17175647

Dimensional Funds II
PLC
Semi-Annual Report &

Accounts
31 May 2010
Authorised and Regulated by the Financial Services Authority

DIMENSIONAL FUNDS II PLC
Table of Contents Page
General Information..................................................................................................................................................................................................2
Investment Manager’s Reports .................................................................................................................................................................................3
Balance Sheet ...........................................................................................................................................................................................................8
Profit and Loss Account .........................................................................................................................................................................................13
Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares .............................................................................................16
Portfolio of Investments .........................................................................................................................................................................................19
Notes to the Financial Statements...........................................................................................................................................................................79
Statement of Portfolio Changes ............................................................................................................................................................................104

General Information
Board of Directors†: Administrator:
Peter Blessing (Irish)* BNY Mellon Investment Servicing (International) Limited¹
David G. Booth (American)* Riverside Two
Dermot S.L. Butler (Canadian)* Sir John Rogerson’s Quay
Richard Eustice (American)* Grand Canal Dock
David Martin (American)* Dublin 2
Catherine L. Newell (American)* Ireland
David Salisbury (British)*
Andrew Cain (British)*
Eduardo Repetto (American)*
Investment Manager: Custodian:

Dimensional Fund Advisors Limited BNY Mellon International Bank Limited²
7 Down Street Riverside Two
London W1J 7AJ Sir John Rogerson’s Quay
England Grand Canal Dock
Dublin 2
Ireland
Investment Sub-Advisor: Stockbrokers:

(Emerging Markets Targeted Value Fund, Global Core Davy Stockbrokers
Equity Fund and Global Targeted Value Fund) 49 Dawson Street
Dimensional Fund Advisors LP Dublin 2
Palisades West Ireland
6300 Bee Cave Road, Building 1
Austin, TX 78746
USA
Investment Sub-Advisor: Legal Advisers in Ireland:

(Emerging Markets Targeted Value Fund, Global Core Matheson Ormsby Prentice
Equity Fund, Global Targeted Value Fund and Pacific 70 Sir John Rogerson’s Quay
Basin Value Fund) Dublin 2
DFA Australia Limited Ireland
Level 43, Gateway
1 Macquarie Place
Sydney NSW 2000
Australia
Independent Auditors: Secretary:

PricewaterhouseCoopers Matsack Trust Limited
One Spencer Dock 70 Sir John Rogerson’s Quay
North Wall Quay Dublin 2
Dublin 1 Ireland
Ireland
Registered Office:
70 Sir John Rogerson’s Quay
Dublin 2
Ireland
* Non-executive Director.
¹ Effective 1 July 2010 BNY Mellon Investment Servicing (International) Limited acquired PNC Global Investment
Servicing (Europe) Limited.
² Effective 1 July 2010 BNY Mellon International Bank Limited acquired PNC International Bank Limited.
† Effective 9 March 2010 Andrew Cain was appointed as a Director of the Company. Garrett Quigley resigned as a
Director of the Company effective 2 June 2010.Effective 6 July 2010 Eduardo Repetto was appointed as a Director of the
Company.
2
Investment Manager’s Reports
Emerging Markets Targeted Value Fund
The Emerging Markets Targeted Value Fund was launched on 23 April 2007 with the inception of the Class A Shares which are
denominated in U.S. Dollars and the inception of the Class D Shares which are denominated in Sterling. The Class B Shares
which, are denominated in Euro commenced trading on 12 May 2008. The Class C Shares which, are denominated in sterling
commenced trading on 9 July 2008.
The Emerging Markets Targeted Value Fund has been invested in a broad range of mid cap and small companies with high book-
to-market ratios across the Emerging Markets region and as at 31 May 2010 had holdings in 1,518 companies. This reflects our
approach of delivering highly diversified exposure to the Emerging Markets companies. The weighted average book-to-market
ratio of the holdings in the Fund at 31 May 2010 was 0.85 compared to 0.85 for the MSCI Emerging Markets SMID Value Index.
The weighted average market capitalisation of the holdings in the Fund at 31 May 2010 was $2,091 million compared to $1,671
million for the MSCI Emerging Markets SMID Value Index. The dividend yield of the Fund at 31 May 2010 was 2.04% which
compares to 2.63% for the MSCI Emerging Markets SMID Value Index.
Over six months to 31 May 2010, the total return of the Emerging Markets Targeted Value Fund in U.S. dollars (the Base
Currency of the Fund) was 1.5%. This compares to a total return of 2.3% for the MSCI Emerging Markets SMID Value Index,
and also, to a total return of (2.9%) for the MSCI Emerging Markets Value Index.
Total return over six months and from inception for each class is shown in the Performance Information table. The portfolio is
fully invested and is well positioned to capture the returns of Emerging Markets small and mid-cap value companies.
The Investment Committee of the Advisor, having reviewed the Israeli market, has reclassified Israel as a developed market, the
fund will therefore remove its exposure to Israel from the second quarter of 2010 onwards.
European Value Fund
The European Value Fund was launched on 12 September 2007 with the inception of the Class A Shares which are denominated
in U.S. Dollars. The Class B Shares which are denominated in Euro began trading on 13 September 2007. The Class D Shares
which are denominated in Sterling commenced trading on 20 May 2008. The Class C Shares, which are denominated in Sterling
commenced trading on 19 February 2009.
The European Value Fund has been invested in a broad range of large cap value companies across the European region and as at
31 May 2010 had holdings in 146 companies. This reflects our approach of delivering highly diversified exposure to value
companies. The weighted average market capitalisation of the holdings in the Fund at 31 May 2010 was €30,627 million
compared to €51,601 million for the MSCI Europe Large Value Index. The dividend yield of the Fund at 31 May 2010 was
3.58% which compares to 5.07% for the MSCI Europe Large Value Index. The weighted average book-to-market ratio of the
holdings in the Fund at 31 May 2010 was 1.04 which compares with the MSCI Europe Large Value Index with a value of 0.86.
This reflects our intentional bias towards high book-to-market companies compared to the index since we believe that companies
with high book-to-market ratios deliver the strongest long term returns.
Over six months to 31 May 2010 the total return of the European Value Fund in Euro (the Base Currency of the Fund) was 0.3%,
the total return of the U.S. dollar class was (18.1%). This compares to Euro and U.S. dollar total returns of (0.3%) and (18.5%)
respectively for the MSCI Europe Large Value Index.
fully invested and is well positioned to capture the returns of European large-cap value companies.
3
Investment Manager’s Reports (continued)
Global Core Equity Fund

The Global Core Equity Fund was launched on 3 September 2008 with the inception of the A Class Shares which are
denominated in U.S. Dollars. The Class B Shares which are denominated in Euro, the Class C Shares and Class D Shares which
are denominated in Sterling each commenced trading on 3 September 2008.
The Global Core Equity Fund has been invested in a broad range of companies with increased exposure to companies with high
book-to-market ratios and smaller market capitalizations across developed world markets. As at 31 May 2010 the Fund had
exposure to 7,691 companies, this reflects our approach of delivering highly diversified exposure to securities. The weighted
average market capitalisation of the holdings in the Fund at 31 May 2010 was $37,810 million compared to $56,280 million for
the MSCI World Index. The dividend yield of the Fund at 31 May 2010 was 2.43% which compares to 2.65% for the MSCI
World Index. The weighted average book-to-market ratio of the holdings in the Fund at 31 May 2010 was 0.70 which compares
with the MSCI World Index with a value of 0.61. This reflects our intentional bias towards high book-to-market companies
compared to the index since we believe that companies with high book-to-market ratios deliver the strongest long term returns.
Over six months to 31 May 2010, the total return of the Global Core Equity Fund in U.S. dollars (the Base Currency of the Fund)
was -3.3%. This compares to total return of -6.0% for the MSCI World Index.
fully invested and is well positioned to capture the returns of Global market.
The Investment Committee of the Advisor, having reviewed the Israeli market, has recommended that the fund invest in
companies with exposure to Israel on approved exchanges from the second quarter of 2010 onwards.
Global Targeted Value Fund
The Global Targeted Value Fund was launched on 6 February 2008 with the inception of the A Class Shares which are
denominated in U.S. Dollars. The Class D Shares which are denominated in Sterling began trading on 18 March 2008. The Class
B Shares which are denominated in Euro began trading on 12 May 2008. The Class C Shares which are denominated in Sterling
commenced trading on 5 September 2008.
The Global Targeted Value Fund has been invested in a broad range of small and mid-cap companies with high book-to-market
ratios across developed world markets and as at 31 May 2010 had holdings in 3,111 companies. This reflects our approach of
delivering highly diversified exposure to small and mid-cap companies. The weighted average market capitalisation of the
holdings in the Fund at 31 May 2010 was $2,017 million compared to $3,359 million for the MSCI World Small and Mid Cap
Value Index. The dividend yield of the fund at 31 May 2010 was 1.63% which compares to 2.82% for the MSCI World Small and
Mid Cap Value Index. The weighted average book-to-market ratio of the holdings in the Fund at 31 May 2010 was 0.98 which
compares with the MSCI World Small and Mid Cap Value Index with a value of 0.90. This reflects our intentional bias towards
high book-to-market companies compared to the index since we believe that companies with high book-to-market ratios deliver
the strongest long term returns.
Over six months to 31 May 2010, the total return of the Global Targeted Value Fund in U.S. dollars (the Base Currency of the
fund) was 2.9%. This compares to total return of 2.9% for the MSCI World Small and Mid Cap Value Index.
fully invested and is well positioned to capture the returns of Global small-cap value companies.
The Investment Committee of the Advisor, having reviewed the Israeli market, has recommended that the fund invest in
companies with exposure to Israel on approved exchanges from the second quarter of 2010 onwards.
4
Pacific Basin Value Fund

The Pacific Basin Value Fund was launched on 18 September 2007 with the inception of the Class A Shares which are
denominated in U.S. Dollars. The Class B Shares which are denominated in Euro commenced trading on 29 October 2008. The
Class D Shares which are denominated in Sterling commenced trading on 26 November 2008. The Class C Shares which are
denominated in Sterling commenced trading on 19 February 2009.
The Pacific Basin Value Fund has been invested in a broad range of large cap value companies across the Pacific Basin region
and as at 31 May 2010 had holdings in 211 companies. This reflects our approach of delivering highly diversified exposure to
value companies. The weighted average market capitalisation of the holdings in the Fund at 31 May 2010 was $15,705 million
compared to $35,595 million for the MSCI Pacific Large Value Index. The dividend yield of the Fund at 31 May 2010 was 2.68%
which compares to 3.46% for the MSCI Pacific Large Value Index. The weighted average book-to-market ratio of the holdings in
the Fund at 31 May 2010 was 1.12 which compares with the MSCI Pacific Large Value Index with a value of 0.86. This reflects
our intentional bias towards high book-to-market companies compared to the index since we believe that companies with high
book-to-market ratios deliver the strongest long term returns.
Over six months to 31 May 2010, the total return of the Pacific Basin Value Fund in U.S. dollars (the Base Currency of the Fund)
was (0.3%). This compares to total return of -3.6% for the MSCI Pacific Large Value Index.
Total return over six months and from inception is shown in the Performance Information table. The portfolio is fully invested
and is well positioned to capture the returns of Pacific Basin large-cap value companies.
5
Total Return for Total Annualised

Share Class
six months Return from
Fund Class & Index* Class/Index Inception
ending 31 May inception to 31
Denomination Date
2010 May 2010
Emerging Markets Targeted Value Fund Class A Shares USD 23-Apr-07 1.5% 0.4%
MSCI Emerging SMID Value Index USD 2.3% 6.4%
Emerging Markets Targeted Value Fund Class B Shares EUR 12-May-08 24.3% 8.2%
MSCI Emerging SMID Value Index EUR 25.1% 12.8%
Emerging Markets Targeted Value Fund Class C Shares GBP 9-Jul-08 15.3% 23.0%
MSCI Emerging SMID Value Index GBP 16.3% 29.3%
Emerging Markets Targeted Value Fund Class D Shares GBP 23-Apr-07 14.9% 10.6%
MSCI Emerging SMID Value Index GBP 16.3% 18.1%
European Value Fund Class A Shares USD 12-Sep-07 (18.1%) (17.9%)

MSCI Europe Large Value Index USD (18.5%) (18.3%)
European Value Fund Class B Shares EUR 13-Sep-07 0.3% (14.1%)

MSCI Europe Large Value Index EUR (0.3%) (14.8%)
European Value Fund Class C Shares GBP 19-Feb-09 (6.7%) 34.6%

MSCI Europe Large Value Index GBP (7.3%) 27.2%
European Value Fund Class D Shares GBP 20-May-08 (6.6%) (10.0%)

MSCI Europe Large Value Index GBP (7.3%) (10.5%)
Global Core Equity Fund Class A Shares USD 3-Sep-08 (3.3%) (6.8%)
MSCI World Net TR Index USD (6.0%) (10.8%)
Global Core Equity Fund Class B Shares EUR 3-Sep-08 18.5% 2.6%
MSCI World Net TR Index EUR 15.0% 2.1%
Global Core Equity Fund Class C Shares GBP 3-Sep-08 9.8% 4.2%
MSCI World Net TR Index GBP 7.0% 0.4%
Global Core Equity Fund Class D Shares GBP 3-Sep-08 9.9% 4.7%
MSCI World Net TR Index GBP 7.0% 0.4%
6
Total Return for Total Annualised

Share Class
six months Return from
Fund Class & Index* Class/Index Inception
ending 31 May inception to 31
Denomination Date
2010 May 2010
Global Targeted Value Fund Class A Shares USD 6-Feb-08 2.9% (6.4%)
MSCI World SMID Value Index USD 2.9% (3.9%)
Global Targeted Value Fund Class B Shares EUR 12-May-08 25.8% 1.0%
MSCI World SMID Value Index EUR 25.9% 4.1%
Global Targeted Value Fund Class C Shares GBP 5-Sep-08 16.7% 8.2%
MSCI World SMID Value Index GBP 17.0% 11.8%
Global Targeted Value Fund Class D Shares GBP 18-Mar-08 16.5% 8.9%
MSCI World SMID Value Index GBP 17.0% 11.9%
Pacific Basin Value Fund Class A Shares USD 18-Sep-07 (0.3%) (3.4%)
MSCI Pacific Large Value Index USD (3.6%) (5.4%)
Pacific Basin Value Fund Class B Shares EUR 29-Oct-08 22.0% 30.7%
MSCI Pacific Large Value Index EUR 17.9% 22.9%
Pacific Basin Value Fund Class C Shares GBP 19-Feb-09 13.2% 40.6%
MSCI Pacific Large Value Index GBP 9.6% 29.4%
Pacific Basin Value Fund Class D Shares GBP 26-Nov-08 13.3% 32.4%
MSCI Pacific Large Value Index GBP 9.6% 27.4%
*All historic distribution have been adjusted for in calculating the return of Class C and Class D to ensure class return is
comparable to the index.
Dimensional Fund Advisors Limited

19 July 2010
7
Balance Sheet as at 31 May 2010 (Unaudited)

Emerging
Markets
Targeted Value European Value Global Core Global Targeted Pacific Basin
Note Fund Fund Equity Fund Value Fund Value Fund
USD EUR USD USD USD
Assets
Financial assets at fair value
through profit or loss 2(b),13 371,318,823 57,054,898 119,469,674 257,689,152 23,241,475
Cash and cash equivalents 2(i), 5 1,597,194 292,595 729,357 4,470,350 84,080
Receivable for shares sold 28,204 54 77,187 154,825 –
Receivable for securities sold 524,613 – – 1,403,660 202,297
Interest receivable 8,939 55,091 14,180 21,336 356
Dividends and tax receivable 1,046,754 307,262 400,408 679,658 192,377
Receivable from Investment
Manager – – – – 42
Prepaid fees 2,289 583 – 1,093 890
Total Assets 374,526,816 57,710,483 120,690,806 264,420,074 23,721,517
Liabilities
Management fee 4 (222,611 ) (17,777 ) (22,913 ) (101,921 ) (1,577 )
Payable for shares repurchased (59,483 ) (62 ) (131,878 ) (2,235,985 ) (277,595 )
Payable for securities
purchased (1,321,644 ) (75,639 ) (132,094 ) (1,729,167 ) (96,671 )
Distributions payable (973,586 ) (22,042 ) (395,896 ) (382,373 ) (10,525 )
Capital gains tax payable (345,427 ) – – – –
Accrued expenses (260,990 ) (37,614 ) (77,656 ) (123,000 ) (53,280 )
Total Liabilities (excluding
net assets attributable to
holders of redeemable
shares) (3,183,741 ) (153,134 ) (760,437 ) (4,572,446 ) (439,648 )
Net assets attributable to

holders of redeemable shares
at bid value 371,343,075 57,557,349 119,930,369 259,847,628 23,281,869
Adjustment from bid market

value to fair value 2(b) (330,027 ) (420,154 ) (231,834 ) (267,087 ) (138,030 )

holders of redeemable shares 371,013,048 57,137,195 119,698,535 259,580,541 23,143,839
The accompanying notes are an integral part of the Financial Statements.
** Global Core Equity Fund launched on 3 September 2008.
8
Balance Sheet as at 31 May 2010 (Unaudited) (continued)
Emerging
Markets
Fund Fund Equity Fund Value Fund Value Fund
Redeemable shares in issue

U.S. Dollar Class A 829,468 1,435 410,877 11,079,534 2,266,869
Euro Class B 509,006 8,288,241 1,544,742 1,353,486 13,107
Sterling Class C 2,609,434 9,507 1,994,295 4,130,343 6,928
Sterling Class D 15,711,089 235,527 4,299,123 4,702,962 95,099
Net asset value per redeemable

share
U.S. Dollar Class A $10.13 $5.85 $8.85 $8.58 $9.12
Euro Class B €11.75 €6.62 €10.45 €10.20 €15.29
Sterling Class C £14.54 £14.15 £10.52 £11.31 £15.18
Sterling Class D £13.22 £7.68 £10.60 £11.77 £14.99
Global Core Equity Fund launched on 3 September 2008.
9
Balance Sheet as at 31 May 2009 (Unaudited)

Emerging
Markets
Note Fund Fund Equity Fund Value Fund Value Fund
USD EUR USD USD USD
Assets
Financial assets at fair value
through profit or loss 2(b),13 329,645,069 45,007,637 54,581,736 118,481,884 18,714,506
Cash and cash equivalents 2(i), 5 1,641,083 122,016 – 88,399 119,326
Receivable for shares sold 2,459 – 151,858 4,940 –
Receivable for securities sold – – 380,509 212,322 304,024
Interest receivable 24,671 10,409 392 8,747 144
Dividends and tax receivable 1,047,903 285,392 199,376 346,699 128,485
Receivable from Investment
Manager – – – – 11,077
Prepaid fees 2,263 321 – – 483
Other assets 42 – 229 12 –
Total Assets 332,363,490 45,425,775 55,314,100 119,143,003 19,278,045
Liabilities
Bank overdraft – – (175,628 ) – –
Management fee 4 (181,393 ) (13,866 ) (10,097 ) (45,139 ) –
Payable for shares repurchased (11,638 ) – (838 ) (2,452 ) –
purchased (17,303 ) – (7,370 ) (28,766 ) (315,663 )
Distributions payable (1,469,584 ) (3,794 ) (221,298 ) (190,472 ) (507 )
Capital gains tax payable (21,460 ) – – – –
Accrued expenses (125,188 ) (26,562 ) (34,882 ) (47,364 ) (43,241 )
Total Liabilities (excluding
net assets attributable to
holders of redeemable
shares) (1,826,566 ) (44,222 ) (450,113 ) (314,193 ) (359,411 )

holders of redeemable shares
at bid value 330,536,924 45,381,553 54,863,987 118,828,810 18,918,634
Adjustment from bid market

value to fair value 2(b) 2,876,018 407,704 191,983 754,998 178,379

holders of redeemable shares 333,412,942 45,789,257 55,055,970 119,583,808 19,097,013
10
Balance Sheet as at 31 May 2009 (Unaudited) (continued)

Emerging
Markets
Redeemable shares in issue*

U.S. Dollar Class A 100 1,435 262,114 9,497,617 2,280,311
Euro Class B 170,213 8,110,499 731,811 348,397 4,879
Sterling Class C 49,280 1,819 362,385 206,591 1,726
Sterling Class D 22,449,919 43,409 2,951,771 3,368,941 3,726
Net asset value per redeemable

share*
U.S. Dollar Class A $7.73 $5.70 $7.72 $6.97 $8.29
Euro Class B €7.78 €5.60 €7.90 €7.20 €12.06
Sterling Class C £10.03 £12.63 £8.31 £8.30 £12.53
Sterling Class D £9.11 £6.86 £8.38 £8.64 £12.37
* European Value Fund Class C and Pacific Basin Value Fund Class C launched on 19 February 2009.
Class C in Emerging Markets Targeted Value Fund launched on 9 July 2008.

Class D in European Value Fund launched on 20 May 2008.
Class A, B, C and D in Global Core Equity Fund launched on 3 September 2008.
Class A in Global Targeted Value Fund launched on 6 February 2008, Class B launched in Global Targeted Value Fund launched on 12
May 2008, Class C in Global Targeted Value Fund launched on 5 September 2008 and Class D in Global Targeted Value Fund launched
on 18 March 2008.
11
Combined Balance Sheet as at 31 May 2010 (Unaudited)

Note
Total 2010 Total 2009
EUR EUR
Assets
Financial assets at fair value through profit or loss 2(b),13 675,702,902 413,841,548
Cash and cash equivalents 2(i), 5 5,899,906 1,429,790
Receivable for shares sold 212,104 112,652
Receivable for securities sold 1,736,201 634,399
Interest receivable 91,608 34,427
Dividends and tax receivable 2,197,176 1,503,794
Receivable from Investment Manager 33 7,836
Prepaid fees 4,064 2,264
Other assets – 200
Total Assets 685,843,994 417,566,910
Liabilities
Bank overdraft – (124,232 )
Management fee 4 (302,194 ) (181,249 )
Payable for shares repurchased (2,204,318 ) (10,560 )
Payable for securities purchased (2,748,166 ) (261,088 )
Distributions payable (1,458,205 ) (1,334,948 )
Capital gains tax payable (281,489 ) (15,180 )
Accrued expenses (457,227 ) (203,879 )
Total Liabilities (excluding net assets attributable
to holders of redeemable shares) (7,451,599 ) (2,131,136 )
Net assets attributable to holders of redeemable

shares at bid value 678,392,395 415,435,774
Adjustment from bid market value to fair value 2(b) (1,208,144 ) 3,238,118

shares 677,184,251 418,673,892
12
Profit and Loss Account for the period ended 31 May 2010 (Unaudited)
Emerging
Markets Global
Targeted Value European Global Core Targeted Value Pacific Basin
Note Fund Value Fund Equity Fund Fund Value Fund
USD EUR USD USD USD
Income
Interest income 2(c) 481 – 230 464 27
Dividends 2(c) 3,845,261 1,408,269 1,355,466 2,376,253 294,435
Stock lending income 2(i) 78,485 111,201 30,184 78,164 2,713
Other income 40,534 1,645 7,412 15,971 4,927
Net (loss)/gain on financial assets at
fair value through profit or loss 3 (2,575,430 ) (505,554 ) (5,134,605 ) 1,571,213 (159,294 )
Net income/(loss) 1,389,331 1,015,561 (3,741,313 ) 4,042,065 142,808
Expenses
Management fee 4 (1,268,071 ) (114,229 ) (158,996 ) (585,426 ) (48,414 )
Combined administration and
custodian fee 4 (152,441 ) (29,513 ) (57,139 ) (121,493 ) (33,215 )
Sub-custodian fees (188,425 ) (5,587 ) (14,064 ) (44,475 ) (5,241 )
Audit and legal fees 4 (38,397 ) (12,868 ) (18,712 ) (28,347 ) (10,495 )
Other expenses (29,324 ) (13,948 ) (18,825 ) (22,078 ) (18,576 )
Total operating expenses before
waivers (1,676,658 ) (176,145 ) (267,736 ) (801,819 ) (115,941 )
Waivers and reimbursements 4 – 53 27,575 – 37,310

Total operating expenses (1,676,658 ) (176,092 ) (240,161 ) (801,819 ) (78,631 )
Net (loss)/income from operations

before finance costs (287,327 ) 839,469 (3,981,474 ) 3,240,246 64,177
Finance costs
Distributions to redeemable
shareholders 12 (904,101 ) (20,908 ) (359,515 ) (291,492 ) (9,851 )
Total finance costs (904,101 ) (20,908 ) (359,515 ) (291,492 ) (9,851 )
Net (loss)/income from operations

after finance costs (1,191,428 ) 818,561 (4,340,989 ) 2,948,754 54,326
Adjustment from bid market value to

fair value 2(b) (1,665,756 ) (637,192 ) (327,113 ) (715,228 ) (160,640 )
Withholding tax on dividends and other

taxation 2(c),6 (449,420 ) (234,734 ) (228,982 ) (366,906 ) (6,660 )
(Decrease)/Increase in net assets

attributable to holders of redeemable
shares (3,306,604 ) (53,365 ) (4,897,084 ) 1,866,620 (112,974 )
Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt within the Profit and Loss
Account.
13
Profit and Loss Account for the period ended 31 May 2009 (Unaudited)
Emerging
Markets Global
Targeted Value European Global Core Targeted Value Pacific Basin
Note Fund Value Fund Equity Fund Fund Value Fund
USD EUR USD USD USD
Income
Interest income 2(c) 10,871 4,251 4,356 5,417 3,132
Dividends 2(c) 4,235,449 1,208,164 733,012 1,379,010 300,972
Stock lending income 2(i) 119,234 46,381 849 41,460 3,870
Other income – 1,925 – – –
Net gain/(loss) on financial assets at
fair value through profit or loss 3 127,716,787 (313,223 ) 6,571,755 17,900,039 1,072,139
Net income 132,082,341 947,498 7,309,972 19,325,926 1,380,113
Expenses
Management fee 4 (862,975 ) (84,390 ) (62,636 ) (232,406 ) (55,237 )
Combined administration and
custodian fee 4 (110,228 ) (22,661 ) (24,674 ) (50,094 ) (25,505 )
Sub-custodian fees (98,634 ) (10,217 ) (8,090 ) (19,465 ) (15,435 )
Audit and legal fees 4 (24,394 ) (7,909 ) (14,120 ) (16,613 ) (10,550 )
Other expenses (25,011 ) (11,656 ) (19,470 ) (20,026 ) (12,663 )
Total operating expenses before
waivers (1,121,242 ) (136,833 ) (128,990 ) (338,604 ) (119,390 )
Waivers and reimbursements 4 – 5,591 15,131 – 32,980

Total operating expenses (1,121,242 ) (131,242 ) (113,859 ) (338,604 ) (86,410 )
Net income from operations before

finance costs 130,961,099 816,256 7,196,113 18,987,322 1,293,703
Finance costs
Distributions to redeemable
shareholders 12 (1,465,162 ) (3,105 ) (208,914 ) (174,204 ) (303 )
Total finance costs (1,465,162 ) (3,105 ) (208,914 ) (174,204 ) (303 )
Net income from operations after

finance costs 129,495,937 813,151 6,987,199 18,813,118 1,293,400
Adjustment from bid market value to

fair value 2(b) 309,759 174,604 119,175 238,281 (247,754 )
Withholding tax on dividends and other

taxation 2(c),6 (353,673 ) (170,867 ) (127,571 ) (223,421 ) (9,252 )
Increase in net assets attributable to

holders of redeemable shares 129,452,023 816,888 6,978,803 18,827,978 1,036,394
Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt within the Profit and Loss
Account.
14
Combined Profit and Loss Account for the period ended 31 May 2010 (Unaudited)
Note
Total 2010 Total 2009
EUR EUR
Income
Interest income 2(c) 880 22,188
Dividends 2(c) 7,174,081 6,223,750
Stock lending income 2(i) 250,043 171,169
Other income 52,071 1,925
Net (loss)/gain on financial assets at fair value
through profit or loss 3 (5,445,461 ) 115,306,664
Net gain 2,031,614 121,725,696
Expenses
Management fee 4 (1,623,843 ) (999,668 )
Combined Administration and Custodian fee 4 (296,354 ) (181,463 )
Sub-Custodian fees (190,326 ) (117,059 )
Audit and legal fees 4 (83,151 ) (57,456 )
Other expenses (78,996 ) (69,873 )
Total operating expenses before waivers (2,272,670 ) (1,425,519 )
Waivers and reimbursements 4 47,581 41,886

Total operating expenses (2,225,089 ) (1,383,633 )
Net (loss)/income from operations before finance

costs (193,475 ) 120,342,063
Finance costs
Distributions to redeemable shareholders 12 (1,167,240 ) (1,397,677 )
Total finance costs (1,167,240 ) (1,397,677 )
Net (loss)/gain from operations after finance costs (1,360,715 ) 118,944,386
Adjustment from bid market value to fair value 2(b) (2,738,542 ) 491,045
Withholding tax on dividends and other taxation 2(c),6 (1,005,301 ) (709,445 )
(Decrease)/increase in net assets attributable to

holders of redeemable shares (5,104,558 ) 118,725,986
Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt within the
Profit and Loss Account.
15
Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares

For the period ended 31 May 2010 (Unaudited)
Emerging
Markets Global
Targeted European Global Core Targeted Pacific Basin
Value Fund Value Fund Equity Fund Value Fund Value Fund
USD EUR USD USD USD
Net assets attributable to holders of
shares at the start of the period 320,545,585 54,395,895 87,744,998 203,121,078 22,967,788
(Decrease)/increase in net assets

attributable to holders of redeemable
shares (3,306,604 ) (53,365 ) (4,897,084 ) 1,866,620 (112,974 )
Issue of redeemable shares during the

period 80,386,760 3,132,860 43,534,548 126,105,001 655,476
Redemption of redeemable shares during
the period (26,612,693 ) (338,195 ) (6,683,927 ) (71,512,158 ) (366,451 )

redeemable shares at the end of period 371,013,048 57,137,195 119,698,535 259,580,541 23,143,839
16

Emerging
Markets Global
Targeted European Global Core Targeted Pacific Basin
Value Fund Value Fund Equity Fund Value Fund Value Fund
USD EUR USD USD USD
shares at the start of the period 194,792,199 49,213,361 36,288,592 87,008,576 38,728,404
Increase in net assets attributable to

holders of redeemable shares 129,452,023 816,888 6,978,803 18,827,978 1,036,394
Issue of redeemable shares during the

period 9,636,394 4,847,093 13,121,429 14,984,549 335,830
Redemption of redeemable shares during
the period (467,674 ) (9,088,085 ) (1,332,854 ) (1,237,295 ) (21,003,615 )

redeemable shares at the end of period 333,412,942 45,789,257 55,055,970 119,583,808 19,097,013
** Global Core Equity Fund launched on 3 September 2008.
17

Total 31 May 2010 Total 31 May 2009
EUR EUR
shares at the start of the period 470,954,581 330,061,061
(Decrease)/increase in net assets attributable to

holders of redeemable shares (5,104,558) 118,725,986
Issue of redeemable shares during the period 184,975,973 33,573,289

Redemption of redeemable shares during the period (76,599,954) (27,224,946)
Currency translation 102,958,209 (36,461,498)

shares at the end of the period 677,184,251 418,673,892

Refer to note 16 for investment held by Global Core Equity Fund in Global Targeted Value Fund.
18

Portfolio of Investments as at 31 May 2010
% of % of
Value Net Value Net
(000's) Asset (000's) Asset
Shares (000's) USD Value Shares (000's) USD Value
Common Stock - 96.73% Common Stock - 96.73% (continued)
Brazil - 7.73% Brazil - 7.73% (continued)
70 Acucar Guarani S.A. 157 0.04 31 Sao Carlos Empreendimentos e Participacoes
15 American Banknote S.A. 122 0.03 S.A. 258 0.07
37 Banco ABC Brasil S.A. 239 0.06 40 Sao Martinho S.A. 318 0.09
26 Banco Cruzeiro do Sul S.A. 132 0.04 22 SLC Agricola S.A. 165 0.04
47 Banco Daycoval S.A. 211 0.06 18 Springs Global Participacoes S.A. 41 0.01
152 Banco do Estado do Rio Grande do Sul S.A. 1,018 0.27 30 Sul America S.A. 744 0.20
45 Banco Industrial e Comercial S.A. 299 0.08 31 Tam S.A., ADR 414 0.11
64 Banco Panamericano S.A. 296 0.08 5 Tegma Gestao Logistica S.A. 38 0.01
42 Bematech S.A. 199 0.05 39 Trisul S.A. 130 0.03
106 BR Malls Participacoes S.A. 1,332 0.36 13 Ultrapar Participacoes S.A., ADR 579 0.16
158 Brascan Residential Properties S.A. 648 0.17 28,660 7.73
135 Brasil Ecodiesel Industria e Comercio de Chile - 2.69%
Biocombustiveis e Oleos Vegetais S.A. 63 0.01 32 Banco de Credito e Inversiones S.A. 1,230 0.33
40 Camargo Correa Desenvolvimento Imobiliario 21 Besalco S.A. 17 –
S.A. 118 0.03 58 Cementos Bio Bio S.A. 128 0.03
31 Cia Providencia Industria e Comercio S.A. 97 0.02 43 Cia Cervecerias Unidas S.A. 352 0.09
7 Cia. Hering 168 0.05 116 Cia General de Electricidad S.A. 676 0.18
94 Cosan S.A. Industria e Comercio 1,073 0.29 997 Cia Sudamericana De Vapores S.A. 866 0.23
7 Cremer S.A. 74 0.02 129,881 CorpBanca S.A. 1,118 0.30
109 Duratex S.A. 918 0.25 65 Cristalerias de Chile S.A. 920 0.25
484 Empresa Brasileira de Aeronautica S.A. 2,603 0.70 2,731 Empresas Iansa S.A. 182 0.05
22 Empresa Brasileira de Aeronautica S.A., ADR 478 0.13 215 Empresas La Polar S.A. 1,139 0.31
85 Eternit S.A. 376 0.10 29 Entel Chile S.A. 383 0.10
89 Even Construtora e Incorporadora S.A. 315 0.09 36 Gasco S.A. 187 0.05
55 Ez Tec Empreendimentos e Participacoes S.A. 237 0.06 865 Industrias Forestales S.A. 180 0.05
9 Fertilizantes Heringer S.A. 38 0.01 420 Inversiones Aguas Metropolitanas S.A. 509 0.14
91 Fibria Celulose S.A. 1,462 0.40 4,093 Madeco S.A. 214 0.06
70 Fibria Celulose S.A., ADR 1,117 0.30 3,967 Masisa S.A. 524 0.14
233 Gafisa S.A. 1,380 0.37 323 Ripley Corp. S.A. 299 0.08
79 Gafisa S.A., ADR 940 0.25 122 Salfacorp S.A. 250 0.07
99 Gol Linhas Aereas Inteligentes S.A., ADR 1,121 0.30 17 Sigdo Koppers S.A. 17 –
96 Grendene S.A. 388 0.10 417 Socovesa S.A. 188 0.05
10 Guararapes Confeccoes S.A. 327 0.09 269 Sonda S.A. 411 0.11
17 Helbor Empreendimentos S.A. 109 0.03 285 Soquimich Comercial S.A. 113 0.03
15 IdeiasNet S.A. 25 0.01 18,577 Vina San Pedro S.A. 138 0.04
23 Iguatemi Empresa de Shopping Centers S.A. 370 0.10 10,041 2.69
62 Industrias Romi S.A. 365 0.10
6 Inepar S.A. Industria e Construcoes 16 – China - 11.84%
103 Inpar S.A. 155 0.04 796 Agile Property Holdings Ltd. 840 0.23
80 JHSF Participacoes S.A. 107 0.03 390 AMVIG Holdings Ltd. 241 0.06
16 Kroton Educacional S.A. 130 0.04 78 Anhui Tianda Oil Pipe Co. Ltd., Class H 30 0.01
46 Log-In Logistica Intermodal S.A. 157 0.04 160 Anton Oilfield Services Group 14 –
73 Magnesita Refratarios S.A. 438 0.12 450 AVIC International Holding HK Ltd. 21 0.01
86 Marfrig Alimentos S.A. 798 0.22 192 Baoye Group Co. Ltd., Class H 111 0.03
34 Medial Saude S.A. 247 0.07 1,008 Beijing Capital International Airport Co. Ltd.,
33 Minerva S.A. 116 0.03 Class H 550 0.15
44 MPX Energia S.A. 502 0.14 554 Beijing Capital Land Ltd., Class H 167 0.04
46 Mrv Engenharia E Participacoes S.A. 295 0.08 102 Beijing Development HK Ltd. 19 0.01
34 Multiplan Empreendimentos Imobiliarios S.A. 616 0.17 310 Beijing Enterprises Holdings Ltd. 1,959 0.53
116 Net Servicos de Comunicacao S.A. , ADR 1,189 0.32 43 Beijing Jingkelong Co. Ltd., Class H 43 0.01
5 Obrascon Huarte Lain Brasil S.A. 114 0.03 364 Beijing North Star Co. Ltd., Class H 91 0.02
36 Parana Banco S.A. 171 0.05 294 Bosideng International Holdings Ltd. 69 0.02
45 PDG Realty S.A. Empreendimentos e 1,864 Brilliance China Automotive Holdings Ltd. 591 0.16
Participacoes 382 0.10 251 BYD Electronic International Co. Ltd. 155 0.04
19 Plascar Participacoes Industriais S.A. 33 0.01 157 Central China Real Estate Ltd. 36 0.01
70 Porto Seguro S.A. 709 0.19 90 Centron Telecom International Holdings Ltd. 27 0.01
3 Positivo Informatica S.A. 27 0.01 1,798 Chaoda Modern Agriculture Holdings Ltd. 1,743 0.47
2 Profarma Distribuidora de Produtos 1,369 China Aerospace International Holdings Ltd. 151 0.04
Farmaceuticos S.A. 19 0.01 567 China Agri-Industries Holdings Ltd. 644 0.17
3 Rodobens Negocios Imobiliarios S.A. 20 0.01 510 China Aoyuan Property Group Ltd. 78 0.02
125 Rossi Residencial S.A. 917 0.25 728 China BlueChemical Ltd., Class H 446 0.12

19

Portfolio of Investments as at 31 May 2010 (continued)
% of % of
Value Net Value Net
Common Stock - 96.73% (continued) Common Stock - 96.73% (continued)
China - 11.84% (continued) China - 11.84% (continued)
306 China Chengtong Development Group Ltd. 18 – 163 Haitian International Holdings Ltd. 119 0.03
828 China Communications Services Corp. Ltd., 536 Harbin Power Equipment Co. Ltd., Class H 390 0.11
Class H 367 0.10 460 Heng Tai Consumables Group Ltd. 39 0.01
460 China Everbright Ltd. 1,015 0.27 145 Hidili Industry International Development Ltd. 132 0.04
90 China Green Holdings Ltd. 91 0.02 2,091 HKC Holdings Ltd. 134 0.04
950 China Haidian Holdings Ltd. 103 0.03 25 Hong Kong Energy Holdings Ltd. 2 –
154 China Huiyuan Juice Group Ltd. 104 0.03 299 Honghua Group Ltd. 44 0.01
291 China Merchants Holdings International Co. Ltd. 898 0.24 532 Hopson Development Holdings Ltd. 642 0.17
2,304 China Mining Resources Group Ltd. 62 0.02 124 Hua Han Bio-Pharmaceutical Holdings Ltd. 38 0.01
546 China Molybdenum Co. Ltd., Class H 354 0.10 1,208 Hunan Non-Ferrous Metal Corp. Ltd., Class H 411 0.11
392 China National Building Material Co. Ltd., Class 1,010 Inspur International Ltd. 82 0.02
H 627 0.17 124 Intime Department Store Group Co. Ltd. 106 0.03
388 China National Materials Co. Ltd., Class H 224 0.06 48 Jingwei Textile Machinery, Class H 14 –
20 China Oil and Gas Group Ltd. 2 – 294 Ju Teng International Holdings Ltd. 228 0.06
594 China Pharmaceutical Group Ltd. 342 0.09 1,880 Kai Yuan Holdings Ltd. 62 0.02
132 China Properties Group Ltd. 33 0.01 67 Kasen International Holdings Ltd. 17 –
698 China Rare Earth Holdings Ltd. 152 0.04 267 Kingboard Chemical Holdings Ltd. 1,250 0.34
514 China Resources Enterprise Ltd. 1,752 0.47 27 Kingboard Chemical Holdings Ltd. 12 –
1,120 China Resources Microelectronics Ltd. 43 0.01 516 Kingway Brewery Holdings Ltd. 90 0.02
148 China Shanshui Cement Group Ltd. 72 0.02 712 Kunlun Energy Co. Ltd. 969 0.26
2,040 China Shipping Container Lines Co. Ltd., Class 424 KWG Property Holding Ltd. 243 0.07
H 715 0.19 692 Lai Fung Holdings Ltd. 22 0.01
349 China Shipping Development Co. Ltd., Class H 478 0.13 124 Lenovo Group Ltd. 76 0.02
402 China State Construction International Holdings 170 Lingbao Gold Co. Ltd., Class H 66 0.02
Ltd. 131 0.04 1,174 Maanshan Iron & Steel Co. Ltd., Class H 573 0.15
2,358 China Travel International Investment Hong 6,700 Media China Corp. Ltd. 39 0.01
Kong Ltd. 491 0.13 24 MIN XIN Holdings Ltd. 10 –
206 Chongqing Iron & Steel Co. Ltd., Class H 49 0.01 720 Minmetals Resources Ltd. 256 0.07
246 Chongqing Machinery & Electric Co. Ltd., Class 112 Minth Group Ltd. 147 0.04
H 58 0.02 9,550 Nan Hai Corp. Ltd. 77 0.02
553 Citic Pacific Ltd. 1,014 0.27 322 Neo-China Group Holdings Ltd. 96 0.03
1,002 Citic Resources Holdings Ltd. 187 0.05 26 NetDragon Websoft, Inc. 11 –
45 Clear Media Ltd. 25 0.01 495 New World China Land Ltd. 154 0.04
595 COSCO International Holdings Ltd. 303 0.08 90 New World Department Store China Ltd. 72 0.02
806 COSCO Pacific Ltd. 988 0.27 42 Nine Dragons Paper Holdings Ltd. 63 0.02
22 Coslight Technology International Group Ltd. 21 0.01 11 Oriental Ginza Holdings Ltd. 2 –
1,404 Country Garden Holdings Co. Ltd. 398 0.11 556 Poly Hong Kong Investment Ltd. 558 0.15
652 Dalian Port PDA Co. Ltd., Class H 243 0.07 400 Prosperity International Holdings HK Ltd. 21 0.01
2,962 Denway Motors Ltd. 1,179 0.32 40 Qin Jia Yuan Media Services Co. Ltd. 6 –
227 Dongyue Group Ltd. 48 0.01 534 Qingling Motors Co. Ltd., Class H 121 0.03
282 Dynasty Fine Wines Group Ltd. 103 0.03 78 Regent Manner International Ltd. 33 0.01
47 Embry Holdings Ltd. 22 0.01 375 REXLot Holdings Ltd. 38 0.01
159 First Tractor Co. Ltd., Class H 87 0.02 208 Samson Holding Ltd. 31 0.01
611 Fosun International Ltd. 399 0.11 13,555 Semiconductor Manufacturing International
1,500 Franshion Properties China Ltd. 443 0.12 Corp. 1,149 0.31
150 FU JI Food and Catering Services Holdings Ltd. – – 97 Shandong Chenming Paper Holdings Ltd., Class
906 Fushan International Energy Group Ltd. 563 0.15 H 72 0.02
935 GCL Poly Energy Holdings Ltd. 175 0.05 37 Shandong Molong Petroleum Machinery Co.
800 Geely Automobile Holdings Ltd. 267 0.07 Ltd., Class H 36 0.01
1,220 Global Bio-Chemical Technology Group Co. Ltd. 233 0.06 332 Shanghai Forte Land Co. Ltd., Class H 87 0.02
288 Golden Meditech Holdings Ltd. 55 0.02 326 Shanghai Industrial Holdings Ltd. 1,317 0.36
48 Goldlion Holdings Ltd. 14 – 304 Shanghai Jin Jiang International Hotels Group
238 Great Wall Motor Co. Ltd., Class H 390 0.11 Co. Ltd., Class H 64 0.02
130 Great Wall Technology Co. Ltd., Class H 53 0.01 424 Shanghai Prime Machinery Co. Ltd., Class H 70 0.02
208 Greentown China Holdings Ltd. 227 0.06 1,070 Shanghai Zendai Property Ltd. 47 0.01
1,012 Guangshen Railway Co. Ltd., Class H 350 0.09 5,565 Shenzhen International Holdings Ltd. 354 0.10
44 Guangzhou Pharmaceutical Co. Ltd., Class H 42 0.01 1,698 Shenzhen Investment Ltd. 497 0.13
344 Guangzhou R&F Properties Co. Ltd., Class H 446 0.12 202 Shenzhou International Group Holdings Ltd. 227 0.06
44 GZI Transportation Ltd. 22 0.01 1,008 Shimao Property Holdings Ltd. 1,489 0.40
96 Hainan Meilan International Airport Co. Ltd., 1,094 Shougang Concord International Enterprises Co.
Class H 101 0.03 Ltd. 166 0.05
The accompanying notes are an integral part of the Financial Statements
20

% of % of
Value Net Value Net
China - 11.84% (continued) India - 12.42% (continued)
986 Shui On Land Ltd. 426 0.11 6 Aptech Ltd. 17 –
125 Sichuan Xinhua Winshare Chainstore Co. Ltd., 106 Arvind Mills Ltd. 71 0.02
Class H 61 0.02 403 Ashok Leyland Ltd. 524 0.14
452 Silver Grant International Industries Ltd. 129 0.03 15 Associated Cement Co. Ltd 265 0.07
186 SIM Technology Group Ltd. 36 0.01 16 Aurobindo Pharma Ltd. 290 0.08
902 Sinofert Holdings Ltd. 412 0.11 7 Bajaj Auto Finance Ltd. 73 0.02
1,648 Sinolink Worldwide Holdings Ltd. 243 0.07 22 Bajaj Finserv Ltd. 208 0.06
1,581 Sino-Ocean Land Holdings Ltd. 1,172 0.32 45 Bajaj Hindusthan Ltd. 105 0.03
240 Sinopec Kantons Holdings Ltd. 130 0.04 22 Bajaj Holdings and Investment Ltd. 318 0.08
1,237 Sinotrans Ltd., Class H 275 0.07 2 Balkrishna Industries Ltd. 20 0.01
292 Sinotruk Hong Kong Ltd. 230 0.06 176 Ballarpur Industries Ltd. 119 0.03
291 Skyworth Digital Holdings Ltd. 228 0.06 3 Balmer Lawrie & Co. Ltd. 40 0.01
1,058 Soho China Ltd. 560 0.15 43 Balrampur Chini Mills Ltd. 75 0.02
220 Solargiga Energy Holdings Ltd. 39 0.01 47 Bank of Baroda 714 0.19
90 SPG Land (Holdings) Ltd. 38 0.01 68 Bank of India 474 0.13
1,298 SRE Group Ltd. 118 0.03 82 Bank of Maharashtra 96 0.03
38 TAK Sing Alliance Holdings Ltd. 4 – 35 Bank of Rajasthan 124 0.03
203 TCC International Holdings Ltd. 63 0.02 1 Bannari Amman Sugars Ltd. 10 –
295 TCL Multimedia Technology Holdings Ltd. 200 0.05 4 BASF India Ltd. 35 0.01
238 Tian an China Investments Co. Ltd. 146 0.04 8 BEML Ltd. 180 0.05
174 Tomson Group Ltd. 67 0.02 52 Bharat Forge Ltd. 299 0.08
467 Travelsky Technology Ltd., Class H 319 0.09 10 Bhushan Steel Ltd. 308 0.08
62 Truly International Holdings Ltd. 80 0.02 42 Binani Cement Ltd. 70 0.02
290 Uni-President China Holdings Ltd. 158 0.04 19 Biocon Ltd. 116 0.03
50 Vinda International Holdings Ltd. 39 0.01 17 Birla Corp. Ltd. 129 0.03
58 Wasion Group Holdings Ltd. 38 0.01 4 Bombay Burmah Trading Corp. Ltd. 28 0.01
309 Weiqiao Textile Co. Ltd., Class H 191 0.05 16 Bombay Rayon Fashions Ltd. 70 0.02
494 Xiamen International Port Co. Ltd., Class H 82 0.02 53 Canara Bank 454 0.12
186 Xingda International Holdings Ltd. 106 0.03 9 Carborundum Universal Ltd. 37 0.01
253 Xinjiang Xinxin Mining Industry Co. Ltd., Class 71 Central Bank of India 217 0.06
H 123 0.03 15 Century Textile & Industries Ltd. 141 0.04
211 Xiwang Sugar Holdings Co. Ltd. 50 0.01 105 Chambal Fertilizers & Chemicals Ltd. 128 0.03
64 Yip's Chemical Holdings Ltd. 57 0.02 112 City Union Bank Ltd. 79 0.02
4 Yorkey Optical International Cayman Ltd. 1 – 12 Consolidated Construction Consortium Ltd. 21 0.01
1,492 Yuexiu Property Co. Ltd. 328 0.09 17 Coromandel International Ltd. 145 0.04
38 Zhejiang Glass Co. Ltd., Class H 12 – 15 Corp. Bank 168 0.05
244 Zhong An Real Estate Ltd. 69 0.02 10 Dalmia Cement Bharat Ltd. 46 0.01
43,906 11.84 52 DCM Shriram Consolidated Ltd. 54 0.01
Hungary - 0.17% 27 Deccan Chronicle Holdings Ltd. 70 0.02
2 Danubius Hotel and S.p.A. PLC 35 0.01 34 Deepak Fertilizers & Petrochemicals Corp. Ltd. 78 0.02
6 Egis Gyogyszergyar NyRt 502 0.14 12 Dewan Housing Finance Corp. Ltd. 63 0.02
34 Fotex Holding SE 62 0.02 10 Dishman Pharmaceuticals & Chemicals Ltd. 45 0.01
599 0.17 14 Dr Reddy's Laboratories Ltd. 422 0.11
10 Edelweiss Capital Ltd. 84 0.02
India - 12.42% 9 Eicher Motors Ltd. 161 0.04
26 3i Infotech Ltd. 37 0.01 27 EID Parry India Ltd. 205 0.06
7 ABG Shipyard Ltd. 38 0.01 10 EIH Ltd. 26 0.01
29 Aditya Birla Nuvo Ltd. 452 0.12 36 Electrosteel Castings Ltd. 36 0.01
2 Advanta India Ltd. 17 – 17 Escorts Ltd. 67 0.02
5 Akzo Nobel India Ltd. 65 0.02 125 Essar Shipping Ports & Logistics Ltd. 221 0.06
53 Alembic Ltd. 52 0.01 14 Essel Propack Ltd. 13 –
84 Allahabad Bank 294 0.08 1 FAG Bearings India Ltd. 12 –
237 Alok Industries Ltd. 95 0.03 63 FDC Ltd. 127 0.03
460 Ambuja Cements Ltd. 1,082 0.29 112 Federal Bank Ltd. 803 0.22
61 Amtek Auto Ltd. 213 0.06 12 Financial Technologies India Ltd. 343 0.09
32 Anant Raj Industries Ltd. 77 0.02 15 Finolex Cables Ltd. 16 –
78 Andhra Bank 226 0.06 37 Finolex Industries Ltd. 54 0.01
31 Ansal Properties & Infrastructure Ltd. 56 0.02 90 Firstsource Solutions Ltd. 51 0.01
8 Apar Industries Ltd. 40 0.01 41 Gammon India Ltd. 175 0.05
19 Apollo Hospitals Enterprise Ltd. 320 0.08 74 Gammon Infrastructure Projects Ltd. 42 0.01
109 Apollo Tyres Ltd. 165 0.04 8 Gateway Distriparks Ltd. 21 0.01
21

% of % of
Value Net Value Net
India - 12.42% (continued) India - 12.42% (continued)
30 Geodesic Ltd. 69 0.02 20 Kesoram Industries Ltd. 137 0.04
52 Geojit BNP Paribas Financial Services Ltd. 38 0.01 42 Kirloskar Industries Ltd. 160 0.04
25 Gitanjali Gems Ltd. 52 0.01 40 Kotak Mahindra Bank Ltd. 655 0.18
2 Godfrey Philips India Ltd. 63 0.02 6 Koutons Retail India Ltd. 44 0.01
38 Godrej Industries Ltd. 123 0.03 75 KS Oils Ltd. 98 0.03
30 Gokul Refoils & Solvent Ltd. 47 0.01 4 KSK Energy Ventures Ltd. 15 –
73 Graphite India Ltd. 148 0.04 15 Lakshmi Energy & Foods Ltd. 33 0.01
14 Grasim Industries Ltd. 573 0.15 2 Lakshmi Machine Works Ltd. 74 0.02
8 Great Offshore Ltd. 81 0.02 36 LIC Housing Finance Ltd. 751 0.20
12 Grindwell Norton Ltd. 49 0.01 13 Madhucon Projects Ltd. 40 0.01
31 GTL Ltd. 258 0.07 44 Madras Cements Ltd. 96 0.03
32 Gujarat Alkalies & Chemicals Ltd. 79 0.02 56 Mahanagar Telephone Nigam Ltd. 68 0.02
25 Gujarat Flourochemicals Ltd. 82 0.02 19 Maharashtra Seamless Ltd. 154 0.04
47 Gujarat Narmada Valley Fertilizers Co. Ltd. 107 0.03 19 Mahindra & Mahindra Financial Services Ltd. 171 0.05
23 Gujarat State Fertilisers & Chemicals Ltd. 107 0.03 95 Mahindra & Mahindra Ltd. 1,115 0.30
35 HBL Power Systems Ltd. 24 0.01 11 Mahindra Lifespace Developers Ltd. 100 0.03
42 HCL Infosystems Ltd. 102 0.03 14 Mastek Ltd. 71 0.02
81 HCL Technologies Ltd. 659 0.18 48 Max India Ltd. 168 0.05
15 HEG Ltd. 102 0.03 31 McLeod Russel India Ltd. 142 0.04
35 HeidelbergCement India Ltd. 39 0.01 43 Mercator Lines Ltd. 43 0.01
42 Hexaware Technologies Ltd. 67 0.02 2 Merck Ltd. 33 0.01
380 Hindalco Industries Ltd. 1,237 0.33 14 Monnet Ispat & Energy Ltd. 112 0.03
9 Hinduja Ventures Ltd. 51 0.01 52 Moser Baer India Ltd. 66 0.02
109 Hotel Leela Venture Ltd. 107 0.03 1 Motilal Oswal Financial Services Ltd. 4 –
42 Housing Development & Infrastructure Ltd. 207 0.06 1 MRF Ltd. 170 0.05
16 ICSA India Ltd. 44 0.01 97 Nagarjuna Construction Co. Ltd. 358 0.10
156 IDBI Bank Ltd. 377 0.10 67 Nagarjuna Fertilizers & Chemicals Ltd. 42 0.01
437 Idea Cellular Ltd. 473 0.13 1 Nalwa Sons Investments Ltd. 18 0.01
93 IFCI Ltd. 108 0.03 66 National Aluminium Co. Ltd. 580 0.16
131 India Cements Ltd. 313 0.08 9 Nava Bharat Ventures Ltd. 79 0.02
54 India Infoline Ltd. 115 0.03 28 Navneet Publications (India) Ltd. 30 0.01
121 Indiabulls Financial Services Ltd. 361 0.10 57 Nectar Lifesciences Ltd. 47 0.01
177 Indiabulls Real Estate Ltd. 600 0.16 53 NIIT Ltd. 70 0.02
53 Indian Bank 257 0.07 19 NIIT Technologies Ltd. 74 0.02
251 Indian Hotels Co. Ltd. 558 0.15 49 Nirma Ltd. 198 0.05
94 Indian Overseas Bank 183 0.05 25 OMAXE Ltd. 51 0.01
137 Indusind Bank Ltd. 567 0.15 13 Orbit Corp. Ltd. 72 0.02
23 Infotech Enterprises Ltd. 188 0.05 29 Orchid Chemicals & Pharmaceuticals Ltd. 86 0.02
442 Infrastructure Development Finance Co. Ltd. 1,476 0.40 44 Orient Paper & Industries Ltd. 54 0.02
9 ING Vysya Bank Ltd. 62 0.02 30 Oriental Bank of Commerce 215 0.06
3 Ingersoll-Rand India Ltd. 22 0.01 6 Panacea Biotec Ltd. 23 0.01
29 Ipca Laboratories Ltd. 164 0.04 7 Patel Engineering Ltd. 57 0.02
108 Ispat Industries Ltd. 41 0.01 62 Patni Computer Systems Ltd. 740 0.20
20 IVRCL Assets & Holdings Ltd. 49 0.01 30 Peninsula Land Ltd. 44 0.01
101 IVRCL Infrastructures & Projects Ltd. 339 0.09 240 Petronet LNG Ltd. 426 0.12
17 Jammu & Kashmir Bank Ltd. 283 0.08 5 Pfizer Ltd. 120 0.03
16 JBF Industries Ltd. 46 0.01 6 Plethico Pharmaceuticals Ltd. 47 0.01
15 Jet Airways India Ltd. 161 0.04 20 Polaris Software Laboratory Ltd. 71 0.02
85 Jindal Saw Ltd. 342 0.09 197 Power Finance Corp. Ltd. 1,230 0.33
1 Jindal South West Holdings Ltd. 44 0.01 100 Prism Cement Ltd. 116 0.03
8 JK Cement Ltd. 30 0.01 10 PSL Ltd. 28 0.01
13 JK Tyre & Industries Ltd. 51 0.01 103 PTC India Ltd. 228 0.06
41 Jsl Stainless Ltd. 91 0.02 75 Punj Lloyd Ltd. 223 0.06
58 JSW Steel Ltd. 1,380 0.37 4 Punjab National Bank Ltd. 77 0.02
10 Jubilant Organosys Ltd. 74 0.02 10 Rain Commodities Ltd. 30 0.01
26 Jyoti Structures Ltd. 83 0.02 39 Rajesh Exports Ltd. 75 0.02
5 Kalpataru Power Transmission Ltd. 109 0.03 49 Ranbaxy Laboratories Ltd. 450 0.12
1 Kalyani Investment Co. Ltd. 13 0.01 21 Raymond Ltd. 94 0.03
7 Kalyani Steels Ltd. 13 – 13 Redington India Ltd. 101 0.03
59 Karnataka Bank Ltd. 191 0.05 121 REI Agro Ltd. 78 0.02
12 Karur Vysya Bank Ltd. 130 0.03 45 REI Six Ten Retail Ltd. 58 0.02
22

