Sanlam Universal Funds Plc

SANLAM UNIVERSAL FUNDS PLC

SANLAM UNIVERSAL FUNDS PLC Unaudited condensed interim financial statements for the six months ended 30 June 2017


UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS for the six months ended 30 June 2017 Contents Page(s) Company information 1 - 6 Directors’ report 7 - 12 Economic & market review 13 - 18 Investment Manager’s reports 19 - 87 Statement of comprehensive income

of the Company 88 of the Funds 89 - 104

Statement of financial position of the Company 105 of the Funds 106 - 122

Statement of changes in net assets attributable to holders of redeemable participating shares

of the Company 123 of the Funds 124 - 139

Statement of cash flows of the Company 140 of the Funds 141 - 156

Portfolio of investments 157 - 368

Bridge Global Property Income Fund 157 - 159 P-Solve Inflation Plus Fund 160 - 161 Sanlam African Frontier Markets Fund 162 - 164 Sanlam Global Best Ideas Fund 165 - 168 Sanlam Global Bond Fund 169 - 185 Sanlam Global Financial Fund 186 - 189 Sanlam Global Property Fund 190 - 195 Sanlam World Equity Fund 196 - 212 Satrix World Equity Tracker Fund 213- 237 SIIP India Opportunities Fund 238 - 240 SIM Global Equity Income Fund 241 - 243 Sanlam Strategic Bond Fund 244 - 249 Sanlam Accel Income Fund 250 - 251 Satrix North America Equity Tracker Fund 252 - 263 Satrix UK Equity Tracker Fund 264 - 267 Satrix Europe (ex UK) Equity Tracker Fund 268 - 277 Sanlam Equity Allocation Fund 278 - 285 Satrix Emerging Market Equity Tracker Fund 286 - 306 Sanlam Managed Risk Fund 307 - 308


UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2017 Contents (continued) Page(s) Portfolio of investments (continued)

Sanlam Private Wealth Global High Quality Fund 309 - 311 Sanlam FOUR US Dividend Income Fund 312 - 314 High Street Global Balanced Fund 315 - 318 Sanlam FOUR Global Equity Fund 319 - 322 Sanlam FOUR Stable Global Equity Fund 323 - 324 Sanlam FOUR Active UK Equity Fund 325 - 327 Sanlam FOUR Multi-Strategy Fund 328 - 332 Anchor Global Capital Plus Fund 333 - 336 Bridge Global Equity Income Growth Fund 337 - 339 Anchor Global Equity Fund 340 - 342 Bridge Global Managed Growth Fund 343 - 345 SIM Global Emerging Markets Fund 346 - 349 ABSA Africa Equity Fund 350 - 352 Sanlam Centre American Select Equity Fund 353 - 355 Sanlam Global Convertible Securities Fund 356 - 359 Sanlam Japan Equity Fund 360 - 363 Sanlam Centre Active US Treasury Fund 364 - 365 Autus Global Equity Fund 366 - 368

Notes to and forming part of the unaudited condensed interim financial statements 369 - 496 Securities Financing Transactions Regulation Disclosures 497 - 520 Purchases and Sales for the period ended 30 June 2017 521 - 572


1

COMPANY INFORMATION

Directors of Sanlam Ùniversal Paul Dobbyn – Irish

1

Funds Plc (the “Company”) Thomas Murray – Irish1

Haydn Franckeiss – South African Richard Aslett – British

All Directors are non-executive

Registered number 267451

Funds of the Company Sanlam Centre Global Select Equity Fund2

Bridge Global Property Income Fund3

P-Solve Inflation Plus Fund Sanlam African Frontier Markets Fund Sanlam Global Best Ideas Fund Sanlam Global Bond Fund Sanlam Global Financial Fund Sanlam Global Property Fund Sanlam World Equity Fund Satrix World Equity Tracker Fund SIIP India Opportunities Fund SIM Global Equity Income Fund Sanlam Strategic Bond Fund

Sanlam Accel Income Fund Satrix North America Equity Tracker Fund

Satrix UK Equity Tracker Fund Satrix Europe (ex UK) Equity Tracker Fund Sanlam Equity Allocation Fund Satrix Emerging Market Equity Tracker Fund

Sanlam Managed Risk Fund Sanlam Private Wealth Global High Quality Fund Sanlam FOUR US Dividend Income Fund High Street Global Balanced Fund Sanlam FOUR Active European (ex UK) Equity Fund

2

Sanlam FOUR Global Equity Fund Sanlam FOUR Stable Global Equity Fund Sanlam FOUR Active UK Equity Fund Sanlam FOUR Multi-Strategy Fund Anchor Global Capital Plus Fund Bridge Global Equity Income Growth Fund

3

Anchor Global Equity Fund Bridge Global Managed Growth Fund

3

SIM Global Emerging Markets Fund Absa Africa Equity Fund

Sanlam Centre American Select Equity Fund

Sanlam Global Convertible Securities Fund Sanlam Japan Equity Fund Sanlam Centre Active US Treasury Fund Autus Global Equity Fund Wisian Capital South African Equity Fund

4

1Paul Dobbyn is considered an independent Director by the Central Bank of Ireland and the Irish Stock Exchange. Thomas Murray is

considered an independent Director by the Irish Stock Exchange only. 2Sanlam Centre Global Select Equities Fund and Sanlam FOUR Active European (ex UK) Equity Fund were closed with effect from

22 June 2017 and 30 June 2017, respectively. 3During the period ended 30 June 2017, effective from 13 June 2017, the Funds were renamed. The previous names of these Funds

were Grindrod Global Property Income Fund, Grindrod Global Equity Income Growth Fund and Grindrod Global Managed Growth Fund, respectively. 4Wisian Capital South African Equity Fund was approved by the Central Bank of Ireland as an authorised designated sub-fund of the

Company on 17 January 2017. As of the date of these financial statements, the Fund has not yet launched.


2

COMPANY INFORMATION (CONTINUED)

Registered office of the Company Beech House Beech Hill Road Dublin 4 Ireland

Manager, Securities Lending Agent Sanlam Asset Management (Ireland) Limited & Secretary Beech House Beech Hill Road Dublin 4 Ireland Administrator Sanlam Asset Management (Ireland) Limited Beech House Beech Hill Road Dublin 4 Ireland Registrar & Transfer Agent Brown Brothers Harriman Fund Administration Services (Ireland) Limited 30 Herbert Street Dublin 2 Ireland

Investment Managers Sanlam Investment Management (Pty) Limited1

55 Willie Van Schoor Avenue Bellville 7530 South Africa Sanlam FOUR Investments UK Limited

2

1 Ely Place London, EC1N 6RY United Kingdom Investment Manager – Sanlam Centre Centre Asset Management LLC American Select Equity Fund, Sanlam 48 Wall Street Centre Active US Treasury Fund Suite 1100 New York, N.Y. 10005 United States of America

Investment Manager – Sanlam Private Sanlam Private Investments (UK) Limited Wealth Global High Quality Fund 16 South Park Sevenoaks Kent TN13 1AN United Kingdom Investment Manager – Sanlam AllianceBernstein Limited Global Property Fund 50 Berkeley Street London W1J 8HA United Kingdom 1Satrix World Equity Tracker Fund, SIIP India Opportunities Fund, Sanlam African Frontier Markets Fund, Sanlam Global Financial

Fund, Sanlam Global Best Ideas Fund, Satrix North America Equity Tracker Fund, Satrix UK Equity Tracker Fund, Satrix Europe (ex UK) Equity Tracker Fund, Satrix Emerging Market Equity Tracker Fund, Sanlam Managed Risk Fund, SIM Global Equity Income Fund and SIM Global Emerging Markets Fund are managed by Sanlam Investment Management (Pty) Limited. 2Sanlam Strategic Bond Fund, Sanlam Equity Allocation Fund, Sanlam Accel Income Fund, Sanlam FOUR US Dividend Income

Fund, Sanlam FOUR Active European (ex UK) Equity Fund, Sanlam FOUR Global Equity Fund, Sanlam FOUR Stable Global Equity Fund, Sanlam FOUR Active UK Equity Fund and Sanlam FOUR Multi-Strategy Fund are managed by Sanlam FOUR Investments UK Limited.


3

COMPANY INFORMATION (CONTINUED) Investment Manager – Bridge Bridge Fund Managers (Proprietary) Limited Global Property Income Fund, Bridge 5 Arundel Close Global Equity Income Growth Fund, Kingsmead Office Park Bridge Global Managed Growth Fund PO Box 3211 Durban, KwaZulu Natal, 4001 South Africa Investment Manager – P-Solve P-Solve Investments Limited Inflation Plus Fund 11 Strand London WC2N 5HR United Kingdom Investment Manager – Sanlam Cameron Hume Limited Global Bond Fund Exchange Place 1 1 Temple Street Edinburgh, EH13 0JB United Kingdom Investment Managers – Sanlam Sanlam FOUR Investments UK Limited World Equity Fund 1 Ely Place London, EC1N 6RY United Kingdom Sanlam Investment Management (Pty) Limited

55 Willie Van Schoor Avenue Bellville 7530 South Africa Centre Asset Management LLC 48 Wall Street Suite 1100 New York N.Y. 10005 United States of America AllianceBernstein Limited 50 Berkeley Street London W1J 8HA United Kingdom DIAM International Limited ` Bracken House One Friday Street London, EC4M 9JA United Kingdom Investment Manager – High Street Global High Street Asset Management (Pty) Limited Balanced Fund The Offices of Hyde Park Block B, 1 Strouthos Road Hyde Park, Sandton Gauteng 2196 South Africa


4

COMPANY INFORMATION (CONTINUED)

Investment Manager – Anchor Global Anchor Capital (Pty) Limited Capital Plus Fund, Anchor Global 25 Culross Road Equity Fund Bryanston Sandton 2191 South Africa

Investment Manager – Absa Africa Absa Asset Management (Pty) Limited Equity Fund Barclays Sandton South Campus 15 Alice Lane 2

nd Floor

South Africa

Investment Manager – Sanlam Global Zazove Associates, LLC Convertible Securities Fund 1001 Tahoe Boulevard Incline Village NV89451 Unites States of America

Investment Manager – Sanlam Japan Asset Management One Ltd Equity Fund Mizuho House 30 Old Bailey London EC4M 7AU United Kingdom

Investment Manager – Autus Global Autus Fund Managers (Pty) Limited Equity Fund Pointbreak Building The Vineyards Office Estate 99 Jip De Jager Avenue Bellville 7530 South Africa

Investment Allocation Manager Sanlam FOUR Investments UK Limited1

1 Ely Place London, EC1N 6RY United Kingdom

Investment Transition Managers Morgan Stanley & Co. International Limited 25 Cabot Square Canary Wharf London E14 4QA United Kingdom

State Street Bank Europe Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom

Investment Advisors Sanlam FOUR Investments UK Limited 1 Ely Place London EC1N 6RY United Kingdom

High Street Global Ltd OMC Chambers Roadtown Tortola British Virgin Islands 1Sanlam FOUR Investments UK Limited is the investment allocation manager to Sanlam Centre Global Select Equity Fund, Sanlam

Global Bond Fund, Sanlam Global Property Fund, Sanlam World Equity Fund, Satrix World Equity Tracker Fund, SIIP India Opportunities Fund, Satrix North America Equity Tracker Fund, Satrix UK Equity Tracker Fund, Satrix Europe (ex UK) Equity Tracker Fund, Satrix Emerging Markets Equity Tracker Fund, Sanlam Equity Allocation Fund and Sanlam Japan Equity Fund.


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COMPANY INFORMATION (CONTINUED) Depositary Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street Dublin 2 Ireland Listing Broker Maples and Calder 75 St. Stephens Green Dublin 2 Ireland

Auditor Ernst & Young

1

Harcourt Centre Harcourt Street Dublin 2 Ireland Legal Adviser Maples and Calder 75 St. Stephens Green Dublin 2 Ireland

Distributors Sanlam FOUR Investments UK Limited 55 Willie van Schoor Avenue Bellville 7530 South Africa

P-Solve Investments Limited 11 Strand London WC2N 5HR United Kingdom Bridge Fund Managers (Proprietary) Limited 5 Arundel Close Kingsmead Office Park PO Box 3211 Durban, KwaZulu Natal, 4001 South Africa Anchor Capital (Pty) Limited 25 Culross Road Bryanston Sandton 2191 South Africa High Street Asset Management (Pty) Limited The Offices of Hyde Park Block B, 1 Strouthos Road Hyde Park, Sandton Gauteng 2196 South Africa Sanlam Global Investment Solutions Ltd Canon’s Court 22 Victoria Street Hamilton HM12 Bermuda 1The auditor has not expressed an opinion nor have they reviewed the unaudited condensed interim financial statements for the six

months ended 30 June 2017.


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COMPANY INFORMATION (CONTINUED) Distributors (continued) Absa Asset Management (Pty) Limited Barclays Sandton South Campus 15 Alice Lane 2nd Floor South Africa Autus Fund Managers (Pty) Limited Pointbreak Building The Vineyards Office Estate 99 Jip De Jager Avenue Bellville 7530 South Africa


7

DIRECTORS’ REPORT

The Directors of Sanlam Universal Funds plc (the “Company”) present herewith their unaudited condensed interim financial statements for the period ended 30 June 2017.

RESULTS AND BUSINESS ACTIVITIES Detailed investment reviews are included in the Reports of the Investment Managers on pages 19 to 87. The results of operations are set out in the Statement of Comprehensive Income on pages 88 to 104. The Directors also draw your attention to the significant events during the period disclosed in Note 16 on page 494. PRINCIPAL RISKS AND UNCERTAINTIES The Company is exposed to the risks associated with the financial instruments and markets in which they invest. There has been no significant change to the principal risks and uncertainties to which the Company is exposed since the most recent annual financial statements of the Company. A further comprehensive summary of the risk factors that investors should consider is included in the prospectus of the Company and the offering supplement of each Fund. DIVIDENDS The present intention of the Directors is to distribute sufficient surplus net income of specific share classes, currently:

Fund Name Classes

Distribution

Frequency

P-Solve Inflation Plus Fund A (GBP) / B (GBP) / C (GBP) Annual

Sanlam Global Best Ideas Fund A (GBP) / C (GBP) Annual

Sanlam Global Financial Fund A (GBP) / C (GBP) Annual

Sanlam African Frontier Markets Fund A (GBP) / C (GBP) Annual

Satrix World Equity Tracker Fund I (GBP) Annual

SIM Global Equity Income Fund

A (USD) / A (GBP / B (USD) / C (USD)

/ I (USD) Semi-Annual

Sanlam Strategic Bond Fund A Income (GBP) / I Income (GBP)/

P Income (GBP)

Monthly

Sanlam Accel Income Fund Class A Net Income Monthly

Satrix North America Equity Tracker Fund I (GBP) Annual

Satrix UK Equity Tracker Fund I (GBP) Annual

Satrix Europe (ex UK) Equity Tracker Fund I (GBP) Annual

Satrix Emerging Markets Equity Tracker Fund I (GBP) Annual

Sanlam Managed Risk Fund

A (GBP) / I (GBP) / N (GBP) / D(GBP)

/ L(GBP / N2 (GBP) Annual

Sanlam Private Wealth Global High Quality Fund

C Income (GBP) / D Income (USD) /

E Income (USD) / F Income (GBP) /

G Income (USD) Semi-Annual

Sanlam FOUR US Dividend Income Fund Distribution A (GBP) / Distribution A

(USD) / Distribution A (EUR)

Quarterly

Sanlam FOUR Active European (ex UK) Equity

Fund A (GBP) / C (GBP) Annual

Sanlam FOUR Global Equity Fund Distribution A (GBP) Quarterly

Sanlam FOUR Stable Global Equity Fund Distribution A (GBP) Quarterly

Sanlam FOUR Active UK Equity Fund C (GBP) Annual

I (GBP) Semi-Annual

Sanlam FOUR Multi-Strategy Fund

Income Distribution A (GBP) / Income

Distribution B (GBP) / Income

Distribution Founder (GBP) Monthly

Absa Africa Equity Fund A (USD) / A (EUR) / A (USD) Monthly

Sanlam Centre Active US Treasury Fund A (USD) / B (USD) / D(USD) / E(USD) Semi-Annual


8

DIRECTORS’ REPORT (CONTINUED)

DIVIDENDS (CONTINUED) For those Funds which distribute annually, dividends (if any) will be declared and paid following the completion of the annual audits for the year ended 31 December in each calendar year. Sanlam Accel Income Fund, Sanlam Strategic Bond Fund, Sanlam FOUR Multi-Strategy Fund and Sanlam Centre Active US Treasury Fund will distribute on a monthly basis and for those Funds that distribute on a semi-annual or quarterly basis, the dates for the distributions will be as stated in the Fund supplement. All dividends will be subject to the discretion of the Directors.

Payment will be made in cash unless the payment is for an amount less than USD100, EUR100 or GBP100 (depending on the functional currency of each Fund) in which case such payment will be automatically reinvested in the purchase of shares of the relevant class, for the account of the relevant shareholder.

The Directors reserve the right to change the dividend policy of the Fund to reflect changes that may occur from time to time in the requirements for qualifying as a reporting Fund for the purposes of United Kingdom taxation.

With reference to the Statement of Comprehensive Income on pages 88 to 104, Shareholders should note that surplus net income for the year ended 31 December 2016 was distributed during the course of 2017 as follows: P-Solve Inflation Plus Fund distributed GBP 287,842 (2016: GBP 420,663), Sanlam African Frontier Markets Fund distributed USD Nil (2016: USD 1,713), Sanlam Global Best Ideas Fund distributed USD 1,191 (2016: USD 1,777), Sanlam Global Financial Fund distributed USD 34,372 (2016: USD 35,054), Sanlam World Equity Tracker Fund distributed USD 12,928 (2016: USD 13,268), SIM Global Equity Income Fund distributed USD 215,961 (2016: USD 239,760), Sanlam Strategic Bond Fund distributed GBP 2,015,923 (2016: GBP 1,775,999), Sanlam Accel Income Fund distributed GBP 428,077 (2016: GBP 486,992), Sanlam North America Equity Tracker Fund distributed USD 8,813 (2016: USD 15,333), Sanlam UK Equity Tracker Fund distributed GBP 24,783 (2016: GBP 35,254), Sanlam Europe (ex UK) Equity Tracker Fund distributed EUR 12,478 (2016: EUR 15,801), Sanlam Emerging Market Equity Tracker Fund distributed USD 173,598 (2016: USD 186,084), Sanlam Private Wealth Global High Quality Fund distributed GBP 85,040 (2016: GBP 100,384); Sanlam FOUR US Dividend Income Fund distributed USD 42,134 (2016: USD 44); Sanlam FOUR Stable Global Equity Fund distributed GBP 27 (2016: GBP 20); Sanlam FOUR Active UK Equity Fund distributed GBP 4,523 (2016: GBP 1,189,207); Sanlam FOUR Multi-Strategy Fund distributed GBP 13,530 (2016: GBP 6,776), Sanlam FOUR UK Income Opportunities Fund distributed GBP Nil (2016: GBP 6,916) and Sanlam Centre Active US Treasury Fund distributed GBP 175,663 (2016: n/a). During the period ended 30 June 2017, only Sanlam FOUR Active UK Equity Fund made distributions out of capital, distributing an amount of GBP£ 1,908 out of capital at the end of April 2017. No other Funds of the Company made distributions out of capital during the period ended 30 June 2017. DIRECTORS The Directors of the Company during the period were as follows:

Paul Dobbyn (Irish)

Thomas Murray (Irish)

Haydn Franckeiss (South African)

Richard Aslett (British)

Paul Dobbyn is a Director of Sanlam Global Funds Plc and Sanlam Qualifying Investors Funds Plc.

Thomas Murray is a Director of Sanlam Global Funds Plc and Sanlam Qualifying Investors Funds Plc. Thomas Murray is also a Director of Sanlam Asset Management (Ireland) Ltd. (“SAMI”).

Haydn Franckeiss is a Director of Sanlam Global Funds Plc and Sanlam Qualifying Investors Funds Plc. Richard Aslett is the Chief Executive Officer of SAMI. Richard Aslett is also a Director of Sanlam Global Funds Plc, Sanlam Qualifying Investors Funds Plc and SAMI.


9

DIRECTORS’ REPORT (CONTINUED) DIRECTORS’ AND SECRETARY’S INTEREST IN SHARES AND CONTRACTS At 31 December 2016, Haydn Franckeiss had an interest of 60,604 shares in Sanlam Global Best Ideas Fund. During the period these shares were switched for shares in SIM Global Equity Income Fund. At 30 June 2017, Haydn Franckeiss had an interest of 60,123 shares in SIM Global Equity Income Fund. During the period Richard Aslett disposed of 20,403 shares in Sanlam Strategic Bond Fund. At 30 June 2017, Richard Aslett does not have a beneficial interest in any shares of the Company’s Funds. The other Directors who held office on 30 June 2017 had no interest in the shares of the Company or Funds at that date or at any time during the financial period. None of the Directors has a service contract with the Company. The Manager holds non-participating shares of the Company as explained in the notes to the Financial Statements. RELATED PARTIES Disclosures in respect of related parties are contained in note 8 to the financial statements. CONNECTED PERSONS Part 2, Chapter 10 of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the “CBI UCITS Regulations”) on transactions involving connected persons states that any transactions between a UCITS and a Connected Person must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the shareholders.

A ‘Connected Person’ is defined as the Management Company or Depositary to a UCITS; and the delegates or sub-delegates of such a Management Company or Depositary (excluding non-group company sub-custodians appointed by a Depositary); and any associated or group company of such a Management Company, Depositary, delegate or sub-delegate. The Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out above are applied to all transactions with Connected Persons entered into during the period and that all such transactions have complied with these obligations. SUBSEQUENT EVENTS Other than as disclosed in note 18, up to the date of the approval of these financial statements there were no events subsequent to the period end, which, in the opinion of the Directors of the Company, may have had an impact on the unaudited condensed interim financial statements for the period ended 30 June 2017. ACCOUNTING RECORDS The measures taken by the Directors to ensure compliance with the Company’s obligation to keep proper accounting records are the use of appropriate systems and procedures which are carefully implemented by the Administrator. The accounting records of the Company are kept at Beech House, Beech Hill Road, Dublin 4, Ireland.


10

DIRECTORS’ REPORT (CONTINUED) STATEMENT OF DIRECTORS’ RESPONSIBILITIES Irish company law requires the Directors to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Company and of the results of the Company for that period.

In preparing those financial statements, the Directors are required to:

Select suitable accounting policies and then apply them consistently; Make judgements and estimates that are reasonable and prudent; Follow applicable accounting standards or disclose or explain material departures from them in the

financial statements; Ensure that financial statements comply with the Memorandum and Articles of Association; Provide a fair review of the development and performance of the Company; Give a description of principal risks and uncertainties that they may face; and Prepare the financial statements on the going concern basis, unless it is inappropriate to presume that

the Company will continue in business.

The Directors are responsible for keeping proper books of account which disclose with reasonable accuracy, at any time, the financial position of the Company and to enable them to ensure that the financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the EU and comply with the Irish Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”). They are also responsible for safeguarding the assets of the Company and in fulfilment of this responsibility, they have entrusted the assets of the Company to the Depositary for safekeeping, in accordance with the Memorandum and Articles of Association of the Company. The Directors are responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities. CORPORATE GOVERNANCE CODE The European Communities (Directive 2006/46/EC) Regulations (S.I. 450 of 2009 and S.I.83 of 2010) (the “Regulations”) require the inclusion of a corporate governance statement in the Director’s Report.

Although there is no specific statutory corporate governance code applicable to Irish collective investment schemes whose shares are admitted to trading on the Irish Stock Exchange (“ISE”), the Irish Funds (“IF”) has published a corporate governance code (“IF Code”) that may be adopted on a voluntary basis by Irish authorised collective investments schemes. This code became effective from 1 January 2012, with a twelve month transitional period. It should be noted that the IF Code reflects existing corporate governance practises imposed on Irish authorised collective investment schemes, as noted above. On 19 December 2012, the Board of Directors voluntarily adopted the IF Code as the Company’s corporate governance code.

The Board of Directors has assessed the measures included in the IF Code as being consistent with its corporate governance practises and procedures for the financial period. The code is available at www.sanlam.ie.

