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R.C.S. Luxembourg B 25 08716, boulevard d’AvranchesL-1160 LuxembourgGrand Duchy of Luxembourg

HSBC Global Investment FundsUnaudited Semi-Annual Report for the periodfrom 1 April 2015 to 30 September 2015

Unaudited semi-annual report for the period from 1 April 2015 to 30 September 2015

Société d'Investissement à Capital Variable (SICAV), Luxembourg

1

Information concerning the distribution of shares of HSBC Global Investment Funds in or from Switzerland.Legal Representative of the Company in Switzerland: HSBC Global Asset Management (Switzerland) Ltd.,Bederstrasse 49, P.O. Box, CH-8002 Zurich. The Prospectus, Key Investor Information Documents (KIIDs), Articlesand annual and semi-annual reports of the Company may be obtained free of charge upon request from the LegalRepresentative in Switzerland. A breakdown of all transactions carried out on behalf of each Sub-fund of theCompany for the period under review can be obtained, free of charge, from the Legal Representative in Switzerland.

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis ofthe current Prospectus accompanied by the latest annual and the most recent semi-annual report, if publishedthereafter.

Unaudited semi-annual report for the period from 1 April 2015 to 30 September 2015

2

Table of ContentsGeneral Information 3

Board of Directors 12

Management and Administration 13

Statement of Net Assets as at 30 September 2015 16

Key Figures as at 30 September 2015 31

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2015 121

Notes to the Financial Statements 136

Comparative Table of Net Assets 237

Portfolio of Investments and Other Net Assets as at30 September 2015 263

Currency Conversion Table 495

Dealing Days of the Fund 496

Fund Holiday Calendar for 2016 497

General Information

3

General

HSBC Investment Funds (Luxembourg) S.A. (the “Management Company”) uses a risk management process thatmonitors the risk of the portfolio positions and their share of the overall risk profile of the portfolios on the managedfunds at any time. In accordance with the Law of 17 December 2010 and the applicable regulatory requirements ofthe Commission de Surveillance du Secteur Financier (“CSSF”), the Management Company reports to the CSSF ona regular basis on the risk management process. The Management Company assures on the basis of appropriateand reasonable methods that the overall risk associated with derivatives does not exceed the net asset value of theportfolio. The Management Company uses the following methods:

Commitment Approach

The “Commitment Approach” is based on the positions of Financial Derivative Instruments (“FDI”) converted into theircorresponding underlying equivalents using the delta approach. Netting and hedging might be considered for FDIand their underlying assets provided that the approach complies with the regulations. The sum of these underlyingequivalents must not exceed the net asset value of the fund.

Value-at-Risk (“VaR”) is a mathematical approach used to estimate the potential loss of a portfolio over a specifiedholding period within a given confidence level. VaR can be calculated on either an absolute or a relative basis.

Absolute VaR approach

In the absolute VaR approach the VaR (99% confidence level, 20-day holding period) of the fund cannotexceed 20% of the fund net assets.

Relative VaR approach

Relative VaR is calculated in relation to a suitable benchmark or reference portfolio. Using this approach,the relative VaR cannot exceed the VaR of a reference portfolio by more than a maximum of twice (200%).The reference portfolio is a matching portfolio in comparison to the Fund's investment policy.

The Management Company has delegated the VaR monitoring to the following Global Risk Management teams:

HSBC Global Asset Management Limited (AMGB)

The VaR has been calculated using the Algorithmics risk engine which uses a historic simulation approach using thefollowing parameters:

- One tailed confidence interval of 99%.- Holding period equivalent to 1-month.- Effective observation period of at least 250 days.- Daily data set updates.- Daily VaR calculation.

General Information (continued)

4

HSBC Global Asset Management (France)

The VaR has been calculated using a parametrical approach (variance-covariance matrix) with the followingparameters:

- One tailed confidence interval of 99%.- Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month).- Effective observation period of at least 250 days.- Daily data set updates are used for:

o HGIF - Global Macro- Weekly data set updates are used for

o all other Sub-funds managed by HSBC Global Asset Management (France).- Daily VaR calculation.

HSBC Bank Brasil S.A – Banco Múltiplo

The VaR has been calculated using a parametrical approach (variance-covariance matrix) with the followingparameters:

- One tailed confidence interval of 99%.- Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month).- Effective observation period of at least 250 days.- HGIF Brazil Bond: Daily relative VaR calculation.- HGIF Brazil Equity: Daily relative VaR calculation.


5

Sub-fundEntity in charge ofCommitment / VaRmonitoring

Startingperiod

Endingperiod

Market RiskCalculation

Lowestfund VaRutilisation

Highestfund VaRutilisation

Averagefund VaRutilisation

InternalVaR limit

Reference Portfolio(if any)

1) Reserve Sub-funds

HGIF - Euro Reserve HSBC Global AssetManagement (France) 01/04/2015 30/09/2015 Commitment N/A N/A N/A N/A N/A

2) Bond Sub-funds

HGIF - Asian CurrenciesBond

HSBC Global AssetManagement Limited(AMGB)

01/04/2015 30/09/2015 Relative VaR 51.50% 66.90% 56.70% 157.50%MARKIT iBOXX ABFPan-Asia ex China and exHK

HGIF - Brazil Bond* HSBC Bank Brazil SA 01/04/2015 30/09/2015 Relative VaR 51.91% 76.09% 66.10% 200.00% JP Morgan GBI (Brazil only)

HGIF - Euro Bond HSBC Global AssetManagement (France) 01/04/2015 30/09/2015 Commitment N/A N/A N/A N/A N/A

HGIF - Euro Credit Bond HSBC Global AssetManagement (France) 01/04/2015 30/09/2015 Commitment N/A N/A N/A N/A N/A

HGIF - Euro Credit Bond TotalReturn

HSBC Global AssetManagement (France) 01/04/2015 30/09/2015 Absolute VaR 27.91% 71.34% 44.34% 5.24%

N/A

HGIF - Euro High Yield Bond HSBC Global AssetManagement (France) 01/04/2015 30/09/2015 Commitment N/A N/A N/A N/A N/A

HGIF - GEM Inflation LinkedBond

HSBC Global AssetManagement (AMGB) 01/04/2015 30/09/2015 Relative VaR 41.50% 59.00% 55.60% 181.10%

Barclays EM TradableGovernment Inflation-Linked Bond (EMTIL) Index

HGIF - Global Asset-BackedBond


01/04/2015 30/09/2015 Commitment N/A N/A N/A N/A N/A

HGIF - Global Asset-BackedHigh Yield Bond



HGIF - Global BondHSBC Global AssetManagement Limited(AMGB)

01/04/2015 30/09/2015 Relative VaR 41.20% 96.10% 76.70% 127.30% Barclays Capital GlobalAggregate

HGIF - Global Bond TotalReturn


01/04/2015 30/09/2015 Absolute VaR 10.90% 57.40% 39.40% 16.90% N/A

HGIF - Global CorporateBond


01/04/2015 30/09/2015 Relative VaR 69.10% 99.10% 81.10% 127.30%Barclays Capital GlobalAggregate Corporates AWSHedged USD


6


Startingperiod

Endingperiod





InternalVaR limit


HGIF - Global EmergingMarkets Bond


01/04/2015 30/09/2015 Relative VaR 54.10% 75.40% 62.40% 127.30% JP Morgan EMBI Global

HGIF - Global EmergingMarkets Corporate Debt


01/04/2015 30/09/2015 Relative VaR 47.00% 65.60% 56.40% 127.30% JP Morgan CEMBIDiversified

HGIF - Global EmergingMarkets Investment GradeBond


01/04/2015 30/09/2015 Relative VaR 52.30% 75.10% 68.30% 140.00%

50% JPM EMBI IG,50% JPM GBI EMGlobal Diversified IG 15Capped

HGIF - Global EmergingMarkets Local Currency Rates


01/04/2015 30/09/2015 Relative VaR 57.40% 76.70% 65.50% 157.50% JP Morgan GBI-EM GlobalDiversified High Level

HGIF - Global EmergingMarkets Local Debt


01/04/2015 30/09/2015 Relative VaR 35.30% 63.80% 52.10% 140.00% JP Morgan GBI-EM GlobalDiversified

HGIF - Global GovernmentBond


01/04/2015 30/09/2015 Relative VaR 62.30% 96.40% 88.60% 140.00% JP Morgan GBI GlobalHedged USD

HGIF - Global High IncomeBond


01/04/2015 30/09/2015 Relative VaR 60.20% 94.50% 77.20% 140.00% GHI Aggregate Benchmark

HGIF - Global High YieldBond


01/04/2015 30/09/2015 Relative VaR 51.80% 75.20% 61.00% 118.40%

Merrill Lynch Global HighYield BB-BConstrained USDhedged

HGIF - Global Inflation LinkedBond

HSBC Global AssetManagement (France) 01/04/2015 30/09/2015 Commitment N/A N/A N/A N/A N/A

HGIF - Global Short DurationBond


01/04/2015 30/09/2015 Absolute VaR 15.48% 33.97% 21.24% 1.40% N/A

HGIF - Global Short DurationHigh Yield Bond


01/04/2015 30/09/2015 Relative VaR 25.30% 43.80% 38.10% 118.40%Merrill 1-3 Yr BB-B US andEuro Non-Financial HighYield 2% Constrained

HGIF - India Fixed IncomeHSBC Global AssetManagement Limited(AMGB)

01/04/2015 30/09/2015 Absolute VaR 14.80% 56.00% 42.00% 16.90% N/A

HGIF - Latin American LocalDebt


01/04/2015 30/09/2015 Relative VaR 54.50% 62.30% 60.10% 157.50% JP Morgan GBI-EM GlobalLatin America

HGIF - RMB Fixed IncomeHSBC Global AssetManagement Limited(AMGB)

01/04/2015 30/09/2015 Absolute VaR 47.90% 98.60% 62.20% 3.40% N/A


7


Startingperiod

Endingperiod





InternalVaR limit


HGIF - US Dollar BondHSBC Global AssetManagement Limited(AMGB)

01/04/2015 30/09/2015 Relative VaR 69.10% 91.50% 81.70% 127.30% Barclays Capital USAggregate

3) Equity Sub-funds

HGIF - ASEAN EquityHSBC Global AssetManagement (HongKong) Limited


HGIF - Asia ex Japan EquityHSBC Global AssetManagement (HongKong) Limited


HGIF - Asia ex Japan EquitySmaller Companies

HSBC Global AssetManagement (HongKong) Limited


HGIF - Asia Pacific ex JapanEquity High Dividend



HGIF - BRIC EquityHSBC Global AssetManagement (UK)Limited


HGIF - BRIC MarketsHSBC Global AssetManagement (UK)Limited


HGIF - BRIC Markets Equity HSBC Global AssetManagement (France) 01/04/2015 30/09/2015 Commitment N/A N/A N/A N/A N/A

HGIF - China ConsumerOpportunities

HSBC Global AssetManagement (UK)Limited


HGIF - Emerging WealthHSBC Global AssetManagement (UK)Limited


HGIF - Euroland Equity HSBC Global AssetManagement (France) 01/04/2015 30/09/2015 Commitment N/A N/A N/A N/A N/A

HGIF - Euroland EquitySmaller Companies

HSBC Global AssetManagement (France) 01/04/2015 30/09/2015 Commitment N/A N/A N/A N/A N/A

HGIF - Euroland Growth HSBC Global AssetManagement (France) 01/04/2015 30/09/2015 Commitment N/A N/A N/A N/A N/A

HGIF - European EquityHSBC Global AssetManagement (UK)Limited


HGIF - Frontier MarketsHSBC Global AssetManagement (UK)Limited



8


Startingperiod

Endingperiod





InternalVaR limit


HGIF - GEM Equity VolatilityFocused (launched as at 04August 2015)



HGIF - Global EmergingMarkets Equity



HGIF - Global Equity ClimateChange



HGIF - Global Equity Dividend(launched as at 27 July 2015)



HGIF - Global Equity VolatilityFocused



HGIF - Global Real EstateEquity



HGIF - Latin American Equity HSBC Bank Brazil S.A. 01/04/2015 30/09/2015 Commitment N/A N/A N/A N/A N/A

HGIF - Brazil Equity HSBC Bank Brazil S.A. 01/04/2015 30/09/2015 Relative VaR 40.61% 50.43% 44.66% 200.00% MSCI Brazil 10 / 40

HGIF - Chinese EquityHSBC Global AssetManagement (HongKong) Limited


HGIF - Hong Kong EquityHSBC Global AssetManagement (HongKong) Limited


HGIF - Indian EquityHSBC Global AssetManagement (HongKong) Limited


HGIF - Korean EquityHSBC Global AssetManagement (HongKong) Limited


HGIF - Mexico Equity HSBC Bank Brazil S.A. 01/04/2015 30/09/2015 Commitment N/A N/A N/A N/A N/A

HGIF - Russia EquityHSBC Global AssetManagement (UK)Limited


HGIF - Singapore EquityHSBC Global AssetManagement (HongKong)


HGIF - Taiwan EquityHSBC Global AssetManagement (HongKong) Limited



9


Startingperiod

Endingperiod





InternalVaR limit


HGIF - Thai EquityHSBC Global AssetManagement (HongKong) Limited


HGIF - Turkey Equity HSBC PortfoyYonetimi A.S. 01/04/2015 30/09/2015 Commitment N/A N/A N/A N/A N/A

HGIF - UK EquityHSBC Global AssetManagement (UK)Limited


4) Index Sub-funds

HGIF - Economic ScaleIndex GEM Equity



HGIF - Economic Scale IndexGlobal Equity (formerly knownas Global Equity)



HGIF - Economic Scale IndexJapan Equity (formerly knownas Japanese Equity)



HGIF - Economic Scale IndexUS Equity (formerly known asUS Equity)



5) Other Sub-funds

HGIF - GEM Debt TotalReturn


01/04/2015 30/09/2015 Absolute VaR 20.50% 90.50% 46.80% 3.40%Custom – 45% JPMEMBIGD + 45% GBI-EM +5% S&P + 5% 1m Libor

HGIF - Global Macro HSBC Global AssetManagement (France) 01/04/2015 30/09/2015 Absolute VaR 13.35% 43.36% 23.33% 10.07% EUR 1 month EURIBOR

HGIF - Global Multi-AssetIncome (launched as at 15July 2015)



HGIF - Managed Solutions -Asia Focused Conservative



HGIF - Managed Solutions -Asia Focused Growth



HGIF - Managed Solutions -Asia Focused Income



* HGIF - Brazil Bond: VaR utilisation as a percentage of the Sub-fund Assets Under Management


10

LeverageFor Sub-funds measuring and monitoring the global risk on derivatives via VaR approach, the Management Company hasdelegated the leverage monitoring to the respective Sub-funds’ Investment Advisers who determine the sum of thenotional values of all the relevant FDI and estimate in this regard a degree of the expected average value (leverage). Thislevel of leverage can, depending on the respective market conditions, derive from the actual value at the reporting date.Furthermore, the published expected/ level of leverage is explicitly not understood as an investment limit.

For the Sub-funds using the sum of notionals or commitment method, the leverage has been calculated using the sum ofnotionals for the entire period.

Sub-fundStartingperiod

EndingPeriod

LeverageMethodology

MaximumExpected level

of leverage

RealisedAverage level

of leverage

1) Bond Sub-funds

HGIF - AsianCurrencies Bond 01/04/2015 30/09/2015 Sum of Notionals 50% 12.00%

HGIF - Brazil Bond 01/04/2015 30/09/2015 Sum of Notionals 50% 18.00%

HGIF - Euro CreditBond Total Return 01/04/2015 30/09/2015 Sum of Notionals 80% 75.17%

HGIF - GEM InflationLinked Bond 01/04/2015 30/09/2015 Sum of Notionals 200% 61.86%

HGIF - Global Bond 01/04/2015 30/09/2015 Sum of Notionals 50% 53.00%

HGIF - Global BondTotal Return 01/04/2015 30/09/2015 Sum of Notionals 300% 43.86%

HGIF - GlobalCorporate Bond 01/04/2015 30/09/2015 Sum of Notionals

75% 62.00%

HGIF - GlobalEmerging MarketsBond*

01/04/2015 30/09/2015 Sum of Notionals 200% 13.11%

HGIF - GlobalEmerging MarketsCorporate Debt

01/04/2015 30/09/2015 Sum of Notionals 200% 1.32%

HGIF - GlobalEmerging MarketsInvestment GradeBond

01/04/2015 30/09/2015 Sum of Notionals 200% 100.33%

HGIF - GlobalEmerging MarketsLocal Currency Rates

01/04/2015 30/09/2015 Sum of Notionals 300% 75.27%

HGIF - GlobalEmerging MarketsLocal Debt

01/04/2015 30/09/2015 Sum of Notionals 300% 89.72%

HGIF - GlobalGovernment Bond 01/04/2015 30/09/2015 Sum of Notionals 150% 76.00%

HGIF - Global HighIncome Bond* 01/04/2015 30/09/2015 Sum of Notionals 150% 38.76%

HGIF - Global HighYield Bond 01/04/2015 30/09/2015 Sum of Notionals 150% 19.59%

HGIF - Global ShortDuration Bond 01/04/2015 30/09/2015 Sum of Notionals 200% 91.00%

HGIF - Global ShortDuration High YieldBond

01/04/2015 30/09/2015 Sum of Notionals 150% 32.58%

HGIF - India FixedIncome 01/04/2015 30/09/2015 Sum of Notionals 100% 31.00%

HGIF - Latin AmericanLocal Debt 01/04/2015 30/09/2015 Sum of Notionals 50% 12.00%

HGIF - RMB FixedIncome* 01/04/2015 30/09/2015 Sum of Notionals 50% 45.00%


11

Sub-fundStartingperiod

EndingPeriod

LeverageMethodology

MaximumExpected level

of leverage

RealisedAverage level

of leverage

HGIF - US Dollar Bond 01/04/2015 30/09/2015 Sum of Notionals 200% 40.00%

2) Equity Sub-funds

HGIF - Brazil Equity 01/04/2015 30/09/2015 Sum of Notionals 10% 0.00%

3) Other Sub-funds

HGIF - GEM DebtTotal Return* 01/04/2015 30/09/2015 Sum of Notionals 300% 85.37%

HGIF - Global Macro* 01/04/2015 30/09/2015 Sum of Notionals 1,200% 616.92%

* Indicates a Sub-fund with hedged share class portfolios where it is recognised that leverage may be up to 100% larger thanthe master fund due to the forward foreign currency exchange contracts that are employed to hedge from base currency intothe respective hedged share class currency.

Board of Directors

12

George Efthimiou (Chairman), Global Chief Operating OfficerHSBC Global Asset Management Limited,78 St James Street, London SW1A 1HL, United Kingdom.

Dr. Michael Boehm, Chief Operating OfficerHSBC Global Asset Management (Deutschland) GmbH,Königsallee 21/23, 40212 Düsseldorf, Germany.

Dean Lam, Managing DirectorHSBC Bank (Mauritius) Limited, 6th Floor, HSBC Centre, 18 CyberCity,Ebene, Mauritius.

Eimear Cowhey, Independent DirectorResident in the Republic of Ireland.

Peter Dew, Independent DirectorResident in the United Kingdom.

John Li, Independent DirectorThe Directors’ Office S.A., 19 Rue de Bitbourg, L-1273 Luxembourg,Grand Duchy of Luxembourg.

Jean de Courrèges, Independent DirectorResident in Luxembourg

Joanna Munro, Global Head of Fiduciary GovernanceHSBC Global Asset Management Limited,78 St James Street, London SW1A 1HL, United Kingdom.

Management and Administration

13

Registered Office 16, boulevard d’Avranches,L-1160 Luxembourg, Grand Duchy of Luxembourg.R.C.S. Luxembourg N° B-25087

Management Company HSBC Investment Funds (Luxembourg) S.A.16, boulevard d’Avranches,L-1160 Luxembourg,Grand Duchy of Luxembourg.

Administration Agent,Depositary Bank, Central PayingAgent, Domiciliary Agent,Registrar and Transfer Agent

HSBC Bank Plc, Luxembourg Branch16, boulevard d’Avranches,L-1160 Luxembourg,Grand Duchy of Luxembourg.

Investment Advisers HSBC Global Asset Management (France)Immeuble Ile de France, 4, Place de la Pyramide,La Défense 9, 92800 Puteaux, France.

HSBC Global Asset Management (Hong Kong) LimitedLevel 22, HSBC Main Building, 1 Queen's Road Central, Hong Kong.

HSBC Global Asset Management (Singapore) Limited21 Collyer Quay, #10-01 HSBC Building, Singapore 049320, Singapore.

HSBC Global Asset Management (UK) Limited8 Canada Square, London, E14 5HQ, United Kingdom.

HSBC Global Asset Management (USA) Inc.452 Fifth Avenue, 7th Floor, New York, NY 10018, USA.

HSBC Bank Brasil S.A. – Banco MúltiploTravessa Oliviera Belo, 11-B, 80020-030 Curitiba, Brazil.

HSBC Portfoy Yonetimi A.S.Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli,Istanbul, Turkey.

Management and Administration (continued)

14

Share Distributors Global DistributorHSBC Investment Funds (Luxembourg) S.A.16, boulevard d’Avranches, L-1160 Luxembourg,Grand Duchy of Luxembourg.

Austria, Eastern Europe and Germany DistributorHSBC Trinkaus & Burkhardt AGKönigsallee 21/23, D-40212 Düsseldorf, Germany.

Hong Kong Representative and DistributorHSBC Investment Funds (Hong Kong) LimitedHSBC Main Building, 1 Queen's Road Central, Hong Kong.

United Kingdom Representative and DistributorHSBC Global Asset Management (UK) Limited8, Canada Square, London E14 5HQ, United Kingdom.

Republic of Ireland DistributorHSBC Global Asset Management (UK) Limited8, Canada Square, London E14 5HQ, United Kingdom.

Republic of Ireland RepresentativeHSBC Securities Services (Ireland) LimitedHSBC House, 1 Grand Canal Square,Grand Canal Harbour, Dublin 2, Ireland.

Jersey Representative and DistributorHSBC Global Asset Management (International) LimitedHSBC House, Esplanade, St Helier, Jersey, JE4 8WP Channel Islands.

Singapore Representative and DistributorHSBC Global Asset Management (Singapore) Limited21, Collyer Quay, #10-01 HSBC Building, Singapore 049320, Singapore.

Swiss RepresentativeHSBC Global Asset Management (Switzerland) LtdBederstrasse 49, Postfach, CH-8002 Zurich, Switzerland.

Korea Representative and DistributorHSBC Korea LtdHSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea.

Distributor for Continental EuropeHSBC Global Asset Management (France)Immeuble Ile de France, 4, Place de la Pyramide,La Défense 9, 92800 Puteaux, France.

Management and Administration (continued)

15

Paying Agent in Switzerland HSBC Private Bank (Suisse) S.A.Quai des Bergues 9-17, Case Postale 2888,CH-1211 Geneva 1, Switzerland.

Paying Agent in Hong Kong The HongKong and Shanghai Banking Corporation Limited

HSBC Main Building, 1 Queen’s Road Central,

Hong Kong.

Representative and PayingAgent in Poland

HSBC Bank Polska S.A.

Kraków Business Park 200, Ul. Krakowska 280, 32-080 Zabierzów,

Poland.

Auditor PricewaterhouseCoopers, Société coopérative

2, rue Gerhard Mercator, L-2182 Luxembourg,

Grand Duchy of Luxembourg.

Legal Adviser Elvinger, Hoss & Prussen,

2, place Winston Churchill, L-1340 Luxembourg,

Grand Duchy of Luxembourg.

Statement of Net Assetsas at 30 September 2015

International andRegional Equity

Sub-funds

NotesCONSOLIDATED

USD

ASEANEquity

USD

Asia ex JapanEquity

USD

Asia ex JapanEquity Smaller

CompaniesUSD

Investments in Securities at Cost 34,037,608,442 14,660,058 283,549,119 364,268,989

Unrealised (Depreciation)/Appreciation (2,391,654,055) (3,578,102) (27,037,950) (40,309,594)

Investments in Securities at Market Value 31,645,954,387 11,081,956 256,511,169 323,959,395

Forward Foreign Exchange Contracts 9 (244,930,515) - (348,281) -

Futures 10 (8,066,900) - - -

Swaps 11 (127,172,036) - - -

Options 13 (138,764) - - -

Cash at Bank 2,549,020,735 311,845 12,473,025 17,803,543

Bank Overdraft (21,253,288) - - -

Receivable from Brokers 686,732,517 68,465 2,014,370 9,328,294

Payable to Brokers (1,082,070,188) (43,690) (6,802,387) (8,551,575)

Receivable from Shareholders 309,092,800 - 44,976 1,619,150

Payable to Shareholders (297,818,952) - (857,675) (5,505,404)

Other Assets 312,551,397 13,970 1,017,938 1,081,718

Other Liabilities (84,916,161) (4,322) (487,010) (450,830)

Total Net Assets 33,636,985,032 11,428,224 263,566,125 339,284,291

16 The accompanying notes form an integral part of these financial statements.


Asia Pacific exJapan Equity High

DividendUSD

BRIC EquityUSD

BRIC MarketsUSD

BRIC MarketsEquity

USD

China ConsumerOpportunities

USDEmerging Wealth

USD

132,261,952 554,773,515 7,860,476 208,666,043 68,721,737 13,203,614

(10,705,878) (204,354,035) (1,560,910) (59,426,685) (3,985,435) (740,331)

121,556,074 350,419,480 6,299,566 149,239,358 64,736,302 12,463,283

- - - - - -

- - - - - -

- - - - - -

- - - - - -

2,057,861 4,516,194 5,378 1,682,480 1,759,585 25,568

- - - (110) - -

563,823 1,844,980 - 3,358,935 11,980 84,676

(563,274) (1,419,747) - (2,917,939) (11,980) (55,337)

670,126 66,961 198 35,811 22,178 5,936

(168,044) (779,802) - (94,585) (65,439) (58,213)

688,156 1,437,633 19,405 618,506 298,372 38,151

(312,441) (542,662) (9,156) (243,311) (121,792) (24,254)

124,492,281 355,543,037 6,315,391 151,679,145 66,629,206 12,479,810

The accompanying notes form an integral part of these financial statements. 17


NotesEuroland Equity

EUR

Euroland EquitySmaller

CompaniesEUR

Euroland GrowthEUR

European EquityEUR

Investments in Securities at Cost 826,084,855 231,916,585 137,108,999 183,962,282

Unrealised (Depreciation)/Appreciation 45,453,149 32,217,676 (5,728,446) 817,762

Investments in Securities at Market Value 871,538,004 264,134,261 131,380,553 184,780,044

Forward Foreign Exchange Contracts 9 378,622 - - -

Futures 10 (82,910) - (223,028) -

Swaps 11 - - - -

Options 13 - - - -

Cash at Bank 9,400,205 6,464,541 9,522,694 2,422,618

Bank Overdraft - - - -

Receivable from Brokers 4,305,654 1,114 - 3,361,130

Payable to Brokers (4,345,870) (1,119) - (3,148,407)

Receivable from Shareholders 3,560,474 312,379 36,839 263,781

Payable to Shareholders (1,202,446) (3,311,661) (240,105) (394,690)

Other Assets 3,848,971 574,749 615,147 344,471

Other Liabilities (916,071) (304,642) (103,395) (266,344)

Total Net Assets 886,484,633 267,869,622 140,988,705 187,362,603



Frontier MarketsUSD

GEM EquityVolatility Focused(launched as at 04

August 2015)USD

Global EmergingMarkets Equity

USD

Global EquityClimate Change

USD

Global EquityDividend (launchedas at 27 July 2015)

USD

Global EquityVolatility Focused

USD

388,485,738 59,521,836 209,583,698 18,034,942 111,796,096 418,858,695

(52,210,277) (5,164,701) (55,318,942) 503,960 (8,709,017) (40,298,068)

336,275,461 54,357,135 154,264,756 18,538,902 103,087,079 378,560,627

- - - - 38 (1,562,515)

- (7,425) (7,425) - - (173,236)

- - - - - -

- - - - - -

12,240,402 662,809 2,575,767 236,887 3,740,003 14,677,242

- - (339,974) - (211,269) (1,682,329)

7,045,972 11,224 113,752 13,523 16,991,344 618,821

(4,669,636) - (113,755) (13,627) (4,903,296) (617,153)

234,935 - 52,095 17,305 1,198,957 1,354,156

(831,023) - (143,736) (39,622) (13,799,871) (1,016,094)

1,119,525 102,972 501,586 43,997 261,810 1,062,506

(584,711) (59,937) (273,344) (31,560) (535,762) (1,884,182)

350,830,925 55,066,778 156,629,722 18,765,805 105,829,033 389,337,843



Market SpecificEquity Sub-funds

Notes

Global Real EstateEquity

USD

Latin AmericanEquity

USDBrazil Equity

USDChinese Equity

USD

Investments in Securities at Cost 586,441,568 100,363,288 522,944,949 1,773,038,337

Unrealised (Depreciation)/Appreciation (34,309,999) (44,966,517) (315,630,075) (131,336,830)

Investments in Securities at Market Value 552,131,569 55,396,771 207,314,874 1,641,701,507

Forward Foreign Exchange Contracts 9 - - - -

Futures 10 - - - -

Swaps 11 - - - -

Options 13 - - - -

Cash at Bank 11,455,392 1,208,567 3,966,237 33,520,511

Bank Overdraft - - - (313)

Receivable from Brokers 16,475,507 1,278,808 2,270,439 16,466,614

Payable to Brokers (15,456,019) (1,518,474) (3,100,364) (21,494,921)

Receivable from Shareholders 3,030,634 60,353 654,986 3,697,977

Payable to Shareholders (4,593,849) (482,266) (2,027,774) (4,098,962)

Other Assets 2,332,239 71,384 712,685 11,606,252

Other Liabilities (1,992,826) (56,868) (388,724) (3,612,477)

Total Net Assets 563,382,647 55,958,275 209,402,359 1,677,786,188



Hong Kong EquityUSD

Indian EquityUSD

Korean EquityUSD

Mexico EquityUSD

Russia EquityUSD

Singapore EquityUSD

211,459,696 2,199,558,310 42,483,909 226,567,434 289,668,597 31,020,928

(15,908,433) (311,347,754) (4,163,277) (33,452,546) (104,964,264) (6,436,088)

195,551,263 1,888,210,556 38,320,632 193,114,888 184,704,333 24,584,840

- - - - - -

- - - - - (18,510)

- - - - - -

- - - - - -

3,310,277 13,811,568 294,686 4,425,056 2,733,453 2,084,274

- (1,952) - - - -

1,121,443 22,595,199 761,517 2,332,410 274,695 8,194,027

(2,185,997) (17,630,059) (844,008) (1,167,962) (37,850) (3,007,009)

883,161 1,343,013 82,790 27,328 507,973 4,276

(349,943) (4,652,419) (13,591) (2,802,259) (404,069) (3,003,361)

858,451 2,426,876 - 2,981 429,782 39,800

(236,864) (2,713,469) (53,300) (183,808) (394,066) (36,134)

198,951,791 1,903,389,313 38,548,726 195,748,634 187,814,251 28,842,203



NotesTaiwan Equity

USDThai Equity

USDTurkey Equity

EURUK Equity

GBP


Unrealised (Depreciation)/Appreciation (208,458) (15,907,756) (21,119,648) 5,814,873



Futures 10 - - - -

Swaps 11 - - - -

Options 13 - - - -

Cash at Bank 57,063 1,033,851 1,985,330 1,180,148


Receivable from Brokers 49,483 477,126 556,660 25,241,063

Payable to Brokers (29,207) (1,282) (315,429) (13,708,113)

Receivable from Shareholders 9,071 45,285 373,174 148,226

Payable to Shareholders (29,200) (447,505) (301,159) (12,604,527)

Other Assets 16,582 66 6,465 164,120


Total Net Assets 3,353,008 68,221,529 86,119,230 67,171,081



Bond Sub-funds

Asian CurrenciesBondUSD

Brazil BondUSD

Euro BondEUR

Euro Credit BondEUR

Euro Credit BondTotal Return

EUR

Euro High YieldBondEUR

43,780,919 42,710,764 251,056,027 951,484,426 131,311,471 2,402,423,800

278,417 (5,965,768) 6,315,690 (19,653,160) (3,481,825) (13,245,061)

44,059,336 36,744,996 257,371,717 931,831,266 127,829,646 2,389,178,739

(27,069) - - 266,643 3,701 10,868,179

- 92,056 (566,228) (563,628) (237,473) -

- - (517,624) (3,244,814) (765,771) 39,414

- - - - - -

2,448,719 929,798 2,465,384 59,500,457 9,070,379 110,372,693

- (85,765) (725) - - (10,250,000)

9,418 - 2,816,023 5,429,447 8,879,943 425,990

(9,498) - (30,000) (783,243) (112,686) (12,198,921)

- 111,456 181,750 3,284,101 90,510 20,424,174

(9,418) (174,586) (3,304,606) (6,292,707) (4,443,162) (31,936,795)

352,836 505,898 3,397,885 13,505,794 2,223,627 49,684,387

(39,762) (41,578) (244,639) (577,655) (67,482) (1,622,154)

46,784,562 38,082,275 261,568,937 1,002,355,661 142,471,232 2,524,985,706



Notes

GEM InflationLinked

BondUSD

Global Asset-Backed Bond

USD

Global Asset-Backed High Yield

BondUSD

Global BondUSD


Unrealised (Depreciation)/Appreciation (1,418,038) 182,267 (563,199) 8,168,560


Forward Foreign Exchange Contracts 9 (523,359) 162,319 422,966 170,560

Futures 10 - - - (426,444)

Swaps 11 (171,589) - - 53,675

Options 13 - - - -

Cash at Bank 1,284,424 222,038 324,610 6,575,420

Bank Overdraft (83,194) - - (2,596,239)

Receivable from Brokers 167,437 1,000,000 - 29,639,228

Payable to Brokers (167,852) (1,000,000) - (110,320,738)

Receivable from Shareholders - - - 47,448,256

Payable to Shareholders (168,503) - - (2,407,794)

Other Assets 250,977 96,304 540,517 2,503,632


Total Net Assets 26,761,693 34,898,147 95,521,158 298,233,267



Global Bond TotalReturn

USD

Global CorporateBondUSD

Global EmergingMarkets Bond

USD

Global EmergingMarkets Corporate

DebtUSD

Global EmergingMarkets Investment

Grade BondUSD

Global EmergingMarkets Local

Currency RatesUSD

19,565,390 1,428,020,818 4,859,025,874 11,236,246 19,590,090 148,169,513

(399,932) (30,169,094) (352,308,668) (639,979) (535,848) (2,579,083)

19,165,458 1,397,851,724 4,506,717,206 10,596,267 19,054,242 145,590,430

(9,868) (6,997,927) (103,682,550) (5,971) (189,872) (2,287,054)

(78,427) (1,227,462) - - - -

- - (57,421,279) - (246,609) (562,466)

- - - - - -

402,370 47,534,954 796,436,452 2,492,552 3,136,407 8,718,388

- (982,300) - - - -

- 11,954,771 17,458,958 171,771 - 1,185,905

- (2,412,914) (17,495,819) (269,049) (195,243) (1,173,139)

- 5,577,523 15,477,595 - 6,341 1,119,832

- (2,922,107) (44,262,749) - (3,278) -

116,318 17,052,218 56,080,245 169,414 210,218 2,386,590

(3,467) (5,966,389) (12,380,344) (3,203) (14,027) (82,524)

19,592,384 1,459,462,091 5,156,927,715 13,151,781 21,758,179 154,895,962



Notes

Global EmergingMarkets Local Debt

USD

Global GovernmentBondUSD

Global HighIncome Bond

USD

Global High YieldBondUSD

Investments in Securities at Cost 1,215,609,334 480,782,480 1,196,362,873 2,092,688,226

Unrealised (Depreciation)/Appreciation (23,073,509) 7,244,566 (53,877,360) (123,398,924)

Investments in Securities at Market Value 1,192,535,825 488,027,046 1,142,485,513 1,969,289,302

Forward Foreign Exchange Contracts 9 (36,429,027) 1,652,550 (6,168,239) (40,819,522)

Futures 10 - - 13,917 (47)

Swaps 11 (130,995) - (1,205,486) 694,941

Options 13 - - - -

Cash at Bank 246,678,808 848,670 146,891,651 163,893,487

Bank Overdraft (1,070,000) - - -

Receivable from Brokers 19,463,757 76,105,688 10,425,365 60,331,529

Payable to Brokers (19,433,856) (48,486,443) (9,816,069) (78,369,514)

Receivable from Shareholders 23,250,042 7,853,945 7,913,710 41,407,925

Payable to Shareholders (1,369,406) (22,401,418) (7,379,407) (3,538,614)

Other Assets 10,500,896 4,063,069 16,869,843 38,220,915

Other Liabilities (2,888,987) (1,659,420) (5,361,143) (25,327,790)

Total Net Assets 1,431,107,057 506,003,687 1,294,669,655 2,125,782,612



Global InflationLinked Bond

USD

Global ShortDuration Bond

USD

Global ShortDuration High Yield

BondUSD

India FixedIncome

USD

Latin AmericanLocal Debt

USD

RMB FixedIncome

USD

29,494,466 20,255,916 182,624,463 329,221,973 13,952,887 155,718,586

1,231,560 (45,726) (4,819,492) 4,832,668 (816,303) (4,393,432)

30,726,026 20,210,190 177,804,971 334,054,641 13,136,584 151,325,154

104,565 (5,227) 1,091,650 (1,874,119) - (2,015,274)

(20,830) 215 - - 74,643 -

(87,910) - - - - -

- - - - - -

962,106 83,011 7,139,225 8,067,539 405,982 5,057,463

(409,219) - - - (71,259) (2,256,761)

163,226 - 23,267,658 4,833,050 - 2,374,963

(163,983) - (29,091,904) (1,715,012) - (1,451,875)

40,529 - 23,094,788 89,907 - 59,661

(147,650) - (633,792) (3,727,231) - (950,833)

66,418 175,094 3,656,657 9,365,985 262,989 1,945,447

(15,645) (2,918) (1,176,979) (308,145) (2,992) (100,580)

31,217,633 20,460,365 205,152,274 348,786,615 13,805,947 153,987,365



Reserve Sub- fund Index Sub-funds

NotesUS Dollar Bond

USDEuro Reserve

EUR

Economic ScaleIndex GEM Equity

USD

Economic ScaleIndex Global Equity(formerly known as

Global Equity)USD


Unrealised (Depreciation)/Appreciation 1,684,654 (7,971) (101,596,784) (27,602,337)



Futures 10 (122,109) - (422,165) (201,354)

Swaps 11 26,837 - - -

Options 13 - - - -

Cash at Bank 810,389 15,678,311 16,608,676 7,495,129


Receivable from Brokers - 57,507,697 2,641 608

Payable to Brokers (31,988,868) (60,507,849) - (550)

Receivable from Shareholders 26,172 227,622 778,521 1,371,878

Payable to Shareholders (1,089,180) (46,379) (1,431,080) (56,271)

Other Assets 953,741 74,656 1,491,091 766,039


Total Net Assets 112,561,935 184,436,514 346,558,342 206,453,729



Other Sub-funds

Economic ScaleIndex Japan Equity(formerly known as

Japanese Equity)JPY

Economic ScaleIndex US Equity

(formerly known asUS Equity)

USD

GEM Debt TotalReturn

USDGlobal Macro

EUR

Global Multi-AssetIncome (launched

as at 15 July 2015)EUR

ManagedSolutions - Asia

FocusedConservative

USD

17,708,377,374 764,671,410 4,180,095,975 18,203,341 8,206,358 30,335,432

(1,342,265,148) (70,272,685) (82,140,299) (32) (640,061) (1,429,815)

16,366,112,226 694,398,725 4,097,955,676 18,203,309 7,566,297 28,905,617

(148,285) (1,292,920) (55,376,385) (231,733) (49,453) (65,352)

1,066,980 (624,508) (2,879,304) (147,748) (12,449) -

- - (63,055,246) (49,297) - -

- - - (123,720) - -

183,082,162 27,299,943 626,173,739 2,342,408 740,076 340,558

- - - (18,039) - -

508,228,695 769,313 138,817,033 12,494,983 3,506,709 -

(313,282,558) (770,744) (480,417,655) (14,746,339) (3,493,511) -

56,902,609 5,192,827 79,763,839 4,790 - -

(272,435,487) (4,077,593) (74,894,334) (138,262) - -

141,062,523 1,145,551 28,467,953 76,991 73,100 135,729

(27,564,451) (621,135) (6,343,090) (76,791) (1,676) (14,249)

16,643,024,414 721,419,459 4,288,212,226 17,590,552 8,329,093 29,302,303



Notes


Focused GrowthUSD


FocusedIncome

USD

Investments in Securities at Cost 11,580,042 274,361,264

Unrealised (Depreciation)/Appreciation (1,356,176) (15,307,460)

Investments in Securities at Market Value 10,223,866 259,053,804

Forward Foreign Exchange Contracts 9 (149,721) (1,244,572)

Futures 10 - -

Swaps 11 - -

Options 13 - -

Cash at Bank 463,227 6,598,040

Bank Overdraft - -

Receivable from Brokers 2,037,192 18,813,849

Payable to Brokers (1,557,173) (13,875,009)

Receivable from Shareholders - 35,837

Payable to Shareholders (93,843) (835,012)

Other Assets 43,333 2,846,959

Other Liabilities (19,767) (1,409,071)

Total Net Assets 10,947,114 269,984,825


Key Figures as at 30 September 2015


Sub-funds

ASEAN EquityUSD

Asia ex Japan Equity

USD

Asia ex Japan Equity Smaller

Companies USD

Asia Pacific ex Japan Equity High

DividendUSD

Class AC Number of Shares Outstanding 500.000 1,353,536.043 1,249,926.075 891,725.954Net Asset Value per Share 7.45 45.14 49.58 17.81

Class AC CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AC EUR Number of Shares Outstanding N/A N/A 536,557.409 N/ANet Asset Value per Share N/A N/A 13.60 N/A

Class AC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AC USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ACH EUR Number of Shares Outstanding N/A 799,770.661 N/A N/ANet Asset Value per Share N/A 16.26 N/A N/A

Class ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ACH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AD Number of Shares Outstanding N/A 2,537,793.728 2,513,154.795 2,116,512.128Net Asset Value per Share N/A 40.36 45.65 13.88

Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AD HKD Number of Shares Outstanding N/A N/A 3,534,202.949 N/ANet Asset Value per Share N/A N/A 1.50 N/A

Class AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AD USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ADH EUR Number of Shares Outstanding N/A 33,208.869 N/A N/ANet Asset Value per Share N/A 15.30 N/A N/A

Class ADH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AM Number of Shares Outstanding N/A N/A N/A 3,242,639.495Net Asset Value per Share N/A N/A N/A 7.53

Class AM HKD Number of Shares Outstanding N/A N/A N/A 11,445,825.675Net Asset Value per Share N/A N/A N/A 0.97

Class AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AMH CAD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AMH RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class AQ Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

31



Sub-funds

ASEAN EquityUSD


USD


Companies USD


DividendUSD

Class BC Number of Shares Outstanding N/A N/A 6,852.000 999.550Net Asset Value per Share N/A N/A 9.50 9.01

Class BC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class BC GBP Number of Shares Outstanding N/A N/A 390,614.506 N/ANet Asset Value per Share N/A N/A 21.84 N/A

Class BCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class BD Number of Shares Outstanding N/A N/A 425,287.446 N/ANet Asset Value per Share N/A N/A 9.28 N/A

Class BD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class BD GBP Number of Shares Outstanding N/A 1,276.617 1,000.000 1,526.450Net Asset Value per Share N/A 14.65 21.68 13.74

Class BDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class BQ Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class EC Number of Shares Outstanding N/A 102,890.120 318,325.052 16,605.225Net Asset Value per Share N/A 40.60 47.56 17.12

Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ED Number of Shares Outstanding N/A 2,538.180 N/A N/ANet Asset Value per Share N/A 39.66 N/A N/A

Class EQ Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class IC Number of Shares Outstanding 500.000 225,169.222 2,345,300.553 612,779.077Net Asset Value per Share 7.54 47.04 52.36 16.58

Class IC CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class IC EUR Number of Shares Outstanding N/A N/A N/A 2,666.259Net Asset Value per Share N/A N/A N/A 13.06

Class IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class IC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class IC USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ICH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ICH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ID Number of Shares Outstanding N/A 142,000.000 117,343.727 N/ANet Asset Value per Share N/A 43.45 16.16 N/A

Class ID CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ID GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

32



Sub-funds

ASEAN EquityUSD


USD


Companies USD


DividendUSD

Class ID RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ID USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class J1C Number of Shares Outstanding N/A 2,650,904.468 N/A N/ANet Asset Value per Share N/A 10.00 N/A N/A

Class J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class L1C EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class L1DH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class M1C EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class M1D EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

33



Sub-funds

ASEAN EquityUSD


USD


Companies USD


DividendUSD

Class M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class N1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class N1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class N1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class R1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class R1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class S18C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A


Class S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A





Class S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A


Class S9D Number of Shares Outstanding N/A N/A N/A 360,115.672Net Asset Value per Share N/A N/A N/A 8.54


Class S21DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class WC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

34



Sub-funds

ASEAN EquityUSD


USD


Companies USD


DividendUSD

Class WCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class XC Number of Shares Outstanding N/A N/A 10,000.000 N/ANet Asset Value per Share N/A N/A 8.10 N/A

Class XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class XCH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class XCH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class XD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class XDH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class XDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ZC Number of Shares Outstanding 1,499,000.000 566,670.000 220,000.000 N/ANet Asset Value per Share 7.62 42.44 9.91 N/A

Class ZCH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ZD Number of Shares Outstanding N/A 344,526.817 N/A 2,130,216.260Net Asset Value per Share N/A 40.96 N/A 14.15

Class ZD USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ZDH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ZQ Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ZQH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

Class ZQH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A

35


Class AC Number of Shares OutstandingNet Asset Value per Share

Class AC CHF Number of Shares OutstandingNet Asset Value per Share

Class AC EUR Number of Shares OutstandingNet Asset Value per Share

Class AC GBP Number of Shares OutstandingNet Asset Value per Share

Class AC HKD Number of Shares OutstandingNet Asset Value per Share

Class AC RMB Number of Shares OutstandingNet Asset Value per Share

Class AC USD Number of Shares OutstandingNet Asset Value per Share

Class ACH AUD Number of Shares OutstandingNet Asset Value per Share

Class ACH CHF Number of Shares OutstandingNet Asset Value per Share

Class ACH EUR Number of Shares OutstandingNet Asset Value per Share

Class ACH SGD Number of Shares OutstandingNet Asset Value per Share

Class ACH USD Number of Shares OutstandingNet Asset Value per Share

Class AD Number of Shares OutstandingNet Asset Value per Share

Class AD EUR Number of Shares OutstandingNet Asset Value per Share

Class AD GBP Number of Shares OutstandingNet Asset Value per Share

Class AD HKD Number of Shares OutstandingNet Asset Value per Share

Class AD RMB Number of Shares OutstandingNet Asset Value per Share

Class AD USD Number of Shares OutstandingNet Asset Value per Share

Class ADH EUR Number of Shares OutstandingNet Asset Value per Share

Class ADH USD Number of Shares OutstandingNet Asset Value per Share

Class AM Number of Shares OutstandingNet Asset Value per Share

Class AM HKD Number of Shares OutstandingNet Asset Value per Share

Class AMH AUD Number of Shares OutstandingNet Asset Value per Share

Class AMH CAD Number of Shares OutstandingNet Asset Value per Share

Class AMH EUR Number of Shares OutstandingNet Asset Value per Share

Class AMH RMB Number of Shares OutstandingNet Asset Value per Share

Class AMH SGD Number of Shares OutstandingNet Asset Value per Share

Class AQ Number of Shares OutstandingNet Asset Value per Share


Sub-funds

BRIC EquityUSD

BRIC MarketsUSD

BRIC MarketsEquity

USD


USD

4,451,027.211 N/A 4,956,421.919 3,905,808.07315.19 N/A 10.41 13.17

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

5,614.241 N/A N/A N/A11.19 N/A N/A N/A

1,964,920.022 N/A N/A 6,991,713.7170.73 N/A N/A 1.69 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

59,159.629 N/A 3,660,908.374 6,317.88614.35 N/A 9.89 9.20

N/A N/A N/A N/AN/A N/A N/A N/A

378.820 N/A N/A N/A14.58 N/A N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

36


Class BC Number of Shares OutstandingNet Asset Value per Share

Class BC EUR Number of Shares OutstandingNet Asset Value per Share

Class BC GBP Number of Shares OutstandingNet Asset Value per Share

Class BCH GBP Number of Shares OutstandingNet Asset Value per Share

Class BD Number of Shares OutstandingNet Asset Value per Share

Class BD EUR Number of Shares OutstandingNet Asset Value per Share

Class BD GBP Number of Shares OutstandingNet Asset Value per Share

Class BDH EUR Number of Shares OutstandingNet Asset Value per Share

Class BQ Number of Shares OutstandingNet Asset Value per Share

Class EC Number of Shares OutstandingNet Asset Value per Share

Class EC EUR Number of Shares OutstandingNet Asset Value per Share

Class ECH EUR Number of Shares OutstandingNet Asset Value per Share

Class ED Number of Shares OutstandingNet Asset Value per Share

Class EQ Number of Shares OutstandingNet Asset Value per Share

Class IC Number of Shares OutstandingNet Asset Value per Share

Class IC CHF Number of Shares OutstandingNet Asset Value per Share

Class IC EUR Number of Shares OutstandingNet Asset Value per Share

Class IC GBP Number of Shares OutstandingNet Asset Value per Share

Class IC RMB Number of Shares OutstandingNet Asset Value per Share

Class IC USD Number of Shares OutstandingNet Asset Value per Share

Class ICH CHF Number of Shares OutstandingNet Asset Value per Share

Class ICH EUR Number of Shares OutstandingNet Asset Value per Share

Class ICH GBP Number of Shares OutstandingNet Asset Value per Share

Class ICH USD Number of Shares OutstandingNet Asset Value per Share

Class ID Number of Shares OutstandingNet Asset Value per Share

Class ID CHF Number of Shares OutstandingNet Asset Value per Share

Class ID EUR Number of Shares OutstandingNet Asset Value per Share

Class ID GBP Number of Shares OutstandingNet Asset Value per Share


Sub-funds

BRIC EquityUSD

BRIC MarketsUSD

BRIC MarketsEquity

USD


USD


11,991.325 N/A N/A N/A12.90 N/A N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 1,509.000 N/AN/A N/A 8.03 N/AN/A N/A N/A N/AN/A N/A N/A N/A

125.168 N/A N/A N/A11.77 N/A N/A N/A


48,774.175 N/A 577,141.662 4,473.31814.53 N/A 9.94 8.78

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 2,269.342 N/AN/A N/A 9.68 N/AN/A N/A N/A N/AN/A N/A N/A N/A

1,348,703.440 N/A 748,051.974 98,295.18015.96 N/A 11.24 9.08


143,365.549 N/A N/A 11,111.4649.02 N/A N/A 11.27 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

37


Class ID RMB Number of Shares OutstandingNet Asset Value per Share

Class ID USD Number of Shares OutstandingNet Asset Value per Share

Class IDH EUR Number of Shares OutstandingNet Asset Value per Share

Class J1C Number of Shares OutstandingNet Asset Value per Share

Class J1M Number of Shares OutstandingNet Asset Value per Share

Class J1CH JPY Number of Shares OutstandingNet Asset Value per Share

Class JC Number of Shares OutstandingNet Asset Value per Share

Class L1C Number of Shares OutstandingNet Asset Value per Share

Class L1C EUR Number of Shares OutstandingNet Asset Value per Share

Class L1CH CHF Number of Shares OutstandingNet Asset Value per Share

Class L1CH EUR Number of Shares OutstandingNet Asset Value per Share

Class L1CH GBP Number of Shares OutstandingNet Asset Value per Share

Class L1CH USD Number of Shares OutstandingNet Asset Value per Share

Class L1D Number of Shares OutstandingNet Asset Value per Share

Class L1DH EUR Number of Shares OutstandingNet Asset Value per Share

Class L1DH JPY Number of Shares OutstandingNet Asset Value per Share

Class M1C Number of Shares OutstandingNet Asset Value per Share

Class M1C EUR Number of Shares OutstandingNet Asset Value per Share

Class M1CH CHF Number of Shares OutstandingNet Asset Value per Share

Class M1CH EUR Number of Shares OutstandingNet Asset Value per Share

Class M1CH NOK Number of Shares OutstandingNet Asset Value per Share

Class M1CH SEK Number of Shares OutstandingNet Asset Value per Share

Class M1CH USD Number of Shares OutstandingNet Asset Value per Share

Class M1D Number of Shares OutstandingNet Asset Value per Share

Class M1D EUR Number of Shares OutstandingNet Asset Value per Share

Class M1DH EUR Number of Shares OutstandingNet Asset Value per Share


Sub-funds

BRIC EquityUSD

BRIC MarketsUSD

BRIC MarketsEquity

USD


USD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

5,921,646.189 N/A 4,351,649.672 N/A12.04 N/A 11.42 N/A


4,055.000 N/A N/A N/A16.05 N/A N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

278,322.157 N/A N/A N/A16.46 N/A N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

38


Class M1DH GBP Number of Shares OutstandingNet Asset Value per Share



Class N1C Number of Shares OutstandingNet Asset Value per Share

Class N1CH CHF Number of Shares OutstandingNet Asset Value per Share

Class N1CH GBP Number of Shares OutstandingNet Asset Value per Share

Class N1DH EUR Number of Shares OutstandingNet Asset Value per Share

Class N1DH GBP Number of Shares OutstandingNet Asset Value per Share

Class PC Number of Shares OutstandingNet Asset Value per Share

Class PD Number of Shares OutstandingNet Asset Value per Share

Class R1C Number of Shares OutstandingNet Asset Value per Share

Class R1CH EUR Number of Shares OutstandingNet Asset Value per Share

Class R1DH EUR Number of Shares OutstandingNet Asset Value per Share

Class S18C Number of Shares OutstandingNet Asset Value per Share


Class S1D Number of Shares OutstandingNet Asset Value per Share





Class S8 Number of Shares OutstandingNet Asset Value per Share




Class S21DH EUR Number of Shares OutstandingNet Asset Value per Share

Class WC GBP Number of Shares OutstandingNet Asset Value per Share


Sub-funds

BRIC EquityUSD

BRIC MarketsUSD

BRIC MarketsEquity

USD


USD


9,078,451.413 N/A N/A N/A15.83 N/A N/A N/A

2,894,473.955 N/A N/A N/A14.60 N/A N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 258,302.520N/A N/A N/A 8.70 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

39


Class WCH GBP Number of Shares OutstandingNet Asset Value per Share

Class WD Number of Shares OutstandingNet Asset Value per Share

Class XC Number of Shares OutstandingNet Asset Value per Share

Class XC GBP Number of Shares OutstandingNet Asset Value per Share

Class XCH CHF Number of Shares OutstandingNet Asset Value per Share

Class XCH EUR Number of Shares OutstandingNet Asset Value per Share

Class XCH JPY Number of Shares OutstandingNet Asset Value per Share

Class XD Number of Shares OutstandingNet Asset Value per Share

Class XD EUR Number of Shares OutstandingNet Asset Value per Share

Class XDH CHF Number of Shares OutstandingNet Asset Value per Share

Class XDH EUR Number of Shares OutstandingNet Asset Value per Share

Class YC Number of Shares OutstandingNet Asset Value per Share

Class YD Number of Shares OutstandingNet Asset Value per Share

Class ZC Number of Shares OutstandingNet Asset Value per Share

Class ZCH SGD Number of Shares OutstandingNet Asset Value per Share

Class ZD Number of Shares OutstandingNet Asset Value per Share

Class ZD USD Number of Shares OutstandingNet Asset Value per Share

Class ZDH EUR Number of Shares OutstandingNet Asset Value per Share

Class ZDH GBP Number of Shares OutstandingNet Asset Value per Share

Class ZM Number of Shares OutstandingNet Asset Value per Share

Class ZQ Number of Shares OutstandingNet Asset Value per Share

Class ZQH EUR Number of Shares OutstandingNet Asset Value per Share

Class ZQH GBP Number of Shares OutstandingNet Asset Value per Share


Sub-funds

BRIC EquityUSD

BRIC MarketsUSD

BRIC MarketsEquity

USD


USD


443.255 N/A N/A N/A16.05 N/A N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 675.000 N/A N/AN/A 19.35 N/A N/AN/A 1,889.780 N/A N/AN/A 18.92 N/A N/AN/A 307,743.000 N/A N/AN/A 20.36 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

40































Sub-funds

Emerging WealthUSD

Euroland EquityEUR

Euroland Equity Smaller Companies

EUREuroland Growth

EUR

1,026,121.804 5,684,528.224 1,785,516.076 28,311.8238.19 35.72 61.30 13.99 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

512,249.016 1,099,272.219 111,383.754 N/A7.96 32.07 58.77 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 2,178,798.176 N/A N/AN/A 7.79 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

41































Sub-funds

Emerging WealthUSD

Euroland EquityEUR


EUREuroland Growth

EUR

N/A N/A 2,000.000 N/AN/A N/A 8.84 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 100,119.132 33,068.370 726.903N/A 34.18 58.72 11.81 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 2,014.527 N/A N/AN/A 31.80 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 12,619,375.764 1,507,006.051 7,514,521.267N/A 38.51 66.28 14.70 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 2,027,348.609 2,506,690.309 N/AN/A 37.56 11.31 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

42





























Sub-funds

Emerging WealthUSD

Euroland EquityEUR


EUREuroland Growth

EUR

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 23,502.649N/A N/A N/A 14.18 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 188,377.517N/A N/A N/A 12.46 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

43





























Sub-funds

Emerging WealthUSD

Euroland EquityEUR


EUREuroland Growth

EUR

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

44


























Sub-funds

Emerging WealthUSD

Euroland EquityEUR


EUREuroland Growth

EUR

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 2,453,546.510 201,218.680 N/AN/A 10.53 11.38 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 352,707.068 259,081.601 2,550,207.000N/A 43.69 74.78 10.76 N/A N/A N/A N/AN/A N/A N/A N/AN/A 692,322.535 N/A N/AN/A 35.19 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

45































Sub-funds

European EquityEUR

Frontier MarketsUSD

GEM Equity Volatility Focused (launched

as at 04 August 2015)USD


USD

1,542,879.431 484,616.242 500.000 2,447,188.41544.48 86.34 9.16 12.09

N/A N/A N/A N/AN/A N/A N/A N/AN/A 1,371,907.837 N/A 722.042N/A 16.39 N/A 11.46 N/A N/A N/A 15,848.273N/A N/A N/A 12.16 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

632,649.938 47,776.108 500.000 1,974,914.27539.44 83.72 9.16 11.30

N/A 14,010.000 N/A N/AN/A 12.26 N/A N/AN/A N/A N/A 284.727N/A N/A N/A 11.80 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

46































Sub-funds

European EquityEUR

Frontier MarketsUSD




USD

N/A 2,300.000 500.000 N/AN/A 9.64 9.17 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 484,766.469 N/A 14,294.342N/A 17.15 N/A 14.22 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 25,422.800 N/A 9,796.735N/A 13.97 N/A 12.02 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

15,234.549 197,528.483 500.000 281,842.24841.00 11.63 9.15 11.18

N/A 44,009.397 N/A N/AN/A 13.15 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

657,182.212 N/A N/A 11,895.16638.86 N/A N/A 10.85


71,411.108 734,867.257 N/A 3,168,412.79947.46 125.08 N/A 12.94

N/A N/A N/A N/AN/A N/A N/A N/AN/A 4,562,553.026 N/A N/AN/A 15.38 N/A N/AN/A 1,084,991.343 N/A N/AN/A 19.02 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

388,319.297 34,731.744 N/A 30,339.8628.96 117.13 N/A 13.82 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 387,131.141 N/A N/AN/A 14.70 N/A N/A

47





























Sub-funds

European EquityEUR

Frontier MarketsUSD




USD


48





























Sub-funds

European EquityEUR

Frontier MarketsUSD




USD


4,519.000 N/A N/A 6,581,677.59347.38 N/A N/A 8.41

1,431,162.603 N/A N/A 318,039.95738.93 N/A N/A 7.75

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 227,416.512N/A N/A N/A 5.55 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

49


























Sub-funds

European EquityEUR

Frontier MarketsUSD




USD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 916,102.379 6,000,000.000 22,759.000N/A 9.79 9.18 7.75 N/A 3,337,820.730 N/A N/AN/A 15.66 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 256,016.385 N/A 15,487.000N/A 8.42 N/A 7.42 N/A N/A N/A N/AN/A N/A N/A N/A

120,568.159 1,003,460.088 N/A 10,063.97339.94 14.84 N/A 11.42

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

50































Sub-funds

Global Equity Climate Change

USD

Global Equity Dividend (launched as at 27 July 2015)

USD

Global Equity Volatility Focused

USD

Global Real Estate Equity

USD

955,884.930 500.000 350,007.353 272,490.0176.99 9.13 9.03 9.38 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 121.000 N/AN/A N/A 10.19 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 7,125.756 N/AN/A N/A 6.25 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 207,608.777 N/AN/A N/A 9.92 N/AN/A N/A 47,542.614 N/AN/A N/A 6.38 N/AN/A N/A N/A N/AN/A N/A N/A N/A

1,295,331.800 N/A N/A 9,114.9026.75 N/A N/A 9.38 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 6,580,779.549 19,284,922.556 N/AN/A 9.08 8.73 N/AN/A 38,627,601.754 71,587,603.421 N/AN/A 1.17 1.13 N/AN/A N/A 8,749,560.733 N/AN/A N/A 6.10 N/AN/A N/A 3,355,504.523 N/AN/A N/A 6.47 N/AN/A N/A 1,221,793.894 N/AN/A N/A 9.70 N/AN/A N/A 17,674,748.531 N/AN/A N/A 1.37 N/AN/A N/A 840,165.539 N/AN/A N/A 6.14 N/AN/A 500.000 N/A N/AN/A 9.05 N/A N/A

51































Sub-funds


USD


USD


USD


USD

N/A N/A 31,825.177 N/AN/A N/A 9.16 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 21,848.341 N/AN/A N/A 13.15 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

147,710.361 N/A 2,788.247 N/A6.72 N/A 8.81 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 4,486.860 N/AN/A N/A 9.81 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 500.000 N/A N/AN/A 9.04 N/A N/A

314,108.810 N/A 200,010.699 N/A7.47 N/A 8.82 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 384,393.296N/A N/A N/A 9.43 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

52





























Sub-funds


USD


USD


USD


USD


53





























Sub-funds


USD


USD


USD


USD


54


























Sub-funds


USD


USD


USD


USD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 500.000 N/A N/AN/A 9.14 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 277,125.357N/A N/A N/A 9.48 N/A N/A 2,494,763.992 N/AN/A N/A 6.47 N/AN/A N/A N/A 20,112,324.541N/A N/A N/A 9.46 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 92,910.000 N/A 37,323,190.251N/A 9.11 N/A 9.76 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

55































Sub-fundsMarket Specific

Equity Sub-funds

Latin American Equity

USDBrazil Equity

USDChinese Equity

USDHong Kong Equity

USD

649,278.572 5,948,219.824 3,258,392.267 15,551.1679.38 11.95 79.94 117.31 N/A N/A N/A N/AN/A N/A N/A N/AN/A 22,494.949 62,350.829 N/AN/A 4.42 14.37 N/A

2,356.953 29,244.618 7,340.463 N/A8.55 5.95 18.81 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

395,241.170 10,356,751.208 15,991,217.726 18,469.0089.07 11.25 75.22 103.34 N/A N/A N/A N/AN/A N/A N/A N/A

2,137.784 6,374.721 1,593.340 N/A7.47 5.50 18.31 N/A

1,030,066.772 3,828,986.041 40,506,768.083 N/A0.56 0.37 1.20 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

56
































Equity Sub-funds


USDBrazil Equity

USDChinese Equity

USDHong Kong Equity

USD

10,096.000 14,618.025 18,470.000 N/A5.70 4.46 10.37 N/AN/A N/A N/A N/AN/A N/A N/A N/A

4,318.449 48,728.968 43,075.896 N/A9.83 6.52 17.75 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 20,386.231 686,032.345 N/AN/A 5.06 9.86 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 1,393.298 3,960.206 693.595N/A 6.19 17.25 14.55 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

47,097.641 511,290.903 99,660.433 6,206.2939.12 11.39 75.83 112.49 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 3,141.974 834.275 N/AN/A 11.10 74.69 N/AN/A N/A N/A N/AN/A N/A N/A N/A

1,082,792.258 730,398.103 1,046,244.907 830.2139.88 13.13 87.17 125.76 N/A N/A N/A N/AN/A N/A N/A N/A

16,350.537 N/A N/A N/A6.67 N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 5,313.150 76,124.122 N/AN/A 11.51 77.33 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

57






























Equity Sub-funds


USDBrazil Equity

USDChinese Equity

USDHong Kong Equity

USD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 2,823.700 461,430.104N/A N/A 86.84 8.29 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

2,600,000.000 N/A N/A N/A9.07 N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

650,687.845 N/A N/A N/A9.68 N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

491,762.697 N/A N/A N/A9.05 N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

58






























Equity Sub-funds


USDBrazil Equity

USDChinese Equity

USDHong Kong Equity

USD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 1,551,077.388N/A N/A N/A 101.79 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 296,871.919 N/A N/AN/A 11.79 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

59



























Equity Sub-funds


USDBrazil Equity

USDChinese Equity

USDHong Kong Equity

USD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 42,261.692 N/A N/AN/A 13.33 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 777.855 7,800.000 45,976.000N/A 14.66 122.34 93.08 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 657,066.033 264,419.624N/A N/A 77.85 107.47 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

60































Indian EquityUSD

Korean EquityUSD

Mexico Equity USD

Russia EquityUSD

2,739,981.602 534,382.484 1,982,755.527 4,722,443.236151.49 12.09 8.22 3.84

14,150.000 N/A N/A N/A10.06 N/A N/A N/A

1,142,975.451 N/A N/A 31,517.59814.52 N/A N/A 6.88

46,858.219 N/A N/A 307.81616.91 N/A N/A 8.76


8,101,776.711 1,740,966.403 N/A 40,164,967.830149.40 12.09 N/A 3.68

137,755.014 N/A N/A N/A12.65 N/A N/A N/A

3,214.681 N/A N/A 42,919.46816.69 N/A N/A 8.86

5,185,425.316 N/A N/A 19,097,514.5331.08 N/A N/A 0.54 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

61































Indian EquityUSD

Korean EquityUSD

Mexico Equity USD

Russia EquityUSD

82,511.386 N/A N/A 12,211.00012.56 N/A N/A 6.19


90,926.363 N/A N/A 65,292.86816.95 N/A N/A 15.28


505,213.239 6,533.247 N/A N/A12.40 7.84 N/A N/A

11,762.530 N/A N/A N/A12.20 N/A N/A N/A

350,253.183 N/A N/A 2,618.60916.61 N/A N/A 10.97


105,970.303 83,822.107 1,322.105 984,314.799142.34 11.60 8.71 3.70


488.448 2,074.300 N/A N/A141.32 11.60 N/A N/A


461,468.396 621,849.078 3,639,679.140 1,540,609.075168.59 13.13 8.81 4.15


88,455.841 N/A 3,548,486.303 N/A10.89 N/A 10.52 N/A


120,591.560 N/A N/A N/A160.06 N/A N/A N/A


62





























Indian EquityUSD

Korean EquityUSD

Mexico Equity USD

Russia EquityUSD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 141,254.160 N/A N/AN/A 12.89 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 12,958,497.178 N/AN/A N/A 8.49 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

63





























Indian EquityUSD

Korean EquityUSD

Mexico Equity USD

Russia EquityUSD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

30,819.000 N/A N/A N/A15.66 N/A N/A N/A

64


























Indian EquityUSD

Korean EquityUSD

Mexico Equity USD

Russia EquityUSD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 10,952.903N/A N/A N/A 4.20 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

11,060,000.000 N/A N/A N/A8.29 N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

205,229.705 N/A N/A N/A159.28 N/A N/A N/A


65































Singapore EquityUSD

Taiwan EquityUSD

Thai EquityUSD

Turkey EquityEUR

97,753.559 36,743.064 351,523.990 2,413,799.97534.93 11.36 15.53 19.97

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 82,278.143N/A N/A N/A 12.65 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

376,251.097 247,170.045 3,977,826.748 683,276.58927.89 10.97 13.00 15.01

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 5,717.663N/A N/A N/A 12.71 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

66































Singapore EquityUSD

Taiwan EquityUSD

Thai EquityUSD

Turkey EquityEUR

N/A N/A N/A 246,574.000N/A N/A N/A 8.64 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 48,960.462N/A N/A N/A 9.38 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 22,141.948N/A N/A N/A 8.64 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 1,562.168N/A N/A N/A 11.51 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

21,252.450 11,511.433 234,527.811 500,744.84333.41 11.02 14.86 19.17

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

2,197.416 7,556.865 387,376.382 500,335.20736.30 13.00 16.86 21.45

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

67





























Singapore EquityUSD

Taiwan EquityUSD

Thai EquityUSD

Turkey EquityEUR


7,782.600 N/A 61,809.986 273,238.99631.57 N/A 16.96 12.37

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

68





























Singapore EquityUSD

Taiwan EquityUSD

Thai EquityUSD

Turkey EquityEUR


287,376.254 N/A N/A N/A27.88 N/A N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

69


























Singapore EquityUSD

Taiwan EquityUSD

Thai EquityUSD

Turkey EquityEUR

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 4,410.727N/A N/A N/A 7.66 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

198,556.372 N/A N/A N/A29.07 N/A N/A N/A


70






























Market SpecificEquity Sub-funds Bond Sub-funds

UK EquityGBP

Asian Currencies Bond USD

Brazil BondUSD

Euro BondEUR

1,452,010.349 256,009.616 2,068,722.361 1,088,329.87934.85 9.37 11.60 26.07

N/A N/A N/A N/AN/A N/A N/A N/AN/A 150,231.633 N/A N/AN/A 12.55 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

561,684.455 613,366.643 601,643.822 180,492.38528.22 8.60 6.20 19.50

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

71































UK EquityGBP


Brazil BondUSD

Euro BondEUR

31,722.863 N/A N/A N/A12.30 N/A N/A N/A


4,713.421 N/A N/A N/A11.71 N/A N/A N/A


8,226.404 16,108.631 356,674.932 163,798.42433.73 8.96 11.29 25.40

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 680.220 N/AN/A N/A 7.40 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 521,058.000 5,848,276.672N/A N/A 12.14 27.66 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

56.560 1,021,487.000 N/A 2,127,451.31431.93 8.69 N/A 10.00

N/A N/A N/A N/AN/A N/A N/A N/AN/A 2,336,000.000 N/A N/AN/A 12.07 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

72





























UK EquityGBP


Brazil BondUSD

Euro BondEUR


73





























UK EquityGBP


Brazil BondUSD

Euro BondEUR

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 2,576,500.000N/A N/A N/A 9.69 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

74


























UK EquityGBP


Brazil BondUSD

Euro BondEUR

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 1,616,248.000N/A N/A N/A 10.84 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

75






























Bond Sub-funds

Euro Credit BondEUR

Euro Credit Bond Total Return

EUR

Euro High Yield Bond EUR

GEM Inflation Linked Bond

USD

8,836,702.732 375,139.767 6,407,341.375 158,888.03225.17 10.53 36.86 78.38

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 251,055.972N/A N/A N/A 7.84 N/A N/A N/A 16,059.346N/A N/A N/A 7.84 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 20,000.000 N/AN/A N/A 8.74 N/A

366,961.216 120.000 1,434,129.875 N/A16.87 9.92 21.70 N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 188,508.209 N/AN/A N/A 9.88 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

76






























Bond Sub-funds

Euro Credit BondEUR


EUR



USD

N/A N/A 9,851.733 N/AN/A N/A 10.64 N/AN/A N/A N/A 4,731.600N/A N/A N/A 10.00 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 10,000.000 N/AN/A N/A 13.19 N/A

546.000 N/A 1,713.000 N/A10.21 N/A 9.99 N/A


330,826.261 48,576.793 245,514.760 46,603.51024.53 10.48 35.90 7.77

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 33,988.827 N/AN/A N/A 25.31 N/AN/A N/A N/A N/AN/A N/A N/A N/A

13,987,274.820 6,790,874.815 30,572,362.065 41,056.55126.97 10.63 40.03 80.23

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 1,047,538.033N/A N/A N/A 8.02 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 14,988,341.436 N/AN/A N/A 8.78 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 874,329.224 N/AN/A N/A 13.08 N/AN/A N/A 11,688,517.812 N/AN/A N/A 8.63 N/A

688,922.000 439,238.401 6,054,934.576 N/A10.22 10.17 33.73 N/A


77




























Bond Sub-funds

Euro Credit BondEUR


EUR



USD


78




























Bond Sub-funds

Euro Credit BondEUR


EUR



USD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

15,194,300.542 N/A N/A N/A9.68 N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 38,203,159.641 N/AN/A N/A 10.59 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 4,949,038.417 N/A N/AN/A 10.24 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

79

























Bond Sub-funds

Euro Credit BondEUR


EUR



USD


18,707,000.613 N/A 2,883,569.642 N/A10.17 N/A 40.46 N/A


99,584.235 N/A N/A N/A82.09 N/A N/A N/A

1,901,164.585 N/A N/A N/A9.65 N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

1,416,966.000 997,820.000 939,169.007 N/A10.02 10.72 42.10 N/A


331,966.079 N/A N/A N/A9.89 N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

80






























Bond Sub-funds


USD


BondUSD

Global BondUSD

Global Bond Total Return

USD

N/A N/A 235,330.357 500.000N/A N/A 16.80 9.74 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 2,166,606.010 N/AN/A N/A 13.27 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

81






























Bond Sub-funds


USD


BondUSD

Global BondUSD


USD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 19,670.304 N/AN/A N/A 12.80 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 6,218,745.014 500.000N/A N/A 17.50 9.77 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

82




























Bond Sub-funds


USD


BondUSD

Global BondUSD


USD


83




























Bond Sub-funds


USD


BondUSD

Global BondUSD


USD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 226,339.524 N/AN/A N/A 10.83 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 5,377,834.354 N/AN/A N/A 15.82 N/A

84

























Bond Sub-funds


USD


BondUSD

Global BondUSD


USD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 52.832 N/AN/A N/A 181.95 N/AN/A N/A N/A 500.000N/A N/A N/A 9.78 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

268,802.916 635,105.100 250,352.065 1,998,500.000129.83 150.40 16.19 9.80

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 4,738,432.329 N/AN/A N/A 13.63 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

85






























Bond Sub-funds

Global Corporate BondUSD

Global Emerging Markets Bond

USD

Global Emerging Markets Corporate

Debt USD

Global Emerging Markets Investment

Grade BondUSD

N/A 3,653,819.461 10,419.412 62,930.331N/A 32.36 11.88 9.91 N/A N/A N/A N/AN/A N/A N/A N/AN/A 38,865.023 743.396 N/AN/A 12.94 13.52 N/AN/A 8,064.698 N/A N/AN/A 17.65 N/A N/AN/A 135,460.597 N/A N/AN/A 1.23 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 72,000.008 N/A N/AN/A 9.84 N/A N/AN/A 208,316.403 N/A N/AN/A 10.30 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 510,062.051 17,162.472 42,291.901N/A 27.26 9.60 9.12 N/A 3,821.230 N/A N/AN/A 11.26 N/A N/AN/A 31,405.624 N/A N/AN/A 15.36 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 1,254,496.551 N/A N/AN/A 14.78 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 3,472,056.555 N/A N/AN/A 23.35 N/A N/AN/A 23,590,292.742 N/A N/AN/A 1.18 N/A N/AN/A 1,706,285.555 N/A N/AN/A 5.92 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 237,482.711 N/A N/AN/A 9.21 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 1,316,660.946 N/A N/AN/A 5.89 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

86






























Bond Sub-funds



USD


Debt USD


Grade BondUSD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 20,142.180 N/A N/AN/A 15.43 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 46,873.329 N/A N/AN/A 14.00 N/A N/AN/A 39,433.000 N/A N/AN/A 10.91 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 950,694.005 3,288.309 26,371.127N/A 31.51 9.84 9.80 N/A N/A N/A N/AN/A N/A N/A N/AN/A 21,582.001 N/A N/AN/A 11.17 N/A N/AN/A 21,892.650 N/A N/AN/A 22.56 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 14,164,968.277 1,150.000 370,118.120N/A 34.68 12.34 10.26 N/A N/A N/A N/AN/A N/A N/A N/AN/A 1,701,644.469 N/A 70,065.575N/A 14.60 N/A 136.89 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 2,275,280.000 N/A N/AN/A 9.66 N/A N/AN/A 1,616,996.623 N/A N/AN/A 18.49 N/A N/AN/A 255,330.000 N/A N/AN/A 14.51 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 17,582,226.517 N/A N/AN/A 19.52 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 11,703,715.014 N/A 61,075.000N/A 11.96 N/A 116.27 N/A N/A N/A N/AN/A N/A N/A N/A

87




























Bond Sub-funds



USD


Debt USD


Grade BondUSD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 22,121,972.465 N/A N/AN/A 15.15 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

88




























Bond Sub-funds



USD


Debt USD


Grade BondUSD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 2,812,500.626 N/A N/AN/A 32.75 N/A N/AN/A 4,188,300.192 N/A N/AN/A 17.80 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 2,803,772.130 N/A N/AN/A 9.71 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

89

























Bond Sub-funds



USD


Debt USD


Grade BondUSD

N/A 622,018.400 N/A N/AN/A 15.15 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 18,552,194.457 N/A N/AN/A 34.89 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 4,252,578.894 N/A N/AN/A 10.29 N/A N/AN/A 8,063,225.224 N/A N/AN/A 11.40 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 500,000.000 N/A N/AN/A 9.23 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 49,197,877.365 N/A N/AN/A 9.72 N/A N/AN/A 63,579,827.296 N/A N/AN/A 15.74 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 6,530,358.344 999,000.000 N/AN/A 9.61 12.82 N/AN/A N/A N/A N/AN/A N/A N/A N/A

11,985,979.987 2,839,928.916 N/A N/A10.08 20.02 N/A N/A


363,607.670 N/A N/A N/A15.06 N/A N/A N/A


98,584,502.593 38,600,115.406 N/A N/A9.97 9.58 N/A N/A

259,066.454 271,838.988 N/A N/A10.87 10.55 N/A N/A

22,947,564.602 32,259,531.232 N/A N/A15.13 14.76 N/A N/A

90






























Bond Sub-funds

Global Emerging Markets Local

Currency Rates USD


DebtUSD

Global Government Bond USD

Global High Income Bond USD

500.000 1,835,595.866 N/A 7,259,811.5777.92 11.78 N/A 13.22 N/A N/A N/A N/AN/A N/A N/A N/AN/A 243,669.604 N/A N/AN/A 10.67 N/A N/AN/A 12,568.362 N/A N/AN/A 13.26 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 281,663.798N/A N/A N/A 11.57 N/A N/A N/A 125,135.504N/A N/A N/A 8.78 N/A N/A N/A N/AN/A N/A N/A N/AN/A 451,040.549 N/A 546,240.457N/A 9.37 N/A 12.03 N/A N/A N/A N/AN/A N/A N/A N/AN/A 44.501 N/A N/AN/A 12.23 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 10,922.000N/A N/A N/A 10.58 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 72,707,613.312N/A N/A N/A 10.36 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 32,891,145.722N/A N/A N/A 6.70 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 4,060,361.385N/A N/A N/A 10.62 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 1,194,324.488N/A N/A N/A 7.49 N/A N/A N/A N/AN/A N/A N/A N/A

91






























Bond Sub-funds


Currency Rates USD


DebtUSD




300.000 1,963.550 N/A N/A13.08 13.49 N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 324.382 N/A N/AN/A 12.04 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

500.000 117,930.188 N/A 112,072.2757.88 11.54 N/A 10.41 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 17,480.891N/A N/A N/A 11.56 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

500.000 6,347,850.427 N/A 2,707,891.7228.03 12.48 N/A 11.02 N/A N/A N/A N/AN/A N/A N/A N/A

116,280.173 2,162,696.230 N/A N/A10.35 10.81 N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 12,773.880 N/A 1,956,574.120N/A 8.91 N/A 12.12 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 9,733,331.598 N/A 440,898.584N/A 9.66 N/A 9.62 N/A N/A N/A N/AN/A N/A N/A N/AN/A 21,611,213.923 N/A N/AN/A 10.02 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

92




























Bond Sub-funds


Currency Rates USD


DebtUSD



N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 1,276,705.619 N/A N/AN/A 6.85 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

93




























Bond Sub-funds


Currency Rates USD


DebtUSD



N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 1,244,036.800 N/A N/AN/A 15.18 N/A N/A

94

























Bond Sub-funds


Currency Rates USD


DebtUSD




7,213,800.000 18,299,645.350 N/A N/A8.04 7.97 N/A N/AN/A 6,084,216.181 N/A N/AN/A 12.96 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

5,904,272.009 5,287,570.476 N/A N/A8.78 7.48 N/A N/AN/A N/A N/A 7,628,284.505N/A N/A N/A 10.82 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

5,552,469.515 1,123,653.000 N/A 1,858,123.0007.90 8.99 N/A 9.97 N/A N/A N/A N/AN/A N/A N/A N/AN/A 39,226,173.976 7,039,726.791 N/AN/A 9.21 10.58 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 2,586,827.866 N/A N/AN/A 9.09 N/A N/AN/A 33,048,499.835 42,729,232.816 138,380.000N/A 9.00 9.92 9.66 N/A N/A 80,533.412 N/AN/A N/A 11.05 N/AN/A N/A 453,604.551 N/AN/A N/A 15.07 N/A

95






























Bond Sub-funds

Global High Yield Bond USD

Global Inflation Linked Bond

USD

Global Short Duration Bond

USD

Global Short Duration High Yield

BondUSD

1,134,357.137 1,864.167 42,351.032 28,445.7599.62 120.67 9.99 10.52 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 27,411.486 N/A 30,557.035N/A 134.08 N/A 11.37 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

11,637.720 23,401.240 N/A 28,103.2539.60 9.90 N/A 9.91 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 11,000.000N/A N/A N/A 11.06 N/A N/A N/A N/AN/A N/A N/A N/A

13,664,937.644 N/A N/A N/A9.68 N/A N/A N/A

87,734,542.843 N/A N/A N/A1.25 N/A N/A N/A

6,363,283.706 N/A N/A N/A6.82 N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

1,582,494.768 N/A N/A N/A10.71 N/A N/A N/A


96






























Bond Sub-funds



USD


USD


BondUSD


4,873.960 11,647.898 N/A 283,771.4579.65 119.12 N/A 10.13 N/A N/A N/A N/AN/A N/A N/A N/AN/A 10,158.827 N/A 3,439.659N/A 11.66 N/A 11.13 N/A N/A N/A 3,503.445N/A N/A N/A 9.87 N/A N/A N/A N/AN/A N/A N/A N/A

483,772.571 22,433.597 500.000 63,612.4189.69 123.23 10.01 10.65 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 1,036.734N/A N/A N/A 12.62 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

15,024.000 99,807.506 N/A 17,128.50211.05 137.43 N/A 11.47

N/A 16,662.928 N/A N/AN/A 190.00 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

97,296.048 N/A N/A N/A9.63 N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

97




























Bond Sub-funds



USD


USD


BondUSD


98




























Bond Sub-funds



USD


USD


BondUSD


99

























Bond Sub-funds



USD


USD


BondUSD

2,488,073.600 N/A N/A N/A15.04 N/A N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 500.000 N/AN/A N/A 10.01 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

6,286,914.692 47,144.698 1,998,500.000 1,232,020.4969.86 125.84 10.02 10.76 N/A N/A N/A N/AN/A N/A N/A N/A

3,655,280.542 N/A N/A N/A9.67 N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

529,493.850 N/A N/A N/A14.69 N/A N/A N/A


83,366,479.796 N/A N/A 14,684,410.2029.58 N/A N/A 9.77

569,385.415 N/A N/A 26,867.28210.65 N/A N/A 11.04

60,421,657.488 N/A N/A 2,883,669.31414.37 N/A N/A 14.98

100






























Bond Sub-funds

India Fixed IncomeUSD

Latin American Local Debt

USDRMB Fixed Income

USDUS Dollar Bond

USD

4,359,371.536 10,250.360 1,552,706.280 165,880.29410.99 6.46 10.91 15.59


742,526.393 N/A 467,761.360 N/A13.56 N/A 14.31 N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 3,009,238.159 N/AN/A N/A 1.70 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 646,680.270 N/AN/A N/A 11.60 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

967,112.382 N/A 484,549.996 194,224.8419.32 N/A 9.99 10.62 N/A N/A 331,728.352 N/AN/A N/A 13.41 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 597,595.838 N/AN/A N/A 1.55 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

101






























Bond Sub-funds



USDRMB Fixed Income

USDUS Dollar Bond

USD

N/A N/A 62,171.159 N/AN/A N/A 9.82 N/AN/A N/A N/A N/AN/A N/A N/A N/A

29.571 N/A N/A N/A15.53 N/A N/A N/A


102,297.453 N/A 10,000.000 N/A15.96 N/A 14.98 N/A


655,848.395 N/A 653,694.984 28,435.60110.38 N/A 10.75 15.18

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 119,176.677 N/AN/A N/A 11.35 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

9,262,587.288 7,142.000 1,819,926.832 787,602.12711.21 6.67 11.09 16.05

1,562,305.730 N/A N/A N/A10.19 N/A N/A N/A

7,117,023.885 N/A 98,487.910 N/A13.61 N/A 13.45 N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 785,178.812 N/AN/A N/A 9.46 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 2,642,292.193 N/AN/A N/A 11.66 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

3,330,634.289 N/A 58,389.069 1,663,867.39910.24 N/A 9.65 15.15


1,500.000 N/A N/A N/A11.01 N/A N/A N/A


102




























Bond Sub-funds



USDRMB Fixed Income

USDUS Dollar Bond

USD

N/A N/A 521,566.820 N/AN/A N/A 1.56 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 3,500,000.000 N/AN/A N/A 10.65 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

103




























Bond Sub-funds



USDRMB Fixed Income

USDUS Dollar Bond

USD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 1,510,087.030N/A N/A N/A 10.65 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

104

























Bond Sub-funds



USDRMB Fixed Income

USDUS Dollar Bond

USD

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 22,495.067N/A N/A N/A 10.67 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

2,256,389.871 N/A N/A N/A10.04 N/A N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 1,998,995.211 N/A 266,312.455N/A 6.85 N/A 17.01 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 4,358,455.138N/A N/A N/A 11.19 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

105






























Reserve Sub-fund Index Sub-funds

Euro ReserveEUR

Economic Scale Index GEM Equity

USD

Economic Scale Index Global Equity (formerly known as

Global Equity)USD

Economic Scale Index Japan Equity (formerly known as

Japanese Equity)JPY

9,275,322.967 756,202.800 451,190.177 798,408.27717.34 8.02 29.31 7,142.21

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 1,696,791.824N/A N/A N/A 1,073.81 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

15,305.049 54,707.599 672,458.673 23,710.88115.43 7.84 28.51 1,036.33

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 938,470.687N/A N/A N/A 1,073.13 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

106































Euro ReserveEUR


USD


Global Equity)USD


Japanese Equity)JPY

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 217.281N/A N/A N/A 2,051.41 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A 6,754.839 190,996.360N/A N/A 28.39 1,005.97 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 0.050N/A N/A N/A 1,015.59 N/A N/A N/A N/AN/A N/A N/A N/A

1,347,666.127 1,626,877.396 3,076,086.431 14,756.77417.36 8.10 31.42 7,711.73

N/A N/A N/A N/AN/A N/A N/A N/AN/A 1,611,809.697 N/A N/AN/A 11.60 N/A N/AN/A 905,913.136 N/A N/AN/A 13.04 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 50,116.591N/A N/A N/A 1,075.17 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 4,838.283N/A N/A N/A 1,259.46 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 8,564,648.948 N/A N/AN/A 7.85 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

107





























Euro ReserveEUR


USD


Global Equity)USD


Japanese Equity)JPY

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 723,009.994N/A N/A N/A 1,075.94 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

108





























Euro ReserveEUR


USD


Global Equity)USD


Japanese Equity)JPY

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 1,740.381N/A N/A N/A 7,436.03 N/A N/A N/A 1,683,288.394N/A N/A N/A 1,088.35 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 6,647,218.123 N/A N/AN/A 13.32 N/A N/A

109


























Euro ReserveEUR


USD


Global Equity)USD


Japanese Equity)JPY

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 48,938.057 N/A N/AN/A 7.86 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 471,130.000 232.734 N/AN/A 8.03 34.17 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 16,634,952.753 2,513,179.694 51,380.147N/A 8.20 30.73 1,063.78 N/A N/A N/A 4,683,924.567N/A N/A N/A 1,076.67 N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

110






























Index Sub-funds Other Sub-funds

Economic Scale Index US Equity

(formerly known as US Equity)

USD

GEM Debt Total Return

USDGlobal Macro

EUR

Global Multi-Asset Income (launched as at 15 July 2015)

EUR

6,596,821.286 N/A N/A 450.00029.76 N/A N/A 9.25


1,733,186.488 N/A N/A N/A27.79 N/A N/A N/A


1,742,325.940 N/A N/A N/A33.31 N/A N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

19,417.658 N/A N/A N/A28.66 N/A N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 450.000N/A N/A N/A 9.25

111

































USD


USDGlobal Macro

EUR


EUR

N/A N/A N/A 450.000N/A N/A N/A 9.27 N/A N/A N/A N/AN/A N/A N/A N/A

4,200.000 N/A N/A N/A13.61 N/A N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A 450.000N/A N/A N/A 9.27

147,835.902 N/A N/A 450.00028.53 N/A N/A 9.25


3,130.140 N/A N/A N/A9.63 N/A N/A N/AN/A N/A N/A 450.000N/A N/A N/A 9.25

242,290.255 N/A N/A N/A31.58 N/A N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

2,324.602 N/A N/A N/A10.17 N/A N/A N/A


14,098,466.977 N/A N/A N/A12.70 N/A N/A N/A


112































USD


USDGlobal Macro

EUR


EUR

N/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 898,469.939 N/A N/AN/A 90.20 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 33,485,231.760 51,876.729 N/AN/A 14.84 106.47 N/AN/A 2,542,746.488 N/A N/AN/A 12.91 N/A N/AN/A 796,545.481 N/A N/AN/A 10.05 N/A N/AN/A 68,301,519.656 N/A N/AN/A 11.38 N/A N/AN/A N/A 714.307 N/AN/A N/A 131.93 N/AN/A N/A 50,510.772 N/AN/A N/A 142.17 N/AN/A 14,911,658.180 N/A N/AN/A 12.55 N/A N/AN/A 149,237,243.880 N/A N/AN/A 10.04 N/A N/AN/A 2,000,000.000 N/A N/AN/A 8.08 N/A N/AN/A 13,998,924.936 8,543.076 N/AN/A 14.58 101.90 N/AN/A 2,092,720.593 N/A N/AN/A 13.48 N/A N/AN/A 242,550.000 N/A N/AN/A 10.25 N/A N/AN/A 6,120,934.479 N/A N/AN/A 11.34 N/A N/AN/A N/A 544.021 N/AN/A N/A 88.30 N/AN/A N/A 19,487.692 N/AN/A N/A 109.17 N/AN/A N/A 793.000 N/AN/A N/A 120.54 N/AN/A 18,702,128.212 11,543.900 N/AN/A 12.31 102.02 N/AN/A 1,134,454.104 N/A N/AN/A 12.42 N/A N/AN/A 153,737.586 N/A N/AN/A 11.56 N/A N/A

113































USD


USDGlobal Macro

EUR


EUR

N/A N/A 3,905.780 N/AN/A N/A 119.96 N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 216,413.561 N/A N/AN/A 9.61 N/A N/AN/A 12,000.000 N/A N/AN/A 9.99 N/A N/AN/A 411,188.755 N/A N/AN/A 15.84 N/A N/AN/A 367,384.000 N/A N/AN/A 11.50 N/A N/AN/A 294,049.360 N/A N/AN/A 15.41 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

1,481,810.180 N/A N/A N/A34.77 N/A N/A N/A

N/A N/A 49.737 N/AN/A N/A 85.45 N/AN/A 52,832.932 N/A N/AN/A 10.89 N/A N/AN/A 2,997.000 N/A N/AN/A 10.76 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 6,452,702.339 N/A N/AN/A 9.90 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A 8,654,663.300 N/A N/AN/A 10.73 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

114




























USD


USDGlobal Macro

EUR


EUR


15,739,804.008 N/A N/A N/A9.08 N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

545,741.628 N/A N/A N/A12.36 N/A N/A N/A

2,453,479.000 3,335,734.000 N/A 895,000.0008.91 9.83 N/A 9.28 N/A N/A N/A N/AN/A N/A N/A N/A

125,269.392 3,880,000.000 N/A N/A33.65 13.93 N/A N/A

N/A N/A N/A N/AN/A N/A N/A N/AN/A 32,920,618.874 N/A N/AN/A 11.49 N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/AN/A N/A N/A N/A

115






























Other Sub-funds

Managed Solutions -Asia Focused Conservative

USD

Managed Solutions -Asia Focused

Growth USD

Managed Solutions - Asia Focused Income

USD

703,782.380 404,115.539 341,556.26210.05 8.53 9.87

N/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/A

1,839,569.859 2,148,125.896 N/A1.30 1.10 N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/A

278,008.734 763,467.004 N/A7.47 6.27 N/AN/A N/A N/AN/A N/A N/A

33,958.955 34,409.870 N/A11.11 9.43 N/A

3,887.658 3,976.228 256,986.5027.10 6.01 6.95 N/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A 12,240,919.246N/A N/A 9.51 N/A N/A 85,680,788.388N/A N/A 1.23 N/A N/A 5,379,111.395N/A N/A 5.98 N/A N/A N/AN/A N/A N/AN/A N/A 917,784.568N/A N/A 9.52 N/A N/A N/AN/A N/A N/AN/A N/A 399,676.797N/A N/A 6.13 N/A N/A N/AN/A N/A N/A

116






























Other Sub-funds


USD


Growth USD


USD

N/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/A

117




























Other Sub-funds


USD


Growth USD


USD

N/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/A

118




























Other Sub-funds


USD


Growth USD


USD

N/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/A

119

























Other Sub-funds


USD


Growth USD


USD

N/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/A

1,692,109.947 N/A N/A10.26 N/A N/A

N/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/AN/A N/A N/A

120


Sub-funds

NotesCONSOLIDATED

USD

ASEANEquity

USD

Asia ex JapanEquity

USD

Asia ex JapanEquity Smaller

CompaniesUSD

Net Assets at the Beginning of the Period 35,437,654,310 15,055,185 360,439,544 435,299,786

INCOME

Investment Income/(Loss) 635,206,662 282,877 5,618,884 10,184,979

Bank Interest 582,953 46 807 1,226

Other Income 15 33,967,164 - 328,805 2,666,672

Total Income 669,756,779 282,923 5,948,496 12,852,877

EXPENSES

Management Fees 4.b (124,696,877) (52) (1,905,270) (2,797,898)

Performance Fees 4.c (1,699,146) - - -

Transaction Fees (64,256,443) (57,595) (2,507,107) (4,452,779)

Operating, Administrative and ServicingFees 4.e (50,020,929) (17,466) (514,564) (725,257)

Other Fees (1,149,316) - - -Interest (32,625) - - -

Total Expenses (241,855,336) (75,113) (4,926,941) (7,975,934)

Net Investment Profit/(Loss) 427,901,443 207,810 1,021,555 4,876,943Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps

126,160,426 (355,939) 14,530,875 (10,400,273)

Realised Profit/(Loss) for the Period 554,061,869 (148,129) 15,552,430 (5,523,330)

Profit/(Loss) on Foreign Currency (263,475,961) (18,725) (48,231) (584,155)Change in UnrealisedAppreciation/(Depreciation) on Investments,Futures, Forward Foreign Exchange Contracts,Options and Swaps

(2,736,580,097) (3,460,107) (72,462,134) (61,535,292)

Change in Total Net Assets as a Result ofOperations

(2,445,994,189) (3,626,961) (56,957,935) (67,642,777)

Proceeds on Issue of Shares 14,067,215,228 - 82,981,008 310,765,760

Payments on Redemption of Shares (13,248,294,005) - (121,248,119) (337,676,731)

Dividends Paid 14 (421,742,441) - (1,648,373) (1,461,747)

Currency Translation 2.g 248,146,129 - - -

Net Assets as at 30 September 2015 33,636,985,032 11,428,224 263,566,125 339,284,291

for the period ended 30 September 2015

Statement of Operations and Changes inNet Assets



Asia Pacific exJapan Equity High

DividendUSD

BRIC EquityUSD

BRIC MarketsUSD

BRIC MarketsEquity

USD


USDEmerging Wealth

USD

181,744,114 521,381,358 7,467,152 223,944,675 101,845,004 16,280,003

4,144,444 11,330,740 149,599 4,621,972 1,192,737 186,394

378 1,655 - 718 125 14

41,396 93,352 - 42,644 34,977 4,173

4,186,218 11,425,747 149,599 4,665,334 1,227,839 190,581

(844,103) (2,399,567) (38,025) (1,198,247) (608,662) (114,057)

- - - - - -

(702,088) (3,542,487) (2,519) (1,264,527) (763,434) (63,322)

(250,752) (1,073,157) (13,295) (409,004) (165,833) (31,328)

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

(1,796,943) (7,015,211) (53,839) (2,871,778) (1,537,929) (208,707)

2,389,275 4,410,536 95,760 1,793,556 (310,090) (18,126)(2,537,529) (6,004,279) (52,367) 1,659,407 1,084,168 250,121

(148,254) (1,593,743) 43,393 3,452,963 774,078 231,995

(135,593) (512,433) 4,763 (77,519) 6,128 1,497(24,159,485) (81,622,082) (1,227,349) (40,432,089) (9,035,301) (1,865,539)

(24,443,332) (83,728,258) (1,179,193) (37,056,645) (8,255,095) (1,632,047)

19,651,258 10,282,699 27,782 6,097,468 4,723,066 1,025,377

(49,880,767) (90,829,943) (350) (40,646,580) (31,683,596) (3,170,639)

(2,578,992) (1,562,819) - (659,773) (173) (22,884)

- - - - - -

124,492,281 355,543,037 6,315,391 151,679,145 66,629,206 12,479,810




NotesEuroland Equity

EUR

Euroland EquitySmaller

CompaniesEUR

Euroland GrowthEUR

European EquityEURb

Net Assets at the Beginning of the Period 954,671,183 349,574,597 161,808,556 118,371,232

INCOME -

Investment Income/(Loss) 20,382,592 4,754,259 2,560,665 2,279,945

Bank Interest - - - -

Other Income 15 536,935 318,039 20,159 177,932

Total Income 20,919,527 5,072,298 2,580,824 2,457,877

EXPENSES -

Management Fees 4.b (4,745,876) (1,589,247) (486,314) (1,177,761)

Performance Fees 4.c - - - -

Transaction Fees (1,391,851) (1,834,372) (86,248) (555,802)

Operating, Administrative and ServicingFees 4.e (1,415,933) (483,671) (197,185) (306,285)

Other Fees - - - (1,381)Interest (8,051) (175) - (413)

Total Expenses (7,561,711) (3,907,465) (769,747) (2,041,642)

Net Investment Profit/(Loss) 13,357,816 1,164,833 1,811,077 416,235Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps

15,442,796 13,367,076 (2,077,347) 6,237,328

Realised Profit/(Loss) for the Period 28,800,612 14,531,909 (266,270) 6,653,563

Profit/(Loss) on Foreign Currency 8,824 (181) 3,471 94,083Change in UnrealisedAppreciation/(Depreciation) on Investments,Futures, Forward Foreign Exchange Contracts,Options and Swaps

(141,785,815) (42,211,312) (16,047,691) (26,787,202)


(112,976,379) (27,679,584) (16,310,490) (20,039,556)

Proceeds on Issue of Shares 232,595,221 62,017,154 19,463,228 127,863,687

Payments on Redemption of Shares (186,243,490) (115,882,983) (23,952,776) (38,031,474)

Dividends Paid 14 (1,561,902) (159,562) (19,813) (801,286)

Currency Translation 2.g - - - -

Net Assets as at 30 September 2015 886,484,633 267,869,622 140,988,705 187,362,603

b HSBC International Select Fund - Multialpha Europe Equity (the absorbed Sub-fund) merged its assets into the receiving Sub-fund European Equity on 29May 2015.




Frontier MarketsUSD

GEM EquityVolatility Focused(launched as at 04

August 2015)USD


USD

Global EquityClimate Change

USD

Global EquityDividend (launchedas at 27 July 2015)

USD

Global EquityVolatility Focused

USD

402,655,296 - 225,264,003 23,066,081 - 728,113,395

- - - - - -

5,789,196 281,103 4,029,371 224,319 452,528 5,877,064

2,915 - 3,415 22 - 2,571

153,906 - 110,421 2,722 563,633 1,015,531

5,946,017 281,103 4,143,207 227,063 1,016,161 6,895,166

- - - - - -

(2,548,655) (61,559) (1,107,530) (157,033) (258,195) (3,799,396)

- - - - - -

(5,420,461) (64,208) (2,149,771) (66,223) (241,893) (2,794,220)

(677,288) (21,981) (392,800) (36,922) (60,663) (964,249)

(3,489) - (88,909) - - -- - - - - -

(8,649,893) (147,748) (3,739,010) (260,178) (560,751) (7,557,865)

(2,703,876) 133,355 404,197 (33,115) 455,410 (662,699)10,101,120 (100,224) (2,505,672) 719,593 (2,528,204) (13,504,801)

7,397,244 33,131 (2,101,475) 686,478 (2,072,794) (14,167,500)

(244,029) 125,784 (547,391) (423) (41,462) (76,242)(36,929,355) (5,112,137) (36,260,583) (2,497,711) (8,482,043) (41,082,707)

(29,776,140) (4,953,222) (38,909,449) (1,811,656) (10,596,299) (55,326,449)

33,327,695 60,020,000 14,284,820 1,346,254 172,887,358 75,323,220

(54,833,570) - (43,556,991) (3,825,380) (55,877,011) (351,078,762)

(542,356) - (452,661) (9,494) (585,015) (7,693,561)

- - - - - -

350,830,925 55,066,778 156,629,722 18,765,805 105,829,033 389,337,843





Notes

Global Real EstateEquity

USD

Latin AmericanEquity

USDBrazil Equity

USDChinese Equity

USD

Net Assets at the Beginning of the Period 656,463,607 98,361,387 377,974,900 1,959,178,807

INCOME


Bank Interest - 50 711 1,878

Other Income 15 1,038,961 60,627 133,164 6,412,267

Total Income 8,613,897 1,166,759 5,236,113 61,935,011

EXPENSES

Management Fees 4.b (56,717) (360,089) (2,779,631) (14,709,063)


Transaction Fees (142,301) (501,775) (1,164,048) (17,687,595)

Operating, Administrative and ServicingFees 4.e (545,338) (151,289) (683,180) (4,080,232)

Other Fees - - - -Interest (711) - - -

Total Expenses (745,067) (1,013,153) (4,626,859) (36,476,890)

Net Investment Profit/(Loss) 7,868,830 153,606 609,254 25,458,121Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps

(2,588,215) (11,892,507) (93,582,558) 89,249,398

Realised Profit/(Loss) for the Period 5,280,615 (11,738,901) (92,973,304) 114,707,519

Profit/(Loss) on Foreign Currency (271,053) (37,686) (645,112) 370,052Change in UnrealisedAppreciation/(Depreciation) on Investments,Futures, Forward Foreign Exchange Contracts,Options and Swaps

(37,784,484) (7,410,938) (14,928,067) (457,538,222)


(32,774,922) (19,187,525) (108,546,483) (342,460,651)



Dividends Paid 14 (1,434,226) (861,079) (3,376,321) (11,824,074)


Net Assets as at 30 September 2015 563,382,647 55,958,275 209,402,359 1,677,786,188




Hong Kong EquityUSD

Indian EquityUSD

Korean EquityUSD

Mexico EquityUSD

Russia EquityUSD

Singapore EquityUSD

216,015,520 2,342,014,151 55,105,413 303,639,000 213,092,522 46,691,843

5,543,308 21,884,051 45,944 2,343,911 7,200,087 1,137,578

104 - 171 606 488 -

852,153 683,335 82,926 256,087 198,685 76,818

6,395,565 22,567,386 129,041 2,600,604 7,399,260 1,214,396

(1,028,099) (15,016,637) (294,012) (990,763) (1,931,849) (207,101)

- - - - - -

(1,421,126) (5,558,611) (131,496) (1,651,927) (996,667) (147,548)

(398,492) (4,214,318) (84,271) (397,769) (676,180) (81,433)

- (1,055,253) - - - -- (6,737) - - - (22)

(2,847,717) (25,851,556) (509,779) (3,040,459) (3,604,696) (436,104)

3,547,848 (3,284,170) (380,738) (439,855) 3,794,564 778,29214,231,587 (94,962,747) (2,141,125) (4,757,031) (18,777,100) (3,692,389)

17,779,435 (98,246,917) (2,521,863) (5,196,886) (14,982,536) (2,914,097)

5,866 (1,934,775) 8,287 (197,520) (223,047) (23,548)(52,207,401) (168,793,900) (4,126,326) (14,437,798) (3,750,767) (5,535,733)

(34,422,100) (268,975,592) (6,639,902) (19,832,204) (18,956,350) (8,473,378)

108,795,172 203,278,293 11,676,052 12,586,208 94,659,502 10,026,102

(87,305,141) (371,059,804) (21,592,837) (100,644,370) (95,965,116) (18,700,588)

(4,131,660) (1,867,735) - - (5,016,307) (701,776)

- - - - - -

198,951,791 1,903,389,313 38,548,726 195,748,634 187,814,251 28,842,203




NotesTaiwan Equity

USDThai Equity

USDTurkey Equity

EURUK Equity

GBP


INCOME

Investment Income/(Loss) 125,914 1,964,200 2,476,200 1,331,904

Bank Interest - 161 37,453 823

Other Income 15 13,999 - 148,647 75,206

Total Income 139,913 1,964,361 2,662,300 1,407,933

EXPENSES

Management Fees 4.b (35,010) (602,585) (860,559) (639,586)


Transaction Fees (73,416) (441,192) (264,130) (437,591)

Operating, Administrative and ServicingFees 4.e (9,291) (141,794) (203,778) (132,390)

Other Fees - - - -Interest (88) - - -

Total Expenses (117,805) (1,185,571) (1,328,467) (1,209,567)

Net Investment Profit/(Loss) 22,108 778,790 1,333,833 198,366Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps

103,436 (1,882,731) (2,527,298) 274,574

Realised Profit/(Loss) for the Period 125,544 (1,103,941) (1,193,465) 472,940

Profit/(Loss) on Foreign Currency (12,912) (80,797) (328,922) (26,046)Change in UnrealisedAppreciation/(Depreciation) on Investments,Futures, Forward Foreign Exchange Contracts,Options and Swaps

(843,770) (15,855,129) (24,003,763) (6,616,604)


(731,138) (17,039,867) (25,526,150) (6,169,710)



Dividends Paid 14 (18,913) (1,051,451) (114) (289,306)






Bond Sub-funds

Asian CurrenciesBondUSD

Brazil BondUSD

Euro BondEUR

Euro Credit BondEUR

Euro Credit BondTotal Return

EUR

Euro High YieldBondEUR

64,201,190 44,131,158 288,400,165 1,073,082,717 146,424,067 2,418,354,101

819,733 2,003,895 2,718,454 11,866,701 1,772,165 52,013,502

223 90 - - - 231

39,155 7,162 55,879 253,421 97,369 1,592,343

859,111 2,011,147 2,774,333 12,120,122 1,869,534 53,606,076

(238,103) (227,295) (524,573) (2,462,036) (271,570) (7,279,443)

- - - - - -

(514,245) (28,745) (19,068) (87,023) (11,121) -

(81,997) (79,707) (221,715) (1,003,554) (146,189) (2,469,114)

- - - (110) - -- - (165) (335) (4,077) -

(834,345) (335,747) (765,521) (3,553,058) (432,957) (9,748,557)

24,766 1,675,400 2,008,812 8,567,064 1,436,577 43,857,519999,563 (699,477) 3,246,438 (1,120,403) (1,309,729) (13,591,526)

1,024,329 975,923 5,255,250 7,446,661 126,848 30,265,993

(4,685,999) (7,964,320) 3,276 6,524 (87,388) (5,485,485)(1,788,544) (3,868,869) (17,257,860) (45,603,080) (5,295,697) (112,436,251)

(5,450,214) (10,857,266) (11,999,334) (38,149,895) (5,256,237) (87,655,743)

3,418,080 14,737,191 67,106,905 292,285,510 40,701,788 961,757,771

(14,222,411) (9,658,731) (81,679,510) (324,565,437) (39,314,143) (745,148,708)

(1,162,083) (270,077) (259,289) (297,234) (84,243) (22,321,715)

- - - - - -

46,784,562 38,082,275 261,568,937 1,002,355,661 142,471,232 2,524,985,706




Notes

GEM InflationLinked

BondUSD


USD


BondUSD

Global BondUSD


INCOME

Investment Income/(Loss) 1,171,702 411,725 1,804,246 2,412,723

Bank Interest 4,539 69 228 141

Other Income 15 155,697 - 159,953 92,447

Total Income 1,331,938 411,794 1,964,427 2,505,311

EXPENSES

Management Fees 4.b (133,603) - - (194,012)


Transaction Fees (14,702) - - (7,899)


Other Fees - - - -Interest - - - -

Total Expenses (197,339) (35,600) (86,397) (334,959)

Net Investment Profit/(Loss) 1,134,599 376,194 1,878,030 2,170,352Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps

1,688,221 398,021 (210,469) 964,808

Realised Profit/(Loss) for the Period 2,822,820 774,215 1,667,561 3,135,160

Profit/(Loss) on Foreign Currency (4,471,630) (32,733) 947,099 2,502,209Change in UnrealisedAppreciation/(Depreciation) on Investments,Futures, Forward Foreign Exchange Contracts,Options and Swaps

(1,470,798) (1,461,927) (2,049,175) (6,478,511)


(3,119,608) (720,445) 565,485 (841,142)

Proceeds on Issue of Shares 3,728,806 - 22,840,047 183,605,307

Payments on Redemption of Shares (41,584,961) - - (49,335,088)

Dividends Paid 14 - - - (2,217,653)






Global Bond TotalReturn

USD

Global CorporateBondUSD

Global EmergingMarkets Bond

USD

Global EmergingMarkets Corporate

DebtUSD

Global EmergingMarkets Investment

Grade BondUSD


Currency RatesUSD

20,104,589 1,440,034,850 5,623,798,197 20,077,721 34,672,394 109,896,703

155,075 20,462,692 119,310,019 370,965 599,179 3,341,660

14 880 134,995 277 2,055 9,985

- 357,910 1,019,392 174,098 36,583 287,258

155,089 20,821,482 120,464,406 545,340 637,817 3,638,903

(43) - (13,752,517) (13,982) (75,858) (263,861)

- - - - - -

(403) (39,731) (40) - (176) (33)

(19,795) (1,565,153) (6,328,576) (20,988) (37,621) (150,689)

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

(20,241) (1,604,884) (20,081,133) (34,970) (113,655) (414,583)

134,848 19,216,598 100,383,273 510,370 524,162 3,224,320(58,879) 1,244,262 65,550,339 149,280 (10,692) (557,196)

75,969 20,460,860 165,933,612 659,650 513,470 2,667,124

125,753 19,033,219 (789,404) (149,795) (1,388,566) (16,621,508)(713,927) (76,758,428) (300,628,517) (766,784) (1,351,386) (5,416,419)

(512,205) (37,264,349) (135,484,309) (256,929) (2,226,482) (19,370,803)

- 1,725,136,589 1,390,995,316 68,051 623,626 70,006,350

- (1,643,188,244) (1,573,712,421) (6,733,355) (11,021,776) (5,636,288)

- (25,256,755) (148,669,068) (3,707) (289,583) -

- - - - - -

19,592,384 1,459,462,091 5,156,927,715 13,151,781 21,758,179 154,895,962




Notes

Global EmergingMarkets Local Debt

USD

Global GovernmentBondUSD

Global HighIncome Bond

USD

Global High YieldBondUSD

Net Assets at the Beginning of the Period 1,584,789,089 437,939,440 1,431,678,775 2,006,666,919

INCOME


Bank Interest 216,669 216 15,660 22,712

Other Income 15 641,447 - 160,705 1,496,515

Total Income 25,953,525 3,815,862 30,985,286 59,612,687

EXPENSES

Management Fees 4.b (2,685,794) - (7,941,383) (2,180,243)


Transaction Fees - - (15,443) (8,451)

Operating, Administrative and ServicingFees 4.e (1,911,690) (500,979) (1,743,115) (2,582,299)


Total Expenses (4,597,484) (500,979) (9,699,941) (4,770,993)

Net Investment Profit/(Loss) 21,356,041 3,314,883 21,285,345 54,841,694Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps

31,817,277 13,121,642 (19,621,051) 16,120,346

Realised Profit/(Loss) for the Period 53,173,318 16,436,525 1,664,294 70,962,040

Profit/(Loss) on Foreign Currency (126,443,661) (2,176,317) 7,784,072 6,617,578Change in UnrealisedAppreciation/(Depreciation) on Investments,Futures, Forward Foreign Exchange Contracts,Options and Swaps

(60,548,688) (19,677,753) (71,849,563) (153,532,646)


(133,819,031) (5,417,545) (62,401,197) (75,953,028)

Proceeds on Issue of Shares 601,618,187 603,494,782 354,746,610 1,575,388,812

Payments on Redemption of Shares (585,500,199) (524,736,536) (404,770,958) (1,316,955,933)

Dividends Paid 14 (35,980,989) (5,276,454) (24,583,575) (63,364,158)


Net Assets as at 30 September 2015 1,431,107,057 506,003,687 1,294,669,655 2,125,782,612




Global InflationLinked Bond

USD

Global ShortDuration Bond

USD

Global ShortDuration High Yield

BondUSD

India FixedIncome

USD

Latin AmericanLocal Debt

USD

RMB FixedIncome

USD

20,816,102 20,022,007 38,266,714 328,530,704 16,344,396 312,220,094

297,020 78,424 1,785,952 10,785,355 576,478 5,411,694

- 13 717 2,211 27 -

- - 907,170 999,944 - 1,355,951

297,020 78,437 2,693,839 11,787,510 576,505 6,767,645

(46,108) (291) (27,751) (1,244,532) (791) (642,873)

- - - - - -

(2,406) (126) - (753,028) (7,667) -

(28,329) (15,173) (101,797) (502,059) (30,862) (299,604)

- - - - - -(1,049) - - - - (1,188)

(77,892) (15,590) (129,548) (2,499,619) (39,320) (943,665)

219,128 62,847 2,564,291 9,287,891 537,185 5,823,980814,240 214,976 (2,980,963) (2,631,882) (176,852) (3,594,791)

1,033,368 277,823 (416,672) 6,656,009 360,333 2,229,189

93,138 59,630 1,400,088 (12,033,487) (2,283,377) (7,563,706)(1,384,071) (317,272) (3,842,790) 111,009 (553,127) 6,377,488

(257,565) 20,181 (2,859,374) (5,266,469) (2,476,171) 1,042,971

13,626,746 418,177 249,406,823 181,429,572 - 84,542,649

(2,967,650) - (78,514,639) (153,674,820) (62,278) (241,369,443)

- - (1,147,250) (2,232,372) - (2,448,906)

- - - - - -

31,217,633 20,460,365 205,152,274 348,786,615 13,805,947 153,987,365




Reserve Sub- fund Index Sub-funds

NotesUS Dollar Bond

USDEuro Reserve

EUR

Economic ScaleIndex GEM Equity

USDc

Economic ScaleIndex Global Equity(formerly known as

Global Equity)USD


INCOME

Investment Income/(Loss) 1,090,585 (32,707) 8,926,817 3,154,559

Bank Interest 70 - 6,726 1,475

Other Income 15 54,456 - 144,592 278,698

Total Income 1,145,111 (32,707) 9,078,135 3,434,732

EXPENSES

Management Fees 4.b (123,630) (44,041) (183,224) (316,365)


Transaction Fees (4,349) - (943,332) (672,894)



Total Expenses (215,810) (132,122) (1,527,816) (1,322,824)

Net Investment Profit/(Loss) 929,301 (164,829) 7,550,319 2,111,908Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps

221,706 15,333 (4,843,150) 669,477

Realised Profit/(Loss) for the Period 1,151,007 (149,496) 2,707,169 2,781,385

Profit/(Loss) on Foreign Currency (27) 758 (109,298) 32,067Change in UnrealisedAppreciation/(Depreciation) on Investments,Futures, Forward Foreign Exchange Contracts,Options and Swaps

(1,912,557) (11,254) (88,497,348) (28,814,857)


(761,577) (159,992) (85,899,477) (26,001,405)



Dividends Paid 14 (1,415,885) - (3,811,218) (1,213,914)



c HSBC International Select Fund - MultiAlpha Global Emerging Markets Equity (the absorbed Sub-fund) merged its assets into the receiving Sub-fund EconomicScale Index GEM Equity on 5 June 2015.




Other Sub-funds

Economic ScaleIndex Japan Equity(formerly known as

Japanese Equity)JPYd

Economic ScaleIndex US Equity

(formerly known asUS Equity)

USDe

GEM Debt TotalReturn

USDGlobal Macro

EUR

Global Multi-AssetIncome (launchedas at 15 July 2015)

EUR


FocusedConservative

USD

6,299,196,851 399,720,278 4,038,815,556 22,123,433 - 31,146,474

145,359,279 4,074,886 39,819,799 (26,211) 73,162 495,419

- 2,706 96,903 - - 209

35,294,934 336,317 6,236,884 - - 7,691

180,654,213 4,413,909 46,153,586 (26,211) 73,162 503,319

(38,650,420) (1,269,135) (11,930,213) (114,820) (61) (44,407)

- - (1,699,146) - - -

(10,629,277) (357,413) (65,259) (70,253) (508) (41,974)

(30,186,404) (856,118) (6,764,717) (22,871) (2,776) (45,237)

- - - - - -(29,452) - - (6,970) (13) -

(79,495,553) (2,482,666) (20,459,335) (214,914) (3,358) (131,618)

101,158,660 1,931,243 25,694,251 (241,125) 69,804 371,701475,509,577 5,975,905 144,860,895 435,780 (38,170) 229,960

576,668,237 7,907,148 170,555,146 194,655 31,634 601,661

(41,936,991) (125,781) (102,961,504) (63,366) 22,374 3,313(2,272,520,127) (82,307,795) (79,241,836) (1,286,639) (701,915) (1,891,924)

(1,737,788,881) (74,526,428) (11,648,194) (1,155,350) (647,907) (1,286,950)

25,071,492,556 562,897,985 1,192,232,912 1,550,053 8,977,000 2,848,254

(12,980,213,293) (166,387,643) (912,287,955) (4,927,584) - (3,404,965)

(9,662,819) (284,733) (18,900,093) - - (510)

- - - - - -

16,643,024,414 721,419,459 4,288,212,226 17,590,552 8,329,093 29,302,303

e HSBC International Select Fund - Multialpha North American Equity (the absorbed Sub-fund) merged its assets into the receiving Sub-fund Economic Scale Index US Equity (formerly known as US Equity) on 10 July 2015.

d HSBC International Select Fund - Multialpha Japan Equity (the absorbed Sub-fund) merged its assets into the receiving Sub-fundEconomic Scale Index Japan Equity (formerly known as Japanese Equity) on 10 April 2015.




Notes


Focused GrowthUSD


FocusedIncome

USD

Net Assets at the Beginning of the Period 18,283,060 399,832,128

INCOME

Investment Income/(Loss) 354,778 7,970,184

Bank Interest 72 1,699

Other Income 15 32,753 135,693

Total Income 387,603 8,107,576

EXPENSES

Management Fees 4.b (115,114) (2,074,065)

Performance Fees 4.c - -

Transaction Fees (262,033) (931,167)

Operating, Administrative and ServicingFees 4.e (28,640) (604,300)

Other Fees - -Interest - -

Total Expenses (405,787) (3,609,532)

Net Investment Profit/(Loss) (18,184) 4,498,044Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps

(1,590,985) (6,138,977)

Realised Profit/(Loss) for the Period (1,609,169) (1,640,933)

Profit/(Loss) on Foreign Currency (25,126) (164,338)Change in UnrealisedAppreciation/(Depreciation) on Investments,Futures, Forward Foreign Exchange Contracts,Options and Swaps

(1,316,647) (22,430,519)


(2,950,942) (24,235,790)

Proceeds on Issue of Shares 4,178,286 43,772,160

Payments on Redemption of Shares (8,563,290) (142,660,648)

Dividends Paid 14 - (6,723,025)

Currency Translation 2.g - -

Net Assets as at 30 September 2015 10,947,114 269,984,825



Notes to the Financial Statementsfor the period ended 30 September 2015

136

1. Basis of presentation

HSBC Global Investment Funds (the “Company”) is incorporated under the laws of the Grand Duchy of Luxembourg asan investment company with variable capital (Société d’Investissement à Capital Variable or “SICAV”). The capitalcomprises various Classes of Shares each relating to a separate portfolio (a “Sub-fund”) consisting of securities, cashand other sundry assets and liabilities. The accompanying financial statements present the assets and liabilities andthe statement of operations and changes in net assets of the individual Sub-funds and of the Company taken as awhole. The financial statements of each individual Sub-fund are expressed in the currency designated in theProspectus for that particular Sub-fund and the financial statements of the Company are expressed in United StatesDollars (USD). The financial statements have been prepared in accordance with the format prescribed by theLuxembourg authorities for Luxembourg investment companies.

The consolidated financial statements of the Company are expressed in USD.

The consolidated statement of net assets and the consolidated statement of operations and changes in net assets arethe sum of the statements of each Sub-fund.

The Company is an officially registered investment fund under part I of the Luxembourg law of 17 December 2010, asamended on undertakings for collective investment (the “2010 Law”) and qualifies as a UCITS fund under theEuropean directive 2009/65/EC.

Certain Sub-funds of the Company are authorised by the Hong Kong Securities and Futures Commission underSection 104 of the “Securities and Futures Ordinance”.

In the Prospectus and in the various reports, the short names of the Sub-funds are used. The complete name of eachSub-fund consists of “HSBC Global Investment Funds” plus the short name of the Sub-fund.

From 1 April 2015 to 30 September 2015:

1) The following Sub-funds have been opened:

Global Multi-Asset Income on 15 July 2015Global Equity Dividend on 27 July 2015GEM Equity Volatility Focused on 04 August 2015

2) The following mergers occurred:

Effective date Merging UCITS Receiving UCITS

10 April 2015 HSBC International Select Fund - MultiAlphaJapan Equity

HSBC Global Investment Funds - EconomicScale Index Japan Equity

29 May 2015 HSBC International Select Fund - MultiAlphaEurope Equity

HSBC Global Investment Funds - EuropeanEquity

5 June 2015 HSBC International Select Fund - MultiAlphaGlobal Emerging Markets Equity

HSBC Global Investment Funds - EconomicScale Index GEM Equity

10 July 2015 HSBC International Select Fund – MultiAlphaNorth American Equity

HSBC Global Investment Funds - EconomicScale Index US Equity

A report has been issued for each of the above mergers by the auditor of the merging UCITS. The merger reports haveaccordingly been filed with the CSSF

Notes to the Financial Statementsfor the period ended 30 September 2015 (continued)

137

2. Accounting policies

The following accounting policies have been used consistently in dealing with items which are considered material inrelation to the Company’s financial statements.

a) Accounting convention

The financial statements have been prepared under the historical cost convention modified by the revaluation ofinvestments.

b) Assets and portfolio securities valuation

Portfolio securities and/or financial derivative instruments which are listed on an official stock exchange are valued atthe last available price on the principal market on which such securities are traded. Securities traded on otherorganised markets are valued at the last available price or yield equivalents obtained from one or more dealers in suchorganised markets at the time of valuation. If such prices are not representative of their fair value, all such securitiesand all other permitted assets shall be valued at their fair value at which it is expected they may be resold asdetermined in good faith by or under the direction of the Directors.

The assets of the Sub-funds are valued using prices available at different times during the day of 30 September 2015,being the last business day of the reporting period.

If the Company had calculated the net asset values solely with a view to publication, the market prices used to valuethe net assets would have been the closing prices on 30 September 2015. However, these net asset values would nothave been different from those shown in these financial statements, except for the following Sub-funds, for which thefollowing variations would have been observed:

Sub-fund Currency % difference(in % of NAV)

Asia ex Japan Equity USD 1.82Asia ex Japan Equity Smaller Companies USD (2.53)BRIC Markets USD (1.01)Singapore Equity USD (0.02)Turkey Equity EUR (0.51)Brazil Bond USD (0.66)Euro Bond EUR 0.62Euro Credit Bond Total Return EUR 0.55Euro High Yield Bond EUR 1.27GEM Inflation Linked Bond USD 0.81Global Bond USD 1.07Global Emerging Markets Bond USD 2.16India Fixed Income USD (1.59)Economic Scale Index GEM Equity USD (0.52)Economic Scale Index Global Equity (formerly known as Global Equity) USD (1.17)

The financial derivative instruments which are not listed on any official stock exchange or traded on any otherorganised market are valued in accordance with market practice. Shares or units in underlying open-ended investmentSub-funds are valued at their last available net asset value reduced by any applicable charges.

The Company uses the amortized cost method of valuation in valuing its portfolio of financial instruments in the form ofshort term debt (such as commercial paper, certificate of deposit, treasury bills). In addition, in the rare circumstanceswhere a fixed income instrument with a time to maturity exceeding 90 days becomes stale, the Company willeffectively value it at amortised cost until such date when it is either sold or its market becomes active again.

Euro Reserve and Global Macro Sub-funds

With effect from Monday 23 September 2013, the valuation methodology for money market instruments with a durationof 90 days or more changed from linear pricing to yield curve pricing.


138

2. Accounting policies (continued)

c) Income and Expenses

Dividends are accounted for on an ex-dividend basis. Dividends are reflected in the statement of operations andchanges in net assets under the caption ‘Investment Income/(Loss)’.

Interest income on debt securities is accrued on a day-to-day basis. In the case of debt securities issued at discount orpremium to maturity value, the total income arising on such securities, taking into account the amortisation of suchdiscount or premium on an effective interest rate basis, is spread over the life of the security. Interest income on bondsare accounted for using the effective interest rate (“EIR”) method. Interest income on debt securities are reflected in thestatement of operations and changes in net assets under the caption ‘Investment Income/(Loss)’.

The interest income / expense on swap contracts (IRS) are accrued on a day-to-day basis. The net interest income /expense on swap contracts (IRS) are reflected in the statement of operations and changes in net assets under thecaption ‘Investment Income/(Loss)’.

d) Foreign Exchange

The cost of investments, income and expenses in currencies other than the Sub-funds’ relevant reporting currencyhave been recorded at the rate of exchange ruling at the time of the transaction. The market value of investments andother assets and liabilities in currencies other than the relevant reporting currency have been converted at the rates ofexchange ruling at 30 September 2015.

e) Realised Profit/(Loss) on Sale of Investments

Realised profit/(loss) on sale of investments is the difference between the historical average cost of the investment andthe sale proceeds.

f) Cross Sub-fund investments

At 30 September 2015, the total cross Sub-fund investments amounts to USD 189,323,242 and therefore the totalconsolidated net assets at the period end without cross Sub-fund investments would amount to USD 33,447,661,790.

g) Foreign currency translation

The reference currency of the fund is USD and the consolidated statements are expressed in that currency.

The books and records of each Sub-fund are denominated in the reference currency of the corresponding Sub-fund.

Income and expenses, assets and liabilities expressed in currencies other than the reference currency of the respectiveSub-funds are converted at exchange rate prevailing at period-end.

Here are the exchange rates applied at period-end.

1 USD = EUR 1.116250

GBP 1.514750

JPY 0.008350

h) Segregated liability

The Company has segregated liability between its Sub-funds; meaning, the assets of a Sub-fund are exclusivelyavailable to satisfy the rights of shareholders in relation to that Sub-fund and the rights of creditors whose claims havearisen in connection with the creation, operation and liquidation of that Sub-fund.


139

3. Share capital

The Company has issued either A, B, E, I, J, L, M, N, P, R, S, W, X, Y and Z Shares to investors in one or several Sub-funds as detailed below.

Within each Share Class of a Sub-fund, the Company shall be entitled to create different sub-classes, distinguished bytheir distribution policy (Capital Accumulation (C), Distribution (D) and Monthly Distribution (M) Shares), their referencecurrency, their hedging activity (H) and/or by any other criteria stipulated by the Board of Directors.

All share classes are available as both ‘Capital Accumulation’ and ‘Distribution’ shares.

Class DescriptionMinimum Initial

InvestmentMinimum Holding

Class A A Shares are available to all investors. USD

5,000Unless otherwise

provided in the Sub-fundcharacteristics of the

Prospectus

Class B

B Shares are available in the United Kingdom, Jersey and theNetherlands through specific distributors selected by the GlobalDistributor. B Shares may also be available in other countriesthrough specific distributors, selected by the Global Distributor onapplication to the Company, who have a separate feearrangement with their clients.

USD



Prospectus

Class E

E Shares are available in certain countries, subject to the relevantregulatory approval, through distributors selected by the GlobalDistributor. E Shares shall incur annual management feesequivalent to that of the Class A Shares plus 0.3% to 0.5% perannum of the Net Asset Value of Class E Shares, which may bepayable to the selected distributors in certain countries.

USD



Prospectus

Class I I Shares are available to all investors through distributors selectedby the Global Distributor on application to the Company. USD 1,000,000

Class JJ Shares are available to funds of funds managed by the HSBCGroup or managed by specific entities selected by the GlobalDistributor on application to the Company.

USD



Prospectus

Class LL Shares are available through distributors selected by the GlobalDistributor, provided that the investors qualify as institutionalinvestors within the meaning of article 174 of the 2010 Law.

USD 1,000,000

Class M M Shares are available to all investors. USD



Prospectus

Class N

N Shares are available in the United Kingdom, Jersey and theNetherlands through specific distributors selected by the GlobalDistributor. N Shares may also be available in other countriesthrough specific distributors, selected by the Global Distributor onapplication to the Company, who have a separate feearrangement with their clients.

USD 5,000

Class PP Shares are available in certain countries or through certaindistributors selected by the Global Distributor on application to theCompany.

USD



Prospectus


140

3. Share capital (continued)

Class DescriptionMinimum Initial

InvestmentMinimum Holding

Class R

R Shares are available in certain countries, subject to the relevantregulatory approval, through distributors selected by the GlobalDistributor on application to the Company. R Shares shall incurannual management fees equivalent to that of the Class MShares plus 0.3% to 0.5% per annum of the Net Asset Value ofClass R Shares which may be payable to specific distributors incertain countries.

USD

5,000Unless otherwise provided

in the Sub-fundcharacteristics of the

Prospectus

Class S

S Shares are available in certain countries or through distributorsselected by the Global Distributor provided that the investorsqualify as institutional investors within the meaning of article 174of the 2010 Law.

USD



Prospectus

Class W

W Shares are available through distributors that shall also bemembers or affiliated entities of the HSBC Group as selected bythe Global Distributor provided that the investors qualify asinstitutional investors within the meaning of article 174 of the2010 Law. No Operating, Administrative and Servicing Expensesshall be charged to Class W Shares. All the fees and chargesallocated to this Class shall be paid directly by members oraffiliated entities of the HSBC Group.

USD



Prospectus

Class X

X Shares are available through distributors selected by theGlobal Distributor provided that the investors qualify asinstitutional investors within the meaning of article 174 of the2010 Law and fall into one of the following categories: companiesor company pension funds, insurance companies, registeredcharities or funds managed or advised by an HSBC Group entityand other such institutional investors, as agreed by the Board ofDirectors.

USD

10,000,000Unless otherwise provided


Prospectus

Class Y Y Shares are available in certain countries through distributorsselected by the Global Distributor on application to the Company. USD 1,000

Class Z

Z Shares are available to investors who have entered into adiscretionary management agreement with an HSBC Groupentity and to investors subscribing via distributors selected by theGlobal Distributor provided that such investors qualify asinstitutional investors within the meaning of article 174 of the2010 Law.

USD 1,000,000

The Board of Directors of the Company is authorised to issue different Classes of Shares in one or more Sub-funds.Details of the characteristics of such Share Classes offered shall be determined at the sole discretion of the Board ofDirectors. In case of the creation of any additional Classes of Shares, the Prospectus shall be updated.

The subscription proceeds of all Shares in a Sub-fund are invested in one common underlying portfolio of investments.All Shares of the same Class have equal rights and privileges. Each Share is, upon issue, entitled to participate equallyin assets of the relevant class of the Sub-fund to which it relates on liquidation and in dividends and other distributionsas declared for such Sub-fund. The Shares shall carry no preferential or pre-emptive rights and each whole Share shallbe entitled to one vote at all meetings of shareholders.


141

3. Share capital (continued)

The minimum initial investment amount may be waived or reduced at the discretion of the Board of Directors of theCompany.

Share Class Denominations and Successive Classes:

The Share Classes issued in the different Sub-funds are designated by their class name, followed by their distributioncharacteristics and, if applicable, their specific hedging policy and the currency into which the Base Currency ishedged. This means that for example Shares issued in Class A which are distributing income and applying a hedgingpolicy to Euro, as defined above, would be identified as ADHEUR whereas Class I Shares accumulating income wouldbe identified as IC.

Distribution Shares are identifiable by a “D” following the Sub-fund and Class names (e.g.: Class AD), with theexception of Monthly Distribution Shares which are identifiable by an “M” following the Sub-fund and Class names (e.g.:Class AM) and Quarterly Distribution Shares which are identified by a "Q" following the Sub-fund and Class names(e.g: Class AQ).

Successive Classes J, L, M and R in a given Sub-fund are numbered 1, 2, 3… and shall be referred to as J1, J2, J3,(…), L1, L2, L3 (…), M1, M2, M3 (…) etc.

Successive Classes S Shares shall be issued in different Sub-funds, and numbered 1, 2, 3 etc. and shall be referred toas S1, S2, S3, etc. for the S Class launched in the first Sub-fund, S Class launched in the second Sub-fund and SClass launched in the third Sub-fund, respectively and as disclosed in the relevant Sub-fund characteristics (seeSection 3.2. of the Prospectus).

Within each Share Class of a Sub-fund, separate currency hedged classes may be issued (suffixed by “H” and thecurrency into which the Base Currency is hedged or the currency into which the Sub-fund total assets are primarilyinvested in, is hedged. These currency hedged share classes shall be named: “ACHEUR” or “ACHGBP” for a Capital-Accumulation Share Class hedged into Euro or Pound Sterling). Any fees of the Administrator or other appointedparties relating to the execution of the currency hedging policy shall be borne by the relevant currency hedged class.These fees are in addition to the operating, administrative and servicing expenses detailed below. Any gains or lossesshall also accrue to the relevant currency hedged class.

4. Charges and expenses

a) Explanation of the Charging Structure

Investment in the Company is generally offered via charging structures, as represented by the A, B, E, I, J, L, M, N, P,R, S, W, X, Y, YP, Z and ZP Classes of Shares.

The Management Company is entitled, in respect of each Class of Shares, to a management fee to cover allinvestment management, investment advisory and distribution services provided in relation to the relevant class (seeparagraph (b) headed “Management Fee” below).

In addition, the Company pays to the Management Company a fee to cover operating, administrative and servicingexpenses. To safeguard shareholders from fluctuations in a Sub-fund’s operating, administrative and servicingexpenses, the Company has agreed with the Management Company that the fee charged to cover such operating,administrative and servicing expenses is fixed at an annual rate.

The potential excess of such expenses above such annual rate shall be borne directly by the Management Company(see paragraph (e) headed “Operating, Administrative and Servicing Expenses/Operating Currency Hedging Fees”below).

b) Management Fee

The Company pays to the Management Company an annual management fee calculated as a percentage of the NetAsset Value of each Sub-fund or share class (“Management Fee”). The Management Fee is accrued daily and payablemonthly in arrears at the rates specified in the table on page 218 and following.

The maximum rate for Class E, I, J, L, M and N Shares is 3.5%.

The maximum rate for Class A, B, P, R, S, X, Y and Z Shares is as stated in the Prospectus.

No Management Fee is currently charged for Class W Shares.


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4. Charges and expenses (continued)

b) Management Fee (continued)

The Management Fee covers management and distribution services provided in relation to the relevant Sub-fund of theCompany by the Management Company, the Investment Advisers and the Share Distributors. The ManagementCompany is responsible for discharging, out of such fee, the fees of the Investment Advisers and the Share Distributorsand may pay part of such fee to recognised intermediaries or such other person as the Management Company maydetermine, at its discretion.

The Management Company may instruct the Company to pay a portion of the Management Fee directly out of theassets of the Company to any of such service providers. In such case, the Management Fee due to the ManagementCompany is reduced accordingly. If the Company invests in shares or units of UCITS (including other Sub-funds of theCompany) and other eligible UCIs that are managed directly or indirectly by the Management Company itself or acompany with which it is linked by way of common management or control or by way of a direct or indirect stake ofmore than 10% of the capital or votes, then there will be no duplication of management, subscription or repurchasefees between the Company and the UCIs into which the Company invests. In derogation of this, if the Company investsin shares of HSBC ETFs PLC, then there may be duplication of management fees for any Sub-fund. The maximumtotal management fees charged both to the relevant Sub-fund and to HSBC ETFs PLC will be disclosed in the annualreport, if applicable. As at the financial period end, the Sub-fund BRIC Markets has a total investment of USD 276,335in HSBC ETFs PLC, through the following funds: HSBC MSCI Brazil Fund, HSBC MSCI China Fund and HSBC MSCIRussia Capped Fund which all have a total expense ratio of 0.60%. The management fee rate for the BRIC MarketsSub-fund is specified in the management fee percentages table on page 218.

c) Performance Fee

Summary

For certain Sub-funds and Share Classes, the Management Company is entitled to receive from the net assets of aShare Class, in addition to other fees and expenses mentioned in the Prospectus dated November 2014 includingaddenda dated June 2015, an annual performance fee.

A performance fee shall normally be applied at Share Class level to any Sub-fund issuing Class L Shares, M Shares, NShares and R Shares. For Class J Shares and S Shares the performance fee shall be charged only if provided for inSection 3.2. “Sub-Fund Details”, of the Prospectus.

A separate performance fee calculation shall be carried out for each Share Class within a Sub-fund.

The performance fee shall be calculated and accrued at each valuation of the Sub-fund and payable at the end of thePerformance Period, or on the net redemptions and/or conversions of Shares, if earlier.

If the Company invests in shares or units of UCITS (including other Sub-funds of the Company) and other UCIs that aremanaged directly or indirectly by the Management Company itself or a company with which it is linked by way ofcommon management or control or by way of a direct or indirect stake of more than 10% of the capital or votes, thenno duplication of performance fees shall occur.

The avoidance of a double-charge of the performance fee is achieved by either i) where a Sub-fund invests in sharesor units of such UCITS and other eligible UCIs, and these UCITS and/or eligible UCIs charge performance fees, theSub-fund shall not charge a performance fee, or ii) where a Sub-fund charges a performance fee, it shall not invest inshare classes that charge a performance fee.

For the avoidance of doubt, it is clarified that the performance fee is calculated for each Share Class on the basis of theunadjusted Net Asset Value per Share, e.g. before any pricing adjustment that might be applied to the Net Asset Valueper Share to mitigate the effects of transaction costs.

The performance fee calculations ensure that the Management Company cannot earn a performance fee until anyunderperformance against the Hurdle Rate has been recovered.

Calculation Method

The High Water Mark defines a reference point for the Net Asset Value per Share above which, after adjustment fordividend distributions if any, a performance fee becomes payable.


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c) Performance Fee (continued)

A Sub-fund may only accrue a performance fee in the event that both of the conditions below are met:

1. The Net Asset Value per Share Return of the relevant Share Class outperforms the relevant Hurdle Rate over thePerformance Period and;

2. The Current Day NAV is higher than the High Water Mark.

Where the Current Day NAV, decreases below the High Water Mark and/or the Net Asset Value per Share Returnunderperforms the relevant Hurdle Rate, no performance fee shall be accrued until such a decrease orunderperformance has been recovered in the course of any one Performance Period.

If, at the end of the Performance Period, the Net Asset Value per Share is below the relevant Hurdle Rate and theperformance fee is not paid, then the High Water Mark for the following Performance Period shall be the past year'sHigh Water Mark plus the Hurdle Rate.

Performance Fee Accrual

At each valuation of the Sub-fund:

The cumulative “Excess Return” since the beginning of the Performance Period is calculated as the differencebetween the cumulative Net Asset Value per Share Return and the cumulative Hurdle Rate since the beginning ofthe Performance Period.

The cumulative performance fee per Share is equal to the cumulative “Excess Return” multiplied by thePerformance Rate.

The daily performance fee per Share is calculated as the difference between the cumulative performance fee perShare on the valuation and the cumulative performance fee per Share at the previous valuation.

The daily performance fee accrual for the Share Class is equal to the performance fee accrual per Share on thevaluation multiplied by the outstanding number of Shares on the valuation for that Share Class.

The cumulative performance fee accrual before crystallisations for the Share Class is calculated as the sum of thecumulative performance fee accrual before crystallisations at the previous valuation and the performance feeaccrual of that Share Class at the valuation.

Any performance fee accrued on net redeemed and/or converted Shares is crystallised (by taking the proportion ofnet redeemed and/or converted Shares to the number of Shares in issue). The daily and total performance feeaccruals since the beginning of the Performance Period are adjusted accordingly.

The daily performance fee accrual can be positive or negative however the cumulative performance fee accrual shallnever be reduced to below zero.

The cumulative performance fee accruals from the beginning of the Performance Period shall be, at each valuation,included in the ongoing calculation of the Net Asset Value per Share of which subscriptions, redemptions andconversions may be accepted.

Crystallisation

Crystallisation of the performance fee occurs on the last valuation of each Performance Period. Any performance feedue is payable out of the Sub-fund to the Management Company in arrears after the end of the Performance Period.

Accordingly, once the performance fee has crystallised, no refund shall be made in respect of any performance feepaid out at that point in subsequent Performance Periods.

If there is a net redemption and/or conversion of Shares at any valuation before the end of the Performance Period,any accrued performance fee with respect to such redeemed Shares shall crystallise on that valuation and shall thenbecome payable to the Management Company.

Computation of Performance Fees

Performance fees are calculated by the Administration Agent.

The Board of Directors shall ensure that the accrual represents fairly and accurately the performance fee liability thatmay eventually be payable by the Sub-fund or Share Class to the Management Company.


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c) Performance Fee (continued)

Annual Payment of Performance Fees

At the end of a Performance Period the positive balance (if any) of the performance fee accrual shall become payableto the Management Company and the performance fee accrual in the Net Asset Value per Share of the relevant ShareClass shall be reset to zero and a new High Water Mark set.

The performance fee, if applicable, is payable yearly immediately following the end of each Performance Period.

Performance fees payable to the Management Company in any financial year are not refundable in any subsequentaccounting years.

Pursuant to the provisions of the relevant Investment Advisory Agreement, the Investment Adviser may be entitled toreceive from the Management Company the whole or part of the performance fee.

In the case of liquidation or merger of a Sub-fund or Share Class to which a performance fee is applicable, theperformance fee shall be paid on the last valuation day before its liquidation or merger.

d) Directors’ Fees, Expenses and Interests

A Director may be a party to, or otherwise interested in, any transaction or arrangement with the Company or in whichthe Company is interested, provided that he has disclosed to the other Directors, prior to the conclusion of any suchtransaction or arrangement, the nature and extent of any interest of his therein. A Director may vote in respect of anycontract or arrangement or any proposal whatsoever in which he has an interest, having first disclosed such interest.He shall not be disqualified by his office from contracting with the Company. If a Director declares his interest in anycontract which the Company is considering entering into, he may be counted in the quorum of any meeting to considerthe contract and may vote on any resolution to enter into such contract, provided that the decision to be taken by theBoard of Directors relates to the current operations entered into under normal conditions.

The Independent Directors are each entitled to a fee of EUR 25,000 per annum. This amount is paid by theManagement Company through the Operating, Administrative and Servicing Expenses paid by the Company.

e) Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees

The Company pays to the Management Company fees to cover certain Operating, Administrative and Servicingexpenses and the execution of the currency hedging policy. The Management Company is responsible for dischargingout of this fee, the expenses described below, inter alia, payable to the Depositary Bank, the Administration Agent andthe Registrar and Transfer Agent or any other appointed entity.

(i) Operating, Administrative and Servicing Expenses cover the ongoing custody/depositary fees and safekeepingcharges payable to the Depositary Bank and its correspondent banks, fees for fund accounting and administrationservices (including domiciliary services) payable to the Administration Agent and transfer agency fees for registrarand transfer agency services payable to the Registrar and Transfer Agent.

Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new Sub-funds;the costs of the Subsidiaries (see paragraph (6) below); the Luxembourg asset-based taxe d’abonnement, at therate referred to under Section “Taxation” of the Company’s Prospectus; attendance fees and reasonable out-of-pocket expenses incurred by the Board of Directors; legal and auditing fees and expenses; ongoing registrationand listing fees, including translation expenses; the costs and expenses of preparing, printing, and distributing theCompany’s Prospectus, Key Investor Information Documents, financial reports, statements and other documentsmade available directly or through intermediaries to its shareholders.

This fee is set, for each Sub-fund and/or Class, at a fixed percentage of the Net Asset Value of the relevant Sub-fund or Class specified in the Company’s Prospectus dated November 2014 including addenda dated June 2015(as specified in the table on page 216 and following). Such fee is accrued daily and payable monthly in arrears.

No Operating, Administrative and Servicing Expenses shall be charged to Class W Shares. All the fees andcharges allocated to such Class of Shares shall be paid directly by a member or an affiliated entity of HSBCGroup.


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e) Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees (continued)

(ii) Operating Currency Hedging Fees cover the fees of the Administration Agent or other appointed parties relating tothe execution of the currency hedging policy for the currency hedged Share Classes and currency overlay ShareClasses as “Profile of the Typical Investor Categories”.

The maximum rate for (i) and (ii) together for Class A, B, E, I, J, L, M, N, P, R, S, X, Y, and Z Shares is 1.0%. However,the Board of Directors reserves the right to amend the levels of the above fees applicable to each Class of Shares. Inthe event of an increase of such expenses, the concerned shareholders will be given at least (i) three months notice forso long as the Class of Shares of the Sub-fund is authorised by the Securities and Futures Commission in Hong Kong(or any shorter prior notice period as agreed with the Securities and Futures Commission) or (ii) one month prior notice,of such increase. During this notice period, such shareholders may request the redemption of their Shares, free ofcharge.

The Management Company may instruct the Company to pay a portion of the aforesaid fees directly out of the assetsof the Company to any of the aforementioned service providers. In such case the fee due to the ManagementCompany is reduced accordingly. If the Company invests in shares or units of UCITS (including other Sub-funds of theCompany) and other eligible UCIs that are managed directly or indirectly by the Management Company itself or acompany with which it is linked by way of common management or control or by way of a direct or indirect stake ofmore than 10% of the capital or votes, then there will be no duplication of management, subscription or repurchasefees between the Company and the UCIs into which the Company invests. In derogation of this, if the Company investsin shares of HSBC ETFs PLC, then there may be duplication of management fees for any Sub-funds. The maximumtotal management fees charged both to the relevant Sub-fund and to HSBC ETFs PLC will be disclosed in the annualreport, if applicable.

5. Transaction expenses and extraordinary expenses

Transaction expenses linked to security dealing are written off against the realised profit/loss from the sale ofinvestments.

Each Sub-fund bears the costs and expenses of buying and selling portfolio securities and financial instruments,brokerage fees and commissions, interest or taxes payable, and other transaction related expenses. These transactionfees are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of the Sub-fund towhich they are attributable. Transaction fees are allocated across each Sub-fund’s Share Classes.

The Company bears any extraordinary expenses including, without limitation, litigation expenses and the full amount ofany tax, levy, duty or similar charge and any unforeseen charges imposed on the Company or its assets.

6. Indian Equity and Global Emerging Markets Equity

The Company's wholly owned subsidiaries in Mauritius, HSBC GIF Mauritius Limited (“HSBC Mauritius”) and HSBCGIF Mauritius No. 2 Limited (“HSBC Mauritius No. 2”), (each a Subsidiary or collectively, the Subsidiaries”) are locatedat Rogers House, 5 President John Kennedy Street, Port Louis, Mauritius. HSBC Mauritius manages the Indian EquitySub-fund’s investments in India, whilst HSBC Mauritius No. 2 manages the Global Emerging Markets Equity Sub-fund’sinvestments in India.

HSBC Mauritius was incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity Sub-fund and ofHSBC Mauritius are consolidated.

HSBC Mauritius No. 2 was incorporated in Mauritius on 21 November 2007. The accounts of the Global EmergingMarkets Equity Sub-fund and of HSBC Mauritius No. 2 are consolidated.

The Subsidiaries have appointed CIM Fund Services Ltd, Rogers House, 5 President John Kennedy Street, Port Louis,Mauritius, to provide administrative services to the Subsidiaries in Mauritius, including maintenance of its accounts,books and records.

The Subsidiaries have appointed KPMG Mauritius, KPMG Centre, 30 St George Street, Port Louis, Mauritius, asauditors of the Subsidiaries in Mauritius to perform the auditor’s duties required by Mauritius law.


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7. Taxation of the Company

The following summary is based on the Company’s understanding of the law and practice currently in force in theGrand Duchy of Luxembourg and in other jurisdictions and is subject to changes therein.

Belgium

The Belgian government has enacted a law which charges an annual net asset value tax on foreign investment fundsregistered with the Belgian Banking and Finance Commission. An annual tax of 0.08% is charged on the netoutstanding amounts of Sub-funds placed in Belgium through Belgian financial intermediaries, or where that figure isnot substantially documented, the tax authorities may calculate the tax on the total assets of those Sub-funds.

To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out ofthe Operating, Administrative and Servicing Expenses it receives. However, should the cost become substantial or longterm, the Management Company may require the Sub-funds concerned to bear that tax charge for future periods.

China

Where the Company invests in shares and securities issued by companies tax resident (or with their primary activity) inthe People's Republic of China (“PRC”), securities issued by government agencies in the PRC or other permissiblePRC investments, the Company may be subject to withholding and other taxes imposed in the PRC. The PRC taxauthorities have clarified whether income tax and other tax categories are payable on capital gains arising fromsecurities trading of QFIIs on or after 17 November 2014.

The State Administration of Taxation of the PRC has clarified in a circular Guoshuihan 2009 No. 47 dated 23 January2009 that Chinese-sourced dividends, bonus payments and interest payments to QFIIs derived from the PRC aresubject to a 10% withholding income tax.

Hong Kong

The Company may be subject to Hong Kong profits tax in relation to a particular Sub-fund if it is treated as carrying ona trade or business in Hong Kong either on its own account or through the agency of the investment adviser of thatSub-fund. If the Company is treated as carrying on business in Hong Kong, a liability to profits tax, the rate of which iscurrently 16.5%, shall only exist in respect of any profits of the relevant Sub-funds which arise in or are derived fromHong Kong from that trade or business, and which are not capital profits. Such amounts may include, but not be limitedto, profits arising from the disposal of securities (except those held as capital assets) listed on the Hong Kong StockExchange, unlisted securities where the purchase or sale contracts are effected in Hong Kong and interest incomearising from certain debt instruments where the loan funds were first made available to the issuer in Hong Kong.

Under Hong Kong tax law and practice, funds resident outside Hong Kong (“Offshore Funds”) are exempted from HongKong profits tax providing certain conditions are met. It is intended that affairs of the Company shall be conducted asfar as possible to comply with the conditions for exemption from profits tax. However, the Company can offer nowarranty that such exemption will be obtained in every instance.

India

On the basis that they are Mauritian tax residents, the Subsidiaries shall benefit from the tax advantages available tothem under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiaries shallfile, through their Custodian, a declaration of Mauritian residency with the registrar of each Indian company in which itinvests. Until 31 March 2016, capital gains resulting from the purchase and sale by the Subsidiaries of stocks on theIndian stock exchanges will be exempt from tax on the basis that the Subsidiaries are able to benefit from theprovisions of the India-Mauritius double taxation treaty.

Interest on certain notified securities and bonds and on deposits in foreign currency with scheduled banks is exemptfrom income tax. The sale and purchase of stocks and securities is exempt from Indian Sales tax.

The above-stated tax treatment under the India-Mauritius tax treaty shall be available provided that the Subsidiariesneither have a permanent establishment nor their effective management and control in India. No guarantee or warrantycan be given or should be assumed that the tax benefits of the said treaty shall continue to be available to the IndianEquity and in Global Emerging Markets Equity Sub-funds in future periods due to, among others, changes in theregulatory environment in Mauritius, India or the European Union.


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7. Taxation of the Company (continued)

India (continued)

Dividends paid by the Indian companies are exempt from tax in the hands of the recipients if the said company pays adividend distribution tax at the prescribed tax rate on dividends declared, distributed or paid by them on or after 1 April2003.

India-Mauritius tax treaty benefits shall now be subject to fulfilment of the conditions prescribed under the General Anti-Avoidance Rule (“GAAR”).

The foresaid rules i.e. GAAR have been introduced in the Indian Income Tax Act Finance Bill 2013 and shall beeffective from current financial year.

Luxembourg

The Company is not liable to any Luxembourg tax on profits or income. The Company is however liable in Luxembourgto a tax of 0.05% per annum of its net asset value, such tax being payable quarterly on the basis of the value of the netassets of the Company at the end of the relevant calendar quarter. The tax rate is reduced to 0.01% per annum for theEuro Reserve Sub-fund and Classes J, L, S, W, X and Z Shares in the relevant Sub-funds. No stamp duty or other taxis payable in Luxembourg on the issue of shares.

The classes/Sub-funds may be exempted from this 0.01% tax if they comply with the requirements of the articles 174and 175 of the 2010 Law which include: (i) the shares of the class/Sub-fund must be reserved to institutional investors;(ii) the exclusive object of the class/Sub-fund’s portfolio must be the investment in money market instruments and/ordeposits with credit institutions; (iii) the remaining average maturity of the class/Sub-fund’s portfolio must be less than90 days; and (iv) the class/Sub-fund must benefit from the highest possible rating of a recognized rating agency.

Are also exempt from this tax:

a) Sub-funds/Classes whose Shares are reserved for (i) institutions for occupational retirement pension or similarinvestment vehicles, set up on one or more employers' initiative for the benefit of their employees and (ii) companies ofone or more employers investing funds they hold, to provide retirement benefits to their employees;

b) Sub-funds whose main objective is the investment in microfinance institutions;

c) Sub-funds/Classes of Shares whose Shares are listed or traded on at least one stock exchange or another regulatedmarket operating regularly, recognised and open to the public and whose exclusive object is to replicate theperformance of one or more indices.

Also exempt from the tax are the value of assets represented by units/shares held in other eligible UCIs provided thatsuch units/shares have already been subject of this tax provided for by Article 174 of the 2010 Law as amended.

No Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company.

Mauritius

The Subsidiaries are registered with the Financial Services Commission in Mauritius as offshore companies. As aresult they are subject to a reduced rate of Mauritian income tax on their income. In addition, no Mauritian capital gainstax shall be payable in respect of the Subsidiaries investments in India and any dividends and redemption proceedspaid by the Subsidiaries to the Indian Equity or Global Emerging Markets Equity Sub-funds shall be exempt fromMauritian withholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiaries by the MauritiusRevenue Authority. On the basis that they are Mauritian tax residents, the Subsidiaries have to date qualified for certainreliefs from Indian tax as set out in the Indian tax paragraph above.

United Kingdom

It is the intention of the Board of Directors to conduct the affairs of the Company so that it does not become resident inthe United Kingdom. On the basis that the Company is not resident in the United Kingdom for tax purposes it shouldnot be subject to United Kingdom corporation tax on its income and capital gains.


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France

For the purpose of eligibility requirements of article 17 of the French Finance Act 2014 later Article 150-OD of the TaxGeneral Regulation, the following Sub-funds have invested in excess of 75% of equity or equity equivalent securities. OnlyFrench tax residents can benefit from the measure.

% of holdings in sharesASEAN Equity 96.97Asia ex Japan Equity 97.32Asia ex Japan Equity Smaller Companies 94.74Asia Pacific ex Japan Equity High Dividend 94.57BRIC Equity 97.00BRIC Markets 94.67BRIC Markets Equity 96.90Emerging Wealth 75.51Frontier Markets 85.13Global Emerging Markets Equity 96.82Global Equity Volatility Focused 79.21Global Real Estate Equity 83.40Latin American Equity 97.33Brazil Equity 99.00Chinese Equity 97.85Hong Kong Equity 93.82Indian Equity 99.20Korean Equity 99.41Mexico Equity 98.65Russia Equity 96.76Singapore Equity 85.24Taiwan Equity 98.06Thai Equity 98.53Turkey Equity 96.96Economic Scale Index GEM Equity 92.29Economic Scale Index Japan Equity (formerly known as Japanese Equity) 98.34Economic Scale Index US Equity (formerly known as US Equity) 94.20

For the purpose of eligibility requirements of Article L-221-31 of the French Monetary and Financial Code, the followingSub-funds have invested in excess of 75% of equity or equity equivalent securities, which have their registered office in acountry which is a member of the EU or the European Economic Area.

% of holdings in sharesEuroland Equity 97.60Euroland Equity Smaller Companies 98.61Euroland Growth 93.19European Equity 82.96UK Equity 91.26

General

In many markets the Company, as a foreign investment fund, may be subject to non-recoverable tax on income andgains (either by withholding or direct assessment) in relation to the investment returns it realizes from its holdings ofshares and securities in those markets. Where practicable the Company shall make claims under the relevant double taxtreaties and domestic law of the countries concerned in order to minimize the impact of local taxation on the investmentreturn and to obtain the best return for its shareholders. Those claims shall be made on the basis of the Company’sunderstanding of the validity of such claims given the information available from the Company’s depositaries, externaladvisers and other sources as to the interpretation and application of the relevant legal provisions by the tax authoritiesin the country concerned.


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General (continued)

The Company shall seek to provide for tax on capital gains where it considers that it is more likely than not that the taxshall be payable, given the advice and information available to the Company at the date concerned. However, anyprovision held may be insufficient to cover, or be in excess of, any final liability.

The Company shall seek to claim concessionary tax treatment and account for tax on a best efforts basis, given the taxlaw and practice at that date. Any change in tax law or practice in any country where the Company is registered,marketed or invested could affect the value of the Company’s investments in the affected country. In particular, whereretrospective changes to tax law or practice are applied by the legislature or tax authorities in a particular country thesemay result in a loss for current Shareholders in the affected Sub-fund. The Company does not offer any warranty as tothe tax position of returns from investments held in a particular market nor of the risk of a retrospective assessment totax in a particular market or country.

8. Public and bank holidays in Hong Kong

HSBC Investment Funds (Hong Kong) Limited has been appointed by the Company as its Representative and ShareDistributor in Hong Kong. There shall be no dealing for the shares of the Company in Hong Kong on a day which is apublic or bank holiday in Hong Kong.

9. Forward foreign exchange contracts

As at 30 September 2015, the Company had entered into various forward foreign currency contracts, for the purpose ofhedging the portfolio and the respective share classes, which obliges the Company to deliver currencies at specifieddates. Open contracts are as follows:

Contracts with a settlement date of 30 September 2015 still appear because they were open at the time of thepreparation and publication of the net asset value as at 30 September 2015.

