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niversal Funds plc

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1 1 1 1 Company Information 4 2 2 2 2 Investment Manager’s Report 7 3333 Portfolio of Investments as at 30 June 2009

3.1 Sanlam Universal Equity Fund 22 3.2 Sanlam World Equity Tracker Fund 40 3.3 Sanlam Universal Bond Fund 59 3.4 Sanlam Euro Liquidity Fund 67 3.5 Sanlam Sterling Liquidity Fund 68 3.6 Sanlam US Dollar Liquidity Fund 69 3.7 Sanlam Emerging Markets Financial Fund 70 3.8 Sanlam Global Best Ideas Fund 72 3.9 Sanlam Global Financial Fund 75 3.10 SPI Global Balanced Fund 78 3.11 SPI Global Equity Fund 81 3.12 Sanlam African Frontier Markets Fund 84 3.13 PSigma Inflation Plus Fund 85

4444 Balance Sheet (Unaudited) 86 5555 Income Statement (Unaudited) 94 6666

Statement of Changes in Net Assets Attributable to Holders of

Redeemable Participating Shares (Unaudited) 102

7777 Cash Flow Statement (Unaudited) 110 8888 Notes to the Unaudited Financial Statements 118 9999 Major Purchases and Sales for the period ended 30 June 2009 160

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DIRECTORSDIRECTORSDIRECTORSDIRECTORS REGISREGISREGISREGISTERED OFFICETERED OFFICETERED OFFICETERED OFFICE

2A Parkview House Christiaan Gerhardus Swanepoel – South African

Beech Hill Road

Peter Murray – Irish Dublin 4 Paul Dobbyn – Irish Ireland All directors act in a non executive capacity MANAGER & MANAGER & MANAGER & MANAGER & SECRETARYSECRETARYSECRETARYSECRETARY CUSTODIANCUSTODIANCUSTODIANCUSTODIAN Sanlam Asset Management (Ireland) Limited

The Governor and Company of the Bank of Ireland

2A Parkview House Lower Baggot Street Beech Hill Road Dublin 2 Dublin 4 Ireland Ireland ADMINISADMINISADMINISADMINISTRATOR & REGISTRARTRATOR & REGISTRARTRATOR & REGISTRARTRATOR & REGISTRAR BROKERSBROKERSBROKERSBROKERS J.P. Morgan Administration Services (Ireland) Limited

NCB Stockbrokers Limited 3 George’s Dock

JPMorgan House International Financial Services Centre International Financial Services Centre Dublin 1 Dublin 1 Ireland Ireland INDEPENDENT AUDITORSINDEPENDENT AUDITORSINDEPENDENT AUDITORSINDEPENDENT AUDITORS STOCK LENDING AGENTSTOCK LENDING AGENTSTOCK LENDING AGENTSTOCK LENDING AGENT Ernst & Young JPMorgan Chase Bank (London Branch) Harcourt Centre 125 London Wall Harcourt Street London EC2Y 5AJ Dublin 2 United Kingdom Ireland IRISH LEGALIRISH LEGALIRISH LEGALIRISH LEGAL ADVISORSADVISORSADVISORSADVISORS eSec Lending LLC A & L Goodbody 175 Federal Street, 11th Floor North Wall Quay Boston, Massachusetts 02110 International Financial Services Centre United States of America Dublin 1 Ireland DISTRIBUTORSDISTRIBUTORSDISTRIBUTORSDISTRIBUTORS INVESTMENT TRANSITION MANGERSINVESTMENT TRANSITION MANGERSINVESTMENT TRANSITION MANGERSINVESTMENT TRANSITION MANGERS Sanlam Collective Investments Limited Morgan Stanley & Co. International Limited 2 Strand Road 25 Cabot Square Bellville 7530 Canary Wharf South Africa London E14 4QA United Kingdom Sanlam Investment Management (PTY)

State Street Bank Europe Limited

Limited 1 Royal Exchange Willie van Schoor Avenue London EC3V 3LL Bellville 7530 United Kingdom South Africa PSigma Investments Limited J.P. Morgan Securities Limited 126 Jermyn Street 60 Victoria Embankment London SW1Y 4UJ London EC4G OJP United Kingdom United Kingdom Registered Number: 267451

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INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER –––– SANLAM US SANLAM US SANLAM US SANLAM US INVESTMENT MANAGERS INVESTMENT MANAGERS INVESTMENT MANAGERS INVESTMENT MANAGERS –––– SANLAM SANLAM SANLAM SANLAM UNIVERSAL EQUITY FUNDUNIVERSAL EQUITY FUNDUNIVERSAL EQUITY FUNDUNIVERSAL EQUITY FUND

DOLLAR LIQUIDITY FUNDDOLLAR LIQUIDITY FUNDDOLLAR LIQUIDITY FUNDDOLLAR LIQUIDITY FUND Alliance Bernstein Limited Sanlam Investment Management (PTY) Devonshire House Limited 1 Mayfair Place Willie van Schoor Avenue London W1J 8AJ Bellville 7530 United Kingdom South Africa Payden & Rygel Global Limited INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER –––– SANLAM SANLAM SANLAM SANLAM 10 King William Street

EMERGING MARKETS FINANCIAL FUNDEMERGING MARKETS FINANCIAL FUNDEMERGING MARKETS FINANCIAL FUNDEMERGING MARKETS FINANCIAL FUND London EC4N 7TW Sanlam Investment Management (PTY) United Kingdom Limited Willie van Schoor Avenue Principal Global Investors, LLC Bellville 7530 801 Grand Avenue South Africa Des Moines, Iowa 50329 United States of America INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER –––– SANLAM SANLAM SANLAM SANLAM

GLOBAL BEST IDEAS FUNDGLOBAL BEST IDEAS FUNDGLOBAL BEST IDEAS FUNDGLOBAL BEST IDEAS FUND Clay Finlay Inc

Sanlam Investment Management (PTY) 200 Park Avenue Limited 56th Floor Willie van Schoor Avenue New York, NY 10066 Bellville 7530 United States of America South Africa Wellington Management Company LLP INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER –––– SANLAM SANLAM SANLAM SANLAM 75 State Street

GLOBAL FINANCIAL FUNDGLOBAL FINANCIAL FUNDGLOBAL FINANCIAL FUNDGLOBAL FINANCIAL FUND Boston, Massachusetts 02109 Sanlam Investment Management (PTY) United States of America Limited Willie van Schoor Avenue Bellville 7530 South Africa INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER –––– SANLAM WORLD SANLAM WORLD SANLAM WORLD SANLAM WORLD INVESTMENT MANAGERS INVESTMENT MANAGERS INVESTMENT MANAGERS INVESTMENT MANAGERS –––– SPI GLOBAL SPI GLOBAL SPI GLOBAL SPI GLOBAL EQUITY TRACKER FUNDEQUITY TRACKER FUNDEQUITY TRACKER FUNDEQUITY TRACKER FUND BALANCED FUNDBALANCED FUNDBALANCED FUNDBALANCED FUND Sanlam Investment Management (PTY) Limited

Pictet & Cie Route des Acacias 60

Willie van Schoor Avenue 1211 Geneva 73 Bellville 7530

Switzerland South Africa INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER –––– SANLAM SANLAM SANLAM SANLAM INVESTMENT MANAGERS INVESTMENT MANAGERS INVESTMENT MANAGERS INVESTMENT MANAGERS –––– SPI SPI SPI SPI GLOBALGLOBALGLOBALGLOBAL UNIVERSAL BOND FUNDUNIVERSAL BOND FUNDUNIVERSAL BOND FUNDUNIVERSAL BOND FUND EQUITY FUND EQUITY FUND EQUITY FUND EQUITY FUND Blackrock Asset Management UK Limited Pictet & Cie 33 King William Street

Route des Acacias 60 London 1211 Geneva 73 EC4R 9AS Switzerland United Kingdom INVEINVEINVEINVESTMENT MANAGER STMENT MANAGER STMENT MANAGER STMENT MANAGER –––– SANLAM EURO SANLAM EURO SANLAM EURO SANLAM EURO INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER –––– SANLAM SANLAM SANLAM SANLAM LIQUIDITY FUNDLIQUIDITY FUNDLIQUIDITY FUNDLIQUIDITY FUND AFRICAN FRONTIER MARKETSAFRICAN FRONTIER MARKETSAFRICAN FRONTIER MARKETSAFRICAN FRONTIER MARKETS FUND FUND FUND FUND Sanlam Investment Management (PTY) Limited

Sanlam Investment Management (PTY) Limited

Willie van Schoor Avenue Willie van Schoor Avenue Bellville 7530 Bellville 7530 South Africa South Africa INVESTMENTINVESTMENTINVESTMENTINVESTMENT MANAGER MANAGER MANAGER MANAGER –––– SANLAM SANLAM SANLAM SANLAM INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER INVESTMENT MANAGER –––– PSIGMA PSIGMA PSIGMA PSIGMA STERLING LIQUIDITY FUNDSTERLING LIQUIDITY FUNDSTERLING LIQUIDITY FUNDSTERLING LIQUIDITY FUND INFLATION PLUS FUNINFLATION PLUS FUNINFLATION PLUS FUNINFLATION PLUS FUNDDDD Sanlam Investment Management (PTY) PSigma Investments Limited Limited 126 Jermyn Street Willie van Schoor Avenue London SW1Y 4UJ Bellville 7530 United Kingdom South Africa

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INVESTMENT ALLOCATION MANAGERINVESTMENT ALLOCATION MANAGERINVESTMENT ALLOCATION MANAGERINVESTMENT ALLOCATION MANAGER Sanlam Multi – Manager International Limited 33 Cavendish Square London W1J OPW United Kingdom

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ECONOMIC & MARKET REVIEW ECONOMIC & MARKET REVIEW ECONOMIC & MARKET REVIEW ECONOMIC & MARKET REVIEW –––– FIRST HALF FIRST HALF FIRST HALF FIRST HALF 2002002002009999

