
Granite Construction Inc.
Graphic Packaging Holding Company
Great Lakes Dredge & Dock Corp.
Great Plains Energy Inc.
Greatbatch Inc.
Greenbrier Companies Inc.
Greenhill & Company Inc.
Greenlight Capital Re Limited
Greif Inc.
Griffon Corp.
Group 1 Automotive Inc.
Groupon Inc.
GT Advanced Technologies Inc.
Guess Inc.
Guidewire Software Inc.
Gulfport Energy Corp.
H&E Equipment Services Inc.
Haemonetics Corp.
Hain Celestial Group Inc.
Halcon Resources Corp.
Halozyme Therapeutics Inc.
Hancock Holding Company
Hanesbrands Inc.
Hanger Orthopedic Group Inc.
Hanmi Financial Corp.
Hanover Insurance Group
Harman International Industries Inc.
Harmonic Inc.
Harris Teeter Supermarkets Inc.
Harsco Corp.
Hatteras Finance Corp.
Hawaiian Electric Industries
Haynes International Inc.
HB Fuller Company
HCC Insurance Holdings Inc.
HD Supply Holdings Inc.
Headwaters Inc.
Health Management Associates Inc.
Health Net Inc.
Healthcare Realty Trust Inc.
Healthcare Services Group
Healthcare Trust of America Inc.
Healthsouth Corp.
Healthstream Inc.
Healthways Inc.
Heartland Express Inc.
Heartland Payment Systems Inc.
Heartware International Inc.
Hecla Mining Company
Heico Corp.
110

(expressed in EUR)
Quantity
1,469
3,730
7,650
4,639
2,941
10,343
3,738
2,082
1,207
3,016
3,090
2,234
3,171
1,355
3,826
2,443
2,037
3,379
2,141
1,540
2,716
2,177
1,275
3,439
5,083
6,353
1,117
4,876
1,489
1,739
1,800
2,359
30,843
1,678
8,121
1,258
454
3,168
1,283
1,441
3,259
2,315
833
1,853
3,324
2,021
1,551
2,683
4,108
2,843
785
4,983
1,854
5,602
1,816
1,181
1,157
Description
Market Value
% NAV
52,781
62,746
36,253
55,212
63,005
41,809
121,232
40,569
58,872
79,167
65,973
67,022
53,228
60,702
63,112
68,842
55,214
56,327
83,312
45,688
31,517
49,830
45,552
40,456
99,709
30,521
97,356
82,485
67,321
50,329
142,255
37,441
215,997
109,610
144,981
57,260
30,694
157,923
58,519
36,298
44,062
66,697
38,514
69,712
178,147
156,011
45,204
34,269
43,735
51,869
27,419
183,089
52,729
39,760
18,200
61,495
27,725
0.04
0.04
0.02
0.04
0.04
0.03
0.08
0.03
0.04
0.05
0.05
0.05
0.04
0.04
0.04
0.05
0.04
0.04
0.06
0.03
0.02
0.03
0.03
0.03
0.07
0.02
0.07
0.06
0.05
0.03
0.09
0.03
0.16
0.08
0.10
0.04
0.02
0.12
0.04
0.02
0.03
0.05
0.03
0.05
0.11
0.10
0.03
0.02
0.03
0.04
0.02
0.13
0.04
0.03
0.01
0.04
0.02
Helen of Troy Limited

Helix Energy Solutions Group Inc.
Hercules Offshore Inc.
Hercules Technology Growth Capital Inc.
Herman Miller Inc.
Hersha Hospitality Trust
Hexcel Corp.
Hff Inc.
Hibbett Sports Inc.
Highwoods Properties Inc.
Hillenbrand Inc.
Hill-Rom Holdings Inc.
Hilltop Holdings Inc.
Hittite Microwave Corp.
HMS Holdings Corp.
HNI Corp.
Home Bancshares Inc.
Home Loan Servicing Solution
Home Properties Inc.
Homeaway Inc.
Hometrust Bancshares Inc.
Horace Mann Educators Corp.
Hornbeck Offshore Services Inc.
Horsehead Holding Corp.
Hospitality Properties Trust
Hovnanian Enterprises Inc.
Howard Hughes Corp.
HRPT Properties Trust
HSN Inc.
HUB Group Inc.
Hubbell Inc.
Hudson Pacific Properties Inc.
Huntington Bancshares Inc.
Huntington Ingalls Industries Inc.
Huntsman Corp.
Huron Consulting Group Inc.
Hyster-Yale Materials Handling Inc.
IAC/InterActiveCorp
Iberiabank Corp.
ICF International Inc.
ICG Group Inc.
Iconix Brand Group Inc.
ICU Medical Inc.
Idacorp Inc.
IDEX Corp.
Idexx Laboratories Inc.
iGate Corp.
II-VI Inc.
Immunogen Inc.
Impax Laboratories Inc.
Imperva Inc.
Incyte Corp. Limited
Independent Bank Corp.
Infinera Corp.
Infinity Pharmaceuticals Inc.
Infinity Property & Casualty Corp.
Infoblox Inc.
111

(expressed in EUR)
Quantity
4,277
5,172
3,104
6,587
1,354
2,481
2,289
1,113
7,146
3,098
874
1,942
3,367
3,854
6,131
2,481
2,831
1,271
5,781
1,977
2,925
2,287
1,852
3,069
7,132
2,636
1,178
9,992
8,465
1,003
1,375
1,344
4,802
4,798
2,865
2,001
1,774
3,293
2,448
915
1,585
6,992
3,560
2,027
7,308
4,579
2,039
14,125
9,950
2,765
2,013
3,726
1,611
1,428
1,242
702
1,568
1,840
Description
Market Value
% NAV
128,811
88,055
154,213
50,289
45,417
40,889
61,629
38,536
52,845
54,723
42,725
41,561
53,659
41,198
33,459
47,515
53,561
32,735
48,121
44,333
33,624
38,522
27,929
80,625
75,981
39,331
21,868
62,217
20,273
43,230
77,444
33,913
40,460
138,722
29,670
139,145
53,338
103,764
23,646
58,826
57,524
88,494
152,972
73,581
65,605
203,870
187,275
93,794
93,727
58,854
80,640
40,452
119,706
56,718
19,604
35,784
45,210
74,591
0.09
0.06
0.11
0.03
0.03
0.03
0.04
0.03
0.04
0.04
0.03
0.03
0.04
0.03
0.02
0.03
0.04
0.02
0.03
0.03
0.02
0.03
0.02
0.06
0.05
0.03
0.01
0.04
0.01
0.03
0.05
0.02
0.03
0.09
0.02
0.11
0.04
0.07
0.02
0.04
0.04
0.06
0.10
0.05
0.04
0.14
0.12
0.06
0.06
0.04
0.06
0.03
0.09
0.04
0.01
0.02
0.03
0.05
Informatica Corp.
Ingram Micro Inc.
Ingredion Inc.
Inland Real Estate Corp.
Innospec Inc.
Insight Enterprises Inc.
Insulet Corp.
Integra LifeSciences Holdings Corp.
Integrated Device Technology Inc.
Interactive Brokers
Interactive Intelligence Group Inc.
Interdigital Comm Corp.
Interface Inc.
InterMune Inc.
Internap Network Services Corp.
International Bancshares Corp.
International Rectifier Corp.
International Speedway Corp.
Intersil Corp.
Interval Leisure Group Inc.
Intrepid Potash Inc.
Invacare Corp.
Invensense Inc.
Inverness Medical Innovation Inc.
Invesco Mortgage Capital
Investment Technology Group Inc.
Investors Bancorp Inc.
Investors Real Estate Trust
ION Geophysical Corp.
IPC - The Hospitalist Company Inc.
Ipg Photonics Corp.
Irobot Corp.
Ironwood Pharmaceuticals Inc.
Isis Pharmaceuticals Inc.
iStar Financial Inc.
ITC Holdings Corp.
Itron Inc.
ITT Corp.
Ixia
J&J Snack Foods Corp.
j2 Global Communications Inc.
Jabil Circuit Inc.
Jack Henry & Associates Inc.
Jack in the Box Inc.
Janus Capital Group Inc.
Jarden Corp.
Jazz Pharmaceuticals plc
JC Penney Company Inc. Holding Company
JDS Uniphase Corp.
John Bean Technologies Corp.
John Wiley & Sons Inc.
Jones Apparel Group Inc.
Jones Lang LaSalle Inc.
JOS A Bank Clothiers Inc.
K12 Inc.
Kaiser Aluminum Corp.
Kaman Corp.
KapStone Paper & Packaging Corp.
112

(expressed in EUR)
Quantity
5,662
3,810
2,574
1,604
2,702
2,095
4,124
7,190
2,465
2,887
3,221
1,925
10,766
3,016
4,508
11,124
1,459
2,622
2,028
2,764
4,534
2,181
1,735
3,104
895
1,468
1,812
2,824
3,281
8,646
2,490
2,521
1,306
2,418
3,419
3,458
1,731
2,700
3,901
1,443
1,710
1,878
1,008
2,924
704
5,527
3,283
1,207
951
954
5,668
4,376
1,141
539
5,963
3,601
1,369
Description
Market Value
% NAV
121,421
50,544
46,588
47,586
102,103
33,828
38,757
41,221
36,601
105,134
46,143
138,652
51,332
40,142
59,902
90,497
48,441
49,702
33,924
38,693
43,762
40,804
57,340
117,700
57,255
56,048
75,547
56,748
73,480
34,573
30,864
56,715
44,821
30,533
200,906
93,806
106,854
69,599
82,779
128,377
58,326
72,015
38,478
151,383
42,277
123,579
75,431
19,849
47,911
64,338
81,280
47,064
27,781
31,676
80,101
122,904
40,754
0.08
0.03
0.03
0.03
0.07
0.02
0.03
0.03
0.02
0.07
0.03
0.08
0.04
0.03
0.04
0.06
0.03
0.03
0.02
0.03
0.03
0.03
0.04
0.09
0.04
0.04
0.05
0.04
0.05
0.02
0.02
0.04
0.03
0.02
0.13
0.06
0.07
0.05
0.06
0.09
0.04
0.05
0.03
0.10
0.03
0.08
0.05
0.01
0.03
0.04
0.06
0.03
0.02
0.02
0.05
0.08
0.03
Kar Auction Services Inc.

KB Home
Kelly Services Inc.
Kemper Corp.
Kennametal Inc.
Kennedy-Wilson Holdings Inc.
Keryx Biopharmaceuticals Inc.
Key Energy Services Inc.
Kforce Inc.
Kilroy Realty Corp.
Kindred Healthcare Inc.
Kirby Corp.
Kite Realty Group Trust
Knight Transportation Inc.
Knoll Inc.
Kodiak Oil & Gas Corp.
Koppers Holdings Inc.
Korn / Ferry International
Kraton Performance Polymers Inc.
Krispy Kreme Doughnuts Inc.
Kulicke & Soffa Industries Inc.
Labor Ready Inc.
Laclede Group Inc.
Lamar Advertising Company
Lancaster Colony Corp.
Landauer Inc.
Landstar System Inc.
Laredo Petroleum Holdings Inc.
LaSalle Hotel Properties
Lattice Semiconductor Corp.
Layne Christensen Company
La-Z-Boy Inc.
LB Foster Company
Leap Wireless International Inc.
Lear Corp.
Lender Processing Services Inc.
Lennox International Inc.
Lexmark International Inc.
Liberty Media Corp. - Liberty Capital
Liberty Ventures
Life Time Fitness Inc.
LifePoint Hospitals Inc.
Ligand Pharmaceuticals Inc.
Lincoln Electric Holdings Inc.
Lindsay Corp.
Linn Company LLC
Lions Gate Entertainment Corp.
Liquidity Services Inc.
Lithia Motors Inc.
Littelfuse Inc.
Live Nation Inc.
LivePerson Inc.
Logmein Inc.
Loral Space & Communications Inc.
Louisiana-Pacific Corp.
Lpl Financial Holdings Inc.
LSB Industries Inc.
113

(expressed in EUR)
Quantity
2,239
1,099
2,311
1,945
4,040
1,928
2,360
1,120
1,658
8,193
4,459
2,014
2,624
918
4,982
8,488
1,338
1,520
865
2,306
2,214
2,897
2,588
1,800
2,866
2,390
6,382
10,341
16,781
1,909
2,111
1,144
2,299
7,992
2,823
2,028
3,110
5,951
3,516
1,802
2,118
3,863
1,318
1,623
2,676
3,754
1,641
1,795
15,791
1,530
13,362
2,987
3,752
458
3,206
739
1,497
1,116
Description
Market Value
% NAV
57,504
82,061
32,536
35,923
62,977
76,157
98,617
48,695
23,463
43,464
35,369
47,779
99,518
78,266
84,314
32,093
29,062
73,763
33,120
48,916
52,572
39,189
45,958
55,661
91,495
55,659
55,300
68,742
23,869
55,139
49,391
50,386
33,085
70,875
79,121
89,144
144,040
59,814
136,204
52,270
78,513
67,479
103,100
61,012
51,522
42,881
57,151
44,538
80,906
64,289
81,843
124,362
67,936
41,295
141,320
128,697
55,634
48,651
0.04
0.06
0.02
0.02
0.04
0.05
0.08
0.03
0.02
0.03
0.02
0.03
0.07
0.05
0.06
0.02
0.02
0.05
0.02
0.03
0.04
0.03
0.03
0.04
0.06
0.04
0.04
0.05
0.02
0.04
0.03
0.03
0.02
0.05
0.05
0.06
0.10
0.04
0.10
0.04
0.05
0.05
0.07
0.04
0.04
0.03
0.04
0.03
0.06
0.04
0.06
0.08
0.05
0.03
0.09
0.09
0.04
0.03
LTC Properties Inc.

Lumber Liquidators Holdings Inc.
Luminex Corp.
M/i Homes Inc.
Mack-Cali Realty Corp.
Macquarie Infrastructure Company LLC
Madison Square Gar Inc.
Magellan Health Services Inc.
Magnachip Semiconduct
Magnum Hunter Resources Corp.
Maiden Holdings Limited
Main Street Capital Corp.
Mallinckrodt plc
Manhattan Associates
Manitowoc Company Inc.
MannKind Corp.
Mantech International Corp.
MarketAxess Holdings Inc.
Marriott Vacations Worldwide Corp.
Masimo Corp.
Mastec Inc.
Matador Resources Company
Matrix Service Company
Matthews International Corp.
Maximus Inc.
MB Financial Inc.
MBIA Inc.
McDermott International Inc.
Mcewen Mining Inc.
Mcgrath Rentcorp
MDC Holdings Inc.
Measurement Specialties Inc.
MedAssets Inc.
Medical Properties Trust Inc.
Medicines Company
Medidata Solutions
Medivation Inc.
Medley Capital Corp.
Mednax Inc.
Mellanox Technologies Limited
Mens Wearhouse Inc.
Mentor Graphics Corp.
Mercadolibre Inc.
Meredith Corp.
Meridian Bioscience Inc.
Merit Medical Systems Inc.
Meritage Homes Corp.
Methode Electronics Inc.
MFA Mortgage Investments Inc.
Mge Energy Inc.
MGIC Investment Corp.
Micros Systems Inc.
Microsemi Corp.
MicroStrategy Inc.
Mid-America Apartment Communities Inc.
Middleby Corp.
Mine Safety Appliances Company
Minerals Technologies Inc.
114

(expressed in EUR)
Quantity
2,326
1,758
3,847
1,269
6,681
2,854
1,790
2,201
1,425
8,502
2,474
1,576
881
988
2,608
4,234
1,858
4,134
928
1,225
7,399
1,895
537
1,855
3,519
3,197
2,567
1,389
3,685
5,720
194
4,701
893
3,693
938
2,281
3,070
6,282
5,027
1,282
1,579
2,148
1,991
4,045
2,065
4,568
12,929
6,155
13,594
5,691
393
4,757
2,705
1,460
2,878
8,199
2,135
4,242
Description
Market Value
% NAV
50,539
52,538
35,791
32,002
27,249
36,619
45,024
50,890
58,284
43,992
52,247
77,705
49,927
31,555
30,264
99,125
109,043
131,164
47,984
56,016
50,313
57,155
66,481
33,763
53,579
46,309
133,012
56,550
85,630
47,032
11,334
103,474
23,952
51,457
42,994
63,218
57,704
155,278
41,407
39,206
52,368
51,348
42,755
27,418
69,295
49,859
62,677
70,888
56,627
101,723
95,302
42,428
35,473
59,048
51,944
16,363
115,120
46,393
0.03
0.04
0.02
0.02
0.02
0.03
0.03
0.03
0.04
0.03
0.04
0.05
0.03
0.02
0.02
0.07
0.07
0.09
0.03
0.04
0.03
0.04
0.05
0.02
0.04
0.03
0.09
0.04
0.06
0.03
0.01
0.07
0.02
0.04
0.03
0.04
0.04
0.11
0.03
0.03
0.04
0.04
0.03
0.02
0.05
0.03
0.04
0.05
0.04
0.07
0.07
0.03
0.02
0.04
0.04
0.01
0.08
0.03
MKS Instruments Inc.

Mobile Mini Inc.
Modine Manufacturing Company
Molina Healthcare Inc.
Molycorp Inc.
Momenta Pharmaceuticals Inc.
Monolithic Power Systems Inc.
Monotype Imaging Holdings Inc.
Monro Muffler Inc.
Monster Worldwide Inc.
Montpelier Re Holdings Limited
Moog Inc.
Morningstar Inc.
Movado Group Inc.
Move Inc.
MRC Global Inc.
MSC Industrial Direct Company
MSCI Inc. - A
MTS Systems Corp.
Mueller Industries Inc.
Mueller Water Products Inc.
Murphy USA Inc.
Mwi Veterinary Supply Inc.
MYR Group Inc.
Myriad Genetics Inc.
National CineMedia Inc.
National Fuel Gas Company
National Health Investors Inc.
National Instruments Corp.
National Penn Bancshares Inc.
National Presto Industries Inc.
National Retail Properties Inc.
Nationstar Mortgage Holdings
Navigant Consulting Inc.
Navigators Group Inc.
Navistar International Corp.
NBT Bancorp Inc.
NCR Corp.
Nektar Therapeutics
Nelnet Inc.
Neogen Corp.
Netgear Inc.
Netscout Systems Inc.
Neurocrine Biosciences Inc.
New Jersey Resources Corp.
New Mountain Finance Corp.
New Residential Investment
New York Times Company
Newcastle Investment Corp.
Newfield Exploration Company
NewMarket Corp.
Newpark Resources
Newport Corp.
Nexstar Broadcasting Group Inc.
NIC Inc.
NII Holdings Inc.
Nordson Corp.
Northern Oil And Gas Inc.
115

(expressed in EUR)
Quantity
3,604
9,623
4,379
1,791
1,700
4,248
4,729
2,142
2,097
199
3,530
2,864
21,693
3,083
2,202
2,252
5,207
9,414
3,383
1,390
5,050
2,194
2,837
1,961
18,667
936
9,781
2,902
4,040
2,429
3,061
862
2,834
2,320
4,313
784
1,349
3,412
1,801
989
5,871
1,116
1,692
4,513
2,294
2,363
7,318
2,691
6,129
2,446
1,576
10,399
1,820
952
2,496
5,445
3,242
1,627
Description
Market Value
% NAV
34,524
93,929
46,970
55,656
53,445
93,595
50,518
214,860
49,201
148,174
25,618
97,625
83,280
38,796
162,552
86,650
58,080
117,987
70,830
36,728
109,213
40,649
35,412
49,696
111,626
53,914
59,909
49,070
44,301
40,226
111,915
33,224
60,199
61,555
127,454
45,898
56,282
156,691
55,182
41,248
113,334
143,101
55,747
115,908
75,216
49,251
43,177
37,671
112,621
55,845
60,869
63,694
40,628
33,978
25,957
45,838
44,656
55,684
0.02
0.06
0.03
0.04
0.04
0.06
0.03
0.16
0.03
0.10
0.02
0.07
0.06
0.03
0.10
0.06
0.04
0.08
0.05
0.03
0.07
0.03
0.02
0.03
0.08
0.04
0.04
0.03
0.03
0.03
0.08
0.02
0.04
0.04
0.10
0.03
0.04
0.11
0.04
0.03
0.08
0.10
0.04
0.08
0.05
0.03
0.03
0.03
0.08
0.04
0.04
0.04
0.03
0.02
0.02
0.03
0.03
0.04
Northfield Bancorp Inc.

Northstar Realty Finance Corp.
Northwest Bancshares Inc.
Northwest Natural Gas Company
Northwestern Corp.
NPS Pharmaceuticals Inc.
Nrdc Acquisition Corp.
Nu Skin Enterprises Inc.
Nuvasive Inc.
NVR Inc.
NxStage Medical Inc.
Oasis Petroleum Inc.
Office Depot Inc.
Ofg Bancorp
Oil States International Inc.
Old Dominion Freight Line Inc.
Old National Bancorp
Old Republic International Corp.
Olin Corp.
OM Group Inc.
Omega Healthcare Investors Inc.
Omnicell Inc.
Omnivision Technologies Inc.
On Assignment Inc.
ON Semiconductor Corp.
Opentable Inc.
Opko Health Inc.
Orbital Sciences Corp.
Orient-Express Hotels Limited
Orthofix International NV
Oshkosh Corp.
OSI Systems Inc.
Otter Tail Corp.
Owens & Minor Inc.
Owens Corning
Oxford Industries Inc.
Pacira Pharmaceuticals Inc.
Packaging Corp. of America
Pacwest Bancorp
Palo Alto Networks Inc.
Pandora Media Inc.
Panera Bread Company
Papa Johns International Inc.
Parametric Technology Corp.
Parexel International Corp.
Park Electrochemical Corp.
Parker Drilling Company
Parkway Properties Inc.
Patterson-UTI Energy Inc.
PBF Energy Inc.
Pdc Energy Inc.
PDL BioPharma Inc.
Pebblebrook Hotel Trust
Pegasystems Inc.
Penn National Gaming Inc.
Pennantpark Investment Corp.
Pennsylvania
Penske Auto Group
116

(expressed in EUR)
Quantity
3,427
2,237
4,059
2,549
2,360
2,834
5,093
4,073
2,782
1,664
5,390
1,182
8,606
1,991
1,100
1,617
10,298
2,890
7,619
3,660
1,968
1,671
3,978
2,087
3,153
1,564
2,037
2,245
692
1,298
5,394
2,266
769
2,227
1,896
2,695
2,247
2,421
1,337
8,468
1,928
2,652
661
3,505
755
3,531
4,861
1,107
813
2,306
2,495
6,848
2,496
1,947
6,329
7,178
5,415
4,227
Description
Market Value
% NAV
30,193
38,021
121,450
45,044
39,580
68,199
61,059
68,221
32,808
39,283
31,332
33,926
145,521
67,116
48,919
50,800
48,054
50,587
62,093
93,894
55,557
70,505
82,941
80,030
69,103
55,922
66,863
68,004
33,642
52,581
45,369
58,872
64,480
69,350
42,834
56,581
79,056
45,382
38,714
68,951
88,694
97,500
34,145
49,143
41,872
68,239
41,733
21,876
45,472
35,244
36,068
114,253
98,630
43,647
40,281
73,554
37,215
48,284
0.02
0.03
0.08
0.03
0.03
0.05
0.04
0.05
0.02
0.03
0.02
0.02
0.10
0.05
0.03
0.03
0.03
0.03
0.04
0.06
0.04
0.05
0.06
0.05
0.05
0.04
0.05
0.05
0.02
0.04
0.03
0.04
0.04
0.05
0.03
0.04
0.05
0.03
0.03
0.05
0.06
0.07
0.02
0.03
0.03
0.05
0.03
0.01
0.03
0.02
0.02
0.08
0.07
0.03
0.03
0.05
0.03
0.03
PEP Boys-Manny Moe & Jack

Perficient Inc.
PerkinElmer Inc.
PHH Corp.
Pico Holdings Inc.
Piedmont Natural Gas Company Pny Us
Piedmont Office Realty Trust Inc.
Pier 1 Imports Inc.
Pilgrims Pride Corp.
Pinnacle Financial Partners Inc.
Pioneer Energy Services Corp.
Piper Jaffray Companies
Pitney Bowes Inc.
Plantronics Inc.
Platinum Underwriters Holdings Limited
Plexus Corp.
PMC - Sierra Inc.
PNM Resources Inc.
Polycom Inc.
PolyOne Corp.
Polypore International Inc.
Pool Corp.
Popular Inc.
Portfolio Recovery Associates Inc.
Portland General Electric Company
Post Holdings Inc.
Post Properties Inc.
Potlatch Corp.
Powell Industries Inc.
Power Integrations Inc.
Premiere Global Services Inc.
Prestige Brands Holdings Inc.
Pricesmart Inc.
Primerica Inc.
Primoris Services Corp.
PrivateBank Corp.
ProAssurance Corp.
Progress Software Corp.
PROS Holdings Inc.
Prospect Capital Corp.
Prosperity Bancshares Inc.
Protective Life Corp.
Proto Labs Inc.
Provident Financial Services Inc.
PS Business Parks Inc.
Qlik Technologies Inc.
QLogic Corp.
Quad Graphics Inc.
Quaker Chemical Corp.
Quality Systems Inc.
Quanex Building Products Corp.
Questar Corp.
Questcor Pharmaceuticals Inc.
Quidel Corp.
Quiksilver Inc.
Radian Group Inc.
Rambus Inc.
Ramco-Gershenson Properties Trust
117

(expressed in EUR)
Quantity
3,083
1,959
1,168
2,200
769
4,354
3,606
1,567
3,507
2,461
2,844
2,115
2,353
4,168
2,376
1,345
8,708
2,552
2,019
13,075
29,908
6,459
857
4,651
1,561
2,682
2,221
914
2,655
2,525
4,585
3,033
3,047
5,522
7,863
1,444
1,597
2,056
2,193
2,003
2,654
4,450
1,370
1,520
2,481
6,562
1,839
1,011
16,175
3,227
3,662
2,892
4,850
4,894
1,418
1,618
1,658
1,592
Description
Market Value
% NAV
29,131
58,488
59,970
37,328
41,041
61,205
50,899
83,834
36,929
138,253
156,530
48,288
56,932
43,345
47,263
65,691
80,384
36,503
39,576
48,962
109,826
84,748
60,564
82,087
30,530
139,983
43,551
40,793
58,362
88,030
65,517
101,405
39,471
166,347
115,724
35,850
34,363
110,084
69,087
60,732
48,748
64,879
55,975
35,354
161,937
143,960
32,711
53,068
71,252
32,529
44,381
67,077
61,102
118,768
20,962
49,822
39,310
39,293
0.02
0.04
0.04
0.03
0.03
0.04
0.03
0.06
0.03
0.09
0.10
0.03
0.04
0.03
0.03
0.04
0.05
0.02
0.03
0.03
0.08
0.06
0.04
0.06
0.02
0.10
0.03
0.03
0.04
0.06
0.04
0.08
0.03
0.11
0.08
0.02
0.02
0.08
0.05
0.04
0.03
0.04
0.04
0.02
0.11
0.10
0.02
0.04
0.05
0.02
0.03
0.05
0.04
0.08
0.01
0.03
0.03
0.03
Raptor Pharmaceutical Corp.

Raven Industries Inc.
RBC Bearings Inc.
Realpage Inc.
Red Robin Gourmet Burgers Inc.
Redwood Trust Inc.
Regal Entertainment Group
Regal-Beloit Corp.
Regis Corp.
Reinsurance Group of America Inc.
Reliance Steel & Aluminum Company
Renasant Corp.
Rent-A-Center Inc.
Resources Connection Inc.
Responsys Inc.
Restoration Hardware Holding
Retail Properties of America Inc. - A
Rex Energy Corp.
Rexnord Corp.
RF Micro Devices Inc.
Rite Aid Corp.
Riverbed Technology Inc.
RLI Corp.
RLJ Lodging Trust
Roadrunner Transportation Systems Inc.
Rockwood Holdings Inc.
Rofin-Sinar Technologies Inc.
Rogers Corp.
Rollins Inc.
Rosetta Resources Inc.
Rovi Corp.
Royal Gold Inc.
Rpc Inc.
RPM International Inc.
RR Donnelley & Sons Company
RTI International Metals Inc.
Rush Enterprises Inc.
Ryder System Inc.
Ryland Group Inc.
Ryman Hospitality Properties
S&T Bancorp Inc.
Safeguard Scientifics Inc.
Safety Insurance Group Inc.
Saia Inc.
Salix Pharmaceuticals Limited
Sally Beauty Holdings Inc.
Sanchez Energy Corp.
Sanderson Farms Inc.
SandRidge Energy Inc.
Sangamo Biosciences Inc.
Sanmina Corp.
Santarus Inc.
Sapient Corp.
Sara Lee Corp.
Sarepta Therapeutics Inc.
Scansource Inc.
Schnitzer Steel Industries Inc.
Scholastic Corp.
118

(expressed in EUR)
Quantity
1,849
1,317
1,924
2,210
1,744
1,438
578
4,179
2,525
2,029
2,853
1,751
2,936
7,772
1,723
7,266
2,506
1,614
1,727
3,077
1,360
1,652
2,977
1,878
3,207
2,209
3,222
1,732
7,707
3,552
2,539
2,003
2,123
2,493
1,191
2,811
2,812
1,669
3,201
4,214
10,975
2,686
1,434
1,764
1,207
4,489
2,866
3,092
964
4,750
4,583
13,923
4,133
747
2,413
2,679
3,347
2,276
Description
Market Value
% NAV
47,314
49,193
46,175
27,153
36,046
64,932
38,255
120,977
38,646
39,374
56,027
82,890
53,864
125,383
60,670
95,601
15,240
59,655
134,631
175,739
47,394
51,924
34,546
50,059
83,157
112,538
86,095
41,642
159,738
34,774
99,389
159,199
44,249
40,798
49,111
77,173
144,400
29,651
46,902
127,588
25,089
103,701
58,236
71,574
57,085
45,250
50,500
56,098
49,356
30,507
113,349
99,324
205,968
35,400
77,506
161,581
49,527
36,701
0.03
0.03
0.03
0.02
0.02
0.04
0.03
0.08
0.03
0.03
0.04
0.06
0.04
0.08
0.04
0.06
0.01
0.04
0.09
0.13
0.03
0.04
0.02
0.03
0.06
0.07
0.06
0.03
0.10
0.02
0.07
0.10
0.03
0.03
0.04
0.05
0.11
0.02
0.03
0.09
0.02
0.07
0.04
0.05
0.04
0.03
0.03
0.04
0.03
0.02
0.08
0.07
0.15
0.02
0.05
0.11
0.03
0.03
Schulman A Inc.
Schweitzer-Mauduit International Inc.
Science Applications International Corp
Scientific Games Corp.
Sciquest Inc.
Scotts Company
Seacor Holdings Inc.
Seattle Genetics
Select Comfort Corp.
Select Income
Selective Insurance Group
SemGroup Corp.
Semtech Corp.
Senior Housing Properties Trust
Sensient Technologies Corp.
Service Corp. International
Servicesource International Inc.
Shutterfly Inc.
Signature Bank
Signet Jewelers Limited
Silgan Holdings Inc.
Silicon Laboratories Inc.
Silver Bay Realty Trust Corp.
Simpson Manufacturing Company Inc.
Sinclair Broadcast Group Inc.
Sirona Dental Systems Inc.
Six Flags Entertainment Corp Six Us
Skechers Inc.
Skyworks Solutions Inc.
Smith & Wesson Holding Corp.
Smith (AO) Corp.
Snap-On Inc.
Snyders-Lance Inc.
Solar Capital Limited
Solarcity Corp.
Solarwinds Inc.
Solera Holdings Inc.
Sonic Automotive
Sonic Corp.
Sonoco Products Company
Sonus Networks Inc.
Sothebys
South Jersey Industries Inc.
Southwest Gas Corp.
Sovran Self Storage Inc.
Spansion Inc.
Spartan Stores Inc.
Spectranetics Corp.
Spectrum Brands Holdings Inc.
Spectrum Pharmaceuticals Inc.
Spirit Aerosystems Holdings Inc.
Spirit Realty Capital Inc.
Splunk Inc.
Sps Commerce Inc.
SS&C Technologies Holdings
St Mary Land & Exploration Company
Stag Industrial Inc.
Stage Stores Inc.
119

(expressed in EUR)
Quantity
795
1,758
1,533
7,442
1,071
7,180
4,359
107
8,365
4,142
931
1,029
2,152
1,711
2,574
1,294
2,022
4,334
2,377
6,986
961
5,460
1,776
2,968
1,564
4,014
9,498
1,813
5,204
8,845
6,635
985
1,720
4,039
3,527
2,944
2,875
779
1,580
1,474
1,012
35,762
609
791
3,854
1,670
3,796
1,598
1,309
3,129
2,428
6,256
2,762
1,534
1,410
1,427
7,495
1,041
Description
Market Value
% NAV
24,289
84,522
40,941
48,877
48,873
144,334
57,542
39,341
118,620
47,674
33,235
49,010
75,042
42,317
68,350
30,304
70,318
38,812
59,669
47,910
50,974
35,662
54,957
56,304
46,343
66,446
89,952
39,222
50,607
46,794
61,826
46,814
130,890
39,571
56,849
46,597
39,559
36,588
59,407
33,236
49,500
93,431
40,196
39,569
48,582
69,505
88,209
20,886
83,758
36,060
112,629
73,776
91,302
47,135
52,800
98,040
93,772
69,397
0.02
0.06
0.03
0.03
0.03
0.09
0.04
0.03
0.08
0.03
0.02
0.03
0.05
0.03
0.05
0.02
0.05
0.03
0.04
0.03
0.03
0.02
0.04
0.04
0.03
0.04
0.06
0.03
0.03
0.03
0.04
0.03
0.09
0.03
0.04
0.03
0.03
0.02
0.04
0.02
0.03
0.06
0.03
0.03
0.03
0.05
0.06
0.01
0.06
0.02
0.08
0.05
0.07
0.03
0.04
0.07
0.06
0.05
Stamps.com Inc.
Stancorp Financial Group Inc.
Standard Motor Products Inc.
Standard-Pacific Corp.
Standex International Corp.
Starwood Property Trust
State Bank Financial Corp.
Steak N Shake Company
Steel Dynamics Inc.
Steelcase Inc.
Steiner Leisure Limited
Stepan Company
Steris Corp.
Sterling Financial Corp.
Steven Madden Limited
Stewart Information Services Corp.
Stifel Financial Corp.
Stillwater Mining Company
Stone Energy Corp.
Strategic Hotel Capital Inc.
Sturm Ruger & Company Inc.
Summit Hotel Properties Inc.
Sun Communities Inc.
Sun Healthcare Group Inc.
Sun Hydraulics Corp.
SunCoke Energy Inc.
Sunedison Inc.
Sunpower Corp.
Sunstone Hotel Investors Inc.
Supervalu Inc.
Susquehanna Bancshares Inc.
Susser Holdings Corp.
SVB Financial Group
Swift Energy Company
Swift Transporation Company
SYKES Enterprises Inc.
Symetra Financial Corp.
Synageva Biopharma Corp.
Synaptics Inc.
Synchronoss Technologies Inc.
Synnex Corp.
Synovus Financial Corp.
Syntel Inc.
Tableau Software Inc.
Take-Two Interactive Software Inc.
TAL International Group Inc.
Tanger Factory Outlet Centers
Tangoe Inc.
Targa Resources Corp.
Taser International Inc.
Taubman Centers Inc.
TCF Financial Corp.
Team Health Holdings Inc.
Team Inc.
Tech Data Corp.
Techne Corp.
Teco Energy Inc.
Teledyne Technologies Inc.
120

(expressed in EUR)
Quantity
1,377
3,371
2,587
4,432
1,081
2,307
7,369
4,551
2,609
3,494
2,963
4,327
7,517
1,732
682
2,773
4,298
3,165
2,191
5,388
1,816
2,456
6,283
1,795
1,585
5,560
3,148
2,493
5,919
2,257
3,813
1,508
939
2,214
2,166
3,168
2,262
7,407
2,052
2,445
1,281
2,729
3,693
2,220
2,117
2,040
15,719
1,196
3,797
2,339
1,036
6,590
1,700
1,629
4,652
669
2,123
1,677
Description
Market Value
% NAV
93,795
63,068
101,306
135,474
53,197
94,711
94,228
138,681
37,451
49,978
60,165
38,813
54,607
78,182
34,042
55,945
37,788
81,884
43,456
64,478
72,788
65,234
102,501
77,209
20,785
122,947
125,809
32,530
56,357
104,173
9,353
75,425
54,195
44,426
62,703
125,345
31,912
44,831
113,281
40,935
32,788
53,156
22,995
36,330
145,230
38,936
105,862
88,645
114,245
65,776
115,197
103,540
35,778
75,991
64,617
51,949
51,721
62,823
0.06
0.04
0.07
0.09
0.04
0.06
0.06
0.10
0.03
0.03
0.04
0.03
0.04
0.05
0.02
0.04
0.03
0.06
0.03
0.04
0.05
0.04
0.07
0.05
0.01
0.08
0.09
0.02
0.04
0.07
0.01
0.05
0.04
0.03
0.04
0.09
0.02
0.03
0.08
0.03
0.02
0.04
0.02
0.02
0.10
0.03
0.07
0.05
0.08
0.04
0.08
0.07
0.02
0.05
0.04
0.04
0.04
0.04
Teleflex Inc.
Telephone & Data Systems Inc.
Tempur-Pedic International Inc.
Tenet Healthcare Corp.
Tennant Company
Tenneco Automotive Inc.
Teradyne Inc.
Terex Corp.
Tesco Corp.
Tessera Technologies Inc.
Tetra Tech Inc.
Tetra Technologies Inc.
Tetragon Financial Group Limited
Texas Capital Bancshares Inc.
Texas Industries Inc.
Texas Roadhouse
TFS Financial Corp.
Theravance Inc.
Thermon Group Holdings Inc.
THL Credit Inc.
Thor Industries Inc.
Thoratec Corp.
TIBCO Software Inc.
Tidewater Inc.
Tile Shop Holdings Inc.
Time Warner Telecom Inc.
Timken Company
Titan International Inc.
Tivo Inc.
Toro Company
Tower Group International Limited
TreeHouse Foods Inc.
Trex Company Inc.
Triangle Capital Corp.
Trimas Corp.
Trinity Industries Inc.
Triple-S Management Corp.
TriQuint Semiconductor Inc.
Triumph Group Inc.
Tronox Limited
Trulia Inc.
Trustmark Corp.
TTM Technologies Inc.
Tumi Holdings Inc.
Tupperware Corp.
Tutor Perini Corp.
Two Harbors Investment Corp.
Tyler Technologies Inc.
UGI Corp.
UIL Holdings Corp.
Ultimate Software Group Inc.
Ultra Petroleum Corp.
Ultratech Inc.
UMB Financial Corp.
Umpqua Holdings Corp.
Unifirst Corp.
Unisys Corp.
Unit Corp.
121

(expressed in EUR)
Quantity
1,484
1,872
3,817
6,013
1,864
1,903
1,393
1,695
1,241
1,759
2,854
706
1,614
4,744
1,303
2,050
3,561
7,909
900
3,222
3,212
3,260
3,747
3,028
1,842
4,515
2,367
2,329
1,725
2,438
2,138
2,698
356
5,565
1,251
1,739
1,436
4,831
2,625
2,750
4,084
2,279
3,902
3,086
1,341
3,451
1,549
3,894
167
3,384
4,214
860
864
983
1,588
1,836
3,367
1,294
Description
Market Value
% NAV
30,866
102,420
215,927
128,730
62,077
156,168
55,197
42,266
46,958
76,401
109,753
19,054
39,953
60,455
71,138
50,954
104,120
58,086
97,397
166,694
54,475
74,193
44,514
78,010
43,993
87,879
73,761
46,954
78,429
48,567
30,116
97,605
51,684
53,552
51,612
103,347
54,201
31,834
41,624
31,931
36,603
154,491
210,314
145,840
57,846
41,649
39,749
65,816
80,391
57,368
133,429
59,953
38,794
53,275
45,521
42,357
76,188
30,924
0.02
0.07
0.16
0.09
0.04
0.11
0.04
0.03
0.03
0.05
0.08
0.01
0.03
0.04
0.05
0.03
0.07
0.04
0.07
0.11
0.04
0.05
0.03
0.05
0.03
0.06
0.05
0.03
0.05
0.03
0.02
0.07
0.04
0.04
0.04
0.07
0.04
0.02
0.03
0.02
0.02
0.11
0.13
0.11
0.04
0.03
0.03
0.05
0.05
0.04
0.09
0.04
0.03
0.04
0.03
0.03
0.05
0.02
United Fire Group Inc.

United Natural Foods Inc.
United Rentals Inc.
United States Steel Corp.
United Stationers Inc.
United Therapeutics Corp.
Universal Corp.
Universal Display Corp.
Universal Forest Products Inc.
UNS Energy Corp.
URS Corp.
US Ecology Inc.
US Silica Holdings Inc.
Uti Worldwide Com Npv
Vail Resorts Inc.
Valassis Communications Inc.
Validus Holdings Limited
Valley National Bancorp
Valmont Industries
Valspar Corp.
Valueclick Inc.
VCA Antech Inc.
Vector Group Limited
Vectren Corp.
Veeco Instruments Inc.
VeriFone Holdings Inc.
Verint Systems Inc.
Viad Corp.
Viasat Inc.
Viewpoint Financial Group Inc.
Virnetx Holding Corp.
Viropharma Inc.
Virtus Investment Partners Inc.
Vishay Intertechnology Inc.
Vistaprint Limited
Visteon Corp.
Vitamin Shoppe Inc.
Vivus Inc.
Volcano Corp.
W&T Offshore Inc.
Wabash National Corp.
Wabco Holdings Inc.
Wabtec Corp.
Waddell & Reed Financial Inc.
Wageworks Inc.
Walter Industries Inc.
Walter Investment Management Corp.
Washington Federal Inc.
Washington Post Company
Washington
Waste Connections Inc.
Watsco Inc.
Watts Water Technologies Inc.
Wd-40 Company
WebMD Health Corp.
Website Pros Inc.
Webster Financial Corp.
Weight Watchers International Inc.
122

(expressed in EUR)
Quantity
4,195
1,779
11,567
1,853
2,339
2,798
1,550
3,028
1,600
4,019
3,660
2,771
2,232
7,472
3,399
1,923
1,829
4,653
3,848
2,344
687
3,202
2,178
1,257
7,966
2,769
1,351
2,076
2,454
1,864
1,166
6,664
1,404
25,194
Description
% NAV
83,477
90,916
73,199
33,256
54,318
44,510
102,441
107,808
65,558
93,828
63,375
85,285
64,889
124,394
143,760
38,308
61,217
59,802
94,835
77,586
43,640
100,293
66,512
55,965
117,818
198,680
97,093
46,267
122,794
73,156
69,159
144,892
26,492
69,478
0.06
0.06
0.05
0.02
0.04
0.03
0.07
0.06
0.04
0.06
0.04
0.06
0.04
0.08
0.10
0.03
0.04
0.04
0.06
0.05
0.03
0.07
0.05
0.04
0.08
0.13
0.07
0.03
0.08
0.05
0.05
0.10
0.02
0.05
85,289,628
58.20
145,322,132
99.24
573
0.00
573
0.00
7,139
0.01
7,139
0.01
Weingarten Realty Investors

WellCare Health Plans Inc.
Wendys Company
Werner Enterprises Inc.
WesBanco Inc.
Wesco Aircraft Holdings Inc.
Wesco International Inc.
West Pharmaceutical Services Inc.
Westamerica Bancorporation
Westar Energy Inc.
Western Alliance Bancorp
Western Refining Inc.
WGL Holdings Inc.
Whitewave Foods Company
Williams-Sonoma Inc.
Winnebago Industries
Wintrust Financial Corp.
Wisdomtree Investments Inc.
Wolverine World Wide Inc.
Woodward Governor Company
World Acceptance Corp.
World Fuel Services Corp.
Worthington Industries
Wp Carey Inc.
WPX Energy Inc.
WR Grace & Company
Wright Express Corp.
Wright Medical Group Inc.
Yelp Inc.
Zebra Technologies Corp.
Zillow Inc.
Zions Bancorporation
Zumiez Inc.
Zynga Inc.
Total Equities
EUR Rights
13,633
Market Value
Faes Farma SA - Right
JPY Rights
2,200
Nichi-Iko Pharmaceutical Company Limited - Right
USD Rights
6,818
Exco Resources Inc. - Right
Total Rights
exchange listing
792
0.00
792
0.00
8,504
145,330,636
0.01
99.25
123

(expressed in EUR)
Quantity
Description
Market Value
% NAV
Transferable securities and money market instruments dealt in on another regulated market and recently issued
transferable securities
EUR Rights
1,484
Eurocommercial Properties NV - Right
0.00
0.00
0.00
0.00
145,330,636
99.25
Total Rights
Total Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities
Other Net Assets
Total Net Assets
1,096,486
0.75
146,427,122
100.00
124

Sector
%
NAV

Retail
Banks
Commercial services
Insurance
Software
Financial services
Machinery
Pharmaceuticals
Chemicals
Transportation
Semiconductors
Food services
Healthcare services
Biotechnology
Building materials
Iron and steel
Real estate
Home builders
Apparel
Precious metals
Metal fabrication
Home furnishings
Food
Household products
7.45
6.32
5.33
4.23
3.44
3.25
3.06
2.98
2.87
2.84
2.77
2.58
2.44
2.37
2.32
2.18
2.13
2.11
2.05
1.87
1.80
1.59
1.52
1.45
1.44
1.35
1.31
1.25
1.15
1.12
1.10
1.07
0.95
0.91
0.91
0.88
0.85
0.85
0.83
0.79
0.77
0.73
0.70
0.66
0.65
0.60
0.60
0.59
0.53
125
(continued)


Sector
Employment services
Beverages
Advertising
Auto manufacturers
Water utilities
Textiles
Office furnishings
Medical
Pipelines
Agriculture
Restaurants
Storage and warehousing
Consultants and Agencies
Diversified Metals
Savings and Loans
Gas
Healthcare products
Media
Financial Services
Plastics and Rubber
Funds - Equities
Machinery - construction and Mining
Tobacco
Radio and TV
Coal
Merchandising
Telephone
Asset backed and mortgage backed securities
Auto Floor Plan ABS
Closed-ended Funds
Industrials
Leisure
Security and alarm services
Steel and Chemical plants
Hand and Machine Tools
Multi Industry
Venture capital
%
NAV
0.49
0.46
0.38
0.34
0.27
0.27
0.27
0.24
0.22
0.20
0.20
0.20
0.18
0.17
0.17
0.13
0.11
0.11
0.11
0.10
0.09
0.09
0.09
0.08
0.08
0.07
0.07
0.07
0.06
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
99.25
Other Net Assets
0.75
Total Net Assets
100.00
126

(expressed in EUR)
Quantity
Description
Market Value
% NAV
BRL Equities
2,900
66,976
111,000
28,500
87,770
26,321
32,700
27,500
116,600
59,600
170,705
17,900
8,200
32,900
32,400
19,600
16,400
6,900
12,600
5,500
31,300
12,600
2,600
15,631
2,500
6,100
5,100
44,700
12,306
8,700
39,500
36,960
8,496
6,000
53,700
138,600
60,441
85,550
51,700
8,274
5,985
5,741
14,400
5,400
14,400
68,800
6,000
6,200
13,700
34,600
256,600
181,900
15,400
AES Tiete SA
All America Latina Logistica SA
Ambev SA
Anhanguera Educacional Participacoes SA
Banco Bradesco SA Pfd
Banco Bradesco SA
Banco do Brasil SA
Banco do Estado do Rio Grande do Sul
Banco Itau Holding Financeira SA
Banco Santander Brasil SA
BM&F Bovespa SA
BR Malls Participacoes SA
BR Properties SA
Braskem SA Pfd
BRF - Brasil Foods SA
Centrais Eletricas Brasileiras SA
Centrais Eletricas Brasileiras SA Pfd
CETIP SA - Balcao Organizado de Ativos e Derivativos
Cielo SA
Companhia Brasileira de Distribuicao Grupo Pao de Acucar
Companhia de Concessoes Rodoviarias
Companhia de Saneamento Basico do Estado de Sao Paulo
Companhia de Saneamento de Minas Gerais
Companhia Energetica de Minas Gerais Pfd
Companhia Energetica de Sao Paulo Pfd
Companhia Hering
Companhia Paranaense de Energia
Companhia Siderurgica Nacional SA
Cosan SA Industria e Comercio
CPFL Energia SA
Cyrela Brazil Realty SA
Duratex SA
EcoRodovias Infraestrutura e Logistica SA
EDP - Energias do Brasil SA
Empresa Brasileira de Aeronautica SA
Gerdau SA Pfd
Hypermarcas SA
JBS SA
Klabin SA
Kroton Educacional SA
Localiza Rent a Car
Lojas Americanas SA
Lojas Americanas SA Pfd
Lojas Renner SA
Marcopolo SA
MRV Engenharia e Participacoes SA
Multiplan Empreendimentos Imobiliarios SA
Natura Cosmeticos SA
Odontoprev SA
OI SA
Petroleo Brasileiro SA Pfd
Petroleo Brasileiro SA
Porto Seguro SA
127
17,029
135,150
591,375
130,624
785,386
258,682
245,432
106,585
1,124,421
256,299
580,757
93,879
46,916
212,524
490,844
35,391
50,094
51,364
254,448
177,489
171,091
102,554
29,752
67,362
17,241
56,104
47,895
197,724
149,826
51,088
174,966
149,503
38,678
20,948
312,033
781,908
328,148
230,787
194,973
99,921
61,269
24,141
69,676
101,325
22,590
178,406
92,097
78,899
41,425
38,209
1,348,148
894,693
140,929
0.01
0.09
0.40
0.09
0.52
0.18
0.17
0.07
0.76
0.17
0.40
0.06
0.03
0.14
0.34
0.02
0.03
0.03
0.17
0.12
0.11
0.07
0.02
0.05
0.01
0.04
0.03
0.13
0.10
0.03
0.12
0.10
0.03
0.01
0.21
0.53
0.22
0.16
0.13
0.07
0.04
0.02
0.05
0.07
0.02
0.13
0.06
0.05
0.03
0.03
0.92
0.61
0.10

(expressed in EUR)
Quantity
15,800
13,600
34,290
10,800
24,600
5,000
5,900
6,600
11,700
92,300
79,400
115,600
52,500
Description
Market Value
% NAV
71,833
100,862
156,001
148,931
93,302
56,845
65,226
36,949
201,363
403,449
872,175
1,163,850
446,527
0.05
0.07
0.11
0.10
0.06
0.04
0.04
0.03
0.14
0.27
0.59
0.80
0.31
15,776,311
10.71
16,718
18,211
58,249
67,741
32,073
81,647
95,107
43,350
45,207
57,855
14,353
145,837
85,536
137,279
225,650
74,617
125,568
94,358
58,998
0.01
0.01
0.04
0.05
0.02
0.06
0.06
0.03
0.03
0.04
0.01
0.10
0.06
0.09
0.15
0.05
0.09
0.06
0.04
1,478,354
1.00
140,361
65,426
88,443
112,528
89,393
26,941
40,793
59,292
44,731
43,685
0.10
0.04
0.06
0.08
0.06
0.02
0.03
0.04
0.03
0.03
711,593
0.49
195,129
67,028
21,803
0.14
0.05
0.01
283,960
0.20
Raia Drogasil SA
Souza Cruz SA
Sul America SA
Telefonica Brasil SA
Tim Participacoes SA
Totvs SA
Tractebel Energia SA
Transmissora Alianca Energia Eletrica SA
Ultrapar Participacoes SA
Usinas Siderurgicas de Minas Gerais SA Pfd
Vale SA
Vale SA Pfd
Votorantim Celulose Papel SA
CLP Equities
41,621
38,855
552,790
1,682
762,426
5,913
36,391
261,732
5,200
5,778,223
15,305
134,991
8,686
77,296
23,210
342,829
11,015
14,497
43,307
AES Gener SA
Aguas Andinas SA
Banco de Chile
Banco de Credito e Inversiones
Banco Santander Chile SA
CAP SA
Cencosud SA
Colbun SA
Compania Cervecerias Unidas SA
CorpBanca SA
E.CL SA
Empresa Nacional de Electricidad SA
Empresa Nacional de Telecomunicaciones SA
Empresas CMPC SA
Empresas Copec SA
Enersis SA
Latam Airlines Group SA
SACI Falabella
Vina Concha y Toro SA
COP Equities
12,446
7,356
9,877
30,545
6,005
56,210
3,220
4,509
13,076
35,756
Almacenes Exito SA
Banco Davivienda SA
Bancolombia SA
Cementos Argos SA P.P. 144A
Corporacion Financiera Colombiana SA
Grupo Aval Acciones y Valores Pfd
Grupo de Inversiones Suramericana SA
Interconexion Electrica SA
Isagen SA
CZK Equities
10,331
415
2,023
CEZ AS
Komercni Banka AS
Telefonica O2 AS
128