Sub-fund

In exchangefor

SettlementDate

Contract todeliver Counterparty

Unrealisedgain / (loss)in Sub-fund

currencyAsia ex Japan Equity

EUR 14,181,272 30/09/2015 USD 16,205,002 HSBC Bank PLC, London (375,639)USD 15,814,765 30/09/2015 EUR 14,181,272 HSBC Bank PLC, London (14,598)EUR 12,525,073 30/10/2015 USD 13,945,638 HSBC Bank PLC, London 41,350USD 405,896 30/10/2015 EUR 362,930 HSBC Bank PLC, London 606

USD (348,281)

China Consumer OpportunitiesHKD 457 02/10/2015 USD 59 HSBC Bank PLC, London -USD 56 02/10/2015 HKD 435 HSBC Bank PLC, London -

USD -

Euroland EquityEUR 20,686,646 30/09/2015 USD 23,098,728 HSBC Bank PLC, London (7,126)USD 23,098,728 30/09/2015 EUR 20,267,475 HSBC Bank PLC, London 426,296EUR 447,389 30/10/2015 USD 497,726 HSBC Bank PLC, London 1,686USD 19,118,178 30/10/2015 EUR 17,162,178 HSBC Bank PLC, London (42,234)

EUR 378,622

Global Equity Dividend (launched as at 27 July 2015)ZAR 327,297 01/10/2015 USD 23,474 HSBC Bank PLC, London 201HKD 996,211 02/10/2015 USD 128,575 HSBC Bank PLC, London (32)


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9. Forward foreign exchange contracts (continued)

Sub-fund

In exchangefor

SettlementDate



currencyGlobal Equity Dividend (launched as at 27 July 2015) (continued)

USD 131,610 06/10/2015 ZAR 1,822,832 HSBC Bank PLC, London (131)USD 38

Global Equity Volatility FocusedAUD 91,092,268 30/09/2015 USD 65,588,517 HSBC Bank PLC, London (1,611,982)CAD 36,095,742 30/09/2015 USD 27,216,991 HSBC Bank PLC, London (293,682)CNH 180,204,579 30/09/2015 USD 27,539,861 HSBC Bank PLC, London 797,311EUR 15,110,307 30/09/2015 USD 17,277,698 HSBC Bank PLC, London (411,331)SGD 34,870,184 30/09/2015 USD 24,655,834 HSBC Bank PLC, London (130,504)USD 64,176,563 30/09/2015 AUD 91,092,268 HSBC Bank PLC, London 200,028USD 27,207,132 30/09/2015 CAD 36,095,742 HSBC Bank PLC, London 283,823USD 27,989,687 30/09/2015 CNH 180,204,579 HSBC Bank PLC, London (347,485)USD 16,850,844 30/09/2015 EUR 15,110,307 HSBC Bank PLC, London (15,524)USD 24,525,036 30/09/2015 SGD 34,870,184 HSBC Bank PLC, London (294)HKD 1,512,101 02/10/2015 USD 195,100 HSBC Bank PLC, London 9USD 3,828 02/10/2015 HKD 29,666 HSBC Bank PLC, London -AUD 77,730,551 30/10/2015 USD 54,636,775 HSBC Bank PLC, London (133,695)CAD 29,480,560 30/10/2015 USD 22,214,212 HSBC Bank PLC, London (228,169)CNH 156,717,719 30/10/2015 USD 24,277,865 HSBC Bank PLC, London 267,574EUR 12,620,478 30/10/2015 USD 14,051,830 HSBC Bank PLC, London 41,699SGD 30,954,150 30/10/2015 USD 21,723,644 HSBC Bank PLC, London 25,133USD 1,111,628 30/10/2015 AUD 1,590,294 HSBC Bank PLC, London (3,454)USD 272,133 30/10/2015 CAD 363,055 HSBC Bank PLC, London 1,374USD 449,908 30/10/2015 CNH 2,886,928 HSBC Bank PLC, London (2,249)USD 140,010 30/10/2015 EUR 125,851 HSBC Bank PLC, London (529)USD 222,687 30/10/2015 SGD 317,751 HSBC Bank PLC, London (568)

USD (1,562,515)

Russia EquityHKD 16,536 02/10/2015 USD 2,134 HSBC Bank PLC, London -USD 2 02/10/2015 HKD 13 HSBC Bank PLC, London -

USD -

Asian Currencies BondKRW 713,100,000 13/10/2015 USD 600,000 HSBC Bank PLC, London 1,152

MYR 5,271,970 13/10/2015 USD 1,210,000 State Street Bank and TrustCompany

(10,449)

PHP 13,140,400 13/10/2015 USD 280,000 HSBC Bank PLC, London 925SGD 1,191,218 13/10/2015 USD 837,000 HSBC Bank PLC, London 451

USD 2,400,000 13/10/2015 KRW 2,869,200,000 State Street Bank and TrustCompany

(18,770)

USD 892,000 13/10/2015 THB 32,401,900 State Street Bank and TrustCompany

(378)

USD (27,069)


151


Sub-fund

In exchangefor

SettlementDate



currencyEuro Credit Bond

EUR 8,296,674 30/09/2015 JPY 1,110,103,067 HSBC Bank PLC, London (7,086)JPY 1,110,103,067 30/09/2015 EUR 8,029,104 HSBC Bank PLC, London 274,656EUR 56,831 30/10/2015 JPY 7,667,607 HSBC Bank PLC, London (518)JPY 1,102,749,624 30/10/2015 EUR 8,248,349 HSBC Bank PLC, London (409)

EUR 266,643

Euro Credit Bond Total ReturnEUR 1,631,001 05/11/2015 GBP 1,200,000 HSBC Bank PLC, London 3,701

EUR 3,701

Euro High Yield BondCHF 147,209,256 30/09/2015 EUR 136,226,411 HSBC Bank PLC, London (1,261,965)EUR 135,253,106 30/09/2015 CHF 147,209,256 HSBC Bank PLC, London 288,660EUR 12,206,701 30/09/2015 GBP 8,882,329 HSBC Bank PLC, London 152,911EUR 104,614,512 30/09/2015 USD 116,430,571 HSBC Bank PLC, London 306,274GBP 8,882,329 30/09/2015 EUR 12,399,492 HSBC Bank PLC, London (345,702)USD 116,430,571 30/09/2015 EUR 101,483,282 HSBC Bank PLC, London 2,824,956EUR 5,613,012 05/10/2015 CHF 5,950,000 Morgan Stanley, London 157,453EUR 2,875,780 05/10/2015 GBP 2,050,000 HSBC Bank PLC, London 94,096EUR 205,287,924 05/10/2015 GBP 144,317,000 Royal Bank of Canada, London 9,461,414EUR 3,012,826 05/10/2015 USD 3,385,000 Morgan Stanley, London (19,513)GBP 1,000,000 05/10/2015 EUR 1,368,641 Royal Bank of Canada, London (11,721)CHF 146,475,008 30/10/2015 EUR 134,665,512 HSBC Bank PLC, London (303,666)EUR 2,142,542 30/10/2015 CHF 2,340,868 HSBC Bank PLC, London (4,742)EUR 189,209 30/10/2015 GBP 140,374 HSBC Bank PLC, London (1,173)EUR 1,639,673 30/10/2015 USD 1,845,424 HSBC Bank PLC, London (12,868)GBP 8,698,300 30/10/2015 EUR 11,947,602 HSBC Bank PLC, London (150,521)USD 115,068,282 30/10/2015 EUR 103,347,045 HSBC Bank PLC, London (305,714)

EUR 10,868,179

GEM Inflation Linked BondHKD 777,973 05/10/2015 USD 100,361 Standard Chartered Bank 21TRY 7,184,947 05/10/2015 USD 2,588,946 Barclays Bank Wholesale (218,217)

TRY 859,618 05/10/2015 USD 290,000 Crédit Suisse International,London

(6,362)

TRY 89,000 05/10/2015 USD 32,446 UBS (3,080)

USD 100,304 05/10/2015 HKD 777,973 State Street Bank and TrustCompany

(79)

USD 2,987,165 05/10/2015 TRY 8,133,565 Barclays Bank Wholesale 303,432

COP 916,800,000 06/10/2015 USD 320,000 Crédit Suisse International,London

(23,150)

USD 290,402 06/10/2015 COP 916,800,000 Barclays Bank Wholesale (6,448)KRW 650,924,426 08/10/2015 USD 546,078 Barclays Bank Wholesale 2,854USD 595,267 08/10/2015 KRW 650,924,426 Standard Chartered Bank 46,336


152


Sub-fund

In exchangefor

SettlementDate



currencyGEM Inflation Linked Bond (continued)

HUF 226,634,484 09/10/2015 USD 819,240 Crédit Suisse International,London

(11,630)

HUF 7,060,715 09/10/2015 USD 25,029 Standard Chartered Bank 132USD 831,715 09/10/2015 HUF 233,695,199 Barclays Bank Wholesale (1,055)EUR 1,429,795 15/10/2015 USD 1,586,329 Standard Chartered Bank 9,990TWD 36,238,451 15/10/2015 USD 1,118,471 Standard Chartered Bank (19,982)USD 982,594 15/10/2015 EUR 879,275 Barclays Bank Wholesale 912USD 608,000 15/10/2015 EUR 550,520 Standard Chartered Bank (6,637)USD 1,179,000 15/10/2015 TWD 36,238,451 Standard Chartered Bank 80,511MXN 8,205,358 03/11/2015 USD 504,000 Barclays Bank Wholesale (21,109)

MXN 10,273,315 03/11/2015 USD 610,000 Crédit Suisse International,London

(5,408)

USD 1,234,346 03/11/2015 MXN 19,967,774 Barclays Bank Wholesale 59,229USD 300,000 03/11/2015 MXN 5,163,353 BNP Paribas, Paris (3,867)THB 66,987,972 06/11/2015 USD 1,971,974 Standard Chartered Bank (128,679)USD 1,000,000 06/11/2015 THB 34,295,000 Standard Chartered Bank 56,311USD 650,000 16/11/2015 IDR 9,175,153,000 Barclays Bank Wholesale 35,071BRL 1,156,905 02/12/2015 USD 323,000 Barclays Bank Wholesale (38,692)

BRL 15,032,992 02/12/2015 USD 4,479,482 Crédit Suisse International,London

(785,146)

BRL 628,958 02/12/2015 USD 184,000 Merrill Lynch International Bank (29,434)BRL 356,164 02/12/2015 USD 102,000 Standard Chartered Bank (14,473)BRL 718,003 02/12/2015 USD 201,000 UBS (24,552)USD 507,722 02/12/2015 BRL 1,841,508 Barclays Bank Wholesale 55,174USD 300,000 02/12/2015 BRL 1,098,450 BNP Paribas, Paris 30,058

USD 429,384 02/12/2015 BRL 1,436,368 Crédit Suisse International,London

76,399

USD 162,363 02/12/2015 BRL 589,163 Standard Chartered Bank 17,577

CLP 111,455,210 04/12/2015 USD 170,434 Crédit Suisse International,London

(11,600)

USD 650,000 04/12/2015 CLP 437,060,000 Crédit Suisse International,London

27,151

IDR 3,211,890,000 11/12/2015 USD 222,000 Barclays Bank Wholesale (8,997)

IDR 2,228,000,000 11/12/2015 USD 156,000 Crédit Suisse International,London

(8,246)

IDR 619,305,000 11/12/2015 USD 41,000 J.P. Morgan Chase Bank,New York

70

IDR 2,294,415,000 11/12/2015 USD 162,000 Merrill Lynch International Bank (9,841)IDR 1,574,400,000 11/12/2015 USD 108,000 Standard Chartered Bank (3,591)IDR 3,347,400,000 11/12/2015 USD 240,000 UBS (18,011)

USD 1,754 11/12/2015 IDR 24,250,000 Crédit Suisse International,London

145

USD 254,651 15/12/2015 ZAR 3,277,741 Merrill Lynch International Bank 20,636ZAR 7,590,000 15/12/2015 USD 562,861 Barclays Bank Wholesale (20,971)ZAR 100,000 15/12/2015 USD 7,360 Standard Chartered Bank (220)


153


Sub-fund

In exchangefor

SettlementDate



currencyGEM Inflation Linked Bond (continued)

MYR 2,959,542 13/01/2016 USD 712,713 Barclays Bank Wholesale (41,949)USD 778,732 13/01/2016 MYR 3,016,030 Standard Chartered Bank 95,165COP 1,710,320,000 14/01/2016 USD 547,759 Barclays Bank Wholesale (622)

USD 775,787 15/01/2016 PHP 35,492,240 Crédit Suisse International,London

22,035

ILS 774,669 20/01/2016 USD 200,000 BNP Paribas, Paris (2,289)ILS 1,566,175 20/01/2016 USD 415,762 Standard Chartered Bank (16,042)

USD 544,752 22/01/2016 KRW 650,924,426 Barclays Bank Wholesale (2,083)JPY 97,585,474 29/01/2016 USD 816,000 Standard Chartered Bank 840USD 550,000 29/01/2016 SGD 784,850 Barclays Bank Wholesale 72TRY 797,019 05/02/2016 USD 250,887 Barclays Bank Wholesale 2,544USD 25,065 09/02/2016 HUF 7,060,715 Standard Chartered Bank (102)USD 884,341 16/02/2016 EUR 787,240 Standard Chartered Bank 3,287USD 1,118,471 17/02/2016 TWD 36,238,451 Standard Chartered Bank 23,253

USD (523,359)


USD 680,039 08/10/2015 AUD 972,000 State Street Bank and TrustCompany

(2,325)

USD 5,675,392 08/10/2015 EUR 5,047,000 State Street Bank and TrustCompany

41,173

USD 11,807,922 08/10/2015 GBP 7,714,000 Royal Bank of Scotland 123,471USD 162,319

Global Asset-Backed High Yield BondGBP 390,000 08/10/2015 USD 595,757 UBS (5,021)USD 1,096,271 08/10/2015 EUR 980,000 Royal Bank of Scotland 2,248


151,940

USD 26,184,382 08/10/2015 GBP 17,106,000 Royal Bank of Scotland 273,799USD 422,966

Global BondCAD 1,461,000 08/10/2015 USD 1,095,299 Citibank, New York (5,600)

CAD 1,123,000 08/10/2015 USD 846,134 J.P. Morgan Chase Bank,New York

(8,536)

EUR 548,000 08/10/2015 USD 615,080 J.P. Morgan Chase Bank,New York

(3,320)

EUR 2,268,000 08/10/2015 USD 2,541,430 Royal Bank of Scotland (9,548)GBP 80,000 08/10/2015 USD 121,658 UBS AG (481)JPY 29,394,000 08/10/2015 USD 244,772 Citibank, New York 676JPY 1,404,156,000 08/10/2015 USD 11,716,153 Royal Bank of Scotland 8,932SGD 250,000 08/10/2015 USD 175,120 Royal Bank of Scotland 665


154


Sub-fund

In exchangefor

SettlementDate



currencyGlobal Bond (continued)

USD 2,302,144 08/10/2015 AUD 3,288,000 Goldman Sachs International (6,100)

USD 4,354,511 08/10/2015 EUR 3,867,000 J.P. Morgan Chase Bank,New York

37,585

USD 37,552,551 08/10/2015 EUR 33,405,000 Royal Bank of Scotland 260,874USD 957,922 08/10/2015 GBP 628,000 Goldman Sachs International 6,686

USD 4,874,391 08/10/2015 GBP 3,194,000 J.P. Morgan Chase Bank,New York

36,416

USD 1,107,145 08/10/2015 GBP 730,000 Royal Bank of Scotland 1,409

USD 2,965,675 08/10/2015 JPY 353,575,000 J.P. Morgan Chase Bank,New York

13,227

USD 1,396,796 08/10/2015 JPY 168,551,000 Royal Bank of Scotland (10,650)

CHF 1,323,000 21/12/2015 USD 1,372,377 J.P. Morgan Chase Bank,New York

(14,362)

DKK 5,041,000 21/12/2015 USD 767,131 J.P. Morgan Chase Bank,New York

(11,381)

KRW 3,457,000,000 21/12/2015 USD 2,936,130 J.P. Morgan Chase Bank,New York

(30,315)

MXN 14,679,000 21/12/2015 USD 879,561 Citibank, New York (18,816)PLN 3,870,000 21/12/2015 USD 1,039,012 Royal Bank of Scotland (23,605)

SEK 6,065,000 21/12/2015 USD 737,275 J.P. Morgan Chase Bank,New York

(12,751)

SGD 2,153,000 21/12/2015 USD 1,533,858 J.P. Morgan Chase Bank,New York

(23,599)

ZAR 6,867,000 21/12/2015 USD 506,575 Citibank, New York (16,846)USD 170,560


USD 1,243,879 08/10/2015 AUD 1,775,000 J.P. Morgan Chase Bank,New York

(2,208)

USD 5,446,476 08/10/2015 EUR 4,900,000 Citigroup Global Markets Limited (23,640)


9,427

USD 628,309 08/10/2015 JPY 75,450,000 HSBC Bank PLC, London (1,719)

USD 677,247 21/12/2015 SEK 5,600,000 J.P. Morgan Chase Bank,New York

8,272

USD (9,868)

Global Corporate BondEUR 2,560,843 30/09/2015 USD 2,931,474 HSBC Bank PLC, London (73,020)GBP 466,861,914 30/09/2015 USD 724,161,751 HSBC Bank PLC, London (16,976,094)USD 2,850,260 30/09/2015 EUR 2,560,843 HSBC Bank PLC, London (8,194)USD 714,806,568 30/09/2015 GBP 466,861,914 HSBC Bank PLC, London 7,620,910EUR 12,000,000 05/10/2015 USD 13,615,297 Société Générale, Paris (219,699)USD 15,467,071 05/10/2015 EUR 14,000,000 Morgan Stanley, London (161,127)


155


Sub-fund

In exchangefor

SettlementDate



currencyGlobal Corporate Bond (continued)

GBP 9,500,000 08/10/2015 USD 14,717,889 J.P. Morgan Chase Bank,New York

(328,170)


2,072,065

EUR 2,553,700 30/10/2015 USD 2,843,328 HSBC Bank PLC, London 8,438GBP 234,706,516 30/10/2015 USD 358,944,680 HSBC Bank PLC, London (3,469,704)USD 32,600 30/10/2015 EUR 28,894 HSBC Bank PLC, London 334USD 2,556,896 30/10/2015 GBP 1,685,777 HSBC Bank PLC, London 3,700USD 540,608,112 05/11/2015 EUR 480,000,000 Société Générale, Paris 4,532,634

USD (6,997,927)

Global Emerging Markets BondAUD 15,340,940 30/09/2015 USD 11,056,100 HSBC Bank PLC, London (281,747)CHF 649,411,374 30/09/2015 USD 687,254,678 HSBC Bank PLC, London (22,666,468)EUR 1,564,484,610 30/09/2015 USD 1,790,466,784 HSBC Bank PLC, London (44,163,931)GBP 334,302,636 30/09/2015 USD 524,538,068 HSBC Bank PLC, London (18,148,443)SGD 11,851,782 30/09/2015 USD 8,379,412 HSBC Bank PLC, London (43,670)USD 10,802,030 30/09/2015 AUD 15,340,940 HSBC Bank PLC, London 27,678USD 665,450,884 30/09/2015 CHF 649,411,374 HSBC Bank PLC, London 862,674USD 1,744,217,960 30/09/2015 EUR 1,564,484,610 HSBC Bank PLC, London (2,084,893)USD 511,486,825 30/09/2015 GBP 334,302,636 HSBC Bank PLC, London 5,097,200USD 8,332,028 30/09/2015 SGD 11,851,782 HSBC Bank PLC, London (3,714)TRY 165,269,521 05/10/2015 USD 56,145,373 Standard Chartered Bank (1,613,413)USD 53,956,749 05/10/2015 TRY 165,269,521 Barclays Bank Wholesale (575,212)EUR 25,320,000 15/10/2015 USD 28,378,365 Standard Chartered Bank (109,407)USD 28,504,623 15/10/2015 EUR 25,320,000 Barclays Bank Wholesale 235,666AUD 14,716,050 30/10/2015 USD 10,343,911 HSBC Bank PLC, London (25,317)CHF 541,583,473 30/10/2015 USD 554,698,771 HSBC Bank PLC, London 82,778EUR 1,358,080,779 30/10/2015 USD 1,512,113,912 HSBC Bank PLC, London 4,480,817GBP 331,845,685 30/10/2015 USD 507,430,261 HSBC Bank PLC, London (4,833,064)SGD 11,284,286 30/10/2015 USD 7,919,267 HSBC Bank PLC, London 9,214USD 290,254 30/10/2015 AUD 416,407 HSBC Bank PLC, London (1,722)USD 12,653,378 30/10/2015 CHF 12,386,914 HSBC Bank PLC, London (35,399)USD 40,271,475 30/10/2015 EUR 36,025,963 HSBC Bank PLC, London 40,595USD 16,296,355 30/10/2015 GBP 10,735,865 HSBC Bank PLC, London 36,341USD 222,741 30/10/2015 SGD 318,208 HSBC Bank PLC, London (836)MXN 547,327,243 03/11/2015 USD 32,128,000 Barclays Bank Wholesale 82,594MXN 258,778,031 03/11/2015 USD 15,189,000 Goldman Sachs International 40,269

MXN 1,388,589,714 03/11/2015 USD 81,760,000 J.P. Morgan Chase Bank,New York

(40,517)

MXN 28,679,543 03/11/2015 USD 1,685,000 Merrill Lynch International Bank 2,811MXN 140,894,043 03/11/2015 USD 8,278,000 Morgan Stanley, London 13,714MXN 1,481,991,283 03/11/2015 USD 87,580,000 Standard Chartered Bank (363,769)


156


Sub-fund

In exchangefor

SettlementDate



currencyGlobal Emerging Markets Bond (continued)

BRL 62,460,720 02/12/2015 USD 17,010,000 Crédit Suisse First BostonCorporation

(1,660,369)

BRL 46,055,700 02/12/2015 USD 12,618,000 Goldman Sachs International (1,299,879)

BRL 75,966,905 02/12/2015 USD 20,860,000 J.P. Morgan Chase Bank,New York

(2,191,243)

BRL 10,372,870 02/12/2015 USD 2,845,000 Merrill Lynch International Bank (295,882)BRL 766,780,027 02/12/2015 USD 211,215,373 Standard Chartered Bank (22,780,293)BRL 68,657,226 02/12/2015 USD 18,667,000 UBS AG (1,794,586)USD 44,256,840 02/12/2015 BRL 160,516,808 Barclays Bank Wholesale 4,810,067USD 67,975,630 02/12/2015 BRL 245,439,402 Standard Chartered Bank 7,659,253IDR 272,130,460,000 11/12/2015 USD 18,004,000 Barclays Bank Wholesale 42,874

IDR 130,856,600,000 11/12/2015 USD 8,666,000 Crédit Suisse International,London

12,017

IDR 118,513,830,000 11/12/2015 USD 7,846,000 J.P. Morgan Chase Bank,New York

13,481

IDR 88,125,000,000 11/12/2015 USD 5,875,000 Merrill Lynch International Bank (30,815)IDR 176,491,990,000 11/12/2015 USD 11,686,000 Standard Chartered Bank 18,418

ZAR 107,651,280 15/12/2015 USD 8,088,000 Goldman Sachs International (402,213)

ZAR 245,761,461 15/12/2015 USD 18,479,000 J.P. Morgan Chase Bank,New York

(932,806)

ZAR 72,267,993 15/12/2015 USD 5,439,000 Merrill Lynch International Bank (279,411)ZAR 316,685,432 15/12/2015 USD 23,835,000 Standard Chartered Bank (1,225,173)TRY 165,269,521 05/02/2016 USD 52,023,899 Barclays Bank Wholesale 527,452USD 28,443,088 16/02/2016 EUR 25,320,000 Standard Chartered Bank 105,729

USD (103,682,550)

Global Emerging Markets Corporate DebtTRY 398,934 05/10/2015 USD 135,526 Standard Chartered Bank (3,894)USD 130,243 05/10/2015 TRY 398,934 Barclays Bank Wholesale (1,388)BRL 364,610 02/12/2015 USD 100,000 Standard Chartered Bank (10,398)BRL 75,054 02/12/2015 USD 21,000 UBS (2,556)USD 88,070 02/12/2015 BRL 319,151 Barclays Bank Wholesale 9,639USD 12,498 02/12/2015 BRL 45,351 Standard Chartered Bank 1,353TRY 398,934 05/02/2016 USD 125,577 Barclays Bank Wholesale 1,273

USD (5,971)

Global Emerging Markets Investment Grade BondTRY 967,896 05/10/2015 USD 317,413 Barclays Bank Wholesale 1,951

TRY 667,890 05/10/2015 USD 225,000 J.P. Morgan Chase Bank,New York

(4,624)

TRY 336,676 05/10/2015 USD 114,376 Standard Chartered Bank (3,287)USD 740,803 05/10/2015 TRY 1,972,462 Barclays Bank Wholesale 89,974COP 1,467,186,116 06/10/2015 USD 464,741 Barclays Bank Wholesale 10,318USD 300,000 06/10/2015 COP 773,100,000 Barclays Bank Wholesale 49,679USD 273,531 06/10/2015 COP 694,086,116 Standard Chartered Bank 48,794


157


Sub-fund

In exchangefor

SettlementDate



currencyGlobal Emerging Markets Investment Grade Bond (continued)

KRW 366,127,300 08/10/2015 USD 307,154 Barclays Bank Wholesale 1,605

KRW 106,044,300 08/10/2015 USD 90,000 J.P. Morgan Chase Bank,New York

(572)

USD 431,798 08/10/2015 KRW 472,171,600 Standard Chartered Bank 33,611HUF 25,152,435 09/10/2015 USD 90,000 Citibank, New York (370)HUF 174,904,747 09/10/2015 USD 627,784 Standard Chartered Bank (4,513)USD 707,706 09/10/2015 HUF 200,057,183 Barclays Bank Wholesale (5,195)EUR 50,000 15/10/2015 USD 55,902 Goldman Sachs International (79)EUR 641,494 15/10/2015 USD 718,979 Standard Chartered Bank (2,772)

TWD 3,231,000 15/10/2015 USD 100,000 J.P. Morgan Chase Bank,New York

(2,059)

TWD 11,307,412 15/10/2015 USD 348,994 Standard Chartered Bank (6,235)USD 564,404 15/10/2015 EUR 501,347 Barclays Bank Wholesale 4,666USD 210,000 15/10/2015 EUR 190,147 Standard Chartered Bank (2,292)USD 473,000 15/10/2015 TWD 14,538,412 Standard Chartered Bank 32,300MXN 37,696,291 03/11/2015 USD 2,306,635 Barclays Bank Wholesale (88,182)MXN 528,153 03/11/2015 USD 31,000 Goldman Sachs International 82

MXN 2,785,526 03/11/2015 USD 164,000 J.P. Morgan Chase Bank,New York

(70)

MXN 51,062 03/11/2015 USD 3,000 Merrill Lynch International Bank 5MXN 289,345 03/11/2015 USD 17,000 Morgan Stanley, London 28MXN 2,961,499 03/11/2015 USD 175,000 Standard Chartered Bank (714)USD 289,449 03/11/2015 MXN 4,901,904 Barclays Bank Wholesale 969THB 45,544,133 06/11/2015 USD 1,319,896 Standard Chartered Bank (66,667)

USD 712,706 06/11/2015 THB 24,907,563 J.P. Morgan Chase Bank,New York

27,329

RON 1,570,549 10/11/2015 USD 388,538 Standard Chartered Bank 7,924

USD 310,000 16/11/2015 IDR 4,380,300,000 J.P. Morgan Chase Bank,New York

16,427

USD 237,129 16/11/2015 PEN 765,926 Crédit Suisse International,London

2,591

USD 530,200 20/11/2015 RUB 30,931,844 UBS 65,835


(492,054)

BRL 94,900 02/12/2015 USD 26,000 Goldman Sachs International (2,678)

BRL 568,535 02/12/2015 USD 157,000 J.P. Morgan Chase Bank,New York

(17,283)

BRL 643,998 02/12/2015 USD 188,000 Merrill Lynch International Bank (29,739)BRL 1,338,080 02/12/2015 USD 373,376 Standard Chartered Bank (44,544)BRL 1,308,168 02/12/2015 USD 388,000 UBS (66,520)USD 820,210 02/12/2015 BRL 2,977,977 Barclays Bank Wholesale 88,376

USD 173,640 02/12/2015 BRL 589,422 Crédit Suisse International,London

28,791

USD 368,086 02/12/2015 BRL 1,329,711 Deutsche Bank 41,312


158


Sub-fund

In exchangefor

SettlementDate



currencyGlobal Emerging Markets Investment Grade Bond (continued)

USD 102,437 02/12/2015 BRL 371,711 Standard Chartered Bank 11,090USD 200,000 04/12/2015 CLP 138,550,000 Standard Chartered Bank 2,554IDR 1,807,845,000 11/12/2015 USD 123,000 Barclays Bank Wholesale (3,109)


(2,970)

IDR 513,570,000 11/12/2015 USD 34,000 J.P. Morgan Chase Bank,New York

58

IDR 1,240,830,000 11/12/2015 USD 87,000 Merrill Lynch International Bank (4,712)IDR 822,755,000 11/12/2015 USD 59,000 Morgan Stanley, London (4,437)IDR 990,930,000 11/12/2015 USD 67,000 Standard Chartered Bank (1,284)IDR 1,213,432,500 11/12/2015 USD 87,000 UBS (6,529)

USD 1,112 11/12/2015 IDR 15,370,000 Crédit Suisse International,London

92

ZAR 212,960 15/12/2015 USD 16,000 Goldman Sachs International (796)

ZAR 505,381 15/12/2015 USD 38,000 J.P. Morgan Chase Bank,New York

(1,918)

ZAR 2,036,823 15/12/2015 USD 157,888 Merrill Lynch International Bank (12,468)ZAR 1,151,053 15/12/2015 USD 85,798 Standard Chartered Bank (3,618)MYR 888,372 13/01/2016 USD 213,937 Barclays Bank Wholesale (12,592)USD 940,421 13/01/2016 MYR 3,642,252 Standard Chartered Bank 114,925COP 534,100,000 14/01/2016 USD 175,000 Barclays Bank Wholesale (4,140)USD 460,510 14/01/2016 COP 1,467,186,116 Barclays Bank Wholesale (8,848)

USD 352,612 15/01/2016 PHP 16,132,020 Crédit Suisse International,London

10,016

ILS 603,162 20/01/2016 USD 158,783 Citibank, New York (4,844)USD 708,904 20/01/2016 ILS 2,670,441 Standard Chartered Bank 27,354USD 306,408 22/01/2016 KRW 366,127,300 Barclays Bank Wholesale (1,172)

PLN 457,218 25/01/2016 USD 121,196 J.P. Morgan Chase Bank,New York

(1,339)

USD 225,981 05/02/2016 TRY 717,896 Barclays Bank Wholesale (2,291)USD 232,963 09/02/2016 HUF 65,625,683 Standard Chartered Bank (947)USD 720,619 16/02/2016 EUR 641,494 Standard Chartered Bank 2,679USD 348,994 17/02/2016 TWD 11,307,412 Standard Chartered Bank 7,256

USD (189,872)

Global Emerging Markets Local Currency RatesEUR 26,493 30/09/2015 USD 30,319 HSBC Bank PLC, London (747)USD 29,479 30/09/2015 EUR 26,492 HSBC Bank PLC, London (92)TRY 9,509,339 05/10/2015 USD 3,276,406 Barclays Bank Wholesale (138,726)

TRY 4,742,720 05/10/2015 USD 1,600,000Crédit Suisse International,

London (35,103)


159


Sub-fund

In exchangefor

SettlementDate



currencyGlobal Emerging Markets Local Currency Rates (continued)

TRY 737,400 05/10/2015 USD 250,000 Goldman Sachs International (6,689)TRY 200,000 05/10/2015 USD 70,747 Standard Chartered Bank (4,756)TRY 71,000 05/10/2015 USD 25,884 UBS (2,457)USD 3,774,228 05/10/2015 TRY 11,560,460 Barclays Bank Wholesale (40,236)USD 1,200,642 05/10/2015 TRY 3,700,000 Goldman Sachs International (20,202)COP 1,281,312,000 06/10/2015 USD 400,000 Barclays Bank Wholesale 14,875

COP 4,526,700,000 06/10/2015 USD 1,580,000 Crédit Suisse International,London

(114,304)

COP 163,190,912 06/10/2015 USD 64,312 Standard Chartered Bank (11,472)USD 555,972 06/10/2015 COP 1,755,202,912 Barclays Bank Wholesale (12,344)USD 1,600,000 06/10/2015 COP 4,216,000,000 Standard Chartered Bank 234,905KRW 3,689,261,200 08/10/2015 USD 3,095,018 Barclays Bank Wholesale 16,174USD 1,100,000 08/10/2015 KRW 1,227,248,000 Barclays Bank Wholesale 65,049USD 2,251,498 08/10/2015 KRW 2,462,013,200 Standard Chartered Bank 175,257HUF 1,094,325,523 09/10/2015 USD 3,900,171 Barclays Bank Wholesale (555)

HUF 562,024,347 09/10/2015 USD 2,031,609 Crédit Suisse International,London

(28,842)

HUF 723,937,448 09/10/2015 USD 2,600,000 Goldman Sachs International (20,258)HUF 69,826,850 09/10/2015 USD 250,000 UBS (1,173)USD 8,685,268 09/10/2015 HUF 2,450,114,168 Standard Chartered Bank (45,684)EUR 6,560,393 15/10/2015 USD 7,295,626 Standard Chartered Bank 28,839TWD 152,367,707 15/10/2015 USD 4,702,707 Standard Chartered Bank (84,014)USD 4,976,554 15/10/2015 EUR 4,453,387 Barclays Bank Wholesale 4,492USD 2,327,000 15/10/2015 EUR 2,107,005 Standard Chartered Bank (25,403)USD 3,313,000 15/10/2015 TWD 101,830,356 Standard Chartered Bank 226,236USD 1,636,893 15/10/2015 TWD 50,537,351 UBS 104,964MXN 77,001,975 03/11/2015 USD 4,746,374 Barclays Bank Wholesale (214,754)

MXN 55,240,120 03/11/2015 USD 3,280,000 Crédit Suisse International,London

(29,080)

MXN 7,783,780 03/11/2015 USD 470,000 Goldman Sachs International (11,919)USD 8,146,371 03/11/2015 MXN 139,469,452 Barclays Bank Wholesale (61,504)USD 1,717,739 03/11/2015 MXN 27,850,000 UBS 78,747THB 222,932,309 06/11/2015 USD 6,554,498 Standard Chartered Bank (420,111)USD 1,906,610 06/11/2015 THB 68,845,028 Standard Chartered Bank 12,214RON 987,637 10/11/2015 USD 250,000 Goldman Sachs International (685)RON 9,899,265 10/11/2015 USD 2,448,979 Standard Chartered Bank 49,947

USD 1,566,030 10/11/2015 RON 6,238,280 J.P. Morgan Chase Bank, NewYork

(8,734)

USD 3,980,000 16/11/2015 IDR 56,180,167,600 Barclays Bank Wholesale 214,742

USD 528,388 16/11/2015 PEN 1,706,695Crédit Suisse International,

London 5,774


160


Sub-fund

In exchangefor

SettlementDate



currencyGlobal Emerging Markets Local Currency Rates (continued)

USD 800,000 20/11/2015 RUB 47,448,000 Standard Chartered Bank 87,687USD 914,627 20/11/2015 RUB 53,359,349 UBS 113,570BRL 31,605,072 02/12/2015 USD 8,971,192 Barclays Bank Wholesale (1,204,291)


(3,060,677)

BRL 3,189,227 02/12/2015 USD 933,000 Merrill Lynch International Bank (149,252)BRL 3,606,415 02/12/2015 USD 1,006,000 Standard Chartered Bank (119,729)BRL 886,117 02/12/2015 USD 259,000 UBS (41,238)USD 12,362,864 02/12/2015 BRL 44,505,264 Barclays Bank Wholesale 1,425,760

USD 2,321,716 02/12/2015 BRL 7,881,064 Crédit Suisse International,London

384,956

USD 751,988 02/12/2015 BRL 2,728,723 Standard Chartered Bank 81,408

CLP 90,397,391 04/12/2015 USD 138,233 Crédit Suisse International,London

(9,409)

USD 3,150,000 04/12/2015 CLP 2,118,060,000 Crédit Suisse International,London

131,580

IDR 16,324,480,000 11/12/2015 USD 1,108,000 Barclays Bank Wholesale (25,410)


(41,098)

IDR 4,848,705,000 11/12/2015 USD 321,000 J.P. Morgan Chase Bank,New York

552

IDR 10,667,325,000 11/12/2015 USD 746,000 Merrill Lynch International Bank (38,575)IDR 6,651,765,000 11/12/2015 USD 477,000 Morgan Stanley, London (35,875)IDR 9,134,460,000 11/12/2015 USD 616,000 Standard Chartered Bank (10,230)IDR 9,846,935,000 11/12/2015 USD 706,000 UBS (52,981)

USD 1,593,686 11/12/2015 IDR 22,037,488,058 Crédit Suisse International,London

132,226

USD 1,185,260 15/12/2015 ZAR 15,486,605 Barclays Bank Wholesale 79,590USD 2,402,821 15/12/2015 ZAR 30,927,913 Merrill Lynch International Bank 194,716ZAR 7,903,851 15/12/2015 USD 600,000 Goldman Sachs International (35,703)ZAR 4,500,000 15/12/2015 USD 331,182 Standard Chartered Bank (9,903)MYR 14,832,702 13/01/2016 USD 3,566,835 Barclays Bank Wholesale (205,082)MYR 3,226,332 13/01/2016 USD 833,032 Standard Chartered Bank (101,801)COP 6,974,122,912 14/01/2016 USD 2,260,911 Barclays Bank Wholesale (29,865)

USD 2,233,283 15/01/2016 PHP 102,172,675 Crédit Suisse International,London

63,434

USD 3,494,622 20/01/2016 ILS 13,164,243 Standard Chartered Bank 134,843USD 3,087,506 22/01/2016 KRW 3,689,261,200 Barclays Bank Wholesale (11,807)

PLN 5,175,991 25/01/2016 USD 1,372,014 J.P. Morgan Chase Bank,New York

(15,153)

JPY 557,910,890 29/01/2016 USD 4,670,000 Standard Chartered Bank (2)USD 3,140,000 29/01/2016 SGD 4,480,780 Barclays Bank Wholesale 409TRY 11,560,460 05/02/2016 USD 3,639,027 Barclays Bank Wholesale 36,895HUF 2,450,114,168 09/02/2016 USD 8,697,601 Standard Chartered Bank 35,355USD 4,816,587 16/02/2016 EUR 4,287,719 Standard Chartered Bank 17,904USD 4,702,707 17/02/2016 TWD 152,367,707 Standard Chartered Bank 97,771

USD (2,287,054)


161


Sub-fund

In exchangefor

SettlementDate



currencyGlobal Emerging Markets Local Debt

EUR 108,765 30/09/2015 USD 124,469 HSBC Bank PLC, London (3,064)SGD 88,625,356 30/09/2015 USD 65,750,691 Standard Chartered Bank (3,417,609)USD 121,100 30/09/2015 EUR 108,765 HSBC Bank PLC, London (305)USD 63,101,001 30/09/2015 SGD 88,625,356 Standard Chartered Bank 767,920TRY 163,299,382 05/10/2015 USD 60,060,974 Barclays Bank Wholesale (6,179,076)

TRY 44,463,000 05/10/2015 USD 15,000,000 Crédit Suisse International,London

(329,088)

TRY 12,718,728 05/10/2015 USD 4,500,000 J.P. Morgan Chase Bank,New York

(303,357)

TRY 4,500,000 05/10/2015 USD 1,591,814 Standard Chartered Bank (107,004)TRY 45,809,000 05/10/2015 USD 16,700,328 UBS (1,585,293)USD 88,406,826 05/10/2015 TRY 270,790,110 Barclays Bank Wholesale (942,471)COP 7,954,500,000 06/10/2015 USD 2,959,814 Barclays Bank Wholesale (384,234)

COP 42,975,000,000 06/10/2015 USD 15,000,000 Crédit Suisse International,London

(1,085,166)

COP 40,835,469,525 06/10/2015 USD 16,092,796 Standard Chartered Bank (2,870,718)USD 29,067,143 06/10/2015 COP 91,764,969,525 Barclays Bank Wholesale (645,349)KRW 53,725,792,041 08/10/2015 USD 49,131,954 Standard Chartered Bank (3,824,444)USD 45,071,973 08/10/2015 KRW 53,725,792,041 Barclays Bank Wholesale (235,537)HUF 7,078,678,534 09/10/2015 USD 25,192,820 Barclays Bank Wholesale 31,966

HUF 8,535,405,600 09/10/2015 USD 30,853,837 Crédit Suisse International,London

(438,022)

USD 55,349,465 09/10/2015 HUF 15,614,084,134 Standard Chartered Bank (291,137)EUR 2,014,692 15/10/2015 USD 2,250,000 BNP Paribas, Paris (662)EUR 64,759,274 15/10/2015 USD 71,998,886 Standard Chartered Bank 302,740TWD 73,226,250 15/10/2015 USD 2,250,000 BNP Paribas, Paris (30,307)TWD 1,697,968,490 15/10/2015 USD 54,614,207 Standard Chartered Bank (3,144,013)USD 50,773,710 15/10/2015 EUR 45,442,234 Barclays Bank Wholesale 38,933USD 23,559,000 15/10/2015 EUR 21,331,732 Standard Chartered Bank (257,186)USD 83,415,235 15/10/2015 MXN 1,341,000,000 Standard Chartered Bank 4,371,277USD 8,000,000 15/10/2015 TWD 248,104,000 Royal Bank of Scotland 479,271USD 49,553,000 15/10/2015 TWD 1,523,090,740 Standard Chartered Bank 3,383,842INR 4,386,860,750 16/10/2015 USD 66,811,769 Standard Chartered Bank (59,031)

USD 3,200,000 16/10/2015 INR 206,563,200 J.P. Morgan Chase Bank,New York

56,828

USD 62,607,422 16/10/2015 INR 4,180,297,550 Standard Chartered Bank (1,002,144)EUR 103,190 30/10/2015 USD 114,905 HSBC Bank PLC, London 329USD 1,646 30/10/2015 EUR 1,476 HSBC Bank PLC, London (2)MXN 1,057,116,347 03/11/2015 USD 65,211,730 Barclays Bank Wholesale (2,999,688)

MXN 499,350,475 03/11/2015 USD 29,650,000 Crédit Suisse International,London

(262,873)

USD 3,339,525 03/11/2015 MXN 57,335,540 Barclays Bank Wholesale (34,712)CZK 570,540,984 04/11/2015 USD 23,883,000 Standard Chartered Bank (431,413)THB 4,460,178,790 06/11/2015 USD 131,151,697 Standard Chartered Bank (8,421,787)USD 51,830,000 06/11/2015 THB 1,779,121,250 Standard Chartered Bank 2,874,252RON 85,570,334 10/11/2015 USD 21,169,248 Standard Chartered Bank 431,751


162


Sub-fund

In exchangefor

SettlementDate



currencyGlobal Emerging Markets Local Debt (continued)

PEN 42,721,672 16/11/2015 USD 13,226,524 Crédit Suisse International,London

(144,523)

USD 29,860,000 16/11/2015 IDR 421,492,413,200 Barclays Bank Wholesale 1,611,100USD 8,900,000 16/11/2015 PEN 28,804,850 Barclays Bank Wholesale 79,534CNY 525,533,669 18/11/2015 USD 85,230,890 Standard Chartered Bank (2,952,340)

USD 3,200,000 18/11/2015 CNY 19,738,560 J.P. Morgan Chase Bank,New York

109,693

RUB 4,118,164,982 20/11/2015 USD 70,589,047 UBS (8,765,069)USD 4,000,000 20/11/2015 RUB 260,504,956 BNP Paribas, Paris 89,168BRL 91,202,011 02/12/2015 USD 25,346,000 Barclays Bank Wholesale (2,933,238)BRL 49,680,825 02/12/2015 USD 12,250,000 BNP Paribas, Paris (41,009)


(16,856,905)

BRL 31,294,079 02/12/2015 USD 9,155,000 Merrill Lynch International Bank (1,464,526)BRL 21,870,293 02/12/2015 USD 6,201,000 Standard Chartered Bank (826,407)BRL 8,679,838 02/12/2015 USD 2,537,000 UBS (403,942)USD 107,045,690 02/12/2015 BRL 387,323,332 Barclays Bank Wholesale 11,861,543

USD 84,903,274 02/12/2015 BRL 281,640,949 Crédit Suisse International,London

15,690,419

USD 7,613,083 02/12/2015 BRL 27,624,467 Standard Chartered Bank 824,410

CLP 8,682,628,365 04/12/2015 USD 13,277,205 Crédit Suisse International,London

(903,704)

USD 30,000,000 04/12/2015 CLP 20,172,000,000 Crédit Suisse International,London

1,253,144

IDR 166,382,810,000 11/12/2015 USD 11,438,000 Barclays Bank Wholesale (403,992)


(2,161,540)

IDR 37,747,395,000 11/12/2015 USD 2,499,000 J.P. Morgan Chase Bank,New York

4,294

IDR 136,433,400,000 11/12/2015 USD 9,631,000 Merrill Lynch International Bank (583,147)IDR 102,202,905,000 11/12/2015 USD 7,329,000 Morgan Stanley, London (551,211)IDR 85,409,180,000 11/12/2015 USD 5,827,000 Standard Chartered Bank (162,920)IDR 151,511,692,500 11/12/2015 USD 10,863,000 UBS (815,200)

USD 4,500,000 11/12/2015 IDR 62,928,000,000 J.P. Morgan Chase Bank,New York

326,804

USD 3,200,000 11/12/2015 IDR 44,423,808,000 Royal Bank of Scotland 253,946USD 17,407,210 15/12/2015 ZAR 224,056,903 Merrill Lynch International Bank 1,410,617ZAR 128,200,000 15/12/2015 USD 9,435,004 Standard Chartered Bank (282,136)MYR 122,749,305 13/01/2016 USD 29,560,338 Barclays Bank Wholesale (1,739,866)MYR 209,573,196 13/01/2016 USD 54,111,334 Standard Chartered Bank (6,612,692)COP 128,770,469,525 14/01/2016 USD 40,927,564 Barclays Bank Wholesale 266,561

USD 18,385,049 15/01/2016 PHP 841,115,990 Crédit Suisse International,London

522,209

ILS 19,912,494 20/01/2016 USD 5,250,000 BNP Paribas, Paris (167,931)


163


Sub-fund

In exchangefor

SettlementDate



currencyGlobal Emerging Markets Local Debt (continued)

USD 23,889,085 20/01/2016 ILS 89,990,185 Standard Chartered Bank 921,779KRW 53,725,792,041 22/01/2016 USD 44,962,584 Barclays Bank Wholesale 171,948

PLN 103,289,408 25/01/2016 USD 27,379,202 J.P. Morgan Chase Bank,New York

(302,386)

JPY 5,069,194,754 29/01/2016 USD 42,388,000 Standard Chartered Bank 43,741SGD 88,625,356 29/01/2016 USD 62,854,863 Standard Chartered Bank (756,890)USD 28,610,000 29/01/2016 SGD 40,826,470 Barclays Bank Wholesale 3,728USD 25,270,491 04/02/2016 MXN 400,000,000 Royal Bank of Scotland 1,898,275TRY 270,790,110 05/02/2016 USD 85,239,898 Barclays Bank Wholesale 864,217HUF 15,614,084,134 09/02/2016 USD 55,428,059 Standard Chartered Bank 225,309INR 4,180,297,550 10/02/2016 USD 61,402,725 Standard Chartered Bank 981,078

USD 46,739,242 16/02/2016 EUR 41,607,213 Standard Chartered Bank 173,740USD 4,025,940 17/02/2016 TWD 130,440,463 Standard Chartered Bank 83,701USD 4,089,312 15/12/2016 ZAR 57,019,730 Barclays Bank Wholesale 278,172

USD (36,429,027)

Global Government BondEUR 798,620 30/09/2015 USD 914,204 HSBC Bank PLC, London (22,772)GBP 4,681,850 30/09/2015 USD 7,347,227 HSBC Bank PLC, London (255,329)USD 888,806 30/09/2015 EUR 798,620 HSBC Bank PLC, London (2,627)USD 7,163,458 30/09/2015 GBP 4,681,850 HSBC Bank PLC, London 71,559AUD 12,904,000 08/10/2015 USD 9,044,440 Royal Bank of Scotland 14,432CAD 954,000 08/10/2015 USD 720,665 HSBC Bank PLC, London (9,116)EUR 10,025,000 08/10/2015 USD 11,244,730 Royal Bank of Scotland (53,319)GBP 3,523,000 08/10/2015 USD 5,424,927 HSBC Bank PLC, London (88,613)GBP 7,897,000 08/10/2015 USD 12,041,100 Royal Bank of Scotland (79,456)JPY 427,259,000 08/10/2015 USD 3,547,765 Citibank, New York 19,964JPY 394,604,000 08/10/2015 USD 3,274,622 Royal Bank of Scotland 20,429USD 52,539,571 08/10/2015 AUD 75,247,000 Royal Bank of Scotland (285,364)USD 22,139,026 08/10/2015 CAD 29,378,000 Royal Bank of Scotland 227,209

USD 171,219,004 08/10/2015 EUR 151,904,000 J.P. Morgan Chase Bank,New York

1,640,950

USD 1,321,655 08/10/2015 EUR 1,180,000 Royal Bank of Scotland 4,362USD 4,376,566 08/10/2015 GBP 2,842,000 Citibank, New York 71,768USD 66,819,807 08/10/2015 GBP 43,764,000 HSBC Bank PLC, London 530,159USD 2,338,440 08/10/2015 GBP 1,517,000 Royal Bank of Scotland 40,629USD 440,935 08/10/2015 JPY 52,879,000 Citibank, New York (619)USD 115,005,451 08/10/2015 JPY 13,790,000,000 HSBC Bank PLC, London (144,807)USD 3,367,144 08/10/2015 JPY 405,331,000 Royal Bank of Scotland (17,480)EUR 796,062 30/10/2015 USD 886,348 HSBC Bank PLC, London 2,630GBP 4,505,959 30/10/2015 USD 6,891,139 HSBC Bank PLC, London (66,634)USD 6,540,855 21/12/2015 DKK 43,398,000 Royal Bank of Scotland 34,595

USD 1,652,550


164


Sub-fund

In exchangefor

SettlementDate



currencyGlobal High Income Bond

AUD 326,844,333 30/09/2015 USD 235,452,353 HSBC Bank PLC, London (5,900,838)EUR 66,146,585 30/09/2015 USD 75,678,776 HSBC Bank PLC, London (1,844,895)SGD 14,944,238 30/09/2015 USD 10,564,323 HSBC Bank PLC, London (53,557)USD 230,131,861 30/09/2015 AUD 326,844,333 HSBC Bank PLC, London 580,347USD 73,632,610 30/09/2015 EUR 66,146,585 HSBC Bank PLC, London (201,271)USD 10,505,967 30/09/2015 SGD 14,944,238 HSBC Bank PLC, London (4,799)USD 4,399,444 02/10/2015 EUR 3,923,746 Standard Chartered Bank 19,564TRY 12,935,933 05/10/2015 USD 4,394,596 Standard Chartered Bank (126,285)USD 4,223,289 05/10/2015 TRY 12,935,933 Barclays Bank Wholesale (45,023)

USD 1,001,127 08/10/2015 AUD 1,428,000 J.P. Morgan Chase Bank,New York

(1,359)

USD 1,090,949 08/10/2015 EUR 975,000 J.P. Morgan Chase Bank,New York

2,508

USD 2,730,630 08/10/2015 EUR 2,445,000 Royal Bank of Scotland 1,154USD 21,200,106 08/10/2015 EUR 19,088,000 UBS (108,785)


205,908

USD 2,019,783 08/10/2015 GBP 1,320,000 Royal Bank of Scotland 20,369AUD 321,011,409 30/10/2015 USD 225,633,225 HSBC Bank PLC, London (546,562)EUR 64,753,018 30/10/2015 USD 72,098,739 HSBC Bank PLC, London 212,192SGD 14,596,904 30/10/2015 USD 10,243,966 HSBC Bank PLC, London 12,003USD 5,432,294 30/10/2015 AUD 7,795,082 HSBC Bank PLC, London (33,458)USD 1,823,150 30/10/2015 EUR 1,627,025 HSBC Bank PLC, London 6,220USD 203,254 30/10/2015 SGD 290,363 HSBC Bank PLC, London (759)MXN 42,640,690 03/11/2015 USD 2,503,000 Barclays Bank Wholesale 6,435MXN 20,172,045 03/11/2015 USD 1,184,000 Goldman Sachs International 3,139

MXN 47,533,545 03/11/2015 USD 2,785,000 J.P. Morgan Chase Bank,New York

12,383

MXN 37,996,830 03/11/2015 USD 2,231,000 Standard Chartered Bank 5,140USD 4,507,000 03/11/2015 MXN 75,957,796 Barclays Bank Wholesale 36,830USD 4,300,000 03/11/2015 MXN 72,333,654 BNP Paribas, Paris 43,113EUR 4,000,000 05/11/2015 USD 4,480,710 Goldman Sachs International (13,415)EUR 2,000,000 05/11/2015 USD 2,265,374 Société Générale, Paris (31,726)USD 324,762,538 05/11/2015 EUR 288,000,000 Goldman Sachs International 3,117,250USD 2,256,158 05/11/2015 EUR 2,000,000 UBS 22,510


(129,335)

BRL 3,905,500 02/12/2015 USD 1,070,000 Goldman Sachs International (110,229)


(170,698)

BRL 59,882,746 02/12/2015 USD 16,495,596 Standard Chartered Bank (1,779,498)BRL 5,351,490 02/12/2015 USD 1,455,000 UBS (139,879)USD 7,572,151 02/12/2015 BRL 27,440,518 Barclays Bank Wholesale 828,683USD 1,091,261 02/12/2015 BRL 3,959,836 Standard Chartered Bank 118,137


165


Sub-fund

In exchangefor

SettlementDate



currencyGlobal High Income Bond (continued)

ZAR 9,809,470 15/12/2015 USD 737,000 Goldman Sachs International (36,651)


(72,690)

ZAR 28,871,716 15/12/2015 USD 2,173,000 Standard Chartered Bank (111,697)TRY 12,935,933 05/02/2016 USD 4,072,001 Barclays Bank Wholesale 41,285

USD (6,168,239)

Global High Yield BondAUD 67,291,666 30/09/2015 USD 48,495,330 HSBC Bank PLC, London (1,234,594)EUR 22,074,604 30/09/2015 USD 25,268,843 HSBC Bank PLC, London (628,815)GBP 606,872,264 30/09/2015 USD 952,239,835 HSBC Bank PLC, London (32,971,529)USD 47,391,410 30/09/2015 AUD 67,291,666 HSBC Bank PLC, London 130,673USD 24,576,808 30/09/2015 EUR 22,074,604 HSBC Bank PLC, London (63,220)USD 928,504,097 30/09/2015 GBP 606,872,264 HSBC Bank PLC, London 9,235,791USD 72,438,764 02/10/2015 EUR 64,606,193 Standard Chartered Bank 322,128EUR 2,000,000 05/10/2015 USD 2,237,641 Barclays Bank Wholesale (5,041)EUR 2,600,000 05/10/2015 USD 2,912,902 BNP Paribas, Paris (10,523)TRY 18,421,789 05/10/2015 USD 6,918,722 Barclays Bank Wholesale (840,310)TRY 7,220,325 05/10/2015 USD 2,550,000 Standard Chartered Bank (167,598)USD 296,258,291 05/10/2015 EUR 269,600,000 Société Générale, Paris (4,696,151)USD 23,149,036 05/10/2015 GBP 14,806,000 Goldman Sachs International 721,965USD 6,161,186 05/10/2015 TRY 18,871,714 Barclays Bank Wholesale (65,682)USD 2,400,000 05/10/2015 TRY 6,770,400 Standard Chartered Bank 166,054EUR 4,544,434 15/10/2015 USD 4,979,000 Standard Chartered Bank 94,713USD 5,065,341 15/10/2015 EUR 4,499,426 Barclays Bank Wholesale 41,878USD 50,557 15/10/2015 EUR 45,008 Standard Chartered Bank 307AUD 64,349,054 30/10/2015 USD 45,230,451 HSBC Bank PLC, London (110,204)EUR 21,251,936 30/10/2015 USD 23,664,595 HSBC Bank PLC, London 67,848GBP 620,834,344 30/10/2015 USD 949,160,730 HSBC Bank PLC, London (8,875,485)USD 1,979,144 30/10/2015 AUD 2,836,166 HSBC Bank PLC, London (9,519)USD 634,346 30/10/2015 EUR 564,663 HSBC Bank PLC, London 3,776USD 30,381,593 30/10/2015 GBP 20,030,356 HSBC Bank PLC, London 44,598MXN 23,151,697 03/11/2015 USD 1,359,000 Barclays Bank Wholesale 3,494MXN 10,954,920 03/11/2015 USD 643,000 Goldman Sachs International 1,705

MXN 25,823,430 03/11/2015 USD 1,513,000 J.P. Morgan Chase Bank,New York

6,727

MXN 1,208,456 03/11/2015 USD 71,000 Merrill Lynch International Bank 118MXN 19,432,713 03/11/2015 USD 1,141,000 Standard Chartered Bank 2,629USD 2,400,000 16/11/2015 IDR 34,008,000,000 Standard Chartered Bank 120,745


(1,465,875)

BRL 1,949,100 02/12/2015 USD 534,000 Goldman Sachs International (55,011)

BRL 3,215,665 02/12/2015 USD 883,000 J.P. Morgan Chase Bank,New York

(92,755)

BRL 437,520 02/12/2015 USD 120,000 Merrill Lynch International Bank (12,480)BRL 15,226,420 02/12/2015 USD 4,167,000 Standard Chartered Bank (425,129)


166


Sub-fund

In exchangefor

SettlementDate



currencyGlobal High Yield Bond (continued)

BRL 2,905,620 02/12/2015 USD 790,000 UBS (75,948)USD 3,542,581 02/12/2015 BRL 12,848,944 Barclays Bank Wholesale 384,972USD 1,133,364 02/12/2015 BRL 4,112,615 Standard Chartered Bank 122,695TRY 2,861,595 08/12/2015 USD 990,000 Standard Chartered Bank (64,156)IDR 6,833,775,000 11/12/2015 USD 489,000 Barclays Bank Wholesale (35,805)


(32,332)

IDR 7,108,185,000 11/12/2015 USD 509,000 Merrill Lynch International Bank (37,606)IDR 2,510,470,000 11/12/2015 USD 181,000 Standard Chartered Bank (14,513)IDR 12,999,070,000 11/12/2015 USD 932,000 UBS (69,941)

ZAR 4,552,020 15/12/2015 USD 342,000 Goldman Sachs International (17,007)

ZAR 10,400,209 15/12/2015 USD 782,000 J.P. Morgan Chase Bank,New York

(39,475)

ZAR 30,404,722 15/12/2015 USD 2,354,749 Merrill Lynch International Bank (183,997)ZAR 13,406,149 15/12/2015 USD 1,009,000 Standard Chartered Bank (51,865)TRY 18,871,714 05/02/2016 USD 5,940,479 Barclays Bank Wholesale 60,228

USD (40,819,522)

Global Inflation Linked BondEUR 16,744,005 30/09/2015 USD 19,161,181 HSBC Bank PLC, London (471,254)GBP 2,143,792 30/09/2015 USD 3,363,256 HSBC Bank PLC, London (115,917)USD 18,647,189 30/09/2015 EUR 16,744,005 HSBC Bank PLC, London (42,739)USD 3,279,849 30/09/2015 GBP 2,143,792 HSBC Bank PLC, London 32,510USD 111,881 01/10/2015 EUR 100,000 HSBC Bank PLC, London 258USD 287,439 27/10/2015 AUD 400,173 Royal Bank of Canada, London 6,800USD 549,684 27/10/2015 CAD 723,607 Royal Bank of Canada, London 10,024USD 8,574,584 27/10/2015 EUR 7,390,959 Royal Bank of Canada, London 321,331USD 72,113 27/10/2015 EUR 63,612 Société Générale, Paris 1,080USD 230,274 27/10/2015 GBP 150,000 HSBC Bank PLC, London 3,088USD 8,448,453 27/10/2015 GBP 5,370,262 Royal Bank of Canada, London 314,803USD 1,354,533 27/10/2015 JPY 160,451,452 BNP Paribas, Paris 14,421USD 460,196 27/10/2015 SEK 3,791,205 Société Générale, Paris 7,919EUR 15,968,965 30/10/2015 USD 17,780,293 HSBC Bank PLC, London 52,555GBP 2,093,171 30/10/2015 USD 3,201,168 HSBC Bank PLC, London (30,954)USD 283,757 30/10/2015 EUR 253,526 HSBC Bank PLC, London 640

USD 104,565


167


Sub-fund

In exchangefor

SettlementDate



currencyGlobal Short Duration Bond

USD 700,777 08/10/2015 AUD 1,000,000 J.P. Morgan Chase Bank,New York

(1,244)

USD 1,069,226 08/10/2015 CAD 1,420,000 Royal Bank of Scotland 10,107USD 4,527,244 08/10/2015 EUR 4,073,000 Citigroup Global Markets Limited (19,650)

USD 1,379,817 08/10/2015 GBP 906,000 J.P. Morgan Chase Bank,New York

7,492

USD 1,663,066 08/10/2015 JPY 199,708,000 HSBC Bank PLC, London (4,550)

USD 63,281 21/12/2015 MXN 1,060,000 J.P. Morgan Chase Bank,New York

1,125

USD 71,810 21/12/2015 PLN 268,000 Citigroup Global Markets Limited 1,493USD (5,227)

Global Short Duration High Yield BondEUR 1,141,167 30/09/2015 USD 1,306,328 HSBC Bank PLC, London (32,539)GBP 15,398,157 30/09/2015 USD 23,897,550 HSBC Bank PLC, London (572,976)USD 1,269,891 30/09/2015 EUR 1,141,167 HSBC Bank PLC, London (3,897)USD 23,551,480 30/09/2015 GBP 15,398,157 HSBC Bank PLC, London 226,906EUR 3,300,000 23/10/2015 USD 3,711,527 Goldman Sachs International (26,742)USD 64,690,570 23/10/2015 EUR 56,310,000 Goldman Sachs International 1,814,730USD 6,390,328 23/10/2015 EUR 5,700,000 Société Générale, Paris 25,699EUR 1,409,569 30/10/2015 USD 1,573,743 HSBC Bank PLC, London 350GBP 28,833,550 30/10/2015 USD 44,013,184 HSBC Bank PLC, London (343,304)USD 579,303 30/10/2015 EUR 515,984 HSBC Bank PLC, London 3,094USD 261,659 30/10/2015 GBP 172,546 HSBC Bank PLC, London 329

USD 1,091,650

India Fixed Income

INR 4,940,250,000 02/12/2015 USD 75,000,000 State Street Bank and TrustCompany

(342,501)

USD 51,000,000 02/12/2015 INR 3,397,114,000 HSBC Bank PLC, London (337,490)

USD 24,000,000 02/12/2015 INR 1,621,552,500 State Street Bank and TrustCompany

(505,046)

INR 306,769,000 15/01/2016 USD 4,700,000 HSBC Bank PLC, London (101,211)

INR 1,125,912,000 15/01/2016 USD 17,200,000 State Street Bank and TrustCompany

(321,401)

INR 1,645,305,000 10/02/2016 USD 25,000,000 HSBC Bank PLC, London (446,632)INR 2,850,540,000 30/03/2016 USD 42,000,000 HSBC Bank PLC, London 180,162

USD (1,874,119)

RMB Fixed IncomeEUR 72,389,093 30/09/2015 USD 82,858,194 HSBC Bank PLC, London (2,056,325)USD 80,614,565 30/09/2015 EUR 72,389,093 HSBC Bank PLC, London (187,304)EUR 68,859,839 30/10/2015 USD 76,669,604 HSBC Bank PLC, London 227,492USD 147,385 30/10/2015 EUR 131,208 HSBC Bank PLC, London 863

USD (2,015,274)


168


Sub-fund

In exchangefor

SettlementDate



currencyEconomic Scale Index Japan Equity (formerly known as Japanese Equity)

EUR 55,884 30/09/2015 JPY 7,702,358 HSBC Bank PLC, London (157,690)JPY 7,492,463 30/09/2015 EUR 55,884 HSBC Bank PLC, London (52,204)EUR 47,497 30/10/2015 JPY 6,350,889 HSBC Bank PLC, London 62,389JPY 192,097 30/10/2015 EUR 1,428 HSBC Bank PLC, London (780)

JPY (148,285)

Economic Scale Index US Equity (formerly known as US Equity)EUR 51,696,105 30/09/2015 USD 59,084,578 HSBC Bank PLC, London (1,380,555)USD 57,646,298 30/09/2015 EUR 51,696,105 HSBC Bank PLC, London (57,726)EUR 44,554,405 30/10/2015 USD 49,607,542 HSBC Bank PLC, London 147,212USD 950,534 30/10/2015 EUR 852,843 HSBC Bank PLC, London (1,851)

USD (1,292,920)

GEM Debt Total ReturnCHF 13,531,378 30/09/2015 USD 14,331,795 HSBC Bank PLC, London (484,186)EUR 2,647,714,702 30/09/2015 USD 3,029,870,348 HSBC Bank PLC, London (74,448,667)GBP 7,657,515 30/09/2015 USD 12,012,331 HSBC Bank PLC, London (413,002)JPY 12,257,324,311 30/09/2015 USD 101,657,919 HSBC Bank PLC, London 684,475USD 13,849,712 30/09/2015 CHF 13,531,378 HSBC Bank PLC, London 2,104USD 2,947,553,278 30/09/2015 EUR 2,647,714,702 HSBC Bank PLC, London (7,868,403)USD 11,716,049 30/09/2015 GBP 7,657,515 HSBC Bank PLC, London 116,720USD 101,953,472 30/09/2015 JPY 12,257,324,311 HSBC Bank PLC, London (388,922)USD 122,896,579 01/10/2015 MXN 1,904,000,000 Goldman Sachs International 10,535,221TRY 941,510,460 05/10/2015 USD 344,956,557 Barclays Bank Wholesale (34,297,876)

TRY 209,805,279 05/10/2015 USD 73,860,000 Crédit Suisse International,London

(4,633,120)

TRY 415,576,000 05/10/2015 USD 140,000,000 J.P. Morgan Chase Bank,New York

(2,877,475)

TRY 190,640,024 05/10/2015 USD 67,159,000 Standard Chartered Bank (4,255,845)TRY 561,702,536 05/10/2015 USD 190,353,000 UBS (5,014,890)USD 519,786,862 05/10/2015 TRY 1,553,720,766 Barclays Bank Wholesale 7,124,640

USD 111,872,000 05/10/2015 TRY 306,932,941 Crédit Suisse International,London

10,597,095

USD 20,135,000 05/10/2015 TRY 54,096,705 J.P. Morgan Chase Bank,New York

2,285,373

USD 34,157,000 05/10/2015 TRY 92,426,538 Merrill Lynch International Bank 3,660,147USD 93,945,000 05/10/2015 TRY 257,273,490 Standard Chartered Bank 9,055,616USD 20,027,000 05/10/2015 TRY 54,783,859 UBS 1,950,641KRW 231,938,405,500 08/10/2015 USD 194,579,199 Barclays Bank Wholesale 1,016,832USD 16,919,000 08/10/2015 KRW 19,252,130,100 Barclays Bank Wholesale 683,481

USD 65,750,000 08/10/2015 KRW 74,939,220,000J.P. Morgan Chase Bank,

New York 2,552,988


169


Sub-fund

In exchangefor

SettlementDate



currencyGEM Debt Total Return (continued)

USD 125,968,958 08/10/2015 KRW 137,747,055,400 Standard Chartered Bank 9,805,456HUF 14,499,979 09/10/2015 USD 51,605 Barclays Bank Wholesale 65USD 51,400 09/10/2015 HUF 14,499,979 Standard Chartered Bank (270)EUR 130,000,000 15/10/2015 USD 145,011,750 Barclays Bank Wholesale 129,027EUR 431,428,342 15/10/2015 USD 475,137,616 Standard Chartered Bank 6,538,112USD 532,885,280 15/10/2015 EUR 473,349,719 Barclays Bank Wholesale 4,405,696USD 97,275,000 15/10/2015 EUR 88,078,623 Standard Chartered Bank (1,061,921)USD 256,279,469 15/10/2015 MXN 4,120,000,000 Standard Chartered Bank 13,430,023CHF 12,831,594 30/10/2015 USD 13,142,975 HSBC Bank PLC, London 1,318EUR 2,568,325,651 30/10/2015 USD 2,860,059,184 HSBC Bank PLC, London 8,039,095GBP 7,382,425 30/10/2015 USD 11,289,571 HSBC Bank PLC, London (108,513)JPY 11,791,189,098 30/10/2015 USD 98,198,299 HSBC Bank PLC, London 286,759USD 2,633,254 30/10/2015 CHF 2,550,614 HSBC Bank PLC, London 20,483USD 67,444,535 30/10/2015 EUR 60,473,059 HSBC Bank PLC, London (86,884)USD 228,481 30/10/2015 GBP 150,379 HSBC Bank PLC, London 725USD 2,051,716 30/10/2015 JPY 247,032,628 HSBC Bank PLC, London (11,606)MXN 5,887,317,451 03/11/2015 USD 351,538,000 Barclays Bank Wholesale (5,065,220)

MXN 1,231,687,525 03/11/2015 USD 75,484,000 Crédit Suisse International,London

(2,998,321)

MXN 532,037,682 03/11/2015 USD 31,228,000 Goldman Sachs International 82,792

MXN 1,254,288,205 03/11/2015 USD 73,489,000 J.P. Morgan Chase Bank,New York

326,745

MXN 58,959,012 03/11/2015 USD 3,464,000 Merrill Lynch International Bank 5,779MXN 289,668,486 03/11/2015 USD 17,019,000 Morgan Stanley, London 28,194MXN 1,894,619,315 03/11/2015 USD 113,966,000 Standard Chartered Bank (2,466,318)USD 81,003,910 03/11/2015 MXN 1,326,447,029 Barclays Bank Wholesale 2,941,568

USD 155,799,986 03/11/2015 MXN 2,553,624,094 Crédit Suisse International,London

5,517,409

USD 106,894,537 03/11/2015 MXN 1,829,500,000 Standard Chartered Bank (772,827)USD 92,013,000 06/11/2015 THB 3,160,032,823 Standard Chartered Bank 5,058,965USD 1,134,574 12/11/2015 MXN 17,600,000 BNP Paribas, Paris 99,515USD 77,584,204 12/11/2015 MXN 1,202,400,000 Standard Chartered Bank 6,870,807USD 13,890,000 16/11/2015 IDR 196,065,961,800 Barclays Bank Wholesale 749,437USD 71,370,000 16/11/2015 IDR 1,007,280,495,000 Standard Chartered Bank 3,860,919BRL 221,121,753 02/12/2015 USD 60,349,000 Barclays Bank Wholesale (6,008,650)


(1,493,209)

BRL 130,494,800 02/12/2015 USD 35,752,000 Goldman Sachs International (3,683,092)


(19,192,344)

BRL 457,787,477 02/12/2015 USD 130,296,000 Merrill Lynch International Bank (17,795,391)BRL 724,391,707 02/12/2015 USD 198,300,000 Standard Chartered Bank (20,281,788)BRL 52,633,279 02/12/2015 USD 15,384,000 UBS (2,449,448)USD 404,871,022 02/12/2015 BRL 1,465,849,832 Barclays Bank Wholesale 44,640,551

USD 72,518,237 02/12/2015 BRL 258,485,798Crédit Suisse International,

London 8,995,727


170


Sub-fund

In exchangefor

SettlementDate



currencyGEM Debt Total Return (continued)

USD 53,920,912 02/12/2015 BRL 195,659,373 Standard Chartered Bank 5,837,905IDR 180,906,375,000 11/12/2015 USD 12,945,000 Barclays Bank Wholesale (947,833)


(855,578)

IDR 246,035,370,000 11/12/2015 USD 17,618,000 Merrill Lynch International Bank (1,301,674)IDR 232,072,690,000 11/12/2015 USD 16,642,000 Morgan Stanley, London (1,251,637)IDR 66,312,470,000 11/12/2015 USD 4,781,000 Standard Chartered Bank (383,356)IDR 343,917,455,000 11/12/2015 USD 24,658,000 UBS (1,850,428)

USD 11,465,702 15/12/2015 ZAR 147,580,787 Merrill Lynch International Bank 929,139ZAR 1,255,083,976 15/12/2015 USD 93,330,000 Barclays Bank Wholesale (3,723,000)ZAR 265,587,740 15/12/2015 USD 19,954,000 Goldman Sachs International (992,304)


(2,301,399)

ZAR 434,777,226 15/12/2015 USD 31,948,000 Merrill Lynch International Bank (906,983)ZAR 3,539,975,258 15/12/2015 USD 261,693,699 Standard Chartered Bank (8,956,377)USD 88,175,320 20/01/2016 ILS 332,156,432 Standard Chartered Bank 3,402,312USD 194,106,959 22/01/2016 KRW 231,938,405,500 Barclays Bank Wholesale (742,315)JPY 25,834,276,952 29/01/2016 USD 216,023,000 Standard Chartered Bank 223,051TRY 1,235,356,486 05/02/2016 USD 388,868,196 Barclays Bank Wholesale 3,942,595HUF 14,499,979 09/02/2016 USD 51,473 Standard Chartered Bank 209USD 150,375,248 16/02/2016 EUR 133,863,852 Standard Chartered Bank 558,976

USD (55,376,385)

Global MacroAUD 360,000 16/10/2015 EUR 230,577 Royal Bank of Scotland (4,946)CAD 100,000 16/10/2015 EUR 66,692 Morgan Stanley, London (156)

CHF 210,000 16/10/2015 EUR 192,558 J.P. Morgan Chase Bank,New York

(239)

EUR 92,855 16/10/2015 AUD 140,000 Royal Bank of Scotland 5,109EUR 306,346 16/10/2015 CAD 440,000 Morgan Stanley, London 13,586EUR 80,758 16/10/2015 CAD 120,000 Société Générale, Paris 914EUR 727,148 16/10/2015 CHF 780,000 Morgan Stanley, London 12,822EUR 440,030 16/10/2015 GBP 310,530 Morgan Stanley, London 19,521EUR 20,724 16/10/2015 GBP 15,000 Royal Bank of Canada, London 411EUR 206,502 16/10/2015 NOK 1,914,700 BNP Paribas, Paris 5,028EUR 920 16/10/2015 NOK 8,500 UBS AG 26EUR 72,131 16/10/2015 SEK 680,000 BNP Paribas, Paris (151)EUR 34,650 16/10/2015 SEK 323,400 Goldman Sachs International 274EUR 36,583 16/10/2015 SEK 347,500 Morgan Stanley, London (355)EUR 218,946 16/10/2015 SEK 2,065,600 Royal Bank of Scotland (622)EUR 38,358 16/10/2015 SEK 361,700 Société Générale, Paris (90)


171


Sub-fund

In exchangefor

SettlementDate



currencyGlobal Macro (continued)

EUR 62,068 16/10/2015 USD 70,000 BNP Paribas, Paris (330)EUR 151,252 16/10/2015 USD 175,600 Goldman Sachs International (5,278)EUR 353,818 16/10/2015 USD 387,000 Morgan Stanley, London 8,847EUR 1,691 16/10/2015 USD 1,900 Royal Bank of Scotland (3)EUR 113,570 16/10/2015 USD 126,500 Société Générale, Paris 808GBP 485,500 16/10/2015 EUR 686,009 Royal Bank of Scotland (28,561)JPY 42,780,000 16/10/2015 EUR 313,727 Royal Bank of Canada, London 3,278MXN 990,000 16/10/2015 USD 60,417 Royal Bank of Canada, London (1,755)MXN 1,380,000 16/10/2015 USD 82,277 UBS (717)NOK 7,100 16/10/2015 EUR 745 BNP Paribas, Paris 2NOK 8,800,000 16/10/2015 EUR 972,270 Morgan Stanley, London (46,291)NOK 479,100 16/10/2015 EUR 52,891 Royal Bank of Scotland (2,477)SEK 24,869,146 16/10/2015 EUR 2,596,879 Royal Bank of Canada, London 46,636SGD 290,000 16/10/2015 USD 205,148 BNP Paribas, Paris (1,314)SGD 140,000 16/10/2015 USD 97,978 Royal Bank of Scotland 310SGD 180,000 16/10/2015 USD 127,870 Société Générale, Paris (1,294)

USD 2,000 16/10/2015 EUR 1,771 J.P. Morgan Chase Bank,New York

12

USD 2,000 16/10/2015 EUR 1,789 Morgan Stanley, London (6)USD 8,441,310 16/10/2015 EUR 7,718,560 Royal Bank of Canada, London (193,988)USD 150,000 16/10/2015 EUR 135,826 Royal Bank of Scotland (2,116)USD 3,800 16/10/2015 EUR 3,425 Société Générale, Paris (38)USD 7,500 16/10/2015 EUR 6,720 UBS (35)USD 80,830 16/10/2015 MXN 1,380,000 Royal Bank of Canada, London (572)USD 46,920 16/10/2015 PLN 180,000 Royal Bank of Canada, London (607)USD 85,002 16/10/2015 PLN 320,000 Société Générale, Paris 336USD 57,596 16/10/2015 SGD 80,000 Royal Bank of Canada, London 1,257USD 239,375 16/10/2015 SGD 340,000 Royal Bank of Scotland 522USD 87,278 16/10/2015 ZAR 1,210,000 Morgan Stanley, London 35USD 141,972 16/10/2015 ZAR 1,860,000 Royal Bank of Scotland 7,014USD 105,254 16/10/2015 ZAR 1,450,000 UBS 634ZAR 4,290,000 16/10/2015 USD 333,407 Morgan Stanley, London (21,486)ZAR 1,230,000 16/10/2015 USD 91,506 Royal Bank of Scotland (2,518)ZAR 940,000 16/10/2015 USD 67,082 Société Générale, Paris 615BRL 1,550,000 20/10/2015 USD 427,527 BNP Paribas, Paris (42,548)BRL 880,000 20/10/2015 USD 220,534 Goldman Sachs International (4,376)CLP 61,000,000 20/10/2015 USD 87,529 Goldman Sachs International (917)CLP 55,970,000 20/10/2015 USD 81,269 Royal Bank of Scotland (1,695)INR 57,380,000 20/10/2015 USD 890,670 Société Générale, Paris (17,073)

TWD 2,470,000 20/10/2015 USD 76,044 Morgan Stanley, London (882)TWD 56,410,000 20/10/2015 USD 1,782,725 Société Générale, Paris (61,167)USD 241,756 20/10/2015 CLP 169,470,000 BNP Paribas, Paris 1,286USD 1,455,915 20/10/2015 CLP 997,680,000 Société Générale, Paris 36,704


172


Sub-fund

In exchangefor

SettlementDate



currencyGlobal Macro (continued)

USD 196,146 20/10/2015 KRW 231,640,000 Royal Bank of Scotland 504USD 867,964 20/10/2015 KRW 1,014,490,000 Société Générale, Paris 10,160USD 81,735 20/10/2015 TWD 2,650,000 Royal Bank of Scotland 1,079AUD 723,496 18/11/2015 USD 500,000 Société Générale, Paris 6,954CAD 664,620 18/11/2015 USD 500,000 Royal Bank of Canada, London (3,561)NOK 2,483,090 18/11/2015 USD 300,000 Goldman Sachs International (6,275)NZD 321,077 18/11/2015 USD 200,000 Royal Bank of Scotland 3,964USD 500,000 18/11/2015 AUD 684,616 Royal Bank of Canada, London 17,358USD 500,000 18/11/2015 CAD 655,825 Royal Bank of Canada, London 9,409USD 800,000 18/11/2015 JPY 99,285,384 Goldman Sachs International (22,877)USD 200,000 18/11/2015 NZD 306,141 Royal Bank of Canada, London 4,509BRL 2,864,400 20/11/2015 USD 700,000 Société Générale, Paris (5,092)INR 67,218,000 20/11/2015 USD 1,000,000 Société Générale, Paris 13,683

KRW 2,400,000,000 20/11/2015 USD 2,000,000 Société Générale, Paris 21,885

USD 1,000,000 20/11/2015 KRW 1,186,430,000 J.P. Morgan Chase Bank,New York

(744)

USD 500,000 20/11/2015 KRW 593,710,000 Royal Bank of Scotland (744)USD 500,000 20/11/2015 KRW 597,150,000 Société Générale, Paris (3,329)

EUR (231,733)

Global Multi-Asset Income (launched as at 15 July 2015)EUR 165,215 30/09/2015 GBP 121,040 HSBC Bank PLC, London 957EUR 3,305,574 30/09/2015 USD 3,731,018 HSBC Bank PLC, London (36,984)EUR 163,886 15/10/2015 GBP 121,040 HSBC Bank PLC, London (323)EUR 3,328,701 15/10/2015 USD 3,731,018 HSBC Bank PLC, London (13,103)

EUR (49,453)

Managed Solutions- Asia Focused ConservativeAUD 3,056,025 30/09/2015 USD 2,202,068 HSBC Bank PLC, London (55,740)EUR 349,554 30/09/2015 USD 400,039 HSBC Bank PLC, London (9,862)SGD 93,243 30/09/2015 USD 65,920 HSBC Bank PLC, London (338)USD 2,151,810 30/09/2015 AUD 3,056,025 HSBC Bank PLC, London 5,482USD 389,147 30/09/2015 EUR 349,554 HSBC Bank PLC, London (1,030)USD 65,714 30/09/2015 SGD 93,243 HSBC Bank PLC, London 133AUD 2,983,190 30/10/2015 USD 2,096,884 HSBC Bank PLC, London (5,132)EUR 341,079 30/10/2015 USD 379,763 HSBC Bank PLC, London 1,127SGD 39,562 30/10/2015 USD 27,765 HSBC Bank PLC, London 32USD 12,604 30/10/2015 AUD 18,029 HSBC Bank PLC, London (38)USD 4,186 30/10/2015 EUR 3,735 HSBC Bank PLC, London 15USD 180 30/10/2015 SGD 257 HSBC Bank PLC, London (1)

USD (65,352)


173


Sub-fund

In exchangefor

SettlementDate



currencyManaged Solutions- Asia Focused Growth

AUD 8,178,300 30/09/2015 USD 5,886,696 HSBC Bank PLC, London (142,857)EUR 332,901 30/09/2015 USD 380,567 HSBC Bank PLC, London (8,977)SGD 38,935 30/09/2015 USD 27,537 HSBC Bank PLC, London (153)USD 5,762,682 30/09/2015 AUD 8,178,300 HSBC Bank PLC, London 18,843USD 371,089 30/09/2015 EUR 332,901 HSBC Bank PLC, London (501)USD 27,384 30/09/2015 SGD 38,935 HSBC Bank PLC, London -AUD 7,130,212 30/10/2015 USD 5,011,826 HSBC Bank PLC, London (12,267)EUR 298,096 30/10/2015 USD 331,905 HSBC Bank PLC, London 985SGD 34,842 30/10/2015 USD 24,452 HSBC Bank PLC, London 28USD 286,609 30/10/2015 AUD 410,714 HSBC Bank PLC, London (1,375)USD 13,107 30/10/2015 EUR 11,694 HSBC Bank PLC, London 47USD 950 30/10/2015 SGD 1,357 HSBC Bank PLC, London (3)

USD 130,543 12/11/2015 EUR 120,000 State Street Bank and TrustCompany

(3,491)

USD (149,721)

Managed Solutions- Asia Focused IncomeAUD 51,773,747 30/09/2015 USD 37,300,979 HSBC Bank PLC, London (938,892)EUR 8,367,254 30/09/2015 USD 9,572,872 HSBC Bank PLC, London (233,209)SGD 6,588,392 30/09/2015 USD 4,658,233 HSBC Bank PLC, London (24,403)USD 36,469,727 30/09/2015 AUD 51,773,747 HSBC Bank PLC, London 107,640USD 9,320,180 30/09/2015 EUR 8,367,254 HSBC Bank PLC, London (19,484)USD 4,633,372 30/09/2015 SGD 6,588,392 HSBC Bank PLC, London (457)AUD 47,082,260 30/10/2015 USD 33,094,120 HSBC Bank PLC, London (80,999)EUR 7,963,654 30/10/2015 USD 8,867,100 HSBC Bank PLC, London 26,064SGD 6,123,692 30/10/2015 USD 4,297,609 HSBC Bank PLC, London 4,974USD 1,124,969 30/10/2015 AUD 1,611,304 HSBC Bank PLC, London (4,844)USD 219,074 30/10/2015 EUR 195,457 HSBC Bank PLC, London 804USD 103,342 30/10/2015 SGD 147,513 HSBC Bank PLC, London (302)


(81,464)

USD (1,244,572)


174

10. Futures

During the course of the financial period ended 30 September 2015, the Company has entered into financial futurescontracts. Upon entering into a contract the Company deposits and maintains cash as collateral. The cash margin callsneeded to cover the required contract margins are adjusted daily in the Company cash accounts, and results on openpositions are considered as realised at that point in time. The margin is calculated as the difference between the valueof the contract at previous valuation day and the financial future value at the valuation day.

As at 30 September 2015, the Company had the following opened futures positions:

Underlying

Numberof contracts

purchase/(sale) Currency

Commitment inSub-fundcurrency

Maturitydate


currency

EURO STOXX 50* 100 EUR 3,095,500 18/12/2015 (82,910)EUR (82,910)

EURO STOXX 50* 269 EUR 8,326,895 18/12/2015 (223,028)EUR (223,028)

MINI MSCI EMERGING MKT INDEX* 10 USD 394,175 18/12/2015 (7,425)USD (7,425)

MINI MSCI EMERGING MKT INDEX* 10 USD 394,175 18/12/2015 (7,425)USD (7,425)

MINI MSCI EAFE* 43 USD 3,532,128 18/12/2015 (116,637)S&P 500 EMINI INDEX* 27 USD 2,567,869 18/12/2015 (56,599)

USD (173,236)

Singapore EquityMSCI SINGAPORE INDEX ETS* 14 SGD 613,995 29/09/2015 (18,510)

USD (18,510)

Brazil BondONE-DAY BANK DEPOSITS** 50 BRL 416,165 29/06/2018 92,056

USD 92,056

Euro BondEURO BOBL* (37) EUR (4,773,925) 08/12/2015 (9,055)EURO BUND* (371) EUR (57,959,475) 08/12/2015 (560,545)EURO SCHATZ* 71 EUR 7,905,673 08/12/2015 3,372

EUR (566,228)

Euroland Equity

Euroland Growth

GEM Equity Volatility Focused (launched as at 04 August 2015)

Global Emerging Markets Equity


* The broker linked to this futures contract is HSBC Bank PLC, London.**The broker linked to this futures contract is HSBC Corretora De Titulos E Valores Mobiliarios S/A, Brazil.


175

10. Futures (continued)

Underlying

Numberof contracts



Maturitydate


currencyEuro Credit BondEURO BOBL* (10) EUR (1,290,250) 08/12/2015 350EURO BTP* (100) EUR (13,626,500) 08/12/2015 (215,500)EURO BUND* (250) EUR (39,056,250) 08/12/2015 (306,250)EURO SCHATZ* (889) EUR (98,987,928) 08/12/2015 (42,228)

EUR (563,628)

Euro Credit Bond Total ReturnEURO BOBL* (215) EUR (27,740,375) 08/12/2015 (56,655)EURO BTP* (80) EUR (10,901,200) 08/12/2015 (104,510)EURO BUND* (50) EUR (7,811,250) 08/12/2015 (61,250)EURO SCHATZ* (317) EUR (35,297,158) 08/12/2015 (15,058)

EUR (237,473)

Global BondEURO BOBL* 12 EUR 1,728,289 08/12/2015 6,496EURO BUND* (88) EUR (15,345,976) 08/12/2015 (248,031)10Y TREASURY NOTES USA* (90) USD (11,579,766) 21/12/2015 (146,953)LONG GILT* (30) GBP (5,411,520) 29/12/2015 (46,124)5Y TREASURY NOTES USA* 17 USD 2,048,301 31/12/2015 8,168

USD (426,444)

Global Bond Total ReturnEURO BUND* (13) EUR (2,267,019) 08/12/2015 (36,641)10Y TREASURY NOTES USA* (19) USD (2,444,617) 21/12/2015 (31,023)LONG GILT* (2) GBP (360,768) 29/12/2015 (3,075)5Y TREASURY NOTES USA* (16) USD (1,927,813) 31/12/2015 (7,688)

USD (78,427)

Global Corporate BondEURO BOBL* 200 EUR 28,804,820 08/12/2015 112,741EURO BUND* (46) EUR (8,021,760) 08/12/2015 (121,928)10Y TREASURY NOTES USA* (783) USD (100,743,963) 21/12/2015 (1,213,807)LONG GILT* (10) GBP (1,803,840) 29/12/2015 (4,468)

USD (1,227,462)

Global High Income BondEURO BOBL** 10 EUR 1,440,241 08/12/2015 5,861EURO BUND** (137) EUR (23,890,894) 08/12/2015 (372,476)10Y TREASURY NOTES USA** 396 USD 50,950,970 21/12/2015 380,532

USD 13,917

Global High Yield BondEURO SCHATZ** (1) EUR (124,292) 08/12/2015 (47)

USD (47)

* The broker linked to this futures contract is HSBC Bank PLC, London.**The broker linked to this futures contract is Barclays Bank PLC, New York.


176


Underlying

Numberof contracts



Maturitydate


currency

Global Inflation Linked BondEURO BOBL* (25) EUR (3,600,603) 08/12/2015 (11,023)EURO BTP* (4) EUR (608,423) 08/12/2015 (9,622)EURO BUND* 2 EUR 348,772 08/12/2015 3,539EURO SCHATZ* 20 EUR 2,485,832 08/12/2015 1,06010Y TREASURY NOTES USA* (2) USD (257,328) 21/12/2015 (1,891)LONG GILT* (1) GBP (180,384) 29/12/2015 (1,901)5Y TREASURY NOTES USA* (2) USD (240,977) 31/12/2015 (992)

USD (20,830)

Global Short Duration BondEURO SCHATZ* 7 EUR 870,041 08/12/2015 215

USD 215

Latin American Local DebtONE-DAY BANK DEPOSITS** 30 BRL 295,775 30/12/2016 46,993ONE-DAY BANK DEPOSITS** 10 BRL 139,638 30/12/2020 27,650

USD 74,643

US Dollar BondUS LONG BOND* (16) USD (2,518,750) 21/12/2015 (48,625)10Y TREASURY NOTES USA* (32) USD (4,117,250) 21/12/2015 (52,250)2Y TREASURY NOTES USA* (50) USD (10,953,516) 31/12/2015 (21,234)

USD (122,109)

Economic Scale Index GEM EquityMINI MSCI EMERGING MKT INDEX* 454 USD 17,819,500 18/12/2015 (422,165)

USD (422,165)

MINI MSCI EAFE* 47 USD 3,866,808 18/12/2015 (95,413)S&P 500 EMINI INDEX* 43 USD 4,072,906 18/12/2015 (105,941)

USD (201,354)

TOPIX INDEX (TOKYO)* 11 JPY 155,732,500 10/12/2015 1,066,980JPY 1,066,980

Economic Scale Index Global Equity (formerly known as Global Equity)

Economic Scale Index Japan Equity (formerly known as Japanese Equity)

* The broker linked to this futures contract is HSBC Bank PLC, London.** The broker linked to this futures contract is HSBC Corretora De Titulos E Valores Mobiliarios S/A, Brazil.


177


Underlying

Numberof contracts



Maturitydate


currency

S&P 500 INDEX* 23 USD 10,935,350 17/12/2015 (242,938)S&P 500 EMINI INDEX* 190 USD 18,070,188 18/12/2015 (381,570)

USD (624,508)

GEM Debt Total Return10Y TREASURY NOTES USA** (2,730) USD (351,252,897) 21/12/2015 (2,879,304)

USD (2,879,304)

Global MacroCAC40 10 EURO* (6) EUR (267,570) 16/10/2015 5,370IBEX 35 INDEX* (1) EUR (95,580) 16/10/2015 2,050H-SHARES CHINA ENTERPRISES* 5 HKD 273,513 29/10/2015 10,174JAPANESE 10Y MINI GOVERNMENTBONDS*

(12) JPY (1,317,867) 09/12/2015 (3,557)

NIKKEI 225* 14 JPY 904,403 10/12/2015 (16,444)SPI 200* (1) AUD (78,420) 17/12/2015 (376)S&P INDICES S&P/TSX 60 INDEX* (1) CAD (102,842) 17/12/2015 3,474SWISS MARKET INDEX* 1 CHF 77,759 18/12/2015 (1,630)DAX INDEX* 2 EUR 484,425 18/12/2015 (21,450)EURO STOXX 50* 16 EUR 496,000 18/12/2015 (12,545)S&P 500 EMINI INDEX* 1 USD 84,589 18/12/2015 (2,071)10Y TREASURY NOTES USA* (62) USD (7,097,200) 21/12/2015 (71,188)LONG GILT* (10) GBP (1,609,056) 29/12/2015 (13,003)2Y TREASURY NOTES USA* (9) USD (1,757,060) 31/12/2015 (752)5Y TREASURY NOTES USA* (8) USD (857,982) 31/12/2015 (2,117)90D EURODOLLAR* (25) USD (5,489,925) 18/12/2017 (23,683)

EUR (147,748)

Global Multi-Asset Income (launched as at 15 July 2015)EURO STOXX 50* 2 EUR 61,910 18/12/2015 (2,090)FTSE 100 INDEX* 1 GBP 81,590 18/12/2015 (1,472)MINI MSCI EMERGING MKT INDEX* 2 USD 70,625 18/12/2015 (1,330)S&P 500 EMINI INDEX* 4 USD 340,806 18/12/2015 (7,557)

EUR (12,449)

Economic Scale Index US Equity (formerly known as US Equity)

* The broker linked to this futures contract is HSBC Bank PLC, London.** The broker linked to this futures contract is Barclays Bank PLC, New York.


178

11. Swaps

As at 30 September 2015, the Company has entered into the following Interest Rate Swaps and Credit Default Swaps:


Interest Rate Swaps

Counterparty CurrencyMaturity

DatePayer

interest rateReceiver

interest rate

Commitmentin fund

currencyUnderlyingexposure*

Netnotionalamount

Unrealised gain/ (loss) in Sub-fund currency

CREDIT SUISSEINTERNATIONAL

BRL 04/01/2021 Floating(BZDIOVRA Index)**

13.360% 1,425,687 - 5,677,015 (160,555)



15.890% 1,157,201 - 4,607,916 (11,034)



16.490% 114,548 - 456,126 -

USD (171,589)

Global Emerging Markets Investment Grade Bond

Interest Rate Swaps


DatePayer


interest rate

Commitmentin fund


Netnotionalamount


BARCLAYS BANK, PLC BRL 04/01/2016 Floating(BZDIOVRA Index)**

11.965% 3,224,015 - 12,837,867 (4,640)


13.970% 923,179 - 3,676,052 (587)



13.355% 5,717,810 - 22,768,034 (6,171)



17.200% 1,027,119 - 4,089,935 -



12.980% 377,673 - 1,503,875 (48,854)


MXN 01/07/2022 Floating(MXIBTIIE 28D Index)**

5.620% 1,416,201 - 24,000,000 (24,862)

USD (85,114)

Credit Default Swaps


DateCommitment in fund

currency Underlying Name

Netnotionalamount


currencyJ.P MORGAN, LONDON USD 20/06/2018 - BRAZIL 1,000,000 (95,122)GOLDMAN SACHS USD 20/03/2020 - BRAZIL 150,000 (23,720)BARCLAYS BANK, PLC USD 20/06/2020 - BRAZIL 175,000 (29,234)BNP PARIBAS, NEW-YORK USD 20/12/2020 (550,000) BMW A.G (550,000) (13,419)

USD (161,495)

Global Emerging Markets Local Currency Rates

Interest Rate Swaps


DatePayer


interest rate

Commitmentin fund


Netnotionalamount



13.970% 4,562,290 - 18,166,812 (2,900)


13.865% 5,508,562 - 21,934,820 (103,367)


13.875% 24,084,220 - 95,902,161 (448,476)



16.490% 973,661 - 3,877,071 -

BARCLAYS BANK, PLC ZAR 14/12/2015 Floating(JIBA3M Index)**

6.140% 3,254,502 - 45,000,000 (1,106)

BARCLAYS BANK, PLC ZAR 11/02/2016 Floating(JIBA3M Index)**

7.200% 3,616,113 - 50,000,000 10,841

BARCLAYS BANK, PLC ZAR 11/02/2024 8.670% Floating(JIBA3M Index)**

1,012,512 - 14,000,000 (17,458)

USD (562,466)

*The underlying exposure is the same amount as the notional amount in transaction currency.**The floating rates disclosed are those prevailing as at the financial period end of the Company.


179

11. Swaps (continued)

Global Emerging Markets Local Debt

Interest Rate Swaps


DatePayer


interest rate

Commitmentin fund


Netnotionalamount




16.490% 11,879,094 - 47,301,960 -

J.P MORGAN, LONDON ZAR 12/11/2015 Floating(JIBA3M Index)**

6.270% 49,786,649 - 688,400,000 (1,732)

J.P MORGAN, LONDON ZAR 10/02/2016 Floating(JIBA3M Index)**

7.240% 49,179,142 - 680,000,000 151,429

J.P MORGAN, LONDON ZAR 10/02/2024 8.730% Floating(JIBA3M Index)**

13,524,264 - 187,000,000 (280,692)

USD (130,995)


Interest Rate Swaps


DatePayer


interest rate

Commitmentin fund


Netnotionalamount


UBS AG GBP 14/03/2023 3.535% Floating (UKRPIIndex)**

1,060,325 - 700,000 (87,910)

USD (87,910)


Interest Rate Swaps


DatePayer


interest rate

Commitmentin fund


Netnotionalamount


DEUTSCHE BANK, NEW-YORK USD 12/05/2021 3.258% Floating(LIBOR 3M Index)**

32,000,000 - 32,000,000 (3,081,695)

DEUTSCHE BANK, NEW-YORK USD 07/06/2021 3.114% Floating(LIBOR 3M Index)**

65,500,000 - 65,500,000 (5,805,803)

BARCLAYS BANK, PLC USD 21/06/2021 3.116% Floating(LIBOR 3M Index)**

66,000,000 - 66,000,000 (5,877,550)

USD (14,765,048)

* The underlying exposure is the same amount as the notional amount in transaction currency.**The floating rates disclosed are those prevailing as at the financial period end of the Company.


180


GEM Debt Total Return (continued)

Credit Default Swaps (continued)




Netnotionalamount


currencySTANDARD CHARTEREDBANK

USD 20/03/2016 (3,000,000) PHILIPPINES (3,000,000) (7,377)

DEUTSCHE BANK, NEW-YORK USD 20/09/2016 - PERU 8,000,000 (791)STANDARD CHARTEREDBANK

USD 20/12/2016 (10,000,000) STATE of QATAR (10,000,000) (81,396)

STANDARD CHARTEREDBANK


J.P MORGAN, LONDON USD 20/03/2017 (4,000,000) STATE of QATAR (4,000,000) (38,191)MERRILL LYNCHINTERNATIONAL


UBS AG USD 20/03/2017 (8,000,000) STATE of QATAR (8,000,000) (76,381)DEUTSCHE BANK, NEW-YORK USD 20/03/2017 (8,000,000) STATE of QATAR (8,000,000) (76,381)J.P MORGAN, LONDON USD 20/06/2017 - PERU 19,900,000 (81,762)J.P MORGAN, LONDON USD 20/09/2017 (14,400,000) KOREA (14,400,000) (174,376)J.P MORGAN, LONDON USD 20/09/2017 (15,000,000) KOREA (15,000,000) (181,641)BARCLAYS BANK, PLC USD 20/12/2017 - SOUTH AFRICA 16,000,000 (393,385)MORGAN STANLEY, LONDON USD 20/12/2017 (11,500,000) KOREA (11,500,000) (139,258)BARCLAYS BANK, PLC USD 20/06/2018 - BRAZIL 14,000,000 (1,331,713)

BARCLAYS BANK, PLC USD 20/06/2018 (14,700,000) EMIRATE OF ABUDHABI

(14,700,000) (211,551)

CITIBANK USD 20/06/2018 - BRAZIL 19,500,000 (1,854,886)J.P MORGAN, LONDON USD 20/06/2018 - BRAZIL 14,000,000 (1,331,713)J.P MORGAN, LONDON USD 20/06/2018 (3,000,000) KOREA (3,000,000) (43,675)J.P MORGAN, LONDON USD 20/06/2018 (3,000,000) KOREA (3,000,000) (43,675)J.P MORGAN, LONDON USD 20/06/2018 (19,500,000) KOREA (19,500,000) (283,885)J.P MORGAN, LONDON USD 20/06/2018 - CHINA 19,500,000 98,728CREDIT SUISSEINTERNATIONAL

USD 20/06/2018 - BRAZIL 24,000,000 (2,282,937)


USD 20/06/2018 (17,800,000) KOREA (17,800,000) (259,136)


USD 20/06/2018 - BRAZIL 21,800,000 (2,073,667)

BNP PARIBAS, NEW-YORK USD 20/06/2018 (12,500,000) KOREA (12,500,000) (181,977)DEUTSCHE BANK, NEW-YORK USD 20/06/2018 (6,500,000) KOREA (6,500,000) (94,628)DEUTSCHE BANK, NEW-YORK USD 20/06/2018 - CHINA 19,000,000 96,197DEUTSCHE BANK, NEW-YORK USD 20/06/2018 - CHINA 17,800,000 90,121J.P MORGAN, LONDON USD 20/09/2018 - SOUTH AFRICA 7,000,000 (283,132)BNP PARIBAS, NEW-YORK USD 20/09/2018 - SOUTH AFRICA 15,000,000 (606,711)BARCLAYS BANK, PLC USD 20/12/2018 (19,500,000) KOREA (19,500,000) (305,447)BARCLAYS BANK, PLC USD 20/12/2018 (19,500,000) KOREA (19,500,000) (305,447)GOLDMAN SACHS USD 20/12/2018 - BRAZIL 30,000,000 (3,449,442)J.P MORGAN, LONDON USD 20/12/2018 (39,500,000) KOREA (39,500,000) (618,726)MERRILL LYNCHINTERNATIONAL

USD 20/03/2019 (1,400,000) BRAZIL (1,400,000) 173,162

J.P MORGAN, LONDON USD 20/03/2019 - SOUTH AFRICA 23,000,000 (1,183,509)BARCLAYS BANK, PLC USD 20/06/2019 - TURKEY 5,000,000 (328,719)GOLDMAN SACHS USD 20/03/2020 - BRAZIL 25,850,000 (4,087,693)


181


GEM Debt Total Return (continued)

Credit Default Swaps (continued)




Netnotionalamount


currencyGOLDMAN SACHS USD 20/03/2020 - PERU 15,000,000 (557,729)CREDIT SUISSEINTERNATIONAL

USD 20/03/2020 - PERU 10,000,000 (371,819)

MERRILL LYNCHINTERNATIONAL

USD 20/03/2020 - PERU 7,500,000 (278,864)

BARCLAYS BANK, PLC USD 20/06/2020 - BRAZIL 78,000,000 (13,030,138)BARCLAYS BANK, PLC USD 20/06/2020 - BRAZIL 4,700,000 (785,149)BARCLAYS BANK, PLC USD 20/06/2020 - BRAZIL 27,000,000 (4,510,432)BARCLAYS BANK, PLC USD 20/06/2020 - SOUTH AFRICA 10,000,000 (826,059)BARCLAYS BANK, PLC USD 20/06/2020 (88,600,000) CDX EM SERIES 23 (88,600,000) 10,836,521BARCLAYS BANK, PLC USD 20/06/2020 - SOUTH AFRICA 10,000,000 (826,059)CREDIT SUISSEINTERNATIONAL

USD 20/06/2020 - PERU 10,000,000 (418,273)


USD 20/06/2020 - PERU 6,000,000 (250,964)

BNP PARIBAS, NEW-YORK USD 20/06/2020 - SOUTH AFRICA 14,000,000 (1,156,483)MERRILL LYNCHINTERNATIONAL

USD 20/06/2020 - SOUTH AFRICA 10,000,000 (826,059)

BARCLAYS BANK, PLC USD 20/09/2020 - UNITED MEXICANSTATES

9,875,000 (371,718)

BARCLAYS BANK, PLC USD 20/09/2020 - BRAZIL 54,550,000 (9,586,629)CREDIT SUISSEINTERNATIONAL

USD 20/09/2020 - BRAZIL 18,200,000 (3,198,472)

USD (48,290,198)

Global Macro

Interest Rate Swaps


DatePayer


interest rate

Commitmentin fund


Netnotionalamount


HSBC, FRANCE GBP 09/09/2019 1.985% Floating(LIBOR 6M Index)**

1,964,080 - 1,450,000 (49,297)

USD (49,297)

Euro Bond





Netnotionalamount


currencyJ.P MORGAN, LONDON EUR 20/12/2015 - ENEL S.P.A. 1,000,000 1,692SOCIÉTÉ GÉNÉRALE, PARIS EUR 20/12/2015 - ALSTOM 1,000,000 1,617

J.P MORGAN, LONDON EUR 20/12/2020 (10,000,000)MARKIT

CDX.EUR.XOVERS24

(10,000,000) (520,933)

EUR (517,624)

*The underlying exposure is the same amount as the notional amount in transaction currency.** The floating rates disclosed are those prevailing as at the financial period end of the Company.


182


Euro Credit Bond





Netnotionalamount


currency

J.P MORGAN, LONDON EUR 20/06/2018 (6,000,000)TELEFONAKTIEBOL

AGET L MERICSSON

(6,000,000) (106,196)

J.P MORGAN, LONDON EUR 20/06/2018 (10,000,000) TELIASONERAAKTIEBOLAG

(10,000,000) (195,612)

J.P MORGAN, LONDON EUR 20/06/2018 (5,000,000) NEXT PLC (5,000,000) (97,032)BNP PARIBAS, PARIS EUR 20/06/2018 (7,000,000) ADECCO S.A. (7,000,000) (126,361)

BARCLAYS BANK, PLC EUR 20/06/2019 (10,000,000)IMPERIAL

TOBACCO GROUPPLC

(10,000,000) (148,435)

BARCLAYS BANK, PLC EUR 20/12/2020 (10,000,000)MARKIT

CDX.EUR.XOVERS24

(10,000,000) (520,933)

BNP PARIBAS, NEW-YORK EUR 20/12/2020 (25,000,000)MARKIT

CDX.EUR.XOVERS24

(25,000,000) (1,302,333)


CDX.EUR.XOVERS24

(15,000,000) (747,912)

EUR (3,244,814)






Netnotionalamount


currency

BARCLAYS BANK, PLC EUR 20/12/2020 (2,000,000)MARKIT

CDX.EUR.XOVERS24

(2,000,000) (104,186)


CDX.EUR.XOVERS24

(6,000,000) (312,560)


CDX.EUR.XOVERS24

(7,000,000) (349,025)

EUR (765,771)

Euro High Yield Bond





Netnotionalamount


currency

SOCIÉTÉ GÉNÉRALE, PARIS EUR 20/12/2016 - UPM-KYMMENEOYJ

2,000,000 112,740

MORGAN STANLEY, LONDON EUR 20/12/2016 - RENAULT 1,500,000 5,633

UBS AG EUR 20/03/2017 - UPM-KYMMENEOYJ

1,000,000 66,072

BNP PARIBAS, NEW-YORK EUR 20/12/2020 - BMW A.G 10,000,000 (145,031)EUR 39,414


183


Global Bond





Netnotionalamount


currency

BARCLAYS BANK, PLC USD 20/06/2018 - MARKITCDX.NA.IG.20

4,000,000 53,675

USD 53,675






Netnotionalamount


currencyJ.P MORGAN, LONDON USD 20/09/2016 - CHINA 19,500,000 103,171J.P MORGAN, LONDON USD 20/09/2016 - CHINA 11,000,000 58,199MERRILL LYNCHINTERNATIONAL

USD 20/09/2016 - CHINA 10,000,000 52,908

MERRILL LYNCHINTERNATIONAL

USD 20/09/2016 - PERU 15,000,000 (1,484)

DEUTSCHE BANK, NEW-YORK USD 20/09/2016 - PERU 11,000,000 (1,088)BARCLAYS BANK, PLC USD 20/03/2017 - BRAZIL 13,150,000 (544,747)BARCLAYS BANK, PLC USD 20/06/2017 - BRAZIL 20,000,000 (1,054,248)MORGAN STANLEY, LONDON USD 20/06/2017 - KAZAKHSTAN 15,000,000 (341,286)DEUTSCHE BANK, NEW-YORK USD 20/06/2017 - BRAZIL 25,000,000 (1,317,810)BARCLAYS BANK, PLC USD 20/06/2018 - BRAZIL 29,700,000 (2,825,134)CITIBANK USD 20/06/2018 - BRAZIL 10,200,000 (970,248)CITIBANK USD 20/06/2018 - BRAZIL 10,000,000 (951,224)J.P MORGAN, LONDON USD 20/06/2018 - BRAZIL 10,000,000 (951,224)CREDIT SUISSEINTERNATIONAL

USD 20/06/2018 - BRAZIL 12,500,000 (1,189,029)

BNP PARIBAS, NEW-YORK USD 20/03/2019 - TURKEY 10,000,000 (600,813)MERRILL LYNCHINTERNATIONAL

USD 20/06/2019 - BRAZIL 8,600,000 (1,138,484)

BARCLAYS BANK, PLC USD 20/06/2019 - BRAZIL 12,000,000 (1,588,583)GOLDMAN SACHS USD 20/03/2020 - BRAZIL 24,000,000 (3,795,150)CREDIT SUISSEINTERNATIONAL

USD 20/03/2020 - PERU 10,000,000 (371,819)

BNP PARIBAS, NEW-YORK USD 20/03/2020 - COLUMBIA 15,000,000 (888,271)BNP PARIBAS, NEW-YORK USD 20/03/2020 - RUSSIA 15,000,000 (1,591,003)MERRILL LYNCHINTERNATIONAL

USD 20/03/2020 - PERU 5,000,000 (185,910)

BARCLAYS BANK, PLC USD 20/06/2020 - BRAZIL 98,050,000 (16,379,551)BARCLAYS BANK, PLC USD 20/06/2020 - BRAZIL 28,900,000 (4,827,833)BARCLAYS BANK, PLC USD 20/06/2020 - BRAZIL 17,500,000 (2,923,428)BARCLAYS BANK, PLC USD 20/06/2020 - BRAZIL 54,000,000 (9,020,864)CREDIT SUISSEINTERNATIONAL

USD 20/06/2020 - BRAZIL 25,000,000 (4,176,326)

USD (57,421,279)


184


Global High Income Bond


Credit Default Swaps CurrencyMaturity



Netnotionalamount


currencyBARCLAYS BANK, PLC USD 20/06/2020 - BRAZIL 2,650,000 (442,691)BARCLAYS BANK, PLC USD 20/06/2020 - BRAZIL 5,000,000 (835,265)

BNP PARIBAS, NEW-YORK USD 20/06/2020 - CDX EM SERIES 23 5,000,000 26,072

BNP PARIBAS, NEW-YORK USD 20/06/2020 - CDX NA HY SERIES24

6,831,000 173,736

UBS AG USD 11/05/2063 - MARKITCMBX.NA.BBB-.6

5,000,000 (127,338)

USD (1,205,486)

Global High Yield Bond





Netnotionalamount


currency

BNP PARIBAS, NEW-YORK USD 20/06/2020 - CDX NA HY SERIES24

27,324,000 694,941

USD 694,941

US Dollar Bond





Netnotionalamount


currency

BARCLAYS BANK, PLC USD 20/06/2018 - MARKITCDX.NA.IG.20

2,000,000 26,837

USD 26,837


185

12. Cash collateral information paid / (received)

Sub-fund Counterparty Instrument Type Currency

Cash Collateralin Sub-fund

currencyEuro Credit Bond

J.P Morgan, London Credit Default Swaps EUR 880,000

Euro Credit BondJ.P Morgan, London Credit Default Swaps EUR 890,022

Barclays Bank, Plc Credit Default Swaps EUR 260,000BNP Paribas, Paris Credit Default Swaps EUR 1,830,000

Euro Credit Bond Total ReturnBarclays Bank, Plc Credit Default Swaps EUR 730,000BNP Paribas, Paris Credit Default Swaps EUR 490,000

Euro High Yield Bond

Morgan Stanley, London Credit Default Swaps, ForwardExchange Contracts EUR (210,000)

Royal Bank of Canada,London Forward Exchange Contracts EUR (10,040,000)

GEM Inflation Linked BondCredit SuisseInternational, London

Interest Rate Swaps, Forward ExchangeContracts USD 900,000

State Street Bank andTrust Company Forward Exchange Contracts USD 110,000

Global BondBarclays Bank, Plc Credit Default Swaps USD 810,000

Global Corporate BondMorgan Stanley, London Forward Exchange Contracts EUR 468,825Société Générale, Paris Forward Exchange Contracts EUR (982,300)

Global Emerging Markets BondCredit SuisseInternational, London

Credit Default Swaps, ForwardExchange Contracts USD 7,200,000

UBS Forward Exchange Contracts USD 1,770,000

Barclays Bank, Plc Credit Default Swaps, ForwardExchange Contracts USD 31,270,000

J.P Morgan, London Credit Default Swaps, ForwardExchange Contracts USD 3,940,000

Standard Chartered Bank Forward Exchange Contracts USD 20,300,000

Merrill Lynch International Credit Default Swaps, ForwardExchange Contracts USD 1,550,000

Citibank Credit Default Swaps USD 1,549,764Deutsche Bank, New York Credit Default Swaps USD 960,000

Morgan Stanley, London Credit Default Swaps, ForwardExchange Contracts USD 160,000

Goldman Sachs Credit Default Swaps, ForwardExchange Contracts USD 5,190,000

BNP Paribas, New York Credit Default Swaps USD 2,700,000


186

12. Cash collateral information paid / (received) (continued)



currencyGlobal Emerging Markets Investment Grade Bond

Credit SuisseInternational, London

Interest Rate Swaps, Forward ExchangeContracts USD 400,000

Global Emerging Markets Local Currency RatesCredit SuisseInternational, London

Interest Rate Swaps, Forward ExchangeContracts USD 2,100,000

Barclays Bank, Plc Interest Rate Swaps, Forward ExchangeContracts

USD 700,000

J.P Morgan, London Forward Exchange Contracts USD 30,000

Global Emerging Markets Local DebtCredit SuisseInternational, London

Interest Rate Swaps, Forward ExchangeContracts USD 4,500,000

UBS Forward Exchange Contracts USD 10,290,000Barclays Bank, Plc Forward Exchange Contracts USD 3,220,000

J.P Morgan, London Interest Rate Swaps, Forward ExchangeContracts USD 60,000

Standard Chartered Bank Forward Exchange Contracts USD 21,530,000Merrill Lynch International Forward Exchange Contracts USD 2,740,000Morgan Stanley, London Forward Exchange Contracts USD (1,070,000)Goldman Sachs Forward Exchange Contracts USD 20,000BNP Paribas, Paris Forward Exchange Contracts USD 180,000

Global High Income Bond

UBS Credit Default Swaps, ForwardExchange Contracts USD 230,000

Barclays Bank, PlcCredit Default Swaps, ForwardExchange Contracts USD 330,000

J.P Morgan, New York Forward Exchange Contracts USD 240,000Standard Chartered Bank Forward Exchange Contracts USD 2,410,000

Global High Yield BondCredit SuisseInternational, London Forward Exchange Contracts USD 1,650,000

Société Générale, Paris Forward Exchange Contracts EUR 5,860,310UBS Forward Exchange Contracts USD 130,000Barclays Bank, Plc Forward Exchange Contracts USD 520,000J.P Morgan, New York Forward Exchange Contracts USD 110,000Standard Chartered Bank Forward Exchange Contracts USD 360,000Merrill Lynch International Forward Exchange Contracts USD 240,000

Global Inflation Linked BondRoyal Bank of Canada,London Forward Exchange Contracts USD (430,000)

US Dollar BondBarclays Bank, Plc Credit Default Swaps USD 410,000


187

12. Cash collateral information paid / (received) (continued)



currencyGEM Debt Total Return

UBS Credit Default Swaps, ForwardExchange Contracts USD 9,010,000

Barclays Bank, Plc Credit Default Swaps, Interest RateSwaps, Forward Exchange Contracts USD 14,920,000

J.P Morgan, London Credit Default Swaps, ForwardExchange Contracts USD 23,780,099

Merrill Lynch International Credit Default Swaps, ForwardExchange Contracts USD 15,900,000

Citibank Credit Default Swaps USD 1,496,059

Deutsche Bank, New York Credit Default Swaps, Interest RateSwaps USD 9,110,000

Morgan Stanley, London Credit Default Swaps, ForwardExchange Contracts USD 1,620,000

Goldman Sachs Credit Default Swaps, ForwardExchange Contracts USD 1,490,000

BNP Paribas, New York Credit Default Swaps, ForwardExchange Contracts USD 1,740,000

Global MacroMorgan Stanley, London Forward Exchange Contracts EUR 400,000

13. Options

Purchased and Written options

Sub-fund Broker

Quantitypurchased/

(Written)

Strike(in trade

currency)Trade

currencyMaturity

dateUnderlying

Name

Commitment -(in tradecurrency)

MarketValue in

Sub-fundcurrency

Global MacroPUT USD/SGD HSBC Bank Plc 2,000,000 1.4 USD 08/10/2015 Singapore dollar - 235

CALL EURO STOXX HSBC Bank Plc 20 3,250.0 EUR 16/10/2015 EURO STOXX50

- 3,820

PUT EURO STOXX HSBC Bank Plc (20) 3,000.0 EUR 16/10/2015 EURO STOXX50

600,000 (8,260)

CALL CBT HSBC Bank Plc (25) 128.0 USD 23/10/2015 CABOT Futures 3,200,000 (22,638)PUT CBT HSBC Bank Plc (25) 124.0 USD 23/10/2015 CABOT Futures 3,100,000 (349)PUT CBT HSBC Bank Plc 25 126.5 USD 23/10/2015 CABOT Futures - 2,090PUT USD/INR HSBC Bank Plc 1,000,000 66.2 USD 02/12/2015 Indian rupee - 7,679

PUT CME HSBC Bank Plc 50 98.0 USD 11/12/2015 CMEEURODOLLAR

- 1,672

PUT CME HSBC Bank Plc 50 97.8 USD 11/12/2015 CMEEURODOLLAR

- 557

CALL CME HSBC Bank Plc (50) 98.1 USD 11/12/2015 CMEEURODOLLAR

12,265,625 (52,659)

CALL CME HSBC Bank Plc (50) 98.0 USD 11/12/2015 CMEEURODOLLAR

12,250,000 (65,197)

PUT CME HSBC Bank Plc (50) 97.3 USD 11/12/2015 CMEEURODOLLAR

12,156,250 (557)

PUT USD/CNH Morgan Stanley UKLimited

5,000,000 6.2 USD 22/01/2016 Chinese Yuan - 9,887

EUR (123,720)


188

14. Dividends

Most distributing fund share classes in issue as at 30 September 2015 have had UK Reporting Fund status, either from1 April 2010 or from the launch of the fund share class concerned. It is the intention of the Company that all Distributingand Accumulating Share Classes have UK Reporting Fund status from 1 April 2013. As and when new fund shareclasses are launched, UK Reporting Fund applications shall be made to HM Revenue & Customs accordingly. Detailsof the share classes that have UK Reporting Fund status can be found on the HM Revenue & Customs’ website(www.hmrc.gov.uk).

At the date of this Report, the status can be found at http://www.hmrc.gov.uk/collective/rep-funds.xls.

The Company publishes annual reportable income information that shareholders require for their UK tax returns atwww.kpmgreportingfunds.co.uk. If investors do not have access to the internet they can apply in writing at theregistered office of the Company.

The Company paid the following dividends during the period ended 30 September 2015:

Sub-fundShareclass Currency

Dividendper share Ex-date

Paymentdate

Number ofshares

Total amountpaid

Asia ex Japan EquityAD USD 0.427682 08/07/2015 29/07/2015 2,630,614 1,125,066ADH EUR USD 0.194231 08/07/2015 29/07/2015 33,179 6,445BD GBP USD 0.280617 08/07/2015 29/07/2015 1,255 352ED USD 0.183827 08/07/2015 29/07/2015 4,264 784ID USD 0.902319 08/07/2015 29/07/2015 142,000 128,129ZD USD 1.221001 08/07/2015 29/07/2015 317,442 387,597

USD 1,648,373

Asia ex Japan Equity Smaller CompaniesAD USD 0.346551 08/07/2015 29/07/2015 2,686,810 931,117AD HKD USD 0.011330 08/07/2015 29/07/2015 3,632,364 41,157BD USD 0.140082 08/07/2015 29/07/2015 425,287 59,575ID USD 0.275472 08/07/2015 29/07/2015 1,560,586 429,898

USD 1,461,747

Asia Pacific ex Japan Equity High DividendAD USD 0.089212 08/07/2015 29/07/2015 2,283,640 203,728AD USD 0.225099 31/07/2015 11/08/2015 2,243,126 504,925AM USD 0.027693 24/04/2015 06/05/2015 3,669,189 101,611AM USD 0.027488 29/05/2015 09/06/2015 3,525,084 96,897AM USD 0.024684 26/06/2015 08/07/2015 3,237,928 79,925AM USD 0.021818 31/07/2015 11/08/2015 3,187,620 69,547AM USD 0.033472 28/08/2015 08/09/2015 3,248,703 108,741AM USD 0.030346 25/09/2015 08/10/2015 3,250,082 98,627AM HKD USD 0.003562 24/04/2015 06/05/2015 14,975,921 53,349AM HKD USD 0.003535 29/05/2015 09/06/2015 13,216,202 46,730AM HKD USD 0.003175 26/06/2015 08/07/2015 13,379,412 42,482AM HKD USD 0.002806 31/07/2015 11/08/2015 12,828,645 36,004AM HKD USD 0.004306 28/08/2015 08/09/2015 11,901,634 51,257AM HKD USD 0.003902 25/09/2015 08/10/2015 11,445,502 44,669BD GBP USD 0.109584 08/07/2015 29/07/2015 941 103BD GBP USD 0.273950 31/07/2015 11/08/2015 947 260S9D USD 0.224685 31/07/2015 11/08/2015 397,596 89,334ZD USD 0.137207 08/07/2015 29/07/2015 2,073,398 284,485ZD USD 0.319035 31/07/2015 11/08/2015 2,088,542 666,318

USD 2,578,992


189

14. Dividends (continued)



Paymentdate

Number ofshares

Total amountpaid

BRIC EquityAD USD 0.407531 08/07/2015 29/07/2015 60,791 24,774AD GBP USD 0.403991 08/07/2015 29/07/2015 421 170BD GBP USD 0.463254 08/07/2015 29/07/2015 121 56M2D USD 0.515743 08/07/2015 29/07/2015 2,981,753 1,537,819

USD 1,562,819

BRIC Markets EquityAD USD 0.174484 08/07/2015 29/07/2015 3,778,008 659,202BD USD 0.218230 08/07/2015 29/07/2015 1,509 329ED USD 0.106603 08/07/2015 29/07/2015 2,269 242

USD 659,773

China Consumer OpportunitiesAD USD 0.028368 08/07/2015 29/07/2015 6,088 173

USD 173

Emerging WealthAD USD 0.041080 08/07/2015 29/07/2015 557,054 22,884

USD 22,884

Euroland EquityAD EUR 0.192159 08/07/2015 29/07/2015 1,196,064 229,834ED EUR 0.056967 08/07/2015 29/07/2015 1,816 104ID EUR 0.380963 08/07/2015 29/07/2015 2,030,752 773,641ZD EUR 0.821809 08/07/2015 29/07/2015 679,383 558,323

EUR 1,561,902

Euroland Equity Smaller CompaniesID EUR 0.074215 08/07/2015 29/07/2015 2,150,000 159,562

EUR 159,562

Euroland GrowthM1D EUR 0.109052 08/07/2015 29/07/2015 181,682 19,813

EUR 19,813

European EquityAD EUR 0.205765 08/07/2015 29/07/2015 627,913 129,203ED EUR 0.021350 08/07/2015 29/07/2015 652,076 13,922PD EUR 0.385543 08/07/2015 29/07/2015 1,455,381 561,112ZD EUR 0.807597 08/07/2015 29/07/2015 120,170 97,049

EUR 801,286

Frontier MarketsAD USD 1.024099 08/07/2015 29/07/2015 39,685 40,641AD EUR USD 0.150164 08/07/2015 29/07/2015 19,170 2,879BD GBP USD 0.132772 08/07/2015 29/07/2015 17,435 2,315ID USD 2.263886 08/07/2015 29/07/2015 34,732 78,629


190




Paymentdate

Number ofshares

Total amountpaid

Frontier Markets (continued)ID GBP USD 0.281839 08/07/2015 29/07/2015 371,721 104,765ZD USD 0.312367 08/07/2015 29/07/2015 1,002,433 313,127

USD 542,356

Global Emerging Markets EquityAD USD 0.169325 08/07/2015 29/07/2015 2,055,914 348,118AD GBP USD 0.195194 08/07/2015 29/07/2015 263 51BD GBP USD 0.291776 08/07/2015 29/07/2015 9,797 2,858ED USD 0.092122 08/07/2015 29/07/2015 12,146 1,119ID USD 0.356154 08/07/2015 29/07/2015 30,340 10,806PD USD 0.139511 08/07/2015 29/07/2015 345,128 48,150S1D USD 0.160489 08/07/2015 29/07/2015 232,448 37,305ZD USD 0.430000 08/07/2015 29/07/2015 9,892 4,254

USD 452,661

Global Equity Climate ChangeAD USD 0.006926 08/07/2015 29/07/2015 1,370,704 9,494

USD 9,494

Global Equity Dividend (launched as at 27 July 2015)AM USD 0.024873 28/08/2015 08/09/2015 6,004,069 149,339AM USD 0.024347 25/09/2015 08/10/2015 8,035,028 195,629AM HKD USD 0.003209 28/08/2015 08/09/2015 35,744,267 114,726AM HKD USD 0.003140 25/09/2015 08/10/2015 38,709,394 121,572AQ USD 0.073420 25/09/2015 08/10/2015 500 37EQ USD 0.073380 25/09/2015 08/10/2015 500 37ZQ USD 0.039560 25/09/2015 08/10/2015 92,910 3,675

USD 585,015

Global Equity Volatility FocusedAM USD 0.022671 24/04/2015 06/05/2015 27,387,996 620,913AM USD 0.022084 29/05/2015 09/06/2015 23,677,031 522,884AM USD 0.022657 26/06/2015 08/07/2015 21,811,416 494,181AM USD 0.020752 31/07/2015 11/08/2015 20,412,081 423,592AM USD 0.021215 28/08/2015 08/09/2015 19,327,836 410,040AM USD 0.020018 25/09/2015 08/10/2015 19,163,725 383,619AM HKD USD 0.002924 24/04/2015 06/05/2015 118,104,075 345,409


191




Paymentdate

Number ofshares

Total amountpaid

Global Equity Volatility Focused (continued)AM HKD USD 0.002848 29/05/2015 09/06/2015 98,711,870 281,227AM HKD USD 0.002922 26/06/2015 08/07/2015 87,835,522 256,734AM HKD USD 0.002677 31/07/2015 11/08/2015 78,941,973 211,339AM HKD USD 0.002737 28/08/2015 08/09/2015 73,634,558 201,557AM HKD USD 0.002582 25/09/2015 08/10/2015 71,774,310 185,338AMH AUD USD 0.030580 24/04/2015 06/05/2015 12,176,889 372,380AMH AUD USD 0.029195 29/05/2015 09/06/2015 10,605,567 309,638AMH AUD USD 0.028123 26/06/2015 08/07/2015 9,980,094 280,680AMH AUD USD 0.025513 31/07/2015 11/08/2015 9,676,960 246,893AMH AUD USD 0.024970 28/08/2015 08/09/2015 9,037,776 225,677AMH AUD USD 0.022500 25/09/2015 08/10/2015 8,756,321 197,023AMH CAD USD 0.023501 24/04/2015 06/05/2015 3,762,074 88,413AMH CAD USD 0.022331 29/05/2015 09/06/2015 3,537,837 79,004AMH CAD USD 0.022885 26/06/2015 08/07/2015 3,469,021 79,392AMH CAD USD 0.020210 31/07/2015 11/08/2015 3,574,128 72,235AMH CAD USD 0.018679 28/08/2015 08/09/2015 3,540,453 66,135AMH CAD USD 0.017125 25/09/2015 08/10/2015 3,356,646 57,485AMH EUR USD 0.022473 24/04/2015 06/05/2015 1,556,255 34,974AMH EUR USD 0.022299 29/05/2015 09/06/2015 1,374,969 30,662AMH EUR USD 0.022656 26/06/2015 08/07/2015 1,336,643 30,284AMH EUR USD 0.020322 31/07/2015 11/08/2015 1,311,449 26,652AMH EUR USD 0.021356 28/08/2015 08/09/2015 1,299,576 27,754AMH EUR USD 0.020068 25/09/2015 08/10/2015 1,221,794 24,520AMH RMB USD 0.009318 24/04/2015 06/05/2015 23,784,283 221,644AMH RMB USD 0.008217 29/05/2015 09/06/2015 20,321,016 166,980AMH RMB USD 0.006498 26/06/2015 08/07/2015 19,091,941 124,065AMH RMB USD 0.007450 31/07/2015 11/08/2015 18,418,128 137,231AMH RMB USD 0.006302 28/08/2015 08/09/2015 18,016,673 113,541AMH RMB USD 0.013211 25/09/2015 08/10/2015 17,684,323 233,642AMH SGD USD 0.022632 24/04/2015 06/05/2015 1,020,413 23,095AMH SGD USD 0.019982 29/05/2015 09/06/2015 929,249 18,569AMH SGD USD 0.020840 26/06/2015 08/07/2015 919,556 19,164AMH SGD USD 0.018784 31/07/2015 11/08/2015 873,277 16,404AMH SGD USD 0.019056 28/08/2015 08/09/2015 854,715 16,288AMH SGD USD 0.019405 25/09/2015 08/10/2015 840,166 16,304

USD 7,693,561

Global Real Estate EquityAD USD 0.000536 08/07/2015 29/07/2015 9,114 5ID USD 0.001522 08/07/2015 29/07/2015 396,357 604


192




Paymentdate

Number ofshares

Total amountpaid

Global Real Estate Equity (continued)ZD USD 0.002400 08/07/2015 29/07/2015 41,016,957 98,441ZQ USD 0.035834 25/09/2015 08/10/2015 37,260,040 1,335,176

USD 1,434,226

Latin American EquityAD USD 0.103947 08/07/2015 29/07/2015 411,022 42,725AD GBP USD 0.084287 08/07/2015 29/07/2015 2,116 178AD HKD USD 0.006444 08/07/2015 29/07/2015 989,853 6,379L1D USD 0.276172 08/07/2015 29/07/2015 2,600,000 718,047M1D USD 0.181489 08/07/2015 29/07/2015 516,557 93,750

USD 861,079

Brazil EquityAD USD 0.282758 08/07/2015 29/07/2015 10,917,945 3,087,136AD GBP USD 0.135382 08/07/2015 29/07/2015 5,283 715AD HKD USD 0.009190 08/07/2015 29/07/2015 4,007,255 36,828BD USD 0.296897 08/07/2015 29/07/2015 21,507 6,385BD GBP USD 0.263845 08/07/2015 29/07/2015 875 231ED USD 0.161786 08/07/2015 29/07/2015 3,140 508ID USD 0.469888 08/07/2015 29/07/2015 6,213 2,920S3D USD 0.807956 23/07/2015 29/07/2015 299,023 241,598

USD 3,376,321

Chinese EquityAD USD 0.604544 08/07/2015 29/07/2015 16,483,354 9,964,913AD GBP USD 0.142316 08/07/2015 29/07/2015 3,520 501AD HKD USD 0.009620 08/07/2015 29/07/2015 44,313,402 426,312BD USD 0.122079 08/07/2015 29/07/2015 649,095 79,241BD GBP USD 0.267200 08/07/2015 29/07/2015 5,583 1,492ED USD 0.207872 08/07/2015 29/07/2015 546 114ID USD 1.313110 08/07/2015 29/07/2015 76,124 99,959ZD USD 1.938092 08/07/2015 29/07/2015 645,760 1,251,542

USD 11,824,074

Hong Kong EquityAD USD 1.737398 08/07/2015 29/07/2015 18,196 31,613BD GBP USD 0.330828 08/07/2015 29/07/2015 680 225PD USD 2.271964 08/07/2015 29/07/2015 1,443,717 3,280,072ZD USD 3.709889 08/07/2015 29/07/2015 220,963 819,750

USD 4,131,660

Indian EquityBD USD 0.061436 08/07/2015 29/07/2015 499,443 30,684BD GBP USD 0.073746 08/07/2015 29/07/2015 331,487 24,446ID USD 0.976746 08/07/2015 29/07/2015 123,939 121,056XD USD 0.111183 08/07/2015 29/07/2015 10,980,000 1,220,789ZD USD 2.323834 08/07/2015 29/07/2015 202,579 470,760

USD 1,867,735


193




Paymentdate

Number ofshares

Total amountpaid

Russia EquityAD USD 0.112228 08/07/2015 29/07/2015 41,709,022 4,680,920AD GBP USD 0.266632 08/07/2015 29/07/2015 38,861 10,362AD HKD USD 0.016449 08/07/2015 29/07/2015 19,748,428 324,855BD GBP USD 0.066987 08/07/2015 29/07/2015 2,543 170

USD 5,016,307

Singapore EquityAD USD 0.368688 08/07/2015 29/07/2015 398,478 146,914PD USD 0.556738 08/07/2015 29/07/2015 300,620 167,366ZD USD 1.014125 08/07/2015 29/07/2015 382,098 387,496

USD 701,776

Taiwan EquityAD USD 0.070716 08/07/2015 29/07/2015 267,451 18,913

USD 18,913

Thai EquityAD USD 0.253474 08/07/2015 29/07/2015 4,148,161 1,051,451

USD 1,051,451

Turkey EquityBD EUR 0.002954 08/07/2015 29/07/2015 22,333 66BD GBP EUR 0.031476 08/07/2015 29/07/2015 1,518 48

EUR 114

UK EquityAD GBP 0.504825 08/07/2015 29/07/2015 570,495 288,000BD GBP 0.301231 08/07/2015 29/07/2015 4,335 1,306

GBP 289,306

Asian Currencies BondAD USD 0.159633 08/07/2015 29/07/2015 863,441 137,834ID USD 0.234740 08/07/2015 29/07/2015 1,066,687 250,394ID EUR USD 0.331273 08/07/2015 29/07/2015 2,336,000 773,855

USD 1,162,083

Brazil BondAD USD 0.483128 08/07/2015 29/07/2015 559,017 270,077

USD 270,077

Euro BondAD EUR 0.245136 08/07/2015 29/07/2015 179,753 44,064ID EUR 0.070510 08/07/2015 29/07/2015 3,052,411 215,225

EUR 259,289


194




Paymentdate

Number ofshares

Total amountpaid

Euro Credit BondAD EUR 0.285513 08/07/2015 29/07/2015 447,979 127,904BD EUR 0.194249 08/07/2015 29/07/2015 546 106ID EUR 0.199581 08/07/2015 29/07/2015 688,922 137,496ZD EUR 0.105772 08/07/2015 29/07/2015 299,966 31,728

EUR 297,234

Euro Credit Bond Total ReturnID EUR 0.193445 08/07/2015 29/07/2015 435,486 84,243

EUR 84,243

Euro High Yield BondAD EUR 0.139811 08/07/2015 29/07/2015 1,452,333 203,052AM EUR 0.016201 24/04/2015 06/05/2015 208,879 3,384AM EUR 0.016532 29/05/2015 09/06/2015 187,145 3,094AM EUR 0.018653 26/06/2015 08/07/2015 187,739 3,502AM EUR 0.020600 31/07/2015 11/08/2015 188,497 3,883AM EUR 0.023981 28/08/2015 08/09/2015 188,508 4,521AM EUR 0.022700 25/09/2015 08/10/2015 188,508 4,279BD EUR 0.382071 08/07/2015 29/07/2015 2,844 1,087BD GBP EUR 0.336505 08/07/2015 29/07/2015 598 201ED EUR 0.435820 08/07/2015 29/07/2015 34,384 14,985ID EUR 1.064769 08/07/2015 29/07/2015 5,922,557 6,306,155S8D EUR 0.394260 08/07/2015 29/07/2015 40,008,046 15,773,572

EUR 22,321,715

Global BondAD USD 0.228253 08/07/2015 29/07/2015 1,022,087 233,294PD USD 0.215587 08/07/2015 29/07/2015 241,875 52,145WD USD 5.084986 08/07/2015 29/07/2015 53 269ZD USD 0.359882 08/07/2015 29/07/2015 5,368,272 1,931,945

USD 2,217,653

Global Corporate BondZD USD 0.155983 08/07/2015 29/07/2015 99,812,729 15,569,089ZDH GBP USD 0.186542 08/07/2015 29/07/2015 21,223,313 3,959,040ZQ USD 0.052587 25/09/2015 08/10/2015 98,520,530 5,180,899ZQH EUR USD 0.069142 26/06/2015 08/07/2015 230,921 15,966ZQH EUR USD 0.069569 25/09/2015 08/10/2015 259,066 18,023ZQH GBP USD 0.022393 25/09/2015 08/10/2015 22,940,930 513,738

USD 25,256,755


195




Paymentdate

Number ofshares

Total amountpaid

Global Emerging Markets BondAD USD 1.209231 08/07/2015 29/07/2015 571,472 691,042AD EUR USD 0.344701 08/07/2015 29/07/2015 3,710 1,279AD GBP USD 0.829732 08/07/2015 29/07/2015 39,354 32,653ADH EUR USD 0.253710 08/07/2015 29/07/2015 1,264,551 320,829AM USD 0.098236 24/04/2015 06/05/2015 3,702,269 363,696AM USD 0.094749 29/05/2015 09/06/2015 3,410,876 323,177AM USD 0.088622 26/06/2015 08/07/2015 3,097,383 274,496AM USD 0.086816 31/07/2015 11/08/2015 3,703,459 321,520AM USD 0.088881 28/08/2015 08/09/2015 3,508,075 311,801AM USD 0.102788 25/09/2015 08/10/2015 3,480,531 357,757AM HKD USD 0.004953 24/04/2015 06/05/2015 25,425,073 125,937AM HKD USD 0.004777 29/05/2015 09/06/2015 25,424,757 121,466AM HKD USD 0.004468 26/06/2015 08/07/2015 24,886,010 111,204AM HKD USD 0.004377 31/07/2015 11/08/2015 25,548,888 111,841AM HKD USD 0.004482 28/08/2015 08/09/2015 24,578,977 110,184AM HKD USD 0.005182 25/09/2015 08/10/2015 23,676,340 122,706AMH AUD USD 0.039078 24/04/2015 06/05/2015 1,897,543 74,153AMH AUD USD 0.037079 29/05/2015 09/06/2015 1,935,119 71,754AMH AUD USD 0.034041 26/06/2015 08/07/2015 1,841,395 62,683AMH AUD USD 0.032333 31/07/2015 11/08/2015 1,719,038 55,582AMH AUD USD 0.031787 28/08/2015 08/09/2015 1,710,002 54,357AMH AUD USD 0.034177 25/09/2015 08/10/2015 1,706,286 58,317AMH EUR USD 0.035975 24/04/2015 06/05/2015 509,981 18,347AMH EUR USD 0.035155 29/05/2015 09/06/2015 282,782 9,941AMH EUR USD 0.032842 26/06/2015 08/07/2015 270,299 8,877AMH EUR USD 0.031765 31/07/2015 11/08/2015 265,181 8,424AMH EUR USD 0.033193 28/08/2015 08/09/2015 245,736 8,157AMH EUR USD 0.038722 25/09/2015 08/10/2015 237,483 9,196AMH SGD USD 0.031335 24/04/2015 06/05/2015 1,639,124 51,363AMH SGD USD 0.028395 29/05/2015 09/06/2015 1,585,130 45,010AMH SGD USD 0.027087 26/06/2015 08/07/2015 1,475,363 39,964AMH SGD USD 0.026038 31/07/2015 11/08/2015 1,404,703 36,577AMH SGD USD 0.026238 28/08/2015 08/09/2015 1,323,450 34,725AMH SGD USD 0.030949 25/09/2015 08/10/2015 1,315,294 40,708BD GBP USD 0.609613 08/07/2015 29/07/2015 46,852 28,562BDH EUR USD 0.451822 08/07/2015 29/07/2015 39,433 17,817ED USD 0.530388 08/07/2015 29/07/2015 21,893 11,612ID USD 0.696546 08/07/2015 29/07/2015 19,126,850 13,322,731ID EUR USD 0.466010 08/07/2015 29/07/2015 11,104,577 5,174,853IDH EUR USD 0.775038 08/07/2015 29/07/2015 26,549,428 20,576,823PD USD 0.845746 08/07/2015 29/07/2015 4,332,371 3,664,085XD USD 0.284751 08/07/2015 29/07/2015 500,000 142,376XDH CHF USD 0.407025 08/07/2015 29/07/2015 59,034,751 24,028,672XDH EUR USD 0.722793 08/07/2015 29/07/2015 67,011,538 48,435,531ZD USD 0.750685 08/07/2015 29/07/2015 20,303,923 15,241,850ZQ USD 0.098635 26/06/2015 08/07/2015 683,381 67,406


196




Paymentdate

Number ofshares

Total amountpaid

Global Emerging Markets Bond (continued)ZQ USD 0.102715 25/09/2015 08/10/2015 38,385,384 3,942,755ZQH EUR USD 0.104064 26/06/2015 08/07/2015 265,086 27,586ZQH EUR USD 0.104357 25/09/2015 08/10/2015 271,839 28,368ZQH GBP USD 0.148444 26/06/2015 08/07/2015 32,176,485 4,776,406ZQH GBP USD 0.148501 25/09/2015 08/10/2015 32,268,389 4,791,912

USD 148,669,068

Global Emerging Markets Corporate DebtAD USD 0.236970 08/07/2015 29/07/2015 15,644 3,707

USD 3,707

Global Emerging Markets Investment Grade BondAD USD 0.300436 08/07/2015 29/07/2015 41,460 12,456ID EUR USD 4.537484 08/07/2015 29/07/2015 61,075 277,127

USD 289,583

Global Emerging Markets Local DebtAD USD 0.164493 08/07/2015 29/07/2015 479,755 78,916AD GBP USD 0.205388 08/07/2015 29/07/2015 45 9BD GBP USD 0.290120 08/07/2015 29/07/2015 324 94ID USD 0.256185 08/07/2015 29/07/2015 14,654,601 3,754,289ID EUR USD 0.270117 08/07/2015 29/07/2015 21,492,272 5,805,445J1M USD 0.036980 24/04/2015 06/05/2015 1,340,706 49,579J1M USD 0.036353 29/05/2015 09/06/2015 1,327,706 48,266J1M USD 0.037748 26/06/2015 08/07/2015 1,315,706 49,665J1M USD 0.034348 31/07/2015 11/08/2015 1,315,706 45,192J1M USD 0.037985 28/08/2015 08/09/2015 1,288,706 48,952J1M USD 0.036475 25/09/2015 08/10/2015 1,276,706 46,568XD USD 0.204689 08/07/2015 29/07/2015 5,157,293 1,055,641ZD USD 0.315485 08/07/2015 29/07/2015 70,275,778 22,170,954ZM USD 0.048883 24/04/2015 06/05/2015 3,442,210 168,266ZM USD 0.048083 29/05/2015 09/06/2015 3,018,002 145,115ZM USD 0.049950 26/06/2015 08/07/2015 3,018,002 150,749ZM USD 0.045477 31/07/2015 11/08/2015 3,018,002 137,250ZM USD 0.050294 28/08/2015 08/09/2015 3,018,002 151,787ZM USD 0.048324 25/09/2015 08/10/2015 2,586,828 125,006ZQ USD 0.058979 25/09/2015 08/10/2015 33,049,839 1,949,246

USD 35,980,989

Global Government BondZD USD 0.101655 08/07/2015 29/07/2015 36,038,767 3,663,521ZQ USD 0.038215 26/06/2015 08/07/2015 255,771 9,774ZQ USD 0.035176 25/09/2015 08/10/2015 44,106,560 1,551,492ZQH EUR USD 0.039100 26/06/2015 08/07/2015 79,866 3,123ZQH EUR USD 0.031980 25/09/2015 08/10/2015 80,533 2,575ZQH GBP USD 0.053521 26/06/2015 08/07/2015 493,982 26,439ZQH GBP USD 0.043054 25/09/2015 08/10/2015 453,605 19,530

USD 5,276,454


197




Paymentdate

Number ofshares

Total amountpaid

Global High Income BondAD USD 0.367823 08/07/2015 29/07/2015 672,129 247,225ADH EUR USD 0.269344 08/07/2015 29/07/2015 9,218 2,483AM USD 0.034500 24/04/2015 06/05/2015 77,300,126 2,666,854AM USD 0.034500 29/05/2015 09/06/2015 73,598,487 2,539,148AM USD 0.034500 26/06/2015 08/07/2015 71,504,704 2,466,912AM USD 0.034500 31/07/2015 11/08/2015 68,749,723 2,371,865AM USD 0.034500 28/08/2015 08/09/2015 70,372,523 2,427,852AM USD 0.034500 25/09/2015 08/10/2015 72,856,674 2,513,555AMH AUD USD 0.040872 24/04/2015 06/05/2015 35,172,360 1,437,585AMH AUD USD 0.040061 29/05/2015 09/06/2015 33,976,379 1,361,146AMH AUD USD 0.039006 26/06/2015 08/07/2015 33,426,146 1,303,850AMH AUD USD 0.035858 31/07/2015 11/08/2015 32,139,752 1,152,483AMH AUD USD 0.035762 28/08/2015 08/09/2015 32,480,172 1,161,584AMH AUD USD 0.034713 25/09/2015 08/10/2015 32,886,565 1,141,614AMH EUR USD 0.035094 24/04/2015 06/05/2015 3,705,925 130,056AMH EUR USD 0.035670 29/05/2015 09/06/2015 3,755,606 133,965AMH EUR USD 0.035950 26/06/2015 08/07/2015 3,775,705 135,738AMH EUR USD 0.035176 31/07/2015 11/08/2015 3,804,376 133,826AMH EUR USD 0.036125 28/08/2015 08/09/2015 3,899,254 140,861AMH EUR USD 0.035976 25/09/2015 08/10/2015 4,055,237 145,893AMH HKD USD 0.013373 29/05/2015 09/06/2015 34,559,449 462,176AMH SGD USD 0.031764 24/04/2015 06/05/2015 1,029,763 32,710AMH SGD USD 0.029553 29/05/2015 09/06/2015 1,111,752 32,856AMH SGD USD 0.030251 26/06/2015 08/07/2015 1,134,020 34,305AMH SGD USD 0.028915 31/07/2015 11/08/2015 1,210,118 34,991AMH SGD USD 0.029035 28/08/2015 08/09/2015 1,194,437 34,681AMH SGD USD 0.030804 25/09/2015 08/10/2015 1,196,343 36,853ID USD 0.148538 08/07/2015 29/07/2015 410,396 60,959XD EUR USD 0.031132 08/07/2015 29/07/2015 7,318,923 227,855ZQ USD 0.084504 25/09/2015 08/10/2015 138,380 11,694

USD 24,583,575

Global High Yield BondAD USD 0.024973 08/07/2015 29/07/2015 647 16AM USD 0.048750 24/04/2015 06/05/2015 17,846,097 869,997AM USD 0.048750 29/05/2015 09/06/2015 16,980,970 827,822AM USD 0.048750 26/06/2015 08/07/2015 15,751,880 767,904AM USD 0.048750 31/07/2015 11/08/2015 14,493,326 706,550AM USD 0.048750 28/08/2015 08/09/2015 13,851,875 675,279AM USD 0.048750 25/09/2015 08/10/2015 13,710,243 668,374AM HKD USD 0.006290 24/04/2015 06/05/2015 121,740,530 765,780AM HKD USD 0.006287 29/05/2015 09/06/2015 113,320,999 712,465AM HKD USD 0.006288 26/06/2015 08/07/2015 108,295,973 681,046AM HKD USD 0.006288 31/07/2015 11/08/2015 92,538,006 581,930AM HKD USD 0.006289 28/08/2015 08/09/2015 89,053,481 560,144AM HKD USD 0.006289 25/09/2015 08/10/2015 88,317,734 555,499AMH AUD USD 0.051164 24/04/2015 06/05/2015 8,956,374 458,249AMH AUD USD 0.050222 29/05/2015 09/06/2015 8,034,026 403,486AMH AUD USD 0.049434 26/06/2015 08/07/2015 7,523,518 371,918AMH AUD USD 0.046436 31/07/2015 11/08/2015 7,104,179 329,892AMH AUD USD 0.045485 28/08/2015 08/09/2015 6,611,144 300,714


198




Paymentdate

Number ofshares

Total amountpaid

Global High Yield Bond (continued)AMH AUD USD 0.044023 25/09/2015 08/10/2015 6,343,068 279,243AMH EUR USD 0.050605 24/04/2015 06/05/2015 1,898,293 96,063AMH EUR USD 0.051327 29/05/2015 09/06/2015 1,749,014 89,773AMH EUR USD 0.052033 26/06/2015 08/07/2015 1,691,382 88,009AMH EUR USD 0.050689 31/07/2015 11/08/2015 1,673,060 84,807AMH EUR USD 0.052208 28/08/2015 08/09/2015 1,649,251 86,104AMH EUR USD 0.052254 25/09/2015 08/10/2015 1,582,495 82,693ID USD 0.029214 08/07/2015 29/07/2015 132,137 3,860ZD USD 0.220338 08/07/2015 29/07/2015 75,499,851 16,635,486ZDH GBP USD 0.048491 08/07/2015 29/07/2015 13,209,565 640,548ZQ USD 0.146250 26/06/2015 08/07/2015 3,557,922 520,346ZQ USD 0.133591 25/09/2015 08/10/2015 83,366,480 11,137,011ZQH EUR USD 0.156090 26/06/2015 08/07/2015 544,073 84,925ZQH EUR USD 0.141242 25/09/2015 08/10/2015 569,385 80,422ZQH GBP USD 0.246819 26/06/2015 08/07/2015 45,796,753 11,303,535ZQH GBP USD 0.197125 25/09/2015 08/10/2015 60,440,149 11,914,268

USD 63,364,158

Global Short Duration High Yield BondAD USD 0.128632 08/07/2015 29/07/2015 28,000 3,602ADH EUR USD 0.039573 08/07/2015 29/07/2015 61,000 2,414ED USD 0.090839 08/07/2015 29/07/2015 2,515 228ZQ USD 0.072549 25/09/2015 08/10/2015 14,684,410 1,065,339ZQH GBP USD 0.032814 25/09/2015 08/10/2015 2,305,913 75,667

USD 1,147,250

India Fixed IncomeAD USD 0.428402 08/07/2015 29/07/2015 1,055,802 452,308BD GBP USD 0.803540 08/07/2015 29/07/2015 96,169 77,276ID USD 0.485155 08/07/2015 29/07/2015 3,509,783 1,702,788

USD 2,232,372

RMB Fixed IncomeAD USD 0.277610 08/07/2015 29/07/2015 1,060,922 294,523AD EUR USD 0.438641 08/07/2015 29/07/2015 342,548 150,256AD RMB USD 0.049749 08/07/2015 29/07/2015 746,775 37,151ID USD 0.372637 08/07/2015 29/07/2015 957,632 356,849ID RMB USD 0.022335 08/07/2015 29/07/2015 521,567 11,650IDH EUR USD 0.387001 08/07/2015 29/07/2015 3,500,000 1,354,506ZD USD 0.420640 08/07/2015 29/07/2015 580,000 243,971

USD 2,448,906

US Dollar BondAD USD 0.123802 08/07/2015 29/07/2015 144,603 17,902ID USD 0.108152 08/07/2015 29/07/2015 1,738,983 188,075PD USD 0.150749 08/07/2015 29/07/2015 1,422,040 214,371


199




Paymentdate

Number ofshares

Total amountpaid

US Dollar Bond (continued)WD USD 0.234077 08/07/2015 29/07/2015 22,490 5,264ZD USD 0.226807 08/07/2015 29/07/2015 4,366,147 990,273

USD 1,415,885

Economic Scale Index GEM EquityZD USD 0.274938 08/07/2015 29/07/2015 13,862,100 3,811,218

USD 3,811,218

Economic Scale Index Global Equity (formerly known as Global Equity)AD USD 0.006967 08/07/2015 29/07/2015 673,372 4,692ZD USD 0.549865 08/07/2015 29/07/2015 2,199,126 1,209,222

USD 1,213,914

Economic Scale Index Japan Equity (formerly known as Japanese Equity)AD JPY 18.705249 08/07/2015 29/07/2015 17,630 329,783BD GBP JPY 19.976698 08/07/2015 29/07/2015 215 4,304PD JPY 4.830714 08/07/2015 29/07/2015 1,773,706 8,568,264ZD JPY 14.810384 08/07/2015 29/07/2015 51,347 760,468

JPY 9,662,819

Economic Scale Index US Equity (formerly known as US Equity)ID USD 0.091679 08/07/2015 29/07/2015 5,147 472PD USD 0.023874 08/07/2015 29/07/2015 1,413,591 33,748YD USD 0.216284 08/07/2015 29/07/2015 592,603 128,170ZD USD 1.218677 08/07/2015 29/07/2015 100,390 122,343

USD 284,733

GEM Debt Total ReturnL1D USD 0.087884 23/07/2015 29/07/2015 14,075,273 1,236,991L1DH EUR USD 0.072571 08/07/2015 29/07/2015 151,711,632 11,009,904M1D USD 0.044978 08/07/2015 29/07/2015 18,628,368 837,867N1DH EUR USD 0.115983 08/07/2015 29/07/2015 393,091 45,592N1DH GBP USD 0.044653 08/07/2015 29/07/2015 342,612 15,299ZD USD 0.155212 08/07/2015 29/07/2015 4,300,000 667,412ZDH EUR USD 0.154524 08/07/2015 29/07/2015 32,920,619 5,087,028

USD 18,900,093

Managed Solutions - Asia Focused ConservativeAMH SGD USD 0.019796 24/04/2015 06/05/2015 5,384 107AMH SGD USD 0.017454 29/05/2015 09/06/2015 5,384 94AMH SGD USD 0.017855 26/06/2015 08/07/2015 5,384 96AMH SGD USD 0.017077 31/07/2015 11/08/2015 5,384 92AMH SGD USD 0.022530 28/08/2015 08/09/2015 5,384 121

USD 510


200




Paymentdate

Number ofshares

Total amountpaid

Managed Solutions - Asia Focused IncomeAM USD 0.032786 24/04/2015 06/05/2015 15,425,315 505,734AM USD 0.032257 29/05/2015 09/06/2015 14,490,464 467,419AM USD 0.033945 26/06/2015 08/07/2015 13,779,309 467,739AM USD 0.033476 31/07/2015 11/08/2015 13,288,069 444,831AM USD 0.038558 28/08/2015 08/09/2015 12,495,905 481,817AM USD 0.035185 25/09/2015 08/10/2015 12,280,588 432,093AM HKD USD 0.004222 24/04/2015 06/05/2015 110,058,345 464,740AM HKD USD 0.004154 29/05/2015 09/06/2015 102,491,710 425,803AM HKD USD 0.004371 26/06/2015 08/07/2015 97,258,277 425,203AM HKD USD 0.004311 31/07/2015 11/08/2015 92,618,255 399,323AM HKD USD 0.004967 28/08/2015 08/09/2015 88,003,556 437,132AM HKD USD 0.004531 25/09/2015 08/10/2015 85,768,215 388,634AMH AUD USD 0.034826 24/04/2015 06/05/2015 6,434,075 224,079AMH AUD USD 0.033447 29/05/2015 09/06/2015 5,954,099 199,152AMH AUD USD 0.033344 26/06/2015 08/07/2015 5,836,302 194,611AMH AUD USD 0.031665 31/07/2015 11/08/2015 5,636,358 178,476AMH AUD USD 0.033843 28/08/2015 08/09/2015 5,255,351 177,862AMH AUD USD 0.030312 25/09/2015 08/10/2015 5,399,931 163,683AMH EUR USD 0.030086 24/04/2015 06/05/2015 869,001 26,145AMH EUR USD 0.030059 29/05/2015 09/06/2015 964,325 28,987AMH EUR USD 0.031728 26/06/2015 08/07/2015 906,754 28,770AMH EUR USD 0.030922 31/07/2015 11/08/2015 940,002 29,067AMH EUR USD 0.036643 28/08/2015 08/09/2015 912,625 33,442AMH EUR USD 0.033293 25/09/2015 08/10/2015 917,785 30,556AMH SGD USD 0.027844 24/04/2015 06/05/2015 431,576 12,017AMH SGD USD 0.025262 29/05/2015 09/06/2015 431,576 10,903AMH SGD USD 0.026920 26/06/2015 08/07/2015 420,252 11,313AMH SGD USD 0.025911 31/07/2015 11/08/2015 409,842 10,620AMH SGD USD 0.028921 28/08/2015 08/09/2015 404,958 11,712AMH SGD USD 0.027892 25/09/2015 08/10/2015 400,172 11,162

USD 6,723,025


201

15. Other Income

Other income mainly consists of swap interest income, dilution levy, and reversal of capital gains tax provisions whichare no longer justified.

There was no securities lending activity for any Sub funds during the period.

16. Transactions with connected persons and brokerage commission paid per Sub-fund

The Company’s transactions with connected persons are disclosed below and all the figures are expressed in USD.

Sub-fund

Total Aggregatevalue of

transactions forthe period with

HSBC(USD)

TotalBrokerage

Commissionpaid per sub-

fund(USD)

Average rate ofcommission

(%)

Percentage ofTransaction

(%)ASEAN Equity 75,385 56 0.07 1.69Asia ex Japan Equity 22,598,617 33,763 0.15 9.72Asia ex Japan Equity Smaller Companies 30,309,695 52,012 0.17 4.28Asia Pacific ex Japan Equity High Dividend 5,273,964 8,433 0.16 5.75BRIC Equity 15,446,821 339 - 5.25BRIC Markets 1,438 - - 0.10BRIC Markets Equity 242,056 242 0.10 0.19China Consumer Opportunities 1,314,472 - - 4.25Euroland Equity 48,155,318 10,377 0.02 12.08Euroland Equity Smaller Companies 5,570,726 8,356 0.15 3.65Euroland Growth 46,234,959 699 - 40.98European Equity 2,542,424 1,479 0.06 2.14Frontier Markets 2,316,848 916 0.04 1.16Global Emerging Markets Equity 321,755 - - 0.20Global Equity Climate Change 543,215 355 0.07 6.81Global Equity Dividend (launched as at 27July 2015) 2,707,088 1,761 0.07 1.64

Latin American Equity 2,289,069 3,301 0.14 7.75Brazil Equity 8,132,934 7,320 0.09 6.33Chinese Equity 87,320,150 94,997 0.11 3.66Hong Kong Equity 18,841,245 19,298 0.10 10.21Indian Equity 26,017,673 52,035 0.20 6.40Korean Equity 384,098 384 0.10 0.61Mexico Equity 7,380,151 11,070 0.15 8.72Russia Equity 354,464 532 0.15 0.31Singapore Equity 1,081,738 729 0.07 4.15Taiwan Equity 768,624 522 0.07 13.74Thai Equity 104,996 126 0.12 1.11Turkey Equity 14,148,826 11,319 0.08 13.08UK Equity 4,407,360 2,301 0.05 5.76Asian Currencies Bond 15,824,140 - - 23.53Euro Bond 32,735,470 249 - 4.40Euro Credit Bond 1,668,179,065 3,293 - 26.53Euro Credit Bond Total Return 316,155,019 645 - 22.71Euro High Yield Bond 45,349,400 - - 1.95Global Inflation Linked Bond 188,753 - - 0.10


202

16. Transactions with connected persons and brokerage commission paid per Sub-fund (continued)

Sub-fund

Total Aggregatevalue of

transactions forthe period with

HSBC(USD)

TotalBrokerage

Commissionpaid per sub-

fund(USD)

Average rate ofcommission

(%)

Percentage ofTransaction

(%)India Fixed Income 6,343,373 - - 3.03RMB Fixed Income 47,742,019 - - 20.77Euro Reserve 13,414,899 - - 3.51Economic Scale Index GEM Equity 67,900,208 - - 33.88Global Macro 24,882,544 23,852 0.10 5.90Global Multi-Asset Income (launched as at 15July 2015) 488,508 - - 38.18

Managed Solutions - Asia FocusedConservative 15,047,414 - - 57.74

Managed Solutions - Asia Focused Growth 6,685,974 1,135 0.02 27.63Managed Solutions - Asia Focused Income 128,822,688 2,659 - 31.12

The investment adviser and its connected persons of the following Sub-funds have entered into soft commissionarrangements* with certain brokers, for which goods and services used to support the investment decision makingprocess were received by it or its connected persons:

ASEAN Equity,Asia ex Japan Equity,Asia ex Japan Equity Smaller Companies,Asia Pacific ex Japan Equity High Dividend,Chinese Equity,Hong Kong Equity,Korean Equity,Singapore Equity,Taiwan Equity,Thai Equity,Managed Solutions – Asia Focused Income,Managed Solutions – Asia Focused Growth,Managed Solutions – Asia Focused Conservative

The investment adviser or its connected persons do not make direct payment for these services, but transact andagree an amount of business with brokers on behalf of the Sub-funds concerned. All transactions were entered into inthe ordinary course of business and on normal commercial terms.

Commissions were paid by the Company on these transactions. The goods and services utilized for the Companyinclude the following: research and advisory services, economic and political analysis, portfolio analysis, marketanalysis and investment related publications.

The Management Company is also entitled to a Performance Fee, which is payable annually in arrears after the end ofeach twelve month period.

Performance Fees are disclosed in the Statement of Operations, whilst the Performance Fee calculation method isexplained on page 142. Detailed Performance Fee information may also be found in the Prospectus dated November2014.

* Soft Commission arrangements referred to herein relate solely to research services, defined as soft commissions bythe Hong Kong Securities and Futures Commission, that are utilized by the Company.


203

17. List of movements in the investment portfolio

The detailed list of movements in the investment portfolio can be obtained free of charge upon request at the registeredoffice of the Company. The current Prospectus, the Articles of Incorporation, together with both the interim and auditedannual reports are available free of charge upon request from the German payment and information officer from theManagement Company.

18. Pricing Adjustment Single - Swinging Prices (SSP)

In the SSP method, the expenses resulting from subscriptions and redemptions above a pre-defined threshold, for theacquisition and disposal of shares (price/offer margins, market-appropriate brokerages, commissions, charges etc.) areincluded in the calculation of the net asset value. The net amount resulting from the difference between subscriptionsand redemptions determines the adjustment of the portfolio and thus the resulting expenses. The transaction costsincurred on the day of trading for subscriptions and redemptions will be paid by the investors who commission thesetransactions.

If the subscriptions on a particular day of trading exceed the redemptions and the threshold for the application of anadjustment, then the fund management will add the transaction costs incurred by the excess of subscriptions at thecalculated “valuation net asset value”. This amount is known as the “modified net asset value”. On the other hand, if theredemptions on a particular valuation day exceed the subscriptions and the threshold for the application of anadjustment, then the transaction costs resulting from the excess of redemptions will be deducted from the “valuationnet asset value”. The surcharge on or deduction from the transaction costs that is incurred by subscriptions is effectedat a flat rate, and is based on an average value from a previous period of a maximum of one year.

If the Sub-fund has been on the market for less than one year, then depending on the Sub-fund's special features thisfactor will be determined depending on the Sub-fund's portfolio of investments, so that a representative figure results.

The table below discloses the NAV per share before swing price adjustment (the “Un-swung NAV”) and the NAV pershare after swing price adjustment (the “Swung NAV”) for Sub-funds which have been impacted by swing priceadjustment on 30 September 2015.

Sub-fundUn-swung NAVprice per share

Sw ung NAV priceper share

Asia ex Japan Equity AC 45.28 45.14ACH EUR 16.31 16.26AD 40.49 40.36ADH EUR 15.35 15.30BD GBP 14.69 14.65EC 40.72 40.60ED 39.78 39.66IC 47.18 47.04ID 43.58 43.45J1C 10.03 10.00ZC 42.57 42.44ZD 41.08 40.96

Asia ex Japan Equity Smaller Companies AC 48.90 49.58AC EUR 13.41 13.60AD 45.02 45.65AD HKD 1.48 1.50BC 9.37 9.50BC GBP 21.54 21.84BD 9.15 9.28BD GBP 21.38 21.68


204

18. Pricing Adjustment Single - Swinging Prices (SSP) (continued)


Swung NAV priceper share

Asia ex Japan Equity Smaller Companies (continued) EC 46.91 47.56IC 51.64 52.36ID 15.94 16.16XC 7.99 8.10ZC 9.78 9.91

Singapore Equity AC 35.07 34.93AD 28.00 27.89EC 33.54 33.41IC 36.44 36.30J1C 31.70 31.57PD 27.99 27.88ZD 29.19 29.07

Euro High Yield Bond AC 37.04 36.86ACH USD 8.78 8.74AD 21.81 21.70AM 9.93 9.88BC 10.69 10.64BCH GBP 13.25 13.19BD 10.04 9.99EC 36.07 35.90ED 25.43 25.31IC 40.23 40.03ICH CHF 8.83 8.78ICH GBP 13.15 13.08ICH USD 8.68 8.63ID 33.90 33.73S8D 10.65 10.59XC 40.66 40.46ZC 42.31 42.10

GEM Inflation Linked Bond AC 78.69 78.38AC EUR 7.87 7.84AC GBP 7.87 7.84BC EUR 10.04 10.00EC 7.80 7.77IC 80.55 80.23IC EUR 8.06 8.02


205




Global Bond AC 16.82 16.80AD 13.29 13.27EC 12.81 12.80IC 17.51 17.50PD 10.84 10.83WC GBP 15.83 15.82WD 182.13 181.95ZC 16.21 16.19ZD 13.64 13.63

Global Emerging Markets Bond AC 32.44 32.36AC EUR 12.97 12.94AC GBP 17.70 17.65AC HKD 1.24 1.23ACH CHF 9.86 9.84ACH EUR 10.33 10.30AD 27.33 27.26AD EUR 11.28 11.26AD GBP 15.40 15.36ADH EUR 14.82 14.78AM 23.41 23.35AMH AUD 5.93 5.92AMH EUR 9.23 9.21AM HKD 1.18 1.18AMH SGD 5.91 5.89BC GBP 15.47 15.43BD GBP 14.03 14.00BDH EUR 10.94 10.91EC 31.59 31.51ECH EUR 11.20 11.17ED 22.61 22.56IC 34.76 34.68IC EUR 14.64 14.60ICH CHF 9.68 9.66ICH EUR 18.53 18.49ICH GBP 14.54 14.51ID 19.57 19.52ID EUR 11.98 11.96IDH EUR 15.19 15.15PC 32.83 32.75PD 17.85 17.80S6C 9.73 9.71WCH GBP 15.19 15.15XC 34.98 34.89XCH CHF 10.32 10.29XCH EUR 11.43 11.40


206




Global Emerging Markets Bond (continued) XD 9.25 9.23XDH CHF 9.75 9.72XDH EUR 15.78 15.74ZC 9.63 9.61ZD 20.07 20.02ZQ 9.60 9.58ZQH EUR 10.58 10.55ZQH GBP 14.79 14.76

Global Emerging Market Local Debt AC 11.81 11.78AC EUR 10.70 10.67AC GBP 13.29 13.26AD 9.39 9.37AD GBP 12.26 12.23BC GBP 13.52 13.49BD GBP 12.07 12.04EC 11.57 11.54IC 12.51 12.48IC EUR 10.84 10.81ICH EUR 8.93 8.91ID 9.68 9.66ID EUR 10.04 10.02J1M 6.87 6.85WC GBP 15.22 15.18XC 7.99 7.97XC GBP 12.99 12.96XD 7.50 7.48ZC 9.01 8.99ZD 9.24 9.21ZM 9.11 9.09ZQ 9.03 9.00


207




Global High Yield Bond AC 9.58 9.62AD 9.56 9.60AM 9.64 9.68AMH AUD 6.79 6.82AMH EUR 10.67 10.71AMH KD 1.24 1.25EC 9.61 9.65IC 9.65 9.69ICH EUR 11.01 11.05ID 9.59 9.63WCH GBP 14.98 15.04ZC 9.82 9.86ZD 9.63 9.67ZDH GBP 14.63 14.69ZQ 9.54 9.58

ZQH EUR 10.61 10.65

ZQH GBP 14.32 14.37


208

19. Disclosure requirements for Index-tracking UCITS:

The Economic Scale Index GEM Equity Fund, Economic Scale Index Global Equity Fund (formerly known as GlobalEquity), Economic Scale Index Japan Equity Fund (formerly known as Japanese Equity) and Economic Scale Index USEquity Fund (formerly known as US Equity) are the index tracking Sub-funds existing at the date of this report.

The annualised tracking error of the Sub-fund Economic Scale Index GEM Equity Fund, Economic Scale Index GlobalEquity Fund (formerly known as Global Equity), Economic Scale Index Japan Equity Fund (formerly known asJapanese Equity) and Economic Scale Index US Equity Fund (formerly known as US Equity) for the period ended 30September 2015 is 0.45%, 0.10%, 0.35% and 0.15% respectively.

The Sub-fund Economic Scale Index Global Equity (formerly known as Global Equity until 16 February 2015) and theSub-fund Economic Scale Index Japan Equity (formerly known as Japanese Equity until 16 February 2015) transitionedto index tracking Sub-funds on 17th February 2015. The Sub-fund Economic Scale Index US Equity (formerly known asUS Equity until 15 March 2015) transitioned to index tracking Sub-funds on 16th March 2015. As a result, the trackingerror information for these Sub-funds will be included for the first time in the semi-annual report for the period ending 30September 2015 and in subsequent annual reports.

The annualised Tracking Errors are internally calculated by HSBC Global Asset Management (UK) Limited, basedupon investment accounting performance returns using close of market prices, gross of fees, based on monthly datapoints. For example,12 monthly points for 1 year, 36 monthly points for 3 years and 60 monthly points for 5 years.

There were no significant divergence between the anticipated and realised tracking error over the financial year ended30 September 2015.

20. Subsequent Events

1) The following Sub-funds will be launched subsequent to period end:

Sub-fund Launch date

US Equity Volatility Focused 24 November 2015Global Equity 30 November 2015

2) The Latin American Local Debt Sub-fund will be closed on 5 November 2015.

3) On 20 November 2015, an In specie redemption of 664,953 shares will take place from class IC of Euroland Equity.


209

Charges and expenses

Operating, Administration and Servicing Expenses Percentages (refer also to note 4.e)

Sub-fundClass A, B, E,

M, N, P, RClass I, J, L,

S, Y, ZClass X

(maximum %) Class W

EQUITY SUB-FUNDSa) International and Regional Sub-fundsASEAN Equity 0.35 0.25 0.20 0.00Asia ex Japan Equity 0.35 0.25 0.20 0.00Asia ex Japan Equity Smaller Companies 0.35 0.25 0.20 0.00Asia Pacific ex Japan Equity High Dividend 0.35 0.25* 0.20 0.00BRIC Equity 0.40 0.30 0.25 0.00BRIC Markets - 0.35** - 0.00BRIC Markets Equity 0.35 0.25 0.20 0.00China Consumer Opportunities 0.40 0.30 0.25 0.00Emerging Wealth 0.40 0.25 0.20 0.00Euroland Equity 0.35 0.25 0.20 0.00Euroland Equity Smaller Companies 0.35 0.25 0.20 0.00Euroland Growth 0.35 0.25 0.20 0.00European Equity 0.35 0.25 0.20 0.00Frontier Markets 0.40 0.30 0.25 0.00GEM Equity Volatility Focused (launched as at 04August 2015)

0.40 0.30 0.25 -

Global Emerging Markets Equity 0.40 0.30 0.20 0.00Global Equity Climate Change 0.35 0.25 0.20 0.00Global Equity Dividend (launched as at 27 July 2015) 0.35 0.25 0.20 -Global Equity Volatility Focused 0.35 0.25 0.20 0.00Global Real Estate Equity 0.40 0.25 0.20 0.00Latin American Equity 0.40 0.30**** 0.25 0.00b) Market Specific Sub-fundsBrazil Equity 0.40 0.30 0.20* 0.00Chinese Equity 0.40 0.30 0.20 0.00Hong Kong Equity 0.35 0.25 0.20 0.00Indian Equity 0.40 0.30***** 0.20 0.00Korean Equity 0.40 0.30 0.20 0.00Mexico Equity 0.40 0.30 0.25 0.00Russia Equity 0.40 0.30 0.20 0.00Singapore Equity 0.40 0.30 0.20 0.00Taiwan Equity 0.40 0.30 0.20 0.00Thai Equity 0.35 0.25 0.20 0.00Turkey Equity 0.40 0.30 0.20 0.00UK Equity 0.31 0.25 0.20 0.00

* 0.30% for share class S** 0.25% for share class Z*** 0.20% for share class Z**** 0.25% for share class Z***** 0.40% for share class J


210

Charges and expenses (continued)

Operating, Administration and Servicing Expenses Percentages (refer also to note 4.e) (continued)



S, Y, ZClass X

(maximum %) Class W

BOND SUB-FUNDSAsian Currencies Bond 0.35 0.25 0.20 0.00Brazil Bond 0.35 0.25 0.20 0.00Euro Bond 0.25 0.15 0.15 0.00Euro Credit Bond 0.25 0.20 0.15 0.00Euro Credit Bond Total Return 0.25 0.20* 0.15 -Euro High Yield Bond 0.25 0.20* 0.15 0.00GEM Inflation Linked Bond 0.30 0.25** 0.20 0.00Global Asset-Backed Bond 0.25 0.20 0.15 0.00Global Asset-Backed High Yield Bond 0.25 0.20 0.15 -Global Bond 0.25 0.15 0.15 0.00Global Bond Total Return 0.25 0.20* 0.15 0.20Global Corporate Bond 0.25 0.20 0.15 -Global Emerging Markets Bond 0.35 0.25*** 0.20 0.00Global Emerging Markets Corporate Debt 0.35 0.25**** 0.20 0.00Global Emerging Markets Investment Grade Bond 0.35 0.25 0.20 0.00Global Emerging Markets Local Currency Rates 0.35 0.25**** 0.20 -Global Emerging Markets Local Debt 0.35 0.25 0.20 0.00Global Government Bond 0.25 0.20 0.15 -Global High Income Bond 0.25 0.20 0.15 0.00Global High Yield Bond 0.25 0.20 0.15 0.00Global Inflation Linked Bond 0.25***** 0.20******y 0.15 -Global Short Duration Bond 0.20 0.15*******z 0.11 0.00Global Short Duration High Yield Bond 0.25 0.20* 0.15 0.00India Fixed Income 0.35 0.25 0.20 0.00Latin American Local Debt 0.35 0.25 0.20 0.00RMB Fixed Income 0.25 0.20 0.15 0.00US Dollar Bond 0.25 0.15 0.15 0.00

RESERVE SUB-FUNDEuro Reserve 0.15 0.10 - 0.00

* 0.15% for share class S** 0.20% for share class Z*** 0.10% for share class S**** 0.20% for share class S***** 0.12% for share class P

****** 0.15% for share class Z******* 0.18% for share class Iy 0.12% for share class Sz 0.11% for share class S


211


Operating, Administration and Servicing Expenses Percentages (refer also to note 4.e) (continued)



S, Y, ZClass X

(maximum %) Class WINDEX SUB-FUNDSEconomic Scale Index GEM Equity 0.35 0.30 0.20 0.00Economic Scale Index Global Equity (formerlyknown as Global Equity)

0.35 0.25 0.20 0.00

Economic Scale Index Japan Equity (formerly knownas Japanese Equity)

0.35 0.25 0.20 0.00

Economic Scale Index US Equity (formerly known asUS Equity)

0.35 0.25 0.20 0.00

OTHER SUB-FUNDSGEM Debt Total Return 0.35 0.25* - 0.00Global Macro 0.30 0.20 - 0.00Global Multi-Asset Income (launched as at 15July 2015) 0.25 0.25** 0.20 0.00

Managed Solutions - Asia Focused Conservative 0.35 0.25 0.20 0.00Managed Solutions - Asia Focused Growth 0.35 0.25 0.20 0.00Managed Solutions - Asia Focused Income 0.35 0.25 0.20 0.00

* 0.20% for share class S21

**0.20% for share class Z


212


Management Fee Percentages (refer also to note 4.b)

Sub-fundClass

AClass

BClass

EClass

IClass

MClass

NClass

PClass

ZClass

JClass

LClass

RClass

SClass

WClass

YClass

X

EQUITY SUB-FUNDSa) International andRegional Sub-fundsASEAN Equity 1.500 0.750 2.000 0.750 - - - 0.000 0.600 - - - 0.000 - 0.700Asia ex Japan Equity 1.500 0.750 2.000 0.750 - - - 0.000 0.600 - - - 0.000 - 0.700Asia ex Japan EquitySmaller Companies 1.500 0.750 2.000 0.750 - - - 0.000 0.600 - - - 0.000 - 0.700

Asia Pacific ex JapanEquity High Dividend 1.500 0.750 2.000 0.750 - - - 0.000 0.600 - - 0.350 0.000 - 0.700

BRIC Equity 1.500 0.750 2.000 0.750 1.000 - - 0.000 0.600 0.500 - - 0.000 - 0.700BRIC Markets - - - - - - - 1.000 - - - - 0.000 1.500 -BRIC Markets Equity 1.500 0.750 2.000 0.750 - - - 0.000 0.600 - - - 0.000 - 0.700China ConsumerOpportunities 1.500 0.750 2.000 0.750 - - - 0.000 - - - 0.400 0.000 - 0.700

Emerging Wealth 1.500 0.750 2.000 0.750 - - - 0.000 0.600 - - - 0.000 - 0.600Euroland Equity 1.500 0.750 2.000 0.750 - - - 0.000 - - - - 0.000 - 0.600Euroland EquitySmaller Companies

1.500 0.750 2.000 0.750 - - - 0.000 - - - - 0.000 - 0.700

Euroland Growth 1.500 0.750 2.000 0.750 1.250 - - 0.000 - - - - 0.000 - 0.600European Equity 1.500 0.750 2.000 0.750 - - 1.000 0.000 - - - - 0.000 - 0.600Frontier Markets 1.750 1.250 2.250 1.250 - - - 0.000 - - - - 0.000 - 1.000GEM Equity VolatilityFocused (launched as at04 August 2015)

1.500 0.750 2.000 0.750 - - - 0.000 - - - - - - 0.700

Global EmergingMarkets Equity 1.500 0.750 2.000 0.750 - - 1.000 0.000 0.600 - - 0.550 0.000 - 0.700

Global Equity ClimateChange

1.500 0.750 2.000 0.750 - - - 0.000 0.600 - - - 0.000 - 0.600

Global Equity Dividend(launched as at 27 July2015)

1.500 0.750 2.000 0.750 - - - 0.000 - - - - - - 0.600

Global Equity VolatilityFocused

1.500 0.750 2.000 0.750 - - - 0.000 - - - - - - 0.600

Global Real Estate Equity 1.500 0.750 2.000 0.750 - - - 0.000 - - - - - - 0.600Latin American Equity 1.500 0.750 2.000 0.750 1.000 - - 0.000 - 0.500 - 1.750 0.000 - 0.700b) Market Specific Equity Sub-fundsBrazil Equity 1.750 0.875 2.250 0.875 - - - 0.000 - - - 0.550 0.000 - 0.700Chinese Equity 1.500 0.750 2.000 0.750 - - - 0.000 0.600 - - - 0.000 - 0.700Hong Kong Equity 1.500 0.750 2.000 0.750 - - 1.000 0.000 0.600 - - - 0.000 - 0.700Indian Equity 1.500 0.750 2.000 0.750 - - - 0.000 0.600 - - - 0.000 - 0.700Korean Equity 1.500 0.750 2.000 0.750 - - - 0.000 0.600 - - - 0.000 - 0.700Mexico Equity 1.750 0.875 2.250 0.875 - - - 0.000 0.600 - - - 0.000 - 0.750Russia Equity 1.750 0.875 2.250 0.875 - - - 0.000 - - - 0.450 0.000 - 0.700Singapore Equity 1.500 0.750 2.000 0.750 - - 1.000 0.000 0.600 - - - 0.000 - 0.700Taiwan Equity 1.500 0.750 2.000 0.750 - - - 0.000 0.600 - - - 0.000 - 0.700Thai Equity 1.500 0.750 2.000 0.750 - - - 0.000 0.600 - - - 0.000 - 0.700Turkey Equity 1.750 0.875 2.250 0.875 - - - 0.000 0.600 - - - 0.000 - 0.700UK Equity 1.500 0.750 2.000 0.750 - - - 0.000 - - - - 0.000 - 0.600


213


Management Fee Percentages (refer also to note 4.b) (continued)

Sub-fundClass

AClass

BClass

EClass

IClass

MClass

NClass

PClass

ZClass

JClass

LClass

RClass

SClass

WClass

YClass

X

BOND SUB-FUNDSAsian Currencies Bond 1.250 0.625 1.550 0.625 - - - 0.000 0.6 - - - 0.000 - 0.600Brazil Bond 1.00 0.500 1.30 0.500 - - - 0.00 - - - - 0.00 - 0.50Euro Bond 0.750 0.375 1.050 0.375 - - 0.50 0.000 0.6 - - 0.15 0.000 - 0.300Euro Credit Bond 0.85 0.425 1.15 0.425 - - - 0.00 0.60 - - 0.25 0.00 - 0.35Euro Credit Bond TotalReturn

0.900 0.450 1.200 0.450 - - - 0.000 0.6 - - 0.2 - - 0.400

Euro High Yield Bond 1.10 0.550 1.40 0.550 - - - 0.00 0.60 - - 0.35 0.00 - 0.50GEM Inflation Linked Bond 1.000 0.500 1.250 0.500 - - - 0.000 - - - - 0.000 - 0.500Global Asset-Backed Bond 0.90 0.450 1.20 0.450 - - - 0.00 - - - - 0.00 - 0.45Global Asset-Backed HighYield Bond 1.500 0.750 2.000 0.750 - - - 0.000 - - - - - - 0.700

Global Bond 0.75 0.375 1.05 0.375 - - 0.5 0.00 0.60 - - - 0.00 - 0.35Global Bond Total Return 0.900 0.450 1.200 0.450 - - - 0.000 0.6 - - 0.2 0.000 - 0.400Global Corporate Bond 0.75 0.375 1.05 0.375 - - - 0.00 - - - - - - 0.33Global EmergingMarkets Bond 1.250 0.625 1.550 0.500 - - 1.00 0.000 0.6 - - 0.600* 0.000 - 0.500

Global Emerging MarketsCorporate Debt

1.50 0.750 1.80 0.750 - - - 0.00 0.60 - - 0.35 0.00 - 0.70

Global Emerging MarketsInvestment Grade Bond 1.100 0.550 1.400 0.475 - - - 0.000 0.6 - - - 0.000 - 0.450

Global Emerging MarketsLocal Currency Rates

1.250 0.625 1.550 0.625 - - - 0.000 0.600 - - 0.300 - - 0.600

Global EmergingMarkets Local Debt 1.250 0.625 1.550 0.625 - - - 0.000 0.600 - - - 0.000 - 0.600

Global Government Bond 0.600 0.300 0.900 0.300 - - - 0.000 - - - - - - 0.250Global High Income Bond 1.250 0.625 1.550 0.625 - - - 0.000 - - - - 0.000 - 0.500Global High Yield Bond 1.100 0.550 1.400 0.550 - - - 0.000 - - - - 0.000 - 0.500Global Inflation Linked Bond 0.700 0.350 1.000 0.350 - - 0.170 0.000 - - - 0.200 - 0.540 0.350Global Short Duration Bond 0.500 0.250 0.800 0.250 - - - 0.000 0.600 - - 0.150 0.000 - 0.200Global Short Duration HighYield Bond 0.900 0.450 1.300 0.450 - - - 0.000 0.600 - - 0.200 0.000 - 0.400

India Fixed Income 1.100 0.550 1.400 0.550 - - - 0.000 - - - - 0.000 - 0.500Latin American Local Debt 1.250 0.625 1.550 0.625 - - - 0.000 0.600 - - 0.300 0.000 - 0.600RMB Fixed Income 0.750 0.375 1.050 0.375 - - - 0.000 - - - - 0.000 - 0.350US Dollar Bond 0.750 0.375 1.050 0.375 - - 0.500 0.000 - - - - 0.000 - 0.350

* 0.44% for share class S20


214


Management Fee Percentages (refer also to note 4.b) (continued)

Sub-fundClass

AClass

BClass

EClass

IClass

MClass

NClass

PClass

ZClass

JClass

LClass

RClass

SClass

WClass

YClass

X

RESERVE SUB-FUNDEuro Reserve 0.500 - - 0.250 - - - 0.000 - - - - 0.000 - -

INDEX SUB-FUNDSEconomic Scale Index GEMEquity 0.600 0.300 0.900 0.300 - - - 0.000 - - - - 0.000 - 0.300

Economic Scale IndexGlobal Equity (formerlyknown as Global Equity)

0.600 0.300 0.900 0.300 - - - 0.000 0.300 - - - 0.000 - 0.300

Economic Scale IndexJapan Equity (formerlyknown as Japanese Equity)

0.600 0.300 0.900 0.300 - - 0.400 0.000 - - - - 0.000 - 0.300

Economic Scale Index USEquity (formerly known asUS Equity)

0.600 0.300 0.900 0.300 - - 0.400 0.000 - - - - 0.000 0.150 0.300

OTHER SUB-FUNDSGEM Debt Total Return - - - - 1.000 0.500 - 0.000 0.600 0.500 1.500 0.750 0.000 - -Global Macro - - - - 1.500 0.750 - 0.000 - 1.000 2.000 - 0.000 - -Global Multi-Asset Income(launched as at 1.350 0.675 1.650 0.675 - - - 0.000 - - - - 0.000 - 0.650

Managed Solutions - AsiaFocused Conservative

0.700 0.500 1.000 0.500 - - 0.800 0.000 - - - - 0.000 - 0.450

Managed Solutions - AsiaFocused Growth 1.500 0.750 2.000 0.750 - - 1.250 0.000 - - - - 0.000 - 0.600

Managed Solutions - AsiaFocused Income

1.250 0.625 1.550 0.625 - - 1.000 0.000 - - - - 0.000 - 0.600

Sub-fund Share classTER excluding the

performance fee (in %)Equity Sub-fundsa) International and Regional Sub-funds

Asia ex Japan Equity AC 1.86%ACH EUR 1.92%

AD 1.87%ADH EUR 1.93%

BD GBP 1.11%EC 2.39%ED 2.34%IC 1.04%ID 1.01%

J1C 0.86%ZC 0.26%ZD 0.25%

Asia ex Japan Equity Smaller Companies AC 1.86%AC EUR 1.86%

AD 1.86%AD HKD 1.85%

BC 1.11%BC GBP 1.13%

BD 1.10%BD GBP 1.11%

EC 2.37%IC 1.01%ID 1.00%

XC 0.91%ZC 0.25%

Asia Pacific ex Japan Equity High Dividend AC 1.86%AD 1.87%AM 1.87%

AM HKD 1.88%BC 1.11%

BD GBP 1.11%EC 2.40%IC 1.01%

IC EUR 1.01%S9D 0.65%

ZD 0.25%

Publication of TER (Total Expense Ratio) –Information concerning the Swiss Investors

215


performance fee (in %)BRIC Equity AC 1.92%

AC GBP 1.91%AC HKD 1.91%

AD 1.93%AD GBP 1.91%BC GBP 1.16%BD GBP 1.17%

EC 2.42%IC 1.05%

IC EUR 1.06%J1C 0.91%L1C 0.80%M1C 1.41%M2C 1.41%M2D 1.41%

XC 0.91%

BRIC Markets YC 1.86%YD 1.83%ZC 1.26%

BRIC Markets Equity AC 1.87%AD 1.87%BD 1.11%EC 2.37%ED 2.39%IC 1.00%

J1C 0.86%

China Consumer Opportunities AC 1.91%AC HKD 1.92%

AD 1.91%EC 2.41%IC 1.05%

IC EUR 1.06%S5C 0.70%

Emerging Wealth AC 1.91%AD 1.91%


216


performance fee (in %)Euroland Equity AC 1.86%

AD 1.86%ADH USD 1.89%

EC 2.36%ED 2.37%IC 1.00%ID 1.01%

XC 0.80%ZC 0.25%ZD 0.25%

Euroland Equity Smaller Companies AC 1.86%AD 1.86%BC 1.11%EC 2.37%IC 1.01%ID 1.01%

XC 0.90%ZC 0.25%

Euroland Growth AC 1.85%EC 2.35%IC 1.01%

M1C 1.68%M1D 1.61%

ZC 0.25%

European Equity AC 1.81%AD 1.81%EC 2.36%ED 2.36%IC 0.99%ID 1.03%

PC 1.36%PD 1.36%ZD 0.25%

Frontier Markets AC 2.16%AC EUR 2.15%

AD 2.16%AD EUR 2.16%

BC 1.66%BC GBP 1.66%BD GBP 1.64%


217


performance fee (in %)Frontier Markets (continued) EC 2.67%

EC EUR 2.66%IC 1.56%

IC EUR 1.56%IC GBP 1.56%

ID 1.56%ID GBP 1.56%

XC 1.26%XC GBP 1.26%

ZC 0.30%ZD 0.30%

Global Emerging Markets Equity AC 1.91%AC EUR 1.94%AC GBP 1.93%


EC 2.41%ED 2.42%IC 1.06%ID 1.06%

PC 1.41%PD 1.41%

S1D 0.86%XC 0.89%ZC 0.30%ZD 0.30%

Global Equity Climate Change AC 1.86%AD 1.86%EC 2.37%IC 1.00%

Global Equity Volatility Focused AC 1.85%AC EUR 1.84%

ACH AUD 1.95%ACH EUR 1.93%ACH SGD 1.93%

AM 1.87%AM HKD 1.88%

AMH AUD 1.93%AMH CAD 1.92%


218


performance fee (in %)Global Equity Volatility Focused (continued) AMH EUR 1.93%

AMH RMB 1.93%AMH SGD 1.93%

BC 1.10%

BC GBP 1.11%EC 2.36%

ECH EUR 2.43%IC 1.00%

ZCH SGD 0.31%

Latin American Equity AC 1.94%AC GBP 1.92%

AD 1.93%AD GBP 1.93%AD HKD 1.92%

BC 1.17%BC GBP 1.20%

EC 2.44%IC 1.07%

IC EUR 1.08%L1D 0.81%M1C 1.43%M1D 1.43%

b) Market Specific Equity Sub-funds

Brazil Equity AC 2.19%AC EUR 2.21%AC GBP 2.17%

AD 2.19%AD GBP 2.18%AD HKD 2.18%

BC 1.30%BC GBP 1.29%

BD 1.30%BD GBP 1.30%

EC 2.70%ED 2.70%IC 1.20%ID 1.21%

S3D 0.87%XC 0.93%ZC 0.30%


219


performance fee (in %)Chinese Equity AC 1.91%

AC EUR 1.91%AC GBP 1.93%

AD 1.91%AD GBP 1.89%AD HKD 1.89%

BC 1.16%BC GBP 1.16%

BD 1.16%BD GBP 1.16%

EC 2.44%ED 2.44%IC 1.06%ID 1.06%

J1C 0.90%ZC 0.32%ZD 0.30%

Hong Kong Equity AC 1.87%AD 1.86%

BD GBP 1.11%EC 2.37%IC 1.01%

J1C 0.86%PD 1.36%ZC 0.25%ZD 0.25%

Indian Equity AC 1.92%AC CHF 1.91%AC EUR 1.91%AC GBP 1.90%

AD 1.91%AD EUR 1.91%AD GBP 1.93%AD HKD 1.93%

BC 1.16%BC GBP 1.17%

BD 1.16%BD EUR 1.15%BD GBP 1.17%


220


performance fee (in %)Indian Equity (continued) EC 2.42%

ED 2.45%IC 1.06%

IC EUR 1.05%ID 1.06%

XD 0.85%ZD 0.30%

Korean Equity AC 1.92%AD 1.92%BD 1.18%EC 2.42%ED 2.42%IC 1.07%

J1C 0.91%

Mexico Equity AC 2.16%EC 2.68%IC 1.19%

IC EUR 1.18%JC 0.91%

Russia Equity AC 2.18%AC EUR 2.24%AC GBP 2.33%

AD 2.18%AD GBP 2.17%AD HKD 2.19%

BC 1.28%BC GBP 1.28%BD GBP 1.40%

EC 2.68%IC 1.20%

XC 0.91%

Singapore Equity AC 1.93%AD 1.91%EC 2.41%IC 1.09%

J1C 0.90%PD 1.41%ZD 0.30%


221


performance fee (in %)Taiwan Equity AC 1.94%

AD 1.92%EC 2.42%IC 1.06%

Thai Equity AC 1.89%AD 1.89%EC 2.39%IC 1.01%

J1C 0.87%

Turkey Equity AC 2.18%AC GBP 2.18%

AD 2.19%AD GBP 2.19%

BC 1.28%BC GBP 1.28%

BD 1.30%BD GBP 1.28%

EC 2.69%IC 1.19%

J1C 0.91%XC 0.91%

UK Equity AC 1.82%AD 1.82%BC 1.06%BD 1.07%EC 2.33%ID 0.97%

Bond Sub-funds

Asian Currencies Bond AC 1.60%AC EUR 1.59%

AD 1.60%EC 1.91%ID 0.88%

ID EUR 0.88%


222


performance fee (in %)Brazil Bond AC 1.36%

AD 1.36%EC 1.66%ED 1.67%IC 0.75%

Euro Bond AC 1.01%AD 1.01%EC 1.31%IC 0.53%ID 0.53%

S18C 0.30%ZC 0.15%

Euro Credit Bond AC 1.10%AD 1.11%BD 0.70%EC 1.41%IC 0.63%ID 0.63%

S19C 0.40%XC 0.50%

XCH JPY 0.53%XD 0.50%ZC 0.20%ZD 0.20%

Euro Credit Bond Total Return AC 1.15%AD 1.17%EC 1.46%IC 0.65%ID 0.64%

S10C 0.35%ZC 0.20%

Euro High Yield Bond AC 1.36%ACH USD 1.42%

AD 1.36%AM 1.36%BC 0.80%

BCH GBP 0.86%


223


performance fee (in %)Euro High Yield Bond (continued) BD 0.80%

EC 1.67%ED 1.66%IC 0.75%

ICH CHF 0.79%ICH GBP 0.79%ICH USD 0.79%

ID 0.75%S8D 0.50%

XC 0.60%ZC 0.20%

GEM Inflation Linked Bond AC 1.31%AC EUR 1.31%AC GBP 1.31%BC EUR 0.80%

EC 1.56%IC 0.76%

IC EUR 0.76%

Global Bond AC 1.01%AD 1.01%EC 1.31%IC 0.53%

PD 0.75%ZC 0.15%ZD 0.15%

Global Corporate Bond ZD 0.20%ZDH GBP 0.26%

ZQ 0.20%ZQH EUR 0.26%ZQH GBP 0.25%

Global Emerging Markets Bond AC 1.61%AC EUR 1.61%AC GBP 1.61%AC HKD 1.61%

Information concerning the Swiss InvestorsPublication of TER (Total Expense Ratio) –

224


performance fee (in %)Global Emerging Markets Bond (continued) ACH CHF 1.66%

ACH EUR 1.66%AD 1.61%

AD EUR 1.61%AD GBP 1.62%

ADH EUR 1.67%AM 1.61%

AM HKD 1.61%AMH AUD 1.67%AMH EUR 1.69%AMH SGD 1.67%

BC GBP 0.98%BD GBP 0.98%

BDH EUR 1.04%EC 1.91%

ECH EUR 1.98%ED 1.90%IC 0.75%

IC EUR 0.75%ICH CHF 0.76%ICH EUR 0.82%ICH GBP 0.81%

ID 0.75%ID EUR 0.75%

IDH EUR 0.82%PC 1.36%PD 1.36%

S6C 0.70%XC 0.60%

XCH CHF 0.66%XCH EUR 0.66%

XD 0.60%XDH CHF 0.66%XDH EUR 0.66%

ZC 0.25%ZD 0.25%ZQ 0.24%

ZQH EUR 0.31%ZQH GBP 0.31%


225


performance fee (in %)Global Emerging Markets Corporate Debt AC 1.87%

AC EUR 1.80%AD 1.86%EC 2.17%IC 1.00%

ZC 0.25%

Global Emerging Markets Investment Grade Bond AC 1.46%AD 1.46%EC 1.80%IC 0.73%

IC EUR 0.73%ID EUR 0.73%

Global Emerging Markets Local Currency Rates AC 1.60%BC GBP 0.99%

EC 1.90%IC 0.88%

IC EUR 0.88%XC 0.80%XD 0.80%ZC 0.25%

Global Emerging Markets Local Debt AC 1.62%AC EUR 1.62%AC GBP 1.61%


EC 1.96%IC 0.88%

IC EUR 0.88%ICH EUR 0.94%

ID 0.88%ID EUR 0.88%

J1M 0.86%XC 0.81%

XC GBP 0.80%XD 0.80%ZC 0.25%


226


performance fee (in %)Global Emerging Markets Local Debt (continued) ZD 0.25%

ZM 0.25%ZQ 0.25%

Global Government Bond ZD 0.20%ZQ 0.19%


Global High Income Bond AC 1.51%ACH EUR 1.56%ACH SGD 1.56%

AD 1.51%ADH EUR 1.56%

AM 1.51%AMH AUD 1.57%AMH EUR 1.57%AMH SGD 1.57%

EC 1.81%ECH EUR 1.86%

IC 0.83%ICH EUR 0.89%

ID 0.83%XD EUR 0.65%

ZC 0.20%ZQ 0.20%

Global High Yield Bond AC 1.36%AD 1.32%AM 1.36%

AM HKD 1.36%AMH AUD 1.42%AMH EUR 1.42%

EC 1.67%IC 0.75%

ICH EUR 0.82%ID 0.78%

ZC 0.20%ZD 0.20%

ZDH GBP 0.26%ZQ 0.19%



227


performance fee (in %)Global Inflation Linked Bond AC 0.98%

ACH EUR 0.98%AD 0.95%EC 1.26%

ECH EUR 1.28%IC 0.55%

ICH EUR 0.58%ICH GBP 0.58%

ZC 0.15%

Global Short Duration High Yield Bond AC 1.14%ACH EUR 1.20%

AD 1.16%ADH EUR 1.18%

EC 1.56%ECH EUR 1.61%

ED 1.56%IC 0.65%

IC EUR 0.64%ICH EUR 0.71%

ZC 0.18%ZQ 0.21%


India Fixed Income AC 1.46%AC EUR 1.46%

AD 1.45%BC GBP 0.82%BD GBP 0.89%

EC 1.76%IC 0.80%

IC CHF 0.80%IC EUR 0.80%

ID 0.80%ID EUR 0.77%

XD 0.71%

Latin American Local Debt AC 1.63%IC 0.88%

ZC 0.25%


228


performance fee (in %)RMB Fixed Income AC 1.01%

AC EUR 1.00%AC RMB 1.00%

ACH EUR 1.07%AD 1.04%

AD EUR 1.00%AD RMB 1.00%

BC 0.62%BD GBP 0.62%

EC 1.31%ECH EUR 1.37%

IC 0.58%IC EUR 0.58%IC RMB 0.58%

ICH EUR 0.64%ID 0.57%

ID RMB 0.58%IDH EUR 0.64%

US Dollar Bond AC 1.00%AD 1.00%EC 1.30%IC 0.53%ID 0.53%

PD 0.75%ZC 0.15%ZD 0.15%

Reserve Sub-fund

Euro Reserve AC 0.15%AD 0.15%IC 0.15%

Index Sub-fund

Economic Scale Index GEM Equity AC 0.93%AD 0.98%IC 0.49%

IC EUR 0.47%IC GBP 0.56%

ID 0.62%XD 0.51%


229


performance fee (in %)Economic Scale Index GEM Equity (continued) ZC 0.30%

ZD 0.30%

Economic Scale Index Global Equity (formerly known as Global Equity) AC 0.75%

AD 0.68%EC 0.92%IC 0.43%

ZC 0.25%ZD 0.25%

Economic Scale Index Japan Equity (formerly known as Japanese Equity) AC 0.84%

AC USD 0.96%AD 0.46%

AD USD 0.97%BD GBP 0.55%

EC 0.90%ED 0.77%IC 0.51%

IC USD 0.57%ICH EUR 0.57%

ID USD 0.57%PC 0.62%PD 0.60%ZD 0.25%

ZD USD 0.25%

Economic Scale Index US Equity (formerly known as US Equity) AC 0.86%

ACH EUR 0.88%AD 0.91%

ADH EUR 0.92%BC GBP 0.65%

EC 1.14%ED 1.21%IC 0.48%

ICH EUR 0.58%ID 0.53%

PD 0.69%XD 0.52%YD 0.38%ZC 0.25%ZD 0.25%


230


performance fee (in %)Other Sub-funds

GEM Debt Total Return J1CH JPY 0.81%L1C 0.75%

L1C EUR 0.75%L1CH CHF 0.82%L1CH EUR 0.81%

L1D 0.75%L1DH EUR 0.81%L1DH JPY 0.81%

M1C 1.36%M1C EUR 1.35%

M1CH CHF 1.42%M1CH EUR 1.41%

M1D 1.36%M1D EUR 1.36%

M1DH EUR 1.39%N1C 0.83%

N1CH CHF 0.91%N1CH GBP 0.91%N1DH EUR 0.91%N1DH GBP 0.91%R1CH EUR 1.89%R1DH EUR 1.92%

S21DH EUR 1.06%S4C 1.00%

ZC 0.25%ZD 0.25%

ZDH EUR 0.31%

Global Macro L1C 1.21%L1CH GBP 1.21%L1CH USD 1.20%

M1C 1.81%M1CH NOK 1.85%M1CH SEK 1.81%M1CH USD 1.80%

M1D 1.81%M1DH GBP 1.81%

R1C 2.13%

Information concerning the Swiss InvestorsPublication of TER (Total Expense Ratio) –

231

Sub-fund Share classTER including the

performance fee (in %)Other Sub-funds (continued)

GEM Debt Total Return J1CH JPY 0.81%L1C 0.75%

L1C EUR 2.06%L1CH CHF 0.82%L1CH EUR 0.81%

L1D 0.75%L1DH EUR 0.81%L1DH JPY 0.81%

M1C 1.36%M1C EUR 4.18%

M1CH CHF 1.42%M1CH EUR 1.41%

M1D 1.36%M1D EUR 6.55%

M1DH EUR 1.39%N1C 0.83%

N1CH CHF 0.91%N1CH GBP 0.91%N1DH EUR 0.91%N1DH GBP 0.91%R1CH EUR 1.89%R1DH EUR 1.92%

S21DH EUR 1.06%S4C 1.00%

ZC 0.25%ZD 0.25%

ZDH EUR 0.31%


232

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the Swiss Investors

Sub-fund %

Asia ex Japan Equity 25.27 Asia ex Japan Equity Smaller Companies 66.31 Asia Pacific ex Japan Equity High Dividend 18.32 BRIC Equity 100.22 BRIC Markets 37.38 BRIC Markets Equity 187.15 China Consumer Opportunities (21.40)Emerging Wealth 35.99 Euroland Equity (41.21)Euroland Equity Smaller Companies 16.24 Euroland Growth 145.94 European Equity 56.50 Frontier Markets 56.97 Global Emerging Markets Equity 115.02 Global Equity Climate Change 43.05 Global Equity Volatility Focused 94.10 Latin American Equity (10.29)Brazil Equity (24.33)Chinese Equity 136.39 Hong Kong Equity 36.98 Indian Equity (18.47)Korean Equity 53.18 Mexico Equity (42.09)Russia Equity (67.03)Singapore Equity (0.95)Taiwan Equity 82.28 Thai Equity (62.75)Turkey Equity 31.57 UK Equity 23.40 Asian Currencies Bond 89.77 Brazil Bond 38.57 Euro Bond (71.10)Euro Credit Bond 124.12

With reference to section 2.8 (2) of the Prospectus dated November 2014 (including addendum dated June2015), adjustments related to swing pricing methodology are included in the PTR figures.