% of % of
Value Net Value Net
India - 12.42% (continued) Indonesia - 4.21% (continued)
57 Reliance Capital Ltd. 800 0.22 14,803 Bakrieland Development Tbk PT 229 0.06
10 Reliance Mediaworks Ltd. 36 0.01 2,255 Bank Bukopin Tbk PT 127 0.03
78 Rolta India Ltd. 287 0.08 1,822 Bank Danamon Indonesia Tbk PT 974 0.26
46 Ruchi Soya Industries Ltd. 99 0.03 3,583 Bank Negara Indonesia Persero Tbk PT 938 0.25
34 S Kumars Nationwide Ltd. 55 0.02 12,346 Bank Pan Indonesia Tbk PT 1,520 0.41
14 Samruddhi Cement Ltd. 106 0.03 1,908 Barito Pacific Tbk PT 210 0.06
8 Seamec Ltd. 29 0.01 2,307 Berlian Laju Tanker Tbk PT 100 0.03
5 Sesa Goa Ltd. 42 0.01 8,482 Bhakti Investama Tbk PT 139 0.04
16 Shipping Corp. of India Ltd. 58 0.02 11,500 Bumi Resources Tbk PT 2,515 0.68
5 Shiv-Vani Oil & Gas Exploration Services Ltd. 49 0.01 11,416 Central Proteinaprima Tbk PT 62 0.02
129 Shree Renuka Sugars Ltd. 168 0.05 4,555 Ciputra Development Tbk PT 357 0.10
3 Simplex Infrastructures Ltd. 31 0.01 1,164 Ciputra Surya Tbk PT 71 0.02
6 SKF India Ltd. 54 0.01 7,829 Darma Henwa Tbk PT 70 0.02
14 Sobha Developers Ltd. 94 0.03 2,211 Elnusa Tbk PT 106 0.03
33 South Indian Bank Ltd. 117 0.03 15,983 Energi Mega Persada Tbk PT 216 0.06
52 SREI Infrastructure Finance Ltd. 92 0.02 504 Gajah Tunggal Tbk PT 44 0.01
18 SRF Ltd. 86 0.02 6,234 Global MediaCom Tbk PT 241 0.06
16 Sterling Biotech Ltd. 39 0.01 1,031 Gozco Plantations Tbk PT 37 0.01
93 Sterlite Technologies Ltd. 200 0.05 519 Gudang Garam Tbk PT 1,877 0.51
6 Strides Arcolab Ltd. 45 0.01 2,978 Indah Kiat Pulp and Paper Corp. Tbk PT 560 0.15
15 Sundram Fastners Ltd. 16 – 2,960 Indofood Sukses Makmur Tbk PT 1,143 0.31
4 Supreme Industries Ltd. 40 0.01 759 International Nickel Indonesia Tbk PT 315 0.08
315 Suzlon Energy Ltd. 414 0.11 100 Japfa Comfeed Indonesia Tbk PT 14 –
91 Syndicate Bank 176 0.05 7,045 Kawasan Industri Jababeka Tbk PT 69 0.02
31 Tanla Solutions Ltd. 25 0.01 7,635 Lippo Karawaci Tbk PT 355 0.10
52 Tata Chemicals Ltd. 355 0.10 6,210 Matahari Putra Prima Tbk PT 650 0.18
31 Tata Communications Ltd. 168 0.04 1,765 Medco Energi Internasional Tbk PT 515 0.14
9 Tata Investment Corp. Ltd. 94 0.03 883 Mitra Adiperkasa Tbk PT 62 0.02
22 Tata Tea Ltd. 511 0.14 1,480 Mitra International Resources Tbk PT 42 0.01
51 The Great Eastern Shipping Co. Ltd. 328 0.09 9,316 Panin Financial Tbk PT 221 0.06
19 Time Technoplast Ltd. 19 0.01 2,789 Panin Insurance Tbk PT 129 0.04
21 Torrent Pharmaceuticals Ltd. 244 0.07 2,496 Ramayana Lestari Sentosa Tbk PT 197 0.05
18 Transport Corp. of India Ltd. 43 0.01 6,791 Sentul City Tbk PT 93 0.03
3 Trent Ltd. 51 0.01 194 Sorini Agro Asia Corp.orindo Tbk PT 33 0.01
53 Triveni Engineering & Industries Ltd. 110 0.03 2,979 Summarecon Agung Tbk PT 243 0.07
28 Tube Investments of India Ltd. 64 0.02 7,654 Suryainti Permata Tbk PT 73 0.02
78 TVS Motor Co. Ltd. 167 0.05 2,936 Trimegah Securities Tbk PT 43 0.01
6 Ultratech Cement Ltd. 122 0.03 8,260 Truba Alam Manunggal Engineering PT 87 0.02
11 Unichem Laboratories Ltd. 96 0.03 593 Tunas Ridean Tbk PT 141 0.04
82 Union Bank of India 513 0.14 1,248 Wijaya Karya Tbk PT 47 0.01
180 United Phosphorus Ltd. 662 0.18 15,564 4.21
96 Usha Martin Ltd. 166 0.04 Israel - 1.26%
5 UTV Software Communications Ltd. 40 0.01 – Alvarion Ltd. – –
11 Vardhman Textiles Ltd. 62 0.02 23 AudioCodes Ltd. 63 0.02
40 Varun Shipping Co. Ltd. 39 0.01 132 Bank Hapoalim BM 502 0.14
48 Videocon Industries Ltd. 211 0.06 57 Clal Industries and Investments Ltd. 380 0.10
9 Walchandnagar Industries Ltd. 36 0.01 23 Clal Insurance Enterprise Holdings Ltd. 449 0.12
29 Welspun Corp. Ltd. 143 0.04 – Delta-Galil Industries Ltd. – –
1 Welspun Global Brands Ltd. – – 1 Electra (Israel) Ltd. 54 0.01
21 Welspun India Ltd. 36 0.01 – Electra Real Estate Ltd. – –
– Welspun Investments Ltd. – – 12 Elron Electronic Industries Ltd. 67 0.02
28 Wockhardt Ltd. 74 0.02 60 First International Bank of Israel Ltd. FTIN1 194 0.05
54 YES Bank Ltd. 328 0.09 10 Formula Systems (1985) Ltd. 117 0.03
122 Zee Entertainment Enterprises Ltd. 742 0.20 1 Hadera Paper Ltd. 71 0.02
12 Zuari Industries Ltd. 190 0.05 4 Harel Insurance Investments & Finances Ltd. 212 0.06
46,023 12.42 8 Jerusalem Oil Exploration Ltd. 128 0.03
Indonesia - 4.21% 63 Makhteshim-Agan Industries Ltd. 227 0.06
861 AKR Corporindo Tbk PT 89 0.02 4 Menorah Mivtachim Holdings Ltd. 46 0.01
35,036 Bakrie and Brothers Tbk PT 231 0.06 99 Migdal Insurance & Financial Holding Ltd. 165 0.04
5,143 Bakrie Sumatera Plantations Tbk PT 203 0.05 4 Mivtach Shamir Holdings Ltd. 119 0.03
11,621 Bakrie Telecom Tbk PT 176 0.05 86 Mizrahi Tefahot Bank Ltd. 681 0.18
23

% of % of
Value Net Value Net
Israel - 1.26% (continued) Korea, Republic Of - 12.32% (continued)
17 Nice Systems Ltd. 515 0.14 1 Dongwon F&B Co. Ltd. 54 0.01
504 Oil Refineries Ltd. 257 0.07 – Dongwon Industries Co. Ltd. 46 0.01
22 Ormat Industries Ltd. 151 0.04 20 Dongwon Systems Corp. 23 0.01
11 Retalix Ltd. 119 0.03 2 Dongyang Engineering & Construction Corp. 19 0.01
8 Scailex Corp. Ltd. 133 0.04 9 Dongyang Mechatronics Corp. 54 0.01
17 Union Bank of Israel 69 0.02 15 Doosan Construction & Engineering Co. Ltd. 52 0.01
4,719 1.26 226 Eugene Investment & Securities Co. Ltd. 131 0.04
Korea, Republic Of - 12.32% 6 Fursys, Inc. 119 0.03
4 Aekyung Petrochemical Co. Ltd. 61 0.02 1 Gaon Cable Co. Ltd. 18 –
1 Asia Cement Co. Ltd. 41 0.01 10 Global & Yuasa Battery Co. Ltd. 219 0.06
54 Asiana Airlines, Inc. 325 0.09 22 GS Engineering & Construction Corp. 1,316 0.35
2 Binggrae Co. Ltd. 97 0.03 46 GS Holdings Corp. 1,346 0.36
3 BNG Steel Co. Ltd. 21 0.01 – GwangjuShinsegae Co. Ltd. 17 –
2 Bookook Securities Co. Ltd. 25 0.01 10 Halla Climate Control Corp. 130 0.04
3 Boryung Pharmaceutical Co. Ltd. 30 0.01 13 Halla Engineering & Construction Corp. 145 0.04
94 Busan Bank 829 0.22 5 Han Kuk Carbon Co. Ltd. 24 0.01
13 Byucksan Engineering & Construction Co. Ltd. 23 0.01 5 Handok Pharmaceuticals Co. Ltd. 55 0.02
12 Charm&CI Co. Ltd. 30 0.01 10 Handsome Co. Ltd. 119 0.03
19 Cheil Industries, Inc. 1,328 0.36 2 Hanil Cement Co. Ltd. 94 0.03
80 Chin Hung International, Inc. 33 0.01 18 Hanil E-Wha Co. Ltd. 110 0.03
6 Chong Kun Dang Pharm Corp. 75 0.02 21 Hanjin Heavy Industries & Construction Co. Ltd. 447 0.12
1 Chosun Refractories Co. Ltd. 38 0.01 6 Hanjin Heavy Industries & Construction
2 CJ CheilJedang Corp. 350 0.09 Holdings Co. Ltd. 58 0.02
10 CJ Corp. 499 0.13 28 Hanjin Shipping Co. Ltd. 693 0.19
– Crown Confectionery Co. Ltd. 33 0.01 5 Hanjin Shipping Holdings Co. Ltd. 70 0.02
16 Dae Dong Industrial Co. Ltd. 60 0.02 7 Hanjin Transportation Co. Ltd. 221 0.06
1 Dae Han Flour Mills Co. Ltd. 138 0.04 6 Hankook Cosmetices Manufacturing Co. Ltd. 20 0.01
56 Dae Won Kang Up Co. Ltd. 121 0.03 8 Hankook Tire Co. Ltd. 166 0.05
23 Daechang Co. Ltd. 29 0.01 3 Hankuk Glass Industries, Inc. 60 0.02
25 DaeDuck Electronics Co. Ltd. 147 0.04 3 Hankuk Paper Manufacturing Co. Ltd. 87 0.02
14 DaeDuck GDS Co. Ltd. 116 0.03 6 Hanmi Semiconductor Co. Ltd. 36 0.01
75 Daegu Bank Ltd. 854 0.23 6 Hanshin Construction Co. Ltd. 37 0.01
8 Daegu Department Store Co. Ltd. 68 0.02 10 Hansol Chemical Co. Ltd. 113 0.03
4 Daehan Steel Co. Ltd. 28 0.01 17 Hansol Paper Co. Ltd. 181 0.05
1 Daehan Synthetic Fiber Co. Ltd. 44 0.01 11 Hanssem Co. Ltd. 117 0.03
39 Daekyo Co. Ltd. 169 0.05 53 Hanwha Chem Corp. 704 0.19
19 Daelim Industrial Co. Ltd. 913 0.25 11 Hanwha Corp. 322 0.09
13 Daesang Corp. 93 0.02 15 Hanwha Non-Life Insurance Co. Ltd. 119 0.03
3 Daesang Holdings Co. Ltd. 9 – 34 Hanwha Securities Co. Ltd. 183 0.05
2 Daesung Industrial Co. Ltd. 96 0.03 2 Hanwha Timeworld Co. Ltd. 22 0.01
68 Daewoo Engineering & Construction Co. Ltd. 500 0.13 4 Hanyang Securities Co. Ltd. 30 0.01
16 Daewoo Motor Sales Corp. 30 0.01 2 Hite Brewery Co. Ltd. 191 0.05
53 Daewoo Securities Co. Ltd. 868 0.24 2 Hite Holdings Co. Ltd. 34 0.01
23 Daewoo Shipbuilding & Marine Engineering Co. 8 HMC Investment Securities Co. Ltd. 105 0.03
Ltd. 344 0.09 10 Honam Petrochemical Corp. 1,004 0.27
4 Daewoong Co. Ltd. 69 0.02 12 Hotel Shilla Co. Ltd. 207 0.05
31 Daishin Securities Co. Ltd. 362 0.10 5 Husteel Co. Ltd. 61 0.02
16 Daou Technology, Inc. 103 0.03 7 Hwa Shin Co. Ltd. 69 0.02
3 DCM Corp. 17 – 14 Hyosung Corp. 755 0.20
1 Dong Ah Tire & Rubber Co. Ltd. 5 – 2 Hyundai Cement Co. Ltd. 11 –
9 Dong Wha Pharmaceutical Industrial Co. Ltd. 36 0.01 35 Hyundai Development Co. 685 0.18
7 Dong Yang Gang Chul Co. Ltd. 22 0.01 2 Hyundai DSF Co. Ltd. 17 –
7 Dongaone Co. Ltd. 27 0.01 1 Hyundai Elevator Co. Ltd. 38 0.01
10 Dongbang Agro Corp. 52 0.01 21 Hyundai H&S Co. Ltd. 158 0.04
7 Dongbu Corp. 35 0.01 21 Hyundai HYSCO Co. Ltd. 312 0.08
6 Dongbu HiTek Co. Ltd. 51 0.01 13 Hyundai Merchant Marine Co. Ltd. 273 0.07
10 Dongbu Securities Co. Ltd. 46 0.01 7 Hyundai Mipo Dockyard Co. Ltd. 697 0.19
9 Dongbu Steel Co. Ltd. 69 0.02 88 Hyundai Securities Co. Ltd. 788 0.21
1 Dong-Il Corp. 45 0.01 2 Il Dong Pharmaceutical Co. Ltd. 55 0.02
1 Dongil Industries Co. Ltd. 38 0.01 6 Iljin Electric Co. Ltd. 43 0.01
25 Dongkuk Steel Mill Co. Ltd. 435 0.12 1 Ilsung Pharmaceuticals Co. Ltd. 57 0.02
24

% of % of
Value Net Value Net
Korea, Republic Of - 12.32% (continued) Korea, Republic Of - 12.32% (continued)
6 IS Dongseo Co. Ltd. 43 0.01 11 Motonic Corp. 89 0.02
4 ISU Chemical Co. Ltd. 41 0.01 4 Namkwang Engineering & Construction Co. Ltd. 11 –
5 IsuPetasys Co. Ltd. 11 – – Namyang Dairy Products Co. Ltd. 80 0.02
12 Jahwa Electronics Co. Ltd. 57 0.02 2 Nexen Corp. 60 0.02
11 Jeil Pharmaceutical Co. Ltd. 123 0.03 13 NH Investment & Securities Co. Ltd. 107 0.03
23 Jeonbuk Bank Ltd. 121 0.03 2 Nong Shim Co. Ltd. 387 0.10
2 Jinheung Mutual Savings Bank Co. Ltd. 5 – 1 Nong Shim Holdings Co. Ltd. 67 0.02
11 KC Tech Co. Ltd. 60 0.02 26 ON*Media Corp. 75 0.02
3 KCC Corp. 723 0.19 1 Ottogi Corp. 97 0.03
4 Keangnam Enterprises Ltd. 28 0.01 2 Pacific Corp. 191 0.05
20 Keyang Electric Machinery Co. Ltd. 37 0.01 1 Pacific Pharmaceutical Co. Ltd. 33 0.01
5 KG Chemical Corp. 46 0.01 4 PaperCorea, Inc. 22 0.01
5 KIC Ltd. 27 0.01 14 Poongsan Corp. 281 0.08
3 KISCO Corp. 80 0.02 3 Poongsan Holdings Corp. 49 0.01
1 KISCO Holdings Co. Ltd. 33 0.01 1 POSCO Coated & Color Steel Co. Ltd. 27 0.01
8 KISWIRE Ltd. 256 0.07 4 Pumyang Construction Co. Ltd. 20 0.01
12 Kodenshi Korea Corp. 45 0.01 5 Pusan City Gas Co. Ltd. 90 0.02
1 Kolon Corp. 31 0.01 2 S&T Daewoo Co. Ltd. 35 0.01
5 Kolon Engineering & Construction Co. Ltd. 17 – 13 S&T Dynamics Co. Ltd. 174 0.05
1 Kolon Industries, Inc. 26 0.01 2 S&T Holdings Co. Ltd. 18 –
1 Korea Airport Service Co. Ltd. 19 0.01 60 S&T Motors Co. Ltd. 43 0.01
5 Korea Cast Iron Pipe Industries Co. Ltd. 18 0.01 2 Sajo Industries Co. Ltd. 57 0.02
8 Korea Development Corp. 23 0.01 4 Sam Kwang Glass Industrial Co. Ltd. 140 0.04
1 Korea Development Financing Corp. 18 0.01 4 Sam Lip General Foods Co. Ltd. 32 0.01
7 Korea Electric Terminal Co. Ltd. 119 0.03 14 Sam Young Electronics Co. Ltd. 125 0.03
6 Korea Express Co. Ltd. 280 0.08 8 Sam Yung Trading Co. Ltd. 33 0.01
17 Korea Investment Holdings Co. Ltd. 440 0.12 5 Sambu Construction Co. Ltd. 61 0.02
2 Korea Kumho Petrochemical Co. Ltd. 73 0.02 12 SAMHWA Paint Industrial Co. Ltd. 44 0.01
2 Korea Line Corp. 101 0.03 51 Samick Musical Instruments Co. Ltd. 43 0.01
2 Korea Mutual Savings Bank 19 – 7 Samjin Pharmaceutical Co. Ltd. 61 0.02
5 Korea Petrochemical Ind Co. Ltd. 170 0.05 2 Samsung Electro-Mechanics Co. Ltd. 183 0.05
1 Korea Zinc Co. Ltd. 233 0.06 19 Samsung SDI Co. Ltd. 2,483 0.67
21 Korean Air Lines Co. Ltd. 1,235 0.33 22 Samsung Securities Co. Ltd. 965 0.26
36 KP Chemical Corp. 283 0.08 8 Samwhan Corp. 57 0.02
2 KPX Chemical Co. Ltd. 74 0.02 6 Samyang Corp. 217 0.06
25 KTB Securities Co. Ltd. 69 0.02 1 Samyang Genex Co. Ltd. 56 0.02
2 Kukdo Chemical Co. Ltd. 42 0.01 2 Samyang Tongsang Co. Ltd. 33 0.01
2 Kumho Electric Co. Ltd. 73 0.02 22 Savezone I&C Corp. 55 0.01
3 Kumho Industrial Co. Ltd. 7 – 5 SBS Media Holdings Co. Ltd. 9 –
36 Kumho Investment Bank 29 0.01 22 SeAH Besteel Corp. 326 0.09
24 Kumho Tire Co. Ltd. 69 0.02 2 SeAH Steel Corp. 51 0.01
6 Kunsul Chemical Industrial Co. Ltd. 65 0.02 12 Sebang Co. Ltd. 146 0.04
24 Kwang Dong Pharmaceutical Co. Ltd. 53 0.01 14 Sejong Industrial Co. Ltd. 138 0.04
4 Kyeryong Construction Industrial Co. Ltd. 38 0.01 2 Shin Poong Pharmaceutical Co. Ltd. 52 0.01
11 Kyobo Securities Co. Ltd. 76 0.02 3 Shinhan Engineering & Construction Co. Ltd. 17 –
– Kyungbang Ltd. 17 – 1 Shinhung Co. Ltd. 5 –
8 LG Fashion Corp. 179 0.05 – Shinsegae Information & Communication Co.
– LG Hausys Ltd. 14 – Ltd. 19 0.01
15 LG International Corp. 353 0.10 10 Shinsung Holdings Co. Ltd. 34 0.01
1 Livart Furniture Co. Ltd. 4 – 103 Shinsung Tongsang Co. Ltd. 42 0.01
1 Lotte Chilsung Beverage Co. Ltd. 336 0.09 22 Shinwon Corp. 26 0.01
1 Lotte Confectionery Co. Ltd. 604 0.16 6 Shinyoung Securities Co. Ltd. 176 0.05
9 Lotte Midopa Co. Ltd. 74 0.02 7 Silla Co. Ltd. 70 0.02
6 Lotte Non-Life Insurance Co. Ltd. 34 0.01 4 Sindoh Co. Ltd. 149 0.04
– Lotte Samkang Co. Ltd. 98 0.03 10 SJM Co. Ltd. 50 0.01
3 Manho Rope & Wire Ltd. 36 0.01 8 SK Chemicals Co. Ltd. 387 0.10
134 Meritz Securities Co. Ltd. 112 0.03 3 SK Gas Co. Ltd. 117 0.03
2 Mi Chang Oil Industrial Co. Ltd. 72 0.02 16 SK Holdings Co. Ltd. 1,134 0.31
14 Mirae Asset Securities Co. Ltd. 565 0.15 45 SK Networks Co. Ltd. 388 0.10
2 Moorim P&P Co. Ltd. 11 – 13 SKC Co. Ltd. 263 0.07
13 Moorim Paper Co. Ltd. 87 0.02 2 SL Corp. 20 0.01
25

% of % of
Value Net Value Net
Korea, Republic Of - 12.32% (continued) Malaysia - 5.67% (continued)
9 Songwon Industrial Co. Ltd. 77 0.02 427 EON Capital Bhd 889 0.24
22 Ssangyong Cement Industrial Co. Ltd. 99 0.03 148 Esso Malaysia Bhd 108 0.03
14 STX Corp. Co. Ltd. 182 0.05 195 Evergreen Fibreboard Bhd 80 0.02
6 STX Engine Co. Ltd. 97 0.03 266 General Corp. Bhd 126 0.03
28 STX Offshore & Shipbuilding Co. Ltd. 238 0.07 197 Glomac Bhd 70 0.02
62 STX Pan Ocean Co. Ltd. 589 0.16 533 Goldis Bhd 209 0.06
8 Suheung Capsule Co. Ltd. 44 0.01 258 Green Packet Bhd 78 0.02
1 Sung Bo Chemicals Co. Ltd. 15 – 535 GuocoLand Malaysia Bhd 151 0.04
1 Sungchang Enterprise Holdings Ltd. 8 – 268 HAP Seng Consolidated Bhd 227 0.06
13 Sungshin Cement Co. Ltd. 44 0.01 38 Hong Leong Financial Group Bhd 91 0.02
1 Sunjin Co. Ltd. 38 0.01 183 Hong Leong Industries Bhd 241 0.06
20 Tae Kyung Industrial Co. Ltd. 77 0.02 777 Hubline Bhd 40 0.01
– Taekwang Industrial Co. Ltd. 139 0.04 69 Hunza Properties Bhd 26 0.01
20 TaeYoung Engineering & Construction Co. Ltd. 68 0.02 236 Hwangdbs Malaysia Bhd 108 0.03
15 Taihan Electric Wire Co. Ltd. 114 0.03 1,067 IGB Corp. Bhd 531 0.14
28 Tailim Packaging Industrial Co. Ltd. 30 0.01 1,090 IJM Corp. Bhd 1,524 0.41
5 Telcoware Co. Ltd. 31 0.01 362 IJM Land Bhd 239 0.06
3 The Basic House Co. Ltd. 21 0.01 450 Insas Bhd 69 0.02
45 Tong Yang Securities, Inc. 309 0.08 227 JAKS Resources Bhd 47 0.01
1 TS Corp. 51 0.01 33 Jaya Tiasa Holdings Bhd 30 0.01
6 Uangel Corp. 26 0.01 69 Jerneh Asia Bhd 62 0.02
2 UNID Co. Ltd. 70 0.02 770 K&N Kenanga Holdings Bhd 192 0.05
2 Union Steel Co. Ltd. 32 0.01 190 Keck Seng Malaysia Bhd 281 0.08
15 Woongjin Holdings Co. Ltd. 126 0.03 451 Kian Joo Can Factory Bhd 164 0.05
6 Woori Financial Co. Ltd. 46 0.01 407 Kinsteel Bhd 102 0.03
71 Woori Investment & Securities Co. Ltd. 870 0.23 566 KLCC Property Holdings Bhd 498 0.13
3 YESCO Co. Ltd. 69 0.02 302 KSL Holdings Bhd 118 0.03
10 Youlchon Chemical Co. Ltd. 73 0.02 445 KUB Malaysia Bhd 67 0.02
– Young Poong Corp. 177 0.05 209 Kulim Malaysia Bhd 465 0.13
13 Youngone Corp. 96 0.03 193 Kumpulan Perangsang Selangor Bhd 73 0.02
4 Youngone Holdings Co. Ltd. 93 0.02 71 Kwantas Corp. Bhd 37 0.01
7 YuHwa Securities Co. Ltd. 83 0.02 190 Landmarks Bhd 63 0.02
45,498 12.32 317 Leader Universal Holdings Bhd 82 0.02
Malaysia - 5.67% 520 Lien Hoe Corp. Bhd 38 0.01
328 A&M Realty Bhd 58 0.02 30 Lingui Development Bhd 10 –
468 Affin Holdings Bhd 410 0.11 1,002 Lion Corp. Bhd 90 0.02
1,241 AirAsia Bhd 440 0.12 498 Lion Diversified Holdings Bhd 61 0.02
906 Alliance Financial Group Bhd 756 0.20 549 Lion Industries Corp. Bhd 250 0.07
106 AMDB Bhd 13 – 18 Mah Sing Group Bhd 9 –
171 Ann Joo Resources Bhd 126 0.03 330 Malaysia Airports Holdings Bhd 496 0.13
101 APM Automotive Holdings Bhd 129 0.04 229 Malaysia Building Society Bhd 72 0.02
549 Bandar Raya Developments Bhd 258 0.07 164 MEASAT Global Bhd 160 0.04
134 Batu Kawan Bhd 427 0.11 183 Mega First Corp. Bhd 89 0.02
644 Berjaya Assets BHD 98 0.02 226 Metro Kajang Holdings Bhd 82 0.02
1,378 Berjaya Corp. Bhd 623 0.17 156 MK Land Holdings Bhd 14 –
34 Berjaya Media Bhd 7 – 523 MMC Corp. Bhd 390 0.11
110 BIMB Holdings Bhd 40 0.01 357 Muhibbah Engineering M Bhd 96 0.03
238 Bolton Bhd 53 0.01 2,048 Mulpha International Bhd 283 0.08
414 Boustead Holdings Bhd 431 0.12 863 Multi-Purpose Holdings Bhd 516 0.14
365 Cahya Mata Sarawak Bhd 249 0.07 6 Naim Holdings Bhd 5 –
15 CB Industrial Product Holding Bhd 13 0.01 19 NCB Holdings Bhd 18 –
51 Chemical Co. of Malaysia Bhd 33 0.01 690 Oriental Holdings Bhd 1,155 0.31
162 CSC Steel Holdings Bhd 88 0.02 505 OSK Holdings Bhd 196 0.05
261 Daiman Development Bhd 125 0.03 390 Pan Malaysia Corp. Bhd 15 0.01
218 Dijaya Corp. Bhd 65 0.02 59 Panasonic Manufacturing Malaysia Bhd 304 0.08
203 DNP Holdings Bhd 77 0.02 80 Paramount Corp. Bhd 85 0.02
900 DRB-Hicom Bhd 282 0.08 176 Pelikan International Corp. Bhd 57 0.02
180 Eastern & Oriental Bhd 48 0.01 368 Permaju Industries Bhd 37 0.01
134 Eastern Pacific Indusrial Corp. Bhd 68 0.02 18 Pie Industrial Bhd 22 0.01
1,376 ECM Libra Financial Group Bhd 264 0.07 436 PJ Development Holdings Bhd 93 0.02
57 Encorp Bhd 18 – 46 POS Malaysia Bhd 37 0.01
26

% of % of
Value Net Value Net
Malaysia - 5.67% (continued) Mexico - 4.81% (continued)
230 Protasco Bhd 72 0.02 84 Grupo Simec SAB de CV 208 0.06
354 Proton Holdings Bhd 487 0.13 161 Industrias CH SAB de CV 573 0.16
16 QSR Brands Bhd 17 – 58 Maxcom Telecomunicaciones SAB de CV 36 0.01
365 RCE Capital Bhd 69 0.02 778 Organizacion Soriana SAB de CV, Class B 2,082 0.56
233 Scientex Bhd 97 0.03 39 Qualitas Compania de Seguros S.A. de CV 25 0.01
872 Scomi Group Bhd 108 0.03 195 Sare Holding SAB de CV, Class B 48 0.01
683 Selangor Dredging Bhd 108 0.03 424 Urbi Desarrollos Urbanos SAB de CV 825 0.22
202 Shangri-La Hotels Bhd 127 0.03 432 Vitro SAB de CV 373 0.10
439 SHL Consolidated Bhd 137 0.04 17,815 4.81
406 Sino Hua-An International Bhd 43 0.01 Philippines - 1.25%
159 Southern Steel Bhd 92 0.02 384 Banco de Oro Unibank, Inc. 357 0.10
164 SPK Sentosa Corp. Bhd 16 – 5,430 Belle Corp. 214 0.06
192 Sunrise Bhd 107 0.03 1,828 Benpres Holdings Corp. 142 0.04
176 Sunway City Bhd 195 0.05 1,182 DMCI Holdings, Inc. 397 0.11
232 Sunway Holdings Bhd 102 0.03 6,270 Empire East Land Holdings, Inc. 56 0.01
155 Suria Capital Holdings Bhd 66 0.02 275 Filinvest Development Corp. 12 –
1,389 TA Enterprise Bhd 268 0.07 13,536 Filinvest Land, Inc. 270 0.07
1,044 TA Global Bhd 115 0.03 292 First Philippine Holdings Corp. 353 0.10
387 TAN Chong Motor Holdings Bhd 463 0.12 42 Ginebra San Miguel, Inc. 29 0.01
187 TDM Bhd 100 0.03 11,722 Megaworld Corp. 320 0.09
407 Tebrau Teguh Bhd 77 0.02 623 Metropolitan Bank & Trust Co. 762 0.21
9 TH Plantations Bhd 4 – 242 Philippine National Bank 149 0.04
1,203 Time dotCom Bhd 148 0.04 348 Rizal Commercial Banking Corp. 139 0.04
403 Titan Chemicals Corp. 147 0.04 449 Robinsons Land Corp. 131 0.04
34 Tradewinds Malaysia Bhd 29 0.01 85 Security Bank Corp. 114 0.03
173 TRC Synergy Bhd 53 0.01 1,340 SM Development Corp. 180 0.05
137 Unico-Desa Plantations Bhd 39 0.01 303 Union Bank of Philippines 262 0.07
474 Unisem M Bhd 401 0.11 1,084 Universal Robina Corp. 575 0.15
56 United Malacca Bhd 135 0.04 2,708 Vista Land & Lifescapes, Inc. 94 0.03
109 VS Industry Bhd 39 0.01 4,556 1.25
438 WTK Holdings Bhd 153 0.04
105 Yi-Lai Bhd 26 0.01 Poland - 3.14%
288 YNH Property Bhd 126 0.03 62 Agora S.A. 484 0.13
273 Zelan Bhd 41 0.01 3 Amica S.A. 30 0.01
21,174 5.67 61 Asseco Poland S.A. 1,031 0.28
19 ATM S.A. 51 0.01
Mexico - 4.81% 33 Bank Handlowy w Warszawie S.A. 732 0.20
280 Alfa SAB de CV, Class A 1,910 0.51 341 Bank Millennium S.A. 482 0.13
203 Alsea SAB de CV 200 0.05 2,095 Bioton S.A. 126 0.04
421 Axtel SAB de CV 236 0.06 17 Bomi S.A. 71 0.02
145 Bolsa Mexicana de Valores SA de CV 216 0.06 65 Boryszew S.A. 38 0.01
145 Carso Infraestructura Y Construccion 79 0.02 17 Ciech S.A. 132 0.04
802 Consorcio Ara SAB de CV 493 0.13 3 ComArch S.A. 70 0.02
148 Controladora Comercial Mexicana SAB de CV 137 0.04 6 Dom Development S.A. 95 0.03
389 Corporacion Geo SAB de CV 1,075 0.29 125 Dom Maklerski IDMSA 90 0.02
39 Desarrolladora Homex SAB de CV 169 0.05 339 Echo Investment S.A. 435 0.12
114 Dine SAB de CV 57 0.02 7 Emperia Holding S.A. 188 0.05
128 Embotelladoras Arca SAB de CV 437 0.12 40 Energomontaz Poludnie S.A. 50 0.01
517 Empresas ICA SAB de CV 1,207 0.33 15 Fabryki Mebli Forte S.A. 69 0.02
121 Gruma SAB de CV, Class B 185 0.05 110 Famur S.A., Class B 69 0.02
162 Grupo Aeroportuario del Centro Norte SAB de 1 Farmacol S.A. 15 –
CV 269 0.07 8 Firma Oponiarska Debica S.A. 162 0.04
439 Grupo Aeroportuario del Pacifico SAB de CV, 10 Gant Development S.A. 70 0.02
Class B 1,488 0.40 14 Grupa Kety S.A. 457 0.12
183 Grupo Aeroportuario del Sureste SAB de CV, 70 Grupa Lotos S.A. 667 0.18
Class B 930 0.25 111 Impexmetal S.A. 129 0.03
81 Grupo Carso SAB de CV 271 0.07 3 Koelner S.A. 12 –
47 Grupo Cementos de Chihuahua SAB de CV 155 0.04 25 Kopex S.A. 141 0.04
126 Grupo Famsa SAB de CV, Class A 212 0.06 31 Kredyt Bank S.A. 148 0.04
885 Grupo Financiero Banorte SAB de CV, Class O 3,406 0.92 227 LC Corp. S.A. 104 0.03
317 Grupo Industrial Saltillo SAB de CV 260 0.07 37 MCI Management S.A. 78 0.02
223 Grupo Kuo SAB de CV 253 0.07
27

% of % of
Value Net Value Net
Poland - 3.14% (continued) South Africa - 10.50% (continued)
5 Mercor S.A. 27 0.01 278 Metair Investments Ltd. 302 0.08
33 MNI S.A. 35 0.01 518 Metorex Ltd. 244 0.07
157 Netia S.A. 228 0.06 563 Metropolitan Holdings Ltd. 1,181 0.32
34 Orbis S.A. 389 0.10 143 Mondi Ltd. 902 0.24
2 Pol-Aqua S.A. 8 – 417 Mvelaphanda Group Ltd. 450 0.12
11 Polnord S.A. 122 0.03 465 Nampak Ltd. 1,090 0.29
5 Polska Grupa Farmaceutyczna S.A. 56 0.02 114 Northam Platinum Ltd. 708 0.19
330 Polski Koncern Naftowy Orlen S.A. 3,770 1.02 42 Omnia Holdings Ltd. 341 0.09
95 Stalexport Autostrady S.A. 45 0.01 7 Palabora Mining Co. Ltd. 94 0.03
15 Sygnity S.A. 70 0.02 160 Peregrine Holdings Ltd. 249 0.07
739 Synthos S.A. 411 0.11 66 Pioneer Foods Ltd. 341 0.09
28 Vistula Group S.A. 24 0.01 158 PSG Group Ltd. 530 0.14
7 Zaklady Azotowe Pulawy S.A. 128 0.03 89 Rainbow Chicken Ltd. 182 0.05
16 Zaklady Azotowe w Tarnowie-Moscicach S.A. 76 0.02 567 Sappi Ltd. 2,149 0.58
16 Zaklady Chemiczne Police S.A. 27 0.01 184 Sentula Mining Ltd. 56 0.01
11,642 3.14 482 Simmer & Jack Mines Ltd. 78 0.02
South Africa - 10.50% 24 Spur Corp. Ltd. 38 0.01
16 Adcorp Holdings Ltd. 55 0.02 12 Stefanutti Stocks Holdings Ltd. 18 –
122 AECI Ltd. 1,114 0.30 1,153 Steinhoff International Holdings Ltd. 2,969 0.80
356 AFGRI Ltd. 282 0.08 1,980 Super Group Ltd. 161 0.04
703 African Bank Investments Ltd. 2,933 0.79 24 Telkom S.A. Ltd. 116 0.03
85 African Oxygen Ltd. 248 0.07 88 Tongaat Hulett Ltd. 1,121 0.30
89 African Rainbow Minerals Ltd. 2,026 0.55 96 Trans Hex Group Ltd. 51 0.01
48 Allied Electronics Corp. Ltd. 159 0.04 111 Trencor Ltd. 483 0.13
3 Allied Technologies Ltd. 27 0.01 117 Value Group Ltd. 53 0.01
99 Argent Industrial Ltd. 111 0.03 153 Wesizwe Platinum Ltd. 44 0.01
13 Argility Ltd. – – 204 Zeder Investments Ltd. 50 0.01
771 AST Group Ltd. 82 0.02 39,064 10.50
6 Astral Foods Ltd. 94 0.02 Taiwan - 12.07%
394 Aveng Ltd. 1,878 0.51 236 AcBel Polytech, Inc. 156 0.04
301 AVI Ltd. 919 0.25 261 Accton Technology Corp. 126 0.03
115 Avusa Ltd. 291 0.08 282 ACHEM Technology Corp. 126 0.03
208 Barloworld Ltd. 1,249 0.34 36 Advanced Semiconductor Engineering, Inc. 30 0.01
36 Bell Equipment Ltd. 47 0.01 36 Advancetek Enterprise Co. Ltd. 21 0.01
162 Blue Label Telecoms Ltd. 110 0.03 298 AGV Products Corp. 103 0.03
42 Brait S.A. 125 0.03 105 Allis Electric Co. Ltd. 36 0.01
156 Caxton and CTP Publishers and Printers Ltd. 267 0.07 63 Arima Communications Corp. 21 0.01
– Ceramic Industries Ltd. 7 – 590 Asia Cement Corp. 507 0.14
371 Cipla Medpro South Africa Ltd. 260 0.07 16 Asia Optical Co., Inc. 24 –
34 Coronation Fund Managers Ltd. 47 0.01 129 Asia Polymer Corp. 109 0.03
29 Datacentrix Holdings Ltd. 15 0.01 121 Asia Vital Components Co. Ltd. 143 0.04
240 DataTec Ltd. 1,111 0.30 28 Aurora Systems Corp. 19 0.01
218 Discovery Holdings Ltd. 1,000 0.27 76 Avision, Inc. 57 0.02
314 DRDGOLD Ltd. 143 0.04 239 Bank of Kaohsiung 76 0.02
54 Exxaro Resources Ltd. 778 0.21 903 BES Engineering Corp. 201 0.05
39 Freeworld Coatings Ltd. 53 0.01 41 Biostar Microtech International Corp. 27 0.01
15 Gold Reef Resorts Ltd. 33 0.01 78 C Sun Manufacturing Ltd. 47 0.01
376 Grindrod Ltd. 738 0.20 46 Cameo Communications, Inc. 24 0.01
86 Group Five Ltd. 396 0.11 445 Capital Securities Corp. 189 0.05
154 Harmony Gold Mining Co. Ltd., ADR 1,488 0.40 283 Carnival Industrial Corp. 89 0.02
34 Hudaco Industries Ltd. 309 0.08 96 Cathay Chemical Works, Inc. 33 0.01
56 Hulamin Ltd. 77 0.02 617 Cathay Real Estate Development Co. Ltd. 222 0.06
125 Iliad Africa Ltd. 135 0.04 84 Central Reinsurance Co. Ltd. 42 0.01
190 Illovo Sugar Ltd. 757 0.20 177 Champion Building Materials Co. Ltd. 129 0.03
169 Imperial Holdings Ltd. 2,151 0.58 2,861 Chang Hwa Commercial Bank 1,132 0.30
154 JD Group Ltd. 829 0.22 91 Charoen Pokphand Enterprise Co. Ltd. 42 0.01
151 Kap International Holdings Ltd. 46 0.01 438 Cheng Loong Corp. 156 0.04
97 Lewis Group Ltd. 745 0.20 128 Cheng Uei Precision Industry Co. Ltd. 199 0.05
108 Liberty Holdings Ltd. 1,019 0.27 372 Chia Hsin Cement Corp. 152 0.04
177 Medi-Clinic Corp. Ltd. 624 0.17 33 Chien Kuo Construction Co. Ltd. 18 0.01
1,338 Merafe Resources Ltd. 285 0.08 126 Chien Shing Stainless Steel Co. Ltd. 27 0.01
28

% of % of
Value Net Value Net
Taiwan - 12.07% (continued) Taiwan - 12.07% (continued)
918 China Airlines Ltd. 406 0.11 1 Great Wall Enterprise Co. Ltd., Class H 1 –
690 China Bills Finance Corp. 196 0.05 74 Greatek Electronics, Inc. 74 0.02
125 China Chemical & Pharmaceutical Co. Ltd. 75 0.02 35 GTM Corp. 21 0.01
4,997 China Development Financial Holding Corp. 1,271 0.34 77 Hannstar Board Corp. 60 0.02
283 China General Plastics Corp. 86 0.02 2,644 HannStar Display Corp. 499 0.13
111 China Glaze Co. Ltd. 89 0.02 393 Hey Song Corp. 276 0.07
474 China Manmade Fibers Corp. 141 0.04 2 Hitron Technology, Inc. 1 –
28 China Metal Products Co. Ltd. 35 0.01 366 Ho Tung Chemical Corp. 173 0.05
465 China Motor Corp. 276 0.07 222 Hocheng Group Corp. 73 0.02
961 China Petrochemical Development Corp. 445 0.12 158 Hold-Key Electric Wire & Cable Co. Ltd. 78 0.02
93 China Steel Structure Co. Ltd. 65 0.02 12 Holiday Entertainment Co. Ltd. 10 –
257 China Synthetic Rubber Corp. 256 0.07 157 HONG TAI Electric Industrial Co. Ltd. 62 0.02
195 China Wire & Cable Co. Ltd. 61 0.02 80 Hsin Kuang Steel Co. Ltd. 65 0.02
120 Chin-Poon Industrial Co. Ltd. 85 0.02 217 Hsing TA Cement Co. Ltd. 65 0.02
207 Chun YU Works & Co. Ltd. 63 0.02 391 HUA ENG Wire & Cable 127 0.03
334 Chun Yuan Steel Industry Co. Ltd. 130 0.04 138 Hung Ching Development Co. 72 0.02
228 Chung Hsin Electric & Machinery Manufacturing 73 Hung Poo Real Estate Development Corp. 93 0.02
Corp. 125 0.03 288 Hung Sheng Construction Co. Ltd. 148 0.04
274 Chung Hwa Pulp Corp. 117 0.03 131 Hwa Fong Rubber Co. Ltd. 50 0.01
5,796 Chunghwa Picture Tubes Ltd. 374 0.10 232 Ichia Technologies, Inc. 99 0.03
1,931 CMC Magnetics Corp. 486 0.13 4 Inventec Appliances Corp. 3 –
57 Collins Co. Ltd. 24 0.01 1,235 Inventec Co. Ltd. 668 0.18
731 Compeq Manufacturing Co. Ltd. 184 0.05 141 Kang Na Hsiung Enterprise Co. Ltd. 82 0.02
319 Continental Holdings Corp. 115 0.03 44 Kao Hsing Chang Iron & Steel Corp. 11 –
41 Cosmos Bank Taiwan 7 – 105 Kindom Construction Co. Ltd. 69 0.02
59 Darfon Electronics Corp. 65 0.02 555 King Yuan Electronics Co. Ltd. 237 0.06
127 Delpha Construction Co. Ltd. 51 0.01 518 King's Town Bank 138 0.04
14 Depo Auto Parts Industrial Co. Ltd. 33 0.01 986 Kinpo Electronics, Inc. 267 0.07
19 DFI, Inc. 19 – 76 Kuoyang Construction Co. Ltd. 46 0.01
298 D-Link Corp. 234 0.06 185 Kwong Fong Industries Corp. 46 0.01
77 Dynamic Electronics Co. Ltd. 62 0.02 56 L&K Engineering Co. Ltd. 52 0.01
2,217 E.Sun Financial Holding Co. Ltd. 874 0.24 195 LAN FA Textile Co. Ltd. 58 0.02
577 Eastern Media International Corp. 156 0.04 179 Lead Data, Inc. 37 0.01
103 Eclat Textile Co. Ltd. 62 0.02 532 Lealea Enterprise Co. Ltd. 190 0.05
103 Edom Technology Co. Ltd. 55 0.01 129 LEE Chang Yung Chemical Industry Corp. 151 0.04
541 Elitegroup Computer Systems Co. Ltd. 184 0.05 101 LEE CHI Enterprises Co. Ltd. 41 0.01
9 EnTie Commercial Bank 3 – 56 Lelon Electronics Corp. 30 0.01
130 Eternal Chemical Co. Ltd. 122 0.03 153 Leofoo Development Co. Ltd. 79 0.02
919 Eva Airways Corp. 512 0.14 436 Li Peng Enterprise Co. Ltd. 195 0.05
210 Everest Textile Co. Ltd. 38 0.01 396 Lien Hwa Industrial Corp. 192 0.05
331 Evergreen International Storage & Transport 195 Lingsen Precision Industries Ltd. 102 0.03
Corp. 237 0.06 150 LITE-ON IT Corp. 168 0.04
800 Evergreen Marine Corp. Taiwan Ltd. 458 0.12 66 Lite-On Semiconductor Corp. 36 0.01
55 Everlight Chemical Industrial Corp. 50 0.01 764 Lite-On Technology Corp. 869 0.23
40 Everspring Industry Co. Ltd. 14 – 151 Long Bon Development Co. Ltd. 59 0.02
418 Far Eastern Department Stores Co. Ltd. 340 0.09 262 Long Chen Paper Co. Ltd. 79 0.02
811 Far Eastern International Bank 242 0.06 192 Lucky Cement Corp. 43 0.01
260 Federal Corp. 154 0.04 2,089 Macronix International Co. Ltd. 1,353 0.36
174 First Copper Technology Co. Ltd. 71 0.02 206 Mercuries & Associates Ltd. 99 0.03
79 First Hotel 59 0.02 6 Merry Electronics Co. Ltd. 10 –
220 First Insurance Co. Ltd. 86 0.02 198 Microelectronics Technology, Inc. 101 0.03
357 Formosa Taffeta Co. Ltd. 251 0.07 693 Micro-Star International Co. Ltd. 368 0.10
14 Fullerton Technology Co. Ltd. 15 – 443 Mitac International Corp. 172 0.05
142 Fwusow Industry Co. Ltd. 50 0.01 165 Mosel Vitelic, Inc. 69 0.02
152 Getac Technology Corp. 92 0.02 27 Nantex Industry Co. Ltd. 18 –
376 Gigabyte Technology Co. Ltd. 383 0.10 109 Nanya Technology Corp. 88 0.02
289 Gold Circuit Electronics Ltd. 96 0.03 272 Nien Hsing Textile Co. Ltd. 147 0.04
746 Goldsun Development & Construction Co. Ltd. 310 0.08 111 Orient Semiconductor Electronics Ltd. 29 0.01
105 Gordon Auto Body Parts Co. Ltd. 39 0.01 180 Oriental Union Chemical Corp. 130 0.03
393 Grand Pacific Petrochemical Corp. 145 0.04 527 Pacific Construction Co. Ltd. 73 0.02
57 Great China Metal Industry Co. Ltd. 39 0.01 223 Phihong Technology Co. Ltd. 219 0.06
29

% of % of
Value Net Value Net
Taiwan - 12.07% (continued) Taiwan - 12.07% (continued)
41 Plotech Co. Ltd. 28 0.01 238 Taiwan Pulp & Paper Corp. 81 0.02
583 Polaris Securities Co. Ltd. 242 0.07 142 Taiwan Sakura Corp. 93 0.03
1,197 Pou Chen Corp. 908 0.24 77 Taiwan Sogo Shin Kong SEC 55 0.01
177 President Securities Corp. 87 0.02 281 Taiwan Styrene Monomer Corp. 109 0.03
417 Prince Housing Development Corp. 180 0.05 102 Taiwan Tea Corp. 55 0.02
47 Promate Electronic Co. Ltd. 37 0.01 61 Taiyen Biotech Co. Ltd. 36 0.01
918 Qisda Corp. 468 0.13 2,263 Tatung Co. Ltd. 414 0.11
119 Quintaim Steel Co. Ltd. 35 0.01 1,320 Teco Electric and Machinery Co. Ltd. 537 0.15
168 Radiant Opto-Electronics Corp. 227 0.06 172 Tecom Co. Ltd. 49 0.01
205 Radium Life Tech Co. Ltd. 163 0.04 296 Test-Rite International Co. Ltd. 164 0.04
41 Ralec Electronic Corp. 84 0.02 84 The Ambassador Hotel 86 0.02
103 Rechi Precision Co. Ltd. 41 0.01 570 Ton Yi Industrial Corp. 231 0.06
154 Rexon Industrial Corp. Ltd. 58 0.01 23 Tong-Tai Machine & Tool Co. Ltd. 21 0.01
1,751 Ritek Corp. 444 0.12 20 Tsann Kuen Enterprise Co. Ltd. 38 0.01
693 Sampo Corp. 93 0.03 138 TYC Brother Industrial Co. Ltd. 86 0.02
498 Sanyang Industrial Co. Ltd. 177 0.05 333 Tycoons Group Enterprise Co. Ltd. 59 0.02
89 Sheng Yu Steel Co. Ltd. 60 0.02 102 TZE Shin International Co. Ltd. 39 0.01
228 Shihlin Electric & Engineering Corp. 256 0.07 604 Unimicron Technology Corp. 857 0.23
2,569 Shin Kong Financial Holding Co. Ltd. 864 0.23 802 Union Bank of Taiwan 138 0.04
172 Shinkong Insurance Co. Ltd. 152 0.04 86 Unitech Computer Co. Ltd. 49 0.01
725 Shinkong Synthetic Fibers Corp. 231 0.06 210 Unitech Printed Circuit Board Corp. 69 0.02
181 Sigurd Microelectronics Corp. 134 0.04 142 United Integrated Services Co. Ltd. 128 0.03
409 Silicon Integrated Systems Corp. 232 0.06 440 Universal Cement Corp. 190 0.05
48 Sinbon Electronics Co. Ltd. 34 0.01 68 Universal Microelectronics Co. Ltd. 36 0.01
249 Sinon Corp. 99 0.03 453 UPC Technology Corp. 247 0.07
2,891 SinoPac Financial Holdings Co. Ltd. 860 0.23 413 USI Corp. 262 0.07
– Sintek Photronic Corp. – – 114 U-Tech Media Corp. 47 0.01
63 Siward Crystal Technology Co. Ltd. 26 0.01 117 Ve Wong Corp. 84 0.02
74 Solomon Technology Corp. 30 0.01 1 Via Technologies, Inc. 1 –
206 Southeast Cement Co. Ltd. 69 0.02 8 Wah Lee Industrial Corp. 11 –
58 Spirox Corp. 42 0.01 1,558 Walsin Lihwa Corp. 561 0.15
154 Springsoft, Inc. 139 0.04 400 Walsin Technology Corp. 221 0.06
30 Star Travel Taiwan Co. Ltd. 24 0.01 50 Walton Advanced Engineering, Inc. 22 0.01
69 Stark Technology, Inc. 65 0.02 796 Wan Hai Lines Ltd. 435 0.12
174 Sunplus Technology Co. Ltd. 132 0.03 1,411 Waterland Financial Holding Co. Ltd. 417 0.11
256 T JOIN Transportation Co. Ltd. 185 0.05 190 WEI Chih Steel Industrial Co. Ltd. 43 0.01
21 TA Chen Stainless Pipe Co. Ltd. 13 – 37 Weikeng Industrial Co. Ltd. 25 0.01
1,209 Ta Chong Bank Co. Ltd. 230 0.06 45 Wellypower Optronics Corp. 41 0.01
261 Ta Ya Electric Wire & Cable Co. Ltd. 65 0.02 1,960 Winbond Electronics Corp. 497 0.13
114 Tah Hsin Industrial Co. Ltd. 81 0.02 595 Wintek Corp. 413 0.11
9 TA-I Technology Co. Ltd. 10 – 35 Wistron NeWeb Corp. 63 0.02
694 Taichung Commercial Bank Co. Ltd. 172 0.05 61 WT Microelectronics Co. Ltd. 65 0.02
4 Tainan Enterprises Co. Ltd. 4 – 258 WUS Printed Circuit Co. Ltd. 98 0.03
754 Tainan Spinning Co. Ltd. 305 0.08 1,419 Yageo Corp. 615 0.17
2,576 Taishin Financial Holdings Co. Ltd. 907 0.24 940 Yang Ming Marine Transport Corp. 385 0.10
196 Taisun Enterprise Co. Ltd. 80 0.02 79 Yeun Chyang Industrial Co. Ltd. 53 0.01
165 Taita Chemical Co. Ltd. 54 0.01 606 Yieh Phui Enterprise Co. Ltd. 216 0.06
20 Taiwan Acceptance Corp. 24 0.01 187 Yosun Industrial Corp. 281 0.08
1,319 Taiwan Business Bank 330 0.09 802 Yuen Foong Yu Paper Manufacturing Co. Ltd. 292 0.08
1,151 Taiwan Cement Corp. 971 0.26 619 Yulon Motor Co. Ltd. 616 0.17
144 Taiwan Cogeneration Corp. 75 0.02 250 Yungtay Engineering Co. Ltd. 217 0.06
99 Taiwan Cooperative Bank 57 0.02 50 Zenitron Corp. 31 0.01
178 Taiwan Fluorescent Lamp Co. Ltd. 17 – 345 Zig Sheng Industrial Co. Ltd. 153 0.04
113 Taiwan Fu Hsing Industrial Co. Ltd. 70 0.02 142 Zyxel Communications Corp. 87 0.02
565 Taiwan Glass Industrial Corp. 508 0.14 45,066 12.07
91 Taiwan International Securities Corp. 25 0.01 Thailand - 3.21%
106 Taiwan Kai Yih Industrial Co. Ltd. 99 0.03 559 Asia Plus Securities PCL 29 0.01
191 Taiwan Kolin Co. Ltd. – – 616 Asian Property Development PCL 88 0.02
132 Taiwan Mask Corp. 45 0.01 478 Bangchak Petroleum PCL 197 0.05
48 Taiwan Nano Electro-Optical Technology Co. 397 Bangkok Expressway PCL 219 0.06
Ltd. 32 0.01 6,495 Bangkokland PCL 94 0.03
30