In addition to the IF Code, the Company is subject to corporate governance practices imposed by:

i) The Irish Companies Act 2014, which is available for inspection at the registered office of the Company. It may also be obtained at http://www.irishstatutebook.ie/eli/2014/act/38/enacted/en/html.

ii) The Articles of Association of the Company which are available for inspection at the registered office of the Company at Beech House, Beech Hill Road, Dublin 4, Ireland and the Companies Registration Office in Ireland.

iii) The CBI UCITS Regulations and related Guidance Notes of the Central Bank of Ireland which can be obtained from the Central Bank of Ireland website at http://www.centralbank.ie/regulation/industry-sectors/funds/Pages/default.aspx and are available for inspection at the registered Office of the Company.

iv) The ISE through the ISE Code of Listing Requirements and Procedures which can be obtained from the ISE’s website at http://www.ise.ie/Products-Services/Investment%20Funds/List-a-Fund/Open%20ended%20rules.pdf?v=1032015.

http://www.sanlam.ie/

http://www.centralbank.ie/regulation/industry-sectors/funds/Pages/default.aspx

http://www.ise.ie/Products-Services/Investment%20Funds/List-a-Fund/Open%20ended%20rules.pdf?v=1032015

http://www.ise.ie/Products-Services/Investment%20Funds/List-a-Fund/Open%20ended%20rules.pdf?v=1032015


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DIRECTORS’ REPORT (CONTINUED)

CORPORATE GOVERNANCE CODE (CONTINUED) v) SAMI's Programme of Activity, Business Plan and Code of Conduct, which are available for

inspection at the registered office of SAMI at Beech House, Beech Hill Road, Dublin 4, Ireland. vi) SAMI is also subject to the Corporate Governance Code of the Sanlam Group.

The Board of Directors is responsible for establishing and maintaining internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of error or fraud in achieving the Company’s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement and loss. The Board of Directors has delegated this duty to SAMI.

SAMI is appointed as administrator to maintain the books and records of the Company. SAMI is authorised and regulated by the Central Bank of Ireland and must comply with the rules imposed by the Central Bank of Ireland. SAMI also monitors and evaluates the external auditor’s performance, qualifications and independence.

The Company has procedures in place to ensure all relevant books of accounts are properly maintained and are readily available, including production of annual and half-yearly financial statements. The annual financial statements of the Company are required to be approved by the Board of Directors of the Company and the annual and half yearly financial statements are required to be filed with the Central Bank of Ireland and the ISE.

The statutory financial statements are required to be audited by the independent auditors who report annually to the Board on their findings.

The Board evaluates and discusses significant accounting and reporting issues as the need arises.

Shareholders’ meetings The convening and conduct of shareholders’ meetings are governed by the Articles of Association of the Company and the Companies Acts. Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors of the Company are required to convene a general meeting within eighteen months of incorporation and fifteen months of the previous annual general meeting thereafter. Shareholders representing not less than one-tenth of the paid up share capital of the Company may also request to convene a shareholders meeting. Not less than twenty one days notice of every annual general meeting and any meeting for the passing of a special resolution must be given to shareholders and fourteen days’ notice must be given in the case of any other general meeting unless the auditors of the Company and all the shareholders entitled to attend and vote agree to shorter notice. Two members present either in person or by proxy constitutes a quorum at a general meeting provided that the quorum for a general meeting convened to consider any alteration to the class rights of shares is two shareholders holding or representing by proxy at least one third of the issued shares of the relevant Funds or class. Every holder of participating shares or non-participating shares present in person or by proxy who votes on a show of hands is entitled to one vote. On a poll, every holder of participating shares present in person or by proxy is entitled to one vote in respect of each share held by him and every holder of non-participating shares is entitled to one vote in respect of all non-participating shares held by him. The chairman of a general meeting of the Company, or at least two members present in person or by proxy, or any holder or holders of participating shares present in person or by proxy representing at least one-tenth of the shares in issue having the right to vote at such meeting, may demand a poll. Shareholders may decide to sanction an ordinary resolution or special resolution at a shareholder’s meeting. An ordinary resolution of the Company (or of the shareholders of a particular Funds or class) requires a simple majority vote cast by the shareholders voting in person or by proxy at the meeting at which the resolution is proposed. A special resolution of the Company (or of the shareholders of a particular Fund or class) requires a majority vote of not less than 75% of the shareholders present in person or by proxy and voting in general meeting in order to pass a special resolution including a resolution to amend the Articles of Association.


12

DIRECTORS’ REPORT (CONTINUED) Composition and Operation of the Board Unless otherwise determined by an ordinary resolution of the Company in a general meeting, the number of Directors may not be less than two. Currently the Board of Directors of the Company is composed of four Non-Executive Directors, being those listed on page 3 of these financial statements with Paul Dobbyn, Thomas Murray and Richard Aslett being Irish residents. None of the Company’s Directors hold directorships with the Depositary. The business of the Company is managed by the Directors, who exercise all such powers of the Company as are not required by the Companies Acts or the Articles of Association to be exercised by the Company in a general meeting. A Director may, and the company secretary of the Company on the requisition of a Director will, at any time summon a meeting of Directors. Questions arising at any meeting of Directors are determined by a majority of votes. In the case of quality of votes, the chairman has a second or casting vote. The quorum necessary for the transaction of business at a meeting of the Directors is two. All key management functions of the Company have been delegated to SAMI. SAMI will manage these in terms of their Programme of Activity and Business Plan. SAMI is approved by the Central Bank of Ireland, and is authorised as a UCITS Management Company and an Alternative Investment Fund Manager. VALUATION OF INVESTMENTS As at 30 June 2017, the following delisted securities were held by the Company:

- Accident Exchange Group Plc (Sanlam Global Best Ideas Fund; Sanlam Global Financial Fund) - African Bank Investments Limited (Satrix Emerging Markets Equity Tracker Fund) - Banco Espirito Santo SA (Satrix Europe (ex-UK) Equity Tracker Fund)

- DBA Telecommunications Asia (Sanlam Global Best Ideas Fund; Sanlam Global Financial Fund) - Hanergy Thin Film Power Group Limited (Satrix Emerging Markets Equity Tracker Fund) As at 30 June 2017, the following thinly traded securities were held by the Company: - Du Pont ‘S’ Fractional Shares (Sanlam World Equity Fund) - Stanbic IBTC Holding Co. Rights (Sanlam African Frontiers Market Fund)

The fair value of those securities listed above and used in preparing these financial statements may differ significantly from the values that would have been used had those securities had readily available market prices at 30 June 2017. All other investments in 2017 have readily available market prices.

Approved by the Board of Directors on 30 August 2017


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ECONOMIC & MARKET REVIEW

for the six months ended 30 June 2017

Global Economics Review Global economic conditions lifted towards the end of 2016 and remained relatively buoyant in the first half of 2017. Real GDP trended at close to an estimated 3%. Amongst the developed economies (DM) an upturn in corporate profits growth supported a welcome lift in investment spending, amidst elevated levels of business and consumer confidence. An increase in the global manufacturing purchasing managers’ index (PMI), relative to its 2016 level, was reflected in firmer global industrial production growth. This supported metals prices. The increase in commodity prices since 2016 and easing financial conditions, amidst firm foreign capital inflows into emerging market (“EM”) countries offering attractive yields, lent considerable support to economic activity in EM economies in 1H17. India and China continued to deliver the world’s strongest economic growth. China’s policymakers are targeting 6.5 per cent growth per year for the five year period ending 2020 although President Xi Jinping did indicate early in 2017 that real GDP growth should not be pursued at the expense of financial stability. Amongst DM economies, US President Trump’s reform agenda, including the widely publicised fiscal policy reform initiative, failed to gather momentum, although the withdrawal of the US from the Trans-Pacific Partnership trade deal signalled a shift towards a less open foreign trade regime. Although US real GDP advanced by a moderate 1.2% seasonally adjusted and annualised in 1Q17, growth lifted to 2.6% in 2Q17. And, although declining to a degree, the share of corporate profits in GDP, as measured in the US national accounts, remained elevated through the first two quarters of the year. Also, employment growth remained relatively firm and the unemployment rate continued to decline, reaching 4.4% in June 2017. This level is close to historic lows for this series and is far below the peak of 10.0% recorded in October 2009. Meanwhile, the US housing market remained stable with low housing inventory levels supporting house prices. The decline in vacancy rates, nonetheless, appeared to bottom in the second quarter. News flow in Europe was dominated by coverage of the elections in The Netherlands and France. In the former, the Euro-sceptic Party for Freedom (PVV), which had seemingly been gathering momentum amongst voters early in the year, lost ground as the mainstream People’s Party for Freedom and Democracy (VVD) secured the most votes in the March 2017 general election. In France, Emmanuel Macron (an independent reformist) defeated Marine Le Pen, a Euro-sceptic, from the National Front in the second round run-off for the Presidency in May 2017. Subsequently, in an alliance with the Democratic Movement, Macron’s La République En Marche! secured a majority in France’s National Assembly following the June 2017 legislative election. Macron’s promised reform agenda includes restricting government spending and labour market reform. The election results in the Netherlands and France sparked a marked appreciation of the euro against the US$ as concerns over possible disintegration of the Euro project eased – at least for now. Political developments aside, the euro, which was materially undervalued at the beginning of the year, was supported by the lift in Euro area real GDP, which advanced 2.3% seasonally adjusted and annualised in 2Q17 and closed the real GDP growth gap between the euro area and the US. In addition, the economies of the Eurozone, in aggregate, continued to record a large current account surplus, reflecting not only Germany’s enormous surplus, but also surpluses in other countries such as The Netherlands, Italy and Spain. The UK is one notable exception to the generally satisfactory growth outcomes recorded in DM. The sharp depreciation of sterling, following last year’s EU membership referendum, fueled an increase in UK CPI, which increased 2.6% in the year to June 2017. The weakness of sterling, against the backdrop of a wide current account deficit, implies significant downside risk to UK final domestic demand. Indeed, despite a relatively buoyant labour market real GDP growth moderated in 1H17, as higher inflation constrained real income growth and household consumption spending.


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ECONOMIC & MARKET REVIEW (CONTINUED) for the six months ended 30 June 2017 Global Economics Review (continued) Prime Minister Theresa May’s attempt to obtain a stronger mandate to negotiate a “hard Brexit” (which could end UK membership of the EU single market) by calling a general election in June 2017, failed as the Conservative Party lost its majority in the UK parliament. This entrenched uncertainty around the likely final outcome of the negotiation process. This outcome is not ideal, especially since there is limited time left to determine the future of migrants in both the UK and the EU, in addition to negotiating a UK-EU trade agreement before the “Brexit” deadline on 29th March 2019. As regards inflation, DM headline consumer price inflation (CPI) lifted a little in 1H17. In the Euro area, the increase in the annual advance in CPI, albeit modest, was welcomed as it eased the deflation concerns of the European Central Bank. At the same time, core CPI remained low and stable, on aggregate, in DM. This backdrop assisted DM central banks in maintaining loose monetary policy stances. Accordingly, the US Federal Open Market Committee (FOMC) proceeded cautiously in shifting towards a less accommodative policy stance. It increased the target range for the Federal Funds Rate by 0.25% in March 2017, followed by an additional increase of 0.25% in July 2017, which left the target range at 1.0% to 1.25%. At the conclusion of its June 2017 meeting the FOMC continued to signal a gradual pace of interest rate “normalization”. According to the FOMC Monetary Policy Statement, the Committee expects that through gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace, and labour market conditions will strengthen somewhat further.” In Europe, the ECB expressed confidence that its loose monetary policy stance has helped stabilise the Euro area economy. At the conclusion of its Governing Council meeting in June 2017, the Bank signalled it is still too early to end its support measures, indicating that it expected its key interest rates to remain unchanged for “an extended period of time, and well past the horizon of (its) net asset purchases”. Its net asset purchases (currently €60 billion per month) are expected to continue until end December 2017 “or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim”. Even so, given the improvement in Euro area real GDP growth and receding deflation concerns, expectations of a shift towards a less accommodative monetary policy stance by the ECB have been building. Global Economic Outlook If history is a trustworthy guide, the June 2017 global all-industry PMI should be consistent with continued decent real GDP and industrial production growth. Global unemployment has also declined substantially from its “Great Recession” level and employment growth is supporting retail sales. Encouragingly, too, global trade activity has gathered momentum, following an extended lull in the post-recession period. The current economic expansion amongst the DM economies is, nonetheless, long in the tooth when compared with the average length of previous expansions. Ultimately, it is likely to be difficult to maintain growth momentum if productivity trends remain as soft as in the first half of this year – especially if there is a decisive shift towards less trade liberalization or even protectionism. Still, following years of deleveraging there is no excessive growth evident in private sector credit extension, on aggregate, in DM economies. Inflation does not appear to be a threat either at present. Indeed, income growth in current prices is trending at a relatively low level. Accordingly, there is no need for DM central banks to act aggressively on monetary policy. Even so, real interest rates remain extraordinarily low and it is apparent that central banks are likely to shift towards “normalization” of monetary policy, led by the US Federal Reserve. In particular, attention is being focused on likely changes in the balance sheets of the G4 central banks over the next few years. The US FOMC has already signalled its intention to reduce the size of its balance sheet. In time, the European Central Bank, the Bank of England and the Bank of Japan are expected to follow, although in the case of the Bank of Japan, action is probably some way off considering the Bank’s commitment to its bond yield target.


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ECONOMIC & MARKET REVIEW (CONTINUED)


Global Economic Outlook (continued) Still, the pace of DM monetary policy normalization is expected to be gradual, especially since any sharp increase in real interest rates would expose countries with high government debt levels to potentially unmanageable increases in their debt servicing burdens. In Europe, in particular, there is risk to long-term fiscal sustainability, since the implementation of economic reforms needed to lift income growth is likely to be slow in countries such as Italy (and possibly France despite President Macron’s best efforts). This continues to hold material risk to debt dynamics – especially in the absence of a decisive shift towards a fiscal union in Europe. Renewed focus on political risk could also emerge ahead of Italy’s general election (which may take place before its scheduled date in 2018), given concerns that a Euro-sceptic coalition could emerge. Polls have indicated similar levels of support for Prime Minister Renzi’s Democratic Party (PD) and the Euro-sceptic Five Star Movement (5SM). The concern is that the possible formation of unstable political party coalitions could scupper economic reform, which would heighten long-term fiscal risk in the country. A shift to a less accommodative monetary policy stance amongst the large G4 central banks in the years ahead and the implied tightening of global financial conditions, would be a concern to indebted EM economies with significant macroeconomic imbalances. At least, however, EM real interest rates, in aggregate, have increased substantially relative to real DM interest rates, following the 2013 “taper tantrum” (when former US Federal Reserve Chairman Bernanke announced the arrival of US Federal Reserve balance sheet “tapering” in May 2013). This should, ostensibly, ease the risk to EM to some extent. That said continued optimism in EM would partially depend on the absence of renewed weakness in commodity prices or sharper than expected increases in global risk-free interest rates, which could expose debt vulnerabilities. Meanwhile, China’s economy continues to deliver. But, it does appear “over-indebted” and “over-invested”. Much of China’s debt is in local currency and the bank system is largely state-owned. Further, the country saves more than it invests and despite large capital outflows last year, the level of China’s reserves remains substantial. Still, China’s real GDP growth may disappoint, accompanied by a falling share of investment in GDP in the years ahead. And, despite the mitigating factors noted, the risk of a disorderly adjustment to a lower investment ratio amidst accelerated deleveraging is probably not nil. Market Review The first quarter of 2017 contained a lot of news (as well as noise) around Donald Trump and how he is fairing as a president. Markets continued in a positive manner on the back of his campaign rhetoric regarding tax reforms and deregulation. However, towards the end of the quarter doubts started to form amongst investors - relating to the efficacy which Trump would be able to deliver on his promises. Very little has in fact been implemented to date and the jury is still out. As a result the reflation trade lost momentum towards the end of the quarter, specifically in Europe. Economic data from across the globe had been improving over the quarter; “soft data” had seen significant improvement whereas the hard data had been lagging and was much more moderate in magnitude. Going into the second quarter investors were eagerly waiting for the hard data to confirm the recovery. While it is widely acknowledged that the economy is showing signs of improvements, risks to the global economy have not disappeared. One of these risks for equity markets going forward is a significant increase in inflation without the accompanying earnings growth. It seems that recently perceived market shocks, those events which were perceived as a negative at the time, namely BREXIT and the Trump victory, has sent equities to all-time highs while volatility has descended to all-time lows. That being said, the bond markets did not agree with the rosy picture that equities painted in the first quarter of 2017, and also advanced over the same period.


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ECONOMIC & MARKET REVIEW (CONTINUED) for the six months ended 30 June 2017 Market Review (continued) During the first quarter global equity markets, as measured by the MSCI World Index rose 6.38%

1. For the

calendar months over the quarter, the MSCI World returned 2.41%, 2.77% and 1.07% respectively. Most major regions produced positive returns; Asia Pacific ex Japan led the charge rising 11.76% while Europe followed with a positive 7.44%, North America and Japan followed with returns of 5.88% and 4.49% respectively. As noted above, risks very much remain and not the least in Europe going forward. That being said the region did avoid perceived market risk events during the first quarter. In Europe, the risks that were averted were namely the Dutch elections, where voters remained in the moderate category and did not move towards a more right leaning stance; while in Germany Angela Merkel has fared respectably in the state elections - removing some fears of a similar shake-up in political stance as in the Netherlands. Looking at markets from a regional perspective: over the quarter China performed better than investors expected and this has been a boon to the Asian markets. With no other negative surprises of significance, at least for investors, combined with improving fundamentals across the region - Asia was the star performer both in dollar and local currency terms. There was some rerating in Asia, however this was in line with improvements in fundaments and therefore the region remained cheap. In local currency terms the US, Eurozone and UK equities rose strongly during the quarter with returns of 5.84%, 6.02% and 7.93% respectively. Japan declined only marginally with a return of -0.17% in local currency terms. From a sector perspective, it was clear to see a strong quarter for equity markets with only the energy sector posting a negative return. Oil sold off strongly after experiencing range bound trading for an extended period of time resulting in the energy sector posting a return of -4.95% over the period. Information technology posted the strongest returns by rising 12.25%. Virtually all sectors produced a return between 6.5 and 8.5%, those sectors being, from largest to smallest in return; heath care, consumer discretionary, consumer staples, materials, industrials and utilities. Financials lagged somewhat but that did not come as a big surprise after the strong returns the sector posted post the US elections. The sector returned 4.72% while telecommunications services lagged all the rest significantly with a return of only 1.09%. For the first quarter of 2017, global bonds, as measured by the Barclays Capital Global Aggregate Bond Index, rose 1.76%. The bond markets lost significant ground in the latter part of 2016 due to the risk on sentiment that ensued post the US elections; the strong equity market continued, although the correlation between equity markets and bond markets during this quarter reversed. Even though it is a fairly short time period being only three months, the magnitude of the swing in performance correlation of the bond markets has been very interesting with some investors surely shaking their heads. Over the quarter the index produced returns of 1.13%, 0.47% and 0.15%. In the corporate bond market, the Barclays Capital Global Aggregate Corporate Bond Index rose 1.59% for the quarter. The returns for the Corporate Bond Index over the past six months have been more muted versus the Global Index, albeit it has followed the general bond market returns fairly consistently. For the calendar months of January, February and March the index returned 0.88%, 0.73% and -0.02% respectively.

1

All performance numbers are in US dollars unless stated otherwise.


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ECONOMIC & MARKET REVIEW (CONTINUED) for the six months ended 30 June 2017 Market Review (continued) In the second quarter of 2017, the stock market got off to a weak start on concerns over Trump’s policy implementation, the French Presidential election and geopolitical risks surrounding North Korea. The market turned risk on after some of these uncertainties receded. In June, the stock market traded in a narrower range after lower than expected US jobs data and a wait-and-see attitude ahead of important events during the month; the UK general election and FOMC meeting being the most notable. The FOMC decision on 15th June was a significant event reaffirming the tightening policy direction by the US Federal Reserve Bank. The market is currently pricing in a further two hikes whilst the Fed’s rhetoric is implying another five. Market volatility is currently about as low as it has been in the last 20 years while equity and bond markets remain in conflict regarding the health of the economy. In the UK, political risk remains elevated following the “failed” general election Theresa May called – the outcome of which clearly not what she had in mind. A global improving market outlook should however help the UK see modest economic growth continuing forwards. Over the quarter there were some positive signs elsewhere in Europe; better inflation data out of Spain and Germany and Macron’s victory in France was part of the reason why Draghi hinted towards tightening conditions. Macron’s rhetoric is pro-business and with a strong government France has a good chance to change restrictive policies such as sticky labour conditions which are not helpful to productivity. In the USA the employment picture keeps on improving and the benign recovery continues. Earnings in 2015 and 2016 were weak in the USA whilst in 2017 it has grown fairly well. Corporate profitability has also picked up year to date. That being said, valuations versus the rest of the world remain rich and investors should take that into account. Globally there is a lot of political uncertainty, though this is not evident in equity markets. A risk factor that remains is a derailing of China. Another would be the US Fed tightening in an aggressive and too fast manner – however we believe that is unlikely. Italian elections could possibly be a surprise later in 2017, but for the market at least it has not surfaced as a real concern. During the quarter global equity markets, as measured by the MSCI World Index rose 4.03%

2. Since the

US elections the index has only posted gains on a calendar month basis – that is now eight straight consecutive months of positive returns. For the calendar months over the second quarter the MSCI World returned 1.48%, 2.12% and 0.38% respectively. All major regions produced positive returns; Europe produced the strongest results by rising 7.37% while Japan followed with a positive 5.19%. North America followed with a return of 2.82% whilst Asia ex Japan rose 1.54% over the quarter. Looking at regional markets in local currency; Japan outperformed significantly by posting a return of 6.07% over the quarter. Versus Japan the other major regions produced muted numbers, the strongest being North America with a return of 2.67%. Europe followed with a return of 1.79% whilst Pacific ex Japan rose 1.14%. From a sector perspective, the big outlier in performance was the energy sector that posted a negative return of -8.98% over the second quarter. Oil continued selling off after a weak first quarter where it sold off more than 11%. The only other sector to post a significant negative number over the period was Telecommunication Services with a decline of -4.88%. Materials also fell producing a return of -1.34% whilst Consumer Staples only fell marginally by declining -0.42%. The strongest sector was Health Care with a return of 2.91%, followed by Industrials and Financials with returns of 1.62% and 1.23% respectively. For the first quarter of 2017, global bonds, as measured by the Barclays Capital Global Aggregate Bond Index rose 2.60%. The bond markets gained significant ground in the first ten weeks of the quarter but then lost significant ground post the Fed’s decision to raise interest rates. This is already the second time this has happened in 2017. During the final month of the quarter treasuries were detractors whilst investment grade credit continued to advance. Over the quarter the index produced returns of 1.13%, 1.55% and -0.09%.

2 All performance numbers are in US dollars unless stated otherwise.


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ECONOMIC & MARKET REVIEW (CONTINUED) for the six months ended 30 June 2017 Market Review (continued) In the corporate bond market, the Barclays Capital Global Aggregate Corporate Bond Index rose 3.53% for the quarter. After following the general bond market during the first quarter of the year, the corporate index has outperformed notably in the second. For the calendar months of April, May and June the index returned 1.40%, 1.67% and 0.42% respectively.


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BRIDGE GLOBAL PROPERTY INCOME FUND Investment Objective The Bridge Global Property Income Fund (the “Fund”) aims to provide investors with a high level of current income, as well as long-term income and capital growth, by investing primarily in a global range of transferable securities of real estate companies and real estate related companies, or in companies which own significant real estate assets at the time of investment or in Real Estate Investment Trusts (REITS) including publicly traded closed-ended real estate funds listed or traded on a regulated stock exchange or market. The Fund’s name was changed this year from Grindrod Global Property Income Fund to Bridge Global Property Income Fund to reflect the fact that the Investment Manager of the Fund changed its name from Grindrod Asset Management (Pty) Limited to Bridge Fund Managers (Pty) Limited. Fund Performance

Note: The Fund is benchmarked against the GPR 250 REIT Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The US Federal Reserve (“Fed”) increased their US target interest rate by 25bps at both their March and June meetings, with the current rate now at 1.25%. According to the Fed, the US labour market has continued to strengthen and the latest batch of US economic data shows that economic activity has been rising moderately in 2017. The US unemployment rate has fallen to the lowest level in 16 years following 80 consecutive months of jobs growth. The Fed also announced that the US$4.5 trillion bond portfolio it had acquired through a series of quantitative easing programmes would be sold gradually. While the Fed appears committed to a further rate hike this year, current economic data suggests that economic activity has slowed, which may push the next hike into 2018. The expected increase in fiscal stimulus from President Trump’s economic policies, while good for economic growth, will also be inflationary and take some of the pressure off the US Federal Reserve to keep interest rates lower for longer. A combination of higher official interests and higher inflation should lead to higher bond yields and higher borrowing costs for listed property companies. Market sentiment to US mall REITs continues to be negative as the outlook for their trading metrics continue to be questioned by investors. Analysts have lowered their expectations for 2017 and 2018. The threat of online shopping and the vast improvements made in home entertainment systems has seen a decline in the number of mall visits. These issues are impacting mall owners in most developed nations, where online shopping is growing well in excess of 20% per annum. The number of announcements from US retailers looking to close stores has increased during the year.

