Pyramis Global AdvisorsPyramis Global Advisors ...retirement.ladwp.com/AgendaItems/Agenda - 20101013...

Brian Hoesly, CFAInstitutional Portfolio Manager

For Institutional Use Only© 2010 FMR LLC. All rights reserved.562333.2.0

Pyramis Global AdvisorsPyramis Global Advisors International GrowthLos Angeles Department of Water & PowerOctober 13, 2010

Table of Contents

I. Pyramis Overview

II. Pyramis International Growth Investment Process

III. Market Overview

IV. Investment Performance & Positioning

V. Portfolio Review and Characteristics

VI. AppendixA. Important InformationB. GIPS Composite Performance DataC. Biographies

See "Important Information" for a discussion of performance data some of the principal risks related to any of the investment strategies referred to in thisSee Important Information for a discussion of performance data, some of the principal risks related to any of the investment strategies referred to in this presentation and other information related to this presentation.

2For Institutional Use Only201009-8335

P i O iPyramis Overview

Built on Over 29 Years in the Institutional Business and A H it f E t hi d SA Heritage of Entrepreneurship and Success

1946 20051969 1981 2001

Fidelity Management & Research Company

FILLimited

Manages assets primarily for investors

Pyramis Global Advisors

Dedicated focus on traditional long-only,

Fidelity Management Trust Company

Provides trustee and

Canadian Institutional Investment Management

Privately-held organization and investment adviser to Fidelity family of mutual funds

in Europe and the Pacific region

equity, fixed income, asset allocation, and alternative strategies for the institutional market.

investment management services for institutional clients

Fidelity offers investment management services to Canadian institutional clients on a separate account and pooled basis


Pyramis Today

Corporate headquarters in Smithfield, RI

401 associates* and 112 investment professionals**

2010

G

Investment resources in Smithfield, Boston, London, Hong Kong, Toronto and Montreal

Fixed Income resources in Merrimack, NH and BostonPyramis Global Advisors

Dedicated focus on traditional long-only, equity, fixed income, asset allocation, and alternative

Multi-asset class product line with robust Alternatives platform

Dedicated institutional equity trading and risk management infrastructure,

strategies for the institutional market.

management infrastructure

Experienced asset allocation team with multi-asset class solutions

Leveraging the depth and breadth of Pyramis and Fidelity’s researchLeveraging the depth and breadth of Pyramis and Fidelity s research

Resources described reflect the combined resources of Pyramis, Fidelity Investments and FIL.* Excludes Fidelity Canada associates. y

* * Investment professionals include Portfolio Managers, Analysts and Traders. As of June 30, 2010.


Managing $144.1 Billion for 653 Institutional Investors

Number of Clients: 653Assets: $144.1B

Alternatives*$3.0

IG’s portion of these assetsIG s portion of these assets were $9.2b as of 6/30

Source for asset and client data: Pyramis Global Advisors as of June 30, 2010Pyramis assets include $37.3B of asset allocation assets, which may be invested in other Pyramis or affiliated products.*Includes real estate debt and REIT investment strategies and domestic, international and sector market neutral strategies.**Sub-Advised and Other Clients—FIL retail accounts, insurance accounts, high net worth, VEBAs, LLCs and LPs.

International/Global Equity$71.3

Sub Advised and Other Clients FIL retail accounts, insurance accounts, high net worth, VEBAs, LLCs and LPs.Due to rounding, total may not add up to 100% of total assets.


Serving a Diverse Client Base As of June 30 2010As of June 30, 2010

Corporate DB & DC Municipal/Public Endowment/FoundationCorporate DB & DCBASF Corporation

Caterpillar

Conoco Phillips

Municipal/PublicCalifornia State Teachers Retirement System

Detroit Policemen & Firemen Retirement System

Endowment/FoundationHenry Ford Hospital Endowment Fund

The Boston Foundation

The Bush Foundation

General Motors

Raytheon Company

Florida State Retirement System

New York City Board of Education Retirement System

New York City Police Pension Fund

S Di C t E l ’

The Casey Family Programs

San Diego County Employees’ Retirement Association

The list is made up of Pyramis’ clients, chosen through a combination of geographic location, size, and plan type, if applicable, who have consented to disclosingThe list is made up of Pyramis clients, chosen through a combination of geographic location, size, and plan type, if applicable, who have consented to disclosing their names. It is not known whether the listed clients approve or disapprove of Pyramis or the advisory services provided.


Relationship Team

Art GreenwoodRelationship Manager

(617)[email protected]

Chris StewardInstitutional Portfolio Manager

(401)[email protected]

Michael StrongInstitutional Portfolio Manager

(401) [email protected]

Brian P. Hoesly, CFAInstitutional Portfolio Manager

(401) [email protected]


P i I i l G h I PPyramis International Growth Investment Process

Pyramis International Growth—Investment Team

Total PortfolioMichael Strong

Lead Portfolio Manager23 Years Industry23 Years Industry

12 Years at Pyramis/Fidelity Investments

Chris StewardInstitutional Portfolio Manager

22 Years Industry 4 Years at Pyramis

Brian HoeslyInstitutional Portfolio Manager

21 Years Industry 4 Years at Pyramis

Europe Japan Pacific Basin Ex Japan

Regional Sub-Portfolios

Canadap p

John Lo16 Years Industry

16 Years at Fidelity International

Eileen Dibb13 Years Industry 5 Years at Fidelity

Joe Overdevest 8 Years Industry

8 Years at Fidelity International

Peter Hadden21 Years Industry

4 Years at Pyramis

Stephen Oler23 Years Industry

10 Research Professionals96 Research Professionals 45 Research Professionals33 Research Professionals

4 Years at Pyramis

This information reflects the combined resources of Pyramis, Fidelity Investments and FIL as of June 30, 2010.


Fidelity's Global Research Resources

Local market coverage

Proprietary research

Research Professionals manage

Japan33 Research Professionals

Team France(2)

T

Pan Europe116 Research Professionals

Research Professionals manage industry / country funds

Main investment offices in London, Tokyo, Hong Kong & Boston with sub-investment offices in Paris, Frankfurt,

North/South America296 Research Professionals

Team Korea (3)

Team India (12)

Team Singapore (6)

Pacific ex-Japan52 Research Professionals

Mumbai, Seoul, Singapore & Sydney Team Australia (3)

Equity Research Professionals* International Equity Research Professionals**Since 1989

Europe 96Japan 33Pacific Ex-Japan 45Total International 174A i 206Americas 206Total Worldwide 380

* Source: FMR LLC, Pyramis Global Advisors, FIL as of June 30, 2010.** These figures reflect the combined resources of Pyramis, Fidelity Investments, and FIL. NB: Teams France, Germany and Italy are constituents of the Pan European total. Teams India, Korea, Singapore & Australia are constituents of the Pacific ex-Japan total.


Pyramis International Growth—Investment ProcessEligible Universe of

Analyst Rated

International Growth Portfolio

J

Europe1500+ Stocks

80–100 Stocks

Analyst Rated Non–US Stocks

Approximately250 Stocks

Buy and Hold Rated Stocks

Asset Allocation

Japan1000+ Stocks

Pacific Basin ex Japan1000+ Stocks

40–60 Stocks

20–40 Stocks

40-60 Stocks

174 Research Professionals

5 Portfolio Managers

3 Institutional Portfolio ManagersCanada250+ Stocks

Research AnalystsEvaluate the companies

− Proprietary research− Fundamental analysis− Stock ratings

Portfolio ManagersSelect the stocks

− Professional experience− Regional expertise− Market insight− Risk management

Institutional Portfolio ManagersAllocate and manage the portfolio

− Global asset allocation− Portfolio construction and compliance− Client Service

g

Driven by Fundamental Bottom-Up Research

For illustrative purposes only. This information reflects the combined resources of Pyramis, Fidelity Investments and FIL as of June 30, 2010.


Pyramis International Growth—Investment Objectived P tand Parameters

ObjectiveTo seek to provide long-term capital growth via a diversified portfolio of large-, medium-, and small-cap companies in Europe, Japan, and the Pacific Basin. The International Growth strategy seeks to provide excess

t l ti t th MSCI EAFE I d f ll k t lreturns relative to the MSCI EAFE Index over a full market cycle.

Investment ApproachThe investment approach is growth oriented, concentrating on companies with above averageearnings growth combined with attractive relative valuations. Companies that possess fundamental strength in technology or business strategy that provide a competitive advantage are emphasized As many of the world’stechnology or business strategy that provide a competitive advantage are emphasized. As many of the world s leading companies are global competitors, Fidelity’s worldwide research team is able to provide valuable insight into many aspects of a company’s competitive position.

CompliancePyramis Global Advisors is in full compliance with WPERP's Investment Guidelines.

Factors Parameters

Regional weights Benchmark weight ± 5.0%

Country weights Benchmark weight ± 5.0%

Industry group weights Benchmark weight ± 5.0%

Security weights Benchmark weight ± 3.0%

Market capitalization Benchmark weighted average ± 15.0%

Restrictions Sudan

201009-833513For Institutional Use Only

Market Overview

Market Overview

Markets

▬ Volatility in Global Equities▬ US Markets flat▬ US Markets flat▬ Most non-US Markets down

▬ Weakness of Euro

▬ Strength in Japanese Yen▬ Strength in Japanese Yen

Economies

▬ Positive earnings revisions - next two quarters will be key

▬ Government austerity programs

▬ Low core inflation postpones tightening worries

▬ Dampened GDP growth expectations▬ Dampened GDP growth expectations

▬ Chinese Government acting to slow domestic growth

See "Important Information" for a discussion of performance data some of the principal risks related to any of the investment strategies referred to in thisSee Important Information for a discussion of performance data, some of the principal risks related to any of the investment strategies referred to in this presentation and other information related to this presentation.


Investment Performance & Positioning

Pyramis International Growth—Investment Results (gross)As of June 30 2010As of June 30, 2010

Portfolio/Index Q210 YTD 1-Year 2-Year 3-Year 5-Year

Since Inception11/15/2004 TNA (Mil)

LA Water & Power—Intl Growth (Gross) (13 06) (11 57) 8 68 (13 21) (10 57) 2 53 3 18 311 64

Cumulative Return (%) Annualized Return (%)

LA Water & Power Intl Growth (Gross) (13.06) (11.57) 8.68 (13.21) (10.57) 2.53 3.18 311.64MSCI EAFE (N)/ World x US IMI (13.34) (11.78) 7.98 (13.29) (12.41) 1.55 2.21 Active Return 0.28 0.21 0.70 0.08 1.84 0.98 0.97

LA Water & Power—Intl Growth (Net) (13.14) (11.72) 8.33 (13.51) (10.87) 2.18 2.84 MSCI EAFE/ World x US IMI (13.34) (11.78) 7.98 (13.29) (12.41) 1.55 2.21 Active Return 0.20 0.06 0.35 (0.22) 1.54 0.63 0.63

LA Water & Power—Intl Growth (Net) (13.14) (11.72) 8.33 (13.51) (10.87) 2.18 2.84 MSCI EAFE/ World x US IMI Growth (11.87) (9.74) 9.86 (13.85) (12.78) 1.29 1.98 Active Return (1.27) (1.98) (1.53) 0.34 1.91 0.89 0.86

Client data shown. Performance shown is gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. Past performance is no guarantee of future results. The performance of the pool contains prices that may have been fair valued due to significant market events that have occurred after the close of the local market. Therefore, the pool performance does include the impact of the fair valuation process. The last local sales price may not be the fair market value of the security at 4:00 p.m. Eastern time. This is the time generally used by Pyramis to value all of its clients' portfolios based on the close of the New York Stock Exchange. Federal securities laws and related guidance generally require that these securities must be priced at fair value. This process may cause the prices of the securities, used by a portfolio to calculate its NAV to be different from the benchmark which is calculated using latest local closing prices The initial investment in the LA Water and Powerby a portfolio to calculate its NAV, to be different from the benchmark which is calculated using latest local closing prices. The initial investment in the LA Water and Power -International Growth account was $266.7M. Due to transactions and market activity the total net assets of the account were $311.64M as of 6/30/2010.


Pyramis International Growth—Regional Results (gross)As of June 30 2010As of June 30, 2010

Portfolio/Index Q210 YTD 1-Year 2-Year 3-Year 5-YearSince Inception

11/15/2004LA Water & Power—Europe (14.59) (15.43) 6.38 (15.58) (11.85) 2.07 3.08 MSCI E /MSCI E & ME(N) (15 27) (16 80) 5 59 (16 86) (15 06) 0 25 1 20


MSCI Eur/MSCI Eur & ME(N) (15.27) (16.80) 5.59 (16.86) (15.06) 0.25 1.20 Active Return 0.68 1.37 0.79 1.28 3.21 1.82 1.88

LA Water & Power—Japan (9.37) (2.07) 3.40 (13.20) (12.74) (1.66) (1.86)MSCI Japan (N) (10.07) (2.71) 0.76 (11.99) (12.00) (0.15) (0.24)Active Return 0.70 0.64 2.64 (1.21) (0.74) (1.51) (1.62)

LA Water & Power—Pac Basin ex Japan (13.66) (12.67) 20.36 (6.05) (4.20) 10.34 11.63 MSCI Pac Basin ex Japan (N) (14.25) (11.59) 18.43 (7.44) (5.61) 7.19 8.40 Active Return 0.59 (1.08) 1.93 1.39 1.41 3.15 3.23

LA Water & Power—Canada * (10.89) (4.87) 20.62 33.91 MSCI Canada (N) (10 49) (5 12) 17 84 33 68MSCI Canada (N) (10.49) (5.12) 17.84 33.68 Active Return (0.40) 0.25 2.78 0.23

Client data shown. Performance shown is gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. Past performance is no guarantee of future results. The performance of the pool contains prices that may have been fair valued due to significant market events that have occurred after the close of the local market. Therefore, the pool performance does include the impact of the fair valuation process. The last local sales price may not be the fair market value of the security at 4:00 p.m. Eastern time. This is the time generally used by Pyramis to value all of its clients' portfolios based on the close of the New York Stock Exchange. Federal securities laws and related guidance generally require that these securities must be priced at fair value. This process may cause the prices of the securities, used

(*) LOF is cumulative since inception 1/27/09.

ede a secu es a s a d e a ed gu da ce ge e a y equ e a ese secu es us be p ced a a a ue s p ocess ay cause e p ces o e secu es, usedby a portfolio to calculate its NAV, to be different from the benchmark which is calculated using latest local closing prices.