233

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the Swiss Investors

Sub-fund %

Euro Credit Bond Total Return 221.78 Euro High Yield Bond (56.06)GEM Inflation Linked Bond -10.14Global Bond 289.12 Global Corporate Bond -192.85Global Emerging Markets Bond 40.48 Global Emerging Markets Corporate Debt 128.34 Global Emerging Markets Investment Grade Bond 36.86 Global Emerging Markets Local Currency Rates 61.23 Global Emerging Markets Local Debt 65.56 Global Government Bond 17.28 Global High Income Bond -15.83Global High Yield Bond -109.25Global Inflation Linked Bond 34.05 Global Short Duration High Yield Bond -228.36India Fixed Income -65.71Latin American Local Debt 115.87RMB Fixed Income -68.07US Dollar Bond 711.41 Euro Reserve 327.56 Economic Scale Index GEM Equity 35.90 Economic Scale Index Global Equity (formerly known as Global Equity) 107.76Economic Scale Index Japan Equity (formerly known as Japanese Equity) -58.22Economic Scale Index US Equity (formerly known as US Equity) 94.21 GEM Debt Total Return 98.08 Global Macro 197.46

With reference to section 2.8 (2) of the Prospectus dated November 2014 (including addendum dated June2015), adjustments related to swing pricing methodology are included in the PTR figures.

234

Publication of performance for Sub-funds distributed in Switzerland – Information concerning the Swiss Investors

2014 2013 2012

Asia ex Japan Equity AC USD 6.89% (2.83)% 14.80%Asia ex Japan Equity SmallerCompanies AC USD 9.53% 24.46% 26.41%

Asia Pacific ex Japan EquityHigh Dividend AC USD 0.88% 1.33% 18.69%

BRIC Equity AC USD (6.43)% (8.05)% 15.05%BRIC Markets YC USD (8.70)% (4.68)% 13.97%BRIC Markets Equity AC USD (4.93)% (5.23)% 13.41%China Consumer Opportunities AC USD (1.94)% 19.01% 6.16%Emerging Wealth AC USD (2.26)% 16.69% 10.24%Euroland Equity AC EUR 1.94% 30.47% 17.36%Euroland Equity Smaller Companies AC EUR 7.59% 22.45% 26.41%

Euroland Growth M1C EUR 1.73% 19.23% 20.13%European Equity AC EUR 5.34% 18.47% 18.91%Frontier Markets AC USD 4.57% 28.17% 24.42%Global Emerging MarketsEquity AC USD (1.11)% (9.77)% 20.73%

Global Equity Climate Change AC USD (0.83)% 23.27% 18.63%Global Equity Volatility Focused* AC USD 1.96% N/A N/ALatin American Equity AC USD (15.30)% (8.94)% 12.25%Brazil Equity AC USD (19.87)% (19.27)% 6.53%Chinese Equity AC USD 11.89% 5.51% 19.23%Hong Kong Equity AC USD 2.97% 4.25% 26.40%Indian Equity AC USD 30.76% (13.67)% 39.71%Korean Equity AC USD (13.96)% 6.74% 10.62%Mexico Equity* AC USD (9.89)% 2.13% N/ARussia Equity AC USD (44.61)% (2.18)% 6.54%Singapore Equity AC USD (1.86)% 0.70% 30.40%Taiwan Equity AC USD 3.29% 8.91% 14.14%Thai Equity AC USD 16.30% (15.38)% 35.72%Turkey Equity AC EUR 39.48% (33.10)% 72.19%UK Equity AC GBP (0.42)% 22.61% 13.44%Asian Currencies Bond AC USD 2.12% (7.24)% 10.59%Brazil Bond AC USD (4.09)% (15.31)% 7.37%

Sub-fund Share classShare class

currency

Calendar Year Performance

235

Publication of performance for Sub-funds distributed in Switzerland – Information concerning the Swiss Investors

2014 2013 2012

Euro Bond AC EUR 10.78% 2.17% 12.96%Euro Credit Bond AC EUR 7.66% 3.08% 18.24%Euro Credit Bond Total Return* AC EUR 7.05% 0.33% N/AEuro High Yield Bond AC EUR 6.35% 7.86% 26.16%GEM Inflation Linked Bond AC USD 3.05% (12.76)% 19.70%Global Bond AC USD 0.77% (2.99)% 4.55%Global Emerging Markets Bond EC USD 4.71% (8.13)% 17.54%Global Emerging Markets Corporate Debt AC USD 5.55% (3.25)% 17.67%

Global Emerging Markets Investment Grade Bond AC USD 1.53% (8.30)% 15.35%

Global Emerging Markets Local Currency Rates* AC USD (5.11)% (1.24)% N/A

Global Emerging Markets Local Debt AC USD (5.58)% (6.70)% 12.34%Global Government Bond* ZC USD 5.20% N/A N/AGlobal High Income Bond AC USD 5.48% 1.34% 18.36%Global High Yield Bond AM USD (1.74)% (1.49)% 5.90%Global Inflation Linked Bond AC USD 6.87% (5.27)% 5.90%Global Short Duration High Yield Bond* AC USD 1.19% 3.50% N/A

India Fixed Income* AC USD 11.80% (8.67)% 4.80%Latin American Local Debt AC USD (5.29)% (10.61)% 11.68%RMB Fixed Income AC USD (0.73)% 6.11% 4.60%US Dollar Bond AC USD 5.32% (2.51)% 3.10%Economic Scale Index GEM Equity* AC USD 0.74% (1.54)% N/AEconomic Scale Index Global Equity (formerly known as Global Equity) AC USD 6.61% 24.99% 13.29%

Economic Scale Index Japan Equity (formerly known as Japanese Equity)

AC JPY 6.47% 48.77% 15.94%

Economic Scale Index US Equity (formerly known as US Equity) AC USD 12.87% 30.56% 10.38%

Euro Reserve AC EUR 0.04% (0.05)% 0.08%GEM Debt Total Return M1C USD 6.36% (1.83)% 10.37%Global Macro M1C EUR (3.17)% 3.11% 0.50%

*These Sub-funds launched during the calendar year, so the first figures are not for a whole 12 month period.

Sub-fund Share classShare class

currency

Calendar Year Performance

236

Comparative Table of Net Assets

Sub-fund at 31 March 2014 at 31 March 2015 at 30 September 2015

Net Asset Value per Share

AC N/A 9.90 7.45 IC N/A 9.97 7.54 ZC N/A 10.04 7.62

Total Net Assets N/A 15,055,185 11,428,224


AC 48.54 55.81 45.14 AC EUR 13.29 11.48 N/A ACH EUR 21.62 19.34 16.26 AD 44.04 50.36 40.36 ADH EUR 20.68 18.40 15.30 BD N/A 11.59 N/A BD GBP 16.03 18.34 14.65 EC 43.99 50.33 40.60 ED 43.20 49.36 39.66 IC 49.94 57.92 47.04 ID 47.57 54.46 43.45 J1C 10.59 12.30 10.00 ZC N/A 52.05 42.44 ZD 44.99 51.54 40.96

Total Net Assets 335,075,814 360,439,544 263,566,125


AC 53.05 56.35 49.58 AC EUR 14.55 15.45 13.60 AD 49.46 52.23 45.65 AD HKD 1.62 1.71 1.50BC N/A 10.75 9.50 BC GBP 23.11 24.73 21.84BD 9.95 10.65 9.28BD GBP 22.93 24.54 21.68EC 51.26 54.18 47.56 IC 55.29 59.25 52.36 ID 17.54 18.58 16.16 XC N/A N/A 8.10 ZC N/A N/A 9.91

Total Net Assets 186,649,965 435,299,786 339,284,291

ASEAN Equity USD

Asia ex Japan EquityUSD

Asia ex Japan Equity Smaller Companies USD

237




AC 20.60 21.31 17.81AD 16.61 16.94 13.88 AM 9.18 9.19 7.53AM HKD 1.18 1.18 0.97BC 10.31 10.74 9.01BD GBP 16.45 16.78 13.74EC 19.96 20.54 17.12 IC 18.94 19.75 16.58 IC EUR 14.64 15.56 13.06 S9D 10.16 10.39 8.54XC N/A 10.08 N/AZD 16.93 17.27 14.15

Total Net Assets 158,740,076 181,744,114 124,492,281

BRIC EquityUSD


AC 18.82 18.76 15.19 AC GBP 13.85 13.81 11.19AC HKD 0.90 0.90 0.73AD 18.51 18.13 14.35 AD GBP 18.81 18.42 14.58BC GBP N/A 15.87 12.90BD GBP N/A 14.95 11.77EC 18.14 17.99 14.53 IC 19.52 19.62 15.96 IC EUR 11.03 11.09 9.02ID 20.24 20.30 N/AJ1C 14.69 14.79 12.04 L1C 19.55 19.71 16.05 M1C 20.24 20.27 16.46 M2C 19.46 19.49 15.83 M2D 18.88 18.51 14.60 XC 19.59 19.72 16.05

Total Net Assets 688,150,619 521,381,358 355,543,037

Asia Pacific ex Japan Equity High Dividend USD

238



BRIC MarketsUSD


YC 23.43 23.03 19.35 YD 23.25 22.52 18.92 ZC 24.43 24.16 20.36

Total Net Assets 7,547,001 7,467,152 6,315,391

BRIC Markets EquityUSD


AC 12.82 12.97 10.41 AD 12.49 12.49 9.89 BD N/A 10.19 8.03 EC 12.33 12.41 9.94 ED 12.20 12.20 9.68 IC 13.66 13.94 11.24 J1C 13.85 14.16 11.42

Total Net Assets 294,576,417 223,944,675 151,679,145


AC 14.62 14.86 13.17AC HKD 1.88 1.91 1.69AD 10.24 10.41 9.20EC N/A 9.94 8.78 IC 9.96 10.20 9.08IC EUR N/A 12.66 11.27S5C N/A 9.76 8.70

Total Net Assets 274,615,323 101,845,004 66,629,206

China Consumer OpportunitiesUSD

239



Emerging WealthUSD


AC 9.42 9.22 8.19 AD 9.21 9.01 7.96

Total Net Assets 18,483,113 16,280,003 12,479,810

Euroland EquityEUR


AC 34.50 40.20 35.72 AD 31.36 36.30 32.07 ADH USD N/A N/A 7.79 EC 33.26 38.57 34.18 ED 31.06 35.94 31.80 IC 36.72 43.15 38.51 ID 36.71 42.50 37.56 XC N/A 11.79 10.53 ZC 41.19 48.77 43.69 ZD 34.64 40.15 35.19

Total Net Assets 761,817,255 954,671,183 886,484,633


AC 55.99 67.26 61.30 AD 53.67 64.48 58.77 BC N/A N/A 8.84 EC 54.03 64.59 58.72 IC 59.77 72.42 66.28 ID 10.26 12.44 11.31 XC 10.24 12.42 11.38 ZC 66.67 81.39 74.78

Total Net Assets 251,278,365 349,574,597 267,869,622

Euroland GrowthEUR


AC 13.32 15.68 13.99 EC 11.33 13.27 11.81 IC 13.82 16.41 14.70 M1C 13.45 15.88 14.18 M1D 12.05 14.06 12.46 ZC 10.00 11.96 10.76

Total Net Assets 108,224,321 161,808,556 140,988,705

Euroland Equity Smaller Companies EUR

240



European EquityEUR


AC 39.76 48.69 44.48 AD 35.59 43.37 39.44 EC 36.92 44.99 41.00 ED 35.06 42.66 38.86 IC 41.88 51.72 47.46 ID N/A N/A 8.96 PC 42.03 51.72 47.38 PD 35.23 42.90 38.93 ZD 36.26 44.19 39.94

Total Net Assets 131,149,962 118,371,232 187,362,603

Frontier MarketsUSD


AC 97.76 93.71 86.34AC EUR 18.56 17.79 16.39AD 97.35 91.86 83.72AD EUR 14.10 13.46 12.26BC 10.83 10.44 9.64BC GBP 19.28 18.57 17.15BD GBP N/A 15.26 13.97EC 13.27 12.65 11.63EC EUR 15.00 14.31 13.15IC 140.36 135.35 125.08IC EUR 17.26 16.64 15.38IC GBP 21.34 20.58 19.02ID 136.49 128.95 117.13ID EUR 14.92 N/A N/AID GBP N/A 16.18 14.70XC 10.94 10.58 9.79XC GBP 17.49 16.92 15.66ZC N/A 9.05 8.42ZD 17.19 16.26 14.84

Total Net Assets 446,911,358 402,655,296 350,830,925

241




AC N/A N/A 9.16AD N/A N/A 9.16BC N/A N/A 9.17EC N/A N/A 9.15XC N/A N/A 9.18

Total Net Assets N/A N/A 55,066,778


AC 14.88 15.11 12.09AC EUR 14.08 14.30 11.46 AC GBP 14.96 15.20 12.16AD 14.22 14.29 11.30 AD GBP 14.86 14.95 11.80BC GBP 17.30 17.71 14.22BD GBP 15.19 15.27 12.02EC 13.85 14.00 11.18 ED 13.63 13.69 10.85 IC 15.71 16.10 12.94 ID 17.15 17.57 13.82 PC 10.27 10.49 8.41 PD 9.75 9.80 7.75 S1D 7.03 7.07 5.55 WD 14.61 N/A N/A XC N/A 9.63 7.75 ZC 8.91 9.20 7.42 ZD 14.51 14.60 11.42

Total Net Assets 362,205,454 225,264,003 156,629,722


AC 7.89 7.68 6.99 AD 7.65 7.43 6.75 EC 7.64 7.40 6.72 IC 8.33 8.18 7.47

Total Net Assets 29,674,698 23,066,081 18,765,805

Global Emerging Markets EquityUSD

Global Equity Climate Change USD

GEM Equity Volatility Focused (launched as at 4 August 2015)USD

242




AC N/A N/A 9.13 AM N/A N/A 9.08 AM HKD N/A N/A 1.17 AQ N/A N/A 9.05 EQ N/A N/A 9.04 XC N/A N/A 9.14 ZQ N/A N/A 9.11



AC N/A 10.18 9.03AC EUR N/A N/A 10.19ACH AUD N/A N/A 6.25ACH EUR N/A 10.76 9.92ACH SGD N/A 7.43 6.38AM N/A 9.97 8.73AM HKD N/A 1.29 1.13AMH AUD N/A 7.61 6.10AMH CAD N/A 7.84 6.47AMH EUR N/A 10.65 9.70AMH RMB N/A 1.61 1.37AMH SGD N/A 7.27 6.14BC N/A 10.28 9.16BC GBP N/A 14.76 13.15EC N/A 9.95 8.81ECH EUR N/A 10.68 9.81IC N/A 9.90 8.82ZC N/A 10.36 N/AZCH SGD N/A 7.47 6.47



AC N/A 10.06 9.38 AD N/A 10.06 9.38 ID N/A 10.06 9.43 ZC N/A 10.06 9.48 ZD N/A 10.06 9.46 ZQ N/A N/A 9.76


Global Equity Volatility Focused USD

Global Real Estate EquityUSD

Global Equity Dividend (launched as at 27 July 2015)USD

243




AC 16.28 12.48 9.38AC EUR 12.26 N/A N/AAC GBP 14.84 11.37 8.55AD 15.96 12.17 9.07AD GBP 13.14 10.03 7.47AD HKD 0.99 0.76 0.56BC 9.78 7.55 5.70BC GBP 16.86 13.02 9.83EC 15.95 12.17 9.12IC 16.93 13.09 9.88IC EUR 11.45 8.85 6.67L1D 16.11 12.29 9.07M1C 16.67 12.85 9.68M1D 16.00 12.20 9.05

Total Net Assets 162,710,692 98,361,387 55,958,275

Brazil EquityUSD


AC 26.20 17.77 11.95 AC EUR 9.69 6.57 4.42AC GBP 13.03 8.84 5.95AD 25.31 17.01 11.25 AD GBP 12.36 8.31 5.50AD HKD 0.82 0.55 0.37BC 9.64 6.60 4.46BC GBP 14.10 9.65 6.52 BD 11.39 7.79 5.06 BD GBP 14.03 9.43 6.19 EC 25.16 16.98 11.39 ED 24.87 16.71 11.10 IC 28.35 19.41 13.13 ID 26.04 17.49 11.51 S3D 27.15 18.25 11.79 XC 28.67 19.69 13.33 ZC 31.25 21.58 14.66

Total Net Assets 710,217,631 377,974,900 209,402,359

Latin American EquityUSD

244



Chinese EquityUSD


AC 73.57 94.92 79.94AC EUR 13.22 17.06 14.37AC GBP 17.31 22.33 18.81AD 70.34 89.94 75.22 AD GBP 17.12 21.89 18.31AD HKD 1.12 1.43 1.20BC 9.44 12.27 10.37BC GBP 16.16 21.00 17.75BD 9.07 11.79 9.86BD GBP 16.16 20.68 17.25EC 70.31 90.27 75.83 ED 69.72 89.13 74.69 IC 79.20 103.07 87.17 ID 72.52 92.77 77.33 J1C 78.73 102.60 86.84 ZC N/A 124.66 122.34 ZD 73.21 93.66 77.85

Total Net Assets 1,683,606,920 1,959,178,807 1,677,786,188

Hong Kong EquityUSD


AC 116.50 135.67 117.31 AD 105.76 121.24 103.34 BD GBP 14.57 17.09 14.55 EC 112.56 130.42 112.49 IC 123.32 144.84 125.76 J1C 8.11 9.53 8.29 PD 104.39 119.68 101.79 ZC N/A 106.79 93.08 ZD 110.72 126.96 107.47

Total Net Assets 205,369,075 216,015,520 198,951,791

245



Indian EquityUSD


AC 140.08 172.19 151.49 AC CHF N/A 11.43 10.06 AC EUR 13.43 16.50 14.52 AC GBP 15.64 19.22 16.91 AD 139.63 169.81 149.40 AD EUR 11.82 14.38 12.65 AD GBP 15.60 18.96 16.69AD HKD 1.01 1.23 1.08 BC 11.49 14.22 12.56BC GBP 15.50 19.20 16.95BD 11.48 14.10 12.40BD EUR N/A 13.81 12.20BD GBP 15.50 18.88 16.61EC 132.60 162.19 142.34 ED 132.61 161.02 141.32 IC 153.91 190.80 168.59 IC EUR N/A 12.32 10.89 ID 149.39 182.17 160.06 WC GBP N/A N/A 15.66 XD 154.11 9.50 8.29 ZC N/A 10.06 N/A ZD 148.92 182.02 159.28

Total Net Assets 2,487,699,712 2,342,014,151 1,903,389,313

Korean EquityUSD


AC 15.61 14.15 12.09 AD 15.61 14.15 12.09 BD N/A 9.13 7.84 EC 15.08 13.61 11.60 ED 15.09 13.61 11.60 IC 16.73 15.30 13.13 J1C 16.38 15.00 12.89

Total Net Assets 70,033,007 55,105,413 38,548,726


AC 9.94 9.09 8.22 EC N/A 9.64 8.71 IC 10.49 9.68 8.81 IC EUR 12.53 11.57 10.52 JC 10.07 9.32 8.49 XC 10.73 N/A N/A

Total Net Assets 697,142,063 303,639,000 195,748,634

Mexico EquityUSD

246



Russia EquityUSD


AC 5.46 4.19 3.84AC EUR 9.77 7.50 6.88AC GBP 12.46 9.58 8.76AD 5.42 4.12 3.68 AD GBP 13.07 9.93 8.86AD HKD 0.80 0.60 0.54 BC 8.68 6.72 6.19 BC GBP N/A 16.59 15.28BD GBP N/A 11.97 10.97EC 5.30 4.05 3.70 IC 5.80 4.50 4.15 XC 5.85 4.55 4.20

Total Net Assets 240,000,537 213,092,522 187,814,251

Singapore EquityUSD


AC 45.71 43.60 34.93 AD 37.23 35.18 27.89 EC 44.05 41.81 33.41 IC 46.89 45.11 36.30 J1C 40.70 39.21 31.57PD 37.31 35.27 27.88 ZD 39.13 37.01 29.07

Total Net Assets 56,654,934 46,691,843 28,842,203

Taiwan EquityUSD


AC 13.01 13.67 11.36 AD 12.66 13.28 10.97 EC 12.72 13.31 11.02 IC 14.70 15.59 13.00

Total Net Assets 8,380,482 5,558,082 3,353,008

Thai EquityUSD


AC 18.02 19.24 15.53 AD 15.52 16.38 13.00 EC 17.37 18.46 14.86 IC 19.32 20.81 16.86 J1C 19.39 20.92 16.96

Total Net Assets 123,257,217 96,057,173 68,221,529

247



Turkey EquityEUR


AC 19.94 25.64 19.97 AC GBP 12.62 16.23 12.65AD 14.98 19.27 15.01 AD GBP 12.68 16.32 12.71 BC 8.51 11.04 8.64 BC GBP 9.24 11.99 9.38 BD 8.51 11.04 8.64 BD GBP 11.38 14.74 11.51 EC 19.28 24.68 19.17 IC 21.10 27.40 21.45 J1C 12.12 15.79 12.37 XC N/A 9.78 7.66 ZC N/A 9.79 N/A

Total Net Assets 121,615,360 120,059,194 86,119,230

UK EquityGBP


AC 35.18 37.47 34.85 AD 29.37 30.86 28.22 BC 12.28 13.18 12.30 BD 12.23 12.85 11.71 EC 34.31 36.35 33.73 ID 32.83 34.50 31.93

Total Net Assets 87,203,640 85,991,444 67,171,081



AC 10.36 10.36 9.37AC EUR 13.86 13.87 12.55AD 9.93 9.67 8.60EC 9.95 9.92 8.96ID 10.03 9.82 8.69ID EUR 13.92 13.64 12.07

Total Net Assets 103,245,867 64,201,190 46,784,562

248



Brazil BondUSD


AC 19.43 14.74 11.60 AD 11.62 8.34 6.20 EC 19.00 14.38 11.29 ED N/A N/A 7.40 IC 20.15 15.38 12.14

Total Net Assets 38,832,219 44,131,158 38,082,275

Euro BondEUR


AC 24.61 27.31 26.07 AD 19.06 20.69 19.50 EC 24.09 26.65 25.40 IC 25.93 28.91 27.66 ID N/A 10.53 10.00 S18C N/A 10.11 9.69 ZC 10.11 11.31 10.84

Total Net Assets 143,540,900 288,400,165 261,568,937

Euro Credit BondEUR


AC 24.33 26.16 25.17 AD 16.92 17.83 16.87 BD N/A 10.79 10.21 EC 23.83 25.53 24.53 IC 25.90 27.97 26.97 ID N/A 10.80 10.22 S19C N/A 10.03 9.68 XC N/A 10.54 10.17 XCH JPY 74.17 88.14 82.09 XD N/A N/A 9.65 ZC N/A 10.36 10.02 ZD N/A 10.34 9.89

Total Net Assets 474,785,386 1,073,082,717 1,002,355,661

Euro Credit Bond Total Return EUR


AC 10.23 10.92 10.53 AD N/A N/A 9.92 EC 10.22 10.88 10.48 IC 10.25 10.99 10.63 ID 9.99 10.71 10.17 S10C N/A 10.58 10.24 ZC 10.26 11.06 10.72

Total Net Assets 17,170,502 146,424,067 142,471,232

249



Euro High Yield BondEUR


AC 36.10 38.28 36.86 ACH USD N/A N/A 8.74 AD 22.28 22.68 21.70 AM 10.00 10.38 9.88 BC 10.34 11.02 10.64 BCH GBP N/A N/A 13.19 BD 10.34 10.74 9.99 BD GBP N/A 12.88 N/A EC 35.32 37.33 35.90 ED 26.30 26.77 25.31 IC 38.86 41.45 40.03 ICH CHF N/A N/A 8.78 ICH GBP N/A N/A 13.08 ICH USD N/A N/A 8.63 ID 35.37 36.01 33.73 S8D 11.15 11.36 10.59 XC 39.18 41.86 40.46 ZC 40.52 43.47 42.10

Total Net Assets 1,753,842,042 2,418,354,101 2,524,985,706


AC 97.10 90.69 78.38 AC EUR 9.71 9.07 7.84 AC GBP 9.71 9.07 7.84 BC EUR N/A 11.54 10.00 EC 9.67 9.01 7.77 IC 98.58 92.58 80.23 IC EUR 9.86 9.26 8.02 XC 10.59 9.95 N/A ZC 9.81 9.26 N/A

Total Net Assets 139,707,208 67,737,456 26,761,693


ZC 127.10 132.51 129.83

Total Net Assets 34,166,046 35,618,592 34,898,147

GEM Inflation Linked BondUSD

Global Asset-Backed Bond USD

250




ZC 141.24 148.98 150.40

Total Net Assets 33,544,031 72,115,626 95,521,158

Global BondUSD


AC 17.65 17.04 16.80 AD 14.43 13.69 13.27 BC GBP 15.53 15.02 N/A BD GBP 15.54 14.78 N/A EC 13.51 12.99 12.80 IC 18.26 17.70 17.50 PD 11.79 11.19 10.83 WC GBP N/A N/A 15.82 WD 198.84 188.76 181.95 ZC 16.80 16.35 16.19 ZD 14.88 14.13 13.63

Total Net Assets 197,877,103 167,021,843 298,233,267


AC N/A 10.04 9.74 IC N/A 10.05 9.77 XC N/A 10.05 9.78 ZC N/A 10.05 9.80



ZC N/A 10.56 N/A ZD N/A 10.56 10.08 ZDH GBP N/A 15.49 15.06 ZQ N/A N/A 9.97 ZQH EUR N/A 10.95 10.87 ZQH GBP N/A N/A 15.13

Total Net Assets N/A 1,440,034,850 1,459,462,091

Global Corporate Bond USD

Global Asset-Backed High Yield Bond USD

Global Bond Total Return USD

251




AC 32.97 33.80 32.36 AC EUR 13.19 13.52 12.94 AC GBP 17.99 18.44 17.65 AC HKD 1.26 1.29 1.23 ACH CHF 11.27 10.41 9.84 ACH EUR 13.04 10.38 10.30 AD 30.00 29.68 27.26 AD EUR 12.22 12.10 11.26 AD GBP 17.07 16.87 15.36 ADH EUR 19.67 15.14 14.78 AM 25.46 24.95 23.35 AM HKD 1.28 1.26 1.18 AMH AUD 8.52 6.88 5.92 AMH EUR 12.46 9.48 9.21 AMH SGD 7.26 6.52 5.89 BC N/A 10.31 N/A BC GBP 15.58 16.06 15.43 BD GBP 15.35 15.18 14.00 BDH EUR 14.37 11.40 10.91 EC 32.25 32.96 31.51 ECH EUR 14.19 11.27 11.17 ED 24.39 24.13 22.56 IC 34.89 36.06 34.68 IC EUR 14.69 15.19 14.60 ICH CHF N/A 10.17 9.66 ICH EUR 23.10 18.55 18.49 ICH GBP N/A 14.78 14.51 ID 21.22 21.00 19.52 ID EUR 13.02 12.90 11.96 IDH EUR 20.73 15.96 15.15 PC 33.25 34.16 32.75 PD 19.62 19.42 17.80 S6C 9.76 10.09 9.71 WCH GBP N/A N/A 15.15 XC 35.03 36.26 34.89 XCH CHF 11.61 10.84 10.29 XCH EUR 14.22 11.44 11.40 XD N/A 9.87 9.23 XDH CHF 11.40 10.63 9.72 XDH EUR 20.72 16.48 15.74 ZC N/A 9.97 9.61 ZD 21.73 21.52 20.02 ZQ N/A 10.14 9.58 ZQH EUR N/A 10.76 10.55 ZQH GBP N/A 15.28 14.76

Total Net Assets 2,822,635,067 5,623,798,197 5,156,927,715

Global Emerging Markets BondUSD

252




AC 11.69 12.27 11.88 AC EUR 13.30 13.96 13.52 AD 9.95 10.15 9.60 EC N/A 10.17 9.84 IC 12.00 12.69 12.34 ID N/A 12.69 N/A ZC 12.31 13.14 12.82

Total Net Assets 13,414,233 20,077,721 13,151,781


AC 11.18 10.88 9.91 AD 10.91 10.31 9.12 EC 11.11 10.77 9.80 IC 11.45 11.22 10.26 IC EUR 152.78 149.69 136.89 ID EUR 139.72 131.73 116.27

Total Net Assets 79,965,633 34,672,394 21,758,179


AC 10.08 8.99 7.92 BC GBP 16.50 14.81 13.08 EC 10.08 8.96 7.88 IC 10.11 9.08 8.03 IC EUR N/A 11.71 10.35 ICH EUR N/A 9.36 N/A S11D 10.12 N/A N/A XC 10.11 9.09 8.04 XD N/A N/A 8.78 ZC N/A 8.91 7.90

Total Net Assets 80,152,306 109,896,703 154,895,962

Global Emerging Markets Corporate DebtUSD

Global Emerging Markets Investment Grade BondUSD

Global Emerging Markets Local Currency Rates USD

253




AC 14.41 12.99 11.78 AC EUR 13.05 11.77 10.67 AC GBP 16.22 14.62 13.26 AD 11.91 10.50 9.37 AD GBP 15.60 13.70 12.23 BC GBP N/A 14.83 13.49 BD GBP 15.36 13.52 12.04 EC 14.19 12.75 11.54 IC 15.11 13.72 12.48 IC EUR N/A 11.88 10.81 ICH EUR N/A 9.47 8.91 ID 12.34 10.87 9.66 ID EUR 12.80 11.28 10.02 J1D 9.39 8.31 N/A J1M 8.98 7.76 6.85 WC GBP N/A N/A 15.18 XC 9.63 8.75 7.97 XC GBP 15.67 14.24 12.96 XD 9.56 8.43 7.48 ZC N/A N/A 8.99 ZD 11.82 10.41 9.21 ZM 11.79 10.25 9.09 ZQ N/A N/A 9.00

Total Net Assets 1,021,347,989 1,584,789,089 1,431,107,057


ZC N/A 10.85 N/A ZD N/A 10.84 10.58 ZQ N/A 10.14 9.92 ZQH EUR N/A 10.89 11.05 ZQH GBP N/A 15.07 15.07


Global Emerging Markets Local DebtUSD


254




AC 13.14 13.72 13.22 ACH EUR 14.27 11.58 11.57 ACH SGD 9.81 9.40 8.78 AD 12.69 12.84 12.03 ADH EUR N/A 10.85 10.58 AM 10.90 10.96 10.36 AM HKD N/A 12.72 N/A AMH AUD 9.37 7.74 6.70 AMH EUR 13.92 10.84 10.62 AMH SGD 8.89 8.20 7.49 EC 10.39 10.81 10.41 ECH EUR 14.32 11.58 11.56 IC 10.84 11.40 11.02 ICH EUR 14.80 12.09 12.12 ID N/A 10.09 9.62 XD EUR N/A 11.21 10.82 ZC N/A 10.28 9.97 ZQ N/A N/A 9.66

Total Net Assets 1,436,383,592 1,431,678,775 1,294,669,655


AC N/A 9.98 9.62 AD N/A 9.99 9.60 AM 10.64 10.33 9.68 AM HKD 1.37 1.33 1.25 AMH AUD 9.89 7.92 6.82 AMH EUR 14.62 11.02 10.71 EC N/A N/A 9.65 IC N/A 10.02 9.69 ICHEUR N/A N/A 11.05 ID N/A 9.99 9.63 WCH GBP N/A N/A 15.04 ZC N/A 10.17 9.86 ZD N/A 10.20 9.67 ZDH GBP N/A 14.83 14.69 ZQ N/A 10.16 9.58 ZQH EUR N/A 10.88 10.65 ZQH GBP N/A 14.94 14.37

Total Net Assets 845,921,616 2,006,666,919 2,125,782,612

Global High Yield BondUSD

Global High Income BondUSD

255




AC 115.34 124.64 120.67 ACH EUR 158.97 133.67 134.08 AD 9.46 10.23 9.90 EC 114.38 123.23 119.12 ECH EUR 13.89 11.64 11.66 IC 117.08 127.03 123.23 ICH EUR 161.92 136.70 137.43 ICH GBP 197.85 191.71 190.00 ZC 118.85 129.47 125.84

Total Net Assets 32,167,812 20,816,102 31,217,633


AC N/A 10.01 9.99 IC N/A 10.01 10.01 XC N/A 10.01 10.01 ZC N/A 10.01 10.02



AC 10.45 10.59 10.52 ACH EUR 14.02 11.04 11.37 AD N/A 10.10 9.91 ADH EUR 13.82 10.77 11.06 EC 10.12 10.22 10.13 ECH EUR 13.80 10.83 11.13 ED N/A 10.04 9.87 IC 10.49 10.69 10.65 IC EUR N/A 12.67 12.62 ICH EUR 14.04 11.11 11.47 ZC 10.53 10.78 10.76 ZQ N/A N/A 9.77 ZQH EUR N/A N/A 11.04 ZQH GBP N/A N/A 14.98

Total Net Assets 32,325,615 38,266,714 205,152,274

Global Inflation Linked BondUSD

Global Short Duration Bond USD

Global Short Duration High Yield Bond USD

256




AC 10.21 11.14 10.99 AC EUR 12.60 13.75 13.56 AD 9.35 9.89 9.32 BC GBP N/A 15.70 15.53 BD GBP 15.43 16.95 15.96 EC 9.68 10.54 10.38 IC 10.31 11.33 11.21 IC CHF N/A N/A 10.19 IC EUR 12.52 13.76 13.61 ID 10.25 10.84 10.24 ID CHF N/A 10.30 N/A ID EUR N/A N/A 11.01 XD N/A N/A 10.04 ZC 10.41 9.95 N/A

Total Net Assets 54,234,823 328,530,704 348,786,615

Latin American Local DebtUSD


AC 9.36 7.67 6.46 IC 9.57 7.89 6.67 ZC 9.73 8.08 6.85

Total Net Assets 19,696,758 16,344,396 13,805,947

RMB Fixed IncomeUSD


AC 10.91 11.08 10.91 AC EUR 14.32 14.54 14.31 AC RMB 1.70 1.73 1.70 ACH EUR 14.41 11.37 11.60 AD 10.57 10.42 9.99 AD EUR 14.25 14.05 13.41 AD RMB 1.65 1.63 1.55 BC 9.77 9.96 9.82 BD GBP N/A N/A 14.98 EC 10.80 10.94 10.75 ECH EUR 14.16 11.14 11.35 IC 11.03 11.25 11.09 IC EUR 13.37 13.64 13.45 IC RMB N/A 9.59 9.46 ICH EUR 14.39 11.41 11.66 ID 10.29 10.14 9.65 ID RMB N/A 1.60 1.56 IDH EUR N/A 10.78 10.65 ZC 11.13 11.40 N/A ZD 11.04 10.88 N/A

Total Net Assets 368,118,443 312,220,094 153,987,365


257



US Dollar BondUSD


AC 15.06 15.78 15.59 AD 10.50 10.88 10.62 BC GBP 15.92 16.71 N/A BD GBP 15.83 16.38 N/A EC 14.73 15.39 15.18 IC 15.39 16.20 16.05 ID N/A 15.41 15.15 PD 10.53 10.91 10.65 WD 10.59 10.98 10.67 ZC 16.22 17.14 17.01 ZD 11.11 11.51 11.19

Total Net Assets 63,685,031 93,519,860 112,561,935

Euro ReserveEUR


AC 17.35 17.35 17.34 AD 15.45 15.45 15.43 IC 17.38 17.38 17.36

Total Net Assets 75,986,283 153,826,618 184,436,514


AC 9.63 9.94 8.02 AD N/A N/A 7.84 IC 9.66 10.01 8.10 IC EUR 13.83 14.33 11.60 IC GBP N/A 16.12 13.04 ID N/A N/A 7.85 WC GBP N/A 16.42 13.32 XD N/A N/A 7.86 ZC N/A 9.92 8.03 ZD 10.16 10.41 8.20

Total Net Assets 71,017,110 297,497,368 346,558,342


AC 31.02 32.97 29.31 AD 30.21 32.07 28.51 EC 30.24 31.98 28.39 IC 32.92 35.29 31.42 ZC 35.51 38.35 34.17 ZD 32.95 35.04 30.73

Total Net Assets 158,112,615 232,896,704 206,453,729

Economic Scale Index Global Equity (formerly known as Global Equity)USD

Economic Scale Index GEM EquityUSD

258




AC 6,118.10 7,758.84 7,142.21 AC USD N/A N/A 1,073.81 AD 899.48 1,140.70 1,036.33 AD USD N/A N/A 1,073.13 BD GBP 1,755.55 2,243.05 2,051.41 EC 860.81 1,086.21 1,005.97 ED 874.75 1,103.81 1,015.59 IC 6,542.25 8,367.51 7,711.73 IC USD N/A N/A 1,075.17 ICH EUR N/A 1,307.20 1,259.46 ID USD N/A N/A 1,075.94 PC 6,329.28 8,066.86 7,436.03 PD 931.63 1,185.07 1,088.35 ZD 915.94 1,165.76 1,063.78 ZD USD N/A N/A 1,076.67

Total Net Assets 5,560,087,265 6,299,196,851 16,643,024,414


AC 30.12 33.39 29.76 ACH EUR 34.79 30.01 27.79 AD 33.71 37.37 33.31 ADH EUR 35.87 30.97 28.66 BC GBP N/A N/A 13.61 EC 29.06 32.05 28.53 ED N/A N/A 9.63 IC 31.64 35.36 31.58 ICH EUR N/A 10.96 10.17 ID 12.86 14.32 12.70 PD 35.04 39.00 34.77 XD N/A N/A 9.08 YD 12.63 14.06 12.36 ZC N/A N/A 8.91 ZD 34.90 38.89 33.65

Total Net Assets 228,035,347 399,720,278 721,419,459

Economic Scale Index Japan Equity (formerly known as Japanese Equity)JPY

Economic Scale Index US Equity (formerly known as US Equity)USD

259



GEM Debt Total ReturnUSD


J1CH JPY 103.61 92.46 90.20 L1C 14.57 15.19 14.84 L1C EUR N/A 13.21 12.91 L1CH CHF N/A 10.42 10.05 L1CH EUR 13.87 11.23 11.38 L1D 12.66 12.93 12.55 L1DH EUR 12.56 9.98 10.04 L1DH JPY N/A N/A 8.08 M1C 14.44 14.97 14.58 M1C EUR 13.92 13.65 13.48 M1CH CHF 11.40 10.66 10.25 M1CH EUR 13.94 11.23 11.34 M1D 12.42 12.68 12.31 M1D EUR N/A 12.55 12.42 M1DH EUR 14.22 11.45 11.56 N1C N/A N/A 9.61 N1CH CHF N/A 10.37 9.99 N1CH GBP 17.10 15.89 15.84 N1DH EUR 14.17 11.47 11.50 N1DH GBP 16.97 15.50 15.41 R1CH EUR N/A 10.81 10.89 R1DH EUR N/A 10.68 10.76 S21DH EUR N/A N/A 10.73 S4C N/A 10.15 9.90 ZC N/A 10.03 9.83 ZD 14.07 14.37 13.93 ZDH EUR 14.43 11.47 11.49

Total Net Assets 2,218,727,800 4,038,815,556 4,288,212,226

260




L1C 114.04 110.84 106.47 L1CH GBP 125.40 139.43 131.93 L1CH SEK 127.82 N/A N/A L1CH USD 123.91 154.60 142.17 L1D 114.67 N/A N/A L1DH USD 97.35 N/A N/A M1C 110.13 106.40 101.90 M1CH GBP 114.98 N/A N/A M1CH NOK 107.31 100.03 88.30 M1CH SEK 123.84 115.54 109.17 M1CH USD 106.00 131.50 120.54 M1D 110.27 106.53 102.02 M1DH GBP 115.06 127.18 119.96 R1C 93.02 89.41 85.45

Total Net Assets 59,300,254 22,123,433 17,590,552


AC N/A N/A 9.25 AQ N/A N/A 9.25 BC N/A N/A 9.27 BQ N/A N/A 9.27 EC N/A N/A 9.25 EQ N/A N/A 9.25 ZC N/A N/A 9.28



AC 9.95 10.47 10.05 AC HKD 1.28 1.35 1.30 ACH AUD 9.46 8.40 7.47 ACH EUR 13.67 11.16 11.11 ACH GBP 17.30 16.23 N/A ACH SGD 7.90 7.63 7.10 AMH SGD N/A 7.31 N/A ZC 10.04 10.65 10.26

Total Net Assets 24,147,975 31,146,474 29,302,303

Managed Solutions - Asia FocusedConservativeUSD

Global Multi Asset Income (launched as at 15 July 2015)USD

Global MacroEUR

261




AC 9.75 10.22 8.53 AC HKD 1.26 1.32 1.10 ACH AUD 9.23 8.14 6.27 ACH EUR 13.37 10.88 9.43 ACH GBP 17.00 15.89 N/A ACH SGD 7.73 7.44 6.01

Total Net Assets 40,208,569 18,283,060 10,947,114


AC 10.16 10.64 9.87 ACH GBP 17.23 16.09 N/A ACH SGD 8.05 7.73 6.95 AM 10.41 10.47 9.51 AM HKD 1.34 1.35 1.23 AMH AUD 8.66 7.18 5.98 AMH EUR 12.93 10.09 9.52 AMH SGD 7.59 6.99 6.13

Total Net Assets 585,072,164 399,832,128 269,984,825

Managed Solutions - Asia Focused IncomeUSD

Managed Solutions - Asia Focused GrowthUSD

262

Portfolio of Investments and Other Net Assetsas at 30 September 2015

ASEAN EquityStatement of investments as at 30 September 2015(expressed in USD)

Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassets assets

INVESTMENTS DBS GROUP 69,700 SGD 794,597 6.95FIRST RESOURCES 144,100 SGD 166,203 1.45

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK OVERSEAS CHINESE BANKINGEXCHANGE LISTING CORP 65,925 SGD 407,540 3.57

SEMBCORP INDUSTRIES 92,000 SGD 223,869 1.96SHARES SINGAPORE

TELECOMMUNICATIONS 317,000 SGD 802,589 7.02CHINA UNITED OVERSEAS BANK 47,300 SGD 617,072 5.40HONG KONG LAND HOLDINGS 8,300 USD 54,863 0.48 UOL GROUP 67,700 SGD 286,150 2.50

54,863 0.48 WILMAR INTERNATIONAL 37,100 SGD 67,056 0.59INDONESIA 4,237,438 37.08 ASTRA INTERNATIONAL 736,700 IDR 262,748 2.30 THAILAND BANK DANAMON 300,600 IDR 59,402 0.52 PTT GLOBAL CHEMICAL BANK MANDIRI 384,700 IDR 208,106 1.82 (TH1074010R12) 105,200 THB 155,793 1.36BANK RAKYAT INDONESIA 491,500 IDR 290,202 2.54 THAI UNION GROUP 350,100 THB 177,485 1.56BANK TABUNGAN NEGARA 2,107,900 IDR 143,165 1.25 333,278 2.92 CIPUTRA DEVELOPMENT 1,518,123 IDR 84,455 0.74 TOTAL SHARES 9,815,744 85.89 INDO TAMBANGRAYA MEGAH 149,500 IDR 100,772 0.88INDOCEMENT TUNGGAL DEPOSITARY RECEIPTS PRAKARSA 144,000 IDR 161,693 1.41PAKUWON JATI 4,946,500 IDR 111,761 0.98 THAILAND PERUSAHAAN GAS NEGARA 427,000 IDR 73,741 0.65 BANGCHAK PETROLEUM 295,100 THB 278,473 2.44TELEKOMUNIKASI INDONESIA PTT PCL 19,600 THB 129,605 1.13PERSERO "B" 1,087,500 IDR 196,344 1.72 SHIN CORP 177,100 THB 354,981 3.11UNITED TRACTOR TBK 45,700 IDR 54,512 0.48 SIAM CEMENT 28,300 THB 361,791 3.16

1,746,901 15.29 STP & I 342,050 THB 141,362 1.24MALAYSIA 1,266,212 11.08 BERJAYA AUTO 547,220 MYR 243,997 2.14 TOTAL DEPOSITARY RECEIPTS 1,266,212 11.08 BERJAYA SPORTS TOTO 222,500 MYR 155,901 1.36 TOTAL TRANSFERABLE SECURITIESCIMB GROUP HOLDINGS 174,400 MYR 176,949 1.55 ADMITTED TO AN OFFICIAL STOCKGAMUDA 126,300 MYR 126,135 1.10 EXCHANGE LISTINGHONG LEONG BANK 48,100 MYR 143,564 1.26 TOTAL INVESTMENTS 11,081,956 96.97 KOSSAN RUBBER OTHER NET ASSETS LESS LIABILITIES 346,268 3.03 INDUSTRIES 166,200 MYR 292,265 2.56 TOTAL NET ASSETS 11,428,224 100.00MALAYAN BANKING 78,500 MYR 152,866 1.34PUBLIC BANK 35,100 MYR 139,897 1.22RHB CAPITAL 40,600 MYR 54,955 0.48TENAGA NASIONAL 190,500 MYR 520,915 4.55YTL CORP 502,000 MYR 182,722 1.60

2,190,166 19.16 PHILIPPINES ENERGY DEVELOPMENT CORP 1,252,900 PHP 147,432 1.29FILINVEST LAND 5,659,000 PHP 203,404 1.78METRO PACIFIC 2,378,900 PHP 253,464 2.21METROPOLITAN BANK & TRUST 130,054 PHP 227,052 1.99SECURITY BANK 130,600 PHP 224,937 1.97VISTA LAND & LIFESCAPES 1,828,800 PHP 196,809 1.72

1,253,098 10.96 SINGAPORE CACHE LOGISTICS TRUST 331,200 SGD 225,940 1.98CAPITALAND 73,100 SGD 137,779 1.21COMFORTDELGRO CORP 252,000 SGD 508,643 4.45

11,081,956 96.97

263


Asia ex Japan EquityStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS SOUTH KOREA BS FINANCIAL GROUP 441,497 KRW 5,102,935 1.94

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK HYUNDAI MOTOR EXCHANGE LISTING (KR7005380001) 38,462 KRW 5,321,664 2.02

POSCO 15,496 KRW 2,202,882 0.84SHARES SAMSUNG ELECTRONICS 18,091 KRW 17,308,018 6.56

SK HYNIX 328,875 KRW 9,308,830 3.53CHINA SK TELECOM 15,487 USD 3,436,329 1.303SBIO 1,270,500 HKD 1,288,525 0.49 42,680,658 16.19AAC TECHNOLOGIES TAIWAN HOLDINGS 311,500 HKD 1,939,326 0.74 DELTA ELECTRONICS BEIJING JINGNENG CLEAN INDUSTRIAL 448,000 TWD 2,095,270 0.79ENERGY "H" 6,380,000 HKD 1,951,033 0.74 HON HAI PRECISION BRILLIANCE CHINA INDUSTRIES 1,870,251 TWD 4,861,999 1.85AUTOMOTIVE 2,186,000 HKD 2,583,694 0.98 MEGA FINANCIAL HOLDING 5,727,000 TWD 3,965,549 1.50CHINA CONSTRUCTION BANK QUANTA COMPUTER 2,381,000 TWD 4,128,923 1.57"H" 13,838,810 HKD 9,196,053 3.49 RADIANT OPTO-CHINA LIFE INSURANCE "H" 2,154,000 HKD 7,448,623 2.82 ELECTRONICS 950,466 TWD 2,929,840 1.11CHINA RESOURCES LAND 1,248,000 HKD 2,924,327 1.11 TAIWAN SEMICONDUCTOR GREENTOWN CHINA MANUFACTURING 3,386,849 TWD 13,371,508 5.08HOLDINGS 3,258,000 HKD 2,333,133 0.89 31,353,089 11.90HONG KONG LAND HOLDINGS 191,500 USD 1,265,815 0.48 THAILAND HUATAI SECUTIRIES "H" 1,131,400 HKD 2,227,749 0.85 KASIKORNBANK 502,700 THB 2,368,417 0.89ICBC "H" 13,827,235 HKD 7,957,299 3.02 PTT GLOBAL CHEMICAL SHIMAO PROPERTY (TH1074010014) 1,344,400 THB 1,990,949 0.76HOLDINGS 4,000,000 HKD 5,997,381 2.28 4,359,366 1.65TENCENT HOLDINGS 684,200 HKD 11,415,031 4.32 TOTAL SHARES 209,772,496 79.59TRAVELSKY TECHNOLOGY 632,000 HKD 795,092 0.30XINYI GLASS 10,244,000 HKD 4,573,421 1.74 COLLECTIVE INVESTMENT SCHEMES ZHUZHOU CSR TIMES ELECTRIC 353,500 HKD 2,602,199 0.99 UNITED STATES

66,498,701 25.24 ISHARES MSCI ASIA EX JAPANHONG KONG INDEX ETF 27,700 USD 1,457,851 0.55AIA GROUP 1,553,400 HKD 8,027,519 3.05 1,457,851 0.55BOC HONG KONG HOLDINGS 2,514,500 HKD 7,381,227 2.80 TOTAL COLLECTIVE INVESTMENT SCHEMES 1,457,851 0.55CHEUNG KONG PROPERTY HOLDINGS 519,500 HKD 3,777,243 1.43 WARRANTS / EQUITY LINKED SECURITIES CHINA MOBILE 1,030,500 HKD 12,206,359 4.63CK HUTCHISON HOLDINGS 553,500 HKD 7,156,173 2.72 INDIA CNOOC 3,616,000 HKD 3,699,961 1.40 AXIS BANK 29/07/2024 230,593 USD 1,741,217 0.66GUANGDONG INVESTMENT 2,212,000 HKD 3,288,010 1.25 BANK OF INDIA P.

45,536,492 17.28 NOTE 16/02/2017 864,019 USD 1,784,899 0.68INDONESIA CAIRN INDIA LEPO BANK RAKYAT INDONESIA 6,117,900 IDR 3,612,276 1.37 08/06/2017 661,806 USD 1,546,131 0.59UNITED TRACTOR TBK 1,554,800 IDR 1,854,616 0.70 CAIRN INDIA P. NOTE

5,466,892 2.07 11/05/2017 380,812 USD 889,664 0.34MALAYSIA COAL INDIA 30/01/2018 133,006 USD 663,814 0.25AIRASIA 5,811,400 MYR 1,692,224 0.64 HCL TECHNOLOGIES TENAGA NASIONAL 1,145,300 MYR 3,131,776 1.19 17/01/2017 19,067 USD 285,293 0.11

4,824,000 1.83 ICICI BANK LEPO SINGAPORE 05/12/2024 833,679 USD 3,433,657 1.30COMFORTDELGRO CORP 1,524,600 SGD 3,077,292 1.17 ITC 24/01/2017 720,842 USD 3,610,799 1.37DBS GROUP 524,200 SGD 5,976,006 2.26

9,053,298 3.43

264


Asia ex Japan EquityStatement of investments as at 30 September 2015(expressed in USD)


JAIPRAKASH ASSOCIATES WARRANTS / EQUITY LINKED SECURITIES 02/12/2024 2,717,362 USD 467,794 0.18JAIPRAKASH ASSOCIATES INDIA LEPO 19/06/2019 1,732,726 USD 298,289 0.11 COAL INDIA P. NOTE JINDAL STEEL AND POWER 27/10/2020 55,568 USD 277,332 0.11P. NOTE 06/02/2018 4,380,326 USD 4,047,334 1.54 IDFC 13/04/2017 1,316,034 USD 2,827,947 1.07ONGC LEPO 12/11/2019 865,115 USD 3,022,764 1.15 TATA MOTORS 08/06/2017 642,111 USD 2,921,001 1.11ONGC LEPO 02/04/2025 60,001 USD 209,647 0.08 6,026,280 2.29SYNGENE INTERNATIONAL TOTAL WARRANTS / EQUITY LINKED SECURITIES 6,026,280 2.2924/07/2018 400,000 USD 1,961,912 0.74 TOTAL TRANSFERABLE SECURITIESTATA MOTORS P. NOTE TRADED ON ANOTHER REGULATED MARKET16/02/2017 989,110 USD 4,499,520 1.71UPL 25/10/2018 58,313 USD 407,143 0.15 OTHER TRANSFERABLE SECURITIES WIPRO LEPO 12/11/2019 310,887 USD 2,828,248 1.07

31,698,125 12.03 SHARES TOTAL WARRANTS / EQUITY LINKED SECURITIES 31,698,125 12.03

CHINA DEPOSITARY RECEIPTS CHINA METAL RECYCLING 201,200 HKD - 0.00

- 0.00INDIA TOTAL SHARES - 0.00TATA MOTORS 20,000 USD 448,000 0.17 TOTAL OTHER TRANSFERABLE SECURITIES - 0.00

448,000 0.17 TOTAL INVESTMENTS 256,511,169 97.32SOUTH KOREA OTHER NET ASSETS LESS LIABILITIES 7,054,956 2.68SK TELECOM 83,373 USD 2,042,639 0.77 TOTAL NET ASSETS 263,566,125 100.00

2,042,639 0.77TOTAL DEPOSITARY RECEIPTS 2,490,639 0.94TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET

SHARES

CHINA SHENZHEN INTERNATIONAL HOLDINGS 1,890,500 HKD 2,590,578 0.98

2,590,578 0.98SOUTH KOREA CJ HOME SHOPPING 15,833 KRW 2,475,200 0.94

2,475,200 0.94TOTAL SHARES 5,065,778 1.92

265

11,092,058 4.21

245,419,111 93.11


Asia ex Japan Equity Smaller CompaniesStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS CITIC TELECOM INTERNATIONAL 11,407,000 HKD 3,900,433 1.15

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK D&G TECHNOLOGY HOLDING 11,944,000 HKD 1,957,262 0.58EXCHANGE LISTING DREAM INTERNATIONAL 27,374,000 HKD 5,156,876 1.51

SHENZHEN INVESTMENT 13,858,000 HKD 4,881,561 1.44SHARES TEXWINCA HOLDINGS 514,000 HKD 461,602 0.14

TIANJIN DEVELOPMENT CHINA HOLDINGS 3,276,000 HKD 2,024,766 0.603SBIO 2,500,000 HKD 2,535,468 0.75 VALUETRONICS HOLDINGS 19,224,200 SGD 5,543,232 1.63ASIARAY MEDIA GROUP 4,181,000 HKD 1,780,285 0.52 28,972,590 8.54AUPU GROUP HOLDING 30,612,000 HKD 7,702,325 2.27 INDONESIA BEIJING CAPITAL LAND 10,214,000 HKD 4,032,857 1.19 PAKUWON JATI 113,407,200 IDR 2,562,306 0.76BEST PACIFIC PANIN FINANCIAL 209,478,100 IDR 2,745,379 0.80INTERNATIONAL HOLDINGS 7,862,000 HKD 3,246,224 0.96 TIPHONE MOBILE 47,922,100 IDR 2,338,860 0.69CHINA HIGH SPEED 7,646,545 2.25TRANSMISSION 10,655,000 HKD 10,338,721 3.05 MALAYSIA CHINA MEIDONG AUTO BERJAYA AUTO 8,245,900 MYR 3,676,725 1.08HOLDINGS 12,388,000 HKD 1,342,691 0.40 PRESTARIANG 2,672,300 MYR 1,124,667 0.33CHINA RAILWAY 4,801,392 1.41CONSTRUCTION "H" 2,741,500 HKD 4,025,557 1.19 PHILIPPINES COSCO INTERNATIONAL EEI CORP 9,209,600 PHP 1,493,555 0.44HOLDINGS 10,062,000 HKD 5,790,481 1.71 FIRST PHILIPPNE HOLDINGS 3,301,360 PHP 4,637,019 1.37EVA PRECISION 6,130,574 1.81INDUSTRIAL HOLDING 20,092,000 HKD 3,914,674 1.15 SINGAPORE FAR EAST CONSORTIUM 9,536,000 HKD 3,543,678 1.04 COMFORTDELGRO CORP 1,764,300 SGD 3,561,109 1.05FRANSHION PROPERTIES HUTCHISON PORT HOLDINGS 13,088,800 USD 7,198,840 2.13CHINA 16,518,000 HKD 4,156,115 1.22 INNOVALUES 7,648,900 SGD 3,442,785 1.01GREENTOWN CHINA 14,202,734 4.19HOLDINGS 2,363,000 HKD 1,692,202 0.50 SOUTH KOREA HAITONG INTERNATIONAL DONGBU INSURANCE 155,716 KRW 8,053,143 2.38SECURITIES GROUP 2,182,000 HKD 1,078,323 0.32 HYUNDAI DEVELOPMENT 85,138 KRW 3,914,638 1.15JIASHILI GROUP 10,857,000 HKD 5,463,487 1.61 ISC 117,817 KRW 2,514,781 0.74MAN WAH HOLDINGS 8,208,000 HKD 7,985,538 2.35 KIWOON SECURITIES 61,392 KRW 2,931,568 0.86NATURAL BEAUTY BIO KOLON INDUSTRIES 134,329 KRW 7,094,403 2.09TECHNOLOGY 13,110,000 HKD 1,116,457 0.33 MEDY-TOX 9,980 KRW 3,589,365 1.06NEXTEER AUTOMOTIVE MODETOUR NETWORK 92,631 KRW 2,997,046 0.88GROUP 9,362,000 HKD 9,422,339 2.78 NS SHOPPING 21,642 KRW 4,236,011 1.25SINOSOFT TECHNOLOGY PS TEC 627,294 KRW 4,127,979 1.22GROUP 6,796,000 HKD 3,393,594 1.00 SK INNOVATION 27,918 KRW 2,308,246 0.68TEXHONG TEXTILE GROUP 5,355,500 HKD 3,696,999 1.09 TES 327,584 KRW 3,440,834 1.01TK GROUP HOLDINGS 1,812,000 HKD 565,808 0.17 VIEWORKS 167,914 KRW 4,703,235 1.39VARITRONIX INTERNATIONAL 2,471,000 HKD 1,645,197 0.48 YUHAN CORP 18,022 KRW 3,702,318 1.09VST HOLDINGS 24,152,000 HKD 6,575,534 1.94 53,613,567 15.80WEST CHINA CEMENT 25,158,000 HKD 3,408,481 1.00 TAIWAN XTEP INTERNATIONAL CATHAY FINANCIAL HOLDING 2,754,950 TWD 3,760,838 1.11HOLDINGS 2,787,500 HKD 1,384,749 0.41 CHIN POON INDUSTRIAL 2,698,000 TWD 3,678,998 1.08

99,837,784 29.43 CLEANAWAY 853,000 TWD 3,808,094 1.12HONG KONG E SUN FINANCIAL HOLDINGS 7,232,024 TWD 4,249,933 1.25CHINA METAL KING VUAN ELECTRONICS 7,828,000 TWD 4,968,649 1.47INTERNATIONAL 10,830,000 HKD 2,906,614 0.86 POSIFLEX TECHNOLOGY 743,150 TWD 3,475,669 1.02CHU KONG SHIPPING DEVELOPMENT 7,372,000 HKD 2,140,244 0.63

266


Asia ex Japan Equity Smaller CompaniesStatement of investments as at 30 September 2015(expressed in USD)


RADIANT TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDOPTO-ELECTRONICS 832,235 TWD 2,565,389 0.76 MARKETSAN FANG CHEMICAL INDUSRTY 2,733,620 TWD 3,901,910 1.15 SHARES TOPSCIENTIFIC 2,423,130 TWD 3,477,121 1.02WT MICROELECTRONICS 6,516,296 TWD 6,520,748 1.93 TAIWAN ZIPPY TECHNOLOGY CORP 2,153,000 TWD 2,288,513 0.67 E INK HOLDINGS 1,967,000 TWD 925,928 0.27

42,695,862 12.58 PHISON ELECTRONICS 378,000 TWD 2,376,312 0.70THAILAND 3,302,240 0.97AMATA CORP 8,882,500 THB 3,034,660 0.90 TOTAL SHARES 3,302,240 0.97DYNASTY CERAMIC (TH0278A10Z16) 17,023,940 THB 1,735,462 0.51 WARRANTS / EQUITY LINKED SECURITIES KCE ELECTRONICS 3,609,300 THB 5,543,972 1.63

10,314,094 3.04 INDIA UNITED STATES DEWAN HOUSING FINANCE EGL HOLDINGS 16,242,000 HKD 4,463,902 1.32 CORP 08/05/2020 775,713 USD 2,599,298 0.77

4,463,902 1.32 HIMATSINGKA SEIDE TOTAL SHARES 272,679,044 80.37 P. NOTE 17/08/2016 774,203 USD 2,454,471 0.72

INDIAN BANK 31/10/2018 739,531 USD 1,527,168 0.45WARRANTS / EQUITY LINKED SECURITIES SUZLON ENERGY 15/11/2017 7,666,851 USD 2,435,299 0.72

9,016,236 2.66GREAT BRITAIN SWITZERLAND IRB INFRASTRUCTURE LLOYD ELECTRIC AND ENGINEERING17/08/2018 699,151 USD 2,523,935 0.74 P. NOTE 23/07/2018 316,918 USD 940,277 0.28

2,523,935 0.74 940,277 0.28INDIA TOTAL WARRANTS / EQUITY LINKED SECURITIES 9,956,513 2.94AHLUWALIA CONTRACTS TOTAL TRANSFERABLE SECURITIES18/12/2017 138,242 USD 564,636 0.17 TRADED ON ANOTHER REGULATED MARKETAHLUWALIA CONTRACTS 20/11/2017 1,629,226 USD 6,654,411 1.95 OTHER TRANSFERABLE SECURITIES FINOLEX INDUSTRIES 25/02/2016 512,696 USD 2,031,568 0.60 SHARES INDIAN BANK 07/02/2017 1,813,878 USD 3,745,749 1.10JK CEMENT 19/09/2017 443,077 USD 4,410,180 1.30 CHINA LLOYD ELECTRIC AND REAL GOLD MINING 324,000 HKD - 0.00ENGINEERING 24/07/2018 248,027 USD 735,881 0.22 - 0.00MM FORGINGS 12/02/2018 238,226 USD 1,978,503 0.58 TOTAL SHARES - 0.00NIIT 29/04/2024 2,603,199 USD 2,914,906 0.86 TOTAL OTHER TRANSFERABLE SECURITIES - 0.00SHRIRAM TRANSPORT TOTAL INVESTMENTS 323,959,395 95.48LEPO 21/11/2023 182,149 USD 2,566,986 0.76 OTHER NET ASSETS LESS LIABILITIES 15,324,896 4.52SRF 21/03/2018 184,120 USD 3,151,694 0.93 TOTAL NET ASSETS 339,284,291 100.00ULTRATECH CEMENT LEPO 21/11/2023 39,719 USD 1,617,684 0.48WELSPUN 01/09/2017 398,078 USD 5,125,465 1.51

35,497,663 10.46TOTAL WARRANTS / EQUITY LINKED SECURITIES 38,021,598 11.20TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

267

13,258,753 3.91

310,700,642 91.57


Asia Pacific ex Japan Equity High DividendStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS MALAYSIA MALAYAN BANKING 695,400 MYR 1,354,177 1.09

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK TENAGA NASIONAL 689,000 MYR 1,884,043 1.51EXCHANGE LISTING 3,238,220 2.60

NEW ZEALAND SHARES SPARK NEW ZEALAND 616,560 NZD 1,175,352 0.94

1,175,352 0.94AUSTRALIA PAPUA NEW GUINEA BHP BILLITON OIL SEARCH 291,709 AUD 1,468,794 1.18(AU000000BHP4) 261,718 AUD 4,083,847 3.28 1,468,794 1.18CHALLENGER 223,932 AUD 1,122,810 0.90 SINGAPORE COMMONWEALTH BANK OF COMFORTDELGRO CORP 1,292,000 SGD 2,607,806 2.09AUSTRALIA 103,318 AUD 5,276,205 4.25 DBS GROUP 173,800 SGD 1,981,362 1.59GOODMAN GROUP 403,797 AUD 1,658,864 1.33 SINGAPORE INSURANCE AUSTRALIA TELECOMMUNICATIONS 691,300 SGD 1,750,250 1.41GROUP 467,102 AUD 1,587,629 1.28 SMRT CORP 1,152,700 SGD 1,057,932 0.85NATIONAL AUSTRALIA BANK 170,735 AUD 3,594,562 2.89 UOL GROUP 159,000 SGD 672,051 0.54TELSTRA CORP 818,847 AUD 3,225,949 2.59 8,069,401 6.48

20,549,866 16.52 SOUTH KOREA CHINA KT & G 28,949 KRW 2,723,204 2.19ANHUI CONCH CEMENT "H" 196,000 HKD 575,351 0.46 SAMSUNG ELECTRONICS 4,499 KRW 4,304,282 3.45BEIJING JINGNENG CLEAN SK TELECOM 13,496 KRW 2,994,557 2.41ENERGY "H" 2,278,000 HKD 696,623 0.56 10,022,043 8.05CHINA CONSTRUCTION BANK TAIWAN "H" 8,469,400 HKD 5,628,016 4.52 DELTA ELECTRONICS ICBC "H" 9,205,955 HKD 5,297,844 4.26 INDUSTRIAL 490,000 TWD 2,291,701 1.84SHIMAO PROPERTY LARGAN PRECISION 15,000 TWD 1,166,198 0.94HOLDINGS 2,440,500 HKD 3,659,152 2.94 MEGA FINANCIAL HOLDING 3,195,000 TWD 2,212,315 1.78VTECH HOLDINGS 131,800 HKD 1,562,033 1.25 PRESIDENT CHAIN STORE 134,000 TWD 834,257 0.67

17,419,019 13.99 QUANTA COMPUTER 1,287,000 TWD 2,231,803 1.79GREAT BRITAIN RADIANT OPTO-HSBC HOLDINGS 514,176 HKD 3,824,781 3.07 ELECTRONICS 461,980 TWD 1,424,067 1.14

3,824,781 3.07 TAIWAN SEMICONDUCTOR HONG KONG MANUFACTURING 1,448,161 TWD 5,717,439 4.59AIA GROUP 738,600 HKD 3,816,870 3.07 15,877,780 12.75BOC HONG KONG HOLDINGS 944,500 HKD 2,772,547 2.23 THAILAND CHINA MOBILE 411,000 HKD 4,868,330 3.91 PTT GLOBAL CHEMICAL CK HUTCHISON HOLDINGS 247,500 HKD 3,199,915 2.57 (TH1074010014) 1,487,900 THB 2,203,461 1.77CNOOC 1,599,000 HKD 1,636,127 1.31 2,203,461 1.77GUANGDONG INVESTMENT 1,476,000 HKD 2,193,988 1.76 TOTAL SHARES 108,449,767 87.12TELEVISION BROADCASTS 361,600 HKD 1,203,770 0.97

19,691,547 15.82 WARRANTS / EQUITY LINKED SECURITIES INDIA CAIRN INDIA 654,252 INR 1,528,482 1.23 INDIA

1,528,482 1.23 COAL INDIA 04/08/2016 548,513 USD 2,737,552 2.20INDONESIA INDIABULLS HOUSING FINANCEBANK RAKYAT INDONESIA 2,434,400 IDR 1,437,376 1.16 P. NOTE 06/08/2018 226,817 USD 2,743,814 2.20INDOCEMENT TUNGGAL ITC 24/01/2017 67,480 USD 338,017 0.27PRAKARSA 184,000 IDR 206,608 0.17 ITC LEPO 18/02/2018 229,078 USD 1,147,484 0.92TELEKOMUNIKASI NTPC LEPO 01/10/2019 367,971 USD 693,728 0.56INDONESIA PERSERO "B" 6,359,900 IDR 1,148,255 0.92 ONGC 08/02/2017 248,410 USD 867,959 0.70UNITED TRACTOR TBK 493,600 IDR 588,782 0.47 ONGC 08/06/2017 498,490 USD 1,741,754 1.40

3,381,021 2.72

268


Asia Pacific ex Japan Equity High DividendStatement of investments as at 30 September 2015(expressed in USD)

Description Quantity Currency Evaluation % netassets

ONGC 17/01/2017 51,499 USD 179,941 0.1410,450,249 8.39

TOTAL WARRANTS / EQUITY LINKED SECURITIES 10,450,249 8.39

DEPOSITARY RECEIPTS

THAILAND BANGKOK BANK 133,500 THB 588,511 0.47SHIN CORP 1,031,500 THB 2,067,547 1.66

2,656,058 2.13TOTAL DEPOSITARY RECEIPTS 2,656,058 2.13TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGTOTAL INVESTMENTS 121,556,074 97.64OTHER NET ASSETS LESS LIABILITIES 2,936,207 2.36TOTAL NET ASSETS 124,492,281 100.00

121,556,074 97.64

269


BRIC EquityStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS BANK OF BARODA 1,753,174 INR 4,893,075 1.38CAIRN INDIA 2,114,956 INR 4,941,019 1.39

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK CANARA BANK 370,975 INR 1,581,335 0.44EXCHANGE LISTING COAL INDIA 562,882 INR 2,809,265 0.79

COX & KINGS 348,685 INR 1,094,023 0.31SHARES HCL TECHNOLOGIES 386,083 INR 5,776,835 1.62

INDIABULLS HOUSING BRAZIL FINANCE 728,369 INR 8,811,112 2.48BB SEGURIDADE IRB INFRASTRUCTURE 1,380,135 INR 4,990,479 1.40PARTICIPACOES 974,200 BRL 5,923,073 1.67 JINDAL STEEL & POWER 3,328,077 INR 3,075,074 0.86KROTON EDUCATIONAL 2,502,500 BRL 5,021,403 1.41 JSW ENERGY 724,163 INR 1,039,247 0.29MRV ENGENHARIA 2,476,300 BRL 3,948,946 1.11 MARUTI SUZUKI INDIA 126,335 INR 9,018,210 2.55PETROBRAS 1,120,394 BRL 2,397,257 0.67 NTPC 2,676,890 INR 5,046,696 1.42VIA VAREJO 786,200 BRL 839,124 0.24 OIL INDIA 89,577 INR 577,733 0.16

18,129,803 5.10 ONGC 1,871,497 INR 6,539,120 1.84CHINA RURAL ELECTRIFICATION ANHUI CONCH CEMENT "H" 645,500 HKD 1,894,843 0.53 CORP 545,706 INR 2,278,347 0.64BANK OF CHINA "H" 11,098,000 HKD 4,768,529 1.34 SESA GOA 2,574,217 INR 3,321,697 0.93CHINA CONSTRUCTION BANK SHRIRAM TRANSPORT"H" 18,206,640 HKD 12,098,528 3.41 FINANCE 282,955 INR 3,987,622 1.12CHINA PETROLEUM & TATA MOTORS 162,958 INR 741,305 0.21CHEMICAL "H" 8,700,000 HKD 5,287,321 1.49 TATA MOTORS "A" 2,084,213 INR 6,872,759 1.93CHINA RAILWAY WIPRO 587,998 INR 5,355,494 1.51CONSTRUCTION "H" 3,329,500 HKD 4,888,963 1.38 87,746,273 24.68CHINA RESOURCES LAND 1,690,222 HKD 3,960,546 1.11 RUSSIAN FEDERATION CHINA STATE CONSTRUCTION CHERKIZOVO GROUP 380,185 USD 3,440,674 0.97INTERNATIONAL 3,106,000 HKD 4,440,549 1.25 GAZPROM 8,481,328 USD 17,292,648 4.86FRANSHION PROPERTIES JSC MMC NORILSK NICKEL 475,380 USD 6,817,976 1.92CHINA 14,172,000 HKD 3,565,835 1.00 MMC NORILSK NICKEL 15,687 USD 2,256,073 0.63HUADIAN FUXIN ENERGY SBERBANK 18,109,687 USD 21,109,285 5.94CORP "H" 7,390,000 HKD 2,545,958 0.72 50,916,656 14.32HUADIAN POWER TOTAL SHARES 243,947,762 68.61INTERNATIONAL 3,284,000 HKD 2,555,147 0.72ICBC "H" 15,033,595 HKD 8,651,536 2.43 COLLECTIVE INVESTMENT SCHEMES PICC PROPERTY & CASUALTY "H" 2,092,288 HKD 4,065,762 1.14 SINGAPORE PING AN INSURANCE "H" 1,044,000 HKD 5,166,083 1.45 INDIABULLS PROPERTIES TENCENT HOLDINGS 648,900 HKD 10,826,094 3.04 INVESTMENT TRUST 1,310,400 SGD 267,259 0.08

74,715,694 21.01 267,259 0.08GREAT BRITAIN UNITED STATES XINYI SOLAR HOLDINGS 9,012,000 HKD 3,069,874 0.86 ISHARES MSCI BRAZIL

3,069,874 0.86 CAPPED INDEX ETF 273,100 USD 5,956,311 1.67HONG KONG 5,956,311 1.67CHINA MOBILE 791,000 HKD 9,369,462 2.64 TOTAL COLLECTIVE INVESTMENT SCHEMES 6,223,570 1.75

9,369,462 2.64INDIA AXIS BANK 661,608 INR 4,995,826 1.41

270


BRIC EquityStatement of investments as at 30 September 2015(expressed in USD)


WARRANTS / EQUITY LINKED SECURITIES TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET

INDIA COAL INDIA P. NOTE SHARES 02/11/2020 576,000 USD 2,874,735 0.81JINDAL STEEL & POWER CHINA LEPO 25/11/2019 678,852 USD 627,246 0.18 SHENZHEN INTERNATIONAL OIL INDIA 07/07/2023 535,284 USD 3,452,352 0.97 HOLDINGS 2,684,250 HKD 3,678,265 1.03RURAL ELECTRIFICATION 3,678,265 1.03CORP 12/05/2020 104,278 USD 435,366 0.12 RUSSIAN FEDERATION

7,389,699 2.08 AEROFLOT RUSSIANTOTAL WARRANTS / EQUITY LINKED SECURITIES 7,389,699 2.08 AIRLINES 4,315,489 USD 2,324,706 0.66

FEDERAL DEPOSITARY RECEIPTS HYDROGENERATING 9 USD - 0.00

2,324,706 0.66BRAZIL TOTAL SHARES 6,002,971 1.69BANCO BRADESCO 1,455,923 USD 7,716,392 2.17 TOTAL TRANSFERABLE SECURITIESITAU UNIBANCO HOLDING 2,207,098 USD 14,335,102 4.03 TRADED ON ANOTHER REGULATED MARKET

22,051,494 6.20 TOTAL INVESTMENTS 350,419,480 98.56CYPRUS OTHER NET ASSETS LESS LIABILITIES 5,123,557 1.44GLOBALTRANS INVESTMENT 617,637 USD 2,482,901 0.70 TOTAL NET ASSETS 355,543,037 100.00

2,482,901 0.70

RUSSIAN FEDERATION LUKOIL 520,386 USD 17,672,308 4.97OAO GAZPROM 863,657 USD 3,471,901 0.98ROSNEFT OIL 2,569,130 USD 9,480,090 2.67SEVERSTAL 548,312 USD 5,812,107 1.63TATNEFT 217,924 USD 6,090,976 1.71

42,527,382 11.96TOTAL DEPOSITARY RECEIPTS 67,061,777 18.86

PREFERRED SHARES

BRAZIL BANCO ESTADO RIO GRANDE 1,688,980 BRL 2,400,740 0.68BRADESPAR BRASIL 1,137,900 BRL 2,348,984 0.66PETROBRAS 1,664,800 BRL 3,001,862 0.84TELEF BRASIL 676,562 BRL 6,278,072 1.77VALE "A" 1,715,406 BRL 5,764,043 1.62

19,793,701 5.57TOTAL PREFERRED SHARES 19,793,701 5.57TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

271

6,002,971 1.69

344,416,509 96.87


BRIC MarketsStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS CHINA COAL ENERGY "H" 12,000 HKD 4,846 0.08CHINA COMMUNICATIONS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK CONSTRUCTION "H" 10,000 HKD 12,297 0.19EXCHANGE LISTING CHINA COMMUNICATIONS

SERVICES "H" 8,800 HKD 3,384 0.05SHARES CHINA CONSTRUCTION BANK

"H" 165,850 HKD 110,209 1.76BRAZIL CHINA COSCO HOLDINGS "H" 8,000 HKD 5,099 0.08AMBEV 6,809 BRL 32,512 0.51 CHINA LIFE INSURANCE "H" 15,000 HKD 51,871 0.83BANCO BRADESCO 5,410 BRL 31,222 0.49 CHINA MENGNIU DAIRY 4,000 HKD 14,039 0.22BANCO DO BRASIL 5,300 BRL 18,732 0.30 CHINA MERCHANTS BANK "H" 13,741 HKD 33,155 0.52BB SEGURIDADE CHINA MINSHENG BANKING PARTICIPACOES 4,900 BRL 29,004 0.46 "H" 18,000 HKD 16,583 0.26BM&F BOVESPA 8,200 BRL 21,741 0.34 CHINA NATIONAL BUILDINGSBR MALLS PARTICIPACOES 1,700 BRL 4,411 0.07 "H" 8,000 HKD 4,604 0.07BRF 4,000 BRL 69,264 1.11 CHINA OILFIELD SERVICES CCR 4,200 BRL 12,182 0.19 "H" 4,000 HKD 3,995 0.06CIELO 5,446 BRL 48,864 0.77 CHINA PACIFIC INSURANCE COSAN INDUSTRIA GROUP "H" 7,600 HKD 28,095 0.44COMERCIO 500 BRL 2,343 0.04 CHINA PETROLEUM & CPFL ENERGIA 1,031 BRL 3,725 0.06 CHEMICAL "H" 24,000 HKD 14,586 0.23CYRELA BRAZIL REALTY 2,200 BRL 4,493 0.07 CHINA RAILWAY DURATEX 1,476 BRL 2,042 0.03 CONSTRUCTION "H" 6,000 HKD 8,810 0.14ENERGIAS DO BRASIL 1,300 BRL 3,623 0.06 CHINA RAILWAY GROUP "H" 23,000 HKD 20,863 0.33ESTACIO PARTICIPACOES 1,200 BRL 3,818 0.06 CHINA RESOURCES LAND 7,333 HKD 17,183 0.27FIBRIA CELULOSE 2,100 BRL 28,206 0.45 CHINA SHENHUA ENERGY "H" 9,500 HKD 14,513 0.23HYPERMARCAS 3,600 BRL 13,061 0.21 CHINA SHIPPING JBS 3,700 BRL 15,139 0.24 CONTAINER LINES "H" 11,100 HKD 4,454 0.07KROTON EDUCATIONAL 8,500 BRL 16,037 0.25 CHINA SOUTH LOCOMOTIVE LOJAS RENNER 3,500 BRL 15,875 0.25 "H" 4,800 HKD 6,070 0.10NATURA COSMETICOS 700 BRL 3,263 0.05 CHINA TELECOM CORP "H" 36,700 HKD 17,663 0.28SOUZA CRUZ 3,200 BRL 20,899 0.33 CITIC SECURITIES "H" 6,500 HKD 11,574 0.18WEG 6,200 BRL 23,701 0.38 COUNTRY GARDEN

424,157 6.72 HOLDINGS 17,963 HKD 6,467 0.10CHINA DATANG INTERNATIONAL AGRICULTURAL BANK OF POWER GENERATION "H" 18,000 HKD 6,805 0.11CHINA "H" 57,000 HKD 21,550 0.34 DONG FENG MOTOR "H" 12,000 HKD 14,942 0.24AIR CHINA "H" 6,000 HKD 4,730 0.07 ENN ENERGY HOLDINGS 3,080 HKD 14,764 0.23ALUMINIUM CORPORATION EVERGRANDE REAL ESTATE 19,000 HKD 10,787 0.17OF CHINA "H" 2,000 HKD 622 0.01 GCL POLY ENERGY ANHUI CONCH CEMENT "H" 3,500 HKD 10,274 0.16 HOLDINGS 26,000 HKD 4,999 0.08ANTA SPORTS PRODUCTS 1,787 HKD 4,612 0.07 GOME ELECTRIC BANK OF CHINA "H" 178,400 HKD 76,654 1.22 APPLIANCES 78,000 HKD 11,876 0.19BANK OF COMMUNICATIONS GUANGZHOU AUTOMOBILE "H" 26,598 HKD 18,430 0.29 GROUP "H" 11,374 HKD 9,261 0.15BEIJING CAPITAL INTERNATIONAL GUANGZHOU R&F PROPERTIESAIRPORT "H" 6,000 HKD 5,582 0.09 "H" 4,000 HKD 3,623 0.06BELLE INTERNATIONAL HENGAN INTERNATIONAL HOLDINGS 14,000 HKD 12,103 0.19 GROUP 2,000 HKD 19,445 0.31BRILLIANCE CHINA HUANENG POWER INTERNATIONALAUTOMOTIVE 12,000 HKD 14,183 0.22 "H" 12,000 HKD 12,898 0.20BYD "H" 2,500 HKD 13,177 0.21 ICBC "H" 142,300 HKD 81,891 1.31CHINA CITIC BANK "H" 21,200 HKD 12,282 0.19 INNER MONGOLIA YITAI COAL

"B" 2,900 USD 2,369 0.04JIANGXI COPPER "H" 4,800 HKD 5,822 0.09

272




KINGSOFT 2,000 HKD 3,897 0.06 APOLLO HOSPITALS KUNLUN ENERGY 10,000 HKD 7,148 0.11 ENTERPRISE 600 INR 13,184 0.21NINE DRAGONS PAPER ASIAN PAINTS 1,500 INR 18,940 0.30HOLDINGS "H" 15,000 HKD 7,761 0.12 BAJAJ AUTO 630 INR 22,091 0.35PEOPLE'S INSURANCE GROUP BHARAT HEAVY OF CHINA "H" 19,000 HKD 9,243 0.15 ELECTRICALS 4,395 INR 13,666 0.22PETROCHINA "H" 54,200 HKD 37,555 0.60 BHARAT PETROLEUM 1,901 INR 24,759 0.39PICC PROPERTY & CASUALTY BHARTI AIRTEL 7,000 INR 35,966 0.57"H" 10,876 HKD 21,134 0.33 BHARTI INFRATEL 2,800 INR 15,111 0.24PING AN INSURANCE "H" 10,600 HKD 52,453 0.84 CAIRN INDIA 3,500 INR 8,013 0.13SHANGHAI ELECTRIC GROUP CIPLA 2,631 INR 25,423 0.40"H" 18,000 HKD 9,778 0.15 COAL INDIA 3,800 INR 18,805 0.30SHIMAO PROPERTY DLF 2,609 INR 5,434 0.09HOLDINGS 4,000 HKD 5,997 0.09 HCL TECHNOLOGIES 3,100 INR 45,553 0.72SINO-OCEAN LAND HDFC BANK (INE001A01036) 9,715 INR 178,781 2.83HOLDINGS 26,061 HKD 14,191 0.22 HERO MOTOCORP 482 INR 17,344 0.27SINOPHARM GROUP "H" 7,377 HKD 25,796 0.41 HINDALCO INDUSTRIES 5,890 INR 6,268 0.10SOHO CHINA 9,000 HKD 3,495 0.06 IDEA CELLULAR 3,000 INR 6,732 0.11TENCENT HOLDINGS 9,800 HKD 163,501 2.60 ITC 16,510 INR 82,217 1.30TINGYI 6,000 HKD 9,538 0.15 JSW STEEL 1,034 INR 13,906 0.22TSINGTAO BREWERY "H" 2,000 HKD 8,748 0.14 LIC HOUSING FINANCE 2,200 INR 15,700 0.25WANT WANT CHINA LUPIN 1,734 INR 53,603 0.85HOLDINGS 15,000 HKD 12,310 0.19 MAHINDRA & MAHINDRA 2,194 INR 42,129 0.67WEICHAI POWER "H" 3,200 HKD 2,969 0.05 MAHINDRA & MAHINDRA YANZHOU COAL MINING "H" 6,000 HKD 2,663 0.04 FINANCIAL SERVICES 1,800 INR 6,532 0.10ZHEJIANG EXPRESSWAY "H" 4,000 HKD 4,341 0.07 NTPC 9,883 INR 18,493 0.29ZIJIN MINING GROUP "H" 62,000 HKD 16,160 0.26 ONGC 5,286 INR 18,334 0.29ZTE "H" 4,704 HKD 10,707 0.17 PIRAMAL HEALTHCARE 584 INR 7,719 0.12

1,233,426 19.54 RELIANCE COMMUNICATION HONG KONG VENTURES 6,412 INR 6,570 0.10BEIJING ENTERPRISE 1,000 HKD 5,994 0.09 RURAL ELECTRIFICATION CHINA EVERBRIGHT 4,000 HKD 9,104 0.14 CORP 4,100 INR 17,112 0.27CHINA MERCHANTS SESA GOA 5,337 INR 6,873 0.11HOLDINGS 4,492 HKD 13,186 0.21 SHRIRAM TRANSPORT CHINA MOBILE 12,900 HKD 152,802 2.42 FINANCE 1,000 INR 13,927 0.22CHINA OVERSEAS LAND & SIEMENS INDIA 769 INR 15,365 0.24INVESTMENT 4,341 HKD 13,107 0.21 SUN PHARMACEUTICALS 6,198 INR 81,554 1.29CHINA RESOURCES TATA CONSULTANCY ENTERPRISES 1,780 HKD 3,303 0.05 SERVICE 2,967 INR 116,540 1.84CHINA RESOURCES POWER 8,200 HKD 18,706 0.30 TATA POWER 6,730 INR 6,721 0.11CHINA TAIPING INSURANCE TATA STEEL 3,704 INR 11,822 0.19HOLDING 2,904 HKD 9,012 0.14 TECH MAHINDRA 2,600 INR 22,011 0.35CHINA UNICOM 12,486 HKD 15,805 0.25 ULTRATECH CEMENT 450 INR 18,349 0.29CITIC PACIFIC 11,000 HKD 20,013 0.32 UNITED BREWERIES 1,000 INR 13,189 0.21CNOOC 38,200 HKD 39,087 0.62 UNITED SPIRITS 479 INR 22,495 0.36COSCO PACIFIC 6,226 HKD 8,055 0.13 ZEE ENTERTAINMENT LENOVO GROUP 18,000 HKD 15,166 0.24 ENTERPRISES 3,000 INR 17,806 0.28SHANGHAI INDUSTRIAL 1,136,116 17.99HOLDING 3,000 HKD 6,619 0.10 RUSSIAN FEDERATION

329,959 5.22 ALROSA 18,500 USD 16,205 0.26INDIA JSC MMC NORILSK NICKEL 7,340 USD 103,861 1.64ACC 559 INR 11,354 0.18 SBERBANK 137,762 USD 159,303 2.52ADANI PORTS 4,440 INR 20,030 0.32 279,369 4.42ADITYA BIRLA NUVO 250 INR 8,122 0.13 TOTAL SHARES 3,403,027 53.89AMBUJA CEMENTS 3,700 INR 11,573 0.18

273




COLLECTIVE INVESTMENT SCHEMES STATE BANK OF INDIA 980 USD 35,182 0.56TATA MOTORS 1,160 USD 25,300 0.40

GREAT BRITAIN WIPRO 4,203 USD 50,478 0.80IPATH MSCI INDIA INDEX 700 USD 44,548 0.71 456,244 7.22

44,548 0.71 RUSSIAN FEDERATION IRELAND AFK SISTEMA 1,327 USD 9,183 0.15HSBC MSCI BRAZIL FUND 15,200 USD 160,589 2.54 LUKOIL 6,405 USD 221,184 3.50HSBC MSCI CHINA FUND 3,760 USD 21,681 0.34 MAGNIT 3,358 USD 160,882 2.55HSBC MSCI RUSSIA CAPPED MEGAFON 1,000 USD 12,000 0.19FUND 13,000 USD 94,065 1.49 MOBILE TELESYSTEMS 5,533 USD 39,063 0.62

276,335 4.37 NOVATEK 1,217 USD 112,268 1.78TOTAL COLLECTIVE INVESTMENT SCHEMES 320,883 5.08 OAO GAZPROM 73,569 USD 300,824 4.77

ROSNEFT OIL 12,300 USD 45,891 0.73WARRANTS / EQUITY LINKED SECURITIES ROSTELECOM 1,440 USD 12,312 0.19

SEVERSTAL 3,349 USD 35,600 0.56INDIA SURGUTNEFTEGAZ HINDUSTAN UNILEVER (US8688611057) 10,451 USD 61,661 0.98P. NOTE 30/01/2017 5,702 USD 70,353 1.11 SURGUTNEFTEGAZ

70,353 1.11 (US8688612048) 7,950 USD 40,307 0.64TOTAL WARRANTS / EQUITY LINKED SECURITIES 70,353 1.11 TATNEFT 3,158 USD 87,413 1.38

URALKALIY 2,910 USD 43,883 0.69DEPOSITARY RECEIPTS VTB BANK 36,514 USD 73,247 1.16

1,255,718 19.89BRAZIL TOTAL DEPOSITARY RECEIPTS 2,248,745 35.61AMBEV 21,627 BRL 103,377 1.65BANCO BRADESCO 13,120 BRL 67,568 1.07 PREFERRED SHARES CEMIG 2,899 USD 4,812 0.08CIA SANEAMENTO BASIC 800 USD 2,928 0.05 BRAZIL CIA SIDERURGICA NACL 3,500 USD 3,356 0.05 AES TIETE 600 BRL 2,026 0.03COMPANHIA BRASILEIRA DE CIA ENERGETICA DE SAO DISTRIBUICAO 650 USD 7,859 0.12 PAULO "B" 700 BRL 2,541 0.04COPEL 514 USD 4,009 0.06 ITAU INVESTIMENTOS 23,166 BRL 40,109 0.64EMBRAER 1,223 USD 30,746 0.49 LOJAS AMERICANAS 2,451 BRL 9,581 0.15GERDAU 4,200 USD 5,964 0.09 TELEF BRASIL 2,583 BRL 23,539 0.37ITAU UNIBANCO HOLDING 17,220 USD 109,346 1.74 77,796 1.23PETROBRAS (US71654V1017) 11,526 USD 37,575 0.59 TOTAL PREFERRED SHARES 77,796 1.23PETROBRAS (US71654V4086) 7,700 USD 29,953 0.47 TOTAL TRANSFERABLE SECURITIESTIM PARTICIPACOES 808 USD 7,628 0.12 ADMITTED TO AN OFFICIAL STOCK 96.92TRACTEBEL ENERGIA 1,904 USD 15,651 0.25 EXCHANGE LISTINGULTRAPAR PARTICIPACOES 2,636 USD 40,963 0.65USINAS SIDERURGICAS DE TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMINAS 1,800 USD 1,548 0.02 MARKETVALE (US91912E1055) 8,320 USD 33,530 0.53VALE (US91912E2046) 9,250 USD 29,970 0.47 SHARES

536,783 8.50INDIA RUSSIAN FEDERATION DR REDDYS LABORATORIES 650 USD 40,047 0.63 FEDERAL GAIL INDIA 370 USD 9,768 0.15 HYDROGENERATING 30,008 RUB 278 0.01ICICI BANK 4,050 USD 33,615 0.53 FEDERAL INFOSYS 11,740 USD 211,906 3.36 HYDROGENERATING 1,111,826 USD 10,302 0.16LARSEN & TOUBRO 2,255 USD 49,948 0.79 MOSCOW EXCHANGE MICEX 19,470 USD 23,563 0.37

34,143 0.54TOTAL SHARES 34,143 0.54

6,120,804

274




DEPOSITARY RECEIPTS

INDIA RELIANCE INDUSTRIES 4,016 USD 103,748 1.64

103,748 1.64TOTAL DEPOSITARY RECEIPTS 103,748 1.64

PREFERRED SHARES

RUSSIAN FEDERATION TRANSNEFT 18 USD 40,871 0.65

40,871 0.65TOTAL PREFERRED SHARES 40,871 0.65TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 6,299,566 99.75OTHER NET ASSETS LESS LIABILITIES 15,825 0.25TOTAL NET ASSETS 6,315,391 100.00

275

178,762 2.83


BRIC Markets EquityStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS INDIABULLS HOUSING FINANCE 317,318 INR 3,838,609 2.54

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK IRB INFRASTRUCTURE 717,161 INR 2,593,208 1.71EXCHANGE LISTING JINDAL STEEL & POWER 1,185,176 INR 1,095,078 0.72

JSW ENERGY 651,742 INR 935,315 0.62SHARES MARUTI SUZUKI INDIA 53,484 INR 3,817,865 2.52

NTPC 1,279,715 INR 2,412,625 1.59BRAZIL OIL INDIA 281,451 INR 1,815,239 1.20BB SEGURIDADE ONGC 805,571 INR 2,814,712 1.86PARTICIPACOES 412,500 BRL 2,507,974 1.65 RURAL ELECTRIFICATION KROTON EDUCATIONAL 1,062,700 BRL 2,132,366 1.41 CORP 298,870 INR 1,247,796 0.82MRV ENGENHARIA 1,066,900 BRL 1,701,381 1.12 SESA GOA 1,438,920 INR 1,856,742 1.22PETROBRAS 521,041 BRL 1,114,848 0.74 SHRIRAM TRANSPORT VIA VAREJO 245,000 BRL 261,492 0.17 FINANCE 108,965 INR 1,535,620 1.01

7,718,061 5.09 TATA MOTORS 539,459 INR 2,454,029 1.62CHINA WIPRO 258,634 INR 2,355,642 1.55ANHUI CONCH CEMENT "H" 270,000 HKD 792,576 0.52 40,585,782 26.76BANK OF CHINA "H" 4,730,000 HKD 2,032,361 1.34 RUSSIAN FEDERATION CHINA CONSTRUCTION BANK JSC MMC NORILSK NICKEL 267,396 USD 3,835,796 2.53"H" 7,679,000 HKD 5,102,785 3.37 3,835,796 2.53CHINA PETROLEUM & TOTAL SHARES 89,405,272 58.94CHEMICAL "H" 3,630,000 HKD 2,206,089 1.45CHINA RAILWAY COLLECTIVE INVESTMENT SCHEMES CONSTRUCTION "H" 1,490,000 HKD 2,187,883 1.44CHINA RESOURCES LAND 706,000 HKD 1,654,307 1.09 UNITED STATES CHINA STATE CONSTRUCTION ISHARES MSCI BRAZIL INTERNATIONAL 1,312,000 HKD 1,875,725 1.24 CAPPED INDEX ETF 120,900 USD 2,636,829 1.74FRANSHION PROPERTIES 2,636,829 1.74CHINA 5,990,000 HKD 1,507,152 0.99 TOTAL COLLECTIVE INVESTMENT SCHEMES 2,636,829 1.74HUADIAN FUXIN ENERGY CORP "H" 3,294,000 HKD 1,134,829 0.75 DEPOSITARY RECEIPTS HUADIAN POWER INTERNATIONAL 1,388,000 HKD 1,079,947 0.71 CYPRUS ICBC "H" 6,303,000 HKD 3,627,251 2.39 GLOBALTRANS INVESTMENT 244,898 USD 984,490 0.65PICC PROPERTY & 984,490 0.65CASUALTY "H" 930,000 HKD 1,807,188 1.19 RUSSIAN FEDERATION PING AN INSURANCE "H" 437,000 HKD 2,162,431 1.43 LUKOIL 225,224 USD 7,648,607 5.04TENCENT HOLDINGS 264,600 HKD 4,414,524 2.91 OAO GAZPROM 2,217,232 USD 8,913,273 5.88

31,585,048 20.82 ROSNEFT OIL 1,143,279 USD 4,218,700 2.78GREAT BRITAIN SBERBANK 2,049,876 USD 10,062,180 6.63XINYI SOLAR HOLDINGS 3,758,000 HKD 1,280,136 0.84 SEVERSTAL 239,815 USD 2,542,039 1.68

1,280,136 0.84 TATNEFT 92,842 USD 2,594,934 1.71HONG KONG 35,979,733 23.72CHINA MOBILE 371,500 HKD 4,400,449 2.90 TOTAL DEPOSITARY RECEIPTS 36,964,223 24.37

4,400,449 2.90INDIA PREFERRED SHARES AXIS BANK 275,815 INR 2,082,689 1.37BANK OF BARODA 430,714 INR 1,202,115 0.79 BRAZIL CAIRN INDIA 890,055 INR 2,079,371 1.37 BANCO BRADESCO 594,600 BRL 3,176,117 2.09CANARA BANK 192,288 INR 819,655 0.54 BANCO ESTADO RIO GRANDE 711,342 BRL 1,011,112 0.67COAL INDIA 442,537 INR 2,208,640 1.46 BRADESPAR BRASIL 458,500 BRL 946,489 0.62COX & KINGS 233,400 INR 732,309 0.48 ITAU INVESTIMENTOS 152,972 BRL 275,445 0.18HCL TECHNOLOGIES 179,682 INR 2,688,523 1.77

276


BRIC Markets EquityStatement of investments as at 30 September 2015(expressed in USD)


ITAU UNIBANCO BANCO MULTIPLO 891,334 BRL 5,835,602 3.86PETROBRAS 642,831 BRL 1,159,112 0.76TELEF BRASIL 294,019 BRL 2,728,312 1.80VALE "A" 751,451 BRL 2,524,998 1.66



SHARES


1,544,978 1.02RUSSIAN FEDERATION AEROFLOT RUSSIAN AIRLINES 1,913,662 USD 1,030,869 0.68

1,030,869 0.68TOTAL SHARES 2,575,847 1.70TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 149,239,358 98.39OTHER NET ASSETS LESS LIABILITIES 2,439,787 1.61TOTAL NET ASSETS 151,679,145 100.00

277

146,663,511 96.69

2,575,847 1.70


China Consumer OpportunitiesStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS UNITED STATES APPLE 19,338 USD 2,149,225 3.23

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK ESTEE LAUDER "A" 25,839 USD 2,059,368 3.09EXCHANGE LISTING INTEL 70,319 USD 2,121,524 3.18

KIMBERLY-CLARK 21,903 USD 2,383,923 3.59SHARES MCDONALDS 23,559 USD 2,314,672 3.47

MEAD JOHNSON NUTRITION CHINA "A" 25,991 USD 1,834,185 2.75ANTA SPORTS PRODUCTS 432,000 HKD 1,114,831 1.68 NIKE "B" 21,755 USD 2,654,110 3.99CHOW TAI FOOK JEWELLERY 1,175,600 HKD 985,981 1.48 QUALCOMM 39,488 USD 2,106,290 3.16DONG FENG MOTOR "H" 880,000 HKD 1,095,735 1.64 RALPH LAUREN 19,755 USD 2,321,173 3.48HAIER ELECTRONICS GROUP 485,000 HKD 808,537 1.21 SOTHEBYS HOLDINGS "A" 29,324 USD 942,473 1.41

4,005,084 6.01 STARWOOD HOTELS & FRANCE RESORTS 29,397 USD 1,939,614 2.91CHRISTIAN DIOR 11,044 EUR 2,059,369 3.09 TIFFANY 26,188 USD 1,991,597 2.99HERMES INTERNATIONAL 2,302 EUR 841,418 1.26 YUM BRANDS 26,411 USD 2,084,092 3.13LVMH 12,234 EUR 2,090,764 3.14 26,902,246 40.38SEB (FR0000121709) 25,024 EUR 2,310,340 3.47 TOTAL SHARES 64,736,302 97.16

7,301,891 10.96 TOTAL TRANSFERABLE SECURITIESGERMANY ADMITTED TO AN OFFICIAL STOCKBMW 22,285 EUR 1,974,876 2.96 EXCHANGE LISTINGHUGO BOSS 19,726 EUR 2,211,822 3.32 TOTAL INVESTMENTS 64,736,302 97.16

4,186,698 6.28 OTHER NET ASSETS LESS LIABILITIES 1,892,904 2.84GREAT BRITAIN TOTAL NET ASSETS 66,629,206 100.00BURBERRY GROUP 93,730 GBP 1,943,672 2.92DIAGEO 81,095 GBP 2,166,874 3.25INTERCONTINENTAL HOTELS 57,149 GBP 1,973,715 2.96

6,084,261 9.13HONG KONG CHINA MOBILE 87,000 HKD 1,030,523 1.55LENOVO GROUP 960,000 HKD 808,872 1.21SJM HOLDINGS 1,062,000 HKD 750,932 1.13

2,590,327 3.89ITALY PRADA 239,900 HKD 919,353 1.38

919,353 1.38LUXEMBOURG L'OCCITANE INTERNATIONAL 463,750 HKD 965,791 1.45SAMSONITE INTERNATIONAL 647,700 HKD 2,110,234 3.17

3,076,025 4.62NETHERLANDS UNILEVER (GB00B10RZP78) 50,670 GBP 2,054,661 3.08

2,054,661 3.08SOUTH KOREA SAMSUNG ELECTRONICS 1,117 KRW 1,068,656 1.60

1,068,656 1.60SWITZERLAND CIE FINANCIERE RICHEMONT"A" 28,815 CHF 2,233,893 3.36NESTLE "R" 29,316 CHF 2,199,225 3.30THE SWATCH GROUP "B" 5,706 CHF 2,113,982 3.17

6,547,100 9.83

64,736,302 97.16

278


Emerging WealthStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS SOUTH AFRICA SASOL 5,465 ZAR 152,800 1.22

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 152,800 1.22EXCHANGE LISTING SOUTH KOREA

SAMSUNG ELECTRONICS 156 KRW 149,248 1.20SHARES SHINHAN FINANCIAL GROUP 4,753 KRW 166,012 1.33

SK HYNIX 5,034 KRW 142,488 1.14AUSTRALIA 457,748 3.67WOODSIDE PETROLEUM 7,852 AUD 159,522 1.28 SWITZERLAND

159,522 1.28 NESTLE "R" 4,445 CHF 333,455 2.68AUSTRIA ROCHE HOLDING 1,224 CHF 321,314 2.57ERSTE BANK 5,463 EUR 157,178 1.26 654,769 5.25

157,178 1.26 TURKEY BELGIUM GARANTI BANKASI 64,206 TRY 149,077 1.19KBC GROUP 2,380 EUR 149,890 1.20 149,077 1.19

149,890 1.20 UNITED STATES CHINA AES 28,615 USD 278,424 2.23CHINA CONSTRUCTION BANK APPLE 2,826 USD 314,082 2.52"H" 208,000 HKD 138,219 1.11 CITIGROUP 6,235 USD 309,318 2.48ENN ENERGY HOLDINGS 28,000 HKD 134,218 1.08 CROWN HOLDING 6,651 USD 302,687 2.43ICBC "H" 233,000 HKD 134,087 1.07 EXXON MOBIL 4,472 USD 330,570 2.65

406,524 3.26 FLUOR 7,422 USD 311,427 2.50FRANCE GOLDMAN SACHS GROUP 1,765 USD 308,010 2.47SAFRAN 4,316 EUR 325,245 2.61 INTEL 11,223 USD 338,597 2.70SEB (FR0000121709) 3,645 EUR 336,525 2.69 JOHNSON & JOHNSON 3,424 USD 319,836 2.56

661,770 5.30 JP MORGAN CHASE 5,104 USD 310,476 2.49GERMANY KIMBERLY-CLARK 2,884 USD 313,895 2.52GEA GROUP 8,460 EUR 320,370 2.57 MEAD JOHNSON NUTRITION

320,370 2.57 "A" 4,070 USD 287,220 2.30GREAT BRITAIN MICROSOFT 7,619 USD 334,169 2.67GLAXOSMITHKLINE 16,156 GBP 308,351 2.47 PFIZER 9,961 USD 311,381 2.50HSBC HOLDINGS 41,460 GBP 312,312 2.50 ROCKWELL AUTOMATION 3,114 USD 313,300 2.51PRUDENTIAL 14,950 GBP 314,659 2.52 VARIAN MEDICAL SYSTEMS 4,200 USD 311,220 2.49RIO TINTO (GB0007188757) 4,416 GBP 147,529 1.18 YUM BRANDS 4,050 USD 319,586 2.56

1,082,851 8.67 5,314,198 42.58HONG KONG TOTAL SHARES 12,164,061 97.47CHINA MOBILE 14,000 HKD 165,831 1.33 DEPOSITARY RECEIPTS SJM HOLDINGS 144,000 HKD 101,821 0.82

267,652 2.15 PHILIPPINES JAPAN PLDT 2,800 USD 129,276 1.04ABC-MART 5,700 JPY 316,971 2.54 129,276 1.04HOYA 9,200 JPY 299,817 2.40 TAIWAN MITSUBISHI ELECTRIC 33,000 JPY 300,338 2.41 TAIWAN SEMICONDUCTOR 8,284 USD 169,946 1.36SHIMADZU 22,000 JPY 315,034 2.52 169,946 1.36

1,232,160 9.87 TOTAL DEPOSITARY RECEIPTS 299,222 2.40JERSEY TOTAL TRANSFERABLE SECURITIESDELPHI AUTOMOTIVE CORP 4,337 USD 329,048 2.64 ADMITTED TO AN OFFICIAL STOCK 99.87

329,048 2.64 EXCHANGE LISTINGLUXEMBOURG TOTAL INVESTMENTS 12,463,283 99.87SAMSONITE INTERNATIONAL 103,800 HKD 338,185 2.71 OTHER NET ASSETS LESS LIABILITIES 16,527 0.13

338,185 2.71 TOTAL NET ASSETS 12,479,810 100.00NETHERLANDS UNILEVER (GB00B10RZP78) 8,146 GBP 330,319 2.65

330,319 2.65

12,463,283

279


Euroland EquityStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS ITALY BUZZI UNICEM 711,540 EUR 10,658,869 1.20

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK PRYSMIAN 488,612 EUR 8,995,347 1.01EXCHANGE LISTING UNICREDIT 3,703,974 EUR 20,612,615 2.33

40,266,831 4.54SHARES LUXEMBOURG

ARCELORMITTAL AUSTRIA (LU0323134006) 1,040,424 EUR 4,876,467 0.55ERSTE BANK 494,871 EUR 12,755,300 1.44 4,876,467 0.55OMV 237,196 EUR 5,150,711 0.58 NETHERLANDS

17,906,011 2.02 GEMALTO 200,000 EUR 11,594,000 1.31BELGIUM HEINEKEN 181,000 EUR 13,070,010 1.47DELHAIZE GROUP 97,526 EUR 7,698,702 0.87 ING GROEP CERTS 2,106,285 EUR 26,676,099 3.02

7,698,702 0.87 KONINKLIJKE DSM 197,757 EUR 8,170,330 0.92FRANCE KONINKLIJKE KPN 5,099,805 EUR 17,063,948 1.92ALSTOM 452,260 EUR 12,502,728 1.41 KONINKLIJKE PHILIPS 703,043 EUR 14,799,055 1.67AXA 1,201,478 EUR 26,036,028 2.94 POSTNL 2,400,000 EUR 7,838,400 0.88BNP PARIBAS 383,985 EUR 20,163,052 2.27 RANDSTAD HOLDING 229,916 EUR 12,222,335 1.38CAP GEMINI 231,686 EUR 18,432,938 2.08 REED ELSEVIERCARREFOUR 548,924 EUR 14,513,551 1.64 (NL0006144495) 1,003,640 EUR 14,643,108 1.65COMPAGNIE GENERALE DE UNILEVER (NL0000009355) 425,000 EUR 15,287,250 1.72GEOPHYSIQUE 1,010,988 EUR 3,126,986 0.35 141,364,535 15.94CREDIT AGRICOLE 1,222,210 EUR 12,545,986 1.42 SPAIN GDF SUEZ 1,004,407 EUR 14,523,725 1.64 ACTIV DE CONSTR Y SERVICE 422,320 EUR 10,853,624 1.22MICHELIN 216,732 EUR 17,646,319 1.99 BANCO SANTANDER 5,511,354 EUR 26,145,864 2.96NATIXIS BANQUES GRIFOLS "A" 25,000 EUR 925,750 0.10POPULAIRES 2,737,447 EUR 13,542,150 1.53 GRIFOLS "B" 275,000 EUR 7,623,000 0.86PEUGEOT 1,000,000 EUR 13,525,000 1.53 IBERDROLA 2,510,000 EUR 14,924,460 1.68PUBLICIS GROUPE 222,225 EUR 13,526,836 1.53 REPSOL 924,532 EUR 9,615,133 1.08SAFRAN 125,246 EUR 8,455,357 0.95 TELEFONICA 2,169,614 EUR 23,453,527 2.65SAINT GOBAIN 492,755 EUR 19,145,996 2.16 93,541,358 10.55SANOFI 486,274 EUR 41,493,761 4.68 SWITZERLAND SOCIETE GENERALE 597,728 EUR 23,882,222 2.69 ARYZTA 166,015 CHF 6,274,148 0.71THALES 197,500 EUR 12,252,900 1.38 6,274,148 0.71TOTAL 353,189 EUR 14,221,155 1.60 TOTAL SHARES 834,907,641 94.18VALLOUREC 155,108 EUR 1,238,692 0.14VEOLIA ENVIRONNEMENT 729,252 EUR 14,869,448 1.68 PREFERRED SHARES ZODIAC 261,146 EUR 5,331,296 0.60

320,976,126 36.21 GERMANY GERMANY HENKEL 135,433 EUR 12,512,655 1.41ALLIANZ 199,729 EUR 28,041,752 3.17 12,512,655 1.41BAYER 264,379 EUR 30,350,709 3.43 TOTAL PREFERRED SHARES 12,512,655 1.41DAIMLER 334,784 EUR 21,811,178 2.46 TOTAL TRANSFERABLE SECURITIESDEUTSCHE BANK 550,000 EUR 13,252,250 1.49 ADMITTED TO AN OFFICIAL STOCK 847,420,296 95.59DEUTSCHE POST 853,420 EUR 21,190,419 2.39 EXCHANGE LISTINGDEUTSCHE TELEKOM 1,210,897 EUR 19,241,153 2.17FRESENIUS 242,449 EUR 14,578,458 1.64GERRESHEIMER 136,013 EUR 8,858,527 1.00HEIDELBERG CEMENT 244,471 EUR 15,025,188 1.69LUFTHANSA 832,987 EUR 10,333,204 1.17MUENCHENER RUECK 69,287 EUR 11,546,679 1.30SIEMENS 96,932 EUR 7,773,946 0.88

202,003,463 22.79

280


Euroland EquityStatement of investments as at 30 September 2015(expressed in USD)



SHARES

FRANCE SR TELEPERFORMANCE 194,876 EUR 13,189,208 1.49

13,189,208 1.49GERMANY KION GROUP 275,000 EUR 10,928,500 1.23


24,117,708 2.72

281


Euroland Equity Smaller CompaniesStatement of investments as at 30 September 2015(expressed in EUR)


INVESTMENTS GREAT BRITAIN DIALOG SEMICONDUCTOR 118,997 EUR 4,283,297 1.60

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 4,283,297 1.60EXCHANGE LISTING IRELAND

SMURFIT KAPPA 135,662 EUR 3,249,783 1.21SHARES 3,249,783 1.21

ITALY AUSTRIA ANIMA HOLDING 406,983 EUR 3,180,572 1.19TELEKOM AUSTRIA 508,024 EUR 2,559,425 0.96 BANCO POPOLARE SOCIETA

2,559,425 0.96 COOPERATIVE 452,205 EUR 5,978,150 2.23BELGIUM BCA PPO MILANO 7,689,327 EUR 6,828,122 2.55ARSEUS 151,242 EUR 2,584,726 0.96 DANIELI & C OFFICINE KINEPOLIS GROUP 118,539 EUR 4,101,194 1.54 MECCANICHE 314,403 EUR 4,269,593 1.59MELEXIS 31,754 EUR 1,318,902 0.49 FINMECCANICA 542,644 EUR 6,083,039 2.27

8,004,822 2.99 IRIDE 3,243,578 EUR 4,683,727 1.75FINLAND PRYSMIAN 316,543 EUR 5,827,557 2.18CARGOTEC "B" 180,882 EUR 4,420,756 1.65 RAI WAY 1,442,026 EUR 6,200,712 2.31OUTOKUMPU 678,305 EUR 1,402,735 0.52 SALVATORE FERRAGAMO 222,485 EUR 5,326,291 1.99SPONDA 778,055 EUR 2,726,305 1.02 48,377,763 18.06STORA ENSO "R" 723,525 EUR 4,880,176 1.82 NETHERLANDS VALMET CORP 633,085 EUR 5,476,185 2.05 AALBERTS INDUSTRIES 198,970 EUR 5,275,690 1.97

18,906,157 7.06 ARCADIS 114,420 EUR 2,412,546 0.90FRANCE ASM INTERNATIONAL 153,149 EUR 4,442,852 1.66ATOS 58,788 EUR 4,037,560 1.51 12,131,088 4.53BIC 22,611 EUR 3,129,362 1.17 PORTUGAL EURAZEO 90,215 EUR 5,363,282 2.00 BCP "R" 36,176,224 EUR 1,577,283 0.59FAURECIA 146,045 EUR 4,073,195 1.52 1,577,283 0.59FFP 63,792 EUR 3,875,364 1.45 SPAIN INGENICO 58,405 EUR 6,261,016 2.34 BANKINTER "R" 869,591 EUR 5,701,038 2.14NEXITY 144,706 EUR 5,574,075 2.08 DISTRIBUIDORA INTERNACIONALORPEA 95,395 EUR 6,774,953 2.52 DE ALIMENTACION 995,942 EUR 5,394,022 2.01ZODIAC 97,933 EUR 1,999,302 0.75 EDP RENOVAVEIS 825,600 EUR 4,855,354 1.81

41,088,109 15.34 TECNICAS REUNIDAS 139,997 EUR 5,581,680 2.08GERMANY 21,532,094 8.04AAREAL BANK 180,882 EUR 5,748,430 2.15 TOTAL SHARES 226,733,936 84.64GEA GROUP 130,034 EUR 4,411,403 1.65GILDEMEISTER 186,586 EUR 6,377,509 2.37 PREFERRED SHARES HELLA KGAA HUECK & COMPANY 25,030 EUR 799,333 0.30 GERMANY HOCHTIEF 90,442 EUR 6,734,311 2.50 JUNGHENRICH 106,490 EUR 6,927,175 2.59INFINEON TECHNOLOGIES 261,923 EUR 2,638,874 0.99 6,927,175 2.59KRONES 52,840 EUR 4,972,772 1.86 TOTAL PREFERRED SHARES 6,927,175 2.59PROSIEBEN MEDIA 135,662 EUR 5,934,534 2.22 TOTAL TRANSFERABLE SECURITIESRHEINMETALL 135,662 EUR 7,435,634 2.77 ADMITTED TO AN OFFICIAL STOCK 233,661,111 87.23T IMMOBILIEN 271,323 EUR 2,880,094 1.08 EXCHANGE LISTINGTLG IMMOBILIEN 424,743 EUR 6,925,436 2.58TUI 183,072 EUR 3,013,365 1.12UNITED INTERNET 73,229 EUR 3,298,234 1.23WIRECARD 90,442 EUR 3,854,186 1.44

65,024,115 24.26

282


Euroland Equity Smaller CompaniesStatement of investments as at 30 September 2015(expressed in EUR)



SHARES

FRANCE EIFFAGE 113,052 EUR 6,251,776 2.33SR TELEPERFORMANCE 71,472 EUR 4,837,225 1.81

11,089,001 4.14GERMANY KION GROUP 161,769 EUR 6,428,700 2.40

6,428,700 2.40ITALY MEDIOBANCA 687,349 EUR 6,072,728 2.27

6,072,728 2.27PORTUGAL ZON OPTIMUS 945,418 EUR 6,882,643 2.57

6,882,643 2.57TOTAL SHARES 30,473,072 11.38TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET

OTHER TRANSFERABLE SECURITIES

SHARES

BELGIUM NYRSTAR STRIP VVPR 77,607 EUR 78 0.00

78 0.00TOTAL SHARES 78 0.00TOTAL OTHER TRANSFERABLE SECURITIES 78 0.00TOTAL INVESTMENTS 264,134,261 98.61OTHER NET ASSETS LESS LIABILITIES 3,735,361 1.39TOTAL NET ASSETS 267,869,622 100.00

30,473,072 11.38

283


Euroland GrowthStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS FUCHS PETROLUB (DE0005790430) 35,588 EUR 1,402,345 0.99

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK HANNOVER EXCHANGE LISTING RUECKVERSICHERUNG 23,454 EUR 2,148,386 1.52

MERCK KGAA 31,983 EUR 2,528,256 1.79SHARES PROSIEBEN MEDIA 42,709 EUR 1,868,305 1.33

SAP 17,000 EUR 986,680 0.70BELGIUM SIEMENS 16,093 EUR 1,290,659 0.92ANHEUSER BUSCH INBEV 29,225 EUR 2,781,927 1.98 THYSSENKRUPP 127,935 EUR 2,008,580 1.42ARSEUS 33,829 EUR 578,138 0.41 TUI 58,636 EUR 965,149 0.68BPOST 76,388 EUR 1,624,009 1.15 WIRECARD 47,064 EUR 2,005,632 1.42KBC GROUP 21,322 EUR 1,202,987 0.85 35,052,251 24.86

6,187,061 4.39 IRELAND FINLAND KERRY GROUP "A" 23,705 EUR 1,583,257 1.12HUHTAMAKI OYJ 25,968 EUR 710,225 0.50 1,583,257 1.12KONE "B" 82,710 EUR 2,809,659 2.00 ITALY

3,519,884 2.50 ANIMA HOLDING 90,000 EUR 703,350 0.50FRANCE ENEL 144,466 EUR 573,530 0.41AXA 179,444 EUR 3,888,551 2.77 ENEL GREEN POWER 726,214 EUR 1,226,575 0.87BNP PARIBAS 37,117 EUR 1,949,014 1.38 GENERALI 50,927 EUR 832,147 0.59BUREAU VERITAS 114,903 EUR 2,161,900 1.53 TERNA 483,658 EUR 2,098,109 1.48CREDIT AGRICOLE 65,806 EUR 675,499 0.48 UNICREDIT 180,078 EUR 1,002,134 0.71DASSAULT SYSTEMES 13,859 EUR 914,278 0.65 6,435,845 4.56EUROFINS SCIENTIFIC 2,479 EUR 683,336 0.48 NETHERLANDS GDF SUEZ 50,961 EUR 736,896 0.52 AKZO NOBEL 34,452 EUR 1,994,771 1.41ILIAD 7,031 EUR 1,268,392 0.90 GRANDVISION 68,000 EUR 1,567,400 1.11IMERYS 42,658 EUR 2,445,583 1.73 ING GROEP CERTS 276,592 EUR 3,503,037 2.48INGENICO 19,619 EUR 2,103,157 1.49 KONINKLIJKE AHOLD 117,273 EUR 2,041,137 1.45L'OREAL 26,453 EUR 4,106,829 2.92 REED ELSEVIER LVMH 10,000 EUR 1,531,000 1.09 (NL0006144495) 207,565 EUR 3,028,373 2.15NUMERICABLE 31,739 EUR 1,293,206 0.92 UNILEVER (NL0000009355) 52,857 EUR 1,901,266 1.35PERNOD RICARD 8,000 EUR 719,520 0.51 WOLTERS KLUWER CERT 49,628 EUR 1,364,026 0.97SAFRAN 56,281 EUR 3,799,530 2.70 15,400,010 10.92SANOFI 30,493 EUR 2,601,968 1.85 SPAIN SOCIETE GENERALE 22,221 EUR 887,840 0.63 AMADEUS IT HOLDINGS "A" 37,000 EUR 1,408,960 1.00TECHNIP COFLEXIP 51,549 EUR 2,165,573 1.54 BANCO BILBAO VIZCAYA 90,000 EUR 683,280 0.48THALES 54,352 EUR 3,371,998 2.39 BANCO DE SABADELL 267,670 EUR 438,443 0.31TOTAL 51,124 EUR 2,058,508 1.46 BANCO SANTANDER 367,283 EUR 1,742,391 1.24VALEO 21,749 EUR 2,627,279 1.86 BANKIA 533,062 EUR 615,687 0.44WENDEL 5,699 EUR 597,540 0.42 BANKINTER "R" 337,426 EUR 2,212,165 1.57

42,587,397 30.22 BOLSAS Y MERCADOSGERMANY ESPANOLES 62,744 EUR 1,904,908 1.35ALLIANZ 8,759 EUR 1,229,755 0.87 CIE AUTOMOTIVE 54,723 EUR 679,660 0.48BASF 17,226 EUR 1,178,603 0.84 GRIFOLS "A" 56,183 EUR 2,080,456 1.48BAYER 52,289 EUR 6,002,777 4.26 RED ELECTRICA CORP 30,320 EUR 2,240,648 1.59BECHTLE 15,438 EUR 1,239,363 0.88 TECNICAS REUNIDAS 29,044 EUR 1,157,984 0.82CONTINENTAL 16,775 EUR 3,201,509 2.28 TELEFONICA 60,000 EUR 648,600 0.46DAIMLER 38,273 EUR 2,493,486 1.77 15,813,182 11.22DEUTSCHE BANK 50,000 EUR 1,204,750 0.85 TOTAL SHARES 126,578,887 89.79DEUTSCHE POST 66,429 EUR 1,649,432 1.17DEUTSCHE TELEKOM 45,000 EUR 715,050 0.51DUERR 14,851 EUR 933,534 0.66

284


Euroland GrowthStatement of investments as at 30 September 2015(expressed in USD)


PREFERRED SHARES

GERMANY HENKEL 25,693 EUR 2,373,776 1.68



SHARES

FRANCE SR TELEPERFORMANCE 12,793 EUR 865,830 0.61

865,830 0.61ITALY BANCA GENERALI 20,000 EUR 502,000 0.36

502,000 0.36SPAIN GRUPO CATALANAOCCIDENTE 41,344 EUR 1,060,060 0.75


285

128,952,663 91.47

2,427,890 1.72


European EquityStatement of investments as at 30 September 2015(expressed in EUR)


INVESTMENTS NETHERLANDS AKZO NOBEL 64,551 EUR 3,737,503 1.99

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK DELTA LLOYD GROUP 392,083 EUR 2,942,191 1.57EXCHANGE LISTING UNILEVER (GB00B10RZP78) 199,161 GBP 7,234,897 3.87

13,914,591 7.43SHARES PORTUGAL

BNC ESPR SANTO R 1,222,464 EUR 1,222 0.00AUSTRIA 1,222 0.00ERSTE BANK 172,789 EUR 4,453,636 2.38 SPAIN

4,453,636 2.38 AMADEUS IT HOLDINGS "A" 100,000 EUR 3,808,000 2.03BELGIUM 3,808,000 2.03KBC GROUP 128,192 EUR 7,232,593 3.86 SWITZERLAND

7,232,593 3.86 CREDIT SUISSE GROUP 159,987 CHF 3,435,350 1.83CANADA NOVARTIS 81,236 CHF 6,669,812 3.56ITHACA ENERGY 2,629,531 GBP 1,124,006 0.60 ROCHE HOLDING 29,727 CHF 6,990,978 3.73

1,124,006 0.60 17,096,140 9.12CHINA TOTAL SHARES 167,772,343 89.54SIGNET JEWELERS 35,829 GBP 4,326,202 2.31 TOTAL TRANSFERABLE SECURITIES

4,326,202 2.31 ADMITTED TO AN OFFICIAL STOCKDENMARK EXCHANGE LISTINGDANSKE BANK 266,854 DKK 7,207,748 3.85NOVO NORDISK "B" 148,713 DKK 7,140,446 3.81 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

14,348,194 7.66 MARKETFRANCE ACCOR 178,698 EUR 7,454,387 3.98 SHARES AXA 347,044 EUR 7,520,444 4.01CAP GEMINI 91,122 EUR 7,249,666 3.87 GREAT BRITAIN LEGRAND PROMESSES 141,013 EUR 6,684,016 3.57 HOWDEN JOINERY GROUP 595,767 GBP 3,907,265 2.09PUBLICIS GROUPE 114,876 EUR 6,992,502 3.73 LLOYDS BANK 3,683,807 GBP 3,756,191 2.00

35,901,015 19.16 ZEGONA COMMUNICATIONS 1,004,791 GBP 2,072,521 1.11GERMANY 9,735,977 5.20BRENNTAG 148,603 EUR 7,147,061 3.81 ITALY CONTINENTAL 39,389 EUR 7,517,391 4.01 INTESA BCI 2,305,556 EUR 7,271,724 3.88GEA GROUP 222,365 EUR 7,543,733 4.03 7,271,724 3.88PROSIEBEN MEDIA 89,113 EUR 3,898,248 2.08 TOTAL SHARES 17,007,701 9.08

26,106,433 13.93 TOTAL TRANSFERABLE SECURITIESGREAT BRITAIN TRADED ON ANOTHER REGULATED MARKETBP 719,297 GBP 3,252,317 1.74 TOTAL INVESTMENTS 184,780,044 98.62BT GROUP 951,988 GBP 5,414,622 2.89 OTHER NET ASSETS LESS LIABILITIES 2,582,559 1.38COMPASS GROUP 507,735 GBP 7,241,349 3.86 TOTAL NET ASSETS 187,362,603 100.00ROYAL DUTCH SHELL "A" 152,892 EUR 3,228,315 1.72VODAFONE GROUP 2,265,330 GBP 6,401,712 3.42

25,538,315 13.63IRELAND RYANAIR HOLDING 542,540 EUR 7,118,125 3.80

7,118,125 3.80JERSEY WOLSELEY 130,809 GBP 6,803,871 3.63

6,803,871 3.63

167,772,343 89.54

17,007,701 9.08

286


Frontier MarketsStatement of investments as at 30 September 2015(expressed in USD)

Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assets

Value Value

INVESTMENTS PHILIPPINES ENERGY DEVELOPMENT

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK CORP 50,986,235 PHP 5,999,664 1.71EXCHANGE LISTING FIRST GENERAL CORP 17,857,976 PHP 8,462,862 2.41

ROBINSONS LAND 9,548,051 PHP 5,811,768 1.66SHARES VISTA LAND & LIFESCAPES 41,809,993 PHP 4,499,449 1.28

24,773,743 7.06ARGENTINA QATAR GRUPO FINANCIERO GALICIA 482,637 USD 8,779,167 2.50 QATAR ELECTRICITY &

8,779,167 2.50 WATER 108,707 QAR 6,250,119 1.78CHINA QATAR NATIONAL BANK 195,851 QAR 10,082,800 2.88CREDICORP 90,366 USD 9,528,191 2.72 16,332,919 4.66NAGACORP 8,262,491 HKD 4,946,801 1.41 ROMANIA

14,474,992 4.13 BRD-GROUPE SOCIETE GENERALE ROMANIANCROATIA BANK FOR DEVELOPMENT 690,000 RON 1,865,312 0.53LEDO 2,525 HRK 3,132,183 0.89 ELECTRICA 1,468,482 RON 4,377,936 1.25

3,132,183 0.89 6,243,248 1.78EGYPT SPAIN COMMERCIAL INTERNATIONAL CEMEX LATAM HOLDINGS 1,446,338 COP 5,668,928 1.62BANK (US2017122050) 926,059 USD 5,676,742 1.62 5,668,928 1.62

5,676,742 1.62 SRI LANKA GREAT BRITAIN JOHN KEELLS HOLDINGS 8,536,099 LKR 10,251,776 2.92BANK OF GEORGIA 10,251,776 2.92HOLDINGS 316,389 GBP 8,626,504 2.45 UNITED ARAB EMIRATES NMC HEALTH 271,745 GBP 3,420,610 0.98 DP WORLD 318,387 USD 6,762,540 1.93

12,047,114 3.43 EMAAR PROPERTIES 3,915,358 AED 6,886,536 1.96JERSEY EMIRATES NBD 785,000 AED 1,863,730 0.53CENTAMIN 6,344,815 GBP 5,853,943 1.67 GULF MARINE SERVICES 2,545,279 GBP 4,433,780 1.26

5,853,943 1.67 UNION NATIONAL BANK 1,137,788 AED 1,905,168 0.54KENYA 21,851,754 6.22SAFARICOM 34,806,919 KES 5,036,531 1.44 TOTAL SHARES 215,477,702 61.42

5,036,531 1.44KUWAIT BONDS KUWAIT PROJECTS 5,084,480 KWD 9,923,399 2.83MABANEE 1,941,253 KWD 5,522,585 1.57 OMAN MOBILE BANK MUSCAT 3.5% TELECOMMUNICATIONS 2,777,951 KWD 3,629,807 1.03 19/03/2018 826,290 OMR 209,147 0.06NATIONAL BANK OF KUWAIT 3,070,428 KWD 8,227,081 2.35 BANK MUSCAT 4.5%

27,302,872 7.78 20/03/2016 273,661 OMR 79,214 0.02LAOS BANK MUSCAT 4.5% KOLAO HOLDINGS 109,437 KRW 1,246,435 0.36 20/03/2017 874,184 OMR 233,751 0.07

1,246,435 0.36 522,112 0.15MOROCCO TOTAL BONDS 522,112 0.15ATTIJARIWAFA BANK 249,418 MAD 8,579,785 2.45

8,579,785 2.45 COLLECTIVE INVESTMENT SCHEMES OMAN BANK MUSCAT 6,428,754 OMR 9,112,409 2.60 ROMANIA OMANI QATARI TELECOM 2,159,178 OMR 4,260,060 1.21 SIF OLTENIA 17,575,588 RON 7,673,126 2.19

13,372,469 3.81 7,673,126 2.19PAKISTAN TOTAL COLLECTIVE INVESTMENT SCHEMES 7,673,126 2.19DG KHAN CEMENT 3,829,207 PKR 5,028,640 1.43ENGRO CORP 3,299,227 PKR 9,410,889 2.68LUCKY CEMENT 717,473 PKR 3,605,392 1.03NISHAT MILLS 7,148,589 PKR 6,808,180 1.94

24,853,101 7.08

287


Frontier MarketsStatement of investments as at 30 September 2015(expressed in USD)

Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assets

Value Value

WARRANTS / EQUITY LINKED SECURITIES TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET

SAUDI ARABIA JARIR MARKETING P. NOTE SHARES 17/01/2017 34,834 USD 1,669,599 0.48SAMBA FINANCIAL GROUP CROATIA 27/09/2016 885,999 USD 5,469,200 1.55 HRVATSKI TELEKOM 105,155 HRK 2,167,016 0.62

7,138,799 2.03 2,167,016 0.62UNITED ARAB EMIRATES NIGERIA ARAMEX 30/03/2016 9,880,255 USD 8,446,828 2.41 DANGOTE CEMENT 8,429,796 NGN 7,614,950 2.18

8,446,828 2.41 DIAMOND BANK NIGERIA 253,528,179 NGN 4,326,202 1.23VIETNAM GUARANTY TRUST BANK 27,398,565 NGN 3,300,204 0.94PETROVIETNAM DRILLING NESTLE FOODS NIGERIA 411,785 NGN 1,797,987 0.5106/09/2016 881,144 USD 1,340,678 0.38 NIGERIAN BREWERIES 4,380,425 NGN 3,209,747 0.91PETROVIETNAM DRILLING ZENITH BANK 63,884,692 NGN 5,389,720 1.54P. NOTE 20/01/2015 1,699,418 USD 2,585,698 0.74 25,638,810 7.31VIETNAM DAIRY PRODUCTS PAKISTAN 20/01/2015 2,078,299 USD 9,246,124 2.64 ENGRO FERTILIZERS 2,458,328 PKR 2,105,726 0.60VIETNAM DAIRY PRODUCTS HUB POWER 5,279,740 PKR 4,967,681 1.4222/02/2018 587,141 USD 2,612,126 0.74 MCB BANK 1,985,015 PKR 4,331,978 1.23

15,784,626 4.50 UNITED BANK 4,070,142 PKR 5,688,265 1.62TOTAL WARRANTS / EQUITY LINKED SECURITIES 31,370,253 8.94 17,093,650 4.87

QATAR DEPOSITARY RECEIPTS GULF INTERNATIONAL

SERVICES 116,769 QAR 2,083,987 0.59ARGENTINA 2,083,987 0.59BANCO MACRO 191,342 USD 7,328,399 2.09 UNITED ARAB EMIRATES YPF SOCIEDAD ANONIMA 123,314 USD 1,842,311 0.53 AL NOOR HOSPITALS GROUP 244,691 GBP 3,085,625 0.88

9,170,710 2.62 3,085,625 0.88GEORGIA TOTAL SHARES 50,069,088 14.27TBC BANK 264,120 USD 2,429,904 0.69

2,429,904 0.69 WARRANTS / EQUITY LINKED SECURITIES KAZAKHSTAN HALYK SAVINGS BANK SAUDI ARABIA KAZAKHSTAN 768,321 USD 4,540,777 1.29 AL TAYYAR TRAVEL

4,540,777 1.29 24/05/2018 348,870 USD 7,093,218 2.02TOTAL DEPOSITARY RECEIPTS 16,141,391 4.60 7,093,218 2.02

TOTAL WARRANTS / EQUITY LINKED SECURITIES 7,093,218 2.02PREFERRED SHARES TOTAL TRANSFERABLE SECURITIES

TRADED ON ANOTHER REGULATED MARKETCOLOMBIA BANCO DAVIVIENDA 1,006,300 COP 7,784,085 2.22 OTHER TRANSFERABLE SECURITIES

7,784,085 2.22TOTAL PREFERRED SHARES 7,784,085 2.22 BONDS TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK OMAN EXCHANGE LISTING RENAISSANCE SERVICES SAO

3.75% 25/07/2017 383,834 OMR 144,486 0.04144,486 0.04

TOTAL BONDS 144,486 0.04TOTAL OTHER TRANSFERABLE SECURITIES 144,486 0.04TOTAL INVESTMENTS 336,275,461 95.85OTHER NET ASSETS LESS LIABILITIES 14,555,464 4.15TOTAL NET ASSETS 350,830,925 100.00

288

57,162,306 16.29

278,968,669 79.52


Statement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS WALMART DE MEXICO 494,300 MXN 1,193,839 2.174,608,170 8.37

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK POLAND EXCHANGE LISTING POLSKI KONCERN NAFTOWY

ORLEN 31,155 PLN 545,502 0.99SHARES 545,502 0.99

SOUTH AFRICA BRAZIL GROWTHPOINT PROPERTIES 545,956 ZAR 1,014,364 1.85AMBEV 140,800 BRL 696,583 1.26 LIBERTY 73,003 ZAR 668,099 1.22ULTRAPAR PARTICIPACOES 64,400 BRL 1,065,314 1.94 LIFE HEALTHCARE 65,077 ZAR 167,411 0.30

1,761,897 3.20 NEDBANK GROUP 13,879 ZAR 220,827 0.40CHINA TIGER BRANDS 6,371 ZAR 140,335 0.25AGRICULTURAL BANK OF 2,211,036 4.02CHINA "H" 2,667,000 HKD 1,008,292 1.83 SOUTH KOREA BANK OF CHINA "H" 1,353,000 HKD 581,350 1.06 AMOREPACIFIC GROUP 2,158 KRW 296,764 0.54BANK OF COMMUNICATIONS COWAY 8,518 KRW 601,499 1.09"H" 561,000 HKD 388,716 0.71 DONGBU INSURANCE 7,625 KRW 394,341 0.72CHINA COMMUNICATIONS HALLA VISTEON CLIMATE SERVICES "H" 818,000 HKD 314,532 0.57 CONTROL 8,833 KRW 292,496 0.53CHINA CONSTRUCTION BANK HANA FINANCIAL HOLDINGS 48,344 KRW 1,076,758 1.96"H" 1,475,000 HKD 980,155 1.78 HANKOOK TIRE 6,866 KRW 229,388 0.42FRANSHION PROPERTIES HANWHA LIFE INSURANCE 166,613 KRW 1,147,019 2.08CHINA 1,834,000 HKD 461,455 0.84 HYUNDAI MOBIS 6,374 KRW 1,244,901 2.26ICBC "H" 1,113,000 HKD 640,509 1.16 KANGWON LAND 18,976 KRW 677,200 1.23JIANGSU EXPRESSWAY "H" 964,000 HKD 1,227,693 2.23 KB FINANCIAL GROUP 19,102 KRW 568,080 1.03LONGFOR PROPERTIES 727,500 HKD 916,175 1.66 KIA MOTORS 25,491 KRW 1,152,719 2.09SHENZOU INTERNATIONAL LG DISPLAY 19,142 KRW 365,786 0.66GROUP HOLDINGS 232,000 HKD 1,194,418 2.17 N C SOFT 1,803 KRW 287,494 0.52SINO-OCEAN LAND SAMSUNG ELECTRONICS 1,191 KRW 1,139,453 2.07HOLDINGS 1,266,000 HKD 689,353 1.25 9,473,898 17.20

8,402,648 15.26 TAIWAN HONG KONG ADVANCED SEMICONDUCTOR CHINA POWER INTERNATIONAL ENGINEERING 659,000 TWD 706,482 1.28DEVELOPMENT 821,000 HKD 533,911 0.97 ASUSTEK COMPUTER 48,000 TWD 411,814 0.75GUANGDONG INVESTMENT 856,000 HKD 1,272,395 2.31 FAR EASTONE

1,806,306 3.28 TELECOMMUNICATIONS 506,000 TWD 1,091,064 1.98INDONESIA FOXCONN TECHNOLOGY 180,790 TWD 517,210 0.94BANK RAKYAT INDONESIA 1,550,800 IDR 915,660 1.66 HON HAI PRECISION PERUSAHAAN GAS NEGARA 5,362,200 IDR 926,032 1.68 INDUSTRIES 446,250 TWD 1,160,094 2.11TELEKOMUNIKASI INDONESIA INNOLUX CORP 762,000 TWD 237,203 0.43PERSERO "B" 5,272,300 IDR 951,893 1.73 MEDIATEK 17,000 TWD 125,716 0.23

2,793,585 5.07 PEGATRON CORP 427,000 TWD 1,040,024 1.89MALAYSIA SINOPAC HOLDINGS 1,687,000 TWD 532,831 0.97DIGI COM 840,900 MYR 1,061,706 1.93 TAISHIN FINANCIAL 3,071,000 TWD 1,086,543 1.97IOI CORP 1,072,300 MYR 992,836 1.80 6,908,981 12.55MAXIS 642,400 MYR 957,225 1.74 THAILAND

3,011,767 5.47 ADVANCED INFORMATION MEXICO SERVICES 170,400 THB 1,061,039 1.93ARCA CONTINENTAL 202,100 MXN 1,131,023 2.05 KRUNG THAI BANK 2,390,900 THB 1,126,447 2.04GRUMA "B" 51,900 MXN 731,303 1.33 2,187,486 3.97GRUPO AEROPORTUARIO DE TURKEY SUR "B" 25,660 MXN 386,488 0.70 TURKCELL ILETISM KIMBER "A" 514,100 MXN 1,165,517 2.12 HIZMETLERI 244,755 TRY 852,833 1.55

852,833 1.55


289




UNITED STATES SOUTHERN COPPER 44,328 USD 1,169,816 2.12

1,169,816 2.12TOTAL SHARES 45,733,925 83.05

WARRANTS / EQUITY LINKED SECURITIES

INDIA HCL TECHNOLOGIES 17/01/2017 81,876 USD 1,225,085 2.22ITC 24/01/2017 78,828 USD 394,860 0.72ONGC 17/01/2017 109,193 USD 381,527 0.69

2,001,472 3.63TOTAL WARRANTS / EQUITY LINKED SECURITIES 2,001,472 3.63

DEPOSITARY RECEIPTS

INDIA INFOSYS 69,133 USD 1,297,626 2.36

1,297,626 2.36RUSSIAN FEDERATION SEVERSTAL 96,980 USD 1,027,988 1.87

1,027,988 1.87THAILAND BANGKOK BANK 252,000 THB 1,110,897 2.02

1,110,897 2.02TOTAL DEPOSITARY RECEIPTS 3,436,511 6.25TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 92.93EXCHANGE LISTING



INDIA BAJAJ AUTO 29/05/2018 30,687 USD 1,080,917 1.96BHARAT PETROLEUM P. NOTE24/01/2017 43,457 USD 563,207 1.02HERO MOTOCORP P. NOTE 16/10/2017 29,169 USD 1,064,064 1.93TATA CONSULTANCY 30/01/2017 12,099 USD 477,039 0.87

3,185,227 5.78TOTAL WARRANTS / EQUITY LINKED SECURITIES 3,185,227 5.78TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 54,357,135 5.78OTHER NET ASSETS LESS LIABILITIES 709,643 94.22TOTAL NET ASSETS 55,066,778 100.00


290

51,171,908

3,185,227 5.78


Global Emerging Markets EquityStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS CNOOC 900,000 HKD 920,897 0.59SJM HOLDINGS 747,000 HKD 528,198 0.34

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 7,460,073 4.76EXCHANGE LISTING INDIA

AXIS BANK 179,229 INR 1,353,365 0.86SHARES CAIRN INDIA 149,287 INR 348,768 0.22

COAL INDIA 329,300 INR 1,643,490 1.05BRAZIL INDIABULLS HOUSING MRV ENGENHARIA 795,300 BRL 1,268,262 0.81 FINANCE 134,105 INR 1,622,274 1.04VIA VAREJO 517,900 BRL 552,763 0.35 INFOSYS 168,416 INR 2,981,276 1.91

1,821,025 1.16 IRB INFRASTRUCTURE 461,078 INR 1,667,228 1.06CHINA JSW STEEL 134,201 INR 1,818,072 1.16AGRICULTURAL BANK OF ONGC 457,213 INR 1,597,529 1.02CHINA "H" 4,828,000 HKD 1,825,284 1.17 SESA GOA 962,203 INR 1,241,600 0.79ANHUI CONCH CEMENT "H" 449,500 HKD 1,319,491 0.84 STATE BANK OF INDIA BANK OF CHINA "H" 3,972,000 HKD 1,706,668 1.09 (INE062A01020) 467,069 INR 1,687,468 1.08CHINA CONSTRUCTION TATA MOTORS 224,923 INR 1,023,187 0.65BANK "H" 6,169,470 HKD 4,099,685 2.62 16,984,257 10.84CHINA LIFE INSURANCE "H" 722,000 HKD 2,496,706 1.59 INDONESIA CHINA PETROLEUM & BANK RAKYAT INDONESIA 2,852,900 IDR 1,684,477 1.08CHEMICAL "H" 2,904,000 HKD 1,764,871 1.13 PERUSAHAAN GAS NEGARA 9,363,100 IDR 1,616,972 1.03CHINA RAILWAY 3,301,449 2.11CONSTRUCTION "H" 808,000 HKD 1,186,449 0.76 MALAYSIA CHINA STATE CONSTRUCTION MALAYAN BANKING 1,088,788 MYR 2,120,236 1.35INTERNATIONAL 878,000 HKD 1,255,249 0.80 TENAGA NASIONAL 272,300 MYR 744,593 0.48DONG FENG MOTOR "H" 1,028,000 HKD 1,280,018 0.82 2,864,829 1.83GREAT WALL MEXICO AUTOMOBILES "H" 1,296,000 HKD 1,431,444 0.91 FOMENTO ECONOMICO HUADIAN FUXIN ENERGY MEXICANO 212,600 MXN 1,893,193 1.21CORP "H" 3,148,000 HKD 1,084,530 0.69 GRUPO MEXICO "B" 896,300 MXN 2,169,515 1.39ICBC "H" 6,249,955 HKD 3,596,725 2.30 4,062,708 2.60PICC PROPERTY & POLAND CASUALTY "H" 791,660 HKD 1,538,364 0.98 KGHM POLSKA MIEDZ 64,321 PLN 1,386,203 0.89TENCENT HOLDINGS 204,000 HKD 3,403,488 2.17 1,386,203 0.89XINYI GLASS 3,338,000 HKD 1,490,246 0.95 QATAR

29,479,218 18.82 QATAR NATIONAL BANK 47,448 QAR 2,442,718 1.56COLOMBIA 2,442,718 1.56ECOPETROL (US2791581091) 154,916 USD 1,332,278 0.85 RUSSIAN FEDERATION

1,332,278 0.85 GAZPROM 163,039 USD 332,422 0.21GREAT BRITAIN JSC MMC NORILSK NICKEL 50,100 USD 718,685 0.46XINYI SOLAR HOLDINGS 3,068,000 HKD 1,045,093 0.67 SBERBANK 2,066,978 USD 2,409,341 1.54

1,045,093 0.67 3,460,448 2.21GREECE SOUTH AFRICA ALPHA BANK 1,483,020 EUR 177,130 0.11 FIRSTRAND 618,772 ZAR 2,206,224 1.41

177,130 0.11 NASPERS "N" 20,371 ZAR 2,547,885 1.63HONG KONG SASOL 109,205 ZAR 3,053,349 1.95CHINA MOBILE 281,500 HKD 3,334,392 2.12 THE FOSCHINI GROUP 157,358 ZAR 1,603,055 1.02CHINA OVERSEAS GRAND 9,410,513 6.01OCEANS GROUP 2,386,000 HKD 701,941 0.45 SOUTH KOREA CHINA OVERSEAS LAND & HYUNDAI ENGINEERING & INVESTMENT 654,000 HKD 1,974,645 1.26 CONSTRUCTION 29,117 KRW 840,126 0.54

HYUNDAI MOBIS 13,171 KRW 2,572,418 1.64

291


Global Emerging Markets EquityStatement of investments as at 30 September 2015(expressed in USD)


HYUNDAI STEEL 35,909 KRW 1,560,207 1.00 SAUDI ARABIA HYUNDAI WIA CORP 8,784 KRW 955,991 0.61 SAMBA FINANCIAL GROUP KIA MOTORS 53,047 KRW 2,398,818 1.53 27/09/2016 289,465 USD 1,786,844 1.14SAMSUNG ELECTRONICS 7,726 KRW 7,391,617 4.72 1,786,844 1.14SHINHAN FINANCIAL GROUP 80,405 KRW 2,808,375 1.79 TOTAL WARRANTS / EQUITY LINKED SECURITIES 2,715,352 1.73SK HYNIX 77,097 KRW 2,182,236 1.39

20,709,788 13.22 DEPOSITARY RECEIPTS TAIWAN CASETEK HOLDINGS 299,000 TWD 1,271,278 0.81 BRAZIL CHINATRUST FINANCIAL PETROBRAS (US71654V1017) 79,641 USD 287,902 0.18HOLDING 1,034,947 TWD 532,757 0.34 PETROBRAS (US71654V4086) 115,686 USD 492,822 0.31E SUN FINANCIAL HOLDINGS 3,232,053 TWD 1,899,331 1.21 VALE (US91912E2046) 549,545 USD 1,840,976 1.18HON HAI PRECISION 2,621,700 1.67INDUSTRIES 1,148,827 TWD 2,986,549 1.91 CHILE MEGA FINANCIAL HOLDING 2,857,000 TWD 1,978,273 1.26 BANCO SANTANDER CHILE 64,455 USD 1,176,304 0.75NOVATEK 1,176,304 0.75MICROELECTRONICS 357,000 TWD 1,116,726 0.71 MEXICO PRIMAX ELECTRONICS 668,000 TWD 866,255 0.55 AMERICA MOVIL 90,277 USD 1,494,084 0.95RADIANT 1,494,084 0.95OPTO-ELECTRONICS 430,285 TWD 1,326,366 0.85 RUSSIAN FEDERATION TAIWAN SEMICONDUCTOR LUKOIL 69,561 USD 2,362,292 1.52MANUFACTURING 1,524,000 TWD 6,016,855 3.85 OAO GAZPROM 554,278 USD 2,228,198 1.42ZHEN DING TECHNOLOGY 4,590,490 2.94HOLDING 470,700 TWD 1,346,593 0.86 TOTAL DEPOSITARY RECEIPTS 9,882,578 6.31

19,340,983 12.35THAILAND PREFERRED SHARES PTT GLOBAL CHEMICAL (TH1074010014) 1,147,400 THB 1,699,208 1.08 BRAZIL PTT PCL 263,500 THB 1,742,389 1.11 BANCO ESTADO RIO GRANDE 613,826 BRL 872,501 0.56THAI OIL 1,233,800 THB 1,793,165 1.15 ITAU UNIBANCO BANCO

5,234,762 3.34 MULTIPLO 306,827 BRL 2,008,810 1.28TURKEY 2,881,311 1.84KOC HOLDING 488,866 TRY 1,905,249 1.22 TOTAL PREFERRED SHARES 2,881,311 1.84

1,905,249 1.22 TOTAL TRANSFERABLE SECURITIESUNITED ARAB EMIRATES ADMITTED TO AN OFFICIAL STOCK 96.16FIRST GULF BANK 480,086 AED 1,823,434 1.16 EXCHANGE LISTING

1,823,434 1.16TOTAL SHARES 134,242,158 85.71 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKETCOLLECTIVE INVESTMENT SCHEMES

SHARES BRAZIL SUL AMERICA 196,100 BRL 898,762 0.57 SOUTH KOREA

898,762 0.57 INDUSTRIAL BANK OF KOREA 212,977 KRW 2,443,675 1.56TOTAL COLLECTIVE INVESTMENT SCHEMES 898,762 0.57 2,443,675 1.56

TAIWAN WARRANTS / EQUITY LINKED SECURITIES CHIPBOND TECHNOLOGY 829,000 TWD 1,200,920 0.77

1,200,920 0.77INDIA TOTAL SHARES 3,644,595 2.33CAIRN INDIA LEPO TOTAL TRANSFERABLE SECURITIES08/06/2017 253,524 USD 592,290 0.38 TRADED ON ANOTHER REGULATED MARKETVEDANTA LEPO 05/05/2016 260,559 USD 336,218 0.21 TOTAL INVESTMENTS 154,264,756 98.49

928,508 0.59 OTHER NET ASSETS LESS LIABILITIES 2,364,966 1.51TOTAL NET ASSETS 156,629,722 100.00

150,620,161

3,644,595 2.33

292


Global Equity Climate ChangeStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS ROCHE HOLDING 1,945 CHF 510,585 2.72990,802 5.28

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK TURKEY EXCHANGE LISTING GARANTI BANKASI 81,151 TRY 188,421 1.00

188,421 1.00SHARES UNITED STATES

AES 22,463 USD 218,565 1.16AUSTRALIA APPLE 4,173 USD 463,787 2.47BHP BILLITON CITIGROUP 9,927 USD 492,478 2.62(AU000000BHP4) 24,373 AUD 380,316 2.03 CUMMINS 4,087 USD 441,846 2.35

380,316 2.03 CVS CAREMARK 5,340 USD 512,747 2.73BELGIUM EMC 20,767 USD 490,724 2.61KBC GROUP 4,191 EUR 263,944 1.41 FIRST SOLAR 4,704 USD 198,697 1.06

263,944 1.41 HALLIBURTON 6,298 USD 225,216 1.20FRANCE HUMANA 1,644 USD 291,777 1.55CAP GEMINI 5,613 EUR 498,484 2.66 INTERNATIONAL BUSINESS LEGRAND PROMESSES 8,624 EUR 456,298 2.43 MACHINES 3,373 USD 489,726 2.61

954,782 5.09 JOHNSON & JOHNSON 5,552 USD 518,612 2.76GREAT BRITAIN JP MORGAN CHASE 8,149 USD 495,704 2.64BG GROUP 31,428 GBP 452,253 2.41 MICROSOFT 12,177 USD 534,084 2.85BT GROUP 75,203 GBP 477,456 2.54 OMNICOM 7,654 USD 503,097 2.68BURBERRY GROUP 20,823 GBP 431,805 2.30 ROCKWELL AUTOMATION 4,494 USD 452,141 2.41COMPASS GROUP 33,631 GBP 535,406 2.86 TJX 8,468 USD 595,301 3.18GLAXOSMITHKLINE 24,377 GBP 465,256 2.48 VARIAN MEDICAL SYSTEMS 6,270 USD 464,607 2.48PRUDENTIAL 22,307 GBP 469,505 2.50 VERIZON COMMUNICATIONS 11,243 USD 492,556 2.62RECKITT BENCKISER 5,407 GBP 489,449 2.61 WELLS FARGO 9,432 USD 484,522 2.58

3,321,130 17.70 8,366,187 44.56INDIA TOTAL SHARES 18,021,137 96.03INFOSYS 15,774 INR 279,229 1.49

279,229 1.49 DEPOSITARY RECEIPTS JAPAN MITSUBISHI ELECTRIC 49,000 JPY 445,957 2.38 TAIWAN ORACLE (JP3689500001) 6,300 JPY 265,119 1.41 TAIWAN SEMICONDUCTOR 11,916 USD 244,457 1.30SHIMADZU 33,000 JPY 472,551 2.52 244,457 1.30SUMITOMO MITSUI FINANCIAL 6,200 JPY 233,577 1.24 TOTAL DEPOSITARY RECEIPTS 244,457 1.30

1,417,204 7.55 TOTAL TRANSFERABLE SECURITIESJERSEY ADMITTED TO AN OFFICIAL STOCK 18,265,594 97.33DELPHI AUTOMOTIVE CORP 6,397 USD 485,340 2.59 EXCHANGE LISTING

485,340 2.59NETHERLANDS TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDUNILEVER (NL0000009355) 12,190 EUR 489,447 2.61 MARKET

489,447 2.61SOUTH AFRICA SHARES SASOL 7,493 ZAR 209,503 1.12

209,503 1.12 ITALY SOUTH KOREA INTESA BCI 77,630 EUR 273,308 1.46SAMSUNG ELECTRONICS 234 KRW 223,872 1.19 273,308 1.46SHINHAN FINANCIAL GROUP 7,014 KRW 244,984 1.31 TOTAL SHARES 273,308 1.46SK HYNIX 7,277 KRW 205,976 1.10 TOTAL TRANSFERABLE SECURITIES

674,832 3.60 TRADED ON ANOTHER REGULATED MARKETSWITZERLAND TOTAL INVESTMENTS 18,538,902 98.79CREDIT SUISSE GROUP 20,035 CHF 480,217 2.56 OTHER NET ASSETS LESS LIABILITIES 226,903 1.21

TOTAL NET ASSETS 18,765,805 100.00

273,308 1.46

293


Global Equity Dividend (launched as at 27 July 2015)Statement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS RUSSIAN FEDERATION JSC MMC NORILSK NICKEL 75,085 USD 1,077,094 1.02

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 1,077,094 1.02EXCHANGE LISTING SOUTH AFRICA

VODACOM GROUP 103,071 ZAR 1,027,803 0.97SHARES 1,027,803 0.97

SPAIN BRAZIL RED ELECTRICA CORP 29,484 EUR 2,432,160 2.30MRV ENGENHARIA 507,900 BRL 809,946 0.77 2,432,160 2.30

809,946 0.77 SWITZERLAND CHINA NESTLE "R" 31,323 CHF 2,349,786 2.22BANK OF CHINA "H" 2,064,000 HKD 886,848 0.84 ROCHE HOLDING 8,135 CHF 2,135,531 2.02ICBC "H" 3,291,000 HKD 1,893,906 1.79 4,485,317 4.24

2,780,754 2.63 THAILAND DENMARK ADVANCED INFORMATION DANSKE BANK 75,116 DKK 2,264,748 2.14 SERVICES 162,300 THB 1,010,602 0.95

2,264,748 2.14 1,010,602 0.95FRANCE UNITED STATES AXA 87,761 EUR 2,122,862 2.01 ALTRIA GROUP 44,050 USD 2,405,571 2.27BNP PARIBAS 37,819 EUR 2,216,733 2.09 AMERICAN INTERNATIONAL CAP GEMINI 14,060 EUR 1,248,652 1.18 GROUP 36,967 USD 2,089,375 1.97

5,588,247 5.28 APPLE 18,947 USD 2,105,770 1.99GREAT BRITAIN AUTOZONE 3,492 USD 2,541,966 2.40AVIVA 231,608 GBP 1,585,743 1.50 CBS "B" 15,229 USD 601,089 0.57BHP BILLITON (GB0000566504) 49,051 GBP 744,114 0.70 CITIGROUP 10,704 USD 531,025 0.50BRITISH AMERICAN EXXON MOBIL 29,217 USD 2,159,721 2.04TOBACCO (GB0002875804) 42,659 GBP 2,346,593 2.22 F5 NETWORKS 9,298 USD 1,075,128 1.02GLAXOSMITHKLINE 112,527 GBP 2,147,673 2.03 HCA HOLDINGS 25,405 USD 1,947,801 1.84HSBC HOLDINGS 263,653 GBP 1,986,059 1.88 INTEL 82,914 USD 2,501,515 2.36NEXT 19,944 GBP 2,289,932 2.16 INTERNATIONAL BUSINESS ROYAL DUTCH SHELL "B" 84,917 GBP 1,998,879 1.89 MACHINES 14,669 USD 2,129,792 2.01

13,098,993 12.38 JOHNSON & JOHNSON 23,663 USD 2,210,361 2.09HONG KONG JP MORGAN CHASE 34,045 USD 2,070,957 1.96CHINA MOBILE 91,500 HKD 1,083,825 1.03 KIMBERLY-CLARK 21,236 USD 2,311,326 2.18CHINA OVERSEAS LAND & MICROSOFT 51,416 USD 2,255,106 2.13INVESTMENT 348,000 HKD 1,050,729 0.99 NORDSTROM 30,383 USD 2,170,562 2.05

2,134,554 2.02 OMNICOM 32,459 USD 2,133,530 2.02JAPAN PHILLIPS 66 29,132 USD 2,228,598 2.11MITSUBISHI ELECTRIC 224,000 JPY 2,038,659 1.93 PRUDENTIAL FINANCIAL 26,822 USD 2,044,909 1.93ORACLE (JP3689500001) 45,100 JPY 1,897,917 1.79 QUALCOMM 38,371 USD 2,046,709 1.93OTSUKA 26,000 JPY 1,263,474 1.19 SALLY BEAUTY 69,961 USD 1,643,384 1.55SUMITOMO MITSUI FINANCIAL 60,100 JPY 2,264,194 2.14 SNAP-ON 10,976 USD 1,645,741 1.56

7,464,244 7.05 TIMKEN 71,167 USD 1,926,491 1.82JERSEY TJX 34,736 USD 2,441,941 2.31DELPHI AUTOMOTIVE CORP 30,466 USD 2,311,455 2.18 UNION PACIFIC 25,732 USD 2,251,550 2.13

2,311,455 2.18 VARIAN MEDICAL SYSTEMS 23,284 USD 1,725,344 1.63MALAYSIA 51,195,262 48.37MALAYAN BANKING 491,700 MYR 957,505 0.90 TOTAL SHARES 99,800,959 94.30

957,505 0.90NETHERLANDS DELTA LLOYD GROUP 138,757 EUR 1,162,275 1.10

1,162,275 1.10

294


Global Equity Dividend (launched as at 27 July 2015)Statement of investments as at 30 September 2015(expressed in USD)


DEPOSITARY RECEIPTS

TAIWAN TAIWAN SEMICONDUCTOR 53,136 USD 1,090,085 1.03

1,090,085 1.03THAILAND ADVANCED INFORMATION SERVICES 3,100 THB 19,303 0.02

19,303 0.02TOTAL DEPOSITARY RECEIPTS 1,109,388 1.05TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 95.35EXCHANGE LISTING


SHARES

BELGIUM BELGACOM 63,313 EUR 2,176,732 2.06


100,910,347

2,176,732 2.06

295


Global Equity Volatility FocusedStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS NETHERLANDS DELTA LLOYD GROUP 275,979 EUR 2,311,693 0.59

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK UNILEVER (GB00B10RZP78) 227,458 GBP 9,223,389 2.37EXCHANGE LISTING 11,535,082 2.96

SOUTH KOREA SHARES SAMSUNG ELECTRONICS 3,529 KRW 3,376,264 0.87

SK HYNIX 117,142 KRW 3,315,713 0.85AUSTRALIA 6,691,977 1.72TELSTRA CORP 1,699,946 AUD 6,697,147 1.72 SWITZERLAND

6,697,147 1.72 NESTLE "R" 71,504 CHF 5,364,081 1.38CANADA SGS SURVEILLANCE 3,756 CHF 6,546,380 1.68NATIONAL BANK OF CANADA 215,734 CAD 6,843,565 1.76 SWISS LIFE RENTENANSTALT 28,493 CHF 6,330,806 1.63POWER FINANCIAL 222,936 CAD 5,071,640 1.30 18,241,267 4.69

11,915,205 3.06 UNITED STATES CHINA ALTRIA GROUP 177,010 USD 9,666,515 2.49ENN ENERGY HOLDINGS 490,000 HKD 2,348,824 0.60 AUTOZONE 12,369 USD 9,003,890 2.31HAIER ELECTRONICS GROUP 3,039,000 HKD 5,066,274 1.30 AVERY DENNISON 127,003 USD 7,079,147 1.82ICBC "H" 10,219,000 HKD 5,880,832 1.51 DR PEPPER SNAPPLE GROUP 120,706 USD 9,512,840 2.44SIGNET JEWELERS 66,274 USD 8,940,362 2.30 EVEREST RE GROUP 36,766 USD 6,355,738 1.63

22,236,292 5.71 EXXON MOBIL 103,181 USD 7,627,140 1.96GERMANY GRAINGER W W 31,757 USD 6,694,058 1.72MUENCHENER RUECK 18,625 EUR 3,464,678 0.89 HCA HOLDINGS 114,457 USD 8,775,418 2.25SAP 121,171 EUR 7,850,321 2.02 HORMEL FOODS 149,514 USD 9,371,538 2.42

11,314,999 2.91 ILLINOIS TOOL WORKS 87,697 USD 7,208,693 1.85GREAT BRITAIN INTEL 164,370 USD 4,959,043 1.27BAE SYSTEMS 956,383 GBP 6,462,566 1.66 INTERNATIONAL BUSINESS BT GROUP 1,158,886 GBP 7,357,642 1.89 MACHINES 32,263 USD 4,684,265 1.20COMPASS GROUP 570,534 GBP 9,082,913 2.32 J.B. HUNT TRANSPORT EASYJET 323,596 GBP 8,705,366 2.24 SERVICES 81,941 USD 5,849,768 1.50GLAXOSMITHKLINE 360,283 GBP 6,876,307 1.77 JOHNSON & JOHNSON 86,014 USD 8,034,568 2.06NEXT 76,967 GBP 8,837,200 2.27 JP MORGAN CHASE 145,396 USD 8,844,439 2.27

47,321,994 12.15 KIMBERLY-CLARK 83,183 USD 9,053,638 2.33HONG KONG MICHAEL KORS HOLDINGS 56,771 USD 2,379,840 0.61BOC HONG KONG HOLDINGS 1,125,000 HKD 3,302,398 0.85 MICROSOFT 79,409 USD 3,482,879 0.89CHINA MOBILE 206,000 HKD 2,440,087 0.63 NORDSTROM 67,090 USD 4,792,910 1.23LENOVO GROUP 4,098,000 HKD 3,452,873 0.88 ROSS STORES 179,654 USD 8,664,712 2.23

9,195,358 2.36 TRAVELERS COMPANIES 88,706 USD 8,866,165 2.28INDONESIA VARIAN MEDICAL SYSTEMS 99,700 USD 7,387,770 1.90BANK MANDIRI 8,836,500 IDR 4,780,154 1.23 WAL MART STORES 110,808 USD 7,132,711 1.83

4,780,154 1.23 165,427,685 42.49JAPAN TOTAL SHARES 362,593,911 93.13ABC-MART 96,500 JPY 5,366,259 1.38JAPAN TOBACCO 220,700 JPY 6,809,055 1.75 DEPOSITARY RECEIPTS MITSUBISHI ELECTRIC 761,000 JPY 6,925,980 1.78MITSUBISHI UFJ INDIA FINANCIAL GROUP 608,800 JPY 3,641,668 0.94 INFOSYS 232,227 USD 4,358,901 1.12MIZUHO FINANCIAL GROUP 2,446,600 JPY 4,553,477 1.17 4,358,901 1.12OTSUKA 155,300 JPY 7,546,829 1.94 TAIWAN SUMITOMO MITSUI FINANCIAL 83,000 JPY 3,126,924 0.80 TAIWAN SEMICONDUCTOR 179,511 USD 3,682,668 0.95TREND 263,300 JPY 9,266,559 2.37 3,682,668 0.95

47,236,751 12.13

296


Global Equity Volatility FocusedStatement of investments as at 30 September 2015(expressed in USD)


THAILAND ADVANCED INFORMATION SERVICES 691,200 THB 4,303,932 1.10PTT E&P 1,877,600 THB 3,621,215 0.93

7,925,147 2.03TOTAL DEPOSITARY RECEIPTS 15,966,716 4.10TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 97.23EXCHANGE LISTINGTOTAL INVESTMENTS 378,560,627 97.23OTHER NET ASSETS LESS LIABILITIES 10,777,216 2.77TOTAL NET ASSETS 389,337,843 100.00

378,560,627

297


Global Real Estate EquityStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS COLLECTIVE INVESTMENT SCHEMES

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK FRANCE EXCHANGE LISTING UNIBAIL-RODAMCO REIT 35,751 EUR 9,248,456 1.64

9,248,456 1.64SHARES GREAT BRITAIN

HAMMERSON REIT 1,433,860 GBP 13,520,322 2.40AUSTRALIA LAND SECURITIES REIT 708,328 GBP 13,465,394 2.39FEDERATION CENTRES 4,668,983 AUD 8,983,896 1.59 26,985,716 4.79GENERAL PROPERTY GROUP 4,089,558 AUD 12,952,236 2.30 HONG KONG SCENTRE GROUP 4,804,694 AUD 13,158,978 2.34 THE LINK REIT 2,514,000 HKD 13,786,363 2.45

35,095,110 6.23 13,786,363 2.45CANADA JAPAN RIOCAN REIT 165,670 CAD 3,179,450 0.56 JAPAN REAL ESTATE

3,179,450 0.56 INVESTMENT 1,765 JPY 8,120,194 1.44CHINA NIPPON BUILDING FUND 1,739 JPY 8,407,139 1.49HONG KONG LAND HOLDINGS 1,991,600 USD 13,164,476 2.34 16,527,333 2.93

13,164,476 2.34 SINGAPORE FRANCE CAPITACOMMERCIAL REIT 7,538,300 SGD 7,104,101 1.26KLEPIERRE 205,576 EUR 9,275,344 1.65 CAPITAMALL REIT 5,264,800 SGD 7,035,038 1.25

9,275,344 1.65 14,139,139 2.51GREAT BRITAIN UNITED STATES BRITISH LAND REIT 1,080,695 GBP 13,668,805 2.43 AVALONBAY COMMUNITIES 109,921 USD 19,104,269 3.39DERWENT LONDON REIT 207,097 GBP 11,393,590 2.02 BOSTON PROPERTIES 139,419 USD 16,507,210 2.93GREAT PORTLAND ESTATES 903,394 GBP 11,665,746 2.07 CAMDEN PROPERTY REIT 255,026 USD 18,869,374 3.35

36,728,141 6.52 DOUGLAS EMMETT 556,112 USD 16,016,026 2.84HONG KONG EQUITY RESIDENTIAL 255,432 USD 19,024,574 3.38HYSAN DEVELOPMENT 3,272,000 HKD 13,594,544 2.41 ESSEX PROPERTY REIT 85,295 USD 18,936,343 3.36SWIRE PROPERTIES 4,746,400 HKD 13,106,104 2.33 FEDERAL REALTY

26,700,648 4.74 INVESTMENT TRUST 91,448 USD 12,425,040 2.21SINGAPORE GENERAL GROWTH ASCENDAS REAL ESTATE 4,506,300 SGD 7,415,952 1.32 PROPERTIES REIT 403,590 USD 10,380,335 1.84

7,415,952 1.32 MACERICH 132,850 USD 10,149,740 1.80UNITED STATES REGENCY CENTERS 267,279 USD 16,646,136 2.95ALEXANDRIA REAL ESTATE SL GREEN REALTY 141,214 USD 15,365,495 2.73REIT 21,240 USD 1,813,896 0.32 TANGER FACTORY CUBESMART 515,251 USD 13,963,302 2.48 OUTLET CENTRE 310,422 USD 10,271,864 1.82DCT INDUSTRIAL TRUST 477,389 USD 16,006,853 2.84 VENTAS 158,432 USD 8,850,012 1.57HCP 307,134 USD 11,505,240 2.04 VORNADO REALTY TRUST 168,132 USD 15,241,166 2.71KIMCO REALTY 688,817 USD 16,717,589 2.97 207,787,584 36.88NATIONAL RETAIL TOTAL COLLECTIVE INVESTMENT SCHEMES 288,474,591 51.20PROPERTIES 389,739 USD 14,209,884 2.52 TOTAL TRANSFERABLE SECURITIESPROLOGIS 413,989 USD 16,174,550 2.87 ADMITTED TO AN OFFICIAL STOCKPUBLIC STORAGE 64,707 USD 13,625,353 2.42 EXCHANGE LISTINGREALTY INCOME 180,986 USD 8,575,117 1.52SIMON PROPERTY GROUP 56,546 USD 10,359,227 1.84

122,951,011 21.82TOTAL SHARES 254,510,132 45.18

542,984,723 96.38

298


Global Real Estate EquityStatement of investments as at 30 September 2015(expressed in USD)



SHARES

UNITED STATES WELLTOWER 134,177 USD 9,146,846 1.62


299

9,146,846 1.62



(expressed in USD)


INVESTMENTS MEXICO ALFA "A" 347,620 MXN 678,553 1.21

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK ALSEA 177,700 MXN 531,210 0.95 EXCHANGE LISTING AMERICA MOVIL 3,118,855 MXN 2,589,422 4.63

CEMEX 2,335,297 MXN 1,606,772 2.87 SHARES CORP INMOBILIARIA VESTA 317,300 MXN 496,169 0.89

FOMENTO ECONOMICO BRAZIL MEXICANO 409,377 MXN 3,645,483 6.51 AMBEV 614,300 BRL 3,039,142 5.43 GRUMA "B" 43,341 MXN 610,701 1.09 AREZZO INDUSTRIA E GRUPO FINANCIERO COMERCIO 240,000 BRL 1,223,521 2.19 BANORTE "O" 125,300 MXN 608,579 1.09 BANCO BRADESCO 51,216 BRL 304,959 0.54 GRUPO FINANCIERO BANCO DO BRASIL 110,790 BRL 416,789 0.74 INBURSA 996,953 MXN 2,064,294 3.69 BB SEGURIDADE GRUPO MEXICO "B" 303,900 MXN 735,597 1.31 PARTICIPACOES 90,800 BRL 552,058 0.99 MEXICHEM 136,000 MXN 332,321 0.59 BM&F BOVESPA 176,819 BRL 488,012 0.87 PROMOTORA Y OPERADORA BRF 57,429 BRL 1,029,466 1.84 DE INFRAESTRUCTURA 148,700 MXN 1,626,011 2.91 CCR 516,948 BRL 1,542,295 2.76 WALMART DE MEXICO 566,556 MXN 1,368,353 2.45 CIELO 128,020 BRL 1,181,194 2.11 16,893,465 30.19 CPFL ENERGIA 81,007 BRL 302,509 0.54 PANAMA DURATEX 448,130 BRL 647,107 1.16 COPA HOLDINGS "A" 24,593 USD 1,060,204 1.89 ECORODOVIAS INFRAESTRUTURA 1,060,204 1.89 E LOGISTICA 174,868 BRL 269,639 0.48 PERU EMBRAER 67,761 BRL 435,977 0.78 ALICORP 104,890 PEN 165,428 0.29 KROTON EDUCATIONAL 52,855 BRL 106,056 0.19 GRANA Y MONTERO 191,811 PEN 144,111 0.26 MILLS ESTRUTURAS E 309,539 0.55 SERVICOS 169,500 BRL 194,106 0.35 SPAIN SAO MARTINHO 99,106 BRL 969,917 1.73 CEMEX LATAM HOLDINGS 237,532 COP 931,008 1.67 TOTVS 109,688 BRL 819,778 1.46 931,008 1.67 TRACTEBEL ENERGIA 34,500 BRL 293,626 0.52 TOTAL SHARES 41,753,254 74.62 USINAS SIDERURGICAS DE MINAS "A" 68,365 BRL 59,747 0.11 DEPOSITARY RECEIPTS VALE 62,458 BRL 262,572 0.47 VALID SOLUCOES 73,100 BRL 838,219 1.50 BELGIUM

14,976,689 26.76 ANHEUSER BUSCH INBEV 13 USD 1,381 0.00CHILE 1,381 0.00BANCO DE CHILE 14,743,595 CLP 1,533,172 2.74 BRAZIL ENDESA CHILE 1,588,529 CLP 1,856,042 3.32 BANCO BRADESCO 57,654 BRL 305,566 0.55 ENERSIS 1,194,940 CLP 302,302 0.54 ITAU UNIBANCO HOLDING 206,607 USD 1,341,912 2.40 SACI FALABELLA 154,020 CLP 952,042 1.70 PETROBRAS (US71654V4086) 286,500 USD 1,220,490 2.18

4,643,558 8.30 TELEF BRASIL 9,085 BRL 83,673 0.15 CHINA VALE (US91912E1055) 178,903 USD 747,815 1.34 COSAN "A" 59,342 USD 174,465 0.31 3,699,456 6.62 CREDICORP 20,985 USD 2,212,659 3.96 COLOMBIA

2,387,124 4.27 GRUPO AVAL ACCIONES Y COLOMBIA VALORES 54,224 USD 414,814 0.74 GRUPO AVAL 66,927 COP 24,173 0.04 414,814 0.74 GRUPO DE INVERSION MEXICO SURAMERICANA 22,314 COP 259,488 0.46 CEMEX 206,961 MXN 1,415,613 2.53 GRUPO NUTRESA 39,625 COP 268,006 0.49 1,415,613 2.53

551,667 0.99

Statement of investments as at 30 September 2015

300



(expressed in USD)


PERU CEMENTOS PACASMAYO 50,201 USD 298,194 0.53 GRANA Y MONTERO 57,036 PEN 224,722 0.40

522,916 0.93 TOTAL DEPOSITARY RECEIPTS 6,054,180 10.82

PREFERRED SHARES

BRAZIL BANCO BRADESCO 317,410 BRL 1,695,479 3.03 BRADESPAR BRASIL 59,500 BRL 122,827 0.22 CIA ENERGETICA MINAS 108,929 BRL 191,763 0.34 GERDAU 50,214 BRL 71,627 0.13 ITAU INVESTIMENTOS 1,004,843 BRL 1,809,347 3.23 ITAU UNIBANCO BANCO MULTIPLO 195,605 BRL 1,280,634 2.29 METALURGICA GERDAU 84,695 BRL 67,212 0.12 PETROBRAS 36,101 BRL 65,095 0.12 SARAIVA LIVREIROS 36,842 BRL 28,219 0.05 SUZANO PAPEL E CELULOSE 308,878 BRL 1,462,961 2.61 TELEF BRASIL 40,839 BRL 378,960 0.68 VALE "A" 51,860 BRL 174,258 0.31

7,348,382 13.13 COLOMBIA GRUPO AVAL ACCIONES 627,726 COP 240,955 0.43

240,955 0.43 TOTAL PREFERRED SHARES 7,589,337 13.56 TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGTOTAL INVESTMENTS 55,396,771 99.00 OTHER NET ASSETS LESS LIABILITIES 561,504 1.00 TOTAL NET ASSETS 55,958,275 100.00

301


55,396,771 99.00


Brazil Equity

(expressed in USD)


INVESTMENTS PREFERRED SHARES

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK BRAZIL EXCHANGE LISTING BANCO BRADESCO 413,332 BRL 2,207,856 1.05

BANCO DAYCOVAL 900,200 BRL 1,975,853 0.94SHARES BANCO ESTADO RIO GRANDE 852,111 BRL 1,211,203 0.58

BRADESPAR BRASIL 2,152,881 BRL 4,444,225 2.12BRAZIL CIA ENERGETICA MINAS 955,514 BRL 1,682,129 0.80AES TIETE 701,694 BRL 2,489,970 1.19 COMPANHIA BRASILEIRA DE AMBEV 3,753,300 BRL 18,568,795 8.88 DISTRIBUICAO "A" 150,100 BRL 1,871,185 0.89AREZZO INDUSTRIA E ITAU INVESTIMENTOS 9,216,066 BRL 16,594,681 7.93COMERCIO 1,099,600 BRL 5,605,766 2.68 ITAU UNIBANCO BANCO BANCO BRADESCO 322,812 BRL 1,922,142 0.92 MULTIPLO 601,605 BRL 3,938,734 1.88BANCO DO BRASIL 884,810 BRL 3,328,634 1.59 METALURGICA GERDAU 1,365,200 BRL 1,083,397 0.52BB SEGURIDADE PETROBRAS 4,635,199 BRL 8,357,896 4.00PARTICIPACOES 776,400 BRL 4,720,462 2.25 SARAIVA LIVREIROS 379,256 BRL 290,494 0.14BM&F BOVESPA 1,519,223 BRL 4,192,986 2.00 SUZANO PAPEL E CELULOSE 1,495,993 BRL 7,085,581 3.39BRF 556,171 BRL 9,969,860 4.76 TELEF BRASIL 382,356 BRL 3,548,024 1.69CCR 5,046,083 BRL 15,054,802 7.20 VALE "A" 171,291 BRL 575,566 0.27CIELO 1,094,340 BRL 10,097,076 4.82 54,866,824 26.20 CPFL ENERGIA 1,118,543 BRL 4,177,032 1.99 TOTAL PREFERRED SHARES 54,866,824 26.20DURATEX 3,688,688 BRL 5,326,525 2.54 TOTAL TRANSFERABLE SECURITIESECORODOVIAS INFRAESTRUTURA ADMITTED TO AN OFFICIAL STOCKE LOGISTICA 3,050,846 BRL 4,704,277 2.25 EXCHANGE LISTINGEMBRAER 803,493 BRL 5,169,701 2.47 TOTAL INVESTMENTS 207,314,874 99.00METALFRIO SOLUTIONS 589,865 BRL 101,472 0.05 OTHER NET ASSETS LESS LIABILITIES 2,087,485 1.00MILLS ESTRUTURAS E TOTAL NET ASSETS 209,402,359 100.00SERVICOS 1,800,300 BRL 2,061,645 0.98MINERVA 533,651 BRL 1,782,433 0.85PETROBRAS 822,072 BRL 1,758,951 0.84PROFARMA DISTRIBUIDORA 1,353,136 BRL 2,361,731 1.13QUALICORP 294,843 BRL 1,106,230 0.53SAO CARLOS EMPREENDIMENTOES 971,434 BRL 6,098,984 2.91SAO MARTINHO 832,186 BRL 8,144,323 3.89TIM PARTICIPACOES 97 BRL 187 0.00TOTVS 917,063 BRL 6,853,877 3.27TRACTEBEL ENERGIA 475,700 BRL 4,048,638 1.93USINAS SIDERURGICAS DE MINAS "A" 481,990 BRL 421,232 0.20VALE 216,158 BRL 908,722 0.43VALID SOLUCOES 348,678 BRL 3,998,201 1.91

