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PARWORLD SICAV

ANNUAL REPORTat 30/09/2014

R.C.S. Luxembourg B 77 384

PARWORLD

Table of contents

No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.

Page

Organisation 4

Information 6

Manager’s report 7

Audit report 11

Financial statements at 30/09/2014 14

Key figures relating to the last 3 years 22

Securities portfolio at 30/09/2014

BETA DERIVATIVES FUND 30

CHAMPIONS - EUROPA 31

CHAMPIONS - MONDO PMI 32

CHAMPIONS - MONDO PMI 2 33

EURO SHORT TERM FIXED INCOME 34

FLEXIBLE TRACKER ALLOCATION 35

MULTI-STRATEGY HIGH VOL 36

QUANT EQUITY EUROPE GURU 37

QUANT EQUITY WORLD GURU 39

QUANTITATIVE FIXED INCOME 40

TRACK CONTINENTAL EUROPE 41

TRACK EMERGING MARKETS 49

TRACK EMERGING MARKETS BOND 68

TRACK EMU 75

TRACK EMU GOVERNMENT BOND 81

TRACK EMU GOVERNMENT BOND 1-3 YEARS 84

TRACK EURO CORPORATE BOND 87

TRACK EURO INFLATION LINKED BOND 89

TRACK EUROPE 90

TRACK EUROPE SMALL CAP 100

TRACK GLOBAL GOVERNMENT BOND EX EMU 115

TRACK JAPAN 117

TRACK NORTH AMERICA 124

TRACK PACIFIC EX JAPAN 140

TRACK UK 144

TRACK WORLD 147

Notes to the financial statements 165

Unaudited appendix 191

PARWORLD

Organisation

Registered office of the Company

33 rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg

Board of Directors

Chairman

Mr. Marc RAYNAUD, Head of Global Funds Solutions, BNP Paribas Investment Partners, Paris

Members

Mr. Marnix ARICKX, Managing Director, BNP Paribas Investment Partners Belgium, Brussels (until 31 August 2014) Mr. Stéphane BRUNET, Chief Executive Officer, BNP Paribas Investment Partners Luxembourg, Hesperange Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mr. Guy de FROMENT, Director, Impax Group Plc., London Mr. Denis PANEL, Chief Executive Officer, THEAM S.A.S., Paris Mr. Bruno PIFFETEAU, Chief Operating Officer - Global Funds Solutions, BNP Paribas Investment Partners, Paris Mrs. Diane TERVER-AGAZZOTTI, Head of Business Development Services, THEAM S.A.S., Paris Mr. Christian VOLLE, Chairman of the “Fondation pour l’Art et la Recherche”, Paris

Company Secretary (non-member of the Board)

Mrs. Claire COLLET-LAMBERT, Head of Fund Legal Luxembourg, BNP Paribas Investment Partners Luxembourg, Hesperange

Management Company

BNP Paribas Investment Partners Luxembourg, 33 rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg BNP Paribas Investment Partners Luxembourg is a Management Company as defined by Chapter 15 of the Luxembourg amended Law of 17 December 2010 concerning undertakings for collective investment. The Management Company performs the administration, portfolio management and marketing duties.

NAV calculation

BNP Paribas Investment Partners Luxembourg, 33 rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg

Portfolio management is delegated to:

Effective investment managers

BNP Paribas Asset Management S.A.S., 1 boulevard Haussmann, F-75009 Paris, France BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom THEAM S.A.S., 1 boulevard Haussmann, F-75009 Paris, France

PARWORLD

Organisation

Non group management entity

Edmond de Rothschild Asset Management (UK) LIMITED (formerly Edmond de Rothschild Fund Management Ltd.), Orion House, 5 Upper St Martin’s Lane, London WC2H 9EA, United Kingdom (until 14 October 2013)

The Company may also seek advice from the following investment advisors:

La Compagnie Benjamin de Rothschild S.A., 29 route de Prés-Bois, CH-1217 Meyrin, Switzerland (until 14 October 2013)

FundQuest Advisor, 1 boulevard Haussmann, F-75009 Paris, France (until 14 October 2013)

Depositary, Paying Agent, Transfer Agent and Registrar

BNP Paribas Securities Services, Luxembourg Branch, 33 rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg

Guarantor for the sub-fund GLOBAL SUSTAINABLE DEVELOPMENT 80 (liquidated on 22 September 2014)

BNP PARIBAS S.A., 16 boulevard des Italiens, F-75009 Paris, France (until 22 September 2014)

Auditor

PricewaterhouseCoopers, Société coopérative, 400 route d’Esch, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg (until 19 October 2014)

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg (since 20 October 2014)

PARWORLD

Information

Establishment

PARWORLD is an open-ended investment company (société d’investissement à capital variable – abbreviated to SICAV), incorporated under Luxembourg law on 11 August 2000 for an indefinite period under the name “PARINDEX”. It was renamed “PARWORLD” on 16 August 2004.

The Company is currently governed by the provisions of Part I of the Law of 17 December 2010, as amended, governing undertakings for collective investment as well as by Directive 2009/65.

The minimum capital amounts to EUR 1 250 000 (one million two hundred and fifty thousand euros). The Company’s capital is at any time equal to the sum of the value of the net assets of the Company’s sub-funds and is constituted by shares with no face value.

Capital changes may be made by right and without the requirements relating to notice and recording in the Luxembourg Trade and Companies Register laid down for capital increases and reductions of public limited companies.

The Articles of Association of the Company were published in the Mémorial on 19 September 2000 under the number C 672 after having been filed with the clerk of the District Court of Luxembourg in Luxembourg, where they may be consulted. The Articles of Association have been modified at various times, most recently at the extraordinary general Meeting held on 22 May 2012, published on 24 May 2012. Copies of the updated Articles of Association may be obtained from the clerk of the District Court of Luxembourg in Luxembourg subject to payment of the registry fees.

The Company is registered in the Luxembourg Trade Register under the number B77 384.

Information to the Shareholders

The Articles of Association, the Prospectus, the KIIDs, and periodic reports may be consulted at the Company’s registered office and at the establishments responsible for the Company’s financial service. Copies of the Articles of Association and the annual and interim reports are available on request.

Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed appropriate by the Board of Directors in countries in which the Company publicly markets its shares.

Documents and information are also available on the website: www.bnpparibas-ip.com.

The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year.

The list of changes in the composition of the securities portfolio during the period is available free of charge from the Management Company headquarters.

As to net asset values and dividends, the Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered.

This information is also available on the website: www.bnpparibas-ip.com.

Net asset values are calculated every full bank business day in Luxembourg.

PARWORLD

Manager’s report

Context Much of the variation in economic data was due to the temporary shutdown of some US government offices and exceptionally cold weather in North America until the spring. Next came the geopolitical events that took place from the beginning of 2014 in Ukraine, and then in the Middle East. All these factors were reflected in the downward revisions to growth forecasts for 2014, while the economic situation appeared very mixed from one region to another. In short, there has been a little more visibility on global growth over the last six months, following the winter turbulence – though growth has been below expectations in a low inflation environment in which monetary policy remains highly accommodative. United States At the start of the period, fiscal policy was centre stage, and by October a congressional impasse had resulted in a temporary shutdown of some federal offices. Congress hastily reached a compromise, finally passed the budget for the financial year in progress and agreed on the debt ceiling. With budget considerations out of the way, attention turned to monetary policy and… weather reports. The exceptionally harsh winter caused a first quarter contraction in GDP, followed by a marked upturn in the second quarter. The various surveys indicated an acceleration in manufacturing activity during the summer. The PMI increased from 55.3 in June to 59 in August, its highest level since early 2011. In addition, this indicator suggested that services activity was growing at its strongest pace since mid-2005. The real estate sector also rebounded. Despite these clear signs of progress, other factors are less encouraging: consumer confidence is low, and despite the creation of 225,000 jobs every month since March and the fall in the unemployment rate to 6.1% in August, pay is rising at a very moderate level. According to Janet Yellen, this situation reflects the weakness of the labour market and is accompanied by an inflation rate that has now moved below the long-term target of 2%. Now that the economic environment is reasonably balanced, the Fed has been able to gradually reduce its asset purchases under its quantitative easing programme and to consider halting them after the end of October, while ensuring that key interest rates remain low for some time. The decisions will depend on the economic data and the outlook for growth and inflation, which provides greater flexibility but will need to be communicated as clearly as possible to avoid sudden adjustments in expectations. Europe While the PMI surveys showed regular increases to reach their highest level for three years in April 2014, growth has disappointed a number of times since, reflecting the difficulties of the eurozone to move beyond the weak growth registered since it came out of recession in mid-2013. GDP growth stagnated in the second quarter (after a disappointing 0.2% in the first quarter), and during the summer the PMI surveys declined to their lowest level since the start of 2014. Moreover, the differences between the eurozone's major economies re-entered the spotlight. Only the growth recorded in Spain and some of the smaller countries prevented a contraction in eurozone GDP in the spring, since activity had stagnated in France and declined in Germany and Italy (which was once again in recession). Fears over the situation in Ukraine and the consequences of the Russian embargo depressed investment and weighed on confidence. At this point, the deterioration of the surveys in Germany started to become somewhat worrying: the Ifo business climate index fell for five consecutive months, hitting its lowest level since April 2013 in September, while the “outlook” component fell below 100, its lowest level since December 2012. The weak rate of growth was reflected in the very low level of inflation. The CPI went from 1.1% in September 2013 to 0.3% a year later. Although part of the decrease related to energy products, this factor is worrying in that it may lead to deflationary expectations, which could further delay the recovery in activity. To avoid this, the ECB has introduced new measures to ease monetary policy (in addition to cuts in its key interest rates) in an attempt to boost lending to the private sector in particular, and continues to state that it will do more “if necessary”. Japan The Japanese economy continues to move forward under the “Abenomics” policies put in place by the government of Shinzo Abe after his re-election in late 2012. The effects of the fiscal stimulus measures, which bolstered the economy in the first half of 2013, proved short-lived, and GDP growth sagged in the second half, falling to zero by year-end. In 2014, growth differed markedly in the first and second quarters. Consumer spending ahead of the VAT rise on 1 April boosted activity, which subsequently plummeted. Manufacturing activity took off again during the summer. However, consumers remain more hesitant. The Japanese economy seems to be absorbing the shock of the VAT rise, but growth should settle below the level that preceded this move. Inflation rose to 3.4% in July (from 1.4% at the start of the year) partly as a result of the VAT rise, as well

PARWORLD

Manager’s report

as the depreciation of the yen in 2013, while pay is rising very slowly. The third arrow of Shinzo Abe's economic policy involves more structural elements that will not have an immediate effect. The Bank of Japan may have to take further measures to expand its balance sheet. After a period of stability between February and August, the yen began to lose value again pending a potential move in this direction. Emerging markets Throughout the period, economic data (GDP, industrial output, retail sales, investment) have been volatile and disappointing. The PMI surveys on the manufacturing sector sum up this situation: the emerging market composite index has barely changed over the last twelve months. While an improvement seemed to be taking place between April and July, it later fizzled out. The IMF has revised its projections downward and is now forecasting only 4.4% GDP growth in developing countries for 2014 and 5% in 2015. The Chinese economy has particularly caught the attention of international observers, which has led the central bank to inject liquidity into the banking system, although the authorities have not put in place anything more ambitious. In the past, they have limited themselves to a mini-stimulus, mainly involving budgetary measures. Nonetheless, the willingness of the monetary authorities to take action and the efforts made by the large emerging economies after the major shocks for a number of currencies in early 2014 (including the Brazilian real, Argentine peso, Indian rupee, Indonesian rupiah and Turkish lira) are starting to bear fruit and the more cyclical countries in Asia are seeing encouraging results. Monetary policy The European Central Bank (ECB) lowered its key interest rates in November (-25 bps for the main interest rate), June (-10 bps) and September (-10 bps), as a reaction to very low inflation and disappointing growth. Throughout the period under review, several statements confirmed its bias towards lower interest rates and fuelled expectations of further action, including unorthodox measures. The most important of these is undoubtedly the move to a negative deposit rate following the June meeting of the Governing Council. The ECB has added a new weapon to its arsenal: targeted longer-term refinancing operations (TLTROs), aimed at improving bank lending to the non-financial private sector (excluding loans to households for house purchase). Following these announcements, the ECB continued to fuel expectations of further easing of monetary policy, and Mario Draghi announced new measures on 4 September to support lending and prevent expectations of deflation taking hold. The refi rate was cut to 0.05%, the marginal lending facility to 0.30%, and the deposit rate to -0.20%. The ECB will also purchase asset-backed securities and covered bonds from October. These measures could return the ECB's balance sheet to the size it reached in 2012 (just over EUR 3 trillion, compared with EUR 2 trillion currently). The US Federal Reserve (Fed) chose to wait until its last meeting of 2013 to announce that it would trim its monthly purchases by USD 10 billion in January 2014. It has maintained this lower pace, and at the close of the September meeting, purchases were down to USD 15 billion (compared with USD 85 billion between end-2012 and end-2013). These purchases are set to stop in November. Once begun, this aspect of the normalisation of monetary policy was generally well received and definitely anticipated by the stakeholders. Expectations concerning the key interest rates raised greater concerns as the message seemed to fluctuate for a while, although Janet Yellen, the Fed's chief since February, has reiterated that the Fed funds target rate will not be increased for some time. While the Fed sees economic activity picking up (mainly in the manufacturing and real estate sectors), it considers that labour resources are still significantly underutilised, despite the recent improvement. From a technical point of view, the Fed plans to use the interest rate on excess reserves (IOER) and the reverse repo rate when the time comes to normalise key interest rates. This is unlikely to take place before mid-2015 at the earliest, given that the decision will depend on the economic data and outlook for activity and growth. Currency markets Until April, the EUR/USD parity (1.3533 at end-September 2013) stayed in the 1.34-1.39 range, with currency traders seemingly unwilling to take on board the ECB's highly accommodative message as they explicitly related euro appreciation to the risk of eurozone inflation remaining very low for a longer period than expected. More notice was taken of the ECB's comments from early May, when Mario Draghi stated that significant measures (including the move to a negative deposit rate) would be taken the following month. The difference in monetary policy on both sides of the Atlantic has unsurprisingly become the key driver of exchange rate movements. Similarly, there is a gap between growth rates in the United States and the eurozone, with a marked recovery in activity and encouraging surveys in the former, and stagnant GDP growth, an uninspiring outlook and very low inflation in the latter. Lastly, the increase in geopolitical risks is also likely to boost the dollar, which is

PARWORLD

Manager’s report

traditionally considered a safe haven currency. The dollar's rise against the euro accelerated in early September after the ECB's surprise cut in key interest rates and the FOMC meeting a little later in the month, when the Fed confirmed its intention to start increasing its interest rates in 2015. The EUR/USD exchange rate ended the period at 1.2621 (-6.7% in 12 months), the lowest level since September 2012. Meanwhile, the announcement of the end of quantitative easing in the United States triggered a marked fall in emerging market currencies against the dollar. At the start of the period, the USD/JPY parity (98.13 at end-September 2013) drifted sideways until the start of November, when it resumed its rise, closing out 2013 at 105 plus, its highest since October 2008. Stakeholders thought that the prospect of an economic slump following the VAT hike on 1 April 2014 would force the Bank of Japan to announce sudden major increases in the quantitative monetary targets set in April 2013. They were wrong. The BoJ contented itself, on the one hand, with minor adjustments to incentive mechanisms for bank lending, and on the other, stated that its medium-term inflation target (2%) seemed achievable. The exchange rate moved back towards 102 at the end of January, and stayed around that level until mid-August, when it rose sharply, to 109.70 at end-September 2014 (its highest since August 2008), an increase of 11.8% in 12 months. The sudden fall in the yen provoked different reactions: the minister of the economy regretted the strong fluctuations and said that the yen should reflect the state of the Japanese economy. According to the BoJ governor, the yen's current weakness is not a minus for the Japanese economy, which currency traders interpreted as an invitation to drive down its value further. However, Prime Minister Shinzo Abe is concerned about the consequences of the recent fall in the yen for the Japanese economy, which has stalled somewhat. Bond markets The yield on the 10-year Treasury note fluctuated within a broad range (2.50% – 3%) between September and the end of 2013, depending on economic indicators, expectations – and decisions – on monetary policy and changes in risk appetite. This range narrowed in early 2014 (2.60% – 2.80%), despite the gradual reduction in asset purchases by the Fed. Beginning in April 2014, the yield on the 10-year T-note fell steadily, to below 2.50% at the end of May. The Fed’s commitment to keeping its key interest rates near zero and the highly accommodative stance of the ECB played a role in this trend, as did a fall-back on less risky assets driven by geopolitical tensions (continued instability in Ukraine, turmoil in Iraq). June saw further fluctuations, and the resulting pressure on the yield pushed it back below 2.60% at the start of July. Subsequently, the factors that had played a part in the spring again caught investors' attention to the extent that the fall continued despite the economic data confirming a rebound in US activity: the 10-year yield moved from 2.65% on 3 July to below 2.35% in mid-August, the lowest level since June 2013. There was renewed tension on the 10-year T-note until 17 September, which took it to 2.62%. This movement reflected the solid economic data, disappointing auctions, and in particular, the expectations surrounding the FOMC meeting on 16-17 September. Some investors were waiting to see the phrase “considerable period” disappear from the official press release in reference to the amount of time that should elapse between the end of the T-note purchases and a hike in interest rates. As it turned out, the Fed left its press release broadly unchanged. Subsequently, the difficulties entailed by risky assets, related to the geopolitical context (intervention in Iraq, sanction threats from Russia) were reflected in a further fall in long-term yields, with the yield on the 10-year T-note ending the period at 2.49% (-12 bps in 12 months). The yield on the German 10-year Bund bumped along on the coattails of US long-term rates during the first three months. It then fell to such an extent that eurozone yields showed a greater contraction than their US counterparts: the German 10-year Bund went from 1.78% at the start of the period to 0.95% a year later (-83 bps), with the downward trend interrupted only briefly between mid-May and mid-June, at around 1.40%. The outperformance of European bonds was attributable to a number of factors. First, expectations of a fresh stimulus from the ECB (after the fall in key interest rates in November 2013) and the various statements made by Mario Draghi in June and September; second, disappointing growth and deterioration on the economic surveys throughout the summer, along with a slowdown in inflation; and third, the status of German bonds as a safe haven was key to the yield on the 10-year Bund falling below 1% in August (it reached a record low of 0.88% on 1 September). The peripheral markets outperformed by some distance, benefiting from the ECB's decisions and expectations that Mario Draghi would cross the Rubicon by opting to buy sovereign debt as part of its quantitative easing programme, which had hitherto been limited to purchases of asset-backed securities and covered bonds. The Italian 10-year yield (2.33%) declined by 210 bps, while the Spanish equivalent was down 216 bps (2.14%).

PARWORLD

Manager’s report

Equity markets The drama surrounding the budget before the US Congress, which led to the temporary closure of federal agencies during the first half of October, briefly spooked investors in the autumn, as did the announcement of tapering at the end of 2013. At the start of 2014, the geopolitical situation and concerns over the emerging economies sowed some doubt, sending the first warning signal to the financial markets, particularly regarding emerging assets (currencies as well as equities). While investors rapidly repositioned themselves into risky assets at the start of February, stock market performances were conditioned by geopolitical factors and the considerations on liquidity provided by the central banks until the end of the period. The events in Ukraine and the renewed turmoil in Gaza weighed on equities in April and again in midsummer, while the reassuring messages from central bankers helped the markets to bounce back strongly in May and June. In August and early September, investors welcomed Mario Draghi's commitment to further ease monetary policy in the eurozone. Towards the end of the period under review, geopolitical events were once again the focus of investors' concerns, especially the military intervention in Iraq and Syria against Islamic State. While investors remain convinced, and rightly so, that global liquidity will continue to be abundant next year, the Fed's quantitative easing programme is coming to an end and it is likely that interest rates will rise gradually in 2015. Concern over the post-QE era, despite the precautions taken by Janet Yellen, is contributing to a withdrawal from risky assets (global equities, emerging market assets, high-yield bonds) and a rise in the dollar. There have been several spikes in volatility, reflecting nervousness on the part of investors, while hopes of an acceleration in global activity have been dampened. Corporate earnings have been fairly buoyant in the United States, but not in the eurozone, and financial transactions (mergers and acquisitions, IPOs) have boosted share prices. In local currencies, the Euro Stoxx 50 gained 11.5% – close to the performance of the Japanese indices (+11.9% for the Nikkei 225). The US markets surpassed this, with a rise of 17.3% on the S&P 500, which hit a number of record highs, occasionally breaking through 2,010 points before the end of September. In dollar terms, the MSCI AC World index gained 9.1% in 12 months, while the MSCI Emerging index inched up just 1.8%.

The Board of Directors

Luxembourg, 04 November 2014

Note: The information stated in this report is historical and not necessarily indicative of future performance.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518

Audit report

To the Shareholders of PARWORLD Following our appointment by the General Meeting of the Shareholders of the SICAV dated January 15, 2014, we have audited the accompanying financial statements of PARWORLD and of each of its sub-funds, which comprise the statement of net assets and the securities portfolio as at September 30, 2014 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the SICAV for the financial statements

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

Responsibility of the “Réviseur d’entreprises agréé”

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

weOpinion

In our opinion, the financial statements give a true and fair view of the financial position of PARWORLD and ofeach of its sub-funds as of September 30, 2014, and of the results of their operations and changes in their netassets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to thepreparation of the financial statements.

Emphasis of matter

We draw your attention to note 2 c) to the financial statements relating to valuation of the European Asset-Backed Securities (the "European ABS") held by PARWORLD EURO SHORT TERM FIXED NCOME. Thisnote explains that in the absence of a liquid market, European ABS held by this sub-fund were purchased andvalued at the closing date on a mark-to-model basis. These securities were accounted for 32.17o/o of the netassets of PARWORLD EURO SHORT TERM FIXED INCOME as at September 30, 2014. Our opinion is notqualified in respect of this matter.

Other matters

Supplementary information included in the annual report has been reviewed in the context of our mandate buthas not been subject to specific audit procedures carried out in accordance with the standards described above.Consequently, we express no opinion on such information. However, we have no observation to makeconcerning such information in the context of the financial statements taken as a whole.

Soci6t6 coop6rative Luxembourg, 29 January 2015

Poge 12

PARWORLD

Financial statements at 30/09/2014

The accompanying notes form an integral part of these financial statements

BETA DERIVATIVES

FUND

CHAMPIONS - EUROPA

CHAMPIONS - MONDO PMI

Expressed in

Notes

EUR EUR EUR

Statement of net assets

Assets 46 133 680 223 519 707 136 491 919Securities portfolio at cost price 25 542 125 169 546 417 103 902 711Unrealised gain / (loss) on securities portfolio

(813 477) 3 590 213 1 310 186

Securities portfolio at market value 2 24 728 648 173 136 630 105 212 897Options bought at market value 2, 10 - - -Unrealised gain on financial instruments 2, 8, 9, 11, 12, 13 - 1 256 650 167 144Cash at banks and time deposits 21 405 032 43 339 753 27 198 516Placement fees 2 - 5 718 643 3 821 926Other assets - 68 031 91 436

Liabilities 2 674 519 76 964 140 424Options written at market value 2, 10 415 495 - -Bank overdrafts - - -Unrealised loss on financial instruments 2, 8, 9, 11, 12, 13 2 220 378 - -Other liabilities 38 646 76 964 140 424

Net asset value 43 459 161 223 442 743 136 351 495

Statement of operations and changes in net assets

Income on investments and assets 18 503 1 108 296 357 157Management fees 4 251 245 692 864 371 020Bank interest 1 115 1 077 1 616Bank fees 87 612 12 034 4 519Other fees 6 100 932 779 995 259 983Taxes 3 10 576 79 639 31 691Performance fees 5 - - -Distribution fees - - -

Total expenses 451 480 1 565 609 668 829

Net result from investments (432 977) (457 313) (311 672)

Net realised result on: Investments securities 17 625 55 166 11 780Financial instruments 28 333 386 6 785 879 539 414

Net realised result 27 918 034 6 383 732 239 522

Movement on net unrealised gain / (loss) on:

Investments securities (670 705) 3 590 213 1 310 186Financial instruments (2 688 462) 1 256 650 167 144

Change in net assets due to operations

24 558 867 11 230 595 1 716 852

Net subscriptions / (redemptions) (14 646 233) 212 212 148 134 634 643

Increase / (Decrease) in net assets during the year / period

9 912 634 223 442 743 136 351 495

Net assets at the beginning of the financial year / period

33 546 527 - -

Reevaluation of opening consolidated NAV

- - -

Net assets at the end of the financial year / period

43 459 161 223 442 743 136 351 495

PARWORLD




EURO SHORT TERM FIXED

INCOME

FLEXIBLE TRACKER

ALLOCATION

GLOBAL SUSTAINABLE

DEVELOPMENT 80

MULTI-STRATEGY HIGH VOL

QUAM 12

EUR EUR EUR EUR EUR EUR

255 417 425 349 074 671 35 060 106 - 208 775 014 -209 311 672 346 054 448 33 078 301 - 167 232 698 -

(7 070) (1 620 668) 1 383 724 - (126 202) -

209 304 602 344 433 780 34 462 025 - 167 106 496 -- - - - 6 583 828 -

104 024 - - - 1 491 373 -39 729 500 4 394 479 598 081 - 33 583 175 -6 249 574 - - - - -

29 725 246 412 - - 10 142 -46 568 510 62 288 270 765 - 6 406 794 -

- - - - 6 215 461 -46 489 565 - - - - -

- - 132 386 - - -78 945 62 288 138 379 - 191 333 -

208 848 915 349 012 383 34 789 341 - 202 368 220 -

6 518 1 195 225 249 034 4 698 516 544 5 09259 972 56 162 259 507 118 476 1 824 689 6 844

1 344 4 397 19 877 527490 - - 32 477 279 -

47 358 186 701 126 118 4 314 733 034 1 54618 749 71 645 13 266 1 913 49 436 170

- - 108 277 - - 40- - 15 659 - - -

126 570 314 852 522 831 125 132 3 104 315 9 127(120 052) 880 373 (273 797) (120 434) (2 587 771) (4 035)

25 126 300 172 895 581 430 853 4 006 370 211 965

(96 461) - (167 485) 15 763 (3 516 174) 32 129(191 387) 1 180 545 454 299 326 182 (2 097 575) 240 059

(7 070) (296 932) 714 383 (268 619) 174 563 (189 098)104 024 - (223 418) 2 040 (5 312 412) (51 755)(94 433) 883 613 945 264 59 603 (7 235 424) (794)

208 943 348 (30 659 079) (26 083 056) (7 287 989) (65 299 729) (16 205 787)208 848 915 (29 775 466) (25 137 792) (7 228 386) (72 535 153) (16 206 581)

- 378 787 849 59 927 133 7 228 386 274 903 373 16 206 581

- - - - - -

208 848 915 349 012 383 34 789 341 - 202 368 220 -

PARWORLD



QUANT COMMODITIES

QUANT EQUITY EURO

COVERED

QUANT EQUITY EUROPE GURU

Expressed in

Notes

USD EUR EUR


Assets - - 299 519 143Securities portfolio at cost price - - 281 292 659Unrealised gain / (loss) on securities portfolio

- - 7 699 815

Securities portfolio at market value 2 - - 288 992 474Options bought at market value 2, 10 - - -Unrealised gain on financial instruments 2, 8, 9, 11, 12, 13 - - 2 595 187Cash at banks and time deposits - - 7 931 482Placement fees 2 - - -Other assets - - -

Liabilities - - 368 777Options written at market value 2, 10 - - -Bank overdrafts - - -Unrealised loss on financial instruments 2, 8, 9, 11, 12, 13 - - -Other liabilities - - 368 777

Net asset value - - 299 150 366


Income on investments and assets - 2 119 918Management fees 4 2 245 8 190 1 648 455Bank interest - - 191Bank fees - - -Other fees 6 1 040 4 766 550 925Taxes 3 44 276 85 923Performance fees 5 - - -Distribution fees - - 22

Total expenses 3 329 13 232 2 285 516

Net result from investments (3 329) (11 113) (2 284 598)

Net realised result on: Investments securities 346 450 410 983 9 640 763Financial instruments (694 206) (72 301) 4 338 404

Net realised result (351 085) 327 569 11 694 569


Investments securities (215 999) (178 741) 4 907 664Financial instruments 496 451 51 654 1 757 482


(70 633) 200 482 18 359 715

Net subscriptions / (redemptions) (1 608 835) (2 436 875) 241 297 390


(1 679 468) (2 236 393) 259 657 105


1 679 468 2 236 393 39 493 261


- - -


- - 299 150 366

PARWORLD



QUANT EQUITY WORLD GURU

QUANT RAW MATERIALS

QUANTITATIVE FIXED INCOME

TRACK CONTINENTAL

EUROPE

TRACK EMERGING MARKETS


BOND

USD USD EUR EUR USD USD

239 597 739 - 22 261 686 87 336 769 421 777 260 120 021 330221 032 138 - 21 746 370 81 205 078 442 424 505 116 694 266(8 754 428) - (225 686) 4 962 589 (20 968 293) 1 217 165

212 277 710 - 21 520 684 86 167 667 421 456 212 117 911 431- - - - - -

21 165 650 - - 4 280 - -6 154 379 - 565 289 1 160 567 173 270 464 753

- - - - - -- - 175 713 4 255 147 778 1 645 146

293 125 - 241 834 10 953 44 913 12 475- - - - - -

129 720 - - - - -- - 224 086 - - -

163 405 - 17 748 10 953 44 913 12 475239 304 614 - 22 019 852 87 325 816 421 732 347 120 008 855

73 047 - 408 021 2 155 581 342 944 9 046 261439 433 2 284 128 001 81 485 64 292 14 527

1 153 - 415 217 8 740 122- - 9 037 920 - -

240 555 1 058 51 469 72 520 367 938 123 01623 679 44 4 992 13 589 71 497 23 502

- - 3 399 - - -- - - 840 - -

704 820 3 386 197 313 169 571 512 467 161 167(631 773) (3 386) 210 708 1 986 010 (169 523) 8 885 094

1 827 513 314 751 20 494 2 227 065 (134 634) (3 804 379)

(19 568 600) (455 734) 321 120 407 018 50 036 899 111(18 372 860) (144 369) 552 322 4 620 093 49 732 742 5 080 826

(9 199 633) (191 840) (288 157) 7 346 401 (20 968 293) 8 322 93621 768 954 279 076 (18 896) 2 140 (11 129 767) -(5 803 539) (57 133) 245 269 11 968 634 17 634 682 13 403 762

240 588 360 (1 647 379) (5 627 162) (46 590 762) (55 902 357) (101 603 857)234 784 821 (1 704 512) (5 381 893) (34 622 128) (38 267 675) (88 200 095)

4 519 793 1 704 512 27 401 745 121 947 944 460 000 022 208 208 950

- - - - - -

239 304 614 - 22 019 852 87 325 816 421 732 347 120 008 855

PARWORLD



TRACK EMU TRACK EMU

GOVERNMENT BOND

TRACK EMU GOVERNMENT

BOND 1-3 YEARS

Expressed in

Notes

EUR EUR EUR



7 025 147 6 718 638 (246 632)

Securities portfolio at market value 2 77 832 005 170 148 577 91 783 919Options bought at market value 2, 10 - - -Unrealised gain on financial instruments 2, 8, 9, 11, 12, 13 2 910 - -Cash at banks and time deposits 1 343 164 234 130 264 187Placement fees 2 - - -Other assets 4 897 2 519 780 1 080 467

Liabilities 8 147 16 355 9 811Options written at market value 2, 10 - - -Bank overdrafts - - -Unrealised loss on financial instruments 2, 8, 9, 10, 11, 12, 13 - - -Other liabilities 8 147 16 355 9 811

Net asset value 79 174 829 172 886 132 93 118 762


Income on investments and assets 1 619 790 4 421 437 1 020 325Management fees 4 39 200 63 675 -Bank interest 291 139 525Bank fees 527 - -Other fees 6 42 907 92 559 31 638Taxes 3 8 751 17 683 7 738Performance fees 5 - - -Distribution fees - - -

Total expenses 91 676 174 056 39 901

Net result from investments 1 528 114 4 247 381 980 424

Net realised result on: Investments securities 2 167 135 2 612 082 (125 007)Financial instruments 168 287 - -

Net realised result 3 863 536 6 859 463 855 417


Investments securities 2 548 771 6 664 273 (246 632)Financial instruments 2 830 - -


6 415 137 13 523 736 608 785

Net subscriptions / (redemptions) 31 955 051 63 749 841 92 509 977


38 370 188 77 273 577 93 118 762


40 804 641 95 612 555 -


- - -


79 174 829 172 886 132 93 118 762

PARWORLD



TRACK EURO CORPORATE

BOND

TRACK EURO INFLATION

LINKED BOND TRACK EUROPE

TRACK EUROPE SMALL CAP

TRACK FTSE EDHEC-RISK EFFICIENT EUROBLOC

TRACK GLOBAL GOVERNMENT BOND EX EMU

EUR EUR EUR EUR EUR EUR

299 172 470 186 463 064 335 169 682 49 232 321 - 5 843 360288 460 023 179 756 093 291 575 928 43 135 033 - 5 499 559

5 985 282 6 073 696 41 395 324 6 034 383 - 292 946

294 445 305 185 829 789 332 971 252 49 169 416 - 5 792 505- - - - - -- - - - - -

270 392 89 304 1 892 776 - - 17 924- - - - - -

4 456 773 543 971 305 654 62 905 - 32 93130 517 19 245 69 646 48 302 - 636

- - - - - -- - - 43 268 - -- - 35 360 - - -

30 517 19 245 34 286 5 034 - 636299 141 953 186 443 819 335 100 036 49 184 019 - 5 842 724

9 243 629 2 593 395 10 575 102 1 086 799 30 215 182 6298 117 8 011 45 674 230 5 642 5 074

121 148 874 1 463 9 179- - 94 723 - 13 -

255 196 159 548 263 821 42 384 4 513 4 93048 387 30 032 50 880 7 835 325 1 057

- - - - - -- - - - - -

311 821 197 739 455 972 51 912 10 502 11 2408 931 808 2 395 656 10 119 130 1 034 887 19 713 171 389

3 302 537 951 338 11 150 803 4 582 256 2 601 107 40 976

- - 1 208 456 4 622 1 630 6 77612 234 345 3 346 994 22 478 389 5 621 765 2 622 450 219 141

6 530 888 6 945 839 19 060 849 198 340 (2 058 228) 410 047- - (17 270) - - -

18 765 233 10 292 833 41 521 968 5 820 105 564 222 629 188(45 089 667) (11 629 919) (21 881 978) (9 817 311) (19 338 312) 3 232 652(26 324 434) (1 337 086) 19 639 990 (3 997 206) (18 774 090) 3 861 840

325 466 387 187 780 905 315 460 046 53 181 225 18 774 090 1 980 884

- - - - - -

299 141 953 186 443 819 335 100 036 49 184 019 - 5 842 724

PARWORLD



TRACK JAPAN TRACK NORTH

AMERICA

TRACK PACIFIC EX

JAPAN

Expressed in

Notes

EUR EUR EUR



22 413 692 37 439 691 3 078 944

Securities portfolio at market value 2 196 394 899 165 543 953 51 286 711Options bought at market value 2, 10 - - -Unrealised gain on financial instruments 2, 8, 9, 11, 12, 13 66 897 - -Cash at banks and time deposits 3 863 831 2 688 283 475 058Placement fees 2 - - -Other assets 1 252 048 162 781 290 447

Liabilities 20 573 59 472 32 114Options written at market value 2, 10 - - -Bank overdrafts - - -Unrealised loss on financial instruments 2, 8, 9, 10, 11, 12, 13 - 32 199 26 166Other liabilities 20 573 27 273 5 948

Net asset value 201 557 102 168 335 545 52 020 102


Income on investments and assets 3 516 835 2 421 890 2 054 743Management fees 4 112 523 142 904 31 794Bank interest 277 606 309Bank fees 13 058 3 575 583Other fees 6 161 530 148 715 36 759Taxes 3 31 145 29 974 6 997Performance fees 5 - - -Distribution fees - - -

Total expenses 318 533 325 774 76 442

Net result from investments 3 198 302 2 096 116 1 978 301

Net realised result on: Investments securities 2 467 719 13 519 390 84 909Financial instruments (183 861) 686 143 2 166

Net realised result 5 482 160 16 301 649 2 065 376


Investments securities 7 404 825 21 842 953 1 884 001Financial instruments 81 751 (3 656) (20 985)


12 968 736 38 140 946 3 928 392

Net subscriptions / (redemptions) (2 758) 12 554 338 (311 436)


12 965 978 50 695 284 3 616 956


188 591 124 117 640 261 48 403 146


- - -


201 557 102 168 335 545 52 020 102

PARWORLD



TRACK UK TRACK WORLD CONSOLIDATED

EUR USD EUR

16 086 931 37 167 682 3 970 779 485 13 942 616 35 730 843 3 583 701 608 1 652 434 1 379 968 132 544 111

15 595 050 37 110 811 3 716 245 719 - - 6 583 828 - - 22 443 383

448 515 - 196 870 364 - - 15 790 143

43 366 56 871 12 846 048 29 094 23 255 57 461 618

- - 6 630 956 - 19 434 46 650 905

11 178 - 2 681 753 17 916 3 821 1 498 004

16 057 837 37 144 427 3 913 317 867

753 907 719 852 53 608 647 71 341 3 439 6 457 655

374 1 501 40 212 71 - 704 473

45 345 28 037 4 812 431 8 824 5 561 729 911

- - 111 716 2 091 - 18 612

128 046 38 538 12 875 010 625 861 681 314 40 733 637

675 504 913 913 61 860 080 19 694 259 007 62 248 400

1 321 059 1 854 234 164 842 117

626 810 1 377 654 71 431 851 (11 178) (110 020) 4 026 580

1 936 691 3 121 868 240 300 548 (5 723 465) 29 725 715 759 179 934 (3 786 774) 32 847 583 999 480 483

19 844 611 4 296 844 2 877 867 159

- - 35 970 225

16 057 837 37 144 427 3 913 317 867

PARWORLD

Key figures relating to the last 3 years


BETA DERIVATIVES FUND EUR EUR EUR Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 27 309 378 33 546 527 43 459 161

Net asset value per share Share "Classic-Capitalisation" 125.02 160.68 245.63 24.186

Share "I-Capitalisation" 142 917.73 182 372.77 280 039.77 104.968

Share "I Plus-Capitalisation" 125 084.07 160 743.25 248 560.81 56.557

Share "Privilege-Capitalisation" - - 151.22 1.000

CHAMPIONS - EUROPA EUR EUR EUR Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets - - 223 442 743

Net asset value per share Share "K-Capitalisation" - - 105.14 2 125 110.940

CHAMPIONS - MONDO PMI EUR EUR EUR Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets - - 136 351 495


CHAMPIONS - MONDO PMI 2 EUR EUR EUR Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets - - 208 848 915


EURO SHORT TERM FIXED INCOME

EUR EUR EUR Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 875 320 018 378 787 849 349 012 383

Net asset value per share Share "I-Capitalisation" 103 727.05 103 953.87 104 224.05 1 406.063

Share "X-Capitalisation" 102.00 - 100.15 2 021 475.011

PARWORLD



FLEXIBLE TRACKER ALLOCATION


30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 69 152 284 59 927 133 34 789 341

Net asset value per share Share "Classic-Capitalisation" 102.77 103.20 105.76 65 624.996


Share "N-Capitalisation" 99.92 99.68 101.49 18 074.212

Share "Privilege-Capitalisation" 99.95 101.67 105.29 36 931.534

GLOBAL SUSTAINABLE EUR EUR EUR Number of shares

DEVELOPMENT 80 30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 9 690 965 7 228 386 -

Net asset value per share Share "Classic-Capitalisation" 92.26 92.33 - -



30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 259 627 773 274 903 373 202 368 220

Net asset value per share

Share "Classic-Capitalisation" 99.38 93.66 91.66 1.000

Share "I-Capitalisation" 99 953.46 93 609.40 91 056.27 2 181.774

Share "I Plus-Capitalisation" 99 687.05 94 047.34 92 123.19 39.160


Share "X-Capitalisation" 103 650.23 98 035.89 96 274.07 1.000

QUAM 12 EUR EUR EUR Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 21 977 678 16 206 581 -


Share "Privilege-Capitalisation" 796.44 846.53 - -

QUANT COMMODITIES USD USD USD Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 2 108 590 1 679 468 -


Share "I-Capitalisation" 105 418.97 83 449.65 - -

PARWORLD



QUANT EQUITY EURO COVERED


30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 1 987 859 2 236 393 -



Share "Privilege-Capitalisation" - 105.74 - -



30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 1 996 129 39 493 261 299 150 366

Net asset value per share Share "Classic-Capitalisation" 99.82 120.16 141.89 1 413 704.405

Share "Classic-Distribution" - - 105.04 27 711.980


Share "N-Capitalisation" - - 110.70 135.000

Share "Privilege-Capitalisation" - - 115.29 14 801.000

Share "X-Capitalisation" - - 111.45 389 337.782


USD USD USD Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 2 109 669 4 519 793 239 304 614


Share "Classic-Capitalisation" 105.53 131.95 150.79 368 619.512

Share "Classic-Distribution" - - 102.59 22 404.575

Share "Classic RH EUR-Capitalisation" - - 97.57 5 000.000


Share "N-Capitalisation" - - 108.82 1.000

Share "Privilege-Capitalisation" - - 108.34 15 390.249

Share "X-Capitalisation" - - 108.91 1 229 945.665

QUANT RAW MATERIALS USD USD USD Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 2 139 119 1 704 512 -


Share "Classic-Capitalisation" 107.04 84.36 - -


PARWORLD





30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 33 249 951 27 401 745 22 019 852




TRACK CONTINENTAL EUROPE


30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 96 020 540 121 947 944 87 325 816




Share "N-Capitalisation" 107.62 128.49 143.50 637.445

Share "Privilege-Capitalisation" 582.34 705.79 799.08 58.388




30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 178 941 628 460 000 022 421 732 347





Share "X-Capitalisation" 89 363.54 89 339.00 92 505.95 4 200.596

TRACK EMERGING MARKETS BOND


30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 90 942 604 208 208 950 120 008 855




Share "I Plus-Capitalisation" 114 772.83 - - -



PARWORLD



TRACK EMU EUR EUR EUR Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 32 091 451 40 804 641 79 174 829





TRACK EMU GOVERNMENT BOND


30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 19 057 920 95 612 555 172 886 132






TRACK EMU GOVERNMENT EUR EUR EUR Number of shares

BOND 1-3 YEARS 30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets - - 93 118 762


Share "Classic-Capitalisation" - - 101.44 1.000

Share "I-Capitalisation" - - 101 440.00 0.001

Share "X-Capitalisation" - - 101.09 921 125.012

TRACK EURO CORPORATE BOND


30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 173 925 069 325 466 387 299 141 953






PARWORLD



TRACK EURO INFLATION EUR EUR EUR Number of shares

LINKED BOND 30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 109 935 721 187 780 905 186 443 819






TRACK EUROPE EUR EUR EUR Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 181 753 581 315 460 046 335 100 036






TRACK EUROPE SMALL CAP EUR EUR EUR Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 36 672 117 53 181 225 49 184 019

Net asset value per share Share "I-Capitalisation" 106 235.00 134 823.00 151 074.14 0.343



TRACK FTSE EDHEC-RISK EUR EUR EUR Number of shares EFFICIENT EUROBLOC

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 15 226 286 18 774 090 -

Net asset value per share Share "I-Capitalisation" 88 165.34 108 707.38 - -


TRACK GLOBAL EUR EUR EUR Number of shares

GOVERNMENT BOND EX EMU 30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 2 529 632 1 980 884 5 842 724

Net asset value per share Share "I-Capitalisation" 114 954.00 98 770.00 104 459.07 55.657



PARWORLD



TRACK JAPAN EUR EUR EUR Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 125 383 739 188 591 124 201 557 102


Share "I-Capitalisation" 74 673.76 93 000.55 100 062.47 1 153.851




TRACK NORTH AMERICA EUR EUR EUR Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 241 597 174 117 640 261 168 335 545




Share "Privilege-Capitalisation" 841.24 934.36 1 175.10 2 834.750


TRACK PACIFIC EX JAPAN EUR EUR EUR Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 33 668 836 48 403 146 52 020 102





Share "Privilege-Capitalisation" 1 180.43 1 245.69 1 346.77 263.581


PARWORLD



TRACK UK EUR EUR EUR Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 31 626 181 19 844 611 16 057 837





Share "N-Capitalisation" 98.70 107.47 119.98 2 138.076



TRACK WORLD USD USD USD Number of shares

30/09/2012 30/09/2013 30/09/2014 30/09/2014

Net Assets 4 399 860 4 296 844 37 144 427






PARWORLD BETA DERIVATIVES FUND



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Money Market Instruments

21 189 070

48.74

Italy 14 188 318

32.64

13 800 000

REPUBLIC OF ITALY 13/03/2015 ZC EUR 13 788 326

31.72

400 000

REPUBLIC OF ITALY 31/10/2014 ZC EUR 399 992

0.92

France 7 000 752

16.10

2 000 000

FRANCE - EMPRUNT D'ETAT - BTF 18/02/2015 ZC EUR 2 000 311

4.60

3 000 000 FRANCE - EMPRUNT D'ETAT - BTF 20/11/2014 ZC EUR 3 000 208 6.90


Shares/Units in investment funds 3 539 578 8.15

France 3 539 578 8.15

94.0780 KLEBER EONIA PRIME FCP EUR 950 727 2.19

5 598.0000 THEAM EURO LONG VOL - I EUR 2 588 851 5.96

Total securities portfolio 24 728 648 56.89

PARWORLD CHAMPIONS - EUROPA



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market

91 050 990

40.74

Bonds 91 050 990

40.74

Italy 91 050 990

40.74

31 000 000

BANCA NAZIONALE DEL LAVORO FLR 13-28/01/2019 EUR 31 540 009

14.12

48 800 000

REPUBLIC OF ITALY 2.350% 08-15/09/2019 EUR 59 510 981

26.62

Shares/Units in investment funds

82 085 640 36.75

Luxembourg 42 913 194 19.21

90 223.9010 PARVEST EQUITY BEST SELECTION EURO - I CAP EUR 42 913 194 19.21

France 39 172 446 17.54

49.0000 BNP PARIBAS MONEY 3 M IC EUR 1 138 135 0.51

1 775.3030 KLEBER EONIA PRIME FCP EUR 17 940 733 8.03

9 913.0620 THEAM I KGE B1 O FCP EUR 10 046 591 4.50



PARWORLD CHAMPIONS - MONDO PMI



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


47 625 504

34.93

Bonds 47 625 504

34.93

Italy 47 625 504

34.93

18 900 000

BANCA NAZIONALE DEL LAVORO FLR 13-28/01/2019 EUR 19 229 232

14.10

24 600 000


20.83


57 587 393 42.23

Luxembourg 33 985 880 24.92

47 542.8570 PARVEST EQUITIES EUROPE MID CAP IC EUR 8 404 151 6.16

38 515.8550 PARVEST EQUITIES EUROPE SMALL CAP IC EUR 6 073 180 4.45

48 987.0000 PARVEST EQUITY JAPAN SMALL CAP-I JPY 2 924 962 2.15

114 954.0000 PARVEST EQUITY USA SMALL CAP USD 16 583 587 12.16

France 23 601 513 17.31

45.0000 BNP PARIBAS MONEY 3 M IC EUR 1 045 226 0.77

1 028.7990 KLEBER EONIA PRIME FCP EUR 10 396 765 7.62

6 051.9040 THEAM F IGE 2 PART O EUR 6 080 045 4.46



PARWORLD CHAMPIONS - MONDO PMI 2



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


28 231 131

13.51

Bonds 28 231 131

13.51

Italy 28 231 131

13.51

23 150 000


13.51


181 073 471

86.71

France 117 002 183 56.02

4 044.0000 BNP PARIBAS MONEY 3 M IC EUR 93 930 959 44.97

402.7460 KLEBER EONIA PRIME FCP EUR 4 070 042 1.95

9 375.0300 THEAM F IGE 1 PART A EUR 9 500 562 4.55



Luxembourg 64 071 288 30.69

62 744.0000 PARVEST EQUITIES EUROPE MID CAP IC EUR 11 091 257 5.31

50 731.0000 PARVEST EQUITIES EUROPE SMALL CAP IC EUR 7 999 264 3.83

192.0760 PARWORLD EURO SHORT TERM FIXED INCOME I EUR 20 018 939 9.59

59 311.0000 PARVEST EQUITY JAPAN SMALL CAP-I JPY 3 541 397 1.70

148 482.0000 PARVEST EQUITY USA SMALL CAP USD 21 420 431 10.26


PARWORLD EURO SHORT TERM FIXED INCOME



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


112 316 446

32.17

Bonds 112 316 446

32.17*

Spain 99 004 711

28.36*

10 675 155

FONDO MBS BANCAJA FLR 06-26/12/2043 EUR 10 500 321

3.01*

8 947 993

FONDO RURAL HIP FLR 07-17/02/2050 EUR 8 823 159

2.53*

4 585 737

FONDO SABADELL5 FLR 06-31/03/2039 EUR 4 578 561

1.31*

6 368 547 FONDO TDA 20-MIXTO FLR 04-26/04/2036 EUR 6 187 871 1.77*

7 917 496 FONDO TDA CAM 3 FLR 04-26/04/2033 EUR 7 818 432 2.24*

27 019 021 FONDO TDA CAM 8 FLR 07-26/02/2049 EUR 25 586 356 7.33*

1 137 311 FONDO TIT TDA CAM 2 FLR 03-26/10/2032 EUR 1 124 186 0.32*

34 390 270 FONDO UCI 14 FLR 05-20/06/2043 EUR 33 985 382 9.74*

402 472 PYME VALANCIA FLR 07-23/03/2040 EUR 400 443 0.11*

Netherlands 12 985 314 3.72*

13 719 298 MESDAG (CHARLIE) A FLR 07-25/01/2020 EUR 12 985 314 3.72*

Italy 326 421 0.09*

327 739 ATLANTE FINANCE FLR 06-28/07/2047 EUR 326 421 0.09*

Money Market Instruments 201 225 105 57.67

France 171 218 820 49.07

15 000 000 B.F.C.M 11/06/2015 OIS +0.42 EUR 15 022 004 4.30

10 000 000 BARCLAYS BANK PLC 30/06/2015 OIS +0.39 EUR 10 012 281 2.87

10 000 000

BNP PARIBAS 01/10/2015 EONIA +0.34 EUR 10 000 000

2.87

16 000 000

BNP PARIBAS 11/06/2015 OIS +0.42 EUR 16 023 472

4.60

15 000 000 BPCE 11/06/2015 OIS +0.425 EUR 15 022 533 4.30

15 000 000 CAISSE CENTRALE DU CREDIT MUTUEL 11/06/2015 OIS +0.42 EUR 15 022 004 4.30

15 000 000 CIC 11/06/2015 OIS +0.42 EUR 15 022 004 4.30

15 000 000 CREDIT AGRICOLE 11/06/2015 OIS +0.45 EUR 15 025 179 4.31

15 000 000 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK NY 11/06/2015 OIS +0.45

EUR 15 025 179 4.31

15 000 000 CREDIT LYONNAIS 01/06/2015 OIS +0.45 EUR 15 025 043 4.31

15 000 000 NATIXIS BANQUE 11/06/2015 OIS+0.4 EUR 15 022 533 4.30

15 000 000 SCHNEIDER ELECTRIC 15/12/2014 ZC EUR 14 996 588 4.30

Netherlands 15 015 732 4.30

15 000 000 ING BANK 04/08/2015 OIS +0.38 EUR 15 015 732 4.30

Belgium 14 990 553 4.30

15 000 000 LVMH FINANCE 16/03/2015 ZC EUR 14 990 553 4.30


France 30 892 229 8.85

1 330.0000 BNP PARIBAS MONEY 3 M IC EUR 30 892 229 8.85


*Please refer to note 2 C)