Pyramis International Growth RHBF—Investment Results (gross)As of June 30 2010As of June 30, 2010

Portfolio/Index Q210 YTDSince Inception

9/10/2009 TNA (Mil)LAWP RHBF—Intl Growth (Gross) (13.07) (11.57) (7.65) 36.1


MSCI EAFE (N)/ World x US IMI (13.34) (11.78) (8.81)Active Return 0.27 0.21 1.16

LAWP RHBF—Intl Growth (Net) (13.14) (11.72) (7.91)MSCI EAFE/ World x US IMI (13.34) (11.78) (8.81)Active Return 0.20 0.06 0.90

LAWP RHBF—Intl Growth (Net) (13.14) (11.72) (7.91)MSCI EAFE/ World x US IMI Growth (11.87) (9.74) (5.24)Active Return (1.27) (1.98) (2.67)

Client data shown. Performance shown is gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. Past performance is no guarantee of future results. The performance of the pool contains prices that may have been fair valued due to significant market events that have occurred after the close of the local market. Therefore, the pool performance does include the impact of the fair valuation process. The last local sales price may not be the fair market value of the security at 4:00 p.m. Eastern time. This is the time generally used by Pyramis to value all of its clients' portfolios based on the close of the New York Stock Exchange. Federal securities laws and related guidance generally require that these securities must be priced at fair value. This process may cause the prices of the securities, used by a portfolio to calculate its NAV, to be different from the benchmark which is calculated using latest local closing prices. The initial investment in the LA Water and Power -y p , g g pInternational Growth account was $39M. Due to transactions and market activity the total net assets of the account were $36.1M as of 6/30/2010.


Pyramis International Growth RHBF—Regional Results (gross)As of June 30 2010As of June 30, 2010

Portfolio/Index Q210 YTDSince Inception

9/10/2009LAWP RHBF—Europe

(15 27) (16 80) (13 05)


MSCI Eur/MSCI Eur & ME(N) (15.27) (16.80) (13.05)Active Return 0.67 1.36 1.87

LAWP RHBF—Japan (9.35) (2.04) (5.62)MSCI Japan (N) (10.07) (2.71) (7.40)Active Return 0.72 0.67 1.78

LAWP RHBF—Pac Basin ex Japan (13.67) (12.58) (2.50)MSCI Pac Basin ex Jpn (N) (14.25) (11.59) (2.22)Active Return 0.58 (0.99) (0.28)

LAWP RHBF—Canada (10.89) (4.93) 3.68 MSCI Canada (N) (10 49) (5 12) 2 50MSCI Canada (N) (10.49) (5.12) 2.50 Active Return (0.40) 0.19 1.18

Client data shown. Performance shown is gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. Past performance is no guarantee of future results. The performance of the pool contains prices that may have been fair valued due to significant market events that have occurred after the close of the local market. Therefore, the pool performance does include the impact of the fair valuation process. The last local sales price may not be the fair market value of the security at 4:00 p.m. Eastern time. This is the time generally used by Pyramis to value all of its clients' portfolios based on the close of the New York Stock Exchange. Federal securities laws and related guidance generally require that these securities must be priced at fair value. This process may cause the prices of the securities, used ede a secu es a s a d e a ed gu da ce ge e a y equ e a ese secu es us be p ced a a a ue s p ocess ay cause e p ces o e secu es, usedby a portfolio to calculate its NAV, to be different from the benchmark which is calculated using latest local closing prices.


Pyramis International Growth—Total Return RankAs of June 30, 2010 July 2000 - June 2010

20

5

10

15

urn,

%

-5

0

5

otal

Ann

ualiz

ed R

etu

-20

-15

-10To

MRQ 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs

5th to 25th Percentile 25th Percentile to Median Median to 75th Percentile 75th to 95th PercentilePy ramis: International Growth EAFE ND

MRQ 1 year 3 years 5 years 10 years

Return Rank Return Rank Return Rank Return Rank Return Rank

Pyramis: International Growth (13 66) 68 7 06 71 (11 54) 48 1 95 65 1 40 62

The rank shown is a percentage of the International Small Cap Equity universe

Data retrieved on 5/28/10 with 95% of managers reporting to the eVestment Alliance database (International Growth Composite).Data and information from third-party databases, such as those sponsored by eVestment Alliance and Callan, are self-reported by investment management firms that generally pay a subscription fee to use such databases, and the database sponsors do not guarantee or audit the accuracy, timeliness or completeness of the data including any rankings. Rankings or similar data reflect information at the time rankings were retrieved from a third-party database, and such rankings may vary significantly as additional data from managers are reported. Pyramis has not verified and cannot verify the accuracy of information from outside sources and potential investors should be aware that such information is subject to change without notice Past performance is no guarantee of future results

Pyramis: International Growth (13.66) 68 7.06 71 (11.54) 48 1.95 65 1.40 62MSCI EAFE (N) Index (13.97) 77 5.92 81 (13.38) 64 0.88 82 0.14 75

The rank shown is a percentage of the International Small Cap Equity universe.Data retrieved on 5/28/10 with 95% of managers reporting to the eVestment Alliance database (Select International Small Cap Composite).

sources, and potential investors should be aware that such information is subject to change without notice. Past performance is no guarantee of future results.Source: Ranks: eVestment Alliance (International Growth Composite), Attribution: FMR using International Growth Pool. Performance: Total composite.


International Growth—Attribution by RegionAs of June 30 2010As of June 30, 2010

International Growth Europe Japan Pacific ex Japan CanadaQuarterRegional Allocation 0.0 0.0 0.0 0.0 0.0 gStock Selection 0.6 0.4 0.1 0.1 0.0

Regional Allocationsg

Client data shown. Past performance is no guarantee of future results.


Pyramis International Growth—Top 10 Contributors & DetractorsOne Year Ended June 30 2010

Top Contributors

SecurityPortfolio

Average WeightBenchmark

Average WeightRelative Weight

Relative Return

Total Contribution Industry

Volkswagen 0 2 0 2 0 0 48 7 29 3 Automobiles & Components

One Year Ended June 30, 2010

Volkswagen 0.2 0.2 0.0 48.7 29.3 Automobiles & ComponentsSAFRAN 0.4 0.0 0.3 (1.1) 28.7 Capital GoodsPPR 0.5 0.1 0.4 (1.0) 18.3 RetailingTelenor 0.3 0.1 0.2 (13.6) 16.8 Telecommunication ServicesLi & Fung 0.4 0.1 0.3 0.6 15.4 RetailingNovo-Nordisk 0.7 0.3 0.4 (0.1) 14.4 Pharm, Biotech, & Life ScienceMAN SE 0.7 0.1 0.6 (0.3) 13.1 Capital GoodsDNB NOR 0.5 0.1 0.4 17.7 12.7 Banks

Top Detractors

DNB NOR 0.5 0.1 0.4 17.7 12.7 BanksMitsubishi Tanabe Pharma 0.2 0.0 0.2 (9.1) 12.5 Pharm, Biotech, & Life ScienceJames Hardie Industries 0.2 0.0 0.2 1.1 12.2 Materials

Portfolio Benchmark Relati e Relati e TotalSecurity

Portfolio Average Weight

Benchmark Average Weight

Relative Weight

Relative Return

Total Contribution Industry

Nomura Holdings 0.6 0.2 0.4 0.1 (22.5) Diversified FinancialsLonza 0.4 0.0 0.4 (1.4) (17.1) Pharm, Biotech, & Life ScienceBP 1.4 1.4 0.1 (0.9) (15.9) EnergyBG Group 1.3 0.5 0.8 (0.5) (14.7) EnergyArcelorMittal 0.5 0.3 0.3 0.1 (11.8) MaterialsE.ON 1.0 0.6 0.4 0.8 (11.6) Utilities

Client data shown. Past performance is no guarantee of future results. Holdings data shown does not represent all of the securities purchased, sold or recommended to clients and may change at any time. Portfolio weights are rounded and a zero weight represents either no holding or a very small weight.

( )Societe Generale 0.6 0.3 0.3 0.1 (11.1) BanksCredit Suisse 0.9 0.5 0.5 1.1 (10.8) Diversified FinancialsPhilips Electronics 0.1 0.2 (0.1) (83.1) (10.6) Capital GoodsSyngenta 0.2 0.2 (0.0) (27.8) (10.4) Materials

Benchmark: MSCI IMI World ex US (N) Index


Pyramis International Growth—Sector AttributionOne Year Ended June 30 2010

Industry GroupRelative Weight (%)

RescaledStock Selection

(Bps)Industry Selection

(Bps)Total Contribution

(Bps)

One Year Ended June 30, 2010

Top Contributors

Industry Group Rescaled (Bps) (Bps) (Bps)

Industrials (1.5) 63.8 (4.6) 59.3

Consumer Discretionary 0.2 38.9 3.2 42.1

Telecommunication Services 0.2 29.5 (2.5) 27.0

Utiliti (0 7) (0 8) 8 5 7 7Utilities (0.7) (0.8) 8.5 7.7

Health Care (0.1) 5.6 (5.5) 0.1

Consumer Staples 1.3 (15.7) 13.3 (2.5)

Information Technology 0.5 (17.2) 1.2 (16.1)

Energy 0 3 (20 1) (2 7) (22 8)Energy 0.3 (20.1) (2.7) (22.8)

Materials (0.1) (21.5) (3.2) (24.7)

Financials (0.1) 0.3 (25.1) (24.8)

Client data shown. Benchmark: MSCI IMI World ex US (N) IndexPast performance is no guarantee of future results.


Portfolio Review and Characteristics

Pyramis International Growth—Top 10 HoldingsAs of June 30 2010As of June 30, 2010

Holdings % Of Portfolio

BG Group 1 4BG Group 1.4

Nestle 1.4

Roche 1.4

Royal Dutch Shell 1.3

Siemens 1 3Siemens 1.3

Vodafone 1.2

BHP Billiton 1.1

HSBC 1.1

Rio Tinto 1 0Rio Tinto 1.0

Unilever 1.0

Total 12.1

Client data shown. Past performance is no guarantee of future results. Holdings data shown does not represent all of the securities purchased, sold, p g g p p , ,or recommended to clients and may change at anytime.


Pyramis International Growth—Top 10 Active WeightsAs of June 30 2010As of June 30, 2010

Top 10 PositiveHoldings Active* (%)

Top 10 NegativeHoldings Active* (%)

BG Group 1.0

MAN SE 0.6

Prudential 0.6

S i 0 6

British American Tobacco (0.6)

BHP Billiton (0.5)

Westpac Banking (0.5)

Alli (0 4)Swisscom 0.6

Siemens 0.6

Unilever 0.6

Galp Energia 0.6

Allianz (0.4)

Credit Suisse (0.4)

HSBC (0.4)

Diageo (0.4)

Anheuser Busch InBev 0.5

SES 0.5

ASML 0.5

ABB (0.3)

Banco Bilbao Viz Argentaria (0.3)

GDF Suez (0.3)

Total 6.3 Total (4.1)

*Relative to the MSCI IMI World ex US (N) IndexClient data shown. Past performance is no guarantee of future results. Holdings data shown does not represent all of the securities purchased, sold or p g g p p ,recommended to clients and may change at any time.


Pyramis International Growth—Sector Relative WeightsAs of June 30 2010As of June 30, 2010

Active Weight Versus Index* (%)

*Relative to the MSCI IMI World ex US (N) IndexClient data shown.


Pyramis International Growth—Regional and Country AllocationsAs of June 30 2010As of June 30, 2010

Portfolio Weight (%) MSCI IMI World ex US (N) (%) Difference

Regional Allocation

Europe & ME 56.9 57.7 (0.8)

Japan 20.6 20.9 (0.3)

Pacific ex Japan 11.9 11.2 0.7

Canada 10.6 10.2 0.4

Active Weight Versus Index* (%)

*Relative to the MSCI IMI World ex US (N) IndexClient data shown.


Pyramis International Growth—Portfolio CharacteristicsAs of J ne 30 2010As of June 30, 2010

Characteristics PortfolioMSCI IMI

World ex US (N)Dividend Yield 2.8% 3.2%

Risk Measures PortfolioTurnover 87%

Weighted Avg. Market Cap (U.S. $ billion) 39.8 36.0

Price/Earnings (1-year historical) 18.1X 16.3X

Price/Earnings (1-year forward)* 11.5X 11.3X

P i /B k V l 1 6X 1 4X

Standard Deviation 5.71

Sharpe Ratio 0.12

Tracking Error 2.75

I f ti R ti 0 30Price/Book Value 1.6X 1.4X

Price/Sales 0.9X 0.8X

Price/Cash Flow 7.1X 6.7X

Return on Equity (5-year) 17.2% 16.6%

Information Ratio 0.30

Relative Volatility 1.00

R-Squared 0.98

Correlation Coefficient 0.99

Earnings Growth (5-year) 5.9% 4.5%

Earnings Growth (5-year forecast) 49.1% 41.5%

Beta 0.99

Alpha 0.07

* IBES forecastClient data shown. Although Pyramis believes it has a reasonable basis for any of these expectations, there can be no assurance that actual results will be comparable.


Actual results will depend on market conditions and any developments that may effect these investments.