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1st Qtr 2017 2nd Qtr 2017 YTD Inception

Fund USD-terms 0.00% -2.07% -2.07% 4.86%

Benchmark 1.24% 1.29% 2.53% 9.92%

Excess return -1.24% -3.36% -4.60% -5.06%


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BRIDGE GLOBAL PROPERTY INCOME FUND (CONTINUED)

Fund Performance (continued) Against this backdrop, the global listed property markets were moderately positive during the first half of the year, with the GPR 250 REIT index up by 2.53%. The index was supported by positive performance from the US and European regions, while Africa was slightly positive, Asia and Oceania returns were negative. The Fund was down 2.07%, underperforming its benchmark by 4.60% year to date. The underperformance came about as a result of the Fund’s underweight position in the US and overweight position in South Africa. The US and European components of the GPR 250 REIT index increased by 1.8% and 2.1% respectively. The underperformance to its benchmark can also be attributed to the Fund’s service fee and the payment of dividend withholdings tax, neither of which are adjusted for when comparing the Fund’s performance to the benchmark. Fund Outlook There is still significant political uncertainty which is likely to influence the direction of financial markets in the second half of 2017. The election of Emmanuel Macron as the next French president over Marine Le Pen in May did dampen the wave of anti-EU populism that had started to gain momentum last year. The German federal elections are scheduled to occur later this year, where we may see Angela Merkel’s leadership being challenged, increasing uncertainty for financial markets in the short-term. While the Fed appears committed to a further rate hike this year, current economic data suggests that economic activity has slowed, which may push the next hike into 2018. If Donald Trump and his administration get their way, US economic growth will accelerate in 2017 and 2018 and the Fed will raise interest rates as inflation moves beyond the 2% target rate. Bond yields will rise and the US dollar is likely to strengthen, given limited scope in other developed markets to raise interest rates in 2017. The Fed continues to suggest that they wish to normalise rates in the US and unwind their balance sheet. While increased economic growth should support higher occupancies and market rental growth, higher bond yields will lead to higher borrowing costs and higher capitalisation rates (i.e. lower property values) in the short-term. Although prices are likely to be volatile in the short-term, the current one year forward income yield on the portfolio has increased to 4.86% following price weakness in the second quarter. This relatively high yield should provide some downside protection. At the same time, the Fund’s investments are focussed on high-quality REITs with strong balance sheets that should be able to weather a more difficult operating environment throughout 2017. Investment Manager

Bridge Fund Managers (Pty) Limited


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P-SOLVE INFLATION PLUS FUND Investment Objective The investment objective of the P-Solve Inflation Plus Fund (the “Fund”) is to grow capital by delivering a return in excess of UK inflation as measured by the Retail Price Index. This is achieved by diversifying investments across various asset classes and providing the opportunity for real capital growth. The reduction of risk will be accomplished through the diversification and tactical rotation of assets, rather than through the targeting of risk using a static allocation.

The Fund may offer downside capital preservation during adverse market conditions, however, this is not guaranteed.

Fund Performance

Note: The Fund is bench marked against Retail Price Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund size as of 30 June 2017 was £52.8m and the Fund returned 2.51% over the first half of 2017, outperforming its benchmark which returned 1.95% for the same period. Equity slightly underperformed over this period as Emerging markets and Asia Pacific ex Japan dragged. European equities were also boosted by Emmanuel Macron’s election as French President.

Economics led the way over the first quarter of this year, but political developments put a few bumps in the road.

Over the course of the first quarter it became clear that economic activity is expanding in all of the major economic regions, and doing so at an accelerating rate. By the end of March inflation was at or above 2%, a target for central banks, in three of the G7 leading economies.

The exception to this good news was a fall in copper and oil prices. These hinted at the possibility of falling industrial demand, although the fall in the oil price also reflected a resurgence in US shale oil production.

Significantly, the US Federal Reserve had enough confidence in the US economy to raise the Federal funds target rate, in March – for the second time in four months – to 1%. But US financial markets were affected by political events, in particular the impact of Donald Trump as incoming US President.

Rising corporate earnings and expanding economic activity assisted return-seeking assets in the second quarter, although the shine was taken off a little in the final 10 days when markets overreacted to the remarks of central bankers. Political and geopolitical developments acted as a brake from time to time but the effect was generally slight, apart from in the US, where growing question marks against the Trump administration had a cooling effect on equities.

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Fund GBP-terms 2.34% 0.17% 2.51% 7.18%

Benchmark 0.84% 1.11% 1.95% 2.99%

Excess return 1.50% -0.94% 0.56% 4.19%


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P-SOLVE INFLATION PLUS FUND (CONTINUED) Fund Performance (continued) There were plenty of political developments outside the US – a presidential election in France, an unexpected general election in the UK, with an even more unexpected result – and there were unsettling geopolitical events in Syria and North Korea. But the progress of corporate earnings across the developed market economies proved more important, with improvements in the US, eurozone, UK and Japan pushing up equity prices in all of those regions.

Fund Outlook Looking ahead, the second round of Brexit negotiations began on 17 July, with citizen’s rights, exit bill and Ireland among the main talking points. The Bank of England’s August 3rd meeting will be closely watched with the potential talks of a rate hike to combat inflation. Markets will also be closely watching the German federal election in September to see if it will follow the same direction as recent French and Dutch elections in rejecting populist candidates. Elsewhere, Libya and Nigeria may be asked to join the other members of the Organisation for Petroleum Exporting Countries (OPEC) in cutting output in order to combat low oil prices. ECB President Mario Draghi is attending the Fed’s Jackson Hole meeting in August and could potentially outline his plans for the tapering of the ECB’s QE program.

Investment Manager

P-Solve Investments Limited


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SANLAM AFRICAN FRONTIER MARKETS FUND

Investment Objective The investment objective of the Sanlam African Frontier Markets Fund (the “Fund”) is to achieve long-term capital growth by investing in listed African equities (ex-South Africa) that offer above average growth potential. Fund Performance

Note: The Fund is bench marked against MSCI EFM Africa ex ZA Daily Net TR Index (MSEIAZUN). Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The 6 month period to 30 June 2017 saw the Sanlam African Frontier Markets Fund advance 24.33%, outperforming its benchmark, the MSCI Africa ex-South Africa TR Index, by 794bps. Over a one-year period, the Fund is ahead of its benchmark by 804bps, and the 5 year alpha is +149bps. The Fund was launched in March 2010, which makes it 7 years old, and the since inception annualised alpha is +113bps. The Fund’s strong performance to the end of June 2017 was driven by our concentrated positions in a few Nigerian banks that we consider to be high quality and our holdings in Zimbabwe. Over a one-year period, our Egyptian holdings have been a key driver of outperformance - we have been overweight Egypt for quite some time. Fund Outlook

Zimbabwe: Although a driver of the strong performance to date, Zimbabwe is still experiencing significant foreign currency liquidity issues with foreign investors unable to move money out. The introduction of bond notes has to some extent helped the local population to transact on a day-to-day basis but most Zimbabweans remain skeptical about the long-term value of these bond notes. This has forced locals to preserve their wealth by investing on the Harare Stock Exchange. This demand for shares has to some extent contributed to the recent stock market rally, and to the Fund’s performance to date. In the second quarter, the Harare Stock Exchange rallied 41% and the 1 year return of the All Share Index is 95%. The Fund has been invested in Zimbabwe for almost 5 years and we continue to hold our investments which now make up 11% of the Fund.

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Fund USD-terms 5.40% 17.96% 24.33% 1.52%

Benchmark -0.49% 16.97% 16.39% 0.39%

Excess return 5.89% 0.99% 7.94% 1.13%


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SANLAM AFRICAN FRONTIER MARKETS FUND (CONTINUED) Fund Outlook (continued) Zimbabwe (continued): Subsequent to the period end, we took a deliberate decision to apply a 35% write down to Zimbabwean securities in recognition of the foreign currency liquidity issues noted above. This write down was equivalent to the Old Mutual Implied Rate (OMIR) - the exchange rate implied from the differing value of Old Mutual shares listed on the London, Johannesburg and Harare exchanges. It remains difficult to ascertain when things could improve in terms of USD liquidity in Zimbabwe however, it should be noted there was an announcement that the government is setting up a sinking fund to start addressing investors FX repatriation backlog. We wouldn’t expect any significant changes soon, but if it works with time, we may see the liquidity crunch in Zimbabwe for foreign investors being alleviated. If this happens, and we are able to freely trade in and out of Zimbabwe, then we would write up our Zimbabwe holdings to reflect the traded market value. Nigeria: Recent FX policy changes created some optimism in the FX, Equities and Fixed Income markets, and that has led to some improvement in capital inflows. The Nigerian All Share Index went up by 26% in dollar terms in 2Q17. The rally was mainly driven by investors’ optimism following the Central Bank’s introduction of an exchange rate for foreign investors which seems to be working well so far. The recent rally has not been strong enough to recoup losses incurred on the stock market over the last three years. Over a 1 year period the Nigerian All Share Index is down 2.5% and the 3 year return is still a negative 27% in dollars. While the recent developments in the FX market provide some hope that the Central Bank of Nigeria may be considering a move towards a more flexible Naira exchange rate, it is important for the Central Bank to remove the current multiple exchange rate system which is causing a few distortions in the economy. During the second quarter we took a deliberate decision to price our Nigerian holdings using the NAFEX rate which is 20% weaker compared to the official interbank exchange rate of around USDNGN 315. At present foreign portfolio investors are able to access some FX liquidity on the NAFEX window at ex-change rates between USDNGN 380 – USDNGN 400. Given that the NAFEX window reflects an exchange rate that equity investors can transact on, we are valuing our Nigerian holdings using an exchange rate of USDNGN 380. However, our index provider, MSCI, is still valuing Nigeria using the overvalued exchange rate of USDNGN 315. Investment Manager

Sanlam Investment Management (Pty) Limited


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SANLAM GLOBAL BEST IDEAS FUND

Investment Objective The investment objective of the Sanlam Global Best Ideas Fund (the “Fund”) is to provide above average long-term capital growth by investing primarily in global equities which the Investment Manager has identified as being undervalued and as offering above average growth potential. Fund Performance

Note: The Fund is bench marked against the MSCI World Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

In the first two months of 2017, the “Trump reflation trade” added to the rally in world equity markets that

started in November of last year. This buoyancy was halted in March as it became increasingly clear that

a business-friendly promise made by the Trump campaign was not the same thing as a business-friendly

policy implemented by the Trump administration. It is not unusual to see markets rally after a US election,

but this breathless run left markets looking increasingly pricey.

In the second quarter, most of the world’s respected geopolitical commentators expressed grave

reservations about the apparent intent of the Trump administration to abdicate the US’s traditional

leadership of the Western alliance and turn itself inward to “make America great again”. That this should

take the form of trashing trade agreements and building walls augurs poorly for the US economy and the

very people of middle America the administration is purporting to help. Yet, markets were reassured by the

surprisingly easy wins for president Macron and his party in France in the face of a well-organised right

wing challenge, boosting that country’s equity market by 9% in the quarter. This was in contrast to the UK,

where Theresa May’s ill-timed election call weakened her and her party considerably. We doubt that she

will survive as the leader of the Conservative party, thus impairing Britain’s position at the Brexit

negotiating table considerably and making the business climate in the UK riskier for all, in our opinion.

For the first quarter, the Fund’s holdings in Consumer Staples were the largest contributors to

outperformance. The Fund’s Industrial sector holdings detracted the most from performance. From a

country perspective, the Fund benefitted from good stockpicking in the US and the UK, producing excess

returns in both these geographies.

For the second quarter, Financials contributed the most to outperformance. The Fund’s information

technology holdings detracted most from performance for the period.

0%

2%

4%

6%

8%

10%

12%

14%


Fund USD-terms 7.68% 4.58% 12.61% 6.84%

Benchmark 6.38% 4.03% 10.66% 7.00%

Excess return 1.30% 0.55% 1.95% -0.16%


26

SANLAM GLOBAL BEST IDEAS FUND (CONTINUED) Fund Performance (continued) As at 30 June 2017, the Fund is in the top half of performance in the Morningstar global peer group ranking over one, two and three years.

Fund Outlook Based on current consensus expectations the Fund has a forward P/E of 14.9 versus 17.2 for the MSCI World index and a dividend yield of 2.6% versus 2.4%. The Fund ROE is 20% compared to 16% for the above benchmark and has superior profitability (operating margin: 23% versus 19%). The Fund has an active share of 87%. Investment Manager Sanlam Investment Management (Pty) Limited


27

SANLAM GLOBAL BOND FUND

Investment Objective The Sanlam Global Bond Fund (the “Fund”) aims to provide income with the possibility of long-term growth from capital appreciation. Fund Performance

Note: The Fund’s benchmark is the Barclays Capital Global Aggregate Bond Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund outperformed its benchmark, the Bloomberg Barclays Global Aggregate Index, by +0.07% over

the first half of 2017. The Fund and benchmark climbed 4.48% and 4.41% respectively. The Fund and its

benchmark returned 1.77% and 1.76% respectively over the first quarter. The Fund advanced 2.66%

whilst the benchmark managed 2.60% in Q2. Since inception, the Fund and the benchmark have returned

an annualized 3.18% and 3.66% respectively.

Fund Outlook

The current global economic expansion is long by historic standards and, ultimately, it is likely to be

difficult to maintain growth momentum if productivity trends remain weak – especially considering the shift

towards less trade liberalization (or even protectionism despite the recent EU-Japan trade agreement?).

Numerous risks linger, including the potential for a more rapid and impactful adjustment in China,

heightened geopolitical risk and ongoing policy uncertainty in the US. China remains a particular concern

– credit extension has been excessive and the country’s high capital to labour ratio precludes ongoing

robust productivity gains. There are numerous mitigating factors though, including China’s high level of

foreign exchange reserves and its excess of savings over investment. Looking ahead, the US FOMC is

likely to stick with its interest rate hiking path, supplemented by a reduction of its balance sheet (possibly

from late 2017). The market is currently pricing in a further two hikes whilst the Fed’s rhetoric is implying

another five. There should be one more hike in 2017 and then another two or potentially three in 2018. A

risk here is that the US tightens too fast – although we believe that is unlikely. The Fed will also be aware

of the possible inflation risk posed by fiscal expansion, especially if also accompanied by an increase in

trade protectionist measures. Valuations in North America are rich versus the rest of the world and

investors should take this into account going forward. In general though, as one portfolio manager noted,

“it is hard to find people excited about equity markets lately” – the US is no exception and if anything the

leader of the pack.

-2%

0%

2%

4%

6%


Fund USD-terms 1.77% 2.66% 4.48% 3.18%

Benchmark 1.76% 2.60% 4.41% 3.66%

Excess return 0.01% 0.06% 0.07% -0.48%


28

SANLAM GLOBAL BOND FUND (CONTINUED)

Fund Outlook (continued)

In terms of yields, investors should be more bearish on the long end going forward. The Fed’s unwinding

of their balance sheet by the end of the year will particularly have an effect in the longer end of the curve,

as well as in core rates. In the UK, the BOE has implied more hawkishness which translates more risk to

that space as well, while the ECB should add to their rhetoric to remove stimulus going forward – which

should end around the middle of 2018. Therefore, we expect the rates market to be whipsawed out of

Washington and other political centres for the foreseeable short term future.

Investment Manager

Cameron Hume Limited


29

SANLAM GLOBAL FINANCIAL FUND

Investment Objective The investment objective of the Sanlam Global Financial Fund (the “Fund”) is to achieve steady growth in the US Dollar value of investments primarily through global investment in securities of companies of which the principle operations specifically focus on, and derive benefit from or pertain to, the provision of banking, insurance and other financial services. Fund Performance

Note: The Fund’s benchmark is the MSCI World Financials Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund had a good first half of 2017.

Since the crisis it’s paid to ignore seemingly attractive valuations, and our stance of investing in banks and

insurers that are on the front foot and growing shareholder value (and are attractively valued) has helped

performance tremendously. The compounding of shareholder value at higher and predictable rates is

always important, but in tough and low growth periods like the current one compounding at a high rate is

scarce and adds considerable value. But it is not only avoiding value traps that is important, not

overpaying for compounders is just as important.

We’ve continued to do that in the spaces avoided by most competitors and not represented in the index:

Emerging markets and small and medium sized banks and insurers. In the first quarter, a few of them

came through strongly in terms of results and also higher share prices. The good news is that the share

price gains have generally only kept pace with the growth in shareholder value, hence they have not really

re-rated to being expensive and we expect these shares to continue to generate good returns. At the

same time, European banks and insurers are lagging and getting cheaper (but bear in mind their

shareholder value is only growing at 7%-10% per annum) and US financials stood still during the quarter

after their strong rally in Q4 2016.

For the second quarter, most of the Fund’s US investments reported good results and the share prices

reacted favourably to this and the SEC’s capital audits. In Europe and Asia there were winners and losers.

Generally, in each case the banks and insurers reported good results helped by their strong franchise on

the back of a gradually improving macro environment.

0%

2%

4%

6%

8%

10%

12%

14%

16%


Fund USD-terms 7.72% 6.96% 15.22% 10.39%

Benchmark 4.72% 5.26% 10.23% 2.92%

Excess return 3.00% 1.70% 4.99% 7.47%


30

SANLAM GLOBAL FINANCIAL FUND (CONTINUED)

Fund Performance (continued)

The environment remains supportive of financials and the Fund has good diversification amongst US,

Europe, UK and emerging markets. Within those geographies the Fund has good diversification amongst

banks, insurers, exchanges and asset managers. Fund Outlook

We expect good performance:

- Indications are that the probability is high that the global low growth, low inflation, low interest rate environment has ended.

- This is good for confidence (increased financial activity in terms of investment, lending and M&A). - The upswing will start (and we think it already has started) from a very healthy and low base, within a

financial sector which generally has strong and clean balance sheets (with a few exceptions in Greece, Italy and Spain).

- Because it starts from such a low base, the wave should last a number of years and should result in higher net interest margins and improved cost-to-income ratios leading to a period of sustained and above average shareholder value growth.

- The regulatory headwind seems to have peaked and automation of the additional information requirements means cost savings by banks and insurers going forward.

- Finally, the financial sector is undervalued in absolute terms and relative to the MSCI World index. The benefit from higher interest rates should see both insurers and banks re-rate and outperform.

- In short – we think the driving forces behind the rally could continue anything from four to ten years, helping financials to be an outperforming sector over that period.

Based on our experience of the past 30 years, the probability is high that next few years could see a

golden period for financials. The investment philosophy, as highlighted in the track record, means that the

probability is high that the Fund will generate good returns over the next 10 years.

Investment Manager Sanlam Investment Management (Pty) Limited


31

SANLAM GLOBAL PROPERTY FUND Investment Objective

The Sanlam Global Property Fund (the “Fund”) aims to provide long-term capital growth.

Fund Performance

Note: The Fund’s benchmark is the FTSE EPRA/NAREIT Developed Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund has enjoyed a very pleasing start to 2017, adding 7.70% over the first six months and has

outperformed the FTSE EPRA/NAREIT Developed Index by +2.86% over this period. The Fund gained

3.12% whilst the benchmark gained 2.07% in the first quarter. In absolute terms, the Fund gained 4.44%

in the second quarter whilst the benchmark gained 2.71% and hence an outperformance of +1.73%. Since

inception, the Fund has annualized returns of 11.09%, having outperformed by +0.99% annualized.

Fund Outlook



towards less trade. Numerous risks linger, including the potential for a more rapid and impactful

adjustment in China, heightened geopolitical risk and ongoing policy uncertainty in the US. China remains

a particular concern – credit extension has been excessive and the country’s high capital to labour ratio

precludes ongoing robust productivity gains. There are numerous mitigating factors though, including

China’s high level of foreign exchange reserves and its excess of savings over investment. Looking

ahead, the US FOMC is likely to stick with its interest rate hiking path, supplemented by a reduction of its

balance sheet (possibly from late 2017). The market is currently pricing in a further two hikes whilst the

Fed’s rhetoric is implying another five. A risk here is that the US tightens too fast – although we believe

that is unlikely. The Fed will also be aware of the possible inflation risk posed by fiscal expansion,

especially if also accompanied by an increase in trade protectionist measures. Valuations in North

America are rich versus the rest of the world and investors should take this into account going forward.

Further political risk in the Eurozone is the Italian elections later this year. German elections are also due

in September; Angela Merkel’s popularity has recovered and there should be no surprises. The UK’s

political climate is expected to remain volatile for the foreseeable future – the BREXIT negotiations are a

first in history and have seemingly endless complications.

0%

2%

4%

6%

8%

10%

12%


Fund USD-terms 3.12% 4.44% 7.70% 11.09%

Benchmark 2.07% 2.71% 4.84% 10.10%

Excess return 1.05% 1.73% 2.86% 0.99%


32

SANLAM GLOBAL PROPERTY FUND (CONTINUED)


On the equity side, the UK has seen a decent run since BREXIT, boosted by the weak currency, so a

consolidation is definitely possible. In terms of Asia; a rising concern with several market participants is

Australia’s economic outlook – their mining industry is under pressure which constitutes a large part of

their GDP, as well as a housing and debt bubble being discussed. Specific to listed equities, the price to

cash flow multiple has reacted in the short term to changing interest rates but has not moved in the

medium to long term. This means that returns from listed property have come from yield and growth and

not from multiple expansions. This points to listed equities being more fairly valued than the broader

equity market and should protect relative to equities in turbulent markets. Investment Manager

AllianceBernstein Limited


33

SANLAM WORLD EQUITY FUND

Investment Objective The Sanlam World Equity Fund (the “Fund”) aims to provide above average long-term capital growth by investing primarily in global equities. Fund Performance

Note: The Fund‘s benchmark is the MSCI World Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund had a difficult six months in relative terms as indicated by the Fund returning 10.43% whilst its

benchmark, the MSCI World Index, returned 10.66% and hence the Fund underperformed by -0.23%. Q1

saw the Fund gain 6.98% and the benchmark 6.38% and hence a relative outperformance of +0.60%. In

absolute terms the Fund and the benchmark advanced 3.22% and 4.03% respectively during Q2. Since

inception, the Fund and the benchmark have returned 6.12% and 7.11% annualized respectively. Fund Outlook














-2%

0%

2%

4%

6%

8%

10%

12%


Fund USD-terms 6.98% 3.22% 10.43% 6.12%

Benchmark 6.38% 4.03% 10.66% 7.11%

Excess return 0.60% -0.81% -0.23% -0.99%


34

SANLAM WORLD EQUITY FUND (CONTINUED) Fund Outlook (continued)




first in history and have seemingly endless complications. On the equity side, the UK has seen a decent

run since BREXIT, boosted by the weak currency, so a consolidation is definitely possible. In terms of

Asia, a rising concern with several market participants is Australia’s economic outlook – their mining

industry is under pressure which constitutes a large part of their GDP, as well as a housing and debt

bubble being discussed. In summary, we remain cautious. Investment Managers AllianceBernstein Limited Centre Asset Management LLC DIAM International Limited Sanlam FOUR Investments UK Limited Sanlam Investment Management (Pty) Limited


35

SATRIX WORLD EQUITY TRACKER FUND Investment Objective The investment objective of the Satrix World Equity Tracker Fund (the “Fund”) is to provide capital growth equivalent to that gained from investment in world equity markets.

Fund Performance

Note: The Fund‘s benchmark is the MSCI World Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund performed fairly in tracking the MSCI World Index in the first six months of 2017. The Fund

gained 10.81% whilst the benchmark returned 10.66% and hence the Fund deviated from its benchmark

by +0.15%. The Fund returned 6.37% whilst the benchmark climbed 6.38% and hence the Fund’s

performance deviated by -0.01% in Q1. The Fund gained 4.18% in absolute terms and deviated by

+0.15% from the benchmark’s returns over the second quarter. Since inception, the Fund and the

benchmark have annualized 6.74% and 7.11% respectively. Fund Outlook














-2%

0%

2%

4%

6%

8%

10%

12%


Fund USD-terms 6.37% 4.18% 10.81% 6.74%

Benchmark 6.38% 4.03% 10.66% 7.11%

Excess return -0.01% 0.15% 0.15% -0.37%


36

SATRIX WORLD EQUITY TRACKER FUND (CONTINUED) Fund Outlook (continued)




first in history and have seemingly endless complications. On the equity side, the UK has seen a decent


Asia, a rising concern with several market participants is Australia’s economic outlook – their mining


bubble being discussed. In summary, we remain cautious. Investment Manager



37

SIIP INDIA OPPORTUNITIES FUND

Investment Objective The investment objective of the SIIP India Opportunities Fund (the “Fund”) is to provide long-term capital growth.

Fund Performance

Note: The Fund’s benchmark is the Bombay Stock Exchange 500 Index. Performance figures longer than 12 months are annualised.

Figures are quoted gross of Investment Manager and Manager fees.

The Fund has experienced a good first six months of the year, adding 26.06% outperforming the Bombay

Stock Exchange 500 Index by +0.52%. The Fund gained strongly in absolute terms over the first quarter

but lagged in relative terms, returning 19.58% to its investors whilst the benchmark gained 19.88%. The

Fund managed to outperform the Bombay Stock Exchange 500 Index by +0.70% over the second quarter,

gaining 5.42% in absolute terms. Since inception, the Fund and the benchmark have gained 2.64% and

3.33% annualized respectively.