Business surveys and real economic data indicate the world economy is stabilising following precipitous falls in gross domestic product (GDP) in the final quarter of 2008 and first half of 2009. Admittedly, there are still many weak points, including the US housing market, where house prices continue to decline against the backdrop of a still elevated inventory level. However, the increase in new orders relative to inventories recorded in the JP Morgan global Purchasing Managers’ Index (PMI) series in recent months suggests production should record a relative improvement in the latter half of 2009. Certainly, a sustained increase in final demand is imperative in order to cement a continued recovery. On this score, the apparent stabilisation of global consumer spending, including increases in vehicle sales, in recent months is, nonetheless, encouraging. Developed countries have lagged a relative improvement in economic activity that has been led by emerging markets, as reflected in better exports and industrial production data in bellwether Asian economies. At least some growth should also be seen in developed economies in the latter half of 2009 as, for example, fiscal stimulation in the US kicks in. Meanwhile, headline consumer prices in the US and other developed economies are declining. Deflation remains a key risk in a number of developed economies. In addition to weak demand and surplus capacity, wage growth can be expected to weaken materially in response to higher unemployment rates. In turn, this can be expected to maintain downward pressure on prices in the near term. Quantitative easing also holds no threat as yet on the inflation front. Although base money has been sharply boosted by the Fed, the monetary transmission mechanism remains impaired and credit extension constrained. A surge in broadly defined M2 US money supply in the early months of 2009 has also dissipated of late. Overall, the absence of inflationary pressures suggests the Fed funds target rate is likely to remain close to zero and quantitative easing is likely to be maintained for an extended period. However, we should note the marked increases in budget deficits, especially in countries such as the US and UK, suggest rapid expansion in the level of government debt in the years ahead. This could create an incentive for these governments to boost nominal GDP growth and allow higher inflation in order to eventually ease their way out of a likely debt problem. Also of concern is that the Fed has no experience in unwinding a balance sheet of this size. So the US could well end up with inflation that is a couple of percentage points higher over the longer term than the trend over the last decade. Global equity markets rose for the first six months of 2009 but had a bumpy ride in what ended up to be a 6.8% rise in the MSCI World Index. During the second quarter the MSCI World (Developed Markets) Index rose by 20.75%, marking it one of the best quarters in the history of the Index. Even more astonishing was the three-month period to the end of May, which saw the MSCI World Index rise by more than 30%. During April and May stock markets delivered a monthly return of over 11% and 9% respectively. However, there was a period of reflection in June, as equity markets fell by less than 0.5%. This ‘pause for breath’ was probably necessary given the strength of the rally based on what many have viewed as fairly flimsy support. During June, the ongoing debate continued about whether or not the global economy and markets were in the midst of a stabilisation and prospective recovery. All regional markets participated in the stock market rally over the first six months of the year. In dollar terms, the markets were led from the East, with the Pacific excluding Japan region rising by nearly 32%, Japan advancing by over 23% and Europe up 25%. The US posted a relatively modest return of just under 17%.

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ECONOMIC & MARKET REVIEWECONOMIC & MARKET REVIEWECONOMIC & MARKET REVIEWECONOMIC & MARKET REVIEW –––– FIRST HALF FIRST HALF FIRST HALF FIRST HALF 2002002002009999 However, it was the emerging markets that delivered the highest returns, with the MSCI Emerging Markets Index rising by more than 35% during the first half of the year- delivering 21% in the second quarter alone. At an emerging-market country level, Singapore was the strongest performer rising by just under 46% during the second quarter. China and Brazil experienced gains of almost 36% and 41% respectively, while India and Hungary outshone these emerging-market stalwarts, delivering returns of about 60% and 70% respectively. Turning to currencies, dollar weakness against most currencies, barring a few minor currencies, was a notable theme during the first half of the year. This depreciation in the US dollar was closely linked to the increased risk appetite as markets rebounded off their March lows and signs of economic stabilisation began appearing in the second quarter. The rand gained most ground against the greenback, gaining 19% and outpacing the likes of the Hungarian forint, which rose more than 16%, and the Brazilian real’s gain of nearly 15% during the second quarter. In more widely traded currencies, the Australian dollar appreciated over 14% and the British pound climbed nearly 13%. Meanwhile, the euro gained more than 5%, while the Japanese yen rose a more modest 2%. At the sector level, all sectors produced positive absolute returns for the period. The major mover was the financial sector, which rose by over 38%, although the magnitude of the rally is disguised somewhat, with financials falling slightly in June. During three months to the end of May, the sector rose by nearly 60%. With this performance, it seems likely that the sector has passed its nadir. Elsewhere, materials rose more than 25% and industrials by nearly 24%. The energy sector also benefited from renewed investor interest. The laggards during the quarter were the telecommunication services sector, which did not quite achieve a double-digit return, while healthcare also delivered returns of less than 10%. Utilities pipped these two sectors to the post, rising by more than 13%. Risk aversion in the fixed income markets continued to subside during the first half of the year, as “less bad” data suggested the contraction of economic activity had slowed. Treasuries moved out of favour, with the US 10-year yield rising 136 basis points during the six month period and resulting in the worst six-month total return decline of 8.6% in over a decade. In contrast, the demand for spread assets gathered additional momentum, leading to impressive returns in the Barclays Capital High Yield, collateralised mortgage backed securities (CMBS), Emerging Markets, and Corporate indices.

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MARKET OUTLOOK MARKET OUTLOOK MARKET OUTLOOK MARKET OUTLOOK –––– SECOND HALFSECOND HALFSECOND HALFSECOND HALF 2009200920092009 On balance, positive interpretations of weak data have become more common as investors have regained confidence in the overall functioning of the credit markets. As a consequence, markets have begun to speculate on the end of quantitative easing and the withdrawal of monetary stimulus by the Federal Reserve. In fact, from May 14 to June 8, the yield on the five-year Treasury note rose nearly a full percentage point as investors reduced duration exposure. In its June 24th statement the Federal Open Market Committee (FOMC) has discouraged such speculation by underscoring its commitment to support liquidity both through a low Fed Funds rate and its non-traditional programs. While acknowledging the improvement in economic conditions at the margin, the Fed reiterated its belief that the risk of deflation outweighs the risk of inflation. Despite this unambiguous message, the growing sense is that a policy shift may be on the horizon. Investors are divided on what the next major movement in the equity market will be after the strength of the market rally seen since February. While very few are willing to call the start of a new bull market, there are those that believe the rally has been justified by the increasing stability of corporate earnings albeit at a low level. They point to the stabilisation in economies and bottoming in corporate earnings, with the increasing potential for more upside surprises and a rising equity market later in 2009, although at a much more moderate pace. In sharp contrast, there are those whose view is that the market rally has been largely, if not totally, unjustified, given that economic conditions have yet to truly stabilise. Hence they believe that the market will retrace its steps until such time that the economic climate has become much more positive. With this debate likely to continue, and the quieter summer conditions in the northern hemisphere, the market is likely to remain in a trading range for the foreseeable future, although one that will probably be quite large. This situation is expected to prevail until there is firm evidence that the worst is behind us and future prospects are more positive.

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SANLAM UNIVERSAL EQUITY FUNDSANLAM UNIVERSAL EQUITY FUNDSANLAM UNIVERSAL EQUITY FUNDSANLAM UNIVERSAL EQUITY FUND

INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE

The Sanlam Universal Equity Fund aims to provide above average long-term capital growth by investing primarily in global equities.

FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE

Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees.

Following the difficult year of 2008, 2009 started off in much the same fashion, with the first quarter of the year seeing markets continue to decline substantially. However, the second quarter saw equity markets rally and recover, leaving markets up for 2009 so far. In this environment, given the Fund's defensive positioning, the Fund was able to out-perform during the first quarter of 2009, but failed to keep pace with the market during the second quarter. The net impact is that the Fund finds itself slightly behind for the first half of 2009.

FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK

Global equity markets have recovered for 2009, but still find themselves considerably lower than before the outbreak of the credit crisis. The market debate has now turned to the strength of the recent rally. Some market participants believe this rally has been unjustified, as the economic downturn is clearly not over yet. Consequently, they believe that equity markets will retrace much of their recent gains. Meanwhile other investors think the rally has been justified, given signs of economic recovery, and that equity markets will make further progress from here. The Fund has been defensively biased, but is increasingly shifting to a more positive stance, and so should be able to deliver out-performance in the future.

INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS

AllianceBernstein Clay Finlay Inc. Payden & Rygel Principal Global Investors Wellington Management Company

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Fund USD- terms -11.15% 19.16% 5.87% -36.40% -0.41%

Benchmark -11.92% 20.75% 6.35% -29.50% 0.63%

Excess return 0.77% -1.59% -0.48% -6.90% -1.04%

1st Qtr 2009 2nd Qtr 2009 Year to date 12 Months Since Inception

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SANLAM WORLD EQUITY TRACKER FUNDSANLAM WORLD EQUITY TRACKER FUNDSANLAM WORLD EQUITY TRACKER FUNDSANLAM WORLD EQUITY TRACKER FUND


The objective of the fund is to replicate the performance of World Equity Markets by tracking the MSCI World Index in US$.


Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. An optimisation process is used to manage the portfolio, which currently holds 900 of the 1655 stocks in the benchmark. The annual tracking error forecast is 30 basis points.


Until very recently the prognosis for global growth for 2009 appeared secure, at least until the World Bank announced a revised outlook for a 2.9% decrease in the world growth on June 22. However, after a brief intra-day market correction, the revised outlook was quickly digested, suggesting that investors were far more focused on the strength and sustainability of the recovery than the immediate depth of the current slowdown. We believe the short-term outlook is becoming less negative, but purely because of the base effects of a bottoming economy through a stabilisation in lending and inventory levels. But without affirmation that conditions for the corporate sector, consumers and lenders are also improving, this scenario could easily lead to a double-dip. The reality today is that in the US, the engine of global economic activity, capacity utilisation is low; unemployment is still rising; personal income growth is turning negative; house prices are under pressure and banks remain reluctant lenders. In this period of de-risking and self-preservation there is little reason to invest in capacity, to employ more people or to borrow/lend money. Therefore we are currently less optimistic about global growth and the immediate future is likely to be characterised by lower expectations and risk tolerance, as well as below-trend growth and equity returns.

INVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGER

Sanlam Investment Management (PTY) Limited

- 45%

-30%

-15%

0%

15%

30%

Fund USD- terms -11.98% 20.48% 6.05% -29.28% -0.19%

Benchmark -11.92% 20.75% 6.35% -29.50% 0.63%

Excess return -0.06% 0.27% -0.30% 0.22% -0.82%


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SANLAMSANLAMSANLAMSANLAM UNIVERSAL BOND UNIVERSAL BOND UNIVERSAL BOND UNIVERSAL BOND FUND FUND FUND FUND


The Sanlam Universal Bond Fund aims to provide income with the possibility of long-term growth from capital appreciation. FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE

Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. The fund returned -1.32% in $US terms in the first half of 2009 underperforming the Barclays Global Index by -2.84%. Despite a good start to the year in January (outperforming the Index by 1.1%), four out of the six months ended up being down months, with the other positive month being June.

The Fund was subjected to a comprehensive review and in March the Manager line up was changed for the first time since inception of the portfolio. All three of the Funds underlying investment managers were terminated mid way through March and BlackRock Asset Management was appointed as the sole manager of the Fund.

BlackRock follows a diversified strategy with taking active positions in all major areas of the global bond market including duration, curve, currency and credit.

The transition management process has been carefully managed to ensure the efficient transition of depressed assets. All three of the Fund’s former underlying investment managers were unable to outperform in the index throughout the first quarter (PIMCO outperformed in January only).

FUND OFUND OFUND OFUND OUTLOOKUTLOOKUTLOOKUTLOOK

The fund will continue its bias to be long US dollar duration and overweight in the 10-year sector but is biased to move some duration to the front end, as the market is potentially prematurely pricing in Fed funds hikes. There will be a continued trimming of portfolio credit risk as the expectation that sentiment could deteriorate increases and poor fundamentals could reassert themselves. INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS

Blackrock Asset Management (UK) Limited

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

Fund USD-terms -5.41% 4.33% -1.32% -3.79% 3.91%

Benchmark -3.25% 4.93% 1.52% 2.76% 5.26%

Excess return -2.16% -0.60% -2.84% -6.55% -1.35%


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SANLAM SANLAM SANLAM SANLAM EURO LIQUIDITY EURO LIQUIDITY EURO LIQUIDITY EURO LIQUIDITY FUNDFUNDFUNDFUND


The Sanlam Euro Liquidity Fund aims to provide a high degree of safety of principal together with an investment return exceeding that available from cash deposits in euros.


Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. Fortis Investment Management has been replaced by Sanlam Investment Management as investment manager. The Fund is managed through a Cash Trade Agreement, whereby cash is placed with various banking counterparties. The benchmark of the fund changed on 1 January 2009 to the overnight deposit rate with the appointment of the Investment Manager.


The fund will continue to be managed in terms of the Cash Trade Agreement. INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS

Sanlam Investment Management (PTY) Limited.

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

Fund EUR- terms 0.24% -0.07% 0.17% 2.54% 2.63%

Benchmark 0.34% 0.19% 0.54% 3.31% 3.39%

Excess return -0.10% -0.26% 0.37% -0.77% -0.76%


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SANLAM STERLING LIQUIDITY FUNDSANLAM STERLING LIQUIDITY FUNDSANLAM STERLING LIQUIDITY FUNDSANLAM STERLING LIQUIDITY FUND


The Sanlam Sterling Liquidity Fund aims to provide a high degree of safety of principal together with an investment return exceeding that available from cash deposits in Pound Sterling. FFFFUND PERFORMANCEUND PERFORMANCEUND PERFORMANCEUND PERFORMANCE

Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. Fortis Investment Management has been replaced by Sanlam Investment Management as investment manager. The Fund is managed through a Cash Trade Agreement, whereby cash is placed with various banking counterparties. The benchmark of the fund changed on 1 January 2009 to the overnight deposit rate with the appointment of the Investment Manager. FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK

The fund will continue to be managed in terms of the Cash Trade Agreement. INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS


-6%

-4%

-2%

0%

2%

4%

6%

Fund GBP-terms -0.19% -0.40% -0.58% 2.40% 4.50%

Benchmark 0.23% 0.10% 0.33% 3.54% 5.00%

Excess return -0.42% -0.50% -0.91% -1.14% -0.50%


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SANLAM US DOLLAR LIQUIDITY FUNDSANLAM US DOLLAR LIQUIDITY FUNDSANLAM US DOLLAR LIQUIDITY FUNDSANLAM US DOLLAR LIQUIDITY FUND


The Sanlam US Dollar Liquidity Fund aims to provide a high degree of safety of principal together with an investment return exceeding that available from cash deposits in US Dollars. FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE

Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. Fortis Investment Management has been replaced by Sanlam Investment Management as investment manager. The Fund is managed through a Cash Trade Agreement, whereby cash is placed with various banking counterparties. The benchmark of the fund changed on 1 January 2009 to the overnight deposit rate with the appointment of the Investment Manager.


The fund will continue to be managed in terms of the Cash Trade Agreement.

INVINVINVINVESTMENT MANAGERSESTMENT MANAGERSESTMENT MANAGERSESTMENT MANAGERS


-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

Fund USD- terms 0.04% -0.15% -0.11% 1.05% 3.35%

Benchmark 0.05% 0.04% 0.09% 1.68% 3.58%

Excess return -0.01% -0.19% -0.20% -0.63% -0.23%


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SANLAM EMERGING MARKETS FINANCIAL FUNDSANLAM EMERGING MARKETS FINANCIAL FUNDSANLAM EMERGING MARKETS FINANCIAL FUNDSANLAM EMERGING MARKETS FINANCIAL FUND


The Fund will be used as an investment vehicle for investors wishing to achieve growth in the US Dollar value of investments primarily through investment in securities of companies in emerging/developing markets. FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE

Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. The first half of 2009 was a six month period of extreme movements (very poor January to March and then strong April and May) which reflected the huge swings in both uncertainty and moods about the global economy. The net effect after 6 months was miniscule - the indices being almost flat (JSE and S&P +3%, but the Dow Jones -3%). However, the indices hide the investment returns that could have been made, or lost. The Rand, Brazilian Real and the Pound gained 14% - 17% against the US$ whilst the Euro was about flat. Emerging markets generally showed very strong returns but stock picking was the name of the game in both developed and emerging markets: Barclays gained 88% and Lloyds TSB lost 43%. Banco Industrial Commerical are but one of many examples of companies our portfolio was invested in that generated returns of around 120% over the six months. However, most investors held positions in Citigroup (-56%), Deutsche Post (– 23%) etc.


A decision has been taken to close the fund. Investors will be contacted in due course. INVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGER

Sanlam Investment Management (Pty) Limited

- 65%

-52%

-39%

-26%

-13%

0%

13%

26%

39%

52%

65%

Fund USD- terms -5.87% 61.02% 51.57% -28.63% -3.33%

Benchmark -5.85% 47.29% 38.68% -16.72% 3.88%

Excess return -0.02% 13.73% 12.89% -11.91% -7.21%


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SANLAM GLOBAL BEST IDEAS FUNDSANLAM GLOBAL BEST IDEAS FUNDSANLAM GLOBAL BEST IDEAS FUNDSANLAM GLOBAL BEST IDEAS FUND


The investment objective of the fund is to provide above average long-term capital growth by investing in global equities which the Investment Manager has identified as being under valued and as offering above average growth potential.



The first half of 2009 was a six month period of extreme movements (very poor January to March and then strong April and May) which reflected the huge swings in both uncertainty and moods about the global economy. The net effect after 6 months was miniscule - the indices being almost flat (JSE and S&P +3%, but the Dow Jones -3%).

However, the indices hide the investment returns that could have been made, or lost. The Rand, Brazilian Real and the Pound gained 14% - 17% against the US$ whilst the Euro was about flat.

Emerging markets generally showed very strong returns but stock picking was the name of the game in both developed and emerging markets: Barclays gained 88% and Lloyds TSB lost 43%.

Great Wall Motors is but one of many examples of companies our portfolio was invested in that generated returns of around 120% over the six months. However, most investors held positions in Citigroup (-56%), Deutsche Post (– 23%) etc.

The fund (which focuses on stockpicking) did remarkably well, gaining about 35% in US$.

We don’t expect the remainder of 2009 or 2010 to be much different. The macro environment remain very uncertain, but many individual companies offer tremendous upside.


It is amazing how many good solid companies with good and long track records the team is uncovering. Whilst it seems that markets have run hard, we are very excited about the valuation and growth of these recent investments. It is impossible to predict where markets will go over the next 6 -12 months. We are convinced however that the portfolio we have built up will prove to be an excellent investment over the next few years.


Sanlam Investment Management (Pty) Limited

-45%

-30%

-15%

0%

15%

30%

45%

Fund USD- terms -3.58% 39.93% 34.92% -28.45% 5.92%

Benchmark -11.92% 20.75% 6.35% -29.50% 0.25%

Excess return 8.34% 19.18% 28.57% 1.05% 5.67%


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SANLAM GLOBAL FINANCIAL FUNDSANLAM GLOBAL FINANCIAL FUNDSANLAM GLOBAL FINANCIAL FUNDSANLAM GLOBAL FINANCIAL FUND


The Fund will be used as an investment vehicle for investors wishing to achieve steady growth in the US Dollar value of investments primarily through global investment in securities of companies of which the principal operations specifically focus on, and derive benefit from or pertain to, the provision of banking, insurance and other financial services.



The first half of 2009 was a six month period of extreme movements (very poor January to March and then strong April and May) which reflected the huge swings in both uncertainty and moods about the global economy. The net effect after 6 months was miniscule - the indices being almost flat (JSE and S&P +3%, but the Dow Jones -3%).

However, the indices hide the investment returns that could have been made, or lost.

The Rand, Brazilian Real and the Pound gained 14% - 17% against the US$ whilst the Euro was about flat.

Emerging markets generally showed very strong returns but stock picking was the name of the game in both developed and emerging markets: Barclays gained 88% and Lloyds TSB lost 43%.

Adira Dinamika and Banco Industrial Commerical are but two of many examples of companies our portfolio was invested in that generated returns of around 120% over the six months. However, most investors held positions in Citigroup (-56%), Deutsche Post (–23%) etc.

The fund (which focuses on stockpicking) did remarkably well, gaining about 45% in US$.