% of % of
Value Net Value Net
Thailand - 3.21% (continued) Turkey - 3.44% (continued)
1,731 Bank of Ayudhya PCL NVDR 962 0.26 4 Borusan Mannesmann Boru Sanayi ve Ticaret
1,905 CalComp Electronics Thailand PCL, Class F 172 0.05 A/S 37 0.01
1,150 Central Plaza Hotel PCL 135 0.04 – Cemtas Celik Makina Sanayi ve Ticaret A/S – –
2,743 Charoen Pokphand Foods PCL 1,466 0.39 53 Cimsa Cimento Sanayi ve Ticaret A/S 253 0.07
427 Delta Electronics Thai PCL 266 0.07 – Dentas Ambalaj ve Kagit Sanayii A/S – –
179 Eastern Water Resources Development and 47 Deva Holding A/S 84 0.02
Management PCL, Class F 25 – 56 Dogan Gazetecilik A/S 106 0.03
13,000 G J Steel PCL 68 0.02 1,004 Dogan Sirketler Grubu Holding A/S 730 0.20
2,566 G Steel PCL 30 0.01 284 Dogan Yayin Holding A/S 255 0.07
234 Hana Microelectronics PCL 172 0.05 47 Dogus Otomotiv Servis ve Ticaret A/S 215 0.06
8,881 Hemaraj Land and Development PCL 243 0.07 253 Eczacibasi Ilac Sanayi ve Ticaret A/S 378 0.10
6,085 IRPC PCL 807 0.22 339 Eregli Demir ve Celik Fabrikalari TAS 913 0.25
1,327 Italian-Thai Development PCL 104 0.03 28 Finans Finansal Kiralama A/S 60 0.02
680 Jasmine International PCL 9 – – Gentas Genel Metal Sanayi ve Ticaret A/S – –
217 Kiatnakin Bank PCL 170 0.05 290 Global Yatirim Holding A/S 129 0.03
151 Kim Eng Securities Thailand PCL 50 0.01 1 Goltas Cimento A/S 29 0.01
933 Krung Thai Bank PCL 301 0.08 8 Goodyear Lastikleri Turk A/S 75 0.02
3,062 Loxley PCL 150 0.04 462 GSD Holding A/S 350 0.09
203 Major Cineplex Group PCL 52 0.02 25 Gunes Sigorta A/S 30 0.01
95 MBK PCL 232 0.06 49 Haci Omer Sabanci Holding A/S 203 0.05
300 Polyplex PCL 69 0.02 212 Hurriyet Gazetecilik A/S 192 0.05
434 Precious Shipping PCL 241 0.07 194 Ihlas Holding A/S 82 0.02
838 PTT Aromatics & Refining PCL 669 0.18 9 Is Yatirim Menkul Degerler A/S 19 0.01
1,809 Quality House PCL 110 0.03 21 Isiklar Yatirim Holding A/S 23 0.01
124 Regional Container Lines PCL – – 49 Izmir Demir Celik Sanayi A/S 69 0.02
494 Regional Container Lines PCL 181 0.05 80 Kardemir Karabuk Demir Celik Sanayi ve Ticaret
330 Saha-Union PCL 297 0.08 A/S, Class A 49 0.01
6,490 Sahaviriya Steel Industries PCL 307 0.08 46 Karsan Otomotiv Sanayi ve Ticaret AS 45 0.01
300 Samart Corp. PCL 49 0.01 1 Konya Cimento Sanayii A/S 102 0.03
1,022 Sansiri PCL 143 0.04 50 Marmaris Otel Isletmeleri A/S 40 0.01
50 Serm Suk PCL 46 0.01 – Menderes Tekstil Sanayi ve Ticaret A/S – –
438 Siam City Bank PCL 431 0.12 166 Net Turizm Ticaret ve Sanayi A/S 111 0.03
314 Sino Thai Engineering & Construction PCL 48 0.01 6 Nortel Networks Netas Telekomunikasyon A/S 214 0.06
2,556 Tata Steel Thailand PCL 127 0.03 16 Park Elektrik Madencilik Sanayi ve Ticaret A/S 27 0.01
577 Thai Oil PCL 762 0.20 57 Petkim Petrokimya Holding A/S 390 0.11
388 Thai Plastic & Chemical PCL 212 0.06 21 Pinar Entegre et v un Sanayii A/S 77 0.02
633 Thaicom PCL 98 0.03 35 Pinar SUT Mamulleri Sanayii A/S 187 0.05
765 Thanachart Capital PCL 550 0.15 59 Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret
302 Thoresen Thai Agencies PCL 216 0.06 A/S 116 0.03
211 Tisco Financial Group PCL 154 0.04 161 Sekerbank TAS 227 0.06
6,103 TMB Bank PCL 247 0.07 88 Selcuk Ecza Depuso Ticaret Ve Sanayi A/S 131 0.04
669 Total Access Communication PCL NVDR 653 0.18 112 Tekfen Holding A/S 340 0.09
757 TPI Polene PCL, Class B 190 0.05 118 Tekstil Bankasi A/S 83 0.02
11,841 3.21 305 Trakya Cam Sanayi A/S 441 0.12
Turkey - 3.44% 15 Turcas Petrolculuk A/S 49 0.01
22 Adana Cimento, Class A 67 0.02 187 Turk Ekonomi Bankasi A/S 254 0.07
– Adana Cimento, Class C – – 297 Turk Hava Yollari A.O. 840 0.23
– Akal Tekstil Sanayii A/S – – 496 Turk Sise ve Cam Fabrikalari A/S 569 0.15
33 Akcansa Cimento A/S 142 0.04 5 Turk Traktor ve Ziraat Makineleri AS 39 0.01
84 Aksa Akrilik Kimya Sanayii A/S 132 0.03 249 Turkiye Sinai Kalkinma Bankasi A/S 281 0.08
207 Aksigorta A/S 240 0.06 330 Turkiye Vakiflar Bankasi Tao, Class D 711 0.19
95 Alarko Holding A/S 211 0.06 72 Ulker Biskuvi Sanayi A/S 159 0.04
16 Altinyildiz 81 0.02 47 Uzel Makina Sanayii A/S 23 0.01
79 Anadolu Cam Sanayii A/S 108 0.03 33 Vestel Beyaz Esya Sanayi ve Ticaret A/S 74 0.02
– Anadolu Isuzu Otomotiv Sanayi Ve Ticaret A/S, 219 Vestel Elektronik Sanayi ve Ticaret A/S 313 0.08
Class C – – 12,735 3.44
307 Anadolu Sigorta 229 0.06 Total Common Stock (Cost USD387,445) 358,903 96.73
170 Arcelik A/S 724 0.20 Preferred Stock - 3.34%
138 Aygaz A/S 507 0.14 Brazil - 3.34%
9 Baticim Bati Anadolu Cimento Sanayii A/S 42 0.01 11 Banco Alfa de Investimento S.A. 35 0.01
117 Bolu Cimento Sanayii A/S 128 0.03 31 Banco Pine S.A. 161 0.04
31

% of Analysis of Total Assets % of Total Assets

Value Net
Transferable securities admitted to an official exchange
(000's) Asset
listing or traded on a regulated market 99 .14%
Shares (000's) USD Value
Other Assets 0.86%
Preferred Stock - 3.34% (continued)
Brazil - 3.34% (continued) Total Assets 100 .00%
23 Banco Sofisa S.A. 50 0.02
2 Bardella S.A. Industrias Mecanicas 103 0.03
180 Braskem S.A., Class A 1,052 0.28
44 Cia Brasileira de Distribuicao Grupo Pao de
Acucar 1,357 0.36
72 Cia de Tecidos do Norte de Minas - Coteminas 175 0.05
172 Confab Industrial S.A. 394 0.11
8 Ferbasa-Ferro Ligas DA Bahia 48 0.01
4 Financeira Alfa S.A. 7 –
75 Forjas Taurus S.A. 178 0.05
16 Inepar S.A. Industria e Construcoes 48 0.01
382 Klabin S.A. 1,031 0.28
4 Mahle-Metal Leve S.A. Industria e Comercio 57 0.02
159 Marcopolo S.A. 705 0.19
59 NET Servicos de Comunicacao S.A. 591 0.16
138 Paranapanema S.A. 388 0.10
80 Randon Participacoes S.A. 411 0.11
27 Sao Paulo Alpargatas S.A. 91 0.02
14 Saraiva S.A. Livreiros Editores 249 0.07
204 Suzano Papel e Celulose S.A. 1,775 0.48
2 Telemar Norte Leste S.A., Class A 41 0.01
68 Ultrapar Participacoes S.A. 3,014 0.81
793 Uniao de Industrias Petroquimicas S.A., Class B 240 0.07
38 Universo Online S.A. 185 0.05
12,386 3.34
Total Preferred Stock (Cost USD9,376) 12,386 3.34
Rights - 0.01%
Brazil - 0.00%
2 Banco Sofisa S.A. – –
– Cia Brasileira de Distribuicao Grupo Pao de
Acucar, Class B – –
– Plascar Participacors Industriais S.A. – –
– –
China - 0.00%
102 TCC International Holdings Ltd. 4 –
4 –
Korea, Republic Of - 0.01%
3 Hanjin Shipping Co. Ltd. 19 0.01
19 0.01
Poland - 0.00%
114 Polski Koncern Miesny Duda S.A. 7 –
7 –
Total Rights (Cost USD–) 30 0.01
Warrant - 0.00%
China - 0.00%
190 HKC (Holdings) Ltd. – –
12 Hong Kong Energy Holdings Ltd. – –
– –
Total Warrant (Cost USD–) – –
Total Investments (Cost USD396,821) 371,319 100.08
Liabilities in Excess of Other Assets (306) (0.08)
Total Net Assets $371,013 100.00
- Amounts designated as "-" are either $0, less than $1,000 or less than
1,000 shares

32
European Value Fund

% of % of
Value Net Value Net
Shares (000's) EUR Value Shares (000's) EUR Value
Austria - 0.09% Germany - 14.82% (continued)
2 Erste Group Bank AG 53 0.09 76 Deutsche Telekom AG 688 1.20
53 0.09 1 Fraport AG Frankfurt Airport Services Worldwide 44 0.08
Belgium - 1.35% – Hannover Rueckversicherung AG 15 0.03
70 Ageas 146 0.25 3 HeidelbergCement AG 121 0.21
4 KBC Groupe NV 139 0.24 9 Muenchener Rueckversicherungs AG 884 1.55
1 Solvay S.A. 70 0.12 5 Salzgitter AG 265 0.46
16 UCB S.A. 419 0.74 4 Suedzucker AG 61 0.11
774 1.35 11 ThyssenKrupp AG 248 0.44
8,461 14.82
Denmark - 2.20%
– AP Moller - Maersk A/S, Class B 493 0.86 Greece - 0.28%
4 Carlsberg A/S, Class B 263 0.46 6 Alpha Bank A.E. 28 0.05
3 Danisco A/S 157 0.27 8 EFG Eurobank Ergasias S.A. 33 0.06
18 Danske Bank A/S 302 0.53 11 Hellenic Petroleum S.A. 65 0.11
1 Jyske Bank A/S 28 0.05 3 National Bank of Greece S.A. 33 0.06
– Rockwool International A/S, Class B 14 0.03 159 0.28
1,257 2.20 Ireland - 0.73%
Finland - 2.12% 23 CRH PLC 419 0.73
4 Fortum Oyj 81 0.14 419 0.73
3 Metso Oyj 87 0.15 Italy - 3.91%
10 Neste Oil Oyj 129 0.23 185 Banca Monte dei Paschi di Siena S.p.A. 166 0.29
5 Outokumpu Oyj 63 0.11 18 Banco Popolare SC 80 0.14
60 Stora Enso Oyj, Class R 361 0.63 2 Buzzi Unicem S.p.A. 21 0.04
47 UPM-Kymmene Oyj 490 0.86 32 Fiat S.p.A. 276 0.48
1,211 2.12 366 Intesa Sanpaolo S.p.A. 780 1.36
France - 15.61% 1 Italcementi S.p.A. 8 0.01
9 Air France-KLM 88 0.15 404 Telecom Italia S.p.A. 389 0.68
61 AXA S.A. 820 1.44 181 UniCredit Italiano S.p.A. 308 0.54
23 BNP Paribas S.A. 1,061 1.86 29 Unione di Banche Italiane SCPA 212 0.37
6 Cap Gemini S.A. 225 0.40 2,240 3.91
3 Casino Guichard Perrachon S.A. 182 0.32 Netherlands - 8.41%
9 Cie Generale de Geophysique-Veritas 158 0.28 63 Aegon NV 294 0.51
4 Cie Generale des Etablissements Michelin, Class B 228 0.40 11 Akzo Nobel NV 478 0.84
– Ciments Francais S.A. 31 0.06 61 ArcelorMittal 1,510 2.64
2 CNP Assurances 112 0.20 24 European Aeronautic Defence and Space Co. NV 387 0.68
27 Compagnie de St-Gobain 851 1.49 62 ING Groep NV 402 0.70
42 Credit Agricole S.A. 370 0.65 9 Koninklijke DSM NV 287 0.50
34 GDF Suez 868 1.52 48 Koninklijke Philips Electronics NV 1,179 2.06
34 Groupe Eurotunnel S.A. 216 0.38 43 STMicroelectronics NV 275 0.48
2 Lafarge S.A. 110 0.19 4,812 8.41
13 Lagardere SCA 348 0.61 Norway - 1.79%
41 Natixis 148 0.26 24 DnB NOR ASA 192 0.34
17 Peugeot S.A. 337 0.59 25 Marine Harvest ASA 16 0.03
5 Pinault - Printerps - Redoute 455 0.80 50 Norsk Hydro ASA 246 0.43
17 Renault S.A. 497 0.87 61 Orkla ASA 343 0.60
2 Rexel S.A. 27 0.05 16 Storebrand ASA 71 0.12
10 Safran S.A. 229 0.40 15 Telenor ASA 151 0.27
7 SCOR SE 103 0.18 1,019 1.79
10 Societe Generale 348 0.61
61 Vivendi S.A. 1,086 1.90 Portugal - 0.07%
8,898 15.61 3 Banco BPI S.A. 4 0.01
18 Banco Comercial Portugues S.A., Class R 11 0.02
Germany - 14.82% 7 Banco Espirito Santo S.A. 23 0.04
20 Allianz SE 1,580 2.77 38 0.07
23 Bayerische Motoren Werke AG 863 1.51
25 Commerzbank AG 143 0.25 Spain - 7.04%
60 Daimler AG 2,392 4.19 1 Acciona S.A. 72 0.12
18 Deutsche Bank AG 877 1.53 78 Banco Bilbao Vizcaya Argentaria S.A. 671 1.17
24 Deutsche Lufthansa AG 257 0.45 34 Banco de Sabadell S.A. 117 0.20
1 Deutsche Postbank AG 23 0.04 6 Banco Espanol de Credito S.A. 39 0.07

33
European Value Fund

% of % of
Value Net Value Net
Shares (000's) EUR Value Shares (000's) EUR Value
Spain - 7.04% (continued) United Kingdom - 23.85% (continued)
34 Banco Popular Espanol S.A. 142 0.25 11 Wolseley PLC 215 0.37
246 Banco Santander S.A. 2,065 3.61 55 Xstrata PLC 662 1.16
5 Criteria Caixacorp S.A. 18 0.03 13,631 23.85
4 EDP Renovaveis S.A. 20 0.04 Total Common Stock (Cost EUR72,232) 56,976 99.72
8 Iberdrola Renovables S.A. 20 0.03 Preferred Stock - 0.14%
52 Repsol YPF S.A. 870 1.52 Germany - 0.14%
4,034 7.04 2 Porsche Automobil Holding SE 79 0.14
Sweden - 5.21% 79 0.14
139 Nordea Bank AB 931 1.63 Total Preferred Stock (Cost EUR112) 79 0.14
63 Skandinaviska Enskilda Banken AB, Class A 266 0.47
9 SSAB AB, Class B 92 0.16 Total Investments (Cost EUR72,344) 57,055 99.86
19 SSAB Svenskt Stal AB, Class A 227 0.40
70 Svenska Cellulosa AB, Class B 664 1.16 Other Assets in Excess of Liabilities 82 0.14
23 Svenska Handelsbanken AB, Class A 448 0.78
Total Net Assets €57,137 100.00
25 Swedbank AB, Class A 182 0.32
13 Tele2 AB, Class B 158 0.28 - Amounts designated as "-" are either €0, less than €1,000 or less than
1 TeliaSonera AB 6 0.01 1,000 shares
2,974 5.21
Switzerland - 12.24%
Analysis of Total Assets % of Total Assets
8 Adecco S.A. 313 0.55
2 Baloise Holding AG 97 0.17 Transferable securities admitted to an official exchange
38 Credit Suisse Group AG 1,221 2.14 listing or traded on a regulated market 98 .86%
28 Holcim Ltd. 1,423 2.49 Other Assets 1.14%
51 Novartis AG 1,887 3.30 Total Assets 100 .00%
1 Swiss Life Holding AG 58 0.10
13 Swiss Reinsurance Co. Ltd. 420 0.73
60 UBS AG 649 1.14
6 Zurich Financial Services AG 928 1.62
6,996 12.24
United Kingdom - 23.85%
27 Associated British Foods PLC 305 0.53
124 Aviva PLC 467 0.82
286 Barclays PLC 1,028 1.80
69 BP PLC 403 0.70
58 British Airways PLC 136 0.24
18 Carnival PLC 560 0.98
12 EasyJet PLC 55 0.10
– HSBC Holdings PLC – –
116 International Power PLC 398 0.70
8 Investec PLC 49 0.09
135 J Sainsbury PLC 514 0.90
13 Kazakhmys PLC 178 0.31
249 Kingfisher PLC 655 1.15
296 Legal & General Group PLC 275 0.48
2 Mondi PLC 11 0.02
19 Old Mutual PLC 25 0.04
42 Pearson PLC 472 0.82
5 Resolution Ltd. 3 –
69 Rexam PLC 256 0.45
589 Royal Bank of Scotland Group PLC 324 0.57
100 Royal Dutch Shell PLC, Class B 2,068 3.62
148 RSA Insurance Group PLC 204 0.36
– Standard Chartered PLC – –
80 Standard Life PLC 171 0.30
46 Thomas Cook Group PLC 113 0.20
12 Travis Perkins PLC 109 0.19
1,938 Vodafone Group PLC 3,154 5.52
11 Whitbread PLC 175 0.30
207 WM Morrison Supermarkets PLC 646 1.13
34

% of % of
Value Net Value Net
Australia - 3.17% Australia - 3.17% (continued)
3 AGL Energy Ltd. 29 0.02 4 Woolworths Ltd. 94 0.08
33 Alumina Ltd. 46 0.04 3,800 3.17
16 Amcor Ltd. 82 0.07 Austria - 0.12%
12 AMP Ltd. 55 0.05 2 Erste Group Bank AG 55 0.05
1 ASX Ltd. 21 0.02 1 OMV AG 30 0.02
12 Australia & New Zealand Banking Group Ltd. 221 0.18 – Raiffeisen International Bank Holding AG 8 0.01
5 AXA Asia Pacific Holdings Ltd. 24 0.02 2 Telekom Austria AG 25 0.02
3 Bendigo and Adelaide Bank Ltd. 20 0.02 1 Voestalpine AG 29 0.02
11 BHP Billiton Ltd. 353 0.29 147 0.12
6 BlueScope Steel Ltd. 12 0.01
4 Boral Ltd. 18 0.01 Belgium - 0.30%
12 Brambles Ltd. 68 0.06 26 Ageas NV 67 0.06
11 CFS Retail Property Trust 17 0.01 – Anheuser-Busch InBev NV – –
2 Coca-Cola Amatil Ltd. 20 0.02 1 Belgacom S.A. 31 0.03
– Cochlear Ltd. 27 0.02 – Delhaize Group S.A. 26 0.02
5 Commonwealth Bank of Australia 233 0.19 1 Dexia S.A. 4 –
5 Computershare Ltd. 44 0.04 2 InBev NV 111 0.09
3 Crown Ltd. 16 0.01 1 KBC Groupe NV 58 0.05
1 CSL Ltd. 39 0.03 – Solvay S.A. 34 0.03
5 Downer EDI Ltd. 29 0.02 1 UCB S.A. 17 0.01
27 Fairfax Media Ltd. 34 0.03 – Umicore NV 7 0.01
6 Fortescue Metals Group Ltd. 22 0.02 355 0.30
12 Foster's Group Ltd. 57 0.05 Canada - 4.43%
36 Goodman Group 19 0.02 – Agnico-Eagle Mines Ltd. 23 0.02
23 GPT Group 51 0.04 1 Agrium, Inc. 77 0.06
20 Incitec Pivot Ltd. 50 0.04 3 Bank of Montreal 205 0.17
18 Insurance Australia Group Ltd. 54 0.05 2 Bank of NOVA Scotia 79 0.07
11 Intoll Group 9 0.01 5 Barrick Gold Corp. 215 0.18
3 Land Lease Corp. Ltd. 22 0.02 3 BCE, Inc. 83 0.07
1 Leighton Holdings Ltd. 30 0.02 14 Bombardier, Inc., Class B 63 0.05
13 Lihir Gold Ltd. 43 0.04 3 Brookfield Asset Management, Inc., Class A 74 0.06
2 Macquarie Atlas Roads Group 1 – 3 Brookfield Properties Corp. 37 0.03
2 Macquarie Group Ltd. 75 0.06 3 Cameco Corp. 76 0.06
6 Metcash Ltd. 20 0.02 2 Canadian Imperial Bank of Commerce 129 0.11
16 Mirvac Group 17 0.01 2 Canadian National Railway Co. 132 0.11
12 National Australia Bank Ltd. 262 0.22 4 Canadian Natural Resources Ltd. 153 0.13
1 Newcrest Mining Ltd. 31 0.03 1 Canadian Pacific Railway Ltd. 81 0.07
11 Oil Search Ltd. 51 0.04 1 Canadian Tire Corp. Ltd., Class A 46 0.04
6 OneSteel Ltd. 15 0.01 1 Canadian Utilities Ltd. 32 0.03
3 Orica Ltd. 73 0.06 3 Cenovus Energy, Inc. 75 0.06
7 Origin Energy Ltd. 86 0.07 3 CGI Group, Inc., Class A 39 0.03
57 OZ Minerals Ltd. 52 0.04 2 Crescent Point Energy Corp. 78 0.07
4 Primary Health Care Ltd. 13 0.01 2 Eldorado Gold Corp. 36 0.03
9 Qantas Airways Ltd. 19 0.02 3 Enbridge, Inc. 127 0.11
5 QBE Insurance Group Ltd. 76 0.06 3 EnCana Corp. 86 0.07
2 Rio Tinto Ltd. 116 0.10 2 Finning International, Inc. 33 0.03
5 Santos Ltd. 53 0.04 1 First Quantum Minerals Ltd. 42 0.03
1 Sims Metal Management Ltd. NPV 16 0.01 3 Fortis, Inc. 66 0.06
4 Sonic Healthcare Ltd. 38 0.03 1 Franco-Nevada Corp. 31 0.03
18 Stockland 58 0.05 1 George Weston Ltd. 56 0.05
15 Suncorp-Metway Ltd. 102 0.09 4 Goldcorp, Inc. 155 0.13
8 TABcorp Holdings Ltd. 43 0.04 2 Great-West Lifeco, Inc. 42 0.04
14 Tatts Group Ltd. 29 0.03 1 Husky Energy, Inc. 12 0.01
16 Telstra Corp Ltd. 40 0.03 1 IGM Financial, Inc. 49 0.04
4 Toll Holdings Ltd. 20 0.02 1 Imperial Oil Ltd. 19 0.02
5 Transurban Group 19 0.02 1 Industrial Alliance Insurance and Financial
6 Wesfarmers Ltd. 146 0.12 Services, Inc. 32 0.03
9 Westfield Group 100 0.08 1 Inmet Mining Corp. 26 0.02
16 Westpac Banking Corp. 314 0.26 1 Intact Financial Corp. 56 0.05
2 Woodside Petroleum Ltd. 56 0.05 3 Kinross Gold Corp. 57 0.05
35

% of % of
Value Net Value Net
Canada - 4.43% (continued) France - 3.63% (continued)
2 Loblaw Cos. Ltd. 55 0.05 1 Air France-KLM 10 0.01
1 Magna International, Inc., Class A 54 0.04 1 Air Liquide S.A. 98 0.08
11 Manulife Financial Corp. 176 0.15 15 Alcatel-Lucent 40 0.03
1 Metro, Inc., Class A 58 0.05 1 Alstom S.A. 42 0.04
2 National Bank of Canada 88 0.07 – Atos Origin S.A. 17 0.01
2 Nexen, Inc. 46 0.04 9 AXA S.A. 156 0.13
– Niko Resources Ltd. 44 0.04 4 BNP Paribas S.A. 240 0.20
2 Pacific Rubiales Energy Corp. 41 0.03 2 Bouygues S.A. 87 0.07
1 Petrobank Energy & Resources Ltd. 45 0.04 2 Cap Gemini S.A. 83 0.07
1 Potash Corp. of Saskatchewan 69 0.06 3 Carrefour S.A. 104 0.09
2 Red Back Mining, Inc. 46 0.04 1 Casino Guichard Perrachon S.A. 40 0.03
2 Research In Motion Ltd. 124 0.10 – Christian Dior S.A. 34 0.03
2 Rogers Communications, Inc., Class B 82 0.07 – Cie Generale de Geophysique-Veritas 12 0.01
4 Royal Bank of Canada 226 0.19 1 Cie Generale des Etablissements Michelin, Class B 88 0.07
1 Saputo, Inc. 26 0.02 1 Cie Generale d'Optique Essilor International S.A. 62 0.05
1 Shaw Communications, Inc., Class B 16 0.01 – CNP Assurances 12 0.01
1 Shoppers Drug Mart Corp. 24 0.02 3 Compagnie de St-Gobain 104 0.09
2 Silver Wheaton Corp. 43 0.04 6 Credit Agricole S.A. 63 0.05
3 Sino-Forest Corp. 56 0.05 3 Danone S.A. 138 0.12
2 SNC-Lavalin Group, Inc. 66 0.06 – Dassault Systemes S.A. 21 0.02
5 Sun Life Financial, Inc. 142 0.12 1 Electricite de France 49 0.04
5 Suncor Energy, Inc. 166 0.14 – Eutelsat Communications Promesses 6 –
7 Talisman Energy, Inc. 122 0.10 – Fonciere des Regions 33 0.03
2 Teck Resources Ltd., Class B 61 0.05 8 France Telecom S.A. 153 0.13
2 TELUS Corp. 52 0.04 6 GDF Suez 193 0.16
5 The Toronto-Dominion Bank 339 0.28 5 Groupe Eurotunnel S.A. 36 0.03
2 Thomson Reuters Corp. 77 0.06 – Hermes International S.A. 27 0.02
2 Tim Hortons, Inc. 53 0.04 1 Klepierre 20 0.02
3 TransAlta Corp. 48 0.04 2 Lafarge S.A. 96 0.08
3 TransCanada Corp. 104 0.09 1 Lagardere SCA 44 0.04
3 Viterra, Inc. 20 0.02 1 L'Oreal S.A. 77 0.06
6 Yamana Gold, Inc. 66 0.06 1 LVMH Moet Hennessy Louis Vuitton S.A. 90 0.08
5,257 4.43 4 Natixis 20 0.02
Denmark - 0.39% 2 Pernod-Ricard S.A. 113 0.09
– AP Moller - Maersk A/S, Class B 67 0.06 – Peugeot S.A. 10 0.01
1 Carlsberg A/S, Class B 97 0.08 1 Pinault - Printerps - Redoute 101 0.09
– Danisco A/S 18 0.02 – Publicis Groupe S.A. 17 0.01
2 Danske Bank A/S 44 0.04 2 Renault S.A. 58 0.05
1 DSV A/S 20 0.02 1 Safran S.A. 15 0.01
1 FLSmidth & Co. A/S 51 0.04 6 Sanofi-Aventis S.A. 341 0.29
1 Novo Nordisk A/S, Class B 91 0.08 1 Schneider Electric S.A. 142 0.12
– Novozymes A/S, Class B 20 0.02 1 SCOR SE 17 0.01
1 Vestas Wind Systems A/S 38 0.03 1 SES S.A. 22 0.02
446 0.39 3 Societe Generale 145 0.12
– Sodexho Alliance S.A. 26 0.02
Finland - 0.35% 2 Suez Environnement S.A. 39 0.03
3 Fortum Oyj 65 0.05 1 Technip S.A. 55 0.05
1 Kone Oyj, Class B 41 0.03 9 Total S.A. 409 0.34
1 Metso Oyj 16 0.01 1 Unibail-Rodamco SE 108 0.09
1 Neste Oil Oyj 23 0.02 1 Vallourec S.A. 98 0.08
11 Nokia Oyj 112 0.09 3 Veolia Environnement S.A. 68 0.06
1 Nokian Renkaat Oyj 15 0.01 2 Vinci S.A. 90 0.08
3 Sampo Oyj, Class A 54 0.05 5 Vivendi S.A. 113 0.09
6 Stora Enso Oyj, Class R 42 0.03 4,341 3.63
4 UPM-Kymmene Oyj 56 0.05
– Wartsila Oyj, Class B 15 0.01 Germany - 2.61%
439 0.35 1 Adidas AG 54 0.05
2 Allianz SE 218 0.18
France - 3.63% 1 Aspen Insurance Holdings Ltd. 25 0.02
1 Accor S.A. 38 0.03 4 BASF SE 187 0.16
– Aeroports de Paris 21 0.02
36

% of % of
Value Net Value Net
Germany - 2.61% (continued) Hong Kong - 0.94% (continued)
3 Bayer AG 181 0.15 7 Kerry Properties Ltd. 27 0.02
2 Bayerische Motoren Werke AG 99 0.08 8 Li & Fung Ltd. 36 0.03
– Beiersdorf AG 16 0.01 10 MTR Corp. 33 0.03
2 Celesio AG 44 0.04 15 New World Development Ltd. 25 0.02
7 Commerzbank AG 49 0.04 18 Shangri-La Asia Ltd. 32 0.03
5 Daimler AG 244 0.20 30 Sino Land Co. Ltd. 50 0.04
3 Deutsche Bank AG 174 0.15 8 Sun Hung Kai Properties Ltd. 106 0.09
1 Deutsche Boerse AG 45 0.04 6 Swire Pacific Ltd., Class A 59 0.05
2 Deutsche Lufthansa AG 30 0.02 26 The Link REIT 61 0.05
6 Deutsche Post AG 94 0.08 6 Wharf Holdings Ltd. 30 0.02
– Deutsche Postbank AG 10 0.01 9 Wheelock & Co. Ltd. 24 0.02
15 Deutsche Telekom AG 170 0.14 1,122 0.94
8 E.ON AG 247 0.21 Ireland - 0.23%
– Fresenius Medical Care AG & Co. KGaA 18 0.02 2 Allied Irish Banks PLC 2 –
3 Garmin Ltd. 89 0.07 2 Anglo Irish Bank Corp. PLC 1 –
1 GEA Group AG 11 0.01 7 CRH PLC 151 0.13
1 Hannover Rueckversicherung AG 36 0.03 6 Elan Corp. 34 0.03
1 HeidelbergCement AG 67 0.06 6 Experian PLC 53 0.04
1 Henkel AG & Co. KGaA 38 0.03 1 Kerry Group PLC , Class A 31 0.03
– Hochtief AG 17 0.01 4 The Governor & Co. of the Bank of Ireland 3 –
9 Infineon Technologies AG 49 0.04 275 0.23
1 K&S AG 45 0.04
1 Linde AG 99 0.08 Italy - 1.11%
1 MAN AG 48 0.04 5 Assicurazioni Generali S.p.A. 99 0.08
– Merck KGaA 14 0.01 1 Atlantia S.p.A. 24 0.02
1 Metro AG 36 0.03 10 Banca Monte dei Paschi di Siena S.p.A. 10 0.01
1 Muenchener Rueckversicherungs AG 114 0.10 2 Banca Popolare dell'Emilia Romagna Scarl 16 0.01
2 RWE AG 114 0.10 2 Banca Popolare di Milano Scarl 9 0.01
– Salzgitter AG 9 0.01 5 Banco Popolare SC 27 0.02
3 SAP AG 110 0.09 27 Enel S.p.A. 126 0.11
3 Siemens AG 244 0.20 10 ENI S.p.A. 184 0.15
2 ThyssenKrupp AG 56 0.05 8 Fiat S.p.A. 86 0.07
1 TUI AG 9 0.01 3 Finmeccanica S.p.A. 34 0.03
3,110 2.61 44 Intesa Sanpaolo S.p.A. 114 0.10
4 Mediaset S.p.A. 23 0.02
Greece - 0.14% 2 Mediobanca S.p.A. 11 0.01
3 Alpha Bank A.E. 18 0.02 22 Parmalat S.p.A. 52 0.04
1 Coca-Cola Hellenic Bottling Co. S.A. 26 0.02 1 Saipem S.p.A. 43 0.04
2 EFG Eurobank Ergasias S.A. 10 0.01 12 Snam Rete Gas S.p.A. 49 0.04
1 Hellenic Telecommunications Organization S.A. 11 0.01 95 Telecom Italia S.p.A. 113 0.09
3 Marfin Investment Group S.A. 4 – 2 Tenaris S.A. 38 0.03
3 National Bank of Greece S.A. 39 0.03 15 Terna Rete Elettrica Nazionale S.p.A. 56 0.05
2 OPAP S.A. 27 0.02 84 UniCredit Italiano S.p.A. 176 0.15
3 Piraeus Bank S.A. 16 0.01 4 Unione di Banche Italiane SCPA 35 0.03
1 Public Power Corp. S.A. 20 0.02 1,325 1.11
171 0.14
Japan - 8.04%
Hong Kong - 0.94% 6 Aeon Co. Ltd. 59 0.05
6 Bank of East Asia Ltd. 22 0.02 1 Aisin Seiki Co. Ltd. 22 0.02
25 BOC Hong Kong Holdings Ltd. 56 0.05 8 Ajinomoto Co., Inc. 68 0.06
9 Cheung Kong Holdings Ltd. 102 0.09 4 Amada Co. Ltd. 29 0.02
14 CLP Holdings Ltd. 94 0.08 4 Asahi Breweries Ltd. 70 0.06
6 Esprit Holdings Ltd. 34 0.03 6 Asahi Glass Co. Ltd. 64 0.05
5 Hang Lung Group Ltd. 24 0.02 10 Asahi Kasei Corp. 52 0.04
17 Hang Lung Properties Ltd. 60 0.05 2 Astellas Pharma, Inc. 63 0.05
1 Hang Seng Bank Ltd. 16 0.01 4 Bridgestone Corp. 66 0.05
5 Henderson Land Development Co., Ltd. 30 0.02 4 Canon, Inc. 148 0.12
15 Hong Kong & China Gas Co., Ltd. 34 0.03 3 Casio Computer Co., Ltd. 17 0.02
4 Hong Kong Exchanges & Clearing Ltd. 62 0.05 – Central Japan Railway Co. 32 0.03
4 Hongkong Electric Holdings Ltd. 24 0.02 2 Chubu Electric Power Co., Inc. 39 0.03
13 Hutchison Whampoa Ltd. 81 0.07 4 Chuo Mitsui Trust Holdings, Inc. 14 0.01
37

% of % of
Value Net Value Net
Japan - 8.04% (continued) Japan - 8.04% (continued)
2 Credit Saison Co. Ltd. 18 0.01 4 Mitsubishi Electric Corp. 33 0.03
3 Dai Nippon Printing Co. Ltd. 37 0.03 2 Mitsubishi Estate Co., Ltd. 31 0.03
5 Daiichi Sankyo Co. Ltd. 80 0.07 5 Mitsubishi Gas Chemical Co., Inc. 27 0.02
1 Daikin Industries Ltd. 20 0.02 25 Mitsubishi Heavy Industries Ltd. 91 0.08
7 Daiwa House Industry Co., Ltd. 68 0.06 6 Mitsubishi Materials Corp. 16 0.01
14 Daiwa Securities Group, Inc. 63 0.05 14 Mitsubishi Motors Corp. 18 0.02
5 Denki Kagaku Kogyo KK 23 0.02 62 Mitsubishi UFJ Financial Group, Inc. 304 0.25
3 Denso Corp. 73 0.06 9 Mitsui & Co. Ltd. 126 0.10
1 Dentsu, Inc. 31 0.03 5 Mitsui Chemicals, Inc. 15 0.01
1 East Japan Railway Co. 51 0.04 4 Mitsui Fudosan Co., Ltd. 61 0.05
1 Eisai Co. Ltd. 16 0.01 10 Mitsui OSK Lines Ltd. 71 0.06
1 Electric Power Development Co. Ltd. 18 0.01 3 Mitsui Sumitomo Insurance Group Holdings, Inc. 64 0.05
1 Fanuc Ltd. 85 0.07 71 Mizuho Financial Group, Inc. 129 0.11
– Fast Retailing Co. Ltd. 43 0.04 14 Mizuho Securities Co. Ltd. 35 0.03
7 Fuji Heavy Industries Ltd. 40 0.03 1 Murata Manufacturing Co. Ltd. 59 0.05
4 FUJIFILM Holdings Corp. 107 0.09 7 Nagoya Railroad Co. Ltd. 19 0.01
10 Fujitsu Ltd. 64 0.05 2 Namco Bandai Holdings, Inc. 18 0.02
4 Fukuoka Financial Group, Inc. 17 0.01 34 NEC Corp. 95 0.08
16 Hankyu Hanshin Holdings, Inc. 70 0.06 2 NGK Insulators Ltd. 36 0.03
19 Hitachi Ltd. 77 0.07 – Nidec Corp. 28 0.02
1 Hokkaido Electric Power Co., Inc. 20 0.02 2 Nikon Corp. 43 0.04
21 Hokuhoku Financial Group, Inc. 38 0.03 – Nintendo Co., Ltd. 88 0.07
2 Hokuriku Electric Power Co. 49 0.04 – Nippon Building Fund, Inc. 24 0.02
8 Honda Motor Co. Ltd. 232 0.19 4 Nippon Electric Glass Co. Ltd. 52 0.04
1 HOYA Corp. 26 0.02 4 Nippon Express Co. Ltd. 18 0.01
1 Ibiden Co. Ltd. 34 0.03 1 Nippon Meat Packers, Inc. 12 0.01
– INPEX Corp. 19 0.02 1 Nippon Paper Group, Inc. 17 0.01
2 Isetan Mitsukoshi Holdings Ltd. 18 0.02 4 Nippon Sheet Glass Co. Ltd. 11 0.01
15 Ishikawajima-Harima Heavy Industries Co. Ltd. 26 0.02 27 Nippon Steel Corp. 94 0.08
8 ITOCHU Corp. 67 0.06 3 Nippon Telegraph & Telephone Corp. 110 0.09
6 J Front Retailing Co. Ltd. 31 0.03 17 Nippon Yusen KK 61 0.05
– Japan Real Estate Investment Corp. 25 0.02 14 Nissan Motor Co. Ltd. 101 0.08
– Japan Tobacco, Inc. 35 0.03 1 Nitto Denko Corp. 25 0.02
2 JFE Holdings, Inc. 70 0.06 14 NKSJ Holdings, Inc. 84 0.07
2 JS Group Corp. 29 0.02 17 Nomura Holdings, Inc. 105 0.09
21 JX Holdings, Inc. 113 0.09 5 NSK Ltd. 36 0.03
3 Kamigumi Co. Ltd. 23 0.02 11 NTN Corp. 47 0.04
6 Kaneka Corp. 37 0.03 – NTT DoCoMo, Inc. 96 0.08
3 Kao Corp. 66 0.06 4 Obayashi Corp. 16 0.01
9 Kawasaki Heavy Industries Ltd. 26 0.02 2 Odakyu Electric Railway Co. Ltd. 16 0.01
2 Kawasaki Kisen Kaisha Ltd. 8 0.01 4 OJI Paper Co. Ltd. 19 0.02
– KDDI Corp. 82 0.07 1 Olympus Corp. 26 0.02
4 Keio Corp. 25 0.02 2 Omron Corp. 31 0.03
– Keyence Corp. 44 0.04 1 Ono Pharmaceutical Co. Ltd. 20 0.02
6 Kintetsu Corp. 18 0.01 1 ORIX Corp. 73 0.06
5 Kirin Holdings Co., Ltd. 67 0.06 21 Osaka Gas Co., Ltd. 71 0.06
20 Kobe Steel Ltd. 41 0.03 9 Panasonic Corp. 118 0.10
3 Komatsu Ltd. 60 0.05 2 Resona Holdings, Inc. 21 0.02
5 Konica Minolta Holdings, Inc. 50 0.04 6 Ricoh Co. Ltd. 86 0.07
3 Kubota Corp. 25 0.02 1 Rohm Co. Ltd. 71 0.06
3 Kuraray Co. Ltd. 31 0.03 – SBI Holdings, Inc. 20 0.02
1 Kyocera Corp. 96 0.08 1 Secom Co. Ltd. 22 0.02
2 Kyowa Hakko Kogyo Co. Ltd. 19 0.02 3 Sekisui Chemical Co. Ltd. 19 0.02
1 Kyushu Electric Power Co., Inc. 22 0.02 2 Sekisui House Ltd. 18 0.01
1 Makita Corp. 30 0.03 3 Seven & I Holdings Co., Ltd. 76 0.06
1 Marubeni Corp. 6 – 6 Sharp Corp. 66 0.05
20 Mazda Motor Corp. 52 0.04 1 Shikoku Electric Power Co., Inc. 18 0.01
1 MEIJI Holdings Co. Ltd. 36 0.03 1 Shin-Etsu Chemical Co. Ltd. 66 0.06
10 Mitsubishi Chemical Holdings Corp. 45 0.04 9 Shinsei Bank Ltd. 9 0.01
6 Mitsubishi Corp. 139 0.12 1 Shionogi & Co. Ltd. 18 0.02
38

% of % of
Value Net Value Net
Japan - 8.04% (continued) Netherlands - 1.41%
2 Shiseido Co. Ltd. 35 0.03 10 Aegon NV 59 0.05
14 Showa Denko KK 28 0.02 2 Akzo Nobel NV 104 0.09
– SMC Corp. 26 0.02 5 ArcelorMittal 143 0.12
1 Softbank Corp. 31 0.03 2 ASML Holding NV 60 0.05
8 Sojitz Corp. 13 0.01 1 Corio NV 28 0.02
6 Sony Corp. 175 0.15 3 European Aeronautic Defence and Space Co. NV 68 0.06
8 Sumitomo Chemical Co. Ltd. 33 0.03 1 Fugro NV 37 0.03
9 Sumitomo Corp. 96 0.08 1 Gemalto NV 21 0.02
3 Sumitomo Electric Industries Ltd. 34 0.03 – Heineken Holding NV 17 0.01
17 Sumitomo Metal Industries Ltd. 43 0.04 1 Heineken NV 61 0.05
2 Sumitomo Metal Mining Co. Ltd. 28 0.02 15 ING Groep NV 117 0.10
6 Sumitomo Mitsui Financial Group, Inc. 171 0.14 3 James Hardie Industries SE 20 0.02
2 Sumitomo Realty & Development Co., Ltd. 36 0.03 9 Koninklijke Ahold NV 112 0.09
4 Surga Bank Ltd. 36 0.03 1 Koninklijke DSM NV 32 0.03
1 Suzuken Co. Ltd. 28 0.02 3 Koninklijke KPN NV 37 0.03
2 Suzuki Motor Corp. 30 0.03 7 Koninklijke Philips Electronics NV 196 0.16
2 T&D Holdings, Inc. 37 0.03 1 Qiagen NV 29 0.02
9 Taisei Corp. 17 0.01 1 Randstad Holding NV 29 0.02
2 Takashimaya Co. Ltd. 18 0.02 7 Reed Elsevier NV 69 0.06
3 Takeda Pharmaceutical Co. Ltd. 111 0.09 3 Schlumberger Ltd. 174 0.15
1 TDK Corp. 29 0.03 7 STMicroelectronics NV 55 0.05
6 Teijin Ltd. 17 0.01 1 TNT NV 37 0.03
1 Terumo Corp. 24 0.02 5 Unilever NV 131 0.11
7 The 77 Bank Ltd. 36 0.03 3 Wolters Kluwer NV 49 0.04
2 The Bank of Kyoto Ltd. 16 0.01 1,685 1.41
5 The Bank of Yokohama Ltd. 24 0.02 New Zealand - 0.02%
4 The Chiba Bank Ltd. 24 0.02 4 Fletcher Building Ltd. 21 0.02
4 The Chugoku Electric Power Co., Inc. 70 0.06 21 0.02
3 The Hachijuni Bank Ltd. 16 0.01
11 The Hiroshima Bank Ltd. 43 0.04 Norway - 0.33%
4 The Joyo Bank Ltd. 15 0.01 1 Acergy S.A. 18 0.02
4 The Kansai Electric Power Co., Inc. 98 0.08 1 Aker Solutions ASA 8 0.01
8 The Nishi-Nippon City Bank Ltd. 22 0.02 5 DnB NOR ASA 46 0.04
7 The Shizuoka Bank Ltd. 57 0.05 6 Norsk Hydro ASA 38 0.03
5 The Sumitomo Trust & Banking Co. Ltd. 27 0.02 6 Orkla ASA 41 0.03
1 THK Co. Ltd. 27 0.02 1 Petroleum Geo-Services ASA 9 0.01
4 Tobu Railway Co. Ltd. 21 0.02 1 Renewable Energy Corp. ASA 3 –
3 Toho Gas Co. Ltd. 15 0.01 2 Seadrill Ltd. 35 0.03
1 Tohoku Electric Power Co., Inc. 20 0.02 5 Statoil ASA 101 0.08
4 Tokio Marine Holdings, Inc. 111 0.09 3 Storebrand ASA 16 0.01
6 Tokyo Electric Power Co., Inc. 136 0.11 5 Telenor ASA 61 0.05
1 Tokyo Electron Ltd. 41 0.03 1 Yara International ASA 26 0.02
5 Tokyo Gas Co., Ltd. 22 0.02 402 0.33
5 Tokyu Corp. 20 0.02 Portugal - 0.13%
2 TonenGeneral Sekiyu KK 17 0.01 17 Banco Comercial Portugues S.A., Class R 13 0.01
7 Toppan Printing Co. Ltd. 59 0.05 7 Banco Espirito Santo S.A. 27 0.02
6 Toray Industries, Inc. 30 0.03 18 Electricidade de Portugal S.A. 57 0.05
5 Toshiba Corp. 26 0.02 1 Galp Energia SGPS S.A., Class B 18 0.01
2 Toyo Seikan Kaisha Ltd. 27 0.02 5 Portugal Telecom SGPS S.A. 50 0.04
1 Toyota Industries Corp. 21 0.02 165 0.13
12 Toyota Motor Corp. 439 0.37
Singapore - 0.58%
3 Toyota Tsusho Corp. 47 0.04
20 CapitaLand Ltd. 51 0.04
– West Japan Railway Co. 56 0.05 4 City Developments Ltd. 29 0.02
– Yamada Denki Co. Ltd. 19 0.02
12 DBS Group Holdings Ltd. 113 0.09
2 Yamaguchi Financial Group, Inc. 19 0.02
7 Fraser and Neave Ltd. 24 0.02
2 Yamaha Corp. 22 0.02 121 Golden Agri-Resources Ltd. 43 0.04
5 Yamato Holdings Co., Ltd. 65 0.05
4 Keppel Corp. Ltd. 25 0.02
9,628 8.04 17 Oversea-Chinese Banking Corp. Ltd. 100 0.08
5 Singapore Airlines Ltd. 50 0.04

39

% of % of
Value Net Value Net
Singapore - 0.58% (continued) Switzerland - 2.61% (continued)
1 Singapore Airport Terminal Services Ltd. 3 – – Actelion Ltd. 13 0.01
8 Singapore Exchange Ltd. 42 0.04 1 Adecco S.A. 49 0.04
7 Singapore Press Holdings Ltd. 19 0.01 – Baloise Holding AG 16 0.01
48 Singapore Telecommunications Ltd. 98 0.08 3 Cie Financiere Richemont S.A., Class A 108 0.09
7 United Overseas Bank Ltd. 90 0.08 5 Credit Suisse Group AG 211 0.18
6 Wilmar International Ltd. 26 0.02 1 GAM Holding Ltd. 9 0.01
713 0.58 – Geberit AG 22 0.02
Spain - 1.09% – Givaudan S.A. 49 0.04
1 Abertis Infraestructuras S.A. 15 0.01 2 Holcim Ltd. 132 0.11
– Acciona S.A. 21 0.02 1 Julius Baer Group Ltd. 30 0.03
1 ACS Actividades Cons y Servicios S.A. 39 0.03 – Kuehne & Nagel International AG 33 0.03
12 Banco Bilbao Vizcaya Argentaria S.A. 131 0.11 – Lindt & Spruengli AG 23 0.02
6 Banco de Sabadell S.A. 25 0.02 – Lonza Group AG 22 0.02
11 Banco Popular Espanol S.A. 54 0.05 12 Nestle S.A. 536 0.45
35 Banco Santander S.A. 364 0.30 1 Noble Corp. 15 0.01
1 Banco Santander S.A., ADR 7 0.01 10 Novartis AG 451 0.38
2 Bankinter S.A. 10 0.01 1 Petroplus Holdings AG 8 0.01
– Cia Espanola de Petroleos S.A. 6 – – Roche Holding AG 21 0.02
8 Criteria Caixacorp S.A. 34 0.03 2 Roche Holding AG-Genusschien 268 0.22
1 Enagas S.A. 14 0.01 – SGS S.A. 26 0.02
2 Ferrovial S.A. 11 0.01 – Sonova Holding AG 22 0.02
– Gamesa Corp. Tecnologica S.A. 5 – – Sulzer AG 6 0.01
3 Gas Natural SDG S.A. 40 0.03 – Swiss Life Holding AG 12 0.01
4 Iberdrola Renovables S.A. 12 0.01 3 Swiss Reinsurance Co. Ltd. 105 0.09
21 Iberdrola S.A. 141 0.12 – Swisscom AG 47 0.04
1 Inditex S.A. 40 0.03 – Syngenta AG 100 0.08
1 Red Electrica Corp. S.A. 21 0.02 – The Swatch Group AG 70 0.06
5 Repsol YPF S.A. 105 0.09 2 Tyco Electronics Ltd. 58 0.05
11 Telefonica S.A. 214 0.18 19 UBS AG 250 0.21
1,309 1.09 1 Weatherford International Ltd. 13 0.01
1 Zurich Financial Services AG 197 0.16
Sweden - 1.03% 3,106 2.61
4 Alfa Laval AB 47 0.04
2 Assa Abloy AB, Class B 32 0.03 United Kingdom - 8.38%
2 Atlas Copco AB, Class A 23 0.02 13 3i Group PLC 55 0.05
2 Boliden AB 24 0.02 2 Accenture Ltd. 84 0.07
2 Getinge AB, Class B 34 0.03 1 Admiral Group PLC 24 0.02
2 Hennes & Mauritz AB, Class B 101 0.08 2 Aggreko PLC 42 0.04
1 Hexagon AB, Class B 17 0.01 1 Allied World Assurance Co. Holdings Ltd. 27 0.02
5 Husqvarna AB , Class B 28 0.02 3 Amdocs Ltd. 71 0.06
19 Nordea Bank AB 156 0.13 5 AMEC PLC 53 0.04
1 Ratos AB, Class B 14 0.01 7 Anglo American PLC 255 0.21
4 Sandvik AB 45 0.04 3 Antofagasta PLC 43 0.04
3 Securitas AB, Class B 22 0.02 3 Associated British Foods PLC 41 0.03
9 Skandinaviska Enskilda Banken AB, Class A 47 0.04 6 AstraZeneca PLC 244 0.20
2 Skanska AB, Class B 35 0.03 2 Autonomy Corp. PLC 39 0.03
3 SKF AB , Class B 57 0.05 23 Aviva PLC 107 0.09
1 SSAB Svenskt Stal AB, Class A 12 0.01 25 BAE Systems PLC 116 0.10
5 Svenska Cellulosa AB, Class B 53 0.04 4 Balfour Beatty PLC 15 0.01
4 Svenska Handelsbanken AB, Class A 89 0.07 61 Barclays PLC 269 0.22
4 Swedbank AB, Class A 39 0.03 14 BG Group PLC 212 0.18
1 Swedish Match AB 25 0.02 7 BHP Billiton PLC 203 0.17
5 Tele2 AB, Class B 74 0.06 102 BP PLC 733 0.61
13 Telefonaktiebolaget LM Ericsson, Class B 134 0.11 7 British American Tobacco PLC 215 0.18
11 TeliaSonera AB 69 0.06 10 British Land Co. PLC 65 0.05
2 Volvo AB, Class A 20 0.02 4 British Sky Broadcasting Group PLC 37 0.03
4 Volvo AB, Class B 45 0.04 60 British Telecommunications PLC 111 0.09
1,242 1.03 2 Bunzl PLC 21 0.02
3 Burberry Group PLC 32 0.03
Switzerland - 2.61% 35 Cable & Wireless Communications PLC 30 0.02
11 ABB Ltd. 184 0.15
40

% of % of
Value Net Value Net
United Kingdom - 8.38% (continued) United Kingdom - 8.38% (continued)
35 Cable & Wireless Worldwide PLC 40 0.03 2 Severn Trent PLC 33 0.03
4 Cairn Energy PLC 26 0.02 2 Shire PLC 49 0.04
5 Capital & Counties Properties PLC 8 0.01 4 Smith & Nephew PLC 38 0.03
5 Capital Shopping Centres Group 25 0.02 3 Smiths Group PLC 45 0.04
2 Carnival PLC 69 0.06 11 Standard Chartered PLC 266 0.22
35 Centrica PLC 137 0.11 13 Standard Life PLC 34 0.03
5 Cobham PLC 17 0.01 1 Subsea 7, Inc. 17 0.01
14 Compass Group PLC 106 0.09 2 Tate & Lyle PLC 15 0.01
11 Diageo PLC 161 0.13 29 Tesco PLC 172 0.14
2 Drax Group PLC 8 0.01 4 The Capita Group PLC 42 0.03
2 EnQuest PLC 3 – 14 The Sage Group PLC 47 0.04
1 F&C Asset Management PLC – – 3 TUI Travel PLC 10 0.01
3 Firstgroup PLC 15 0.01 4 Tullow Oil PLC 65 0.05
8 G4S PLC 31 0.03 4 Unilever PLC 104 0.09
10 GKN PLC 18 0.02 4 United Utilities Group PLC 27 0.02
18 GlaxoSmithKline PLC 297 0.25 1 Vedanta Resources PLC 20 0.02
2 Hammerson PLC 10 0.01 300 Vodafone Group PLC 598 0.50
14 Home Retail Group PLC 50 0.04 1 Whitbread PLC 20 0.02
83 HSBC Holdings PLC 755 0.63 17 WM Morrison Supermarkets PLC 63 0.05
6 ICAP PLC 31 0.03 2 Wolseley PLC 52 0.04
5 Imperial Tobacco Group PLC 142 0.12 9 WPP PLC 81 0.07
6 Informa PLC 33 0.03 13 Xstrata PLC 189 0.16
3 Inmarsat PLC 38 0.03 10,073 8.38
1 Intercontinental Hotels Group PLC 17 0.01 United States - 40.49%
15 International Power PLC 64 0.05 2 3M Co. 146 0.12
6 Invensys PLC 24 0.02 4 Abbott Laboratories 195 0.16
11 J Sainsbury PLC 53 0.04 1 Abercrombie & Fitch Co., Class A 36 0.03
2 Johnson Matthey PLC 36 0.03 10 Activision Blizzard, Inc. 107 0.09
1 Kazakhmys PLC 14 0.01 2 Adobe Systems, Inc. 58 0.05
20 Kingfisher PLC 65 0.05 1 Advance Auto Parts, Inc. 26 0.02
4 Land Securities Group PLC 31 0.03 5 Advanced Mirco Devices, Inc. 44 0.04
48 Legal & General Group PLC 55 0.05 2 Aecom Technology Corp. 45 0.04
217 Lloyds TSB Group PLC 178 0.15 3 Aetna, Inc. 85 0.07
2 Lonmin PLC 52 0.04 – Affiliated Managers Group, Inc. 14 0.01
17 Man Group PLC 58 0.05 2 Aflac, Inc. 84 0.07
10 Marks & Spencer Group PLC 50 0.04 – AGCO, Inc. 11 0.01
6 National Grid PLC 12 0.01 1 Agilent Technologies, Inc. 36 0.03
15 National Grid PLC 109 0.09 1 AGL Resources, Inc. 40 0.03
1 Next PLC 31 0.03 1 Air Products & Chemicals, Inc. 41 0.03
4 Northumbrian Water Group PLC 17 0.01 1 Airgas, Inc. 38 0.03
24 Old Mutual PLC 39 0.03 1 Akamai Technologies, Inc. 40 0.03
7 Pearson PLC 91 0.08 1 Albemarle Corp. 22 0.02
1 Pennon Group PLC 11 0.01 2 Alberto-Culver Co. 52 0.04
2 Petrofac Ltd. 39 0.03 5 Alcoa, Inc. 55 0.05
18 Prudential PLC 139 0.12 1 Alexandria Real Estate Equities, Inc. 46 0.04
3 Reckitt Benckiser Group PLC 128 0.11 1 Allegheny Energy, Inc. 10 0.01
4 Reed Elsevier PLC 31 0.03 1 Allegheny Technologies, Inc. 49 0.04
5 Resolution Ltd. 5 – 1 Allergan, Inc. 78 0.07
4 Rexam PLC 16 0.01 1 Alliant Energy Corp. 22 0.02
6 Rio Tinto PLC 262 0.22 1 Alpha Natural Resources, Inc. 42 0.03
16 Rolls-Royce Group PLC 138 0.12 2 Altera Corp. 47 0.04
1,456 Rolls-Royce Group PLC, Class C 2 – 5 Altria Group, Inc. 105 0.09
131 Royal Bank of Scotland Group PLC 88 0.07 1 Amazon.Com, Inc. 175 0.15
24 Royal Dutch Shell PLC, Class B 612 0.51 1 Ameren Corp. 30 0.03
45 RSA Insurance Group PLC 76 0.06 1 American Capital Ltd. 6 0.01
7 SABMiller PLC 199 0.17 2 American Eagle Outfitters, Inc. 25 0.02
1 Schroders PLC 19 0.02 1 American Electric Power Co., Inc. 35 0.03
7 Scottish & Southern Energy PLC 102 0.09 4 American Express Co. 159 0.13
7 Segro PLC 29 0.02 1 American Financial Group, Inc. 20 0.02
3 Serco Group PLC 30 0.02
41