PARWORLD FLEXIBLE TRACKER ALLOCATION



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


34 462 025

99.06

France 17 607 752

50.60

968.3220

BNP PARIBAS CASH INVEST P EUR 2 231 353

6.41

1 039.9300

BNP PARIBAS MONEY PRIME EURO - C EUR 1 239 947

3.56

50 251.0000

EASYETF EURO STOXX 50 - B1 CAP EUR 2 275 868

6.54

7 896.0000

EASYETF TOPIX - CAP EUR EUR 814 788

2.34

280.8700

KLEBER EONIA PRIME FCP EUR 2 838 396

8.16

2 000.0000 LYXOR ETF DAILY XZ SHORT BUND EUR 98 520 0.28

38 000.0000 LYXOR ETF EURO CASH EUR 4 065 354 11.69

1 000.0000 LYXOR ETF JAPAN TOPIX FCP EUR 94 670 0.27

280 000.0000 LYXOR ETF MSCI EMERGING MARKETS - A EUR 2 301 040 6.61

1 000.0000 LYXOR UCITS DD SHORT US TREASURY 10 Y EUR 73 060 0.21

7 000.0000 S&P500 THEAM EASY UCITS ETF EUR 553 006 1.59

25 000.0000 STOXX EUR 600 THEAM EASY .C EUR 1 021 750 2.94

Ireland 13 779 475 39.61

22 000.0000 ISHARES BG EURO BOND EUR 2 811 160 8.08

24 000.0000 ISHARES MARKIT IBOXX EURO CORP BOND EUR 3 211 440 9.23

15 000.0000 ISHARES MSCI JPN MONTH EU HD EUR 588 675 1.69

16 000.0000 ISHARES S&P 500 INDEX FUND EUR 250 720 0.72

75 000.0000 ISHARES S&P 500 MONTHLY EUR EUR 3 350 250 9.63

13 500.0000 MARKIT IBOXX EURO HIGH YIELD EUR 1 449 900 4.17

2 000.0000 PIMCO EURO SHORT MATURITY SOURCE ETF EUR 203 820 0.59

17 000.0000 SPDR BARCL.EM.MK.LOC.UCITS ETF EUR 1 173 170 3.37

9 000.0000 PIMCO SHORT TERM HIGH YIELD CORPORATE BOND USD 740 340 2.13

Luxembourg 2 894 727

8.33

3 744.6532

BNP PARIBAS INSTICASH EUR I C EUR 527 869

1.52

15 580.0000 DB X-T.DBLCI-OY BAL.ETF 1C.3DE EUR 386 851 1.11

15 018.0000 EASYETF DJ BRIC 50 - EUR EUR 660 341 1.90

1 031.0000 EASYETF EPRA EUROZONE - CD EUR 193 570 0.56

1 186.0000 FTSE EPRA EUROPE THEAM EASY UCITS ETF - A EUR EUR 204 277 0.59

10 458.0000 PARVEST MONEY MARKET EURO CAP I EUR 754 769 2.17

5 000.0000 S&P GSCI CAPPED COMPONENT 35/20 THEAM EASY UCITS ETF - A EUR

EUR 167 050 0.48

United Kingdom 180 071 0.52

17 338.0000 IPATH S&P 500 DYNAMIC VIX MID-TERM FUTURES ETN USD 180 071 0.52


PARWORLD MULTI-STRATEGY HIGH VOL



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


4 501 743

2.23

Shares 4 501 743

2.23

Germany 3 530 368

1.75

122 126

DEUTSCHE WOHNEN PORT. EUR 2 066 372

1.02

21 257

LEG IMMOBILIEN AG EUR 1 166 372

0.58

33 180

TAG IMMOBILIEN AG EUR 297 624

0.15

Luxembourg 971 375 0.48

65 856 GAGFAH SA EUR 971 375 0.48


France 99 010 459 48.92




Italy 52 466 333 25.93

16 000 000 BUONI ORDI DEL TES 27/02/2015 ZC EUR 15 987 997 7.90

14 500 000 REPUBLIC OF ITALY 13/03/2015 ZC EUR 14 486 686 7.16



France 8 079 094

3.99

485.5660

KLEBER EONIA PRIME FCP EUR 4 906 999

2.42

351 130.0000 LYXOR ETF MSCI EMERGING MARKETS - A EUR 2 893 768 1.43

40.0000 THEAM EURO LONG VOL - CLASSIC C EUR 1 776 0.00

598.0000 THEAM EURO LONG VOL - I EUR 276 551 0.14

Luxembourg 2 572 008 1.27

46 014.0000 DB X-T.DBLCI-OY BAL.ETF 1C.3DE EUR 1 142 528 0.56

26 000.0000 DBXT2 ITRAXX CROSS.S.DLY 1C C EUR 1 429 480 0.71


45 914.0000 IPATH S&P 500 DYNAMIC VIX MID-TERM FUTURES ETN USD 476 859 0.24


PARWORLD QUANT EQUITY EUROPE GURU



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


280 032 145

93.60

Shares 280 032 145

93.60

Germany 125 723 508

42.02

100 225

ADIDAS NOM. EUR 5 938 331

1.99

83 452

ALLIANZ EUR 10 711 064

3.58

127 884

BASF NOM. EUR 9 288 217

3.10

127 415 BAYER EUR 14 130 324 4.73

110 618 BMW EUR 9 404 742 3.14

107 901 DAIMLER EUR 6 552 828 2.19

300 817 DEUTSCHE BANK EUR 8 355 192 2.79

280 997 DEUTSCHE POST NOM. EUR 7 134 514 2.38

575 528 DEUTSCHE TELEKOM EUR 6 906 336 2.31

763 382 E.ON NOM. EUR 11 065 222 3.70

59 086 MUENCHENER RUECKVERSICHERUNGS EUR 9 249 913 3.09

317 744 RWE A EUR 9 803 991 3.28

148 426 SAP EUR 8 475 125 2.83

92 272 SIEMENS EUR 8 707 709 2.91

Netherlands 65 602 669 21.93

195 047 ASML HOLDING NV EUR 15 373 605 5.14

207 516 EADS EUR 10 338 447 3.46

1 028 379 ING GROEP EUR 11 630 966 3.89

428 626 KON.PHILIPS ELECTRONICS EUR 10 829 236 3.62

279 173 UNILEVER EUR 8 802 325 2.94

408 527

WOLTERS KLUWER EUR 8 628 090

2.88

Belgium 30 356 913

10.15

132 344 ANHEUSER-BUSCH INBEV EUR 11 662 153 3.90

203 330 KBC GROEP EUR 8 573 409 2.87

140 809 UCB EUR 10 121 351 3.38

Spain 28 041 842 9.37

1 072 719 BANCO BILBAO VIZCAYA ARGENTARIA EUR 10 245 539 3.42

1 363 417 BANCO SANTANDER EUR 10 376 967 3.47

605 413 TELEFONICA EUR 7 419 336 2.48

Luxembourg 10 698 608 3.58

589 455 TENARIS EUR 10 698 608 3.58

Portugal 10 063 478 3.36

781 933 GALP ENERGIA EUR 10 063 478 3.36

United Kingdom 9 545 127 3.19

314 761 ROYAL DUTCH SHELL CL.A EUR 9 545 127 3.19

PARWORLD QUANT EQUITY EUROPE GURU



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


8 960 329

3.00

France 8 960 329

3.00

8 947.1770

THEAM F KGE FCP EUR 8 960 329

3.00

Total securities portfolio

288 992 474

96.60

PARWORLD QUANT EQUITY WORLD GURU



Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination


208 737 996

87.23

Shares 208 737 996

87.23

Germany 132 135 573

55.22

62 668

ALLIANZ EUR 10 160 873

4.25

104 552


4.01

79 432

BAYER EUR 11 127 981

4.65

518 636 COMMERZBANK AG EUR 7 757 176 3.24

131 713 DAIMLER EUR 10 104 649 4.22




584 669 E.ON NOM. EUR 10 705 762 4.47

29 116 FRESENIUS MEDICAL CARE EUR 2 033 978 0.85

49 341 FRESENIUS SE & KGAA EUR 2 443 025 1.02

244 947 INFINEON TECHNOLOGIES EUR 2 535 154 1.06


269 336 RWE A EUR 10 498 065 4.39

139 757 SAP EUR 10 080 893 4.21

104 954 SIEMENS EUR 12 511 871 5.23

Netherlands 51 489 394 21.51

142 989 BOSKALIS WESTMINSTER EUR 8 052 523 3.36

338 251 EADS EUR 21 287 866 8.90


504 151

KONINKLIJKE AHOLD NV EUR 8 164 657

3.41

57 132

RANDSTAD HOLDING EUR 2 660 260

1.11

Belgium 22 297 600 9.32


26 214 GROUPE BRUXELLES LAMBERT EUR 2 402 812 1.00

100 101 UCB EUR 9 089 412 3.80

Spain 2 815 429 1.18

181 862 TELEFONICA EUR 2 815 429 1.18


Ireland 3 539 714 1.48

2 889.6260 BNP PARIBAS GLOBAL LIQUIDITY FUND- I CAP USD 3 539 714 1.48


PARWORLD QUANTITATIVE FIXED INCOME



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


14 515 922

65.92

Bonds 14 515 922

65.92

Italy 12 513 772

56.82

3 500 000


16.04

3 000 000


13.81

5 900 000


26.97

France 2 002 150 9.10

1 000 000 BPCE FLR 13-16/01/2015 EUR 1 001 090 4.55

1 000 000 SOCIETE GENERALE FLR 13-14/01/2015 EUR 1 001 060 4.55


Italy 3 992 876 18.13

1 000 000 BUONI ORDI DEL TES 14/01/2015 ZC EUR 998 907 4.54

1 000 000 REPUBLIC OF ITALY 13/03/2015 ZC EUR 998 151 4.53


France 1 000 731 4.54

1 000 000 BARCLAYS BANK PLC 31/12/2014 OIS +0.37 EUR 1 000 731 4.54


France 2 011 155 9.14

67.0000

BNP PARIBAS MONEY 3 M IC EUR 1 556 225

7.07

45.0170

KLEBER EONIA PRIME FCP EUR 454 930

2.07


PARWORLD TRACK CONTINENTAL EUROPE



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


86 167 667

98.67

Shares 86 158 588

98.67

France 17 997 960

20.61

3 206

ACCOR EUR 112 579

0.13

556

AEROPORT DE PARIS EUR 52 692

0.06

6 448

AIR LIQUIDE EUR 622 683

0.71

52 709 ALCATEL-LUCENT EUR 129 506 0.15

4 047 ALSTOM EUR 109 593 0.13

1 624 ALTICE SA EUR 68 094 0.08

1 071 ARKEMA EUR 56 892 0.07

1 483 ATOS EUR 85 080 0.10

34 018 AXA EUR 663 691 0.76

19 827 BNP PARIBAS ACTIONS A EUR 1 041 314 1.19

102 BOLLORE INVESTISSEMENT EUR 45 880 0.05

3 589 BOUYGUES EUR 92 112 0.11

4 139 BUREAU VERITAS EUR 72 412 0.08

2 703 CAP GEMINI EUR 153 611 0.18

11 701 CARREFOUR EUR 286 206 0.33

1 059 CASINO GUICHARD PERRACHON EUR 90 301 0.10

1 021 CHRISTIAN DIOR EUR 135 487 0.16

3 215 CNP ASSURANCES EUR 47 936 0.05

18 742 CREDIT AGRICOLE EUR 223 873 0.26

10 840 DANONE EUR 574 520 0.66

2 367 DASSAULT SYSTEMES EUR 120 386 0.14

3 808

EDENRED EUR 74 389

0.09

4 529

EDF EUR 117 618

0.13

3 821 ESSILOR INTL EUR 332 198 0.38

706 EURAZEO EUR 40 228 0.05

2 885 EUTELSAT COMMUNICATIONS EUR 73 755 0.08

528 FONCIERE DES REGIONS EUR 37 673 0.04

34 733 FRANCE TELECOM EUR 413 496 0.47

27 119 GDF SUEZ EUR 538 583 0.62

531 GECINA SA EUR 55 091 0.06

8 755 GROUPE EUROTUNNEL SA - REGROUPT EUR 84 678 0.10

693 ICADE EUR 46 272 0.05

490 ILIAD EUR 82 124 0.09

643 IMERYS EUR 37 538 0.04

1 255 JC DECAUX EUR 31 369 0.04

1 419 KERING EUR 226 543 0.26

1 867 KLEPIERRE EUR 64 729 0.07

3 499 LAFARGE EUR 199 513 0.23

2 210 LAGARDERE EUR 46 830 0.05

4 975 LEGRAND EUR 204 945 0.23

4 709 L'OREAL EUR 591 921 0.68

5 237 LVMH MOET HENNESSY VUITTON EUR 674 002 0.77

3 490 MICHELIN EUR 260 633 0.30




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

17 455

NATIXIS EUR 95 095

0.11

3 978

PERNOD-RICARD EUR 356 588

0.41

7 332

PEUGEOT EUR 74 456

0.09

3 396

PUBLICIS GROUPE EUR 184 641

0.21

454

REMY COINTREAU EUR 25 878

0.03

3 601

RENAULT EUR 206 517

0.24

5 057

REXEL EUR 74 717

0.09

8 319

SAINT-GOBAIN EUR 301 439

0.35

22 221

SANOFI EUR 1 990 113

2.27

9 766 SCHNEIDER ELECTRIC EUR 593 773 0.68

2 876 SCOR SE EUR 71 138 0.08

5 078 SEFRAN PROV. ECHANGE EUR 260 908 0.30

535 SOCIETE BIC EUR 54 624 0.06

13 488 SOCIETE GENERALE A EUR 545 185 0.62

1 766 SODEXO EUR 136 830 0.16

5 256 SUEZ ENVIRONNEMENT COMPANY EUR 70 404 0.08

1 917 TECHNIP EUR 127 691 0.15

1 744 THALES EUR 73 553 0.08

40 088 TOTAL EUR 2 062 528 2.34

1 828 UNIBAIL-RODAMCO SE EUR 372 364 0.43

1 414 VALEO EUR 124 588 0.14

2 041 VALLOUREC EUR 74 313 0.09

7 899 VEOLIA ENVIRONNEMENT EUR 110 428 0.13

9 057 VINCI EUR 416 667 0.48

22 671 VIVENDI EUR 433 470 0.50

592 WENDEL EUR 53 138 0.06

3 482 ZODIAC AEROSPACE EUR 87 938 0.10

Switzerland 17 595 383

20.15

41 194 ABB CHF 733 066 0.84

1 915 ACTELION CHF 178 165 0.20

3 191 ADECCO CHF 171 440 0.20

1 634 ARYZTA CHF 111 478 0.13

890 BALOISE HOLDING CHF 90 324 0.10

41 BARRY CALLEBAUT CHF 36 073 0.04

9 779 CIE FINANCIERE RICHEMON-REG CHF 634 758 0.73

28 405 CREDIT SUISSE GROUP CHF 622 907 0.71

153 EMS-CHEMIE HOLDING CHF 50 353 0.06

708 GEBERIT CHF 181 128 0.21

173 GIVAUDAN CHF 219 000 0.25

4 289 HOLCIM CHF 247 487 0.28

4 192 JULIUS BAER GROUP CHF 148 815 0.17

1 012 KUEHNE & NAGEL INTL CHF 101 112 0.12

2 LINDT & SPRUENGLI CHF 93 923 0.11

18 LINDT & SPRUENGLI PC CHF 71 147 0.08

991 LONZA GROUP CHF 94 745 0.11

60 411 NESTLE CHF 3 515 905 4.02

43 092 NOVARTIS CHF 3 218 379 3.69




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

579

PARGESA HOLDING CHF 36 480

0.04

325

PARTNERS GROUP HOLDING CHF 67 717

0.08

13 161

ROCHE HOLDING AG-GENUSSCHEIN CHF 3 086 765

3.53

398

SCHINDLER HOLDING CHF 42 008

0.05

865

SCHINDLER HOLDING-PART CERT CHF 92 874

0.11

103

SGS CHF 169 043

0.19

40

SIKA BR CHF 109 755

0.13

1 007

SONOVA HOLDING CHF 127 309

0.15

559

SULZER CHF 54 416

0.06

578 SWATCH GROUP POR CHF 217 447 0.25

930 SWATCH GROUP NOM CHF 64 412 0.07

601 SWISS LIFE HOLDING CHF 113 623 0.13

1 077 SWISS PRIME SITE AG CHF 63 261 0.07

6 597 SWISS RE CHF 416 189 0.48

437 SWISSCOM CHF 196 407 0.22

1 745 SYNGENTA CHF 439 918 0.50

6 780 TRANSOCEAN CHF 173 509 0.20

68 402 UBS CHF 944 101 1.08

2 797 ZURICH INSURANCE GROUP CHF 659 944 0.76

Germany 16 663 557 19.08

3 919 ADIDAS NOM. EUR 232 201 0.27

8 552 ALLIANZ EUR 1 097 649 1.26

741 AXEL SPRINGER EUR 32 300 0.04

17 206 BASF NOM. EUR 1 249 671 1.43

15 492 BAYER EUR 1 718 062 1.96

1 888 BEIERSDORF EUR 124 872 0.14

6 203

BMW EUR 527 379

0.60

1 016

BMW PREF EUR 65 461

0.07

2 894 BRENNTAG EUR 112 545 0.13

951 CELESIO EUR 25 049 0.03

18 128 COMMERZBANK AG EUR 214 636 0.25

2 061 CONTINENTAL EUR 310 490 0.36

18 037 DAIMLER EUR 1 095 387 1.25

25 839 DEUTSCHE BANK EUR 717 678 0.82

3 616 DEUTSCHE BOERSE EUR 192 841 0.22

4 318 DEUTSCHE LUFTHANSA EUR 53 997 0.06

18 128 DEUTSCHE POST NOM. EUR 460 270 0.53

58 367 DEUTSCHE TELEKOM EUR 700 404 0.80

5 359 DEUTSCHE WOHNEN PORT. EUR 90 674 0.10

37 484 E.ON NOM. EUR 543 331 0.62

692 FRAPORT AG EUR 36 026 0.04

4 054 FRESENIUS MEDICAL CARE EUR 224 186 0.26

7 074 FRESENIUS SE & KGAA EUR 277 265 0.32

1 329 FUCHS PETROLUB EUR 40 003 0.05

3 425 GEA GROUP EUR 118 317 0.14

1 130 HANNOVER RUECKVERSICHERU EUR 72 343 0.08

2 640 HEIDELBERGCEMENT EUR 138 125 0.16

2 190 HENKEL AG & KGAA EUR 162 038 0.19




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

3 338

HENKEL AG & KGAA VORZUG EUR 263 902

0.30

390

HOCHTIEF EUR 21 259

0.02

593

HUGO BOSS EUR 58 683

0.07

21 121

INFINEON TECHNOLOGIES EUR 173 044

0.20

3 226

K+S AG EUR 72 439

0.08

415

KABEL DEUTSCHLAND HOLDING EUR 44 654

0.05

1 715

LANXESS EUR 74 954

0.09

3 478

LINDE EUR 529 178

0.61

660

MAN EUR 58 806

0.07

2 421 MERCK KGAA EUR 176 806 0.20

3 035 METRO EUR 79 153 0.09

3 240 MUENCHENER RUECKVERSICHERUNGS EUR 507 222 0.58

1 666 OSRAM LICHT AG EUR 49 139 0.06

2 869 PORSCHE AUTOMOBIL HOLDING PREF EUR 182 009 0.21

4 098 PROSIEBENSAT.1 MEDIA AG EUR 129 292 0.15

9 167 RWE A EUR 282 848 0.32

17 260 SAP EUR 985 546 1.13

14 854 SIEMENS EUR 1 401 772 1.61

8 212 SKY DEUTSCHLAND EUR 55 259 0.06

10 456 TELEFONICA DEUTSCHLAND HOLDING EUR 43 288 0.05

8 481 THYSSENKRUPP EUR 176 193 0.20

2 180 UNITED INTERNET SHARE EUR 73 455 0.08

553 VOLKSWAGEN EUR 90 858 0.10

3 045 VOLKSWAGEN PRIV. EUR 500 598 0.57

Spain 6 921 485 7.95

7 572 ABERTIS INFRAES.A EUR 118 426 0.14

3 309

ACS ACTIVIDADESNS Y SERV EUR 100 660

0.12

7 126

AMADEUS IT HOLDING EUR 211 072

0.24

110 283 BANCO BILBAO VIZCAYA ARGENTARIA EUR 1 053 313 1.21

63 873 BANCO DE SABADELL EUR 149 718 0.17

33 334 BANCO POPULAR ESPANOL SA EUR 161 570 0.19

225 143 BANCO SANTANDER EUR 1 713 563 1.95

86 287 BANKIA SA EUR 127 532 0.15

33 621 CAIXABANK EUR 162 087 0.19

448 CAIXABANK S.A. EUR 2 160 0.00

11 583 DISTRIBUIDORA INTERNACIONAL EUR 65 838 0.08

3 800 ENAGAS EUR 97 014 0.11

7 694 FERROVIAL EUR 118 141 0.14

6 560 GAS NATURAL SDG EUR 152 914 0.18

2 793 GRIFOLS EUR 90 605 0.10

95 461 IBERDROLA EUR 541 264 0.62

20 434 INDITEX EUR 446 994 0.51

19 101 INTL CONSOLIDATED AIRLINE EUR 90 060 0.10

17 298 MAPFRE EUR 48 504 0.06

2 027 RED ELECTRICA EUR 138 971 0.16

19 086 REPSOL YPF EUR 358 817 0.41

76 727 TELEFONICA EUR 940 289 1.08

3 256 ZARDOYA OTIS EUR 31 973 0.04




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Netherlands 5 866 183

6.71

34 677

AEGON EUR 226 510

0.26

2 820

AKER SOLUTIONS HOLDING ASA EUR 22 244

0.03

4 492

AKZO NOBEL EUR 243 691

0.28

6 696

ASML HOLDING NV EUR 527 779

0.60

1 623

BOSKALIS WESTMINSTER EUR 72 353

0.08

1 322

CORIO NV EUR 51 327

0.06

3 812

DELTA LLOYD EUR 72 790

0.08

11 011 EADS EUR 548 568 0.63

1 374 FUGRO-CVA EUR 32 928 0.04

1 484 GEMALTO EUR 107 857 0.12

4 316 HEINEKEN EUR 255 680 0.29

1 889 HEINEKEN HOLDING EUR 98 927 0.11

72 225 ING GROEP EUR 816 865 0.94

18 177 KON.PHILIPS ELECTRONICS EUR 459 242 0.53

3 229 KONINKLIGE DSM EUR 157 753 0.18

17 429 KONINKLIJKE AHOLD NV EUR 223 440 0.26

59 987 KONINKLIJKE KPN EUR 152 187 0.17

1 578 OCI NV EUR 38 590 0.04

4 373 QIAGEN N.V. EUR 78 845 0.09

2 362 RANDSTAD HOLDING EUR 87 063 0.10

13 084 REED ELSEVIER EUR 235 119 0.27

11 937 STMICROELECTRONICS EUR 73 054 0.08

8 246 TNT EXPRESS EUR 41 344 0.05

30 515 UNILEVER EUR 962 138 1.10

1 317 VOPAK EUR 56 269 0.06

5 655

WOLTERS KLUWER EUR 119 434

0.14

2 809

ZIGGO EUR 104 186

0.12

Sweden 5 759 934 6.58

5 892 ALFA LAVAL AB SEK 99 903 0.11

6 259 ASSA ABLOY AB-B SEK 256 105 0.29

12 579 ATLASPCO AB-A SHS SEK 285 948 0.33

7 309 ATLASPCO AB-B SHS SEK 150 417 0.17

5 123 BOLIDEN AB SEK 65 880 0.08

4 506 ELECTROLUX AB-SER B SEK 94 464 0.11

6 902 ELEKTA AB-B SHS SEK 53 929 0.06

57 008 ERICSSON LM-B SHS SEK 573 458 0.66

3 748 GETINGE AB-B SHS SEK 74 951 0.09

17 785 HENNES & MAURITZ AB-B SHS SEK 584 953 0.67

4 777 HEXAGON AB-B SHS SEK 120 133 0.14

7 632 HUSQVARNA AB-B SHS SEK 42 828 0.05

2 751 INDUSTRIVARDEN AB-C SHS SEK 38 096 0.04

4 409 INVESTMENT AB KINNEVIK-B SHS SEK 126 227 0.14

8 532 INVESTOR AB-B SHS SEK 239 112 0.27

4 078 LUNDIN PETROLEUM AB SEK 54 681 0.06

56 899 NORDEA BANK AB SEK 586 733 0.67

19 971 SANDVIK AB SEK 178 523 0.20

5 863 SECURITAS AB-B SHS SEK 51 605 0.06




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

28 453

SKANDINAVISKA ENSKILDA BAN-A SEK 301 214

0.34

7 118

SKANSKA AB-B SHS SEK 116 705

0.13

7 417

SKF AB-B SHARES SEK 122 747

0.14

10 996

SVENSKA CELLULOSA AB-B SHS SEK 207 819

0.24

9 349

SVENSKA HANDELSBANKEN-A SHS SEK 348 558

0.40

16 964

SWEDBANK AB - A SHARES SEK 338 496

0.39

3 783

SWEDISH MATCH AB SEK 97 213

0.11

5 976

TELE2 AB SEK 57 194

0.07

44 610

TELIASONERA AB SEK 244 555

0.28

28 727 VOLVO AB-B SHS SEK 247 487 0.28

Italy 4 663 266 5.34

21 873 ASSICURAZIONI GENERALI EUR 364 404 0.42

7 734 ATLANTIA EUR 151 200 0.17

81 448 BANCA MONTE DEI PASCHI SIENA EUR 85 032 0.10

6 783 BANCO POPOLARE AZ POST RAGGRUPPA EUR 78 886 0.09

17 739 CNH INDUSTRIAL NV EUR 111 756 0.13

123 304 ENEL EUR 518 123 0.59

32 772 ENEL GREEN POWER EUR 66 395 0.08

47 655 ENI EUR 899 250 1.03

1 844 EXOR EUR 56 685 0.06

16 400 FIAT EUR 125 296 0.14

7 578 FINMECCANICA EUR 58 388 0.07

17 041 FONDIARIA-SAI SPA EUR 38 172 0.04

217 882 INTESA SANPAOLO EUR 524 224 0.60

17 457 INTESA SANPAOLO-RNC EUR 37 079 0.04

3 134 LUXOTTICA GROUP EUR 129 183 0.15

11 292

MEDIOBANCA EUR 76 899

0.09

4 453

PIRELLI & C. EUR 48 805

0.06

3 818 PRYSMIAN EUR 56 163 0.06

4 959 SAIPEM EUR 83 510 0.10

38 005 SNAM RETE GAS EUR 166 462 0.19

188 482 TELECOM ITALIA ORD. EUR 171 046 0.20

112 855 TELECOM ITALIA-RSP EUR 79 393 0.09

28 233 TERNA EUR 112 424 0.13

16 044 UBI BANCA EUR 106 852 0.12

82 690 UNICREDIT SPA EUR 517 639 0.59

Denmark 2 993 684 3.42

72 AP MOELLER-MAERSK A DKK 131 737 0.15

134 AP MOELLER-MAERSK B DKK 252 017 0.29

2 004 CARLSBERG DKK 141 067 0.16

2 081 COLOPLAST-B DKK 138 101 0.16

12 281 DANSKE BANK DKK 264 297 0.30

3 315 DSV DKK 73 924 0.08

37 596 NOVO NORDISK A/S-B DKK 1 424 254 1.63

4 483 NOVOZYMES A/S-B SHARES DKK 153 990 0.18

2 160 PANDORA DKK 134 087 0.15

15 208 TDC DKK 91 445 0.10

402 TRYG DKK 33 050 0.04

4 197

VESTAS WIND SYSTEMS DKK 129 903

0.15

425

WILLIAM DEMANT HOLDING DKK 25 812

0.03




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Belgium 2 394 316

2.75

4 154

AGEAS EUR 109 188

0.13

15 064

ANHEUSER-BUSCH INBEV EUR 1 327 440

1.52

2 849

BELGACOM EUR 78 518

0.09

1 316

COLRUYT EUR 45 908

0.05

1 919

DELHAIZE GROUP EUR 105 699

0.12

1 511

GROUPE BRUXELLES LAMBERT EUR 109 638

0.13

4 691

KBC GROEP EUR 197 796

0.23

1 111 SOLVAY EUR 135 431 0.16

977 TELENET GROUP HOLDING EUR 44 454 0.05

2 368 UCB EUR 170 212 0.19

2 022 UMICORE EUR 70 032 0.08

Finland 1 684 578 1.92

2 664 ELISA OYJ EUR 55 997 0.06

8 320 FORTUM OYJ EUR 160 659 0.18

5 858 KONE OYJ-B EUR 186 402 0.21

2 111 METSO OYJ EUR 59 530 0.07

2 401 NESTE OIL OYJ EUR 39 136 0.04

70 152 NOKIA EUR 473 877 0.54

2 123 NOKIAN RENKAAT OYJ EUR 50 697 0.06

1 864 ORION OYJ-CLASS B EUR 57 784 0.07

8 374 SAMPO OYJ-A SHS EUR 321 562 0.37

10 307 STORA ENSO OYJ-R SHS EUR 68 078 0.08

9 966 UPM-KYMMENE OYJ EUR 112 715 0.13

2 770 WARTSILA OYJ ABP EUR 98 141 0.11

Norway 1 397 193

1.60

2 820

AKER SOLUTIONS ASA NOK 8 985

0.01

18 307 DNB ASA NOK 271 440 0.31

3 746 GJENSIDIGE FORSIKRING ASA NOK 62 744 0.07

25 189 NORSK HYDRO ASA NOK 111 579 0.13

15 266 ORKLA ASA NOK 109 318 0.13

20 906 STATOIL ASA NOK 451 437 0.52

14 205 TELENOR ASA NOK 246 861 0.28

3 391 YARA INTERNATIONAL ASA NOK 134 829 0.15


18 716 ARCELORMITTAL EUR 204 004 0.23

725 RTL GROUP EUR 49 220 0.06

5 691 SES GLOBAL DEPOSITARY RECEIPT EUR 155 791 0.18

8 845 TENARIS EUR 160 537 0.18

5 269 SUBSEA 7 NOK 59 584 0.07

1 239 MILLICOM INTL CELLULAR-SDR SEK 78 849 0.09




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Ireland 601 217

0.69

94 845

ANGLO IRISH BANK EUR 9

0.00

515 254

BANK OF IRELAND EUR 159 729

0.18

13 843

CRH EUR 250 697

0.29

2 964

KERRY GROUP-A EUR 165 450

0.19

3 365

RYANAIR HOLDINGS EUR 25 332

0.03

Austria 410 273

0.48

1 364 ANDRITZ EUR 57 588 0.07

5 233 ERSTE GROUP BANK EUR 94 900 0.11

17 966 IMMOFINANZ EUR 40 370 0.05

2 758 OMV EUR 73 487 0.08

2 194 RAIFFEISEN BANK INTERNATIONAL EUR 37 781 0.04

2 071 TELEKOM AUSTRIA CFD EUR 14 776 0.02

718 VIENNA INSURANCE GROUP EUR 25 672 0.03

2 099 VOESTALPINE EUR 65 699 0.08

Portugal 352 241 0.41

46 337 BANCO ESPIRITO SANTO EUR 0 0.00

659 672 BANCOMERCIAL PORTUGUES-R EUR 68 342 0.08

43 376 EDP-ENERGIAS DE PORTUGAL EUR 149 864 0.17

7 222 GALP ENERGIA EUR 92 947 0.11

4 713 JERONIMO MARTINS EUR 41 088 0.05

Bermuda 149 333 0.17

7 032 SEADRILL NOK 149 333 0.17

Warrants, Rights 9 079

0.00

France 8 712

0.00

110 283 BCO BILBAO VIZCAYA ARG DO14 EUR 8 712 0.00

Spain 367 0.00

33 334 BCO POP.ESP.DO14 EUR 367 0.00

Italy 0 0.00

20 167 FIAT SPA DS 14 EUR 0 0.00

Austria 0 0.00

30 038 IMMOEAST ANSPRUCH EUR 0 0.00


PARWORLD TRACK EMERGING MARKETS



Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination


399 876 632

94.81

Shares 399 873 523

94.81

Republic of Korea 60 395 209

14.29

328

AMOREPACIFIC KRW 743 498

0.18

285

AMOREPACIFIC GROUP KRW 315 721

0.07

19 621

BS FINL KRW 314 233

0.07

6 339 CELLTRION INC KRW 294 048 0.07

8 219 CHEIL WORLDWIDE KRW 174 077 0.04

1 482 CJ KRW 244 367 0.06

802 CJ CHEILJEDANG KRW 294 504 0.07

2 841 DAELIM INDUSTRIAL KRW 203 265 0.05

10 605 DAEWOO ENGINEERING CONSTR. KRW 77 182 0.02

4 649 DAEWOO INTERNATIONAL KRW 165 430 0.04

18 339 DAEWOO SECURITIES ORD. KRW 186 822 0.04

10 743 DAEWOO SHIPBLDG MARINE ENGI. KRW 206 665 0.05

13 682 DGB FINANCIAL GROUP INC KRW 217 823 0.05

4 336 DONGBU INSURANCE KRW 244 484 0.06

746 DOOSAN KRW 73 168 0.02

5 959 DOOSAN HEAVY KRW 147 104 0.03

13 762 DOOSAN INFRACORE KRW 144 760 0.03

2 134 E-MART KRW 466 133 0.11

1 340 GLOVIS KRW 408 889 0.10

4 970 GS ENGINEERING CONSTRUCTION KRW 172 614 0.04

5 216 GS HOLDINGS KRW 199 199 0.05

3 814

HALLA CLIMATE CONTROL KRW 185 053

0.04

29 587

HANA FINANCIAL GROUP KRW 1 079 459

0.26

7 586 HANKOOK TIRE CO LTD KRW 370 224 0.09

10 743 HANWHA CHEMICAL ORD. KRW 139 473 0.03

2 863 HITE JINRO CO LTD KRW 62 808 0.01

1 574 HONAM PETROCHEMICAL KRW 209 568 0.05

3 405 HOTEL SHILLA CO LTD KRW 385 593 0.09

58 098 HYNIX SEMICONDUCTOR KRW 2 573 875 0.61

2 330 HYOSUNG KRW 166 925 0.04

1 552 HYUNDAI DEPARTMENT STORE KRW 236 054 0.06

7 387 HYUNDAI ENGINEERING CONST.ORD. KRW 422 114 0.10

6 387 HYUNDAI FIRE MARINE INSURANCE KRW 176 130 0.04

4 266 HYUNDAI HEAVY INDUSTRIES KRW 555 864 0.13

5 770 HYUNDAI INDUSTRIAL DEVELOPMENT KRW 233 479 0.06

6 910 HYUNDAI MERCHANT MARINE KRW 63 976 0.02

1 123 HYUNDAI MIPO DOCKYARD KRW 131 961 0.03

6 954 HYUNDAI MOBIS KRW 1 693 606 0.40

15 737 HYUNDAI MOTOR KRW 2 840 937 0.67

3 839 HYUNDAI MOTOR PREF. KRW 436 560 0.10

2 435 HYUNDAI MOTOR KRW 272 286 0.06

7 137 HYUNDAI STEEL KRW 501 839 0.12

1 576 HYUNDAI WIA KRW 321 099 0.08




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

25 375

INDUSTRIAL BANK KOREA KRW 383 541

0.09

12 009

KANGWON LAND KRW 407 982

0.10

39 431

KB FINANCIAL GROUP KRW 1 440 479

0.34

483

KCC KRW 329 095

0.08

26 891

KIA MOTORS KRW 1 368 440

0.32

4 477

KOREA AEROSPACE INDUSTRIES KRW 172 886

0.04

26 208

KOREA ELECTRIC POWER KRW 1 197 087

0.28

2 826

KOREA GAS KRW 147 292

0.03

3 981

KOREA INVESTMENT HOLDINGS KRW 209 000

0.05

1 399 KOREA KUMHO PETROCHEMICAL KRW 92 935 0.02

22 161 KOREA LIFE INSURANCE KRW 149 105 0.04

6 662 KOREA TELECOM KRW 216 543 0.05

867 KOREA ZINC KRW 320 426 0.08

2 994 KOREAN AIR LINES KRW 102 141 0.02

11 210 KT G KRW 1 003 881 0.24

9 686 LG KRW 704 937 0.17

4 735 LG CHEMICAL KRW 1 146 451 0.27

779 LG CHEMICAL PREF.N.VTG KRW 121 067 0.03

23 737 LG DISPLAY KRW 764 803 0.18

10 856 LG ELECTRONICS (NEW) KRW 675 896 0.16

956 LG HOUSEHOLD HEALTHCARE KRW 459 315 0.11

1 292 LG INNOTEK KRW 140 801 0.03

21 835 LG UPLUS CORP KRW 255 543 0.06

73 LOTTE CONFECTIONERY KRW 150 739 0.04

1 125 LOTTE SHOPPING CENTER KRW 336 887 0.08

1 807 LS KRW 114 388 0.03

1 531 LS INDUSTRIAL SYSTEMS KRW 85 164 0.02

2 352

MIRAE ASSET SECURITIES KRW 99 184

0.02

1 567

NCSOFT KRW 199 727

0.05

2 860 NHN KRW 2 187 178 0.52

1 704 OCI COMPANY KRW 209 922 0.05

366 ORION KRW 303 483 0.07

4 641 PARADISE KRW 151 951 0.04

6 674 POSCO KRW 2 077 620 0.49

4 596 S OIL KRW 186 410 0.04

1 939 S1 KRW 149 755 0.04

11 275 SAMSUNG ELECTRONICS KRW 12 650 651 3.01

12 755 SAMSUNG C AND T KRW 913 791 0.22

3 547 SAMSUNG CARD KRW 175 459 0.04

6 099 SAMSUNG ELECTRO-MECHANICS KRW 286 094 0.07

2 097 SAMSUNG ELECTRONICS PREF.N.VTG KRW 1 784 512 0.42

2 858 SAMSUNG ENGINEERING KRW 163 043 0.04

3 385 SAMSUNG FIRE MARINE INSURANCE KRW 906 195 0.21

16 494 SAMSUNG HEAVY INDUSTRIES KRW 394 668 0.09

6 124 SAMSUNG LIFE INSURANCE KRW 615 157 0.15

5 615 SAMSUNG SDI KRW 651 824 0.15

6 241 SAMSUNG SECURITIES KRW 260 818 0.06

3 796 SAMSUNG TECHWIN KRW 126 983 0.03

43 557 SHINHAN FINANCIAL GROUP KRW 2 006 037 0.48




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

703

SHINSEGAE KRW 146 229

0.03

2 041

SK C&C CO LTD KRW 469 029

0.11

2 636

SK HOLDINGS KRW 470 870

0.11

6 134

SK INNOVATION KRW 471 421

0.11

11 399

SK NETWORKS KRW 114 503

0.03

989

SK TELECOM KRW 271 793

0.06

5 510

WOONG JIN COWAY KRW 440 173

0.10

31 060

WOORI FINANCIAL HOLDINGS KRW 384 111

0.09

12 202

WOORI INVESTMENT SECURITIES KRW 136 445

0.03

797 YUHAN KRW 140 480 0.03

Taiwan 47 637 575 11.29

260 000 ACER TWD 182 909 0.04

638 000 ADVANCED SEMICONDUCTOR ENGI. TWD 742 458 0.18

32 000 ADVANTECH TWD 226 171 0.05

223 000 ASIA CEMENT TWD 284 802 0.07

194 000 ASIA PACIFIC TELECOM CO LTD TWD 112 881 0.03

72 000 ASUSTEK COMPUTER TWD 686 402 0.16

884 000 AU OPTRONICS TWD 373 425 0.09

65 000 CATCHER TECHNOLOGY TWD 602 574 0.14

834 000 CATHAY FINANCIAL HOLDING TWD 1 358 493 0.32

484 000 CHANG HWA COMMERCIAL BANK TWD 296 737 0.07

165 000 CHENG SHIN RUBBER INDUSTRY TWD 363 960 0.09

49 000 CHICONY ELECTRONICS CO LTD TWD 146 584 0.03

799 000 CHIMEI INNOLUX TWD 345 398 0.08

265 000 CHINA AIRLINES TWD 88 857 0.02

1 381 000 CHINA DEVELOPMENT FCIAL HOLD. TWD 424 022 0.10

294 000

CHINA LIFE INSURANCE TWD 242 588

0.06

57 000

CHINA MOTOR TWD 50 780

0.01

1 204 000 CHINA STEEL TWD 1 029 076 0.24

1 351 000 CHINA TRUST FINANCIAL HOLDINGS TWD 908 231 0.22

388 000 CHUNGHWA TELECOM TWD 1 169 631 0.28

46 000 CLEVO COMPANY TWD 81 204 0.02

428 000 COMPAL ELECTRONICS TWD 320 091 0.08

61 000 CTCI CORP TWD 103 874 0.02

187 000 DELTA ELECTRONIC INDUSTRIAL TWD 1 180 295 0.28

647 000 E SUN FINANCIAL HOLDING TWD 392 418 0.09

321 000 EASTERN NEW CENTURY CORP. TWD 323 432 0.08

17 000 ECLAT TEXTILE COMPANY LTD TWD 154 523 0.04

86 000 EPISTAR TWD 160 864 0.04

166 000 EVA AIRWAYS TWD 87 858 0.02

170 000 EVERGREEN MARINE TAIWAN TWD 99 755 0.02

103 000 FAR EASTERN DEPARTMENT STORES TWD 99 379 0.02

163 000 FAR EASTONE TELECOMMUNICATION TWD 312 395 0.07

43 000 FARGLORY LAND DEVELOPMENT TWD 50 676 0.01

756 000 FIRST FINANCIAL HOLDING TWD 456 043 0.11

329 000 FORMOSA CHEMICALS AND FIBRE TWD 760 324 0.18

4 000 FORMOSA INTL HOTELS TWD 42 473 0.01

117 000 FORMOSA PETROCHEMICAL TWD 283 851 0.07




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

422 000

FORMOSA PLASTICS TWD 1 000 220

0.24

77 000

FORMOSA TAFFETA TWD 75 685

0.02

91 000

FOXCONN TECHNOLOGY TWD 224 961

0.05

679 000

FUBON FINANCIAL HOLDING TWD 1 042 400

0.25

29 000

GIANT MANUFACTURE TWD 225 941

0.05

4 000

HERMES MICROVISION INC TWD 166 998

0.04

60 000

HIGHWEALTH CONSTRUCTION TWD 95 860

0.02

20 000

HIWIN TECHNOLOGIES CORP TWD 178 833

0.04

1 276 000

HON HAI PRECISION INDUSTRY TWD 4 026 889

0.95

25 000 HOTAI MOTOR TWD 340 242 0.08

69 000 HTC TWD 299 413 0.07

619 000 HUA NAN FINANCIAL HOLDING TWD 361 191 0.09

232 000 INOTERA MEMORIES INC TWD 344 726 0.08

238 000 INVENTEC TWD 154 914 0.04

27 000 KINSUS INTERCONNET TECH TWD 100 297 0.02

10 000 LARGAN PRECISION TWD 716 645 0.17

215 000 LITE ON TECHNOLOGY TWD 309 924 0.07

144 000 MEDIA TEK TWD 2 132 579 0.51

1 017 000 MEGA FINANCIAL HOLDING TWD 834 141 0.20

21 000 MERIDA INDUSTRY CO LTD TWD 146 353 0.03

486 000 NAN YA PLASTICS TWD 1 064 041 0.25

59 000 NOVATEK MICROELECTRONICS TWD 291 901 0.07

166 000 PEGATRON CORPORATION TWD 305 593 0.07

14 000 PHISON ELECTRONICS TWD 97 569 0.02

210 000 POU CHEN TWD 233 337 0.06

72 000 POWERTECH TECHNOLOGY TWD 130 180 0.03

58 000 PRESIDENT CHAIN STORE TWD 415 654 0.10

276 000

QUANTA COMPUTER TWD 700 445

0.17

45 000

RADIANT OPTO-ELECT TWD 178 257

0.04

46 000 REALTEK SEMICONDUCTOR TWD 163 316 0.04

73 000 RUENTEX DEVELOPMENT TWD 117 949 0.03

58 000 RUENTEX INDUSTRIES TWD 129 082 0.03

22 000 SCINOPHARM TAIWAN LTD TWD 45 129 0.01

803 326 SHIN KONG FINANCIAL HOLDING TWD 243 748 0.06

302 000 SILICONWARE PRECISION IND. TWD 414 487 0.10

28 000 SIMPLO TECHNOLOGY TWD 135 768 0.03

725 000 SINOPAC FINANCIAL TWD 311 026 0.07

33 000 STANDARD FOODS CORP TWD 74 311 0.02

130 000 SYNNEX TECHNOLOGY TWD 179 490 0.04

811 000 TAISHIN FINANCIAL HOLDINGS TWD 379 912 0.09

406 000 TAIWAN BUSINESS BANK TWD 119 853 0.03

339 000 TAIWAN CEMENT TWD 504 831 0.12

600 000 TAIWAN COOPERATIVE BANK TWD 323 477 0.08

80 000 TAIWAN FERTILIZER TWD 132 284 0.03

97 000 TAIWAN GLASS IND TWD 80 356 0.02

171 000 TAIWAN MOBILE TWD 518 854 0.12

2 514 000 TAIWAN SEMICONDUCTOR MFG TWD 9 917 318 2.35

194 000 TECO ELECTRIC AND MACHINERY TWD 199 296 0.05

20 000 TRANSCEND INFORMATION INC TWD 66 405 0.02




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

59 000

TSRC TWD 70 793

0.02

44 000

U-MING MARINE TRANSPORT TWD 66 970

0.02

126 000

UNIMICRON TECHNOLOGY TWD 94 025

0.02

474 000

UNI-PRESIDENT ENTERPRISES TWD 822 735

0.20

1 232 000

UNITED MICROELECTRONICS CORP. TWD 510 304

0.12

84 000

VANGUARD INTL SEMICONDUCTOR TWD 123 158

0.03

328 000

WALSIN LIHWA CORP.OF TAIWAN TWD 107 826

0.03

235 000

WISTRON TWD 239 871

0.06

144 000

WPG HOLDINGS TWD 176 097

0.04

144 000 YANG MING MARINE TRANSPORT TWD 62 723 0.01

880 000 YUANTA FINANCIAL TWD 433 932 0.10

88 000 YULON MOTOR TWD 131 626 0.03

Brazil 41 358 016 9.81

10 300 AES TIETE PF BRL 90 613 0.02

45 500 ALL AMERICA LATINA LOGISTICA BRL 118 134 0.03

478 800 AMBEV SA BRL 3 135 193 0.74

11 700 B2W VAREJO BRL 156 663 0.04

214 300 BANCO BRADESCO PREF. BRL 3 047 938 0.72

87 600 BANCO DO BRASIL ORD.NOM. BRL 904 754 0.21

96 800 BANCO SANTANDER BRASIL UNIT BRL 625 550 0.15

71 300 BB SEGURIDADE PARTICIPACOES BRL 937 241 0.22

64 300 BCO BRADESCO ORD. BRL 918 724 0.22

18 400 BCO ESTADO RIO GRANDE SUL PF B BRL 110 418 0.03

183 800 BM&F BOVESPA BRL 839 617 0.20

44 600 BR MALLS PARTICIPACOES BRL 351 943 0.08

17 500 BR PROPERTIES BRL 92 873 0.02

23 100

BRADESPAR PREF. BRL 168 988

0.04

14 300

BRASILEIRA DIST.PAO ACUCAR PF BRL 623 758

0.15

15 800 BRASKEM PREF.A BRL 104 491 0.02

66 600 BRF - BRASIL FOODS BRL 1 583 439 0.38

89 900 CCR SA BRL 615 825 0.15

76 800 CEMIG-CIA ENERGETICA MINAS PF BRL 469 968 0.11

27 700 CENTRAIS ELET.BRASILEIRAS ORD. BRL 74 180 0.02

23 000 CENTRAIS ELET.BRASILEIRAS PF B BRL 94 832 0.02

19 300 CESP PREF.B BRL 206 268 0.05

21 300 CETIP BALCAO ORG.ATIVOS DERIV. BRL 263 468 0.06

72 100 CIELO BRL 1 177 338 0.28

12 400 COSAN INDUSTRIA E COMERCIO BRL 199 142 0.05

24 500 CPFL ENERGIA BRL 191 132 0.05

27 600 CYRELA BRAZIL BRL 139 150 0.03

30 500 DURATEX BRL 112 557 0.03

22 800 ECORODOVIAS INFRAESTRUTURA BRL 112 250 0.03

67 900 EMBRAER BRL 669 411 0.16

24 300 ENERGIAS BRASIL BRL 99 200 0.02

30 300 ESTACIO PARTICIPACOES BRL 314 677 0.07

25 400 FIBRIA CELULOSE BRL 278 306 0.07

87 500 GERDAU PREF. BRL 420 784 0.10

35 400 HYPERMARCAS BRL 254 055 0.06




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

325 300

INVESTIMENTOS ITAU PREF. BRL 1 231 033

0.29

281 200

ITAU UNIBANCO HOLDING PF BRL 3 888 090

0.92

75 000

JBS BRL 280 148

0.07

46 900

KLABIN SA - UNIT BRL 226 689

0.05

139 900

KROTON EDUCACIONAL BRL 878 375

0.21

15 100

LOCALIZA RENT A CAR BRL 218 771

0.05

50 400

LOJAS AMERICANAS PREF. BRL 285 784

0.07

12 800

LOJAS RENNER BRL 371 418

0.09

16 400

LOJA_SAMERICANAS BRL 76 992

0.02

3 500 M.DIAS BRANCO BRL 139 480 0.03

28 000 METALURGICA GERDAU PREF. BRL 161 741 0.04

8 200 MULTIPLAN EMPREEND.IMOBILIAR. BRL 167 776 0.04

17 600 NATURA COSMETICOS BRL 265 696 0.06

24 400 ODONTOPREV S.A. BRL 88 651 0.02

279 200 OI PFD SHS BRL 198 322 0.05

10 400 PARANAENSE ENERGIA PREF.B BRL 141 548 0.03

303 200 PETROLEO BRASILEIRO BRL 2 135 129 0.51

427 900 PETROLEO BRASILEIRO PREF. BRL 3 159 997 0.75

11 500 PORTO SEGURO BRL 133 375 0.03

21 900 RAIA DROGASIL SA BRL 187 209 0.04

20 500 QUALICORP SA BRL 202 691 0.05

34 800 SABESP SANAEMENTO BASICO BRL 281 003 0.07

6 100 SANEAMENTO MINAS GERAIS-COPASA BRL 77 196 0.02

74 200 SIDERURGICA NACIONAL BRL 263 529 0.06

38 900 SOUZA CRUZ INDUSTRIA COMERCIO BRL 312 840 0.07

17 800 SUL AMERICA UNIT BRL 110 596 0.03

33 700 SUZANO PAPEL CELULOSE PF A BRL 135 373 0.03

30 300

TELEF BRASIL PFD SHS BRL 598 679

0.14

86 200

TIM PARTICIPACOES SA BRL 453 593

0.11

12 500 TOTVS BRL 189 980 0.05

16 600 TRACTEBEL ENERGIA BRL 233 184 0.06

9 500 TRANSM.ALIANCA ENERG.ELET.UNIT BRL 75 896 0.02

36 800 ULTRAPAR PARTICIPACOES SA BRL 778 336 0.18

38 800 USINAS SIDER.MINAS GERAIS PF A BRL 100 897 0.02

131 100 VALE BRL 1 436 987 0.34

196 100 VALE PREF.A BRL 1 903 686 0.45

12 900 VIA VAREJO NPV BRL 128 547 0.03

28 800 WEG BRL 335 899 0.08

China 39 877 777 9.46