We don’t expect the remainder of 2009 or 2010 to be much different. The macro environment remains very uncertain, but many individual companies offer tremendous upside. INVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGER Sanlam Investment Management (Pty) Limited

-40%

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40%

60%

Fund USD- terms -4.31% 51.94% 45.40% -22.39% 5.98%

Benchmark -22.13% 38.15% 7.58% -35.94% -6.79%

Excess return 17.82% 13.79% 37.82% 13.55% 12.77%

1st Quarter 2009% 2nd Quarter 2009% Year to date 12 Months Since Inception

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Investment M


SPI GLOBAL BALANCED FUNDSPI GLOBAL BALANCED FUNDSPI GLOBAL BALANCED FUNDSPI GLOBAL BALANCED FUND

INVESTMENT OBJECTIINVESTMENT OBJECTIINVESTMENT OBJECTIINVESTMENT OBJECTIVEVEVEVE

The SPI Global Balanced Fund aims to provide above average long-term capital growth through investing in equities, debt and money market securities.


Note: Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. During the first half of 2009, we have moved from an overweight USD Bond exposure to a more neutral exposure versus the benchmark and sold out of our credit exposure. On the equity side, the outperformance of the fund in the Quarter 1 was wiped out in Quarter 2 because of a lack of investments in small caps, financials and companies with weak balance sheets which led the rally. The two asset allocation increases we made in equities in Quarter 2 were not enough to keep up with the markets. Stocks sold off heavily until March 9th when they reached multi-year lows and then staged a powerful recovery until early June. During the early part of the year, investors’ confidence had been dented by evidence of a worsening recession, very negative news from the banking sector rekindling systemic fears and mounting scepticism about policymakers’ responses to the financial crisis. From mid-March onwards, investors changed tack and were encouraged by good trading results at investment banks, government initiatives (PPP) to help weed toxic debt out of the banking system, macroeconomic data pointing to a less negative economic momentum and lastly better than expected corporate earnings coupled with historically low stock valuations.


Equities have pushed towards or above their 200 days moving average. Markets no longer trade at cheap valuations and we are moving from the value / contrarian phase of this rally into the momentum driven phase. Anecdotal evidence points towards a lot of investors having missed the boat so far, leaving the door open for an asset allocators’ squeeze. Emerging markets have outperformed yet again and are not capped by equity issuance, unlike developed markets where corporations are taking advantage of the rally to raise capital, led by banks. Positive macro and micro news flow should fuel the bear market rally. Equity markets have leeway to go up by 15% from the current levels. However, the volatility in the economic indicators could create a stop-and-go process in the financial markets.


Pictet & Cie

-45%

-30%

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15%

30%

Fund USD- terms -4.56% 6.13% 1.29% -10.74% -5.20%

Benchmark -6.64% 10.04% 2.74% -12.69% -2.50%

Excess return 2.08% -3.91% -1.45% 1.95% -2.70%


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SPI GLOBAL EQUITY FUNDSPI GLOBAL EQUITY FUNDSPI GLOBAL EQUITY FUNDSPI GLOBAL EQUITY FUND INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE



During the first half of 2009, stocks sold off heavily until March 9th when they reached multi-year lows and then staged a powerful recovery until early June. During the early part of the year, investors’ confidence had been dented by evidence of a worsening recession, very negative news from the banking sector rekindling systemic fears and mounting scepticism about policymakers’ responses to the financial crisis. From mid-March onwards, investors changed tack and were encouraged by good trading results at investment banks, government initiatives (PPP) to help weed toxic debt out of the banking system, macroeconomic data pointing to a less negative economic momentum and lastly better than expected corporate earnings coupled with historically low stock valuations.

The outperformance of the fund in the Quarter 1 was wiped out in Quarter 2 because of a lack of investments in small caps, financials and companies with weak balance sheets which led the rally. The two asset allocation increases we made in Equities in 2Q were not enough to keep up with the markets.

FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK Equities have pushed towards or above their 200 days moving average. Markets no longer trade at cheap valuations and we are moving from the value/contrarian phase of this rally into the momentum driven phase. Anecdotal evidence points towards a lot of investors having missed the boat so far, leaving the door open for an asset allocators’ squeeze.

Emerging markets have outperformed yet again and are not capped by equity issuance, unlike developed markets where corporations are taking advantage of the rally to raise capital, led by banks.

Positive macro and micro news flow should fuel the bear market rally. Equity markets have leeway to go up by 15% from the current levels. However, the volatility in the economic indicators could create a stop-and-go process in the financial markets.


Pictet & Cie

-45%

-30%

-15%

0%

15%

30%

Fund USD- terms -9.95% 12.24% 1.08% -28.81% -15.69%

Benchmark -11.92% 20.75% 6.35% -29.50% -14.78%

Excess return 1.97% -8.51% - 5.27% 0.69% -0.91%


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PSIGMA INFLATION PLUS FUNDPSIGMA INFLATION PLUS FUNDPSIGMA INFLATION PLUS FUNDPSIGMA INFLATION PLUS FUND


The objective of the fund is to provide a significant total return in excess of UK inflation by way of income and capital growth. The fund will also aim to reduce the risk of underperforming UK index linked gilt securities in the medium term.



The Fund recovered well in the second quarter of 2009 after a difficult first quarter. The fund continues to perform well given the unprecedented market conditions, remaining above benchmark over the last 12 months, taking advantage of the bear market rallies and the undervalued credit markets.

FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK The fund is well placed with very liquid positions in a range of asset classes and regions, able to make tactical moves for short term gains. The Manager believes equity will continue to move sideways in the short term, and the credit markets are starting to look more fairly valued. The recovery will likely be most pronounced in the emerging markets.

INVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGER PSigma Investments Limited

-40%

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-20%

-10%

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10%

20%

30%

40%

Fund GBP- terms -6.32% 5.21% -2.87% -1.05% 6.65%

Benchmark -0.75% 0.99% 0.47% -1.57% 2.84%

Excess return -5.57% 4.22% -3.34% 0.52% 3.81%


PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM UNIVERSAL EQUITY FUND SANLAM UNIVERSAL EQUITY FUND SANLAM UNIVERSAL EQUITY FUND SANLAM UNIVERSAL EQUITY FUND

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NominalNominalNominalNominal SecuritySecuritySecuritySecurity Fair ValueFair ValueFair ValueFair Value

USDUSDUSDUSD % Net% Net% Net% Net

AssetsAssetsAssetsAssetsFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss Equity - 86.13% (2008: 90.23%) Australia - 2.69%

12,000 AGL Energy Ltd 130,002 0.0181,400 AMP Ltd 320,493 0.036,300 ASX Ltd 187,029 0.02

408,600 Australia & New Zealand Banking Group Ltd 5,394,485 0.48144,964 BHP Billiton Ltd 4,055,101 0.36118,591 BlueScope Steel Ltd 242,570 0.0253,000 Brambles Ltd 252,809 0.0216,900 Coca-Cola Amatil Ltd 116,547 0.0142,100 Commonwealth Bank of Australia 1,321,645 0.1222,800 Computershare Ltd 163,687 0.01

205,158 CSL Ltd/Australia 5,329,232 0.47181,850 Foster's Group Ltd 755,687 0.0759,200 Insurance Australia Group Ltd 165,601 0.027,800 Leighton Holdings Ltd 147,878 0.019,500 Macquarie Group Limited 299,616 0.03

248,425 Macquarie Infrastructure Group 286,204 0.0356,500 National Australia Bank Ltd 1,019,092 0.0914,100 Newcrest Mining Ltd 347,798 0.0314,800 Orica Ltd 259,051 0.0226,100 Origin Energy Ltd 305,967 0.03

170,400 OZ Minerals Ltd 126,743 0.01119,700 Qantas Airways Ltd 193,548 0.0235,200 QBE Insurance Group Ltd 561,481 0.0530,455 Rio Tinto Ltd 1,285,270 0.1114,114 Rio Tinto Ltd Rights 240,768 0.0223,200 Santos Ltd 273,283 0.0210,000 Sims Metal Management Ltd 206,161 0.0293,700 Stockland 243,170 0.0269,100 Suncorp-Metway Ltd 372,064 0.0327,600 TABCORP Holdings Ltd 157,982 0.01

126,600 Telstra Corp Ltd 345,952 0.0326,100 Toll Holdings Ltd 131,460 0.0151,700 Transurban Group 173,880 0.0234,300 Wesfarmers Ltd 618,670 0.05

200,204 Westfield Group 1,837,105 0.1680,400 Westpac Banking Corp 1,310,424 0.1213,900 Woodside Petroleum Ltd 485,472 0.0438,800 Woolworths Ltd 826,566 0.07

Total Australia 30,490,49330,490,49330,490,49330,490,493 2.692.692.692.69Belgium - 0.26%

38,968 Anheuser-Busch InBev NV 1,406,434 0.1284,566 Fortis - 0.0013,307 Groupe Bruxelles Lambert SA 970,726 0.097,245 Solvay SA 609,763 0.05

Total Belgium 2,986,9232,986,9232,986,9232,986,923 0.260.260.260.26Bermuda - 0.47%

7,400 Accenture Ltd 247,604 0.02118,550 Lazard Ltd 3,191,366 0.2882,939 Marvell Technology Group Ltd 964,580 0.0961,850 Seadrill Ltd 881,361 0.08

Total Bermuda 5,284,5,284,5,284,5,284,911911911911 0.470.470.470.47

PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM UNIVERSAL EQUITY FUND SANLAM UNIVERSAL EQUITY FUND SANLAM UNIVERSAL EQUITY FUND SANLAM UNIVERSAL EQUITY FUND (continued) (continued) (continued) (continued)

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AssetsAssetsAssetsAssets

Brazil - 0.78% 207,200 Banco do Brasil SA 2,230,230 0.20135,600 Itau Unibanco Holding SA 2,138,412 0.18109,800 Petroleo Brasileiro SA 4,489,722 0.40