134,974,654 64.46 TOTAL SHARES 134,974,654 64.46

DEPOSITARY RECEIPTS

BRAZIL BANCO BRADESCO 1,043,897 USD 5,532,654 2.64ITAU UNIBANCO HOLDING 1,276,432 USD 8,290,426 3.96PETROBRAS (US71654V4086) 625,754 USD 2,665,712 1.27TELEF BRASIL 106,906 USD 984,604 0.47

17,473,396 8.34 TOTAL DEPOSITARY RECEIPTS 17,473,396 8.34


207,314,874 99.00

302


Chinese EquityStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS PICC PROPERTY & CASUALTY "H" 7,228,000 HKD 14,045,546 0.84

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK PING AN INSURANCE "H" 22,375,500 HKD 110,721,921 6.61EXCHANGE LISTING SHANGHAI FOSUN

PHARMACEUTICAL GROUP 886,500 HKD 2,773,869 0.17SHARES SHANGHAI PHARMACEUTICALS

HOLDINGS 1,606,000 HKD 3,348,747 0.20CHINA SHIMAO PROPERTY 3SBIO 11,443,000 HKD 11,605,342 0.69 HOLDINGS 3,133,500 HKD 4,698,198 0.28ALIBABA HEALTH INFORMATION SINA 435,372 USD 17,070,936 1.02TECHNOLOGY 5,634,000 HKD 3,591,197 0.21 SINOPHARM GROUP "H" 2,749,600 HKD 9,614,668 0.57ALIBABA PICTURES GROUP 12,230,000 HKD 2,714,253 0.16 SINOTRANS 3,910,000 HKD 1,826,337 0.11BANK OF CHINA "H" 162,271,400 HKD 69,723,907 4.16 TENCENT HOLDINGS 9,807,600 HKD 163,627,676 9.76BANK OF COMMUNICATIONS UNI-PRESIDENT CHINA "H" 18,617,000 HKD 12,899,696 0.77 HOLDINGS 2,787,000 HKD 2,689,887 0.16BBMG CORP "H" 2,549,500 HKD 1,746,807 0.10 VINDA INTERNATIONAL BEIJING ENTERPRISES WATER HOLDINGS 884,000 HKD 1,585,487 0.09GROUP 9,520,000 HKD 6,633,248 0.40 ZHUZHOU CSR TIMES BYD "H" 1,405,500 HKD 7,408,297 0.44 ELECTRIC 3,216,500 HKD 23,677,438 1.41CGN MEIYA POWER ZIJIN MINING GROUP "H" 13,430,000 HKD 3,500,442 0.21HOLDINGS 14,294,000 HKD 3,541,200 0.21 ZTE "H" 1,780,320 HKD 4,052,212 0.24CHINA COMMUNICATIONS 1,140,891,560 68.00 CONSTRUCTION "H" 17,733,000 HKD 21,805,729 1.30 HONG KONG CHINA CONSTRUCTION BANK CHINA AGRI-INDUSTRIES "H" 201,843,480 HKD 134,127,382 8.00 HOLDINGS 10,773,000 HKD 3,683,647 0.22CHINA LIFE INSURANCE "H" 20,109,000 HKD 69,537,771 4.14 CHINA MERCHANTS CHINA MERCHANTS BANK "H" 18,385,000 HKD 44,360,940 2.64 HOLDINGS 2,600,000 HKD 7,632,209 0.45CHINA PETROLEUM & CHINA MOBILE 13,638,000 HKD 161,543,267 9.63CHEMICAL "H" 85,883,000 HKD 52,194,364 3.11 CHINA OVERSEAS LAND & CHINA RAILWAY INVESTMENT 7,384,000 HKD 22,294,772 1.33CONSTRUCTION "H" 15,862,000 HKD 23,291,406 1.39 CHINA POWER INTERNATIONALCHINA RAILWAY GROUP "H" 24,079,000 HKD 21,841,842 1.30 DEVELOPMENT 24,368,000 HKD 15,846,958 0.94CHINA RESOURCES LAND 23,369,333 HKD 54,759,271 3.26 CHINA RESOURCES CHINA STATE CONSTRUCTION ENTERPRISES 8,320,000 HKD 15,437,526 0.92INTERNATIONAL 13,502,000 HKD 19,303,380 1.15 CHINA RESOURCES POWER 4,364,000 HKD 9,955,487 0.59CHINA TELECOM CORP "H" 28,518,000 HKD 13,725,349 0.82 CHINA TAIPING INSURANCE DALIAN WANDA COMMERCIAL HOLDING 11,026,600 HKD 34,217,809 2.04PROPERTIES "H" 740,700 HKD 4,243,467 0.25 CHINA UNICOM 37,590,000 HKD 47,581,358 2.84DONG FENG MOTOR "H" 17,308,000 HKD 21,551,113 1.28 CITIC PACIFIC 7,528,000 HKD 13,696,015 0.82GEELY AUTOMOBILES 51,565,000 HKD 24,551,435 1.46 CNOOC 40,874,000 HKD 41,823,062 2.49HUADIAN POWER CSPC PHARMACEUTICAL 19,550,000 HKD 17,128,212 1.02INTERNATIONAL 23,144,000 HKD 18,007,409 1.07 GUANGDONG INVESTMENT 18,126,000 HKD 26,943,248 1.61HUANENG POWER SHENZHEN INVESTMENT 21,960,000 HKD 7,735,537 0.46INTERNATIONAL "H" 15,810,000 HKD 16,993,090 1.01 425,519,107 25.36 HUANENG RENEWABLES SINGAPORE CORP "H" 56,650,000 HKD 20,905,543 1.25 SIIC ENVIRONMENT ICBC "H" 150,230,175 HKD 86,454,485 5.16 HOLDINGS 21,750,360 SGD 12,849,218 0.77LEE & MAN PAPER 12,849,218 0.77MANUFACTURING 3,413,000 HKD 1,726,306 0.10 TOTAL SHARES 1,579,259,885 94.13 LONGFOR PROPERTIES 1,090,500 HKD 1,373,318 0.08NEW CHINA LIFE INSURANCE "H" 1,638,600 HKD 7,040,649 0.42

303


Chinese EquityStatement of investments as at 30 September 2015(expressed in USD)


DEPOSITARY RECEIPTS

CHINA ALIBABA GROUP HOLDING 335,010 USD 19,953,196 1.19



SHARES


18,664,016 1.11TOTAL SHARES 18,664,016 1.11


HONG KONG CICC FINANCIAL TRADING P. NOTE 05/06/2018 721,836 USD 3,699,395 0.22

3,699,395 0.22TOTAL WARRANTS / EQUITY LINKED SECURITIES 3,699,395 0.22TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET


SHARES

CHINA CHONGQING CHANGAN AUTOMOBILE "B" 7,340,973 HKD 12,399,060 0.74

12,399,060 0.74TOTAL SHARES 12,399,060 0.74


CHINA GREE ELECTRIC APPLIANCES P. NOTE 09/12/2017 3,035,512 USD 7,725,955 0.46

7,725,955 0.46TOTAL WARRANTS / EQUITY LINKED SECURITIES 7,725,955 0.46TOTAL OTHER TRANSFERABLE SECURITIES 20,125,015 1.20 TOTAL INVESTMENTS 1,641,701,507 97.85 OTHER NET ASSETS LESS LIABILITIES 36,084,681 2.15 TOTAL NET ASSETS 1,677,786,188 100.00

304

1,599,213,081 95.32

22,363,411 1.33


Hong Kong EquityStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS FRANSHION PROPERTIES CHINA 4,920,000 HKD 1,237,928 0.62

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK HAITONG INTERNATIONAL EXCHANGE LISTING SECURITIES GROUP 4,202,000 HKD 2,076,588 1.04

HAITONG SECURITIES 210,800 HKD 303,550 0.15SHARES HENGAN INTERNATIONAL

GROUP 95,500 HKD 928,500 0.47CHINA HUADIAN FUXIN ENERGY 3SBIO 1,690,500 HKD 1,714,483 0.86 CORP "H" 5,510,000 HKD 1,898,272 0.95AGRICULTURAL BANK OF HUADIAN POWER CHINA "H" 6,387,000 HKD 2,414,682 1.21 INTERNATIONAL 258,000 HKD 200,739 0.10AIR CHINA "H" 1,538,000 HKD 1,212,532 0.61 HUANENG POWER ASIARAY MEDIA GROUP 2,628,500 HKD 1,119,225 0.56 INTERNATIONAL "H" 522,000 HKD 561,062 0.28BANK OF CHINA "H" 15,610,400 HKD 6,707,393 3.37 HUATAI SECUTIRIES "H" 411,800 HKD 810,842 0.41BANK OF COMMUNICATIONS ICBC "H" 16,471,015 HKD 9,478,742 4.76"H" 1,374,000 HKD 952,043 0.48 KINGSOFT 118,000 HKD 229,908 0.12BEIJING CAPITAL LAND 9,550,000 HKD 3,770,685 1.90 METALLURGICAL BYD "H" 105,500 HKD 556,084 0.28 CORPORATION OF CHINA 465,000 HKD 171,599 0.09CHINA CITIC BANK "H" 1,283,000 HKD 743,307 0.37 NEW CHINA LIFE CHINA COMMUNICATIONS INSURANCE "H" 95,300 HKD 409,480 0.21CONSTRUCTION "H" 2,749,000 HKD 3,380,361 1.70 PETROCHINA "H" 3,172,000 HKD 2,197,875 1.10CHINA CONSTRUCTION BANK PICC PROPERTY & "H" 14,644,680 HKD 9,731,563 4.90 CASUALTY "H" 1,154,000 HKD 2,242,468 1.13CHINA LIFE INSURANCE "H" 1,079,000 HKD 3,731,228 1.88 PING AN INSURANCE "H" 731,000 HKD 3,617,248 1.82CHINA LONGYUAN POWER "H" 524,000 HKD 562,536 0.28 SANDS CHINA 353,200 HKD 1,061,872 0.53CHINA MERCHANTS BANK "H" 601,500 HKD 1,451,352 0.73 SHANGHAI FOSUN CHINA MINSHENG BANKING PHARMACEUTICAL GROUP 65,000 HKD 203,386 0.10"H" 1,033,500 HKD 952,147 0.48 SHIMAO PROPERTY CHINA NATIONAL HOLDINGS 432,000 HKD 647,717 0.33BUILDINGS "H" 1,090,000 HKD 627,273 0.32 SINOPHARM GROUP "H" 438,000 HKD 1,531,577 0.77CHINA NATIONAL SINOTRANS 2,169,000 HKD 1,013,126 0.51MATERIALS "H" 9,156,000 HKD 2,209,240 1.11 TENCENT HOLDINGS 780,600 HKD 13,023,346 6.55CHINA PACIFIC INSURANCE ZHAOJIN MINING INDUSTRY 270,000 HKD 141,096 0.07GROUP "H" 404,200 HKD 1,494,226 0.75 ZIJIN MINING GROUP "H" 1,384,000 HKD 360,731 0.18CHINA PETROLEUM & ZTE "H" 106,800 HKD 243,089 0.12CHEMICAL "H" 6,052,000 HKD 3,678,030 1.85 106,904,889 53.74 CHINA RAILWAY GREAT BRITAIN CONSTRUCTION "H" 726,000 HKD 1,066,042 0.54 HSBC HOLDINGS 1,196,013 HKD 8,896,736 4.47CHINA RESOURCES LAND 2,186,000 HKD 5,122,259 2.57 8,896,736 4.47CHINA SHIPPING HONG KONG DEVELOPMENT "H" 3,500,000 HKD 2,479,339 1.25 AIA GROUP 1,367,400 HKD 7,066,325 3.55CHINA SOUTH LOCOMOTIVE BANK OF EAST ASIA 125,800 HKD 422,036 0.21"H" 966,000 HKD 1,221,515 0.61 CHEUNG KONG PROPERTY CHINA SOUTHERN AIRLINES HOLDINGS 648,618 HKD 4,716,050 2.37"H" 718,000 HKD 527,148 0.26 CHINA AGRI-INDUSTRIES CHOW SANG HOLDINGS 299,000 HKD 597,996 0.30 HOLDINGS 355,000 HKD 121,386 0.06DALIAN WANDA COMMERCIAL CHINA EVERBRIGHT 908,000 HKD 2,066,712 1.04PROPERTIES "H" 160,400 HKD 918,931 0.46 CHINA MOBILE 720,000 HKD 8,528,462 4.30DATANG INTERNATIONAL CHINA OVERSEAS LAND & POWER GENERATION "H" 2,752,000 HKD 1,040,427 0.52 INVESTMENT 1,802,000 HKD 5,440,843 2.73DONG FENG MOTOR "H" 1,160,000 HKD 1,444,378 0.73 CHINA POWER INTERNATIONALFIH MOBILE 1,938,000 HKD 887,723 0.45 DEVELOPMENT 5,531,000 HKD 3,596,911 1.81

305


Hong Kong EquityStatement of investments as at 30 September 2015(expressed in USD)


CHINA RESOURCES POWER 280,000 HKD 638,757 0.32 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDCHINA TAIPING INSURANCE MARKETHOLDING 359,400 HKD 1,115,292 0.56CHINA TRAVEL SHARES INTERNATIONAL 372,000 HKD 135,359 0.07CITIC PACIFIC 807,000 HKD 1,468,210 0.74 CHINA CITIC TELECOM SHENZHEN INTERNATIONAL INTERNATIONAL 2,442,000 HKD 835,001 0.42 HOLDINGS 2,424,500 HKD 3,322,326 1.67CK HUTCHISON HOLDINGS 369,118 HKD 4,772,308 2.40 3,322,326 1.67CNOOC 2,355,000 HKD 2,409,681 1.21 TOTAL SHARES 3,322,326 1.67COSCO PACIFIC 2,263,086 HKD 2,927,976 1.47 TOTAL TRANSFERABLE SECURITIESCSPC PHARMACEUTICAL 622,000 HKD 544,949 0.27 TRADED ON ANOTHER REGULATED MARKETDAH SING BANKING GROUP 679,200 HKD 1,246,214 0.63DAH SING FINANCE OTHER TRANSFERABLE SECURITIES HOLDINGS 22,000 HKD 120,077 0.06HENDERSON LAND SHARES DEVELOPMENT 154,000 HKD 916,046 0.46HK EXCHANGES & CLEARING 182,000 HKD 4,151,922 2.09 CHINA JARDINE MATHESON 24,200 USD 1,143,450 0.57 CHONGQING CHANGAN KERRY PROPERTIES 208,000 HKD 568,977 0.29 AUTOMOBILE "B" 130,044 HKD 219,647 0.11LI NING 2,105,500 HKD 910,113 0.46 219,647 0.11MTR CORP 211,000 HKD 914,781 0.46 TOTAL SHARES 219,647 0.11NEW WORLD DEVELOPMENT 3,331,660 HKD 3,224,166 1.62POU SHENG INTERNATIONAL TOTAL OTHER TRANSFERABLE SECURITIES HOLDINGS 14,418,000 HKD 2,437,091 1.22 TOTAL INVESTMENTS 195,551,263 98.29 SHANGHAI INDUSTRIAL OTHER NET ASSETS LESS LIABILITIES 3,400,528 1.71 HOLDING 427,000 HKD 942,149 0.47 TOTAL NET ASSETS 198,951,791 100.00SINO LAND 446,000 HKD 675,614 0.34SUN HUNG KAI PROPERTIES 430,242 HKD 5,579,231 2.80SWIRE PROPERTIES 648,600 HKD 1,790,961 0.90TELEVISION BROADCASTS 43,700 HKD 145,478 0.07TEXWINCA HOLDINGS 126,000 HKD 113,155 0.06TOWNGAS CHINA 1,269,692 HKD 779,832 0.39WHARF HOLDINGS 213,236 HKD 1,196,865 0.60WHEELOCK AND CO 147,000 HKD 635,415 0.32

74,297,795 37.34 SINGAPORE JARDINE STRATEGIC 6,200 USD 166,408 0.08

166,408 0.08TOTAL SHARES 190,265,828 95.63

DEPOSITARY RECEIPTS

CHINA BAIDU 12,600 USD 1,743,462 0.88


306

3,322,326 1.67

219,647 0.11

192,009,290 96.51


Indian EquityStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS MARUTI SUZUKI INDIA 1,519,889 INR 108,494,697 5.70NTPC 20,162,580 INR 38,012,177 2.00

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK OIL INDIA 699,480 INR 4,511,348 0.24EXCHANGE LISTING ONGC 19,344,814 INR 67,591,912 3.55

OPTO CIRCUITS INDIA 16,399,174 INR 4,034,836 0.21SHARES PURAVANKARA PROJECTS 6,654,345 INR 6,295,473 0.33

RADICO KHAITAN 9,980,624 INR 12,817,895 0.67INDIA RELIANCE INDUSTRIES 2,477,166 INR 32,542,051 1.71ADANI PORTS 1,801,245 INR 8,204,940 0.43 RURAL ELECTRIFICATION ADITYA BIRLA NUVO 1,989,651 INR 64,989,507 3.41 CORP 5,616,264 INR 23,448,159 1.23AXIS BANK 13,248,288 INR 100,038,298 5.26 SESA GOA 3,988,092 INR 5,146,121 0.27BANK OF BARODA 12,613,138 INR 35,203,030 1.85 SHRIRAM TRANSPORT BANK OF INDIA 3,816,332 INR 7,883,830 0.41 FINANCE 30,274 INR 426,645 0.02CAIRN INDIA 7,675,086 INR 17,930,750 0.94 STATE BANK OF INDIA CANARA BANK 1,831,866 INR 7,808,594 0.41 (INE062A01020) 8,398,370 INR 30,342,374 1.59COAL INDIA 4,385,316 INR 21,886,495 1.15 SUN PHARMACEUTICALS 540,798 INR 7,154,616 0.38COX & KINGS 5,012,919 INR 15,728,377 0.83 TATA MOTORS 59,627 INR 271,247 0.01CROMPTON GREAVES 8,913,957 INR 23,187,967 1.22 TATA MOTORS "A" 25,348,131 INR 83,586,273 4.39DEWAN HOUSING FINANCE 3,116,556 INR 10,443,121 0.55 TECH MAHINDRA 2,421,483 INR 20,560,840 1.08GAMMON INDIA 1,537,394 INR 289,257 0.02 TRIBHOVANDAS BHIMJI GAMMON INFRASTRUCTURE ZAVERI 2,381,195 INR 4,191,759 0.22PROJECTS 15,507,549 INR 1,949,075 0.10 ULTRATECH CEMENT 269,333 INR 10,969,452 0.58GLENMARK UNITECH 49,226,897 INR 4,612,209 0.24PHARMACEUTICALS 3,531,262 INR 56,444,243 2.97 UPL 771,926 INR 5,389,605 0.28GUJARAT NRE COKE 28,465,935 INR 1,366,053 0.07 VEDANTA 3,150,444 USD 16,445,318 0.86GVK POWER & WIPRO 9,300,019 INR 84,704,698 4.45INFRASTRUCTURE 93,462,308 INR 11,034,931 0.58 1,668,883,865 87.68HCL TECHNOLOGIES 7,811,992 INR 116,888,299 6.14 TOTAL SHARES 1,668,883,865 87.68HDFC BANK (INE001A01036) 3,461,423 INR 63,952,479 3.36HDFC BANK (INE040A01026) 536,485 INR 8,735,454 0.46 WARRANTS / EQUITY LINKED SECURITIES HERO MOTOCORP 206,383 INR 7,528,703 0.40HINDUSTAN CONSTRUCTION 3,601,541 INR 1,023,290 0.05 INDIA ICICI BANK 27,716,275 INR 114,154,402 6.00 ADANI PORTS 05/06/2023 4,025,514 USD 18,336,820 0.96IDFC 14,486,929 INR 31,130,124 1.64 COAL INDIA 04/08/2016 3,664,626 USD 18,289,635 0.96INDIABULLS HOUSING DR REDDYS LABORATORIES FINANCE 4,955,907 INR 59,951,827 3.15 24/01/2017 121,901 USD 7,729,961 0.41INDIABULLS DR REDDYS LABORATORIES INFRASTRUCTURE 91,086,888 INR 2,914,114 0.15 LEPO 25/11/2019 38,885 USD 2,465,767 0.13INDIABULLS REAL ESTATE 6,694,606 INR 6,512,044 0.34 DR REDDYS LABORATORIES INDIAN BANK 8,494,231 INR 17,541,027 0.92 P. NOTE 28/05/2025 160,322 USD 10,166,305 0.53INFOSYS 1,798,354 USD 31,834,208 1.67 GAMMON INFRASTRUCTURE PRO-IRB INFRASTRUCTURE 6,725,590 INR 24,319,299 1.28 JECTS P. NOTE 30/01/2018 329,744 USD 41,446 0.00ITC 15,529,856 INR 77,791,235 4.09 INDIABULLS INFRASTRUCTUREIVRCL INFRASTRUCTURES & P. NOTE 31/07/2017 23,691,178 USD 757,881 0.04PROJECTS 4,330,388 INR 491,490 0.03 ITC LEPO 18/02/2018 1,148,254 USD 5,751,765 0.30JAIPRAKASH ASSOCIATES 68,470,349 INR 11,787,248 0.62 JAIPRAKASH POWER JAIPRAKASH POWER VENTURES 09/02/2018 33,128,535 USD 3,532,827 0.19VENTURES 18,200,305 INR 1,940,922 0.10 JINDAL STEEL AND POWER JINDAL STEEL & POWER 21,411,058 INR 19,783,374 1.04 P. NOTE 06/02/2018 4,645,103 USD 4,291,982 0.23KALPATARU POWER OIL INDIA 07/07/2023 5,705,806 USD 36,799,995 1.93TRANSMISSION 5,242,208 INR 20,297,184 1.07 OPTO CIRCUITS 20/09/2022 3,029,843 USD 745,463 0.04LARSEN & TOUBRO 1,612,721 INR 36,024,561 1.89 OPTO CIRCUITS P. NOTE LIC HOUSING FINANCE 8,138,831 INR 58,344,408 3.07 02/11/2020 2,421,718 USD 595,840 0.03

307


Indian EquityStatement of investments as at 30 September 2015(expressed in USD)


PURAVANKARA PROJECTS 24/05/2016 1,428,698 USD 1,351,648 0.07SYNGENE INTERNATIONAL 24/07/2018 302,800 USD 1,485,167 0.08TATA MOTORS 05/12/2022 378,843 USD 1,723,380 0.09

114,065,882 5.99TOTAL WARRANTS / EQUITY LINKED SECURITIES 114,065,882 5.99

DEPOSITARY RECEIPTS

INDIA HDFC BANK 231,767 USD 14,195,729 0.75ICICI BANK 117,951 USD 978,993 0.05INFOSYS 4,681,298 USD 87,867,963 4.61UNITED SPIRITS 1 USD 24 0.00




INDIA GAMMON INFRASTRUCTURE PROJECTS 7/10/2019 8,969,020 USD 1,127,316 0.06SYNGENE INTERNATIONAL 11/08/2020 222,392 USD 1,090,784 0.06

2,218,100 0.12TOTAL WARRANTS / EQUITY LINKED SECURITIES 2,218,100 0.12TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET


SHARES

INDIA KESORAM TEXTILE MILLS 1,014,882 INR - 0.00

- 0.00TOTAL SHARES - 0.00TOTAL OTHER TRANSFERABLE SECURITIES - 0.00TOTAL INVESTMENTS 1,888,210,556 99.20OTHER NET ASSETS LESS LIABILITIES 15,178,757 0.80TOTAL NET ASSETS 1,903,389,313 100.00

308

1,885,992,456 99.08

2,218,100 0.12


Korean Equity

(expressed in USD)


INVESTMENTS SK INNOVATION 6,989 KRW 577,847 1.50SK TELECOM 4,523 KRW 1,003,585 2.60

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK TES 14,184 KRW 148,984 0.39EXCHANGE LISTING WONIK IPS 32,491 KRW 250,542 0.65

37,555,498 97.43 SHARES TOTAL SHARES 37,555,498 97.43

SOUTH KOREA PREFERRED SHARES AEROSPACE TECHNOLOGY OF KOREA 14,834 KRW 403,608 1.05 SOUTH KOREA AMOREPACIFIC CORP 4,477 KRW 1,454,185 3.77 SAMSUNG ELECTRONICS 989 KRW 765,134 1.98BGF RETAIL 1,156 KRW 197,007 0.51 765,134 1.98BS FINANCIAL GROUP 30,123 KRW 348,169 0.90 TOTAL PREFERRED SHARES 765,134 1.98FILA KOREA 2,543 KRW 213,472 0.55 TOTAL TRANSFERABLE SECURITIESHANA FINANCIAL HOLDINGS 31,449 KRW 700,459 1.82 ADMITTED TO AN OFFICIAL STOCKHANATOUR SERVICE 2,514 KRW 307,542 0.80 EXCHANGE LISTINGHOTEL SHILLA 1,946 KRW 188,805 0.49 TOTAL INVESTMENTS 38,320,632 99.41HYUNDAI OTHER NET ASSETS LESS LIABILITIES 228,094 0.59DEPARTMENT STORE 9,846 KRW 1,113,106 2.89 TOTAL NET ASSETS 38,548,726 100.00HYUNDAI DEVELOPMENT 32,411 KRW 1,490,255 3.87HYUNDAI HEAVY INDUSTRIES 8,125 KRW 661,489 1.72HYUNDAI MOBIS 3,590 KRW 701,160 1.82HYUNDAI MOTOR (KR7005380001) 16,810 KRW 2,325,858 6.03HYUNDAI MOTOR (KR7005382007) 5,211 KRW 501,185 1.30ISC 63 KRW 1,345 0.00KB FINANCIAL GROUP 62,755 KRW 1,866,290 4.84KIA MOTORS 23,405 KRW 1,058,389 2.75KOLON INDUSTRIES 3,661 KRW 193,351 0.50KOREA ELECTRIC POWER 44,779 KRW 1,851,152 4.80KOREA ZINC 498 KRW 195,578 0.51KT & G 6,225 KRW 585,580 1.52LG CHEMICAL 4,234 KRW 1,019,832 2.65LG CORP 12,849 KRW 660,174 1.71LG HOUSEHOLD &HEALTHCARE 1,434 KRW 1,033,187 2.68LG INNOTEK 5,178 KRW 384,429 1.00LOTTE CHEMICAL CORP 4,089 KRW 931,435 2.42MEDY-TOX 466 KRW 167,600 0.43N C SOFT 4,565 KRW 727,904 1.89NAVER CORP 3,647 KRW 1,578,428 4.09POSCO 6,909 KRW 982,170 2.55SAMSUNG ELECTRONICS 3,155 KRW 3,018,450 7.83SAMSUNG FIRE & MARINE INSURANCE 5,485 KRW 1,295,706 3.36SAMSUNG LIFE INSURANCE 6,612 KRW 551,697 1.43SAMSUNG SECURITIES 11,023 KRW 422,674 1.10SHINHAN FINANCIAL GROUP 83,084 KRW 2,901,946 7.52SHINSEGAE 2,734 KRW 545,508 1.42SK C&C 1,500 KRW 308,783 0.80SK HYNIX 94,917 KRW 2,686,632 6.97


38,320,632 99.41

309


Mexico Equity

(expressed in USD)


INVESTMENTS FOMENTO ECONOMICO MEXICANO 217,294 USD 19,343,512 9.88

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK GRUPO AEROPORTUARIO EXCHANGE LISTING DEL SURESTE 47,020 USD 7,073,689 3.61

GRUPO TELEVISA 592,311 USD 15,400,086 7.87SHARES 42,299,004 21.61

TOTAL DEPOSITARY RECEIPTS 42,299,004 21.61MEXICO TOTAL TRANSFERABLE SECURITIESALFA "A" 4,190,214 MXN 8,179,284 4.18 ADMITTED TO AN OFFICIAL STOCKALPEK 986,700 MXN 1,250,060 0.64 EXCHANGE LISTINGALSEA 3,971,593 MXN 11,872,536 6.07AMERICA MOVIL 4,544,874 MXN 3,773,371 1.93 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDARCA CONTINENTAL 1,669,734 MXN 9,344,421 4.77 MARKETCEMEX 20,864,343 MXN 14,355,452 7.32CORP INMOBILIARIA VESTA 3,670,407 MXN 5,739,495 2.93 SHARES EL PUERTO DE LIVERPOOL 767,571 MXN 9,828,152 5.02GRUMA "B" 696,875 MXN 9,819,392 5.02 MEXICO GRUPO AEROPORTUARIO GENTERA 5,935,340 MXN 9,712,008 4.96DEL CENTRO NORTE 1,578,476 MXN 7,822,173 4.00 9,712,008 4.96GRUPO FINANCIERO TOTAL SHARES 9,712,008 4.96BANORTE "O" 2,023,450 MXN 9,827,853 5.02 TOTAL TRANSFERABLE SECURITIESGRUPO FINANCIERO TRADED ON ANOTHER REGULATED MARKETINBURSA 4,697,722 MXN 9,727,120 4.97 TOTAL INVESTMENTS 193,114,888 98.65 GRUPO GICSA 1,900,000 MXN 1,594,288 0.81 OTHER NET ASSETS LESS LIABILITIES 2,633,746 1.35 GRUPO MEXICO "B" 2,364,067 MXN 5,722,279 2.92 TOTAL NET ASSETS 195,748,634 100.00HOTELES CITY EXPRESS SAB DE CV 3,463,400 MXN 4,498,174 2.30INDUSTRIAS BACHOCO SAB "B" 900 MXN 4,682 0.00INFRAESTRUCTURA ENERGETICA NOVA 381,000 MXN 1,570,381 0.80MEXICHEM 4,334,198 MXN 10,590,770 5.41PROMOTORA Y OPERADORA DE INFRAESTRUCTURA 892,499 MXN 9,759,334 4.99TF ADMINISTRADORA INDUSTRIAL 3,217,328 MXN 5,824,575 2.98

141,103,792 72.08 TOTAL SHARES 141,103,792 72.08

COLLECTIVE INVESTMENT SCHEMES

MEXICO CONCENTRADORA FIBRA HOTELERA MEXICANA REIT 86 MXN 84 0.00

84 0.00TOTAL COLLECTIVE INVESTMENT SCHEMES 84 0.00

DEPOSITARY RECEIPTS

MEXICO AMERICA MOVIL 8,233 MXN 136,256 0.07CEMEX 50,506 MXN 345,461 0.18

310

Statement of investments as at 30 september 2015

183,402,880 93.69

9,712,008 4.96


Russia Equity

(expressed in USD)


INVESTMENTS TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING SHARES

SHARES RUSSIAN FEDERATION AEROFLOT RUSSIAN

RUSSIAN FEDERATION AIRLINES 4,465,183 USD 2,405,345 1.28ALROSA 4,793,224 USD 4,185,065 2.23 FEDERAL CHERKIZOVO GROUP 418,322 USD 3,785,814 2.02 HYDROGENERATING 60 USD 1 0.00JSC MMC NORILSK NICKEL 559,532 USD 8,026,487 4.27 MOSCOW EXCHANGE MICEX 7,392,246 USD 9,062,871 4.82MAGNIT 95,720 USD 17,187,760 9.15 ROSTELECOM 3,550,481 USD 4,626,728 2.46RUSHYDRO 2,064,906 USD 1,941,012 1.03 SURGUTNEFTEGAZ CLS 4,871,434 USD 2,493,497 1.33SBERBANK 16,114,249 USD 18,783,332 10.00 VTB BANK 6,173,761,549 USD 6,396,017 3.41UNITED COMPANY RUSAL 4,249,000 HKD 1,705,072 0.91 24,984,459 13.30

55,614,542 29.61 TOTAL SHARES 24,984,459 13.30TOTAL SHARES 55,614,542 29.61 TOTAL TRANSFERABLE SECURITIES

TRADED ON ANOTHER REGULATED MARKETDEPOSITARY RECEIPTS TOTAL INVESTMENTS 184,704,333 98.34

OTHER NET ASSETS LESS LIABILITIES 3,109,918 1.66CYPRUS TOTAL NET ASSETS 187,814,251 100.00GLOBALTRANS INVESTMENT 738,332 USD 2,968,095 1.58

2,968,095 1.58RUSSIAN FEDERATION LSR GROUP 2,238,478 USD 4,051,645 2.16LUKOIL 458,488 USD 15,570,253 8.30MEGAFON 533,983 USD 6,487,893 3.45MOBILE TELESYSTEMS 729,703 USD 5,224,673 2.78NOVATEK 91,455 USD 8,459,588 4.50NOVOLIPETSK STEEL 282,538 USD 3,235,060 1.72OAO GAZPROM 4,399,422 USD 17,685,677 9.43PHOSAGRO OAO 419,855 USD 5,793,999 3.08ROSNEFT OIL 2,362,417 USD 8,717,319 4.64SEVERSTAL 823,920 USD 8,733,552 4.65TATNEFT 283,713 USD 7,929,778 4.22TMK 646,347 USD 1,997,212 1.06URALKALIY 203,686 USD 3,020,663 1.61

96,907,312 51.60TOTAL DEPOSITARY RECEIPTS 99,875,407 53.18

PREFERRED SHARES

RUSSIAN FEDERATION SURGUTNEFTEGAZ 7,110,803 USD 4,229,925 2.25


311


24,984,459 13.30

159,719,874 85.04


Singapore Equity

(expressed in USD)



TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK SINGAPORE EXCHANGE LISTING KEPPEL REIT 276,500 SGD 185,708 0.64

185,708 0.64SHARES TOTAL COLLECTIVE INVESTMENT SCHEMES 185,708 0.64

TOTAL TRANSFERABLE SECURITIESCHINA ADMITTED TO AN OFFICIAL STOCKHONG KONG LAND HOLDINGS 96,100 USD 635,221 2.20 EXCHANGE LISTING

635,221 2.20 TOTAL INVESTMENTS 24,584,840 85.24SINGAPORE OTHER NET ASSETS LESS LIABILITIES 4,257,363 14.76 CACHE LOGISTICS TRUST 959,300 SGD 654,421 2.27 TOTAL NET ASSETS 28,842,203 100.00CAPITALAND 603,100 SGD 1,136,724 3.94CITY DEVELOPMENTS 166,300 SGD 900,563 3.12COMFORTDELGRO CORP 642,600 SGD 1,297,041 4.50DBS GROUP 219,819 SGD 2,505,989 8.70EZION HOLDINGS 40 SGD 18 0.00FIRST RESOURCES 120,400 SGD 138,868 0.48GENTING SINGAPORE 1,379,500 SGD 703,381 2.44GLOBAL LOGISTIC PROPERTIES 542,700 SGD 778,612 2.70HUTCHISON PORT HOLDINGS 789,000 USD 433,950 1.50JARDINE CYCLE & CARRIAGE 9,500 SGD 180,526 0.63JARDINE STRATEGIC 14,300 USD 383,812 1.33KEPPEL CORP 163,200 SGD 778,181 2.70NEPTUNE ORIENT LINES 137,900 SGD 93,589 0.32OVERSEAS CHINESE BANKING CORP 378,075 SGD 2,337,210 8.10SEMBCORP INDUSTRIES 340,600 SGD 828,804 2.87SEMBCORP MARINE 81,200 SGD 130,774 0.45SINGAPORE AIRLINES 111,300 SGD 837,548 2.90SINGAPORE EXCHANGE 249,400 SGD 1,233,056 4.28SINGAPORE PRESS HOLDINGS 300,300 SGD 810,994 2.81SINGAPORE TELECOMMUNICATIONS 1,024,000 SGD 2,592,586 9.00STARHUB 156,000 SGD 379,605 1.32UNITED OVERSEAS BANK 188,100 SGD 2,453,938 8.51UOL GROUP 299,900 SGD 1,267,599 4.39WILMAR INTERNATIONAL 182,100 SGD 329,135 1.14WING TAI HOLDINGS 491,268 SGD 576,987 2.00

23,763,911 82.40 TOTAL SHARES 24,399,132 84.60


24,584,840 85.24

312


Taiwan Equity Statement of investments as at 30 September 2015(expressed in USD)




SHARES TAIWAN CHIPBOND TECHNOLOGY 31,000 TWD 44,908 1.34

TAIWAN VANGUARD INTERNATIONAL ADVANCED SEMICONDUCTOR SEMICONDUCTORS 20,000 TWD 22,656 0.68ENGINEERING 124,000 TWD 132,934 3.96 67,564 2.02ASUSTEK COMPUTER 15,000 TWD 128,692 3.84 TOTAL SHARES 67,564 2.02CATHAY FINANCIAL HOLDING 111,148 TWD 151,730 4.53 TOTAL TRANSFERABLE SECURITIESCHINA LIFE INSURANCE 118,800 TWD 90,198 2.69 TRADED ON ANOTHER REGULATED MARKETCHINA STEEL 132,027 TWD 76,985 2.30 TOTAL INVESTMENTS 3,287,972 98.06CHINATRUST FINANCIAL OTHER NET ASSETS LESS LIABILITIES 65,036 1.94HOLDING 205,480 TWD 105,774 3.15 TOTAL NET ASSETS 3,353,008 100.00CHUNGHWA TELECOM 53,194 TWD 159,610 4.76DELTA ELECTRONICS INDUSTRIAL 24,000 TWD 112,247 3.35E SUN FINANCIAL HOLDINGS 10,047 TWD 5,904 0.18EVA AIRWAYS 164,000 TWD 91,644 2.73FAR EASTERN NEW CENTURY 52,020 TWD 46,289 1.38FORMOSA CHEMICAL & FIBER 17,500 TWD 35,502 1.06FORMOSA PLASTICS 31,160 TWD 65,675 1.96FOXCONN TECHNOLOGY 26,260 TWD 75,125 2.24FUBON FINANCIAL HOLDING 105,547 TWD 164,439 4.90HON HAI PRECISION INDUSTRIES 124,901 TWD 324,699 9.67LARGAN PRECISION 2,000 TWD 155,493 4.64MAKALOT INDUSTRIAL 5,174 TWD 42,505 1.27MEDIATEK 13,082 TWD 96,742 2.89MEGA FINANCIAL HOLDING 203,000 TWD 140,563 4.19NAMCHOW CHEMICAL 32,000 TWD 68,514 2.04NAN YA PLASTICS 36,170 TWD 61,075 1.82NOVATEK MICROELECTRONICS 17,000 TWD 53,177 1.59POU CHEN 100,000 TWD 149,875 4.47QUANTA COMPUTER 64,000 TWD 110,983 3.31RICHTEK TECHNOLOGY 9,000 TWD 52,479 1.57TAIWAN CEMENT 37,000 TWD 37,475 1.12TAIWAN SEMICONDUCTOR MANUFACTURING 82,834 TWD 327,035 9.74UNI-PRESIDENTENTERPRISES 61,569 TWD 106,581 3.18WISTRON CORP 96,890 TWD 50,464 1.51

3,220,408 96.04 TOTAL SHARES 3,220,408 96.04TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

67,564 2.02

3,220,408 96.04

313


Thai EquityStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS DEPOSITARY RECEIPTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK THAILAND EXCHANGE LISTING BANGKOK BANK 852,400 THB 3,757,653 5.51

KASIKORNBANK 1,330,000 THB 6,266,152 9.18SHARES SHIN CORP 166,700 THB 334,135 0.49

10,357,940 15.18THAILAND TOTAL DEPOSITARY RECEIPTS 10,357,940 15.18ADVANCED INFORMATION TOTAL TRANSFERABLE SECURITIESSERVICES 904,600 THB 5,632,722 8.25 ADMITTED TO AN OFFICIAL STOCKAIRPORTS OF THAILAND 437,100 THB 3,384,078 4.96 EXCHANGE LISTINGBANGCHAK PETROLEUM 793,000 THB 748,319 1.10 TOTAL INVESTMENTS 67,220,294 98.53BANGKOK BANK 401,400 THB 1,769,500 2.59 OTHER NET ASSETS LESS LIABILITIES 1,001,235 1.47BANGKOK DUSIT MEDICAL TOTAL NET ASSETS 68,221,529 100.00SERVICES (TH0264A10Z12) 3,629,100 THB 1,849,796 2.71BANGKOK EXPRESSWAY 1,675,000 THB 1,672,923 2.45BANPU PUBLIC 1,357,100 THB 747,817 1.10BEC WORLD 1,132,200 THB 998,220 1.46BTS GROUP HOLDINGS (TH0221A10Z14) 8,906,800 THB 2,392,652 3.51CENTRAL PATTANA PUBLIC 1,935,200 THB 2,386,009 3.50CHAROEN POKPHAND FOODS 4,176,700 THB 2,382,083 3.49CP ALL (TH0737010Y16) 2,492,300 THB 3,278,890 4.81GLOW ENERGY 1,142,400 THB 2,675,410 3.92INTOUCH HOLDINGS 1,009,500 THB 2,023,450 2.97JASMINE INTERNATIONAL FOREIGN 7,537,200 THB 1,162,924 1.70KHON KAEN SUGAR (TH0828010R12) 1,242,800 THB 125,324 0.18KHON KAEN SUGAR (TH0828A10Z11) 6,367,560 THB 642,107 0.94KRUNG THAI BANK 6,132,200 THB 2,889,120 4.23MINOR INTERNATIONAL 1,531,365 THB 1,213,025 1.78PTT E&P 303,291 THB 584,939 0.86PTT GLOBAL CHEMICAL (TH1074010014) 887,600 THB 1,314,465 1.93PTT PCL 401,200 THB 2,652,927 3.89SIAM CEMENT 290,200 THB 3,725,946 5.46SIAM COMMERCIAL BANK 1,320,300 THB 4,874,506 7.15SRIRACHA CONSTRUCTION PCL 1,657,100 THB 1,109,451 1.63STP & I 3,157,050 THB 1,304,746 1.91THAI OIL 1,042,500 THB 1,515,136 2.22THAI VEGETABLE OIL 1,022,600 THB 802,978 1.18TMB BANK 15,041,300 THB 1,002,891 1.47

56,862,354 83.35 TOTAL SHARES 56,862,354 83.35

67,220,294 98.53

314


Turkey EquityStatement of investments as at 30 September 2015(expressed in EUR)



TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK TURKEY EXCHANGE LISTING IS GAYRIMENKUL YATRIM

ORTALIGI 2,500,000 TRY 1,035,587 1.20SHARES 1,035,587 1.20

TOTAL COLLECTIVE INVESTMENT SCHEMES 1,035,587 1.20AUSTRIA TOTAL TRANSFERABLE SECURITIESDO & CO RESTAURANTS ADMITTED TO AN OFFICIAL STOCK& CATERING 6,236 TRY 457,590 0.53 EXCHANGE LISTING

457,590 0.53 TOTAL INVESTMENTS 83,954,137 97.49TURKEY OTHER NET ASSETS LESS LIABILITIES 2,165,093 2.51AKBANK 2,950,000 TRY 5,917,935 6.87 TOTAL NET ASSETS 86,119,230 100.00AKSA ENERJI URETIM 500,000 TRY 412,755 0.48ARCELIK 500,000 TRY 2,182,130 2.53AYGAZ 500,000 TRY 1,440,945 1.67BIM BIRLESIK MAGAZALAR 475,000 TRY 7,540,181 8.77COCA-COLA ICECEK 130,000 TRY 1,330,877 1.55EMLAK KONUT GAYRIMENKUL YATOTA 3,500,000 TRY 2,599,323 3.02ENKA INSAAT 2,200,000 TRY 3,254,702 3.78EREGLI DEMIR VE CELIK FABRIK 850,000 TRY 938,094 1.09FORD OTOMOTIV SANAYI 280,000 TRY 2,675,957 3.11GARANTI BANKASI 3,200,000 TRY 6,656,161 7.73GLOBAL YATIRIM HOLDING 800,000 TRY 426,070 0.49KARDEMIR KARABUK DEMIR 1,000,000 TRY 366,894 0.43KOC HOLDING 700,000 TRY 2,443,985 2.84KORDSA GLOBAL 700,000 TRY 824,327 0.96MIGROS TICARET 125,000 TRY 647,242 0.75ODAS ELEKTRIK URETIM VE SANAYI TICARET 500,000 TRY 998,602 1.16PETKIM PETROKIMYA HOLDING 2,700,000 TRY 3,195,525 3.71SABANCI HOLDING 900,000 TRY 2,362,026 2.74TAV HAVALIMANLARI 400,000 TRY 2,810,879 3.26TEKFEN HOLDING 700,000 TRY 865,751 1.01TORUNLAR GAYRIMENKUL YATIRIM ORTAKLIGI 1,200,000 TRY 1,079,377 1.25TUPRAS-TURKIYE PETROL RAFINE 167,000 TRY 3,661,451 4.25TURK HAVA YOLLARI 1,850,000 TRY 4,362,632 5.07TURK TELEKOMUNIKASYON 1,550,000 TRY 2,737,944 3.18TURKCELL ILETISM HIZMETLERI 500,000 TRY 1,560,777 1.81TURKIYE HALK BANKASI 975,000 TRY 2,913,698 3.38TURKIYE IS BANKASI "C" 4,150,000 TRY 5,783,457 6.72TURKIYE SINAI KALKINMA BANK 3,000,000 TRY 1,251,581 1.45TURKIYE VAKIFLAR BANKASI 2,800,000 TRY 3,173,038 3.68ULKER BISKUVI SANAYI 680,000 TRY 3,852,975 4.47YAPI KREDI BANK 2,200,000 TRY 2,193,669 2.55

82,460,960 95.76 TOTAL SHARES 82,918,550 96.29

83,954,137 97.49

315


UK Equity

(expressed in GBP)




SHARES GREAT BRITAIN HOWDEN JOINERY GROUP 552,519 GBP 2,670,324 3.98

CHINA LLOYDS BANK 3,613,772 GBP 2,715,389 4.04SIGNET JEWELERS 32,464 GBP 2,888,647 4.30 5,385,713 8.02

2,888,647 4.30 TOTAL SHARES 5,385,713 8.02FRANCE TOTAL TRANSFERABLE SECURITIESLEGRAND PROMESSES 72,980 EUR 2,549,193 3.80 TRADED ON ANOTHER REGULATED MARKET

2,549,193 3.80 TOTAL INVESTMENTS 66,868,827 99.55GERMANY OTHER NET ASSETS LESS LIABILITIES 302,254 0.45BRENNTAG 38,999 EUR 1,382,209 2.06 TOTAL NET ASSETS 67,171,081 100.00

1,382,209 2.06GREAT BRITAIN ANGLO AMERICAN (GB00BMSKPJ95) 815,521 GBP 2,301,400 3.43ATKINS 81,419 GBP 1,130,910 1.68AVIVA 543,865 GBP 2,458,270 3.66BARCLAYS 1,060,338 GBP 2,589,345 3.85BHP BILLITON (GB0000566504) 66,364 GBP 664,635 0.99BP 702,213 GBP 2,339,774 3.48BRITISH AMERICAN TOBACCO (GB0002875804) 80,205 GBP 2,912,645 4.34BT GROUP 632,431 GBP 2,650,759 3.95COMPASS GROUP 274,879 GBP 2,888,978 4.30GLAXOSMITHKLINE 211,463 GBP 2,664,434 3.97HSBC HOLDINGS 500,687 GBP 2,489,916 3.71IG GROUP HOLDINGS 395,482 GBP 3,036,330 4.51INFORMA 498,458 GBP 2,792,611 4.16KINGFISHER 798,266 GBP 2,856,196 4.25PRUDENTIAL 189,419 GBP 2,631,977 3.92RECKITT BENCKISER 46,840 GBP 2,799,158 4.17ROYAL DUTCH SHELL "B" 152,725 GBP 2,373,346 3.53SSP GROUP 870,635 GBP 2,640,636 3.93VODAFONE GROUP 1,246,579 GBP 2,596,001 3.86

46,817,321 69.69IRELAND DCC 50,341 GBP 2,505,975 3.73

2,505,975 3.73JERSEY WOLSELEY 69,985 GBP 2,682,525 3.99

2,682,525 3.99NETHERLANDS UNILEVER (GB00B10RZP78) 99,262 GBP 2,657,244 3.96

2,657,244 3.96TOTAL SHARES 61,483,114 91.53TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

316


5,385,713 8.02

61,483,114 91.53


Asian Currencies BondStatement of investments as at 30 September 2015(expressed in USD)

Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassets assets

INVESTMENTS THAILAND (GOVT) 3.85% 12/12/2025 29,200,000 THB 883,084 1.89

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 7,320,796 15.65EXCHANGE LISTING TOTAL BONDS 34,372,263 73.47

TOTAL TRANSFERABLE SECURITIESBONDS ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTINGINDIA ICICI BANK 3.8% TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED19/04/2016 500,000 SGD 354,877 0.76 MARKET

354,877 0.76INDONESIA BONDS INDONESIA (GOVT) 7.875% 15/04/2019 12,800,000,000 IDR 836,229 1.79 MALAYSIA INDONESIA (GOVT) 8.375% MALAYSIA (GOVT) 4.127% 15/03/2024 27,900,000,000 IDR 1,786,952 3.82 15/04/2032 4,000,000 MYR 851,855 1.82INDONESIA (GOVT) 9% 851,855 1.8215/03/2029 33,140,000,000 IDR 2,161,882 4.62 PHILIPPINES

4,785,063 10.23 PHILIPPINES (GOVT) 5% MALAYSIA 18/08/2018 25,000,000 PHP 562,794 1.20MALAYAN BANKING 3.8% PHILIPPINES (GOVT) VRN 28/04/2021 750,000 SGD 528,442 1.13 5.875% 02/02/2032 9,000,000 PHP 226,638 0.48MALAYSIA (GOVT) 3.394% PHILIPPINES (GOVT) 15/03/2017 8,000,000 MYR 1,823,325 3.90 5.875% 01/03/2032 35,780,000 PHP 914,235 1.95MALAYSIA (GOVT) 3.795% 1,703,667 3.6330/09/2022 16,470,000 MYR 3,680,801 7.87 SINGAPORE

6,032,568 12.90 SINGAPORE (GOVT) 3.5% PHILIPPINES 01/03/2027 550,000 SGD 418,561 0.89PHILIPPINES (GOVT) 418,561 0.896.125% 24/10/2037 19,000,000 PHP 488,894 1.04 SOUTH KOREA PHILIPPINES (GOVT) KOREA (GOVT) 3.375% 6.375% 19/01/2022 62,000,000 PHP 1,525,181 3.26 10/09/2023 4,810,000,000 KRW 4,479,938 9.58

2,014,075 4.30 KOREA (GOVT) 3.75% SINGAPORE 10/12/2033 1,785,000,000 KRW 1,869,770 4.00SINGAPORE (GOVT) 2.875% 6,349,708 13.5801/07/2029 3,940,000 SGD 2,798,664 5.98 TOTAL BONDS 9,323,791 19.92SINGAPORE (GOVT) 3% TOTAL TRANSFERABLE SECURITIES01/09/2024 2,490,000 SGD 1,823,230 3.90 TRADED ON ANOTHER REGULATED MARKETSINGAPORE (GOVT) 3.125% 01/09/2022 3,400,000 SGD 2,512,267 5.37 OTHER TRANSFERABLE SECURITIES

7,134,161 15.25SOUTH KOREA BONDSKOREA (GOVT) 2% 10/12/2017 6,515,000,000 KRW 5,550,253 11.86 MALAYSIA KOREA (GOVT) 2% MALAYSIA (GOVT) 3.844% 10/03/2020 1,380,000,000 KRW 1,180,470 2.52 15/04/2033 1,800,000 MYR 363,282 0.78

6,730,723 14.38 363,282 0.78THAILAND TOTAL BONDS 363,282 0.78THAILAND (GOVT) 3.625% TOTAL OTHER TRANSFERABLE SECURITIES 363,282 0.7816/06/2023 106,000,000 THB 3,117,516 6.66 TOTAL INVESTMENTS 44,059,336 94.17THAILAND (GOVT) 3.65% OTHER NET ASSETS LESS LIABILITIES 2,725,226 5.8317/12/2021 113,200,000 THB 3,320,196 7.10 TOTAL NET ASSETS 46,784,562 100.00

34,372,263 73.47

9,323,791 19.92

317


Brazil Bond

(expressed in USD)

Description Face Value Currency Evaluation % netassets

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

BONDS

BRAZIL BRAZIL (GOVT) 0% 01/10/2016 1,000 BRL 216,338 0.57BRAZIL (GOVT) 0% 01/01/2017 27,517 BRL 5,755,298 15.12BRAZIL (GOVT) 0% 01/07/2017 20,200 BRL 3,916,069 10.28BRAZIL (GOVT) 0% 01/01/2018 12,800 BRL 2,302,001 6.04BRAZIL (GOVT) 0% 01/07/2018 24,100 BRL 4,021,720 10.56BRAZIL (GOVT) 0% 01/01/2019 27,950 BRL 4,271,897 11.22BRAZIL (GOVT) 10% 01/01/2017 12,000 BRL 2,838,624 7.45BRAZIL (GOVT) 10% 01/01/2019 2,357 BRL 508,706 1.34BRAZIL (GOVT) 10% 01/01/2021 26,350 BRL 5,350,389 14.05BRAZIL (GOVT) 10% 01/01/2023 16,000 BRL 3,073,148 8.07LETRA TESOURO NACIONAL 0% 01/07/2019 1,500 BRL 215,160 0.56

32,469,350 85.26 TOTAL BONDS 32,469,350 85.26TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING


BONDS

BRAZIL BRAZIL (GOVT) 10% 01/01/2018 3,000 BRL 676,396 1.78BRAZIL (GOVT) 10% 01/01/2025 19,600 BRL 3,599,250 9.45

4,275,646 11.23 TOTAL BONDS 4,275,646 11.23TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 36,744,996 96.49 OTHER NET ASSETS LESS LIABILITIES 1,337,279 3.51 TOTAL NET ASSETS 38,082,275 100.00

318


32,469,350 85.26

4,275,646 11.23


Euro BondStatement of investments as at 30 September 2015(expressed in EUR)


INVESTMENTS CREDIT AGRICOLE 2.625% 17/03/2027 800,000 EUR 735,124 0.28

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK CREDIT AGRICOLE ASSURANCESEXCHANGE LISTING 4.5% VRN PERP 1,000,000 EUR 938,140 0.36

CREDIT MUTUEL 4.471% BONDS VRN PERP 500,000 EUR 500,780 0.19

ELECTRICITE DE FRANCE AUSTRALIA 5% VRN PERP 1,000,000 EUR 996,255 0.38TRANSURBAN FINANCE 2.5% FRANCE (GOVT) 0.5% 08/10/2020 2,000,000 EUR 2,099,160 0.80 25/05/2025 1,500,000 EUR 1,445,340 0.55

2,099,160 0.80 FRANCE (GOVT) 3.75% AUSTRIA 25/04/2021 3,000,000 EUR 3,579,944 1.37AUSTRIA (GOVT) 1.65% FRANCE (GOVT) 4% 21/10/2024 2,000,000 EUR 2,161,760 0.83 25/04/2055 1,000,000 EUR 1,544,020 0.59AUSTRIA (GOVT) 3.5% FRANCE (GOVT) 4% 15/09/2021 3,000,000 EUR 3,579,465 1.37 25/10/2038 2,000,000 EUR 2,857,830 1.09

5,741,225 2.20 FRANCE (GOVT) 4.25% BELGIUM 25/10/2023 4,300,000 EUR 5,534,293 2.12BELGIUM (GOVT) 2.25% FRANCE (GOVT) 6% 22/06/2023 4,000,000 EUR 4,514,380 1.73 25/10/2025 2,000,000 EUR 2,984,439 1.14BELGIUM (GOVT) 4.5% GDF SUEZ 2.375% 28/03/2026 2,500,000 EUR 3,384,613 1.29 19/05/2026 700,000 EUR 749,756 0.29KBC GROUP 1.875% VRN GDF SUEZ 3% VRN PERP 2,300,000 EUR 2,272,642 0.8711/03/2027 700,000 EUR 661,066 0.25 GDF SUEZ 3.875% VRN PERP 1,000,000 EUR 994,065 0.38

8,560,059 3.27 GECINA 1.5% 20/01/2025 500,000 EUR 463,013 0.18CANADA GECINA 4.75% 11/04/2019 1,000,000 EUR 1,127,675 0.43CANADA (GOVT) 1.875% KLEPIERRE 1% 17/04/2023 500,000 EUR 474,085 0.1821/05/2024 2,000,000 EUR 2,164,210 0.83 LA BANQUE POSTALE 2.75%

2,164,210 0.83 VRN 23/04/2026 600,000 EUR 604,458 0.23FINLAND ORANGE 4.25% VRN PERP 2,000,000 EUR 2,020,800 0.77POHJOLA BANK 0.75% ORANGE 5% VRN PERP 2,000,000 EUR 1,970,350 0.7503/03/2022 2,100,000 EUR 2,029,566 0.78 RCI BANQUE 0.625%

2,029,566 0.78 04/03/2020 1,050,000 EUR 1,006,840 0.38FRANCE RESEAU FERRE DE FRANCE AGENCE FRANCAISE DEVELOPMENT 4.375% 02/06/2022 1,000,000 EUR 1,248,810 0.48 3.75% 15/02/2027 1,000,000 EUR 1,261,900 0.48 SAGESS 2.625% 06/03/2025 2,100,000 EUR 2,398,085 0.92AXA 3.941% VRN PERP 1,000,000 EUR 936,945 0.36 SCOR 6.154% VRN PERP 250,000 EUR 257,221 0.10AXA 5.125% VRN 04/07/2043 1,000,000 EUR 1,119,190 0.43 SOCIETE DES AUTOROUTES BANQUE FEDERATIVE CREDIT 1.875% 15/01/2025 500,000 EUR 502,203 0.19MUTUEL 1.25% 14/01/2025 3,200,000 EUR 3,047,695 1.17 TOTAL 2.25% VRN PERP 4,050,000 EUR 3,748,153 1.43BANQUE FEDERATIVE CREDIT TOTAL 2.625% VRN MUTUEL 3% 21/05/2024 700,000 EUR 711,764 0.27 29/12/2049 1,300,000 EUR 1,147,809 0.44BNP PARIBAS 2.375% VINCI 6.25% VRN PERP 2,550,000 EUR 2,558,466 0.9817/02/2025 650,000 EUR 610,074 0.23 57,446,346 21.96 BNP PARIBAS 2.875% VRN GERMANY 20/03/2026 1,500,000 EUR 1,510,035 0.58 ALLIANZ FINANCE 5.75% BPCE SFH 4% 23/03/2022 1,000,000 EUR 1,224,705 0.47 08/07/2041 1,500,000 EUR 1,712,063 0.65CAISSE D'AMORT DETTE SOC DEUTSCHE ANN FINANCE 1.375% 25/11/2024 1,000,000 EUR 1,042,700 0.40 3.625% 08/10/2021 550,000 EUR 607,013 0.23CAP GEMINI 1.75% GERMANY (GOVT) 1% 01/07/2020 1,300,000 EUR 1,320,742 0.50 15/08/2024 3,000,000 EUR 3,144,315 1.20

319




GERMANY (GOVT) 1.75% ITALY (GOVT) 3.75% 15/2/2024 3,000,000 EUR 3,343,185 1.28 01/09/2024 3,000,000 EUR 3,515,625 1.34GERMANY (GOVT) 4% ITALY (GOVT) 4.5% 04/01/2037 5,000,000 EUR 7,630,774 2.92 01/02/2020 4,500,000 EUR 5,234,760 2.00GERMANY (GOVT) 4.75% ITALY (GOVT) 4.5% 04/07/2040 3,000,000 EUR 5,247,314 2.01 01/08/2018 5,000,000 EUR 5,590,600 2.14GERMANY (GOVT) 5.5% ITALY (GOVT) 4.75% 04/01/2031 3,000,000 EUR 4,927,769 1.88 01/08/2023 6,500,000 EUR 8,069,197 3.08HANNOVER FINANCE 5% VRN ITALY (GOVT) 5% 30/06/2043 300,000 EUR 342,671 0.13 01/03/2022 5,000,000 EUR 6,180,449 2.36HANNOVER ITALY (GOVT) 5.75% RUECKVERSICHERUNG 3.375% 600,000 EUR 580,038 0.22 01/02/2033 2,300,000 EUR 3,391,523 1.30KFW 1.5% 11/06/2024 2,000,000 EUR 2,151,820 0.82 SNAM 3.5% 13/02/2020 300,000 EUR 331,164 0.13KFW 2.125% 15/08/2023 1,500,000 EUR 1,689,698 0.65 43,755,664 16.73 MUENCHENER RUECK 5.767% LUXEMBOURG VRN PERP 1,000,000 EUR 1,063,415 0.41 EUROPEAN INVESTMENT MUENCHENER RUECK 6.25% BANK 2.75% 15/09/2025 3,000,000 EUR 3,558,795 1.36VRN 26/05/2042 200,000 EUR 239,756 0.09 EUROPEAN UNION 2.5% TALANX 3.125% 13/02/2023 700,000 EUR 777,326 0.30 04/11/2027 1,000,000 EUR 1,169,855 0.45VOLKSWAGEN INTERNATIONAL GLENCORE FINANCE 1.25% FINANCE 4.625% VRN PERP 600,000 EUR 517,926 0.20 17/03/2021 1,700,000 EUR 1,321,215 0.51

33,975,083 12.99 SWISS LIFE 5% VRN PERP 1,000,000 EUR 1,001,855 0.38GREAT BRITAIN 7,051,720 2.70 BAT INTERNATIONAL NETHERLANDS FINANCE 1.25% 13/03/2027 1,650,000 EUR 1,517,530 0.58 ABN AMRO BANK 4.125% BP CAPITAL MARKETS 28/03/2022 600,000 EUR 702,690 0.271.526% 26/09/2022 1,500,000 EUR 1,499,085 0.57 ALLIANDER 3.25% VRN PERP 200,000 EUR 208,588 0.08BP CAPITAL MARKETS DEUTSCHE ANN FINANCE 4% 1.573% 16/02/2027 2,200,000 EUR 2,048,375 0.78 VRN PERP 600,000 EUR 575,826 0.22HAMMERSON 2% 01/07/2022 1,000,000 EUR 1,007,565 0.39 ING BANK 1.25% 13/12/2019 800,000 EUR 815,360 0.31HEATHROW FUNDING 1.875% ING BANK 4.50% 21/02/2022 1,300,000 EUR 1,556,107 0.5923/05/2022 900,000 EUR 931,226 0.36 NETHERLANDS (GOVT) 4% LLOYDS BANK 1% 19/11/2021 650,000 EUR 638,654 0.24 15/01/2037 4,500,000 EUR 6,767,280 2.59NATIONWIDE BUILDING RABOBANK NEDERLAND SOCIETY 1.125% 03/06/2022 1,750,000 EUR 1,716,383 0.66 3.75% 09/11/2020 1,500,000 EUR 1,633,020 0.62

9,358,818 3.58 TEVA PHARMACEUTICAL HONG KONG FINANCE 1.25% 31/03/2023 2,800,000 EUR 2,637,474 1.01HUTCHISON WHAMPOA URENCO FINANCE 2.5% 3.625% 06/06/2022 700,000 EUR 789,982 0.30 15/02/2021 1,000,000 EUR 1,023,040 0.39

789,982 0.30 15,919,385 6.08 IRELAND NORWAY CLOVERIE 1.75% 16/09/2024 400,000 EUR 395,742 0.15 STATOIL 2.875% 10/09/2025 1,700,000 EUR 1,890,009 0.72

395,742 0.15 1,890,009 0.72ITALY SPAIN INTESA SANPAOLO 3.375% ABERTIS INFRAESTRUCTURAS24/01/2025 500,000 EUR 602,248 0.23 4.75% 25/10/2019 600,000 EUR 689,724 0.26INTESA SANPAOLO 3.625% BANCO SANTANDER 1.125% 05/12/2022 600,000 EUR 720,384 0.28 27/11/2024 3,000,000 EUR 3,009,900 1.15ITALY (GOVT) 3.75% BANKINTER 0.875% 01/03/2021 3,300,000 EUR 3,788,087 1.45 03/08/2022 3,000,000 EUR 3,017,370 1.15ITALY (GOVT) 3.75% IBERDROLA INTERNATIONAL 01/08/2021 5,500,000 EUR 6,331,627 2.42 3% 31/01/2022 1,300,000 EUR 1,418,632 0.54

320




SPAIN (GOVT) 3.8% TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED30/04/2024 3,000,000 EUR 3,488,145 1.33 MARKETSPAIN (GOVT) 4% 30/04/2020 2,000,000 EUR 2,284,150 0.87 BONDS SPAIN (GOVT) 4.4% 31/10/2023 1,500,000 EUR 1,811,813 0.69 FRANCE SPAIN (GOVT) 5.4% BPCE 4.625% 18/07/2023 500,000 EUR 558,733 0.2131/01/2023 3,200,000 EUR 4,061,168 1.56 CREDIT MUTUEL CIC HOME SPAIN (GOVT) 5.5% LOAN SFH 2.5% 11/09/2023 1,500,000 EUR 1,707,525 0.6530/04/2021 2,000,000 EUR 2,477,760 0.95 ELECTRICITE DE FRANCE SPAIN (GOVT) 5.75% 4.25% VRN PERP 3,000,000 EUR 3,003,179 1.1630/07/2032 3,000,000 EUR 4,321,454 1.66 ORANGE 3.125% 09/01/2024 500,000 EUR 556,288 0.21TELEFONICA EMISIONES 5,825,725 2.23 1.477% 14/09/2021 1,000,000 EUR 985,040 0.38 GERMANY TELEFONICA EMISIONES VOLKSWAGEN 3.987% 23/01/2023 400,000 EUR 449,784 0.17 INTERNATIONAL FINANCE 3.87 400,000 EUR 367,596 0.14

28,014,940 10.71 367,596 0.14SWEDEN IRELAND SKANDINAVISKA ENSKILDA CRH FINANCE 3.125% 2.5% VRN 28/05/2026 1,000,000 EUR 1,012,305 0.39 03/04/2023 400,000 EUR 425,590 0.16

1,012,305 0.39 425,590 0.16SWITZERLAND LUXEMBOURG CREDIT SUISSE GROUP EUROPEAN INVESTMENT FUNDING 1.25% 14/04/2022 1,650,000 EUR 1,576,262 0.60 BANK 0.125% 15/04/2025 3,000,000 EUR 2,823,255 1.08

1,576,262 0.60 2,823,255 1.08UNITED STATES NETHERLANDS AT&T 2.4% 15/03/2024 950,000 EUR 968,710 0.37 ABN AMRO BANK 2.5% CARGILL 2.5% 15/02/2023 800,000 EUR 820,744 0.31 29/11/2023 800,000 EUR 861,180 0.33GE CAPITAL 5.5% VRN SWISS REINSURANCE 2.6% 15/09/2067 1,500,000 EUR 1,584,098 0.61 VRN PERP 1,750,000 EUR 1,525,344 0.58GOLDMAN SACHS 4.75% 2,386,524 0.9112/10/2021 700,000 EUR 808,672 0.31 SPAIN INTL BANK FOR RECON IBERDROLA INTERNATIONAL AND DEV 0.5% 16/04/2030 3,000,000 EUR 2,728,364 1.05 2.875% 11/11/2020 1,000,000 EUR 1,086,370 0.42JP MORGAN CHASE 2.625% 1,086,370 0.4223/04/2021 1,450,000 EUR 1,552,892 0.59 UNITED STATES METROPOLITAN LIFE BERKSHIRE HATHAWAY GLOBAL FUNDING 0.875% 20/0 2,300,000 EUR 2,205,332 0.84 1.125% 16/03/2027 3,050,000 EUR 2,707,530 1.04PHILIP MORRIS INTERNATIONAL COCA COLA 1.125% 2.875% 14/05/2029 800,000 EUR 852,856 0.33 09/03/2027 1,500,000 EUR 1,380,188 0.53PRAXAIR 1.625% 01/12/2025 1,450,000 EUR 1,441,771 0.55 MICROSOFT 3.125% PROLOGIS 3% 02/06/2026 1,300,000 EUR 1,319,676 0.50 06/12/2028 2,150,000 EUR 2,466,458 0.94

14,283,115 5.46 PRICELINE GROUP 1.8% TOTAL BONDS 236,063,591 90.25 03/03/2027 900,000 EUR 781,970 0.30TOTAL TRANSFERABLE SECURITIES PROLOGIS 3.375% ADMITTED TO AN OFFICIAL STOCK 20/02/2024 1,000,000 EUR 1,056,920 0.40EXCHANGE LISTING 8,393,066 3.21

TOTAL BONDS 21,308,126 8.15 TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 257,371,717 98.40 OTHER NET ASSETS LESS LIABILITIES 4,197,220 1.60TOTAL NET ASSETS 261,568,937 100.00

321

236,063,591 90.25

21,308,126 8.15


Euro Credit BondStatement of investments as at 30 September 2015(expressed in EUR)


INVESTMENTS CREDIT AGRICOLE ASSURANCES 4.25% VRN PERP 1,000,000 EUR 921,355 0.09

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK CREDIT AGRICOLE VRN PERP 6,000,000 EUR 6,007,500 0.60EXCHANGE LISTING CREDIT MUTUEL 4.471%

VRN PERP 10,000,000 EUR 10,015,600 1.00BONDS ESSILOR INTERNATIONAL

1.75% 09/04/2021 10,300,000 EUR 10,767,362 1.08AUSTRALIA GDF SUEZ 3% VRN PERP 7,000,000 EUR 6,916,735 0.69AUSTRALIA PACIFIC AIRPORT GECINA 1.75% 30/07/2021 9,000,000 EUR 9,066,690 0.903.125% 26/09/2023 4,600,000 EUR 5,124,147 0.51 HOLDING D'INFRASTRUCTURES DESYDNEY AIRPORT FINANCE TRANSPORT 2.25% 24/03/2025 10,000,000 EUR 9,891,800 0.992.75% 23/04/2024 10,000,000 EUR 10,435,450 1.05 INFRA FOCH 2.125% TRANSURBAN FINANCE 16/04/2025 7,900,000 EUR 7,854,338 0.781.875% 16/09/2024 1,800,000 EUR 1,752,660 0.17 NOVALIS 3% 30/04/2022 4,700,000 EUR 4,356,313 0.43TRANSURBAN FINANCE 2% ORANGE 4.25% VRN PERP 10,000,000 EUR 10,104,000 1.0128/08/2025 3,000,000 EUR 2,900,265 0.29 RCI BANQUE 1.75% 06/07/2016 3,500,000 EUR 3,536,435 0.35

20,212,522 2.02 RCI BANQUE 2.25% 29/03/2021 6,000,000 EUR 6,092,430 0.61AUSTRIA RCI BANQUE 4.25% 27/04/2017 3,000,000 EUR 3,162,705 0.32TELEKOM FINANZMANAGEMENT SANOFI 1.75% 10/09/2026 9,000,000 EUR 9,066,150 0.903.125% 03/12/2021 5,000,000 EUR 5,468,450 0.55 SCOR 3.875% VRN PERP 5,200,000 EUR 5,157,360 0.51

5,468,450 0.55 SCOR 6.154% VRN PERP 3,500,000 EUR 3,601,098 0.36BELGIUM SOCIETE GENERALE 6.999% BELGIUM (GOVT) 2.25% VRN PERP 5,000,000 EUR 5,525,000 0.5522/06/2023 25,000,000 EUR 28,214,875 2.81 TOTAL 2.25% VRN PERP 12,000,000 EUR 11,105,639 1.12BELGIUM (GOVT) 3% VALEO 3.25% 22/01/2024 4,000,000 EUR 4,420,220 0.4428/09/2019 30,000,000 EUR 33,586,950 3.35 VINCI 6.25% VRN PERP 7,000,000 EUR 7,023,240 0.70KBC GROUP 1.875% WPP FINANCE 2.25% VRN 11/3/2027 6,000,000 EUR 5,666,280 0.57 22/09/2026 7,000,000 EUR 6,979,245 0.70

67,468,105 6.73 204,113,102 20.36 CHINA GERMANY HUTCHISON WHAMPOA ALLIANZ 3.375% VRN PERP 2,000,000 EUR 1,878,020 0.193.75% VRN PERP 5,000,000 EUR 4,944,475 0.49 ALLIANZ 5.625% VRN

4,944,475 0.49 17/10/2042 5,000,000 EUR 5,740,850 0.57DENMARK BAYER 3% VRN 01/07/2075 9,800,000 EUR 9,631,685 0.96ISS GLOBAL 2.125% COMMERZBANK 7.75% 02/12/2024 8,350,000 EUR 8,338,811 0.83 16/03/2021 7,000,000 EUR 8,251,250 0.82

8,338,811 0.83 DAIMLER 1.875% 08/07/2024 4,400,000 EUR 4,423,496 0.44FRANCE DEUTSCHE ANN FINANCE ACCOR 2.625% 05/02/2021 7,000,000 EUR 7,350,420 0.73 3.625% 08/10/2021 8,000,000 EUR 8,829,280 0.88AXA 3.941% VRN PERP 10,000,000 EUR 9,369,450 0.93 HANNOVER FINANCE 5% BANQUE FEDERATIVE CREDIT VRN 30/06/2043 8,600,000 EUR 9,823,221 0.98MUTUEL 3% 21/05/2024 5,850,000 EUR 5,948,309 0.59 MUENCHENER RUECK 5.767% BNP PARIBAS 2.875% VRN VRN PERP 16,000,000 EUR 17,014,640 1.7020/03/2026 10,000,000 EUR 10,066,900 1.00 MUNISH FINANCE 6% VRN BNP PARIBAS 4.73% VRN 26/05/2041 6,000,000 EUR 6,992,940 0.70PERP 7,200,000 EUR 7,285,500 0.73 VOLKSWAGEN INTERNATIONALBNP PARIBAS 5.019% VRN FINANCE 3.75% VRN PERP 3,000,000 EUR 2,594,565 0.26PERP 5,000,000 EUR 5,193,750 0.52 75,179,947 7.50 BOUYGUES 3.641% 29/10/2019 3,350,000 EUR 3,718,383 0.37BPCE 2.75% VRN 08/07/2026 5,000,000 EUR 4,984,175 0.50BPCE 6.117% VRN PERP 8,000,000 EUR 8,625,000 0.86

322




GREAT BRITAIN ING BANK VRN 3.625% ABBEY NATIONAL 1.125% 25/02/2026 12,000,000 EUR 12,556,919 1.2510/03/2025 9,000,000 EUR 8,269,065 0.82 ING VERZEKERINGEN BP CAPITAL MARKETS 1.526% 4.625% VRN 08/04/2044 9,000,000 EUR 8,972,550 0.9026/09/2022 8,000,000 EUR 7,995,120 0.80 OWENS-ILLINOIS 6.75% FCE BANK 1.114% 15/09/2020 2,000,000 EUR 2,288,750 0.2313/05/2020 18,000,000 EUR 17,522,370 1.75 RABOBANK NEDERLAND 5.5% NATIONWIDE BUILDING SOCIETY VRN PERP 7,000,000 EUR 6,982,990 0.701.125% 03/06/2022 9,000,000 EUR 8,827,110 0.88 REPSOL INTERNATIONAL NATIONWIDE BUILDING SOCIETY FINANCE 4.75% 16/02/2017 8,000,000 EUR 8,460,040 0.844.125% VRN 20/03/2023 11,000,000 EUR 11,638,935 1.16 REPSOL INTERNATIONAL

54,252,600 5.41 FINANCE VRN 25/03/2075 1,000,000 EUR 811,875 0.08IRELAND ROCHE FINANCE EUROPE CLOVERIE SWISS REINS 0.875% 25/02/2025 7,350,000 EUR 7,041,815 0.706.625% VRN 01/09/2042 4,000,000 EUR 4,941,140 0.49 SIEMENS FINANCE 5.25%

4,941,140 0.49 VRN 14/09/2066 9,000,000 EUR 9,323,595 0.93ITALY TEVA PHARMACEUTICAL ASSICURAZIONI GENERALI FINANCE 1.875% 31/03/2027 8,000,000 EUR 7,304,440 0.737.75% VRN 12/12/2042 8,000,000 EUR 9,415,120 0.94 VOLKSWAGEN INTERNATIONALENEL 4.875% 20/02/2018 11,000,000 EUR 12,078,220 1.20 FINANCE 3.5% VRN PERP 3,000,000 EUR 2,199,345 0.22INTESA SANPAOLO 1.125% WOLTERS KLUWER 2.5% 04/03/2022 13,000,000 EUR 12,285,845 1.23 13/05/2024 5,000,000 EUR 5,288,550 0.53UNICREDIT 4.875% 133,452,804 13.31 07/03/2017 7,000,000 EUR 7,411,005 0.74 NORWAY

41,190,190 4.11 STATOIL 2.875% 10/09/2025 5,000,000 EUR 5,558,850 0.55LUXEMBOURG 5,558,850 0.55HANNOVER FINANCE 5.75% PORTUGAL VRN 14/09/2040 8,000,000 EUR 9,187,000 0.92 ENERGIAS DE PORTUGAL NESTLE FINANCE INTERNATIONAL 5.375% VRN 16/09/2075 6,000,000 EUR 5,722,500 0.570.75% 08/11/2021 4,100,000 EUR 4,124,457 0.41 5,722,500 0.57SWISS LIFE 5% VRN PERP 5,200,000 EUR 5,209,646 0.52 SPAIN

18,521,103 1.85 BBVA SENIOR FINANCE NETHERLANDS 2.375% 22/01/2019 8,000,000 EUR 8,387,200 0.84ABN AMRO BANK 2.875% CELLNEX TELECOM 3.125% 30/06/2025 3,000,000 EUR 3,027,825 0.30 27/07/2022 3,900,000 EUR 3,719,625 0.37ABN AMRO BANK 4.31% IBERDROLA INTERNATIONAL VRN PERP 9,480,000 EUR 9,533,325 0.95 4.25% 11/10/2018 600,000 EUR 666,063 0.07ABN AMRO BANK 5.75% RED ELECTRICA FINANCE VRN PERP 6,000,000 EUR 5,857,500 0.58 1.125% 24/04/2025 6,500,000 EUR 6,040,158 0.60ABN AMRO BANK 7.125% 18,813,046 1.8806/07/2022 6,500,000 EUR 8,021,163 0.80 SWEDEN ALLIANZ FINANCE 4.375% SKANDINAVISKA ENSKILDA VRN PERP 10,200,000 EUR 10,479,785 1.05 2.5% VRN 28/05/2026 7,000,000 EUR 7,086,135 0.71BMW FINANCE 1.25% 7,086,135 0.7105/09/2022 6,000,000 EUR 5,842,170 0.58 SWITZERLAND DEUTSCHE ANN FINANCE 4% CREDIT SUISSE 5.75% VRN VRN PERP 10,000,000 EUR 9,597,100 0.96 18/09/2025 9,000,000 EUR 9,989,100 1.00ELM 5.252% VRN PERP 2,300,000 EUR 2,334,144 0.23 SWISSCOM 1.875% HIT FINANCE 5.75% 08/09/2021 10,000,000 EUR 10,417,850 1.0409/03/2018 2,100,000 EUR 2,352,798 0.23 UBS 1.25% 03/09/2021 3,450,000 EUR 3,470,786 0.35ING BANK 1.875% UBS 4.75% VRN 12/02/2026 11,000,000 EUR 11,588,390 1.1627/02/2018 5,000,000 EUR 5,176,125 0.52

323




UBS CAPITAL SECURITIES SCHNEIDER ELECTRIC 2.5% 7.152% VRN PERP 1,400,000 EUR 1,548,750 0.15 06/09/2021 7,000,000 EUR 7,580,055 0.76UBS GROUP 1.125% 23,682,761 2.36 30/06/2020 8,000,000 EUR 8,062,520 0.80 GERMANY

45,077,396 4.50 VIER GAS TRANSPORT UNITED STATES 3.125% 10/07/2023 6,000,000 EUR 6,716,550 0.67AT&T 3.375% 15/03/2034 3,000,000 EUR 3,021,630 0.30 6,716,550 0.67BANK OF AMERICA 2.375% JERSEY 19/06/2024 7,000,000 EUR 7,191,520 0.72 DELPHI AUTOMOTIVE 1.5% BMW US CAPITAL 1.125% 10/03/2025 8,000,000 EUR 7,352,720 0.7318/09/2021 2,000,000 EUR 1,961,610 0.20 7,352,720 0.73DISCOVERY MEXICO COMMUNICATIONS 1.9% 19/03 5,000,000 EUR 4,294,300 0.43 AMERICA MOVIL 5.125% GE CAPITAL 5.5% VRN VRN 06/09/2073 4,000,000 EUR 4,149,700 0.4115/09/2067 7,000,000 EUR 7,392,455 0.74 4,149,700 0.41GE CAPITAL TRUST 4.625% NETHERLANDS 15/09/2066 16,118,000 EUR 16,420,454 1.63 SWISS REINSURANCE 2.6% GOLDMAN SACHS 4.375% VRN PERP 7,000,000 EUR 6,101,375 0.6116/03/2017 3,000,000 EUR 3,172,485 0.32 6,101,375 0.61GOLDMAN SACHS GROUP 2% SWEDEN 27/07/2023 6,000,000 EUR 6,009,870 0.60 PGNIG FINANCE 4% METROPOLITAN LIFE GLOBAL 14/02/2017 8,689,000 EUR 9,044,033 0.90FUNDING 0.875% 20/01/2022 5,700,000 EUR 5,465,388 0.55 9,044,033 0.90MPT OPERATING SWITZERLAND PARTNERSHIP 4% 19/08/2022 5,950,000 EUR 6,024,375 0.60 CREDIT SUISSE 1.125% PRAXAIR 1.625% 01/12/2025 4,000,000 EUR 3,977,300 0.40 15/09/2020 10,400,000 EUR 10,405,304 1.04SIMON PROPERTY GROUP 10,405,304 1.042.375% 02/10/2020 8,000,000 EUR 8,408,800 0.83 UNITED STATES

73,340,187 7.32 AT&T 2.6% 17/12/2029 7,000,000 EUR 6,737,185 0.67TOTAL BONDS 793,681,363 79.18 BERKSHIRE HATHAWAY TOTAL TRANSFERABLE SECURITIES 1.125% 16/03/2027 16,000,000 EUR 14,203,439 1.43ADMITTED TO AN OFFICIAL STOCK COCA COLA 1.125% EXCHANGE LISTING 09/03/2027 8,500,000 EUR 7,821,063 0.78

GENERAL ELECTRIC 1.25% TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED 26/05/2023 3,000,000 EUR 2,976,780 0.30MARKET KINDER MORGAN 1.5%

16/03/2022 2,400,000 EUR 2,092,080 0.21BONDS PROLOGIS 3.375%

20/02/2024 10,000,000 EUR 10,569,200 1.05BELGIUM VERIZON COMMUNICATIONS BELGACOM 2.375% 1.625% 01/03/2024 9,000,000 EUR 8,754,975 0.8704/04/2024 8,000,000 EUR 8,485,400 0.85 ZF NORTH AMERICA

8,485,400 0.85 CAPITAL 2.25% 26/04/2019 1,700,000 EUR 1,628,813 0.16DENMARK 54,783,535 5.47 DANSKE BANK 3.875% VRN TOTAL BONDS 138,149,813 13.78 04/10/2023 7,000,000 EUR 7,428,435 0.74 TOTAL TRANSFERABLE SECURITIES

7,428,435 0.74 TRADED ON ANOTHER REGULATED MARKETFRANCE BNP PARIBAS CARDIF 4.032% VRN PERP 4,900,000 EUR 4,590,516 0.46ELECTRICITE DE FRANCE 4.25% VRN PERP 11,500,000 EUR 11,512,190 1.14

324

793,681,363 79.18

138,149,813 13.78





BONDS

GREAT BRITAIN LEHMAN BROTHERS 4.625% VRN 14/03/2019 900,000 EUR 90 0.00

90 0.00TOTAL BONDS 90 0.00TOTAL OTHER TRANSFERABLE SECURITIES 90 0.00TOTAL INVESTMENTS 931,831,266 92.96 OTHER NET ASSETS LESS LIABILITIES 70,524,395 7.04 TOTAL NET ASSETS 1,002,355,661 100.00

325


Euro Credit Bond Total ReturnStatement of investments as at 30 September 2015(expressed in EUR)


INVESTMENTS ORANGE 4.25% VRN PERP 500,000 EUR 505,200 0.35RCI BANQUE 4.25% 27/04/2017 600,000 EUR 632,541 0.44

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK RENAULT 3.625% 19/09/2018 1,000,000 EUR 1,063,125 0.75EXCHANGE LISTING RENAULT 4.625% 18/09/2017 550,000 EUR 586,438 0.41

RENAULT 5.625% 22/03/2017 1,000,000 EUR 1,066,875 0.75BONDS SCOR 3.875% VRN PERP 700,000 EUR 694,260 0.49

SCOR 6.154% VRN PERP 950,000 EUR 977,441 0.69AUSTRALIA SOCIETE GENERALE 6.999% SYDNEY AIRPORT FINANCE VRN PERP 2,000,000 EUR 2,210,000 1.562.75% 23/04/2024 1,500,000 EUR 1,565,317 1.10 TOTAL 2.25% VRN PERP 1,000,000 EUR 925,470 0.65TRANSURBAN FINANCE 2% VEOLIA ENVIRONNEMENT 28/08/2025 500,000 EUR 483,378 0.34 4.45% VRN PERP 1,000,000 EUR 1,026,250 0.72

2,048,695 1.44 VINCI 6.25% VRN PERP 1,000,000 EUR 1,003,320 0.70AUSTRIA WPP FINANCE 2.25% TELEKOM AUSTRIA 5.625% 22/09/2026 500,000 EUR 498,518 0.35VRN PERP 1,000,000 EUR 1,041,250 0.73 29,983,654 21.06

1,041,250 0.73 GERMANY BELGIUM ALLIANZ 5.625% VRN BELGIUM (GOVT) 2.25% 17/10/2042 500,000 EUR 574,085 0.4022/06/2023 6,000,000 EUR 6,771,570 4.75 BAYER 3% VRN 01/07/2075 1,000,000 EUR 982,825 0.69KBC GROUP 1.875% VRN COMMERZBANK 7.75% 11/03/2027 1,600,000 EUR 1,511,008 1.06 16/03/2021 1,500,000 EUR 1,768,125 1.24

8,282,578 5.81 DAIMLER 1.875% 08/07/2024 1,000,000 EUR 1,005,340 0.71DENMARK FRESENIUS FINANCE 3% ISS GLOBAL 2.125% 01/02/2021 1,000,000 EUR 1,055,000 0.7402/12/2024 550,000 EUR 549,263 0.39 GERMANY (GOVT) 2.5%

549,263 0.39 15/08/2046 2,000,000 EUR 2,594,109 1.82FRANCE HANNOVER FINANCE 5% VRN ACCOR 2.625% 05/02/2021 500,000 EUR 525,030 0.37 30/06/2043 1,100,000 EUR 1,256,459 0.88AXA 3.941% VRN PERP 1,500,000 EUR 1,405,418 0.99 HEIDELBERG CEMENT 7.5% BANQUE PSA FINANCE 03/04/2020 1,200,000 EUR 1,449,000 1.024.25% 25/02/2016 1,400,000 EUR 1,419,250 1.00 MUENCHENER RUECK 5.767% BNP PARIBAS 2.875% VRN VRN PERP 2,350,000 EUR 2,499,025 1.7520/03/2026 1,000,000 EUR 1,006,690 0.71 MUNISH FINANCE 6% VRN BNP PARIBAS 4.73% VRN 26/05/2041 500,000 EUR 582,745 0.41PERP 2,000,000 EUR 2,023,750 1.42 TUI 4.5% 01/10/2019 300,000 EUR 315,938 0.22BNP PARIBAS 5.019% VRN 14,082,651 9.88 PERP 500,000 EUR 519,375 0.36 GREAT BRITAIN BOUYGUES 3.641% FCE BANK 1.114% 29/10/2019 250,000 EUR 277,491 0.19 13/05/2020 3,000,000 EUR 2,920,394 2.04BPCE 6.117% VRN PERP 2,000,000 EUR 2,156,249 1.52 NATIONWIDE BUILDING SOCIETYCREDIT AGRICOLE VRN PERP 1,500,000 EUR 1,501,875 1.05 1.125% 03/06/2022 1,000,000 EUR 980,790 0.69CREDIT MUTUEL 4.471% NATIONWIDE BUILDING SOCIETYVRN PERP 2,000,000 EUR 2,003,120 1.41 4.125% VRN 20/03/2023 1,400,000 EUR 1,481,319 1.04GDF SUEZ 3% VRN PERP 1,500,000 EUR 1,482,158 1.04 NGG FINANCE 4.25% VRN GECINA 1.75% 30/07/2021 1,000,000 EUR 1,007,410 0.71 18/06/2076 500,000 EUR 521,593 0.37HOLDING D'INFRASTRUCTURES DE TESCO 6.125% 24/02/2022 1,000,000 GBP 1,449,445 1.02TRANSPORT 2.25% 24/03/2025 1,000,000 EUR 989,180 0.69 VODAFONE GROUP 4.65% INFRA FOCH 2.125% 20/01/2022 200,000 EUR 236,480 0.1716/04/2025 1,000,000 EUR 994,220 0.70 7,590,021 5.33 NOVALIS 3% 30/04/2022 1,600,000 EUR 1,483,000 1.04

326




IRELAND KONINKLIJKE KPN 6.125% CLOVERIE SWISS REINS VRN PERP 1,500,000 EUR 1,559,063 1.096.625% VRN 01/09/2042 500,000 EUR 617,643 0.43 OWENS-ILLINOIS 4.875%

617,643 0.43 31/03/2021 1,300,000 EUR 1,369,875 0.96ITALY RABOBANK NEDERLAND 5.5% ASSICURAZIONI GENERALI VRN PERP 1,000,000 EUR 997,570 0.707.75% VRN 12/12/2042 1,000,000 EUR 1,176,890 0.83 SIEMENS FINANCE 5.25% BUONI POLIENNALI 3.25% VRN 14/09/2066 2,000,000 EUR 2,071,909 1.4501/09/2046 2,000,000 EUR 2,180,710 1.52 TEVA PHARMACEUTICAL ENEL 4.875% 20/02/2018 1,500,000 EUR 1,647,030 1.16 FINANCE 1.875% 31/03/2027 1,500,000 EUR 1,369,583 0.96ENEL 5% VRN 15/01/2075 1,000,000 EUR 1,027,500 0.72 VOLKSWAGEN INTERNATIONALINTESA SANPAOLO 1.125% FINANCE 3.5% VRN PERP 900,000 EUR 659,804 0.4604/03/2022 2,000,000 EUR 1,890,130 1.33 23,072,463 16.19 INTESA SANPAOLO 6.625% PORTUGAL 13/09/2023 1,000,000 EUR 1,186,875 0.83 ENERGIAS DE PORTUGAL ITALY (GOVT) 3.5% 5.375% VRN 16/09/2075 1,000,000 EUR 953,750 0.6701/06/2018 2,000,000 EUR 2,169,840 1.52 953,750 0.67UNICREDIT 4.875% SPAIN 07/03/2017 2,000,000 EUR 2,117,430 1.49 BBVA SENIOR FINANCE

13,396,405 9.40 2.375% 22/01/2019 1,500,000 EUR 1,572,600 1.11LUXEMBOURG CELLNEX TELECOM 3.125% HANNOVER FINANCE 5.75% 27/07/2022 500,000 EUR 476,875 0.33VRN 14/09/2040 1,000,000 EUR 1,148,375 0.81 TELEFONICA EMISIONES SWISS LIFE 5% VRN PERP 1,000,000 EUR 1,001,855 0.70 3.661% 18/09/2017 1,000,000 EUR 1,059,510 0.74

2,150,230 1.51 3,108,985 2.18 NETHERLANDS SWEDEN ABN AMRO BANK 4.31% SKANDINAVISKA ENSKILDA VRN PERP 2,505,000 EUR 2,519,090 1.77 2.5% VRN 28/05/2026 1,400,000 EUR 1,417,227 0.99ABN AMRO BANK 5.75% 1,417,227 0.99VRN PERP 800,000 EUR 781,000 0.55 SWITZERLAND ABN AMRO BANK 7.125% CREDIT SUISSE 5.75% VRN 06/07/2022 1,500,000 EUR 1,851,038 1.30 18/09/2025 1,000,000 EUR 1,109,900 0.78ALLIANZ FINANCE 4.375% SWISSCOM 1.875% VRN PERP 2,000,000 EUR 2,054,859 1.44 08/09/2021 800,000 EUR 833,428 0.58BMW FINANCE 1.25% UBS 4.75% VRN 12/02/2026 1,100,000 EUR 1,158,839 0.8105/09/2022 500,000 EUR 486,848 0.34 UBS CAPITAL SECURITIES BMW FINANCE 3.625% 7.152% VRN PERP 1,500,000 EUR 1,659,375 1.1729/01/2018 500,000 EUR 533,103 0.37 4,761,542 3.34 CNH INDUSTRIAL FINANCE UNITED STATES 2.75% 18/03/2019 1,500,000 EUR 1,449,375 1.02 AT&T 3.375% 15/03/2034 350,000 EUR 352,524 0.25DEUTSCHE ANN FINANCE 4% BANK OF AMERICA 2.375% VRN PERP 2,000,000 EUR 1,919,419 1.35 19/06/2024 700,000 EUR 719,152 0.50ELM 5.252% VRN PERP 250,000 EUR 253,711 0.19 GE CAPITAL TRUST 4.625% HIT FINANCE 5.75% 15/09/2066 3,082,000 EUR 3,139,833 2.2109/03/2018 100,000 EUR 112,038 0.08 GOLDMAN SACHS 4.375% ING BANK 1.875% 16/03/2017 1,000,000 EUR 1,057,495 0.7427/02/2018 500,000 EUR 517,613 0.36 MPT OPERATING ING BANK VRN 3.625% PARTNERSHIP 4% 19/08/2022 900,000 EUR 911,250 0.6425/02/2026 1,500,000 EUR 1,569,615 1.10ING VERZEKERINGEN 4.625% VRN 08/04/2044 1,000,000 EUR 996,950 0.70

327




SIMON PROPERTY GROUP ZF NORTH AMERICA 2.375% 02/10/2020 500,000 EUR 525,550 0.37 CAPITAL 2.25% 26/04/2019 600,000 EUR 574,875 0.40

6,705,804 4.71 2,353,635 1.65 TOTAL BONDS 119,762,161 84.06 TOTAL BONDS 8,067,485 5.66 TOTAL TRANSFERABLE SECURITIES TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK TRADED ON ANOTHER REGULATED MARKETEXCHANGE LISTING TOTAL INVESTMENTS 127,829,646 89.72

OTHER NET ASSETS LESS LIABILITIES 14,641,586 10.28 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED TOTAL NET ASSETS 142,471,232 100.00MARKET

BONDS

DENMARK DANSKE BANK 3.875% VRN 04/10/2023 1,500,000 EUR 1,591,808 1.12

1,591,808 1.12FRANCE BNP PARIBAS CARDIF 4.032% VRN PERP 500,000 EUR 468,420 0.33ELECTRICITE DE FRANCE 4.25% VRN PERP 1,000,000 EUR 1,001,060 0.70SCHNEIDER ELECTRIC 2.5% 06/09/2021 300,000 EUR 324,860 0.23

1,794,340 1.26 GERMANY HEIDELBERG CEMENT 2.25% 12/03/2019 100,000 EUR 101,125 0.07

101,125 0.07JERSEY DELPHI AUTOMOTIVE 1.5% 10/03/2025 500,000 EUR 459,545 0.32

459,545 0.32NETHERLANDS SCHAEFFLER FINANCE 2.5% 15/05/2020 500,000 EUR 479,063 0.34SWISS REINSURANCE 2.6% VRN PERP 1,000,000 EUR 871,625 0.61

1,350,688 0.95 SWEDEN PGNIG FINANCE 4% 14/02/2017 400,000 EUR 416,344 0.29

416,344 0.29UNITED STATES AT&T 2.6% 17/12/2029 750,000 EUR 721,841 0.51PROLOGIS 3.375% 20/02/2024 1,000,000 EUR 1,056,919 0.74

328

119,762,161 84.068,067,485 5.66


Euro High Yield BondStatement of investments as at 30 September 2015(expressed in EUR)


INVESTMENTS ELECTRICITE DE FRANCE 5.375% VRN PERP 7,500,000 EUR 7,769,325 0.31

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK ELECTRICITE DE FRANCE EXCHANGE LISTING 6% VRN PERP 1,200,000 GBP 1,622,952 0.06

FAURECIA 3.125% BONDS 15/06/2022 3,250,000 EUR 2,935,156 0.12

GDF SUEZ 3.875% VRN PERP 14,500,000 EUR 14,413,943 0.57AUSTRIA GDF SUEZ 4.75% VRN PERP 17,500,000 EUR 18,627,000 0.74OMV 6.75% VRN PERP 6,000,000 EUR 6,308,910 0.25 HOMEVI 6.875% TELEKOM AUSTRIA 5.625% 15/08/2021 6,100,000 EUR 6,267,750 0.25VRN PERP 15,000,000 EUR 15,618,750 0.62 NOVALIS 3% 30/04/2022 15,800,000 EUR 14,644,625 0.58

21,927,660 0.87 ORANGE 4% VRN PERP 6,000,000 EUR 5,891,880 0.23BELGIUM ORANGE 4.25% VRN PERP 21,000,000 EUR 21,218,400 0.84KBC BANK 5.625% VRN PERP 20,000,000 EUR 19,537,500 0.77 ORANGE 5% VRN PERP 8,776,000 EUR 8,645,896 0.34

19,537,500 0.77 ORANGE 5.25% VRN PERP 13,816,000 EUR 14,124,788 0.56DENMARK RENAULT 3.625% 19/09/2018 17,500,000 EUR 18,604,688 0.74DANSKE BANK 5.875% VRN RENAULT 4.625% 25/05/2016 4,000,000 EUR 4,105,000 0.16PERP 5,000,000 EUR 4,950,000 0.20 RENAULT 4.625% 18/09/2017 9,000,000 EUR 9,596,250 0.38DONG ENERGY 4.875% VRN SOCIETE GENERALE 9.375% 08/07/3013 13,000,000 EUR 13,487,500 0.53 VRN PERP 6,000,000 EUR 7,398,750 0.29TDC 3.5% VRN 26/02/3015 14,000,000 EUR 12,827,500 0.51 SOLVAY FINANCE 4.199%

31,265,000 1.24 VRN PERP 45,500,000 EUR 44,675,312 1.77FRANCE SOLVAY FINANCE 5.425% ACCOR 4.125% VRN PERP 13,000,000 EUR 12,764,375 0.51 VRN PERP 4,000,000 EUR 3,955,000 0.16ARKEMA 4.75% VRN PERP 4,000,000 EUR 4,025,000 0.16 TOTAL 2.25% VRN PERP 37,000,000 EUR 34,242,390 1.36AXA 3.941% VRN PERP 33,000,000 EUR 30,919,185 1.22 TOTAL 2.625% VRN AXA 5.777% VRN PERP 1,600,000 EUR 1,638,016 0.06 29/12/2049 10,000,000 EUR 8,829,300 0.35BANQUE FEDERATIVE CREDIT VEOLIA ENVIRONNEMENT MUTUEL 3% 11/09/2025 8,600,000 EUR 8,483,771 0.34 4.45% VRN PERP 1,800,000 EUR 1,847,250 0.07BNP PARIBAS 4.73% VRN VEOLIA ENVIRONNEMENT PERP 70,000,000 EUR 70,831,249 2.81 4.85% VRN PERP 9,200,000 GBP 12,515,605 0.50BPCE 6.117% VRN PERP 8,450,000 EUR 9,110,156 0.36 520,475,811 20.62 BPCE 12.5% VRN PERP 12,000,000 EUR 16,267,500 0.64 GERMANY CREDIT AGRICOLE 6.5% ALLIANZ 4.75% VRN PERP 4,000,000 EUR 4,151,420 0.16VRN PERP 12,500,000 EUR 12,453,125 0.49 ALLIANZ FINANCE 5.75% CREDIT AGRICOLE 7.875% 08/07/2041 19,000,000 EUR 21,686,125 0.86VRN PERP (FR0010814434) 13,500,000 EUR 15,972,188 0.63 BAYER 3% VRN 01/07/2075 10,500,000 EUR 10,319,663 0.41CREDIT AGRICOLE ASSURANCES BERTELSMANN SE AND KGAA 4.25% VRN PERP 14,000,000 EUR 12,898,970 0.51 3% VRN 23/04/2075 10,000,000 EUR 9,040,650 0.36CREDIT AGRICOLE ASSURANCES COMMERZBANK 7.75% 4.5% VRN PERP 5,000,000 EUR 4,690,700 0.19 16/03/2021 22,000,000 EUR 25,932,500 1.03CREDIT AGRICOLE VRN PERP 15,750,000 EUR 15,769,688 0.62 FRESENIUS FINANCE 3% CREDIT LOGEMENT 4.604% 01/02/2021 11,000,000 EUR 11,605,000 0.46VRN PERP 7,000,000 EUR 5,824,910 0.23 FRESENIUS FINANCE 4% CREDIT MUTUEL 4.471% 01/02/2024 10,700,000 EUR 11,877,000 0.47VRN PERP 16,300,000 EUR 16,325,428 0.65 HEIDELBERG CEMENT 7.5% CROWN HOLDINGS 4% 03/04/2020 18,000,000 EUR 21,735,000 0.8615/07/2022 8,175,000 EUR 8,241,422 0.33 HEIDELBERG CEMENT 8.5% ELECTRICITE DE FRANCE 31/10/2019 35,473,000 EUR 43,698,301 1.724.125% VRN PERP 8,000,000 EUR 7,845,720 0.31 HEIDELBERG CEMENT 9.5% ELECTRICITE DE FRANCE 15/12/2018 12,900,000 EUR 15,931,500 0.635% VRN PERP 4,500,000 EUR 4,483,148 0.18

329




MERCK KGAA 2.625% VRN IRELAND 12/12/2074 9,000,000 EUR 8,599,995 0.34 AQUARIUS & INVESTMENTS ZURICH MUENCHENER RUECK 5.767% 4.25% VRN 02/10/2043 2,000,000 EUR 2,129,440 0.08VRN PERP 31,000,000 EUR 32,965,865 1.31 SMURFIT KAPPA ACQUISITIONS TALANX FINANZ 8.36% 3.25% 01/06/2021 7,000,000 EUR 7,183,750 0.2915/06/2042 16,000,000 EUR 19,844,320 0.79 9,313,190 0.37TUI 4.5% 01/10/2019 12,000,000 EUR 12,637,500 0.50 JERSEY UNITYMEDIA HESSEN 3.5% PROSECURE FUNDING 15/01/2027 5,000,000 EUR 4,428,125 0.18 4.668% 30/06/2016 32,595,000 EUR 33,185,784 1.31UNITYMEDIA HESSEN 33,185,784 1.315.125% 21/01/2023 2,000,000 EUR 1,875,375 0.07 LUXEMBOURG UNITYMEDIA HESSEN 5.5% DUFRY FINANCE 4.5% 15/09/2022 4,000,000 EUR 3,780,000 0.15 15/07/2022 5,000,000 EUR 5,137,500 0.20UNITYMEDIA HESSEN 6.25% ELIOR FINANCE 6.5% 15/01/2029 33,000,000 EUR 34,876,875 1.38 01/05/2020 7,900,000 EUR 5,494,450 0.22VOLKSWAGEN INTERNATIONAL FMC FINANCE VIII 5.25% FINANCE 4.625% VRN PERP 17,500,000 EUR 15,106,175 0.60 31/07/2019 2,300,000 EUR 2,610,500 0.10

310,091,389 12.28 FMC FINANCE VIII 6.5% GREAT BRITAIN 15/09/2018 6,000,000 EUR 6,870,000 0.27AVIVA 3.375% VRN GRIEF LUXEMBOURG 04/12/2045 12,000,000 EUR 11,019,540 0.44 FINANCE 7.375% 15/07/2021 3,975,000 EUR 4,645,781 0.18BARCLAYS 6.5% VRN PERP 15,000,000 EUR 14,718,750 0.58 HANNOVER FINANCE 5.75% BARCLAYS BANK 14% VRN VRN 14/09/2040 4,000,000 EUR 4,593,500 0.18PERP 13,000,000 GBP 22,734,829 0.90 KION FINANCE 6.75% BG ENERGY CAPITAL VRN 15/02/2020 30,500,000 EUR 31,834,375 1.2730/11/2072 7,000,000 EUR 7,582,365 0.30 PLAY FINANCE 2 5.25% FCE BANK 2.759% 01/02/2019 5,000,000 EUR 5,093,750 0.2013/11/2019 12,000,000 GBP 16,324,540 0.65 SWISS LIFE 5% VRN PERP 15,000,000 EUR 15,027,825 0.60GKN HOLDINGS 5.375% TELENET FINANCE III 19/09/2022 15,000,000 GBP 22,190,502 0.88 6.625% 15/02/2021 11,000,000 EUR 11,481,250 0.45HEATHROW AIRPORT HOLDINGS TELENET FINANCE VI 7.125% 01/03/2017 10,000,000 GBP 14,307,862 0.57 4.875% 15/07/2027 20,000,000 EUR 18,412,500 0.73HEATHROW FINANCE 5.375% 111,201,431 4.4002/09/2019 11,000,000 GBP 15,719,990 0.62 MEXICO HSBC CAPITAL FUNDING 5.13% AMERICA MOVIL 6.375% VRN PERP 8,000,000 EUR 8,099,400 0.32 VRN 06/09/2073 3,000,000 EUR 3,338,295 0.13LLOYDS BANK 6.375% VRN CEMEX 4.375% 05/03/2023 10,000,000 EUR 9,118,750 0.36PERP 12,500,000 EUR 12,835,938 0.51 12,457,045 0.49LLOYDS BANK 11.875% NETHERLANDS 16/12/2021 31,000,000 EUR 34,822,765 1.38 ABN AMRO BANK 2.875% NATIONWIDE BUILDING 30/06/2025 7,500,000 EUR 7,569,563 0.30SOCIETY 6.875% VRN PERP 11,000,000 GBP 14,647,112 0.58 ABN AMRO BANK 4.31% NGG FINANCE 4.25% VRN VRN PERP 29,618,000 EUR 29,784,600 1.1818/06/2076 36,000,000 EUR 37,554,660 1.49 ABN AMRO BANK 5.75% REXAM 6.75% VRN VRN PERP 14,400,000 EUR 14,058,000 0.5629/06/2067 13,000,000 EUR 13,008,125 0.52 ABN AMRO BANK 7.125% ROYAL BANK OF SCOTLAND 06/07/2022 20,000,000 EUR 24,680,500 0.9810.5% VRN 16/03/2022 49,000,000 EUR 54,941,250 2.17 ALLIANDER 3.25% VRN PERP 2,000,000 EUR 2,085,880 0.08SSE 3.875% VRN PERP 12,000,000 GBP 15,570,021 0.62 ALLIANZ FINANCE 4.375% TESCO 5.125% 10/04/2047 6,000,000 EUR 5,673,750 0.22 VRN PERP 4,000,000 EUR 4,109,720 0.16TESCO 6.125% 24/02/2022 11,750,000 GBP 17,030,979 0.67 CARLSON WAGONLIT 7.5%

338,782,378 13.42 15/06/2019 3,650,000 EUR 3,821,094 0.15

330




DEUTSCHE ANN FINANCE 4% SWEDEN VRN PERP 8,000,000 EUR 7,677,680 0.30 VERISURE HOLDING 8.75% DEUTSCHE ANN FINANCE 01/09/2018 6,240,000 EUR 6,528,600 0.264.625% VRN 08/04/2074 21,000,000 EUR 21,174,720 0.84 VOLVO TREASURY 4.2% VRN ELM 5.252% VRN PERP 16,600,000 EUR 16,846,427 0.67 10/06/2075 22,500,000 EUR 21,332,813 0.84GAS NATURAL FENOSA 27,861,413 1.10 FINANCE 4.125% VRN PERP 17,500,000 EUR 16,220,313 0.64 SWITZERLAND GENERAL MOTORS FINANCIAL CREDIT SUISSE 5.75% VRN 0.85% 23/02/2018 25,000,000 EUR 24,687,499 0.98 18/09/2025 12,000,000 EUR 13,318,800 0.53GENERAL MOTORS FINANCIAL CREDIT SUISSE GROUP 1.875% 15/10/2019 6,000,000 EUR 6,026,250 0.24 FUNDING 1.25% 14/04/2022 32,000,000 EUR 30,569,920 1.20ING VERZEKERINGEN UBS 4.75% VRN 12/02/2026 12,500,000 EUR 13,168,625 0.524.625% VRN 08/04/2044 7,000,000 EUR 6,978,650 0.28 UBS CAPITAL SECURITIES KONINKLIJKE KPN 6.125% 7.152% VRN PERP 12,500,000 EUR 13,828,125 0.55VRN PERP 13,500,000 EUR 14,031,563 0.56 UBS GROUP 5.75% VRN PERP 16,000,000 EUR 16,060,000 0.64KONINKLIJKE KPN 6.875% 86,945,470 3.44 VRN 14/03/2073 4,000,000 GBP 5,560,305 0.22 UNITED STATES NN GROUP 4.5% VRN PERP 1,000,000 EUR 937,110 0.04 AVIS BUDGET FINANCE 6% OWENS-ILLINOIS 4.875% 01/03/2021 1,000,000 EUR 1,018,750 0.0431/03/2021 12,000,000 EUR 12,645,000 0.50 GE CAPITAL 5.5% VRN OWENS-ILLINOIS 6.75% 15/09/2067 20,742,000 EUR 21,904,900 0.8715/09/2020 13,500,000 EUR 15,449,063 0.61 GE CAPITAL TRUST 4.625% PHOENIX PIB FINANCE 15/09/2066 33,000,000 EUR 33,619,245 1.333.125% 27/05/2020 1,000,000 EUR 1,033,750 0.04 JARDEN 3.75% 01/10/2021 7,000,000 EUR 7,083,125 0.28PHOENIX PIB FINANCE LYNX I 6% 15/10/2021 23,625,000 GBP 29,304,031 1.163.625% 30/07/2021 6,208,000 EUR 6,429,160 0.25 MPT OPERATING RABOBANK NEDERLAND 5.5% PARTNERSHIP 4% 19/08/2022 5,950,000 EUR 6,024,375 0.24VRN PERP 13,500,000 EUR 13,467,195 0.53 98,954,426 3.92 RABOBANK NEDERLAND TOTAL BONDS 2,014,551,137 79.78 6.875% 19/03/2020 46,000,000 EUR 54,185,469 2.15 TOTAL TRANSFERABLE SECURITIESSCHAEFFLER FINANCE ADMITTED TO AN OFFICIAL STOCK3.25% 15/05/2019 6,500,000 EUR 6,410,625 0.25 EXCHANGE LISTINGSOLVAY FINANCE 6.375% VRN PERP 17,421,000 EUR 17,638,763 0.70 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDTELEFONICA EUROPE 6.5% MARKETVRN PERP 14,500,000 EUR 15,333,750 0.61UPC HOLDING 6.375% BONDS 15/09/2022 225,000 EUR 240,188 0.01VOLKSWAGEN INTERNATIONAL BELGIUM FINANCE 3.5% VRN PERP 2,500,000 EUR 1,832,788 0.07 ONTEX GROUP 4.75%

350,915,625 13.90 15/11/2021 1,750,000 EUR 1,845,156 0.07SPAIN 1,845,156 0.07ALMIRALL 4.625% DENMARK 01/04/2021 4,000,000 EUR 4,145,000 0.16 DANSKE BANK 5.75% VRN CAIXABANK 5% VRN PERP 14,000,000 EUR 13,860,000 0.5514/11/2023 13,000,000 EUR 13,398,125 0.54 DONG ENERGY 6.25% VRN EMPARK FUNDING 6.75% 26/06/3013 26,000,000 EUR 28,535,000 1.1315/12/2019 1,550,000 EUR 1,650,750 0.07 42,395,000 1.68IBERDROLA INTERNATIONAL FRANCE 5.75% VRN PERP 12,500,000 EUR 13,250,000 0.52 BNP PARIBAS CARDIF MAPFRE 5.921% VRN 4.032% VRN PERP 4,000,000 EUR 3,747,360 0.1524/07/2037 9,000,000 EUR 9,193,140 0.36

41,637,015 1.65

2,014,551,137 79.78

331




ELECTRICITE DE FRANCE SCHAEFFLER FINANCE 2.5% 4.25% VRN PERP 27,000,000 EUR 27,028,620 1.07 15/05/2020 6,600,000 EUR 6,323,625 0.25EUROPCAR GROUPE 5.75% SCHAEFFLER FINANCE 15/06/2022 2,700,000 EUR 2,733,750 0.11 3.25% 15/05/2025 8,500,000 EUR 7,990,000 0.32LAFARGE 4.75% 30/09/2020 15,000,000 EUR 17,279,400 0.68 SCHAEFFLER FINANCE 3.5% PICARD GROUPE FRN 15/05/2022 3,000,000 EUR 2,979,375 0.1201/08/2019 7,250,000 EUR 7,246,121 0.29 SWISS REINSURANCE 2.6% REXEL 5.25% 15/06/2020 890,000 USD 818,242 0.03 VRN PERP 24,000,000 EUR 20,919,000 0.83

58,853,493 2.33 68,117,582 2.71 GERMANY SPAIN SCHAEFFLER FINANCE BANCO SANTANDER 6.25% 4.25% 15/05/2018 51,011,000 EUR 52,094,984 2.07 VRN PERP (XS1043535092) 8,400,000 EUR 7,948,500 0.31TECHEM 6.125% 01/10/2019 3,500,000 EUR 3,655,313 0.14 TELEFONICA 7.625% VRN UNITYMEDIA HESSEN 4% PERP 8,500,000 EUR 9,307,500 0.3715/01/2025 8,000,000 EUR 7,585,000 0.30 17,256,000 0.68 UNITYMEDIA HESSEN SWITZERLAND 5.625% 15/04/2023 4,000,000 EUR 3,782,250 0.15 CREDIT SUISSE GROUP VOLKSWAGEN INTERNATIONAL 6.25% VRN PERP 2,500,000 USD 2,109,462 0.08FINANCE 3.875% VRN PERP 8,865,000 EUR 8,146,846 0.32 2,109,462 0.08VOLKSWAGEN INTERNATIONAL UNITED STATES FINANCE 5.125% VRN PERP 5,100,000 EUR 4,779,159 0.19 EXPEDIA 2.5% 03/06/2022 3,900,000 EUR 3,802,442 0.15

80,043,552 3.17 MPT OPERATING PARTNERSHIP GREAT BRITAIN 5.75% 01/10/2020 900,000 EUR 960,188 0.04AVIVA 6.125% VRN ZF NORTH AMERICA 05/07/2043 23,000,000 EUR 26,376,515 1.04 CAPITAL 2.25% 26/04/2019 16,800,000 EUR 16,096,499 0.63OLD MUTUAL 5% VRN PERP 7,000,000 EUR 6,960,625 0.28 ZF NORTH AMERICA VIRGIN MEDIA SECURED CAPITAL 2.75% 27/04/2023 1,000,000 EUR 906,150 0.04FINANCE 4.875% 15/01/2027 2,000,000 GBP 2,418,851 0.10 21,765,279 0.86 VIRGIN MEDIA SECURED TOTAL BONDS 374,627,602 14.84 FINANCE 5.125% 15/01/2025 1,850,000 GBP 2,348,839 0.09 TOTAL TRANSFERABLE SECURITIES

38,104,830 1.51 TRADED ON ANOTHER REGULATED MARKETITALY TOTAL INVESTMENTS 2,389,178,739 94.62 FIAT INDUSTRIAL 6.25% OTHER NET ASSETS LESS LIABILITIES 135,806,967 5.3809/03/2018 22,000,000 EUR 23,223,750 0.92 TOTAL NET ASSETS 2,524,985,706 100.00

23,223,750 0.92LUXEMBOURG DUFRY FINANCE 4.5% 01/08/2023 3,700,000 EUR 3,723,125 0.15SUNRISE COMMUNICATIONS HOLDINGS 2.125% 31/03/2022 6,000,000 CHF 4,741,273 0.19

8,464,398 0.34MEXICO AMERICA MOVIL 5.125% VRN 06/09/2073 12,000,000 EUR 12,449,100 0.49

12,449,100 0.49NETHERLANDS GOODYEAR DUNLOP TIRES 6.75% 15/04/2019 22,795,000 EUR 23,564,332 0.94INTERXION HOLDING 6% 15/07/2020 6,000,000 EUR 6,341,250 0.25

332

374,627,602 14.84


GEM Inflation Linked BondStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS TURKEY (GOVT) 3% 06/01/2021 1,540,000 TRY 709,552 2.65

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK TURKEY (GOVT) 3% EXCHANGE LISTING 23/02/2022 2,482,000 TRY 1,038,193 3.88

TURKEY (GOVT) 3% BONDS 02/08/2023 2,929,500 TRY 1,103,954 4.12

TURKEY (GOVT) 9% BRAZIL 24/07/2024 2,500,000 TRY 736,475 2.75BRAZIL (GOVT) 6% 4,213,577 15.7415/08/2016 2,050 BRL 1,377,676 5.15 TOTAL BONDS 25,295,614 94.52BRAZIL (GOVT) 6% TOTAL TRANSFERABLE SECURITIES15/05/2045 1,000 BRL 554,868 2.07 ADMITTED TO AN OFFICIAL STOCKBRAZIL (GOVT) 6% EXCHANGE LISTING15/08/2050 3,675 BRL 2,040,244 7.63

3,972,788 14.85 OTHER TRANSFERABLE SECURITIES CHILE CHILE (GOVT) 3% COLLECTIVE INVESTMENT SCHEMES 01/02/2016 20,000 CLP 733,851 2.74

733,851 2.74 IRELAND ISRAEL HSBC GLOBAL US DOLLAR ISRAEL (GOVT) 2.75% LIQUIDITY FUND "Z" 901,566 USD 901,566 3.3730/09/2022 10,740,000 ILS 3,289,260 12.29 901,566 3.37ISRAEL (GOVT) 2.75% TOTAL COLLECTIVE INVESTMENT SCHEMES 901,566 3.3730/08/2041 2,050,000 ILS 708,942 2.65 TOTAL OTHER TRANSFERABLE SECURITIES 901,566 3.37

3,998,202 14.94 TOTAL INVESTMENTS 26,197,180 97.89MEXICO OTHER NET ASSETS LESS LIABILITIES 564,513 2.11MEXICO (GOVT) 2% TOTAL NET ASSETS 26,761,693 100.0009/06/2022 151,000 MXN 4,561,084 17.04MEXICO (GOVT) 4% 13/06/2019 8,000 MXN 271,154 1.01MEXICO (GOVT) 4% 15/11/2040 84,034 MXN 2,794,122 10.44MEXICO (GOVT) 4.5% 04/12/2025 15,000 MXN 532,340 1.99

8,158,700 30.48SOUTH AFRICA SOUTH AFRICA (GOVT) 2% 31/01/2025 5,200,000 ZAR 451,974 1.69SOUTH AFRICA (GOVT) 3.45% 07/12/2033 8,200,000 ZAR 1,353,490 5.06SOUTH AFRICA (GOVT) 5.5% 07/12/2023 5,900,000 ZAR 1,228,711 4.59SOUTH AFRICA (GOVT) 7.25% 15/01/2020 3,600,000 ZAR 254,067 0.95

3,288,242 12.29SOUTH KOREA KOREA (GOVT) 1.5% 10/06/2021 1,029,700,000 KRW 930,254 3.48

930,254 3.48TURKEY TURKEY (GOVT) 2% 18/09/2024 2,000,000 TRY 625,403 2.34

25,295,614 94.52

333


Global Asset-Backed BondStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS JP MORGAN CHASE 5.0747% VRN 15/11/2043 490,000 USD 533,545 1.53

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK LIMEROCK FRN 24/04/2023 1,500,000 USD 1,455,182 4.16EXCHANGE LISTING MARBLE ARCH RESIDENTIAL

FRN 20/03/2040 500,000 GBP 706,929 2.03BONDS MESDAG FRN 25/07/2016 - EUR - 0.00

PARAGON MORTGAGES FRN CHINA 15/09/2039 500 USD 278 0.00TRAFFORD CENTRE FINANCE RESIDENTIAL MORTGAGE 4.25% 28/04/2024 500,000 GBP 806,862 2.31 SECURITIES FRN 10/08/2038 1,750,000 GBP 1,510,851 4.32

806,862 2.31 SLM STUDENT LOAN TRUST GERMANY FRN 16/12/2019 1,000,000 USD 200,955 0.58GERMAN RESIDENTIAL SLMA 3.5% 15/06/2044 500,000 USD 508,971 1.46FUNDING FRN 27/08/2024 350,000 EUR 373,372 1.07 SOUTHERN PACIFIC

373,372 1.07 SECURITIES FRN 10/03/2044 1,250,000 GBP 1,780,673 5.10TOTAL BONDS 1,180,234 3.38 TAURUS FRN 21/05/2024

(XS0932027831) 500,000 EUR 540,802 1.55ASSET BACKED SECURITIES 10,313,650 29.55

TOTAL ASSET BACKED SECURITIES 17,648,108 50.57 AUSTRALIA TOTAL TRANSFERABLE SECURITIESINTERSTAR MILLENNIUM ADMITTED TO AN OFFICIAL STOCKFRN 08/12/2036 10,000,000 USD 655,657 1.88 EXCHANGE LISTINGINTERSTAR MILLENNIUM FRN 27/05/2038 5,000,000 AUD 711,352 2.04 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

1,367,009 3.92 MARKETGREAT BRITAIN CANARY WHARF FRN ASSET BACKED SECURITIES 22/10/2037 500,000 GBP 717,818 2.06DECO FRN 22/02/2026 1,500,000 EUR 1,662,558 4.77 GREAT BRITAIN EDDYSTONE FINANCE FRN EDDYSTONE FINANCE FRN 19/04/2021 (XS0248507658) 700,000 GBP 1,009,959 2.89 19/04/2021 (XS0248506684) 500,000 GBP 518,533 1.49FIRST FLEXIBLE FRN MOORGATE FUNDING FRN 01/06/2034 500,000 GBP 474,079 1.36 15/10/2050 250,000 GBP 353,126 1.01MITCHELLS & BUTLERS FRN 871,659 2.5015/12/2030 570,000 USD 441,290 1.26 UNITED STATES MITCHELLS & BUTLERS FRN GS MORTGAGE SECURITIES15/12/2033 500,000 GBP 634,293 1.82 TRUST 4.528% VRN 10/09/2047 1,000,000 USD 1,011,644 2.90WARWICK FIN RESIDENTIAL MRTG FRN 1,011,644 2.9021/09/2049 (XS1221084657) 1,000,000 EUR 1,027,452 2.94 TOTAL ASSET BACKED SECURITIES 1,883,303 5.40

5,967,449 17.10 TOTAL TRANSFERABLE SECURITIESUNITED STATES TRADED ON ANOTHER REGULATED MARKETAIRE VALLEY MORTGAGES FRN 20/09/2066 750,000 EUR 727,955 2.09 OTHER TRANSFERABLE SECURITIES ALBA FRN 25/11/2042 926,000 GBP 819,431 2.35BROADGATE FINANCING COLLECTIVE INVESTMENT SCHEMES 5.098% 05/04/2035 350,000 GBP 586,433 1.68DECO FRN 27/10/2020 IRELAND (XS0292121802) 415,000 EUR 40,755 0.12 HSBC GLOBAL US DOLLAR GREAT HALL MORTGAGES FRN LIQUIDITY FUND "Z" 1,462,536 USD 1,462,536 4.1918/03/2039 (XS0288628224) 300,000 GBP 358,294 1.03 1,462,536 4.19GS MORTGAGE SECURITIES TOTAL COLLECTIVE INVESTMENT SCHEMES 1,462,536 4.195.400356% VRN 10/12/2043 500,000 USD 542,596 1.55

18,828,342 53.95

1,883,303 5.40

334


Global Asset-Backed BondStatement of investments as at 30 September 2015(expressed in USD)


ASSET BACKED SECURITIES

IRELAND DECO FRN 27/07/2024 1,000,000 EUR 819,576 2.35DECO FRN 07/11/2024 (XS1150579362) 1,350,000 EUR 1,455,591 4.17

2,275,167 6.52 UNITED STATES APIDOS CINCO FRN 20/01/2019 1,000,000 USD 987,890 2.83CENT CLO FRN 27/07/2026 (US15137EAE32) 1,500,000 USD 1,485,690 4.26HLSS SERVICER ADVANCE 4.94% 15/10/2045 500,000 USD 499,911 1.43INVITATION HOMES TRUST FRN 17/06/2031 (US46186PAG81) 300,000 USD 298,292 0.85INVITATION HOMES TRUST FRN 17/12/2031 (US46186TAE55) 500,000 USD 500,894 1.44JFIN REVOLVER CLO FRN 20/04/2023 1,800,000 USD 1,786,328 5.11JP MORGAN CHASE FRN 15/07/2036 1,000,000 USD 1,000,000 2.87MADISON PARK FUNDING FRN 20/07/2026 1,500,000 USD 1,492,017 4.28NAVIENT STUDENT LOAN TRUST 3.5% 15/12/2044 1,000,000 USD 942,032 2.70SENECA PARK CLO FRN 17/07/2026 (US817176AC43) 1,000,000 USD 981,470 2.81

9,974,524 28.58 TOTAL ASSET BACKED SECURITIES 12,249,691 35.10 TOTAL OTHER TRANSFERABLE SECURITIES 13,712,227 39.29 TOTAL INVESTMENTS 34,423,872 98.64 OTHER NET ASSETS LESS LIABILITIES 474,275 1.36TOTAL NET ASSETS 34,898,147 100.00

335


Global Asset-Backed High Yield BondStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS TALISMAN FINANCE FRN 22/10/2016 2,810,000 EUR 57,667 0.06

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK TALISMAN FINANCE FRN EXCHANGE LISTING 22/04/2017 3,000,000 EUR 2,458,682 2.57

TAURUS FRN 01/02/2026 BONDS (XS1220242454) 2,500,000 EUR 2,717,370 2.84

5,846,534 6.11 CHINA ITALY TRAFFORD CENTRE FINANCE MODA HEALTH FRN 4.75% 28/04/2024 500,000 GBP 813,943 0.85 22/08/2026 500,000 EUR 541,546 0.57

813,943 0.85 REITALY FINANCE FRN GERMANY 22/05/2027 1,000,000 EUR 1,110,678 1.16GERMAN RESIDENTIAL TIBET CMBS FRN 09/12/2026 2,200,000 EUR 2,441,827 2.56FUNDING FRN 27/08/2024 867,000 EUR 924,895 0.97 4,094,051 4.29

924,895 0.97 LUXEMBOURG GREAT BRITAIN DECO FRN 27/04/2025 1,190,000 EUR 1,333,318 1.40DECO 2007-C4X FRN 1,333,318 1.4027/01/2020 1,029,000 GBP 1,448,424 1.52 NETHERLANDS SPIRIT ISSUER FRN DECO FRN 27/10/2020 28/12/2031 2,000,000 GBP 2,946,886 3.09 (XS0291365137) 750,000 EUR 786,722 0.82

4,395,310 4.61 786,722 0.82IRELAND UNITED STATES DECO FRN 27/01/2018 1,485,943 EUR 50,860 0.05 EUROSAIL FRN 13/03/2045 165,000 EUR 149,710 0.16

50,860 0.05 GREENE KING FINANCE JERSEY 5.702% 15/12/2034 1,569,000 GBP 2,254,839 2.36CPUK FINANCE 7% SLM STUDENT LOAN TRUST 28/08/2020 2,000,000 GBP 3,040,861 3.18 FRN 15/12/2039 1,400,000 USD 837,310 0.88

3,040,861 3.18 SLMA 3.5% 15/06/2044 500,000 USD 508,971 0.53TOTAL BONDS 9,225,869 9.66 TRITON FRN 25/10/2019 3,062,000 GBP 877,735 0.92

4,628,565 4.85 ASSET BACKED SECURITIES TOTAL ASSET BACKED SECURITIES 25,620,783 26.82

TOTAL TRANSFERABLE SECURITIESGREAT BRITAIN ADMITTED TO AN OFFICIAL STOCKEDDYSTONE FINANCE FRN EXCHANGE LISTING19/04/2021 (XS0248507658) 300,000 GBP 432,840 0.45GREAT HALL MORTGAGES TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDFRN 18/06/2039 1,000,000 EUR 818,631 0.86 MARKETLONDON & REGIONAL DEBT SECUR-ITISATION FRN 15/10/2015 1,000,000 GBP 1,413,584 1.48 ASSET BACKED SECURITIES MARSTONS ISSUER 5.641% VRN 15/07/2035 858,000 GBP 1,232,236 1.29 GREAT BRITAIN TAURUS FRN 21/05/2024 CANARY WHARF FINANCE (XS0932028219) 800,000 EUR 867,876 0.91 FRN 22/10/2037 312,000 GBP 449,697 0.47ULYSSES EUROPEAN LOAN GREAT HALL MORTGAGES FRNCONDUIT FRN 25/07/2017 1,000,000 GBP 1,437,846 1.51 18/03/2039 (XS0288630121) 750,000 EUR 620,245 0.65WARWICK FIN RESIDENTIAL MRTG FRN MOORGATE FUNDING FRN 21/09/2049 (XS1221084731) 2,000,000 GBP 2,728,580 2.85 15/10/2050 250,000 GBP 353,126 0.37

8,931,593 9.35 1,423,068 1.49 IRELAND IRELAND TALISMAN FINANCE FRN TAURUS FRN 01/05/2022 1,000,000 GBP 1,322,728 1.3822/07/2015 10,500,000 EUR 612,815 0.64 1,322,728 1.38

34,846,652 36.48

336




UNITED STATES IRELAND CENT CLO FRN 27/07/2026 DECO FRN 07/11/2024 (USG2071VAA29) 3,000,000 USD 2,615,884 2.74 (XS1150581186) 3,000,000 EUR 3,237,356 3.39CITIGROUP FRN DECO FRN 27/04/2027 1,000,000 EUR 1,076,891 1.1315/06/2033 (US17322FAL58) 750,000 USD 744,804 0.78 4,314,247 4.52PROGRESS RESIDENTIAL LUXEMBOURG TRUST 17/10/2031 1,028,000 USD 1,027,974 1.08 EUROPROP INTERNATIONAL

4,388,662 4.60 FRN 30/04/2013 3,200,000 EUR 345,579 0.36TOTAL ASSET BACKED SECURITIES 7,134,458 7.47 345,579 0.36TOTAL TRANSFERABLE SECURITIES NETHERLANDS TRADED ON ANOTHER REGULATED MARKET HALCYON LOAN ADVISORS

FUNDING FRN 15/04/2025 3,000,000 USD 2,699,612 2.83OTHER TRANSFERABLE SECURITIES HALCYON LOAN ADVISORS

EUROPEAN FRN 15/01/2027 1,500,000 EUR 1,627,483 1.70BONDS 4,327,095 4.53

UNITED STATES CHINA APIDOS CLO FRN 17/04/2026 1,300,000 USD 1,097,797 1.15CALLIDUS DEBT PARTNERS BANK OF AMERICA MERRILL FUND FRN 23/10/2021 1,000,000 USD 980,605 1.03 3.71566% VRN 14/04/2033 1,500,000 USD 1,344,233 1.41WESTWOOD CDO 6.426% COMMERCIAL MORTGAGE 25/03/2021 1,000,000 USD 1,005,298 1.05 PASS VRN 15/08/2045 500,000 USD 498,848 0.52

1,985,903 2.08 FLATIRON FRN 17/01/2026 4,000,000 USD 3,666,288 3.84TOTAL BONDS 1,985,903 2.08 INVITATION HOMES TRUST FRN

17/06/2031 (US46186PAL76) 4,000,000 USD 3,895,695 4.08COLLECTIVE INVESTMENT SCHEMES INVITATION HOMES TRUST FRN

17/09/2031 1,000,000 USD 975,788 1.02IRELAND INVITATION HOMES TRUST FRN HSBC GLOBAL US DOLLAR 17/12/2031 (US46186TAL98) 1,000,000 USD 1,003,301 1.05LIQUIDITY FUND "Z" 1,346,188 USD 1,346,188 1.41 INVITATION HOMES TRUST

1,346,188 1.41 FRN 17/08/2032 5,000,000 USD 5,027,924 5.26TOTAL COLLECTIVE INVESTMENT SCHEMES 1,346,188 1.41 PROGRESS RESIDENTIAL

FRN 17/02/2032 1,750,000 USD 1,718,110 1.80ASSET BACKED SECURITIES RESIDENTIAL MRTG SECURITIES FRN

15/06/2046 (XS1200102637) 1,000,000 GBP 1,468,140 1.54CAYMAN ISLANDS SARANAC CLO FRN VENTURE CDO FRN 20/02/2025 (US803170AA74) 500,000 USD 429,869 0.4515/04/2026 1,500,000 USD 1,316,168 1.38 SARANAC CLO FRN

1,316,168 1.38 20/02/2025 (USG78215AA15) 500,000 USD 429,869 0.45CHINA SARANAC CLO FRN ATRIUM CORP FRN 22/06/2025 2,000,000 USD 1,715,298 1.8020/07/2020 1,000,000 USD 986,622 1.03 SENECA PARK CLO FRN VENTURE CDO FRN 17/07/2026 (US817174AA39) 3,000,000 USD 2,659,875 2.7828/08/2025 1,250,000 USD 1,213,777 1.27 SHERIDAN SQUARE FRN

2,200,399 2.30 15/04/2025 750,000 USD 708,299 0.74GREAT BRITAIN SWAY RESIDENTIAL TRUST CELESTE MORTGAGE FUNDING FRN FRN 17/01/2032 2,000,000 USD 1,972,000 2.0615/03/2045 (XS1200786660) 1,000,000 GBP 1,366,115 1.43LOGISTICS FRN 20/08/2025 1,250,000 GBP 1,829,061 1.91

3,195,176 3.34

7,134,458 7.47

337




THACHER PARK CLO FRN 20/10/2026 2,500,000 USD 2,243,463 2.35TROPIC FRN 15/07/2034 580,184 USD 207,151 0.22VOYA CLO FRN 17/07/2026 2,500,000 USD 2,176,543 2.28

33,238,491 34.80 TOTAL ASSET BACKED SECURITIES 48,937,155 51.23 TOTAL OTHER TRANSFERABLE SECURITIES 52,269,246 54.72 TOTAL INVESTMENTS 94,250,356 98.67 OTHER NET ASSETS LESS LIABILITIES 1,270,802 1.33TOTAL NET ASSETS 95,521,158 100.00

338


Global BondStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS FRANCE (GOVT) 2.25% 25/05/2024 1,815,000 EUR 2,287,397 0.77

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK FRANCE (GOVT) 3% EXCHANGE LISTING 25/04/2022 1,920,000 EUR 2,505,379 0.85

FRANCE (GOVT) 3.25% BONDS 25/05/2045 720,000 EUR 1,051,922 0.35

FRANCE (GOVT) 4% AUSTRALIA 25/04/2018 1,049,000 EUR 1,294,937 0.43AUSTRALIA (GOVT) 4.75% FRANCE (GOVT) 5.75% 15/06/2016 3,700,000 AUD 2,648,499 0.89 25/10/2032 900,000 EUR 1,647,288 0.55AUSTRALIA (GOVT) 5.75% ORANGE 5.875% VRN PERP 571,000 GBP 872,620 0.2915/05/2021 3,500,000 AUD 2,920,066 0.98 RCI BANQUE 3% 09/05/2019 250,000 GBP 382,736 0.13MACQUARIE BANK 3.5% TOTAL 2.25% VRN PERP 571,000 EUR 589,875 0.2018/12/2020 364,000 GBP 572,338 0.19 TOTAL 2.625% VRN

6,140,903 2.06 29/12/2049 500,000 EUR 492,785 0.17BELGIUM 17,842,709 5.98 BELGIUM (GOVT) 2.25% GERMANY 22/06/2023 2,100,000 EUR 2,645,567 0.89 ALLIANZ 4.75% VRN PERP 600,000 EUR 695,103 0.23BELGIUM (GOVT) 4.25% GERMANY (GOVT) 1% 28/09/2021 3,235,000 EUR 4,467,558 1.50 12/10/2018 5,300,000 EUR 6,133,274 2.06BELGIUM (GOVT) 5% GERMANY (GOVT) 1.75% 28/03/2035 110,000 EUR 192,514 0.06 15/2/2024 6,580,000 EUR 8,185,145 2.75

7,305,639 2.45 GERMANY (GOVT) 4.25% BRAZIL 04/07/2039 2,855,000 EUR 5,169,825 1.73BRAZIL (GOVT) 5.875% KFW 3.375% 18/01/2021 1,700,000 EUR 2,218,057 0.7415/01/2019 4,450,000 USD 4,685,850 1.57 22,401,404 7.51

4,685,850 1.57 GREAT BRITAIN CANADA ANGLO AMERICAN CAPITAL CANADA (GOVT) 3.5% 6.875% 01/05/2018 500,000 GBP 797,622 0.2701/12/2045 190,000 CAD 181,866 0.06 BRITISH TELECOMMUNICATIONSCNOOC FINANCE 4.25% 8.625% VRN 15/12/2030 700,000 USD 1,047,813 0.3530/04/2024 489,000 USD 495,105 0.17 HSBC HOLDINGS 6.375% VRN

676,971 0.23 PERP 250,000 USD 238,438 0.08CHINA IMPERIAL TOBACCO FINANCEHUTCHISON WHAMPOA 3.75% 5% 02/12/2019 500,000 EUR 646,914 0.22VRN PERP 1,114,000 EUR 1,229,693 0.41 PRUDENTIAL 11.375% VRN SWIRE PACIFIC 4.5% 29/05/2039 300,000 GBP 573,355 0.1909/10/2023 1,000,000 USD 1,067,240 0.36 SSE 2.375% VRN PERP 250,000 EUR 255,966 0.09

2,296,933 0.77 SSE 3.875% VRN PERP 331,000 GBP 479,399 0.16FRANCE STANDARD CHARTERED 4% AXA 5.625% VRN 16/01/2054 600,000 GBP 901,929 0.30 12/07/2022 1,000,000 USD 1,003,400 0.34BNP PARIBAS 2.7% TESCO 2.7% 05/01/2017 20/08/2018 1,000,000 USD 1,023,645 0.34 (US881575AF19) 300,000 USD 301,688 0.10BPCE 5.25% 16/04/2029 800,000 GBP 1,264,465 0.42 UK (GOVT) 3.25% CNP ASSURANCES 6% VRN 22/01/2044 1,265,000 GBP 2,220,118 0.7414/09/2040 400,000 EUR 482,561 0.16 UK (GOVT) 3.75% ELECTRICITE DE FRANCE 07/09/2021 2,800,000 GBP 4,833,257 1.615.625% VRN PERP 286,000 USD 278,671 0.09 UK (GOVT) 4.5% 07/09/2034 260,000 GBP 525,486 0.18ELECTRICITE DE FRANCE 12,923,456 4.33 6% 23/01/2114 500,000 GBP 920,794 0.31 IRELAND FRANCE (GOVT) 1% IRELAND (GOVT) 3.4% 25/11/2018 1,600,000 EUR 1,845,705 0.62 18/03/2024 3,000,000 EUR 3,982,332 1.33

339




WILLOW 2 ZURICH INS ING BANK 5.375% 3.375% 27/06/2022 400,000 EUR 496,059 0.17 15/04/2021 500,000 GBP 872,087 0.29

4,478,391 1.50 NETHERLANDS (GOVT) ISRAEL 2.25% 15/07/2022 1,800,000 EUR 2,268,051 0.76ISRAEL ELECTRIC CORP 5% NETHERLANDS (GOVT) 4.5% 12/11/2024 572,000 USD 586,123 0.20 15/07/2017 1,100,000 EUR 1,331,740 0.45

586,123 0.20 RWE FINANCE 3% 17/01/2024 300,000 EUR 343,426 0.12ITALY 6,260,819 2.10 ENEL 5% VRN 15/01/2075 357,000 EUR 409,460 0.14 PORTUGAL ITALY (GOVT) 2.5% 01/12/2024 2,510,000 EUR 2,992,280 1.00 PORTUGAL (GOVT) 4.75% ITALY (GOVT) 3.5% 01/11/2017 7,000,000 EUR 8,353,520 2.80 14/06/2019 1,500,000 EUR 1,917,686 0.64ITALY (GOVT) 4% 01/02/2017 5,980,000 EUR 7,023,016 2.35 1,917,686 0.64ITALY (GOVT) 4.75% SPAIN 01/05/2017 1,700,000 EUR 2,036,198 0.68 BANCO BILBAO VIZCAYA ITALY (GOVT) 5% 01/08/2039 1,250,000 EUR 1,964,530 0.66 3.5% 24/01/2021 600,000 EUR 776,381 0.26ITALY (GOVT) 5.5% 01/11/2022 1,600,000 EUR 2,282,579 0.77 SPAIN (GOVT) 4.1%

25,061,583 8.40 30/07/2018 5,181,000 EUR 6,386,747 2.14JAPAN SPAIN (GOVT) 4.4% JAPAN (GOVT) 0.3% 31/10/2023 2,700,000 EUR 3,640,383 1.2220/03/2017 315,000,000 JPY 2,641,303 0.89 SPAIN (GOVT) 5.15% JAPAN (GOVT) 0.6% 31/10/2028 330,000 EUR 486,726 0.1620/03/2023 1,155,500,000 JPY 9,974,407 3.34 SPAIN (GOVT) 5.15% JAPAN (GOVT) 1.3% 31/10/2044 475,000 EUR 749,164 0.2520/09/2019 900,000,000 JPY 7,891,316 2.65 TELEFONICA 5.877% JAPAN (GOVT) 1.7% 15/07/2019 500,000 USD 559,928 0.1920/12/2016 350,000,000 JPY 2,982,182 1.00 TELEFONICA 6.75% VRN JAPAN (GOVT) 1.8% PERP 400,000 GBP 619,911 0.2120/03/2032 320,700,000 JPY 3,068,681 1.03 13,219,240 4.43JAPAN (GOVT) 1.8% SWEDEN 20/03/2043 114,300,000 JPY 1,053,180 0.35 SWEDEN (GOVT) 1.5% JAPAN (GOVT) 1.9% 13/11/2023 4,000,000 SEK 513,399 0.1720/06/2031 318,000,000 JPY 3,092,511 1.04 SWEDEN (GOVT) 5% SUMITOMO MITSUI FINANCIAL 01/12/2020 1,300,000 SEK 194,608 0.074.436% 02/04/2024 667,000 USD 687,183 0.23 708,007 0.24

31,390,763 10.53 SWITZERLAND LUXEMBOURG SWITZERLAND (GOVT) 2% EIB 0% 06/11/2026 2,400,000 USD 1,789,056 0.60 28/04/2021 400,000 CHF 469,532 0.16EIB 2.15% 18/01/2027 91,100,000 JPY 912,924 0.31 469,532 0.16

2,701,980 0.91 UNITED STATES MEXICO BANK OF AMERICA 3.75% PETROLEOS MEXICANOS 12/07/2016 1,000,000 USD 1,019,545 0.343.75% 16/04/2026 603,000 EUR 599,037 0.20 BURLINGTON NORTH 5.65%

599,037 0.20 01/05/2017 500,000 USD 533,448 0.18NETHERLANDS CAPITAL ONE BANK 8.8% DEUTSCHE ANN FINANCE 4% 15/07/2019 400,000 USD 484,150 0.16VRN PERP 700,000 EUR 749,893 0.25 CITIGROUP 4.5% 14/01/2022 1,000,000 USD 1,082,790 0.36EDP FINANCE 2% 22/04/2025 682,000 EUR 695,622 0.23 EOG RESOURCES 3.15%

01/04/2025 537,000 USD 528,883 0.18FORD MOTOR CREDIT 5.75% 01/02/2021 800,000 USD 898,812 0.30GE CAPITAL 5.375% 23/01/2020 1,000,000 EUR 1,331,541 0.45IBRD 1% 15/09/2016 2,000,000 USD 2,010,060 0.68

340




JP MORGAN CHASE 4.625% CANADA (GOVT) 4% 10/05/2021 1,200,000 USD 1,306,578 0.44 01/06/2017 2,906,000 CAD 2,292,363 0.77MERRILL LYNCH 6.4% CANADA (GOVT) 5.75% 28/08/2017 450,000 USD 488,653 0.16 01/06/2029 380,000 CAD 417,704 0.14TIME WARNER CABLE 5.5% 5,059,664 1.70 01/09/2041 250,000 USD 223,445 0.07 CHINA US (GOVT) 2.5% 15/08/2023 4,400,000 USD 4,597,140 1.55 HUTCHISON WHAMPOA 5.75% VERIZON COMMUNICATIONS 11/09/2019 500,000 USD 564,513 0.195.15% 15/09/2023 572,000 USD 632,806 0.21 564,513 0.19

15,137,851 5.08 FRANCE TOTAL BONDS 176,804,877 59.29 BNP PARIBAS HOME LOAN

3.375% 12/01/2017 900,000 EUR 1,047,954 0.35ASSET BACKED SECURITIES GDF SUEZ 1.625%

10/10/2017 1,000,000 USD 1,003,610 0.34UNITED STATES LVMH 1.625% 29/06/2017 313,000 USD 315,659 0.11FHLMC 30YR 3.5% 01/09/2043 1,750,000 USD 1,819,863 0.61 RCI BANQUE 3.25% FHLMC 30YR 4% 01/10/2043 1,420,000 USD 1,511,213 0.51 25/04/2018 714,000 GBP 1,104,741 0.36FHLMC 30YR 4.5% 01/10/2043 780,000 USD 844,472 0.28 3,471,964 1.16 FHLMC 30YR 5% 01/10/2043 1,880,000 USD 2,059,555 0.69 GERMANY FHLMC 5.125% 17/11/2017 600,000 USD 655,284 0.22 VOLKSWAGEN INTERNATIONAL FNMA 1.25% 28/09/2016 2,000,000 USD 2,016,260 0.68 FINANCE 3.875% VRN PERP 750,000 EUR 769,367 0.26FNMA 15YR 2.5% 01/10/2028 2,430,000 USD 2,476,512 0.83 769,367 0.26FNMA 15YR 3% 01/10/2028 2,220,000 USD 2,311,141 0.77 GREAT BRITAIN FNMA 15YR 3.5% 01/10/2028 1,350,000 USD 1,425,452 0.48 HSBC HOLDINGS 3.375% FNMA 30YR 3% 01/10/2043 3,100,000 USD 3,139,356 1.06 VRN 10/01/2024 750,000 EUR 874,007 0.29FNMA 30YR 3.5% 01/10/2043 3,010,000 USD 3,138,395 1.05 874,007 0.29FNMA 30YR 4% 01/10/2043 2,360,000 USD 2,516,811 0.84 JAPAN FNMA 30YR 4.5% 01/10/2043 990,000 USD 1,073,686 0.36 JAPAN (GOVT) 2% FNMA 30YR 5.5% 01/10/2043 1,640,000 USD 1,833,103 0.61 20/03/2027 823,000,000 JPY 8,053,875 2.70GNMA 30YR 3.5% 01/10/2043 2,560,000 USD 2,679,099 0.90 8,053,875 2.70GNMA 30YR 4% 01/10/2043 2,120,000 USD 2,256,765 0.76 NETHERLANDS GNMA 30YR 4.5% 01/10/2043 1,980,000 USD 2,126,582 0.71 NETHERLANDS (GOVT)

33,883,549 11.36 1.25% 15/01/2018 4,500,000 EUR 5,189,012 1.74TOTAL ASSET BACKED SECURITIES 33,883,549 11.36 RABOBANK CAPITAL TOTAL TRANSFERABLE SECURITIES FUNDING 5.254% VRN PERP 550,000 USD 562,375 0.19ADMITTED TO AN OFFICIAL STOCK RABOBANK NEDERLAND EXCHANGE LISTING 4.625% 01/12/2023 922,000 USD 954,224 0.32

6,705,611 2.25TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED SPAIN MARKET SANTANDER ISSUANCES

2.5% 18/03/2025 300,000 EUR 304,470 0.10BONDS 304,470 0.10

UNITED STATES AUSTRALIA ANHEUSER BUSCH INBEV ANZ BANKING GROUP 2.4% 7.75% 15/01/2019 1,200,000 USD 1,410,192 0.4723/11/2016 1,050,000 USD 1,068,475 0.36 APPLE 3.05% 31/07/2029 750,000 GBP 1,124,776 0.38

1,068,475 0.36 DIRECTV HOLDINGS 5.2% CANADA 18/11/2033 600,000 GBP 972,256 0.33CANADA (GOVT) 2.75% ENERGY TRANSFER 01/06/2022 2,850,000 CAD 2,349,597 0.79 PARTNERS 5.2% 01/02/2022 1,000,000 USD 1,005,270 0.34

GLENCORE FUNDING 2.875% 16/04/2020 700,000 USD 571,946 0.19

341

210,688,426 70.65




GOLDMAN SACHS GROUP TREASURY BILLS 3.75% 22/05/2025 316,000 USD 316,976 0.11KINDER MORGAN 5.05% GREAT BRITAIN 15/02/2046 1,333,000 USD 1,047,665 0.35 UK (GOVT) 1% 07/09/2017 2,500,000 GBP 3,818,514 1.28MERCK 3.7% 10/02/2045 238,000 USD 219,407 0.07 US (GOVT) 2% 22/07/2020 800,000 GBP 1,257,267 0.42MIDAMERICAN ENERGY US (GOVT) 2% 07/09/2025 615,000 GBP 951,348 0.325.95% 15/07/2017 610,000 USD 656,994 0.22 6,027,129 2.02US (GOVT) 2% 15/02/2022 7,100,000 USD 7,241,306 2.43 UNITED STATES US (GOVT) 4.375% US (GOVT) 0.25% 15/05/2016 13,000,000 USD 13,003,046 4.3615/11/2039 8,618,000 USD 11,059,317 3.70 US (GOVT) 0.875% 15/04/2017 3,000,000 USD 3,015,703 1.01XTRA FINANCE 5.15% US (GOVT) 1% 31/05/2018 10,000,000 USD 10,034,961 3.3601/04/2017 530,000 USD 559,084 0.19 US (GOVT) 1.375% 31/05/2020 2,550,000 USD 2,554,433 0.86

26,185,189 8.78 US (GOVT) 2.25% 15/11/2024 9,400,000 USD 9,571,293 3.21TOTAL BONDS 53,057,135 17.79 US (GOVT) 3.375% 15/05/2044 1,900,000 USD 2,085,547 0.70

US (GOVT) 4% 15/08/2018 2,447,000 USD 2,664,984 0.89ASSET BACKED SECURITIES 42,929,967 14.39

TOTAL TREASURY BILLS 48,957,096 16.41 GREAT BRITAIN TOTAL OTHER TRANSFERABLE SECURITIES 60,939,244 20.43 ARRAN RESIDENTIAL TOTAL INVESTMENTS 327,659,309 109.87 MORTGAGES FRN 16/05/2047 1,000,000 USD 252,486 0.08 OTHER NET LIABILITIES LESS ASSETS (29,426,042) -9.87

252,486 0.08 TOTAL NET ASSETS 298,233,267 100.00UNITED STATES GNMA 30YR 3% 23/10/2014 2,450,000 USD 2,497,898 0.85JP MORGAN CHASE COMMERCIAL MORTGAGE VRN 15/04/2045 220,000 USD 158,669 0.05MORGAN STANLEY CAPITAL 5.61% 15/04/2049 450,000 USD 65,451 0.02

2,722,018 0.92 TOTAL ASSET BACKED SECURITIES 2,974,504 1.00 TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET



IRELAND HSBC GLOBAL US DOLLAR LIQUIDITY FUND "Z" 11,059,373 USD 11,059,373 3.71

11,059,373 3.71TOTAL COLLECTIVE INVESTMENT SCHEMES 11,059,373 3.71

ASSET BACKED SECURITIES

UNITED STATES ASSET BACKED FUNDING 4.18% 25/03/2033 7,500,000 USD 485,467 0.16BANK OF AMERICA 5.634% 10/07/2046 500,000 USD 437,308 0.15

922,775 0.31TOTAL ASSET BACKED SECURITIES 922,775 0.31

342

56,031,639 18.79


Global Bond Total ReturnStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS ITALY INTESA SANPAOLO 2%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 18/06/2021 100,000 EUR 112,275 0.57EXCHANGE LISTING ITALY (GOVT) 2.5%

01/12/2024 225,000 EUR 268,232 1.37BONDS 380,507 1.94

JAPAN BELGIUM JAPAN (GOVT) 0.4% BELGIUM (GOVT) 0.8% 20/03/2025 75,000,000 JPY 631,938 3.2322/06/2025 550,000 EUR 608,231 3.10 631,938 3.23

608,231 3.10 MEXICO BRAZIL PEMEX 5.5% 21/01/2021 400,000 USD 420,438 2.15BRAZIL (GOVT) 6% 420,438 2.1517/01/2017 600,000 USD 623,667 3.18 NETHERLANDS

623,667 3.18 ABN AMRO BANK 7.125% FRANCE 06/07/2022 100,000 EUR 137,748 0.71AXA 3.941% VRN PERP 100,000 EUR 104,586 0.53 EDP FINANCE 2% 22/04/2025 118,000 EUR 120,357 0.61CREDIT AGRICOLE 6.5% KONINKLIJKE KPN 7.5% VRN PERP 100,000 EUR 111,206 0.57 04/02/2019 100,000 EUR 135,629 0.69ELECTRICITE DE FRANCE 5.25% 393,734 2.01VRN PERP (USF2893TAF33) 100,000 USD 96,313 0.49 SPAIN FRANCE (GOVT) 0.5% SPAIN (GOVT) 2.75% 25/05/2025 570,000 EUR 613,076 3.13 31/10/2024 225,000 EUR 270,837 1.39GDF SUEZ 4.75% VRN PERP 100,000 EUR 118,814 0.61 SPAIN (GOVT) 5.15% ORANGE 3.875% 09/04/2020 100,000 EUR 126,210 0.64 31/10/2044 75,000 EUR 118,289 0.60

1,170,205 5.97 TELEFONICA EMISIONES GERMANY 3.987% 23/01/2023 100,000 EUR 125,518 0.64FRESENIUS FINANCE 3% 514,644 2.6301/02/2021 100,000 EUR 117,764 0.60 SWEDEN GERMANY (GOVT) 0.5% SWEDEN (GOVT) 2.5% 15/02/2025 475,000 EUR 528,853 2.71 12/05/2025 4,800,000 SEK 667,048 3.40GERMANY (GOVT) 2.5% 667,048 3.4015/08/2046 160,000 EUR 231,654 1.18 UNITED STATES HANNOVER FINANCE 5% ALLY FINANCIAL 3.25% VRN 30/06/2043 100,000 EUR 127,502 0.65 29/09/2017 100,000 USD 99,188 0.51VOLKSWAGEN INTERNATIONAL BANK OF AMERICA 4.2% FINANCE 4.625% VRN PERP 100,000 EUR 96,356 0.49 26/08/2024 100,000 USD 100,015 0.51

1,102,129 5.63 EOG RESOURCES 3.15% GREAT BRITAIN 01/04/2025 65,000 USD 64,018 0.33ABBEY NATIONAL 2.35% KINDER MORGAN ENERGY 10/09/2019 100,000 USD 100,995 0.52 PARTNERS 3.95% 01/09/2022 100,000 USD 94,104 0.48NGG FINANCE 4.25% VRN MORGAN STANLEY 2.375% 18/06/2076 100,000 EUR 116,445 0.59 23/07/2019 100,000 USD 100,228 0.51UK (GOVT) 2% 22/01/2016 650,000 GBP 989,199 5.05 ORACLE 3.125% 10/07/2025 100,000 EUR 125,995 0.64UK (GOVT) 5% 07/03/2025 380,000 GBP 744,600 3.80 PRUDENTIAL FINANCIAL

1,951,239 9.96 5.375% 21/06/2020 100,000 USD 112,850 0.58IRELAND VERIZON COMMUNICATIONS AERCAP IRELAND CAPITAL 5.15% 15/09/2023 100,000 USD 110,631 0.565% 01/10/2021 150,000 USD 153,375 0.78 807,029 4.12

153,375 0.78 TOTAL BONDS 9,424,184 48.10TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

9,424,184 48.10

343


Global Bond Total ReturnStatement of investments as at 30 September 2015(expressed in USD)


TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED OTHER TRANSFERABLE SECURITIES MARKET

COLLECTIVE INVESTMENT SCHEMES BONDS

IRELAND AUSTRALIA HSBC GLOBAL US DOLLAR AUSTRALIA (GOVT) 2.75% LIQUIDITY FUND "Z" 1,541,110 USD 1,541,110 7.8721/10/2019 1,700,000 AUD 1,231,479 6.29 1,541,110 7.87

1,231,479 6.29 TOTAL COLLECTIVE INVESTMENT SCHEMES 1,541,110 7.87DENMARK DONG ENERGY 6.25% VRN TREASURY BILLS 26/06/3013 100,000 EUR 122,508 0.63

122,508 0.63 UNITED STATES GERMANY US (GOVT) 0.25% 15/05/2016 1,000,000 USD 1,000,234 5.11HEIDELBERG CEMENT 8% US (GOVT) 0.5% 28/02/2017 1,000,000 USD 1,000,234 5.1131/01/2017 100,000 EUR 121,322 0.62 US (GOVT) 1.375% 30/11/2015 1,000,000 USD 1,002,168 5.11

121,322 0.62 US (GOVT) 1.375% 29/02/2020 1,000,000 USD 1,004,337 5.12GREAT BRITAIN 4,006,973 20.45BARCLAYS 3.65% 16/03/2025 200,000 USD 191,231 0.98 TOTAL TREASURY BILLS 4,006,973 20.45

191,231 0.98 TOTAL OTHER TRANSFERABLE SECURITIES 5,548,083 28.32ITALY TOTAL INVESTMENTS 19,165,458 97.82ITALY (GOVT) 4.75% OTHER NET ASSETS LESS LIABILITIES 426,926 2.1801/09/2044 80,000 EUR 123,958 0.63 TOTAL NET ASSETS 19,592,384 100.00

123,958 0.63MEXICO PETROLEOS MEXICANOS 2.75% 21/04/2027 100,000 EUR 88,976 0.45

88,976 0.45UNITED STATES ALLY FINANCIAL 3.75% 18/11/2019 100,000 USD 98,688 0.50AMGEN 3.875% 15/11/2021 100,000 USD 105,192 0.54CCO HOLDINGS 5.25% 30/09/2022 100,000 USD 93,750 0.48CONCHO RESOURCES 5.5% 01/04/2023 100,000 USD 95,188 0.49HCA 3.75% 15/03/2019 100,000 USD 99,625 0.51METLIFE 5.25% VRN PERP 29,000 USD 28,855 0.15SPRINT 7.25% 15/09/2021 100,000 USD 82,438 0.42TARGA RESOURCES PARTNERS6.875% 01/02/2021 100,000 USD 97,688 0.50US (GOVT) 2% 15/02/2025 1,350,000 USD 1,343,961 6.85US (GOVT) 2.5% 15/02/2045 290,000 USD 268,332 1.36

2,313,717 11.80TOTAL BONDS 4,193,191 21.40TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET

344

4,193,191 21.40


Global Corporate BondStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS DENMARK CARLSBERG BREWERIES

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 3.375% 13/10/2017 3,900,000 EUR 4,599,644 0.31EXCHANGE LISTING ISS GLOBAL 2.125%

02/12/2024 3,350,000 EUR 3,734,425 0.26BONDS TDC 1.75% 27/02/2027 4,000,000 EUR 3,914,576 0.27

12,248,645 0.84GREAT BRITAIN FINLAND RIO TINTO FINANCE 3.75% POHJOLA BANK 2.5% 15/06/2025 4,400,000 USD 4,288,064 0.29 20/05/2022 766,000 GBP 1,156,423 0.08

4,288,064 0.29 1,156,423 0.08AUSTRALIA FRANCE BHP BILLITON 4.3% AXA 3.941% VRN PERP 4,000,000 EUR 4,183,458 0.2925/09/2042 800,000 GBP 1,190,824 0.08 AXA 5.625% VRN 16/01/2054 200,000 GBP 300,643 0.02COMMONWEALTH BANK OF AXA VRN PERP 1,420,000 GBP 2,154,784 0.15AUSTRALIA 5.5% 06/08/2019 4,200,000 EUR 5,370,341 0.37 BANQUE FEDERATIVE CREDITMACQUARIE BANK 3.5% MUTUEL 3% 21/05/2024 3,500,000 EUR 3,972,529 0.2718/12/2020 1,470,000 GBP 2,311,363 0.16 BNP PARIBAS 2.875% VRN SCENTRE MANAGEMENT 1.5% 20/03/2026 4,500,000 EUR 5,056,728 0.3516/07/2020 3,000,000 EUR 3,385,635 0.23 BNP PARIBAS 5.75% SCENTRE MANAGEMENT 24/01/2022 175,000 GBP 296,672 0.023.875% 16/07/2026 1,072,000 GBP 1,723,449 0.12 BOUYGUES 4% 12/02/2018 4,000,000 EUR 4,818,314 0.33SYDNEY AIRPORT FINANCE BPCE 2.5% 15/07/2019 3,000,000 USD 3,041,265 0.212.75% 23/04/2024 6,000,000 EUR 6,989,140 0.48 BPCE 3% 19/07/2024 2,500,000 EUR 3,089,221 0.21SYDNEY AIRPORT FINANCE BPCE 5.25% 16/04/2029 700,000 GBP 1,106,407 0.083.375% 30/04/2025 2,000,000 USD 1,925,870 0.13 CAP GEMINI 1.75% TRANSURBAN FINANCE 01/07/2020 4,000,000 EUR 4,536,237 0.311.875% 16/09/2024 2,350,000 EUR 2,554,197 0.18 CARREFOUR 3.875% TRANSURBAN FINANCE 25/04/2021 3,000,000 EUR 3,839,039 0.262% 28/08/2025 1,650,000 EUR 1,780,581 0.12 CASINO GUICHARD PERRACHON

27,231,400 1.87 3.157% 06/08/2019 1,000,000 EUR 1,190,101 0.08AUSTRIA CASINO GUICHARD PERRACHONOMV 6.75% VRN PERP 2,000,000 EUR 2,347,439 0.16 4.481% 12/11/2018 2,700,000 EUR 3,328,372 0.23TELEKOM FINANZMANAGEMENT CREDIT AGRICOLE 2.625% 3.125% 03/12/2021 4,500,000 EUR 5,493,740 0.38 17/03/2027 2,150,000 EUR 2,205,314 0.15

7,841,179 0.54 CREDIT AGRICOLE ASSURANCESBELGIUM 4.5% VRN PERP 2,000,000 EUR 2,094,397 0.14ANHEUSER BUSCH INBEV 4% ELECTRICITE DE FRANCE 26/04/2018 2,500,000 EUR 3,030,059 0.21 5% 05/02/2018 5,000,000 EUR 6,182,626 0.42KBC GROUP 1.875% VRN ELECTRICITE DE FRANCE 5.25%11/03/2027 4,000,000 EUR 4,216,656 0.29 VRN PERP (USF2893TAF33) 2,653,000 USD 2,555,171 0.18

7,246,715 0.50 ELECTRICITE DE FRANCE BRAZIL 5.625% VRN PERP 452,000 USD 440,418 0.03PETROBRAS INTERNATIONAL ELECTRICITE DE FRANCE FINANCE 6.25% 14/12/2026 1,224,000 GBP 1,183,118 0.08 5.875% VRN PERP 500,000 GBP 741,099 0.05

1,183,118 0.08 ELECTRICITE DE FRANCE 6%CHINA VRN PERP 1,600,000 GBP 2,415,493 0.17HUTCHISON WHAMPOA ESSILOR INTERNATIONAL 3.75% VRN PERP 3,000,000 EUR 3,311,561 0.23 1.75% 09/04/2021 4,000,000 EUR 4,667,598 0.32HUTCHISON WHAMPOA GDF SUEZ 4.625% VRN PERP 1,300,000 GBP 2,018,463 0.145.625% 24/11/2017 1,000,000 GBP 1,636,195 0.11 GDF SUEZ 4.75% VRN PERP 4,300,000 EUR 5,108,985 0.35

4,947,756 0.34 GECINA 1.5% 20/01/2025 500,000 EUR 516,838 0.04

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GECINA 1.75% 30/07/2021 1,000,000 EUR 1,124,521 0.08 MUNICH 6.625% VRN GECINA 4.75% 11/04/2019 2,000,000 EUR 2,517,533 0.17 26/05/2042 1,000,000 GBP 1,710,501 0.12GROUPE AUCHAN 3.625% RWE 7% VRN PERP 800,000 GBP 1,183,777 0.0819/10/2018 4,100,000 EUR 4,999,869 0.34 47,176,379 3.23HOLDING D'INFRASTRUCTURES DE GREAT BRITAIN TRANSPORT 2.25% 24/03/2025 3,500,000 EUR 3,864,601 0.26 ABBEY NATIONAL 1.875% ORANGE 2.75% 14/09/2016 3,000,000 USD 3,047,685 0.21 17/02/2020 600,000 GBP 888,960 0.06ORANGE 4.25% VRN PERP 4,000,000 EUR 4,511,434 0.31 ABBEY NATIONAL 2.35% ORANGE 5.75% VRN PERP 1,083,000 GBP 1,640,491 0.11 10/09/2019 6,000,000 USD 6,059,670 0.42ORANGE 8.125% 20/11/2028 712,000 GBP 1,556,645 0.11 ABBEY NATIONAL 3.875% PERNOD RICARD 2% 15/10/2029 750,000 GBP 1,187,020 0.0822/06/2020 4,700,000 EUR 5,403,317 0.37 AFFINITY WATER FINANCE RCI BANQUE 2.25% 5.875% 13/07/2026 1,650,000 GBP 3,143,516 0.2229/03/2021 4,500,000 EUR 5,100,504 0.35 ANGLO AMERICAN CAPITAL RCI BANQUE 3% 09/05/2019 138,000 GBP 211,270 0.01 2.5% 18/09/2018 2,000,000 EUR 2,033,617 0.14SAINT GOBAIN 4.5% ANGLO AMERICAN CAPITAL 30/09/2019 2,000,000 EUR 2,544,636 0.17 6.875% 01/05/2018 660,000 GBP 1,052,861 0.07SANOFI 1.75% 10/09/2026 4,400,000 EUR 4,947,598 0.34 AVIVA 5.125% VRN SCHNEIDER ELECTRIC 3.5% 04/06/2050 447,000 GBP 631,180 0.0422/01/2019 2,900,000 EUR 3,548,130 0.24 AVIVA 6.625% VRN SOCIETE DES AUTOROUTES DE PARIS 03/06/2041 1,450,000 GBP 2,378,391 0.16NORMANDIE 2.25% 16/01/2020 4,100,000 EUR 4,822,045 0.33 BANK OF SCOTLAND 9.375% TOTAL 2.25% VRN PERP 4,000,000 EUR 4,132,222 0.28 15/05/2021 200,000 GBP 384,095 0.03TOTAL CAPITAL 2.25% BARCLAYS BANK 10% 09/06/2022 1,000,000 GBP 1,511,508 0.10 21/05/2021 1,676,000 GBP 3,260,162 0.22VINCI 6.25% VRN PERP 4,500,000 EUR 5,039,800 0.35 BG ENERGY CAPITAL 5% WPP FINANCE 2.25% 04/11/2036 120,000 GBP 214,256 0.0122/09/2026 4,000,000 EUR 4,451,760 0.31 BG ENERGY CAPITAL 6.5% VRN

134,835,741 9.24 30/11/2072 (XS0796069366) 1,200,000 GBP 1,916,801 0.13GERMANY BP CAPITAL MARKETS 3.83%ALLIANZ FINANCE 5.75% 06/10/2017 3,500,000 EUR 4,172,404 0.2908/07/2041 3,900,000 EUR 4,968,832 0.34 BRITISH TELECOMMUNICATIONSBAYER 3% VRN 01/07/2075 4,000,000 EUR 4,388,312 0.30 1.125% 10/06/2019 4,300,000 EUR 4,881,207 0.33BERTELSMANN 1.75% CIRCLE ANGLIA 7.25% 14/10/2024 2,000,000 EUR 2,249,031 0.15 12/11/2038 1,020,000 GBP 2,327,626 0.16BERTELSMANN SE AND KGAA COMPASS GROUP 3.125% 3% VRN 23/04/2075 1,000,000 EUR 1,009,162 0.07 13/02/2019 3,000,000 EUR 3,623,279 0.25DAIMLER 2% 25/06/2021 4,000,000 EUR 4,650,586 0.32 DIRECT LINE INSURANCE 9.25%DAIMLER 2.75% 04/12/2020 990,000 GBP 1,491,272 0.10 VRN 27/04/2042 270,000 GBP 501,507 0.03DEUTSCHE ANN FINANCE EVERYTHING EVERYWHERE 3.125% 25/07/2019 6,000,000 EUR 7,175,230 0.49 4.375% 28/03/2019 750,000 GBP 1,207,526 0.08DEUTSCHE BANK 1.125% FCE BANK 1.875% 18/04/2019 2,200,000 EUR 2,496,171 0.1717/03/2025 2,800,000 EUR 2,829,592 0.19 GATWICK AIRPORT 6.125% DEUTSCHE BOERSE 2.7482% 02/03/2026 990,000 GBP 1,854,318 0.13VRN 05/02/2041 1,300,000 EUR 1,447,489 0.10 GLAXOSMITHKLINE 6.375% DEUTSCHE TELEKOM 2.25% 09/03/2039 1,450,000 GBP 3,058,206 0.2106/036/2017 3,000,000 USD 3,037,335 0.21 HAMMERSON 6% 23/02/2026 400,000 GBP 745,272 0.05HANNOVER FINANCE 5% VRN HAMMERSON 7.25% 30/06/2043 4,000,000 EUR 5,100,077 0.35 21/04/2028 750,000 GBP 1,555,531 0.11MUENCHENER RUECK 5.767% HEATHROW FUNDING 4.375% VRN PERP 5,000,000 EUR 5,935,183 0.41 25/01/2017 3,000,000 EUR 3,519,485 0.24

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HEATHROW FUNDING 4.625% STANDARD CHARTERED 31/10/2046 900,000 GBP 1,456,802 0.10 2.25% 17/04/2020 8,000,000 USD 7,764,079 0.53HEATHROW FUNDING 5.875% STANDARD CHARTERED BANK 13/05/2041 450,000 GBP 855,080 0.06 4% VRN 21/10/2025 2,600,000 EUR 2,830,143 0.19HSBC BANK 5% 20/03/2023 1,000,000 GBP 1,584,860 0.11 STANDARD CHARTERED BANK HSBC HOLDINGS 6.375% 4.375% 18/01/2038 800,000 GBP 1,128,670 0.08VRN PERP 1,929,000 USD 1,839,784 0.13 TESCO 6% 14/12/2029 550,000 GBP 872,165 0.06HSBC HOLDINGS 6.75% THAMES WATER 5.125% 11/09/2028 1,800,000 GBP 3,281,416 0.22 28/09/2037 1,470,000 GBP 2,613,067 0.18IMPERIAL TOBACCO 8.125% UNITED UTILITIES 5.625% 15/03/2024 1,200,000 GBP 2,402,254 0.16 20/12/2027 1,000,000 GBP 1,863,498 0.13LEGAL & GENERAL 6.385% VODAFONE GROUP 4.65% VRN PERP 1,100,000 GBP 1,717,695 0.12 20/01/2022 3,400,000 EUR 4,487,502 0.31LLOYDS TSB BANK 9.625% WESTERN POWER DISTRIBUTION06/04/2023 1,000,000 GBP 2,033,741 0.14 3.875% 17/10/2024 1,650,000 GBP 2,662,432 0.18MANCHESTER AIRPORTS GROUP WESTERN POWER DISTRIBUTIONFUNDING 4.75% 31/03/2034 1,050,000 GBP 1,751,429 0.12 5.75% 10/12/2040 250,000 GBP 511,450 0.04MONDI FINANCE 3.375% WPP FINANCE 3.75% 28/09/2020 3,000,000 EUR 3,677,361 0.25 19/09/2024 8,193,000 USD 8,218,848 0.57MORRISON SUPERMARKETS ZURICH FINANCE 6.625% 4.75% 04/07/2029 300,000 GBP 444,728 0.03 VRN PERP 810,000 GBP 1,350,476 0.09NATIONWIDE BUILDING SOCIETY 137,040,448 9.391.25% 03/03/2025 1,650,000 EUR 1,745,605 0.12 IRELAND NATIONWIDE BUILDING SOCIETY AQUARIUS & INVESTMENTS ZURICH2.25% 29/04/2022 1,824,000 GBP 2,701,153 0.19 4.25% VRN 02/10/2043 3,000,000 EUR 3,565,480 0.25NGG FINANCE 5.625% VRN GE CAPITAL 5.875% 18/06/2073 500,000 GBP 795,622 0.05 18/01/2033 1,410,000 GBP 2,833,925 0.19PEABODY CAPITAL 5.25% 6,399,405 0.44 17/03/2043 835,000 GBP 1,536,676 0.11 ISRAEL PLACES FOR PEOPLE HOMES ISRAEL ELECTRIC CORP 5% 5.875% 23/05/2031 1,000,000 GBP 1,840,307 0.13 12/11/2024 4,000,000 USD 4,098,760 0.28PRUDENTIAL 5% VRN 4,098,760 0.2820/07/2055 1,200,000 GBP 1,702,140 0.12 ITALY PRUDENTIAL 5.7% VRN ASSICURAZIONI GENERALI 19/12/2063 1,100,000 GBP 1,665,642 0.11 7.75% VRN 12/12/2042 5,000,000 EUR 6,568,515 0.46REED ELSEVIER 2.75% ENI 2.625% 22/11/2021 2,000,000 EUR 2,401,421 0.1601/08/2019 700,000 GBP 1,082,539 0.07 ENI 3.5% 29/01/2018 1,500,000 EUR 1,789,630 0.12RIO TINTO FINANCE 1.625% EXOR 2.5% 08/10/2024 2,500,000 EUR 2,802,191 0.1921/08/2017 3,000,000 USD 2,991,210 0.20 INTESA SANPAOLO 1.125% ROYAL BANK OF SCOTLAND 04/03/2022 3,550,000 EUR 3,744,996 0.267.5% 29/04/2024 750,000 GBP 1,474,473 0.10 SNAM 3.875% 19/03/2018 4,500,000 EUR 5,420,829 0.37SCOTTISH & SOUTHERN TERNA 0.875% 02/02/2022 5,000,000 EUR 5,387,913 0.37ENERGY 5.453% PERP 1,610,000 GBP 2,449,722 0.17 TERNA 2.875% 16/02/2018 4,500,000 EUR 5,301,680 0.36SEGRO REIT 5.25% UNICREDIT 4.875% 21/10/2015 2,000,000 GBP 3,035,937 0.21 07/03/2017 4,000,000 EUR 4,727,161 0.32SEVERN TRENT 6.25% 38,144,336 2.6107/06/2029 1,150,000 GBP 2,273,696 0.16 JAPAN SOUTH EASTERN POWER SUMITOMO MITSUI BANKING NETWORKS 6.375% 12/11/2031 800,000 GBP 1,616,874 0.11 2.25% 11/07/2019 9,000,000 USD 9,008,820 0.62SOUTHERN GAS NETWORKS 9,008,820 0.622.5% 03/02/2025 350,000 GBP 507,917 0.03SSE 3.875% VRN PERP 815,000 GBP 1,180,394 0.08

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JERSEY RABOBANK NEDERLAND CPUK FINANCE 7.239% 5.25% 23/05/2041 200,000 GBP 367,989 0.0328/02/2024 1,000,000 GBP 1,924,641 0.13 RABOBANK NEDERLAND 5.5%

1,924,641 0.13 VRN PERP 2,250,000 EUR 2,505,458 0.17LUXEMBOURG RABOBANK NEDERLAND GLENCORE FINANCE 3.375% 8.375% VRN 31/12/2049 2,557,000 USD 2,644,897 0.1830/09/2020 3,800,000 EUR 3,622,538 0.25 ROCHE FINANCE EUROPE GLENCORE FINANCE 5.5% 0.875% 25/02/2025 2,900,000 EUR 3,101,391 0.2103/04/2022 200,000 GBP 259,989 0.02 RWE FINANCE 6.25% HANNOVER FINANCE 5.75% 03/06/2030 764,000 GBP 1,270,311 0.09VRN 14/09/2040 1,000,000 EUR 1,281,873 0.09 SIEMENS FINANCE 5.25% NESTLE FINANCE INTERNATIONAL VRN 14/09/2066 5,000,000 EUR 5,781,922 0.400.75% 08/11/2021 4,000,000 EUR 4,491,632 0.30 SYNGENTA FINANCE 1.25%

9,656,032 0.66 10/09/2027 3,000,000 EUR 3,100,389 0.21MEXICO TEVA PHARMACEUTICAL AMERICA MOVIL 3.125% FINANCE 1.875% 31/03/2027 4,000,000 EUR 4,076,789 0.2816/07/2022 3,000,000 USD 2,921,909 0.20 UNILEVER 1% 03/06/2023 3,100,000 EUR 3,418,417 0.23AMERICA MOVIL 5.75% VOLKSWAGEN FINANCIAL 28/06/2030 220,000 GBP 396,380 0.03 SERVICES 2.75% 02/10/2020 960,000 GBP 1,379,474 0.09AMERICA MOVIL SAB DE WOLTERS KLUWER 2.5% 4.375% 07/08/2041 500,000 GBP 757,614 0.05 13/05/2024 4,400,000 EUR 5,194,941 0.36PETROLEOS MEXICANOS 72,334,478 4.968.25% 02/06/2022 900,000 GBP 1,691,947 0.12 SOUTH KOREA

5,767,850 0.40 SHINHAN BANK 2.25% NETHERLANDS 15/04/2020 2,500,000 USD 2,488,975 0.17ABN AMRO BANK 7.125% 2,488,975 0.1706/07/2022 5,500,000 EUR 7,576,138 0.52 SPAIN DAIMLER INTERNATIONAL BBVA SENIOR FINANCE FINANCE 3.5% 06/06/2019 400,000 GBP 625,746 0.04 2.375% 22/01/2019 2,500,000 EUR 2,925,690 0.20DEUTSCHE TELEKOM 4.25% RED ELECTRICA FINANCE 16/03/2020 4,300,000 EUR 5,526,742 0.38 2.125% 01/07/2023 2,000,000 EUR 2,320,995 0.16DEUTSCHE TELEKOM 6.5% SANTANDER INTERNATIONAL 08/04/2022 1,310,000 GBP 2,411,339 0.17 DEBT 4% 27/03/2017 2,000,000 EUR 2,343,287 0.16E.ON 5.875% 30/10/2037 1,400,000 GBP 2,428,293 0.17 TELEFONICA EMISIONES ELM 5.252% VRN PERP 700,000 EUR 792,974 0.05 3.987% 23/01/2023 4,500,000 EUR 5,648,301 0.38ENEL FINANCE 5.625% TELEFONICA EMISIONES 14/08/2024 162,000 GBP 285,190 0.02 5.289% 09/12/2022 850,000 GBP 1,426,038 0.10ENEL FINANCE 5.75% 14,664,311 1.0014/09/2040 460,000 GBP 806,853 0.06 SWEDEN HIT FINANCE 5.75% NORDEA BANK 4.625% VRN 09/03/2018 1,100,000 EUR 1,375,686 0.09 15/02/2022 3,000,000 EUR 3,512,637 0.24ING BANK 4.25% 13/01/2017 3,000,000 EUR 3,517,827 0.24 SKANDINAVISKA ENSKILDA ING BANK 5.375% 15/04/2021 1,000,000 GBP 1,744,174 0.12 4% 12/09/2022 4,600,000 EUR 5,424,193 0.37KBC IFIMA 2.125% 10/9/2018 4,000,000 EUR 4,668,223 0.32 SVENSKA HANDELSBANKEN KONINKLIJKE KPN 5.75% 2.656% VRN 15/01/2024 1,000,000 EUR 1,145,970 0.0817/09/2029 860,000 GBP 1,488,923 0.10 SVENSKA HANDELSBANKEN KONINKLIJKE KPN 7.5% 4% 18/01/2019 648,000 GBP 1,049,060 0.0704/02/2019 4,000,000 EUR 5,425,174 0.37 TELIASONERA 1.625% RABOBANK NEDERLAND 4% 23/02/2035 4,500,000 EUR 4,323,603 0.3019/09/2022 500,000 GBP 819,218 0.06 15,455,463 1.06