2 196 000 AGRICULTURAL BANK OF CHINA H HKD 972 846 0.23

186 000 AIR CHINA HKD 117 611 0.03

402 000 ALUMINUM CORP. OF CHINA -H- HKD 163 594 0.04

126 000 ANHUI CONCH CEMENT S.H HKD 402 416 0.10

216 000 AVICHINA INDUSTRY TECHNOLOGY HKD 154 383 0.04

8 108 000 BANK OF CHINA HKD 3 633 678 0.86

893 000 BANK OF COMMUNICATIONS H HKD 622 160 0.15

119 500 BBMG CORPORATION HKD 82 795 0.02

154 000 BEIJING CAPITAL INTL AIRPORT HKD 117 804 0.03




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

65 500

BYD COMPANY HKD 434 834

0.10

180 000

CHINA BLUECHEMICAL H HKD 78 119

0.02

452 000

CHINA CIONS CONSTRUCTION H HKD 325 972

0.08

835 000

CHINA CITIC BANK CORP.H HKD 506 478

0.12

419 000

CHINA COAL ENERG.H HKD 244 976

0.06

244 000

CHINA COMMUNICATIONS SVCES H HKD 113 436

0.03

7 361 000

CHINA CONSTRUCTION BANK S.H HKD 5 156 906

1.22

280 000

CHINA EVERBRIGHT BANK CO L-H HKD 130 894

0.03

51 100

CHINA INTL MARINE CONT GRP LTD S HKD 105 423

0.02

759 000 CHINA LIFE INSURANCE S.H HKD 2 106 408 0.50

307 000 CHINA LONGYUAN POWER GRP S.H HKD 300 078 0.07

468 500 CHINA MERCHANTS BANK H HKD 801 237 0.19

637 000 CHINA MINSHENG BANKING H HKD 582 440 0.14

294 000 CHINA NATIONAL BUILDING HKD 266 547 0.06

184 000 CHINA OILFIELD SERVICES HKD 485 764 0.12

269 000 CHINA PACIFIC INSURANCE H HKD 945 733 0.22

2 604 000 CHINA PETROLEUM CHEMICAL S.H HKD 2 280 360 0.54

201 500 CHINA RAILWAY CONSTRUCTION HKD 183 203 0.04

408 000 CHINA RAILWAY H HKD 216 477 0.05

347 000 CHINA SHENHUA ENGY HKD 967 478 0.23

383 000 CHINA SHIPPING CONTAINER LINES HKD 103 086 0.02

1 416 000 CHINA TELECOM CORP HKD 868 008 0.21

134 200 CHINA VANKE CO LTD-H HKD 237 116 0.06

87 500 CHONG QING CHANGAN AUTO.B HKD 187 957 0.04

257 000 CHONGQING RURAL H HKD 116 501 0.03

108 000 CITIC SECURITIES CO LTD-H HKD 248 960 0.06

263 500 COSCO DEVELOPMENT H HKD 109 267 0.03

207 000

CSR CORPORATION H HKD 182 073

0.04

270 000

DATANG INTL POWER GENERATION H HKD 140 823

0.03

276 000 DONGFENG MOTOR H HKD 453 538 0.11

105 500 GREAT WALL MOTOR S.H HKD 409 631 0.10

226 000 GUANGZHOU AUTOMOBILE GROUP H HKD 218 576 0.05

103 600 GUANGZHOU R AND F PROPERTIES HKD 104 733 0.02

137 200 HAITONG SECURITIES CO LTD-H HKD 211 673 0.05

326 000 HUANENG POWER INTL S.H HKD 356 014 0.08

7 529 000 ICBC H HKD 4 692 844 1.11

124 000 JIANGSU EXPRESSWAY H HKD 130 785 0.03

135 000 JIANGXI COPPER H HKD 222 187 0.05

66 000 KINGSOFT CORP LTD HKD 156 902 0.04

84 400 NEW CHINA LIFE H HKD 294 011 0.07

668 000 PEOPLES INSURANCE CO GROU-H HKD 272 703 0.06

2 154 000 PETROCHINA CL.H HKD 2 760 084 0.65

324 000 PICC PROPERTY CASUALTY CL.H HKD 574 139 0.14

207 500 PING AN INS.GRP CO.CHINA H HKD 1 557 902 0.37

192 000 SHANDONG WEIGAO GROUP MEDICAL HKD 189 896 0.05

288 000 SHANGHAI ELECTRIC GROUP HKD 153 178 0.04

41 000 SHANGHAI FOSUN PHARMACEUTI-H HKD 132 265 0.03

70 400 SHANGHAI PHARMACEUTICALS-H HKD 172 077 0.04

119 500 SINOPEC ENGINEERING GROUP CO HKD 128 809 0.03




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

356 000

SINOPEC SHANGHAI PETROCHEM.S.H HKD 117 366

0.03

101 600

SINOPHARM GROUP H HKD 371 591

0.09

36 000

TSINGTAO BREWERY S.H HKD 256 378

0.06

50 000

WEICHAI POWER H HKD 180 616

0.04

190 000

YANZHOU COAL MINING S.H HKD 155 864

0.04

146 000

ZHEJIANG EXPRESSWAY S.H HKD 148 349

0.04

53 000

ZHUZHOU CSR TIMES ELECTRIC H HKD 204 763

0.05

614 000

ZIJIN MINING GROUP H HKD 149 446

0.04

138 600

ZOOMLION HEAVY INDUSTRY HKD 80 857

0.02

64 200 ZTE S.H HKD 142 371 0.03

108 400 INNER MONGOLIA YITAI COAL B USD 184 388 0.04

South Africa 29 677 348 7.03

11 035 AFRICAN RAINBOW MINERALS ZAR 139 942 0.03

5 493 ANGLO PLATINUM ZAR 177 986 0.04

41 076 ANGLOGOLD ASHANTI ZAR 503 496 0.12

32 534 ASPEN PHARMACARE HOLDINGS ZAR 968 973 0.23

3 555 ASSORE ZAR 67 650 0.02

34 538 BARCLAYS AFRICA GROUP LTD ZAR 471 166 0.11

22 361 BARLOWORLD ZAR 183 072 0.04

32 050 BIDVEST GROUP ZAR 810 736 0.19

34 211 BRAIT SA ZAR 220 529 0.05

23 158 CORONATION FUND MANAGERS LTD ZAR 198 104 0.05

33 155 DISCOVERY HOLDINGS ZAR 288 552 0.07

14 590 EXXARO RESOURCES ZAR 165 706 0.04

315 826 FIRSTLAND LTD ZAR 1 202 562 0.29

78 915 GOLD FIELDS ZAR 308 794 0.07

221 084

GROWTHPOINT PROPERTIES LTD ZAR 482 156

0.11

39 950

HARMONY GOLD MINING ZAR 87 338

0.02

54 733 IMPALA PLATINUM HOLDINGS ZAR 421 461 0.10

18 973 IMPERIAL HOLDINGS ZAR 292 112 0.07

24 495 INVESTEC ZAR 205 725 0.05

6 561 KUMBA IRON ORE ZAR 154 777 0.04

11 660 LIBERTY HOLDINGS ZAR 127 165 0.03

95 535 LIFE HEALTHCARE GROUP HOLDINGS ZAR 376 619 0.09

11 057 MASSMART HOLDINGS LTD ZAR 120 129 0.03

37 902 MEDICLINIC INTERNATIONAL LTD ZAR 308 597 0.07

103 926 MMI HOLDINGS LTD ZAR 241 091 0.06

24 304 MR PRICE GROUP ZAR 456 750 0.11

171 618 MTN GROUP ZAR 3 620 033 0.86

60 657 NAMPAK LTD ZAR 220 815 0.05

40 330 NASPERS CL.N ZAR 4 444 131 1.05

20 939 NEDBANK GROUP ZAR 405 650 0.10

97 740 NETCARE ZAR 273 455 0.06

36 445 NORTHAM PLATINUM ZAR 118 771 0.03

55 493 PPC LTD ZAR 145 188 0.03

24 464 PICK'N PAY STORES ZAR 114 284 0.03

329 995 REDEFINE PROPERTIES LTD ZAR 283 898 0.07

49 001 REMGRO ZAR 988 934 0.23




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

71 892

RMB HOLDINGS ZAR 360 789

0.09

68 093

RMI HOLDINGS ZAR 213 351

0.05

187 558

SANLAM ZAR 1 084 022

0.26

55 147

SAPPI ZAR 217 108

0.05

56 300

SASOL ZAR 3 056 371

0.72

46 491

SHOPRITE HOLDINGS PROV.DIV. ZAR 575 961

0.14

16 761

SPAR GROUP ZAR 186 299

0.04

123 786

STANDARD BANK GROUP ZAR 1 431 430

0.34

214 466

STEINHOFF INTERNATIONAL HOLD. ZAR 1 026 560

0.24

20 350 THE FOSCHINI GROUP ZAR 211 097 0.05

16 612 TIGER BRANDS ZAR 463 782 0.11

38 607 TRUWORTHS INTERNATIONAL ZAR 232 191 0.06

37 887 VODACOM GROUP ZAR 435 936 0.10

94 721 WOOLWORTHS HOLDINGS ZAR 586 104 0.14

India 27 505 847 6.47

13 470 ADANI ENTERPRISES INR 102 661 0.02

3 850 ADITYA BIRLA NUVO INR 101 019 0.02

69 454 AMBUJA CEMENTS INR 240 323 0.06

7 810 APOLLO HOSPITALS ENTERPRISE INR 141 721 0.03

29 369 ASIAN PAINTS SHS INR 299 373 0.07

2 299 ASSOCIATED CEMENT CO LTD INR 52 269 0.01

13 386 AUROBINDO PHARMA LTD INR 209 861 0.05

8 565 BAJAJ AUTO INR 326 125 0.08

59 953 BHARAT HEAVY ELECTRICALS INR 194 585 0.05

17 712 BHARAT PETROLEUM DEMAT. INR 187 961 0.04

61 196 BHARTI AIRTEL INR 401 500 0.10

45 907

CAIRN INDIA INR 231 802

0.05

35 237

CIPLA INR 357 619

0.08

51 572 COAL INDIA INR 285 041 0.07

53 392 DABUR INDIA DEMAT. INR 192 050 0.05

4 064 DIVI'S LABORATORIE INR 118 469 0.03

43 639 DLF INR 106 589 0.03

11 974 DR REDDYS LABORATORIES DEMAT. INR 626 154 0.15

32 365 GAIL INR 235 532 0.06

1 030 GLAXOSMITHKLINE CONS.HEALTH. INR 94 007 0.02

12 159 GODREJ CONSUMER PRODUCTS INR 194 631 0.05

24 995 HCL TECHNOLOGIES DEMAT. INR 693 980 0.16

39 274 HDFC BANK SHS INR 554 930 0.13

4 076 HERO HONDA MOTORS DEMAT. INR 187 568 0.04

113 788 HINDALCO INDUSTRIES INR 288 800 0.07

77 269 HINDUSTAN UNILEVER INR 933 334 0.22

151 318 HOUSING DEVELOPMENT FINANCE INR 2 585 466 0.61

22 409 ICICI BANK DEMAT. INR 520 149 0.12

108 509 IDEA CELLULAR INR 291 829 0.07

46 885 INFOSYS TECHNOLOGIES DEMAT. INR 2 845 099 0.67

227 277 ITC LTD INR 1 362 338 0.32

111 716 JAIPRAKASH ASSOCIATES INR 47 845 0.01

37 349 JINDAL STEEL INR 104 500 0.02




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

8 635

JSW STEEL INR 161 864

0.04

28 328

LIC HOUSING FINANCE INR 149 300

0.04

28 444

MAHINDRA + MAHINDRA FIN SECS INR 126 008

0.03

34 572

MAHINDRA AND MAHINDRA INR 762 588

0.18

50 705

MUNDRA PORT AND SEZ LTD INR 227 869

0.05

2 362

NESTLE INDIA INR 228 687

0.05

168 307

NTPC INR 379 072

0.09

78 586

OIL AND NATURAL GAS INR 519 856

0.12

12 270

OIL INDIA LTD INR 120 912

0.03

7 045 PIRAMAL HEALTHCARE INR 87 429 0.02

26 945 POWER FINANCE INR 102 287 0.02

80 091 POWER GRID CORP.INDIA INR 175 394 0.04

12 976 RANBAXY LAB. INR 134 403 0.03

10 028 RELIANCE CAPITAL INR 73 935 0.02

85 813 RELIANCE COMMUNICATIONS INR 137 557 0.03

131 954 RELIANCE INDUSTRIES INR 2 020 546 0.48

10 736 RELIANCE INFRASTRUCTURE INR 101 771 0.02

57 258 RELIANCE POWER INR 65 175 0.02

30 234 RURAL ELECTRIFICAT INR 122 238 0.03

121 030 SESA GOA INR 534 014 0.13

15 052 SHRIRAM TRANSPORT FINANCE CO. INR 227 218 0.05

7 269 SIEMENS LTD INR 97 336 0.02

15 239 STATE BANK INDIA DEMAT. INR 603 466 0.14

73 982 SUN PHARMACEUTICAL INDUSTRIES INR 1 026 896 0.24

47 978 TATA CONSULTANCY DEMAT. INR 2 125 917 0.50

76 989 TATA MOTORS LTD INR 626 720 0.15

113 174 TATA POWER CO LTD INR 152 096 0.04

30 728

TATA STEEL DEMAT. INR 228 395

0.05

5 721

TECH MAHINDRA INR 230 628

0.05

3 639 ULTRATECH CEMENT INR 155 061 0.04

6 746 UNITED BREWERIES LTD INR 77 799 0.02

62 948 WIPRO DEMAT. INR 608 280 0.14

Mexico 21 884 630 5.21

287 600 ALFA S.A MXN 984 418 0.23

3 460 800 AMERICA MOVIL S.L MXN 4 370 374 1.04

41 000 ARCA CONTINENTAL SAB DE CV MXN 281 133 0.07

1 236 500 CEMEX OPC A-B MXN 1 611 196 0.38

43 100 COCA COLA FEMSA S.L MXN 434 105 0.10

109 100 COMPARTAMOS SAB DE CV MXN 233 387 0.06

45 000 CONTROLADORA COML MEXIC-UBC MXN 168 169 0.04

19 100 EL PUERTO DE LIVERPOOL-C1 MXN 220 464 0.05

234 400 FIBRA UNO ADMINISTRACION SA MXN 771 604 0.18

198 100 FOMENTO ECONOMICO MEX.UNIT MXN 1 823 579 0.43

80 100 GENOMMA LAB INTERNACIONAL B MXN 192 463 0.05

17 600 GRUMA S.A.B.-B MXN 187 896 0.04

21 200 GRUPO AEROPORTUARIO DE SUR-B MXN 273 953 0.06

31 600 GRUPO AEROPORTUARIO DEL-B SH MXN 213 384 0.05

167 700 GRUPO BIMBO S.A MXN 486 234 0.12




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

58 300

GRUPO CARSO S.A1 MXN 340 808

0.08

34 400

GRUPO COMERCIAL CHEDRUI S.B MXN 121 358

0.03

186 100

GRUPO FIN SANTANDER-B MXN 503 417

0.12

254 300

GRUPO FINANCIERO BANORTE S.O MXN 1 624 234

0.39

237 700

GRUPO FINANCIERO INBURSA S.O MXN 681 583

0.16

63 000

GRUPO LALA SAB DE CV MXN 153 627

0.04

388 500

GRUPO MEXICO S.B MXN 1 300 859

0.31

262 200

GRUPO TELEVISA OPC MXN 1 778 555

0.42

14 170

INDUSTRIAS PENOLES MXN 324 079

0.08

156 500 KIMBERLY-CLARK MEXICO S.A.B CV MXN 369 394 0.09

96 200 MEXICHEM MXN 400 981 0.10

64 800 MINERA FRISCO SAB DE CV-A1 MXN 118 983 0.03

70 600 OHL MEXICO MXN 191 084 0.05

27 100 PROMOTORA Y OPERADORA DE INF MXN 372 533 0.09

537 200 WAL-MART DE MEXICO S.V MXN 1 350 776 0.32

Russia 18 406 978 4.38

187 500 ALROSA CO LTD RUB 168 278 0.04

144 240 AO TATNEFT RUB 846 004 0.20

11 802 000 FEDERAL HYDROGENERATING RUB 209 933 0.05

1 205 580 GAZPROM OAO RUB 4 202 996 1.00

21 330 JSC CHEREPOVETS METAL FACTORY RUB 212 195 0.05

727 700 JSC SURGUTNEFTEGAZ RUB 479 062 0.11

706 000 JSC SURGUTNEFTEGAZ PREF. RUB 487 266 0.12

51 978 LUKOIL HOLDING RUB 2 647 849 0.63

5 641 MINING METALG.NORILSK NICKEL RUB 1 043 917 0.25

139 250 MOSCOW EXCHANGE MICEX-RTS RUB 205 944 0.05

118 740

ROSNEFT OIL COMPANY RUB 696 440

0.17

81 560

ROSTELEKOM PROV.ECH. RUB 225 404

0.05

1 099 320 SBERBANK OF RUSSIA RUB 2 098 866 0.50

101 900 SBERBANK OF RUSSIA PREF. RUB 148 773 0.04

158 TRANSNEFT PREF. RUB 349 110 0.08

134 570 URALKALIY RUB 475 783 0.11

528 020 000 VTB BANK RUB 507 796 0.12

26 486 MAGNIT GDR SPONSORED USD 1 529 831 0.36

52 616 MOBILE TELESYSTEMS ADR USD 786 083 0.19

9 278 NOVATEK GDR REG-S USD 966 768 0.23

17 200 SISTEMA GDR REG-S USD 118 680 0.03

Hong Kong 17 757 166 4.24

52 000 BEIJING ENTERPRISES HOLDINGS HKD 445 661 0.11

214 000 CHINA AGRI-INDUSTRIES HKD 81 300 0.02

535 000 CHINA CINDA ASSET MANAGEME-H HKD 235 632 0.06

86 000 CHINA EVERBRIGHT HKD 161 255 0.04

252 000 CHINA EVERBRIGHT INTL HKD 333 616 0.08

116 000 CHINA MERCHANTS HOLDINGS INTL HKD 358 528 0.09

621 500 CHINA MOBILE HKD 7 183 384 1.70

418 000 CHINA OVERSEAS LAND INVESTMENT HKD 1 075 537 0.26

242 000 CHINA PHARMACEUTICAL HKD 200 392 0.05




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

122 000

CHINA RESOURCES ENTERPRISE HKD 288 775

0.07

196 000

CHINA RESOURCES POWER HOLD. HKD 528 803

0.13

86 800

CHINA TAIPING INSURANC HKD 188 241

0.04

486 000

CHINA UNICOM (HONG KONG ) HKD 726 019

0.17

229 000

CITIC PACIFIC HKD 382 203

0.09

1 823 000

CNOOC LTD HKD 3 127 119

0.74

134 000

FAR EAST HORIZO HKD 119 934

0.03

176 500

FOSUN INTERNATIONAL HKD 211 843

0.05

374 000

FRANSHION PROPERTIES (CHINA) HKD 91 031

0.02

254 000 GUANGDONG INVESTMENT HKD 296 684 0.07

638 000 LENOVO GROUP HKD 949 800 0.23

205 000 POLY INVESMENT HKD 78 673 0.02

50 000 SHANGHAI INDUSTRIAL HOLDINGS HKD 148 099 0.04

334 500 SINO-OCEAN LAND HOLDINGS HKD 176 187 0.04

243 500 SUN ART RETAIL GROUP LTD HKD 275 326 0.07

524 000 YUEXIU PROPERTY HKD 93 124 0.02

Cayman Islands 16 795 240 3.99

75 000 AAC TECHNOLOGIES HOLDINGS HKD 435 603 0.10

142 000 AGILE PROPERTY HOLDINGS HKD 87 229 0.02

102 000 ANTA SPORTS PRODUCTS HKD 207 807 0.05

473 000 BELLE INTERNATIONAL HOLDINGS HKD 531 776 0.13

18 500 BIOSTIME INTERNATIONAL HOLDI HKD 57 536 0.01

588 000 CHINA HUISHAN DAIRY HOLDINGS HKD 130 244 0.03

140 000 CHINA MENGNIU DAIRY HKD 576 941 0.14

200 000 CHINA RESOURCES CEMENT HKD 137 024 0.03

208 000 CHINA RESOURCES LAND HKD 428 585 0.10

178 000

CHINA STATE CONSTRUCTION INTL HKD 264 533

0.06

502 000

COUNTRY GARDEN HOLDINGS HKD 189 420

0.04

78 000 ENN ENERGY HOLDINGS HKD 510 284 0.12

597 000 EVERGRANDE REAL ESTATE HKD 224 497 0.05

1 027 000 GCL POLY ENERGY HOLDINGS HKD 376 937 0.09

540 000 GEELY AUTOMOBILE HOLDINGS HKD 226 012 0.05

56 000 GOLDEN EAGLE RETAIL GROUP HKD 65 122 0.02

65 000 HAITIAN INTERNATIONAL HOLDINGS HKD 147 661 0.04

75 500 HENGAN INTL GROUP HKD 742 351 0.18

125 000 INTIME RETAIL GROUP CO LTD HKD 106 245 0.03

68 000 KINGBOARD CHEMICAL HOLDINGS HKD 135 210 0.03

143 000 LEE AND MAN PAPER MFG HKD 72 558 0.02

139 000 LONGFOR PROPERTIES HKD 158 958 0.04

266 000 NEW WORLD CHINA LAND HKD 150 726 0.04

57 000 SHENZHOU INTL GROUP HOLINGS HKD 183 514 0.04

142 000 SHIMAO PROPERTY HOLDINGS HKD 287 471 0.07

367 500 SHUI ON LAND HKD 82 349 0.02

304 000 SINO BIOPHARMACEUTICAL HKD 302 626 0.07

188 000 SOHO CHINA HKD 136 065 0.03

523 200 TENCENT HLDG SHS TEMPORARY TRADI HKD 7 782 215 1.85

200 000 TINGYI CAYMAN ISLANDS HOLDING HKD 525 429 0.12

132 000 UNI-PRESIDENT CHINA HLDG HKD 131 913 0.03




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

607 000

WANT WANT CHINA HKD 756 689

0.18

112 000

YINGDE GASES GROUP CO HKD 105 869

0.03

65 500

ZHONGSHENG GROUP HOLDINGS HKD 70 181

0.02

95 000

CHAILEASE HOLDING CO LTD TWD 230 789

0.05

25 000

TPK HOLDING CO TWD 149 986

0.04

30 000

ZHEN DING TECHNOLOGY HOLDING TWD 86 885

0.02

Malaysia 15 877 291

3.74

304 900

XL AXIATA TBK PT IDR 155 140

0.04

127 800 AIRASIA MYR 98 562 0.02

110 600 ALLIANCE FINANCIAL GROUP MYR 168 234 0.04

200 000 AMMB HOLDINGS MYR 418 838 0.10

159 200 ASTRO MALAYSIA HOLDINGS BHD MYR 162 572 0.04

262 100 AXIATA GROUP MYR 559 273 0.13

13 100 BRITISH AMER.TOBACCO (MYS) MYR 281 527 0.07

179 600 BUMI ARMADA BERHAD MYR 104 021 0.02

510 500 CIMB GROUP HOLDINGS MYR 1 093 982 0.26

353 600 DIALOG GROUP BHD MYR 185 396 0.04

317 400 DIGI.COM MYR 566 007 0.13

130 300 FELDA GLOBAL VENTURES MYR 140 210 0.03

176 800 GAMUDA MYR 259 770 0.06

210 000 GENTING MYR 607 498 0.14

303 000 GENTING MALAYSIA MYR 386 081 0.09

23 400 GENTING PLANTATION MYR 70 831 0.02

57 600 HONG LEONG BANK MYR 256 702 0.06

21 500 HONG LEONG FINANCIAL GROUP BHD MYR 115 348 0.03

249 900 IHH HEALTHCARE BHD MYR 386 980 0.09

118 100

IJM CORPORATION MYR 232 923

0.06

296 200

IOI CORP. MYR 434 299

0.10

148 800 IOI PROPERTIES GROUP SDN BHD MYR 118 840 0.03

49 000 KUALA LUMPUR KEPONG MYR 314 866 0.07

43 400 LAFARGE MALAYAN CEMENT MYR 136 266 0.03

465 000 MALAYAN BANKING MYR 1 411 794 0.33

70 100 MALAYSIA AIRPORTS HOLDINGS MYR 160 051 0.04

191 500 MAXIS MYR 378 271 0.09

113 900 MISC MYR 234 362 0.06

77 700 MMC CORPORATION MYR 56 371 0.01

285 800 PETRONAS CHEM MYR 543 633 0.13

25 300 PETRONAS DAGANGAN MYR 154 244 0.04

70 700 PETRONAS GAS MYR 493 962 0.12

48 400 PPB GROUP MYR 209 504 0.05

277 600 PUBLIC BANK MYR 1 599 338 0.38

52 000 RHB CAPITAL MYR 139 966 0.03

366 900 SAPURA-KENCANA PETROLEUM BHD MYR 460 791 0.11

309 500 SIME DARBY MYR 863 258 0.20

109 500 TELEKOM MALAYSIA MYR 220 301 0.05

288 000 TENAGA NASIONAL MYR 1 086 857 0.26

162 100 UEM LAND HOLDINGS MYR 89 932 0.02

59 600 UMW HOLDINGS MYR 222 739 0.05




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

438 400

YTL CORP. MYR 224 512

0.05

146 500

YTL POWER INTERNATIONAL MYR 73 239

0.02

Indonesia 10 432 945

2.47

1 469 000

ADARO ENERGY IDR 141 656

0.03

40 200

ASTRA AGRO LESTARI IDR 75 880

0.02

2 065 900

ASTRA INTERNATIONAL TBK PT IDR 1 195 289

0.28

1 258 100

BANK CENTRAL ASIA IDR 1 349 992

0.32

952 600

BANK MANDIRI IDR 787 644

0.19

761 500 BANK NEGARA INDONESIA S.A IDR 345 284 0.08

1 133 000 BANK RAKYAT INDONESIA (PERS.) IDR 969 350 0.23

750 000 BUMI SERPONG DAMAI PT IDR 95 096 0.02

753 100 CHAROEN POKPHAND INDONESIA IDR 262 055 0.06

648 300 GLOBAL MEDIACOM IDR 103 483 0.02

40 400 INDO TAMBANGRAYA IDR 86 121 0.02

150 300 INDOCEMENT TUNGGAL PRAKARSA IDR 265 816 0.06

448 100 INDOFOOD SUKSES MAKMUR IDR 257 423 0.06

208 200 JASA MARGA PERSERO IDR 110 208 0.03

2 002 000 LIPPO KARAWACI IDR 154 442 0.04

49 100 PERUS.ROKOK TJAP GUDANG GARAM IDR 228 374 0.05

1 113 300 PERUSAHAAN GAS IDR 548 199 0.13

342 400 PT BANK DANAMON INDONESIA CL.A IDR 109 731 0.03

119 000 PT INDOFOOD CBP SUKSES MAKMUR IDR 110 845 0.03

2 152 800 PT KALBE FARMA TBK IDR 300 350 0.07

208 500 PT MATAHARI DEPART.STORE TBK IDR 277 629 0.07

302 700 SEMEN GRESIK IDR 383 188 0.09

447 700 SURYA CITRA MEDIA TBK IDR 140 538 0.03

82 300

TAMBANG BATUBARA BUKIT S.B IDR 89 156

0.02

5 143 800

TELEKOMUNIKASI INDONESIA SER B IDR 1 230 544

0.29

195 800 TOWER BERSAMA INFRASTRUCTURE IDR 128 551 0.03

155 700 UNILEVER INDONESIA IDR 406 341 0.10

171 300 UNITED TRACTORS IDR 279 760 0.07

Thailand 9 680 707 2.29

106 200 ADVANCED INFO SCE PUBL.LOCAL THB 736 931 0.17

43 700 AIRPORTS THAILAND PUBL.LOCAL THB 322 106 0.08

60 400 BANGKOK BANK PUBL.LOCAL THB10 THB 380 003 0.09

48 700 BANGKOK BANK PUBLIC FRGN THB10 THB 315 405 0.07

316 200 BANGKOK DUSIT MED SERVICE THB 180 407 0.04

105 400 BANPU PUBLIC CO THB1 (LOCAL MKT) THB 95 892 0.02

100 000 BEC WORLD PUBLIC LOCAL THB 144 950 0.03

595 800 BTS GROUP HOLDINGS PCL THB 183 747 0.04

36 400 BUMRUNGRAD HOSPITAL PUB CO THB 148 182 0.04

276 600 CHAROEN POKPHAND FOODS LOCAL THB 258 046 0.06

449 200 CP ALL PUBLIC LOCAL THB 619 944 0.15

52 300 GLOW ENERGY LCL THB 153 634 0.04

335 600 HOME PRODUCT CENTER PUBLIC CO THB 107 640 0.03

122 800 INDORAMA VENTURES LOCAL THB 96 574 0.02

1 021 900 IRPC PUBLIC LOCAL THB 108 414 0.03




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

119 700

KASIKORNBANK PUBLIC FRGN RGD THB 863 833

0.20

65 900

KASIKORNBANK PUBLIC LOCAL THB 477 610

0.11

356 600

KRUNG THAI BANK PUBLIC LOCAL THB 260 645

0.06

159 300

MINOR INTL THB1 (LOCAL MKT) THB 181 776

0.04

141 800

PTT EXPLORATION PRODUC.LOCAL THB 699 707

0.17

170 300

PTT GLOBAL CHEMICAL PUBLIC THB 320 379

0.08

87 500

PTT PUBLIC LOCAL THB 971 472

0.23

30 600

SIAM CEMENT PUBLIC FOREIGN RGD THB 424 672

0.10

11 000

SIAM CEMENT PUBLIC LOCAL THB 152 660

0.04

159 300 SIAM COMMERCIAL BK PUBL.LCL THB 894 143 0.21

879 000 TELECOMASIA CORP.PUBLIC LOCAL THB 322 594 0.08

83 300 THAI OIL PUBLIC LOCAL THB 132 304 0.03

1 337 400 TMB BANK PUBLIC CO LTD THB 127 037 0.03

Poland 6 980 838 1.68

4 630 ALIOR BANK SA PLN 118 974 0.03

3 327 BANK HANDLOWY W WARSZAWIE PLN 125 797 0.03

43 245 BANK MILLENNIUM PLN 114 983 0.03

13 366 BANK POLSKA KASA OPIEKI PLN 785 161 0.19

3 032 BANK ZACHODNI PLN 362 272 0.09

1 503 BRE BANK PLN 223 683 0.05

19 541 CYFROWY POLSAT PLN 163 496 0.04

22 481 ENEA PLN 110 164 0.03

20 559 ENERGA SA PLN 149 252 0.04

8 467 EUROCASH PLN 82 751 0.02

121 464 GETIN NOBLE BANK SA PLN 103 243 0.02

5 052 GRUPA AZOTY SA PLN 94 731 0.02

6 614

GRUPA LOTOS PLN 56 318

0.01

5 381

JSW SA. PLN 52 412

0.01

14 259 KGHM POLSKA MIEDZ PLN 545 617 0.13

93 LPP PLN 278 501 0.07

66 832 ORANGE POLSKA SA PLN 235 515 0.06

85 697 PGE POLSKA GRUPA ENERGETYCZNA PLN 543 591 0.13

32 672 POLSKI KONCERN ORLEN PLN 407 669 0.10

180 276 POLSKIE GORNICTWO NAFT I GAZ PLN 275 928 0.07

89 119 POWSZ.KASA OSZCZ.BANK POLSKI PLN 1 069 131 0.25

5 717 POWSZECHNY ZAKLAD UBEZPIECZEN PLN 832 669 0.20

53 910 SYNTHOS SA PLN 75 013 0.02

107 099 TAURON POLSKA ENERGIA PLN 173 967 0.04

Turkey 6 257 248 1.48

183 332 AKBANK TRY 596 418 0.14

21 107 ANADOLU EFES BIRACILIK MALT TRY 243 383 0.06

24 088 ARCELIK TRY 128 317 0.03

21 645 BIM BIRLESIK MAGAZALAR TRY 452 198 0.11

7 772 COCA COLA ICECEK TRY 167 481 0.04

193 517 EML KONUT REIT TRY 201 932 0.05

47 666 ENKA INSAAT VE SANAYI TRY 108 673 0.03

142 591 EREGLI DEMIR CELIK TRY 264 448 0.06




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

7 148

FORD OTOMOTIV SANAYI TRY 81 953

0.02

235 275

GARANTI BANKASI 500 TRL TRY 825 228

0.20

93 518

HACI OMER SABANCI HOLDING TRY 392 798

0.09

64 571

KOC HOLDING TRY 297 259

0.07

4 659

KOZA ALTIN IZLETMELERI TRY 34 623

0.01

16 650

TAV HAVALIMANLARI HOLDING TRY 133 590

0.03

12 731

TOFAS TURK OTOMOBIL FABRIKASI TRY 71 446

0.02

12 753

TUPRAS TURKIY PETROL RAFINER. TRY 255 807

0.06

56 222

TURK HAVA YOLLARI TRY 159 485

0.04

60 601 TURK SISE CAM TRY 76 787 0.02

53 472 TURK TELEKOMUNIKASYON TRY 140 899 0.03

89 629 TURKCELL ILETISIM HIZMET TRY 467 632 0.11

63 657 TURKIYE HALK BANKASI TRY 382 362 0.09

160 414 TURKIYE IS BANKASI S.C TRY 355 878 0.08

76 388 TURKIYE VAKIFLAR BANKASI TRY 141 334 0.03

15 675 ULKER BISKUVI SANAYI TRY 103 775 0.02

88 550 YAPI VE KREDI BANKASI TRY 173 542 0.04

Chile 5 841 732 1.38

255 248 AES GENER SA CLP 135 548 0.03

264 863 AGUAS ANDINAS SA-A CLP 153 490 0.04

3 303 BANCO CREDITO INVERSIONES CLP 186 639 0.04

2 396 791 BANCO DE CHILE CLP 295 903 0.07

6 680 364 BANCO SANTANDER CHILE CLP 373 175 0.09

7 568 CAP SA CLP 80 302 0.02

131 677 CENCOSUD CLP 388 350 0.09

14 970 CIA CERVECERIAS UNIDAS SA CLP 165 019 0.04

799 267

COLBUN CLP 205 513

0.05

13 789 263

CORPBANCA CLP 176 356

0.04

28 762 EMBOTELLADORA ANDINA PREF.B CLP 93 320 0.02

11 978 EMPRESA NACIONAL DE TELECOM. CLP 136 046 0.03

332 286 EMPRESA NACIONAL ELECTRICIDAD CLP 487 707 0.12

126 606 EMPRESAS CMPC SA CLP 299 470 0.07

46 079 EMPRESAS COPEC CLP 564 107 0.13

1 988 943 ENERSIS CLP 632 205 0.15

98 630 FALABELLA CLP 745 211 0.18

33 154 LATAM AIRLINES CLP 380 763 0.09

9 754 QUIMICA MINERA CHILE PREF.B CLP 253 529 0.06

45 396 VINA DE CONCHA Y TORO CLP 89 079 0.02

Philippines 4 955 257 1.16

197 250 ABOITIZ EQUITY VENTURES PHP 236 907 0.06

150 200 ABOITIZ POWER PHP 136 386 0.03

209 600 ALLIANCE GLOBAL GROUP PHP 121 433 0.03

21 450 AYALA PHP 353 696 0.08

723 900 AYALA LAND PHP 563 764 0.13

80 200 BANK OF THE PHILIPPINE ISLAND PHP 175 135 0.04

164 460 BDO UNIBANK INC PHP 359 318 0.09

51 950 CONTAINER TERMINAL SERVICES PHP 127 799 0.03




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

81 310

DMCI HOLDINGS PHP 143 043

0.03

956 800

ENERGY DEVELOPMENT PHP 172 481

0.04

3 385

GLOBAL TELECOM PHP 122 419

0.03

250 660

JG SUMMIT HOLDINGS PHP 323 396

0.08

43 070

JOLLIBEE FOODS PHP 188 106

0.04

1 211 000

MEGAWORLD ACT. REG'S PHP 135 732

0.03

1 195 900

METRO PACIFIC INVESTMENTS PHP 130 576

0.03

28 010

METROPOLITAN BANK AND TRUST PHP 54 176

0.01

9 925

PHILIPPINE LONG DISTANCE TEL. PHP 685 146

0.16

16 250 SM INVESTMENTS PHP 290 945 0.07

677 000 SM PRIME HOLDINGS PHP 263 695 0.06

89 060 UNIVERSAL ROBINA PHP 371 104 0.09

Bermuda 4 467 959 1.08

442 000 BEIJING ENTERP.WATER HKD 298 837 0.07

308 000 BRILLIANCE CHINA AUTOMOT.HOLD. HKD 537 853 0.13

204 000 CHINA GAS HOLDINGS HKD 338 376 0.08

90 000 CHINA RESOURCES GAS GROUP HKD 243 397 0.06

250 000 CITIC 21CN CO LTD HKD 151 962 0.04

178 000 COSCO PACIFIC HKD 236 108 0.06

1 040 000 GOME ELECTRICAL APPLIANCES HKD 168 755 0.04

109 000 HAIER ELECTRONICS GROUP CO HKD 285 657 0.07

1 274 000 HANERGY SOLAR GROUP LTD HKD 234 617 0.06

330 000 KUNLUN ENERGY HKD 475 976 0.11

167 000 NINE DRAGONS PAPER HOLDINGS HKD 120 221 0.03

423 000 SIHUAN PHARM. HOLDINGS GROUP HKD 317 042 0.08

6 905 CREDICORP USD 1 059 158 0.25

Colombia 3 784 347

0.90

20 515

ALMACENES EXITO SA COP 301 223

0.07

10 240 BANCO DAVIVIENDA PREF. COP 147 920 0.04

43 747 BANCOLOMBIA SA-PREF COP 621 103 0.15

41 055 CEMENTOS ARGOS SA COP 219 649 0.05

8 057 CORP FINANCIERA COLOMBIANA COP 159 651 0.04

502 532 ECOPETROL SA COP 787 910 0.19

29 842 GRUPO ARGOS SA COP 335 577 0.08

12 153 GRUPO ARGOS SA-PRF COP 135 458 0.03

152 225 GRUPO AVAL ACCIONES-PF COP 104 819 0.02

9 747 GRUPO DE INV SURAMERICANA-PF COP 195 553 0.05

23 886 GRUPO INVERSION SHS COP 480 879 0.11

39 486 INTERCONEXION ELECTRICA SA COP 181 131 0.04

83 296 ISAGEN SA ESP COP 113 474 0.03

Greece 2 611 765 0.62

390 162 ALPHA BANK A.E. EUR 302 624 0.07

217 522 BANK OF PIRAEUS EUR 368 211 0.09

3 409 DUTY FREE SHOPS EUR 126 824 0.03

823 905 EUROBANK ERGASIAS SA EUR 324 729 0.08

22 743 GREEK ORGANISATION OF FUTBALL PROGNOSTICS EUR 297 356 0.07




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

24 961

HELLENIC TELECOM. ORGANIZATIONS EUR 327 933

0.08

10 393

JUMBO EUR 131 421

0.03

161 934

NATIONAL BANK OF GREECE S.A. EUR 474 586

0.11

11 815

PUBLIC POWER EUR 140 298

0.03

4 709

TITAN CEMENT. S.A. EUR 117 783

0.03

Quatar 1 789 099

0.43

7 986

INDUSTRIES OF QATAR QAR 408 300

0.10

37 313

MASRAF AL RAYAN QAR 570 671

0.14

9 236 QATAR NATIONAL BANK QAR 514 306 0.12

8 131 QATAR TELECOM QAR 295 822 0.07

United Arab Emirates 1 769 981 0.42

113 627 ABU DHABI COMMERCIAL BANK AED 262 030 0.06

319 324 ALDAR PROPERTIES PJSC AED 340 803 0.08

181 736 EMAAR PROPERTIES PJSC AED 571 490 0.14

62 513 NATIONAL BANK OF ABU DHABI AED 245 937 0.06

16 854 DP WORLD USD 349 721 0.08

Czech Republic 983 697 0.24

16 438 CESKE ENERGETICKE ZAVODY CZK 499 750 0.12

1 549 KOMERCNI BANKA CZK 368 420 0.09

8 037 TELEFONICA CZECH REPUBLIC CZK 115 527 0.03

Hungary 819 411 0.19

4 258 MOL MAGYAR OLAJ ES GAZIP.S.A HUF 208 663 0.05

22 815 OTP BANK HUF 387 837 0.09

14 237

RICHTER GEDEON NYRT HUF 222 911

0.05

United States of America 676 497

0.16

4 450 UNITED SPIRITS INR 173 129 0.04

16 977 SOUTHERN PERU COPPER USD 503 368 0.12

Egypt 622 531 0.15

87 500 COMMERCIAL INTERNATIONAL BANK EGP 622 531 0.15


9 472 MEGAFON-GDR-WI USD 240 399 0.06

Peru 224 455 0.05

19 383 MINAS BUENAVENTURA ADR SPONS. USD 224 455 0.05

Australia 197 042 0.05

137 400 CENTRAL PATTANA PUBLIC CO.LTD THB 197 042 0.05

Spain 151 497 0.04

16 990 CEMEX LATAM HOLDING COP 151 497 0.04




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

United Kingdom 132 808

0.03

506 500

MEDIA NUSANTARA CITRA TBK PT IDR 132 808

0.03

Canada 80 231

0.02

68 900

BERJAYA SPORTS TOTO MYR 80 231

0.02


0.00

Cayman Islands 3 109

00

28 400 AGILE PROPERTY DS14 HKD 3 109 0.00


United States of America 21 579 580 5.12

517 000.0000 MSCI EMERGING MARKETS INDEX FD USD 21 579 580 5.12


PARWORLD TRACK EMERGING MARKETS BOND



Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination


117 911 431

98.25

Bonds 117 911 431

98.25

Philippines 5 490 200

4.59

475 000

PHILIPPINES 10.625% 00-16/03/2025 USD 743 375

0.62

420 000

PHILIPPINES 4.000% 10-15/01/2021 USD 441 790

0.37

600 000

PHILIPPINES 5.500% 11-30/03/2026 USD 687 000

0.57

638 000 PHILIPPINES 6.375% 09-23/10/2034 USD 803 880 0.67

788 000 PHILIPPINES 7.750% 06-14/01/2031 USD 1 092 365 0.92

494 000 PHILIPPINES 8.375% 09-17/06/2019 USD 617 500 0.51

200 000 PHILIPPINES 9.375% 02-18/01/2017 USD 234 750 0.20

392 000 PHILIPPINES 9.500% 05-02/02/2030 USD 610 540 0.51

200 000 PHILIPPINES 9.875% 99-15/01/2019 USD 259 000 0.22

Turkey 5 489 899 4.58

509 000 TURQUIE 5.125% 11-25/03/2022 USD 524 270 0.44

104 000 TURQUIE 5.625% 10-30/03/2021 USD 110 500 0.09

750 000 TURQUIE 6.875% 06-17/03/2036 USD 857 812 0.71

878 000 TURQUIE 7.250% 08-05/03/2038 USD 1 052 503 0.88

871 000 TURQUIE 7.375% 05-05/02/2025 USD 1 033 224 0.86

716 000 TURQUIE 7.500% 09-07/11/2019 USD 825 190 0.69

970 000 TURQUIE 7.500% 09-14/07/2017 USD 1 086 400 0.91

Brazil 5 137 694 4.27

290 000 BRESIL 10.125% 97-15/05/2027 USD 449 500 0.37

600 000

BRESIL 2.625% 12-05/01/2023 USD 540 000

0.45

480 000

BRESIL 5.625% 09-07/01/2041 USD 495 600

0.41

539 000

BRESIL 6.000% 06-17/01/2017 USD 589 396

0.49

400 000 BRESIL 7.125% 06-20/01/2037 USD 490 000 0.41

234 000 BRESIL 8.250% 04-20/01/2034 USD 314 730 0.26

450 000 BRESIL 8.875% 01-15/04/2024 USD 613 125 0.51

1 293 000 BRESIL 8.875% 04-14/10/2019 USD 1 645 343 1.37

Indonesia 4 847 559 4.04

200 000 INDONESIA 11.625% 09-04/03/2019 USD 266 000 0.22

1 200 000 INDONESIA 3.750% 12-25/04/2022 USD 1 155 000 0.96

270 000 INDONESIA 4.875% 11-05/05/2021 USD 281 137 0.23

900 000 INDONESIA 6.625% 07-17/02/2037 USD 1 017 000 0.85

700 000 INDONESIA 6.875% 08-17/01/2018 USD 787 500 0.66

122 000 INDONESIA 7.500% 05-15/01/2016 USD 130 922 0.11

750 000 INDONESIA 7.750% 08-17/01/2038 USD 949 688 0.79

250 000 PERUSAHAAN LISTRIK NEGARA PT REGS 5.500% 11-22/11/2021 USD 260 312 0.22

Colombia 4 437 380 3.70

267 000 COLOMBIE 4.375% 11-12/07/2021 USD 282 352 0.24

1 274 000 COLOMBIE 6.125% 09-18/01/2041 USD 1 490 580 1.24

396 000 COLOMBIE 7.375% 06-27/01/2017 USD 447 480 0.37

200 000 COLOMBIE 7.375% 07-18/09/2037 USD 266 500 0.22

802 000

COLOMBIE 7.375% 09-18/03/2019 USD 958 390

0.80

753 000

COLOMBIE 8.125% 04-21/05/2024 USD 992 078

0.83




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Hungary 4 237 432

3.54

1 770 000

HONGRIE 5.375% 13-21/02/2023 USD 1 873 191

1.56

626 000

HONGRIE 4.125% 13-19/02/2018 USD 646 908

0.54

676 000

HONGRIE 6.250% 10-29/01/2020 USD 752 652

0.63

500 000

HONGRIE 6.375% 11-29/03/2021 USD 561 250

0.47

316 000

HONGRIE 7.625% 11-29/03/2041 USD 403 431

0.34

Mexico 4 102 889

3.42

1 200 000 MEXIQUE 3.625% 12-15/03/2022 USD 1 222 212 1.02

700 000 MEXIQUE 4.750% 12-08/03/2044 USD 694 750 0.58

400 000 MEXIQUE 5.950% 08-19/03/2019 USD 457 000 0.38

562 000 MEXIQUE 6.050% 08-11/01/2040 USD 663 160 0.55

470 000 MEXIQUE 6.750% 04-27/09/2034 USD 594 550 0.50

200 000 PETROLEOS 6.625% 10-29/09/2049 USD 204 000 0.17

244 000 PETROLEOS MEXICANOS 5.500% 10-21/01/2021 USD 267 217 0.22

Lebanon 3 924 893 3.28

366 800 LIBAN 4.000% 02-31/12/2017 USD 364 416 0.30

1 050 000 LIBAN 5.150% 10-12/11/2018 USD 1 056 825 0.88

750 000 LIBAN 6.100% 10-04/10/2022 USD 763 875 0.64

440 000 LIBAN 6.750% 12-29/11/2027 USD 452 100 0.38

373 000 LIBAN 8.250% 06-12/04/2021 USD 428 017 0.36

811 000 LIBAN 8.500% 05-19/01/2016 USD 859 660 0.72

South Africa 3 829 393 3.18

670 000 AFRIQUE DU SUD 5.500% 10-09/03/2020 USD 721 087 0.60

720 000

AFRIQUE DU SUD 5.875% 07-30/05/2022 USD 793 800

0.66

232 000


0.22

604 000


0.57

200 000 TRANSNET LTD REGS 4.500% 11-10/02/2016 USD 207 000 0.17

1 234 000 TRANSNET SOC LTD REGS 4.000% 12-26/07/2022 USD 1 156 875 0.96

Poland 3 787 752 3.17

1 025 000 POLAND 3.000% 12-17/03/2023 USD 991 944 0.83

170 000 POLAND 5.000% 05-19/10/2015 USD 177 290 0.15

987 000 POLAND 5.000% 11-23/03/2022 USD 1 086 943 0.91

300 000 POLAND 5.125% 11-21/04/2021 USD 333 687 0.28

1 020 000 POLAND 6.375% 09-15/07/2019 USD 1 197 888 1.00

British Virgin Islands 3 766 964 3.13

278 000 SINOCHEM OV CAP 4.500% 10-12/11/2020 USD 294 033 0.25

150 000 SINOCHEM OV CAP 6.300% 10-12/11/2040 USD 183 105 0.15

400 000 SINOPEC 4.375% 13-17/10/2023 USD 413 216 0.34

400 000 SINOPEC 5.375% 13-17/10/2043 USD 448 908 0.37

1 700 000 SINOPEC GROUP OVER 3.900% 12-17/05/2022 USD 1 698 071 1.41

700 000 SINOPEC GROUP OVER 4.875% 12-17/05/2042 USD 729 631 0.61




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Russia 3 748 603

3.13

551 000

RUSSIE 12.750% 98-24/06/2028 USD 902 263

0.75

400 000

RUSSIE 3.25% 12-04/04/2017 USD 403 000

0.34

400 000

RUSSIE 5.625% 12-04/04/2042 USD 397 000

0.33

1 827 089

RUSSIE FLR 00-31/03/2030 USD 2 046 340

1.71

Chile 3 707 839

3.09

710 000

CHILI 3.250% 11-14/09/2021 USD 727 750

0.61

222 000 CHILI 3.875% 10-05/08/2020 USD 236 208 0.20

500 000 CODELCO 5.625% 05-21/09/2035 USD 553 120 0.46

347 000 CODELCO 6.150% 06-24/10/2036 USD 405 349 0.34

285 000 CODELCO 7.500% 09-15/01/2019 USD 340 994 0.28

650 000 CORP.NAC.COBRE 3.000% 12-17/07/2022 USD 623 786 0.52

800 000 CORP.NAC.COBRE 3.875% 11-03/11/2021 USD 820 632 0.68

Peru 3 514 723 2.94

200 000 PEROU 5.625% 10-18/11/2050 USD 225 000 0.19

581 000 PEROU 6.550% 07-14/03/2037 USD 730 608 0.61

410 000 PEROU 7.125% 09-30/03/2019 USD 488 925 0.41

1 000 000 PEROU 7.350% 05-21/07/2025 USD 1 305 000 1.09

140 000 PEROU 8.375% 04-03/05/2016 USD 155 190 0.13

400 000 PEROU 8.750% 03-21/11/2033 USD 610 000 0.51

Venezuela 3 423 557 2.86

613 100 PETROLEOS 5.250% 07-12/04/2017 USD 424 664 0.35

345 600 PETROLEOS 6.000% 13-15/11/2026 USD 176 999 0.15

309 000

PETROLEOS VENEZUELA 8.500% 10-02/11/2017 USD 240 247

0.20

385 600

VENEZUELA 11.950% 11-05/08/2031 USD 296 912

0.25

900 000

VENEZUELA 7.000% 03-01/12/2018 USD 632 250

0.53

545 000 VENEZUELA 9.000% 08-07/05/2023 USD 366 512 0.31

1 857 000 VENEZUELA 9.250% 97-15/09/2027 USD 1 285 973 1.07

Croatia 2 972 049 2.48

450 000 CROATIE 6.250% 12-27/04/2017 USD 478 125 0.40