Total Brazil 8,858,3648,858,3648,858,3648,858,364 0.780.780.780.78Canada - 4.03%

4,000 Agnico-Eagle Mines Ltd 211,003 0.025,400 Agrium Inc 215,954 0.02

16,500 Bank of Montreal 695,799 0.0630,400 Bank of Nova Scotia 1,136,434 0.1023,700 Barrick Gold Corp CAD 796,393 0.0773,500 Barrick Gold Corp USD 2,465,925 0.2249,200 BCE Inc 1,016,616 0.0916,300 Brookfield Asset Management Inc 278,847 0.0214,100 Cameco Corp 361,028 0.0311,000 Canadian Imperial Bank of Commerce/Canada 550,710 0.0517,200 Canadian National Railway Co 739,978 0.0688,900 Canadian Natural Resources Ltd 4,679,592 0.417,300 Canadian Oil Sands Trust 174,659 0.028,700 Canadian Pacific Railway Ltd 346,053 0.03

14,200 Enbridge Inc 493,424 0.0446,200 EnCana Corp CAD 2,289,118 0.2037,150 EnCana Corp USD 1,837,810 0.1610,000 Fortis Inc/Canada 218,769 0.0219,300 Goldcorp Inc 671,803 0.069,300 Husky Energy Inc 260,464 0.02

10,300 Imperial Oil Ltd 398,344 0.0419,200 Kinross Gold Corp 348,790 0.03

225,800 Lundin Mining Corp 643,477 0.0641,300 Manulife Financial Corp 717,905 0.068,800 National Bank of Canada 407,232 0.04

119,100 Nexen Inc 2,591,181 0.23102,400 Petro-Canada 3,953,178 0.35

7,300 Potash Corp of Saskatchewan 679,909 0.0615,000 Power Corp of Canada 346,621 0.0316,200 Power Financial Corp 382,440 0.0314,500 Research In Motion Ltd CAD 1,031,416 0.0927,000 Research In Motion Ltd USD 1,918,350 0.1717,400 Rogers Communications Inc 447,471 0.0438,100 Royal Bank of Canada 1,557,786 0.1448,500 Sherritt International Corp 217,133 0.0212,900 Shoppers Drug Mart Corp 554,872 0.0565,177 Sino-Forest Corp 693,575 0.066,100 SNC-Lavalin Group Inc 224,883 0.02

21,600 Sun Life Financial Inc 583,935 0.0524,200 Suncor Energy Inc CAD 736,938 0.0741,050 Suncor Energy Inc USD 1,245,457 0.11

103,000 Talisman Energy Inc 1,481,817 0.1314,400 Teck Resources Ltd 229,359 0.0251,400 Toronto-Dominion Bank 2,659,170 0.2323,900 TransCanada Corp 642,820 0.0687,200 Viterra Inc 757,510 0.0792,954 Yamana Gold Inc 824,302 0.07

Total Canada 45,716,45,716,45,716,45,716,250250250250 4.034.034.034.03

PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM UNIVERSAL EQUITY FUND (continued) SANLAM UNIVERSAL EQUITY FUND (continued) SANLAM UNIVERSAL EQUITY FUND (continued) SANLAM UNIVERSAL EQUITY FUND (continued)

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Cayman Islands - 0.00% 4,600 Seagate Technology 48,070 0.00

Total Cayman Islands 48,07048,07048,07048,070 0.000.000.000.00China - 0.30%

2,752,000 China Construction Bank Corp 2,130,553 0.19192,000 Ping An Insurance Group Co of China Ltd 1,298,151 0.11

Total China 3,428,7043,428,7043,428,7043,428,704 0.300.300.300.30Czech Republic - 0.22%

54,400 CEZ AS 2,453,751 0.22Total Czech Republic 2,453,7512,453,7512,453,7512,453,751 0.220.220.220.22Denmark - 0.69%

44,613 Carlsberg A/S 2,844,349 0.2542,579 Novo Nordisk A/S 2,301,654 0.2038,344 Vestas Wind Systems A/S 2,737,155 0.24

Total Denmark 7,883,1587,883,1587,883,1587,883,158 0.690.690.690.69Finland - 0.60%

462,500 Nokia OYJ 6,773,040 0.60Total Finland 6,773,0406,773,0406,773,0406,773,040 0.600.600.600.60France - 2.71%

58,370 Alstom SA 3,443,331 0.3026,054 AXA SA 489,175 0.0476,206 BNP Paribas 4,943,395 0.4455,689 Credit Agricole SA 693,281 0.0668,400 Groupe Danone 3,374,905 0.3014,175 Eiffage SA 824,472 0.0735,487 Eutelsat Communications 915,175 0.08

103,300 France Telecom SA 2,340,877 0.21226,467 Natixis 438,067 0.0425,527 Publicis Groupe 777,734 0.0774,398 Renault SA 2,730,049 0.2466,959 Sanofi-Aventis SA 3,928,875 0.3540,200 Societe Generale 2,192,138 0.1934,819 Total SA 1,878,927 0.175,814 Unibail-Rodamco 865,780 0.08

19,107 Vinci SA 856,987 0.07Total France 30,693,16830,693,16830,693,16830,693,168 2.712.712.712.71Germany - 4.73%

4,400 Adidas AG 166,828 0.0239,200 Allianz SE 3,628,021 0.32

126,803 BASF SE 5,056,823 0.4563,800 Bayer AG 3,415,076 0.304,500 Bayerische Motoren Werke AG 169,168 0.01

11,800 Commerzbank AG 73,078 0.0170,150 Daimler AG 2,533,823 0.2263,300 Deutsche Bank AG EUR 3,822,507 0.3419,109 Deutsche Bank AG USD 1,165,649 0.1032,950 Deutsche Boerse AG 2,560,107 0.2356,500 Deutsche Lufthansa AG 706,547 0.06

175,720 Deutsche Post AG 2,289,857 0.2031,500 Deutsche Telekom AG 371,381 0.03

158,271 E.ON AG 5,594,655 0.4947,059 Fresenius Medical Care AG & Co KGaA 2,107,060 0.1921,386 Hannover Rueckversicherung AG 782,963 0.0720,690 Hochtief AG 1,041,611 0.09


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Germany – 4.73% (continued) 1,900 K+S AG 106,980 0.012,800 Linde AG 229,059 0.021,800 MAN SE 110,363 0.01

60,690 Metro AG 2,896,162 0.2649,865 Muenchener Rueckversicherungs AG 6,739,364 0.6047,390 RWE AG 3,735,893 0.339,200 SAP AG 369,858 0.03

49,696 Siemens AG 3,430,411 0.305,200 ThyssenKrupp AG 129,690 0.011,000 Volkswagen AG 341,507 0.03

Total Germany 53,5753,5753,5753,574,4,4,4,441441441441 4.734.734.734.73Greece – 0.17%

33,300 National Bank of Greece SA 915,995 0.0848,477 Public Power Corp SA 994,156 0.09

Total Greece 1,910,1511,910,1511,910,1511,910,151 0.170.170.170.17Hong Kong – 1.73%

99,340 Bank of East Asia Ltd 301,861 0.03487,200 BOC Hong Kong Holdings Ltd 852,432 0.0880,100 Cheung Kong Holdings Ltd 920,880 0.08

124,200 CLP Holdings Ltd 823,716 0.0771,900 Esprit Holdings Ltd 402,171 0.04

122,900 Hang Lung Properties Ltd 398,825 0.0447,700 Hang Seng Bank Ltd 668,407 0.06

205,400 Henderson Land Development Co Ltd 1,178,053 0.10207,000 Hong Kong & China Gas Co Ltd 435,362 0.04154,800 Hong Kong Exchanges and Clearing Ltd 2,412,851 0.2190,300 Hong Kong Electric Holdings 502,761 0.04

124,800 Hutchison Whampoa Ltd 812,397 0.0755,800 Kerry Properties Ltd 244,797 0.02

657,000 Li & Fung Ltd 1,754,803 0.16132,300 Link REIT 282,009 0.03318,100 MTR Corp 960,444 0.08182,900 New World Development Ltd 329,452 0.03140,500 Sino Land Co 232,049 0.02410,300 Sun Hung Kai Properties Ltd 5,140,596 0.4558,000 Swire Pacific Ltd 578,870 0.0590,300 Wharf Holdings Ltd 382,750 0.03

Total Hong Kong 19,615,19,615,19,615,19,615,486486486486 1.731.731.731.73Ireland – 0.10%

5,700 Covidien PLC 213,408 0.0232,533 CRH PLC 741,154 0.076,100 Ingersoll-Rand Plc 127,490 0.01

Total Ireland 1,082,0521,082,0521,082,0521,082,052 0.100.100.100.10Israel – 0.62%

142,400 Teva Pharmaceutical Industries Ltd 7,026,016 0.62Total Israel 7,026,0167,026,0167,026,0167,026,016 0.620.620.620.62Italy – 1.64%

41,865 Atlantia SpA 843,877 0.07201,443 Enel SpA 975,567 0.09209,254 ENI SpA 4,916,543 0.4353,271 Finmeccanica SpA 747,244 0.07

970,608 Intesa Sanpaolo SpA 3,117,818 0.2738,976 Italcementi SpA 444,487 0.04


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Italy – 1.64% (continued) 34,589 Lottomatica SpA 664,707 0.0688,750 Saipem SpA 2,147,479 0.19

2,687,942 Telecom Italia SpA 3,695,025 0.331,018,100 Telecom Italia SpA RPS 994,679 0.09

Total Italy 18,547,4218,547,4218,547,4218,547,426666 1.641.641.641.64Japan - 6.12%

39,800 Advantest Corp 721,836 0.06137,000 Asahi Glass Co Ltd 1,096,114 0.1046,900 Canon Inc 1,526,231 0.1373,400 COMSYS Holdings Corp 811,668 0.07

100,500 Daiichi Sankyo Co Ltd 1,795,647 0.16444,000 Daiwa Securities Group Inc 2,636,667 0.23

7,700 Fast Retailing Co Ltd 1,004,695 0.09404,000 Fujitsu Ltd 2,189,781 0.19298,000 Hitachi Ltd 926,521 0.0855,500 Honda Motor Co Ltd 1,530,003 0.1435,671 Hosiden Corp 453,974 0.0486,900 Ibiden Co Ltd 2,440,657 0.22

100,000 ITOCHU Corp 696,445 0.0629,400 JFE Holdings Inc 990,258 0.0992,300 JSR Corp 1,580,263 0.146,055 Jupiter Telecommunications Co Ltd 4,593,492 0.41