(expressed in EUR)
Quantity
Description
Market Value
% NAV
236,445
496,743
170,163
160,217
168,180
31,448
59,096
1,626,908
232,433
127,302
151,121
259,111
18,232
125,933
118,305
60,463
135,255
0.16
0.34
0.11
0.11
0.11
0.02
0.04
1.10
0.16
0.09
0.10
0.17
0.01
0.09
0.08
0.04
0.09
137,678
99,866
241,939
247,294
379,647
172,515
2,087,746
112,683
46,633
188,187
96,029
131,354
57,449
503,872
57,036
168,772
456,947
287,183
270,768
1,384,616
407,467
135,058
25,592
273,411
283,961
848,640
209,180
123,546
118,844
298,851
75,812
212,271
110,098
328,388
155,977
31,549
0.09
0.07
0.16
0.18
0.26
0.12
1.41
0.08
0.03
0.13
0.07
0.09
0.04
0.34
0.04
0.11
0.31
0.20
0.18
0.95
0.28
0.09
0.02
0.19
0.19
0.58
0.14
0.08
0.08
0.20
0.05
0.14
0.07
0.23
0.11
0.02
HKD Equities
304,000
1,393,000
314,000
634,000
62,500
35,000
140,000
4,869,000
454,000
201,500
266,000
36,000
40,000
150,000
100,000
17,000
199,600
380,100
220,000
614,000
606,000
649,000
384,000
3,813,000
318,500
48,000
164,000
90,000
88,600
37,200
222,000
61,000
49,000
295,529
108,422
336,000
184,000
522,000
60,000
37,000
134,000
99,800
1,432,400
289,500
330,000
243,716
124,000
30,000
118,000
64,000
143,500
825,000
53,000
Agile Property Holdings Limited

Agricultural Bank of China - H
Air China Limited - H
Aluminum Corp. of China Limited
Anhui Conch Cement Company Limited
Anta Sports Products Limited
AviChina Industry & Technology Company - H
Bank of China Limited - H
Bank of Communications Company Limited
BBMG Corp.
Beijing Capital International Airport Company Limited - H
Beijing Enterprises Holdings Limited
Beijing Enterprises Water Group Limited
Belle International Holdings Limited
Brilliance China Automotive Holdings Limited
Byd Company Limited
Changsha Zoomlion Heavy Industry Science and Technology
Development Company Limited - H
China Agri-Industries Holdings Limited
China BlueChemical Limited P.P. 144A
China Citic Bank Corp. Limited
China Coal Energy Company - H
China Communications Construction Company Limited - H
China Communications Services Corp. Limited - H
China Construction Bank Corp.
China Cosco Holdings Company Limited
China Everbright International Limited
China Everbright Limited
China Gas Holdings Limited
China Insurance International Holdings Company Limited
China International Marine - H
China Life Insurance Company Limited - H
China Longyuan Power Group Corp.
China Mengniu Dairy Company Limited
China Merchants Bank Company Limited - H
China Merchants Holdings International Company Limited
China Minsheng Banking Corp Limited - H
China Mobile Hong Kong Limited
China National Building Material Company Limited - H
China Oilfield Services Limited
China Overseas Grand Oceans Group Limited
China Overseas Land & Investment Limited
China Pacific Insurance Group Company Limited
China Petroleum & Chemical Corp.
China Railway Construction Corp.
China Railway Group Limited
China Resources Cement Holdings Limited
China Resources Enterprise
China Resources Gas Group Limited
China Resources Land Limited
China Resources Power Holdings Company
China Shenhua Energy Company Limited
China Shipping Container Lines Company Limited
China South Locomotive and Rolling Stock Corp.
129

(expressed in EUR)
Quantity
82,000
420,000
356,000
492,000
280,000
60,000
548,000
378,345
331,000
144,000
200,000
1,109,000
168,000
303,000
652,000
618,000
357,000
260,000
27,000
1,791,000
36,500
104,500
100,000
384,000
113,200
38,000
29,600
24,000
116,000
76,500
46,000
251,000
152,400
106,000
188,000
202,000
114,000
16,700
64,000
261,000
1,114,000
95,460
56,000
420,000
84,000
350,000
109,000
70,000
171,500
761,918
126,000
44,000
653,604
261,000
61,200
424,000
Description
Market Value
% NAV
106,680
154,096
386,512
173,144
310,812
118,773
739,607
376,777
144,987
48,250
227,250
307,240
104,250
218,367
164,766
157,330
80,193
91,256
25,877
239,710
146,215
115,804
70,945
304,777
120,148
80,024
37,401
205,760
76,108
57,782
41,030
328,895
288,845
135,523
89,915
178,286
115,662
40,639
22,463
164,892
886,256
102,748
364,012
162,744
82,237
92,379
289,224
124,351
286,040
169,723
83,495
25,327
311,377
54,475
127,449
265,093
0.07
0.10
0.26
0.12
0.21
0.08
0.50
0.26
0.10
0.03
0.15
0.21
0.07
0.15
0.11
0.11
0.05
0.06
0.02
0.16
0.10
0.08
0.05
0.21
0.08
0.05
0.03
0.14
0.05
0.04
0.03
0.22
0.20
0.09
0.06
0.12
0.08
0.03
0.02
0.11
0.60
0.07
0.25
0.11
0.06
0.06
0.20
0.08
0.19
0.12
0.06
0.02
0.21
0.04
0.09
0.18
China State Construction International Holdings Limited

China Telecom Corp. Limited
China Unicom Hong Kong Limited
Chongqing Rural Commercial Bank - H
CITIC Pacific Limited
CITIC Securities Company Limited - H
Cnooc Limited
Cosco Pacific Limited
Country Garden Holdings Company
Datang International Power Generation Company Limited - H
Dongfeng Motor Group Company Limited
Evergrande Real Estate Group
Far East Horizon Limited
Fosun International
Franshion Properties China Limited
Fushan International Energy Group Limited
GCL Poly Energy Holdings Limited
Geely Automobile Holdings Limited
Golden Eagle Retail Group Limited
GOME Electrical Appliances Holdings Limited
Great Wall Motor Company Limited
Greentown China Holdings Limited
Guangdong Investment Limited
Guangzhou Automobile Group Company Limited
Guangzhou R&F Properties Company Limited
Haier Electronics Group Company Limited
Haitong Securities Company Limited
Hengan International Group Company Limited
Huaneng Power International Inc.
Intime Department Store Group Company Limited
Jiangsu Express - H
Jiangxi Copper Company Limited
Kingboard Chemical Holdings Limited
Kunlun Energy Company Limited
Lee & Man Paper Manufacturing Limited
Lenovo Group Limited
Longfor Properties Company Limited
New China Life Insurance Company - H
New World China Land Limited
Nine Dragons Paper Holdings Limited
PetroChina Company Limited
PICC Property & Casualty Company Limited
Ping An Insurance Group Company of China Limited
Poly (Hong Kong) Investments Limited
Shandong Weigao Group Medical Polymer Company Limited - H
Shanghai Electric Group Corp. - H
Shanghai Industrial Holdings Limited
Shanghai Pharmaceuticals Holding Company Limited
Shimao Property Holdings Limited
Shui On Land Limited
Sihuan Pharmaceutical Holdings Group Limited
Sino Biopharmaceutical
Sino-Ocean Land Holdings Limited
Sinopec Shanghai Petrochemical Company Limited
Sinopharm Group Company
Soho China Limited
130

(expressed in EUR)
Quantity
49,500
30,300
64,000
8,000
43,000
192,000
35,200
20,000
30,000
358,000
44,000
1,082,000
66,000
40,000
18,000
316,000
29,000
Description
Market Value
% NAV
50,685
1,402,659
134,179
49,082
31,794
201,268
102,955
23,586
161,032
237,231
33,440
193,426
45,280
40,059
47,004
49,096
41,800
0.03
0.96
0.09
0.03
0.02
0.14
0.07
0.02
0.11
0.16
0.02
0.13
0.03
0.03
0.03
0.03
0.03
28,012,711
19.03
95,452
339,993
14,645
0.06
0.23
0.01
450,090
0.30
142,218
237,860
233,120
140,386
256,157
51,309
48,805
120,552
66,370
18,695
60,228
158,413
23,668
72,155
182,060
28,802
89,796
76,785
36,495
73,720
72,095
270,223
39,071
0.10
0.16
0.16
0.10
0.17
0.03
0.03
0.08
0.05
0.01
0.04
0.11
0.02
0.05
0.12
0.02
0.06
0.05
0.02
0.05
0.05
0.18
0.03
2,498,983
1.69
75,111
12,615
92,220
74,123
0.05
0.01
0.06
0.05
Sun Art Retail Group Limited

Tencent Holdings Limited
Tingyi Cayman Islands Holding Corp.
Tsingtao Brewery Company Limited
Uni-President China Holdings Limited
Want Want China Holdings Limited
Weichai Power Company Limited
Wumart Stores Inc. - H
Xinao Gas Holdings Limited
Yanzhou Coal Mining Company Limited
Yingde Gases Group Company
Yuexiu Property Company Limited
Zhejiang Expressway Company Limited
Zhongsheng Group Holdings Limited
Zhuzhou CSR Times Electric Company Limited - H
Zijin Mining Group Company Limited - H
ZTE Corp. - H
HUF Equities
1,959
24,635
989
MOL Hungarian Oil and Gas NyRt

OTP Bank
Richter Gedeon Nyrt
IDR Equities
2,188,000
415,500
498,000
596,000
592,500
667,000
242,500
1,064,000
26,500
11,000
50,500
402,500
84,000
968,000
3,355,000
184,000
336,500
91,000
60,000
575,000
46,500
238,500
126,000
Adaro Energy PT
Bank Central Asia Tbk PT
Bank Mandiri Tbk PT
Bank Negara Indonesia Tbk PT
Bank Rakyat Indonesia
Bumi Serpong Damai PT
Charoen Pokphand Indonesia Tbk PT
Global Mediacom Tbk PT
Gudang Garam Tbk PT
Indo Tambangraya Megah PT
Indocement Tunggal Prakarsa Tbk PT
Indofood Sukses Makmur Tbk PT
Jasa Marga PT
Kalbe Farma Tbk PT
Lippo Karawaci Tbk PT
Media Nusantara Citra Tbk PT
Perusahaan Gas Negara PT
Semen Gresik Persero Tbk PT
Tambang Batubara Bukit Asam Tbk PT
Telekomunikasi Indonesia Tbk PT
Unilever Indonesia Tbk PT
United Tractors Tbk PT
Xl Axiata Tbk PT
INR Equities
5,774
4,096
6,325
34,589
ACC Limited
Adani Enterprises Limited
Aditya Birla Nuvo Limited
Ambuja Cements Limited
131

(expressed in EUR)
Quantity
3,507
7,402
3,653
7,818
54,241
6,835
25,160
51,343
21,796
12,703
952
62,489
17,905
353
3,104
8,735
63,973
1,498
196,045
67,163
3,680
40,220
54,927
119,348
31,301
17,016
18,271
50,816
3,080
23,858
3,588
26,322
18,961
21,947
12,058
34,503
28,124
12,489
26,175
60,948
7,161
99,286
57,082
23,280
3,591
15,156
12,355
42,105
36,880
688
2,171
2,129
1,773
27,166
16,102
Description
Market Value
% NAV
38,941
42,554
81,899
59,214
112,577
27,899
97,488
195,024
102,494
25,389
13,642
122,218
71,908
18,391
31,239
129,393
499,769
36,474
281,996
626,184
47,440
78,758
207,413
76,245
95,851
203,077
156,113
130,718
32,817
89,756
39,748
47,992
30,477
74,391
78,050
67,583
32,964
66,414
111,002
92,961
35,770
85,270
147,741
183,711
27,940
100,904
314,854
45,127
183,551
14,835
44,934
19,325
54,263
178,233
52,255
0.03
0.03
0.06
0.04
0.08
0.02
0.07
0.13
0.07
0.02
0.01
0.07
0.05
0.01
0.02
0.09
0.34
0.02
0.19
0.43
0.03
0.05
0.13
0.05
0.07
0.14
0.11
0.09
0.02
0.06
0.03
0.03
0.02
0.05
0.05
0.05
0.02
0.05
0.08
0.06
0.02
0.06
0.10
0.12
0.02
0.07
0.21
0.03
0.12
0.01
0.03
0.01
0.04
0.12
0.04
6,117,245
4.14
Apollo Hospitals Enterprise Limited

Asian Paints Limited
Bajaj Auto Limited
Bank of Baroda
Bharat Heavy Electricals
Bharat Petroleum Corp. Limited
Bharti Airtel Limited
Cairn India Limited
Cipla Limited
Dabur India Limited
Divis Laboratories Limited
DLF Limited
Gail India Limited
GlaxoSmithKline Consumer Healthcare Limited
Godrej Consumer Products Limited
HCL Technologies Limited
HDFC Bank Limited
Hero Honda Motors Limited
Hindalco Industries Limited
Housing Development Finance Corp.
ICICI Bank Limited
Idea Cellular Limited
ITC Limited
Jaiprakash Associates Limited
Jindal Steel & Power Limited
JSW Steel Limited
Kotak Mahindra Bank Limited
Lic Housing Finance Limited
Lupin Limited
Mahindra & Mahindra Financial Services
Mahindra & Mahindra Limited
Mundra Port and Special Economic Zone Limited
NTPC Limited
Oil & Natural Gas Corp. Limited
Piramal Healthcare Limited
Power Finance Corp. Limited
Power Grid Corp. of India Limited
Ranbaxy Laboratories Limited
Reliance Capital Limited
Reliance Communication Ventures Limited
Reliance Energy Limited
Reliance Power Limited
Rural Electrification Corp Limited
Shriram Transport Finance
Siemens India Limited
Sun Pharmaceutical Industries Limited
Tata Consultancy Services Limited
Tata Power Company Limited
Tata Steel Limited
Tech Mahindra Limited
Ultra Tech Cement Limited
United Breweries Limited
United Spirits Limited
Wipro Limited
Zee Entertainment Enterprises Limited
132

(expressed in EUR)
Quantity
Description
Market Value
% NAV
74,954
441,528
41,245
31,202
180,563
145,336
200,839
415,684
68,367
230,483
222,868
337,211
167,724
126,528
190,629
113,244
342,145
171,982
364,473
1,409,836
49,588
287,931
27,596
250,151
469,419
254,327
165,072
167,512
147,928
74,500
460,549
11,415
143,702
222,160
590,946
1,389,832
77,398
506,207
82,835
262,513
84,280
839,350
312,500
443,639
40,681
194,274
51,751
115,030
50,146
139,355
132,079
47,243
29,940
190,576
324,580
318,806
0.05
0.30
0.03
0.02
0.12
0.10
0.14
0.29
0.05
0.16
0.15
0.23
0.11
0.09
0.13
0.08
0.22
0.12
0.25
0.95
0.03
0.20
0.02
0.17
0.32
0.17
0.11
0.11
0.10
0.05
0.32
0.01
0.10
0.15
0.39
0.95
0.05
0.34
0.06
0.18
0.06
0.57
0.21
0.30
0.03
0.14
0.04
0.08
0.03
0.09
0.09
0.03
0.02
0.13
0.22
0.22
KRW Equities
109
40,130
1,564
1,650
2,967
763
2,507
6,424
13,490
37,660
9,260
29,720
4,340
1,319
7,831
13,070
1,867
8,200
9,250
46,702
1,188
19,430
1,820
1,568
18,550
5,261
1,491
10,500
3,544
469
2,606
400
6,430
1,815
2,928
8,546
19,240
8,530
634
31,420
3,960
28,890
970
11,500
2,040
8,130
1,130
4,100
766
26,700
604
2,202
1,380
3,720
1,576
7,244
Amorepacific Corp.
BS Financial Group Inc.
Celltrion Inc.
Cheil Communications Inc.
Cheil Industries Inc.
CJ CheilJedang Corp.
CJ Corp.
Daelim Industrial Company P.P. 144A
Daewoo Engineering & Construction Company Limited
Daewoo Securities Company Limited
Daewoo Shipbuilding & Marine Engineering Company Limited
DGB Financial Group Inc.
Dongbu Insurance Company Limited
Doosan Corp.
Doosan Heavy Industries & Construction Company Limited
Doosan Infracore Company Limited
E-Mart Company Limited
GS Engineering & Construction Corp.
GS Holdings Corp.
Hana Financial Group Inc.
Hankook Tire Company Limited
Hanwha Chem Corp.
Hite Jinro Company Limited
Honam Petrochemical Corp.
Hynix Semiconductor Inc.
Hyosung Corp.
Hyundai Department Store Company Limited
Hyundai Development Company
Hyundai Engineering & Construction
Hyundai Glovis Company Limited
Hyundai Heavy Industries
Hyundai Hyscompany
Hyundai Marine & Fire INS Company
Hyundai Mipo Dockyard
Hyundai Mobis
Hyundai Motor Company
Hyundai Securities Company
Hyundai Steel Company
Hyundai Wia Corp.
Industrial Bank of Korea
Kangwon Land Inc.
KB Financial Group Inc.
KCC Corp.
Kia Motors Corp.
Korea Aerospace Industries Limited
Korea Electric Power Corp.
Korea Gas Corp.
Korea Investment Holdings Company Limited
Korea Kumho Petrochemical
Korea Life Insurance Company Limited
Korea Zinc Company Limited
Korean Air Lines Company Limited
KT Corp.
KT&G Corp.
Lg Chem Limited P.P. 144A
LG Corp.
133

(expressed in EUR)
Quantity
9,000
12,511
318
935
35,070
154
1,422
2,298
752
4,730
630
874
743
2,001
179
799
9,930
19,223
2,588
3,272
1,509
6,170
3,324
3,199
7,890
2,258
28,930
1,092
992
6,683
3,969
27,540
357
1,527
122
2,220
55,750
28,710
431
Description
Market Value
% NAV
156,888
585,880
119,832
53,815
259,247
202,478
395,048
127,840
33,974
124,900
107,655
435,130
49,253
262,814
57,237
41,098
255,382
801,055
129,914
3,086,995
268,756
161,439
237,719
356,367
238,997
84,468
940,975
189,606
92,090
650,274
521,295
143,171
56,463
77,703
79,615
101,366
509,877
189,330
55,423
0.11
0.40
0.08
0.04
0.18
0.14
0.26
0.09
0.02
0.08
0.07
0.30
0.03
0.18
0.04
0.03
0.17
0.54
0.09
2.11
0.18
0.11
0.16
0.24
0.16
0.06
0.64
0.13
0.06
0.44
0.35
0.10
0.04
0.05
0.05
0.07
0.35
0.13
0.04
26,474,021
18.00
476,435
717,090
1,549,011
54,235
110,549
214,858
71,283
96,818
96,861
271,748
94,212
286,331
171,961
167,709
59,789
751,794
0.32
0.49
1.06
0.04
0.08
0.15
0.05
0.07
0.07
0.18
0.06
0.19
0.12
0.11
0.04
0.51
LG Display Company Limited

LG Electronics Inc.
LG Household & Health Care Limited
LG Innotek Company Limited
LG Telecom Limited
Lotte Confectionery Company Limited
Lotte Shopping Company
LS Corp.
LS Industrial Systems Company Limited
Mirae Asset Securities Company Limited
NCSoft Corp.
Nhn Corp.
Nhn Entertainment Corp.
OCI Company Limited
Pacific Corp.
S1 Corp.
Samsung Card Company
Samsung Corp.
Samsung Electro-Mechanics Company Limited
Samsung Electronics Company Limited
Samsung Fire & Marine Insurance Company Limited
Samsung Heavy Industries Company Limited
Samsung Life Insurance
Samsung SDI Company Limited
Samsung Securities Company Limited P.P. 144A
Samsung Techwin Company Limited
Shinhan Financial Group Company Limited
Shinsegae Company Limited
SK C&C Company Limited
Sk Energy Company Limited P.P. 144A
SK Holdings Company Limited
SK Networks Company Limited
Sk Telecom Company Limited
S-Oil Corp.
South Korea (Govt of)
Woongjin Coway Company Limited
Woori Finance Holdings Company Limited
Woori Investment & Securities Company Limited
Yuhan Corp.
MXN Equities
234,800
850,300
1,822,392
6,198
81,700
69,367
8,630
21,400
41,800
38,800
46,430
74,033
77,200
43,581
23,391
148,510
Alfa SA de CV
America Movil SAB de CV
Cemex SAB de CV
Coca-Cola Femsa SAB de CV
Compartamos SAB de CV
Controladora Comercial Mexicana SA de CV
El Puerto de Liverpool SAB de CV
Embotelladoras Arca SA de CV
Fibra Uno Administracion SA de CV
Fomento Economico Mexicano SAB de CV
Genomma Lab Internacional SA de CV - B
Grupo Aeroportuario del Pacifico SAB de CV - B
Grupo Bimbo SAB de CV
Grupo Comercial Chedraui SA
Grupo Financiero Banorte SAB de CV
134

(expressed in EUR)
Quantity
124,206
210,350
119,751
20,091
4,905
66,564
96,415
9,700
80,777
2,000
172,300
Description
Market Value
% NAV
254,161
503,866
522,205
98,043
88,107
136,763
287,204
14,474
149,627
17,290
327,084
0.17
0.34
0.36
0.07
0.06
0.10
0.20
0.01
0.10
0.01
0.22
7,589,508
5.18
110,890
135,624
172,920
38,158
145,996
9,722
52,564
40,894
367,832
101,431
79,385
172,178
245,505
179,626
67,318
108,379
334,550
125,434
38,748
78,890
27,342
446,989
157,550
107,597
206,229
94,246
43,503
159,298
42,491
63,477
219,206
136,372
169,143
154,812
213,455
45,374
210,028
90,929
74,282
252,612
41,916
0.08
0.09
0.12
0.03
0.10
0.01
0.04
0.03
0.25
0.07
0.05
0.12
0.16
0.12
0.05
0.07
0.23
0.09
0.03
0.05
0.02
0.30
0.11
0.07
0.13
0.06
0.03
0.11
0.03
0.04
0.15
0.09
0.12
0.11
0.15
0.03
0.15
0.06
0.05
0.17
0.03
5,562,895
3.80
Grupo Financiero Inbursa SA

Grupo Mexico SAB de CV
Grupo Televisa SA
Industrias CH SA
Industrias Penoles SA de CV
Kimberly-Clark de Mexico SA de CV
Mexichem Sab de CV
Minera Frisco SAB de CV
OHL Mexico SAB de CV
Promotora y Operadora de Infraestructura SAB de CV
Wal-Mart de Mexico SAB de CV
MYR Equities
227,500
128,600
107,800
15,600
95,500
10,835
3,700
45,800
217,874
92,300
79,800
161,900
108,000
185,100
21,100
31,600
256,800
120,200
60,099
14,300
14,400
202,965
79,011
66,800
163,300
147,700
71,400
103,900
6,100
11,800
61,300
31,500
96,636
142,600
101,200
36,900
83,300
173,900
27,800
703,800
100,100
Airasia BHD
Alliance Financial Group Bhd
Ammb Holdings BHD
Asiatic Development Bhd
Axiata Group BHD
Berjaya Sports Toto Bhd
British American Tobacco Malaysia Bhd
Bumi Armada Bhd
CIMB Group Holdings Bhd
Digi.Com Bhd
Felda Global Ventures Holdings Bhd
Gamuda Bhd
Genting Bhd
Genting Malaysia Bhd
Hong Leong Bank Bhd
Hong Leong Credit Bhd
IJM Corp. Bhd
IOI Corp. Bhd
IOI Properties Group Sdn Bhd*
Kuala Lumpur Kepong Bhd
Lafarge Malayan Cement Bhd
Malayan Banking BHD
Malaysia Airports Holdings Bhd
Maxis Bhd
MISC Bhd
MMC Corp. Bhd
Parkson Holdings Bhd
Petronas Chemicals Group Bhd
Petronas Dagangan Bhd
Petronas Gas Bhd
PPB Group Bhd
Public Bank Bhd
RHB Capital Bhd
Sapurakencana Petroleum BHD
Sime Darby Bhd
Telekom Malaysia Bhd
Tenaga Nasional Bhd
UEM Land Holdings Bhd
Umw Holdings BHD
YTL Corp. Bhd
YTL Power International Bhd
* Illiquid security.
135

(expressed in EUR)
Quantity
Description
Market Value
% NAV
53,250
33,078
82,178
82,581
67,543
87,895
31,730
56,670
49,685
12,469
126,620
54,824
13,421
37,129
26,591
77,159
64,185
49,155
0.04
0.02
0.06
0.06
0.05
0.06
0.02
0.04
0.03
0.01
0.09
0.04
0.01
0.03
0.02
0.05
0.04
0.03
1,006,163
0.70
27,728
96,200
176,224
37,475
127,228
47,892
17,239
39,969
75,387
51,176
53,893
254,794
238,828
420,680
65,822
359,549
166,282
16,583
207,035
45,159
0.02
0.07
0.12
0.03
0.09
0.03
0.01
0.03
0.05
0.03
0.04
0.17
0.17
0.29
0.04
0.24
0.11
0.01
0.15
0.03
2,525,143
1.73
104,421
30,804
215,426
54,754
136,286
28,105
35,133
137,033
86,449
24,445
61,175
0.07
0.02
0.15
0.04
0.09
0.02
0.02
0.09
0.06
0.02
0.04
PHP Equities
59,700
59,500
194,800
9,750
166,900
78,360
22,830
61,890
570,100
465
75,920
19,370
190,000
30,056
610
6,637
267,400
26,580
Aboitiz Equity Ventures Inc.

Aboitiz Power Corp.
Alliance Global Group Inc.
Ayala Corp.
Ayala Land Inc.
Banco de Oro Unibank Inc.
Bank of the Philippine Islands
DMCI Holdings Inc.
Energy Development Corp.
Globe Telecom Inc.
International Container Terminal Services Inc.
Jollibee Foods Corp.
Metro Pacific Investments Corp.
Metropolitan Bank & Trust
Philippine Long Distance Telephone
SM Investments Corp.
Sm Prime Holdings Inc.
Universal Robina Corp.
PLN Equities
1,098
55,554
4,082
402
1,058
14,642
1,503
2,659
8,842
4,005
5,886
8,978
60,996
42,662
53,142
37,924
1,540
12,605
196,986
19,160
Bank Handlowy w Warszawie

Bank Millennium SA
Bank Pekao SA
Bank Zachodni WBK SA
BRE Bank SA
Enea SA
Eurocash SA
Grupa Azoty SA
Grupa Lotos SA
Jastrzebska Spolka Weglowa SA
Kernel Holding SA
KGHM Polska Miedz SA
Polska Grupa Energetyczna SA
Polski Koncern Naftowy Orlen
Polskie Gornictwo Naftowe I Gazownictwo SA
Powszechna Kasa Oszczednosci Bank Polski SA
Powszechny Zaklad Ubezpieczen SA
Synthos SA
Tauron Polska Energia SA
Telekomunikacja Polska SA - GDR
THB Equities
23,700
8,800
54,800
21,100
204,000
25,200
38,800
193,900
93,200
15,700
138,500
Advanced Info Service pcl

Airports of Thailand pcl
Bangkok Bank pcl - NVDR
Bangkok Dusit Medical Services pcl
Banpu pcl
BEC World pcl
Central Pattana Pub Compamy
Charoen Pokphand Foods pcl
CP ALL pcl
Glow Energy pcl
Indorama Ventures pcl
136

(expressed in EUR)
Quantity
1,540,600
63,400
321,100
60,700
62,764
87,800
58,900
11,300
49,900
66,400
177,400
Description
Market Value
% NAV
110,919
218,429
117,010
27,750
230,793
153,186
372,030
99,824
158,143
82,487
29,384
0.08
0.15
0.08
0.02
0.16
0.10
0.25
0.07
0.11
0.06
0.02
2,513,986
1.72
76,429
52,445
97,955
13,127
22,846
53,556
204,739
13,242
118,954
16,160
59,754
24,505
45,023
116,047
92,656
30,648
21,070
155,997
122,765
68,891
0.05
0.04
0.07
0.01
0.02
0.04
0.14
0.01
0.08
0.01
0.04
0.02
0.03
0.08
0.06
0.02
0.01
0.11
0.08
0.05
1,406,809
0.97
248,201
240,149
70,396
106,809
437,228
371,130
160,198
410,300
84,570
302,794
128,430
113,869
82,892
150,914
392,497
186,044
85,002
117,239
399,941
431,781
0.17
0.16
0.05
0.07
0.30
0.24
0.11
0.28
0.06
0.21
0.09
0.08
0.06
0.10
0.27
0.13
0.06
0.08
0.27
0.29
IRPC pcl
Kasikornbank pcl - NVDR
Krung Thai Bank pcl
Minor International pcl
PTT Exploration & Production pcl
PTT Global Chemical pcl
PTT pcl
Siam Cement pcl - NVDR
Siam Commercial Bank pcl - Reg
Thai Oil pcl
True Corp. pcl
TRY Equities
9,732
12,779
6,682
751
32,208
26,338
234,936
1,727
40,019
2,155
11,450
5,414
3,107
53,348
100,850
15,224
5,496
99,319
95,144
54,826
Anadolu Efes Biracilik Ve Malt Sanayii AS

Arcelik AS
BIM Birlesik Magazalar AS
Coca-Cola Icecek AS
Emlak Konut Gayrimenkul Yatirim Ortakligi AS
Enka Insaat ve Sanayi AS
Eregli Demir ve Celik Fabrikalari TAS
Ford Otomotiv Sanayi AS
KOC Holding AS
Koza Altin Isletmeleri AS
TAV Havalimanlari Holding AS
Tofas Turk Otomobil Fabrik
Tupras-Turkiye Petrol Rafinerileri
Turk Hava Yollari
Turk Sise ve Cam Fabrikalari AS
Turk Telekomunikasyon AS
Turkcell Iletisim Hizmet AS
Turkiye Is Bankasi
Turkiye Vakiflar Bankasi Tao
Yapi ve Kredi Bankasi AS
TWD Equities
557,000
356,044
14,000
113,638
67,000
1,601,000
34,000
349,226
44,300
677,663
67,620
78,200
45,450
566,000
1,791,000
252,994
121,000
354,025
608,323
871,367
Acer Inc.
Advanced Semiconductor Engineering Inc.
Advantech Company Limited
Asia Cement Corp.
Asustek Computer Inc.
AU Optronics Corp.
Catcher Technology Company Limited
Cathay Financial Holding Company Limited
Chailease Holding Company Limited
Chang Hwa Commercial Bank
Cheng Shin Rubber Company Limited
Cheng Uei Precision Industry Company
Chicony Electronics Company Limited
China Airlines
China Development Financial Holding Corp.
China Life Insurance Company Limited
China Motor Corp.
China Petrochemical Development Corp.
China Steel Corp.
Chinatrust Financial Holding Company
137

(expressed in EUR)
Quantity
115,000
36,000
854,000
26,000
54,000
569,760
3,000
160,000
201,000
363,000
164,470
223,604
66,000
55,451
15,000
848,232
126,510
34,000
167,560
142,000
83,327
298,742
8,000
38,600
5,407
501,360
6,000
43,000
648,910
1,129,116
186,000
28,000
3,000
80,000
121,793
40,000
618,114
11,000
46,000
211,090
32,000
316,000
6,000
201,000
157,000
19,000
93,000
21,908
53,532
39,164
20,806
1,224,491
177,000
20,600
950,035
23,000
130,000
Description
Market Value
% NAV
260,703
56,453
475,163
30,579
223,533
274,698
24,545
223,630
81,246
160,870
118,143
187,299
105,265
68,187
19,979
383,139
258,763
67,722
328,446
124,650
141,219
317,162
39,934
59,214
33,113
977,867
53,765
147,634
274,936
312,056
119,341
67,430
88,756
75,485
141,758
431,968
377,781
57,989
41,388
354,148
95,062
295,472
27,832
218,043
174,135
95,537
157,386
58,147
104,280
55,120
38,757
307,108
153,434
66,212
343,529
52,085
149,728
0.18
0.04
0.31
0.02
0.15
0.19
0.02
0.15
0.06
0.11
0.08
0.13
0.07
0.05
0.01
0.26
0.18
0.05
0.22
0.08
0.10
0.22
0.03
0.04
0.02
0.66
0.04
0.10
0.19
0.21
0.08
0.05
0.06
0.05
0.10
0.29
0.26
0.04
0.03
0.24
0.06
0.20
0.02
0.14
0.12
0.07
0.11
0.04
0.07
0.04
0.03
0.21
0.10
0.05
0.23
0.04
0.10
Chunghwa Telecom Company Limited

Clevo Company
Compal Electronics Inc.
CTCI Corp.
Delta Electronics Inc.
E.Sun Financial Holding Company Limited
Eclat Textile Company Limited
Epistar Corp.
Eva Airways Corp.
Evergreen Marine Corp.
Far Eastern Department Store
Far Eastern New Century Corp.
Far EasTone Telecommunications Company Limited
Farglory Land Development Company Limited
Feng Hsin Iron & Steel Company
First Financial Holding Company Limited
Formosa Chemicals & Fibre Company
Formosa Petrochemical Corp.
Formosa Plastics Corp.
Formosa Taffeta Company
Foxconn Technology Company Limited
Fubon Financial Holding Company Limited
Giant Manufacturing Company Limited
Highwealth Construction Corp.
Hiwin Technologies Corp.
Hon Hai Precision Industry
Hotai Motor Company Limited
HTC Corp.
Hua Nan Financial Holdings Company Limited
InnoLux Display Corp.
Inventec Company Limited
Kinsus Interconnect Technology Corp.
Largan Precision Company Limited
LCY Chemical Corp.
Lite-On Technology Corp.
MediaTek Inc.
Mega Financial Holding Company Limited
Merida Industry Company Limited
Nan Kang Rubber Tire Company Limited
Nan Ya Plastics Corp.
Novatek Microelectronics Corp. Limited
Pegatron Corp.
Phison Electronics Corp.
POU Chen Corp.
Powertech Technology Inc.
President Chain Store Corp.
Quanta Computer Inc.
Radiant Opto-Electronics Corp.
Realtek Semiconductor Corp.
Ruentex Development Company Limited
Ruentex Industries Limited
Shin Kong Financial Holding Company Limited
Siliconware Precision Industries Company
Simplo Technology Company Limited
SinoPac Financial Holdings Company Limited
Standard Foods Corp.
Synnex Technology International Corp.
138

(expressed in EUR)
Quantity
1,221,822
608,400
227,000
753,556
113,000
87,980
50,000
747,000
244,000
21,000
24,000
51,000
228,000
191,330
1,788,000
534,000
225,000
479,325
142,000
225,000
1,006,000
164,000
15,750
Description
Market Value
% NAV
435,856
134,368
255,644
299,089
185,729
71,018
117,245
1,918,982
202,898
43,823
25,714
66,439
125,470
250,181
537,691
124,307
84,920
292,372
118,599
76,428
436,030
215,643
27,536
0.30
0.09
0.17
0.20
0.13
0.05
0.08
1.31
0.14
0.03
0.02
0.05
0.09
0.17
0.37
0.08
0.06
0.20
0.08
0.05
0.30
0.15
0.02
20,544,190
14.02
136,639
65,102
119,210
11,222
101,361
37,179
7,429
293,596
151,709
215,082
153,789
526,088
16,886
2,047,300
195,939
172,933
67,688
90,766
148,793
672,735
254,279
32,112
309,740
1,042,617
174,569
27,321
36,189
799,093
63,163
227,422
398,070
0.09
0.04
0.08
0.01
0.07
0.03
0.01
0.20
0.10
0.15
0.10
0.36
0.01
1.40
0.13
0.12
0.05
0.06
0.10
0.47
0.17
0.02
0.21
0.71
0.11
0.02
0.02
0.54
0.04
0.16
0.27
Taishin Financial Holdings Company Limited

Taiwan Business Bank
Taiwan Cement Corp.
Taiwan Cooperative Financial Holding
Taiwan Fertilizer Company Limited
Taiwan Glass Industrial Corp.
Taiwan Mobile Company Limited
Taiwan Semiconductor Manufacturing Company Limited
Teco Electric & Machinery
Transcend Information Inc.
TSRC Corp.
U-Ming Marine Transport Corp.
Unimicron Technology Corp.
Uni-President Enterprises Company
United Microelectronics Corp.
Walsin Lihwa Corp.
Wan Hai Lines Limited
Wistron Corp.
WPG Holdings Company Limited
Yang Ming Marine Transport
Yuanta Financial Holding Company Limited
Yulon Motor Company
Zhen Ding Technology Holding Limited
USD Equities
16,065
3,806
3,351
1,420
1,147
11,410
484
3,048
5,095
7,708
14,137
7,407
700
329,890
84,373
1,912
6,838
49,435
5,516
16,378
19,520
2,713
35,157
23,000
17,182
11,238
830
37,917
4,223
181,562
840
AngloGold Ashanti Limited - ADR

Banco Santander Chile SA - ADR
Bancolombia SA - ADR
Cencosud SA - ADR
Coca-Cola Femsa SAB de CV - ADR
Commercial International Bank - GDR
CorpBanca SA - ADR
Credicorp Limited
Dr Reddys Laboratories Limited - ADR
Ecopetrol SA - ADR
Enersis SA - ADR
Fomento Economico Mexicano SA de CV - ADR
Gail India Limited - GDR - Reg
Gazprom OAO - ADR - Reg
Gold Fields Limited - ADR
Grupo Aeroportuario del Pacifico SAB de CV - ADR
Grupo Financiero Santander Mexico SAB de CV - ADR
Harmony Gold Mining Company Limited - ADR
ICICI Bank Limited - ADR
Infosys Technologies Limited - ADR
Larsen & Toubro Limited - GDR
Latam Airlines Group SA - ADR
LG Display Company Limited - ADR
Lukoil OAO - ADR
Mahindra & Mahindra - GDR
Orascom Telecom Holding SAE - GDR
Philippine Long Distance Telephone - ADR
Reliance Industries Limited - GDR
Rostelecom
RusHydro - ADR
Samsung Electronics Company Limited - GDR
139

(expressed in EUR)
Quantity
17,717
82,990
14,136
4,064
10,130
16,170
9,902
4,956
11,419
9,447
53,043
Description
Market Value
% NAV
635,805
757,657
101,356
168,553
226,426
80,970
274,650
128,940
110,631
182,365
115,290
0.42
0.51
0.07
0.12
0.15
0.06
0.19
0.09
0.08
0.12
0.08
11,378,664
7.74
194,385
101,209
355,324
107,865
59,662
266,648
39,271
367,865
334,353
144,617
132,950
435,663
60,977
87,246
131,024
39,065
718,281
315,098
205,604
84,036
136,258
114,591
39,534
75,167
449,696
113,806
1,031,562
75,036
1,271,415
494,972
121,957
147,672
35,494
50,223
84,864
63,430
547,150
294,107
388,720
196,758
60,419
783,518
612,634
0.13
0.07
0.24
0.07
0.04
0.18
0.03
0.25
0.23
0.10
0.09
0.30
0.04
0.06
0.09
0.03
0.50
0.21
0.14
0.06
0.09
0.08
0.03
0.05
0.31
0.08
0.70
0.05
0.86
0.34
0.08
0.10
0.02
0.03
0.06
0.04
0.36
0.20
0.26
0.13
0.04
0.53
0.41
Sasol Limited - ADR

Sberbank of Russia - ADR
Severstal - GDR - Reg
State Bank of India Limited - GDR
Tata Motors Limited - ADR
Tata Steel Limited - GDR
Tatneft - ADR
Telekomunikasi Indonesia Tbk PT - ADR
Turkcell Iletisim Hizmet AS - ADR
Uralkali - GDR - Reg
VTB Bank OJSC - GDR - Reg
ZAR Equities
21,213
121,218
27,133
3,952
7,005
14,321
1,664
53,086
17,982
24,700
13,101
175,191
9,191
38,284
77,882
21,768
84,280
22,445
39,830
2,735
16,172
39,508
4,389
14,274
256,527
10,031
68,601
26,413
16,742
34,017
67,645
50,744
9,851
23,084
125,748
13,364
148,321
129,607
10,904
17,315
6,629
87,374
195,916
ABSA Group Limited

African Bank Investments Limited
African Rainbow Minerals Limited
Anglo Platinum Limited
AngloGold Ashanti Limited
Aspen Pharmacare Holdings Limited
Assore Limited
Barloworld Limited
Bidvest Group Limited
Discovery Holdings Limited
Exxaro Resources Limited
FirstRand Limited
Foschini Limited
Gold Fields Limited
Growthpoint Properties Limited
Harmony Gold Mining Company Limited
Impala Platinum Holdings Limited
Imperial Holdings Limited
Investec Limited
Kumba Iron Ore Limited
Liberty Holdings Limited
Life Healthcare Group Holding
Massmart Holdings Limited
Mediclinic International Limited
MMI Holdings Limited
Mr Price Group Limited
MTN Group Limited
Nampak Limited
Naspers Limited
Nedbank Group Limited
Netcare Limited
Northam Platinum Limited
Pickn Pay Stores Limited
Pretoria Portland Cement Company Limited
Redefine Income Fund Limited
Reunert Limited
Sanlam Limited
Sappi Limited
Sasol Limited
Shoprite Holdings Limited
Spar Group Limited
Standard Bank Group Limited
Steinhoff International Holdings Limited
140

(expressed in EUR)
Quantity
Market Value
% NAV
110,602
133,030
116,410
129,001
0.08
0.09
0.08
0.09
11,859,169
8.05
Total Equities
146,189,795
99.47

exchange listing
146,189,795
99.47
5,980
25,012
12,632
24,940
Description
Tiger Brands Limited
Truworths International Limited
Vodacom Group Pty Limited
Woolworths Holdings Limited
TWD Equities
47,000
Vanguard International Semiconductor Corp.
40,513
0.03
40,513
0.03
255,007
0.17
USD Equities
46,144
Rosneft Oil Company OAO - GDR
255,007
0.17
Total Equities
295,520
0.20

295,520
0.20
146,485,315
99.67

Other Net Assets
Total Net Assets
485,584
0.33
146,970,899
100.00
141
(continued)

Sector
%
NAV
Banks
Financial services
Semiconductors
Chemicals
Iron and steel
Insurance
Real estate
Retail
Auto manufacturers
Building materials
Food services
Transportation
Machinery
Beverages
Precious metals
Pharmaceuticals
Food
Home furnishings
Commercial services
Tobacco
Agriculture
Apparel
Metal fabrication
Home builders
Household products
Healthcare services
13.54
8.77
8.71
5.45
4.39
3.91
3.88
3.52
3.09
2.97
2.71
2.47
2.38
2.36
2.20
1.99
1.96
1.85
1.73
1.62
1.50
1.38
1.36
1.35
1.12
0.92
0.90
0.87
0.86
0.83
0.81
0.72
0.66
0.65
0.52
0.51
0.50
0.47
0.42
0.38
0.33
0.30
0.29
0.28
0.28
0.24
0.24
0.23
0.20
142


Sector
%
NAV
0.16
0.14
0.12
0.11
0.10
0.09
0.09
0.08
0.05
0.04
0.03
0.02
0.02
0.00
Water utilities
Software
Textiles
Coal
Medical
Biotechnology
Advertising
Restaurants
99.67
Other Net Assets
0.33
Total Net Assets
100.00
143

(expressed in EUR)
Quantity
Description
Market Value
% NAV
BRL Equities
665,000
294,400
223,900
117,200
248,000
471,900
462,300
697,900
290,400
Banco do Brasil SA
Duratex SA
Investimentos Itau SA Pfd
JBS SA
Vale SA
4,991,196
1,266,013
1,822,371
1,341,108
1,003,161
1,291,912
1,247,144
3,666,690
3,189,918
3.75
0.95
1.37
1.01
0.76
0.97
0.94
2.76
2.40
19,819,513
14.91
2,146,515
1.62
2,146,515
1.62
2,638,005
3,032,791
1,761,893
1,000,836
1,660,464
2,052,625
1,021,164
691,555
3,126,639
898,967
364,540
2,503,636
172,321
1,362,924
1,216,789
2,146,654
1,231,081
1,836,328
1.99
2.28
1.33
0.75
1.24
1.55
0.77
0.52
2.36
0.68
0.27
1.88
0.13
1.03
0.91
1.62
0.93
1.38
28,719,212
21.62
1,591,112
1,095,225
1.20
0.82
2,686,337
2.02
2,803,747
896,930
972,566
801,449
1,263,151
586,766
790,557
651,694
2.11
0.68
0.73
0.60
0.95
0.44
0.60
0.49
8,766,860
6.60
CZK Equities
13,290
Komercni Banka AS
HKD Equities
7,895,000
5,539,000
1,139,500
133,000
2,127,200
1,006,000
1,723,600
402,000
7,138,000
1,656,000
1,116,000
9,037,000
155,500
1,528,000
1,926,000
1,208,400
452,000
1,101,000

Dah Chong Hong
Daphne International Holdings Limited
Jiangsu Express - H
Shenzhou International Group Holdings Limited
IDR Equities
3,399,000
8,542,500
Bank Mandiri Tbk Pt

Telekomunikasi Indonesia Tbk Pt
INR Equities
370,180
321,275
293,690
62,170
372,659
28,311
349,940
147,570
Bank of Baroda
Bank of India
Canara Bank
ICICI Bank Limited
State Bank of India Limited
Tata Motors Limited
Tata Motors Limited
144

(expressed in EUR)
Quantity
Description
Market Value
% NAV
1,621,380
4,622,066
1,748,527
1,873,494
1,741,745
2,774,863
1,172,089
3,042,577
6,132,480
844,048
1,891,593
1.22
3.48
1.32
1.41
1.31
2.08
0.88
2.29
4.61
0.64
1.43
27,464,862
20.67
KRW Equities
142,900
182,650
36,170
11,520
59,950
71,930
5,360
174,540
6,500
25,950
11,960

Hyosung Corp.
Kia Motors Corp.
MXN Equities
1,643,160
1,385,739
1.05
1,385,739
1.05
MYR Equities
646,757
RHB Capital Bhd
1,132,028
0.85
1,132,028
0.85
PLN Equities
70,920
2,012,693
1.52
2,012,693
1.52
1,327,541
1,409,799
1.00
1.06
2,737,340
2.06
1,961,416
1,224,892
1.47
0.92
3,186,308
2.39
3,187,656
1,503,037
352,650
1,394,884
1,509,947
1,181,420
1,885,586
2.40
1.13
0.27
1.04
1.14
0.89
1.42
11,015,180
8.29
434,907
5,425,905
515,759
5,251,793
2,369,974
2,408,209
0.33
4.09
0.39
3.95
1.78
1.81
16,406,547
12.35
THB Equities
337,700
223,200
Bangkok Bank pcl - NVDR

PTT pcl - NVDR
TRY Equities
901,681
319,500
Turk Hava Yollari

TWD Equities
4,726,000
319,000
1,276,000
2,174,000
627,000
1,015,029
734,000

USD Equities
124,850
864,350
19,120
114,650
259,595
107,740
Advanced Semiconductor Engineering Inc. - ADR

Gazprom OAO - ADR
ICICI Bank Limited - ADR
Lukoil OAO - ADR
Sberbank of Russia - ADR
Tata Motors Limited - ADR
145

(expressed in EUR)
Quantity
Description
Market Value
% NAV
2,344,858
696,495
1,046,828
648,624
1.77
0.52
0.79
0.49
4,736,805
3.57
Total Equities
132,215,939
99.52

exchange listing
132,215,939
99.52
132,215,939
99.52
ZAR Equities
126,110
61,390
461,316
57,080

Sappi Limited
Other Net Assets

Total Net Assets
638,500
0.48
132,854,439
100.00
146

Sector
%
NAV
Banks
Semiconductors
Real estate
Auto manufacturers
Financial services
Transportation
Metal fabrication
Retail
Iron and steel
Water utilities
Building materials
Food
Apparel
Food services
21.70
13.58
12.24
7.17
7.07
4.97
3.43
3.17
2.74
2.50
2.45
2.41
2.40
2.40
2.38
2.20
2.00
1.70
0.94
0.93
0.52
0.49
0.13
99.52
Other Net Assets
0.48
Total Net Assets
100.00
147

(expressed in EUR)
Quantity
Description
Market Value
% NAV
BRL Equities
17,300
49,200
543,326
40,899
72,570
247,990
65,800
17,900
290,230
109,300
69,600
216,400
46,600
21,200
26,400
23,800
77,500
26,000
39,100
23,455
40,488
16,951
100,600
39,300
6,900
80,390
21,700
15,900
9,600
84,300
14,200
26,100
32,700
37,386
24,800
23,800
72,900
33,400
99,100
37,100
340,262
92,400
52,300
21,636
15,870
23,300
45,449
14,000
3,915
47,800
32,000
47,900
9,200
19,700
AES Tiete SA
All America Latina Logistica SA
Ambev SA
Anhanguera Educacional Participacoes SA
Banco Bradesco SA
Banco Bradesco SA Pfd
Banco do Brasil SA
Banco do Estado do Rio Grande do Sul
Banco Itau Holding Financeira SA
BB Seguridade Participacoes SA
BM&F Bovespa SA
BR Malls Participacoes SA
BR Properties SA
Bradespar SA Pfd
Braskem SA Pfd
BRF - Brasil Foods SA
Centrais Eletricas Brasileiras SA Pfd
Centrais Eletricas Brasileiras SA
CETIP SA - Balcao Organizado de Ativos e Derivativos
Cielo SA
Companhia Brasileira de Distribuicao Grupo Pao de Acucar
Companhia de Concessoes Rodoviarias
Companhia Energetica de Minas Gerais Pfd
Companhia Energetica de Sao Paulo Pfd
Companhia Hering
Companhia Paranaense de Energia
Companhia Siderurgica Nacional SA
Cosan SA Industria e Comercio
CPFL Energia SA
Cyrela Brazil Realty SA
Duratex SA
EcoRodovias Infraestrutura e Logistica SA
EDP - Energias do Brasil SA
Empresa Brasileira de Aeronautica SA
Estacio Participacoes SA
Gerdau SA Pfd
Hypermarcas SA
Investimentos Itau SA Pfd
JBS SA
Klabin SA
Kroton Educacional SA
Localiza Rent a Car
Lojas Americanas SA
Lojas Americanas SA Pfd
Lojas Renner SA
M Dias Branco SA
Marcopolo SA
Metalurgica Gerdau SA
MRV Engenharia e Participacoes SA
Multiplan Empreendimentos Imobiliarios SA
Natura Cosmeticos SA
148
101,589
99,280
2,894,686
187,453
713,216
2,219,070
493,866
69,377
2,798,806
470,024
524,528
736,216
244,401
121,295
203,669
153,741
1,174,090
79,417
70,601
174,600
817,624
547,023
549,894
319,872
78,956
346,444
149,654
146,238
90,155
372,889
172,885
153,264
144,845
151,226
112,903
83,093
423,597
209,692
559,070
201,424
931,529
249,267
197,236
261,289
162,463
97,976
219,911
262,694
120,427
74,988
230,334
124,210
141,215
250,695
0.03
0.03
0.92
0.06
0.22
0.70
0.15
0.02
0.88
0.15
0.16
0.23
0.08
0.04
0.06
0.05
0.37
0.02
0.02
0.05
0.25
0.17
0.16
0.10
0.02
0.11
0.05
0.05
0.03
0.12
0.05
0.05
0.05
0.05
0.04
0.03
0.13
0.07
0.18
0.06
0.30
0.08
0.06
0.08
0.05
0.03
0.07
0.08
0.04
0.02
0.07
0.04
0.04
0.08

(expressed in EUR)
Quantity
27,100
64,645
487,500
342,400
17,000
25,670
22,300
42,700
23,013
33,800
33,505
95,471
12,580
18,700
10,749
37,400
44,100
149,800
223,800
28,400
25,600
Description
Market Value
% NAV
81,944
71,388
2,561,271
1,684,129
155,571
177,665
101,385
316,678
104,697
96,069
462,031
362,099
143,023
206,734
60,177
643,672
192,764
1,645,489
2,253,198
241,550
245,375
0.03
0.02
0.80
0.53
0.05
0.06
0.03
0.10
0.03
0.03
0.14
0.11
0.04
0.06
0.02
0.20
0.06
0.52
0.71
0.08
0.07
34,291,816
10.74
83,347
93,038
235,828
158,518
325,288
124,728
349,568
147,273
101,759
204,749
34,511
102,808
411,419
123,716
243,622
523,739
494,508
389,565
543,278
195,762
34,299
0.03
0.03
0.07
0.05
0.10
0.04
0.11
0.05
0.03
0.06
0.01
0.03
0.13
0.04
0.08
0.16
0.14
0.13
0.17
0.06
0.01
4,921,323
1.53
265,938
97,713
198,045
367,875
172,840
106,760
106,736
802,339
107,370
137,401
0.08
0.03
0.06
0.12
0.05
0.03
0.03
0.25
0.03
0.04
Odontoprev SA
OI SA
Petroleo Brasileiro SA
Porto Seguro SA
Qualicorp
Raia Drogasil SA
Souza Cruz SA
Sul America SA
Suzano Papel e Celulose SA
Telefonica Brasil SA
Tim Participacoes SA
Totvs SA
Tractebel Energia SA
Transmissora Alianca Energia Eletrica SA
Ultrapar Participacoes SA
Usinas Siderurgicas de Minas Gerais SA Pfd
Vale SA
Vale SA Pfd
Votorantim Celulose Papel SA
Weg SA
CLP Equities
207,506
198,503
2,238,024
3,936
7,732,738
9,033
133,756
889,183
11,705
20,449,263
36,801
30,852
380,822
12,563
137,174
53,871
2,272,020
34,173
83,468
10,591
25,177
AES Gener SA
Aguas Andinas SA
Banco de Chile
Banco de Credito e Inversiones
Banco Santander Chile SA
CAP SA
Cencosud SA
Colbun SA
Compania Cervecerias Unidas SA
CorpBanca SA
E.CL SA
Embotelladora Andina SA - Reg
Empresa Nacional de Electricidad SA
Empresa Nacional de Telecomunicaciones SA
Empresas CMPC SA
Empresas Copec SA
Enersis SA
Latam Airlines Group SA
SACI Falabella
Sociedad Quimica y Minera de Chile SA
Vina Concha y Toro SA
COP Equities
23,581
10,986
22,117
41,749
46,916
19,189
7,170
576,846
224,015
10,449
Almacenes Exito SA
Banco Davivienda SA
Bancolombia SA
Bancolombia SA
Cementos Argos SA P.P. 144A
Cemex Latam Holdings SA
Corporacion Financiera Colombiana SA
Ecopetrol SA
Grupo Aval Acciones y Valores Pfd
149

(expressed in EUR)
Quantity
24,789
44,524
17,202
33,593
94,073
Description
Market Value
% NAV
314,041
152,311
126,098
245,494
114,933
0.10
0.05
0.04
0.08
0.04
3,315,894
1.03
338,146
282,326
117,149
0.11
0.09
0.04
737,621
0.24
310,428
112,053
119,599
60,213
0.10
0.04
0.04
0.02
602,293
0.20
111,576
108,412
249,680
89,884
274,028
130,778
149,380
179,484
144,860
114,682
0.03
0.03
0.08
0.03
0.09
0.04
0.05
0.06
0.05
0.04
1,552,764
0.50
299,529
101,111
883,938
102,964
116,246
376,722
90,750
131,700
2,907,652
515,603
120,036
103,399
413,856
170,473
444,123
135,915
430,629
211,620
98,446
0.09
0.03
0.28
0.03
0.04
0.12
0.03
0.04
0.92
0.16
0.04
0.03
0.14
0.05
0.14
0.04
0.13
0.07
0.03
99,609
110,761
396,165
192,204
0.03
0.03
0.12
0.06

Interconexion Electrica SA
Inversiones Argos SA
Inversiones Argos SA P.P. 144A
Isagen SA
CZK Equities
17,903
1,748
10,870
CEZ AS
Komercni Banka AS
Telefonica O2 AS
EGP Equities
91,230
227,788
185,296
39,273
Commercial International Bank

Orascom Telecom Holding SAE
Talaat Moustafa Group
Telecom Egypt
EUR Equities
176,824
4,633
25,820
11,858
28,338
11,274
38,800
117,310
13,413
5,792
Alpha Bank AE
Folli Follie SA
Greek Organisation of Football Prognostics SA
Hellenic Petroleum SA
Hellenic Telecommunications Organization SA
Jumbo SA
National Bank of Greece SA
Piraeus Bank SA
Public Power Corp.
Titan Cement Company SA
HKD Equities
85,000
130,000
2,478,800
190,000
460,000
140,000
101,000
312,000
8,702,000
1,007,100
190,000
182,000
57,500
374,000
529,000
21,000
364,000
59,500
145,280
275,000
244,000
1,005,400
471,000
AAC Acoustic Technologies Holdings Inc.