400 000 CROATIE 6.375% 11-24/03/2021 USD 433 500 0.36

1 019 000 CROATIE 6.750% 09-05/11/2019 USD 1 122 174 0.94

900 000 HRVATSKA ELEKTROP 6.000% 12-09/11/2017 USD 938 250 0.78

Ukraine 2 668 058 2.23

865 000 UKRAINE 6.580% 06-21/11/2016 USD 735 250 0.61

1 170 000 UKRAINE 7.750% 10-23/09/2020 USD 991 575 0.83

550 000 UKRAINE 7.800% 12-28/11/2022 USD 464 750 0.39

543 000 UKRAINE 9.250% 12-24/07/2017 USD 476 483 0.40

Panama 2 629 384 2.18

446 000 PANAMA 5.200% 09-30/01/2020 USD 490 600 0.41

758 000 PANAMA 6.700% 06-26/01/2036 USD 929 399 0.77

500 000 PANAMA 7.125% 05-29/01/2026 USD 628 750 0.52

391 000 PANAMA 9.375% 99-01/04/2029 USD 580 635 0.48




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Kazakhstan 2 485 990

2.08

1 000 000

DEVELOPMENT BANK OF KAZAKHSTAN JSC REGS 4.125% 12-10/12/2022

USD 944 500

0.79

500 000

KAZAKHSTAN TEMIR ZHOLY 6.950% 12-10/07/2042 USD 539 000

0.45

650 000

KAZMUNAIGAZ FINANCE 5.750% 13-30/04/2043 USD 611 257

0.51

361 000

KAZMUNAIGAZ NATIONAL COMPANY 6.375% 10-09/04/2021 USD 391 233

0.33

Uruguay 2 482 102

2.06

545 811 URUGUAY 7.625% 06-21/03/2036 USD 725 247 0.60

1 164 824 URUGUAY 7.875% 03-15/01/2033 USD 1 560 865 1.30

150 472 URUGUAY 8.000% 05-18/11/2022 USD 195 990 0.16

Argentina 2 223 778 1.84

1 079 815 ARGENTINE 1.330% 03-31/12/2038 USD 580 401 0.48

1 569 821 ARGENTINE 8.280% 03-31/12/2033 USD 1 350 046 1.12

331 447 ARGENTINE 8.750% 10-02/06/2017 USD 293 331 0.24

Malaysia 2 214 578 1.84

430 000 PENERBANGAN 5.625% 06-15/03/2016 USD 457 545 0.38

1 227 000 PETRONAS 5.250% 09-12/08/2019 USD 1 370 644 1.14

285 000 PETRONAS 7.625% 96-15/10/2026 USD 386 389 0.32

Romania 2 122 665 1.77

824 000 ROMANIA 4.375% 13-22/08/2023 USD 842 540 0.70

500 000 ROMANIA 6.125% 14-22/01/2044 USD 570 625 0.48

600 000 ROMANIA 6.750% 12-07/02/2022 USD 709 500 0.59

Sri Lanka 2 102 279

1.75

241 000

BANK OF CEYLON 5.325% 13-16/04/2018 USD 242 748

0.20

540 000 SRI LANKA 5.875% 12-25/07/2022 USD 552 150 0.46

123 000 SRI LANKA 6.250% 10-04/10/2020 USD 129 304 0.11

1 126 000 SRI LANKA 6.250% 11-27/07/2021 USD 1 178 077 0.98

Lithuania 2 090 994 1.75

632 000 LITHUANIA 5.125% 10-14/09/2017 USD 690 807 0.58

998 000 LITHUANIA 6.125% 11-09/03/2021 USD 1 159 885 0.97

200 000 LITHUANIA 6.625% 12-01/02/2022 USD 240 302 0.20

Serbia 1 743 030 1.45

600 000 SERBIA 5.875% 13-03/12/2018 USD 625 530 0.52

1 000 000 SERBIE 7.250% 11-28/09/2021 USD 1 117 500 0.93

Costa Rica 1 689 925 1.41

492 000 COSTA RICA 4.250% 12-26/01/2023 USD 453 870 0.38

460 000 COSTA RICA 4.375% 13-30/04/2025 USD 416 300 0.35




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

629 000

COSTA RICA 5.625% 13-30/04/2043 USD 537 795

0.45

266 000

INSTITUTO COSTARRICENSE DE ELECTRICIDAD REGS 6.950% 11-10/11/2021

USD 281 960

0.23


1.39

306 000

KAZMUNAIGAZ FINANCE SUB 7.000% 10-05/05/2020 USD 340 807

0.28

500 000

KAZMUNAIGAZ FINANCE SUB 9.125% 08-02/07/2018 USD 585 000

0.49

640 000

MAJAPAHIT HOLDING 7.750% 09-20/01/2020 USD 740 800

0.62

EL Salvador 1 603 608

1.34

475 000 EL SALVADOR 5.875% 09-30/01/2025 USD 466 688 0.39

100 000 EL SALVADOR 7.375% 09-12/01/2019 USD 111 000 0.09

317 000 EL SALVADOR 7.625% 11-01/02/2041 USD 334 435 0.28

312 000 EL SALVADOR 7.650% 05-15/06/2035 USD 333 587 0.28

310 000 EL SALVADOR 8.250% 02-10/04/2032 USD 357 898 0.30

Dominican Republic 1 597 800 1.33

400 000 REPUBLIQUE DOMINICAINE 7.450% 14-30/04/2044 USD 428 000 0.36



United States of America 1 391 438 1.16

600 000 PEMEX PROJECT 5.750% 08-01/03/2018 USD 663 000 0.55

630 000 PEMEX PROJECT 6.625% 05-15/06/2035 USD 728 438 0.61

Pakistan 1 138 510 0.94

479 000 PAKISTAN 6.875% 07-01/06/2017 USD 483 191 0.40

255 000 PAKISTAN 7.250% 14-15/04/2019 USD 255 319 0.21

400 000

PAKISTAN 8.250% 14-15/04/2024 USD 400 000

0.33

Ivory Coast 1 119 187

0.93

1 175 000 COTE D’IVOIRE FLR 10-31/12/2032 USD 1 119 187 0.93

Ireland 1 059 209 0.89

213 000 RZD CAPITAL LIMITED 5.739% 10-03/04/2017 USD 218 059 0.18

227 000 VEB FIN 5.450% 10-22/11/2017 USD 223 311 0.19

393 000 VEB FIN 6.800% 10-22/11/2025 USD 382 031 0.32

233 000 VEB FINANCE LIMITED 6.902% 10-09/07/2020 USD 235 808 0.20

Latvia 949 120 0.78

300 000 LATVIA 2.750% 12-12/01/2020 USD 293 490 0.24

200 000 LATVIA 5.250% 11-16/06/2021 USD 221 788 0.18

400 000 LATVIA 5.250% 12-22/02/2017 USD 433 842 0.36

Irak 895 705 0.75

998 000 IRAK 5.800% 06-15/01/2028 USD 895 705 0.75




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

India 862 624

0.71

200 000

IMPORT EXPORT BANK OF INDIA 4.000% 12-07/08/2017 USD 208 539

0.17

400 000

IMPORT EXPORT BANK OF INDIA 4.000% 13-14/01/2023 USD 397 561

0.33

250 000

INDIAN RAILWAY FIN 3.917% 14-26/02/2019 USD 256 524

0.21

Marocco 845 750

0.70

850 000

MAROC 4.250% 12-11/12/2022 USD 845 750

0.70

China 801 260

0.67

400 000 EXPORT-IMPORT BANK OF CHINA REGS 3.625% 14-31/07/2024 USD 394 391 0.33

400 000 MCC HOLDING 4.875% 11-29/07/2016 USD 406 869 0.34

Azerbaijan 787 200 0.66

800 000 STATE OIL CO OF THE AZERBAIJAN REPUBLIC 4.750% 13-13/03/2023

USD 787 200 0.66

Trinidad and Tobago 754 500 0.63

600 000 PETROLEOS 9.750% 09-14/08/2019 USD 754 500 0.63

Jamaica 753 684 0.63

300 000 JAMAIQUE 7.625% 14-09/07/2025 USD 319 500 0.27

400 000 JAMAIQUE 8.000% 08-24/06/2019 USD 434 184 0.36

Ecuador 728 000 0.61

700 000 EQUATEUR 7.95% 14-20/06/2024 USD 728 000 0.61

Zambia 710 625 0.59

750 000 ZAMBIA 5.375% 12-20/09/2022 USD 710 625 0.59

Slovakia 638 742

0.53

600 000 SLOVAKIA 4.375% 12-21/05/2022 USD 638 742 0.53

Paraguay 626 500 0.52

200 000 GUATEMALA 4.625% 13-25/01/2023 USD 203 500 0.17

400 000 GUATEMALA 6.100% 14-11/08/2044 USD 423 000 0.35

Ghana 609 738 0.50

400 000 GHANA 7.875% 13-07/08/2023 USD 400 600 0.33

195 000 GHANA 8.500% 07-04/10/2017 USD 209 138 0.17

Mongolia 604 887 0.50

680 000 MONGOLIA 5.125% 12-05/12/22 USD 604 887 0.50

Vietnam 586 225 0.49

524 000 VIETNAM 6.750% 10-29/01/2020 USD 586 225 0.49


232 000 RSHB CAP 7.750% 08-29/05/2018 USD 243 020 0.20

300 000 RSHB INDX 6.299% 07-15/05/2017 USD 304 125 0.25




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Egypt 523 800

0.44

500 000

EGYPTE 5.750% 10-29/04/2020 USD 523 800

0.44

Germany 495 075

0.41

460 000

REPUBLIC OF ANGOLA VIA NORTHERN LIGHTS III BV REGS USD 495 075

0.41

7.000% 12-16/08/2019

Niger 480 375

0.40

450 000

NIGERIA 6.375% 13-12/07/2023 USD 480 375

0.40


600 000 SSB NO. 8.250% 11-10/03/2016 USD 463 500 0.39

Guatemala 425 565 0.35

386 000 GUATEMALA 5.750% 12-06/06/2022 USD 425 565 0.35

Gabon 425 400 0.35

400 000 GABON 6.375% 13-12/12/2024 USD 425 400 0.35

Bolivia 406 020 0.34

400 000 COSTA RICA 4.875% 12-29/10/2022 USD 406 020 0.34

Cayman Islands 382 843 0.32

400 000 AMBER CIRC 3.250% 12-04/12/2022 USD 382 843 0.32

Georgia 337 125 0.28

300 000 GEORGIAN RAILWAY JSC REGS 7.750% 12-11/07/2022 USD 337 125 0.28

Honduras 267 500

0.22

250 000

REPUBLIC OF HONDURAS 7.500% 13-15/03/2024 USD 267 500

0.22

Senegal 232 000 0.19

200 000 SENEGAL 8.750% 11-13/05/2021 USD 232 000 0.19

Belorussia 212 500 0.18

200 000 BIELORUSSIE 8.950% 11-26/01/2018 USD 212 500 0.18

Namibia 211 500 0.18

200 000 NAMIBIA INTERNATIONAL BONDS REGS 5.500% 11-03/11/2021 USD 211 500 0.18


200 000 CNOOC CURTIS FUNDING 4.500% 13-03/10/2023 USD 207 238 0.17

Armenia 204 750 0.17

200 000 ARMENIA 6.000% 13 -30/09/2020 USD 204 750 0.17

Jordan 201 792 0.17

200 000 JORDANIE 3.875% 10-12/11/2015 USD 201 792 0.17

Tanzania 160 875 0.13

150 000 TANZANIA GOVERNMENT INTERNATIONAL BOND REGS 13 -08/03/2020

USD 160 875 0.13

Belize 123 900 0.10

168 000

GOV. BELIZE 5.000% 13-20/02/2038 USD 123 900

0.10


117 911 431

98.25

PARWORLD TRACK EMU



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


77 832 005

98.30

Shares 77 819 800

98.27

France 24 068 817

30.42

4 301

ACCOR EUR 151 030

0.19

735

AEROPORT DE PARIS EUR 69 656

0.09

8 655

AIR LIQUIDE EUR 835 813

1.06


5 362 ALSTOM EUR 145 203 0.18

2 172 ALTICE SA EUR 91 072 0.12

1 421 ARKEMA EUR 75 484 0.10

1 975 ATOS EUR 113 306 0.14

45 603 AXA EUR 889 715 1.12



4 754 BOUYGUES EUR 122 011 0.15


3 556 CAP GEMINI EUR 202 087 0.26

15 476 CARREFOUR EUR 378 543 0.48




25 164 CREDIT AGRICOLE EUR 300 584 0.38

14 499 DANONE EUR 768 447 0.97


5 113

EDENRED EUR 99 882

0.13

6 004

EDF EUR 155 924

0.20

5 129 ESSILOR INTL EUR 445 915 0.56

897 EURAZEO EUR 51 111 0.06


709 FONCIERE DES REGIONS EUR 50 587 0.06

46 630 FRANCE TELECOM EUR 555 130 0.70

36 407 GDF SUEZ EUR 723 043 0.91

711 GECINA SA EUR 73 766 0.09


896 ICADE EUR 59 826 0.08

646 ILIAD EUR 108 270 0.14

863 IMERYS EUR 50 382 0.06

1 676 JC DECAUX EUR 41 892 0.05

1 905 KERING EUR 304 133 0.38

2 471 KLEPIERRE EUR 85 670 0.11

4 697 LAFARGE EUR 267 823 0.34

2 758 LAGARDERE EUR 58 442 0.07

6 679 LEGRAND EUR 275 141 0.35

6 298 L'OREAL EUR 791 659 1.00

7 022 LVMH MOET HENNESSY VUITTON EUR 903 731 1.14

4 672 MICHELIN EUR 348 905 0.44

PARWORLD TRACK EMU



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

22 987

NATIXIS EUR 125 233

0.16

5 340


0.60

9 847

PEUGEOT EUR 99 996

0.13

4 558


0.31

539


0.04

4 834

RENAULT EUR 277 230

0.35

6 688

REXEL EUR 98 815

0.12

11 169

SAINT-GOBAIN EUR 404 709

0.51

29 722

SANOFI EUR 2 661 902

3.36

13 108 SCHNEIDER ELECTRIC EUR 796 966 1.01

3 807 SCOR SE EUR 94 166 0.12


718 SOCIETE BIC EUR 73 308 0.09

18 078 SOCIETE GENERALE A EUR 730 713 0.92

2 371 SODEXO EUR 183 705 0.23


2 573 TECHNIP EUR 171 388 0.22

2 257 THALES EUR 95 189 0.12

53 618 TOTAL EUR 2 758 646 3.49


1 898 VALEO EUR 167 233 0.21

2 661 VALLOUREC EUR 96 887 0.12


12 148 VINCI EUR 558 869 0.71

30 320 VIVENDI EUR 579 718 0.73

798 WENDEL EUR 71 628 0.09


Germany 22 353 522

28.22

5 261 ADIDAS NOM. EUR 311 714 0.39

11 480 ALLIANZ EUR 1 473 458 1.86

995 AXEL SPRINGER EUR 43 372 0.05

23 098 BASF NOM. EUR 1 677 607 2.12

20 796 BAYER EUR 2 306 275 2.92

2 535 BEIERSDORF EUR 167 665 0.21

8 326 BMW EUR 707 877 0.89

1 338 BMW PREF EUR 86 207 0.11

3 885 BRENNTAG EUR 151 165 0.19

1 262 CELESIO EUR 33 241 0.04



24 213 DAIMLER EUR 1 470 455 1.86





78 357 DEUTSCHE TELEKOM EUR 940 284 1.19


50 321 E.ON NOM. EUR 729 403 0.92

PARWORLD TRACK EMU



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

928

FRAPORT AG EUR 48 312

0.06

5 440

FRESENIUS MEDICAL CARE EUR 300 832

0.38

9 495

FRESENIUS SE & KGAA EUR 372 157

0.47

1 754

FUCHS PETROLUB EUR 52 795

0.07

4 538

GEA GROUP EUR 156 765

0.20

1 495

HANNOVER RUECKVERSICHERU EUR 95 710

0.12

3 544

HEIDELBERGCEMENT EUR 185 422

0.23

2 940

HENKEL AG & KGAA EUR 217 531

0.27

4 480


0.45

505 HOCHTIEF EUR 27 528 0.03

784 HUGO BOSS EUR 77 585 0.10

28 354 INFINEON TECHNOLOGIES EUR 232 304 0.29

4 272 K+S AG EUR 95 927 0.12

547 KABEL DEUTSCHLAND HOLDING EUR 58 857 0.07

2 270 LANXESS EUR 99 210 0.13

4 669 LINDE EUR 710 388 0.90

873 MAN EUR 77 784 0.10

3 250 MERCK KGAA EUR 237 348 0.30

4 075 METRO EUR 106 276 0.13

4 333 MUENCHENER RUECKVERSICHERUNGS EUR 678 331 0.86




12 307 RWE A EUR 379 732 0.48

23 171 SAP EUR 1 323 064 1.67

19 940 SIEMENS EUR 1 881 738 2.38


15 520

TELEFONICA DEUTSCHLAND HOLDING EUR 64 253

0.08

11 386

THYSSENKRUPP EUR 236 544

0.30


732 VOLKSWAGEN EUR 120 268 0.15

4 088 VOLKSWAGEN PRIV. EUR 672 067 0.85

Spain 9 271 312 11.71


4 479 ACS ACTIVIDADESNS Y SERV EUR 136 251 0.17

9 567 AMADEUS IT HOLDING EUR 283 375 0.36





115 855 BANKIA SA EUR 171 234 0.22

44 649 CAIXABANK EUR 215 253 0.27



5 103 ENAGAS EUR 130 280 0.16

10 196 FERROVIAL EUR 156 560 0.20


3 701 GRIFOLS EUR 120 060 0.15

PARWORLD TRACK EMU



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

127 686

IBERDROLA EUR 723 980

0.91

27 432

INDITEX EUR 600 075

0.76

25 300

INTL CONSOLIDATED AIRLINE EUR 119 290

0.15

23 233

MAPFRE EUR 65 145

0.08

2 721

RED ELECTRICA EUR 186 552

0.24

25 529

REPSOL YPF EUR 479 945

0.61

103 004

TELEFONICA EUR 1 262 314

1.60

4 298

ZARDOYA OTIS EUR 42 205

0.05


46 347 AEGON EUR 302 739 0.38

6 031 AKZO NOBEL EUR 327 182 0.41

8 989 ASML HOLDING NV EUR 708 513 0.89

2 179 BOSKALIS WESTMINSTER EUR 97 140 0.12

1 778 CORIO NV EUR 69 031 0.09

5 033 DELTA LLOYD EUR 96 105 0.12

14 773 EADS EUR 735 991 0.93

1 849 FUGRO-CVA EUR 44 311 0.06

1 966 GEMALTO EUR 142 889 0.18

5 794 HEINEKEN EUR 343 237 0.43


96 581 ING GROEP EUR 1 092 331 1.38





2 120 OCI NV EUR 51 845 0.07

5 810

QIAGEN N.V. EUR 104 754

0.13

3 080

RANDSTAD HOLDING EUR 113 529

0.14



10 925 TNT EXPRESS EUR 54 778 0.07

41 271 UNILEVER EUR 1 301 275 1.66

1 740 VOPAK EUR 74 342 0.09

7 494 WOLTERS KLUWER EUR 158 273 0.20

3 721 ZIGGO EUR 138 012 0.17

Italy 6 242 119 7.89


10 383 ATLANTIA EUR 202 988 0.26




165 533 ENEL EUR 695 570 0.88


63 975 ENI EUR 1 207 208 1.54

2 438 EXOR EUR 74 944 0.09

22 018 FIAT EUR 168 218 0.21


PARWORLD TRACK EMU



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

22 241

FONDIARIA-SAI SPA EUR 49 820

0.06

292 504

INTESA SANPAOLO EUR 703 765

0.89

23 450

INTESA SANPAOLO-RNC EUR 49 808

0.06

4 204

LUXOTTICA GROUP EUR 173 289

0.22

15 159

MEDIOBANCA EUR 103 233

0.13

5 885

PIRELLI & C. EUR 64 500

0.08

5 049

PRYSMIAN EUR 74 271

0.09

6 568

SAIPEM EUR 110 605

0.14

51 025

SNAM RETE GAS EUR 223 490

0.28



37 411 TERNA EUR 148 971 0.19

21 250 UBI BANCA EUR 141 524 0.18


Belgium 3 208 343 4.05

5 507 AGEAS EUR 144 752 0.18


3 769 BELGACOM EUR 103 874 0.13

1 878 COLRUYT EUR 65 514 0.08

2 542 DELHAIZE GROUP EUR 140 013 0.18

2 003 GROUPE BRUXELLES LAMBERT EUR 145 338 0.18

6 298 KBC GROEP EUR 265 555 0.34

1 491 SOLVAY EUR 181 753 0.23

1 278 TELENET GROUP HOLDING EUR 58 149 0.07

3 168 UCB EUR 227 716 0.29

2 716 UMICORE EUR 94 069 0.12

Finland 2 254 940

2.85

3 484

ELISA OYJ EUR 73 234

0.09

11 170 FORTUM OYJ EUR 215 693 0.27

7 861 KONE OYJ-B EUR 250 137 0.32

2 836 METSO OYJ EUR 79 975 0.10


94 179 NOKIA EUR 636 179 0.80







Ireland 800 531 1.01

689 270 BANK OF IRELAND EUR 213 674 0.27

18 463 CRH EUR 334 365 0.42

3 977 KERRY GROUP-A EUR 221 996 0.28

4 051 RYANAIR HOLDINGS EUR 30 496 0.04

PARWORLD TRACK EMU



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Luxembourg 763 648

0.96

25 129

ARCELORMITTAL EUR 273 906

0.35

958

RTL GROUP EUR 65 039

0.08

7 641

SES GLOBAL DEPOSITARY RECEIPT EUR 209 172

0.26

11 875

TENARIS EUR 215 531

0.27

Austria 548 369

0.69

1 803

ANDRITZ EUR 76 123

0.10


23 725 IMMOFINANZ EUR 53 310 0.07

3 652 OMV EUR 97 308 0.12



1 067 VIENNA INSURANCE GROUP EUR 38 151 0.05


Portugal 471 798 0.60


882 682 BANCOMERCIAL PORTUGUES-R EUR 91 446 0.12

58 238 EDP-ENERGIAS DE PORTUGAL EUR 201 212 0.25



Warrants, Rights 12 205 0.03

France 11 720 0.03


Spain 485

0.00

44 104 BCO POP.ESP.DO14 EUR 485 0.00

Italy 0 0.00

22 018 FIAT SPA DS 14 EUR 0 0.00


PARWORLD TRACK EMU GOVERNMENT BOND



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


168 263 153

97.32

Bonds 168 263 153

97.32

Italy 40 001 022

23.16

790 000

REPUBLIC OF ITALY 4.250% 03-01/02/2019 EUR 902 322

0.52

1 248 000


0.74

2 322 000


1.43

1 831 000 REPUBLIC OF ITALY 3.750% 06-01/08/2021 EUR 2 080 016 1.20




639 000 REPUBLIC OF ITALY 4.500% 04-01/02/2020 EUR 749 394 0.43














1 700 126


1.55

France 37 915 151

21.94

1 823 144 FRANCE - EMPRUNT D’ETAT - OAT 2.500% 10-25/10/2020 EUR 2 042 486 1.18



442 000 FRANCE - EMPRUNT D’ETAT - OAT 3.750% 09-25/10/2019 EUR 518 849 0.30



















Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Germany 32 663 931

18.89

2 263 000

BUNDESREPUBLIK DEUTSCHLAND 1.750% 10-09/10/2015 EUR 2 305 092

1.33

3 117 000


2.00

1 566 000


1.00

2 513 272


1.62

744 000

BUNDESREPUBLIK DEUTSCHLAND 2.500% 12-04/07/2044 EUR 855 109

0.49

63 714


0.04

1 644 000


1.13

1 078 000 BUNDESREPUBLIK DEUTSCHLAND 3.750% 08-04/01/2019 EUR 1 248 302 0.72

840 000 BUNDESREPUBLIK DEUTSCHLAND 4.000% 05-04/01/2037 EUR 1 186 206 0.69






696 000 BUNDESREPUBLIK DEUTSCHLAND 4.750% 98-04/07/2028 EUR 994 744 0.58



Spain 21 780 491 12.58

1 974 000 KINGDOM OF SPAIN 3.150% 05-31/01/2016 EUR 2 049 821 1.19

608 000 KINGDOM OF SPAIN 3.750% 13-31/10/2018 EUR 681 780 0.39




967 000 KINGDOM OF SPAIN 4.300% 09-31/10/2019 EUR 1 128 983 0.65

1 540 000

KINGDOM OF SPAIN 4.500% 12-31/01/2018 EUR 1 737 043

1.00

130 000

KINGDOM OF SPAIN 4.600% 09-30/07/2019 EUR 152 855

0.09

570 000

KINGDOM OF SPAIN 4.650% 10-30/07/2025 EUR 699 721

0.40








Belgium 10 268 747 5.93

582 000 BELGIQUE - EMPRUNT D’ETAT - OLO 4.000% 07-28/03/2017 EUR 640 276 0.37

1 312 000 BELGIQUE - EMPRUNT D’ETAT - OLO 4.000% 08-28/03/2018 EUR 1 491 744 0.86








220 000 BELGIQUE - EMPRUNT D’ETAT 2.600% 14-22/06/2024 EUR 247 736 0.14

1 806 807 BELGIQUE - EMPRUNT D’ETAT 4.250% 11-28/09/2021 EUR 2 248 354 1.30




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


5.89

1 414 000

NEDERLAND - EMPRUNT D’ETAT - 2.500% 11-15/01/2017 EUR 1 495 531

0.87

600 000

NEDERLAND - EMPRUNT D’ETAT - 3.250% 11-15/07/2021 EUR 706 446

0.41

435 145


0.30

690 490


0.56

1 198 653


0.80

443 510


0.38

1 039 726


0.92

666 000 NEDERLAND - EMPRUNT D’ETAT - 3.750% 10-15/01/2042 EUR 939 353 0.54

1 216 000 NEDERLAND - EMPRUNT D’ETAT - 4.500% 07-15/07/2017 EUR 1 368 583 0.79

514 000 NEDERLAND - EMPRUNT D’ETAT - 1.750% 13-15/07/2023 EUR 549 301 0.32

Austria 6 558 404 3.79

469 000 REPUBLIC OF AUSTRIA 1.950% 12-18/06/2019 EUR 506 954 0.29


1 455 000 REPUBLIC OF AUSTRIA 3.500% 06-15/09/2021 EUR 1 740 434 1.01

872 000 REPUBLIC OF AUSTRIA 4.150% 07-15/03/2037 EUR 1 236 452 0.72

1 735 000 REPUBLIC OF AUSTRIA 4.300% 07-15/09/2017 EUR 1 955 128 1.13


Ireland 3 327 995 1.93

470 000 IRLANDE - EMPRUNT D’ETAT - 4.500% 04-18/04/2020 EUR 566 566 0.33


919 000 IRLANDE - EMPRUNT D’ETAT - 5.400% 09-13/03/2025 EUR 1 224 834 0.71


890 298 IRLANDE - EMPRUNT D’ETAT - 5.900% 09-18/10/2019 EUR 1 129 325 0.65

Portugal 3 120 324

1.80

97 000

PORTUGAL - EMPRUNT D’ETAT - 3.350% 05-15/10/2015 EUR 100 135

0.06

749 000 PORTUGAL - EMPRUNT D’ETAT - 4.450% 08-15/06/2018 EUR 830 641 0.48



190 000 PORTUGAL OBRIGACOES DO TESOURO OT 4.100% 11-15/04/2037 EUR 192 057 0.11


Finland 2 444 938 1.41

385 000 FINLANDE EMPRUNT D’ETAT 3.875% 06-15/09/2017 EUR 429 019 0.25

881 000 FINLANDE EMPRUNT D’ETAT 4.000% 09-04/07/2025 EUR 1 129 909 0.65



France 1 885 424 1.10

1 827 000 FRANCE - EMPRUNT D’ETAT - BTAN 25/02/2016 2.250% EUR 1 885 424 1.10


PARWORLD TRACK EMU GOVERNMENT BOND 1-3 YEARS



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


82 232 983

88.31

Bonds 82 232 983

88.31

Germany 20 305 599

21.80

1 084 343


1.17

428 000


0.46

1 161 939


1.25













60 247 BUNDESREPUBLIK DEUTSCHLAND 5.675% 05-20/09/2016 EUR 66 986 0.07

308 675 BUNDESREPUBLIK DEUTSCHLAND E.11 6.000% 86-20/06/2016 EUR 340 839 0.37

Italy 20 007 447 21.48



1 242 000


1.36

1 150 000


1.27

1 120 000


1.24











France 13 418 296 14.41










Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Spain 13 079 623

14.04

1 678 000


1.88

1 605 000


1.79

1 650 000


1.85

1 328 000


1.50

1 129 000

KINGDOM OF SPAIN 3.750% 31/10/2015 EUR 1 171 597

1.26

1 669 000


1.94

1 648 000


1.91







1 011 502 NEDERLAND - EMPRUNT D’ETAT- 0.500% 14-15/04/2017 EUR 1 024 611 1.10

Belgium 5 014 815 5.39



910 620 BELGIQUE - EMPRUNT D’ETAT - OLO 4.000% 07-28/03/2017 EUR 1 001 800 1.08



Austria 1 784 847 1.92



Finland 975 447

1.05



Ireland 715 281 0.77


Slovakia 699 693 0.76

255 000 SLOVAKIA 3.500% 10-24/02/2016 EUR 266 962 0.29

75 000 SLOVAKIA 4.375% 07-15/05/2017 EUR 83 062 0.09

217 653 SLOVAKIA 4.625% 12-19/01/2017 EUR 239 954 0.26

99 582 SLOVAQUIE 4.200% 07-04/04/2017 EUR 109 715 0.12

Slovenia 238 925 0.26

41 730 SLOVENIA 3.500% 06-23/03/2017 EUR 44 380 0.05

82 458 SLOVENIA 4.000% 05-17/02/2016 EUR 86 703 0.09

100 000 SLOVENIA 4.700% 13-01/11/2016 EUR 107 842 0.12




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Money Market Instruments

9 550 936

10.26

France 8 093 325

8.69

2 251 061

FRANCE - EMPRUNT D’ETAT - BTAN 25/02/2016 2.250% EUR 2 323 408

2.50

1 577 768


1.77

2 440 801


2.73

1 529 528


1.69

Italy 1 457 611 1.57

260 000 REPUBLIC OF ITALY 30/08/2016 ZC EUR 257 733 0.28



PARWORLD TRACK EURO CORPORATE BOND



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


294 445 305

98.43

Bonds 294 445 305

98.43


33.72

5 850 000

ABN AMRO BANK N.V. 3.625% 10-06/10/2017 EUR 6 393 289

2.14

8 730 000

BMW FINANCE N.V 3.250% 12-14/01/2019 EUR 9 712 387

3.25

5 600 000

CONTI-GUMMI FINANCE 2.500% 13-20/03/2017 EUR 5 848 696

1.96

8 753 000 DEUTSCHE TEL INTL 2.125% 13-18/01/2021 EUR 9 404 284 3.14

5 356 000 HEINEKEN N.V. 2.500% 12-19/03/2019 EUR 5 787 854 1.93

5 851 000 ING BANK N.V. 4.250% 12-13/01/2017 EUR 6 353 191 2.12

6 324 000 KONINKLIJKE KPN N.V. 3.750% 10-21/09/2020 EUR 7 186 593 2.40

16 258 000 RABOBANK NEDERLAND 3.875% 11-20/04/2016 EUR 17 152 516 5.73

7 201 000 ROCHE FINANCE EUROPE B.V. 2.000% 12-25/06/2018 EUR 7 622 619 2.55

5 117 000 RWE FINANCE 3.000% 13-17/01/2024 EUR 5 736 669 1.92

8 250 000 SIEMENS FINANCIERINGSMAATSCHAPPIJ N.V. 1.750% 13-12/03/2021

EUR 8 728 283 2.92

10 536 000 VOLKSWAGEN INTERNATIONAL 1.875% 12-15/05/2017 EUR 10 939 950 3.66

Italy 38 512 166 12.86

6 250 000 ATLANTIA SPA 3.375% 10-18/09/2017 EUR 6 741 500 2.25

6 486 000 ENI SPA 3.500% 10-29/01/2018 EUR 7 132 330 2.38

7 800 000 INTESA SAN PAOLO 4.000% 12-09/11/2017 EUR 8 568 222 2.86

7 495 000 TERNA - RETE ELETTRICA NAZIONALE S.P.A. 4.750% 11-15/03/2021 EUR 9 135 431 3.05

5 900 000 UNICREDIT 6.950% 12-31/10/2022 EUR 6 934 683 2.32

United States of America 36 054 529

12.06

5 801 000

GOLDMAN SACHS GROUP INC 2.625% 13-19/08/2020 EUR 6 268 503

2.10

6 831 000

JP MORGAN CHASE 2.625% 13-23/04/2021 EUR 7 426 937

2.48

7 300 000 MORGAN STANLEY 2.375% 14-31/03/2021 EUR 7 735 518 2.59

7 452 000 TOYOTA MOTOR CREDIT 1.250% 13-01/08/2017 EUR 7 638 151 2.55

6 500 000 US TREASURY BILL 2.500% 10-27/07/2020 EUR 6 985 420 2.34

Germany 31 710 902 10.60

6 511 000 BASF 2.000% 12-05/12/2022 EUR 6 947 498 2.32

4 737 000 COMMERZBANK 3.625% 12-10/07/2017 EUR 5 140 593 1.72

7 211 000 DAIMLER 1.000% 13-08/07/2016 EUR 7 299 695 2.44

4 620 000 DEUT PFANDBRFBK 2.000% 13-19/07/2016 EUR 4 699 972 1.57

7 200 000 LINDE 1.750% 12-17/09/2020 EUR 7 623 144 2.55


5 901 000 BARCLAYS BANK 4.125% 11-15/03/2016 EUR 6 224 847 2.08

6 251 000 BP CAPITAL MARKETS 3.830% 10-06/10/2017 EUR 6 858 097 2.29

8 700 000 CREDIT SUISSE LONDON 1.375% 14-29/11/2019 EUR 8 938 119 2.99

5 050 000 UBS LONDON 3.125% 12-18/01/2016 EUR 5 237 001 1.75

PARWORLD TRACK EURO CORPORATE BOND



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

France 22 555 353

7.55

8 475 000

BNP PARIBAS 3.750% 10-25/11/2020 EUR 9 827 102

3.29

6 100 000

GDF SUEZ 3.500% 10-18/10/2022 EUR 7 116 931

2.38

5 500 000

SANOFI 1.000% 12-14/11/2017 EUR 5 611 320

1.88

Sweden 7 539 513

2.52

7 300 000

NORDEA BANK 1.375% 13-12/04/2018 EUR 7 539 513

2.52

Denmark 7 195 505

2.41

6 668 000 CARLSBERG S.B 3.375% 10-13/10/2017 EUR 7 195 505 2.41


5 903 000 NESTLE FINANCE INTERNATIONAL LTD 1.750% 12-12/09/2022 EUR 6 227 009 2.08

Ireland 6 195 648 2.07

6 100 000 GE CAP CAPITAL 1.000% 13-02/05/2017 EUR 6 195 648 2.07

Austria 5 423 810 1.81

4 900 000 TELEKOM FINANZ 3.125% 13-03/12/2021 EUR 5 423 810 1.81

Australia 4 906 475 1.64

4 611 000 NATIONAL AUSTRALIA BANK 2.000% 13-12/11/2020 EUR 4 906 475 1.64


PARWORLD TRACK EURO INFLATION LINKED BOND



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


185 829 789

99.67

Bonds 185 829 789

99.67

France 136 885 468

73.41

3 009 000

FRANCE - EMPRUNT D’ETAT - OAT 0.100% 12-25/07/2021 EUR 3 175 518

1.70

6 588 000


3.82

5 517 000


3.13










8 241 000 FRANCE - EMPRUNT D’ETAT - BTAN 25/07/2016 0.450% EUR 8 861 811 4.75

2 472 000 FRANCE - EMPRUNT D’ETAT- 0.700% 14-25/07/2030 EUR 2 637 308 1.41

Germany 48 944 321 26.26

10 222 000 BUNDESREPUBLIK DEUTSCHLAND FLR 06-15/04/2016 EUR 12 173 106 6.53






185 829 789

99.67

PARWORLD TRACK EUROPE



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


332 971 252

99.36

Shares 332 947 210

99.36

United Kingdom 99 592 173

29.76

44 659

3I GROUP GBP 219 684

0.07

45 838

ABERDEEN ASSET MGMT GBP 235 602

0.07

9 116

ADMIRAL GROUP GBP 150 100

0.04

12 452 AGGREKO PLC GBP 247 378 0.07

13 658 AMEC GBP 193 512 0.06

67 803 ANGLO AMERICAN GBP 1 204 304 0.36

17 986 ANTOFAGASTA GBP 166 426 0.05

70 571 ARM HOLDINGS GBP 820 551 0.24

2 900 ASOS GBP 83 740 0.02

17 335 ASSOCIATED BRITISH FOODS GBP 596 002 0.18

62 342 ASTRAZENECA GBP 3 553 542 1.06

145 153 AVIVA GBP 975 200 0.29

25 515 BABCOCK INTL GROUP GBP 357 577 0.11

159 247 BAE SYSTEMS GBP 963 616 0.29

810 045 BARCLAYS GBP 2 364 537 0.71

168 791 BG GBP 2 469 478 0.74

104 545 BHP BILLITON GBP 2 301 010 0.69

904 825 BP GBP 5 265 566 1.57

91 930 BRITISH AMERICAN TOBACCO GBP 4 108 063 1.23

44 890 BRITISH LAND CO PLC GBP 404 713 0.12

49 634 BRITISH SKY BROADCASTING GRO GBP 561 822 0.17

387 835

BT GROUP GBP 1 889 402

0.56

16 929

BUNZL GBP 349 791

0.10

22 511 BURBERRY GROUP GBP 436 526 0.13

30 969 CAPITA GBP 462 627 0.14

8 459 CARNIVAL GBP 267 492 0.08

251 335 CENTRICA GBP 992 825 0.30

59 437 COBHAM GBP 222 050 0.07

81 848 COMPASS GROUP PLC GBP 1 046 734 0.31

6 173 CRODA INTERNATIONAL GBP 162 643 0.05

124 271 DIAGEO GBP 2 846 814 0.85

75 033 DIRECT LINE INSURANCE GROUP PL GBP 283 300 0.08

7 549 EASYJET GBP 137 862 0.04

10 750 FRESNILLO GBP 104 851 0.03

78 704 G4S GBP 253 222 0.08

76 571 GKN GBP 313 674 0.09

239 986 GLAXOSMITHKLINE GBP 4 351 902 1.30

34 668 HAMMERSON PLC GBP 255 605 0.08

11 829 HARGREAVES LANSDOWN GBP 143 460 0.04

935 904 HSBC HOLDINGS GBP 7 520 142 2.25

26 152 ICAP GBP 129 988 0.04

13 396 IMI SHS GBP 211 462 0.06

46 816 IMPERIAL TOBACCO GROUP GBP 1 600 588 0.48




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

21 258

INMARSAT GBP 191 246

0.06

11 145

INTERCONTINENTAL HOTELS GROU GBP 340 272

0.10

8 338

INTERTEK GROUP GBP 280 466

0.08

40 899

INTU PROPERTIES PLC GBP 169 380

0.05

27 374

INVESTEC GBP 182 681

0.05

193 044

ITV GBP 514 817

0.15

9 590

JOHNSON MATTHEY GBP 359 256

0.11

114 791

KINGFISHER GBP 477 166

0.14

39 865

LAND SECURITIES GROUP PLC GBP 531 567

0.16

296 040 LEGAL & GENERAL GROUP GBP 869 655 0.26

2 825 924 LLOYDS BANKING GROUP GBP 2 787 844 0.83

10 265 LONDON STOCK EXCHANGE GROUP GBP 246 086 0.07

82 946 MARKS & SPENCER GROUP GBP 430 698 0.13

40 154 MEGGITT GBP 232 514 0.07

58 799 MELROSE SHS GBP 186 916 0.06

184 932 NATIONAL GRID GBP 2 107 541 0.63

7 795 NEXT GBP 660 754 0.20

48 062 NOUVELLE CARPHONE WAREHOUSE GBP 225 938 0.07

237 084 OLD MUTUAL GBP 552 851 0.16

39 582 PEARSON GBP 629 898 0.19

14 013 PERSIMMON GBP 239 904 0.07

126 844 PRUDENTIAL GBP 2 239 956 0.67

32 121 RECKITT BENCKISER GROUP GBP 2 205 433 0.66

58 336 REED ELSEVIER GBP 739 681 0.22

32 322 REXAM SHS GBP 204 004 0.06

62 952 RIO TINTO GBP 2 449 166 0.73

91 439 ROLLS-ROYCE HOLDINGS GBP 1 131 839 0.34

124 779

ROYAL BANK OF SCOTLAND GROUP GBP 589 626

0.18

192 353

ROYAL DUTCH SHELL CL.A GBP 5 822 184

1.74

120 824 ROYAL DUTCH SHELL-B SHS GBP 3 778 851 1.13

34 000 ROYAL MAIL PLC GBP 171 135 0.05

52 328 RSA INSURANCE GROUP PLC GBP 325 371 0.10

50 647 SAGE GROUP PLC GBP 237 505 0.07

62 831 SAINSBURY (J) GBP 202 798 0.06

6 210 SCHRODERS GBP 190 556 0.06

35 332 SEGRO PLC GBP 164 644 0.05

12 157 SEVERN TRENT GBP 292 848 0.09

44 951 SMITH & NEPHEW GBP 599 962 0.18

20 299 SMITHS GROUP GBP 329 286 0.10

47 780 SOUTH AFRICAN BREWERIES GBP 2 102 026 0.63

14 298 SPORTS DIRECT INTERNATIONAL GBP 113 492 0.03

48 327 SSE GBP 959 470 0.29

121 114 STANDARD CHARTERED GBP 1 772 722 0.53

119 539 STANDARD LIFE GBP 635 741 0.19

22 202 TATE & LYLE GBP 168 538 0.05

396 068 TESCO GBP 946 456 0.28

11 374 TRAVIS PERKINS GBP 242 894 0.07

21 292 TUI TRAVEL GBP 106 323 0.03

42 698 TULLOW OIL GBP 353 168 0.11




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

63 614

UNILEVER GBP 2 110 398

0.63

31 863

UNITED UTILITIES GBP 330 407

0.10

1 307 088

VODAFONE GROUP SHS GBP 3 428 758

1.02

9 952

WEIR GROUP GBP 319 557

0.10

8 530

WHITBREAD GBP 454 744

0.14

39 432

WILLIAM HILL GBP 187 140

0.06

112 348

WM MORRISON SUPERMARKETS GBP 242 661

0.07

France 47 081 966

14.04

8 207 ACCOR EUR 288 189 0.09

1 414 AEROPORT DE PARIS EUR 134 005 0.04

16 737 AIR LIQUIDE EUR 1 616 292 0.48


11 161 ALSTOM EUR 302 240 0.09

3 941 ALTICE SA EUR 165 246 0.05

2 938 ARKEMA EUR 156 067 0.05

3 660 ATOS EUR 209 974 0.06

88 185 AXA EUR 1 720 489 0.51



8 621 BOUYGUES EUR 221 258 0.07


7 402 CAP GEMINI EUR 420 656 0.13

30 832 CARREFOUR EUR 754 151 0.23




50 593

CREDIT AGRICOLE EUR 604 333

0.18

28 399

DANONE EUR 1 505 147

0.45


9 887 EDENRED EUR 193 143 0.06

12 233 EDF EUR 317 691 0.09

10 235 ESSILOR INTL EUR 889 831 0.27

1 591 EURAZEO EUR 90 655 0.03


1 378 FONCIERE DES REGIONS EUR 98 320 0.03

90 170 FRANCE TELECOM EUR 1 073 474 0.32

70 401 GDF SUEZ EUR 1 398 164 0.42

1 392 GECINA SA EUR 144 420 0.04


1 697 ICADE EUR 113 309 0.03

1 346 ILIAD EUR 225 590 0.07

1 615 IMERYS EUR 94 284 0.03

3 173 JC DECAUX EUR 79 309 0.02

3 666 KERING EUR 585 277 0.17

4 749 KLEPIERRE EUR 164 648 0.05

9 030 LAFARGE EUR 514 891 0.15

5 307 LAGARDERE EUR 112 455 0.03

12 843 LEGRAND EUR 529 067 0.16




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

12 336

L'OREAL EUR 1 550 635

0.46

13 578

LVMH MOET HENNESSY VUITTON EUR 1 747 489

0.52

9 321

MICHELIN EUR 696 092

0.21

42 483

NATIXIS EUR 231 447

0.07

10 615


0.28

20 426

PEUGEOT EUR 207 426

0.06

8 537


0.14

1 219


0.02

9 093

RENAULT EUR 521 484

0.16

13 818 REXEL EUR 204 161 0.06

22 247 SAINT-GOBAIN EUR 806 120 0.24

58 215 SANOFI EUR 5 213 735 1.56

25 348 SCHNEIDER ELECTRIC EUR 1 541 158 0.46

6 973 SCOR SE EUR 172 477 0.05


1 381 SOCIETE BIC EUR 141 000 0.04

34 957 SOCIETE GENERALE A EUR 1 412 962 0.42

4 327 SODEXO EUR 335 256 0.10


5 246 TECHNIP EUR 349 436 0.10

4 989 THALES EUR 210 411 0.06

105 636 TOTAL EUR 5 434 972 1.63


3 524 VALEO EUR 310 500 0.09

5 893 VALLOUREC EUR 214 564 0.06


23 492 VINCI EUR 1 080 749 0.32

58 630

VIVENDI EUR 1 121 006

0.33

1 533

WENDEL EUR 137 602

0.04


Switzerland 46 160 749 13.76

106 937 ABB CHF 1 902 992 0.57

5 194 ACTELION CHF 483 233 0.14

8 563 ADECCO CHF 460 056 0.14

4 499 ARYZTA CHF 306 941 0.09

2 173 BALOISE HOLDING CHF 220 531 0.07

105 BARRY CALLEBAUT CHF 92 382 0.03

25 385 CIE FINANCIERE RICHEMON-REG CHF 1 647 748 0.49

73 738 CREDIT SUISSE GROUP CHF 1 617 037 0.48

390 EMS-CHEMIE HOLDING CHF 128 352 0.04

1 899 GEBERIT CHF 485 822 0.14

444 GIVAUDAN CHF 562 058 0.17

11 176 HOLCIM CHF 644 885 0.19

11 566 JULIUS BAER GROUP CHF 410 590 0.12

2 799 KUEHNE & NAGEL INTL CHF 279 657 0.08

5 LINDT & SPRUENGLI CHF 234 808 0.07

48 LINDT & SPRUENGLI PC CHF 189 725 0.06




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

2 416

LONZA GROUP CHF 230 982

0.07

158 263

NESTLE CHF 9 210 866

2.76

112 890

NOVARTIS CHF 8 431 327

2.52

1 287

PARGESA HOLDING CHF 81 087

0.02

826

PARTNERS GROUP HOLDING CHF 172 105

0.05

34 480

ROCHE HOLDING AG-GENUSSCHEIN CHF 8 086 896

2.41

1 025

SCHINDLER HOLDING CHF 108 185

0.03

2 314

SCHINDLER HOLDING-PART CERT CHF 248 452

0.07

262

SGS CHF 429 992

0.13

98 SIKA BR CHF 268 900 0.08

2 741 SONOVA HOLDING CHF 346 528 0.10

1 142 SULZER CHF 111 168 0.03

1 553 SWATCH GROUP POR CHF 584 249 0.17

2 479 SWATCH GROUP NOM CHF 171 695 0.05

1 655 SWISS LIFE HOLDING CHF 312 888 0.09

2 572 SWISS PRIME SITE AG CHF 151 075 0.05

17 126 SWISS RE CHF 1 080 440 0.32

1 096 SWISSCOM CHF 492 589 0.15

4 529 SYNGENTA CHF 1 141 771 0.34

18 155 TRANSOCEAN CHF 464 610 0.14

180 764 UBS CHF 2 494 949 0.74

7 243 ZURICH INSURANCE GROUP CHF 1 708 965 0.51

9 599 COCA COLA HBC LTD GBP 164 213 0.05

Germany 43 837 543 13.06

9 953 ADIDAS NOM. EUR 589 715 0.18

22 583 ALLIANZ EUR 2 898 528 0.86

1 884

AXEL SPRINGER EUR 82 124

0.02

45 400


0.98

40 851 BAYER EUR 4 530 376 1.35

5 210 BEIERSDORF EUR 344 589 0.10

16 101 BMW EUR 1 368 907 0.41

2 551 BMW EUR 164 361 0.05

7 983 BRENNTAG EUR 310 619 0.09

2 806 CELESIO EUR 73 910 0.02



47 626 DAIMLER EUR 2 892 327 0.86







97 308 E.ON NOM. EUR 1 410 479 0.42

1 756 FRAPORT AG EUR 91 417 0.03

10 923 FRESENIUS MEDICAL CARE EUR 604 042 0.18

18 976 FRESENIUS SE & KGAA EUR 743 764 0.22

3 380 FUCHS PETROLUB EUR 101 738 0.03

9 425 GEA GROUP EUR 325 587 0.10




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

2 871

HANNOVER RUECKVERSICHERU EUR 183 801

0.05

6 604

HEIDELBERGCEMENT EUR 345 521

0.10

5 872

HENKEL AG & KGAA EUR 434 469

0.13

8 948


0.21

1 466

HOCHTIEF EUR 79 912

0.02

1 508

HUGO BOSS EUR 149 232

0.04

55 866

INFINEON TECHNOLOGIES EUR 457 710

0.14

7 845

K+S AG EUR 176 161

0.05

1 111

KABEL DEUTSCHLAND HOLDING EUR 119 544

0.04

4 555 LANXESS EUR 199 076 0.06

9 028 LINDE EUR 1 373 610 0.41

1 678 MAN EUR 149 510 0.04

6 055 MERCK KGAA EUR 442 197 0.13

8 110 METRO EUR 211 509 0.06





24 566 RWE A EUR 757 984 0.23

45 600 SAP EUR 2 603 760 0.78

39 185 SIEMENS EUR 3 697 888 1.11


26 590 TELEFONICA DEUTSCHLAND HOLDING EUR 110 083 0.03

22 758 THYSSENKRUPP EUR 472 797 0.14