228,000 Marubeni Corp 1,011,338 0.09263,000 Mitsubishi Chemical Holdings Corp 1,112,074 0.1074,500 Mitsubishi Corp 1,380,516 0.12

151,400 Mitsubishi UFJ Financial Group Inc 936,737 0.08268,000 Mitsui & Co Ltd 3,177,448 0.2833,000 Mitsui Sumitomo Insurance Group Holdings Inc 866,981 0.0821,800 Murata Manufacturing Co Ltd 926,314 0.083,400 Nintendo Co Ltd 940,118 0.08

67 Nippon Building Fund Inc 571,469 0.0597,000 Nippon Electric Glass Co Ltd 1,083,698 0.10

116,000 Nippon Oil Corp 682,848 0.061,389,000 Nissan Motor Co Ltd 8,435,630 0.74

24,800 Nitto Denko Corp 751,788 0.0713,300 Rohm Co Ltd 964,867 0.0917,400 Sankyo Co Ltd 928,697 0.08

256 Seven Bank Ltd 670,710 0.06102,000 Sharp Corp 1,056,047 0.0938,900 Shin-Etsu Chemical Co Ltd 1,802,083 0.1619,200 SMC Corp/Japan 2,059,488 0.18

120,800 Softbank Corp 2,356,157 0.2141,600 Sony Corp 1,086,455 0.1065,900 Sumitomo Corp 670,679 0.0664,300 Sumitomo Electric Industries Ltd 722,367 0.0684,700 Sumitomo Mitsui Financial Group Inc 3,441,020 0.30

492,000 Taiheiyo Cement Corp 846,430 0.0767,000 Toppan Printing Co Ltd 672,847 0.06

137,900 Toyota Motor Corp 5,230,739 0.46Total Japan 69,37969,37969,37969,379,,,,797797797797 6.126.126.126.12Luxembourg - 0.15%

49,310 ArcelorMittal 1,617,498 0.141,000 Millicom International Cellular SA 56,014 0.01

Total Luxembourg 1,673,5121,673,5121,673,5121,673,512 0.150.150.150.15


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NominalNominalNominalNominal SeSeSeSecuritycuritycuritycurity Fair ValueFair ValueFair ValueFair Value



Netherlands - 1.51% 91,850 ASML Holding NV 1,980,270 0.17

230,255 ING Groep NV 2,316,115 0.20282,641 Koninklijke Ahold NV 3,244,286 0.29259,000 Royal Dutch Shell PLC - Class A EUR 6,465,009 0.5736,800 Royal Dutch Shell PLC - Class A GBP 919,243 0.0888,893 Royal Dutch Shell PLC - Class B 2,232,205 0.20

Total Netherlands 17,157,12817,157,12817,157,12817,157,128 1.511.511.511.51Norway - 0.27%

135,400 DnB NOR ASA 1,025,742 0.09103,000 StatoilHydro ASA 2,024,755 0.18

Total Norway 3,050,4973,050,4973,050,4973,050,497 0.270.270.270.27Papua New Guinea - 0.05%

228,950 Lihir Gold Ltd 546,045 0.05Total Papua New Guinea 546,045546,045546,045546,045 0.050.050.050.05Phillipines - 0.11%

25,900 Philippine Long Distance Telephone Co 1,284,899 0.11Total Phillipines 1,2841,2841,2841,284,899,899,899,899 0.110.110.110.11Russia - 0.40%

62,900 Lukoil 2,784,583 0.25182,181 MMC Norilsk Nickel 1,730,720 0.15

Total Russia 4,515,3034,515,3034,515,3034,515,303 0.400.400.400.40Singapore - 0.74%

175,400 Chartered Semiconductor Manufacturing Ltd 247,230 0.02688,000 DBS Group Holdings Ltd 5,599,834 0.49434,166 Golden Agri Resources Ltd- Rights 59,997 0.01196,447 Golden Agri-Resources Ltd 661,729 0.06399,000 Singapore Telecommunications Ltd 821,543 0.0796,000 United Overseas Bank Ltd 971,077 0.09

Total Singapore 8,361,8,361,8,361,8,361,410410410410 0.740.740.740.74South Korea - 0.40%

63,200 KB Financial Group Inc 2,105,192 0.195,200 Samsung Electronics Co Ltd 2,415,373 0.21

Total South Korea 4,520,5654,520,5654,520,5654,520,565 0.400.400.400.40Spain - 2.64%

14,000 Abertis Infraestructuras SA 263,249 0.027,200 ACS Actividades de Construccion y Servicios SA 364,090 0.03

100,700 Banco Bilbao Vizcaya Argentaria SA 1,262,811 0.1132,400 Banco de Sabadell SA 202,017 0.0224,500 Banco Popular Espanol SA 213,245 0.02

1,065,886 Banco Santander SA 12,798,407 1.136,400 Gamesa Corp Tecnologica SA 121,285 0.01

13,600 Gas Natural SDG SA 247,238 0.02272,396 Iberdrola SA 2,206,602 0.1939,533 Inditex SA 1,894,856 0.174,500 Red Electrica de Espana SA 203,317 0.02

24,900 Repsol YPF SA 556,574 0.05423,658 Telefonica SA 9,576,727 0.85

Total Spain 29,910,41829,910,41829,910,41829,910,418 2.642.642.642.64Sweden - 0.73%

5,800 Alfa Laval AB 55,095 0.015,800 Assa Abloy AB 80,285 0.01

11,400 Atlas Copco AB - Class A 113,662 0.017,500 Atlas Copco AB - Class B 67,517 0.014,900 Electrolux AB 67,985 0.01


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Sweden - 0.73% (continued) 62,300 Hennes & Mauritz AB 3,091,682 0.277,600 Investor AB 116,727 0.013,800 Lundin Petroleum AB 29,280 0.00

48,500 Nordea Bank AB 381,840 0.0316,100 Sandvik AB 118,963 0.014,800 Scania AB 47,238 0.00

21,000 Skandinaviska Enskilda Banken AB 91,611 0.015,900 Skanska AB 65,488 0.016,400 SKF AB 78,472 0.01

22,407 Ssab AB 240,034 0.027,900 Svenska Cellulosa AB 82,589 0.016,700 Svenska Handelsbanken AB 125,820 0.016,000 Swedbank AB 34,770 0.004,500 Swedish Match AB 72,599 0.014,900 Tele2 AB 49,266 0.00

305,000 Telefonaktiebolaget LM Ericsson 2,979,930 0.2629,800 TeliaSonera AB 155,385 0.0118,600 Volvo AB 114,269 0.01

Total Sweden 8,260,8,260,8,260,8,260,507507507507 0.730.730.730.73Switzerland - 4.27%

180,200 ABB Ltd 2,829,039 0.254,400 ACE Ltd 194,392 0.02

25,700 Adecco SA 1,069,317 0.0910,400 Compagnie Financiere Richemont SA 215,977 0.02

137,084 Credit Suisse Group AG 6,250,919 0.554,525 Holcim Ltd 256,360 0.02

60,163 Julius Baer Holding AG 2,333,924 0.2121,050 Lonza Group AG 2,086,995 0.18

340,629 Nestle SA 12,813,139 1.1347,757 Novartis AG 1,933,471 0.1766,489 Roche Holding AG 9,031,937 0.801,100 Swatch Group AG/The 175,830 0.025,500 Swiss Reinsurance 181,799 0.02

11,140 Syngenta AG 2,584,443 0.2320,285 Transocean Ltd 1,504,336 0.13

131,500 Tyco Electronics Ltd 2,439,325 0.226,100 Tyco International Ltd 158,295 0.01

46,500 UBS AG 568,367 0.058,100 Weatherford International Ltd 158,031 0.019,257 Zurich Financial Services AG 1,629,532 0.14

Total Switzerland 48,415,42848,415,42848,415,42848,415,428 4.274.274.274.27Taiwan - 0.35%

2,226,000 AU Optronics Corp 2,171,045 0.19193,600 Taiwan Semiconductor Manufacturing Co Ltd 1,819,840 0.16

Total Taiwan 3,990,8853,990,8853,990,8853,990,885 0.350.350.350.35Turkey - 0.21%

890,600 Turkiye Garanti Bankasi AS 2,411,257 0.21Total Turkey 2,411,2572,411,2572,411,2572,411,257 0.210.210.210.21United Kingdom - 9.76%

75,654 Aggreko PlC 645,918 0.0616,900 Anglo American PLC 490,748 0.0446,608 AstraZeneca PLC 2,049,509 0.18

251,194 Autonomy Corp PLC 5,939,644 0.52486,230 Aviva PLC 2,732,192 0.24


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United Kingdom – 9.76% (continued) 44,300 BAE Systems PLC 246,922 0.02

153,810 Balfour Beatty PLC 780,067 0.071,463,771 Barclays PLC 6,815,104 0.60

470,284 BG Group PLC 7,883,239 0.70172,992 BHP Billiton PLC 3,885,412 0.34324,891 BP PLC 2,555,848 0.23196,447 British American Tobacco PLC 5,411,476 0.48149,400 BT Group PLC 249,697 0.0226,700 Cadbury PLC 227,739 0.02

1,133,400 Centrica PLC 4,161,834 0.37198,437 Compass Group PLC 1,115,044 0.1031,200 Diageo PLC 447,476 0.04

114,855 EasyJet PLC 511,108 0.05317,629 G4S PLC 1,089,186 0.10259,597 Game Group Plc 702,105 0.06214,701 GlaxoSmithKline PLC 3,777,507 0.33800,797 HSBC Holdings PLC 6,626,058 0.5856,729 Imperial Tobacco Group PLC 1,473,104 0.1364,779 Intertek Group PLC 1,111,472 0.1084,306 Kazakhmys PLC 873,184 0.08

343,385 Kingfisher PLC 1,001,940 0.091,598,899 Lloyds TSB Group PLC 1,840,590 0.16

194,845 Marks & Spencer Group PLC 980,161 0.0928,300 National Grid PLC 254,900 0.0227,600 Pearson PLC 277,000 0.0241,500 Prudential PLC 282,566 0.02

103,571 Reckitt Benckiser Group PLC 4,717,230 0.4229,400 Reed Elsevier PLC 218,818 0.02