% of % of
Value Net Value Net
United States - 40.49% (continued) United States - 40.49% (continued)
– American National Insurance Co. 42 0.04 1 Bucyrus International, Inc. 37 0.03
2 American Tower Corp., Class A 73 0.06 1 Bunge Ltd. 54 0.05
2 American Water Works Co., Inc. 47 0.04 3 CA, Inc. 63 0.05
1 Ameriprise Financial, Inc. 24 0.02 1 Cablevision Systems Corp., Class A 32 0.03
2 AmerisourceBergen Corp. 50 0.04 1 Cabot Oil & Gas Corp. 35 0.03
1 AMETEK, Inc. 49 0.04 4 Calpine Corp. 56 0.05
3 Amgen, Inc. 135 0.11 – Cameron International Corp. 15 0.01
1 Amphenol Corp., Class A 21 0.02 1 Campbell Soup Co. 32 0.03
2 AMR Corp. 15 0.01 4 Capital One Financial Corp. 157 0.13
3 Anadarko Petroleum Corp. 162 0.14 3 Cardinal Health, Inc. 93 0.08
2 Analog Devices, Inc. 50 0.04 3 CareFusion Corp. 66 0.06
1 AOL, Inc. 12 0.01 1 Carmax, Inc. 28 0.02
2 AON Corp. 75 0.06 4 Carnival Corp. 159 0.13
1 Apache Corp. 107 0.09 2 Caterpillar, Inc. 105 0.09
1 Apollo Group, Inc., Class A 69 0.06 3 CB Richard Ellis Group, Inc., Class A 47 0.04
2 Apple, Inc. 540 0.45 6 CBS Corp., Class B 90 0.07
4 Applied Materials, Inc. 48 0.04 1 Celanese Corp. 40 0.03
– Aptargroup, Inc. 16 0.01 2 Celgene Corp. 121 0.10
2 Arch Coal, Inc. 39 0.03 2 CenterPoint Energy, Inc. 31 0.03
4 Archer-Daniels-Midland Co. 96 0.08 1 Central European Distribution Corp. 33 0.03
– Ascent Media Corp., Class A 1 – 2 CenturyTel, Inc. 65 0.05
1 Associated Banc-Corp. 16 0.01 1 Cephalon, Inc. 53 0.04
– Assurant, Inc. 14 0.01 – Cerner Corp. 25 0.02
21 AT&T, Inc. 518 0.43 1 CH Robinson Worldwide, Inc. 58 0.05
1 Atmos Energy Corp. 13 0.01 – Charles River Laboratories International, Inc. 10 0.01
1 Atwood Oceanics, Inc. 22 0.02 3 Charles Schwab Corp. 52 0.04
1 Autodesk, Inc. 18 0.02 6 Chesapeake Energy Corp. 143 0.12
2 Automatic Data Processing, Inc. 68 0.06 9 Chevron Corp. 667 0.56
1 AutoNation, Inc. 24 0.02 3 Chubb Corp. 125 0.10
– AutoZone, Inc. 57 0.05 – Church & Dwight, Inc. 26 0.02
1 AvalonBay Communities, Inc. 49 0.04 1 CIGNA Corp. 47 0.04
1 Avery Dennison Corp. 24 0.02 – Cimarex Energy Co. 29 0.02
– Aviat Networks, Inc. – – 1 Cincinnati Financial Corp. 19 0.02
1 Avnet, Inc. 20 0.02 1 Cintas Corp. 36 0.03
2 Avon Products, Inc. 61 0.05 17 Cisco Systems, Inc. 384 0.32
2 AVX Corp. 27 0.02 99 Citigroup, Inc. 394 0.33
2 Baker Hughes, Inc. 94 0.08 – Citrix Systems, Inc. 17 0.01
– Ball Corp. 15 0.01 – City National Corp. 6 –
1 BancorpSouth, Inc. 15 0.01 1 Cliffs Natural Resources, Inc. 56 0.05
54 Bank of America Corp. 851 0.71 1 Clorox Co. 69 0.06
2 Baxter International, Inc. 80 0.07 – CME Group, Inc. 111 0.09
4 BB&T Corp. 109 0.09 2 CMS Energy Corp. 31 0.03
2 BE Aerospace, Inc. 46 0.04 1 CNA Financial Corp. 26 0.02
1 Beckman Coulter, Inc. 29 0.03 1 CNX Gas Corp. 27 0.02
1 Becton Dickinson & Co. 64 0.05 1 Coach, Inc. 29 0.02
1 Bed Bath & Beyond, Inc. 45 0.04 1 Coca-Cola Enterprises, Inc. 31 0.03
1 Bemis Co., Inc. 15 0.01 1 Cognizant Technology Solutions Corp., Class A 35 0.03
1 Best Buy Co., Inc. 59 0.05 2 Colgate-Palmolive Co. 187 0.16
2 Biogen Idec, Inc. 81 0.07 18 Comcast Corp., Class A 334 0.28
1 Bio-Rad Laboratories, Inc., Class A 47 0.04 6 Comcast Corp., Special Class A, Class A 105 0.09
– BlackRock, Inc. 34 0.03 1 Comerica, Inc. 38 0.03
1 BMC Software, Inc. 41 0.03 1 Commerce Bancshares, Inc. 24 0.02
1 BOK Financial Corp. 25 0.02 2 CommScope, Inc. 42 0.04
1 BorgWarner, Inc. 19 0.02 1 Community Health Systems, Inc. 23 0.02
1 Boston Properties, Inc. 69 0.06 2 Computer Sciences Corp. 110 0.09
7 Boston Scientific Corp. 45 0.04 4 ConAgra Foods, Inc. 85 0.07
7 Bristol-Myers Squibb Co. 158 0.13 1 Concho Resources, Inc. 52 0.04
1 Broadcom Corp., Class A 31 0.03 8 ConocoPhillips 401 0.34
8 Brocade Communications Systems, Inc. 44 0.04 1 Consol Energy, Inc. 33 0.03
– Brown-Forman Corp., Class B 25 0.02 2 Consolidated Edison, Inc. 89 0.07
42

% of % of
Value Net Value Net
1 Constellation Brands, Inc., Class A 15 0.01 12 EMC Corp. 216 0.18
2 Constellation Energy Group, Inc. 64 0.05 3 Emerson Electric Co. 135 0.11
1 Continental Airlines, Inc., Class B 21 0.02 1 Endo Pharmaceutical Holdings, Inc. 15 0.01
1 Continental Resources, Inc. 52 0.04 1 Energizer Holdings, Inc. 39 0.03
2 Cooper Industries PLC 71 0.06 1 Entergy Corp. 67 0.06
1 Corn Products International, Inc. 17 0.01 2 EOG Resources, Inc. 199 0.17
12 Corning, Inc. 213 0.18 1 EQT Corp. 20 0.02
1 Corrections Corp. of America 14 0.01 – Equifax, Inc. 12 0.01
3 Costco Wholesale Corp. 151 0.13 2 Equity Residential Properties Trust 90 0.08
1 Covance, Inc. 63 0.05 1 Essex Property Trust, Inc. 52 0.04
3 Covanta Holding Corp. 52 0.04 1 Everest Re Group Ltd. 44 0.04
1 Coventry Health Care, Inc. 13 0.01 4 Exelon Corp. 145 0.12
1 CR Bard, Inc. 65 0.06 1 Expedia, Inc. 24 0.02
1 Cree, Inc. 53 0.04 1 Expeditors International of Washington, Inc. 31 0.02
2 Crown Castle International Corp. 56 0.05 1 Express Scripts, Inc. 101 0.09
3 CSX Corp. 141 0.12 11 Exxon Mobil Corp. 666 0.56
1 Cullen/Frost Bankers, Inc. 55 0.05 1 Family Dollar Stores, Inc. 22 0.02
1 Cummins, Inc. 82 0.07 1 Fastenal Co. 60 0.05
6 CVS Caremark Corp. 218 0.18 1 Federal Realty Investment Trust 59 0.05
3 Danaher Corp. 206 0.17 2 FedEx Corp. 175 0.15
1 Darden Restaurants, Inc. 26 0.02 1 Fidelity National Financial, Inc., Class A 20 0.02
– DaVita, Inc. 25 0.02 3 Fidelity National Information Services, Inc. 80 0.07
1 Dean Foods Co. 13 0.01 9 Fifth Third Bancorp 116 0.10
2 Deere & Co. 117 0.10 1 First American Corp. 34 0.03
1 Del Monte Foods Co. 14 0.01 2 First Horizon National Corp. 26 0.02
7 Dell, Inc. 88 0.07 2 First Niagara Financial Group, Inc. 29 0.03
2 Delta Air Lines, Inc. 31 0.03 1 First Solar, Inc. 56 0.05
4 Denbury Resources, Inc. 64 0.05 1 FirstEnergy Corp. 49 0.04
– Dendreon Corp. 10 0.01 1 Fiserv, Inc. 43 0.04
1 Dentsply International, Inc. 16 0.01 1 Flowserve Corp. 48 0.04
3 Devon Energy Corp. 213 0.18 1 Fluor Corp. 66 0.06
1 Diamond Offshore Drilling, Inc. 38 0.03 – FMC Technologies, Inc. 23 0.02
1 Digital Realty Trust, Inc. 57 0.05 2 Foot Locker, Inc. 25 0.02
4 DIRECTV, Class A 158 0.13 20 Ford Motor Co. 233 0.20
7 Discover Financial Services 91 0.08 2 Forest Laboratories, Inc. 39 0.03
2 Discovery Communications, Inc., Class A 66 0.05 – Forest Oil Corp. 11 0.01
2 Discovery Communications, Inc., Class C 59 0.05 1 Fortune Brands, Inc. 57 0.05
1 DISH Network Corp., Class A 25 0.02 2 FPL Group, Inc. 105 0.09
– Dollar Tree, Inc. 21 0.02 1 Franklin Resources, Inc. 88 0.07
3 Dominion Resources, Inc. 121 0.10 2 Freeport-McMoran Copper & Gold, Inc., Class B 133 0.11
1 Domtar Corp. 43 0.04 1 Frontier Communications Corp. 10 0.01
2 Dover Corp. 81 0.07 2 GameStop Corp., Class A 36 0.03
1 DPL, Inc. 14 0.01 2 General Dynamics Corp. 122 0.10
2 DR Horton, Inc. 19 0.02 57 General Electric Co. 938 0.78
2 Dr Pepper Snapple Group, Inc. 65 0.05 1 General Mills, Inc. 57 0.05
1 DTE Energy Co. 45 0.04 1 Genuine Parts Co. 20 0.02
7 Duke Energy Corp. 110 0.09 1 Genworth Financial, Inc., Class A 19 0.02
4 Duke Realty Corp. 43 0.04 2 Genzyme Corp. 73 0.06
1 Dun & Bradstreet Corp. 51 0.04 2 Gilead Sciences, Inc. 77 0.06
– Eastman Chemical Co. 18 0.02 1 Goodrich Corp. 49 0.04
1 Eastman Kodak Co. 7 0.01 1 Google, Inc., Class A 388 0.32
1 Eaton Corp. 91 0.08 2 Great Plains Energy, Inc. 42 0.04
7 eBay, Inc. 150 0.13 1 H&R Block, Inc. 13 0.01
– Ecolab, Inc. 19 0.02 4 Halliburton Co. 99 0.08
2 Edison International 65 0.05 2 Harley Davidson, Inc. 64 0.05
1 Edwards Lifesciences Corp. 40 0.03 – Harris Corp. 19 0.02
3 EI Du Pont de Nemours & Co. 119 0.10 1 Harsco Corp. 33 0.03
8 El Paso Corp. 90 0.07 3 Hartford Financial Services Group, Inc. 83 0.07
3 Electronic Arts, Inc. 53 0.04 2 Hasbro Inc 64 0.05
3 Eli Lilly & Co. 111 0.09 1 HCC Insurance Holdings, Inc. 28 0.02
43

% of % of
Value Net Value Net
1 HCP, Inc. 38 0.03 1 Kohl's Corp. 51 0.04
1 Health Care REIT, Inc. 30 0.02 8 Kraft Foods, Inc., Class A 233 0.19
1 Helmerich & Payne, Inc. 45 0.04 1 L-3 Communications Holdings, Inc. 50 0.04
1 Henry Schein, Inc. 62 0.05 – Laboratory Corp. of America Holdings 30 0.03
2 Hertz Global Holdings, Inc. 24 0.02 1 Lam Research Corp. 38 0.03
1 Hess Corp. 69 0.06 3 Las Vegas Sands Corp. 60 0.05
6 Hewlett-Packard Co. 297 0.25 – Leap Wireless International, Inc. 7 0.01
2 HJ Heinz Co. 71 0.06 1 Legg Mason, Inc. 30 0.03
1 Hologic, Inc. 15 0.01 1 Leggett & Platt, Inc. 16 0.01
5 Home Depot, Inc. 156 0.13 3 Lennar Corp., Class A 48 0.04
3 Honeywell International, Inc. 128 0.11 1 Leucadia National Corp. 13 0.01
1 Hormel Foods Corp. 24 0.02 1 Lexmark International, Inc., Class A 22 0.02
1 Hospira, Inc. 31 0.03 2 Liberty Global, Inc. 46 0.04
2 Hospitality Properties Trust 47 0.04 2 Liberty Global, Inc., Class A 46 0.04
5 Host Hotels & Resorts, Inc. 73 0.06 7 Liberty Media Corp. - Interactive, Class A 89 0.07
1 Hubbell, Inc., Class B 21 0.02 1 Liberty Media Corp. - Starz 58 0.05
5 Hudson City Bancorp, Inc. 62 0.05 2 Life Technologies Corp. 85 0.07
1 Human Genome Sciences, Inc. 17 0.01 – Lincoln Electric Holdings, Inc. 6 0.01
1 Humana, Inc. 51 0.04 3 Lincoln National Corp. 66 0.06
2 Huntington Bancshares, Inc. 15 0.01 3 Linear Technology Corp. 73 0.06
1 Huntsman Corp. 13 0.01 3 LKQ Corp. 48 0.04
1 IAC/InterActiveCorp. 26 0.02 1 Lockheed Martin Corp. 80 0.07
2 IBM Corp. 290 0.24 2 Loews Corp. 75 0.06
1 IDEX Corp. 41 0.04 – Lorillard, Inc. 29 0.02
1 Illinois Tool Works, Inc. 65 0.05 6 Lowe's Cos., Inc. 158 0.13
2 Ingersoll-Rand Plc 78 0.07 3 LSI Corp. 14 0.01
1 Ingram Micro, Inc., Class A 19 0.01 3 Ltd. Brands, Inc. 77 0.06
1 Integrys Energy Group, Inc. 50 0.04 – Lubrizol Corp. 36 0.03
19 Intel Corp. 411 0.34 1 M&T Bank Corp. 95 0.08
– IntercontinentalExchange, Inc. 46 0.04 1 Mack-Cali Realty Corp. 43 0.04
2 International Game Technology 39 0.03 4 Macy's, Inc. 98 0.08
5 International Paper Co. 109 0.09 – Madison Square Garden, Inc., Class A 4 –
5 Interpublic Group Cos., Inc. 39 0.03 1 Manpower, Inc. 23 0.02
1 Intuit, Inc. 21 0.02 3 Marathon Oil Corp. 96 0.08
– Intuitive Surgical, Inc. 32 0.03 – Markel Corp. 35 0.03
4 Invesco Ltd. 69 0.06 2 Marriott International, Inc., Class A 50 0.04
1 Iron Mountain, Inc. 20 0.02 3 Marsh & McLennan Cos., Inc. 72 0.06
– ITC Holdings Corp. 16 0.01 2 Marshall & Ilsley Corp. 12 0.01
– Itron, Inc. 13 0.01 1 Masco Corp. 16 0.01
1 ITT Corp. 43 0.04 1 Massey Energy Co. 43 0.04
– ITT Educational Services, Inc. 20 0.02 – Mastercard, Inc., Class A 81 0.07
1 Jacobs Engineering Group, Inc. 22 0.02 1 Mattel, Inc. 24 0.02
2 Janus Capital Group, Inc. 18 0.02 1 Maxim Integrated Products, Inc. 25 0.02
2 JC Penney Co., Inc. 44 0.04 2 MBIA, Inc. 16 0.01
2 Jefferies Group, Inc. 37 0.03 1 McAfee, Inc. 19 0.02
10 Johnson & Johnson 565 0.47 1 McCormick & Co., Inc. 42 0.04
4 Johnson Controls, Inc. 104 0.09 2 McDermott International, Inc. 42 0.04
– Jones Lang LaSalle, Inc. 22 0.02 3 McDonald's Corp. 180 0.15
1 Joy Global, Inc. 26 0.02 1 McKesson Corp. 77 0.06
19 JPMorgan Chase & Co. 753 0.63 1 MDU Resources Group, Inc. 13 0.01
1 Juniper Networks, Inc. 37 0.03 1 Mead Johnson Nutrition Co., Class A 64 0.05
1 Kansas City Southern Industries, Inc. 30 0.02 1 MeadWestvaco Corp. 17 0.01
1 KBR, Inc. 33 0.03 1 Medco Health Solutions, Inc. 63 0.05
1 Kellogg Co. 27 0.02 1 Mednax, Inc. 51 0.04
2 KeyCorp. 14 0.01 3 Medtronic, Inc. 121 0.10
1 Kimberly-Clark Corp. 67 0.06 1 MEMC Electronic Materials, Inc. 6 0.01
4 Kimco Realty Corp. 56 0.05 12 Merck & Co., Inc. 408 0.34
1 Kinetic Concepts, Inc. 29 0.03 3 Mervell Technology Group Ltd. 53 0.04
2 King Pharmaceuticals, Inc. 15 0.01 3 MetLife, Inc. 125 0.10
1 KLA-Tencor Corp. 18 0.02 1 MGM Mirage 7 0.01
44

% of % of
Value Net Value Net
2 Microchip Technology, Inc. 45 0.04 1 People's United Financial, Inc. 16 0.01
1 Micron Technology, Inc. 6 0.01 1 Pepco Holdings, Inc. 13 0.01
24 Microsoft Corp. 622 0.52 3 PepsiCo, Inc. 210 0.18
– Mohawk Industries, Inc. 17 0.01 1 PerkinElmer, Inc. 18 0.02
1 Molson Coors Brewing Co., Class B 45 0.04 – Perrigo Co. 14 0.01
2 Monsanto Co. 97 0.08 1 PetroHawk Energy Corp. 23 0.02
2 Moody's Corp. 31 0.03 40 Pfizer, Inc. 604 0.51
6 Morgan Stanley 168 0.14 1 PG&E Corp. 33 0.03
6 Motorola, Inc. 44 0.04 1 Pharmaceutical Product Development, Inc. 38 0.03
– Murphy Oil Corp. 21 0.02 4 Philip Morris International, Inc. 154 0.13
2 Mylan, Inc. 43 0.04 1 Phillips-Van Heusen Corp. 55 0.05
2 Nabors Industries Ltd. 36 0.03 1 Pinnacle West Capital Corp. 21 0.02
1 Nalco Holding Co. 23 0.02 – Pioneer Natural Resources Co. 25 0.02
1 National Fuel Gas Co 44 0.04 1 Pitney Bowes, Inc. 13 0.01
2 National Oilwell Varco, Inc. 58 0.05 1 Plains Exploration & Production Co. 13 0.01
2 Nationwide Health Properties, Inc. 53 0.04 2 PNC Financial Services Group, Inc. 138 0.12
– Navistar International Corp. 11 0.01 1 Polo Ralph Lauren Corp. 52 0.04
2 NetApp, Inc. 68 0.06 1 PPG Industries, Inc. 32 0.03
1 New York Community Bancorp, Inc. 21 0.02 1 PPL Corp. 36 0.03
2 Newell Rubbermaid Inc 40 0.03 1 Praxair, Inc. 60 0.05
1 Newfield Exploration Co. 26 0.02 1 Precision Castparts Corp. 93 0.08
1 Newmont Mining Corp. 59 0.05 – Priceline.com, Inc. 38 0.03
10 News Corp., Class A 131 0.11 2 Pride International, Inc. 49 0.04
7 News Corp., Class B 101 0.08 2 Principal Financial Group, Inc. 57 0.05
1 NII Holdings, Inc. 22 0.02 1 Progress Energy, Inc. 19 0.02
1 NIKE, Inc., Class B 51 0.04 4 ProLogis 41 0.03
3 NiSource, Inc. 45 0.04 3 Prudential Financial, Inc. 161 0.13
– Noble Energy, Inc. 24 0.02 3 Public Service Enterprise Group, Inc. 101 0.08
2 Nordstrom, Inc. 76 0.06 1 Public Storage 93 0.08
3 Norfolk Southern Corp. 141 0.12 1 Pulte Homes, Inc. 14 0.01
1 Northeast Utilities 23 0.02 7 Qualcomm, Inc. 235 0.20
2 Northern Trust Corp. 81 0.07 1 Quanta Services, Inc. 14 0.01
1 Northrop Grumman Corp. 55 0.05 1 Quest Diagnostics, Inc. 26 0.02
3 NRG Energy, Inc. 77 0.06 1 Questar Corp. 54 0.05
2 NSTAR 53 0.04 18 Qwest Communications International, Inc. 93 0.08
2 Nuance Communications, Inc. 29 0.02 – Ralcorp Holdings, Inc. 18 0.02
1 Nucor Corp. 49 0.04 2 Range Resources Corp. 72 0.06
3 NV Energy, Inc. 40 0.03 1 Raymond James Financial, Inc. 28 0.02
3 NVIDIA Corp. 39 0.03 1 Raytheon Co. 63 0.05
3 NYSE Euronext 77 0.07 2 Realty Income Corp. 53 0.04
3 Occidental Petroleum Corp. 206 0.17 2 Red Hat, Inc. 44 0.04
– Oceaneering International, Inc. 9 0.01 1 Regency Centers Corp. 26 0.02
– OGE Energy Corp. 15 0.01 9 Regions Financial Corp. 69 0.06
– Old Republic International Corp. 3 – – Reinsurance Group of America, Inc. 6 –
1 Omnicare, Inc. 23 0.02 1 Reliance Steel & Aluminum Co. 41 0.03
1 Omnicom Group, Inc. 19 0.02 1 RenaissanceRe Holdings Ltd. 54 0.05
1 Oneok, Inc. 31 0.02 2 Republic Services, Inc. 47 0.04
10 Oracle Corp. 223 0.19 1 Reynolds American, Inc. 77 0.06
1 O'Reilly Automotive, Inc. 36 0.03 1 Rockwall Holdings, Inc. 37 0.03
1 Owens Corning, Inc. 43 0.03 1 Rockwell Collins, Inc. 70 0.06
– Owens-Illinois, Inc. 12 0.01 – Roper Industries, Inc. 17 0.01
1 PACCAR, Inc. 38 0.03 1 Ross Stores, Inc. 37 0.03
2 Packaging Corp. of America 46 0.04 2 Rowan Cos., Inc. 40 0.03
– Pactiv Corp. 11 0.01 1 Royal Caribbean Cruises Ltd. 20 0.02
1 Parker Hannifin Corp. 31 0.03 1 RPM International, Inc. 14 0.01
3 Patterson-UTI Energy, Inc. 35 0.03 1 RR Donnelley & Sons Co. 17 0.01
1 Paychex, Inc. 17 0.01 1 RRI Energy, Inc. 6 –
2 Peabody Energy Corp. 58 0.05 – Ryder System, Inc. 18 0.01
1 Penn National Gaming, Inc. 26 0.02 2 Safeway, Inc. 49 0.04
1 Pentair, Inc. 17 0.01 3 SAIC Inc 46 0.04
45

% of % of
Value Net Value Net
1 Salesforce.Com, Inc. 61 0.05 9 The Coca-Cola Co. 482 0.40
1 SanDisk Corp. 42 0.04 6 The Dow Chemical Co. 151 0.13
2 Sara Lee Corp. 23 0.02 2 The Gap, Inc. 50 0.04
1 SCANA Corp. 18 0.01 2 The Goldman Sachs Group, Inc. 346 0.29
1 Scripps Networks Interactive, Inc., Class A 45 0.04 1 The Hershey Co. 23 0.02
3 Seagate Technology 40 0.03 1 The JM Smucker Co. 72 0.06
– Seahawk Drilling, Inc. – – 1 The Kroger Co. 28 0.02
3 Sealed Air Corp. 58 0.05 1 The McGraw-Hill Cos., Inc. 22 0.02
1 Sears Holdings Corp. 88 0.07 1 The Mosaic Co. 65 0.05
1 Sempra Energy 23 0.02 1 The NASDAQ OMX Group 13 0.01
– Senior Housing Properties Trust 6 – 8 The Procter & Gamble Co. 490 0.41
– Sigma-Aldrich Corp. 16 0.01 3 The Progressive Corp. 51 0.04
2 Signet Jewelers Ltd. 47 0.04 1 The Shaw Group, Inc. 28 0.02
3 Skyworks Solutions, Inc. 53 0.04 – The Sherwin-Williams Co. 23 0.02
1 SL Green Realty Corp. 68 0.06 1 The St. Joe Co. 22 0.02
3 SLM Corp. 38 0.03 10 The Walt Disney Co. 328 0.27
1 Smith International, Inc. 26 0.02 – The Washington Post Co., Class B 47 0.04
3 Smithfield Foods, Inc. 46 0.04 1 The Western Union Co. 14 0.01
– Snap-On, Inc. 13 0.01 4 The Williams Cos., Inc. 69 0.06
1 Sonoco Products Co. 19 0.02 2 Thermo Fisher Scientific, Inc. 99 0.08
2 Southern Co. 62 0.05 – Tidewater, Inc. 4 –
3 Southern Copper Corp. 77 0.06 1 Tiffany & Co. 23 0.02
2 Southern Union Co. 46 0.04 2 Time Warner Cable, Inc. 106 0.09
7 Southwest Airlines Co. 88 0.07 4 Time Warner, Inc. 127 0.11
1 Southwestern Energy Co. 30 0.03 2 Timken Co. 49 0.04
2 Spectra Energy Corp. 38 0.03 2 TJX Cos., Inc. 95 0.08
2 Spirit Aerosystems Holdings, Inc., Class A 41 0.03 1 Toll Brothers, Inc. 17 0.01
13 Sprint Nextel Corp. 66 0.06 1 Torchmark Corp. 41 0.03
1 SPX Corp. 65 0.05 2 Total System Services, Inc. 29 0.02
2 St. Jude Medical, Inc. 63 0.05 – Transatlantic Holdings, Inc. 14 0.01
1 Stanley Black & Decker, Inc. 73 0.06 3 Travelers Cos., Inc. 148 0.12
4 Staples, Inc. 77 0.06 1 Trimble Navigation Ltd. 29 0.02
2 Starbucks Corp. 62 0.05 1 Tyson Foods, Inc., Class A 25 0.02
1 Starwood Hotels & Resorts Worldwide, Inc. 42 0.04 8 U.S. Bancorp. 201 0.17
3 State Street Corp. 110 0.09 3 UAL Corp. 58 0.05
1 Steel Dynamics, Inc. 13 0.01 – UDR, Inc. 2 –
– Stericycle, Inc. 23 0.02 2 UGI Corp. 44 0.04
– Strayer Education, Inc. 24 0.02 3 Union Pacific Corp. 178 0.15
2 Stryker Corp. 85 0.07 1 United Parcel Service, Inc., Class B 82 0.07
2 Sunoco, Inc. 66 0.06 1 United States Steel Corp. 66 0.05
2 SunTrust Banks, Inc. 59 0.05 3 United Technologies Corp. 212 0.18
1 Supervalu, Inc. 15 0.01 5 UnitedHealth Group, Inc. 142 0.12
3 Symantec Corp. 45 0.04 1 Universal Health Services, Inc., Class B 26 0.02
1 Synopsys, Inc. 21 0.02 2 Unum Group 53 0.04
3 SYSCO Corp. 77 0.06 2 Urban Outfitters, Inc. 54 0.05
1 T. Rowe Price Group, Inc. 25 0.02 4 Valero Energy Corp. 67 0.06
4 Target Corp. 196 0.16 2 Validus Holdings Ltd. 47 0.04
1 TD Ameritrade Holding Corp. 18 0.01 2 Valspar Corp. 47 0.04
1 TECO Energy, Inc. 11 0.01 – Varian Medical Systems, Inc. 15 0.01
– Teleflex, Inc. 17 0.01 1 Ventas, Inc. 33 0.03
7 Tellabs, Inc. 58 0.05 13 Verizon Communications, Inc. 358 0.30
1 Teradata Corp. 45 0.04 1 Vertex Pharmaceuticals, Inc. 45 0.04
1 Terex Corp. 11 0.01 1 VF Corp. 54 0.04
6 Texas Instruments, Inc. 134 0.11 3 Viacom, Inc., Class B 89 0.07
3 Textron, Inc. 54 0.04 2 Visa, Inc., Class A 109 0.09
1 TFS Financial Corp. 10 0.01 1 Vulcan Materials Co. 40 0.03
6 The AES Corp. 61 0.05 3 Walgreen Co. 96 0.08
3 The Allstate Corp. 80 0.07 13 Wal-Mart Stores, Inc. 640 0.54
5 The Bank of New York Mellon Corp. 144 0.12 – Walter Energy, Inc. 24 0.02
3 The Boeing Co. 160 0.13 1 Waste Connections, Inc. 21 0.02
46

% of % of
Value Net Value Net
Common Stock - 81.53% (continued) Rights - 0.00% (continued)
United States - 40.49% (continued) Spain - 0.00%
1 Waste Management, Inc. 36 0.03 1 Abertis Infraestructuras S.A. 1 –
– Waters Corp. 24 0.02 1 –
1 Watson Pharmaceuticals, Inc. 31 0.03 Total Rights (Cost USD11) 2 –
2 Weingarten Realty Investors 44 0.04 Warrant - 0.00%
3 WellPoint, Inc. 133 0.11 Hong Kong - 0.00%
28 Wells Fargo & Co. 807 0.67 1 Henderson Land Development Co. Ltd. – –
1 Westar Energy, Inc. 11 0.01
– –
2 Western Digital Corp. 73 0.06
Total Warrant (Cost USD–) – –
1 Weyerhaeuser Co. 21 0.02
1 Whirlpool Corp. 94 0.08 Collective Investment Scheme - 17.82%
– White Mountains Insurance Group Ltd. 33 0.03 Ireland - 17.82%
2 Whole Foods Market, Inc. 61 0.05 182 European Small Companies Fund, Class D 3,373 2.82
– Windstream Corp. 1 – 601 Global Targeted Value Fund, Class D 10,226 8.54
– Wisconsin Energy Corp. 20 0.02 123 Pacific Basin Small Companies Fund, Class D 2,664 2.23
1 WR Berkley Corp. 24 0.02 252 U.S. Small Companies Fund, Class D 5,068 4.23
– WW Grainger, Inc. 20 0.02 21,331 17.82
1 Wyndham Worldwide Corp. 26 0.02 Total Collective Investment Scheme (Cost USD17,555) 21,331 17.82
1 Wynn Resorts Ltd. 42 0.04
1 Xcel Energy, Inc. 23 0.02 Total Investments (Cost USD117,729) 119,470 99.81
10 Xerox Corp. 89 0.08
Other Assets in Excess of Liabilities 229 0.19
3 Xilinx, Inc. 73 0.06
3 XL Capital Ltd., Class A 48 0.04 Total Net Assets $119,699 100.00
2 XTO Energy, Inc. 92 0.08
7 Yahoo!, Inc. 100 0.08 - Amounts designated as "-" are either $0, less than $1,000 or less than
1 Yum! Brands, Inc. 57 0.05 1,000 shares
1 Zimmer Holdings, Inc. 73 0.06
1 Zions Bancorporation 19 0.02
48,455 40.49
Total Common Stock (Cost USD99,650) 97,587 81.53 Transferable securities admitted to an official exchange
Preferred Stock - 0.09% listing or traded on a regulated market 81 .32%
Australia - 0.05% UCITS Collective Investment Schemes 17 .67%
39 Asciano Group 53 0.05 Other Assets 1.01%
53 0.05 Total Assets 100 .00%
Germany - 0.04%
– Fresenius SE 25 0.02
1 Porsche Automobil Holding SE 26 0.02 • As disclosed in note 8, the investment in UCITS Collective
Investment Schemes are related party transactions.
51 0.04
Total Preferred Stock (Cost USD122) 104 0.09
Real Estate Investment Trust - 0.37%
Australia - 0.03%
47 Dexus Property Group 31 0.03
31 0.03
United States - 0.34%
2 AMB Property Corp. 49 0.04
1 Camden Property Trust 50 0.04
4 Developers Diversified Realty Corp. 44 0.04
1 Liberty Property Trust 31 0.03
1 Simon Property Group, Inc. 125 0.10
1 The Macerich Co. 54 0.04
1 Vornado Realty Trust 62 0.05
415 0.34
Total Real Estate Investment Trust (Cost USD391) 446 0.37
Rights - 0.00%
Ireland - 0.00%
6 The Governor & Co. of the Bank of Ireland 1 –
1 –

47

% of % of
Value Net Value Net
Australia - 3.91% Australia - 3.91% (continued)
45 Adelaide Brighton Ltd. 104 0.04 21 IOOF Holdings Ltd. 113 0.04
11 Aevum Ltd. 10 – 23 iSOFT Group Ltd. 11 –
13 AJ Lucas Group Ltd. 26 0.01 45 Kagara Ltd. 23 0.01
19 Alesco Corp. Ltd. 39 0.01 37 Land Lease Corp. Ltd. 241 0.09
279 Alumina Ltd. 395 0.15 276 Lynas Corp. Ltd. 118 0.05
14 Amalgamated Holdings Ltd. 69 0.03 93 Macmahon Holdings Ltd. 45 0.02
27 Amcom Telecommunications Ltd. 8 – – Melbourne IT Ltd. – –
6 Ansell Ltd. 66 0.03 31 MEO Australia Ltd. 8 –
48 APN News & Media Ltd. 85 0.03 122 Minara Resources Ltd. 76 0.03
54 Ausdrill Ltd. 86 0.03 24 Mincor Resources NL 35 0.01
12 Ausenco Ltd. 23 0.01 112 Mineral Deposits Ltd. 89 0.03
16 Austal Ltd. 28 0.01 13 Mirabela Nick Ltd. 25 0.01
52 Austereo Group Ltd. 72 0.03 336 Mirvac Group 366 0.14
66 Australand Property Group 136 0.05 39 Mitchell Communications Group Ltd. 27 0.01
10 Australian Agricultural Co. Ltd. 12 – 31 Molopo Energy Ltd. 27 0.01
110 Australian Pharmaceutical Industries Ltd. 42 0.02 59 Mount Gibson Iron Ltd. 75 0.03
40 Automotive Holdings Group 78 0.03 103 Neptune Marine Services Ltd. 22 0.01
114 AWB Ltd. 94 0.04 53 Nexus Energy Ltd. 11 –
65 AWE Ltd. 115 0.04 68 NIB Holdings Ltd. 73 0.03
23 Bank of Queensland Ltd. 218 0.08 13 Nufarm Ltd. 65 0.03
111 Beach Energy Ltd. 72 0.03 158 OneSteel Ltd. 428 0.16
42 Bendigo and Adelaide Bank Ltd. 302 0.12 109 OZ Minerals Ltd. 101 0.04
204 BlueScope Steel Ltd. 398 0.15 110 Pacific Brands Ltd. 95 0.04
42 Boart Longyear Group 97 0.04 16 Panoramic Resources Ltd. 28 0.01
50 Boom Logistics Ltd. NPV 12 – 50 PaperlinX Ltd. 29 0.01
74 Boral Ltd. 350 0.14 34 Photon Group Ltd. 27 0.01
14 Brickworks Ltd. 138 0.05 17 PMP Ltd. 7 –
15 Caltex Australia Ltd. 140 0.05 12 Premier Investments Ltd. 68 0.03
116 Cape Lambert Iron Ore Ltd. 40 0.02 52 Primary Health Care Ltd. 161 0.06
8 Cardno Ltd. 27 0.01 7 Programmed Maintenance Services Ltd. 17 0.01
35 Centennial Coal Co. Ltd. 117 0.05 23 Resolute Mining Ltd. 21 0.01
38 Challenger Financial Services Group Ltd. 117 0.04 62 RHG Ltd. 33 0.01
39 Coal of Africa Ltd. 60 0.02 40 Ridley Corp. Ltd. 39 0.01
23 Coffey International Ltd. 23 0.01 142 Roc Oil Co. Ltd. 41 0.02
8 Crane Group Ltd. 61 0.02 2 Select Harvests Ltd. 8 –
15 Customers Ltd. 33 0.01 5 Servcorp Ltd. 13 0.01
8 Deep Yellow Ltd. 1 – 21 Seven Group Holdings Ltd. 108 0.04
23 Downer EDI Ltd. 123 0.05 229 Sigma Pharmaceuticals Ltd. 96 0.04
73 Elders Ltd. 63 0.02 7 Skilled Group Ltd. 7 –
58 Emeco Holdings Ltd. 26 0.01 37 Southern Cross Media Group Ltd. 56 0.02
113 Energy World Corp. Ltd. 41 0.02 43 Spotless Group Ltd. 80 0.03
242 Fairfax Media Ltd. 302 0.12 170 St Barbara Ltd. NPV 44 0.02
131 FKP Property Group 84 0.03 37 Straits Resources Ltd. 40 0.02
– Flight Centre Ltd. 4 – 29 STW Communications Group Ltd. 23 0.01
33 Geodynamics Ltd. 12 0.01 10 Sunland Group Ltd. 6 –
160 Goodman Fielder Ltd. 184 0.07 45 TABcorp Holdings Ltd. 252 0.10
20 GrainCorp Ltd. 99 0.04 15 Tap Oil Ltd. 12 –
178 Grange Resources Ltd. 82 0.03 3 Tassal Group Ltd. 3 –
4 Gujarat NRE Coking Coal Ltd. 2 – 134 Tatts Group Ltd. 269 0.10
120 Gunns Ltd. 40 0.02 69 Ten Network Holdings Ltd. 96 0.04
28 GWA International Ltd. 71 0.03 39 Thakral Holdings Group 13 0.01
45 Hastie Group Ltd. 55 0.02 38 Tower Australia Group Ltd. 70 0.03
34 Healthscope Ltd. 150 0.06 3 Transfield Services Infrastructure Fund 2 –
149 Highlands Pacific Ltd 29 0.01 39 Transfield Services Ltd. 121 0.05
23 Hills Industries Ltd. 46 0.02 2 Transfiled Services Infrastructure Fund 1 –
5 iiNET Ltd. 12 – 69 Transpacific Industries Group Ltd. 70 0.03
40 Iluka Resources Ltd. 160 0.06 14 UGL Ltd. 154 0.06
135 Incitec Pivot Ltd. 342 0.13 72 UXC Ltd. 32 0.01
120 Infigen Energy Ltd. 84 0.03 7 Village Roadshow Ltd. 11 –
48

% of % of
Value Net Value Net
Australia - 3.91% (continued) Canada - 6.76% (continued)
230 Virgin Blue Holdings Ltd. 59 0.02 23 Banro Corp. 42 0.02
18 Washington H Soul Pattinson & Co. Ltd. 197 0.08 12 Bellatrix Exploration Ltd. 36 0.01
41 Watpac Ltd. 44 0.02 18 Biovail Corp. 267 0.10
17 WHK Group Ltd. 14 0.01 13 Birchcliff Energy Ltd. 114 0.04
4 Wide Bay Australia Ltd. 30 0.01 27 BlackPearl Resources, Inc. 71 0.03
10,181 3.91 3 Boralex, Inc., Class A 25 0.01
Austria - 0.35% 80 Breakwater Resources Ltd. 22 0.01
1 Agrana Beteiligungs AG 55 0.02 25 CAE, Inc. 229 0.09
1 A-TEC Industries AG 7 – 2 Calfrac Well Services Ltd. 37 0.01
2 Austriamicrosystems AG 53 0.02 12 Calvalley Petroleums, Inc., Class A 38 0.01
1 Constantia Packaging AG 28 0.01 9 Canaccord Financial, Inc. 71 0.03
1 Flughafen Wien AG 51 0.02 1 Canada Bread Co. Ltd. 40 0.02
1 Mayr Melnhof Karton AG 59 0.02 11 Canadian Tire Corp. Ltd., Class A 604 0.23
1 Palfinger AG 30 0.01 7 Canadian Western Bank 140 0.05
6 Strabag SE 132 0.05 9 Canam Group, Inc. 63 0.02
1 Uniqa Versicherungen AG 22 0.01 13 Canfor Corp. 121 0.05
4 Vienna Insurance Group 149 0.06 2 Cangene Corp. 5 –
20 Wienerberger AG 295 0.11 17 Capstone Mining Corp. 38 0.01
3 Zumtobel AG 45 0.02 12 Cascades, Inc. 78 0.03
926 0.35 25 Catalyst Paper Corp. 4 –
3 CCL Industries, Inc., Class B 74 0.03
Belgium - 0.54% 27 Celestica, Inc. 249 0.10
3 Ackermans & van Haaren NV 175 0.07 4 Celtic Exploration Ltd. 37 0.01
9 AGFA-Gevaert NV 59 0.02 11 Centerra Gold, Inc. 129 0.05
– Banque Nationale de Belgique 88 0.03 2 Clarke, Inc. 6 –
1 Barco NV, Class B 60 0.02 2 Cogeco Cable, Inc. 50 0.02
1 Compagnie d'Entreprises CFE 30 0.01 3 COM DEV International Ltd. 7 –
– Compagnie Immobiliere de Belgique S.A. 13 0.01 8 Compton Petroleum Corp. 6 –
6 Delhaize Group S.A. 461 0.18 75 Connacher Oil And Gas Ltd. 106 0.04
– D'ieteren S.A. 11 – 23 Consolidated Thompson Iron Mines Ltd. 177 0.07
3 Euronav NV 49 0.02 3 Corby Distilleries Ltd., Class A 37 0.01
6 Nyrstar NV 67 0.03 20 Corridor Resources, Inc. 88 0.03
2 Omega Pharma S.A. 84 0.03 6 Corriente Resources, Inc., Class A 46 0.02
2 Recticel S.A. 22 0.01 10 Corus Entertainment, Inc., Class B 181 0.07
2 Tessenderlo Chemie NV 54 0.02 5 Cott Corp. 38 0.01
7 UCB S.A. 222 0.09 7 Crew Energy, Inc. 109 0.04
1,395 0.54 2 Dalsa Corp. 22 0.01
Canada - 6.76% 8 Daylight Energy Ltd. 73 0.03
7 5N Plus, Inc. 34 0.01 20 Delphi Energy Corp. 49 0.02
2 Aastra Technologies Ltd. 43 0.02 46 Denison Mines Corp. 63 0.02
15 Advantage Oil & Gas Ltd. 89 0.03 8 Descartes Systems Group, Inc. 47 0.02
6 Aecon Group, Inc. 57 0.02 6 Dorel Industries, Inc., Class B 206 0.08
17 AGF Management Ltd., Class B 258 0.10 20 Dundee Precious Metals, Inc. 78 0.03
9 Ainsworth Lumber Co. Ltd. 30 0.01 5 DundeeWealth, Inc. 61 0.02
– Algoma Central Corp. 14 0.01 101 Eastern Platinum Ltd. 112 0.04
17 Algonquin Power & Utilities Corp. 66 0.02 – E-L Financial Corp. Ltd. 84 0.03
6 Altius Minerals Corp. 65 0.02 4 Empire Co. Ltd., Class A 195 0.08
10 Anderson Energy Ltd. 10 – 14 Ensign Energy Services, Inc. 172 0.07
7 Angle Energy, Inc. 50 0.02 1 Equitable Group, Inc. 21 0.01
22 Antrim Energy, Inc. 19 0.01 34 European Goldfields Ltd. 199 0.08
25 Anvil Mining Ltd. 78 0.03 4 EXFO Electro-Optical Engineering, Inc. 19 0.01
5 Astral Media, Inc. 170 0.07 5 Fairborne Energy Ltd. 20 0.01
7 Atrium Innovations, Inc. 95 0.04 2 Fairfax Financial Holdings Ltd. 732 0.28
13 ATS Automation Tooling Systems, Inc. 91 0.03 14 First Majestic Silver Corp. 50 0.02
9 Axia NetMedia Corp. 16 0.01 14 First Uranium Corp. 16 0.01
37 B2Gold Corp. 53 0.02 5 Flint Energy Services Ltd. 56 0.02
75 Baffinland Iron Mines Corp. 32 0.01 15 Fronteer Gold, Inc. 83 0.03
7 Ballard Power Systems, Inc. 13 0.01 20 Gabriel Resources Ltd. 73 0.03
13 Galleon Energy, Inc., Class A 72 0.03
49

% of % of
Value Net Value Net
Canada - 6.76% (continued) Canada - 6.76% (continued)
12 Gammon Gold, Inc. 84 0.03 7 NuVista Energy Ltd. 77 0.03
8 Gennum Corp. 58 0.02 10 Onex Corp. 258 0.10
20 Gerdau Ameristeel Corp. 145 0.06 34 OPTI Canada, Inc. 60 0.02
2 Glacier Media, Inc. 4 – 19 Orleans Energy Ltd. 48 0.02
6 GLV, Inc., Class A 48 0.02 2 Paladin Labs, Inc. 46 0.02
55 Golden Star Resources Ltd. 232 0.09 13 Pan American Silver Corp. 312 0.12
14 Grande Cache Coal Corp. 79 0.03 4 Paramount Resources Ltd., Class A 69 0.03
31 Great Basin Gold Ltd. 50 0.02 1 Parkbridge Lifestyles Communities, Inc. 4 –
12 Great Canadian Gaming Corp. 71 0.03 51 Platmin Ltd. 57 0.02
28 Groupe Aeroplan, Inc. 253 0.10 16 Plutonic Power Corp. 44 0.02
1 Guardian Capital Group Ltd. 10 – 2 Precision Drilling Trust 12 –
3 Hanfeng Evergreen, Inc. 17 0.01 4 Premium Brands Holdings Corp. 51 0.02
9 Harry Winston Diamond Corp. 114 0.04 21 ProEx Energy Ltd. 237 0.09
8 Hemisphere GPS, Inc. 6 – 7 QLT, Inc. 42 0.02
2 Heroux-Devtek, Inc. 11 – 13 Quadra Fxx Mining Ltd. 176 0.07
21 HudBay Minerals, Inc. 234 0.09 7 Quebecor, Inc., Class B 239 0.09
32 IAMGOLD Corp. 552 0.21 12 Quest Capital Corp. 16 0.01
10 IESI-BFC Ltd. 194 0.07 1 Richelieu Hardware Ltd. 24 0.01
1 Imperial Metals Corp. 25 0.01 3 Rocky Mountain Dealerships, Inc. 25 0.01
4 Indigo Books & Music, Inc. 54 0.02 17 RONA, Inc. 243 0.09
11 Industrial Alliance Insurance and Financial 8 Russel Metals, Inc. 139 0.05
Services, Inc. 359 0.14 17 Sabina Gold & Silver Corp. 29 0.01
5 Inmet Mining Corp. 252 0.10 11 Savanna Energy Services Corp. 61 0.02
2 Intermap Technologies Corp. 1 – 39 Sherritt International Corp. 249 0.10
6 International Forest Products Ltd., Class A 27 0.01 16 Shore Gold, Inc. 12 –
6 Intertape Polymer Group, Inc. 16 0.01 3 Sierra Wireless, Inc. 22 0.01
12 Iteration Energy Ltd. 18 0.01 1 Softchoice Corp. 11 –
126 Katanga Mining Ltd. 113 0.04 12 Sprott Resource Corp. 50 0.02
6 Kingsway Financial Services, Inc. 9 – 53 Stornoway Diamond Corp. 28 0.01
41 Lake Shore Gold Corp. 122 0.05 5 Student Transportation, Inc. 26 0.01
4 Laurentian Bank of Canada 176 0.07 5 SunOpta, Inc. 21 0.01
4 Legacy Oil + Gas, Inc. 45 0.02 13 Terra Energy Corp. 17 0.01
1 Leon's Furniture Ltd. 15 0.01 3 The Forzani Group Ltd., Class A 48 0.02
4 Linamar Corp. 80 0.03 16 Thompson Creek Metals Co., Inc. 161 0.06
60 Lundin Mining Corp. 222 0.09 6 Torstar Corp., Class B 59 0.02
107 Magindustries Corp. 36 0.01 6 Total Energy Services, Inc. 46 0.02
7 Magna International, Inc., Class A 485 0.19 10 Transcontinental, Inc., Class A 115 0.04
3 Major Drilling Group International, Inc. 76 0.03 7 TransForce, Inc. 68 0.03
3 Manitoba Telecom Services, Inc. 69 0.03 6 Transglobe Energy Corp. 43 0.02
15 Maple Leaf Foods, Inc. 134 0.05 17 Trinidad Drilling Ltd. 83 0.03
7 Martinrea International, Inc. 53 0.02 38 Twin Butte Energy Ltd. 48 0.02
18 MDS, Inc. 154 0.06 – U308 Corp. – –
54 Mega Uranium Ltd. 19 0.01 2 Uni-Select, Inc. 36 0.01
13 Methanex Corp. 265 0.10 72 Uranium One, Inc. 146 0.06
5 Metro, Inc., Class A 211 0.08 60 UTS Energy Corp. 130 0.05
6 Migao Corp. 34 0.01 3 Vector Aerospace Corp. 16 0.01
7 Minera Andes, Inc. 6 – 9 Vero Energy, Inc. 51 0.02
2 Miranda Technologies, Inc. 11 – 42 Viterra, Inc. 305 0.12
7 Monterey Exploration Ltd. 27 0.01 1 Wesdome Gold Mines Ltd. 1 –
– Mosaid Technologies, Inc. 2 – 6 West Fraser Timber Co. Ltd. 240 0.09
6 Mullen Group Ltd. 81 0.03 15 Western Canadian Coal Corp. 75 0.03
22 Nautilus Minerals, Inc. 31 0.01 1 Western Financial Group, Inc. 3 –
9 Neo Material Technologies, Inc. 32 0.01 11 Wi-Lan, Inc. 32 0.01
52 New Gold, Inc. 316 0.12 3 Winpak Ltd. 27 0.01
9 Newalta, Inc. 76 0.03 2 Xtreme Coil Drilling Corp. 6 –
1 Norbord, Inc. 9 – 17,656 6.76
3 North American Energy Partners, Inc. 23 0.01 Denmark - 0.59%
65 Northgate Minerals Corp. 190 0.07 1 Alm Brand A/S 8 –
2 Northland Resources, Inc. 5 –
50

% of % of
Value Net Value Net
Denmark - 0.59% (continued) Finland - 1.45% (continued)
2 Amagerbanken A/S 7 – 3,719 1.45
1 Auriga Industries A/S, Class B 18 0.01 France - 2.47%
3 Bang & Olufsen A/S, Class B 30 0.01 18 Air France-KLM 222 0.09
1 Capinordic A/S – – 18 Altran Technologies S.A. 75 0.03
6 Danisco A/S 356 0.14 8 Arkema S.A. 279 0.11
– Dfds A/S 27 0.01 8 Atos Origin S.A. 340 0.13
2 DS Norden A/S 84 0.03 – Bonduelle S.C.A. 31 0.01
1 East Asiatic Co. Ltd. A/S 29 0.01 1 Bongrain S.A. 39 0.01
26 GN Store Nord A/S 202 0.08 3 Bourbon S.A. 119 0.05
4 Greentech Energy Systems A/S 10 – 1 Boursorama 13 –
6 Jyske Bank A/S Registered 176 0.07 20 Cie Generale de Geophysique-Veritas 464 0.18
3 NKT Holding A/S 116 0.04 1 Ciments Francais S.A. 73 0.03
1 Nordjyske Bank A/S 9 – 5 Club Mediterranee 62 0.02
– PER Aarsleff A/S, Class B 20 0.01 1 Compagnie Plastic-Omnium S.A. 33 0.01
– Ringkjoebing Landbobank A/S 44 0.02 – Esso S.A. Francaise 39 0.02
1 Rockwool International A/S, Class B 81 0.03 12 Etablissements Maurel et Prom S.A. 142 0.06
1 Schouw & Co. 23 0.01 2 Euler Hermes S.A. 157 0.06
1 Sjaelso Gruppen A/S 2 – 3 Euro Disney SCA - Registered 14 0.01
1 Solar A/S, Class B 51 0.02 9 GFI Informatique 31 0.01
4 Spar Nord Bank A/S 36 0.01 1 Groupe Crit S.A. 16 0.01
8 Sydbank A/S 172 0.07 9 Groupe Eurotunnel S.A. 69 0.03
2 TK Development A/S 9 – 3 Groupe Steria SCA 100 0.04
2 Torm A/S 15 0.01 – Guyenne et Gascogne S.A. 37 0.01
2 Vestjysk Bank A/S 22 0.01 2 Haulotte Group S.A. 25 0.01
1,547 0.59 57 Havas S.A. 255 0.10
Finland - 1.45% 2 IPSOS 78 0.03
3 Ahlstrom Oyj 47 0.02 2 JC Decaux S.A. 47 0.02
12 Amer Sports Oyj, Class A 115 0.04 1 Korian 20 0.01
1 Atria PLC 18 0.01 14 Lagardere SCA 451 0.17
7 Cargotec Oyj, Class B 181 0.07 – LDC S.A. 20 0.01
4 Cramo Oyj, Class B 54 0.02 – LISI 19 0.01
6 Elektrobit Corp. 8 – 1 Manitou BF S.A. 19 0.01
12 Finnair Oyj 58 0.02 2 Mersen S.A. 64 0.02
3 Finnlines Oyj 32 0.01 4 Nexans S.A. 251 0.10
5 Fiskars Oyj ABP, Class A 66 0.03 3 Nexity S.A. Group, Class B 91 0.04
2 HKScan Oyj 24 0.01 – Norbert Dentressangle 24 0.01
9 Huhtamaki Oyj, Class B 93 0.04 3 NRJ Group 22 0.01
10 Kemira Oyj, Class B 110 0.04 1 Orco Property Group 5 –
8 Kesko Oyj, Class B 254 0.10 1 Parrot S.A. 17 0.01
1 Lannen Tehtaat Oyj 22 0.01 16 Peugeot S.A. 382 0.15
1 Lemminkainen Oyj 16 0.01 – Pierre & Vacances Group 27 0.01
9 Metso Oyj 271 0.10 3 Rallye S.A. 88 0.03
16 M-real Oyj, Class B 50 0.02 13 Rexel S.A. 177 0.07
14 Outokumpu Oyj 225 0.09 1 Sa des Ciments Vicat 54 0.02
2 PKC Group Oyj 29 0.01 11 Safran S.A. 304 0.12
14 Pohjola Bank PLC, Class A 136 0.05 – Sartorius Stedim Biotech 11 –
13 Raisio PLC, Class V 41 0.02 20 SCOR SE 395 0.15
3 Rapala VMC Oyj 22 0.01 – Seche Environnement S.A. 17 0.01
7 Rautaruukki Oyj 117 0.05 2 Sequana 30 0.01
15 Ruukki Group Oyj 23 0.01 1 Societe BIC S.A. 70 0.03
11 Sanoma Oyj 198 0.08 16 Soitec S.A. 147 0.06
2 Stockmann Oyj ABP, Class A 53 0.02 – Sperian Protection S.A. 66 0.03
3 Stockmann Oyj ABP, Class B 94 0.04 – Sucriere de Pithiviers-Le-Vieil 6 –
59 Stora Enso Oyj, Class R 440 0.17 6 Teleperformance S.A. 161 0.06
4 Tieto Oyj 81 0.03 1 Theolia S.A. 4 –
2 Tikkurila Oyj 43 0.02 3 Trigano S.A. 55 0.02
51 UPM-Kymmene Oyj 658 0.25 8 Valeo S.A. 233 0.09
8 YIT Oyj 140 0.05 2 Viel et Compagnie S.A. 8 –
51