Agile Property Holdings Limited
Agricultural Bank of China - H
Air China Limited - H
Aluminum Corp. of China Limited
Anhui Conch Cement Company Limited
Anta Sports Products Limited
AviChina Industry & Technology Company - H
Bank of Communications Company Limited
BBMG Corp.
Beijing Capital International Airport Company Limited - H
Beijing Enterprises Holdings Limited
Beijing Enterprises Water Group Limited
Belle International Holdings Limited
Biostime International Holdings Limited
Brilliance China Automotive Holdings Limited
Byd Company Limited
Changsha Zoomlion Heavy Industry Science and Technology
Development Company Limited - H
China Agri-Industries Holdings Limited
China BlueChemical Limited P.P. 144A
China Citic Bank Corp. Limited
China Coal Energy Company - H
150

(expressed in EUR)
Quantity
506,000
306,400
8,340,270
298,500
255,000
98,000
222,000
116,400
57,600
852,000
307,000
156,000
528,300
124,716
601,000
697,500
326,000
182,000
79,000
468,000
303,200
2,951,000
214,500
447,000
258,865
136,000
112,000
236,000
216,000
394,000
611,000
260,000
200,261
1,564,000
534,000
132,500
99,100
386,000
193,000
122,000
2,065,000
184,221
543,224
346,000
332,000
791,000
134,000
185,500
422,000
504,000
1,158,000
675,000
77,000
1,359,000
127,500
74,500
274,000
243,233
Description
Market Value
% NAV
295,996
137,653
4,566,581
105,607
247,738
112,453
236,872
172,569
88,953
1,933,779
287,051
537,313
816,857
330,342
484,321
5,248,746
254,471
409,677
54,642
954,899
862,696
1,748,349
154,989
167,349
126,231
327,772
283,033
424,542
371,582
901,634
115,518
154,770
260,535
573,823
579,768
150,057
141,912
135,841
214,238
241,505
2,787,023
183,458
237,947
115,935
377,235
219,141
83,152
133,687
106,643
128,308
260,121
236,914
73,798
181,891
510,751
82,559
194,390
193,052
0.09
0.04
1.44
0.03
0.08
0.04
0.07
0.05
0.03
0.61
0.09
0.17
0.26
0.10
0.15
1.64
0.08
0.13
0.02
0.31
0.27
0.55
0.05
0.05
0.04
0.10
0.09
0.14
0.12
0.28
0.04
0.05
0.08
0.18
0.18
0.05
0.04
0.04
0.07
0.08
0.88
0.06
0.07
0.04
0.12
0.07
0.03
0.04
0.03
0.04
0.08
0.07
0.02
0.06
0.16
0.03
0.06
0.06
China Communications Construction Company Limited - H

China Communications Services Corp. Limited - H
China Cosco Holdings Company Limited
China Everbright International Limited
China Everbright Limited
China Gas Holdings Limited
China Insurance International Holdings Company Limited
China International Marine - H
China Life Insurance Company Limited - H
China Longyuan Power Group Corp.
China Mengniu Dairy Company Limited
China Merchants Holdings International Company Limited
China Minsheng Banking Corp Limited - H
China Oilfield Services Limited
China Overseas Grand Oceans Group Limited
China Pacific Insurance Group Company Limited
China Railway Construction Corp.
China Railway Group Limited
China Resources Cement Holdings Limited
China Resources Enterprise
China Resources Gas Group Limited
China Resources Land Limited
China Shenhua Energy Company Limited
China Shipping Container Lines Company Limited
China South Locomotive and Rolling Stock Corp.
China State Construction International Holdings Limited
China Telecom Corp. Limited
China Unicom Hong Kong Limited
China Vanke Company Limited - B
Chongqing Changan Automobile Company Limited
Chongqing Rural Commercial Bank - H
CITIC Pacific Limited
CITIC Securities Company Limited - H
Cnooc Limited
Cosco Pacific Limited
Datang International Power Generation Company Limited - H
Dongfeng Motor Group Company Limited
Far East Horizon Limited
Fosun International
Franshion Properties China Limited
Fushan International Energy Group Limited
GCL Poly Energy Holdings Limited
Geely Automobile Holdings Limited
Golden Eagle Retail Group Limited
GOME Electrical Appliances Holdings Limited
Great Wall Motor Company Limited
Guangdong Investment Limited
Guangzhou Automobile Group Company Limited
151

(expressed in EUR)
Quantity
127,200
92,000
52,000
163,200
1,288,600
83,500
368,000
163,000
140,000
163,000
82,200
370,000
190,000
702,000
155,500
87,400
218,000
222,000
620,200
2,436,000
386,780
215,500
266,000
176,000
482,000
58,000
65,900
61,000
158,500
414,333
312,000
340,000
333,623
109,500
603,000
114,400
225,000
267,300
118,200
220,000
42,000
147,000
678,000
58,600
82,000
84,000
26,700
226,000
102,000
724,000
164,000
61,500
59,000
716,000
72,480
Description
Market Value
% NAV
135,007
193,743
85,269
206,210
95,280
715,875
241,447
123,117
124,875
213,585
155,794
473,051
90,872
619,590
157,767
212,687
76,514
140,253
217,680
1,937,990
416,310
1,400,796
103,071
172,306
127,219
153,899
117,068
166,141
264,358
92,296
206,749
195,708
158,938
118,885
125,857
238,238
140,674
273,698
5,471,758
461,239
257,678
108,693
710,727
171,397
96,703
450,888
64,474
149,760
77,520
129,428
112,513
61,591
154,068
111,244
104,471
0.04
0.06
0.03
0.06
0.03
0.22
0.08
0.04
0.04
0.07
0.05
0.15
0.03
0.19
0.05
0.07
0.02
0.04
0.07
0.61
0.13
0.44
0.03
0.05
0.04
0.05
0.04
0.05
0.08
0.03
0.06
0.06
0.05
0.04
0.04
0.07
0.04
0.09
1.72
0.14
0.08
0.03
0.23
0.05
0.03
0.15
0.02
0.05
0.02
0.04
0.04
0.02
0.05
0.03
0.03
59,155,089
18.57
Guangzhou R&F Properties Company Limited

Haier Electronics Group Company Limited
Haitian International Holdings Limited
Haitong Securities Company Limited
Hanergy Solar Group Limited
Hengan International Group Company Limited
Huaneng Power International Inc.
Intime Department Store Group Company Limited
Jiangsu Express - H
Jiangxi Copper Company Limited
Kingboard Chemical Holdings Limited
Kunlun Energy Company Limited
Lee & Man Paper Manufacturing Limited
Lenovo Group Limited
Longfor Properties Company Limited
New China Life Insurance Company - H
New World China Land Limited
Peoples Insurance Company - H
PetroChina Company Limited
PICC Property & Casualty Company Limited
Ping An Insurance Group Company of China Limited
Poly (Hong Kong) Investments Limited
Shandong Weigao Group Medical Polymer Company Limited - H
Shanghai Electric Group Corp. - H
Shanghai Industrial Holdings Limited
Shenzhou International Group Holdings Limited
Shui On Land Limited
Sihuan Pharmaceutical Holdings Group Limited
Sino Biopharmaceutical
Sino-Ocean Land Holdings Limited
Sinopec Engineering Group Company
Sinopec Shanghai Petrochemical Company Limited
Sinopharm Group Company
Soho China Limited
Sun Art Retail Group Limited
Tencent Holdings Limited
Tingyi Cayman Islands Holding Corp.
Tsingtao Brewery Company Limited
Uni-President China Holdings Limited
Want Want China Holdings Limited
Weichai Power Company Limited
Wumart Stores Inc. - H
Xinao Gas Holdings Limited
Yantai Changyu Pioneer Wine Company
Yanzhou Coal Mining Company Limited
Yingde Gases Group Company
Yuexiu Property Company Limited
Zhejiang Expressway Company Limited
Zhongsheng Group Holdings Limited
Zhuzhou CSR Times Electric Company Limited - H
Zijin Mining Group Company Limited - H
ZTE Corp. - H
152

(expressed in EUR)
Quantity
Description
Market Value
% NAV
234,026
353,242
239,337
0.07
0.11
0.09
826,605
0.27
120,606
811,759
97,473
502,481
202,076
552,089
61,925
202,265
101,008
139,002
77,328
202,153
81,505
198,754
94,108
234,988
122,449
123,647
94,077
334,901
287,734
79,363
56,567
668,930
90,963
310,862
256,661
90,700
0.04
0.25
0.03
0.16
0.06
0.17
0.02
0.06
0.03
0.04
0.02
0.06
0.03
0.06
0.03
0.07
0.04
0.04
0.03
0.10
0.09
0.02
0.02
0.21
0.03
0.10
0.08
0.03
6,196,374
1.92
51,384
39,166
84,886
146,965
97,735
191,959
217,535
35,817
139,974
121,939
250,732
209,777
177,908
203,321
48,355
65,630
84,789
331,068
0.02
0.01
0.03
0.05
0.03
0.06
0.07
0.01
0.04
0.04
0.08
0.07
0.06
0.06
0.02
0.02
0.03
0.11
HUF Equities
4,803
25,595
16,163
MOL Hungarian Oil and Gas NyRt

OTP Bank
Richter Gedeon Nyrt
IDR Equities
1,855,500
1,418,000
433,000
1,073,422
857,901
1,277,000
805,000
1,005,000
891,500
55,500
45,500
169,500
134,000
505,000
334,000
3,152,500
2,256,500
188,500
601,000
1,255,000
341,000
507,000
93,000
5,217,500
263,000
200,500
226,530
292,500
Adaro Energy PT
Bank Central Asia Tbk PT
Bank Danamon Indonesia Tbk PT
Bank Mandiri Tbk PT
Bank Negara Indonesia Tbk PT
Bank Rakyat Indonesia
Bumi Serpong Damai PT
Charoen Pokphand Indonesia Tbk PT
Global Mediacom Tbk PT
Gudang Garam Tbk PT
Indo Tambangraya Megah PT
Indocement Tunggal Prakarsa Tbk PT
Indofood CBP Sukses Makmur Tbk PT
Indofood Sukses Makmur Tbk PT
Jasa Marga PT
Kalbe Farma Tbk PT
Lippo Karawaci Tbk PT
Matahari Department Store Tbk PT
Media Nusantara Citra Tbk PT
Perusahaan Gas Negara PT
Semen Gresik Persero Tbk PT
Surya Citra Media Tbk PT
Tambang Batubara Bukit Asam Tbk PT
Telekomunikasi Indonesia Tbk PT
Tower Bersama Infrastructure Tbk PT
Unilever Indonesia Tbk PT
United Tractors Tbk PT
Xl Axiata Tbk PT
INR Equities
3,950
12,717
5,822
68,580
8,802
33,390
9,703
4,729
67,441
29,874
64,710
55,227
37,833
59,757
24,194
4,580
43,352
11,133
ACC Limited
Adani Enterprises Limited
Aditya Birla Nuvo Limited
Ambuja Cements Limited
Apollo Hospitals Enterprise Limited
Asian Paints Limited
Bajaj Auto Limited
Bank of Baroda
Bharat Heavy Electricals
Bharat Petroleum Corp. Limited
Bharti Airtel Limited
Cairn India Limited
Cipla Limited
Coal India Limited
Dabur India Limited
Divis Laboratories Limited
DLF Limited
Dr Reddys Laboratories Limited
153

(expressed in EUR)
Quantity
41,636
1,161
14,374
23,977
183,391
10,028
120,951
74,616
173,454
27,149
79,411
52,843
264,094
105,691
43,436
11,698
39,243
36,106
42,654
4,142
35,694
38,865
68,707
1,338
123,301
88,748
13,830
10,326
30,089
122,612
19,750
16,998
59,356
18,374
148,564
96,160
50,871
12,424
11,681
15,518
68,260
53,761
97,053
103,674
35,966
12,092
3,847
7,604
9,849
74,399
20,382
38,629
Description
Market Value
% NAV
167,214
60,487
144,664
355,172
1,432,684
244,169
173,979
499,571
1,617,173
349,984
155,501
2,161,062
997,260
67,520
133,011
139,609
335,304
453,379
109,722
44,133
134,283
430,545
125,270
83,032
198,191
300,817
79,241
66,839
58,937
143,712
105,027
72,085
90,532
91,781
1,560,377
82,585
131,665
98,042
90,884
321,622
454,454
1,370,040
428,602
111,115
179,002
260,738
79,624
69,021
301,431
488,124
88,528
125,361
0.05
0.02
0.05
0.12
0.45
0.07
0.05
0.16
0.50
0.11
0.05
0.68
0.31
0.02
0.04
0.04
0.11
0.15
0.03
0.01
0.04
0.13
0.04
0.03
0.06
0.09
0.02
0.02
0.02
0.05
0.03
0.02
0.03
0.03
0.49
0.03
0.04
0.03
0.03
0.10
0.15
0.43
0.13
0.03
0.06
0.08
0.02
0.02
0.09
0.15
0.03
0.04
20,362,045
6.39
251,681
212,127
0.08
0.07
Gail India Limited

GlaxoSmithKline Consumer Healthcare Limited
Godrej Consumer Products Limited
HCL Technologies Limited
HDFC Bank Limited
Hero Honda Motors Limited
Hindalco Industries Limited
Hindustan Lever Limited
Housing Development Finance Corp.
ICICI Bank Limited
Idea Cellular Limited
Infosys Technologies Limited
ITC Limited
Jaiprakash Associates Limited
Jindal Steel & Power Limited
JSW Steel Limited
Kotak Mahindra Bank Limited
Larsen & Toubro Limited
Lic Housing Finance Limited
Lupin Limited
Mahindra & Mahindra Financial Services
Mahindra & Mahindra Limited
Mundra Port and Special Economic Zone Limited
Nestle India
NTPC Limited
Oil India Limited
Piramal Healthcare Limited
Power Finance Corp. Limited
Power Grid Corp. of India Limited
Ranbaxy Laboratories Limited
Reliance Capital Limited
Reliance Communication Ventures Limited
Reliance Energy Limited
Reliance Industries Limited
Reliance Power Limited
Rural Electrification Corp Limited
Shriram Transport Finance
Siemens India Limited
State Bank of India Limited
Sun Pharmaceutical Industries Limited
Tata Consultancy Services Limited
Tata Motors Limited
Tata Power Company Limited
Tata Steel Limited
Tech Mahindra Limited
Ultra Tech Cement Limited
United Breweries Limited
United Spirits Limited
Wipro Limited
Yes Bank Limited
Zee Entertainment Enterprises Limited
KRW Equities
366
19,280
Amorepacific Corp.
BS Financial Group Inc.
154

(expressed in EUR)
Quantity
6,921
10,360
5,412
886
1,645
3,176
14,870
18,878
11,290
14,820
4,830
1,240
4,854
10,480
2,360
4,005
5,900
4,300
31,809
4
4
8,640
11,390
3,200
2,087
62,650
3,632
1,730
6,540
8,957
1,492
4,823
3,710
7,130
7,390
1,272
7,933
2,744
17,837
4,490
20,410
6,458
1,953
18,240
11,090
44,438
602
30,979
5,810
29,050
3,102
5,720
1,382
29,950
984
3,031
2,770
Description
Market Value
% NAV
182,517
195,912
329,359
168,765
131,783
205,513
75,361
115,535
271,726
168,152
186,660
118,950
118,160
90,803
432,492
83,998
232,474
114,580
960,248
45
61
360,638
168,787
48,521
332,950
1,585,395
175,578
191,532
104,336
373,869
237,000
852,352
105,874
159,346
57,932
155,695
1,601,084
235,865
2,900,826
402,926
82,105
383,246
255,167
152,395
236,027
1,291,071
193,943
1,195,085
115,862
694,176
142,064
160,481
90,472
156,317
215,175
65,029
60,096
0.06
0.06
0.10
0.05
0.04
0.06
0.02
0.04
0.09
0.05
0.06
0.04
0.04
0.03
0.14
0.03
0.07
0.04
0.30
0.00
0.00
0.11
0.05
0.02
0.10
0.50
0.06
0.06
0.03
0.13
0.07
0.27
0.03
0.05
0.02
0.05
0.50
0.07
0.92
0.13
0.03
0.12
0.08
0.05
0.07
0.40
0.06
0.38
0.04
0.21
0.04
0.05
0.03
0.05
0.07
0.02
0.02
Celltrion Inc.
Cheil Communications Inc.
Cheil Industries Inc.
CJ CheilJedang Corp.
CJ Corp.
Daelim Industrial Company P.P. 144A
Daewoo Engineering & Construction Company Limited
Daewoo Securities Company Limited
Daewoo Shipbuilding & Marine Engineering Company Limited
Dongbu Insurance Company Limited
Doosan Corp.
Doosan Heavy Industries & Construction Company Limited
Doosan Infracore Company Limited
E-Mart Company Limited
GS Engineering & Construction Corp.
GS Holdings Corp.
Halla Climate Control Corp.
Hana Financial Group Inc.
Hanjin Kal Corp.
Hanwha Chem Corp.
Hite Jinro Company Limited
Honam Petrochemical Corp.
Hyosung Corp.
Hyundai Department Store Company Limited
Hyundai Development Company
Hyundai Engineering & Construction
Hyundai Glovis Company Limited
Hyundai Heavy Industries
Hyundai Hyscompany
Hyundai Marine & Fire INS Company
Hyundai Merchant Marine
Hyundai Mipo Dockyard
Hyundai Mobis
Hyundai Motor Company Pfd
Hyundai Motor Company Pfd
Hyundai Securities Company
Hyundai Steel Company
Hyundai Wia Corp.
Industrial Bank of Korea
Kangwon Land Inc.
KCC Corp.
Kia Motors Corp.
Korea Aerospace Industries Limited
Korea Electric Power Corp.
Korea Gas Corp.
Korea Investment Holdings Company Limited
Korea Kumho Petrochemical
Korea Life Insurance Company Limited
Korean Air Lines Company Limited
KT Corp.
155

(expressed in EUR)
Quantity
12,270
5,364
1,313
10,829
26,690
12,138
1,060
1,819
21,760
82
1,369
2,499
2,588
2,888
1,744
3,191
1,468
1,776
312
1,815
4,874
14,376
6,877
12,935
2,364
3,431
4,056
18,810
6,915
3,949
6,926
4,171
50,520
716
2,537
6,878
2,946
19,250
1,115
5,207
408
6,150
41,280
14,414
1,094
Description
Market Value
% NAV
628,593
1,104,726
137,690
476,581
465,259
568,412
399,442
104,695
160,856
107,813
380,324
139,022
116,923
76,260
298,017
1,588,671
97,313
233,263
99,765
93,357
125,350
599,073
345,216
12,203,636
1,646,742
155,716
722,381
492,167
494,532
439,917
209,796
156,030
1,643,211
124,321
235,517
669,248
386,932
100,074
176,348
264,965
266,253
280,810
377,537
95,054
140,678
0.20
0.36
0.04
0.15
0.16
0.18
0.12
0.03
0.05
0.03
0.12
0.04
0.04
0.02
0.09
0.50
0.03
0.07
0.03
0.03
0.04
0.19
0.11
3.83
0.52
0.05
0.23
0.15
0.15
0.14
0.07
0.05
0.51
0.04
0.07
0.21
0.12
0.03
0.06
0.08
0.08
0.09
0.12
0.03
0.04
49,814,605
15.66
659,866
3,468,312
1,149,112
424,391
150,330
146,198
175,111
162,220
356,160
1,610,875
0.21
1.08
0.36
0.13
0.05
0.05
0.05
0.05
0.11
0.50
KT&G Corp.
Lg Chem Limited P.P. 144A
LG Chem Limited
LG Corp.
LG Electronics Inc.
LG Household & Health Care Limited
LG Innotek Company Limited
LG Telecom Limited
Lotte Confectionery Company Limited
Lotte Shopping Company
LS Corp.
LS Industrial Systems Company Limited
Mirae Asset Securities Company Limited
NCSoft Corp.
Nhn Corp.
Nhn Entertainment Corp.
OCI Company Limited
Pacific Corp.
S1 Corp.
Samsung Card Company
Samsung Corp.
Samsung Electro-Mechanics Company Limited
Samsung Electronics Company Limited Pfd
Samsung Engineering Company Limited
Samsung Fire & Marine Insurance Company Limited
Samsung Heavy Industries Company Limited
Samsung Life Insurance
Samsung SDI Company Limited
Samsung Securities Company Limited P.P. 144A
Samsung Techwin Company Limited
Shinsegae Company Limited
SK C&C Company Limited
Sk Energy Company Limited P.P. 144A
SK Holdings Company Limited
SK Networks Company Limited
S-Oil Corp.
South Korea (Govt of)
Woongjin Coway Company Limited
Woori Finance Holdings Company Limited
Woori Investment & Securities Company Limited
Yuhan Corp.
MXN Equities
325,200
4,112,600
1,351,917
48,500
111,100
47,200
21,200
35,856
153,700
230,000
Alfa SA de CV
Cemex SAB de CV
Coca-Cola Femsa SAB de CV
Compartamos SAB de CV
Controladora Comercial Mexicana SA de CV
El Puerto de Liverpool SAB de CV
Embotelladoras Arca SA de CV
Fibra Uno Administracion SA de CV
Fomento Economico Mexicano SAB de CV
156

(expressed in EUR)
Quantity
90,800
23,100
33,800
185,100
65,700
38,500
293,300
292,100
210,000
443,261
303,300
21,300
16,140
175,900
117,051
75,500
68,700
30,800
607,300
Description
Market Value
% NAV
184,243
208,942
130,725
412,306
252,828
98,408
1,484,756
597,720
413,080
1,061,772
1,322,617
103,943
289,919
361,404
348,675
112,660
127,257
266,267
1,152,862
0.06
0.07
0.04
0.13
0.08
0.03
0.47
0.19
0.13
0.32
0.41
0.03
0.09
0.11
0.11
0.04
0.04
0.08
0.36
17,232,959
5.38
50,498
131,511
292,585
64,085
119,243
442,727
95,071
230,143
126,611
916,735
167,282
447,925
171,603
208,868
543,520
334,991
221,481
108,037
256,994
174,961
381,415
78,550
292,391
105,191
1,126,694
103,291
406,549
151,924
96,607
57,584
518,217
224,996
360,423
191,314
551,548
0.02
0.04
0.09
0.02
0.04
0.14
0.03
0.07
0.04
0.29
0.05
0.14
0.05
0.07
0.18
0.10
0.07
0.03
0.08
0.05
0.12
0.02
0.09
0.03
0.35
0.03
0.13
0.05
0.03
0.02
0.16
0.07
0.11
0.06
0.17
Genomma Lab Internacional SA de CV - B

Grupo Comercial Chedraui SA
Grupo Financiero Banorte SAB de CV
Grupo Financiero Inbursa SA
Grupo Financiero Santander Mexico SAB de CV - B
Grupo Mexico SAB de CV
Grupo Televisa SA
Industrias CH SA
Industrias Penoles SA de CV
Kimberly-Clark de Mexico SA de CV
Mexichem Sab de CV
Minera Frisco SAB de CV
OHL Mexico SAB de CV
Promotora y Operadora de Infraestructura SAB de CV
Wal-Mart de Mexico SAB de CV
MYR Equities
103,600
124,700
182,400
26,200
179,400
289,600
105,951
16,200
141,800
543,000
210,900
407,600
172,500
196,400
239,100
345,200
69,420
31,500
300,500
134,300
365,500
121,833
53,000
55,400
511,600
51,800
252,400
120,300
151,400
94,511
338,000
32,300
67,000
53,500
127,400
Airasia BHD
Alliance Financial Group Bhd
Ammb Holdings BHD
Asiatic Development Bhd
Astro Malaysia Holdings BHD
Axiata Group BHD
Berjaya Sports Toto Bhd
British American Tobacco Malaysia Bhd
Bumi Armada Bhd
CIMB Group Holdings Bhd
Dialog Group BHD
Digi.Com Bhd
Felda Global Ventures Holdings Bhd
Gamuda Bhd
Genting Bhd
Genting Malaysia Bhd
Hong Leong Bank Bhd
Hong Leong Credit Bhd
Ihh Healthcare BHD
IJM Corp. Bhd
IOI Corp. Bhd
IOI Properties Group Sdn Bhd*
Kuala Lumpur Kepong Bhd
Lafarge Malayan Cement Bhd
Malayan Banking BHD
Malaysia Airports Holdings Bhd
Maxis Bhd
MISC Bhd
MMC Corp. Bhd
Parkson Holdings Bhd
Petronas Chemicals Group Bhd
Petronas Dagangan Bhd
Petronas Gas Bhd
PPB Group Bhd
Public Bank Bhd
157

(expressed in EUR)
Quantity
87,500
413,600
311,600
114,600
336,725
181,700
60,500
537,720
254,600
Description
Market Value
% NAV
153,153
449,020
657,239
140,918
848,999
95,007
161,656
193,001
106,613
0.05
0.14
0.21
0.04
0.26
0.03
0.05
0.06
0.03
12,557,171
3.91
202,027
143,877
100,191
181,814
263,008
191,045
101,998
117,873
112,835
102,168
184,644
148,633
153,689
79,997
39,642
214,255
207,192
198,898
210,618
0.06
0.05
0.03
0.06
0.08
0.06
0.03
0.04
0.04
0.03
0.06
0.05
0.05
0.03
0.01
0.07
0.06
0.06
0.07
2,954,404
0.94
85,979
95,381
85,017
658,745
313,220
205,272
97,150
63,243
109,238
68,604
95,695
45,503
80,125
462,732
324,473
363,793
256,879
971,447
700,652
99,616
110,987
191,911
0.03
0.03
0.03
0.21
0.10
0.06
0.03
0.02
0.03
0.02
0.03
0.01
0.03
0.15
0.10
0.11
0.08
0.30
0.22
0.03
0.03
0.06
5,485,662
1.71
RHB Capital Bhd

Sapurakencana Petroleum BHD
Sime Darby Bhd
Telekom Malaysia Bhd
Tenaga Nasional Bhd
UEM Land Holdings Bhd
Umw Holdings BHD
YTL Corp. Bhd
YTL Power International Bhd
PHP Equities
226,500
258,800
237,500
21,466
649,900
170,320
73,388
128,730
1,294,700
3,810
110,710
235,800
54,300
1,132,519
32,090
4,915
17,822
828,625
113,890
Aboitiz Equity Ventures Inc.

Aboitiz Power Corp.
Alliance Global Group Inc.
Ayala Corp.
Ayala Land Inc.
Banco de Oro Unibank Inc.
Bank of the Philippine Islands
DMCI Holdings Inc.
Energy Development Corp.
Globe Telecom Inc.
International Container Terminal Services Inc.
Jg Summit Holdings Inc.
Jollibee Foods Corp.
Metro Pacific Investments Corp.
Metropolitan Bank & Trust
Philippine Long Distance Telephone
SM Investments Corp.
Sm Prime Holdings Inc.
Universal Robina Corp.
PLN Equities
4,388
3,777
49,096
15,259
3,360
1,707
20,401
19,335
9,524
4,564
11,224
3,561
8,751
16,305
82,870
36,893
207,393
102,465
6,489
75,721
105,600
81,423
Alior Bank SA
Bank Handlowy w Warszawie
Bank Millennium SA
Bank Pekao SA
Bank Zachodni WBK SA
BRE Bank SA
Cyfrowy Polsat SA
Enea SA
Eurocash SA
Grupa Azoty SA
Grupa Lotos SA
Jastrzebska Spolka Weglowa SA
Kernel Holding SA
Polska Grupa Energetyczna SA
Polski Koncern Naftowy Orlen
Polskie Gornictwo Naftowe I Gazownictwo SA
Powszechna Kasa Oszczednosci Bank Polski SA
Powszechny Zaklad Ubezpieczen SA
Synthos SA
Tauron Polska Energia SA
Telekomunikacja Polska SA - GDR
158

(expressed in EUR)
Quantity
Description
Market Value
% NAV
527,393
173,623
267,710
379,747
97,052
83,509
149,114
128,867
140,531
250,037
467,587
121,757
68,322
94,921
106,152
472,213
274,932
152,803
81,009
590,712
348,097
632,894
329,071
165,196
647,783
118,638
68,820
96,732
0.17
0.05
0.08
0.12
0.03
0.03
0.05
0.04
0.04
0.08
0.15
0.04
0.02
0.03
0.03
0.15
0.09
0.05
0.03
0.19
0.11
0.20
0.10
0.05
0.20
0.04
0.02
0.03
7,035,222
2.22
216,077
143,931
389,211
127,866
171,424
97,305
141,077
61,900
273,985
216,770
39,465
98,648
65,083
208,709
138,122
75,302
105,365
339,569
284,558
111,318
81,213
125,663
0.07
0.05
0.12
0.04
0.05
0.03
0.04
0.02
0.09
0.07
0.01
0.03
0.02
0.07
0.04
0.02
0.03
0.11
0.09
0.03
0.03
0.04
3,512,561
1.10
THB Equities
119,700
49,600
68,100
96,600
37,400
125,000
133,700
670,700
155,200
353,800
504,100
78,200
330,866
214,900
1,474,400
134,900
79,800
419,325
177,200
160,644
199,515
100,200
36,700
18,700
204,400
95,500
1,512,700
584,000
Advanced Info Service pcl

Airports of Thailand pcl
Bangkok Bank pcl
Bangkok Bank pcl - Reg
Bangkok Dusit Medical Service pcl
Banpu pcl
BEC World pcl
BTS Group Holdings pcl
Central Pattana Pub Compamy
Charoen Pokphand Foods pcl
CP ALL pcl
Glow Energy pcl
Home Product Center pcl
Indorama Ventures pcl
IRPC pcl
Kasikornbank pcl
Kasikornbank pcl
Krung Thai Bank pcl
Minor International pcl
PTT Exploration & Production pcl
PTT Global Chemical pcl
PTT pcl
Siam Cement pcl
Siam Cement pcl
Siam Commercial Bank pcl - Reg
Thai Oil pcl
Tmb Bank pcl
True Corp. pcl
TRY Equities
27,514
35,071
26,550
7,315
241,669
47,853
161,885
8,073
93,882
72,926
5,263
18,903
14,379
14,403
63,496
81,961
52,338
88,573
181,170
86,272
15,818
100,008
Anadolu Efes Biracilik Ve Malt Sanayii AS

Arcelik AS
BIM Birlesik Magazalar AS
Coca-Cola Icecek AS
Emlak Konut Gayrimenkul Yatirim Ortakligi AS
Enka Insaat ve Sanayi AS
Eregli Demir ve Celik Fabrikalari TAS
Ford Otomotiv Sanayi AS
Haci Omer Sabanci Holding AS
KOC Holding AS
Koza Altin Isletmeleri AS
TAV Havalimanlari Holding AS
Tofas Turk Otomobil Fabrik
Tupras-Turkiye Petrol Rafinerileri
Turk Hava Yollari
Turk Sise ve Cam Fabrikalari AS
Turk Telekomunikasyon AS
Turkiye Is Bankasi
Turkiye Vakiflar Bankasi Tao
Ulker Gida Sanayi ve Ticaret AS
Yapi ve Kredi Bankasi AS
159

(expressed in EUR)
Quantity
Description
Market Value
% NAV
122,541
478,244
161,910
252,233
70,351
505,487
200,517
372,225
1,021,315
161,695
216,388
354,585
92,608
126,954
103,187
350,285
184,561
65,332
52,025
882,194
731,363
1,024,221
131,723
262,112
108,201
861,014
286,740
171,813
153,746
110,713
101,884
87,862
290,992
283,896
68,187
109,219
345,634
758,432
60,619
268,896
929,592
77,248
149,810
812,211
161,278
141,424
78,543
124,244
2,495,445
232,980
285,894
245,332
216,900
190,367
110,778
355,023
0.04
0.15
0.05
0.08
0.02
0.16
0.06
0.11
0.32
0.05
0.07
0.11
0.03
0.04
0.03
0.11
0.06
0.02
0.02
0.28
0.23
0.32
0.04
0.08
0.03
0.27
0.09
0.05
0.05
0.03
0.03
0.03
0.09
0.09
0.02
0.03
0.11
0.24
0.02
0.08
0.29
0.02
0.05
0.25
0.05
0.04
0.02
0.04
0.79
0.07
0.09
0.08
0.07
0.06
0.03
0.11
TWD Equities
275,000
709,042
32,200
268,359
187,000
77,460
865,000
79,000
869,290
84,700
484,282
186,693
63,599
69,609
387,000
1,598,386
250,977
93,000
157,100
1,341,845
1,475,946
451,800
84,000
471,089
92,000
208,000
594,737
21,000
110,000
273,900
229,898
122,315
347,395
178,000
55,451
82,000
765,199
370,800
7,322
135,000
474,240
88,000
88,396
765,041
32,309
6,000
51,200
20,288
1,279,433
26,000
83,270
579,039
784,814
296,697
46,000
12,000
Acer Inc.
Advantech Company Limited
Asia Cement Corp.
Asia Pacific Telecom Company Limited
Asustek Computer Inc.
AU Optronics Corp.
Cathay Financial Holding Company Limited
Chailease Holding Company Limited
Chang Hwa Commercial Bank
Cheng Shin Rubber Company Limited
Cheng Uei Precision Industry Company
Chicony Electronics Company Limited
China Airlines
China Development Financial Holding Corp.
China Life Insurance Company Limited
China Motor Corp.
China Petrochemical Development Corp.
China Steel Corp.
Chinatrust Financial Holding Company
Chunghwa Telecom Company Limited
Clevo Company
Compal Electronics Inc.
CTCI Corp.
Delta Electronics Inc.
E.Sun Financial Holding Company Limited
Eclat Textile Company Limited
Epistar Corp.
Eva Airways Corp.
Evergreen Marine Corp.
Far Eastern Department Store
Far Eastern New Century Corp.
Far EasTone Telecommunications Company Limited
Farglory Land Development Company Limited
Feng Hsin Iron & Steel Company
First Financial Holding Company Limited
Formosa Chemicals & Fibre Company
Formosa International Hotels
Formosa Petrochemical Corp.
Formosa Plastics Corp.
Formosa Taffeta Company
Foxconn Technology Company Limited
Fubon Financial Holding Company Limited
Giant Manufacturing Company Limited
Hermes Microvision Inc.
Highwealth Construction Corp.
Hiwin Technologies Corp.
Hon Hai Precision Industry
Hotai Motor Company Limited
HTC Corp.
Hua Nan Financial Holdings Company Limited
Largan Precision Company Limited
160

(expressed in EUR)
Quantity
70,336
227,825
139,549
1,195,120
23,000
25,649
94,494
547,420
61,000
180,000
23,199
254,640
79,800
64,000
286,000
51,850
71,523
75,000
53,578
31,000
855,157
343,000
42,350
736,886
25,944
144,213
769,700
464,089
404,298
695,330
83,000
158,631
189,400
2,884,000
202,000
23,937
22,000
91,960
80,000
112,000
495,179
1,424,000
540,000
64,600
244,043
148,023
237,600
921,062
90,000
40,792
Description
Market Value
% NAV
66,366
265,172
1,507,017
730,438
121,251
216,719
85,019
918,412
181,212
168,307
107,612
276,231
88,509
321,809
484,004
137,617
139,326
105,557
99,804
66,125
214,477
297,332
136,121
266,455
58,751
166,098
274,572
102,496
455,314
275,979
136,421
128,047
444,124
7,408,762
167,973
102,584
45,909
98,526
104,218
61,635
647,492
428,228
125,704
24,382
148,858
123,629
80,708
399,215
118,341
71,318
0.02
0.08
0.47
0.23
0.04
0.07
0.03
0.29
0.06
0.05
0.03
0.09
0.03
0.10
0.15
0.04
0.04
0.03
0.03
0.02
0.07
0.09
0.04
0.08
0.02
0.05
0.09
0.03
0.14
0.09
0.04
0.04
0.14
2.32
0.05
0.03
0.01
0.03
0.03
0.02
0.20
0.13
0.04
0.01
0.05
0.04
0.03
0.13
0.04
0.02
37,799,149
11.80
181,994
760,962
158,933
1,474,181
242,750
0.06
0.24
0.05
0.47
0.08
LCY Chemical Corp.

MediaTek Inc.
Mega Financial Holding Company Limited
Merida Industry Company Limited
MStar Semiconductor Inc.
Nan Kang Rubber Tire Company Limited
Nan Ya Plastics Corp.
Novatek Microelectronics Corp. Limited
Pegatron Corp.
Phison Electronics Corp.
POU Chen Corp.
Powertech Technology Inc.
President Chain Store Corp.
Quanta Computer Inc.
Radiant Opto-Electronics Corp.
Realtek Semiconductor Corp.
Ruentex Development Company Limited
Ruentex Industries Limited
Scinopharm Taiwan Limited
Shin Kong Financial Holding Company Limited
Siliconware Precision Industries Company
Simplo Technology Company Limited
SinoPac Financial Holdings Company Limited
Standard Foods Corp.
Synnex Technology International Corp.
Taishin Financial Holdings Company Limited
Taiwan Business Bank
Taiwan Cement Corp.
Taiwan Cooperative Financial Holding
Taiwan Fertilizer Company Limited
Taiwan Glass Industrial Corp.
Taiwan Mobile Company Limited
Teco Electric & Machinery
TPK Holding Company Limited
Transcend Information Inc.
TSRC Corp.
U-Ming Marine Transport Corp.
Unimicron Technology Corp.
Uni-President Enterprises Company
United Microelectronics Corp.
Walsin Lihwa Corp.
Wan Hai Lines Limited
Wistron Corp.
WPG Holdings Company Limited
Yang Ming Marine Transport
Yuanta Financial Holding Company Limited
Yulon Motor Company
Zhen Ding Technology Holding Limited
USD Equities
22,351
7,900
123,800
30,685
9,985
Companhia de Minas Buenaventura SA - ADR

Credicorp Limited
Inner Mongolia Yitai Coal Company - B
Magnit OJSC
Megafon OAO - GDR
161

(expressed in EUR)
Quantity
61,300
68,757
10,700
418
20,060
Description
Market Value
% NAV
962,240
98,323
1,063,050
9,744
417,956
0.30
0.03
0.33
0.00
0.13
5,370,133
1.69
372,643
131,143
168,489
217,503
373,242
736,638
95,252
174,224
623,374
199,085
146,955
883,108
155,670
190,955
373,682
81,038
525,826
291,303
178,054
289,257
110,956
310,093
102,506
242,735
201,490
309,957
2,945,248
193,707
3,468,861
342,335
225,433
135,878
133,597
118,072
213,084
796,892
123,641
269,160
145,146
759,821
138,316
0.12
0.04
0.05
0.07
0.12
0.24
0.03
0.05
0.20
0.06
0.05
0.28
0.05
0.06
0.12
0.03
0.16
0.09
0.06
0.09
0.03
0.10
0.03
0.08
0.06
0.10
0.92
0.06
1.09
0.11
0.07
0.04
0.04
0.04
0.07
0.25
0.04
0.08
0.05
0.24
0.04
Mobile Telesystems OJSC - ADR

Moscow Exchange Micex-Rts OAO
NovaTek OAO - GDR
Sistema JSFC - GDR - Reg
Southern Peru Copper Corp.
ZAR Equities
40,666
157,070
12,866
7,969
43,823
39,563
4,036
25,142
33,526
34,003
14,481
355,120
23,464
83,792
222,120
45,157
61,698
20,750
34,493
9,414
13,169
106,912
11,380
46,095
114,939
27,320
195,865
68,186
45,678
23,527
125,039
46,691
37,079
54,269
315,738
55,341
26,050
80,343
76,313
205,972
60,953
ABSA Group Limited

African Bank Investments Limited
African Rainbow Minerals Limited
Anglo Platinum Limited
AngloGold Ashanti Limited
Aspen Pharmacare Holdings Limited
Assore Limited
Barloworld Limited
Discovery Holdings Limited
Exxaro Resources Limited
FirstRand Limited
Foschini Limited
Gold Fields Limited
Growthpoint Properties Limited
Harmony Gold Mining Company Limited
Impala Platinum Holdings Limited
Imperial Holdings Limited
Investec Limited
Kumba Iron Ore Limited
Liberty Holdings Limited
Life Healthcare Group Holding
Massmart Holdings Limited
Mediclinic International Limited
MMI Holdings Limited
MTN Group Limited
Nampak Limited
Naspers Limited
Nedbank Group Limited
Netcare Limited
Northam Platinum Limited
Pickn Pay Stores Limited
Pretoria Portland Cement Company Limited
Redefine Income Fund Limited
Remgro Limited
Reunert Limited
RMB Holdings Limited
RMI Holdings
Sanlam Limited
Sappi Limited
162

(expressed in EUR)
Quantity
64,468
48,919
18,890
139,990
156,544
18,315
50,156
42,306
86,396
Description
Market Value
% NAV
2,298,238
555,887
172,169
1,255,347
489,517
338,742
266,762
389,869
446,877
0.73
0.17
0.05
0.39
0.15
0.11
0.08
0.12
0.14
Sasol Limited
Spar Group Limited
Standard Bank Group Limited
Steinhoff International Holdings Limited
Tiger Brands Limited
Truworths International Limited
Vodacom Group Pty Limited
Woolworths Holdings Limited
23,707,777
7.45
Total Equities
297,431,467
93.25

exchange listing
297,431,467
93.25
RUB Equities
109,969
153,443
Rostelecom OJSC
Tatneft
268,610
703,647
0.08
0.22
972,257
0.30
72,407
0.02
72,407
0.02
77,882
4,194,108
2,658,656
746,463
32,951
203,563
204,433
2,785,304
170,633
313,683
516,796
455,724
84,130
344,019
608,286
657,338
0.02
1.32
0.83
0.23
0.01
0.06
0.06
0.87
0.05
0.10
0.16
0.14
0.03
0.11
0.19
0.21
14,053,969
4.39
15,098,633
15,098,633
4.71
4.71
TWD Equities
84,000
Vanguard International Semiconductor Corp.
USD Equities
39,095,581
1,368,698
59,011
134,370
13,490
16,242,000
115,664
1,248,066
24,220
13,457
826,425
797,330
18,346
180
160,226
599,456,753
Federal Grid Company Unified Energy System JSC

Gazprom OAO
Lukoil OAO
Rosneft
Rostelecom OJSC
RusHydro
Sberbank RF Pfd
Sberbank RF
Severstal
Sistema JSFC - GDR - Reg
Surgutneftegaz
Surgutneftegaz Pfd
Tatneft
Transneft Pfd
Uralkali
VTB Bank OJSC
Total Equities
163

(expressed in EUR)
Quantity
Description
Market Value
% NAV
0.00

MAD Rights
21,507
Douja Prom Addoha - Right*
0.00
Total Rights
0.00
0.00
312,530,100
97.96
6,524,534
2.04
319,054,634
100.00

Other Net Assets
Total Net Assets
164

Sector
%
NAV
Banks
Semiconductors
Financial services
Chemicals
Insurance
Retail
Auto manufacturers
Iron and steel
Food services
Beverages
Real estate
Building materials
Transportation
Machinery
Pharmaceuticals
Food
Tobacco
Commercial services
Precious metals
Household products
Home furnishings
Agriculture
Apparel
Healthcare services
Software
Water utilities
13.96
9.19
8.37
7.15
4.70
3.53
3.53
2.96
2.56
2.55
2.47
2.43
2.34
2.33
2.01
1.87
1.74
1.65
1.55
1.50
1.33
1.27
1.26
1.06
1.03
1.01
0.93
0.90
0.83
0.76
0.72
0.71
0.70
0.58
0.51
0.48
0.42
0.41
0.39
0.36
0.35
0.33
0.31
0.28
0.28
0.26
0.24
0.24
0.23
165
(continued)


Sector
Metal fabrication
Medical
Coal
Home builders
Textiles
Advertising
Biotechnology
Restaurants
Holding companies
%
NAV
0.22
0.21
0.17
0.17
0.13
0.10
0.07
0.07
0.06
0.06
0.06
0.04
0.03
0.00
97.96
Other Net Assets
2.04
Total Net Assets
100.00
166

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
EUR Supranationals, Governments and Local Public Authorities, Debt Instruments
450,000
1,400,000
1,400,000
2,000,000
1,000,000
700,000
1,100,000
4,330,000
5,200,000
950,000
4,600,000
1,500,000
7,900,000
1,470,000
1,000,000
1,000,000
500,000
700,000
600,000
2,900,000
700,000
1,500,000
2,500,000
800,000
1,000,000
1,600,000
1,000,000
250,000
300,000
2,500,000
2,600,000
1,750,000
500,000
1,000,000
2,000,000
500,000
5,000,000
5,650,000
6,500,000
2,500,000
1,700,000
2,000,000
3,500,000
6,000,000
13,650,000
4,000,000
5,300,000
3,000,000
4,000,000
1,200,000
3,500,000
600,000
Asfinag 3.375% - 22/Sep/25

Austria (Govt of) 3.400% - 22/Nov/22
Austria (Govt of) 4.150% - 15/Mar/37
Austria (Govt of) 4.650% - 15/Jan/18
Autobahn Schnell AG 2.750% - 20/Jun/33
Autobahnen und Schnellstrasen-Finanzierungs AG 1.750% - 21/Oct/20
Belgium (Govt of) 1.250% - 22/Jun/18
Belgium (Govt of) 3.000% - 28/Sep/19
Belgium (Govt of) 4.000% - 28/Mar/22
Bpifrance Finance 2.750% - 25/Oct/25
Caisse Nationale des Autoroutes 4.500% - 28/Mar/18
Czech (Govt) 3.875% - 24/May/22
Euro Stability Mechanism 2.125% - 20/Nov/23
European Financial Stability Facility 1.250% - 31/Jul/18
European Financial Stability Facility 1.500% - 22/Jan/20
European Financial Stability Facility 1.875% - 23/May/23
European Financial Stability Facility 2.750% - 3/Dec/29
European Investment Bank 1.000% - 13/Jul/18
European Investment Bank 2.000% - 14/Apr/23
European Investment Bank 3.000% - 28/Sep/22
European Investment Bank 3.625% - 14/Mar/42
European Investment Bank 4.750% - 15/Oct/17
European Stability Mechanism 1.250% - 15/Oct/18
European Union 2.500% - 4/Nov/27
European Union 2.750% - 4/Apr/22
Fade - Fondo de Amortizacion del Deficit Electrico 2.875% - 17/Sep/16
Fade - Fondo de Amortizacion del Deficit Electrico 4.000% - 17/Dec/15
Finland (Govt of) 1.125% - 15/Sep/18
France (Govt of) OAT 3.000% - 25/Apr/22
France (Govt of) OAT 3.250% - 25/Oct/21
167
487,519
1,544,900
1,679,300
2,299,400
1,239,375
677,383
1,105,093
4,342,774
5,600,530
985,815
5,205,130
1,650,975
9,062,880
1,840,109
1,284,450
991,510
568,745
781,127
591,666
2,909,135
694,908
1,488,863
2,420,312
786,840
999,530
1,571,824
1,069,625
277,458
344,153
2,874,625
2,980,769
1,757,446
492,963
1,061,585
2,040,749
522,735
5,015,250
6,042,393
6,930,625
2,731,813
1,896,690
2,150,650
3,853,675
6,769,500
15,430,983
4,457,100
6,093,543
3,473,625
4,811,600
1,479,960
4,573,450
800,310
0.08
0.25
0.27
0.37
0.20
0.11
0.18
0.71
0.91
0.16
0.85
0.27
1.48
0.30
0.21
0.16
0.09
0.13
0.10
0.47
0.11
0.24
0.39
0.13
0.16
0.26
0.17
0.05
0.06
0.47
0.48
0.29
0.08
0.17
0.33
0.09
0.82
0.98
1.13
0.44
0.31
0.35
0.63
1.10
2.52
0.73
0.99
0.57
0.78
0.24
0.74
0.13

(expressed in EUR)
Quantity/
Nominal
Value
5,000,000
14,350,000
4,250,000
1,500,000
4,300,000
8,000,000
6,300,000
4,500,000
2,000,000
3,300,000
2,000,000
400,000
1,400,000
700,000
600,000
600,000
1,000,000
1,000,000
2,000,000
1,000,000
4,000,000
7,000,000
4,400,000
3,000,000
12,000,000
3,000,000
3,500,000
8,200,000
250,000
7,500,000
1,800,000
4,000,000
13,000,000
2,600,000
2,500,000
7,600,000
2,500,000
1,200,000
8,000,000
3,000,000
3,600,000
4,000,000
1,000,000
2,000,000
2,300,000
1,000,000
1,000,000
4,500,000
1,300,000
1,000,000
700,000
1,900,000
1,100,000
700,000
1,000,000
750,000
Description
Market Value
% NAV
4,902,250
14,406,682
4,508,506
1,610,850
4,763,110
8,958,599
7,626,623
5,186,588
2,640,500
4,554,825
2,968,300
379,944
1,448,132
708,313
612,960
643,842
1,084,645
1,035,225
2,219,950
1,094,500
4,064,600
7,172,725
4,624,180
3,158,775
12,737,999
3,152,175
3,226,913
8,788,349
265,869
8,136,938
1,938,420
4,318,200
14,098,824
2,782,325
2,735,500
8,169,430
2,588,813
1,237,260
8,830,199
3,245,700
4,053,060
4,851,000
1,112,630
1,918,552
2,534,428
1,121,325
1,165,475
5,149,013
1,548,300
1,020,910
664,164
1,979,477
1,104,004
701,054
1,138,300
782,854
0.80
2.36
0.73
0.26
0.78
1.46
1.24
0.84
0.43
0.74
0.48
0.06
0.24
0.12
0.10
0.10
0.18
0.17
0.36
0.18
0.66
1.17
0.75
0.51
2.08
0.51
0.53
1.43
0.04
1.32
0.32
0.70
2.31
0.45
0.45
1.33
0.42
0.20
1.44
0.53
0.66
0.79
0.18
0.31
0.41
0.18
0.19
0.84
0.25
0.17
0.11
0.31
0.18
0.11
0.19
0.13
Germany (Govt of) 1.500% - 4/Sep/22