160,900 Rio Tinto PLC 5,577,054 0.49301,300 Rolls-Royce Group PLC 1,793,511 0.16

2,745,600 Rolls-Royce Group PLC – Class C 4,521 0.00284,902 RSA Insurance Group PLC 563,893 0.0514,100 SABMiller PLC 286,736 0.0312,900 Scottish & Southern Energy PLC 241,941 0.0253,913 Smiths Group PLC 622,756 0.05

202,929 Standard Chartered PLC 3,805,963 0.34688,227 Taylor Wimpey PLC 379,641 0.0393,700 Tesco PLC 545,105 0.05

380,000 Tullow Oil PLC 5,853,614 0.5214,600 Unilever PLC 342,342 0.03

4,412,723 Vodafone Group PLC 8,515,909 0.75118,900 Wolseley PLC 2,267,186 0.20412,444 WPP PLC 2,738,647 0.24526,135 Xstrata PLC 5,694,526 0.50

Total United Kingdom 110,608,110,608,110,608,110,608,143143143143 9.769.769.769.76United States – 36.68%

19,565 3M Co 1,175,857 0.10100,110 Abbott Laboratories 4,713,179 0.42

7,400 Adobe Systems Inc 209,420 0.026,000 Aetna Inc 150,300 0.015,300 Aflac Inc 164,777 0.016,700 Agilent Technologies Inc 136,077 0.012,800 Air Products & Chemicals Inc 180,852 0.02

14,900 Alcoa Inc 153,768 0.01


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United States – 36.68% (continued) 81,400 Allergan Inc/United States 3,873,012 0.346,500 Allstate Corp 158,600 0.01

122,800 Altera Corp 1,999,184 0.18242,937 Altria Group Inc 3,979,308 0.35

3,800 Amazon.com Inc 317,908 0.0317,496 Amedisys Inc 577,018 0.055,000 Ameren Corp 124,450 0.017,900 American Electric Power Co Inc 228,231 0.02

11,700 American Express Co 271,908 0.0245,189 American Financial Group Inc 974,727 0.0989,000 American Tower Corp 2,806,170 0.2510,600 AmerisourceBergen Corp 188,044 0.0294,696 Amgen Inc 5,013,206 0.445,200 Anadarko Petroleum Corp 235,664 0.02

15,600 Annaly Capital Management Inc 236,028 0.0288,449 Apache Corp 6,381,595 0.561,800 Apollo Group Inc 128,052 0.01

47,136 Apple Inc 6,713,581 0.5918,900 Applied Materials Inc 207,333 0.0226,482 Arch Coal Inc 406,234 0.04

133,100 Archer-Daniels-Midland Co 3,559,094 0.3127,579 Ashland Inc 773,039 0.07

228,044 AT&T Inc 5,660,052 0.506,000 Automatic Data Processing Inc 212,640 0.022,700 AvalonBay Communities Inc 150,768 0.016,100 Avon Products Inc 157,197 0.014,200 Baker Hughes Inc 153,048 0.01

654,040 Bank of America Corp 8,587,545 0.7610,200 Bank of New York Mellon Corp 298,962 0.0329,565 Baxter International Inc 1,564,580 0.1448,776 BB&T Corp 1,072,097 0.093,100 Becton Dickinson & Co 221,061 0.025,600 Bed Bath & Beyond Inc 171,808 0.02

477 Berkshire Hathaway Inc 1,378,101 0.1262,300 Best Buy Co Inc 2,083,312 0.1832,394 Big Lots Inc 680,274 0.063,700 Biogen Idec Inc 167,018 0.01

26,497 BJ's Wholesale Club Inc 853,998 0.086,900 Boeing Co 293,181 0.032,900 Boston Properties Inc 138,127 0.01

18,400 Boston Scientific Corp 186,576 0.029,800 Bristol-Myers Squibb Co 198,940 0.028,600 Broadcom Corp 212,936 0.02

38,100 Bunge Ltd 2,290,953 0.203,800 Burlington Northern Santa Fe Corp 279,452 0.028,400 CA Inc 146,328 0.01

41,254 Cameron International Corp 1,165,013 0.105,000 Capital One Financial Corp 109,400 0.01

97,400 Cardinal Health Inc 2,975,570 0.266,800 Carnival Corp 175,236 0.027,000 Caterpillar Inc 231,280 0.02

308,200 CBS Corp 2,132,744 0.1968,100 Celgene Corp 3,257,904 0.2923,600 Century Aluminum Co 146,792 0.01


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United States – 36.68% (continued) 27,729 CenturyTel Inc 851,280 0.0812,700 Charles Schwab Corp 222,631 0.027,100 Chesapeake Energy Corp 140,793 0.01

93,219 Chevron Corp 6,174,827 0.5429,392 Chubb Corp 1,172,153 0.10

446,205 Cisco Systems Inc 8,317,261 0.73178,752 Citigroup Inc 529,106 0.0556,743 CKE Restaurants Inc 480,046 0.0431,699 Cleveland-Cliffs Inc 773,139 0.07

600 CME Group Inc 186,666 0.0275,791 CMS Energy Corp 915,555 0.0818,000 Coca-Cola Co 863,280 0.0848,966 Coca-Cola Enterprises Inc 813,815 0.075,700 Cognizant Technology Solutions Corp 152,133 0.013,800 Colgate-Palmolive Co 268,812 0.02

264,623 Comcast Corp - Class A 3,831,741 0.3411,000 Comcast Corp Special – Class A 154,880 0.01

231,458 Compal Electronics Inc 935,090 0.0880,377 ConocoPhillips 3,379,853 0.30

235,266 Corning Inc 3,778,372 0.336,100 Costco Wholesale Corp 278,709 0.026,000 CSX Corp 207,780 0.02

13,900 CVS Caremark Corp 442,298 0.0433,900 Danaher Corp 2,092,986 0.1826,343 DBS Group Holdings Ltd 214,432 0.0256,100 Deere & Co 2,241,195 0.20

118,364 Del Monte Foods Co 1,106,703 0.10295,700 Dell Inc 4,059,961 0.36

3,900 Devon Energy Corp 212,199 0.0214,252 DeVry Inc 713,170 0.066,900 DIRECTV Group Inc 170,499 0.016,800 Dominion Resources Inc/VA 227,120 0.023,900 Dover Corp 129,051 0.01

10,600 Dow Chemical Co 170,660 0.0250,380 Du Pont ‘S’ Fractional Share - 0.0013,600 Duke Energy Corp 198,424 0.022,800 Eaton Corp 124,908 0.01

86,107 eBay Inc 1,473,291 0.135,200 Edison International 163,592 0.019,800 EI Du Pont de Nemours & Co 250,978 0.02

106,989 El Paso Corp 986,439 0.09101,766 Eli Lilly & Co 3,525,174 0.31109,078 EMC Corp/Massachusetts 1,428,922 0.13

9,000 Emerson Electric Co 291,600 0.032,500 Entergy Corp 193,800 0.02

31,300 EOG Resources Inc 2,125,896 0.196,600 Exelon Corp 337,920 0.03

21,817 Express Scripts Inc 1,499,264 0.1385,270 Exxon Mobil Corp 5,961,226 0.533,600 FedEx Corp 200,196 0.02

47,916 Fifth Third Bancorp 339,724 0.034,400 FirstEnergy Corp 170,500 0.014,400 Fiserv Inc 201,080 0.02

12,950 Flowserve Corp 901,968 0.08


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United States – 36.68% (continued) 2,900 Fluor Corp 148,741 0.01

79,251 Foot Locker Inc 828,966 0.0729,800 Ford Motor Co 180,588 0.0231,470 Forest Laboratories Inc 789,268 0.0740,636 Forest Oil Corp 604,664 0.0526,341 FPL Group Inc 1,497,749 0.132,600 Franklin Resources Inc 187,226 0.024,200 Freeport-McMoRan Copper & Gold Inc 210,378 0.02

28,620 GameStop Corp 629,354 0.06126,300 Gap Inc 2,070,057 0.1823,865 General Dynamics Corp 1,321,882 0.12

563,717 General Electric Co 6,595,489 0.583,000 General Mills Inc 168,060 0.013,100 Genzyme Corp 172,577 0.02

138,703 Gilead Sciences Inc 6,491,300 0.5744,549 Goldman Sachs Group Inc 6,555,385 0.589,223 Google Inc 3,888,140 0.349,500 Halliburton Co 196,555 0.02

21,687 Harris Corp 615,043 0.0539,788 Hartford Financial Services Group Inc 470,692 0.0448,311 Hess Corp 2,592,368 0.23

246,455 Hewlett-Packard Co 9,515,628 0.844,500 HJ Heinz Co 160,650 0.01

255,983 Home Depot Inc 6,048,878 0.537,800 Honeywell International Inc 244,920 0.02

10,900 Hudson City Bancorp Inc 144,861 0.0120,935 Humana Inc 675,363 0.0648,800 ICICI Bank Ltd 1,436,184 0.1368,100 Illinois Tool Works Inc 2,542,854 0.22

170,456 Intel Corp 2,815,933 0.259,387 IntercontinentalExchange Inc 1,072,277 0.09

22,072 International Business Machines Corp 2,302,551 0.207,800 Intuit Inc 219,648 0.027,300 Intuitive Surgical Inc 1,194,718 0.113,600 ITT Corp 160,200 0.01

68,592 Johnson & Johnson 3,891,910 0.348,000 Johnson Controls Inc 173,600 0.02

261,363 JPMorgan Chase & Co 8,912,478 0.798,600 Juniper Networks Inc 202,960 0.02

25,538 Kimberly-Clark Corp 1,338,957 0.1237,300 Kohl's Corp 1,594,575 0.1413,300 Kraft Foods Inc 337,022 0.0339,735 Kroger Co 876,157 0.082,400 L-3 Communications Holdings Inc 166,416 0.01

45,855 Las Vegas Sands Corp 359,962 0.036,900 Liberty Media Corp - Entertainment 184,092 0.02

56,864 Lockheed Martin Corp 4,585,513 0.402,900 Lorillard Inc 196,533 0.02

125,100 Lowe's Cos Inc 2,428,191 0.21119,700 Macy's Inc 1,405,278 0.12

8,200 Marathon Oil Corp 246,902 0.028,500 Marsh & McLennan Cos Inc 171,105 0.011,200 Mastercard Inc 200,760 0.02