% of % of
Value Net Value Net
France - 2.47% (continued) Germany - 2.87% (continued)
1 Vilmorin & Cie S.A. 69 0.03 9 Praktiker Bau-Und Heimwerkermaerkte Holding
5 Zodiac Aerospace S.A. 260 0.10 AG 72 0.03
6,327 2.47 13 Q-Cells AG 75 0.03
Germany - 2.87% 11 QSC AG 19 0.01
5 Aareal Bank AG 82 0.03 5 Rheinmetall AG 288 0.11
8 ADVA AG Optical Networking 41 0.02 15 Rhoen Klinikum AG 342 0.13
9 Aspen Insurance Holdings Ltd. 225 0.09 3 Roth & Rau AG 79 0.03
2 Augusta Technologie AG 20 0.01 5 Salzgitter AG 332 0.13
5 Aurubis AG 208 0.08 5 SGL Carbon SE 140 0.05
1 Balda AG 4 – 3 Singulus Technologies AG 21 0.01
1 Bauer AG 43 0.02 1 Sixt AG 18 0.01
2 BayWa AG 55 0.02 – SKW Stahl-Metallurgie Holding AG 6 –
2 Bechtle AG 46 0.02 24 Sky Deutschland AG 41 0.02
6 Bilfinger Berger AG 341 0.13 12 Solarworld AG 123 0.05
– Biotest AG 13 – 1 Solon SE 3 –
3 Carl Zeiss Meditec AG 48 0.02 7 Stada Arzneimittel AG 243 0.09
1 CENTROTEC Sustainable AG 16 0.01 10 Suedzucker AG 176 0.07
1 Centrotherm Photovoltaics AG 31 0.01 5 Tag Immobilien AG 28 0.01
1 Cewe Color Holding AG 27 0.01 22 TUI AG 192 0.07
6 CropEnergies AG 24 0.01 1 Versatel AG 7 –
29 Deutsche Lufthansa AG 389 0.15 4 VTG AG 55 0.02
12 Deutsche Postbank AG 375 0.14 3 Wacker Neuson SE 32 0.01
6 Deutz AG 33 0.01 7,489 2.87
8 DHT Holdings, Inc. 33 0.01 Greece - 0.45%
4 Douglas Holding AG 169 0.06 39 Agricultural Bank of Greece S.A. 60 0.02
7 Drillisch AG 47 0.02 154 Alapis Holding Industrial and Commercial S.A. of
1 Duerr AG 12 – Pharmaceutical Chemical & Organi 61 0.02
15 Evotec AG 37 0.01 8 Alpha Bank A.E. 43 0.02
13 Freenet AG 126 0.05 13 Anek Lines S.A. 5 –
1 GEA Group AG 20 0.01 – Bank of Cyprus Public Co. Ltd. 2 –
5 Generali Deutschland Holding AG 528 0.20 3 Bank of Greece 111 0.04
4 Gerresheimer AG 113 0.04 8 Diagnostic & Therapeutic Center of Athens Hygeia
– Gesco AG 23 0.01 S.A. 10 –
1 GFK SE 42 0.02 13 EFG Eurobank Ergasias S.A. 65 0.03
5 Gildemeister AG 58 0.02 18 Ellaktor S.A. 72 0.03
1 Grammer AG 11 – 25 Forthnet S.A. 22 0.01
1 Grenkeleasing AG 37 0.01 10 GEK Terna Holding Real Estate Contruction S.A. 56 0.02
9 Hannover Rueckversicherung AG 392 0.15 19 GENIKI Bank 13 0.01
12 Heidelberger Druckmaschinen AG 107 0.04 10 Hellenic Petroleum S.A. 73 0.03
2 Hochtief AG 146 0.06 2 Heracles General Cement Co. S.A. 10 –
– Homag Group AG 5 – 12 Intracom Holdings S.A. 10 –
3 Indus Holding AG 51 0.02 8 J&P-Avax S.A. 14 –
10 IVG Immobilien AG 65 0.03 80 Marfin Investment Group S.A. 107 0.04
4 Jenoptik AG 18 0.01 6 Marfin Popular Bank Public Co. Ltd. 13 0.01
11 Kloeckner & Co. SE 206 0.08 7 Michaniki S.A. 5 –
1 Koenig & Bauer AG 18 0.01 11 Mytilineos Holdings S.A. 57 0.02
8 Kontron AG 69 0.03 31 Piraeus Bank S.A. 159 0.06
3 Krones AG 128 0.05 4 Proton Bank S.A. 4 –
– KSB AG 36 0.01 9 Sidenor Steel Products Manufacturing Co. S.A. 29 0.01
– KWS Saat AG 35 0.01 4 Titan Cement Co. S.A. 68 0.03
10 Lanxess AG 414 0.16 17 TT Hellenic Postbank S.A. 61 0.02
3 Leoni AG 55 0.02 16 Viohalco S.A., Class B 67 0.03
– Manz Automation AG 11 – 1,197 0.45
5 Medion AG 59 0.02 Hong Kong - 1.54%
5 MLP AG 45 0.02 12 Allied Group Ltd. 37 0.01
4 Pfleiderer AG 22 0.01 584 Allied Properties HK Ltd. 107 0.04
15 PNE Wind AG 38 0.02 580 Apac Resources Ltd. 38 0.01
19 APT Satellite Holdings Ltd. 7 –
52

% of % of
Value Net Value Net
Hong Kong - 1.54% (continued) Hong Kong - 1.54% (continued)
10 Arts Optical International Holdings Ltd. 4 – 118 Pan Asia Environmental Protection Group Ltd. 22 0.01
30 Asia Financial Holdings Ltd. 11 – 250 Polytec Asset Holdings Ltd. 42 0.02
25 Asia Satellite Telecommunications Holdings Ltd. 36 0.01 40 Public Financial Holdings Ltd. 20 0.01
32 Asia Standard International Group Ltd. 5 – 544 PYI Corp. Ltd. 18 0.01
16 Associated International Hotels Ltd. 31 0.01 127 Regal Hotels International Holdings Ltd. 44 0.02
347 C C Land Holdings Ltd. 114 0.04 536 Samling Global Ltd. 52 0.02
670 Capital Properities Ltd. 15 – 382 Shougang Concord Century Holdings Ltd. 42 0.02
407 Champion Technology Holdings Ltd. 11 – 46 Shui On Construction and Materials Ltd. 54 0.02
78 China Metal International Holdings, Inc. 16 0.01 226 Shun Tak Holdings Ltd. 124 0.05
166 China Ting Group Hldgs Ltd 26 0.01 264 Singamas Container Holdings Ltd. 45 0.02
14 Chong Hing Bank Ltd. 26 0.01 11 SmarTone Telecommunications Holding Ltd. 11 –
24 Chow Sang Sang Holdings International Ltd. 41 0.02 184 South China China Ltd. 13 –
152 Chu Kong Shipping Development 33 0.01 88 Sun Hung Kai & Co. Ltd. 66 0.03
818 CK Life Sciences International Holdings, Inc. 48 0.02 353 Sustainable Forest Holdings Ltd. 25 0.01
8 Dah Chong Hong Holdings Ltd. 5 – 120 TAI Cheung Holdings Ltd. 66 0.03
44 Dah Sing Banking Group Ltd. 54 0.02 42 Tan Chong International Ltd. 10 –
24 Dah Sing Financial Holdings Ltd. 125 0.05 152 Techtronic Industries Co. Ltd. 133 0.05
39 Dickson Concepts International Ltd. 21 0.01 136 Texhong Textile Group Ltd. 56 0.02
186 Emperor International Holdings Ltd. 33 0.01 99 The Hongkong & Shanghai Hotels Ltd. 153 0.06
81 eSun Holdings Ltd. 11 – 920 Tongda Group Holdings Ltd. 33 0.01
217 Far East Consortium International Ltd. 55 0.02 21 Transport International Holdings Ltd. 60 0.02
1,130 Frasers Property China Ltd. 26 0.01 205 USI Holdings Ltd. 57 0.02
44 Fubon Bank Hong Kong Ltd. 18 0.01 48 Varitronix International Ltd. 15 0.01
129 Galaxy Entertainment Group Ltd. 56 0.02 344 Vedan International Holdings Ltd. 37 0.01
336 Genting Hong Kong Ltd. 54 0.02 123 Victory City International Holdings Ltd. 21 0.01
706 Get Nice Holdings Ltd. 39 0.02 130 Wheelock Properties Ltd. 211 0.08
182 Global Sweeteners Holdings Ltd. 29 0.01 39 Wing On Co. International Ltd. 63 0.02
1,158 Golden Resorts Group Ltd. 62 0.02 4,095 1.54
320 Goldin Financial Holdings Ltd. 34 0.01 Ireland - 0.47%
130 Goldin Properties Holdings Ltd. 53 0.02 21 Aer Lingus 17 0.01
49 Great Eagle Holdings Ltd. 118 0.05 103 Allied Irish Banks PLC 131 0.05
1,737 G-Resources Group Ltd. 103 0.04 16 DCC PLC 360 0.14
242 Guangnan (Holdings) Ltd. 44 0.02 6 FBD Holdings PLC 44 0.02
92 Hang Fung Gold Technology Ltd. 8 – 31 Grafton Group PLC 122 0.05
124 Hannstar Board International Holdings Ltd. 26 0.01 31 Greencore Group PLC 48 0.02
70 Harbour Centre Development Ltd. 60 0.02 42 Irish Life & Permanent Group Holdings PLC 102 0.04
86 HKR International Ltd. 27 0.01 4 Kingspan Group PLC 39 0.02
52 Hong Kong Ferry (Holdings) Co. Ltd. 44 0.02 19 Smurfit Kappa Group PLC 144 0.06
102 HongKong Chinese Ltd. 9 – 112 The Governor & Co. of the Bank of Ireland 100 0.04
68 Hung Hing Printing Group Ltd. 21 0.01 21 United Drug PLC 60 0.02
598 Huscoke Resources Holdings Ltd. 39 0.01 1,167 0.47
330 Hutchison Harbour Ring Ltd. 30 0.01
219 I-CABLE Communications Ltd. 34 0.01 Israel - 0.16%
166 IT Ltd. 26 0.01 43 Bank Hapoalim BM 163 0.06
41 Jinhui Holdings Ltd. 13 – 1 Clal Insurance Enterprise Holdings Ltd. 19 0.01
191 Johnson Electric Holdings Ltd. 94 0.04 11 Makhteshim-Agan Industries Ltd. 39 0.01
88 K Wah International Holdings Ltd. 28 0.01 12 Migdal Insurance & Financial Holding Ltd. 19 –
46 Keck Seng Investments (Hong Kong) Ltd. 23 0.01 5 Mizrahi Tefahot Bank Ltd. 43 0.02
1,840 Ko Yo Ecological Agrotech Group Ltd. 35 0.01 3 Nice Systems Ltd. 80 0.03
81 Kowloon Development Co. Ltd. 84 0.03 43 Oil Refineries Ltd. 22 0.01
22 Liu Chong Hing Investment Ltd. 22 0.01 3 Ormat Industries Ltd. 19 0.01
40 Lung Kee (Bermuda) Holdings Ltd. 21 0.01 – Paz Oil Co. Ltd. 21 0.01
124 Melco International Development Ltd. 48 0.02 425 0.16
1,144 New Times Energy Corp. Ltd. 41 0.02 Italy - 1.07%
108 Norstar Founders Group Ltd. – – – AcegasAps S.p.A. 2 –
288 Pacific Andes International Holdings Ltd. 46 0.02 3 Actelios S.p.A. 12 –
320 Pacific Basin Shipping Ltd. 219 0.08 1 Aeroporto di Venezia Marco Polo S.p.A. 5 –
219 Pacific Century Premium Developments Ltd. 39 0.02 19 Banca Popolare dell'Emilia Romagna Scarl 196 0.08
62 Paliburg Holdings Ltd. 19 0.01
53

% of % of
Value Net Value Net
Italy - 1.07% (continued) Japan - 12.23% (continued)
6 Banca Popolare dell'Etruria e del Lazio 26 0.01 9 AOC Holdings, Inc. 60 0.02
62 Banca Popolare di Milano Scarl 260 0.10 – AOI Electronic Co. Ltd. 4 –
4 Banco di Desio e della Brianza S.p.A. 16 0.01 6 AOKI Holdings, Inc. 82 0.03
95 Banco Popolare SC 518 0.20 8 Aoyama Trading Co. Ltd. 140 0.05
7 Benetton Group S.p.A. 47 0.02 31 Aozora Bank Ltd. 39 0.02
2 Buongiorno S.p.A. 3 – 2 Arakawa Chemical Industries Ltd. 22 0.01
10 Buzzi Unicem S.p.A. 113 0.04 1 Arc Land Sakamoto Co. Ltd. 10 –
17 Cementir Holding S.p.A. 50 0.02 4 Arcs Co. Ltd. 45 0.02
50 CIR-Compagnie Industriali Riunite S.p.A. 88 0.03 3 Arisawa Manufacturing Co. Ltd. 19 0.01
12 Credito Artigiano S.p.A. 22 0.01 1 As One Corp. 9 –
13 Credito Emiliano S.p.A. 70 0.03 16 Asahi Organic Chemicals Industry Co. Ltd. 37 0.01
6 De'Longhi S.p.A. 24 0.01 4 Asatsu-DK, Inc. 85 0.03
10 Elica SpA 20 0.01 2 ASKA Pharmaceutical Co. Ltd. 14 –
9 ERG S.p.A. 109 0.04 6 Asunaro Aoki Construction Co. Ltd. 25 0.01
3 Eurotech S.p.A. 8 – 16 Atsugi Co. Ltd. 19 0.01
11 Fondiaria-Sai S.p.A. 112 0.04 4 Autobacs Seven Co. Ltd. 127 0.05
75 Gemina S.p.A. 49 0.02 5 Bando Chemical Industries Ltd. 16 0.01
6 Gruppo Coin S.p.A. 38 0.01 8 Bank of the Ryukyus Ltd. 92 0.04
23 IMMSI S.p.A. 24 0.01 6 Belc Co. Ltd. 52 0.02
11 Italcementi S.p.A. 96 0.04 4 Best Denki Co. Ltd. 9 –
1 Italmobiliare S.p.A. 30 0.01 – Bic Camera, Inc. 40 0.02
21 Milano Assicurazioni S.p.A. 37 0.01 5 Bunka Shutter Co. Ltd. 13 0.01
23 Piccolo Credito Valtellinese Scarl 111 0.04 9 Calsonic Kansei Corp. 27 0.01
24 Pirelli & C Real Estate S.p.A. 10 – 4 Cawachi Ltd. 75 0.03
403 Pirelli & C S.p.A. 207 0.08 23 Central Glass Co. Ltd. 93 0.04
22 Premafin Finanziaria S.p.A. 25 0.01 7 Century Tokyo Leasing Corp. 83 0.03
4 Safilo Group S.p.A. 35 0.01 5 Chiyoda Co. Ltd. 65 0.02
146 Seat Pagine Gialle S.p.A. 24 0.01 3 Chiyoda Integre Co. Ltd. 34 0.01
6 Snai S.p.A. 18 0.01 1 Chofu Seisakusho Co. Ltd. 25 0.01
7 Societa Cattolica di Assicurazioni Scarl 162 0.06 5 Chubu Shiryo Co. Ltd. 34 0.01
5 Societa Iniziative Autostradali E Servizi S.p.A. 41 0.02 5 Chudenko Corp. 56 0.02
16 Societa Partecipazioni Finanziarie S.p.A. 1 – 12 Chuetsu Pulp & Paper Co. Ltd. 20 0.01
28 Sorin S.p.A. 51 0.02 2 Chuo Denki Kogyo Co. Ltd. 16 0.01
143 Unipol Gruppo Finanziario S.p.A. 121 0.05 4 Chuo Spring Co. Ltd. 14 0.01
7 Vianini Lavori S.p.A. 36 0.01 5 Circle K Sunkus Co. Ltd. 61 0.02
3 Vittoria Assicurazioni S.p.A. 12 – 3 CKD Corp. 26 0.01
2,829 1.07 4 Cleanup Corp. 21 0.01
Japan - 12.23% 10 CMK Corp. 58 0.02
39 Achilles Corp. 52 0.02 4 Coca-Cola Central Japan Co. Ltd. 41 0.02
6 Acom Co. Ltd. 74 0.03 3 Cocokara Fine Holdings, Inc. 51 0.02
12 ADEKA Corp. 110 0.04 8 Commuture Corp. 41 0.02
7 Aderans Holdings Co. Ltd. 80 0.03 11 COMSYS Holdings Corp. 93 0.04
2 Ahresty Corp. 15 0.01 2 Corona Corp. 17 0.01
13 Ai Holdings Corp. 45 0.02 89 Cosmo Oil Co. Ltd. 255 0.10
3 Aica Kogyo Co. Ltd. 36 0.01 19 Credit Saison Co. Ltd. 214 0.08
8 Aichi Machine Industry Co. Ltd. 26 0.01 4 Daibiru Corp. 29 0.01
14 Aichi Steel Corp. 57 0.02 3 Dai-Dan Co. Ltd. 15 0.01
9 Aida Engineering Ltd. 38 0.01 3 Daidoh Ltd. 26 0.01
19 Aiful Corp. 24 0.01 9 Daifuku Co. Ltd. 58 0.02
1 Aiphone Co. Ltd. 18 0.01 3 Daiichi Jitsugyo Co. Ltd. 10 –
3 Airport Facilities Co. Ltd. 14 – 4 Daiken Corp. 9 –
2 Aisan Industry Co. Ltd. 17 0.01 3 Daimei Telecom Engineering Corp. 20 0.01
3 Alpen Co. Ltd. 49 0.02 15 Dainichiseika Color & Chemicals Manufacturing
5 Alpine Electronics, Inc. 66 0.02 Co. Ltd. 54 0.02
1 Alps Logistics Co. Ltd. 6 – 10 Daio Paper Corp. 73 0.03
33 Amada Co. Ltd. 241 0.09 10 Daiso Co. Ltd. 26 0.01
5 Amano Corp. 40 0.01 2 Daisyo Corp. 17 0.01
6 Anritsu Corp. 23 0.01 5 Daiwa Industries Ltd. 23 0.01
12 DCM Japan Holdings Co. Ltd. 68 0.03
54

% of % of
Value Net Value Net
10 Denki Kogyo Co. Ltd. 45 0.02 15 Hokkan Holdings Ltd. 40 0.01
2 Denyo Co. Ltd. 14 0.01 9 Hokuetsu Paper Mills Ltd. 43 0.02
5 Descente Ltd. 28 0.01 153 Hokuhoku Financial Group, Inc. 278 0.11
48 DIC Corp. 80 0.03 3 Horiba Ltd. 94 0.04
3 Doshisha Co. Ltd. 62 0.02 4 Hosiden Corp. 45 0.02
4 Doutor Nichires Holdings Co. Ltd. 53 0.02 5 Hosokawa Micron Corp. 17 0.01
4 DTS Corp. 46 0.02 4 IBJ Leasing Co. Ltd. 70 0.03
6 Duskin Co. Ltd. 102 0.04 1 Ichiyoshi Securities Co., Ltd. 3 –
1 Dydo Drinco, Inc. 37 0.01 3 Icom, Inc. 65 0.03
5 Eagle Industry Co. Ltd. 32 0.01 9 Iino Kaiun Kaisha Ltd. 47 0.02
35 Ebara Corp. 154 0.06 4 Imasen Electric Industrial Co. Ltd. 51 0.02
11 Edion Corp. 97 0.04 2 Inaba Denki Sangyo Co. Ltd. 47 0.02
1 Eiken Chemical Co. Ltd. 6 – 2 Inaba Seisakusho Co. Ltd. 15 0.01
3 Eizo Nanao Corp. 69 0.03 4 Inabata & Co. Ltd. 20 0.01
5 Elpida Memory, Inc. 94 0.04 5 Ines Corp. 37 0.01
1 Eltematec Corp. 8 – 7 Inui Steamship Co. Ltd. 46 0.02
2 Enplas Corp. 39 0.01 51 Ishihara Sangyo Kaisha Ltd. 39 0.02
3 ESPEC Corp. 24 0.01 3 IT Holdings Corp. 35 0.01
4 Exedy Corp. 106 0.04 10 Itochu Enex Co. Ltd. 53 0.02
4 F&A Aqua Holdings, Inc. 36 0.01 1 Itochu-Shokuhin Co. Ltd. 21 0.01
3 FIDEA Holdings Co. Ltd. 5 – 23 Itoham Foods, Inc. 77 0.03
32 France Bed Holdings Co. Ltd. 46 0.02 4 Itoki Corp. 12 –
42 Fuji Electric Holdings Co. Ltd. 115 0.04 14 Izumiya Co. Ltd. 62 0.02
4 Fuji Electronics Co. Ltd. 43 0.02 7 Jaccs Co. Ltd. 13 –
6 Fuji Oil Co. Ltd. 74 0.03 5 Japan Airport Terminal Co. Ltd. 72 0.03
2 Fuji Soft, Inc. 32 0.01 7 Japan Aviation Electronics Industry Ltd. 48 0.02
2 Fujicco Co. Ltd. 22 0.01 3 Japan Cash Machine Co. Ltd. 21 0.01
14 Fujikura Ltd. 68 0.03 2 Japan Digital Laboratory Co. Ltd. 24 0.01
4 Fujimori Kogyo Co. Ltd. 44 0.02 6 Japan Pulp & Paper Co. Ltd. 20 0.01
8 Fujitec Co. Ltd. 43 0.02 7 Japan Radio Co. Ltd. 16 0.01
1 Fujitsu Frontech Ltd. 8 – 12 Japan Securities Finance Co. Ltd. 78 0.03
25 Fukuyama Transporting Co. Ltd. 117 0.05 5 Japan Transcity Corp. 15 0.01
1 Funai Electric Co. Ltd. 55 0.02 5 Japan Vilene Co. Ltd. 21 0.01
50 Furukawa Co. Ltd. 54 0.02 6 Jeol Ltd. 21 0.01
20 Furukawa-Sky Aluminum Corp. 54 0.02 13 JFE Shoji Holdings, Inc. 60 0.02
7 Fuso Pharmaceutical Industries Ltd. 22 0.01 7 JMS Co. Ltd. 26 0.01
4 Futaba Corp. 72 0.03 7 J-Oil Mills, Inc. 20 0.01
5 Futaba Industrial Co. Ltd. 37 0.01 7 Joshin Denki Co. Ltd. 69 0.03
3 Fuyo General Lease Co. Ltd. 83 0.03 2 JSP Corp. 15 0.01
9 Gakken Holdings Co. Ltd. 17 0.01 86 JVC KENWOOD Holdings, Inc. 34 0.01
20 Godo Steel Ltd. 45 0.02 4 Kadokawa Group Holdings, Inc. 84 0.03
3 Goldcrest Co. Ltd. 66 0.03 6 Kaga Electronics Co. Ltd. 62 0.02
23 Gunze Ltd. 73 0.03 3 Kamei Corp. 13 –
17 H2O Retailing Corp. 107 0.04 10 Kandenko Co. Ltd. 60 0.02
2 Hakuto Co. Ltd. 14 0.01 3 Kanematsu Electronics Ltd. 24 0.01
21 Hanwa Co. Ltd. 82 0.03 5 Kanto Auto Works Ltd. 40 0.01
2 Harashin Narus Holdings Co. Ltd. 19 0.01 7 Kanto Natural Gas Development Ltd. 36 0.01
3 Heiwa Corp. 24 0.01 10 Kasumi Co. Ltd. 50 0.02
13 Heiwa Real Estate Co. Ltd. 32 0.01 5 Katakura Industries Co. Ltd. 47 0.02
3 Heiwado Co. Ltd. 37 0.01 2 Kato Sangyo Co. Ltd. 26 0.01
2 Hibiya Engineering Ltd. 17 0.01 8 Kato Works Co. Ltd. 16 0.01
2 Hikari Tsushin, Inc. 38 0.01 47 Kawasaki Kisen Kaisha Ltd. 191 0.07
5 Hisaka Works Ltd. 47 0.02 14 Kayaba Industry Co. Ltd. 50 0.02
13 Hitachi Cable Ltd. 36 0.01 3 Keihanshin Real Estate Co. Ltd. 13 0.01
6 Hitachi Capital Corp. 86 0.03 8 Keihin Corp. 150 0.06
5 Hitachi Kokusai Electric, Inc. 46 0.02 6 Keiyo Co. Ltd. 28 0.01
2 Hitachi Medical Corp. 16 0.01 – Kenedix, Inc. 24 0.01
3 Hitachi Transport System Ltd. 38 0.01 2 Kewpie Corp. 21 0.01
10 Hodogaya Chemical Co. Ltd. 34 0.01 2 KEY Coffee, Inc. 25 0.01
55

% of % of
Value Net Value Net
20 Kinden Corp. 171 0.07 3 Mitsui Sumitomo Insurance Group Holdings, Inc. 71 0.03
4 Kissei Pharmaceutical Co. Ltd. 77 0.03 10 Mitsui-Soko Co. Ltd. 38 0.01
13 Kitagawa Iron Works Co. Ltd. 22 0.01 3 Mitsuuroko Co. Ltd. 20 0.01
16 Kitz Corp. 71 0.03 8 Mizuno Corp. 34 0.01
73 Kiyo Holdings, Inc. 92 0.04 8 Mori Seiki Co. Ltd. 85 0.03
3 Koa Corp. 32 0.01 25 Morinaga & Co. Ltd. 53 0.02
2 Kohnan Shoji Co. Ltd. 21 0.01 24 Morinaga Milk Industry Co. Ltd. 91 0.03
5 Kojima Co. Ltd. 35 0.01 8 Morita Holdings Corp. 39 0.01
10 Kokuyo Co. Ltd. 90 0.03 18 Nachi-Fujikoshi Corp. 49 0.02
6 Komori Corp. 63 0.02 15 Nagase & Co. Ltd. 161 0.06
2 Konishi Co. Ltd. 25 0.01 16 Nakayama Steel Works Ltd. 28 0.01
3 K's Holdings Corp. 78 0.03 1 NEC Capital Solutions Ltd. 15 0.01
15 Kumiai Chemical Industry Co. Ltd. 37 0.01 2 NEC Fielding Ltd. 24 0.01
22 Kurabo Industries Ltd. 35 0.01 2 NEC Mobiling Ltd. 37 0.02
9 KUREHA Corp. 45 0.02 3 NEC Networks & System Integration Corp. 32 0.01
11 Kurimoto Ltd. 15 0.01 – NET One Systems Co. Ltd. 41 0.02
2 Kuroda Electric Co. Ltd. 33 0.01 3 Neturen Co. Ltd. 17 0.01
8 Kyodo Printing Co. Ltd. 19 0.01 5 Nice Holdings, Inc. 11 –
2 Kyoei Steel Ltd. 32 0.01 11 Nichias Corp. 45 0.02
4 Kyokuto Kaihatsu Kogyo Co. Ltd. 15 – 6 Nichicon Corp. 65 0.02
3 Kyokuto Securities Co. Ltd. 20 0.01 2 Nichiden Corp. 46 0.02
6 Kyorin Co. Ltd. 81 0.03 6 Nichiha Corp. 61 0.02
3 Kyoritsu Maintenance Co. Ltd. 45 0.02 4 Nichii Gakkan Co. Ltd. 32 0.01
6 Kyosan Electric Manufacturing Co. Ltd. 28 0.01 31 Nichirei Corp. 119 0.05
10 Kyowa Exeo Corp. 80 0.03 1 Nihon Eslead Corp. 11 –
5 Kyudenko Corp. 26 0.01 10 Nihon Yamamura Glass Co. Ltd. 26 0.01
21 Leopalace21 Corp. 84 0.03 11 Nippo Corp. 83 0.03
5 Lintec Corp. 84 0.03 10 Nippon Beet Sugar Manufacturing Co. Ltd. 21 0.01
3 Macnica, Inc. 64 0.02 2 Nippon Ceramic Co. Ltd. 20 0.01
24 Maeda Corp. 67 0.03 9 Nippon Chemical Industrial Co. Ltd. 20 0.01
8 Maeda Road Construction Co. Ltd. 61 0.02 27 Nippon Chemi-Con Corp. 110 0.04
1 Maezawa Kyuso Industries Co. Ltd. 13 – 3 Nippon Densetsu Kogyo Co. Ltd. 26 0.01
17 Makino Milling Machine Co. Ltd. 103 0.04 4 Nippon Denwa Shisetsu Co. Ltd. 12 –
1 Marubun Corp. 3 – 3 Nippon Fine Chemical Co. Ltd. 20 0.01
8 Marudai Food Co. Ltd. 23 0.01 18 Nippon Flour Mills Co. Ltd. 84 0.03
21 Maruha Nichiro Holdings, Inc. 31 0.01 10 Nippon Kayaku Co. Ltd. 81 0.03
29 Marui Group Co. Ltd. 205 0.08 16 Nippon Koei Co. Ltd. 46 0.02
9 Marusan Securities Co. Ltd. 49 0.02 6 Nippon Konpo Unyu Soko Co. Ltd. 65 0.02
1 Maruwa Co. Ltd. 20 0.01 63 Nippon Light Metal Co. Ltd. 88 0.03
15 Maruzen Showa Unyu Co. Ltd. 48 0.02 12 Nippon Paint Co. Ltd. 77 0.03
3 Maspro Denkoh Corp. 22 0.01 8 Nippon Paper Group, Inc. 215 0.08
2 Matsuya Foods Co. Ltd. 24 0.01 4 Nippon Seiki Co. Ltd. 39 0.02
4 Max Co. Ltd. 40 0.02 27 Nippon Sheet Glass Co. Ltd. 71 0.03
4 Maxvalu Tokai Co. Ltd. 40 0.02 9 Nippon Shinyaku Co. Ltd. 96 0.04
2 Meito Sangyo Co. Ltd. 23 0.01 9 Nippon Shokubai Co. Ltd. 82 0.03
7 Mikuni Coca-Cola Bottling Co. Ltd. 57 0.02 5 Nippon Signal Co. Ltd. 36 0.01
4 Mimasu Semiconductor Industry Co. Ltd. 47 0.02 18 Nippon Soda Co. Ltd. 64 0.02
3 Ministop Co. Ltd. 43 0.02 6 Nippon Steel Trading Co. Ltd. 16 0.01
4 Mitsuba Corp. 22 0.01 8 Nippon Suisan Kaisha Ltd. 22 0.01
53 Mitsubishi Paper Mills Ltd. 61 0.02 14 Nippon Thompson Co. Ltd. 87 0.03
1 Mitsubishi Pencil Co. Ltd. 18 0.01 15 Nippon Valqua Industries Ltd. 31 0.01
20 Mitsubishi Steel Manufacturing Co. Ltd. 40 0.02 11 Nippon Yakin Kogyo Co. Ltd. 36 0.01
5 Mitsubishi UFJ Lease & Finance Co. Ltd. 176 0.07 6 Nipro Corp. 103 0.04
5 Mitsuboshi Belting Co. Ltd. 21 0.01 46 Nishimatsu Construction Co. Ltd. 58 0.02
46 Mitsui Chemicals, Inc. 141 0.05 7 Nissan Shatai Co. Ltd. 48 0.02
3 Mitsui High-Tec, Inc. 18 0.01 56 Nisshin Steel Co. Ltd. 102 0.04
2 Mitsui Home Co. Ltd. 11 – 5 Nissin Corp. 11 –
– Mitsui Knowledge Industry Co. Ltd. 13 – 7 Nissin Electric Co. Ltd. 34 0.01
15 Mitsui Sugar Co. Ltd. 48 0.02 4 Nissin Kogyo Co. Ltd. 57 0.02
56

% of % of
Value Net Value Net
1 Nitta Corp. 18 0.01 1 San-A Co. Ltd. 48 0.02
5 Nittetsu Mining Co. Ltd. 18 0.01 7 San-Ai Oil Co. Ltd. 27 0.01
47 Nitto Boseki Co. Ltd. 105 0.04 22 Sanden Corp. 64 0.02
2 Nitto Kogyo Corp. 18 0.01 2 Sanei-International Co. Ltd. 21 0.01
2 Noevir Co. Ltd. 25 0.01 3 Sangetsu Co. Ltd. 52 0.02
22 NOF Corp. 85 0.03 18 Sanken Electric Co. Ltd. 70 0.03
3 Nohmi Bosai Ltd. 18 0.01 11 Sanki Engineering Co. Ltd. 82 0.03
7 Nomura Co. Ltd. 23 0.01 11 Sankyo Seiko Co. Ltd. 29 0.01
20 Noritake Co. Ltd. 61 0.02 57 Sankyo-Tateyama Holdings, Inc. 70 0.03
1 Noritsu Koki Co. Ltd. 7 – 8 Sanoh Industrial Co. Ltd. 58 0.02
2 Noritz Corp. 32 0.01 4 Sanshin Electronics Co. Ltd. 30 0.01
2 Oiles Corp. 33 0.01 27 Sanwa Holdings Corp. 82 0.03
13 Okabe Co. Ltd. 51 0.02 4 Sanyo Chemical Industries Ltd. 23 0.01
6 Okamoto Industries, Inc. 23 0.01 6 Sanyo Denki Co. Ltd. 29 0.01
5 Okamura Corp. 29 0.01 15 Sanyo Shokai Ltd. 50 0.02
15 Okasan Securities Group, Inc. 58 0.02 7 Sanyo Special Steel Co. Ltd. 32 0.01
11 OKUMA Corp. 67 0.03 24 Sapporo Hokuyo Holdings, Inc. 88 0.03
25 Okumura Corp. 86 0.03 4 Sato Corp. 44 0.02
2 Okuwa Co. Ltd. 19 0.01 1 SBI Holdings, Inc. 136 0.05
3 Olympic Corp. 19 0.01 1 Secom Joshinetsu Co. Ltd. 20 0.01
13 Onward Holdings Co. Ltd. 96 0.04 18 Seika Corp. 37 0.01
7 Organo Corp. 48 0.02 5 Seikagaku Corp. 48 0.02
4 Origin Electric Co. Ltd. 17 0.01 5 Seiko Holdings Corp. 13 –
2 Osaka Steel Co. Ltd. 24 0.01 17 Seino Holdings Corp. 118 0.05
2 OYO Corp. 15 – 3 Seiren Co. Ltd. 16 0.01
6 Pacific Industrial Co. Ltd. 28 0.01 2 Sekisui Jushi Corp. 18 0.01
5 PanaHome Corp. 30 0.01 7 Sekisui Plastics Co. Ltd. 32 0.01
2 Paramount Bed Co. Ltd. 30 0.01 7 Senko Co. Ltd. 28 0.01
7 Parco Co. Ltd. 53 0.02 3 Senshukai Co. Ltd. 14 0.01
4 Paris Miki Holdings, Inc. 29 0.01 2 Shibuya Kogyo Co. Ltd. 18 0.01
32 Penta-Ocean Construction Co. Ltd. 47 0.02 31 Shikibo Ltd. 40 0.01
1 Piolax, Inc. 18 0.01 5 Shikoku Chemicals Corp. 25 0.01
12 Pioneer Corp. 45 0.02 2 Shima Seiki Manufacturing Ltd. 53 0.02
2 Plenus Co. Ltd. 20 0.01 4 Shimachu Co. Ltd. 77 0.03
9 Press Kogyo Co. Ltd. 26 0.01 6 Shinagawa Refractories Co. Ltd. 16 0.01
41 Prima Meat Packers Ltd. 43 0.02 7 Shindengen Electric Manufacturing Co. Ltd. 23 0.01
13 Promise Co. Ltd. 91 0.04 4 Shin-Etsu Polymer Co. Ltd. 23 0.01
7 Pronexus, Inc. 37 0.01 1 Shinkawa Ltd. 18 0.01
5 Renesas Electronics Corp. 54 0.02 2 Shinko Shoji Co. Ltd. 19 0.01
5 Renown, Inc. 15 – 12 Shinmaywa Industries Ltd. 44 0.02
18 Rhythm Watch Co. Ltd. 27 0.01 103 Shinsei Bank Ltd. 104 0.04
2 Ricoh Leasing Co. Ltd. 38 0.01 18 Shinwa Kaiun Kaisha Ltd. 53 0.02
5 Riken Corp. 17 0.01 – Ship Healthcare Holdings, Inc. 13 –
13 Riken Technos Corp. 35 0.01 11 Shiroki Corp. 29 0.01
2 Riso Kagaku Corp. 21 0.01 5 Shizuoka Gas Co. Ltd. 27 0.01
2 Rock Field Co. Ltd. 20 0.01 2 Shoei Co. Ltd. 13 0.01
3 Roland Corp. 28 0.01 1 Showa Aircraft Industry Co. Ltd. 7 –
– Roland DG Corp. 1 – 11 Showa Corp. 69 0.03
6 Round One Corp. 42 0.02 10 Showa Sangyo Co. Ltd. 29 0.01
2 Royal Holdings Co. Ltd. 19 0.01 8 Sinanen Co. Ltd. 32 0.01
13 Ryobi Ltd. 44 0.02 6 Sintokogio Ltd. 41 0.02
3 Ryoden Trading Co. Ltd. 16 0.01 – SKY Perfect JSAT Holdings, Inc. 82 0.03
5 Ryosan Co. Ltd. 113 0.04 9 SMK Corp. 41 0.02
7 Ryoyo Electro Corp. 69 0.03 4 Sodick Co. Ltd. 14 0.01
3 S Foods, Inc. 20 0.01 9 Sohgo Security Services Co. Ltd. 90 0.03
15 Sakai Chemical Industry Co. Ltd. 61 0.02 152 Sojitz Corp. 253 0.10
5 Sakata INX Corp. 21 0.01 5 Star Micronics Co. Ltd. 50 0.02
8 Sakata Seed Corp. 97 0.04 1 Starzen Co. Ltd. 3 –
9 Sala Corp. 50 0.02 22 Sumikin Bussan Corp. 49 0.02
57

% of % of
Value Net Value Net
20 Suminoe Textile Co. Ltd. 39 0.01 25 The Hyakujushi Bank Ltd. 89 0.03
4 Sumisho Computer Systems Corp. 52 0.02 9 The Japan Wool Textile Co. Ltd. 60 0.02
18 Sumitomo Bakelite Co. Ltd. 95 0.04 37 The Juroku Bank Ltd. 130 0.05
3 Sumitomo Densetsu Co. Ltd. 14 – 17 The Kagoshima Bank Ltd. 105 0.04
15 Sumitomo Forestry Co. Ltd. 121 0.05 4 The Kanto Tsukuba Bank Ltd. 10 –
52 Sumitomo Osaka Cement Co. Ltd. 103 0.04 24 The Keiyo Bank Ltd. 115 0.04
2 Sumitomo Pipe & Tube Co. Ltd. 11 – 1 The Kita-Nippon Bank Ltd. 12 –
7 Sumitomo Seika Chemicals Co. Ltd. 24 0.01 6 The Maruetsu, Inc. 23 0.01
61 SWCC Showa Holdings Co. Ltd. 58 0.02 7 The Michinoku Bank Ltd. 13 0.01
3 T Hasegawa Co. Ltd. 41 0.02 14 The Mie Bank Ltd. 37 0.01
17 T RAD Co. Ltd. 49 0.02 50 The Minato Bank Ltd. 65 0.03
3 Tachi-S Co. Ltd. 28 0.01 22 The Miyazaki Bank Ltd. 53 0.02
10 Tadano Ltd. 46 0.02 4 The Musashino Bank Ltd. 112 0.04
3 Taihei Dengyo Kaisha Ltd. 22 0.01 7 The Nagano Bank Ltd. 13 0.01
13 Taihei Kogyo Co. Ltd. 45 0.02 28 The Nanto Bank Ltd. 133 0.05
69 Taiheiyo Cement Corp. 92 0.04 19 The Nippon Road Co. Ltd. 40 0.02
2 Taiho Kogyo Co. Ltd. 12 – 5 The Nippon Synthetic Chemical Industry Co. Ltd. 32 0.01
4 Taikisha Ltd. 49 0.02 56 The Nishi-Nippon City Bank Ltd. 153 0.06
126 Taisei Corp. 242 0.09 11 The Nisshin Oillio Group Ltd. 54 0.02
8 Taiyo Yuden Co. Ltd. 105 0.04 35 The Ogaki Kyoritsu Bank Ltd. 107 0.04
3 Takamatsu Construction Group Co., Ltd. 35 0.01 16 The Oita Bank Ltd. 52 0.02
13 Takara Standard Co. Ltd. 77 0.03 4 The Pack Corp. 60 0.02
8 Takasago International Corp. 35 0.01 19 The San-In Godo Bank Ltd. 134 0.05
8 Takasago Thermal Engineering Co. Ltd. 68 0.03 4 The Sankei Building Co. Ltd. 23 0.01
18 Takashimaya Co. Ltd. 158 0.06 13 The Shibusawa Warehouse Co. Ltd. 43 0.02
4 Takata Corp. 83 0.03 31 The Shiga Bank Ltd. 167 0.06
15 Takefuji Corp. 46 0.02 24 The Shikoku Bank Ltd. 70 0.03
8 Takihyo Co. Ltd. 33 0.01 1 The Shimizu Bank Ltd. 18 0.01
4 Tamron Co. Ltd. 64 0.02 20 The Sumitomo Warehouse Co. Ltd. 90 0.04
5 Tamura Corp. 14 0.01 16 The Tochigi Bank Ltd. 64 0.02
8 Tatsuta Electric Wire and Cable Co. Ltd. 18 0.01 38 The Toho Bank Ltd. 112 0.04
7 Tecmo Koei Holdings Co. Ltd. 44 0.02 3 The Tokyo Tomin Bank Ltd. 38 0.01
20 Tekken Corp. 19 0.01 2 The Torigoe Co. Ltd. 17 0.01
1 Tenma Corp. 15 0.01 7 The Tottori Bank Ltd. 19 0.01
47 The 77 Bank Ltd. 242 0.09 19 The Towa Bank Ltd. 15 0.01
1 The Aichi Bank Ltd. 75 0.03 2 The Yachiyo Bank Ltd. 47 0.02
37 The Akita Bank Ltd. 122 0.05 17 The Yamagata Bank Ltd. 73 0.03
21 The Aomori Bank Ltd. 47 0.02 17 The Yamanashi Chuo Bank Ltd. 66 0.03
25 The Awa Bank Ltd. 142 0.05 6 The Yasuda Warehouse Co. Ltd. 35 0.01
2 The Bank of Iwate Ltd. 99 0.04 – TKC Corp. 7 –
23 The Bank of Nagoya Ltd. 77 0.03 17 TOA Corp. 18 0.01
2 The Bank of Okinawa Ltd. 73 0.03 15 Toagosei Co. Ltd. 64 0.02
24 The Bank of Saga Ltd. 66 0.03 7 Tobu Store Co. Ltd. 20 0.01
2 The Chiba Kogyo Bank Ltd. 12 – 13 TOC Co. Ltd. 51 0.02
9 The Chukyo Bank Ltd. 24 0.01 16 Toda Corp. 53 0.02
4 The Daiei, Inc. 19 0.01 14 Toei Co. Ltd. 63 0.02
14 The Daisan Bank Ltd. 36 0.01 9 Toenec Corp. 47 0.02
41 The Daishi Bank Ltd. 127 0.05 5 Toho Holdings Co. Ltd. 78 0.03
25 The Ehime Bank Ltd. 62 0.02 15 Toho Zinc Co. Ltd. 61 0.02
24 The Eighteenth Bank Ltd. 65 0.03 4 Tokai Rika Co. 84 0.03
24 The Fuji Fire & Marine Insurance Co. Ltd. 34 0.01 4 Tokai Rubber Industries, Inc. 46 0.02
28 The Fukui Bank Ltd. 82 0.03 38 Tokai Tokyo Financial Holdings, Inc. 135 0.05
23 The Fukushima Bank Ltd. 13 0.01 27 Tokushu Tokai Holdings Co. Ltd. 64 0.02
52 The Gunma Bank Ltd. 267 0.10 37 Tokuyama Corp. 191 0.07
24 The Higashi-Nippon Bank Ltd. 43 0.02 27 Tokyo Dome Corp. 69 0.03
25 The Higo Bank Ltd. 127 0.05 4 Tokyo Energy & Systems, Inc. 25 0.01
31 The Hokkoku Bank Ltd. 105 0.04 5 Tokyo Ohka Kogyo Co. Ltd. 89 0.03
36 The Hokuetsu Bank Ltd. 57 0.02 4 Tokyo Rakutenchi Co. Ltd. 15 0.01
32 The Hyakugo Bank Ltd. 131 0.05 12 Tokyo Rope Manufacturing Co. Ltd. 27 0.01
58

% of % of
Value Net Value Net
4 Tokyo Seimitsu Co. Ltd. 59 0.02 – Yoshinoya Holdings Co. Ltd. 32 0.01
14 Tokyo Steel Manufacturing Co. Ltd. 153 0.06 18 Yuasa Trading Co. Ltd. 16 0.01
6 Tokyo Style Co. Ltd. 46 0.02 4 Yurtec Corp. 15 0.01
50 Tokyo Tatemono Co. Ltd. 186 0.07 12 Zeon Corp. 69 0.03
19 Tokyotokeiba Co. Ltd. 26 0.01 3 Zuken, Inc. 18 0.01
2 Tokyu Community Corp. 61 0.02 31,589 12.23
13 Tokyu Construction Co. Ltd. 34 0.01 Netherlands - 1.42%
9 Tomato Bank Ltd. 17 0.01 13 Aalberts Industries NV 155 0.06
1 Tomen Electronics Corp. 12 – 1 Accell Group 42 0.02
11 Tomoku Co. Ltd. 29 0.01 3 ASM International NV 59 0.02
27 TOMONY Holdings, Inc. 77 0.03 3 BinckBank NV 39 0.02
7 Tonami Holdings Co. Ltd. 14 0.01 3 Cat Oil AG 28 0.01
10 Topcon Corp. 52 0.02 6 Crucell NV 112 0.04
7 Toppan Forms Co. Ltd. 72 0.03 6 CSM 185 0.07
8 Topre Corp. 56 0.02 2 Draka Holding NV 33 0.01
31 Topy Industries Ltd. 64 0.02 2 Grontmij NV 41 0.02
1 Torii Pharmaceutical Co. Ltd. 20 0.01 3 Heijmans NV 43 0.02
9 Toshiba Machine Co. Ltd. 37 0.01 – Hunter Douglas NV 8 –
13 Toshiba TEC Corp. 47 0.02 – Kardan NV 1 –
4 Totetsu Kogyo Co. Ltd. 23 0.01 1 KAS Bank NV 9 –
3 Touei Housing Corp. 29 0.01 1 Kendrion NV 15 –
6 Toyo Corp. 56 0.02 10 Koninklijke BAM Groep NV 63 0.02
10 Toyo Engineering Corp. 30 0.01 5 Koninklijke Boskalis Westminster NV 189 0.07
32 Toyo Ink Manufacturing Co. Ltd. 118 0.05 13 Koninklijke DSM NV 522 0.20
9 Toyo Kanetsu KK 15 0.01 6 Koninklijke Vopak NV 233 0.09
12 Toyo Kohan Co. Ltd. 60 0.02 1 Macintosh Retail Group NV 16 0.01
5 Toyo Securities Co. Ltd. 8 – 6 Mediq NV 106 0.04
21 Toyo Tire & Rubber Co. Ltd. 47 0.02 3 Nutreco Holding NV 141 0.05
10 Toyobo Co. Ltd. 15 0.01 3 Ordina NV 12 –
3 Toyota Auto Body Co. Ltd. 46 0.02 9 Randstad Holding NV 362 0.14
2 Trusco Nakayama Corp. 22 0.01 16 SBM Offshore NV 249 0.10
17 Tsubakimoto Chain Co. 74 0.03 1 Sligro Food Group NV 16 0.01
2 Tsukishima Kikai Co. Ltd. 14 – 12 SNS Reaal NV 61 0.02
1 Tsutsumi Jewelry Co. Ltd. 24 0.01 71 STMicroelectronics NV 555 0.21
– TV Asahi Corp. 49 0.02 3 Telegraaf Media Groep NV 52 0.02
7 Ube Material Industries Ltd. 16 0.01 4 Ten Cate NV 87 0.03
5 Uchida Yoko Co. Ltd. 13 0.01 3 TKH Group NV 55 0.02
11 Uniden Corp. 30 0.01 12 TomTom NV 78 0.03
2 Unimat Life Corp. 28 0.01 10 USG People NV 143 0.06
3 Unipres Corp. 50 0.02 3 Wavin NV 36 0.01
26 UNY Co. Ltd. 202 0.08 3,746 1.42
2 U-Shin Ltd. 14 0.01
4 Valor Co. Ltd. 30 0.01 New Zealand - 0.31%
3 Vital KSK Holdings, Inc. 14 0.01 59 Air New Zealand Ltd. 48 0.02
2 Warabeya Nichiyo Co. Ltd. 18 0.01 91 Auckland International Airport Ltd. 116 0.04
3 Xebio Co. Ltd. 47 0.02 38 Contact Energy Ltd. 152 0.06
6 Yahagi Construction Co. Ltd. 36 0.01 201 Fisher & Paykel Appliances Holdings Ltd. 75 0.03
26 Yamaguchi Financial Group, Inc. 247 0.10 8 Fletcher Building Ltd. 45 0.02
6 Yamaha Corp. 58 0.02 2 Mainfreight Ltd. 9 –
21 Yamatane Corp. 29 0.01 55 New Zealand Oil & Gas Ltd. 52 0.02
6 Yamazen Corp. 23 0.01 34 Nuplex Industries Ltd. 69 0.03
5 Yellow Hat Ltd. 31 0.01 42 PGG Wrightson Ltd. 16 0.01
14 Yodogawa Steel Works Ltd. 53 0.02 19 Port of Tauranga Ltd. 88 0.03
3 Yokogawa Bridge Holdings Corp. 18 0.01 53 Pyne Gould Corp. Ltd. 16 0.01
3 Yokohama Reito Co. Ltd. 21 0.01 4 Sanford Ltd. 12 –
5 Yomeishu Seizo Co. Ltd. 46 0.02 23 Sky Network Television Ltd. 71 0.03
3 Yondenko Corp. 13 – 5 Steel & Tube Holdings Ltd. 7 –
5 Yonekyu Corp. 45 0.02 4 The New Zealand Refining Co. Ltd. 9 –
1 Yorozu Corp. 13 – 15 Tower Ltd. 19 0.01
59

% of % of
Value Net Value Net
New Zealand - 0.31% (continued) Singapore - 0.93% (continued)
804 0.31 38 Guocoland Ltd. 55 0.02
Norway - 0.63% 23 Haw Par Corp. Ltd. 95 0.04
1 Aker ASA, Class A 25 0.01 61 Hi-P International Ltd. 23 0.01
1 Aktiv Kapital ASA 6 – 37 Ho Bee Investment Ltd. 37 0.01
5 Atea ASA 34 0.01 85 Hong Fok Corp. Ltd. 30 0.01
7 Austevoll Seafood ASA 43 0.02 35 Hong Leong Asia Ltd. 80 0.03
2 Bonheur ASA 38 0.01 45 Hong Leong Finance Ltd. 92 0.04
16 BW Offshore Ltd. 22 0.01 10 Hotel Grand Central Ltd. 5 –
3 Camillo Eitzen & Co. ASA 5 – 27 Hotel Properties Ltd. 39 0.02
4 Cermaq ASA 36 0.01 63 HTL International Holdings Ltd. 27 0.01
9 Copeinca ASA 56 0.02 33 Hwa Hong Corp. Ltd. 12 –
2 Dockwise Ltd. 50 0.02 107 Jaya Holdings Ltd. 46 0.02
3 DOF ASA 21 0.01 119 K1 Ventures Ltd. 12 –
5 EDB Business Partner ASA 11 – 51 Keppel Land Ltd. 126 0.05
48 Eitzen Chemical ASA 14 0.01 28 Kim Eng Holdings Ltd. 30 0.01
2 Ekornes ASA 31 0.01 50 KS Energy Services Ltd. 40 0.02
1 Farstad Shipping ASA 27 0.01 53 Low Keng Huat Singapore Ltd. 17 0.01
1 Ganger Rolf ASA 32 0.01 15 MCL Land Ltd. 19 0.01
29 Golden Ocean Group Ltd 45 0.02 45 Metro Holdings Ltd. 24 0.01
58 Kongsberg Automotive ASA 34 0.01 44 Neptune Orient Lines Ltd. 59 0.02
351 Marine Harvest ASA 283 0.11 33 Orchard Parade Holdings Ltd. 23 0.01
38 Norske Skogindustrier ASA 42 0.02 3 Pan Pacific Hotels Group Ltd. 3 –
12 Norwegian Energy Co. ASA 25 0.01 38 QAF Ltd. 17 0.01
5 Petroleum Geo-Services ASA 46 0.02 51 SC Global Developments Ltd. 57 0.02
24 Prosafe Production Public Ltd. 53 0.02 22 Singapore Land Ltd. 100 0.04
7 Scorpion Offshore Ltd. 44 0.02 92 Sinomem Technology Ltd. 32 0.01
54 Sevan Marine ASA 59 0.02 28 Soilbuild Group Holdings Ltd. 12 –
2 Siem Offshore A/S 3 – 152 Stamford Land Corp. Ltd. 48 0.02
– Solstad Offshore ASA 6 – 49 Super Group Ltd. 30 0.01
15 Songa Offshore SE 53 0.02 38 Swiber Holdings Ltd. 26 0.01
6 SpareBank 1 SMN 38 0.01 64 Tat Hong Holdings Ltd. 41 0.02
49 Storebrand ASA 264 0.10 46 United Engineers Ltd. 73 0.03
12 TGS Nopec Geophysical Co. ASA 168 0.07 90 United Industrial Corp. Ltd. 134 0.05
4 Tomra Systems ASA 16 0.01 35 UOB-Kay Hian Holdings Ltd. 37 0.01
1 Wilh Wilhelmsen ASA, Class A 26 0.01 70 UOL Group Ltd. 193 0.07
1,656 0.63 35 Venture Corp. Ltd. 210 0.08
11 WBL Corp. Ltd. 37 0.01
Portugal - 0.22% 45 Wheelock Properties Singapore Ltd. 57 0.02
56 Banco BPI S.A. 109 0.04 75 Wing Tai Holdings Ltd. 81 0.03
224 Banco Comercial Portugues S.A., Class R 176 0.07 250 Yongnam Holdings Ltd. 41 0.02
23 Banco Espirito Santo S.A. 90 0.03 2,430 0.93
13 BANIF SGPS S.A. 13 –
29 Portucel Empresa Produtora de Pasta e Papel S.A. 71 0.03 Spain - 1.01%
6 Semapa-Sociedade de Investimento e Gestao SGPS 4 Abengoa S.A. 65 0.02
S.A. 52 0.02 3 Acciona S.A. 256 0.10
19 Sonae Industria SGPS S.A. 50 0.02 2 Acerinox S.A. 38 0.01
11 Sonaecom - SGPS S.A. 18 0.01 5 Almirall S.A. 44 0.02
1 Teixeira Duarte - Engenharia Construcoes S.A. 1 – 2 Amper S.A. 9 –
580 0.22 2 Avanzit S.A. 1 –
3 Azkoyen S.A. 9 –
Singapore - 0.93% 106 Banco de Sabadell S.A. 452 0.17
113 Abterra Ltd. 4 – 15 Banco De Valencia S.A. 67 0.03
120 Allgreen Properties Ltd. 87 0.03 – Banco De Valencia-RFD 1 –
206 Asia Food & Properties Ltd. 81 0.03 9 Banco Espanol de Credito S.A. 71 0.03
90 Banyan Tree Holdings Ltd. 50 0.02 10 Banco Guipuzcoano S.A., Class R 61 0.02
10 Bukit Sembawang Estates Ltd. 34 0.01 19 Banco Pastor S.A. 84 0.03
50 CH Offshore Ltd. 18 0.01 15 Bankinter S.A. 85 0.03
45 China Merchants Holdings Pacific Ltd. 20 0.01 – Baron de Ley S.A. 19 0.01
6 Creative Technology Ltd. 16 0.01 2 Caja de Ahorros del Mediterraneo 15 0.01
60