Fund Name Region Country Sector Name Fund End Wt BM End WtLA Water and Power - IG Group Canada CANA FINANCIALS TORONTO-DOMINION BANK 0.94 0.50LA Water and Power - IG Group Canada CANA FINANCIALS ROYAL BANK OF CANADA 0.78 0.61LA Water and Power - IG Group Canada CANA ENERGY SUNCOR ENRGY INC 0.59 0.41

*

International Growth–Holdings by Region As of June 30, 2010

LA Water and Power IG Group Canada CANA ENERGY SUNCOR ENRGY INC 0.59 0.41LA Water and Power - IG Group Canada CANA ENERGY CANADIAN NATL RESOURCES LTD 0.48 0.32LA Water and Power - IG Group Canada CANA INDUSTRIALS CANADIAN NATL RAILWAY CO 0.46 0.24LA Water and Power - IG Group Canada CANA FINANCIALS BANK OF MONTREAL 0.42 0.27LA Water and Power - IG Group Canada CANA ENERGY CENOVUS ENERGY INC 0.42 0.17LA Water and Power - IG Group Canada CANA ENERGY ENBRIDGE INC 0.34 0.15LA Water and Power - IG Group Canada CANA MATERIALS EUROPEAN GOLDFIELDS LTD 0.31 0.01LA Water and Power - IG Group Canada CANA TELECOMMUNICATION SERVICES ROGERS COMM INC CL B NON VTG 0.31 0.13LA Water and Power - IG Group Canada CANA MATERIALS BARRICK GOLD CORP 0.29 0.40LA Water and Power - IG Group Canada CANA FINANCIALS CANADIAN IMP BK OF COMMERCE 0.28 0.21LA Water and Power IG Group Canada CANA CONSUMER DISCRETIONARY TIM HORTONS INC 0 27 0 05LA Water and Power - IG Group Canada CANA CONSUMER DISCRETIONARY TIM HORTONS INC 0.27 0.05LA Water and Power - IG Group Canada CANA MATERIALS POTASH CORP OF SASKATCHEWAN 0.24 0.23LA Water and Power - IG Group Canada CANA MATERIALS ELDORADO GOLD CORP 0.23 0.09LA Water and Power - IG Group Canada CANA ENERGY KEYERA FACILITIES INCOME FD 0.22 0.01LA Water and Power - IG Group Canada CANA FINANCIALS INDUSTRIAL ALLIANCE INSURANCE 0.22 0.02LA Water and Power - IG Group Canada CANA MATERIALS GOLDCORP INC 0.21 0.29LA Water and Power - IG Group Canada CANA ENERGY CRESCENT POINT ENERGY CORP 0.20 0.06LA Water and Power - IG Group Canada CANA CONSUMER DISCRETIONARY GILDAN ACTIVEWEAR INC 0.20 0.03LA Water and Power - IG Group Canada CANA MATERIALS RED BACK MINING INC 0.19 0.06LA Water and Power - IG Group Canada CANA INFORMATION TECHNOLOGY CGI GROUPE INC CL A SUB VTG 0.19 0.03LA Water and Power - IG Group Canada CANA MATERIALS SILVER WHEATON CORP 0.18 0.06LA Water and Power - IG Group Canada CANA CONSUMER DISCRETIONARY CINEPLEX GALAXY INCOME FD 0.17 0.00LA Water and Power - IG Group Canada CANA FINANCIALS BROOKFIELD PPTYS CORP 0.17 0.04LA Water and Power - IG Group Canada CANA FINANCIALS BANK OF NOVA SCOTIA 0.16 0.42LA Water and Power - IG Group Canada CANA INFORMATION TECHNOLOGY RESEARCH IN MOTION LTD 0.16 0.22LA Water and Power - IG Group Canada CANA CONSUMER STAPLES METRO INC CL A SUB VTG 0.16 0.04LA Water and Power - IG Group Canada CANA MATERIALS IAMGOLD CORP 0.16 0.06LA Water and Power - IG Group Canada CANA FINANCIALS INTACT FINL CORP 0.14 0.05LA Water and Power - IG Group Canada CANA FINANCIALS DUNDEE WEALTH MANAGEMENT INC 0.14 0.01LA Water and Power - IG Group Canada CANA ENERGY PACIFIC RUBIALES ENERGY CORP 0 14 0 05LA Water and Power IG Group Canada CANA ENERGY PACIFIC RUBIALES ENERGY CORP 0.14 0.05LA Water and Power - IG Group Canada CANA UTILITIES FORTIS INC 0.13 0.04LA Water and Power - IG Group Canada CANA ENERGY NIKO RES LTD 0.13 0.04LA Water and Power - IG Group Canada CANA ENERGY BAYTEX ENERGY TRUST 0.12 0.03LA Water and Power - IG Group Canada CANA MATERIALS OSISKO MINING CORP 0.11 0.03LA Water and Power - IG Group Canada CANA MATERIALS DETOUR GOLD CORP 0.11 0.01LA Water and Power - IG Group Canada CANA CONSUMER STAPLES LOBLAW COS LTD 0.10 0.04LA Water and Power - IG Group Canada CANA ENERGY LEGACY OIL PLUS GAS INC 0.10 0.00LA Water and Power - IG Group Canada CANA MATERIALS TECK RESOURCES LTD SUB VTG CLB 0.08 0.13LA Water and Power - IG Group Canada CANA CONSUMER DISCRETIONARY MAGNA INTL INC CL A SUB VTG 0.07 0.06LA Water and Po er IG Gro p Canada CANA MATERIALS SINO FOREST CORP 0 06 0 03LA Water and Power - IG Group Canada CANA MATERIALS SINO FOREST CORP 0.06 0.03LA Water and Power - IG Group Canada CANA INFORMATION TECHNOLOGY MACDONALD DETTW & ASC LTD 0.06 0.01LA Water and Power - IG Group Canada CANA ENERGY PETROMINERALES LTD 0.05 0.01LA Water and Power - IG Group Canada CANA CONSUMER DISCRETIONARY DOLLARAMA INC 0.05 0.01LA Water and Power - IG Group Canada CANA CONSUMER DISCRETIONARY QUEBECOR INC CL B SUB VTG 0.04 0.01LA Water and Power - IG Group Canada CANA HEALTH CARE SXC HEALTH SOLUTIONS CORP 0.04 0.02LA Water and Power - IG Group Canada CANA ENERGY GRAN TIERRA ENERGY INC (CANA) 0.03 0.00LA Water and Power - IG Group Canada CANA MATERIALS IVANHOE MINES LTD 0.03 0.03LA Water and Power - IG Group Canada CANA ENERGY TALISMAN ENERGY INC (CANA) 0.03 0.14LA Water and Power - IG Group Canada CANA INFORMATION TECHNOLOGY OPEN TEXT CORPORATION 0.02 0.02


LA Water and Power - IG Group Canada CANA ENERGY BANKERS PETE LTD 0.02 0.01*Relevant regional MSCI (N) Index. Client data shown. Note: Differences are due to rounding. Not a recommendation or offer to buy or sell securities.

Fund Name Region Country Sector Name Fund End Wt BM End Wt*

International Growth–Holdings by Region (continued) As of June 30, 2010

LA Water and Power - IG Group Europe UK ENERGY BG GROUP PLC 1.40 0.45LA Water and Power - IG Group Europe SWIT CONSUMER STAPLES NESTLE SA (REG) 1.35 1.50LA Water and Power - IG Group Europe SWIT HEALTH CARE ROCHE HLDGS GENUSSSCHEINE 1.35 0.87LA Water and Power IG Group Europe SWIT HEALTH CARE ROCHE HLDGS GENUSSSCHEINE 1.35 0.87LA Water and Power - IG Group Europe UK ENERGY ROYAL DUTCH SHELL PLC 1.30 1.39LA Water and Power - IG Group Europe GERW INDUSTRIALS SIEMENS AG (REGD) 1.27 0.67LA Water and Power - IG Group Europe UK TELECOMMUNICATION SERVICES VODAFONE GROUP PLC 1.23 0.98LA Water and Power - IG Group Europe UK FINANCIALS HSBC HOLDINGS PLC (UK REG) 1.06 1.43LA Water and Power - IG Group Europe UK MATERIALS RIO TINTO PLC (REGD) 1.03 0.57LA Water and Power - IG Group Europe NETH CONSUMER STAPLES UNILEVER NV CVA (BEARER) 1.00 0.40LA Water and Power - IG Group Europe SPAI TELECOMMUNICATION SERVICES TELEFONICA SA 0.98 0.69LA Water and Power - IG Group Europe UK CONSUMER STAPLES TESCO PLC 0.94 0.41LA Water and Power - IG Group Europe SPAI FINANCIALS BANCO SANTANDER SA (SPAIN) 0.93 0.79LA Water and Power - IG Group Europe FRAN FINANCIALS BNP PARIBAS (FRAN) 0 89 0 46LA Water and Power IG Group Europe FRAN FINANCIALS BNP PARIBAS (FRAN) 0.89 0.46LA Water and Power - IG Group Europe UK FINANCIALS BARCLAYS PLC ORD 0.89 0.41LA Water and Power - IG Group Europe UK ENERGY BP PLC 0.89 0.80LA Water and Power - IG Group Europe SWIT FINANCIALS UBS AG (REGD) 0.87 0.44LA Water and Power - IG Group Europe BELG CONSUMER STAPLES ANHEUSER BUSCH INBEV NV 0.86 0.31LA Water and Power - IG Group Europe UK FINANCIALS STANDARD CHARTERED PLC (UK) 0.86 0.44LA Water and Power - IG Group Europe GERW UTILITIES E.ON AG 0.83 0.44LA Water and Power - IG Group Europe UK FINANCIALS PRUDENTIAL PLC 0.81 0.17LA Water and Power - IG Group Europe FRAN MATERIALS AIR LIQUIDE SA 0.78 0.26LA Water and Power - IG Group Europe FRAN HEALTH CARE SANOFI-AVENTIS 0.77 0.57LA Water and Power IG Group Europe UK CONSUMER STAPLES IMPERIAL TOBACCO GROUP PLC 0 76 0 26LA Water and Power - IG Group Europe UK CONSUMER STAPLES IMPERIAL TOBACCO GROUP PLC 0.76 0.26LA Water and Power - IG Group Europe DENM HEALTH CARE NOVO-NORDISK AS CL B 0.76 0.32LA Water and Power - IG Group Europe SWIT HEALTH CARE NOVARTIS AG (REG) 0.76 0.92LA Water and Power - IG Group Europe SWED CONSUMER DISCRETIONARY HENNES & MAURITZ AB B 0.75 0.25LA Water and Power - IG Group Europe GERW MATERIALS BASF SE 0.74 0.45LA Water and Power - IG Group Europe GERW INDUSTRIALS MAN SE (FRANKFURT REG) 0.73 0.08LA Water and Power - IG Group Europe UK UTILITIES CENTRICA PLC 0.70 0.20LA Water and Power - IG Group Europe FRAN FINANCIALS SOCIETE GENERALE PARIS CL A 0.69 0.24LA Water and Power - IG Group Europe SWIT TELECOMMUNICATION SERVICES SWISSCOM AG (REG) 0.68 0.07LA Water and Power - IG Group Europe FRAN INDUSTRIALS SCHNEIDER ELECTRIC SA 0.67 0.22LA W t d P IG G E NETH INFORMATION TECHNOLOGY ASML HOLDING NV (NETH) 0 65 0 11LA Water and Power - IG Group Europe NETH INFORMATION TECHNOLOGY ASML HOLDING NV (NETH) 0.65 0.11LA Water and Power - IG Group Europe GERW INFORMATION TECHNOLOGY SAP AG 0.64 0.34LA Water and Power - IG Group Europe FRAN ENERGY TOTAL SA (FRAN) 0.64 0.85LA Water and Power - IG Group Europe NETH INDUSTRIALS PHILIPS ELEC (KON) NV 0.63 0.26LA Water and Power - IG Group Europe GERW CONSUMER DISCRETIONARY VOLKSWAGEN AG 0.62 0.16LA Water and Power - IG Group Europe SPAI CONSUMER DISCRETIONARY INDITEX SA 0.60 0.11LA Water and Power - IG Group Europe FRAN CONSUMER DISCRETIONARY SES SA A (FRAN) 0.60 0.06LA Water and Power - IG Group Europe FRAN CONSUMER DISCRETIONARY PPR SA 0.60 0.09LA Water and Power - IG Group Europe PTGL ENERGY GALP ENERGIA SGPS SA 0.59 0.03LA Water and Power - IG Group Europe NETH FINANCIALS ING GROEP NV CVA 0.58 0.26LA Water and Power - IG Group Europe UK HEALTH CARE GLAXOSMITHKLINE PLC 0.56 0.79LA Water and Power - IG Group Europe BELG MATERIALS UMICORE SA 0.54 0.03LA Water and Power - IG Group Europe UK FINANCIALS LLOYDS BANKING GROUP PLC 0.53 0.29LA Water and Power - IG Group Europe FRAN CONSUMER STAPLES PERNOD-RICARD 0.53 0.14LA Water and Power - IG Group Europe ITAL ENERGY SAIPEM SPA 0.53 0.07LA Water and Power - IG Group Europe UK CONSUMER STAPLES SABMILLER PLC (UK) 0.52 0.24LA Water and Power - IG Group Europe FRAN INDUSTRIALS SAFRAN (SOCIETE D APPLICAT) 0.51 0.04LA Water and Power - IG Group Europe DENM FINANCIALS DANSKE BK AS 0.50 0.08LA Water and Power - IG Group Europe NETH CONSUMER DISCRETIONARY REED ELSEVIER NV 0.49 0.07LA Water and Power - IG Group Europe UK CONSUMER STAPLES RECKITT BENCKISER GROUP PLC 0.48 0.26

*Relevant regional MSCI (N) Index. Client data shown. Note: Differences are due to rounding. Not a recommendation or offer to buy or sell securities.