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SWITZERLAND BANK OF AMERICA 7% CREDIT SUISSE 1.375% 31/07/2028 900,000 GBP 1,850,046 0.1329/11/2019 3,000,000 EUR 3,411,638 0.23 BED BATH & BEYOND CREDIT SUISSE 3.625% 5.165% 01/08/2044 5,499,000 USD 5,334,717 0.3709/09/2024 4,268,000 USD 4,275,896 0.29 BMW US CAPITAL 2% CREDIT SUISSE GROUP 20/11/2019 500,000 GBP 738,153 0.05FUNDING 1.25% 14/04/2022 3,000,000 EUR 3,199,093 0.22 BRANCH BANKING & TRUST CREDIT SUISSE GROUP 3.8% 30/10/2026 10,052,000 USD 10,182,876 0.69FUNDING 3% 27/05/2022 1,663,000 GBP 2,487,239 0.17 BRANDYWINE OPERATING PART-SWISSCOM 1.875% NERSHIP 4.1% 01/10/2024 2,476,000 USD 2,445,570 0.1708/09/2021 4,000,000 EUR 4,651,568 0.32 BURLINGTON NORTH 4.55% UBS 4.75% VRN 12/02/2026 5,000,000 EUR 5,879,789 0.41 01/09/2044 8,000,000 USD 7,861,680 0.54

23,905,223 1.64 BURLINGTON NORTH 4.7% UNITED STATES 01/10/2019 2,600,000 USD 2,849,366 0.20AIR PRODUCTS & CHEMICALS CAPITAL ONE BANK 2.95% 3.35% 31/07/2024 4,767,000 USD 4,794,291 0.33 23/07/2021 7,498,000 USD 7,456,349 0.51ALTRIA GROUP 4.75% CARGILL 1.875% 04/09/2019 1,000,000 EUR 1,158,823 0.0805/05/2021 1,084,000 USD 1,182,823 0.08 CATERPILLAR 3.9% ALTRIA GROUP 5.375% 27/05/2021 3,600,000 USD 3,852,936 0.2631/01/2044 4,000,000 USD 4,364,880 0.30 CITIGROUP 2.5% 29/07/2019 4,000,000 USD 4,027,680 0.28AMERICAN EXPRESS 7% CITIGROUP 4.65% 30/07/2045 2,000,000 USD 2,002,390 0.1419/03/2018 204,000 USD 229,261 0.02 CITIGROUP 5.5% 13/09/2025 3,000,000 USD 3,273,330 0.22AMERICAN EXPRESS CREDIT CITIGROUP 5.875% 01/07/2024 660,000 GBP 1,162,277 0.081.55% 22/09/2017 6,080,000 USD 6,095,838 0.42 CITIGROUP 8.125% 15/07/2039 1,299,000 USD 1,878,101 0.13AMERICAN HONDA FINANCE COMCAST 3.6% 01/03/2024 3,000,000 USD 3,103,905 0.212.125% 10/10/2018 3,000,000 USD 3,033,960 0.21 COMERICA 3.8% 22/07/2026 7,997,000 USD 7,937,982 0.54AMERICAN HONDA FINANCE CSX 4.5% 01/08/2054 4,000,000 USD 3,745,580 0.262.25% 15/08/2019 5,000,000 USD 5,036,375 0.35 DISCOVERY COMMUNICATIONSAMERICAN INTERNATIONAL 1.9% 19/03/2027 5,450,000 EUR 5,224,927 0.36GROUP 2.3% 16/07/2019 4,390,000 USD 4,414,935 0.30 DOMINION RESOURCES AMERICAN INTERNATIONAL 4.45% 15/03/2021 2,077,000 USD 2,235,631 0.15GROUP 5% 26/04/2023 1,250,000 GBP 2,144,289 0.15 DOMINION RESOURCES AMGEN 4% 13/09/2029 1,050,000 GBP 1,644,659 0.11 5.75% VRN 01/10/2054 2,395,000 USD 2,469,844 0.17ANHEUSER BUSCH INBEV DOW CHEMICAL 3.5% 1.375% 15/07/2017 3,000,000 USD 3,000,930 0.21 01/10/2024 4,270,000 USD 4,084,255 0.28ANHEUSER BUSCH INBEV EASTMAN CHEMICAL 2.4% 2.15% 01/02/2019 744,000 USD 746,210 0.05 01/06/2017 6,000,000 USD 6,076,020 0.42ANHEUSER BUSCH INBEV EOG RESOURCES 3.15% 2.5% 15/07/2022 3,216,000 USD 3,079,224 0.21 01/04/2025 2,617,000 USD 2,577,444 0.18AT&T 5.35% 01/09/2040 4,000,000 USD 3,976,260 0.27 FORD MOTOR CREDIT 5.875%AT&T 7% 30/04/2040 1,600,000 GBP 3,148,765 0.22 02/08/2021 4,400,000 USD 4,988,522 0.34BANK OF AMERICA 1.7% GE CAPITAL 5.875% 25/08/2017 4,056,000 USD 4,067,945 0.28 14/01/2038 4,300,000 USD 5,439,866 0.37BANK OF AMERICA 1.875% GE CAPITAL TRUST 4.625% 10/01/2019 2,000,000 EUR 2,307,545 0.16 15/09/2066 4,500,000 EUR 5,117,382 0.35BANK OF AMERICA 3.3% GOLDMAN SACHS 2.5% 11/01/2023 4,000,000 USD 3,984,960 0.27 18/10/2021 4,100,000 EUR 4,823,303 0.33BANK OF AMERICA 4.2% GOLDMAN SACHS 3.85% 26/08/2024 833,000 USD 833,121 0.06 08/07/2024 3,500,000 USD 3,569,808 0.24BANK OF AMERICA 5.7% 24/01/2022 467,000 USD 532,929 0.04

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GOLDMAN SACHS 4.25% SIMON PROPERTY GROUP 29/01/2026 920,000 GBP 1,489,043 0.10 4.25% 01/10/2044 6,000,000 USD 5,836,800 0.40GOLDMAN SACHS 5.75% SOUTHERN COPPER 5.875% 24/01/2022 2,576,000 USD 2,953,938 0.20 23/04/2045 2,000,000 USD 1,612,890 0.11HCP 3.875% 15/08/2024 7,153,000 USD 7,017,522 0.48 TARGET 2.3% 26/06/2019 5,000,000 USD 5,109,875 0.35HEWLETT-PACKARD 2.6% THE LOWE’S 4.25% 15/09/2017 5,499,000 USD 5,599,907 0.38 15/09/2044 8,000,000 USD 7,938,919 0.54HOME DEPOT 4.25% TIME WARNER CABLE 4% 01/04/2046 2,190,000 USD 2,242,023 0.15 01/09/2021 4,500,000 USD 4,578,368 0.31JOHNSON CONTROLS 4.625% TIME WARNER CABLE 4.65% 02/07/2044 2,000,000 USD 1,838,030 0.13 01/06/2044 5,000,000 USD 4,775,075 0.33JP MORGAN CHASE 3.875% UNITEDHEALTH GROUP 10/09/2024 7,371,000 USD 7,300,976 0.50 3.35% 15/07/2022 2,128,000 USD 2,202,608 0.15JP MORGAN CHASE 4.25% US BANCORP 3.6% 11/09/2024 5,233,000 USD 5,329,654 0.3715/10/2020 2,854,000 USD 3,064,697 0.21 VENTAS REALTY 1.55% KINDER MORGAN ENERGY 26/09/2016 5,000,000 USD 5,015,475 0.34PARTNERS 3.95% 01/09/2022 8,534,000 USD 8,030,792 0.54 VERIZON COMMUNICATIONS KINDER MORGAN ENERGY 4.75% 17/02/2034 850,000 GBP 1,362,433 0.09PARTNERS 5.4% 01/09/2044 826,000 USD 693,402 0.05 VIACOM 6.25% 30/04/2016 3,000,000 USD 3,088,695 0.21KROGER 3.3% 15/01/2021 5,000,000 USD 5,132,900 0.35 WAL MART STORES 5.625% KROGER 6.4% 15/08/2017 633,000 USD 690,100 0.05 27/03/2034 1,150,000 GBP 2,259,395 0.15MARATHON PETROLEUM WAL MART STORES 5.625% 3.625% 15/09/2024 3,684,000 USD 3,556,128 0.24 15/04/2041 4,300,000 USD 5,228,069 0.36MARATHON PETROLEUM WELLS FARGO 1.15% 4.75% 15/09/2044 4,000,000 USD 3,628,080 0.25 02/06/2017 1,550,000 USD 1,550,264 0.11MERRILL LYNCH 5.5% WELLS FARGO 2.125% 22/11/2021 500,000 GBP 840,966 0.06 22/04/2022 1,127,000 GBP 1,657,343 0.11METLIFE 5.375% 09/12/2024 216,000 GBP 388,754 0.03 WELLS FARGO 3.9% METLIFE GLOBAL FUNDING 01/05/2045 3,000,000 USD 2,778,030 0.19I 3.5% 30/09/2026 940,000 GBP 1,496,681 0.10 WELLS FARGO 4.1% MONSANTO 4.4% 15/07/2044 6,500,000 USD 5,714,378 0.39 03/06/2026 7,000,000 USD 7,090,650 0.49MORGAN STANLEY 2.375% WELLS FARGO 4.875% 23/07/2019 3,000,000 USD 3,006,870 0.21 29/11/2035 1,150,000 GBP 1,899,331 0.13MORGAN STANLEY 4.35% WILLIAMS PARTNERS 4.3% 08/09/2026 2,211,000 USD 2,228,069 0.15 04/03/2024 8,000,000 USD 7,291,040 0.50MORGAN STANLEY 5.625% 351,244,931 24.0623/09/2019 2,579,000 USD 2,881,929 0.20 TOTAL BONDS 940,289,093 64.43MOTOROLA SOLUTIONS 4% TOTAL TRANSFERABLE SECURITIES01/09/2024 4,000,000 USD 3,655,160 0.25 ADMITTED TO AN OFFICIAL STOCKORACLE 2.8% 08/07/2021 2,400,000 USD 2,437,212 0.17 EXCHANGE LISTINGORACLE 4.125% 15/05/2045 500,000 USD 471,590 0.03ORACLE 4.3% 08/07/2034 6,500,000 USD 6,548,555 0.45 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDPFIZER 6.5% 03/06/2038 500,000 GBP 1,062,915 0.07 MARKETPHILIP MORRIS INTERNATIONAL1.875% 15/01/2019 3,000,000 USD 3,018,450 0.21 BONDS PRAXAIR 1.625% 01/12/2025 2,350,000 EUR 2,608,300 0.18PROCTER AND GAMBLE 2% AUSTRALIA 05/11/2021 3,000,000 EUR 3,569,632 0.24 MACQUARIE BANK 2.85% PRUDENTIAL FINANCIAL 29/07/2020 7,000,000 USD 7,109,375 0.485.375% 21/06/2020 966,000 USD 1,090,136 0.07 SCENTRE GROUP 2.375% REALTY INCOME 4.125% 05/11/2019 1,548,000 USD 1,551,769 0.1115/10/2026 4,189,000 USD 4,294,919 0.29 8,661,144 0.59

940,289,093 64.43

350




BELGIUM JAPAN BELGACOM 2.375% MIZUHO CORPORATE BANK 04/04/2024 3,000,000 EUR 3,551,934 0.24 2.65% 25/09/2019 4,391,000 USD 4,448,435 0.30

3,551,934 0.24 MIZUHO CORPORATE BANK CANADA 3.6% 25/09/2024 3,391,000 USD 3,455,700 0.24AGRIUM 3.375% 15/03/2025 3,000,000 USD 2,837,055 0.19 7,904,135 0.54TRANSCANADA PIPELINES JERSEY 1.875% 12/01/2018 1,000,000 USD 1,004,785 0.07 DELPHI AUTOMOTIVE 1.5%

3,841,840 0.26 10/03/2025 4,000,000 EUR 4,103,735 0.28CHINA 4,103,735 0.28ALIBABA GROUP HOLDING LUXEMBOURG 3.125% 28/11/2021 2,256,000 USD 2,173,938 0.15 ACTAVIS FUNDING 2.45% ICBC 3.231% 13/11/2019 1,562,000 USD 1,594,193 0.11 06/15/2019 5,500,000 USD 5,486,388 0.37

3,768,131 0.26 ACTAVIS FUNDING 3% DENMARK 12/03/2020 2,000,000 USD 2,005,340 0.14DANSKE BANK 3.875% VRN 7,491,728 0.5104/10/2023 3,500,000 EUR 4,145,994 0.28 MEXICO

4,145,994 0.28 AMERICA MOVIL 5.125% FRANCE VRN 06/09/2073 4,000,000 EUR 4,632,101 0.32ELECTRICITE DE FRANCE 5.25% KIMBERLY-CLARK 3.8% VRN PERP (US268317AF12) 2,500,000 USD 2,407,813 0.16 08/04/2024 5,997,000 USD 6,120,808 0.42RCI BANQUE 3.25% 25/04/2018 1,990,000 GBP 3,079,040 0.22 PETROLEOS MEXICANOS

5,486,853 0.38 5.625% 23/01/2046 2,536,000 USD 2,065,635 0.14GERMANY 12,818,544 0.88VIER GAS TRANSPORT NETHERLANDS 3.125% 10/07/2023 3,500,000 EUR 4,373,452 0.30 DEUTSCHE ANNINGTON VOLKSWAGEN INTERNATIONAL FINANCE 1.5% 31/03/2025 1,700,000 EUR 1,749,600 0.12FINANCE 3.875% VRN PERP 2,000,000 EUR 2,051,644 0.14 ING BANK 2.5% 01/10/2019 6,393,000 USD 6,488,319 0.44

6,425,096 0.44 LYONDELLBASELL INDUSTRIESGREAT BRITAIN 4.625% 26/02/2055 2,566,000 USD 2,198,254 0.15BARCLAYS 2.75% 08/11/2019 2,292,000 USD 2,307,505 0.16 NN GROUP 1% 18/03/2022 2,050,000 EUR 2,202,729 0.15BARCLAYS 3.65% 16/03/2025 2,800,000 USD 2,677,234 0.18 RABOBANK 4.375% BARCLAYS 5.25% 17/08/2045 2,500,000 USD 2,515,888 0.17 04/08/2025 2,000,000 USD 2,010,030 0.14HSBC HOLDINGS 3.375% RABOBANK 5.25%VRN 10/01/2024 4,700,000 EUR 5,477,108 0.37 04/08/2045 1,077,000 USD 1,097,716 0.08LLOYDS BANK 1.75% RABOBANK NEDERLAND 16/03/2018 4,800,000 USD 4,801,800 0.33 2.25% 23/03/2022 1,300,000 GBP 1,930,559 0.13LLOYDS BANK 2% 17/08/2018 2,727,000 USD 2,738,031 0.19 SIEMENS FINANCE 2.15% LLOYDS BANK 3.5% 27/05/2020 2,000,000 USD 2,002,690 0.1414/05/2025 2,000,000 USD 1,985,590 0.14 SWISS REINSURANCE 2.6% SKY 2.875% 24/11/2020 750,000 GBP 1,139,925 0.08 VRN PERP 2,950,000 EUR 2,870,206 0.20

23,643,081 1.62 22,550,103 1.55INDIA NEW ZEALAND RELIANCE INDUSTRIES 4.875% ANZ NEW ZEALAND INTERNATIONAL10/02/2045 5,000,000 USD 4,556,925 0.31 1.75% 29/03/2018 2,000,000 USD 1,999,480 0.14

4,556,925 0.31 ANZ NEW ZEALAND INTERNATIONALIRELAND 2.85% 06/08/2020 2,118,000 USD 2,164,045 0.15CRH FINANCE 3.125% 4,163,525 0.2903/04/2023 3,000,000 EUR 3,562,985 0.25 SPAIN PERRIGO FINANCE 4.9% FERROVIAL EMISIONES 3.375%15/12/2044 1,600,000 USD 1,527,056 0.10 07/06/2021 2,000,000 EUR 2,458,049 0.17

5,090,041 0.35 GAS NATURAL CAPITAL 6% 27/01/2020 5,000,000 EUR 6,721,189 0.46

351




RED ELECTRICA FINANCE CONTINENTAL RESOURCES 4.9% 3.875% 25/01/2022 1,500,000 EUR 1,929,298 0.13 01/06/2044 2,500,000 USD 1,793,400 0.12REPSOL INTERNATIONAL DAIMLER FINANCE 2.25% FINANCE 3.625% 07/10/2021 4,400,000 EUR 5,273,451 0.36 02/03/2020 1,000,000 USD 970,210 0.07

16,381,987 1.12 DAIMLER FINANCE 2.25% SWITZERLAND 31/07/2019 2,000,000 USD 1,952,190 0.13CREDIT SUISSE 1.7% DEVON ENERGY 5% 27/04/2018 2,750,000 USD 2,740,829 0.19 15/06/2045 2,100,000 USD 1,911,567 0.13

2,740,829 0.19 DIRECTV HOLDINGS 2.4% UNITED STATES 15/03/2017 7,797,000 USD 7,896,841 0.5421ST CENTURY FOX 5.4% DIRECTV HOLDINGS 5.2% 01/10/2043 4,000,000 USD 4,275,880 0.29 18/11/2033 650,000 GBP 1,053,277 0.0721ST CENTURY FOX 6.4% DISCOVER BANK 2.6% 15/12/2035 1,134,000 USD 1,322,669 0.09 13/11/2018 2,125,000 USD 2,136,592 0.15AIRGAS 3.05% 01/08/2020 3,000,000 USD 3,046,275 0.21 DUKE ENERGY PROGRESS AMAZON.COM 4.95% 4.15% 01/12/2044 1,575,000 USD 1,588,451 0.1105/12/2044 3,331,000 USD 3,415,091 0.23 EASTMAN CHEMICAL 3.8% AMGEN 3.875% 15/11/2021 4,554,000 USD 4,790,421 0.33 15/03/2025 2,377,000 USD 2,325,134 0.16APPLE 3.05% 31/07/2029 1,800,000 GBP 2,699,462 0.18 EBAY 1.35% 15/07/2017 1,000,000 USD 993,345 0.07APPLE 3.6% 31/07/2042 1,125,000 GBP 1,664,235 0.11 EMD FINANCE 3.25% AT&T 2.6% 17/12/2029 3,750,000 EUR 4,028,775 0.28 19/03/2025 3,908,000 USD 3,822,767 0.26AT&T 2.625% 01/12/2022 3,231,000 USD 3,088,384 0.21 ENERGY TRANSFER AT&T 3% 30/06/2022 3,000,000 USD 2,934,270 0.20 PARTNERS 4.75% 15/01/2026 3,000,000 USD 2,785,590 0.19AUTONATION 4.5% ENERGY TRANSFER 01/10/2025 1,000,000 USD 1,017,300 0.07 PARTNERS 5.15% 01/02/2043 6,000,000 USD 4,795,380 0.33BANK OF AMERICA 2.65% ENLINK MIDSTREAM 01/04/2019 1,750,000 USD 1,769,688 0.12 PARTNERS 5.05% 01/04/2045 1,945,000 USD 1,663,121 0.11BANK OF AMERICA 3.875% ENTERPRISE PRODUCTS 01/08/2025 5,000,000 USD 5,075,075 0.35 OPERATING 4.95% 15/10/2054 1,000,000 USD 849,100 0.06BANK OF NEW YORK FIFTH THIRD BANCORP MELLON 2.6% 17/08/2020 3,000,000 USD 3,046,020 0.21 2.3% 01/03/2019 5,000,000 USD 5,021,800 0.34BANK OF NEW YORK FIFTH THIRD BANCORP MELLON 3% 24/02/2025 2,000,000 USD 1,964,040 0.13 2.875% 27/07/2020 3,000,000 USD 3,026,370 0.21BAYER US FINANCE 3.375% FIFTH THIRD BANCORP 08/10/2024 3,000,000 USD 3,022,110 0.21 2.875% 01/10/2021 3,000,000 USD 3,017,385 0.21BRISTOL MYERS SQUIBB 1% FORD MOTOR CREDIT 15/05/2025 1,500,000 EUR 1,589,492 0.11 4.134% 04/08/2025 3,000,000 USD 3,003,705 0.21BURLINGTON NORTH 3.65% GOLDMAN SACHS GROUP 01/09/2025 500,000 USD 508,063 0.03 2.75% 15/09/2020 1,000,000 USD 1,004,890 0.07CAPITAL ONE BANK 2.35% GOLDMAN SACHS GROUP 17/08/2018 2,000,000 USD 2,007,030 0.14 3.75% 22/05/2025 1,053,000 USD 1,056,254 0.07CAPITAL ONE BANK 3.375% HEALTH CARE REIT 4% 15/02/2023 3,000,000 USD 2,922,705 0.20 01/06/2025 1,000,000 USD 997,190 0.07CHEVRON 1.365% 02/03/2018 5,000,000 USD 5,006,775 0.34 HUNTINGTON NATIONAL CHEVRON PHILLIPS BANK 1.7% 26/02/2018 12,000,000 USD 11,948,639 0.81CHEMICAL 2.45% 01/05/2020 2,000,000 USD 2,008,570 0.14 INTEL 3.1% 29/07/2022 3,000,000 USD 3,055,755 0.21COCA COLA 1.125% JOHN DEERE CAPITAL 3.4% 09/03/2027 3,500,000 EUR 3,594,812 0.25 11/09/2025 2,000,000 USD 2,016,380 0.14COMCAST 3.375% 15/02/2025 2,913,000 USD 2,946,936 0.20 KEYBANK 2.5% 15/12/2019 1,500,000 USD 1,518,233 0.10COMCAST 3.375% 15/08/2025 1,000,000 USD 1,010,520 0.07 KILROY REALTY 4.25% CONOCOPHILLIPS 2.875% 15/08/2029 5,695,000 USD 5,519,622 0.3815/11/2021 2,352,000 USD 2,352,623 0.16

352




KINDER MORGAN 5.55% STATE STREET 3.55% 01/06/2045 1,580,000 USD 1,342,763 0.09 18/08/2025 2,500,000 USD 2,555,650 0.18LIBERTY MUTUAL GROUP SYNCHRONY FINANCIAL 4.85% 01/08/2044 2,000,000 USD 1,947,960 0.13 4.5% 23/07/2025 3,000,000 USD 3,027,735 0.21MARATHON OIL 3.85% TEACHERS INSURANCE & 01/06/2025 2,000,000 USD 1,783,910 0.12 ANNUITY 6.85% 16/12/2039 4,000,000 USD 4,998,120 0.34MCDONALDS 3.375% TIAA ASSET MANAGEMENT 26/05/2025 7,000,000 USD 7,007,140 0.48 FINANCE 2.95% 01/11/2019 780,000 USD 791,181 0.05MCGRAW HILL FINANCIAL TIME WARNER 3.55% 4.4% 15/02/2026 3,093,000 USD 3,151,736 0.22 01/06/2024 2,509,000 USD 2,486,657 0.17MEDTRONIC 4.625% TIME WARNER 3.6% 15/03/2045 3,951,000 USD 4,082,983 0.28 15/07/2025 5,000,000 USD 4,911,875 0.34MERCK 3.7% 10/02/2045 1,489,000 USD 1,372,679 0.09 TIME WARNER CABLE 5.25% METLIFE 4.721% 15/12/2044 3,000,000 USD 3,112,500 0.21 15/07/2042 400,000 GBP 529,775 0.04METLIFE 5.25% VRN PERP 1,408,000 USD 1,400,960 0.10 US (GOVT) 2% 15/08/2025 2,381,000 USD 2,367,049 0.16METROPOLITAN LIFE GLOBAL US (GOVT) 3% 15/05/2045 1,320,000 USD 1,351,092 0.09FUNDING 3% 10/01/2023 4,779,000 USD 4,748,271 0.33 VERIZON COMMUNICATIONS MICROSOFT 4% 12/02/2055 2,000,000 USD 1,842,850 0.13 1.625% 01/03/2024 4,500,000 EUR 4,886,369 0.33MOLEX ELECTRONICS TECHNO- VERIZON COMMUNICATIONS 4.272%LOGIES 3.9% 15/04/2025 1,000,000 USD 978,000 0.07 15/01/2036 (US92343VCU61) 221,000 USD 201,306 0.01MORGAN STANLEY 2.8% VERIZON COMMUNICATIONS 4.272%16/06/2020 1,667,000 USD 1,677,419 0.11 15/01/2036 (US92343VCV45) 7,397,000 USD 6,737,816 0.46MORGAN STANLEY 4% WALGREENS BOOTS 23/07/2025 455,000 USD 465,991 0.03 ALLIANCE 4.8% 18/11/2044 5,000,000 USD 4,793,600 0.33MORGAN STANLEY 4.3% WILLIAMS PARTNERS 5.1% 27/01/2045 309,000 USD 293,964 0.02 15/09/2045 2,000,000 USD 1,544,360 0.11NEW YORK LIFE GLOBAL 280,197,681 19.20FUNDING 2.15% 18/06/2019 2,422,000 USD 2,447,843 0.17 TOTAL BONDS 427,523,306 29.29NEXTERA ENERGY CAPITAL TOTAL TRANSFERABLE SECURITIES2.056% 01/09/2017 2,000,000 USD 2,015,060 0.14 TRADED ON ANOTHER REGULATED MARKETNOBLE ENERGY 5.05% 15/11/2044 1,568,000 USD 1,364,819 0.09 OTHER TRANSFERABLE SECURITIES OMEGA HEALTHCARE INVESTORS 5.25% 15/01/2026 3,000,000 USD 3,055,680 0.21 COLLECTIVE INVESTMENT SCHEMES PENSKE TRUCK LEASING 3.2% 15/07/2020 3,000,000 USD 3,029,760 0.21 IRELAND PENSKE TRUCK LEASING HSBC GLOBAL US DOLLAR 3.375% 01/02/2022 1,000,000 USD 980,520 0.07 LIQUIDITY FUND "Z" 12,513,925 USD 12,513,925 0.86PHILIP MORRIS INTERNATIONAL HSBC STERLING LIQUIDITY 4.25% 10/11/2044 2,353,000 USD 2,283,739 0.16 FUND "Z" 577,701 GBP 875,073 0.06PNC BANK 1.5% 18/10/2017 10,000,000 USD 10,011,549 0.69 13,388,998 0.92PROLOGIS 3.375% TOTAL COLLECTIVE INVESTMENT SCHEMES 13,388,998 0.9220/02/2024 4,400,000 EUR 5,191,061 0.36ROCHE HOLDING 2.875% 29/09/2021 10,225,000 USD 10,479,550 0.72SANTANDER BANK 2% 12/01/2018 2,000,000 USD 1,995,000 0.14SANTANDER HOLDINGS 4.5% 17/07/2025 5,000,000 USD 5,081,500 0.35SIMON PROPERTY GROUP 3.5% 01/09/2025 7,000,000 USD 7,039,480 0.48

353

427,523,306 29.29




TREASURY BILLS

UNITED STATES US (GOVT) 1.375% 30/04/2020 8,960,000 USD 8,981,001 0.61US (GOVT) 1.500% 31/05/2020 7,000 USD 7,059 0.00US (GOVT) 2.125% 15/05/2025 7,620,000 USD 7,662,267 0.53

16,650,327 1.14TOTAL TREASURY BILLS 16,650,327 1.14TOTAL OTHER TRANSFERABLE SECURITIES 30,039,325 2.06TOTAL INVESTMENTS 1,397,851,724 95.78OTHER NET ASSETS LESS LIABILITIES 61,610,367 4.22TOTAL NET ASSETS 1,459,462,091 100.00

354


Global Emerging Markets BondStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS CHILE BANCO DEL ESTADO DE

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK CHILE 3.875% 08/02/2022 5,404,000 USD 5,526,482 0.11EXCHANGE LISTING CODELCO 3% 17/07/2022 2,940,000 USD 2,696,950 0.05

CODELCO 3.875% 03/11/2021 370,000 USD 368,257 0.01BONDS CORPBANCA 3.125%

15/01/2018 9,258,000 USD 9,210,506 0.17AUSTRALIA EMPRESA NACIONAL DE CNOOC CURTIS FUNDING PETROLEO 5.25% 10/08/2020 1,420,000 USD 1,493,031 0.034.5% 03/10/2023 5,600,000 USD 5,806,444 0.11 19,295,226 0.37

5,806,444 0.11 CHINA BRAZIL CHINA RESOURCES GAS BANCO ABC-BRASIL 7.875% 4.5% 05/04/2022 2,600,000 USD 2,701,946 0.0508/04/2020 5,223,000 USD 4,504,838 0.09 CNOOC FINANCE 3.875% BANCO NAC DESEN 6.369% 02/05/2022 31,350,000 USD 31,759,744 0.6116/06/2018 797,000 USD 767,666 0.01 CNPC GENERAL CAPITAL BANCO VOTORANTIM 5.25% 1.95% 16/04/2018 3,000,000 USD 2,976,930 0.0611/02/2016 7,016,000 USD 7,016,000 0.14 CNPC GENERAL CAPITAL BRAZIL (GOVT) 2.625% 3.4% 16/04/2023 2,900,000 USD 2,837,534 0.0605/01/2023 96,738,000 USD 79,089,602 1.54 CONTINENTAL 5.75% BRAZIL (GOVT) 4.25% 18/01/2017 2,800,000 USD 2,924,586 0.0607/01/2025 60,372,000 USD 53,027,444 1.03 GRUPO AVAL 5.25% BRAZIL (GOVT) 4.875% 01/02/2017 12,211,000 USD 12,500,950 0.2422/01/2021 12,143,000 USD 11,824,368 0.23 SINOPEC CAPITAL 1.875% BRAZIL (GOVT) 5.625% 24/04/2018 3,000,000 USD 2,976,630 0.0607/01/2041 11,597,000 USD 9,404,181 0.18 SINOPEC CAPITAL 3.125% BRAZIL (GOVT) 7.125% 24/04/2023 (USG81877AA34) 22,904,000 USD 21,893,132 0.4220/01/2037 23,798,000 USD 22,510,647 0.44 SINOPEC GROUP OVERSEASBRAZIL (GOVT) 8.25% 2.75% 10/04/2019 17,395,000 USD 17,662,709 0.3420/01/2034 19,705,000 USD 20,563,547 0.40 SINOPEC GROUP OVERSEASBRAZIL (GOVT) 10% 4.375% 17/10/2023 17,226,000 USD 17,979,035 0.3501/01/2021 30 BRL 6,092 0.00 116,213,196 2.25 CENTRAIS ELECTRICAS BRASIL- COLOMBIA EIRAS 5.75% 27/10/2021 16,042,000 USD 12,091,658 0.23 BANCO DAVIVIENDA 2.95% CENTRAIS ELECTRICAS BRASIL- 29/01/2018 2,800,000 USD 2,761,570 0.05EIRAS 6.875% 30/07/2019 3,527,000 USD 3,158,869 0.06 BANCO DE BOGOTA 5% PETROBRAS GLOBAL 15/01/2017 1,050,000 USD 1,078,791 0.02FINANCE 4.375% 20/05/2023 1,450,000 USD 948,844 0.02 COLOMBIA (GOVT) 2.625% PETROBRAS INTERNATIONAL 15/03/2023 15,487,000 USD 13,839,648 0.27FINANCE 5.375% 27/01/2021 35,723,000 USD 25,899,175 0.50 COLOMBIA (GOVT) 4.375% PETROBRAS INTERNATIONAL 12/07/2021 104,643,000 USD 106,861,954 2.07FINANCE 5.75% 20/01/2020 4,832,000 USD 3,578,700 0.07 COLOMBIA (GOVT) 6.125% PETROBRAS INTERNATIONAL 18/01/2041 64,370,000 USD 63,894,627 1.24FINANCE 7.875% 15/03/2019 1,256,000 USD 1,033,060 0.02 COLOMBIA (GOVT) 7.375% PETROBRAS INTERNATIONAL 27/01/2017 5,557,000 USD 5,981,166 0.12FINANCE 8.375% 10/12/2018 1,421,000 USD 1,214,067 0.02 COLOMBIA (GOVT) 7.375%

256,638,758 4.98 18/03/2019 22,073,000 USD 25,092,918 0.49CANADA COLOMBIA (GOVT) 7.375% CNOOC FINANCE 4.25% 18/09/2037 10,669,000 USD 12,077,948 0.2330/04/2024 19,154,000 USD 19,393,138 0.38 COLOMBIA (GOVT) 8.125%

19,393,138 0.38 21/05/2024 3,247,000 USD 3,994,898 0.08235,583,520 4.57

355




COSTA RICA INDONESIA (GOVT) 6.875% COSTA RICA (GOVT) 4.25% 17/01/2018 16,100,000 USD 17,686,655 0.3426/01/2023 40,513,000 USD 35,487,767 0.69 INDONESIA (GOVT) 7.75%

35,487,767 0.69 17/01/2038 14,912,000 USD 17,610,252 0.34CROATIA INDONESIA (GOVT) 8.5% CROATIA (GOVT) 5.5% 12/10/2035 11,152,000 USD 14,062,560 0.2704/04/2023 14,496,000 USD 14,886,015 0.29 INDONESIA (GOVT) 11.625%CROATIA (GOVT) 6.25% 03/04/2019 3,228,000 USD 4,109,567 0.0827/04/2017 13,849,000 USD 14,513,890 0.28 PERTAMINA 4.875% CROATIA (GOVT) 6.375% 03/05/2022 3,120,000 USD 2,973,750 0.0624/03/2021 18,164,000 USD 19,561,993 0.38 PERTAMINA 5.25% 23/05/2021 675,000 USD 668,672 0.01CROATIA (GOVT) 6.75% 429,386,446 8.3305/11/2019 15,424,000 USD 16,805,142 0.33 IRAQ

65,767,040 1.28 IRAQ (GOVT) 5.8% 15/01/2028 17,145,000 USD 11,984,441 0.23EL SALVADOR 11,984,441 0.23EL SALVADOR (GOVT) ISRAEL 7.375% 01/12/2019 3,735,000 USD 3,888,919 0.08 ISRAEL ELECTRIC CORP EL SALVADOR (GOVT) 5.625% 21/06/2018 8,000,000 USD 8,512,160 0.177.65% 15/06/2035 1,744,000 USD 1,567,167 0.03 ISRAEL ELECTRIC CORP EL SALVADOR (GOVT) 6.875% 21/06/2023 3,700,000 USD 4,205,846 0.087.75% 24/01/2023 3,581,000 USD 3,641,644 0.07 12,718,006 0.25EL SALVADOR (GOVT) IVORY COAST 8.25% 10/04/2032 4,639,000 USD 4,622,277 0.09 IVORY COAST (GOVT)

13,720,007 0.27 5.75% 31/12/2032 5,975,000 USD 5,186,539 0.10GABON 5,186,539 0.10GABONESE (GOVT) 6.375% KAZAKHSTAN 12/12/2024 37,856,490 USD 31,464,990 0.61 DEVELOPMENT BANK OF KAZ-

31,464,990 0.61 AKHSTAN 4.125% 10/12/2022 8,891,000 USD 7,607,895 0.15GEORGIA KAZAKHSTAN (GOVT) GEORGIA (GOVT) 6.875% 5.125% 21/07/2025 106,214,000 USD 103,156,099 1.9912/04/2021 1,050,000 USD 1,087,721 0.02 KAZAKHSTAN TEMIR 6.95%

1,087,721 0.02 10/07/2042 3,800,000 USD 2,997,250 0.06INDONESIA KAZMUNAYGAS 4.4% INDONESIA (GOVT) 3.375% 30/04/2023 31,413,000 USD 26,622,518 0.5215/04/2023 18,826,000 USD 17,184,655 0.33 140,383,762 2.72INDONESIA (GOVT) 3.75% LITHUANIA 25/04/2022 89,794,000 USD 85,675,598 1.67 LITHUANIA (GOVT) 7.375% INDONESIA (GOVT) 4.125% 11/02/2020 20,937,000 USD 25,177,266 0.4915/01/2025 15,463,000 USD 14,566,378 0.28 25,177,266 0.49INDONESIA (GOVT) 4.625% MEXICO 15/04/2043 9,664,000 USD 8,122,785 0.16 COMISION FED DE INDONESIA (GOVT) 4.875% ELECTRIC 4.875% 15/01/2024 3,648,000 USD 3,693,290 0.0705/05/2021 133,882,000 USD 138,460,764 2.69 MEXICO (GOVT) 3.625% INDONESIA (GOVT) 5.25% 15/03/2022 17,408,000 USD 17,539,343 0.3417/01/2042 27,118,000 USD 24,400,234 0.47 MEXICO (GOVT) 4.75% INDONESIA (GOVT) 5.375% 08/03/2044 40,818,000 USD 37,322,142 0.7217/10/2023 13,250,000 USD 13,729,849 0.27 MEXICO (GOVT) 6.05% INDONESIA (GOVT) 5.875% 11/01/2040 61,922,000 USD 67,804,591 1.3213/03/2020 44,131,000 USD 48,270,488 0.94 PEMEX 3.5% 30/01/2023 32,761,000 USD 29,576,303 0.57INDONESIA (GOVT) 6.625% 17/02/2037 20,768,000 USD 21,864,239 0.42

356




PEMEX 6.5% 02/06/2041 2,092,000 USD 1,918,218 0.04 SERBIA (GOVT) 7.25% PEMEX 6.625% 15/06/2035 34,211,000 USD 32,410,304 0.63 28/09/2021 26,794,000 USD 30,146,465 0.58PEMEX PROJECT FUNDING 30,996,673 0.60MASTER 5.75% 01/03/2018 6,040,000 USD 6,389,565 0.12 SOUTH AFRICA PETROLEOS MEXICANOS SOUTH AFRICA (GOVT) 4.875% 18/01/2024 39,405,000 USD 38,154,285 0.74 4.665% 17/01/2024 32,295,000 USD 32,054,887 0.62

234,808,041 4.55 SOUTH AFRICA (GOVT) MOROCCO 5.5% 09/03/2020 64,972,000 USD 69,336,168 1.34OFFICE CHERIFIEN DES SOUTH AFRICA (GOVT) PHOSPHATES 4.5% 22/10/2025 14,689,000 USD 13,819,044 0.27 5.875% 30/05/2022 31,819,000 USD 34,421,158 0.67

13,819,044 0.27 SOUTH AFRICA (GOVT) NIGERIA 5.875% 16/09/2025 9,857,000 USD 10,515,448 0.20NIGERIA (GOVT) 6.75% SOUTH AFRICA (GOVT) 28/01/2021 1,000,000 USD 952,975 0.02 6.875% 27/05/2019 21,493,000 USD 24,008,541 0.47

952,975 0.02 170,336,202 3.30PANAMA SPAIN PANAMA (GOVT) 5.2% CEMEX ESPANA 9.875% 30/01/2020 11,877,000 USD 12,920,811 0.24 30/04/2019 (USE28087AC34) 9,326,000 USD 10,037,108 0.19PANAMA (GOVT) 7.125% 10,037,108 0.1929/01/2026 686,000 USD 848,537 0.02 SRI LANKA PANAMA (GOVT) 8.875% BANK OF CEYLON 6.875% 30/09/2027 966,000 USD 1,332,853 0.03 03/05/2017 3,000,000 USD 3,076,875 0.06

15,102,201 0.29 SRI LANKA (GOVT) 6.25% PARAGUAY 04/10/2020 4,832,000 USD 4,914,796 0.10PARAGUAY (GOVT) 4.625% SRI LANKA (GOVT) 6.25% 25/01/2023 34,477,000 USD 34,038,453 0.66 27/07/2021 5,375,000 USD 5,395,210 0.10

34,038,453 0.66 13,386,881 0.26PERU TURKEY PERU (GOVT) 6.55% FINANSBANK 5.5% 14/03/2037 10,361,000 USD 11,987,314 0.23 11/05/2016 2,725,000 USD 2,745,438 0.05PERU (GOVT) 8.75% TURKEY (GOVT) 4.25% 21/11/2033 12,003,000 USD 16,975,903 0.33 14/04/2026 3,660,000 USD 3,339,915 0.06SOUTHERN COPPER 5.25% TURKEY (GOVT) 5.125% 08/11/2042 3,334,000 USD 2,518,487 0.05 25/03/2022 78,584,000 USD 79,743,506 1.55

31,481,704 0.61 TURKEY (GOVT) 5.625% ROMANIA 30/03/2021 52,578,000 USD 55,109,368 1.07ROMANIA (GOVT) 4.375% TURKEY (GOVT) 5.75% 22/08/2023 14,158,000 USD 14,799,499 0.29 22/03/2024 19,328,000 USD 20,081,309 0.39ROMANIA (GOVT) 4.875% TURKEY (GOVT) 6.25% 22/01/2024 14,496,000 USD 15,667,277 0.30 26/09/2022 45,808,000 USD 49,158,855 0.95ROMANIA (GOVT) 6.125% TURKEY (GOVT) 6.75% 22/01/2044 4,098,000 USD 4,782,899 0.09 03/04/2018 7,031,000 USD 7,609,159 0.15

35,249,675 0.68 TURKEY (GOVT) 6.875% RUSSIAN FEDERATION 17/03/2036 8,688,000 USD 9,426,610 0.18GAZPROM 4.95% 19/07/2022 2,730,000 USD 2,504,775 0.05 TURKEY (GOVT) 7% GAZPROM 8.146% 11/04/2018 3,817,000 USD 4,069,876 0.08 26/09/2016 9,664,000 USD 10,111,975 0.20RUSSIA (GOVT) 5% TURKEY (GOVT) 7% 29/04/2020 57,900,000 USD 60,007,850 1.16 11/03/2019 77,376,000 USD 85,226,568 1.66

66,582,501 1.29 TURKEY (GOVT) 7% SERBIA 05/06/2020 19,894,000 USD 22,052,101 0.43SERBIA (GOVT) 3.75% TURKEY (GOVT) 7.375% 01/11/2024 2,551,000 USD 850,208 0.02 05/02/2025 55,448,000 USD 63,642,937 1.23

357




TURKEY (GOVT) 7.5% BRAZIL 14/07/2017 6,895,000 USD 7,448,358 0.14 BRAZIL (GOVT) 5% TURKEY (GOVT) 7.5% 27/01/2045 25,248,000 USD 19,002,402 0.3607/11/2019 30,626,000 USD 34,499,423 0.67 CAIXA ECONOMICA FEDERAL TURKIYE HALK BANKASI 4.5% 03/10/2018 4,400,000 USD 3,938,000 0.083.875% 05/02/2020 5,300,000 USD 4,920,335 0.10 GTL TRADE FINANCE 5.893%TURKIYE VAKIFLAR 29/04/2024 (USG24422AA83) 3,230,000 USD 2,656,174 0.05BANKASI 5% 31/10/2018 2,200,000 USD 2,180,112 0.04 ODEBRECHT FINANCE

457,295,969 8.87 4.375% 25/04/2025 500,000 USD 282,060 0.01UNITED STATES ODEBRECHT FINANCE 5.25% SOUTHERN COPPER 5.875% 27/06/2029 6,939,000 USD 3,661,259 0.0723/04/2045 21,783,000 USD 17,566,791 0.34 PETROBRAS GLOBAL

17,566,791 0.34 FINANCE 4.875% 17/03/2020 4,832,000 USD 3,500,180 0.07URUGUAY PETROBRAS GLOBAL URUGUAY (GOVT) 4.5% FINANCE 6.25% 17/03/2024 59,676,000 USD 43,153,208 0.8314/08/2024 11,128,236 USD 11,264,279 0.21 PETROBRAS GLOBAL URUGUAY (GOVT) 7.625% FINANCE 6.85% 05/06/2115 6,200,000 USD 3,991,250 0.0821/03/2036 7,339,900 USD 9,066,061 0.18 PETROBRAS INTERNATIONAL URUGUAY (GOVT) 7.875% 5.875% 01/03/2018 387,000 USD 318,308 0.0115/01/2033 3,126,343 USD 3,912,837 0.08 80,502,841 1.56

24,243,177 0.47 CHINA VENEZUELA CNOOC FINANCE 3% PETROLEOS DE VENEZUELA 09/05/2023 24,199,000 USD 22,663,573 0.446% 16/05/2024 93,471,383 USD 30,436,619 0.59 GRUPO AVAL 4.75% VENEZUELA (GOVT) 6% 26/09/2022 800,000 USD 725,332 0.0109/12/2020 20,695,500 USD 6,889,532 0.13 ICBC 3.231% 13/11/2019 9,162,000 USD 9,350,829 0.18VENEZUELA (GOVT) 7.65% 32,739,734 0.6321/04/2025 21,435,000 USD 7,281,684 0.14 COLOMBIA VENEZUELA (GOVT) 7.75% COLOMBIA (GOVT) 4% 13/10/2019 18,402,900 USD 6,464,571 0.13 26/02/2024 99,444,000 USD 96,785,365 1.88VENEZUELA (GOVT) 8.25% COLOMBIA (GOVT) 5% 13/10/2024 86,977,100 USD 29,912,294 0.58 15/06/2045 6,876,000 USD 5,901,705 0.11VENEZUELA (GOVT) 9% COLOMBIA (GOVT) 5.625% 07/05/2023 20,672,000 USD 7,246,983 0.14 26/02/2044 15,535,000 USD 14,523,128 0.28VENEZUELA (GOVT) 9.25% 117,210,198 2.2715/09/2027 130,949,000 USD 52,754,769 1.03 COSTA RICA VENEZUELA (GOVT) 9.25% COSTA RICA (GOVT) 07/05/2028 116,836,300 USD 40,850,644 0.79 4.375% 30/04/2025 4,425,000 USD 3,731,204 0.07

181,837,096 3.53 3,731,204 0.07TOTAL BONDS 2,763,028,758 53.58 CROATIA TOTAL TRANSFERABLE SECURITIES CROATIA (GOVT) 6.625% ADMITTED TO AN OFFICIAL STOCK 14/07/2020 17,656,000 USD 19,195,074 0.37EXCHANGE LISTING 19,195,074 0.37

INDONESIA TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED INDONESIA (GOVT) 5.875% MARKET 15/01/2024 72,408,000 USD 76,820,905 1.49

MAJAPAHIT HOLDING 7.25% BONDS 28/06/2017 2,880,000 USD 3,096,000 0.06

MAJAPAHIT HOLDING 7.75% BARBADOS 17/10/2016 10,775,000 USD 11,381,094 0.22COLUMBUS INTERNATIONAL 91,297,999 1.777.375% 30/03/2021 1,400,000 USD 1,451,625 0.03

1,451,625 0.03

2,763,028,758 53.58

358




KAZAKHSTAN SERBIA (GOVT) 5.25% KAZAGRO NATIONAL MGMT 21/11/2017 2,400,000 USD 2,491,224 0.05HOLDING 4.625% 24/05/2023 5,000,000 USD 4,009,675 0.08 3,378,562 0.07KAZMUNAYGAS 6.375% TURKEY 09/04/2021 12,853,000 USD 12,660,205 0.24 TURKIYE VAKIFLAR

16,669,880 0.32 BANKASI 3.75% 15/04/2018 3,000,000 USD 2,899,455 0.06MALAYSIA 2,899,455 0.06PETRONAS CAPITAL 3.125% UNITED STATES 18/03/2022 6,378,000 USD 6,233,793 0.12 US (GOVT) 2% 15/08/2025 42,778,000 USD 42,527,347 0.82

6,233,793 0.12 US (GOVT) 2.5% 15/02/2045 531,500 USD 491,790 0.01MEXICO 43,019,137 0.83MEXICO (GOVT) 3.6% URUGUAY 30/01/2025 43,926,000 USD 43,057,144 0.83 URUGUAY (GOVT) 5.1% MEXICO (GOVT) 4% 18/06/2050 8,214,503 USD 7,153,518 0.1402/10/2023 84,872,000 USD 86,472,686 1.68 7,153,518 0.14MEXICO (GOVT) 4.6% VENEZUELA 23/01/2046 79,856,000 USD 71,144,509 1.38 PETROLEOS DE VENEZUELA MEXICO (GOVT) 5.55% 5.25% 12/04/2017 46,317,200 USD 20,669,050 0.4121/01/2045 56,215,000 USD 57,606,321 1.12 PETROLEOS DE VENEZUELA PEMEX 5.5% 27/06/2044 26,412,000 USD 21,407,058 0.42 6% 15/11/2026 13,529,770 USD 4,304,158 0.08PETROLEOS MEXICANOS VENEZUELA (GOVT) 11.75% 4.25% 15/01/2025 9,664,000 USD 8,889,575 0.17 21/10/2026 14,496,200 USD 5,786,811 0.11PETROLEOS MEXICANOS 30,760,019 0.604.5% 23/01/2026 59,821,000 USD 55,268,024 1.07 TOTAL BONDS 870,272,071 16.87PETROLEOS MEXICANOS 5.625% 23/01/2046 16,767,000 USD 13,657,141 0.26 TREASURY BILLS PETROLEOS MEXICANOS 6.375% 23/01/2045 7,828,000 USD 7,076,003 0.14 UNITED STATES

364,578,461 7.07 US (GOVT) 0% 10/03/2016 35,000,000 USD 34,993,700 0.68NIGERIA 34,993,700 0.68NIGERIA (GOVT) 6.375% TOTAL TREASURY BILLS 34,993,700 0.6812/07/2023 12,636,000 USD 11,325,141 0.22 TOTAL TRANSFERABLE SECURITIES

11,325,141 0.22 TRADED ON ANOTHER REGULATED MARKETPANAMA PANAMA (GOVT) 4% OTHER TRANSFERABLE SECURITIES 22/09/2024 15,453,000 USD 15,349,310 0.30

15,349,310 0.30 BONDS PERU CORP FINANCIERA DE DESAR- CHINA ROLLO 4.75% 15/07/2025 2,000,000 USD 1,963,520 0.04 INDEPENDENCIA INTERNATIONALPERU (GOVT) 4.125% 12% 30/12/2016 1,328,131 USD - 0.0025/08/2027 14,955,000 USD 14,737,480 0.28 - 0.00

16,701,000 0.32 TOTAL BONDS - 0.00RUSSIAN FEDERATION RUSSIA (GOVT) 4.875% COLLECTIVE INVESTMENT SCHEMES 16/09/2023 6,000,000 USD 6,075,120 0.12

6,075,120 0.12 IRELAND SERBIA HSBC GLOBAL US DOLLAR SERBIA (GOVT) 4.875% LIQUIDITY FUND "Z" 38,066,128 USD 38,066,128 0.7425/02/2020 875,000 USD 887,338 0.02 38,066,128 0.74

TOTAL COLLECTIVE INVESTMENT SCHEMES 38,066,128 0.74

905,265,771 17.55

359




TREASURY BILLS

UNITED STATES US (GOVT) 0% 05/11/2015 189,416,800 USD 189,420,020 3.67US (GOVT) 0% 12/11/2015 205,169,300 USD 205,171,967 3.98US (GOVT) 0% 19/11/2015 61,367,200 USD 61,367,814 1.19US (GOVT) 0% 10/12/2015 208,745,000 USD 208,750,636 4.04US (GOVT) 0% 17/12/2015 16,429,000 USD 16,429,263 0.32US (GOVT) 0% 24/12/2015 48,320,600 USD 48,322,726 0.94US (GOVT) 0% 07/01/2016 49,770,200 USD 49,770,548 0.97US (GOVT) 0% 14/01/2016 16,429,000 USD 16,428,885 0.32US (GOVT) 3% 15/11/2044 4,596,300 USD 4,694,690 0.09


360


Global Emerging Markets Corporate DebtStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS ISRAEL DELEK & AVNER 3.839%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 30/12/2018 100,000 USD 101,088 0.77EXCHANGE LISTING ISRAEL ELECTRIC CORP

5.625% 21/06/2018 600,000 USD 638,412 4.85BONDS 739,500 5.62

KAZAKHSTAN AUSTRIA KAZAKHSTAN (GOVT) JBS INVESTMENTS 7.75% 5.125% 21/07/2025 200,000 USD 194,242 1.4828/10/2020 (USA29866AA70) 300,000 USD 306,375 2.33 194,242 1.48

306,375 2.33 MEXICO BRAZIL CEMEX 6.5% 10/12/2019 400,000 USD 398,750 3.03BANCO BMG 9.15% 15/01/2016 100,000 USD 19,850 0.15 MEXICO (GOVT) 3.625% CENTRAIS ELECTRICAS BRASIL- 15/03/2022 4,000 USD 4,030 0.03EIRAS 6.875% 30/07/2019 100,000 USD 89,563 0.68 PEMEX 3.5% 30/01/2023 452,000 USD 408,061 3.10PETROBRAS GLOBAL PEMEX 5.5% 21/01/2021 150,000 USD 157,664 1.20FINANCE 3% 15/01/2019 100,000 USD 72,750 0.55 PEMEX 6.5% 02/06/2041 50,000 USD 45,847 0.35PETROBRAS GLOBAL 1,014,352 7.71FINANCE 4.375% 20/05/2023 100,000 USD 65,438 0.50 MOROCCO PETROBRAS INTERNATIONAL OFFICE CHERIFIEN DES PHOSPHATESFINANCE 5.375% 27/01/2021 200,000 USD 144,999 1.10 4.5% 22/10/2025 400,000 USD 376,310 2.86VALE OVERSEAS 6.875% 376,310 2.8621/11/2036 100,000 USD 78,543 0.60 NETHERLANDS

471,143 3.58 GTB FINANCE 7.5% 19/05/2016 200,000 USD 202,250 1.54CHILE 202,250 1.54CORPBANCA 3.125% PERU 15/01/2018 400,000 USD 397,948 3.03 SOUTHERN COPPER 5.25%

397,948 3.03 08/11/2042 110,000 USD 83,093 0.63CHINA SOUTHERN COPPER 6.75%BESTGAIN REAL ESTATE 16/04/2040 150,000 USD 135,429 1.032.625% 13/03/2018 200,000 USD 197,543 1.50 SOUTHERN COPPER 7.5%CHINA OVERSEAS FINANCE 27/07/2035 100,000 USD 97,719 0.744.25% 08/05/2019 200,000 USD 207,263 1.57 316,241 2.40GRUPO AVAL 5.25% RUSSIAN FEDERATION 01/02/2017 200,000 USD 204,749 1.56 ALFA BANK 7.875% 25/09/2017 100,000 USD 105,625 0.80

609,555 4.63 SBERBANK 5.5% VRN COLOMBIA 26/02/2024 200,000 USD 170,000 1.30BANCO DAVIVIENDA 2.95% 275,625 2.1029/01/2018 400,000 USD 394,510 3.00 TURKEY

394,510 3.00 TURKIYE GARANTIHONG KONG BANKASI 4% 13/09/2017 200,000 USD 199,962 1.52CITIC PACIFIC 6.625% TURKIYE VAKIFLAR 15/04/2021 100,000 USD 112,332 0.85 BANKASI 5.75% 24/04/2017 200,000 USD 205,500 1.56CITIC PACIFIC 6.875% 405,462 3.0821/01/2018 200,000 USD 216,992 1.65 UNITED ARAB EMIRATES

329,324 2.50 DP WORLD 6.85% 02/07/2037 100,000 USD 106,264 0.81INDIA DP WORLD SUKUK 6.25% ONGC VIDESH 3.25% 02/07/2017 300,000 USD 320,521 2.4415/07/2019 200,000 USD 201,887 1.54 426,785 3.25STATE BANK INDIA (LONDON)4.125% 01/08/2017 400,000 USD 413,964 3.15

615,851 4.69

361


Global Emerging Markets Corporate DebtStatement of investments as at 30 September 2015(expressed in USD)


UNITED STATES ISRAEL SOUTHERN COPPER 5.875% B COMMUNICATIONS 7.375%23/04/2045 70,000 USD 56,451 0.43 15/02/2021 200,000 USD 215,000 1.63

56,451 0.43 215,000 1.63TOTAL BONDS 7,131,924 54.23 MEXICO TOTAL TRANSFERABLE SECURITIES MEXICO (GOVT) 4%ADMITTED TO AN OFFICIAL STOCK 02/10/2023 32,000 USD 32,604 0.25EXCHANGE LISTING 32,604 0.25

TURKEY TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED TUPRAS-TURKIYE PETROL MARKET 4.125% 02/05/2018 200,000 USD 197,625 1.50

TURKIYE VAKIFLAR BONDS BANKASI 3.75% 15/04/2018 200,000 USD 193,297 1.47

TURKIYE IS BANKASI BARBADOS 3.75% 10/10/2018 200,000 USD 193,655 1.47COLUMBUS INTERNATIONAL 584,577 4.447.375% 30/03/2021 200,000 USD 207,375 1.58 UNITED STATES

207,375 1.58 US (GOVT) 2% 15/08/2025 50,000 USD 49,707 0.38BRAZIL 49,707 0.38CAIXA ECONOMICA FEDERAL VENEZUELA 4.5% 03/10/2018 450,000 USD 402,749 3.07 PETROLEOS DE VENEZUELA GTL TRADE FINANCE 5.893% 6% 15/11/2026 200,000 USD 63,625 0.4829/04/2024 (USG24422AA83) 150,000 USD 123,352 0.94 63,625 0.48MARFRIG OVERSEAS 9.5% TOTAL BONDS 3,064,031 23.3004/05/2020 100,000 USD 97,250 0.74ODEBRECHT DRILL 6.35% TREASURY BILLS 30/06/2021 300,000 USD 89,175 0.68ODEBRECHT FINANCE UNITED STATES 7.125% 26/06/2042 200,000 USD 112,150 0.85 US (GOVT) 0% 10/03/2016 200,000 USD 199,964 1.52PETROBRAS GLOBAL 199,964 1.52FINANCE 6.85% 05/06/2115 20,000 USD 12,875 0.10 TOTAL TREASURY BILLS 199,964 1.52

837,551 6.38 TOTAL TRANSFERABLE SECURITIESCANADA TRADED ON ANOTHER REGULATED MARKETPACIFIC RUBIALES ENERGY 5.125% 28/03/2023 100,000 USD 35,875 0.27 OTHER TRANSFERABLE SECURITIES

35,875 0.27CHINA COLLECTIVE INVESTMENT SCHEMES GRUPO AVAL 4.75% 26/09/2022 200,000 USD 181,333 1.38 IRELAND

181,333 1.38 HSBC GLOBAL US DOLLAR COLOMBIA LIQUIDITY FUND "Z" 200,348 USD 200,348 1.52ECOPETROL 4.125% 200,348 1.5216/01/2025 200,000 USD 167,549 1.28 TOTAL COLLECTIVE INVESTMENT SCHEMES 200,348 1.52ECOPETROL 5.375% TOTAL OTHER TRANSFERABLE SECURITIES 200,348 1.5226/06/2026 100,000 USD 87,335 0.66 TOTAL INVESTMENTS 10,596,267 80.57

254,884 1.94 OTHER NET ASSETS LESS LIABILITIES 2,555,514 19.43GUATEMALA TOTAL NET ASSETS 13,151,781 100.00COMCEL TRUST 6.875%06/02/2024 600,000 USD 601,500 4.57

601,500 4.57

362

7,131,924 54.23

3,263,995 24.82


Global Emerging Markets Investment Grade BondStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS KAZAKHSTAN DEVELOPMENT BANK OF KAZ-

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK AKHSTAN 4.125% 10/12/2022 250,000 USD 213,921 0.98EXCHANGE LISTING KAZAKHSTAN (GOVT)

5.125% 21/07/2025 400,000 USD 388,484 1.79BONDS 602,405 2.77

MALAYSIA AUSTRALIA MALAYSIA (GOVT) 3.394% CNOOC CURTIS FUNDING 15/03/2017 3,300,000 MYR 752,121 3.464.5% 03/10/2023 200,000 USD 207,373 0.95 752,121 3.46

207,373 0.95 MEXICO BRAZIL MEXICO (GOVT) 4.75% BANCO VOTORANTIM 5.25% 08/03/2044 12,000 USD 10,972 0.0511/02/2016 600,000 USD 600,000 2.75 MEXICO (GOVT) 5.125% BRAZIL (GOVT) 0% 01/01/2016 174 BRL 42,217 0.19 15/01/2020 200,000 USD 219,779 1.01BRAZIL (GOVT) 4.25% MEXICO (GOVT) 5.95% 07/01/2025 450,000 USD 395,255 1.82 19/03/2019 100,000 USD 112,259 0.52BRAZIL (GOVT) 8.25% MEXICO (GOVT) 8%20/01/2034 250,000 USD 260,893 1.20 07/12/2023 4,200 MXN 27,997 0.13BRAZIL (GOVT) 10% MEXICO (GOVT) 8.5%01/01/2017 720 BRL 170,317 0.78 13/12/2018 3,000 MXN 19,640 0.09BRAZIL (GOVT) 10% PEMEX 6.625% 15/06/2035 30,000 USD 28,421 0.1301/01/2021 1,500 BRL 304,576 1.40 419,068 1.93PETROBRAS INTERNATIONAL PANAMA FINANCE 5.375% 27/01/2021 200,000 USD 145,000 0.67 PANAMA (GOVT) 5.2%

1,918,258 8.81 30/01/2020 380,000 USD 413,397 1.90CHILE PANAMA (GOVT) 6.7%BANCO DEL ESTADO DE 26/01/2036 25,000 USD 29,793 0.14CHILE 3.875% 08/02/2022 250,000 USD 255,666 1.18 443,190 2.04EMPRESA NACIONAL DE PERU PETROLEO 5.25% 10/08/2020 150,000 USD 157,715 0.72 PERU (GOVT) 8.75%

413,381 1.90 21/11/2033 90,000 USD 127,287 0.59CHINA SOUTHERN COPPER 5.25% SINOPEC CAPITAL 3.125% 08/11/2042 10,000 USD 7,554 0.0324/04/2023 (US82937TAA07) 200,000 USD 191,173 0.88 134,841 0.62

191,173 0.88 PHILIPPINES COLOMBIA PSALM 7.25% 27/05/2019 150,000 USD 174,479 0.80COLOMBIA (GOVT) 6.125% 174,479 0.8018/01/2041 540,000 USD 536,012 2.46 POLAND COLOMBIA (GOVT) 10% POLAND (GOVT) 5.25% 24/07/2024 2,180,000,000 COP 789,404 3.63 25/10/2020 562,000 PLN 167,869 0.77COLOMBIA (GOVT) 12% POLAND (GOVT) 5.75% 22/10/2015 1,240,000,000 COP 403,042 1.85 23/09/2022 1,359,000 PLN 427,630 1.97

1,728,458 7.94 595,499 2.74INDONESIA ROMANIA INDONESIA (GOVT) 3.375% ROMANIA (GOVT) 6.75% 15/04/2023 750,000 USD 684,611 3.15 07/02/2022 130,000 USD 153,821 0.71INDONESIA (GOVT) 4.875% 153,821 0.7105/05/2021 570,000 USD 589,494 2.71 RUSSIAN FEDERATION INDONESIA (GOVT) 6.625% RUSSIA (GOVT) 6.9% 17/02/2037 100,000 USD 105,279 0.48 03/08/2016 700,000 RUB 10,389 0.05

1,379,384 6.34 10,389 0.05

363




SOUTH AFRICA MALAYSIA SOUTH AFRICA (GOVT) MALAYSIA (GOVT) 3.418% 5.875% 30/05/2022 330,000 USD 356,987 1.64 15/08/2022 100,000 MYR 21,700 0.10SOUTH AFRICA (GOVT) MALAYSIA (GOVT) 3.492% 7% 28/02/2031 12,900,000 ZAR 786,708 3.62 31/03/2020 1,700,000 MYR 380,325 1.75SOUTH AFRICA (GOVT) MALAYSIA (GOVT) 4.16% 7.75% 28/02/2023 950,000 ZAR 66,658 0.31 15/07/2021 290,000 MYR 65,950 0.30SOUTH AFRICA (GOVT) MALAYSIA (GOVT) 4.24% 8% 21/12/2018 3,250,000 ZAR 237,494 1.09 07/02/2018 1,040,000 MYR 240,001 1.10SOUTH AFRICA (GOVT) 707,976 3.2510.5% 21/12/2026 2,500,000 ZAR 207,288 0.95 MEXICO

1,655,135 7.61 MEXICO (GOVT) 4.6% THAILAND 23/01/2046 450,000 USD 400,910 1.85THAILAND (GOVT) 3.58% MEXICO (GOVT) 5.55% 17/12/2027 14,000,000 THB 409,921 1.88 21/01/2045 710,000 USD 727,572 3.35

409,921 1.88 PETROLEOS MEXICANOS TURKEY 4.5% 23/01/2026 125,000 USD 115,486 0.53TURKEY (GOVT) 5.125% PETROLEOS MEXICANOS 25/03/2022 1,110,000 USD 1,126,378 5.18 5.625% 23/01/2046 20,000 USD 16,291 0.07TURKEY (GOVT) 7.1% 1,260,259 5.8008/03/2023 800,000 TRY 213,767 0.98 PERU TURKEY (GOVT) 7.4% PERU (GOVT) 4.125% 05/02/2020 700,000 TRY 203,023 0.93 25/08/2027 50,000 USD 49,273 0.23TURKEY (GOVT) 9% PERU (GOVT) 7.84% 08/03/2017 3,950,000 TRY 1,267,945 5.82 12/08/2020 (US715638BA91) 1,695,000 PEN 555,695 2.55TURKEY (GOVT) 10.5% 604,968 2.7815/01/2020 400,000 TRY 130,509 0.60 POLAND TURKIYE HALK BANKASI POLAND (GOVT) 2.5% 3.875% 05/02/2020 200,000 USD 185,673 0.85 25/07/2018 1,411,000 PLN 376,616 1.73

3,127,295 14.36 POLAND (GOVT) 3.75% UNITED STATES 25/04/2018 1,300,000 PLN 357,537 1.64SOUTHERN COPPER 5.875% 734,153 3.3723/04/2045 70,000 USD 56,451 0.26 RUSSIAN FEDERATION

56,451 0.26 RUSSIA (GOVT) 7.4% URUGUAY 14/06/2017 32,000,000 RUB 463,439 2.13URUGUAY (GOVT) 7.625% 463,439 2.1321/03/2036 150,000 USD 185,276 0.85 TOTAL BONDS 3,783,670 17.39

185,276 0.85 TOTAL TRANSFERABLE SECURITIESTOTAL BONDS 14,557,918 66.90 TRADED ON ANOTHER REGULATED MARKETTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK OTHER TRANSFERABLE SECURITIES EXCHANGE LISTING

COLLECTIVE INVESTMENT SCHEMES TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET IRELAND

HSBC GLOBAL US DOLLAR BONDS LIQUIDITY FUND "Z" 400,696 USD 400,697 1.85

400,697 1.85BRAZIL TOTAL COLLECTIVE INVESTMENT SCHEMES 400,697 1.85PETROBRAS GLOBAL FINANCE 6.85% 05/06/2115 20,000 USD 12,875 0.06

12,875 0.06

364

3,783,670 17.39

14,557,918 66.90




TREASURY BILLS

UNITED STATES US (GOVT) 2.125% 15/05/2025 295,000 USD 296,636 1.36US (GOVT) 3% 15/11/2044 15,000 USD 15,321 0.07

311,957 1.43TOTAL TREASURY BILLS 311,957 1.43TOTAL OTHER TRANSFERABLE SECURITIES 712,654 3.28TOTAL INVESTMENTS 19,054,242 87.57OTHER NET ASSETS LESS LIABILITIES 2,703,937 12.43TOTAL NET ASSETS 21,758,179 100.00

365


Global Emerging Markets Local Currency RatesStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS POLAND (GOVT) 4.75% 25/04/2017 8,500,000 PLN 2,339,207 1.51

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK POLAND (GOVT) 5.25% EXCHANGE LISTING 25/10/2020 6,000,000 PLN 1,792,197 1.16

POLAND (GOVT) 5.75% BONDS 25/10/2021 3,900,000 PLN 1,209,035 0.78

POLAND (GOVT) 5.75% BRAZIL 23/09/2022 9,741,000 PLN 3,065,153 1.98BRAZIL (GOVT) 0% 14,672,523 9.4701/01/2016 3,372 BRL 818,130 0.53 ROMANIA BRAZIL (GOVT) 10% ROMANIA (GOVT) 5.85% 01/01/2021 40,500 BRL 8,223,558 5.31 27/01/2020 3,900,000 RON 1,118,595 0.72

9,041,688 5.84 ROMANIA (GOVT) 5.85% COLOMBIA 26/04/2023 1,800,000 RON 526,898 0.34COLOMBIA (GOVT) 6% ROMANIA (GOVT) 5.95% 28/04/2028 7,985,800,000 COP 2,083,506 1.35 11/06/2021 5,400,000 RON 1,574,111 1.02COLOMBIA (GOVT) 7% 3,219,604 2.0804/05/2022 15,200,000,000 COP 4,745,437 3.06 RUSSIAN FEDERATION COLOMBIA (GOVT) 7.25% RUSSIA (GOVT) 6.4% 15/06/2016 8,000,000,000 COP 2,618,048 1.69 27/05/2020 200,000,000 RUB 2,550,243 1.65COLOMBIA (GOVT) 10% RUSSIA (GOVT) 6.7% 24/07/2024 1,923,100,000 COP 696,378 0.45 15/05/2019 98,000,000 RUB 1,308,018 0.84

10,143,369 6.55 RUSSIA (GOVT) 7% INDONESIA 25/01/2023 23,300,000 RUB 286,499 0.18INDONESIA (GOVT) 6.625% RUSSIA (GOVT) 7% 15/05/2033 1,750,000,000 IDR 88,444 0.06 16/08/2023 70,000,000 RUB 852,019 0.55INDONESIA (GOVT) 8.375% RUSSIA (GOVT) 8.15% 15/03/2024 99,532,000,000 IDR 6,374,871 4.11 03/02/2027 18,000,000 RUB 229,265 0.15INDONESIA (GOVT) 11% 5,226,044 3.3715/09/2025 2,000,000,000 IDR 148,883 0.10 SOUTH AFRICA

6,612,198 4.27 SOUTH AFRICA (GOVT) 6.75%MALAYSIA 31/03/2021 12,000,000 ZAR 817,744 0.53MALAYSIA (GOVT) 3.394% SOUTH AFRICA (GOVT) 7%15/03/2017 6,500,000 MYR 1,481,452 0.95 28/02/2031 25,000,000 ZAR 1,524,626 0.98

1,481,452 0.95 SOUTH AFRICA (GOVT) 7.75%MEXICO 28/02/2023 88,100,000 ZAR 6,181,687 3.99MEXICO (GOVT) 7.75% SOUTH AFRICA (GOVT) 8% 14/12/2017 1,804,000 MXN 11,453,232 7.38 21/12/2018 69,000,000 ZAR 5,042,184 3.26MEXICO (GOVT) 8% SOUTH AFRICA (GOVT) 8% 11/06/2020 1,107,400 MXN 7,296,062 4.71 31/01/2030 16,700,000 ZAR 1,124,366 0.73MEXICO (GOVT) 8.5% SOUTH AFRICA (GOVT) 10.5%18/11/2038 196,200 MXN 1,378,370 0.89 21/12/2026 60,240,000 ZAR 4,994,818 3.22

20,127,664 12.98 19,685,425 12.71PERU THAILAND PERU (GOVT) 5.2% THAILAND (GOVT) 3.625% 12/09/2023 (USP87324BM36) 8,700,000 PEN 2,378,414 1.54 16/06/2023 100,000,000 THB 2,941,053 1.90

2,378,414 1.54 THAILAND (GOVT) 3.85% POLAND 12/12/2025 61,000,000 THB 1,844,798 1.19POLAND (GOVT) 1.5% THAILAND (GOVT) 3.875% 25/04/2020 21,000,000 PLN 5,322,250 3.43 13/06/2019 86,694,000 THB 2,550,803 1.65POLAND (GOVT) 4% 7,336,654 4.7425/10/2023 3,297,000 PLN 944,681 0.61

366


Global Emerging Markets Local Currency RatesStatement of investments as at 30 September 2015(expressed in USD)


TURKEY RUSSIAN FEDERATION TURKEY (GOVT) 7.1% RUSSIA (GOVT) 7.5% 08/03/2023 4,200,000 TRY 1,122,275 0.72 15/03/2018 160,000,000 RUB 2,269,138 1.47TURKEY (GOVT) 7.4% RUSSIA (GOVT) 7.5% 05/02/2020 26,700,000 TRY 7,743,859 5.00 27/02/2019 61,000,000 RUB 843,379 0.54TURKEY (GOVT) 8.2% 3,112,517 2.0113/07/2016 3,700,000 TRY 1,194,662 0.77 TOTAL BONDS 20,366,311 13.15TURKEY (GOVT) 8.2% TOTAL TRANSFERABLE SECURITIES16/11/2016 180,000 TRY 57,589 0.04 TRADED ON ANOTHER REGULATED MARKETTURKEY (GOVT) 9% 08/03/2017 5,500,000 TRY 1,765,495 1.14 OTHER TRANSFERABLE SECURITIES TURKEY (GOVT) 9.5% 12/01/2022 5,400,000 TRY 1,666,951 1.08 BONDS TURKEY (GOVT) 10.4% 27/03/2019 4,500,000 TRY 1,458,697 0.94 MALAYSIA TURKEY (GOVT) 10.5% MALAYSIA (GOVT) 3.955% 15/01/2020 5,500,000 TRY 1,794,496 1.16 15/09/2025 2,200,000 MYR 493,136 0.32

16,804,024 10.85 493,136 0.32TOTAL BONDS 116,729,059 75.35 TOTAL BONDS 493,136 0.32TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 75.35 COLLECTIVE INVESTMENT SCHEMES EXCHANGE LISTING

IRELAND TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED HSBC GLOBAL US DOLLAR MARKET LIQUIDITY FUND "Z" 1,001,735 USD 1,001,735 0.65

1,001,735 0.65BONDS TOTAL COLLECTIVE INVESTMENT SCHEMES 1,001,735 0.65

INDONESIA TREASURY BILLS INDONESIA (GOVT) 11% 15/11/2020 49,372,000,000 IDR 3,590,372 2.32 UNITED STATES INDONESIA (GOVT) 12.9% US (GOVT) 0% 10/12/2015 7,000,000 USD 7,000,189 4.5215/06/2022 60,000,000,000 IDR 4,779,481 3.08 7,000,189 4.52

8,369,853 5.40 TOTAL TREASURY BILLS 7,000,189 4.52MALAYSIA TOTAL OTHER TRANSFERABLE SECURITIES 8,495,060 5.49MALAYSIA (GOVT) 3.26% TOTAL INVESTMENTS 145,590,430 93.9901/03/2018 2,500,000 MYR 564,523 0.36 OTHER NET ASSETS LESS LIABILITIES 9,305,532 6.01MALAYSIA (GOVT) 3.492% TOTAL NET ASSETS 154,895,962 100.0031/03/2020 500,000 MYR 111,860 0.07MALAYSIA (GOVT) 3.654% 31/10/2019 16,000,000 MYR 3,606,957 2.34MALAYSIA (GOVT) 4.16% 15/07/2021 3,140,000 MYR 714,076 0.46MALAYSIA (GOVT) 4.378% 29/11/2019 13,250,000 MYR 3,073,144 1.98

8,070,560 5.21PERU PERU (GOVT) 7.84% 12/08/2020 (US715638BA91) 2,481,000 PEN 813,381 0.53

813,381 0.53

20,366,311 13.15

116,729,059

367


Global Emerging Markets Local DebtStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS MALAYSIA MALAYSIA (GOVT) 3.394%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 15/03/2017 23,000,000 MYR 5,242,059 0.37EXCHANGE LISTING 5,242,059 0.37

MEXICO BONDS MEXICO (GOVT) 2%

09/06/2022 390,900 MXN 11,807,470 0.83BRAZIL MEXICO (GOVT) 4% BANCO NAC DESEN 3.375% 13/06/2019 45 MXN 1,525 0.0026/09/2016 4,000,000 USD 3,999,720 0.28 MEXICO (GOVT) 4.5% BRAZIL (GOVT) 0% 04/12/2025 99,885 MXN 3,544,852 0.2501/01/2016 177,717 BRL 43,118,515 3.01 MEXICO (GOVT) 5% BRAZIL (GOVT) 0% 16/06/2016 15,281 MXN 495,423 0.0301/01/2017 38,000 BRL 7,947,864 0.56 MEXICO (GOVT) 6.25% BRAZIL (GOVT) 6% 16/06/2016 1,850,000 MXN 11,122,706 0.7815/05/2017 2,425 BRL 1,615,668 0.11 MEXICO (GOVT) 7.75% BRAZIL (GOVT) 10% 14/12/2017 1,519,000 MXN 9,643,825 0.6701/01/2017 182,500 BRL 43,170,737 3.02 MEXICO (GOVT) 8% BRAZIL (GOVT) 10% 11/06/2020 840,500 MXN 5,537,601 0.3901/01/2021 372,000 BRL 75,534,901 5.28 MEXICO (GOVT) 8.5%

175,387,405 12.26 13/12/2018 3,397,173 MXN 22,240,717 1.55CHILE 64,394,119 4.50CHILE (GOVT) 5.5% PERU 05/08/2020 425,000,000 CLP 641,493 0.04 PERU (GOVT) 5.2%

641,493 0.04 12/09/2023 (USP87324BM36) 33,000,000 PEN 9,021,571 0.63CHINA PERU (GOVT) 6.9% CNOOC FINANCE 1.125% 12/08/2037 14,850,000 PEN 4,154,289 0.2909/05/2016 1,900,000 USD 1,899,487 0.13 PERU (GOVT) 7.84%

1,899,487 0.13 12/08/2020 (PEP01000CY33) 8,625,000 PEN 2,830,866 0.20COLOMBIA 16,006,726 1.12COLOMBIA (GOVT) 7% POLAND 11/09/2019 61,000,000,000 COP 19,760,572 1.38 POLAND (GOVT) 3% COLOMBIA (GOVT) 10% 24/08/2016 14,565,000 PLN 4,998,168 0.3524/07/2024 45,103,000,000 COP 16,332,337 1.14 POLAND (GOVT) 4%

36,092,909 2.52 25/10/2023 16,345,000 PLN 4,683,291 0.33INDONESIA POLAND (GOVT) 4.75% INDONESIA (GOVT) 6.625% 25/04/2017 13,000,000 PLN 3,577,611 0.2515/05/2033 189,750,000,000 IDR 9,589,823 0.67 POLAND (GOVT) 5% INDONESIA (GOVT) 7.375% 25/04/2016 53,500,000 PLN 14,333,028 1.0015/09/2016 9,806,000,000 IDR 660,888 0.05 POLAND (GOVT) 5.75% INDONESIA (GOVT) 7.875% 23/09/2022 143,304,000 PLN 45,092,776 3.1515/04/2019 169,248,000,000 IDR 11,057,035 0.77 POLAND (GOVT) 6.25% INDONESIA (GOVT) 8.375% 24/10/2015 10,000,000 PLN 2,637,441 0.1815/03/2024 502,620,000,000 IDR 32,192,038 2.25 75,322,315 5.26INDONESIA (GOVT) 10% ROMANIA 15/09/2024 10,000,000,000 IDR 701,140 0.05 ROMANIA (GOVT) 5.9% INDONESIA (GOVT) 11% 26/07/2017 40,850,000 RON 11,092,730 0.7815/09/2025 41,870,000,000 IDR 3,116,857 0.22 11,092,730 0.78INDONESIA (GOVT) 11.5% 15/09/2019 18,500,000,000 IDR 1,342,513 0.09

58,660,294 4.10

368




RUSSIAN FEDERATION INDONESIA RUSSIA (GOVT) 6.9% INDONESIA (GOVT) 8.25% 03/08/2016 5,800,000 RUB 86,077 0.01 15/07/2021 29,000,000,000 IDR 1,879,289 0.13RUSSIA (GOVT) 7% INDONESIA (GOVT) 10% 16/08/2023 1,282,000,000 RUB 15,604,113 1.09 15/07/2017 7,000,000,000 IDR 485,408 0.03

15,690,190 1.10 INDONESIA (GOVT) 10.75% SOUTH AFRICA 15/05/2016 20,000,000,000 IDR 1,383,884 0.10SOUTH AFRICA (GOVT) INDONESIA (GOVT) 11% 6.25% 31/03/2036 80,600,000 ZAR 4,344,309 0.30 15/11/2020 20,500,000,000 IDR 1,490,777 0.10SOUTH AFRICA (GOVT) INDONESIA (GOVT) 12.9% 6.75% 31/03/2021 57,000,000 ZAR 3,884,282 0.27 15/06/2022 5,000,000,000 IDR 398,290 0.03SOUTH AFRICA (GOVT) 5,637,648 0.397% 28/02/2031 54,000,000 ZAR 3,293,192 0.23 MALAYSIA SOUTH AFRICA (GOVT) MALAYSIA (GOVT) 3.418% 7.25% 15/01/2020 164,636,000 ZAR 11,619,060 0.81 15/08/2022 12,000,000 MYR 2,603,965 0.18SOUTH AFRICA (GOVT) MALAYSIA (GOVT) 3.654% 7.75% 28/02/2023 216,000,000 ZAR 15,156,008 1.06 31/10/2019 20,000,000 MYR 4,508,696 0.32SOUTH AFRICA (GOVT) MALAYSIA (GOVT) 4.16% 8.25% 15/09/2017 489,710,000 ZAR 36,059,224 2.52 15/07/2021 29,000,000 MYR 6,594,972 0.46SOUTH AFRICA (GOVT) 13,707,633 0.9610.5% 21/12/2026 322,050,000 ZAR 26,702,876 1.87 RUSSIAN FEDERATION

101,058,951 7.06 RUSSIA (GOVT) 7.5% THAILAND 15/03/2018 1,380,000,000 RUB 19,571,310 1.36THAILAND (GOVT) 3.625% 19,571,310 1.3616/06/2023 124,000,000 THB 3,646,905 0.25 SOUTH AFRICA THAILAND (GOVT) 3.85% SOUTH AFRICA (GOVT) 12/12/2025 267,800,000 THB 8,098,967 0.57 13.5% 15/09/2016 80,000,000 ZAR 6,134,809 0.43THAILAND (GOVT) 5.5% 6,134,809 0.4313/03/2023 90,000,000 THB 2,950,299 0.21 THAILAND

14,696,171 1.03 THAILAND (GOVT) 4.5% TURKEY 09/04/2024 150,000,000 THB 4,668,412 0.33TURKEY (GOVT) 7% 4,668,412 0.3326/09/2016 23,960,000 USD 25,070,666 1.75 TOTAL BONDS 59,268,842 4.14TURKEY (GOVT) 7.4% 05/02/2020 114,100,000 TRY 33,092,675 2.31 TREASURY BILLS TURKEY (GOVT) 9.5% 12/01/2022 25,600,000 TRY 7,902,581 0.55 UNITED STATES TURKEY (GOVT) 10.5% US (GOVT) 0% 10/03/2016 16,000,000 USD 15,997,120 1.1215/01/2020 64,200,000 TRY 20,946,661 1.46 15,997,120 1.12

87,012,583 6.07 TOTAL TREASURY BILLS 15,997,120 1.12TOTAL BONDS 663,197,432 46.34 TOTAL TRANSFERABLE SECURITIESTOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKETADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING OTHER TRANSFERABLE SECURITIES

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED BONDS MARKET

MALAYSIA BONDS MALAYSIA (GOVT) 3.48%

15/03/2023 7,500,000 MYR 1,623,332 0.11BRAZIL 1,623,332 0.11BRAZIL (GOVT) 10% TOTAL BONDS 1,623,332 0.1101/01/2025 52,000 BRL 9,549,030 0.67

9,549,030 0.67

369

75,265,962 5.26

663,197,432 46.34







TREASURY BILLS

MEXICO MEXICO (GOVT) 0% 15/10/2015 135,000,000 MXN 79,605,529 5.57MEXICO (GOVT) 0% 04/02/2016 45,000,000 MXN 26,256,362 1.83

105,861,891 7.40UNITED STATES US (GOVT) 0% 12/11/2015 78,300,000 USD 78,301,017 5.47US (GOVT) 0% 19/11/2015 34,000,000 USD 34,000,340 2.38US (GOVT) 0% 10/12/2015 130,000,000 USD 130,003,510 9.09US (GOVT) 0% 17/12/2015 57,500,000 USD 57,500,920 4.02US (GOVT) 0% 07/01/2016 21,250,000 USD 21,250,149 1.48US (GOVT) 0% 14/01/2016 7,500,000 USD 7,499,948 0.52


370


Global Government BondStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS FRANCE (GOVT) 2.25% 25/05/2024 3,200,000 EUR 4,032,876 0.80

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK FRANCE (GOVT) 3.75% EXCHANGE LISTING 25/04/2021 2,940,000 EUR 3,916,190 0.77

FRANCE (GOVT) 4% BONDS 25/10/2038 2,076,000 EUR 3,311,274 0.65

FRANCE (GOVT) 6% AUSTRALIA 25/10/2025 4,700,000 EUR 7,828,742 1.55AUSTRALIA (GOVT) 2.75% 27,739,231 5.4821/04/2024 8,120,000 AUD 5,791,312 1.14 GERMANY AUSTRALIA (GOVT) 3.25% BUNDESREPUB DEUTSCHLAND 21/10/2018 17,385,000 AUD 12,716,497 2.52 1.75% 04/07/2022 1,900,000 EUR 2,346,800 0.46AUSTRALIA (GOVT) 3.25% GERMANY (GOVT) 1.75% 21/04/2029 15,340,000 AUD 11,162,267 2.21 15/2/2024 2,910,000 EUR 3,619,874 0.72AUSTRALIA (GOVT) 4.25% GERMANY (GOVT) 2.5% 21/07/2017 9,000,000 AUD 6,587,724 1.30 15/08/2046 1,590,000 EUR 2,302,061 0.45AUSTRALIA (GOVT) 4.5% GERMANY (GOVT) 3% 21/04/2033 150,000 AUD 125,571 0.02 04/07/2020 2,000,000 EUR 2,557,172 0.51AUSTRALIA (GOVT) 5.75% GERMANY (GOVT) 3.75% 15/05/2021 3,380,000 AUD 2,819,950 0.56 04/01/2019 820,000 EUR 1,032,903 0.20AUSTRALIA (GOVT) 5.75% GERMANY (GOVT) 4.75% 15/07/2022 5,140,000 AUD 4,375,859 0.86 04/07/2028 1,950,000 EUR 3,226,938 0.64

43,579,180 8.61 15,085,748 2.98BELGIUM GREAT BRITAIN BELGIUM (GOVT) 2.25% UK (GOVT) 1.75% 22/06/2023 4,437,000 EUR 5,589,705 1.10 07/09/2022 2,800,000 GBP 4,321,312 0.85BELGIUM (GOVT) 3.5% UK (GOVT) 2.25% 28/06/2017 1,475,000 EUR 1,752,361 0.35 07/09/2023 4,670,000 GBP 7,435,322 1.47BELGIUM (GOVT) 3.75% UK (GOVT) 3.25% 28/09/2020 1,930,000 EUR 2,543,751 0.50 22/01/2044 3,720,000 GBP 6,528,729 1.29BELGIUM (GOVT) 3.75% UK (GOVT) 3.75% 22/06/2045 502,000 EUR 803,894 0.16 07/09/2020 4,285,000 GBP 7,296,816 1.44

10,689,711 2.11 UK (GOVT) 4% 22/01/2060 3,660,000 GBP 8,004,128 1.59CANADA UK (GOVT) 4.25% CANADA (GOVT) 1.75% 07/12/2027 5,435,000 GBP 10,342,574 2.0501/09/2019 5,570,000 CAD 4,329,910 0.86 UK (GOVT) 4.25% CANADA (GOVT) 3.5% 07/03/2036 3,060,000 GBP 6,044,308 1.1901/12/2045 4,200,000 CAD 4,020,199 0.79 49,973,189 9.88

8,350,109 1.65 ITALY DENMARK ITALY (GOVT) 4.25% DENMARK (GOVT) 1.5% 01/03/2020 5,090,000 EUR 6,564,535 1.3015/11/2023 10,500,000 DKK 1,689,678 0.33 ITALY (GOVT) 4.5% DENMARK (GOVT) 4% 01/05/2023 5,730,000 EUR 7,798,585 1.5415/11/2019 15,900,000 DKK 2,760,663 0.55 ITALY (GOVT) 4.75% DENMARK (GOVT) 4.5% 01/06/2017 7,250,000 EUR 8,710,979 1.7215/11/2039 7,950,000 DKK 1,964,259 0.39 ITALY (GOVT) 4.75%

6,414,600 1.27 01/09/2028 5,960,000 EUR 8,632,668 1.71FRANCE ITALY (GOVT) 5% FRANCE (GOVT) 0.25% 01/03/2022 4,230,000 EUR 5,836,490 1.1525/11/2016 2,805,000 EUR 3,147,534 0.62 ITALY (GOVT) 5% FRANCE (GOVT) 1% 01/08/2039 2,395,000 EUR 3,764,039 0.7425/05/2019 4,755,000 EUR 5,502,615 1.09 41,307,296 8.16

371


Global Government BondStatement of investments as at 30 September 2015(expressed in USD)


JAPAN CANADA (GOVT) 2.75% JAPAN (GOVT) 0.2% 01/06/2022 2,250,000 CAD 1,854,945 0.3720/03/2019 2,149,000,000 JPY 18,053,466 3.57 CANADA (GOVT) 5.75% JAPAN (GOVT) 0.9% 01/06/2029 2,480,000 CAD 2,726,067 0.5420/03/2022 1,076,300,000 JPY 9,453,404 1.87 12,708,459 2.51JAPAN (GOVT) 1.7% GREAT BRITAIN 20/03/2044 651,800,000 JPY 5,881,983 1.16 UK (GOVT) 1.25% 22/07/2018 4,040,000 GBP 6,202,663 1.23JAPAN (GOVT) 1.8% 6,202,663 1.2320/06/2017 2,580,000,000 JPY 22,200,623 4.39 TOTAL BONDS 18,911,122 3.74JAPAN (GOVT) 1.8% TOTAL TRANSFERABLE SECURITIES20/03/2032 1,032,200,000 JPY 9,876,809 1.95 TRADED ON ANOTHER REGULATED MARKETJAPAN (GOVT) 1.9% 20/03/2024 1,361,400,000 JPY 12,972,489 2.56 OTHER TRANSFERABLE SECURITIES JAPAN (GOVT) 2.2% 20/09/2028 3,180,600,000 JPY 31,975,301 6.32 COLLECTIVE INVESTMENT SCHEMES

110,414,075 21.82NETHERLANDS IRELAND NETHERLANDS (GOVT) HSBC GLOBAL US DOLLAR 1.25% 15/01/2019 2,945,000 EUR 3,433,955 0.68 LIQUIDITY FUND "Z" 1,483,086 USD 1,483,086 0.29NETHERLANDS (GOVT) 2% 1,483,086 0.2915/07/2024 1,955,000 EUR 2,439,415 0.48 TOTAL COLLECTIVE INVESTMENT SCHEMES 1,483,086 0.29NETHERLAND (GOVT) 2.75% 15/01/2047 950,000 EUR 1,397,359 0.28 TREASURY BILLS

7,270,729 1.44SPAIN UNITED STATES SPAIN (GOVT) 2.75% US (GOVT) 0.875% 15/04/2017 10,110,000 USD 10,162,920 2.0130/04/2019 11,020,000 EUR 13,252,558 2.62 US (GOVT) 1% 31/05/2018 13,925,000 USD 13,973,683 2.76SPAIN (GOVT) 4.4% US (GOVT) 1.375% 31/05/2020 23,180,000 USD 23,220,293 4.5931/10/2023 9,666,000 EUR 13,032,571 2.58 US (GOVT) 1.875% 31/10/2021 16,830,000 USD 17,172,845 3.39SPAIN (GOVT) 5.15% US (GOVT) 2.5% 15/05/2024 11,260,000 USD 11,724,915 2.3231/10/2028 5,980,000 EUR 8,820,072 1.74 US (GOVT) 3.375% 15/05/2044 12,000,000 USD 13,171,875 2.60SPAIN (GOVT) 5.15% US (GOVT) 3.5% 15/02/2018 8,370,000 USD 8,907,021 1.7631/10/2044 3,135,000 EUR 4,944,485 0.98 US (GOVT) 6.125% 15/11/2027 1,455,000 USD 2,064,395 0.41SPAIN (GOVT) 5.5% 100,397,947 19.8430/04/2021 4,600,000 EUR 6,361,337 1.26 TOTAL TREASURY BILLS 100,397,947 19.84

46,411,023 9.18 TOTAL OTHER TRANSFERABLE SECURITIES 101,881,033 20.13TOTAL BONDS 367,234,891 72.58 TOTAL INVESTMENTS 488,027,046 96.45TOTAL TRANSFERABLE SECURITIES OTHER NET ASSETS LESS LIABILITIES 17,976,641 3.55ADMITTED TO AN OFFICIAL STOCK TOTAL NET ASSETS 506,003,687 100.00EXCHANGE LISTING


BONDS

CANADA CANADA (GOVT) 1.25% 01/03/2018 7,000,000 CAD 5,311,140 1.04CANADA (GOVT) 2.5% 01/06/2024 3,445,000 CAD 2,816,307 0.56

372

18,911,122 3.74

367,234,891 72.58


Global High Income BondStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS PETROBRAS INTERNATIONAL FINANCE 5.375% 27/01/2021 2,725,000 USD 1,975,625 0.15

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK PETROBRAS INTERNATIONAL EXCHANGE LISTING FINANCE 5.75% 20/01/2020 5,450,000 USD 4,036,406 0.32

PETROBRAS INTERNATIONAL BONDS FINANCE 7.875% 15/03/2019 350,000 USD 287,875 0.02

PETROBRAS INTERNATIONAL AUSTRIA FINANCE 8.375% 10/12/2018 1,700,000 USD 1,452,438 0.11ERSTE GROUP BANK 6.375% VALE OVERSEAS 6.875% VRN 28/03/2023 1,000,000 USD 1,039,375 0.08 21/11/2036 2,600,000 USD 2,042,105 0.16JBS INVESTMENTS 7.25% VOTORANTIM CIMENTOS 03/04/2024 500,000 USD 480,938 0.04 7.25% 05/04/2041 400,000 USD 295,346 0.02JBS INVESTMENTS 7.75% 31,540,566 2.44 28/10/2020 (USA29866AA70) 5,500,000 USD 5,616,875 0.43 CANADA

7,137,188 0.55 CNOOC FINANCE 4.25% BELGIUM 30/04/2024 1,550,000 USD 1,569,351 0.12AG INSURANCE 3.5% VRN VPII ESCROW CORP 7.5% 30/06/2047 1,000,000 EUR 971,511 0.08 15/07/2021 150,000 USD 155,438 0.01KBC BANK 5.625% VRN PERP 2,000,000 EUR 2,180,872 0.17 1,724,789 0.13 KBC GROUP 1.875% VRN CHILE 11/03/2027 2,000,000 EUR 2,108,328 0.16 CODELCO 3% 17/07/2022 250,000 USD 229,333 0.02

5,260,711 0.41 CORPBANCA 3.125% BRAZIL 15/01/2018 5,620,000 USD 5,591,169 0.43BANCO ABC-BRASIL 7.875% 5,820,502 0.4508/04/2020 1,350,000 USD 1,164,375 0.09 CHINA BANCO ESTADO RIO GRANDE BAIDU 2.25% 28/11/2017 2,006,000 USD 2,007,535 0.167.375% 02/02/2022 960,000 USD 734,400 0.06 BESTGAIN REAL ESTATE BANCO VOTORANTIM 5.25% 2.625% 13/03/2018 3,600,000 USD 3,555,774 0.2711/02/2016 625,000 USD 625,000 0.05 CHINA OVERSEAS FINANCE BRASKEM FINANCE 6.45% 4.25% 08/05/2019 2,000,000 USD 2,072,630 0.1603/02/2024 2,200,000 USD 1,786,466 0.14 CHINA RESOURCES GAS BRAZIL (GOVT) 2.625% 4.5% 05/04/2022 550,000 USD 571,566 0.0405/01/2023 4,855,000 USD 3,969,278 0.31 CNPC GENERAL CAPITAL BRAZIL (GOVT) 4.25% 3.4% 16/04/2023 3,100,000 USD 3,033,226 0.2307/01/2025 1,200,000 USD 1,054,014 0.08 GRUPO AVAL 5.25% BRAZIL (GOVT) 4.875% 01/02/2017 2,715,000 USD 2,779,468 0.2122/01/2021 4,050,000 USD 3,943,728 0.30 HUTCHISON WHAMPOA 3.75% BRAZIL (GOVT) 7.125% VRN PERP 4,000,000 EUR 4,415,415 0.3420/01/2037 1,420,000 USD 1,343,185 0.10 SHIMAO PROPERTY HOLDINGSBRAZIL (GOVT) 8.25% 8.125% 22/01/2021 700,000 USD 731,063 0.0620/01/2034 720,000 USD 751,370 0.06 SINOPEC CAPITAL 3.125% CAIXA ECONOMICA FEDERAL 24/04/2023 (US82937TAA07) 400,000 USD 382,346 0.032.375% 06/11/2017 3,700,000 USD 3,348,500 0.26 SINOPEC CAPITAL 3.125% CENTRAIS ELECTRICAS BRASIL- 24/04/2023 (USG81877AA34) 6,600,000 USD 6,308,708 0.49EIRAS 5.75% 27/10/2021 1,200,000 USD 904,500 0.07 SINOPEC GROUP OVERSEAS GTL TRADE FINANCE 5.893% 3.9% 17/05/2022 5,700,000 USD 5,780,369 0.4529/04/2024 (US36249SAA15) 662,000 USD 544,392 0.04 31,638,100 2.44 PETROBRAS GLOBAL FINANCE COLOMBIA 4.375% 20/05/2023 500,000 USD 327,188 0.03 BANCO DAVIVIENDA 2.95% PETROBRAS GLOBAL FINANCE 29/01/2018 4,580,000 USD 4,517,139 0.35FRN 20/05/2016 1,000,000 USD 954,375 0.07 BANCO DE BOGOTA 5%

15/01/2017 2,400,000 USD 2,465,808 0.19

373




COLOMBIA (GOVT) 2.625% SOLVAY FINANCE 5.425% VRN 15/03/2023 4,450,000 USD 3,976,654 0.31 PERP 1,850,000 EUR 2,041,830 0.16COLOMBIA (GOVT) 4.375% TOTAL 2.625% VRN 12/07/2021 8,865,000 USD 9,052,982 0.70 29/12/2049 3,500,000 EUR 3,449,496 0.27COLOMBIA (GOVT) 6.125% VEOLIA ENVIRONNEMENT 18/01/2041 3,200,000 USD 3,176,368 0.25 4.45% VRN PERP 4,000,000 EUR 4,582,205 0.35COLOMBIA (GOVT) 7.375% VINCI 6.25% VRN PERP 2,750,000 EUR 3,079,878 0.2418/03/2019 2,375,000 USD 2,699,936 0.21 69,815,296 5.39 COLOMBIA (GOVT) 8.125% GABON 21/05/2024 1,350,000 USD 1,660,952 0.13 GABONESE (GOVT) 6.375%

27,549,839 2.14 12/12/2024 1,258,000 USD 1,045,606 0.08COSTA RICA 1,045,606 0.08COSTA RICA (GOVT) 4.25% GEORGIA 26/01/2023 2,940,000 USD 2,575,322 0.20 GEORGIA (GOVT) 6.875%

2,575,322 0.20 12/04/2021 550,000 USD 569,759 0.04CROATIA 569,759 0.04CROATIA (GOVT) 6.25% GERMANY 27/04/2017 800,000 USD 838,408 0.06 BAYER 3% VRN 01/07/2075 4,500,000 EUR 4,936,851 0.38CROATIA (GOVT) 6.75% BERTELSMANN SE AND KGAA 05/11/2019 800,000 USD 871,636 0.07 3% VRN 23/04/2075 1,500,000 EUR 1,513,743 0.12

1,710,044 0.13 COMMERZBANK 7.75% FRANCE 16/03/2021 2,500,000 EUR 3,289,448 0.25AXA 3.941% VRN PERP 3,800,000 EUR 3,974,285 0.31 FRESENIUS FINANCE 3% BANQUE FEDERATIVE CREDIT 01/02/2021 1,200,000 EUR 1,413,172 0.11MUTUEL 3% 21/05/2024 2,750,000 EUR 3,121,272 0.24 GERMAN RESIDENTIAL FUNDINGBNP PARIBAS 4.73% VRN FRN 27/08/2024 650,000 EUR 693,405 0.05PERP 4,000,000 EUR 4,518,020 0.35 HANNOVER FINANCE 5% VRN BPCE 2.75% VRN 08/07/2026 2,000,000 EUR 2,225,433 0.17 30/06/2043 3,000,000 EUR 3,825,058 0.30BPCE 6.117% VRN PERP 6,000,000 EUR 7,220,738 0.55 HANNOVER RUECKVERSICHERUNGCREDIT AGRICOLE 2.625% 3.375% VRN PERP 1,400,000 EUR 1,510,757 0.1217/03/2027 1,600,000 EUR 1,641,164 0.13 HEIDELBERG CEMENT 8.5% CREDIT AGRICOLE 4.375% 31/10/2019 4,000,000 EUR 5,500,320 0.4217/03/2025 750,000 USD 721,778 0.06 MUENCHENER RUECK 5.767% CREDIT AGRICOLE ASSURANCES VRN PERP 5,000,000 EUR 5,935,183 0.454.5% VRN PERP 2,500,000 EUR 2,617,996 0.20 RWE 7% VRN 12/10/2072 1,000,000 USD 992,500 0.08CREDIT AGRICOLE VRN PERP 1,400,000 EUR 1,564,703 0.12 TALANX FINANZ 8.36% ELECTRICITE DE FRANCE 15/06/2042 4,000,000 EUR 5,537,803 0.424.125% VRN PERP 4,100,000 EUR 4,488,363 0.35 TUI 4.5% 01/10/2019 2,150,000 EUR 2,527,433 0.20GDF SUEZ 3.875% VRN PERP 4,300,000 EUR 4,771,386 0.36 UNITYMEDIA HESSEN NEXANS 5.75% 02/05/2017 1,350,000 EUR 1,571,924 0.12 5.125% 21/01/2023 1,300,000 EUR 1,360,701 0.11NOVALIS 3% 30/04/2022 3,150,000 EUR 3,259,065 0.25 UNITYMEDIA HESSEN 5.5% NUMERICABLE 6% 15/05/2022 650,000 USD 621,969 0.05 15/01/2023 3,500,000 USD 3,500,000 0.27NUMERICABLE 6.25% UNITYMEDIA HESSEN 6.25% 15/05/2024 650,000 USD 621,563 0.05 15/01/2029 2,950,000 EUR 3,480,222 0.27ORANGE 5% VRN PERP 4,000,000 EUR 4,398,805 0.34 46,016,596 3.55 RENAULT 4.625% 18/09/2017 2,000,000 EUR 2,380,402 0.18 GREAT BRITAIN SCOR 3.875% VRN PERP 1,000,000 EUR 1,107,096 0.09 ANGLO AMERICAN CAPITAL SOCIETE GENERALE 2.5% VRN FRN 15/04/2016 600,000 USD 597,927 0.0516/09/2026 4,000,000 EUR 4,311,670 0.33 DECO 2007-C4X FRN SOCIETE GENERALE 5% 27/01/2020 2,300,000 GBP 3,241,570 0.2517/01/2024 1,500,000 USD 1,524,255 0.12 FCE BANK 1.114%

13/05/2020 2,700,000 EUR 2,933,901 0.23

374




GREENE KING FINANCE FRN IRELAND 15/03/2036 1,505,000 GBP 1,969,169 0.15 AERCAP IRELAND CAPITAL LLOYDS BANK 11.875% 5% 01/10/2021 4,000,000 USD 4,090,000 0.3116/12/2021 4,000,000 EUR 5,015,599 0.39 AQUARIUS & INVESTMENTS NGG FINANCE 4.25% VRN ZURICH 4.25% VRN 02/10/2043 3,000,000 EUR 3,565,480 0.2818/06/2076 3,900,000 EUR 4,541,374 0.35 BANK OF IRELAND 4.25% VRN REXAM 6.75% VRN 29/06/2067 3,250,000 EUR 3,630,079 0.28 11/06/2024 4,000,000 EUR 4,531,973 0.35ROYAL BANK OF SCOTLAND PHOSAGRO BOND FUNDING 6.934% 09/04/2018 4,000,000 EUR 4,981,264 0.38 4.204% 13/02/2018 3,300,000 USD 3,269,063 0.25SPIRIT ISSUER FRN SMURFIT KAPPA ACQUISITIONS 28/12/2031 3,000,000 GBP 4,420,328 0.34 3.25% 01/06/2021 2,350,000 EUR 2,692,045 0.21SSE 5.625% VRN PERP 18,148,561 1.40 (XS0829351690) 1,000,000 USD 1,038,125 0.08 ISRAEL STANDARD CHARTERED 5.7% DELEK & AVNER 2.803% 26/03/2044 1,000,000 USD 963,090 0.07 30/12/2016 500,000 USD 501,455 0.04

33,332,426 2.57 DELEK & AVNER 3.839% HONG KONG 30/12/2018 2,900,000 USD 2,931,552 0.23CITIC PACIFIC 6.625% ISRAEL ELECTRIC CORP 5% 15/04/2021 800,000 USD 898,656 0.07 12/11/2024 1,150,000 USD 1,178,394 0.09CITIC PACIFIC 6.875% ISRAEL ELECTRIC CORP 5.625%21/01/2018 2,900,000 USD 3,146,384 0.24 21/06/2018 7,600,000 USD 8,086,552 0.62

4,045,040 0.31 12,697,953 0.98 INDIA ITALY ICICI BANK 4.7% 21/02/2018 800,000 USD 839,444 0.07 BANCO POPOLARE SOCIETA ICICI BANK 4.75% 25/11/2016 391,000 USD 404,321 0.03 COOPERATIVE 2.75% 27/07/202 1,000,000 EUR 1,107,917 0.09ICICI BANK 5% 15/01/2016 150,000 USD 151,489 0.01 ENEL 5% VRN 15/01/2075 4,000,000 EUR 4,587,786 0.35

1,395,254 0.11 ENEL 8.75% VRN 24/09/2073 500,000 USD 575,313 0.04INTESA SANPAOLO 6.625%

INDONESIA 13/09/2023 4,500,000 EUR 5,961,818 0.47INDONESIA (GOVT) 3.75% TELECOM ITALIA 5.303% 25/04/2022 5,125,000 USD 4,889,941 0.38 30/05/2024 5,000,000 USD 4,909,375 0.38INDONESIA (GOVT) 5.375% UNICREDIT 5.1875% 17/10/2023 650,000 USD 673,540 0.05 13/10/2015 700,000 USD 700,455 0.05INDONESIA (GOVT) 5.875% 17,842,664 1.38 13/03/2020 1,480,000 USD 1,618,824 0.13 JAPAN INDONESIA (GOVT) 6.625% SOFTBANK CORP 6% 17/02/2037 4,345,000 USD 4,574,351 0.35 30/07/2025 1,700,000 USD 1,678,750 0.13INDONESIA (GOVT) 6.875% SUMITOMO MITSUI BANKING 17/01/2018 1,000,000 USD 1,098,550 0.08 1.75% 16/01/2018 1,000,000 USD 999,300 0.08INDONESIA (GOVT) 7.75% 2,678,050 0.21 17/01/2038 860,000 USD 1,015,613 0.08 JERSEY INDONESIA (GOVT) 8.5% CPUK FINANCE 7% 12/10/2035 400,000 USD 504,396 0.04 28/08/2020 2,000,000 GBP 3,040,860 0.23PERTAMINA 5.625% PROSECURE FUNDING 4.668%20/05/2043 1,200,000 USD 937,500 0.07 30/06/2016 4,000,000 EUR 4,545,927 0.36

15,312,715 1.18 7,586,787 0.59IRAQ KAZAKHSTAN IRAQ (GOVT) 5.8% KAZAKHSTAN (GOVT) 15/01/2028 600,000 USD 419,403 0.03 5.125% 21/07/2025 6,000,000 USD 5,827,260 0.45

419,403 0.03 5,827,260 0.45

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LUXEMBOURG OWENS-ILLINOIS 4.875% ARCELORMITTAL 7% 31/03/2021 5,000,000 EUR 5,881,240 0.4515/10/2039 2,400,000 USD 1,954,500 0.15 RABOBANK NEDERLAND ARCELORMITTAL 9.85% 2.5% VRN 26/05/2026 3,800,000 EUR 4,207,221 0.3201/06/2019 1,500,000 USD 1,632,188 0.13 RABOBANK NEDERLAND TELENET FINANCE VI 6.875% 19/03/2020 4,000,000 EUR 5,259,522 0.414.875% 15/07/2027 2,500,000 EUR 2,569,117 0.20 SCHAEFFLER FINANCE 4.25%WIND ACQUISITION FINANCE 15/05/2021 1,000,000 USD 970,625 0.074.75% 15/07/2020 2,250,000 USD 2,224,688 0.17 SOLVAY FINANCE 6.375%

8,380,493 0.65 VRN PERP 1,500,000 EUR 1,695,304 0.13MEXICO TELEFONICA EUROPE 4.2% CEMEX 6.5% 10/12/2019 3,000,000 USD 2,990,625 0.23 VRN PERP 2,500,000 EUR 2,734,811 0.21CEMEX FINANCE 9.375% WOLTERS KLUWER 2.5% 12/10/2022 2,000,000 USD 2,121,250 0.16 13/05/2024 2,700,000 EUR 3,187,805 0.25MEXICO (GOVT) 3.5% 36,617,196 2.82 21/01/2021 1,535,000 USD 1,560,903 0.12 PANAMA MEXICO (GOVT) 3.625% PANAMA (GOVT) 5.2% 15/03/2022 3,208,000 USD 3,232,204 0.25 30/01/2020 855,000 USD 930,142 0.07MEXICO (GOVT) 4.75% 930,142 0.0708/03/2044 230,000 USD 210,302 0.02 PERU MEXICO (GOVT) 5.95% SOUTHERN COPPER 5.25% 19/03/2019 1,250,000 USD 1,403,238 0.11 08/11/2042 305,000 USD 230,395 0.02MEXICO (GOVT) 6.05% SOUTHERN COPPER 7.5% 11/01/2040 4,654,000 USD 5,096,129 0.40 27/07/2035 3,300,000 USD 3,224,727 0.25PEMEX 3.5% 30/01/2023 5,521,000 USD 4,984,303 0.39 3,455,122 0.27 PEMEX 4.875% 24/01/2022 4,750,000 USD 4,709,388 0.36 PORTUGAL PEMEX 5.5% 21/01/2021 1,950,000 USD 2,049,635 0.16 ENERGIAS DE PORTUGAL PEMEX 6.5% 02/06/2041 2,975,000 USD 2,727,867 0.21 5.375% VRN 16/09/2075 3,600,000 EUR 3,832,643 0.30PEMEX 6.625% 15/06/2035 680,000 USD 644,208 0.05 3,832,643 0.30PEMEX 8% 03/05/2019 500,000 USD 564,455 0.04 RUSSIAN FEDERATION PEMEX PROJECT FUNDING ALFA BANK 7.875% MASTER 5.75% 01/03/2018 1,732,000 USD 1,832,240 0.14 25/09/2017 3,200,000 USD 3,379,999 0.26PETROLEOS MEXICANOS 4.875% GAZPROM 4.95% 19/07/2022 1,600,000 USD 1,468,000 0.1118/01/2024 1,125,000 USD 1,089,293 0.08 ROSNEFT INTERNATIONAL

35,216,040 2.72 FINANCE 3.149% 06/03/2017 2,000,000 USD 1,967,500 0.15MOROCCO RUSSIAN AGRICULTURAL OFFICE CHERIFIEN DES BANK 6.299% 15/05/2017 1,300,000 USD 1,318,688 0.10PHOSPHATES 4.5% 22/10/2025 2,600,000 USD 2,446,015 0.19 SBERBANK 5.4% 24/03/2017 2,000,000 USD 2,043,750 0.16

2,446,015 0.19 SBERBANK 5.5% VRN NETHERLANDS 26/02/2024 1,950,000 USD 1,657,500 0.13ABN AMRO BANK 4.31% VRN VIMPELCOM HOLDINGS 5.2% PERP 1,490,000 EUR 1,672,567 0.13 13/02/2019 1,400,000 USD 1,373,750 0.11ABN AMRO BANK 5.75% VNESHECONOMBANK 5.375% VRN PERP 2,200,000 EUR 2,397,425 0.19 13/02/2017 1,600,000 USD 1,615,688 0.12ABN AMRO BANK 7.125% VTB CAPITAL 6% 12/04/2017 500,000 USD 511,875 0.0406/07/2022 3,000,000 EUR 4,132,440 0.32 VTB CAPITAL 6.875% ALLIANDER 3.25% VRN PERP 1,000,000 EUR 1,164,181 0.09 29/05/2018 2,850,000 USD 2,940,844 0.23ELM 5.252% VRN PERP 800,000 EUR 906,256 0.07 18,277,594 1.41 ING BANK 5.8% 25/09/2023 650,000 USD 705,205 0.05 SERBIA KONINKLIJKE KPN 7% VRN SERBIA (GOVT) 5.875% 28/03/2073 1,650,000 USD 1,702,594 0.13 03/12/2018 1,600,000 USD 1,680,768 0.13

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SERBIA (GOVT) 7.25% TURKIYE IS BANKASI 3.875%28/09/2021 1,205,000 USD 1,355,770 0.10 11/07/2017 1,300,000 USD 1,294,443 0.10

3,036,538 0.23 TURKIYE VAKIFLAR BANKASISOUTH AFRICA 5.75% 24/04/2017 2,600,000 USD 2,671,500 0.21SOUTH AFRICA (GOVT) 5.5% 19,514,695 1.51 09/03/2020 1,320,000 USD 1,408,664 0.11 UNITED ARAB EMIRATES SOUTH AFRICA (GOVT) 5.875% DP WORLD 6.85% 02/07/2037 3,000,000 USD 3,187,905 0.2516/09/2025 3,225,000 USD 3,440,430 0.27 3,187,905 0.25SOUTH AFRICA (GOVT) 6.875% UNITED STATES 27/05/2019 5,915,000 USD 6,607,292 0.50 ACCESS MIDSTREAM

11,456,386 0.88 PARTNERS 4.875% 15/05/2023 1,000,000 USD 920,395 0.07SOUTH KOREA ALLY FINANCIAL 3.25% HYUNDAI CAPITAL AMERICA 29/09/2017 3,500,000 USD 3,471,562 0.271.875% 09/08/2016 1,000,000 USD 1,005,110 0.08 ALLY FINANCIAL 5.125%

1,005,110 0.08 30/09/2024 1,000,000 USD 990,000 0.08SPAIN BANK OF AMERICA 4.2% ABERTIS INFRAESTRUCTURAS 26/08/2024 1,000,000 USD 1,000,145 0.082.5% 27/02/2025 1,000,000 EUR 1,143,017 0.09 BRANDYWINE OPERATING PART- BANCO SANTANDER 6.375% NERSHIP 4.1% 01/10/2024 1,000,000 USD 987,710 0.08VRN PERP 2,000,000 USD 1,872,500 0.14 CENTENE 4.75% 15/05/2022 1,000,000 USD 1,010,625 0.08CELLNEX TELECOM 3.125% CIT GROUP 5% 15/08/2022 1,500,000 USD 1,500,938 0.1227/07/2022 2,300,000 EUR 2,448,633 0.19 CITIGROUP 4.4% 10/06/2025 1,000,000 USD 1,007,955 0.08CEMEX ESPANA 9.875% CROWN CASTLE INTERNATIONAL30/04/2019 (USE28087AC34) 5,600,000 USD 6,027,000 0.47 4.875% 15/04/2022 500,000 USD 522,500 0.04IBERDROLA INTERNATIONAL DANA HOLDING 5.375% 5.75% VRN PERP 5,000,000 EUR 5,916,123 0.46 15/09/2021 2,000,000 USD 1,996,250 0.15MAPFRE 5.921% VRN DISCOVERY COMMUNICATIONS24/07/2037 4,000,000 EUR 4,560,817 0.35 1.9% 19/03/2027 4,100,000 EUR 3,930,678 0.30TELEFONICA EMISIONES DISH DBS 6.75% 01/06/2021 1,500,000 USD 1,441,875 0.113.987% 23/01/2023 2,000,000 EUR 2,510,356 0.19 DOMINION RESOURCES 5.75%

24,478,446 1.89 VRN 01/10/2054 1,000,000 USD 1,031,250 0.08SRI LANKA EP ENERGY EVEREST ACQUISITION BANK OF CEYLON 6.875% FIN 6.375% 15/06/2023 500,000 USD 374,688 0.0303/05/2017 200,000 USD 205,125 0.02 FIFTH THIRD BANCORP

205,125 0.02 5.1% VRN PERP 2,000,000 USD 1,837,500 0.14SWITZERLAND FORD MOTOR CREDIT FRN UBS 4.75% VRN 12/02/2026 3,200,000 EUR 3,763,065 0.29 08/09/2017 1,000,000 USD 992,460 0.08

3,763,065 0.29 GANNETT 7.125% 01/09/2018 1,000,000 USD 1,015,625 0.08TURKEY GE CAPITAL TRUST 4.625% FINANSBANK 5.5% 11/5/2016 800,000 USD 806,000 0.06 15/09/2066 6,000,000 EUR 6,823,175 0.53TURKEY (GOVT) 5.125% GENERAL MOTORS 6.25% 25/03/2022 1,815,000 USD 1,841,780 0.14 02/10/2043 428,000 USD 459,833 0.04TURKEY (GOVT) 5.625% GENERAL MOTORS FINANCIAL30/03/2021 1,950,000 USD 2,043,883 0.16 3% 25/09/2017 1,000,000 USD 1,008,750 0.08TURKEY (GOVT) 6.75% GENESIS ENERGY 5.625% 03/04/2018 2,600,000 USD 2,813,798 0.22 15/06/2024 1,000,000 USD 871,250 0.07TURKEY (GOVT) 7% GREIF 7.75% 01/08/2019 500,000 USD 556,250 0.0411/03/2019 1,000,000 USD 1,101,460 0.09 IAC INTERACTIVE 4.75% TURKEY (GOVT) 7% 15/12/2022 1,000,000 USD 918,750 0.0705/06/2020 4,440,000 USD 4,921,651 0.37 IHS 5% 01/11/2022 750,000 USD 728,438 0.06TURKIYE HALK BANKASI INTERNATIONAL LEASE FINANCE 4.875% 19/07/2017 2,000,000 USD 2,020,180 0.16 4.625% 15/06/2016 1,800,000 USD 1,818,000 0.14

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KINDER MORGAN ENERGY VENEZUELA (GOVT) 9.375% PARTNERS 5.4% 01/09/2044 1,000,000 USD 839,470 0.06 13/01/2034 1,290,000 USD 458,343 0.04LIMITED BRANDS 6.95% 11,840,643 0.91 01/03/2033 1,750,000 USD 1,806,875 0.14 TOTAL BONDS 600,642,424 46.40 LSB INDUSTRIES 7.75% 01/08/2019 500,000 USD 476,563 0.04 ASSET BACKED SECURITIES MORGAN STANLEY 4.35% 08/09/2026 200,000 USD 201,544 0.02 AUSTRALIA MORGAN STANLEY 4.75% INTERSTAR MILLENNIUM 22/03/2017 800,000 USD 838,380 0.06 FRN 27/05/2038 7,000,000 AUD 995,892 0.08MOTOROLA SOLUTIONS 5.5% 995,892 0.0801/09/2044 1,000,000 USD 838,885 0.06 GREAT BRITAIN MPT OPERATING DECO 15 - PAN FRNPARTNERSHIP 4% 19/08/2022 4,750,000 EUR 5,368,462 0.41 27/04/2018 3,622,613 EUR 2,344,441 0.18PBF HOLDING 8.25% EDDYSTONE FINANCE FRN 15/02/2020 2,500,000 USD 2,550,000 0.20 19/04/2021 (XS0248507658) 250,000 GBP 360,700 0.03PNC FINANCIAL SERVICES LONDON & REGIONAL DEBT SECUR-4.85% VRN PERP 1,000,000 USD 941,875 0.07 ITISATION FRN 15/10/2015 2,400,000 GBP 3,392,602 0.26QWEST 6.75% 01/12/2021 1,000,000 USD 1,072,075 0.08 MARSTONS ISSUER 5.641% RAIN CII CARBON 8.5% VRN 15/07/2035 720,000 GBP 1,034,044 0.0815/01/2021 450,000 EUR 466,523 0.04 MITCHELLS & BUTLERS RESOLUTE FOREST PROD 1.40313% 15/09/2034 579,000 GBP 798,139 0.065.875% 15/05/2023 1,530,000 USD 1,171,406 0.09 MITCHELLS & BUTLERS FRN SLM 6% 25/01/2017 1,000,000 USD 1,012,500 0.08 15/06/2036 3,120,000 GBP 4,277,048 0.33SOUTHERN COPPER 5.875% NEWGATE FUNDING FRN 23/04/2045 2,995,000 USD 2,415,302 0.19 15/12/2050 3,000,000 GBP 3,712,652 0.29SUNOCO LOGISTICS PARTNERS TAURUS FRN 21/05/2024 5.35% 15/05/2045 1,000,000 USD 834,145 0.06 (XS0932028219) 1,000,000 EUR 1,084,845 0.08VERIZON COMMUNICATIONS 17,004,471 1.31 6.55% 15/09/2043 103,000 USD 121,978 0.01 IRELAND WILLIAMS COMPANIES DECO 10 - PAN 4.55% 24/06/2024 1,000,000 USD 798,750 0.06 4 FRN 27/10/2019 2,500,000 EUR 842,491 0.07WILLIAMS COMPANIES TALISMAN FINANCE FRN 5.75% 24/06/2044 1,000,000 USD 687,500 0.05 22/07/2015 4,000,000 EUR 233,453 0.02WPX ENERGY 5.25% TAURUS FRN 01/02/2026 15/09/2024 2,000,000 USD 1,650,000 0.13 (XS1220242298) 2,500,000 EUR 2,704,115 0.21

61,308,835 4.75 TAURUS FRN 04/05/2015 4,000,000 EUR 692,424 0.05VENEZUELA TAURUS FRN 22/04/2028 2,500,000 EUR 2,733,417 0.21VENEZUELA (GOVT) 6% 7,205,900 0.56 09/12/2020 1,975,000 USD 657,478 0.05 ITALY VENEZUELA (GOVT) 7.65% MODA HEALTH FRN 21/04/2025 2,100,000 USD 713,391 0.06 22/08/2026 1,000,000 EUR 1,083,093 0.08VENEZUELA (GOVT) 8.25% REITALY FINANCE FRN 13/10/2024 4,275,000 USD 1,470,215 0.11 22/05/2027 1,000,000 EUR 1,110,678 0.09VENEZUELA (GOVT) 9% TIBET CMBS FRN 09/12/2026 2,200,000 EUR 2,441,826 0.1907/05/2023 5,500,000 USD 1,928,135 0.15 4,635,597 0.36 VENEZUELA (GOVT) 9.25% LUXEMBOURG 15/09/2027 15,135,000 USD 6,097,362 0.46 DECO FRN 27/04/2025 1,190,000 EUR 1,333,318 0.10VENEZUELA (GOVT) 9.25% 1,333,318 0.1007/05/2028 1,475,000 USD 515,719 0.04

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UNITED STATES PETROBRAS GLOBAL FINANCE COMMERCIAL MORTGAGE TRUST 6.25% 17/03/2024 1,800,000 USD 1,301,625 0.103.971% VRN 10/06/2046 1,500,000 USD 1,354,458 0.10 PETROBRAS GLOBAL FINANCECOMMERCIAL MORTGAGE TRUST 6.85% 05/06/2115 1,110,000 USD 714,563 0.06VRN 10/07/2046 2,000,000 USD 2,210,558 0.17 PETROBRAS INTERNATIONAL JP MORGAN CHASE 3.769% 5.875% 01/03/2018 7,000,000 USD 5,757,499 0.4315/06/2043 3,955,000 USD 1,466,862 0.11 22,092,232 1.69 JP MORGAN CHASE CANADA 4.38404% VRN 15/04/2046 2,500,000 USD 2,353,064 0.18 BOMBARDIER 7.5% SLM STUDENT LOAN TRUST 15/03/2018 1,500,000 USD 1,402,500 0.11FRN 15/12/2039 1,700,000 USD 1,016,733 0.08 CASCADES 5.75% 15/07/2023 1,000,000 USD 966,875 0.07WFRBS COMMERCIAL TRUST FIRST QUANTUM MINERALS 4.2791% VRN 15/05/2045 2,500,000 USD 2,319,165 0.18 6.75% 15/02/2020 575,000 USD 379,859 0.03

10,720,840 0.82 FIRST QUANTUM MINERALS TOTAL ASSET BACKED SECURITIES 41,896,018 3.23 7.25% 15/10/2019 250,000 USD 167,188 0.01TOTAL TRANSFERABLE SECURITIES GIBSON ENERGY 6.75% ADMITTED TO AN OFFICIAL STOCK 15/07/2021 1,500,000 USD 1,445,625 0.11EXCHANGE LISTING IAMGOLD CORP 6.75%

01/10/2020 400,000 USD 287,750 0.02TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED LUNDIN MINING CORP 7.5% MARKET 01/11/2020 1,200,000 USD 1,163,250 0.09

LUNDIN MINING CORP BONDS 7.875% 01/11/2022 400,000 USD 396,500 0.03

NEW GOLD 7% 15/04/2020 500,000 USD 468,125 0.04AUSTRALIA NOVA CHEMICALS CORP 5% FMG RESOURCES 9.75% 01/05/2025 1,700,000 USD 1,608,625 0.1301/03/2022 1,250,000 USD 1,159,375 0.09 TECK RESOURCES 3.15%

1,159,375 0.09 15/01/2017 652,000 USD 614,510 0.05BARBADOS TECK RESOURCES 3.85% COLUMBUS INTERNATIONAL 15/08/2017 1,000,000 USD 880,000 0.077.375% 30/03/2021 4,850,000 USD 5,028,844 0.39 VRX ESCROW CORP 5.875%

5,028,844 0.39 15/05/2023 1,000,000 USD 963,125 0.07BELGIUM XSTRATA CANADA ONTEX GROUP 4.75% FINANCIAL CORP 6% 15/11/204 1,000,000 USD 690,140 0.0515/11/2021 300,000 EUR 353,084 0.03 11,434,072 0.88

353,084 0.03 CHINA BRAZIL AIRCASTLE 4.625% 15/12/2018 1,000,000 USD 1,024,375 0.08CAIXA ECONOMICA FEDERAL AIRCASTLE 5.5% 15/02/2022 400,000 USD 404,000 0.034.5% 03/10/2018 3,100,000 USD 2,774,500 0.21 AIRCASTLE 6.25% 01/12/2019 1,500,000 USD 1,613,437 0.12GTL TRADE FINANCE 5.893% AIRCASTLE 7.625% 15/04/2020 1,000,000 USD 1,135,000 0.0929/04/2024 (USG24422AA83) 6,200,000 USD 5,098,538 0.39 CNOOC FINANCE 3% MARFRIG OVERSEAS 9.5% 09/05/2023 555,000 USD 519,785 0.0404/05/2020 1,600,000 USD 1,556,000 0.12 COUNTRY GARDEN HOLDINGS ODEBRECHT DRILL 6.35% 7.5% 10/01/2023 1,600,000 USD 1,602,999 0.1230/06/2021 4,600,000 USD 1,367,350 0.11 GRUPO AVAL 4.75% ODEBRECHT FINANCE 26/09/2022 1,225,000 USD 1,110,665 0.094.375% 25/04/2025 1,800,000 USD 1,015,416 0.08 HUTCHISON WHAMPOA 2% ODEBRECHT FINANCE 08/11/2017 750,000 USD 753,465 0.067.125% 26/06/2042 2,400,000 USD 1,345,800 0.10 ICBC 2.351% 13/11/2017 800,000 USD 806,988 0.06ODEBRECHT OFFSHORE ICBC 3.231% 13/11/2019 1,000,000 USD 1,020,610 0.08DRILL FINANCE 6.75% UPCB FINANCE IV 5.375% 01/10/2022 5,000,000 USD 1,160,941 0.09 15/01/2025 665,000 USD 616,788 0.05

642,538,442 49.63

379




UPCB FINANCE VI 6.875% IMPERIAL TOBACCO 15/01/2022 1,000,000 USD 951,750 0.07 FINANCE 2.05% 20/07/2018 1,000,000 USD 999,345 0.08VIKING CRUISES 6.25% SANTANDER UK GROUP 15/05/2025 875,000 USD 859,688 0.07 HOLDINGS 4.75% 15/09/2025 800,000 USD 793,188 0.06

12,419,550 0.96 VIRGIN MEDIA FINANCE COLOMBIA 5.75% 15/01/2025 200,000 USD 187,500 0.01COLOMBIA (GOVT) 4% 4,363,733 0.33 26/02/2024 1,000,000 USD 973,265 0.08 GUATEMALA ECOPETROL 5.375% COMCEL TRUST 6.875% 26/06/2026 1,600,000 USD 1,397,360 0.10 06/02/2024 3,400,000 USD 3,408,500 0.26

2,370,625 0.18 3,408,500 0.26CROATIA INDONESIA CROATIA (GOVT) 6.625% INDONESIA (GOVT) 5.875% 14/07/2020 1,290,000 USD 1,402,449 0.11 15/01/2024 1,050,000 USD 1,113,992 0.09

1,402,449 0.11 1,113,992 0.09DENMARK IRELAND DANSKE BANK 3.875% VRN ARDAGH PACKAGING 04/10/2023 3,500,000 EUR 4,145,994 0.31 FINANCE FRN 15/12/2019 1,000,000 USD 964,600 0.07DANSKE BANK 5.75% VRN 964,600 0.07PERP 1,000,000 EUR 1,105,087 0.09 ISRAEL DONG ENERGY 6.25% VRN B COMMUNICATIONS 7.375% 26/06/3013 2,000,000 EUR 2,450,168 0.19 15/02/2021 3,000,000 USD 3,225,000 0.25

7,701,249 0.59 3,225,000 0.25FRANCE ITALY BANQUE PSA FINANCE FIAT INDUSTRIAL 6.25% 5.75% 04/04/2021 770,000 USD 819,569 0.06 09/03/2018 4,500,000 EUR 5,302,534 0.41BNP PARIBAS 4.25% INTESA SANPAOLO 3.125% 15/10/2024 1,000,000 USD 993,695 0.08 15/01/2016 1,000,000 USD 1,005,605 0.08BPCE 5.15% 21/07/2024 1,000,000 USD 1,016,265 0.08 6,308,139 0.49 CROWN HOLDINGS 3.375% JERSEY 15/05/2025 4,000,000 EUR 4,057,567 0.31 DELPHI AUTOMOTIVE 1.5% ELECTRICITE DE FRANCE 10/03/2025 1,500,000 EUR 1,538,901 0.124.25% VRN PERP 4,000,000 EUR 4,469,731 0.35 1,538,901 0.12ELECTRICITE DE FRANCE LUXEMBOURG 5.25% VRN PERP (US268317AF 1,000,000 USD 963,125 0.07 ACTAVIS FUNDING 1.85% ORANGE 5.5% 06/02/2044 1,000,000 USD 1,092,730 0.08 01/03/2017 1,000,000 USD 1,002,460 0.08REXEL 5.125% 15/06/2020 4,500,000 EUR 5,192,654 0.41 ACTAVIS FUNDING 2.45%

18,605,336 1.44 15/06/2019 500,000 USD 498,763 0.04GERMANY ACTAVIS FUNDING 4.75% DEUTSCHE BANK 7.5% VRN 15/03/2045 1,000,000 USD 906,570 0.07PERP 1,400,000 USD 1,337,000 0.10 2,407,793 0.19 UNITYMEDIA HESSEN MEXICO 5.625% 15/04/2023 3,000,000 EUR 3,166,452 0.25 AMERICA MOVIL 5.125% VOLKSWAGEN INTERNATIONAL VRN 06/09/2073 4,500,000 EUR 5,211,113 0.40FINANCE 3.875% VRN PERP 2,000,000 EUR 2,051,644 0.16 MEXICO (GOVT) 4%

6,555,096 0.51 02/10/2023 458,000 USD 466,638 0.04GREAT BRITAIN MEXICO (GOVT) 4.6% BARCLAYS 2.875% 23/01/2046 3,420,000 USD 3,046,912 0.2308/06/2020 1,000,000 USD 1,001,100 0.08 MEXICO (GOVT) 5.55% BROADGATE FINANCING FRN 21/01/2045 1,820,000 USD 1,865,045 0.1405/10/2023 5,765,000 GBP 1,382,600 0.10

380




PEMEX 3.5% 18/07/2018 1,500,000 USD 1,516,598 0.12 SINGAPORE PETROLEOS MEXICANOS FLEXTRONICS INTERNATIONAL4.5% 23/01/2026 425,000 USD 392,653 0.03 4.75% 15/06/2025 1,000,000 USD 979,375 0.08PETROLEOS MEXICANOS 979,375 0.085.625% 23/01/2046 620,000 USD 505,006 0.04 SOUTH KOREA

13,003,965 1.00 HYUNDAI CAPITAL SERVICESNETHERLANDS FRN 18/03/2017 600,000 USD 599,955 0.05ABN AMRO BANK 4.75% 599,955 0.0528/07/2025 1,000,000 USD 993,255 0.08 SPAIN CNH INDUSTRIAL CAPITAL BANCO SANTANDER 6.25% 3.875% 16/07/2018 1,700,000 USD 1,669,187 0.12 VRN PERP (XS1107291541) 4,000,000 EUR 4,169,192 0.32CONSTELLIUM 8% 15/01/2023 675,000 USD 604,125 0.05 REPSOL INTERNATIONAL FINANCELEASEPLAN CORP 3% 3.625% 07/10/2021 2,000,000 EUR 2,397,023 0.1923/10/2017 1,000,000 USD 1,014,425 0.08 6,566,215 0.51 LYONDELLBASELL INDUSTRIES SWITZERLAND 4.625% 26/02/2055 1,000,000 USD 856,685 0.07 CREDIT SUISSE 1.125% MARFRIG HOLDING EUROPE 15/09/2020 3,050,000 EUR 3,406,298 0.266.875% 24/06/2019 800,000 USD 690,000 0.05 UBS GROUP 2.95% RABOBANK 5.25% 04/08/2045 1,000,000 USD 1,019,235 0.08 24/09/2020 1,000,000 USD 1,001,760 0.08RABOBANK CAPITAL FUNDING 4,408,058 0.345.254% VRN PERP 1,000,000 USD 1,022,500 0.08 TURKEY SCHAEFFLER FINANCE 2.5% AKBANK 6.5% 09/03/2018 1,500,000 USD 1,571,633 0.1215/05/2020 1,300,000 EUR 1,390,359 0.11 TURKIYE IS BANKASI SCHAEFFLER FINANCE 3.75% 10/10/2018 2,600,000 USD 2,517,515 0.203.25% 15/05/2025 1,150,000 EUR 1,206,666 0.09 4,089,148 0.32SCHAEFFLER HOLDING FINANCE UNITED STATES 6.25% 15/11/2019 200,000 USD 212,538 0.02 21ST CENTURY FOX 6.9% SCHAEFFLER HOLDING FINANCE 15/08/2039 1,000,000 USD 1,227,185 0.096.75% 15/11/2022 200,000 USD 215,616 0.02 ABBVIE 2.5% 14/05/2020 1,000,000 USD 994,435 0.08SENSATA TECHNOLOGIES ABBVIE 4.7% 14/05/2045 1,000,000 USD 973,500 0.085.625% 01/11/2024 500,000 USD 508,750 0.04 AIR LEASE 3.75% SWISS REINSURANCE 2.6% 01/02/2022 1,000,000 USD 996,955 0.08VRN PERP 2,950,000 EUR 2,870,205 0.21 AIRGAS 3.05% 01/08/2020 950,000 USD 964,654 0.07

14,273,546 1.10 ALEXANDRIA REAL ESTATE NIGERIA 4.6% 01/04/2022 400,000 USD 420,646 0.03NIGERIA (GOVT) 6.375% ALLY FINANCIAL 3.6% 12/07/2023 800,000 USD 717,008 0.06 21/05/2018 1,000,000 USD 993,750 0.08

717,008 0.06 ALLY FINANCIAL 3.75% PERU 18/11/2019 2,050,000 USD 2,023,094 0.16BBVA BANCO CONTINENTAL ALLY FINANCIAL 8% 3.25% 08/04/2018 1,000,000 USD 1,012,165 0.08 01/11/2031 (US36186CBY84) 1,500,000 USD 1,732,500 0.13PERU (GOVT) 4.125% AMAZON.COM 4.95% 25/08/2027 1,200,000 USD 1,182,546 0.09 05/12/2044 1,000,000 USD 1,025,245 0.08

2,194,711 0.17 AMERICAN AXLE & MANUFACT-RUSSIAN FEDERATION URING 6.625% 15/10/2022 1,000,000 USD 1,008,125 0.08RUSSIAN AGRICULTURAL AMERICAN EXPRESS 4.9% BANK 5.1% 25/07/2018 2,000,000 USD 1,951,250 0.15 VRN PERP 1,700,000 USD 1,634,125 0.13

1,951,250 0.15 AMERICAN EXPRESS 5.2% SERBIA VRN PERP 1,275,000 USD 1,263,047 0.10SERBIA (GOVT) 4.875% AMGEN 4.4% 01/05/2045 1,000,000 USD 919,475 0.0725/02/2020 1,900,000 USD 1,926,790 0.15 AMSTED INDUSTRIES 5%

1,926,790 0.15 15/03/2022 1,000,000 USD 988,750 0.08

381




ANTERO RESOURCES 5.125% CIT GROUP 5.5% 15/02/2019 3,000,000 USD 3,119,999 0.2301/12/2022 2,000,000 USD 1,713,750 0.13 CITIGROUP 5.8% VRN PERP 1,500,000 USD 1,482,188 0.11ANTERO RESOURCES 5.625% CITIGROUP FRN 30/07/2018 900,000 USD 900,252 0.0701/06/2023 875,000 USD 767,813 0.06 CLEARWATER PAPER 5.375% AT&T 3% 30/06/2022 1,000,000 USD 978,090 0.08 01/02/2025 1,400,000 USD 1,356,250 0.10AT&T 4.5% 15/05/2035 1,000,000 USD 922,380 0.07 COLUMBIA PIPELINE GROUP AUTONATION 4.5% 4.5% 01/06/2025 1,000,000 USD 971,480 0.0801/10/2025 960,000 USD 976,608 0.08 COMMSCOPE 4.375% BALL 5.25% 01/07/2025 325,000 USD 319,313 0.02 15/06/2020 1,285,000 USD 1,286,606 0.10BANK OF AMERICA 4.25% COMMUNITY HEALTH SYS 5.125%22/10/2026 1,000,000 USD 991,930 0.08 01/08/2021 1,500,000 USD 1,530,000 0.12BANK OF AMERICA 8% CONCHO RESOURCES 5.5% VRN PERP 500,000 USD 521,563 0.04 01/04/2023 2,000,000 USD 1,903,750 0.15BANK OF AMERICA 8.125% CONTINENTAL RESOURCES VRN PERP 2,000,000 USD 2,095,000 0.15 4.9% 01/06/2044 1,000,000 USD 717,360 0.06BAXALTA 2.875% 23/06/2020 1,000,000 USD 999,355 0.08 DAIMLER FINANCE 1.6% BERRY PETROLEUM 6.375% 03/08/2017 1,325,000 USD 1,317,679 0.1015/09/2022 1,500,000 USD 528,750 0.04 DANA HOLDING 6.75% BIOGEN 5.2% 15/09/2045 960,000 USD 977,083 0.08 05/02/2021 500,000 USD 520,625 0.04BLUE CUBE SPINCO 9.75% DCP MIDSTREAM 4.75% 15/10/2023 506,000 USD 523,078 0.04 30/09/2021 1,000,000 USD 910,625 0.07BLUE CUBE SPINCO 10% DCP MIDSTREAM 4.95% 15/10/2025 380,000 USD 393,538 0.03 01/04/2022 1,000,000 USD 891,875 0.07BLUE RACER MIDSTREAM - DDR 3.625% 01/02/2025 1,000,000 USD 949,665 0.07FINANCE 6.125% 15/11/2022 812,000 USD 785,103 0.06 DEVON ENERGY 5% BUILDING MATERIALS 6% 15/06/2045 1,000,000 USD 910,270 0.0715/10/2025 735,000 USD 740,513 0.06 DIRECTV HOLDINGS 3.95% C&S GROUP ENTERPRISES 15/01/2025 1,000,000 USD 981,560 0.085.375% 15/07/2022 2,000,000 USD 1,848,750 0.14 DIRECTV HOLDINGS 4.45% CAPITAL ONE FINANCIAL 01/04/2024 1,000,000 USD 1,026,160 0.085.55% VRN PERP 3,000,000 USD 2,973,749 0.22 DISCOVER BANK 2.6% CARMIKE CINEMAS 6% 13/11/2018 1,000,000 USD 1,005,455 0.0815/06/2023 885,000 USD 906,572 0.07 DISCOVER FINANCIAL SERVICESCARRIZO OIL & GAS 3.95% 06/11/2024 1,000,000 USD 983,125 0.087.5% 15/09/2020 1,000,000 USD 932,500 0.07 DISH DBS 5% 15/03/2023 1,250,000 USD 1,056,250 0.08CCO HOLDINGS 5.25% DOMINION RESOURCES 3.9% 15/03/2021 1,000,000 USD 987,500 0.08 01/10/2025 960,000 USD 968,525 0.07CCO HOLDINGS 5.25% DOMINION RESOURCES 6.3% 30/09/2022 2,000,000 USD 1,875,000 0.14 VRN 30/09/2066 1,750,000 USD 1,403,281 0.11CCO SAFARI II 4.464% EL PASO PIPELINE 4.7% 23/07/2022 1,000,000 USD 1,000,000 0.08 01/11/2042 1,000,000 USD 759,915 0.06CCO SAFARI II 4.908% EL PASO PIPELINE 5% 23/07/2025 1,000,000 USD 995,000 0.08 01/10/2021 1,000,000 USD 1,025,000 0.08CCO SAFARI II 6.384% ENABLE MIDSTREAM 23/10/2035 1,000,000 USD 1,014,375 0.08 PARTNERS 5% 15/05/2044 1,000,000 USD 805,935 0.06CELGENE 5% 15/08/2045 955,000 USD 948,248 0.07 ENDO FINANCE 6% CENTURYLINK 7.65% 15/07/2023 275,000 USD 269,156 0.0215/03/2042 2,000,000 USD 1,524,730 0.12 ENDO INTERNATIONAL CHRYSLER GROUP 8.25% 5.375% 15/01/2023 2,000,000 USD 1,918,750 0.1515/06/2021 500,000 USD 531,250 0.04 ENERGY TRANSFER EQUITY CIMAREX ENERGY 5.875% 5.875% 15/01/2024 1,000,000 USD 887,500 0.0701/05/2022 1,000,000 USD 1,051,435 0.08

382




ENERGY TRANSFER PARTNERS HCA 5.375% 01/02/2025 1,000,000 USD 986,875 0.083.6% 01/02/2023 1,000,000 USD 906,940 0.07 HCP 3.4% 01/02/2025 1,000,000 USD 941,110 0.07ENERGY TRANSFER PARTNERS HEALTH CARE REIT 4% 5.15% 15/03/2045 1,000,000 USD 789,570 0.06 01/06/2025 1,000,000 USD 997,190 0.08ENERGY TRANSFER PARTNERS HEALTHSOUTH 5.75% 6.125% 15/12/2045 1,000,000 USD 898,000 0.07 01/11/2024 (US421924BK63) 1,200,000 USD 1,184,250 0.09ENLINK MIDSTREAM HEALTHSOUTH 5.75% PARTNERS 5.05% 01/04/2045 1,000,000 USD 855,075 0.07 01/11/2024 (US421924BP50) 98,000 USD 98,245 0.01ENTERPRISE 7.034% VRN HOLOGIC 5.25% 15/07/2022 250,000 USD 252,188 0.0215/01/2068 2,150,000 USD 2,280,343 0.18 HOST HOTELS AND RESORTS ENTERPRISE PRODUCTS 6% 01/11/2020 1,100,000 USD 1,135,822 0.09OPERATING 3.7% 15/02/2026 1,000,000 USD 951,675 0.07 INFOR US 5.75% 15/08/2020 128,000 USD 127,680 0.01EP ENERGY /EP FINANCE IRON MOUNTAIN 6% 9.375% 01/05/2020 1,500,000 USD 1,310,625 0.10 01/10/2020 980,000 USD 984,900 0.08EQUINIX 5.375% 01/01/2022 1,075,000 USD 1,075,000 0.08 JARDEN 6.125% 15/11/2022 1,000,000 USD 1,033,125 0.08EXELON GENERATION 5.75% JBS 5.75% 15/06/2025 500,000 USD 460,000 0.0401/10/2041 1,000,000 USD 1,028,565 0.08 JBS 5.875% 15/07/2024 1,000,000 USD 951,875 0.07FAMILY TREE ESCROW JP MORGAN CHASE 5.3% VRN 5.25% 01/03/2020 415,000 USD 428,228 0.03 PERP 715,000 USD 704,722 0.05FIDELITY NATIONAL INFORMATION KAISER ALUMINUM 8.25% 5% 15/03/2022 1,000,000 USD 1,041,125 0.08 01/06/2020 500,000 USD 532,500 0.04FIFTH THIRD BANCORP KILROY REALTY 4.375% 2.875% 27/07/2020 1,110,000 USD 1,119,757 0.09 01/10/2025 960,000 USD 966,989 0.07FORD MOTOR CREDIT 1.5% KIMCO REALTY 4.3% 17/01/2017 1,000,000 USD 998,015 0.08 01/02/2018 1,000,000 USD 1,051,220 0.08FORD MOTOR CREDIT 2.24% KINDER MORGAN 5.05% 15/06/2018 1,000,000 USD 997,540 0.08 15/02/2046 1,000,000 USD 785,945 0.06FORD MOTOR CREDIT 4.134% KINDRED ESCROW CROP II 04/08/2025 1,000,000 USD 1,001,235 0.08 8.75% 15/01/2023 375,000 USD 407,813 0.03FORD MOTOR CREDIT FRN KINDRED HEALTHCARE 6.375%15/06/2018 1,000,000 USD 991,745 0.08 15/04/2022 1,000,000 USD 1,001,250 0.08FREEPORT MCMORAN 2.3% KLX 5.875% 01/12/2022 1,100,000 USD 1,067,000 0.0814/11/2017 1,000,000 USD 904,980 0.07 KRAFT HEINZ 1.6% GANNETT 5.5% 15/09/2024 200,000 USD 196,000 0.02 30/06/2017 1,000,000 USD 1,002,150 0.08GENERAL MOTORS KRAFT HEINZ 5.2% FINANCIAL 4.3% 13/07/2025 1,000,000 USD 974,375 0.08 15/07/2045 1,000,000 USD 1,058,280 0.08GENERAL MOTORS LEAR 5.25% 15/01/2025 2,500,000 USD 2,471,874 0.18FINANCIAL 4.75% 15/08/2017 700,000 USD 727,125 0.06 LENNAR 4.75% 30/05/2025 3,500,000 USD 3,392,812 0.25GENESIS ENERGY 6.75% LEVEL 3 COMMUNICATIONS 01/08/2022 460,000 USD 434,125 0.03 5.375% 01/05/2025 1,150,000 USD 1,083,875 0.08GILEAD SCIENCES 4.75% LIFEPOINT HOSPITALS 01/03/2046 960,000 USD 966,979 0.07 5.5% 01/12/2021 2,250,000 USD 2,269,687 0.18GLENCORE FUNDING 3.125% MACK-CALI REALITY 2.5% 29/04/2019 1,000,000 USD 847,460 0.07 15/12/2017 800,000 USD 800,016 0.06GOLDMAN SACHS GROUP MARATHON OIL 2.7% 2.75% 15/09/2020 335,000 USD 336,638 0.03 01/06/2020 1,000,000 USD 968,880 0.07GOLDMAN SACHS GROUP MARKWEST ENERGY PARTNERS/ FINANCE5.375% VRN PERP 1,330,000 USD 1,300,075 0.10 4.875% 01/12/2024 2,975,000 USD 2,729,562 0.20GROUP 1 AUTOMOTIVE 5% MASCO 4.45% 01/04/2025 1,000,000 USD 1,006,250 0.0801/06/2022 2,500,000 USD 2,471,874 0.19 MOLEX ELECTRONICS TECHNOLOGIESHCA 3.75% 15/03/2019 1,000,000 USD 996,250 0.08 3.9% 15/04/2025 1,000,000 USD 978,000 0.08HCA 4.75% 01/05/2023 2,750,000 USD 2,749,999 0.20 MORGAN STANLEY 5.55%

VRN PERP 800,000 USD 791,000 0.06

383




MORGAN STANLEY FRN SABRE GLBL 5.375% 05/01/2018 500,000 USD 500,110 0.04 15/04/2023 100,000 USD 98,625 0.01MSCI 5.25% 15/11/2024 550,000 USD 559,625 0.04 SANTANDER BANK 2% MSCI 5.75% 15/08/2025 272,000 USD 275,060 0.02 12/01/2018 600,000 USD 598,500 0.05NATIONAL CINEMEDIA 6% SEMGROUP 7.5% 15/04/2022 1,500,000 USD 1,523,438 0.12 15/06/2021 700,000 USD 704,375 0.05NAVIENT 5.875% 25/03/2021 3,000,000 USD 2,585,624 0.20 SERVICE CORPORATION INTL 5.375%NCL CORP 5.25% 15/11/2019 725,000 USD 748,109 0.06 15/05/2024 1,616,000 USD 1,688,720 0.13NEXTERA ENERGY CAPITAL SHEA HOMES 5.875% 2.056% 01/09/2017 1,100,000 USD 1,108,283 0.09 01/04/2023 1,000,000 USD 1,022,500 0.08NOBLE ENERGY 5.05% SIRIUS XM RADIO 5.375% 15/11/2044 1,000,000 USD 870,420 0.07 15/04/2025 925,000 USD 884,531 0.07NOBLE ENERGY 5.875% SIRIUS XM RADIO 6% 01/06/2024 1,000,000 USD 1,003,575 0.08 15/07/2024 2,000,000 USD 2,007,500 0.16OMEGA HEALTHCARE SLM 4.625% 25/09/2017 500,000 USD 495,313 0.04INVESTORS 4.5% 01/04/2027 1,000,000 USD 982,555 0.08 SM ENERGY 5% 15/01/2024 1,425,000 USD 1,218,375 0.09OMEGA HEALTHCARE SM ENERGY 5.625% INVESTORS 5.25% 15/01/2026 935,000 USD 952,354 0.07 01/06/2025 335,000 USD 296,266 0.02OUTFRONT MEDIA CAPITAL 5.625% SPRINT 7.25% 15/09/2021 2,750,000 USD 2,267,030 0.1815/02/2024 (US69007TAA25) 115,000 USD 116,653 0.01 SPRINT 7.875% 15/09/2023 1,000,000 USD 806,250 0.06OWENS BROCKWAY 5.875% STANDARD PACIFIC 5.875% 15/08/2023 735,000 USD 736,838 0.06 15/11/2024 725,000 USD 745,844 0.06OWENS BROCKWAY 6.375% STEEL DYNAMICS 5.125% 15/08/2025 441,000 USD 451,749 0.03 01/10/2021 1,250,000 USD 1,179,688 0.09OWENS BROCKWAY PACKAGING STEEL DYNAMICS 6.375% 5.375% 15/01/2025 1,500,000 USD 1,449,375 0.11 15/08/2022 1,000,000 USD 987,500 0.08OWENS CORNING 4.2% SYNCHRONY FINANCIAL 15/12/2022 1,000,000 USD 1,013,750 0.08 4.5% 23/07/2025 900,000 USD 908,321 0.07PENSKE TRUCK LEASING TARGA RESOURCES PARTNERS 3.05% 09/01/2020 1,000,000 USD 1,005,790 0.08 6.875% 01/02/2021 3,500,000 USD 3,419,062 0.25PETROLOGISTICS FINANCE TAYLOR MORRISON 5.875% 6.25% 01/04/2020 625,000 USD 657,772 0.05 15/04/2023 750,000 USD 753,281 0.06PLATFORM SPECIALTY TENET HEALTHCARE FRN PRODUCTS 6.5% 01/02/2022 1,175,000 USD 1,019,313 0.08 15/06/2020 400,000 USD 400,224 0.03PPL CAPITAL FUNDING TENNECO 5.375% 15/12/2024 1,125,000 USD 1,156,641 0.096.7% VRN 30/03/2067 4,027,000 USD 3,440,568 0.26 TENNECO 6.875% 15/12/2020 1,000,000 USD 1,036,875 0.08PROLOGIS 3.375% 20/02/2024 2,300,000 EUR 2,713,508 0.20 TENNESSEE VALLEY PROLOGIS 4.5% 15/08/2017 1,000,000 USD 1,050,210 0.08 AUTHORITY 4.25% 15/09/2065 960,000 USD 971,227 0.08QEP RESOURCES 5.25% THE CHEMOURS 6.625% 01/05/2023 1,000,000 USD 848,125 0.07 15/05/2023 1,150,000 USD 774,813 0.06QUINTILES TRANSNATIONAL THE CHEMOURS 7% 4.875% 15/05/2023 375,000 USD 374,531 0.03 15/05/2025 110,000 USD 72,738 0.01QVC 4.45% 15/02/2025 1,000,000 USD 961,250 0.07 TIME WARNER CABLE 4.5% REYNOLDS AMERICAN 5.85% 15/09/2042 1,300,000 USD 1,034,345 0.0815/08/2045 1,000,000 USD 1,113,880 0.09 T-MOBILE USA 6.125% RJS POWER HOLDINGS 15/01/2022 2,125,000 USD 2,067,891 0.165.125% 15/07/2019 1,000,000 USD 936,875 0.07 T-MOBILE USA 6.5% ROSE ROCK MIDSTREAM/ 15/01/2024 500,000 USD 483,438 0.04FINANCE 5.625% 15/11/2023 805,000 USD 722,991 0.06 T-MOBILE USA 6.625%

01/04/2023 1,900,000 USD 1,870,313 0.14

384




TRIBUNE MEDIA 5.875% ASSET BACKED SECURITIES 15/07/2022 1,000,000 USD 972,500 0.08TRIMBLE NAVIGATION FRANCE 4.75% 01/12/2024 1,000,000 USD 1,012,690 0.08 CITYFIBRE INFRASTRUCTUREUNITED RENTALS NORTH HOLDINGS FRN 27/04/2054 1,600,000 EUR 1,786,015 0.14AMERICA 4.625% 15/07/2023 2,150,000 USD 2,074,750 0.16 1,786,015 0.14UNIVERSAL HEALTH SERVICES GREAT BRITAIN 3.75% 01/08/2019 1,250,000 USD 1,274,219 0.10 CANARY WHARF FINANCE UNIVISION COMMUNICATIONS FRN 22/10/2037 500,000 GBP 720,668 0.065.125% 15/02/2025 500,000 USD 470,313 0.04 GREAT HALL MORTGAGES US (GOVT) 1.375% 31/08/2020 920,000 USD 920,809 0.07 FRN 18/03/2039 (XS0288630121 2,000,000 EUR 1,653,986 0.13US (GOVT) 2% 15/08/2025 2,205,000 USD 2,192,079 0.17 MOORGATE FUNDING FRN US (GOVT) 3% 15/05/2045 770,000 USD 788,137 0.06 15/10/2050 500,000 GBP 706,252 0.05VENTAS REALTY 4.375% WARWICK FINANCE RESIDENTIAL01/02/2045 1,000,000 USD 921,750 0.07 MORTGAGES FRN 21/09/2049 1,500,000 GBP 2,096,376 0.16VERISK ANALYTICS 5.5% 5,177,282 0.4015/06/2045 1,000,000 USD 989,925 0.08 IRELAND VERIZON COMM 5.012% TAURUS FRN 01/05/2022 1,700,000 GBP 2,248,638 0.1721/08/2054 839,000 USD 768,755 0.06 2,248,638 0.17VERIZON COMMUNICATIONS 4.272% UNITED STATES 15/01/2036 (US92343VCU61) 1,329,000 USD 1,210,566 0.09 CITIGROUP FRN VERIZON COMMUNICATIONS 15/06/2033 (US17322FAJ03) 2,500,000 USD 2,422,365 0.194.672% 15/03/2055 991,000 USD 854,723 0.07 CITIGROUP FRN VPI ESCROW 6.375% 15/06/2033 (US17322FAL58) 1,000,000 USD 993,073 0.0815/10/2020 1,000,000 USD 997,500 0.08 DBUBS MORTGAGE TRUST VULCAN MATERIALS 4.5% VRN 10/01/2021 3,000,000 USD 3,268,871 0.2601/04/2025 500,000 USD 491,875 0.04 HOME EQUITY MORTGAGE WALGREENS BOOTS TRUST 5.363% 25/06/2035 2,000,000 USD 1,087,659 0.08ALLIANCE 4.8% 18/11/2044 1,000,000 USD 958,720 0.07 JP MORGAN CHASE WELLS FARGO 4.938405% 3.960858% VRN 15/09/2024 2,000,000 USD 1,729,852 0.13VRN 15/10/2045 3,000,000 USD 2,969,290 0.22 MORGAN STANLEY BAML WELLS FARGO AND COMPANY TRUST VRN 15/10/2030 3,000,000 USD 2,883,602 0.225.875% VRN PERP 555,000 USD 568,181 0.04 PROGRESS RESIDENTIAL WINDSTREAM 7.75% TRUST 17/10/2031 500,000 USD 499,988 0.0401/10/2021 500,000 USD 389,688 0.03 12,885,410 1.00 WPX ENERGY 8.25% TOTAL ASSET BACKED SECURITIES 22,097,345 1.71 01/08/2023 600,000 USD 546,375 0.04 TOTAL TRANSFERABLE SECURITIESWYNDHAM WORLDWIDE 3.9% TRADED ON ANOTHER REGULATED MARKET01/03/2023 1,050,000 USD 1,024,506 0.08ZF NORTH AMERICA OTHER TRANSFERABLE SECURITIES CAPITAL 2.25% 26/04/2019 2,000,000 EUR 2,139,013 0.17

227,858,982 17.60 BONDS URUGUAY URUGUAY (GOVT) 5.1% IRELAND 18/06/2050 400,000 USD 348,336 0.03 AERCAP IRELAND CAPITAL-GLOBAL

348,336 0.03 AVIATION 4.625% 01/07/2022 1,000,000 USD 1,001,875 0.08TOTAL BONDS 391,369,909 30.23 1,001,875 0.08

UNITED STATES BELDEN 5.5% 01/09/2022 576,000 USD 563,760 0.04

563,760 0.04TOTAL BONDS 1,565,635 0.12

413,467,254 31.94

385




COLLECTIVE INVESTMENT SCHEMES MORGAN STANLEY 5.35733% VRN 15/09/2021 2,500,000 USD 2,625,794 0.20

IRELAND MORGAN STANLEY BAML HSBC GLOBAL US DOLLAR TRUST 4.30557% 15/02/2046 2,000,000 USD 1,918,154 0.15LIQUIDITY FUND "Z" 9,014,408 USD 9,014,408 0.70 MORGAN STANLEY CAPITAL

9,014,408 0.70 I TRUST VRN 05/02/2035 4,600,000 USD 4,206,332 0.32TOTAL COLLECTIVE INVESTMENT SCHEMES 9,014,408 0.70 MORGAN STANLEY CAPITAL

VRN 15/02/2021 3,225,000 USD 3,468,281 0.27ASSET BACKED SECURITIES PROGRESS RESIDENTIAL

FRN 17/02/2032 2,000,000 USD 1,963,554 0.15CAYMAN ISLANDS RESIDENTIAL MRTG SECURITIES FRN VENTURE CDO FRN 15/06/2046 (XS1200102470) 1,000,000 GBP 1,481,112 0.1115/04/2026 1,000,000 USD 877,445 0.07 RESIDENTIAL MRTG SECURITIES FRN

877,445 0.07 15/06/2046 (XS1200102637) 500,000 GBP 734,070 0.06CHINA SARANAC CLO FRN ATRIUM CORP FRN 20/02/2025 (US803170AA74) 3,000,000 USD 2,579,214 0.2020/07/2020 3,500,000 USD 3,453,178 0.27 SHERIDAN SQUARE FRN CENT FRN 18/11/2018 1,250,000 USD 1,182,127 0.09 15/04/2025 750,000 USD 708,299 0.05GULF STREAM COMPASS FRN THACHER PARK CLO FRN 28/10/2019 4,000,000 USD 3,996,797 0.31 20/10/2026 2,500,000 USD 2,243,463 0.17SILVERADO FRN 16/10/2020 2,250,000 USD 2,164,147 0.17 VOYA CLO FRN 17/07/2026 2,500,000 USD 2,176,543 0.17VENTURE CDO FRN WTC7 DEPOSITOR TRUST 28/08/2025 1,750,000 USD 1,699,287 0.13 5.9649% 13/03/2019 2,000,000 USD 2,146,516 0.17

12,495,536 0.97 53,923,225 4.16 GREAT BRITAIN TOTAL ASSET BACKED SECURITIES 74,055,461 5.72 CELESTE MORTGAGE FUNDING FRN15/03/2045 (XS1200786074) 1,171,000 GBP 1,693,952 0.13 TREASURY BILLS LOGISTICS FRN 20/08/2025 1,250,000 GBP 1,829,061 0.14

3,523,013 0.27 UNITED STATES IRELAND US (GOVT) 1.375% 30/04/2020 1,840,000 USD 1,844,313 0.14DECO FRN 07/11/2024 1,844,313 0.14(XS1150581186) 2,500,000 EUR 2,697,796 0.21 TOTAL TREASURY BILLS 1,844,313 0.14DECO FRN 27/04/2027 500,000 EUR 538,446 0.04 TOTAL OTHER TRANSFERABLE SECURITIES 86,479,817 6.68

3,236,242 0.25 TOTAL INVESTMENTS 1,142,485,513 88.25 UNITED STATES OTHER NET ASSETS LESS LIABILITIES 152,184,142 11.75 BANK OF AMERICA MERRILL TOTAL NET ASSETS 1,294,669,655 100.003.71566% VRN 14/04/2033 3,500,000 USD 3,136,544 0.24CITIGROUP CMT FRN 10/08/2022 3,000,000 USD 2,974,427 0.23COMMERCIAL MORTGAGE PASS VRN 15/08/2045 3,695,000 USD 3,686,487 0.28GS MORTGAGE SECURITIES FRN 10/12/2020 4,000,000 USD 4,187,241 0.32INVITATION HOMES TRUST FRN17/09/2031 1,000,000 USD 975,788 0.08INVITATION HOMES TRUST FRN 17/12/2031 (US46186TAL98) 5,000,000 USD 5,016,504 0.39JP MORGAN CHASE FRN 05/07/2022 300,000 USD 318,313 0.02JP MORGAN CHASE FRN 15/07/2036 1,000,000 USD 1,000,000 0.08JP MORGAN CHASE VRN 15/02/2046 3,000,000 USD 3,193,392 0.25JP MORGAN CHASE VRN 15/11/2043 3,000,000 USD 3,183,197 0.25

386


Global High Yield BondStatement of investments as at 30 September 2015(expressed in USD)

Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvalue value

INVESTMENTS CHINA BESTGAIN REAL ESTATE

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 2.625% 13/03/2018 2,500,000 USD 2,469,288 0.12EXCHANGE LISTING CHINA OVERSEAS FINANCE

4.25% 08/05/2019 3,100,000 USD 3,212,576 0.15BONDS CONTINENTAL 5.75%

18/01/2017 500,000 USD 522,248 0.02AUSTRIA FRANSHION INVESTMENT JBS INVESTMENTS 7.25% 4.7% 26/10/2017 1,000,000 USD 1,019,125 0.0503/04/2024 6,000,000 USD 5,771,250 0.27 GRUPO AVAL 5.25% JBS INVESTMENTS 7.75% 01/02/2017 400,000 USD 409,498 0.0228/10/2020 (USA29866AA70) 9,100,000 USD 9,293,375 0.44 SHIMAO PROPERTY HOLDINGS OMV 6.75% VRN PERP 500,000 EUR 586,860 0.03 8.125% 22/01/2021 6,050,000 USD 6,318,468 0.30TELEKOM AUSTRIA 5.625% SHIMAO PROPERTY HOLDINGS VRN PERP 1,500,000 EUR 1,743,442 0.08 8.375% 10/02/2022 500,000 USD 522,188 0.02

17,394,927 0.82 14,473,391 0.68 BELGIUM COLOMBIA KBC BANK 5.625% VRN PERP 2,000,000 EUR 2,180,873 0.10 BANCO DAVIVIENDA 2.95%

2,180,873 0.10 29/01/2018 2,000,000 USD 1,972,550 0.09BRAZIL COLOMBIA (GOVT) 2.625% BANCO ABC-BRASIL 7.875% 15/03/2023 600,000 USD 536,178 0.0308/04/2020 1,000,000 USD 862,500 0.04 2,508,728 0.12 BANCO BMG 8% 15/04/2018 500,000 USD 466,875 0.02 CROATIA BANCO BMG 9.15% AGROKOR D.D 8.875% 15/01/2016 500,000 USD 99,250 0.00 01/02/2020 2,700,000 USD 2,910,938 0.14BANCO ESTADO RIO GRANDE 2,910,938 0.147.375% 02/02/2022 715,000 USD 546,975 0.03 DENMARK BANCO SANTANDER BRASIL DONG ENERGY 3% VRN 4.625% 13/02/2017 500,000 USD 499,735 0.02 06/11/3015 500,000 EUR 535,102 0.03BRASKEM FINANCE 6.45% DONG ENERGY 4.875% VRN 03/02/2024 3,600,000 USD 2,923,308 0.14 08/07/3013 3,000,000 EUR 3,474,327 0.16CENTRAIS ELECTRICAS BRASIL- TDC 3.5% VRN 26/02/3015 2,500,000 EUR 2,556,909 0.12EIRAS 6.875% 30/07/2019 9,260,000 USD 8,293,487 0.39 6,566,338 0.31 PETROBRAS GLOBAL FRANCE FINANCE 3% 15/01/2019 3,100,000 USD 2,255,250 0.11 ACCOR 4.125% VRN PERP 2,000,000 EUR 2,192,035 0.10PETROBRAS GLOBAL ARKEMA 4.75% VRN PERP 500,000 EUR 561,613 0.03FINANCE 4.375% 20/05/2023 4,300,000 USD 2,813,813 0.13 AXA 3.941% VRN PERP 4,000,000 EUR 4,183,458 0.20PETROBRAS INTERNATIONAL BANQUE FEDERATIVE CREDIT FINANCE 5.375% 27/01/2021 3,200,000 USD 2,320,000 0.11 MUTUEL 3% 11/09/2025 900,000 EUR 991,047 0.05PETROBRAS INTERNATIONAL BNP PARIBAS 4.73% VRN FINANCE 5.75% 20/01/2020 4,190,000 USD 3,103,219 0.15 PERP 8,500,000 EUR 9,600,794 0.44

24,184,412 1.14 BPCE 12.5% VRN PERP 450,000 EUR 680,947 0.03CANADA CNP ASSURANCES VRN PERP 800,000 EUR 815,402 0.04FIRST QUANTUM MINERIALS CREDIT AGRICOLE 6.5% 7.25% 15/05/2022 4,000,000 USD 2,530,000 0.12 VRN PERP 1,500,000 EUR 1,668,095 0.08VPII ESCROW CORP 7.5% CREDIT AGRICOLE 7.875% 15/07/2021 6,824,000 USD 7,071,370 0.33 VRN PERP (FR0010814434) 2,000,000 EUR 2,641,326 0.12

9,601,370 0.45 CREDIT AGRICOLE 7.875% CHILE VRN PERP (USF22797RT78) 3,000,000 USD 2,992,500 0.14CORPBANCA 3.125% CREDIT AGRICOLE ASSURANCES15/01/2018 2,600,000 USD 2,586,662 0.12 4.25% VRN PERP 500,000 EUR 514,231 0.02

2,586,662 0.12

387




CREDIT AGRICOLE ASSURANCES FRESENIUS FINANCE 3% 4.5% VRN PERP 400,000 EUR 418,879 0.02 01/02/2021 350,000 EUR 412,175 0.02CREDIT AGRICOLE VRN PERP 3,300,000 EUR 3,688,228 0.17 FRESENIUS FINANCE 4% CROWN HOLDINGS 4% 01/02/2024 450,000 EUR 557,567 0.0315/07/2022 1,250,000 EUR 1,406,649 0.07 HEIDELBERG CEMENT 7.5% ELECTRICITE DE FRANCE 03/04/2020 8,000,000 EUR 10,782,970 0.514.125% VRN PERP 800,000 EUR 875,778 0.04 MERCK KGAA 2.625% VRN ELECTRICITE DE FRANCE 12/12/2074 600,000 EUR 639,983 0.035% VRN PERP 800,000 EUR 889,655 0.04 MUENCHENER RUECK 5.767% ELECTRICITE DE FRANCE VRN PERP 1,500,000 EUR 1,780,555 0.085.375% VRN PERP 1,000,000 EUR 1,156,334 0.05 TALANX FINANZ 8.36% FAURECIA 3.125% 15/06/2042 2,000,000 EUR 2,768,902 0.1315/06/2022 250,000 EUR 252,028 0.01 TUI 4.5% 01/10/2019 1,500,000 EUR 1,763,326 0.08GDF SUEZ 3.875% VRN PERP 700,000 EUR 776,737 0.04 UNITYMEDIA HESSEN 3.5% GDF SUEZ 4.75% VRN PERP 2,600,000 EUR 3,089,154 0.15 15/01/2027 150,000 EUR 148,287 0.01HOMEVI 6.875% 15/08/2021 800,000 EUR 917,557 0.04 UNITYMEDIA HESSEN 5.5% LAFARGE 5.5% 16/12/2019 2,031,000 EUR 2,657,634 0.13 15/01/2023 3,000,000 USD 3,000,000 0.14NOVALIS 3% 30/04/2022 1,400,000 EUR 1,448,473 0.07 UNITYMEDIA HESSEN 6.25% NUMERICABLE 5.625% 15/01/2029 9,250,000 EUR 10,912,560 0.5115/05/2024 2,000,000 EUR 2,221,337 0.10 VOLKSWAGEN INTERNATIONAL NUMERICABLE 6% 15/05/2022 1,307,000 USD 1,250,636 0.06 FINANCE 4.625% VRN PERP 1,200,000 EUR 1,156,269 0.05NUMERICABLE 6.25% 44,947,014 2.11 15/05/2024 1,685,000 USD 1,611,281 0.08 GREAT BRITAIN ORANGE 4% VRN PERP 500,000 EUR 548,067 0.03 AVIVA 3.375% VRN ORANGE 4.25% VRN PERP 3,000,000 EUR 3,383,576 0.16 04/12/2045 1,150,000 EUR 1,178,803 0.06ORANGE 5.25% VRN PERP 1,050,000 EUR 1,198,258 0.06 BARCLAYS 6.5% VRN PERP 1,500,000 EUR 1,642,980 0.08RENAULT 3.625% 19/09/2018 750,000 EUR 890,035 0.04 BARCLAYS BANK 14% VRN RENAULT 4.625% 18/09/2017 2,000,000 EUR 2,380,402 0.11 PERP 1,500,000 GBP 2,928,201 0.14SOCIETE GENERALE 9.375% FCE BANK 2.759% VRN PERP 750,000 EUR 1,032,356 0.05 13/11/2019 1,000,000 GBP 1,518,522 0.07SOLVAY FINANCE 4.199% GKN HOLDINGS 5.375% VRN PERP 7,050,000 EUR 7,726,924 0.36 19/09/2022 2,000,000 GBP 3,302,685 0.16TOTAL 2.25% VRN PERP 2,750,000 EUR 2,840,903 0.13 HEATHROW AIRPORT HOLDINGS VEOLIA ENVIRONNEMENT 7.125% 01/03/2017 1,500,000 GBP 2,395,672 0.114.85% VRN PERP 1,500,000 GBP 2,277,805 0.11 HEATHROW FINANCE 5.375%

71,780,134 3.37 02/09/2019 300,000 GBP 478,566 0.02GABON LLOYDS BANK 6.375% VRN GABONESE (GOVT) 6.375% PERP 1,000,000 EUR 1,146,249 0.0512/12/2024 500,000 USD 415,583 0.02 LLOYDS BANK 11.875%

415,583 0.02 16/12/2021 2,000,000 EUR 2,507,800 0.12GERMANY NATIONWIDE BUILDING ALLIANZ 4.75% VRN PERP 300,000 EUR 347,552 0.02 SOCIETY 6.875% VRN PERP 1,300,000 GBP 1,932,253 0.09ALLIANZ FINANCE 5.75% NGG FINANCE 4.25% VRN 08/07/2041 2,200,000 EUR 2,802,931 0.13 18/06/2076 5,250,000 EUR 6,113,388 0.29BAYER 3% VRN 01/07/2075 1,000,000 EUR 1,097,078 0.05 REXAM 6.75% VRN BERTELSMANN SE AND KGAA 29/06/2067 6,250,000 EUR 6,980,919 0.323% VRN 23/04/2075 1,500,000 EUR 1,513,743 0.07 ROYAL BANK OF SCOTLAND COMMERZBANK 7.75% 5.125% 28/05/2024 1,771,000 USD 1,789,817 0.0816/03/2021 4,000,000 EUR 5,263,116 0.25 ROYAL BANK OF SCOTLAND

7.648% VRN PERP 3,335,000 USD 4,162,497 0.20ROYAL BANK OF SCOTLAND 10.5% VRN 16/03/2022 6,750,000 EUR 8,448,265 0.40

388




SSE 3.875% VRN PERP 700,000 GBP 1,013,835 0.05 LUXEMBOURG TESCO 5.125% 10/04/2047 300,000 EUR 316,666 0.01 ALBEA BEAUTY 8.75% TESCO 6.125% 24/02/2022 1,125,000 GBP 1,820,185 0.09 01/11/2019 1,000,000 EUR 1,188,806 0.06

49,677,303 2.34 ARCELORMITTAL 7% INDONESIA 15/10/2039 3,600,000 USD 2,931,750 0.14INDONESIA (GOVT) 3.75% ARCELORMITTAL 9.85% 25/04/2022 225,000 USD 214,680 0.01 01/06/2019 9,000,000 USD 9,793,124 0.46INDONESIA (GOVT) 5.375% DUFRY FINANCE 4.5% 17/10/2023 225,000 USD 233,149 0.01 15/07/2022 1,275,000 EUR 1,462,357 0.07

447,829 0.02 ELIOR FINANCE 6.5% IRAQ 01/05/2020 1,000,000 EUR 776,352 0.04IRAQ (GOVT) 5.8% 15/01/2028 1,100,000 USD 768,906 0.04 FMC FINANCE VIII 6.5%

768,906 0.04 15/09/2018 1,000,000 EUR 1,278,106 0.06IRELAND GRIEF LUXEMBOURG AERCAP IRELAND CAPITAL FINANCE 7.375% 15/07/2021 550,000 EUR 717,539 0.033.75% 15/05/2019 590,000 USD 582,256 0.03 KION FINANCE 6.75% AERCAP IRELAND CAPITAL 15/02/2020 4,000,000 EUR 4,660,342 0.224.5% 15/05/2021 1,997,000 USD 2,000,744 0.09 PLAY FINANCE 2 5.25% AERCAP IRELAND CAPITAL 01/02/2019 650,000 EUR 739,167 0.035% 01/10/2021 2,000,000 USD 2,045,000 0.10 TELENET FINANCE III NOVATEK FINANCE 4.422% 6.625% 15/02/2021 3,500,000 EUR 4,077,799 0.1913/12/2022 3,800,000 USD 3,282,250 0.15 TELENET FINANCE VI PHOSAGRO BOND FUNDING 4.875% 15/07/2027 4,500,000 EUR 4,624,413 0.224.204% 13/02/2018 1,500,000 USD 1,485,938 0.07 32,249,755 1.52 SMURFIT KAPPA ACQUISITIONS MEXICO 3.25% 01/06/2021 2,000,000 EUR 2,291,102 0.11 CEMEX 4.375% 05/03/2023 1,000,000 EUR 1,017,880 0.05

11,687,290 0.55 CEMEX 5.7% 11/01/2025 5,520,000 USD 5,002,500 0.24ISRAEL CEMEX 6.5% 10/12/2019 400,000 USD 398,750 0.02DELEK & AVNER 2.803% CEMEX FINANCE 9.375% 30/12/2016 600,000 USD 601,746 0.03 12/10/2022 4,000,000 USD 4,242,500 0.20DELEK & AVNER 3.839% PEMEX 5.5% 21/01/2021 1,700,000 USD 1,786,862 0.0830/12/2018 400,000 USD 404,352 0.02 12,448,492 0.59 ISRAEL ELECTRIC CORP NETHERLANDS 5.625% 21/06/2018 2,600,000 USD 2,766,452 0.13 ABN AMRO BANK 2.875%

3,772,550 0.18 30/06/2025 750,000 EUR 844,952 0.04ITALY ABN AMRO BANK 4.31% ENEL 8.75% VRN 24/09/2073 12,050,000 USD 13,865,031 0.66 VRN PERP 3,300,000 EUR 3,704,344 0.17UNICREDIT 5.1875% ABN AMRO BANK 5.75% 13/10/2015 300,000 USD 300,195 0.01 VRN PERP 1,600,000 EUR 1,743,582 0.08

14,165,226 0.67 ABN AMRO BANK 7.125% JAPAN 06/07/2022 1,000,000 EUR 1,377,480 0.06SOFTBANK CORP 6% ALLIANDER 3.25% VRN PERP 100,000 EUR 116,418 0.0130/07/2025 8,300,000 USD 8,196,250 0.39 CARLSON WAGONLIT 7.5%

8,196,250 0.39 15/06/2019 250,000 EUR 292,143 0.01JERSEY DEUTSCHE ANN FINANCE 4% PROSECURE FUNDING VRN PERP 300,000 EUR 321,383 0.024.668% 30/06/2016 1,928,000 EUR 2,191,137 0.10 DEUTSCHE ANN FINANCE

2,191,137 0.10 4.625% VRN 08/04/2074 2,500,000 EUR 2,813,842 0.13KAZAKHSTAN ELM 5.252% VRN PERP 550,000 EUR 623,051 0.03KAZAKHSTAN (GOVT) GAS NATURAL FENOSA 5.125% 21/07/2025 2,000,000 USD 1,942,420 0.09 FINANCE 4.125% VRN PERP 2,000,000 EUR 2,069,248 0.10