Germany (Govt of) 1.750% - 4/Jul/22
Germany (Govt of) 2.500% - 4/Jan/21
Grand Duchy of Luxembourg (Govt of) 2.250% - 19/Mar/28
Hessen (Govt of) 1.750% - 10/Feb/17
Hessen (Govt of) 1.750% - 19/Jun/20
Instituto de Credito Oficial 3.250% - 10/Feb/15
Instituto de Credito Oficial 4.625% - 31/Jan/17
Instituto de Credito Oficial 4.875% - 30/Jul/17
Ireland (Govt of) 3.900% - 20/Mar/23
Ireland (Govt of) 4.500% - 18/Oct/18
Ireland (Govt of) 4.500% - 18/Apr/20
Italy (Govt of) BPT 2.250% - 15/May/16
Italy (Govt of) BPT 3.000% - 15/Apr/15
Italy (Govt of) BPT 3.750% - 1/Aug/16
Italy (Govt of) BPT 4.000% - 1/Feb/17
Italy (Govt of) BPT 4.000% - 1/Sep/20
Italy (Govt of) BPT 4.250% - 1/Mar/20
Italy (Govt of) BPT 5.250% - 1/Nov/29
Luxembourg (Govt of) 3.375% - 18/May/20
Netherlands (Govt of) 1.750% - 15/Jul/23
Netherlands (Govt of) 3.750% - 15/Jan/42
North Rhine-Westphalia (Govt of) 1.750% - 17/May/19
North Rhine-Westphalia (Govt of) 2.000% - 15/Oct/25
NRW.Bank 1.250% - 22/Oct/18
Oebb Infrastruktur AG 3.000% - 24/Oct/33
Ontario Canada (Province of) 4.000% - 3/Dec/19
Poland (Govt of) 3.375% - 9/Jul/24
168

(expressed in EUR)
Quantity/
Nominal
Value
1,000,000
350,000
1,500,000
1,200,000
8,500,000
5,500,000
5,000,000
8,000,000
1,500,000
10,000,000
3,200,000
3,700,000
5,500,000
8,500,000
1,000,000
5,000,000
2,850,000
2,700,000
1,500,000
Description
% NAV
1,132,500
424,741
1,485,667
1,243,260
8,773,700
5,728,250
5,260,750
8,318,599
1,364,175
10,629,749
3,268,640
4,007,563
5,787,788
9,218,674
1,021,775
5,553,000
3,242,018
3,100,343
1,504,590
0.18
0.07
0.24
0.20
1.43
0.93
0.86
1.35
0.22
1.74
0.53
0.65
0.94
1.51
0.17
0.90
0.53
0.50
0.24
431,281,234
70.22
431,281,234
70.22
467,348
350,912
502,930
759,906
333,648
1,019,654
601,518
401,010
499,145
460,289
201,783
190,212
309,834
554,262
410,368
857,734
747,850
400,852
688,174
503,313
444,518
400,452
204,296
576,252
454,235
401,012
384,526
302,513
526,350
501,933
499,973
696,126
418,994
0.08
0.06
0.08
0.12
0.05
0.17
0.10
0.07
0.08
0.07
0.03
0.03
0.05
0.09
0.07
0.14
0.11
0.07
0.11
0.08
0.07
0.07
0.03
0.09
0.07
0.07
0.06
0.05
0.09
0.08
0.08
0.12
0.07
Poland (Govt of) 4.200% - 15/Apr/20

Poland (Govt of) 5.250% - 20/Jan/25
Quebec Canada (Province of) 2.250% - 17/Jul/23
Slovakia (Govt of) 3.000% - 28/Feb/23
Spain (Govt of) 3.150% - 31/Jan/16
Spain (Govt of) 3.750% - 31/Oct/15
Spain (Govt of) 4.000% - 30/Apr/20
Spain (Govt of) 4.600% - 30/Jul/19
Sweden (Govt of) 0.875% - 31/Jan/18
Total Supranationals, Governments and Local Public Authorities, Debt Instruments

EUR Bonds
450,000
350,000
500,000
700,000
300,000
900,000
500,000
400,000
500,000
450,000
200,000
200,000
300,000
500,000
400,000
850,000
750,000
400,000
700,000
500,000
400,000
400,000
200,000
500,000
450,000
400,000
350,000
300,000
500,000
500,000
500,000
700,000
400,000
Market Value
ABB Finance BV 2.625% - 26/Mar/19

Abbey National Treasury Services plc 1.750% - 15/Jan/18
Abbey National Treasury Services plc 2.625% - 16/Jul/20
Abertis Infraestructuras SA 4.625% - 14/Oct/16
ABN Amro Bank NV 4.750% - 11/Jan/19
ABN Amro Bank NV 7.125% - 6/Jul/22
Accor SA 2.500% - 21/Mar/19
Achmea Hypotheekbank NV 2.000% - 23/Jan/18
Achmea Hypotheekbank NV 2.375% - 8/Feb/16
Aeroporti di Roma SpA 3.250% - 20/Feb/21
Aeroports de Paris 2.750% - 5/Jun/28
Aeroports de Paris 3.125% - 11/Jun/24
Aeroports de Paris 3.875% - 15/Feb/22
Allianz SE FRN - 31/Dec/49
America Movil SAB de CV 3.259% - 22/Jul/23
American Honda Finance 1.875% - 4/Sep/19
Anglo American Capital plc 2.750% - 7/Jun/19
Anglo American Capital plc 2.875% - 20/Nov/20
Anheuser-Busch InBev NV 2.250% - 24/Sep/20
Anheuser-Busch InBev NV 4.000% - 2/Jun/21
Aquarius + Investments FRN - 2/Oct/43
Areva SA 3.250% - 4/Sep/20
Assicurazioni Generali SpA FRN - 12/Dec/42
AT&T Inc. 2.650% - 17/Dec/21
Atlantia SpA 2.875% - 26/Feb/21
Atlantia SpA 4.375% - 16/Mar/20
Aviva plc FRN - 29/Nov/49
AXA SA FRN - 4/Jul/43
Bank of America Corp. 2.500% - 27/Jul/20
Banque Federative du Credit Mutuel SA 1.625% - 11/Jan/18
Banque Federative du Credit Mutuel SA 2.000% - 19/Sep/19
Banque Federative du Credit Mutuel SA 3.250% - 23/Aug/22
169

(expressed in EUR)
Quantity/
Nominal
Value
1,000,000
500,000
450,000
500,000
1,000,000
600,000
300,000
500,000
900,000
400,000
300,000
500,000
540,000
650,000
1,000,000
300,000
500,000
400,000
500,000
1,000,000
500,000
600,000
300,000
350,000
600,000
700,000
400,000
550,000
450,000
250,000
600,000
500,000
500,000
400,000
400,000
500,000
600,000
400,000
1,000,000
600,000
700,000
400,000
800,000
600,000
800,000
500,000
600,000
300,000
5,000,000
1,850,000
400,000
500,000
500,000
400,000
550,000
Description
Market Value
% NAV
1,065,884
564,345
498,788
486,178
1,040,284
623,049
319,143
500,800
906,867
439,576
296,871
511,655
588,454
648,911
1,009,259
309,132
511,198
393,900
508,695
1,144,434
526,388
590,193
297,975
356,554
585,000
685,878
414,868
545,693
416,351
267,424
594,666
575,560
522,618
422,580
403,686
508,573
657,228
393,280
1,044,655
597,294
697,035
412,864
874,416
696,555
886,256
495,150
594,330
306,719
5,039,299
1,862,783
403,354
559,713
542,853
399,170
631,804
0.17
0.09
0.08
0.08
0.17
0.10
0.05
0.08
0.15
0.07
0.05
0.08
0.10
0.11
0.16
0.05
0.08
0.06
0.08
0.19
0.09
0.10
0.05
0.06
0.10
0.11
0.07
0.09
0.07
0.04
0.10
0.09
0.09
0.07
0.07
0.08
0.11
0.06
0.17
0.10
0.11
0.07
0.14
0.11
0.14
0.08
0.10
0.05
0.83
0.30
0.07
0.09
0.09
0.06
0.10

Barclays Bank 6.000% - 23/Jan/18
Bat Holdings BV 4.000% - 7/Jul/20
Bat International Finance plc 2.750% - 25/Mar/25
Bayerische Landesbodenkreditanstalt 2.500% - 9/Feb/22
BBVA Senior Finance SAU 3.250% - 21/Mar/16
BBVA Senior Finance SAU 3.750% - 17/Jan/18
Belfius Bank SA 2.250% - 26/Sep/18
Belgacom SA 3.875% - 7/Feb/18
Bertelsmann AG 2.625% - 2/Aug/22
BHP Billiton Finance Limited 2.125% - 29/Nov/18
BMW Finance NV 3.625% - 29/Jan/18
BNP Paribas 1.500% - 12/Mar/18
BNP Paribas 2.000% - 28/Jan/19
BNP Paribas 2.500% - 23/Aug/19
BNP Paribas 2.875% - 24/Oct/22
BNZ International 1.250% - 23/May/18
BPCE SA 2.000% - 24/Apr/18
BPCE SA 4.500% - 10/Feb/22
BPCE SA 4.625% - 18/Jul/23
BSH Bosch Und Siemen 1.875% - 13/Nov/20
Cargill Inc. 1.875% - 4/Sep/19
Carlsberg Breweries A/S 2.625% - 3/Jul/19
Carlsberg Breweries A/S 2.625% - 15/Nov/22
Carrefour Banque SA 1.750% - 22/May/19
Casino Guichard Perrachon SA 3.157% - 6/Aug/19
Coca-Cola HBC Finance 2.375% - 18/Jun/20
Coca-Cola Inc. 2.375% - 7/May/25
Commerzbank AG 3.625% - 10/Jul/17
Commonwealth Bank of Australia 1.625% - 4/Feb/19
Commonwealth Bank of Australia 5.500% - 6/Aug/19
Compagnie de Saint-Gobain 3.500% - 30/Sep/15
Compagnie de Saint-Gobain 3.625% - 15/Jun/21
Credit Agricole 1.750% - 12/Mar/18
Credit Agricole 1.875% - 18/Oct/17
Credit Agricole 3.875% - 13/Feb/19
Daimler AG 2.375% - 8/Mar/23
Daimler AG 2.625% - 2/Apr/19
Danone SA 2.250% - 15/Nov/21
Danone SA 2.600% - 28/Jun/23
Deutsche Bahn Finance BV 3.000% - 8/Mar/24
Deutsche Bahn Finance BV 3.625% - 16/Oct/17
Deutsche Bank AG 5.000% - 24/Jun/20
Deutsche Boerse AG 2.375% - 5/Oct/22
Deutsche Telekom International Finance BV 2.125% - 18/Jan/21
Dexia Credit Local 5.375% - 21/Jul/14
Dexia Credit Local SA 1.000% - 11/Jul/16
Dexia Credit Local SA 1.625% - 29/Oct/18
Dnb Bank ASA FRN - 26/Sep/23
Dnb Bank ASA 4.250% - 18/Jan/22
Dong Energy A/S 4.000% - 16/Dec/16
Eandis Cvba 2.875% - 9/Oct/23
EDF SA 4.625% - 11/Sep/24
170

(expressed in EUR)
Quantity/
Nominal
Value
1,000,000
950,000
1,000,000
550,000
1,000,000
400,000
550,000
400,000
800,000
600,000
250,000
350,000
500,000
1,000,000
500,000
500,000
750,000
500,000
600,000
500,000
500,000
300,000
300,000
600,000
550,000
300,000
500,000
1,100,000
700,000
500,000
500,000
500,000
700,000
600,000
500,000
350,000
300,000
1,000,000
300,000
300,000
500,000
950,000
500,000
500,000
1,000,000
700,000
350,000
500,000
500,000
600,000
350,000
2,600,000
350,000
650,000
400,000
Description
Market Value
% NAV
998,010
1,087,493
1,050,934
583,578
1,111,614
393,450
549,607
407,414
865,624
590,814
251,836
364,971
499,943
1,031,240
528,735
505,288
720,255
549,995
690,711
594,292
518,710
300,889
308,247
596,949
573,326
297,168
500,278
1,058,859
688,349
546,830
559,488
504,918
695,037
593,433
509,810
362,504
291,675
1,047,900
300,834
333,314
575,442
942,448
505,660
505,183
1,065,794
762,580
357,551
524,000
528,120
639,864
410,597
2,958,020
345,814
680,615
399,530
0.16
0.18
0.17
0.10
0.19
0.06
0.09
0.07
0.14
0.10
0.04
0.06
0.08
0.17
0.09
0.08
0.12
0.09
0.11
0.10
0.08
0.05
0.05
0.10
0.09
0.05
0.08
0.16
0.11
0.09
0.09
0.08
0.11
0.10
0.08
0.06
0.05
0.17
0.05
0.05
0.10
0.15
0.08
0.08
0.17
0.12
0.06
0.09
0.09
0.10
0.07
0.48
0.06
0.11
0.07
Electricite de France SA 2.750% - 10/Mar/23

Electricite de France SA 5.000% - 5/Feb/18
Enbw International Finance BV 4.125% - 7/Jul/15
Enel Finance International NV 3.625% - 17/Apr/18
Enel SpA 5.250% - 20/Jun/17
Enexis Holding NV 1.875% - 13/Nov/20
ENI SpA 2.625% - 22/Nov/21
ENI SpA 3.250% - 10/Jul/23
ENI SpA 5.000% - 28/Jan/16
Erste Group Bank AG 1.875% - 13/May/19
FCE Bank plc 1.625% - 9/Sep/16
Ferrovial Emisiones SA 3.375% - 30/Jan/18
Ferrovie dello Stati 3.500% - 13/Dec/21
FMS Wertmanagement 1.875% - 9/May/19
Fonciere des Regions 3.875% - 16/Jan/18
Fortis Bank FRN - 21/Oct/49
Fortum Oyj 2.250% - 6/Sep/22
Fortum Oyj 4.000% - 24/May/21
Gas Natural Capital Markets SA 5.375% - 24/May/19
Gas Natural Capital Markets SA 6.000% - 27/Jan/20
Gazprom OAO via Gaz Capital SA 3.700% - 25/Jul/18
Gazprom(Gaz Capital) 3.389% - 20/Mar/20
Gazprombank OJSC Via GPB Eurobond Finance plc 3.984% - 30/Oct/18
GE Capital European Funding 2.250% - 20/Jul/20
GE Capital European Funding 2.875% - 18/Jun/19
General Mills Inc. 2.100% - 16/Nov/20
Goldman Sachs Group Inc. 2.625% - 19/Aug/20
Groupe Auchan SA 2.250% - 6/Apr/23
Groupe Auchan SA 2.375% - 12/Dec/22
Groupe Auchan SA 3.625% - 19/Oct/18
Hannover Finance Luxembourg SA FRN - 14/Sep/40
Hera SpA 3.250% - 4/Oct/21
HSBC France SA 1.625% - 3/Dec/18
HSBC France SA 1.875% - 16/Jan/20
HSBC Holdings plc FRN - 10/Jan/24
Hutchison Whampoa Finance 2.500% - 6/Jun/17
Hutchison Whampoa Finance FRN - 29/May/49
Iberdrola International BV 3.500% - 1/Feb/21
Icade 2.250% - 30/Jan/19
Imperial Tobacco Finance plc 4.500% - 5/Jul/18
Imperial Tobacco Finance plc 8.375% - 17/Feb/16
Industrial Bank of Korea 2.000% - 30/Oct/18
ING Bank NV 1.875% - 27/Feb/18
ING Bank NV FRN - 16/Sep/20
ING Bank NV 3.875% - 24/May/16
ING Bank NV 4.500% - 13/Jan/17
Intesa Sanpaolo SpA 3.375% - 19/Jan/15
Intesa Sanpaolo SpA 4.125% - 19/Sep/16
Intesa Sanpaolo SpA 4.375% - 15/Oct/19
Investor AB 4.875% - 18/Nov/21
JPMorgan Chase & Company 1.875% - 21/Nov/19
KBC Internationale Financieringsmaatschappij NV 3.000% - 29/Aug/16
Kering 1.875% - 8/Oct/18
171

(expressed in EUR)
Quantity/
Nominal
Value
500,000
300,000
2,000,000
1,850,000
1,800,000
500,000
1,000,000
350,000
900,000
350,000
500,000
500,000
550,000
650,000
500,000
500,000
400,000
400,000
500,000
700,000
600,000
500,000
500,000
600,000
1,000,000
300,000
250,000
500,000
400,000
500,000
400,000
1,300,000
350,000
500,000
500,000
400,000
400,000
500,000
500,000
300,000
450,000
600,000
500,000
1,000,000
500,000
500,000
300,000
400,000
500,000
350,000
600,000
400,000
1,300,000
450,000
Description
Market Value
% NAV
513,530
297,843
1,988,669
1,943,193
1,790,549
508,213
1,024,354
342,085
896,229
352,375
524,138
477,768
552,503
637,748
477,760
532,968
432,542
407,652
508,738
693,679
599,214
507,769
535,483
706,439
982,685
316,179
259,906
504,353
406,356
527,440
398,084
1,295,502
348,180
502,968
542,943
411,346
443,244
505,990
489,633
303,890
464,915
589,659
493,375
1,082,839
548,575
518,385
296,153
413,262
529,050
378,184
592,410
394,860
1,315,229
448,094
0.08
0.05
0.32
0.32
0.29
0.08
0.17
0.06
0.15
0.06
0.09
0.08
0.09
0.10
0.07
0.09
0.07
0.07
0.08
0.11
0.10
0.09
0.09
0.11
0.16
0.05
0.04
0.08
0.07
0.09
0.06
0.21
0.06
0.08
0.09
0.07
0.07
0.08
0.08
0.05
0.08
0.10
0.08
0.18
0.09
0.08
0.05
0.07
0.09
0.06
0.10
0.06
0.22
0.07
Klepierre 2.750% - 17/Sep/19

Koninklijke DSM NV 1.750% - 13/Nov/19
Kreditanstalt Fuer Wiederaufbau 0.875% - 25/Jun/18
Kreditanstalt Fuer Wiederaufbau 2.500% - 17/Jan/22
La Poste SA 2.750% - 26/Nov/24
Landwirtschaftliche Rentenbank 1.625% - 1/Oct/19
Landwirtschaftliche Rentenbank 1.875% - 11/May/20
Lanxess Finance BV 2.625% - 21/Nov/22
L-Bank 0.750% - 12/Dec/17
LeasePlan Corp. NV 2.375% - 23/Apr/19
LeasePlan Corp. NV 3.875% - 16/Sep/15
Linde AG 2.000% - 18/Apr/23
Lloyds TSB Bank plc 1.875% - 10/Oct/18
Louis Vuitton Moet Hennessy SA 1.750% - 13/Nov/20
McDonalds Corp. 2.375% - 27/Nov/24
Mediobanca SpA 4.625% - 11/Oct/16
Mercialys SA 4.125% - 26/Mar/19
Metro Finance BV 2.250% - 11/May/18
Metropolitan Life Global Funding I 2.375% - 30/Sep/19
Microsoft Corp. 2.125% - 6/Dec/21
Mondelez International 1.125% - 26/Jan/17
Morgan Stanley 2.250% - 12/Mar/18
Morgan Stanley 3.750% - 21/Sep/17
Muenchener Rueckversicherungs AG FRN - 26/May/42
National Australia Bank 2.000% - 12/Nov/20
Nationwide Building Society 3.125% - 3/Apr/17
Nationwide Building Society FRN - 20/Mar/23
Nederlandse Gasunie NV 2.625% - 13/Jul/22
Ngg Finance plc FRN - 18/Jun/76
Nordea Bank AB 3.250% - 5/Jul/22
O2 Telefonica Deutschland Finanzierungs GmbH 1.875% - 22/Nov/18
Oebb Infrastruktur AG 2.250% - 4/Jul/23
OMV AG 1.750% - 25/Nov/19
Oracle Corp. 2.250% - 10/Jan/21
Orange SA 3.875% - 14/Jan/21
Origin Energy Finance Limited 3.500% - 4/Oct/21
Pernod-Ricard SA 5.000% - 15/Mar/17
Petroleos Mexicanos 3.125% - 27/Nov/20
Philip Morris International Inc. 1.750% - 19/Mar/20
Philip Morris International Inc. 2.125% - 30/May/19
Poste Italiane SpA 3.250% - 18/Jun/18
Procter & Gamble Company 2.000% - 5/Nov/21
Prologis LP 3.000% - 18/Jan/22
Rabobank NV 3.500% - 17/Oct/18
Rabobank NV 4.000% - 11/Jan/22
Rabobank NV 4.125% - 14/Sep/22
Raiffeisen International Bank Holding AG 1.875% - 8/Nov/18
RCI Banque SA 2.875% - 22/Jan/18
RCI Banque SA 4.000% - 16/Mar/16
RCI Banque SA 4.250% - 27/Apr/17
Repsol International Finance 2.625% - 28/May/20
Rolls-Royce plc 2.125% - 18/Jun/21
RTE 2.125% - 20/Sep/19
RWE Finance BV 3.000% - 17/Jan/24
172

(expressed in EUR)
Quantity/
Nominal
Value
1,600,000
600,000
1,000,000
500,000
700,000
500,000
300,000
1,000,000
750,000
350,000
400,000
350,000
450,000
400,000
250,000
700,000
500,000
500,000
450,000
1,000,000
400,000
500,000
500,000
500,000
400,000
600,000
1,000,000
1,000,000
600,000
500,000
650,000
500,000
1,000,000
250,000
400,000
650,000
500,000
300,000
550,000
650,000
550,000
300,000
1,000,000
400,000
400,000
400,000
550,000
450,000
1,000,000
500,000
500,000
350,000
500,000
400,000
Description
Market Value
% NAV
1,612,887
636,243
990,644
493,718
703,665
511,088
300,906
1,092,775
730,065
349,736
396,908
370,314
446,078
432,690
278,389
707,445
539,910
513,479
454,930
997,820
394,828
494,168
564,638
503,435
398,184
659,883
999,110
1,107,105
601,500
504,870
662,870
494,033
1,063,144
250,133
379,980
659,730
555,593
291,854
597,757
642,938
540,755
310,853
987,910
395,076
400,472
407,758
546,001
471,672
1,005,650
493,115
524,218
379,710
504,695
414,086
0.27
0.10
0.16
0.08
0.11
0.08
0.05
0.18
0.12
0.06
0.06
0.06
0.07
0.07
0.05
0.12
0.09
0.08
0.07
0.16
0.06
0.08
0.09
0.08
0.06
0.11
0.16
0.18
0.10
0.08
0.11
0.08
0.18
0.04
0.06
0.11
0.09
0.05
0.10
0.10
0.09
0.05
0.16
0.06
0.07
0.07
0.08
0.08
0.16
0.08
0.09
0.06
0.08
0.07
SA de Gestion des Stocks de Securite 1.750% - 22/Oct/19

SA de Gestion des Stocks de Securite 2.750% - 24/Jan/17
Sanofi 1.875% - 4/Sep/20
Sanofi 2.500% - 14/Nov/23
Santander Consumer Finance SA 1.625% - 23/Apr/15
Santander International Debt SAU 4.375% - 4/Sep/14
Schneider Electric SA 2.500% - 6/Sep/21
Schneider Electric SA 3.750% - 12/Jul/18
Siemens Financieringsmaatschappij NV 1.750% - 12/Mar/21
Simon Property Group LP 2.375% - 2/Oct/20
Skandinaviska Enskilda Banken AB 1.875% - 14/Nov/19
Skandinaviska Enskilda Banken AB 4.000% - 12/Sep/22
Skf AB 2.375% - 29/Oct/20
Snam SpA 3.875% - 19/Mar/18
Societa Iniziative Autostradali e Servizi SpA 4.500% - 26/Oct/20
Societe Generale 2.250% - 23/Jan/20
Societe Generale 3.750% - 1/Mar/17
Solvay Finance FRN - 29/May/49
Sparebank 1 2.125% - 21/Feb/18
SSE plc 2.000% - 17/Jun/20
SSE plc 2.375% - 10/Feb/22
Standard Chartered Bank 5.875% - 26/Sep/17
Standard Chartered Bank plc 1.750% - 29/Oct/17
Standard Chartered Bank plc FRN - 21/Oct/25
Standard Chartered plc 4.125% - 18/Jan/19
Statoil ASA 2.000% - 10/Sep/20
Suez Environnement Company 4.125% - 24/Jun/22
Svenska Handelsbanken AB 2.250% - 27/Aug/20
Swedbank AB FRN - 5/Dec/22
Swisscom AG via Lunar Funding V 2.000% - 30/Sep/20
Telefonica Emisiones SAU 4.375% - 2/Feb/16
Telekom Finanzmanagement GmbH 3.125% - 3/Dec/21
Telenor ASA 2.500% - 22/May/25
Telenor ASA 2.750% - 27/Jun/22
Teliasonera AB 4.000% - 22/Mar/22
Telstra Corp. Limited 2.500% - 15/Sep/23
Telstra Corp. Limited 3.750% - 16/May/22
TenneT Holding BV 2.125% - 1/Nov/20
Tesco Corp. Treasury 2.125% - 12/Nov/20
Teva Pharmaceutical Finance IV BV 2.875% - 15/Apr/19
Total Capital Canada Limited 1.875% - 9/Jul/20
Total Capital International SA 2.125% - 19/Nov/21
Transurban Finance Company Pty Limited 2.500% - 8/Oct/20
Unibail Rodamco SE 2.250% - 1/Aug/18
Unibail Rodamco SE 2.375% - 25/Feb/21
Unibail Rodamco SE 3.000% - 22/Mar/19
UniCredit Bank AG 6.000% - 5/Feb/14
Unicredit Bank Austria AG 2.500% - 27/May/19
Unicredit SpA 4.375% - 11/Sep/15
Unicredit SpA 4.875% - 7/Mar/17
UniCredit SpA 2.250% - 16/Dec/16
Unione di Banche Italiane Scpa 3.750% - 30/Oct/15
173

(expressed in EUR)
Quantity/
Nominal
Value
400,000
600,000
1,000,000
700,000
500,000
300,000
400,000
Description
Market Value
% NAV
394,500
638,646
984,745
750,775
501,048
316,494
397,082
0.06
0.10
0.16
0.12
0.08
0.05
0.06
Vier Gas Transport 2.000% - 12/Jun/20

Vinci SA 3.375% - 30/Mar/20
Volkswagen International Finance NV 2.000% - 26/Mar/21
Volkswagen International Finance NV 3.250% - 21/Jan/19
Wells Fargo & Company 2.625% - 16/Aug/22
Willow No.2 Ireland plc 3.375% - 27/Jun/22
WPP Finance 3.000% - 20/Nov/23
157,719,484
25.68
Total Bonds
157,719,484
25.68

exchange listing
589,000,718
95.90
2,000,000
1,000,000

Sachsen-Anhalt (Govt of ) 1.625% - 25/Apr/23
2,006,780
961,210
0.33
0.16
2,967,990
0.49
2,967,990
0.49

2,967,990
0.49
591,968,708
96.39
Other Net Assets
22,151,427
3.61
Total Net Assets
614,120,135
100.00
174

Sector
%
NAV
Governments
Banks
Supranational banks
Government guaranteed bonds
Financial services
Transportation
Food services
Insurance
Auto manufacturers
Real estate
Beverages
Tobacco
Pharmaceuticals
Chemicals
Software
Gas
Water utilities
Retail
Apparel
Home furnishings
Telephone
Commercial papers and other short term instruments
Building materials
Industrials
Metal fabrication
Media
Agriculture
67.61
9.85
2.24
2.12
1.48
1.46
1.35
1.33
1.16
1.14
0.70
0.68
0.49
0.44
0.44
0.39
0.29
0.27
0.26
0.23
0.19
0.18
0.18
0.18
0.17
0.14
0.12
0.11
0.10
0.10
0.10
0.10
0.10
0.09
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.05
0.05
0.03
96.39
Other Net Assets
3.61
Total Net Assets
100.00
175

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
3,000,000
3,300,000
7,600,000
3,000,000
3,000,000
2,000,000
6,000,000
1,700,000
6,000,000
5,000,000
9,000,000
5,000,000
4,000,000
2,000,000
8,000,000
13,000,000
5,000,000
5,700,000
13,500,000
4,500,000
13,000,000
4,700,000
7,500,000
14,000,000
10,000,000
13,600,000
7,000,000
8,000,000
11,000,000
7,000,000
1,000,000
6,000,000
17,000,000
3,500,000
3,000,000
13,000,000
2,000,000
8,000,000
13,000,000
4,000,000
3,000,000
9,000,000
12,500,000
9,000,000
3,000,000
6,000,000
8,500,000
13,000,000
5,000,000
10,500,000
1,500,000
Austria (Govt of) 3.400% - 20/Oct/14

Austria (Govt of) 3.400% - 22/Nov/22
Austria (Govt of) 3.900% - 15/Jul/20
Austria (Govt of) 4.300% - 15/Sep/17
Caisse dAmortissement de la Dette Sociale 2.625% - 15/Jan/15
Caisse dAmortissement de la Dette Sociale 3.625% - 25/Apr/16
European Union 2.750% - 21/Sep/21
France (Govt of) OAT 1.000% - 25/May/18
Germany (Govt of) 0.250% - 13/Mar/15
Germany (Govt of) 1.500% - 15/May/23
Germany (Govt of) 2.750% - 8/Apr/16
Oseo SA 2.375% - 25/Apr/22
176
3,076,125
3,641,550
8,691,170
3,598,500
3,387,150
2,005,900
6,462,150
1,768,170
6,547,800
5,302,125
10,104,075
5,521,750
4,566,300
2,048,300
8,578,360
13,854,685
5,307,925
5,688,030
14,171,288
4,838,963
14,643,525
5,237,093
9,021,750
15,763,999
10,009,750
13,143,040
7,211,925
7,586,800
11,619,575
7,320,600
1,097,925
6,393,600
18,711,474
3,656,975
3,158,775
13,799,500
2,101,450
8,154,000
14,104,025
4,188,600
3,113,025
9,346,725
12,888,125
10,125,900
2,858,100
6,542,400
8,581,260
13,418,600
5,260,750
11,192,213
1,364,175
0.50
0.59
1.41
0.58
0.55
0.33
1.05
0.29
1.06
0.86
1.64
0.90
0.74
0.33
1.40
2.25
0.86
0.92
2.30
0.78
2.39
0.85
1.47
2.57
1.63
2.13
1.17
1.23
1.89
1.19
0.18
1.04
3.05
0.59
0.51
2.24
0.34
1.32
2.29
0.68
0.51
1.52
2.09
1.64
0.46
1.06
1.39
2.18
0.85
1.82
0.22

(expressed in EUR)
Quantity/
Nominal
Value
6,000,000
1,000,000
5,000,000
8,000,000
6,500,000
Description
% NAV
6,128,700
1,077,325
4,832,875
8,809,600
7,394,075
1.00
0.18
0.79
1.43
1.20
409,018,545
66.44
409,018,545
66.44
1,203,030
2,616,638
2,662,497
984,175
3,099,830
5,566,139
4,843,373
3,627,468
2,790,396
3,236,224
6,316,649
709,296
226,350
4,441,300
2,115,230
1,251,311
1,146,210
3,204,375
4,367,836
3,915,870
1,398,999
1,010,445
4,550,948
3,048,690
3,367,845
2,139,068
1,055,670
738,353
3,188,685
2,952,882
3,574,476
2,090,221
1,161,295
3,031,095
2,568,904
3,030,255
3,303,104
2,137,230
12,683,150
4,317,375
1,475,918
2,197,390
2,325,990
0.20
0.43
0.43
0.16
0.50
0.90
0.79
0.59
0.45
0.53
1.02
0.12
0.04
0.72
0.34
0.20
0.19
0.52
0.71
0.64
0.23
0.16
0.74
0.50
0.55
0.35
0.17
0.12
0.52
0.47
0.58
0.34
0.19
0.49
0.42
0.50
0.54
0.35
2.05
0.70
0.24
0.36
0.38


EUR Bonds
1,200,000
2,500,000
2,700,000
975,000
3,100,000
5,300,000
4,500,000
3,600,000
2,800,000
3,200,000
6,000,000
700,000
219,000
4,000,000
2,000,000
1,100,000
1,000,000
3,000,000
4,400,000
3,500,000
1,400,000
1,000,000
4,350,000
3,000,000
3,000,000
1,900,000
1,000,000
672,000
3,000,000
2,700,000
3,600,000
2,050,000
1,000,000
3,000,000
2,600,000
3,000,000
3,050,000
2,000,000
12,672,000
4,350,000
1,500,000
2,000,000
2,000,000
Market Value
Accor SA 2.500% - 21/Mar/19

Agence Francaise de Developpement 2.250% - 23/Mar/17
Air Liquide Finance SA 2.125% - 15/Oct/21
AT&T Inc. 2.650% - 17/Dec/21
Banque Federative du Credit Mutuel SA 2.875% - 21/Jun/17
BBVA Senior Finance SAU 4.875% - 15/Apr/16
Belfius Bank SA 2.250% - 26/Sep/18
BMW Finance 2.000% - 4/Sep/20
BPCE SA 1.625% - 8/Feb/17
BPCE SA 4.625% - 18/Jul/23
Carrefour Banque SA 1.875% - 19/Dec/17
Carrefour Banque SA 2.875% - 25/Sep/15
Compagnie de Saint-Gobain 4.750% - 11/Apr/17
Credit Agricole 3.625% - 8/Mar/16
Credit Logement SA 5.454% - 16/Feb/21
Credit Suisse 4.750% - 5/Aug/19
Edenred 3.625% - 6/Oct/17
Electricite de France SA 2.250% - 27/Apr/21
Enel Finance International NV 5.000% - 12/Jul/21
ENI SpA 2.625% - 22/Nov/21
FMS Wertmanagement 2.250% - 14/Jul/14
Fortis Bank FRN - 23/Mar/21
Fortis Bank 4.500% - 30/May/14
Gas Natural Capital Markets SA 5.000% - 13/Feb/18
Gas Natural Capital Markets SA 5.625% - 9/Feb/17
Gas Natural Fenosa Finance BV 3.875% - 11/Apr/22
GDF Suez 5.625% - 18/Jan/16
Gecina SA 4.250% - 3/Feb/16
Groupe Auchan SA 3.625% - 19/Oct/18
HSBC Holdings plc 6.000% - 10/Jun/19
JPMorgan Chase & Company 2.625% - 23/Apr/21
Klepierre 4.000% - 13/Apr/17
Klepierre 4.250% - 16/Mar/16
Kreditanstalt Fuer Wiederaufbau 1.125% - 16/Oct/18
Orange SA 1.875% - 2/Oct/19
Orange SA 4.125% - 23/Jan/19
Orange SA 5.625% - 22/May/18
177

(expressed in EUR)
Quantity/
Nominal
Value
16,000,000
5,000,000
2,300,000
1,210,000
1,000,000
2,000,000
1,000,000
1,300,000
1,000,000
3,000,000
2,500,000
3,800,000
3,000,000
1,400,000
3,500,000
4,400,000
3,000,000
1,400,000
3,000,000
3,500,000
Description
Market Value
% NAV
16,128,880
5,226,075
2,233,059
1,275,437
1,065,635
2,138,650
1,058,415
1,445,334
1,108,545
3,280,169
2,727,713
3,965,623
3,247,410
1,393,175
3,456,915
4,473,656
3,268,215
1,397,970
2,962,364
3,753,873
2.61
0.85
0.36
0.21
0.17
0.35
0.17
0.23
0.18
0.53
0.44
0.64
0.53
0.23
0.56
0.73
0.53
0.23
0.48
0.61

Santander International Debt SAU 4.500% - 18/May/15
Santander Issuances SAU FRN - 24/Oct/17
Snam SpA 3.500% - 13/Feb/20
Societe Generale 3.125% - 21/Sep/17
Societe Generale 4.000% - 20/Apr/16
Telefonica Emisiones SAU 3.961% - 26/Mar/21
Telefonica Emisiones SAU 4.693% - 11/Nov/19
Telefonica Emisiones SAU 4.710% - 20/Jan/20
Telefonica Emisiones SAU 5.496% - 1/Apr/16
Terna Rete Elettrica Nazionale SpA 2.875% - 16/Feb/18
Total Capital International SA 2.125% - 19/Nov/21
Unedic 1.750% - 27/Feb/15
Unibail-Rodamco SE 3.875% - 13/Dec/17
Vivendi SA 2.375% - 21/Jan/19
191,279,298
31.07
Total Bonds
191,279,298
31.07

exchange listing
600,297,843
97.51
600,297,843
97.51
Other Net Assets
15,307,666
2.49
Total Net Assets
615,605,509
100.00
178

Sector
%
NAV
Governments
Banks
Financial services
Auto manufacturers
Real estate
Food services
Insurance
Building materials
Software
Gas
Commercial services
Chemicals
64.71
11.95
3.40
3.40
3.02
1.73
1.28
1.07
1.06
0.87
0.82
0.73
0.72
0.70
0.55
0.52
0.43
0.35
0.20
97.51
Other Net Assets
2.49
Total Net Assets
100.00
179

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
2,000,000
3,500,000
1,300,000
5,200,000
2,500,000
2,000,000
5,000,000
11,000,000
6,000,000
3,000,000
7,000,000
10,000,000
25,000,000
14,000,000
10,000,000
29,000,000
10,000,000
25,000,000
5,000,000
5,000,000
10,000,000
10,000,000
8,750,000
9,300,000
5,000,000
10,000,000
27,000,000
10,000,000
15,000,000
15,000,000
5,000,000

Cassa Depositi e Prestiti SpA 4.250% - 14/Sep/16
Czech (Govt) 3.875% - 24/May/22
European Financial Stability Facility 1.125% - 30/Nov/17
Grand Duchy of Luxembourg 2.125% - 10/Jul/23
Italy (Govt of) BPT 4.750% - 1/Jun/17
Kreditanstalt fuer Wiederaufbau 3.875% - 21/Jan/19
Ontario Canada (Province of) 4.750% - 23/Apr/19
Poland (Govt of) 4.000% - 23/Mar/21
Slovakia (Govt of) 3.000% - 28/Feb/23

EUR Bonds
800,000
1,000,000
900,000
1,400,000
600,000
900,000
600,000
350,000
600,000
400,000
1,000,000
500,000
1,200,000
1,800,000
1,000,000
900,000
2,262,250
4,040,138
1,377,389
5,802,654
2,516,000
1,924,200
5,571,375
13,566,300
5,690,100
3,960,750
6,975,500
10,448,500
26,537,500
15,076,600
10,471,500
31,438,899
10,701,250
26,873,125
5,155,250
5,654,375
11,708,000
10,438,050
9,718,319
9,635,265
5,173,000
10,415,000
28,262,925
10,521,500
15,622,125
16,518,000
5,591,750
0.36
0.65
0.22
0.93
0.41
0.31
0.90
2.18
0.92
0.64
1.12
1.68
4.27
2.43
1.69
5.07
1.72
4.33
0.83
0.91
1.89
1.68
1.56
1.55
0.83
1.68
4.55
1.69
2.52
2.66
0.90
329,647,589
53.08
329,647,589
53.08
830,840
1,002,605
905,274
1,503,229
679,770
902,273
598,974
369,821
590,787
406,650
1,080,980
574,900
1,231,104
1,880,450
997,135
853,803
0.13
0.16
0.15
0.24
0.11
0.15
0.10
0.06
0.10
0.07
0.17
0.09
0.20
0.30
0.16
0.14

Abbey National Treasury Services plc 1.750% - 15/Jan/18
ABN Amro Bank NV 4.250% - 11/Apr/16
Accor SA 2.500% - 21/Mar/19
Achmea Hypotheekbank NV 2.000% - 23/Jan/18
Aegon NV 3.000% - 18/Jul/17
Akzo Nobel Sweden Finance AB 2.625% - 27/Jul/22
Alliander NV FRN - 27/Nov/18
Allianz Finance II BV 3.500% - 14/Feb/22
Allianz Finance II BV 4.750% - 22/Jul/19
Allianz SE FRN - 31/Dec/49
America Movil SAB de CV FRN - 6/Sep/73
Anglo American Capital plc 2.500% - 29/Apr/21
180

(expressed in EUR)
Quantity/
Nominal
Value
1,750,000
1,100,000
1,200,000
1,300,000
650,000
300,000
1,900,000
1,400,000
1,700,000
1,400,000
750,000
400,000
2,000,000
1,000,000
1,500,000
800,000
700,000
1,150,000
1,500,000
3,200,000
2,550,000
2,200,000
750,000
800,000
1,500,000
400,000
1,200,000
1,400,000
2,950,000
500,000
1,000,000
900,000
500,000
1,100,000
440,000
532,000
900,000
1,000,000
400,000
300,000
500,000
2,200,000
700,000
1,500,000
1,000,000
200,000
500,000
2,000,000
800,000
1,000,000
1,850,000
1,800,000
1,000,000
1,300,000
1,650,000
Description
Market Value
% NAV
1,751,978
1,109,977
1,162,128
1,312,233
644,113
312,866
2,033,664
1,405,411
1,699,907
1,415,687
779,156
432,216
2,257,380
1,068,705
1,742,445
845,724
716,317
1,154,198
1,494,855
3,229,631
2,627,621
2,249,269
760,009
843,916
1,695,533
393,900
1,213,584
1,424,346
3,053,116
526,388
1,005,240
996,867
496,625
1,120,597
445,843
549,854
1,036,710
992,170
418,094
316,935
523,813
2,179,232
712,002
1,507,223
1,033,295
219,076
573,298
2,292,419
794,736
1,004,835
1,843,349
1,764,963
995,475
1,290,881
1,692,743
0.28
0.18
0.19
0.21
0.10
0.05
0.33
0.23
0.27
0.23
0.13
0.07
0.36
0.17
0.28
0.14
0.12
0.19
0.24
0.51
0.42
0.36
0.12
0.14
0.27
0.06
0.20
0.23
0.49
0.08
0.16
0.16
0.08
0.18
0.07
0.09
0.17
0.16
0.07
0.05
0.08
0.35
0.11
0.24
0.17
0.04
0.09
0.37
0.13
0.16
0.30
0.28
0.16
0.21
0.27
Aquarius + Investments FRN - 2/Oct/43

ASML Holding NV 3.375% - 19/Sep/23
AT&T Inc. 2.500% - 15/Mar/23
AT&T Inc. 2.650% - 17/Dec/21
Atlas Copco AB 2.500% - 28/Feb/23
Atlas Copco AB 2.625% - 15/Mar/19
AXA SA FRN - 16/Apr/40
Banque Federative du Credit Mutuel SA 2.625% - 24/Feb/21
Banque Federative du Credit Mutuel SA 3.000% - 29/Oct/15
Banque Federative du Credit Mutuel SA 4.375% - 31/May/16
Barclays Bank plc 4.125% - 15/Mar/16
Bat International Finance plc 4.875% - 24/Feb/21
BG Energy Capital plc 3.000% - 16/Nov/18
BHP Billiton Finance Limited 2.250% - 25/Sep/20
BMW Finance 2.000% - 4/Sep/20
BNP Paribas 2.500% - 23/Aug/19
BNP Paribas 2.875% - 26/Sep/23
BNZ International 1.250% - 23/May/18
BPCE SA 1.625% - 8/Feb/17
BPCE SA 2.000% - 24/Apr/18
BPCE SA 2.875% - 22/Sep/15
BPCE SA 4.625% - 18/Jul/23
Caisse Centrale du Credit Immobilier de France 3.750% - 10/Mar/14
Cap Gemini SA 5.250% - 29/Nov/16
Cargill Inc. 1.875% - 4/Sep/19
Carrefour Banque SA 2.875% - 25/Sep/15
Carrefour SA 5.250% - 24/Oct/18
Coca-Cola HBC Finance 2.375% - 18/Jun/20
Compagnie de Saint-Gobain 3.625% - 15/Jun/21
Compagnie de Saint-Gobain 3.625% - 28/Mar/22
Coventry Building Society 2.500% - 18/Nov/20
Credit Agricole 2.375% - 27/Nov/20
Credit Agricole 3.000% - 20/Jul/15
CRH Finance Limited 3.125% - 3/Apr/23
CRH Finland Services OYJ 2.750% - 15/Oct/20
Daimler AG 2.000% - 25/Jun/21
Danone SA 1.125% - 27/Nov/17
Danone SA 1.250% - 6/Jun/18
Danske Bank A/S 2.500% - 9/Jul/15
181

(expressed in EUR)
Quantity/
Nominal
Value
1,600,000
550,000
800,000
1,000,000
1,500,000
2,900,000
500,000
2,600,000
700,000
600,000
100,000
100,000
1,100,000
250,000
200,000
300,000
1,650,000
950,000
1,400,000
1,500,000
1,000,000
900,000
1,650,000
1,000,000
2,500,000
3,600,000
1,000,000
1,000,000
1,500,000
700,000
1,300,000
2,500,000
1,100,000
300,000
350,000
300,000
2,000,000
1,200,000
1,200,000
2,000,000
1,500,000
1,800,000
100,000
1,700,000
800,000
1,500,000
600,000
1,400,000
1,500,000
12,000,000
2,050,000
Description
Market Value
% NAV
1,626,776
545,837
806,708
997,925
1,657,559
2,878,800
546,990
2,689,114
742,735
666,996
115,331
106,563
1,222,777
245,906
221,399
328,892
1,636,453
989,145
1,444,800
1,569,293
1,022,075
936,725
1,702,123
1,074,040
2,587,087
3,571,415
994,915
1,042,410
1,592,032
744,027
1,287,728
2,585,587
1,100,611
319,836
367,028
298,148
1,985,820
1,186,866
1,223,544
2,129,550
1,744,005
1,750,050
107,606
1,676,744
802,224
1,516,980
633,255
1,412,887
1,759,703
13,652,400
2,070,674
0.26
0.09
0.13
0.16
0.27
0.46
0.09
0.43
0.12
0.11
0.02
0.02
0.20
0.04
0.04
0.05
0.26
0.16
0.23
0.25
0.16
0.15
0.27
0.17
0.42
0.57
0.16
0.17
0.26
0.12
0.21
0.41
0.18
0.05
0.06
0.05
0.32
0.19
0.20
0.34
0.28
0.28
0.02
0.27
0.13
0.24
0.10
0.23
0.28
2.20
0.34
Deutsche Annington Finance BV 2.125% - 25/Jul/16

Deutsche Telekom International Finance BV 3.250% - 17/Jan/28
Eandis Cvba 2.875% - 9/Oct/23
EDF SA 4.500% - 12/Nov/40
Electricite de France SA 3.875% - 18/Jan/22
Electricite de France SA FRN - 29/Dec/49
Enel Finance International NV 3.625% - 17/Apr/18
Enel Finance International NV 4.875% - 11/Mar/20
Enel Finance International NV 5.750% - 24/Oct/18
Enel Finance International SA 4.000% - 14/Sep/16
Enel SpA 5.250% - 20/Jun/17
Enexis Holding NV 1.875% - 13/Nov/20
Eni SpA 4.250% - 3/Feb/20
EWE AG 4.125% - 4/Nov/20
FCE Bank plc 1.750% - 21/May/18
FCE Bank plc 2.875% - 3/Oct/17
Fga Capital Ireland 4.000% - 17/Oct/18
Fortis Bank FRN - 23/Mar/21
Gas Natural Capital Markets SA 5.250% - 9/Jul/14
Gas Natural Fenosa Finance BV 3.500% - 15/Apr/21
GDF Suez 2.250% - 1/Jun/18
GDF Suez 3.500% - 18/Oct/22
GDF Suez FRN - 10/Jul/49
GE Capital European Funding 1.000% - 2/May/17
GE Capital European Funding 2.250% - 20/Jul/20
GE Capital European Funding 2.875% - 18/Jun/19
GE Capital European Funding 3.750% - 4/Apr/16
General Mills Inc. 2.100% - 16/Nov/20
Glencore Finance Europe SA 3.375% - 30/Sep/20
Hannover Finance FRN - 30/Jun/43
Heineken NV 3.500% - 19/Mar/24
Hella KGaA Hueck & Company 2.375% - 24/Jan/20
HSBC Holdings plc 3.875% - 16/Mar/16
Hutchison Whampoa Finance FRN - 29/May/49
Iberdrola Finanzas SAU 4.750% - 25/Jan/16
IBM Corp. 1.875% - 6/Nov/20
Icade 2.250% - 30/Jan/19
Intesa Sanpaolo SpA 4.000% - 9/Nov/17
Intesa Sanpaolo SpA 4.000% - 30/Oct/23
Investor AB 4.875% - 18/Nov/21
182

(expressed in EUR)
Quantity/
Nominal
Value
1,200,000
850,000
1,600,000
1,000,000
900,000
1,450,000
200,000
1,300,000
1,000,000
1,000,000
750,000
300,000
300,000
400,000
800,000
2,300,000
3,100,000
1,550,000
500,000
500,000
2,100,000
2,300,000
1,500,000
1,300,000
1,000,000
1,400,000
900,000
900,000
2,700,000
700,000
200,000
1,000,000
650,000
1,000,000
300,000
800,000
150,000
650,000
500,000
150,000
700,000
900,000
900,000
1,000,000
4,000,000
600,000
900,000
900,000
1,200,000
1,000,000
1,000,000
Description
Market Value
% NAV
1,279,296
890,766
1,623,288
1,004,405
924,354
1,570,328
202,958
1,308,821
984,630
1,004,550
826,661
309,470
324,407
424,660
779,020
2,279,231
3,066,426
1,659,996
534,710
579,168
2,063,639
2,226,779
1,472,340
1,307,729
1,005,935
1,401,015
885,551
925,529
2,644,015
709,076
197,622
1,046,070
630,185
964,195
303,012
826,524
158,365
702,341
526,830
161,394
676,554
888,435
904,460
1,119,065
4,272,179
592,503
983,498
894,888
1,199,093
992,270
982,745
0.21
0.14
0.26
0.16
0.15
0.25
0.03
0.21
0.16
0.16
0.13
0.05
0.05
0.07
0.13
0.37
0.49
0.27
0.09
0.09
0.33
0.36
0.24
0.20
0.16
0.23
0.14
0.15
0.43
0.11
0.03
0.17
0.10
0.16
0.05
0.13
0.03
0.11
0.08
0.03
0.11
0.15
0.15
0.18
0.68
0.10
0.16
0.14
0.19
0.16
0.16
JPMorgan Chase & Company 3.750% - 15/Jun/16

JPMorgan Chase & Company FRN - 30/Nov/21
Kbc Internationale Financieringsmaatschappij NV 2.125% - 10/Sep/18
Kering 2.500% - 15/Jul/20
Klepierre 2.750% - 17/Sep/19
Klepierre 4.000% - 13/Apr/17
Koninklijke KPN NV 3.250% - 1/Feb/21
LeasePlan Corp. NV 2.375% - 23/Apr/19
Linde AG 1.750% - 17/Sep/20
Lloyds TSB Bank plc 1.875% - 10/Oct/18
Lloyds TSB Bank plc 4.625% - 2/Feb/17
Man SE 2.125% - 13/Mar/17
Mercialys SA 4.125% - 26/Mar/19
Metro AG 3.375% - 1/Mar/19
Metropolitan Life Global Funding I 2.375% - 11/Jan/23
Mondelez International 2.375% - 26/Jan/21
Motability Operations Group plc 3.250% - 30/Nov/18
National Australia Bank 2.000% - 12/Nov/20
Nestle Finance International 1.250% - 4/May/20
Nomura Europe Finance 1.875% - 29/May/18
OMV AG 2.625% - 27/Sep/22
Orange SA 1.875% - 3/Sep/18
Orange SA 1.875% - 2/Oct/19
Origin Energy Finance Limited 3.500% - 4/Oct/21
Pohjola Bank plc 1.250% - 14/May/18
Pohjola Bank plc 3.125% - 12/Jan/16
Procter & Gamble Company 2.000% - 16/Aug/22
Rabobank NV 2.375% - 22/May/23
RCI Banque SA 2.125% - 24/Nov/14
RCI Banque SA 5.625% - 13/Mar/15
RCI Banque SA 5.625% - 5/Oct/15
Robert Bosch 1.625% - 24/May/21
Rolls-Royce plc 2.125% - 18/Jun/21
Royal Bank of Scotland plc 1.500% - 28/Nov/16
RTE EDF Transport SA 4.125% - 3/Feb/21
Santander International Debt SAU 4.625% - 21/Mar/16
Sbab Bank AB 1.375% - 2/May/18
SES Global Americas Holdings 1.875% - 24/Oct/18
Simon Property Group LP 2.375% - 2/Oct/20
Skf AB 1.875% - 11/Sep/19
183