1 322 VOLKSWAGEN EUR 217 205 0.06

7 905 VOLKSWAGEN PRIV. EUR 1 299 582 0.39

Spain 18 154 962

5.44


8 013 ACS ACTIVIDADESNS Y SERV EUR 243 755 0.07

19 138 AMADEUS IT HOLDING EUR 566 868 0.17





218 076 BANKIA SA EUR 322 316 0.10

82 943 CAIXABANK EUR 399 868 0.12



10 507 ENAGAS EUR 268 244 0.08

20 906 FERROVIAL EUR 321 012 0.10


6 726 GRIFOLS EUR 218 191 0.07

253 117 IBERDROLA EUR 1 435 173 0.43

53 047 INDITEX EUR 1 160 403 0.35

46 428 INTL CONSOLIDATED AIRLINE EUR 218 908 0.07

45 922 MAPFRE EUR 128 765 0.04

4 956 RED ELECTRICA EUR 339 783 0.10

50 002 REPSOL YPF EUR 940 038 0.28

202 835

TELEFONICA EUR 2 485 743

0.74

7 935

ZARDOYA OTIS EUR 77 922

0.02




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


4.60

86 683

AEGON EUR 566 213

0.17

12 077

AKZO NOBEL EUR 655 177

0.20

17 383

ASML HOLDING NV EUR 1 370 128

0.41

4 430

BOSKALIS WESTMINSTER EUR 197 489

0.06

3 395

CORIO NV EUR 131 811

0.04

11 183

DELTA LLOYD EUR 213 539

0.06

28 567

EADS EUR 1 423 208

0.42

3 472 FUGRO-CVA EUR 83 206 0.02

4 093 GEMALTO EUR 297 479 0.09

11 154 HEINEKEN EUR 660 763 0.20


190 461 ING GROEP EUR 2 154 114 0.64





4 178 OCI NV EUR 102 173 0.03

11 263 QIAGEN N.V. EUR 203 072 0.06

6 607 RANDSTAD HOLDING EUR 243 534 0.07



24 659 TNT EXPRESS EUR 123 640 0.04

81 239 UNILEVER EUR 2 561 466 0.76

3 348 VOPAK EUR 143 043 0.04

14 028 WOLTERS KLUWER EUR 296 271 0.09

7 752

ZIGGO EUR 287 522

0.09

7 827

AKER SOLUTIONS HOLDING ASA NOK 61 740 0.02

Sweden 15 111 494 4.49

16 012 ALFA LAVAL AB SEK 271 496 0.08

16 828 ASSA ABLOY AB-B SEK 688 566 0.21

32 800 ATLASPCO AB-A SHS SEK 745 614 0.22

18 271 ATLASPCO AB-B SHS SEK 376 012 0.11

13 023 BOLIDEN AB SEK 167 470 0.05

11 017 ELECTROLUX AB-SER B SEK 230 961 0.07

17 549 ELEKTA AB-B SHS SEK 137 119 0.04

147 994 ERICSSON LM-B SHS SEK 1 488 708 0.44

10 344 GETINGE AB-B SHS SEK 206 856 0.06

46 171 HENNES & MAURITZ AB-B SHS SEK 1 518 574 0.45

12 273 HEXAGON AB-B SHS SEK 308 643 0.09

19 230 HUSQVARNA AB-B SHS SEK 107 912 0.03

5 606 INDUSTRIVARDEN AB-C SHS SEK 77 632 0.02

11 557 INVESTMENT AB KINNEVIK-B SHS SEK 330 869 0.10

22 116 INVESTOR AB-B SHS SEK 619 808 0.18




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

10 596

LUNDIN PETROLEUM AB SEK 142 078

0.04

147 711

NORDEA BANK AB SEK 1 523 170

0.45

51 426

SANDVIK AB SEK 459 703

0.14

14 909

SECURITAS AB-B SHS SEK 131 227

0.04

76 215

SKANDINAVISKA ENSKILDA BAN-A SEK 806 840

0.24

19 339

SKANSKA AB-B SHS SEK 317 076

0.09

19 966

SKF AB-B SHARES SEK 330 426

0.10

29 517

SVENSKA CELLULOSA AB-B SHS SEK 557 857

0.17

24 970

SVENSKA HANDELSBANKEN-A SHS SEK 930 954

0.28

45 328 SWEDBANK AB - A SHARES SEK 904 464 0.27

10 440 SWEDISH MATCH AB SEK 268 279 0.08

15 164 TELE2 AB SEK 145 128 0.04

119 808 TELIASONERA AB SEK 656 796 0.20

76 755 VOLVO AB-B SHS SEK 661 256 0.20

Italy 12 258 283 3.66


20 737 ATLANTIA EUR 405 408 0.12




323 730 ENEL EUR 1 360 313 0.41


126 006 ENI EUR 2 377 733 0.71

4 824 EXOR EUR 148 290 0.04

43 669 FIAT EUR 333 631 0.10


50 000

FONDIARIA-SAI SPA EUR 112 000

0.03

568 193

INTESA SANPAOLO EUR 1 367 072

0.41

50 344 INTESA SANPAOLO-RNC EUR 106 931 0.03

8 627 LUXOTTICA GROUP EUR 355 605 0.11

28 537 MEDIOBANCA EUR 194 337 0.06

11 326 PIRELLI & C. EUR 124 133 0.04

11 248 PRYSMIAN EUR 165 458 0.05

11 794 SAIPEM EUR 198 611 0.06

95 158 SNAM RETE GAS EUR 416 792 0.12



76 727 TERNA EUR 305 527 0.09

38 287 UBI BANCA EUR 254 991 0.08

214 664 UNICREDIT SPA EUR 1 343 797 0.40

Denmark 7 879 414 2.35

333 AP MOELLER-MAERSK B DKK 626 280 0.19

189 AP MOELLER-MAERSK A DKK 345 808 0.10

5 445 CARLSBERG DKK 383 288 0.11

5 742 COLOPLAST-B DKK 381 054 0.11

31 842 DANSKE BANK DKK 685 266 0.20

8 951 DSV DKK 199 607 0.06

98 447 NOVO NORDISK A/S-B DKK 3 729 479 1.12




Expressed in EUR

Quotation currency

% of netassets

Market Value

Quantity

Denomination

11 506

NOVOZYMES A/S-B SHARES DKK 395 233

0.12

5 802

PANDORA DKK 360 172

0.11

41 966

TDC DKK 252 339

0.08

1 168

TRYG DKK 96 026

0.03

11 274

VESTAS WIND SYSTEMS DKK 348 945

0.10

1 250

WILLIAM DEMANT HOLDING DKK 75 917

0.02

Jersey 6 856 233

2.05

49 976

EXPERIAN GBP 630 793

0.19

517 870 GLENCORE INTL GBP 2 280 967 0.68

11 801 PETROFAC GBP 157 054 0.05

4 276 RANDGOLD RESOURCES GBP 230 976 0.07

28 586 SHIRE GBP 1 959 051 0.58

13 365 WOLSELEY SHS GBP 556 075 0.17

65 435 WPP PLC GBP 1 041 317 0.31

Belgium 6 266 185 1.88

10 075 AGEAS EUR 264 821 0.08


7 242 BELGACOM EUR 199 590 0.06

3 611 COLRUYT EUR 125 970 0.04

4 724 DELHAIZE GROUP EUR 260 198 0.08

4 106 GROUPE BRUXELLES LAMBERT EUR 297 931 0.09

12 665 KBC GROEP EUR 534 020 0.16

2 769 SOLVAY EUR 337 541 0.10

2 438 TELENET GROUP HOLDING EUR 110 929 0.03

6 205 UCB EUR 446 015 0.13

5 392

UMICORE EUR 186 752

0.06

Finland 4 446 659

1.32

6 765 ELISA OYJ EUR 142 200 0.04

20 825 FORTUM OYJ EUR 402 131 0.12

15 708 KONE OYJ-B EUR 499 829 0.15

6 085 METSO OYJ EUR 171 597 0.05


182 118 NOKIA EUR 1 230 207 0.37







Norway 3 725 865 1.12

7 827 AKER SOLUTIONS ASA NOK 24 937 0.01

49 167 DNB ASA NOK 729 006 0.22

9 522 GJENSIDIGE FORSIKRING ASA NOK 159 492 0.05

69 506 NORSK HYDRO ASA NOK 307 888 0.09

41 867 ORKLA ASA NOK 299 806 0.09

54 272 STATOIL ASA NOK 1 171 930 0.35

38 157

TELENOR ASA NOK 663 109

0.20

9 298

YARA INTERNATIONAL ASA NOK 369 697

0.11




Expressed in EUR

Quotation currency

% of netassets

Market Value

Quantity

Denomination

Luxembourg 1 880 928

0.56

50 250


0.16

2 140

RTL GROUP EUR 145 285

0.04

14 229


0.12

24 034

TENARIS EUR 436 217

0.13

12 562

SUBSEA 7 NOK 142 055

0.04

3 459

MILLICOM INTL CELLULAR-SDR SEK 220 127

0.07

Ireland 1 585 739

0.47

1 350 045 BANK OF IRELAND EUR 418 514 0.12

36 937 CRH EUR 668 929 0.20

7 719 KERRY GROUP-A EUR 430 875 0.13

8 956 RYANAIR HOLDINGS EUR 67 421 0.02

Austria 1 055 489 0.31

3 466 ANDRITZ EUR 146 335 0.04


45 689 IMMOFINANZ EUR 102 663 0.03

7 496 OMV EUR 199 731 0.06



1 828 VIENNA INSURANCE GROUP EUR 65 360 0.02


Portugal 933 699 0.27


1 728 833

BANCOMERCIAL PORTUGUES-R EUR 179 107

0.05

116 274

EDP-ENERGIAS DE PORTUGAL EUR 401 727

0.12

19 299

GALP ENERGIA EUR 248 378

0.07


Bermuda 400 749 0.12

18 871 SEADRILL NOK 400 749 0.12

Guernesey 285 392 0.09

72 177 RESOLUTION GBP 285 392 0.09

Warrants, Rights 24 042 0.01

France 23 069 0.01


Spain 973 0.00

88 419 BCO POP.ESP.DO14 EUR 973 0.00

Italy 0 0.00

43 669 FIAT SPA DS 14 EUR 0 0.00


PARWORLD TRACK EUROPE SMALL CAP



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


48 437 311

98.48

Shares 48 431 445

98.46


35.35

10 926

ABCAM PLC GBP 56 404

0.11

13 242

AO WORLD PLC-WI GBP 31 949

0.06

3 824

DIALOG SEMICONDUCTOR EUR 85 065

0.17

16 035 JAZZTEL EUR 205 569 0.42

18 784 ADVANCED MEDICAL SOLUTIONS GBP 29 410 0.06

61 556 AFREN GBP 81 764 0.17

8 462 AFRICAN BARRICK GOLD GBP 23 761 0.05

2 728 AL NOOR HOSPITALS GROUP-WI GBP 35 640 0.07

15 523 ALENT PLC GBP 65 343 0.13

55 344 AMERISUR RESOURCES GBP 40 130 0.08

36 152 AMLIN GBP 201 360 0.42

10 698 ANGLO PACIFIC GROUP GBP 18 054 0.04

25 966 ASHMORE GROUP GBP 102 638 0.21

32 755 ASHTEAD GROUP GBP 438 443 0.90

7 453 ATKINS (WS) GBP 125 970 0.26

7 760 AVANTIMMUNICATIONS GROUP GBP 18 051 0.04

3 788 AVEVA GROUP PLC GBP 74 817 0.15

41 272 BALFOUR BEATTY GBP 99 896 0.20

62 735 BARRATT DEVELOPMENTS GBP 318 908 0.66

33 688 BBA AVIATION GBP 140 511 0.29

7 056 BELLWAY GBP 141 899 0.29

13 585

BERENDSEN GBP 170 859

0.35

8 631

BERKELEY GROUP HOLDINGS GBP 249 227

0.51

5 427 BETFAIR GROUP GBP 81 349 0.17

28 850 BLINKX GBP 13 051 0.03

8 953 BODYCOTE GBP 76 811 0.16

101 868 BOOKER GROUP GBP 159 757 0.32

9 680 BOVIS HOMES GROUP GBP 96 775 0.20

21 916 BOWLEVEN GBP 9 422 0.02

16 560 BRITVIC GBP 141 967 0.29

17 054 BTG GBP 153 206 0.31

6 428 BUMI PLC GBP 5 692 0.01

107 883 CABLE & WIRELESSMMUNICATION GBP 64 935 0.13

39 454 CAIRN ENERGY GBP 89 369 0.18

30 646 CAPITAL & COUNTIES PROPERTIES PLC GBP 129 278 0.26

28 831 CARILLION GBP 112 704 0.23

19 146 CHEMRING GROUP GBP 55 163 0.11

18 247 CINEWORLD GROUP GBP 76 341 0.16

3 337 CLINIGEN GROUP PLC GBP 19 871 0.04

10 763 CLOSE BROTHERS GROUP GBP 197 662 0.40

6 284 COMPUTACENTER PLC GBP 50 807 0.10

8 241 CSR GBP 80 168 0.16

22 113 DAILY MAIL&GENERAL TST-A GBP 217 384 0.45

9 266 DAIRY CREST GROUP GBP 45 634 0.09




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

6 255

DE LA RUE GBP 38 291

0.08

87 469

DEBENHAMS GBP 65 445

0.13

7 061

DERWENT LONDON PLC GBP 247 479

0.50

10 319

DEVRO GBP 31 485

0.06

2 554

DIALIGHT GBP 29 532

0.06

4 897

DIGNITY PLC GBP 92 070

0.19

10 036

DIPLOMA PLC GBP 88 807

0.18

6 849

DOMINO'S PIZZA GROUP GBP 49 926

0.10

25 483

DRAX GROUP GBP 211 432

0.43

7 579 DUNELM GROUP GBP 80 245 0.16

26 904 ELECTROCOMPONENTS GBP 76 997 0.16

27 056 ELEMENTIS GBP 88 717 0.18

40 926 ENQUEST GBP 57 565 0.12

27 427 ENTERPRISE INNS GBP 43 787 0.09

12 287 ESURE GROUP PLC-WI GBP 36 410 0.07

16 158 FENNER GBP 65 860 0.13

17 696 FERREXPO GBP 25 504 0.05

3 463 FIDESSA GROUP GBP 101 819 0.21

12 706 FILTRONA GBP 130 044 0.26

69 319 FIRSTGROUP GBP 106 754 0.22

4 808 GALLIFORD TRY PLC GBP 78 118 0.16

2 887 GO-AHEAD GROUP GBP 94 331 0.19

26 068 GRAINGER PLC GBP 62 059 0.13

21 002 GREAT PORTLAND ESTATES PLC GBP 172 366 0.35

13 983 GREENE KING GBP 140 871 0.29

6 985 GREGGS GBP 53 069 0.11

9 818 HALFORDS GROUP GBP 59 787 0.12

28 252

HALMA GBP 221 897

0.45

65 766

HANSTEEN HOLDINGS PLC GBP 87 356

0.18

95 203 HAYS GBP 142 096 0.29

54 326 HENDERSON GROUP GBP 141 393 0.29

10 371 HIKMA PHARMACEUTICALS GBP 230 659 0.48

6 694 HILL & SMITH HOLDINGS GBP 48 195 0.10

20 809 HOCHSCHILD MINING GBP 36 133 0.07

49 961 HOME RETAIL GROUP GBP 107 013 0.22

15 571 HOMESERVE GBP 63 887 0.13

44 993 HOWDEN JOINERY GROUP GBP 195 805 0.40

9 772 HUNTING GBP 111 929 0.23

25 281 IG GROUP HOLDINGS GBP 192 884 0.39

15 730 IMAGINATION TECH GROUP GBP 38 053 0.08

27 497 INCHCAPE GBP 227 260 0.47

24 102 INTERMEDIATE CAPITAL GROUP GBP 121 624 0.25

13 529 INTERNATIONAL PERSONAL FINAN GBP 84 765 0.17

6 988 INTERSERVE GBP 53 764 0.11

6 998 IOFINA PLC GBP 4 266 0.01

53 467 IQE GBP 11 665 0.02

17 398 ITE GROUP GBP 37 846 0.08

7 627 JARDINE LLOYD THOMPSON GROUP GBP 95 240 0.19

25 284 JUPITER FUND MANAGEMENT GBP 115 387 0.23




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

18 561

KAZAKHMYS GBP 62 743

0.13

1 818

KELLER GROUP GBP 20 532

0.04

2 828

KIER GROUP GBP 59 703

0.12

61 364

LADBROKES GBP 101 906

0.21

15 901

LAIRD GBP 63 200

0.13

32 618

LONDON & STAMFORD PROPERTY PLC GBP 58 187

0.12

14 280

LONDON MINING GBP 1 420

0.00

29 167

LONMIN GBP 69 549

0.14

6 578

MAJESTIC WINE GBP 31 235

0.06

114 110 MAN STRATEGIC HOLD GBP 173 977 0.35

30 901 MARSTON'S GBP 58 415 0.12

10 315 MEARS GROUP GBP 57 585 0.12

21 421 MICHAEL PAGE INTERNATIONAL GBP 115 077 0.23

10 367 MICRO FOCUS INTERNATIONAL PLC GBP 141 030 0.29

13 172 MILLENNIUM &PTHORNE HOTEL GBP 96 440 0.20

17 110 MITCHELLS & BUTLERS GBP 78 545 0.16

29 714 MITIE GROUP GBP 109 788 0.22

23 649 MONDI GBP 306 842 0.62

20 287 MONEYSUPERMARKET.COM GBP 50 978 0.10

99 499 MONITISE PLC GBP 38 627 0.08

22 086 MORGAN CRUCIBLEMPANY GBP 84 126 0.17

6 220 MOTHERCARE GBP 21 373 0.04

2 076 MULBERRY GROUP GBP 20 661 0.04

11 397 NANOCO GROUP PLC GBP 21 976 0.04

32 407 NATIONAL EXPRESS GROUP GBP 98 776 0.20

184 700 NEW WORLD RESOURCES-A SH GBP 4 658 0.01

6 565 NORTHGATE GBP 40 762 0.08

28 479

OCADO GROUP GBP 96 855

0.20

31 837

OPHIR ENERGY GBP 93 689

0.19

1 278 OXFORD INSTRUMENTS GBP 16 729 0.03

16 378 PACE GBP 62 658 0.13

16 054 PARAGON GROUPMPANIES GBP 70 463 0.14

24 667 PENNON GROUP GBP 250 406 0.51

22 741 PETROPAVLOVSK GBP 6 421 0.01

21 439 PREMIER FARNELL GBP 50 076 0.10

47 410 PREMIER FOODS PLC GBP 22 208 0.05

38 969 PREMIER OIL GBP 166 538 0.34

9 850 PROVIDENT FINANCIAL GBP 270 015 0.55

23 031 QUINDELL SHS GBP 42 932 0.09

42 808 QINETIQ GROUP GBP 123 337 0.25

35 914 QUINTAIN ESTATES & DEVELOPMENT PLC GBP 41 021 0.08

6 449 REDROW GBP 23 232 0.05

2 787 RENISHAW GBP 58 301 0.12

121 816 RENTOKIL INITIAL GBP 184 162 0.37

15 322 RESTAURANT GROUP GBP 128 306 0.26

7 282 RIGHTMOVE GBP 201 115 0.41

17 627 ROCKHOPPER EXPLORATION GBP 19 625 0.04

5 628 ROTORK GBP 199 710 0.41

12 184 RPC GROUP GBP 87 408 0.18




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

14 343

RPS GROUP GBP 48 043

0.10

19 295

SALAMANDER ENERGY GBP 24 763

0.05

7 780

SAVILLS GBP 61 056

0.12

5 522

SDL GBP 24 449

0.05

31 048

SENIOR GBP 106 867

0.22

20 272

SERCO GROUP GBP 74 433

0.15

18 445

SHAFTESBURY PLC GBP 161 323

0.33

31 688

SHANKS GROUP GBP 36 601

0.07

28 772

SIG GBP 61 517

0.13

53 956 SMITH (DAVID S) HOLDINGS GBP 184 400 0.37

14 242 SOCO INTERNATIONAL GBP 69 638 0.14

8 105 SPECTRIS GBP 188 063 0.38

38 584 SPEEDY HIRE GBP 34 910 0.07

5 428 SPIRAX-SARCO ENGINEERING PLC GBP 196 863 0.40

35 410 SPIRENTMMUNICATIONS GBP 47 534 0.10

37 672 SPIRIT PUB GBP 46 413 0.09

30 491 ST JAMES'S PLACE GBP 285 657 0.58

4 502 ST MODWEN PROPERTIES PLC GBP 21 204 0.04

25 127 STAGECOACH GROUP GBP 118 928 0.24

16 746 STOCK SPIRITS GROUP PLC GBP 62 669 0.13

2 898 SUPERGROUP GBP 42 139 0.09

4 304 SYNERGY HEALTH GBP 80 921 0.16

12 706 SYNTHOMER PLC GBP 34 570 0.07

30 993 TALKTALK TELECOM GROUP GBP 118 928 0.24

204 378 TAYLOR WIMPEY GBP 295 865 0.60

13 416 TELECITY GROUP GBP 128 788 0.26

2 922 TELECOM PLUS GBP 50 063 0.10

93 837

THOMAS COOK GROUP GBP 143 309

0.29

15 556

TRINITY MIRROR GBP 33 689

0.07

20 265 TULLETT PREBON GBP 69 700 0.14

4 784 ULTRA ELECTRONICS HLDGS GBP 108 733 0.22

8 817 UNITE GROUP PLC GBP 48 034 0.10

31 923 VECTURA GROUP GBP 54 079 0.11

5 445 VEDANTA RESOURCES GBP 69 775 0.14

5 587 VICTREX GBP 115 153 0.23

1 116 WANDISCO LTD GBP 4 368 0.01

6 439 WETHERSPOON (J.D.) GBP 65 944 0.13

10 081 WH SMITH GBP 140 115 0.28

23 161 WOOD GROUP (JOHN) GBP 225 754 0.46

12 366 WORKSPACE GROUP PLC GBP 100 379 0.20

5 346 XAAR GBP 25 797 0.05

16 706 XCHANGING GBP 40 307 0.08

Germany 4 386 161 8.92

2 831 AAREAL BANK EUR 97 471 0.20

5 907 AIXTRON EUR 71 150 0.14

5 334 ALSTRIA OFFICE REIT-AG EUR 51 740 0.11

1 255 AURELIUS AG EUR 35 517 0.07

2 468 AURUBIS EUR 96 647 0.20




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

4 014

BALDA EUR 12 110

0.02

983

BAYWA BAYERISCHE WARENVERMIT EUR 33 540

0.07

1 220

BECHTLE EUR 73 920

0.15

2 835

BILFINGER EUR 142 345

0.30

948

CANCOM IT SYSTEME EUR 29 132

0.06

2 604

CARL ZEISS MEDITEC EUR 59 892

0.12

3 896

COMDIRECT BANK EUR 31 861

0.06

1 729

DEUTSCHE EUROSHOP AG EUR 59 244

0.12

9 882

DEUTZ EUR 41 485

0.08

474 DRAEGERWERK EUR 33 227 0.07

2 589 DRILLISCH EUR 69 126 0.14

1 474 DUERR EUR 85 241 0.17

3 048 ELRINGKLINGER EUR 71 445 0.15

8 473 EVOTEC EUR 26 258 0.05

6 738 FREENET EUR 138 836 0.29

2 233 GERRESHEIMER EUR 114 821 0.23

1 724 GERRY WEBER INTL EUR 53 901 0.11

4 328 GILDEMEISTER EUR 96 882 0.20

1 027 GRAMMER EUR 31 488 0.06

19 631 HEIDELBERGER DRUCKMASCHINEN EUR 43 581 0.09

3 399 INDUS HOLDING EUR 130 828 0.28

2 789 JENOPTIK EUR 24 836 0.05

711 JUNGHEINRICH EUR 31 728 0.06

1 620 KION GROUP AG EUR 47 377 0.10

4 953 KLOECKNER & EUR 53 963 0.11

1 659 KUKA EUR 79 566 0.16

1 989 LEG IMMOBILIEN AG EUR 109 136 0.22

2 031

LEONI EUR 87 780

0.18

1 950

LPKF LASER & ELECTRONICS EUR 27 134

0.06

1 519 MORPHOSYS EUR 118 011 0.24

3 278 MTU AERO ENGINES HOLDING EUR 221 593 0.46

3 756 NORDEX EUR 54 856 0.11

1 640 NORMA GROUP EUR 54 317 0.11

688 PFEIFFER VACUUM TECHNOLOGY EUR 45 855 0.09

8 045 QSC EUR 17 948 0.04

254 RATIONAL EUR 59 817 0.12

2 668 RHEINMETALL EUR 101 651 0.21

5 893 RHOEN KLINIKUM EUR 141 550 0.29

2 017 SALZGITTER EUR 55 074 0.11

686 SARTORIUS EUR 61 397 0.12

2 240 SGL CARBON EUR 36 680 0.07

839 SMA SOLAR TECHNOLOGY EUR 17 535 0.04

3 134 SOFTWARE EUR 61 489 0.13

3 662 STADA ARZNEIMITTEL EUR 115 371 0.23

4 053 SUEDZUCKER EUR 50 419 0.10

7 172 SYMRISE EUR 302 443 0.62

9 875 TAG IMMOBILIEN AG EUR 88 579 0.18

1 542 TOM TAILOR HOLDING EUR 21 357 0.04

8 878 TUI EUR 105 160 0.21




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

539

VOSSLOH EUR 28 960

0.06

824

WACKER CHEMIE EUR 78 947

0.16

2 709

WACKER NEUSON SE EUR 41 041

0.08

2 235

WINCOR NIXDORF EUR 90 652

0.18

7 597

WIRECARD EUR 222 250

0.45

Switzerland 3 582 349

7.28

549

ALLREAL HOLDING AG CHF 56 217

0.11

279

AUTONEUM HOLDING AG CHF 34 648

0.07

801 BASILEA PHARMACEUTICA NOM. CHF 63 639 0.13

1 716 BKW CHF 44 853 0.09

426 BOSSARD HOLDING AG-REG CHF 35 063 0.07

292 BUCHER INDUSTRIES CHF 59 462 0.12

190 BURCKHARDTMPRESSION HOLDING CHF 69 496 0.14

17 703 CLARIANT CHF 239 941 0.50

1 473 DUFRY CHF 177 680 0.36

3 456 EFG INTERNATIONAL CHF 27 515 0.06

15 162 EVOLVA HOLDING N CHF 15 576 0.03

254 FISCHER (GEORG) CHF 118 367 0.24

267 FLUGHAFEN ZUERICH CHF 132 610 0.27

116 FORBO HOLDING CHF 93 748 0.19

338 GALENICA CHF 235 498 0.48

10 797 GAM HOLDING CHF 147 592 0.30

1 749 GATEGROUP HOLDING CHF 29 777 0.06

383 HELVETIA HOLDING CHF 147 070 0.30

1 398 HUBER & SUHNER CHF 53 856 0.11

1 049 IMPLENIA CHF 45 365 0.09

244

INFICON HOLDING CHF 58 824

0.12

744

INTERSHOP HOLDINGS CHF 219 431

0.45

164 KABA HOLDING B CHF 60 326 0.12

3 352 KUDELSKI CHF 34 574 0.07

295 KUONI REISEN HLDG-REG(CAT B) CHF 63 177 0.13

67 LEM HOLDING CHF 39 577 0.08

8 890 LOGITECH INTERNATIONAL CHF 90 590 0.18

6 299 MEYER BURGER TECHNOLOGY CHF 51 089 0.10

4 565 MOBILEZONE HOLDING CHF 39 143 0.08

260 MOBIMO HOLDING AG CHF 39 893 0.08

10 191 NOBEL BIOCARE HOLDING CHF 143 107 0.29

10 993 OC OERLIKON CHF 108 377 0.22

717 PANALPINA WELTTRANSPORT CHF 71 341 0.15

2 226 PSP SWISS PROPERTY AG CHF 147 902 0.30

261 RIETER HOLDING CHF 41 732 0.08

37 896 SCHMOLZ+BICKENBACH CHF 38 617 0.08

1 768 SCHWEIZERISCHE NATIONALV CHF 122 158 0.25

173 ST GALLER KANTONALBANK CHF 49 841 0.10

458 STRAUMANN HOLDING NOM. CHF 82 186 0.17

3 346 TEMENOS GROUP CHF 100 764 0.20

826 VALIANT HOLDING CHF 52 076 0.11

217 VALORA HOLDING CHF 35 668 0.07




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

25

VETROPACK HOLDING CHF 32 973

0.07

1 013

ZEHNDER GROUP CHF 31 010

0.06

France 3 213 110

6.54

276

SIEGFRIED HOLDING AG-REG CHF 32 446

0.07

531

U-BLOX AG CHF 51 998

0.11

806

AB SCIENCE EUR 7 238

0.01

4 801

AIR FRANCE-KLM EUR 35 643

0.07

3 741

ALTAMIR AMBOISE EUR 42 647

0.09

8 424 ALTRAN TECHNOLOGIES EUR 68 824 0.14

1 325 ANF IMMOBILIER EUR 30 475 0.06

1 899 BELVEDERE EUR 24 820 0.05

2 007 BONDUELLE S.C.A. EUR 40 642 0.08

2 946 BOURBON EUR 63 221 0.13

93 CARMAT EUR 7 496 0.02

1 523 CLUB MEDITERRANEE EUR 34 268 0.07

7 525 COMPAGNIE GENERALE DE GEOPHYSIQUE EUR 54 308 0.11

7 327 CTT-CORREIOS DE PORTUGAL EUR 56 381 0.11

2 453 EIFFAGE EUR 108 324 0.22

1 263 EULER HERMES EUR 106 724 0.22

634 FAIVELEY TRANSPORT EUR 31 998 0.07

3 113 FAURECIA EUR 78 821 0.16

8 009 GAMELOFT EUR 42 127 0.09

15 323 HAVAS EUR 93 792 0.19

2 522 INGENICO EUR 203 979 0.42

1 916 IPSEN EUR 74 609 0.15

2 982 IPSOS EUR 60 251 0.12

5 873

M6-METROPOLE TELEVISION EUR 75 116

0.15

6 416

MAUREL & PROM NIGERIA EUR 25 215

0.05

4 712 MAUREL ET PROM EUR 52 562 0.11

4 030 MERCIALYS SA EUR 69 578 0.14

599 MONTUPET SA EUR 30 789 0.06

1 918 NEOPOST EUR 111 608 0.23

2 529 NEXANS EUR 75 111 0.15

2 033 NEXITY EUR 59 435 0.12

2 147 NUMERICABLE GROUP EUR 90 711 0.18

2 149 ORPEA EUR 105 774 0.22

65 946 PAGESJAUNES GROUPE EUR 36 930 0.08

2 839 PLASTIC OMNIUM EUR 53 771 0.11

2 055 RALLYE EUR 71 082 0.14

1 834 RUBIS EUR 83 612 0.17

1 207 SA DES CIMENTS VICAT-VICAT EUR 61 871 0.13

3 394 SAFT GROUPE EUR 91 434 0.19

512 SARTORIUS STEDIM BIOTECH EUR 67 738 0.14

1 920 SEB EUR 114 662 0.23

13 826 SOITEC EUR 30 141 0.06

1 441 TARKETT - W/I EUR 30 535 0.06

16 321 TECHNICOLOR EUR 84 331 0.17

3 560 TELEPERFORMANCE EUR 174 369 0.36




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

6 429

TELEVISION FRANCAISE (T.F.1) EUR 68 662

0.14

5 032

UBISOFT ENTERTAINMENT EUR 65 416

0.13

8 328

VALMET CORP EUR 65 750

0.13

306

VILMORIN CLAUSE & CIE EUR 25 903

0.05

240

VIRBAC EUR 39 972

0.08

Sweden 3 212 754

6.53

2 378

AARHUSKARLSHAMN AB SEK 98 452

0.20

3 451

ACTIVE BIOTECH SEK 11 180

0.02

1 622 AF B SHS NPV SEK 19 594 0.04

820 ARCAM AB SEK 15 263 0.03

3 429 AVANZA BANK HOLDING AB SEK 91 693 0.19

1 580 AXFOOD AB SEK 64 789 0.13

3 996 AXISMMUNICATIONS AB SEK 86 186 0.18

1 782 BETSSON AB SEK 50 098 0.10

9 535 BILLERUDKORSNAS AB SEK 107 119 0.22

11 035 CASTELLUM AB SEK 133 059 0.27

6 198 CDON GROUP SEK 14 906 0.03

3 391 CLAS OHLSON AB-B SHS SEK 45 525 0.09

6 689 ENIRO SEK 7 720 0.02

6 986 FABEGE AB SEK 70 466 0.14

7 526 FASTIGHETS BALDER B SEK 75 830 0.15

3 664 FINGERPRINT CARDS AB-B SEK 14 687 0.03

5 496 HAKON INVEST AB SEK 142 379 0.29

1 643 HEXPOL AB SEK 104 108 0.21

8 287 HUFVUDSTADEN AB SEK 81 814 0.17

3 292 INDUST & FINANCIAL SYSTEM-B SEK 79 534 0.16

2 139

INDUTRADE AB SEK 64 480

0.13

5 220

INTRUM JUSTITIA AB SEK 116 598

0.24

5 678 JM AB SEK 143 913 0.29

10 826 KLOEVERN AB SEK 41 373 0.08

8 266 KUNGSLEDEN AB SEK 38 942 0.08

8 610 LINDAB INTERNATIONAL AB SEK 58 433 0.12

5 886 LOOMIS AB-B SEK 133 478 0.27

2 907 LUNDBERGS AB-B SHS SEK 92 228 0.19

16 819 MEDA AB-A SHS SEK 187 287 0.38

3 041 MODERN TIMES GRP B SEK 76 342 0.16

5 247 NCC AB-B SHS SEK 138 060 0.28

6 920 NIBE INDUSTRIER AB-B SHS SEK 138 460 0.28

5 467 NOBIA AB SEK 37 673 0.08

14 046 PEAB AB SEK 76 677 0.16

3 684 SAAB AB-B SEK 71 770 0.15

10 468 SAS (ACT.REGROUPEES) SEK 14 657 0.03

5 563 SKISTAR AB SEK 49 026 0.10

6 226 SSAB S.A SEK 42 357 0.09

7 174 SWEDISH ORPHAN BIOVITRUM SEK 60 702 0.12

13 297 TRELLEBORG AB-B SHS SEK 182 676 0.36

5 575 WALLENSTAM AB SEK 66 917 0.14

4 869 WIHLBORGS FASTIGHETER AB SEK 66 303 0.13




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Italy 2 740 679

5.55

81 461

A2A EUR 63 947

0.13

8 913

AMPLIFON EUR 39 502

0.08

6 064

ANSALDO STS EUR 54 242

0.11

7 107

AZIMUT HOLDING EUR 142 353

0.29

98 316

BANCA CARIGE EUR 10 431

0.02

2 870

BANCA GENERALI EUR 60 069

0.12

19 625

BANCA POPOL EMILIA ROMAGNA EUR 123 638

0.25

249 850 BANCA POPOLARE DI MILANO EUR 159 779 0.32

30 460 BANCA POPOLARE DI SONDRIO EUR 103 808 0.21

99 833 BENI STABILI SPA EUR 55 707 0.11

1 756 BRUNELLO CUCINELLI SPA EUR 29 010 0.06

2 900 BUZZI UNICEM EUR 31 349 0.06

8 725 BUZZI UNICEM-RSP EUR 57 978 0.12

1 236 CATTOLICA DI ASSICURAZIONI EUR 17 069 0.03

58 597 CIR EUR 52 737 0.11

9 328 CREDITO EMILIANO EUR 61 098 0.12

2 451 DANIELI EUR 50 000 0.10

5 860 DANIELI &-RSP EUR 88 369 0.18

19 957 DAVIDE CAMPARI-MILANO EUR 114 054 0.23

2 990 DE'LONGHI EUR 47 661 0.10

1 778 DIASORIN EUR 52 842 0.11

1 255 EL TOWERS EUR 52 723 0.11

3 543 ERG EUR 34 562 0.07

4 080 G TECH EUR 76 745 0.16

37 285 HERA EUR 78 149 0.16

3 614

INDESIT COMPANY EUR 38 598

0.08

6 584

INTERPUMP GROUP EUR 65 412

0.13

38 932 IREN EUR 38 776 0.08

11 375 ITALCEMENTI EUR 57 785 0.12

2 596 ITALMOBILIARE EPAR.NCV EUR 40 238 0.08

8 519 MAIRE TECNIMONT SPA EUR 16 271 0.03

5 398 MARR EUR 66 395 0.13

41 932 MEDIASET EUR 127 473 0.26

16 984 MEDIOLANUM EUR 95 450 0.19

5 927 MONCLER SPA EUR 66 975 0.14

1 929 SAFILO GROUP EUR 20 833 0.04

2 589 SALVATORE FERRAGAMO SPA EUR 56 312 0.11

39 467 SARAS EUR 31 613 0.06

8 249 SIAS EUR 70 199 0.14

25 121 SORIN EUR 48 735 0.10

852 TOD'S EUR 66 839 0.14

14 135 UNIPOL GRUPPO FINANZIARIO SP EUR 54 165 0.11

8 484 WORLD DUTY FREE SPA EUR 76 780 0.16

2 422 YOOX EUR 44 008 0.09

Spain 2 049 341 4.17

1 527 ACCIONA EUR 90 490 0.18




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

5 092

ALMIRALL EUR 59 169

0.12

4 249

ANTENA 3 TELEVISION EUR 51 200

0.10

41 724

BANKINTER EUR 280 218

0.57

4 705

BOLSAS Y MERCADOS ESPANOLES EUR 142 044

0.29

3 848

CARBURES EUROPE SA EUR 21 703

0.04

146

CONSTRUCC Y AUX DE FERROCARR EUR 38 632

0.08

42 754

DEOLO EUR 16 674

0.03

9 868

DURO FELGUERA EUR 37 202

0.08

6 392

EBRO FOODS EUR 95 944

0.20

271 FAES FARMA EUR 549 0.00

4 952 FOMENTO DENSTRUC YNTRA EUR 75 468 0.15

12 836 GAMESA TECNOLOGICA EUR 112 033 0.23

3 594 GRUPO CATALANA OCCIDENTE EUR 83 489 0.17

6 582 INDRA SISTEMAS EUR 73 060 0.15

130 029 INMOBILIARIA COLONIAL SA EUR 72 816 0.15

2 037 LETS GOWEX S.A EUR 20 0.00

130 605 LIBERBANK SA EUR 100 174 0.20

10 032 MEDIASET ESPANAMUNICACION EUR 98 855 0.20

5 451 MELIA HOTELS INTERNATIONAL EUR 44 616 0.09

4 816 NH HOTELES EUR 18 638 0.04

2 091 OBRASCON HUARTE LAIN EUR 55 380 0.11

62 574 PROMOTORA DE INFORMACIONES EUR 14 955 0.03

12 926 PROSEGURMP SEGURIDAD EUR 63 596 0.13

20 269 SACYR VALLEHERMOSO EUR 86 427 0.18

1 624 TECNICAS REUNIDAS EUR 68 192 0.14

20 212 TUBACEX EUR 79 837 0.16

2 901 VISCOFAN EUR 125 903 0.26

14 757

ZELTIA EUR 42 057

0.09

Belgium 1 484 170

3.02

1 805 ACKERMANS & VAN HAAREN EUR 176 619 0.36

17 944 AGFA GEVAERT EUR 37 449 0.08

2 630 ARSEUS EUR 100 939 0.21

876 BARCO EUR 50 125 0.10

771 BEFIMMO SCA SICAFI EUR 45 327 0.09

2 754 BEKAERT EUR 72 719 0.15

3 822 BPOST SA EUR 72 236 0.15

1 471 CFE EUR 120 195 0.24

1 216 COFINIMMO EUR 109 075 0.22

1 681 D'IETEREN EUR 51 657 0.11

4 336 ECONOCOM GROUP SA/NV EUR 31 002 0.06

1 049 ELIA SYSTEM OPERATOR EUR 39 899 0.08

4 157 EURONAV EUR 37 268 0.08

1 105 GIMV EUR 41 371 0.08

1 512 KBC ANCORA EUR 35 948 0.07

2 585 KINEPOLIS EUR 78 700 0.16

2 407 MELEXIS EUR 86 881 0.18

4 681 MOBISTAR EUR 69 232 0.14

25 138 NYRSTAR EUR 60 909 0.12




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

8 353

RHJ INTERNATIONAL EUR 32 602

0.07

2 135

THROMBOGENICS EUR 15 778

0.03

2 070

WAREHOUSES DE PAUW SCA EUR 118 238

0.24

Norway 1 463 995

2.97

2 492

AKER ASA-A SHARES NOK 64 807

0.13

12 650

AUSTEVOLL SEAFOOD ASA NOK 66 575

0.14

3 692

CERMAQ ASA NOK 44 026

0.09

5 604

DET NORSKE OLJESELSKAP ASA NOK 39 198

0.08

36 434 DNO INTERNATIONAL ASA NOK 90 260 0.18

23 420 DOLPHIN GROUP ASA NOK 9 902 0.02

16 124 ELECTROMAGNETIC GEOSERVICES NOK 7 770 0.02

2 063 FRED OLSEN ENERGY ASA NOK 30 004 0.06

1 869 LEROEY SEAFOOD GROUP ASA NOK 57 013 0.12

16 132 MARINE HARVEST NOK 178 747 0.36

9 154 NORDIC SEMICONDUCTOR ASA NOK 42 760 0.09

1 626 NORWEGIAN AIR SHUTTLE AS NOK 44 911 0.09

3 296 OCEAN YIELD ASA NOK 17 549 0.04

6 279 OPERA SOFTWARE ASA NOK 69 612 0.14

13 853 PETROLEUM GEO-SERVICES NOK 69 491 0.14

2 174 REC SOLAR ASA NOK 21 757 0.04

108 831 RENEWABLE ENERGY CORPORATION NOK 34 661 0.07

4 734 SALMAR NOK 66 224 0.13

4 142 SCHIBSTED ASA NOK 178 065 0.36

26 227 SEVAN DRILLING INVEST NOK 6 918 0.01

23 453 STOREBRAND ASA NOK 103 368 0.21

7 115 TGS NOPEC GEOPHYSICAL ASA NOK 143 379 0.29

23 713

THIN FILM NEWCO NOK 13 561

0.03

10 504

TOMRA SYSTEMS ASA NOK 63 437

0.13

Denmark 1 442 046 2.95

582 ALK-ABELLO DKK 55 745 0.11

2 951 BANG & OLUFSEN DKK 22 596 0.05

2 123 BAVARIAN NORDIC DKK 32 370 0.07

6 436 CHR HANSEN HOLDING DKK 196 955 0.40

2 572 FLSMIDTH DKK 97 435 0.20

2 191 GENMAB DKK 73 583 0.15

8 683 GN STORE NORD DKK 151 639 0.31

4 710 JYSKE BANK DKK 201 524 0.41

1 574 NKT HOLDING DKK 68 720 0.14

591 ROCKWOOL INTL DKK 67 723 0.14

623 ROYAL UNIBREW DKK 82 102 0.17

3 065 SIMCORP SHS DKK 71 232 0.14

735 SOLAR HOLDING DKK 28 980 0.06

5 208 SYDBANK DKK 125 653 0.26

6 910 TOPDANMARK SHARES DKK 165 789 0.34


6 757 AALBERTS INDUSTRIES EUR 138 687 0.28




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

4 322

ARCADIS EUR 113 301

0.23

3 283

ASM INTERNATIONAL EUR 94 468

0.19

6 094

BE SEMICONDUCTOR INDUSTRIES EUR 85 316

0.17

5 208

BINCKBANK EUR 41 049

0.08

2 048

BRUNEL INTERNATIONAL EUR 37 151

0.08

5 802

CORBION EUR 67 651

0.14

604

EUROCOMMERCIAL PROPERTIES NV EUR 21 061

0.04

9 982

KONINKLIJKE BAM GROEP EUR 23 358

0.05

1 839

NIEUWE STEEN INVESTMENTS FUNDS NV EUR 7 650

0.02

4 832 NUTRECO NV EUR 139 258 0.28

28 232 POSTNL EUR 96 582 0.20

28 898 ROYAL IMTECH EUR 11 270 0.02

13 969 SBM OFFSHORE EUR 160 574 0.33

2 724 TKH GROUP-DUTCH CERT EUR 69 353 0.14

7 902 TOMTOM EUR 49 917 0.10

3 848 USG PEOPLE EUR 36 210 0.07

1 694 VASTNED RETAIL NV EUR 61 348 0.12

1 594 WERELDHAVE NV EUR 103 929 0.21

20 000 GLOBO PLC GBP 11 486 0.02

Ireland 1 140 893 2.31

14 534 AER LINGUS GROUP EUR 20 638 0.04

26 079 C&C GROUP EUR 109 714 0.22

5 640 GLANBIA EUR 64 465 0.13

13 080 IRISH CONTINENTAL GROUP EUR 36 101 0.07

9 077 KINGSPAN GROUP EUR 114 370 0.23

2 590 PADDY POWER EUR 148 070 0.30

15 432

SMURFIT KAPPA GROUP EUR 267 822

0.55

4 393

DCC GBP 192 927

0.39

10 451 GRAFTON GROUP-UTS GBP 83 962 0.17

20 281 GREENCORE GROUP GBP 60 905 0.12

9 874 UNITED DRUG GBP 41 919 0.09

Finland 1 136 863 2.31

7 978 AMER SPORTS OYJ EUR 126 930 0.25

1 882 CARGOTEC OYJ-B SHARE EUR 49 817 0.10

5 655 CAVERION CORP EUR 34 213 0.07

2 795 CRAMO EUR 31 360 0.06

5 264 HUHTAMAKI OYJ EUR 114 439 0.23

8 742 KEMIRA OYJ EUR 91 354 0.19

3 248 KESKO OYJ-B SHS EUR 92 081 0.19

3 504 KONECRANES OYJ EUR 74 635 0.15

14 164 METSA BOARD OYJ- B SHARES EUR 49 857 0.10

7 938 OUTOTEC OYJ EUR 47 707 0.10

2 461 PKC GROUP OYJ EUR 39 401 0.08

6 561 RAMIRENT OYJ EUR 40 875 0.08

7 801 SANOMA OYJ EUR 38 911 0.08

15 474 SPONDA OYJ EUR 55 397 0.11

11 966 TECHNOPOLIS PLC EUR 48 103 0.10




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

5 095

TIETO OYJ EUR 101 900

0.21

5 317

UPONOR OYJ EUR 56 679

0.12

7 071

YIT OYJ EUR 43 204

0.09

Austria 897 784

1.84

4 065

AMS AG CHF 122 416

0.25

7 266

CA IMMOBILIEN ANLAGEN AG EUR 114 875

0.23

4 163

CONWERT IMMOBILIEN INVEST SE EUR 37 588

0.08

4 841

EVN EUR 49 015

0.10

1 106 FLUGHAFEN WIEN EUR 73 119 0.15

770 LENZING EUR 37 730 0.08

690 MAYR-MELNHOF KARTON EUR 58 029 0.12

1 833 OESTERREICHISCHE POST EUR 69 599 0.14

1 831 RHI EUR 39 971 0.08

644 SCHOELLER-BLECKMANN OILFIELD EUR 49 749 0.10

1 335 SEMPERIT EUR 48 728 0.10

9 991 SPARKASSEN IMMOBILIEN EUR 61 545 0.13

9 044 WIENERBERGER EUR 92 249 0.19

2 914 ZUMTOBEL EUR 43 171 0.09

Bermuda 650 900 1.33

17 035 AFRICAN MINERALS GBP 3 771 0.01

20 319 ARCHER SHS REG S NOK 22 589 0.05

22 331 CATLIN GROUP GBP 149 599 0.30

54 591 GULF KEYSTONE PETROLEUM GBP 43 613 0.09

21 324 HISCOX LTD GBP 172 409 0.35

10 332 LANCASHIRE HOLDINGS GBP 84 862 0.17

19 269

PETRA DIAMONDS LTD GBP 47 035

0.10

26 746

BW OFFSHORE NOK 26 504

0.05

23 433

GOLDEN OCEAN GROUP NOK 22 138

0.05

2 825 STOLT-NIELSEN NOK 43 349 0.09

6 965 VOSTOK NAFTA INVESTMENT-SDR SEK 35 031 0.07

Jersey 608 370 1.24

32 039 BEAZLEY GBP 112 087 0.23

9 356 CAPE GBP 34 041 0.07

25 225 HIGHLAND GOLD MINING GBP 16 672 0.03

39 684 INFORMA PLC GBP 249 044 0.51

33 466 REGUS GBP 72 885 0.15

16 525 UBM GBP 123 641 0.25


3 573 APERAM EUR 88 307 0.18

597 EUROFINS SCIENTIFIC EUR 122 385 0.25

8 579 GAGFAH SA EUR 126 540 0.26

7 019 ORCO PROPERTY GROUP EUR 2 878 0.01

3 262 SAF HOLLAND EUR 31 860 0.06

22 625 EVRAZ GBP 37 747 0.08

3 456 MENZIES (JOHN) GBP 25 237 0.05




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

2 942

ORIFLAMESMETICS SA-SDR SEK 40 191

0.08

Portugal 399 822

0.81

38 075

BANCO BPI SA.- REG SHS EUR 63 661

0.13

9 066

MOTA ENGIL EUR 46 364

0.09

30 516

PORTUCEL EMPRESA PRODUTORA EUR 96 247

0.20

33 427

PORTUGAL TELECOM SGPS EUR 55 689

0.11

62 576

SONAE EUR 71 837

0.15

13 830

ZON MULTIMEDIA SERVICOS DE T EUR 66 024

0.13


11 231 ENTERTAINMENT ONE LTD GBP 45 547 0.09

7 109 PHOENIX GROUP HOLDINGS GBP 66 419 0.14

30 730 POLARCUS NOK 6 552 0.01

Isle of Man 115 817 0.23

7 582 PLAYTECH GBP 69 865 0.14

69 526 REDEFINE INTERNATIONAL PLC GBP 45 952 0.09

United States of America 106 296 0.22

261 UNITED INTL ENTERPRISES DKK 39 971 0.08

9 822 PARTNERSHIP ASSURANCE GROUP GBP 13 236 0.03

9 156 VESUVIUS PLC GBP 53 089 0.11

Malta 99 818 0.20

2 504 UNIBET GROUP-SDR SEK 99 818 0.20

Cyprus 58 900 0.12

148 000

BANK OF CYPRUS PUBLIC EUR 1

0.00

11 381

PROSAFE NOK 52 714

0.11

21 537 SONGA OFFSHORE NOK 6 185 0.01

Japan 58 417 0.12

452 COSMO PHARMACEUTICALS SPA CHF 58 417 0.12


62 828 CENTAMIN GBP 49 306 0.10

Gibraltar 48 885 0.10

41 951 BWIN.PARTY DIGITAL ENTERTAIN GBP 48 885 0.10


33 852 STOBART GROUP GBP 48 223 0.10

Georgia 40 725 0.08

1 291 BANK OF GEORGIA GDR SPONSORED GBP 40 725 0.08

Canada 35 077 0.07

1 927 MATAS A/S DKK 35 077 0.07




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

British Virgin Islands 11 500

0.02

15 449

XCITE ENERGY GBP 11 500

0.02


0.02

France 3 506

0.01

99 833

BENI STABILI SPA SIIQ DS14 EUR 1 647

0.00

2 240

SGL CARBON SE DS 14 EUR 1 859

0.01

Sweden 2 360 0.01

8 266 KUNGSLEDEN AB DS 14 SEK 2 360 0.01

Italy 0 0.00

2 940 ATLANTIA DS13 EUR 0 0.00

Shares/Units in investment funds 732 105 1.49


25 500.0000 DB X-TRACKERS MSCI EUROPE SMALL CAP TRN INDEX ETF 1C EUR 732 105 1.49


PARWORLD TRACK GLOBAL GOVERNMENT BOND EX EMU



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


5 792 505

99.14

Bonds 5 792 505

99.14


51.61

96 000

US TREASURY BILL 0.875% 12-31/12/2016 USD 76 200

1.30

62 000


0.83

142 000


1.98

304 000 US TREASURY BILL 2.375% 10-31/07/2017 USD 249 636 4.28


















20 000


0.28

124 000


2.07







Japan 1 882 606 32.23

41 700 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - 0.200% 12-20/09/2017 JPY 301 904 5.17