1,942,420 0.09

389




GENERAL MOTORS FINANCIAL SINGAPORE 0.85% 23/02/2018 2,500,000 EUR 2,755,741 0.13 THETA CAPITAL 6.125% GENERAL MOTORS FINANCIAL 14/11/2020 1,800,000 USD 1,633,500 0.081.875% 15/10/2019 200,000 EUR 224,227 0.01 1,633,500 0.08GTB FINANCE 7.5% SPAIN 19/05/2016 1,000,000 USD 1,011,250 0.05 ALMIRALL 4.625% KONINKLIJKE KPN 6.125% 01/04/2021 200,000 EUR 231,343 0.01VRN PERP 2,050,000 EUR 2,378,414 0.11 BANCO BILBAO VIZCAYA KONINKLIJKE KPN 6.875% 6.75% VRN PERP 2,000,000 EUR 2,145,990 0.10VRN 14/03/2073 500,000 GBP 775,836 0.04 BANCO BILBAO VIZCAYAKONINKLIJKE KPN 7% VRN 9% VRN 4,000,000 USD 4,237,500 0.2028/03/2073 8,050,000 USD 8,306,594 0.39 BANCO SANTANDER 6.375% LBC TANK TERMINALS VRN PERP 4,800,000 USD 4,494,000 0.21HOLDING 6.875% 15/05/2023 9,250,000 USD 9,619,999 0.45 CAIXABANK 5% VRN OWENS-ILLINOIS 4.875% 14/11/2023 2,300,000 EUR 2,646,000 0.1231/03/2021 4,550,000 EUR 5,351,928 0.25 CEMEX ESPANA 9.875% PHOENIX PIB FINANCE 3.625% 30/04/2019 (USE28087AC34) 2,800,000 USD 3,013,500 0.1430/07/2021 350,000 EUR 404,606 0.02 EMPARK FUNDING 6.75% RABOBANK NEDERLAND 5.5% 15/12/2019 350,000 EUR 416,082 0.02VRN PERP 1,750,000 EUR 1,948,690 0.09 IBERDROLA INTERNATIONAL RABOBANK NEDERLAND 6.875% 5.75% VRN PERP 3,500,000 EUR 4,141,286 0.2019/03/2020 5,600,000 EUR 7,363,331 0.35 MAPFRE 5.921% VRN TELEFONICA EUROPE 6.5% 24/07/2037 750,000 EUR 855,153 0.04VRN PERP 1,000,000 EUR 1,180,434 0.06 22,180,854 1.04 VIMPELCOM HOLDINGS SRI LANKA 5.95% 13/02/2023 2,400,000 USD 2,197,500 0.10 BANK OF CEYLON 6.875% ZIGGO BOND FINANCE 03/05/2017 350,000 USD 358,969 0.025.875% 15/01/2025 2,000,000 USD 1,832,500 0.09 358,969 0.02

59,257,493 2.79 SWEDEN NIGERIA VOLVO TREASURY 4.2% VRN NIGERIA (GOVT) 5.125% 10/06/2075 3,000,000 EUR 3,175,032 0.1512/07/2018 1,850,000 USD 1,797,534 0.08 3,175,032 0.15

1,797,534 0.08 SWITZERLAND RUSSIAN FEDERATION CREDIT SUISSE 5.75% VRN ALFA BANK 7.75% 18/09/2025 1,250,000 EUR 1,548,657 0.0728/04/2021 500,000 USD 509,688 0.02 CREDIT SUISSE GROUP ALFA BANK 7.875% FUNDING 1.25% 14/04/2022 3,150,000 EUR 3,359,048 0.1625/09/2017 700,000 USD 739,375 0.03 UBS 4.75% VRN 12/02/2026 1,750,000 EUR 2,057,926 0.10GAZPROM 4.95% 19/07/2022 3,800,000 USD 3,486,500 0.16 UBS CAPITAL SECURITIES GAZPROM 5.999% 23/01/2021 3,600,000 USD 3,550,500 0.17 7.152% VRN PERP 450,000 EUR 555,683 0.03GAZPROM 9.25% 23/04/2019 1,000,000 USD 1,108,125 0.05 UBS GROUP 5.75% VRN PERP 2,500,000 EUR 2,801,089 0.13SBERBANK 4.95% 07/02/2017 4,500,000 USD 4,564,687 0.22 UBS GROUP 7% VRN PERP 5,000,000 USD 5,109,374 0.24SBERBANK 5.5% VRN 15,431,777 0.73 26/02/2024 300,000 USD 255,000 0.01 TURKEY VIMPELCOM HOLDINGS 5.2% FINANSBANK 5.15% 13/02/2019 1,000,000 USD 981,250 0.05 01/11/2017 800,000 USD 801,000 0.04VTB BANK 6.315% FINANSBANK 5.5% 22/02/2018 1,175,000 USD 1,200,703 0.06 11/05/2016 1,000,000 USD 1,007,500 0.05

16,395,828 0.77 TURKIYE GARANTI BANKASI SERBIA 4% 13/09/2017 900,000 USD 899,829 0.04SERBIA (GOVT) 5.875% TURKIYE HALK BANKASI 03/12/2018 600,000 USD 630,288 0.03 4.875% 19/07/2017 1,300,000 USD 1,313,117 0.06

630,288 0.03

390




TURKIYE VAKIFLAR LSB INDUSTRIES 7.75% BANKASI 5.75% 24/04/2017 2,300,000 USD 2,363,250 0.11 01/08/2019 3,720,000 USD 3,545,625 0.17

6,384,696 0.30 LYNX I 6% 15/10/2021 1,250,000 GBP 1,730,720 0.08UNITED STATES MGM RESORTS INTL 6.75% AMERICAN AXLE & MANUFACT- 01/10/2020 2,857,000 USD 2,958,781 0.14URING 7.75% 15/11/2019 1,133,000 USD 1,249,841 0.06 MGM RESORTS INTERNATIONAL AVIS BUDGET FINANCE 5.5% 7.75% 15/03/2022 8,245,000 USD 8,801,537 0.4101/04/2023 5,275,000 USD 5,103,563 0.24 MGM RESORTS INTERNATIONAL AVIS BUDGET FINANCE 6% 11.375% 01/03/2018 1,365,000 USD 1,568,897 0.0701/03/2021 250,000 EUR 284,295 0.01 MPT OPERATING PARTNERSHIP CENTURYLINK 6.45% 4% 19/08/2022 600,000 EUR 678,122 0.0315/06/2021 6,305,000 USD 5,840,794 0.27 PBF HOLDING 8.25% CONCHO RESOURCES 5.5% 15/02/2020 12,080,000 USD 12,321,599 0.5901/10/2022 841,000 USD 801,578 0.04 PENSKE AUTO GROUP 5.75% CONCHO RESOURCES 7% 01/10/2022 7,050,000 USD 7,186,594 0.3415/01/2021 308,000 USD 312,620 0.01 PINNACLE ENTERTAINMENT DANA HOLDING 5.375% 6.375% 01/08/2021 3,973,000 USD 4,231,245 0.2015/09/2021 95,000 USD 94,822 0.00 PINNACLE ENTERTAINMENT DAVITA HEALTHCARE PARTNERS 8.75% 15/05/2020 2,000,000 USD 2,085,000 0.105.125% 15/07/2024 4,407,000 USD 4,327,123 0.20 PLASTIPAK HOLDINGS 6.5% DISH DBS 6.75% 01/06/2021 6,700,000 USD 6,440,375 0.30 01/10/2021 6,875,000 USD 6,591,406 0.31EP ENERGY EVEREST ACQUISITION QWEST CAPITAL FUNDING FIN 6.375% 15/06/2023 4,000,000 USD 2,997,500 0.14 7.75% 15/02/2031 575,000 USD 544,186 0.03FIFTH THIRD BANCORP RAIN CII CARBON 8.5% 5.1% VRN PERP 4,000,000 USD 3,675,000 0.17 15/01/2021 1,300,000 EUR 1,347,732 0.06FRESENIUS MEDICAL CARE US RESOLUTE FOREST PROD 5.875% FINANCE II 4.125% 15/10/2020 3,000,000 USD 3,030,000 0.14 15/05/2023 9,025,000 USD 6,909,766 0.33FRESENIUS MEDICAL CARE US SBA TELECOMMUNICATIONS 5.75% FINANCE II 5.625% 31/07/2019 754,000 USD 814,791 0.04 15/07/2020 2,698,000 USD 2,780,626 0.13GE CAPITAL TRUST 4.625% SEALED AIR 4.5% 15/09/2066 5,900,000 EUR 6,709,456 0.32 15/09/2023 750,000 EUR 851,315 0.04GENESIS ENERGY 5.625% SEMINOLE HARD ROCK ENTER- 15/06/2024 4,000,000 USD 3,485,000 0.16 TAINMENT 5.875% 15/05/2021 9,725,000 USD 9,694,608 0.46HALCON RESOURCES 8.875% SERVICE CORPORATION INTER- 15/05/2021 3,305,000 USD 1,039,009 0.05 NATIONAL 7.5% 01/04/2027 1,720,000 USD 1,946,825 0.09HCA 6.5% 15/02/2020 3,347,000 USD 3,662,873 0.17 SLM 7.25% 25/01/2022 2,712,000 USD 2,425,545 0.11HCA 7.5% 15/02/2022 4,862,000 USD 5,475,828 0.26 SPRINT CAPITAL 6.875% INTERNATIONAL LEASE 15/11/2028 7,000,000 USD 4,991,875 0.23FINANCE 4.625% 15/06/2016 3,176,000 USD 3,207,760 0.15 SPRINT CAPITAL 6.9% INTERNATIONAL LEASE 01/05/2019 549,000 USD 482,434 0.02FINANCE 8.875% 01/09/2017 4,750,000 USD 5,210,156 0.25 SPRINT CAPITAL 8.75% JARDEN 3.75% 01/10/2021 300,000 EUR 338,852 0.02 15/03/2032 3,370,000 USD 2,630,706 0.12JP MORGAN CHASE 6% SPRINT COMMUNICATIONS VRN PERP 4,150,000 USD 4,108,500 0.19 6% 15/11/2022 2,770,000 USD 2,067,113 0.10LIMITED BRANDS 6.625% SPRINT COMMUNICATIONS 01/04/2021 2,415,000 USD 2,677,631 0.13 7% 15/08/2020 4,605,000 USD 3,896,981 0.18LIMITED BRANDS 6.95% SPRINT COMMUNICATIONS 01/03/2033 5,975,000 USD 6,169,188 0.29 8.375% 15/08/2017 73,000 USD 72,681 0.00LIMITED BRANDS 7% STANDARD PACIFIC 8.375% 01/05/2020 565,000 USD 641,981 0.03 15/05/2018 350,000 USD 396,594 0.02LIMITED BRANDS 7.6% TENET HEALTHCARE 6% 15/07/2037 950,000 USD 1,050,344 0.05 01/10/2020 2,629,000 USD 2,778,524 0.13

391




TENET HEALTHCARE 8.125% BELGIUM 01/04/2022 12,349,000 USD 13,151,684 0.63 ONTEX GROUP 4.75% WELLS FARGO 7.98% VRN 15/11/2021 150,000 EUR 176,542 0.01PERP 3,000,000 USD 3,195,000 0.15 176,542 0.01

190,612,601 8.96 BRAZIL VENEZUELA GTL TRADE FINANCE 5.893% PETROLEOS DE VENEZUELA 29/04/2024 (USG24422AA83) 4,800,000 USD 3,947,255 0.185.375% 12/04/2027 5,550,000 USD 1,776,000 0.08 MARFRIG OVERSEAS 9.5% PETROLEOS DE VENEZUELA 04/05/2020 2,900,000 USD 2,820,250 0.136% 16/05/2024 5,800,000 USD 1,888,626 0.09 ODEBRECHT DRILL 6.35% VENEZUELA (GOVT) 7.65% 30/06/2021 5,500,000 USD 1,634,875 0.0821/04/2025 1,030,000 USD 349,901 0.02 ODEBRECHT FINANCE VENEZUELA (GOVT) 7.75% 4.375% 25/04/2025 2,400,000 USD 1,353,888 0.0613/10/2019 3,030,000 USD 1,064,378 0.05 ODEBRECHT FINANCE 5.25% VENEZUELA (GOVT) 8.25% 27/06/2029 4,300,000 USD 2,268,831 0.1113/10/2024 475,000 USD 163,357 0.01 ODEBRECHT FINANCE 7% VENEZUELA (GOVT) 9% VRN PERP 2,250,000 USD 454,219 0.0207/05/2023 225,000 USD 78,878 0.00 ODEBRECHT FINANCE VENEZUELA (GOVT) 9.25% 7.125% 26/06/2042 600,000 USD 336,450 0.0215/09/2027 1,000,000 USD 402,865 0.02 ODEBRECHT OFFSHORE DRILL VENEZUELA (GOVT) 9.25% FINANCE 6.75% 01/10/2022 4,300,000 USD 998,409 0.0507/05/2028 3,075,000 USD 1,075,143 0.05 PETROBRAS GLOBAL VENEZUELA (GOVT) 9.375% FINANCE 4.875% 17/03/2020 10,500,000 USD 7,605,937 0.3513/01/2034 1,390,000 USD 493,874 0.02 PETROBRAS GLOBAL

7,293,022 0.34 FINANCE 6.85% 05/06/2115 2,825,000 USD 1,818,594 0.09TOTAL BONDS 662,249,122 31.16 PETROBRAS INTERNATIONAL

5.875% 01/03/2018 400,000 USD 329,000 0.02COLLECTIVE INVESTMENT SCHEMES 23,567,708 1.11

CANADA LUXEMBOURG BOMBARDIER 7.5% HGIF GLOBAL ASSET 15/03/2025 6,000,000 USD 4,440,000 0.21BACKED HIGH YIELD "ZC" 635,105 USD 95,521,078 4.49 CASCADES 5.75% 15/07/2023 7,300,000 USD 7,058,187 0.34

95,521,078 4.49 FIRST QUANTUM MINERALS TOTAL COLLECTIVE INVESTMENT SCHEMES 95,521,078 4.49 6.75% 15/02/2020 1,412,000 USD 932,803 0.04TOTAL TRANSFERABLE SECURITIES FIRST QUANTUM MINERALS ADMITTED TO AN OFFICIAL STOCK 7.25% 15/10/2019 5,015,000 USD 3,353,781 0.16EXCHANGE LISTING HUDBAY MINERALS 9.5%

01/10/2020 7,536,000 USD 6,038,220 0.28TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED IAMGOLD CORP 6.75% MARKET 01/10/2020 3,100,000 USD 2,230,063 0.10

LUNDIN MINING CORP BONDS 7.5% 01/11/2020 7,250,000 USD 7,027,968 0.33

LUNDIN MINING CORP AUSTRALIA 7.875% 01/11/2022 2,153,000 USD 2,134,161 0.10FMG RESOURCES 9.75% NEW GOLD 6.25% 15/11/2022 2,520,000 USD 2,116,800 0.1001/03/2022 5,800,000 USD 5,379,500 0.25 NOVA CHEMICALS CORP 5%

5,379,500 0.25 01/05/2025 2,938,000 USD 2,780,083 0.13BARBADOS PACIFIC RUBIALES ENERGY COLUMBUS INTERNATIONAL 5.125% 28/03/2023 2,200,000 USD 789,250 0.047.375% 30/03/2021 7,400,000 USD 7,672,875 0.36 TECK RESOURCES 3.15%

7,672,875 0.36 15/01/2017 3,659,000 USD 3,448,608 0.16

757,770,200 35.65

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VALEANT PHARMACEUTICALS PICARD GROUPE FRN 5.625% 01/12/2021 1,988,000 USD 1,910,965 0.09 01/08/2019 250,000 EUR 278,913 0.01VRX ESCROW CORP 4.5% REXEL 5.125% 15/06/2020 1,000,000 EUR 1,153,923 0.0515/05/2023 2,000,000 EUR 2,006,459 0.09 9,039,675 0.43 VRX ESCROW CORP 5.875% GERMANY 15/05/2023 8,000,000 USD 7,704,999 0.37 DEUTSCHE BANK 7.5% VRN VRX ESCROW CORP 6.125% PERP 3,800,000 USD 3,629,000 0.1715/04/2025 6,096,000 USD 5,836,920 0.27 SCHAEFFLER FINANCE

59,809,267 2.81 4.25% 15/05/2018 4,000,000 EUR 4,559,880 0.22CHINA TECHEM 6.125% 01/10/2019 300,000 EUR 349,735 0.02AIRCASTLE 4.625% UNITYMEDIA HESSEN 15/12/2018 385,000 USD 394,384 0.02 5.625% 15/04/2023 250,000 EUR 263,871 0.01AIRCASTLE 5.125% UNITYMEDIA KABELBW 15/03/2021 5,473,000 USD 5,517,468 0.26 6.125% 15/01/2025 4,840,000 USD 4,779,500 0.23AIRCASTLE 5.5% 15/02/2022 1,600,000 USD 1,616,000 0.08 VOLKSWAGEN INTERNATIONAL AIRCASTLE 6.25% FINANCE 3.875% VRN PERP 300,000 EUR 307,747 0.0101/12/2019 4,000,000 USD 4,302,500 0.20 VOLKSWAGEN INTERNATIONAL AIRCASTLE 7.625% FINANCE 5.125% VRN PERP 1,500,000 EUR 1,569,039 0.0715/04/2020 3,630,000 USD 4,120,050 0.19 15,458,772 0.73 COUNTRY GARDEN HOLDINGS GREAT BRITAIN 7.5% 10/01/2023 1,800,000 USD 1,803,375 0.08 AVIVA 6.125% VRN GRUPO AVAL 4.75% 05/07/2043 2,500,000 EUR 3,200,302 0.1526/09/2022 4,741,000 USD 4,298,499 0.20 VIRGIN MEDIA SECURED UPCB FINANCE IV 5.375% FINANCE 4.875% 15/01/2027 250,000 GBP 337,505 0.0215/01/2025 1,335,000 USD 1,238,213 0.06 VIRGIN MEDIA SECURED VIKING CRUISES 6.25% FINANCE 5.125% 15/01/2025 550,000 GBP 779,481 0.0415/05/2025 2,625,000 USD 2,579,063 0.12 4,317,288 0.21 VIKING CRUISES 8.5% GUATEMALA 15/10/2022 12,607,000 USD 13,828,302 0.66 COMCEL TRUST 6.875%

39,697,854 1.87 06/02/2024 5,500,000 USD 5,513,750 0.26COLOMBIA 5,513,750 0.26COLOMBIA (GOVT) 4% INDONESIA 26/02/2024 650,000 USD 632,622 0.03 INDONESIA (GOVT) 5.875%

632,622 0.03 15/01/2024 650,000 USD 689,614 0.03CROATIA MAJAPAHIT HOLDING 7.75% AGROKOR D.D 9.125% 17/10/2016 1,450,000 USD 1,531,563 0.0701/02/2020 4,000,000 EUR 4,805,454 0.23 2,221,177 0.10

4,805,454 0.23 IRELAND DENMARK ARDAGH PACKAGING DANSKE BANK 5.75% VRN FINANCE 6.25% 31/01/2019 2,200,000 USD 2,182,125 0.10PERP 1,500,000 EUR 1,657,631 0.08 ARDAGH PACKAGING DONG ENERGY 6.25% VRN FINANCE 9.125% 15/10/2020 5,835,000 USD 6,097,575 0.2926/06/3013 2,500,000 EUR 3,062,709 0.14 8,279,700 0.39

4,720,340 0.22 ISRAEL FRANCE B COMMUNICATIONS 7.375% CREDIT AGRICOLE 8.375% 15/02/2021 6,210,000 USD 6,675,750 0.31VRN PERP 4,410,000 USD 5,032,912 0.24 6,675,750 0.31ELECTRICITE DE FRANCE ITALY 4.25% VRN PERP 2,000,000 EUR 2,234,866 0.11 FIAT INDUSTRIAL 6.25% EUROPCAR GROUPE 5.75% 09/03/2018 4,500,000 EUR 5,302,534 0.2515/06/2022 300,000 EUR 339,061 0.02 5,302,534 0.25

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LUXEMBOURG SWISS REINSURANCE 2.6% ALTICE FINANCING 6.5% VRN PERP 2,000,000 EUR 1,945,902 0.0915/01/2022 2,000,000 USD 1,922,500 0.09 29,850,746 1.40 DUFRY FINANCE 4.5% SPAIN 01/08/2023 450,000 EUR 505,452 0.02 ABENGOA FINANCE 8.875% GOL LUXCO 8.875% 01/11/2017 8,371,000 USD 4,666,832 0.2224/01/2022 1,500,000 USD 892,500 0.04 BANCO SANTANDER 6.25% INTELSAT JACKSON VRN PERP (XS1043535092) 3,000,000 EUR 3,168,754 0.15HOLDINGS 5.5% 01/08/2023 5,000,000 USD 4,125,000 0.19 TELEFONICA 7.625% VRN INTELSAT JACKSON HLDG 6.625% PERP 2,500,000 EUR 3,055,733 0.1415/12/2022 500,000 USD 395,000 0.02 10,891,319 0.51 INTELSAT JACKSON TURKEY HOLDINGS 7.25% 01/04/2019 915,000 USD 849,806 0.04 TUPRAS-TURKIYE PETROL INTELSAT JACKSON 4.125% 02/05/2018 2,600,000 USD 2,569,125 0.12HOLDINGS 7.25% 15/10/2020 3,777,000 USD 3,467,758 0.16 TURKIYE IS BANKASI INTELSAT JACKSON 3.75% 10/10/2018 2,000,000 USD 1,936,550 0.09HOLDINGS 7.5% 01/04/2021 10,780,000 USD 9,931,075 0.48 4,505,675 0.21 ONEX WIZARD ACQUISITION UNITED STATES 7.75% 15/02/2023 11,500,000 EUR 13,213,953 0.62 AHERN RENTALS 7.375% PICARD BONDCO 7.75% 15/05/2023 6,750,000 USD 5,897,813 0.2801/02/2020 250,000 EUR 295,981 0.01 ALERE 6.375% 01/07/2023 6,800,000 USD 6,885,000 0.32TRINSEO MATERIALS OPERATING ALLY FINANCIAL 3.75% 6.375% 01/05/2022 1,000,000 EUR 1,075,088 0.05 18/11/2019 2,950,000 USD 2,911,281 0.14TRINSEO MATERIALS OPERATING ALLY FINANCIAL 4.125% 6.75% 01/05/2022 4,000,000 USD 3,812,500 0.18 30/03/2020 6,000,000 USD 5,962,500 0.28

40,486,613 1.90 ALLY FINANCIAL 4.125% MEXICO 13/02/2022 2,000,000 USD 1,938,750 0.09AMERICA MOVIL 5.125% ALLY FINANCIAL 7.5% VRN 06/09/2073 2,000,000 EUR 2,316,050 0.11 15/09/2020 7,078,000 USD 8,117,581 0.38

2,316,050 0.11 ALLY FINANCIAL 8% NETHERLANDS 15/03/2020 7,640,000 USD 8,790,775 0.41CONSTELLIUM 8% 15/01/2023 5,575,000 USD 4,989,625 0.23 ALLY FINANCIAL 8% GOODYEAR DUNLOP TIRES 01/11/2031 (US370425RZ53) 1,000,000 USD 1,188,750 0.066.75% 15/04/2019 1,936,000 EUR 2,233,995 0.11 ALPHABET HOLDING 7.75% INTERXION HOLDING 6% 01/11/2017 2,925,000 USD 2,886,609 0.1415/07/2020 400,000 EUR 471,895 0.02 AMC ENTERTAINMENT 5.75% MARFRIG HOLDING EUROPE 15/06/2025 5,000,000 USD 4,959,375 0.236.875% 24/06/2019 1,000,000 USD 862,500 0.04 AMC ENTERTAINMENT 5.875% SCHAEFFLER FINANCE 2.5% 15/02/2022 7,942,000 USD 8,056,166 0.3815/05/2020 650,000 EUR 695,179 0.03 AMERICAN EXPRESS 5.2% SCHAEFFLER FINANCE VRN PERP 7,000,000 USD 6,934,375 0.333.25% 15/05/2025 750,000 EUR 786,956 0.04 AMERISTAR CASINOS 7.50% SCHAEFFLER FINANCE 3.5% 15/04/2021 8,635,000 USD 9,088,338 0.4315/05/2022 2,500,000 EUR 2,771,438 0.13 ANTERO RESOURCES 5.125% SCHAEFFLER HOLDING 01/12/2022 1,579,000 USD 1,353,006 0.06FINANCE 5.75% 15/11/2021 1,000,000 EUR 1,193,622 0.06 ANTERO RESOURCES 5.375% SCHAEFFLER HOLDING 01/11/2021 1,470,000 USD 1,300,031 0.06FINANCE 6.25% 15/11/2019 9,700,000 USD 10,308,094 0.48 ANTERO RESOURCES 5.625% SCHAEFFLER HOLDING 01/06/2023 2,625,000 USD 2,303,438 0.11FINANCE 6.75% 15/11/2022 500,000 USD 539,040 0.03 ANTERO RESOURCES 6% SENSATA TECHNOLOGIES 01/12/2020 200,000 USD 187,750 0.015.625% 01/11/2024 3,000,000 USD 3,052,500 0.14

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ATLAS PIPELINE 5.875% CITIGROUP 5.8% VRN PERP 4,000,000 USD 3,952,500 0.1901/08/2023 2,267,000 USD 2,098,392 0.10 CITIGROUP 5.95% VRN PERP 4,000,000 USD 3,917,500 0.18AVIS BUDGET CAR RENTAL COMMSCOPE 4.375% 4.875% 15/11/2017 295,000 USD 301,269 0.01 15/06/2020 1,715,000 USD 1,717,144 0.08BANK OF AMERICA 8% COMMSCOPE 5.5% 15/06/2024 3,916,000 USD 3,769,150 0.18VRN PERP 1,790,000 USD 1,867,194 0.09 COMMSCOPE TECHNOLOGIES BANK OF AMERICA 8.125% FINANCE 6% 15/06/2025 2,070,000 USD 2,001,431 0.09VRN PERP 7,000,000 USD 7,332,500 0.34 COMMUNITY HEALTH SYSTEMS BEAZER HOMES 5.75% 5.125% 15/08/2018 1,160,000 USD 1,186,825 0.0615/06/2019 770,000 USD 725,244 0.03 COMMUNITY HEALTH SYS 6.875% BEAZER HOMES 9.125% 01/02/2022 4,311,000 USD 4,416,081 0.2115/05/2019 6,300,000 USD 6,426,000 0.30 COMMUNITY HEALTH SYSTEMSBLUE CUBE SPINCO 9.75% 8% 15/11/2019 558,000 USD 581,366 0.0315/10/2023 3,072,000 USD 3,175,680 0.15 CONCHO RESOURCES 5.5% BLUE CUBE SPINCO 10% 01/04/2023 563,000 USD 535,906 0.0315/10/2025 2,304,000 USD 2,386,080 0.11 CONCHO RESOURCES 6.5% BLUE RACER MIDSTREAM - 15/01/2022 1,534,000 USD 1,510,990 0.07FINANCE 6.125% 15/11/2022 4,914,000 USD 4,751,224 0.22 CROWN CASTLE INTERNATIONAL BOYD GAMING 6.875% 5.25% 15/01/2023 2,600,000 USD 2,744,625 0.1315/05/2023 6,250,000 USD 6,328,125 0.30 DANA HOLDING 5.5% BUILDING MATERIALS 6% 15/12/2024 530,000 USD 512,444 0.0215/10/2025 1,550,000 USD 1,561,625 0.07 DANA HOLDING 6% CALUMET SPECIALTY 15/09/2023 3,060,000 USD 3,098,250 0.15PRODUCTS 6.5% 15/04/2021 9,965,000 USD 9,111,747 0.43 DANA HOLDING 6.75% CALUMET SPECIALTY PRO- 05/02/2021 5,408,000 USD 5,631,080 0.26DUCTS 7.75% 15/04/2023 4,000,000 USD 3,822,500 0.18 DCP MIDSTREAM 8.125% CAPITAL ONE FINANCIAL 16/08/2030 10,235,000 USD 10,631,605 0.505.55% VRN PERP 6,000,000 USD 5,947,500 0.28 DISH DBS 5% 15/03/2023 2,000,000 USD 1,690,000 0.08CARMIKE CINEMAS 6% DISH DBS 5.875% 15/06/2023 6,580,000 USD 6,740,388 0.32 15/07/2022 2,308,000 USD 2,051,235 0.10CARRIZO OIL & GAS DYNEGY 7.625% 01/11/2024 8,500,000 USD 8,468,125 0.407.5% 15/09/2020 4,200,000 USD 3,916,500 0.18 ELDORADO RESORTS 7% CASE NEW HOLLAND 7.875% 01/08/2023 11,480,000 USD 11,429,774 0.5401/12/2017 1,329,000 USD 1,411,232 0.07 ENDO FINANCE 6% CCO HOLDINGS 5.25% 15/07/2023 1,525,000 USD 1,492,594 0.0715/03/2021 460,000 USD 454,250 0.02 ENDO FINANCE 6% CCO HOLDINGS 5.25% 01/02/2025 1,700,000 USD 1,647,938 0.0830/09/2022 359,000 USD 336,563 0.02 ENDO FINANCE 7.25% CCO HOLDINGS 5.75% 15/01/2022 3,000,000 USD 3,168,750 0.1515/01/2024 8,000,000 USD 7,630,000 0.36 ENDO INTERNATIONAL CCO HOLDINGS 6.5% 5.375% 15/01/2023 13,000,000 USD 12,471,874 0.5830/04/2021 2,000,000 USD 2,012,500 0.09 ENERGY TRANSFER EQUITY CCO HOLDINGS 6.625% 5.875% 15/01/2024 6,000,000 USD 5,325,000 0.2531/01/2022 3,000,000 USD 3,013,125 0.14 EP ENERGY/EP FINANCE CENTURYLINK 5.8% 9.375% 01/05/2020 15,261,000 USD 13,334,298 0.6215/03/2022 965,000 USD 828,067 0.04 EP ENERGY-EVEREST ACQU- CENTURYLINK 6.75% ISITION FIN 7.75% 01/09/2022 360,000 USD 289,800 0.0101/12/2023 2,098,000 USD 1,835,834 0.09 EXPEDIA 2.5% 03/06/2022 500,000 EUR 544,163 0.03CEQUEL COMM HOLDING I 5.125% FAMILY TREE ESCROW 15/12/2021 630,000 USD 554,006 0.03 5.25% 01/03/2020 585,000 USD 603,647 0.03CEQUEL COMMUNICATIONS HOLDING 6.375% 15/09/2020 3,000,000 USD 2,823,750 0.13

395




FAMILY TREE ESCROW JPMORGAN CHASE 5.3% VRN 5.75% 01/03/2023 6,581,000 USD 6,811,335 0.32 PERP 4,285,000 USD 4,223,403 0.20FIFTH THIRD BANCORP JPMORGAN CHASE 6.1% VRN 4.9% VRN PERP 1,000,000 USD 941,875 0.04 PERP 2,000,000 USD 1,995,000 0.09FIRST DATA 6.75% KB HOME 7% 15/12/2021 6,025,000 USD 6,028,766 0.2801/11/2020 9,748,000 USD 10,223,216 0.48 KB HOME 7.5% 15/09/2022 2,000,000 USD 2,041,250 0.10FIRST DATA 8.25% KINDRED ESCROW CROP II 15/01/2021 1,550,000 USD 1,606,188 0.08 8% 15/01/2020 3,720,000 USD 3,964,125 0.19FIRST DATA 8.75% KINDRED ESCROW CROP II 15/01/2022 2,378,000 USD 2,486,496 0.12 8.75% 15/01/2023 3,245,000 USD 3,528,938 0.17FIRST DATA 12.625% KINDRED HEALTHCARE 6.375% 15/01/2021 4,556,500 USD 5,180,171 0.24 15/04/2022 11,000,000 USD 11,013,749 0.52FRONTIER COMMUNICATIONS KINETICS CONCEPT 10.5% 8.875% 15/09/2020 2,495,000 USD 2,449,778 0.12 01/11/2018 7,965,000 USD 8,408,053 0.40FRONTIER COMMUNICATIONS KINETICS CONCEPT 12.5% 10.5% 15/09/2022 2,840,000 USD 2,772,550 0.13 01/11/2019 3,045,000 USD 3,239,119 0.15GENESIS ENERGY 5.75% LANDRY'S 9.375% 15/02/2021 4,000,000 USD 3,680,000 0.17 01/05/2020 10,863,000 USD 11,616,620 0.55GENESIS ENERGY 6% LANDRY'S HOLDINGS II 15/05/2023 2,500,000 USD 2,215,625 0.10 10.25% 01/01/2018 5,000,000 USD 5,175,000 0.24GENESIS ENERGY 6.75% LAREDO PETROLEUM 5.625% 01/08/2022 1,379,000 USD 1,301,431 0.06 15/01/2022 2,183,000 USD 1,971,522 0.09GOLDMAN SACHS GROUP LAREDO PETROLEUM 6.25% 5.375% VRN PERP 2,670,000 USD 2,609,925 0.12 15/03/2023 5,500,000 USD 5,080,625 0.24HALCON RESOURCES 8.625% LAREDO PETROLEUM 7.375% 01/02/2020 3,000,000 USD 2,491,875 0.12 01/05/2022 4,868,000 USD 4,725,003 0.22HALCON RESOURCES 9.25% LEVEL 3 COMMUNICATIONS 15/02/2022 2,595,000 USD 872,569 0.04 5.125% 01/05/2023 3,850,000 USD 3,638,250 0.17HALCON RESOURCES 9.75% LEVEL 3 COMMUNICATIONS 15/07/2020 6,380,000 USD 2,149,263 0.10 5.375% 01/05/2025 3,850,000 USD 3,628,625 0.17HCA 5.25% 15/04/2025 4,806,000 USD 4,869,079 0.23 LEVEL 3 COMMUNICATIONS HCA 5.875% 01/05/2023 5,000,000 USD 5,165,625 0.24 5.75% 01/12/2022 7,032,000 USD 6,873,780 0.32HCA 8% 01/10/2018 3,500,000 USD 3,974,688 0.19 LEVEL 3 FINANCING HD SUPPLY 5.25% 5.375% 15/08/2022 1,047,000 USD 1,019,516 0.0515/12/2021 3,955,000 USD 3,969,831 0.19 LEVEL 3 FINANCING HD SUPPLY 7.5% 15/07/2020 975,000 USD 1,017,656 0.05 8.625% 15/07/2020 1,610,000 USD 1,689,494 0.08HD SUPPLY 11% 15/04/2020 460,000 USD 509,137 0.02 LYNX II 6.375% 15/04/2023 10,000,000 USD 9,975,000 0.47HD SUPPLY 11.5% MAGNUM HUNTER RESOURCES 15/07/2020 1,955,000 USD 2,217,703 0.10 9.75% 15/05/2020 5,500,000 USD 2,560,938 0.12INFOR US 5.75% 15/08/2020 313,000 USD 312,218 0.01 MANITOWOC 5.875% INFOR US 6.5% 15/05/2022 12,705,000 USD 11,672,718 0.54 15/10/2022 3,135,000 USD 3,344,653 0.16INTERNATIONAL LEASE MARKWEST ENERGY FINANCE 5.875% 01/04/2019 1,885,000 USD 1,989,853 0.09 PARTNERS 5.5% 15/02/2023 4,809,000 USD 4,685,769 0.22INTERNATIONAL LEASE MARKWEST ENERGY PARTNERS/ FINANCE 5.875% 15/08/2022 7,000,000 USD 7,481,250 0.35 FINANCE 4.875% 01/12/2024 3,923,000 USD 3,599,353 0.17INTERNATIONAL LEASE MGM RESORTS INTERNATIONAL FINANCE 6.25% 15/05/2019 345,000 USD 368,288 0.02 6% 15/03/2023 2,622,000 USD 2,558,089 0.12INTERNATIONAL LEASE MGM RESORTS INTERNATIONAL FINANCE 8.25% 15/12/2020 2,316,000 USD 2,714,063 0.13 6.625% 15/12/2021 889,000 USD 911,781 0.04JBS 5.75% 15/06/2025 1,500,000 USD 1,380,000 0.06 MORGAN STANLEY 5.45% JBS 5.875% 15/07/2024 1,000,000 USD 951,875 0.04 VRN PERP 5,000,000 USD 4,928,125 0.23

396




MORGAN STANLEY 5.55% REGENCY ENERGY PARTNERS VRN PERP 1,200,000 USD 1,186,500 0.06 5.875% 01/03/2022 862,000 USD 884,464 0.04MPG HOLDCO I 7.375% REGENCY ENERGY PARTNERS 15/10/2022 10,591,000 USD 11,054,355 0.52 6.5% 15/07/2021 1,133,000 USD 1,173,709 0.06MPT OPERATING PARTNERSHIP REICHHOLD INDUSTRIES 9% 5.75% 01/10/2020 100,000 EUR 119,090 0.01 08/05/2017 903,433 USD - 0.00MSCI 5.75% 15/08/2025 3,287,000 USD 3,323,979 0.16 REYNOLDS GROUP 8.5% NAVIENT 5% 26/10/2020 2,118,000 USD 1,804,271 0.08 15/05/2018 2,250,000 USD 2,268,281 0.11NAVIENT 5.875% 25/10/2024 1,479,000 USD 1,185,049 0.06 REYNOLDS GROUP 9.875% NAVIENT 6.125% 25/03/2024 617,000 USD 508,254 0.02 15/08/2019 9,895,000 USD 10,272,246 0.48NBTY 9% 01/10/2018 2,000,000 USD 2,047,500 0.10 RITE AID 6.125% NCL CORP 5.25% 15/11/2019 4,025,000 USD 4,153,297 0.20 01/04/2023 7,350,000 USD 7,276,500 0.34OUTDOOR MEDIA CAPITAL RITE AID 9.25% 15/03/2020 1,221,000 USD 1,306,470 0.065.875% 15/03/2025 4,430,000 USD 4,510,294 0.21 ROSE ROCK MIDSTREAM/ OUTFRONT MEDIA CAPITAL FINANCE 5.625% 15/07/2022 3,500,000 USD 3,141,250 0.155.25% 15/02/2022 4,081,000 USD 4,065,696 0.19 ROSE ROCK MIDSTREAM/ OUTFRONT MEDIA CAPITAL 5.625% FINANCE 5.625% 15/11/2023 8,090,000 USD 7,265,831 0.3415/02/2024 (US12505FAD33) 2,159,000 USD 2,188,686 0.10 RSC EQUIPMENT RENTAL OUTFRONT MEDIA CAPITAL 5.625% 8.25% 01/02/2021 1,589,000 USD 1,679,374 0.0815/02/2024 (US69007TAA25) 385,000 USD 390,534 0.02 RSI HOME PRODUCTS 6.5% OWENS BROCKWAY 5.875% 15/03/2023 7,154,000 USD 7,265,781 0.3415/08/2023 4,211,000 USD 4,221,528 0.20 SANCHEZ ENERGY 6.125% OWENS BROCKWAY 6.375% 15/01/2023 15,500,000 USD 10,375,312 0.4915/08/2025 2,527,000 USD 2,588,596 0.12 SEALED AIR 5.125% OWENS BROCKWAY 01/12/2024 4,323,000 USD 4,228,434 0.20PACKAGING 5% 15/01/2022 4,800,000 USD 4,629,000 0.22 SELECT MEDICAL 6.375% OWENS BROCKWAY PACKAGING 01/06/2021 15,936,000 USD 15,627,239 0.735.375% 15/01/2025 2,028,000 USD 1,959,555 0.09 SEMGROUP 7.5% 15/06/2021 2,300,000 USD 2,314,375 0.11PBF LOGISTICS 6.875% SERVICE CORPORATION INTER- 15/05/2023 4,905,000 USD 4,359,319 0.21 NATIONAL 5.375% 15/01/2022 600,000 USD 628,125 0.03PENINSULA GAMING 8.375% SERVICE CORPORATION INTL 15/02/2018 6,035,000 USD 6,234,909 0.29 5.375% 15/05/2024 1,203,000 USD 1,257,135 0.06PINNACLE ENTERTAINMENT SIRIUS XM RADIO 5.375% 7.75% 01/04/2022 3,405,000 USD 3,754,013 0.18 15/04/2025 5,075,000 USD 4,852,969 0.23PLATFORM SPECIALTY SIRIUS XM RADIO 6% PRODUCTS 6% 01/02/2023 4,000,000 EUR 3,820,364 0.18 15/07/2024 9,135,000 USD 9,169,256 0.43PLATFORM SPECIALTY SLM 8% 25/03/2020 7,660,000 USD 7,411,050 0.35PRODUCTS 6.5% 01/02/2022 6,745,000 USD 5,851,288 0.28 SM ENERGY 5.625% PPL CAPITAL FUNDING 01/06/2025 1,665,000 USD 1,472,484 0.076.7% VRN 30/03/2067 7,000,000 USD 5,980,625 0.28 SPRINT 7.125% 15/06/2024 889,000 USD 682,863 0.03PQ 8.75% 01/05/2018 1,336,000 USD 1,346,020 0.06 SPRINT 7.25% 15/09/2021 10,500,000 USD 8,655,938 0.41QUINTILES TRANSNATIONAL SPRINT 7.625% 15/02/2025 2,000,000 USD 1,551,250 0.074.875% 15/05/2023 1,625,000 USD 1,622,969 0.08 SPRINT 7.875% 15/09/2023 7,750,000 USD 6,248,438 0.29REGAL ENTERTAINMENT STEEL DYNAMICS 5.125% GROUP 5.75% 15/03/2022 3,835,000 USD 3,777,475 0.18 01/10/2021 2,500,000 USD 2,359,375 0.11REGAL ENTERTAINMENT STEEL DYNAMICS 6.375% GROUP 5.75% 15/06/2023 2,000,000 USD 1,941,250 0.09 15/08/2022 5,282,000 USD 5,215,975 0.25REGENCY ENERGY PARTNERS T MOBILE 6% 01/03/2023 7,000,000 USD 6,763,750 0.325.5% 15/04/2023 505,000 USD 491,148 0.02 T MOBILE 6.375% REGENCY ENERGY PARTNERS 01/03/2025 1,000,000 USD 967,500 0.055.75% 01/09/2020 55,000 USD 59,136 0.00

397




TARGA RESOURCES PARTNERS WELLS FARGO AND COMPANY 4.125% 15/11/2019 567,000 USD 512,426 0.02 5.875% VRN PERP 3,445,000 USD 3,526,819 0.17TARGA RESOURCES PARTNERS 4.25% WINDSTREAM 7.75% 15/11/2023 371,000 USD 320,219 0.02 01/10/2021 8,120,000 USD 6,328,525 0.30TARGA RESOURCES PARTNERS WISE METALS GROUP 8.75% 6.625% 01/10/2020 4,900,000 USD 4,820,375 0.23 15/12/2018 7,300,000 USD 7,030,813 0.33TARGA RESOURCES ZAYO GROUP 6% 01/04/2023 10,655,000 USD 10,315,371 0.49PARTNERS 6.75% 15/03/2024 980,000 USD 935,288 0.04 ZEBRA TECHNOLOGIES TARGA RESOURCES PARTNERS 7.25% 15/10/2022 9,398,000 USD 10,026,491 0.476.875% 01/02/2021 375,000 USD 366,328 0.02 ZF NORTH AMERICA TAYLOR MORRISON 5.625% CAPITAL 2.25% 26/04/2019 1,700,000 EUR 1,818,161 0.0901/03/2024 855,000 USD 830,953 0.04 844,703,468 39.74 TAYLOR MORRISON 5.875% VENEZUELA 15/04/2023 7,850,000 USD 7,884,344 0.37 PETROLEOS DE VENEZUELA TENET HEALTHCARE 4.375% 6% 15/11/2026 10,000,000 USD 3,181,250 0.1501/10/2021 2,000,000 USD 1,965,000 0.09 3,181,250 0.15TENET HEALTHCARE 4.5% TOTAL BONDS 1,139,205,929 53.59 01/04/2021 1,251,000 USD 1,231,453 0.06TENET HEALTHCARE 6.75% COLLECTIVE INVESTMENT SCHEMES 01/02/2020 5,985,000 USD 6,138,366 0.29TENET HEALTHCARE 6.75% LUXEMBOURG 15/06/2023 500,000 USD 498,125 0.02 HGIF EURO HIGH YIELD BOND 503,393 EUR 23,654,813 1.11TESORO LOGISTICS 5.5% 23,654,813 1.1115/10/2019 128,000 USD 125,760 0.01 TOTAL COLLECTIVE INVESTMENT SCHEMES 23,654,813 1.11TESORO LOGISTICS 6.125% TOTAL TRANSFERABLE SECURITIES15/10/2021 3,360,000 USD 3,322,200 0.16 TRADED ON ANOTHER REGULATED MARKETTHE CHEMOURS 6.625% 15/05/2023 6,100,000 USD 4,109,875 0.19 OTHER TRANSFERABLE SECURITIES THE CHEMOURS 7% 15/05/2025 4,465,000 USD 2,952,481 0.14 BONDS T-MOBILE 6.633% 28/04/2021 2,746,000 USD 2,770,028 0.13 UNITED STATES T-MOBILE USA 6.125% ACADIA HEALTHCARE 5.625% 15/01/2022 4,057,000 USD 3,947,968 0.19 15/02/2023 8,211,000 USD 8,303,374 0.39T-MOBILE USA 6.5% GOLDEN NUGGET ESCROW 15/01/2024 2,318,000 USD 2,241,216 0.11 8.5% 01/12/2021 7,333,000 USD 7,566,739 0.36TRIBUNE MEDIA 5.875% JAGUAR HOLDING CO II 15/07/2022 6,000,000 USD 5,835,000 0.27 6.375% 01/08/2023 7,943,000 USD 7,764,283 0.37UNITED RENTALS NORTH MPH ACQUISITION HOLDINGS AMERICA 4.625% 15/07/2023 4,000,000 USD 3,860,000 0.18 6.625% 01/04/2022 15,795,000 USD 16,022,053 0.74UNITED RENTALS NORTH 39,656,449 1.86AMERICA 6.125% 15/06/2023 5,108,000 USD 5,111,193 0.24 TOTAL BONDS 39,656,449 1.86UNITED RENTALS NORTH AMERICA 7.625% 15/04/2022 3,353,000 USD 3,558,371 0.17 COLLECTIVE INVESTMENT SCHEMES UNIVISION COMMUNICATIONS 5.125% 15/05/2023 10,800,000 USD 10,273,499 0.48 IRELAND UNIVISION COMMUNICATIONS HSBC GLOBAL US DOLLAR 6.75% 15/09/2022 5,963,000 USD 6,175,432 0.29 LIQUIDITY FUND "Z" 1,001,735 USD 1,001,735 0.05VALEANT PHARMACEUTICALS 1,001,735 0.056.75% 15/08/2021 1,510,000 USD 1,552,469 0.07 TOTAL COLLECTIVE INVESTMENT SCHEMES 1,001,735 0.05VPI ESCROW 6.375% 15/10/2020 9,164,000 USD 9,141,090 0.43

398

1,162,860,742 54.70



Description Quantity/ Currency Evaluation % netFace assetsvalue

TREASURY BILLS

UNITED STATES US (GOVT) 0% 05/11/2015 4,000,000 USD 4,000,068 0.19US (GOVT) 0% 10/12/2015 4,000,000 USD 4,000,108 0.19

8,000,176 0.38 TOTAL TREASURY BILLS 8,000,176 0.38TOTAL OTHER TRANSFERABLE SECURITIES 48,658,360 2.29 TOTAL INVESTMENTS 1,969,289,302 92.64 OTHER NET ASSETS LESS LIABILITIES 156,493,310 7.36TOTAL NET ASSETS 2,125,782,612 100.00

399


Global Inflation Linked BondStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS GERMANY (GOVT) 1.75% 15/04/2020 1,220,000 EUR 1,647,311 5.28

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 2,688,595 8.61EXCHANGE LISTING GREAT BRITAIN

UK (GOVT) 0.125% 22/03/2024 250,000 GBP 438,526 1.40BONDS UK (GOVT) 0.125% 22/03/2029 200,000 GBP 371,547 1.19

UK (GOVT) 0.125% 22/03/2044 190,000 GBP 397,981 1.27AUSTRALIA UK (GOVT) 0.125% 22/03/2058 100,000 GBP 229,966 0.74AUSTRALIA (GOVT) 2.5% UK (GOVT) 0.125% 22/03/2068 80,000 GBP 214,640 0.6920/09/2030 140,000 AUD 138,023 0.45 UK (GOVT) 0.25% 22/03/2052 150,000 GBP 355,691 1.14AUSTRALIA (GOVT) 3% UK (GOVT) 0.375% 22/03/2062 130,000 GBP 374,872 1.2020/09/2025 50,000 AUD 50,494 0.16 UK (GOVT) 0.625% 22/03/2040 150,000 GBP 376,887 1.21AUSTRALIA (GOVT) 4% UK (GOVT) 0.625% 22/11/2042 100,000 GBP 266,220 0.8520/08/2020 70,000 AUD 94,326 0.30 UK (GOVT) 0.75% 22/03/2034 200,000 GBP 439,870 1.41

282,843 0.91 UK (GOVT) 0.75% 22/11/2047 440,000 GBP 1,313,399 4.22CANADA UK (GOVT) 1.125% 22/11/2037 430,000 GBP 1,228,154 3.93CANADA (GOVT) 4.25% UK (GOVT) 1.25% 22/11/2017 100,000 GBP 213,984 0.6901/12/2021 100,000 CAD 147,054 0.47 UK (GOVT) 1.25% 22/11/2027 100,000 GBP 254,666 0.82

147,054 0.47 UK (GOVT) 1.25% 22/11/2055 100,000 GBP 410,462 1.31FRANCE UK (GOVT) 2% 26/01/2035 100,000 GBP 353,133 1.13FRANCE (GOVT) 0.1% UK (GOVT) 2.5% 16/04/2020 40,000 GBP 218,103 0.7001/03/2025 100,000 EUR 115,502 0.37 UK (GOVT) 2.5% 17/07/2024 40,000 GBP 206,174 0.66FRANCE (GOVT) 0.25% 7,664,275 24.5625/07/2018 100,000 EUR 119,444 0.38 ITALY FRANCE (GOVT) 0.25% ITALY (GOVT) 1.7% 15/09/2018 220,000 EUR 261,825 0.8425/07/2024 220,000 EUR 261,456 0.84 ITALY (GOVT) 2.1% 15/09/2017 70,000 EUR 94,832 0.30FRANCE (GOVT) 0.7% ITALY (GOVT) 2.1% 15/09/2021 120,000 EUR 159,657 0.5125/07/2030 390,000 EUR 475,057 1.52 ITALY (GOVT) 2.35% FRANCE (GOVT) 1.1% 15/09/2019 170,000 EUR 228,904 0.7325/07/2022 400,000 EUR 538,215 1.72 ITALY (GOVT) 2.35% FRANCE (GOVT) 1.8% 15/09/2024 150,000 EUR 189,855 0.6125/07/2040 140,000 EUR 243,645 0.78 ITALY (GOVT) 2.35% FRANCE (GOVT) 2.1% 15/09/2035 100,000 EUR 158,049 0.5125/07/2023 150,000 EUR 221,103 0.71 ITALY (GOVT) 2.55% FRANCE (GOVT) 2.25% 15/09/2041 160,000 EUR 234,933 0.7525/07/2020 180,000 EUR 279,956 0.90 ITALY (GOVT) 2.6% 15/09/2023 590,000 EUR 863,937 2.77FRANCE (GOVT) 3.15% ITALY (GOVT) 3.1% 15/09/2026 200,000 EUR 287,841 0.9225/07/2032 110,000 EUR 227,659 0.73 2,479,833 7.94FRANCE (GOVT) 3.4% JAPAN 25/07/2029 130,000 EUR 268,801 0.86 JAPAN (GOVT) 0.1%

2,750,838 8.81 10/09/2024 24,000,000 JPY 212,403 0.68GERMANY 212,403 0.68GERMANY (GOVT) 0.1% SPAIN 15/04/2023 370,000 EUR 447,659 1.43 SPAIN (GOVT) 1% GERMANY (GOVT) 0.1% 30/11/2030 50,000 EUR 53,642 0.1715/04/2026 200,000 EUR 237,139 0.76 SPAIN (GOVT) 1.8% GERMANY (GOVT) 0.1% 30/11/2024 200,000 EUR 239,513 0.7715/04/2046 40,000 EUR 47,745 0.15 293,155 0.94GERMANY (GOVT) 0.5% SWEDEN 15/04/2030 100,000 EUR 125,801 0.40 SWEDEN (GOVT) 1% GERMANY (GOVT) 0.75% 01/06/2025 800,000 SEK 109,395 0.3515/04/2018 150,000 EUR 182,940 0.59 SWEDEN (GOVT) 3.5%

01/12/2028 1,100,000 SEK 242,166 0.78

400


Global Inflation Linked BondStatement of investments as at 30 September 2015(expressed in USD)


SWEDEN (GOVT) 4% OTHER TRANSFERABLE SECURITIES 01/12/2020 500,000 SEK 96,508 0.31

448,069 1.44 BONDS UNITED STATES US (GOVT) 0.375% 15/07/2023 590,000 USD 594,840 1.90 CANADA US (GOVT) 0.625% 15/02/2043 390,000 USD 342,201 1.10 CANADA (GOVT) 1.5% US (GOVT) 3.625% 15/04/2028 300,000 USD 587,219 1.88 01/12/2044 100,000 CAD 100,347 0.32US (GOVT) 3.875% 15/04/2029 240,000 USD 480,919 1.54 100,347 0.32

2,005,179 6.42 UNITED STATES TOTAL BONDS 18,972,244 60.78 US (GOVT) 2.125% 15/02/2040 150,000 USD 195,647 0.63TOTAL TRANSFERABLE SECURITIES 195,647 0.63ADMITTED TO AN OFFICIAL STOCK TOTAL BONDS 295,994 0.95EXCHANGE LISTING

TREASURY BILLS TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET GREAT BRITAIN

UK (GOVT) 0.125% 22/11/2019 70,000 GBP 116,458 0.37BONDS 116,458 0.37

UNITED STATES CANADA US (GOVT) 0.125% 15/04/2019 400,000 USD 405,896 1.30CANADA (GOVT) 4% US (GOVT) 0.125% 15/07/2022 200,000 USD 202,474 0.6501/12/2031 180,000 CAD 292,266 0.94 US (GOVT) 0.125% 15/07/2024 300,000 USD 287,746 0.92

292,266 0.94 US (GOVT) 0.25% 15/01/2025 450,000 USD 434,486 1.39GREAT BRITAIN US (GOVT) 0.625% 15/01/2024 100,000 USD 101,806 0.33UK (GOVT) 1.875% 22/11/2022 180,000 GBP 416,064 1.33 US (GOVT) 1.125% 15/01/2021 500,000 USD 566,985 1.82

416,064 1.33 US (GOVT) 1.25% 15/07/2020 400,000 USD 459,542 1.47JAPAN US (GOVT) 1.625% 15/01/2018 1,000,000 USD 1,179,341 3.77JAPAN (GOVT) 0.1% 3,638,276 11.6510/09/2023 30,000,000 JPY 272,864 0.87 TOTAL TREASURY BILLS 3,754,734 12.02JAPAN (GOVT) 0.1% TOTAL OTHER TRANSFERABLE SECURITIES 4,050,728 12.9710/03/2024 31,000,000 JPY 280,937 0.90 TOTAL INVESTMENTS 30,726,026 98.43JAPAN (GOVT) 0.1% OTHER NET ASSETS LESS LIABILITIES 491,607 1.5710/03/2025 60,000,000 JPY 533,063 1.71 TOTAL NET ASSETS 31,217,633 100.00JAPAN (GOVT) 1.4% 10/03/2018 3,400,000 JPY 32,218 0.10

1,119,082 3.58UNITED STATES US (GOVT) 0.125% 15/04/2017 800,000 USD 837,399 2.69US (GOVT) 0.125% 15/01/2022 1,150,000 USD 1,182,397 3.80US (GOVT) 0.75% 15/02/2042 520,000 USD 482,156 1.54US (GOVT) 0.75% 15/02/2045 250,000 USD 220,341 0.71US (GOVT) 1.375% 15/02/2044 70,000 USD 72,937 0.23US (GOVT) 2% 15/01/2026 480,000 USD 647,717 2.07US (GOVT) 2.125% 15/01/2019 670,000 USD 793,248 2.54US (GOVT) 2.375% 15/01/2017 400,000 USD 486,007 1.56US (GOVT) 2.375% 15/01/2025 570,000 USD 830,458 2.66US (GOVT) 2.375% 15/01/2027 100,000 USD 138,548 0.44US (GOVT) 3.375% 15/04/2032 100,000 USD 184,434 0.59

5,875,642 18.83TOTAL BONDS 7,703,054 24.68TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET

401

18,972,244 60.78

7,703,054 24.68


Global Short Duration BondStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS FRANCE BNP PARIBAS 2.875%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 27/11/2017 80,000 EUR 94,162 0.46EXCHANGE LISTING BOUYGUES 4% 12/02/2018 50,000 EUR 60,229 0.29

CAISSE D'AMORT DETTE BONDS SOC 1.375% 06/02/2017 60,000 GBP 91,585 0.45

CAISSE DES DEPOTS ET CONSIG- AUSTRALIA NATIONS 1.5% 12/06/2017 100,000 GBP 152,755 0.75ANZ BANKING GROUP CASINO GUICHARD PERRACHON 5.875% 13/02/2017 100,000 AUD 73,144 0.36 4.481% 12/11/2018 50,000 EUR 61,637 0.30COMMONWEALTH BANK OF ELECTRICITE DE FRANCE AUSTRALIA 4.25% 10/11/2016 80,000 EUR 93,336 0.45 5% 05/02/2018 50,000 EUR 61,826 0.30

166,480 0.81 ELECTRICITE DE FRANCE AUSTRIA 5.5% 25/10/2016 70,000 EUR 82,612 0.40AUSTRIA (GOVT) 3.2% FRANCE (GOVT) 0.25% 20/02/2017 80,000 EUR 93,513 0.46 25/11/2016 150,000 EUR 168,317 0.82

93,513 0.46 FRANCE (GOVT) 3.25% BELGIUM 25/04/2016 160,000 EUR 182,089 0.89ANHEUSER BUSCH INBEV 4% FRANCE (GOVT) 3.75% 26/04/2018 70,000 EUR 84,842 0.41 25/04/2017 230,000 EUR 272,606 1.33BELGIUM (GOVT) 4% GROUPE AUCHAN 3.625% 28/03/2017 160,000 EUR 189,779 0.93 19/10/2018 100,000 EUR 121,948 0.60

274,621 1.34 GROUPE BPCE 3.75% BRAZIL 21/07/2017 50,000 EUR 59,249 0.29BRAZIL (GOVT) 6% ORANGE 2.75% 14/09/2016 100,000 USD 101,590 0.5017/01/2017 100,000 USD 103,944 0.51 ORANGE 4.75% 21/02/2017 70,000 EUR 82,880 0.41PETROBRAS INTERNATIONAL 1,593,485 7.79FINANCE 3.875% 27/01/2016 50,000 USD 49,313 0.24 GERMANY

153,257 0.75 KFW 3.125% 15/06/2018 70,000 EUR 84,992 0.42CANADA 84,992 0.42CANADA (GOVT) 1% GREAT BRITAIN 01/05/2016 190,000 CAD 142,130 0.69 ABBEY NATIONAL 1.375% CANADA (GOVT) 1.5% 13/03/2017 100,000 USD 100,021 0.4901/02/2017 600,000 CAD 453,388 2.22 ABBEY NATIONAL 4.125%

595,518 2.91 14/09/2017 50,000 GBP 79,359 0.39CHINA ANGLO AMERICAN CAPITAL HUTCHISON WHAMPOA 2.5% 18/09/2018 100,000 EUR 101,681 0.505.625% 24/11/2017 50,000 GBP 81,810 0.40 EUROPEAN BANK FOR RECON

81,810 0.40 AND DEV 0.75% 01/09/2017 100,000 USD 99,961 0.49DENMARK EUROPEAN BANK FOR RECON CARLSBERG BREWERIES AND DEV 1.875% 17/12/2018 60,000 GBP 92,886 0.453.375% 13/10/2017 70,000 EUR 82,558 0.40 FCE BANK 2.875% 03/10/2017 100,000 EUR 116,216 0.57DANSKE BANK 3.875% NETWORK RAIL INFRASTRUCTURE 28/02/2017 100,000 EUR 117,217 0.58 FINANCE 1% 07/12/2017 100,000 GBP 151,900 0.74

199,775 0.98 RIO TINTO FINANCE FINLAND 1.375% 17/06/2016 100,000 USD 100,127 0.49POHJOLA BANK 3% TESCO 2.7% 05/01/2017 08/09/2017 80,000 EUR 93,966 0.46 (USG87623JH16) 200,000 USD 201,124 0.98

93,966 0.46 TRANSPORT FOR LONDON 1.25% 21/11/2017 100,000 GBP 151,732 0.74UK (GOVT) 4% 07/09/2016 100,000 GBP 156,414 0.77

1,351,421 6.61

402




IRELAND PHILIPPINES DEPFA ACS BANK 1.65% ASIAN DEVELOPMENT BANK 20/12/2016 10,000,000 JPY 84,493 0.41 5.593% 16/07/2018 90,000 USD 100,423 0.49

84,493 0.41 100,423 0.49ITALY POLAND ENI 3.5% 29/01/2018 70,000 EUR 83,516 0.41 POLAND (GOVT) 4.75% ITALY (GOVT) 2.25% 25/10/2016 250,000 PLN 67,847 0.3315/05/2016 140,000 EUR 158,436 0.77 67,847 0.33ITALY (GOVT) 4.75% SOUTH KOREA 01/06/2017 240,000 EUR 288,363 1.41 KOREA GAS CORP 4.58% SNAM 3.875% 19/03/2018 100,000 EUR 120,463 0.59 12/05/2016 150,000 CAD 113,872 0.56TELECOM ITALIA 7.375% 113,872 0.5615/12/2017 50,000 GBP 82,554 0.40 SPAIN

733,332 3.58 INSTITUTO DE CREDITO JAPAN OFICIAL 5% 10/04/2017 90,000 USD 94,797 0.46JAPAN (GOVT) 1.7% SPAIN (GOVT) 3.3% 20/09/2016 80,000,000 JPY 678,866 3.32 30/07/2016 160,000 EUR 183,433 0.90JAPAN (GOVT) 1.7% SPAIN (GOVT) 5.5% 20/09/2017 85,000,000 JPY 733,222 3.59 30/07/2017 150,000 EUR 183,811 0.90TOKYO METROPOLITAN 462,041 2.26(GOVT) 1.625% 06/06/2018 200,000 USD 201,312 0.98 UNITED STATES

1,613,400 7.89 AT&T 5.875% 28/04/2017 50,000 GBP 80,342 0.39LATVIA BANK OF AMERICA 5.42% LATVIA (GOVT) 5.25% 15/03/2017 100,000 USD 105,056 0.5122/02/2017 200,000 USD 210,891 1.03 BANK OF AMERICA 5.75%

210,891 1.03 01/12/2017 100,000 USD 108,211 0.53LUXEMBOURG CAPITAL ONE FINANCIAL ARCELORMITTAL 4.625% 6.15% 01/09/2016 100,000 USD 104,258 0.5117/11/2017 80,000 EUR 91,533 0.45 CARGILL 4.875% 29/05/2017 50,000 EUR 60,044 0.29EUROPEAN INVESTMENT CITIGROUP 6.125% BANK 1.4% 20/06/2017 8,400,000 JPY 71,980 0.35 21/11/2017 100,000 USD 108,992 0.53EUROPEAN INVESTMENT ENTERPRISE PRODUCTS BANK 2.625% 15/03/2018 70,000 EUR 83,412 0.41 6.3% 15/09/2017 100,000 USD 108,595 0.53

246,925 1.21 FORD MOTOR CREDIT MEXICO 6.625% 15/08/2017 100,000 USD 108,337 0.53MEXICO (GOVT) 5.625% GOLDMAN SACHS 4.375% 15/01/2017 90,000 USD 95,423 0.47 16/03/2017 50,000 EUR 59,021 0.29MEXICO (GOVT) 7.25% GOLDMAN SACHS 6.25% 15/12/2016 10,000 MXN 61,447 0.30 01/09/2017 100,000 USD 108,639 0.53

156,870 0.77 INTER-AMERICAN DEVELOPMENT NETHERLANDS BANK 1.25% 16/01/2018 100,000 USD 100,880 0.49EDP FINANCE 6% 02/02/2018 100,000 USD 106,500 0.52 INTL BANK FOR RECONSTRUCTION AND KBC BANK IFIMA 4.5% DEVELOPMENT 6% 09/11/2016 100,000 AUD 73,123 0.3627/03/2017 100,000 EUR 118,519 0.58 JP MORGAN CHASE 5.375% NEDERLANDSE WATERSCHAPS- 28/09/2016 50,000 GBP 78,446 0.38BANK 1.125% 28/01/2019 100,000 EUR 115,740 0.57 MISSISSIPPI POWER 2.35% REPSOL INTERNATIONAL 15/10/2016 100,000 USD 101,241 0.49FINANCE 4.25% 12/02/2016 100,000 EUR 113,236 0.55 MORGAN STANLEY 6.125%

453,995 2.22 28/08/2017 100,000 USD 108,554 0.53THERMO FISHER SCIENTIFIC 3.2% 01/03/2016 100,000 USD 100,934 0.49WELLS FARGO 1.15% 02/06/2017 100,000 USD 100,017 0.49

403




WELLS FARGO 5.625% NETHERLANDS 11/12/2017 100,000 USD 108,810 0.54 DEUTSCHE ANN FINANCE

1,723,500 8.41 2.125% 25/07/2016 100,000 EUR 113,183 0.55TOTAL BONDS 10,656,427 52.09 113,183 0.55TOTAL TRANSFERABLE SECURITIES SWITZERLAND ADMITTED TO AN OFFICIAL STOCK CREDIT SUISSE 1.7% EXCHANGE LISTING 27/04/2018 250,000 USD 249,166 1.22

249,166 1.22TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED UNITED STATES MARKET ALTERA 1.75% 15/05/2017 100,000 USD 100,572 0.48

BB&T 1.45% 12/01/2018 100,000 USD 99,714 0.49BONDS CHEVRON PHILLIPS

CHEMICAL 1.7% 01/05/2018 200,000 USD 199,529 0.98AUSTRALIA DIRECTV HOLDINGS 2.4% AUSTRALIA (GOVT) 6% 15/03/2017 100,000 USD 101,281 0.5015/02/2017 120,000 AUD 88,907 0.43 JP MORGAN CHASE 1.8% NEW SOUTH WALES 25/01/2018 100,000 USD 100,171 0.49TREASURY 6% 01/04/2016 475,000 AUD 339,860 1.67 JPMORGAN CHASE 7%

428,767 2.10 16/03/2016 100,000 AUD 71,551 0.35CANADA PFIZER 1.8% 22/02/2016 10,000,000 JPY 84,032 0.41CANADA (GOVT) 4% US (GOVT) 0.875% 01/06/2017 100,000 CAD 78,884 0.39 20/12/2017 100,000 USD 100,261 0.48CANADA HOUSING TRUST VERIZON COMMUNICATIONS 2.35% 15/12/2018 110,000 CAD 85,637 0.41 2.5% 15/09/2016 100,000 USD 101,407 0.50

164,521 0.80 958,518 4.68CHINA TOTAL BONDS 2,883,775 14.09 HUTCHISON WHAMPOA 7.45% TOTAL TRANSFERABLE SECURITIES01/08/2017 100,000 USD 110,290 0.54 TRADED ON ANOTHER REGULATED MARKET

110,290 0.54GERMANY OTHER TRANSFERABLE SECURITIES GERMANY (GOVT) 6% 28/03/2017 50,000 AUD 37,041 0.18 BONDS HEIDELBERG CEMENT 8% 31/01/2017 80,000 EUR 97,058 0.47 CANADA VOLKSWAGEN LEASING 1% ONTARIO PROVINCE 4.2% 04/10/2017 80,000 EUR 87,761 0.43 08/03/2018 110,000 CAD 88,483 0.43

221,860 1.08 QUEBEC PROVINCE 4.5% GREAT BRITAIN 01/12/2017 110,000 CAD 88,420 0.43LLOYDS BANK 1.75% 176,903 0.8616/03/2018 200,000 USD 200,075 0.98 UNITED STATES

200,075 0.98 US (GOVT) 4.875% ITALY 13/06/2018 100,000 USD 110,508 0.54INTESA SANPAOLO 2.375% 110,508 0.5413/01/2017 200,000 USD 200,765 0.98 TOTAL BONDS 287,411 1.40ITALY (GOVT) 1.5% 15/12/2016 160,000 EUR 181,673 0.89 COLLECTIVE INVESTMENT SCHEMES

382,438 1.87MEXICO IRELAND MEXICO (GOVT) 11.375% HSBC GLOBAL US DOLLAR 15/09/2016 50,000 USD 54,957 0.27 LIQUIDITY FUND "Z" 500,154 USD 500,154 2.44

54,957 0.27 500,154 2.44TOTAL COLLECTIVE INVESTMENT SCHEMES 500,154 2.44

404

10,656,427 52.09

2,883,775 14.09



Description Quantity/ Currency Evaluation % netFace assetsvalue

TREASURY BILLS

GREAT BRITAIN UK (GOVT) 1% 07/09/2017 100,000 GBP 152,741 0.75

152,741 0.75UNITED STATES US (GOVT) 0.25% 15/12/2015 320,000 USD 320,138 1.56US (GOVT) 0.25% 15/05/2016 1,280,000 USD 1,280,300 6.26US (GOVT) 0.5% 28/02/2017 750,000 USD 750,176 3.67US (GOVT) 0.875% 15/04/2017 1,400,000 USD 1,407,328 6.88US (GOVT) 0.875% 15/10/2017 700,000 USD 702,980 3.44US (GOVT) 1.375% 30/11/2015 430,000 USD 430,932 2.11US (GOVT) 4.625% 15/11/2016 800,000 USD 837,828 4.09

5,729,682 28.01TOTAL TREASURY BILLS 5,882,423 28.76 TOTAL OTHER TRANSFERABLE SECURITIES 6,669,988 32.60 TOTAL INVESTMENTS 20,210,190 98.78 OTHER NET ASSETS LESS LIABILITIES 250,175 1.22TOTAL NET ASSETS 20,460,365 100.00

405


Global Short Duration High Yield BondStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS REXAM 6.75% VRN 29/06/2067 200,000 EUR 223,389 0.11ROYAL BANK OF SCOTLAND

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 4.35% 23/01/2017 50,000 EUR 57,592 0.03EXCHANGE LISTING ROYAL BANK OF SCOTLAND

6.934% 09/04/2018 550,000 EUR 684,924 0.33BONDS ROYAL BANK OF SCOTLAND

10.5% VRN 16/03/2022 1,200,000 EUR 1,501,913 0.74AUSTRIA TESCO 3.375% 02/11/2018 1,200,000 EUR 1,391,405 0.68JBS INVESTMENTS 7.75% TESCO 5.5% 15/11/2017 1,300,000 USD 1,378,813 0.6728/10/2020 (US46611DAA37) 1,000,000 USD 1,021,250 0.50 TESCO CORPORATE TREASURYTELEKOM AUSTRIA 5.625% SERVICES 1.25% 13/11/2017 800,000 EUR 889,093 0.43VRN PERP 900,000 EUR 1,046,065 0.51 TESCO CORPORATE TREASURY

2,067,315 1.01 SERVICES 1.375% 01/07/2019 200,000 EUR 214,041 0.10CROATIA 6,654,645 3.24 AGROKOR D.D 8.875% IRELAND 01/02/2020 250,000 USD 269,531 0.13 ALLIED IRISH BANKS

269,531 0.13 2.875% 28/11/2016 1,230,000 EUR 1,399,588 0.68FINLAND BANK OF IRELAND 3.25% STORA ENSO 5% 19/03/2018 700,000 EUR 844,861 0.41 15/01/2019 400,000 EUR 474,268 0.23

844,861 0.41 BANK OF IRELAND 4.25% FRANCE VRN 11/06/2024 400,000 EUR 453,197 0.22BNP PARIBAS 4.73% VRN FGA CAPITAL IRELAND PERP 800,000 EUR 903,604 0.44 2.875% 26/01/2018 300,000 EUR 344,178 0.17BPCE 6.117% VRN PERP 750,000 EUR 902,592 0.44 FGA CAPITAL IRELANDCREDIT AGRICOLE VRN PERP 1,350,000 EUR 1,508,821 0.74 4% 17/10/2018 700,000 EUR 835,036 0.41CREDIT MUTUEL 4.471% SMURFIT KAPPA ACQUISITIONS VRN PERP 1,500,000 EUR 1,676,986 0.82 5.125% 15/09/2018 1,100,000 EUR 1,337,616 0.65FAURECIA 9.375% 4,843,883 2.36 15/12/2016 150,000 EUR 182,611 0.09 ITALY ITALCEMENTI FINANCE FIAT FINANCE & TRADE 6.125% 21/02/2018 1,100,000 EUR 1,336,081 0.65 6.375% 01/04/2016 1,200,000 EUR 1,364,615 0.67NEXANS 5.75% 02/05/2017 1,150,000 EUR 1,339,046 0.65 FIAT FINANCE & TRADE NUMERICABLE 4.875% 6.625% 15/03/2018 500,000 EUR 588,822 0.2915/05/2019 250,000 USD 241,719 0.12 INTESA SANPAOLO 5% PEUGEOT 7.375% 06/03/2018 600,000 EUR 732,120 0.36 23/09/2019 550,000 EUR 673,412 0.33SOCIETE GENERALE 9.375% INTESA SANPAOLO 6.625% VRN PERP 200,000 EUR 275,295 0.13 08/05/2018 150,000 EUR 183,553 0.09VEOLIA ENVIRONNEMENT TELECOM ITALIA 4.75% 4.45% VRN PERP 1,400,000 EUR 1,603,772 0.78 25/05/2018 150,000 EUR 181,670 0.09

10,702,647 5.22 TELECOM ITALIA 5.375% GERMANY 29/01/2019 1,300,000 EUR 1,608,028 0.77COMMERZBANK 6.375% TELECOM ITALIA 6.125% 22/03/2019 830,000 EUR 1,038,824 0.51 14/12/2018 100,000 EUR 126,694 0.06HEIDELBERG CEMENT 9.5% UNICREDIT 5.75% 26/09/17 300,000 EUR 360,200 0.1815/12/2018 900,000 EUR 1,240,711 0.60 5,086,994 2.48 THYSSENKRUPP FINANCE JERSEY 4.375% 28/02/2017 100,000 EUR 115,702 0.06 PROSECURE FUNDING TUI 4.5% 01/10/2019 660,000 EUR 775,863 0.38 4.668% 30/06/2016 320,000 EUR 363,674 0.18

3,171,100 1.55 363,674 0.18GREAT BRITAIN LLOYDS BANK 11.875% 16/12/2021 250,000 EUR 313,475 0.15

406




LUXEMBOURG UNITED STATES ALTICE FINANCING 7.875% ALLY FINANCIAL 6.25% 15/12/2019 300,000 USD 311,250 0.15 01/12/2017 1,250,000 USD 1,314,063 0.64ARCELORMITTAL 4.5% AMERICAN AXLE & MANUFACT-29/03/2018 500,000 EUR 573,473 0.28 URING 7.75% 15/11/2019 1,500,000 USD 1,654,688 0.81ARCELORMITTAL 4.625% AVIS BUDGET FINANCE 6% 17/11/2017 1,100,000 EUR 1,258,571 0.61 01/03/2021 500,000 EUR 568,590 0.28ARCELORMITTAL 9.85% CABLEVISION SYSTEMS 01/06/2019 1,750,000 USD 1,904,220 0.94 7.75% 15/04/2018 1,000,000 USD 996,875 0.49ELIOR FINANCE 6.5% CABLEVISION SYSTEMS 01/05/2020 2,150,000 EUR 1,669,156 0.81 8.625% 15/09/2017 300,000 USD 312,188 0.15HEIDELBERG CEMENT CENTURYLINK 6% 01/04/2017 1,293,000 USD 1,328,383 0.655.625% 04/01/2018 1,050,000 EUR 1,274,617 0.62 CIT GROUP 5.25% 15/03/2018 2,500,000 USD 2,573,437 1.25KION FINANCE 6.75% COMMERCIAL METALS 6.5% 15/02/2020 1,500,000 EUR 1,747,628 0.85 15/07/2017 250,000 USD 260,469 0.13PLAY FINANCE 2 5.25% COMMERCIAL METALS 7.35% 01/02/2019 900,000 EUR 1,023,461 0.50 15/08/2018 1,000,000 USD 1,072,500 0.52TELENET FINANCE III 6.625% DYNEGY 6.75% 01/11/2019 1,550,000 USD 1,552,906 0.7615/02/2021 1,000,000 EUR 1,165,086 0.57 ENERGY TRANSFER EQUITY

10,927,462 5.33 7.5% 15/10/2020 1,000,000 USD 993,125 0.48NETHERLANDS FIAT FINANCE 5.625% ABN AMRO BANK 4.31% 12/06/2017 1,100,000 EUR 1,269,315 0.62VRN PERP 600,000 EUR 673,517 0.33 FRESENIUS MEDICAL CARE CNH INDUSTRIAL FINANCE 6.5% 15/09/2018 1,575,000 USD 1,739,391 0.852.75% 18/03/2019 600,000 EUR 647,146 0.32 GREIF 6.75% 01/02/2017 1,250,000 USD 1,297,656 0.63FRESENIUS FINANCE 4.25% INTERNATIONAL LEASE 15/04/2019 800,000 EUR 980,624 0.47 FINANCE 8.875% 01/09/2017 250,000 USD 274,219 0.13GENERAL MOTORS FINANCIAL JARDEN 7.5% 01/05/2017 1,025,000 USD 1,098,672 0.540.85% 23/02/2018 700,000 EUR 771,608 0.38 LENNAR 12.25% 01/06/2017 160,000 USD 184,400 0.09KONINKLIJKE KPN 6.125% LIMITED BRANDS 6.9% VRN PERP 500,000 EUR 580,101 0.28 15/07/2017 300,000 USD 324,750 0.16SCHAEFFLER FINANCE LIMITED BRANDS 8.5% 3.25% 15/05/2019 600,000 EUR 660,541 0.32 15/06/2019 1,000,000 USD 1,169,375 0.57UPC HOLDING 6.375% MGM RESORTS INTERNATIONAL15/09/2022 500,000 EUR 595,798 0.29 11.375% 01/03/2018 1,644,000 USD 1,889,572 0.92

4,909,335 2.39 PBF HOLDING 8.25% SPAIN 15/02/2020 1,800,000 USD 1,835,999 0.89BANKIA 3.5% 17/01/2019 200,000 EUR 230,924 0.11 PINNACLE ENTERTAINMENT BANKINTER 6.375% 6.375% 01/08/2021 1,500,000 USD 1,597,500 0.7811/09/2019 500,000 EUR 626,844 0.31 QEP RESOURCES 6.05% CAIXABANK 5% VRN 01/09/2016 400,000 USD 400,250 0.2014/11/2023 1,000,000 EUR 1,150,435 0.56 REYNOLDS GROUP 7.125% EMPARK FUNDING 6.75% 15/04/2019 1,623,000 USD 1,651,403 0.8015/12/2019 300,000 EUR 356,642 0.17 SERVICE 7.625% 01/10/2018 1,550,000 USD 1,753,438 0.85IBERDROLA INTERNATIONAL SLM 8.45% 15/06/2018 1,250,000 USD 1,293,750 0.635.75% VRN PERP 500,000 EUR 591,612 0.29 SPRINT COMMUNICATIONS

2,956,457 1.44 8.375% 15/08/2017 3,550,000 USD 3,534,468 1.73SWITZERLAND SUN MERGER 5.25% UBS CAPITAL SECURITIES 01/08/2018 1,717,000 USD 1,748,121 0.857.152% VRN PERP 1,000,000 EUR 1,234,851 0.60 SYNOVUS FINANCIAL

1,234,851 0.60 5.125% 15/06/2017 1,350,000 USD 1,383,750 0.67

407




T-MOBILE 6.542% WEPA HYGIENERPRODUKTE 28/04/2020 1,350,000 USD 1,371,938 0.67 6.5% 15/05/2020 150,000 EUR 178,949 0.09

38,445,191 18.74 5,150,597 2.51 TOTAL BONDS 92,477,946 45.08 IRELAND TOTAL TRANSFERABLE SECURITIES ALLIED IRISH BANKS ADMITTED TO AN OFFICIAL STOCK 2.75% 16/04/2019 400,000 EUR 462,685 0.23EXCHANGE LISTING ARDAGH PACKAGING FINANCE

6.25% 31/01/2019 200,000 USD 198,375 0.10TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED ARDAGH PACKAGING FINANCE MARKET 9.125% 15/10/2020 1,000,000 USD 1,045,000 0.51

ARDAGH PACKAGING FINANCE BONDS FRN 15/12/2019 1,800,000 USD 1,736,280 0.84

3,442,340 1.68 AUSTRIA ITALY SAPPI PAPIER 7.75% FIAT INDUSTRIAL 6.25% 15/07/2017 350,000 USD 365,750 0.18 09/03/2018 1,620,000 EUR 1,908,912 0.93

365,750 0.18 1,908,912 0.93CANADA LUXEMBOURG FIRST QUANTUM MINERALS INEOS GROUP HOLDINGS 7.25% 15/10/2019 1,250,000 USD 835,938 0.41 6.125% 15/08/2018 1,000,000 USD 945,000 0.47TECK RESOURCES 3.15% INTELSAT JACKSON HOLDINGS 15/01/2017 321,000 USD 302,543 0.15 7.25% 01/04/2019 1,000,000 USD 928,750 0.45VPII ESCROW CORP 6.75% INTELSAT JACKSON HOLDINGS 15/08/2018 1,300,000 USD 1,329,249 0.64 7.25% 15/10/2020 250,000 USD 229,531 0.11

2,467,730 1.20 2,103,281 1.03CHINA NETHERLANDS AIRCASTLE 6.25% AERCAP AVIATION SOLUTION 01/12/2019 1,300,000 USD 1,398,313 0.69 6.375% 30/05/2017 1,701,000 USD 1,773,292 0.86AIRCASTLE 7.625% CNH INDUSTRIAL CAPITAL 15/04/2020 298,000 USD 338,230 0.16 3.875% 16/07/2018 300,000 USD 294,563 0.14VIKING CRUISES 8.5% GOODYEAR DUNLOP TIRES 15/10/2022 1,650,000 USD 1,809,843 0.88 6.75% 15/04/2019 200,000 EUR 230,785 0.11

3,546,386 1.73 INTERXION HOLDING 6% CROATIA 15/07/2020 600,000 EUR 707,842 0.35AGROKOR 8.875% 01/02/2020 1,000,000 USD 1,078,125 0.53 SCHAEFFLER FINANCE

1,078,125 0.53 2.75% 15/05/2019 1,100,000 EUR 1,201,782 0.59FRANCE 4,208,264 2.05REXEL 5.125% 15/06/2020 1,200,000 EUR 1,384,708 0.67 SPAIN

1,384,708 0.67 ABENGOA FINANCE 8.875% GERMANY 01/11/2017 800,000 USD 446,000 0.22HEIDELBERG CEMENT 8% CEMEX ESPANA 9.875% 31/01/2017 500,000 EUR 606,612 0.30 30/04/2019 (XS0752095686) 800,000 EUR 969,463 0.47SCHAEFFLER FINANCE 1,415,463 0.694.25% 15/05/2018 200,000 EUR 227,994 0.11 UNITED STATES SCHAEFFLER FINANCE 6.875% AES FRN 01/06/2019 750,000 USD 712,804 0.3515/08/2018 1,300,000 USD 1,346,904 0.66 ALERE 7.25% 01/07/2018 1,500,000 USD 1,561,875 0.76TECHEM 6.125% 01/10/2019 800,000 EUR 932,627 0.45 ALLY FINANCIAL 4.75% THYSSENKRUPP 4% 10/09/2018 100,000 USD 102,125 0.0527/08/2018 1,300,000 EUR 1,511,962 0.73 ALLY FINANCIAL 5.5% TRIONISTA HOLDINGS 5% 15/02/2017 175,000 USD 179,594 0.0930/04/2020 300,000 EUR 345,549 0.17 ALLY FINANCIAL 8%

31/12/2018 1,500,000 USD 1,654,688 0.81

408

92,477,946 45.08




ALPHABET HOLDING 7.75% LEVEL 3 FINANCING 01/11/2017 1,250,000 USD 1,233,594 0.60 8.625% 15/07/2020 1,000,000 USD 1,049,375 0.51AVIS BUDGET CAR FINANCE MANITOWOC 5.875% FRN 01/12/2017 970,000 USD 969,607 0.47 15/10/2022 2,000,000 USD 2,133,749 1.04AVIS BUDGET FINANCE FRN MANITOWOC 8.5% 01/11/2020 250,000 USD 261,250 0.1301/12/2017 250,000 USD 249,899 0.12 NATIONAL CINEMEDIA BEAZER HOMES 5.75% 7.875% 15/07/2021 225,000 USD 235,547 0.1115/06/2019 1,000,000 USD 941,875 0.46 NCL CORP 5.25% 15/11/2019 1,250,000 USD 1,289,844 0.63BOYD GAMING 9% 01/07/2020 1,000,000 USD 1,069,375 0.52 NEXSTAR BROADCASTING CARRIZO OIL & GAS 6.875% 15/11/2020 1,550,000 USD 1,602,313 0.787.5% 15/09/2020 1,000,000 USD 932,500 0.45 PENINSULA GAMING 8.375% CASE NEW HOLLAND 7.875% 15/02/2018 300,000 USD 309,938 0.1501/12/2017 1,748,000 USD 1,856,158 0.90 PRESTIGE BRANDS 8.125% COMMUNITY HEALTH SYSTEMS 01/02/2020 1,000,000 USD 1,053,125 0.515.125% 15/08/2018 350,000 USD 358,094 0.17 REYNOLDS GROUP 9.875% COMMUNITY HEALTH SYSTEMS 15/08/2019 1,039,000 USD 1,078,612 0.537.125% 15/07/2020 1,750,000 USD 1,833,124 0.90 RJS POWER HOLDINGS CONSTELLATION BRANDS 5.125% 15/07/2019 1,250,000 USD 1,171,094 0.573.875% 15/11/2019 1,000,000 USD 1,021,250 0.50 RSC EQUIPMENT RENTAL CROWN AMERICA III 6.25% 8.25% 01/02/2021 1,314,000 USD 1,388,734 0.6801/02/2021 1,250,000 USD 1,300,781 0.63 SBA COMMUNICATIONS DANA HOLDING 6.75% 5.625% 01/10/2019 1,000,000 USD 1,037,500 0.5105/02/2021 300,000 USD 312,375 0.15 SLM 4.625% 25/09/2017 300,000 USD 297,188 0.14DCP MIDSTREAM 2.7% STEEL DYNAMICS 6.125% 01/04/2019 2,000,000 USD 1,816,249 0.89 15/08/2019 1,500,000 USD 1,537,500 0.75DISH DBS 4.25% 01/04/2018 300,000 USD 292,125 0.14 TARGA RESOURCES PARTNERS DISH DBS 7.875% 5% 15/01/2018 1,800,000 USD 1,740,374 0.8501/09/2019 1,000,000 USD 1,048,125 0.51 TENET HEALTHCARE 5% ENDO FINANCE 7.25% 01/03/2019 1,500,000 USD 1,468,125 0.7215/01/2022 1,500,000 USD 1,584,375 0.77 TENET HEALTHCARE 6.25% FIRST DATA 8.25% 01/11/2018 2,000,000 USD 2,137,499 1.0515/01/2021 300,000 USD 310,875 0.15 TENET HEALTHCARE FRN FIRST DATA 12.625% 15/06/2020 100,000 USD 100,056 0.0515/01/2021 1,000,000 USD 1,136,875 0.55 T-MOBILE USA 6.464% FRONTIER COMMUNICATIONS 28/04/2019 250,000 USD 255,000 0.128.25% 15/04/2017 250,000 USD 264,063 0.13 UNIVISION COMMUNICATIONSFRONTIER COMMUNICATIONS 8.5% 15/05/2021 1,500,000 USD 1,565,625 0.768.875% 15/09/2020 181,000 USD 177,719 0.09 VPI ESCROW 6.375% HCA 3.75% 15/03/2019 2,000,000 USD 1,992,499 0.98 15/10/2020 1,500,000 USD 1,496,250 0.73HCA 8% 01/10/2018 500,000 USD 567,813 0.28 WISE METALS GROUP 8.75% HD SUPPLY 11.5% 15/07/2020 1,400,000 USD 1,588,125 0.77 15/12/2018 500,000 USD 481,563 0.23HERTZ 6.75% 15/04/2019 1,000,000 USD 1,016,875 0.50 WPX ENERGY 7.5% IAC INTERACTIVE 4.875% 01/08/2020 275,000 USD 253,344 0.1230/11/2018 325,000 USD 335,563 0.16 ZF NORTH AMERICA KINETICS CONCEPT 10.5% CAPITAL 2.25% 26/04/2019 1,200,000 EUR 1,283,408 0.6301/11/2018 1,400,000 USD 1,477,875 0.72 58,255,469 28.39 LANDRY'S HOLDINGS II TOTAL BONDS 85,327,025 41.59 10.25% 01/01/2018 1,747,000 USD 1,808,144 0.88 TOTAL TRANSFERABLE SECURITIESLENNAR 4.5% 15/11/2019 1,000,000 USD 1,011,875 0.49 TRADED ON ANOTHER REGULATED MARKETLENNAR 4.75% 15/12/2017 300,000 USD 309,563 0.15 TOTAL INVESTMENTS 177,804,971 86.67

OTHER NET ASSETS LESS LIABILITIES 27,347,303 13.33 TOTAL NET ASSETS 205,152,274 100.00

409

85,327,025 41.59


India Fixed IncomeStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS INDIA (GOVT) 8.6% 02/06/2028 900,000,000 INR 14,595,864 4.18

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK INDIA (GOVT) 9.2% EXCHANGE LISTING 30/09/2030 350,000,000 INR 5,962,984 1.71

INDIAN OIL CORP 5.75% BONDS 01/08/2023 6,000,000 USD 6,581,220 1.89

LIC HOUSING FINANCE INDIA 8.5% 13/04/2017 50,000,000 INR 764,100 0.22AXIS BANK 3.25% 21/05/2020 7,000,000 USD 7,037,065 2.02 LIC HOUSING FINANCE BAJAJ FINANCE 9.43% 9.24% 30/09/2024 600,000,000 INR 9,654,159 2.7724/10/2016 100,000,000 INR 1,536,525 0.44 LIC HOUSING FINANCE BAJAJ FINANCE 10.05% 9.56% 24/01/2017 100,000,000 INR 1,545,201 0.4410/01/2017 100,000,000 INR 1,549,505 0.44 NABARD 8.18% 10/02/2020 750,000,000 INR 11,437,157 3.28BANK OF BARODA 4.875% NTPC 8.73% 07/03/2023 500,000,000 INR 7,867,725 2.2623/07/2019 9,000,000 USD 9,610,965 2.76 NUCLEAR POWER CORP BANK OF INDIA 6.25% INDIA 8.14% 25/03/2026 150,000,000 INR 2,314,934 0.6616/02/2021 6,000,000 USD 6,784,230 1.95 NUCLEAR POWER CORP CANARA BANK (LONDON) INDIA 8.14% 25/03/2027 200,000,000 INR 3,051,798 0.875.25% 18/10/2018 5,000,000 USD 5,343,550 1.53 NUCLEAR POWER CORP GAIL INDIA 8.3% 23/02/2022 200,000,000 INR 3,082,831 0.88 INDIA 8.14% 25/03/2028 200,000,000 INR 3,041,743 0.87GAIL INDIA 8.3% 23/02/2023 450,000,000 INR 6,867,607 1.97 NUCLEAR POWER CORP GAIL INDIA 8.3% 23/02/2024 450,000,000 INR 6,848,995 1.96 INDIA 8.14% 25/03/2029 150,000,000 INR 2,287,934 0.66GAIL INDIA 8.3% 23/02/2025 450,000,000 INR 6,833,604 1.96 NUCLEAR POWER CORP HDFC 8.75% 13/01/2020 500,000,000 INR 7,738,841 2.22 INDIA 8.14% 25/03/2030 150,000,000 INR 2,309,084 0.66HDFC 8.95% 19/10/2020 100,000,000 INR 1,558,585 0.45 OIL INDIA 3.875% HDFC BANK 0% 06/02/2017 50,000,000 INR 1,075,259 0.31 17/04/2019 1,500,000 USD 1,545,818 0.44HDFC BANK 9.2% 08/10/2017 50,000,000 INR 774,619 0.22 ONGC VIDESH 3.25% ICICI BANK 5.75% 16/11/2020 10,000,000 USD 11,171,800 3.20 15/07/2019 3,000,000 USD 3,028,305 0.87IDBI BANK 4.125% 23/04/2020 5,000,000 USD 5,068,750 1.45 ONGC VIDESH 4.625% INDIA (GOVT) 7.16% 15/07/2024 5,000,000 USD 5,135,325 1.4720/05/2023 1,300,000,000 INR 19,126,280 5.48 POWER GRID CORPORATION INDIA (GOVT) 7.68% OF INDIA 3.875 17/01/2023 8,000,000 USD 7,937,240 2.2815/12/2023 1,050,000,000 INR 16,090,002 4.61 RELIANCE INDUSTRIES INDIA (GOVT) 7.72% 4.125% 28/01/2025 1,250,000 USD 1,238,600 0.3625/05/2025 500,000,000 INR 7,730,385 2.22 RURAL ELECTRIFICATION INDIA (GOVT) 7.88% CORP 9.63% 05/02/2019 150,000,000 INR 2,379,262 0.6819/03/2030 750,000,000 INR 11,618,887 3.33 SHRIRAM TRANSPORT INDIA (GOVT) 7.95% FINANCE 10.75% 24/08/2016 150,000,000 INR 2,326,782 0.6728/08/2032 1,800,000,000 INR 27,812,248 7.98 SHRIRAM TRANSPORT INDIA (GOVT) 8.15% FINANCE 9.85% 15/07/2017 100,000,000 INR 1,556,817 0.4524/11/2026 950,000,000 INR 14,862,203 4.26 312,395,391 89.57 INDIA (GOVT) 8.17% TOTAL BONDS 312,395,391 89.5701/12/2044 600,000,000 INR 9,518,693 2.73 TOTAL TRANSFERABLE SECURITIESINDIA (GOVT) 8.24% ADMITTED TO AN OFFICIAL STOCK10/11/2033 1,150,000,000 INR 18,269,302 5.24 EXCHANGE LISTINGINDIA (GOVT) 8.35% 14/05/2022 100,000,000 INR 1,568,525 0.45INDIA (GOVT) 8.4% 28/07/2024 400,000,000 INR 6,354,083 1.82

312,395,391 89.57

410


India Fixed IncomeStatement of investments as at 30 September 2015(expressed in USD)



BONDS

INDIA EXPORT IMPORT BANK OF INDIA 2.75% 01/04/2020 10,000,000 USD 9,914,149 2.84INDIA (GOVT) 7.28% 03/06/2019 600,000,000 INR 9,069,196 2.60KOTAK MAHINDRA PRIME 0% 10/03/2016 182,000,000 INR 2,675,905 0.77

21,659,250 6.21TOTAL BONDS 21,659,250 6.21TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 334,054,641 95.78 OTHER NET ASSETS LESS LIABILITIES 14,731,974 4.22TOTAL NET ASSETS 348,786,615 100.00

411

21,659,250 6.21


Latin American Local DebtStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS MEXICO (GOVT) 7.75% 23/11/2034 4,700 MXN 30,859 0.22

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK MEXICO (GOVT) 7.75% EXCHANGE LISTING 13/11/2042 24,012 MXN 156,691 1.13

MEXICO (GOVT) 8% BONDS 11/06/2020 133,506 MXN 879,600 6.38

MEXICO (GOVT) 8% BRAZIL 07/12/2023 97,489 MXN 649,864 4.71BRAZIL (GOVT) 0% 01/01/2016 800 BRL 194,100 1.41 MEXICO (GOVT) 8.5% BRAZIL (GOVT) 0% 01/10/2016 1,000 BRL 216,338 1.57 13/12/2018 64,139 MXN 419,907 3.04BRAZIL (GOVT) 0% 01/01/2017 2,183 BRL 456,584 3.31 MEXICO (GOVT) 8.5% BRAZIL (GOVT) 0% 01/07/2017 1,800 BRL 348,957 2.53 31/05/2029 31,693 MXN 221,341 1.60BRAZIL (GOVT) 0% 01/01/2018 2,400 BRL 431,625 3.13 MEXICO (GOVT) 8.5% BRAZIL (GOVT) 0% 01/07/2018 2,500 BRL 417,191 3.02 18/11/2038 29,680 MXN 208,512 1.51BRAZIL (GOVT) 0% 01/01/2019 3,850 BRL 588,437 4.26 5,082,132 36.81 BRAZIL (GOVT) 10% PERU 01/01/2017 3,240 BRL 766,427 5.54 PERU (GOVT) 5.2% BRAZIL (GOVT) 10% 12/09/2023 (PEP01000C4N3) 350,000 PEN 95,835 0.6901/01/2019 750 BRL 161,871 1.17 PERU (GOVT) 5.7% BRAZIL (GOVT) 10% 12/08/2024 350,000 PEN 97,569 0.7101/01/2021 3,500 BRL 710,678 5.15 PERU (GOVT) 7.84% BRAZIL (GOVT) 10% 12/08/2020 (PEP01000CY33) 390,000 PEN 128,005 0.9301/01/2023 2,150 BRL 412,954 2.99 321,409 2.33

4,705,162 34.08 TOTAL BONDS 11,473,875 83.11 COLOMBIA TOTAL TRANSFERABLE SECURITIESCOLOMBIA (GOVT) 4.375% ADMITTED TO AN OFFICIAL STOCK21/03/2023 1,455,000,000 COP 390,685 2.83 EXCHANGE LISTINGCOLOMBIA (GOVT) 7.75% 14/04/2021 750,000,000 COP 248,431 1.80 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDCOLOMBIA (GOVT) 10% MARKET24/07/2024 1,000,000,000 COP 362,112 2.62COLOMBIA (GOVT) 11.25% BONDS 24/10/2018 1,000,000,000 COP 363,944 2.64

1,365,172 9.89 BRAZIL MEXICO BRAZIL (GOVT) 10% MEXICO (GOVT) 10% 01/01/2018 750 BRL 169,099 1.2205/12/2024 22,765 MXN 171,594 1.24 BRAZIL (GOVT) 10% MEXICO (GOVT) 10% 01/01/2025 2,650 BRL 486,633 3.5320/11/2036 28,175 MXN 226,756 1.64 655,732 4.75MEXICO (GOVT) 6.5% COLOMBIA 10/06/2021 101,187 MXN 626,106 4.54 COLOMBIA (GOVT) 9.85% MEXICO (GOVT) 6.5% 28/06/2027 500,000,000 COP 185,681 1.3409/06/2022 101,040 MXN 618,984 4.48 185,681 1.34MEXICO (GOVT) 7.5% TOTAL BONDS 841,413 6.09 03/06/2027 25,185 MXN 162,434 1.18 TOTAL TRANSFERABLE SECURITIESMEXICO (GOVT) 7.75% TRADED ON ANOTHER REGULATED MARKET14/12/2017 38,048 MXN 241,559 1.75MEXICO (GOVT) 7.75% 29/05/2031 71,260 MXN 467,925 3.39

11,473,875 83.11

841,413 6.09

412


Latin American Local DebtStatement of investments as at 30 September 2015(expressed in USD)



BONDS

MEXICO MEXICO (GOVT) 4.75% 14/06/2018 138,625 MXN 821,296 5.95

821,296 5.95TOTAL BONDS 821,296 5.95TOTAL OTHER TRANSFERABLE SECURITIES 821,296 5.95TOTAL INVESTMENTS 13,136,584 95.15 OTHER NET ASSETS LESS LIABILITIES 669,363 4.85TOTAL NET ASSETS 13,805,947 100.00

413


RMB Fixed IncomeStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS MODERN LAND CHINA 11% 22/01/2017 5,000,000 CNY 762,926 0.50

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK NEW WORLD CHINA LAND EXCHANGE LISTING 5.5% 06/02/2018 15,000,000 CNY 2,301,769 1.49

OCEAN WEALTH 5.2% BONDS 24/03/2017 13,000,000 CNY 2,035,561 1.32

POWER CONSTRUCTION CORP AUSTRALIA 4.2% 15/05/2017 20,000,000 CNY 3,101,446 2.01ANZ BANKING GROUP VRN RAINBOW DAYS 3% 30/01/2025 25,000,000 CNY 3,795,107 2.46 30/06/2016 11,260,000 CNY 1,742,474 1.13

3,795,107 2.46 SHENZHEN QIANHAI FINANCIAL CHINA HOLDINGS 4.55% 28/10/2017 12,000,000 CNY 1,887,634 1.23361 DEGREES INTERNATIONAL SINOCHEM OFFSHORE 7.5% 12/09/2017 20,000,000 CNY 2,945,525 1.91 CAPITAL 3.55% 13/05/2017 28,000,000 CNY 4,307,559 2.80AGRICULTURAL BANK OF CHINA, DU- TINGYI HOLDING CORP BAI BRANCH 3.5% 11/09/2017 10,000,000 CNY 1,542,346 1.00 4.375% 06/08/2018 15,000,000 CNY 2,291,587 1.49AVIC INTERNATIONAL FIN & UNICAN 5.6% 18/09/2017 20,000,000 CNY 3,073,823 2.00INVESTMENT 4.8% 10/04/2017 12,100,000 CNY 1,882,865 1.22 WANHUA CHEMICAL INTERNATIONAL BAOSTEEL GROUP 4.15% HOLDING 4.5% 19/11/2017 15,000,000 CNY 2,322,014 1.5101/03/2017 16,000,000 CNY 2,482,277 1.61 ZHUHAI DA HENG QIN BESTGAIN REAL ESTATE 4.75% 11/12/2017 28,000,000 CNY 4,342,333 2.834.5% 04/12/2018 10,000,000 CNY 1,538,886 1.00 76,698,370 49.80 CHINA CONSTRUCTION BANK FRANCE 4.9% VRN 12/11/2024 25,000,000 CNY 3,861,332 2.51 TOTAL CAPITAL 3.75% CHINA ELECTRONICS CORP 24/09/2018 20,000,000 CNY 3,069,308 1.99"H" 4.7% 16/01/2017 20,000,000 CNY 3,066,320 1.99 3,069,308 1.99CHINA NEW TOWN FINANCE GERMANY I 5.5% 06/05/2018 5,630,000 CNY 852,989 0.55 BSH BOSCH UND SIEMENS DATANG TELECOM 5.5% 3.8% 24/07/2017 27,000,000 CNY 4,183,554 2.7229/09/2017 19,000,000 CNY 2,900,794 1.88 VOLKSWAGEN INTERNATIONAL DORSETT HOSPITALITY INTER- FINANCE 3.5% 23/01/2019 20,000,000 CNY 2,851,568 1.85NATIONAL 6% 03/04/2018 13,000,000 CNY 1,981,032 1.29 7,035,122 4.57EASTERN AIR OVERSEAS GREAT BRITAIN HONG KONG 4.8% 13/03/2017 15,000,000 CNY 2,328,279 1.51 BP CAPITAL 3.95% EASTERN CREATION II INVESTMENT 08/10/2018 25,000,000 CNY 3,835,849 2.493.75% 27/06/2017 20,000,000 CNY 3,080,036 2.00 UK (GOVT) 2.7% 21/10/2017 10,000,000 CNY 1,532,318 1.00ESUN INTERNATIONAL 5,368,167 3.49FINANCE 8.375% 24/06/2018 11,790,000 CNY 1,786,851 1.16 HONG KONG GREENLAND HONG KONG CHINA POWER INTERNATIONAL HOLDINGS 5.5% 23/01/2018 20,000,000 CNY 3,036,086 1.97 4.5% 09/05/2017 8,000,000 CNY 1,232,801 0.80GREENTOWN CHINA HOLDINGS CHINA UNICOM 4% 5.625% 13/05/2016 10,000,000 CNY 1,559,280 1.01 16/04/2017 15,000,000 CNY 2,314,062 1.50HAIKOU MEILAN INTL AIRPORT INV- FAR EAST HORIZON 4.5% ESTMENT 7.25% 18/06/2018 14,790,000 CNY 2,249,071 1.46 22/03/2016 13,000,000 CNY 2,035,111 1.32ICBC 6% VRN PERP GEMDALE ASIA HOLDING (XS1142397550) 16,300,000 CNY 2,543,550 1.65 5.625% 21/03/2018 10,000,000 CNY 1,525,853 0.99LAI FUNG HOLDINGS HKCG FINANCE 1.4% 6.875% 25/04/2018 28,000,000 CNY 4,049,409 2.63 11/04/2016 10,000,000 CNY 1,547,939 1.01LONGFOR PROPERTIES ICBCIL FINANCE 3.9% 6.75% 28/05/2018 8,650,000 CNY 1,329,218 0.86 18/06/2018 8,000,000 CNY 1,216,750 0.79MAIKUN INVESTMENT 4.5% SK GLOBAL CHEMICAL INVESTMENT 06/06/2017 23,000,000 CNY 3,513,098 2.28 4.125% 26/09/2016 15,000,000 CNY 2,330,532 1.51

414


RMB Fixed IncomeStatement of investments as at 30 September 2015(expressed in USD)


STARWAY ASSETS ENTERPRISES TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED4.1% 22/01/2017 14,500,000 CNY 2,250,396 1.46 MARKET

14,453,444 9.38 INDIA BONDS ICICI BANK 4% 25/06/2016 5,000,000 CNY 779,357 0.51

779,357 0.51 AUSTRALIA JAPAN COMMONWEALTH BANK OF AUSTRALIAMITSUBISHI UFJ LEASE & 5.15% VRN 11/3/2025 10,000,000 CNY 1,537,525 1.00FINANCE 3.28% 27/02/2017 18,000,000 CNY 2,781,929 1.80 1,537,525 1.00SINOSTRONG INTERNATIONAL CHINA 4% 28/05/2018 12,280,000 CNY 1,887,578 1.23 BANK OF CHINA 3.45%

4,669,507 3.03 16/01/2017 13,200,000 CNY 2,044,888 1.33MALAYSIA EXPORT-IMPORT BANK OF CAGAMAS GLOBAL 3.7% CHINA 3.25% 21/01/2017 20,000,000 CNY 3,113,149 2.0222/09/2017 15,000,000 CNY 2,256,937 1.47 VALUE SUCCESS INTERNATIONAL

2,256,937 1.47 4.75% 04/11/2018 15,000,000 CNY 2,308,399 1.50MONGOLIA 7,466,436 4.85MONGOLIA (GOVT) 7.5% TOTAL BONDS 9,003,961 5.85 30/06/2018 6,000,000 CNY 862,417 0.56 TOTAL TRANSFERABLE SECURITIES

862,417 0.56 TRADED ON ANOTHER REGULATED MARKETNEW ZEALAND FONTERRA COOPERATIVE OTHER TRANSFERABLE SECURITIES GROUP 3.6% 29/01/2019 20,000,000 CNY 3,011,027 1.96

3,011,027 1.96 BONDS RUSSIAN FEDERATION GAZPROM 4.25% 30/01/2017 13,200,000 CNY 1,897,327 1.23 CHINA RUSSIAN AGRICULTURAL RKI FINANCE 6% 03/12/2016 18,000,000 CNY 2,758,923 1.79BANK 3.6% 04/02/2016 20,000,000 CNY 3,026,144 1.97 2,758,923 1.79

4,923,471 3.20 TOTAL BONDS 2,758,923 1.79SINGAPORE TOTAL OTHER TRANSFERABLE SECURITIES 2,758,923 1.79GLOBAL LOGISTIC PROPERTIES TOTAL INVESTMENTS 151,325,154 98.27 3.375% 11/05/2016 13,000,000 CNY 2,020,152 1.31 OTHER NET ASSETS LESS LIABILITIES 2,662,211 1.73

2,020,152 1.31 TOTAL NET ASSETS 153,987,365 100.00SOUTH KOREA EXPORT-IMPORT BANK OF KOREA 3.625% 27/01/2019 23,200,000 CNY 3,570,160 2.31HANA BANK 4.05% 30/07/2018 15,000,000 CNY 2,350,553 1.53KOREA DEVELOPMENT BANK 4.1% 24/08/2018 5,000,000 CNY 781,901 0.51

6,702,614 4.35SWEDEN SVENSKA HANDELSBANKEN 3% 15/01/2016 10,000,000 CNY 1,566,021 1.02

1,566,021 1.02THAILAND TMB BANK 5.5% 09/03/2018 15,000,000 CNY 2,351,249 1.53

2,351,249 1.53TOTAL BONDS 139,562,270 90.63 TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

415

9,003,961 5.85

139,562,270 90.63


US Dollar BondStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS JAPAN SUMITOMO MITSUI FINANCIAL

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 4.436% 02/04/2024 333,000 USD 343,077 0.30EXCHANGE LISTING 343,077 0.30

LUXEMBOURG BONDS EUROPEAN INVESTMENT

BANK 0.5% 15/08/2016 2,000,000 USD 2,000,500 1.78GREAT BRITAIN 2,000,500 1.78RIO TINTO FINANCE 3.75% NETHERLANDS 15/06/2025 600,000 USD 584,736 0.52 NEDERLANDSE WATERSCHAPS-

584,736 0.52 BANK FRN 14/02/2018 1,800,000 USD 1,806,075 1.60BRAZIL 1,806,075 1.60BRAZIL (GOVT) 5.875% PHILIPPINES 15/01/2019 1,390,000 USD 1,463,670 1.30 ASIAN DEVELOPMENT BANK

1,463,670 1.30 1.75% 21/03/2019 2,000,000 USD 2,037,390 1.81CANADA 2,037,390 1.81CNOOC FINANCE 4.25% SOUTH AFRICA 30/04/2024 428,000 USD 433,344 0.38 SOUTH AFRICA (GOVT) 5.5%

433,344 0.38 09/03/2020 1,450,000 USD 1,547,397 1.37CHINA 1,547,397 1.37SWIRE PACIFIC 4.5% SPAIN 09/10/2023 500,000 USD 533,620 0.47 INSTITUTO DE CREDITO OFICIAL

533,620 0.47 5% 10/04/2017 2,900,000 USD 3,054,584 2.72FRANCE TELEFONICA 5.877% BNP PARIBAS 2.7% 20/08/2018 500,000 USD 511,823 0.45 15/07/2019 600,000 USD 671,913 0.60ELECTRICITE DE FRANCE 3,726,497 3.32 5.625% VRN PERP 800,000 USD 779,500 0.70 UNITED STATES

1,291,323 1.15 CAPITAL ONE BANK 8.8% GERMANY 15/07/2019 400,000 USD 484,150 0.43KFW 0.75% 05/07/2016 3,500,000 USD 3,508,540 3.12 CITIGROUP 4.5% 14/01/2022 600,000 USD 649,674 0.58

3,508,540 3.12 EOG RESOURCES 3.15% GREAT BRITAIN 01/04/2025 308,000 USD 303,345 0.27BG ENERGY CAPITAL 6.5% VRN FORD MOTOR CREDIT 5.75% 30/11/2072 (XS0798324306) 500,000 USD 528,125 0.46 01/02/2021 500,000 USD 561,758 0.50BRITISH TELECOMMUNICATIONS HOME DEPOT 4.25% 8.625% VRN 15/12/2030 700,000 USD 1,047,813 0.93 01/04/2046 263,000 USD 269,248 0.24HSBC HOLDINGS 6.375% VRN IBRD 1% 15/09/2016 2,500,000 USD 2,512,574 2.23PERP 400,000 USD 381,500 0.34 MERRILL LYNCH 6.4% STANDARD CHARTERED 4% 28/08/2017 400,000 USD 434,358 0.3912/07/2022 500,000 USD 501,700 0.45 UNITEDHEALTH GROUP TESCO 2.7% 05/01/2017 3.35% 15/07/2022 122,000 USD 126,277 0.11(US881575AF19) 200,000 USD 201,125 0.18 US (GOVT) 1% 30/09/2016 4,280,000 USD 4,306,582 3.83

2,660,263 2.36 US (GOVT) 1.75% 15/05/2023 2,150,000 USD 2,130,138 1.89ISRAEL US (GOVT) 3.125% 15/05/2019 4,800,000 USD 5,140,312 4.57ISRAEL ELECTRIC CORP 5% US (GOVT) 3.125% 15/05/2021 4,350,000 USD 4,715,501 4.1912/11/2024 485,000 USD 496,975 0.44 US (GOVT) 5.375% 15/02/2031 1,750,000 USD 2,428,672 2.16

496,975 0.44 VERIZON COMMUNICATIONS ITALY 5.15% 15/09/2023 950,000 USD 1,050,990 0.93ITALY (GOVT) 5.375% 12/06/2017 3,400,000 USD 3,631,641 3.23

3,631,641 3.23

416




VW CREDIT 1.875% 13/10/2016 816,000 USD 808,542 0.72 ITALY 25,922,121 23.04 ENEL FINANCE 6% 07/10/2039 600,000 USD 688,032 0.61

TOTAL BONDS 51,987,169 46.19 INTESA SANPAOLO 3.125% 15/01/2016 800,000 USD 804,484 0.72

ASSET BACKED SECURITIES 1,492,516 1.33LUXEMBOURG

UNITED STATES ACTAVIS FUNDING 3% FHLMC 30YR 3.5% 01/09/2043 1,660,000 USD 1,726,270 1.53 12/03/2020 500,000 USD 501,335 0.45FHLMC 30YR 4% 01/10/2043 1,350,000 USD 1,436,716 1.28 501,335 0.45FHLMC 30YR 4.5% 01/10/2043 750,000 USD 811,992 0.72 MEXICO FHLMC 30YR 5% 01/10/2043 1,790,000 USD 1,960,959 1.74 PETROLEOS MEXICANOS FHLMC 5.125% 17/11/2017 3,000,000 USD 3,276,419 2.92 5.625% 23/01/2046 390,000 USD 317,665 0.28FNMA 15YR 2.5% 01/10/2028 2,320,000 USD 2,364,406 2.10 317,665 0.28FNMA 15YR 3% 01/10/2028 2,120,000 USD 2,207,036 1.96 NETHERLANDS FNMA 15YR 3.5% 01/10/2028 1,280,000 USD 1,351,540 1.20 RABOBANK CAPITAL FNMA 30YR 3% 01/10/2043 2,960,000 USD 2,997,578 2.66 FUNDING 5.254% VRN PERP 350,000 USD 357,875 0.32FNMA 30YR 3.5% 01/10/2043 2,860,000 USD 2,981,997 2.65 RABOBANK NEDERLAND FNMA 30YR 4% 01/10/2043 2,250,000 USD 2,399,502 2.13 4.625% 01/12/2023 368,000 USD 380,862 0.34FNMA 30YR 4.5% 01/10/2043 950,000 USD 1,030,305 0.92 738,737 0.66FNMA 30YR 5.5% 01/10/2043 1,560,000 USD 1,743,684 1.55 UNITED STATES GNMA 30YR 3.5% 01/10/2043 2,440,000 USD 2,553,517 2.27 AMGEN 3.875% 15/11/2021 600,000 USD 631,149 0.56GNMA 30YR 4% 01/10/2043 2,020,000 USD 2,150,314 1.91 ANHEUSER BUSCH INBEV GNMA 30YR 4.5% 01/10/2043 1,880,000 USD 2,019,179 1.79 7.75% 15/01/2019 800,000 USD 940,128 0.84

33,011,414 29.33 APPLE 3.85% 04/05/2043 600,000 USD 551,181 0.49TOTAL ASSET BACKED SECURITIES 33,011,414 29.33 BANK OF AMERICA 4.25% TOTAL TRANSFERABLE SECURITIES 22/10/2026 1,200,000 USD 1,190,316 1.06ADMITTED TO AN OFFICIAL STOCK BNSF RAILWAY 4.83% EXCHANGE LISTING 15/01/2023 700,000 USD 285,500 0.25

BOSTON PROPERTIES 4.125%TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED 15/05/2021 450,000 USD 478,375 0.42MARKET DEVON ENERGY 5%

15/06/2045 330,000 USD 300,389 0.27BONDS ENERGY TRANSFER PARTNERS

5.15% 01/02/2043 500,000 USD 399,615 0.36AUSTRALIA ENERGY TRANSFER PARTNERSANZ BANKING GROUP 2.4% 5.2% 01/02/2022 480,000 USD 482,530 0.4323/11/2016 1,350,000 USD 1,373,753 1.22 GLENCORE FUNDING 2.875%

1,373,753 1.22 16/04/2020 800,000 USD 653,652 0.58CHINA GOLDMAN SACHS GROUP HUTCHISON WHAMPOA 5.75% 3.75% 22/05/2025 210,000 USD 210,649 0.1911/09/2019 350,000 USD 395,159 0.35 KINDER MORGAN 5.05%

395,159 0.35 15/02/2046 667,000 USD 524,225 0.47FRANCE MERCK 3.7% 10/02/2045 134,000 USD 123,532 0.11GDF SUEZ 1.625% 10/10/2017 500,000 USD 501,805 0.45 METLIFE 5.25% VRN PERP 313,000 USD 311,435 0.28LVMH 1.625% 29/06/2017 1,000,000 USD 1,008,495 0.89 METLIFE 5.875% 06/02/2041 500,000 USD 603,510 0.54

1,510,300 1.34 MIDAMERICAN ENERGY GREAT BRITAIN 5.95% 15/07/2017 750,000 USD 807,780 0.72SKY 3.125% 26/11/2022 500,000 USD 488,570 0.43 MORGAN STANLEY 2.8%

488,570 0.43 16/06/2020 333,000 USD 335,081 0.30MORGAN STANLEY 4.3% 27/01/2045 72,000 USD 68,496 0.06

84,998,583 75.52

417




TIME WARNER 3.6% ASSET BACKED SECURITIES 15/07/2025 800,000 USD 785,900 0.70UNION PACIFIC 3.646% UNITED STATES 15/02/2024 370,000 USD 386,130 0.34 ASSET BACKED FUNDING UNION PACIFIC 5.082% 4.18% 25/03/2033 2,425,000 USD 156,968 0.1402/01/2029 500,000 USD 382,467 0.34 156,968 0.14US (GOVT) 2% 15/02/2023 1,850,000 USD 1,873,306 1.65 TOTAL ASSET BACKED SECURITIES 156,968 0.14US (GOVT) 3.75% 5/11/2018 2,600,000 USD 2,823,234 2.50US (GOVT) 4.375%15/02/2038 2,415,000 USD 3,105,209 2.75 TREASURY BILLS US (GOVT) 4.375% 15/11/2039 1,850,000 USD 2,374,070 2.10WAL MART STORES 6.5% UNITED STATES 15/08/2037 750,000 USD 991,256 0.88 US (GOVT) 0.875%15/04/2017 3,800,000 USD 3,819,891 3.39WALGREENS BOOTS ALLIANCE US (GOVT) 1.25% 31/10/2015 5,500,000 USD 5,505,263 4.894.8% 18/11/2044 400,000 USD 383,488 0.34 US (GOVT) 1.375% 30/11/2015 3,500,000 USD 3,507,588 3.12WELLS FARGO 4.65% US (GOVT) 3.375% 15/05/2044 2,650,000 USD 2,908,789 2.5804/11/2044 402,000 USD 397,106 0.35 US (GOVT) 4.5% 15/02/2016 4,000,000 USD 4,065,234 3.61XTRA FINANCE 5.15% 19,806,765 17.5901/04/2017 1,000,000 USD 1,054,875 0.94 TOTAL TREASURY BILLS 19,806,765 17.59

23,454,584 20.82 TOTAL OTHER TRANSFERABLE SECURITIES 25,917,349 23.02 TOTAL BONDS 30,272,619 26.88 TOTAL INVESTMENTS 143,980,958 127.91

OTHER NET LIABILITIES LESS ASSETS (31,419,023) -27.91ASSET BACKED SECURITIES TOTAL NET ASSETS 112,561,935 100.00

GREAT BRITAIN ARRAN RESIDENTIAL MORTGAGESFRN 16/05/2047 1,000,000 USD 252,486 0.22

252,486 0.22UNITED STATES GNMA 30YR 3% 23/10/2014 2,340,000 USD 2,385,748 2.13MORGAN STANLEY CAPITAL 5.61% 15/04/2049 1,060,000 USD 154,173 0.14

2,539,921 2.27 TOTAL ASSET BACKED SECURITIES 2,792,407 2.49 TOTAL TRANSFERABLE SECURITIES 33,065,026 29.37 TRADED ON ANOTHER REGULATED MARKET





418


Euro ReserveStatement of investments as at 30 September 2015(expressed in EUR)


INVESTMENTS BPIFRANCE 0.12% 23/10/2015 5,000,000 EUR 5,000,000 2.72BPIFRANCE 0.12% 04/11/2015 4,000,000 EUR 4,000,000 2.17

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK BPIFRANCE 0.15% 10/5/2016 2,500,000 EUR 2,499,045 1.35EXCHANGE LISTING BPIFRANCE 0.18% 23/11/2015 5,000,000 EUR 5,000,803 2.72

BRED 0% 13/11/2015 3,500,000 EUR 3,500,272 1.90BONDS CREDIT AGRICOLE 0.09%

29/10/2015 3,000,000 EUR 3,000,000 1.63FRANCE CREDIT DU NORD 0% AGENCE FRANCAISE DE DEVELOP- 23/12/2015 500,000 EUR 500,073 0.27PEMENT 3.375% 16/11/2015 1,500,000 EUR 1,506,405 0.81 CREDIT MUTUEL 0.14%

1,506,405 0.81 06/11/2015 1,500,000 EUR 1,500,000 0.81LUXEMBOURG CREDIT MUTUEL ARKEA EUROPEAN INVESTMENT 0.12% 14/03/2016 3,500,000 EUR 3,500,000 1.90BANK 3.32% 12/12/2015 963,000 EUR 969,134 0.53 43,000,193 23.32

969,134 0.53 GERMANY TOTAL BONDS 2,475,539 1.34 DEKABANK DT.GIROZENTRALE

0% 04/01/2016 2,000,000 EUR 2,000,317 1.08COLLECTIVE INVESTMENT SCHEMES 2,000,317 1.08

GREAT BRITAIN FRANCE HSBC HOLDING 0% 30/06/2016 1,000,000 EUR 999,658 0.54HSBC MONETAIRE ETAT "R STANDARD CHARTERED 0% EURO ACC" 7,236 EUR 7,307,926 3.96 29/03/2016 2,500,000 EUR 2,500,071 1.36

7,307,926 3.96 3,499,729 1.90TOTAL COLLECTIVE INVESTMENT SCHEMES 7,307,926 3.96 JAPAN TOTAL TRANSFERABLE SECURITIES MIZUHO BANK 0% 02/10/2015 1,000,000 EUR 1,000,004 0.54ADMITTED TO AN OFFICIAL STOCK 1,000,004 0.54EXCHANGE LISTING NETHERLANDS

ING BANK 0% 02/10/2015 1,500,000 EUR 1,500,005 0.81OTHER TRANSFERABLE SECURITIES RABOBANK 0.1% 11/02/2016 3,500,000 EUR 3,500,000 1.90

5,000,005 2.71CERTIFICATE OF DEPOSIT QATAR

QATAR 0% 12/11/2015 1,000,000 EUR 1,000,075 0.54CHINA QATAR 0% 30/11/2015 1,000,000 EUR 1,000,106 0.54BANK OF CHINA 0% QATAR NATIONAL BANK 30/10/2015 1,000,000 EUR 1,000,053 0.54 0% 09/10/2015 1,500,000 EUR 1,500,012 0.82ICBC 0% 30/10/2015 500,000 EUR 500,027 0.27 3,500,193 1.90ICBC 0% 23/12/2015 1,000,000 EUR 1,000,146 0.55 SWEDEN

2,500,226 1.36 NORDEA BANK 0% 08/12/2015 1,000,000 EUR 1,000,120 0.54FRANCE NORDEA BANK 0% 18/02/2016 1,500,000 EUR 1,500,182 0.81AGENCE FRANCAISE DE DEVELOP- SVENSKA HANDELSBANKEN PEMENT 0.04% 04/11/2015 5,000,000 EUR 5,000,000 2.71 0% 01/10/2015 2,000,000 EUR 2,000,004 1.08AGENCE FRANCAISE DEVELOP- SVENSKA HANDELSBANKEN PEMENT 0.08% 02/12/2015 2,000,000 EUR 2,000,000 1.08 0% 17/03/2016 500,000 EUR 500,031 0.27AGFB 0.10% 20/10/2015 500,000 EUR 500,000 0.27 SVENSKA HANDELSBANKEN AGFB 0.1% 24/03/2016 1,000,000 EUR 1,000,000 0.54 0% 24/03/2016 3,000,000 EUR 3,000,129 1.64AGFB 0.13% 26/02/2016 500,000 EUR 500,000 0.27 8,000,466 4.34 BNP PARIBAS 0.09% SWITZERLAND 29/12/2015 500,000 EUR 500,000 0.27 CREDIT SUISSE 0% 17/11/2015 1,000,000 EUR 1,000,084 0.54BNP PARIBAS 0.1% CREDIT SUISSE 0% 01/12/2015 1,000,000 EUR 1,000,017 0.5402/12/2015 3,000,000 EUR 3,000,000 1.63 2,000,101 1.08BNP PARIBAS 0.1% TAIWAN 04/03/2016 2,000,000 EUR 2,000,000 1.08 CHIN 0% 03/03/2016 1,500,000 EUR 1,500,143 0.81

1,500,143 0.81

9,783,465 5.30

419




UNITED STATES LMA 0% 09/11/2015 2,000,000 EUR 1,999,979 1.08JP MORGAN CHASE 0% LMA 0% 10/11/2015 1,000,000 EUR 1,000,072 0.5420/01/2016 1,500,000 EUR 1,500,230 0.82 LMA 0% 20/11/2015 500,000 EUR 500,045 0.27JP MORGAN CHASE 0.08% RTE 0% 11/02/2016 300,000 EUR 300,039 0.1611/11/2015 1,000,000 EUR 1,000,146 0.54 UNION NATLE INTERP 0% METLIFE SHORT TERM 30/03/2016 2,000,000 EUR 2,000,051 1.09FUNDING 0% 16/10/2015 300,000 EUR 300,008 0.16 24,301,965 13.18 METLIFE SHORT TERM GREAT BRITAIN FUNDING 0% 18/03/2016 1,120,000 EUR 1,120,067 0.61 REGENCY ASSETS 0%

3,920,451 2.13 19/10/2015 3,000,000 EUR 3,000,000 1.63TOTAL CERTIFICATE OF DEPOSIT 75,921,828 41.17 3,000,000 1.63

IRELAND COMMERCIAL PAPER GE CAPITAL EUROPEAN

FUNDING 0% 23/10/2015 1,500,000 EUR 1,500,061 0.82BELGIUM MATCHPOINT FINANCE 0% LVMH 0% 11/12/2015 1,000,000 EUR 1,000,126 0.54 13/11/2015 1,500,000 EUR 1,500,117 0.81LVMH 0% 21/12/2015 1,500,000 EUR 1,500,215 0.81 MATCHPOINT FINANCE 0% SUMITOMO MITSUI BANKING BRUESSEL 14/12/2015 2,000,000 EUR 2,000,262 1.08BRANCH 0% 26/11/2015 3,000,000 EUR 3,000,300 1.63 5,000,440 2.71

5,500,641 2.98 MALTA CANADA BMW MALTA FINANCE 0% TORONTO-DOMINION BANK 13/10/2015 2,000,000 EUR 2,000,000 1.080% 25/08/2016 2,000,000 EUR 1,998,062 1.08 2,000,000 1.08

1,998,062 1.08 NETHERLANDS CHINA EADS 0% 15/12/2015 2,000,000 EUR 2,000,266 1.09AGRICULTURAL BANK OF UNILEVER 0% 06/11/2015 1,000,000 EUR 1,000,065 0.54CHINA 0% 04/12/2015 1,500,000 EUR 1,500,171 0.81 3,000,331 1.63CHINA CONSTRUCTION BANK SWEDEN 0% 23/10/2015 1,500,000 EUR 1,500,061 0.81 NORDEA BANK 0% 08/01/2016 1,000,000 EUR 1,000,158 0.54CHINA CONSTRUCTION BANK 1,000,158 0.540% 22/12/2015 2,000,000 EUR 2,000,290 1.09 UNITED STATES

5,000,522 2.71 COLLATERALIZED COMMERCIAL FINLAND PAPER III 0% 04/03/2016 1,500,000 EUR 1,500,139 0.81POHJOLA BANK 0% PROCTER AND GAMBLE 0% 09/03/2016 3,000,000 EUR 3,000,245 1.63 09/10/2015 2,000,000 EUR 1,999,995 1.09

3,000,245 1.63 PROCTER AND GAMBLE 0% FRANCE 29/10/2015 1,000,000 EUR 1,000,051 0.54AIR LIQUIDE FINANCE 0% PROCTER AND GAMBLE 0% 07/10/2015 2,000,000 EUR 2,000,027 1.09 11/12/2015 500,000 EUR 500,063 0.27ANTALIS 0% 23/12/2015 3,500,000 EUR 3,500,514 1.91 5,000,248 2.71 ELECTRICITE DE FRANCE TOTAL COMMERCIAL PAPER 58,802,612 31.88 0% 08/12/2015 1,500,000 EUR 1,500,181 0.81ELECTRICITE DE FRANCE TREASURY BILLS 0% 22/12/2015 1,500,000 EUR 1,500,217 0.81FRANCE (GOVT) 0% FRANCE 04/02/2016 1,000,000 EUR 1,000,140 0.54 FRANCE (GOVT) 0% FRANCE (GOVT) 0% 21/10/2015 2,000,000 EUR 2,000,224 1.0803/03/2016 2,000,000 EUR 2,000,190 1.08 FRANCE (GOVT) 0% GDF 0% 07/10/2015 2,000,000 EUR 2,000,011 1.08 28/10/2015 3,000,000 EUR 3,000,582 1.63LA POSTE 0% 07/10/2015 2,000,000 EUR 2,000,024 1.08 FRANCE (GOVT) 0% LA POSTE 0% 07/01/2016 3,000,000 EUR 3,000,475 1.64 04/11/2015 3,000,000 EUR 3,000,565 1.63

420




FRANCE (GOVT) 0% 18/11/2015 4,000,000 EUR 4,001,128 2.17FRANCE (GOVT) 0% 02/12/2015 2,000,000 EUR 2,000,674 1.08FRANCE (GOVT) 0% 23/12/2015 2,000,000 EUR 2,000,924 1.08FRANCE (GOVT) 0% 06/01/2016 2,000,000 EUR 2,001,224 1.09FRANCE (GOVT) 0% 03/02/2016 2,000,000 EUR 2,001,450 1.09FRANCE (GOVT) 0% 16/06/2016 2,000,000 EUR 2,003,050 1.09FRANCE (GOVT) 0% 22/06/2016 4,000,000 EUR 4,005,900 2.17FRANCE (GOVT) 0% 20/07/2016 1,000,000 EUR 1,001,605 0.54

27,017,326 14.65 TOTAL TREASURY BILLS 27,017,326 14.65TOTAL OTHER TRANSFERABLE SECURITIES 161,741,766 87.70 TOTAL INVESTMENTS 171,525,231 93.00OTHER NET ASSETS LESS LIABILITIES 12,911,283 7.00 TOTAL NET ASSETS 184,436,514 100.00

421


Economic Scale Index GEM EquityStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS BANCO DE CREDITO E INVERSION 4,168 CLP 167,265 0.05

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK BANCO SANTANDER CHILE 6,213,222 CLP 279,242 0.08EXCHANGE LISTING CENCOSUD 845,518 CLP 1,621,736 0.48

COLBUN 307,932 CLP 77,810 0.02SHARES CORPBANCA 5,084,022 CLP 44,088 0.01

EMPRESA NACIONAL BRAZIL DE TELECOM 23,083 CLP 212,632 0.06AMBEV 456,738 BRL 2,180,842 0.62 EMPRESAS CMPC 76,170 CLP 188,337 0.05BANCO DO BRASIL 403,454 BRL 1,425,910 0.40 ENDESA CHILE 311,163 CLP 357,616 0.10BANCO SANTANDER BRASIL 234,100 USD 721,028 0.20 ENERSIS 3,003,351 CLP 749,174 0.22BB SEGURIDADE LATAM AIRLINES GROUP 65,393 CLP 310,775 0.09PARTICIPACOES 11,819 BRL 69,959 0.02 SACI FALABELLA 136,428 CLP 819,925 0.24BM&F BOVESPA 72,961 BRL 193,442 0.06 SONDA 24,681 CLP 36,135 0.01BR MALLS PARTICIPACOES 15,000 BRL 38,919 0.01 5,253,950 1.52BRF 31,750 BRL 549,787 0.16 CHINA CCR 47,179 BRL 136,838 0.04 AAC TECHNOLOGIES CENTRAIS ELECTRICAS HOLDINGS 15,500 HKD 96,499 0.03BRASILEIRAS 421,825 BRL 531,625 0.15 AGILE PROPERTY HOLDINGS 172,000 HKD 89,439 0.03CIA SIDERURGICA NACIONAL 88,768 BRL 86,040 0.02 AGRICULTURAL BANK OF CIELO 20,101 BRL 180,357 0.05 CHINA "H" 12,656,690 HKD 4,785,015 1.38COSAN INDUSTRIA AIR CHINA "H" 1,030,425 HKD 812,369 0.23COMERCIO 26,415 BRL 123,782 0.04 ALUMINIUM CORPORATION CPFL ENERGIA 35,480 BRL 128,196 0.04 OF CHINA "H" 2,847,038 HKD 885,331 0.26CYRELA BRAZIL REALTY 24,200 BRL 49,419 0.01 ANGANG NEW STEEL "H" 670,000 HKD 268,863 0.08EMBRAER 20,882 BRL 131,176 0.04 ANHUI CONCH CEMENT "H" 94,850 HKD 278,429 0.08ENERGIAS DO BRASIL 43,045 BRL 119,965 0.03 ANTA SPORTS PRODUCTS 52,000 HKD 134,193 0.04EQUATORIAL ENERGIA 4,831 BRL 40,415 0.01 AVICHINA INDUSTRY & ESTACIO PARTICIPACOES 9,150 BRL 29,111 0.01 TECHNOLOGY "H" 81,000 HKD 59,678 0.02FIBRIA CELULOSE 28,095 BRL 377,362 0.11 BANK OF CHINA "H" 9,267,310 HKD 3,981,928 1.15HYPERMARCAS 9,938 BRL 36,055 0.01 BANK OF CHONGQING "H" 51,000 HKD 35,206 0.01JBS 140,609 BRL 575,323 0.17 BANK OF COMMUNICATIONS KLABIN 35,200 BRL 187,694 0.05 "H" 1,456,090 HKD 1,008,923 0.29KROTON EDUCATIONAL 65,767 BRL 124,086 0.04 BBMG CORP "H" 73,801 HKD 50,565 0.01LOCALIZA RENT A CAR 5,235 BRL 31,000 0.01 BEIJING CAPITAL LOJAS RENNER 11,520 BRL 52,250 0.02 INTERNATIONAL AIRPORT "H" 92,868 HKD 86,397 0.02M DIAS BRANCO "E" 2,194 BRL 31,655 0.01 BEIJING ENTERPRISES NATURA COSMETICOS 18,662 BRL 86,991 0.03 WATER GROUP 51,000 HKD 35,535 0.01PORTO SEGURO 16,554 BRL 126,484 0.04 BELLE INTERNATIONAL RAIA DROGASIL 6,000 BRL 56,706 0.02 HOLDINGS 277,000 HKD 239,469 0.07SABESP ON 64,420 BRL 241,500 0.07 BYD "H" 36,407 HKD 191,899 0.06SOUZA CRUZ 45,592 BRL 297,755 0.09 CHAILEASE HOLDING 22,984 TWD 36,060 0.01TIM PARTICIPACOES 184,191 BRL 345,705 0.10 CHANGSHA ZOOMLION HEAVYTOTVS 5,816 BRL 42,057 0.01 SCIENCE & TECHNOLOGY "H" 158,860 HKD 59,649 0.02TRACTEBEL ENERGIA 28,021 BRL 226,678 0.07 CHINA BLUECHEMICAL 242,792 HKD 64,849 0.02ULTRAPAR PARTICIPACOES 15,607 BRL 243,462 0.07 CHINA CINDA ASSET USINAS SIDERURGICAS DE MANAGEMENT 251,000 HKD 86,797 0.03MINAS "A" 199,693 BRL 168,931 0.05 CHINA CITIC BANK "H" 1,593,490 HKD 923,190 0.27WEG 32,234 BRL 123,225 0.04 CHINA COAL ENERGY "H" 288,560 HKD 116,540 0.03

10,111,730 2.92 CHINA COMMUNICATIONS CHILE CONSTRUCTION "H" 271,420 HKD 333,757 0.10AGUAS ANDINAS "A" 205,936 CLP 104,030 0.03BANCO DE CHILE 2,783,068 CLP 285,185 0.08

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CHINA COMMUNICATIONS CREDICORP 2,744 USD 285,019 0.08SERVICES "H" 1,418,300 HKD 545,356 0.16 CSG HOLDING "B" 54,000 HKD 40,900 0.01CHINA CONSTRUCTION DATANG INTERNATIONAL BANK "H" 9,073,810 HKD 6,029,654 1.73 POWER GENERATION "H" 1,216,381 HKD 459,868 0.13CHINA COSCO HOLDINGS "H" 500,425 HKD 318,979 0.09 DAZHONG TRANSPORTATION CHINA DONGXIANG GROUP 183,000 HKD 44,156 0.01 GROUP "B" 27,000 USD 24,489 0.01CHINA EASTERN AIRLINES 819,000 HKD 489,283 0.14 DONG FENG MOTOR "H" 531,547 HKD 661,857 0.19CHINA EVERBRIGHT BANK 1,014,010 HKD 440,928 0.13 DONGFANG ELECTRICAL CHINA GALAXY SECURITIES 96,500 HKD 67,736 0.02 MACHINERY 50,000 HKD 51,290 0.01CHINA HUARONG ENERGY 435,000 HKD 17,400 0.01 ENN ENERGY HOLDINGS 8,000 HKD 38,348 0.01CHINA INTERNATIONAL EVERGRANDE REAL ESTATE 94,000 HKD 53,367 0.02MARINE CONTAINERS GROUP 16,000 HKD 28,077 0.01 GCL POLY ENERGY CHINA LIFE INSURANCE "H" 302,620 HKD 1,046,473 0.30 HOLDINGS 244,000 HKD 46,911 0.01CHINA LONGYUAN GEELY AUTOMOBILES 205,000 HKD 97,606 0.03POWER "H" 65,912 HKD 70,759 0.02 GOLDEN EAGLE RETAILCHINA MACHINERY GROUP 57,000 HKD 66,782 0.02ENGINEERING "H" 65,000 HKD 55,858 0.02 GOME ELECTRIC CHINA MENGNIU DAIRY 19,000 HKD 66,683 0.02 APPLIANCES 921,828 HKD 140,355 0.04CHINA MERCHANTS BANK "H" 542,826 HKD 1,309,778 0.38 GREAT WALL CHINA MERCHANTS AUTOMOBILES "H" 82,500 HKD 91,122 0.03PROPERTY DEVELOPMENT 25,000 HKD 81,193 0.02 GREENTOWN CHINACHINA MINSHENG HOLDINGS 138,000 HKD 98,825 0.03BANKING "H" 1,131,760 HKD 1,042,673 0.30 GUANGSHEN RAILWAY "H" 587,000 HKD 233,284 0.07CHINA MOLYBDENUM 76,000 HKD 36,872 0.01 GUANGZHOU AUTOMOBILE CHINA NATIONAL GROUP "H" 122,372 HKD 99,634 0.03BUILDINGS "H" 83,000 HKD 47,765 0.01 GUANGZHOU CHINA OILFIELD PHARMACEUTICAL "H" 19,000 HKD 48,787 0.01SERVICES "H" 232,330 HKD 232,029 0.07 GUANGZHOU R&F CHINA PACIFIC INSURANCE PROPERTIES "H" 95,690 HKD 86,676 0.03GROUP "H" 142,080 HKD 525,234 0.15 GUANGZHOU SHIPYARD CHINA PETROLEUM & INTERNATIONAL 9,000 HKD 21,461 0.01CHEMICAL "H" 8,765,710 HKD 5,327,255 1.53 HAIER ELECTRONICS GROUP 28,000 HKD 46,678 0.01CHINA RAILWAY HAITONG SECURITIES 67,000 HKD 96,479 0.03CONSTRUCTION "H" 355,500 HKD 522,008 0.15 HENGAN INTERNATIONAL CHINA RAILWAY GROUP "H" 487,330 HKD 442,053 0.13 GROUP 5,000 HKD 48,613 0.01CHINA RESOURCES CEMENT 170,000 HKD 77,432 0.02 HUADIAN POWER CHINA RESOURCES LAND 40,756 HKD 95,500 0.03 INTERNATIONAL 210,000 HKD 163,392 0.05CHINA SHENHUA ENERGY "H" 1,236,210 HKD 1,888,598 0.54 HUANENG POWER CHINA SHIPPING INTERNATIONAL "H" 830,310 HKD 892,444 0.26CONTAINER LINES "H" 303,561 HKD 121,815 0.04 ICBC "H" 12,748,180 HKD 7,336,324 2.11CHINA SOUTH INNER MONGOLIA YITAI LOCOMOTIVE "H" 299,412 HKD 378,609 0.11 COAL "B" 35,300 USD 28,840 0.01CHINA SOUTHERN JIANGSU EXPRESSWAY "H" 148,477 HKD 189,091 0.05AIRLINES "H" 857,000 HKD 629,200 0.18 KAISA GROUP HOLDINGS 281,000 HKD 56,562 0.02CHINA TELECOM CORP "H" 9,774,060 HKD 4,704,130 1.36 KUNLUN ENERGY 192,163 HKD 137,365 0.04CHINA VANKE 205,000 HKD 437,507 0.13 LEE & MAN PAPER CHINA ZHONGWANG MANUFACTURING 68,000 HKD 34,395 0.01HOLDINGS 100,000 HKD 37,935 0.01 METALLURGICAL CHONGQING RURAL CORPORATION OF CHINA 1,443,000 HKD 532,510 0.15COMMERCIAL BANK "H" 311,000 HKD 175,363 0.05 MGM CHINA HOLDINGS 109,200 HKD 126,389 0.04CHOW TAI FOOK JEWELLERY 131,200 HKD 110,038 0.03 NEW CHINA LIFE CITIC SECURITIES "H" 143,500 HKD 255,521 0.07 INSURANCE "H" 32,100 HKD 137,926 0.04COUNTRY GARDEN PEOPLE'S INSURANCE HOLDINGS 221,000 HKD 79,559 0.02 GROUP OF CHINA "H" 1,247,000 HKD 606,601 0.18

PETROCHINA "H" 12,268,680 HKD 8,500,952 2.44

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PICC PROPERTY & CZECH REPUBLIC CASUALTY "H" 302,836 HKD 588,475 0.17 CEZ 39,399 CZK 813,530 0.23PING AN INSURANCE "H" 180,824 HKD 894,781 0.26 KOMERCNI BANKA 1,080 CZK 235,316 0.07RENHE COMMERCIAL 1,048,846 0.30HOLDINGS 594,000 HKD 31,808 0.01 EGYPT SANDS CHINA 142,000 HKD 426,913 0.12 COMMERCIAL INTERNATIONAL SHANGHAI ELECTRIC BANK (EGS60121C018) 34,675 EGP 236,479 0.07GROUP "H" 426,590 HKD 231,733 0.07 EZZ STEEL 182,438 EGP 214,124 0.06SHANGHAI MECHANICAL AND GLOBAL TELECOM 2,538,890 EGP 622,560 0.18ELECTRICAL "C" 22,000 USD 50,028 0.01 TALAAT MOSTAFA GROUP 41,060 EGP 35,921 0.01SHANGHAI PHARMACEUTICALS 1,109,084 0.32HOLDINGS 50,000 HKD 104,257 0.03 GREAT BRITAIN SHANGHAI ZHENHUA PORT BRITISH AMERICAN MACHINERY 55,000 USD 26,730 0.01 TOBACCO (MYL4162OO003) 10,300 MYR 141,348 0.04SHIMAO PROPERTY EVRAZ GROUP 405,831 GBP 451,815 0.13 HOLDINGS 26,000 HKD 38,983 0.01 593,163 0.17SINO-OCEAN LAND GREECE HOLDINGS 76,930 HKD 41,889 0.01 ALPHA BANK 108,565 EUR 13,165 0.00SINOPEC ENGINEERING FOLLI FOLLIE GROUP 1,967 EUR 39,820 0.01GROUP 329,790 HKD 286,809 0.08 GREEK ORGANISATION OF SINOPEC OILFIELD FOOTBALL PROGNOSTICS 16,473 EUR 148,152 0.04SERVICE CORP "H" 593,000 HKD 191,289 0.06 HELLENIC SINOPEC SHANGHAI TELECOMMUNICATIONS 82,186 EUR 729,922 0.22PETROCHEMICAL "H" 545,389 HKD 207,598 0.06 TITAN CEMENT 4,577 EUR 101,599 0.03SINOPHARM GROUP "H" 26,025 HKD 91,003 0.03 1,032,658 0.30SINOTRANS 177,000 HKD 82,676 0.02 HONG KONG SOHO CHINA 299,000 HKD 116,127 0.03 BEIJING ENTERPRISE 5,851 HKD 35,068 0.01SUNAC CHINA HOLDINGS 70,000 HKD 36,490 0.01 BOC HONG KONG HOLDINGS 172,500 HKD 506,368 0.15TENCENT HOLDINGS 21,740 HKD 362,705 0.10 CHINA MERCHANTS TINGYI 166,000 HKD 263,885 0.08 HOLDINGS 12,505 HKD 36,708 0.01TPK HOLDING 13,000 TWD 31,050 0.01 CHINA MOBILE 665,500 HKD 7,882,904 2.27TRAVELSKY TECHNOLOGY 47,000 HKD 59,129 0.02 CHINA OVERSEAS LAND & TSINGTAO BREWERY "H" 38,566 HKD 168,694 0.05 INVESTMENT 22,198 HKD 67,023 0.02UNI-PRESIDENT CHINA CHINA POWER INTERNATIONAL HOLDINGS 103,200 HKD 99,604 0.03 DEVELOPMENT 134,000 HKD 87,143 0.03WANT WANT CHINA CHINA RESOURCES HOLDINGS 233,000 HKD 191,209 0.06 ENTERPRISES 189,320 HKD 351,278 0.10WEICHAI POWER "H" 215,340 HKD 199,779 0.06 CHINA RESOURCES WYNN MACAU 120,000 HKD 135,948 0.04 GAS GROUP 16,000 HKD 41,207 0.01YANTAI CHANGYU PIONEER CHINA RESOURCES POWER 124,016 HKD 282,915 0.08"B" 12,000 HKD 36,851 0.01 CHINA TAIPING INSURANCE YANZHOU COAL MINING "H" 475,310 HKD 210,975 0.06 HOLDING 40,235 HKD 124,857 0.04ZHAOJIN MINING INDUSTRY 76,000 HKD 39,716 0.01 CHINA TRAVEL ZHEJIANG EXPRESSWAY "H" 138,167 HKD 149,933 0.04 INTERNATIONAL 155,000 HKD 56,400 0.02ZHUZHOU CSR TIMES CHINA UNICOM 2,109,850 HKD 2,670,645 0.77ELECTRIC 8,000 HKD 58,890 0.02 CITIC PACIFIC 21,859 HKD 39,769 0.01ZIJIN MINING GROUP "H" 293,467 HKD 76,490 0.02 CNOOC 1,761,000 HKD 1,801,889 0.52ZTE "H" 183,221 HKD 417,032 0.12 COSCO PACIFIC 69,760 HKD 90,255 0.03

69,970,610 20.19 CSPC PHARMACEUTICAL 60,000 HKD 52,567 0.02COLOMBIA FAR EAST HORIZON 51,000 HKD 39,418 0.01ECOPETROL GUANGDONG INVESTMENT 100,464 HKD 149,334 0.04(COC04PA00016) 3,599,684 COP 1,511,207 0.44 LENOVO GROUP 460,313 HKD 387,848 0.11

1,511,207 0.44 LI NING 101,125 HKD 43,712 0.01

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SEMICONDUCTOR MANUF- GENTING 355,500 MYR 587,984 0.17ACTURING INTERNATIONAL 2,183,000 HKD 197,173 0.06 GENTING MALAYSIA 264,200 MYR 249,444 0.07SHANGHAI INDUSTRIAL HAP SENG CONSOLIDATED HOLDING 19,066 HKD 42,068 0.01 BERHAD 53,400 MYR 67,426 0.02SHOUGHAN FUSHAN HONG LEONG BANK 41,500 MYR 123,872 0.04RESOURCES GROUP 393,000 HKD 48,681 0.01 HONG LEONG

15,035,230 4.34 FINANCIAL GROUP 43,600 MYR 138,869 0.04HUNGARY IHH HEALTHCARE 211,200 MYR 286,853 0.08MOL HUNGARIAN OIL & GAS 19,747 HUF 866,655 0.25 IOI CORP 206,300 MYR 191,023 0.06OTP BANK 16,176 HUF 314,398 0.09 KUALA LUMPUR KEPONG 41,700 MYR 205,867 0.06RICHTER GEDEON 4,485 HUF 71,504 0.02 MALAYAN BANKING 318,713 MYR 620,676 0.18

1,252,557 0.36 MAXIS 320,100 MYR 477,000 0.14INDONESIA PETRONAS DAGANGAN 28,800 MYR 142,968 0.04ADARO ENERGY 4,351,360 IDR 160,391 0.05 PETRONAS GAS 52,000 MYR 259,793 0.07ASTRA INTERNATIONAL 1,633,300 IDR 582,525 0.17 PUBLIC BANK 159,300 MYR 634,953 0.18BANK CENTRAL ASIA 570,400 IDR 477,929 0.14 SIME DARBY 363,870 MYR 644,876 0.19BANK MANDIRI 927,900 IDR 501,953 0.14 SUNWAY REIT 132,600 MYR 46,759 0.01BANK NEGARA INDONESIA 1,047,600 IDR 294,615 0.09 TELEKOM MALAYSIA 360,362 MYR 547,655 0.16BANK RAKYAT INDONESIA 1,224,400 IDR 722,940 0.21 TENAGA NASIONAL 294,400 MYR 805,072 0.22CHAROEN POKPHAND UMW HOLDINGS 82,500 MYR 141,144 0.04INDONESIA 320,400 IDR 43,085 0.01 WESTPORTS HOLDINGS 48,400 MYR 46,688 0.01GUDANG GARAM 87,500 IDR 250,853 0.07 YTL CORP 568,800 MYR 207,048 0.06INDOCEMENT TUNGGAL 8,411,303 2.43PRAKARSA 146,110 IDR 164,062 0.05 MARSHALL ISLANDS INDOFOOD CBP SUKSES SEASPAN 3,000 USD 45,210 0.01MAKMUR 93,700 IDR 79,309 0.02 45,210 0.01INDOFOOD SUKSES MAKMUR 311,040 IDR 116,773 0.03 MEXICO JASA MARGA 139,700 IDR 46,153 0.01 ALFA "A" 149,558 MXN 289,441 0.08KALBE FARMA 952,900 IDR 89,761 0.03 AMERICA MOVIL 3,767,785 MXN 3,126,653 0.91MATAHARI DEPARTMENT ARCA CONTINENTAL 46,700 MXN 258,347 0.07STORE TBK 63,000 IDR 68,590 0.02 BIMBO "A" 257,106 MXN 627,323 0.18MEDIA NUSANTARA CEMEX 682,559 MXN 465,700 0.13CITRA TBK 498,000 IDR 55,749 0.02 COCA-COLA FEMSA "L" 36,575 MXN 250,733 0.07PERUSAHAAN GAS NEGARA 1,078,200 IDR 186,569 0.05 EL PUERTO DE LIVERPOOL 24,631 MXN 311,118 0.09SEMEN INDONESIA PERSERO FIBRA UNO ADMINISTRATION 144,698 MXN 296,091 0.09TBK PT 275,010 IDR 170,356 0.05 FOMENTO ECONOMICO SURYA CITRA MEDIA 332,000 IDR 61,754 0.02 MEXICANO 59,137 MXN 523,027 0.15TELEKOMUNIKASI GRUMA "B" 20,580 MXN 280,404 0.08INDONESIA PERSERO "B" 8,930,400 IDR 1,606,254 0.46 GRUPO AEROPORTUARIO "B" 11,117 MXN 93,605 0.03UNILEVER INDONESIA 112,410 IDR 292,343 0.08 GRUPO ELEKTRA 12,785 MXN 211,065 0.06UNITED TRACTOR TBK 325,900 IDR 384,295 0.11 GRUPO FINANCIERO XL AXIATA TBK 918,000 IDR 164,801 0.05 BANORTE "O" 50,185 MXN 239,387 0.07

6,521,060 1.88 GRUPO FINANCIERO MALAYSIA SANTANDER "B" 262,656 MXN 387,402 0.11AIRASIA 145,200 MYR 42,283 0.01 GRUPO LALA 79,492 MXN 186,590 0.05ALLIANCE FINANCIAL GROUP 75,900 MYR 57,847 0.02 GRUPO MEXICO "B" 326,206 MXN 783,793 0.24AMMB HOLDINGS 158,400 MYR 164,328 0.05 GRUPO TELEVISA ASTRO MALAYSIA HOLDINGS 247,000 MYR 158,467 0.05 (MXP4987V1378) 53,844 MXN 278,038 0.08AXIATA GROUP 464,500 MYR 612,922 0.18 INDUSTRIAS BACHOCO BURSA MALAYSIA 19,700 MYR 36,079 0.01 SAB "B" 14,300 MXN 73,319 0.02CIMB GROUP HOLDINGS 483,672 MYR 490,769 0.14 INDUSTRIAS PENOLES 21,308 MXN 281,746 0.08DIGI COM 263,100 MYR 332,205 0.10 INFRAESTRUCTURA FELDA GLOBAL VENTURES ENERGETICA NOVA 10,007 MXN 40,806 0.01HOLDINGS 265,000 MYR 90,433 0.03

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KIMBER "A" 77,453 MXN 172,478 0.05 TELEKOMUNIKACJA POLSKA 350,452 PLN 666,458 0.20MACQUARIE MEXICO REAL TVN 11,719 PLN 61,830 0.02ESTATE 35,762 MXN 45,106 0.01 5,583,830 1.61MEXICHEM 48,800 MXN 117,802 0.03 QATAR TF ADMINISTRADORA BARWA REAL ESTATE 21,953 QAR 256,463 0.07INDUSTRIAL 27,800 MXN 50,044 0.01 COMMERCIAL BANK WALMART DE MEXICO 372,402 MXN 888,637 0.27 OF QATAR 8,014 QAR 123,216 0.04

10,278,655 2.97 DOHA BANK 4,332 QAR 59,588 0.02NETHERLANDS MASRAF AL RAYAN 3,614 QAR 42,319 0.01X5 RETAIL GROUP 27,014 USD 465,992 0.13 QATAR FUEL 1,402 QAR 58,547 0.02

465,992 0.13 QATAR GAS TRANSPORT 13,426 QAR 82,091 0.02PHILIPPINES QATAR INDUSTRIES 11,437 QAR 384,976 0.11ABOITIZ POWER 151,360 PHP 139,926 0.04 QATAR ISLAMIC BANK 3,212 QAR 101,415 0.03AYALA CORP 13,260 PHP 217,642 0.06 QATAR NAVIGATION 2,744 QAR 73,831 0.02BDO UNIBANK 66,780 PHP 147,908 0.04 VODAFONE GROUP 10,941 QAR 40,403 0.01DMCI HOLDINGS 218,000 PHP 59,713 0.02 1,222,849 0.35ENERGY DEVELOPMENT RUSSIAN FEDERATION CORP 468,750 PHP 55,171 0.02 ALROSA 34,770 USD 30,456 0.01GLOBE TELECOM 5,895 PHP 296,201 0.09 GAZPROM 4,114,157 USD 8,503,572 2.45JOLLIBEE FOODS 38,440 PHP 158,597 0.05 MAGNIT 2,387 USD 427,522 0.12MANILA ELECTRIC 49,300 PHP 312,701 0.09 MMC NORILSK NICKEL 12,884 USD 1,852,744 0.53PHILIPPINE LONG SBERBANK 2,683,741 USD 3,103,379 0.90DISTANCE TELECOM 16,055 PHP 752,418 0.21 UNITED COMPANY RUSAL 1,341,496 HKD 538,326 0.16ROBINSONS LAND 86,100 PHP 52,419 0.02 14,455,999 4.17SEMIRARA MINING AND SOUTH AFRICA POWER CORP 13,500 PHP 39,318 0.01 AECI 12,672 ZAR 86,713 0.03UNIVERSAL ROBINA 34,600 PHP 142,161 0.04 AFRICAN RAINBOW

2,374,175 0.69 MINERALS 25,786 ZAR 97,287 0.03POLAND ANGLO AMERICAN PLATINUM 24,720 ZAR 415,529 0.12ASSECO POLAND 15,546 PLN 221,936 0.06 ANGLOGOLD HOLDINGS 55,638 ZAR 438,776 0.13BANK HANDLOWY W ASPEN PHARMACAREWARSZAWIE 5,425 PLN 116,100 0.03 HOLDINGS 1,697 ZAR 36,174 0.01BANK MILLENNIUM 33,486 PLN 51,264 0.01 AVI 16,655 ZAR 106,450 0.03BANK ZACHODNI WBK 2,449 PLN 188,756 0.05 BARCLAYS AFRICA GROUP 64,061 ZAR 788,949 0.23BRE BANK 935 PLN 85,438 0.02 BARLOWORLD 43,126 ZAR 239,172 0.07CYFROWY POLSAT 8,170 PLN 50,528 0.01 BIDVEST GROUP 30,582 ZAR 722,138 0.21ENERGA 19,755 PLN 87,433 0.03 CLICKS GROUP 13,925 ZAR 91,715 0.03EUROCASH 5,964 PLN 69,836 0.02 CORONATION FUNDKGHM POLSKA MIEDZ 27,791 PLN 595,855 0.18 MANAGERS 9,697 ZAR 46,303 0.01LPP 23 PLN 47,195 0.01 DATATEC 31,416 ZAR 147,688 0.04LUBELSKI WEGIEL DISCOVERY 17,716 ZAR 174,256 0.05BOGDANKA 4,835 PLN 75,466 0.02 EOH HOLDINGS 5,237 ZAR 56,919 0.02PEKAO 8,528 PLN 346,491 0.10 EXXARO RESOURCES 38,544 ZAR 148,214 0.04PKO BANK POLSKI 58,544 PLN 451,537 0.13 FIRSTRAND 221,614 ZAR 781,202 0.23PKP CARGO 9,213 PLN 162,516 0.05 GOLD FIELDS 176,652 ZAR 448,631 0.13POLISH OIL & GAS 291,533 PLN 500,360 0.14 IMPALA PLATINUM 89,370 ZAR 247,171 0.07POLSKA GRUPA IMPERIAL HOLDINGS 37,136 ZAR 456,814 0.13ENERGETYCZNA 201,229 PLN 704,598 0.21 KUMBA IRON ORE 57,918 ZAR 333,587 0.10POLSKI KONCERN NAFTOWY LIBERTY 17,743 ZAR 160,522 0.05ORLEN 29,109 PLN 509,391 0.15 LIFE HEALTHCARE 73,281 ZAR 188,390 0.05PZU GROUP 3,407 PLN 354,773 0.10 MASSMART HOLDINGS 19,374 ZAR 152,311 0.04TAURON POLSKA ENERGIA 270,909 PLN 236,069 0.07 MEDI CLINIC 47,938 ZAR 381,282 0.11

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MMI HOLDINGS 112,287 ZAR 191,278 0.06 DONGBU INSURANCE 2,257 KRW 117,084 0.03MONDI (ZAE000156550) 24,965 ZAR 523,387 0.15 DOOSAN HEAVY INDUSTRIES 15,975 KRW 285,927 0.08MR PRICE GROUP 5,257 ZAR 73,515 0.02 DOOSAN INFRACORE 12,773 KRW 71,017 0.02MTN GROUP 105,639 ZAR 1,377,628 0.40 E-MART 1,227 KRW 239,342 0.07NAMPAK 61,330 ZAR 115,317 0.03 GEMVAX AND KAEL 1,220 KRW 34,896 0.01NASPERS "N" 2,281 ZAR 284,862 0.08 GS ENGINEERING AND NEDBANK GROUP 31,717 ZAR 504,877 0.15 CONSTRUCTION 2,374 KRW 49,321 0.01NETCARE 104,649 ZAR 279,722 0.08 GS HOLDINGS 1,430 KRW 55,122 0.02NORTHAM PLATINUM 16,672 ZAR 31,759 0.01 GS RETAIL 2,670 KRW 137,830 0.04OMNIA 3,836 ZAR 41,136 0.01 HALLA VISTEON CLIMATE PCC 50,096 ZAR 62,941 0.02 CONTROL 2,743 KRW 91,111 0.03PICK N PAY STORES 51,172 ZAR 247,792 0.07 HANA FINANCIAL HOLDINGS 24,163 KRW 539,832 0.16PIONEER FOODS 7,805 ZAR 110,278 0.03 HANJIN KAL CORP 2,564 KRW 54,571 0.02REMGRO 8,325 ZAR 151,122 0.04 HANJIN SHIPPING 25,510 KRW 118,087 0.03REUNERT 19,072 ZAR 85,236 0.02 HANKOOK TIRE 3,974 KRW 133,176 0.04RMB HOLDINGS 17,528 ZAR 83,162 0.02 HANWHA CHEMICAL 5,717 KRW 104,260 0.03RMI HOLDINGS 25,559 ZAR 77,874 0.02 HANWHA LIFE INSURANCE 25,221 KRW 174,163 0.05SANLAM 89,265 ZAR 385,100 0.11 HYOSUND 1,133 KRW 107,866 0.03SAPPI 133,304 ZAR 395,434 0.11 HYUDAI GLOVIS 260 KRW 49,286 0.01SASOL 52,471 ZAR 1,466,780 0.43 HYUNDAI DEPARTMENT SHOPRITE HOLDINGS 25,023 ZAR 280,614 0.08 STORE 762 KRW 86,410 0.02SIBANYE GOLD 134,384 ZAR 150,828 0.04 HYUNDAI DEVELOPMENT 1,533 KRW 70,704 0.02SPAR GROUP 5,819 ZAR 77,951 0.02 HYUNDAI ENGINEERING & STANDARD BANK 116,427 ZAR 1,134,305 0.33 CONSTRUCTION 3,061 KRW 88,592 0.03STEINHOFF INTERNATIONAL HYUNDAI HEAVY INDUSTRIES 2,977 KRW 243,114 0.07HOLDINGS 53,021 ZAR 324,629 0.09 HYUNDAI MARINE & FIRE SUN INTERNATIONAL 14,535 ZAR 91,942 0.03 INSURANCE 4,803 KRW 122,954 0.04TELKOM 168,175 ZAR 818,624 0.24 HYUNDAI MERCHANT MARINE 23,001 KRW 119,709 0.03THE FOSCHINI GROUP 8,886 ZAR 90,687 0.03 HYUNDAI MOBIS 2,473 KRW 484,483 0.14TIGER BRANDS 8,309 ZAR 185,377 0.05 HYUNDAI MOTOR TRUWORTHS INTERNATIONAL 18,072 ZAR 110,374 0.03 (KR7005380001) 8,353 KRW 1,159,285 0.33TUNGAAT HULETT 12,155 ZAR 95,866 0.03 HYUNDAI SECURITIES 8,017 KRW 51,494 0.01VODACOM GROUP 78,169 ZAR 780,603 0.23 HYUNDAI STEEL 2,159 KRW 94,094 0.03WOOLWORTHS HOLDINGS 30,122 ZAR 212,342 0.06 KANGWON LAND 2,779 KRW 99,479 0.03

17,589,535 5.08 KB FINANCIAL GROUP 17,094 KRW 509,925 0.15SOUTH KOREA KCC CORP 305 KRW 106,599 0.03AMOREPACIFIC CORP 245 KRW 79,823 0.02 KEPCO PLANT SERVICE & AMOREPACIFIC GROUP 761 KRW 104,973 0.03 ENGINEERING 845 KRW 86,526 0.02BGF RETAIL 360 KRW 61,540 0.02 KIA MOTORS 23,615 KRW 1,071,165 0.31BS FINANCIAL GROUP 4,330 KRW 50,201 0.01 KOLON INDUSTRIES 1,075 KRW 56,949 0.02CHEIL COMMUNICATIONS 3,740 KRW 57,603 0.02 KOREA ELECTRIC POWER 16,623 KRW 689,302 0.20CJ CHEILJEDANG 370 KRW 119,141 0.03 KOREA INVESTMENT CJ CORP 1,478 KRW 330,204 0.10 HOLDINGS 1,279 KRW 66,133 0.02CJ E&M CORP 1,087 KRW 83,985 0.02 KOREA ZINC 249 KRW 98,090 0.03CJ KOREA EXPRESS 290 KRW 48,960 0.01 KOREAN AIRLINES 15,966 KRW 423,582 0.12COWAY 1,509 KRW 106,885 0.03 KT & G 3,126 KRW 294,963 0.09DAELIM INDUSTRIAL 1,453 KRW 82,507 0.02 KT CORP 48,127 KRW 1,250,348 0.36DAESANG 1,851 KRW 48,246 0.01 KUMHO PETRO CHEMICAL 904 KRW 40,699 0.01DAEWOO INTERNATIONAL 1,940 KRW 34,066 0.01 KUMHO TIRE 16,219 KRW 99,098 0.03DAEWOO SECURITIES 6,852 KRW 69,003 0.02 LG CHEMICAL 2,220 KRW 536,368 0.15DAEWOO SHIPBUILDING & LG CORP 3,973 KRW 204,757 0.06MARINE ENGINEERING 3,631 KRW 19,574 0.01 LG DISPLAY 44,803 KRW 858,774 0.25DAISHIN SECURITIES 5,930 KRW 56,205 0.02 LG ELECTRONICS 21,724 KRW 839,237 0.24DGB FINANCIAL GROUP 6,586 KRW 58,521 0.02

427




LG HAUSYS 570 KRW 77,420 0.02 TAIWAN LG HOUSEHOLD ACER 529,348 TWD 208,030 0.06& HEALTHCARE 144 KRW 104,070 0.03 ADVANCED SEMICONDUCTORLG INNOTEK 1,408 KRW 104,855 0.03 ENGINEERING 625,000 TWD 672,125 0.19LG INSURANCE 3,506 KRW 70,021 0.02 ADVANTECH 14,596 TWD 100,049 0.03LG INTERNATIONAL 1,180 KRW 27,112 0.01 ASIA CEMENT 160,245 TWD 157,194 0.05LG UPLUS CORP 31,443 KRW 321,968 0.09 ASIA PACIFIC TELECOM 179,766 TWD 52,410 0.02LOTTE CHEMICAL CORP 538 KRW 122,928 0.04 ASUSTEK COMPUTER 51,000 TWD 438,919 0.13LOTTE CHILSUNG BEVERAGE 32 KRW 65,318 0.02 AU OPTRONICS 2,794,000 TWD 826,496 0.24LOTTE CONFECTIONERY 37 KRW 68,854 0.02 CAPITAL SECURITIES 132,000 TWD 36,112 0.01LOTTE SHOPPING 1,689 KRW 408,075 0.12 CASETEK HOLDINGS 7,000 TWD 29,855 0.01LS CABLE 2,560 KRW 74,308 0.02 CATCHER TECHNOLOGY 19,000 TWD 202,879 0.06MACQUARIE KOREA CATHAY FINANCIAL HOLDING 295,698 TWD 404,924 0.12INFRASTRUCTURE FUND 14,806 KRW 99,486 0.03 CHANG HWA COMMERCIAL MANDO CORP 359 KRW 41,622 0.01 BANK 278,393 TWD 137,394 0.04MIRAE ASSET SECURITIES 1,191 KRW 28,171 0.01 CHENG SHIN RUBBER MIRAE ASSET SECURITIES INDUSTRIES 124,050 TWD 204,073 0.06RIGHTS 1,037 KRW 4,476 0.00 CHEUNG UEI PRECISION N C SOFT 335 KRW 53,581 0.02 INDUSTRY 120,000 TWD 167,982 0.05NAVER CORP 304 KRW 131,976 0.04 CHICONY ELECTRONICS 62,516 TWD 144,363 0.04NONG SHIM 264 KRW 81,769 0.02 CHINA AIR LINES 1,089,000 TWD 373,229 0.11OCI 1,046 KRW 72,939 0.02 CHINA DEVELOPMENT ORION CORP (KR7001800002) 73 KRW 58,194 0.02 FINANCIAL 401,000 TWD 108,114 0.03POSCO 2,987 KRW 425,931 0.12 CHINA PETROCHEMICAL S1 CORP 1,036 KRW 81,798 0.02 DEVELOPMENT 243,000 TWD 64,035 0.02SAMSUNG C&T 1,285 KRW 159,311 0.05 CHINA STEEL 767,378 TWD 448,855 0.13SAMSUNG ELECTRO CHINATRUST FINANCIAL MECHANICS 6,863 KRW 373,447 0.11 HOLDING 327,503 TWD 169,114 0.05SAMSUNG ELECTRONICS 4,729 KRW 4,538,227 1.32 CHUNGHWA TELECOM 506,000 TWD 1,523,010 0.44SAMSUNG ENGINEERING 5,070 KRW 130,861 0.04 COMPAL ELECTRONICS 598,000 TWD 338,851 0.10SAMSUNG FIRE & MARINE CTCI CORP 87,000 TWD 104,427 0.03INSURANCE 761 KRW 180,321 0.05 DELTA ELECTRONICS SAMSUNG HEAVY INDUSTRIAL 97,000 TWD 455,080 0.13INDUSTRIES 16,513 KRW 171,884 0.05 E SUN FINANCIAL HOLDINGS 81,534 TWD 48,063 0.01SAMSUNG LIFE INSURANCE 3,658 KRW 306,157 0.09 EMEMORY TECHNOLOGY 3,000 TWD 29,703 0.01SAMSUNG SDI 3,079 KRW 282,711 0.08 EPISTAR CORP 74,000 TWD 57,149 0.02SAMSUNG SDS 770 KRW 187,667 0.05 ETERNAL MATERIALS 57,080 TWD 50,429 0.01SAMSUNG SECURITIES 1,770 KRW 68,079 0.02 EVA AIRWAYS 538,000 TWD 301,575 0.09SHINHAN FINANCIAL GROUP 23,047 KRW 807,455 0.23 EVERGREEN MAR CORP 122,210 TWD 51,565 0.01SHINSEGAE 301 KRW 60,242 0.02 EVERLIGHT ELECTRONICS 39,510 TWD 59,701 0.02SK C&C 6,381 KRW 1,317,596 0.38 FAR EASTERN DEPARTMENTSK HYNIX 21,598 KRW 613,211 0.18 STORES 176,992 TWD 94,360 0.03SK INNOVATION 3,431 KRW 284,545 0.08 FAR EASTERN NEW SK NETWORKS 10,770 KRW 62,797 0.02 CENTURY 318,222 TWD 284,049 0.08SK TELECOM 4,376 KRW 973,950 0.28 FAR EASTONE S-OIL CORP 2,262 KRW 119,831 0.03 TELECOMMUNICATIONS 122,000 TWD 263,884 0.08WOORI BANK 48,217 KRW 383,151 0.11 FENG TAY ENTERPRISE 34,154 TWD 212,780 0.06WOORI INVESTMENT & FIRST FINANCIAL HOLDING 316,956 TWD 144,839 0.04SECURITIES 9,491 KRW 79,837 0.02 FORMOSA CHEMICAL YOUNG POONG CORP 49 KRW 56,022 0.02 & FIBER 259,260 TWD 527,603 0.15

27,309,335 7.88 FORMOSA PETROCHEMICALSWITZERLAND CORP 301,000 TWD 717,998 0.21COCA-COLA (CH0198251305) 16,467 GBP 349,661 0.10 FORMOSA PLASTICS 199,000 TWD 420,734 0.12

349,661 0.10

428




FORMOSA SUMCO TAIWAN COOPERATIVE TECHNOLOGY CORP 34,000 TWD 38,324 0.01 HOLDINGS 299,250 TWD 123,985 0.04FORMOSA TAFFETA 138,000 TWD 130,538 0.04 TAIWAN FERTILIZER 25,000 TWD 31,226 0.01FOXCONN TECHNOLOGY 80,887 TWD 232,127 0.07 TAIWAN MOBILE 104,000 TWD 318,416 0.09FUBON FINANCIAL HOLDING 206,000 TWD 321,944 0.09 TAIWAN SEMICONDUCTOR GIANT MANUFACTURING 14,000 TWD 101,935 0.03 MANUFACTURING 560,000 TWD 2,217,821 0.64GREATEK ELECTRONICS 41,000 TWD 35,098 0.01 TECO ELECTRIC HERMES MICROVISION 3,000 TWD 113,785 0.03 & MACHINERY 196,000 TWD 154,352 0.04HIWIN TECHNOLOGIES CORP 7,271 TWD 38,764 0.01 TRANSCEND INFORMATION 14,000 TWD 35,400 0.01HON HAI PRECISION TRIPOD TECHNOLOGY 101,990 TWD 146,965 0.04INDUSTRIES 1,273,078 TWD 3,319,892 0.97 TSRC CORP 75,368 TWD 45,691 0.01HTC 276,000 TWD 533,922 0.15 U-MING MARINE TRANSPORT 34,000 TWD 36,253 0.01HUA NAN FINANCIAL UNIMICRON TECHNOLOGY 518,000 TWD 197,258 0.06HOLDINGS 301,608 TWD 140,582 0.04 UNI-PRESIDENT INNOLUX CORP 3,258,000 TWD 1,017,349 0.29 ENTERPRISES 467,683 TWD 812,123 0.23INOTERA MEMORIES 293,000 TWD 183,432 0.05 UNITED MICRO INVENTEC 506,000 TWD 240,475 0.07 ELECTRONICS 1,711,000 TWD 562,949 0.16KENDA RUBBER 35,740 TWD 51,174 0.01 WALSIN LIHWA 300,000 TWD 63,976 0.02KING VUAN ELECTRONICS 149,000 TWD 94,870 0.03 WAN HAI LINES 99,000 TWD 62,431 0.02KINSUS INTERCONNECT WINBOND ELECTRONICS 642,000 TWD 132,996 0.04TECHNOLOGY 33,460 TWD 64,219 0.02 WISTRON CORP 531,384 TWD 277,631 0.08LARGAN PRECISION 1,000 TWD 77,989 0.02 WISTRON NEWEB 24,480 TWD 51,085 0.01LITE-ON TECHNOLOGY 436,190 TWD 401,308 0.12 WPG HOLDINGS 89,330 TWD 86,268 0.02MACRONIX INTERNATIONAL 735,000 TWD 94,044 0.03 YAGEO CORP 91,415 TWD 140,360 0.04MAKALOT INDUSTRIAL 6,209 TWD 51,166 0.01 YANG MING MARINE 349,000 TWD 101,112 0.03MEDIATEK 71,382 TWD 529,521 0.15 YUANTA FINANCIAL MEGA FINANCIAL HOLDING 278,582 TWD 193,501 0.06 HOLDINGS 503,314 TWD 187,066 0.05MERIDA INDUSTRY 6,000 TWD 32,353 0.01 YULON MOTOR 126,000 TWD 113,045 0.03MICRO-STAR INTERNATIONAL 99,000 TWD 84,146 0.02 YUNGTAY ENGINEERING 30,000 TWD 47,616 0.01NAN YA PLASTICS 323,550 TWD 548,039 0.16 ZHEN DING TECHNOLOGY NOVATEK HOLDING 32,100 TWD 92,119 0.03MICROELECTRONICS 19,000 TWD 59,619 0.02 29,290,925 8.45PCHOME ONLINE 3,208 TWD 36,942 0.01 THAILAND PCHOME ONLINE RIGHTS 193 TWD - 0.00 BANGKOK DUSIT MEDICAL PEGATRON CORP 237,000 TWD 579,053 0.17 SERVICES (TH0264010R10) 326,900 THB 167,502 0.05POU CHEN 606,000 TWD 911,077 0.26 BTS GROUP HOLDINGS POWERTECH TECHNOLOGY 99,740 TWD 180,185 0.05 (TH0221010R10) 274,600 THB 73,756 0.02PRESIDENT CHAIN STORE 52,000 TWD 324,752 0.09 CENTRAL PATTANA 60,100 THB 73,676 0.02QISDA CORP 436,000 TWD 134,154 0.04 CENTRAL PLAZA HOTEL 61,000 THB 63,017 0.02QUANTA COMPUTER 286,000 TWD 497,505 0.14 CP ALL (TH0737010R15) 154,300 THB 201,908 0.06RADIANT DELTA ELECTRONICS 49,800 THB 120,384 0.03OPTO-ELECTRONICS 30,120 TWD 93,136 0.03 ELECTRICITY GENERATING 13,500 THB 57,087 0.02REALTEK SEMICONDUCTOR 32,040 TWD 54,466 0.02 ENERGY ABSOLUTE 174,200 THB 103,656 0.03SHIN KONG FINANCIAL HANA MICROELECTRONICS 59,700 THB 46,461 0.01HOLDING 567,840 TWD 134,932 0.04 HOME PRODUCT SILICONWARE PRECISION 200,000 TWD 248,896 0.07 CENTER PCL 219,300 THB 40,175 0.01SINOPAC HOLDINGS 293,746 TWD 93,068 0.03 INDORAMA VENTURES SYNNEX TECHNOLOGY (TH1027010R10) 85,000 THB 52,686 0.02INTERNATIONAL 74,000 TWD 73,944 0.02 IRPC 790,400 THB 81,435 0.02TAISHIN FINANCIAL 602,757 TWD 213,926 0.06 ITALIAN-THAI DEVELOPMENT 495,700 THB 109,928 0.03TAIWAN BUSINESS BANK 190,727 TWD 47,471 0.01 JASMINE INTERNATIONAL 368,700 THB 55,864 0.02TAIWAN CEMENT 263,000 TWD 267,206 0.08 KIATNAKIN BANK 67,000 THB 56,295 0.02

MAJOR CINEPLEX GROUP 45,200 THB 39,846 0.01

429




PTT GLOBAL CHEMICAL DUBAI PARKS AND RESORTS 268,800 AED 88,553 0.03(TH1074010R12) 241,900 THB 354,853 0.10 EMAAR PROPERTIES 93,244 AED 163,492 0.05SAMART CORP 74,200 THB 43,334 0.01 FIRST GULF BANK 45,345 AED 172,842 0.05SINO THAI ENGINEERING 765,066 0.22 AND CONTRUCTION 76,100 THB 50,733 0.01 UNITED STATES THAI AIRWAYS SOHU.COM 1,000 USD 40,620 0.01INTERNATIONAL 2,235,800 THB 634,401 0.19 SOUTHERN COPPER 16,868 USD 440,086 0.13THAI UNION FROZEN 480,706 0.14PRODUCTS 219,500 THB 111,262 0.03 TOTAL SHARES 241,918,552 69.81THAICOM 41,700 THB 36,473 0.01TISCO FINANCIAL GROUP 56,000 THB 55,152 0.02 COLLECTIVE INVESTMENT SCHEMES TOTAL ACCESS COMMUNICATIONS 194,600 THB 312,271 0.09 BRAZIL TPI POLENE 642,500 THB 43,541 0.01 SUL AMERICA 27,383 BRL 120,754 0.03

2,985,696 0.86 120,754 0.03TURKEY MEXICO AKBANK 149,861 TRY 333,410 0.10 CONTROLADORA COMMERCIAL ANADOLOU EFES BIRACILIK 31,057 TRY 217,656 0.06 MEXICANA 63,660 MXN 184,258 0.05ARCELIK 30,219 TRY 144,851 0.04 184,258 0.05BIM BIRLESIK MAGAZALAR 9,377 TRY 165,066 0.05 SOUTH AFRICA COCA-COLA ICECEK 7,575 TRY 86,267 0.02 NEW CAPITAL PROPERTY FUN 80,667 ZAR 91,765 0.03EMLAK KONUT GAYRIMENKUL 91,765 0.03YATOTA 62,573 TRY 51,920 0.01 THAILAND ENKA INSAAT 123,966 TRY 206,132 0.06 BEC WORLD 117,400 THB 103,493 0.03EREGLI DEMIR VE TRUE CORP PCL 965,798 THB 258,078 0.08CELIK FABRIK 276,602 TRY 342,895 0.10 361,571 0.11FORD OTOMOTIV SANAYI 7,815 TRY 83,317 0.02 TOTAL COLLECTIVE INVESTMENT SCHEMES 758,348 0.22GARANTI BANKASI 181,308 TRY 423,152 0.12KOC HOLDING 140,654 TRY 541,692 0.16 WARRANTS / EQUITY LINKED SECURITIES SABANCI HOLDING 146,625 TRY 423,637 0.12TAV HAVALIMANLARI 28,492 TRY 224,639 0.06 HONG KONG TOFAS TURK OTOMOBIL JU TENG INTERNATIONAL FABRIKASI 19,752 TRY 115,247 0.03 HOLDINGS 14/10/2016 14,000 HKD 578 0.00TUPRAS-TURKIYE 578 0.00PETROL RAFINE 4,955 TRY 120,067 0.03 INDIA TURK HAVA YOLLARI 248,292 TRY 659,102 0.20 ACC LEPO 12/11/2019 10,387 USD 210,877 0.06TURK SISE VE CAM ADANI ENTERPRISES LEPO FABRIKALARI 124,186 TRY 117,823 0.03 12/05/2020 34,110 USD 41,463 0.01TURK TELEKOMUNIKASYON 402,798 TRY 785,623 0.24 ADITYA BIRLA NUVO LEPO TURK TRAKTOR VE 20/11/2018 6,246 USD 201,928 0.06ZIRAAT MAKIN 1,673 TRY 40,263 0.01 AMBUJA CEMENTS LEPO TURKCELL ILETISM 12/11/2019 56,400 USD 176,674 0.05HIZMETLERI 119,747 TRY 419,609 0.12 APOLLO HOSPITALS TURKIYE HALK BANKASI 75,039 TRY 250,543 0.07 ENTERPRISE 23/09/2016 3,688 USD 81,020 0.02TURKIYE IS BANKASI "C" 349,118 TRY 540,123 0.16 APOLLO TYRES LEPO TURKIYE VAKIFLAR BANKASI 182,005 TRY 232,846 0.07 03/07/2018 80,330 USD 218,759 0.06ULKER BISKUVI SANAYI 9,956 TRY 62,863 0.02 ASEA BROWN BOVERI YAPI KREDI BANK 249,076 TRY 280,777 0.08 12/11/2019 4,710 USD 76,039 0.02