(expressed in EUR)
Quantity/
Nominal
Value
1,200,000
300,000
300,000
1,200,000
800,000
1,100,000
1,600,000
900,000
1,100,000
700,000
800,000
1,400,000
1,400,000
1,600,000
1,600,000
1,000,000
600,000
900,000
2,600,000
2,000,000
1,500,000
400,000
1,200,000
1,800,000
1,500,000
1,000,000
1,500,000
1,800,000
700,000
1,300,000
600,000
600,000
1,000,000
1,000,000
1,000,000
2,750,000
1,800,000
1,000,000
1,000,000
800,000
800,000
400,000
600,000
1,000,000
1,300,000
1,350,000
1,350,000
1,000,000
500,000
600,000
500,000
Description
Market Value
% NAV
1,233,971
324,518
340,619
1,326,000
853,732
1,111,699
1,638,688
902,079
1,129,656
729,022
789,656
1,383,669
1,393,644
1,598,576
1,586,392
1,226,655
582,678
926,181
2,606,499
2,282,440
1,546,598
443,418
1,330,530
1,709,909
1,753,432
1,086,830
1,684,328
1,769,742
702,373
1,284,283
604,434
628,896
1,031,330
1,048,435
1,084,885
2,844,008
1,840,860
1,062,335
1,088,995
841,036
789,000
409,622
599,130
1,119,645
1,289,737
1,329,406
1,401,935
999,470
483,710
601,257
554,203
0.21
0.05
0.05
0.21
0.14
0.18
0.26
0.15
0.17
0.12
0.13
0.22
0.22
0.25
0.25
0.20
0.09
0.15
0.42
0.37
0.25
0.07
0.21
0.28
0.28
0.18
0.27
0.28
0.11
0.21
0.10
0.10
0.17
0.17
0.17
0.46
0.30
0.17
0.18
0.14
0.13
0.07
0.10
0.18
0.21
0.21
0.23
0.16
0.08
0.10
0.09
Snam SpA 2.375% - 30/Jun/17

Snam SpA 3.875% - 19/Mar/18
Snam SpA 5.000% - 18/Jan/19
Societe des Autoroutes Paris-Rhin-Rhone 5.000% - 12/Jan/17
Societe Generale 2.250% - 23/Jan/20
Societe Generale 2.375% - 13/Jul/15
Societe Generale 4.000% - 7/Jun/23
Solvay Finance FRN - 29/Nov/49
SSE plc 2.000% - 17/Jun/20
SSE plc 2.375% - 10/Feb/22
Statoil ASA 2.000% - 10/Sep/20
Suez Environnement Company 2.750% - 9/Oct/23
Suez Environnement Company 5.500% - 22/Jul/24
Svenska Cellulosa AB 2.500% - 9/Jun/23
Svenska Handelsbanken AB 2.250% - 14/Jun/18
Svenska Handelsbanken AB 4.375% - 20/Oct/21
TDC A/S 3.500% - 23/Feb/15
Telenor ASA 2.500% - 22/May/25
Teliasonera AB 4.750% - 16/Nov/21
Telstra Corp. Limited 3.750% - 16/May/22
Telstra Corp. Limited 4.250% - 23/Mar/20
Thales SA 1.625% - 20/Mar/18
Total Capital Canada Limited 1.875% - 9/Jul/20
Unibail Rodamco SE 1.625% - 26/Jun/17
Unibail-Rodamco SE 3.375% - 11/Mar/15
Unicredit SpA 4.375% - 11/Sep/15
Unicredit SpA 4.875% - 7/Mar/17
UniCredit SpA 3.625% - 24/Jan/19
UniCredit SpA FRN - 28/Oct/25
Urenco Finance NV 5.375% - 22/May/15
Vallourec SA 4.250% - 14/Feb/17
Vienna Insurance Group FRN - 9/Oct/43
Vier Gas Transport 2.000% - 12/Jun/20
Vier Gas Transport 3.125% - 10/Jul/23
Vivendi SA 4.875% - 30/Nov/18
Volkswagen Bank 1.125% - 8/Feb/18
Volkswagen International Finance NV FRN - 4/Sep/49
Wells Fargo & Company 2.250% - 3/Sep/20
Wells Fargo & Company 2.250% - 2/May/23
Westpac Banking Corp. 4.125% - 25/May/18
184

(expressed in EUR)
% NAV
1,474,388
1,366,453
1,389,787
0.24
0.22
0.22
275,890,992
44.42
Total Bonds
275,890,992
44.42

exchange listing
605,538,581
97.50
605,538,581
97.50
1,500,000
1,150,000
1,400,000
Description
Market Value
Quantity/
Nominal
Value
WM Morrison Supermarkets plc 2.250% - 19/Jun/20

Wolters Kluwer NV 6.375% - 10/Apr/18
WPP Finance 3.000% - 20/Nov/23
Other Net Assets
15,498,329
2.50
Total Net Assets
621,036,910
100.00
185

Sector
%
NAV
Governments
Banks
Financial services
Food services
Insurance
Auto manufacturers
Real estate
Tobacco
Software
Water utilities
Industrials
Beverages
Chemicals
Metal fabrication
Media
Machinery
Pipelines
Semiconductors
Telephone
Retail
Transportation
Consumer goods
Agriculture
Building materials
53.09
15.03
3.68
3.57
2.97
2.26
2.19
1.54
1.39
1.12
1.04
0.86
0.82
0.53
0.48
0.48
0.47
0.45
0.44
0.43
0.40
0.40
0.39
0.37
0.33
0.28
0.26
0.22
0.22
0.20
0.18
0.18
0.18
0.16
0.16
0.15
0.14
0.10
0.09
0.08
0.07
0.05
0.05
97.50
Other Net Assets
2.50
Total Net Assets
100.00
186

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
DEM Supranationals, Governments and Local Public Authorities, Debt Instruments
110,000
International Bank For Reconstruction & Development 0.000% - 20/Dec/15
55,853
0.01
55,853
0.01
475,047
639,313
577,077
412,920
1,168,533
1,589,331
1,364,708
1,897,753
1,857,446
541,103
2,058,435
1,654,167
1,751,270
2,141,560
2,241,915
743,625
1,760,188
402,888
501,475
487,600
858,980
2,237,165
2,863,148
1,964,681
207,540
1,004,959
1,836,882
2,431,919
2,545,988
1,210,715
618,030
1,130,332
1,261,920
1,678,115
815,658
2,340,819
467,550
3,262,503
437,980
376,209
326,970
602,052
832,040
937,760
297,453
547,288
296,730
210,945
0.06
0.08
0.07
0.05
0.14
0.19
0.16
0.23
0.22
0.06
0.25
0.20
0.21
0.26
0.27
0.09
0.21
0.05
0.06
0.06
0.10
0.27
0.34
0.23
0.02
0.12
0.22
0.29
0.30
0.14
0.07
0.13
0.15
0.20
0.10
0.28
0.06
0.39
0.05
0.04
0.04
0.07
0.10
0.11
0.04
0.07
0.04
0.03

450,000
620,000
550,000
400,000
1,080,000
1,550,000
1,300,000
1,700,000
1,650,000
450,000
1,800,000
1,510,000
1,460,000
1,850,000
1,950,000
600,000
1,250,000
390,000
500,000
500,000
800,000
2,050,000
2,700,000
1,750,000
200,000
910,000
1,640,000
2,150,000
2,250,000
1,100,000
600,000
980,000
1,100,000
1,470,000
700,000
1,870,000
400,000
2,540,000
400,000
360,000
300,000
600,000
800,000
800,000
300,000
500,000
300,000
200,000
Agence Francaise de Developpement 3.375% - 16/Nov/15

Allied Irish Banks plc 4.000% - 19/Mar/15
Asfinag 3.125% - 6/Oct/15
Austria (Govt of) 3.150% - 20/Jun/44
Austria (Govt of) 3.200% - 20/Feb/17
Austria (Govt of) 3.400% - 20/Oct/14
Austria (Govt of) 3.650% - 20/Apr/22
Bayerische Landesbodenkreditanstalt 4.375% - 31/Oct/14
Berlin (Govt of) 3.125% - 14/Sep/15
Berlin (Govt of) 3.125% - 17/Aug/21
Berlin (Govt of) 3.500% - 13/Feb/14
Berlin (Govt of) 3.750% - 23/Mar/15
Berlin (Govt of) 4.250% - 25/Apr/22
Bpifrance Finance 2.750% - 25/Oct/25
Brandenburg (Govt of) 4.000% - 24/Oct/16
Caisse dAmortissement de la Dette Sociale 2.375% - 25/Jan/24
Caisse dAmortissement de la Dette Sociale 3.000% - 25/Feb/16
187

(expressed in EUR)
Quantity/
Nominal
Value
650,000
450,000
1,160,000
1,500,000
450,000
570,000
1,300,000
700,000
200,000
500,000
500,000
300,000
300,000
100,000
200,000
200,000
500,000
700,000
200,000
1,500,000
1,120,000
600,000
500,000
1,000,000
1,000,000
2,000,000
1,100,000
450,000
600,000
1,820,000
500,000
550,000
2,050,000
500,000
1,000,000
1,000,000
200,000
600,000
400,000
500,000
900,000
300,000
1,070,000
1,200,000
1,000,000
500,000
500,000
500,000
1,200,000
500,000
600,000
990,000
1,000,000
900,000
600,000
500,000
Description
Market Value
% NAV
714,610
482,533
1,306,014
1,705,837
506,365
651,664
1,500,622
817,093
202,395
567,195
546,500
345,383
350,445
102,593
192,031
251,002
569,538
751,240
200,630
1,489,087
1,137,164
595,545
498,600
968,125
1,039,125
2,018,949
1,214,648
478,665
683,715
1,352,560
499,765
539,715
1,968,184
507,225
1,008,570
1,064,275
212,450
641,688
407,800
534,813
1,008,023
332,949
1,227,477
1,402,290
1,156,325
574,925
596,725
590,150
1,375,740
531,453
625,815
1,046,064
1,065,745
944,744
615,510
548,663
0.09
0.06
0.16
0.20
0.06
0.08
0.18
0.10
0.02
0.07
0.07
0.04
0.04
0.01
0.02
0.03
0.07
0.09
0.02
0.18
0.14
0.07
0.06
0.12
0.12
0.24
0.15
0.06
0.08
0.16
0.06
0.06
0.23
0.06
0.12
0.13
0.03
0.08
0.05
0.06
0.12
0.04
0.15
0.17
0.14
0.07
0.07
0.07
0.16
0.06
0.07
0.12
0.13
0.11
0.07
0.07

Caisse dAmortissement de la Dette Sociale 3.750% - 25/Oct/20
Caisse dAmortissement de la Dette Sociale 4.000% - 15/Dec/25
Caixa dEstalvis de Catalunya Tarragona i Manresa 3.000% - 29/Oct/14
Canada (Govt of) 3.500% - 13/Jan/20
Communaute Francaise de Belgique 3.875% - 16/Jun/17
Czech (Govt) 4.125% - 18/Mar/20
Czech (Govt) 5.000% - 11/Jun/18
Denmark (Govt of) 1.750% - 5/Oct/15
Deutsche Bahn Finance BV 2.000% - 20/Feb/23
Development Bank of Japan Inc. 4.750% - 26/Nov/27
Eurofima 4.000% - 27/Oct/21
European Community 3.626% - 6/Apr/16
European Financial Stability Facility 1.500% - 22/Jan/20
European Financial Stability Facility 1.625% - 4/Feb/15
European Financial Stability Facility 1.750% - 29/Oct/20
European Financial Stability Facility 2.250% - 5/Sep/22
European Financial Stability Facility 3.375% - 3/Apr/37
European Financial Stability Facility 3.875% - 30/Mar/32
European Investment Bank 0.000% - 5/Nov/26
European Investment Bank 1.625% - 15/Jan/15
European Investment Bank 3.625% - 15/Jan/21
European Union 2.375% - 4/Oct/18
European Union 2.500% - 4/Dec/15
European Union 2.750% - 3/Jun/16
European Union 3.250% - 7/Nov/14
188

(expressed in EUR)
Quantity/
Nominal
Value
700,000
1,000,000
500,000
600,000
500,000
450,000
490,000
450,000
450,000
2,550,000
1,500,000
650,000
450,000
500,000
650,000
1,350,000
240,000
2,200,000
3,550,000
2,700,000
2,800,000
1,000,000
1,000,000
3,790,000
3,850,000
5,500,000
3,350,000
5,950,000
3,350,000
5,150,000
4,700,000
4,950,000
3,550,000
5,350,000
2,860,000
3,700,000
1,750,000
1,350,000
2,900,000
5,850,000
4,350,000
4,410,000
2,420,000
2,070,000
3,350,000
2,740,000
3,140,000
1,050,000
1,250,000
600,000
1,700,000
200,000
730,000
500,000
900,000
1,500,000
Description
Market Value
% NAV
779,345
1,119,050
523,913
630,849
562,163
428,445
495,794
459,405
500,816
2,857,849
1,671,113
753,123
523,913
534,463
702,808
1,371,499
248,580
2,259,400
3,633,868
2,841,953
2,840,460
949,275
1,001,650
3,985,375
4,041,440
5,881,974
3,571,938
6,501,713
3,493,548
5,745,854
5,054,026
5,450,197
4,005,287
6,048,040
3,221,576
4,122,817
1,948,144
1,507,410
3,271,998
6,692,107
5,001,303
5,106,228
2,911,018
2,552,931
3,772,099
3,580,357
4,310,827
1,400,543
1,742,563
912,435
1,673,046
194,625
747,604
556,700
896,423
1,467,113
0.09
0.13
0.06
0.08
0.07
0.05
0.06
0.05
0.06
0.34
0.20
0.09
0.06
0.06
0.09
0.16
0.03
0.27
0.43
0.34
0.34
0.11
0.12
0.48
0.48
0.70
0.43
0.79
0.42
0.69
0.60
0.65
0.48
0.72
0.38
0.49
0.23
0.18
0.39
0.81
0.60
0.61
0.35
0.30
0.45
0.43
0.51
0.17
0.21
0.11
0.19
0.02
0.09
0.07
0.11
0.18
European Union 3.375% - 10/May/19

European Union 3.500% - 4/Jun/21
Fade - Fondo de Amortizacion del Deficit Electrico 3.875% - 17/Mar/18
Fade - Fondo de Amortizacion del Deficit Electrico 5.000% - 17/Jun/15
Fade - Fondo de Amortizacion del Deficit Electrico 5.600% - 17/Sep/18
Finland (Govt of) 2.625% - 4/Jul/42
Finland (Govt of) 3.375% - 15/Apr/20
Flemish Community 3.000% - 31/Jan/18
Flemish Community 3.875% - 20/Jul/16
Fondo de Reestructuracion Ordenada Bancaria 3.000% - 19/Nov/14
France (Govt of) BTAN 1.750% - 25/Feb/17
France (Govt of) BTAN 2.000% - 12/Jul/15
France (Govt of) BTAN 2.500% - 15/Jan/15
Gemeinsame Deutsche Bundeslaender 1.750% - 13/Jun/22
Gemeinsame Deutsche Bundeslaender 1.750% - 31/Jan/23
Gemeinsame Deutsche Bundeslaender 2.000% - 2/Jun/15
Gemeinsame Deutsche Bundeslaender 3.500% - 7/Oct/19
Germany (Govt of) 0.000% - 11/Dec/15
Germany (Govt of) 0.250% - 13/Apr/18
189

(expressed in EUR)
Quantity/
Nominal
Value
1,000,000
1,000,000
1,000,000
1,000,000
2,500,000
100,000
6,700,000
1,000,000
1,100,000
3,300,000
5,200,000
2,150,000
2,700,000
1,000,000
5,100,000
1,075,390
6,150,000
2,200,000
2,450,000
3,600,000
6,700,000
1,050,000
1,000,000
2,550,000
900,000
1,650,000
1,650,000
550,000
2,050,000
1,950,000
1,650,000
300,000
2,800,000
1,500,000
650,000
1,500,000
6,000,000
1,800,000
4,500,000
4,700,000
200,000
400,000
730,000
600,000
500,000
1,190,000
500,000
2,400,000
300,000
1,300,000
1,530,000
1,500,000
1,000,000
950,000
950,000
2,450,000
Description
Market Value
% NAV
1,010,075
1,003,825
980,450
971,475
2,416,000
100,395
6,902,842
1,006,450
1,166,908
3,475,065
5,584,279
2,038,953
2,990,790
1,045,800
5,711,107
1,180,698
6,553,439
2,487,760
2,538,016
3,962,429
7,619,909
1,146,915
1,131,850
3,086,966
1,016,483
1,901,749
2,098,718
703,134
2,706,513
2,677,301
2,300,760
342,256
3,864,699
2,087,850
964,698
2,221,275
6,164,699
1,868,625
4,617,674
4,825,959
195,301
433,840
737,289
636,975
510,800
1,232,126
537,175
2,562,959
341,663
1,479,738
1,681,470
1,664,963
1,094,500
1,029,444
1,068,869
2,791,530
0.12
0.12
0.12
0.12
0.29
0.01
0.83
0.12
0.14
0.41
0.67
0.24
0.36
0.12
0.68
0.14
0.79
0.30
0.30
0.47
0.92
0.14
0.14
0.37
0.12
0.23
0.25
0.08
0.32
0.32
0.27
0.04
0.46
0.25
0.12
0.27
0.74
0.22
0.55
0.58
0.02
0.05
0.09
0.08
0.06
0.15
0.06
0.30
0.04
0.17
0.20
0.20
0.13
0.12
0.13
0.33
Germany (Govt of) 0.750% - 24/Feb/17

Germany (Govt of) 1.000% - 12/Oct/18
Germany (Govt of) 1.500% - 15/Feb/23
Germany (Govt of) 1.500% - 15/May/23
Germany (Govt of) 2.000% - 15/Aug/23
Germany (Govt of) Bundesobligation 1.750% - 9/Oct/15
Germany (Govt of) Bundesobligation 2.000% - 26/Feb/16
Germany (Govt of) Bundesobligation 2.250% - 10/Apr/15
Germany (Govt of) Bundesobligation 2.500% - 27/Feb/15
Hessen (Govt of) 1.750% - 20/Jan/23
Hessen (Govt of) 3.000% - 23/Aug/21
Hessen (Govt of) 3.125% - 13/May/14
Hessen (Govt of) 3.500% - 4/Jan/16
Instituto de Credito Oficial 3.250% - 10/Feb/15
Instituto de Credito Oficial 3.750% - 28/Jul/15
Instituto de Credito Oficial 4.750% - 30/Apr/20
Instituto de Credito Oficial 5.125% - 25/Jan/16
Instituto de Credito Oficial 6.000% - 8/Mar/21
International Bank for Reconstruction & Development 3.875% - 20/May/19
Ireland (Govt of) 4.400% - 18/Jun/19
190

(expressed in EUR)
Quantity/
Nominal
Value
320,000
600,000
250,000
500,000
1,620,000
1,330,000
2,020,000
2,230,000
2,050,000
2,200,000
1,770,000
500,000
2,880,000
1,850,000
3,050,000
3,120,000
7,760,000
2,930,000
3,190,000
2,880,000
2,100,000
3,500,000
3,010,000
2,770,000
3,350,000
3,010,000
2,860,000
2,850,000
2,790,000
3,630,000
400,000
2,670,000
1,800,000
1,460,000
460,000
2,890,000
3,130,000
2,080,000
2,490,000
2,490,000
2,645,000
3,630,000
2,680,000
3,160,000
3,640,000
1,800,000
1,810,000
900,000
3,430,000
3,000,000
1,320,000
600,000
600,000
470,000
470,000
500,000
Description
Market Value
% NAV
375,904
692,622
269,593
509,285
2,082,348
1,352,677
2,031,363
2,285,025
2,103,761
2,270,675
1,789,116
520,763
2,992,464
1,944,258
3,211,421
3,198,702
7,949,537
3,110,195
3,351,813
2,655,288
2,134,808
3,567,375
3,116,178
2,968,748
3,583,327
3,201,060
3,092,018
3,092,036
3,019,408
3,909,146
415,070
2,762,916
1,943,190
1,582,750
498,686
3,134,277
3,349,491
2,275,936
2,676,563
2,592,339
2,738,964
3,742,711
2,958,117
3,418,804
4,095,363
2,026,530
2,064,441
939,128
3,996,549
3,638,249
1,862,058
639,585
628,980
531,511
524,861
572,850
0.04
0.08
0.03
0.06
0.25
0.16
0.24
0.27
0.25
0.27
0.21
0.06
0.36
0.23
0.38
0.38
0.96
0.37
0.40
0.32
0.25
0.43
0.37
0.35
0.43
0.38
0.37
0.37
0.36
0.47
0.05
0.33
0.23
0.19
0.06
0.37
0.40
0.27
0.32
0.31
0.33
0.45
0.35
0.41
0.49
0.24
0.25
0.11
0.48
0.43
0.22
0.08
0.08
0.06
0.06
0.07

Israel (Govt of) 4.625% - 18/Mar/20
Italy (Govt of) 5.125% - 31/Jul/24
Italy (Govt of) 5.200% - 31/Jul/34
Italy (Govt of) 7.250% - 1/Nov/26
Italy (Govt of) BPT 4.250% - 1/Jul/14
Kreditanstalt fuer Wiederaufbau 3.125% - 4/Jul/16
191

(expressed in EUR)
Quantity/
Nominal
Value
570,000
670,000
930,000
1,100,000
450,000
300,000
700,000
700,000
300,000
500,000
500,000
900,000
900,000
300,000
1,600,000
400,000
2,250,000
2,200,000
3,650,000
1,000,000
1,050,000
1,400,000
1,900,000
3,100,000
1,900,000
2,100,000
1,700,000
3,000,000
1,550,000
300,000
1,150,000
410,000
600,000
300,000
440,000
400,000
200,000
600,000
300,000
300,000
200,000
300,000
650,000
1,400,000
1,000,000
1,100,000
1,000,000
500,000
800,000
200,000
400,000
300,000
300,000
1,080,000
Description
Market Value
% NAV
694,004
792,965
1,036,833
1,245,755
473,344
333,789
654,458
703,637
314,310
484,375
398,870
906,323
913,455
287,783
1,628,680
381,080
2,308,781
2,301,475
4,022,025
1,121,325
1,069,609
1,589,875
2,214,403
3,380,240
2,148,758
2,402,873
2,024,700
3,394,050
2,073,358
433,403
1,132,628
422,296
616,296
312,549
465,003
446,100
236,235
603,750
339,608
300,452
212,336
338,748
671,723
1,508,948
1,043,805
1,245,750
1,148,280
606,773
958,520
198,089
473,386
339,392
340,406
1,221,728
0.08
0.09
0.12
0.15
0.06
0.04
0.08
0.08
0.04
0.06
0.05
0.11
0.11
0.03
0.19
0.05
0.28
0.27
0.48
0.13
0.13
0.19
0.26
0.40
0.26
0.29
0.24
0.41
0.25
0.05
0.14
0.05
0.07
0.04
0.06
0.05
0.03
0.07
0.04
0.04
0.03
0.04
0.08
0.18
0.12
0.15
0.14
0.07
0.11
0.02
0.06
0.04
0.04
0.14

Land Baden-Wuerttemberg (Govt of) 4.250% - 4/Jan/18
Lithuania (Govt of) 3.750% - 10/Feb/16
Luxembourg (Govt of) 3.375% - 18/May/20
Madrid (Autonomous Community of ) 4.300% - 15/Sep/26
Madrid (Autonomous Community of ) 4.305% - 6/Mar/14
Madrid (Autonomous Community of ) 4.688% - 12/Mar/20
Mexico (Govt of) 2.750% - 22/Apr/23
Milan (City of ) 4.019% - 29/Jun/35
Netherlands (Govt of) 0.750% - 15/Apr/15
North Rhine-Westphalia (Govt of) 1.875% - 15/Sep/22
North Rhine-Westphalia (Govt of) 2.125% - 30/Jun/15
North Rhine-Westphalia (Govt of) 3.500% - 16/Nov/15
North Rhine-Westphalia (Govt of) 3.500% - 7/Jul/21
North Rhine-Westphalia (Govt of) 4.375% - 29/Apr/22
NRW.Bank 3.375% - 18/Mar/14
NRW.Bank 3.875% - 27/Jan/20
Oebb Infrastruktur AG 3.375% - 18/May/32
Oebb Infrastruktur AG 3.875% - 30/Jun/25
OeBB Infrastruktur AG 3.875% - 1/Dec/14
Ontario Canada (Province of) 3.000% - 28/Sep/20
Poland (Govt of) 5.625% - 20/Jun/18
Quebec Canada (Province of) 2.250% - 17/Jul/23
Quebec Canada (Province of) 5.000% - 29/Apr/19
Regie Autonomes des Transports Parisiens 4.000% - 23/Sep/21
Reseau Ferre de France 4.250% - 7/Oct/26
Reseau Ferre de France 4.450% - 27/Nov/17
192

(expressed in EUR)
Quantity/
Nominal
Value
300,000
200,000
500,000
500,000
550,000
720,000
400,000
300,000
250,000
200,304
300,000
350,000
400,000
300,000
300,000
600,000
200,000
200,000
2,150,000
2,460,000
2,230,000
1,750,000
1,900,000
2,180,000
1,640,000
3,260,000
3,550,000
2,990,000
2,300,000
2,950,000
2,400,000
1,000,000
2,570,000
2,650,000
1,350,000
1,650,000
1,840,000
2,130,000
1,050,000
300,000
1,000,000
1,700,000
2,430,000
1,210,000
2,250,000
2,110,000
2,090,000
500,000
350,000
200,000
400,000
550,000
Description
Market Value
% NAV
349,776
208,500
538,450
503,075
614,130
828,018
449,740
312,750
277,038
206,914
308,258
346,605
398,360
291,000
302,775
666,021
235,244
225,295
2,200,471
2,539,212
2,307,158
1,782,988
1,988,873
2,293,687
1,708,019
3,389,830
3,784,033
2,719,256
2,444,843
3,144,405
2,484,960
1,077,325
2,783,631
2,727,844
1,304,876
1,685,640
1,936,278
2,310,092
1,047,848
306,533
1,101,200
1,888,020
2,717,591
1,367,482
2,559,488
2,410,148
2,399,895
516,313
345,986
201,114
389,750
541,483
0.04
0.02
0.06
0.06
0.07
0.10
0.05
0.04
0.03
0.02
0.04
0.04
0.05
0.03
0.04
0.08
0.03
0.03
0.26
0.30
0.28
0.21
0.24
0.28
0.20
0.40
0.45
0.32
0.29
0.38
0.30
0.13
0.33
0.33
0.16
0.20
0.23
0.28
0.13
0.04
0.13
0.23
0.32
0.17
0.31
0.29
0.29
0.06
0.04
0.02
0.05
0.06
Reseau Ferre de France 4.500% - 30/Jan/24

Romania (Govt of) 5.000% - 18/Mar/15
Romania (Govt of) 5.250% - 17/Jun/16
Sachsen-Anhalt (Govt of ) 4.250% - 28/Feb/14
Slovakia (Govt of) 4.000% - 27/Apr/20
Slovakia (Govt of) 4.000% - 26/Mar/21
Slovakia (Govt of) 4.350% - 14/Oct/25
Slovakia (Govt of) 4.375% - 21/Jan/15
Slovakia (Govt of) 4.625% - 19/Jan/17
Slovenia (Govt of) 4.000% - 17/Feb/16
Slovenia (Govt of) 4.000% - 22/Mar/18
Slovenia (Govt of) 4.125% - 26/Jan/20
Slovenia (Govt of) 4.625% - 9/Sep/24
Slovenija (Govt of) 2.750% - 17/Mar/15
Societe Nationale des Chemins de Fer 3.625% - 3/Jun/20
Societe Nationale des Chemins de Fer 4.625% - 2/Feb/24
Societe Nationale des Chemins de Fer Francais 4.175% - 19/Feb/25
State of Baden-Wurttemberg 3.500% - 14/Jan/15
Stockholms Lans 2.125% - 12/Sep/22
Sweden (Govt of) 0.625% - 20/Feb/15
Unedic 1.250% - 29/May/20
Vnesheconombank 4.032% - 21/Feb/23
626,044,456
74.76
626,100,309
74.77
193

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
259,638
544,100
111,216
324,015
428,858
1,042,231
200,235
225,733
664,490
203,325
648,588
326,478
209,148
574,900
1,011,038
305,225
1,025,171
208,939
334,608
500,083
438,284
195,478
980,672
230,501
216,252
516,039
417,154
379,089
467,746
1,052,699
209,577
304,824
1,067,809
204,237
492,864
594,188
405,795
671,475
651,735
807,465
1,025,234
1,818,030
418,994
221,768
648,324
586,919
227,013
532,433
513,396
208,250
410,618
425,524
525,390
1,057,155
0.03
0.06
0.01
0.04
0.05
0.12
0.02
0.03
0.08
0.02
0.08
0.04
0.02
0.07
0.12
0.04
0.12
0.02
0.04
0.06
0.05
0.02
0.12
0.03
0.03
0.06
0.05
0.05
0.06
0.12
0.03
0.04
0.13
0.02
0.06
0.07
0.05
0.08
0.08
0.10
0.12
0.21
0.05
0.03
0.08
0.07
0.03
0.06
0.06
0.02
0.05
0.05
0.06
0.13
EUR Bonds
250,000
500,000
100,000
300,000
420,000
900,000
200,000
200,000
600,000
200,000
600,000
300,000
200,000
500,000
900,000
300,000
930,000
200,000
300,000
450,000
400,000
200,000
900,000
200,000
200,000
470,000
400,000
300,000
450,000
1,000,000
200,000
300,000
1,000,000
200,000
480,000
570,000
390,000
600,000
600,000
750,000
900,000
1,750,000
400,000
200,000
600,000
520,000
200,000
500,000
450,000
200,000
400,000
400,000
500,000
1,000,000

Abertis Infraestructuras SA 4.375% - 30/Mar/20
ABN Amro Bank NV 3.625% - 6/Oct/17
ABN Amro Bank NV 4.625% - 9/Jul/14
Adecco International Financial Services Bv 2.750% - 15/Nov/19
Alliander Finance BV 5.500% - 20/Apr/16
Alliander NV FRN - 27/Nov/18
Allianz Finance II BV 4.000% - 23/Nov/16
Allianz Finance II BV FRN - 29/Dec/49
Allianz Finance II BV 4.750% - 22/Jul/19
Allianz Finance II BV FRN - 8/Jul/41
America Movil SAB de CV 4.125% - 25/Oct/19
America Movil SAB de CV FRN - 6/Sep/73
American International Group Inc. 5.000% - 26/Jun/17
Anheuser-Busch InBev SA 4.000% - 2/Jun/21
Areva SA 4.375% - 6/Nov/19
Asfinag 2.750% - 11/Jun/32
Assicurazioni Generali SpA 5.125% - 16/Sep/24
Assicurazioni Generali SpA FRN - 12/Dec/42
Atlantia SpA 4.375% - 16/Sep/25
Atlantia SpA 5.625% - 6/May/16
Atlas Copco AB 2.625% - 15/Mar/19
Autoroutes du Sud de la France SA 7.375% - 20/Mar/19
AXA SA 4.500% - 23/Jan/15
Banco Financiero y de Ahorros SA 3.125% - 21/Jan/15
Banco Financiero y de Ahorros SA 5.250% - 7/Apr/16
Bank Nederlandse Gemeenten 1.875% - 6/Jun/19
Bank Nederlandse Gemeenten 2.125% - 14/Jul/15
Bank Nederlandse Gemeenten 2.250% - 24/Aug/16
Bank Nederlandse Gemeenten 2.500% - 18/Jan/16
Bank Nederlandse Gemeenten 4.125% - 28/Jun/16
Bank of America Corp. 4.625% - 7/Feb/17
Bank of America Corp. 7.000% - 15/Jun/16
Banque Federative du Credit Mutuel SA 3.250% - 23/Aug/22
Banque Federative du Credit Mutuel SA 4.125% - 20/Jul/20
Banque Federative du Credit Mutuel SA 4.375% - 31/May/16
Barclays Bank plc 6.000% - 14/Jan/21
BASF Finance Europe NV 5.125% - 9/Jun/15
Bat International Finance plc 5.375% - 29/Jun/17
Bayer AG FRN - 29/Jul/05
BBVA Senior Finance SAU 3.250% - 23/Apr/15
Bertelsmann AG 3.625% - 6/Oct/15
BG Energy Capital plc 3.000% - 16/Nov/18
194

(expressed in EUR)
Quantity/
Nominal
Value
200,000
550,000
500,000
580,000
200,000
400,000
230,000
1,300,000
400,000
1,500,000
900,000
300,000
1,000,000
400,000
300,000
100,000
400,000
200,000
600,000
300,000
900,000
600,000
100,000
200,000
300,000
100,000
150,000
500,000
200,000
460,000
200,000
250,000
400,000
500,000
1,300,000
550,000
300,000
400,000
900,000
280,000
150,000
1,100,000
500,000
200,000
300,000
100,000
700,000
300,000
350,000
400,000
350,000
850,000
1,200,000
500,000
500,000
410,000
Description
Market Value
% NAV
204,662
561,044
577,413
614,722
197,187
408,958
242,626
1,427,100
415,820
1,576,139
1,008,139
310,487
1,012,429
432,098
325,562
103,928
426,098
195,965
648,321
336,050
955,498
641,304
98,748
229,747
382,188
119,600
151,433
521,390
198,222
502,026
209,525
277,581
451,532
536,105
1,361,398
634,222
329,426
432,878
1,031,588
285,790
175,661
1,149,120
513,688
196,197
320,165
102,417
766,755
342,249
406,324
470,432
387,737
970,941
1,210,067
577,370
532,483
494,942
0.02
0.07
0.07
0.07
0.02
0.05
0.03
0.17
0.05
0.20
0.12
0.04
0.12
0.05
0.04
0.01
0.05
0.02
0.08
0.04
0.11
0.08
0.01
0.03
0.05
0.01
0.02
0.06
0.02
0.06
0.03
0.03
0.05
0.06
0.16
0.08
0.04
0.05
0.12
0.03
0.02
0.15
0.06
0.02
0.04
0.01
0.09
0.04
0.05
0.06
0.05
0.12
0.15
0.07
0.06
0.06

BHP Billiton Finance Limited 3.000% - 29/May/24
BMW Finance 5.000% - 6/Aug/18
BMW US Capital LLC 5.000% - 28/May/15
BNP Paribas 1.375% - 21/Nov/18
BNP Paribas 3.750% - 25/Nov/20
BNP Paribas FRN - 29/Apr/49
Bouygues SA 3.625% - 16/Jan/23
Bouygues SA 4.250% - 22/Jul/20
BPCE SA 2.875% - 22/Sep/15
BPCE SA 2.875% - 16/Jan/24
BPCE SA 3.750% - 21/Jul/17
British Telecommunications plc 6.500% - 7/Jul/15
Brussels Airport Holding NV 3.250% - 1/Jul/20
Carlsberg Breweries A/S 3.375% - 13/Oct/17
Carrefour SA 3.875% - 25/Apr/21
Casino Guichard Perrachon SA 4.726% - 26/May/21
CEZ AS 3.625% - 27/May/16
CEZ AS 5.750% - 26/May/15
Citigroup Inc. FRN - 25/Feb/30
Citigroup Inc. 5.000% - 2/Aug/19
Citigroup Inc. 7.375% - 4/Sep/19
Cloverie plc for Zurich Insurance Company FRN - 24/Jul/39
CNP Assurances FRN - 29/Dec/49
Commerzbank AG 4.750% - 26/Jan/15
Commonwealth Bank of Australia 1.625% - 4/Feb/19
Commonwealth Bank of Australia 4.250% - 10/Nov/16
Compagnie de Saint-Gobain 4.750% - 11/Apr/17
Compagnie Financiere & Industrielle des Autoroutes 5.875% - 9/Oct/16
Council of Europe 2.875% - 31/Aug/21
Credit Agricole 3.900% - 19/Apr/21
Credit Agricole 5.875% - 11/Jun/19
Credit Mutuel Arkea 4.500% - 23/Jan/17
Credit Suisse 3.875% - 25/Jan/17
Credit Suisse 6.125% - 16/May/14
Daa Finance plc 6.587% - 9/Jul/18
Daimler AG 4.625% - 2/Sep/14
Danone SA 1.375% - 10/Jun/19
Danske Bank A/S 3.875% - 18/May/16
Delhaize Group 3.125% - 27/Feb/20
Deutsche Bahn Finance BV 3.750% - 9/Jul/25
Deutsche Bahn Finance BV 5.000% - 24/Jul/19
Deutsche Bank AG 5.000% - 24/Jun/20
Deutsche Bank AG 5.125% - 31/Aug/17
Deutsche Post AG 2.875% - 11/Dec/24
Deutsche Telekom International Finance BV 4.875% - 22/Apr/25
Deutsche Telekom International Finance BV 6.625% - 29/Mar/18
195

(expressed in EUR)
Quantity/
Nominal
Value
500,000
350,000
550,000
596,000
200,000
500,000
50,000
1,500,000
200,000
400,000
100,000
320,000
400,000
800,000
480,000
300,000
700,000
650,000
400,000
500,000
500,000
400,000
600,000
490,000
300,000
400,000
300,000
1,000,000
400,000
600,000
500,000
300,000
700,000
100,000
500,000
630,000
50,000
500,000
300,000
1,050,000
500,000
400,000
300,000
300,000
700,000
300,000
200,000
400,000
650,000
400,000
700,000
500,000
1,300,000
250,000
600,000
200,000
Description
Market Value
% NAV
563,923
429,140
576,483
654,024
230,117
606,683
55,252
1,723,102
199,602
453,742
107,444
357,874
494,604
922,643
531,888
333,485
774,897
703,320
405,170
505,470
548,285
413,660
633,810
559,269
303,488
411,900
307,716
1,031,240
421,798
652,041
544,183
331,893
715,452
115,119
523,670
692,205
63,154
634,123
318,102
1,203,877
531,448
405,222
319,586
301,491
767,886
300,167
202,062
427,170
742,833
473,956
737,624
538,808
1,338,467
275,246
687,603
225,519
0.07
0.05
0.07
0.08
0.03
0.07
0.01
0.22
0.02
0.05
0.01
0.04
0.06
0.11
0.06
0.04
0.09
0.08
0.05
0.06
0.07
0.05
0.08
0.07
0.04
0.05
0.04
0.11
0.05
0.08
0.06
0.04
0.09
0.01
0.06
0.08
0.01
0.08
0.04
0.14
0.06
0.05
0.04
0.04
0.09
0.04
0.02
0.05
0.09
0.06
0.09
0.06
0.16
0.03
0.09
0.03
DnB Nor Bank ASA 4.375% - 24/Feb/21

Dong Energy 6.500% - 7/May/19
Dong Energy A/S FRN - 29/Jun/05
Dong Energy AS FRN - 26/Jun/13
E.ON Finance 5.500% - 2/Oct/17
E.ON International Finance BV 5.750% - 7/May/20
EDF SA 4.500% - 12/Nov/40
EDF SA 4.625% - 11/Sep/24
Electricite de France SA 2.750% - 10/Mar/23
Electricite de France SA FRN - 29/Dec/49
Enbw Energie Baden-Wuerttemberg AG 7.375% - 2/Apr/72
Enbw International Finance BV 6.875% - 20/Nov/18
Enel Finance International NV 5.750% - 24/Oct/18
Enel Finance International SA 5.000% - 14/Sep/22
Enel SpA 5.250% - 20/Jun/17
Eni SpA 4.250% - 3/Feb/20
ENI SpA 5.000% - 28/Jan/16
Erste Abwicklungsanstalt 1.125% - 30/Sep/15
Erste Abwicklungsanstalt 1.250% - 6/Mar/15
Eurogrid Gmbh 3.875% - 22/Oct/20
FMS Wertmanagement 1.375% - 16/Jan/15
FMS Wertmanagement 1.625% - 22/Feb/17
FMS Wertmanagement 1.875% - 24/Aug/15
FMS Wertmanagement 1.875% - 9/May/19
FMS Wertmanagement 2.750% - 3/Jun/16
FMS Wertmanagement 3.000% - 8/Sep/21
Fortum Oyj 4.500% - 20/Jun/16
Gas Natural Capital Markets SA 4.500% - 27/Jan/20
Gas Natural Capital Markets SA 5.375% - 24/May/19
Gas Natural Fenosa Finance BV 3.875% - 17/Jan/23
GDF Suez 5.625% - 18/Jan/16
GDF Suez 5.950% - 16/Mar/11
GDF Suez 6.375% - 18/Jan/21
GE Capital European Funding 5.250% - 18/May/15
GE Capital European Funding 5.375% - 16/Jan/18
General Electric Capital Corp. 4.125% - 19/Sep/35
General Electric Capital Corp. FRN - 15/Sep/67
Generali Finance BV FRN - 29/Jun/49
Glencore Finance Europe SA 4.125% - 3/Apr/18
Goldman Sachs Group Inc. 3.250% - 1/Feb/23
Goldman Sachs Group Inc. 4.750% - 12/Oct/21
Goldman Sachs Group Inc. 6.375% - 2/May/18
Groupe Auchan SA 4.750% - 15/Apr/15
Heathrow Funding Limited 4.125% - 12/Oct/16
Hera SpA 5.200% - 29/Jan/28
HIT Finance BV 5.750% - 9/Mar/18
HSBC Bank plc 4.000% - 15/Jan/21
196

(expressed in EUR)
Quantity/
Nominal
Value
600,000
600,000
300,000
1,100,000
500,000
550,000
100,000
500,000
300,000
950,000
200,000
600,000
300,000
300,000
400,000
900,000
900,000
640,000
400,000
200,000
200,000
200,000
400,000
500,000
300,000
400,000
680,000
650,000
650,000
1,600,000
650,000
500,000
450,000
650,000
300,000
630,000
910,000
330,000
300,000
200,000
200,000
470,000
400,000
400,000
500,000
200,000
1,050,000
200,000
420,000
200,000
900,000
250,000
700,000
400,000
250,000
400,000
Description
Market Value
% NAV
670,839
615,228
348,801
1,155,545
491,750
635,473
110,040
575,443
309,039
959,846
217,880
640,854
314,960
317,642
419,200
943,394
1,030,923
695,008
404,034
201,355
192,938
209,387
424,674
518,783
316,784
425,882
767,023
653,461
665,373
1,652,599
675,431
501,108
461,318
684,564
315,113
668,493
992,741
370,805
344,069
203,699
220,269
482,142
428,476
423,708
556,315
226,761
1,243,693
232,157
524,110
194,386
931,050
279,846
668,864
414,572
258,379
456,162
0.08
0.07
0.04
0.14
0.06
0.08
0.01
0.07
0.04
0.11
0.03
0.08
0.04
0.04
0.05
0.11
0.13
0.08
0.05
0.02
0.02
0.03
0.05
0.06
0.04
0.05
0.09
0.08
0.08
0.19
0.08
0.06
0.06
0.08
0.04
0.08
0.12
0.04
0.04
0.02
0.03
0.06
0.05
0.05
0.07
0.03
0.15
0.03
0.06
0.02
0.11
0.03
0.08
0.05
0.03
0.06
HSBC Finance Corp. 4.875% - 30/May/17

HSBC Holdings plc FRN - 29/Jun/20
Hutchison Whampoa Finance Limited 4.125% - 28/Jun/15
Hypo Alpe-Adria - ADR 4.375% - 24/Jan/17
Iberdrola Finanzas SAU 5.625% - 9/May/18
Iberdrola International BV 4.250% - 11/Oct/18
ING Bank NV 3.375% - 3/Mar/15
ING Bank NV 4.500% - 13/Jan/17
ING Groep NV 4.125% - 11/Apr/16
Intesa Sanpaolo SpA 4.125% - 14/Apr/20
Investor AB 4.500% - 12/May/23
IPIC GMTN Limited 4.875% - 14/May/16
JPMorgan Chase & Company 2.750% - 1/Feb/23
JPMorgan Chase & Company 2.875% - 24/May/28
JPMorgan Chase & Company 5.250% - 14/Jan/15
KBC Internationale Financieringsmaatschappij NV 4.375% - 26/Oct/15
Kering 3.750% - 8/Apr/15
Koninklijke KPN NV 3.750% - 21/Sep/20
Kraft Foods Inc. 6.250% - 20/Mar/15
Kreditanstalt Fuer Wiederaufbau 0.625% - 29/May/15
Kreditanstalt Fuer Wiederaufbau 1.375% - 21/Feb/17
Kreditanstalt Fuer Wiederaufbau 1.875% - 20/Mar/19
Kreditanstalt Fuer Wiederaufbau 2.000% - 7/Sep/16
Kreditanstalt Fuer Wiederaufbau 2.125% - 15/Aug/23
Kreditanstalt Fuer Wiederaufbau 2.250% - 10/Apr/15
Kreditanstalt Fuer Wiederaufbau 2.250% - 21/Sep/17
Kreditanstalt Fuer Wiederaufbau 3.125% - 8/Apr/16
Kreditanstalt Fuer Wiederaufbau 3.500% - 4/Jul/21
La Poste 4.375% - 26/Jun/23
Landesbank Berlin AG 4.625% - 18/Jun/14
Landesbank Berlin AG 5.875% - 25/Nov/19
Landwirtschaftliche Rentenbank 2.000% - 15/Jun/15
Landwirtschaftliche Rentenbank 3.750% - 11/Feb/16
Legrand SA 3.375% - 19/Apr/22
Linde Finance BV 3.875% - 1/Jun/21
Linde Finance BV FRN - 14/Jul/66
Lloyds TSB Bank plc 5.375% - 3/Sep/19
Lloyds TSB Bank plc 6.500% - 24/Mar/20
Lloyds TSB Bank plc FRN - 16/Dec/21
Louis Vuitton Moet Hennessy SA 1.250% - 4/Nov/19
Louis Vuitton Moet Hennessy SA 3.375% - 7/Apr/15
Macquarie Bank Limited 6.000% - 21/Sep/20
McDonalds Corp. 2.375% - 27/Nov/24
Mediobanca SpA 3.750% - 2/Feb/16
Merck Financial Services GmbH 3.375% - 24/Mar/15
Merck Financial Services GmbH 4.500% - 24/Mar/20
197

(expressed in EUR)
Quantity/
Nominal
Value
380,000
300,000
300,000
800,000
300,000
500,000
600,000
300,000
410,000
500,000
250,000
250,000
300,000
500,000
500,000
410,000
500,000
150,000
880,000
300,000
550,000
500,000
680,000
300,000
500,000
400,000
300,000
200,000
200,000
400,000
170,000
1,400,000
1,400,000
530,000
150,000
400,000
600,000
1,500,000
400,000
300,000
400,000
480,000
600,000
900,000
1,240,000
400,000
500,000
580,000
400,000
500,000
100,000
300,000
400,000
280,000
250,000
800,000
Description
Market Value
% NAV
409,372
297,291
297,750
854,728
350,267
603,993
695,001
329,540
456,139
573,183
265,498
252,176
327,342
514,650
526,065
434,047
564,275
152,383
913,562
312,003
599,627
503,555
688,242
326,781
545,188
451,756
338,766
200,145
232,599
591,746
194,536
1,511,734
1,409,519
573,174
185,326
391,706
607,779
1,545,824
387,806
345,320
385,678
495,581
663,825
989,756
1,337,717
449,410
576,275
668,798
435,768
558,600
98,735
371,895
383,760
309,344
321,573
882,868
0.05
0.04
0.03
0.10
0.04
0.07
0.08
0.04
0.05
0.07
0.03
0.03
0.04
0.06
0.06
0.05
0.07
0.02
0.11
0.04
0.07
0.06
0.08
0.04
0.07
0.05
0.04
0.02
0.03
0.07
0.02
0.18
0.18
0.07
0.02
0.05
0.07
0.17
0.05
0.04
0.05
0.06
0.08
0.12
0.16
0.05
0.07
0.08
0.05
0.07
0.01
0.04
0.05
0.04
0.04
0.11
Metro AG 7.625% - 5/Mar/15

Morgan Stanley 4.500% - 23/Feb/16
Morgan Stanley 5.375% - 10/Aug/20
Morgan Stanley 6.500% - 28/Dec/18
National Australia Bank 4.625% - 10/Feb/20
National Australia Bank Limited 4.000% - 13/Jul/20
National Grid plc 5.000% - 2/Jul/18
Natixis 4.125% - 20/Jan/17
Nederlandse Gasunie NV 2.625% - 13/Jul/22
Nederlandse Gasunie NV 3.625% - 13/Oct/21
Nederlandse Waterschapsbank NV 2.375% - 4/Jun/15
Nederlandse Waterschapsbank NV 3.250% - 9/Mar/27
Nederlandse Waterschapsbank NV 3.375% - 19/Jan/16
Nederlandse Waterschapsbank NV 3.875% - 17/Feb/20
Ngg Finance plc FRN - 18/Jun/76
Nomura Europe Finance 5.125% - 9/Dec/14
Norddeutsche Landesbank Luxembourg SA 3.625% - 20/Apr/15
Nordea Bank AB 4.500% - 26/Mar/20
Nordic Investment Bank 3.000% - 8/Apr/14
NRW.Bank 1.125% - 8/Jul/15
Oesterreichische Kontrollbank AG 3.875% - 15/Sep/16
OMV AG 4.250% - 12/Oct/21
OMV AG 4.375% - 10/Feb/20
Orange SA 1.875% - 3/Sep/18
Orange SA 5.625% - 22/May/18
Orange SA 8.125% - 28/Jan/33
Pemex Project Funding Master Trust 5.500% - 24/Feb/25
Petrobras Global Finance BV 4.250% - 2/Oct/23
Petrobras International Finance Company 4.875% - 7/Mar/18
Pfizer Inc. 5.750% - 3/Jun/21
Pohjola Bank plc 3.125% - 25/Mar/15
Procter & Gamble Company 4.125% - 7/Dec/20
Rabobank NV 3.750% - 9/Nov/20
Rabobank NV 4.125% - 14/Jul/25
Rabobank NV 4.375% - 7/Jun/21
Rabobank NV 4.750% - 6/Jun/22
Raiffeisen International Bank Holding AG 6.625% - 18/May/21
Red Electrica Financiaciones SAU 4.750% - 16/Feb/18
Repsol International Finance 2.625% - 28/May/20
Reseau Ferre de France 5.000% - 10/Oct/33
Robert Bosch 2.625% - 24/May/28
Roche Holding Inc. 5.625% - 4/Mar/16
Roche Holdings Inc. 6.500% - 4/Mar/21
Royal Bank of Scotland plc 4.875% - 20/Jan/17
198

(expressed in EUR)
Quantity/
Nominal
Value
500,000
200,000
200,000
1,000,000
450,000
200,000
500,000
500,000
400,000
400,000
100,000
300,000
100,000
200,000
200,000
250,000
300,000
1,200,000
520,000
850,000
200,000
200,000
400,000
750,000
400,000
400,000
600,000
500,000
200,000
500,000
200,000
700,000
200,000
550,000
620,000
500,000
200,000
400,000
100,000
200,000
290,000
800,000
100,000
100,000
1,200,000
200,000
500,000
250,000
600,000
300,000
810,000
1,000,000
400,000
600,000
350,000
590,000
Description
Market Value
% NAV
577,423
233,073
227,800
1,160,479
434,536
205,174
631,283
519,660
435,146
410,952
107,032
313,565
103,928
219,781
207,636
282,031
324,093
1,168,399
585,946
1,001,984
225,264
223,288
442,000
771,225
400,924
454,872
701,772
529,385
205,392
567,817
214,674
790,493
199,092
616,377
766,351
554,640
221,421
487,044
102,727
228,244
292,819
826,132
103,107
101,758
1,275,773
215,044
545,543
293,293
662,765
334,626
946,853
1,049,959
411,250
686,303
386,054
665,328
0.07
0.03
0.03
0.15
0.05
0.02
0.08
0.06
0.05
0.05
0.01
0.04
0.01
0.03
0.02
0.03
0.04
0.14
0.07
0.12
0.03
0.03
0.05
0.09
0.05
0.05
0.08
0.06
0.02
0.07
0.03
0.09
0.02
0.07
0.09
0.06
0.03
0.06
0.01
0.03
0.03
0.10
0.01
0.01
0.15
0.03
0.07
0.04
0.08
0.04
0.11
0.13
0.05
0.08
0.05
0.08
Royal Bank of Scotland plc 5.375% - 30/Sep/19