42 900 000 JAPAN GOVERNMENT - EMPRUNT D’ETAT - E.11 1.700% 03-20/06/2033

JPY 332 733 5.69


JPY 159 600 2.73


JPY 52 562 0.90


JPY 61 840 1.06

PARWORLD TRACK GLOBAL GOVERNMENT BOND EX EMU



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

13 200 000

JAPAN GOVERNMENT - EMPRUNT D’ETAT - E.312 1.200% 10-20/12/2020

JPY 101 012

1.73

25 850 000


JPY 201 335

3.45

4 050 000


JPY 32 415

0.55

10 000 000

JAPAN GOVERNMENT - EMPRUNT D’ETAT - 0.100% 13-15/10/2015 JPY 72 194

1.24

4 550 000

JAPAN GOVERNMENT - EMPRUNT D’ETAT - 0.800% 12-20/09/2022 JPY 33 967

0.58


10.29

33 000 UNITED KINGDOM 1.250% 13-22/07/2018 GBP 41 882 0.72









Canada 112 040 1.92

64 000 CANADA GOVERNMENT 4.000% 06-01/06/2017 CAD 48 701 0.83




28 000 AUSTRALIA 4.500% 09-15/04/2020 AUD 20 819 0.36

36 000 AUSTRALIA 4.750% 11-21/04/2027 AUD 27 619 0.47

27 000

AUSTRALIA 5.500% 11-21/04/2023 AUD 21 611

0.37

40 000

AUSTRALIA 6.000% 04-15/02/2017 AUD 29 831

0.51

Denmark 52 313 0.90

135 000 KINGDOM OF DENMARK 4.000% 08-15/11/2019 DKK 21 608 0.37



Sweden 28 514 0.48

25 000 KINGDOM OF SWEDEN 3.000% 05-12/07/2016 SEK 2 884 0.05




PARWORLD TRACK JAPAN



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


196 394 874

97.44

Shares 196 394 874

97.44

Japan 195 745 738

97.08

2 600

ABC-MART JPY 105 072

0.05

39 100

ACOM JPY 103 554

0.05

14 900

ADVANTEST JPY 152 041

0.08

59 300 AEON JPY 467 306 0.23

10 600 AEON CREDIT SERVICE JPY 179 532 0.09

10 630 AEON MALL JPY 160 556 0.08

14 000 AIR WATER JPY 164 882 0.08

17 900 AISIN SEIKI JPY 510 885 0.25

53 000 AJINOMOTO JPY 698 012 0.35

16 800 ALFRESA HOLDINGS JPY 191 675 0.10

109 000 ALL NIPPON AIRWAYS JPY 200 660 0.10

33 200 AMADA JPY 250 368 0.12

108 000 AOZORA BANK JPY 289 149 0.14

94 000 ASAHI GLASS JPY 403 345 0.20

34 900 ASAHI GROUP HOLDINGS JPY 799 134 0.40

118 000 ASAHI KASEI JPY 758 213 0.38

15 000 ASICS JPY 267 478 0.13

195 600 ASTELLAS PHARMA JPY 2 305 042 1.14

32 000 BANK OF KYOTO JPY 210 374 0.10

103 000 BANK OF YOKOHAMA JPY 448 355 0.22

6 300 BENESSE HOLDINGS JPY 163 669 0.08

59 100

BRIDGESTONE JPY 1 544 756

0.77

22 300

BROTHER INDUSTRIES JPY 326 521

0.16

6 800 CALBEE JPY 176 168 0.09

103 300 CANON JPY 2 661 664 1.32

19 800 CASIO COMPUTER JPY 261 195 0.13

13 100 CENTRAL JAPAN RAILWAY JPY 1 400 544 0.69

65 000 CHIBA BANK JPY 357 900 0.18

15 000 CHIYODA JPY 131 087 0.07

60 200 CHUBU ELECTRIC POWER JPY 546 948 0.27

20 900 CHUGAI PHARMACEUTICAL JPY 478 866 0.24

16 000 CHUGOKU BANK JPY 186 011 0.09

28 100 CHUGOKU ELECTRIC POWER JPY 285 112 0.14

24 500 CITIZEN HOLDINGS JPY 127 121 0.06

14 000 CREDIT SAISON JPY 213 477 0.11

52 000 DAI NIPPON PRINTING JPY 412 594 0.20

26 000 DAICEL JPY 223 465 0.11

26 000 DAIDO STEEL JPY 81 993 0.04

18 000 DAIHATSU MOTOR JPY 226 149 0.11

96 600 DAI-ICHI LIFE INSURANCE JPY 1 134 894 0.56

57 400 DAIICHI SANKYO JPY 712 880 0.35

21 200 DAIKIN INDUSTRIES JPY 1 040 018 0.52

14 700 DAINIPPON SUMITOMO PHARMA JPY 148 196 0.07




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

6 800

DAITO TRUST CONSTRUCTION JPY 635 726

0.32

53 300

DAIWA HOUSE INDUSTRY JPY 756 773

0.38

150 000

DAIWA SECURITIES GROUP JPY 940 557

0.47

9 800

DENA JPY 98 656

0.05

44 100

DENSO JPY 1 608 732

0.80

20 200

DENTSU JPY 608 600

0.30

5 500

DON QUIJOTE JPY 249 653

0.12

30 600

EAST JAPAN RAILWAY JPY 1 815 169

0.90

22 600

EISAI JPY 723 312

0.36

10 900 ELECTRIC POWER DEVELOPMENT C JPY 281 994 0.14

5 500 FAMILYMART JPY 166 105 0.08

17 500 FANUC JPY 2 501 764 1.24

4 800 FAST RETAILING JPY 1 271 424 0.63

52 000 FUJI ELECTRIC JPY 199 261 0.10

53 200 FUJI HEAVY INDUSTRIES JPY 1 392 077 0.69

41 800 FUJIFILM HOLDINGS JPY 1 016 553 0.50

168 000 FUJITSU JPY 818 346 0.41

72 000 FUKUOKA FINANCIAL GROUP JPY 271 743 0.13

10 400 GREE JPY 56 138 0.03

37 700 GUNGHO ONLINE ENTMT JPY 142 288 0.07

36 000 GUNMA BANK JPY 164 189 0.08

39 000 HACHIJUNI BANK JPY 185 470 0.09

22 300 HAKUHODO DY JPY 178 629 0.09

6 700 HAMAMATSU PHOTONICS KK JPY 251 905 0.12

107 000 HANKYU HOLDINGS JPY 493 411 0.24

1 600 HIKARI TSUSHIN JPY 89 946 0.04

24 100 HINO MOTORS JPY 266 788 0.13

2 800

HIROSE ELECTRIC JPY 273 590

0.14

47 000

HIROSHIMA BANK JPY 182 814

0.09

5 400 HISAMITSU PHARMACEUTICAL JPY 153 537 0.08

442 000 HITACHI JPY 2 671 351 1.33

9 700 HITACHI CHEMICAL JPY 136 499 0.07

10 100 HITACHI CONSTRUCTION MACHINE JPY 160 933 0.08

5 500 HITACHI HIGH-TECHNOLOGIES JPY 125 025 0.06

20 000 HITACHI METALS JPY 285 194 0.14

114 000 HOKUGIN FINANCIAL GROUP JPY 176 875 0.09

15 600 HOKURIKU ELECTRIC POWER JPY 162 223 0.08

149 000 HONDA MOTOR JPY 4 085 957 2.03

39 300 HOYA JPY 1 044 807 0.52

11 300 IBIDEN JPY 174 182 0.09

8 200 IDEMITSU KOSAN JPY 137 759 0.07

125 000 IHI JPY 512 368 0.25

15 200 IIDA GROUP HOLDINGS CO LTD JPY 147 204 0.07

79 000 INPEX JPY 883 370 0.44

31 760 ISETAN MITSUKOSHI JPY 327 290 0.16

55 500 ISUZU MOTORS JPY 620 796 0.31

136 600 ITOCHU JPY 1 320 929 0.66

2 300 ITOCHU TECHNO-SOLUTIONS JPY 76 516 0.04

22 500 IYO BANK JPY 180 231 0.09




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

22 500

J FRONT RETAILING JPY 233 001

0.12

11 200

JAPAN AIRLINES JPY 242 473

0.12

33 700

JAPAN DISPLAY INC JPY 128 650

0.06

23 000

JAPAN EXCHANGE GROUP JPY 432 042

0.21

73

JAPAN PRIME REALTY INVESTMEN JPY 208 086

0.10

117

JAPAN REAL ESTATE INVESTMENT JPY 476 199

0.24

216

JAPAN RETAIL FUND INVESTMENT JPY 344 485

0.17

100 300

JAPAN TOBACCO JPY 2 581 832

1.28

44 100

JFE HOLDINGS JPY 696 481

0.35

19 000 JGC JPY 410 515 0.20

63 000 JOYO BANK JPY 245 504 0.12

16 700 JSR JPY 230 545 0.11

19 200 JTEKT JPY 254 112 0.13

201 970 JX HOLDINGS JPY 736 770 0.37

80 000 KAJIMA JPY 303 091 0.15

13 800 KAKAKU.COM. JPY 155 157 0.08

22 000 KAMIGUMI JPY 164 795 0.08

27 000 KANEKA JPY 119 440 0.06

65 700 KANSAI ELECTRIC POWER JPY 491 426 0.24

22 000 KANSAI PAINT JPY 260 052 0.13

46 900 KAO JPY 1 447 389 0.72

133 000 KAWASAKI HEAVY INDUSTRIES JPY 420 387 0.21

53 200 KDDI JPY 2 531 154 1.26

44 000 KEIKYU JPY 290 852 0.14

54 000 KEIO JPY 316 037 0.16

26 000 KEISEI ELECTRIC RAILWAY JPY 206 766 0.10

4 136 KEYENCE JPY 1 422 669 0.71

13 000

KIKKOMAN JPY 218 680

0.11

169 000

KINTETSU JPY 450 025

0.22

76 600 KIRIN HOLDINGS JPY 805 125 0.40

289 000 KOBE STEEL JPY 371 229 0.18

9 200 KOITO MANUFACTURING JPY 197 780 0.10

84 800 KOMATSU JPY 1 552 225 0.77

9 400 KONAMI JPY 155 070 0.08

45 400 KONICA MINOLTA HOLDINGS JPY 387 910 0.19

102 000 KUBOTA JPY 1 275 256 0.63

32 600 KURARAY JPY 302 540 0.15

9 600 KURITA WATER INDUSTRIES JPY 169 523 0.08

29 100 KYOCERA JPY 1 073 304 0.53

21 000 KYOWA HAKKO KIRIN JPY 203 829 0.10

39 800 KYUSHU ELECTRIC POWER JPY 339 488 0.17

6 100 LAWSON JPY 337 636 0.17

25 200 LIXIL GROUP JPY 426 085 0.21

18 100 M3 JPY 229 887 0.11

2 300 MABUCHI MOTOR JPY 158 675 0.08

11 100 MAKITA JPY 496 636 0.25

148 700 MARUBENI JPY 805 674 0.40

22 400 MARUI GROUP JPY 145 969 0.07

4 400 MARUICHI STEEL TUBE WORKS JPY 85 509 0.04

48 700 MAZDA MOTOR JPY 966 112 0.48




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

6 500

MCDONALD'S HOLDINGS JPY 127 259

0.06

13 200

MEDIPAL HOLDINGS JPY 126 978

0.06

5 742

MEIJI HOLDINGS JPY 359 258

0.18

5 200

MIRACA HOLDINGS JPY 170 178

0.08

128 000

MITSUBISHI JPY 2 074 644

1.03

126 500

MITSUBISHI CHEMICAL JPY 492 591

0.24

177 000

MITSUBISHI ELECTRIC JPY 1 865 515

0.93

114 000

MITSUBISHI ESTATE JPY 2 030 775

1.01

36 000

MITSUBISHI GAS CHEMICAL JPY 181 595

0.09

275 000 MITSUBISHI HEAVY INDUSTRIES JPY 1 400 281 0.69

11 000 MITSUBISHI LOGISTICS JPY 124 946 0.06

105 000 MITSUBISHI MATERIALS JPY 268 993 0.13

56 900 MITSUBISHI MOTORS JPY 546 530 0.27

21 000 MITSUBISHI TANABE PHARMA JPY 243 837 0.12

1 166 300 MITSUBISHI UFJ FINANCIAL GRO JPY 5 219 945 2.61

46 900 MITSUBISHI UFJ LEASE FINANCE JPY 193 933 0.10

155 300 MITSUI JPY 1 938 277 0.96

76 000 MITSUI CHEMICALS JPY 167 277 0.08

85 000 MITSUI FUDOSAN JPY 2 060 713 1.02

102 000 MITSUI OSK LINES JPY 257 627 0.13

2 105 020 MIZUHO FINANCIAL GROUP JPY 2 975 874 1.49

45 616 MS&AD INSURANCE GROUP HOLDIN JPY 787 577 0.39

18 400 MURATA MANUFACTURING JPY 1 655 801 0.82

10 900 NABTESCO JPY 206 795 0.10

79 000 NAGOYA RAILROAD JPY 250 844 0.12

16 800 NAMCO BANDAI HOLDINGS JPY 341 281 0.17

244 000 NEC JPY 667 349 0.33

12 200

NEXON JPY 79 677

0.04

23 000

NGK INSULATORS JPY 433 536

0.22

16 700 NGKRK PLUG JPY 388 660 0.19

14 500 NHK SPRING JPY 112 486 0.06

20 000 NIDEC JPY 1 070 922 0.53

31 900 NIKON JPY 364 875 0.18

9 900 NINTENDO JPY 852 314 0.42

129 NIPPON BUILDING FUND JPY 537 142 0.27

37 000 NIPPON ELECTRIC GLASS JPY 142 583 0.07

80 000 NIPPON EXPRESS JPY 264 988 0.13

16 000 NIPPON MEAT PACKERS JPY 268 568 0.13

16 000 NIPPON PAINT JPY 284 617 0.14

124 NIPPON PROLOGIS REIT. INC JPY 228 274 0.11

690 160 NIPPON STEEL & SUMITOMO META JPY 1 417 453 0.70

34 100 NIPPON TELEGRAPH KABUSHIKI TELEPHONE JPY 1 678 519 0.83

151 000 NIPPON YUSEN JPY 314 919 0.16

226 100 NISSAN MOTOR JPY 1 744 224 0.87

19 800 NISSHIN SEIFUN GROUP JPY 154 888 0.08

5 500 NISSIN FOODS HOLDINGS JPY 226 236 0.11

6 400 NITORI HOLDINGS JPY 313 598 0.16

14 600 NITTO DENKO JPY 633 742 0.31

31 100 NKSJ HOLDINGS JPY 597 213 0.30




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

8 900

NOK JPY 161 594

0.08

330 100

NOMURA HOLDINGS JPY 1 557 451

0.77

11 600

NOMURA REAL ESTATE JPY 157 711

0.08

1

NOMURA REAL ESTATE JPY 3 623

0.00

10 500

NOMURA RESEARCH INSTITUTE JPY 268 614

0.13

44 000

NSK JPY 495 655

0.25

12 000

NTT DATA JPY 342 060

0.17

139 000

NTT DOCOMO JPY 1 836 151

0.91

10 700

NTT URBAN DEVELOPMENT JPY 89 107

0.04

61 000 OBAYASHI JPY 330 593 0.16

59 000 ODAKYU ELECTRIC RAILWAY JPY 427 048 0.21

75 000 OJI HOLDINGS JPY 224 612 0.11

22 400 OLYMPUS JPY 636 087 0.32

19 100 OMRON JPY 686 415 0.34

7 700 ONO PHARMACEUTICAL JPY 541 220 0.27

3 500 ORACLE JAPAN JPY 108 102 0.05

4 600 ORIENTAL LAND JPY 688 313 0.34

120 030 ORIX JPY 1 310 547 0.65

175 000 OSAKA GAS JPY 556 551 0.28

4 400 OTSUKA JPY 138 440 0.07

35 200 OTSUKA HOLDINGS JPY 960 193 0.48

201 000 PANASONIC JPY 1 892 187 0.94

9 200 PARK24 JPY 116 185 0.06

74 200 RAKUTEN JPY 676 287 0.34

198 900 RESONA HOLDINGS JPY 887 622 0.44

66 100 RICOH JPY 561 915 0.28

3 400 RINNAI JPY 223 522 0.11

9 000

ROHM JPY 448 142

0.22

4 800

SANKYO JPY 136 131

0.07

4 500 SANRIO JPY 103 267 0.05

7 000 SANTEN PHARMACEUTICAL JPY 310 163 0.15

18 770 SBI JPY 166 336 0.08

19 000 SECOM JPY 895 757 0.44

17 600 SEGA SAMMY JPY 224 172 0.11

11 200 SEIBU HOLDINGS INC JPY 177 005 0.09

12 200 SEIKO EPSON JPY 463 975 0.23

40 000 SEKISUI CHEMICAL JPY 363 132 0.18

51 300 SEKISUI HOUSE JPY 478 304 0.24

68 600 SEVEN & I HOLDINGS JPY 2 105 938 1.05

55 400 SEVEN BANK JPY 178 707 0.09

145 000 SHARP JPY 326 472 0.16

16 600 SHIKOKU ELECTRIC POWER JPY 168 429 0.08

22 000 SHIMADZU JPY 150 665 0.07

2 100 SHIMAMURA JPY 152 758 0.08

7 000 SHIMANO JPY 673 873 0.33

55 000 SHIMIZU JPY 343 323 0.17

37 300 SHIN-ETSU CHEMICAL JPY 1 929 438 0.96

154 000 SHINSEI BANK JPY 261 163 0.13




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

27 900

SHIONOGI JPY 506 569

0.25

33 700

SHISEIDO JPY 440 060

0.22

50 000

SHIZUOKA BANK JPY 407 369

0.20

22 200

SHOEI/CHIYODA-KU JPY 185 838

0.09

18 000

SHOWA SHELL SEKIYU KK JPY 135 871

0.07

5 000

SMC JPY 1 091 489

0.54

87 900

SOFTBANK JPY 4 877 335

2.44

94 800

SONY JPY 1 362 083

0.68

16 300

SONY FINANCIAL HOLDINGS JPY 208 672

0.10

13 400 STANLEY ELECTRIC JPY 229 374 0.11

101 700 SUMITOMO JPY 888 402 0.44

139 000 SUMITOMO CHEMICAL JPY 392 207 0.19

67 800 SUMITOMO ELECTRIC INDUSTRIES JPY 792 871 0.39

52 000 SUMITOMO HEAVY INDUSTRIES JPY 231 533 0.11

49 000 SUMITOMO METAL MINING JPY 545 968 0.27

116 300 SUMITOMO MITSUI FINANCIAL GR JPY 3 752 393 1.87

300 140 SUMITOMO MITSUI TRUST HOLDIN JPY 988 755 0.49

33 000 SUMITOMO REALTY & DEVELOPMNT JPY 929 353 0.46

15 900 SUMITOMO RUBBER INDUSTRIES JPY 178 882 0.09

17 000 SURUGA BANK JPY 268 178 0.13

6 600 SUZUKEN JPY 150 506 0.07

32 800 SUZUKI MOTOR JPY 860 522 0.43

13 600 SYSMEX JPY 432 814 0.21

54 100 T&D HOLDINGS JPY 549 893 0.27

110 000 TAIHEIYO CEMENT JPY 328 637 0.16

96 000 TAISEI JPY 428 831 0.21

3 000 TAISHO PHARMACEUTICAL HOLDIN JPY 162 589 0.08

22 000

TAIYO NIPPON SANSO JPY 153 523

0.08

25 000

TAKASHIMAYA JPY 165 437

0.08

72 000 TAKEDA PHARMACEUTICAL JPY 2 477 380 1.23

11 500 TDK JPY 507 894 0.25

88 000 TEIJIN JPY 168 288 0.08

28 400 TERUMO JPY 538 806 0.27

10 600 THK JPY 208 830 0.10

96 000 TOBU RAILWAY JPY 382 414 0.19

10 600 TOHO JPY 189 706 0.09

38 000 TOHO GAS JPY 169 471 0.08

42 200 TOHOKU ELECTRIC POWER JPY 379 450 0.19

62 900 TOKIO MARINE HOLDINGS JPY 1 544 446 0.77

135 000 TOKYO ELECTRIC POWER JPY 374 101 0.19

15 400 TOKYO ELECTRON JPY 795 493 0.39

216 000 TOKYO GAS JPY 960 972 0.48

38 000 TOKYO TATEMONO JPY 243 238 0.12

106 000 TOKYU JPY 549 995 0.27

45 400 TOKYU FUDOSAN HOLDINGS CORP JPY 246 376 0.12

26 000 TONENGENERAL SEKIYU KK JPY 179 935 0.09

52 000 TOPPAN PRINTING JPY 295 701 0.15

137 000 TORAY INDUSTRIES JPY 716 774 0.36

364 000 TOSHIBA JPY 1 334 934 0.66




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

26 000

TOTO JPY 226 279

0.11

15 300

TOYO SEIKAN KAISHA JPY 150 050

0.07

8 000

TOYO SUISAN KAISHA JPY 210 143

0.10

6 000

TOYODA GOSEI JPY 92 659

0.05

15 200

TOYOTA INDUSTRIES JPY 581 358

0.29

252 800

TOYOTA MOTOR JPY 11 790 578

5.87

19 900

TOYOTA TSUSHO JPY 383 719

0.19

9 800

TREND MICRO JPY 262 376

0.13

34 800

UNICHARM JPY 627 957

0.31

20 500 USS JPY 248 535 0.12

15 448 WEST JAPAN RAILWAY JPY 547 310 0.27

134 200 YAHOO JAPAN JPY 403 843 0.20

8 300 YAKULT HONSHA JPY 345 004 0.17

82 000 YAMADA DENKI JPY 189 360 0.09

19 000 YAMAGUCHI FINANCIAL GROUP JPY 142 049 0.07

15 700 YAMAHA JPY 162 357 0.08

24 800 YAMAHA MOTOR JPY 383 887 0.19

34 000 YAMATO HOLDINGS JPY 500 901 0.25

3 700 YAMATO KOGYO JPY 97 725 0.05

10 000 YAMAZAKI BAKING JPY 102 041 0.05

21 700 YASKAWA ELECTRIC JPY 232 547 0.12

20 000 YOKOGAWA ELECTRIC JPY 208 123 0.10

19 000 YOKOHAMA RUBBER JPY 130 120 0.06

Singapore 364 936 0.20

13 000 SUNTORY BEVERAGE AND FOOD LTD JPY 364 936 0.20


0.16

234

UNITED URBAN INVESMENT REIT JPY 284 200

0.16

Shares/Units in investment funds 25 0.00

Luxembourg 25 0.00

0.1763 BNP PARIBAS INSTICASH EUR I C EUR 25 0.00


PARWORLD TRACK NORTH AMERICA



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


165 543 953

98.34

Shares 165 543 953

98.34


87.17

760

ATCO LTD -CLASS I CAD 24 441

0.01

928

FIRST CAPITAL REALTY INC CAD 11 510

0.01

6 428

3M USD 720 933

0.43

15 381 ABBOTT LABORATORIES USD 506 389 0.30

16 457 ABBVIE INC USD 752 469 0.44

5 582 ACTIVISION BLIZZARD USD 91 866 0.05

5 201 ADOBE SYSTEMS USD 284 866 0.17

2 125 ADT USD 59 650 0.04

842 ADVANCE AUTO PARTS USD 86 849 0.05

8 603 AES USD 96 569 0.06

3 936 AETNA USD 252 378 0.15

661 AFFILIATED MANAGERS GROUP USD 104 839 0.06

4 733 AFLAC USD 218 244 0.13

994 AGCO USD 35 771 0.02

3 411 AGILENT TECHNOLOGIES USD 153 856 0.09

2 213 AIR PRODUCTS & CHEMICALS USD 228 053 0.14

730 AIRGAS USD 63 942 0.04

1 735 AKAMAI TECHNOLOGIES USD 82 132 0.05

1 056 ALBEMARLE USD 49 237 0.03

13 248 ALCOA USD 168 740 0.10

2 073 ALEXION PHARMACEUTICALS USD 272 112 0.16

198

ALLEGHANY CORP USD 65 540

0.04

3 016

ALLERGAN USD 425 427

0.25

602 ALLIANCE DATA SYSTEMS USD 118 313 0.07

1 437 ALLIANT ENERGY USD 63 031 0.04

4 515 ALLSTATE USD 219 343 0.13

3 612 ALLY FINANCIAL INC. USD 66 121 0.04

2 683 ALTERA USD 75 993 0.05

20 527 ALTRIA GROUP USD 746 495 0.44

4 073 AMAZON.COM USD 1 039 619 0.62

2 888 AMERENORATION USD 87 629 0.05

2 128 AMERICAN AIRLI SHS USD 59 768 0.04

4 073 AMERICAN CAPITAL AGENCY USD 68 515 0.04

5 073 AMERICAN ELECTRIC POWER USD 209 667 0.12

9 834 AMERICAN EXPRESS USD 681 471 0.40

14 146 AMERICAN INTERNATIONAL GROUP USD 604 921 0.36

10 644 AMERICAN REALTY CAPITAL PROP USD 101 616 0.06

4 175 AMERICAN TOWER COR USD 309 444 0.18

2 201 AMERICAN WATER WORKS USD 84 033 0.05

1 965 AMERIPRISE FINANCIAL USD 191 919 0.11

2 297 AMERISOURCEBERGEN USD 140 557 0.08

2 913 AMETEK USD 115 782 0.07

7 856 AMGEN USD 873 504 0.52

1 589 AMPHENOL-CL A USD 125 611 0.07




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

5 133

ANADARKO PETROLEUM USD 412 184

0.24

2 858

ANALOG DEVICES USD 111 967

0.07

11 525

ANNALY CAPITAL MANAGEMENT USD 97 437

0.06

1 019

ANSYS USD 61 039

0.04

611

ANTERO RESOURCES CORP USD 26 549

0.02

2 919

AON USD 202 580

0.12

4 065

APACHE USD 302 063

0.18

63 666

APPLE USD 5 077 656

3.01

12 682

APPLIED MATERIALS USD 216 947

0.13

7 211 ARCHER-DANIELS-MIDLAND USD 291 694 0.17

1 300 ARROW ELECTRONICS USD 56 960 0.03

877 ASHLAND USD 72 270 0.04

836 ASSURANT USD 42 553 0.03

54 337 AT&T USD 1 515 801 0.90

1 992 AUTODESK USD 86 886 0.05

1 125 AUTOLIV USD 81 860 0.05

5 092 AUTOMATIC DATA PROCESSING USD 334 885 0.20

902 AUTONATION USD 35 923 0.02

331 AUTOZONE USD 133 542 0.08

1 211 AVALONBAYMMUNITIES USD 135 139 0.08

1 266 AVERY DENNISON USD 44 747 0.03

1 567 AVNET USD 51 479 0.03

5 398 AVON PRODUCTS USD 53 841 0.03

4 761 BAKER HUGHES USD 245 201 0.15

1 586 BALL USD 79 435 0.05

110 041 BANK OF AMERICA USD 1 485 216 0.88

12 074 BANK OF NEW YORK MELLON USD 370 177 0.22

5 713

BAXTER INTERNATIONAL USD 324 577

0.19

7 478

BB&T USD 220 270

0.13

1 255 BE AEROSPACE USD 83 392 0.05

1 994 BECTON DICKINSON AND USD 179 645 0.11

2 029 BED BATH & BEYOND USD 105 734 0.06

11 733 BERKSHIRE HATHAWAY-CL B USD 1 283 037 0.76

3 498 BEST BUY USD 93 012 0.06

2 443 BIOGEN IDEC USD 639 754 0.38

1 700 BIOMARIN PHARMACEUTICAL USD 97 108 0.06

1 413 BLACKROCK USD 367 240 0.22

7 159 BOEING USD 721 879 0.43

2 730 BORGWARNER USD 113 695 0.07

1 423 BOSTON PROPERTIES USD 130 399 0.08

15 472 BOSTON SCIENTIFIC USD 144 646 0.09

17 104 BRISTOL-MYERS SQUIBB USD 692 961 0.41

5 105 BROADCOM-CL A USD 163 344 0.10

1 461 BROWN-FORMAN-CLASS B USD 104 343 0.06

1 717 C.H. ROBINSON WORLDWIDE USD 90 142 0.05

4 002 CA USD 88 514 0.05

1 626 CABLEVISION SYSTEMS-NY GRP-A USD 22 538 0.01

4 174 CABOT OIL & GAS USD 108 014 0.06

4 299 CALPINE USD 73 848 0.04




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

1 104

CAMDEN PROPERTY TRUST USD 59 891

0.04

2 046

CAMERON INTERNATIONAL USD 107 511

0.06

2 563

CAMPBELL SOUP USD 86 695

0.05

6 059

CAPITAL ONE FINANCIAL USD 391 479

0.23

3 534

CARDINAL HEALTH USD 209 592

0.12

2 402

CAREFUSION USD 86 040

0.05

2 675

CARMAX USD 98 360

0.06

6 060

CATERPILLAR USD 475 062

0.28

3 796

CBRE GROUP - A USD 89 367

0.05

5 078 CBS-CLASS B NON VOTING USD 215 059 0.13

1 947 CELANESE-SERIES A USD 90 195 0.05

8 235 CELGENE USD 617 861 0.37

4 961 CENTERPOINT ENERGY USD 96 098 0.06

5 917 CENTURYLINK USD 191 527 0.11

3 153 CERNER USD 148 683 0.09

518 CF INDUSTRIES HOLDINGS USD 114 495 0.07

888 CHARTER COMMUNICATION-A USD 106 405 0.06

5 315 CHESAPEAKE ENERGY USD 96 728 0.06

19 985 CHEVRON USD 1 887 679 1.12

294 CHIPOTLE MEXICAN GRILL USD 155 138 0.09

2 523 CHUBB USD 181 908 0.11

1 633 CHURCH & DWIGHT USD 90 696 0.05

2 791 CIGNA USD 200 369 0.12

1 041 CIMAREX ENERGY USD 104 269 0.06

1 710 CINCINNATI FINANCIAL USD 63 689 0.04

1 309 CINTAS USD 73 147 0.04

53 358 CISCO SYSTEMS USD 1 063 147 0.63

2 348

CIT GROUP USD 85 426

0.05

31 745

CITIGROUP USD 1 302 217

0.77

1 609 CITRIX SYSTEMS USD 90 866 0.05

1 553 CLOROX USD 118 069 0.07

3 304 CME GROUP USD 209 120 0.12

2 954 CMS ENERGY USD 69 357 0.04

3 295 COACH USD 92 883 0.06

2 875 COBALT INTERNATIONAL ENERGY USD 30 952 0.02

41 359 COCA-COLA USD 1 396 695 0.83

2 815 COCA-COLA ENTERPRISES USD 98 851 0.06

6 341 COGNIZANT TECH SOLUTIONS-A USD 224 727 0.13

9 342 COLGATE-PALMOLIVE USD 482 316 0.29

22 333 COMCAST-CLASS A USD 950 777 0.56

4 608 COMCAST-SPECIAL CL A USD 195 154 0.12

2 098 COMERICA USD 82 807 0.05

1 677 COMPUTER SCIENCES USD 81 178 0.05

4 978 CONAGRA FOODS USD 130 198 0.08

1 120 CONCHO RESOURCES USD 111 171 0.07

12 718 CONOCOPHILLIPS USD 770 379 0.46

2 827 CONSOL ENERGY USD 84 726 0.05

2 968 CONSOLIDATED EDISON USD 133 122 0.08

1 942 CONSTELLATION BRANDS-A USD 133 991 0.08




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

930

CONTINENTAL RESOURCES/OK USD 48 942

0.03

13 634

CORNING USD 208 733

0.12

4 476

COSTCO WHOLESALE USD 444 039

0.26

914

CR BARD USD 103 255

0.06

1 313

CREE USD 42 563

0.03

3 474

CROWN CASTLE INTERNATIONAL USD 221 461

0.13

1 576

CROWN HOLDINGS USD 55 542

0.03

10 990

CSX USD 278 915

0.17

1 813

CUMMINS USD 189 416

0.11

12 102 CVS CAREMARK USD 762 476 0.45

6 680 DANAHER USD 401 778 0.24

1 493 DARDEN RESTAURANTS USD 60 819 0.04

2 041 DAVITA HEALTHCARE PARTNERS I USD 118 170 0.07

3 826 DEERE USD 248 323 0.15

2 436 DELTA AIR LINES USD 69 710 0.04

4 195 DENBURY RESOURCES USD 49 912 0.03

1 616 DENTSPLY INTERNATIONAL USD 58 333 0.03

4 202 DEVON ENERGY USD 226 790 0.13

583 DIAMOND OFFSHORE DRILLING USD 15 816 0.01

1 309 DICK'S SPORTING GOODS USD 45 469 0.03

1 415 DIGITAL REALTY TRUST USD 69 874 0.04

5 041 DIRECTV USD 345 258 0.21

5 115 DISCOVER FINANCIAL SERVICES USD 260 720 0.15

1 818 DISCOVERYMMUNICATIONS-A USD 54 400 0.03

3 530 DISCOVERYMMUNICATIONS-C USD 104 174 0.06

2 562 DISH NETWORK-A USD 130 975 0.08

3 176 DOLLAR GENERAL USD 153 640 0.09

2 415

DOLLAR TREE USD 107 191

0.06

6 143

DOMINION RESOURCES USD 335 975

0.20

1 987 DOVER USD 126 353 0.08

12 323 DOW CHEMICAL USD 511 552 0.30

3 782 DR HORTON USD 61 434 0.04

1 938 DR PEPPER SNAPPLE GROUP USD 98 660 0.06

1 767 DTE ENERGY USD 106 419 0.06

9 404 DU PONT DE NEMOURS USD 534 202 0.32

7 180 DUKE ENERGY CORP USD 424 974 0.25

4 225 DUKE REALTY USD 57 459 0.03

379 DUN BRADSTREET USD 35 243 0.02

1 496 EASTMAN CHEMICAL USD 95 794 0.06

5 203 EATON USD 261 005 0.16

1 602 EATON VANCE USD 47 848 0.03

11 644 EBAY USD 521 987 0.31

2 951 ECOLAB USD 268 247 0.16

3 152 EDISON INTERNATIONAL USD 139 529 0.08

1 240 EDWARDS LIFESCIENCES USD 100 270 0.06

3 092 ELECTRONIC ARTS USD 87 161 0.05

20 909 EMC USD 484 304 0.29

7 435 EMERSON ELECTRIC USD 368 322 0.22

938 ENERGEN USD 53 640 0.03




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

787

ENERGIZER HOLDINGS USD 76 759

0.05

2 140

ENTERGY USD 131 000

0.08

5 568

EOG RESOURCES USD 436 448

0.26

1 521

EQT USD 110 218

0.07

1 503

EQUIFAX USD 88 925

0.05

614

EQUINIX USD 103 275

0.06

3 546

EQUITY RESIDENTIAL USD 172 858

0.10

738

ESSEX PROPERTY TRUST USD 104 427

0.06

2 379

ESTEE LAUDER COMPANIES-CL A USD 140 716

0.08

8 961 EXELON USD 241 821 0.14

1 159 EXPEDIA USD 80 389 0.05

2 539 EXPEDITORS INTL WASHINGTON USD 81 562 0.05

7 905 EXPRESS SCRIPTS HOLDING USD 441 979 0.26

45 265 EXXON MOBIL USD 3 370 016 2.00

876 F5 NETWORKS USD 82 340 0.05

20 825 FACEBOOK-A USD 1 302 995 0.77

1 139 FAMILY DOLLAR STORES USD 69 643 0.04

2 800 FASTENAL USD 99 521 0.06

726 FEDERAL REALTY INVS TRUST USD 68 080 0.04

2 969 FEDEX USD 379 454 0.23

2 640 FIDELITY NATIONAL INFORMATION USD 117 658 0.07

8 637 FIFTH THIRD BANCORP USD 136 879 0.08

726 FIREEYE INC USD 17 563 0.01

1 486 FIRST REPUBLIC BANK/SAN FRAN USD 58 088 0.03

4 206 FIRSTENERGY USD 111 772 0.07

2 284 FISERV USD 116 862 0.07

855 FLEETCOR TECHNOLOGIES INC USD 96 190 0.06

1 856

FLIR SYSTEMS USD 46 046

0.03

1 591

FLOWSERVE USD 88 816

0.05

1 937 FLUOR USD 102 412 0.06

1 665 FMC USD 75 378 0.04

2 752 FMC TECHNOLOGIES USD 118 315 0.07

3 116 FNF GROUP USD 68 425 0.04

37 681 FORD MOTOR USD 441 165 0.26

593 FOSSIL GROUP INC USD 44 079 0.03

4 215 FRANKLIN RESOURCES USD 182 213 0.11

10 929 FREEPORT-MCMORAN COPPER USD 282 471 0.17

13 048 FRONTIER COMMUNICATION USD 67 241 0.04

1 354 GAMESTOP-CLASS A USD 44 160 0.03

2 395 GAP USD 79 040 0.05

105 374 GENERAL ELECTRIC USD 2 137 092 1.27

6 164 GENERAL GROWTH PROPERTIES USD 114 912 0.07

6 843 GENERAL MILLS USD 273 287 0.16

13 569 GENERAL MOTORS USD 343 078 0.20

1 529 GENUINE PARTS USD 106 162 0.06

5 860 GENWORTH FINANCIAL CL.A USD 60 769 0.04

16 053 GILEAD SCIENCES USD 1 352 734 0.80

4 378 GOLDMAN SACHS GROUP USD 636 192 0.38

2 998 GOOGLE INC-CL C USD 1 370 216 0.81




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

2 946

GOOGLE-CL A USD 1 372 219

0.82

3 011

H&R BLOCK USD 73 913

0.04

8 597

HALLIBURTON USD 439 020

0.26

2 185

HARLEY-DAVIDSON USD 100 667

0.06

1 350

HARRIS USD 70 960

0.04

5 238

HARTFORD FINANCIAL SVCS GRP USD 154 455

0.09

1 496

HASBRO USD 65 128

0.04

3 095

HCA HOLDINGS USD 172 776

0.10

4 269

HCP USD 134 195

0.08

3 565 HEALTH CARE REIT USD 176 014 0.10

1 285 HELMERICH & PAYNE USD 99 555 0.06

1 019 HENRY SCHEIN USD 93 950 0.06

1 538 HERSHEY USD 116 186 0.07

4 429 HERTZ GLOBAL HOLDINGS USD 89 018 0.05

3 182 HESS USD 237 583 0.14

19 446 HEWLETT-PACKARD USD 546 012 0.32

3 421 HILTON WORLDWIDE HOLDINGS IN USD 66 700 0.04

2 319 HOLLY FRONTIER CORP USD 80 186 0.05

2 582 HOLOGIC USD 49 729 0.03

14 239 HOME DEPOT USD 1 034 068 0.61

7 642 HONEYWELL INTERNATIONAL USD 563 327 0.33

1 655 HORMEL FOODS USD 67 327 0.04

1 920 HOSPIRA USD 79 080 0.05

7 684 HOST HOTELS & RESORTS USD 129 744 0.08

6 263 HUDSON CITY BANCORP USD 48 190 0.03

1 465 HUMANA USD 151 098 0.09

1 045 HUNT TRANSPRT SVCS USD 61 256 0.04

810

IHS-CLASS A USD 80 272

0.05

3 890

ILLINOIS TOOL WORKS USD 259 959

0.15

1 364 ILLUMINA USD 176 993 0.11

1 050 INTEGRYS ENERGY GROUP USD 53 878 0.03

52 088 INTEL USD 1 435 744 0.85

1 184 INTERCONTINENTALEXCHANGE GRO USD 182 814 0.11

4 219 INTERNATIONAL PAPER USD 159 442 0.09

4 876 INTERPUBLIC GROUP OFS USD 70 713 0.04

10 069 INTL BUSINESS MACHINES USD 1 513 080 0.90

907 INTL FLAVORS & FRAGRANCES USD 68 841 0.04

2 783 INTUIT USD 193 097 0.11

391 INTUITIVE SURGICAL USD 142 942 0.08

1 912 IRON MOUNTAIN USD 49 418 0.03

1 439 JACOBS ENGINEERING GROUP USD 55 612 0.03

1 262 JM SMUCKER USD 98 892 0.06

29 762 JOHNSON & JOHNSON USD 2 511 246 1.49

7 258 JOHNSONNTROLS USD 252 802 0.15

1 150 JOY GLOBAL USD 49 651 0.03

39 726 JPMORGAN CHASE USD 1 894 395 1.13

4 939 JUNIPER NETWORKS USD 86 601 0.05

1 093 KANSAS CITY SOUTHERN USD 104 866 0.06

1 968 KBR USD 29 335 0.02




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

2 736

KELLOGG USD 133 416

0.08

1 123

KEURIG GREEN MOUNTAIN INC USD 115 683

0.07

10 326

KEYCORP USD 108 961

0.06

3 979

KIMBERLY-CLARK USD 338 825

0.20

5 045

KIMCO REALTY USD 87 501

0.05

6 940

KINDER MORGAN USD 210 631

0.13

1 195

KINDER MORGAN MANAGEMENT USD 89 063

0.05

1 646

KLA-TENCOR USD 102 649

0.06

2 515

KOHLS USD 121 504

0.07

6 542 KRAFT FOODS GROUP USD 292 079 0.17

5 024 KROGER USD 206 806 0.12

1 006 LABORATORY CRP USD 81 029 0.05

1 883 LAM RESEARCH USD 111 348 0.07

4 407 LAS VEGAS SANDS USD 217 027 0.13

1 341 LEGG MASON USD 54 309 0.03

1 858 LEGGETT & PLATT USD 51 361 0.03

2 096 LENNAR-A USD 64 427 0.04

3 808 LEUCADIA NATIONAL USD 71 864 0.04

2 215 LEVEL 3 COMMUNICATION USD 80 185 0.05

5 091 LIBERTY GLOBAL INC-SERIES C USD 165 294 0.10

2 387 LIBERTY GLOBAL PLC USD 80 382 0.05

4 608 LIBERTY INTERACTIVE-A USD 104 033 0.06

1 165 LIBERTY MEDIA CORP USD 43 511 0.03

2 384 LIBERTY MEDIA CORP - C W/I USD 88 679 0.05

1 638 LIBERTY PROPERTY TRUST USD 43 127 0.03

10 326 LILLY & CO. (ELI) USD 530 094 0.31

2 496 LIMITED BRANDS INC USD 132 343 0.08

2 639

LINCOLN NATIONAL USD 111 932

0.07

2 918

LINEAR TECHNOLOGY USD 102 537

0.06

1 091 LINKEDIN CORP - A USD 179 458 0.11

3 712 LKQ USD 78 133 0.05

4 064 LOEWS USD 134 024 0.08

3 733 LORILLARD USD 177 039 0.11

10 292 LOWE'S USD 431 152 0.26

1 117 LULULEMON ATHLETICA USD 37 146 0.02

1 187 M & T BANK USD 115 848 0.07

1 741 MACERICH USD 87 970 0.05

3 729 MACY'S USD 171 742 0.10

1 317 MALLINCKRODT PLC - W/I USD 93 986 0.06

1 002 MANPOWER USD 55 603 0.03

7 041 MARATHON OIL USD 209 516 0.12

3 003 MARATHON PETROLEUM CORP. USD 201 279 0.12

2 372 MARRIOTT INTERNATIONAL -CL A USD 131 251 0.08

5 954 MARSH & MCLENNANS USD 246 691 0.15

597 MARTIN MARIETTA MATERIALS USD 60 936 0.04

3 929 MASCO USD 74 397 0.04

10 417 MASTERCARD-CLASS A USD 609 558 0.36

4 030 MATTEL USD 97 779 0.06

3 168 MAXIM INTEGRATED PRODUCTS USD 75 836 0.05




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

1 480

MC CORMICK NON VOTTING SHRS USD 78 379

0.05

10 224

MC DONALD'S USD 767 336

0.46

2 614

MC GRAW HILL COMPANIES USD 174 750

0.10

2 443

MCKESSON USD 376 472

0.22

2 305

MDU RESOURCES GROUP USD 50 744

0.03

2 069

MEAD JOHNSON NUTRITION USD 157 593

0.09

1 966

MEADWESTVACO USD 63 715

0.04

10 235

MEDTRONIC USD 501 926

0.30

30 581

MERCK AND CO INC USD 1 435 062

0.85

9 721 METLIFE USD 413 388 0.25

375 METTLER TOLEDO INTERNATIONAL USD 76 033 0.05

4 841 MGM RESORTS INTERNATIONAL USD 87 297 0.05

2 371 MICROCHIP TECHNOLOGY USD 88 646 0.05

11 246 MICRON TECHNOLOGY USD 304 997 0.18

82 658 MICROSOFT USD 3 033 465 1.80

762 MOHAWK INDUSTRIES USD 81 324 0.05

1 311 MOLSONORS BREWING -B USD 77 254 0.05

17 271 MONDELEZ INTERNATIONAL-A USD 468 467 0.28

5 353 MONSANTO USD 476 759 0.28

1 407 MONSTER BEVERAGE USD 102 101 0.06

1 793 MOODY'S USD 134 129 0.08

15 020 MORGAN STANLEY USD 411 036 0.24

3 670 MOSAIC USD 129 020 0.08

2 663 MOTOROLA SOLUTIONS USD 133 398 0.08

1 644 MURPHY OIL USD 74 063 0.04

3 803 MYLAN USD 136 947 0.08

1 388 NASDAQ OMX GROUP USD 46 609 0.03

4 713

NATIONAL OILWELL VARCO USD 283 918

0.17

5 079

NAVIENT CORP USD 71 205

0.04

3 854 NETAPP USD 131 065 0.08

593 NETFLIX USD 211 795 0.13

484 NETSUITE USD 34 306 0.02

4 910 NEW YORK COMMUNITY BANCORP USD 61 684 0.04

2 651 NEWELL RUBBERMAID USD 72 211 0.04

5 795 NEWMONT MINING USD 105 739 0.06

4 610 NEXTERA ENERGY USD 342 598 0.20

7 139 NIKE -CL B USD 504 096 0.30

3 118 NISOURCE USD 101 148 0.06

3 746 NOBLE ENERGY USD 202 713 0.12

1 659 NORDSTROM USD 89 789 0.05

3 390 NORFOLK SOUTHERN USD 299 485 0.18

3 167 NORTHEAST UTILITIES USD 111 061 0.07

2 630 NORTHERN TRUST USD 141 634 0.08

2 115 NORTHROP GRUMMAN USD 220 600 0.13

3 879 NRG ENERGY USD 93 593 0.06

3 368 NUANCE COMMUNICATIONS USD 41 099 0.02

3 239 NUCOR USD 139 175 0.08

6 782 NVIDIA USD 99 052 0.06

8 086 OCCIDENTAL PETROLEUM USD 615 451 0.37

1 175 OCEANEERING INTL USD 60 617 0.04




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

1 470

OCWEN FINANCIAL USD 30 465

0.02

2 191

OGE ENERGY USD 64 364

0.04

1 136

OMNICARE USD 55 988

0.03

2 639

OMNICOM GROUP USD 143 852

0.09

2 085

ONEOK USD 108 191

0.06

37 239

ORACLE USD 1 128 446

0.67

1 243

O'REILLY AUTOMOTIVE USD 147 950

0.09

1 856

OWENS-ILLINOIS USD 38 273

0.02

4 789

P G & E USD 170 747

0.10

3 654 PACCAR USD 164 513 0.10

1 317 PALL USD 87 261 0.05

1 743 PARKER HANNIFIN USD 157 501 0.09

738 PATTERSONS USD 24 204 0.01

3 267 PAYCHEX USD 114 309 0.07

3 027 PEABODY ENERGY USD 29 665 0.02

1 923 PENTAIR PLC USD 99 693 0.06

2 960 PEOPLE'S UNITED FINANCIAL USD 33 906 0.02

2 860 PEPCO HOLDINGS USD 60 585 0.04

15 816 PEPSICO USD 1 165 495 0.69

1 125 PETSMART USD 62 419 0.04

66 749 PFIZER USD 1 562 452 0.93

769 PHARMACYCLICS INC USD 71 491 0.04

16 392 PHILIP MORRIS INTERNATIONAL USD 1 082 203 0.64

6 006 PHILLIPS 66 USD 386 581 0.23

1 421 PINNACLE WEST CAPITAL USD 61 463 0.04

1 493 PIONEER NATURAL RESOURCES USD 232 793 0.14

2 242 PLUM CREEK TIMBER USD 69 234 0.04

5 659

PNC FINANCIAL SERVICES GROUP USD 383 374

0.23

720

POLARIS INDUSTRIES USD 85 374

0.05

1 442 PPG INDUSTRIES USD 224 579 0.13

6 498 PPLORATION USD 168 925 0.10

3 090 PRAXAIR USD 315 543 0.19

1 597 PRECISION CASTPARTS USD 299 464 0.18

536 PRICELINE.COM USD 491 588 0.29

2 969 PRINCIPAL FINANCIAL GROUP USD 123 320 0.07

28 397 PROCTER & GAMBLE USD 1 882 418 1.12

5 623 PROGRESSIVE USD 112 527 0.07

4 685 PROLOGIS USD 139 818 0.08

4 858 PRUDENTIAL FINANCIAL USD 338 185 0.20

5 164 PUBLIC SERVICE ENTERPRISE GP USD 152 232 0.09

1 524 PUBLIC STORAGE USD 200 071 0.12

3 905 PULTEGROUP USD 54 591 0.03

971 PVH USD 93 122 0.06

1 932 QEP RESOURCES USD 47 075 0.03

17 580 QUALCOMM USD 1 040 536 0.62

2 692 QUANTA SERVICES USD 77 334 0.05

1 610 QUEST DIAGNOSTICS USD 77 336 0.05

682 QUINTILES TRANSNATIONAL HOLD USD 30 114 0.02

1 317 RACKSPACE HOSTING USD 33 935 0.02




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

730

RALPH LAUREN USD 95 193

0.06

1 618

RANGE RESOURCES USD 86 853

0.05

1 495

RAYMOND JAMES FINANCIAL USD 63 410

0.04

1 395

RAYONIER USD 34 388

0.02

3 423

RAYTHEONMPANY USD 275 357

0.16

1 634

REALOGY HOLDINGS CORP USD 48 118

0.03

2 712

REALTY INCOME CORP USD 87 570

0.05

1 621

RED HAT USD 72 052

0.04

1 212

REGENCY CENTERS USD 51 646

0.03

824 REGENERON PHARMACEUTICALS USD 235 162 0.14

13 765 REGIONS FINANCIAL USD 109 401 0.06

2 788 REPUBLIC SERVICES USD 86 117 0.05

1 568 RESMED USD 61 156 0.04

3 002 REYNOLDS AMERICAN USD 140 208 0.08

1 570 ROBERT HALF INTL USD 60 898 0.04

1 321 ROCK-TENNMPANY -CL A USD 49 755 0.03

1 399 ROCKWELL AUTOMATION USD 121 688 0.07

1 447 ROCKWELLLLINS USD 89 918 0.05

1 002 ROPER INDUSTRIES USD 116 036 0.07

2 506 ROSS STORES USD 149 933 0.09

2 734 SAFEWAY USD 74 234 0.04

6 132 SALESFORCE.COM USD 279 259 0.17

2 336 SANDISK USD 181 129 0.11

1 499 SBA COMMUNICATIONS USD 131 596 0.08

1 488 SCANA USD 58 436 0.03

12 785 SCHWAB (CHARLES) USD 297 448 0.18

1 074 SCRIPPS NETWORKS INTER-CL A USD 66 391 0.04

2 398

SEALED AIR USD 66 212

0.04

322

SEARS HOLDINGS USD 6 431

0.00

1 624 SEI INVESTMENTSMPANY USD 46 486 0.03

2 418 SEMPRA ENERGY USD 201 709 0.12

1 570 SERVICENOW INC USD 73 053 0.04

790 SHERWIN-WILLIAMS USD 136 950 0.08

1 173 SIGMA-ALDRICH USD 126 293 0.08

3 304 SIMON PROPERTY GROUP USD 430 037 0.26

35 300 SIRIUS XM HOLDINGS INC USD 97 524 0.06

1 134 SL GREEN REALTY USD 90 953 0.05

9 400 SOUTHERN USD 324 805 0.19

2 054 SOUTHWEST AIRLINES USD 54 909 0.03

3 524 SOUTHWESTERN ENERGY USD 97 498 0.06

6 992 SPECTRA ENERGY USD 217 301 0.13

9 264 SPRINT CORP-W/I USD 46 494 0.03

429 SPX USD 31 899 0.02

2 900 ST JUDE MEDICAL USD 138 038 0.08

1 721 STANLEY BLACK & DECKER USD 120 964 0.07

8 222 STAPLES USD 78 754 0.05

7 668 STARBUCKS USD 458 047 0.27

1 941 STARWOOD HOTELS & RESORTS USD 127 853 0.08

4 705 STATE STREET USD 274 162 0.16




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

1 041

STERICYCLE USD 96 053

0.06

3 561

STRYKER USD 227 628

0.14

5 472

SUNTRUST BANKS USD 164 734

0.10

2 095

SUPERIOR ENERGY SERVICES USD 54 512

0.03

8 081

SYMANTEC USD 150 393

0.09

1 737

SYNOPSYS USD 54 582

0.03

6 033

SYSCO USD 181 241

0.11

3 052

T- MOBILE US INC USD 69 750

0.04

2 703

T ROWE PRICE GROUP USD 167 754

0.10

6 608 TARGET USD 327 876 0.19

3 001 TD AMERITRADE HOLDING USD 79 274 0.05

1 769 TERADATA USD 58 703 0.03

900 TESLA MOTORS USD 172 897 0.10

1 640 TESORO USD 79 167 0.05

11 472 TEXAS INSTRUMENTS USD 433 089 0.26

4 235 THERMO FISHER SCIENTIFIC USD 407 995 0.24

1 533 TIFFANY USD 116 876 0.07

9 046 TIME WARNER USD 538 571 0.32

2 946 TIME WARNER CABLE USD 334 630 0.20

7 404 TJXMPANIES USD 346 800 0.21

1 842 TOLL BROTHERS USD 45 436 0.03

1 520 TORCHMARK USD 63 014 0.04

2 234 TOTAL SYSTEM SERVICES USD 54 751 0.03

816 TOWERS WATSON & CO CL A USD 64 272 0.04

1 653 TRACTOR SUPPLYMPANY USD 80 488 0.05

618 TRANSDIGM GROUP USD 90 177 0.05

3 858 TRAVELERSS USD 286 895 0.17

2 992

TRIMBLE NAVIGATION USD 72 239

0.04

999

TRIPADVISOR INC-W/I USD 72 297

0.04

1 327 TRW AUTOMOTIVE HOLDINGS USD 106 360 0.06

3 758 TWITTER INC USD 153 444 0.09

3 381 TYSON FOODS-CL A USD 105 371 0.06

3 225 UDR USD 69 568 0.04

1 788 UNDER ARMOUR-CLASS A USD 97 804 0.06

9 392 UNION PACIFIC USD 806 080 0.48

7 248 UNITED PARCEL SERVICE-CL B USD 563 947 0.34

1 154 UNITED RENTALS INC USD 101 492 0.06

9 014 UNITED TECHNOLOGIES USD 753 515 0.45

10 117 UNITEDHEALTH GROUP USD 690 751 0.41

1 202 UNITEDNTINENTAL HOLDINGS USD 44 521 0.03

1 134 UNIVERSAL HEALTH SERVICES CL.B USD 93 808 0.06

2 990 UNUM GROUP USD 81 374 0.05

1 554 URBAN OUTFITTERS USD 45 147 0.03

18 692 US BANCORP USD 618 948 0.37

5 778 VALERO ENERGY USD 211 635 0.13

1 734 VANTIV INC - CL A USD 42 415 0.03

1 185 VARIAN MEDICAL SYSTEMS USD 75 157 0.04

2 736 VENTAS USD 134 174 0.08

1 451 VERISIGN USD 63 312 0.04




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

1 225

VERISK ANALYTICS-CLASS A USD 59 046

0.04

99

VERITIV CORP USD 3 923

0.00

43 414

VERIZONMMUNICATIONS USD 1 718 002

1.02

2 507

VERTEX PHARMACEUTICALS USD 222 886

0.13

3 551

VF USD 185 611

0.11

4 231

VIACOM-CLASS B USD 257 695

0.15

5 184

VISA-CLASS A SHARES USD 875 607

0.52

925

VMWARE-CLASS A USD 68 713

0.04

1 972

VORNADO REALTY TRUST USD 156 043

0.09

1 641 VOYA FINANCIAL INC USD 50 792 0.03

1 448 VULCAN MATERIALS USD 69 039 0.04

9 237 WALGREEN USD 433 388 0.26

16 792 WAL-MART STORES USD 1 016 493 0.60

17 176 WALT DISNEY USD 1 210 512 0.72

4 190 WASTE MANAGEMENT USD 157 649 0.09

1 013 WATERS USD 79 484 0.05

3 087 WELLPOINT USD 292 315 0.17

52 579 WELLS FARGO USD 2 158 933 1.28

2 304 WESTERN DIGITAL USD 177 499 0.11

6 324 WESTERN UNION USD 80 298 0.05

6 124 WEYERHAEUSER USD 154 451 0.09

900 WHIRLPOOL USD 103 768 0.06

1 321 WHITING PETROLEUM USD 81 095 0.05

3 677 WHOLE FOODS MARKET USD 110 929 0.07

7 770 WILLIAMS COMPANIES USD 340 447 0.20

6 802 WINDSTREAM HOLDINGS INC USD 58 045 0.03

2 774 WISCONSIN ENERGY USD 94 425 0.06

1 056

WORKDAY INC-CLASS A USD 68 965

0.04

1 229

WR BERKLEY USD 46 504

0.03

729 WW GRAINGER USD 145 223 0.09

1 481 WYNDHAM WORLDWIDE USD 95 267 0.06

946 WYNN RESORTS USD 140 097 0.08

5 069 XCEL ENERGY USD 121 985 0.07

13 131 XEROX USD 137 521 0.08

2 323 XILINX USD 77 878 0.05

2 371 XYLEM USD 66 611 0.04

10 546 YAHOO USD 340 194 0.20

4 842 YUM BRANDS USD 275 897 0.16

1 554 ZIMMER HOLDINGS USD 123 693 0.07

5 107 ZOETIS INC USD 149 380 0.09

Canada 12 479 665 7.43

2 240 AGNICO-EAGLE MINES CAD 51 393 0.03

1 432 AGRIUM CAD 100 988 0.06

4 168 ALIMENTATIONUCHE-TARD -B CAD 105 724 0.06

1 505 ALTAGAS LTD CAD 50 414 0.03

3 947 ARC RESOURCES CAD 82 617 0.05

2 705 ATHABASCA OIL CAD 10 979 0.01

6 848 BANK OF MONTREAL CAD 399 845 0.24

12 542 BANK OF NOVA SCOTIA CAD 615 395 0.37




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

10 911

BARRICK GOLD CAD 127 292

0.08

1 410

BAYTEX ENERGY CAD 42 298

0.03

3 070

BCE CAD 104 142

0.06

6 182

BLACKBERRY LTD CAD 48 869

0.03

15 995

BOMBARDIER B CAD 42 714

0.03

5 762

BROOKFIELD ASSET MANAGE-CL A CAD 205 216

0.12

2 202

CAE CAD 21 182

0.01

4 368

CAMECO CAD 61 138

0.04

4 388

CAN IMPERIAL BK OFMMERCE CAD 312 654

0.19

8 410 CANADIAN NATL RAILWAY CAD 473 653 0.28

11 577 CANADIAN NATURAL RESOURCES CAD 356 802 0.21

5 921 CANADIAN OIL SANDS CAD 86 650 0.05

1 924 CANADIAN PACIFIC RAILWAY CAD 316 767 0.19

859 CANADIAN TIRE-CLASS A CAD 69 821 0.04

1 590 CANADIAN UTILITIES-A CAD 44 059 0.03

2 516 CATAMARAN CAD 84 066 0.05

7 822 CENOVUS ENERGY CAD 166 940 0.10

2 622 CGI GROUP - CLASS A CAD 70 279 0.04

2 702 CI FINANCIAL CAD 64 634 0.04

4 151 CRESCENT POINT ENERGY CAD 118 848 0.07

876 DOLLARAMA INC CAD 58 948 0.04

9 364 ELDORADO GOLD CAD 50 078 0.03

764 EMPIRE 'A' CAD 42 152 0.03

8 830 ENBRIDGE CAD 335 312 0.20

7 525 ENCANA CAD 126 754 0.08

2 696 ENERPLUS CAD 40 600 0.02

263 FAIRFAX FCIAL HOLD.VOTING SUB. CAD 93 480 0.06

2 260

FINNING INTERNATIONAL CAD 50 571

0.03

5 859

FIRST QUANTUM MINERALS CAD 89 727

0.05

2 363 FORTIS CAD 57 947 0.03

1 634 FRANCO-NEVADA CAD 63 624 0.04

1 502 GILDAN ACTIVEWEAR CAD 65 187 0.04

8 353 GOLDCORP CAD 152 771 0.09

3 703 GREAT WEST LIFECO CAD 84 486 0.05

4 177 HUSKY ENERGY CAD 90 952 0.05

1 132 IGM FINANCIAL CAD 38 729 0.02

2 983 IMPERIAL OIL CAD 111 798 0.07

1 339 INDUSTRIAL ALLIANCE INSURANCE CAD 43 980 0.03

1 624 INTACT FINANCIAL CAD 83 412 0.05

3 862 INTER PIPELINE LTD CAD 99 439 0.06

972 KEYERA CAD 62 124 0.04

12 789 KINROSS GOLD CAD 33 699 0.02

2 639 LOBLAWMPANIES CAD 104 775 0.06

2 258 MAGNA INTERNATIONAL CAD 170 020 0.10

20 355 MANULIFE FINANCIAL CAD 310 570 0.18

1 907 MEG ENERGY CAD 46 441 0.03

1 244 METHANEX CAD 65 877 0.04

1 007 METRO CAD 53 426 0.03

3 307 NATIONAL BANK OF CANADA CAD 119 537 0.07

3 889 NEW GOLD CAD 15 619 0.01




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

1 183

ONEXORATION CAD 52 256

0.03

1 520

OPEN TEXT CAD 66 700

0.04

3 425

PACIFIC RUBIALES ENERGY CAD 45 562

0.03

3 251

PEMBINA PIPELINE CAD 108 647

0.06

4 281

PENGROWTH ENERGY CAD 17 800

0.01

6 508

PENN WEST PETROLEUM CAD 34 989

0.02

1 411

PEYTO EXPLORATION AND DEVEL. CAD 35 321

0.02

9 284

POTASH OF SASKATCHEWAN CAD 255 026

0.15

2 728

POWER FINANCIAL CAD 66 202

0.04

4 214 POWER OF CANADA CAD 92 772 0.06

1 635 RIOCAN REAL ESTATE INVST TR CAD 29 729 0.02

3 635 ROGERSMMUNICATIONS-B CAD 107 936 0.06

14 966 ROYAL BANK OF CANADA CAD 848 612 0.49

2 900 SAPUTO CAD 64 358 0.04

4 637 SHAWMMUNICATIONS -B CAD 90 162 0.05

4 413 SILVER WHEATON CAD 69 833 0.04

1 744 SNC-LAVALIN GROUP CAD 63 707 0.04

6 310 SUN LIFE FINANCIAL CAD 181 467 0.11

14 966 SUNCOR ENERGY CAD 429 660 0.26

12 919 TALISMAN ENERGY CAD 88 674 0.05

5 601 TECK RESOURCES-CLS B CAD 84 149 0.05

2 613 TELUS CAD 70 778 0.04

4 301 THOMSON REUTERS CAD 124 300 0.07

1 661 TIM HORTONS CAD 103 760 0.06

19 071 TORONTO-DOMINION BANK CAD 746 629 0.44

2 047 TOURMALINE OIL CAD 71 962 0.04

3 095 TRANSALTA CAD 25 760 0.02

7 782

TRANSCANADA CAD 317 950

0.19

11 111

TURQUOISE HILL RESOURCES CAD 33 134

0.02

3 500 VALEANT PHARMACEUTICALS CAD 363 822 0.22

1 260 VERMILION ENERGY CAD 60 851 0.04

594 WESTON (GEORGE) CAD 37 136 0.02

10 310 YAMANA GOLD CAD 49 076 0.03

4 070 NEWS CORP - CLASS A USD 52 677 0.03

4 419 TWENTY-FIRST CENTURY FOX - B USD 116 522 0.07

15 169 TWENTY-FIRST CENTURY FOX INC USD 411 751 0.24

669 ULTA SALONS COSMETICS FRAGR USD 62 581 0.04

Ireland 1 939 506 1.16

6 726 ACCENTURE-CL A USD 432 977 0.26

2 702 ACTAVIS PLC USD 516 080 0.31

4 763 COVIDIEN USD 326 180 0.19

1 690N O

ENDO INTERNATIONAL PLC USD 91 427 0.05

2 729 INGERSOLL-RAND USD 121 755 0.07

1 369 PERRIGO CO PLC USD 162 763 0.10

3 348 SEAGATE TECHNOLOGY USD 151 783 0.09

2 092 WILLIS GROUP HOLDINGS USD 68 560 0.04

2 589 XL GROUP USD 67 981 0.04




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Curaçao 1 091 402

0.65

13 558

SCHLUMBERGER USD 1 091 402

0.65

Switzerland 838 226

0.50

3 700

ACE USD 307 159

0.18

1 524

GARMIN USD 62 721

0.04

4 244

TENNECTIVITY USD 185 752

0.11

4 369

TYCO INTERNATIONAL USD 154 147

0.09

7 801 WEATHERFORD INTERNATIONAL PL USD 128 447 0.08

Netherlands 715 276 0.42

1 210 CHICAGO BRIDGE IRON NY REGIST. USD 55 411 0.03

503 CORE LABORATORIES N.V. USD 58 274 0.03

4 761 LYONDELLBASELL INDU-CL A USD 409 523 0.24

3 635 NIELSEN HOLDINGS USD 127 560 0.08

1 830 SENSATA TECHNOLOGIES HOLDING USD 64 508 0.04

Bermuda 616 368 0.37

1 532 ARCH CAPITAL GROUP USD 66 361 0.04

1 245 AXIS CAPITAL HOLDINGS USD 46 646 0.03

1 758 BUNGE USD 117 219 0.07

347 EVEREST RE GROUP USD 44 502 0.03

4 018 INVESCO USD 125 573 0.07

4 033 MARVELL TECHNOLOGY GROUP USD 43 036 0.03

3 145 NABORS INDUSTRIES USD 56 664 0.03

523 PARTNERRE USD 45 496 0.03

426 RENAISSANCERE HOLDINGS USD 33 719 0.02

542

WESTLAKE CHEMICAL CORP USD 37 152

0.02


2 577 AVAGO TECHNOLOGIES USD 177 478 0.11

7 873 FLEXTRONICS INTL USD 64 318 0.04

Jersey 151 887 0.09

3 128 DELPHI AUTOMOTIVE USD 151 887 0.09


2 897 ENSCO-CL A USD 94 736 0.06

3 076 NOBLE CORP PLC USD 54 105 0.03




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Russia 146 281

0.09

2 309

CHENIERE ENERGY INC USD 146 281

0.09