Fund Outlook

The equity market was supported by the RBI keeping interest rates unchanged and maintained a hawkish

tone in spite of a weakening currency. More importantly, corporate earnings during the 4th quarter of the

Indian financial calendar (which runs from January to March) beat estimates broadly sustaining growth

momentum and margins. Although the so called “unorganized” sectors continue to struggle due to last

year’s demonetization scheme, currency circulation is now at pre-demonetization levels. The largest driver

of performance for the equity market as a whole however, was due to the anticipation of the Goods and

Services Tax (GST) reforms which are due to be implemented starting 1 July. Seen as India’s largest tax

reforms to date and is premised around the idea of one nation one tax system which will free up interstate

goods movements and accountability. It is believed that the GST reforms will be to the benefit of all

stakeholders. The consumer will benefit as it aims to remove cascading taxes, industry stands to benefit

as they will now only be subject to a single, uniform indirect tax nationwide. Government will ultimately see

an improvement in tax collection. It is expected that inflation will continue to drift downwards in part due to

the good monsoon season, stronger rupee and better control on deficit. Expect a 25 bps cut over the

quarter due to the easing inflation. Despite the neutral stance from the RBI, markets are continuously

seeing strong inflow resulting in stretched valuations and P/E expansion. We expect the inflow to be

moderate with Fed taking a hawkish stance. However, markets are expected to move sideways with a

positive bias.


-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

22%

24%

26%


Fund USD-terms 19.58% 5.42% 26.06% 2.64%

Benchmark 19.88% 4.72% 25.54% 3.33%

Excess return -0.30% 0.70% 0.52% -0.69%


38

SIM GLOBAL EQUITY INCOME FUND

Investment Objective The investment objective of the SIM Global Equity Income Fund (the “Fund”) is to provide a regular income stream for investors with the potential for capital growth. It aims to provide a regular income which will be in line with the annual average dividend yield of the MSCI World High Dividend Yield NTR Index as well as provide capital growth exceeding inflation. Fund Performance

Note: The Fund is bench marked against a composite index (USA CPI + Yield of the MSCI World High Dividend Yield Index). Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund experienced somewhat of a rollercoaster ride in the first half of the year. The Fund benefited from the growing realisation that President Trump would not easily deliver on his election promises. Then the better-than-hoped-for result achieved by President Macron in the French general election provided a significant boost to that market and the markets of continental Europe in general. During the final few weeks of the last quarter, the messy outcome of the British general election weighed on the Fund as the currency weakened and the UK market retreated. Having seen her attempt to achieve a greater majority and a stronger hand in the Brexit negotiations fail spectacularly, Prime Minister May has been forced into an unpopular coalition and appears politically vulnerable. Instead of improving their position in the recently commenced Brexit negotiations, May’s gamble has weakened it significantly. Finally, in June, Governor Yellen’s comments regarding the robustness of the US economic recovery when announcing the Federal Reserve’s decision to raise US interest rates sparked a renewed bout of switching from shares perceived to be defensive in favour of those perceived to be more likely to benefit from a cyclical recovery and higher interest rates. Financial shares, in particular, benefited from this switch. In the first quarter, the Fund’s largest contributors to performance were British American Tobacco, Philip Morris International, Taylor Wimpey, Unilever and HP Inc. Notable detractors from its performance were Verizon Communications, General Electric and BP. The Fund declared a distribution of 15.87 cents per unit (Class A) for the six month period to the end of March 2017. This reflects a 9.4% decline, compared to the corresponding period of the previous year, in the aggregate dividends received from its investee companies. Most of this decline was due to the effect of the roughly 15% depreciation of the UK pound versus the US dollar exchange rate during the respective periods. Combined with the 26.05 cents per unit distribution paid during October 2016, it denotes a yield of 3.7% (net of withholding taxes paid by the Fund) on capital invested twelve months ago. This compared favourably to the 3.7% yield (gross) of the benchmark MSCI World High Dividend Index during the same period.

0%

2%

4%

6%

8%

10%

12%


Fund USD-terms 7.76% 3.77% 11.82% 8.78%

Benchmark 1.19% 1.00% 2.20% 4.41%

Excess return 6.57% 2.77% 9.62% 4.37%


39

SIM GLOBAL EQUITY INCOME FUND (CONTINUED)

Fund Performance (continued) In the second quarter, the performers were McDonald’s Corporation, Legal & General Group, Mitie Group, IG Group and Boeing Company. Underperformers were Cisco Systems, International Business Machines and General Electric. Fund Outlook Based on current consensus expectations, the Fund offers a significantly better yield than the overall market (dividend yield of 4.0% versus 2.4%), while trading on a lower valuation (forward P/E of 14.5x versus 16.4x) and producing a substantially better return (ROE of 20.7% versus 16.2%). When compared to the MSCI World index the Fund displays an active share of 91%. We believe that this positions the Fund well for the future and, based on our current projections, expect it to deliver a yield greater than that of its benchmark during the next 12 months. Investment Manager Sanlam Investment Management (Pty) Limited


40

SANLAM STRATEGIC BOND FUND

Investment Objective Total return: The objective of the Sanlam Strategic Bond Fund (the “Fund”) is to provide a total return for investors, with an attractive monthly income and capital growth potential. The Fund is not designed to track a reference benchmark or peer group. Value driven credit approach: Investing in undervalued credit sectors and specific bond issues primarily in the investment grade/crossover area. Active macro tactical overlay: Seeks to actively enhance total returns by allocating to government bonds on either an FX hedged/unhedged basis.

Fund Performance

Note: The Fund is bench marked against IA £ Strategic Bond Sector Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund has had an excellent first and second quarter, putting the Fund’s performance near the top of its

sector. Credit selection, duration management and careful risk control all played their part in contributing

to the performance of the portfolio, in addition to an underlying environment of tightening credit spreads.

Fund Outlook

The Fund maintains a balanced allocation between investment grade credit, high yield and government

bonds. We view the outlook for credit as generally positive and expect defaults to stay extremely low due

to expansionary monetary policy. The Fund continues to actively look for opportunities to add value by

tactically adding to risk off assets.

Investment Manager

Sanlam FOUR Investments UK Limited

0%

2%

4%

6%

8%

10%


Fund USD-terms 4.14% 3.92% 8.23% 8.27%

Benchmark 1.86% 1.26% 3.14% 5.07%

Excess return 2.28% 2.66% 5.09% 3.20%


41

SANLAM ACCEL INCOME FUND

Investment Objective

The investment objective of the Sanlam Accel Income Fund (the “Fund”) is to provide income to investors

and capital growth over the long-term.

Fund Performance

Note: The Fund’s benchmark is the Accel Green Benchmark. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund produced a healthy absolute return of 5.89%, gross of fees, for the first half of 2017. In relative

terms, the Fund ended the period 2.14% ahead of the benchmark which was up 3.75%. On an asset

allocation level, the underweight to US equities, one of the weakest markets over the period, aided relative

performance. In addition, the Fund’s small allocation to UK government bonds also helped relative

performance. In terms of Fund selection, the biggest contributors to performance, in the equity space,

were the Fund’s UK small cap, European and Asian managers. In the UK, Unicorn UK Income and

Chelverton UK Equity Income delivered returns of 13.4% and 12.2%, respectively. BlackRock European

Continental Income gained 13.4%, partly driven by stronger stock markets in the region, whilst Guinness

Asian Equity Income rallied 13.9%. On a slightly more negative note, Sanlam FOUR US Dividend Income

produced a negative return of -2.1% as its value style struggled. That being said, we are not concerned

about the Fund’s poor performance over the first half of the year, especially following a very strong 2016

for the Fund. In the bond space, Sanlam Strategic Bond was the best performer with a return of 8%.

Elsewhere, Kames High Yield delivered a return of 3.8%, aided by further narrowing in credit spreads.

Similarly, those strategic bond managers seeking higher returns down the credit quality spectrum

performed well. Twenty Four Dynamic Bond gained 5.9%, Artemis Strategic Bond 4.8% and Henderson

Strategic Bond 4.6%. UK Gilts sold off aggressively in the last few days of June following comments from

Mark Carney which suggested interest rates may rise sooner than expected, erasing almost all of the

gains made through the period.

-2%

0%

2%

4%

6%

8%


Fund GBP-terms 3.74% 2.07% 5.89% 7.27%

Benchmark 3.34% 0.39% 3.75% 7.61%

Excess return 0.40% 1.68% 2.14% -0.34%


42

SANLAM ACCEL INCOME FUND (CONTINUED) Fund Outlook

















first in history and have seemingly endless complications. On the equity side the UK has seen a decent


Asia; a rising concern with several market participants is Australia’s economic outlook – their mining


bubble being discussed. In summary, we remain cautious. Investment Manager



43

SATRIX NORTH AMERICA EQUITY TRACKER FUND

Investment Objective The investment objective of the Satrix North America Equity Tracker Fund (the “Fund”) is to provide capital growth equivalent to that gained from investment in the North American equity markets by tracking the performance of the MSCI North America Index.

Fund Performance

Note: The Fund’s benchmark is the MSCI North America Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund experienced a difficult period in replicating the performance of the MSCI North America Index

but this must be seen in the context of very large inflows into the Fund in the first quarter. The Fund

gained 8.50% and deviated from the benchmark by -0.36% over the six month period. The Fund gained

5.41% in the first quarter, a deviation of -0.47% from the benchmark’s performance. The Fund returned

2.93% over the second quarter to its investors. This figure deviated by +0.11% from the returns of the

Fund’s benchmark. Since inception the Fund and the benchmark have annualized 10.29% and 10.63%

and hence a deviation of -0.34%.

Fund Outlook













America are rich versus the rest of the world and investors should take this into account going forward. In

general, as one portfolio manager noted, “it is hard to find people excited about equity markets lately” –

the US is no exception and if anything, the leader of the pack.

Investment Manager


-2%

0%

2%

4%

6%

8%

10%

12%


Fund USD-terms 5.41% 2.93% 8.50% 10.29%

Benchmark 5.88% 2.82% 8.86% 10.63%

Excess return -0.47% 0.11% -0.36% -0.34%


44

SATRIX UK EQUITY TRACKER FUND

Investment Objective The investment objective of the Satrix UK Equity Tracker Fund (the “Fund”) is to provide capital growth equivalent to that gained from investment in the UK equity markets by tracking the performance of the MSCI UK Daily Net Total Return Index. Fund Performance

Note: The Fund’s benchmark is the MSCI UK Daily Net Total Return Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund performed fairly in tracking the performance of the MSCI UK Index over the first six months of

2017. The Fund advanced 4.40% whilst the benchmark gained 4.64% and hence a deviation of -0.24%.

The performance of the Fund deviated from the MSCI UK index by -0.16% over the first quarter. The Fund

gained 3.63% whilst the aforementioned index gained 3.79% in the first three months of 2017. The Fund

advanced 0.74% over the second quarter and the performance deviated from that of the MSCI UK Index

by -0.07%. Since inception, the Fund and the benchmark have gained 4.81% and 5.35% respectively on

an annualized basis. Fund Outlook



towards less trade liberalization. Numerous risks linger, including the potential for a more rapid and

impactful adjustment in China, heightened geopolitical risk and ongoing policy uncertainty in the US.

China remains a particular concern – credit extension has been excessive and the country’s high capital

to labour ratio precludes ongoing robust productivity gains. There are numerous mitigating factors though,

including China’s high level of foreign exchange reserves and its excess of savings over investment. The

UK’s political climate is expected to remain volatile for the foreseeable future – the BREXIT negotiations

are a first in history and have seemingly endless complications. We should see modest economic growth

going forward though. Global improving market outlook should help the UK even with its current problems

– the economy is still “ok”. Inflation in the UK should not be as aggressive as some market participants

assume and at least it is not the worse alternative of being deflationary. On the equity side the UK has

seen a decent run since BREXIT, boosted by the weak currency, so a consolidation is definitely possible.


-2%

0%

2%

4%

6%


Fund GBP-terms 3.63% 0.74% 4.40% 4.81%

Benchmark 3.79% 0.81% 4.64% 5.35%

Excess return -0.16% -0.07% -0.24% -0.54%


45

SATRIX EUROPE (EX UK) EQUITY TRACKER FUND Investment Objective The investment objective of the Satrix Europe (ex-UK) Equity Tracker Fund (the “Fund”) is to provide capital growth equivalent to that gained from investment in the European equity markets, excluding the UK, by tracking the performance of the MSCI Europe (ex UK) Index. Fund Performance

Note: The Fund’s benchmark is the MSCI Europe (ex UK) Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund had a fair period in tracking the MSCI Europe ex UK Index, gaining 8.88% in absolute terms

which is a deviation of +0.19% from the benchmark. The Fund gained 6.91% over the first quarter, the

absolute performance only deviating by -0.01% from that of the benchmark. The Fund gained 1.84% over

the second quarter, the absolute performance deviating by +0.18% from that of the benchmark. Since

inception, the Fund and the benchmark have gained 8.96% and 8.89% respectively on an annualized

basis. Fund Outlook







including China’s high level of foreign exchange reserves and its excess of savings over investment.


in September; Angela Merkel’s popularity has recovered and there should be no surprises. Even if there

were to be a surprise in the elected winner, the main opposition has a very similar agenda as Merkel and

her party, thus we are confident Germany’s election will be a non-event. We cannot say the same about

the Italian elections. In general the outlook for Europe looks fine at the moment.

Investment Manager


0%

2%

4%

6%

8%

10%


Fund EUR-terms 6.91% 1.84% 8.88% 8.96%

Benchmark 6.92% 1.66% 8.69% 8.89%

Excess return -0.01% 0.18% 0.19% 0.07%


46

SANLAM EQUITY ALLOCATION FUND

Investment Objective The investment objective of the Sanlam Equity Allocation Fund (the “Fund”) is to provide capital growth over the long-term.

Fund Performance

Note: The Fund’s benchmark is the MSCI Europe Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund had another disappointing period, underperforming the MSCI Europe Index by -0.62% but

added 14.74% in absolute terms. The Fund and the benchmark gained 7.09% and 7.44% respectively

over the first quarter. In Q2, the Fund advanced 7.14% but still lagged its benchmark, the MSCI Europe

Index by -0.23%. Since inception, the Fund and the benchmark have annualized returns of 3.68% and

4.42% respectively.

Fund Outlook







including China’s high level of foreign exchange reserves and its excess of savings over investment.


in September; Angela Merkel’s popularity has recovered and there should be no surprises. Even if there

were to be a surprise in the elected winner, the main opposition has a very similar agenda as Merkel and

her party, thus we are confident Germany’s election will be a non-event. We cannot say the same about

the Italian elections. The UK’s political climate is expected to remain volatile for the foreseeable future –

the BREXIT negotiations are a first in history and have seemingly endless complications. We should see

modest economic growth going forward though. Global improving market outlook should help the UK even

with its current problems – the economy is still “ok”. Inflation in the UK should not be as aggressive as

some market participants assume and at least it is not the worse alternative of being deflationary. On the

equity side, the UK has seen a decent run since BREXIT, boosted by the weak currency, so a

consolidation is definitely possible. In general, the outlook for Europe looks fine at the moment.

Investment Manager Sanlam FOUR Investments UK Limited

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4%

6%

8%

10%

12%

14%

16%


Fund USD-terms 7.09% 7.14% 14.74% 3.68%

Benchmark 7.44% 7.37% 15.36% 4.42%

Excess return -0.35% -0.23% -0.62% -0.74%


47

SATRIX EMERGING MARKETS EQUITY TRACKER FUND

Investment Objective The investment objective of the Satrix Emerging Markets Equity Tracker Fund (the “Fund”) is to provide capital growth equivalent to that gained from investment in the emerging equity markets by tracking the performance of the MSCI Emerging Markets Index.

Fund Performance

Note: The Fund’s benchmark is the MSCI Emerging Markets Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund’s performance deviated from that of the MSCI Emerging Markets Index by +0.25% over the

course of the first half of 2017, gaining 18.68% in absolute terms. In Q1 the Fund’s performance deviated

from that of the benchmarks by +0.08% and the Fund gained 11.53% in absolute terms. The Fund

advanced 6.41% over the second quarter and the performance deviated from that of the benchmark by

+0.14%. Since inception, the Fund lags its benchmark by -0.29% on an annualized basis.

Fund Outlook










Fed’s rhetoric is implying another five. A risk here is that the US tightens too fast – that is unlikely. The

Fed will also be aware of the possible inflation risk posed by fiscal expansion, especially if also

accompanied by an increase in trade protectionist measures.

0%

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6%

8%

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12%

14%

16%

18%

20%


Fund USD-terms 11.53% 6.41% 18.68% 1.79%

Benchmark 11.45% 6.27% 18.43% 2.08%

Excess return 0.08% 0.14% 0.25% -0.29%


48

SATRIX EMERGING MARKETS EQUITY TRACKER FUND (CONTINUED) Fund Outlook (continued)

In terms of Asia; a rising concern with several market participants is Australia’s economic outlook – their

mining industry is under pressure which constitutes a large part of their GDP, as well as a housing and

debt bubble being discussed. In general, the country is struggling with moving away from their commodity

driven economy. The big driver in the region is China which remains on a “cautious watch” with investors;

that said, supply side reform is going ahead, which bodes well. Another boon for China is the global

growth engine recovery – for Chinese exports this is a big tailwind. In summary, it is reasonable to expect

the G4 balance sheets to stop expanding by 2018, followed by possible net shrinkage in 2019. This will

usher in a materially different environment from the one financial markets have become used to in the

years following the global financial crisis to date. This shift to being less accommodative in monetary

policy and the implied tightening of global financial conditions would be a concern to indebted EM

economies with significant macroeconomic imbalances specifically. Though a greater concern will be the

litmus test of whether the world economy has recovered sufficiently enough for this, or not, and just how

organic the benign, but gaining recovery has been. We remain cautious.

Investment Manager



49

SANLAM MANAGED RISK FUND Investment Objective

The investment objective of the Sanlam Managed Risk Fund (the “Fund”) is to provide long-term capital

growth through exposure to world equity markets. The Fund utilises a risk management strategy designed

to reduce volatility and minimise losses in declining markets. Income will not be a consideration.

On 12 June 2017, Sanlam Investment Management (Pty) Limited replaced Sanlam FOUR Investments UK

Limited and Milliman Financial Strategies Limited as Investment Manager of the Fund. As a result of the

change, the Fund went from utilizing a systematic risk management strategy to one driven by an artificial

intelligence machine learning investment engine with the same objective, to reduce volatility and minimise

losses in declining markets. Fund Performance

Note: The Fund’s long-term benchmark is 60% Sanlam World Equity Tracker - E Class; 40% USD Libor 3 Month. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

For the last 6 months or year to date, the Fund outperformed the benchmark by 2.00%. The Fund

returned 8.62% versus the benchmark of 6.62%.

Starting off the year, the Fund had a market exposure of roughly 82% and volatility forecast of 8.4%. The

target volatility remained firmly below the targets of 15% and later 10%, which resulted in high market

exposure throughout the first half of the year. Market exposure reached a maximum level of 87% and was

at 81% at the end of June. The AI and ML engine produces weekly signals, dictating the level of market

exposure required. Since the change in Investment Manager, the level of market exposure has remained

unchanged at 80%.

Given the high exposure to the market over the last 6 months the Fund participated to a large degree in

the strong performance of the underlying index tracker, which returned 10.81% year to date.

The benchmark is a long-term return benchmark and is intended to provide the client an expectation of the

average market exposure they should expect over a full market cycle. We believe that a static equity

allocation benchmark of 60% does not provide an accurate comparison over the shorter term and we are

investigating more appropriate alternatives.

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6%

8%

10%


Fund USD-terms 5.16% 3.29% 8.62% 5.14%

Benchmark 3.90% 2.62% 6.62% 6.11%

Excess return 1.26% 0.67% 2.00% -0.97%


50

SANLAM MANAGED RISK FUND (CONTINUED) Fund Performance (continued)

The Fund ended the period to 30 June 2017 with effective cash of 18% of which 8% was actual cash and

5% was short futures exposure.

As per the investment objective, the volatility of the Fund was 26% lower than an investment in the

underlying index tracker since inception and maximum drawdown was also lower. Fund Outlook

The Fund does not take a forward-looking view of the equity markets due to the nature of the investment

strategy. However, an outlook of the underlying index tracker fund used in that fund’s investment outlook.

Below illustrates the intended behaviour of the Fund in different market conditions.

Performance in rising markets:

The Fund will rise, albeit not to the same degree as the markets. The reason for this is that during a rising

market a proportion of the investment will be invested in assets that fall in value as markets rise. It is these

assets that provide the “smoothing” effect.

Performance in falling markets:

It is anticipated that the Fund will most likely outperform from a return perspective versus the naked index,

as the SMR AI strategy will cushion the decline. The overall value of the investment is likely to fall, but not

by as much as would have been the case without the cushioning effect of the Fund’s AI strategy. Please

note that the Fund’s strategy is not intended to provide a cushion against sudden and extreme market falls

(for example, those brought about by a catastrophic event such as 9/11).

It is anticipated that over the long-term the Fund’s strategy will “smooth” the investment experience, and

provide better risk-adjusted returns over multiple market cycles.

Investment Managers



51

SANLAM PRIVATE WEALTH GLOBAL HIGH QUALITY FUND

Investment Objective The Sanlam Private Wealth Global High Quality Fund (the “Fund”) aims to produce compounded total returns in excess of the MSCI World index over the medium to long term, through a concentrated portfolio of high quality stocks, using our proprietary quantitative screening process combined with rigorous fundamental research.

Fund Performance

Note: The Fund is bench marked against MSCI World Total Return Index (NDDUWI). Performance figures longer than 12 months

are annualised. Figures are quoted gross of Investment Manager and Manager fees. Sector is the IA Global in GBP.

The Fund has outperformed the market since inception with the net asset value increasing by 81.40% compared to a gain of 57.39% for the comparative benchmark, the MSCI World Total Return Index. During the first six months of 2017 the Fund outperformed the benchmark by 6.43%. During the first half of 2017, we initiated positions in Fresenius Medical Care, Edwards Lifesciences and Altria, and reinitated positions in Yum China, Philip Morris, Priceline, Automatic Data Processing and NetEase. We exited our position in Amgen. Fund Outlook

Over the last few years, the US has offered a welcome source of growth and stability to investors, and has consequently benefitted from significant investment inflows, which have steadily inflated prices. So far this year, we’ve been enjoying something of a global resurgence, especially in Europe and across emerging markets. We’ve been well positioned to take advantage of this, while moving away from the more expensive US. Despite this optimism, we’re still in a low-return environment and, as a result, we remain cautious about the future. The US: awaiting clarity on policy To achieve the highly anticipated economic expansion in the US, the Trump administration needs to turn the promise of tax reform and government infrastructure plans into reality. If it can do this, it will deliver immediate results for company bottom lines, helping to justify current stock prices. But if the tax cuts are not realised, it may take longer than the market expects for the company earnings to get to this point. With valuations high, we are selective in our exposure to this region, preferring to own US businesses that are exposed to global markets and operate in attractive industries.

0%

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15%

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25%

30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%


Fund GBP-terms 7.21% 4.23% 11.44% 81.40%

Benchmark 4.71% 0.30% 5.01% 57.39%

Excess return 2.50% 3.93% 6.43% 24.01%


52

SANLAM PRIVATE WEALTH GLOBAL HIGH QUALITY FUND (CONTINUED) Fund Outlook (continued) The UK: disappointing economic performance The UK’s economic performance has been disappointing, given that the weakness of sterling should have supported export-oriented manufacturers and those locally focussed businesses that compete with imports. Despite low interest rates, businesses continue to be reluctant to invest in growth (which is understandable, given Brexit uncertainty), and the government is holding back on infrastructure spending in an attempt to control the budget deficit. The general election in June was a further set-back for sterling, with rumours of an interest rate rise in the offing, something we think is unlikely unless the economy finds itself on surer footing. Europe: improving fundamentals 2017 has been a year of steadily improving fundamentals for Europe. Economic performance has been good, and all indications are that this will continue, prompting the European Central Bank (ECB) to begin preparing the market for an end to its massive stimulus package. Improvements in company earnings and the outlook for inflation are positive indicators for Europe. As money has flowed back into the region the euro has been strong, and European stocks have outperformed global markets by about 6% so far this year. Emerging markets: stabilisation and attractive valuations The longer-term outlook for emerging markets is positive, with valuations appearing cheap enough to compensate for the additional risk, and growth rates generally good. The Asian region is particularly exciting, with the emergence of the Chinese consumer, and reforms in economies like India. While a cautious approach is necessary, there are some excellent companies in these regions, experiencing better growth and trading at more attractive prices than their developed-market peers. A great example is the growth in mobile payments in India, where the population is moving from cash to cashless without using banks.

Investment Manager Sanlam Private Investments (UK) Limited


53

SANLAM FOUR US DIVIDEND INCOME FUND Investment Objective The Sanlam FOUR US Dividend Income Fund (the “Fund”) aims to target capital growth over the longer- term.

Fund Performance

Note: The Fund is bench marked against MSCI North America Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

Following a very strong year for the Fund in 2016, in a rising market, 2017 year-to-date has seen the

momentum trade take over. The markets have continued to rise in a strong fashion; however the high-

growth style took the leap significantly, leaving the value style out of the rally.