Royal Bank of Scotland plc 5.500% - 23/Mar/20
Royal Bank of Scotland plc 6.934% - 9/Apr/18
RTE EDF Transport SA 5.125% - 12/Sep/18
Russian Railways via Rzd Capital plc 3.374% - 20/May/21
RWE AG FRN - 29/Sep/49
RWE Finance BV 6.500% - 10/Aug/21
SA de Gestion des Stocks de Securite 4.000% - 9/Feb/15
Sanofi-Aventis 4.500% - 18/May/16
Santander International Debt SAU 3.500% - 10/Mar/15
Santander International Debt SAU 4.000% - 24/Jan/20
Santander International Debt SAU 4.500% - 18/May/15
Schlumberger Finance BV 2.750% - 1/Dec/15
Schneider Electric SA 4.000% - 11/Aug/17
Scottish & Southern Energy plc 5.025% - 29/Oct/49
Shell International Finance BV 4.375% - 14/May/18
Shell International Finance BV 4.500% - 9/Feb/16
Siemens Financieringsmaatschappij NV 1.500% - 10/Mar/20
Siemens Financieringsmaatschappij NV 5.125% - 20/Feb/17
Siemens Financieringsmaatschappij NV 5.625% - 11/Jun/18
Skandinaviska Enskilda Banken AB FRN - 29/Dec/49
SNS Bank NV 6.625% - 30/Nov/16
Societe Generale 4.000% - 7/Jun/23
Societe Generale 6.125% - 20/Aug/18
Sodexo 6.250% - 30/Jan/15
Solvay SA 4.625% - 27/Jun/18
SSE plc FRN - 29/Sep/49
Standard Chartered Bank 5.875% - 26/Sep/17
Statkraft 4.625% - 22/Sep/17
Statoil ASA 5.625% - 11/Mar/21
Suez Environnement Company 4.078% - 17/May/21
Suez Environnement Company 4.125% - 24/Jun/22
Suez Environnement Company 6.250% - 8/Apr/19
Svenska Handelsbanken AB FRN - 29/Dec/49
Svenska Handelsbanken AB 4.375% - 20/Oct/21
Svenska Handelsbanken AB 4.875% - 25/Mar/14
Swedbank AB 2.375% - 4/Apr/16
TDC A/S 3.500% - 23/Feb/15
Telefonica Emisiones SAU 2.736% - 29/May/19
Telefonica Europe BV 5.875% - 14/Feb/33
Telekom Finanzmanagement GmbH 6.375% - 29/Jan/16
Telenor ASA 4.125% - 26/Mar/20
Teliasonera AB 4.750% - 16/Nov/21
Telstra Corp. Limited 3.875% - 24/Jul/15
Terna 4.250% - 28/Oct/14
Terna Rete Elettrica Nazionale SpA 4.900% - 28/Oct/24
Tesco plc 5.125% - 10/Apr/47
Tesco plc 5.875% - 12/Sep/16
199

(expressed in EUR)
% NAV
712,596
687,810
1,016,739
1,677,056
328,104
204,540
528,447
699,587
627,128
368,045
199,710
336,740
1,147,699
487,942
793,355
107,823
931,315
613,454
814,414
386,968
300,629
815,044
451,584
327,327
482,558
0.09
0.08
0.11
0.20
0.04
0.02
0.07
0.08
0.07
0.04
0.02
0.04
0.14
0.06
0.09
0.01
0.11
0.07
0.10
0.05
0.04
0.10
0.05
0.04
0.06
187,419,893
22.38
Total Bonds
187,419,893
22.38

exchange listing
813,520,202
97.15
680,000
580,000
1,000,000
1,600,000
300,000
200,000
500,000
700,000
500,000
300,000
200,000
300,000
1,000,000
440,000
800,000
100,000
800,000
550,000
750,000
400,000
300,000
750,000
400,000
300,000
450,000
Description
Market Value
Quantity/
Nominal
Value
UBS AG 3.125% - 18/Jan/16

UBS AG 6.000% - 18/Apr/18
Unedic 1.750% - 27/Feb/15
Unicredit SpA 6.950% - 31/Oct/22
UniCredit SpA 6.125% - 19/Apr/21
Vale SA 3.750% - 10/Jan/23
Vattenfall AB 6.250% - 17/Mar/21
Veolia Environnement 6.125% - 25/Nov/33
Vivendi SA 4.875% - 2/Dec/19
Vodafone Group plc 4.650% - 20/Jan/22
Volkswagen International Finance NV 5.375% - 22/May/18
Volvo Treasury AB 5.000% - 31/May/17
Wachovia Corp. 4.375% - 1/Aug/16
Wells Fargo & Company 2.250% - 2/May/23
Westpac Banking Corp. 4.250% - 22/Sep/16
WPP plc 6.625% - 12/May/16
Wuerth Finance International BV 3.750% - 25/May/18
Xstrata Canada Finance Corp. 6.250% - 27/May/15
2,400,000
4,700,000

2,522,280
4,892,934
0.30
0.58
7,415,214
0.88
7,415,214
0.88

7,415,214
0.88
820,935,416
98.03
Other Net Assets
16,456,490
1.97
Total Net Assets
837,391,906
100.00
200

Sector
%
NAV
Governments
Banks
Supranational banks
Financial services
Insurance
Transportation
Auto manufacturers
Beverages
Food services
Municipal
Real estate
Tobacco
Water utilities
Chemicals
Pharmaceuticals
Retail
Healthcare services
Iron and steel
Industrial plants
Software
Commercial services
Advertising
Machinery
Building materials
Gas
Medical
Apparel
Employment services
Industrials
69.26
8.62
3.74
2.66
2.33
1.50
1.19
1.07
0.98
0.89
0.63
0.45
0.44
0.41
0.33
0.31
0.30
0.26
0.26
0.25
0.24
0.21
0.19
0.18
0.15
0.14
0.09
0.08
0.08
0.08
0.08
0.07
0.07
0.06
0.06
0.05
0.05
0.05
0.04
0.03
0.03
0.03
0.03
0.02
0.02
0.02
98.03
Other Net Assets
1.97
Total Net Assets
100.00
201

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
2,490,000
2,510,000
5,000,000
4,000,000
3,200,000
12,325,000
2,870,000
7,360,000
29,725,000
2,100,000
1,390,000
5,070,000
2,135,000
14,000,000
1,830,000
9,635,000

2,428,248
2,739,163
5,767,000
3,793,600
3,337,120
12,373,684
3,179,099
8,100,968
33,572,157
2,684,693
1,835,148
4,674,413
2,316,315
13,429,864
1,862,803
10,960,294
0.56
0.64
1.34
0.88
0.78
2.87
0.74
1.88
7.80
0.62
0.43
1.09
0.54
3.12
0.43
2.55
113,054,569
26.27
4,946,544
1,860,380
5,807,811
1.15
0.43
1.35
12,614,735
2.93
22,981,721
12,248,139
11,618,859
3,844,509
10,120,935
3,936,563
5.34
2.84
2.70
0.89
2.35
0.91
64,750,726
15.03
4,693,048
1,115,298
7,461,773
7,925,142
1.09
0.26
1.73
1.84
GBP Supranationals, Governments and Local Public Authorities, Debt Instruments

4,020,000
1,300,000
4,125,000
United Kingdom Gilt 2.750% - 22/Jan/15

United Kingdom Gilt 4.750% - 7/Dec/38
United Kingdom Gilt 5.000% - 7/Mar/25
JPY Supranationals, Governments and Local Public Authorities, Debt Instruments

3,160,000,000
1,730,000,000
1,600,000,000
520,000,000
1,300,000,000
505,000,000
Japan (Govt of) Ten Year Bond 1.300% - 20/Mar/19

Japan (Govt of) Ten Year Bond 1.400% - 20/Dec/15
Japan (Govt of) Thirty Year Bond 2.000% - 20/Dec/33
Japan (Govt of) Twenty Year Bond 2.000% - 20/Dec/24
Japan (Govt of) Twenty Year Bond 2.100% - 20/Jun/29
USD Supranationals, Governments and Local Public Authorities, Debt Instruments

6,500,000
1,500,000
10,000,000
10,000,000

Italy (Govt of) 3.125% - 26/Jan/15
Ontario Canada (Province of) 2.950% - 5/Feb/15
Quebec Canada (Province of) 5.000% - 1/Mar/16

EUR Bonds
800,000
650,000
2,500,000
1,000,000
2,500,000
1,340,000
900,000
21,195,261
4.92
211,615,291
49.15
830,840
724,984
2,518,463
1,052,700
2,726,250
1,581,816
970,988
0.19
0.17
0.58
0.24
0.63
0.37
0.23

Anheuser-Busch InBev NV 1.250% - 24/Mar/17
BAA Funding Limited 4.375% - 25/Jan/19
Barclays Bank 6.625% - 30/Mar/22
Bouygues SA 3.641% - 29/Oct/19
202

(expressed in EUR)
Quantity/
Nominal
Value
3,300,000
2,100,000
200,000
2,000,000
1,500,000
1,600,000
1,200,000
2,125,000
1,900,000
Description
Market Value
% NAV
3,361,792
2,127,888
231,667
2,148,410
1,662,165
1,727,712
1,223,274
2,177,180
1,867,558
0.78
0.50
0.05
0.50
0.39
0.40
0.28
0.51
0.43
26,933,687
6.25
1,039,658
1,088,457
1,019,992
2,059,409
992,781
1,809,676
2,058,796
1,336,131
499,387
2,449,121
0.24
0.25
0.24
0.47
0.23
0.42
0.48
0.31
0.12
0.56
14,353,408
3.32
695,887
887,044
1,087,588
883,138
713,729
169,084
2,437,465
757,277
1,650,328
465,816
901,072
921,378
901,850
659,474
968,123
650,866
755,395
2,391,593
1,193,346
1,800,628
1,645,931
4,723,873
1,029,078
326,064
582,764
1,843,099
492,321
1,715,094
0.16
0.21
0.25
0.21
0.17
0.04
0.57
0.18
0.38
0.11
0.21
0.21
0.21
0.15
0.22
0.15
0.17
0.56
0.28
0.42
0.38
1.09
0.24
0.08
0.14
0.43
0.11
0.40

Nordea Bank AB 4.625% - 15/Feb/22
Unibail Rodamco SE 2.250% - 1/Aug/18
Volkswagen International Finance NV 1.875% - 15/May/17
WM Morrison Supermarkets plc 2.250% - 19/Jun/20
GBP Bonds
750,000
872,000
750,000
1,540,000
770,000
1,400,000
1,600,000
1,000,000
350,000
1,750,000
Bank of America Corp. 6.125% - 15/Sep/21

BMW Finance NV 3.375% - 14/Dec/18
British Sky Broadcasting 6.000% - 21/May/27
British Telecommunications plc 5.750% - 7/Dec/28
Citigroup Inc. 5.150% - 21/May/26
FCE Bank plc 4.825% - 15/Feb/17
HSBC Holdings plc 5.750% - 20/Dec/27
Hutchison Whampoa Finance 5.625% - 24/Nov/26
Standard Chartered Bank 7.750% - 3/Apr/18
USD Bonds
825,000
1,200,000
1,500,000
1,215,000
870,000
207,000
3,500,000
1,000,000
2,925,000
580,000
1,370,000
1,370,000
1,285,000
810,000
1,250,000
830,000
850,000
3,500,000
1,720,000
2,345,000
2,250,000
6,500,000
1,245,000
400,000
720,000
2,250,000
735,000
2,000,000
Agilent Technologies Inc. 6.500% - 1/Nov/17

Anz National International Limited 1.850% - 15/Oct/15
AT&T Inc. 0.800% - 1/Dec/15
Bank of America Corp. 5.700% - 24/Jan/22
Barclays Bank plc 6.050% - 4/Dec/17
BG Energy Capital plc 2.875% - 15/Oct/16
Bristol-Myers Squibb Company 3.250% - 1/Aug/42
Duke Energy Carolinas LLC 4.000% - 30/Sep/42
Energy Transfer Partners LP 3.600% - 1/Feb/23
Goldman Sachs Group Inc. 3.625% - 22/Jan/23
HSBC Bank 5.625% - 15/Aug/35
International Paper Company 6.000% - 15/Nov/41
International Paper Company 7.950% - 15/Jun/18
John Deere Capital Corp. 1.700% - 15/Jan/20
JPMorgan Chase & Company 3.250% - 23/Sep/22
Korea Gas Corp. 2.875% - 29/Jul/18
Morgan Stanley 5.500% - 26/Jan/20
Morgan Stanley 5.500% - 28/Jul/21
Prudential Financial Inc. 5.375% - 21/Jun/20
Rowan Companies Inc. 5.400% - 1/Dec/42
SABMiller plc 6.500% - 15/Jul/18
203

(expressed in EUR)
Quantity/
Nominal
Value
2,300,000
580,000
2,025,000
910,000
1,325,000
1,365,000
Description
Market Value
% NAV
1,866,533
448,473
1,427,596
683,093
1,102,112
1,159,232
0.43
0.11
0.33
0.16
0.26
0.27
39,936,344
9.29
81,223,439
18.86
292,838,730
68.01
Svenska Handelsbanken AB 5.125% - 30/Mar/20

Time Warner Inc. 3.400% - 15/Jun/22
Verizon Communications Inc. 2.500% - 15/Sep/16
Total Bonds
exchange listing
AUD Supranationals, Governments and Local Public Authorities, Debt Instruments
7,500,000
New South Wales Treasury Corp. 6.000% - 1/Feb/18
5,331,087
1.24
5,331,087
1.24
671,445
3,889,742
0.16
0.90
4,561,187
1.06
36,542,641
29,361,232
8,318,618
1,863,570
8.49
6.82
1.93
0.43
76,086,061
17.67
85,978,335
19.97
817,156
1,229,408
1,070,464
944,404
525,147
1,662,421
1,194,601
2,418,122
420,600
1,992,299
222,066
1,455,071
990,756
650,424
1,111,956
423,975
492,138
2,447,754
2,027,770
0.19
0.29
0.25
0.22
0.12
0.39
0.28
0.56
0.10
0.46
0.05
0.34
0.23
0.15
0.26
0.10
0.11
0.56
0.47
CAD Supranationals, Governments and Local Public Authorities, Debt Instruments

975,000
5,500,000
Canada (Govt of) 2.750% - 1/Jun/22

Canada (Govt of) 3.000% - 1/Dec/15

50,350,000
40,370,000
11,045,000
3,185,000
United States Treasury N/B 0.250% - 15/Jul/15

United States Treasury N/B 0.375% - 15/Jun/15
United States Treasury N/B 2.250% - 30/Nov/17
United States Treasury N/B 2.875% - 15/May/43

USD Bonds
1,150,000
1,625,000
1,460,000
1,345,000
725,000
2,350,000
1,500,000
3,500,000
630,000
2,520,000
300,000
1,995,000
1,370,000
900,000
1,500,000
600,000
600,000
3,250,000
2,750,000
Altria Group Inc. 4.000% - 31/Jan/24

American Airlines 4.950% - 15/Jan/23
American International Group Inc. 3.375% - 15/Aug/20
Apple Inc. 1.000% - 3/May/18
Bank of Nova Scotia 1.450% - 25/Apr/18
Caterpillar Financial Services Corp. 2.850% - 1/Jun/22
Cytec Industries Inc. 3.500% - 1/Apr/23
General Electric Capital Corp. 4.625% - 7/Jan/21
Goldman Sachs Group Inc. 2.900% - 19/Jul/18
Host Hotels & Resorts LP 4.750% - 1/Mar/23
Johnson & Johnson 4.375% - 5/Dec/33
Lloyds TSB Bank plc 2.300% - 27/Nov/18
Metlife Inc. 4.368% - 15/Sep/23
Morgan Stanley 5.750% - 25/Jan/21
National Australia Bank 2.750% - 9/Mar/17
National Australia Bank Limited 1.600% - 7/Aug/15
204

(expressed in EUR)
Quantity/
Nominal
Value
1,760,000
1,930,000
1,400,000
1,895,000
1,765,000
Description
Market Value
% NAV
1,267,661
1,415,506
986,142
1,468,788
1,260,894
0.29
0.33
0.23
0.34
0.29
28,495,523
6.61
28,495,523
6.61
114,473,858
26.58
6,063,147
1.41
6,063,147
1.41
6,063,147
1.41
Noble Energy Inc. 5.250% - 15/Nov/43

Talisman Energy Inc. 3.750% - 1/Feb/21
Travelers Companies Inc. 4.600% - 1/Aug/43
Total Bonds
8,370,000
Manitoba Canada (Province of) 4.400% - 5/Sep/25

CAD Bonds
1,025,000
Rogers Communications Inc. 6.110% - 25/Aug/40
763,377
0.18
763,377
0.18
929,655
118,696
589,574
193,424
483,714
184,102
433,165
673,229
3,605,559
0.22
0.03
0.14
0.04
0.12
0.04
0.10
0.16
0.85
4,368,936
1.03
USD Bonds
1,220,000
170,000
845,000
333,000
800,000
250,000
650,000
930,000
Commonwealth Bank of Australia 3.250% - 17/Mar/16

Georgia-Pacific LLC 3.734% - 15/Jul/23
Liberty Mutual Group 4.250% - 15/Jun/23
Newcrest Finance Pty 4.200% - 1/Oct/22
Newcrest Finance Pty 4.450% - 15/Nov/21
Pernod-Ricard SA 4.450% - 15/Jan/22
Schlumberger Investment SA 2.400% - 1/Aug/22
Schlumberger Investment SA 3.300% - 14/Sep/21
Total Bonds
10,432,083
2.44
417,744,671
97.03
Other Net Assets
12,772,041
2.97
Total Net Assets
430,516,712
100.00
205

Sector
% NAV
Governments
Banks
Financial services
Beverages
Insurance
Supranational banks
Food services
Auto manufacturers
Tobacco
Real estate
Pharmaceuticals
Gas
Telephone
Software
Airlines
Precious metals
Chemicals
69.44
7.43
3.80
2.19
1.83
1.70
1.09
1.05
0.93
0.81
0.76
0.76
0.62
0.61
0.57
0.47
0.38
0.35
0.34
0.33
0.33
0.31
0.29
0.22
0.16
0.16
0.10
97.03
Other Net Assets
2.97
Total Net Assets
100.00
206

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
16,000,000
16,000,000
Queensland Treasury Corp. 6.000% - 21/Jul/22

Queensland Tresury Corp. 5.750% - 22/Jul/24
11,392,151
11,104,243
2.34
2.28
22,496,394
4.62
24,857,999
14,042,513
16,556,800
1,038,525
17,363,500
16,876,500
3,620,320
8,381,940
4,596,525
5.12
2.89
3.40
0.21
3.57
3.47
0.74
1.72
0.94
107,334,622
22.06

24,000,000
13,170,000
16,000,000
1,000,000
17,500,000
15,000,000
3,200,000
8,400,000
4,500,000

Slovenia (Govt of) 5.125% - 30/Mar/26

3,200,000
3,937,548
0.81
3,937,548
0.81
11,263,679
8,037,300
9,722,280
2.31
1.65
2.00
29,023,259
5.96
6,322,731
7,037,056
1.30
1.45
13,359,787
2.75
3,176,791
4,896,628
5,380,702
4,379,318
3,339,861
3,624,610
0.65
1.01
1.11
0.90
0.69
0.74
24,797,910
5.10

1,500,000,000
1,000,000,000
1,350,000,000
Development Bank of Japan Inc. 1.700% - 20/Sep/22

Development Bank of Japan Inc. 2.300% - 19/Mar/26
Japan Fin Org Municipal 2.000% - 9/May/16
PLN Supranationals, Governments and Local Public Authorities, Debt Instruments

27,000,000
26,500,000
Poland (Govt of) 4.000% - 25/Oct/23

Poland (Govt of) 5.750% - 23/Sep/22

4,315,000
5,775,000
6,825,000
5,750,000
4,300,000
5,000,000
Korea (Govt of) 5.750% - 16/Apr/14

Lithuania (Govt of) 6.625% - 1/Feb/22
Qatar (Govt of) 3.125% - 20/Jan/17
South Africa (Govt of) 5.500% - 9/Mar/20
ZAR Supranationals, Governments and Local Public Authorities, Debt Instruments

115,000,000
South Africa (Govt of) 8.000% - 21/Dec/18

EUR Bonds
2,500,000
3,000,000
9,300,000
8,235,588
1.69
8,235,588
1.69
209,185,108
42.99
2,471,563
3,464,535
8,980,406
0.51
0.71
1.85
14,916,504
3.07
Citigroup Inc. FRN - 30/Nov/17

Russian Railways via Rzd Capital plc 3.374% - 20/May/21
207

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
5,605,011
2,749,055
4,190,479
4,219,706
2,189,914
4,100,054
919,072
1.16
0.56
0.86
0.87
0.45
0.85
0.19
23,973,291
4.94
1,414,985
4,295,637
1,638,902
3,352,458
2,262,918
2,187,508
4,543,975
2,333,499
2,991,887
3,156,609
1,130,346
2,139,258
2,069,134
1,435,721
3,024,609
0.29
0.88
0.34
0.69
0.47
0.45
0.93
0.48
0.61
0.65
0.23
0.44
0.43
0.30
0.62
37,977,446
7.81
GBP Bonds
4,700,000
2,000,000
2,900,000
2,900,000
1,800,000
3,000,000
750,000
Bupa Finance plc 5.000% - 25/Apr/23

Carlsberg Breweries A/S 7.250% - 28/Nov/16
HSBC Holdings plc 6.500% - 20/May/24
Imperial Tobacco Finance plc 7.750% - 24/Jun/19
Motability Operations Group plc 4.375% - 8/Feb/27
Tesco plc 6.125% - 24/Feb/22
WM Morrison Supermarkets plc 4.625% - 8/Dec/23
USD Bonds
1,835,000
5,845,000
2,250,000
3,280,000
3,114,000
3,000,000
6,079,000
3,000,000
4,020,000
3,680,000
1,370,000
2,595,000
2,850,000
1,976,000
3,880,000
BAA Funding Limited 4.875% - 15/Jul/21

Blackrock Inc. 1.375% - 1/Jun/15
Caterpillar Financial Services Corp. 1.375% - 20/May/14
Citigroup Inc. 8.125% - 15/Jul/39
Corporacion Andina de Fomento 4.375% - 15/Jun/22
Export-Import Bank of Korea 5.250% - 10/Feb/14
General Electric Capital Corp. 2.250% - 9/Nov/15
JPMorgan Chase & Company 5.150% - 1/Oct/15
Korea National Oil Corp. 5.375% - 30/Jul/14
Merrill Lynch & Company Inc. 6.875% - 25/Apr/18
Mitsui Sumitomo Insurance Company Limited 7.000% - 15/Mar/72
News America Inc. 6.400% - 15/Dec/35
Sumitomo Mitsui Banking Corp. 1.950% - 14/Jan/14
UBS AG 2.250% - 28/Jan/14
Total Bonds
exchange listing
76,867,241
15.82
286,052,349
58.81
16,000,000
11,018,579
2.26
11,018,579
2.26
2,442,337
1,139,841
1,059,549
374,947
442,705
18,158,839
7,263,961
3,631,059
4,366,626
10,727,046
21,111,761
3,701,766
6,679,947
0.50
0.23
0.22
0.08
0.09
3.73
1.49
0.75
0.90
2.20
4.35
0.76
1.37

2,675,000
1,200,000
1,570,000
420,000
530,000
25,000,000
10,000,000
5,000,000
6,000,000
14,760,000
28,666,000
4,869,000
8,660,000
California (Govt of) 7.300% - 1/Oct/39

California (Govt of) 7.625% - 1/Mar/40
Illinois (Govt of) 5.100% - 1/Jun/33
Los Angeles Unified School District 6.758% - 1/Jul/34
San Diego County Water Authority 6.138% - 1/May/49
United States Treasury N/B 0.250% - 15/Dec/14
United States Treasury N/B 0.250% - 15/Jan/15
United States Treasury N/B 1.250% - 15/Feb/14
United States Treasury N/B 2.375% - 31/Aug/14
United States Treasury N/B 3.000% - 30/Sep/16
208

(expressed in EUR)
Quantity/
Nominal
Value
5,798,000
4,350,000
Description
% NAV
4,536,755
3,484,635
0.93
0.72


GBP Bonds
2,965,000
Market Value
89,121,774
18.32
100,140,353
20.58
3,744,233
0.77
3,744,233
0.77
2,272,323
3,263,745
4,348,120
1,083,912
2,680,002
2,628,804
727,461
1,721,961
4,453,725
2,131,989
3,838,913
2,942,821
1,828,414
2,138,112
6,480,547
2,204,528
1,179,763
0.47
0.67
0.89
0.22
0.55
0.54
0.15
0.35
0.92
0.44
0.79
0.60
0.38
0.44
1.33
0.45
0.24
Svenska Handelsbanken AB 4.000% - 18/Jan/19
USD Bonds
3,110,000
4,450,000
6,680,000
1,400,000
3,780,000
3,500,000
1,000,000
2,115,000
6,000,000
2,800,000
4,980,000
4,000,000
2,530,000
2,900,000
8,765,000
2,700,000
1,620,000
Abbey National Treasury Services plc 2.875% - 25/Apr/14

AbbVie Inc. 1.200% - 6/Nov/15
Apple Inc. 2.400% - 3/May/23
Bank of America Corp. 3.875% - 22/Mar/17
Bank of Montreal 1.450% - 9/Apr/18
Credit Suisse 3.500% - 23/Mar/15
Dominion Resources Inc. 1.800% - 15/Mar/14
Hewlett-Packard Company 2.600% - 15/Sep/17
JPMorgan Chase & Company 3.450% - 1/Mar/16
JPMorgan Chase & Company 4.250% - 15/Oct/20
Kraft Foods Group Inc. 1.625% - 4/Jun/15
Safeway Inc. 4.750% - 1/Dec/21
Swedish Export Credit 1.750% - 30/May/17
TCI Communications 8.750% - 1/Aug/15
Verizon Communications Inc. 1.950% - 28/Mar/14
45,925,140
9.43
49,669,373
10.20
149,809,726
30.78
5,850,935
2,183,026
3,446,070
1,709,977
4,671,530
2,203,989
3,449,046
1,094,876
2,786,543
1.20
0.45
0.71
0.35
0.95
0.45
0.71
0.22
0.57
27,395,992
5.61
27,395,992
5.61
Total Bonds
USD Bonds
7,870,000
3,000,000
4,500,000
2,340,000
6,330,000
2,975,000
4,750,000
1,500,000
3,810,000
Cdp Financial 3.000% - 25/Nov/14

Daimler Finance P.P. 144A 1.950% - 28/Mar/14
Danske Bank A/S 3.875% - 14/Apr/16
Hyundai Capital America 1.625% - 2/Oct/15
ING Bank NV 2.000% - 25/Sep/15
Metropolitan Life Global Funding I P.P. 144A 5.125% - 10/Jun/14
Nordea Bank AB 2.125% - 14/Jan/14
Volkswagen International Finance NV 1.150% - 20/Nov/15
Total Bonds
27,395,992
5.61
463,258,067
95.20
Other Net Assets
23,358,564
4.80
Total Net Assets
486,616,631
100.00
209

Sector
% NAV
Governments
Banks
Financial services
Food services
Transportation
Insurance
Open-ended Funds
Auto manufacturers
Tobacco
Municipal
Pharmaceuticals
Beverages
Supranational banks
56.80
12.34
5.96
3.67
2.08
1.85
1.84
1.81
1.20
1.02
0.89
0.87
0.86
0.81
0.67
0.61
0.56
0.47
0.45
0.29
0.15
95.20
Other Net Assets
4.80
Total Net Assets
100.00
210

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
4,430,000
1,355,000
2,000,000
1,000,000
Australia (Govt of) 4.250% - 21/Jul/17

Australia (Govt of) 5.500% - 21/Apr/23
Australia (Govt of) 6.000% - 15/Feb/17
2,988,272
972,321
1,455,781
707,591
0.70
0.23
0.34
0.16
6,123,965
1.43
2,399,816
0.56
2,399,816
0.56
203,219
3,764,796
0.05
0.88
3,968,015
0.93
430,974
0.10
430,974
0.10
416,320
538,195
0.10
0.13
954,515
0.23
973,752
749,688
833,796
1,473,255
223,106
860,400
819,913
2,263,122
5,285,462
1,071,990
2,380,191
2,112,198
2,134,042
851,751
2,017,350
833,779
1,402,366
536,371
3,469,775
1,139,130
726,196
1,764,644
779,993
1,708,118
55,846
631,523
0.23
0.17
0.19
0.34
0.05
0.20
0.19
0.53
1.22
0.25
0.56
0.49
0.50
0.20
0.47
0.19
0.33
0.13
0.81
0.27
0.17
0.41
0.18
0.40
0.01
0.15

3,490,000
Canada (Govt of) 1.500% - 1/Aug/15
CHF Supranationals, Governments and Local Public Authorities, Debt Instruments

260,000
4,040,000
Switzerland (Govt of) 1.500% - 30/Apr/42

Switzerland (Govt of) 4.250% - 5/Jun/17
CZK Supranationals, Governments and Local Public Authorities, Debt Instruments

10,500,000
Czech (Govt) 3.850% - 29/Sep/21
DKK Supranationals, Governments and Local Public Authorities, Debt Instruments

2,810,000
3,000,000
Denmark (Govt of) 3.000% - 15/Nov/21


865,000
625,000
855,000
1,350,000
215,000
750,000
655,000
2,295,000
5,325,000
1,075,000
2,420,000
2,200,000
2,125,000
760,000
2,000,000
805,000
1,370,000
537,500
3,505,000
1,200,000
725,000
1,655,000
700,000
1,420,000
42,738
460,000
Austria (Govt of) 3.650% - 20/Apr/22

European Financial Stability Facility 2.750% - 3/Dec/29
European Stability Mechanism 1.250% - 15/Oct/18
France (Govt of) OAT 1.000% - 25/Nov/18
211

(expressed in EUR)
Quantity/
Nominal
Value
889,932
2,840,000
520,000
800,000
660,000
295,194
415,000
830,000
4,075,000
4,900,000
770,000
8,885,000
1,000,000
2,940,000
1,500,000
885,000
1,495,000
670,000
1,120,000
1,565,000
400,000
2,900,000
1,100,000
2,615,000
Description
Market Value
% NAV
916,875
2,858,318
493,142
905,480
839,487
411,619
429,618
921,279
4,257,764
5,312,090
763,994
9,996,513
1,043,475
3,425,615
1,502,032
877,832
1,521,798
797,970
1,267,112
1,620,127
414,160
3,124,243
1,063,233
2,974,693
0.21
0.67
0.11
0.21
0.20
0.10
0.10
0.21
0.99
1.24
0.18
2.33
0.24
0.80
0.35
0.20
0.35
0.19
0.30
0.38
0.10
0.73
0.25
0.69
84,836,226
19.77
2,153,398
724,130
1,731,156
5,685,999
4,783,202
4,281,847
307,581
2,521,474
244,320
5,589,615
0.50
0.17
0.40
1.33
1.12
1.00
0.07
0.59
0.06
1.30
28,022,722
6.54
366,524
0.09
366,524
0.09
2,427,024
1,095,719
1,928,784
3,748,164
16,070,070
2,722,913
4,642,338
4,169,163
2,898,780
7,134,903
0.57
0.26
0.45
0.87
3.75
0.63
1.08
0.97
0.68
1.66
46,837,858
10.92

Germany (Govt of) 2.000% - 15/Aug/23
Netherlands (Govt of) 0.000% - 15/Apr/16

1,840,000
651,143
1,470,000
4,375,000
3,630,000
3,220,000
225,000
1,810,000
190,000
4,075,000
United Kingdom Gilt 1.250% - 22/Jul/18

United Kingdom Gilt 4.000% - 7/Sep/16
ILS Supranationals, Governments and Local Public Authorities, Debt Instruments

1,675,000
Israel (Govt of) 4.250% - 31/Mar/23

350,350,000
157,550,000
270,350,000
509,500,000
2,195,750,000
370,150,000
596,150,000
581,900,000
371,750,000
907,600,000
Japan (Govt of) Five Year Bond 0.300% - 20/Sep/18

Japan (Govt of) Ten Year Bond 0.800% - 20/Sep/23
Japan (Govt of) Ten Year Bond 1.500% - 20/Jun/19
Japan (Govt of) Thirty Year Bond 2.000% - 20/Mar/42
Japan (Govt of) Twenty Year Bond 2.000% - 20/Mar/27
212

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
742,398
2,679,712
889,426
789,037
0.17
0.62
0.21
0.18
5,100,573
1.18
KRW Supranationals, Governments and Local Public Authorities, Debt Instruments

1,100,000,000
3,841,790,000
1,275,910,000
1,116,820,000
Korea (Govt of) 2.750% - 10/Mar/18

Korea (Govt of) 3.500% - 10/Mar/17
Korea (Govt of) 3.750% - 10/Jun/22
Korea (Govt of) 4.000% - 10/Dec/31
MXN Supranationals, Governments and Local Public Authorities, Debt Instruments

247,785
Mexico (Govt of) Bonos 6.500% - 9/Jun/22
1,389,483
0.32
1,389,483
0.32
NOK Supranationals, Governments and Local Public Authorities, Debt Instruments

1,280,000
Norway (Govt of) 4.250% - 22/May/19
169,753
0.04
169,753
0.04
1,997,138
0.47
1,997,138
0.47
845,230
1,559,420
0.20
0.36
2,404,650
0.56

7,800,000
SEK Supranationals, Governments and Local Public Authorities, Debt Instruments

8,185,000
12,750,000
Sweden (Govt of) 1.500% - 13/Nov/23

Sweden (Govt of) 3.750% - 12/Aug/17
SGD Supranationals, Governments and Local Public Authorities, Debt Instruments

640,000
Singapore (Govt of) 3.125% - 1/Sep/22
378,059
0.09
378,059
0.09
1,070,367
93,532
0.25
0.02
1,163,899
0.27
251,841
2,653,233
137,175
131,660
1,186,133
0.06
0.62
0.03
0.03
0.28
4,360,042
1.02
873,365
0.20
THB Supranationals, Governments and Local Public Authorities, Debt Instruments

48,000,000
3,900,000
Thailand (Govt of) 3.250% - 16/Jun/17


365,000
3,350,000
208,000
167,000
1,600,000
Brazil (Govt of) 4.250% - 7/Jan/25

Mexico (Govt of) 4.750% - 8/Mar/44
Russia (Govt of) 4.875% - 16/Sep/23

10,700,000

EUR Bonds
892,000
1,800,000
750,000
200,000
650,000
525,000
425,000
873,365
0.20
191,777,577
44.72
986,909
1,945,764
829,560
200,766
699,803
619,742
482,403
0.23
0.45
0.19
0.05
0.16
0.14
0.11
ABN Amro Bank NV 4.125% - 28/Mar/22

Anheuser-Busch InBev SA 4.000% - 26/Apr/18
Autoroutes du Sud de la France SA 2.875% - 18/Jan/23
Bank of America Corp. 4.625% - 7/Feb/17
Barclays Bank 6.625% - 30/Mar/22
Barclays Bank plc 6.000% - 14/Jan/21
213

(expressed in EUR)
Quantity/
Nominal
Value
425,000
900,000
825,000
1,200,000
1,825,000
370,000
150,000
810,000
1,060,000
1,190,000
1,400,000
2,260,000
2,050,000
1,625,000
200,000
800,000
850,000
710,000
650,000
125,000
800,000
575,000
550,000
800,000
1,300,000
525,000
1,620,000
1,100,000
1,550,000
Description
Market Value
% NAV
413,251
1,045,467
808,356
1,205,292
1,907,554
387,621
162,329
813,917
1,081,121
1,199,978
1,378,565
2,331,393
2,026,323
1,863,819
230,177
892,532
865,598
782,573
754,510
155,985
868,924
626,882
609,760
937,172
1,283,328
606,294
1,607,478
1,146,085
1,785,112
0.10
0.24
0.19
0.28
0.44
0.09
0.04
0.19
0.25
0.28
0.32
0.54
0.47
0.44
0.05
0.21
0.20
0.18
0.18
0.04
0.20
0.15
0.14
0.22
0.30
0.14
0.38
0.27
0.41
35,542,343
8.27
1,425,841
2,289,926
698,542
639,166
1,435,019
953,316
0.33
0.54
0.16
0.15
0.33
0.22
7,441,810
1.73
307,957
1,253,296
653,412
2,117,291
458,494
383,188
844,376
1,271,586
383,030
775,957
4,487,158
431,575
161,880
1,274,210
1,403,171
0.07
0.29
0.15
0.50
0.11
0.09
0.20
0.30
0.09
0.18
1.04
0.10
0.04
0.30
0.33

Bat International Finance plc 4.875% - 24/Feb/21
Casino Guichard Perrachon SA 3.311% - 25/Jan/23
Credit Suisse 3.875% - 25/Jan/17
CRH Finland Services OYJ 2.750% - 15/Oct/20
Danske Bank A/S FRN - 4/Oct/23
Erste Group Bank AG 1.875% - 13/May/19
GDF Suez 2.250% - 1/Jun/18
Heineken NV 2.125% - 4/Aug/20
Imperial Tobacco Finance plc 5.000% - 2/Dec/19
ING Bank NV FRN - 29/May/23
JPMorgan Chase & Company FRN - 12/Nov/19
Lloyds TSB Bank plc FRN - 16/Dec/21
Merrill Lynch & Company Inc. 4.625% - 14/Sep/18
Nordea Bank AB 4.500% - 26/Mar/20
Pohjola Bank plc 5.750% - 28/Feb/22
Raiffeisen International Bank Holding AG 1.875% - 8/Nov/18
Verizon Wireless Capital 8.750% - 18/Dec/15
GBP Bonds
1,100,000
1,900,000
585,000
590,000
1,050,000
805,000
American International Group Inc. 5.000% - 26/Apr/23

Daimler AG 1.375% - 10/Dec/15
Daimler AG 1.750% - 8/Nov/17
Nestle Finance International 2.250% - 30/Nov/23
Tesco plc 6.125% - 24/Feb/22
Transport for London 1.250% - 21/Nov/17
USD Bonds
460,000
1,875,000
834,000
2,725,000
550,000
525,000
1,234,000
1,550,000
550,000
1,000,000
5,400,000
575,000
175,000
1,658,000
1,850,000
Aetna Inc. 2.750% - 15/Nov/22

Altria Group Inc. 2.850% - 9/Aug/22
Altria Group Inc. 4.750% - 5/May/21
Anheuser-Busch InBev Inc. 5.375% - 15/Jan/20
AT&T Inc. 1.600% - 15/Feb/17
AT&T Inc. 3.000% - 15/Feb/22
Berkshire Hathaway Finance Corp. 4.250% - 15/Jan/21
British Telecommunications plc 5.950% - 15/Jan/18
Canadian Pacific Railway Limited 4.450% - 15/Mar/23
Cellco Partnership 8.500% - 15/Nov/18
Citigroup Inc. 4.500% - 14/Jan/22
Ensco plc 3.250% - 15/Mar/16
214

(expressed in EUR)
Quantity/
Nominal
Value
1,400,000
1,450,000
400,000
1,475,000
1,800,000
383,000
1,555,000
1,475,000
2,225,000
1,025,000
1,616,000
1,250,000
300,000
355,000
1,075,000
995,000
2,850,000
1,125,000
1,110,000
252,000
1,583,000
1,225,000
492,000
2,800,000
167,000
586,000
350,000
2,950,000
400,000
1,225,000
630,000
667,000
325,000
1,183,000
750,000
Description
Market Value
% NAV
963,591
1,069,356
301,706
1,036,311
1,237,911
312,222
1,300,136
1,035,197
1,654,406
783,581
1,240,858
1,031,659
247,327
292,674
793,875
806,766
1,871,460
799,877
774,144
183,846
1,113,919
928,242
412,645
1,820,422
117,733
487,997
249,223
2,122,771
267,579
950,707
491,109
468,492
245,451
858,359
594,353
0.23
0.25
0.07
0.24
0.29
0.07
0.30
0.24
0.39
0.18
0.29
0.24
0.06
0.07
0.19
0.19
0.44
0.19
0.18
0.04
0.26
0.22
0.10
0.42
0.03
0.11
0.06
0.50
0.06
0.22
0.11
0.11
0.06
0.20
0.14
Enterprise Products Operating LLC 3.350% - 15/Mar/23

Enterprise Products Operating LLC 4.050% - 15/Feb/22
Ford Motor Credit Company 3.000% - 12/Jun/17
Gazprom(Gaz Capital) 3.850% - 6/Feb/20
General Electric Capital Corp. 5.300% - 11/Feb/21
General Electric Capital Corp. 5.550% - 4/May/20
JPMorgan Chase & Company 4.350% - 15/Aug/21
Novartis Securities Investment Limited 5.125% - 10/Feb/19
Orange SA 2.125% - 16/Sep/15
Pemex Project Funding Master Trust 5.750% - 1/Mar/18
PNC Bank 2.700% - 1/Nov/22
PNC Funding Corp. 3.300% - 8/Mar/22
Progress Energy Inc. 3.150% - 1/Apr/22
Rabobank NV 3.875% - 8/Feb/22
Republic Services Inc. 3.550% - 1/Jun/22
Republic Services Inc. 4.750% - 15/May/23
Reynolds American Inc. 6.750% - 15/Jun/17
Shell International Finance BV 2.250% - 6/Jan/23
Time Warner Inc. 3.400% - 15/Jun/22
UBS AG 5.750% - 25/Apr/18
United Technologies Corp. 3.100% - 1/Jun/22
Unitedhealth Group Inc. 1.400% - 15/Oct/17
Unitedhealth Group Inc. 2.750% - 15/Feb/23
Verizon Communications Inc. 4.600% - 1/Apr/21
Virginia Electric & Power Company 2.950% - 15/Jan/22
Vodafone Group plc 4.375% - 16/Mar/21
Wells Fargo & Company 3.500% - 8/Mar/22
Wells Fargo & Company 4.600% - 1/Apr/21
45,072,486
10.54
88,056,639
20.54
279,834,216
65.26
Total Bonds
exchange listing
2,945,000
2,750,000
850,000
4,000,000
3,750,000
Canada (Govt of) 1.250% - 1/Mar/18

Canada (Govt of) 1.250% - 1/Sep/18
215
1,967,832
1,820,930
520,570
2,888,013
2,919,924
0.46
0.42
0.12
0.67
0.68
10,117,269
2.35

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV

2,600,000
2,608,814
0.61
2,608,814
0.61
746,064
228,266
0.17
0.05
974,330
0.22
412,508
14,036,952
1,634,394
4,103,758
13,626,123
14,017,862
2,995,863
2,121,267
2,435,723
3,850,124
1,258,849
3,719,917
2,307,892
477,074
3,549,879
480,812
1,411,098
6,577,042
0.10
3.27
0.38
0.96
3.18
3.27
0.70
0.49
0.57
0.90
0.29
0.87
0.54
0.11
0.83
0.11
0.33
1.53
79,017,137
18.43
92,717,550
21.61
319,415
1,046,674
0.07
0.24
1,366,089
0.31
1,915,255
166,486
710,570
800,298
1,940,587
1,476,519
160,740
207,379
395,398
1,570,962
162,765
904,761
386,553
595,682
610,685
828,132
838,678
652,939
0.44
0.04
0.17
0.19
0.45
0.34
0.04
0.05
0.09
0.37
0.04
0.21
0.09
0.14
0.14
0.19
0.20
0.15
MYR Supranationals, Governments and Local Public Authorities, Debt Instruments

3,410,000
1,090,000
Malaysia (Govt of) 3.314% - 31/Oct/17

Malaysia (Govt of) 3.418% - 15/Aug/22

500,000
19,300,000
2,300,000
5,800,000
19,125,000
19,755,000
4,160,000
2,960,000
3,700,000
5,599,700
1,810,000
6,500,000
3,810,000
766,000
5,740,000
705,000
1,800,000
7,420,000
Port Authority of New York & New Jersey 6.040% - 1/Dec/29

United States Treasury N/B 0.750% - 31/Oct/17
United States Treasury N/B 0.750% - 31/Dec/17

EUR Bonds
300,000
1,075,000
GE Capital Trust II FRN - 15/Sep/67

IBM Corp. 1.375% - 19/Nov/19
USD Bonds
2,820,000
245,000
1,000,000
1,300,000
2,435,000
2,000,000
235,000
280,000
575,000
2,440,000
234,000
1,150,000
415,000
675,000
725,000
1,000,000
1,250,000
910,000

Altria Group Inc. 4.000% - 31/Jan/24
American International Group Inc. 4.875% - 15/Sep/16
Amgen Inc. 2.125% - 15/May/17
Bristol-Myers Squibb Company 2.000% - 1/Aug/22
CBS Corp. 3.375% - 1/Mar/22
Citigroup Inc. 4.450% - 10/Jan/17
CNA Financial Corp. 7.350% - 15/Nov/19
Comcast Corp. 5.700% - 1/Jul/19
DirecTV Holdings LLC 5.875% - 1/Oct/19
Dominion Resources Inc. 2.750% - 15/Sep/22
Duke Energy Corp. 1.625% - 15/Aug/17
216

(expressed in EUR)
Quantity/
Nominal
Value
1,400,000
633,000
1,220,000
1,245,000
645,000
908,000
1,375,000
1,938,000
650,000
535,000
1,070,000
299,000
1,115,000
950,000
1,158,000
1,633,000
530,000
535,000
Description
Market Value
% NAV
982,047
526,992
829,803
899,753
495,194
707,425
1,192,429
1,493,489
435,497
400,969
768,933
202,147
736,809
597,370
832,836
1,104,607
382,418
359,579
0.23
0.12
0.19
0.21
0.12
0.16
0.28
0.35
0.10
0.09
0.18
0.05
0.17
0.14
0.19
0.25
0.09
0.08

General Electric Company 2.700% - 9/Oct/22
NBCUniversal Media LLC 4.375% - 1/Apr/21
News America Inc. 4.500% - 15/Feb/21
Oncor Electric Delivery Company LLC 7.000% - 1/Sep/22
Prudential Financial Inc. 4.500% - 16/Nov/21
Reynolds American Inc. 3.250% - 1/Nov/22
Reynolds American Inc. 4.850% - 15/Sep/23
Schlumberger Investment SA 3.650% - 1/Dec/23
Time Warner Cable Inc. 4.000% - 1/Sep/21
Transcanada Pipelines Limited 2.500% - 1/Aug/22
University of California 4.858% - 15/May/12
Verizon Communications Inc. 3.500% - 1/Nov/21
Viacom Inc. 3.125% - 15/Jun/22
Wellpoint Inc. 2.300% - 15/Jul/18
Wellpoint Inc. 4.650% - 15/Jan/43
27,272,686
6.34
28,638,775
6.65
121,356,325
28.26
3,395,939
800,290
975,038
453,487
2,094,192
634,091
1,084,051
254,161
2,378,276
1,117,229
0.80
0.19
0.23
0.11
0.49
0.15
0.25
0.06
0.56
0.26
13,186,754
3.10
Total Bonds
USD Bonds
4,650,000
1,000,000
1,175,000
600,000
2,875,000
825,000
1,445,000
308,000
3,275,000
1,275,000
American Honda Finance 1.000% - 11/Aug/15

CDP Financial Inc. 4.400% - 25/Nov/19
Cox Communications 6.250% - 1/Jun/18
Harley-Davidson Financial Services 1.150% - 15/Sep/15
Hutchison Whampoa Finance 4.625% - 11/Sep/15
International Lease Finance Corp. P.P. 144A 6.500% - 1/Sep/14
Motiva Enterprises LLC 5.750% - 15/Jan/20
Sabmiller Holdings Inc. P.P. 144A 3.750% - 15/Jan/22
Yara International ASA 7.875% - 11/Jun/19
Total Bonds
13,186,754
3.10
13,186,754
3.10
414,377,295
96.62

Other Net Assets
14,484,502
3.38
Total Net Assets
428,861,797
100.00
217

Industrial Classification of the Investment Portfolio as of 30 June 2013
Sector
% NAV
Governments
Banks
Financial services
Insurance
Tobacco
Beverages
Food services
Pharmaceuticals
Healthcare services
Auto manufacturers
Supranational banks
Media
Transportation
Biotechnology
Chemicals
Pipelines
Open-ended Funds
Municipal
62.66
5.95
4.28
3.18
2.93
2.40
2.15
1.46
1.33
1.24
0.95
0.92
0.80
0.79
0.70
0.58
0.49
0.48
0.44
0.42
0.37
0.34
0.28
0.26
0.25
0.24
0.19
0.19
0.15
0.14
0.06

96.62
Other Net Assets
3.38
Total Net Assets
100.00
218

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
725,000
3,400,000
700,000
1,500,000
4,200,000
300,000
800,000
1,000,000
200,000
3,000,000
3,100,000

Australia (Govt of) 6.000% - 15/Feb/17
European Investment Bank 6.500% - 7/Aug/19
Inter-American Development Bank 6.500% - 20/Aug/19
Queensland Treasury Corp. 6.000% - 14/Oct/15
Queensland Treasury Corp. 6.000% - 21/Jul/22
492,530
2,268,493
502,306
1,091,836
2,971,883
203,883
573,399
726,501
137,300
2,056,267
2,207,229
0.04
0.17
0.04
0.08
0.22
0.02
0.04
0.05
0.01
0.16
0.17
13,231,627
1.00
1,089,935
3,077,796
0.08
0.23
4,167,731
0.31

1,600,000
4,200,000
Canada Housing Trust 3.150% - 15/Sep/23

Canada Housing Trust No 1 3.750% - 15/Mar/20
CZK Supranationals, Governments and Local Public Authorities, Debt Instruments

33,000,000
Czech (Govt) 5.000% - 11/Apr/19
1,434,751
0.11
1,434,751
0.11
514,198
862,861
455,226
1,709,379
1,255,788
0.04
0.07
0.03
0.13
0.09
4,797,452
0.36
325,013
4,800,198
1,369,344
1,580,670
1,149,700
2,112,225
1,698,413
552,600
5,175,532
518,850
550,325
1,030,050
873,919
2,628,728
5,610,600
751,294
284,213
2,082,869
515,188
1,665,300
0.02
0.36
0.10
0.12
0.09
0.16
0.13
0.04
0.39
0.04
0.04
0.08
0.07
0.20
0.42
0.06
0.02
0.16
0.04
0.13
DKK Supranationals, Governments and Local Public Authorities, Debt Instruments

4,000,000
6,000,000
3,000,000
11,000,000
7,000,000


300,000
4,300,000
1,250,000
1,400,000
1,000,000
1,500,000
1,500,000
500,000
4,610,000
500,000
500,000
1,000,000
750,000
2,100,000
4,800,000
750,000
250,000
1,850,000
500,000
1,500,000
Asfinag 3.375% - 22/Sep/25

Bank Nederlandse Gemeenten 3.875% - 26/May/23
Bavaria (Govt of) 4.125% - 16/Jan/17
Berlin (Govt of) 1.875% - 10/Sep/21
Berlin (Govt of) 4.875% - 26/Jun/17
219

(expressed in EUR)
Quantity/
Nominal
Value
250,000
2,000,000
750,000
4,000,000
1,500,000
800,000
1,000,000
1,200,000
3,000,000
3,000,000
1,250,000
800,000
2,200,000
1,250,000
2,000,000
500,000
1,470,000
2,500,000
2,000,000
2,500,000
2,030,000
1,500,000
5,400,000
3,400,000
1,000,000
3,300,000
2,000,000
800,000
16,100,000
3,500,000
3,200,000
3,400,000
950,000
1,000,000
1,800,000
4,000,000
2,200,000
13,000,000
7,600,000
2,500,000
6,000,000
800,000
500,000
5,200,000
4,600,000
500,000
1,000,000
500,000
500,000
1,200,000
1,700,000
2,000,000
2,000,000
2,800,000
3,000,000
5,000,000
Description
Market Value
% NAV
253,110
2,336,300
739,583
3,988,799
1,514,213
764,700
1,070,050
1,402,290
3,094,725
3,449,550
1,491,813
917,160
2,344,639
1,391,688
2,036,820
474,200
1,559,229
2,910,625
1,998,950
2,631,438
2,025,737
1,423,913
5,757,750
3,715,265
1,075,325
3,723,225
2,260,950
893,280
18,165,228
4,052,563
3,849,280
4,193,220
1,241,365
1,476,300
1,816,793
3,985,200
2,086,370
14,400,100
7,948,080
2,799,563
6,750,900
1,017,560
660,125
7,177,300
5,242,505
474,930
993,555
558,188
569,130
1,242,270
1,860,650
2,167,250
2,032,300
2,875,390
3,134,550
5,207,625
0.02
0.18
0.06
0.31
0.11
0.06
0.08
0.11
0.23
0.27
0.11
0.07
0.18
0.11
0.15
0.04
0.12
0.22
0.15
0.20
0.15
0.11
0.44
0.28
0.08
0.28
0.17
0.07
1.37
0.31
0.29
0.32
0.09
0.11
0.14
0.30
0.16
1.09
0.60
0.21
0.51
0.08
0.05
0.54
0.40
0.04
0.08
0.04
0.04
0.09
0.14
0.16
0.15
0.22
0.24
0.39
Caja de Ahorros de Valencia Castellon y Alicante 3.000% - 27/Oct/14

Czech (Govt) 5.000% - 11/Jun/18
European Financial Stability Facility 2.250% - 5/Sep/22
European Union 3.375% - 10/May/19
Fade - Fondo de Amortizacion del Deficit Electrico 3.375% - 17/Mar/19
France (Govt of) 0.250% - 25/Nov/15
Gemeinsame Deutsche Bundeslaender 3.250% - 29/Apr/14
Germany (Govt of) 0.500% - 13/Oct/17
Germany (Govt of) 6.000% - 20/Jun/16
Grand Duchy of Luxembourg (Govt of) 2.250% - 19/Mar/28
Hessen (Govt of) 1.375% - 5/Feb/20
Hessen (Govt of) 3.500% - 10/Mar/20
International Bank for Reconstruction & Development 3.875% - 20/May/19
220