LA Water and Power - IG Group Europe ISRA HEALTH CARE TEVA PHARMACEUTICAL INDS LTD 0.48 0.44



LA Water and Power - IG Group Europe GERW MATERIALS HEIDELBERGCEMENT AG (GERW) 0.48 0.06LA Water and Power - IG Group Europe NORW TELECOMMUNICATION SERVICES TELENOR AS 0.48 0.09LA Water and Power - IG Group Europe SWED INDUSTRIALS SANDVIK AB 0.47 0.11LA Water and Power IG Group Europe SWED INDUSTRIALS SANDVIK AB 0.47 0.11LA Water and Power - IG Group Europe FRAN CONSUMER STAPLES L'OREAL SA ORD 0.46 0.21LA Water and Power - IG Group Europe FRAN MATERIALS ARCELORMITTAL SA (NETH) 0.46 0.21LA Water and Power - IG Group Europe UK MATERIALS ANGLO AMER PLC (UK) 0.45 0.41LA Water and Power - IG Group Europe UK CONSUMER DISCRETIONARY KINGFISHER PLC 0.41 0.07LA Water and Power - IG Group Europe NETH FINANCIALS AEGON NV 0.41 0.08LA Water and Power - IG Group Europe GERW INDUSTRIALS LUFTHANSA AG (REGD) 0.40 0.03LA Water and Power - IG Group Europe SWIT HEALTH CARE LONZA GROUP AG 0.39 0.03LA Water and Power - IG Group Europe UK INDUSTRIALS TOMKINS PLC ORD 0.38 0.03LA Water and Power - IG Group Europe AUST FINANCIALS ERSTE GROUP BANK AG 0.38 0.05LA Water and Power IG Group Europe UK HEALTH CARE ASTRAZENECA PLC (UK) 0 37 0 61LA Water and Power - IG Group Europe UK HEALTH CARE ASTRAZENECA PLC (UK) 0.37 0.61LA Water and Power - IG Group Europe GERW FINANCIALS DEUTSCHE BOERSE AG 0.37 0.11LA Water and Power - IG Group Europe UK FINANCIALS LEGAL & GENERAL GROUP PLC ORD 0.37 0.06LA Water and Power - IG Group Europe GERW CONSUMER STAPLES METRO AG 0.37 0.06LA Water and Power - IG Group Europe SWED FINANCIALS SWEDBANK AB A 0.36 0.06LA Water and Power - IG Group Europe SWIT INDUSTRIALS SCHINDLER HOLDING AG 0.36 0.05LA Water and Power - IG Group Europe FRAN CONSUMER DISCRETIONARY ACCOR SA 0.36 0.06LA Water and Power - IG Group Europe GERW CONSUMER DISCRETIONARY DAIMLER AG (GERW) 0.36 0.41LA Water and Power - IG Group Europe SWIT INDUSTRIALS KUEHNE & NAGEL INTL AG REGD 0.36 0.05LA Water and Power - IG Group Europe SWED TELECOMMUNICATION SERVICES MILLICOM INTL CELL SA SDR 0.35 0.06LA Water and Power - IG Group Europe FRAN UTILITIES ELECTRICITE DE FRANCE 0.35 0.09LA Water and Power - IG Group Europe GERW INFORMATION TECHNOLOGY INFINEON TECHNOLOGIES AG 0.35 0.06LA Water and Power - IG Group Europe UK FINANCIALS SCHRODERS PLC (NEW) ORD 0.34 0.02LA Water and Power - IG Group Europe DENM CONSUMER STAPLES CARLSBERG AS CL B 0.33 0.07LA Water and Power - IG Group Europe NETH INDUSTRIALS TNT NV 0.33 0.08LA Water and Power - IG Group Europe UK UTILITIES INTERNATIONAL POWER PLC 0.32 0.06LA Water and Power - IG Group Europe UK MATERIALS CRODA INTERNATIONAL PLC 0.31 0.02LA Water and Power - IG Group Europe BELG CONSUMER STAPLES DELHAIZE GROUP 0.31 0.07LA Water and Power - IG Group Europe GERW CONSUMER STAPLES HENKEL AG & CO KGAA 0.29 0.13LA Water and Power - IG Group Europe UK UTILITIES UNITED UTILITIES GROUP PLC 0.29 0.05LA Water and Power IG Group Europe UK UTILITIES UNITED UTILITIES GROUP PLC 0.29 0.05LA Water and Power - IG Group Europe UK INDUSTRIALS COOKSON GROUP PLC 0.29 0.01LA Water and Power - IG Group Europe SWIT FINANCIALS SWISS REINSURANCE (REG) 0.29 0.13LA Water and Power - IG Group Europe UK INDUSTRIALS EXPERIAN PLC 0.26 0.08LA Water and Power - IG Group Europe ITAL ENERGY ENI SPA 0.24 0.43LA Water and Power - IG Group Europe FRAN ENERGY TECHNIP SA 0.23 0.05LA Water and Power - IG Group Europe GERW HEALTH CARE BAYER AG 0.20 0.42LA Water and Power - IG Group Europe SPAI UTILITIES RED ELECTRICA CORPORACION SA 0.19 0.03LA Water and Power - IG Group Europe UK INFORMATION TECHNOLOGY AUTONOMY CORP PLC (UK) 0.17 0.05LA Water and Power - IG Group Europe UK INDUSTRIALS FIRSTGROUP PLC 0.15 0.02LA Water and Power IG Group Europe UK INDUSTRIALS CHARTER INTERNATIONAL PLC 0 13 0 01LA Water and Power - IG Group Europe UK INDUSTRIALS CHARTER INTERNATIONAL PLC 0.13 0.01LA Water and Power - IG Group Europe AUST INDUSTRIALS WIENERBERGER AG 0.11 0.01





LA Water and Power - IG Group Japan JAPA FINANCIALS MITSUBISHI UFJ FINL GRP INC 0.76 0.52LA Water and Power - IG Group Japan JAPA FINANCIALS SUMITOMO MITSUI FINL GROUP INC 0.72 0.34LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY TOYOTA MOTOR CORP 0.61 0.86LA Water and Power IG Group Japan JAPA CONSUMER DISCRETIONARY TOYOTA MOTOR CORP 0.61 0.86LA Water and Power - IG Group Japan JAPA TELECOMMUNICATION SERVICES SOFTBANK CORP 0.61 0.19LA Water and Power - IG Group Japan JAPA UTILITIES TOKYO ELECTRIC POWER CO 0.56 0.30LA Water and Power - IG Group Japan JAPA HEALTH CARE MITSUBISHI TANABE PHARMA CORP 0.54 0.03LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY SONY CORP 0.52 0.24LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY HONDA MOTOR CO LTD 0.47 0.43LA Water and Power - IG Group Japan JAPA FINANCIALS TOKIO MARINE HOLDINGS INC 0.45 0.17LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY CANON INC 0.43 0.38LA Water and Power - IG Group Japan JAPA UTILITIES KANSAI ELECTRIC POWER CO INC 0.42 0.17LA Water and Power - IG Group Japan JAPA FINANCIALS NOMURA HOLDINGS INC 0.41 0.17LA Water and Power IG Group Japan JAPA INFORMATION TECHNOLOGY TOKYO ELECTRON LTD 0 40 0 08LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY TOKYO ELECTRON LTD 0.40 0.08LA Water and Power - IG Group Japan JAPA INDUSTRIALS ASAHI GLASS CO LTD 0.39 0.09LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY RAKUTEN INC (TOKYO) 0.38 0.05LA Water and Power - IG Group Japan JAPA INDUSTRIALS MITSUBISHI CORP 0.35 0.26LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY DENSO CORP 0.34 0.12LA Water and Power - IG Group Japan JAPA INDUSTRIALS FANUC LTD 0.33 0.20LA Water and Power - IG Group Japan JAPA MATERIALS SHIN-ETSU CHEMICAL CO LTD 0.33 0.17LA Water and Power - IG Group Japan JAPA INDUSTRIALS SUMITOMO ELECTRIC INDS LTD 0.32 0.08LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY NITORI CO LTD 0.32 0.03LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY FAST RETAILING CO LTD 0.30 0.07LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY MAZDA MOTOR CORP 0.30 0.03LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY NINTENDO CO LTD 0.30 0.26LA Water and Power - IG Group Japan JAPA INDUSTRIALS SMC CORP 0.30 0.07LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY KYOCERA CORP 0.28 0.12LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY FUJIFILM HOLDINGS CORP 0.26 0.12LA Water and Power - IG Group Japan JAPA HEALTH CARE SHIONOGI & CO LTD 0.25 0.06LA Water and Power - IG Group Japan JAPA CONSUMER STAPLES UNI CHARM CORP 0.24 0.04LA Water and Power - IG Group Japan JAPA HEALTH CARE TERUMO CORP 0.24 0.07LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY MURATA MFG CO LTD 0.23 0.09LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY ROHM CO LTD 0.23 0.05LA Water and Power IG Group Japan JAPA INFORMATION TECHNOLOGY ROHM CO LTD 0.23 0.05LA Water and Power - IG Group Japan JAPA TELECOMMUNICATION SERVICES NIPPON TELEGRAPH & TELEPHONE 0.22 0.19LA Water and Power - IG Group Japan JAPA MATERIALS MITSUI CHEMICALS INC 0.22 0.02LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY OBIC CO LTD 0.22 0.01LA Water and Power - IG Group Japan JAPA CONSUMER STAPLES KOBAYASHI PHARMAC CO LTD 0.21 0.01LA Water and Power - IG Group Japan JAPA FINANCIALS ORIX CORP 0.21 0.07LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY RINNAI CORP 0.21 0.02LA Water and Power - IG Group Japan JAPA INDUSTRIALS HINO MOTORS LTD 0.19 0.01LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY DENTSU INC 0.18 0.04LA Water and Power - IG Group Japan JAPA MATERIALS SUMITOMO METAL INDUSTRIES LTD 0.18 0.07LA Water and Power IG Group Japan JAPA UTILITIES CHUBU ELECTRIC POWER CO INC 0 17 0 15LA Water and Power - IG Group Japan JAPA UTILITIES CHUBU ELECTRIC POWER CO INC 0.17 0.15LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY HITACHI LTD 0.17 0.15LA Water and Power - IG Group Japan JAPA UTILITIES TOKYO GAS CO LTD 0.17 0.10LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY JUPITER TELECOMMUNICATIONS CO 0.17 0.02LA Water and Power - IG Group Japan JAPA INDUSTRIALS PARK24 CO LTD 0.17 0.01LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY ASICS CORP 0.17 0.01





LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY ABC-MART INC 0.16 0.01LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY ELPIDA MEMORY INC 0.16 0.02LA Water and Power - IG Group Japan JAPA MATERIALS SUMITOMO BAKELITE CO LTD 0.16 0.01LA Water and Power IG Group Japan JAPA MATERIALS SUMITOMO BAKELITE CO LTD 0.16 0.01LA Water and Power - IG Group Japan JAPA FINANCIALS MITSUBISHI UFJ LEA&FIN CO LTD 0.16 0.02LA Water and Power - IG Group Japan JAPA INDUSTRIALS NSK LTD 0.16 0.03LA Water and Power - IG Group Japan JAPA HEALTH CARE NICHI-IKO PHARMACEUTCAL CO LTD 0.15 0.01LA Water and Power - IG Group Japan JAPA INDUSTRIALS SUMITOMO HEAVY INDUSTRIES LTD 0.15 0.03LA Water and Power - IG Group Japan JAPA INDUSTRIALS CHIYODA CORP 0.15 0.01LA Water and Power - IG Group Japan JAPA FINANCIALS MITSUBISHI ESTATE CO LTD 0.15 0.15LA Water and Power - IG Group Japan JAPA CONSUMER STAPLES JAPAN TOBACCO INC 0.15 0.13LA Water and Power - IG Group Japan JAPA CONSUMER STAPLES AEON CO LTD 0.15 0.06LA Water and Power - IG Group Japan JAPA MATERIALS JFE HOLDINGS INC 0.15 0.13LA Water and Power IG Group Japan JAPA INDUSTRIALS MITSUI & CO LTD 0 14 0 18LA Water and Power - IG Group Japan JAPA INDUSTRIALS MITSUI & CO LTD 0.14 0.18LA Water and Power - IG Group Japan JAPA MATERIALS UBE INDUSTRIES LTD 0.14 0.02LA Water and Power - IG Group Japan JAPA HEALTH CARE SANTEN PHARMACEUTICAL CO LTD 0.14 0.02LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY TOSHIBA CORP 0.14 0.18LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY AISIN SEIKI CO LTD 0.13 0.05LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY OMRON CORP 0.13 0.04LA Water and Power - IG Group Japan JAPA FINANCIALS JAPAN RETAIL FUND INVEST CORP 0.11 0.02LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY KAKAKU.COM INC 0.11 0.01LA Water and Power - IG Group Japan JAPA INDUSTRIALS MITSUBISHI ELECTRIC CORP ORD 0.11 0.14LA Water and Power - IG Group Japan JAPA CONSUMER STAPLES ASAHI BREWERIES LTD 0.11 0.06LA Water and Power - IG Group Japan JAPA INDUSTRIALS MITSUI OSK LINES LTD 0.11 0.07LA Water and Power - IG Group Japan JAPA MATERIALS JSR CORP 0.10 0.03LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY NIPPON ELECTRIC GLASS CO LTD 0.10 0.04LA Water and Power - IG Group Japan JAPA MATERIALS MITSUBISHI MATERIALS CORP 0.10 0.03LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY KEYENCE CORP 0.10 0.09LA Water and Power - IG Group Japan JAPA MATERIALS SHOWA DENKO KK 0.09 0.02LA Water and Power - IG Group Japan JAPA INFORMATION TECHNOLOGY TDK CORP 0.09 0.06LA Water and Power - IG Group Japan JAPA MATERIALS AIR WATER INC (OSAKA) 0.08 0.01LA Water and Power - IG Group Japan JAPA INDUSTRIALS THK CO LTD 0.08 0.02LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY POINT INC 0.08 0.01LA Water and Power IG Group Japan JAPA CONSUMER DISCRETIONARY POINT INC 0.08 0.01LA Water and Power - IG Group Japan JAPA FINANCIALS MATSUI SECURITIES CO LTD 0.08 0.01LA Water and Power - IG Group Japan JAPA ENERGY INPEX CORP 0.08 0.04LA Water and Power - IG Group Japan JAPA MATERIALS TOHO TITANIUM CO LTD 0.08 0.01LA Water and Power - IG Group Japan JAPA MATERIALS TOKAI CARBON CO LTD 0.08 0.01LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY PIONEER CORPORATION 0.07 0.01LA Water and Power - IG Group Japan JAPA HEALTH CARE HISAMITSU PHARM CO 0.07 0.02LA Water and Power - IG Group Japan JAPA INDUSTRIALS NIDEC CORP 0.07 0.08LA Water and Power - IG Group Japan JAPA INDUSTRIALS KURITA WATER INDUSTRIES LTD 0.06 0.03LA Water and Power - IG Group Japan JAPA INDUSTRIALS MINEBEA CO 0.06 0.02LA Water and Power IG Group Japan JAPA CONSUMER DISCRETIONARY SEKISUI HOUSE LTD 0 06 0 04LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY SEKISUI HOUSE LTD 0.06 0.04LA Water and Power - IG Group Japan JAPA MATERIALS SUMITOMO CHEMICAL CO LTD 0.06 0.06LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY FUNAI ELECTRIC CO LTD 0.04 0.01LA Water and Power - IG Group Japan JAPA CONSUMER DISCRETIONARY YAMADA DENKI CO LTD 0.00 0.05