6,869,520 1.98 ASHOK LEYLAND 07/03/2017 138,782 USD 193,826 0.06UNITED ARAB EMIRATES ASIAN PAINTS LEPO AIR ARABIA 169,819 AED 64,730 0.02 17/05/2021 14,037 USD 177,465 0.05ALDAR PROPERTIES 425,082 AED 275,449 0.07

430




AUROBINDO PHARMA LEPO HCL TECHNOLOGIES LEPO 04/12/2018 8,814 USD 102,984 0.03 22/01/2024 74,280 USD 1,091,655 0.31AXIS BANK 29/07/2024 50,518 USD 379,519 0.11 HDFC BANK LEPO 20/02/2018 20,698 USD 381,242 0.11BAJAJ AUTO 12/11/2019 9,732 USD 339,354 0.10 HDFC BANK LEPO 23/07/2018 47,480 USD 770,494 0.22BANK OF BARODA LEPO HERO HONDA MOTORS 21/11/2023 181,546 USD 503,236 0.15 P. NOTE 29/07/2019 9,737 USD 349,009 0.10BAYER CROPSCIENCE HINDALCO INDUSTRIES 11/06/2018 760 USD 42,124 0.01 LEPO 20/11/2019 146,174 USD 155,447 0.04BHARAT ELECTRONICS HINDUSTAN PETROLEUM 18/06/2024 11,160 USD 192,707 0.06 11/06/2018 10,780 USD 128,555 0.04BHARAT FORGE 22/04/2019 6,960 USD 95,850 0.03 HINDUSTAN UNILEVER LEPO BHARAT HEAVY 11/04/2018 39,679 USD 489,573 0.14ELECTRICALS LEPO ICICI BANK LEPO 05/12/2024 255,281 USD 1,042,795 0.3007/01/2019 284,374 USD 884,963 0.26 IDEA CELLULAR LEPO BHARAT PETROLEUM LEPO 25/11/2019 169,838 USD 381,122 0.1112/11/2019 54,388 USD 707,052 0.20 INDIABULLS HOUSING BHARTI AIRTEL LEPO FINANCE LEPO 12/12/2018 8,913 USD 105,877 0.0320/02/2018 241,432 USD 1,241,504 0.36 INDIAN OIL 22/11/2023 224,263 USD 1,373,795 0.40BHARTI LEPO 22/11/2023 55,060 USD 295,404 0.09 INDUSIND BANK LEPO BOSCH 25/02/2025 670 USD 197,133 0.06 19/11/2020 5,320 USD 76,647 0.02BRITANNIA INDUSTRIES INFOSYS 02/08/2016 198,970 USD 3,497,036 1.0103/03/2025 1,660 USD 76,801 0.02 INFRASTRUCTURE DEVELOPMENT CADILA LEPO 25/10/2017 4,014 USD 127,629 0.04 LEPO 20/08/2019 49,518 USD 105,356 0.03CAIRN INDIA 27/08/2019 154,315 USD 351,804 0.10 IPCA LABORATORIES CASTROL 20/05/2024 14,070 USD 94,742 0.03 23/05/2018 6,409 USD 72,280 0.02CIPLA LEPO 17/12/2018 12,077 USD 116,728 0.03 ITC LEPO 18/02/2018 205,169 USD 1,021,787 0.29COAL INDIA 04/08/2016 799,473 USD 3,959,663 1.14 JINDAL STEEL & POWER COLGATE 17/11/2021 5,142 USD 74,631 0.02 LEPO 25/11/2019 75,218 USD 69,634 0.02CONTAINER CORP LEPO JSW ENERGY 11/06/2018 52,440 USD 74,475 0.0222/11/2023 3,210 USD 72,263 0.02 JSW STEEL LEPO 21/11/2023 12,364 USD 166,377 0.05CROMPTON GREAVES KARUR VYSYA BANK 18/06/2024 43,827 USD 112,951 0.03 11/06/2018 6,990 USD 47,775 0.01CUMMINS LEPO 31/12/2018 7,597 USD 124,478 0.04 KOTAK MAHINDRA LEPO DABUR INDIA LEPO 25/11/2019 24,812 USD 243,439 0.0721/11/2023 16,321 USD 68,383 0.02 LARSEN & TOUBRO LEPO DIVIS LABORATORIES 12/11/2018 4,110 USD 91,082 0.0322/01/2024 4,440 USD 75,348 0.02 LIC HOUSING FINANCE DLF 06/01/2025 182,102 USD 376,090 0.11 06/07/2020 8,700 USD 62,136 0.02DR REDDYS LABORATORIES LUPIN LEPO 21/11/2023 7,661 USD 237,184 0.07LEPO 25/11/2019 1,990 USD 126,400 0.04 MAHINDRA & MAHDRA LEPO EICHER LEPO 22/11/2023 348 USD 92,099 0.03 21/05/2016 15,440 USD 56,012 0.02FEDERAL BANK 04/12/2023 121,300 USD 117,831 0.03 MAHINDRA & MAHINDRA GAIL INDIA LEPO 12/11/2019 39,669 USD 176,830 0.05 P. NOTE 28,621 USD 546,991 0.16GLAXOSMITHKLINE MARICO 22/05/2025 6,630 USD 40,407 0.0106/07/2022 760 USD 69,952 0.02 MARUTI SUZUKI 14/01/2019 6,645 USD 474,380 0.14GLAXOSMITHKLINE MAX INDIA 18/07/2024 11,710 USD 90,582 0.0318/06/2024 2,186 USD 110,281 0.03 MINDTREE 05/12/2018 9,238 USD 211,281 0.06GODREJ CONSUMER MOTHERSON SUMI SYSTEMS PRODUCTS 22/01/2024 4,571 USD 84,285 0.02 LEPO 22/11/2023 88,674 USD 313,725 0.09GRASIM INDUSTRIES LEPO MRF LEPO 22/11/2023 178 USD 113,088 0.0321/11/2023 7,625 USD 401,139 0.12 NESTLE LEPO 06/06/2019 2,239 USD 214,681 0.06HAVELLS 18/06/2024 25,983 USD 99,378 0.03 NHPC 18/06/2024 1,102,426 USD 277,580 0.08HCL TECHNOLOGIES LEPO NMDC 01/08/2023 294,242 USD 414,749 0.1221/11/2018 28,389 USD 417,219 0.12 NTPC LEPO 01/10/2019 310,964 USD 583,561 0.17

431




OIL INDIA 07/07/2023 41,085 USD 261,555 0.08 MINOR INTERNATIONAL ONGC 08/06/2017 764,945 USD 2,633,025 0.76 31/12/2199 1,795 THB 146 0.00ORACLE LEPO 22/11/2023 4,065 USD 241,933 0.07 7,290 0.00PETRONET LNG 18/06/2024 32,275 USD 87,795 0.03 TOTAL WARRANTS / EQUITY LINKED SECURITIES 50,707,101 14.63PIDILITE INDUSTRIES 11/06/2018 10,230 USD 88,129 0.03 DEPOSITARY RECEIPTS POWER FINANCIAL LEPO 21/11/2023 52,289 USD 183,019 0.05 BRAZIL PUNJAB NATIONAL BANK PETROBRAS (US71654V1017) 244,033 USD 795,548 0.2312/10/2018 361,616 USD 728,403 0.21 795,548 0.23RELIANCE INDUSTRIES CHINA LEPO 01/02/2022 126,536 USD 1,654,901 0.48 58.COM 1,493 USD 65,512 0.02RURAL ELECTRIFICATION BAIDU 295 USD 40,321 0.01CORP 12/05/2020 57,718 USD 240,426 0.07 MELCO CROWN SESA STERLITE LEPO ENTERTAINMENT 2,717 USD 36,897 0.0121/11/2023 265,045 USD 338,110 0.10 NETEASE 400 USD 47,436 0.01SHRIRAM TRANSPORT LEPO 190,166 0.0521/11/2023 10,088 USD 140,431 0.04 PERU SIEMENS LEPO 21/11/2023 9,304 USD 185,422 0.05 CIA DE MINA BUENAVENTUR 15,957 USD 93,987 0.03STATE BANK OF INDIA 93,987 0.0306/11/2017 819,807 USD 2,957,192 0.85 RUSSIAN FEDERATION TATA CHEMICALS 08/06/2017 25,306 USD 146,685 0.04 AFK SISTEMA 5,703 USD 39,465 0.01TATA CONSULTANCY OAO GAZPROM 173,477 USD 709,347 0.2107/03/2017 96,412 USD 3,785,048 1.09 748,812 0.22TATA MOTORS 05/12/2022 283,714 USD 1,283,037 0.37 TAIWAN TATA POWER 25/02/2025 137,810 USD 137,747 0.04 HIMAX TECHNOLOGIES 12,195 USD 93,170 0.03TATA STEEL LEPO 21/11/2023 553,895 USD 1,765,418 0.51 93,170 0.03TECH 05/07/2023 136,806 USD 1,157,325 0.33 THAILAND TITAN INDUSTRIES LEPO ADVANCED INFORMATION 07/07/2020 16,106 USD 78,153 0.02 SERVICES 128,500 THB 803,567 0.24TORRENT PHARMACEUTICALS AIRPORTS OF THAILAND 31,600 THB 243,747 0.0718/06/2024 4,714 USD 107,085 0.03 BANGKOK BANK 105,700 THB 465,895 0.13TVS MOTOR 11/06/2018 26,140 USD 91,309 0.03 BANGKOK EXPRESSWAY 72,700 THB 72,099 0.02ULTRATECH CEMENT LEPO BANPU PUBLIC 590,650 THB 328,681 0.0921/11/2023 5,648 USD 230,280 0.07 CHAROEN POKPHAND UNITED BREWERIES LEPO FOODS 555,500 THB 318,303 0.0901/08/2018 3,620 USD 47,785 0.01 KASIKORNBANK 96,200 THB 454,499 0.13UNITED SPIRITS LEPO KRUNG THAI BANK 772,100 THB 359,463 0.1022/10/2018 3,271 USD 154,110 0.04 MINOR INTERNATIONAL 107,950 THB 84,754 0.02UPL 25/10/2018 16,271 USD 111,568 0.03 PTT E&P 324,000 THB 627,025 0.18VOLTAS 11/04/2025 15,740 USD 63,530 0.02 PTT PCL 194,800 THB 1,304,033 0.39WIPRO LEPO 12/11/2019 288,523 USD 2,624,930 0.76 SHIN CORP 104,400 THB 209,950 0.06ZEE ENTERTAINMENT LEPO SIAM CEMENT 50,300 THB 640,182 0.1921/11/2023 19,594 USD 116,267 0.03 SIAM COMMERCIAL BANK 132,800 THB 492,055 0.14

50,699,233 14.63 THAI OIL 106,700 THB 153,583 0.04THAILAND THANACHART CAPITAL 184,300 THB 162,468 0.05INDORAMA VENTURES TMB BANK 1,659,600 THB 109,726 0.0324/08/2017 7,520 THB 439 0.00 6,830,030 1.97INDORAMA VENTURES TOTAL DEPOSITARY RECEIPTS 8,751,713 2.5324/08/2018 5,785 THB 331 0.00JASMINE INTERNATIONAL 05/07/2020 180,735 THB 6,374 0.00

432




PREFERRED SHARES MEXICO GENTERA 36,479 MXN 59,467 0.02

BRAZIL 59,467 0.02AES TIETE 28,921 BRL 97,649 0.03 RUSSIAN FEDERATION BANCO BRADESCO 249,431 BRL 1,292,494 0.37 AEROFLOT RUSSIAN CIA ENERGETICA DE SAO AIRLINES 70 USD 37 0.00PAULO "B" 44,179 BRL 160,389 0.05 CHEREPOVETS MK CIA ENERGETICA MINAS 126,890 BRL 208,740 0.06 SERVERSTAL 104,349 USD 1,114,678 0.32CIA PARANAENSE DE FEDERAL ENERGI "B" 19,704 BRL 154,586 0.04 HYDROGENERATING 44,842,105 USD 415,507 0.12COMPANHIA BRASILEIRA DE INTER RAO UES 30,670,408 USD 498,824 0.14DISTRIBUICAO "A" 28,740 BRL 348,246 0.10 LUKOIL 35,357 USD 1,234,384 0.36GERDAU 353,065 BRL 494,601 0.14 MOBILE TELESYSTEMS 398,882 USD 1,297,139 0.38ITAU INVESTIMENTOS 269,907 BRL 467,308 0.13 MOSCOW EXCHANGE MICEX 70,787 USD 85,666 0.02ITAU UNIBANCO BANCO NOVATEK OAO 29,736 USD 271,031 0.08MULTIPLO 299,985 BRL 1,917,726 0.56 NOVOLIPETSK IRON & STEEL 74,312 USD 83,167 0.02LOJAS AMERICANAS 14,921 BRL 58,328 0.02 ROSNEFT OIL 1,171,879 USD 4,338,948 1.26OWENS-ILLINOIS 1,017,566 BRL 717,762 0.21 ROSTELECOM 736,885 USD 960,432 0.28SUZANO PAPEL E CELULOSE 12,331 BRL 57,388 0.02 TATNEFT 63,767 USD 294,932 0.09TELEF BRASIL 111,783 BRL 1,018,690 0.29 URALKALIY CLS 128,128 USD 384,523 0.11VALE "A" 537,274 BRL 1,751,779 0.51 VTB BANK 575,070,171 USD 591,747 0.17

8,745,686 2.53 11,571,015 3.35CHILE SOUTH KOREA EMBOTELLADORA ANDINA "B" 65,224 CLP 220,538 0.06 INDUSTRIAL BANK OF KOREA 25,555 KRW 294,116 0.08SOCIEDAD QUIMICA Y 294,116 0.08MINERA DE CHILE 11,805 CLP 171,441 0.05 TAIWAN

391,979 0.11 CHIPBOND TECHNOLOGY 42,000 TWD 61,033 0.02COLOMBIA SIMPLO TECHNOLOGY 14,020 TWD 45,274 0.01BANCO DAVIVIENDA 13,342 COP 103,010 0.03 VANGUARD INTERNATIONAL BANCOLOMBIA 26,765 COP 210,607 0.06 SEMICONDUCTORS 68,000 TWD 77,271 0.02GRUPO AVAL ACCIONES 853,867 COP 320,012 0.09 WIN SEMICONDUCTORS GRUPO DE INVERSION CORP 28,807 TWD 31,944 0.01SURAMERICANA 9,661 COP 106,540 0.03 215,522 0.06

740,169 0.21 UNITED ARAB EMIRATES RUSSIAN FEDERATION ABU DHABI COMMERCIAL SURGUTNEFTEGAZ 3,751,109 USD 2,228,313 0.64 BANK 80,869 AED 165,353 0.04

2,228,313 0.64 ORASCOM CONSTRUCTION 5,246 USD 57,706 0.02TOTAL PREFERRED SHARES 12,106,147 3.49 223,059 0.06TOTAL TRANSFERABLE SECURITIES TOTAL SHARES 12,421,417 3.59ADMITTED TO AN OFFICIAL STOCK 314,241,861 90.68EXCHANGE LISTING WARRANTS / EQUITY LINKED SECURITIES

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED INDIA MARKET GLENMARK PHARMACEUTICAL

12/11/2019 5,080 USD 79,755 0.02SHARES SUN PHARMACEUTICALS

LEPO 03/04/2018 15,075 USD 198,385 0.06CHINA SUZLON ENERGY 19/12/2024 958,560 USD 301,142 0.08SHENZHEN INTERNATIONAL YES BANK LEPO 02/09/2020 8,043 USD 89,112 0.03HOLDINGS 42,500 HKD 58,238 0.02 668,394 0.19

58,238 0.02 TOTAL WARRANTS / EQUITY LINKED SECURITIES 668,394 0.19

433




DEPOSITARY RECEIPTS

RUSSIAN FEDERATION MAIL.RU GROUP 6,013 USD 108,384 0.03

108,384 0.03TOTAL DEPOSITARY RECEIPTS 108,384 0.03

PREFERRED SHARES

RUSSIAN FEDERATION TRANSNEFT 951 USD 2,159,376 0.62

2,159,376 0.62TOTAL PREFERRED SHARES 2,159,376 0.62TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET


SHARES

CHINA CHONGQING CHANGAN AUTO 46,800 HKD 79,046 0.02

79,046 0.02EGYPT EFG-HERMES HOLDING 68,324 EGP 71,465 0.02

71,465 0.02TAIWAN WINTEK CORP 333,820 TWD 18,611 0.01

18,611 0.01TOTAL SHARES 169,122 0.05TOTAL OTHER TRANSFERABLE SECURITIES 169,122 0.05TOTAL INVESTMENTS 329,768,554 95.16OTHER NET ASSETS LESS LIABILITIES 16,789,788 4.84TOTAL NET ASSETS 346,558,342 100.00

434

15,357,571 4.43




INVESTMENTS MIRVAC GROUP 7,188 AUD 8,698 0.00NATIONAL AUSTRALIA BANK 8,949 AUD 188,743 0.09

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK NEWCREST MINING 1,517 AUD 13,554 0.01EXCHANGE LISTING ORICA 2,452 AUD 25,944 0.01

ORIGIN ENERGY 1,901 AUD 8,158 0.00SHARES ORORA 10,391 AUD 16,886 0.01

PRIMARY HEALTH CARE 5,143 AUD 13,713 0.01AUSTRALIA QANTAS AIRWAYS 43,288 AUD 113,286 0.05ADELAIDE BRIGHTON 2,475 AUD 7,574 0.00 QBE INSURANCE GROUP 2,884 AUD 26,152 0.01AGL ENERGY 1,898 AUD 21,324 0.01 RAMSAY HEALTH CARE 1,145 AUD 47,098 0.02ALS 2,916 AUD 9,436 0.00 RECALL HOLDINGS 2,587 AUD 13,304 0.01ALUMINA 18,687 AUD 14,790 0.01 RIO TINTO (AU000000RIO1) 2,290 AUD 78,295 0.04AMCOR 5,623 AUD 52,098 0.03 SANTOS 2,603 AUD 7,288 0.00AMP 9,924 AUD 38,817 0.02 SCENTRE GROUP 47,433 AUD 130,140 0.06ANZ BANKING GROUP 9,479 AUD 180,582 0.09 SIMS METAL MANAGEMENT 1,953 AUD 13,272 0.01ASCIANO 7,091 AUD 41,904 0.02 SONIC HEALTHCARE 2,926 AUD 37,567 0.02ASX 336 AUD 8,954 0.00 SOUTH32 65,596 GBP 62,924 0.03AURIZON HOLDINGS 7,794 AUD 27,470 0.01 SPARK INFRASTRUCTURE AUSNET SERVICES 9,148 AUD 8,785 0.00 GROUP 10,874 AUD 14,305 0.01BENDIGO BANK 1,236 AUD 8,617 0.00 SPOTLESS GROUP HOLDINGS 13,566 AUD 20,519 0.01BHP BILLITON SUNCORP GROUP 5,577 AUD 47,826 0.02(AU000000BHP4) 16,333 AUD 255,313 0.13 SYDNEY AIRPORT 3,427 AUD 14,369 0.01BLUESCOPE STEEL 16,852 AUD 42,679 0.02 TABCORP HOLDINGS 3,852 AUD 12,655 0.01BORAL 6,604 AUD 24,484 0.01 TATTERSALS 4,410 AUD 11,665 0.01BRAMBLES 5,411 AUD 37,077 0.02 TELSTRA CORP 72,075 AUD 284,453 0.15CALTEX 617 AUD 13,577 0.01 TREASURY WINE ESTATES 2,355 AUD 10,868 0.01CIMIC GROUP 7,656 AUD 126,571 0.06 WESFARMERS 8,195 AUD 226,110 0.11COCA-COLA AMATIL 4,015 AUD 25,449 0.01 WESTFIELD GROUP 18,855 AUD 132,247 0.06COCHLEAR 153 AUD 8,984 0.00 WESTPAC BANKING CORP 10,344 AUD 216,127 0.10COMMONWEALTH BANK OF WOODSIDE PETROLEUM 2,655 AUD 54,035 0.03AUSTRALIA 4,604 AUD 235,533 0.11 WOOLWORTHS 10,515 AUD 183,749 0.09COMPUTERSHARE 2,635 AUD 19,631 0.01 WORLEYPARSONS 10,655 AUD 44,300 0.02CROWN 2,786 AUD 19,404 0.01 3,844,829 1.86CSL 921 AUD 57,795 0.03 AUSTRIA CSR 6,480 AUD 13,175 0.01 ANDRITZ 1,037 EUR 46,719 0.02DOWNER EDI 17,463 AUD 41,033 0.02 ERSTE BANK 4,381 EUR 127,328 0.06DUET GROUP 16,429 AUD 24,965 0.01 VOESTALPINE 2,933 EUR 100,228 0.05ECHO ENTERTAINMENT 274,275 0.13GROUP 4,491 AUD 15,292 0.01 BELGIUM FAIRFAX MEDIA LIMITED 48,127 AUD 29,964 0.01 AGEAS 1,309 EUR 53,969 0.03FEDERATION CENTRES 13,610 AUD 26,235 0.01 ANHEUSER BUSCH INBEV 3,510 EUR 372,980 0.17FLIGHT CENTRE 530 AUD 13,460 0.01 DELHAIZE GROUP 1,741 EUR 153,666 0.07GENERAL PROPERTY GROUP 16,389 AUD 51,999 0.03 GROUPE BRUXELLESHARVEY NORMAN HOLDINGS 3,294 AUD 8,991 0.00 LAMBERT 557 EUR 42,096 0.02HEALTHSCOPE 7,294 AUD 13,085 0.01 KBC GROUP 2,456 EUR 155,142 0.08ILUKA RESOURCES 2,668 AUD 11,656 0.01 SOLVAY 503 EUR 51,891 0.03INCITEC PIVOT 8,026 AUD 22,021 0.01 UCB 813 EUR 63,396 0.03INSURANCE AUSTRALIA UMICORE 917 EUR 35,418 0.02GROUP 8,739 AUD 29,756 0.01 928,558 0.45INVESTA OFFICE FUND 6,111 AUD 16,938 0.01 CANADA JB HI-FI 762 AUD 10,239 0.00 AGNICO EAGLE MINES 902 CAD 22,274 0.01LEND LEASE GROUP 3,341 AUD 29,497 0.01 AGRIUM 511 CAD 45,170 0.02MACQUARIE GROUP 1,952 AUD 105,272 0.05 ALIMENTATION COUCHE-MEDIBANK 9,488 AUD 16,153 0.01 TARD 1,349 CAD 60,443 0.03


435




ARC RESOURCES 1,376 CAD 17,950 0.01 SUNCOR ENERGY 9,288 CAD 246,063 0.12BANK OF MONTREAL 3,587 CAD 189,335 0.09 TELUS 4,345 CAD 137,711 0.07BANK OF NOVA SCOTIA 4,645 CAD 201,087 0.10 THOMSON REUTERS 6,105 CAD 240,054 0.12BARRICK GOLD 2,879 CAD 17,919 0.01 TORONTO-DOMINION BANK 6,939 CAD 266,322 0.12BCE 7,647 CAD 310,444 0.14 TRANSCANADA CORP 1,331 CAD 41,102 0.02BROOKFIELD ASSET VALEANT MANAGEMENT 323 CAD 9,671 0.00 PHARMACEUTICALS 160 CAD 25,321 0.01CAMECO CORP 3,089 CAD 36,676 0.02 4,912,325 2.38CANADIAN IMPERIAL BANK 2,581 CAD 180,381 0.09 CHINA CANADIAN NATIONAL DIGITAL CHINA HOLDINGS 7,556 HKD 6,990 0.00RAILWAY 2,643 CAD 146,785 0.07 FIH MOBILE 65,964 HKD 30,216 0.01CANADIAN NATURAL HAITIAN INTERNATIONAL RESOURCES 5,814 CAD 113,807 0.06 HOLDINGS 5,135 HKD 8,468 0.00CANADIAN PACIFIC RAILWAY 463 CAD 64,094 0.03 HKT TRUST 34,969 HKD 41,556 0.02CANADIAN TIRE "A" 474 CAD 42,175 0.02 HONG KONG LAND HOLDINGS 3,100 USD 20,460 0.01CENOVUS ENERGY 5,036 CAD 76,743 0.04 LI & FUNG 83,207 HKD 63,452 0.03CGI "A" 1,582 CAD 55,819 0.03 NOBLE GROUP 53,300 SGD 15,170 0.01CI FINANCIAL 1,150 CAD 25,206 0.01 SHENZOU INTERNATIONAL CONSTELLATION SOFTWARE 126 CAD 51,839 0.03 GROUP HOLDINGS 6,515 HKD 33,542 0.02CRESCENT POINT ENERGY SIGNET JEWELERS 358 USD 47,900 0.02TRUST 3,755 CAD 42,118 0.02 SKYWORTH DIGITAL DOLLARAMA 937 CAD 61,597 0.03 HOLDINGS 28,768 HKD 19,377 0.01ENCANA CORP 9,157 CAD 57,880 0.03 SUNNY OPTICAL FAIRFAX FINANCIAL TECHNOLOGY GROUP 4,150 HKD 8,236 0.00HOLDINGS 44 CAD 19,544 0.01 VTECH HOLDINGS 1,974 HKD 23,395 0.01FIRST QUANTUM MINERALS 3,620 CAD 12,562 0.01 YUE YUEN INDUSTRIAL FORTIS 995 CAD 26,954 0.01 HOLDINGS 32,196 HKD 119,020 0.07GILDAN ACTIVEWEAR 1,478 CAD 43,921 0.02 437,782 0.21GOLDCORP 6,465 CAD 78,979 0.04 DENMARK GREAT WEST LIFECO 2,879 CAD 68,022 0.03 A P MOLLER - MAERSK 244 DKK 376,408 0.19HUSKY ENERGY 5,960 CAD 92,914 0.05 CARLSBERG "B" 888 DKK 67,558 0.03IMPERIAL OIL 1,385 CAD 43,286 0.02 CHRISTIAN HANSEN HOLDING 254 DKK 13,831 0.01INTACT FINANCIAL CORP 1,069 CAD 74,734 0.04 COLOPLAST "B" 416 DKK 29,320 0.01LOBLAW 2,496 CAD 127,166 0.06 DANSKE BANK 1,932 DKK 58,561 0.03MAGNA INTERNATIONAL 4,579 CAD 210,839 0.10 DSV 979 DKK 36,467 0.02MANULIFE FINANCIAL CORP 16,425 CAD 248,948 0.12 ISS "A/S" 6,996 DKK 234,485 0.11METRO, INC. 2,076 CAD 55,851 0.03 NOVO NORDISK "B" 3,918 DKK 211,514 0.10NATIONAL BANK OF CANADA 1,889 CAD 59,024 0.03 NOVOZYMES 531 DKK 22,928 0.01PEMBINA PIPELINE CORP 2,984 CAD 71,171 0.03 PANDORA 168 DKK 19,456 0.01POTASH CORP OF TDC 8,844 DKK 46,214 0.02SASKATCHEWAN 2,756 CAD 56,046 0.03 VESTAS WINDSYSTEMS 1,017 DKK 52,653 0.03POWER CORP OF CANADA 3,628 CAD 74,184 0.04 1,169,395 0.57POWER FINANCIAL 2,056 CAD 46,490 0.02 FINLAND RESTAURANT BRANDS ELISA 936 EUR 31,780 0.02INTERNATIONAL 1,336 USD 46,373 0.02 FORTUM CORP 4,521 EUR 68,782 0.03ROGERS COMMUNICATIONS KONE "B" 2,418 EUR 91,004 0.04"B" 3,389 CAD 117,123 0.06 NOKIA 39,978 EUR 269,549 0.14ROYAL BANK OF CANADA 6,682 CAD 359,032 0.16 ORION CORP (FI0009014377) 564 EUR 21,322 0.01SAPUTO GROUP 1,445 CAD 31,229 0.02 SAMPO "A" 1,204 EUR 58,048 0.03SHAW MUNICATIONS "B" 2,600 CAD 49,633 0.02 STORA ENSO "R" 8,933 EUR 68,154 0.03SNC-LAVALIN GROUP 1,321 CAD 37,008 0.02 UPM-KYMMENE 6,088 EUR 92,212 0.04SUN LIFE FINANCIAL WARTSILA CORP 1,213 EUR 47,846 0.02SERVICES 2,371 CAD 75,306 0.04 748,697 0.36


436




FRANCE SUEZ ENVIRONNEMENT 11,745 EUR 210,073 0.10ACCOR 1,743 EUR 80,444 0.04 TECHNIP COFLEXIP 870 EUR 40,778 0.02AIR LIQUIDE 1,566 EUR 185,501 0.09 THALES 3,228 EUR 222,538 0.11ALCATEL "A" 47,449 EUR 172,294 0.08 TOTAL 21,281 EUR 958,161 0.45ALSTOM 6,432 EUR 200,262 0.10 VALEO 636 EUR 84,300 0.04ARKEMA 449 EUR 29,144 0.01 VEOLIA ENVIRONNEMENT 24,527 EUR 550,778 0.27ATOS 2,336 EUR 179,194 0.09 VINCI 10,089 EUR 644,559 0.31AXA 14,268 EUR 347,957 0.17 VIVENDI 10,279 EUR 242,251 0.12BIC 217 EUR 33,696 0.02 ZODIAC 1,381 EUR 31,275 0.02BNP PARIBAS 10,506 EUR 617,645 0.30 13,704,124 6.64BOLLORE 19,933 EUR 98,722 0.05 GERMANY BOUYGUES 9,967 EUR 355,816 0.17 ADIDAS 1,331 EUR 107,421 0.05BUREAU VERITAS 3,790 EUR 80,214 0.04 ALLIANZ 3,386 EUR 533,392 0.26CAP GEMINI 2,474 EUR 219,752 0.11 BASF 8,237 EUR 632,690 0.31CARREFOUR 13,406 EUR 392,713 0.19 BAYER 3,586 EUR 462,427 0.22CASINO GUICHARD BEIERSDORF 787 EUR 69,083 0.03PERRACHON 2,724 EUR 143,949 0.07 BMW 6,518 EUR 578,154 0.28CHRISTIAN DIOR 1,566 EUR 288,010 0.14 BRENNTAG 911 EUR 48,704 0.02CREDIT AGRICOLE 22,986 EUR 265,313 0.13 COMMERZBANK 15,256 EUR 162,301 0.08DANONE 2,061 EUR 128,802 0.06 CONTINENTAL 1,844 EUR 389,864 0.19DASSAULT SYSTEMES 548 EUR 40,314 0.02 DAIMLER 10,979 EUR 799,531 0.39EDENRED 893 EUR 14,544 0.01 DEUTSCHE ANNINGTON ELECTRICITE DE FRANCE 33,800 EUR 597,912 0.29 IMMOBILIEN 557 EUR 17,840 0.01ESSILOR INTERNATIONAL 632 EUR 76,780 0.04 DEUTSCHE BANK 14,527 EUR 393,338 0.19EUTELSAT DEUTSCHE BOERSE 595 EUR 50,973 0.02COMMUNICATIONS 825 EUR 25,367 0.01 DEUTSCHE POST 29,136 EUR 818,665 0.40FONCIERE DES REGIONS 165 EUR 14,369 0.01 DEUTSCHE TELEKOM 64,319 EUR 1,139,951 0.55GDF SUEZ 45,795 EUR 745,313 0.35 E. ON 50,669 EUR 433,567 0.21GROUPE OTUNNEL 1,273 EUR 17,431 0.01 FREENET 781 EUR 25,479 0.01HERMES INTERNATIONAL 159 EUR 57,057 0.03 FRESENIUS 6,398 EUR 431,308 0.21ILIAD 152 EUR 30,993 0.02 FRESENIUS MEDICAL CARE 3,235 EUR 251,784 0.12KERING 694 EUR 111,351 0.05 GEA GROUP 1,559 EUR 58,141 0.03KLEPIERRE 1,157 EUR 52,879 0.03 HANNOVER LAFARGE 2,912 EUR 195,979 0.09 RUECKVERSICHERUNG 377 EUR 38,846 0.02LEGRAND PROMESSES 1,048 EUR 55,593 0.03 HEIDELBERG CEMENT 1,932 EUR 132,346 0.06L'OREAL 1,906 EUR 328,499 0.16 HUGO BOSS 309 EUR 34,570 0.02LVMH 1,839 EUR 309,002 0.15 INFINEON TECHNOLOGIES 7,327 EUR 80,219 0.04MICHELIN 1,755 EUR 160,222 0.08 K+S 2,098 EUR 70,787 0.03NATIXIS BANQUES LANXESS 1,219 EUR 57,663 0.03POPULAIRES 22,804 EUR 125,871 0.06 LINDE 1,228 EUR 199,926 0.10NUMERICABLE 366 EUR 16,838 0.01 MAN 1,722 EUR 175,674 0.09ORANGE 55,587 EUR 844,761 0.40 MERCK KGAA 1,630 EUR 143,338 0.07PERNOD RICARD 842 EUR 85,265 0.04 MTU AERO ENGINES 378 EUR 32,351 0.02PEUGEOT 22,391 EUR 333,616 0.16 MUENCHENER RUECK 1,056 EUR 198,008 0.10PUBLICIS GROUPE 2,391 EUR 161,560 0.08 OSRAM LICHT 1,753 EUR 91,623 0.04RENAULT 3,371 EUR 244,205 0.12 PROSIEBEN MEDIA 1,272 EUR 61,963 0.03SAFRAN 3,215 EUR 243,986 0.12 RWE 21,542 EUR 246,348 0.12SAINT GOBAIN 9,345 EUR 406,167 0.20 SAP 3,911 EUR 255,001 0.12SANOFI 6,910 EUR 661,416 0.32 SIEMENS 13,371 EUR 1,208,242 0.59SCHNEIDER ELTE 4,279 EUR 239,478 0.12 SYMRISE 425 EUR 25,458 0.01SCOR REGROUPE 759 EUR 27,160 0.01 TELEFONICA DEUTSCHLAND SOCIETE GENERALE 9,364 EUR 418,348 0.20 HOLDING 10,833 EUR 66,679 0.03SODEXO 3,145 EUR 257,707 0.12 THYSSENKRUPP 17,489 EUR 310,259 0.15


437




TUI 7,561 GBP 139,090 0.07 HARGREAVES LANSDOWN 484 GBP 8,837 0.00UNITED INTERNET 541 EUR 27,304 0.01 HENDERSON GROUP 3,615 GBP 14,271 0.01VOLKSWAGEN 7,095 EUR 845,220 0.41 HIKMA PHARMACEUTICALS 454 GBP 15,194 0.01

11,845,528 5.74 HSBC HOLDINGS 96,806 GBP 727,093 0.35GREAT BRITAIN ICAP 6,393 GBP 44,150 0.023I GROUP 1,238 GBP 8,707 0.00 IG GROUP HOLDINGS 912 GBP 10,664 0.01ADMIRAL GROUP 963 GBP 21,735 0.01 IMI 2,379 GBP 34,195 0.02AGGREKO 1,377 GBP 18,737 0.01 IMPERIAL TOBACCO GROUP 3,662 GBP 188,867 0.09AMEC 5,548 GBP 60,293 0.03 INCHCAPE 2,560 GBP 27,724 0.01ANGLO AMERICAN INFORMA 3,553 GBP 30,011 0.01(GB00B1XZS820) 15,100 GBP 126,122 0.06 INMARSAT 1,568 GBP 23,383 0.01AON 2,685 USD 237,354 0.11 INTERCONTINENTAL HOTELS 1,057 GBP 36,081 0.02ARM HOLDINGS 1,176 GBP 16,662 0.01 INVESTEC 5,937 GBP 45,867 0.02ASHTEAD GROUP 5,938 GBP 82,466 0.04 ITV 10,265 GBP 38,421 0.02ASSOCIATED BRITISH FOODS 2,942 GBP 146,866 0.07 JOHNSON MATTHEY 785 GBP 29,453 0.01ASTRAZENECA 7,522 GBP 477,683 0.23 KINGFISHER 25,008 GBP 134,786 0.07AVIVA 19,411 GBP 131,312 0.06 LEGAL & GENERAL 15,648 GBP 56,641 0.03BABCOCK INTERNATIONAL 3,206 GBP 44,087 0.02 LIBERTY GLOBAL 5,230 USD 222,223 0.11BAE SYSTEMS 45,200 GBP 305,908 0.15 LIBERTY LILAC GROUP "A" 270 USD 9,094 0.00BARCLAYS 153,660 GBP 573,850 0.28 LONDON STOCK EXCHANGE BARRATT DEVELOPMENTS 2,168 GBP 21,191 0.01 GROUP 351 GBP 12,877 0.01BERKELEY GROUP HOLDINGS 254 GBP 13,007 0.01 MAN GROUP 12,217 GBP 28,117 0.01BG GROUP 6,484 GBP 94,123 0.05 MARKS & SPENCER 12,687 GBP 96,243 0.05BHP BILLITON MEGGITT 5,006 GBP 36,061 0.02(GB0000566504) 14,137 GBP 215,323 0.10 MONDI (GB00B1CRLC47) 2,935 GBP 61,342 0.03BP 152,161 GBP 766,522 0.37 MORRISON SUPERMARKETS 46,709 GBP 117,615 0.06BRITISH AMERICAN NATIONAL GRID 11,759 GBP 163,076 0.08TOBACCO (GB0002875804) 6,867 GBP 375,635 0.18 NEXT 636 GBP 72,978 0.04BSKYB 7,025 GBP 109,398 0.05 OLD MUTUAL 42,860 GBP 123,145 0.06BT GROUP 62,296 GBP 398,072 0.19 PEARSON 6,355 GBP 107,742 0.05BUNZL 1,252 GBP 33,635 0.02 PENNON GROUP 1,111 GBP 13,060 0.01BURBERRY GROUP 1,316 GBP 26,965 0.01 PERSIMMON 583 GBP 17,981 0.01CABLE & WIRELESS PROVIDENT FINANCIAL 312 GBP 14,879 0.01COMMUNICATIONS 33,682 GBP 28,731 0.01 PRUDENTIAL 4,490 GBP 93,242 0.05CAPITA 4,539 GBP 83,016 0.04 RECKITT BENCKISER 1,422 GBP 129,218 0.06CARNIVAL (GB0031215220) 940 GBP 48,880 0.02 REED ELSEVIER CENTRICA 55,795 GBP 192,829 0.09 (GB00B2B0DG97) 7,081 GBP 119,298 0.06COBHAM 8,186 GBP 35,237 0.02 REXAM 7,092 GBP 56,737 0.03COMPASS GROUP 23,494 GBP 371,798 0.18 RIO TINTO (GB0007188757) 9,700 GBP 325,077 0.16CRODA INTERNATIONAL 393 GBP 16,362 0.01 ROLLS ROYCE 11,853 GBP 119,637 0.06DIAGEO 5,249 GBP 139,780 0.07 ROYAL BANK OF SCOTLAND 90,585 GBP 432,956 0.21DIRECT LINE INSURANCE 6,286 GBP 35,654 0.02 ROYAL DUTCH SHELL "A" 61,877 GBP 1,458,529 0.70DIXONS CARPHONE 9,218 GBP 58,525 0.03 ROYAL MAIL 33,900 GBP 235,710 0.11DS SMITH 4,557 GBP 27,258 0.01 RSA INSURANCE GROUP 9,498 GBP 57,304 0.03EASYJET 1,685 GBP 45,268 0.02 SABMILLER 3,246 GBP 183,227 0.09ENSCO 1,309 USD 18,653 0.01 SAGE GROUP 6,124 GBP 46,038 0.02EXPERIAN GROUP 4,301 GBP 68,908 0.03 SAINSBURY (J) 38,261 GBP 151,366 0.07G4S 60,159 GBP 209,829 0.10 SCHRODERS 895 GBP 37,493 0.02GKN 16,661 GBP 66,710 0.03 SEGRO REIT 2,562 GBP 16,760 0.01GLAXOSMITHKLINE 29,831 GBP 570,044 0.28 SEVERN TRENT 1,188 GBP 39,396 0.02HALMA 1,117 GBP 12,190 0.01 SMITH & NEPHEW 3,214 GBP 55,368 0.03

SMITHS GROUP 3,291 GBP 49,926 0.02


438




SSE 3,905 GBP 88,135 0.04 WHARF HOLDINGS 7,702 HKD 43,230 0.02ST JAMES'S PLACE 891 GBP 11,509 0.01 WHEELOCK AND CO 5,250 HKD 22,693 0.01STANDARD CHARTERED 15,557 GBP 150,317 0.07 1,573,531 0.76STANDARD LIFE IRELAND (GB00BVFD7Q58) 8,515 GBP 49,409 0.02 ACCENTURE CORP 6,777 USD 654,659 0.31TAYLOR WIMPEY 6,430 GBP 19,177 0.01 ALLEGION 319 USD 17,886 0.01TESCO 161,039 GBP 439,599 0.21 BANK OF IRELAND 80,723 EUR 30,997 0.02TRAVIS PERKINS 1,148 GBP 34,012 0.02 CRH 6,709 EUR 176,909 0.09TULLOW OIL 4,530 GBP 12,101 0.01 DCC 274 GBP 20,490 0.01UNITED UTILITIES GROUP 1,923 GBP 26,934 0.01 ENDO INTERNATIONAL 799 USD 48,395 0.02VODAFONE GROUP 290,248 GBP 913,077 0.44 INGERSOLL-RAND 2,449 USD 123,944 0.06WHITBREAD 530 GBP 37,680 0.02 JAMES HARDIE INDUSTRIES 911 AUD 10,921 0.01WILLIAM HILL 4,832 GBP 25,632 0.01 KERRY GROUP "A" 702 EUR 51,367 0.02WPP 14,597 GBP 300,493 0.15 MALLINCKRODT 775 USD 44,919 0.02XINYI SOLAR HOLDINGS 29,048 HKD 9,895 0.00 MEDTRONIC 2,726 USD 180,925 0.09

14,622,648 7.08 PENTAIR 1,259 USD 63,945 0.03HONG KONG PERRIGO 87 USD 13,476 0.01AIA GROUP 15,243 HKD 78,771 0.04 RYANAIR HOLDING 3,211 EUR 47,518 0.02ASM PACIFIC TECHNOLOGY 2,734 HKD 17,833 0.01 SEAGATE TECHNOLOGY 3,895 USD 162,733 0.08BANK OF EAST ASIA 7,801 HKD 26,171 0.01 SHIRE 324 GBP 21,982 0.01CATHAY PACIFIC 54,948 HKD 102,947 0.05 SMURFIT KAPPA 3,584 EUR 97,987 0.05CHEUNG KONG PROPERTY TYCO INTERNATIONAL 6,937 USD 231,626 0.11HOLDINGS 13,543 HKD 98,470 0.05 WEATHERFORD CK HUTCHISON HOLDINGS 20,259 HKD 261,929 0.12 INTERNATIONAL 12,799 USD 106,872 0.05CLP HOLDINGS 9,917 HKD 84,646 0.04 WILLIS GROUP HOLDINGS 1,748 USD 70,969 0.03ESPRIT HOLDINGS 38,585 HKD 28,677 0.01 XL GROUP 969 USD 35,117 0.02FIRST PACIFIC 35,623 HKD 21,741 0.01 2,213,637 1.07GALAXY ENTERTAINMENT ISRAEL GROUP 10,525 HKD 26,754 0.01 BANK HAPOALIM 9,931 ILS 49,825 0.02HANG LUNG PROPERTIES 7,136 HKD 15,985 0.01 BANK LEUMI LE 13,253 ILS 49,438 0.02HANG SENG BANK 5,259 HKD 94,458 0.05 CHECK POINT SOFTWARE HENDERSON LAND TECH 230 USD 18,126 0.01DEVELOPMENT 3,555 HKD 21,146 0.01 TEVA PHARMACEUTICAL HK EXCHANGES & CLEARING 856 HKD 19,528 0.01 INDUSTRIES 1,810 USD 99,695 0.06HONG KONG AND CHINA 217,084 0.11GAS COMPANY 17,663 HKD 33,092 0.02 ITALY KERRY PROPERTIES 3,513 HKD 9,610 0.00 ATLANTIA 3,932 EUR 110,018 0.05MTR CORP 28,711 HKD 124,475 0.06 BANCA MONTE DEI PASCHI NEW WORLD DEVELOPMENT 6,625 HKD 6,411 0.00 DI SIENA 27,814 EUR 48,406 0.02NWS HOLDINGS 13,031 HKD 17,117 0.01 BANCHE POPOLARI UNITE 7,234 EUR 51,658 0.03PCCW 81,212 HKD 41,601 0.02 BANCO POPOLARE SOCIETA POWER ASSETS HOLDINGS 4,590 HKD 43,294 0.02 COOPERATIVE 2,423 EUR 36,238 0.02SHANGRI-LA HOTELS AND BCA PPO MILANO 27,102 EUR 27,098 0.01RESORTS 13,054 HKD 11,285 0.01 ENEL 122,852 EUR 545,131 0.26SINO LAND 19,382 HKD 29,360 0.01 ENI 64,791 EUR 1,017,734 0.50SJM HOLDINGS 50,418 HKD 35,650 0.02 EXOR 14,021 EUR 600,901 0.29SUN ART RETAIL GROUP 111,165 HKD 85,345 0.04 FIAT CHRYSLER AUTOMOBILE 36,884 EUR 475,011 0.23SUN HUNG KAI PROPERTIES 3,654 HKD 47,384 0.02 FINMECCANICA 18,122 EUR 224,228 0.11SWIRE PACIFIC "A" 5,568 HKD 62,110 0.03 GENERALI 13,036 EUR 237,995 0.12SWIRE PROPERTIES 5,029 HKD 13,886 0.01 LUXOTTICA 2,947 EUR 201,181 0.10TECHTRONIC INDUSTRIES 9,502 HKD 35,065 0.02 PRYSMIAN 2,062 EUR 42,392 0.02TELEVISION BROADCASTS 3,865 HKD 12,867 0.01 SNAM 16,466 EUR 83,381 0.04

TELECOM ITALIA 395,531 EUR 484,071 0.23


439




TERNA 6,722 EUR 32,379 0.02 DAIICHI SANKYO 4,900 JPY 84,360 0.04UNICREDIT 44,660 EUR 275,793 0.13 DAIKIN INDUSTRIES 1,000 JPY 55,525 0.03

4,493,615 2.18 DAITO TRUST JAPAN CONSTRUCTION 563 JPY 56,775 0.03ACOM 2,597 JPY 13,154 0.01 DAIWA HOUSE INDUSTRY 3,900 JPY 95,607 0.05ACTIVIA PROPERTIES 6 JPY 25,001 0.01 DAIWA HOUSE RESIDENTIAL ADVANCE RESIDENCE INVESTMENT 8 JPY 16,222 0.01INVESTMENT 7 JPY 14,695 0.01 DAIWA SECURITIES GROUP 10,000 JPY 64,016 0.03ADVANTEST CORP 1,000 JPY 7,119 0.00 DENA 1,100 JPY 20,301 0.01AEON 22,300 JPY 344,047 0.17 DENKI KAGAKU KOGYO KK 5,000 JPY 19,545 0.01AEON FINANCIAL SERVICE 1,000 JPY 19,595 0.01 DENSO 4,900 JPY 205,235 0.10AEON MALL 511 JPY 7,782 0.00 DENTSU 1,200 JPY 61,080 0.03AIR WATER 1,876 JPY 27,945 0.01 DIC 17,757 JPY 39,432 0.02AISIN SEIKI 3,200 JPY 106,458 0.05 DON QUIJOTE 400 JPY 14,937 0.01AJINOMOTO 3,751 JPY 78,461 0.04 DOWA MINING 3,000 JPY 22,531 0.01ALFRESA HOLDINGS 1,982 JPY 33,546 0.02 EAST JAPAN RAILWAY 2,500 JPY 209,070 0.10ALPS ELECTRIC 1,869 JPY 52,152 0.03 EBARA 6,387 JPY 23,373 0.01AMADA 1,814 JPY 13,699 0.01 EISAI 1,100 JPY 64,316 0.03ANA HOLDINGS 31,000 JPY 86,218 0.04 ELECTRIC POWER AOYAMA TRADING 400 JPY 14,006 0.01 DEVELOPMENT 1,313 JPY 39,804 0.02ASAHI GLASS 22,000 JPY 127,534 0.06 EZAKI GLICO 300 JPY 13,773 0.01ASAHI GROUP HOLDINGS 2,400 JPY 77,249 0.04 FAMILYMART 712 JPY 32,273 0.02ASAHI KASEI 10,574 JPY 73,873 0.04 FANUC CORP 281 JPY 42,804 0.02ASICS CORP 607 JPY 14,327 0.01 FAST RETAILING 94 JPY 37,910 0.02ASTELLAS PHARMA 6,700 JPY 86,094 0.04 FUJI ELECTRIC 13,130 JPY 47,176 0.02AZBIL CORP 800 JPY 20,094 0.01 FUJI HEAVY INDUSTRIES 1,825 JPY 65,010 0.03BANK OF KYOTO 2,000 JPY 20,144 0.01 FUJI MEDIA HOLDINGS 2,433 JPY 28,208 0.01BANK OF YOKOHAMA 5,688 JPY 34,255 0.02 FUJI PHOTO FILM 5,800 JPY 214,952 0.10BENESSE 1,148 JPY 30,506 0.01 FUJIKURA 10,000 JPY 40,920 0.02BRIDGESTONE 7,200 JPY 247,076 0.12 FUJITSU 44,000 JPY 189,745 0.09BROTHER INDUSTRIES 3,677 JPY 43,854 0.02 FUKUOKA FINANCIAL GROUP 5,703 JPY 26,894 0.01CALBEE 285 JPY 9,138 0.00 FUKUYAMA TRANSPORTING 4,000 JPY 21,458 0.01CANON 17,500 JPY 502,723 0.24 GLORY 509 JPY 11,925 0.01CASIO COMPUTER 1,400 JPY 25,209 0.01 GS YUASA 5,773 JPY 21,606 0.01CENTRAL JAPAN RAILWAY 1,000 JPY 159,895 0.08 GUNMA BANK 2,600 JPY 16,499 0.01CENTURY TOKYO LEASING H2O RETAILING GROUP 1,000 JPY 18,788 0.01CORP 423 JPY 12,120 0.01 HACHIJUNI BANK 3,000 JPY 21,084 0.01CHIBA BANK 4,017 JPY 28,265 0.01 HAKUHODO DY HOLDINGS 3,001 JPY 28,229 0.01CHIYODA CORP 1,065 JPY 7,219 0.00 HAMAMATSU PHOTONICS 489 JPY 10,981 0.01CHUBU ELECTRIC POWER 9,500 JPY 139,140 0.07 HANKYU 11,000 JPY 66,786 0.03CHUGAI PHARMACEUTICAL 1,032 JPY 31,457 0.02 HASEKO 1,400 JPY 15,719 0.01CHUGOKU BANK 1,173 JPY 17,258 0.01 HINO MOTORS 4,783 JPY 48,254 0.02CHUGOKU ELECTRIC POWER 4,958 JPY 67,916 0.03 HIROSE ELECTRIC 100 JPY 10,787 0.01CITIZEN WATCH 4,600 JPY 31,525 0.02 HIROSHIMA BANK 3,000 JPY 17,166 0.01COMSYS HOLDINGS 1,242 JPY 14,689 0.01 HISAMITSU PHARM 400 JPY 13,274 0.01CREDIT SAISON 897 JPY 16,152 0.01 HITACHI 134,000 JPY 669,693 0.31DAI NIPPON PRINTING 9,000 JPY 86,381 0.04 HITACHI CHEMICAL 1,782 JPY 24,321 0.01DAICEL CORP 2,207 JPY 26,836 0.01 HITACHI CONSTRUCTION DAIDO STEEL 7,000 JPY 22,007 0.01 MACHINERY 2,814 JPY 37,376 0.02DAIFUKU 700 JPY 9,519 0.00 HITACHI DAIHATSU MOTOR 7,300 JPY 83,847 0.04 HIGH-TECHNOLOGIES CORP 947 JPY 20,297 0.01DAI-ICHI MUTUAL LIFE HITACHI METALS 4,689 JPY 53,935 0.03INSURANCE 9,800 JPY 154,334 0.07

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HOKKAIDO ELECTRIC POWER 3,845 JPY 37,064 0.02 KEYENCE 50 JPY 22,123 0.01HOKUHOKU FINANCIAL KIKKOMAN 1,000 JPY 27,280 0.01GROUP 11,000 JPY 24,976 0.01 KINDEN 1,797 JPY 22,628 0.01HOKURIKU ELECTRIC POWER 3,564 JPY 47,605 0.02 KINTETSU CORP 15,006 JPY 53,542 0.03HONDA MOTOR 18,500 JPY 544,528 0.26 KIRIN HOLDINGS 10,400 JPY 135,411 0.07HORIBA 300 JPY 10,854 0.01 KOBAYASHI HOSHIZAKI ELECTRIC 400 JPY 27,779 0.01 PHARMACEUTICAL 148 JPY 11,066 0.01HOUSE FOODS 728 JPY 12,231 0.01 KOBE STEEL 51,000 JPY 54,718 0.03HOYA 2,200 JPY 71,415 0.03 KOITO MANUFACTURING 844 JPY 27,271 0.01IBIDEN 1,800 JPY 23,399 0.01 KOMATSU 8,200 JPY 119,520 0.06IDEMITSU KOSAN 2,901 JPY 44,057 0.02 KONAMI 1,188 JPY 25,522 0.01IHI CORP 13,130 JPY 33,416 0.02 KONICA MINOLTA 6,365 JPY 66,384 0.03IIDA GROUP HOLDINGS 1,900 JPY 29,440 0.01 KOSE 300 JPY 27,072 0.01INDUSTRIAL & K'S HOLDINGS 693 JPY 21,614 0.01INFRASTRUCTURE 4 JPY 17,333 0.01 KUBOTA 5,840 JPY 79,439 0.04INPEX CORP 12,100 JPY 107,027 0.05 KURARAY 2,532 JPY 31,293 0.02ISETAN MITSUKOSHI KURITA WATER INDUSTRIES 900 JPY 18,960 0.01HOLDINGS 1,969 JPY 29,346 0.01 KYOCERA 3,500 JPY 158,939 0.08ISUZU MOTORS 5,400 JPY 53,670 0.03 KYOWA HAKKO KOGYO 2,814 JPY 41,613 0.02IT HOLDINGS CORP 1,400 JPY 31,473 0.02 KYUSHU ELECTRIC POWER 4,677 JPY 50,607 0.02ITO EN 1,145 JPY 23,798 0.01 LAWSON 699 JPY 51,218 0.02ITOCHU 13,900 JPY 145,376 0.07 LEOPALACE21 CORP 2,000 JPY 9,249 0.00IWATANI 4,165 JPY 23,486 0.01 LION 2,000 JPY 17,449 0.01IYO BANK 1,153 JPY 13,128 0.01 LIXIL GROUP 3,800 JPY 76,484 0.04IZUMI 658 JPY 26,460 0.01 MABUCHI MOTOR 563 JPY 24,209 0.01J FRONT RETAILING 2,027 JPY 32,605 0.02 MAKITA 672 JPY 35,379 0.02JAPAN AIRLINES 2,500 JPY 87,641 0.04 MARUBENI 12,261 JPY 59,533 0.03JAPAN AIRPORT TERMINAL 167 JPY 7,125 0.00 MARUI 1,000 JPY 11,968 0.01JAPAN STEEL WORKS 4,000 JPY 12,575 0.01 MATSUMOTOKIYOSHI 509 JPY 22,395 0.01JAPAN TOBACCO 8,179 JPY 251,353 0.12 MAZDA MOTOR 3,464 JPY 54,163 0.03JFE HOLDINGS 6,200 JPY 80,571 0.04 MEDIPAL HOLDINGS CORP 2,432 JPY 38,249 0.02JGC 1,142 JPY 15,040 0.01 MEIJI HOLDINGS 750 JPY 54,518 0.03JOYO BANK 3,584 JPY 18,720 0.01 MINEBEA 3,751 JPY 39,340 0.02JSR CORP 1,252 JPY 17,889 0.01 MIRACA HOLDINGS 331 JPY 13,930 0.01JTEKT 3,376 JPY 46,722 0.02 MISUMI 900 JPY 9,199 0.00JX HOLDINGS 32,000 JPY 114,682 0.06 MITSUBISHI CHEMICAL KAJIMA 9,378 JPY 49,372 0.02 HOLDINGS 27,300 JPY 141,069 0.07KAMIGUMI 2,000 JPY 16,235 0.01 MITSUBISHI CORP 5,300 JPY 86,111 0.04KANEKA 4,000 JPY 29,209 0.01 MITSUBISHI ELECTRIC 23,000 JPY 208,508 0.10KANSAI ELECTRIC POWER 14,900 JPY 164,447 0.08 MITSUBISHI ESTATE 2,814 JPY 57,001 0.03KANSAI PAINT 1,000 JPY 13,490 0.01 MITSUBISHI GAS CHEMICAL 4,000 JPY 18,298 0.01KAO 2,500 JPY 112,343 0.05 MITSUBISHI HEAVY KAWASAKI HEAVY INDUSTRIES 32,000 JPY 141,696 0.07INDUSTRIES 11,254 JPY 38,470 0.02 MITSUBISHI LOGISTICS 874 JPY 10,046 0.00KAWASAKI KISEN 12,000 JPY 26,149 0.01 MITSUBISHI MATERIALS 15,006 JPY 45,180 0.02KDDI 13,700 JPY 303,887 0.15 MITSUBISHI MOTORS 8,300 JPY 62,957 0.03KEIHAN ELECTRIC RAILWAY 3,136 JPY 20,761 0.01 MITSUBISHI TANABE PHARMA 2,432 JPY 42,578 0.02KEIKYU CORP 3,802 JPY 30,040 0.01 MITSUBISHI UFJ KEIO 4,095 JPY 28,881 0.01 FINANCIAL GROUP 64,700 JPY 385,504 0.19KEISEI ELECTRIC RAILWAY 2,325 JPY 25,312 0.01 MITSUBISHI UFJ LEASE & KEIYO BANK 2,058 JPY 10,852 0.01 FINANCE 2,952 JPY 12,865 0.01KEWPIE CORP 1,100 JPY 21,710 0.01 MITSUI 15,000 JPY 167,235 0.08

MITSUI CHEMICALS 11,254 JPY 35,662 0.02

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MITSUI ENGINEERING & NOMURA REAL ESTATE SHIPBUILDING 12,270 JPY 17,553 0.01 MASTER FUND 15 JPY 19,125 0.01MITSUI FUDOSAN 1,905 JPY 51,699 0.03 NOMURA RESEARCH MITSUI MINING & SMELTING 8,000 JPY 14,239 0.01 INSTITUTE 1,031 JPY 39,230 0.02MITSUI OSK LINES 10,735 JPY 25,535 0.01 NORTH PACIFIC BANK 7,300 JPY 28,657 0.01MIXI 400 JPY 13,573 0.01 NSK 3,189 JPY 30,581 0.01MIZUHO FINANCIAL GROUP 103,574 JPY 192,013 0.09 NTN 5,627 JPY 22,932 0.01MS & AD INSURANCE GROUP 4,000 JPY 106,225 0.05 NTT 42,500 JPY 1,476,815 0.71MURATA MANUFACTURING 700 JPY 89,483 0.04 NTT DATA 2,400 JPY 119,965 0.06NABTESCO 490 JPY 8,856 0.00 NTT DOCOMO 27,400 JPY 454,178 0.22NAGASE & COMPANY 936 JPY 10,790 0.01 OBAYASHI CORP 4,689 JPY 39,701 0.02NAGOYA RAILROAD 13,130 JPY 51,216 0.02 ODAKYU ELECTRIC RAILWAY 4,689 JPY 41,885 0.02NAMCO BANDAI HOLDINGS 1,506 JPY 34,696 0.02 OJI HOLDINGS CORP 14,068 JPY 59,906 0.03NANKAI ELECTRIC RAILWAY 5,384 JPY 27,315 0.01 OKASAN SECURITIES GROUP 2,000 JPY 11,927 0.01NEC 72,000 JPY 219,770 0.11 OKI ELECTRIC INDUSTRIES 14,000 JPY 21,658 0.01NEXON 819 JPY 10,796 0.01 OKUMA CORP 1,000 JPY 6,188 0.00NGK INSULATORS 876 JPY 16,590 0.01 OLYMPUS OPTICAL 2,370 JPY 73,228 0.04NGK SPARK PLUG 836 JPY 18,975 0.01 OMRON 1,869 JPY 55,727 0.03NHK SPRING 2,800 JPY 26,897 0.01 ONO PHARMACEUTICALS 186 JPY 21,859 0.01NICHIREI 4,000 JPY 24,818 0.01 ORIENTAL LAND 656 JPY 36,386 0.02NIDEC 3,100 JPY 211,058 0.10 ORIX 4,958 JPY 63,173 0.03NIFCO 300 JPY 10,168 0.00 OSAKA GAS 20,570 JPY 77,500 0.04NIHON KOHDEN 596 JPY 9,805 0.00 OSG 581 JPY 10,897 0.01NIKON 4,617 JPY 55,373 0.03 OTSUKA 518 JPY 25,074 0.01NINTENDO 375 JPY 62,565 0.03 OTSUKA HOLDINGS 2,800 JPY 88,680 0.04NIPPON CREDIT BANK 5,958 JPY 20,515 0.01 PANASONIC CORP 61,900 JPY 619,591 0.29NIPPON ELECTRIC GLASS 6,000 JPY 28,744 0.01 PARK24 734 JPY 13,711 0.01NIPPON EXPRESS 14,000 JPY 66,254 0.03 RAKUTEN 2,251 JPY 28,532 0.01NIPPON KAYAKU 2,000 JPY 20,660 0.01 RECRUIT HOLDINGS 2,800 JPY 83,370 0.04NIPPON MEAT PACKERS 2,814 JPY 57,013 0.03 RESONA 31,300 JPY 157,834 0.08NIPPON PAINT 733 JPY 12,687 0.01 RICOH 23,997 JPY 240,399 0.12NIPPON PAPER INDUSTRIES 2,338 JPY 35,449 0.02 RINNAI CORP 300 JPY 22,706 0.01NIPPON SHOKUBAI 227 JPY 15,293 0.01 ROHM 656 JPY 28,862 0.01NIPPON STEEL AND ROHTO PHARMACEUTICAL 900 JPY 13,721 0.01SUMITOMO METAL CORP 9,500 JPY 171,337 0.08 RYOHIN KEIKAKU 100 JPY 20,227 0.01NIPPON TELEVISION SAN-IN GODO BANK 1,000 JPY 9,706 0.00HOLDINGS 1,104 JPY 17,685 0.01 SANKYO 473 JPY 16,719 0.01NIPPON YUSEN 24,000 JPY 55,092 0.03 SANKYU 6,565 JPY 31,505 0.02NISHI-NIPPON BANK 7,551 JPY 20,536 0.01 SANTEN PHARMACEUTICAL 900 JPY 11,969 0.01NISHI-NIPPON RAILROAD 7,000 JPY 34,058 0.02 SANWA HOLDINGS CORP 2,058 JPY 14,036 0.01NISSAN CHEMICAL SAPPORO BREWERIES 6,947 JPY 26,925 0.01INDUSTRIES 710 JPY 15,465 0.01 SBI HOLDINGS 700 JPY 7,807 0.00NISSAN MOTOR 43,200 JPY 393,070 0.19 SCREEN HOLDINGS 2,000 JPY 9,681 0.00NISSHIN SEIFUN 1,400 JPY 20,179 0.01 SCSK CORP 757 JPY 28,175 0.01NISSHINBO INDUSTRIES 2,814 JPY 31,502 0.02 SECOM 1,100 JPY 65,587 0.03NISSIN FOOD PRODUCTS 578 JPY 26,392 0.01 SEGA SAMMY HOLDINGS 1,972 JPY 19,091 0.01NITORI HOLDINGS 400 JPY 31,106 0.02 SEIBU HOLDINGS 1,100 JPY 22,113 0.01NITTO DENKO 800 JPY 47,407 0.02 SEIKO EPSON 6,300 JPY 88,394 0.04NKSJ HOLDINGS 3,200 JPY 91,980 0.04 SEINO HOLDINGS 2,700 JPY 27,913 0.01NOK 1,869 JPY 39,996 0.02 SEKISUI CHEMICAL 5,428 JPY 56,567 0.03NOMURA HOLDING 28,300 JPY 161,960 0.08 SEKISUI HOUSE 4,595 JPY 71,274 0.03NOMURA REAL ESTATE SEVEN AND I HOLDINGS 5,100 JPY 230,918 0.11HOLDINGS 1,791 JPY 35,690 0.02

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SEVEN BANK 1,820 JPY 7,811 0.00 TAISEI CORP 7,255 JPY 46,945 0.02SEVENTY SEVEN BANK 2,420 JPY 13,626 0.01 TAISHO PHARMACEUTICALS SHARP 124,000 JPY 141,290 0.07 HOLDINGS 490 JPY 27,957 0.01SHIGA BANK 2,167 JPY 10,922 0.01 TAIYO NIPPON SANSO 2,996 JPY 28,207 0.01SHIKOKU ELECTRIC POWER 3,089 JPY 49,970 0.02 TAIYO YUDEN 2,000 JPY 25,849 0.01SHIMADZU 1,880 JPY 26,816 0.01 TAKARA SHUZO 1,178 JPY 7,025 0.00SHIMAMURA 228 JPY 24,386 0.01 TAKASHIMAYA 3,546 JPY 28,460 0.01SHIMANO 187 JPY 26,036 0.01 TAKEDA PHARMACEUTICAL 2,800 JPY 121,958 0.06SHIMIZU 4,000 JPY 34,067 0.02 TDK 2,400 JPY 134,337 0.07SHIN-ETSU CHEMICAL 1,365 JPY 69,422 0.03 TEIJIN 14,068 JPY 42,356 0.02SHINSEI BANK 6,322 JPY 12,882 0.01 TEMP HOLDINGS COMPANY 300 JPY 13,573 0.01SHIONOGI 1,032 JPY 36,693 0.02 TERUMO 1,313 JPY 36,801 0.02SHISEIDO 3,558 JPY 76,954 0.04 THK 714 JPY 11,247 0.01SHIZUOKA BANK 3,000 JPY 29,842 0.01 TOBU RAILWAY 10,316 JPY 44,015 0.02SHOWA DENKO 24,384 JPY 26,567 0.01 TOHO 722 JPY 16,351 0.01SHOWA SHELL SEKIYU 3,418 JPY 26,750 0.01 TOHO GAS 5,627 JPY 32,947 0.02SMC 100 JPY 21,670 0.01 TOHO HOLDINGS 1,100 JPY 22,762 0.01SOFTBANK CORP 3,700 JPY 168,544 0.08 TOHOKU ELECTRIC POWER 5,700 JPY 76,657 0.04SOHGO SECURITY SERVICES 938 JPY 42,440 0.02 TOKAI TOKYO SECURITIES 2,100 JPY 12,366 0.01SOJITZ HOLDINGS 23,728 JPY 43,811 0.02 TOKIO MARINE HOLDINGS 3,300 JPY 121,916 0.06SONY 17,500 JPY 421,872 0.20 TOKYO BROADCASTING SONY FINANCIAL HOLDINGS 1,840 JPY 29,964 0.01 SYSTEMS 1,663 JPY 22,102 0.01SOTETSU HOLDINGS 4,331 JPY 23,522 0.01 TOKYO ELECTRIC POWER 43,800 JPY 290,336 0.14SQUARE ENIX 800 JPY 19,701 0.01 TOKYO ELECTRON 563 JPY 26,288 0.01STANLEY ELECTRIC 1,200 JPY 23,704 0.01 TOKYO GAS 18,000 JPY 86,501 0.04START TODAY 529 JPY 17,335 0.01 TOKYO TATEMONO 2,189 JPY 25,871 0.01SUGI HOLDINGS 305 JPY 13,597 0.01 TOKYU 10,000 JPY 72,774 0.04SUMCO 2,100 JPY 18,619 0.01 TOKYU FUDOSAN HOLDINGS 3,594 JPY 23,704 0.01SUMITOMO CHEMICAL 15,000 JPY 75,103 0.04 TONENGENERAL SEKIYU 2,000 JPY 19,246 0.01SUMITOMO CORP 14,800 JPY 141,802 0.07 TOPCON CORP 423 JPY 5,492 0.00SUMITOMO DAINIPPON TOPPAN PRINTING 10,000 JPY 79,927 0.04PHARMA 2,629 JPY 26,107 0.01 TORAY INDUSTRIES 10,000 JPY 85,707 0.04SUMITOMO ELECTRIC TOSHIBA 135,000 JPY 337,289 0.16INDUSTRIES 15,300 JPY 193,867 0.09 TOSOH 6,565 JPY 31,287 0.02SUMITOMO FOREST 2,532 JPY 28,092 0.01 TOTO 1,407 JPY 43,473 0.02SUMITOMO HEAVY TOYO SEIKAN GROUP 1,963 JPY 30,922 0.01INDUSTRIES 6,565 JPY 25,717 0.01 TOYO SUISAN KAISHA 497 JPY 18,684 0.01SUMITOMO METAL MINING 1,890 JPY 21,252 0.01 TOYO TIRE & RUBBER 1,081 JPY 23,178 0.01SUMITOMO MITSUI FINANCIAL 7,300 JPY 273,944 0.13 TOYODA GOSEI 1,776 JPY 34,609 0.02SUMITOMO MITSUI TRUST TOYOTA INDUSTRIES CORP 1,500 JPY 70,612 0.03HOLDINGS 20,570 JPY 74,831 0.04 TOYOTA MOTOR 17,000 JPY 985,627 0.47SUMITOMO OSAKA CEMENT 5,000 JPY 17,632 0.01 TOYOTA TSUSHO 2,900 JPY 60,612 0.03SUMITOMO RUBBER TREND 605 JPY 21,209 0.01INDUSTRIES 3,189 JPY 43,922 0.02 TS TECH 488 JPY 13,191 0.01SUNDRUG 300 JPY 15,669 0.01 TSUBAKIMOTO CHAIN 1,000 JPY 6,213 0.00SUNTORY BEVERAGE AND TSUMURA 598 JPY 12,906 0.01FOOD 938 JPY 35,769 0.02 TSURUHA HOLDINGS 176 JPY 15,063 0.01SURUGA BANK 596 JPY 10,985 0.01 UBE INDUSTRIES 16,819 JPY 29,096 0.01SUZUKEN 1,032 JPY 34,118 0.02 UNI CHARM 1,128 JPY 19,833 0.01SUZUKI MOTOR 3,700 JPY 112,691 0.05 USHIO 990 JPY 11,799 0.01SYSMEX CORP 316 JPY 16,505 0.01 USS 708 JPY 11,683 0.01T&D HOLDINGS 4,771 JPY 55,731 0.03 WACOAL 3,496 JPY 41,521 0.02TAIHEIYO CEMENT 14,332 JPY 42,674 0.02 WEST JAPAN RAILWAY 1,900 JPY 118,218 0.06

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YAHOO JAPAN 12,167 JPY 45,942 0.02 UNILEVER (GB00B10RZP78) 4,824 GBP 196,299 0.10YAKULT HONSHA 711 JPY 35,126 0.02 UNILEVER (NL0000009355) 6,770 EUR 273,079 0.13YAMADA DENKI 12,824 JPY 51,409 0.02 VOPAK KON 374 EUR 14,811 0.01YAMAGUCHI FINANCIAL WOLTERS KLUWER CERT 2,640 EUR 81,441 0.04GROUP 2,000 JPY 24,319 0.01 YANDEX 865 USD 9,316 0.00YAMAHA 1,869 JPY 41,007 0.02 3,904,213 1.89YAMAHA MOTOR 3,700 JPY 73,578 0.04 NEW ZEALAND YAMATO HOLDINGS 7,500 JPY 142,471 0.07 CONTACT ENERGY 2,422 NZD 7,657 0.00YAMAZAKI BAKING 4,689 JPY 71,601 0.03 FLETCHER BUILDING 5,530 NZD 24,016 0.01YASKAWA ELECTRIC CORP 1,393 JPY 14,042 0.01 MERIDIAN ENERGY 9,262 NZD 12,422 0.01YOKOGAWA ELECTRIC 3,297 JPY 34,194 0.02 RYMAN HEALTHCARE 3,456 NZD 16,134 0.01YOKOHAMA RUBBER 2,089 JPY 36,503 0.02 SKY CITY ENTERTAINMENT 4,429 NZD 10,579 0.01ZEON CORP 2,340 JPY 18,314 0.01 SKY NETWORK TV 2,407 NZD 7,148 0.00

26,278,538 12.74 SPARK NEW ZEALAND 26,717 NZD 50,847 0.02JERSEY 128,803 0.06DELPHI AUTOMOTIVE CORP 3,644 USD 265,794 0.13 NORWAY WOLSELEY 2,052 GBP 116,701 0.06 DNB ASA 4,332 NOK 56,846 0.03

382,495 0.19 NORSK HYDRO 11,422 NOK 38,019 0.02LIBERIA ORKLA ASA 7,905 NOK 58,706 0.03ROYAL CARIBEAN CRUISES 1,082 USD 92,890 0.04 SCHIBSTED 881 NOK 29,607 0.01

92,890 0.04 SEADRILL 3,153 NOK 18,613 0.01LUXEMBOURG STATOIL 41,073 NOK 599,342 0.29ARCELORMITTAL TELENOR 6,527 NOK 123,019 0.06(LU0323134006) 37,328 EUR 199,542 0.09 YARA INTERNATIONAL 1,239 NOK 49,950 0.02SAMSONITE INTERNATIONAL 6,828 HKD 22,246 0.01 974,102 0.47SES GLOBAL 1,124 EUR 35,318 0.02 PORTUGAL TENARIS 6,485 EUR 77,619 0.04 ENERGIAS DE PORTUGAL 33,303 EUR 121,189 0.06

334,725 0.16 121,189 0.06NETHERLANDS SINGAPORE AEGON 13,232 EUR 76,112 0.04 ASCENDAS REAL ESTATE 16,584 SGD 27,272 0.01AERCAP HOLDINGS 337 USD 12,708 0.01 AVAGO TECH 185 USD 22,139 0.01AKZO NOBEL 2,290 EUR 147,870 0.07 CAPITALAND 10,400 SGD 19,661 0.01ASML HOLDING 541 EUR 46,590 0.02 CITY DEVELOPMENTS 4,827 SGD 26,120 0.01CHICAGO BRIDGE & IRON 1,739 USD 64,934 0.03 COMFORTDELGRO CORP 28,086 SGD 56,450 0.03CNH INDUSTRIAL 26,051 EUR 167,018 0.08 DBS GROUP 9,200 SGD 105,063 0.05EADS GROUP 8,856 EUR 531,679 0.25 FLEXTRONICS GEMALTO 385 EUR 24,994 0.01 INTERNATIONAL 37,508 USD 387,834 0.18HEINEKEN 2,970 EUR 239,533 0.12 GENTING SINGAPORE 70,714 SGD 35,781 0.02HEINEKEN HOLDING 3,196 EUR 227,939 0.11 GLOBAL LOGISTIC ING GROEP CERTS 20,619 EUR 293,901 0.14 PROPERTIES 11,100 SGD 15,835 0.01KONINKLIJKE AHOLD 14,547 EUR 283,466 0.14 GOLDEN AGRI-RESOURCES 69,000 SGD 16,002 0.01KONINKLIJKE DSM 1,626 EUR 75,382 0.04 HUTCHISON PORT HOLDINGS 46,500 USD 25,575 0.01KONINKLIJKE KPN 60,597 EUR 227,384 0.11 JARDINE CYCLE & CARRIAGE 4,033 SGD 76,638 0.04KONINKLIJKE PHILIPS 11,117 EUR 264,809 0.13 KEPPEL CORP 8,441 SGD 40,219 0.02MOBILEYE 1,043 USD 45,517 0.02 MAPLETREE COMMERCIAL NXP SEMICONDUCTORS 669 USD 55,072 0.03 TRUST 10,700 SGD 9,475 0.00QIAGEN 747 EUR 19,031 0.01 OVERSEAS CHINESE RANDSTAD HOLDING 4,643 EUR 275,672 0.13 BANKING CORP 12,214 SGD 75,106 0.04REED ELSEVIER SATS 16,616 SGD 44,607 0.02(NL0006144495) 7,166 EUR 115,621 0.06 SEMBCORP INDUSTRIES 12,382 SGD 30,282 0.01SENSATA TECHNOLOGIES SEMBCORP MARINE 14,808 SGD 23,519 0.01HOLDING 611 USD 26,487 0.01 SINGAPORE AIRLINES 22,900 SGD 173,164 0.08ST MICROELECTRONICS 16,031 EUR 107,548 0.05

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SINGAPORE EXCHANGE 3,483 SGD 17,257 0.01 HENNES & MAURITZ "B" 4,470 SEK 162,085 0.08SINGAPORE POST 10,000 SGD 11,982 0.01 HEXAGON 830 SEK 25,052 0.01SINGAPORE PRESS INVESTMENT AB KINNEVIK 308 SEK 8,792 0.00HOLDINGS 9,900 SGD 26,786 0.01 INVESTOR 1,052 SEK 36,447 0.02SINGAPORE SANDVIK 10,532 SEK 88,891 0.04TELECOMMUNICATIONS 96,800 SGD 244,219 0.12 SCA "B" 4,542 SEK 127,257 0.06STARHUB 13,317 SGD 32,381 0.02 SEB (SE0000148884) 6,612 SEK 71,033 0.03UNITED OVERSEAS BANK 7,100 SGD 92,208 0.04 SKANSKA "B" 4,747 SEK 92,624 0.04UOL GROUP 2,518 SGD 10,582 0.01 SKF "B" 3,820 SEK 71,474 0.03VENTURE CORP 3,300 SGD 19,179 0.01 SVENSKA HANDELSBANKEN 5,571 SEK 79,977 0.04YANGZIJIANG SHIPBUILDING SWEDISH MATCH 828 SEK 24,873 0.01HOLDINGS 21,100 SGD 16,830 0.01 TELIASONERA 27,370 SEK 146,887 0.07

1,682,166 0.81 TRELLEBORG "B" 1,894 SEK 29,705 0.01SPAIN VOLVO AB "B" 21,406 SEK 209,093 0.11ABERTIS 1,761,848 0.85INFRAESTRUCTURAS 9,319 EUR 147,743 0.07 SWITZERLAND ACTIV DE CONSTR Y SERVICE 14,705 EUR 427,299 0.21 ABB "R" 15,013 CHF 265,856 0.13AENA 916 EUR 100,843 0.05 ACE 919 USD 93,361 0.05AMADEUS IT HOLDINGS "A" 2,316 EUR 98,412 0.05 ACTELION 111 CHF 14,001 0.01BANCO BILBAO VIZCAYA 27,084 EUR 231,663 0.11 ADECCO "R" 1,009 CHF 73,585 0.04BANCO DE SABADELL 13,109 EUR 24,065 0.01 ARYZTA 378 CHF 16,090 0.01BANCO POPULAR ESPANOL BALOISE HOLDING 253 CHF 29,106 0.01RIGHTS 7,102 EUR 183 0.00 CIE FINANCIERE RICHEMONTBANCO SANTANDER 109,983 EUR 588,301 0.28 "A" 1,008 CHF 77,757 0.04BANKIA 13,456 EUR 17,526 0.01 CLARIANT 2,152 CHF 36,031 0.02BANKINTER "R" 3,176 EUR 23,400 0.01 CREDIT SUISSE GROUP 12,879 CHF 310,482 0.15CAIXABANK (ES0140609019) 24,130 EUR 93,173 0.05 GALENICA HOLDING 24 CHF 30,495 0.01CAIXABANK RIGHTS GARMIN 1,054 USD 37,090 0.02(ES06406099E2) 66 EUR 3 0.00 GEBERIT 73 CHF 22,195 0.01DISTRIBUIDORA INTERNACIONAL GIVAUDAN "N" 20 CHF 32,233 0.02DE ALIMENTACION 8,175 EUR 49,070 0.02 HOLCIM "R" 2,088 CHF 110,346 0.05ENAGAS 1,068 EUR 30,668 0.01 JULIUS BAER GROUP 571 CHF 25,590 0.01ENDESA 20,346 EUR 426,849 0.21 KUEHNE & NAGEL FERROVIAL 7,060 EUR 168,329 0.08 INTERNATIONAL 758 CHF 97,714 0.05GAS NATURAL 8,701 EUR 170,624 0.08 LINDT & SPRUENGLI 4 CHF 23,378 0.01GRIFOLS "A" 741 EUR 30,368 0.01 LONZA GROUP 242 CHF 31,818 0.02IBERDROLA 48,697 EUR 325,601 0.16 NESTLE "R" 11,392 CHF 850,699 0.40INDUSTRIA DE DISENO NOVARTIS 5,078 CHF 465,525 0.23TEXTIL 7,756 EUR 257,770 0.12 PARTNERS GROUP 29 CHF 9,689 0.00INTERNATIONAL CONSOLIDATED ROCHE HOLDING 2,199 CHF 578,916 0.27AIRLINES GROUP 27,012 GBP 238,203 0.12 SCHINDLER HOLDING REGD 552 CHF 81,024 0.04RED ELECTRICA CORP 379 EUR 31,324 0.02 SGS SURVEILLANCE 41 CHF 72,141 0.03REPSOL 21,043 EUR 245,840 0.12 SIKA "B" 11 CHF 33,930 0.02TELEFONICA 75,070 EUR 914,952 0.45 SONOVA HOLDING 177 CHF 22,453 0.01

4,642,209 2.25 SWISS LIFE RENTENANSTALT 125 CHF 27,900 0.01SWEDEN SWISS REINSURANCE 982 CHF 84,376 0.04ALFA LAVAL 1,554 SEK 25,191 0.01 SWISSCOM 272 CHF 136,119 0.07ASSA ABLOY "B" 2,983 SEK 53,422 0.03 SYNGENTA 224 CHF 71,235 0.03ATLAS COPCO "AB" 3,845 SEK 91,767 0.04 T E CONNECTIVITY 2,712 USD 156,211 0.08BOLIDEN 1,530 SEK 24,069 0.01 THE SWATCH GROUP "B" 180 CHF 66,579 0.03ELECTROLUX "B" 2,618 SEK 73,288 0.04 UBS GROUP 18,748 CHF 348,943 0.17ERICSSON "B" 29,705 SEK 285,537 0.15 ZURICH INSURANCE GROUP 727 CHF 177,578 0.09GETINGE 1,528 SEK 34,384 0.02 4,510,446 2.18


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UNITED STATES ANSYS 173 USD 15,037 0.0121ST CENTURY FOX "A" 8,244 USD 212,695 0.10 ANTHEM 1,551 USD 213,604 0.103M CO 2,853 USD 403,842 0.20 APACHE 4,813 USD 178,659 0.09ABBOTT LABORATORIES 7,901 USD 312,090 0.15 APPLE 8,435 USD 919,920 0.45ABBVIE 2,152 USD 113,604 0.06 APPLIED MATERIALS 3,701 USD 53,850 0.03ACTIVISION 2,401 USD 73,615 0.04 ARAMARK HOLDINGS 526 USD 15,154 0.01ACUITY BRANDS 120 USD 20,384 0.01 ARCH CAPITAL GROUP 281 USD 20,583 0.01ADOBE SYSTEMS 763 USD 60,910 0.03 ARCHER DANIELS MIDLAND 3,161 USD 129,664 0.06ADT 1,880 USD 56,532 0.03 ARROW ELECTRONIC 666 USD 34,745 0.02ADVANCE AUTO PARTS 650 USD 110,845 0.05 ASHLAND 460 USD 45,793 0.02AES 6,135 USD 58,037 0.03 AT&T 61,343 USD 1,967,269 0.96AETNA 2,009 USD 213,577 0.10 AUTODESK 591 USD 26,737 0.01AFFILIATED MANAGERS 165 USD 27,491 0.01 AUTOLIV 1,122 USD 117,081 0.06AFLAC 1,702 USD 98,239 0.05 AUTOMATIC DATA AGILENT TECHNOLOGIES 1,848 USD 62,352 0.03 PROCESSING 2,735 USD 216,311 0.10AGL RESOURCES 574 USD 34,744 0.02 AUTOZONE 236 USD 171,034 0.08AIR PRODUCTS & CHEMICALS 747 USD 93,988 0.05 AVERY DENNISON 1,472 USD 81,828 0.04AIRGAS 464 USD 41,338 0.02 AVNET 924 USD 37,829 0.02AKAMAI TECHNOLOGIES 266 USD 17,955 0.01 BAKER HUGHES 3,418 USD 172,506 0.08ALASKA AIR GROUP 1,069 USD 83,788 0.04 BALL 854 USD 51,667 0.03ALBEMARLE 358 USD 15,226 0.01 BANK OF AMERICA 73,691 USD 1,131,156 0.55ALCOA 17,085 USD 161,453 0.08 BANK OF NEW YORK MELLON 6,095 USD 234,292 0.11ALEXION PHARMACEUTICALS 83 USD 12,263 0.01 BARD 337 USD 62,480 0.03ALLEGHANY 27 USD 12,518 0.01 BAXALTA 3,127 USD 97,156 0.05ALLERGAN 2,551 USD 643,107 0.31 BAXTER INTERNATIONAL 3,127 USD 102,222 0.05ALLIANCE DATA SYSTEMS 68 USD 17,082 0.01 BB&T 3,111 USD 109,414 0.05ALLIANT ENERGY 369 USD 21,306 0.01 BE AEROSPACE 295 USD 12,859 0.01ALLISON TRANSMISSION BECTON DICKINSON 997 USD 130,497 0.06HOLDING 1,003 USD 26,279 0.01 BED BATH & BEYOND 2,382 USD 134,631 0.07ALLSTATE 2,517 USD 146,892 0.07 BERKSHIRE HATHAWAY "B" 7,144 USD 920,218 0.45ALTERA 301 USD 14,945 0.01 BEST BUY 9,262 USD 333,154 0.16ALTRIA GROUP 4,896 USD 265,510 0.13 BIOGEN IDEC 212 USD 58,985 0.03AMAZON.COM 450 USD 223,232 0.11 BLACKROCK 571 USD 167,600 0.08AMDOCS 1,145 USD 64,418 0.03 BLACKSTONE GROUP 2,162 USD 65,011 0.03AMEREN 1,570 USD 65,453 0.03 BLUEBIRD BIO 100 USD 8,694 0.00AMERICAN AIRLINES GROUP 6,864 USD 268,932 0.13 BOEING 4,502 USD 579,633 0.28AMERICAN CAPITAL AGENCY 2,767 USD 51,549 0.02 BORGWARNER 1,035 USD 41,835 0.02AMERICAN ELECTRIC POWER 2,563 USD 143,861 0.07 BOSTON SCIENTIFIC 4,711 USD 75,376 0.04AMERICAN EXPRESS 5,011 USD 366,304 0.18 BRISTOL MYERS SQUIBB 3,479 USD 205,087 0.10AMERICAN INTERNATIONAL BRIXMOR PROPERTY GROUP 656 USD 15,311 0.01GROUP 5,348 USD 297,991 0.14 BROADCOM "A" 543 USD 27,432 0.01AMERICAN TOWER 111 USD 9,658 0.00 BROADRIDGE FINANCIAL AMERICAN WATER WORKS 908 USD 49,205 0.02 SOLUTIONS 550 USD 30,250 0.01AMERIPRISE FINANCIAL 756 USD 80,476 0.04 BROOKDALE SENIOR LIVING 2,898 USD 64,046 0.03AMERISOURCEBERGEN 519 USD 49,331 0.02 BROWN-FORMAN "B" 367 USD 35,056 0.02AMERITRADE HOLDING 1,419 USD 43,975 0.02 BUNGE 1,481 USD 107,210 0.05AMETEK 820 USD 41,927 0.02 CA TECHNOLOGIES 3,059 USD 82,073 0.04AMGEN 841 USD 112,543 0.05 CABOT OIL & GAS 553 USD 11,912 0.01AMPHENOL 2,058 USD 102,324 0.05 CADENCE DESIGN SYSTEM 842 USD 17,210 0.01ANADARKO PETROLEUM 2,055 USD 121,327 0.06 CALPINE 1,709 USD 24,439 0.01ANALOG DEVICES 621 USD 33,565 0.02 CAMERON INTERNATIONAL 1,668 USD 102,432 0.05

CAMPBELL SOUP 1,903 USD 96,273 0.05

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CAPITAL ONE FINANCIAL 2,035 USD 145,604 0.07 CONS EDISON 1,475 USD 97,203 0.05CARDINAL HEALTH 1,175 USD 90,146 0.04 CONSOL ENERGY 1,330 USD 12,515 0.01CARE CAPITAL PROPERTIES CONSTELLATION BRANDS 238 USD 29,393 0.01REIT 60 USD 1,981 0.00 COOPER COMPANIES 142 USD 20,631 0.01CARLISLEPANIES 308 USD 26,768 0.01 CORNING 7,991 USD 133,450 0.06CARMAX 197 USD 11,418 0.01 COSTCO WHOLESALE 2,513 USD 361,168 0.17CARNIVAL (PA1436583006) 3,210 USD 154,818 0.07 CROWN HOLDING 1,075 USD 48,386 0.02CATERPILLAR 5,547 USD 356,728 0.17 CSX 6,267 USD 162,566 0.08CBRE GROUP 2,562 USD 80,216 0.04 CUMMINS 1,241 USD 134,152 0.06CBS "B" 2,949 USD 114,923 0.06 CVS CAREMARK 6,171 USD 586,986 0.28CDK GLOBAL 1,477 USD 69,301 0.03 DANAHER 2,445 USD 203,448 0.10CELANESE "A" 696 USD 39,331 0.02 DARDEN RESTAURANTS 1,649 USD 111,951 0.05CELGENE 415 USD 43,716 0.02 DAVITA HEALTHCARE CENTENE 316 USD 16,707 0.01 PARTNERS 1,147 USD 81,643 0.04CENTERPOINT ENERGY 3,447 USD 60,426 0.03 DEERE 2,720 USD 200,246 0.10CENTURYLINK 11,540 USD 284,923 0.14 DELTA AIR LINES 7,997 USD 352,188 0.17CERNER 671 USD 39,911 0.02 DENTSPLY 635 USD 32,080 0.02CF INDUSTRIES HOLDINGS 1,027 USD 45,383 0.02 DEVON ENERGY 2,226 USD 81,093 0.04CH ROBINSON WORLDWIDE 812 USD 55,338 0.03 DISCOVER FINANCIAL CHARLES SCHWAB 2,413 USD 66,551 0.03 SERVICES 2,147 USD 109,712 0.05CHARTERED DISCOVERY COMMUNICATIONS 616 USD 103,094 0.05 COMMUNICATIONS "A" 2,411 USD 63,650 0.03CHESAPEAKE ENERGY 10,896 USD 73,984 0.04 DISH NETWORK "A" 1,178 USD 66,392 0.03CHEVRON 14,692 USD 1,120,264 0.54 DOLLAR GENERAL 2,200 USD 154,726 0.07CHICAGO MERCANTILE DOLLAR TREE STORES 2,222 USD 147,185 0.07EXCHANGE 670 USD 60,561 0.03 DOMINION RESOURCES 1,662 USD 115,160 0.06CHIPOTLE MEXIAN GRIL 56 USD 39,678 0.02 DOMINO'S PIZZA 291 USD 30,808 0.01CHUBB 1,197 USD 145,831 0.07 DOVER 1,588 USD 89,722 0.04CHURCH & DWIGHT 358 USD 30,262 0.01 DOW CHEMICALS 7,651 USD 310,325 0.15CIGNA 971 USD 128,658 0.06 DR HORTON 573 USD 16,514 0.01CIMAREX ENERGY 215 USD 21,399 0.01 DR PEPPER SNAPPLE GROUP 1,205 USD 94,279 0.05CINCINNATI FINANCE 536 USD 28,553 0.01 DTE ENERGY 971 USD 75,961 0.04CINTAS 781 USD 66,229 0.03 DUKE ENERGY 2,921 USD 206,602 0.10CISCO SYSTEMS 16,146 USD 413,983 0.20 DUKE REALTY 1,237 USD 23,651 0.01CIT GROUP 641 USD 25,390 0.01 E TRADE FINANCIAL 515 USD 13,153 0.01CITIGROUP 15,346 USD 751,954 0.36 EAST WEST BANCORP 421 USD 15,825 0.01CITIZENS FINANCIAL GROUP 2,485 USD 57,702 0.03 EASTMAN CHEMICALS 594 USD 37,677 0.02CITRIX SYSTEMS 568 USD 38,408 0.02 EATON 3,623 USD 183,541 0.09CMP SCIENCES 3,935 USD 235,352 0.11 EBAY 2,154 USD 51,868 0.03CMS ENERGY 1,141 USD 39,365 0.02 ECOLAB 1,225 USD 132,741 0.06COACH 2,322 USD 64,412 0.03 EDGEWELL PERSONAL CARE 436 USD 35,364 0.02COCA-COLA (US1912161007) 12,300 USD 487,818 0.24 EDISON INTERNATIONAL 1,235 USD 76,311 0.04COCA-COLA ENTERPRISES 1,273 USD 60,735 0.03 EDWARDS LIFESCIENCES 249 USD 34,310 0.02COGNIZANT TECHNOLOGY EI DU PONT DE NEMOURS 4,563 USD 216,743 0.10SOLUTIONS 5,771 USD 349,607 0.17 ELECTRONIC ARTS 531 USD 35,046 0.02COLGATE-PALMOLIVE 3,331 USD 210,086 0.10 ELI LILLY 3,427 USD 275,120 0.13COLUMBIA PIPELINE GROUP 838 USD 14,833 0.01 EMC 10,559 USD 244,230 0.12COMCAST 15,883 USD 875,789 0.42 EMERSON ELECTRIC 7,647 USD 332,339 0.16COMERICA 1,177 USD 47,916 0.02 ENBRIDGE ENERGY COMMUNITY HEALTH SYSTEM 4,129 USD 168,628 0.08 PARTNERS 1,947 USD 43,885 0.02CONAGRA FOODS 2,621 USD 104,997 0.05 ENERGIZER HOLDING 436 USD 17,126 0.01CONCHO RESOURCES 80 USD 7,728 0.00 ENERGY TRANSFER CONOCOPHILLIPS 13,939 USD 649,139 0.31 PARTNERS 3,799 USD 141,323 0.07

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ENTERGY 1,661 USD 106,852 0.05 GOOGLE "A" 574 USD 357,378 0.17ENTERPRISE PRODUCTS GRAINGER W W 303 USD 64,215 0.03PARTNERS 1,091 USD 24,111 0.01 H&R BLOCK 1,583 USD 55,801 0.03ENVISION HEALTHCARE HAIN CELESTIAL GROUP 179 USD 9,281 0.00HOLDINGS 2,108 USD 75,867 0.04 HALLIBURTON 6,184 USD 214,461 0.10EOG RESOURCES 1,336 USD 93,694 0.05 HANESBRANDS 4,362 USD 122,267 0.06EQT 134 USD 8,718 0.00 HARLEY-DAVIDSON 1,153 USD 61,363 0.03EQUIFAX 346 USD 33,147 0.02 HARMAN INTERNATIONAL ESTEE LAUDER "A" 1,575 USD 124,000 0.06 INDUSTRIES 315 USD 28,977 0.01EVEREST RE GROUP 130 USD 22,365 0.01 HARRIS 847 USD 60,196 0.03EVERSOURCE ENERGY 1,270 USD 62,611 0.03 HARTF FINANCIAL EXELON 7,976 USD 232,500 0.11 SERVICES GROUP 2,196 USD 98,930 0.05EXPEDIA 430 USD 49,024 0.02 HASBRO 519 USD 37,726 0.02EXPEDITOR INTERNATIONAL 1,148 USD 53,416 0.03 HCA HOLDINGS 7,667 USD 567,971 0.28EXPRESS SCRIPTS HCP 310 USD 11,566 0.01HOLDINGS 2,338 USD 188,910 0.09 HELMERICH & PAYNE 699 USD 33,440 0.02EXXON MOBIL 30,016 USD 2,190,267 1.07 HERSHEY COMPANY 831 USD 76,776 0.04F5 NETWORKS 186 USD 21,390 0.01 HERTZ GLOBAL HOLDINGS 7,010 USD 113,772 0.06FACEBOOK 686 USD 59,456 0.03 HESS 2,792 USD 134,798 0.07FACTSET RESEARCH SYSTEM 175 USD 27,311 0.01 HEWLETT-PACKARD 36,699 USD 904,629 0.44FASTENAL 1,197 USD 43,679 0.02 HILTON WORLDWIDE FEDEX 3,640 USD 516,625 0.25 HOLDINGS 2,063 USD 45,180 0.02FIDELITY NATIONAL HOLLYFRONTIER 1,189 USD 55,610 0.03INFORMATION 1,936 USD 128,744 0.06 HOLOGIC 820 USD 31,045 0.02FIFTH THIRD BANCORP 5,507 USD 102,706 0.05 HOME DEPOT 7,809 USD 881,713 0.43FIRSTENERGY 2,853 USD 87,958 0.04 HONEYWELL INTERNATIONAL 4,362 USD 403,572 0.20FISERV 1,384 USD 117,308 0.06 HORMEL FOODS 1,213 USD 74,939 0.04FLOWSERVE 1,134 USD 45,575 0.02 HOST MARRIOTT 1,854 USD 28,533 0.01FLUOR 1,921 USD 79,433 0.04 HUMANA 766 USD 134,632 0.07FMC 519 USD 17,091 0.01 HUNTINGTON BANCSHARES 4,630 USD 48,337 0.02FMC TECHNOLOGIES 1,365 USD 43,066 0.02 HUNTINGTON INGALLS FNFV GROUP (US31620R3030) 2,203 USD 76,554 0.04 INDUSTRIES 636 USD 67,003 0.03FOOT LOCKER 1,296 USD 93,195 0.05 IAC INTERACTIVE 345 USD 22,263 0.01FORD MOTOR 40,843 USD 537,085 0.26 IDEX 353 USD 24,812 0.01FORTUNE BRANDS HOME & IDEXX LABORATORIES 193 USD 13,902 0.01SECURITY 1,076 USD 50,303 0.02 ILLINOIS TOOL WORKS 2,652 USD 215,714 0.10FRANK RESOURCES 2,300 USD 83,628 0.04 INGREDION 483 USD 41,330 0.02FREEPORT MCMORAN COPPER INTEL 28,078 USD 821,001 0.40"B" 12,598 USD 114,768 0.06 INTERCONTINENTAL FREESCALE EXCHANGE GROUP 139 USD 31,663 0.02SEMICONDUCTOR 1,800 USD 62,856 0.03 INTERNATION FLAVOURS & GALLAGHER 981 USD 40,005 0.02 FRAGRANCES 254 USD 25,677 0.01GANNETT 1,594 USD 22,826 0.01 INTERNATIONAL BUSINESS GAP 7,920 USD 239,342 0.12 MACHINES 6,975 USD 993,727 0.48GARTNER "A" 285 USD 23,846 0.01 INTERNATIONAL PAPER 4,676 USD 174,836 0.08GENERAL ELECTRIC CAPITAL 91,105 USD 2,238,449 1.09 INTERPUBLIC GROUP 9,066 USD 169,897 0.08GENERAL MILLS 3,349 USD 186,070 0.09 INTUIT 695 USD 60,347 0.03GENERAL MOTORS 14,006 USD 408,275 0.20 INTUITIVE SURGICAL 52 USD 23,684 0.01GENUINE PARTS 878 USD 72,470 0.04 INVESCO 1,899 USD 58,527 0.03GILEAD SCIENCES 457 USD 43,872 0.02 IRON MOUNTAIN GLOBAL PAYMENTS 122 USD 13,902 0.01 INCORPORATED REIT 1,552 USD 47,119 0.02GOLDMAN SACHS GROUP 3,755 USD 645,334 0.31 J.B. HUNT TRANSPORT GOODYEAR TIRE 5,595 USD 158,450 0.08 SERVICES 658 USD 47,225 0.02

JARDEN 1,257 USD 59,871 0.03

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JETBLUE AIRWAYS 2,910 USD 73,303 0.04 MASCO 3,455 USD 84,924 0.04JM SMUCKER 378 USD 42,540 0.02 MASTERCARD 1,680 USD 149,117 0.07JOHNSON & JOHNSON 8,800 USD 818,752 0.40 MATTEL 3,788 USD 79,662 0.04JOHNSON CONTROLS 8,577 USD 341,365 0.17 MAXIM INTEGRATED JONES LANG LASALLE 562 USD 80,647 0.04 PRODUCTS 1,366 USD 43,890 0.02JP MORGAN CHASE 22,432 USD 1,342,330 0.66 MCCORMICK 521 USD 42,300 0.02JUNIPER NETWORKS 1,833 USD 45,898 0.02 MCDONALDS 4,637 USD 452,015 0.22KANSAS CITY SOUTHERN MCGRAW HILL FINANCIAL 1,017 USD 86,852 0.04INDUSTRIES 344 USD 30,324 0.01 MCKESSON HBOC 567 USD 104,765 0.05KELLOGG 2,073 USD 137,751 0.07 MEAD JOHNSON NUTRITION KEYCORP 5,919 USD 75,586 0.04 "A" 388 USD 27,020 0.01KEYSIGHT TECHNOLOGIES 1,467 USD 44,259 0.02 MEDNAX 628 USD 48,475 0.02KIG GREEN MOUNTAIN 292 USD 15,683 0.01 MERCK & CO 13,466 USD 655,121 0.32KIMBERLY-CLARK 2,445 USD 263,424 0.13 METLIFE 4,109 USD 190,411 0.09KIMCO REALTY 1,343 USD 32,339 0.02 METTLER TOLEDO KINDER MORGAN 17,793 USD 465,465 0.23 INTERNATIONAL 133 USD 37,563 0.02KKR & CO 2,471 USD 39,857 0.02 MGM RESORTS KLA TENCOR 637 USD 30,691 0.01 INTERNATIONAL 3,091 USD 54,896 0.03KOHLS 4,828 USD 223,392 0.11 MICHAEL KORS HOLDINGS 428 USD 17,420 0.01KRAFT HEINZ 1,170 USD 80,964 0.04 MICROCHIP TECHNOLOGY 625 USD 26,044 0.01KROGER 18,427 USD 656,185 0.32 MICRON TECHNOLOGY 5,855 USD 84,195 0.04LABORATORY AMER 746 USD 79,718 0.04 MICROSOFT 19,832 USD 861,502 0.42LAM RESEARCH 419 USD 26,338 0.01 MIDDLEBY 97 USD 9,963 0.00LAS VEGAS SANDS 2,617 USD 98,949 0.05 MOHAWK INDUSTRIES 425 USD 74,881 0.04LAZARD 925 USD 38,924 0.02 MOLSON COORS BREWING LEAR 2,541 USD 268,279 0.13 "B" 830 USD 68,060 0.03LEGG MASON 1,123 USD 46,245 0.02 MONDELEZ INTERNATIONAL LEGGETT & PLATT 1,242 USD 50,525 0.02 "A" 10,465 USD 427,077 0.21LEUCADIA NATIONAL 1,373 USD 27,570 0.01 MONSANTO 1,318 USD 110,185 0.05LEVEL 3 COMMUNICATIONS 1,109 USD 46,179 0.02 MONSTER BEVERAGE 150 USD 20,183 0.01LIBERTY INTERACTIVE "A" 3,917 USD 102,195 0.05 MOODYS 490 USD 47,790 0.02LIBERTY MEDIA "A" 615 USD 21,580 0.01 MORGAN STANLEY 15,262 USD 473,275 0.23LIBERTY VENTURES "A" 1,196 USD 47,015 0.02 MOTOROLA SOLUTIONS 2,363 USD 159,384 0.08LIMITED BRANDS 2,118 USD 189,328 0.09 MSCI 283 USD 16,482 0.01LINCOLN NATIONAL 975 USD 45,747 0.02 MURPHY OIL 2,225 USD 53,356 0.03LINEAR TECH 691 USD 26,762 0.01 NASDAQ OMX GROUP 702 USD 36,371 0.02LKQ 1,071 USD 29,924 0.01 NATIONAL-OILWELL 3,812 USD 141,349 0.07LOEWS 1,795 USD 63,992 0.03 NAVIENT 2,623 USD 30,505 0.01LOWES 8,407 USD 561,335 0.27 NETAPP 1,958 USD 56,684 0.03LYONDELL BASELL NETFLIX 609 USD 59,895 0.03INDUSTRIES 1,546 USD 125,164 0.06 NEW YORK COMMUNITY M&T BANK 571 USD 68,577 0.03 BANCORP 1,954 USD 34,977 0.02MACY'S 5,310 USD 267,571 0.13 NEWELL RUBBERMAID 1,686 USD 65,012 0.03MAGELLAN MIDSTREAM NEWFIELD EXPLORATION 989 USD 31,856 0.02PARTNERS 177 USD 9,749 0.00 NEWMONT MINING 4,182 USD 66,159 0.03MANPOWER GROUP 901 USD 69,764 0.03 NEWS "A" 5,300 USD 64,978 0.03MARATHON OIL 9,502 USD 142,245 0.07 NEXTERA ENERGY 610 USD 59,042 0.03MARATHON PETROLEUM 3,957 USD 180,202 0.09 NIELSEN HOLDINGS 0.07 1,913 USD 86,544 0.04MARKEL 29 USD 23,200 0.01 NIKE "B" 2,094 USD 250,589 0.12MARRIOTT INTERNATIONAL 1,431 USD 93,645 0.05 NISOURCE 838 USD 15,000 0.01MARSH & MCLENNAN 3,853 USD 199,547 0.10 NOBLE ENERGY 1,061 USD 31,512 0.02MARTIN MARIETTA NORDSTROM 1,656 USD 116,649 0.06MATERIALS 162 USD 24,036 0.01 NORFOLK SOUTHERN 2,253 USD 168,772 0.08MARVELL TECH GROUP 3,074 USD 27,820 0.01

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NORTHERN TRUST 973 USD 65,434 0.03 PVH 580 USD 56,121 0.03NORTHROP GRUMMAN 1,950 USD 318,923 0.15 QORVO 202 USD 8,801 0.00NORWEGIAN CRUISE LINE QUALCOMM 3,164 USD 165,889 0.08HOLDINGS 276 USD 15,478 0.01 QUANTA SERVICES 1,048 USD 24,995 0.01NRG ENERGY 1,182 USD 17,104 0.01 QUEST DIAGNOSTICS 1,601 USD 97,181 0.05NUCOR 1,889 USD 70,195 0.03 RALPH LAUREN 540 USD 56,187 0.03NVIDIA 1,479 USD 35,067 0.02 RANGE RESOURCES 219 USD 6,804 0.00OCCIDENTAL PETROLEUM 4,301 USD 277,285 0.13 RAYMOND JAMES FINANCIAL 1,597 USD 78,173 0.04OGE ENERGY 681 USD 18,074 0.01 RAYTHEON 2,391 USD 255,072 0.12OMNICOM 4,162 USD 269,906 0.13 REALOGY HOLDINGS 555 USD 20,618 0.01ON SEMICONDUCTOR 4,893 USD 44,428 0.02 RED HAT 311 USD 21,922 0.01ONEOK 534 USD 16,479 0.01 REGENERON PHARMS 19 USD 8,585 0.00ONEOK PARTNERS 238 USD 6,614 0.00 REGIONS FINANCIAL 8,884 USD 78,446 0.04ORACLE (US68389X1054) 13,794 USD 489,825 0.24 REINSURANCE GROUP OF O'REILLY AUTOMOTIVE 562 USD 136,555 0.07 AMERICA 248 USD 22,375 0.01PACCAR 1,489 USD 77,741 0.04 REPUBLIC SERVICES 2,760 USD 111,283 0.05PACIFIC GAS AND ELECTRIC 1,971 USD 102,512 0.05 RESMED 378 USD 19,134 0.01PACKAGING CORPORATION REYNOLDS AMERICAN 4,069 USD 176,879 0.09OF AMERICA 473 USD 28,139 0.01 RITE AID 17,648 USD 107,653 0.05PARKER-HANNIFIN 1,591 USD 153,532 0.07 ROBERT HALF PARTNERRE 270 USD 37,322 0.02 INTERNATIONAL 753 USD 37,477 0.02PAYCHEX 1,166 USD 53,648 0.03 ROCKWELL AUTOMATION 638 USD 64,030 0.03PAYPAL HOLDINGS 2,154 USD 65,977 0.03 ROCKWELL COLLINS 756 USD 60,503 0.03PEPCO HOLDINGS 1,443 USD 34,863 0.02 ROPER INDUSTRIES 168 USD 25,724 0.01PEPSICO 9,257 USD 861,271 0.42 ROSS STORES 2,656 USD 126,319 0.06PERKINELMER 546 USD 24,728 0.01 RPM INTERNATIONAL 658 USD 27,287 0.01PFIZER 31,589 USD 979,890 0.47 SALESFORCE 430 USD 29,403 0.01PHILIP MORRIS SANDISK 798 USD 39,174 0.02INTERNATIONAL 7,580 USD 596,091 0.29 SBA COMMUNICATIONS 83 USD 8,600 0.00PHILLIPS 66 1,695 USD 126,294 0.06 SCANA 565 USD 30,951 0.01PINNACLE WEST CAPITAL 585 USD 36,984 0.02 SCHEIN HENRY 294 USD 38,205 0.02PIONEER NATURAL SCHLUMBERGER 6,003 USD 414,807 0.20RESOURCES 181 USD 21,439 0.01 SCRIPPS NETWORKS PLAINS ALL AMERICAN INTERACTIVE 680 USD 32,735 0.02PIPELINE 357 USD 9,621 0.00 SEALED AIR 1,272 USD 58,474 0.03PLAINS GP HOLDINGS 1,209 USD 19,924 0.01 SEI INVESTMENTS 458 USD 21,361 0.01PLUM CREEK TIMBER 363 USD 14,313 0.01 SEMPRA 527 USD 49,780 0.02PNC FINANCIAL SERVICES 2,410 USD 211,719 0.10 SERVICE CORPORATION POLARIS INDUSTRIES 186 USD 22,074 0.01 INTER- NATIONAL 1,540 USD 41,026 0.02PPG INDUSTRIES 1,407 USD 120,932 0.06 SHERWIN WILLIAMS 406 USD 88,890 0.04PPL 1,481 USD 47,703 0.02 SIGMA ALDRICH 225 USD 31,181 0.02PRAXAIR 1,130 USD 113,622 0.06 SIMON PROPERTY GROUP 512 USD 93,404 0.05PRECISION CASTPARTS 534 USD 122,414 0.06 SIRIUS XM HOLDINGS 8,708 USD 31,784 0.02PRICELINE GROUP 15 USD 18,005 0.01 SKYWORKS SOLUTIONS 206 USD 17,067 0.01PRINCIPAL FINANCIAL SNAP-ON 271 USD 40,352 0.02GROUP 1,145 USD 53,575 0.03 SOUTHERN COMFORT 3,704 USD 164,050 0.08PROCTER AND GAMBLE 11,521 USD 832,738 0.40 SOUTHWESTERN ENERGY 1,300 USD 15,821 0.01PROGRESSIVE 4,289 USD 130,557 0.06 SPECTRA ENERGY 1,238 USD 31,371 0.02PROLOGIS 1,863 USD 72,173 0.03 SPECTRUM BRANDS PRUDENTIAL FINANCIAL 621 USD 46,569 0.02 HOLDINGS 214 USD 19,157 0.01PUBLIC SERVICE SPIRIT AEROSYSTEMS ENTERPRISE GROUP 2,587 USD 105,834 0.05 HOLDINGS "A" 770 USD 36,667 0.02PUBLIC STORAGE 285 USD 59,639 0.03 SPRINGLEAF HOLDINGS 297 USD 12,845 0.01PULTE GROUP 1,369 USD 25,628 0.01 ST JUDE MEDICAL 874 USD 55,010 0.03

450





STANLEY BLACK & DECKER 1,350 USD 128,115 0.06 UNITEDHEALTH GP 4,985 USD 569,387 0.28STAPLES 11,667 USD 138,021 0.07 UNIVERSAL HEALTH STARBUCKS 2,890 USD 161,031 0.08 SERVICES "B" 985 USD 119,343 0.06STARWOOD HOTELS UNUM GROUP 1,476 USD 46,538 0.02& RESORTS 1,630 USD 105,184 0.05 US BANCORP 6,710 USD 272,762 0.13STARWOOD PROPERTY VALERO ENERGY 3,686 USD 216,516 0.10TRUST 1,853 USD 37,116 0.02 VALSPAR 495 USD 35,353 0.02STATE STREET 2,319 USD 154,492 0.07 VANTIV "A" 226 USD 10,086 0.00STERICYCLE 283 USD 39,113 0.02 VARIAN MEDICAL SYSTEMS 435 USD 31,864 0.02STRYKER 905 USD 84,373 0.04 VEREIT REIT 8,117 USD 62,257 0.03SUNTRUST BANKS 3,269 USD 122,849 0.06 VERISIGN 505 USD 34,436 0.02SVB FINANCIAL GROUP 86 USD 9,733 0.00 VERISK ANALYTICS 491 USD 35,475 0.02SW AIRLINES 6,488 USD 244,468 0.12 VERIZON COMMUNICATIONS 23,775 USD 1,034,925 0.50SYMANTEC 4,589 USD 88,797 0.04 VF 2,544 USD 171,033 0.08SYNOPSYS 649 USD 29,828 0.01 VIACOM "B" 2,033 USD 87,073 0.04SYSCO 3,804 USD 148,090 0.07 VISA "A" 3,368 USD 230,809 0.11T ROWE PRICE GROUP 977 USD 66,700 0.03 VMWARE 486 USD 37,621 0.02TARGET 9,809 USD 764,906 0.37 VULCAN MATERIALS 755 USD 64,288 0.03TEGNA 3,083 USD 67,364 0.03 WABCO HOLDING 288 USD 29,978 0.01TERADATA 1,055 USD 30,806 0.01 WABTEC 327 USD 28,047 0.01TESORO 303 USD 29,794 0.01 WAL MART STORES 58,891 USD 3,756,067 1.83TEXAS INSTRUMENTS 3,947 USD 187,601 0.09 WALGREENS BOOTS THE CHEMOURS 943 USD 5,828 0.00 ALLIANCE 6,029 USD 494,740 0.24THE CLOROX 558 USD 63,924 0.03 WALT DISNEY 7,351 USD 730,836 0.35THE MOSAIC 1,732 USD 53,761 0.03 WASTE CONNECTIONS 528 USD 25,159 0.01THERMO FISHER SCIENTIFIC 661 USD 79,214 0.04 WASTE MAN 3,154 USD 155,240 0.08TIFFANY 367 USD 27,598 0.01 WATERS 158 USD 18,518 0.01TIME WARNER 3,250 USD 216,450 0.10 WEC ENERGY GROUP 1,275 USD 65,178 0.03TIME WARNER CABLE 1,977 USD 343,998 0.17 WELLS FARGO 23,675 USD 1,204,821 0.58TJX 5,586 USD 388,115 0.19 WESTERN DIGITAL 2,580 USD 178,975 0.09T-MOBILE US 1,820 USD 71,999 0.03 WESTERN UNION 2,460 USD 44,526 0.02TOPBUILD 396 USD 11,880 0.01 WESTROCK 2,131 USD 107,765 0.05TORCHMARK 559 USD 31,679 0.02 WEYERHAEUSER 1,743 USD 47,166 0.02TOTAL SYSTEMS SERVICES 761 USD 34,169 0.02 WHIRLPOOL 1,131 USD 164,515 0.08TOWERS WATSON & CO 591 USD 69,998 0.03 WHITING PETROLEUM 577 USD 8,418 0.00TRACTOR SUPPLY 578 USD 47,575 0.02 WHOLE FOODS MARKET 3,305 USD 103,347 0.05TRANSDIGM GROUP 55 USD 11,672 0.01 WILLIAMS COMPANIES 6,733 USD 235,184 0.11TRANSOCEAN 5,931 CHF 75,238 0.04 WILLIAMS PARTNERS 332 USD 9,877 0.00TRAVELERS COMPANIES 2,334 USD 232,163 0.11 WILLIAMS SONOMA 683 USD 51,724 0.03TRIMBLE NAVIGATION 840 USD 13,726 0.01 WR GRACE 123 USD 11,253 0.01TWITTER 2,883 USD 73,776 0.04 WYNDHAM WORLDWIDE 614 USD 43,091 0.02TYSON FOODS "A" 7,249 USD 303,153 0.15 WYNN RESORTS 459 USD 24,428 0.01UGI 817 USD 27,549 0.01 XCEL ENERGY 1,643 USD 57,012 0.03ULTA SALON COSMETICS XEROX 35,527 USD 337,151 0.16AND FRAGRANCE 247 USD 39,942 0.02 XILINX 647 USD 26,501 0.01UNDER ARMOUR "A" 170 USD 15,973 0.01 XYLEM INCORPORATED 946 USD 30,263 0.01UNION PACIFIC 3,930 USD 340,142 0.16 YAHOO 3,183 USD 89,952 0.04UNITED CONTINENTAL YUM BRANDS 1,828 USD 139,202 0.07HOLDINGS 6,631 USD 347,862 0.17 ZIMMER HOLDINGS 579 USD 54,304 0.03UNITED PARCEL SERVICES 12,630 USD 1,239,507 0.61 ZIONS BANCORP 1,266 USD 34,663 0.02UNITED RENTALS 540 USD 32,368 0.02 ZOETIS 656 USD 26,010 0.01UNITED TECHNOLOGIES 5,705 USD 501,926 0.24 88,977,861 43.11UNITED THERAPEUTICS 66 USD 9,040 0.00 TOTAL SHARES 194,777,513 94.35

451





COLLECTIVE INVESTMENT SCHEMES CAMDEN PROPERTY REIT 198 USD 14,507 0.01CROWN CASTLE REIT 334 USD 25,895 0.01

AUSTRALIA EQUINIX REIT 61 USD 16,408 0.01APA GROUP 1,458 AUD 8,770 0.00 EQUITY RESIDENTIAL 765 USD 56,265 0.02

GENERAL GROWTH STOCKLAND TRUST 6,122 AUD 16,581 0.01 PROPERTIES REIT 1,596 USD 40,810 0.02

25,351 0.01 MACERICH 230 USD 17,634 0.01FRANCE REGENCY CENTERS 178 USD 10,999 0.01GECINA 217 EUR 26,557 0.01 UDR 408 USD 13,954 0.01UNIBAIL-RODAMCO REIT 93 EUR 24,299 0.01 VENTAS 243 USD 13,579 0.01

50,856 0.02 VORNADO REALTY TRUST 487 USD 44,136 0.03GREAT BRITAIN 483,394 0.24HAMMERSON REIT 1,086 GBP 10,319 0.00 TOTAL COLLECTIVE INVESTMENT SCHEMES 964,530 0.47LAND SECURITIES REIT 959 GBP 18,282 0.01

28,601 0.01 PREFERRED SHARES HONG KONG CHAMPION REIT 22,010 HKD 10,962 0.01 GERMANY THE LINK REIT 3,672 HKD 20,137 0.01 HENKEL 1,580 EUR 163,051 0.08

31,099 0.02 PORSCHE 1,049 EUR 45,181 0.02JAPAN 208,232 0.10FRONTIER REAL ESTATE TOTAL PREFERRED SHARES 208,232 0.10INVESTMENT 5 JPY 19,275 0.01 TOTAL TRANSFERABLE SECURITIESGLP REIT "J" 23 JPY 21,903 0.01 ADMITTED TO AN OFFICIAL STOCKJAPAN EXCELLENT 12 JPY 13,154 0.01 EXCHANGE LISTINGJAPAN HOTEL INVESTMENT REIT 31 JPY 19,672 0.01 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDJAPAN LOGISTICS FUND 8 JPY 14,312 0.01 MARKETKENEDIX REALTY INVESTMENT 4 JPY 18,930 0.01 SHARES MORI HILLS REIT 15 JPY 17,553 0.01MORI TRUST SOGO REIT 12 JPY 20,440 0.01 BELGIUM NIPPON ACCOMMODATIONS BELGACOM 3,196 EUR 111,314 0.05FUND 5 JPY 16,572 0.01 111,314 0.05NIPPON PROLOGIS REIT 16 JPY 28,903 0.01 FRANCE UNITED URBAN INVESTMENT 24 JPY 31,898 0.01 REXEL 4,208 EUR 51,901 0.03

222,612 0.11 51,901 0.03SINGAPORE GREAT BRITAIN CAPITACOMMERCIAL REIT 16,982 SGD 15,932 0.01 ABERDEEN ASSETCAPITAMALL REIT 19,559 SGD 26,117 0.01 MANAGEMENT 4,561 GBP 20,339 0.01KEPPEL REIT 31,837 SGD 21,143 0.01 HOWDEN JOINERY GROUP 2,074 GBP 15,104 0.01MAPLETREE GREATER CHINA INTERTEK GROUP 1,239 GBP 45,227 0.02COMMERCIAL REIT 27,014 SGD 17,561 0.01 LLOYDS BANK 205,977 GBP 234,365 0.11MAPLETREE LOGISTICS REIT 24,634 SGD 17,139 0.01 SPECTRIS 805 GBP 20,661 0.01SUNTEC REAL ESTATE WEIR GROUP 1,151 GBP 20,283 0.01INVESTMENT TRUST 23,300 SGD 24,725 0.01 355,979 0.17

122,617 0.06 ITALY UNITED STATES INTESA BCI 73,665 EUR 258,554 0.13ANNALY MORTGAGE MEDIOBANCA 2,940 EUR 28,934 0.01MANAGEMENT 16,311 USD 159,031 0.07 PIRELLI 3,761 EUR 63,216 0.03APARTMENT INVESTMENT 350,704 0.17AND MANAGEMENT "A" 830 USD 30,420 0.01 SPAIN AVALONBAY COMMUNITIES 158 USD 27,304 0.01 BANCO POPULAR ESPANOL 7,102 EUR 25,980 0.01BOSTON PROPERTIES 106 USD 12,452 0.01 25,980 0.01


195,950,275 94.92

452




SWEDEN NORDEA BANK 14,038 SEK 156,268 0.07SWEDBANK "A" 3,406 SEK 75,952 0.04

232,220 0.11SWITZERLAND GLENCORE XSTRATA 72,415 GBP 97,711 0.05

97,711 0.05UNITED STATES MYLAN 990 USD 39,402 0.02

39,402 0.02TOTAL SHARES 1,265,211 0.61TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET


SHARES

SPAIN CAIXABANK (ES0140609290) 262 EUR 1,012 0.00

1,012 0.00TOTAL SHARES 1,012 0.00TOTAL OTHER TRANSFERABLE SECURITIES 1,012 0.00TOTAL INVESTMENTS 197,216,498 95.53OTHER NET ASSETS LESS LIABILITIES 9,237,231 4.47TOTAL NET ASSETS 206,453,729 100.00

453


1,265,211 0.61


Economic Scale Index Japan Equity (formerly known as Japanese Equity)Statement of investments as at 30 September 2015(expressed in JPY)


INVESTMENTS DAIDO STEEL 30,067 JPY 11,365,326 0.07DAIFUKU 3,477 JPY 5,684,895 0.03

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK DAIHATSU MOTOR 38,445 JPY 53,092,545 0.32EXCHANGE LISTING DAI-ICHI MUTUAL LIFE

INSURANCE 51,321 JPY 97,176,314 0.58SHARES DAIICHI SANKYO 25,309 JPY 52,389,630 0.31

DAIKIN INDUSTRIES 5,524 JPY 36,878,224 0.22JAPAN DAITO TRUST ACOM 13,340 JPY 8,124,060 0.05 CONSTRUCTION 2,813 JPY 34,107,625 0.20ACTIVIA PROPERTIES 28 JPY 14,028,000 0.08 DAIWA HOUSE INDUSTRY 20,790 JPY 61,278,525 0.37ADVANCE RESIDENCE DAIWA HOUSE RESIDENTIAL INVESTMENT 36 JPY 9,086,400 0.05 INVESTMENT 37 JPY 9,020,600 0.05ADVANTEST CORP 5,221 JPY 4,469,176 0.03 DAIWA SECURITIES GROUP 49,213 JPY 37,879,246 0.23AEON 117,004 JPY 217,042,420 1.30 DENA 5,078 JPY 11,268,082 0.07AEON FINANCIAL SERVICE 4,620 JPY 10,884,720 0.07 DENKI KAGAKU KOGYO KK 23,136 JPY 10,873,920 0.07AEON MALL 2,610 JPY 4,778,910 0.03 DENSO 25,309 JPY 127,456,124 0.77AIR WATER 7,163 JPY 12,828,933 0.08 DENTSU 6,529 JPY 39,957,480 0.24AISIN SEIKI 16,973 JPY 67,892,000 0.41 DIC 97,420 JPY 26,011,140 0.16AJINOMOTO 20,086 JPY 50,516,290 0.30 DON QUIJOTE 2,216 JPY 9,949,840 0.06ALFRESA HOLDINGS 9,894 JPY 20,134,290 0.12 DOWA MINING 11,639 JPY 10,510,017 0.06ALPS ELECTRIC 9,843 JPY 33,023,265 0.20 EAST JAPAN RAILWAY 13,258 JPY 133,309,190 0.80AMADA 9,062 JPY 8,228,296 0.05 EBARA 30,882 JPY 13,588,080 0.08ANA HOLDINGS 160,693 JPY 53,735,739 0.32 EISAI 5,926 JPY 41,659,780 0.25AOYAMA TRADING 2,021 JPY 8,508,410 0.05 ELECTRIC POWER ASAHI GLASS 119,516 JPY 83,302,652 0.50 DEVELOPMENT 6,830 JPY 24,895,350 0.15ASAHI GROUP HOLDINGS 12,855 JPY 49,748,850 0.30 EZAKI GLICO 1,618 JPY 8,931,360 0.05ASAHI KASEI 57,247 JPY 48,087,480 0.29 FAMILYMART 3,394 JPY 18,497,300 0.11ASICS CORP 2,969 JPY 8,426,022 0.05 FANUC CORP 1,216 JPY 22,271,040 0.13ASTELLAS PHARMA 34,950 JPY 53,997,750 0.32 FAST RETAILING 626 JPY 30,354,740 0.18AZBIL CORP 3,739 JPY 11,291,780 0.07 FUJI ELECTRIC 70,304 JPY 30,371,328 0.18BANK OF KYOTO 7,074 JPY 8,566,614 0.05 FUJI HEAVY INDUSTRIES 9,843 JPY 42,157,569 0.25BANK OF YOKOHAMA 27,118 JPY 19,636,144 0.12 FUJI MEDIA HOLDINGS 12,253 JPY 17,080,682 0.10BENESSE 5,624 JPY 17,968,680 0.11 FUJI PHOTO FILM 30,229 JPY 134,700,424 0.81BRIDGESTONE 37,160 JPY 153,322,160 0.92 FUJIKURA 50,217 JPY 24,706,764 0.15BROTHER INDUSTRIES 18,781 JPY 26,931,954 0.16 FUJITSU 228,987 JPY 118,729,760 0.71CALBEE 1,432 JPY 5,520,360 0.03 FUKUOKA FINANCIAL GROUP 26,113 JPY 14,806,071 0.09CANON 91,295 JPY 315,332,930 1.90 FUKUYAMA TRANSPORTING 18,192 JPY 11,733,840 0.07CASIO COMPUTER 7,030 JPY 15,219,950 0.09 GLORY 2,507 JPY 7,062,219 0.04CENTRAL JAPAN RAILWAY 5,524 JPY 106,198,900 0.64 GS YUASA 26,825 JPY 12,071,250 0.07CENTURY TOKYO LEASING GUNMA BANK 12,285 JPY 9,373,455 0.06CORP 2,100 JPY 7,234,500 0.04 H2O RETAILING GROUP 4,886 JPY 11,037,474 0.07CHIBA BANK 18,078 JPY 15,293,988 0.09 HACHIJUNI BANK 12,584 JPY 10,633,480 0.06CHIYODA CORP 5,092 JPY 4,149,980 0.02 HAKUHODO DY HOLDINGS 14,964 JPY 16,924,284 0.10CHUBU ELECTRIC POWER 49,915 JPY 87,900,315 0.53 HAMAMATSU PHOTONICS 2,455 JPY 6,628,500 0.04CHUGAI PHARMACEUTICAL 5,524 JPY 20,245,460 0.12 HANKYU 58,252 JPY 42,523,960 0.26CHUGOKU BANK 6,073 JPY 10,743,137 0.06 HASEKO 7,734 JPY 10,440,900 0.06CHUGOKU ELECTRIC POWER 26,213 JPY 43,172,811 0.26 HINO MOTORS 24,104 JPY 29,238,152 0.18CITIZEN WATCH 21,906 JPY 18,050,544 0.11 HIROSE ELECTRIC 678 JPY 8,793,660 0.05COMSYS HOLDINGS 6,364 JPY 9,049,608 0.05 HIROSHIMA BANK 13,137 JPY 9,038,256 0.05CREDIT SAISON 4,236 JPY 9,170,940 0.06 HISAMITSU PHARM 2,123 JPY 8,470,770 0.05DAI NIPPON PRINTING 46,199 JPY 53,313,646 0.32 HITACHI 702,027 JPY 421,848,024 2.54DAICEL CORP 10,430 JPY 15,248,660 0.09 HITACHI CHEMICAL 9,139 JPY 14,997,099 0.09

454




HITACHI CONSTRUCTION KEIHAN ELECTRIC RAILWAY 14,725 JPY 11,721,100 0.07MACHINERY 14,061 JPY 22,455,417 0.13 KEIKYU CORP 17,073 JPY 16,219,350 0.10HITACHI HIGH-TECHNOLOGIES KEIO 18,078 JPY 15,330,144 0.09CORP 4,244 JPY 10,936,788 0.07 KEISEI ELECTRIC RAILWAY 10,670 JPY 13,967,030 0.08HITACHI METALS 22,196 JPY 30,697,068 0.18 KEIYO BANK 9,839 JPY 6,237,926 0.04HOKKAIDO ELECTRIC POWER 19,383 JPY 22,464,897 0.13 KEWPIE CORP 5,431 JPY 12,887,763 0.08HOKUHOKU FINANCIAL KEYENCE 232 JPY 12,342,400 0.07GROUP 52,376 JPY 14,298,648 0.09 KIKKOMAN 3,702 JPY 12,142,560 0.07HOKURIKU ELECTRIC POWER 18,380 JPY 29,518,280 0.18 KINDEN 8,280 JPY 12,535,920 0.08HONDA MOTOR 96,617 JPY 341,927,563 2.06 KINTETSU CORP 78,923 JPY 33,857,967 0.20HORIBA 1,534 JPY 6,672,900 0.04 KIRIN HOLDINGS KOBAYASHI 54,335 JPY 85,061,443 0.51HOSHIZAKI ELECTRIC 1,607 JPY 13,418,450 0.08 PHARMACEUTICAL 716 JPY 6,436,840 0.04HOUSE FOODS 3,638 JPY 7,348,760 0.04 KOBE STEEL 268,366 JPY 34,619,214 0.21HOYA 11,952 JPY 46,648,656 0.28 KOITO MANUFACTURING 3,977 JPY 15,450,645 0.09IBIDEN 8,825 JPY 13,793,475 0.08 KOMATSU 43,086 JPY 75,508,215 0.45IDEMITSU KOSAN 15,066 JPY 27,510,516 0.17 KONAMI 5,819 JPY 15,030,477 0.09IHI CORP 69,299 JPY 21,205,494 0.13 KONICA MINOLTA 33,043 JPY 41,435,922 0.25IIDA GROUP HOLDINGS 9,341 JPY 17,402,283 0.10 KOSE 1,358 JPY 14,734,300 0.09INDUSTRIAL & K'S HOLDINGS 3,213 JPY 12,048,750 0.07INFRASTRUCTURE 17 JPY 8,857,000 0.05 KUBOTA 28,122 JPY 45,993,531 0.28INPEX CORP 63,273 JPY 67,290,836 0.40 KURARAY 12,755 JPY 18,953,930 0.11ISETAN MITSUKOSHI KURITA WATER INDUSTRIES 4,145 JPY 10,499,285 0.06HOLDINGS 10,011 JPY 17,939,712 0.11 KYOCERA 17,977 JPY 98,154,420 0.59ISUZU MOTORS 28,925 JPY 34,565,375 0.21 KYOWA HAKKO KOGYO 13,579 JPY 24,143,462 0.15IT HOLDINGS CORP 6,596 JPY 17,828,988 0.11 KYUSHU ELECTRIC POWER 24,807 JPY 32,273,907 0.19ITO EN 5,626 JPY 14,059,374 0.08 LAWSON 3,415 JPY 30,086,150 0.18ITOCHU 73,217 JPY 92,070,378 0.55 LEOPALACE21 CORP 10,534 JPY 5,856,904 0.04IWATANI 18,078 JPY 12,256,884 0.07 LION 11,047 JPY 11,588,303 0.07IYO BANK 6,225 JPY 8,522,025 0.05 LIXIL GROUP 19,886 JPY 48,124,120 0.29IZUMI 3,006 JPY 14,534,010 0.09 MABUCHI MOTOR 3,012 JPY 15,572,040 0.09J FRONT RETAILING 10,213 JPY 19,751,942 0.12 MAEDA ROAD JAPAN AIRLINES 13,156 JPY 55,452,540 0.33 CONSTRUCTION 2,045 JPY 4,278,140 0.03JAPAN AIRPORT TERMINAL 818 JPY 4,196,340 0.03 MAKITA 3,264 JPY 20,661,120 0.12JAPAN AVIATION MARUBENI 63,976 JPY 37,349,189 0.22ELECTRONICS 2,045 JPY 3,646,235 0.02 MARUI 4,851 JPY 6,980,589 0.04JAPAN STEEL WORKS 21,222 JPY 8,021,916 0.05 MATSUMOTOKIYOSHI 2,313 JPY 12,235,770 0.07JAPAN TOBACCO 42,985 JPY 158,829,575 0.95 MAZDA MOTOR 18,380 JPY 34,554,400 0.21JFE HOLDINGS 32,139 JPY 50,217,188 0.30 MEDIPAL HOLDINGS CORP 12,654 JPY 23,928,714 0.14JGC 5,053 JPY 8,001,426 0.05 MEIJI HOLDINGS 3,862 JPY 33,753,880 0.20JOYO BANK 16,170 JPY 10,154,760 0.06 MINEBEA 18,078 JPY 22,796,358 0.14JSR CORP 6,327 JPY 10,869,786 0.07 MIRACA HOLDINGS 1,516 JPY 7,670,960 0.05JTEKT 17,073 JPY 28,409,472 0.17 MISUMI 4,385 JPY 5,389,165 0.03JX HOLDINGS 167,120 JPY 72,012,008 0.43 MITSUBISHI CHEMICAL KAJIMA 42,182 JPY 26,701,206 0.16 HOLDINGS 142,916 JPY 88,793,711 0.53KAKEN PHARMACEUTICAL 522 JPY 5,768,100 0.03 MITSUBISHI CORP 28,423 JPY 55,524,331 0.33KAMIGUMI 7,074 JPY 6,904,224 0.04 MITSUBISHI ELECTRIC 122,528 JPY 133,555,520 0.80KANEKA 16,068 JPY 14,107,704 0.08 MITSUBISHI ESTATE 13,234 JPY 32,231,407 0.19KANSAI ELECTRIC POWER 77,534 JPY 102,887,618 0.62 MITSUBISHI GAS CHEMICAL 17,181 JPY 9,449,550 0.06KANSAI PAINT 5,784 JPY 9,381,648 0.06 MITSUBISHI HEAVY KAO 13,056 JPY 70,541,568 0.42 INDUSTRIES 167,724 JPY 89,296,258 0.54KAWASAKI HEAVY MITSUBISHI LOGISTICS 4,091 JPY 5,653,762 0.03INDUSTRIES 59,255 JPY 24,353,805 0.15 MITSUBISHI MATERIALS 76,329 JPY 27,631,098 0.17KAWASAKI KISEN 57,225 JPY 14,992,950 0.09 MITSUBISHI MOTORS 43,487 JPY 39,660,144 0.24KDDI 71,910 JPY 191,783,970 1.15

455




MITSUBISHI TANABE PHARMA 12,755 JPY 26,849,275 0.16 NISSHINBO INDUSTRIES 14,577 JPY 19,620,642 0.12MITSUBISHI UFJ NISSIN FOOD PRODUCTS 2,590 JPY 14,219,100 0.09FINANCIAL GROUP 338,259 JPY 242,328,748 1.47 NITORI HOLDINGS 1,827 JPY 17,082,450 0.10MITSUBISHI UFJ LEASE & NITTO DENKO 4,118 JPY 29,340,750 0.18FINANCE 15,160 JPY 7,943,840 0.05 NKSJ HOLDINGS 16,773 JPY 57,967,488 0.35MITSUI 78,137 JPY 104,742,649 0.63 NOK 10,044 JPY 25,843,212 0.16MITSUI CHEMICALS 58,252 JPY 22,194,012 0.13 NOMURA HOLDING 148,239 JPY 102,003,256 0.61MITSUI ENGINEERING & NOMURA REAL ESTATE SHIPBUILDING 62,310 JPY 10,717,320 0.06 HOLDINGS 9,641 JPY 23,099,836 0.14MITSUI FUDOSAN 8,953 JPY 29,213,639 0.18 NOMURA REAL ESTATE MITSUI MINING & SMELTING 36,383 JPY 7,785,962 0.05 MASTER FUND 77 JPY 11,804,100 0.07MITSUI OSK LINES 52,224 JPY 14,936,064 0.09 NOMURA RESEARCH MIXI 2,021 JPY 8,245,680 0.05 INSTITUTE 4,920 JPY 22,509,000 0.14MIZUHO FINANCIAL GROUP 541,736 JPY 120,752,954 0.73 NORTH PACIFIC BANK 34,348 JPY 16,212,256 0.10MS & AD INSURANCE GROUP 20,890 JPY 66,701,770 0.40 NSK 16,471 JPY 18,991,063 0.11MURATA MANUFACTURING 3,617 JPY 55,593,290 0.33 NTN 25,108 JPY 12,302,920 0.07NABTESCO 2,506 JPY 5,445,538 0.03 NTT 215,026 JPY 898,378,628 5.41NAGASE & COMPANY 4,705 JPY 6,521,130 0.04 NTT DATA 12,855 JPY 77,258,550 0.46NAGOYA RAILROAD 70,304 JPY 32,972,576 0.20 NTT DOCOMO 143,016 JPY 285,030,888 1.72NAMCO BANDAI HOLDINGS 7,734 JPY 21,423,180 0.13 OBAYASHI CORP 21,091 JPY 21,470,638 0.13NANKAI ELECTRIC RAILWAY 24,069 JPY 14,682,090 0.09 ODAKYU ELECTRIC RAILWAY 23,960 JPY 25,733,040 0.15NEC 374,616 JPY 137,484,072 0.83 OJI HOLDINGS CORP 73,315 JPY 37,537,280 0.23NEXON 4,091 JPY 6,484,235 0.04 OKASAN SECURITIES GROUP 11,117 JPY 7,970,889 0.05NGK INSULATORS 3,856 JPY 8,780,112 0.05 OKI ELECTRIC INDUSTRIES 67,895 JPY 12,628,470 0.08NGK SPARK PLUG 3,917 JPY 10,689,493 0.06 OKUMA CORP 4,091 JPY 3,043,704 0.02NHK SPRING 13,258 JPY 15,312,990 0.09 OLYMPUS OPTICAL 12,755 JPY 47,384,825 0.28NICHIREI 17,073 JPY 12,736,458 0.08 OMRON 9,943 JPY 35,645,655 0.21NIDEC 15,768 JPY 129,076,848 0.78 ONO PHARMACEUTICALS 875 JPY 12,363,750 0.07NIFCO 1,432 JPY 5,835,400 0.04 ORIENTAL LAND 3,213 JPY 21,427,497 0.13NIHON KOHDEN 2,966 JPY 5,866,748 0.04 ORIX 26,012 JPY 39,850,384 0.24NIKON 23,300 JPY 33,598,600 0.20 OSAKA GAS 110,477 JPY 50,046,081 0.30NINTENDO 1,607 JPY 32,236,420 0.19 OSG 2,864 JPY 6,458,320 0.04NIPPON CREDIT BANK 27,784 JPY 11,502,576 0.07 OTSUKA 2,294 JPY 13,351,080 0.08NIPPON ELECTRIC GLASS 27,755 JPY 15,986,880 0.10 OTSUKA HOLDINGS 14,763 JPY 56,217,504 0.34NIPPON EXPRESS 74,320 JPY 42,288,080 0.25 PANASONIC CORP 323,495 JPY 389,326,233 2.35NIPPON KAYAKU 8,085 JPY 10,041,570 0.06 PARK24 3,638 JPY 8,170,948 0.05NIPPON MEAT PACKERS 12,264 JPY 29,875,104 0.18 RAKUTEN 11,349 JPY 17,295,876 0.10NIPPON PAINT 3,436 JPY 7,150,316 0.04 RECRUIT HOLDINGS 14,763 JPY 52,851,540 0.32NIPPON PAPER INDUSTRIES 12,353 JPY 22,519,519 0.14 RESONA 163,807 JPY 99,316,184 0.60NIPPON SHINYAKU 2,021 JPY 8,700,405 0.05 RICOH 125,039 JPY 150,609,476 0.90NIPPON SHOKUBAI 1,022 JPY 8,278,200 0.05 RINNAI CORP 1,313 JPY 11,948,300 0.07NIPPON STEEL AND ROHM 3,314 JPY 17,531,060 0.11SUMITOMO METAL CORP 50,005 JPY 108,435,843 0.65 ROHTO PHARMACEUTICAL 4,244 JPY 7,779,252 0.05NIPPON TELEVISION RYOHIN KEIKAKU 323 JPY 7,855,360 0.05HOLDINGS 5,182 JPY 9,980,532 0.06 SAN-IN GODO BANK 5,221 JPY 6,092,907 0.04NIPPON YUSEN 129,559 JPY 35,758,284 0.21 SANKYO 2,324 JPY 9,877,000 0.06NISHI-NIPPON BANK 35,151 JPY 11,494,377 0.07 SANKYU 33,143 JPY 19,123,511 0.11NISHI-NIPPON RAILROAD 32,976 JPY 19,290,960 0.12 SANTEN PHARMACEUTICAL 4,346 JPY 6,949,254 0.04NISSAN CHEMICAL SANWA HOLDINGS CORP 10,713 JPY 8,784,660 0.05INDUSTRIES 3,556 JPY 9,313,164 0.06 SAPPORO BREWERIES 31,038 JPY 14,463,708 0.09NISSAN MOTOR 226,477 JPY 247,765,838 1.50 SBI HOLDINGS 3,654 JPY 4,900,014 0.03NISSHIN SEIFUN 7,633 JPY 13,227,989 0.08 SCREEN HOLDINGS 11,250 JPY 6,547,500 0.04

SCSK CORP 3,394 JPY 15,188,150 0.09

456




SECOM 5,825 JPY 41,759,425 0.25 SUNDRUG 1,516 JPY 9,520,480 0.06SEGA SAMMY HOLDINGS 9,409 JPY 10,952,076 0.07 SUNTORY BEVERAGE AND SEIBU HOLDINGS 5,043 JPY 12,188,931 0.07 FOOD 4,318 JPY 19,798,030 0.12SEIKO EPSON 32,540 JPY 54,894,980 0.33 SURUGA BANK 2,951 JPY 6,539,416 0.04SEINO HOLDINGS 12,610 JPY 15,674,230 0.09 SUZUKEN 5,403 JPY 21,476,925 0.13SEKISUI CHEMICAL 26,113 JPY 32,719,589 0.20 SUZUKI MOTOR 19,383 JPY 70,980,546 0.43SEKISUI HOUSE 23,326 JPY 43,502,990 0.26 SYSMEX CORP 1,493 JPY 9,376,040 0.06SEVEN AND I HOLDINGS 27,016 JPY 147,075,104 0.88 T&D HOLDINGS 25,008 JPY 35,123,736 0.21SEVEN BANK 9,894 JPY 5,105,304 0.03 TAIHEIYO CEMENT 78,337 JPY 28,044,646 0.17SEVENTY SEVEN BANK 11,434 JPY 7,740,818 0.05 TAISEI CORP 35,151 JPY 27,347,478 0.16SHARP 643,776 JPY 88,197,312 0.53 TAISHO PHARMACEUTICALS SHIGA BANK 11,382 JPY 6,897,492 0.04 HOLDINGS 2,310 JPY 15,846,600 0.10SHIKOKU ELECTRIC POWER 15,668 JPY 30,474,260 0.18 TAIYO NIPPON SANSO 15,066 JPY 17,054,712 0.10SHIMADZU 7,996 JPY 13,713,140 0.08 TAIYO YUDEN 9,505 JPY 14,770,770 0.09SHIMAMURA 1,105 JPY 14,210,300 0.09 TAKARA SHUZO 6,056 JPY 4,342,152 0.03SHIMANO 832 JPY 13,927,680 0.08 TAKASHIMAYA 17,073 JPY 16,475,445 0.10SHIMIZU 20,086 JPY 20,568,064 0.12 TAKEDA PHARMACEUTICAL 14,731 JPY 77,146,247 0.46SHIN-ETSU CHEMICAL 7,030 JPY 42,988,450 0.26 TDK 12,755 JPY 85,841,150 0.52SHINSEI BANK 32,341 JPY 7,923,545 0.05 TEIJIN 70,304 JPY 25,450,048 0.15SHIONOGI 5,022 JPY 21,469,050 0.13 TEMP HOLDINGS COMPANY 1,329 JPY 7,229,760 0.04SHISEIDO 18,580 JPY 48,317,290 0.29 TERUMO 6,830 JPY 23,017,100 0.14SHIZUOKA BANK 13,579 JPY 16,240,484 0.10 THK 3,537 JPY 6,699,078 0.04SHOWA DENKO 124,537 JPY 16,314,347 0.10 TOBU RAILWAY 50,217 JPY 25,761,321 0.15SHOWA SHELL SEKIYU 15,870 JPY 14,933,670 0.09 TOHO 3,638 JPY 9,906,274 0.06SMC 624 JPY 16,258,320 0.10 TOHO GAS 26,113 JPY 18,383,552 0.11SOFTBANK CORP 19,283 JPY 105,612,991 0.63 TOHO HOLDINGS 5,043 JPY 12,546,984 0.08SOHGO SECURITY SERVICES 4,318 JPY 23,489,920 0.14 TOHOKU ELECTRIC POWER 30,130 JPY 48,720,210 0.29SOJITZ HOLDINGS 120,016 JPY 26,643,552 0.16 TOKAI TOKYO SECURITIES 10,914 JPY 7,727,112 0.05SONY 91,193 JPY 264,322,911 1.60 TOKIO MARINE HOLDINGS 17,375 JPY 77,179,750 0.46SONY FINANCIAL HOLDINGS 9,843 JPY 19,272,594 0.12 TOKYO BROADCASTING SOTETSU HOLDINGS 19,083 JPY 12,461,199 0.07 SYSTEMS 7,996 JPY 12,777,608 0.08SQUARE ENIX 3,841 JPY 11,373,201 0.07 TOKYO ELECTRIC POWER 229,188 JPY 182,662,836 1.10STANLEY ELECTRIC 5,916 JPY 14,050,500 0.08 TOKYO ELECTRON 2,711 JPY 15,219,554 0.09START TODAY 2,603 JPY 10,255,820 0.06 TOKYO GAS 96,415 JPY 55,708,587 0.33SUGI HOLDINGS 1,415 JPY 7,584,400 0.05 TOKYO TATEMONO 10,144 JPY 14,414,624 0.09SUMCO 10,053 JPY 10,716,498 0.06 TOKYU 50,217 JPY 43,939,875 0.26SUMITOMO CHEMICAL 79,342 JPY 47,763,884 0.29 TOKYU FUDOSAN HOLDINGS 17,167 JPY 13,613,431 0.08SUMITOMO CORP 77,134 JPY 88,858,368 0.53 TONENGENERAL SEKIYU 11,047 JPY 12,781,379 0.08SUMITOMO DAINIPPON TOPCON CORP 2,124 JPY 3,315,564 0.02PHARMA 12,415 JPY 14,823,510 0.09 TOPPAN PRINTING 51,221 JPY 49,223,381 0.30SUMITOMO ELECTRIC TORAY INDUSTRIES 51,221 JPY 52,783,241 0.32INDUSTRIES 79,544 JPY 121,185,284 0.73 TOSHIBA 705,040 JPY 211,794,016 1.27SUMITOMO FOREST 12,610 JPY 16,821,740 0.10 TOSOH 30,130 JPY 17,264,490 0.10SUMITOMO HEAVY TOTO 6,871 JPY 25,525,765 0.15INDUSTRIES 30,130 JPY 14,191,230 0.09 TOYO SEIKAN GROUP 10,646 JPY 20,163,524 0.12SUMITOMO METAL MINING 8,326 JPY 11,256,752 0.07 TOYO SUISAN KAISHA 2,426 JPY 10,965,520 0.07SUMITOMO MITSUI FINANCIAL 38,265 JPY 172,651,680 1.04 TOYO TIRE & RUBBER 4,996 JPY 12,879,688 0.08SUMITOMO MITSUI TRUST TOYODA GOSEI 9,541 JPY 22,354,563 0.13HOLDINGS 111,481 JPY 48,761,789 0.29 TOYOTA INDUSTRIES CORP 8,235 JPY 46,610,100 0.28SUMITOMO OSAKA CEMENT 23,245 JPY 9,855,880 0.06 TOYOTA MOTOR 89,182 JPY 621,687,722 3.75SUMITOMO REALTY & TOYOTA TSUSHO 15,165 JPY 38,109,645 0.23DEVELOPMENT 1,023 JPY 3,878,193 0.02 TREND 2,912 JPY 12,274,080 0.07SUMITOMO RUBBER TS TECH 2,405 JPY 7,816,250 0.05INDUSTRIES 16,145 JPY 26,736,120 0.16

457




TSUBAKIMOTO CHAIN 7,159 JPY 5,347,773 0.03TSUMURA 2,926 JPY 7,592,970 0.05TSURUHA HOLDINGS 808 JPY 8,314,320 0.05UBE INDUSTRIES 92,399 JPY 19,218,992 0.12UNI CHARM 5,529 JPY 11,688,306 0.07USHIO 4,909 JPY 7,034,597 0.04USS 3,579 JPY 7,100,736 0.04WACOAL 16,068 JPY 22,945,104 0.14WEST JAPAN RAILWAY 10,044 JPY 75,139,164 0.45YAHOO JAPAN 63,574 JPY 28,862,596 0.17YAKULT HONSHA 3,415 JPY 20,285,100 0.12YAMADA DENKI 66,988 JPY 32,288,216 0.19YAMAGUCHI FINANCIAL GROUP 7,074 JPY 10,342,188 0.06YAMAHA 9,843 JPY 25,965,834 0.16YAMAHA MOTOR 19,365 JPY 46,301,715 0.28YAMATO HOLDINGS 39,672 JPY 90,610,848 0.54YAMAZAKI BAKING 21,091 JPY 38,723,076 0.23YASKAWA ELECTRIC CORP 7,478 JPY 9,063,336 0.05YOKOGAWA ELECTRIC 16,973 JPY 21,165,331 0.13YOKOHAMA RUBBER 10,646 JPY 22,367,246 0.13ZEON CORP 11,047 JPY 10,395,227 0.06

16,233,322,326 97.54 TOTAL SHARES 16,233,322,326 97.54


JAPAN FRONTIER REAL ESTATE INVESTMENT 24 JPY 11,124,000 0.07GLP REIT "J" 108 JPY 12,366,000 0.07JAPAN EXCELLENT 62 JPY 8,171,600 0.05JAPAN HOTEL INVESTMENT REIT 153 JPY 11,673,900 0.07JAPAN LOGISTICS FUND 42 JPY 9,034,200 0.05KENEDIX REALTY INVESTMEN 19 JPY 10,811,000 0.06MORI HILLS REIT 76 JPY 10,693,200 0.06MORI TRUST SOGO REIT 62 JPY 12,697,600 0.08NIPPON ACCOMMODATIONS FUND 24 JPY 9,564,000 0.06NIPPON PROLOGIS REIT 79 JPY 17,158,800 0.10UNITED URBAN INVESTMENT 122 JPY 19,495,600 0.13

132,789,900 0.80 TOTAL COLLECTIVE INVESTMENT SCHEMES 132,789,900 0.80TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGTOTAL INVESTMENTS 16,366,112,226 98.34OTHER NET ASSETS LESS LIABILITIES 276,912,188 1.66 TOTAL NET ASSETS 16,643,024,414 100.00

458

16,366,112,226 98.34


Economic Scale Index US Equity (formerly known as US Equity)Statement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS LIBERIA ROYAL CARIBEAN CRUISES 6,785 USD 599,998 0.08

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 599,998 0.08EXCHANGE LISTING MONACO

GASLOG 1,474 USD 14,136 0.00SHARES 14,136 0.00

NETHERLANDS ARGENTINA CHICAGO BRIDGE & IRON 10,568 USD 410,039 0.06ARCOS DORADOS HOLDINGS 40,228 USD 112,236 0.02 CIMPRESS 726 USD 55,604 0.01

112,236 0.02 CONSTELLIUM "A" 6,140 USD 40,094 0.01AUSTRALIA CORE LABORATORIES 941 USD 92,867 0.01TRONOX "A" 3,734 USD 16,280 0.00 MOBILEYE 4,909 USD 219,432 0.03

16,280 0.00 SENSATA TECHNOLOGIES CANADA HOLDING 3,775 USD 166,780 0.02CIVEO CORP 19,212 USD 29,971 0.00 984,816 0.14

29,971 0.00 PANAMA CHINA BANCO LATINOAMERICANO COSAN "A" 50,709 USD 149,084 0.02 DE COMERCIO EXTERIOR 935 USD 21,739 0.00

149,084 0.02 COPA HOLDINGS "A" 1,011 USD 43,584 0.01GREAT BRITAIN MCDERMOTT AON 16,563 USD 1,464,499 0.19 INTERNATIONAL 36,919 USD 158,382 0.02ENSCO 7,536 USD 108,971 0.02 223,705 0.03LIBERTY GLOBAL 31,801 USD 1,384,934 0.19 PUERTO RICO LIBERTY LILAC GROUP "A" 1,515 USD 50,942 0.01 TRIPLE-S MANAGEMENT NOBLE CORP 7,168 USD 79,923 0.01 CORP 1,831 USD 33,050 0.00OM ASSET MANAGEMENT 3,157 USD 47,955 0.01 33,050 0.00

3,137,224 0.43 SINGAPORE GREECE FLEXTRONICS AEGEAN MARINE INTERNATIONAL 233,012 USD 2,453,616 0.34PETROLEUM 1,304 USD 8,632 0.00 2,453,616 0.34CAPITAL PRODUCT SWITZERLAND PARTNERS 3,737 USD 22,497 0.01 ACE 5,586 USD 573,794 0.08TSAKOS ENERGY ALLIED WORLD ASSURANCE 3,621 USD 137,851 0.02NAVIGATION 1,848 USD 14,710 0.00 GARMIN 6,303 USD 224,198 0.03

45,839 0.01 LUXOFT HOLDING 1,518 USD 92,416 0.01IRELAND T E CONNECTIVITY 16,856 USD 1,000,066 0.14ACCENTURE CORP 41,478 USD 4,058,623 0.56 2,028,325 0.28ALLEGION 1,722 USD 98,240 0.01 TAIWAN ENDO INTERNATIONAL 3,969 USD 259,573 0.04 CHIPMOS TECHNOLOGIES 9,062 USD 150,792 0.02INGERSOLL-RAND 15,306 USD 773,565 0.11 150,792 0.02MEDTRONIC 16,811 USD 1,118,100 0.15 UNITED STATES PENTAIR 7,681 USD 389,273 0.05 1ST SOURCE 821 USD 25,164 0.00PERRIGO 435 USD 67,455 0.01 21ST CENTURY FOX "A" 50,812 USD 1,340,929 0.19PROTHENA CORP 339 USD 15,031 0.00 3M CO 17,638 USD 2,504,420 0.36SEAGATE TECHNOLOGY 24,495 USD 1,069,452 0.15 AAON 1,086 USD 20,916 0.00TYCO INTERNATIONAL 43,112 USD 1,448,995 0.21 AAR 3,271 USD 61,429 0.01WEATHERFORD AARONS 7,788 USD 278,187 0.04INTERNATIONAL 78,226 USD 662,574 0.09 ABBOTT LABORATORIES 48,995 USD 1,948,531 0.28WILLIS GROUP HOLDINGS 10,890 USD 442,025 0.06 ABBVIE 12,689 USD 680,638 0.09XL GROUP 5,756 USD 209,691 0.03 ABERCROMBIE & FITCH 41,462 USD 872,775 0.12

10,612,597 1.47 ABM INDUSTRIES 43,954 USD 1,190,274 0.16JERSEY ACADIA HEALTHCARE 346 USD 22,905 0.00DELPHI AUTOMOTIVE CORP 22,345 USD 1,695,315 0.24 ACCELERON PHARMA 575 USD 14,306 0.00

1,695,315 0.24 ACCO BRANDS 11,112 USD 78,228 0.01ACI WORLDWIDE 1,805 USD 38,086 0.01

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ACTIVISION 14,443 USD 442,389 0.06 ALLIANT ENERGY 2,107 USD 122,670 0.02ACTUANT "A" 4,963 USD 94,893 0.01 ALLISON TRANSMISSION ACUITY BRANDS 598 USD 103,873 0.01 HOLDING 5,594 USD 147,793 0.02ACXIOM 8,718 USD 172,791 0.02 ALLSCRIPTS HEALTHCARE ADOBE SYSTEMS 4,762 USD 387,341 0.05 SOLUTIONS 9,945 USD 121,428 0.02ADT 12,019 USD 361,051 0.05 ALLSTATE 15,525 USD 905,418 0.13ADTRAN 3,045 USD 45,096 0.01 ALON USA ENERGY 4,781 USD 85,293 0.01ADVANCE AUTO PARTS 4,031 USD 770,163 0.11 ALTERA 1,686 USD 84,157 0.01ADVANCED DRAINAGE ALTRA HOLDINGS 1,993 USD 46,098 0.01SYSTEMS 913 USD 25,728 0.00 ALTRIA GROUP 30,406 USD 1,660,472 0.24ADVANCED ENERGY AMAZON.COM 2,750 USD 1,400,053 0.19INDUSTRIES 1,065 USD 27,743 0.00 AMBAC FINANCIAL GROUP 1,827 USD 26,236 0.00ADVANCED MICRO DEVICES 74,918 USD 128,484 0.02 AMC ENTERTAINMENT ADVAXIS 1,054 USD 11,215 0.00 HOLDINGS 11,108 USD 276,700 0.04ADVISORY BOARD 502 USD 22,731 0.00 AMC NETWORKS 1,719 USD 125,057 0.02AECOM TECHNOLOGY 20,021 USD 544,171 0.08 AMDOCS 7,107 USD 402,327 0.06AEGION 3,326 USD 54,812 0.01 AMEDISYS 2,101 USD 77,632 0.01AES 38,273 USD 372,396 0.05 AMERCO 645 USD 255,233 0.04AETNA 12,159 USD 1,328,614 0.18 AMEREN 9,779 USD 411,207 0.06AFFILIATED MANAGERS 969 USD 166,261 0.02 AMERICAN AIRLINES GROUP 42,423 USD 1,636,255 0.23AFFYMETRIX 2,328 USD 19,648 0.00 AMERICAN ASSETS REIT 890 USD 36,579 0.01AFLAC 10,518 USD 613,620 0.09 AMERICAN AXLE & AGCO 6,011 USD 282,697 0.04 MANUFACTURING 7,416 USD 148,320 0.02AGILENT TECHNOLOGIES 11,483 USD 390,422 0.05 AMERICAN CAPITAL AGENCY 12,830 USD 237,804 0.03AGIOS PHARMACEUTICALS 570 USD 40,561 0.01 AMERICAN CAPITAL AGL RESOURCES 3,223 USD 196,345 0.03 MORTGAGE INVESTMENT 1,230 USD 17,798 0.00AIR METHODS 1,231 USD 42,088 0.01 AMERICAN CAPITAL AIR PRODUCTS & CHEMICALS 4,556 USD 580,936 0.08 STRATEGIES 4,438 USD 53,611 0.01AIR TRANSPORT SERVICES AMERICAN EAGLE GROUP 5,920 USD 50,261 0.01 OUTFITTERS 27,750 USD 430,125 0.06AIRCASTLE 2,475 USD 50,738 0.01 AMERICAN ELECTRIC POWER 15,920 USD 898,843 0.12AIRGAS 2,834 USD 254,181 0.04 AMERICAN EXPRESS 30,884 USD 2,285,725 0.33AK STEEL HOLDING 8,947 USD 21,562 0.00 AMERICAN FINANCIAL AKAMAI TECHNOLOGIES 1,528 USD 104,989 0.01 GROUP 1,917 USD 132,215 0.02ALAMO GROUP 728 USD 33,481 0.00 AMERICAN HEALTHWAYS 3,064 USD 34,838 0.00ALASKA AIR GROUP 6,669 USD 528,318 0.07 AMERICAN HOMES 4 RENT "A" 5,697 USD 91,209 0.01ALBANY INTERNATIONAL "A" 2,456 USD 69,750 0.01 AMERICAN INTERNATIONAL ALBANY MOLECULAR GROUP 32,938 USD 1,861,656 0.27RESEARCH 902 USD 15,704 0.00 AMERICAN NATIONAL ALBEMARLE 2,093 USD 92,092 0.01 INSURANCE 789 USD 76,975 0.01ALCOA 109,994 USD 1,054,842 0.15 AMERICAN RAILCAR ALDER INDUSTRIES 530 USD 19,430 0.00BIOPHARMACEUTICALS 394 USD 12,470 0.00 AMERICAN RESIDENTIAL ALERE 4,803 USD 223,580 0.03 PROPERTIES REIT 1,286 USD 22,402 0.00ALEX & BALDWIN 565 USD 19,334 0.00 AMERICAN STATES WATER 705 USD 29,018 0.00ALEXION PHARMACEUTICALS 412 USD 63,254 0.01 AMERICAN TOWER 546 USD 47,824 0.01ALIGN TECHNOLOGY 892 USD 49,970 0.01 AMERICAN WATER WORKS 5,527 USD 301,719 0.04ALLEGHANY 112 USD 52,396 0.01 AMERICAN WOODMARK 884 USD 55,109 0.01ALLEGHENY TECHNOLOGIES 6,125 USD 86,485 0.01 AMERIGAS PARTNERS 2,469 USD 98,760 0.01ALLEGIANT TRAVEL 223 USD 47,805 0.01 AMERIPRISE FINANCIAL 4,631 USD 502,325 0.07ALLIANCE DATA SYSTEMS 390 USD 100,530 0.01 AMERISOURCEBERGEN 3,253 USD 308,319 0.04ALLIANCE RESOURCE AMERITRADE HOLDING 8,454 USD 268,245 0.04PARTNERS 5,512 USD 121,429 0.02 AMETEK 4,848 USD 251,708 0.03ALLIANCEBERNSTEIN AMGEN 5,162 USD 711,014 0.10HOLDING 2,926 USD 76,895 0.01 AMKOR TECHNOLOGY 56,378 USD 253,137 0.04

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AMN HEALTHCARE SERVICES 1,437 USD 42,535 0.01 ASHLAND 2,862 USD 289,176 0.04AMPHASTAR ASPEN INSURANCE 2,286 USD 106,253 0.01PHARMACEUTICALS 1,456 USD 16,395 0.00 ASPEN TECHNOLOGY 721 USD 27,081 0.00AMPHENOL 12,506 USD 630,427 0.09 ASSOCIATED BAN-CORP 5,950 USD 107,398 0.01AMSURG 473 USD 36,298 0.01 ASSURANT 6,278 USD 488,805 0.07AMTRUST FINANCIAL ASSURED GUARANTY 5,516 USD 139,003 0.02SERVICES 750 USD 47,138 0.01 ASTEC INDUSTRIES 1,263 USD 42,525 0.01ANACOR PHARMACEUTICALS 1,330 USD 157,379 0.02 ASTORIA FINANCIAL 2,836 USD 46,113 0.01ANADARKO PETROLEUM 12,798 USD 766,728 0.11 ASTRONICS 526 USD 21,671 0.00ANALOG DEVICES 3,776 USD 210,361 0.03 AT&T 381,682 USD 12,435,199 1.73ANALOGIC 378 USD 31,317 0.00 ATHENAHEALTH 180 USD 23,524 0.00ANDERSONS 1,571 USD 52,581 0.01 ATLANTIC TELE-NETWORK 580 USD 42,160 0.01ANIXTER INTERNATIONAL 1,637 USD 93,735 0.01 ATLAS AIR WORLDWIDE ANSYS 959 USD 83,980 0.01 HOLDINGS 866 USD 29,886 0.00ANTERO MIDSTREAM ATMEL 11,385 USD 91,991 0.01PARTNERS 4,019 USD 68,243 0.01 ATMOS ENERGY 2,522 USD 144,712 0.02ANTHEM 9,475 USD 1,328,300 0.18 AUTODESK 3,385 USD 153,171 0.02AO SMITH 2,880 USD 183,600 0.03 AUTOLIV 6,873 USD 742,421 0.10APACHE 29,372 USD 1,138,752 0.16 AUTOMATIC DATA APOGEE ENTERPRISES 932 USD 41,493 0.01 PROCESSING 16,926 USD 1,348,494 0.19APOLLO COMMERCIAL REAL AUTONATION 5,002 USD 288,215 0.04ESTATE FINANCE REIT 2,494 USD 38,832 0.01 AUTOZONE 1,449 USD 1,054,785 0.15APOLLO EDUCATION AVERY DENNISON 9,184 USD 511,916 0.07GROUP "A" 47,518 USD 529,351 0.07 AVG TECHNOLOGIES 1,236 USD 26,710 0.00APOLLO GLOBAL AVIS BUDGET GROUP 15,344 USD 666,850 0.09MANAGEMENT "A" 20,301 USD 340,448 0.05 AVISTA 2,285 USD 75,268 0.01APPLE 50,318 USD 5,592,343 0.79 AVNET 5,546 USD 233,209 0.03APPLIED INDUSTRIAL AVON PRODUCTS 112,220 USD 369,204 0.05TECHNOLOGIES 1,759 USD 67,370 0.01 AVX 14,510 USD 187,179 0.03APPLIED MATERIALS 23,328 USD 343,621 0.05 AXIALL 3,471 USD 55,397 0.01APTARGROUP 3,805 USD 248,999 0.03 AXIS CAPITAL HOLDINGS 3,429 USD 185,543 0.03AQUA AMERICA 2,340 USD 61,519 0.01 AZZ 752 USD 36,713 0.01ARAMARK HOLDINGS 1,784 USD 51,825 0.01 BABCOCK & WILCOX ARCBEST 5,745 USD 147,417 0.02 ENTERPRISES 3,512 USD 58,650 0.01ARCH CAPITAL GROUP 1,553 USD 114,736 0.02 BADGER METER 501 USD 29,364 0.00ARCHER DANIELS MIDLAND 19,230 USD 797,853 0.11 BAKER HUGHES 21,184 USD 1,099,450 0.15ARCTIC CAT 1,086 USD 24,489 0.00 BALL 5,082 USD 313,458 0.04ARES CAPITAL 1,578 USD 23,055 0.00 BANCORPSOUTH 2,559 USD 60,776 0.01ARGO GROUP BANK OF AMERICA 455,002 USD 7,038,881 0.99INTERNATIONAL 733 USD 41,539 0.01 BANK OF HAWAII 1,188 USD 75,165 0.01ARISTA NETWORKS 1,150 USD 69,759 0.01 BANK OF NEW YORK MELLON 37,881 USD 1,475,086 0.20ARMOUR RESIDENTIAL REIT 1,442 USD 28,407 0.00 BANK OF THE OZARKS 529 USD 23,160 0.00ARMSTRONG WORLD BANKUNITED 2,139 USD 76,063 0.01INDUSTRIES 4,033 USD 190,116 0.03 BANNER 368 USD 17,572 0.00ARRIS GROUP 2,297 USD 59,722 0.01 BARD 2,096 USD 390,464 0.05ARROW ELECTRONIC 4,000 USD 216,680 0.03 BARNES & NOBLE 13,375 USD 161,971 0.02ARTISAN PARTNERS ASSET BARNES AND NOBLE MANAGEMENT 2,271 USD 80,575 0.01 EDUCATION 8,452 USD 107,678 0.01ASBURY AUTOMOTIVE BARNES GROUP 2,328 USD 83,645 0.01GROUP 691 USD 56,012 0.01 BAXALTA 18,839 USD 593,805 0.08ASCENA RETAIL GROUP 30,527 USD 419,441 0.06 BAXTER INTERNATIONAL 18,922 USD 625,561 0.09ASCENT CAPITAL GROUP 724 USD 19,961 0.00 BB&T 19,684 USD 700,750 0.10ASHFORD HOSPITALITY BBCN BANCORP 1,471 USD 22,256 0.00PRIME 171 USD 2,397 0.00 BE AEROSPACE 1,714 USD 75,999 0.01

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BEACON ROOFING SUPPLY 1,620 USD 52,942 0.01 BRISTOW GROUP 1,278 USD 33,330 0.00BECTON DICKINSON 6,144 USD 813,220 0.11 BRIXMOR PROPERTY GROUP 3,050 USD 71,736 0.01BED BATH & BEYOND 14,668 USD 832,849 0.12 BROADCOM "A" 3,035 USD 155,604 0.02BELDEN CDT 1,072 USD 49,709 0.01 BROADRIDGE FINANCIAL BELMOND "A" 3,089 USD 31,230 0.00 SOLUTIONS 3,225 USD 178,504 0.02BEMISPANY 8,775 USD 346,700 0.05 BROCADEMS SYSTEM 13,992 USD 145,797 0.02BENCHMARK ELECTRONICS 6,493 USD 139,470 0.02 BROOKDALE SENIOR LIVING 17,270 USD 392,374 0.05BERKSHIRE HATHAWAY "B" 43,971 USD 5,702,599 0.80 BROOKFIELD BERKSHIRE HILLS BANCORP 684 USD 18,851 0.00 INFRASTRUCTURE 1,056 USD 38,966 0.01BERRY PLASTICS GROUP 9,410 USD 275,807 0.04 BROOKLINE BANCORP 1,757 USD 17,851 0.00BEST BUY 59,458 USD 2,173,190 0.31 BROOKS AUTOMATION 2,176 USD 25,111 0.00BGC PARTNERS 29,216 USD 238,987 0.03 BROWN & BROWN 5,140 USD 158,261 0.02BIG LOTS 9,560 USD 454,769 0.06 BROWN-FORMAN "B" 2,260 USD 216,779 0.03BIGLARI HOLDINGS 233 USD 85,054 0.01 BRUKER BIOSCIENCES 5,346 USD 88,637 0.01BILL BARRETT 5,230 USD 16,004 0.00 BRUNSWICK 4,962 USD 234,703 0.03BIOGEN IDEC 1,279 USD 368,928 0.05 BUCKLE 3,049 USD 111,898 0.02BIO-RAD LABORATORIES 973 USD 131,326 0.02 BUFFALO WILD WINGS 411 USD 79,972 0.01BIO-TECHNE 363 USD 33,392 0.00 BUNGE 9,042 USD 659,885 0.09BJ'S RESTUARANTS 1,271 USD 53,878 0.01 BURLINGTON STORES 899 USD 45,615 0.01BLACK HILLS 1,085 USD 44,528 0.01 BWX TECHNOLOGIES 7,479 USD 195,277 0.03BLACKBAUD 586 USD 32,517 0.00 CA TECHNOLOGIES 19,197 USD 518,127 0.07BLACKHAWK NETWORK CABELA'S 2,665 USD 120,485 0.02HOLDINGS 974 USD 41,054 0.01 CABLE ONE 300 USD 127,548 0.02BLACKROCK 3,482 USD 1,036,766 0.14 CABLEVISION SYSTEMS 24,250 USD 779,395 0.11BLACKSTONE GROUP 13,206 USD 403,179 0.06 CABOT 2,833 USD 88,928 0.01BLACKSTONE MORTGAGE CABOT MICROELECTRONICS 558 USD 21,790 0.00TRUST "A" 3,601 USD 97,263 0.01 CABOT OIL & GAS 3,215 USD 70,376 0.01BLOOMIN BRANDS 12,933 USD 240,295 0.03 CACI INTERNATIONAL "A" 2,685 USD 199,471 0.03BLOUNT INTERNATIONAL 6,471 USD 36,173 0.01 CADENCE DESIGN SYSTEM 4,777 USD 98,812 0.01BLUEBIRD BIO 392 USD 33,928 0.00 CAESARS ENTERTAINMENT 79,950 USD 535,665 0.07BOARDWALK PIPELINE CAL MAINE FOODS 748 USD 40,519 0.01PARTNERS 4,616 USD 55,530 0.01 CALAVO GROWERS 355 USD 16,028 0.00BOB EVANS FARMS 3,242 USD 141,805 0.02 CALERES 4,611 USD 138,745 0.02BOEING 25,994 USD 3,410,413 0.48 CALGON CARBON 1,276 USD 20,212 0.00BOISE CASCADE 1,038 USD 26,230 0.00 CALIFORNIA RESOURCES 13,664 USD 35,595 0.00BOK FINANCIAL 2,272 USD 146,271 0.02 CALIFORNIA WATER SERVICE 1,090 USD 24,056 0.00BONANZA CREEK ENERGY 1,103 USD 4,655 0.00 CALLAWAY GOLF 4,074 USD 33,325 0.00BOOZ ALLEN HAMILTON CALPINE 10,111 USD 146,508 0.02HOLDING 3,435 USD 89,757 0.01 CAMBREX 508 USD 19,812 0.00BORGWARNER 6,309 USD 263,779 0.04 CAMERON INTERNATIONAL 10,047 USD 618,493 0.09BOSTON BEER 76 USD 16,354 0.00 CAMPBELL SOUP 11,836 USD 601,979 0.08BOSTON PRIVATE FINANCIAL 3,235 USD 38,011 0.01 CANTEL MEDICAL 367 USD 20,365 0.00BOSTON SCIENTIFIC 29,319 USD 476,727 0.07 CAPELLA EDUCATION 934 USD 47,251 0.01BOYD GAMING 7,483 USD 115,463 0.02 CAPITAL BANK FINANCIAL "A" 692 USD 21,103 0.00BP PRUDHOE BAY ROYALTY CAPITAL ONE FINANCIAL 12,448 USD 903,227 0.13TRUST 909 USD 37,505 0.01 CAPITAL SENIOR LIVING 1,789 USD 35,583 0.00BRADY "A" 5,922 USD 117,789 0.02 CAPITOL FEDERAL FINANCIAL 3,613 USD 43,862 0.01BRANDYWINE REALTY TRUST 4,667 USD 57,731 0.01 CARBO CERAMICS 452 USD 9,085 0.00BRIGGS & STRATTON 6,506 USD 126,021 0.02 CARDINAL HEALTH 7,153 USD 551,854 0.08BRIGHT HORIZONS FAMILY CARDTRONICS 674 USD 22,074 0.00SOLUTION 1,115 USD 70,702 0.01 CARE CAPITAL PROPERTIES BRINKER INTERNATIONAL 5,150 USD 271,611 0.04 REIT 315 USD 10,370 0.00BRINK'S 26,888 USD 720,061 0.10 CARETRUST REIT 2,072 USD 23,061 0.00BRISTOL MYERS SQUIBB 21,700 USD 1,284,206 0.18

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CARLISLEPANIES 1,882 USD 164,675 0.02 CHEVRON 91,023 USD 7,157,138 1.00CARMAX 838 USD 49,945 0.01 CHICAGO MERCANTILE CARMIKE CINEMAS 4,629 USD 92,580 0.01 EXCHANGE 4,178 USD 382,496 0.05CARNIVAL (PA1436583006) 27,286 USD 1,355,841 0.19 CHICO'S FAS 15,890 USD 246,931 0.03CARPENTER TECHNOLOGY 2,255 USD 67,447 0.01 CHILDRENS PLACE RETAIL CARRIAGE SERVICES 752 USD 16,168 0.00 STORES 3,250 USD 186,193 0.03CARTERS 1,511 USD 134,388 0.02 CHIMERA INVESTMENT REIT 9,002 USD 119,096 0.02CASEY'S GENERAL STORES 2,840 USD 291,526 0.04 CHIMERIX 750 USD 28,425 0.00CASH AMERICA CHIPOTLE MEXIAN GRIL 327 USD 233,468 0.03INTERNATIONAL 4,799 USD 133,220 0.02 CHOICE HOTELS CATALENT 1,082 USD 26,368 0.00 INTERNATIONAL 564 USD 26,593 0.00CATERPILLAR 34,406 USD 2,242,239 0.32 CHUBB 7,460 USD 912,433 0.13CATHAY GENERAL BANCORP 1,099 USD 32,893 0.00 CHURCH & DWIGHT 1,841 USD 156,411 0.02CATO "A" 3,040 USD 102,235 0.01 CHURCHILL DOWNS 195 USD 25,849 0.00CAVCO INDUSTRIES 543 USD 36,908 0.01 CIENA 2,323 USD 47,761 0.01CAVIUM 215 USD 13,008 0.00 CIGNA 5,875 USD 793,184 0.11CBIZ 8,167 USD 80,853 0.01 CIMAREX ENERGY 1,102 USD 112,988 0.02CBOE HOLDINGS 1,358 USD 89,981 0.01 CINCINNATI BELL 25,262 USD 80,081 0.01CBRE GROUP 15,680 USD 496,429 0.07 CINCINNATI FINANCE 3,041 USD 162,906 0.02CBS "B" 18,341 USD 723,919 0.10 CINEMARK HOLDINGS 3,010 USD 97,464 0.01CDK GLOBAL 7,251 USD 344,205 0.05 CINTAS 4,706 USD 401,987 0.06CDW 2,089 USD 84,500 0.01 CIRCOR INTERNATIONAL 914 USD 37,273 0.01CEB 577 USD 39,374 0.01 CIRRUS LOGIC 863 USD 26,943 0.00CEDAR FAIR 1,080 USD 57,715 0.01 CISCO SYSTEMS 99,279 USD 2,608,059 0.37CELADON GROUP 2,485 USD 39,313 0.01 CIT GROUP 3,623 USD 144,739 0.02CELANESE "A" 4,081 USD 237,759 0.03 CITIGROUP 94,597 USD 4,692,957 0.66CELGENE 2,637 USD 285,297 0.04 CITIZENS FINANCIAL GROUP 15,292 USD 361,044 0.05CENTENE 1,729 USD 94,231 0.01 CITRIX SYSTEMS 3,420 USD 233,620 0.03CENTERPOINT ENERGY 21,499 USD 382,467 0.05 CITY HOLDING 398 USD 19,542 0.00CENTRAL GARDEN 6,301 USD 97,098 0.01 CITY NATIONAL 1,371 USD 120,209 0.02CENTURY ALUMINUM 3,809 USD 17,483 0.00 CLARCOR 1,565 USD 74,087 0.01CENTURYLINK 72,016 USD 1,809,042 0.26 CLEAN HARBORS 2,323 USD 102,003 0.01CERNER 4,004 USD 240,600 0.03 CLEAR CHANNEL OUTDOOR CF INDUSTRIES HOLDINGS 5,699 USD 255,429 0.04 HOLDINGS "A" 16,488 USD 117,230 0.02CH ROBINSON WORLDWIDE 5,010 USD 341,231 0.05 CLEARWATER PAPER 1,361 USD 63,926 0.01CHAMBERS STREET CLECO 1,528 USD 81,580 0.01PROPERTIES REIT 9,323 USD 61,159 0.01 CLIFFS NATURAL CHARLES RIVER RESOURCES 21,151 USD 54,147 0.01LABORATORIES 2,120 USD 135,192 0.02 CLUBCORP HOLDINGS 919 USD 19,602 0.00CHARLES SCHWAB 14,917 USD 422,151 0.06 CMP SCIENCES 25,230 USD 1,526,920 0.21CHART INDUSTRIES 2,186 USD 41,665 0.01 CMS ENERGY 6,907 USD 240,018 0.03CHARTERED CNA FINANCIAL 7,109 USD 246,611 0.03COMMUNICATIONS 3,879 USD 676,886 0.09 CNO FINANCIAL GROUP 4,018 USD 75,498 0.01CHECKPOINT SYSTEMS 9,525 USD 68,675 0.01 COACH 14,792 USD 418,762 0.06CHEESECAKE FACTORY 3,253 USD 175,337 0.02 COCA COLA BOTTLING 801 USD 156,163 0.02CHEMED 801 USD 106,301 0.01 COCA-COLA (US1912161007) 76,329 USD 3,044,764 0.43CHEMICAL FINANCIAL 697 USD 22,457 0.00 COCA-COLA ENTERPRISES 7,837 USD 377,587 0.05CHEMTURA 3,625 USD 102,298 0.01 COEUR MINING 8,388 USD 23,738 0.00CHENIERE ENERGY COGENT COMMUNICATIONS PARTNERS (US16411Q1013) 1,976 USD 51,850 0.01 HOLDINGS 571 USD 15,097 0.00CHENIERE ENERGY COGNEX 395 USD 13,481 0.00PARTNERS (US16411W1080) 1,587 USD 30,439 0.00 COGNIZANT TECHNOLOGY CHESAPEAKE ENERGY 66,961 USD 470,066 0.07 SOLUTIONS 35,049 USD 2,167,080 0.31