(expressed in EUR)
Quantity/
Nominal
Value
1,000,000
2,400,000
1,500,000
4,000,000
3,000,000
7,000,000
1,000,000
1,600,000
4,350,000
3,050,000
2,500,000
7,000,000
5,400,000
4,600,000
400,000
1,850,000
6,020,000
2,000,000
1,170,000
2,000,000
500,000
500,000
1,060,000
500,000
600,000
300,000
500,000
250,000
500,000
2,500,000
3,300,000
150,000
1,250,000
800,000
650,000
1,200,000
13,500,000
1,100,000
3,500,000
1,200,000
2,500,000
1,000,000
3,500,000
700,000
Description
Market Value
% NAV
1,036,500
2,493,720
1,579,388
4,097,700
2,765,925
7,134,750
1,063,475
1,723,040
4,675,924
3,158,351
2,759,438
7,573,300
6,075,540
5,202,024
400,542
1,762,495
6,750,377
2,180,800
1,393,470
2,262,700
501,925
474,403
1,208,835
512,875
603,750
337,028
500,753
291,470
505,088
2,831,250
4,004,699
169,696
1,414,037
792,240
764,543
1,196,580
13,934,700
1,143,808
3,183,075
1,292,790
2,573,438
1,101,200
4,018,963
692,087
0.08
0.19
0.12
0.31
0.21
0.54
0.08
0.13
0.35
0.24
0.21
0.57
0.46
0.40
0.03
0.13
0.51
0.16
0.11
0.17
0.04
0.04
0.09
0.04
0.04
0.03
0.04
0.02
0.04
0.21
0.30
0.01
0.10
0.06
0.06
0.09
1.05
0.09
0.24
0.10
0.19
0.08
0.30
0.05
310,637,340
23.50
1,181,209
569,768
1,924,016
306,508
1,598,050
284,229
3,177,538
412,180
2,860,501
0.09
0.04
0.15
0.02
0.12
0.02
0.24
0.03
0.22
Italy (Govt of) BPT 3.500% - 1/Dec/18

Nord LB 3.500% - 18/Feb/14
North Rhine-Westphalia (Govt of) 4.500% - 15/Feb/18
NRW.Bank 2.500% - 2/Mar/15
NRW.Bank 3.375% - 18/Mar/14
NRW.Bank 4.500% - 29/May/17
OeBB Infrastruktur AG 4.500% - 2/Jul/19
Oesterreichische Kontrollbank AG 3.500% - 28/Apr/14
Regie Autonomes des Transports Parisiens 4.000% - 23/Sep/21
Reseau Ferre de France 4.450% - 27/Nov/17
Societe Nationale des Chemins de Fer 4.625% - 2/Feb/24
Unedic 2.250% - 5/Apr/23

1,000,000
450,000
1,300,000
200,000
1,360,000
200,000
2,600,000
350,000
2,200,000
Bank Nederlandse Gemeenten 1.875% - 7/Dec/18

European Investment Bank 6.000% - 7/Dec/28
Kreditanstalt fuer Wiederaufbau 6.000% - 7/Dec/28
Kreditanstalt Fuer Wiederaufbau 1.000% - 7/Dec/17
221

(expressed in EUR)
Quantity/
Nominal
Value
800,000
2,350,000
1,000,000
3,000,000
430,000
1,500,000
3,560,000
5,200,000
1,050,000
1,250,000
1,300,000
5,900,000
6,200,000
1,600,000
2,900,000
2,210,000
1,000,000
1,200,000
Description
Market Value
% NAV
1,036,653
2,910,491
1,299,657
3,945,306
568,026
1,984,643
4,710,861
6,925,097
1,414,807
1,702,323
1,795,222
7,943,484
7,972,545
2,194,696
4,059,887
3,111,579
1,567,125
1,816,473
0.08
0.22
0.10
0.30
0.04
0.15
0.36
0.52
0.11
0.13
0.14
0.60
0.60
0.17
0.31
0.24
0.12
0.14
69,272,874
5.26
1,665,026
0.13
1,665,026
0.13
3,382,634
1,299,604
355,529
1,652,006
725,135
11,013,623
4,357,472
9,709,564
28,089,220
1,471,760
1,705,809
3,408,960
5,216,052
12,714,335
7,134,396
8,989,857
8,700,142
4,745,945
3,185,932
3,862,055
35,372,705
2,955,326
1,053,956
1,765,498
4,783,862
4,795,454
950,190
3,198,536
600,324
3,469,618
2,724,613
0.26
0.10
0.03
0.12
0.05
0.83
0.33
0.73
2.12
0.11
0.13
0.26
0.39
0.96
0.54
0.68
0.66
0.36
0.24
0.29
2.69
0.22
0.08
0.13
0.36
0.36
0.07
0.24
0.05
0.26
0.21

United Kingdom Gilt 4.250% - 7/Jun/32
United Kingdom Gilt 8.750% - 25/Aug/17
ILS Supranationals, Governments and Local Public Authorities, Debt Instruments

6,500,000
Israel (Govt of) 6.000% - 28/Feb/19

480,000,000
160,000,000
50,000,000
220,000,000
100,000,000
1,600,000,000
630,000,000
1,400,000,000
4,050,000,000
200,000,000
220,000,000
500,000,000
750,000,000
1,800,000,000
1,000,000,000
1,246,000,000
1,200,000,000
650,000,000
450,000,000
550,000,000
4,850,000,000
400,000,000
150,000,000
240,000,000
625,000,000
615,000,000
120,000,000
400,000,000
75,000,000
500,000,000
390,000,000
Agence Francaise de Developpement 1.800% - 19/Jun/15

Asian Development Bank 2.350% - 21/Jun/27
Development Bank of Japan Inc. 1.050% - 20/Jun/23
Development Bank of Japan Inc. 1.700% - 20/Sep/22
Development Bank of Japan Inc. 1.750% - 17/Mar/17
Japan (Govt of) Five Year Bond 0.100% - 20/Dec/17
Japan (Govt of) Five Year Bond 0.200% - 20/Jun/17
Japan (Govt of) Five Year Bond 0.300% - 20/Mar/18
Japan (Govt of) Five Year Bond 0.400% - 20/Jun/15
Japan (Govt of) Forty Year Bond 2.000% - 20/Mar/52
Japan (Govt of) Forty Year Bond 2.200% - 20/Mar/49
Japan (Govt of) Thirty Year Bond 1.800% - 20/Sep/43
Japan (Govt of) Thirty Year Bond 2.500% - 20/Jun/36
222

(expressed in EUR)
Quantity/
Nominal
Value
Description
300,000,000
350,000,000
150,000,000
1,400,000,000
1,340,000,000
175,000,000
599,900,000
2,080,000,000
900,000,000
780,000,000
900,000,000
207,000,000
40,000,000
110,000,000

Japan (Govt of) Twenty Year Bond 1.700% - 20/Sep/33
Japan Fin Org Municipal 2.000% - 9/May/16
Kreditanstalt Fuer Wiederaufbau 2.050% - 16/Feb/26
Nordic Investment Bank 1.700% - 27/Apr/17
Market Value
% NAV
2,075,950
2,478,008
1,058,580
10,923,151
10,236,570
1,361,775
4,653,584
16,036,234
7,170,172
6,082,632
6,481,520
1,627,451
327,608
799,404
0.16
0.19
0.08
0.83
0.77
0.10
0.35
1.21
0.54
0.46
0.49
0.12
0.02
0.06
254,702,751
19.24
625,971
1,886,762
696,678
1,624,567
0.05
0.14
0.05
0.12
4,833,978
0.36
716,881
638,470
238,227
0.05
0.05
0.02
1,593,578
0.12
758,467
210,075
1,362,681
0.06
0.02
0.10
2,331,223
0.18
619,594
319,712
2,201,534
432,295
0.05
0.02
0.17
0.03
3,573,135
0.27
782,748
322,307
0.06
0.02
1,105,055
0.08
2,965,809
1,158,869
0.22
0.09
4,124,678
0.31
721,064
1,090,636
798,856
0.05
0.08
0.06

110,000
310,000
120,000
229,000

Mexico (Govt of) Bonos 7.750% - 14/Dec/17
Mexico (Govt of) Bonos 7.750% - 29/May/31
NOK Supranationals, Governments and Local Public Authorities, Debt Instruments

6,500,000
5,000,000
1,900,000

NZD Supranationals, Governments and Local Public Authorities, Debt Instruments

1,200,000
340,000
2,125,000
New Zealand (Govt of) 5.500% - 15/Apr/23

New Zealand (Govt of) 6.000% - 15/Apr/15
New Zealand (Govt of) 6.000% - 15/Dec/17
SEK Supranationals, Governments and Local Public Authorities, Debt Instruments

6,000,000
2,700,000
18,000,000
3,750,000
Sweden (Govt of) 1.500% - 13/Nov/23

Sweden (Govt of) 3.500% - 30/Mar/39
Sweden (Govt of) 3.750% - 12/Aug/17
Sweden (Govt of) 6.750% - 5/May/14

1,350,000
500,000


133,000,000
53,000,000

Thailand (Govt of) 3.650% - 17/Dec/21

1,000,000
1,500,000
1,200,000
African Development Bank 1.625% - 2/Oct/18

Asian Development Bank 1.750% - 11/Sep/18
223

(expressed in EUR)
Quantity/
Nominal
Value
750,000
1,500,000
1,000,000
1,100,000
2,000,000
2,000,000
3,540,000
4,200,000
1,700,000
1,000,000
1,200,000
2,000,000
1,800,000
1,850,000
2,000,000
1,500,000
2,500,000
4,000,000
2,250,000
2,000,000
2,000,000
700,000
1,000,000
500,000
600,000
2,100,000
3,500,000
1,250,000
1,000,000
250,000
2,500,000
400,000
4,500,000
715,000
1,650,000
250,000
500,000
2,600,000
1,000,000
1,000,000
2,000,000
3,700,000
2,000,000
1,100,000
Description
Market Value
% NAV
612,731
1,246,417
695,464
825,848
1,414,696
1,414,282
2,508,597
3,266,075
1,394,988
944,748
877,686
1,383,446
1,488,000
1,769,869
1,447,905
1,182,855
1,866,423
0.05
0.09
0.05
0.06
0.11
0.11
0.19
0.25
0.11
0.07
0.07
0.10
0.11
0.14
0.11
0.09
0.14
2,895,795
0.22
1,695,154
1,450,212
1,467,034
511,062
792,010
415,019
486,810
1,665,354
2,493,001
1,144,703
802,536
207,015
2,027,097
296,533
3,503,645
605,554
1,220,003
183,517
383,967
1,568,453
871,029
924,437
1,933,012
3,828,644
2,035,859
886,019
0.13
0.11
0.11
0.04
0.06
0.03
0.04
0.13
0.18
0.09
0.06
0.02
0.15
0.02
0.27
0.05
0.09
0.01
0.03
0.12
0.07
0.07
0.15
0.29
0.15
0.07
63,244,060
4.80
658,523
756,224
873,689
1,159,045
0.05
0.06
0.07
0.09
3,447,481
0.27
744,162,740
56.30

Columbia (Govt of) 4.375% - 12/Jul/21
Council of Europe 1.000% - 7/Mar/18
European Bank for Reconstruction & Development 1.000% - 15/Jun/18
Fannie Mae 4.375% - 15/Oct/15
Fannie Mae 5.000% - 11/May/17
Fannie Mae 6.625% - 15/Nov/30
FMS Wertmanagement 1.125% - 14/Oct/16
Freddie Mac 2.375% - 13/Jan/22
Freddie Mac 4.875% - 13/Jun/18
Freddie Mac 6.750% - 15/Mar/31
Hungary (Gov of) 5.375% - 17/Oct/23
Inter-American Development Bank 3.875% - 14/Feb/20
International Bank for Reconstruction & Development 2.375% 26/May/15
International Bank For Reconstruction & Development 0.875% 17/Apr/17
Italy (Govt of) 4.500% - 21/Jan/15
Kommuninvest I Sverige AB 0.875% - 13/Dec/16
Kreditanstalt fuer Wiederaufbau 2.750% - 8/Sep/20
Kreditanstalt fuer Wiederaufbau 3.500% - 10/Mar/14
Kreditanstalt fuer Wiederaufbau 4.875% - 17/Jun/19
Mexico (Govt of) 5.625% - 15/Jan/17
Mexico (Govt of) 6.050% - 11/Jan/40
Ontario Canada (Province of) 1.200% - 14/Feb/18
Peru (Govt of) 7.350% - 21/Jul/25
Philippine (Govt of) 5.500% - 30/Mar/26
Qatar (Govt of) 6.400% - 20/Jan/40
Quebec Canada (Province of) 5.125% - 14/Nov/16
Russia (Govt of) 4.875% - 16/Sep/23
Russia (Govt of) 5.000% - 29/Apr/20
Russia (Govt of) 7.500% - 31/Mar/30
Societe de Financement de lEconomie Francaise 2.875% - 22/Sep/14
Tennessee Valley Authority 4.700% - 15/Jul/33
Tennessee Valley Authority 5.250% - 15/Sep/39
Turkey (Govt of) 3.250% - 23/Mar/23
Westpac Banking Corp. 4.875% - 19/Nov/19

10,000,000
13,000,000
12,200,000
14,200,000

South Africa (Govt of) 7.000% - 28/Feb/31
224

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
229,576
0.02
1,095,769
0.08
1,325,345
0.10
AUD Bonds
350,000
1,700,000

CHF Bonds
3,000,000
General Electric Capital Corp. 2.250% - 19/Dec/16
2,577,681
0.18
2,577,681
0.18
542,789
553,810
98,465
261,435
556,255
220,467
166,694
103,544
544,818
303,014
539,928
509,110
526,350
535,175
104,789
491,415
1,627,653
1,003,300
497,233
53,051
501,603
425,946
208,250
851,048
416,412
550,618
714,056
498,993
268,805
423,946
506,673
421,938
557,155
106,296
508,580
53,262
979,824
322,571
157,487
106,884
592,488
344,621
376,467
625,550
395,091
0.04
0.04
0.01
0.02
0.04
0.02
0.01
0.01
0.04
0.02
0.04
0.04
0.04
0.04
0.01
0.04
0.13
0.08
0.04
0.00
0.04
0.03
0.02
0.06
0.03
0.04
0.05
0.04
0.02
0.03
0.04
0.03
0.04
0.01
0.04
0.00
0.08
0.02
0.01
0.01
0.04
0.03
0.03
0.05
0.03
EUR Bonds
500,000
500,000
100,000
250,000
500,000
200,000
150,000
100,000
500,000
300,000
500,000
500,000
500,000
500,000
100,000
500,000
1,520,000
1,000,000
500,000
50,000
500,000
400,000
200,000
800,000
400,000
500,000
700,000
500,000
250,000
400,000
500,000
400,000
500,000
100,000
500,000
50,000
1,000,000
300,000
150,000
100,000
600,000
300,000
350,000
600,000
350,000

Adecco International Financial Services BV 4.750% - 13/Apr/18
Akzo Nobel Sweden Finance AB 2.625% - 27/Jul/22
Allianz Finance II BV FRN - 29/Dec/49
Allianz SE FRN - 17/Oct/42
America Movil SAB de CV 4.125% - 25/Oct/19
Anheuser-Busch InBev NV 4.000% - 2/Jun/21
Areva SA 3.500% - 22/Mar/21
Assicurazioni Generali SpA 5.125% - 16/Sep/24
AT&T Inc. 3.500% - 17/Dec/25
Australia & New Zealand Banking Group Limited 3.750% - 10/Mar/17
Australia Pacific Airports Melbourne Pty Limited 3.125% - 26/Sep/23
AXA SA FRN - 16/Apr/40
Bacardi Limited 2.750% - 3/Jul/23
Bank Nederlandse Gemeenten 3.000% - 30/Mar/17
Bank of America Corp. FRN - 6/May/19
BASF Finance Europe NV 5.125% - 9/Jun/15
Bayer AG FRN - 29/Jul/05
BBVA Senior Finance SAU 3.875% - 6/Aug/15
Bertelsmann AG 4.750% - 26/Sep/16
BHP Billiton Finance Limited 3.000% - 29/May/24
BMW US Capital LLC 5.000% - 28/May/15
BNP Paribas 3.000% - 24/Feb/17
Brambles Finance plc 4.625% - 20/Apr/18
Caisse Centrale du Credit Immobilier de France 4.000% - 12/Jan/18
Caixabank 2.500% - 18/Apr/17
Carlsberg Breweries A/S 3.375% - 13/Oct/17
Casino Guichard Perrachon SA 3.994% - 9/Mar/20
Casino Guichard Perrachon SA 5.500% - 30/Jan/15
CEZ AS 5.750% - 26/May/15
Citigroup Inc. FRN - 25/Feb/30
Citigroup Inc. 5.000% - 2/Aug/19
Commerzbank AG 3.875% - 22/Mar/17
Compagnie de Saint-Gobain 8.250% - 28/Jul/14
Compagnie Financiere & Industrielle des Autoroutes 5.875% - 9/Oct/16
225

(expressed in EUR)
Quantity/
Nominal
Value
500,000
500,000
300,000
500,000
250,000
500,000
750,000
50,000
350,000
300,000
500,000
250,000
350,000
1,300,000
1,300,000
500,000
350,000
400,000
1,000,000
400,000
500,000
500,000
1,000,000
400,000
500,000
200,000
800,000
100,000
350,000
400,000
250,000
300,000
500,000
250,000
400,000
100,000
500,000
500,000
1,000,000
500,000
100,000
400,000
100,000
800,000
500,000
300,000
400,000
1,000,000
200,000
1,000,000
250,000
300,000
500,000
1,000,000
100,000
500,000
Description
Market Value
% NAV
523,388
497,543
309,989
576,565
292,768
499,878
818,917
54,557
382,557
342,686
504,193
306,529
382,793
1,493,355
1,628,769
525,455
432,779
432,812
1,058,065
398,126
582,548
495,895
996,000
384,136
599,919
205,498
806,684
126,825
400,465
410,576
311,524
325,929
571,410
256,965
395,380
102,959
532,550
494,528
1,001,140
550,885
98,632
395,950
111,105
906,964
534,045
302,586
408,630
1,048,215
217,190
988,041
261,734
318,506
507,395
1,050,375
107,091
541,928
0.04
0.04
0.02
0.04
0.02
0.04
0.06
0.00
0.03
0.03
0.04
0.02
0.03
0.12
0.13
0.04
0.03
0.03
0.08
0.03
0.04
0.04
0.08
0.03
0.05
0.02
0.06
0.01
0.03
0.03
0.02
0.02
0.04
0.02
0.03
0.01
0.04
0.04
0.08
0.04
0.01
0.03
0.01
0.07
0.04
0.02
0.03
0.08
0.02
0.06
0.02
0.02
0.04
0.08
0.01
0.04
Continental AG 3.125% - 9/Sep/20

Corio NV 3.250% - 26/Feb/21
Credit Agricole 3.000% - 20/Jul/15
Credit Agricole 5.875% - 11/Jun/19
Daa Finance plc 6.587% - 9/Jul/18
Daimler AG 1.500% - 19/Nov/18
Daimler AG 4.125% - 19/Jan/17
Danone SA 3.600% - 23/Nov/20
Deutsche Bahn Finance BV 3.625% - 16/Oct/17
Deutsche Bank AG 5.125% - 31/Aug/17
Dong Energy 6.500% - 7/May/19
E.ON International Finance BV 5.500% - 19/Jan/16
EDF SA 4.625% - 11/Sep/24
EDF SA 6.250% - 25/Jan/21
ELM BV for Swiss Reinsurance Company FRN - 29/May/49
Enbw International Finance BV 6.875% - 20/Nov/18
ENI SpA 5.000% - 28/Jan/16
Erste Abwicklungsanstalt 3.125% - 29/Mar/16
ESB Finance Limited 3.494% - 12/Jan/24
EWE AG 5.250% - 16/Jul/21
FCE Bank plc 1.750% - 21/May/18
FMS Wertmanagement 1.375% - 15/Jan/20
Fortum Oyj 2.250% - 6/Sep/22
Gazprombank OJSC Via GPB Eurobond Finance plc 3.984% - 30/Oct/18
GDF Suez 2.625% - 20/Jul/22
GDF Suez 6.375% - 18/Jan/21
GE Capital European Funding 4.625% - 22/Feb/27
GE Capital Trust IV FRN - 15/Sep/66
GIE Suez Alliance 5.750% - 24/Jun/23
Goldman Sachs Group Inc. 4.375% - 16/Mar/17
Heathrow Funding Limited 4.600% - 30/Sep/14
Heineken NV 2.125% - 4/Aug/20
Henkel KGaA FRN - 25/Nov/04
Iberdrola International BV 4.500% - 21/Sep/17
IBM Corp. 1.875% - 6/Nov/20
IBM Corp. 2.875% - 7/Nov/25
Imperial Tobacco Finance plc 4.500% - 5/Jul/18
ING Groep NV 4.125% - 11/Apr/16
Intesa Sanpaolo SpA 4.125% - 14/Apr/20
IPIC GMTN Limited 4.875% - 14/May/16
KBC Internationale Financieringsmaatschappij NV 4.375% - 26/Oct/15
Koninklijke KPN NV 3.250% - 1/Feb/21
La Banque Postale SA 4.375% - 30/Nov/20
La Poste 4.750% - 17/Feb/16
226

(expressed in EUR)
Quantity/
Nominal
Value
500,000
500,000
100,000
350,000
250,000
250,000
500,000
500,000
300,000
500,000
500,000
600,000
100,000
500,000
350,000
400,000
200,000
100,000
150,000
200,000
350,000
900,000
50,000
600,000
500,000
300,000
300,000
300,000
250,000
750,000
200,000
500,000
700,000
100,000
100,000
100,000
200,000
200,000
100,000
500,000
200,000
600,000
500,000
500,000
100,000
750,000
500,000
400,000
400,000
100,000
100,000
500,000
250,000
400,000
500,000
500,000
Description
Market Value
% NAV
502,750
557,543
113,381
414,565
256,533
267,103
556,268
573,183
338,720
564,275
527,440
626,967
112,372
549,348
517,778
425,268
247,101
104,370
158,834
193,903
418,222
924,786
51,623
639,897
549,865
345,930
304,184
314,324
260,499
839,876
201,611
543,933
749,221
101,839
103,928
108,146
217,666
235,761
108,686
519,480
213,231
612,207
534,663
498,910
105,530
776,988
541,128
403,896
410,906
106,818
98,807
508,788
257,299
469,268
504,350
557,700
0.04
0.04
0.01
0.03
0.02
0.02
0.04
0.04
0.03
0.04
0.04
0.05
0.01
0.04
0.04
0.03
0.02
0.01
0.01
0.01
0.04
0.07
0.00
0.05
0.04
0.03
0.02
0.02
0.02
0.07
0.02
0.04
0.06
0.01
0.01
0.01
0.02
0.02
0.01
0.04
0.02
0.05
0.04
0.04
0.01
0.06
0.04
0.03
0.03
0.01
0.01
0.04
0.02
0.04
0.04
0.04
Landwirtschaftliche Rentenbank 3.250% - 12/Mar/14

Legrand SA 4.375% - 21/Mar/18
Linde Finance BV FRN - 14/Jul/66
Metro AG 5.750% - 14/Jul/14
National Australia Bank Limited 4.000% - 13/Jul/20
National Grid plc 5.000% - 2/Jul/18
Nederlandse Gasunie NV 5.125% - 31/Mar/17
Nederlandse Waterschapsbank NV 3.875% - 17/Feb/20
Nordea Bank AB 3.250% - 5/Jul/22
OMV AG 3.500% - 27/Sep/27
OMV AG FRN - 29/Jun/49
Orange SA 4.125% - 23/Jan/19
Orange SA 8.125% - 28/Jan/33
Pernod-Ricard SA 7.000% - 15/Jan/15
Pfizer Inc. 5.750% - 3/Jun/21
Pohjola Bank plc 3.000% - 8/Sep/17
Procter & Gamble Company 4.875% - 11/May/27
Rabobank NV 3.000% - 16/Feb/15
Rabobank NV 3.750% - 9/Nov/20
Rabobank NV 3.875% - 20/Apr/16
RCI Banque SA 3.750% - 7/Jul/14
Royal Bank of Scotland plc 4.350% - 23/Jan/17
Royal Bank of Scotland plc 4.875% - 22/Apr/15
RWE Finance BV 6.250% - 20/Apr/16
Sanofi-Aventis 4.500% - 18/May/16
Santander International Debt SAU 4.000% - 24/Jan/20
Scania CV AB 1.750% - 22/Mar/16
Schlumberger Finance BV 2.750% - 1/Dec/15
Schneider Electric SA 3.500% - 22/Jan/19
Siemens Financieringsmaatschappij NV 5.625% - 11/Jun/18
SKF AB 3.875% - 25/May/18
Snam SpA 3.375% - 29/Jan/21
Societe Generale 4.000% - 20/Apr/16
Sparebank 1 3.500% - 21/Apr/16
Suez Environnement Company FRN - 21/Sep/49
Sumitomo Mitsui Banking Corp. 4.000% - 9/Nov/20
Svenska Handelsbanken AB FRN - 29/Dec/49
Swedbank AB 3.375% - 9/Feb/17
Swisscom AG via Lunar Funding V 2.000% - 30/Sep/20
Telefonica Emisiones SAU 2.736% - 29/May/19
Telefonica Emisiones SAU 3.406% - 24/Mar/15
Telefonica Europe BV 5.875% - 14/Feb/33
Telstra Corp. Limited 4.750% - 21/Mar/17
227

(expressed in EUR)
Quantity/
Nominal
Value
100,000
100,000
200,000
200,000
500,000
250,000
100,000
750,000
100,000
500,000
500,000
200,000
250,000
500,000
350,000
500,000
50,000
500,000
Description
Market Value
% NAV
104,359
103,618
237,176
217,881
511,350
273,293
112,279
760,358
122,682
512,028
540,215
222,005
277,240
536,267
394,851
539,325
54,555
549,833
0.01
0.01
0.02
0.02
0.04
0.02
0.01
0.06
0.01
0.04
0.04
0.02
0.02
0.04
0.03
0.04
0.00
0.04
76,782,769
5.87
349,341
430,641
364,793
664,792
399,509
497,691
484,561
150,686
379,081
608,974
326,328
384,620
212,837
333,207
124,845
131,268
504,624
483,777
397,191
237,219
118,646
473,653
234,279
739,415
288,999
428,046
1,036,811
324,599
655,766
402,533
252,592
1,055,965
334,147
328,220
136,179
0.03
0.03
0.03
0.05
0.03
0.04
0.04
0.01
0.03
0.05
0.02
0.03
0.02
0.03
0.01
0.01
0.04
0.04
0.03
0.02
0.01
0.04
0.02
0.06
0.02
0.03
0.08
0.02
0.05
0.03
0.02
0.09
0.03
0.02
0.01

Teva Pharmaceutical Finance IV BV 2.875% - 15/Apr/19
UBS AG 6.000% - 18/Apr/18
Unibail-Rodamco SE 3.875% - 13/Dec/17
UniCredito Italiano SpA 5.750% - 26/Sep/17
Valeo SA 4.875% - 11/May/18
Vattenfall Treasury AB 4.250% - 19/May/14
Veolia Environnement 6.125% - 25/Nov/33
Vier Gas Transport 3.125% - 10/Jul/23
Vivendi SA 4.000% - 31/Mar/17
Vivendi SA 4.750% - 13/Jul/21
Volkswagen International Finance NV 7.000% - 9/Feb/16
Voto-Votorantim Limited 5.250% - 28/Apr/17
Wuerth Finance International BV 3.750% - 25/May/18
Zurich Finance Inc. 6.500% - 14/Oct/15
GBP Bonds
250,000
355,000
300,000
500,000
300,000
350,000
300,000
100,000
300,000
400,000
250,000
300,000
150,000
300,000
100,000
100,000
400,000
300,000
350,000
200,000
100,000
350,000
200,000
600,000
200,000
300,000
650,000
250,000
500,000
250,000
200,000
800,000
250,000
250,000
100,000
Aegon NV 6.125% - 15/Dec/31

Anglian Water Services Financing plc 4.500% - 5/Oct/27
ASIF III Jersey Limited 5.000% - 18/Dec/18
Atlantia SpA 6.250% - 9/Jun/22
Aviva plc 9.500% - 20/Jun/16
BAA Funding Limited 9.200% - 29/Mar/23
Barclays Bank plc 5.750% - 14/Sep/26
BG Energy Capital plc 5.125% - 1/Dec/25
Bouygues SA 5.500% - 6/Oct/26
Centrica plc 4.250% - 12/Sep/44
Centrica plc 5.125% - 10/Dec/14
Citigroup Inc. 5.875% - 1/Jul/24
Commonwealth Bank of Australia 3.875% - 14/Dec/15
Deutsche Telekom International Finance BV 7.625% - 15/Jun/30
Enel SpA 5.750% - 22/Jun/37
Generali Finance BV FRN - 29/Jun/49
GlaxoSmithKline Capital plc 5.250% - 19/Dec/33
Heathrow Funding Limited 4.625% - 31/Oct/46
HSBC Bank Funding Sterling LP 5.844% - 29/Nov/49
HSBC Holdings plc 6.500% - 20/May/24
Koninklijke KPN NV 5.750% - 18/Mar/16
Land Securities Group plc FRN - 29/Sep/25
Legal & General Group plc FRN - 23/Jul/41
London Power Networks 5.375% - 11/Nov/16
Marks & Spencer plc 6.125% - 2/Dec/19
Motability Operations Group plc 5.250% - 28/Sep/16
National Grid Gas plc 6.000% - 7/Jun/17
228

(expressed in EUR)
Quantity/
Nominal
Value
500,000
500,000
100,000
300,000
200,000
500,000
400,000
100,000
500,000
100,000
500,000
300,000
500,000
400,000
400,000
200,000
300,000
Description
Market Value
% NAV
587,182
674,828
129,296
395,544
258,773
660,072
516,940
131,750
703,181
169,272
566,776
400,711
700,308
474,962
519,925
246,255
367,629
0.04
0.06
0.01
0.03
0.02
0.05
0.04
0.01
0.05
0.01
0.04
0.03
0.05
0.04
0.04
0.02
0.03
21,779,239
1.69
888,425
713,270
0.07
0.05
1,601,695
0.12
558,112
158,931
317,996
521,478
82,380
93,853
156,935
89,951
434,393
362,930
332,969
727,653
726,119
668,387
305,406
224,333
486,666
574,206
800,950
235,755
1,400,449
726,862
539,353
563,587
372,076
580,683
552,968
148,294
344,416
534,472
434,117
0.04
0.01
0.02
0.04
0.01
0.01
0.01
0.01
0.03
0.03
0.03
0.06
0.05
0.05
0.02
0.02
0.04
0.04
0.05
0.02
0.11
0.05
0.04
0.04
0.03
0.04
0.04
0.01
0.03
0.04
0.03
Network Rail Infrastructure Finance plc 3.000% - 7/Sep/23

Network Rail Infrastructure Finance plc 4.625% - 21/Jul/20
Network Rail Infrastructure Finance plc 4.875% - 27/Nov/15
Next plc 5.375% - 26/Oct/21
Northumbrian Water Finance plc 5.125% - 23/Jan/42
Porterbrook Rail Finance Limited 5.500% - 20/Apr/19
RWE Finance BV 5.500% - 6/Jul/22
Severn Trent Utilities Finance plc 6.125% - 26/Feb/24
SSE plc 8.375% - 20/Nov/28
Standard Chartered plc 4.375% - 18/Jan/38
Tesco plc 6.000% - 14/Dec/29
Thames Water Utilities Cayman Finance Limited 7.241% - 9/Apr/58
Transport for London 4.000% - 12/Sep/33
Wachovia Bank 5.250% - 1/Aug/23
Wessex Water Services Finance plc 4.000% - 24/Sep/21
WM Morrison Supermarkets plc 4.625% - 8/Dec/23
JPY Bonds
127,000,000
100,000,000
Deutsche Bahn Finance BV 1.650% - 1/Dec/14

Pfizer Inc. 1.800% - 22/Feb/16
USD Bonds
750,000
200,000
500,000
700,000
100,000
100,000
164,000
81,000
500,000
500,000
500,000
1,000,000
1,000,000
750,000
350,000
300,000
789,000
700,000
1,000,000
300,000
2,000,000
1,000,000
600,000
750,000
500,000
750,000
750,000
200,000
400,000
500,000
600,000
Abbey National Treasury Services plc 3.875% - 10/Nov/14

Abbott Laboratories 5.300% - 27/May/40
Aetna Inc. 4.125% - 15/Nov/42
Alcoa Inc. 5.400% - 15/Apr/21
Alcoa Inc. 6.750% - 15/Jul/18
Alltel Corp. 7.875% - 1/Jul/32
Altria Group Inc. 9.950% - 10/Nov/38
American Express Company 7.000% - 19/Mar/18
American Honda Finance 2.125% - 10/Oct/18
American Tower Corp. 3.500% - 31/Jan/23
Anglo American Capital plc 4.450% - 27/Sep/20
Anheuser-Busch InBev NV 0.800% - 15/Jan/16
Anheuser-Busch InBev Worldwide Inc. 6.375% - 15/Jan/40
AstraZeneca plc 6.450% - 15/Sep/37
AT&T Inc. 2.400% - 15/Aug/16
AT&T Inc. 4.350% - 15/Jun/45
AT&T Inc. 5.500% - 1/Feb/18
AT&T Inc. 6.300% - 15/Jan/38
Atmos Energy Corp. 5.500% - 15/Jun/41
Banco do Brasil SA 5.875% - 26/Jan/22
Bank of America Corp. 7.625% - 1/Jun/19
Bank of New York Mellon Corp. 2.950% - 18/Jun/15
Bank of Tokyo-Mitsubishi UFJ Limited 2.450% - 11/Sep/15
Barclays Bank plc 5.140% - 14/Oct/20
BB&T Corp. 5.700% - 30/Apr/14
Bristol-Myers Squibb Company 6.125% - 1/May/38
Burlington Northern Santa Fe LLC 5.050% - 1/Mar/41
229

(expressed in EUR)
Quantity/
Nominal
Value
550,000
350,000
500,000
700,000
1,000,000
200,000
500,000
600,000
1,300,000
1,000,000
1,000,000
400,000
250,000
750,000
200,000
500,000
250,000
600,000
750,000
100,000
200,000
1,000,000
200,000
500,000
150,000
1,000,000
100,000
750,000
500,000
700,000
600,000
500,000
500,000
1,000,000
750,000
500,000
100,000
500,000
200,000
2,500,000
1,000,000
700,000
200,000
1,000,000
800,000
300,000
350,000
1,000,000
850,000
750,000
1,000,000
200,000
500,000
400,000
1,000,000
400,000
Description
Market Value
% NAV
424,545
311,717
375,509
474,041
714,423
154,273
405,735
457,967
1,093,492
818,296
716,390
337,542
212,270
613,863
161,787
468,707
203,307
465,265
538,066
105,380
162,401
750,760
168,544
467,355
124,990
748,466
108,746
560,626
380,388
448,552
448,033
459,576
405,685
699,692
553,472
336,269
85,406
375,957
153,251
1,770,573
821,002
576,058
167,220
823,401
738,323
251,058
311,722
727,686
642,748
619,284
775,202
154,897
448,839
350,229
721,752
334,208
0.03
0.02
0.03
0.04
0.04
0.01
0.03
0.03
0.08
0.07
0.05
0.03
0.02
0.05
0.01
0.04
0.02
0.04
0.04
0.01
0.01
0.06
0.01
0.04
0.01
0.06
0.01
0.04
0.03
0.03
0.03
0.03
0.03
0.05
0.04
0.03
0.01
0.03
0.01
0.14
0.06
0.04
0.01
0.06
0.06
0.02
0.02
0.06
0.05
0.05
0.06
0.01
0.03
0.03
0.05
0.03
Capital One Financial Corp. 4.750% - 15/Jul/21

Caterpillar Financial Services Corp. 7.150% - 15/Feb/19
Caterpillar Inc. 5.200% - 27/May/41
Cencosud SA 4.875% - 20/Jan/23
China Resources Gas Group Limited 4.500% - 5/Apr/22
Cisco Systems Inc. 5.500% - 15/Jan/40
Cisco Systems Inc. 5.900% - 15/Feb/39
Coca-Cola Company 4.875% - 15/Mar/19
Conagra Foods Inc. 1.900% - 25/Jan/18
ConocoPhillips 5.750% - 1/Feb/19
ConocoPhillips 5.900% - 15/May/38
ConocoPhillips Canada Funding Company I 5.625% - 15/Oct/16
Consolidated Edison Inc. 5.500% - 15/Sep/16
Credit Suisse First Boston 7.125% - 15/Jul/32
CRH America Inc. 6.000% - 30/Sep/16
CSX Corp. 6.250% - 1/Apr/15
Cummins Inc. 3.650% - 1/Oct/23
Daimler Finance 8.500% - 18/Jan/31
Deere & Company 5.375% - 16/Oct/29
Deutsche Bank AG 3.450% - 30/Mar/15
Deutsche Telekom International Finance BV 6.000% - 8/Jul/19
Devon Finance Corp. 7.875% - 30/Sep/31
Diageo Capital plc 5.875% - 30/Sep/36
Dow Jones & Company Inc. 2.500% - 15/Feb/16
Dow Jones & Company Inc. 9.400% - 15/May/39
Duke Energy Corp. 4.900% - 15/Jul/43
Ecolab Inc. 3.000% - 8/Dec/16
EI du Pont de Nemours & Company 4.150% - 15/Feb/43
EI Du Pont de Nemours & Company 3.250% - 15/Jan/15
Eli Lilly & Company 7.125% - 1/Jun/25
Embarq Corp. 7.082% - 1/Jun/16
EMC Corp. 3.375% - 1/Jun/23
EnCana Holdings Finance Corp. 5.800% - 1/May/14
Energy Transfer Partners LP 3.600% - 1/Feb/23
Energy Transfer Partners LP 7.500% - 1/Jul/38
EQT Corp. 4.875% - 15/Nov/21
Exelon Corp. 4.900% - 15/Jun/15
Export-Import Bank of Korea 1.750% - 27/Feb/18
Ford Motor Credit Company 5.875% - 2/Aug/21
General Electric Capital Corp. 5.250% - 6/Dec/17
General Electric Capital Corp. 5.550% - 4/May/20
GlaxoSmithKline Capital Inc. 5.650% - 15/May/18
GlaxoSmithKline Capital Inc. 6.375% - 15/May/38
Goldman Sachs Group Inc. 6.450% - 1/May/36
Halliburton Company 6.700% - 15/Sep/38
Hess Corp. 7.300% - 15/Aug/31
Home Depot Inc. 3.750% - 15/Feb/24
Home Depot Inc. 5.875% - 16/Dec/36
230

(expressed in EUR)
Quantity/
Nominal
Value
200,000
300,000
700,000
500,000
550,000
500,000
300,000
800,000
300,000
1,000,000
500,000
500,000
500,000
150,000
500,000
600,000
500,000
850,000
2,600,000
2,000,000
500,000
500,000
1,000,000
100,000
200,000
250,000
200,000
1,000,000
1,000,000
650,000
1,000,000
750,000
250,000
750,000
250,000
400,000
250,000
750,000
500,000
750,000
500,000
500,000
300,000
1,000,000
1,000,000
200,000
145,000
350,000
200,000
650,000
350,000
2,250,000
400,000
200,000
400,000
500,000
Description
Market Value
% NAV
149,396
225,950
564,785
448,032
388,666
364,692
256,549
614,286
237,254
825,327
396,364
334,379
376,625
125,574
443,352
462,467
414,041
711,824
1,842,764
1,450,015
412,785
375,083
672,434
90,220
158,746
185,940
148,754
674,883
731,514
507,278
669,582
566,994
180,947
403,629
189,496
299,869
205,641
634,124
379,346
593,545
413,805
312,163
237,555
721,108
738,358
155,017
117,186
256,821
182,174
446,806
275,554
1,743,535
265,851
172,204
294,030
353,779
0.01
0.02
0.04
0.03
0.03
0.03
0.02
0.05
0.02
0.06
0.03
0.03
0.03
0.01
0.03
0.03
0.03
0.06
0.15
0.11
0.03
0.03
0.05
0.01
0.01
0.01
0.01
0.05
0.06
0.04
0.05
0.04
0.01
0.03
0.01
0.02
0.02
0.05
0.03
0.04
0.03
0.02
0.02
0.05
0.05
0.01
0.01
0.02
0.01
0.03
0.02
0.12
0.02
0.01
0.02
0.03
Hongkong Electric Finance Limited 4.250% - 14/Dec/20

HSBC Finance Capital Trust IX FRN - 30/Nov/35
HSBC Holdings plc 5.100% - 5/Apr/21
HSBC Holdings plc 6.800% - 1/Jun/38
IBM Corp. 2.900% - 1/Nov/21
John Deere Capital Corp. 0.875% - 17/Apr/15
Johnson & Johnson 5.850% - 15/Jul/38
JPMorgan Chase & Company 5.600% - 15/Jul/41
Keycorp 5.100% - 24/Mar/21
Kinder Morgan Energy Partners LP 5.000% - 15/Aug/42
Kinder Morgan Energy Partners LP 5.125% - 15/Nov/14
Kinder Morgan Energy Partners LP 6.950% - 15/Jan/38
Kraft Foods Group Inc. 6.875% - 26/Jan/39
Kraft Foods Inc. 4.125% - 9/Feb/16
Kraft Foods Inc. 6.500% - 1/Nov/31
Kroger Company 6.400% - 15/Aug/17
Landwirtschaftliche Rentenbank 1.000% - 4/Apr/18
L-Bank 0.625% - 16/Feb/16
Marathon Oil Corp. 6.000% - 1/Oct/17
McDonalds Corp. 3.625% - 20/May/21
Medtronic Inc. 2.750% - 1/Apr/23
Merck & Company Inc. 6.550% - 15/Sep/37
MetLife Inc. 5.700% - 15/Jun/35
Mitsubishi Corp. 2.250% - 14/Sep/16
Mitsubishi Corp. 2.875% - 18/Jul/18
Mizuho Corporate Bank Limited 2.950% - 17/Oct/22
Molson Coors Brewing Company 2.000% - 1/May/17
Morgan Stanley 5.375% - 15/Oct/15
Murphy Oil Corp. 3.700% - 1/Dec/22
Nationwide Building Society 4.650% - 25/Feb/15
Nestle Holdings Inc. 1.375% - 21/Jun/17
Newmont Mining Corp. 4.875% - 15/Mar/42
NextEra Energy Capital 4.500% - 1/Jun/21
Nextera Energy Capital Holdings Inc. 7.875% - 15/Dec/15
Nisource Finance Corp. 6.800% - 15/Jan/19
Nomura Holdings Inc. 5.000% - 4/Mar/15
Norfolk Southern Corp. 5.750% - 1/Apr/18
Novartis Capital Corp. 3.700% - 21/Sep/42
Novartis Capital Corp. 4.400% - 24/Apr/20
Oneok Partners LP 2.000% - 1/Oct/17
Oracle Corp. 3.750% - 8/Jul/14
Oracle Corp. 5.375% - 15/Jul/40
Orange SA 5.375% - 8/Jul/19
Orange SA 5.375% - 13/Jan/42
Pacific Gas & Electric Company 8.250% - 15/Oct/18
Pepsico Inc. 2.750% - 5/Mar/22
PepsiCo Inc. 5.500% - 15/Jan/40
Petrobras International Finance Company 5.875% - 1/Mar/18
Philip Morris International Inc. 4.375% - 15/Nov/41
Plains All American Pipeline LP 5.150% - 1/Jun/42
231

(expressed in EUR)
Quantity/
Nominal
Value
300,000
600,000
800,000
200,000
200,000
300,000
500,000
600,000
1,500,000
200,000
500,000
400,000
200,000
500,000
250,000
1,000,000
1,100,000
250,000
600,000
1,500,000
250,000
300,000
600,000
500,000
100,000
750,000
850,000
200,000
300,000
700,000
150,000
250,000
400,000
500,000
500,000
500,000
400,000
650,000
500,000
500,000
500,000
1,000,000
100,000
200,000
250,000
150,000
250,000
500,000
500,000
250,000
750,000
250,000
1,000,000
1,000,000
Description
Market Value
% NAV
244,852
459,648
555,585
149,193
174,684
245,747
361,461
515,113
1,092,317
140,417
403,696
360,013
152,036
423,760
175,756
741,257
827,784
205,470
443,818
1,058,419
210,509
208,398
460,209
386,614
87,381
631,695
695,517
158,244
274,823
527,173
115,014
241,883
299,928
306,094
365,906
351,588
275,916
546,610
396,148
375,112
414,879
729,120
75,065
153,821
194,153
101,272
194,885
392,663
401,774
207,946
636,941
205,332
711,509
837,019
0.02
0.03
0.04
0.01
0.01
0.02
0.03
0.04
0.08
0.01
0.03
0.03
0.01
0.03
0.01
0.06
0.06
0.02
0.03
0.08
0.02
0.02
0.03
0.03
0.01
0.05
0.05
0.01
0.02
0.04
0.01
0.02
0.02
0.02
0.03
0.03
0.02
0.04
0.03
0.03
0.03
0.05
0.01
0.01
0.01
0.01
0.01
0.03
0.03
0.02
0.04
0.02
0.05
0.06
PNC Funding Corp. 5.125% - 8/Feb/20

PPL Energy Supply LLC 5.700% - 15/Oct/35
Praxair Inc. 1.250% - 7/Nov/18
Progress Energy Inc. 7.050% - 15/Mar/19
Prudential Financial Inc. 5.375% - 21/Jun/20
Reckitt Benckiser plc 2.125% - 21/Sep/18
Rogers Communications Inc. 6.800% - 15/Aug/18
Royal Bank of Scotland plc 2.200% - 27/Jul/18
San Diego Gas & Electric Company 3.000% - 15/Aug/21
Shell International Finance BV 5.500% - 25/Mar/40
Simon Property Group 6.750% - 1/Feb/40
SingTel Group Treasury Pte Limited 4.500% - 8/Sep/21
Southern California Edison Company 5.950% - 1/Feb/38
Southern Peru Copper Corp. 6.750% - 16/Apr/40
Spectra Energy Partners LP 4.750% - 15/Mar/24
Standard Chartered Bank plc 3.850% - 27/Apr/15
Standard Chartered Bank plc 6.400% - 26/Sep/17
Statoil ASA 2.900% - 15/Oct/14
Sumitomo Mitsui Banking Corp. 1.500% - 18/Jan/18
Suncor Energy Inc. 6.500% - 15/Jun/38
Target Corp. 2.900% - 15/Jan/22
Target Corp. 3.875% - 15/Jul/20
Telefonica Europe BV 8.250% - 15/Sep/30
Thomson Reuters Corp. 6.500% - 15/Jul/18
Time Warner Cable Inc. 6.750% - 1/Jul/18
Time Warner Entertainment Company LP 8.375% - 15/Jul/33
Time Warner Inc. 7.625% - 15/Apr/31
Toronto-Dominion Bank 2.375% - 19/Oct/16
Total Capital SA 4.250% - 15/Dec/21
TransCanada PipeLines Limited 7.625% - 15/Jan/39
UBS AG 3.875% - 15/Jan/15
United Parcel Service Inc. 3.625% - 1/Oct/42
United Parcel Service Inc. 3.875% - 1/Apr/14
United Technologies Corp. 4.500% - 1/Jun/42
Unitedhealth Group Inc. 2.875% - 15/Mar/22
UnitedHealth Group Inc. 6.000% - 15/Feb/18
Vale Overseas Limited 6.250% - 11/Jan/16
Vale Overseas Limited 6.875% - 21/Nov/36
Valero Energy Corp. 6.125% - 15/Jun/17
Ventas Realty LP 1.550% - 26/Sep/16
Verizon Communications Inc. 4.750% - 1/Nov/41
Virginia Electric & Power Company 5.400% - 30/Apr/18
Vodafone Group plc 1.250% - 26/Sep/17
Wachovia Corp. 5.750% - 1/Feb/18
232

(expressed in EUR)
% NAV
715,218
580,114
247,114
235,857
396,235
539,668
385,007
803,618
0.05
0.04
0.02
0.02
0.03
0.04
0.03
0.06
90,985,722
6.82
Total Bonds
195,052,451
14.78

exchange listing
939,215,191
71.08
1,000,000
750,000
300,000
300,000
500,000
800,000
500,000
1,000,000
Description
Market Value
Quantity/
Nominal
Value
Walt Disney Company 1.100% - 1/Dec/17

Waste Management Inc. 6.375% - 11/Mar/15
Weatherford International Inc. 6.350% - 15/Jun/17
WellPoint Inc. 5.250% - 15/Jan/16
Wells Fargo & Company 4.600% - 1/Apr/21
Williams Partners LP 3.350% - 15/Aug/22
Woori Bank 7.000% - 2/Feb/15
Xerox Corp. 6.400% - 15/Mar/16
450,000
800,000
1,500,000
1,100,000
750,000
New South Wales Treasury Corp. 5.500% - 1/Mar/17

New South Wales Treasury Corp. 6.000% - 1/Apr/19
New South Wales Treasury Corp. 6.000% - 1/May/20
Treasury Corp of Victoria 6.000% - 15/Jun/20
Western Australia Treasury Corp. 8.000% - 15/Jul/17
312,561
577,126
1,078,523
791,870
561,386
0.02
0.04
0.08
0.06
0.04
3,321,466
0.24
189,609
302,454
333,156
137,727
1,363,423
1,358,642
1,369,290
766,720
2,743,612
826,840
1,323,699
1,129,852
1,163,947
892,015
172,269
540,667
1,843,333
212,003
750,588
111,329
215,698
2,715,998
901,605
1,568,328
713,776
477,862
1,024,171
0.01
0.02
0.03
0.01
0.10
0.10
0.10
0.06
0.21
0.06
0.10
0.09
0.09
0.07
0.01
0.04
0.14
0.02
0.06
0.01
0.02
0.20
0.07
0.12
0.05
0.04
0.08

250,000
400,000
400,000
160,000
2,000,000
2,000,000
2,000,000
1,100,000
3,800,000
1,150,000
1,700,000
1,500,000
1,280,000
950,000
250,000
750,000
2,200,000
250,000
1,000,000
150,000
300,000
3,500,000
1,500,000
2,150,000
750,000
500,000
1,500,000
British Columbia (Province of) 4.650% - 18/Dec/18

British Columbia (Province of) 4.700% - 18/Jun/37
British Columbia (Province of) 5.700% - 18/Jun/29
British Columbia (Province of) 6.150% - 19/Nov/27
Canada (Govt of) 1.000% - 1/Nov/15
Canada (Govt of) 1.000% - 1/Aug/16
Canada (Govt of) 1.250% - 1/Feb/16
Canada (Govt of) 3.500% - 1/Dec/45
Financement-Quebec 3.250% - 1/Jun/14
Financement-Quebec 3.500% - 1/Dec/16
Hydro Quebec 6.000% - 15/Aug/31
Manitoba Canada (Province of) 5.700% - 5/Mar/37
New Brunswick Canada (Province of) 4.500% - 2/Jun/20
New Brunswick Canada (Province of) 4.800% - 26/Sep/39
Nova Scotia (Province of) 4.500% - 1/Jun/37
Ontario (Province of) 5.500% - 2/Jun/18
Ontario Canada (Province of) 3.450% - 2/Jun/45
Ontario Electricity Financial Corp. 10.000% - 6/Feb/20
Quebec Canada (Province of) 3.500% - 1/Dec/22
233

(expressed in EUR)
Quantity/
Nominal
Value
1,000,000
750,000
880,000
500,000
500,000
Description
Market Value
% NAV
748,877
561,606
670,408
417,657
430,730
0.06
0.04
0.05
0.03
0.03
27,977,891
2.12
439,143
1,321,410
0.03
0.10
1,760,553
0.13

Quebec Canada (Province of) 6.000% - 1/Oct/29
Quebec Canada (Province of) 6.250% - 1/Jun/32

2,000,000
6,000,000
Malaysia (Govt of) 3.580% - 28/Sep/18

Malaysia (Govt of) 3.889% - 31/Jul/20

1,300,000
797,873
0.06
797,873
0.06
221,649
435,542
610,088
3,747,704
3,236,027
2,367,034
804,107
2,988,628
791,455
1,518,462
303,610
10,891,477
19,590,498
14,199,649
5,752,658
5,414,165
6,147,549
9,664,266
1,245,158
11,688,502
32,325,026
2,434,238
5,668,294
1,316,278
2,783,006
16,588,342
2,046,008
2,464,797
27,024,761
2,670,033
10,438,508
562,849
34,599,302
0.02
0.03
0.05
0.29
0.24
0.18
0.06
0.23
0.06
0.11
0.02
0.82
1.48
1.07
0.44
0.41
0.47
0.73
0.09
0.88
2.45
0.18
0.43
0.10
0.21
1.25
0.15
0.19
2.04
0.20
0.79
0.04
2.63