LA Water and Power - IG Group Pac ex Japan ASTL MATERIALS BHP BILLITON LTD 1.08 0.95LA Water and Power - IG Group Pac ex Japan ASTL FINANCIALS COMMONWEALTH BK OF AUSTRALIA 0.91 0.56LA Water and Power - IG Group Pac ex Japan ASTL FINANCIALS NATIONAL AUSTRALIA BANK LTD 0 61 0 37LA Water and Power IG Group Pac ex Japan ASTL FINANCIALS NATIONAL AUSTRALIA BANK LTD 0.61 0.37LA Water and Power - IG Group Pac ex Japan HOKO INFORMATION TECHNOLOGY TENCENT HOLDINGS LIMITED 0.54 0.00LA Water and Power - IG Group Pac ex Japan ASTL CONSUMER STAPLES WOOLWORTHS LTD (AUSTRALIA) 0.50 0.25LA Water and Power - IG Group Pac ex Japan ASTL FINANCIALS AUSTRALIA & NZ BANKING GRP 0.49 0.41LA Water and Power - IG Group Pac ex Japan ASTL CONSUMER STAPLES WESFARMERS LTD 0.44 0.25LA Water and Power - IG Group Pac ex Japan HOKO FINANCIALS HANG SENG BANK LTD 0.39 0.09LA Water and Power - IG Group Pac ex Japan ASTL MATERIALS RIO TINTO LTD 0.38 0.22LA Water and Power - IG Group Pac ex Japan ASTL FINANCIALS QBE INSURANCE GROUP LTD 0.34 0.14LA Water and Power - IG Group Pac ex Japan HOKO CONSUMER DISCRETIONARY LI & FUNG LTD 0.34 0.09LA Water and Power - IG Group Pac ex Japan ASTL CONSUMER STAPLES FOSTERS GROUP LTD 0.34 0.08LA Water and Power - IG Group Pac ex Japan ASTL HEALTH CARE CSL LIMITED 0.34 0.14LA Water and Power - IG Group Pac ex Japan ASTL CONSUMER STAPLES COCA COLA AMATIL LTD 0.33 0.05LA Water and Power - IG Group Pac ex Japan SING FINANCIALS UNITED OVERSEAS BANK (LOC) 0.32 0.15LA Water and Power - IG Group Pac ex Japan SING INDUSTRIALS KEPPEL CORP LTD 0.30 0.07LA Water and Power - IG Group Pac ex Japan HOKO FINANCIALS BANK OF CHINA HONG KONG LTD 0.30 0.08LA Water and Power - IG Group Pac ex Japan SING FINANCIALS CAPITALAND LTD 0.29 0.06LA Water and Power - IG Group Pac ex Japan ASTL INFORMATION TECHNOLOGY COMPUTERSHARE LTD 0.27 0.04LA Water and Power - IG Group Pac ex Japan ASTL HEALTH CARE COCHLEAR LTD 0.27 0.03LA Water and Power - IG Group Pac ex Japan ASTL FINANCIALS AMP LTD (POST RECON) 0.25 0.08LA Water and Power - IG Group Pac ex Japan HOKO FINANCIALS CHINA OVERSEAS LAND & INV LTD 0 24 0 00LA Water and Power - IG Group Pac ex Japan HOKO FINANCIALS CHINA OVERSEAS LAND & INV LTD 0.24 0.00LA Water and Power - IG Group Pac ex Japan ASTL FINANCIALS MACQUARIE GROUP LTD 0.23 0.09LA Water and Power - IG Group Pac ex Japan ASTL HEALTH CARE RAMSAY HEALTH CARE LTD 0.21 0.01LA Water and Power - IG Group Pac ex Japan ASTL HEALTH CARE RESMED INC CDI (ASTL) 0.20 0.00LA Water and Power - IG Group Pac ex Japan HOKO CONSUMER DISCRETIONARY ESPRIT HOLDINGS LTD 0.20 0.06LA Water and Power - IG Group Pac ex Japan ASTL ENERGY OIL SEARCH LTD 0.19 0.00LA Water and Power - IG Group Pac ex Japan ASTL MATERIALS JAMES HARDIE INDUSTRIES SE CDI 0.18 0.02LA Water and Power - IG Group Pac ex Japan HOKO FINANCIALS SWIRE PACIFIC LTD 0.17 0.08LA Water and Power - IG Group Pac ex Japan ASTL ENERGY WORLEYPARSONS LTD 0.15 0.03LA Water and Power - IG Group Pac ex Japan ASTL CONSUMER DISCRETIONARY HARVEY NORMAN HLDGS LTD 0.15 0.01LA Water and Power - IG Group Pac ex Japan ASTL MATERIALS LIHIR GOLD LTD 0.15 0.00LA Water and Power - IG Group Pac ex Japan SING FINANCIALS SINGAPORE EXCHANGE LTD 0.13 0.04LA Water and Power - IG Group Pac ex Japan SING INDUSTRIALS NOBLE GROUP LTD 0.13 0.03LA Water and Power - IG Group Pac ex Japan SING HEALTH CARE PARKWAY HOLDINGS LTD 0.10 0.01LA Water and Power - IG Group Pac ex Japan HOKO HEALTH CARE UNITED LAB INT HLDGS 0.07 0.00LA Water and Power - IG Group Pac ex Japan SING UTILITIES HYFLUX LTD 0.06 0.01LA Water and Power - IG Group Pac ex Japan ASTL CONSUMER DISCRETIONARY CROWN LTD 0.05 0.03





LA Water & Power RHBF IG Portfolio Canada CANA FINANCIALS TORONTO-DOMINION BANK 0.94 0.50LA Water & Power RHBF IG Portfolio Canada CANA FINANCIALS ROYAL BANK OF CANADA 0.79 0.61LA Water & Power RHBF IG Portfolio Canada CANA ENERGY SUNCOR ENRGY INC 0.59 0.41LA Water & Power RHBF IG Portfolio Canada CANA ENERGY CANADIAN NATL RESOURCES LTD 0.48 0.32LA Water & Power RHBF IG Portfolio Canada CANA INDUSTRIALS CANADIAN NATL RAILWAY CO 0.46 0.24LA Water & Power RHBF IG Portfolio Canada CANA FINANCIALS BANK OF MONTREAL 0.42 0.27LA Water & Power RHBF IG Portfolio Canada CANA ENERGY CENOVUS ENERGY INC 0.41 0.17LA Water & Power RHBF IG Portfolio Canada CANA ENERGY ENBRIDGE INC 0.34 0.15LA Water & Power RHBF IG Portfolio Canada CANA MATERIALS EUROPEAN GOLDFIELDS LTD 0.31 0.01LA Water & Power RHBF IG Portfolio Canada CANA TELECOMMUNICATION SERVICES ROGERS COMM INC CL B NON VTG 0.31 0.13LA Water & Power RHBF IG Portfolio Canada CANA MATERIALS BARRICK GOLD CORP 0.29 0.40LA Water & Power RHBF IG Portfolio Canada CANA FINANCIALS CANADIAN IMP BK OF COMMERCE 0.28 0.21LA Water & Power RHBF IG Portfolio Canada CANA CONSUMER DISCRETIONARY TIM HORTONS INC 0.27 0.05LA W & P RHBF IG P f li C d CANA MATERIALS POTASH CORP OF SASKATCHEWAN 0 24 0 23LA Water & Power RHBF IG Portfolio Canada CANA MATERIALS POTASH CORP OF SASKATCHEWAN 0.24 0.23LA Water & Power RHBF IG Portfolio Canada CANA MATERIALS ELDORADO GOLD CORP 0.23 0.09LA Water & Power RHBF IG Portfolio Canada CANA FINANCIALS INDUSTRIAL ALLIANCE INSURANCE 0.22 0.02LA Water & Power RHBF IG Portfolio Canada CANA ENERGY KEYERA FACILITIES INCOME FD 0.22 0.01LA Water & Power RHBF IG Portfolio Canada CANA ENERGY CRESCENT POINT ENERGY CORP 0.21 0.06LA Water & Power RHBF IG Portfolio Canada CANA MATERIALS GOLDCORP INC 0.21 0.29LA Water & Power RHBF IG Portfolio Canada CANA CONSUMER DISCRETIONARY GILDAN ACTIVEWEAR INC 0.20 0.03LA Water & Power RHBF IG Portfolio Canada CANA MATERIALS RED BACK MINING INC 0.20 0.06LA Water & Power RHBF IG Portfolio Canada CANA INFORMATION TECHNOLOGY CGI GROUPE INC CL A SUB VTG 0.19 0.03LA Water & Power RHBF IG Portfolio Canada CANA MATERIALS SILVER WHEATON CORP 0.18 0.06LA Water & Power RHBF IG Portfolio Canada CANA CONSUMER DISCRETIONARY CINEPLEX GALAXY INCOME FD 0 17 0 00LA Water & Power RHBF IG Portfolio Canada CANA CONSUMER DISCRETIONARY CINEPLEX GALAXY INCOME FD 0.17 0.00LA Water & Power RHBF IG Portfolio Canada CANA FINANCIALS BROOKFIELD PPTYS CORP 0.17 0.04LA Water & Power RHBF IG Portfolio Canada CANA INFORMATION TECHNOLOGY RESEARCH IN MOTION LTD 0.16 0.22LA Water & Power RHBF IG Portfolio Canada CANA CONSUMER STAPLES METRO INC CL A SUB VTG 0.16 0.04LA Water & Power RHBF IG Portfolio Canada CANA MATERIALS IAMGOLD CORP 0.16 0.06LA Water & Power RHBF IG Portfolio Canada CANA FINANCIALS BANK OF NOVA SCOTIA 0.15 0.42LA Water & Power RHBF IG Portfolio Canada CANA FINANCIALS DUNDEE WEALTH MANAGEMENT INC 0.14 0.01LA Water & Power RHBF IG Portfolio Canada CANA FINANCIALS INTACT FINL CORP 0.14 0.05LA Water & Power RHBF IG Portfolio Canada CANA ENERGY PACIFIC RUBIALES ENERGY CORP 0.14 0.05LA Water & Power RHBF IG Portfolio Canada CANA UTILITIES FORTIS INC 0.13 0.04LA Water & Power RHBF IG Portfolio Canada CANA ENERGY NIKO RES LTD 0.13 0.04LA Water & Power RHBF IG Portfolio Canada CANA ENERGY NIKO RES LTD 0.13 0.04LA Water & Power RHBF IG Portfolio Canada CANA ENERGY BAYTEX ENERGY TRUST 0.12 0.03LA Water & Power RHBF IG Portfolio Canada CANA MATERIALS DETOUR GOLD CORP 0.11 0.01LA Water & Power RHBF IG Portfolio Canada CANA MATERIALS OSISKO MINING CORP 0.11 0.03LA Water & Power RHBF IG Portfolio Canada CANA CONSUMER STAPLES LOBLAW COS LTD 0.10 0.04LA Water & Power RHBF IG Portfolio Canada CANA ENERGY LEGACY OIL PLUS GAS INC 0.09 0.00LA Water & Power RHBF IG Portfolio Canada CANA MATERIALS TECK RESOURCES LTD SUB VTG CLB 0.08 0.13LA Water & Power RHBF IG Portfolio Canada CANA CONSUMER DISCRETIONARY MAGNA INTL INC CL A SUB VTG 0.07 0.06LA Water & Power RHBF IG Portfolio Canada CANA MATERIALS SINO FOREST CORP 0.06 0.03LA Water & Power RHBF IG Portfolio Canada CANA INFORMATION TECHNOLOGY MACDONALD DETTW & ASC LTD 0.06 0.01LA Water & Power RHBF IG Portfolio Canada CANA ENERGY PETROMINERALES LTD 0.05 0.01LA Water & Power RHBF IG Portfolio Canada CANA CONSUMER DISCRETIONARY DOLLARAMA INC 0.05 0.01LA Water & Power RHBF IG Portfolio Canada CANA CONSUMER DISCRETIONARY QUEBECOR INC CL B SUB VTG 0.04 0.01LA Water & Power RHBF IG Portfolio Canada CANA HEALTH CARE SXC HEALTH SOLUTIONS CORP 0.04 0.02LA Water & Power RHBF IG Portfolio Canada CANA MATERIALS IVANHOE MINES LTD 0.03 0.03LA Water & Power RHBF IG Portfolio Canada CANA ENERGY GRAN TIERRA ENERGY INC (CANA) 0.03 0.00LA Water & Power RHBF IG Portfolio Canada CANA ENERGY TALISMAN ENERGY INC (CANA) 0.02 0.14LA Water & Power RHBF IG Portfolio Canada CANA INFORMATION TECHNOLOGY OPEN TEXT CORPORATION 0.02 0.02LA Water & Power RHBF IG Portfolio Canada CANA ENERGY BANKERS PETE LTD 0.02 0.01