COHEN & STEERS 1,276 USD 34,490 0.00

463




COHERENT 745 USD 40,848 0.01 COSTCO WHOLESALE 15,651 USD 2,251,553 0.32COHERUS BIOSCIENCES 738 USD 15,085 0.00 COTY "A" 7,509 USD 198,913 0.03COLFAX 2,098 USD 62,688 0.01 COUSINS PROPERTIES REIT 1,963 USD 18,079 0.00COLGATE-PALMOLIVE 20,812 USD 1,318,856 0.18 COVANTA HOLDING 5,910 USD 102,775 0.01COLUMBIA BANKING SYSTEM 750 USD 23,303 0.00 COWEN GROUP "A" 6,683 USD 30,074 0.00COLUMBIA PIPELINE GROUP 5,108 USD 92,250 0.01 CRACKER BARREL OLD COLUMBIA PROPERTY TRUST 4,614 USD 106,445 0.01 COUNTRY STORE 1,761 USD 258,620 0.04COLUMBIA SPORTSWEAR 1,549 USD 91,546 0.01 CRANE 3,240 USD 149,915 0.02COLUMBUS MCKINNON 1,841 USD 33,746 0.00 CREDIT ACCEPTANCE COMCAST 98,074 USD 5,523,528 0.78 GROUP 379 USD 74,367 0.01COMERICA 7,100 USD 292,449 0.04 CREE 2,803 USD 66,683 0.01COMFORT SYSTEMS 4,436 USD 119,107 0.02 CROCS 5,390 USD 71,471 0.01COMMERCE BANCSHARES 3,072 USD 139,438 0.02 CROWN HOLDING 6,720 USD 305,827 0.04COMMERCIAL METALS 8,318 USD 112,792 0.02 CSG SYSTEM COMMSCOPE HOLDING 10,472 USD 310,914 0.04 INTERNATIONAL 2,521 USD 76,437 0.01COMMUNICATIONS SALES CST BRANDS 4,204 USD 141,296 0.02AND LEASING REIT 5,736 USD 101,986 0.01 CSX 38,609 USD 1,026,613 0.14COMMUNITY BANK SERVICES 899 USD 33,407 0.00 CTS CORPORATION DESIGNS 2,543 USD 46,639 0.01COMMUNITY HEALTH CUBESMART 897 USD 24,309 0.00SYSTEMS 25,469 USD 1,072,245 0.15 CUBIC 2,687 USD 112,585 0.02COMMUNITY TRUST CULLEN-FROST BANKERS 1,327 USD 84,464 0.01BANCORP 537 USD 18,919 0.00 CUMMINS 7,663 USD 828,447 0.11COMMVAULT SERVICES 630 USD 21,392 0.00 CUMULUS MEDIA "A" 24,165 USD 17,696 0.00COMPASS DIVERSIFIED CURTISS WRIGHT 2,112 USD 131,894 0.02HOLDINGS 1,565 USD 25,197 0.00 CVB FINANCIAL 1,807 USD 30,267 0.00COMPASS MINERALS CVENT 733 USD 24,724 0.00INTERNATIONAL 575 USD 45,097 0.01 CVR ENERGY 2,454 USD 98,553 0.01COMSCORE 380 USD 17,309 0.00 CVR PARTNERS 1,569 USD 14,937 0.00COMTECH CVR REFINING 917 USD 17,020 0.00TELECOMMUNICATIONS 1,979 USD 41,915 0.01 CVS CAREMARK 38,106 USD 3,658,938 0.52CONAGRA FOODS 16,236 USD 659,019 0.09 CYBERONICS 330 USD 19,559 0.00CONCHO RESOURCES 388 USD 38,385 0.01 CYPRESS SEMICON 6,158 USD 52,220 0.01CONMED 945 USD 45,190 0.01 CYS INVESTMENTS 4,760 USD 33,891 0.00CONN'S 556 USD 13,377 0.00 CYTEC INDUSTRIES 2,680 USD 196,524 0.03CONOCOPHILLIPS 87,981 USD 4,198,453 0.59 DAKTRONICS 4,191 USD 36,085 0.01CONS EDISON 9,226 USD 612,145 0.08 DANA HOLDING 21,315 USD 336,138 0.05CONSOL ENERGY 7,598 USD 73,777 0.01 DANAHER 15,122 USD 1,277,809 0.18CONSOLIDATED DARDEN RESTAURANTS 10,238 USD 697,720 0.10COMMUNICATIONS 2,171 USD 41,727 0.01 DARLING INTERNATIONAL 2,704 USD 30,663 0.00CONSTELLATION BRANDS 1,337 USD 166,764 0.02 DAVITA HEALTHCARE CONTINENTAL RESOURCES 905 USD 25,983 0.00 PARTNERS 7,062 USD 508,958 0.07CONVERGYS 49,695 USD 1,149,445 0.16 DDR 6,468 USD 99,543 0.01CON-WAY 13,093 USD 617,990 0.09 DEALERTRACK COOPER COMPANIES 790 USD 115,711 0.02 TECHNOLOGIES 556 USD 35,128 0.00COOPER STANDARD DEAN FOODSPANY 26,695 USD 440,734 0.06HOLDING 6,177 USD 361,231 0.05 DECKERS OUTDOOR 629 USD 36,564 0.01COOPER TIRE & RUBBER 6,689 USD 258,664 0.04 DEERE 16,763 USD 1,240,797 0.17COPART 3,416 USD 114,060 0.02 DELEK US HOLDINGS 2,637 USD 73,546 0.01CORE MARK HOLDING 790 USD 52,124 0.01 DELTA AIR LINES 49,142 USD 2,181,905 0.31CORELOGIC 3,765 USD 139,644 0.02 DELUXE 2,284 USD 126,328 0.02CORNING 48,500 USD 825,470 0.11 DENBURY RESOURCES 23,396 USD 60,128 0.01CORRECTIONS CORP DENNY'S 3,844 USD 42,899 0.01OF AMERICA 8,630 USD 257,088 0.04 DENTSPLY 3,805 USD 193,408 0.03CORVEL 1,941 USD 64,422 0.01 DEVON ENERGY 13,588 USD 502,756 0.07

DEVRY EDUCATION GROUP 5,897 USD 160,280 0.02

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DIAMOND FOODS 680 USD 20,427 0.00 ECOLAB 7,440 USD 811,034 0.11DIAMOND OFFSHORE EDGEWELL PERSONAL CARE 2,694 USD 219,830 0.03DRILLING 10,234 USD 180,323 0.02 EDISON INTERNATIONAL 7,627 USD 477,450 0.07DICK'S SPORTING GOODS 7,521 USD 370,108 0.05 EDWARDS LIFESCIENCES 1,385 USD 193,568 0.03DIEBOLD 8,189 USD 243,623 0.03 EI DU PONT DE NEMOURS 27,676 USD 1,337,304 0.19DIGITAL REALTY TRUST REIT 375 USD 24,128 0.00 EL PASO ELECTRIC 1,225 USD 44,909 0.01DIGITALGLOBE 1,084 USD 20,249 0.00 ELECTRONIC ARTS 3,267 USD 218,105 0.03DILLARDS "A" 5,141 USD 453,539 0.06 ELECTRONICS FOR IMAGING 860 USD 36,791 0.01DINEEQUITY 1,465 USD 133,623 0.02 ELI LILLY 21,311 USD 1,750,059 0.25DIODES 3,806 USD 82,400 0.01 EMC 64,715 USD 1,529,215 0.21DIPLOMAT PHARMACY 859 USD 24,353 0.00 EMCOR GROUP 8,596 USD 378,396 0.05DISCOVER FINANCIAL EMERGE ENERGY SERVICES 678 USD 4,339 0.00SERVICES 13,352 USD 692,301 0.10 EMERSON ELECTRIC 47,872 USD 2,111,634 0.30DISCOVERY EMPIRE DISTRICT ELECTRIC 1,258 USD 27,638 0.00COMMUNICATIONS "A" 14,722 USD 382,478 0.05 EMPIRE STATE REALTY REIT 1,623 USD 27,932 0.00DISH NETWORK "A" 7,422 USD 434,484 0.06 EMPLOYERS HOLDINGS 911 USD 20,179 0.00DOLBY LABORATORIES "A" 2,675 USD 85,894 0.01 ENABLE MIDSTREAM DOLLAR GENERAL 10,734 USD 766,086 0.11 PARTNERS 1,217 USD 14,701 0.00DOLLAR TREE STORES 13,765 USD 911,931 0.13 ENBRIDGE ENERGY DOMINION RESOURCES 10,518 USD 733,841 0.10 PARTNERS 9,655 USD 228,920 0.03DOMINO'S PIZZA 1,580 USD 170,514 0.02 ENCORE CAPITAL GROUP 920 USD 34,629 0.00DONALDSON 7,455 USD 206,876 0.03 ENCORE WIRE 545 USD 17,593 0.00DONNELLEY & SONS RR 58,475 USD 849,057 0.12 ENDURANCE INTERNATIONAL DORMAN PRODUCTS 692 USD 34,936 0.00 GROUP HOLDINGS 1,096 USD 13,985 0.00DOVER 9,929 USD 564,762 0.08 ENDURANCE SPECIALTY DOW CHEMICALS 47,566 USD 2,008,712 0.29 HOLDINGS 2,075 USD 126,637 0.02DR HORTON 3,288 USD 95,845 0.01 ENERGEN 1,723 USD 88,235 0.01DR PEPPER SNAPPLE GROUP 7,493 USD 590,523 0.08 ENERGIZER HOLDING 2,694 USD 105,282 0.01DREAMWORKS ENERGY TRANSFER EQUITY 1,116 USD 22,320 0.00ANIMATION "A" 1,114 USD 19,462 0.00 ENERGY TRANSFER DREW INDUSTRIES 1,509 USD 81,682 0.01 PARTNERS 18,675 USD 732,994 0.10DRIL-QUIP 733 USD 42,837 0.01 ENERSYS 1,548 USD 82,199 0.01DST SYSTEMS 3,790 USD 395,070 0.05 ENGILITY HOLDINGS 3,614 USD 91,832 0.01DSW "A" 4,192 USD 104,255 0.01 ENLINK MIDSTREAM 5,337 USD 97,027 0.01DTE ENERGY 5,993 USD 476,444 0.07 ENNIS 5,774 USD 99,659 0.01DUKE ENERGY 17,995 USD 1,285,383 0.18 ENOVA INTERNATIONAL 1,109 USD 11,157 0.00DUKE REALTY 6,939 USD 133,229 0.02 ENPRO INDUSTRIES 1,232 USD 48,368 0.01DUN & BRADSTREET 1,166 USD 120,949 0.02 ENSIGN GROUP 1,873 USD 79,771 0.01DUNKIN BRANDS GROUP 756 USD 36,613 0.01 ENSTAR GROUP 384 USD 56,748 0.01DXP ENTERPRISES 517 USD 14,104 0.00 ENTERGIS 3,179 USD 42,122 0.01DYCOM INDUSTRIES 2,459 USD 172,327 0.02 ENTERGY 10,353 USD 672,117 0.09DYNEGY 1,735 USD 35,186 0.00 ENTERPRISE PRODUCTS E TRADE FINANCIAL 2,876 USD 75,668 0.01 PARTNERS 6,718 USD 160,157 0.02E.W. SCRIPPS "A" 3,594 USD 61,961 0.01 ENTRAVISIONMS "A" 2,887 USD 19,199 0.00EAGLE MATERIALS 511 USD 34,743 0.00 ENVISION HEALTHCARE EAGLE PHARMACEUTICALS 213 USD 15,472 0.00 HOLDINGS 12,612 USD 457,059 0.06EARTHLINK HOLDINGS 16,357 USD 125,458 0.02 EOG RESOURCES 8,069 USD 580,322 0.08EAST WEST BANCORP 2,444 USD 93,434 0.01 EP ENERGY "A" 2,838 USD 14,275 0.00EASTMAN CHEMICALS 3,646 USD 236,808 0.03 EPAM SYSTEMS 1,343 USD 96,709 0.01EASTMAN KODAK 1,048 USD 16,055 0.00 EPIQ SYSTEMS 1,104 USD 13,910 0.00EATON 22,125 USD 1,135,676 0.16 EPLUS 356 USD 27,971 0.00EATON VANCE 4,055 USD 135,843 0.02 EQT 733 USD 47,213 0.01EBAY 13,118 USD 318,374 0.04 EQUIFAX 2,082 USD 202,183 0.03EBIX 525 USD 12,899 0.00 EQUITY COMMONWEALTH 2,323 USD 62,651 0.01ECHOSTAR "A" 2,479 USD 105,977 0.01

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EQUITY LIFESTYLE FINISH LINE "A" 5,081 USD 96,006 0.01PROPERTIES REIT 1,741 USD 101,674 0.01 FIRST AMERICAN FINANCIAL 9,071 USD 350,322 0.05EQUITY ONE REIT 1,291 USD 31,371 0.00 FIRST BANCORP 3,396 USD 11,784 0.00ERIE INDEMNITY "A" 2,132 USD 174,760 0.02 FIRST CASH FINANCIALESCO TECHNOLOGIES 1,444 USD 51,868 0.01 SERVICES 2,520 USD 99,616 0.01ESPERION THERAPEUTICS 546 USD 11,313 0.00 FIRST CITIZENS ESSENDANT 2,290 USD 73,624 0.01 BANCSHARES "A" 413 USD 92,500 0.01ESTEE LAUDER "A" 9,646 USD 768,786 0.11 FIRST COMMONWEALTH ETHAN ALLEN INTERIORS 3,133 USD 82,680 0.01 FINANCIAL 2,479 USD 22,559 0.00EURONET WORLDWIDE 762 USD 56,457 0.01 FIRST FINANCIAL EVERBANK FINANCIAL 3,230 USD 62,371 0.01 BANKSHARES 725 USD 22,954 0.00EVERCORE PARTNERS "A" 1,924 USD 95,546 0.01 FIRST FINANCIL BANCORP 2,174 USD 40,480 0.01EVEREST RE GROUP 649 USD 112,193 0.02 FIRST HORIZON NATIONAL 11,304 USD 160,178 0.02EVERI HOLDINGS 2,444 USD 12,880 0.00 FIRST INTERSTATE EVERSOURCE ENERGY 7,878 USD 394,294 0.05 BANCSYS "A" 1,087 USD 29,969 0.00EXELON 50,428 USD 1,485,609 0.21 FIRST MERCHANTS 893 USD 23,298 0.00EXLSERVICE HOLDINGS 7,212 USD 268,575 0.04 FIRST MIDWEST BANCORP 1,806 USD 31,659 0.00EXPEDIA 2,672 USD 306,986 0.04 FIRST NIAGRA FINANCIAL EXPEDITOR INTERNATIONAL 7,099 USD 332,801 0.05 GROUP 10,184 USD 103,266 0.01EXPONENT 873 USD 38,805 0.01 FIRST REPUBLIC BANK 382 USD 23,913 0.00EXPRESS 11,264 USD 200,499 0.03 FIRST SOLAR 2,638 USD 111,429 0.02EXPRESS SCRIPTS FIRSTENERGY 18,333 USD 572,173 0.08HOLDINGS 14,219 USD 1,153,587 0.16 FIRSTMERIT 3,403 USD 60,369 0.01EXTERRAN HOLDINGS 7,451 USD 131,361 0.02 FISERV 8,591 USD 738,139 0.10EXTERRAN PARTNERS 917 USD 14,791 0.00 FIVE BELOW 1,268 USD 41,540 0.01EXXON MOBIL 188,013 USD 13,897,920 1.94 FLAGSTAR BANCORP 1,618 USD 33,007 0.00EZCORP 16,430 USD 99,566 0.01 FLEETCOR TECHNOLOGIES 168 USD 23,174 0.00F5 NETWORKS 925 USD 106,958 0.01 FLIR SYSTEMS 3,035 USD 84,070 0.01FACEBOOK 4,041 USD 361,508 0.05 FLOWER FOODS 8,811 USD 218,072 0.03FACTSET RESEARCH FLOWSERVE 7,063 USD 289,300 0.04SYSTEMS 983 USD 155,265 0.02 FLUOR 12,036 USD 505,031 0.07FAIR ISSAC 668 USD 55,932 0.01 FLUSHING FINANCIAL 907 USD 18,140 0.00FAIRCHILD SEMICON FMC 2,900 USD 98,165 0.01INTERNATIONAL "A" 10,385 USD 144,923 0.02 FMC TECHNOLOGIES 8,177 USD 256,512 0.04FAIRMOUNT SANTROL FNB 3,250 USD 42,023 0.01HOLDINGS 3,500 USD 9,380 0.00 FNFV GROUP (US31620R3030) 13,712 USD 481,291 0.07FAIRPOINT FNFV GROUP (US31620R4020) 36,185 USD 415,404 0.06COMMUNICATIONS 6,754 USD 102,863 0.01 FOOT LOCKER 7,930 USD 563,664 0.08FASTENAL 7,105 USD 258,622 0.04 FORD MOTOR 254,058 USD 3,406,918 0.48FBL FINANCIAL GROUP 890 USD 55,314 0.01 FOREST CITY ENTERPRISES 2,706 USD 54,012 0.01FEDERAL MONGUL 61,036 USD 421,148 0.06 FORTINET 750 USD 31,620 0.00FEDERAL SIGNAL 3,247 USD 44,711 0.01 FORTRESS INVESTMENT FEDERATED INVESTORS 3,270 USD 94,732 0.01 GROUP 36,434 USD 199,294 0.03FEDEX 22,591 USD 3,234,579 0.46 FORTUNE BRANDS HOME & FEI 559 USD 40,432 0.01 SECURITY 6,690 USD 314,296 0.04FELCOR LODGING REIT 3,802 USD 26,652 0.00 FORUM ENERGY FERRELLGAS PARTNERS 2,289 USD 45,528 0.01 TECHNOLOGIES 2,864 USD 36,058 0.00FERRO 3,656 USD 40,253 0.01 FORWARD AIR 879 USD 36,487 0.01FIBROGEN 2,002 USD 43,624 0.01 FOSSIL GROUP 4,354 USD 244,825 0.03FIDELITY NATIONAL FOUNDATION MEDICINE 695 USD 12,795 0.00INFORMATION 12,060 USD 804,764 0.11 FRANCESCAS HOLDINGS 2,488 USD 29,980 0.00FIESTA RESTAURANT GROUP 713 USD 33,090 0.00 FRANK RESOURCES 14,352 USD 529,876 0.07FIFTH THIRD BANCORP 33,682 USD 637,432 0.09 FRANKLIN ELECTRIC 2,307 USD 62,773 0.01FINISAR 5,897 USD 65,368 0.01 FRED'S "A" 5,051 USD 59,299 0.01

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FREEPORT MCMORAN GRAMERCY PROPERTY COPPER "B" 78,029 USD 751,419 0.10 TRUST 1,273 USD 26,695 0.00FREESCALE GRAND CANYON EDUCATION 710 USD 27,477 0.00SEMICONDUCTOR 10,909 USD 389,997 0.05 GRANITE CONSTRUCTION 1,102 USD 32,410 0.00FRESH DEL MONTE PRODUCE 15,258 USD 605,132 0.08 GRAPHIC PACKAGING FRESH MARKET 3,610 USD 82,416 0.01 HOLDING 23,042 USD 294,938 0.04FRONTIER GRAY TELEVISION 1,851 USD 23,545 0.00COMMUNICATIONS 112,201 USD 532,955 0.07 GREAT PLAINS ENERGY 4,783 USD 128,184 0.02FTI CONSULTING 2,087 USD 86,840 0.01 GREAT WESTERN BANCORP 1,070 USD 26,836 0.00FULTON FINANCIAL 6,854 USD 82,933 0.01 GREATBATCH 1,358 USD 75,383 0.01G&K SERVICES "A" 874 USD 58,147 0.01 GREEN DOT 1,767 USD 30,816 0.00GALLAGHER 5,918 USD 242,283 0.03 GREEN PLAINS RENEWABLE GAMESTOP 7,099 USD 290,775 0.04 ENERGY 1,024 USD 20,050 0.00GAMING AND LEISURE GREENBRIER COMPANIES 1,586 USD 50,958 0.01PROPERTIES 3,209 USD 93,671 0.01 GREENHILL 1,606 USD 45,659 0.01GANNETT 9,386 USD 136,097 0.02 GREENLIGHT CAPITAL RE "A" 1,074 USD 24,165 0.00GAP 49,354 USD 1,389,809 0.19 GREIF 6,876 USD 219,069 0.03GARTNER "A" 1,560 USD 130,276 0.02 GRIFFON 5,104 USD 79,776 0.01GATX 938 USD 41,281 0.01 GROUP 1 AUTOMOTIVE 938 USD 79,102 0.01GENERAC HOLDINGS 1,803 USD 51,908 0.01 GROUPON 19,849 USD 65,502 0.01GENERAL CABLE 10,319 USD 121,558 0.02 GRUBHUB 1,548 USD 37,655 0.01GENERAL GUESS 10,924 USD 232,135 0.03COMMUNICATION "A" 4,189 USD 71,632 0.01 H & E EQUIPMENT SERVICES 1,649 USD 27,588 0.00GENERAL ELECTRIC CAPITAL 572,305 USD 14,301,901 1.99 H B FULLER 1,465 USD 49,664 0.01GENERAL MILLS 20,682 USD 1,160,053 0.16 H&R BLOCK 9,896 USD 355,365 0.05GENERAL MOTORS 86,506 USD 2,578,744 0.37 HAEMONETICS 1,255 USD 39,432 0.01GENESCO 3,462 USD 196,815 0.03 HAIN CELESTIAL GROUP 935 USD 48,788 0.01GENESEE & WYOMING 818 USD 48,115 0.01 HALLIBURTON 38,603 USD 1,380,443 0.19GENPACT 20,942 USD 484,179 0.07 HALYARD HEALTH 1,804 USD 50,927 0.01GENTEX 5,162 USD 79,546 0.01 HANCOCK HOLDING 2,351 USD 64,041 0.01GENTHERM 1,271 USD 56,903 0.01 HANESBRANDS 27,145 USD 778,519 0.11GENUINE PARTS 5,396 USD 444,253 0.06 HANGER ORTHOPEDIC GENWORTH FINANCIAL "A" 16,964 USD 79,646 0.01 GROUP 2,341 USD 31,838 0.00GEO GROUP 7,445 USD 222,903 0.03 HANOVER INSURANCE GIBRALTAR INDUSTRIES 2,142 USD 39,027 0.01 GROUP 1,533 USD 119,421 0.02G-III APPAREL GROUP 1,140 USD 68,685 0.01 HARLEY-DAVIDSON 7,249 USD 398,695 0.06GILEAD SCIENCES 2,813 USD 277,868 0.04 HARMAN INTERNATIONAL GLACIER BANCORP 908 USD 23,735 0.00 INDUSTRIES 1,906 USD 182,137 0.03GLATFELTER 3,606 USD 61,771 0.01 HARMONIC 3,978 USD 23,152 0.00GLOBAL BRASS AND COPPER HARRIS 4,999 USD 360,128 0.05HOLDINGS 2,374 USD 48,074 0.01 HARSCO 19,090 USD 174,674 0.02GLOBAL PARTNERS 688 USD 19,505 0.00 HARTF FINANCIAL GLOBAL PAYMENTS 527 USD 60,083 0.01 SERVICES GROUP 13,573 USD 616,757 0.09GLOBE SPECIALTY METALS 1,652 USD 20,039 0.00 HASBRO 3,083 USD 219,510 0.03GLOBUS MEDICAL "A" 2,372 USD 50,120 0.01 HAVERTY FURNITURE 2,140 USD 51,360 0.01GNC HOLDINGS "A" 2,880 USD 115,315 0.02 HAWAIIAN ELECTRIC GOLAR LNG PARTNERS 745 USD 10,892 0.00 INDUSTRIES 3,060 USD 87,424 0.01GOLDMAN SACHS GROUP 23,272 USD 4,061,197 0.57 HAWAIIAN HOLDINGS 3,458 USD 84,064 0.01GOLUB CAPITAL BDC 2,152 USD 34,518 0.00 HAYNES INTERNATIONAL 513 USD 19,099 0.00GOODYEAR TIRE 35,059 USD 1,025,826 0.14 HCA HOLDINGS 47,447 USD 3,637,761 0.51GOOGLE "A" 3,531 USD 2,244,974 0.32 HCC INSURANCE HOLDING 1,371 USD 106,225 0.01GP STRATEGIES 1,261 USD 28,524 0.00 HCP 1,651 USD 61,846 0.01GRACO 756 USD 50,062 0.01 HD SUPPLY HOLDINGS 5,535 USD 157,139 0.02GRAHAM HOLDINGS "B" 317 USD 184,161 0.03 HEADWATERS 1,421 USD 26,487 0.00GRAINGER W W 1,897 USD 399,869 0.06

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HEALTH NET 2,811 USD 169,869 0.02 HUNTINGTON INGALLS HEALTHCARE SERVICES INDUSTRIES 3,756 USD 400,427 0.06GROUP 2,299 USD 76,028 0.01 HUNTSMAN 14,809 USD 142,759 0.02HEALTHSOUTH 4,793 USD 182,613 0.03 HURON CONSULTING GROUP 561 USD 34,771 0.00HEARTLAND EXPRESS 3,855 USD 77,563 0.01 HYATT HOTELS 4,801 USD 225,215 0.03HEARTLAND FINANCIAL 701 USD 25,362 0.00 HYSTE-YALE MATERIALS HEARTLAND PAYMENT HANDLING "A" 1,531 USD 88,905 0.01SYSTEMS 918 USD 57,779 0.01 IAC INTERACTIVE 1,929 USD 125,481 0.02HECLA MINING 6,588 USD 12,847 0.00 IBERIABANK 729 USD 42,297 0.01HEICO 698 USD 33,881 0.00 ICAHN ENTERPRISES 3,057 USD 204,972 0.03HEIDRICK & STRUGGLES ICF INTERNATIONAL 1,778 USD 54,033 0.01INTERNATIONAL 2,894 USD 56,144 0.01 ICONIX BRAND GROUP 747 USD 10,055 0.00HELEN OF TROY 318 USD 28,102 0.00 ICU MEDICAL 389 USD 42,343 0.01HELIX ENERGY SOLUTIONS IDACORP 902 USD 57,854 0.01GROUP 6,296 USD 29,969 0.00 IDEX 1,938 USD 137,559 0.02HELMERICH & PAYNE 4,189 USD 202,999 0.03 IDEXX LABORATORIES 1,925 USD 142,171 0.02HERBALIFE 1,747 USD 95,177 0.01 IHS "A" 209 USD 23,408 0.00HERITAGE INSURANCE II-VI 5,395 USD 87,021 0.01HOLDINGS 1,095 USD 21,155 0.00 ILLINOIS TOOL WORKS 16,568 USD 1,361,890 0.19HERMAN MILLER 3,822 USD 108,583 0.02 ILLUMINA 74 USD 12,900 0.00HERSHEY COMPANY 5,142 USD 475,378 0.07 IMPAX LABORATORIES 694 USD 23,582 0.00HERTZ GLOBAL HOLDINGS 43,786 USD 738,232 0.10 IMPERVA 716 USD 44,929 0.01HESS 17,201 USD 851,105 0.12 IMS HEALTH HOLDINGS 8,289 USD 238,143 0.03HEWLETT-PACKARD 228,009 USD 5,777,748 0.81 INC RESEARCH HOLDINGS "A" 1,371 USD 54,689 0.01HEXCEL 2,267 USD 102,808 0.01 INDEPENDENT BANK 532 USD 24,727 0.00HIBBETT SPORTING GOODS 1,893 USD 66,634 0.01 INFINITY PROPERTY & HILLENBRAND 2,867 USD 73,424 0.01 CASUALTY 576 USD 45,729 0.01HILL-ROM HOLDINGS 2,697 USD 139,138 0.02 INFOBLOX 956 USD 15,033 0.00HILTON WORLDWIDE INGLES MARKETS "A" 4,566 USD 212,593 0.03HOLDINGS 10,120 USD 225,372 0.03 INGRAM MICRO "A" 7,049 USD 190,605 0.03HMS HOLDINGS 2,518 USD 22,309 0.00 INGREDION 2,869 USD 250,751 0.03HNI 3,604 USD 153,747 0.02 INNOPHOS HOLDINGS 894 USD 35,800 0.00HOLLY ENERGY PARTNERS 551 USD 15,599 0.00 INNOSPEC 521 USD 24,581 0.00HOLLYFRONTIER 7,436 USD 353,731 0.05 INOVALON HOLDINGS "A" 1,058 USD 21,964 0.00HOLOGIC 4,459 USD 171,627 0.02 INSIGHT ENTERPRISES 2,320 USD 59,833 0.01HOME BANCSHARES 686 USD 27,714 0.00 INSPERITY 2,663 USD 115,201 0.02HOME DEPOT 48,012 USD 5,502,175 0.77 INTEGRA LIFESCIENCES 723 USD 43,062 0.01HOME PROPERTIES REIT 569 USD 42,556 0.01 INTEGRATED DEVICE HOMESTREET 873 USD 19,333 0.00 TECHNOLOGY 1,781 USD 35,780 0.00HONEYWELL INTERNATIONAL 25,304 USD 2,379,841 0.34 INTEL 174,030 USD 5,250,485 0.74HORACE MANN EDUCATORS 759 USD 25,252 0.00 INTELIQUENT 1,228 USD 27,065 0.00HORMEL FOODS 7,508 USD 470,601 0.07 INTER PARFUMS 711 USD 17,626 0.00HORTONWORKS 1,809 USD 39,219 0.01 INTERACTIVE BROKERS 1,620 USD 63,342 0.01HOST MARRIOTT 11,017 USD 171,865 0.02 INTERCONTINENTAL HOUGHTON MIFFLIN EXCHANGE GROUP 764 USD 176,828 0.02HARCOURT 3,581 USD 72,444 0.01 INTERDIGITAL 692 USD 34,794 0.00HRG GROUP 6,409 USD 73,704 0.01 INTERFACE 2,914 USD 65,769 0.01HSN 1,703 USD 99,302 0.01 INTERNATION FLAVOURS & HUB GROUP "A" 463 USD 16,955 0.00 FRAGRANCES 1,304 USD 133,738 0.02HUBBELL "B" 2,486 USD 208,426 0.03 INTERNATIONAL HUBSPOT 342 USD 15,978 0.00 BANCSHARES 1,513 USD 37,916 0.01HUDSON CITY BANCORP 8,409 USD 81,525 0.01 INTERNATIONAL BUSINESS HUMANA 4,617 USD 819,425 0.11 MACHINES 43,897 USD 6,373,405 0.89HUNTINGTON BANCSHARES 27,873 USD 295,314 0.04 INTERNATIONAL FCSTONE 1,075 USD 26,531 0.00

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INTERNATIONAL PAPER 28,661 USD 1,083,672 0.15 KAPSTONE PAPER AND INTERNATIONAL PACKAGING 2,302 USD 37,937 0.01SPEEDWAY "A" 916 USD 29,248 0.00 KAR AUCTION SERVICES 4,019 USD 141,991 0.02INTERPUBLIC GROUP 55,739 USD 1,059,598 0.15 KATE SPADE AND COMPANY 4,967 USD 94,572 0.01INTERSIL "A" 3,915 USD 45,101 0.01 KB HOME 1,286 USD 17,284 0.00INTERVAL LEISURE 2,651 USD 48,911 0.01 KBR 24,732 USD 404,616 0.06INTREPID POTASH 2,345 USD 13,390 0.00 KELLOGG 12,958 USD 867,668 0.12INTREXON 1,214 USD 36,663 0.01 KELLY SERVICES "A" 8,422 USD 116,813 0.02INTUIT 4,182 USD 367,849 0.05 KEMPER 3,687 USD 130,667 0.02INTUITIVE SURGICAL 266 USD 122,147 0.02 KENNAMETAL 5,950 USD 146,727 0.02INVACARE 5,314 USD 76,894 0.01 KERYX INVENSENSE 2,885 USD 26,917 0.00 BIOPHARMACEUTICALS 3,021 USD 10,755 0.00INVESCO 11,836 USD 367,508 0.05 KEYCORP 35,813 USD 462,704 0.06INVESTMENT TECHNOLOGY KEYSIGHT TECHNOLOGIES 7,229 USD 222,147 0.03GROUP 1,331 USD 17,356 0.00 KFORCE 6,532 USD 163,300 0.02INVESTORS BANCORP 2,534 USD 31,168 0.00 KIG GREEN MOUNTAIN 1,416 USD 76,733 0.01IPC HEALTHCARE 528 USD 40,825 0.01 KIMBALL INTERNATIONAL "B" 8,910 USD 83,309 0.01IPG PHOTONICS 559 USD 41,729 0.01 KIMBERLY-CLARK 15,289 USD 1,664,055 0.23IRON MOUNTAIN KIMCO REALTY 7,603 USD 184,525 0.03INCORPORATED REIT 9,414 USD 289,763 0.04 KINDER MORGAN 86,696 USD 2,357,264 0.34ISTAR FINANCIAL 22,184 USD 277,522 0.04 KINDRED HEALTHCARE 26,090 USD 415,875 0.06ITRON 5,169 USD 162,668 0.02 KIRBY 924 USD 57,242 0.01ITT 8,622 USD 287,285 0.04 KIRKLANDS 903 USD 19,405 0.00J & J SNACK FOODS 564 USD 63,766 0.01 KITE PHARMA 1,337 USD 73,976 0.01J. ALEXANDERS HOLDINGS 6,249 USD 62,053 0.01 KKR & CO 14,859 USD 238,041 0.03J.B. HUNT TRANSPORT KLA TENCOR 3,822 USD 186,972 0.03SERVICES 3,924 USD 280,134 0.04 KLX 2,152 USD 76,783 0.01JABIL CIRCUIT 88,327 USD 1,978,083 0.28 KNIGHT TRANSPORTATION 3,068 USD 73,785 0.01JACK HENRY & ASSOCIATES 1,884 USD 130,486 0.02 KNOLL 2,173 USD 47,676 0.01JACK IN THE BOX 1,534 USD 119,130 0.02 KNOWLES 3,210 USD 58,197 0.01JACOBS ENGINEERING KOHLS 30,192 USD 1,399,399 0.19GROUP 15,162 USD 570,091 0.08 KOPPERS HOLDINGS 741 USD 14,953 0.00JANUS CAPITAL GROUP 5,544 USD 74,123 0.01 KORN-FERRY JARDEN 7,463 USD 360,911 0.05 INTERNATIONAL 3,632 USD 119,965 0.02JC PENNEY 117,087 USD 1,087,738 0.15 KOSMOS ENERGY 5,316 USD 29,238 0.00JETBLUE AIRWAYS 18,197 USD 461,658 0.06 KRAFT HEINZ 7,021 USD 493,155 0.07JM SMUCKER 2,114 USD 242,349 0.03 KRATON PERFORMANCE JOHN B SAN FILIPPO & SON 537 USD 27,935 0.00 POLYMERS 1,284 USD 23,073 0.00JOHN BEAN TECHNOLOGIES 1,618 USD 61,128 0.01 KRISPY KREME DOUGHNUTS 2,841 USD 41,308 0.01JOHN WILEY & SONS 2,662 USD 130,864 0.02 KROGER 113,634 USD 4,071,506 0.57JOHNSON & JOHNSON 54,346 USD 5,076,460 0.71 KULICKE & SOFFA 4,083 USD 37,686 0.01JOHNSON CONTROLS 52,746 USD 2,178,410 0.31 LA QUINTA HOLDINGS 1,435 USD 22,207 0.00JONES LANG LASALLE 3,459 USD 501,417 0.07 LABORATORY AMER 4,612 USD 498,280 0.07JOY GLOBAL 8,154 USD 120,924 0.02 LACLEDE GROUP 504 USD 27,261 0.00JP MORGAN CHASE 138,877 USD 8,447,887 1.18 LADDER CAPITAL REIT 1,070 USD 15,269 0.00JUNIPER NETWORKS 10,829 USD 276,573 0.04 LAM RESEARCH 2,499 USD 160,336 0.02JUNO THERAPEUTICS 2,273 USD 90,897 0.01 LAMAR ADVERTISING "A" 3,052 USD 159,406 0.02K12 3,245 USD 40,822 0.01 LANCASTER COLONY 948 USD 92,060 0.01KADANT 699 USD 27,205 0.00 LANDS END 29,445 USD 797,960 0.11KAISER ALUMINIUM 289 USD 23,285 0.00 LANDSTAR SYSTEM 875 USD 55,694 0.01KAMAN 1,771 USD 63,543 0.01 LAS VEGAS SANDS 15,870 USD 600,838 0.08KANSAS CITY SOUTHERN LAZARD 4,388 USD 185,612 0.03INDUSTRIES 2,082 USD 186,630 0.03 LA-Z-BOY CHAIR 5,140 USD 136,210 0.02

LEAR 15,832 USD 1,735,820 0.24

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LEGG MASON 6,726 USD 280,003 0.04 MANITOWOC 13,043 USD 191,993 0.03LEGGETT & PLATT 7,690 USD 315,059 0.04 MANPOWER GROUP 5,451 USD 432,155 0.06LEIDOS HOLDINGS 14,169 USD 584,755 0.08 MANTECH LENDINGCLUB 6,688 USD 88,014 0.01 INTERNATIONAL "A" 5,381 USD 137,000 0.02LENNAR 914 USD 43,388 0.01 MARATHON OIL 58,787 USD 907,671 0.13LENNOX INTERNATIONAL 1,910 USD 210,940 0.03 MARATHON PETROLEUM 24,507 USD 1,128,547 0.16LEUCADIA NATIONAL 7,897 USD 159,756 0.02 MARCUS AND MILLICHAP 500 USD 22,560 0.00LEVEL 3 COMMUNICATIONS 6,311 USD 273,203 0.04 MARKEL 146 USD 117,457 0.02LEXINGTON REALTY TRUST 3,040 USD 24,366 0.00 MARKETAXESS HOLDINGS 360 USD 32,951 0.00LEXMARK INTERNATIONAL MARRIOTT INTERNATIONAL 8,949 USD 598,778 0.08GROUP "A" 6,655 USD 190,599 0.03 MARRIOTT VACATIONS LHC GROUP 2,538 USD 111,012 0.02 WORLDWIDE 1,903 USD 128,357 0.02LIBERTY BROADBAND "C" 3,253 USD 166,391 0.02 MARSH & MCLENNAN 24,090 USD 1,252,680 0.17LIBERTY INTERACTIVE "A" 23,747 USD 627,871 0.09 MARTEN TRANSPORT 2,116 USD 34,702 0.00LIBERTY MEDIA "A" 3,609 USD 128,192 0.02 MARTIN MARIETTA LIBERTY TRIPADVISOR MATERIALS 953 USD 142,140 0.02HOLDINGS "A" 2,362 USD 53,358 0.01 MARVELL TECH GROUP 19,412 USD 174,611 0.02LIBERTY VENTURES "A" 5,895 USD 234,149 0.03 MASCO 20,978 USD 521,303 0.07LIFEPOINT HOSPITALS 5,193 USD 367,561 0.05 MASIMO 1,727 USD 66,058 0.01LIMITED BRANDS 13,089 USD 1,182,329 0.16 MASTEC 10,367 USD 162,866 0.02LINCOLN ELECTRIC MASTERCARD 10,346 USD 929,278 0.13HOLDINGS 3,445 USD 181,689 0.03 MATERION 975 USD 29,319 0.00LINCOLN NATIONAL 5,786 USD 275,009 0.04 MATRIX SERVICE 2,556 USD 56,155 0.01LINDSAY MANUFACTURING 352 USD 23,792 0.00 MATSON 876 USD 33,393 0.00LINEAR TECH 3,975 USD 159,437 0.02 MATTEL 23,569 USD 485,521 0.07LINKEDIN 186 USD 35,312 0.00 MATTHEWS INTERNATIONAL 1,911 USD 93,410 0.01LINN 5,621 USD 14,783 0.00 MATTRESS FIRM HOLDING 514 USD 21,501 0.00LINN ENERGY 6,912 USD 18,455 0.00 MAXIM INTEGRATED LITHIA MOTORS 538 USD 57,534 0.01 PRODUCTS 8,362 USD 275,862 0.04LITTLEFUSE 1,168 USD 105,599 0.01 MAXIMUS 2,310 USD 135,274 0.02LIVE NATION 2,237 USD 53,509 0.01 MB FINANCIAL 1,461 USD 47,702 0.01LKQ 6,356 USD 178,604 0.02 MBIA 3,349 USD 20,295 0.00LOEWS 11,113 USD 401,846 0.06 MCCORMICK 3,087 USD 251,837 0.03LOGMEIN 527 USD 34,666 0.00 MCDONALDS 28,677 USD 2,817,515 0.40LORAL SPACE & MCGRATH RENT 1,067 USD 28,265 0.00COMMUNICATIONS 388 USD 18,430 0.00 MCGRAW HILL FINANCIAL 6,345 USD 545,099 0.08LOUISIANA PACIFIC 4,974 USD 70,581 0.01 MCKESSON HBOC 3,468 USD 638,254 0.09LOWES 51,786 USD 3,535,430 0.50 MDC HOLDINGS 1,779 USD 46,628 0.01LPL FINANCIAL HOLDINGS 2,905 USD 115,561 0.02 MDU RESOURCES GROUP 8,570 USD 146,204 0.02LSB INDUSTRIES 733 USD 11,222 0.00 MEAD JOHNSON LUMBER LIQUIDATORS NUTRITION "A" 2,323 USD 163,934 0.02HOLDINGS 1,045 USD 13,763 0.00 MEDASSETS 2,495 USD 48,952 0.01LUMENTUM HOLDINGS 1,774 USD 30,087 0.00 MEDIA GENERAL 4,472 USD 61,937 0.01LYDALL 956 USD 27,217 0.00 MEDNAX 3,853 USD 295,410 0.04M&T BANK 3,436 USD 417,715 0.06 MEMORIAL RESOURCE MACQUARIE DEVELOPEMENT 3,106 USD 55,069 0.01INFRASTRUCTURE 391 USD 28,754 0.00 MENTOR GRAPHICS 3,287 USD 79,973 0.01MACROGENICS 877 USD 18,741 0.00 MERCER INTERNATIONAL 3,913 USD 38,426 0.01MACY'S 32,981 USD 1,687,308 0.23 MERCK & CO 82,872 USD 4,077,302 0.58MAGELLAN HEALTH SERVICE 1,528 USD 84,850 0.01 MERCURY GENERAL 1,956 USD 98,837 0.01MAGELLAN MIDSTREAM MEREDITH 1,743 USD 75,385 0.01PARTNERS 921 USD 53,676 0.01 MERIDIAN BIOSCIENCES 1,053 USD 17,896 0.00MAIDEN HOLDINGS 1,639 USD 22,864 0.00 MERIT MEDICAL SYSTEMS 1,768 USD 41,937 0.01MANHATTAN ASSOCIATES 799 USD 49,610 0.01 MERITOR 13,480 USD 145,719 0.02

METHODE ELECTRONICS 1,093 USD 34,899 0.00

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METLIFE 25,300 USD 1,188,847 0.16 NATIONAL BANK METTLER TOLEDO HOLDINGS "A" 1,645 USD 33,755 0.00INTERNATIONAL 779 USD 222,132 0.03 NATIONAL CINEMEDIA 1,396 USD 18,511 0.00MGE ENERGY 694 USD 28,287 0.00 NATIONAL FUEL GAS 1,919 USD 95,048 0.01MGM RESORTS NATIONAL HEALTH INTERNATIONAL 19,552 USD 354,087 0.05 INVESTORS 1,412 USD 82,757 0.01MICHAEL KORS HOLDINGS 2,319 USD 97,212 0.01 NATIONAL INSTRUMENTS 4,331 USD 120,012 0.02MICHAELS COMPANIES 3,691 USD 83,527 0.01 NATIONAL PENNMICROCHIP TECHNOLOGY 3,580 USD 152,365 0.02 BANCSHARERS 3,913 USD 46,076 0.01MICRON TECHNOLOGY 35,838 USD 535,420 0.07 NATIONAL-OILWELL 23,421 USD 879,927 0.12MICROSEMI 706 USD 22,874 0.00 NATIONSTAR MORTGAGE MICROSOFT 122,363 USD 5,366,841 0.75 HOLDINGS 4,910 USD 69,035 0.01MICROSTRATEGY "A" 238 USD 46,565 0.01 NATURAL RESOURCE MIDDLEBY 537 USD 55,907 0.01 PARTNERS 6,189 USD 14,854 0.00MINERALS TECHNOLOGIES 697 USD 33,979 0.00 NAVIENT 15,632 USD 180,002 0.02MKS INSTRUMENTS 1,444 USD 47,464 0.01 NAVIGANT CONSULTING 2,785 USD 43,975 0.01MOBILE MINI 1,105 USD 33,073 0.00 NAVIGATORS GROUP 217 USD 17,013 0.00MODINE MANUFACTURING 10,291 USD 82,122 0.01 NAVIOS MARITIME PARTNERS 3,345 USD 24,117 0.00MOELIS & COMPANY 1,628 USD 42,751 0.01 NAVISTAR INTERNATIONAL 13,972 USD 177,584 0.02MOHAWK INDUSTRIES 2,566 USD 462,598 0.06 NBT BANCORP 1,421 USD 38,268 0.01MOLINA HEALTHCARE 1,922 USD 130,292 0.02 NCI BUILDING SYSTEMS 4,478 USD 46,079 0.01MOLSON COORS NCR 9,325 USD 211,398 0.03BREWING "B" 5,156 USD 427,845 0.06 NEENAH PAPER 443 USD 26,172 0.00MONDELEZ NELNET 1,779 USD 63,457 0.01INTERNATIONAL "A" 64,434 USD 2,679,810 0.38 NET 1 UEPS TECHNOLOGIES 4,343 USD 71,790 0.01MONOLITHIC POWER NETAPP 12,548 USD 369,037 0.05SYSTEMS 392 USD 20,000 0.00 NETFLIX 3,622 USD 369,661 0.05MONRO MUFFLER BRAKE 1,141 USD 76,173 0.01 NETGEAR 896 USD 26,280 0.00MONSANTO 8,084 USD 685,927 0.10 NETSCOUT SYSTEMS 869 USD 30,606 0.00MONSTER BEVERAGE 805 USD 108,723 0.02 NETSUITE 338 USD 28,537 0.00MONSTER WORLDWIDE 19,011 USD 121,861 0.02 NEUSTAR "A" 1,970 USD 52,875 0.01MOODYS 2,879 USD 281,077 0.04 NEVRO 500 USD 23,030 0.00MOOG 3,245 USD 175,619 0.02 NEW JERSEY RESOURCES 1,219 USD 35,790 0.00MORGAN STANLEY 94,220 USD 2,982,063 0.42 NEW MEDIA INVESTMENT MORNINGSTAR 1,139 USD 91,587 0.01 GROUP 1,987 USD 30,262 0.00MOTORCAR PARTS NEW RELIC 897 USD 33,907 0.00OF AMERICA 1,069 USD 32,872 0.00 NEW RESIDENTIAL MOTOROLA SOLUTIONS 14,912 USD 1,023,709 0.14 INVESTMENT 9,030 USD 116,216 0.02MOVADO GROUP 868 USD 22,151 0.00 NEW SENIOR INVESTMENT MRC GLOBAL 2,934 USD 33,184 0.00 GROUP 2,683 USD 27,662 0.00MSA SAFETY 1,910 USD 75,407 0.01 NEW YORK COMMUNITY MSC INDUSTRIAL DIRECT "A" 1,346 USD 82,281 0.01 BANCORP 11,825 USD 213,560 0.03MSCI 1,539 USD 90,586 0.01 NEW YORK REIT 6,109 USD 62,739 0.01MTS SYSTEMS 688 USD 40,386 0.01 NEW YORK TIMES "A" 9,987 USD 118,945 0.02MUELLER INDUSTRIES 1,995 USD 58,633 0.01 NEWELL RUBBERMAID 10,537 USD 416,001 0.06MUELLER WATER PRODUCTS 9,759 USD 73,778 0.01 NEWFIELD EXPLORATION 5,873 USD 192,869 0.03MULTI-COLOR 274 USD 20,780 0.00 NEWMARKET 197 USD 70,676 0.01MURPHY OIL 13,931 USD 338,523 0.05 NEWMONT MINING 26,314 USD 420,761 0.06MURPHY USA 1,243 USD 68,166 0.01 NEWPARK RESOURCES 4,794 USD 24,545 0.00MYERS INDUSTRIES 3,246 USD 43,853 0.01 NEWPORT 1,999 USD 27,506 0.00MYR GROUP 1,781 USD 46,840 0.01 NEWS "A" 31,904 USD 401,033 0.06MYRIAD GENETICS 1,936 USD 72,252 0.01 NEXSTAR BROADCASTING NABORS INDUSTRIES 39,585 USD 378,037 0.05 GROUP "A" 747 USD 35,677 0.00NASDAQ OMX GROUP 4,217 USD 220,465 0.03 NEXTERA ENERGY 3,636 USD 353,056 0.05

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NEXTERA ENERGY ONEOK 3,090 USD 97,551 0.01PARTNERS 689 USD 14,104 0.00 ONEOK PARTNERS 1,280 USD 36,890 0.01NIKE "B" 12,747 USD 1,555,134 0.22 OPHTHOTECH 546 USD 20,655 0.00NISOURCE 3,908 USD 71,516 0.01 ORACLE (US68389X1054) 85,158 USD 3,060,579 0.43NN 944 USD 17,388 0.00 O'REILLY AUTOMOTIVE 3,461 USD 852,963 0.12NOBLE ENERGY 7,062 USD 214,120 0.03 ORITANI FINANCIAL 1,241 USD 19,298 0.00NORDIC AMERICAN TANKERS 3,544 USD 53,231 0.01 ORMAT TECHNOLOGIES 555 USD 18,831 0.00NORDSON 1,321 USD 83,025 0.01 ORTHOFIX INTERNATIONAL 564 USD 18,956 0.00NORDSTROM 10,182 USD 727,402 0.10 OSHKOSH TRUCK 6,515 USD 235,061 0.03NORFOLK SOUTHERN 14,110 USD 1,071,090 0.15 OSI SYSTEMS 1,130 USD 86,682 0.01NORTEK 1,881 USD 115,832 0.02 OTTER TAIL 1,455 USD 37,757 0.01NORTHERN TIER ENERGY 2,883 USD 66,626 0.01 OUTERWALL 2,105 USD 120,553 0.02NORTHERN TRUST 5,989 USD 406,234 0.06 OUTFRONT MEDIA 859 USD 17,833 0.00NORTHROP GRUMMAN 11,364 USD 1,895,856 0.27 OWENS & MINOR 1,432 USD 46,454 0.01NORTHSTAR REALTY OWENS CORNING 7,526 USD 308,717 0.04FINANCE 2,694 USD 32,867 0.00 OWENS ILLINOIS NEW 19,488 USD 403,012 0.06NORTHWEST BANCSHARES 4,162 USD 53,815 0.01 OXFORD INDUSTRIES 1,145 USD 84,381 0.01NORTHWEST NATURAL GAS 917 USD 41,476 0.01 PACCAR 9,182 USD 475,628 0.07NORTHWESTERN 546 USD 29,293 0.00 PACIFIC GAS AND ELECTRIC 12,403 USD 648,181 0.09NORWEGIAN CRUISE LINE PACKAGING CORPORATION HOLDINGS 1,566 USD 89,152 0.01 OF AMERICA 2,368 USD 141,630 0.02NOW 4,927 USD 74,890 0.01 PANERA BREAD "A" 949 USD 183,053 0.03NRG ENERGY 6,475 USD 95,765 0.01 PAPA JOHNS INTERNATIONAL 831 USD 57,356 0.01NRG YIELD "C" 191 USD 2,218 0.00 PAREXEL INTERNATIONAL 3,050 USD 187,941 0.03NU SKIN ENTERPRISES "A" 1,897 USD 77,853 0.01 PARK OHIO HOLDINGS 892 USD 25,476 0.00NUANCE COMMUNICATIONS 10,249 USD 165,009 0.02 PARKER DRILLING 13,937 USD 37,769 0.01NUCOR 11,377 USD 427,548 0.06 PARKER-HANNIFIN 9,773 USD 945,049 0.13NUSTAR ENERGY 880 USD 38,097 0.01 PARSLEY ENERGY "A" 2,267 USD 33,302 0.00NUSTAR GP HOLDINGS 867 USD 22,117 0.00 PARTNERRE 1,526 USD 211,275 0.03NUVASIVE 503 USD 23,747 0.00 PATRICK INDUSTRIES 717 USD 28,049 0.00NVIDIA 8,159 USD 198,427 0.03 PATTERSON 2,677 USD 115,780 0.02NVR 100 USD 153,750 0.02 PATTERSON-UTI ENERGY 9,939 USD 137,059 0.02NXSTAGE MEDICAL 2,665 USD 42,027 0.01 PAYCHEX 7,590 USD 355,136 0.05OAKTREE CAPITAL GROUP 4,014 USD 200,700 0.03 PAYLOCITY HOLDING 525 USD 15,493 0.00OASIS PETROLEUM 1,384 USD 11,985 0.00 PAYPAL HOLDINGS 13,118 USD 405,149 0.06OCCIDENTAL PETROLEUM 26,626 USD 1,750,660 0.24 PBF ENERGY 1,647 USD 46,297 0.01OCEANEERING PEABODY ENERGY 102,319 USD 135,061 0.02INTERNATIONAL 4,727 USD 187,142 0.03 PEGASYSTEMS 1,791 USD 43,647 0.01OCH-ZIFF CAPITAL PENN NATIONAL GAMING 6,154 USD 101,664 0.01MANAGEMENT 9,917 USD 85,088 0.01 PENNSYLVANIA REIT 3,226 USD 63,907 0.01OCWEN FINANCIAL 6,483 USD 43,306 0.01 PENNYMAC MORTGAGE OFFICE DEPOT 54,792 USD 357,792 0.05 INVESTMENT TRUST 4,122 USD 62,902 0.01OGE ENERGY 3,850 USD 103,719 0.01 PENSKE AUTO GROUP 3,837 USD 185,289 0.03OIL STATES INTERNATIONAL 4,254 USD 113,454 0.02 PEOPLES UNITED FINANCIAL 12,691 USD 199,122 0.03OLD DOMINION FREIGHT LINE 3,443 USD 211,194 0.03 PEP BOYS-MANNY OLD NATIONAL BANCORP 2,796 USD 38,864 0.01 MOE & JACK 13,784 USD 165,822 0.02OLD REPUBLIC PEPCO HOLDINGS 8,806 USD 213,722 0.03INTERNATIONAL 11,418 USD 177,607 0.02 PEPSICO 57,334 USD 5,399,716 0.76OLIN 2,960 USD 49,432 0.01 PERFICIENT 3,071 USD 47,201 0.01OM GROUP 3,089 USD 101,752 0.01 PERKINELMER 3,077 USD 140,342 0.02OMNICOM 25,601 USD 1,682,754 0.23 PFIZER 196,242 USD 6,134,525 0.86OMNIVISION TECHNOLOGIES 1,407 USD 36,990 0.01 PGT 1,617 USD 19,420 0.00ON ASSIGNMENT 571 USD 20,773 0.00 PHARMERICA 1,271 USD 35,944 0.00ON SEMICONDUCTOR 29,346 USD 275,852 0.04 PHH 3,960 USD 55,994 0.01ONE GAS 2,323 USD 103,792 0.01

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PHI 714 USD 14,280 0.00 PROASSURANCE 1,511 USD 74,507 0.01PHILIP MORRIS PROCTER AND GAMBLE 71,764 USD 5,207,913 0.73INTERNATIONAL 47,229 USD 3,744,787 0.53 PROGRESS SOFTWARE 1,791 USD 45,921 0.01PHILLIPS 66 10,346 USD 791,469 0.11 PROGRESSIVE 26,624 USD 816,292 0.11PHOTRONICS 4,228 USD 38,179 0.01 PROLOGIS 11,867 USD 463,644 0.06PHYSICIANS REIT 3,016 USD 45,210 0.01 PROSPERITY BANCSHARES 923 USD 45,642 0.01PIEDMONT NATURAL GAS 1,636 USD 64,704 0.01 PROTIEN DESIGN PIEDMONT OFFICE REIT "A" 4,368 USD 78,318 0.01 LABORATORIES BIOPHARMA 4,478 USD 22,524 0.00PIER 1 IMPORTS 24,369 USD 167,415 0.02 PROVIDENCE SERVICE 1,879 USD 81,473 0.01PILGRIMS PRIDE 21,311 USD 439,646 0.06 PROVIDENT FINANCIAL PINNACLE ENTERTAINMENT 697 USD 22,917 0.00 SERVICES 1,600 USD 31,264 0.00PINNACLE FINANCIAL PRUDENTIAL FINANCIAL 3,840 USD 292,762 0.04PARTNERS 398 USD 19,502 0.00 PS BUSINESS PARKS 355 USD 27,988 0.00PINNACLE FOODS 2,072 USD 87,065 0.01 PTC 2,856 USD 89,264 0.01PINNACLE WEST CAPITAL 3,486 USD 221,988 0.03 PTC THERAPEUTICS 562 USD 14,539 0.00PIONEER ENERGY SERVICES 8,497 USD 18,269 0.00 PUBLIC SERVICE PIONEER NATURAL ENTERPRISE GROUP 16,111 USD 671,184 0.09RESOURCES 983 USD 119,326 0.02 PUBLIC STORAGE 1,752 USD 368,919 0.05PIPER JAFFRAY 1,644 USD 60,499 0.01 PULTE GROUP 7,659 USD 144,066 0.02PITNEY-BOWES 24,494 USD 478,123 0.07 PVH 3,438 USD 344,075 0.05PLAINS ALL AMERICAN QEP RESOURCES 8,025 USD 99,831 0.01PIPELINE 2,081 USD 61,702 0.01 QLOGIC 3,323 USD 34,094 0.00PLAINS GP HOLDINGS 5,358 USD 92,640 0.01 QORVO 943 USD 42,369 0.01PLANTRONICS 1,502 USD 76,482 0.01 QUAD GRAPHICS 23,825 USD 294,239 0.04PLATFORM SPECIALTY QUAKER CHEMICAL 212 USD 16,301 0.00PRODUCTS 2,211 USD 27,173 0.00 QUALCOMM 19,107 USD 1,019,167 0.14PLEXUS 3,647 USD 138,951 0.02 QUALITY SYSTEMS 2,671 USD 33,201 0.00PLUM CREEK TIMBER 2,074 USD 82,338 0.01 QUANEX BUILDING PMC-SIERRA 3,996 USD 27,093 0.00 PRODUCTS 2,322 USD 42,284 0.01PNC FINANCIAL SERVICES 14,948 USD 1,335,006 0.19 QUANTA SERVICES 5,987 USD 144,826 0.02PNM RESOURCES 3,239 USD 90,336 0.01 QUANTUM 21,229 USD 15,285 0.00POLARIS INDUSTRIES 997 USD 119,520 0.02 QUEST DIAGNOSTICS 9,785 USD 597,766 0.08POLYCOM 7,060 USD 73,000 0.01 QUESTAR 4,587 USD 88,300 0.01POLYONE 2,634 USD 77,756 0.01 QUINTILES TRANSNATIONAL POOL 905 USD 65,088 0.01 HOLDINGS 1,517 USD 105,401 0.01POPULAR 1,566 USD 47,732 0.01 RACKSPACE HOSTING 3,806 USD 96,216 0.01PORTLAND GENERAL RAIT FINANCIAL REIT 3,041 USD 15,144 0.00ELECTRIC 2,328 USD 85,088 0.01 RALPH LAUREN 3,288 USD 386,333 0.05PORTOLA RAMBUS 1,793 USD 20,978 0.00PHARMACEUTICALS 1,288 USD 55,642 0.01 RANGE RESOURCES 854 USD 27,311 0.00POTLATCH 887 USD 25,466 0.00 RAVEN INDUSTRIES 1,459 USD 24,511 0.00PPG INDUSTRIES 8,790 USD 768,422 0.11 RAYMOND JAMES FINANCIAL 9,921 USD 492,776 0.07PPL 7,667 USD 249,178 0.03 RAYONIER ADVANCED PRA GROUP 909 USD 48,313 0.01 MATERIALS 1,664 USD 10,333 0.00PRAXAIR 7,055 USD 719,187 0.10 RAYTHEON 13,902 USD 1,511,843 0.21PRECISION CASTPARTS 3,249 USD 745,321 0.10 RBC BEARINGS 393 USD 23,332 0.00PREMIER "A" 760 USD 25,764 0.00 REALOGY HOLDINGS 3,060 USD 114,750 0.02PREMIERE GLOBAL REALPAGE 2,851 USD 47,897 0.01SERVICES 2,524 USD 34,200 0.00 RED HAT 1,738 USD 123,641 0.02PRICELINE GROUP 70 USD 85,680 0.01 RED ROBIN GOURMET PRICESMART 744 USD 57,191 0.01 BURGERS 984 USD 74,381 0.01PRIMERICA 1,957 USD 87,223 0.01 REGAL BELOIT 4,954 USD 280,050 0.04PRIMORIS SERVICES 4,670 USD 82,005 0.01 REGAL ENTERTAINMENT PRINCIPAL FINANCIAL GROUP 7,088 USD 334,979 0.05 GROUP 25,642 USD 472,582 0.07PRIVATEBANCORP 1,296 USD 49,624 0.01

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REGENERON PHARMS 74 USD 34,394 0.00 SABRE 5,515 USD 148,795 0.02REGIONS FINANCIAL 54,070 USD 488,252 0.07 SAFEWAY CASA LEY 33 USD 33 0.00REGIS 35,157 USD 448,955 0.06 SAFEWAY PROPERTY REINSURANCE GROUP OF DEVELOPMENT CENTERS 33 USD 2 0.00AMERICA 1,365 USD 123,519 0.02 SAFTEY INSURANCE GROUP 370 USD 19,999 0.00RELIANCE STEEL SAGE THERAPEUTICS 210 USD 8,889 0.00& ALUMINUM 1,979 USD 107,479 0.01 SAIA 3,091 USD 95,450 0.01RENAISSANCERE HOLDINGS 1,137 USD 120,658 0.02 SALESFORCE 2,489 USD 170,596 0.02RENASANT 706 USD 22,980 0.00 SALLY BEAUTY 12,473 USD 292,991 0.04RENT A CENTER 13,851 USD 333,117 0.05 SANCHEZ ENERGY 1,822 USD 10,732 0.00REPUBLIC AIRWAYS 13,226 USD 75,653 0.01 SANDERSON FARMS 1,694 USD 114,938 0.02REPUBLIC SERVICES 17,273 USD 706,120 0.10 SANDISK 4,728 USD 250,820 0.03RESMED 2,110 USD 107,948 0.01 SANDRIDGE ENERGY 101,372 USD 26,539 0.00RESOLUTE FOREST SANDY SPRING BANCORP 700 USD 18,368 0.00PRODUCTS 15,723 USD 129,243 0.02 SANGAMO BIOSCIENCES 2,518 USD 13,874 0.00RESOURCE CAPITAL 2,339 USD 25,191 0.00 SANMINA 32,517 USD 691,311 0.10RESOURCES CONNECTION 3,032 USD 45,935 0.01 SANTANDER CONSUMER USA RESTORATION HARDWARE HOLDINGS 6,919 USD 140,248 0.02HOLDING 219 USD 20,487 0.00 SBA COMMUNICATIONS 391 USD 40,985 0.01RETAIL PROPERTIES OF SCANA 3,224 USD 178,158 0.02AMERICA 9,878 USD 137,996 0.02 SCANSOURCE 537 USD 18,671 0.00RETAILMENOT 1,040 USD 8,736 0.00 SCHEIN HENRY 1,741 USD 229,725 0.03RETROPHIN 870 USD 17,461 0.00 SCHLUMBERGER 36,473 USD 2,527,944 0.36REVLON "A" 1,674 USD 48,747 0.01 SCHNITZER STEEL 3,667 USD 49,358 0.01REX AMERICAN RESOURCES 327 USD 16,651 0.00 SCHOLASTIC 5,139 USD 198,982 0.03REXFORD INDUSTRIAL SCHULMAN 1,273 USD 41,360 0.01REALTY 2,166 USD 29,674 0.00 SCHWEITZER MAUDUIT REXNORD 4,926 USD 82,905 0.01 INTERNATIONAL 1,177 USD 39,430 0.01REYNOLDS AMERICAN 25,075 USD 1,094,524 0.15 SCIENCE APPLICATIONS RICE ENERGY 1,815 USD 29,131 0.00 INTERNATIONAL 4,184 USD 167,193 0.02RITE AID 114,273 USD 682,781 0.09 SCIENTIFIC GAMES 3,410 USD 35,976 0.00RLI 1,074 USD 57,191 0.01 SCOTTS MIRACLE-GRO 2,677 USD 162,092 0.02ROBERT HALF SCRIPPS NETWORKS INTERNATIONAL 4,450 USD 225,259 0.03 INTERACTIVE 4,036 USD 199,217 0.03ROCKWELL AUTOMATION 3,991 USD 401,535 0.06 SEACOR SMIT 1,740 USD 103,721 0.01ROCKWELL COLLINS 4,770 USD 388,803 0.05 SEALED AIR 7,851 USD 363,266 0.05ROFIN-SINAR TECHNOLOGIES 1,447 USD 36,971 0.01 SEARS HOLDINGS 76,823 USD 1,813,023 0.26ROGERS 282 USD 15,262 0.00 SEASPINE HOLDINGS 240 USD 3,835 0.00ROLLINS 6,912 USD 184,689 0.03 SEAWORLD ENTERTAINMENT 5,174 USD 91,062 0.01ROPER INDUSTRIES 943 USD 146,561 0.02 SEI INVESTMENTS 2,522 USD 119,543 0.02ROSS STORES 16,327 USD 787,451 0.11 SELECT COMFORT 1,641 USD 35,626 0.00ROUSE PROPERTIES REIT 1,297 USD 20,389 0.00 SELECT INCOME REIT 3,973 USD 75,487 0.01ROVI 3,429 USD 35,456 0.00 SELECT MEDICAL HOLDINGS 22,694 USD 240,556 0.03ROWAN COMPANIES 3,299 USD 53,873 0.01 SELECTIVE RPC 9,360 USD 84,521 0.01 INSURANCE GROUP 1,454 USD 44,900 0.01RPM INTERNATIONAL 3,984 USD 166,491 0.02 SEMGROUP "A" 394 USD 16,694 0.00RPX 1,260 USD 17,048 0.00 SEMPRA 3,216 USD 308,382 0.04RUBY TUESDAY 18,367 USD 112,590 0.02 SEMTECH 1,422 USD 21,344 0.00RUSH ENTERTAINMENT "A" 1,632 USD 40,718 0.01 SENIOR HOUSING RUTH'S HOSPITALITY GROUP 1,942 USD 31,247 0.00 PROPERTY TRUST 1,104 USD 17,995 0.00RYDER SYSTEM 6,466 USD 481,458 0.07 SENSIENT TECHNOLOGIES 1,371 USD 84,289 0.01RYMAN HOSPITALITY SERVICE CORPORATION PROPERTIES 1,091 USD 53,492 0.01 INTERNATIONAL 9,169 USD 247,013 0.03S&T BANCORP 862 USD 28,024 0.00 SHAKE SHACK "A" 216 USD 10,372 0.00SABINE ROYALTY TRUST 674 USD 20,112 0.00

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SHELL MIDSTREAM SPRINT 30,397 USD 116,876 0.02PARTNERS 1,928 USD 52,133 0.01 SPROUTS FARMERS SHENANDOAH MARKETS 3,773 USD 80,365 0.01TELECOMMUNICATIONS 719 USD 30,313 0.00 SPS COMMERCE 386 USD 26,047 0.00SHERWIN WILLIAMS 2,488 USD 554,924 0.08 SPX 4,577 USD 53,688 0.01SHIP FINANCE SPX FLOW 4,577 USD 156,076 0.02INTERNATIONAL 2,488 USD 39,708 0.01 SS&C TECHNOLOGIES SHOE CARNIVAL 1,811 USD 42,957 0.01 HOLDINGS 1,308 USD 89,336 0.01SHUTTERFLY 383 USD 13,688 0.00 ST JUDE MEDICAL 5,247 USD 329,617 0.05SIGMA ALDRICH 1,188 USD 164,930 0.02 ST MARY LAND & SIGNATURE BANK 175 USD 23,984 0.00 EXPLORATION 2,120 USD 67,374 0.01SILGAN HOLDINGS 3,463 USD 179,210 0.02 STAG INDUSTRIAL REIT 1,783 USD 32,611 0.00SILICON LABORATORIES 346 USD 14,200 0.00 STAGE STORES 9,188 USD 88,572 0.01SILVER BAY REIT 1,581 USD 25,312 0.00 STANCORP FINANCIALSIMMONS FIRST GROUP 1,124 USD 128,057 0.02NATIONAL "A" 514 USD 24,451 0.00 STANDARD MOTOR SIMON PROPERTY GROUP 3,270 USD 599,064 0.08 PRODUCTS 1,637 USD 57,131 0.01SIMPSON MANUFACTURING 1,291 USD 43,055 0.01 STANDEX INTERNATIONAL 689 USD 52,454 0.01SINCLAIR BROADCAST STANLEY BLACK & DECKER 8,398 USD 805,116 0.11GROUP "A" 2,153 USD 54,492 0.01 STAPLES 72,763 USD 854,238 0.12SIRIUS XM HOLDINGS 47,375 USD 175,998 0.02 STARBUCKS 17,831 USD 999,606 0.14SIRONA DENTAL SYSTEMS 937 USD 88,265 0.01 STARWOOD HOTELS SIX FLAGS ENTERTAINMENT 1,726 USD 78,378 0.01 & RESORTS 10,124 USD 667,982 0.09SKECHERS "A" 803 USD 106,462 0.01 STARWOOD PROPERTY SKYWEST 21,572 USD 353,781 0.05 TRUST 8,087 USD 162,953 0.02SKYWORKS SOLUTIONS 1,150 USD 97,187 0.01 STARWOOD WAYPOINT SLM 22,908 USD 172,955 0.02 RESIDENTIAL REIT 1,105 USD 25,923 0.00SMITH & WESSON HOLDING 1,993 USD 33,602 0.00 STARZ 1,236 USD 46,165 0.01SNAP-ON 1,575 USD 236,156 0.03 STATE STREET 14,267 USD 959,028 0.13SNYDERS-LANCE 4,022 USD 135,903 0.02 STEEL DYNAMICS 5,341 USD 90,850 0.01SOLARWINDS 560 USD 21,930 0.00 STEELCASE 10,759 USD 195,276 0.03SOLERA HOLDINGS 2,121 USD 114,502 0.02 STEINER LEISURE 391 USD 24,715 0.00SONIC 1,977 USD 45,194 0.01 STEPHAN 755 USD 31,514 0.00SONIC AUTOMOTIVE 3,442 USD 70,664 0.01 STERICYCLE 1,732 USD 239,449 0.03SONOCO PRODUCTS 8,036 USD 302,636 0.04 STERIS 2,062 USD 134,360 0.02SONUS NETWORKS 3,241 USD 19,025 0.00 STEVEN MADDEN 1,442 USD 52,532 0.01SOTHEBYS HOLDINGS "A" 1,610 USD 51,745 0.01 STEWART INFORMATION SOUTH STATE 366 USD 28,010 0.00 SERVICES 3,060 USD 123,746 0.02SOUTHERN COMFORT 23,322 USD 1,033,048 0.14 STIFEL FINANCIAL 4,403 USD 185,190 0.03SOUTHWEST GAS 1,538 USD 88,358 0.01 STILLWATER MINING 2,462 USD 25,309 0.00SOUTHWESTERN ENERGY 7,800 USD 96,876 0.01 STONE ENERGY 3,628 USD 18,176 0.00SP PLUS 7,601 USD 178,852 0.02 STONEMOR PARTNERS 701 USD 19,411 0.00SPARK THERAPEUTICS 1,074 USD 44,055 0.01 STORE CAPITAL 1,257 USD 26,083 0.00SPARTANNASH 3,634 USD 95,174 0.01 STRAYER EDUCATION 1,369 USD 75,706 0.01SPECTRA ENERGY 7,286 USD 189,290 0.03 STRYKER 5,568 USD 521,722 0.07SPECTRA ENERGY STURM RUGER 707 USD 42,491 0.01PARTNERS 1,511 USD 61,150 0.01 SUBURBAN PROPANESPECTRUM BRANDS PARTNERS 1,598 USD 50,481 0.01HOLDINGS 1,170 USD 105,043 0.01 SUN HYDRAULICS 547 USD 15,037 0.00SPIRIT AEROSYSTEMS SUNCOKE ENERGY 1,764 USD 13,724 0.00HOLDINGS "A" 4,606 USD 221,687 0.03 SUNOCO 1,058 USD 33,877 0.00SPIRIT AIRLINE 542 USD 25,501 0.00 SUNPOWER 1,743 USD 34,947 0.00SPIRIT REALTY CAPITAL 1,974 USD 18,161 0.00 SUNTRUST BANKS 20,469 USD 779,255 0.11SPRINGLEAF HOLDINGS 1,696 USD 74,047 0.01 SUPER MICRO COMPUTER 857 USD 23,370 0.00

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SUPERIOR ENERGY TERRA NITROGEN 192 USD 20,544 0.00SERVICES 11,334 USD 145,302 0.02 TERRAFORM POWER 1,106 USD 15,805 0.00SUPERIOR INDUSTRIES TESORO 1,742 USD 171,779 0.02INTERNATIONAL 3,387 USD 63,980 0.01 TESSERA TECHNOLOGIES 561 USD 18,154 0.00SUPERVALU 106,675 USD 758,459 0.11 TETRA TECH 7,652 USD 186,020 0.03SURGICAL CARE AFFILIATES 1,623 USD 53,559 0.01 TETRA TECHNOLOGIES 6,514 USD 39,149 0.01SVB FINANCIAL GROUP 371 USD 42,624 0.01 TETRAPHASE SW AIRLINES 39,832 USD 1,506,845 0.21 PHARMACEUTICALS 553 USD 4,059 0.00SWIFT TRANSPORTATION 2,371 USD 35,375 0.00 TEXAS CAPITAL SYKES ENTERPRISES 7,477 USD 188,420 0.03 BANCSHARES 379 USD 19,905 0.00SYMANTEC 27,947 USD 542,870 0.08 TEXAS INSTRUMENTS 24,192 USD 1,185,166 0.16SYMETRA FINANCIAL 1,773 USD 55,956 0.01 TEXAS ROADHOUSE 2,904 USD 108,522 0.02SYNAPTICS 207 USD 15,328 0.00 TEXTURA 879 USD 22,775 0.00SYNCHRONY FINANCIAL 8,944 USD 279,232 0.04 TFS FINANCIAL 1,616 USD 27,488 0.00SYNNEX 2,285 USD 190,089 0.03 THE CARLYLE GROUP 9,532 USD 161,472 0.02SYNOPSYS 3,846 USD 178,147 0.02 THE CHEMOURS 5,327 USD 32,655 0.00SYNOVUS FINANCIAL 3,047 USD 90,008 0.01 THE CLOROX 3,462 USD 400,346 0.06SYNTEL 6,703 USD 302,506 0.04 THE MADISON SQUARE SYSCO 23,523 USD 917,397 0.13 GARDEN COMPANY 2,000 USD 144,250 0.02T ROWE PRICE GROUP 5,983 USD 414,801 0.06 THE MENS WEARHOUSE 2,524 USD 106,412 0.01TABLEAU SOFTWARE 966 USD 75,377 0.01 THE MOSAIC 10,571 USD 331,401 0.05TAKE TWO INTERACTIVE THE WENDY'S COMPANY 20,198 USD 173,703 0.02SOFTWARE 2,055 USD 57,910 0.01 THERMO FISHER SCIENTIFIC 4,205 USD 510,235 0.07TALEN ENERGY 1,443 USD 14,589 0.00 THOR INDUSTRIES 2,875 USD 150,506 0.02TALLGRASS ENERGY THORATEC 921 USD 58,262 0.01PARTNERS 1,245 USD 46,239 0.01 TIDEWATER 4,798 USD 64,101 0.01TARGA RESOURCES 1,716 USD 86,658 0.01 TIFFANY 2,257 USD 171,645 0.02TARGA RESOURCES TIME 4,445 USD 84,411 0.01PARTNERS 904 USD 25,782 0.00 TIME WARNER 20,383 USD 1,374,018 0.19TARGET 60,817 USD 4,793,596 0.67 TIME WARNER CABLE 12,138 USD 2,177,679 0.31TC PIPELINES 569 USD 26,089 0.00 TIMKEN 10,523 USD 284,858 0.04TCF FINANCIAL 3,352 USD 50,682 0.01 TIMKENSTEEL 1,267 USD 12,898 0.00TEAM 727 USD 23,177 0.00 TITAN INTERNATIONAL 9,397 USD 61,832 0.01TEAM HEALTH HOLDINGS 2,152 USD 114,293 0.02 TJX 35,658 USD 2,506,757 0.36TECH DATA 2,304 USD 154,852 0.02 T-MOBILE US 10,883 USD 427,702 0.06TECO ENERGY 9,549 USD 251,043 0.03 TOLL BROTHERS 1,053 USD 35,876 0.00TEEKAY LNG PARTNERS 3,587 USD 82,106 0.01 TOOTSIE ROLL INDUSTRIES 1,468 USD 46,154 0.01TEEKAY OFFSHORE TOPBUILD 2,411 USD 74,307 0.01PARTNERS 2,164 USD 30,080 0.00 TORCHMARK 3,128 USD 177,201 0.02TEEKAY SHIPPING 1,648 USD 48,204 0.01 TORO 1,761 USD 123,745 0.02TEEKAY TANKERS 2,885 USD 19,474 0.00 TOTAL SYSTEMS SERVICES 4,233 USD 191,967 0.03TEGNA 18,089 USD 407,726 0.06 TOWER INTERNATIONAL 5,153 USD 120,889 0.02TELEDYNE TECHNOLOGIES 1,368 USD 123,558 0.02 TOWERS WATSON & CO 3,652 USD 428,124 0.06TELEFLEX 1,569 USD 194,274 0.03 TRACTOR SUPPLY 3,411 USD 287,957 0.04TELEPHONE & DATA TRANSDIGM GROUP 234 USD 49,559 0.01SYSTEMS 13,948 USD 346,747 0.05 TRAVELCENTERS OF TELETECH HOLDINGS 23,815 USD 643,005 0.09 AMERICA 10,782 USD 115,367 0.02TEMPUR-PEDIC TRAVELERS COMPANIES 14,529 USD 1,452,174 0.20INTERNATIONAL 1,343 USD 96,481 0.01 TREDEGAR 2,140 USD 27,970 0.00TENET HEALTHCARE 20,660 USD 749,958 0.10 TREEHOUSE FOODS 668 USD 52,385 0.01TENNANT 628 USD 35,250 0.00 TREX 380 USD 12,312 0.00TENNECO 7,464 USD 333,342 0.05 TRI POINTE HOMES 22,466 USD 292,507 0.04TERADATA 6,306 USD 181,991 0.03 TRIBUNE 2,447 USD 85,865 0.01TERADYNE 4,172 USD 73,093 0.01 TRIMAS 3,434 USD 54,429 0.01TEREX 15,128 USD 270,942 0.04 TRIMBLE NAVIGATION 4,607 USD 76,891 0.01

476




TRINET GROUP 1,253 USD 20,812 0.00 URBAN OUTFITTERS 4,012 USD 115,144 0.02TRINITY INDUSTRIES 7,967 USD 182,604 0.03 US BANCORP 41,109 USD 1,693,280 0.23TRIPADVISOR 296 USD 18,849 0.00 US CELLULAR 8,069 USD 282,173 0.04TRIUMPH GROUP 1,925 USD 81,928 0.01 US PHYSICAL THERAPY 729 USD 32,790 0.00TRUEBLUE 1,771 USD 39,476 0.01 USANA HEALTH SCIENCES 184 USD 25,041 0.00TRUECAR 1,445 USD 7,485 0.00 USG 5,362 USD 141,128 0.02TRUSTMARK 2,503 USD 57,869 0.01 UTI WORLDWIDE 19,208 USD 89,797 0.01TTM TECHNOLOGIES 27,348 USD 165,729 0.02 VAIL RESORTS 805 USD 83,519 0.01TUESDAY MORNING 5,909 USD 31,377 0.00 VALERO ENERGY 18,006 USD 1,079,100 0.15TUMI HOLDINGS 1,464 USD 25,854 0.00 VALERO ENERGY PARTNERS 554 USD 22,265 0.00TUPPERWARE 4,402 USD 217,459 0.03 VALIDUS HOLDINGS 3,063 USD 136,671 0.02TUTOR PERINI 4,984 USD 80,741 0.01 VALLEY NATIONAL BANCORP 7,815 USD 76,587 0.01TWITTER 14,134 USD 369,039 0.05 VALMONT INDUSTRIES 1,531 USD 145,644 0.02TWO HARBORS INVESTMENT 14,552 USD 127,112 0.02 VALSPAR 2,782 USD 201,194 0.03TYLER TECHNOLOGIES 376 USD 55,392 0.01 VANTIV "A" 1,268 USD 56,984 0.01TYSON FOODS "A" 45,573 USD 1,957,360 0.28 VARIAN MEDICAL SYSTEMS 2,647 USD 196,143 0.03UGI 4,572 USD 156,088 0.02 VCA ANTECH 3,602 USD 190,186 0.03UIL HOLDINGS 931 USD 46,624 0.01 VECTOR GROUP 927 USD 20,820 0.00ULTA SALON COSMETICS VECTREN 3,617 USD 149,563 0.02AND FRAGRANCE 1,526 USD 249,089 0.03 VEECO INSTRUMENTS 914 USD 18,764 0.00ULTIMATE SOFTWARE VEEVA SYSTEMS "A" 3,084 USD 70,068 0.01GROUP 195 USD 34,802 0.00 VEREIT REIT 39,435 USD 302,861 0.04ULTRAGENYX VERIFONE SYSTEMS 2,321 USD 64,152 0.01PHARMACEUTICAL 519 USD 48,319 0.01 VERINT SYSTEMS 2,277 USD 96,613 0.01UMB FINANCIAL 1,272 USD 64,579 0.01 VERISIGN 2,855 USD 197,052 0.03UMPQUA HOLDINGS 3,413 USD 55,700 0.01 VERISK ANALYTICS 2,884 USD 209,551 0.03UNDER ARMOUR "A" 955 USD 92,979 0.01 VERIZON COMMUNICATIONS 148,673 USD 6,513,364 0.91UNIFI 1,613 USD 47,342 0.01 VF 15,724 USD 1,071,905 0.15UNIFIRST 1,164 USD 123,815 0.02 VIACOM "B" 12,603 USD 547,348 0.08UNION BANKSHARES 1,105 USD 26,664 0.00 VIAD 1,980 USD 57,083 0.01UNION PACIFIC 24,568 USD 2,149,700 0.31 VIASAT 551 USD 35,738 0.00UNISYS 18,914 USD 218,457 0.03 VIAVI SOLUTIONS 8,871 USD 47,815 0.01UNIT 2,512 USD 29,139 0.00 VIRGIN AMERICA 860 USD 29,816 0.00UNITED BANKSHARES 638 USD 24,046 0.00 VIRTUSA 2,095 USD 107,013 0.01UNITED CONTINENTAL VISA "A" 20,801 USD 1,434,645 0.20HOLDINGS 40,957 USD 2,164,987 0.31 VISHAY INTERTECHNOLOGY 32,225 USD 307,749 0.04UNITED FIRE GROUP 708 USD 24,978 0.00 VISTA OUTDOOR 2,693 USD 117,603 0.02UNITED NATURAL FOODS 1,099 USD 54,543 0.01 VISTEON 4,594 USD 471,023 0.07UNITED PARCEL SERVICES 78,283 USD 7,722,617 1.08 VITAL THERAPIES 917 USD 3,741 0.00UNITED RENTALS 3,225 USD 195,274 0.03 VITAMIN SHOPPE 1,435 USD 46,724 0.01UNITED STATES STEEL 29,220 USD 307,687 0.04 VMWARE 3,044 USD 239,015 0.03UNITED TECHNOLOGIES 32,923 USD 2,927,842 0.42 VONAGE HOLDINGS 6,275 USD 36,960 0.01UNITED THERAPEUTICS 358 USD 49,014 0.01 VOYA FINANCIAL 524 USD 20,363 0.00UNITEDHEALTH GP 30,360 USD 3,513,866 0.50 VULCAN MATERIALS 3,660 USD 319,408 0.04UNIVERSAL 7,235 USD 359,652 0.05 VWR 1,277 USD 32,295 0.00UNIVERSAL AMERICAN 4,025 USD 28,819 0.00 W.R. BERKLEY 4,414 USD 239,989 0.03UNIVERSAL ELECTRONICS 351 USD 14,784 0.00 WABASH NATIONAL 2,629 USD 27,499 0.00UNIVERSAL FOREST WABCO HOLDING 1,726 USD 180,039 0.02PRODUCTS 1,907 USD 110,453 0.02 WABTEC 1,690 USD 147,064 0.02UNIVERSAL HEALTH REALTY WADDELL & REED INCOME REIT 547 USD 25,736 0.00 FINANCIAL "A" 2,086 USD 73,031 0.01UNIVERSAL HEALTH WAL MART STORES 363,874 USD 23,422,568 3.25SERVICES "B" 6,108 USD 756,170 0.10 WALGREENS BOOTS UNUM GROUP 8,858 USD 282,925 0.04 ALLIANCE 37,498 USD 3,096,960 0.44

WALT DISNEY 45,089 USD 4,556,694 0.64

477




WALTER INVESTMENT WORLD ACCEPTANCE 755 USD 20,068 0.00MANAGEMENT 2,693 USD 45,404 0.01 WORLD FUEL SERVICES 708 USD 25,403 0.00WASHINGTON FEDERAL 1,423 USD 32,174 0.00 WORLD WRESTLING WASTE CONNECTIONS 2,901 USD 139,915 0.02 ENTERTAINMENT 1,994 USD 33,679 0.00WASTE MAN 20,237 USD 1,001,327 0.14 WORTHINGTON INDUSTRIES 6,143 USD 161,254 0.02WATERS 926 USD 109,111 0.02 WP CAREY REIT 380 USD 21,865 0.00WATSCO 573 USD 67,419 0.01 WP GLIMCHER REIT 8,271 USD 96,688 0.01WATTS WATER WPX ENERGY 7,513 USD 49,811 0.01TECHNOLOGIES 1,751 USD 92,768 0.01 WR GRACE 548 USD 51,106 0.01WAUSAU PAPER 3,685 USD 24,210 0.00 WRIGHT MEDICAL GROUP 879 USD 18,503 0.00WD-40 203 USD 18,199 0.00 WYNDHAM WORLDWIDE 3,656 USD 261,112 0.04WEB.COM GROUP 1,083 USD 22,624 0.00 WYNN RESORTS 2,840 USD 150,974 0.02WEBMD HEALTH "A" 1,458 USD 57,124 0.01 XCEL ENERGY 10,164 USD 355,537 0.05WEBSTER FINANCIAL 2,270 USD 80,744 0.01 XEROX 219,427 USD 2,102,111 0.30WEC ENERGY GROUP 7,343 USD 378,972 0.05 XILINX 3,617 USD 151,444 0.02WEIS MARKETS 4,589 USD 191,270 0.03 XURA 1,601 USD 35,046 0.00WELLCARE GROUP 950 USD 81,691 0.01 XYLEM INCORPORATED 5,219 USD 168,365 0.02WELLS FARGO 146,417 USD 7,521,441 1.05 YAHOO 20,168 USD 581,847 0.08WERNER ENTERPRISES 6,446 USD 162,697 0.02 YELP 517 USD 11,214 0.00WESBANCO 723 USD 22,955 0.00 YRC WORLDWIDE 42,744 USD 580,036 0.08WESCO AIRCRAFT HOLDINGS 1,815 USD 22,179 0.00 YUM BRANDS 11,328 USD 893,892 0.12WESCO INTERNATIONAL 1,076 USD 49,776 0.01 ZAYO GROUP HOLDINGS 2,858 USD 72,222 0.01WEST 1,087 USD 24,403 0.00 ZEBRA TECHNOLOGIES "A" 569 USD 42,675 0.01WEST PHARMACEUTICAL ZENDESK 1,031 USD 20,269 0.00SERVICES 2,322 USD 127,501 0.02 ZILLOW GROUP WESTAMERICA BANCORP 370 USD 16,406 0.00 (US98954M1018) 1,093 USD 31,588 0.00WESTAR ENERGY 2,699 USD 102,940 0.01 ZILLOW GROUP WESTERN ALLIANCE (US98954M2008) 2,186 USD 60,749 0.01BANCORP 741 USD 23,060 0.00 ZIMMER HOLDINGS 3,622 USD 339,490 0.05WESTERN ASSET MORTGAGE ZIONS BANCORP 7,674 USD 211,495 0.03CAPITAL REIT 1,602 USD 19,945 0.00 ZOETIS 3,282 USD 133,807 0.02WESTERN DIGITAL 16,021 USD 1,282,000 0.18 ZS PHARMA 537 USD 34,835 0.00WESTERN REFINING 3,474 USD 152,439 0.02 ZUMIEZ 2,485 USD 38,319 0.01WESTERN UNION 13,549 USD 246,592 0.03 ZYNGA 14,986 USD 34,018 0.00WESTLAKE CHEMICAL 1,572 USD 81,005 0.01 666,901,751 92.45WESTROCK 13,991 USD 717,179 0.10 TOTAL SHARES 689,188,735 95.53WEX 202 USD 17,481 0.00WEYERHAEUSER 10,540 USD 288,480 0.04 COLLECTIVE INVESTMENT SCHEMES WGL HOLDING 749 USD 42,528 0.01WHIRLPOOL 6,922 USD 1,006,390 0.14 UNITED STATES WHITE MOUNTAINS ALEXANDER'S 112 USD 41,399 0.01INSURANCE 142 USD 106,294 0.01 AMERICAN CAMPUS WHITEWAVE FOODS "A" 913 USD 36,575 0.01 COMMUNITIES 551 USD 20,227 0.00WHITING PETROLEUM 3,044 USD 45,690 0.01 ANNALY MORTGAGE WHOLE FOODS MARKET 20,037 USD 630,965 0.09 MANAGEMENT 101,945 USD 991,924 0.15WILLIAMS COMPANIES 32,388 USD 1,166,940 0.16 ANWORTH MORTGAGE WILLIAMS PARTNERS 1,921 USD 58,475 0.01 ASSET 4,586 USD 22,563 0.00WILLIAMS SONOMA 4,236 USD 323,037 0.04 APARTMENT INVESTMENT WINDSTREAM HOLDINGS 61,960 USD 379,195 0.05 AND MANAGEMENT "A" 4,749 USD 175,666 0.02WINNEBAGO INDUSTRIES 1,842 USD 34,943 0.00 ASHFORD HOSPITALITY WINTHORP REALTY REIT 1,647 USD 23,486 0.00 TRUST 4,192 USD 25,655 0.00WINTRUST FINANCIAL 770 USD 40,895 0.01 AVALONBAY COMMUNITIES 820 USD 142,516 0.02WOLVERINE WORLD WIDE 3,485 USD 74,753 0.01 BOSTON PROPERTIES 568 USD 67,251 0.01WOODWARD 2,666 USD 108,986 0.02

478




CAMDEN PROPERTY REIT 1,138 USD 84,201 0.01 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDCBL & ASSOCIATES MARKETPROPERTIS 6,818 USD 94,702 0.01CEDAR REALTY TRUST 3,207 USD 20,108 0.00 SHARES CORPORATE OFFICE PROPERTIES 1,228 USD 26,046 0.00 UNITED STATES CROWN CASTLE REIT 1,871 USD 146,200 0.02 2U 1,136 USD 39,999 0.01DOUGLAS EMMETT 1,492 USD 42,970 0.01 AVID TECHNOLOGIES 1,736 USD 13,662 0.00EQUINIX REIT 285 USD 77,018 0.01 COLUMBIA PIPELINE EQUITY RESIDENTIAL 4,769 USD 355,194 0.05 PARTNERS 1,652 USD 20,534 0.00EXTRA SPACE STORAGE 395 USD 30,462 0.00 DOMINION MIDSTREAM FEDERAL REALTY PARTNERS 1,055 USD 27,936 0.00INVESTMENT TRUST 343 USD 46,603 0.01 GRAN TIERRA ENERGY 18,231 USD 40,837 0.01FIRST INDUSTRIAL REALTY HILLTOP HOLDINGS 2,329 USD 45,951 0.01TRUST 3,031 USD 64,500 0.01 HORIZON GLOBAL 1,373 USD 12,082 0.00GENERAL GROWTH LIBBEY 2,852 USD 91,093 0.01PROPERTIES REIT 9,744 USD 250,616 0.03 MYLAN 5,985 USD 239,461 0.04HIGHWOODS PROPERTIES 902 USD 35,196 0.00 NATIONAL HEALTHCARE 1,749 USD 106,619 0.01HOSPITALITY PROPERTIES 2,891 USD 73,836 0.01 PACWEST BANCORP 722 USD 30,663 0.00LIBERTY PROPERTY TRUST 2,691 USD 84,793 0.01 PARK NATIONAL 518 USD 46,123 0.01MACERICH 1,319 USD 100,772 0.01 SEABOARD 61 USD 186,824 0.03MACK-CALI REALITY 4,407 USD 82,763 0.01 SERVICEMASTER GLOBAL MFA FINANCIAL 6,423 USD 43,323 0.01 HOLDINGS 2,309 USD 76,890 0.01MIDAMERICA APARTMENT 559 USD 45,475 0.01 TOMPKINS FINANCIAL 369 USD 19,926 0.00POST PROPERTIES 713 USD 41,518 0.01 998,600 0.14RAYONIER REIT 3,100 USD 68,262 0.01 TOTAL SHARES 998,600 0.14REDWOOD TRUST 2,540 USD 34,823 0.00 TOTAL TRANSFERABLE SECURITIESREGENCY CENTERS 774 USD 48,205 0.01 TRADED ON ANOTHER REGULATED MARKETSL GREEN REALTY 376 USD 40,913 0.01 TOTAL INVESTMENTS 694,398,725 96.25SOVRAN SELF STORAGE 208 USD 19,575 0.00 OTHER NET ASSETS LESS LIABILITIES 27,020,734 3.75TANGER FACTORY TOTAL NET ASSETS 721,419,459 100.00OUTLET CENTRE 712 USD 23,560 0.00TAUBMAN CENTRES 718 USD 49,528 0.01UDR 2,311 USD 79,545 0.01URBAN EDGE PROPERTIES REIT 4,157 USD 90,165 0.01VENTAS 1,345 USD 75,132 0.01VORNADO REALTY TRUST 3,024 USD 274,126 0.04WASHINGTON REAL ESTATE 2,146 USD 53,564 0.01WEINGARTEN REALTY INVESTORS 3,625 USD 120,495 0.02

4,211,390 0.58TOTAL COLLECTIVE INVESTMENT SCHEMES 4,211,390 0.58TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 96.11EXCHANGE LISTING

479

998,600 0.14

693,400,125


GEM Debt Total ReturnStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS CHILE BANCO DEL ESTADO DE CHILE

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 2% 09/11/2017 8,850,000 USD 8,874,603 0.21EXCHANGE LISTING BANCO DEL ESTADO DE CHILE

3.875% 08/02/2022 5,100,000 USD 5,215,592 0.12BONDS CORPBANCA 3.125%

15/01/2018 9,580,000 USD 9,530,855 0.22BRAZIL EMPRESA NACIONAL DE PETROLEO BANCO ABC-BRASIL 7.875% 4.75% 06/12/2021 6,890,000 USD 7,006,165 0.1608/04/2020 13,200,000 USD 11,385,000 0.27 30,627,215 0.71BANCO ESTADO RIO GRANDE CHINA 7.375% 02/02/2022 1,780,000 USD 1,361,700 0.03 CNOOC FINANCE 1.125% BANCO VOTORANTIM 5.25% 09/05/2016 4,700,000 USD 4,698,731 0.1111/02/2016 11,900,000 USD 11,900,000 0.28 CNPC GENERAL CAPITAL BRAZIL (GOVT) 0% 01/01/2016 112,040 BRL 27,183,659 0.63 1.45% 16/04/2016 21,120,000 USD 21,147,878 0.48BRAZIL (GOVT) 2.625% CNPC GENERAL CAPITAL 05/01/2023 56,165,000 USD 45,918,538 1.07 1.95% 16/04/2018 2,000,000 USD 1,984,620 0.05BRAZIL (GOVT) 4.25% CNPC GENERAL CAPITAL 07/01/2025 18,150,000 USD 15,941,962 0.37 2.75% 19/04/2017 18,000,000 USD 18,254,970 0.43BRAZIL (GOVT) 4.875% CNPC GENERAL CAPITAL 22/01/2021 4,375,000 USD 4,260,200 0.10 FRN 25/11/2017 15,900,000 USD 15,885,452 0.37BRAZIL (GOVT) 5.625% CONTINENTAL 5.75% 07/01/2041 5,000,000 USD 4,054,575 0.09 18/01/2017 10,800,000 USD 11,280,546 0.26BRAZIL (GOVT) 6% 17/01/2017 71,160,000 USD 73,966,906 1.72 GRUPO AVAL 5.25% BRAZIL (GOVT) 10% 01/02/2017 34,382,000 USD 35,198,401 0.8101/01/2017 345,000 BRL 81,610,435 1.91 IPIC GMTN 3.125% BRAZIL (GOVT) 10% 15/11/2015 7,225,000 USD 7,245,302 0.1701/01/2021 961,000 BRL 195,131,828 4.56 SINOPEC CAPITAL 1.25% CAIXA ECONOMICA FEDERAL 24/04/2016 17,900,000 USD 17,909,756 0.422.375% 06/11/2017 15,750,000 USD 14,253,750 0.33 SINOPEC CAPITAL 1.875% CENTRAIS ELECTRICAS BRASIL- 24/04/2018 15,000,000 USD 14,883,150 0.35EIRAS 5.75% 27/10/2021 2,975,000 USD 2,242,406 0.05 SINOPEC GROUP OVERSEAS CENTRAIS ELECTRICAS BRASIL- 1.75% 10/04/2017 6,050,000 USD 6,060,678 0.14EIRAS 6.875% 30/07/2019 1,210,000 USD 1,083,706 0.03 SINOPEC GROUP OVERSEAS PETROBRAS GLOBAL FINANCE 2.75% 17/05/2017 5,000,000 USD 5,078,650 0.123.25% 17/03/2017 12,580,000 USD 11,117,575 0.26 SINOPEC GROUP OVERSEAS PETROBRAS GLOBAL FINANCE 2.75% 10/04/2019 7,000,000 USD 7,107,730 0.174.375% 20/05/2023 70,020,000 USD 45,819,338 1.07 SINOPEC GROUP OVERSEAS PETROBRAS INTERNATIONAL 3.9% 17/05/2022 12,150,000 USD 12,321,315 0.29FINANCE 5.375% 27/01/2021 5,300,000 USD 3,842,500 0.09 SINOPEC GROUP OVERSEAS PETROBRAS INTERNATIONAL 4.375% 17/10/2023 9,325,000 USD 9,732,642 0.23FINANCE 7.875% 15/03/2019 700,000 USD 575,750 0.01 188,789,821 4.40

551,649,828 12.87 COLOMBIA CANADA BANCO DAVIVIENDA 2.95% CNOOC FINANCE 1.625% 29/01/2018 6,960,000 USD 6,864,474 0.1630/04/2017 7,200,000 USD 7,191,036 0.17 BANCO DE BOGOTA 5% CNOOC FINANCE 4.25% 15/01/2017 6,250,000 USD 6,421,375 0.1530/04/2024 3,000,000 USD 3,037,455 0.07 COLOMBIA (GOVT) 2.625%

10,228,491 0.24 15/03/2023 2,750,000 USD 2,457,483 0.06COLOMBIA (GOVT) 4.375% 12/07/2021 54,655,000 USD 55,813,958 1.30

480




COLOMBIA (GOVT) 6.125% MEXICO (GOVT) 5% 18/01/2041 4,500,000 USD 4,466,768 0.10 16/06/2016 22 MXN 713 0.00COLOMBIA (GOVT) 7.375% MEXICO (GOVT) 5.95% 27/01/2017 106,096,000 USD 114,194,307 2.67 19/03/2019 1,600,000 USD 1,796,144 0.04COLOMBIA (GOVT) 7.375% MEXICO (GOVT) 6.05% 18/03/2019 35,873,000 USD 40,780,965 0.95 11/01/2040 14,356,000 USD 15,719,820 0.37COLOMBIA (GOVT) 8.125% MEXICO (GOVT) 7.25% 21/05/2024 9,450,000 USD 11,626,666 0.27 15/12/2016 3,500,000 MXN 21,506,410 0.50

242,625,996 5.66 PEMEX 5.5% 21/01/2021 44,371,000 USD 46,638,136 1.10COSTA RICA PEMEX PROJECT FUNDING MASTER COSTA RICA (GOVT) 4.25% 5.75% 01/03/2018 40,600,000 USD 42,949,725 1.0026/01/2023 14,580,000 USD 12,771,497 0.30 PETROLEOS MEXICANOS

12,771,497 0.30 4.875% 18/01/2024 650,000 USD 629,369 0.01INDONESIA 169,306,649 3.95 INDONESIA (GOVT) 3.375% PANAMA 15/04/2023 14,130,000 USD 12,898,076 0.30 PANAMA (GOVT) 5.2% INDONESIA (GOVT) 3.75% 30/01/2020 35,325,000 USD 38,429,538 0.8925/04/2022 33,220,000 USD 31,696,365 0.73 PANAMA (GOVT) 6.7% INDONESIA (GOVT) 4.875% 26/01/2036 2,910,000 USD 3,467,949 0.0805/05/2021 14,800,000 USD 15,306,160 0.36 PANAMA (GOVT) 7.125% INDONESIA (GOVT) 5.25% 29/01/2026 550,000 USD 680,314 0.0217/01/2042 1,360,000 USD 1,223,701 0.03 42,577,801 0.99INDONESIA (GOVT) 5.375% PERU 17/10/2023 20,430,000 USD 21,169,872 0.49 PERU (GOVT) 7.35% INDONESIA (GOVT) 6.875% 21/07/2025 1,380,000 USD 1,730,458 0.0417/01/2018 9,500,000 USD 10,436,225 0.24 1,730,458 0.04INDONESIA (GOVT) 7.5% RUSSIAN FEDERATION 15/01/2016 8,815,000 USD 8,976,094 0.21 GAZPROM 4.95% 19/07/2022 200,000 USD 183,500 0.01INDONESIA (GOVT) 11.625% GAZPROM 8.146% 11/04/2018 100,000 USD 106,625 0.0004/03/2019 1,890,000 USD 2,406,159 0.06 290,125 0.01PERTAMINA 4.875% SOUTH AFRICA 03/05/2022 1,586,000 USD 1,511,656 0.04 SOUTH AFRICA (GOVT) 5.5%

105,624,308 2.46 09/03/2020 43,620,000 USD 46,549,955 1.09ISRAEL SOUTH AFRICA (GOVT) 5.875% DELEK & AVNER 2.803% 30/05/2022 2,345,000 USD 2,536,774 0.0630/12/2016 17,275,000 USD 17,325,270 0.40 SOUTH AFRICA (GOVT) 6.875%

17,325,270 0.40 27/05/2019 92,398,000 USD 103,212,263 2.40KAZAKHSTAN SOUTH AFRICA (GOVT) 8.25% DEVELOPMENT BANK OF KAZ- 15/09/2017 128,074,000 ZAR 9,430,579 0.22AKHSTAN 4.125% 10/12/2022 560,000 USD 479,184 0.01 161,729,571 3.77

479,184 0.01 SOUTH KOREA MEXICO EXPORT-IMPORT BANK OF KOREA BBVA BANCOMER 4.5% FRN 14/01/2017 12,400,000 USD 12,429,884 0.2910/03/2016 7,887,000 USD 8,001,085 0.19 12,429,884 0.29COMISION FED DE ELECTRIC TURKEY 4.875% 15/01/2024 2,600,000 USD 2,632,279 0.06 TURKEY (GOVT) 5.125% MEXICO (GOVT) 3.5% 25/03/2022 200,000 USD 202,951 0.0021/01/2021 16,395,000 USD 16,671,666 0.39 TURKEY (GOVT) 5.625% MEXICO (GOVT) 3.625% 30/03/2021 13,550,000 USD 14,202,365 0.3315/03/2022 11,682,000 USD 11,770,141 0.27 TURKEY (GOVT) 6.75% MEXICO (GOVT) 4.75% 03/04/2018 31,750,000 USD 34,360,802 0.8008/03/2044 1,084,000 USD 991,161 0.02

481




TURKEY (GOVT) 7% CHINA 26/09/2016 112,720,000 USD 117,945,135 2.76 GRUPO AVAL 4.75% TURKEY (GOVT) 7% 26/09/2022 1,630,000 USD 1,477,864 0.0311/03/2019 15,000,000 USD 16,521,900 0.39 ICBC 2.351% 13/11/2017 7,700,000 USD 7,767,259 0.19TURKEY (GOVT) 7.5% 9,245,123 0.22 14/07/2017 15,470,000 USD 16,711,544 0.39 COSTA RICA TURKEY (GOVT) 7.5% COSTA RICA (GOVT) 4.375% 07/11/2019 18,050,000 USD 20,332,874 0.47 30/04/2025 3,775,000 USD 3,183,118 0.07TURKIYE HALK BANKASI 3.875% 3,183,118 0.0705/02/2020 5,000,000 USD 4,641,825 0.11 INDONESIA TURKIYE IS BANKASI 5.1% INDONESIA (GOVT) 5.875% 01/02/2016 2,700,000 USD 2,724,233 0.06 15/01/2024 8,680,000 USD 9,209,003 0.21TURKIYE IS BANKASI 5.5% INDONESIA (GOVT) 6.875% 21/04/2019 5,150,000 USD 5,188,677 0.12 09/03/2017 14,250,000 USD 15,281,130 0.36TURKIYE VAKIFLAR MAJAPAHIT HOLDING 7.25% BANKASI 5% 31/10/2018 3,000,000 USD 2,972,880 0.07 28/06/2017 6,310,000 USD 6,783,250 0.16

235,805,186 5.50 MAJAPAHIT HOLDING 7.75% TOTAL BONDS 1,783,991,284 41.60 17/10/2016 24,450,000 USD 25,825,312 0.60TOTAL TRANSFERABLE SECURITIES 57,098,695 1.33ADMITTED TO AN OFFICIAL STOCK KAZAKHSTAN EXCHANGE LISTING DEVELOPMENT BANK OF KAZ-

AKHSTAN 5.5% 20/12/2015 3,391,000 USD 3,418,586 0.08TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED 3,418,586 0.08MARKET MALAYSIA

PETRONAS CAPITAL 3.125% BONDS 18/03/2022 5,050,000 USD 4,935,820 0.12

4,935,820 0.12BARBADOS MEXICO COLUMBUS INTERNATIONAL MEXICO (GOVT) 3.6% 7.375% 30/03/2021 3,400,000 USD 3,525,375 0.08 30/01/2025 13,670,000 USD 13,399,607 0.32

3,525,375 0.08 MEXICO (GOVT) 4% BRAZIL 02/10/2023 3,870,000 USD 3,942,988 0.09BRAZIL (GOVT) 6% 15/08/2020 25,367 BRL 15,937,969 0.38 MEXICO (GOVT) 4.6% CAIXA ECONOMICA FEDERAL 23/01/2046 10,670,000 USD 9,506,010 0.224.5% 03/10/2018 7,900,000 USD 7,070,500 0.16 MEXICO (GOVT) 5.55% MARFRIG OVERSEAS 9.5% 21/01/2045 7,220,000 USD 7,398,695 0.1704/05/2020 3,950,000 USD 3,841,375 0.09 34,247,300 0.80ODEBRECHT DRILL 6.35% NETHERLANDS 30/06/2021 1,200,000 USD 356,700 0.01 MARFRIG HOLDING EUROPE ODEBRECHT FINANCE 4.375% 6.875% 24/06/2019 6,300,000 USD 5,433,750 0.1325/04/2025 1,000,000 USD 564,120 0.01 5,433,750 0.13ODEBRECHT FINANCE 5.25% PANAMA 27/06/2029 14,035,000 USD 7,405,357 0.17 PANAMA (GOVT) 4% ODEBRECHT FINANCE 7% 22/09/2024 260,000 USD 258,255 0.01VRN PERP 15,500,000 USD 3,129,063 0.07 258,255 0.01ODEBRECHT FINANCE 7.125% PERU 26/06/2042 3,120,000 USD 1,749,540 0.04 PERU (GOVT) 4.125% PETROBRAS GLOBAL FINANCE 25/08/2027 12,650,000 USD 12,466,006 0.296.25% 17/03/2024 43,410,000 USD 31,390,856 0.74 12,466,006 0.29PETROBRAS GLOBAL FINANCE RUSSIAN FEDERATION 6.85% 05/06/2115 4,755,000 USD 3,061,031 0.07 RUSSIA (GOVT) 4.875%

74,506,511 1.74 16/09/2023 7,400,000 USD 7,492,648 0.177,492,648 0.17

482

1,783,991,284 41.60




SOUTH AFRICA MEXICO (GOVT) 0% ESKOM HOLDINGS 6.75% 12/11/2015 122,000,000 MXN 71,767,035 1.6706/08/2023 3,170,000 USD 2,987,757 0.07 MEXICO (GOVT) 0%

2,987,757 0.07 03/03/2016 540,000,000 MXN 314,216,000 7.33UNITED STATES 742,956,791 17.33 US (GOVT) 2% 15/02/2025 10,500,000 USD 10,453,037 0.24 UNITED STATES

10,453,037 0.24 US (GOVT) 0% 05/11/2015 78,625,000 USD 78,626,337 1.83TOTAL BONDS 229,251,981 5.35 US (GOVT) 0% 12/11/2015 250,750,000 USD 250,753,259 5.84

US (GOVT) 0% 19/11/2015 94,500,000 USD 94,500,945 2.20TREASURY BILLS US (GOVT) 0% 10/12/2015 50,000,000 USD 50,001,350 1.17

US (GOVT) 0% 17/12/2015 17,000,000 USD 17,000,272 0.40UNITED STATES US (GOVT) 0% 24/12/2015 200,000,000 USD 200,008,800 4.66US (GOVT) 0% 10/03/2016 55,000,000 USD 54,990,100 1.28 US (GOVT) 0% 07/01/2016 51,500,000 USD 51,500,361 1.20

54,990,100 1.28 US (GOVT) 0% 14/01/2016 17,000,000 USD 16,999,881 0.40TOTAL TREASURY BILLS 54,990,100 1.28 US (GOVT) 0.25% 30/09/2015 118,000,000 USD 118,000,000 2.75TOTAL TRANSFERABLE SECURITIES US (GOVT) 1.25% 31/01/2020 54,500,000 USD 54,425,488 1.27TRADED ON ANOTHER REGULATED MARKET US (GOVT) 1.375% 29/02/2020 50,820,000 USD 51,040,352 1.19

US (GOVT) 1.375% 31/03/2020 32,000,000 USD 32,086,250 0.75OTHER TRANSFERABLE SECURITIES US (GOVT) 2.125% 15/05/2025 134,275,000 USD 135,019,807 3.15

US (GOVT) 2.25% 15/11/2024 1,525,000 USD 1,552,790 0.04SHARES 1,151,515,892 26.85

TOTAL TREASURY BILLS 1,894,472,683 44.18 ISLE OF MAN TOTAL OTHER TRANSFERABLE SECURITIES 2,029,722,311 47.33 CAMBRIA AFRICA 1,050,000 GBP 18,291 0.00 TOTAL INVESTMENTS 4,097,955,676 95.56

18,291 0.00 OTHER NET ASSETS LESS LIABILITIES 190,256,550 4.44UKRAINE TOTAL NET ASSETS 4,288,212,226 100.00XXI CENTURY INVESTMENTS 5,069 USD - 0.00

- 0.00TOTAL SHARES 18,291 0.00

BONDS

CHINA INDEPENDENCIA INTERNATIONAL 12% 30/12/2016 4,214,406 USD - 0.00

- 0.00TOTAL BONDS - 0.00




TREASURY BILLS

MEXICO MEXICO (GOVT) 0% 01/10/2015 540,000,000 MXN 318,645,168 7.44MEXICO (GOVT) 0% 15/10/2015 65,000,000 MXN 38,328,588 0.89

483

284,242,081 6.63


Global MacroStatement of investments as at 30 September 2015(expressed in EUR)


INVESTMENTS


TREASURY BILLS

FRANCE FRANCE (GOVT) 0% 30/09/2015 3,500,000 EUR 3,500,000 19.89FRANCE (GOVT) 0% 07/10/2015 2,500,000 EUR 2,500,103 14.21FRANCE (GOVT) 0% 14/10/2015 3,000,000 EUR 3,000,252 17.05FRANCE (GOVT) 0% 28/10/2015 1,000,000 EUR 1,000,152 5.69FRANCE (GOVT) 0% 11/11/2015 2,500,000 EUR 2,500,603 14.22FRANCE (GOVT) 0% 18/11/2015 4,000,000 EUR 2,700,774 15.35FRANCE (GOVT) 0% 02/12/2015 800,000 EUR 800,323 4.55FRANCE (GOVT) 0% 16/12/2015 1,200,000 EUR 1,200,556 6.83FRANCE (GOVT) 0% 23/12/2015 1,000,000 EUR 1,000,546 5.69

18,203,309 103.48TOTAL TREASURY BILLS 18,203,309 103.48TOTAL OTHER TRANSFERABLE SECURITIES 18,203,309 103.48TOTAL INVESTMENTS 18,203,309 103.48OTHER NET LIABILITIES LESS ASSETS (612,757) -3.48TOTAL NET ASSETS 17,590,552 100.00

484


Global Multi-Asset Income (launched as at 15 July 2015)Statement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS NEWTON GLOBAL INCOME FUND "W" 324,019 GBP 490,170 5.89

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 1,670,356 20.06EXCHANGE LISTING TOTAL COLLECTIVE INVESTMENT SCHEMES 1,670,356 20.06

TOTAL OTHER TRANSFERABLE SECURITIES 1,670,356 20.06COLLECTIVE INVESTMENT SCHEMES TOTAL INVESTMENTS 7,566,297 90.84

OTHER NET ASSETS LESS LIABILITIES 762,796 9.16GREAT BRITAIN TOTAL NET ASSETS 8,329,093 100.00HICL INFRASTRUCTURE COMPANY 125,000 GBP 258,335 3.10

258,335 3.10IRELAND ISHARES $ HIGH YIELD CORPORATE BOND ETF 7,440 USD 668,050 8.02

668,050 8.02LUXEMBOURG BILFINGER BERGER GLOBAL INFRASTRUCTURE 100,000 GBP 169,964 2.04HGIF GEM LOCAL DEBT "ZQ" 98,840 USD 797,184 9.57HGIF GLOBAL CORPORATE BOND "ZQ" 29,650 USD 264,904 3.18HGIF GLOBAL EMERGING MARKETS BOND "ZQ" 49,233 USD 422,488 5.07HGIF GLOBAL EQUITY DIVIDEND "ZQ" 92,910 USD 758,512 9.11HGIF GLOBAL HIGH INCOME BOND "ZQ" 138,380 USD 1,197,414 14.37HGIF GLOBAL HIGH YIELD BOND "ZQ" 97,939 USD 840,191 10.09HGIF GLOBAL REAL ESTATE EQUITY "ZQ" 29,650 USD 259,193 3.11HGIF GLOBAL SHORT DURATIONHIGH YIELD BOND "ZQ" 29,660 USD 259,706 3.12

4,969,556 59.66TOTAL COLLECTIVE INVESTMENT SCHEMES 5,895,941 70.78TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING



GREAT BRITAIN ARTEMIS GLOBAL INCOME FUND 903,623 GBP 924,077 11.10HSBC CORPORATE BOND FUND INSTITUTIONAL INCOME 89,362 GBP 256,109 3.07

5,895,941 70.78

485


Managed Solutions - Asia Focused ConservativeStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS HONG KONG (GOVT) 0.53% 19/03/2018 46,350,000 HKD 5,988,739 20.44

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 7,014,306 23.94EXCHANGE LISTING INDIA

BANK OF BARODA 4.875% BONDS 23/07/2019 200,000 USD 213,577 0.73

ICICI BANK 5.75% 16/11/2020 200,000 USD 223,436 0.77AUSTRALIA OIL INDIA 3.875% 17/04/2019 200,000 USD 206,109 0.70BAOSTEEL FINANCING ONGC VIDESH 4.625% 3.875% 28/01/2020 200,000 USD 200,874 0.69 15/07/2024 200,000 USD 205,413 0.70CNOOC CURTIS FUNDING 848,535 2.904.5% 03/10/2023 200,000 USD 207,373 0.70 INDONESIA

408,247 1.39 INDONESIA (GOVT) 6.75% CHINA 15/01/2044 200,000 USD 212,532 0.73AIRVESSEL FINANCE INDONESIA EXIMBANK HOLDING 3.25% 11/08/2019 200,000 USD 202,826 0.69 3.75% 26/04/2017 200,000 USD 202,829 0.69CHINA CONSTRUCTION BANK 415,361 1.423.875% VRN 13/05/2025 200,000 USD 197,275 0.67 MALAYSIA CHINA STATE CONSTRUCTION AMBANK 3.125% 03/07/2019 200,000 USD 201,458 0.68FINANCE 3.125% 02/04/2018 200,000 USD 200,910 0.69 SSG RESOURCES 4.25% CLP POWER HONG KONG 04/10/2022 200,000 USD 197,874 0.68FINANCING 4.25% VRN PERP 200,000 USD 201,057 0.69 399,332 1.36CNPC GENERAL MEXICO CAPITAL 3.4% 16/04/2023 200,000 USD 195,692 0.67 MINERA Y METALURGICA FRANSHION BRILLIANT DEL BOLEO 2.875% 07/05/2019 200,000 USD 203,313 0.695.75% 19/03/2019 200,000 USD 208,772 0.71 203,313 0.69HUATAI INTERNATIONAL SINGAPORE FINANCE 3.625% 08/10/2019 200,000 USD 203,966 0.70 GLOBAL LOGISTIC PROPERTIES HUTCHISON WHAMPOA 3.875% 04/06/2025 200,000 USD 194,763 0.666% VRN PERP 200,000 USD 208,750 0.71 HPHT FINANCE 15 2.875% LI & FUNG 5.25% 13/05/2020 200,000 USD 219,960 0.75 17/03/2020 200,000 USD 200,255 0.68SHENHUA OVERSEAS UNITED OVERSEAS BANK CAPITAL 3.875% 20/01/2025 200,000 USD 196,700 0.67 3.75% VRN 19/09/2024 200,000 USD 204,190 0.70STATE GRID OVERSEAS INVEST- 599,208 2.04MENT 4.85% 07/05/2044 200,000 USD 216,565 0.74 SOUTH KOREA SUN HUNG KAI PROPERTIES KOREA EAST WEST POWER 4.5% 14/02/2022 200,000 USD 213,565 0.73 2.5% 02/06/2020 200,000 USD 201,515 0.69WANDA PROPERTIES OVERSEAS NONGHYUP BANK 2.625% 4.875% 21/11/2018 200,000 USD 205,153 0.70 01/11/2018 200,000 USD 203,025 0.69

2,671,191 9.12 404,540 1.38THAILAND

HONG KONG BANGKOK BANK 4.8% BANK OF EAST ASIA 18/10/2020 200,000 USD 218,643 0.754.25% VRN 20/11/2024 200,000 USD 199,875 0.68 SIAM COMMERCIAL BANK CHINA TAIPING INSURANCE 3.5% 07/04/2019 200,000 USD 205,459 0.70HOLDINGS 5.45% VRN PERP 200,000 USD 206,125 0.70 424,102 1.45CITIC PACIFIC 6.625% TOTAL BONDS 13,388,135 45.6915/04/2021 200,000 USD 224,664 0.77GOLDWIND NEW ENERGY 2.5% 24/07/2018 200,000 USD 199,283 0.68HAITONG INTERNATIONAL FINANCE2015 3.5% 21/04/2020 200,000 USD 195,620 0.67

486


Managed Solutions - Asia Focused ConservativeStatement of investments as at 30 September 2015(expressed in USD)


COLLECTIVE INVESTMENT SCHEMES OTHER TRANSFERABLE SECURITIES

LUXEMBOURG TREASURY BILLS HGIF ASIA EX JAPAN EQUITY "ZD" 70,525 USD 2,888,479 9.86 UNITED STATES

2,888,479 9.86 US (GOVT) 2.125% 15/05/2025 3,000,000 USD 3,016,641 10.29SINGAPORE 3,016,641 10.29ISHARES BARCLAYS ASIA TOTAL TREASURY BILLS 3,016,641 10.29HIGH YIELD BOND INDEX ETF 268,600 USD 2,753,150 9.40 TOTAL OTHER TRANSFERABLE SECURITIES 3,016,641 10.29

2,753,150 9.40 TOTAL INVESTMENTS 28,905,617 98.65TOTAL COLLECTIVE INVESTMENT SCHEMES 5,641,629 19.26 OTHER NET ASSETS LESS LIABILITIES 396,686 1.35TOTAL TRANSFERABLE SECURITIES TOTAL NET ASSETS 29,302,303 100.00ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING


BONDS

CHINA ALIBABA GROUP HOLDING 3.125% 28/11/2021 200,000 USD 192,725 0.66CHINA RESOURCES LAND 4.375% 27/02/2019 200,000 USD 208,779 0.71KUNLUN ENERGY 3.75% 13/05/2025 200,000 USD 193,620 0.66

595,124 2.03INDIA INDIAN RAILWAY FINANCE CORP 3.917% 26/02/2019 200,000 USD 207,162 0.71

207,162 0.71INDONESIA PERUSAHAAN LISTRIK NEGARA 5.25% 24/10/2042 300,000 USD 238,688 0.81

238,688 0.81SOUTH KOREA KOREA HYDRO AND NUCLEAR POWER 2.375% 28/10/2019 200,000 USD 200,993 0.69

200,993 0.69TOTAL BONDS 1,241,967 4.24


LUXEMBOURG HGIF ECONOMIC SCALE INDEX GLOBAL EQUITY "ZD" 98,740 USD 3,033,893 10.35HGIF GLOBAL EMERGING MARKETS LOCAL DEBT "ZD" 280,403 USD 2,583,352 8.82

5,617,245 19.17TOTAL COLLECTIVE INVESTMENT SCHEMES 5,617,245 19.17TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET

487

19,029,764 64.95

6,859,212 23.41


Managed Solutions - Asia Focused GrowthStatement of investments as at 30 September 2015(expressed in USD)


INVESTMENTS SK HYNIX 9,073 KRW 256,812 2.34SK TELECOM 765 KRW 169,742 1.55

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 1,109,029 10.13 EXCHANGE LISTING TAIWAN

DELTA ELECTRONICS SHARES INDUSTRIAL 13,000 TWD 60,800 0.56

HON HAI PRECISION CHINA INDUSTRIES 53,700 TWD 139,601 1.283SBIO 71,500 HKD 72,514 0.66 MEGA FINANCIAL HOLDING 175,000 TWD 121,175 1.11BEIJING JINGNENG CLEAN QUANTA COMPUTER 67,000 TWD 116,186 1.06ENERGY "H" 280,000 HKD 85,625 0.78 RADIANT OPTO-BRILLIANCE CHINA ELECTRONICS 25,000 TWD 77,063 0.70AUTOMOTIVE 40,000 HKD 47,277 0.43 TAIWAN SEMICONDUCTOR CHINA CONSTRUCTION BANK MANUFACTURING 104,000 TWD 410,600 3.74"H" 442,000 HKD 293,714 2.68 925,425 8.45CHINA LIFE INSURANCE "H" 73,000 HKD 252,437 2.31 THAILAND CHINA RESOURCES LAND 38,000 HKD 89,042 0.81 KASIKORNBANK 18,200 THB 85,747 0.79GREENTOWN CHINA PTT GLOBAL CHEMICAL HOLDINGS 101,000 HKD 72,329 0.66 (TH1074010014) 37,900 THB 56,127 0.51HONG KONG LAND HOLDINGS 5,500 USD 36,355 0.33 141,874 1.30ICBC "H" 445,000 HKD 256,089 2.34 TOTAL SHARES 5,837,042 53.32 SHIMAO PROPERTY HOLDINGS 113,000 HKD 169,426 1.55 COLLECTIVE INVESTMENT SCHEMES TENCENT HOLDINGS 19,200 HKD 320,329 2.94XINYI GLASS 448,000 HKD 200,009 1.83 LUXEMBOURG

1,895,146 17.32 HGIF EUROLAND EQUITY "ZD" 3,243 EUR 127,355 1.16HONG KONG 127,355 1.16AIA GROUP 46,200 HKD 238,748 2.18 SINGAPORE BOC HONG KONG HOLDINGS 71,000 HKD 208,418 1.90 ISHARES BARCLAYS ASIA CHINA MOBILE 29,000 HKD 343,507 3.15 HIGH YIELD BOND INDEX ETF 102,000 USD 1,045,500 9.55CK HUTCHISON HOLDINGS 18,500 HKD 239,186 2.18 1,045,500 9.55GUANGDONG INVESTMENT 84,000 HKD 124,861 1.14 TOTAL COLLECTIVE INVESTMENT SCHEMES 1,172,855 10.71

1,154,720 10.55INDONESIA WARRANTS / EQUITY LINKED SECURITIES BANK RAKYAT INDONESIA 230,200 IDR 135,920 1.24

135,920 1.24 INDIA MALAYSIA AXIS BANK LEPO 25/01/2018 18,256 USD 137,852 1.26TENAGA NASIONAL 44,600 MYR 121,957 1.11 CAIRN INDIA P. NOTE

121,957 1.11 11/05/2017 34,697 USD 81,060 0.74SINGAPORE HCL TECHNOLOGIES COMFORTDELGRO CORP 43,800 SGD 88,407 0.81 17/01/2017 5,132 USD 76,788 0.70DBS GROUP 16,300 SGD 185,824 1.69 JAIPRAKASH ASSOCIATES SINGAPORE 02/12/2024 153,118 USD 26,359 0.24TELECOMMUNICATIONS 31,100 SGD 78,740 0.72 JINDAL STEEL & POWER

352,971 3.22 LEPO 25/11/2019 125,779 USD 116,217 1.06SOUTH KOREA ONGC LEPO 12/11/2019 28,862 USD 100,846 0.92BS FINANCIAL GROUP 6,506 KRW 75,198 0.69 TATA MOTORS 05/12/2022 40,503 USD 184,251 1.69HYUNDAI MOTOR 723,373 6.61 (KR7005380001) 911 KRW 126,047 1.15 TOTAL WARRANTS / EQUITY LINKED SECURITIES 723,373 6.61SAMSUNG ELECTRONICS 503 KRW 481,230 4.40

488


Managed Solutions - Asia Focused GrowthStatement of investments as at 30 September 2015(expressed in USD)


DEPOSITARY RECEIPTS

INDIA TATA MOTORS 1,801 USD 40,342 0.37

40,342 0.37TOTAL DEPOSITARY RECEIPTS 40,342 0.37TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING


SHARES

CHINA SHENZHEN INTERNATIONAL HOLDINGS 66,000 HKD 90,441 0.83

90,441 0.83SOUTH KOREA CJ HOME SHOPPING 477 KRW 74,570 0.68

74,570 0.68TOTAL SHARES 165,011 1.51


LUXEMBOURG HGIF ECONOMIC SCALE INDEX GLOBAL EQUITY "ZD" 31,485 USD 967,398 8.84HGIF GLOBAL EMERGING MARKETS LOCAL DEBT 131,226 USD 1,208,987 11.04

2,176,385 19.88 TOTAL COLLECTIVE INVESTMENT SCHEMES 2,176,385 19.88


INDIA COAL INDIA P. NOTE 27/10/2020 7,897 USD 39,413 0.36ICICI BANK 02/07/2019 16,861 USD 69,445 0.63

108,858 0.99TOTAL WARRANTS / EQUITY LINKED SECURITIES 108,858 0.99TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 10,223,866 93.39 OTHER NET ASSETS LESS LIABILITIES 723,248 6.61TOTAL NET ASSETS 10,947,114 100.00

489

7,773,612 71.01

2,450,254 22.38


Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2015(expressed in USD)

Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValue Value

INVESTMENTS LARGAN PRECISION 8,000 TWD 621,973 0.23MEGA FINANCIAL HOLDING 973,000 TWD 673,735 0.25

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK QUANTA COMPUTER 382,000 TWD 662,431 0.25EXCHANGE LISTING RADIANT OPTO

-ELECTRONICS 220,000 TWD 678,157 0.25SHARES TAIWAN SEMICONDUCTOR

MANUFACTURING 858,000 TWD 3,387,441 1.25CHINA 7,263,127 2.69 BEIJING JINGNENG CLEAN THAILAND ENERGY "H" 1,542,000 HKD 471,551 0.17 KRUNG THAI BANK 3,653,625 THB 1,721,366 0.64CHINA CONSTRUCTION BANK PTT GLOBAL CHEMICAL "H" 4,538,000 HKD 3,015,555 1.11 (TH1074010014) 226,900 THB 336,021 0.12ICBC "H" 4,676,000 HKD 2,690,945 1.00 2,057,387 0.76SHIMAO PROPERTY TOTAL SHARES 51,828,343 19.20 HOLDINGS 1,612,500 HKD 2,417,694 0.90

8,595,745 3.18 BONDS GREAT BRITAIN HSBC HOLDINGS 300,400 HKD 2,234,574 0.83 AUSTRALIA

2,234,574 0.83 BAOSTEEL FINANCING HONG KONG 3.875% 28/01/2020 1,000,000 USD 1,004,370 0.37AIA GROUP 439,800 HKD 2,272,758 0.84 CNOOC CURTIS FUNDING BOC HONG KONG HOLDINGS 689,000 HKD 2,022,535 0.75 4.5% 03/10/2023 3,000,000 USD 3,110,595 1.16CHINA MOBILE 307,000 HKD 3,636,442 1.34 OPTUS FINANCE 4.625% CK HUTCHISON HOLDINGS 207,000 HKD 2,676,292 0.99 15/10/2019 1,155,000 USD 1,253,487 0.46CNOOC 952,000 HKD 974,105 0.36 5,368,452 1.99GUANGDONG INVESTMENT 236,000 HKD 350,800 0.13 CANADA TELEVISION BROADCASTS 199,400 HKD 663,805 0.25 CNOOC FINANCE 4.25%

12,596,737 4.66 30/04/2024 1,530,000 USD 1,549,102 0.58INDONESIA PTT E&P CANADA INTERNATIONALBANK RAKYAT INDONESIA 1,968,000 IDR 1,161,993 0.43 5.692% 05/04/2021 1,000,000 USD 1,118,845 0.41TELEKOMUNIKASI 2,667,947 0.99INDONESIA PERSERO "B" 5,344,100 IDR 964,856 0.36 CHINA UNITED TRACTOR TBK 432,400 IDR 515,781 0.19 361 DEGREES INTERNATIONAL

2,642,630 0.98 7.5% 12/09/2017 3,500,000 CNY 515,467 0.19MALAYSIA AGILE PROPERTY HOLDINGS MALAYAN BANKING 892,000 MYR 1,737,024 0.65 8.875% 28/04/2017 1,000,000 USD 1,008,125 0.37TENAGA NASIONAL 309,100 MYR 845,221 0.31 AGILE PROPERTY HOLDINGS

2,582,245 0.96 9.875% 20/03/2017 750,000 USD 771,563 0.29SINGAPORE AIRVESSEL FINANCE HOLDINGCOMFORTDELGRO CORP 673,100 SGD 1,358,603 0.50 3.25% 11/08/2019 1,947,000 USD 1,974,511 0.73DBS GROUP 173,700 SGD 1,980,221 0.74 ALIBABA GROUP HOLDING SINGAPORE 4.5% 28/11/2034 900,000 USD 836,568 0.31TELECOMMUNICATIONS 600,500 SGD 1,520,360 0.56 BANK OF CHINA 5% UOL GROUP 157,900 SGD 667,402 0.25 13/11/2024 636,000 USD 648,316 0.24

5,526,586 2.05 BEIJING CAPITAL POLARIS INVEST-SOUTH KOREA MENT 2.875% 01/04/2018 680,000 USD 676,141 0.25KT & G 33,462 KRW 3,147,737 1.17 CAIFU HOLDINGS 8.75% SAMSUNG ELECTRONICS 2,295 KRW 2,195,672 0.81 24/01/2020 617,000 USD 600,418 0.22SK TELECOM 13,457 KRW 2,985,903 1.11 CAR 6.125% 04/02/2020 250,000 USD 248,438 0.09

8,329,312 3.09 CHINA AOYUAN PROPERTY TAIWAN 10.875% 26/05/2018 383,000 USD 384,915 0.14DELTA ELECTRONICS CHINA AOYUAN PROPERTY INDUSTRIAL 265,000 TWD 1,239,390 0.46 13.875% 23/11/2017 530,000 USD 568,756 0.21

490




CHINA CONSTRUCTION BANK POWERLONG REAL ESTATE HOLDINGS3.875% VRN 13/05/2025 1,439,000 USD 1,419,394 0.53 11.25% 25/01/2018 500,000 USD 516,250 0.19CHINA OVERSEAS FINANCE SHENHUA OVERSEAS CAPITAL5.5% 10/11/2020 3,000,000 USD 3,237,644 1.21 3.875% 20/01/2025 1,603,000 USD 1,576,551 0.58CHINA URANIUM 3.5% SHIMAO PROPERTY HOLDINGS08/10/2018 1,423,000 USD 1,456,597 0.54 6.625% 14/01/2020 250,000 USD 254,844 0.09CHINALCO FINANCE HOLDINGS SHIMAO PROPERTY HOLDINGS3.625% 11/12/2019 591,000 USD 599,484 0.22 8.125% 22/01/2021 500,000 USD 522,188 0.19CIFI HOLDINGS GROUP SHUI ON DEVELOPMENT HOLDINGS7.75% 05/06/2020 1,000,000 USD 945,000 0.35 10.125% VRN PERP 1,500,000 USD 1,550,625 0.57CLP POWER HONG KONG SINOCHEM OVERSEAS CAPITALFINANCING 4.25% VRN PERP 1,000,000 USD 1,005,285 0.37 4.5% 12/11/2020 548,000 USD 575,633 0.21CNPC GENERAL CAPITAL SINOPEC GROUP OVERSEAS 2.7% 25/11/2019 1,000,000 USD 1,002,000 0.37 4.875% 17/05/2042 1,500,000 USD 1,533,638 0.57CNPC GENERAL CAPITAL SUNAC CHINA HOLDINGS 3.4% 16/04/2023 470,000 USD 459,876 0.17 12.5% 16/10/2017 500,000 USD 534,063 0.20COUNTRY GARDEN HOLDINGS TENCENT HOLDINGS 3.375% 7.25% 04/04/2021 500,000 USD 507,813 0.19 02/05/2019 1,500,000 USD 1,528,500 0.57FANTASIA HOLDINGS GROUP TEXHONG TEXTILE GROUP 13.75% 27/09/2017 600,000 USD 625,125 0.23 6.5% 18/01/2019 1,000,000 USD 1,008,750 0.37FRANSHION BRILLIANT TIMES PROPERTY HOLDINGS 5.75% 19/03/2019 1,500,000 USD 1,565,789 0.58 11.45% 05/03/2020 500,000 USD 509,375 0.19FRANSHION DEVELOPMENT WEST CHINA CEMENT 6.5% 6.75% 15/04/2021 381,000 USD 413,248 0.15 11/09/2019 1,000,000 USD 978,125 0.36FUTURE LAND DEVELOPMENT YINGDE GASES INVESTMENT 10.25% 21/07/2019 800,000 USD 828,500 0.31 8.125% 22/04/2018 400,000 USD 337,000 0.12GEELY AUTOMOBILE HOLDINGS YUZHOU PROPERTIES 5.25% 06/10/2019 464,000 USD 469,510 0.17 11.75% 25/10/2017 500,000 USD 531,250 0.20HUARONG FINANCE 5.5% YUZHOU PROPERTIES 16/01/2025 276,000 USD 283,547 0.11 8.625% 24/01/2019 500,000 USD 496,563 0.18HUAYI FINANCE I 4% YUZHOU PROPERTIES 8.75% 02/12/2019 1,429,000 USD 1,428,428 0.53 04/10/2018 250,000 USD 251,250 0.09HUTCHISON WHAMPOA 52,615,530 19.48 4.625% 13/01/2022 1,500,000 USD 1,609,493 0.60 GREAT BRITAIN HUTCHISON WHAMPOA 6% VEDANTA RESOURCES 6% VRN PERP 2,000,000 USD 2,087,499 0.77 31/01/2019 1,000,000 USD 749,375 0.28ICBC 6% VRN PERP 749,375 0.28(USY39656AA40) 1,500,000 USD 1,559,063 0.58 HONG KONG IFC DEVELOPMENT CORP ANHUI TRANSPORTATION HOLDING2.375% 21/05/19 2,000,000 USD 1,990,469 0.74 GROUP 2.875% 11/06/2018 226,000 USD 224,239 0.08INDUSTRIAL AND COMMERCIAL BANK CHINA OIL AND GAS OF CHINA 4.875% 21/09/2025 978,000 USD 969,335 0.36 GROUP 5% 07/05/2020 500,000 USD 437,188 0.16LI & FUNG 5.25% CHINA RESOURCES POWER 13/05/2020 3,000,000 USD 3,299,399 1.22 7.25% VRN PERP 1,000,000 USD 1,016,250 0.38LOGAN PROPERTY HOLDINGS CITIC PACIFIC 6.625% 9.75% 08/12/2017 600,000 USD 613,125 0.23 15/04/2021 3,000,000 USD 3,369,959 1.24MAOYE INTERNATIONAL CITIC PACIFIC 8.625% HOLDINGS 7.75% 19/05/2017 300,000 USD 292,875 0.11 VRN PERP 1,550,000 USD 1,734,063 0.63MINMETALS BOUNTEOUS FINANCE GOLDWIND NEW ENERGY 3.5% 30/07/2020 423,000 USD 423,315 0.16 2.5% 24/07/2018 808,000 USD 805,103 0.30MOON WISE GLOBAL 9% GUOTAI JUNAN FINANCIAL VRN PERP 500,000 USD 529,375 0.20 HOLDINGS 3.625% 22/05/2019 1,000,000 USD 1,019,555 0.38NAN FUNG TREASURY 4.5% 20/09/2022 2,000,000 USD 2,056,519 0.76

491




HAITONG INTERNATIONAL FINANCE MALAYSIA 2015 3.5% 21/04/2020 270,000 USD 264,087 0.10 CAGAMAS GLOBAL 2.745% HERO ASIA INVESTMENT 10/12/2019 1,500,000 USD 1,512,090 0.565.25% VRN PERP 500,000 USD 501,268 0.19 MALAYAN BANKING 3.25% HONG KONG ELECTRIC 20/09/2022 1,500,000 USD 1,502,303 0.56FINANCE 4.25% 14/12/2020 200,000 USD 217,453 0.08 SSG RESOURCES 4.25% ICBCIL FINANCE 3.25% 04/10/2022 1,500,000 USD 1,484,055 0.5517/03/2020 519,000 USD 518,759 0.19 4,498,448 1.67 STANDARD CHARTERED BANK MEXICO 5.875% 24/06/2020 1,500,000 USD 1,661,265 0.62 MINERA Y METALURGICA DEL WEICHAI INTL HONG KONG ENERGY BOLEO 2.875% 07/05/2019 1,000,000 USD 1,016,565 0.38GROUP 4.125% 30/09/2020 1,000,000 USD 997,060 0.37 1,016,565 0.38

12,766,249 4.72 MONGOLIA INDIA DEVELOPMENT BANK OF AXIS BANK 3.25% 21/05/2020 2,118,000 USD 2,129,214 0.78 MONGOLIA 5.75% 21/03/2017 700,000 USD 667,212 0.25BANK OF INDIA 6.25% TRADE & DEVELOPMENT 16/02/2021 500,000 USD 565,353 0.21 BANK 9.375% 19/05/2020 1,000,000 USD 976,250 0.36BANK OF INDIA 3.125% 1,643,462 0.6106/05/2020 836,000 USD 830,545 0.31 NETHERLANDS BANK OF BARODA 4.875% GREENKO DUTCH 8% 23/07/2019 1,000,000 USD 1,067,885 0.40 01/08/2019 250,000 USD 256,094 0.09GLOBAL CLOUD XCHANGE 7% JABABEKA INTERNATIONAL 01/08/2019 1,500,000 USD 1,424,063 0.53 7.5% 24/09/2019 500,000 USD 443,438 0.16ICICI BANK DUBAI 3.125% LISTRINDO CAPITAL 6.95% 12/08/2020 974,000 USD 970,323 0.36 21/02/2019 500,000 USD 506,250 0.19OIL INDIA 3.875% 17/04/2019 2,000,000 USD 2,061,090 0.76 ROYAL CAPITAL 5.5% VRN ONGC VIDESH 3.25% PERP 250,000 USD 241,250 0.0915/07/2019 2,000,000 USD 2,018,870 0.75 ROYAL CAPITAL 6.25% VRN RELIANCE INDUSTRIES PERP 1,500,000 USD 1,501,874 0.565.875% PERP 200,000 USD 194,895 0.07 2,948,906 1.09 TATA MOTORS 4.625% PHILIPPINES 30/04/2020 200,000 USD 200,250 0.07 VILL INTERNATIONAL TATA MOTORS 5.75% 7.375% 18/06/2022 1,343,000 USD 1,375,736 0.5130/10/2024 1,000,000 USD 1,011,250 0.37 1,375,736 0.51

12,473,738 4.61 SINGAPORE INDONESIA ABJA INVESTMENT 5.95% INDONESIA (GOVT) 4.625% 31/07/2024 250,000 USD 221,875 0.0815/04/2043 1,500,000 USD 1,260,780 0.47 ALAM SYNERGY 6.95% PELABUHAN INDONESIA II 27/03/2020 500,000 USD 398,750 0.154.25% 05/05/2025 2,106,000 USD 1,844,066 0.69 ALAM SYNERGY 9% PERTAMINA 4.3% 20/05/2023 600,000 USD 546,000 0.20 29/01/2019 300,000 USD 269,063 0.10PERTAMINA 4.875% GLOBAL LOGISTIC PROPERTIES03/05/2022 1,000,000 USD 953,125 0.35 3.875% 04/06/2025 1,151,000 USD 1,120,861 0.41PERTAMINA 6.45% 30/05/2044 1,800,000 USD 1,569,375 0.58 GOLDEN LEGACY 9%

6,173,346 2.29 24/04/2019 200,000 USD 177,750 0.07JAPAN HPHT FINANCE 15 2.875% FUKOKU MUTUAL LIFE 17/03/2020 700,000 USD 700,893 0.26INSURANCE 5% VRN PERP 200,000 USD 200,382 0.07 MITRA PINASTHIKA SOFTBANK CORP 5.375% MUSTIKA 6.75% 19/09/2019 800,000 USD 677,500 0.2530/07/2022 500,000 USD 492,813 0.19

693,195 0.26

492




OVERSEA CHINESE BANKING COAL INDIA 04/08/2016 460,947 USD 2,300,522 0.86CORP 4% VRN 15/10/2024 2,632,000 USD 2,699,023 0.99 INDIABULLS HOUSING PACIFIC EMERALD PTE FINANCE 07/08/2023 118,155 USD 1,429,326 0.539.75% 25/07/2018 200,000 USD 189,000 0.07 ONGC 17/01/2017 651,807 USD 2,277,453 0.84PAKUWON PRIMA 7.125% 6,089,202 2.26 02/07/2019 500,000 USD 479,375 0.18 TOTAL WARRANTS / EQUITY LINKED SECURITIES 6,089,202 2.26PRATAMA AGUNG 6.25% 24/02/2020 500,000 USD 474,688 0.18 DEPOSITARY RECEIPTS RH INTERNATIONAL SINGAPORECORP 3.5% 02/05/2019 1,800,000 USD 1,850,588 0.68 THAILAND TBG GLOBAL 5.25% SHIN CORP 660,000 THB 1,322,909 0.4910/02/2022 500,000 USD 462,813 0.17 1,322,909 0.49THETA CAPITAL 7% TOTAL DEPOSITARY RECEIPTS 1,322,909 0.4911/04/2022 800,000 USD 724,000 0.27 TOTAL TRANSFERABLE SECURITIESYANLORD LAND GROUP ADMITTED TO AN OFFICIAL STOCK10.625% 29/03/2018 1,000,000 USD 1,046,250 0.39 EXCHANGE LISTING

11,492,429 4.25 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

SOUTH KOREA MARKETHANA BANK 4.375% 30/09/2024 500,000 USD 515,133 0.19 BONDS KOREA EAST WEST POWER 2.5% 02/06/2020 2,000,000 USD 2,015,149 0.74 CHINA NONGHYUP BANK 2.75% ALIBABA GROUP HOLDING 29/09/2019 1,000,000 USD 1,016,645 0.38 3.125% 28/11/2021 1,291,000 USD 1,244,039 0.45SK E&S 4.875% VRN PERP 1,000,000 USD 992,500 0.37 BAIDU 3% 30/06/2020 339,000 USD 337,564 0.13WOORI BANK 4.75% CHINA CINDA FINANCE 30/04/2024 500,000 USD 517,028 0.19 3.125% 23/04/2020 947,000 USD 917,065 0.34

5,056,455 1.87 CHINA RESOURCES LAND SRI LANKA 4.375% 27/02/2019 1,500,000 USD 1,565,843 0.58BANK OF CEYLON 6.875% COUNTRY GARDEN HOLDINGS 03/05/2017 1,000,000 USD 1,025,625 0.38 7.5% 10/01/2023 500,000 USD 500,938 0.19NATIONAL SAVINGS BANK KUNLUN ENERGY 3.75% 5.15% 10/09/2019 200,000 USD 192,375 0.07 13/05/2025 500,000 USD 484,050 0.18

1,218,000 0.45 MCE FINANCE 5% 15/02/2021 1,250,000 USD 1,082,813 0.40THAILAND STAR ENERGY GEOTHERMAL SIAM COMMERCIAL BANK 6.125% 27/03/2020 600,000 USD 553,857 0.213.5% 07/04/2019 933,000 USD 958,466 0.36 6,686,169 2.48

958,466 0.36 HONG KONG TOTAL BONDS 123,716,299 45.81 BANK EAST ASIA 6.125%

16/07/2020 1,500,000 USD 1,667,700 0.62COLLECTIVE INVESTMENT SCHEMES CHALIE HONG KONG CORP

6.875% VRN PERP 1,500,000 USD 1,516,875 0.56LUXEMBOURG FAR EAST HORIZON 4.625% HGIF EUROLAND EQUITY "ZD" 76,718 EUR 3,013,119 1.12 06/03/2017 1,000,000 USD 1,018,340 0.38

3,013,119 1.12 4,202,915 1.56 TOTAL COLLECTIVE INVESTMENT SCHEMES 3,013,119 1.12 INDIA

EXPORT IMPORT BANK WARRANTS / EQUITY LINKED SECURITIES OF INDIA 2.75% 01/04/2020 500,000 USD 495,708 0.18

INDIAN RAILWAY FINANCE INDIA CORP 3.917% 26/02/2019 1,500,000 USD 1,553,715 0.58CAIRN INDIA LEPO 08/06/2017 35,057 USD 81,901 0.03

185,969,872 68.88

493



Description Quantity/ Currency Evaluation % netFace assetsValue

RELIANCE INDUSTRIES 4.875% 10/02/2045 482,000 USD 439,288 0.16UNION BANK OF INDIA 4.5% 28/10/2019 1,500,000 USD 1,581,074 0.59

4,069,785 1.51 INDONESIA PERUSAHAAN LISTRIK NEGARA 5.25% 24/10/2042 1,700,000 USD 1,352,563 0.50

1,352,563 0.50IRELAND BW GROUP 6.625% 28/06/2017 500,000 USD 509,687 0.19CCBL CAYMAN CORP 3.25% 28/07/2020 412,000 USD 411,440 0.15

921,127 0.34 MALAYSIA PETRONAS CAPITAL 4.5% 18/03/2045 500,000 USD 464,830 0.17

464,830 0.17PHILIPPINES PETRON CORP 7.5% VRN PERP 1,500,000 USD 1,507,500 0.56SM INVESTMENTS CORP 4.25% 17/10/2019 487,000 USD 490,492 0.18

1,997,992 0.74 SRI LANKA NATIONAL SAVINGS BANK 8.875% 18/09/2018 300,000 USD 320,250 0.12

320,250 0.12VIETNAM VIETINBANK 8% 17/05/2017 1,500,000 USD 1,543,125 0.57

1,543,125 0.57TOTAL BONDS 21,558,756 7.99


LUXEMBOURG HGIF ECONOMIC SCALE INDEX GLOBAL EQUITY "ZD" 856,435 USD 26,314,822 9.74HGIF GLOBAL EMERGING MARKETS LOCAL DEBT 2,736,389 USD 25,210,354 9.34

51,525,176 19.08 TOTAL COLLECTIVE INVESTMENT SCHEMES 51,525,176 19.08TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 259,053,804 95.95 OTHER NET ASSETS LESS LIABILITIES 10,931,021 4.05 TOTAL NET ASSETS 269,984,825 100.00

494

27.07 73,083,932

Currency Conversion Table

30 September 2015 31 March 2015USD USD

AUD 1.4240 1.3090CAD 1.3407 1.2665CHF 0.9771 0.9713CNH 6.3653 6.2055CNY 6.3571 6.1996EUR 0.8959 0.9311GBP 0.6602 0.6736HKD 7.7501 7.7531JPY 119.7650 119.9185NOK 8.5300 8.0591SEK 8.3871 8.6240SGD 1.4219 1.3717

To help shareholders to calculate the performance of their individual investment, in the relevant reference currency,we have produced the following table. It shows the value of one US Dollar against various currencies (as at the givendates).

495

Dealing Days of the FundDealing for Shares in the Company will take place on any Business Day (other than days during a period of suspensionof dealing in Shares) and which is also for each Sub-fund, a day where stock exchanges and regulated markets incountries where the Sub-fund is materially invested are open for normal trading.

The Business Days which are not Dealing Days will be listed in the annual report and semi-annual reports and availableat the registered office of the Company. Any amendments to such lists are also available at the registered office of theCompany.

Shareholders who deal through the Company’s local distributor or representative should note that there will be nodealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a daywhich is not a Business Day in such jurisdiction. Shareholders in such jurisdictions can however deal via the TransferAgent in Luxembourg.

The Company will determine the dealing/non-dealing calendar according to the latest market information obtained bythe Company from time to time. Shareholders can obtain the latest dealing/non-dealing calendar of the Company fromthe registered office of the Company or from the Company’s local distributor or representative.

496

HSBC Global Investment Funds (“HGIF”)Fund Holiday Calendar for 2016

NOTE: THIS CALENDAR IS INDICATIVE AS DATES IN SOME COUNTRIES HAVE YET TO BECONFIRMED * AND/OR DATES ARE SUBJECT TO CHANGE.

All HGIF Sub-funds will have no NAV calculated on the following days:

all Saturdays and Sundays

In addition, the following Sub-funds will have no NAV calculated on the following dates:

ASEAN Equity(Hong Kong, Indonesia, Luxembourg, Malaysia, Singapore, Thailand)

1 January Hong Kong, Indonesia, Malaysia, Luxembourg, Singapore, Thailand25 January Malaysia

1 February Malaysia8 February Hong Kong, Indonesia, Malaysia, Singapore9 February Hong Kong, Malaysia, Singapore

10 February Hong Kong22 February Thailand

9 March Indonesia25 March Hong Kong, Indonesia, Luxembourg, Singapore28 March Hong Kong, Luxembourg

4 April Hong Kong6 April Thailand

13 April Thailand14 April Thailand15 April Thailand

2 May Hong Kong, Malaysia, Singapore, Thailand5 May Indonesia, Luxembourg, Thailand6 May Indonesia, Thailand

16 May Luxembourg20 May Thailand

9 June Hong Kong22 June Malaysia23 June Luxembourg

1 July Hong Kong, Thailand4 July Indonesia5 July Indonesia6 July Indonesia, Malaysia, Singapore7 July Indonesia, Malaysia8 July Indonesia

18 July Thailand19 July Thailand

9 August Singapore12 August Thailand15 August Luxembourg17 August Indonesia31 August Malaysia12 September Indonesia, Malaysia, Singapore16 September Hong Kong, Malaysia

3 October Malaysia10 October Hong Kong24 October Thailand

497

ASEAN Equity (continued)(Hong Kong, Indonesia, Luxembourg, Malaysia, Singapore, Thailand)

1 November Luxembourg05 December Thailand12 December Indonesia, Malaysia, Thailand26 December Hong Kong, Indonesia, Luxembourg, Malaysia, Singapore27 December Hong Kong

Asian Currencies Bond(Hong Kong, Luxembourg, Malaysia, Singapore, South Korea, Thailand)

1 January Hong Kong, Luxembourg, Malaysia, Singapore, South Korea, Thailand25 January Malaysia

1 February Malaysia8 February Hong Kong, Malaysia, Singapore, South Korea9 February Hong Kong, Malaysia, Singapore, South Korea

10 February Hong Kong, South Korea22 February Thailand

1 March South Korea25 March Hong Kong, Luxembourg, Singapore28 March Hong Kong, Luxembourg


13 April South Korea, Thailand14 April Thailand15 April Thailand

2 May Hong Kong, Malaysia, Singapore, Thailand5 May Luxembourg, South Korea, Thailand6 May Thailand

16 May Luxembourg20 May Thailand

6 June South Korea9 June Hong Kong

22 June Malaysia23 June Luxembourg

1 July Hong Kong, Thailand6 July Malaysia, Singapore7 July Malaysia

18 July Thailand19 July Thailand

9 August Singapore12 August Thailand15 August South Korea, Luxembourg31 August Malaysia12 September Malaysia, Singapore14 September South Korea15 September South Korea16 September Hong Kong, Malaysia, South Korea

3 October Malaysia, South Korea10 October Hong Kong24 October Thailand

1 November Luxembourg5 December Thailand

12 December Malaysia, Thailand26 December Hong Kong, Luxembourg, Malaysia, Singapore27 December Hong Kong30 December South Korea

498

Asia ex Japan Equity(Hong Kong, Luxembourg, South Korea)

1 January Hong Kong, Luxembourg, South Korea8 February Hong Kong, South Korea9 February Hong Kong, South Korea

10 February Hong Kong, South Korea1 March South Korea

25 March Hong Kong, Luxembourg28 March Hong Kong, Luxembourg

4 April Hong Kong13 April South Korea

2 May Hong Kong5 May South Korea, Luxembourg

16 May Luxembourg6 June South Korea9 June Hong Kong

23 June Luxembourg1 July Hong Kong

15 August South Korea, Luxembourg14 September South Korea15 September South Korea16 September Hong Kong, South Korea

3 October South Korea10 October Hong Kong

1 November Luxembourg26 December Hong Kong, Luxembourg27 December Hong Kong30 December South Korea

Asia ex Japan Equity Smaller Companies(Hong Kong, Luxembourg, Taiwan)

1 January Hong Kong, Luxembourg, Taiwan5 February Taiwan8 February Hong Kong, Taiwan9 February Hong Kong, Taiwan

10 February Hong Kong, Taiwan11 February Taiwan12 February Taiwan29 February Taiwan25 March Hong Kong, Luxembourg28 March Hong Kong, Luxembourg

4 April Hong Kong, Taiwan5 April Taiwan2 May Hong Kong, Taiwan5 May Luxembourg

16 May Luxembourg9 June Hong Kong, Taiwan

10 June Taiwan23 June Luxembourg15 August Luxembourg

1 July Hong Kong15 September Taiwan16 September Hong Kong, Taiwan10 October Hong Kong, Taiwan

1 November Luxembourg26 December Hong Kong, Luxembourg27 December Hong Kong

499

Asia Pacific ex Japan Equity High Dividend(Australia, Luxembourg, Hong Kong)

1 January Australia, Hong Kong, Luxembourg26 January Australia

8 February Hong Kong9 February Hong Kong

10 February Hong Kong25 March Australia, Hong Kong, Luxembourg28 March Australia, Hong Kong, Luxembourg

4 April Hong Kong25 April Australia

2 May Hong Kong5 May Luxembourg

16 May Luxembourg9 June Hong Kong

13 June Australia23 June Luxembourg

1 July Hong Kong15 August Luxembourg16 September Hong Kong10 October Hong Kong

1 November Luxembourg26 December Australia, Hong Kong, Luxembourg27 December Australia, Hong Kong

Brazil Bond(Brazil, Luxembourg, US)

1 January Brazil, Luxembourg, US18 January US25 January Brazil

8 February Brazil9 February Brazil

15 February US25 March Brazil, Luxembourg, US28 March Luxembourg21 April Brazil

5 May Luxembourg16 May Luxembourg26 May Brazil30 May US23 June Luxembourg

4 July US15 August Luxembourg

5 September US7 September Brazil

12 October Brazil1 November Luxembourg2 November Brazil

15 November Brazil24 November US26 December Luxembourg, US30 December Brazil

Brazil Equity(Brazil, Luxembourg, UK, US)

1 January Brazil, Luxembourg, UK, US18 January US25 January Brazil


500

Brazil Equity (continued)(Brazil, Luxembourg, UK, US)

15 February US25 March Brazil, Luxembourg, UK, US28 March Luxembourg, UK21 April Brazil

2 May UK5 May Luxembourg

16 May Luxembourg26 May Brazil30 May UK, US23 June Luxembourg

4 July US15 August Luxembourg29 August UK



15 November Brazil24 November US26 December Luxembourg, UK, US27 December UK30 December Brazil

BRIC Equity, BRIC Markets Equity, BRIC Markets(Brazil, Hong Kong, India, Luxembourg, UK, US)

1 January Brazil, Hong Kong, Luxembourg, UK, US18 January US25 January Brazil26 January India

8 February Brazil, Hong Kong9 February Brazil, Hong Kong

10 February Hong Kong15 February US23 March India25 March Brazil, Hong Kong, India, Luxembourg, UK, US28 March Hong Kong, Luxembourg, UK

4 April Hong Kong14 April India19 April India21 April Brazil

2 May Hong Kong, UK5 May Luxembourg

16 May Luxembourg26 May Brazil30 May UK, US

9 June Hong Kong23 June Luxembourg

1 July Hong Kong4 July US6 July India

15 August India, Luxembourg29 August UK


13 September India16 September Hong Kong10 October Hong Kong11 October India

501

BRIC Equity, BRIC Markets Equity, BRIC Markets (continued)(Brazil, Hong Kong, India, Luxembourg, UK, US)


15 November Brazil24 November US26 December Hong Kong, India, Luxembourg, UK, US27 December Hong Kong, UK30 December Brazil

China Consumer Opportunities(France, Hong Kong, Luxembourg, UK, US)

1 January France, Hong Kong, Luxembourg, UK, US18 January US


10 February Hong Kong15 February US25 March France, Hong Kong, Luxembourg, UK, US28 March France, Hong Kong, Luxembourg, UK

4 April Hong Kong2 May Hong Kong, UK5 May Luxembourg

16 May Luxembourg30 May UK, US


1 July Hong Kong4 July US

15 August Luxembourg29 August UK

5 September US16 September Hong Kong10 October Hong Kong

1 November Luxembourg24 November US26 December France, Hong Kong, Luxembourg, UK, US27 December Hong Kong, UK

Chinese Equity(Hong Kong, Luxembourg)

1 January Hong Kong, Luxembourg8 February Hong Kong9 February Hong Kong

10 February Hong Kong25 March Hong Kong, Luxembourg28 March Hong Kong, Luxembourg

4 April Hong Kong2 May Hong Kong5 May Luxembourg



15 August Luxembourg16 September Hong Kong

502

Chinese Equity (continued)(Hong Kong, Luxembourg)

10 October Hong Kong1 November Luxembourg

26 December Hong Kong, Luxembourg27 December Hong Kong

Economic Scale Index GEM Equity(Hong Kong, Luxembourg, UK)

1 January Hong Kong, Luxembourg, UK8 February Hong Kong9 February Hong Kong

10 February Hong Kong25 March Hong Kong, Luxembourg, UK28 March Hong Kong, Luxembourg, UK


16 May Luxembourg30 May UK


1 July Hong Kong15 August Luxembourg29 August UK16 September Hong Kong10 October Hong Kong

1 November Luxembourg26 December Hong Kong, Luxembourg, UK27 December Hong Kong, UK

Economic Scale Index Global Equity

1 January Luxembourg, UK, US18 January US15 February US25 March Luxembourg, UK, US28 March Luxembourg, UK


16 May Luxembourg30 May UK, US23 June Luxembourg


5 September US1 November Luxembourg

24 November US26 December Luxembourg, UK, US27 December UK

Economic Scale Index Japan Equity(Luxembourg, Japan, UK)

1 January Japan, Luxembourg, UK11 January Japan11 February Japan21 March Japan

(Luxembourg, UK, US)

503

Economic Scale Index Japan Equity (continued)(Luxembourg, Japan, UK)

25 March Luxembourg, UK28 March Luxembourg, UK29 April Japan

2 May UK3 May Japan4 May Japan5 May Japan, Luxembourg

16 May Luxembourg30 May UK23 June Luxembourg18 July Japan11 August Japan15 August Luxembourg29 August UK19 September Japan22 September Japan10 October Japan

1 November Luxembourg3 November Japan

23 November Japan23 December Japan26 December Luxembourg, UK27 December UK

Economic Scale Index US Equity, Emerging Wealth(Luxembourg, UK, US)







Euro Bond, Euro Credit Bond, Euro Credit Bond Total Return, Euro High Yield Bond(Luxembourg, UK)

1 January Luxembourg, UK25 March Luxembourg, UK28 March Luxembourg, UK


16 May Luxembourg30 May UK23 June Luxembourg15 August Luxembourg29 August UK

504

Euro Bond, Euro Credit Bond, Euro Credit Bond Total Return, Euro High Yield Bond (continued)(Luxembourg, UK)

1 November Luxembourg26 December Luxembourg, UK27 December UK

Euro Reserve, Euroland Equity, Euroland Equity Smaller Companies, Euroland Growth(Luxembourg)

1 January Luxembourg25 March Luxembourg28 March Luxembourg

5 May Luxembourg16 May Luxembourg23 June Luxembourg15 August Luxembourg

1 November Luxembourg25 December Luxembourg

European Equity(France, Luxembourg, UK)

1 January France, Luxembourg, UK25 March France, Luxembourg, UK28 March France, Luxembourg, UK

2 May France, Luxembourg, UK5 May Luxembourg


1 November Luxembourg26 December France, Luxembourg, UK27 December UK

Frontier Markets (Note: Fund does not deal on a Friday)(Luxembourg, Qatar, UK)

1 January Luxembourg, UK9 February Qatar

25 March Luxembourg, UK28 March Luxembourg, UK


16 May Luxembourg30 May UK23 June Luxembourg

6 July Qatar7 July Qatar

15 August Luxembourg29 August UK12 September Qatar13 September Qatar14 September Qatar15 September Qatar

505

Frontier Markets (continued) (Note: Fund does not deal on a Friday)(Luxembourg, Qatar, UK)


GEM Debt Total Return(Luxembourg, UK, US**)





5 September US10 October US

1 November Luxembourg11 November US24 November US26 December Luxembourg, UK, US27 December UK

GEM Equity Volatility Focused(Luxembourg, Taiwan, UK)

1 January Luxembourg,Taiwan, UK5 February Taiwan8 February Taiwan9 February Taiwan

10 February Taiwan11 February Taiwan12 February Taiwan29 February Taiwan25 March Luxembourg, UK28 March Luxembourg, UK

4 April Taiwan5 April Taiwan2 May Taiwan, UK5 May Luxembourg


9 June Taiwan10 June Taiwan23 June Luxembourg15 August Luxembourg29 August UK15 September Taiwan16 September Taiwan10 October Taiwan


506

GEM Inflation Linked Bond(Brazil, Luxembourg, US**)

1 January Brazil, Luxembourg, US18 January US25 January Brazil


15 February US25 March Brazil, Luxembourg, US28 March Luxembourg21 April Brazil

5 May Luxembourg16 May Luxembourg26 May Brazil30 May US23 June Luxembourg



10 October US12 October Brazil

1 November Luxembourg2 November Brazil

11 November US15 November Brazil24 November US26 December Brazil, Luxembourg, US30 December Brazil

Global Asset Backed Bond *Global Asset Backed High Yield Bond *(Australia, France, Germany, Italy, Luxembourg, UK, US)

1 January Luxembourg15 February US25 March Luxembourg28 March Luxembourg

5 May Luxembourg16 May Luxembourg23 June Luxembourg15 August Luxembourg, Italy


* Note: NAV is calculated on the 15th of each calendar month (or on the immediately following business dayif the 15th is not a business day) and on the last business day of the month.

Global Bond(Japan, Luxembourg, US**)

1 January Japan, Luxembourg, US11 January Japan18 January US11 February Japan15 February US21 March Japan25 March Luxembourg, US28 March Luxembourg29 April Japan

3 May Japan

507

Global Bond (continued)(Japan, Luxembourg, US**)

4 May Japan5 May Luxembourg, Japan

16 May Luxembourg30 May US23 June Luxembourg

4 July US18 July Japan11 August Japan15 August Luxembourg

5 September US19 September Japan22 September Japan10 October Japan, US


11 November US23 November Japan24 November US23 December Japan26 December Luxembourg, US

Global Bond Total ReturnGlobal Corporate BondGlobal Emerging Markets BondGlobal Emerging Markets Corporate DebtGlobal Emerging Markets Local DebtGlobal Emerging Markets Investment Grade Bond(Luxembourg, UK, US**)







Global Emerging Markets Equity(Hong Kong, Luxembourg, South Korea, UK)

1 January Hong Kong, Luxembourg, South Korea, UK8 February Hong Kong, South Korea9 February Hong Kong, South Korea


508

Global Emerging Markets Equity (continued)(Hong Kong, Luxembourg, South Korea, UK)

25 March Hong Kong, Luxembourg, UK28 March Hong Kong, Luxembourg, UK


2 May Hong Kong, UK5 May Luxembourg, South Korea


6 June South Korea9 June Hong Kong


15 August Luxembourg, South Korea29 August UK14 September South Korea15 September South Korea16 September Hong Kong, South Korea


1 November Luxembourg26 December Hong Kong, Luxembourg, UK27 December Hong Kong, UK30 December South Korea

Global Emerging Markets Local Currency Rates (Luxembourg, US**)

1 January Luxembourg, US18 January US15 February US25 March Luxembourg, US28 March Luxembourg

5 May Luxembourg16 May Luxembourg30 May US23 June Luxembourg



1 November Luxembourg11 November US24 November US26 December Luxembourg, US

Global Equity Climate ChangeGlobal Equity DividendGlobal Equity Volatility Focused(Luxembourg, UK, US)

1 January Luxembourg,UK, US18 January US15 February US25 March Luxembourg, UK, US28 March Luxembourg, UK



509

Global Equity Climate ChangeGlobal Equity DividendGlobal Equity Volatility Focused (continued)(Luxembourg, UK, US)

23 June Luxembourg4 July US




Global Government Bond(Luxembourg, Japan, US**)

1 January Japan, Luxembourg, US11 January Japan18 January US11 February Japan15 February US21 March Japan25 March Luxembourg, US28 March Luxembourg29 April Japan

3 May Japan4 May Japan5 May Japan, Luxembourg

16 May Luxembourg30 May US23 June Luxembourg

4 July US18 July Japan11 August Japan15 August Luxembourg

5 September US19 September Japan22 September Japan10 October Japan, US


11 November US23 November Japan24 November US23 December Japan26 December Luxembourg, US

Global High Income Bond Global High Yield BondGlobal Multi-Asset Income(Luxembourg, UK, US**)



510

Global High Income Bond Global High Yield BondGlobal Multi-Asset Income (continued)(Luxembourg, UK, US**)






1 January France, Germany, Italy, Luxembourg, UK, US18 January US15 February US25 March France, Germany, Italy, Luxembourg, UK, US28 March France, Germany, Italy, Luxembourg, UK



4 July US15 August Italy, Luxembourg29 August UK


1 November Luxembourg11 November US24 November US26 December France, Germany, Italy, Luxembourg, UK, US27 December UK

Global Macro(Germany, Japan, Luxembourg, UK, US)

1 January Germany, Japan, Luxembourg, UK, US11 January Japan18 January US11 February Japan15 February US21 March Japan25 March Germany, Luxembourg, UK, US28 March Germany, Luxembourg, UK29 April Japan

2 May UK3 May Japan4 May Japan5 May Japan, Luxembourg


(France, Germany, Italy, Luxembourg, UK, US**)

511

Global Macro (continued)(Germany, Japan, Luxembourg, UK, US)

4 July US18 July Japan11 August Japan15 August Luxembourg29 August UK

5 September US19 September Japan22 September Japan10 October Japan


23 November Japan24 November US23 December Japan26 December Germany, Luxembourg, UK, US27 December UK

Global Real Estate Equity(Luxembourg, UK, US)







Global Short Duration Bond(Luxembourg, UK, US**)






1 November Luxembourg11 November US

512

Global Short Duration Bond (continued)(Luxembourg, UK, US**)


Global Short Duration High Yield Bond(France, Luxembourg, UK, US**)

1 January France, Luxembourg, UK, US18 January US15 February US25 March France, Luxembourg, UK, US28 March France, Luxembourg, UK





1 November Luxembourg11 November US24 November US26 December France, Luxembourg, UK, US27 December UK

Hong Kong Equity(Hong Kong, Luxembourg)

1 January Hong Kong, Luxembourg8 February Hong Kong9 February Hong Kong

10 February Hong Kong25 March Hong Kong, Luxembourg28 March Hong Kong, Luxembourg

4 April Hong Kong2 May Hong Kong5 May Luxembourg



15 August Luxembourg16 September Hong Kong10 October Hong Kong


513

India Fixed Income(Hong Kong, India, Luxembourg)

1 January Hong Kong, Luxembourg26 January India

8 February India9 February Hong Kong

10 February Hong Kong23 March India25 March Hong Kong, India, Luxembourg28 March Hong Kong, Luxembourg

4 April Hong Kong14 April India19 April India



23 June Luxembourg1 July Hong Kong6 July India

15 August India, Luxembourg13 September India16 September Hong Kong10 October Hong Kong11 October India


Indian Equity(Hong Kong, India, Luxembourg)

1 January Hong Kong, Luxembourg26 January India


10 February Hong Kong23 March India25 March Hong Kong, India, Luxembourg28 March Hong Kong, Luxembourg

4 April Hong Kong14 April India19 April India



23 June Luxembourg1 July Hong Kong6 July India

15 August India, Luxembourg13 September India16 September Hong Kong10 October Hong Kong11 October India


514

Korean Equity(Hong Kong, Luxembourg, South Korea)

1 January Hong Kong, Luxembourg, South Korea8 February Hong Kong, South Korea9 February Hong Kong, South Korea


25 March Hong Kong, Luxembourg28 March Hong Kong, Luxembourg


2 May Hong Kong5 May Luxembourg, South Korea

16 May Luxembourg6 June South Korea9 June Hong Kong


15 August Luxembourg, South Korea14 September South Korea15 September South Korea16 September Hong Kong, South Korea


1 November Luxembourg26 December Hong Kong, Luxembourg27 December Hong Kong30 December South Korea

Latin American Equity(Brazil, Luxembourg, Mexico, UK, US)

1 January Brazil, Luxembourg, Mexico,UK, US18 January US25 January Brazil

1 February Mexico8 February Brazil9 February Brazil

15 February US21 March Mexico24 March Mexico25 March Brazil, Luxembourg, Mexico, UK, US28 March Luxembourg, UK21 April Brazil


16 May Luxembourg26 May Brazil30 May UK, US23 June Luxembourg



16 September Mexico12 October Brazil

1 November Luxembourg

515

Latin American Equity (continued)(Brazil, Luxembourg, Mexico, UK, US)

2 November Brazil, Mexico15 November Brazil21 November Mexico24 November US26 December Luxembourg, UK, US27 December UK30 December Brazil

Managed Solutions – Asia Focused Conservative Managed Solutions – Asia Focused Growth Managed Solutions – Asia Focused Income(Hong Kong, Luxembourg, UK)

1 January Hong Kong, Luxembourg, UK8 February Hong Kong9 February Hong Kong

10 February Hong Kong25 March Hong Kong, Luxembourg, UK28 March Hong Kong, Luxembourg, UK




1 July Hong Kong15 August Luxembourg29 August UK16 September Hong Kong10 October Hong Kong

1 November Luxembourg26 December Hong Kong, Luxembourg, UK27 December Hong Kong, UK

Mexico Equity(Luxembourg, Mexico, UK)

1 January Luxembourg, Mexico, UK1 February Mexico

21 March Mexico24 March Mexico25 March Luxembourg, Mexico, UK28 March Luxembourg, UK


16 May Luxembourg30 May UK23 June Luxembourg

516

Mexico Equity (continued)(Brazil, Luxembourg, Mexico)

15 August Luxembourg29 August UK16 September Mexico

1 November Luxembourg2 November Mexico

21 November Mexico12 December Mexico26 December Luxembourg, UK27 December UK

RMB Fixed Income(China, Hong Kong, Luxembourg, UK, US**)

1 January Hong Kong, Luxembourg, Shanghai, UK, US 18 January US

8 February Hong Kong, Shanghai9 February Hong Kong, Shanghai

10 February Hong Kong, Shanghai11 February Shanghai12 February Shanghai15 February US25 March Hong Kong, Luxembourg, UK, US28 March Hong Kong, Luxembourg, UK

4 April Hong Kong, Shanghai2 May Hong Kong, Shanghai, UK5 May Luxembourg


9 June Hong Kong, Shanghai10 June Shanghai23 June Luxembourg

1 July Hong Kong 4 July US


5 September US15 September Shanghai16 September Hong Kong, Shanghai

3 October Shanghai4 October Shanghai5 October Shanghai6 October Shanghai7 October Shanghai

10 October Hong Kong, US1 November Luxembourg

11 November US24 November US 26 December Hong Kong, Luxembourg, UK, US27 December Hong Kong, UK

Russia Equity(Luxembourg, Russia, UK)

1 January Luxembourg, Russia, UK7 January Russia8 January Russia

22 February Russia23 February Russia

7 March Russia8 March Russia

517

Russia Equity (continued)(Luxembourg, Russia, UK)

25 March Luxembourg, UK28 March Luxembourg, UK

2 May Russia, UK3 May Russia5 May Luxembourg9 May Russia

16 May Luxembourg30 May UK13 June Russia23 June Luxembourg15 August Luxembourg29 August UK

1 November Luxembourg4 November Russia

26 December Luxembourg, UK27 December UK30 December Russia

Singapore Equity(Hong Kong, Luxembourg, Singapore)

1 January Hong Kong, Luxembourg, Singapore8 February Hong Kong, Singapore9 February Hong Kong, Singapore

10 February Hong Kong25 March Hong Kong, Luxembourg, Singapore28 March Hong Kong, Luxembourg

4 April Hong Kong2 May Hong Kong, Singapore5 May Luxembourg


23 June Luxembourg1 July Hong Kong6 July Singapore9 August Singapore

15 August Luxembourg12 September Singapore16 September Hong Kong10 October Hong Kong

1 November Luxembourg26 December Hong Kong, Luxembourg, Singapore27 December Hong Kong

Taiwan Equity(Hong Kong, Luxembourg, Taiwan)

1 January Hong Kong, Luxembourg, Taiwan5 February Taiwan8 February Hong Kong, Taiwan9 February Hong Kong, Taiwan

10 February Hong Kong, Taiwan11 February Taiwan12 February Taiwan29 February Taiwan25 March Hong Kong, Luxembourg28 March Hong Kong, Luxembourg

4 April Hong Kong, Taiwan5 April Taiwan2 May Hong Kong, Taiwan

518

Taiwan Equity (continued)(Hong Kong, Luxembourg, Taiwan)

5 May Luxembourg16 May Luxembourg

9 June Hong Kong, Taiwan10 June Taiwan23 June Luxembourg

1 July Hong Kong15 August Luxembourg15 September Taiwan16 September Hong Kong, Taiwan10 October Hong Kong, Taiwan


Thai Equity(Hong Kong, Luxembourg, Thailand)

1 January Hong Kong, Luxembourg, Thailand8 February Hong Kong9 February Hong Kong

10 February Hong Kong22 February Thailand25 March Hong Kong, Luxembourg28 March Hong Kong, Luxembourg


13 April Thailand14 April Thailand15 April Thailand

2 May Hong Kong, Thailand5 May Luxembourg, Thailand6 May Thailand

16 May Thailand20 May Thailand


1 July Hong Kong, Thailand18 July Thailand19 July Thailand12 August Thailand15 August Luxembourg16 September Hong Kong10 October Hong Kong24 October Thailand

1 November Luxembourg5 December Thailand

12 December Thailand26 December Hong Kong, Luxembourg27 December Hong Kong

Turkey Equity(Luxembourg, Turkey)

1 January Luxembourg, Turkey25 March Luxembourg28 March Luxembourg

5 May Luxembourg16 May Luxembourg19 May Turkey23 June Luxembourg

519

Turkey Equity (continued)(Luxembourg, Turkey)

5 July Turkey6 July Turkey7 July Turkey

15 August Luxembourg30 August Turkey12 September Turkey13 September Turkey14 September Turkey15 September Turkey


UK Equity(Luxembourg, UK)

1 January Luxembourg, UK25 March Luxembourg, UK28 March Luxembourg, UK




US Dollar Bond(Luxembourg, US**)

1 January Luxembourg, US18 January US15 February US25 March Luxembourg, US28 March Luxembourg

5 May Luxembourg16 May Luxembourg30 May US23 June Luxembourg



1 November Luxembourg11 November US24 November US26 December Luxembourg, US

** The NYSE and Nasdaq are open on Columbus Day (10 October 2016) and Veterans Day (11 November 2016)therefore equity Sub-funds listing the US as a material market will not have a holiday on these dates. Bondmarkets will be closed to trading on these dates and bond Sub-funds listing the US as a material market will haveholiday days delayed by one business day in line with a policy adopted by the Board of Directors.

520

HSBC Global Asset Management, the sponsor of HSBC Global Investment Funds, is the asset management specialist of the HSBC Groupand operates through HSBC Bank PLC and its subsidiaries.

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521