British Virgin Islands 135 122

0.08

2 391

MICHAEL KORS HOLDINGS LTD USD 135 122

0.08

Panama 123 062

0.07

3 870

CARNIVAL USD 123 062

0.07

Liberia 105 469 0.06

1 980 ROYAL CARIBBEAN CRUISES USD 105 469 0.06


944 HERBALIFE USD 32 693 0.02


PARWORLD TRACK PACIFIC EX JAPAN



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


51 286 711

98.59

Shares 51 286 710

98.59

Australia 31 278 606

60.10

28 089

AGL ENERGY AUD 263 447

0.51

105 607

ALUMINA AUD 123 994

0.24

50 448

AMCOR AUD 395 924

0.76

123 642 AMP AUD 467 624 0.90

34 789 APA GROUP AUD 179 289 0.34

41 324 ASCIANO AUD 173 179 0.33

8 050 ASX AUD 199 961 0.38

89 375 AURIZON HOLDINGS AUD 280 448 0.54

114 668 AUST AND NZ BANKING GROUP AUD 2 455 952 4.72

15 011 BANK QUEENSLAND AUD 121 032 0.23

18 075 BENDIGO AND ADELAIDE BANK AUD 149 243 0.29

134 203 BHP BILLITON AUD 3 148 586 6.05

33 234 BORAL AUD 114 413 0.22

65 338 BRAMBLES AUD 430 865 0.83

5 653 CALTEX AUSTRALIA AUD 109 602 0.21

88 183 CFS RETAIL PROPERTY TRUST GR AUD 121 861 0.23

23 852 COCA-COLA AMATIL AUD 145 063 0.28

2 386 COCHLEAR AUD 114 883 0.22

67 747 COMMONWEALTH BANK OF AUSTRAL AUD 3 533 177 6.78

19 677 COMPUTERSHARE AUD 165 741 0.32

15 164 CROWN AUD 144 954 0.28

20 014

CSL AUD 1 028 254

1.98

230 093

DEXUS PROPERTY GROUP AUD 176 915

0.34

59 785 FEDERATION CENTRES AUD 106 844 0.21

2 392 FLIGHT CENTRE AUD 70 833 0.14

64 739 FORTESCUE METALS GROUP AUD 156 057 0.30

72 253 GOODMAN GROUP AUD 258 752 0.50

70 123 GPT GROUP AUD 187 979 0.36

21 168 HARVEY NORMAN HOLDINGS AUD 53 226 0.10

17 535 ILUKA RESOURCES AUD 95 470 0.18

68 573 INCITEC PIVOT AUD 128 724 0.25

97 893 INSURANCE AUSTRALIA GROUP AUD 414 993 0.80

4 086 LEIGHTON HOLDINGS AUD 54 625 0.11

22 776 LEND LEASE GROUP AUD 226 238 0.43

12 082 MACQUARIE GROUP AUD 481 974 0.93

38 442 METCASH AUD 70 033 0.13

153 561 MIRVAC GROUP AUD 182 956 0.35

98 363 NATIONAL AUSTRALIA BANK AUD 2 217 111 4.26

31 844 NEWCREST MINING AUD 232 712 0.45

15 415 ORICA AUD 201 810 0.39

46 136 ORIGIN ENERGY AUD 478 410 0.92

43 997 QANTAS AIRWAYS AUD 42 362 0.08




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

56 100

QBE INSURANCE GROUP AUD 453 106

0.87

5 467

RAMSAY HEALTH CARE AUD 189 687

0.36

2 111

REA GROUP AUD 63 287

0.12

18 213

RIO TINTO AUD 751 658

1.44

40 854

SANTOS AUD 386 849

0.74

13 468

SEEK AUD 151 225

0.29

15 836

SONIC HEALTHCARE AUD 192 404

0.37

67 093

SP AUSNET AUD 63 438

0.12

97 312

STOCKLAND AUD 266 257

0.51

53 782 SUNCORP GROUP AUD 523 049 1.01

45 288 SYDNEY AIRPORT AUD 133 952 0.26

32 618 TABCORP HOLDINGS AUD 81 565 0.16

60 228 TATTS GROUP AUD 131 416 0.25

182 030 TELSTRA AUD 668 278 1.28

28 491 TOLL HOLDINGS AUD 111 308 0.21

75 318 TRANSURBAN UNIT AUD 402 767 0.77

27 094 TREASURY WINE ESTATES AUD 79 575 0.15

47 777 WESFARMERS AUD 1 395 268 2.68

82 533 WESTFIELD CORP AUD 425 914 0.82

129 914 WESTPAC BANKING AUD 2 892 277 5.56

30 991 WOODSIDE PETROLEUM AUD 871 565 1.68

52 550 WOOLWORTHS AUD 1 246 363 2.40

8 647 WORLEYPARSONS AUD 91 882 0.18

Hong Kong 10 924 794 21.02

503 200 AIA GROUP HKD 2 059 636 3.96

53 180 BANK OF EAST ASIA HKD 170 503 0.33

154 500

BOC HONG KONG HOLDINGS HKD 389 823

0.75

47 000

CATHAY PACIFIC AIRWAYS HKD 68 517

0.13

58 000 CHEUNG KONG HOLDINGS HKD 756 245 1.45

79 000 CLP HOLDINGS HKD 502 143 0.97

97 000 GALAXY ENTERTAINMENT GROUP L HKD 445 977 0.86

94 000 HANG LUNG PROPERTIES HKD 211 780 0.41

32 000 HANG SENG BANK HKD 406 800 0.78

43 710 HENDERSON LAND DEVELOPMENT HKD 224 137 0.43

264 036 HKG AND CHINA GAS HKD 453 283 0.87

113 020 HKT TRUST AND HKT HKD 108 074 0.21

46 300 HONG KONG EXCHANGES & CLEAR HKD 788 718 1.52

89 000 HUTCHISON WHAMPOA HKD 852 868 1.64

26 000 HYSAN DEVELOPMENT HKD 95 155 0.18

60 500 MTR HKD 187 497 0.36

217 333 NEW WORLD DEVELOPMENT HKD 200 290 0.39

174 000 PCCW HKD 86 563 0.17

58 500 POWER ASSETS HOLDINGS HKD 409 412 0.79

124 000 SINO LAND HKD 151 694 0.29

81 000 SJM HOLDINGS HKD 122 211 0.23

68 000 SUN HUNG KAI PROPERTIES HKD 763 239 1.47

26 500 SWIRE PACIFIC-A HKD 270 153 0.52

49 800 SWIRE PROPERTIES HKD 122 860 0.24

57 000 TECHTRONIC INDUSTRIES HKD 130 453 0.25

96 500

THE LINK REIT HKD 440 235

0.85

63 800

WHARF HOLDINGS HKD 359 024

0.69

39 000

WHEELOCK HKD 147 504

0.28




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Singapore 5 829 650

11.20

87 000

ASCENDAS REAL ESTATE INV TRT SGD 121 505

0.23

89 000

CAPITACOMMERCIAL TRUST SGD 88 113

0.17

107 000

CAPITALAND SGD 212 532

0.41

103 000

CAPITAMALL TRUST SGD 122 113

0.23

17 000

CITY DEVELOPMENTS SGD 101 511

0.20

84 000

COMFORTDELGRO SGD 125 136

0.24

72 000

DBS GROUP HOLDINGS SGD 823 215

1.58

129 000 GLOBAL LOGISTIC PROPERTIES L SGD 216 995 0.42

4 000 JARDINE CYCLE & CARRIAGE SGD 106 539 0.20

60 900 KEPPEL SGD 396 915 0.76

30 000 KEPPEL LAND SGD 65 175 0.13

20 000 OLAM INTERNATIONAL SGD 29 174 0.06

121 500 OVERSEA-CHINESE BANKING SGD 734 558 1.41

41 000 SEMBCORP INDUSTRIES SGD 131 827 0.25

36 000 SEMBCORP MARINE SGD 83 573 0.16

23 000 SINGAPORE AIRLINES SGD 140 480 0.27

34 000 SINGAPORE EXCHANGE SGD 152 584 0.29

67 000 SINGAPORE PRESS HOLDINGS SGD 174 669 0.34

333 000 SINGAPORE TELECOM SGD 785 450 1.51

24 000 STARHUB SGD 61 376 0.12

53 000 UNITED OVERSEAS BANK SGD 736 911 1.42

19 000 UOL GROUP LIMITED SGD 77 955 0.15

80 000 WILMAR INTERNATIONAL SGD 153 440 0.29

78 000 YANGZIJIANG SHIPBUILDING SGD 57 130 0.11

236 000 HUTCHISON PORT HOLDINGS TR-U USD 130 774 0.25

Bermuda 892 631

1.73

26 000

CHEUNG KONG INFRASTRUCTURE HKD 144 455

0.28

100 000 FIRST PACIFIC HKD 82 473 0.16

26 500 KERRY PROPERTIES HKD 70 510 0.14

244 000 LI & FUNG HKD 219 393 0.42

62 000 NWS HOLDINGS HKD 87 350 0.17

57 333 SHANGRI-LA ASIA HKD 67 332 0.13

32 000 YUE YUEN INDUSTRIAL HLDG HKD 76 825 0.15

178 818 NOBLE GROUP SGD 144 293 0.28


10 300 ASM PACIFIC TECHNOLOGY HKD 80 695 0.16

25 LIFESTYLE PROPERTIES DEVELOP HKD 3 0.00

101 200 SANDS CHINA HKD 417 830 0.80

64 800 WYNN MACAU HKD 163 168 0.31




Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

France 657 881

1.27

16 485

ALS AUD 60 178

0.12

222 563

SCENTRE GROUP AUD 505 667

0.97

11 802

TPG TELECOM LTD AUD 55 918

0.11

2 710

XERO LTD NZD 36 118

0.07

New Zealand 447 793

0.86

39 892

AUCKLD INTL ARPT SHS NZD 94 764

0.18

15 087 CONTACT ENERGY NZD 55 667 0.11

28 638 FLETCHER BUILDING NZD 155 144 0.30

77 607 TELECOM OF NEW ZEALAND NZD 142 218 0.27

Ireland 232 593 0.44

18 456 JAMES HARDIE INDUSTRIES-CDI AUD 153 028 0.29

16 511 RYMAN HEALTHCARE LTD NZD 79 565 0.15

Isle of Man 179 734 0.35

254 000 GENTING SINGAPORE SGD 179 734 0.35

Mauritius 91 105 0.18

285 000 GOLDEN AGRI-RESOURCES SGD 91 105 0.18

United States of America 90 227 0.17

39 600 MGM CHINA HOLDINGS HKD 90 227 0.17 Malta 0 0.00

18 336 BPG HOLDING AUD 0 0.00

Warrants, Rights 1

0.00

Hong Kong 1 0.00

1 SUN HUNG KAI PROPERTIES 22/04/2016 HKD 1 0.00


PARWORLD TRACK UK



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination


15 595 050

97.12

Shares 15 595 050

97.12


90.45

7 104

3I GROUP GBP 34 946

0.22

6 694

ABERDEEN ASSET MGMT GBP 34 406

0.21

1 365

ADMIRAL GROUP GBP 22 476

0.14

1 876 AGGREKO PLC GBP 37 270 0.23

2 176 AMEC GBP 30 830 0.19

10 006 ANGLO AMERICAN GBP 177 725 1.11

2 875 ANTOFAGASTA GBP 26 603 0.17

10 053 ARM HOLDINGS GBP 116 889 0.73

415 ASOS GBP 11 983 0.07

2 541 ASSOCIATED BRITISH FOODS GBP 87 363 0.54

9 061 ASTRAZENECA GBP 516 484 3.22

21 040 AVIVA GBP 141 356 0.88

3 563 BABCOCK INTL GROUP GBP 49 933 0.31

22 713 BAE SYSTEMS GBP 137 438 0.86

117 499 BARCLAYS GBP 342 982 2.14

24 500 BG GBP 358 445 2.23

15 177 BHP BILLITON GBP 334 042 2.08

132 096 BP GBP 768 723 4.79

13 421 BRITISH AMERICAN TOBACCO GBP 599 742 3.73


7 466 BRITISH SKY BROADCASTING GRO GBP 84 510 0.53

56 846

BT GROUP GBP 276 935

1.72

2 370

BUNZL GBP 48 969

0.30

3 156 BURBERRY GROUP GBP 61 200 0.38

4 694 CAPITA GBP 70 121 0.44

1 346 CARNIVAL GBP 42 563 0.27

36 115 CENTRICA GBP 142 662 0.89

8 367 COBHAM GBP 31 258 0.19

12 035 COMPASS GROUP PLC GBP 153 913 0.96

992 CRODA INTERNATIONAL GBP 26 137 0.16

18 046 DIAGEO GBP 413 400 2.57

10 958 DIRECT LINE INSURANCE GROUP PL GBP 41 374 0.26

1 114 EASYJET GBP 20 344 0.13

1 598 FRESNILLO GBP 15 586 0.10

11 336 G4S GBP 36 472 0.23

11 661 GKN GBP 47 769 0.30

34 796 GLAXOSMITHKLINE GBP 630 990 3.93

5 629 HAMMERSON PLC GBP 41 502 0.26

1 673 HARGREAVES LANSDOWN GBP 20 290 0.13

136 633 HSBC HOLDINGS GBP 1 097 869 6.85

3 860 ICAP GBP 19 186 0.12

1 996 IMI SHS GBP 31 508 0.20

6 857 IMPERIAL TOBACCO GROUP GBP 234 433 1.46

PARWORLD TRACK UK



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

3 103

INMARSAT GBP 27 916

0.17

1 692

INTERCONTINENTAL HOTELS GROU GBP 51 659

0.32

1 184


0.25

6 183

INTU PROPERTIES PLC GBP 25 606

0.16

3 989

INVESTEC GBP 26 621

0.17

27 233

ITV GBP 72 626

0.45

1 458

JOHNSON MATTHEY GBP 54 619

0.34

16 928

KINGFISHER GBP 70 367

0.44

5 618

LAND SECURITIES GROUP PLC GBP 74 911

0.47


410 294 LLOYDS BANKING GROUP GBP 404 765 2.52

1 636 LONDON STOCK EXCHANGE GROUP GBP 39 220 0.24


5 654 MEGGITT GBP 32 740 0.20

7 563 MELROSE SHS GBP 24 042 0.15

26 806 NATIONAL GRID GBP 305 489 1.90

1 106 NEXT GBP 93 752 0.58

7 017 NOUVELLE CARPHONE WAREHOUSE GBP 32 987 0.21

34 919 OLD MUTUAL GBP 81 427 0.51

5 838 PEARSON GBP 92 905 0.58

2 228 PERSIMMON GBP 38 144 0.24

18 401 PRUDENTIAL GBP 324 946 2.02

4 657 RECKITT BENCKISER GROUP GBP 319 750 1.99


5 146 REXAM SHS GBP 32 480 0.20

9 141 RIO TINTO GBP 355 633 2.21

13 585 ROLLS-ROYCE HOLDINGS GBP 168 156 1.05

17 682

ROYAL BANK OF SCOTLAND GROUP GBP 83 554

0.52

28 172

ROYAL DUTCH SHELL CL.A GBP 852 716

5.31

17 485 ROYAL DUTCH SHELL-B SHS GBP 546 855 3.41

4 594 ROYAL MAIL PLC GBP 23 123 0.14

7 426 RSA INSURANCE GROUP PLC GBP 46 174 0.29

8 029 SAGE GROUP PLC GBP 37 651 0.23

9 038 SAINSBURY (J) GBP 29 172 0.18

907 SCHRODERS GBP 27 832 0.17

5 232 SEGRO PLC GBP 24 381 0.15

1 750 SEVERN TRENT GBP 42 155 0.26

6 371 SMITH & NEPHEW GBP 85 034 0.53

2 895 SMITHS GROUP GBP 46 962 0.29

6 925 SOUTH AFRICAN BREWERIES GBP 304 657 1.90

1 954 SPORTS DIRECT INTERNATIONAL GBP 15 510 0.10

6 985 SSE GBP 138 678 0.86

17 682 STANDARD CHARTERED GBP 258 808 1.61


3 395 TATE & LYLE GBP 25 772 0.16

58 565 TESCO GBP 139 949 0.87

1 796 TRAVIS PERKINS GBP 38 354 0.24

3 525 TUI TRAVEL GBP 17 602 0.11

6 479 TULLOW OIL GBP 53 590 0.33

PARWORLD TRACK UK



Expressed in EUR

Quotation currency

% of net assets

Market Value

Quantity

Denomination

9 223

UNILEVER GBP 305 974

1.91

4 849

UNITED UTILITIES GBP 50 282

0.31

189 987

VODAFONE GROUP SHS GBP 498 375

3.10

1 515

WEIR GROUP GBP 48 646

0.30

1 292

WHITBREAD GBP 68 878

0.43

6 127

WILLIAM HILL GBP 29 078

0.18

15 365

WM MORRISON SUPERMARKETS GBP 33 187

0.21

Jersey 1 005 117

6.26

7 082 EXPERIAN GBP 89 388 0.56

76 335 GLENCORE INTL GBP 336 220 2.09

1 893 PETROFAC GBP 25 193 0.16

642 RANDGOLD RESOURCES GBP 34 679 0.22

4 224 SHIRE GBP 289 478 1.80

1 894 WOLSELEY SHS GBP 78 803 0.49

9 511 WPP PLC GBP 151 356 0.94


10 387 RESOLUTION GBP 41 071 0.26


1 413 COCA COLA HBC LTD GBP 24 173 0.15


PARWORLD TRACK WORLD



Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination


35 471 215

95.44

Shares 35 470 285

95.44


52.15

816

3M USD 115 611

0.31

1 615

ABBOTT LABORATORIES USD 67 168

0.18

1 772

ABBVIE INC USD 102 351

0.28

564 ADOBE SYSTEMS USD 39 023 0.11

1 234 AES USD 17 498 0.05

458 AETNA USD 37 098 0.10

100 AFFILIATED MANAGERS GROUP USD 20 036 0.05

550 AFLAC USD 32 038 0.09

479 AGILENT TECHNOLOGIES USD 27 293 0.07

302 AIR PRODUCTS & CHEMICALS USD 39 314 0.11

337 ALBEMARLE USD 19 849 0.05

2 200 ALCOA USD 35 398 0.10

220 ALEXION PHARMACEUTICALS USD 36 480 0.10

376 ALLERGAN USD 66 999 0.18

79 ALLIANCE DATA SYSTEMS USD 19 613 0.05

635 ALLSTATE USD 38 970 0.10

661 ALTERA USD 23 651 0.06

2 329 ALTRIA GROUP USD 106 994 0.29

408 AMAZON.COM USD 131 556 0.35

497 AMERENORATION USD 19 050 0.05

662 AMERICAN ELECTRIC POWER USD 34 563 0.09

1 168

AMERICAN EXPRESS USD 102 247

0.28

1 574

AMERICAN INTERNATIONAL GROUP USD 85 027

0.23

440 AMERICAN TOWER COR USD 41 197 0.11

502 AMERICAN WATER WORKS USD 24 211 0.07

275 AMERIPRISE FINANCIAL USD 33 930 0.09

315 AMERISOURCEBERGEN USD 24 350 0.07

368 AMETEK USD 18 477 0.05

814 AMGEN USD 114 334 0.31

243 AMPHENOL-CL A USD 24 266 0.07

561 ANADARKO PETROLEUM USD 56 908 0.15

1 655 ANNALY CAPITAL MANAGEMENT USD 17 675 0.05

377 AON USD 33 052 0.09

482 APACHE USD 45 245 0.12

7 310 APPLE USD 736 483 2.00

1 652 APPLIED MATERIALS USD 35 700 0.10

786 ARCHER-DANIELS-MIDLAND USD 40 165 0.11

5 958 AT&T USD 209 960 0.57

391 AUTODESK USD 21 544 0.06

235 AUTOLIV USD 21 601 0.06

483 AUTOMATIC DATA PROCESSING USD 40 128 0.11

57 AUTOZONE USD 29 051 0.08

467 AVNET USD 19 381 0.05




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

1 082

AVON PRODUCTS USD 13 633

0.04

508

BAKER HUGHES USD 33 050

0.09

12 001

BANK OF AMERICA USD 204 617

0.55

1 390

BANK OF NEW YORK MELLON USD 53 835

0.14

607

BAXTER INTERNATIONAL USD 43 564

0.12

948

BB&T USD 35 275

0.09

289

BECTON DICKINSON AND USD 32 891

0.09

334

BED BATH & BEYOND USD 21 987

0.06

1 238

BERKSHIRE HATHAWAY-CL B USD 171 017

0.46

424 BEST BUY USD 14 242 0.04

260 BIOGEN IDEC USD 86 011 0.23

161 BLACKROCK USD 52 860 0.14

397 BORGWARNER USD 20 886 0.06

212 BOSTON PROPERTIES USD 24 541 0.07

2 384 BOSTON SCIENTIFIC USD 28 155 0.08

1 877 BRISTOL-MYERS SQUIBB USD 96 065 0.26

760 BROADCOM-CL A USD 30 719 0.08

201 BROWN-FORMAN-CLASS B USD 18 134 0.05

268 C.H. ROBINSON WORLDWIDE USD 17 774 0.05

696 CA USD 19 446 0.05

513 CAMPBELL SOUP USD 21 920 0.06

660 CAPITAL ONE FINANCIAL USD 53 869 0.15

461 CARDINAL HEALTH USD 34 538 0.09

347 CARMAX USD 16 118 0.04

775 CATERPILLAR USD 76 748 0.21

692 CBS-CLASS B NON VOTING USD 37 022 0.10

328 CELANESE-SERIES A USD 19 195 0.05

940

CELGENE USD 89 093

0.24

780

CENTERPOINT ENERGY USD 19 087

0.05

666 CENTURYLINK USD 27 233 0.07

508 CERNER USD 30 262 0.08

87 CF INDUSTRIES HOLDINGS USD 24 292 0.07

2 157 CHEVRON USD 257 373 0.69

39 CHIPOTLE MEXICAN GRILL USD 25 997 0.07

336 CHUBB USD 30 603 0.08

337 CHURCH & DWIGHT USD 23 644 0.06

366 CIGNA USD 33 193 0.09

368 CINCINNATI FINANCIAL USD 17 314 0.05

6 068 CISCO SYSTEMS USD 152 732 0.41

486 CIT GROUP USD 22 337 0.06

3 373 CITIGROUP USD 174 789 0.47

293 CITRIX SYSTEMS USD 20 903 0.06

259 CLOROX USD 24 874 0.07

440 CME GROUP USD 35 180 0.09

887 CMS ENERGY USD 26 308 0.07

425 COACH USD 15 134 0.04

4 472 COCA-COLA USD 190 776 0.51

705 COCA-COLA ENTERPRISES USD 31 274 0.08

801 COGNIZANT TECH SOLUTIONS-A USD 35 861 0.10




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

1 037

COLGATE-PALMOLIVE USD 67 633

0.18

2 391

COMCAST-CLASS A USD 128 588

0.35

554

COMCAST-SPECIAL CL A USD 29 639

0.08

367

COMERICA USD 18 299

0.05

191

CONCHO RESOURCES USD 23 949

0.06

1 385

CONOCOPHILLIPS USD 105 980

0.29

478

CONSOL ENERGY USD 18 097

0.05

395

CONSOLIDATED EDISON USD 22 381

0.06

224

CONSTELLATION BRANDS-A USD 19 524

0.05

1 793 CORNING USD 34 677 0.09

489 COSTCO WHOLESALE USD 61 281 0.16

237 CR BARD USD 33 822 0.09

402 CROWN CASTLE INTERNATIONAL USD 32 373 0.09

1 221 CSX USD 39 145 0.11

262 CUMMINS USD 34 579 0.09

1 426 CVS CAREMARK USD 113 495 0.31

777 DANAHER USD 59 036 0.16

312 DAVITA HEALTHCARE PARTNERS I USD 22 820 0.06

432 DEERE USD 35 420 0.10

976 DENBURY RESOURCES USD 14 669 0.04

537 DEVON ENERGY USD 36 613 0.10

588 DIRECTV USD 50 874 0.14

596 DISCOVER FINANCIAL SERVICES USD 38 376 0.10

289 DISCOVERYMMUNICATIONS-A USD 10 924 0.03

81 DISCOVERYMMUNICATIONS-C USD 3 020 0.01

278 DISH NETWORK-A USD 17 953 0.05

369 DOLLAR GENERAL USD 22 550 0.06

710

DOMINION RESOURCES USD 49 054

0.13

264

DOVER USD 21 207

0.06

1 443 DOW CHEMICAL USD 75 671 0.20

351 DR PEPPER SNAPPLE GROUP USD 22 573 0.06

452 DTE ENERGY USD 34 388 0.09

1 155 DU PONT DE NEMOURS USD 82 883 0.22

779 DUKE ENERGY CORP USD 58 246 0.16

398 EASTMAN CHEMICAL USD 32 194 0.09

517 EATON USD 32 762 0.09

1 376 EBAY USD 77 923 0.21

301 ECOLAB USD 34 564 0.09

398 EDISON INTERNATIONAL USD 22 256 0.06

2 677 EMC USD 78 329 0.21

845 EMERSON ELECTRIC USD 52 880 0.14

327 ENTERGY USD 25 287 0.07

626 EOG RESOURCES USD 61 987 0.17

213 EQT USD 19 498 0.05

437 EQUITY RESIDENTIAL USD 26 910 0.07

321 ESTEE LAUDER COMPANIES-CL A USD 23 985 0.06

1 022 EXELON USD 34 840 0.09

212 EXPEDIA USD 18 575 0.05

452 EXPEDITORS INTL WASHINGTON USD 18 342 0.05




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

963

EXPRESS SCRIPTS HOLDING USD 68 017

0.18

4 921

EXXON MOBIL USD 462 820

1.26

1 879

FACEBOOK-A USD 148 516

0.40

223

FAMILY DOLLAR STORES USD 17 225

0.05

137

FEDERAL REALTY INVS TRUST USD 16 229

0.04

321

FEDEX USD 51 825

0.14

451

FIDELITY NATIONAL INFORMATION USD 25 391

0.07

1 063

FIFTH THIRD BANCORP USD 21 281

0.06

271

FLOWSERVE USD 19 111

0.05

333 FLUOR USD 22 241 0.06

253 FMC USD 14 469 0.04

468 FMC TECHNOLOGIES USD 25 417 0.07

4 284 FORD MOTOR USD 63 360 0.17

639 FRANKLIN RESOURCES USD 34 896 0.09

593 GAP USD 24 722 0.07

11 543 GENERAL ELECTRIC USD 295 732 0.80

672 GENERAL GROWTH PROPERTIES USD 15 826 0.04

762 GENERAL MILLS USD 38 443 0.10

962 GENERAL MOTORS USD 30 726 0.08

257 GENUINE PARTS USD 22 541 0.06

1 690 GILEAD SCIENCES USD 179 901 0.48

525 GOLDMAN SACHS GROUP USD 96 374 0.26

300 GOOGLE INC-CL C USD 173 208 0.47

300 GOOGLE-CL A USD 176 523 0.48

970 HALLIBURTON USD 62 575 0.17

256 HARRIS USD 16 998 0.05

549 HCP USD 21 801 0.06

264

HENRY SCHEIN USD 30 748

0.08

230

HERSHEY USD 21 949

0.06

384 HESS USD 36 219 0.10

2 283 HEWLETT-PACKARD USD 80 978 0.22

1 638 HOME DEPOT USD 150 270 0.40

933 HONEYWELL INTERNATIONAL USD 86 881 0.23

521 ILLINOIS TOOL WORKS USD 43 983 0.12

177 ILLUMINA USD 29 014 0.08

5 657 INTEL USD 196 977 0.53

160 INTERCONTINENTALEXCHANGE GRO USD 31 208 0.08

570 INTERNATIONAL PAPER USD 27 212 0.07

1 232 INTL BUSINESS MACHINES USD 233 871 0.63

360 INTUIT USD 31 554 0.08

52 INTUITIVE SURGICAL USD 24 015 0.06

395 JACOBS ENGINEERING GROUP USD 19 284 0.05

180 JM SMUCKER USD 17 818 0.05

3 113 JOHNSON & JOHNSON USD 331 815 0.89

814 JOHNSONNTROLS USD 35 816 0.10

4 223 JPMORGAN CHASE USD 254 394 0.68

883 JUNIPER NETWORKS USD 19 558 0.05

1 373 KEYCORP USD 18 302 0.05

399 KIMBERLY-CLARK USD 42 920 0.12




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

787

KIMCO REALTY USD 17 243

0.05

751

KINDER MORGAN USD 28 793

0.08

343

KINDER MORGAN MANAGEMENT USD 32 293

0.09

276

KLA-TENCOR USD 21 743

0.06

409

KOHLS USD 24 961

0.07

656

KRAFT FOODS GROUP USD 36 998

0.10

553

KROGER USD 28 756

0.08

201

LABORATORY CRP USD 20 452

0.06

424

LAM RESEARCH USD 31 673

0.09

490 LAS VEGAS SANDS USD 30 483 0.08

773 LEUCADIA NATIONAL USD 18 428 0.05

1 222 LILLY & CO. (ELI) USD 79 247 0.21

495 LINEAR TECHNOLOGY USD 21 973 0.06

114 LINKEDIN CORP - A USD 23 687 0.06

626 LKQ USD 16 645 0.04

454 LORILLARD USD 27 199 0.07

1 266 LOWE'S USD 66 997 0.18

248 MACERICH USD 15 830 0.04

582 MACY'S USD 33 861 0.09

277 MANPOWER USD 19 418 0.05

831 MARATHON OIL USD 31 237 0.08

362 MARATHON PETROLEUM CORP. USD 30 651 0.08

643 MARRIOTT INTERNATIONAL -CL A USD 44 946 0.12

673 MARSH & MCLENNANS USD 35 225 0.09

833 MASCO USD 19 925 0.05

1 204 MASTERCARD-CLASS A USD 89 000 0.24

549 MATTEL USD 16 827 0.05

783

MAXIM INTEGRATED PRODUCTS USD 23 678

0.06

397

MC CORMICK NON VOTTING SHRS USD 26 559

0.07

1 240 MC DONALD'S USD 117 564 0.32

313 MC GRAW HILL COMPANIES USD 26 433 0.07

270 MCKESSON USD 52 561 0.14

270 MEAD JOHNSON NUTRITION USD 25 979 0.07

1 179 MEDTRONIC USD 73 039 0.20

3 356 MERCK AND CO INC USD 198 944 0.54

1 075 METLIFE USD 57 749 0.16

1 224 MICRON TECHNOLOGY USD 41 934 0.11

8 927 MICROSOFT USD 413 856 1.12

126 MOHAWK INDUSTRIES USD 16 987 0.05

342 MOLSONORS BREWING -B USD 25 458 0.07

1 928 MONDELEZ INTERNATIONAL-A USD 66 063 0.18

580 MONSANTO USD 65 256 0.18

1 686 MORGAN STANLEY USD 58 285 0.16

444 MURPHY OIL USD 25 268 0.07

503 NATIONAL OILWELL VARCO USD 38 278 0.10

480 NETAPP USD 20 621 0.06

58 NETFLIX USD 26 168 0.07

535 NEWELL RUBBERMAID USD 18 409 0.05

811 NEWMONT MINING USD 18 694 0.05




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

465

NEXTERA ENERGY USD 43 654

0.12

824

NIKE -CL B USD 73 501

0.20

459

NOBLE ENERGY USD 31 377

0.08

275

NORDSTROM USD 18 802

0.05

329

NORFOLK SOUTHERN USD 36 716

0.10

389

NORTHERN TRUST USD 26 464

0.07

286

NORTHROP GRUMMAN USD 37 683

0.10

971

NVIDIA USD 17 915

0.05

937

OCCIDENTAL PETROLEUM USD 90 093

0.24

246 OCEANEERING INTL USD 16 032 0.04

438 OMNICOM GROUP USD 30 161 0.08

336 ONEOK USD 22 025 0.06

4 342 ORACLE USD 166 212 0.45

533 PACCAR USD 30 314 0.08

262 PARKER HANNIFIN USD 29 907 0.08

256 PENTAIR PLC USD 16 765 0.05

825 PEPCO HOLDINGS USD 22 077 0.06

1 722 PEPSICO USD 160 301 0.43

7 214 PFIZER USD 213 318 0.57

1 808 PHILIP MORRIS INTERNATIONAL USD 150 787 0.41

639 PHILLIPS 66 USD 51 957 0.14

176 PIONEER NATURAL RESOURCES USD 34 667 0.09

454 PLUM CREEK TIMBER USD 17 711 0.05

608 PNC FINANCIAL SERVICES GROUP USD 52 033 0.14

144 POLARIS INDUSTRIES USD 21 570 0.06

173 PPG INDUSTRIES USD 34 036 0.09

359 PRAXAIR USD 46 311 0.12

175

PRECISION CASTPARTS USD 41 454

0.11

59

PRICELINE.COM USD 68 356

0.18

3 099 PROCTER & GAMBLE USD 259 510 0.70

942 PROGRESSIVE USD 23 814 0.06

645 PROLOGIS USD 24 317 0.07

537 PRUDENTIAL FINANCIAL USD 47 224 0.13

171 PUBLIC STORAGE USD 28 359 0.08

162 PVH USD 19 626 0.05

1 985 QUALCOMM USD 148 418 0.40

335 QUEST DIAGNOSTICS USD 20 328 0.05

148 RALPH LAUREN USD 24 380 0.07

246 RANGE RESOURCES USD 16 681 0.04

399 RAYTHEONMPANY USD 40 546 0.11

413 RED HAT USD 23 190 0.06

87 REGENERON PHARMACEUTICALS USD 31 365 0.08

630 REPUBLIC SERVICES USD 24 583 0.07

186 ROCKWELL AUTOMATION USD 20 438 0.06

397 ROCKWELLLLINS USD 31 165 0.08

232 ROPER INDUSTRIES USD 33 939 0.09

308 ROSS STORES USD 23 279 0.06

711 SALESFORCE.COM USD 40 904 0.11

293 SANDISK USD 28 699 0.08




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

167

SBA COMMUNICATIONS USD 18 520

0.05

1 465

SCHWAB (CHARLES) USD 43 056

0.12

266

SEMPRA ENERGY USD 28 031

0.08

114

SHERWIN-WILLIAMS USD 24 965

0.07

323

SIGMA-ALDRICH USD 43 931

0.12

366

SIMON PROPERTY GROUP USD 60 178

0.16

4 806

SIRIUS XM HOLDINGS INC USD 16 773

0.05

162

SL GREEN REALTY USD 16 414

0.04

1 071

SOUTHERN USD 46 749

0.13

551 SOUTHWESTERN ENERGY USD 19 257 0.05

823 SPECTRA ENERGY USD 32 311 0.09

489 ST JUDE MEDICAL USD 29 404 0.08

271 STANLEY BLACK & DECKER USD 24 062 0.06

1 673 STAPLES USD 20 243 0.05

874 STARBUCKS USD 65 952 0.18

396 STARWOOD HOTELS & RESORTS USD 32 951 0.09

527 STATE STREET USD 38 792 0.10

169 STERICYCLE USD 19 699 0.05

465 STRYKER USD 37 549 0.10

629 SUNTRUST BANKS USD 23 921 0.06

999 SYMANTEC USD 23 486 0.06

728 SYSCO USD 27 628 0.07

433 T ROWE PRICE GROUP USD 33 947 0.09

791 TARGET USD 49 580 0.13

441 TERADATA USD 18 487 0.05

1 398 TEXAS INSTRUMENTS USD 66 671 0.18

481 THERMO FISHER SCIENTIFIC USD 58 538 0.16

313

TIFFANY USD 30 145

0.08

1 063

TIME WARNER USD 79 948

0.22

327 TIME WARNER CABLE USD 46 921 0.13

840 TJXMPANIES USD 49 703 0.13

514 TORCHMARK USD 26 918 0.07

306 TRACTOR SUPPLYMPANY USD 18 822 0.05

436 TRAVELERSS USD 40 958 0.11

183 TRIPADVISOR INC-W/I USD 16 730 0.05

527 TYSON FOODS-CL A USD 20 748 0.06

1 065 UNION PACIFIC USD 115 467 0.31

857 UNITED PARCEL SERVICE-CL B USD 84 235 0.23

1 187 UNITED TECHNOLOGIES USD 125 347 0.34

1 207 UNITEDHEALTH GROUP USD 104 104 0.28

661 UNUM GROUP USD 22 725 0.06

2 130 US BANCORP USD 89 098 0.24

648 VALERO ENERGY USD 29 983 0.08

249 VARIAN MEDICAL SYSTEMS USD 19 950 0.05

391 VENTAS USD 24 222 0.07

348 VERISIGN USD 19 182 0.05

303 VERISK ANALYTICS-CLASS A USD 18 450 0.05

13 VERITIV CORP USD 651 0.00

3 112 VERIZONMMUNICATIONS USD 155 569 0.42




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

417

VF USD 27 535

0.07

532

VIACOM-CLASS B USD 40 932

0.11

602

VISA-CLASS A SHARES USD 128 449

0.35

243

VORNADO REALTY TRUST USD 24 290

0.07

1 042

WALGREEN USD 61 759

0.17

1 965

WALT DISNEY USD 174 944

0.47

624

WASTE MANAGEMENT USD 29 659

0.08

308

WATERS USD 30 529

0.08

386

WELLPOINT USD 46 173

0.12

5 640 WELLS FARGO USD 292 547 0.79

1 428 WESTERN UNION USD 22 905 0.06

735 WEYERHAEUSER USD 23 417 0.06

143 WHIRLPOOL USD 20 828 0.06

266 WHITING PETROLEUM USD 20 628 0.06

458 WHOLE FOODS MARKET USD 17 454 0.05

835 WILLIAMS COMPANIES USD 46 217 0.12

258 WYNDHAM WORLDWIDE USD 20 965 0.06

2 064 XEROX USD 27 307 0.07

767 XILINX USD 32 482 0.09

1 048 YAHOO USD 42 706 0.11

581 YUM BRANDS USD 41 820 0.11

Japan 2 939 377 7.84

1 800 AEON JPY 17 919 0.05

500 AISIN SEIKI JPY 18 027 0.05

1 000 AJINOMOTO JPY 16 637 0.04

800 ASAHI GROUP HOLDINGS JPY 23 141 0.06

2 000

ASAHI KASEI JPY 16 234

0.04

2 300

ASTELLAS PHARMA JPY 34 239

0.09

3 000 BANK OF YOKOHAMA JPY 16 497 0.04

800 BRIDGESTONE JPY 26 415 0.07

1 400 CANON JPY 45 569 0.12

200 CENTRAL JAPAN RAILWAY JPY 27 011 0.07

3 000 CHIBA BANK JPY 20 867 0.06

800 CHUGAI PHARMACEUTICAL JPY 23 155 0.06

2 000 DAI NIPPON PRINTING JPY 20 046 0.05

1 700 DAIICHI SANKYO JPY 26 671 0.07

1 400 DAIWA HOUSE INDUSTRY JPY 25 111 0.07

3 000 DAIWA SECURITIES GROUP JPY 23 763 0.06

500 DENSO JPY 23 041 0.06

400 DENTSU JPY 15 224 0.04

400 EAST JAPAN RAILWAY JPY 29 974 0.08

400 EISAI JPY 16 172 0.04

200 FANUC JPY 36 118 0.10

100 FAST RETAILING JPY 33 461 0.09

700 FUJI HEAVY INDUSTRIES JPY 23 139 0.06

900 FUJIFILM HOLDINGS JPY 27 649 0.07

4 000 FUKUOKA FINANCIAL GROUP JPY 19 071 0.05

6 000 HITACHI JPY 45 809 0.12




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

1 900

HONDA MOTOR JPY 65 819

0.18

800

HOYA JPY 26 867

0.07

1 700

INPEX JPY 24 013

0.06

2 200

ITOCHU JPY 26 875

0.07

3

JAPAN REAL ESTATE INVESTMENT JPY 15 425

0.04

1 300

JAPAN TOBACCO JPY 42 273

0.11

800

JFE HOLDINGS JPY 15 961

0.04

3 300

JX HOLDINGS JPY 15 207

0.04

700

KAO JPY 27 290

0.07

4 000 KAWASAKI HEAVY INDUSTRIES JPY 15 972 0.04

600 KDDI JPY 36 062 0.10

100 KEYENCE JPY 43 452 0.12

4 000 KINTETSU JPY 13 455 0.04

1 100 KOMATSU JPY 25 436 0.07

1 000 KUBOTA JPY 15 794 0.04

500 KYOCERA JPY 23 296 0.06

200 LAWSON JPY 13 984 0.04

700 LIXIL GROUP JPY 14 951 0.04

3 000 MARUBENI JPY 20 533 0.06

800 MAZDA MOTOR JPY 20 048 0.05

1 200 MCDONALD'S HOLDINGS JPY 29 679 0.08

1 800 MITSUBISHI JPY 36 855 0.10

2 000 MITSUBISHI ELECTRIC JPY 26 628 0.07

2 000 MITSUBISHI ESTATE JPY 45 007 0.12

4 000 MITSUBISHI HEAVY INDUSTRIES JPY 25 730 0.07

15 100 MITSUBISHI UFJ FINANCIAL GRO JPY 85 373 0.23

2 100 MITSUI JPY 33 110 0.09

1 000

MITSUI FUDOSAN JPY 30 626

0.08

27 600

MIZUHO FINANCIAL GROUP JPY 49 290

0.13

200 MURATA MANUFACTURING JPY 22 736 0.06

400 NIDEC JPY 27 057 0.07

3 NIPPON BUILDING FUND JPY 15 780 0.04

10 000 NIPPON STEEL & SUMITOMO META JPY 25 945 0.07

500 NIPPON TELEGRAPH KABUSHIKI TELEPHONE JPY 31 091 0.08

3 100 NISSAN MOTOR JPY 30 210 0.08

300 NITTO DENKO JPY 16 450 0.04

800 NKSJ HOLDINGS JPY 19 407 0.05

4 900 NOMURA HOLDINGS JPY 29 205 0.08

2 200 NTT DOCOMO JPY 36 712 0.10

2 000 ODAKYU ELECTRIC RAILWAY JPY 18 287 0.05

400 OMRON JPY 18 159 0.05

300 ONO PHARMACEUTICAL JPY 26 638 0.07

100 ORIENTAL LAND JPY 18 902 0.05

1 500 ORIX JPY 20 689 0.06

5 000 OSAKA GAS JPY 20 088 0.05

2 800 PANASONIC JPY 33 298 0.09

1 500 RAKUTEN JPY 17 271 0.05

3 100 RESONA HOLDINGS JPY 17 476 0.05

2 000 SEKISUI CHEMICAL JPY 22 936 0.06




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

1 700

SEKISUI HOUSE JPY 20 023

0.05

900

SEVEN & I HOLDINGS JPY 34 902

0.09

200

SHIMANO JPY 24 322

0.07

500

SHIN-ETSU CHEMICAL JPY 32 672

0.09

700

SHIONOGI JPY 16 055

0.04

1 000

SHISEIDO JPY 16 496

0.04

2 000

SHIZUOKA BANK JPY 20 584

0.06

100

SMC JPY 27 576

0.07

1 000

SOFTBANK JPY 70 094

0.19

1 200 SONY JPY 21 780 0.06

1 600 SUMITOMO ELECTRIC INDUSTRIES JPY 23 636 0.06

1 000 SUMITOMO METAL MINING JPY 14 075 0.04

1 500 SUMITOMO MITSUI FINANCIAL GR JPY 61 138 0.16

4 000 SUMITOMO MITSUI TRUST HOLDIN JPY 16 646 0.04

1 100 SUZUKI MOTOR JPY 36 456 0.10

2 000 TAKASHIMAYA JPY 16 719 0.05

800 TAKEDA PHARMACEUTICAL JPY 34 773 0.09

4 000 TOBU RAILWAY JPY 20 129 0.05

900 TOKIO MARINE HOLDINGS JPY 27 916 0.08

400 TOKYO ELECTRON JPY 26 101 0.07

6 000 TOKYO GAS JPY 33 721 0.09

2 000 TOKYU JPY 13 109 0.04

2 000 TOPPAN PRINTING JPY 14 367 0.04

3 000 TORAY INDUSTRIES JPY 19 828 0.05

6 000 TOSHIBA JPY 27 797 0.07

400 TOYOTA INDUSTRIES JPY 19 326 0.05

3 200 TOYOTA MOTOR JPY 188 537 0.52

900

UNICHARM JPY 20 516

0.06

500

WEST JAPAN RAILWAY JPY 22 378

0.06

3 400 YAHOO JAPAN JPY 12 925 0.03

1 100 YAMATO HOLDINGS JPY 20 472 0.06


1 090 AMEC GBP 19 509 0.05

1 684 ANGLO AMERICAN GBP 37 785 0.10

1 704 ARM HOLDINGS GBP 25 029 0.07

1 515 ASTRAZENECA GBP 109 089 0.29

3 933 AVIVA GBP 33 380 0.09

4 585 BAE SYSTEMS GBP 35 048 0.09

17 308 BARCLAYS GBP 63 822 0.17

4 078 BG GBP 75 369 0.20

2 485 BHP BILLITON GBP 69 093 0.19

21 323 BP GBP 156 754 0.42

2 200 BRITISH AMERICAN TOBACCO GBP 124 191 0.33


9 038 BT GROUP GBP 55 621 0.15

801 BUNZL GBP 20 907 0.06

866 BURBERRY GROUP GBP 21 214 0.06

1 214 CAPITA GBP 22 909 0.06




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

7 448

CENTRICA GBP 37 166

0.10

2 177

COMPASS GROUP PLC GBP 35 170

0.09

2 994

DIAGEO GBP 86 642

0.23

3 047

GKN GBP 15 768

0.04

5 660

GLAXOSMITHKLINE GBP 129 658

0.35

21 167

HSBC HOLDINGS GBP 214 854

0.59

759

IMI SHS GBP 15 135

0.04

1 144

IMPERIAL TOBACCO GROUP GBP 49 408

0.13

443


0.05

6 015 ITV GBP 20 264 0.05

351 JOHNSON MATTHEY GBP 16 610 0.04

1 215 LAND SECURITIES GROUP PLC GBP 20 466 0.06


51 686 LLOYDS BANKING GROUP GBP 64 413 0.17


2 866 MELROSE SHS GBP 11 509 0.03

4 405 NATIONAL GRID GBP 63 416 0.17

1 151 PEARSON GBP 23 139 0.06

2 926 PRUDENTIAL GBP 65 273 0.18

799 RECKITT BENCKISER GROUP GBP 69 301 0.19


1 468 RIO TINTO GBP 72 148 0.19

2 200 ROLLS-ROYCE HOLDINGS GBP 34 401 0.09

3 240 ROYAL BANK OF SCOTLAND GROUP GBP 19 341 0.05

4 272 ROYAL DUTCH SHELL CL.A GBP 163 346 0.44

3 001 ROYAL DUTCH SHELL-B SHS GBP 118 566 0.32

1 176 SAB MILLER GBP 65 356 0.18

3 923

SAINSBURY (J) GBP 15 995

0.04

602

SEVERN TRENT GBP 18 319

0.05

1 564 SMITH & NEPHEW GBP 26 370 0.07

995 SMITHS GROUP GBP 20 390 0.05

1 406 SSE GBP 35 263 0.09

2 848 STANDARD CHARTERED GBP 52 659 0.14


10 352 TESCO GBP 31 250 0.08

1 526 UNILEVER GBP 63 952 0.17

1 686 UNITED UTILITIES GBP 22 086 0.06

30 259 VODAFONE GROUP SHS GBP 100 271 0.27

353 WHITBREAD GBP 23 773 0.06

5 925 WM MORRISON SUPERMARKETS GBP 16 166 0.04

609 NOBLE CORP PLC USD 13 532 0.04

Canada 1 523 883 4.10

824 BANK OF MONTREAL CAD 60 778 0.16

1 465 BANK OF NOVA SCOTIA CAD 90 806 0.24

1 688 BARRICK GOLD CAD 24 877 0.07

778 BCE CAD 33 339 0.09

3 766 BOMBARDIER B CAD 12 704 0.03

712 BROOKFIELD ASSET MANAGE-CL A CAD 32 034 0.09




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

880

CAMECO CAD 15 560

0.04

494

CAN IMPERIAL BK OFMMERCE CAD 44 464

0.12

940

CANADIAN NATL RAILWAY CAD 66 878

0.18

1 273

CANADIAN NATURAL RESOURCES CAD 49 562

0.13

863

CANADIAN OIL SANDS CAD 15 954

0.04

205

CANADIAN PACIFIC RAILWAY CAD 42 636

0.11

367

CATAMARAN CAD 15 490

0.04

916

CENOVUS ENERGY CAD 24 696

0.07

598

CGI GROUP - CLASS A CAD 20 248

0.05

550 CRESCENT POINT ENERGY CAD 19 893 0.05

857 ENBRIDGE CAD 41 111 0.11

907 FIRST QUANTUM MINERALS CAD 17 547 0.05

355 FRANCO-NEVADA CAD 17 462 0.05

1 044 GOLDCORP CAD 24 121 0.06

692 GREAT WEST LIFECO CAD 19 945 0.05

729 HUSKY ENERGY CAD 20 052 0.05

513 IMPERIAL OIL CAD 24 288 0.07

281 INTACT FINANCIAL CAD 18 232 0.05

302 MAGNA INTERNATIONAL CAD 28 726 0.08

2 057 MANULIFE FINANCIAL CAD 39 647 0.11

556 PEMBINA PIPELINE CAD 23 473 0.06

1 045 POTASH OF SASKATCHEWAN CAD 36 262 0.10

615 POWER FINANCIAL CAD 18 854 0.05

799 POWER OF CANADA CAD 22 221 0.06

459 ROGERSMMUNICATIONS-B CAD 17 217 0.05

1 745 ROYAL BANK OF CANADA CAD 124 994 0.35

796 SHAWMMUNICATIONS -B CAD 19 552 0.05

842

SILVER WHEATON CAD 16 832

0.05

755

SUN LIFE FINANCIAL CAD 27 429

0.07

1 783 SUNCOR ENERGY CAD 64 664 0.17

1 685 TALISMAN ENERGY CAD 14 610 0.04

798 TECK RESOURCES-CLS B CAD 15 145 0.04

388 TIM HORTONS CAD 30 618 0.08

2 303 TORONTO-DOMINION BANK CAD 113 898 0.31

763 TRANSCANADA CAD 39 381 0.11

360 VALEANT PHARMACEUTICALS CAD 47 273 0.13

1 998 YAMANA GOLD CAD 12 014 0.03

1 703 TWENTY-FIRST CENTURY FOX INC USD 58 396 0.16

Switzerland 1 450 206 3.91

2 441 ABB CHF 54 874 0.15

395 ADECCO CHF 26 808 0.07

596 CIE FINANCIERE RICHEMON-REG CHF 48 871 0.13

1 701 CREDIT SUISSE GROUP CHF 47 122 0.13

96 GEBERIT CHF 31 025 0.08

20 GIVAUDAN CHF 31 983 0.09

329 HOLCIM CHF 23 982 0.06

467 JULIUS BAER GROUP CHF 20 943 0.06

3 668 NESTLE CHF 269 674 0.73




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

2 573

NOVARTIS CHF 242 756

0.65

787

ROCHE HOLDING AG-GENUSSCHEIN CHF 233 173

0.63

11

SGS CHF 22 806

0.06

41

SWATCH GROUP CHF 19 485

0.05

441

SWISS RE CHF 35 146

0.09

53

SWISSCOM CHF 30 091

0.08

104

SYNGENTA CHF 33 121

0.09

519

TRANSOCEAN CHF 16 778

0.05

4 170

UBS CHF 72 707

0.20

170 ZURICH INSURANCE GROUP CHF 50 670 0.14

409 ACE USD 42 892 0.12

613 TENNECTIVITY USD 33 893 0.09

765 TYCO INTERNATIONAL USD 34 096 0.09

1 313 WEATHERFORD INTERNATIONAL PL USD 27 310 0.07

Germany 1 225 836 3.30

278 ADIDAS NOM. EUR 20 808 0.06

537 ALLIANZ EUR 87 068 0.23

1 115 BASF NOM. EUR 102 301 0.28

960 BAYER EUR 134 491 0.36

205 BEIERSDORF EUR 17 128 0.05

421 BMW EUR 45 216 0.12


154 CONTINENTAL EUR 29 308 0.08

1 176 DAIMLER EUR 90 219 0.24



3 243

DEUTSCHE TELEKOM EUR 49 161

0.13

2 084

E.ON NOM. EUR 38 160

0.10

523 FRESENIUS SE & KGAA EUR 25 895 0.07

474 GEA GROUP EUR 20 685 0.06

230 HEIDELBERGCEMENT EUR 15 201 0.04

242 HENKEL AG & KGAA EUR 22 619 0.06

289 HENKEL AG & KGAA VORZUG EUR 28 863 0.08

1 728 INFINEON TECHNOLOGIES EUR 17 884 0.05

239 LINDE EUR 45 937 0.12

289 MERCK KGAA EUR 26 662 0.07

207 MUENCHENER RUECKVERSICHERUNGS EUR 40 937 0.11

662 RWE A EUR 25 803 0.07

1 098 SAP EUR 79 200 0.21

965 SIEMENS EUR 115 040 0.31

663 THYSSENKRUPP EUR 17 400 0.05

166 VOLKSWAGEN PRIV. EUR 34 475 0.09

France 1 204 079 3.23

688 SCENTRE GROUP AUD 1 975 0.01

378 AIR LIQUIDE EUR 46 113 0.12

453 ALSTOM EUR 15 497 0.04

2 041 AXA EUR 50 303 0.14




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

1 131

BNP PARIBAS ACTIONS A EUR 75 037

0.20

336

CAP GEMINI EUR 24 122

0.06

878

CARREFOUR EUR 27 129

0.07

166

CHRISTIAN DIOR EUR 27 827

0.07

1 476

CREDIT AGRICOLE EUR 22 272

0.06

679

DANONE EUR 45 461

0.12

505

EDF EUR 16 567

0.04

345

ESSILOR INTL EUR 37 890

0.10

2 248

FRANCE TELECOM EUR 33 808

0.09

1 446 GDF SUEZ EUR 36 277 0.10

108 KERING EUR 21 781 0.06

280 L'OREAL EUR 44 461 0.12

319 LVMH MOET HENNESSY VUITTON EUR 51 863 0.14

260 MICHELIN EUR 24 528 0.07

290 PERNOD-RICARD EUR 32 839 0.09

253 RENAULT EUR 18 329 0.05

583 SAINT-GOBAIN EUR 26 686 0.07

1 315 SANOFI EUR 148 775 0.40

621 SCHNEIDER ELECTRIC EUR 47 696 0.13

793 SOCIETE GENERALE A EUR 40 491 0.11

236 SODEXO EUR 23 099 0.06

188 TECHNIP EUR 15 819 0.04

2 389 TOTAL EUR 155 271 0.42

112 UNIBAIL-RODAMCO SE EUR 28 820 0.08

580 VINCI EUR 33 707 0.09

1 227 VIVENDI EUR 29 636 0.08

Australia 965 214

2.61

1 970

AGL ENERGY AUD 23 341

0.06

2 104 AMCOR AUD 20 859 0.06

4 790 AMP AUD 22 885 0.06

3 717 AURIZON HOLDINGS AUD 14 734 0.04

3 167 AUST AND NZ BANKING GROUP AUD 85 687 0.23

3 883 BHP BILLITON AUD 115 083 0.31

1 834 COCA-COLA AMATIL AUD 14 090 0.04

1 780 COMMONWEALTH BANK OF AUSTRAL AUD 117 269 0.32

1 272 CROWN AUD 15 360 0.04

517 CSL AUD 33 554 0.09

3 083 FORTESCUE METALS GROUP AUD 9 388 0.03

4 774 INSURANCE AUSTRALIA GROUP AUD 25 566 0.07

396 MACQUARIE GROUP AUD 19 956 0.05

2 729 NATIONAL AUSTRALIA BANK AUD 77 705 0.21

1 567 NEWCREST MINING AUD 14 466 0.04

988 ORICA AUD 16 340 0.04

1 650 ORIGIN ENERGY AUD 21 614 0.06

1 876 QBE INSURANCE GROUP AUD 19 141 0.05

556 RIO TINTO AUD 28 987 0.08

4 075 STOCKLAND AUD 14 085 0.04

1 660 SUNCORP GROUP AUD 20 394 0.05




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

4 622

TELSTRA AUD 21 435

0.06

3 175

TRANSURBAN UNIT AUD 21 448

0.06

3 280

WESTFIELD CORP AUD 21 382

0.06

3 421

WESTPAC BANKING AUD 96 211

0.26

881

WOODSIDE PETROLEUM AUD 31 299

0.08

1 433

WOOLWORTHS AUD 42 935

0.12

Spain 477 293

1.28

985

ABERTIS INFRAES.A EUR 19 461

0.05

6 522 BANCO BILBAO VIZCAYA ARGENTARIA EUR 78 690 0.21


13 111 BANCO SANTANDER EUR 126 057 0.34

621 GAS NATURAL SDG EUR 18 286 0.05

6 209 IBERDROLA EUR 44 473 0.12

1 223 INDITEX EUR 33 796 0.09

467 RED ELECTRICA EUR 40 446 0.11

1 057 REPSOL YPF EUR 25 103 0.07

4 841 TELEFONICA EUR 74 944 0.20


318 AKZO NOBEL EUR 21 793 0.06

414 ASML HOLDING NV EUR 41 222 0.11

661 EADS EUR 41 600 0.11

365 HEINEKEN EUR 27 315 0.07

4 299 ING GROEP EUR 61 421 0.17


312 KONINKLIGE DSM EUR 19 255 0.05

1 354

KONINKLIJKE AHOLD NV EUR 21 928

0.06

5 039

KONINKLIJKE KPN EUR 16 149

0.04

2 062

UNILEVER EUR 82 130

0.22

763 WOLTERS KLUWER EUR 20 357 0.05

478 LYONDELLBASELL INDU-CL A USD 51 939 0.14

Sweden 419 190 1.14

776 ALFA LAVAL AB SEK 16 621 0.04

468 ASSA ABLOY AB-B SEK 24 191 0.07

946 ATLASPCO AB-A SHS SEK 27 166 0.07

781 ATLASPCO AB-B SHS SEK 20 304 0.05

3 466 ERICSSON LM-B SHS SEK 44 044 0.12

1 122 HENNES & MAURITZ AB-B SHS SEK 46 618 0.13

518 INVESTMENT AB KINNEVIK-B SHS SEK 18 734 0.05

3 568 NORDEA BANK AB SEK 46 478 0.13

1 881 SKANDINAVISKA ENSKILDA BAN-A SEK 25 155 0.07

835 SKF AB-B SHARES SEK 17 457 0.05

758 SVENSKA CELLULOSA AB-B SHS SEK 18 097 0.05

699 SVENSKA HANDELSBANKEN-A SHS SEK 32 921 0.09

1 319 SWEDBANK AB - A SHARES SEK 33 248 0.09

3 215 TELIASONERA AB SEK 22 265 0.06

2 379 VOLVO AB-B SHS SEK 25 891 0.07




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Hong Kong 413 509

1.13

13 800

AIA GROUP HKD 71 354

0.19

6 500

BOC HONG KONG HOLDINGS HKD 20 718

0.06

2 000

CHEUNG KONG HOLDINGS HKD 32 942

0.09

3 000

CLP HOLDINGS HKD 24 089

0.06

5 000

HANG LUNG PROPERTIES HKD 14 230

0.04

1 800

HANG SENG BANK HKD 28 906

0.08

7 900

HKG AND CHINA GAS HKD 17 133

0.05

2 400 HONG KONG EXCHANGES & CLEAR HKD 51 647 0.14

3 000 HUTCHISON WHAMPOA HKD 36 316 0.10

2 000 POWER ASSETS HOLDINGS HKD 17 682 0.05

2 000 SUN HUNG KAI PROPERTIES HKD 28 358 0.08

2 000 SWIRE PACIFIC-A HKD 25 756 0.07

4 000 THE LINK REIT HKD 23 052 0.06

3 000 WHARF HOLDINGS HKD 21 326 0.06

Italy 405 166 1.10


706 ATLANTIA EUR 17 436 0.05


8 197 ENEL EUR 43 511 0.12

2 911 ENI EUR 69 391 0.19

13 820 INTESA SANPAOLO EUR 42 004 0.11

399 LUXOTTICA GROUP EUR 20 776 0.06

891 PRYSMIAN EUR 16 557 0.04

5 751 SNAM RETE GAS EUR 31 820 0.09

19 876

TELECOM ITALIA ORD. EUR 22 786

0.06

6 674

TERNA EUR 33 572

0.09

2 159

UBI BANCA EUR 18 164

0.05


Ireland 298 622 0.80

919 CRH EUR 21 024 0.06

271 KERRY GROUP-A EUR 19 109 0.05

765 ACCENTURE-CL A USD 62 210 0.17

170 ACTAVIS PLC USD 41 018 0.11

620 COVIDIEN USD 53 636 0.14

403 INGERSOLL-RAND USD 22 713 0.06

121 PERRIGO CO PLC USD 18 173 0.05

384 SEAGATE TECHNOLOGY USD 21 992 0.06

464 WILLIS GROUP HOLDINGS USD 19 210 0.05

589 XL GROUP USD 19 537 0.05


7 000 CAPITALAND SGD 17 564 0.05

3 000 DBS GROUP HOLDINGS SGD 43 330 0.12

6 000 GLOBAL LOGISTIC PROPERTIES L SGD 12 750 0.03

4 000 KEPPEL SGD 32 933 0.09




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

4 500

OVERSEA-CHINESE BANKING SGD 34 368

0.09

2 000

SINGAPORE AIRLINES SGD 15 431

0.04

10 000

SINGAPORE TELECOM SGD 29 796

0.08

2 000

UNITED OVERSEAS BANK SGD 35 128

0.09

9 000

WILMAR INTERNATIONAL SGD 21 806

0.06

358

AVAGO TECHNOLOGIES USD 31 146

0.08

Denmark 218 785

0.59

3

AP MOELLER-MAERSK DKK 6 934

0.02

212 CARLSBERG DKK 18 852 0.05

258 COLOPLAST-B DKK 21 629 0.06

989 DANSKE BANK DKK 26 887 0.07

2 369 NOVO NORDISK A/S-B DKK 113 370 0.31

717 NOVOZYMES A/S-B SHARES DKK 31 113 0.08

Belgium 178 307 0.49

951 ANHEUSER-BUSCH INBEV EUR 105 863 0.29

354 GROUPE BRUXELLES LAMBERT EUR 32 448 0.09

323 KBC GROEP EUR 17 205 0.05

148 SOLVAY EUR 22 791 0.06

Curaçao 156 603 0.42

1 540 SCHLUMBERGER USD 156 603 0.42

Jersey 152 953 0.41

1 355 EXPERIAN GBP 21 605 0.06

663 SHIRE GBP 57 398 0.15

386

WOLSELEY SHS GBP 20 288

0.05

1 638

WPP PLC GBP 32 929

0.09

338

DELPHI AUTOMOTIVE USD 20 733

0.06

Finland 139 910 0.38

984 FORTUM OYJ EUR 24 003 0.06

218 KONE OYJ-B EUR 8 763 0.02

4 167 NOKIA EUR 35 558 0.10

761 SAMPO OYJ-A SHS EUR 36 915 0.10


397 WARTSILA OYJ ABP EUR 17 769 0.05

Norway 110 788 0.30

1 361 DNB ASA NOK 25 492 0.07

1 540 STATOIL ASA NOK 42 008 0.11

1 139 TELENOR ASA NOK 25 005 0.07

364 YARA INTERNATIONAL ASA NOK 18 283 0.05

Bermuda 81 025 0.22

12 000 LI & FUNG HKD 13 630 0.04

547 SEADRILL NOK 14 674 0.04

340 BUNGE USD 28 638 0.08

610 INVESCO USD 24 083 0.06




Expressed in USD

Quotation currency

% of net assets

Market Value

Quantity

Denomination

Luxembourg 64 310

0.17

1 438


0.05

701


0.07

884

TENARIS EUR 20 268

0.05

Austria 31 524

0.09

608

ERSTE GROUP BANK EUR 13 929

0.04

445

VOESTALPINE EUR 17 595

0.05

Liberia 21 062 0.06

313 ROYAL CARIBBEAN CRUISES USD 21 062 0.06

Panama 19 161 0.05

477 CARNIVAL USD 19 161 0.05


3 600 SANDS CHINA HKD 18 776 0.05

Portugal 16 437 0.04


Isle of Man 15 196 0.04

17 000 GENTING SINGAPORE SGD 15 196 0.04

Warrants, Rights 930 0.00

France 651 0.00

6 522

BCO BILBAO VIZCAYA ARG DO14 EUR 651

0.00

Hong Kong 279

0.00

167 SUN HUNG KAI PROPERTIES 22/04/2016 HKD 279 0.00



37 000.0000 DB X-TRACKERS MSCI WORLD TRN USD 1 639 596 4.47


Notes to the financial statements

PARWORLD

Notes to the financial statements at 30/09/2014

Note 1 - General

Since October 2013, the Company has decided the following changes: Absorbed, liquidated or launched sub-funds:

Sub-fund Date Event QUANT COMMODITIES 5 December 2013 Liquidation of the sub-fund QUANT RAW MATERIALS 5 December 2013 Liquidation of the sub-fund TRACK FTSE EDHEC-RISK EFFICIENT EUROBLOC

27 January 2014 Liquidation of the sub-fund

CHAMPIONS - EUROPA 27 January 2014 Launch of the sub-fund TRACK EMU GOVERNMENT BOND 1-3 YEARS 10 February 2014 Launch of the sub-fund QUANT EQUITY EURO COVERED 29 April 2014 Liquidation of the sub-fund CHAMPIONS - MONDO PMI 19 May 2014 Launch of the sub-fund CHAMPIONS - MONDO PMI 2 1 July 2014 Launch of the sub-fund GLOBAL SUSTAINABLE DEVELOPMENT 80 22 September 2014 Liquidation of the sub-fund

QUAM 12 14 October 2013 Absorbed by the sub-fund BNP Paribas QUAM 10/25

Eligibility for the PEA

Owing to their eligibility for French share savings schemes (PEA), the sub-funds of PARWORLD listed below permanently invest at least 75% of their net assets in shares and rights that are eligible for the PEA and are issued by companies established in France, another Member State of the European Union or in Iceland or Norway and which are subject to corporation tax or an equivalent regime:

- TRACK CONTINENTAL EUROPE

- TRACK UK

- QUANT EQUITY EURO COVERED (liquidated on 29 April 2014)

- QUANT EQUITY EUROPE GURU

Note 2 - Principal accounting methods

a) Presentation of the financial statements

The financial statements of the Company are presented in accordance with the legislation in force in the Grand Duchy of Luxembourg on undertakings for collective investment.