% of % of
Value Net Value Net
Spain - 1.01% (continued) Sweden - 1.40% (continued)
2 Campofrio Food Group S.A. 20 0.01 6 Haldex AB 52 0.02
1 Cementos Portland Valderrivas S.A. 21 0.01 14 Hexagon AB, Class B 172 0.07
1 Cia Espanola de Petroleos S.A. 30 0.01 1 Hexpol AB 13 –
– Construcciones y Auxiliar de Ferrocarriles S.A. 83 0.03 2 Hoganas AB, Class B 58 0.02
11 Ebro Puleva S.A. 186 0.07 7 Holmen AB, Class B 160 0.06
1 Ercros S.A. 1 – 3 Industrial & Financial Systems AB, Class B 32 0.01
9 Ferrovial SA 63 0.02 12 JM AB 168 0.06
4 Fluidra S.A. 10 – 8 Lindab International AB 83 0.03
2 Fomento de Construcciones y Contratas S.A. 38 0.01 9 Loomis AB, Class B 84 0.03
14 Gamesa Corp. Tecnologica S.A. 132 0.05 13 Lundin Petroleum AB 60 0.02
2 General de Alquiler de Maquinaria S.A. 5 – 30 Meda AB, Class A 230 0.09
4 Grupo Catalana Occidente S.A. 65 0.03 15 Micronic Mydata AB 24 0.01
16 Grupo Empresarial Ence S.A. 47 0.02 11 NCC AB, Class B 168 0.06
29 Iberia Lineas Aereas de Espana S.A. 81 0.03 5 New Wave Group AB, Class B 23 0.01
58 La Seda de Barcelona S.A., Class B 24 0.01 5 Niscayah Group AB 9 –
2 Mecalux S.A. 40 0.01 16 Nobia AB 71 0.03
1 Natra S.A. 2 – 5 Nolato AB, Class B 50 0.02
9 Natraceutical S.A. 4 – 30 PA Resources AB 26 0.01
11 NH Hoteles S.A. 37 0.01 14 Peab AB 69 0.03
3 Obrascon Huarte Lain S.A. 86 0.03 4 Proffice AB, Class B 13 –
4 Papeles y Cartones de Europa S.A. 14 0.01 7 Rezidor Hotel Group AB 31 0.01
1 Pescanova S.A. 19 0.01 28 RNB Retail and Brands AB 28 0.01
8 Promotora de Informaciones S.A. 21 0.01 3 Rottneros AB 3 –
21 Realia Business S.A. 39 0.02 5 Saab AB, Class B 66 0.02
7 Sacyr Vallehermoso S.A. 39 0.01 443 SAS AB 47 0.02
11 Service Point Solutions S.A. 8 – 10 SSAB AB, Class B 124 0.05
8 Sociedad Nacional de Industrias Apicaciones 21 SSAB Svenskt Stal AB, Class A 306 0.12
Celulosa Espanola S.A. 12 – – Studsvik AB 3 –
8 Sol Melia S.A. 52 0.02 33 Trelleborg AB, Class B 197 0.08
2 SOS Corporacion Alimentaria S.A. 5 – 3,730 1.40
5 Telecomunicaciones y Energia S.A. 15 0.01 Switzerland - 2.48%
10 Tubacex S.A. 29 0.01 – Acino Holding AG 24 0.01
12 Tubos Reunidos S.A. 26 0.01 – Affichage Holding S.A. 9 –
2 Vidrala S.A. 38 0.01 2 AFG Arbonia-Forster-Holding AG 45 0.02
5 Viscofan S.A. 128 0.05 1 Allreal Holding AG 132 0.05
4 Vocento S.A. 18 0.01 9 Aryzta AG 304 0.12
2,715 1.01 3 Ascom Holding AG 24 0.01
Sweden - 1.40% – Bachem Holding AG, Class B 3 –
3 AarhusKarlshamn AB 59 0.02 7 Baloise Holding AG 461 0.18
5 Acando AB, Class B 8 – 1 Bank Coop AG 51 0.02
2 AF AB, Class B 43 0.02 3 Bank Sarasin & Cie AG, Class B 113 0.04
3 B&B Tools AB, Class B 41 0.02 – Banque Cantonale de Geneve 8 –
– Beijer AB G&L, Class B 7 – – Banque Cantonale Vaudoise 176 0.07
1 Beijer Alma AB, Class B 7 – 1 Basler Kantonalbank 107 0.04
4 Bilia AB, Class A 43 0.02 – Bell Holding AG 9 –
8 Billerud AB 50 0.02 1 Bellevue Group AG 17 0.01
5 Biovitrum AB 25 0.01 1 Berner Kantonalbank AG 146 0.06
35 Boliden AB 419 0.16 1 Bobst Group AG 41 0.02
7 Bure Equity AB 25 0.01 1 Bucher Industries AG 95 0.04
2 Cardo AB 42 0.02 – Cham Paper Holding AG 12 –
2 Cloetta AB, Class B 12 – 1 Charles Voegele Holding AG 42 0.02
8 D Carnegie AB – – 31 Clariant AG 359 0.14
3 Duni AB 23 0.01 – Conzzeta AG 87 0.03
3 East Capital Explorer AB 31 0.01 1 Daetwyler Holding AG 46 0.02
16 Electrolux AB, Class B 352 0.13 1 Dufry Group 54 0.02
27 Eniro AB 57 0.02 6 EFG International AG 83 0.03
8 Gunnebo AB 33 0.01 – EGL AG 42 0.01
6 Hakon Invest AB 83 0.03 1 Emmi AG 113 0.04
61

% of % of
Value Net Value Net
Switzerland - 2.48% (continued) United Kingdom - 9.02% (continued)
2 Energiedienst Holding AG 108 0.04 31 Ark Therapeutics Group PLC 4 –
1 Flughafen Zuerich AG 146 0.06 27 Arriva PLC 303 0.12
– Forbo Holding AG 59 0.02 65 Ashtead Group PLC 100 0.04
10 GAM Holding Ltd. 104 0.04 27 Assura Group Ltd. 16 0.01
1 Georg Fischer AG 169 0.07 80 Balfour Beatty PLC 294 0.11
– Gurit Holding AG 18 0.01 137 Barratt Developments PLC 214 0.08
1 Helvetia Holding AG 166 0.06 83 BBA Aviation PLC 224 0.09
1 Implenia AG 27 0.01 61 Beazley PLC 100 0.04
1 Kardex AG 19 0.01 13 Bellway PLC 135 0.05
– Komax Holding AG 16 0.01 14 Berkeley Group Holdings PLC 160 0.06
1 Kudelski S.A. 30 0.01 3 Bloomsbury Publishing PLC 5 –
– Kuoni Reisen Holding AG 99 0.04 20 Bodycote PLC 57 0.02
1 Liechtensteinische Landesbank AG 55 0.02 14 Bovis Homes Group PLC 81 0.03
1 Luzerner Kantonalbank AG 164 0.06 41 Brewin Dolphin Holdings PLC 76 0.03
– Metall Zug AG, Class B 93 0.04 9 Brit Insurance Holdings NV 96 0.04
2 Micronas Semiconductor Holding AG 10 – 76 British Airways PLC 222 0.09
– Mikron Holding AG, Class B 2 – 11 BSS Group PLC, Class A 68 0.03
1 Mobimo Holding AG 109 0.04 21 BTG PLC 53 0.02
1 OC Oerlikon Corp. AG 4 – 51 Carillion PLC 235 0.09
– Orascom Development Holding AG 11 – 25 Carphone Warehouse Group PLC 69 0.03
1 Panalpina Welttransport Holding AG 79 0.03 40 Catlin Group Ltd. 190 0.07
9 Petroplus Holdings AG 136 0.05 19 Charter International PLC 189 0.07
– Phoenix Mecano AG 26 0.01 69 Chaucer Holdings PLC 43 0.02
– PubliGroupe AG 18 0.01 15 Chesnara PLC 43 0.02
1 Rieter Holding AG 143 0.06 15 Cineworld Group PLC 41 0.02
– Romande Energie Holding S.A., Class B 134 0.05 2 Clarkson PLC 24 0.01
– Schweiter Technologies AG 42 0.02 20 Close Brothers Group PLC 211 0.08
1 Schweizerische National-Versicherungs- 24 Collins Stewart PLC 27 0.01
Gesellschaft AG 31 0.01 50 Colt Group S.A. 92 0.04
– Siegfried Holding AG 7 – 8 Computacenter PLC 36 0.01
– Sika AG 366 0.14 14 Connaught PLC 65 0.03
– St. Galler Kantonalbank AG 142 0.05 2 Consort Medical PLC 12 –
3 Sulzer AG 277 0.11 38 Cookson Group PLC 263 0.10
4 Swiss Life Holding AG 432 0.17 4 Cranswick PLC 46 0.02
1 Swiss Steel AG 24 0.01 27 CSR PLC 152 0.06
18 Swisslog Holding AG 13 – 28 Dairy Crest Group PLC 150 0.06
– Tamedia AG 36 0.01 8 Dana Petroleum PLC 129 0.05
1 Valiant Holding AG 225 0.09 29 Davis Service Group PLC 163 0.06
1 Valora Holding AG 128 0.05 150 Debenhams PLC 128 0.05
– Verwalt & Privat-Bank AG 40 0.02 8 Development Securities PLC 28 0.01
3 Vontobel Holding AG 71 0.03 21 Devro PLC 52 0.02
– Winterthur Technologie AG, Class A 8 – 222 Dimension Data Holdings PLC 326 0.13
– Ypsomed Holding AG 13 – 14 Diploma PLC 47 0.02
– Zehnder Group AG, Class B 30 0.01 9 Domino Printing Sciences PLC 53 0.02
– Zuger Kantonalbank AG 28 0.01 33 Drax Group PLC 158 0.06
6,461 2.48 54 DS Smith PLC 91 0.03
United Kingdom - 9.02% 416 DSG International PLC 159 0.06
143 3i Group PLC 590 0.23 5 E2V Technologies PLC 4 –
2 A.G.Barr PLC 22 0.01 24 EasyJet PLC 138 0.05
98 Aberdeen Asset Management PLC 199 0.08 32 Electrocomponents PLC 100 0.04
75 Afren PLC 102 0.04 53 Elementis PLC 51 0.02
6 Aga Foodservice Group PLC 8 – 18 EnQuest PLC 25 0.01
7 Air Berlin PLC 27 0.01 71 Enterprise Inns PLC 117 0.04
5 Allied World Assurance Co. Holdings Ltd. 234 0.09 20 Evolution Group PLC 28 0.01
50 Amlin PLC 271 0.10 71 F&C Asset Management PLC 59 0.02
8 Anglo Pacific Group PLC 27 0.01 22 Fenner PLC 63 0.03
42 Anite PLC 19 0.01 16 Filtrona PLC 45 0.02
38 Antisoma PLC 3 – 8 Findel PLC 3 –
3 Forth Ports PLC 44 0.02
62

% of % of
Value Net Value Net
United Kingdom - 9.02% (continued) United Kingdom - 9.02% (continued)
2 Fuller Smith & Turner, Class A 13 0.01 9 Mothercare PLC 68 0.03
7 Galliford Try PLC 35 0.01 16 N Brown Group PLC 57 0.02
56 Game Group PLC 74 0.03 50 National Express Group PLC 169 0.07
13 Gem Diamonds Ltd. 43 0.02 10 Northgate PLC 26 0.01
5 Genus PLC 48 0.02 11 Novae Group PLC 47 0.02
187 GKN PLC 335 0.13 426 Old Mutual PLC 702 0.27
30 Greene King PLC 170 0.07 30 Paragon Group of Cos PLC 58 0.02
10 Greggs PLC 65 0.02 59 Pendragon PLC 23 0.01
– Halfords Group PLC 2 – 39 Persimmon PLC 230 0.09
38 Hampson Industries PLC 29 0.01 5 Petropavlovsk PLC 85 0.03
4 Hardy Underwriting Bermuda Ltd. 12 – 5 Phoenix IT Group Ltd. 15 0.01
7 Headlam Group PLC 22 0.01 44 Photo-Me International PLC 22 0.01
20 Helical Bar PLC 82 0.03 353 Premier Foods PLC 116 0.04
28 Helphire PLC 18 0.01 8 Premier Oil PLC 127 0.05
10 Hikma Pharmaceuticals PLC 98 0.04 24 Psion PLC, Class B 27 0.01
6 Hill & Smith Holdings PLC 28 0.01 77 Punch Taverns PLC 79 0.03
44 Hiscox Ltd. 214 0.08 37 PZ Cussons PLC 156 0.06
24 Hochschild Mining PLC 101 0.04 63 QinetiQ Group PLC 118 0.05
8 Hunting PLC 60 0.02 21 Quintain Estates & Development PLC 14 0.01
15 Huntsworth PLC 16 – 4 Rathbone Brothers PLC 51 0.02
55 Inchcape PLC 231 0.09 49 Redrow PLC 90 0.03
25 Innovation Group PLC 4 – 77 Regus PLC 98 0.04
13 Intec Telecom Systems PLC 11 – 257 Resolution Ltd. 231 0.09
51 Intermediate Capital Group PLC 192 0.07 113 Rexam PLC 512 0.20
20 International Personal Finance PLC 62 0.02 5 Ricardo PLC 17 0.01
199 International Power PLC 834 0.32 3 Robert Walters PLC 7 –
13 Interserve PLC 39 0.02 7 RPC Group PLC 22 0.01
47 Investec PLC 336 0.13 29 RPS Group PLC 80 0.03
29 IP Group PLC 15 0.01 339 RSA Insurance Group PLC 574 0.22
2 James Fisher & Sons PLC 12 – 8 Salamander Energy PLC 27 0.01
24 JJB Sports PLC 6 – 23 Savills PLC 101 0.04
8 JKX Oil & Gas PLC 29 0.01 2 Schroders PLC 27 0.01
45 John Wood Group PLC 219 0.08 3 Scott Wilson Group PLC 3 –
35 Johnston Press PLC 10 – 12 SDL PLC 74 0.03
15 Kazakhmys PLC 256 0.10 41 Senior PLC 70 0.03
5 Keller Group PLC 46 0.02 7 Severfield-Rowen PLC 23 0.01
279 Kingfisher PLC 903 0.35 35 Shanks Group PLC 50 0.02
3 Kofax PLC 12 0.01 90 SIG PLC 154 0.06
16 Laird PLC 27 0.01 2 Soco International PLC 56 0.02
18 Lancashire Holdings Ltd. 125 0.05 17 Southern Cross Healthcare Ltd. 11 –
633 Legal & General Group PLC 723 0.28 9 Spectris PLC 105 0.04
9 London Stock Exchange Group PLC 85 0.03 34 Speedy Hire PLC 14 0.01
14 Lookers PLC 11 – 39 Spice PLC 22 0.01
21 Low & Bonar PLC 9 – 7 St. Ives Group PLC 6 –
9 Luminar Group Holdings PLC 2 – 23 St. James's Place PLC 82 0.03
12 Marshalls PLC 17 0.01 10 St. Modwen Properties PLC 26 0.01
86 Marston's PLC, Class B 118 0.05 108 Standard Life PLC 284 0.11
24 Mcbride PLC 64 0.02 6 Synergy Health PLC 50 0.02
2 Mears Group PLC 8 – 51 TalkTalk Telecom Group PLC 89 0.03
16 Mecom Group PLC 45 0.02 54 Tate & Lyle PLC 327 0.13
84 Meggitt PLC 363 0.14 406 Taylor Wimpey PLC 201 0.08
64 Melrose PLC 205 0.08 2 Ted Baker PLC 16 0.01
5 Melrose Resources PLC 18 0.01 3 The Vitec Group PLC 16 0.01
23 Millennium & Copthorne Hotels PLC 137 0.05 18 The Weir Group PLC 242 0.09
34 Mitchells & Butlers PLC 156 0.06 113 Thomas Cook Group PLC 338 0.13
42 Mitie Group PLC 138 0.05 107 Tomkins PLC 379 0.15
50 Mondi PLC 300 0.12 26 Travis Perkins PLC 298 0.11
46 Moneysupermarket.com Group PLC 41 0.02 42 Trinity Mirror PLC 60 0.02
7 Morgan Sindall PLC 53 0.02 13 TT electronics PLC 19 0.01
63

% of % of
Value Net Value Net
United Kingdom - 9.02% (continued) United States - 46.94% (continued)
18 UK Coal PLC 12 – 3 American Dental Partners, Inc. 30 0.01
5 Umeco PLC 25 0.01 10 American Equity Investment Life Holding Co. 94 0.04
1 Whitbread PLC 28 0.01 13 American Financial Group, Inc. 362 0.14
93 William Hill PLC 238 0.09 2 American Italian Pasta Co., Class A 90 0.03
6 Wolfson Microelectronics PLC 15 0.01 3 American Medical Systems Holdings, Inc. 77 0.03
37 Wolseley PLC 879 0.34 3 American National Insurance Co. 352 0.14
6 WSP Group PLC 30 0.01 1 American Physicians Capital, Inc. 33 0.01
21 Xchanging PLC 54 0.02 3 American Railcar Industries, Inc. 49 0.02
286 Yell Group PLC 139 0.05 6 American Reprographics Co. 53 0.02
23,347 9.02 2 American Safety Insurance Holdings Ltd. 39 0.01
United States - 46.94% 6 American Vanguard Corp. 44 0.02
3 1st Source Corp. 50 0.02 1 American Woodmark Corp. 29 0.01
9 99 Cents Only Stores 137 0.05 2 America's Car-Mart, Inc. 58 0.02
4 AAR Corp. 83 0.03 14 AmeriCredit Corp. 307 0.12
7 Aaron's, Inc. 130 0.05 3 Amerigroup Corp. 97 0.04
2 Abington Bancorp., Inc. 14 0.01 2 Ameris Bancorp. 23 0.01
5 ABM Industries, Inc. 112 0.04 1 Amerisafe, Inc. 24 0.01
3 AboveNet, Inc. 118 0.05 1 Ameron International Corp. 78 0.03
4 Abraxis Bioscience, Inc. 191 0.07 3 AMN Healthcare Services, Inc. 22 0.01
7 Accuray, Inc. 42 0.02 1 Ampco-Pittsburgh Corp. 19 0.01
4 Aceto Corp. 23 0.01 3 Amsurg Corp., Class A 67 0.03
2 ACI Worldwide, Inc. 38 0.02 8 Amtrust Financial Services, Inc. 100 0.04
2 Actel Corp. 26 0.01 10 Anadigics, Inc. 42 0.02
– ActivIdentity Corp. 1 – 2 Analogic Corp. 65 0.03
7 Actuant Corp., Class A 131 0.05 3 Anaren, Inc. 40 0.02
2 Acuity Brands, Inc. 99 0.04 4 Angiodynamics, Inc. 60 0.02
7 Acxiom Corp. 129 0.05 4 Anixter International, Inc. 204 0.08
16 Adaptec, Inc. 48 0.02 3 AnnTaylor Stores Corp. 71 0.03
7 ADC Telecommunications, Inc. 59 0.02 3 AO Smith Corp. 131 0.05
4 Advance America Cash Advance Centers, Inc. 18 0.01 10 AOL, Inc. 213 0.08
3 Advanced Analogic Technologies, Inc. 10 – 2 Apogee Enterprises, Inc. 31 0.01
4 Advanced Energy Industries, Inc. 44 0.02 4 Applied Industrial Technologies, Inc. 118 0.05
8 Affymetrix, Inc. 54 0.02 – Applied Micro Circuits Corp. 5 –
10 AGCO, Inc. 285 0.11 2 Applied Signal Technology, Inc. 30 0.01
4 Agilysys, Inc. 27 0.01 4 Approach Resources, Inc. 28 0.01
– Air Methods Corp. 13 0.01 7 Arch Capital Group Ltd. 477 0.18
13 Air Tran Holdings, Inc. 73 0.03 3 Arch Chemicals, Inc. 90 0.04
2 Air Transport Services Group, Inc. 8 – 2 Arctic Cat, Inc. 22 0.01
8 Aircastle Ltd. 76 0.03 – Arena Resources, Inc. 13 0.01
2 Alamo Group, Inc. 39 0.01 3 Argo Group International Holdings Ltd. 103 0.04
4 Alaska Air Group, Inc. 163 0.06 2 Argon ST, Inc. 43 0.02
3 Albany International Corp., Class A 56 0.02 4 Ariba, Inc. 61 0.02
5 Alexander & Baldwin, Inc. 155 0.06 3 Arkansas Best Corp. 67 0.03
2 Alkermes, Inc. 25 0.01 7 Armstrong World Industries, Inc. 272 0.10
1 Alleghany Corp. 316 0.12 12 Arris Group, Inc. 130 0.05
15 Alliance One International, Inc. 61 0.02 13 Arrow Electronics, Inc. 358 0.14
11 Allis-Chalmers Energy, Inc. 32 0.01 – Arrow Financial Corp. 10 –
1 Almost Family, Inc. 29 0.01 2 Arthrocare Corp. 59 0.02
4 Alon USA Energy, Inc. 30 0.01 4 Asbury Automotive Group, Inc. 53 0.02
6 Alterra Capital Holdings Ltd. 102 0.04 1 Ascent Media Corp., Class A 34 0.01
6 Altra Holdings, Inc. 69 0.03 9 Ashland, Inc. 470 0.18
2 AM Castle & Co. 33 0.01 2 Asset Acceptance Capital Corp. 11 –
2 AMCOL International Corp. 43 0.02 2 Assisted Living Concepts, Inc., Class A 64 0.02
3 Amedisys, Inc. 149 0.06 12 Associated Banc-Corp. 157 0.06
2 Amerco, Inc. 124 0.05 14 Assurant, Inc. 475 0.18
10 American Apparel, Inc. 17 0.01 8 Assured Guaranty Ltd. 138 0.05
22 American Capital Ltd. 119 0.05 3 Astec Industries, Inc. 80 0.03
1 American Commercial Lines, Inc. 16 0.01 12 Astoria Financial Corp. 177 0.07
2 ATC Technology Corp. 46 0.02
64

% of % of
Value Net Value Net
3 Atlas Air Worldwide Holdings, Inc. 162 0.06 8 Boyd Gaming Corp. 101 0.04
5 Atlas Energy, Inc. 139 0.05 6 Brady Corp., Class A 176 0.07
14 Atmel Corp. 71 0.03 7 Briggs & Stratton Corp. 138 0.05
4 ATMI, Inc. 68 0.03 11 Brightpoint, Inc. 78 0.03
4 ATP Oil & Gas Corp. 46 0.02 4 Bristow Group, Inc. 135 0.05
4 Atwood Oceanics, Inc. 99 0.04 17 Broadpoint Gleacher Securities, Inc. 68 0.03
17 AutoNation, Inc. 337 0.13 13 Brookdale Senior Living, Inc. 220 0.08
1 Avatar Holdings, Inc. 17 0.01 1 Brookfield Homes Corp. 13 0.01
6 Aviat Networks, Inc. 24 0.01 8 Brookline Bancorp., Inc. 82 0.03
6 Avid Technology, Inc. 86 0.03 8 Brooks Automation, Inc. 68 0.03
14 Avis Budget Group, Inc. 167 0.06 6 Brown Shoe Co., Inc. 93 0.04
12 Avnet, Inc. 354 0.14 3 Brush Engineered Materials, Inc. 86 0.03
20 AVX Corp. 277 0.11 3 Buckeye Technologies, Inc. 35 0.02
15 Axis Capital Holdings Ltd. 461 0.18 1 Build-A-Bear Workshop, Inc. 10 –
1 AZZ, Inc. 39 0.01 2 Bway Holding Co. 30 0.01
4 B&G Foods, Inc., Class A 38 0.01 8 Cabela's, Inc. 145 0.06
5 Baldor Electric Co. 169 0.06 8 Cabot Corp. 218 0.08
1 Baldwin & Lyons, Inc., Class B 22 0.01 3 Cabot Microelectronics Corp. 103 0.04
2 Bancfirst Corp. 70 0.03 3 CACI International, Inc., Class A 162 0.06
2 Bancorp, Inc. 13 0.01 3 CAI International, Inc. 45 0.02
8 BancorpSouth, Inc. 147 0.06 13 Cal Dive International, Inc. 73 0.03
– BancTrust Financial Group, Inc. 2 – 1 Calamos Asset Management, Inc., Class A 13 –
5 Bank Mutual Corp. 31 0.01 1 Calgon Carbon Corp. 12 –
1 Bank of Hawaii Corp. 48 0.02 2 California Pizza Kitchen, Inc. 29 0.01
3 Bank of the Ozarks, Inc. 95 0.04 4 Caliper Life Sciences, Inc. 15 0.01
1 BankFinancial Corp. 10 – 6 Callaway Golf Co. 54 0.02
1 Banner Corp. 6 – 3 Cal-Maine Foods, Inc. 100 0.04
7 Barnes & Noble, Inc. 134 0.05 39 Calpine Corp. 534 0.20
6 Barnes Group, Inc. 118 0.05 7 Cambrex Corp. 30 0.01
1 Barrett Business Services, Inc. 14 0.01 1 Camden National Corp. 22 0.01
7 Basic Energy Services, Inc. 55 0.02 2 Cantel Medical Corp. 33 0.01
7 BE Aerospace, Inc. 187 0.07 2 Capital City Bank Group, Inc. 22 0.01
5 Beacon Roofing Supply, Inc. 103 0.04 1 Capital Senior Living Corp. 7 –
11 Beazer Homes USA, Inc. 52 0.02 – Capital Southwest Corp. 30 0.01
10 Bebe Stores, Inc. 71 0.03 36 CapitalSource, Inc. 162 0.06
1 Bel Fuse, Inc., Class B 15 0.01 3 Capitol Bancorp Ltd. 6 –
2 Belden, Inc. 41 0.02 1 Capitol Federal Financial 16 0.01
8 Benchmark Electronics, Inc. 151 0.06 7 Caraco Pharmaceutical Laboratories Ltd. 36 0.01
6 Beneficial Mutual Bancorp., Inc. 65 0.03 2 CARBO Ceramics, Inc. 136 0.05
2 Berkshire Hills Bancorp., Inc. 40 0.02 – Cardiac Science Corp. – –
5 Berry Petroleum Co., Class A 157 0.06 6 Cardinal Financial Corp. 64 0.02
3 Big 5 Sporting Goods Corp. 43 0.02 1 CardioNet, Inc. 5 –
5 Big Lots, Inc. 180 0.07 1 Career Education Corp. 17 0.01
10 BigBand Networks, Inc. 29 0.01 6 Carlisle Cos., Inc. 246 0.09
– Biglari Holdings, Inc. 50 0.02 6 Carpenter Technology Corp. 214 0.08
5 Bill Barrett Corp. 159 0.06 1 Carrizo Oil & Gas, Inc. 23 0.01
2 BioScrip, Inc. 10 – 3 Carter's, Inc. 101 0.04
2 BJ's Restaurants, Inc. 49 0.02 1 Cascade Corp. 21 0.01
5 BJ's Wholesale Club, Inc. 180 0.07 5 Casey's General Stores, Inc. 173 0.07
3 Black Box Corp. 89 0.03 3 Cash America International, Inc. 118 0.05
1 Blyth, Inc. 25 0.01 2 Casual Male Retail Group, Inc. 6 –
9 BMP Sunstone Corp. 45 0.02 6 Cathay General Bancorp. 61 0.02
4 Bob Evans Farms, Inc. 128 0.05 1 Cavco Industries, Inc. 18 0.01
7 Boise, Inc. 42 0.02 5 CBIZ, Inc. 34 0.01
4 Books-A-Million, Inc. 26 0.01 2 CDI Corp. 26 0.01
15 Borders Group, Inc. 29 0.01 3 Celadon Group, Inc. 42 0.02
7 Boston Private Financial Holdings, Inc. 49 0.02 8 Celera Corp. 56 0.02
2 Bottomline Technologies, Inc. 29 0.01 4 Centene Corp. 80 0.03
3 Bowne & Co., Inc. 38 0.01 2 Center Financial Corp. 9 –
65

% of % of
Value Net Value Net
2 Centerstate Banks, Inc. 23 0.01 5 Comstock Resources, Inc. 152 0.06
5 Central European Distribution Corp. 138 0.05 2 Comtech Telecommunications Corp. 58 0.02
4 Central Garden & Pet Co. 42 0.02 3 Conmed Corp. 66 0.03
6 Central Garden & Pet Co., Class A 56 0.02 2 Conn's, Inc. 12 –
3 Central Pacific Financial Corp. 7 – 1 Consolidated Graphics, Inc. 33 0.01
10 Century Aluminum Co. 101 0.04 1 Consolidated-Tomoka Land Co. 23 0.01
2 Ceradyne, Inc. 47 0.02 21 Constellation Brands, Inc., Class A 343 0.13
2 Ceva, Inc. 21 0.01 – Constellation Brands, Inc., Class B 3 –
– Charles River Laboratories International, Inc. 7 – 2 Contango Oil & Gas Co. 121 0.05
19 Charming Shoppes, Inc. 84 0.03 15 Continucare Corp. 56 0.02
5 Chart Industries, Inc. 92 0.04 16 Convergys Corp. 180 0.07
6 Checkpoint Systems, Inc. 127 0.05 1 Con-Way, Inc. 20 0.01
1 Chemed Corp. 63 0.02 1 Core-Mark Holding Co., Inc. 22 0.01
3 Chemical Financial Corp. 61 0.02 6 Corn Products International, Inc. 189 0.07
24 Chico's FAS, Inc. 291 0.11 3 Cornell Cos., Inc. 81 0.03
4 Chiquita Brands International, Inc. 52 0.02 11 Corrections Corp. of America 227 0.09
2 Christopher & Banks Corp. 17 0.01 – CoStar Group, Inc. 16 0.01
2 Churchill Downs, Inc. 71 0.03 1 Courier Corp. 9 –
12 Ciber, Inc. 35 0.01 2 Covanta Holding Corp. 32 0.01
6 Cimarex Energy Co. 434 0.17 17 Coventry Health Care, Inc. 360 0.14
19 Cincinnati Financial Corp. 504 0.19 9 Cowen Group, Inc., Class A 44 0.02
11 Cinemark Holdings, Inc. 182 0.07 1 CPI International, Inc. 19 0.01
2 CIRCOR International, Inc. 54 0.02 2 CRA International, Inc. 40 0.02
4 Cirrus Logic, Inc. 61 0.02 6 Crane Co. 198 0.08
2 Citi Trends, Inc. 60 0.02 4 Cray, Inc. 19 0.01
4 Citizens Republic Bancorp., Inc. 5 – 2 Credit Acceptance Corp. 72 0.03
3 Citizens, Inc. 20 0.01 1 Crimson Exploration, Inc. 2 –
1 City Holding Co. 45 0.02 14 CROCS, Inc. 149 0.06
6 City National Corp. 351 0.14 2 Cross Country Healthcare, Inc. 18 0.01
2 Clarcor, Inc. 76 0.03 5 Crosstex Energy, Inc. 35 0.01
1 Clayton Williams Energy, Inc. 64 0.03 2 Cubic Corp. 72 0.03
– Clean Harbors, Inc. 19 0.01 5 Curtiss-Wright Corp. 174 0.07
7 Clear Channel Outdoor Holdings, Inc., Class A 61 0.02 2 Cutera, Inc. 16 0.01
1 Clearwater Paper Corp. 86 0.03 11 CVB Financial Corp. 111 0.04
1 Clifton Savings Bancorp., Inc. 13 – 10 CVR Energy, Inc. 79 0.03
4 CNA Surety Corp. 67 0.03 1 Cybersource Corp. 28 0.01
20 CNO Financial Group, Inc. 110 0.04 3 Cymer, Inc. 103 0.04
3 CoBiz Financial, Inc. 17 0.01 2 Cypress Bioscience, Inc. 9 –
1 Coca-Cola Bottling Co. Consolidated 45 0.02 13 Cypress Semiconductor Corp. 150 0.06
8 Coeur d'Alene Mines Corp. 123 0.05 6 Cytec Industries, Inc. 244 0.09
9 Cogent, Inc. 81 0.03 6 Daktronics, Inc. 48 0.02
5 Cognex Corp. 90 0.03 21 Dana Holding Corp. 226 0.09
3 Coherent, Inc. 105 0.04 1 Danvers Bancorp., Inc. 21 0.01
2 Cohu, Inc. 22 0.01 6 Darling International, Inc. 44 0.02
8 Coldwater Creek, Inc. 50 0.02 1 Dawson Geophysical Co. 22 0.01
2 Colfax Corp. 27 0.01 1 DDi Corp. 11 –
6 Collective Brands, Inc. 137 0.05 4 DealerTrack Holdings, Inc. 64 0.02
4 Columbia Banking System, Inc. 91 0.04 24 Del Monte Foods Co. 346 0.13
4 Columbia Sportswear Co. 208 0.08 5 Delek U.S. Holdings, Inc. 31 0.01
2 Columbus McKinnon Corp. 24 0.01 7 Delphi Financial Group, Inc., Class A 171 0.07
16 Comerica, Inc. 612 0.24 7 Denbury Resources, Inc. 111 0.04
5 Comfort Systems USA, Inc. 54 0.02 2 DG FastChannel, Inc. 85 0.03
10 Commercial Metals Co. 154 0.06 7 Diebold,inc. 213 0.08
5 Community Bank System, Inc. 121 0.05 2 Digi International, Inc. 18 0.01
2 Community Health Systems, Inc. 87 0.03 4 Digital River, Inc. 96 0.04
1 Community Trust Bancorp., Inc. 25 0.01 8 Dillard's, Inc., Class A 226 0.09
9 Complete Production Services, Inc. 113 0.04 5 Dime Community Bancshares, Inc. 60 0.02
2 CompuCredit Holdings Corp. 9 – 3 DineEquity, Inc. 105 0.04
20 Compuware Corp. 167 0.07 4 Diodes, Inc. 87 0.03
66

% of % of
Value Net Value Net
4 DivX, Inc. 27 0.01 4 Everest Re Group Ltd. 272 0.10
4 Dolan Media Co. 52 0.02 7 EW Scripps Co., Class A 61 0.02
2 Dollar Financial Corp. 32 0.01 2 Exactech, Inc. 33 0.01
2 Dollar Thrifty Automotive Group, Inc. 103 0.04 3 Exar Corp. 20 0.01
5 Domtar Corp. 324 0.12 6 Exide Technologies 26 0.01
2 Donegal Group, Inc., Class A 32 0.01 8 Exterran Holdings, Inc. 197 0.08
16 Doral Financial Corp. 49 0.02 5 Extreme Networks, Inc. 16 0.01
4 Dorman Products, Inc. 88 0.03 7 Ezcorp, Inc., Class A 124 0.05
30 DR Horton, Inc. 362 0.14 5 Fair Isaac Corp. 108 0.04
7 Dress Barn, Inc. 179 0.07 15 Fairchild Semiconductor International, Inc. 149 0.06
2 Drew Industries, Inc. 51 0.02 2 Farmer Bros Co. 31 0.01
2 DSP Group, Inc. 14 – 1 Farmers Capital Bank Corp. 3 –
5 DST Systems, Inc. 188 0.07 1 FARO Technologies, Inc., Class B 31 0.01
1 DSW, Inc., Class A 38 0.01 5 FBL Financial Group, Inc., Class A 118 0.05
1 Ducommun, Inc. 12 – 13 Federal Mogul Corp. 229 0.09
7 Dycom Industries, Inc. 65 0.02 6 Federal Signal Corp. 38 0.01
1 Dynamex, Inc. 12 – 4 FEI Co. 79 0.03
1 Dynamic Materials Corp. 18 0.01 9 Ferro Corp. 80 0.03
1 DynCorp International, Inc., Class A 19 0.01 9 FiberTower Corp. 32 0.01
13 Dynegy, Inc. 70 0.03 25 Fidelity National Financial, Inc., Class A 365 0.14
38 E*Trade Financial Corp. 57 0.02 – Financial Institutions, Inc. 9 –
8 Eagle Bulk Shipping, Inc. 39 0.01 2 First Acceptance Corp. 4 –
3 Eagle Materials, Inc. 95 0.04 11 First American Corp. 385 0.15
12 Earthlink, Inc. 102 0.04 – First Bancorp, Inc. 6 –
14 East West Bancorp, Inc. 231 0.09 3 First Bancorp. NC 42 0.02
– Eastern Insurance Holdings, Inc. 3 – 7 First Bancorp. Puerto Rico 9 –
5 EchoStar Corp., Class A 95 0.04 9 First Busey Corp. 43 0.02
2 Eclipsys Corp. 46 0.02 1 First Citizens BancShares, Inc., Class A 121 0.05
4 Electro Rent Corp. 56 0.02 4 First Commonwealth Financial Corp. 21 0.01
6 Electronics for Imaging, Inc. 67 0.03 4 First Community Bancshares, Inc. 59 0.02
3 Elizabeth Arden, Inc. 55 0.02 8 First Financial Bancorp. 127 0.05
1 EMC Insurance Group, Inc. 28 0.01 – First Financial Bankshares, Inc. 5 –
7 EMCOR Group, Inc. 169 0.06 2 First Financial Corp. 52 0.02
2 Emergent Biosolutions, Inc. 28 0.01 3 First Financial Holdings, Inc. 38 0.02
4 Emeritus Corp. 72 0.03 – First Financial Northwest, Inc. 1 –
7 Employers Holdings, Inc. 110 0.04 26 First Horizon National Corp. 325 0.13
1 EMS Technologies, Inc. 19 0.01 6 First Merchants Corp. 50 0.02
9 Emulex Corp. 90 0.03 4 First Mercury Financial Corp. 50 0.02
2 Encore Capital Group, Inc. 31 0.01 9 First Midwest Bancorp., Inc. 118 0.05
4 Encore Wire Corp. 71 0.03 20 First Niagara Financial Group, Inc. 268 0.10
6 Endurance Specialty Holdings Ltd. 237 0.09 – First Security Group, Inc. 1 –
3 Energy Conversion Devices, Inc. 19 0.01 1 First South Bancorp., Inc. 16 0.01
3 Energy Partners Ltd. 33 0.01 5 FirstMerit Corp. 99 0.04
12 EnergySolutions, Inc. 72 0.03 1 Fisher Communications, Inc. 13 0.01
5 EnerSys 115 0.04 10 Flagstone Reinsurance Holdings S.A. 120 0.04
4 Ennis, Inc. 65 0.02 10 Flow International Corp. 26 0.01
2 EnPro Industries, Inc. 60 0.02 5 Flushing Financial Corp. 66 0.03
2 Enstar Group Ltd. 113 0.04 6 FNB Corp. 46 0.02
22 Entegris, Inc. 118 0.05 19 Foot Locker, Inc. 276 0.11
1 Enterprise Financial Services Corp. 12 – 15 Forest City Enterprises, Inc., Class A 204 0.08
3 Enzo Biochem, Inc. 17 0.01 4 Forestar Group, Inc. 77 0.03
6 Epicor Software Corp. 58 0.02 5 FormFactor, Inc. 66 0.02
3 EPIQ Systems, Inc. 36 0.01 4 Forrester Research, Inc. 138 0.05
3 eResearchTechnology, Inc. 24 0.01 1 Fossil, Inc. 23 0.01
2 ESSA Bancorp., Inc. 27 0.01 – Fox Chase Bancorp., Inc. 2 –
3 Esterline Technologies Corp. 182 0.07 1 FPIC Insurance Group, Inc. 21 0.01
3 Ethan Allen Interiors, Inc. 53 0.02 1 Franklin Covey Co. 3 –
3 Euronet Worldwide, Inc. 36 0.01 3 Franklin Electric Co., Inc. 97 0.04
9 ev3, Inc. 174 0.07 6 Fred's, Inc., Class A 87 0.03
67

% of % of
Value Net Value Net
1 FreightCar America, Inc. 27 0.01 3 Harris & Harris Group, Inc. 13 0.01
7 Fresh Del Monte Produce, Inc. 144 0.06 6 Harte-Hanks, Inc. 82 0.03
11 Frontier Oil Corp. 146 0.06 5 Harvest Natural Resources, Inc. 34 0.01
5 FTI Consulting, Inc. 199 0.08 2 Haverty Furniture Cos., Inc. 28 0.01
18 Fulton Financial Corp. 178 0.07 6 Hawaiian Holdings, Inc. 39 0.01
6 Furmanite Corp. 27 0.01 1 Haynes International, Inc. 41 0.02
4 Furniture Brands International, Inc. 30 0.01 6 HB Fuller Co. 124 0.05
3 G&K Services, Inc., Class A 68 0.03 12 HCC Insurance Holdings, Inc. 300 0.12
22 Gannett Co. Inc. 335 0.13 5 Headwaters, Inc. 21 0.01
5 Gardner Denver, Inc. 228 0.09 11 Health Net, Inc. 276 0.11
6 GATX Corp. 170 0.06 9 Healthspring, Inc. 153 0.06
5 Gaylord Entertainment Co., Class A 144 0.06 7 Healthways, Inc. 105 0.04
3 Genco Shipping & Trading Ltd. 65 0.02 1 Heartland Financial USA, Inc. 18 0.01
3 General Cable Corp. 87 0.03 23 Hecla Mining Co. 124 0.05
6 General Communication, Inc., Class A 35 0.01 2 HEICO Corp. 75 0.03
8 General Maritime Corp. 52 0.02 2 HEICO Corp., Class A 56 0.02
3 Genesco, Inc. 87 0.03 2 Heidrick & Struggles International, Inc. 49 0.02
4 Genesee & Wyoming, Inc., Class A 155 0.06 5 Helen of Troy Ltd. 124 0.05
4 Gentiva Health Services, Inc. 117 0.05 12 Helix Energy Solutions Group, Inc. 134 0.05
2 GeoEye, Inc. 70 0.03 7 Helmerich & Payne, Inc. 266 0.10
2 Geokinetics, Inc. 12 – 16 Hercules Offshore, Inc. 50 0.02
2 Georesources, Inc. 32 0.01 1 Heritage Commerce Corp. 6 –
2 Gerber Scientific, Inc. 10 – 2 Herley Industries, Inc. 24 0.01
– German American Bancorp., Inc. 3 – 20 Hertz Global Holdings, Inc. 231 0.09
4 Geron Corp. 21 0.01 5 Hexcel Corp. 75 0.03
11 GFI Group, Inc. 65 0.03 1 Hill International, Inc. 7 –
5 Gibraltar Industries, Inc. 61 0.02 4 Hill-Rom Holdings, Inc. 109 0.04
1 G-III Apparel Group Ltd. 37 0.01 7 Hilltop Holdings, Inc. 70 0.03
9 Glacier Bancorp., Inc. 140 0.05 4 HNI Corp. 132 0.05
12 Global Industries Ltd. 64 0.02 3 Holly Corp. 72 0.03
8 Globe Specialty Metals, Inc. 90 0.03 28 Hologic, Inc. 414 0.16
2 Globecomm Systems, Inc. 16 0.01 4 Home Bancshares, Inc. 101 0.04
2 GMX Resources, Inc. 14 0.01 4 Home Federal Bancorp., Inc. 64 0.02
5 Goodrich Petroleum Corp. 56 0.02 1 Hooker Furniture Corp. 17 0.01
1 GP Strategies Corp. 7 – 8 Horace Mann Educators Corp. 126 0.05
4 Granite Construction, Inc. 108 0.04 8 Horizon Lines, Inc., Class A 33 0.01
34 Graphic Packaging Holding Co. 108 0.04 4 Hornbeck Offshore Services, Inc. 53 0.02
5 Great Lakes Dredge & Dock Corp. 29 0.01 5 Horsehead Holding Corp. 47 0.02
1 Great Southern Bancorp., Inc. 20 0.01 4 HOT Topic, Inc. 23 0.01
3 Greatbatch, Inc. 72 0.03 2 HUB Group, Inc., Class A 58 0.02
1 Green Bankshares, Inc. 16 0.01 3 Hughes Communications, Inc. 73 0.03
2 Green Plains Renewable Energy, Inc. 19 0.01 76 Huntington Bancshares, Inc. 467 0.18
1 Greenbrier Cos., Inc. 18 0.01 30 Huntsman Corp. 295 0.11
3 Greenlight Capital Re Ltd., Class A 65 0.03 – Huron Consulting Group, Inc. 5 –
8 Griffon Corp. 97 0.04 4 Hypercom Corp. 20 0.01
3 Group 1 Automotive, Inc. 94 0.04 14 IAC/InterActiveCorp. 331 0.13
8 GSI Technology, Inc. 45 0.02 3 Iberiabank Corp. 188 0.07
2 Guaranty Bancorp. 4 – 3 ICF International, Inc. 58 0.02
2 Gulf Island Fabrication, Inc. 34 0.01 8 Iconix Brand Group, Inc. 136 0.05
4 Gulfmark Offshore, Inc. 103 0.04 1 ICU Medical, Inc. 22 0.01
3 H&E Equipment Services, Inc. 33 0.01 3 ICx Technologies, Inc. 20 0.01
– Haemonetics Corp. 22 0.01 1 II-VI, Inc. 30 0.01
4 Hain Celestial Group, Inc. 91 0.03 13 Ikanos Communications, Inc. 27 0.01
2 Hallmark Financial Services, Inc. 16 0.01 4 Imation Corp. 45 0.02
4 Hancock Holding Co. 161 0.06 3 Immersion Corp. 13 –
5 Hanger Orthopedic Group, Inc. 90 0.03 1 Imperial Sugar Co. 9 –
2 Hanmi Financial Corp. 5 – 1 Independence Holding Co. 8 –
2 Harleysville Group, Inc. 52 0.02 3 Independent Bank Corp. - Rockland MA 82 0.03
15 Harmonic, Inc. 88 0.03 10 Infinera Corp. 69 0.03
68

% of % of
Value Net Value Net
10 infoGROUP, Inc. 78 0.03 7 Kearny Financial Corp. 61 0.02
7 Infospace, Inc. 55 0.02 4 Kelly Services, Inc., Class A 64 0.02
1 Ingles Markets, Inc., Class A 17 0.01 1 Kendle International, Inc. 13 0.01
19 Ingram Micro, Inc., Class A 326 0.13 2 Kenexa Corp. 24 0.01
5 Innerworkings, Inc. 33 0.01 8 Kennametal, Inc. 217 0.08
3 Innophos Holdings, Inc. 77 0.03 1 Kenneth Cole Productions, Inc., Class A 12 –
4 Innospec, Inc. 52 0.02 14 Key Energy Services, Inc. 131 0.05
4 Insight Enterprises, Inc. 61 0.02 3 Kforce, Inc. 46 0.02
5 Insituform Technologies, Inc., Class A 92 0.04 2 Kimball International, Inc., Class B 13 –
3 Insteel Industries, Inc. 37 0.01 2 Kindred Healthcare, Inc. 25 0.01
2 Integral Systems, Inc. 14 – 32 King Pharmaceuticals, Inc. 273 0.10
17 Integrated Device Technology, Inc. 99 0.04 6 Kirby Corp. 224 0.09
4 Integrated Silicon Solution, Inc. 34 0.01 5 Knight Capital Group, Inc., Class A 75 0.03
2 Inter Parfums, Inc. 35 0.02 2 Knight Transportation, Inc. 40 0.02
3 Interface, Inc., Class A 40 0.02 12 Kopin Corp. 42 0.02
5 Interline Brands, Inc. 97 0.04 6 Korn/Ferry International 78 0.03
7 Intermec, Inc. 77 0.03 2 Kratos Defense & Security Solutions, Inc. 31 0.01
4 Internap Network Services Corp. 20 0.01 2 Kronos Worldwide, Inc. 32 0.01
2 International Assets Holding Corp. 37 0.01 1 K-Swiss, Inc., Class A 18 0.01
9 International Bancshares Corp. 187 0.07 12 L-1 Identity Solutions, Inc. 92 0.04
16 International Coal Group, Inc., Class A 67 0.03 2 LaBarge, Inc. 18 0.01
7 International Rectifier Corp. 149 0.06 2 Ladish Co., Inc. 40 0.01
27 International Service Corp. 229 0.09 4 Lakeland Bancorp., Inc. 37 0.01
1 International Shipholding Corp. 19 0.01 2 Lakeland Financial Corp. 35 0.01
3 International Speedway Corp., Class A 84 0.03 3 Lakes Entertainment, Inc. 5 –
7 Internet Brands, Inc., Class A 71 0.03 4 Lance, Inc. 79 0.03
7 Internet Capital Group, Inc. 60 0.02 3 Landec Corp. 20 0.01
12 Intersil Corp., Class A 164 0.06 22 Lattice Semiconductor Corp. 108 0.04
3 Intevac, Inc. 29 0.01 1 Lawson Products, Inc. 7 –
4 Invacare Corp., Class A 88 0.03 15 Lawson Software, Inc. 123 0.05
3 inVentiv Health, Inc. 70 0.03 2 Layne Christensen Co. 56 0.02
8 Inverness Medical Innovations, Inc. 292 0.11 6 La-Z-Boy, Inc. 74 0.03
4 Investment Technology Group, Inc. 73 0.03 1 LB Foster Co., Class A 36 0.01
12 Investors Bancorp., Inc. 165 0.06 8 Leap Wireless International, Inc. 136 0.05
5 iPass, Inc. 6 – 3 Leapfrog Enterprises, Inc. 14 0.01
2 Isle of Capri Casinos, Inc. 17 0.01 4 LECG Corp. 13 –
4 Ixia 38 0.01 17 Legg Mason, Inc. 499 0.19
2 IXYS Corp. 21 0.01 8 Leggett & Platt, Inc. 189 0.07
1 J&J Snack Foods Corp. 45 0.02 17 Lennar Corp., Class A 286 0.11
23 Jabil Circuit, Inc. 312 0.12 6 Lennar Corp., Class B 81 0.03
– Jakks Pacific, Inc. 6 – 1 Lexmark International, Inc., Class A 38 0.01
9 Janus Capital Group, Inc. 95 0.04 11 Liberty Media Corp. - Capital 449 0.17
7 Jarden Corp. 198 0.08 6 Liberty Media Corp. - Starz 304 0.12
4 JDA Software Group, Inc. 112 0.04 4 Life Time Fitness, Inc. 141 0.06
17 JDS Uniphase Corp. 200 0.08 5 LifePoint Hospitals, Inc. 192 0.07
32 JetBlue Airways Corp. 200 0.08 11 Limelight Networks, Inc. 48 0.02
4 JMP Group, Inc. 32 0.01 2 Lincoln Electric Holdings, Inc. 118 0.05
3 Jo-Ann Stores, Inc., Class B 137 0.05 – Lindsay Corp. 14 0.01
9 Jones Apparel Group, Inc. 177 0.07 2 Lithia Motors, Inc., Class A 16 0.01
4 Jones Lang LaSalle, Inc. 298 0.11 2 Littelfuse, Inc. 69 0.03
1 JOS. A. Bank Clothiers, Inc. 85 0.03 7 Live Nation, Inc. 90 0.03
11 Journal Communications, Inc., Class A 54 0.02 7 Liz Claiborne, Inc. 41 0.02
3 Kaiser Aluminum Corp. 98 0.04 2 LMI Aerospace, Inc. 30 0.01
4 Kaman Corp. 96 0.04 2 LoJack Corp. 8 –
10 Kansas City Southern Industries, Inc. 370 0.14 1 Loral Space & Communications, Inc. 57 0.02
6 KapStone Paper and Packaging Corp. 69 0.03 13 Louisiana-Pacific Corp. 111 0.04
3 Kaydon Corp. 120 0.05 2 LSI Industries, Inc. 10 –
7 KB Home Corp. 94 0.04 2 Luby's, Inc. 8 –
4 KBW, Inc. 89 0.03 2 Lufkin Industries, Inc. 152 0.06
69

% of % of
Value Net Value Net
1 M&F Worldwide Corp. 28 0.01 6 Modine Manufacturing Co. 67 0.03
2 M/I Homes, Inc. 28 0.01 5 ModusLink Global Solutions, Inc. 39 0.01
1 Macatawa Bank Corp. 2 – 8 Mohawk Industries, Inc. 432 0.17
3 Magellan Health Services, Inc. 130 0.05 3 Molina Healthcare, Inc. 74 0.03
3 Maidenform Brands, Inc. 69 0.03 2 Monarch Casino & Resort, Inc. 27 0.01
3 MainSource Financial Group, Inc. 22 0.01 5 Monotype Imaging Holdings, Inc. 52 0.02
2 Mannatech, Inc. 6 – 1 Monro Muffler Brake, Inc. 40 0.02
5 Manpower, Inc. 224 0.09 10 Monster Worldwide, Inc. 140 0.05
3 Mantech International Corp., Class A 146 0.06 10 Montpelier Re Holdings Ltd. 159 0.06
2 Marcus Corp. 22 0.01 6 Moog, Inc., Class A 198 0.08
10 Mariner Energy, Inc. 212 0.08 1 Movado Group, Inc. 14 –
1 MarketAxess Holdings, Inc. 17 0.01 4 Mueller Industries, Inc. 100 0.04
2 Marlin Business Services Corp. 19 0.01 20 Mueller Water Products, Inc., Class A 88 0.03
60 Marshall & Ilsley Corp. 489 0.19 3 Multi-Fineline Electronix, Inc. 79 0.03
4 Martek Biosciences Corp. 74 0.03 2 Multimedia Games, Inc. 7 –
3 Marten Transport Ltd. 69 0.03 1 MWI Veterinary Supply, Inc. 28 0.01
7 MasTec, Inc. 86 0.03 3 Myers Industries, Inc. 25 0.01
4 Matrix Service Co. 42 0.02 2 MYR Group, Inc. 27 0.01
8 Mattson Technology, Inc. 34 0.01 9 Nabi Biopharmaceuticals 47 0.02
2 Maxygen, Inc. 13 0.01 1 NACCO Industries, Inc., Class A 51 0.02
5 MB Financial, Inc. 100 0.04 5 Nanometrics, Inc. 52 0.02
24 MBIA, Inc. 179 0.07 3 Nara Bancorp., Inc. 22 0.01
11 MCG Capital Corp. 58 0.02 2 Nash Finch Co. 64 0.02
3 McGrath Rentcorp. 65 0.03 7 National Financial Partners Corp. 97 0.04
4 MDC Holdings, Inc. 138 0.05 1 National Healthcare Corp. 31 0.01
9 Meadowbrook Insurance Group, Inc. 76 0.03 2 National Interstate Corp. 43 0.02
20 MeadWestvaco Corp. 473 0.18 5 National Penn Bancshares, Inc. 33 0.01
3 Measurement Specialties, Inc. 40 0.02 1 National Presto Industries, Inc. 68 0.02
1 Medallion Financial Corp. 9 – – National Western Life Insurance Co., Class A 50 0.02
1 Medcath Corp. 10 – 1 Natural Gas Services Group, Inc. 13 0.01
1 Media General, Inc., Class A 17 0.01 4 Natus Medical, Inc. 58 0.02
1 Medical Action Industries, Inc. 16 0.01 8 Navigant Consulting, Inc. 93 0.04
8 Medicis Pharmaceutical Corp., Class A 176 0.07 2 Navigators Group, Inc. 63 0.02
10 Mentor Graphics Corp. 91 0.03 4 NBT Bancorp., Inc. 93 0.04
4 Mercer International, Inc. 21 0.01 1 Neenah Paper, Inc. 14 –
1 Merchants Bancshares, Inc. 14 0.01 5 Nelnet, Inc., Class A 103 0.04
2 Mercury Computer Systems, Inc. 20 0.01 5 Netgear, Inc. 107 0.04
6 Mercury General Corp. 249 0.10 5 Netscout Systems, Inc. 71 0.03
3 Meredith Corp. 99 0.04 2 Network Equipment Technologies, Inc. 11 –
1 Meridian Interstate Bancorp., Inc. 12 – 4 Neutral Tandem, Inc. 52 0.02
3 Merit Medical Systems, Inc. 41 0.02 4 New York & Co., Inc. 14 –
4 Meritage Homes Corp. 75 0.03 22 New York Community Bancorp, Inc. 355 0.14
11 Metalico, Inc. 52 0.02 7 NewAlliance Bancshares, Inc. 87 0.03
5 Methode Electronics, Inc., Class A 53 0.02 9 Newpark Resources, Inc. 57 0.02
38 MetroPCS Communications, Inc. 339 0.13 4 NewStar Financial, Inc. 25 0.01
14 MF Global Holdings Ltd. 104 0.04 – Nighthawk Radiology Holdings, Inc. 1 –
12 MGIC Investment Corp. 112 0.04 5 NL Industries, Inc. 31 0.01
34 MGM Mirage 421 0.16 6 Northfield Bancorp., Inc. 82 0.03
– Michael Baker Corp. 18 0.01 6 Northwest Bancshares, Inc. 71 0.03
43 Micron Technology, Inc. 390 0.15 1 Northwest Pipe Co. 16 0.01
10 Microsemi Corp. 150 0.06 4 Novatel Wireless, Inc. 24 0.01
1 Middleby Corp. 34 0.01 29 Novell, Inc. 166 0.06
1 Middlesex Water Co. 16 0.01 9 Novellus Systems, Inc. 232 0.09
– MidWestOne Financial Group, Inc. 3 – 1 NYMAGIC, Inc. 12 –
4 Mine Safety Appliances Co. 104 0.04 1 OceanFirst Financial Corp. 12 0.01
2 Minerals Technologies, Inc. 96 0.04 3 O'Charleys, Inc. 22 0.01
16 Mirant Corp. 201 0.08 13 Ocwen Financial Corp. 161 0.06
5 MKS Instruments, Inc. 108 0.04 3 Odyssey HealthCare, Inc. 66 0.03
6 Mobile Mini, Inc. 92 0.04 26 Office Depot, Inc. 152 0.06
70