47,200 McAfee Inc 1,991,368 0.18


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United States – 36.68% (continued) 29,236 McDonald's Corp 1,679,023 0.1532,920 McGraw-Hill Cos Inc 991,221 0.094,700 McKesson Corp 206,800 0.025,300 Medco Health Solutions Inc 241,733 0.02

11,100 Medtronic Inc 387,057 0.03230,400 Merck & Co Inc/NJ 6,435,072 0.5790,300 MetLife Inc 2,709,903 0.24

433,340 MetroPCS Communications Inc 5,763,422 0.51303,661 MGM Mirage 1,940,394 0.17202,836 Microsoft Corp 4,823,440 0.4344,994 Monsanto Co 3,344,854 0.30

181,250 Morgan Stanley 5,165,625 0.46408,900 Motorola Inc 2,706,918 0.24

2,500 Murphy Oil Corp 135,800 0.0138,720 NASDAQ OMX Group Inc 825,123 0.0797,119 National Oilwell Varco Inc 3,171,907 0.2869,864 NCR Corp 824,395 0.0799,200 NetApp Inc 1,955,232 0.1761,639 New York Community Bancorp Inc 657,072 0.0662,965 Newell Rubbermaid Inc 655,466 0.064,500 Newmont Mining Corp 183,645 0.02

20,400 News Corp - Class A 185,844 0.02381,100 News Corp - Class B 4,024,416 0.35

4,800 Nike Inc 248,544 0.0234,694 Noble Corp 1,049,494 0.095,100 Norfolk Southern Corp 192,066 0.027,200 Northeast Utilities 160,632 0.012,800 Northern Trust Corp 150,276 0.013,800 Northrop Grumman Corp 173,584 0.025,000 Nucor Corp 222,150 0.02

137,000 Nvidia Corp 1,546,730 0.1424,038 Occidental Petroleum Corp 1,580,739 0.1429,206 Omnicare Inc 751,178 0.074,900 Omnicom Group Inc 154,546 0.01

414,600 Oracle Corp 8,880,732 0.7836,927 Owens-Illinois Inc 1,034,325 0.095,800 PACCAR Inc 188,442 0.02

47,300 Parker Hannifin Corp 2,032,008 0.185,800 Paychex Inc 146,102 0.013,900 Peabody Energy Corp 117,624 0.01

14,100 PepsiCo Inc 774,795 0.07459,000 Pfizer Inc 6,880,410 0.6122,811 PG&E Corp 876,855 0.0816,200 Philip Morris International Inc 706,482 0.0636,640 Pitney Bowes Inc 802,416 0.073,900 Plum Creek Timber Co Inc 116,142 0.01

36,697 PNC Financial Services Group Inc 1,423,844 0.133,300 PPG Industries Inc 144,837 0.015,200 PPL Corp 171,392 0.01

28,800 Praxair Inc 2,046,816 0.1825,000 Precision Castparts Corp 1,823,750 0.1657,908 Procter & Gamble Co 2,956,782 0.2644,800 Prudential Financial Inc 1,667,456 0.1534,613 Public Service Enterprise Group Inc 1,129,422 0.10


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United States – 36.68% (continued) 2,800 Public Storage 183,316 0.02

120,447 Qualcomm Inc 5,449,022 0.48205,313 Qwest Communications International Inc 849,996 0.08

4,800 Raytheon Co 213,264 0.0294,638 Regions Financial Corp 379,498 0.035,800 Republic Services Inc 141,578 0.01

21,236 Reynolds American Inc 819,922 0.078,400 Safeway Inc 171,024 0.01

10,500 SAIC Inc 194,565 0.0219,120 Samsung Electronics Co Ltd 4,402,380 0.3976,637 Sara Lee Corp 747,211 0.0714,500 Schering-Plough Corp 364,240 0.0372,639 Schlumberger Ltd 3,929,770 0.3525,048 Sempra Energy 1,243,132 0.113,200 Sherwin-Williams Co 171,936 0.02

24,369 Simon Property Group Inc 1,253,054 0.1132,350 SL Green Realty Corp 741,462 0.077,800 Southern Co 243,048 0.024,000 Southwestern Energy Co 155,240 0.01

331,500 Sprint Nextel Corp 1,594,515 0.1475,900 St Jude Medical Inc 3,118,731 0.2850,100 Staples Inc 1,010,517 0.0912,600 Starbucks Corp 175,014 0.024,800 State Street Corp 226,560 0.024,200 Stryker Corp 166,824 0.01

14,200 Sun Microsystems Inc 130,924 0.0196,500 SunPower Corp 2,562,075 0.2358,658 Supervalu Inc 759,621 0.0773,948 Symantec Corp 1,150,631 0.101,700 Synthes Inc 164,012 0.017,700 Sysco Corp 172,942 0.024,200 T Rowe Price Group Inc 175,014 0.02

29,400 Target Corp 1,159,830 0.1050,931 Texas Instruments Inc 1,084,830 0.105,600 Thermo Fisher Scientific Inc 228,312 0.029,700 Thomson Reuters Corp 282,690 0.02

106,318 Time Warner Cable Inc 3,367,091 0.30195,800 Time Warner Inc 4,930,244 0.43

6,700 TJX Cos Inc 210,648 0.0280,547 Travelers Cos Inc 3,305,649 0.2927,437 UGI Corp 699,095 0.066,000 Union Pacific Corp 312,300 0.036,500 United Parcel Service Inc 324,740 0.03

35,297 United Technologies Corp 1,834,032 0.16140,682 UnitedHealth Group Inc 3,512,830 0.3161,972 Unum Group 982,876 0.0917,800 US Bancorp 318,976 0.037,100 Valero Energy Corp 119,635 0.01

30,006 Ventas Inc 894,479 0.0824,400 Verizon Communications Inc 749,080 0.07

130,200 Viacom Inc 2,955,540 0.2641,700 Visa Inc 2,590,821 0.233,247 Vornado Realty Trust 146,083 0.013,100 Vulcan Materials Co 133,548 0.01


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NomiNomiNomiNominalnalnalnal SecuritySecuritySecuritySecurity Fair ValueFair ValueFair ValueFair Value



United States – 36.68% (continued) 9,800 Walgreen Co 288,022 0.03

117,446 Wal-Mart Stores Inc 5,680,863 0.5017,600 Walt Disney Co 410,256 0.046,200 Waste Management Inc 174,592 0.02

22,260 Watson Pharmaceuticals Inc 748,826 0.0724,438 WellPoint Inc 1,242,672 0.1150,690 Wells Fargo & Co 1,229,739 0.11

234,696 Western Union Co 3,846,667 0.3489,120 Windstream Corp 745,043 0.0711,100 Wyeth 503,052 0.0464,482 Wyndham Worldwide Corp 778,943 0.078,900 Xilinx Inc 182,005 0.02

73,550 XTO Energy Inc 2,803,726 0.2515,600 Yahoo! Inc 244,140 0.027,200 Yum! Brands Inc 240,048 0.023,600 Zimmer Holdings Inc 153,360 0.01

Total United States 415,626,415,626,415,626,415,626,787787787787 36.6836.6836.6836.68Total Equity 976,084,976,084,976,084,976,084,985985985985 86.86.86.86.13131313

Collective Investment Scheme - 7.18% (2008: 6.03%) Japan - 1.86%

2,123,700 iShares Nomura TOPIX Exchange Traded Fund 21,041,115 1.86Total Japan 21,041,21,041,21,041,21,041,115115115115 1.861.861.861.86United States - 5.32%

78,600 Ishares MSCI Emerging Markets Index 2,546,640 0.22162,500 iShares MSCI Singapore Index Fund 1,462,500 0.13536,700 Powershares QQQ 19,525,146 1.72398,900 SPDR Trust Series 1 36,710,767 3.25

Total United States 60,245,05360,245,05360,245,05360,245,053 5.35.35.35.32222Total Collective Investment Scheme 81,286,16881,286,16881,286,16881,286,168 7.17.17.17.18888

NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassificationClassificationClassificationClassification MaturityMaturityMaturityMaturity Fair ValueFair ValueFair ValueFair Value



Derivatives - 0.35% (2008: 0.64%) Forward Contracts - 0.35% (2008: 0.63%) Buy AUD 1,486,000 A 28/07/09 37,310 0.00 (BNP Paribas)** Sell USD 1,161,889 Buy AUD 1,537,000 A 28/07/09 12,446 0.00 (BNP Paribas)** Sell USD 1,227,909 Buy AUD 1,692,000 A 17/08/09 11,785 0.00 (JP Morgan)** Sell USD 1,351,637 Buy AUD 1,757,000 A 17/08/09 82,694 0.01 (JP Morgan)** Sell USD 1,333,106 Buy AUD 11,796,000 A 17/08/09 421,768 0.04 (JP Morgan)** Sell USD 9,083,510 Buy AUD 19,346,000 A 17/08/09 867,574 0.08 (JP Morgan)** Sell USD 14,721,532 Buy AUD 2,780,000 A 17/08/09 247,851 0.02 (JP Morgan)** Sell USD 1,992,287 Buy CHF 548,000 A 17/08/09 5,125 0.00 (JP Morgan)** Sell USD 499,176 Buy DKK 5,159,000 A 21/07/09 31,407 0.00 (Citigroup)** Sell USD 940,088


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NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassificationClassificationClassificationClassification MaturityMaturityMaturityMaturity Fair ValueFair ValueFair ValueFair Value



Forward Contracts - 0.35% (2008: 0.63%) (continued) Buy EUR 5,384,000 A 21/07/09 268,250 0.03 (Citigroup)** Sell USD 7,283,971 Buy EUR 9,078,000 A 21/07/09 403,049 0.04 (Citigroup)** Sell USD 12,330,802 Buy EUR 9,873,000 A 17/08/09 58,184 0.01 (JP Morgan)** Sell USD 13,790,113 Buy GBP 1,274,0

13 Intro · Title: Microsoft Word - 13 Intro.doc Author: OpsAdmin Created Date: 8/24/2009 6:16:05...

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Transcript of 13 Intro · Title: Microsoft Word - 13 Intro.doc Author: OpsAdmin Created Date: 8/24/2009 6:16:05...