In this environment, the Fund naturally underperformed. However, it managed to perform in-line with the

value indices. This comes on the heels of a significant outperformance of the value style, when the style

led the markets in 2016.The year-to-date outperformance of the growth style, has already exceeded all of

its underperformance of 2016. Thus the value style is now back into underperformance mode over one,

three, five, and up to eight years. It remains to be seen how long this market aberration will continue.

In the meantime the 10-yield US treasury yields fell again this year, while most strategists were calling for

it to rise, retracting back from the mid-2 to the low-2 levels. Gold advanced, commodities weakened, and

the USD weakened.

The Fund had a number of successful stock picks in the first half. Mead Johnson and Whole Foods, both

in Consumer staples, were acquired with significant premiums. Top fund holding Best Buy also had a

significant re-rating. However, it was what the Fund did not and could not own, that accounted for most of

the underperformance. Not being able to own a few names like Amazon, Facebook or Netflix, which rallied

an average of 35%, and where valuation levels gave full way to momentum had an outsized effect. Our

analysis shows all these names to be significantly overvalued. As such, being structurally underweight the

high-growth new technology proved to be a major detriment vs. markets year-to-date. Currency allocation

acted as a positive.

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8%

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12%


Fund GBP-terms 2.71% 0.89% 3.63% 11.19%

Benchmark 5.88% 2.82% 8.86% 9.62%

Excess return -3.17% -1.93% -5.23% 1.57%


54

SANLAM FOUR US DIVIDEND INCOME FUND (CONTINUED) Fund Outlook

The marked underperformance of the value style witnessed year-to-date, which exacerbated in the

second quarter, had one beneficial effect of entrenching the Fund further into value territory, thus

increasing its attractiveness to the market. The Fund’s dividend yield hit 3.5% again, right before exiting

the quarter, a relatively attractive entry point over the history for the Fund and one we had not been seen

since the market lows of 2016. This level is as much as 150bps higher than the market’s average yield, as

well as higher than other us dividend fund peers.

The underperformance of value also deepened the portfolio’s valuation discount vs. the market, to well

north of 30%; the Fund is now trading at an average price-to-earnings ratio of less than 15; as opposed to

22 times for the broader market. So while one will argue markets are expensive, here is the cheap option

still available. We believe this should make it a great long-term entry point for the Fund versus market.

It should also be noted that this valuation discount has come coupled with higher quality metrics for the

portfolio, such as total leverage or return on equity, than the market. The Fund also exhibits significantly

less risk than the market, creating a further attractive risk-reward profile.

It remains to be seen when the style will turn back in favour, but the year-to-date underperformance has

put the differential between value and growth to levels not seen since the dot com bubble. In the

meantime, the Fund continues to provide best-in-class exposure to the US value and dividend equities

space.

Over the longer-term, US equity markets are now in their ninth year of strong positive returns, driven

largely by low interest rates. Growth has been massively outperforming value over this period, reaching a

cumulative 80% of excess returns since 2009.

There are many wild cards that make 2017 another highly interesting year, and we will stay closely tuned.

As always, we continue all of our research efforts on detecting, analysing, and investing in undervalued

opportunities with strong dividends in North America.

Investment Manager



55

HIGH STREET GLOBAL BALANCED FUND

Investment Objective The High Street Global Balanced Fund (the “Fund”) aims to provide a high level of income and the potential for capital growth. Fund Performance

Note: The Fund’s benchmark against 50% USD 3 Month LIBOR, 50% EUR 3 Month LIBOR, + 2.5% Per Annum. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund’s AUM has shown good growth in the first 6 months of 2017, up 30% to $19.24m. This was attributable to both inflows from our South African client base and solid performance of 7.61% for the six months, versus 1.45% for its benchmark, an outperformance of 6.16%. With the prospect of a slow but sustained rise in interest rates in the US and further down the line in Europe, we have decreased the interest rate sensitive investments in our portfolio. This includes our bonds where we have shortened duration significantly by selling off some bonds and investing our maturing assets in US short dated treasuries. At the same time, we have increased our weighting in equities and in particular banks and commodity focused stocks that should perform well in this environment. Our levels of cash and near cash remain high to take advantage of a pullback in the market which we feel could happen in the near term. Fund Outlook

World equity markets continue to reach all-time highs as a result of improving world economies despite

expectation of rising interest rates. We feel that these will be slow for some time.

We are encouraged by a medium-term bull market in commodities which bodes well for markets. Despite

this we could see some shocks to the market which will provide opportunities to invest our cash war chest.

Investment Manager High Street Asset Management (Pty) Limited

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Fund USD-terms 5.52% 1.98% 7.61% 3.63%

Benchmark 0.71% 0.73% 1.45% 7.00%

Excess return 4.81% 1.25% 6.16% -3.37%


56

SANLAM FOUR GLOBAL EQUITY FUND Investment Objective The Sanlam FOUR Global Equity Fund (the “Fund”) aims to deliver attractive real returns, and superior investment returns to the wider equity market over time. This goal is achieved by investing in a disciplined manner to buy strong companies (which generate above average cash returns on capital over an economic cycle), at times when they are out of favour in the market and trading at a significant discount to their intrinsic value. We focus our research on unloved and out of favour stocks. Our investment research focuses on the medium term strengths and cash generation of these companies underlying business models, rather than trying to outguess near term results. Our time horizon in both assessing companies and intended holding period is measured in years rather than months or quarters. We maintain a strict valuation discipline to only buy shares at a significant discount to our estimate of the Intrinsic Value of future cash flow.

Fund Performance

Note: The Fund is bench marked against MSCI World Index. Performance figures longer than 12 months are annualised. Figures are

quoted gross of Investment Manager and Manager fees.

For the first half of 2017, the Fund gained 2.39% in GBP terms, underperforming the benchmark by 2.88%, which rose to 5.27%. During the period, the largest detractors from performance were our Energy holdings such as Cobalt International Energy, Ezion Holdings and Anadarko Petroleum, which more than offset positive contributions generated by good performance in Information Technology, namely Oracle, Western Digital and Samsung Electronics. Q1 was a strong quarter for Information Technology as many of the names in the sector delivered better than expected operating results. On the back of the solid momentum in the memory market, our holdings in Samsung Electronics and Western Digital continued to perform strongly, while Oracle announced a better than expected set of quarterly results during the period. The company’s Cloud business continued to expand and was supportive to software revenue growth. Outside the IT sector, the Media Company Viacom announced a positive set of quarterly results, which highlighted improving operating momentum within both Media Networks and Paramount studios. The market also positively received the management’s strategic plan to focus programming investment on the flagship networks in order to drive advertising revenue growth.

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Fund GBP-terms 4.03% -1.58% 2.39% 9.10%

Benchmark 5.12% 0.14% 5.27% 12.05%

Excess return -1.09% -1.72% -2.88% -2.95%


57

SANLAM FOUR GLOBAL EQUITY FUND (CONTINUED)

Fund Performance (continued) Detractors during the period were Cobalt International Energy that recorded an impairment on its assets in Angola, for which it is still awaiting a buyer despite having marketed those in the second half of 2016. The process has been further complicated by an arbitration dispute with the oil company’s Angolan partner. The Fund’s exposure to the financial sector was a further detractor, as relatively poor operating performance of NN Group and AIG, due to weaker underwriting period towards the end of 2016, reduced the benefit generated by our exposure to other financial institutions and banks. In Q2, the Fund suffered again from the holdings in the Energy sector. Ezion Holdings was the most notable detractor. The Singapore-listed oil services company was negatively impacted by an increase in competitive forces and an increase in its balance sheet leverage. This was accompanied by a decline in the oil price during the second quarter, which then led to a weakness in our other Energy-related holdings, namely Anadarko Petroleum, Cobalt International Energy as well as ENI. Additionally, Viacom share price gave back some of the gains recorded in the previous quarter as the business continued its strategic plan implementation. SJM Holdings, the Macau casino operator led the positive contributors with operational improvements as a result from a continued recovery in gaming trends. The positive operating momentum continued in Oracle as well as Western Digital and Samsung Electronics, all reporting strong financial results, particularly driven by sustained pricing trends in the memory market for the latter two names. Furthermore, UnitedHealth Group was another notable performer in the quarter. The US-listed managed care company reported good results that were well received by the market as the management remains confident on the outlook for 2018, with OptumCare (IT-enabled health care services) remaining a key focal point of future growth for the company. Fund Outlook Markets have enjoyed their longest winning streak since the 2003-2004 rally on expectations of stronger economic growth, the promise of business-friendly political reforms and a gradual reduction in monetary stimulus. These factors, combined with a recovering European economy and strong US consumer spending, have pushed stock valuation to decade high multiples, comparable to 2004 levels. While there are no signs of overheating, our cautious nature encourages us to pay attention to the fact that growth rates are a third of what they were in 2004, inflation and ISM have disappointed recently and the Trump administration still needs to prove its ability to implement reforms. Operating conditions for many US and European companies are clearly improving but we do not believe we, or anyone else for that matter, have a consistent competitive advantage in making macro predictions. Therefore, we continue investing fundamentally with a margin of safety and stick to our principles of valuation and quality. In spite of elevated market levels, we continue to find good investment opportunities across a variety of companies, with the best value found amongst Healthcare, Technology, Financials, Energy and Industrials. As always, we expect that markets will eventually recognise the true long-term earnings power of our companies and reward them with higher ratings and higher share prices. For Healthcare companies, we see the more strident rhetoric of the election campaigns starting to shift as the complexity of policy in this area becomes more apparent, giving some respite to the sector. The failure of the GOP to repeal Obamacare is the latest reminder of how hard it will be for Trump to deliver on campaign promise. This is why we remain invested in resilient businesses that can grow their earnings in a variety of conditions. In some cases, our companies are part of the solution to reduce the cost of US Healthcare. We expect our IT holdings to remain immune from political machinations and enter periods of accelerated growth as they transition from investment/restructuring to execution. In the case of Oracle and Microsoft we expect fast growth of their cloud businesses. eBay is likely to accelerate their GMV driven by improved search results, traffic conversion and overall user experience. HP should continue generating cash and win share in personal systems and printers, with 3D printing growing quickly into a profitable industry leader.


58

SANLAM FOUR GLOBAL EQUITY FUND (CONTINUED) Fund Outlook (continued) Financials should benefit from a multi-year improvement in returns, on the back of higher interest rates and regulation. As banks are passing liquidity tests with flying colours, we expect to benefit from increasingly generous capital return policies. The improvement in European economies is giving our European bank investments a chance to close the valuation gap with their US peers. The best predictor of future returns is valuation, and while the Fund is invested in superior ROIC companies, our estimate shows it remains undervalued in absolute terms and against market averages. The best predictor of future returns is valuation, and while the Fund is invested in superior ROIC companies, it remains undervalued both in absolute terms, as assessed by our intrinsic value estimates, and in relation to market averages. Investment Manager Sanlam FOUR Investments UK Limited


59

SANLAM FOUR STABLE GLOBAL EQUITY FUND

Investment Objective The Global Stable Equity Fund (the”Fund”) aims to offer an attractive and differentiated investment proposition to clients. We aim to deliver attractive real returns, CPI+6%, comparable to the long run returns from equities, but with significantly less volatility and lower downside risks than the wider equity market. These goals are achieved by a portfolio that is focused solely on cash generative, non-cyclical companies. Only 30-35% of the market will meet these criteria. These are approached with a highly disciplined approach to valuation, purchasing these stocks only at prices which will allow us to achieve return objectives. This combination creates a portfolio, which is intended to provide resilience during tougher economic and stock market periods, whilst remaining invested to deliver strong long run returns.

Fund Performance

Note: The Fund is bench marked against MSCI ACWI. Performance figures longer than 12 months are annualised. Figures are

quoted gross of Investment Manager and Manager fees.

For the first half of 2017, the Fund gained 4.97% in GBP terms to stay ahead of the CPI+6% target by 0.15%, but behind the overall equity market. During the period, the Fund benefitted from strong performance in the Information Technology sector and an underweight position in the Energy sector as the oil price continued to slide. This underweight is in line with our stated investment objective, and the Fund will never hold equities in the more cyclical and capital-intensive areas of the market. Shares in Oracle, Tupperware and Medtronic were amongst the best-performing holdings during the period, while Healthcare names such as Express Scripts and Gilead Sciences were large detractors to performance alongside WPP and Verizon Communications. During Q1, the Fund produced strong performance on the back of stock selection in the Consumer Discretionary and Information Technology sectors. Our underweight allocation to Energy and Financials was also beneficial to the Fund’s performance. On the other hand, stock selection within the Healthcare sector was the main detractor to performance.

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Fund GBP-terms 6.62% -1.55% 4.97% 17.31%

Benchmark 5.64% 0.38% 6.04% 14.49%

Excess return 0.98% -1.93% -1.07% 2.82%


60

SANLAM FOUR STABLE GLOBAL EQUITY FUND (CONTINUED) Fund Performance (continued) At the stock level, Viacom announced a positive set of quarterly results, which highlighted improving operating momentum within both Media Networks and Paramount studios. The market also positively received the management’s strategic plan to focus programming investment on the flagship networks in order to drive advertising revenue growth. Oracle reported a better than expected set of quarterly results during the period. The company’s Cloud business continued to expand and was supportive to software revenue growth. Computershare announced a solid set of financial results in the quarter. The Australian Registry business raised its full year outlook, highlighting strong growth in the UK and United States mortgage servicing markets. Moreover, the company has been successful in addressing the cost base in the core registry business, as it looks to offset the decline in organic revenue. Gilead Sciences and Express Scripts were notable decliners during the period under review. Gilead Sciences provided lower than expected guidance for its Hepatitis C franchise, with the number of patients expected to commence treatment in 2017 lower than 2016. Despite the market concerns over the sustainability of the HCV franchise, the Gilead’s HIV business is set to continue its strong momentum. Sentiment around Express Scripts has been negatively influenced by the noise around the desire to repeal the Affordable Care act and control drug price inflation, however, we believe that the current valuation fully reflects these concerns and offers an attractive risk-reward. In Q2, the positive stock selection in the Financials sector was offset by currency weakness, but our underweight allocation to Energy was beneficial to Fund performance during the quarter. Despite weak stock selection in Healthcare, our large allocation here was also a notable contributor to performance. Stock selection in Consumer Staples and Consumer Discretionary were the primary detractors to performance. UnitedHealth Group was the most significant stock contributor. The US-listed managed care company reported good results that were well received by the market as the management remains confident on the outlook for 2018, with OptumCare (IT-enabled health care services) remaining a key focal point of future growth for the company. The positive operating momentum continued in Oracle, which continued to report strong financial results and improved revenue and earnings outlook. Other notable contributors were Tupperware, AON, Medtronic and Japan Tobacco. Sentiment towards Imperial Brands has been negative due to weaker than expected organic revenue growth, concerns around the competitive threat from next generation products, and comments from Japan Tobacco regarding the lack of desire to engage in large scale M&A. The company is targeting a return to growth in the second half of 2017 as it aims to reduce cost and complexity within its business. The most notable decliner during the period was Viacom, whose share price gave back some of the gains recorded in the previous quarter as the business continued its strategic plan implementation. Fund Outlook Markets have enjoyed their longest winning streak since the 2003-2004 rally on expectations of stronger economic growth, the promise of business-friendly political reforms and a gradual reduction in monetary stimulus. These factors, combined with a recovering European economy and strong US consumer spending, have pushed stock valuation to decade high multiples, comparable to 2004 levels. While there are no signs of overheating, our cautious nature encourages us to pay attention to the fact that growth rates are a third of what they were in 2004, inflation and ISM have disappointed recently and the Trump administration still needs to prove its ability to implement reforms. While we do not dispute that operating conditions for many US and European companies are improving, we do not believe we, or anyone else for that matter, have a consistent competitive advantage in making macro predictions. Therefore, we will continue investing fundamentally with a margin of safety and stick to our principles of valuation and quality.


61

SANLAM FOUR STABLE GLOBAL EQUITY FUND (CONTINUED)

Fund Outlook (continued) In spite of elevated market levels, we continue to find good investment opportunities across a variety of companies with the best values found amongst Healthcare and Information Technology. As always, we expect that the markets will eventually recognise the true resilience and long-term earnings power of our companies and reward them with higher ratings and higher share prices. For healthcare companies, we see the more strident rhetoric of the election campaigns starting to shift as the complexity of policy becomes more apparent, giving some respite to the sector. The failure of the GOP to repeal Obamacare is the latest reminder of how hard it will be for Trump to deliver on campaign promise, which is why we remain invested in resilient businesses that can grow their earnings in a variety of political or economic conditions. In some cases, our companies are part of the solution to reduce the cost of healthcare in the US. In IT, we expect our holdings to remain immune from political machinations and enter periods of accelerated growth as they transition from investment or restructuring phases to execution. In the case of Oracle and Microsoft we expect fast growth of their cloud businesses. In the case of eBay, we expect an acceleration of their GMV, driven by improved search results, traffic conversion and overall user experience. We expect HP to continue generating cash and win a share in personal systems and printers, with 3D printing growing quickly into a profitable industry leader. These attractive valuations are for a group of companies which have excellent returns on equity (an average of 28%) and are steadily growing earnings and cash flows. We believe that these offer a strong prospective return over the next few years, with significantly less sensitivity to uncertain economic outcomes. Investment Manager



62

SANLAM FOUR ACTIVE UK EQUITY FUND

Investment Objective The Sanlam FOUR Active UK Equity Fund (the “Fund”) aims to target capital growth over the longer-term.

Fund Performance

Note: The Fund is bench marked against FTSE All Share Index. Performance figures longer than 12 months are annualised. Figures

are quoted gross of Investment Manager and Manager fees.

The Fund has performed respectably over the six months to end June 2017, returning +7.2% compared

with the benchmark FT All Share Index of +5.5%.

All of the out-performance has come from stock-selection, and, furthermore, this was dominated by

positive selection in the Technology sector.

Having seen performance suffer from the Brexit vote last year, and then partially recover in H2, the first

half of 2017 has witnessed a return to more traditional drivers of performance, although Brexit is clearly

still an issue amongst several. More important, however, has been the fading of hopes for US economic

stimulus from the Trump administration, thus leading to a reversal of the US dollar and a return to lower

bond yields. Global growth has held up well, however, as the European economy has gathered

momentum, while China, Japan, and Emerging Markets more generally, have all surprised positively.

Against this backdrop Consumer Goods sectors have been strong as their “bond proxy” characteristics

have returned to favour, but so too have Industrials and Technology on global growth optimism. In

contrast, the worst sector has been Oils, as the supply agreement established last year has so far failed to

bring down the large excess of oil stocks, and the oil price has therefore weakened following earlier

optimism.

Our largest positive performance contributors have been IQE (+121%) and Sophos, (+60.0%), the latter a

new holding at the start of the year. In both cases positive trading updates have drawn investor’s

attention to the acceleration in sales growth now underway at these companies. Also significant have

been First Derivatives (+35%), International Consolidated Airlines (+40.9%) and Market Tech Holdings

(+35%), the latter having benefitted from a takeover bid from majority shareholder Terry Sagi.

0%

2%

4%

6%

8%


Fund GBP-terms 5.29% 1.85% 7.24% 6.03%

Benchmark 4.04% 1.40% 5.49% 5.70%

Excess return 1.25% 0.45% 1.75% 0.33%


63

SANLAM FOUR ACTIVE UK EQUITY FUND (CONTINUED) Fund Performance (continued)

Partially offsetting these positive factors was negative drag from a varied array of holdings, the most

significant being domestic UK situations, including Pets at Home (-25.4%, sold in the period), BT Group (-

19.7%, impacted by significant losses and right-downs in Italy) and ITV (-8.0%, on downgrades to

advertising spend expectations).

Several new holdings were established in the early part of the period, namely HSBC, GlaxoSmithKline,

Sainsbury, Sophos and Great Portland Estates, with Imperial Brands being purchased at the end of the

period. Stocks sold out from the portfolio were Tullow Oil, Pets at Home, Equiniti, Mears, WPP, Watkin

Jones and OPG Power Ventures.

Fund Outlook

The net effect of portfolio changes has been to increase the average market capitalisation, further reduce

the portfolio tracking error, and raise the overall dividend yield. Sector risks have been reduced rather

than stock risk, and it is therefore expected that stock selection, as evident in the current period, will

continue to be the main driver of performance.

The broader UK economic backdrop has deteriorated somewhat as Brexit uncertainty is weighing on

confidence and consumer incomes are falling in real terms. However, from a stock-market standpoint,

sterling weakness is good for international competitiveness and the translation of overseas profits, which

account for a majority of total profits for listed UK companies.

The positive international outlook should therefor continue to be supportive for the UK market, and our

portfolio is well placed to benefit from this.

Investment Manager



64

SANLAM FOUR MULTI-STRATEGY FUND Investment Objective The Sanlam FOUR Multi-Strategy Fund (the “Fund”) aims to seek to outperform the Consumer Price Index by 4% per annum over five-year periods with a target of generating a positive absolute return on a rolling 3 year basis.

Fund Performance

Note: The Fund is bench marked against the Consumer Price Index plus 4%. Performance figures longer than 12 months are

annualised. Figures are quoted gross of Investment Manager and Manager fees.

H1 - The momentum strategy has seen the allocation to equities ranging between 24% and 42% over the

period under review, and where possible we have continued to take exposure through index options. In

the period we reinvested proceeds from maturing bonds and we added to real assets predominantly

through placings.

We also added the aviation sector to the infrastructure satellite. Midcap alpha exposure was reduced via

our risk control process and futures positions were rolled forward. Option positions were reset to reflect

current market levels.

0%

2%

4%

6%


Fund GBP-terms 2.31% 2.13% 4.49% 3.63%

Benchmark 0.69% 1.18% 1.87% 1.29%

Excess return 1.62% 0.95% 2.62% 2.34%


65

SANLAM FOUR MULTI-STRATEGY FUND (CONTINUED) Fund Performance (continued) The table below show the allocation of the underlying investment strategy for the year H1 2017:

Exposure Jan %

Feb %

Mar %

Apr %

May %

Jun %

Momentum Strategy

UK 6 6 6 6 0 6

US 6 6 6 6 6 6

Europe ex UK 6 6 6 6 6 6

Japan 6 6 6 6 0 6

Asia ex Japan 0 6 6 6 6 6

Emerging Markets 0 6 6 6 6 6

BRICs 0 0 0 0 0 0

Global 0 6 6 6 6 6

Sub-total 24 42 42 42 30 42

Satellite Strategies

Property 5 5 6 6 6 6

Infrastructure 9 10 10 10 10 10.5

EM vs. DM 0 0 0 0 0 0

Mid-cap vs Large-cap 15

(Long Mid) 15

(Long Mid) 7.5

(Long Mid) 7.5

(Long Mid) 7.5

(Long Mid) 7.5

(Long Mid)

High Yield 12 12 12 12 12 12

Investment Grade 9 10 12 12 13 11.5

Synthetic Option 20 22 19 19 20 21

Renewable Energy 9 9 9 9 9 9

Commodities 0 0 0 0 0 0

Opportunistic 0 0 0 0 0 0

Hedge 1 1 2 2 1 3

Sub-total 64 68 68 77.5 78.5 80.5

Source: Sanlam FOUR Investments UK Limited

Fund Outlook Brexit negotiations began with the recent election result pointing the government towards a "soft exit". Whilst "soft Brexit" sounds better than "hard Brexit" what either actually mean in practice remains a mystery. Hawkish tones from the Bank of England have pushed the UK 10 year to levels last seen in November 2016. On the horizon, you also have the uncertainty of an election in Germany and simmering tensions in the Middle East and the potential removal of stimulus by major central banks making the markets nervous. The Fund continues to employ a “barbell” combining diversified long-term income producing investments with option based equity exposure which allows us to participate in the positive moves but prepared to defend if negative moves occur.

Positioning

We continue to favour structured options for equity exposure as volatility is currently at quite low levels.

These positions sit alongside stable cash generative assets such as infrastructure, renewable energy and

property securities. A quarter of the portfolio is currently invested in these real assets which have a strong

link to inflation and yields in excess of 4%. Our risk to interest rates is relatively low due to a weighted

duration of 1.5 years in fixed income portfolio.

Investment Manager



66

ANCHOR GLOBAL CAPITAL PLUS FUND

Investment Objective The Anchor Global Capital Plus Fund (the “Fund”) aims to provide capital growth over the long-term.

Fund Performance

Note: The Fund is bench marked against 50% 3 Month US Libor +.50% 3 Month Euribor + 2.5% p.a. Performance figures longer

than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The 1st quarter of 2017 saw the continuation of the rally of risk assets which started with the election of Donald Trump as US president late in 2016. The rally did stutter into the end of the quarter as doubts began to creep in about Trump’s ability to fulfill his market-friendly campaign promises, as he stumbled at the 1st hurdle with his failure to get Obama’s affordable care act repealed by congress. That wasn’t enough to prevent the MSCI World Equity Index from delivering its best quarterly return since 2013. Bonds also posted a decent gain, having recovered from a 4th quarter sell off on the back of heighted expectations around the return of inflation. The Fund was up 1.67% in the quarter with contributions from all asset classes.