% of % of
Value Net Value Net
6 Oil States International, Inc. 247 0.10 3 Petroleum Development Corp. 58 0.02
4 Old Dominion Freight Line, Inc. 135 0.05 3 Petroquest Energy, Inc. 16 0.01
7 Old National Bancorp. 75 0.03 2 PF Chang's China Bistro, Inc. 96 0.04
27 Old Republic International Corp. 372 0.14 6 Ph Glatfelter Co. 71 0.03
9 Olin Corp. 171 0.07 3 PharMerica Corp. 56 0.02
1 Olympic Steel, Inc. 25 0.01 2 Phase Forward, Inc. 34 0.01
4 OM Group, Inc. 107 0.04 6 PHH Corp. 132 0.05
2 Omega Protein Corp. 10 – 1 PHI, Inc. 18 0.01
13 Omnicare, Inc. 334 0.13 3 Phillips-Van Heusen Corp. 142 0.05
2 Omnicell, Inc. 29 0.01 10 Photronics, Inc. 49 0.02
7 Omnivision Technologies, Inc. 125 0.05 3 Pico Holdings, Inc. 93 0.04
3 On Assignment, Inc. 17 0.01 6 Pier 1 Imports, Inc. 50 0.02
2 OneBeacon Insurance Group Ltd., Class A 30 0.01 2 Pike Electric Corp. 17 0.01
6 Onyx Pharmaceuticals, Inc. 122 0.05 10 Pinnacle Entertainment, Inc. 119 0.05
2 Oplink Communications, Inc. 26 0.01 2 Pinnacle Financial Partners, Inc. 27 0.01
1 OPNET Technologies, Inc. 19 0.01 6 Pioneer Drilling Co. 33 0.01
17 Opnext, Inc. 33 0.01 12 Pioneer Natural Resources Co. 783 0.30
6 OraSure Technologies, Inc. 28 0.01 2 Piper Jaffray Cos. 69 0.03
6 Orbital Sciences Corp. 95 0.04 17 Plains Exploration & Production Co. 366 0.14
4 Oriental Financial Group, Inc. 48 0.02 4 Plantronics, Inc. 130 0.05
10 Orient-Express Hotels Ltd., Class A 102 0.04 5 Platinum Underwriters Holdings Ltd. 184 0.07
2 Orion Marine Group, Inc. 35 0.01 3 Plexus Corp. 89 0.03
2 Ormat Technologies, Inc. 68 0.03 2 PLX Technology, Inc. 7 –
1 OSI Systems, Inc. 37 0.01 3 PMA Capital Corp., Class A 19 0.01
1 Outdoor Channel Holdings, Inc. 7 – 11 PMC - Sierra, Inc. 87 0.03
3 Overseas Shipholding Group, Inc. 120 0.05 2 Polycom, Inc. 69 0.03
2 Owens & Minor, Inc. 49 0.02 4 PolyOne Corp. 39 0.02
15 Owens Corning, Inc. 488 0.19 6 Polypore International, Inc. 118 0.05
1 Oxford Industries, Inc. 29 0.01 1 Portfolio Recovery Associates, Inc. 89 0.03
1 OYO Geospace Corp. 50 0.02 1 Powell Industries, Inc. 15 0.01
2 Pacer International, Inc. 12 – – Preformed Line Products Co. 5 –
5 Pacific Capital Bancorp. N.A. 8 – 6 Premiere Global Services, Inc. 50 0.02
3 Pacific Continental Corp. 29 0.01 3 Presidential Life Corp. 29 0.01
5 Pacific Sunwear of California, Inc. 19 0.01 7 Prestige Brands Holdings, Inc. 51 0.02
3 Packaging Corp. of America 62 0.02 1 Pricesmart, Inc. 29 0.01
4 PacWest Bancorp. 75 0.03 9 Pride International, Inc. 233 0.09
4 Palm Harbor Homes, Inc. 8 – 6 PrivateBancorp., Inc. 75 0.03
2 Palomar Medical Technologies, Inc. 18 0.01 3 ProAssurance Corp. 147 0.06
4 Par Pharmaceutical Cos., Inc. 119 0.05 4 Progress Software Corp. 118 0.05
3 Parametric Technology Corp. 53 0.02 5 Prosperity Bancshares, Inc. 166 0.06
5 Parexel International Corp. 100 0.04 11 Protective Life Corp. 230 0.09
3 Park Electrochemical Corp. 65 0.02 6 Provident Financial Services, Inc. 79 0.03
2 Park National Corp. 116 0.04 5 Provident New York Bancorp. 49 0.02
19 Parker Drilling Co. 89 0.03 8 Psychiatric Solutions, Inc. 247 0.10
5 PartnerRe Ltd. 328 0.13 39 Pulte Homes, Inc. 438 0.17
11 Patriot Coal Corp. 181 0.07 1 QC Holdings, Inc. 3 –
1 Patriot Transportation Holding, Inc. 50 0.02 1 Quaker Chemical Corp. 23 0.01
18 Patterson-UTI Energy, Inc. 247 0.10 4 Quanex Building Products Corp. 74 0.03
1 PC Connection, Inc. 3 – 12 Quanta Services, Inc. 254 0.10
8 Penn National Gaming, Inc. 192 0.07 9 Quest Software, Inc. 180 0.07
5 Penn Virginia Corp. 116 0.04 12 Quiksilver, Inc. 54 0.02
10 Penske Auto Group, Inc. 130 0.05 9 Radian Group, Inc. 87 0.03
3 Penson Worldwide, Inc. 18 0.01 3 RadiSys Corp. 28 0.01
1 Peoples Bancorp., Inc. 13 0.01 7 Ralcorp Holdings, Inc. 401 0.15
3 People's United Financial, Inc. 42 0.02 1 RBC Bearings, Inc. 22 0.01
8 PEP Boys-Manny Moe & Jack 93 0.04 1 RC2 Corp. 22 0.01
4 Perficient, Inc. 44 0.02 13 RealNetworks, Inc. 48 0.02
2 Pericom Semiconductor Corp. 20 0.01 3 Red Robin Gourmet Burgers, Inc. 70 0.03
1 Perry Ellis International, Inc. 35 0.01 4 Regal-Beloit Corp. 248 0.10
71

% of % of
Value Net Value Net
7 Regis Corp. 134 0.05 6 Scientific Games Corp., Class A 58 0.02
4 RehabCare Group, Inc. 108 0.04 – Seaboard Corp. 161 0.06
8 Reinsurance Group of America, Inc. 396 0.15 3 SeaBright Insurance Holdings, Inc. 28 0.01
9 Reliance Steel & Aluminum Co. 390 0.15 3 Seachange International, Inc. 21 0.01
5 RenaissanceRe Holdings Ltd. 278 0.11 3 Seacoast Banking Corp. of Florida, Class A 5 –
2 Renasant Corp. 24 0.01 3 SEACOR Holdings, Inc. 197 0.08
8 Rent-A-Center, Inc. 202 0.08 3 Semtech Corp. 60 0.02
2 Republic Bancorp., Inc., Class A 48 0.02 2 Seneca Foods Corp., Class A 44 0.02
2 Res-Care, Inc. 18 0.01 6 Sensient Technologies Corp. 156 0.06
1 Resource America, Inc., Class A 5 – 6 SFN Group, Inc. 47 0.02
1 Resources Connection, Inc. 23 0.01 2 Shenandoah Telecommunications Co. 29 0.01
4 Retail Ventures, Inc. 36 0.01 1 Shoe Carnival, Inc. 30 0.01
4 Rex Energy Corp. 43 0.02 – Shore Bancshares, Inc. 5 –
11 RF Micro Devices, Inc. 51 0.02 1 Shutterfly, Inc. 22 0.01
1 Rimage Corp. 20 0.01 2 Sierra Bancorp. 27 0.01
2 RLI Corp. 105 0.04 2 Sigma Designs, Inc. 20 0.01
4 Robbins & Myers, Inc. 97 0.04 4 Signature Bank 166 0.06
4 Rock-Tenn Co., Class A 223 0.09 10 Signet Jewelers Ltd. 306 0.12
1 Rockville Financial, Inc. 10 – 2 Silicon Graphics International Corp. 17 0.01
8 Rockwood Holdings, Inc. 205 0.08 4 Silicon Image, Inc. 14 –
5 Rofin-Sinar Technologies, Inc. 110 0.04 2 Simmons First National Corp., Class A 60 0.02
2 Rogers Corp. 60 0.02 6 Simpson Manufacturing Co., Inc. 178 0.07
2 Roma Financial Corp. 25 0.01 4 Sirona Dental Systems, Inc. 141 0.05
5 Rosetta Resources, Inc. 110 0.04 3 SJW Corp. 62 0.02
9 Rovi Corp. 332 0.13 5 Skechers U.S.A., Inc., Class A 179 0.07
13 Rowan Cos., Inc. 327 0.13 1 Skyline Corp. 16 0.01
1 Royal Gold, Inc. 50 0.02 6 Skywest, Inc. 82 0.03
2 Royal Gold, Inc. 85 0.03 9 Skyworks Solutions, Inc. 138 0.05
6 RPC, Inc. 65 0.03 4 Smart Balance, Inc. 24 0.01
40 RRI Energy, Inc. 176 0.07 7 Smart Modular Technologies WWH, Inc. 44 0.02
5 RSC Holdings, Inc. 37 0.01 6 Smith & Wesson Holding Corp. 26 0.01
5 RTI Biologics, Inc. 18 0.01 4 Smith Micro Software, Inc. 40 0.02
4 RTI International Metals, Inc. 95 0.04 20 Smithfield Foods, Inc. 343 0.13
8 Ruby Tuesday, Inc. 82 0.03 2 Snap-On, Inc. 98 0.04
6 Ruddick Corp. 201 0.08 2 Solutia, Inc. 26 0.01
3 Rudolph Technologies, Inc. 27 0.01 4 Sonic Automotive, Inc., Class A 38 0.01
4 Rush Enterprises, Inc., Class A 62 0.02 7 SonicWALL, Inc. 65 0.02
– Rush Enterprises, Inc., Class B 6 – 2 SonoSite, Inc. 70 0.03
6 Ryder System, Inc. 288 0.11 40 Sonus Networks, Inc. 104 0.04
4 Ryland Group, Inc. 76 0.03 2 Sotheby's 65 0.03
3 S&T Bancorp., Inc. 56 0.02 3 Southside Bancshares, Inc. 57 0.02
3 S1 Corp. 17 0.01 1 Southwest Bancorp., Inc. 22 0.01
4 Safeguard Scientifics, Inc. 49 0.02 1 Spartan Motors, Inc. 4 –
1 Safety Insurance Group, Inc. 51 0.02 1 Spartan Stores, Inc. 20 0.01
3 Saia, Inc. 37 0.01 5 Spartech Corp. 64 0.02
14 Saks, Inc. 130 0.05 6 Speedway Motorsports, Inc. 93 0.04
4 Sanders Morris Harris Group, Inc. 19 0.01 6 SRA International, Inc., Class A 125 0.05
2 Sanderson Farms, Inc. 93 0.04 6 St Mary Land & Exploration Co. 259 0.10
11 SanDisk Corp. 527 0.20 5 Stage Stores, Inc. 73 0.03
2 Sandy Spring Bancorp., Inc. 36 0.01 6 StanCorp Financial Group, Inc. 248 0.10
2 Sanmina-SCI Corp. 34 0.01 3 Standard Microsystems Corp. 64 0.02
3 Scansource, Inc. 65 0.03 4 Standard Motor Products, Inc. 33 0.01
1 SCBT Financial Corp. 36 0.01 10 Standard Pacific Corp. 51 0.02
2 Schawk, Inc. 26 0.01 1 Standex International Corp. 32 0.01
3 Schnitzer Steel Industries, Inc., Class A 151 0.06 4 State Auto Financial Corp. 63 0.02
5 Scholastic Corp. 135 0.05 1 State Bancorp., Inc. 10 –
2 School Specialty, Inc. 49 0.02 12 Steelcase, Inc., Class A 101 0.04
4 Schulman A, Inc. 96 0.04 5 Stein Mart, Inc. 37 0.01
1 Schweitzer-Mauduit International, Inc. 47 0.02 1 Steinway Musical Instruments, Inc. 16 0.01
72

% of % of
Value Net Value Net
2 StellarOne Corp. 22 0.01 14 Teradyne, Inc. 150 0.06
1 Stepan Co. 36 0.01 13 Terex Corp. 285 0.11
3 STERIS Corp. 103 0.04 14 Tesoro Corp. 168 0.07
2 Sterling Bancorp. 20 0.01 6 Tessera Technologies, Inc. 104 0.04
10 Sterling Bancshares, Inc. 56 0.02 6 Tetra Tech, Inc. 147 0.06
2 Sterling Construction Co., Inc. 26 0.01 9 Tetra Technologies, Inc. 93 0.04
10 Stewart Enterprises, Inc., Class A 59 0.02 8 Texas Capital Bancshares, Inc. 140 0.05
2 Stewart Information Services Corp. 22 0.01 3 Texas Industries, Inc. 101 0.04
3 Stifel Financial Corp. 169 0.07 5 Texas Roadhouse, Inc., Class A 71 0.03
20 Stillwater Mining Co. 263 0.10 6 Textainer Group Holdings Ltd. 152 0.06
7 Stone Energy Corp. 89 0.03 3 The Andersons, Inc. 92 0.03
2 Stoneridge, Inc. 22 0.01 5 The Brink's Co. 109 0.04
– Stratus Properties, Inc. 3 – 2 The Cato Corp., Class A 55 0.02
4 Stream Global Services, Inc. 23 0.01 5 The Cheesecake Factory, Inc. 120 0.05
1 Suffolk Bancorp. 35 0.01 3 The Childrens Place Retail Stores, Inc. 130 0.05
1 Sun Bancorp., Inc. 7 – 6 The Cooper Cos., Inc. 203 0.08
4 Sun Healthcare Group, Inc. 34 0.01 1 The Ensign Group, Inc. 25 0.01
8 Sunoco, Inc. 250 0.10 5 The Finish Line, Inc., Class A 80 0.03
3 SunPower Corp., Class B 32 0.01 17 The First Marblehead Corp. 46 0.02
4 Super Micro Computer, Inc. 61 0.02 8 The Geo Group, Inc. 167 0.06
10 Superior Energy Services, Inc. 225 0.09 5 The Hanover Insurance Group, Inc. 229 0.09
2 Superior Industries International, Inc. 36 0.01 4 The Knot, Inc. 32 0.01
4 Superior Well Services, Inc. 63 0.02 11 The Manitowoc Co., Inc. 134 0.05
2 Supertex, Inc. 43 0.02 15 The McClatchy Co., Class A 71 0.03
20 Supervalu, Inc. 273 0.11 5 The Medicines Co. 39 0.02
11 support.com, Inc. 46 0.02 6 The Men's Wearhouse, Inc. 139 0.05
– SureWest Communications 1 – 23 The NASDAQ OMX Group 421 0.16
8 Susquehanna Bancshares, Inc. 69 0.03 2 The Pantry, Inc. 29 0.01
– Susser Holdings Corp. 1 – 17 The Phoenix Cos., Inc. 48 0.02
5 SVB Financial Group 202 0.08 15 The PMI Group, Inc. 70 0.03
5 Swift Energy Co. 138 0.05 4 The South Financial Group, Inc. 1 –
4 SWS Group, Inc. 44 0.02 2 The Student Loan Corp. 53 0.02
3 Sycamore Networks, Inc. 60 0.02 2 The Warnaco Group, Inc. 105 0.04
5 SYKES Enterprises, Inc. 94 0.04 1 The Washington Post Co., Class B 465 0.18
8 Symmetricom, Inc. 39 0.02 5 TheStreet.com, Inc. 14 0.01
7 Symmetry Medical, Inc. 74 0.03 6 Thomas & Betts Corp. 241 0.09
6 Symyx Technologies, Inc. 38 0.01 1 Thomas Weisel Partners Group, Inc. 8 –
7 Syniverse Holdings, Inc. 129 0.05 2 Thor Industries, Inc. 70 0.03
4 SYNNEX Corp. 103 0.04 6 THQ, Inc. 34 0.01
24 Synovus Financial Corp. 70 0.03 10 TIBCO Software, Inc. 119 0.05
5 Systemax, Inc. 95 0.04 6 Tidewater, Inc. 258 0.10
2 T-3 Energy Services, Inc. 59 0.02 4 Timberland Co., Class A 82 0.03
9 Take-Two Interactive Software, Inc. 107 0.04 7 Timken Co. 205 0.08
4 TAL International Group, Inc. 87 0.03 5 Titan International, Inc. 53 0.02
1 Taylor Capital Group, Inc. 11 – 4 Titan Machinery, Inc. 45 0.02
5 TCF Financial Corp. 81 0.03 13 Titanium Metals Corp. 233 0.09
3 Team, Inc. 38 0.01 17 Toll Brothers, Inc. 362 0.14
6 Tech Data Corp. 246 0.09 5 Tomotherapy, Inc. 15 0.01
2 TechTarget, Inc. 15 0.01 2 Tompkins Financial Corp. 67 0.03
1 Tecumseh Products Co., Class A 12 – 2 Tootsie Roll Industries, Inc. 49 0.02
8 Teekay Corp. 210 0.08 2 Tower Bancorp, Inc. 42 0.02
7 Tekelec 99 0.04 3 Tower Group, Inc. 66 0.03
4 Teledyne Technologies, Inc. 149 0.06 2 TowneBank 30 0.01
4 Teleflex, Inc. 236 0.09 – Tractor Supply Co. 7 –
6 Telephone & Data Systems, Inc. 200 0.08 6 TradeStation Group, Inc. 43 0.02
6 Telephone & Data Systems, Inc. Special Shares 163 0.06 8 Transatlantic Holdings, Inc. 357 0.14
6 TeleTech Holdings, Inc. 78 0.03 3 TreeHouse Foods, Inc. 157 0.06
21 Tellabs, Inc. 187 0.07 3 Trex Co., Inc. 61 0.02
12 Temple-Inland, Inc. 245 0.09 1 Trico Bancshares 21 0.01
73

% of % of
Value Net Value Net
1 Trico Marine Services, Inc. 2 – 3 Viad Corp. 66 0.03
14 Trident Microsystems, Inc. 24 0.01 4 Viasat, Inc. 118 0.05
9 Trinity Industries, Inc. 188 0.07 2 ViewPoint Financial Group 29 0.01
3 Triple-S Management Corp., Class B 59 0.02 2 Virginia Commerce Bancorp., Inc. 12 –
15 TriQuint Semiconductor, Inc. 106 0.04 7 Viropharma, Inc. 91 0.03
3 Triumph Group, Inc. 180 0.07 5 Virtusa Corp. 41 0.02
2 TrueBlue, Inc. 25 0.01 22 Vishay Intertechnology, Inc. 195 0.08
8 Trustco Bank Corp. 52 0.02 1 Vital Images, Inc. 14 –
6 Trustmark Corp. 124 0.05 4 Volcom, Inc. 76 0.03
9 TRW Automotive Holdings Corp. 265 0.10 2 Volt Information Sciences, Inc. 19 0.01
7 TTM Technologies, Inc. 77 0.03 5 W&T Offshore, Inc. 48 0.02
5 Tuesday Morning Corp. 31 0.01 3 Wabtec Corp. 108 0.04
7 Tutor Perini Corp. 149 0.06 13 Warren Resources, Inc. 38 0.01
2 Twin Disc, Inc. 23 0.01 1 Washington Banking Co. 7 –
30 Tyson Foods, Inc., Class A 524 0.20 10 Washington Federal, Inc. 178 0.07
17 U.S. Gold Corp. 68 0.03 1 Washington Trust Bancorp., Inc. 26 0.01
2 Ultratech, Inc. 31 0.01 2 Watsco, Inc. 122 0.05
5 UMB Financial Corp. 184 0.07 3 Watts Water Technologies, Inc., Class A 87 0.03
6 Umpqua Holdings Corp. 77 0.03 7 Wausau Paper Corp. 60 0.02
4 Unifi, Inc. 17 0.01 2 Web.com Group, Inc. 6 –
2 Unifirst Corp. 108 0.04 7 Webster Financial Corp. 140 0.05
2 Union Drilling, Inc. 10 – 3 Weis Markets, Inc. 94 0.04
3 Union First Market Bankshares Corp. 49 0.02 4 WellCare Health Plans, Inc. 109 0.04
5 Unit Corp. 225 0.09 56 Wendy's Arby's Group, Inc., Class A 251 0.10
8 United America Indemnity Ltd., Class A 60 0.02 9 Werner Enterprises, Inc. 198 0.08
4 United Bankshares, Inc. 113 0.04 3 WesBanco, Inc. 64 0.02
6 United Community Banks, Inc. 27 0.01 1 WESCO Financial Corp. 246 0.09
3 United Financial Bancorp., Inc. 35 0.01 4 WESCO International, Inc. 157 0.06
3 United Fire & Casualty Co. 62 0.02 2 West Bancorporation, Inc. 14 0.01
2 United Natural Foods, Inc. 71 0.03 4 West Marine, Inc. 42 0.02
10 United Online, Inc. 70 0.03 2 West Pharmaceutical Services, Inc. 67 0.03
5 United Rentals, Inc. 66 0.03 11 Western Alliance Bancorp. 87 0.03
7 United States Cellular Corp. 278 0.11 15 Western Refining, Inc. 80 0.03
3 United Stationers, Inc. 164 0.06 2 Westfield Financial, Inc. 14 0.01
2 Unitil Corp. 42 0.02 7 Westlake Chemical Corp. 155 0.06
7 Unitrin, Inc. 175 0.07 1 Weyco Group, Inc. 11 –
8 Universal American Corp. 118 0.05 2 Whirlpool Corp. 184 0.07
3 Universal Corp. 104 0.04 1 White Mountains Insurance Group Ltd. 360 0.14
2 Universal Electronics, Inc. 43 0.02 6 Whiting Petroleum Corp. 539 0.21
2 Universal Forest Products, Inc. 63 0.02 9 Whitney Holding Corp. 100 0.04
10 Universal Insurance Holdings, Inc. 47 0.02 4 Willbros Group, Inc. 38 0.01
1 Universal Stainless & Alloy Products, Inc. 23 0.01 6 WilliamsSonoma, Inc. 182 0.07
3 Universal Truckload Services, Inc., Class A 45 0.02 9 Wilmington Trust Corp. 130 0.05
2 Univest Corp. of Pennsylvania 43 0.02 7 Wilshire Bancorp, Inc. 72 0.03
10 URS Corp. 436 0.17 6 Winn-Dixie Stores, Inc. 63 0.02
2 USA Mobility, Inc. 33 0.01 3 Wintrust Financial Corp. 114 0.04
1 USA Truck, Inc. 8 – 4 Woodward Governor Co. 109 0.04
13 USEC, Inc. 71 0.03 2 World Acceptance Corp. 68 0.03
11 USG Corp. 188 0.07 6 World Fuel Services Corp. 154 0.06
12 UTI Worldwide, Inc. 178 0.07 10 Worthington Industries, Inc. 143 0.05
14 Utstarcom, Inc. 28 0.01 17 WR Berkley Corp. 466 0.18
3 Vaalco Energy, Inc. 17 0.01 6 Wright Medical Group, Inc. 105 0.04
3 Vail Resorts, Inc. 129 0.05 21 Wyndham Worldwide Corp. 489 0.19
12 Validus Holdings Ltd. 287 0.11 5 X-Rite, Inc. 19 0.01
6 Valley National Bancorp. 91 0.04 1 Yadkin Valley Financial Corp. 4 –
1 Valmont Industries, Inc. 95 0.04 1 Young Innovations, Inc. 16 0.01
6 Valspar Corp. 176 0.07 2 Zale Corp. 7 –
11 ValueClick, Inc. 122 0.05 1 Zebra Technologies Corp., Class A 14 0.01
4 VCA Antech, Inc. 106 0.04 17 Zions Bancorporation 404 0.16
74

% of
Value Net
(000's) Asset
Shares (000's) USD Value
Common Stock - 99.22% (continued)
United States - 46.94% (continued)
3 Zoll Medical Corp. 78 0.03
5 Zoltek Cos., Inc. 44 0.02
8 Zoran Corp. 76 0.03
4 Zumiez, Inc. 67 0.03
1 Zygo Corp. 9 –
121,540 46.94
Total Common Stock (Cost USD268,095) 257,551 99.22
Preferred Stock - 0.02%
Australia - 0.02%
37 Asciano Group 50 0.02
50 0.02
Total Preferred Stock (Cost USD39) 50 0.02
Rights - 0.03%
Germany - 0.00%
15 PNE Wind AG – –
15 PNE Wind AG – –
– –
Ireland - 0.01%
167 The Governor & Co. of the Bank of Ireland 35 0.01
35 0.01
Sweden - 0.01%
415 PA Resources AB 33 0.01
33 0.01
Switzerland - 0.01%
15 OC Oerlikon Corp. AG 16 0.01
16 0.01
Total Rights (Cost USD173) 84 0.03
Warrant - 0.00%
Australia - 0.00%
3 Buru Energy Ltd. – –
– –
France - 0.00%
12 Etablissements Maurel et Prom S.A. 3 –
3 –
Hong Kong - 0.00%
57 Pacific Andes International Holdings Ltd. 1 –
1 –
Total Warrant (Cost USD3) 4 –
Other Assets in Excess of Liabilities 1,892 0.73
Total Net Assets $259,581 100.00
1,000 shares

Other Assets 2.55%
Total Assets 100 .00%

75

% of % of
Value Net Value Net
Australia - 24.75% Japan - 63.16% (continued)
57 Alumina Ltd. 81 0.35 5 Chuo Mitsui Trust Holdings, Inc. 18 0.08
48 Amcor Ltd. 250 1.08 9 Citizen Holdings Co. Ltd. 55 0.24
21 APN News & Media Ltd. 37 0.16 1 Coca-Cola West Co. Ltd. 11 0.05
47 Australia & New Zealand Banking Group Ltd. 901 3.89 4 COMSYS Holdings Corp. 34 0.15
17 Bendigo and Adelaide Bank Ltd. 119 0.51 21 Cosmo Oil Co. Ltd. 60 0.26
56 BlueScope Steel Ltd. 109 0.47 6 Credit Saison Co. Ltd. 71 0.31
25 Boral Ltd. 120 0.52 18 Dai Nippon Printing Co. Ltd. 219 0.95
7 Caltex Australia Ltd. 62 0.27 7 Daicel Chemical Industries Ltd. 48 0.21
12 Crown Ltd. 76 0.33 7 Daido Steel Co. Ltd. 28 0.12
19 CSR Ltd. 27 0.12 2 Dainippon Sumitomo Pharma Co. Ltd. 13 0.06
12 Downer EDI Ltd. 63 0.27 14 Daiwa House Industry Co. Ltd. 135 0.58
156 Fairfax Media Ltd. 195 0.84 40 Daiwa Securities Group, Inc. 181 0.78
39 Goodman Fielder Ltd. 45 0.19 21 Fuji Heavy Industries Ltd. 119 0.51
64 Incitec Pivot Ltd. 162 0.70 16 FUJIFILM Holdings Corp. 461 1.99
34 Insurance Australia Group Ltd. 103 0.44 7 Fujikura Ltd. 34 0.15
13 Lend Lease Group 89 0.38 29 Fukuoka Financial Group, Inc. 121 0.52
9 Macquarie Group Ltd. 321 1.39 6 Fukuyama Transporting Co. Ltd. 28 0.12
115 Mirvac Group 125 0.54 2 Glory Ltd. 47 0.20
35 National Australia Bank Ltd. 731 3.16 1 Hakuhodo DY Holdings, Inc. 34 0.14
38 OneSteel Ltd. 104 0.45 1 Hankyu Hanshin Holdings, Inc. 4 0.02
18 Origin Energy Ltd. 226 0.98 6 Hino Motors Ltd. 30 0.13
62 OZ Minerals Ltd. 57 0.24 3 Hitachi Capital Corp. 36 0.16
5 Primary Health Care Ltd. 15 0.07 2 Hitachi High-Technologies Corp. 33 0.14
30 Qantas Airways Ltd. 62 0.27 12 Hitachi Ltd. 49 0.21
3 Santos Ltd. 32 0.14 2 Hitachi Transport System Ltd. 24 0.10
7 Sims Metal Management Ltd. 116 0.50 2 House Foods Corp. 29 0.13
45 Suncorp-Metway Ltd. 308 1.33 1 Idemitsu Kosan Co. Ltd. 44 0.19
12 TABcorp Holdings Ltd. 68 0.30 – INPEX Corp. 63 0.27
20 Tatts Group Ltd. 40 0.17 10 Isetan Mitsukoshi Holdings Ltd. 97 0.42
9 Toll Holdings Ltd. 46 0.20 12 ITOCHU Corp. 100 0.43
8 Washington H Soul Pattinson & Co. Ltd. 91 0.39 18 J Front Retailing Co. Ltd. 93 0.40
39 Wesfarmers Ltd. 949 4.10 9 JS Group Corp. 166 0.72
5,730 24.75 60 JX Holdings, Inc. 322 1.39
Hong Kong - 7.56% 8 Kamigumi Co. Ltd. 60 0.26
36 Cheung Kong Holdings Ltd. 409 1.77 3 Kandenko Co. Ltd. 18 0.08
21 Genting Hong Kong Ltd. 3 0.01 8 Kaneka Corp. 49 0.21
30 Henderson Land Development Co. Ltd. 180 0.78 23 Kawasaki Kisen Kaisha Ltd. 93 0.40
11 Hopewell Holdings Ltd. 28 0.12 6 Kinden Corp. 51 0.22
54 Hutchison Whampoa Ltd. 338 1.46 2 Kyocera Corp. 175 0.76
18 Kerry Properties Ltd. 73 0.32 2 Kyowa Hakko Kogyo Co. Ltd. 19 0.08
71 New World Development Ltd. 115 0.50 3 Leopalace21 Corp. 13 0.06
28 Shun Tak Holdings Ltd. 15 0.06 – Mabuchi Motor Co. Ltd. 10 0.04
– Sun Hung Kai Properties Ltd. 1 – 7 Marui Group Co. Ltd. 51 0.22
23 Swire Pacific Ltd., Class A 249 1.08 26 Mazda Motor Corp. 67 0.29
24 The Hongkong & Shanghai Hotels Ltd. 37 0.16 6 Medipal Holdings Corp. 65 0.28
33 Wharf Holdings Ltd. 162 0.70 1 MEIJI Holdings Co. Ltd. 18 0.08
25 Wheelock & Co. Ltd. 66 0.28 36 Mitsubishi Chemical Holdings Corp. 170 0.73
45 Wheelock Properties Ltd. 73 0.32 10 Mitsubishi Gas Chemical Co., Inc. 55 0.24
1,749 7.56 85 Mitsubishi Heavy Industries Ltd. 310 1.34
24 Mitsubishi Materials Corp. 64 0.28
Japan - 63.16% 9 Mitsubishi Tanabe Pharma Corp. 116 0.50
2 Acom Co. Ltd. 24 0.10 177 Mitsubishi UFJ Financial Group, Inc. 863 3.73
18 Aeon Co. Ltd. 181 0.78 2 Mitsubishi UFJ Lease & Finance Co. Ltd. 84 0.36
12 Ajinomoto Co., Inc. 102 0.44 22 Mitsui & Co. Ltd. 315 1.36
12 Amada Co. Ltd. 88 0.38 24 Mitsui Chemicals, Inc. 73 0.32
26 Aozora Bank Ltd. 33 0.14 15 Mitsui OSK Lines Ltd. 107 0.46
21 Asahi Kasei Corp. 109 0.47 – Mitsumi Electric Co. Ltd. 7 0.03
1 Autobacs Seven Co. Ltd. 32 0.14 46 Mizuho Financial Group, Inc. 84 0.36
1 Bridgestone Corp. 18 0.08 18 Mizuho Securities Co. Ltd. 45 0.19
3 Canon Marketing Japan, Inc. 37 0.16 14 MS&AD Insurance Group Holdings 345 1.49
76

% of % of
Value Net Value Net
3 Nagase & Co. Ltd. 32 0.14 11 The Hyakujushi Bank Ltd. 39 0.17
5 Namco Bandai Holdings, Inc. 41 0.18 11 The Juroku Bank Ltd. 39 0.17
7 NEC Corp. 20 0.09 7 The Kagoshima Bank Ltd. 43 0.19
30 Nippon Express Co. Ltd. 132 0.57 6 The Keiyo Bank Ltd. 29 0.13
4 Nippon Meat Packers, Inc. 49 0.21 28 The Nishi-Nippon City Bank Ltd. 77 0.33
3 Nippon Paper Group, Inc. 96 0.41 9 The Ogaki Kyoritsu Bank Ltd. 27 0.12
24 Nippon Sheet Glass Co. Ltd. 63 0.27 4 The San-In Godo Bank Ltd. 28 0.12
2 Nippon Shokubai Co. Ltd. 18 0.08 10 The Shiga Bank Ltd. 54 0.23
32 Nippon Yusen KK 116 0.50 15 The Shizuoka Bank Ltd. 123 0.53
1 Nisshin Seifun Group, Inc. 5 0.02 59 The Sumitomo Trust & Banking Co. Ltd. 317 1.37
21 Nisshin Steel Co. Ltd. 38 0.17 8 Toda Corp. 26 0.11
3 Nisshinbo Holdings, Inc. 28 0.12 14 Tokio Marine Holdings, Inc. 397 1.72
23 NKSJ Holdings, Inc. 141 0.61 4 Tokyo Steel Manufacturing Co. Ltd. 42 0.18
4 NOK Corp. 66 0.28 9 Tokyo Tatemono Co. Ltd. 33 0.14
17 NTN Corp. 72 0.31 20 Toppan Printing Co. Ltd. 168 0.72
23 Obayashi Corp. 91 0.39 15 Tosoh Corp. 40 0.17
20 OJI Paper Co. Ltd. 95 0.41 5 Toyo Seikan Kaisha Ltd. 73 0.32
4 Onward Holdings Co. Ltd. 30 0.13 2 Toyota Auto Body Co. Ltd. 22 0.10
3 ORIX Corp. 236 1.02 6 Toyota Industries Corp. 152 0.66
8 Panasonic Corp. 108 0.47 6 Toyota Tsusho Corp. 84 0.36
3 Promise Co. Ltd. 22 0.10 – TV Asahi Corp. 8 0.03
16 Ricoh Co. Ltd. 231 1.00 5 UNY Co. Ltd. 38 0.16
3 Rohm Co. Ltd. 160 0.69 7 Yamaguchi Financial Group, Inc. 66 0.29
4 Sanwa Holdings Corp. 12 0.05 5 Yamaha Corp. 49 0.21
8 Sapporo Hokuyo Holdings, Inc. 30 0.13 14,620 63.16
– SBI Holdings, Inc. 85 0.37 New Zealand - 0.12%
4 Seiko Epson Corp. 50 0.21 7 Contact Energy Ltd. 27 0.12
4 Seino Holdings Corp. 28 0.12 27 0.12
12 Sekisui Chemical Co. Ltd. 75 0.32
16 Sekisui House Ltd. 145 0.63 Singapore - 4.67%
3 Seven & I Holdings Co. Ltd. 65 0.28 94 CapitaLand Ltd. 237 1.02
14 Sharp Corp. 154 0.67 38 DBS Group Holdings Ltd. 367 1.59
36 Shinsei Bank Ltd. 36 0.16 27 Fraser and Neave Ltd. 94 0.41
2 Showa Shell Sekiyu KK 14 0.06 109 Golden Agri-Resources Ltd. 39 0.17
– SKY Perfect JSAT Holdings, Inc. 15 0.07 12 Keppel Land Ltd. 30 0.13
47 Sojitz Corp. 78 0.34 15 Neptune Orient Lines Ltd. 20 0.09
31 Sony Corp. 966 4.17 15 Singapore Airlines Ltd. 151 0.65
8 Sumitomo Bakelite Co. Ltd. 42 0.18 9 Singapore Land Ltd. 41 0.18
31 Sumitomo Corp. 337 1.46 52 United Industrial Corp. Ltd. 78 0.34
19 Sumitomo Electric Industries Ltd. 223 0.96 8 UOL Group Ltd. 22 0.09
4 Sumitomo Forestry Co. Ltd. 30 0.13 1,079 4.67
19 Sumitomo Mitsui Financial Group, Inc. 554 2.39 Total Common Stock (Cost USD24,191) 23,205 100.26
2 Suzuken Co. Ltd. 63 0.27 Preferred Stock - 0.16%
25 Taiheiyo Cement Corp. 33 0.14 Australia - 0.16%
27 Taisei Corp. 52 0.23 27 Asciano Group 36 0.16
1 Taisho Pharmaceutical Co. Ltd. 19 0.08 36 0.16
11 Takashimaya Co. Ltd. 96 0.42 Total Preferred Stock (Cost USD46) 36 0.16
25 Teijin Ltd. 70 0.30 Warrant - 0.00%
13 The 77 Bank Ltd. 67 0.29
Hong Kong - 0.00%
12 The Bank of Kyoto Ltd. 96 0.41
6 Henderson Land Development Co. Ltd. – –
24 The Bank of Yokohama Ltd. 115 0.50
18 The Chiba Bank Ltd. 110 0.48 – –
3 The Chugoku Bank Ltd. 35 0.15 Total Warrant (Cost USD–) – –
3 The Daiei, Inc. 14 0.06
12 The Daishi Bank Ltd. 37 0.16
15 The Gunma Bank Ltd. 77 0.33 Liabilities in Excess of Other Assets (97) (0.42)
16 The Hachijuni Bank Ltd. 86 0.37
8 The Higo Bank Ltd. 40 0.17 Total Net Assets $23,144 100.00
7 The Hokkoku Bank Ltd. 24 0.10
6 The Hyakugo Bank Ltd. 25 0.11
77

1,000 shares

Other Assets 2.02%
Total Assets 100 .00%

78
Notes to the Financial Statements

1. Organisation
Dimensional Funds II plc (the “Company”) was incorporated on 5 December 2006 as an investment company with segregated
liability between sub-funds and variable capital under the laws of Ireland as a public limited company pursuant to the
Companies Acts, 1963 to 2009 and the European Communities (Undertakings for Collective Investment in Transferable
Securities) Regulations, 2003, as amended (the “UCITS Regulations”). All shares of the Company are listed on the Irish Stock
Exchange.
2. Significant Accounting Policies
a) Basis of presentation
The financial statements have been prepared in accordance with accounting standards generally accepted in Ireland and with
Irish statute comprising the Companies Act, 1963 to 2009, and the UCITS Regulations. Accounting standards generally
accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of
Chartered Accountants in Ireland and issued by the Accounting Standards Board.
The format and certain wording of the financial statements have been adapted from that contained in the Companies
(Amendment) Act, 1986 and Financial Reporting Standard No. 3 “Reporting Financial Performance” to one which, in the
opinion of the Directors, more appropriately reflects the Company’s business as an investment fund.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial
assets and financial liabilities held at fair value through profit or loss.
The Company has availed of the exemption available to an open ended investment company under Financial Reporting
Standards No.1 “Cash flow statements” (“FRS 1”) not to prepare a cash flow statement.
The information required by Financial Reporting Standard No. 3 “Reporting Financial Performance” (“FRS 3”) to be included
in a Statement of Total Recognised Gains and Losses and Reconciliation of Movements in Shareholders’ Funds is contained in
the Profit and Loss Account and the Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares.
b) Investments at Fair Value
In accordance with Financial Reporting Standard No. 26 “Financial Instruments: Disclosure and Measurement” (“FRS 26”)
the Company has classified its investments at fair value through profit or loss.
Purchases and sales of investments are recognised on trade date – the date on which the Company commits to purchase or sell
the asset. Investments are initially recognised at fair value and transaction costs for all financial assets carried at fair value
through profit or loss are expensed as incurred. Investments are derecognised when the rights to receive cash flows from the
investments have expired or the Company has transferred substantially all risks and rewards of ownership.
Gains and losses arising from changes in the fair value of the financial assets at ‘fair value through profit or loss’ category are
included in the Profit and Loss Account in the period in which they arise.
The fair value of financial instruments traded in active markets (such as publicly traded derivatives and trading securities) is
based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the
Company is the current bid price. When the Company holds derivatives with offsetting market risks it uses mid-market prices
as a basis for establishing fair values for the offsetting risk positions and applies the bid or asking price to the net open
position, as appropriate.
Investment transactions are accounted for on a trade date basis. Profits and losses on the disposal of investments are computed
on a first-in, first-out basis and are included in the Profit and Loss Account. Unrealised gains and losses on investments are
recognised in the Profit and Loss Account.
79
Notes to the Financial Statements (continued)

2. Significant Accounting Policies (continued)
b) Investments at Fair Value (continued)
The prospectus requires investments to be valued as follows: Investments which are quoted, listed or traded on or under the
rules of any Recognised Market are valued by reference to the latest available dealing price on the relevant Recognised Market
at the relevant Valuation Point. If the investment is normally quoted, listed or traded on or under the rules of more than one
Recognised Market, the relevant Recognised Market is that which the Directors or the Investment Manager, as their delegate,
determine provides the fairest criterion of value for the investment. Unlisted investments, if any, are valued at their probable
realisation value determined with care and in good faith by the Administrator in consultation with the Investment Manager,
who is approved for that purpose by the Custodian. The Funds do not invest in any unlisted securities other than certain
unlisted warrants and rights that have been received as a result of corporate actions.
The fair value of derivatives that are not exchange-traded are estimated at the amount that the Fund would receive or pay to
terminate the contract at the balance sheet date taking into account current market conditions (volatility, appropriate yield
curve) and the current creditworthiness of the counterparties.
The fair value of financial instruments traded in active markets (such as publicly traded derivatives and trading securities) is
based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the
Company is the current bid price.
When a “readily available market quotation” for a security is not available, the Company employs “fair value” methodologies
to price securities. As a general principle, fair value is the price that the Fund might reasonably expect to receive upon a
current sale. The fair valuation process requires the Investment Managers Investment Committee (the “Investment
Committee”) to make a determination in good faith as to the value of a particular security or group of securities depending on
the particular facts and circumstances involved. Circumstances in which a market quotation is not readily available may
include, trading suspensions prior to the close of the relevant market; events that unexpectedly close entire markets such as
natural disasters, power blackouts, or similar major events; market holidays; or volume of trading in a security.
Units or shares in funds which are not valued in accordance with the above provisions shall be valued on the basis of the latest
available redemption price or such units or shares after the deduction of any redemption charges as provided by the fund’s
Administrator. As at 31 May 2010 all investments in funds, were administered by the Company’s Administrator.
The Investment Committee reviews the appropriateness and accuracy of the methods used in fair valuing securities on a
monthly basis including a comparison of fair values against the last market price and the next available market price, such as
the next-day opening price.
The Emerging Markets Targeted Value Fund, European Value Fund, Global Core Equity Fund, Global Targeted Value Fund
and Pacific Basin Value Fund (the “International Equity Portfolios”) apply a fair value price in the circumstances described
below. Generally, trading in foreign securities markets is completed each day at various times prior to the close of the New
York Stock Exchange (“NYSE”). For example, trading in the Japanese securities markets is completed each day at the close of
the Tokyo Stock Exchange (normally, 11:00 p.m. Pacific Standard Time (“PST”), which is fourteen hours prior to the close of
the NYSE (normally, 1:00 p.m. PST) and the time that the net asset values of the International Equity Portfolios are computed.
Due to the time differences between the closings of the relevant foreign securities exchanges and the time the International
Equity Portfolios price their shares at the close of the NYSE, the International Equity Portfolios will fair value their foreign
investments when it is determined that the market quotations for the foreign investments are either unreliable or not readily
available. The fair value prices will attempt to reflect the impact of the U.S. financial markets' perceptions and trading
activities on the International Equity Portfolios' foreign investments since the last closing prices of the foreign investments
were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Directors of the
Company have determined that movements in relevant indices or other appropriate market indicators, after the close of the
Tokyo Stock Exchange or the London Stock Exchange, demonstrate that market quotations may be unreliable, and may trigger
fair value pricing. Consequently, fair valuation of portfolio securities may occur on a daily basis.
80

b) Investments at Fair Value (continued)
The fair value pricing by the International Equity Portfolios utilises data furnished by an independent pricing service (and that
data draws upon, among other information, the market values of foreign investments). The fair value prices of portfolio
securities generally will be used when it is determined that the use of such prices will have a material impact on the net asset
value of an International Equity Portfolio. When an International Equity Portfolio uses fair value pricing, the values assigned
to the International Equity Portfolio's foreign investments may not be the quoted or published prices of the investments on
their primary markets or exchanges. The Investment Manager monitors the variance to the following days opening price. As
at 31 May 2010 and 31 May 2009 fair value pricing was adopted by the International Equity Portfolios.
c) Income
Interest income and expense are recognised in the Profit and Loss Account for all debt instruments using the effective interest
method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the
expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset
or financial liability. Dividend income and expense are recorded on the ex-dividend date gross of withholding taxes and are
disclosed separately in the Profit and Loss Account, net of any tax credits.
d) Expense Recognition
All expenses are taken to the Profit and Loss Account on an accruals basis. Dimensional Fund Advisors Limited (the
“Investment Manager”) has paid the Company’s initial formation expenses and the establishment expenses of the Funds. Costs
and expenses incurred in the operation of a Fund are borne out of the assets of the relevant Fund.
e) Foreign Currency Translation
i) Functional and presentation currency: Items included in the Company’s financial statements are measured using the
currency of the primary economic environment in which it operates (the “functional currency”). This is the Euro for European
Value Fund and the U.S. Dollar for Emerging Markets Targeted Value Fund, Global Core Equity Fund, Global Targeted Value
Fund and Pacific Basin Value Fund. The Company has adopted the functional currency of each Fund as the presentation
currency for the financial statements. The combined Balance Sheet, Profit and Loss Account and Statement of Changes in Net
Asset Attributable to Holders of Redeemable Participating Shares are presented in Euro.
ii) Purchases and sales of securities, and income and expenses are translated at the rate of exchange quoted on the respective
date that such transactions are recorded. All assets and liabilities denominated in foreign currencies are translated at the rate of
exchange at the latest available rate at the Valuation Point. Foreign exchange gains and losses resulting from the settlement of
such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognised in the Profit and Loss Account.
f) Redeemable Shares
Redeemable shares are redeemable at the Shareholder’s option and are classified as financial liabilities. Any distribution on
these redeemable shares is recognised in the Profit and Loss Account as finance costs. The redeemable shares can be put back
to the Company at any time for cash equal to a proportionate share of the Company’s net asset value. The redeemable shares
are carried at the redemption amount that is payable at the balance sheet date if the shareholders exercised their right to put the
shares back to the Company.
g) Income Equalisation
The Company may operate an equalisation account in respect of certain classes of shares in each of the Funds. This
arrangement is intended to ensure that the income per redeemable share which is distributed in respect of the distribution
period is not affected by changes in the number of redeemable shares in issue during that period. The calculation of
equalisation is based on net income and represents the income portion of the price of subscriptions/redemptions of redeemable
shares. Refer to note 12 for disclosure of income equalisation on subscriptions and redemptions during the period.
81

h) Anti-dilution levies
The Company operated an anti-dilution levy in respect of Share Classes in each Fund up to 1 September 2009. In calculating
the subscription/redemption price for the Shares of each class in the Fund, the Directors would have on any Dealing Day,
when there were subscriptions/redemptions, adjust the subscription/redemption price by adding/deducting an anti-dilution levy
to cover dealing costs and to preserve the value of the underlying assets of the Fund. Anti-dilution levies were accounted for as
a reduction of capital subscribed or a reduction in the proceeds paid to the redeeming shareholder.
i) Lending of Securities
The Funds have appointed PFPC Trust Company (“PFPC”), a sub-custodian to the Company, as Stock Lending Agent.
Certain Funds may lend securities, through the PFPC as Stock Lending Agent, to brokers, dealers and other financial
organisations via PFPC to earn additional income. Each security loan is collateralised with collateral assets in an amount
greater than the current market value of the loaned securities. There is a risk of delay in receiving collateral or in recovering
the securities loaned or even loss of rights in collateral should the borrower fail financially.
However, in the event of default or bankruptcy by the other party to the agreement, realisation and/or retention of the collateral
may be subject to legal proceedings. In the event that the borrower fails to return loaned securities, and cash collateral being
maintained by the borrower is insufficient to cover the value of loaned securities and provided such collateral insufficiency is
not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the respective Fund or, at
the option of the lending agent, to replace the securities.
Subject to each Fund’s investment policy, any cash collateral received by the Fund from securities on loan is invested in
securities of the U.S. government or its agencies, repurchase agreements collateralised by securities of the U.S. government or
its agencies, and registered and unregistered money market funds. Agencies include both agency debentures and agency
mortgage backed securities. In addition, each Portfolio will be able to terminate the loan at any time and will receive
reasonable interest on the loan, as well as amounts equal to any dividends, interest or other distributions on the loaned
securities.
As at 31 May 2010 each of the following Funds had outstanding loans of securities to certain brokers, dealers or other
financial institutions for which each Fund has a security interest and lien upon segregated cash and/or securities equivalent to
or greater than (i) 102% of the current market value of the loaned securities with respect to U.S. securities, and (ii) 105% of
the current market value of the loaned securities with respect to non-U.S. securities of the market value of securities loaned
through PFPC:
Market Value of Loaned Securities As at 31 May 2010 As at 31 May 2009
GBP GBP
Emerging Markets Targeted Value Fund 5,968,172 9,541,374
European Value Fund 8,100,318 1,854,464
Global Core Equity Fund 2,331,004 14,854
Global Targeted Value Fund 6,575,458 2,407,364
Pacific Basin Value Fund 298,032 38,411
Total 23,272,984 13,856,467
Fair value of securities received as collateral 27,948,904 15,582,747
The securities received as collateral for security lending purposes were government bonds.
82

3. Net Gain/(Loss) on Financial Assets at fair value through profit or loss
For the period ended 31 May 2010:
Emerging
Markets
USD EUR USD USD USD
Net realised gain/(loss) on financial
assets at fair value through profit or
loss 2,637,179 (1,185,313 ) 617,686 1,845,564 (126,387 )
Net change in unrealised
(loss)/gain on financial assets at
fair value through profit or loss (5,212,609 ) 679,759 (5,752,291 ) (274,351 ) (32,907 )
(2,575,430 ) (505,554 ) (5,134,605 ) 1,571,213 (159,294 )
For the period ended 31 May 2009:
Emerging
Markets Targeted European Value Global Core Global Targeted Pacific Basin
Value Fund Fund Equity Fund Value Fund Value Fund
USD EUR USD USD USD
Net realised (loss)/gain on financial
assets at fair value through profit or
loss (6,683,135 ) (12,579,396 ) 1,252 (3,965,715 ) (20,640,193 )
Net change in unrealised gain on
financial assets at fair value
through profit or loss 134,399,922 12,266,173 6,570,503 21,865,754 21,712,332
127,716,787 (313,223 ) 6,571,755 17,900,039 1,072,139
4. Fees and Expenses

Management fee
The Investment Manager is entitled to receive management fees in respect of each Fund payable out of the assets of the Fund
accruing daily and payable monthly in arrears. The table below shows the rates at which the Investment Manager’s fees are
charged.
Fund % of daily Net Asset Value

Emerging Markets Targeted Value Fund 0.75%
European Value Fund 0.40%
Global Core Equity Fund 0.30%
Global Targeted Value Fund 0.50%
Pacific Basin Value Fund 0.40%
For the period ended 31 May 2010 and 31 May 2009 the Investment Manager has placed an expense cap on the annual
expenses of European Value Fund, Global Core Equity Fund and Pacific Basin Value Fund of 0.65%, 0.55% and 0.65%
respectively of Net Asset Value. Any expenses incurred above the agreed expense cap will be reimbursed to the respective
Fund by the Investment Manager.
For the period ended 31 May 2010, the Investment Manager has waived the management fees of EUR53 for European Value
Fund (31 May 2009: EUR5,591), USD27,575 for Global Core Equity Fund (31 May 2009: USD15,131) and USD36,580 for
Pacific Basin Value Fund (31 May 2009: USD21,902).
For the period ended 31 May 2010, the Investment Manager reimbursed expenses of USD730 (31 May 2009: USD11,078) to
Pacific Basin Value Fund.
83

4. Fees and Expenses (continued)
Administration and Custodian fees
BNY Mellon Investment Servicing (International) Limited (the “Administrator”) acts as transfer agent and administrator of the
Company providing shareholder services and maintenance of the accounting books and records.
BNY Mellon International Bank Limited (the “Custodian”), has been appointed as custodian by the Company.
The Administrator and the Custodian receive from each Fund a combined fee calculated at an annual rate not to exceed 0.10%
of the average Net Asset Value of each Fund, payable monthly in arrears. This fee encompasses the Administrator’s and the
Custodian’s combined services as transfer agent, administrator and custodian, excluding out of pocket expenses. The
combined fee is subject to a minimum annual fee for each Fund, exclusive of out-of-pocket expenses, of USD50,000 for the
first two years of operation and USD65,000 for the third year and thereafter. The Administrator is also entitled to receive a fee
of USD2,000 per Fund per annum for the preparation of financial statements.
Each Fund will also reimburse the Administrator all reasonable expenses incurred for the benefit of the respective Fund when
contracting with entities providing paying or transfer agency services. The Administrator shall also be entitled to
reimbursement of all reasonable out-of-pocket expenses incurred for the benefit of the Funds out of the assets of the Funds in
respect of which such charge and expenses were incurred.
The Funds also bear the cost of all sub-custodian charges and transaction charges incurred by Custodian, or any sub-custodian,
which shall not exceed normal commercial rates. The Custodian shall also be entitled to reimbursement of properly vouched
out of pocket expenses incurred by the Custodian, or any sub-custodian, for the benefit of the Funds out of the assets of the
Fund in respect of which such charges and expenses were incurred.
Directors’ fees
The Directors are entitled to a fee in remuneration for their services. The amount of a Directors’ remuneration in any one year
in respect of the Company shall not exceed EUR10,000. These fees will not be increased without the Shareholders being
notified.
Directors’ fees of EUR11,377 (31 May 2009: EUR6,190) were accrued during the period ended 31 May 2010. Directors’ fees
of EUR10,450 (31 May 2009: EUR6,561) were accrued at period end. The Directors who are employees of the Investment
Manager and Investment Sub-Advisors waive their entitlement to any such remuneration for the life of the Company.
5. Cash and Cash Equivalents
The cash balances were held at PFPC Trust Company at 31 May 2010 and 31 May 2009. Cash and cash equivalents comprise
cash balances valued at their face value with interest accrued, where applicable.
As at 31 May 2010 the Company uses a cash sweep facility into a money market deposit account established at, and held in the
name of, PNC Bank, N.A., as sub-custodian for PFPC Trust Company.
6. Taxation
The Company will not be liable to tax in respect of its income and gains, other than on the occurrence of a chargeable event.
Generally a chargeable event arises on any distribution, redemption, repurchase, cancellation, transfer of shares or on the
ending of a ‘Relevant Period’, a ‘Relevant Period’ being an eight year period beginning with the acquisition of the shares by
the Shareholders and each subsequent period of eight years beginning immediately after the preceding Relevant Period.
A chargeable event does not include:
(i) Any transactions in relation to shares held in a recognised clearing system as designated by order of the Revenue
Commissioners of Ireland: or
(ii) An exchange of shares representing a Fund for another Fund: or
(iii) An exchange of shares arising on a qualifying amalgamation or reconstruction of the Fund with another Fund: or
(iv) Certain exchanges of shares between spouses and former spouse.
A chargeable event will not occur in respect of Shareholders who are neither resident nor ordinarily resident in Ireland and
who have provided the Fund with a relevant declaration to that effect.
84