LA Water & Power RHBF IG Portfolio Europe DENM FINANCIALS DANSKE BK AS 0.50 0.08LA Water & Power RHBF IG Portfolio Europe NETH CONSUMER DISCRETIONARY REED ELSEVIER NV 0.49 0.07LA Water & Power RHBF IG Portfolio Europe ISRA HEALTH CARE TEVA PHARMACEUTICAL INDS LTD 0 48 0 44LA Water & Power RHBF IG Portfolio Europe ISRA HEALTH CARE TEVA PHARMACEUTICAL INDS LTD 0.48 0.44LA Water & Power RHBF IG Portfolio Europe UK CONSUMER STAPLES RECKITT BENCKISER GROUP PLC 0.48 0.26LA Water & Power RHBF IG Portfolio Europe GERW MATERIALS HEIDELBERGCEMENT AG (GERW) 0.48 0.06LA Water & Power RHBF IG Portfolio Europe NORW TELECOMMUNICATION SERVICES TELENOR AS 0.48 0.09LA Water & Power RHBF IG Portfolio Europe SWED INDUSTRIALS SANDVIK AB 0.47 0.11LA Water & Power RHBF IG Portfolio Europe FRAN CONSUMER STAPLES L'OREAL SA ORD 0.46 0.21LA Water & Power RHBF IG Portfolio Europe FRAN MATERIALS ARCELORMITTAL SA (NETH) 0.46 0.21LA Water & Power RHBF IG Portfolio Europe UK MATERIALS ANGLO AMER PLC (UK) 0.45 0.41LA Water & Power RHBF IG Portfolio Europe UK CONSUMER DISCRETIONARY KINGFISHER PLC 0.41 0.07LA Water & Power RHBF IG Portfolio Europe NETH FINANCIALS AEGON NV 0.41 0.08LA Water & Power RHBF IG Portfolio Europe GERW INDUSTRIALS LUFTHANSA AG (REGD) 0.40 0.03LA Water & Power RHBF IG Portfolio Europe SWIT HEALTH CARE LONZA GROUP AG 0.39 0.03LA Water & Power RHBF IG Portfolio Europe UK INDUSTRIALS TOMKINS PLC ORD 0.38 0.03LA Water & Power RHBF IG Portfolio Europe AUST FINANCIALS ERSTE GROUP BANK AG 0.38 0.05LA Water & Power RHBF IG Portfolio Europe UK HEALTH CARE ASTRAZENECA PLC (UK) 0.37 0.61LA Water & Power RHBF IG Portfolio Europe GERW FINANCIALS DEUTSCHE BOERSE AG 0.37 0.11LA Water & Power RHBF IG Portfolio Europe UK FINANCIALS LEGAL & GENERAL GROUP PLC ORD 0.37 0.06LA Water & Power RHBF IG Portfolio Europe GERW CONSUMER STAPLES METRO AG 0.37 0.06LA Water & Power RHBF IG Portfolio Europe SWED FINANCIALS SWEDBANK AB A 0.36 0.06LA Water & Power RHBF IG Portfolio Europe SWIT INDUSTRIALS SCHINDLER HOLDING AG 0 36 0 05LA Water & Power RHBF IG Portfolio Europe SWIT INDUSTRIALS SCHINDLER HOLDING AG 0.36 0.05LA Water & Power RHBF IG Portfolio Europe FRAN CONSUMER DISCRETIONARY ACCOR SA 0.36 0.06LA Water & Power RHBF IG Portfolio Europe GERW CONSUMER DISCRETIONARY DAIMLER AG (GERW) 0.36 0.41LA Water & Power RHBF IG Portfolio Europe SWED TELECOMMUNICATION SERVICES MILLICOM INTL CELL SA SDR 0.36 0.06LA Water & Power RHBF IG Portfolio Europe SWIT INDUSTRIALS KUEHNE & NAGEL INTL AG REGD 0.36 0.05LA Water & Power RHBF IG Portfolio Europe FRAN UTILITIES ELECTRICITE DE FRANCE 0.35 0.09LA Water & Power RHBF IG Portfolio Europe GERW INFORMATION TECHNOLOGY INFINEON TECHNOLOGIES AG 0.35 0.06LA Water & Power RHBF IG Portfolio Europe DENM CONSUMER STAPLES CARLSBERG AS CL B 0.34 0.07LA Water & Power RHBF IG Portfolio Europe UK FINANCIALS SCHRODERS PLC (NEW) ORD 0.34 0.02LA Water & Power RHBF IG Portfolio Europe NETH INDUSTRIALS TNT NV 0.33 0.08LA Water & Power RHBF IG Portfolio Europe UK UTILITIES INTERNATIONAL POWER PLC 0.32 0.06LA Water & Power RHBF IG Portfolio Europe UK MATERIALS CRODA INTERNATIONAL PLC 0.31 0.02LA Water & Power RHBF IG Portfolio Europe BELG CONSUMER STAPLES DELHAIZE GROUP 0.30 0.07LA Water & Power RHBF IG Portfolio Europe GERW CONSUMER STAPLES HENKEL AG & CO KGAA 0.30 0.13LA Water & Power RHBF IG Portfolio Europe UK INDUSTRIALS COOKSON GROUP PLC 0.29 0.01LA Water & Power RHBF IG Portfolio Europe UK UTILITIES UNITED UTILITIES GROUP PLC 0.29 0.05LA Water & Power RHBF IG Portfolio Europe SWIT FINANCIALS SWISS REINSURANCE (REG) 0.29 0.13LA Water & Power RHBF IG Portfolio Europe UK INDUSTRIALS EXPERIAN PLC 0.26 0.08LA Water & Power RHBF IG Portfolio Europe ITAL ENERGY ENI SPA 0.24 0.43LA Water & Power RHBF IG Portfolio Europe FRAN ENERGY TECHNIP SA 0 23 0 05LA Water & Power RHBF IG Portfolio Europe FRAN ENERGY TECHNIP SA 0.23 0.05LA Water & Power RHBF IG Portfolio Europe GERW HEALTH CARE BAYER AG 0.20 0.42LA Water & Power RHBF IG Portfolio Europe SPAI UTILITIES RED ELECTRICA CORPORACION SA 0.19 0.03LA Water & Power RHBF IG Portfolio Europe UK INFORMATION TECHNOLOGY AUTONOMY CORP PLC (UK) 0.17 0.05LA Water & Power RHBF IG Portfolio Europe UK INDUSTRIALS FIRSTGROUP PLC 0.15 0.02LA Water & Power RHBF IG Portfolio Europe UK INDUSTRIALS CHARTER INTERNATIONAL PLC 0.13 0.01LA Water & Power RHBF IG Portfolio Europe AUST INDUSTRIALS WIENERBERGER AG 0.11 0.01





LA Water & Power RHBF IG Portfolio Japan JAPA FINANCIALS MITSUBISHI UFJ FINL GRP INC 0.76 0.52LA Water & Power RHBF IG Portfolio Japan JAPA FINANCIALS SUMITOMO MITSUI FINL GROUP INC 0.72 0.34LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY TOYOTA MOTOR CORP 0.62 0.86pLA Water & Power RHBF IG Portfolio Japan JAPA TELECOMMUNICATION SERVICES SOFTBANK CORP 0.61 0.19LA Water & Power RHBF IG Portfolio Japan JAPA UTILITIES TOKYO ELECTRIC POWER CO 0.56 0.30LA Water & Power RHBF IG Portfolio Japan JAPA HEALTH CARE MITSUBISHI TANABE PHARMA CORP 0.55 0.03LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY SONY CORP 0.52 0.24LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY HONDA MOTOR CO LTD 0.47 0.43LA Water & Power RHBF IG Portfolio Japan JAPA FINANCIALS TOKIO MARINE HOLDINGS INC 0.45 0.17LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY CANON INC 0.43 0.38LA Water & Power RHBF IG Portfolio Japan JAPA UTILITIES KANSAI ELECTRIC POWER CO INC 0.42 0.17LA Water & Power RHBF IG Portfolio Japan JAPA FINANCIALS NOMURA HOLDINGS INC 0.41 0.17LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS ASAHI GLASS CO LTD 0.40 0.09LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS ASAHI GLASS CO LTD 0.40 0.09LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY TOKYO ELECTRON LTD 0.40 0.08LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY RAKUTEN INC (TOKYO) 0.38 0.05LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS MITSUBISHI CORP 0.35 0.26LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY DENSO CORP 0.34 0.12LA Water & Power RHBF IG Portfolio Japan JAPA MATERIALS SHIN-ETSU CHEMICAL CO LTD 0.33 0.17LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY NITORI CO LTD 0.32 0.03LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS SUMITOMO ELECTRIC INDS LTD 0.32 0.08LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS FANUC LTD 0.32 0.20LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY MAZDA MOTOR CORP 0.30 0.03LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS SMC CORP 0 30 0 07LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS SMC CORP 0.30 0.07LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY FAST RETAILING CO LTD 0.30 0.07LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY KYOCERA CORP 0.30 0.12LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY FUJIFILM HOLDINGS CORP 0.27 0.12LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER STAPLES UNI CHARM CORP 0.25 0.04LA Water & Power RHBF IG Portfolio Japan JAPA HEALTH CARE SHIONOGI & CO LTD 0.25 0.06LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY NINTENDO CO LTD 0.25 0.26LA Water & Power RHBF IG Portfolio Japan JAPA HEALTH CARE TERUMO CORP 0.24 0.07LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY MURATA MFG CO LTD 0.24 0.09LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY ROHM CO LTD 0.24 0.05LA Water & Power RHBF IG Portfolio Japan JAPA TELECOMMUNICATION SERVICES NIPPON TELEGRAPH & TELEPHONE 0 23 0 19LA Water & Power RHBF IG Portfolio Japan JAPA TELECOMMUNICATION SERVICES NIPPON TELEGRAPH & TELEPHONE 0.23 0.19LA Water & Power RHBF IG Portfolio Japan JAPA MATERIALS MITSUI CHEMICALS INC 0.22 0.02LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY OBIC CO LTD 0.22 0.01LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY RINNAI CORP 0.21 0.02LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER STAPLES KOBAYASHI PHARMAC CO LTD 0.21 0.01LA Water & Power RHBF IG Portfolio Japan JAPA FINANCIALS ORIX CORP 0.21 0.07LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS HINO MOTORS LTD 0.19 0.01LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY ASICS CORP 0.18 0.01LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY DENTSU INC 0.18 0.04LA Water & Power RHBF IG Portfolio Japan JAPA MATERIALS SUMITOMO METAL INDUSTRIES LTD 0.18 0.07LA W t & P RHBF IG P tf li J JAPA UTILITIES TOKYO GAS CO LTD 0 18 0 10LA Water & Power RHBF IG Portfolio Japan JAPA UTILITIES TOKYO GAS CO LTD 0.18 0.10LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY JUPITER TELECOMMUNICATIONS CO 0.17 0.02LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY HITACHI LTD 0.17 0.15LA Water & Power RHBF IG Portfolio Japan JAPA UTILITIES CHUBU ELECTRIC POWER CO INC 0.17 0.15





LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS PARK24 CO LTD 0.17 0.01LA Water & Power RHBF IG Portfolio Japan JAPA MATERIALS SUMITOMO BAKELITE CO LTD 0.16 0.01LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY ABC-MART INC 0.16 0.01LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY ABC MART INC 0.16 0.01LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY ELPIDA MEMORY INC 0.16 0.02LA Water & Power RHBF IG Portfolio Japan JAPA FINANCIALS MITSUBISHI UFJ LEA&FIN CO LTD 0.16 0.02LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS NSK LTD 0.16 0.03LA Water & Power RHBF IG Portfolio Japan JAPA FINANCIALS MITSUBISHI ESTATE CO LTD 0.16 0.15LA Water & Power RHBF IG Portfolio Japan JAPA HEALTH CARE NICHI-IKO PHARMACEUTCAL CO LTD 0.16 0.01LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS SUMITOMO HEAVY INDUSTRIES LTD 0.15 0.03LA Water & Power RHBF IG Portfolio Japan JAPA MATERIALS JFE HOLDINGS INC 0.15 0.13LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER STAPLES AEON CO LTD 0.15 0.06LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER STAPLES JAPAN TOBACCO INC 0.15 0.13LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS CHIYODA CORP 0 14 0 01LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS CHIYODA CORP 0.14 0.01LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS MITSUI & CO LTD 0.14 0.18LA Water & Power RHBF IG Portfolio Japan JAPA HEALTH CARE SANTEN PHARMACEUTICAL CO LTD 0.14 0.02LA Water & Power RHBF IG Portfolio Japan JAPA MATERIALS UBE INDUSTRIES LTD 0.14 0.02LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY TOSHIBA CORP 0.14 0.18LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY AISIN SEIKI CO LTD 0.14 0.05LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY KEYENCE CORP 0.13 0.09LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY OMRON CORP 0.13 0.04LA Water & Power RHBF IG Portfolio Japan JAPA FINANCIALS JAPAN RETAIL FUND INVEST CORP 0.12 0.02LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS MITSUI OSK LINES LTD 0.11 0.07LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS MITSUBISHI ELECTRIC CORP ORD 0.11 0.14LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER STAPLES ASAHI BREWERIES LTD 0.10 0.06LA Water & Power RHBF IG Portfolio Japan JAPA MATERIALS JSR CORP 0.10 0.03LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY KAKAKU.COM INC 0.10 0.01LA Water & Power RHBF IG Portfolio Japan JAPA MATERIALS MITSUBISHI MATERIALS CORP 0.10 0.03LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY NIPPON ELECTRIC GLASS CO LTD 0.10 0.04LA Water & Power RHBF IG Portfolio Japan JAPA INFORMATION TECHNOLOGY TDK CORP 0.09 0.06LA Water & Power RHBF IG Portfolio Japan JAPA MATERIALS AIR WATER INC (OSAKA) 0.09 0.01LA Water & Power RHBF IG Portfolio Japan JAPA MATERIALS SHOWA DENKO KK 0.09 0.02LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS THK CO LTD 0 08 0 02LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS THK CO LTD 0.08 0.02LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY POINT INC 0.08 0.01LA Water & Power RHBF IG Portfolio Japan JAPA MATERIALS TOKAI CARBON CO LTD 0.08 0.01LA Water & Power RHBF IG Portfolio Japan JAPA ENERGY INPEX CORP 0.08 0.04LA Water & Power RHBF IG Portfolio Japan JAPA FINANCIALS MATSUI SECURITIES CO LTD 0.08 0.01LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY PIONEER CORPORATION 0.07 0.01LA Water & Power RHBF IG Portfolio Japan JAPA MATERIALS TOHO TITANIUM CO LTD 0.07 0.01LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY SEKISUI HOUSE LTD 0.07 0.04LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS NIDEC CORP 0.07 0.08LA Water & Power RHBF IG Portfolio Japan JAPA HEALTH CARE HISAMITSU PHARM CO 0.07 0.02LA Water & Po er RHBF IG Portfolio Japan JAPA MATERIALS SUMITOMO CHEMICAL CO LTD 0 07 0 06LA Water & Power RHBF IG Portfolio Japan JAPA MATERIALS SUMITOMO CHEMICAL CO LTD 0.07 0.06LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS MINEBEA CO 0.06 0.02LA Water & Power RHBF IG Portfolio Japan JAPA INDUSTRIALS KURITA WATER INDUSTRIES LTD 0.06 0.03LA Water & Power RHBF IG Portfolio Japan JAPA CONSUMER DISCRETIONARY FUNAI ELECTRIC CO LTD 0.04 0.01





LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL MATERIALS BHP BILLITON LTD 1.08 0.95LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL FINANCIALS COMMONWEALTH BK OF AUSTRALIA 0.91 0.56LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL FINANCIALS NATIONAL AUSTRALIA BANK LTD 0 60 0 37LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL FINANCIALS NATIONAL AUSTRALIA BANK LTD 0.60 0.37LA Water & Power RHBF IG Portfolio Pac ex Japan HOKO INFORMATION TECHNOLOGY TENCENT HOLDINGS LIMITED 0.54 0.00LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL CONSUMER STAPLES WOOLWORTHS LTD (AUSTRALIA) 0.50 0.25LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL FINANCIALS AUSTRALIA & NZ BANKING GRP 0.49 0.41LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL CONSUMER STAPLES WESFARMERS LTD 0.44 0.25LA Water & Power RHBF IG Portfolio Pac ex Japan HOKO FINANCIALS HANG SENG BANK LTD 0.39 0.09LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL MATERIALS RIO TINTO LTD 0.38 0.22LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL CONSUMER STAPLES FOSTERS GROUP LTD 0.34 0.08LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL HEALTH CARE CSL LIMITED 0.34 0.14LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL FINANCIALS QBE INSURANCE GROUP LTD 0.34 0.14LA Water & Power RHBF IG Portfolio Pac ex Japan HOKO CONSUMER DISCRETIONARY LI & FUNG LTD 0.34 0.09LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL CONSUMER STAPLES COCA COLA AMATIL LTD 0.33 0.05LA Water & Power RHBF IG Portfolio Pac ex Japan SING FINANCIALS UNITED OVERSEAS BANK (LOC) 0.32 0.15LA Water & Power RHBF IG Portfolio Pac ex Japan SING INDUSTRIALS KEPPEL CORP LTD 0.30 0.07LA Water & Power RHBF IG Portfolio Pac ex Japan HOKO FINANCIALS BANK OF CHINA HONG KONG LTD 0.30 0.08LA Water & Power RHBF IG Portfolio Pac ex Japan SING FINANCIALS CAPITALAND LTD 0.29 0.06LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL INFORMATION TECHNOLOGY COMPUTERSHARE LTD 0.27 0.04LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL HEALTH CARE COCHLEAR LTD 0.27 0.03LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL FINANCIALS AMP LTD (POST RECON) 0.25 0.08LA Water & Power RHBF IG Portfolio Pac ex Japan HOKO FINANCIALS CHINA OVERSEAS LAND & INV LTD 0 24 0 00LA Water & Power RHBF IG Portfolio Pac ex Japan HOKO FINANCIALS CHINA OVERSEAS LAND & INV LTD 0.24 0.00LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL FINANCIALS MACQUARIE GROUP LTD 0.23 0.09LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL HEALTH CARE RAMSAY HEALTH CARE LTD 0.21 0.01LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL HEALTH CARE RESMED INC CDI (ASTL) 0.21 0.00LA Water & Power RHBF IG Portfolio Pac ex Japan HOKO CONSUMER DISCRETIONARY ESPRIT HOLDINGS LTD 0.20 0.06LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL ENERGY OIL SEARCH LTD 0.19 0.00LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL MATERIALS JAMES HARDIE INDUSTRIES SE CDI 0.18 0.02LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL CONSUMER DISCRETIONARY HARVEY NORMAN HLDGS LTD 0.18 0.01LA Water & Power RHBF IG Portfolio Pac ex Japan HOKO FINANCIALS SWIRE PACIFIC LTD 0.17 0.08LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL ENERGY WORLEYPARSONS LTD 0.15 0.03LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL MATERIALS LIHIR GOLD LTD 0.15 0.00LA Water & Power RHBF IG Portfolio Pac ex Japan SING FINANCIALS SINGAPORE EXCHANGE LTD 0.13 0.04LA Water & Power RHBF IG Portfolio Pac ex Japan SING INDUSTRIALS NOBLE GROUP LTD 0.12 0.03LA Water & Power RHBF IG Portfolio Pac ex Japan SING HEALTH CARE PARKWAY HOLDINGS LTD 0.10 0.01LA Water & Power RHBF IG Portfolio Pac ex Japan HOKO HEALTH CARE UNITED LAB INT HLDGS 0.07 0.00LA Water & Power RHBF IG Portfolio Pac ex Japan SING UTILITIES HYFLUX LTD 0.06 0.01LA Water & Power RHBF IG Portfolio Pac ex Japan ASTL CONSUMER DISCRETIONARY CROWN LTD 0.05 0.03



Appendix

Important InformationRead this important information carefully before making any investment. Speak with your relationship manager if you have any questions.

Risks

Past performance is no guarantee of future results. An investment may be risky and may not be suitable for an investor's goals, objectives and risk tolerance. Investors should be aware that an investment's value may be volatile and any investment involves the risk that you may lose money.

Performance results for individual accounts will differ from performance results for composites and representative accounts due to factors including but not limited to portfolio size, especially if currently only funded with affiliated fee paying seed capital, timing of investments, market conditions, account objectives and restrictions, and factors specific to a particular investment structure.

Performance results for individual accounts will differ from performance results for composites and representative accounts due to factors including but not limited to portfolio size, especially if currently only funded with affiliated fee paying seed capital, timing of investments, market conditions, account objectives and restrictions, and factors specific to a particular investment structure.

The value of a strategy's investments will vary day to day in response to many factors, including in response to adverse issuer, political, regulatory, market or economic developments The value of an individual security or a particular type of security can be more volatile than the market as a whole and can perform differently from the valuedevelopments. The value of an individual security or a particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

The performance of international strategies depends upon currency values, political and regulatory environments, and overall economic factors in the countries in which they invest. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The risks are particularly significant for strategies that focus on a single country or region.

These materials contain statements that are “forward-looking statements,” which are based on certain assumptions of future events. Forward-looking statements are based on information available on the date hereof, and Pyramis does not assume any duty to update any forward-looking statement. Actual events may differ from those assumed. y y y p y g yThere can be no assurance that forward-looking statements, including any projected returns, will materialize or that actual market conditions and/or performance results will not be materially different or worse than those presented.


Important InformationPerformance DataUnless otherwise indicated performance data shown is client data. Performance data is generally presented gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. All results reflect realized and unrealized appreciation and the reinvestment of dividends and investment income, if applicable. Taxes have not been deducted. In conducting its investment advisory activities, Pyramis utilizes certain assets, resources and investment personnel of FMR Co., which does not claim compliance with the Global Investment Performance Standards (GIPS®).

If representative account information is shown, it is based on an account in the subject strategy’s composite that generally reflects that strategy’s management and is not p , j gy p g y gy gbased on performance.

Index or benchmark performance shown does not reflect the deduction of advisory fees, transaction charges and other expenses, which if charged would reduce performance. Investing directly in an index is not possible.

* * * *

The business unit of Pyramis Global Advisors (Pyramis) consists of: Pyramis Global Advisors Holdings Corp. , a Delaware corporation; Pyramis Global Advisors Trust Company, a non-depository limited purpose trust company (PGATC); Pyramis Global Advisors, LLC, a U.S. registered investment adviser (PGA LLC); Pyramis Canada ULC, an Ontario registered investment adviser; Pyramis Global Advisors (UK) Limited, a U.K. registered investment manager (Pyramis-UK); Pyramis Global Advisors (Hong Kong) Limited, a Hong Kong registered investment adviser (Pyramis-HK); Pyramis Distributors Corporation LLC, a U.S. registered broker-dealer; and Fidelity Investments Canada ULC, an Alberta corporation (FIC). Investment services are provided by PGATC, PGA LLC, Pyramis Canada ULC, Pyramis-UK and/or Pyramis-HK.

"Fidelity Investments" refers collectively to FMR LLC, a U.S. company, and its subsidiaries, including but not limited to Fidelity Management & Research Company (FMR Co.), Fidelity Management & Research Company, Inc. (FMR Co. Inc.) and Pyramis. “FIL” refers collectively to FIL Limited, a non-U.S. company, and its subsidiaries. “Fidelity” refers collectively to Pyramis, Fidelity Investments and/or FIL.

Certain data and other information in this presentation have been supplied by outside sources and are believed to be reliable as of the date of this document Data andCertain data and other information in this presentation have been supplied by outside sources and are believed to be reliable as of the date of this document. Data and information from third-party databases, such as those sponsored by eVestment Alliance and Callan, are self-reported by investment management firms that generally pay a subscription fee to use such databases, and the database sponsors do not guarantee or audit the accuracy, timeliness or completeness of the data and information provided including any rankings. Rankings or similar data reflect information at the time rankings were retrieved from a third-party database, and such rankings may vary significantly as additional data from managers are reported. Pyramis has not verified and cannot verify the accuracy of information from outside sources, and potential investors should be aware that such information is subject to change without notice. Information is current as of the date noted.

Pyramis has prepared this presentation for, and only intends to provide it to, institutional, sophisticated and/or qualified investors in one-on-one or comparable presentations. Do not distribute or reproduce this reportDo not distribute or reproduce this report.

All trademarks and service marks included herein belong to FMR LLC or an affiliate, except third-party trademarks and service marks, which belong to their respective owners. Pyramis does not provide legal or tax advice and we encourage you to consult your own lawyer, accountant or other advisor before making an investment.

Not FDIC Insured • No Bank Guarantee • May Lose Value


Pyramis International Growth: Fee Schedule

.70%

.50%

Commingled VehiclesSeparate Account.80%.60%40%

Investment Grade

% on first $25 million% on next $25 million% t $50 illi

Standard Fee Schedule

.30%

.30%

.25%

.40%

.30%

.25%

% on next $50 million% on next $100 million% over $200 million

Minimums

$450,000 $35,000Annual Fee

$75 million $5 millionAccount Size

Month-End Market ValuesFees are calculated based on the average month end assets at market value during the quarter as calculated by Pyramis Global Advisors at an annual rate specified above, and are billed quarterly in arrears. In the event of intra-month contributions or withdrawals in excess of $5 million or 10% of the net assets of the portfolio month end assets used for purpose of fee calculations shall be proratedin excess of $5 million or 10% of the net assets of the portfolio, month end assets used for purpose of fee calculations shall be prorated on a calendar-day basis. All fees are payable in U.S. Dollars.

InvoicingPyramis Global Advisors issues quarterly bills for quarters ending March 31, June 30, September 30, and December 31. The quarterly fees will be pro-rated at account start-up and termination.

Investment Management FeesThe rate schedule indicated above applies to investment management services only. If other special services are required, rates will bequoted upon request.

Fees quoted are as of June 30, 2010 and are subject to change without notice.

45549627.2.0201007-7918

For Institutional Use Only

GIPS Composite Performance DataInternational Growth Composite (USD) Versus MSCI EAFE Index ((Net Dividend Withholding Taxes) As of June 30, 2010

Total Composite Asset Weighted

PeriodComposite

Return (Gross%)Composite

Return (Net%)Benchmark Return (%)

Value Added (%)*

Number of Portfolios

Total Composite Assets End of Period

($ million)High Annual Return (%)

Low Annual Return (%)

Asset Weighted Standard Deviation

(%)Percent of

Firm’s Assets2010 YTD -12.62 -12.98 -13.23 0.61 13 3,726 N/A N/A N/A 3% 2009 Annual 30.90 29.87 31.78 -0.88 12 4,578 34.12 28.94 1.95 3% 2008 Annual -42.16 -42.64 -43.38 1.22 15 4,795 -41.31 -43.77 0.87 3%2007 Annual 14.64 13.73 11.17 3.47 15 8,971 18.40 14.02 0.97 4%2006 Annual 24.35 23.37 26.34 -1.99 18 8,821 25.72 23.70 0.44 4%2005 Annual 16.00 15.08 13.54 2.46 30 10,717 17.08 14.51 0.41 6%2004 Annual 20.30 19.36 20.25 0.05 27 8,762 20.72 19.66 0.26 5%2003 Annual 38 09 37 02 38 59 0 50 24 5 319 39 65 37 00 0 44 4%2003 Annual 38.09 37.02 38.59 -0.50 24 5,319 39.65 37.00 0.44 4%2002 Annual -10.67 -11.39 -15.94 5.27 15 2,018 -10.42 -11.56 0.30 2%2001 Annual -22.45 -23.09 -21.44 -1.01 10 1,513 -22.27 -22.75 N/A 1%2000 Annual -11.80 -12.51 -14.17 2.37 less than 5 358 -11.60 -11.84 N/A less than 1%

Notes:1. Basis of PresentationThe Firm has prepared and presented this report in accordance with the Global Investment Performance Standards (GIPS®). Compliance with these standards has been independently verified for the period from January 1, 1990 to December 31, 2008 A complete list and description of all the Firm’s composites is available upon request Additional information regarding

7. Composite Creation DateThis composite was created in 1995.

* Value Added calculated using the gross composite return.

2008. A complete list and description of all the Firm s composites is available upon request. Additional information regarding policies for calculating and reporting returns is available upon request.