300,000
500,000
750,000
5,000,000
3,900,000
3,300,000
1,100,000
4,000,000
1,000,000
2,250,000
400,000
15,000,000
27,000,000
20,000,000
8,000,000
7,500,000
9,400,000
13,000,000
1,800,000
17,000,000
42,700,000
3,500,000
8,000,000
2,300,000
4,500,000
21,200,000
3,000,000
3,500,000
35,000,000
3,400,000
13,300,000
700,000
42,200,000
American Municipal Power-Ohio Inc. 5.939% - 15/Feb/47

Bay Area Toll Authority 6.263% - 1/Apr/49
Federal Farm Credit Bank 4.875% - 17/Jan/17
Federal Home Loan Bank System 5.500% - 13/Aug/14
Federal Home Loan Banks 5.000% - 17/Nov/17
Federal National Mortgage Association 0.875% - 28/Aug/17
Freddie Mac 2.500% - 23/Apr/14
Freddie Mac 2.875% - 9/Feb/15
Freddie Mac 3.750% - 27/Mar/19
Illinois (Govt of) 5.100% - 1/Jun/33
Municipal Electric Authority of Georgia 6.655% - 1/Apr/57
United States Treasury N/B 2.375% - 31/Mar/16
242,539,670
18.34
276,397,453
20.89
234

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
275,820
564,726
189,654
277,408
384,100
371,836
0.02
0.04
0.01
0.02
0.03
0.03
2,063,544
0.15
CAD Bonds
400,000
800,000
250,000
400,000
500,000
500,000
Bank of Nova Scotia FRN - 15/Apr/19

GE Capital Canada Funding Company 4.240% - 8/Jun/15
Hydro One Inc. 5.360% - 20/May/36
Royal Bank of Canada 4.970% - 5/Jun/14
Shaw Communications Inc. 6.750% - 9/Nov/39
Telus Corp. 5.050% - 23/Jul/20
EUR Bonds
100,000
Securitas AB 2.750% - 28/Feb/17
103,570
0.01
103,570
0.01
539,032
74,978
310,548
345,456
563,307
169,086
860,495
370,615
192,371
272,192
245,383
1,053,238
402,039
458,128
455,022
826,978
618,797
299,853
174,051
695,044
592,881
186,865
224,317
716,760
347,660
148,870
408,752
359,634
1,862,904
417,176
445,747
578,027
385,753
336,128
390,691
328,114
165,169
300,823
664,603
163,068
0.04
0.01
0.02
0.03
0.04
0.01
0.07
0.03
0.01
0.02
0.02
0.08
0.03
0.03
0.03
0.06
0.05
0.02
0.01
0.05
0.04
0.01
0.02
0.05
0.03
0.01
0.03
0.03
0.15
0.03
0.03
0.04
0.03
0.03
0.03
0.02
0.01
0.02
0.05
0.01
USD Bonds
750,000
100,000
400,000
540,000
750,000
200,000
1,000,000
500,000
250,000
350,000
300,000
1,500,000
500,000
700,000
600,000
1,000,000
750,000
400,000
200,000
1,000,000
800,000
250,000
300,000
900,000
500,000
200,000
500,000
500,000
2,000,000
500,000
500,000
750,000
600,000
500,000
500,000
400,000
200,000
400,000
1,000,000
250,000

America Movil SAB de CV 3.625% - 30/Mar/15
America Movil SAB de CV 6.125% - 30/Mar/40
American Express Company 4.050% - 3/Dec/42
American Express Credit Corp. 2.750% - 15/Sep/15
American International Group Inc. 6.250% - 1/May/36
American International Group Inc. 6.400% - 15/Dec/20
Amgen Inc. 5.375% - 15/May/43
Amgen Inc. 5.650% - 15/Jun/42
Amgen Inc. 5.750% - 15/Mar/40
Anheuser-Busch InBev Worldwide Inc. 5.000% - 15/Apr/20
Apple Inc. 1.000% - 3/May/18
Archer-Daniels-Midland Company FRN - 1/Mar/41
AT&T Inc. 2.625% - 1/Dec/22
Bank of America Corp. 4.500% - 1/Apr/15
Bank of America Corp. 5.750% - 1/Dec/17
Bank of Montreal 2.500% - 11/Jan/17
Barclays Bank plc 6.750% - 22/May/19
Baxter International 3.200% - 15/Jun/23
Berkshire Hathaway Inc. 1.900% - 31/Jan/17
Berkshire Hathaway Inc. 3.200% - 11/Feb/15
Boston Properties LP 3.800% - 1/Feb/24
Capital One Finance Corp. 7.375% - 23/May/14
CBS Corp. 5.750% - 15/Apr/20
Celgene Corp. 4.000% - 15/Aug/23
Comcast Corp. 5.700% - 15/May/18
Comcast Corp. 6.950% - 15/Aug/37
Commonwealth Edison Company 4.000% - 1/Aug/20
Consolidated Edison Inc. 3.950% - 1/Mar/43
Covidien International Finance 2.950% - 15/Jun/23
CVS Caremark Corp. 6.125% - 15/Sep/39
Danaher Corp. 3.900% - 23/Jun/21
Diageo Capital plc 2.625% - 29/Apr/23
Directv Holdings LLC 5.150% - 15/Mar/42
235

(expressed in EUR)
Quantity/
Nominal
Value
100,000
500,000
550,000
500,000
1,000,000
500,000
550,000
500,000
500,000
150,000
1,250,000
4,000,000
500,000
500,000
100,000
400,000
750,000
1,000,000
1,000,000
600,000
400,000
400,000
450,000
250,000
600,000
500,000
200,000
1,100,000
400,000
500,000
400,000
250,000
500,000
1,000,000
200,000
300,000
400,000
500,000
400,000
1,000,000
750,000
1,750,000
500,000
500,000
250,000
1,000,000
500,000
471,000
500,000
200,000
200,000
500,000
1,000,000
150,000
500,000
500,000
Description
Market Value
% NAV
75,529
381,086
412,313
401,809
712,101
348,338
367,492
377,912
319,253
121,800
960,983
2,963,213
386,089
326,309
76,907
323,684
634,560
715,551
735,948
458,074
289,384
281,158
375,261
223,593
402,478
359,862
151,039
856,798
328,399
418,313
278,441
186,297
364,349
764,796
186,662
243,223
237,562
350,437
338,266
706,626
609,770
1,484,003
338,165
404,580
188,765
767,743
403,162
389,112
398,193
141,787
150,018
332,668
729,961
126,542
391,143
487,949
0.01
0.03
0.03
0.03
0.05
0.03
0.03
0.03
0.02
0.01
0.07
0.22
0.03
0.02
0.01
0.02
0.05
0.04
0.06
0.03
0.02
0.02
0.03
0.02
0.03
0.03
0.01
0.06
0.02
0.03
0.02
0.01
0.03
0.06
0.01
0.02
0.02
0.03
0.03
0.05
0.05
0.12
0.03
0.03
0.01
0.06
0.03
0.03
0.03
0.01
0.01
0.03
0.06
0.01
0.03
0.04
DirecTV Holdings LLC 3.125% - 15/Feb/16

DirecTV Holdings LLC 3.500% - 1/Mar/16
DirecTV Holdings LLC 3.550% - 15/Mar/15
Discovery Communications Inc. 6.350% - 1/Jun/40
Eaton Corp. 1.500% - 2/Nov/17
Eaton Vance Corp. 3.625% - 15/Jun/23
Ebay Inc. 2.600% - 15/Jul/22
Enterprise Products Operating LLC 3.700% - 1/Jun/15
Enterprise Products Operating LLC 4.450% - 15/Feb/43
Enterprise Products Operating LLC 5.200% - 1/Sep/20
Express Scripts Holding Company 3.500% - 15/Nov/16
Federal Farm Credit Bank 1.500% - 16/Nov/15
Ford Motor Credit Company 3.984% - 15/Jun/16
Georgia Power Company 4.300% - 15/Mar/43
Georgia Power Company 5.400% - 1/Jun/40
Gilead Sciences Inc. 5.650% - 1/Dec/41
GTE Corp. 6.840% - 15/Apr/18
Health Care Inc. 4.500% - 15/Jan/24
Hewlett-Packard Company 4.375% - 15/Sep/21
Hyundai Capital America P.P. 144A 4.000% - 8/Jun/17
Illinois Tool Works Inc. 3.375% - 15/Sep/21
Intel Corp. 4.800% - 1/Oct/41
International Business Machines Corp. 5.700% - 14/Sep/17
International Paper Company 7.500% - 15/Aug/21
Itau Unibanco Holding 5.125% - 13/May/23
Jefferies Group Inc. 6.500% - 20/Jan/43
Johnson Controls Inc. 4.250% - 1/Mar/21
JPMorgan Chase & Company 4.400% - 22/Jul/20
Kraft Foods Group Inc. 5.375% - 10/Feb/20
Lincoln National Corp. 6.250% - 15/Feb/20
Lowes Companies Inc. 4.650% - 15/Apr/42
Lowes Cos Inc. 2.125% - 15/Apr/16
Lyb International Finance BV 5.250% - 15/Jul/43
Merck & Company Inc. 3.875% - 15/Jan/21
Merrill Lynch & Company Inc. 7.750% - 14/May/38
MetLife Inc. 5.875% - 6/Feb/41
Microsoft Corp. 3.500% - 15/Nov/42
Microsoft Corp. 4.500% - 1/Oct/40
Midamerican Energy Holdings Company 6.500% - 15/Sep/37
Morgan Stanley 5.500% - 24/Jul/20
Morgan Stanley 6.625% - 1/Apr/18
National Australia Bank Limited 3.000% - 20/Jan/23
National Rural Utilities Cooperative Finance Corp. 5.450% - 10/Apr/17
Nexen Inc. 6.400% - 15/May/37
Northern States Power Company 5.350% - 1/Nov/39
Oglethorpe Power Corp. 5.250% - 1/Sep/50
Oncor Electric Delivery Company LLC 5.250% - 30/Sep/40
Oracle Corp. 2.500% - 15/Oct/22
Pacific Gas & Electric Company 3.500% - 1/Oct/20
Pacificorp 6.000% - 15/Jan/39
Petroleos Mexicanos 5.500% - 21/Jan/21
Pfizer Inc. 7.200% - 15/Mar/39
236

(expressed in EUR)
Quantity/
Nominal
Value
800,000
500,000
250,000
500,000
700,000
500,000
1,100,000
700,000
600,000
200,000
500,000
200,000
250,000
250,000
750,000
1,000,000
500,000
1,000,000
1,000,000
1,000,000
250,000
750,000
850,000
462,000
500,000
1,000,000
1,000,000
1,000,000
300,000
250,000
500,000
500,000
900,000
700,000
1,000,000
Description
Market Value
% NAV
603,520
345,530
195,331
399,245
674,719
395,735
852,327
542,004
474,403
148,217
396,558
133,566
188,823
186,664
548,336
765,322
272,279
775,653
748,601
706,571
216,672
599,630
619,067
324,630
397,040
722,889
744,379
723,027
247,308
223,891
340,320
336,055
669,087
444,778
786,188
0.05
0.03
0.01
0.03
0.05
0.03
0.06
0.03
0.04
0.01
0.03
0.01
0.01
0.01
0.04
0.06
0.02
0.07
0.06
0.05
0.02
0.05
0.06
0.02
0.03
0.05
0.06
0.05
0.02
0.02
0.03
0.03
0.05
0.03
0.06
60,484,376
4.56
62,651,490
4.72
339,048,943
25.61
868,368
0.07
868,368
0.07
502,246
0.04
502,246
0.04
1,370,614
0.11
Phillips 66 2.950% - 1/May/17

Principal Financial Group Inc. 3.300% - 15/Sep/22
Prudential Financial Inc. 4.500% - 15/Nov/20
PSEG Power LLC 5.320% - 15/Sep/16
Rabobank NV P.P. 144A FRN - 29/Dec/49
Republic Services Inc. 5.250% - 15/Nov/21
Royal Bank of Scotland plc 4.375% - 16/Mar/16
Santander Holdings Inc. 4.625% - 19/Apr/16
Shell International Finance BV 4.375% - 25/Mar/20
Southern Company 1.950% - 1/Sep/16
Southern Electric 6.200% - 15/Mar/40
Statoil ASA 4.250% - 23/Nov/41
Statoil ASA 5.100% - 17/Aug/40
Stryker Corp. 2.000% - 30/Sep/16
Teck Resources Limited 4.500% - 15/Jan/21
Thermo Fisher Scientific Inc. 4.500% - 1/Mar/21
Time Warner Cable Inc. 4.500% - 15/Sep/42
Time Warner Inc. 4.700% - 15/Jan/21
Total Capital SA 2.300% - 15/Mar/16
Transcanada Pipelines Limited 3.750% - 16/Oct/23
Travelers Companies Inc. 6.250% - 15/Jun/37
UBS AG 7.000% - 15/Oct/15
Unilever Capital Corp. 3.650% - 15/Feb/14
Union Pacific Corp. 3.646% - 15/Feb/24
United Technologies Corp. 4.500% - 15/Apr/20
US Bancorp 1.950% - 15/Nov/18
Viacom Inc. 4.375% - 15/Sep/14
Virginia Electric & Power Company 3.450% - 1/Sep/22
Vodafone Group plc 5.450% - 10/Jun/19
Wachovia Bank 6.600% - 15/Jan/38
Wells Fargo & Company 3.750% - 1/Oct/14
Williams Companies Inc. 3.700% - 15/Jan/23
Xstrata Canada Corp. 6.000% - 15/Oct/15
Total Bonds
1,300,000
Alberta Canada (Province of) 1.600% - 15/Jun/18

2,500,000
Malaysia (Govt of) 3.844% - 15/Apr/33

AUD Bonds
500,000
237
330,632
0.03
330,632
0.03

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
700,614
358,780
725,924
512,767
577,775
461,396
483,101
319,186
188,498
350,485
370,929
341,206
0.05
0.03
0.05
0.04
0.04
0.03
0.04
0.02
0.01
0.03
0.03
0.03
5,390,661
0.40
366,595
500,940
443,463
404,857
243,710
113,190
755,810
792,615
307,162
387,828
399,530
678,674
164,259
578,304
353,829
147,934
374,028
144,722
562,352
383,577
629,711
329,922
224,932
257,459
404,793
233,594
477,436
544,643
72,390
759,969
816,811
705,002
190,500
224,706
0.03
0.04
0.03
0.03
0.02
0.01
0.05
0.05
0.02
0.03
0.03
0.06
0.01
0.04
0.03
0.01
0.03
0.01
0.04
0.03
0.05
0.02
0.02
0.02
0.03
0.02
0.04
0.04
0.01
0.05
0.07
0.05
0.01
0.02
CAD Bonds
1,000,000
500,000
1,000,000
750,000
800,000
700,000
750,000
393,562
250,000
500,000
500,000
500,000
Bank of Montreal 2.960% - 2/Aug/16

Bank of Montreal 4.609% - 10/Sep/25
Bank of Nova Scotia 4.100% - 8/Jun/17
Bell Canada 3.350% - 18/Jun/19
Canadian Imperial Bank of Commerce 3.950% - 14/Jul/17
Canadian Natural Resources Limited 2.890% - 14/Aug/20
Enbridge Inc. 3.190% - 5/Dec/22
Greater Toronto 6.450% - 30/Jul/29
Hydro One Inc. 5.180% - 18/Oct/17
National Bank of Canada FRN - 11/Apr/22
Rogers Communications Inc. 5.800% - 26/May/16
Sobeys Inc. 4.700% - 8/Aug/23
USD Bonds
500,000
700,000
600,000
500,000
300,000
150,000
1,000,000
1,000,000
350,000
500,000
500,000
1,000,000
200,000
750,000
400,000
200,000
450,000
200,000
700,000
500,000
850,000
500,000
300,000
250,000
500,000
274,000
500,000
750,000
100,000
1,000,000
1,000,000
1,000,000
250,000
250,000
Abbey National Treasury Services plc 4.000% - 15/Jun/21

Bank of Tokyo-Mitsubishi UFJ Limited 2.350% - 23/Feb/17
Commonwealth Bank of Australia 5.000% - 15/Oct/19
COX Communications Inc. P.P. 144A 5.875% - 1/Dec/16
Daimler Finance P.P. 144A 3.000% - 28/Mar/16
Dolphin Energy Limited 5.500% - 15/Dec/21
E.ON International Finance BV 6.650% - 30/Apr/38
Enel Finance International SA 5.125% - 7/Oct/19
Erac Finance LLC P.P. 144A 5.250% - 1/Oct/20
Glencore Funding LLC 4.125% - 30/May/23
Holcim US Finance Sarl & Compagnie SCS 6.000% - 30/Dec/19
Hutchison Whampoa International Limited FRN - 29/Dec/49
Hutchison Whampoa International Limited 7.625% - 9/Apr/19
Iberdrola Finanzas SAU 3.800% - 11/Sep/14
Lloyds TSB Bank plc 5.800% - 13/Jan/20
Louis Vuitton Moet Hennessy SA 1.625% - 29/Jun/17
Macquarie Group Limited 6.250% - 14/Jan/21
Metropolitan Life Global Funding I 3.650% - 14/Jun/18
Metropolitan Life Global Funding I P.P. 144A 5.125% - 10/Jun/14
Mylan Inc. 3.125% - 15/Jan/23
National Cap Trust FRN - 29/Dec/49
Nationwide Mutual Insurance Company 9.375% - 15/Aug/39
Pacific Lifecorp 6.000% - 10/Feb/20
Roche Holdings Inc. 6.000% - 1/Mar/19
Roche Holdings Inc. P.P. 144A 7.000% - 1/Mar/39
Sabmiller Holdings Inc. P.P. 144A 3.750% - 15/Jan/22
Schlumberger Investment SA 3.300% - 14/Sep/21
Schlumberger Norge AS 4.200% - 15/Jan/21
Siemens Financieringsmaatschappij NV 5.750% - 17/Oct/16
Simon Property Group LP 1.500% - 1/Feb/18
Swiss Re Capital I LP FRN - 29/May/49
Teachers Insurance & Annuity Association of America P.P. 144A
6.850% - 16/Dec/39
238

(expressed in EUR)
Quantity/
Nominal
Value
750,000
800,000
100,000
Description
Market Value
% NAV
601,845
573,710
76,116
0.05
0.04
0.01
WCI Finance LLC P.P. 144A 5.700% - 1/Oct/16

Wm. Wrigley Jr. Company 3.375% - 21/Oct/20
Woodside Finance Limited 4.600% - 10/May/21
Total Bonds
22,318,825
1.69
98.38
21,416,303
1.62
1,321,999,262
100.00
239
1.15
1.58
1,300,582,959
Other Net Assets

Total Net Assets
15,226,918
20,948,211

Sector
%
NAV
Governments
Banks
Supranational banks
Financial services
Insurance
Pharmaceuticals
Beverages
Transportation
Food services
Real estate
Chemicals
Municipal
Retail
Auto manufacturers
Water utilities
Healthcare services
Tobacco
Pipelines
Software
Medical
Biotechnology
Media
Building materials
Machinery
69.41
5.83
5.53
2.18
1.72
1.53
1.36
1.00
0.89
0.66
0.64
0.59
0.57
0.56
0.54
0.32
0.31
0.29
0.28
0.26
0.26
0.25
0.24
0.22
0.22
0.22
0.21
0.19
0.18
0.14
0.12
0.11
0.10
0.09
0.09
0.09
0.08
0.08
0.08
0.07
0.06
0.06
0.06
0.06
0.06
240

%
NAV
Sector
Auto manufactures
Commercial services
Employment services
Gas
Household products
Lodging
Agriculture
Consumer goods
Iron and steel
Precious metals
Semiconductors
Metal fabrication
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.01
0.01
98.38
Other Net Assets
1.62
Total Net Assets
100.00
241

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
BRL Supranationals, Governments and Local Public Authorities, Debt Instruments
11,500
22,520
9,000
4,000

3,195,404
6,630,500
2,401,565
976,942
2.38
4.92
1.79
0.73
13,204,411
9.82
254,423
0.19
254,423
0.19
3,196,417
1,247,553
2.38
0.93
4,443,970
3.31
3,651,737
2,674,597
1,773,971
2.72
1.99
1.32
8,100,305
6.03
2,207,905
1,855,905
2,577,632
171,387
756,133
1.64
1.38
1.92
0.13
0.56
7,568,962
5.63
1,707,194
1,790,824
3,454,769
2,328,196
3,796,095
1.27
1.33
2.57
1.73
2.83
13,077,078
9.73
726,406
2,016,901
0.54
1.50
2,743,307
2.04
895,009
1,330,453
0.67
0.99
2,225,462
1.66
351,273
609,487
0.26
0.45
960,760
0.71
CLP Supranationals, Governments and Local Public Authorities, Debt Instruments

180,000,000
Chile (Govt of) 5.500% - 5/Aug/20
COP Supranationals, Governments and Local Public Authorities, Debt Instruments

7,000,000,000
3,000,000,000
Colombia (Govt of) TES 11.250% - 24/Oct/18

Columbia (Govt of) 7.750% - 14/Apr/21
HUF Supranationals, Governments and Local Public Authorities, Debt Instruments

1,000,000,000
705,000,000
500,000,000
Hungary (Govt of) 6.750% - 24/Nov/17

Hungary (Govt of) 8.000% - 12/Feb/15
IDR Supranationals, Governments and Local Public Authorities, Debt Instruments

41,000,000,000
40,000,000,000
55,000,000,000
2,900,000,000
13,317,000,000
Indonesia (Govt of) 5.250% - 15/May/18

Indonesia (Govt of) 7.375% - 15/Sep/16
Indonesia (Govt of) 8.375% - 15/Mar/34

300,000
300,000
550,000
379,600
535,100

Mexico (Govt of) Bonos 8.500% - 18/Nov/38
NGN Supranationals, Governments and Local Public Authorities, Debt Instruments

180,000,000
400,000,000
Nigeria (Govt of) 4.000% - 23/Apr/15

Nigeria (Govt of) 16.000% - 29/Jun/19
PEN Supranationals, Governments and Local Public Authorities, Debt Instruments

3,500,000
4,500,000
Peru (Govt of) 6.900% - 12/Aug/37

Peru (Govt of) 7.840% - 12/Aug/20
PHP Supranationals, Governments and Local Public Authorities, Debt Instruments

22,000,000
35,000,000
Philippine (Govt of) 3.900% - 26/Nov/22

Philippine (Govt of) 6.250% - 14/Jan/36
242

(expressed in EUR)
Description
Market Value
% NAV
936,701
6,283,384
1,288,527
2,122,634
2,549,490
0.70
4.68
0.96
1.58
1.90
13,180,736
9.82
1,648,408
1.23
1,648,408
1.23
268,346
5,623,582
0.20
4.19
5,891,928
4.39
3,568,580
624,350
5,300,187
2.66
0.46
3.94
9,493,117
7.06
2,218,309
4,503,168
3,028,827
3,380,650
1.65
3.35
2.25
2.52
13,130,954
9.77
1,975,568
3,260,928
2,889,874
4,954,511
1.47
2.43
2.15
3.69
13,080,881
9.74
109,004,702
81.13

exchange listing
109,004,702
81.13
Quantity/
Nominal
Value

4,000,000
25,000,000
4,940,000
8,000,000
10,000,000

RON Supranationals, Governments and Local Public Authorities, Debt Instruments

7,000,000
Romania (Govt of) 5.900% - 26/Jul/17
RUB Supranationals, Governments and Local Public Authorities, Debt Instruments

12,600,000
250,000,000
Russia (Govt of) 7.000% - 25/Jan/23

Russia (Govt of) 7.400% - 14/Jun/17

160,000,000
30,000,000
242,400,000

TRY Supranationals, Governments and Local Public Authorities, Debt Instruments

8,000,000
13,700,000
9,300,000
10,000,000

Turkey (Govt of) 9.500% - 12/Jan/22
Turkey (Govt of) 10.000% - 17/Jun/15

30,000,000
47,600,000
40,000,000
60,700,000

South Africa (Govt of) 7.250% - 15/Jan/20
South Africa (Govt of) 8.250% - 15/Sep/17
18,000,000
8,000,000
32,000,000
Malaysia (Govt of) 3.314% - 31/Oct/17

Malaysia (Govt of) 3.492% - 31/Mar/20
243
3,938,168
1,675,348
6,881,900
2.93
1.25
5.11
12,495,416
9.29

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
3,116,988
2,218,701
1,824,087
2.32
1.65
1.36
7,159,776
5.33
997,994
0.74

140,000,000
100,000,000
80,000,000
Russia (Govt of) 6.900% - 3/Aug/16

Russia (Govt of) 7.600% - 20/Jul/22
Russia (Govt of) 8.150% - 3/Feb/27

19,600,000
997,994
0.74
20,653,186
15.36

20,653,186
15.36
129,657,888
96.49
4,712,990
3.51
134,370,878
100.00

Other Net Assets
Total Net Assets
244

Sector
%
NAV
Governments
96.49
96.49
Other Net Assets
3.51
Total Net Assets
100.00
245

Quantity/
Nominal
Value
Description
(expressed in EUR)
Market value
% NAV
BRL Supranationals, Governments and Local Public Authorities, Debt Instruments
10,700
18,700
460,000
6,590
290,000
380,000
7,530
4,480

2,973,115
4,573,821
122,927
1,915,625
85,191
123,319
2,134,145
1,094,175
2.21
3.41
0.09
1.42
0.06
0.09
1.59
0.81
13,022,318
9.68
CLP Supranationals, Governments and Local Public Authorities, Debt Instruments

139,500,000
Chile (Govt of) 5.500% - 5/Aug/20
197,178
0.15
197,178
0.15
776,150
929,616
1,138,015
753,441
873,667
0.58
0.69
0.85
0.56
0.65
4,470,889
3.33
1,050,951
693,805
2,570,513
2,543,508
242,800
897,958
0.78
0.52
1.91
1.89
0.18
0.67
7,999,535
5.95
1,480,912
1,665,319
1,279,492
1,901,940
2,558,911
176,745
1.10
1.24
0.95
1.41
1.90
0.13
9,063,319
6.73
3,372,197
1,312,775
1,953,996
1,346,482
1,835,553
2,630,939
2.51
0.98
1.45
1.00
1.37
1.96
12,451,942
9.27
COP Supranationals, Governments and Local Public Authorities, Debt Instruments

1,840,000,000
2,335,000,000
2,500,000,000
1,650,000,000
1,850,000,000
Colombia (Govt of) 12.000% - 22/Oct/15

Colombia (Govt of) TES 11.000% - 24/Jul/20
Columbia (Govt of) 9.850% - 28/Jun/27
HUF Supranationals, Governments and Local Public Authorities, Debt Instruments

308,520,000
190,910,000
710,580,000
696,520,000
64,000,000
251,710,000

Hungary (Govt of) 6.500% - 24/Jun/19
Hungary (Govt of) 6.750% - 24/Feb/17
Hungary (Govt of) 7.750% - 24/Aug/15
IDR Supranationals, Governments and Local Public Authorities, Debt Instruments

27,500,000,000
32,800,000,000
21,650,000,000
34,100,000,000
44,750,000,000
2,879,000,000

Indonesia (Govt of) 8.250% - 15/Jun/32

579,269
221,724
336,568
237,500
297,111
418,846

Mexico (Govt of) Bonos 7.750% - 29/May/31
Mexico (Govt of) Bonos 7.750% - 13/Nov/42
246

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market value
% NAV
857,401
739,799
982,325
0.64
0.55
0.73
2,579,525
1.92
453,349
261,209
0.34
0.19
714,558
0.53
3,884,991
690,817
3,295,622
1,041,207
3,414,787
1,348,680
2.89
0.51
2.45
0.77
2.54
1.00
13,676,104
10.16
1,023,594
270,250
616,975
0.76
0.20
0.46
1,910,819
1.42
2,417,352
1,243,289
2,655,921
1,970,728
1.80
0.92
1.98
1.47
8,287,290
6.17
1,360,521
2,341,428
831,426
874,957
1,893,573
2,979,513
162,544
1.01
1.74
0.62
0.65
1.41
2.22
0.12
10,443,962
7.77
3,368,886
2,609,286
3,080,890
3,089,394
2.51
1.94
2.29
2.30
12,148,456
9.04
2,264,252
2,439,530
102,995
1.68
1.81
0.08
NGN Supranationals, Governments and Local Public Authorities, Debt Instruments

212,460,000
146,720,000
187,550,000
Nigeria (Govt of) 4.000% - 23/Apr/15

Nigeria (Govt of) 16.000% - 29/Jun/19
Nigeria (Govt of) 16.390% - 27/Jan/22
PHP Supranationals, Governments and Local Public Authorities, Debt Instruments

26,000,000
15,000,000


16,020,000
2,950,000
13,142,000
4,180,000
12,870,000
5,290,000

RON Supranationals, Governments and Local Public Authorities, Debt Instruments

4,400,000
1,160,000
2,620,000
Romania (Govt of) 5.800% - 26/Oct/15

Romania (Govt of) 5.850% - 26/Apr/23
Romania (Govt of) 5.900% - 26/Jul/17

113,505,000
60,480,000
118,080,000
87,610,000


61,000,000
105,000,000
39,950,000
39,000,000
87,800,000
132,000,000
6,144,000

Thailand (Govt of) 3.625% - 22/May/15
Thailand (Govt of) 6.150% - 7/Jul/26
TRY Supranationals, Governments and Local Public Authorities, Debt Instruments

10,613,000
9,410,000
9,373,000
8,950,000
Turkey (Govt of) 5.000% - 13/May/15

Turkey (Govt of) 10.500% - 15/Jan/20

38,924,000
35,610,000
1,500,000

South Africa (Govt of) 7.250% - 15/Jan/20
247

(expressed in EUR)
% NAV
1,917,818
1,397,352
2,638,869
2,068,535
1.43
1.04
1.96
1.54
12,829,351
9.54
109,795,246
81.66

exchange listing
109,795,246
81.66
26,780,000
21,130,000
32,330,000
26,740,000
Description
Market value
Quantity/
Nominal
Value

South Africa (Govt of) 13.500% - 15/Sep/15
14,000,000
5,650,000
615,000
1,600,000
16,500,000
7,500,000
6,500,000
6,000,000
2,100,000

Malaysia (Govt of) 3.502% - 31/May/27
Malaysia (Govt of) 3.580% - 28/Sep/18
Malaysia (Govt of) 4.127% - 15/Apr/32
3,090,207
1,190,369
132,262
320,961
3,622,929
1,677,752
1,431,528
1,268,293
436,848
2.30
0.89
0.10
0.24
2.69
1.25
1.06
0.94
0.32
13,171,149
9.79
382,890
317,052
709,910
884,977
0.28
0.24
0.53
0.66
2,294,829
1.71
1,450,127
3,641,016
1.08
2.71
5,091,143
3.79
20,557,121
15.29
20,557,121
15.29
130,352,367
96.95
4,103,996
3.05
134,456,363
100.00
PEN Supranationals, Governments and Local Public Authorities, Debt Instruments

1,500,000
1,220,000
2,330,000
2,970,000
Peru (Govt of) 6.900% - 12/Aug/37

Peru (Govt of) 6.950% - 12/Aug/31
Peru (Govt of) 8.200% - 12/Aug/26
Peru (Govt of) 8.600% - 12/Aug/17

64,960,000
161,940,000

Russia (Govt of) 7.500% - 27/Feb/19

Other Net Assets
Total Net Assets
248

Sector
%
NAV
Governments
96.95
96.95
Other Net Assets
3.05
Total Net Assets
100.00
249

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
EUR Bonds
16,500,000
7,000,000
10,000,000
4,000,000
10,000,000
15,000,000
10,000,000
8,000,000
10,000,000
4,000,000
4,000,000
5,000,000
6,400,000
8,000,000
2,500,000
5,000,000
4,516,000
4,500,000
14,000,000
15,000,000
10,000,000
5,000,000
5,000,000
10,000,000
5,000,000
4,000,000
10,000,000
16,000,000
9,000,000
5,600,000
3,297,000
9,000,000
5,000,000
10,000,000
ABN Amro Bank NV FRN - 14/Jan/15

Banque Federative du Credit Mutuel SA FRN - 17/Apr/15
Banque Federative du Credit Mutuel SA FRN - 26/Aug/15
Banque Federative du Credit Mutuel SA FRN - 25/Jun/14
Barclays Bank plc FRN - 30/Jul/14
BNP Paribas FRN - 16/Dec/14
BPCE SA FRN - 8/Oct/14
BPCE SA FRN - 10/Mar/15
BPCE SA FRN - 16/Jan/15
BPCE SA FRN - 5/Dec/14
Commonwealth Bank of Australia FRN - 17/Sep/15
Credit Agricole FRN - 28/Aug/15
Credit Agricole FRN - 14/Jan/15
Credit Mutuel Arkea FRN - 10/Dec/14
Credit Suisse FRN - 19/Jan/15
Credit Suisse FRN - 17/Apr/15
GE Capital European Funding FRN - 3/Apr/14
GE Capital European Funding FRN - 28/Jul/14
HSBC France SA FRN - 31/Dec/14
ING Bank NV FRN - 11/Mar/15
JPMorgan Chase & Company FRN - 30/Jan/14
National Australia Bank Limited FRN - 7/Apr/14
Nordea Bank AB FRN - 10/Jan/14
Rabobank FRN - 22/Apr/15
Rabobank NV FRN - 14/Nov/14
Rabobank NV FRN - 19/May/14
Sbab Bank AB FRN - 16/Jan/14
Societe Generale FRN - 14/Jan/15
UBS AG FRN - 16/May/14
Volkswagen International Finance NV FRN - 17/Feb/14
Wachovia Corp. FRN - 13/Feb/14
Total Bonds
EUR Commercial Papers and Other Short-term Instruments
10,000,000
16,508,497
7,001,750
10,000,750
4,015,920
10,034,450
15,000,375
9,998,400
8,000,640
9,993,700
4,005,440
4,005,920
5,018,790
6,404,960
8,011,280
2,504,775
5,003,525
4,517,084
4,501,013
14,009,800
15,009,375
10,011,850
5,000,250
5,011,500
10,015,000
5,000,525
4,003,180
9,999,500
16,016,320
9,002,520
5,612,600
3,303,050
9,002,835
5,002,250
10,001,100
1.86
0.79
1.12
0.45
1.13
1.68
1.12
0.90
1.12
0.45
0.45
0.56
0.72
0.90
0.28
0.56
0.51
0.51
1.57
1.68
1.12
0.56
0.56
1.12
0.56
0.45
1.12
1.81
1.01
0.63
0.37
1.01
0.56
1.12
270,528,924
30.36
270,528,924
30.36
9,960,822
1.12
9,960,822
1.12
9,960,822
1.12
280,489,746
31.48
Total Commercial Papers and Other Short-term Instruments

exchange listing
250

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
10,000,000
10,000,000
10,000,000
15,000,000
10,000,000
6,000,000
11,000,000
10,000,000
10,000,000
25,000,000
15,000,000
10,000,000
15,000,000
10,000,000
10,000,000
8,000,000
15,000,000
15,000,000
15,000,000
10,000,000
8,000,000
13,000,000
15,000,000
15,000,000
13,000,000
26,000,000
9,000,000
15,000,000
20,000,000
5,000,000
13,000,000
10,000,000
15,000,000
9,000,000
10,000,000
15,000,000
10,000,000
15,000,000
20,000,000
15,000,000
15,000,000
15,000,000
20,000,000
15,000,000
15,000,000
Abbey National Treasury Services plc 0.000% - 23/May/14

ABN Amro Bank NV 0.000% - 11/Sep/14
Agence Francaise de Developpement FRN - 31/Mar/14
Anheuser-Busch InBev NV 0.000% - 23/Jan/14
Aviva plc 0.000% - 10/Jan/14
Aviva plc 0.000% - 14/Jan/14
Aviva plc 0.000% - 18/Feb/14
Aviva plc 0.000% - 25/Feb/14
Banque Postale FRN - 13/Feb/14
Barclays Bank plc 0.000% - 7/Apr/14
Bayer AG 0.000% - 6/Mar/14
BMW Finance NV 0.000% - 12/Mar/14
BMW Finance NV 0.000% - 27/Mar/14
BNP Paribas FRN - 20/Mar/14
BPCE SA 0.000% - 14/Mar/14
Bpifrance Financement 1.000% - 14/Jan/14
Danone SA 0.000% - 23/Jan/14
Dekabank 0.000% - 5/Mar/14
Deutsche Bank AG 0.000% - 12/Feb/14
Deutsche Bank AG 0.000% - 26/Feb/14
Deutsche Bank AG 0.000% - 14/Jul/14
Diageo Finance plc 0.000% - 28/Jan/14
KBC Bank NV 0.000% - 14/May/14
LVMH Finance Belgique 0.000% - 20/Jan/14
LVMH Finance Belgique 0.000% - 6/May/14
Mizuho Bank Limited 0.000% - 13/Feb/14
Rabobank NV 0.000% - 17/Apr/14
Schneider Electric SA 0.000% - 20/Jan/14
Schneider Electric SA 0.000% - 18/Feb/14
Societe Generale 0.000% - 3/Feb/14
Societe Generale 0.000% - 31/Dec/14
Standard Chartered Bank plc 0.000% - 24/Feb/14
Suez Environnement Company 0.000% - 13/Jan/14
Suez Environnement Company 0.000% - 13/Mar/14
Sumitomo Mitsui Banking Corp. 0.000% - 3/Mar/14
Svenska Handelsbanken 0.000% - 12/Mar/14
Telenor ASA 0.000% - 23/Jan/14
UBS AG 0.000% - 21/Oct/14
Unedic 0.000% - 19/Mar/14
Unibail Rodamco SE 1.000% - 20/Jan/14
Vattenfall Treasury AB 0.000% - 5/Mar/14
9,988,098
9,978,031
9,966,249
15,000,000
9,997,455
5,999,675
10,999,144
9,996,059
9,995,960
25,000,000
14,988,288
9,996,391
14,993,200
9,992,838
10,000,000
7,994,326
15,000,000
14,998,563
14,994,402
9,997,851
7,994,640
12,977,515
14,997,668
14,995,801
12,986,465
25,990,934
8,999,200
14,985,845
19,996,212
4,995,553
12,997,475
9,997,143
14,996,955
8,978,492
9,943,543
14,995,421
9,999,296
14,992,056
19,993,803
14,994,086
14,998,085
14,948,727
19,987,875
15,000,000
14,994,003
1.12
1.12
1.12
1.68
1.12
0.67
1.24
1.13
1.12
2.81
1.68
1.12
1.68
1.12
1.12
0.90
1.68
1.68
1.68
1.12
0.90
1.46
1.69
1.68
1.46
2.93
1.01
1.68
2.24
0.56
1.46
1.12
1.68
1.01
1.12
1.68
1.12
1.69
2.24
1.68
1.68
1.68
2.24
1.68
1.68
590,613,323
66.28
590,613,323
66.28

590,613,323
66.28
251

(expressed in EUR)
Quantity/
Nominal
Value
Description
Market Value
% NAV
5,001,035
0.56

EUR Bonds
5,000,000
Credit Suisse FRN - 13/Aug/14
5,001,035
0.56
Total Bonds
5,001,035
0.56
5,001,035
0.56
876,104,104
98.32
Other Net Assets
15,011,884
1.68
Total Net Assets
891,115,988
100.00
252

Sector
%
NAV

Banks
Financial services
Auto manufacturers
67.40
27.27
2.08
1.57
98.32
Other Net Assets
1.68
Total Net Assets
100.00
253

Quantity/
Nominal
Value
Description
(expressed in EUR)
Market Value
% NAV
13,000,000
20,000,000
30,000,000


EUR Bonds
5,000,000
8,000,000
8,000,000
5,000,000
8,000,000
2,000,000
4,000,000
8,000,000
3,000,000
5,000,000
3,000,000
10,000,000
4,000,000
8,000,000
10,000,000
5,000,000
10,000,000
5,000,000
8,000,000
6,000,000
5,000,000
7,000,000
8,000,000
5,000,000
10,000,000
10,000,000
5,200,000
5,000,000
4,100,000
3,000,000
3,000,000
7,500,000
10,000,000
3,000,000
11,200,000
3,415,000
2,000,000
5,000,000
3,290,000
1,805,000
5,000,000
9,000,000
5,000,000
7,000,000
Abbey National Treasury Services plc 3.125% - 30/Jun/14

Abbey National Treasury Services plc 4.125% - 3/Mar/14
ABN Amro Bank NV FRN - 1/Aug/14
Anheuser-Busch InBev NV 6.570% - 27/Feb/14
Banque Federative du Credit Mutuel SA FRN - 27/Feb/14
Banque Federative du Credit Mutuel SA FRN - 23/Jan/15
Banque Federative du Credit Mutuel SA FRN - 26/Aug/15
Banque Federative du Credit Mutuel SA FRN - 25/Jun/14
Barclays Bank plc FRN - 17/Jan/14
Barclays Bank plc 5.250% - 27/May/14
Bayer Capital Corp. 4.625% - 26/Sep/14
BMW Finance NV 4.000% - 17/Sep/14
BNP Paribas FRN - 13/Nov/15*
BNP Paribas FRN - 3/Dec/14
BNP Paribas FRN - 5/Mar/14
BPCE SA FRN - 8/Oct/14
BPCE SA FRN - 10/Mar/15
BPCE SA FRN - 5/Dec/14
Caterpillar International Finance Limited 2.750% - 6/Jun/14
Credit Agricole FRN - 28/Aug/15
Credit Agricole FRN - 14/Jan/15
Credit Mutuel Arkea FRN - 10/Dec/14
Credit Suisse FRN - 19/Jan/15
Credit Suisse 6.125% - 16/May/14
Daimler AG 4.625% - 2/Sep/14
Daimler International Finance BV 7.875% - 16/Jan/14
Deutsche Bank AG FRN - 28/May/15
Deutsche Bank AG FRN - 22/Apr/15
Dnb Bank ASA FRN - 16/Jan/14
DnB Nor Bank ASA 4.500% - 29/May/14
E.ON International Finance BV 4.875% - 28/Jan/14
E.ON International Finance BV 5.250% - 6/Jun/14
Fortis Bank 4.500% - 30/May/14
Fortum Oyj 4.625% - 20/Mar/14
GDF Suez 6.250% - 24/Jan/14
GE Capital European Funding FRN - 3/Apr/14
GE Capital European Funding FRN - 28/Jul/14
GE Capital European Funding 2.875% - 28/Oct/14
HSBC France SA FRN - 31/Dec/14
254
13,112,125
20,007,500
30,433,500
1.99
3.03
4.61
63,553,125
9.63
63,553,125
9.63
5,065,475
8,045,280
8,004,120
5,015,025
8,001,320
2,017,780
4,000,320
8,008,360
3,000,225
5,019,900
3,009,615
10,004,700
4,074,580
8,240,560
10,247,650
5,008,675
10,000,250
4,999,775
8,011,200
6,006,690
5,000,400
6,995,590
8,011,840
5,047,650
10,007,750
10,014,100
5,209,932
5,003,525
4,184,788
3,082,125
3,006,210
7,494,750
10,013,900
3,000,120
11,381,776
3,424,255
2,039,460
5,081,150
3,317,949
1,810,144
5,001,125
9,006,300
5,095,025
7,004,375
0.77
1.22
1.21
0.76
1.21
0.31
0.61
1.21
0.45
0.76
0.46
1.52
0.62
1.25
1.54
0.76
1.51
0.76
1.21
0.91
0.76
1.06
1.21
0.76
1.52
1.52
0.79
0.76
0.63
0.47
0.46
1.14
1.52
0.45
1.72
0.52
0.31
0.77
0.50
0.27
0.76
1.36
0.77
1.06

(expressed in EUR)
Quantity/
Nominal
Value
15,000,000
2,000,000
10,000,000
15,000,000
5,000,000
5,000,000
3,650,000
8,050,000
5,000,000
7,000,000
8,000,000
10,000,000
12,000,000
10,000,000
5,000,000
5,000,000
1,875,000
15,000,000
5,000,000
7,000,000
1,600,000
8,350,000
8,000,000
5,000,000
12,000,000
6,000,000
5,000,000
10,000,000
10,000,000
Description
% NAV
15,043,500
2,007,050
10,000,500
15,012,975
5,026,450
5,139,225
3,708,199
8,080,066
5,071,400
7,064,995
8,124,000
10,144,400
12,009,540
10,010,200
5,000,700
5,117,825
1,891,594
15,033,750
5,101,725
7,116,410
1,618,072
8,422,645
8,014,680
5,069,050
12,015,240
6,001,890
5,002,250
10,012,250
10,001,100
2.27
0.30
1.51
2.27
0.76
0.78
0.56
1.23
0.77
1.07
1.23
1.54
1.82
1.52
0.76
0.78
0.29
2.27
0.77
1.08
0.25
1.28
1.21
0.77
1.82
0.91
0.76
1.51
1.52
486,877,420
73.75
486,877,420
73.75
ING Bank NV FRN - 28/Nov/14

John Deere Capital Corp. 7.500% - 24/Jan/14
JPMorgan Chase & Company FRN - 30/Jan/14
JPMorgan Chase & Company FRN - 2/Mar/15
KBC Internationale Financieringsmaatschappij NV 3.625% - 7/Mar/14
Lloyds TSB Bank plc 6.250% - 15/Apr/14
National Grid Electricity Transmission Plc 6.625% - 28/Jan/14
Nordea Bank AB 4.500% - 12/May/14
Paccar Financial Europe 3.000% - 19/May/14
Pohjola Bank plc 4.500% - 22/May/14
Procter & Gamble Company 4.500% - 12/May/14
Rabobank FRN - 22/Apr/15
Rabobank NV FRN - 19/May/14
Rabobank NV FRN - 13/Jan/14
Sbab Bank AB 3.500% - 13/Oct/14
Schlumberger Finance BV 4.500% - 25/Mar/14
Societe Generale FRN - 14/Jan/15
Standard Chartered plc 5.750% - 30/Apr/14
Suez Environnement Company 4.875% - 8/Apr/14
UBS AG FRN - 16/May/14
Vattenfall Treasury AB 4.250% - 19/May/14
Vodafone Group plc FRN - 6/Jun/14
Volkswagen International Finance NV FRN - 17/Feb/14
Wachovia Corp. FRN - 13/Feb/14
Total Bonds
5,000,000
Market Value
4,998,736
0.76
4,998,736
0.76
4,998,736
0.76
555,429,281
84.14

exchange listing
5,000,000
5,000,000
5,000,000
5,000,000
10,000,000
5,000,000
5,000,000
5,000,000
5,000,000
2,000,000
5,000,000

Air Liquide Finance SA 0.000% - 3/Mar/14
Auchan Finances SNC 0.000% - 31/Mar/14
Aviva plc 0.000% - 25/Feb/14
Aviva plc 0.000% - 27/Feb/14
Aviva plc 0.000% - 14/Mar/14
BMW Finance NV 0.000% - 26/Feb/14
BNP Paribas 0.000% - 17/Apr/14
Credit Lyonnais FRN - 22/Jan/14
Lvmh Finance Belgique 0.000% - 6/Jan/14
4,999,800
4,995,546
4,998,838
4,996,816
9,996,392
4,998,551
4,997,973
4,998,932
4,994,656
2,006,325
4,999,796
255
0.76
0.76
0.76
0.76
1.51
0.76
0.76
0.76
0.76
0.30
0.76

(expressed in EUR)
% NAV
1,999,009
4,994,681
4,999,908
2,998,418
5,997,468
3,998,445
9,997,961
4,998,578
9,998,493
4,998,924
0.30
0.76
0.76
0.45
0.90
0.61
1.51
0.76
1.50
0.76
111,965,510
16.96
111,965,510
16.96

111,965,510
16.96
667,394,791
101.10
(7,259,413)
(1.10)
660,135,378
100.00
2,000,000
5,000,000
5,000,000
3,000,000
6,000,000
4,000,000
10,000,000
5,000,000
10,000,000
5,000,000
Description
Market Value
Quantity/
Nominal
Value
LVMH Finance Belgique 0.000% - 11/Mar/14

LVMH Finance Belgique 0.000% - 22/May/14
Paccar Financial Europe BV 0.000% - 17/Mar/14
Procter & Gamble Company 0.000% - 11/Mar/14
Suez Environnement Company 0.000% - 30/Jan/14
Suez Environnement Company 0.000% - 10/Feb/14
Svenska Handelsbanken AB 0.000% - 31/Jan/14
Volkswagen Leasing 0.000% - 31/Jan/14
Other Net Liabilities

Total Net Assets
256

Sector
%
NAV
Banks
Financial services
Governments
Auto manufacturers
Chemicals
Beverages
Water utilities
47.05
17.72
9.95
9.63
6.41
3.60
3.10
1.54
1.25
0.31
0.29
0.25
101.10
Other Net Liabilities
(1.10)
Total Net Assets
100.00
257

Rapport Annuel SICAV-FIS Audited Signed 20131231

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Rapport Annuel SICAV-FIS Audited Signed 20131231

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Copyright:

Formati disponibili

Fonds de Compensation

Annual Report including audited financial statements

R.C.S. Luxembourg B 129 879

Fonds de Compensation de la Scurit Sociale, SICAV-FIS

Socit dInvestissement Capital Variable

Information to the Shareholder

FDC SICAV Obligations EUR Actif 1

Report of the Board of Directors4

Statement of Net Assets 

Statement of Operations and Changes in Net Assets

Notes to the Financial Statements

FDC SICAV Actions Monde Actif 1

FDC SICAV Actions Monde Actif 2

FDC SICAV Actions Monde Actif 3

FDC SICAV Actions Monde Index

FDC SICAV Actions Monde Small Cap Actif 1*

FDC SICAV Actions Monde Small Cap Index*

FDC SICAV Actions EMMA Actif 1

FDC SICAV Actions EMMA Actif 2

FDC SICAV Actions EMMA Index

Schedule of Investments and Other Net Assets 

FDC SICAV Obligations EUR Actif 3

Statement of Share Statistics 

Schedule of Investments and Other Net Assets 

FDC SICAV Obligations EUR Actif 2

Schedule of Investments and Other Net Assets 

FDC SICAV Obligations EUR Index

FDC SICAV Obligations Monde Actif 1

Schedule of Investments and Other Net Assets 

FDC SICAV Obligations Monde Actif 2

Schedule of Investments and Other Net Assets 

FDC SICAV Obligations Monde Actif 3

Schedule of Investments and Other Net Assets 

FDC SICAV Obligations Monde Index

Schedule of Investments and Other Net Assets 

FDC SICAV Obligations EMMA Actif 1*

Schedule of Investments and Other Net Assets 

FDC SICAV Obligations EMMA Index*

FDC SICAV Montaire EUR Actif 1

FDC SICAV Montaire EUR Actif 2

Schedule of Investments and Other Net Assets 

* Please see note 10.

Fonds de Compensation de la Scurit Sociale, SICAVFIS

Fonds de Compensation de la Scurit Sociale,

Administration and Management

FDC SICAV Actions Monde - Actif 1

FDC SICAV Actions Monde - Actif 2

FDC SICAV Actions Monde - Actif 3

FDC SICAV Actions Monde - Index

Fonds de Compensation de la Scurit Sociale, SICAVFIS

Franklin Templeton Investment Management Limited

FDC SICAV Actions Monde Small Cap - Index*

FDC SICAV Obligations Monde - Actif 3

FDC SICAV Actions EMMA - Actif 1

FDC SICAV Obligations Monde - Index

FDC SICAV Actions EMMA - Actif 2

FDC SICAV Obligations EMMA - Actif 1*

FDC SICAV Actions EMMA - Index

FDC SICAV Obligations EMMA - Index*

FDC SICAV Obligations EUR - Actif 1

FDC SICAV Montaire EUR - Actif 1

FDC SICAV Obligations EUR - Actif 2

FDC SICAV Montaire EUR - Actif 2

FDC SICAV Obligations EUR - Actif 3

Information to the Shareholder

FDC SICAV Obligations EUR Actif 1

Report of the Board of Directors4

Statement of Net Assets

Statement of Operations and Changes in Net Assets

Notes to the Financial Statements

FDC SICAV Actions Monde Actif 1

FDC SICAV Actions Monde Actif 2

FDC SICAV Actions Monde Actif 3

FDC SICAV Actions Monde Index

FDC SICAV Actions Monde Small Cap Actif 1*

FDC SICAV Actions Monde Small Cap Index*

FDC SICAV Actions EMMA Actif 1

FDC SICAV Actions EMMA Actif 2

FDC SICAV Actions EMMA Index

Schedule of Investments and Other Net Assets

FDC SICAV Obligations EUR Actif 3

Statement of Share Statistics

Schedule of Investments and Other Net Assets

FDC SICAV Obligations EUR Actif 2

Schedule of Investments and Other Net Assets

FDC SICAV Obligations EUR Index

FDC SICAV Obligations Monde Actif 1

Schedule of Investments and Other Net Assets

FDC SICAV Obligations Monde Actif 2

Schedule of Investments and Other Net Assets

FDC SICAV Obligations Monde Actif 3

Schedule of Investments and Other Net Assets

FDC SICAV Obligations Monde Index

Schedule of Investments and Other Net Assets

FDC SICAV Obligations EMMA Actif 1*

Schedule of Investments and Other Net Assets

FDC SICAV Obligations EMMA Index*

FDC SICAV Montaire EUR Actif 1

FDC SICAV Montaire EUR Actif 2

Schedule of Investments and Other Net Assets