6. Taxation (continued)
In the absence of an appropriate declaration, the Fund will be liable to Irish Tax on the occurrence of a chargeable event. There
were no chargeable events during the period under review.
Capital gains, dividends and interest received may be subject to withholding taxes imposed by the country of origin and such
taxes may not be recoverable by the Fund or its Shareholders.
The Company may incur capital gains taxes for income earned from transactions in foreign jurisdictions. For the period ended
31 May 2010 Emerging Markets Targeted Value Fund incurred capital gains taxes in respect of Indian and Thai securities of
USD97,156 (31 May 2009: USD Nil).
7. Share Capital
The authorised share capital of the Company is 500,000,300,002 Shares of no par value divided into 2 Subscriber Shares of no
par value, 300,000 Capitalisation Shares of no par value and 5,000,000,000,000 Shares of no par value. The Subscriber Shares
and the Capitalisation Shares together are defined as “Non-Participating Shares”.
As at 31 May 2010, the two subscriber shares were held by Matsack Trust Limited and Matsack Nominees Limited. The Non-
Participating Shares entitle the holders to attend and vote at general meetings of the Company but do not entitle the holders to
participate in the profits or assets of the Company except for a return of capital on a winding-up. Following the expiration of
the initial offer of Shares in the Funds, the Non-Participating Shares may at the option of the Directors either be redesignated
as Shares at the Offer Price or repurchased. The Non-Participating Shares shall have one vote for each Non-Participating Share
held. Non-Participating Shares entitle the holders to attend and vote at general meetings of the Company but do not entitle the
holders to participate in the profits or assets of the Company except for a return of capital on a winding-up. The Non-
Participating Shares are not included in the calculation of the NAV per redeemable share.
Shares entitle the holders to attend and vote at general meetings of the Company and to participate equally (subject to any
differences between fees, charges and expenses applicable to different Classes) in the profits and assets of the Company on the
terms and conditions set out in the Prospectus.
The Funds have the ability to issue multiple classes of redeemable shares. Each redeemable share within a class represents an
identical legal interest in the Funds and has identical rights.
85

7. Share Capital (continued)
The following redeemable share transactions occurred during the period ended 31 May 2010:
U.S. Dollar Class A Euro Class B Sterling Class C Sterling Class D
Emerging Markets Targeted
Value Fund
Balance at the start of the period 318,571 206,252 84,446 16,565,502
Issue of redeemable shares during
the period 867,897 322,196 2,543,527 278,020
Redemption of redeemable shares
during the period (357,000) (19,442) (18,539) (1,132,433)
Balance at the end of the period 829,468 509,006 2,609,434 15,711,089
European Value Fund

Balance at the start of the period 1,435 8,008,482 4,663 156,151
the period – 327,538 4,844 80,267
during the period – (47,779) – (891)
Balance at the end of the period 1,435 8,288,241 9,507 235,527

Balance at the start of the period 343,365 1,146,567 967,612 3,401,887
the period 67,512 454,724 1,167,623 1,112,460
during the period – (56,549) (140,940) (215,224)
Balance at the end of the period 410,877 1,544,742 1,994,295 4,299,123

Balance at the start of the period 11,597,179 869,383 506,408 5,285,365
the period 3,437,448 500,912 3,845,667 1,078,583
during the period (3,955,093) (16,809) (221,732) (1,660,986)
Balance at the end of the period 11,079,534 1,353,486 4,130,343 4,702,962

Balance at the start of the period 2,280,311 14,336 2,645 81,413
the period 16,633 1,033 4,283 15,490
during the period (30,075) (2,262) – (1,804)
Balance at the end of the period 2,266,869 13,107 6,928 95,099
86
7. Share Capital (continued)

The following redeemable share transactions occurred during the period ended 31 May 2009:
U.S. Dollar Class A Euro Class B Sterling Class C Sterling Class D
Value Fund
Balance at the start of the period 100 64,722 19,827 21,567,019
the period – 106,640 30,601 920,170
during the period – (1,149) (1,148) (37,270)
Balance at the end of the period 100 170,213 49,280 22,449,919
European Value Fund

Balance at the start of the period 3,336,500 7,063,124 – 20,640
the period – 1,051,085 1,819 22,769
during the period (3,335,065) (3,710) – –
Balance at the end of the period 1,435 8,110,499 1,819 43,409

Balance at the start of the period 213,237 290,012 267,021 2,391,290
the period 67,677 443,079 95,650 653,384
during the period (18,800) (1,280) (286) (92,903)
Balance at the end of the period 262,114 731,811 362,385 2,951,771

Balance at the start of the period 9,492,569 161,400 27,333 2,462,357
the period 5,048 187,487 180,174 1,000,968
during the period – (490) (916) (94,384)
Balance at the end of the period 9,497,617 348,397 206,591 3,368,941

Balance at the start of the period 6,059,603 2,262 – 528
the period 30,075 2,617 1,726 3,198
during the period (3,809,367) – – –
Balance at the end of the period 2,280,311 4,879 1,726 3,726
87

8. Related Party Transactions
As at 31 May 2010 and 31 May 2009 the Investment Manager, Dimensional Fund Advisors Limited held shares in each of the
following Funds: Emerging Markets Targeted Value Fund 100 Class A Shares, Global Core Equity Fund 100 Class A Shares,
Global Core Equity Fund 100 Class B Shares and Global Core Equity Fund 100 Class C Shares, respectively.
As at 31 May 2010 Global Core Equity Fund invested in the following sub-funds of Dimensional Funds plc and Dimensional
Funds II plc: European Small Companies Fund 182,203 Class D Shares, Global Targeted Value Fund 600,774 Class D Shares,
Pacific Basin Small Companies Fund 122,734 Class D Shares and U.S. Small Companies Fund 251,600 Class D Shares,
respectively. Dimensional Funds plc is also administered by the Administrator of the Company.
As at 31 May 2009 Global Core Equity Fund invested in the following sub-funds of Dimensional Funds plc and Dimensional
Fund II plc: European Small Companies Fund 27,036 Class D Shares, Global Targeted Value Fund 387,107 Class D Shares,
Pacific Basin Small Companies Fund 39,396 Class D Shares and U.S. Small Companies Fund 165,736 Class D Shares,
respectively.
The Directors received fees during the period as outlined in note 4. Management fees waived during the period are disclosed in
note 4.
In the opinion of the Directors, the Investment Manager and the Investment Sub-Advisors are related parties under FRS 8
“Related Party Transactions”. Fees payable to these parties and the amounts due at 31 May 2010 are shown in note 4 and
disclosed in the Profit and Loss Account.
There have been no other related party transactions in the period under review.
9. Risk Management
The Company had adopted FRS 29 “Financial Instruments: Disclosure” (“FRS 29”) for the current and prior period. The
objective of FRS 29 is to provide information about the Company’s exposure to material risk and to disclose the Company’s
policies to manage these risks.
The management of financial instruments is fundamental to the Company’s business. The Directors have appointed
Dimensional Fund Advisors Limited as Investment Manager to each Fund. The Company has been established for the purpose
of investing in transferable securities in accordance with the UCITS Regulations. The Investment Manager has responsibility
for investing and managing the assets of the Funds according to their investment objectives, investments guidelines approved
by the Board and policies set forth in the Prospectus and in accordance with the UCITS Regulations.
The investment objective for each Fund is outlined below:
Emerging Markets Targeted Value Fund- to achieve long-term total return.
European Value Fund- to achieve long-term total return.
Global Core Equity Fund- to maximise long-long term total return.
Global Targeted Value Fund- to maximise long-long term total return.
Pacific Basin Value Fund- to achieve long-term total return.
The Investment Manager has appointed Dimensional Fund Advisors L.P. as an Investment Sub-Advisor to provide investment
advisory and investment management services to the Investment Manager in respect of Emerging Markets Targeted Value
Fund, Global Core Equity Fund and Global Targeted Value Fund. The Investment Manager has also appointed DFA Australia
Limited as Investment Sub-Advisor to Emerging Markets Targeted Value Fund, Global Core Equity Fund, Global Targeted
Value Fund and Pacific Basin Value Fund.
a) Market risk
The investments of a Fund are subject to normal capital market fluctuations and to the risks inherent in investment in
international securities markets, there can be no assurances that appreciation or preservation will occur.
The Company is exposed to market risk, credit risk and liquidity risk. Market risk includes market price risk, currency risk,
interest risk and other price risk.
88

9. Risk Management (continued)
a) Market risk (continued)
Investment decisions for all Funds are made by the Investment Committee of the Investment Manager. The Investment
Committee meets on a regular basis and also as needed to consider investment issues. The Investment Committee is composed
of certain officers and directors of the Investment Manager. The Investment Manager provides the Funds with a trading
department and selects brokers and dealers to effect securities transactions.
The Investment Manager, in conjunction with the relevant Sub-Advisors maintains a specified list of approved markets and
countries for each Fund. Compliance with these investment guidelines are monitored on a daily ongoing basis.
Each Sub-Advisor’s duties include the maintenance of trading desks for the applicable Fund and the determination of the best
and most efficient means of executing securities transactions. The Sub-Advisor reviews trading and holdings against the
Prospectus limits on a daily basis. The Investment Manager continually reviews the holdings of those Funds and reviews the
trading process and the execution of securities transactions. The London Investment Committee of the Investment Manager
formally reviews all portfolios on a monthly basis.
The Investment Manager is responsible for determining those securities which are eligible for purchase and sale by those
Funds and may delegate this task, subject to its own review, to the Investment Sub-Advisors. The Investment Sub-Advisors
maintain and furnish to the Investment Manager information and reports on those Funds, including their recommendations of
securities to be added to the list of securities that are eligible for purchase by those Funds.
The overall market positions are monitored on a quarterly basis by the Board of Directors.
i) Market Price Risk
Market price risk is the risk that the fair value of future cash flows of financial instruments will fluctuate because of changes in
market prices. The maximum price risk resulting from the ownership of financial instruments is determined by the fair value of
financial instruments. The Investment Manager may consider the asset allocation of the portfolios in order to diversify the risk
associated with individual countries, industry sectors or securities while continuing to follow each Fund’s investment
objective. Market price risk is managed by the Investment Manager through a careful selection of securities within specified
limits and investment mandates.
As disclosed in note 2, the London Investment Committee of the Investment Manager reviews the appropriateness and
accuracy of the methods used in fair valuing securities on a monthly basis.
The exposure to market price risk is illustrated within the Portfolios of Investments. The following tables set out the value of
securities for each Fund which have been fair valued by the investment committee as at 31 May 2010 and 31 May 2009:
Fair Valued % of Net Fair Valued % of Net
Fund Currency Securities Assets Securities Assets
(000)'s % (000)'s %
31 May 2010 31 May 2009
Emerging Markets Targeted Value Fund USD 646 0.17 132 0.04
European Value Fund EUR - - 3 0.01
Global Core Equity Fund USD 4 - 22 0.04
Global Targeted Value Fund USD 106 0.04 66 0.06
Pacific Basin Value Fund USD - - 24 0.12
89

i) Market Price Risk (continued)
Each Fund’s market price risk is monitored, but not managed, relative to an index. The following table sets out a comparative
index for each Fund and quantifies the estimated impact to the value of the Net Asset Value for each Fund based on positive
and negative movements in the comparable index using Beta. Beta is a measure of a Fund’s securities volatility in relation to
the market or index.
As at 31 May 2010 Impact on Net Asset Value due to
movement in Index
Fund Index Currency Positive 5% Negative 5%
Emerging Markets Targeted Value Fund MSCI Emerging SMID Value Index USD 5.14% (5.14)%
European Value Fund MSCI Europe Large Value Index EUR 5.44% (5.44)%
Global Core Equity Fund MSCI The World Net TR Index USD 5.35% (5.35)%
Global Targeted Value Fund MSCI World SMID Value Index USD 5.23% (5.23)%
Pacific Basin Value Fund MSCI Pacific Large Value Index USD 5.78% (5.78)%
As at 31 May 2009 Impact on Net Asset Value due to

movement in Index
Fund Index Currency Positive 5% Negative 5%
Emerging Markets Targeted Value Fund MSCI Emerging SMID Value Index USD 5.17% (5.17%)
European Value Fund MSCI Europe Large Value Index EUR 5.46% (5.46%)
Global Core Equity Fund* MSCI The World Net TR Index USD n/a n/a
Global Targeted Value Fund* MSCI World SMID Value Index USD 5.22% (5.22%)
Pacific Basin Value Fund MSCI Pacific Large Value Index USD 5.90% (5.90%)
*Global Core Equity Fund and Global Targeted Value Fund launched during the period ended 31 May 2010, therefore for the
purposes FRS 29 the Investment Manger has assumed beta for these Funds.
The sensitivity analysis set out above, should not be used as an indication of future performance.
The sensitivity analysis is subject to limitations for example:
• the sensitivities are based on historical data and cannot take account of the fact that future market price movements,
correlations between markets and levels of market liquidity in conditions of market stress may bear no relation to
historical patterns;
• the market price risk information is a relative estimate of risk rather than a precise and accurate number;
• the market price information represents a hypothetical outcome and is not intended to be predictive; and
• future market conditions could vary significantly from those experienced.
ii) Foreign currency risk
Since securities may be denominated in a foreign currency and may require settlement in foreign currencies and pay interest
and/or a dividend in foreign currencies, changes in the relationship of these foreign currencies to the functional currency in
respect of the Funds can significantly affect the value of the investments and earnings of the Funds. Monetary assets and
liabilities denominated in foreign currencies are translated to the functional currency of each Fund at the foreign currency
closing exchange rate ruling at the balance sheet date. Foreign currency exchange differences arising on translation and
realised gains and losses on disposals or settlements of monetary assets and liabilities are recognised in the Profit and Loss
Account. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to
the functional currency of each Fund at the foreign currency exchange rates ruling at the dates that the values were determined.
Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other
political, social or economic developments, all of which could affect the market and/or credit risk of the investments.
90

ii) Foreign currency risk (continued)
A Fund may ‘cross-hedge’ on foreign currency exposure by selling a related foreign currency into the functional currency of
the Fund. As at 31 May 2010 and 31 May 2009, the Funds did not hold any forward foreign exchange contracts to cross-hedge
currency exposure. The Investment Manager does not actively manage that currency exposure of the Funds.
All assets and liabilities held by the Funds are monetary assets and liabilities except for investments in equity type instruments
which are defined as non-monetary assets, under FRS 29.
The Fund’s currency exposure, for monetary and non-monetary assets and liabilities, as at 31 May 2010 was as follows:
Emerging
Markets
Currency Fund Fund Equity Fund Value Fund Value Fund
USD EUR USD USD USD
Australian Dollar – – 3,926,225 10,229,213 5,801,817
Brazilian Real 35,460,669 – – – –
British Pound (995,169 ) 13,810,318 30,899,740 20,751,481 (8,123 )
Canadian Dollar – – 5,275,612 18,124,171 –
Chilean Peso 10,101,379 – – – –
Danish Krone – 1,259,159 448,124 1,550,195 –
Euro (58,691 ) 31,364,512 13,071,808 32,160,908 (33,235 )
Hong Kong Dollar 44,446,578 – 1,135,725 4,204,303 1,780,232
Hungarian Forint 602,876 – – – –
Indian Rupee 46,080,277 – – – –
Indonesian Rupiah 15,372,291 – – – –
Israeli Shekel 4,886,682 – – 424,625 –
Japanese Yen – – 9,625,218 31,556,117 14,851,932
Malaysian Ringgit 20,930,649 – – – –
Mexican Peso 17,856,527 – – – –
New Zealand Dollar – – 23,648 804,825 27,364
Norwegian Krone – 1,044,871 427,177 1,863,904 –
Philippine Peso 4,507,182 – – – –
Polish Zloty 11,651,442 – – – –
Singapore Dollar – – 722,985 2,484,678 1,099,413
South African Rand 37,609,140 – – – –
South Korean Won 44,660,779 – – – –
Swedish Krona – 3,029,079 1,245,199 3,793,511 –
Swiss Franc – 7,058,911 3,030,885 6,632,545 –
Taiwan Dollar 45,063,975 – – – –
Thai Baht 11,903,903 – – – –
Turkish Lira 12,807,695 – – – –
United States Dollar 8,454,891 (9,501 ) 50,098,023 125,267,152 (237,531 )
371,343,075 57,557,349 119,930,369 259,847,628 23,281,869
Adjustment from bid
market value to fair
value (330,027 ) (420,154 ) (231,834 ) (267,087 ) (138,030 )
Total 371,013,048 57,137,195 119,698,535 259,580,541 23,143,839
91

The Fund’s currency exposure, for monetary and non-monetary assets and liabilities, as at 31 May 2009 was as follows:
Emerging
Markets
Currency Fund Fund Equity Fund Value Fund Value Fund
USD EUR USD USD USD
Australian Dollar – – 1,513,755 3,325,050 3,312,404
Brazilian Real 39,685,020 – – – –
British Pound (1,453,937 ) 11,562,981 5,593,159 12,540,211 22,038
Canadian Dollar – – 2,260,518 6,817,570 –
Chilean Peso 6,101,018 – – – –
Danish Krone – 657,418 187,150 1,029,804 –
Euro (33,097 ) 24,802,372 6,692,468 20,342,107 (23,526 )
Hong Kong Dollar 48,440,019 – 544,492 1,371,794 2,287,303
Hungarian Forint 1,741,002 – – – –
Indian Rupee 37,490,516 – – – –
Indonesian Rupiah 6,554,114 – – – –
Israeli Shekel 7,881,329 – – – –
Japanese Yen – – 5,701,500 19,285,543 11,810,037
Malaysian Ringgit 21,362,926 – – – –
Mexican Peso 19,836,084 – – – –
New Zealand Dollar – – 17,533 365,441 112,747
Norwegian Krone – 624,974 209,827 1,191,043 –
Philippine Peso 3,092,842 – – – –
Polish Zloty 6,577,922 – – – –
Singapore Dollar – – 243,470 871,354 1,359,223
South African Rand 35,929,692 – – – –
South Korean Won 36,291,196 – – – –
Swedish Krona – 2,278,766 438,233 1,429,705 –
Swiss Franc – 5,463,784 1,778,578 4,616,241 –
Taiwan Dollar 44,085,424 – – – –
Thai Baht 6,805,512 – – – –
Turkish Lira 9,081,482 – – – –
United States Dollar 1,067,860 (8,742 ) 29,683,304 45,642,947 38,408
330,536,924 45,381,553 54,863,987 118,828,810 18,918,634
Adjustment from bid
market value to fair
value 2,876,018 407,704 191,983 754,998 178,379
Total 333,412,942 45,789,257 55,055,970 119,583,808 19,097,013
92

The following table sets out a sensitivity analysis in relation to foreign currency risk and its effect on the Net Asset Value of
each Fund where foreign currency risk is deemed significant (greater than 10% of Net Asset Value). Sensitivity analysis is
calculated based on +/-10% for the Funds exposed to emerging and developing countries and based on at +/-5% on all other
investments and cash. Other net assets and liabilities are not significant and are assumed unchanged. All other market
parameters have also been assumed unchanged.
31 May 2010 31 May 2009
Impact on Net Asset Value due to movement in foreign
exchange rates
Fund Currency Positive 10% Negative 10% Positive 10% Negative 10%
Emerging Targeted Value Fund Brazilian Real 0.00% (0.00)% 1.20% (1.20%)
Hong Kong Dollar 1.19% (1.19)% 1.45% (1.45%)
Indian Rupee 1.23% (1.23)% 1.13% (1.13%)
South African Rand 0.00% (0.00)% 1.09% (1.09%)
South Korean Won 1.23% (1.23)% 1.10% (1.10%)
Taiwan Dollar 1.22% (1.22)% 1.33% (1.33%)
Positive 5% Negative 5% Positive 5% Negative 5%

European Value Fund British Pound 1.19% (1.19)% 1.27% (1.27%)
Euro 2.73% (2.73)% 2.73% (2.73%)
Swiss Franc 0.61% (0.61)% 0.60% (0.60%)
Global Core Equity Fund British Pound 0.50% (0.50)% 0.51% (0.51%)
Euro 0.67% (0.67)% 0.72% (0.72%)
Japanese Yen 0.52% (0.52)% 0.63% (0.63%)
United States Dollar 2.48% (2.48)% 2.35% (2.35%)
Global Targeted Value Fund British Pound 0.00% (0.00)% 0.53% (0.53%)
Euro 0.63% (0.63)% 0.86% (0.86%)
Japanese Yen 0.63% (0.63)% 0.80% (0.80%)
United States Dollar 2.36% (2.36)% 1.93% (1.93%)
Pacific Basin Value Fund Australian Dollar 1.18% (1.18)% 0.88% (0.88%)
Hong Kong Dollar 0.00% (0.00)% 0.61% (0.61%)
Japanese Yen 3.19% (3.19)% 3.13% (3.13%)
The sensitivity analysis set out above, should not be used as an indication of future performance.
The sensitivity analysis is subject to limitations for example:
• the sensitivities are based on historical data and cannot take account of the fact that future market price movements,
correlations between markets and levels of market liquidity in conditions of market stress may bear no relation to historical
patterns;
• the market price risk information is a relative estimate of risk rather than a precise and accurate number;
• the market price information represents a hypothetical outcome and is not intended to be predictive; and
• future market conditions could vary significantly from those experienced.
93

iii) Interest Rate Risk
The majority of the Company’s financial assets and financial liabilities are non-interest bearing, as a result the Company is not
subject to a significant amount of risk due to the fluctuations in the prevailing levels of market interest rates. Any excess cash
and cash equivalents are invested in short-term market interest rates earning a rate under Libor or invested in money market
funds.
The fixed-income investments in which a Fund may invest are interest rate sensitive and may be subject to price volatility due
to such factors including, but not limited to, changes in interest rates, market perception of the creditworthiness of the issuer
and general market liquidity. The magnitude of these fluctuations will be greater when the maturity of the outstanding
investments is longer. An increase in interest rates will generally reduce the value of fixed-income securities, while a decline
in interest rates will generally increase the value of fixed-income securities. As at 31 May 2010 and 31 May 2009 the Funds
did not hold any investments in interest bearing securities.
b) Credit risk
Credit risk is the risk that a counterparty to or issue of a financial instrument will fail to discharge an obligation or
commitment that it has entered into with the Funds. The Funds are exposed to credit risk on parties with whom it trades and
will also bear the risk of settlement default.
All transactions in exchange traded securities are settled/paid for upon delivery using approved brokers. The risk of default is
considered minimal, as delivery of securities sold is only made once the broker has received payment.
Payment is made on a purchase once the securities have been received by the broker in all developed countries. The trade will
fail if either party fails to meet their obligation. In certain Emerging Market countries, the Fund settles with the settlement
house one day prior to the counterparty settlement. However the transaction will still fail if the counterparty does not settle the
transaction. At times some of the markets in which the Funds will invest can be less liquid and more volatile. This may result
in fluctuations in the price of the Shares.
Transactions involving derivative financial instruments are with counterparties with whom the Company has master netting
agreements which provide for the net settlement for contracts with the same counterparty in the event of default. The credit
risk associated with derivative financial assets subject to a master netting arrangement is eliminated only to the extent that
financial liabilities due to the same counterparty will be settled after the assets are realised. As at 31 May 2010 and 31 May
2009 the Funds did not hold derivative positions.
All of the Company’s assets are held by the Custodian and Sub-Custodian. The Company’s non-cash assets are maintained by
the Custodian in segregated accounts so that in the event of the Custodian’s insolvency or bankruptcy the Company’s non-cash
assets are segregated and protected and this further reduces counterparty risk. While cash held by the Custodian or any
depository will be identifiable as belonging to the Company, the Company will be exposed to the credit risk of the Custodian
or any depository where cash is deposited. In the event of the insolvency of the Custodian or any depository, the Company will
be treated as a general creditor of the Custodian or other depository in relation to cash holdings of the Company.
Bankruptcy or insolvency of the Custodian may cause the Funds’ rights with respect to the cash held by the Custodian to be
delayed or limited. The Custodian is rated as A-1+ by Standard & Poors rating agency. If the credit quality or financial
position of the Custodian deteriorated significantly the Investment Manager would move the custodian relationship to another
bank.
As at 31 May 2010 and 31 May 2009 the total amount of financial assets exposed to credit risk approximates to their carrying
value in the Balance Sheet.
94

b) Credit risk (continued)
For efficient portfolio management purposes, each Fund may enter into stock lending agreements subject to the conditions and
limits set out in the Financial Regulator Notices. Until the expiry of the stock lending transactions, collateral obtained such
contracts or transactions:
(i) must be marked to market daily;
(ii) must equal or exceed, in value at all times, the value of the amount invested or securities loaned;
(iii) must be transferred to the trustee or its agent; and
(iv) immediately be available to the relevant Fund without recourse to the counterparty in the event of default of that
counterparty.
The Funds participate in security lending which is executed through PFPC as the stock lending agent. As such the Funds are
exposed to an underlying exposure to the credit risk and risk that the borrower may default. A list of eligible borrowers is
maintained by PFPC. Minimum credit rating of an eligible borrower is A2 by Moodys or its equivalent. If the credit rating
falls below the minimum credit rating PFPC can terminate the stock lending arrangement. Collateral is held and monitored by
PFPC with the Custodian undertaking an overview of this on a periodic basis.
The Funds’ exposure to stock lending is disclosed in note 2.
c) Liquidity risk
Numerous Emerging Market countries have recently experienced serious and potentially continuing, economic and political
problems. Stock markets in many emerging countries are relatively small and risky. Investors are often limited in their
investment and divestment activities. Additional restrictions may be imposed under emergency conditions. Emerging Market
securities may decline or fluctuate because of economic and political actions of Emerging Market governments and less
regulated or liquid securities markets. Investors holding the securities are also exposed to the possibility that an Emerging
Market currency will fluctuate against the base currency of the relevant Fund.
The legislative framework in Emerging Market countries for the purchase and sale of investments and in relation to the
beneficial interests in those investments may be relatively new and untested. There can be no assurance regarding how the
courts or agencies of Emerging Market countries will react to questions arising from the Funds’ investments in such countries
and arrangements contemplated in relation thereto.
The Investment Manager performs liquidity analysis on all Funds on a monthly basis. The number of potentially illiquid assets
held in all Funds is minor in all cases.
The Company is exposed to daily cash redemptions of redeemable shares. It therefore invests the majority of its assets in
investments that are traded in an active market and can be readily disposed of; it invests only a limited proportion of its assets
in investments not actively traded on a stock exchange. The Company’s listed securities are considered readily realisable as
they are listed on recognised and established stock exchanges. The Administrator monitors subscription and redemption
volumes and notifies the Investment Manager of significant movements and unusual trends as appropriate.
If outstanding redemption requests from Shareholders of any Fund for any Dealing Day exceed in the aggregate more than
10% of all the outstanding Shares of that Fund, the Directors shall be entitled at their discretion to refuse to redeem such
excess Shares. If the Directors refuse to redeem Shares for these reasons, the requests for redemption on such date shall be
reduced rateably and the Company shall not be obliged to redeem the remainder of the Shares to which each request relates
until the Dealing Day next following the date of such refusal to redeem. At the expiry of any such period, the Company shall
complete the redemption of the remaining Shares in respect of which redemption requests were received prior to the relevant
Dealing Day and in priority to any subsequent requests.
The Company does not engage in leverage activities.
As at 31 May 2010, the Company has a multi-currency discretionary line of credit in place of USD15million. This credit line
can be used to fund shareholder redemptions requests and for other short-term temporary purposes. Amounts may be drawn
down for a period of up to two months. The line of credit renewal date is 22 June 2010.
95

d) Liquidity risk (continued)
Details of contractual maturities as at 31 May 2010 and 31 May 2009 are outlined below:
31 May 2010:
Emerging
Markets
Liabilities USD EUR USD USD USD
Less than 1 month
Management fee 222,611 17,777 22,913 101,921 1,577
Payable for shares repurchased 59,483 62 131,878 2,235,985 277,595
purchased 1,321,644 75,639 132,094 1,729,167 96,671
Distributions payable 973,586 22,042 395,896 382,373 10,525
Accrued expenses 209,175 19,059 48,422 81,781 24,305
Redeemable Shares 371,013,048 57,137,195 119,698,535 259,580,541 23,143,839
3 months - 1year
Capital gains tax 345,427 – – – –
Total Financial Liabilities 374,196,789 57,290,329 120,458,972 264,152,987 23,583,487
31 May 2009:
Emerging
Markets
Liabilities USD EUR USD USD USD
Less than 1 month
Management fee 181,393 13,866 10,097 45,139 –
Payable for shares repurchased 11,638 – 838 2,452 –
purchased 17,303 – 7,370 28,766 315,663
Distributions payable 1,469,584 3,794 221,298 190,472 507
Redeemable Shares 333,412,942 45,789,257 55,055,970 119,583,808 19,097,013
3 months - 1year
Capital gains tax – – – – –
Total Financial Liabilities 335,239,508 45,833,479 55,506,083 119,898,001 19,456,424
96

10. Foreign Exchange Rates
The following exchange rates were used to convert the investments and other assets and liabilities denominated in currencies
other than the respective Fund’s base currency at 31 May 2010 and 31 May 2009:
31 May 2010 31 May 2009
Exchange Rates against Euro
British Pound 0.8486 0.8747
Danish Krone 7.4401 7.4468
Norwegian Krone 7.9599 8.9113
Swedish Krona 9.6350 10.6975
Swiss Franc 1.4225 1.5096
United States Dollar 1.2271 1.4137
Exchange Rates against US Dollar

Australian Dollar 1.1802 1.2486
Brazilian Real 1.8143 1.9676
British Pound 0.6915 0.6187
Canadian Dollar 1.0524 1.0918
Chilean Peso 529.7500 561.8500
Danish Krone 6.0630 5.2676
Euro 0.8149 0.7074
Hong Kong Dollar 7.7875 7.7523
Hungarian Forint 224.1576 200.8206
Indian Rupee 46.3450 47.1150
Indonesian Rupiah 9,260.5000 10,290.0000
Israeli Shekel 3.8425 3.9088
Japanese Yen 90.9100 95.2800
Malaysian Ringgit 3.2960 3.4945
Mexican Peso 12.9230 13.1720
New Zealand Dollar 0.6787 0.6406
Norwegian Krone 6.4866 6.3035
Philippine Peso 46.2050 47.3350
Polish Zloty 3.3266 3.1858
Singapore Dollar 1.4068 1.4444
South African Rand 7.6010 7.9560
South Korean Won 1,194.6500 1,255.1000
Swedish Krona 7.8516 7.5670
Swiss Franc 1.1592 1.0678
Taiwan Dollar 31.9635 32.5405
Thai Baht 32.5550 34.3100
Turkish Lira 1.5685 1.5340
At 31 May 2010 an exchange rate of 0.7325 (May 2009: 0.7544) was used to translate the Profit and Loss Account of
Emerging Markets Targeted Value Fund, Pacific Basin value Fund, Global Targeted Fund and Global Core Equity Fund from
USD to EUR.
97

11. Derivative Financial Instruments
A Fund may employ investment techniques and instruments for efficient portfolio management of its assets including for
hedging against market movements, currency exchange or interest rate risks, under the conditions and within the limits
stipulated by the Financial Regulator under the UCITS Regulations. A Fund may use such investment techniques and
instruments only where their use is, in the opinion of the Investment Manager, consistent with the investment policies of that
Fund. In particular, a Fund may lend its securities, enter repurchase and reverse repurchase agreements, call options, spot and
forward contracts and financial futures. The total exposure of a Fund including but not limited to its exposure from the use of
any derivative instruments, may not exceed the total net assets of the Fund. The Funds did not enter into any trading in
derivative financial instruments for the period ended 31 May 2010 and 31 May 2009.
12. Distributions
The Directors may declare dividends in respect of any redeemable shares out of net income (including dividend and interest
income) and the excess of realised and unrealised capital gains over realised and unrealised losses in respect of investments of
the Company.
The Directors anticipate that there will be no dividend distributions in respect of the Class A Shares and Class B Shares of the
Funds. Accordingly, income and capital gains arising in respect of the Class A Shares or Class B Shares of the Funds will be
re-invested in the relevant Fund and reflected in the Net Asset Value per redeemable share of the relevant Fund.
The Directors anticipate making dividend distributions in respect of the Class C Shares, Class D Shares, Class E Shares and
Class N of the Funds. Accordingly, any income arising in respect of the Class C Shares, Class D Shares, Class E Shares or
Class N of the Funds will be distributed to redeemable shareholders in the relevant Fund in accordance with their respective
shareholdings. Dividends of the Class C Shares and Class D Shares are declared by the Directors for the periods ending 31
May and 30 November. Dividends of the Class E Shares and Class N Shares are declared by the Directors for the period
ending 30 November. For the period ended 31 May 2010 there were no Class E Shares or Class N Shares in issue.
Distributions for the period ended 31 May 2010:
Emerging
Markets
USD EUR USD USD USD
31 May Interim Distribution 973,586 22,042 395,896 382,373 10,525
973,586 22,042 395,896 382,373 10,525
Add: Income deducted on
cancellation of shares 1,811 22 8,657 12,403 77
Deduct: Income received on
issue of shares (71,296) (1,156) (45,038) (103,285) (751)
Net distribution for the period 904,101 20,908 359,515 291,491 9,851
Details of the distribution per share are disclosed below.
98

12. Distributions (continued)
Distributions for the period ended 31 May 2009:
Emerging
Markets
USD EUR USD USD USD
31 May Interim Distribution 1,469,584 3,794 221,298 190,471 507
1,469,584 3,794 221,298 190,471 507
Add: Income deducted on
cancellation of shares 1,439 – 4,119 3,540 –
Deduct: Income received on
issue of shares (5,861) (689) (16,503) (19,807) (204)
Net distribution for the period 1,465,162 3,105 208,914 174,204 303
Details of the distribution per share are disclosed below.
Distributions per Share Class for the period ended 31 May 2010 were as follows:
Dividend per
Redeemable
Fund Fund Class Ex Date Pay Date Share Amount
Emerging Markets Targeted Value Fund Class C 28 May 2010 14 June 2010 £0.04 £104,012
Emerging Markets Targeted Value Fund Class D 28 May 2010 28 May 2010 £0.04 £569,213
European Value Fund Class C 28 May 2010 14 June 2010 £0.14 £1,296
European Value Fund Class D 28 May 2010 28 May 2010 £0.07 £17,408
Global Core Equity Fund Class C 28 May 2010 14 June 2010 £0.04 £86,273
Global Core Equity Fund Class D 28 May 2010 28 May 2010 £0.04 £187,485
Global Targeted Value Fund Class C 28 May 2010 14 June 2010 £0.03 £121,060
Global Targeted Value Fund Class D 28 May 2010 28 May 2010 £0.03 £143,346
Pacific Basin Value Fund Class C 28 May 2010 14 June 2010 £0.07 £504
Pacific Basin Value Fund Class D 28 May 2010 28 May 2010 £0.07 £6,774
99

12. Distributions (continued)
Distributions per Share Class for the year ended 31 May 2009 were as follows:
Dividend per
Redeemable
Fund Fund Class Ex Date Pay Date Share Amount
Emerging Markets Targeted Value Fund Class C 29 May 2009 3 June 2009 £0.04 £2,190
Emerging Markets Targeted Value Fund Class D 29 May 2009 3 June 2009 £0.04 £907,041
European Value Fund Class C 29 May 2009 3 June 2009 £0.12 £221
European Value Fund Class D 29 May 2009 3 June 2009 £0.07 £3,097
Global Core Equity Fund Class C 29 May 2009 3 June 2009 £0.04 £14,865
Global Core Equity Fund Class D 29 May 2009 3 June 2009 £0.04 £122,052
Global Targeted Value Fund Class C 29 May 2009 3 June 2009 £0.03 £6,557
Global Targeted Value Fund Class D 29 May 2009 3 June 2009 £0.03 £111,288
Pacific Basin Value Fund Class C 29 May 2009 3 June 2009 £0.06 £96
Pacific Basin Value Fund Class D 29 May 2009 3 June 2009 £0.06 £217
13. Financial Assets at fair value through profit or loss

Currency 31 May 2010 31 May 2009
Fair value Fair value
gains/(losses) gains/(losses)
charged to charged to
Fund Fair Value profit or loss Fair Value profit or loss
Value Fund USD
Equities* 371,318,823 (2,575,430) 329,645,069 127,716,787
Total 371,318,823 (2,575,430) 329,645,069 127,716,787
European Value Fund EUR
Equities* 57,054,898 (505,554) 45,007,637 (313,223)
Total 57,054,898 (505,554) 45,007,637 (313,223)
Global Core Equity Fund USD
Equities* 98,138,441 (9,226,094) 45,499,145 5,172,382
Collective Investment Schemes 21,331,233 4,091,489 9,082,591 1,399,373
Total 119,469,674 (5,134,605) 54,581,736 6,571,755
Global Targeted Value Fund USD
Equities* 257,689,152 1,571,213 118,481,884 17,900,039
Total 257,689,152 1,571,213 118,481,884 17,900,039
Pacific Basin Value Fund USD
Equities* 23,241,475 (159,294) 18,714,506 1,072,139
Total 23,241,475 (159,294) 18,714,506 1,072,139
* Equities include common stock, preferred stock, REITS rights and warrants.
** Collective Investments Schemes include UCIT Funds.
100

14. Comparative Net Asset Values
31 May 2010 30 November 2009 31 May 2009

Net Asset Value $371,013,048 $320,545,585 $333,412,942
Outstanding shares
U.S. Dollar Class A 829,468 318,571 100
Euro Class B 509,006 206,252 170,213
Sterling Class C 2,609,434 84,446 49,280
Sterling Class D 15,711,089 16,565,502 22,449,919
Net Asset Value per Share
U.S. Dollar Class A $10.13 $9.98 $7.73
Euro Class B €11.75 €9.45 €7.78
Sterling Class C £14.54 £12.62 £10.03
Sterling Class D £13.22 £11.47 £9.11
European Value Fund
Net Asset Value €57,137,195 €54,395,895 €45,789,257
Outstanding shares
U.S. Dollar Class A 1,435 1,435 1,435
Euro Class B 8,288,241 8,008,482 8,110,499
Sterling Class C 9,507 4,663 1,819
Sterling Class D 235,527 156,151 43,409
U.S. Dollar Class A $5.85 $7.14 $5.70
Euro Class B €6.62 €6.60 €5.60
Sterling Class C £14.15 £15.34 £12.63
Sterling Class D £7.68 £8.32 £6.86
Net Asset Value $119,698,535 $87,744,998 $55,055,970
Outstanding shares
U.S. Dollar Class A 410,877 343,365 262,114
Euro Class B 1,544,742 1,146,567 731,811
Sterling Class C 1,994,295 967,612 362,385
Sterling Class D 4,299,123 3,401,887 2,951,771
U.S. Dollar Class A $8.85 $9.15 $7.72
Euro Class B €10.45 €8.82 €7.90
Sterling Class C £10.52 £9.60 £8.31
Sterling Class D £10.60 £9.67 £8.38
Net Asset Value $259,580,541 $203,121,078 $119,583,808
Outstanding shares
U.S. Dollar Class A 11,079,534 11,597,179 9,497,617
Euro Class B 1,353,486 869,383 348,397
Sterling Class C 4,130,343 506,408 206,591
Sterling Class D 4,702,962 5,285,365 3,368,941
U.S. Dollar Class A $8.58 $8.34 $6.97
Euro Class B €10.20 €8.11 €7.20
Sterling Class C £11.31 £9.69 £8.30
Sterling Class D £11.77 £10.09 £8.64
101

14. Comparative Net Asset Values (continued)
Net Asset Value $23,143,839 $22,967,788 $19,097,013
Outstanding shares
U.S. Dollar Class A 2,266,869 2,280,311 2,280,311
Euro Class B 13,107 14,336 4,879
Sterling Class C 6,928 2,645 1,726
Sterling Class D 95,099 81,413 3,726
U.S. Dollar Class A $9.12 $9.15 $8.29
Euro Class B €15.29 €12.53 €12.06
Sterling Class C £15.18 £13.45 £12.53
Sterling Class D £14.99 £13.27 £12.37
15. Use of Dealing Commission and Commission Sharing agreements

The Investment Manager may only receive execution or research services in exchange for brokerage commission paid by the
Funds. The Investment Manager may cause the Funds to pay a brokerage commission that is higher than may be charged by
another member of an exchange, broker, or dealer if it determines in good faith that such amount of commission was
reasonable in relation to the value of the brokerage and research services provided by such member, broker, or dealer, viewed
in terms of either that particular transaction or its overall responsibilities with respect to the Fund and/or other accounts over
which the Investment Manager exercises investment discretion. The Investment Manager may enter into commission sharing
arrangements with brokers whereby in exchange for brokerage commission received the broker will contribute towards other
execution and research services used by the Investment Manager. The benefits provided under any such commission sharing
arrangements must assist in the provision of investment services to the Funds.
For the period ended 31 May 2010, Emerging Markets Targeted Value Fund earned dealing commissions of USD81,438 (31
May 2009: USD10,142) through commission sharing agreements with ABN, Credit Suisse, Instinet, Macquarie and UBS;
European Value Fund earned dealing commissions of EUR4,585 (31 May 2009: EUR7,016) through a commission sharing
agreement with Credit Suisse and Instinet; Global Core Equity Fund earned dealing commission of USD16,901 (31 May 2009:
USD3,796) through commission sharing agreements with Credit Suisse, Instinet and Macquerie; Global Targeted Value Fund
earned dealing commissions of USD43,237 (31 May 2009: USD13,797) through commission sharing agreements with BNY
ConvergEx, Capital Institutions Services, Credit Suisse, Instinet and Macquarie and Pacific Basin Value Fund earned dealing
commission of USD2,453 (31 May 2009: USD4,885) through commission sharing agreements Credit Suisse, Instinet, and
Macquarie.
16. Disclosure for Cross Investments held by Global Core Equity Fund in an Umbrella Fund
The Global Core Equity Fund held the following shares and related gains and losses in the Global Targeted Value Fund.
Global Core Equity Fund As at 31 May 2010

USD
Issue of shares 1,781,296
Redemption of shares (779,096)
Net realised gain 315,209
Cost of collective investment schemes 7,857,127
Fair Value of collective investment schemes 10,225,910
Net unrealised gain on financial assets and financial
liabilities at fair value through profit or loss 2,368,783
The impact of the above cross-investment transaction has been eliminated from the total column of the Combined Balance
Sheet, Combined Profit and Loss Account and the Combined Statement of Changes in Net Assets Attributable to Holders of
Redeemable Shares.
102

17. Segregated liability
The Company is an umbrella investment company with segregated liability between sub-funds.
18. Commitments and Contingent Liabilities
As at 31 May 2010 and 31 May 2009, the Company did not have any significant commitments or contingent liabilities to be
presented in the Balance Sheet.
19. Prospectus Update
The Financial Regulator approved a new Prospectus of the Company on 28 January 2010.
The main changes are:
• To provide, in respect of the Emerging Markets Targeted Value Fund, that no more than 10% of the sub-fund's net
assets will be invested in collective investment schemes
• To provide that the Directors, in consultation with the investment manager, may, in their absolute discretion, refuse to
accept a subscription
• To effect a number of minor general updates to the Prospectus including updates to the Irish tax disclosure and the
lists of launched share classes
The Financial Regulator approved a subsequent prospectus of the Company on 12 May 2010. It shall supersede the previous
versions with immediate effect.
The significant updates to the prospectus were:
• Providing that subscriptions and redemptions can be made electronically.
• Reference to a new global distribution agreement between the Company and DFAL.
• Amending the investment policy and name for the Global Short Bond Fund for consistency with the changes made to
the corresponding sub-fund in Plc.
• Details of listed share classes and the "Investing in Shares" section have been updated to reflect the launched and
listed share classes.
• Update to include the new UK reporting regime and to reflect the classes which have applied for reporting fund
status.
• Addition of Israel to the list of "Global Developed Equity Funds - Countries" for the Global Targeted Value and
Global Core Equity Funds.
20. Subsequent events
There were no material post balance sheet events which have a material bearing on the understanding of these financial
statements.
Effective 2 June 2010 Garrett Quigley resigned as a Director of the Company.
Effective 1 July 2010 BNY Mellon Investment Servicing (International) Limited acquired PNC Global Investment Servicing
(Europe) Limited.
Effective 1 July 2010 BNY Mellon International Bank Limited acquired PNC International Bank Limited.
Effective 6 July 2010 Eduardo Repetto was appointed as a Director of the Company.
21. Prior period comparatives
The prior period comparatives are for the period ended 31 May 2009.
22. Approval of Financial Statements
The Financial Statements were approved by the Directors on 19 July 2010.
103
Statement of Portfolio Changes for the period ended 31 May 2010 (Unaudited)
In accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities)
Regulations 2003, as amended, a statement of largest changes in the composition of the Schedule of Investments during the
reporting period is provided to ensure that Shareholders can identify changes in the investments held by each Fund. These
statements present the aggregate purchases and sales of an investment exceeding 1.00% of the total value of purchases and
sales for the period. At a minimum the largest 20 purchases and sales are listed. If a Fund entered into fewer than twenty
purchases or sales during the reporting period, then all transactions are presented.
MAJOR PURCHASES COST MAJOR SALES PROCEEDS

USD USD
Fairfax Financial Holdings Ltd. 815,802 Fairfax Financial Holdings Ltd. 1,043,447
Yamana Gold, Inc. 732,990 Magna International, Inc., Class A 873,576
RSA Insurance Group PLC 685,341 Yamana Gold, Inc. 726,817
3i Group PLC 645,271 Royal Caribbean Cruises Ltd. 648,862
Canadian Tire Corp. Ltd., Class A590,928 Fidelity National Information Services, Inc. 403,519
The Washington Post Co., Class B 503,543 Genworth Financial, Inc., Class A 389,702
The NASDAQ OMX Group 495,292 Acerinox S.A. 295,101
Hologic, Inc. 491,105 CenturyTel, Inc. 266,945
Calpine Corp. 445,024 PetroBakken Energy Ltd., Class A 236,958
Ralcorp Holdings, Inc. 435,324 Kudelski S.A. 224,093
Acciona S.A. 380,986 Brunswick Corp. 222,452
Rhoen Klinikum AG 362,279 Petroleum Geo-Services ASA 192,816
SSAB Svenskt Stal AB, Class A 345,747 Lincare Holdings, Inc. 189,968
BlueScope Steel Ltd. 337,968 Whitbread PLC 182,350
Aryzta AG 333,931 Dainippon Screen Manufacturing Co. Ltd. 175,742
Viterra, Inc. 323,462 Swiss Prime Site AG 164,631
Supervalu, Inc. 321,562 PepsiCo, Inc. 155,808
Everest Re Group Ltd. 303,669 Ferrovial S.A. 140,369
Liberty Media Corp. - Starz, Series A 303,474 Vedanta Resources PLC 129,652
William Hill PLC 294,834 Halfords Group PLC 124,844
Power-One, Inc. 113,796
Deutsche Wohnen AG 110,763
Henderson Group PLC 106,285
Sino Gold Mining Ltd. 99,184
ION Geophysical Corp. 97,473
ASM International NV 97,193
MAXIMUS, Inc. 95,827
104
Statement of Portfolio Changes for the period ended 31 May 2010 (Unaudited) (continued)
European Value Fund

EUR EUR
GDF Suez 883,107 HSBC Holdings PLC 1,999,984
Vodafone Group PLC 765,481 Standard Chartered PLC 531,023
ArcelorMittal 520,254 ING Groep NV 106,385
Xstrata PLC 430,528 Holmen AB, Class B 58,840
BP PLC 386,340 Schroders PLC 50,254
Daimler AG 330,202 National Bank of Greece S.A. 48,405
Salzgitter AG 227,366 Investec PLC 34,178
Akzo Nobel NV 198,899 Fondiaria-Sai S.p.A. 31,570
Societe Generale 196,471 Unipol Gruppo Finanziario S.p.A. 22,962
Bayerische Motoren Werke AG 156,797 DnB NOR ASA 9,916
Carlsberg A/S, Class B 142,177 TalkTalk Telecom Group PLC 4,770
Telenor ASA 141,501 New Carphone Warehouse PLC 3,689
KBC Groupe NV 140,508 Banco Popolare SC 2,220
Danske Bank A/S 123,779 Whitbread PLC 9
Cap Gemini S.A. 119,754 CRH PLC 8
HeidelbergCement AG 117,448 Banco de Sabadell S.A. 4
Casino Guichard Perrachon S.A. 114,458
Deutsche Lufthansa AG 106,293
Royal Dutch Shell PLC, Class B 94,314
Deutsche Telekom AG 90,224
Neste Oil Oyj 84,589
Fortum Oyj 82,668
Pinault - Printerps - Redoute 80,831
Metso Oyj 79,061
Cie Generale de Geophysique-Veritas 70,858
Solvay S.A. 70,806
Storebrand ASA 70,057
Carnival PLC 68,060
Koninklijke DSM NV 67,682
105

USD USD
European Small Companies Fund, Class D 2,069,193 Global Targeted Value Fund, Class D 779,096
U.S. Small Companies Fund, Class D 1,849,508 Burlington Northern Santa Fe Corp. 207,206
Global Targeted Value Fund, Class D 1,727,278 Bank of NOVA Scotia 165,332
Pacific Basin Small Companies Fund, Class D 972,745 Liberty Media Corp. - Capital, Series A 76,874
Bank of America Corp. 478,921 Ensco International PLC, ADR 70,999
Wells Fargo & Co. 478,185 Gannett Co., Inc. 68,869
General Electric Co. 441,035 Rovi Corp. 68,688
BP PLC 400,990 Asahi Kasei Corp. 27,165
Vodafone Group PLC 392,581 Generali Deutschland Holding AG 26,108
Microsoft Corp. 328,850 THK Co. Ltd. 25,811
Pfizer, Inc. 327,440 Great-West Lifeco, Inc. 25,448
Johnson & Johnson 309,057 Clorox Co. 25,367
Chevron Corp. 307,641 Shiseido Co. Ltd. 25,204
Intel Corp. 297,652 Strayer Education, Inc. 25,115
Citigroup, Inc. 286,566 Fortescue Metals Group Ltd. 24,873
Exxon Mobil Corp. 278,396 Kinetic Concepts, Inc. 24,560
Wal-Mart Stores, Inc. 253,537 Amada Co. Ltd. 24,223
JPMorgan Chase & Co. 252,745 Norsk Hydro ASA 24,205
HSBC Holdings PLC 238,585 Credit Saison Co. Ltd. 24,042
Total S.A. 229,236 Denki Kagaku Kogyo KK 23,756
Mitsubishi Gas Chemical Co., Inc. 23,122
Deere & Co. 23,121
Tim Hortons, Inc. 22,473
Lloyds Banking Group PLC 22,257
106

USD USD
Fairfax Financial Holdings Ltd. 815,802 Fairfax Financial Holdings Ltd. 1,043,447
Yamana Gold, Inc. 732,990 Magna International, Inc., Class A 873,576
RSA Insurance Group PLC 685,341 Yamana Gold, Inc. 726,817
3i Group PLC 645,271 Royal Caribbean Cruises Ltd. 648,862
Canadian Tire Corp. Ltd., Class A 590,928 Fidelity National Information Services, Inc. 403,519
The Washington Post Co., Class B 503,543 Genworth Financial, Inc., Class A 389,702
The NASDAQ OMX Group 495,292 Acerinox S.A. 295,101
Hologic, Inc. 491,105 CenturyTel, Inc. 266,945
Calpine Corp. 445,024 PetroBakken Energy Ltd., Class A 236,958
Ralcorp Holdings, Inc. 435,324 Kudelski S.A. 224,093
Acciona S.A. 380,986 Brunswick Corp. 222,452
Rhoen Klinikum AG 362,279 Petroleum Geo-Services ASA 192,816
SSAB Svenskt Stal AB, Class A 345,747 Lincare Holdings, Inc. 189,968
BlueScope Steel Ltd. 337,968 Whitbread PLC 182,350
Aryzta AG 333,931 Dainippon Screen Manufacturing Co. Ltd. 175,742
Viterra, Inc. 323,462 Swiss Prime Site AG 164,631
Supervalu, Inc. 321,562 PepsiCo, Inc. 155,808
Everest Re Group Ltd. 303,669 Ferrovial S.A. 140,369
Liberty Media Corp. - Starz, Series A 303,474 Vedanta Resources PLC 129,652
William Hill PLC 294,834 Halfords Group PLC 124,844
Power-One, Inc. 113,796
Deutsche Wohnen AG 110,763
Henderson Group PLC 106,285
Sino Gold Mining Ltd. 99,184
ION Geophysical Corp. 97,473
ASM International NV 97,193
MAXIMUS, Inc. 95,827
107
MAJOR PURCHASE COST MAJOR SALES PROCEEDS

USD USD
Mitsubishi UFJ Financial Group, Inc. 919,600 Nissan Motor Co. Ltd. 483,572
National Australia Bank Ltd. 375,052 DBS Group Holdings Ltd. 326,853
Mitsubishi Heavy Industries Ltd. 312,957 Hitachi Ltd. 308,141
Sumitomo Mitsui Financial Group, Inc. 271,323 Sun Hung Kai Properties Ltd. 281,107
Australia & New Zealand Banking Group Ltd. 264,808 Sharp Corp. 249,386
Origin Energy Ltd. 253,609 Oversea-Chinese Banking Corp. Ltd. 157,600
Daiwa Securities Group, Inc. 211,386 TDK Corp. 155,892
Sharp Corp. 155,653 Aisin Seiki Co. Ltd. 145,839
Panasonic Corp. 115,546 National Australia Bank Ltd. 130,956
Mizuho Financial Group, Inc. 89,231 Sino Land Co. Ltd. 104,442
Mitsui OSK Lines Ltd. 79,402 Yamaha Motor Co. Ltd. 97,703
INPEX Corp. 67,648 Downer EDI Ltd. 97,538
Mitsui & Co. Ltd. 63,385 Wesfarmers Ltd. 93,832
Toll Holdings Ltd. 54,751 Australia & New Zealand Banking Group Ltd. 90,496
Nippon Yusen KK 51,425 Cathay Pacific Airways Ltd. 71,241
Asciano Group 45,779 Fairfax Media Ltd. 69,001
Golden Agri-Resources Ltd. 43,647 JTEKT Corp. 68,631
FUJIFILM Holdings Corp. 41,914 Seven & I Holdings Co. Ltd. 62,762
Santos Ltd. 39,090 Industrial And Commercial Bank of China (Asia) Ltd. 48,962
CSR Ltd. 29,438 JX Holdings, Inc. 47,057
Kerry Properties Ltd. 42,698
Toyota Industries Corp. 41,303
108
Authorised and Regulated by the Financial Services Authority
Firm Reference Number: 150100
Dimensional Fund Advisors Limited

7 Down Street
London
W1J 7AJ
www.dfauk.com

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Dimensional Funds II

Semi-Annual Report &

Authorised and Regulated by the Financial Services Authority

Table of Contents Page

Investment Manager’s Reports .................................................................................................................................................................................3

Balance Sheet ...........................................................................................................................................................................................................8

Profit and Loss Account .........................................................................................................................................................................................13

Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares .............................................................................................16

Portfolio of Investments .........................................................................................................................................................................................19

Notes to the Financial Statements...........................................................................................................................................................................79

Statement of Portfolio Changes ............................................................................................................................................................................104

Investment Manager: Custodian:

Investment Sub-Advisor: Stockbrokers:

Investment Sub-Advisor: Legal Advisers in Ireland:

Independent Auditors: Secretary:

Investment Manager’s Reports

Emerging Markets Targeted Value Fund

Investment Manager’s Reports (continued)

Global Core Equity Fund

Investment Manager’s Reports (continued)

Pacific Basin Value Fund

Investment Manager’s Reports (continued)

Total Return for Total Annualised

European Value Fund Class A Shares USD 12-Sep-07 (18.1%) (17.9%)

European Value Fund Class B Shares EUR 13-Sep-07 0.3% (14.1%)

European Value Fund Class C Shares GBP 19-Feb-09 (6.7%) 34.6%

European Value Fund Class D Shares GBP 20-May-08 (6.6%) (10.0%)

Investment Manager’s Reports (continued)

Total Return for Total Annualised

Dimensional Fund Advisors Limited

Balance Sheet as at 31 May 2010 (Unaudited)

Net assets attributable to

Adjustment from bid market

Net assets attributable to

The accompanying notes are an integral part of the Financial Statements.

** Global Core Equity Fund launched on 3 September 2008.

Balance Sheet as at 31 May 2010 (Unaudited) (continued)

Redeemable shares in issue

Net asset value per redeemable

The accompanying notes are an integral part of the Financial Statements.

Global Core Equity Fund launched on 3 September 2008.

Balance Sheet as at 31 May 2009 (Unaudited)

Net assets attributable to

Adjustment from bid market

Net assets attributable to

The accompanying notes are an integral part of the Financial Statements.

Balance Sheet as at 31 May 2009 (Unaudited) (continued)

Redeemable shares in issue*

Net asset value per redeemable

The accompanying notes are an integral part of the Financial Statements.

Class C in Emerging Markets Targeted Value Fund launched on 9 July 2008.

Combined Balance Sheet as at 31 May 2010 (Unaudited)

Net assets attributable to holders of redeemable

Net assets attributable to holders of redeemable

The accompanying notes are an integral part of the Financial Statements.

Waivers and reimbursements 4 – 53 27,575 – 37,310

Net (loss)/income from operations

Net (loss)/income from operations

Adjustment from bid market value to

Withholding tax on dividends and other

(Decrease)/Increase in net assets

The accompanying notes are an integral part of the Financial Statements.

Waivers and reimbursements 4 – 5,591 15,131 – 32,980