2. Definition of the “Firm”The “Firm” is defined as “Pyramis Global Advisors,” which consists of Pyramis Global Advisors Trust Company (“PGATC”), Pyramis Global Advisors, LLC (“PGALLC”), Pyramis Global Advisors (Hong Kong) Limited (“PGAHK”), Pyramis Global Advisors (U.K.) Limited (“PGAUK”), Pyramis Canada ULC (“PC”), and the Fidelity Real Estate High Income Fund, an institutional mutual fund managed by our affiliate Fidelity Management & Research Company (“FMR Co.”).

3. Changes to Definition of the “Firm”Effective January 1, 2006, the definition of the Firm was revised to include PGATC and PGALLC, both newly formed institutional investment management divisions of FMR LLC (commonly known as Fidelity Investments). Effective

8. Pool Portfolio/Fair Valuation of SecuritiesThe composite contains a pool portfolio that is presented net of custody and audit fees. Investment security transactions forthe pool portfolio are accounted for on trade date-plus-one. Pools are subject to Pyramis’ market timing policy, which for days with material market movement between the local market close and 4:00 pm Eastern Standard time, requires the pool’s net asset value to be determined using securities valuations at 4:00 pm EST. Separate accounts are not subject to this policy and use securities valuations provided at the close of that international security’s particular market. As a result, the performance of the pool may be different (higher or lower) from the performance of other accounts in this composite and may have a material impact on the performance of the overall composite.

9. Withholding TaxesComposite returns are net of foreign withholding taxes and after foreign tax reclaims where such recoveries are reasonably assured The withholding tax rates applied to the underlying composite portfolios are from the perspective of a US-based January 1, 2009, the definition of the Firm was revised to: (1) exclude PGATC’s management of funds that invest in real

estate; (2) exclude Fidelity Management Trust Company, the institutional business of FIL Limited, Fidelity Investments Canada ULC, and Fidelity Management & Research Company because none are held out to the public as a part of Pyramis Global Advisors; and (3) include the newly created entities of PGAHK, PC, and PGAUK.

4. ReturnsGross composite returns do not include investment advisory fees or any administrative or custodial fees, but do include trading expenses. Net composite returns are calculated by deducting the maximum investment advisory fee charged to any client employing this strategy during the time period shown from the gross returns. Actual investment advisory fees paid by aclient may vary depending upon a variety of factors, including portfolio size and the use of a performance fee arrangement (if applicable), and returns could be higher or lower than those shown. Actual returns will be reduced by the investment advisory fee a performance fee arrangement (if applicable) and any other fees and expenses including any administrative

assured. The withholding tax rates applied to the underlying composite portfolios are from the perspective of a US-based investor. The international benchmark returns assume dividends are reinvested daily, and are presented net of withholding taxes assuming the most conservative tax perspective, that of a Luxembourg holding company. Luxembourg has few tax treaties, and Luxembourg-based investors pay the maximum dividend taxes.

10. Fee ScheduleThe maximum scheduled investment advisory fee for this strategy is 80 basis points, which may be subject to certain decreases as assets under management increase. The investment advisory fee applicable to a portfolio depends on a variety of factors, including but not limited to portfolio size, the level of committed assets, service levels, and other factors.

11. Derivative ExposureTypically, portfolios may make limited use of derivative instruments to manage and invest cash inflows of underlying advisory fee, a performance fee arrangement (if applicable), and any other fees and expenses including any administrative,

custodial, or other expenses incurred in the management of a client’s portfolio. A client’s fees are generally calculated based on the average month-end assets at market value during the quarter as calculated by the Firm, and are billed quarterly in arrears. More information regarding fees is available upon request.

These investment performance statistics were calculated without a provision for United States income taxes.

5. Investment ObjectiveThe investment objective of this composite is to add consistent value to the MSCI EAFE (Net) Index by combining Fidelity’s most attractive international stock picks with a bottom-up asset allocation process. The composite is composed of all fee-paying discretionary accounts that are managed by the Firm in this style.

yp y p y g y gaccounts within the composite. They are not used for hedging purposes. Derivative instruments are only used when and as client guidelines permit.

12. Known Inconsistencies in Exchange RatesThe composite base currency is US Dollars (USD). One or more of the current or historic constituent portfolios have a base currency that differs from the composite and uses a valuation point that differs from other constituent portfolios.

13. Use of a Sub-AdvisorIn conjunction with the re-definition of the Firm effective 1/1/09, the Firm has used a sub-advisor since that time in managing portions of this strategy.

Past performance is no guarantee of future results 6. Benchmark MSCI EAFE Index (Net Luxembourg tax)

Past performance is no guarantee of future results.

521563.3.0 201007-791846For Institutional Use Only

Biographies

Chris Steward, CFAInstitutional Portfolio ManagerChris Steward is an institutional portfolio manager at Pyramis Global Advisors, a unit of Fidelity Investments. He is a member of

Brian Hoesly, CFAInstitutional Portfolio ManagerBrian Hoesly is an institutional portfolio manager at Pyramis Global Advisors a unit of Fidelity Investments He is a memberGlobal Advisors, a unit of Fidelity Investments. He is a member of

the portfolio management teams for the Pyramis International Growth and Select International Small Cap strategies.

Prior to joining Pyramis in 2006, Chris was a vice president and portfolio advisor at Wellington Management. In that role, he conducted investment reviews with prospects and clients on a

Global Advisors, a unit of Fidelity Investments. He is a member of the portfolio management team for the Pyramis International Growth and International Value strategies.

Prior to joining Pyramis in 2006, Brian was vice president at Wellington Management, working with clients invested in multiple strategies, including international equities and asset

broad range of equity, fixed income, and asset allocation products. Chris also worked with the global asset allocation group at Putnam Investments, served as a portfolio manager for five years in the global bond group at Scudder, Stevens & Clark, and was an analyst in various capacities with the Federal Reserve Bank of New York for five years.

allocation. He actively conducted portfolio reviews on a wide array of strategies articulating performance, process, holdings, and investment themes on behalf of portfolio management teams. Prior to that, he served in the product and investment areas of Mellon Trust, the global data research group at Interactive Data Corporation, and with Kidder, Peabody & Co.,

Chris earned a Bachelor of Arts degree from Vassar College and a Master of Arts degree in Economics from Cambridge University in England. In addition to being a Chartered Financial Analyst charterholder, Chris also has authored and co-authored numerous texts on international investing, one of which is a required reading for Level III of the CFA program

p , , y ,Inc. He has more than 19 years of investments industry experience.

Brian earned a Bachelor of Science degree from the University of Wisconsin and a Master’s degree in Business Administration from Boston University. He is a Chartered Financial Analyst h t h ld d b f th B t S itirequired reading for Level III of the CFA program. charterholder and a member of the Boston Securities

Analysts Society.


Biographies

Peter HaddenPortfolio Manager, European EquitiesPeter Hadden is a portfolio manager at Pyramis Global Advisors, a unit of Fidelity Investments In this role he co-manages several

Stephen Oler, CFA Portfolio Manager, European EquitiesStephen Oler is a portfolio manager at Pyramis Global Advisors, a unit of Fidelity Investments In this role he manages the Europeana unit of Fidelity Investments. In this role, he co manages several

institutional portfolios including the European segment of the Pyramis International Growth strategy.

Prior to joining Pyramis in 2005, Peter was Senior Portfolio manager at Putnam Investments beginning in 2000, where he managed several international growth funds for the International

unit of Fidelity Investments. In this role, he manages the European equity portfolio of the Pyramis International Growth strategy.

Prior to joining Pyramis in 2005, Stephen was chief investment officer and Lead Portfolio Manager in the emerging markets group at Putnam Investments. During his tenure at Putman from 1997 to 2005, he also served as a senior member of the international core

Growth Equities group. From 1996 to 2000, he was a senior analyst in the specialty growth equities group. He also served as a corporate bond analyst. He began his investing career in 1988 with The Bank of New England and has 20 years of experience.

Peter earned a Bachelor of Arts degree in Political Science from Clark University and a Master’s degree in Business

group and as manager of an international equity fund. From 1996 to 1997, he was with Templeton Investment Counsel and served as a Latin American equities analyst and lead portfolio manager of Latin American fund. He also managed global and international equity accounts for institutional clients. Stephen began his career in 1985 at Baring Asset Management where he was vice president and Clark University and a Master s degree in Business

Administration from Harvard University.

g g pportfolio manager in the London office. In 1989, he moved to Baring’s Boston office as an analyst following consumer staples, healthcare services and medical devices stocks. He also served as director and portfolio manager following Canadian, U.S., and emerging market equities. He has more than 24 years of investment industry experience.industry experience.

Stephen earned a Bachelor of Arts degree in History from the University of Pennsylvania and a Master of Philosophy degree in International Relations from King’s College, Cambridge University, in the United Kingdom. He is a Chartered Financial Analyst and a member of the Boston Security Analyst Society.


Biographies

John LoPortfolio Manager, Pacific Basin ex-Japan EquitiesJohn is a Portfolio Manager at Fidelity International. Based in Hong Kong he is responsible for managing Pacific Basin ex-

Eileen M. Dibb, CFAPortfolio ManagerEileen Dibb is a portfolio manager at Pyramis Global Advisors, a unit of Fidelity Investments She manages the Japan equity Hong Kong, he is responsible for managing Pacific Basin ex

Japan accounts. Prior to assuming his current role, he managed the Asian equities portion of global emerging market portfolios and other institutional accounts. Previously, John was a select leader for Asian emerging markets, managed a Malaysia equity fund, and worked as an equity research analyst covering the tobacco food and gaming sectors in Asian emerging markets

unit of Fidelity Investments. She manages the Japan equity portion of the Pyramis International Growth strategy.

Prior to assuming her current role at Pyramis, Eileen was responsible for research and analysis of Asian stocks. In this role, she researched and analyzed stocks with a core focus on Japan and made stock recommendations for holdings in a global equity

tobacco, food, and gaming sectors in Asian emerging markets. Before joining Fidelity International in 1993, John was a corporate advisory executive at Ernst & Young in Malaysia. John has 14 years of industry experience.

John earned his B.Sc. in Economics from the University of Wales College Cardiff and his M.B.A. from Manchester

portfolio managed by Fidelity Investments. Prior to joining Fidelity in 2005, Eileen was vice president and regional analyst at Wellington Management Company where she managed dedicated Japan portfolios. Prior to joining Wellington in 1999, she was an international equity analyst at DuPont Pension Fund beginning in 1997. Eileen also served in a number of roles at The g

Business School.g g

Dai-ichi Mutual Life Insurance Company from 1992 through 1996.

Eileen earned a Bachelor of Arts degree in International Relations and Japanese Studies from Bucknell University and a Master’s degree in Business Administration from The Wharton School at the University of Pennsylvania. She is a Chartered Financial A l t (CFA) h t h ld Sh l t dAnalyst (CFA) charterholder. She completed a one-year program of study at the Center for Japanese Studies at Nanzan University in Nagoya, Japan and is fluent in Japanese.


Biographies

Michael C. Strong Portfolio ManagerMike Strong is an institutional portfolio manager at Pyramis Global Advisors a unit of Fidelity Investments He is lead portfolio

Joe OverdevestPortfolio ManagerJoe Overdevest is Portfolio Manager for the Canadian equity sub-portfolio of Pyramis International Growth strategy and FidelityGlobal Advisors, a unit of Fidelity Investments. He is lead portfolio

manager for the Pyramis International Growth strategy.

Prior to assuming his current role, Mike was an investment director responsible for Fidelity’s institutional international equity strategies. Prior to joining Fidelity in 1998, he spent almost 10 years as a senior investment consultant at Watson Wyatt in

portfolio of Pyramis International Growth strategy and Fidelity Global Fund, and co-portfolio manager of Fidelity Global Natural Resources Fund. He is also Assistant Portfolio Manager of Pyramis Canadian Systematic Equity at Pyramis Global Advisors, a unit of Fidelity Investments ULC.

Prior to assuming his current role, Joe was a Research Analyst London. Prior to that, Mike was the investment manager for Ford Motor Company’s European Pension Plans.

Mike earned a Bachelor of Arts degree in Economics from the University of Manchester, England.

with Team Canada, the research and portfolio management team for investment products sold through Fidelity Investments Canada ULC. Previous areas of coverage include: Canadian oil and gas, diversified financials, telecommunications, retail, consumer durables, and automotive parts.

Joe earned a Bachelor of Business Administration honors degreeJoe earned a Bachelor of Business Administration honors degree from Wilfrid Laurier University.


Biographies

Arthur J. GreenwoodSenior Vice President, Relationship ManagerArt Greenwood is a Senior Vice President and Relationship Manager at Pyramis Global Advisors, a unit of Fidelity

Paul M. Cahill, Jr.Senior Account Executive

Paul Cahill, Jr. is a senior client service account executive at g y , yInvestments. In this role, Art is responsible for overallmanagement of institutional client relationships including many large public and corporate pension funds.

Prior to assuming his current role, he was a Vice President at Fidelity Investments Institutional Services Company focused on

Pyramis Global Advisors, a unit of Fidelity Investments. In this role, he is responsible for account management for both public and private institutional clients. Prior to joining Fidelity in 1984 as a supervisor in trust operations, Paul was with State Street Bank Company where he served in the money market accounting group and as a supervisor in the debit card group. Fidelity Investments Institutional Services Company, focused on

developing institutional relationships with state and local government investors. Art joined Fidelity in 1986. He has over 20 years experience in the financial services industry.

Art earned a Bachelor of Science degree in Finance and Accounting from Lehigh University He holds the Financial

g g g

Paul earned a Bachelor of Arts degree in Business and Economics from Saint Anselm College and a Master’s degree in Business Administration from Suffolk University.

Accounting from Lehigh University. He holds the Financial Industry Regulatory Authority (formerly NASD) Series 6, 7, 24, and 63 licenses and is a member of the Association of Investment Management Sales Executives (AIMSE).


Pyramis Global AdvisorsPyramis Global Advisors ...retirement.ladwp.com/AgendaItems/Agenda - 20101013...

Documents

Transcript of Pyramis Global AdvisorsPyramis Global Advisors ...retirement.ladwp.com/AgendaItems/Agenda - 20101013...