The 2nd

quarter of 2017 saw a shakey start as the market became concerned about the prospect of a Marine Le Pen victory in French elections causing ructions in the European Unition. The eventual victory of Emmanuel Macron, seen as a more market and EU friendly candidate, brought some relief and coincided with a pick up in European economic data resulting in strong gains for the Euro and European stocks. Lack of inflation has kept a lid on bond yields and while central banks in Europe and the US are now latking about removing the extraordinary levels of monetary stimulus, the lack of inflation and the apparent inability of US president Donald Trump to enact any meaningfully pro growth policies is keeping bond yields low and equity markets supported.

Fund Outlook With moderately higher bond yields globally, the Fund has been able to add to bond exposures, though is still cautiously positioned with low duration as the prospect of tighter monetary conditions could still push yields off their historically low levels. The Fund’s property exposure has edged slightly higher, but is cautiously positioned away from US retail property, where an oversupply of malls and a structural shift of shopping to online is creating major problems for the sector. In equities, the Fund has been conservatively positioned, and while the opportunity cost of that has been high, with rampant equity markets, now doesn’t seem like the appropriate time to be increasing exposure.

Investment Manager Anchor Capital (Pty) Limited

-4%

-2%

0%

2%

4%

1st Qtr 2017 2nd Qtr 2017 YTD Inception (ann.)

Fund USD-terms 1.67% 1.00% 2.68% -0.10%

Benchmark 0.72% 0.73% 1.45% 2.74%

Excess return 0.95% 0.27% 1.23% -2.84%


67

BRIDGE GLOBAL EQUITY INCOME GROWTH FUND

Investment Objective The Bridge Global Equity Income Growth Fund (the “Fund”) aims to seek income (more in the form of dividends) and capital growth over the long term. Income (which will be reinvested in the portfolio) will be a key component of the portfolio return. The Fund’s name was changed this year from Grindrod Global Equity Income Growth Fund to Bridge Global Equity Income Growth Fund to reflect the fact that the Investment Manager of the Fund changed its name from Grindrod Asset Management (Pty) Limited to Bridge Fund Managers (Pty) Limited.

Fund Performance

Note: The Fund is benchmarked against US Consumer Price Index plus 5%. Performance figures longer than 12 months are


The US Federal Reserve (“Fed”) increased their US target interest rate by 25bps at both their March and June meetings, with the current rate now at 1.25%. According to the Fed, the US labour market has continued to strengthen and the latest batch of US economic data shows that economic activity has been rising moderately in 2017. The US unemployment rate has fallen to the lowest level in 16 years following 80 consecutive months of jobs growth. The Fed also announced that the US$4.5 trillion bond portfolio it had acquired through a series of quantitative easing programmes would be sold gradually. Central bankers took centre stage in the UK and Eurozone during June. Governor of the Bank of England, Mark Carney, suggested that interest rates in the UK may need to be raised soon. He did qualify his statement by adding that any upward move in official interest rates would depend on several factors, including how the UK economy responds to tighter financial conditions and the reality of Brexit negotiations. Carney’s comments followed a statement from the European Central Bank (“ECB”) that it was considering removing some stimulus as the European economic recovery continued to gather momentum. On the back of these hawkish comments, the yield on US 10-year Treasuries rose, while the yield on German 10-year bunds increased to their highest monthly close since December 2015. The Dow Jones Industrial Average, S&P 500 Index and NASDAQ Composite Index rose by 9.3%, 9.3% and 14.7% during the first half of 2017. The NASDAQ Composite Index is dominated by heavyweight tech-stocks like Apple, Amazon, Alphabet (Google’s parent) and Facebook which have all posted strong gains during 2017. Many investors have now started to question the lofty valuations of the world’s leading tech stocks. The NASDAQ Composite Index lost more than 2% of its value in the final week of June and 3% since rising to a record high on 8 June. Equity markets in the UK and Europe declined as both pound sterling and the euro appreciated against the US dollar. Despite the increase in global bond yields, the GPR 250 REIT Index has increased 2.55% year to date on the back of a rally in US and European REITs.

0%

2%

4%

6%

8%

10%

12%

14%

16%


Fund USD-terms 4.50% 3.96% 8.46% 15.48%

Benchmark 2.13% 1.00% 3.13% 10.09%

Excess return 2.37% 2.96% 5.33% 5.39%


68

BRIDGE GLOBAL EQUITY INCOME GROWTH FUND (CONTINUED) Fund Performance (continued) The Fund has advanced 8.46% year to date on the strong returns from equities together with moderate returns from listed property markets. As the Fund’s benchmark is inflation and not market-linked, the Fund outperformed the benchmark by 5.33% over this period. Fund Outlook There is still significant political uncertainty which is likely to influence the direction of financial markets in the second half of 2017. The election of Emmanuel Macron as the next French president over Marine Le Pen in May did dampen the wave of anti-EU populism that had started to gain momentum last year. The German federal elections are scheduled to occur later this year, where we may see Angela Merkel’s leadership being challenged, increasing uncertainty for financial markets in the short-term. While the Fed appears committed to a further rate hike this year, current economic data suggests that economic activity has slowed, which may push the next hike into 2018. If Donald Trump and his administration get their way, US economic growth will accelerate in 2017 and 2018 and the Fed will raise interest rates as inflation moves beyond the 2% target rate. Bond yields will rise and the US dollar is likely to strengthen, given limited scope in other developed markets to raise interest rates in 2017. While this may potentially be supportive of the US equity market, it will provide a difficult backdrop for global listed property markets as well as equity markets outside the US. The Fund allocates 90% of the portfolio to high quality businesses that are expected to deliver inflation-beating earnings growth over the medium and long term and reward shareholders with above-average dividend yields. The Fund also allocates 10% of the portfolio to listed property companies that offer the highest possible combination of income yield and income growth, while at the same time providing an acceptable level of property and geographic diversification. As a result, the Fund is expected to exhibit lower price volatility in the short-term, without compromising the potential to deliver on the Fund’s long-term objective of providing returns in excess of US CPI+5%. Investment Manager



69

ANCHOR GLOBAL EQUITY FUND Investment Objective The Anchor Global Equity Fund (the “Fund”) aims to provide capital growth over the long-term.

Fund Performance

Note: The Fund is benchmarked against MSCI World All Country Total Return Net USD Index. Performance figures longer than 12

months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund enjoyed a solid first half of 2017. The majority of the Fund’s holdings have executed well operationally and their share prices have been rewarded accordingly. Merger and acquisition activity has picked up recently, with one of our top 10 holdings, medical device manufacturer Becton Dickinson, bidding for another, CR Bard. We remain bullish on Becton’s prospects following the deal, which is expected to conclude by the end of the year. The Fund’s cash balance has been rising over the last several months, primarily as a function of client inflows. In addition, we have gradually trimmed our Technology sector exposure as valuations have risen and investor sentiment and positioning have become stretched. As long term investors our bias is to avoid selling out entirely, which is usually a mistake for best-in-class businesses. It’s hard to know when to buy back in as, more often than not, one’s repurchase price target is never reached. Our strategy is therefore somewhat ‘hedged’: if the shares continue to rise we still participate; if they fall we can increase our holding at better prices. As such, we are content to wait for an opportunity to add meaningfully to these positions. This could arrive in the form of a broad market correction, or sector rotation as enthusiasm for the Technology sector inevitably wanes. Fund Outlook Global equity markets have had a strong start to the year, buoyed by a weak US dollar and abundant liquidity. Volatility has been virtually non-existent. We suspect that this benign environment will become more challenging as the year progresses, although timing is, as always, uncertain. We look forward to the return of volatility as this will provide an opportunity to load up on high quality businesses at attractive prices. If anything, we believe a market correction could set the stage for improved absolute and relative returns. Investment Manager

Anchor Capital (Pty) Limited

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Fund USD-terms 10.17% 6.32% 17.12% 7.45%

Benchmark 6.91% 4.27% 11.48% 6.89%

Excess return 3.26% 2.05% 5.64% 0.56%


70

BRIDGE GLOBAL MANAGED GROWTH FUND

Investment Objective The Bridge Global Managed Growth Fund (the “Fund”) aims to seek income and moderate capital growth over the long term. Income (which will be reinvested in the portfolio) will be a key component of the portfolio return. The Fund’s name was changed this year from Grindrod Global Managed Growth Fund to Bridge Global Managed Growth Fund to reflect the fact that the Investment Manager of the Fund changed its name from Grindrod Asset Management (Pty) Limited to Bridge Fund Managers (Pty) Limited.

Fund Performance

Note: The Fund is benchmarked against US Consumer Price Index plus 3%. Performance figures longer than 12 months are


The US Federal Reserve (“Fed”) increased their US target interest rate by 25bps at both their March and June meetings, with the current rate now at 1.25%. According to the Fed, the US labour market has continued to strengthen and the latest batch of US economic data shows that economic activity has been rising moderately in 2017. The US unemployment rate has fallen to the lowest level in 16 years following 80 consecutive months of jobs growth. The Fed also announced that the US$4.5 trillion bond portfolio it had acquired through a series of quantitative easing programmes would be sold gradually.

Central bankers took centre stage in the UK and Eurozone during June. Governor of the Bank of England, Mark Carney, suggested that interest rates in the UK may need to be raised soon. He did qualify his statement by adding that any upward move in official interest rates would depend on several factors, including how the UK economy responds to tighter financial conditions and the reality of Brexit negotiations. Carney’s comments followed a statement from the European Central Bank (“ECB”) that it was considering removing some stimulus as the European economic recovery continued to gather momentum.

On the back of these hawkish comments, the yield on US 10-year Treasuries rose, while the yield on German 10-year bunds increased to their highest monthly close since December 2015. The Dow Jones Industrial Average, S&P 500 Index and NASDAQ Composite Index rose by 9.3%, 9.3% and 14.7% during the first half of 2017. The NASDAQ Composite Index is dominated by heavyweight tech-stocks like Apple, Amazon, Alphabet (Google’s parent) and Facebook which have all posted strong gains during 2017. Many investors have now started to question the lofty valuations of the world’s leading tech stocks. The NASDAQ Composite Index lost more than 2% of its value in the final week of June and 3% since rising to a record high on 8 June. Equity markets in the UK and Europe declined as both pound sterling and the euro appreciated against the US dollar. Despite the increase in global bond yields, the GPR 250 REIT Index has increased 2.55% year to date on the back of a rally in US and European REITs.

-2%

0%

2%

4%

6%

8%


Fund USD-terms 3.40% 3.49% 6.89% 3.97%

Benchmark 1.63% 0.50% 2.13% 4.94%

Excess return 1.77% 2.99% 4.76% -0.97%


71

BRIDGE GLOBAL MANAGED GROWTH FUND (CONTINUED) Fund Performance (continued) The Fund has advanced 6.89% year to date on the strong returns from equities together with moderate returns from listed property markets and its allocation to bonds. As the Fund’s benchmark is inflation and not market-linked, the Fund outperformed the benchmark by 4.76% over this period. Fund Outlook

There is still significant political uncertainty which is likely to influence the direction of financial markets in the second half of 2017. The election of Emmanuel Macron as the next French president over Marine Le Pen in May did dampen the wave of anti-EU populism that had started to gain momentum last year. The German federal elections are scheduled to occur later this year, where we may see Angela Merkel’s leadership being challenged, increasing uncertainty for financial markets in the short-term. While the Fed appears committed to a further rate hike this year, current economic data suggests that economic activity has slowed, which may push the next hike into 2018. If Donald Trump and his administration get their way, US economic growth will accelerate in 2017 and 2018 and the Fed will raise interest rates as inflation moves beyond the 2% target rate. Bond yields will rise and the US dollar is likely to strengthen, given limited scope in other developed markets to raise interest rates in 2017. While this may potentially be supportive of the US equity market, it will provide a difficult backdrop for global listed property markets as well as equity markets outside the US. The Fund allocates 65% of the portfolio to high quality businesses that are expected to deliver inflation-beating earnings growth over the medium and long term and reward shareholders with above-average dividend yields. The Fund also allocates 25% of the portfolio to listed property companies that offer the highest possible combination of income yield and income growth, while at the same time providing an acceptable level of property and geographic diversification. The balance of the portfolio comprises short and medium-dated government and corporate debt. As a result, the Fund is expected to exhibit lower price volatility in the short-term, without compromising the potential to deliver on the Fund’s long-term objective of providing returns in excess of US CPI+3%.

Investment Manager



72

SIM GLOBAL EMERGING MARKETS FUND Investment Objective The investment objective of the SIM Global Emerging Markets Fund (the “Fund”) is to provide a regular income stream for investors with the potential for capital growth. It aims to provide a regular income which will be in line with the annual average dividend yield of the MSCI World High Dividend Yield NTR Index (Bloomberg Code: MHDYWOUN) as well as provide capital growth exceeding inflation.

Fund Performance

Note: The Fund is bench marked against the MSCI World High Dividend Yield NTR Index. Performance figures longer than 12

months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

For the six months ending 30 June 2017, the MSCI Emerging Market Index outperformed the MSCI World

Index by 7.7%. News flow within emerging markets was diverse. Some of the headlines reflected issues

that created significant volatility in portfolios but at the same time they created opportunities for investors.

Although the election of Trump as the US President caused concerns for investors, towards those

emerging markets with high amount of trade with the US, the first quarter saw EM perform strongly on the

back of stabilising commodity prices, inflows of capital, improving earnings and a slow rate rising trajectory

from the Federal Reserve.

In the second quarter, Brazil was thrown back into turmoil as President Temer was implicated in the

Brazilian corruption saga. Russia continues to be reliant on the oil price which looks likely to stay weak.

While growth is slow, Russian producers remain profitable at these oil price levels, unlike many other

regions. India saw the implementation of the Goods and Services Tax (GST), which will be positive for

growth in the medium term and disruptive in the shorter term. China saw the MSCI announce the inclusion

of 222 China A-share companies to the MSCI Emerging Markets index. After the removal of Pravin

Gordhan, we have seen two rating agencies downgrade South Africa’s foreign currency credit rating to

sub-investment grade. South Africa’s local currency debt has retained its investment grade rating from

Standard & Poor's and Moody’s in the short term, but its inclusion in the World Government Bond Index

(WGBI) is looking unlikely if the ANC do not improve soon.

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Fund USD-terms 13.24% 3.48% 16.72% 14.64%

Benchmark 11.45% 6.27% 17.72% 8.74%

Excess return 1.79% -2.79% -1.00% 5.90%


73

SIM GLOBAL EMERGING MARKETS FUND (CONTINUED) Fund Performance (continued)

Emerging market countries that performed strongly during the first quarter were Poland, India and Korea.

Those countries that underperformed were Russia, Greece and Qatar. Strong performing countries in the

second quarter were Greece, Turkey and Poland and underperformers were Qatar, Russia and Brazil.

For the first and second quarter, Information Technology and Consumer Discretionary were outperformers

while Energy underperformed for both periods. While many EM currencies weakened against the US

Dollar post the US presidential outcome, the first quarter saw many of them reverse that trend. The

second quarter saw emerging market currencies move based on their unique macro factors, such as

political risks and commodity price weaknesses. Outperformance within the portfolio was driven by

NetEase, Sun TV Network and Arcos Dorados in the first quarter with Magnit, Matahari and TSKB

detracting from performance. The portfolio underperformed its benchmark in the second quarter - driven

by Esprit, Sberbank and Magnit with contributors to the performance being Alibaba, Samsung and Bank

Rakayat.

Fund Outlook

Emerging markets continue to benefit from a combination of low valuations, relatively stable political

climates, improving business sentiment, and central banks that in most cases have room to reduce

interest rates to stimulate growth if needed. Investing is a long term endeavour and we are confident that our bottom up approach of constructing the portfolio will see the patient investor richly rewarded. We focus on companies:

with strong sustainable competitive advantages;

which generate returns well above their cost of capital;

which generate significant free cash flow; and

which are trading at significant discounts to their intrinsic value.



74

ABSA AFRICA EQUITY FUND Investment Objective The ABSA Africa Equity Fund (the “Fund”) aims to provide long-term capital growth through exposure to African equity securities by investing in equity securities listed on recognised stock exchanges across the African continent as well as equities that may be listed and/or traded in recognised exchanges outside of Africa. Fund Performance

Note: The Fund is bench marked against the MSCI Africa ex South Africa Index. Performance figures longer than 12 months are


The Fund was launched on 21 November 2016. Its seed funding included a transfer of cash and securities from all markets that the legacy fund was invested in with the exception of Egypt. The process of moving assets from Egypt was only fully completed in January 2017 which resulted in a significant underweight positioning in Egypt, a market which rallied 6% in December 2016, driving a 4% rally in the benchmark. In the first quarter of 2017, our immediate objective was to rebalance the Fund’s positioning to reflect our views on stocks within our opportunity set. The Fund aims to be overweight North and East Africa and underweight commodity exporters in particular oil exporting Nigeria. The Fund returned 18.8% for the 6 month period to 30 June 2017 versus a return of 16.7% for the benchmark, an outperformance of 2.1% over the period. The 2nd quarter saw the Fund underperform its benchmark by 4.6% which was disappointing and attributable mainly to the Fund’s benchmark not discounting the Nigerian official FX rate to reflect the actual FX rate available to market participants. In our view, commodity/resource countries can no longer rely on global demand tailwinds for their primary exports to drive economic growth and corporate earnings. Instead they must formulate and deliver on economic policies that will foster sustainable improvement in productivity and economic growth. We will maintain our underweight in Nigeria until such a time as we see such a policy tilt emerge. In contrast to Nigeria, we aim to be overweight East Africa. Unlike resource/commodity dependent countries East African economies continue to experience a high rate of growth in per capita income driven by public and private investment programs particularly in the rail, road, port and power sectors of the economy. The high growth economies of tomorrow are the ones investing today. More importantly, we see significant under-pricing of that growth in high quality listed companies in the consumer goods and utility sectors.

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

22%


Fund USD-terms 5.5% 12.6% 18.8% 20.5%

Benchmark -0.4% 17.2% 16.7% 21.6%

Excess return 5.9% -4.6% 2.1% -1.1%


75

ABSA AFRICA EQUITY FUND (CONTINUED)

Fund Performance (continued)

In the case of Egypt, we see the seeds of an investment-lead economic boom over a medium term as well

as one of the most compelling long term emerging consumer themes on the continent. The Fund aims to

be well positioned to participate in targeted growth sectors such as power, construction, healthcare

consumer goods and financial services.

Fund Outlook

We expect a cooling of sentiment in the third quarter on the back of such an aggressive rally in the

second. Any dips in the market may present opportunities to buy particularly in Kenya and Nigeria. The

risk of a major drawdown are low in our view given the current environment of improved reform credibility

in Egypt and Nigeria coupled with emerging and frontier market inflows globally.

Investment Manager

Absa Asset Management (Pty) Limited


76

SANLAM CENTRE AMERICAN SELECT EQUITY FUND Investment Objective The Sanlam Centre American Select Equity Fund (the “Fund”) aims to achieve long-term capital growth. Fund Performance

Note: The Fund is bench marked against MSCI North America Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

For the six month period ended 30 June 2017, the Fund delivered a total return of 11.71%.

The Fund benefited from positive alpha across Information Technology due to allocation and stock

selection (Activision Blizzard, NVidia, Alphabet, Corning); Consumer Discretionary due to stock selection

(Amazon.com, Coach, Ralph Lauren, Wyndham, Carnival); Consumer Staples due to allocation and stock

selection (Altria, Whole Foods); Energy due to allocation and stock selection (Cabot Oil & Gas, Williams

Cos.) and Health Care due to stock selection (C.R. Bard, Johnson & Johnson, UnitedHealth).

Performance was negatively impacted from a total return perspective by the amortization costs of certain

hedges and other investments that we deemed to be capital protective in nature. Given the continued

presence of certain potentially de‐stabilizing factors that we believe could negatively impact the value of

underlying equity securities held in the Fund at this current stage of the stock market and economic cycle,

as of 30 June 2017, the Fund continued to hold capital protection hedges, namely put options on the S&P

500 Index, as a potential “tail hedge” against its underlying stock holdings in the event of a material

correction.

Fund Outlook

It’s tough to remember a period of time other than the election of Ronald Reagan in 1980 when a change

in the U.S. presidency ushered in such a change in hope, at least in terms of expression by financial

markets. Perhaps it is due to the shift in near-consensus thinking that Hillary Clinton would win and that

the general prevailing environment characterized by low growth, low interest rates, and company earnings

driven almost solely from either innovation, cost-cutting or, more ominously, financial engineering, would

continue indefinitely, leaving those geared toward an improving economy languishing with near nil top-line

growth and deteriorating profit margin.

0%

2%

4%

6%

8%

10%

12%

14%


Fund USD-terms 8.16% 3.55% 11.71% 12.03%

Benchmark 5.88% 2.82% 8.70% 10.88%

Excess return 2.28% 0.73% 3.01% 1.15%


77

SANLAM CENTRE AMERICAN SELECT EQUITY FUND (CONTINUED)


With low interest rates leaving little alternative for investors, the flow into equities, particularly from early

2015, narrowed towards those companies that genuinely could distinguish themselves with innovative

growth or stable earnings and, hence, were afforded valuation multiples only seen at other prior market

cycle peaks or reminiscent of the original Nifty-Fifty1 era. This all seemed to change the day after the

election. Namely, the narrative for owning stocks shifted from the “stick” of low interest rates to the “carrot”

of better economic growth, with the hope that this would lead to an acceleration of profits after a more

than two year period of broad based profits and margin decline. Although profits did begin to turn in the

summer prior to the election due to stability of commodity prices mainly, forward looking and long term

expectations across all sectors took on an incredibly robust tone afterwards. The important point to make

in all this is that the election of Donald Trump is potentially a move away from the status quo and, if the

Republican primary contest illustrated anything, he has little to gain in an about face and become a

product of the establishment. If he was genuine and pushes for real change and satisfies his electorate,

Middle America, we should move to a market environment that is much different from the one that we

have been in since 2014, which is reflected in the stock market’s performance since the election. Thus far

however, it seems that Trump is being consumed by the Washington Swamp rather than enforcing his

stated populist goal to drain it so investors find themselves facing greater uncertainty which should by

itself increase risk premiums and lower valuation multiples across all financial assets.

It cannot be stressed enough that the support for Trump in the recent U.S. Presidential election came

principally from the U.S. industrial and agricultural heartlands. The blue-collar workers in these States

such as Pennsylvania, Michigan, and Ohio have had to contend with the loss of higher-paying

manufacturing jobs and increased benefit and retirement uncertainty. The steady offshoring of American

manufacturing jobs to lower cost countries, most notably Mexico and China, has come about through the

implementation of the North American Free Trade Agreement (“NAFTA’) and China’s entry into the World

Trade Organization (‘WTO”) under currency conditions that tremendously benefitted China in its

mercantilist trade pursued since. In the meantime, U.S. corporations have benefited from much lower

input costs without having to face any costs on importation of their products as well as being able to

subordinate their traditional pension obligations to the government or domestic workforce. Candidate

Trump effectively blamed the political class and promised to introduce measures to make American great

again. Furthermore, his celebrity and showmanship allowed him to be perceived as the only person who

could take decisive action, even though his policies for doing so were somewhat incoherent and voters

relied on the hope that he actually believed in what he espoused on the campaign trail.

1 Nifty-Fifty is the 50 stocks that were most favored by institutional investors in the 1960s and 1970s. Companies in this group were

usually characterized by consistent earnings growth and high price-to-earnings ratios. Price-to-earnings ratio is a ratio for valuing a

company that measures its current share price relative to its per-share earnings.


78



From an economic perspective, Trump has advocated tax and trade measures that will address the

problems created by free trade or what he calls, “bad trade deals.” Trump also expressed an America-first

policy, which would result in a retreat from America’s role as a global policeman that’s been in place since

the 1950’s and a re-focus of the White House’s energy on domestic problems, particularly America’s

ageing infrastructure. In sum, the top priority for Trump is to come up with a plan for economic growth that

will actually benefit his core constituencies in industrial America. Extending the impact of his pro-growth

priorities makes a strong case for better domestic economic growth but it also creates an environment of

higher inflation and interest rates as well as higher compensation and input costs, which historically have

been bad for the stock market. In essence, President Trump is in a quandary, implement measures that

satisfy his voter base and increase economic growth but, at the same time, contribute to what may be a

very poor stock market as profit margins and valuations compress. We don’t see how he can accomplish

both, particularly since broad market valuation measures that we deem important indicate that U.S.

stocks, on a median basis, are the most expensively valued ever, even more so than in 2000 or in 2008

prior to the start of severe market declines. Furthermore, the degree of financial engineering – stock

buybacks financed with debt, etc. – are dependent on an environment of low interest rates and vulnerable

to increases in inflation and debt risk premiums.