The consolidated currency of the Company is the euro (EUR).

The statement of operations and changes in net assets covers the financial year from 1 October 2013 to 30 September 2014.

b) Conversion of foreign currencies

Values expressed in a currency other than the currency in which the relevant sub-fund is denominated will be converted on the basis of the exchange rate applicable on the valuation day.

PARWORLD


c) Valuation of the securities portfolio

The value of shares or units in undertakings for collective investment shall be determined on the basis of the last net asset value available on the Valuation Day; (that is, the listed price if the undertaking for collective investment is listed, or the net asset value communicated by the administrative agent of the undertaking for collective investment). If this is not a true reflection, the valuation shall be based on the probable sale price estimated by the Management company in a prudent and bona fide manner.

The valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly, is recognised and accessible to the public, is based on the closing price on the order acceptance date and, if the securities concerned are traded on several markets, on the basis of the most recent price on the major market on which they are traded; if this price is not a true reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent and bona fide manner.

Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular manner is recognised and accessible to the public, shall be valued on the basis of the probable sale price estimated in a prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors.

Securities transactions are entered in the accounts on the date on which the securities are purchased or sold. Any gains or losses made when selling securities are calculated on the basis of the average cost of those securities.

On 25 March 2009, the Board of Directors decided to value the European Asset-Backed securities held by EURO SHORT TERM FIXED INCOME on a mark-to-model basis.

Due to the current absence of market liquidity for these assets and the wish to hold them until their final reimbursement date, the sub-fund decided to adopt a valuation method for European asset-backed securities (ABS) based on a mathematical model with observable parameters instead of valuating them at market value. Indeed, the volume of ABS transactions dealt on the market during the year is too low to obtain a market value that would be representative of their true value.

The mathematical model used is based on the following observable assumptions or parameters:

- holding of these securities until final reimbursement date due to the low probability of having to sell these securities on the market at a substantially discount price;

- relative stability of the shareholding structure since the launch date of the sub-fund and shareholders mainly linked to the BNP Paribas Group;

- the mathematical model takes the following parameters into account: security sector, average remaining lifetime of the security and issuers’ rating.

As at 30 September 2014, 32.17 % of the portfolio of Euro Short Term Fixed Income was valued on the basis of this “Fair Value” policy. These securities are identified by an asterisk (*) in the portfolio of this sub-fund. Therefore the prices obtained from this “Fair Value” process may differ significantly from their actual sale prices. Nevertheless the process for valuing these securities is applied consistently and in accordance with the principles described in the prospectus.

At this stage, there is no indication that the sub-fund would not be able to keep the securities until the reimbursement date. However the Board may decide to sell these securities if it finds a buyer at a price without substantial discount.

Furthermore no payment default has been observed on the partial refund relating to these securities. Also, the sub-fund investment policy provides in particular that the sub-fund mainly invests in investment grade European ABS denominated in EUR when they are purchased and which are issued by companies having their registered office or their main activity in one of the countries of the euro zone.

This sub-fund is intended to investors who give importance to medium-term performance and who accept possible decreases in the net asset value of their portfolio as a result of broad exposure to markets with low liquidity. The default of payment from issuers of securities in the portfolio cannot be excluded. Consequently investors are advised to invest only part of their assets in this sub-fund.

PARWORLD


d) Interest and dividends

Interest comprises in particular interest accrued and not due at the closing date of the financial year/period, less any withholding tax that may be payable. Dividends are recorded on the date at which the shares are quoted “ex-dividend” for the first time.

e) Financial instruments

Financial instruments (futures, options) traded on a regulated market are valued at their last-known market price. The other financial instruments, including swap (Interest-rate swaps, Total Return Swaps) and option contracts traded over the counter, are valued at the prices at which the position could be liquidated, depending on the conditions prevailing on the market at the valuation date. Realized and unrealized profits or losses resulting there from are included in the Statement of operations and changes in net assets. Exchanges of flows on interest-rate and performance swap contracts are recorded in the Statement of operations and changes in net assets. To calculate the net positions per currency on financial instruments, the positions are converted at the exchange rates effective on the closing date.

f) Valuation of securities lending, reverse repurchase and repurchase agreements

Securities lending attracts remuneration for the sub-funds according to the contracts and is accounted for in the “Statement of operations and changes in net assets” under “Income on investments and assets”. Securities lending can be rescinded at any time.

Securities that have been lent are shown in the net assets of the sub-fund in question, at their market value.

Securities reverse repurchase (or repurchase) transactions are treated as borrowing (or lending) transactions guaranteed by the underlying securities.

Securities reverse repurchase agreements are valued at their purchase price expressed in the original currency, irrespective of the market value of the underlying securities, the interest accrued pro rata since the purchase date being shown under the heading “Other assets”.

g) Forward foreign exchange contracts

Forward foreign-exchange contracts remaining open at the closing date are valued by reference to the forward foreign exchange rate corresponding to the remaining life of the contract. Any unrealized gains and losses are included when determining the result of the transactions.

To calculate the net positions per currency, the positions are converted at the forward exchange rates corresponding to the remaining life of the contract.

h) Valuation of Credit Default Swaps

The value of a Credit Default Swap shall be determined by comparing the value of the protection swap leg and the value of the premium swap leg. The value of the premium leg is obtained by discounting the future premium flows using the relevant risk-adjusted discount rate. The value of the protection leg is the present value of the expected loss inherent to the contract. Default probabilities used to compute the expected loss are extrapolated from the structure of comparable rates observed on the market. Comparable market swap rates will be obtained from a cross-section of market counterparties.

i) Swing pricing

In certain market conditions, taking account of the volume of purchase and sale transactions in a given sub-fund, category, or class and the size of these transactions, the Board of Directors may consider that it is in the interest of shareholders to calculate the NAV per share based on the purchase and sale prices of the assets and/or by applying an estimate of the difference between the buy and sell price applicable on the markets on which the assets are traded. The Board of Directors may further adjust the NAV for transaction fees and sales commissions, provided these fees and commissions do not exceed 1% of the NAV of the sub-fund, category, or class at that time. The swing pricing mechanism has not been used over the accounting period.

PARWORLD


j) Net asset value

This annual report is prepared on the basis of the last net asset value as at 30 September 2014.

k) Placement fees

For the sub-funds CHAMPIONS - EUROPA, CHAMPIONS - MONDO PMI and CHAMPIONS - MONDO PMI 2 placement fees are composed of fee paid to placing agent and amounting to 3% of the initial NAV date. Those fees are amortised over a period of 5 years.

Note 3 - Taxes The Company is not liable to any Luxembourg income tax or capital gains tax.

The Company is liable to an annual “taxe d’abonnement” in Luxembourg representing 0.05% of the net asset value. This rate is reduced to 0.01% for:

a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit institutions; b) sub-funds with the exclusive objective of collective investments with credit institutions; c) sub-funds, categories, or classes reserved for Institutional Investors, Managers, and UCIs.

The following are exempt from this “taxe d’abonnement”:

a) the value of assets represented by units, or shares in other UCIs, provided that these units or shares have already been subject to the “taxe d’abonnement”; b) sub-funds, categories and/or classes:

(i) whose securities are reserved to Institutional Investors, Managers or UCIs and (ii) whose sole object is the collective investment in money market instruments and the placing of deposits

with credit institutions, and (iii) whose weighted residual portfolio maturity does not exceed 90 days, and (iv) that have obtained the highest possible rating from a recognised rating agency;

c) sub-funds, share categories and/or classes reserved to: (i) institutions for occupational retirement pension or similar investment vehicles, set up at the initiative of

one or more employers for the benefit of their employees, and (ii) companies having one or more employers investing funds to provide pension benefits to their employees;

d) sub-funds whose main objective is investment in microfinance institutions; e) sub-funds, categories and/or classes:

(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating regularly that is recognized and open to the public, and

(ii) whose exclusive object is to replicate the performance of one or several indices.

When due, the “taxe d’abonnement” is payable quarterly based on the relevant net assets and calculated at the end of the quarter for which it is applicable.

In addition, the Company may be subject to foreign UCI’s tax, and/or other regulators levy, in the country where the sub-fund is registered for distribution.

Note 4 - Management and advisory fees (maximum per annum) Management fee calculated and deducted monthly from the average net assets of a sub-fund, share category, or share class, paid to the Management Company and serving to cover remuneration of the asset managers and also distributors in connection with the marketing of the Company's stock.

No management fee is applied to the "X" class.

The fee applied to the "Classic" class is also applied to the "Classic RH EUR", "Classic RH USD", "Classic USD" classes.

An advisory fee of maximum 0.15% was applied to the sub-fund Quam 12 (absorbed on 14 October 2013).

PARWORLD


The management fees are as follow:

Sub-fund Classic N Privilege I I Plus K BETA DERIVATIVES FUND 1.75% - 0.90% 0.75% 0.40% - CHAMPIONS - EUROPA (launched on 27 January 2014)

- - - - - 0.60%

CHAMPIONS - MONDO PMI (launched on 19 May 2014)

- - - - - 1.00%

CHAMPIONS - MONDO PMI 2 (launched on 1 July 2014)

- - - - - 1.00%

EURO SHORT TERM FIXED INCOME

0.75% - - 0.30% - -

FLEXIBLE TRACKER ALLOCATION 1.00% 1.00% 0.50% 0.40% - - GLOBAL SUSTAINABLE DEVELOPMENT 80 (liquidated on 22 September 2014)

1.95% - - - - -

MULTI-STRATEGY HIGH VOL 1.75% - 0.90% 0.75% 0.40% - QUAM 12 (absorbed on 14 October 2013) 1.65% 1.65% 0.85% 0.70% - -

QUANT COMMODITIES (liquidated on 5 December 2013)

1.75% 1.75% 0.90% 0.75% - -

QUANT EQUITY EURO COVERED (liquidated on 29 April 2014)

1.50% 1.50% 0.75% 0.60% - -

QUANT EQUITY EUROPE GURU 1.30% 1.30% 0.65% 0.60% - - QUANT EQUITY WORLD GURU 1.40% 1.40% 0.70% 0.65% - - QUANT RAW MATERIALS (liquidated on 5 December 2013)

1.75% 1.75% 0.90% 0.75% - -

QUANTITATIVE FIXED INCOME 1.20% 1.20% 0.60% 0.50% - - TRACK CONTINENTAL EUROPE 0.60% 0.60% 0.30% 0.20% - - TRACK EMERGING MARKETS 0.60% - 0.30% 0.25% - - TRACK EMERGING MARKETS BOND

0.60% - 0.30% 0.20% - -

TRACK EMU 0.60% - 0.30% 0.20% - - TRACK EMU GOVERNMENT BOND 0.50% - 0.25% 0.15% - - TRACK EMU GOVERNMENT BOND 1 - 3 Years (launched on 10 February 2014)

0.50% - 0.25% 0.15% - -

TRACK EURO CORPORATE BOND 0.50% - 0.25% 0.15% - - TRACK EURO INFLATION LINKED BOND

0.50% - 0.25% 0.15% - -

TRACK EUROPE 0.60% - 0.30% 0.20% - - TRACK EUROPE SMALL CAP 0.60% - 0.30% 0.20% - - TRACK FTSE EDHEC-RISK EFFICIENT EUROBLOC (liquidated on 27 January 2014)

1.00% - 0.50% 0.20% - -

TRACK GLOBAL GOVERNMENT BOND EX EMU

0.50% - 0.25% 0.15% - -

TRACK JAPAN 0.60% 0.60% 0.30% 0.20% - - TRACK NORTH AMERICA 0.60% 0.60% 0.30% 0.20% - - TRACK PACIFIC EX JAPAN 0.60% 0.60% 0.30% 0.20% - - TRACK UK 0.60% 0.60% 0.30% 0.20% - - TRACK WORLD 0.60% - 0.30% 0.20% - -

A sub-fund may not invest in a UCITS, or other UCI (underlying), with a management fee exceeding 3% per annum.

PARWORLD


The maximum management fee applied for the underlying sub-funds is as follow:

Security Name Management Fee BNP PARIBAS MONEY 3 M IC 0.25%

KLEBER EONIA PRIME FCP 0.04%

THEAM F IGE 1 PART A 1.50%

THEAM I KGE B1 O FCP 1.50%

THEAM I KGE B2 O FCP 1.50%

PARVEST EQUITIES EUROPE MID CAP IC 0.60%

PARVEST EQUITIES EUROPE SMALL CAP IC 0.70%

PARWORLD EURO SHORT TERM FIXED INCOME I 0.30%

PARVEST EQUITY JAPAN SMALL CAP-I 0.70%

PARVEST EQUITY USA SMALL CAP 0.70%

Note 5 - Performance fees Performance fees are accrued when the difference between the annual performance of the sub-funds as stated below (i.e. over the accounting year) and the hurdle rate (this can be a reference index performance, a fixed rate or another reference) is positive. This fee is payable to the Management Company. The performance fee will be calculated daily and provision will be adjusted on each valuation day during the financial year with the application of the “high water mark with hurdle rate” method. Hurdle rate means the performance of a reference index (or other references) as specified at the level of the sub-fund whereas high water mark means the highest NAV of the sub-fund as at the end of any previous financial year on which performance fees becomes payable to the Management Company, after deducting any performance fee. Performance fee will be accrued if the performance of the sub-fund exceeds the hurdle rate and the high water mark.

- FLEXIBLE TRACKER ALLOCATION: 10% of the positive difference between the annual performance of the sub-fund and 3M Euribor.

- MULTI-STRATEGY HIGH VOL: 20% of the positive difference between the annual performance of the sub-fund and Eonia.

- QUAM 12: (absorbed on 14 October 2013): 15% of the positive difference between the annual performance of the sub-fund and 1M Euribor.

- QUANTITATIVE FIXED INCOME: 20% of the positive difference between the annual performance of the sub-fund and Eonia.

Note 6 - Other fees The other fees are calculated and deducted from the average net assets of a sub-fund, share category, or share class and serving to cover general custody assets expenses (remuneration of the custodian bank) and daily administration expenses (NAV calculation, record and book keeping, notices to the shareholders, providing and printing the documents legally required for the shareholders, domiciliation, auditors cost and fees, amortisation of placement fees...), except for brokerage fees, commissions for transactions not related to the deposit, director fees, interest and bank fees, extraordinary expenses, reporting cost in relation with regulation requirements including the European Market Infrastructure Regulation (EMIR), and the “taxe d’abonnement” in force in Luxembourg, as well as any other specific foreign tax and other regulators’ levy.

PARWORLD


Note 7 - Exchange rates The exchange rates used for consolidation and for share classes denominated in a foreign currency as at 30 September 2014 were the following:

1 AED = 0.21552 EUR1 AUD = 0.69269 EUR1 BRL = 0.32316 EUR1 CAD = 0.70834 EUR1 CHF = 0.82847 EUR1 CLP = 0.00132 EUR1 COP = 0.00039 EUR1 CZK = 0.03635 EUR1 DKK = 0.13434 EUR1 EGP = 0.11071 EUR1 GBP = 1.28337 EUR1 IDR = 0.00006 EUR1 INR = 0.01282 EUR1 HKD = 0.10194 EUR1 HUF = 0.00322 EUR1 JPY = 0.00722 EUR1 KRW = 0.00075 EUR1 MXN = 0.05894 EUR1 MYR = 0.24131 EUR1 NOK = 0.12325 EUR1 NZD = 0.61702 EUR1 PHP = 0.01764 EUR1 PLN = 0.23945 EUR1 QAR = 0.21736 EUR1 RUB = 0.02001 EUR1 SEK = 0.10982 EUR1 SGD = 0.62071 EUR1 THB = 0.02441 EUR1 TRY = 0.34707 EUR1 TWD = 0.02602 EUR1 USD = 0.79161 EUR1 ZAR = 0.07006 EUR

PARWORLD


Note 8 - Forward foreign exchange contracts At 30 September 2014, the following positions were outstanding: CHAMPIONS - MONDO PMI

Currency Purchase amount Currency Sale amount EUR 2 912 198 JPY 405 000 000

EUR 16 726 349 USD 21 220 000

Net unrealised loss in (EUR) (77 586) As at 30 September 2014, the latest maturity of all outstanding contracts is 31 October 2014.

FLEXIBLE TRACKER ALLOCATION

Currency Purchase amount Currency Sale amount EUR 700 000 JPY 97 332 690 EUR 5 000 000 USD 6 481 680

Net unrealised loss in (EUR) (132 386)

As at 30 September 2014, the latest maturity of all outstanding contracts is 22 October 2014. MULTI-STRATEGY HIGH VOL

Currency Purchase amount Currency Sale amount AUD 23 488 004 JPY 2 270 585 346 CAD 16 653 574 EUR 11 821 106 CAD 11 775 224 USD 10 628 322 EUR 11 821 106 CAD 16 934 739

EUR 1 400 000 CAD 1 986 166 EUR 12 000 000 CHF 14 478 348 EUR 47 130 216 GBP 37 343 788 EUR 2 010 375 GBP 1 600 000 EUR 3 200 000 GBP 2 496 224 EUR 11 744 002 GBP 9 141 860

EUR 17 066 657 JPY 2 382 792 036 EUR 2 055 458 JPY 286 000 000 EUR 11 821 106 NOK 97 344 444 EUR 2 700 000 NOK 22 146 318 EUR 5 872 001 SEK 54 406 732 EUR 5 872 001 SEK 53 518 474

EUR 20 585 979 USD 26 700 000 GBP 27 530 924 EUR 35 232 006 GBP 11 821 106 USD 19 022 760 GBP 27 251 151 USD 44 330 626 JPY 3 991 485 635 AUD 41 181 111 JPY 1 685 756 360 AUD 17 616 003

JPY 2 372 785 855 EUR 17 066 657 JPY 1 015 128 044 NZD 11 744 002 JPY 160 942 350 NZD 1 900 000 JPY 1 001 291 497 NZD 11 744 002 JPY 997 018 794 SGD 11 744 002 JPY 1 009 529 678 SGD 11 744 002

JPY 1 230 627 286 USD 11 702 895

PARWORLD


MULTI-STRATEGY HIGH VOL (continued)Currency Purchase amount Currency Sale amount

JPY 10 867 237 137 USD 99 902 385 MXN 314 592 097 USD 23 565 108 MXN 596 400 588 USD 44 401 060 NOK 97 482 263 EUR 11 744 002 NOK 71 222 630 USD 11 100 265

NZD 17 140 604 USD 14 007 302

PLN 146 356 106 USD 44 401 060 SEK 85 111 131 USD 11 744 002 SGD 14 828 623 USD 11 744 002 SGD 14 130 637 USD 11 100 265 SGD 7 344 482 USD 5 800 000

TRY 78 465 729 USD 35 232 006

USD 33 246 861 CAD 36 368 693 USD 22 200 530 CAD 24 454 816 USD 44 401 060 CAD 49 379 618 USD 22 372 324 CAD 25 043 430 USD 22 200 530 CHF 21 019 018

USD 22 012 897 EUR 17 094 408

USD 19 484 020 GBP 11 821 106 USD 66 716 829 GBP 40 904 477 USD 11 702 895 JPY 1 228 718 310 USD 55 501 325 JPY 6 061 073 258 USD 22 200 530 KRW 23 479 280 528

USD 23 565 108 MXN 311 209 447

USD 44 401 060 MXN 591 143 725 USD 11 100 265 NOK 71 469 056 USD 14 229 149 NZD 17 140 604 USD 44 401 060 PLN 146 072 827 USD 23 488 004 SEK 168 552 031

USD 11 744 002 SEK 84 777 449

USD 11 821 106 SGD 14 932 799 USD 55 501 325 SGD 70 511 270 USD 5 800 000 SGD 7 379 456 USD 35 190 899 TRY 77 584 198 USD 35 309 110 ZAR 390 592 434

ZAR 394 843 917 USD 35 232 006

Net unrealised gain in (EUR) 1 721 236

As at 30 September 2014, the latest maturity of all outstanding contracts is 31 October 2014.

QUANT EQUITY WORLD GURU Currency Purchase amount Currency Sale amount

EUR 495 000 USD 631 014

Net unrealised loss in (USD) (5 544)

As at 30 September 2014, the latest maturity of all outstanding contracts is 31 October 2014.

PARWORLD


QUANTITATIVE FIXED INCOME Currency Purchase amount Currency Sale amount

CAD 4 450 000 EUR 3 134 083

CAD 6 490 000 EUR 4 603 633 EUR 924 697 AUD 1 340 000 EUR 37 163 AUD 54 000 EUR 3 702 842 AUD 5 360 000 EUR 24 203 AUD 35 000

EUR 48 362 GBP 38 000

EUR 41 167 GBP 32 000 EUR 2 311 972 GBP 1 800 000 EUR 919 165 NOK 7 500 000 EUR 6 167 097 SEK 56 600 000 EUR 6 581 799 SEK 60 400 000

EUR 26 447 USD 34 000

EUR 21 432 USD 27 000 GBP 2 040 000 EUR 2 588 668 JPY 511 000 000 EUR 3 659 738 JPY 600 000 000 EUR 4 336 199

NOK 5 100 000 EUR 628 743

NZD 2 510 000 EUR 1 583 175

NZD 4 390 000 EUR 2 694 377 USD 1 140 000 EUR 885 213 USD 1 200 000 EUR 949 607

Net unrealised loss in (EUR) (57 380) As at 30 September 2014, the latest maturity of all outstanding contracts is 10 October 2014.

Counterparties to Forward foreign exchange contracts:

Barclays Bank PLC

Barclays Capital S

BNP Paribas SA

Citigroup Global M

Credit Suisse London

Goldman Sachs International (London)

HSBC Midland (London)

JP Morgan SL (London)

Nomura International P.L.C.

Société Générale PARIS

PARWORLD


Note 9 - Futures contracts At 30 September 2014, the following positions were outstanding: BETA DERIVATIVES FUND

Currency Quantity Purchase/

Sale Description Maturity

Commitment in (EUR)

Unrealised gain/(loss) in (EUR)

EUR 1 292 P EURO STOXX 50

19/12/2014 19/12/2014 41 641 160 170 280

EUR 119 P EURO-BTP FUTURE

10/12/2014 10/12/2014 15 527 120 170 250

EUR 104 P EURO-BUND

FUTURE 10/12/2014 10/12/2014 15 568 800 85 280

JPY 18 P EURO/JPY FUTURE

17/12/2014 17/12/2014 2 249 477 19 566

JPY 212 P NIKKEI 225 (SGX)

12/12/2014 12/12/2014 12 330 900 399 070

USD 56 P CBOE VIX FUTURE

19/11/2014 19/11/2014 738 096 70 928

USD 56 P CBOE VIX FUTURE

22/10/2014 22/10/2014 722 581 60 107

USD 139 P EURO FX CURR FUT

17/12/2014 17/12/2014 17 378 439 (403 686)

USD 618 P MINI MSCI EMG MKT 19/12/2014

19/12/2014 24 526 760 (1 610 236)

USD 96 P S&P 500 FUTURE

19/12/2014 19/12/2014 37 341 777 (470 137)

USD 319 P US 10YR NOTE

(CBT) 31/12/2014 31/12/2014 31 474 656 (197 123)

Total (1 705 701)

At 30 September 2014, the sub-fund received from BNP Paribas Securities Services the following collateral in cash: EUR 977 599.

CHAMPIONS - EUROPA



Commitment in (EUR)

Unrealised gain/(loss) in (EUR)


10/12/2014 10/12/2014 67 849 600 511 970

EUR 620 P SHORT EURO-BTP

FUT 10/12/2014 10/12/2014 68 906 800 (159 780)

Total 352 190


PARWORLD





Commitment in (EUR)

Unrealised gain/(loss) in

(EUR)


10/12/2014 10/12/2014 41 753 600 337 750


FUT 10/12/2014 10/12/2014 42 233 200 (93 020)

Total 244 730

At 30 September 2014, the sub-fund received from BNP Paribas Securities Services the following collateral in cash: EUR 202 000. CHAMPIONS - MONDO PMI 2



Commitment in (EUR)


(EUR)


10/12/2014 10/12/2014 63 935 200 44 100


FUT 10/12/2014 10/12/2014 64 461 200 -

Total 44 100

At 30 September 2014, the sub-fund received from BNP Paribas Securities Services the following collateral in cash: EUR 44 100. MULTI-STRATEGY HIGH VOL



Commitment in (EUR)


(EUR)

AUD 17 P AUST 10Y BOND FUT 16/12/2014

16/12/2014 1 422 508 13 732

EUR 9 S DAX INDEX

FUTURE 19/12/2014 19/12/2014 (2 135 363) 60 413

EUR 132 S EURO OAT FUTURE

10/12/2014 10/12/2014 (18 975 000) (211 000)

EUR 379 P EURO STOXX 50

19/12/2014 19/12/2014 12 215 170 80 630

EUR 44 S EURO STOXX BANK

19/12/2014 19/12/2014 (328 240) 2 200

EUR 179 P EURO-BOBL

FUTURE 10/12/2014 10/12/2014 22 897 680 57 060

EUR 239 S EURO-BTP FUTURE

10/12/2014 10/12/2014 (31 184 720) (331 150)

EUR 22 S EURO-BUND

FUTURE 10/12/2014 10/12/2014 (3 293 400) (7 860)

PARWORLD


MULTI-STRATEGY HIGH VOL (continued)



Commitment in (EUR)


(EUR)

EUR 155 S STOXX 600 RETL

19/12/2014 19/12/2014 (2 254 475) 76 830

GBP 26 P FTSE 100 IDX FUT

22/12/2014 22/12/2014 2 204 094 (61 999)

GBP 63 P LONG GILT FUTURE

31/12/2014 31/12/2014 9 147 613 44 905

JPY 51 S 10YR MINI JGB FUT

11/12/2014 11/12/2014 (5 366 379) (1 104)

JPY 40 P NIKKEI 225 (SGX)

12/12/2014 12/12/2014 2 326 585 53 763

USD 50 S AUDUSD CRNCY

FUT 17/12/2014 17/12/2014 (3 442 312) 164 362

USD 53 S EURO E-MINI FUT

17/12/2014 17/12/2014 (3 313 156) 76 873

USD 7 S EURO FX CURR FUT

17/12/2014 17/12/2014 (875 173) 4 779

USD 40 S JPN YEN CURR FUT

17/12/2014 17/12/2014 (3 609 737) 2 375

USD 51 S MINI MSCI EMG MKT 19/12/2014

19/12/2014 (2 024 053) 55 824

USD 356 S NASDAQ 100 E-MINI

19/12/2014 19/12/2014 (22 797 245) (60 297)

USD 273 P S&P500 EMINI FUT

19/12/2014 19/12/2014 21 238 136 (14 971)

USD 368 S US 10YR NOTE

(CBT) 31/12/2014 31/12/2014 (36 309 321) (110 912)

USD 530 S US 5YR NOTE (CBT)

06/01/2015 06/01/2015 (49 615 390) (65 265)

USD 47 S US LONG

BOND(CBT) 31/12/2014

31/12/2014 (5 130 888) (59 049)

Total (229 862)


PARWORLD





Commitment in (EUR)


(EUR)

AUD 5 S 90-DAY BANK BILL

11/09/2015 11/09/2015 (3 440 032) 455

AUD 1 S 90-DAY BANK BILL

11/12/2015 11/12/2015 (687 922) (152)

AUD 14 P AUST 10Y BOND FUT 16/12/2014

16/12/2014 1 171 477 10 021

CAD 1 S BANK ACCEPT FUTR 14/09/2015

14/09/2015 (174 597) (18)

CAD 4 P CAN 10YR BOND

FUT 31/12/2014 31/12/2014 383 864 1 063

CHF 3 S EURO CHF 3MO LIF

14/09/2015 14/09/2015 (621 971) (331)

EUR 4 S 3MO EURO

EURIBOR 14/09/2015 14/09/2015 (999 300) (825)

EUR 8 S EURO-BUND

FUTURE 10/12/2014 10/12/2014 (1 197 600) (8 320)

GBP 8 P 90DAY STERLING

FUT 16/09/2015 16/09/2015 1 267 582 3 112

GBP 1 P 90DAY STERLING

FUT 16/12/2015 16/12/2015 158 111 64

GBP 10 S LONG GILT FUTURE

31/12/2014 31/12/2014 (1 452 002) (4 748)

JPY 4 P 10YR MINI JGB FUT

11/12/2014 11/12/2014 420 893 -

JPY 19 S 3MO EUROYEN TFX

15/09/2015 15/09/2015 (3 421 646) (289)

JPY 2 S 3MO EUROYEN TFX

15/12/2015 15/12/2015 (360 173) (36)

USD 1 P 90DAY EURO$ FUTR

14/12/2015 14/12/2015 195 715 (99)

USD 5 P EURODOLLAR ECH. 14/09/2015

14/09/2015 981 397 (564)

USD 13 P US 10YR NOTE

(CBT) 31/12/2014 31/12/2014 1 282 666 (7 279)

Total (7 946)


PARWORLD





Commitment in (EUR)


(EUR)


19/12/2014 19/12/2014 1 224 740 4 280

Total 4 280


TRACK EMU



Commitment in (EUR)


(EUR)


19/12/2014 19/12/2014 870 210 2 910

Total 2 910

At 30 September 2014, the sub-fund received from BNP Paribas Securities Services the following collateral in cash: EUR 16 040. TRACK EUROPE



Commitment in (EUR)


(EUR)

EUR 68 P STOXX 50 FUTR

19/12/2014 19/12/2014 2 083 520 (35 360)

Total (35 360)

At 30 September 2014, the sub-fund received from BNP Paribas Securities Services the following collateral in cash: EUR 24 460. TRACK JAPAN



Commitment in (EUR)


(EUR)

JPY 42 P NIKKEI 225 (OSE)

12/12/2014 12/12/2014 4 904 014 66 897

Total 66 897


PARWORLD


TRACK NORTH AMERICA



Commitment in (EUR)


(EUR)

USD 7 P S&P 500 FUTURE

19/12/2014 19/12/2014 2 722 838 (32 199)

Total (32 199)

At 30 September 2014, the sub-fund received from BNP Paribas Securities Services the following collateral in cash: EUR 5 541. TRACK PACIFIC EX JAPAN



Commitment in (EUR)


(EUR)

AUD 8 P SPI 200 FUTURES

19/12/2014 19/12/2014 731 895 (26 166)

Total (26 166)


TRACK UK



Commitment in (EUR)


(EUR)

GBP 6 P FTSE 100 IDX FUT

22/12/2014 22/12/2014 508 637 (11 178)

Total (11 178)

At 30 September 2014, the sub-fund received from BNP Paribas Securities Services the following collateral in cash: EUR 738.

Counterparties to Future contracts:

BNP Paribas Securities Services

Note 10 - Options positions At 30 September 2014, the following positions on options sold were outstanding: BETA DERIVATIVES FUND


Sale Description

Maturity date

Strike Commitment

in (EUR)

Market value

in (EUR)

EUR 1 292 S CALL DJ EURO

STOXX 50 17/10/2014 3 300.00 42 636 000.00 (195 092)

JPY 106 S CALL NIKKEI DJ

TOKYO 10/10/2014 16 125.00 12 340 785.00 (152 989)

USD 7 381 S CALL ISHARES

MSCI EM 18/10/2014 45.00 26 292 930.00 (8 764)

USD 239 S CALL S&P500

INDEX 18/10/2014 2 020.00 38 217 348.00 (58 650)

Total (415 495)

PARWORLD




Sale Description

Maturity date

Strike Commitment

in (EUR)

Market value

in (EUR)

EUR 6 990 S PUT EURO-BUND

OPTION 21/11/2014 141.50 989 085 000.00 3 425 100


OPTION 21/11/2014 142.50 371 355 000.00 364 840


OPTION 24/10/2014 146.50 286 554 000.00 312 960

EUR 118 500 000 S CALL EUR/GBP 10/10/2014 0.82 97 170 000.00 (103)

EUR 512 S PUT STOXX MID 200 RETURN EUR

19/12/2014 345.00 8 832 000.00 (125 440)

EUR 3 824 S PUT DJ EURO

STOXX 50 17/10/2014 2 750.00 105 160 000.00 (38 240)


STOXX 50 21/11/2014 2 850.00 63 954 000.00 (222 156)


STOXX 50 21/11/2014 2 800.00 62 832 000.00 (175 032)

EUR 892 P CALL DJ EURO

STOXX 50 17/10/2014 3 300.00 29 436 000.00 134 692

EUR 2 244 P PUT DJ EURO

STOXX 50 21/11/2014 2 500.00 56 100 000.00 53 856


STOXX 50 17/10/2014 2 550.00 48 756 000.00 7 648


STOXX 50 17/10/2014 2 950.00 56 404 000.00 65 008


STOXX 50 21/11/2014 3 025 67 881 000.00 543 048

EUR 801 P CALL DJ EURO ST

BANK 20/03/2015 170.00 6 808 500.00 100 125

EUR 118 500 000 P CALL EUR/GBP 10/10/2014 0.805 95 392 500.00 1 023

EUR 118 500 000 P CALL EUR/GBP 10/10/2014 0.82 97 170 000.00 49

EUR 21 600 000 P CALL EUR/GBP 26/11/2014 0.83 17 928 000.00 3 612

EUR 172 200 000 P CALL EUR/GBP 26/11/2014 0.83 142 926 000.00 24 547

EUR 1 303 P PUT EURO-BUND

OPTION 21/11/2014 139.50 181 768 500.00 (39 090)


OPTION 21/11/2014 141.00 492 795 000.00 (1 398 000)

EUR 652 P PUT EURO-BUND

OPTION 24/10/2014 141.00 91 932 000.00 -


OPTION 21/11/2014 143.00 499 785 000.00 (2 901 030)


OPTION 21/11/2014 146.50 190 889 500.00 (873 010)


OPTION 24/10/2014 148.00 192 992 000.00 (443 360)

EUR 512 P CALL STOXX MID 200 RETURN EUR

19/12/2014 380.00 9 728 000.00 48 640

EUR 512 P PUT STOXX MID 200 RETURN EUR

19/12/2014 325.00 8 320 000.00 30 720

JPY 141 P CALL NIKKEI DJ

TOKYO 14/11/2014 16 500.00 16 797 330.00 213 679

USD 336 P PUT S&P500 INDEX 22/11/2014 1 825.00 48 541 525.00 308 538

USD 242 P PUT S&P500 INDEX 22/11/2014 1 930.00 36 972 937.00 550 762

USD 308 P PUT S&P500 INDEX 18/10/2014 1 950.00 47 544 097.00 394 981

Total 368 367

PARWORLD


Counterparties to Options:

BNP Paribas Securities Services

Goldman Sachs

Note 11 - Credit Derivatives QUANTITATIVE FIXED INCOME

Hedging purchase/ sale

Face value Currency Rate (%)

Counterparty Underlying

Unrealized gain/(loss)

EUR Maturity

Purchase 4 300 000.00 EUR 1 BNP PARIBAS LONDON BRANCH

(46 703.36) 20/06/2016

MARKIT ITRAXX EUROPE HI VOLUME S15 INDEC RED

Purchase 900 000.00 EUR 1 BNP PARIBAS LONDON BRANCH

(12 386.56) 20/06/2016

AKZO NOBEL SWEDEN

Purchase 1 000 000.00 EUR 1 SOCIETE GENERALE (15 897.93) 20/06/2016

LINDE FINANCE BV

Sale 700 000.00 EUR 1 BNP PARIBAS LONDON BRANCH

9 768.22 20/06/2016

VALEO

Purchase 900 000.00 EUR 1 GOLDMAN SACHS INTERNATIONAL LT

(12 991.29) 20/06/2016

SCA FINANS AB


3 331.50 20/06/2016

HELDELBERGCEMENT FIN


(12 986.26) 20/06/2016

THALES SA


(11 511.35) 20/06/2016

BOUYGUES SA

Purchase 1 100 000.00 EUR 1 SOCIETE GENERALE (18 094.93) 20/06/2016

NOVARTIS AG

Purchase 900 000.00 EUR 1 SOCIETE GENERALE (13 783.22) 20/06/2016

DIAGEO CAP PLC

Purchase 800 000.00 EUR 1 GOLDMAN SACHS INTERNATIONAL LT

(10 615.20) 20/06/2016

ACCOR

PARWORLD


QUANTITATIVE FIXED INCOME (continued)





EUR Maturity


(15 484.56) 20/06/2016

GLAXOSMITHKLINE


(16 224.68) 20/06/2016

UNILEVER NV


845.76 20/06/2016

STORA ENSO OYJ


(11 042.67) 20/06/2016

CARREFOUR SA


8 555.11 20/06/2016

GKN HOLDING PLC

Sale 500 000.00 EUR 1 RBS CAPITAL TRUST (581.28) 20/06/2016

LADBROKES GROUP

Purchase

600 000.00

EUR

1

JP MORGAN CHASE BANK THYSSENKRUPP AG.

(3 345.29)

20/06/2016

Sale

500 000.00

EUR

1

JP MORGAN CHASE BANK UPM-KYMMENE CORP

1 464.63

20/06/2016

Purchase 900 000.00 EUR 1 JP MORGAN CHASE BANK

(11 700.64) 20/06/2016

TECHNIP SA

Sale 500 000.00 EUR 1 JP MORGAN CHASE BANK

6 946.51 20/06/2016

CONTI-GUMMI

Sale 500 000.00 EUR 1 JP MORGAN SECURITIES

(3 513.79) 20/06/2016

FIAT FIN & TRADE

Sale 600 000.00 EUR 1 BNP PARIBAS (3 969.21) 20/06/2016

PORTUGAL TELECOM INTERNATIONAL FINANCE BV

Sale 800 000.00 EUR 1 BNP PARIBAS 11 110.25 20/06/2016

KINGFISHER PLC


ANGLO AMERICAN

Purchase 800 000.00 EUR 1 BNP PARIBAS (8 038.14) 20/06/2016

METRO AG

PARWORLD


QUANTITATIVE FIXED INCOME (continued)





EUR Maturity


METSO CORP


BRITISH TEL PLC


NEXT PLC

Purchase 1 000 000.00 EUR 1 BNP PARIBAS (13 540.46) 20/06/2016

ORANGE


11 666.69 20/06/2016

AIRBUS GP

Purchase 750 000.00 EUR 1 BNP PARIBAS (8 479.75) 20/06/2016

KPN2 NV

Total (158 759.83)

Note 12 - Performance Swaps contracts

BETA DERIVATIVES FUND

Nominal Currency Rate payable

Counterparty

Unrealized gain/(loss) Maturity

Rate receivable EUR

10 000 000 EUR

Amount based on the 20 previous days of volatility and theoritical leverage reached by the sub-fund Amount exceeding the maximum daily loss of 85% between the previous NAV and the next opening NAV

BNP PARIBAS ARBITRAGE

(11 700) 02/04/2043

19 250 000 EUR Euribor 3 mois + 0.90%

Iboxx EUR Liquid High Yield 30 TR SOCIETE GENERALE (127 023) 04/09/2015

27 700 000 EUR Euribor 3 mois + 0.60%

Iboxx Euro Liquid Corporates TR SOCIETE GENERALE (18 437) 04/09/2015

8 800 000 USD

0.17%

S&P GSCI Ultra Light Energy Excess Return

BNP PARIBAS ARBITRAGE (357 517) 04/09/2015

Total (514 677)

PARWORLD




Counterparty


Rate receivable EUR

283 799 827 EUR

Euribor 3 mois BNP PARIBAS GURU Equity Europe Long Total Return EUR


16 155 787 18/11/2014

266 264 795 EUR

Share's basket (*) Euribor 3 mois + 0.14%


(13 560 600) 03/12/2014

Total 2 595 187

(*) The basket of shares consists of the following securities :

Currency Quantity Name

EUR 110 618 BMW

EUR 83 452 ALLIANZ

EUR 195 047 ASML HOLDING NV

EUR 127 884 BASF NOM.

EUR 92 272 SIEMENS

EUR 575 528 DEUTSCHE TELEKOM

EUR 127 415 BAYER

EUR 763 382 E.ON NOM.

EUR 100 225 ADIDAS NOM.

EUR 300 817 DEUTSCHE BANK

EUR 589 455 TENARIS

EUR 107 901 DAIMLER

EUR 132 344 ANHEUSER-BUSCH INBEV

EUR 280 997 DEUTSCHE POST NOM.

EUR 140 809 UCB

EUR 203 330 KBC GROEP

EUR 207 516 AIRBUS GROUP

EUR 781 933 GALP ENERGIA

EUR 605 413 TELEFONICA

EUR 1 363 417 BANCO SANTANDER

EUR 428 626 KON.PHILIPS ELECTRONICS

EUR 59 086 MUNCHENER RUCKVERSICHERUNGS

EUR 1 028 379 ING GROEP

EUR 317 744 RWE A

EUR 314 761 ROYAL DUTCH SHELL CL.A

EUR 408 527 WOLTERS KLUWER

EUR 1 072 719 BANCO BILBAO VIZCAYA ARGENTARIA

EUR 148 426 SAP

EUR 279 173 UNILEVER

PARWORLD




Counterparty


Rate receivable USD

235 003 563 USD

Libor USD 3 mois + 0.26% BNP PARIBAS GURU Equity All Country Long Total Return volcap 32

BNP PARIBAS 4 426 057 13/11/2014

225 387 137 USD

Share's basket (*) Libor USD 3 mois + 0.08%

BNP PARIBAS 16 745 137 21/01/2015

Total 21 171 194

(*) The basket of shares consists of the following securities :

Currency Quantity Name

EUR 104 552 BASF NOM.

EUR 131 713 DAIMLER

EUR 79 432 BAYER

EUR 328 761 DEUTSCHE POST NOM.

EUR 711 749 DEUTSCHE TELEKOM

EUR 244 947 INFINEON TECHNOLOGIES

EUR 518 636 COMMERZBANK AG

EUR 338 251 AIRBUS GROUP

EUR 269 336 RWE A

EUR 584 669 E.ON NOM.

EUR 104 954 SIEMENS

EUR 97 068 ANHEUSER-BUSCH INBEV

EUR 26 214 GROUPE BRUXELLES LAMBERT

EUR 142 989 BOSKALIS WESTMINSTER

EUR 62 668 ALLIANZ

EUR 181 862 TELEFONICA

EUR 504 151 KONINKLIJKE AHOLD NV

EUR 86 061 DEUTSCHE BANK

EUR 41 615 MUNCHENER RUCKVERSICHERUNGS

EUR 57 132 RANDSTAD HOLDING

EUR 100 101 UCB

EUR 49 341 FRESENIUS SE & KGAA

EUR 29 116 FRESENIUS MEDICAL CARE

EUR 354 809 KON.PHILIPS ELECTRONICS EUR 139 757 SAP

Counterparties to Swaps contracts:

BNP Paribas Arbitrage

BNP Paribas

Société Générale

PARWORLD


Note 13 – Inflation Swaps CHAMPIONS - EUROPA


Counterparty


Rate receivable EUR

29 000 000 EUR EUR - Excluding Tobacco - Non- revised Consumer Price Index 1.505%

BNP PARIBAS 439 684 10/09/2019


BNP PARIBAS 464 777 10/10/2019

Total 904 460



Counterparty


Rate receivable EUR


CITI GROUP GLOBAL M

59 924 16/09/2019

Total 59 924

Counterparties to Swaps contracts:

BNP Paribas

Citi Group Global M

Note 14 - Global overview of collateral held per sub-fund As at 30 September 2014, the Company immobilised the following collateral (cash and/or securities) to the profit of the swap and forward foreign exchange contract’s counterparties:

Sub-fund Currency OTC collateral Type of collateral

BETA DERIVATIVES FUND EUR (828 000) French Govt Bill

CHAMPIONS - MONDO PMI EUR (570 000) Cash

QUANTITATIVE FIXED INCOME EUR (170 000) Cash

As at 30 September 2014, the swap contract’s counterparties immobilised the following collateral (cash and/or securities) to the profit of the Company:

Sub-fund Currency OTC collateral Type of collateral

CHAMPIONS - EUROPA EUR 740 000 Cash

MULTI-STRATEGY HIGH VOL EUR 152 000 Cash/French Govt Bill

QUANT EQUITY EUROPE GURU EUR 2 260 000 Cash

QUANT EQUITY WORLD GURU USD 24 317 530 Cash

PARWORLD


Note 15 - List of investment managers at 30 September 2014 BNP Paribas Asset Management S.A.S. abbreviated to BNPP AM France THEAM S.A.S. abbreviated to THEAM BNP PARIBAS Investment Partners UK Ltd. abbreviated to BNPP IP UK BNP PARIBAS Investment Partners Netherlands N.V.

Sub-fund Investment Manager

EURO SHORT TERM FIXED INCOME BNPP AM France QUANTITATIVE FIXED INCOME (until 30 January 2014)

GLOBAL SUSTAINABLE DEVELOPMENT 80 (liquidated on 22 September 2014)

BNPP AM France subdelegating FX

Management to BNPP IP UK

QUAM 12 (absorbed on 14 October 2013) Edmond de Rothschild Fund

Management Ltd FLEXIBLE TRACKER ALLOCATION

THEAM subdelegating FX Management to BNPP IP UK MULTI-STRATEGY HIGH VOL

BETA DERIVATIVES

CHAMPIONS - EUROPA

THEAM



QUANT COMMODITIES (liquidated on 5 December 2013)

QUANT EQUITY EURO COVERED (liquidated on 29 April 2014)



QUANT RAW MATERIALS (liquidated on 5 December 2013)

QUANTITATIVE FIXED INCOME (since 31 January 2014)



TRACK EMERGING MARKETS BOND

TRACK EMU

TRACK EMU GOVERNMENT BOND

TRACK EMU GOVERNMENT BOND 1-3 years

TRACK EURO CORPORATE BOND

TRACK EURO INFLATION LINKED BOND

TRACK EUROPE

TRACK EUROPE SMALL CAP TRACK FTSE EDHEC-RISK EFFICIENT EUROBLOC (liquidated on 27 January 2014) TRACK GLOBAL GOVERNMENT BOND EX EMU

TRACK JAPAN

TRACK NORTH AMERICA

TRACK PACIFIC EX JAPAN

TRACK UK

TRACK WORLD

PARWORLD


Note 16 - Transaction fees

Transaction fees incurred by the Fund relating to purchase or sale of transferable securities, money market instruments, derivatives or other eligible assets are mainly composed of standard fees, sundry fees on transaction, stamp fees, custody fees, VAT fees, stock exchange fees and RTO fees (Reception and Transmission of Orders). Transaction fees are included in the cost of securities purchased and the net realised result on investment securities for securities sold.

In line with bond market practice, a bid-offer spread is applied when buying and selling these securities. Consequently, in any given transaction, there will be a difference between the purchase and sale prices quoted by the broker, which represents the broker’s fee.

Bank fees in the statement of operations and change in net assets are partly composed of transaction fees on derivatives.

For the financial period from 1 October 2013 until 30 September 2014 these transaction fees were as follows:

Sub-fund Currency Transaction fees BETA DERIVATIVES FUND EUR 902 328 CHAMPIONS - EUROPA (launched on 27 January 2014) EUR 3 247 CHAMPIONS - MONDO PMI (launched on 19 May 2014) EUR 977 CHAMPIONS - MONDO PMI 2 (launched on 1 July 2014) EUR - EURO SHORT TERM FIXED INCOME EUR - FLEXIBLE TRACKER ALLOCATION EUR 23 275 GLOBAL SUSTAINABLE DEVELOPMENT 80 (liquidated on 22 September 2014)

EUR 32

MULTI-STRATEGY HIGH VOL EUR 839 606 QUAM 12 (absorbed on 14 October 2013) EUR - QUANT COMMODITIES (liquidated on 5 December 2013) USD - QUANT EQUITY EURO COVERED (liquidated on 29 April 2014) EUR - QUANT EQUITY EUROPE GURU EUR -

QUANT EQUITY WORLD GURU USD - QUANT RAW MATERIALS (liquidated on 5 December 2013) USD - QUANTITATIVE FIXED INCOME EUR 8 081 TRACK CONTINENTAL EUROPE EUR 22 887 TRACK EMERGING MARKETS USD 157 541 TRACK EMERGING MARKETS BOND USD -

TRACK EMU EUR 42 736 TRACK EMU GOVERNMENT BOND EUR - TRACK EMU GOVERNMENT BOND 1 - 3 YEARS (launched on 10 February 2014)

EUR -

TRACK EURO CORPORATE BOND EUR -

TRACK EURO INFLATION LINKED BOND EUR -

TRACK EUROPE EUR 124 433 TRACK EUROPE SMALL CAP EUR 32 107 TRACK FTSE EDHEC-RISK EFFICIENT EUROBLOC (liquidated on 27 January 2014)

EUR 168

TRACK GLOBAL GOVERNMENT BOND EX EMU EUR 6

TRACK JAPAN EUR 29 223

TRACK NORTH AMERICA EUR 14 446 TRACK PACIFIC EX JAPAN EUR 1 418 TRACK UK EUR 657 TRACK WORLD USD 16 449

PARWORLD

Unaudited appendix

Global Market Risk Exposure

The Management Company of the Fund, after a risk profile assessment, decides between the commitment approach and the VaR (99%, 1 Month) to determine the global market risk exposure.

The VaR limit use (minimum, maximum and average) is calculated by dividing the daily VaR by the daily VaR limit (20% for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds).

The global market risk exposure information for the year ending 30 September 2014, are as follows:

Sub-fund VaR model

Reference Portfolio/

benchmark

VaR Limit

Lowest utilisation of VaR limit

Highest utilisation of VaR limit

Average utilisation of

VaR limit

Average level of leverage

reached during the

year/ period

BETA DERIVATIVES FUND

Monte Carlo VaR

No Benchmarck 20% 32.11% 99.70% 69.65% 626%


Histo.VaR No Benchmarck 20% 3.22% 52.70% 24.74% 835%


Histo.VaR No Benchmarck 20% 1.18% 22.10% 12.36% 744%

The sub-funds not disclosed in the table here above use the commitment approach in order to measure and monitor the global exposure.

Tracking Error

As at 30 September 2014, the Company has the following tracking sub-funds:

Sub-fund / Reference index

Currency Performance of

the sub-fund Performance of

the benchmark (11) Tracking

error

TRACK UK MSCI UK ex CW (1)

EUR 13.47% 13.72% 0.10%

TRACK CONTINENTAL EUROPE MSCI Europe ex CW (2)

EUR 13.51% 13.30% 0.13%

TRACK EMU MSCI EMU ex CW (3)

EUR 12.88% 12.62% 0.16%

TRACK PACIFIC EX JAPAN MSCI Pacific ex Japan ex CW (4)

EUR 8.40% 8.59% 0.10%

TRACK JAPAN MSCI Japan ex CW (5)

EUR 7.59% 7.82% 0.16%

TRACK NORTH AMERICA MSCI North America ex CW (6)

EUR 26.10% 26.38% 0.04%

TRACK EUROPE SMALL CAP MSCI Europe Small Cap ex CW (7)

EUR 12.05% 12.62% 0.44%

TRACK EMERGING MARKETS MSCI Emerging Markets ex CW (8)

USD 2.07% 2.98% 0.14%

TRACK EUROPE MSCI MSCI Europe ex CW (9)

EUR 13.32% 13.43% 0.09%

TRACK WORLD MSCI MSCI World ex CW (10)

USD 11.94% 12.15% 0.27%

PARWORLD

Unaudited appendix

Sub-fund / Reference index

Currency Performance of

the sub-fund Performance of

the benchmark (11) Tracking

error

TRACK EMU GOVERNMENT BOND EX EMU JPM GBI EMU

EUR 11.54% 11.84% 0.08%

TRACK GLOBAL GOVERNMENT BOND EX EMU JPM GBI ex EMU

EUR 5.76% 5.94% 0.14%

TRACK EURO CORPORATE BOND Markit iBoxx Liquid Coporate

EUR 6.56% 6.28% 0.04%

TRACK EURO INFLATION LINKED BOND Barclays Euro Government Inflation Linked All Maturities

EUR 5.14% 5.30% 0.32%

TRACK EMERGING MARKET BOND JPM EMBI Global Diversified Composite

USD 9.35% 9.67% 0.31%

(1) Index change on 16/01/2014. Previous index was MSCI UK (2) Index change on 16/01/2014. Previous index was MSCI Europe ex UK

(3) Index change on 16/01/2014. Previous index was MSCI EMU

(4) Index change on 16/01/2014. Previous index was MSCI Pacific ex Japan

(5) Index change on 16/01/2014. Previous index was MSCI Japan

(6) Index change on 16/01/2014. Previous index was MSCI North America

(7) Index change on 16/01/2014. Previous index was MSCI Europe Small Cap

(8) Index change on 16/01/2014. Previous index was MSCI Emerging Markets

(9) Index change on 16/01/2014. Previous index was MSCI Europe

(10) Index change on 16/01/2014. Previous index was MSCI World (11) Performance of the composite benchmark for all equity sub-funds because of the index change of 16 January 2014

The ex post Tracking Error (TE) represents the standard deviation of the performance difference between the sub-fund and its benchmark. The ex post Tracking Error is expressed in percentage.

The Tracking Error shown in the table above mainly comes from transactions costs, small illiquid components and dividend re-investment.

Reclaiming withholding tax on dividends

In several European Union countries, dividends paid out by companies are taxed differently depending on whether they are paid to domestic or foreign entities. In fact, when dividends are paid to a foreign entity, the foreign entity is sometimes subject to a withholding tax. This represents a difference in tax treatment, which is considered as a breach of European Union law and the principle of the free movement of capital.

Since a number of decisions have been taken by the European Court of Justice and the Council of State in favour of foreign residents, the management company plans to apply for refunds of withholding tax paid on dividends received from foreign companies in respect of funds domiciled in Luxembourg where the prospect of obtaining such refunds is considered to be favourable to the funds concerned.

As the tax reclaim procedures must be undertaken with the tax authorities concerned, the final result of these procedures and the time the tax authorities would take to respond cannot be predicted.

Dec

embe

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2 - D

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1211

105_

UK

14, rue Bergère - 75009 Paris - France

www.bnpparibas-ip.com

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