Unfortunately, the Reaganesque hope parallel that surrounds financial markets today has several

potential problems, and the challenges that Trump faces are relatively daunting, maybe because of very

unequal starting points between 1980 and today. Firstly, on a macro basis the U.S. has a debt to GDP

ratio of over 100% and U.S. corporations have the highest debt to assets ratios ever seen, both of which

are only serviceable due to extraordinary low interest rates. This leaves little room to undertake the

massive capital investment and infrastructure plans, public and private, without jeopardizing the existing

serviceability of debt as interest rates would be expected to rise, perhaps significantly. Rates are already

too low and are rising, suggesting an economic headwind rather than support. Second, the growth of

developing countries as manufacturing destinations as a lower-cost alternative is somewhat entrenched

due to the incredible transfer of knowledge and intellectual property overseas and the fact that significant

wage differentials still exist between the U.S. and the developing world, even for skilled labor. Thirdly,

recent geopolitical and military actions show how difficult it will be for the U.S. to withdraw from its role as

a global policeman and focus instead on its domestic priorities. It seems that President Trump has already

flipped on his beliefs in stressing his America-first program and the wholesale cut to U.S. defense

expenditures that would be required to fund domestic stimulus, tax cuts and infrastructure and, at the

same time, maintain entitlements which seem extinguished even before his first one hundred days in

office, and it seems very unlikely that he seeks a conflict with the so-called military-industrial complex and

the Washington political class given his fascination with selecting flag level officers as his confidants.

Fourthly, Trump’s proposed ban on immigration, legal and illegal, contributes to the secular headwinds

against growth. There are two key drivers of economic activity, and one is population growth, and the

second is productivity growth. The reason population growth is so important is that population is the labor

force that potentially produces things. Without people to produce things, you also don't have as many

people to spend on things. Also, from 1982 through 2002, the number of people entering their peak

savings years was increasing every year as the baby boomers were in their peak earnings and savings

years, resulting in a continuously increasing demand for securities. Since the native-born population is not

growing as fast as it used to, barring an unprecedented increase in productivity, and the fact that baby

boomers will now be divesting securities, the secular headwinds seem as strong as ever and the opposite

of when Ronald Reagan took office. Last and perhaps most importantly, the stock market as a whole is in

our opinion overvalued by about 30% and, after having driven valuations to their current extremes on the

basis of ultra-low interest rates, the Wall Street consensus script has been replaced and it’s now higher

growth that will enable valuations to be extended further, despite rising interest rates. With the

financialization of the U.S. economy over the past two decades, we cannot conceive that a poor stock

market will not impact and have a tautological impact on confidence and the economy, even though the

policies geared to improving the domestic economy by nature have historically contributed to a poor stock

market.


79



So, given the above and our intermediate-term expectations of difficult conditions for financial assets in

general, what are the investment opportunities for capital growth aside from focusing solely on protection

of capital?

We continue to trim and eliminate stock positions within the “stable growth” area of the market,

namely consumer staples and healthcare. To us, summer of 2016 represented the euphoric top

in these types of stocks and the nadir of bond yields that contributed to their extended valuations.

Our portfolio sales of General Mills, Phillip Morris, Nike, Colgate, SJ Smucker, and other similar

companies on valuation concerns seem prescient in hindsight and, as with the original Nifty-Fifty,

stable growth loses its luster in an environment of rising growth, inflation, and interest rates which

we expect.

Our significant exposure to “innovation,” namely NVidia, Alphabet, Facebook, and Amazon,

remains intact and has been and will likely continue to be supplemented with more cyclical

technology companies such as KLA-Tencor, Corning, Adobe, and Applied Materials.

After getting caught flat footed on “financials” at the time of the election, we see some

fundamental improvement in the domestically focused regional banks as net interest rate margins

improve and some alleviation of regulatory burdens will accrue to them and more so than to

money center and more financial market sensitive investment banks.

Within the “resource” industries, including energy, we have lessened our hard negative posture

that was based on undisciplined capital spending and production but believe that more measured

future production increases will benefit workers and debtholders over shareholders in these

industries mainly but certain companies, such as Noble and Williams hold unique assets or

attributes making them attractive investments in an area otherwise dependent upon a steep

increase in oil prices, which we do not foresee.

Within traditional “cyclical” areas of the market, our current preference is towards the consumer

and we prefer to be exposed positively to the quality of employment and wages derived from an

improved economic environment and Trump’s growth agenda. Also, we’ve witnessed many

companies in the consumer cyclical sector undertake far reaching and efficacious restructurings

of their operations during the growth slowdown over the past two years, examples being Coach,

Whole Foods, Carnival, and Nordstrom, with ample room for margins to expand further and

attractive valuations relative to other areas of the market.

As we progress further into 2017 and beyond, despite our bottom‐up optimism for the companies owned

currently by the Fund, we are less enthusiastic about the prospects for capital gains in U.S. stocks as a

whole. We forecast that fiscal policy potentially will replace monetary policy as the favored means of

economic stimulus but are by no means assured that the transition will be a smooth one or helpful for

investment securities. Also, with capital protection from traditional diversification ebbing, we believe that

our pragmatic large capitalization valuation sensitive growth and concentrated approach to stock

selection, with a cognizance of risk management that includes tactically implementing capital protective

investments, seems positioned to perform well relative to less risk aware strategies within a balanced

overall portfolio.

Investment Manager

Centre Asset Management, LLC


80

SANLAM GLOBAL CONVERTIBLE SECURITIES FUND Investment Objective

The investment objective of the Sanlam Global Convertible Securities Fund (the “Fund”) is to provide

global equity-like returns with significantly less risk. The objective is achieved by seeking to capture the

majority of stock market advances while simultaneously providing downside protection during market

declines. Statistical focus on convertible structure is used to create a balanced, diversified portfolio that

optimizes the asymmetrical risk/reward characteristics of convertibles. The investment approach is not

reliant on forecasting or market timing. The Fund strives for a consistent risk/reward profile at all times. Fund Performance

Note: The Fund is bench marked against the JP Morgan 3m USD LIBOR +3% p.a. Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund moved significantly higher in the first half of 2017 driven primarily by the ongoing rally in global equity markets. Large cap generally outperformed small cap with Technology names particularly strong. The impact of changes in interest rates and credit was relatively modest. The Fund displayed the projected convexity versus the underlying equities, capturing the majority of the upside when stocks moved higher and providing significant downside protection in instances when they declined. Regionally, the Americas was the top contributor, followed by Europe and Asia. Japan and Africa/Middle East were minor detractors weighed down by relatively weak equity markets. Returns were positive in virtually all sectors with Technology, Media, and Capital Goods the top performers. Energy was the only sector that posted a negative return but the impact on performance was minimal. Activity focused on selling names that had either become too bond-like or too equity sensitive and buying balanced names with attractive asymmetrical risk/reward profiles. New convertible issuance was strong with US$ 41.2 billion added to the market in the first half of 2017. The US was the top issuer followed by Europe. The large volume of new paper served to refresh the market and help moderate valuations. Fund Outlook The outlook for new issuance remains favorable and the convertible market is projected to grow in 2017. This should support liquidity and result in buying opportunities not only in the primary market, but also in the secondary market as investors make room for new paper. With a conversion premium of 21.9% and an investment value premium of 20.1%, the Fund is well-structured to both meaningfully participate should equities continue to advance and provide protection should equity markets reverse. A low duration of 1.87 years should help cushion the Fund from a rise in interest rates. Investment Manager

Zazove Associates, LLC

0%

2%

4%

6%


Fund USD-terms 3.62% 1.09% 4.71% 5.62%

Benchmark 1.10% 1.07% 2.17% 2.60%

Excess return 2.52% 0.02% 2.54% 3.02%


81

SANLAM JAPAN EQUITY FUND Investment Objective The Sanlam Japan Equity Fund (the “Fund”) aims to provide long-term capital growth. The Fund invests in Japanese equity securities of companies that are listed or traded on recognised exchanges in Japan. Fund Performance

Note: The Fund is bench marked against the MSCI Japan Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund had a particularly pleasing first full six months, outperforming its benchmark, the MSCI Japan Index, by +4.20%. The Fund gained 14.12% in absolute terms whilst the benchmark gained 9.92%. In Q1, the Fund returned 6.59% to its investors outperforming its benchmark by +2.10%. Q2 saw the Fund outperform by +2.10%; the Fund and the benchmark gained 7.53% and 5.43% respectively. Since inception late last year, the Fund and the benchmark have gained 15.48% and 10.09% respectively. Fund Outlook The current global economic expansion is long by historic standards and, ultimately, it is likely to be difficult to maintain growth momentum if productivity trends remain weak – especially considering the shift towards less trade liberalization (or even protectionism despite the recent EU-Japan trade agreement?). Numerous risks linger, including the potential for a more rapid and impactful adjustment in China, heightened geopolitical risk and ongoing policy uncertainty in the US. China remains a particular concern – credit extension has been excessive and the country’s high capital to labour ratio precludes ongoing robust productivity gains. There are numerous mitigating factors though, including China’s high level of foreign exchange reserves and its excess of savings over investment. In terms of Asia; a rising concern with several market participants is Australia’s economic outlook – their mining industry is under pressure which constitutes a large part of their GDP, as well as a housing and debt bubble being discussed. In general, the country is struggling with moving away from their commodity driven economy. The big driver in the region is China which remains on a “cautious watch” with investors; that said, supply side reform is going ahead, which bodes well. Another boon for China is the global growth engine recovery – for Chinese exports this is a big tailwind. The future fortune or failure of China will have a significant impact on the Japanese economy and stock market given the trading reliance of Japan on China. The geopolitical risks stemming from North Korea too poses a risk to Japan given the geographic proximity of the two countries. Distinct to Japanese companies, the focus of late has been to grow ROE and to benefit external investors. This has in part been brought about as corporate governance continues to improve.

Investment Manager

Asset Management One Ltd

0%

2%

4%

6%

8%

10%

12%

14%

16%


Fund USD-terms 6.59% 7.53% 14.12% 15.48%

Benchmark 4.49% 5.43% 9.92% 10.09%

Excess return 2.10% 2.10% 4.20% 5.39%


82

SANLAM CENTRE ACTIVE US TREASURY FUND

Investment Objective The Sanlam Centre Active US Treasury Fund (the “Fund”) aims to maximize investors' total return through capital appreciation and current income.

Fund Performance

Note: The Fund is bench marked against Bloomberg Barclays U.S. Treasury Total Return Unhedged USD. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

Since its inception in January of this year, the Fund has returned 0.24%. As described below this performance reflects the Fund’s generally Bearish posture, targeted duration of zero, during most of the period in view of the U.S. economy’s continuing expansion and, as a consequence, the likelihood that rates would move higher harming bond market valuation. Performance attribution in the Fund’s portfolio reflects interest income combined with our active duration management decisions that impact capital gain or loss capture. As there are no corporate or mortgage related securities in the portfolio, there are no “spread” components to performance. Performance since inception through 30 June 2017, reflects our investment discipline’s (the Interest Rate Scorecard) monthly review and adjustments of the portfolio’s targeted duration in the period in light of changing economic conditions, bond market valuations, and the uncertainty of the likely speed at which monetary policy normalization, as well as its form, would occur. Over this period, the Scorecard generally targeted duration at zero (Bearish), and for one month at half the duration of the U.S. Treasury Market or about 3 years (Moderately Bearish). Fund Outlook

Our discipline’s potential for providing value to our investors from actively managing interest rate risk

through the duration positioning of the portfolio clearly depends on the future behavior of interest rates,

both their cyclical path as well as deviations from the general direction dictated by that path. Interest rate

behavior is determined by the strength of economic growth and the inflation premium based on their

inflation expectations that investors demand from nominal interest rates to hedge against future inflation.

Over long periods of time there is a strong and positive correlation between the rate of nominal growth in

the economy and the yield on the 10-year U.S. Treasury note, the benchmark yield for the U.S. fixed

income marketplace. Nominal economic growth is of course comprised of real growth and inflation. So, the

outlook for rates and hence the potential for value added from our investment strategy rests on the future

courses of real growth and inflation.

-2%

0%

2%


Fund USD-terms 0.04% 0.20% 0.24% 0.24%

Benchmark 0.19% 1.19% 1.38% 1.38%

Excess return -0.15% -0.99% -1.14% -1.14%


83

SANLAM CENTRE ACTIVE US TREASURY FUND (CONTINUED)


Despite some “softening” in reported economic data in May (the reason for our Moderately Bearish

stance) real growth in the second quarter in the U.S. economy appears to be rebounding from the

disappointing 1.5% annual rate reported for the first quarter. It should be pointed out, however, that first

quarter growth data continue to be plagued by a downward bias due to “residual seasonality”. Estimates

place this downward bias at about -0.8% on average so real growth in the first quarter could actually have

been slightly above current estimates of the economy’s potential. Presently, estimates for second quarter

real growth based on “hard data”, monthly reports on statistics like retail sales which are actually used in

the construction of GDP (source data) range between 2.4% from the Atlanta Federal Reserve Bank to

1.9% from the Federal Reserve Bank of New York. An approach that uses “soft data”, monthly reports on

statistics that don’t necessarily feed directly into the GDP calculation like employment and also take into

consideration announcement “surprises”, indicate growth of 2.5% (from the St. Louis Federal Reserve

Bank). So, it appears, that the expansion phase of the U.S. economic cycle continues and at a pace at or

slightly above that of the economy’s growth potential. Forecasts for full year growth in 2017 are generally

at 2-2.1%.

Forecasts for a second quarter rebound and continued expansion in 2017 reflect reports on both business

and labor market activity. The ISM Reports on Business for both the Manufacturing and Non-

Manufacturing sectors have shown increasing improvement with respect to overall conditions and key

components like New Orders, Production, Employment and Delivery Times. Labor force activity, both the

level and momentum, suggest strength and perhaps some “overheating”. New hires based on

establishment data have averaged around 180,000 over the last six months. This rate of hiring is well

above the pace that Federal Reserve Economists estimate would be sufficient to provide jobs for new

entrants to the labor force. In her recent testimony before the Committee on Financial Services Chair

Janet Yellen noted that at 4.4% the unemployment rate is “below the median of Federal Open Market

Committee (FOMC) participants’ assessments of its longer-run normal level”. Additionally, she noted that

the labor force participation rate is little changed on net this year despite “the demographically driven

downward trend in this series”. Further, a broad measure of unemployment U6 which includes those

marginally attached to the labor force as well as those who can only find part-time work “is now nearly as

low as it was just before the recession”.

Beyond 2017 it seems likely that the U.S. economy will continue to grow or expand through next year.

Research focused on the relation between the likelihood of a recession and the length of the preceding

recovery is consistent with the view that no relationship exists. Economic research over the years has

offered many explanations as to why a business cycle recession might occur but the length of the prior

recovery is not one of them as recoveries don’t wear out or die of old age.

On the inflation front, the Federal Reserve’s preferred gauge, the price deflator for personal consumption

expenditures (“PCE”) less food and energy (defined as “Core” inflation), is now at an annualized run rate

below the FOMC’s 2 percent target. Additionally, inflation expectations, both survey and market-price

based, have recently declined. Expectations which drive both pricing decisions and wage demands have

to be in line with the Fed’s goal, away from their “well anchored state” at a rate below 2% in order to reach

the targeted rate. Analysis of the PCE data suggests that recent readings likely reflect some remaining

impact on prices from previous increases in the value of the dollar, other transitory factors and exceptional

one-time price reductions for some Core items.


84



As the dollar is no longer strengthening, import prices have begun to increase and the Atlanta Fed’s

“sticky price” CPI has recently increased modestly as well and is at a run rate slightly above 2%. Given

weak productivity growth, the Atlanta’s Fed’s “wage tracker” also supports the view that inflation is roughly

consistent with the Fed’s target. As stated in the remarks following the June FOMC policy meeting, policy

makers are monitoring the inflation data closely. Currently, the expectation is that monetary policy

normalization with respect to increasing the federal funds rate target and the beginning of reducing the

Fed’s balance sheet will proceed as planned. The FOMC is likely to increase the target for the funds rate

twice (probably ¼ point moves) before yearend and perhaps three times if the forecast risks prove to be to

the upside. The Taylor Rule Facility provided by the Atlanta Federal Reserve Bank suggests that the

FOMC is at least one move behind in its normalization process.

The normalization process may be drawn out through the end of 2018 as there continue to be supporters

of overshooting the 2% inflation target in order to make sure that all resources are fully employed--

capacity utilization continues to be below its long term average. And, chairwoman Yellen has indicated a

willingness to let the labor market remain “overheated” and to have inflation slightly above 2% for a

temporary period. The problem with such remarks of course is the failure to define “overheated” (are we

there at 4.4%), slightly and temporary. Drawing out the tightening cycle could result in interest rates

“overshooting” their ultimate equilibrium point if investors come to believe that the Fed has been overly

accommodative. The Fed can control the front end of the Treasury yield curve, rates on securities of less

than one year in maturity, but beginning at the two year maturity rates reflect investors’ expectations for

real growth and concerns about future inflation.

Longer term the economy’s potential for growth is determined by the growth of the labor force and the

productivity of the labor force in producing goods and services. On the pessimistic side, demographics are

consistent with domestic population growth of 0.5% per year. Assuming no change in the labor force

participation rate, the percentage of the population seeking employment, this implies labor force growth of

similar magnitude. Over the past 40 years productivity has grown at between 1 and 1.25%. So, that would

mean real growth of 1.5-1.75% per year in real terms. These calculations suggest a limit to growth from

the “supply side” as we are already at full employment as a starting point from the “demand side”.

So, the question is: what can be done to increase our capacity to grow? Many economists have laid out

the basic game plan for improved growth and it boils down to incentives. A growth plan must increase the

incentive to work, to invest in both physical and human capital and to innovate and create new

businesses. The plan should target removing excessive regulations, create a simple tax structure which is

competitive globally, focus government outlays on infrastructure which facilitates private enterprise and

seek to eliminate “crony capitalism”. It is interesting that the Koch brothers found common ground with

Bernie Sanders on the last factor.

“Soft data” forecasts of future real growth suggest expectations that the economy could approach its 20th

century mean of 3-3.25%. These forecasts reflect surveys on anticipated business spending and

household employment expectations that likely build on many of President Trump’s pro-growth policies.

Actual results, will, of course, depend on the ability to define these policies and get the needed legislation

passed by Congress. He is already making some headway on rolling back regulations which have been

viewed as anti-business or growth.


85



A real wrinkle to understanding/predicting the future course of inflation could come from attempts by

Congress to reduce the independence of the Federal Reserve in setting monetary policy. History has

adequately demonstrated that an independent Central Bank is key for price stability. However, as

Friedrich Hegel said, “the only thing we learn from history is that we learn nothing from history”. Currently,

there is a proposal, though not yet in the form of legislation, to subject monetary policy to the

Congressional Budget Authority. Support for this effort is from both the “right” and “left”. President Trump

may well support such efforts in order to limit the extent to which government budget outlays are

increasingly accounted for by interest expense. Such outlays are projected to be the third largest category

in the federal budget by 2028 and could reduce the funds available for infrastructure spending and tax

cuts. Even if such legislation does not come to fruition Janet Yellen’s tenure as Chairman is up in 2018

and there will also be at least two additional Federal Reserve Board of Governors’ seats open and

requiring presidential appointments.

As stated above, interest rates over time exhibit a significant and positive correlation with the economy’s

nominal growth. Again, this is explained by the fact that rates have a real and inflation premium

component just as nominal growth has a real and inflation component. Using the current real potential

growth estimate from the Congressional Budget Office of 1.8% and the Fed’s 2% inflation target would

imply a yield on the benchmark 10-year U.S. Treasury note of 3.8% eventually. This level serves as a

baseline forecast. In all likelihood, rates will go even higher by a little or by a lot. Rates have a tendency

to overshoot at both peaks and troughs so this factor alone would lead to a level above 3.8%. But the rate

could be even higher if President Trump’s programs lead to higher growth. A return to 3% potential growth

would imply a 10-year yield of 5%.

Estimates from the San Francisco Fed put the longer term growth impact of his proposed tax policies

alone at 0.4% overtime and 0.1-0.2% over the next few years as it takes time for incentives to alter

behavior. If we allow for inflation slightly above 2% temporarily, that could lead to 5% or higher depending

on slightly and temporary. Additionally, research on the impact of the asset purchases conducted during

the Fed’s various QE efforts has demonstrated that the effect on rates of allowing balance sheet runoff

while increasing the target for the federal funds rate could have a double impact. For the 10-year Treasury

note that would imply an increase of 0.9% for every 1% increase in the federal funds’ rate target.

Finally, if the independence of the Federal Reserve in setting monetary policy objectives were lost, rates

could balloon upwards. The policy norm could revert to the period before the 1951 Treasury Accord when

the Fed was subservient to the needs of debt financed fiscal policy. Assuming a reluctance to force a

trade-off between entitlement programs and infrastructure and defense spending and tax cuts, the deficit

could increase beyond current estimates. If the Fed is required to help finance butter and butter and

guns, inflation could go beyond slightly above target for more than a temporary period as it is unclear how

quickly the tax revenue benefits of stronger growth would become available to reduce the deficit and debt

outstanding.

Assuming continued economic expansion and higher inflation an upward trajectory in rates is to be

expected. However, the trend will not be smooth. In the 105 months between January1973 and

September 1981, the yield on the 10-year note increased roughly 10%, from about 5% to almost 16%.

However, rates increased in only about 60% of the months. As a result, there are opportunities to profit

from neutral as well as bullish calls even in a rising rate environment. Our investment discipline is

designed to identify the risks and opportunities of both any trend and short term deviations in rate

behavior utilizing measures of real growth, of inflation expectations, of current market valuation and of the

course of Fed policy. It is intended to preserve capital in periods of significant rate increases by

decreasing duration but with the flexibility to extend duration or re-enter the market when our discipline

suggests lower rates are likely. What is relevant to the potential success of our discipline for our Fund is

that interest rates continue to exhibit cyclical volatility, that the business cycle is not dead. While panic

buying can move rates dramatically for short time periods, rate behavior over time in driven by the

business cycle.


86



The Fund is intended to serve as a tactical fixed income investment by managing market exposure to

achieve performance (e.g. managing beta to achieve alpha). Over time, it is intended to provide the same

yield as the Treasury market with attractive diversification benefits. In addition to its wealth accumulation

and diversification objectives, the strategy readily accommodates both systematic and unforeseen cash

needs, given the liquidity of the Treasury market. Furthermore, the utilization of Treasury securities within

asset allocation provides attractive diversification properties, as the correlation between Treasury market

returns and those of the U.S. equity market is, historically, negative during recession related “bear” equity

markets.

Investment Manager

Centre Asset Management, LLC


87

AUTUS GLOBAL EQUITY FUND

Investment Objective The Autus Global Equity Fund (the “Fund”) aims to provide capital growth over the long-term.

Fund Performance

Note: The Fund is benchmarked against the MSCI ACWI Net Total Return USD Index. Performance figures longer than 12 months are annualised. Figures are quoted gross of Investment Manager and Manager fees.

The Fund was launched in March 2017 with 19 holdings and equity exposure of 95% at inception.

Subsequent to launch, the Fund’s holdings have been diversified during the quarter two of 2017 to now

include 39 holdings and an overall equity exposure of 81% of Fund AUM towards the end of the quarter.

The first half of 2017 exhibited signs that the global economy is strengthening. Year-on-year inflation in

the US hit a five-year high of 2.7% in February, while UK inflation was up to 2.3% and Eurozone inflation

at 2% in the same month. This is positive news for policy makers who were recently still warding off

threats of deflation in their economies. Economic indicators in developed nations (especially PMI and

labour statistics) further suggest that the global economy is expanding at a steady rate. The US Federal

Reserve’s rate hike in December 2016 was followed by two more hikes in March and June 2017. The

European Central Bank has announced that it is slowly beginning to scale back its asset-purchasing

programme. At the end of March, British Prime Minister Theresa May triggered Article 50 of the Lisbon

Treaty, allowing for the potentially long and drawn-out Brexit negotiations to proceed. International

markets remained volatile on the back of events such as the North Korean missile tests, the accusations

of Russian interference in the US election, China’s South Sea activities, ISIS taking responsibility for

various civilian attacks and Brexit uncertainty.

Fund Outlook

The global economy is expected to continue its growth acceleration despite the political uncertainty, in

particular in the US and the UK. Oil prices are expected to remain relatively low in the absence of

cooperation between producers. The situation in the Middle East is monitored closely, specifically with

regards to diplomatic relationships between Qatar and its neighbours. The conflict in Syria remains a

significant risk to stability in the region. There is a chance that equity markets will slow somewhat after

strong performances in the first half of the year. We do, however, see opportunities in technology

companies, particularly in the ecommerce and cloud sectors. We expect to maintain our equity exposure

at between 80% and 90%.

Investment Manager

Autus Fund Managers (Pty) Limited

0%

2%

4%

6%

2nd Qtr 2017 YTD Inception

Fund USD-terms 4.70% 4.70% 5.90%

Benchmark 4.30% 4.30% 5.80%

Excess return 0.40% 0.40% 0.10%


88

STATEMENT OF COMPREHENSIVE INCOME OF THE COMPANY for the six months ended 30 June 2017

Six months ended

30 June 2017 Six months ended

30 June 2016

USD USD

Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 312,552,445 (62,118,385) Income from securities lending 223,004 405,854 Income from financial assets at fair value through profit or loss 72,196,677 70,003,224 Bank interest 206,905 45,579 Other income 390,024 414,931

Net investment income/(deficit) 385,569,055 8,751,203

Operating expenses Management and investment management fees (8,056,277) (6,895,730) Other operating expenses (1,117,483) (783,535) Custody fees (736,761) (854,650) Administration fees (437,503) (412,160) Performance fee (122,821) (117,298) Directors’ fees (36,431) (34,676)

Total operating expenses (10,507,276) 9,098,049

Operating profit/(loss) 375,061,779 (346,846)

Finance costs Distribution to shareholders (4,272,412) (6,271,014) Interest expense (54,224) (28,944) Income equalisation (35,644,329) (14,282,388)

Total finance costs (39,970,965) (20,582,346)

Profit/(loss) before tax 335,090,814 (20,929,192)

Withholding tax (9,347,664) (9,431,085)

Change in net assets attributable to holders of redeemable participating shares 325,743,150 (30,360,277)

The accompanying notes form an integral part of these unaudited condensed interim financial statements.


89

STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS for the six months ended 30 June 2017

1During the period ended 30 June 2017, effective from 13 June 2017, the name of this Fund was changed. The previous name of this Fund was Grindrod Global Property Income Fund.

Sanlam Centre Global Select

Equity Fund

Bridge Global Property Income

Fund1

P-Solve Inflation Plus Fund

Sanlam African Frontier Markets

Fund Sanlam Global Best

Ideas Fund USD USD GBP USD USD Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 2,353,937 (1,157,906) 1,263,475 12,810,625 11,483,140 Income from securities lending 1,419 - 1,165 444 14,534 Income from financial assets at fair value through profit or loss 145,370 847,170 293,566 1,903,273 1,715,709 Bank interest 1,716 416 56 4,054 2,921 Other income 265 272 4,131 463 803

Net investment income/(deficit) 2,502,707 (310,048) 1,562,393 14,718,859 13,217,107

Operating expenses Management and investment management fees (25,344) (312,614) (23,947) (293,390) (350,929) Performance fee - - - - - Administration fees (3,611) (7,603) (9,000) (12,258) (15,159) Directors’ fees (395) (322) (445) (556) (867) Custody fees (15,953) (3,554) (4,000) (84,740) (11,175) Other operating expenses (30,979) (12,935) (12,164) (19,599) (27,083)

Total operating expenses (76,282) (337,028) (49,556) (410,543) (405,213)

Operating profit/(loss) 2,426,425 (647,076) 1,512,837 14,308,316 12,811,894

Finance costs

Distribution to shareholders - - (287,842) - (1,191)

Interest expense - - (27,132) - - Income equalization (2,332,557) (154,640) 271 (982,998) (210,576)

Profit/(loss) before tax 93,868 (801,716) 1,198,134 13,325,318 12,600,127

Withholding tax (14,006) (124,510) (32,158) (176,163) (238,604) Change in net assets attributable to

holders of redeemable participating shares 79,862 (926,226) 1,165,976 13,149,155 12,361,523


90

STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED) for the six months ended 30 June 2017

Sanlam Global

Bond Fund Sanlam Global Financial Fund

Sanlam Global Property Fund

Sanlam World Equity Fund

Satrix World Equity Tracker Fund

USD USD USD USD USD Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 12,914,495 17,521,348 7,018,772 55,622,753 51,810,320 Income from securities lending - 27 1,847 70,691 35,714 Income from financial assets fair value through profit or loss 5,525,549 3,058,546 2,510,135 7,615,534 9,039,851 Bank interest 13,225 8,126 7,924 24,306 8,333 Other income 200,945 993 1,553 40,875 71,560

Net investment income/(deficit) 18,654,214 20,589,040 9,540,231 63,374,159 60,965,778

Operating expenses Management and investment management fees (263,102) (569,492) (235,159) (1,289,515) (900,936) Performance fee - (1,300) - - - Administration fees (15,125) (21,959) (12,716) (53,761) (23,331) Directors’ fees (2,923) (1,200) (946) (7,541) (4,189) Custody fees (63,326) (28,531) (30,183) (104,008) (32,857) Other operating expenses (52,418) (30,154) (22,453) (101,615) (68,835)

Total operating expenses (396,894) (652,636) (301,457) (1,556,440) (1,030,148)

Operating profit/(loss) 18,257,320 19,936,404 9,238,774 61,817,719 59,935,630

Finance costs Distribution to shareholders - (34,372) - - (12,928) Interest expense - - - - - Income equalisation 6,122,255 (1,637,296) (32,477) (49,323,892) (1,169,522)

Profit/(loss) before tax 24,379,575 18,264,736 9,206,297 12,493,827 58,753,180

Withholding tax (10,578) (369,443) (420,185) (1,388,944) (1,772,848) Change in net assets attributable to

holders of redeemable participating shares 24,368,997 17,895,293 8,786,112 11,104,883 56,980,332


91

STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED)


SIIP India Opportunities

Fund


Sanlam Strategic Bond Fund

Sanlam Accel Income Fund

Satrix North America Equity Tracker Fund

USD USD GBP GBP USD Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 7,348,025 9,763,883 3,575,904 1,444,860 2,362,872 Income from securities lending - 12,966 - - 673 Income from financial assets at fair value through profit or loss 226,386 2,740,817 3,566,769 798,844 378,944 Bank interest 1,047 3,878 13,458 39 737 Other income 203 704 563 289 13,374


Operating expenses Management and investment management fees (69,226) (448,922) (176,248) (58,769) (4,807) Performance fee - - - - - Administration fees (4,738) (20,387) (2,429) (7,675) (1,997) Directors’ fees (247) (862) (707) (371) (52) Custody fees (14,567) (5,644) (9,859) (3,880) (9,506) Other operating expenses (112,806) (24,569) (18,975) (13,043) (16,571)



Finance costs Distribution to shareholders - (215,961) (2,015,923) (428,077) (8,813) Interest expense - - - - - Income equalisation (27,988) (57,282) 1,939,659 (348,328) 3,223,579


Withholding tax (161) (303,688) (12,146) - (105,997) Change in net assets attributable to



92


Satrix UK Equity Tracker Fund

Satrix Europe (ex UK) Equity Tracker Fund

Sanlam Equity Allocation Fund

Satrix Emerging Market Equity Tracker Fund


GBP EUR USD USD USD Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 607,139 6,890,330 11,933,271 6,747,844 4,898,948 Income from securities lending 4,084 35,710 31,663 897 - Income from financial assets at fair value through profit or loss 1,137,662 3,633,899 2,657,735 591,693 - Bank interest - - 2,285 231 - Other income 5,364 20,680 682 34,226 -


Operating expenses

Management and investment management fees (15,097) (99,759) - (94,998) (196,050) Performance fee - - - - -

Administration fees (2,431) (4,003) (1,488) (5,021) - Directors’ fees (296) (994) (800) (328) - Custody fees (4,944) (26,590) (43,366) (28,037) (37,666) Other operating expenses (14,713) (28,769) (19,443) (18,906) (7,726)



Finance costs Distribution to shareholders (24,783) (12,478) - (173,598) - Interest expense (1,620) (4,760) - - (6,413) Income equalisation 1,299,575 9,938,132 - (40,481) 209,555

Profit/(loss) before tax 2,989,940 20,341,398 14,560,539 7,013,522 203,142

Withholding tax (17,662) (565,517) (311,063) (75,608) (886) Change in net assets attributable to



93



Sanlam Private Wealth Global

High Quality Fund

Sanlam FOUR US Dividend Income

Fund

High Street Global Balanced Fund

Sanlam FOUR Active European (ex

UK) Equity Fund

Sanlam FOUR Global Equity Fund

GBP USD USD GBP GBP Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 13,141,906 5,383,767 1,100,214 9,065,455 2,304,553 Income from securities lending 5,100 - - - - Income from financial assets at fair value through profit or loss 1,066,554 2,968,016 293,212 2,351,031 2,740,167 Bank interest 39,017 25,400 4,524 - 5,845 Other income 689 1,177 124 599 1,188


Operating expenses

Management and investment management fees (560,674) (218,133) (102,273) (94,553) (133,733) Performance fee - - - - -

Administration fees (4,452) (29,382) (4,653) (13,918) (28,872)

Directors’ fees (870) (1,488) (116) (1,819) (666)

Custody fees (4,937) (10,028) (1,007) (22,933) (9,360)

Other operating expenses (23,966) (31,219) (12,130) (36,321) (53,411)



Finance costs

Distribution to shareholders (85,040) (42,134) - - - Interest expense - - - (3,831) - Income equalisation 542,997 394,527 130,021 (3,669,312) (362,241)


Withholding tax (210,087) (861,990) (31,325) (436,957) (371,091)

Change in net assets attributable to



94



1During the period ended 30 June 2017, effective from 13 June 2017, the name of this Fund was changed. The previous name of this Fund was Grindrod Global Equity Income Growth Fund.

Sanlam FOUR Stable Global

Equity Fund

Sanlam FOUR Active UK Equity

Fund

Sanlam FOUR Multi-Strategy

Fund

Anchor Global Capital Plus Fund

Bridge Global Equity Income Growth Fund

1

GBP GBP GBP USD USD Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 4,605,748 3,979,063 2,725,388 360,849 404,885 Income from securities lending - - - 400 - Income from financial assets at fair value through profit or loss 1,942,960 1,503,919 2,361,618 56,916 111,480 Bank interest 7,641 261 1,104 10,253 183 Other income 839 1,389 734 98 38

Net investment income/(deficit) 6,557,188 5,484,632 5,088,844 428,516 516,586

Operating expenses Management and investment management fees (153,390) (56,763) (97,054) (81,138) (32,075) Performance fee - - - - - Administration fees (22,591) (11,588) (18,068) (3,798) (2,786) Directors’ fees (1,072) (688) (992) (101) (43) Custody fees (4,227) (10,058) (9,731) (1,404) (1,236) Other operating expenses (27,156) (16,359) (21,709) (12,386) (11,417)


Operating profit/(loss) 6,348,752 5,389,176 4,941,290 329,689 469,029

Finance costs

Distribution to shareholders (27) (4,523) (13,530) - - Interest expense - - - (1,248) - Income equalisation 1,446,682 (1,687,455) 267,390 (17,851) 1,329

Profit/(loss) before tax 7,795,407 3,697,198 5,195,150 310,590 470,358

Withholding tax (395,591) (37,923) (13,012) (956) (22,097)


holders of redeemable participating shares 7,399,816 3,659,275 5,182,138 309,634 448,261


95


1During the period ended 30 June 2017, effective from 13 June 2017, the name of this Fund was changed. The previous name of this Fund was Grindrod Global Managed Growth Fund.

Anchor Global Equity Fund

Bridge Global Managed Growth

Fund1

SIM Global Emerging Markets

Fund

ABSA Africa Equity Fund

Sanlam Centre American Select

Equity Fund USD USD USD USD USD Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 3,796,566 598,328 3,818,800 3,805,831 14,736,542 Income from securities lending 47 - - - - Income from financial assets at fair value through profit or loss 136,025 212,426 534,994 579,465 1,121,453 Bank interest 3,957 - 2,700 3,924 4,464 Other income 150 74 264 140 809

Net investment income/(deficit) 3,936,745 810,828 4,356,758 4,389,360 15,863,268

Operating expenses Management and investment management fees (157,528) (60,832) (150,206) (238,099) (35) Performance fee (150,349) - (2,404) - - Administration fees (5,487) (3,505) (9,795) (7,651) (1,488) Directors’ fees (171) (84) (120) (248) (1,043) Custody fees (4,052) (1,653) (3,553) (48,890) (7,272) Other operating expenses (13,427) (11,873) (31,643) (25,370) (23,689)


Operating profit/(loss) 3,605,731 732,881 4,159,037 4,069,102 15,829,741

Finance costs

Distribution to shareholders - - - - - Interest expense - (56) - - - Income equalisation (9,503) (18,686) 45,464 (11,401) 27,015

Profit/(loss) before tax 3,596,228 714,139 4,204,501 4,057,701 15,856,756

Withholding tax (25,033) (35,347) (61,514) (54,089) (323,094)


holders of redeemable participating shares 3,571,195 678,792 4,142,987 4,003,612 15,533,662


96


Sanlam Global Convertible

Securities Fund

Sanlam Japan Equity Fund

Sanlam Centre Active US

Treasury Fund

Autus Global Equity Fund

USD USD USD USD Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 928,615 6,721,745 (191,447) 964,754 Income from securities lending - - - - Income from financial assets at fair value through profit or loss 195,266 471,263 226,957 71,575 Bank interest 747 - 1,582 2,149 Other income 129 220 - -

Net investment income/(deficit) 1,124,757 7,193,228 37,092 1,038,478

Operating expenses

Management and investment management fees (74,056) - (9) (57,213)

Performance fee (103,862) - - (15,255)

Administration fees (6,434) (1,488) (2,553) (2,886)

Directors’ fees (223) (274) (161) (93)

Custody fees (2,680) (4,852) (2,096) (642)

Other operating expenses (18,506) (14,459) (8,873) (12,256)

Total operating expenses (205,761) (21,073) (13,692) (88,345)

Operating profit/(loss) 918,996 7,172,155 23,400 950,133

Finance costs Distribution to shareholders - - (175,663) - Interest expense - (400) - - Income equalisation (61) 178,755 76 4,490

Profit/(loss) before tax 918,935 7,350,510 (152,187) 954,623

Withholding tax (1,703) (70,687) - (17,728)


holders of redeemable participating shares 917,232 7,279,823 (152,187) 936,895


97

STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS for the six months ended 30 June 2016



Equity Fund


Fund1



Fund Sanlam Global Best

Ideas Fund USD USD GBP USD USD Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading (2,088,183) 3,083,146 2,710,321 (6,802,995) (8,954,945) Income from securities lending 3,609 - 1,212 - 30,427 Income from financial assets at fair value through profit or loss 855,523 902,633 308,779 2,253,003 3,329,240 Bank interest 1,214 123 524 1,601 2,639 Other income 2,600 1,203 5,266 2,909 4,805

Net investment income/(deficit) (1,225,237) 3,987,105 3,026,102 (4,545,482) (5,587,834)

Operating expenses Management and investment management fees (94,675) (332,755) (24,894) (327,174) (500,260) Performance fee - - - - - Administration fees (4,232) (9,189) (8,269) (14,019) (21,562) Directors’ fees (118) (298) (380) (623) (2,141) Custody fees (7,460) (4,973) (3,232) (99,454) (24,864) Other operating expenses (20,426) (11,749) (9,308) (19,643) (31,636)


Operating profit/(loss) (1,352,148) 3,628,141 2,980,019 (5,006,395) (6,168,297)

Finance costs

Distribution to shareholders - - (420,663) (1,713) (1,777)

Interest expense - - - - - Income equalization (5,775) 120,128 (1,151) (28,829) (1,995,701)

Profit/(loss) before tax (1,357,923) 3,748,269 2,558,205 (5,036,937) (8,165,775)


holders of redeemable participating shares (1,502,328) 3,602,275 2,526,870 (5,231,266) (8,576,171)


98

STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED)for the six months ended 30 June 2016

Sanlam Global



Sanlam Strategic Cash Fund


USD USD USD USD USD Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 23,235,607 (8,599,791) 4,808,692 (8,299) (52,920,390) Income from securities lending - 17,082 3,352 - 279,068 Income from financial assets fair value through profit or loss 4,329,301 3,655,782 2,375,308 19,865 18,745,968 Bank interest 2 2,380 1,602 18 10,767 Other income 3,674 3,821 1,890 14,563 40,742

Net investment income/(deficit) 27,568,584 (4,920,726) 7,190,844 26,147 (33,843,845)

Operating expenses Management and investment management fees (237,465) (660,562) (202,451) (6,822) (1,127,472) Performance fee - - - - - Administration fees (14,829) (36,133) (11,795) (5,395) (54,401) Directors’ fees (2,527) (1,646) (951) (31) (11,321) Custody fees (59,672) (39,781) (29,836) (1,653) (149,179) Other operating expenses (38,823) (29,326) (22,537) (14,094) (102,424)

Total operating expenses (353,316) (767,448) (267,570) (27,995) (1,444,797)

Operating profit/(loss) 27,215,268 (5,688,174) 6,923,274 (1,848) (35,288,642)

Finance costs Distribution to shareholders - (35,054) - - - Interest expense (11,070) - - - - Income equalisation 99,848 (2,637,597) 217,523 (333,703) (7,334,293)

Profit/(loss) before tax 27,304,046 (8,360,825) 7,140,797 (335,551) (42,622,935)

Withholding tax (13,399) (540,064) (360,422) - (3,461,933) Change in net assets attributable to

holders of redeemable participating shares 27,290,647 (8,900,889) 6,780,375 (335,551) (46,084,868)


99


Satrix World Equity Tracker

Fund


Fund




USD USD USD GBP GBP Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading (6,700,128) (21,338) (545,756) 632,830 224,327 Income from securities lending 29,526 - 2,773 - Income from financial assets at fair value through profit or loss 8,036,618 183,138 897,281 2,071,320 943,149 Bank interest 3,640 - 1,194 - 379 Other income 64,566 107 1,615 2,165 1,146

Net investment income/(deficit) 1,434,222 161,907 357,107 2,706,315 1,169,001

Operating expenses Management and investment management fees (868,046) (62,333) (160,746) (131,385) (71,479) Performance fee - - - - - Administration fees (31,060) (5,467) (10,098) (9,945) (10,176) Directors’ fees (4,472) (275) (233) (582) (370) Custody fees (34,809) (55,806) (4,973) (14,919) (3,729) Other operating expenses (48,310) (13,331) (14,678) (14,712) (10,881)


Operating profit/(loss) 447,525 24,695 166,379 2,534,772 1,072,366

Finance costs Distribution to shareholders (13,268) - (239,760) (1,775,999) (486,992) Interest expense - (5) - (3,602) - Income equalisation (4,611,145) 11,253 282,491 (90,579) (122,459)

Profit/(loss) before tax (4,176,888) 35,943 209,110 664,592 462,915

Withholding tax (1,581,991) (162) (90,054) (1,844) (44,114) Change in net assets attributable to

holders of redeemable participating shares (5,758,879) 35,781 119,056 662,748 418,801


100


Satrix North America Equity

Tracker Fund


Satrix Europe (ex UK) Equity Tracker

Fund



USD GBP EUR USD USD Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 450,613 1,188,920 (10,607,272) (8,668,013) 2,011,704 Income from securities lending 357 2,852 18,512 9,376 1,453 Income from financial assets at fair value through profit or loss 212,527 887,174 2,749,207 2,481,583 558,305 Bank interest 45 123 - 715 - Other income 16,909 6,491 18,814 1,309 58,455

Net investment income/(deficit) 680,451 2,085,560 (7,820,739) (6,175,030) 2,629,917

Operating expenses

Management and investment management fees (10,907) (12,284) (61,394) - (64,659) Performance fee - - - - -

Administration fees (3,988) (3,732) (5,461) (1,492) (8,766) Directors’ fees (202) (321) (906) (847) (301) Custody fees (9,945) (3,979) (22,377) (49,727) (59,672) Other operating expenses (15,324) (12,179) (19,296) (16,258) (17,171)


Operating profit/(loss) 640,085 2,053,065 (7,930,173) (6,243,354) 2,479,348

Finance costs Distribution to shareholders (15,333) (35,254) (15,801) - (186,084) Interest expense - (1,874) - (151) Income equalisation (674,597) (872,814) (42,678) - (217,426)

Profit/(loss) before tax (49,845) 1,144,997 (7,990,526) (6,243,354) 2,075,687


holders of redeemable participating shares (108,878) 1,113,091 (8,445,939) (6,568,006) 2,005,946


101



Sanlam P2strategies UK Fund

Sanlam P2strategies North

America Fund

Sanlam P2strategies Emerging Market

Fund

Sanlam P2strategies Europe (ex UK) Fund

USD GBP USD USD EUR Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading (1,946,528) (9,882) 101,640 (36,956) (608,128) Income from securities lending - - - - - Income from financial assets at fair value through profit or loss 138,731 - - - - Bank interest - - - - - Other income 510 - 2 366 25

Net investment income/(deficit) (1,807,287) (9,882) 101,642 (36,590) (608,103)

Operating expenses Management and investment management fees (181,179) (18,449) (43,216) (15,002) (19,919) Performance fee - - - - - Administration fees - - - - - Directors’ fees - - - - - Custody fees (38,919) (9,472) (11,243) (11,634) (10,711)

Other operating expenses (13,950) (7,584) (12,485) (12,505) (11,528)


Operating profit/(loss) (2,013,435) (45,387) 34,698 (75,731) (650,261)

Finance costs Distribution to shareholders - - - - - Interest expense (8,452) (519) (40) (928) (1,823) Income equalisation (663,700) 222,223 417,567 195,707 180,538

Profit/(loss)before tax (2,685,587) 176,317 452,225 119,048 (471,546)

Withholding tax (12,143) - - - -

Change in net assets attributable to holders of

redeemable participating shares (2,697,730) 176,317 452,225 119,048 (471,546)


102



High Quality Fund


Fund



UK) Equity Fund


GBP USD USD GBP GBP Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 8,312,986 8,612,959 (449,951) (1,234,002) 725,560 Income from securities lending 390 - - - - Income from financial assets at fair value through profit or loss 509,536 759,502 256,205 926,074 925,141 Bank interest 3,874 2,858 1,349 - - Other income 1,336 1,574 277 578 1,437

Net investment income/(deficit) 8,828,122 9,376,893 (192,120) (307,350) 1,652,138

Operating expenses

Management and investment management fees (198,543) (64,794) (65,759) (69,709) (60,719) Performance fee - - - - -

Administration fees (9,945) (7,293) (4,202) (5,238) (9,223)

Directors’ fees (341) (196) (85) (196) (468) Custody fees (3,481) (4,987) (2,486) (4,974) (8,206) Other operating expenses (13,501) (14,851) (13,492) (12,614) (15,129)


Operating profit/(loss) 8,602,311 9,284,772 (278,144) (400,081) 1,558,393

Finance costs

Distribution to shareholders (100,384) (44) - - - Interest expense - - - (728) (3) Income equalisation 162,498 508,850 38,554 708,082 656,400

Profit/(loss) before tax 8,664,425 9,793,578 (239,590) 307,273 2,214,790

Withholding tax (115,708) (211,923) (22,175) (174,237) (120,947)


holders of redeemable participating shares 8,548,717 9,581,655 (261,765) 133,036 2,093,843


103




Equity Fund


Fund


Fund



1

GBP GBP GBP USD USD Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 8,003,786 (18,094,305) 817,664 (181,440) 140,303 Income from securities lending - - 1,718 - Income from financial assets at fair value through profit or loss 1,040,773 2,321,790 1,377,629 44,148 101,339 Bank interest 1,387 739 526 3,914 108 Other income 756 107,373 6,779 921 297

Net investment income/(deficit) 9,046,702 (15,664,403) 2,202,598 (130,739) 242,047

Operating expenses Management and investment management fees (60,108) (317,647) (64,363) (71,377) (29,547) Performance fee - - - - - Administration fees (11,534) (20,869) (10,665) (3,392) (2,231) Directors’ fees (568) (1,016) (537) (63) (29) Custody fees (1,989) (8,206) (8,204) (1,989) (1,989) Other operating expenses (14,808) (15,922) (12,946) (13,306) (11,938)


Operating profit/(loss) 8,957,695 (16,028,063) 2,105,883 (220,866) 196,313

Finance costs

Distribution to shareholders (20) (1,189,207) (6,776) - - Interest expense - - - - - Income equalisation 625,384 262,657 (29,178) (25,017) 1,790

Profit/(loss) before tax 9,583,059 (16,954,613) 2,070,929 (245,883) 198,103

Withholding tax (213,073) (60,433) - (5,090) (18,557)


holders of redeemable participating shares 9,369,986 (17,015,046) 2,070,929 (250,973) 179,546


104





Fund1


Fund

Sanlam FOUR UK Income

Opportunities Fund USD USD USD GBP Investment income

Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading

(274,571) 397,943 1,102,649 (143,079)

Income from securities lending 82 - - - Income from financial assets at fair value through profit or loss

268,807 193,256 115,148 13,770

Bank interest 479 121 161 5 Other income 389 1,902 3,102 -

Net investment income/(deficit) (4,814) 593,222 1,221,060 (129,304)

Operating expenses

Management and investment management fees (115,342) (58,153) (26,703) (1,925) Performance fee - - (117,298) -

Administration fees (4,243) (2,946) (6,029) (444) Directors’ fees (129) (85) (57) (132) Custody fees (1,989) (2,984) (4,973) (1,332) Other operating expenses (15,124) (13,290) (19,266) (14,771)

Total operating expenses (136,827) (77,458) (174,326) (18,604)

Operating profit/(loss) (141,641) 515,764 1,046,734 (147,908)

Finance costs Distribution to shareholders - - - (6,916) Interest expense - - - - Income equalisation 17,386 616 (412) 974

Profit/(loss) before tax (124,255) 516,380 1,046,322 (153,850)

Withholding tax (73,174) (38,331) (7,725) (377)


holders of redeemable participating shares (197,429) 478,049 1,038,597 (154,227)


105

STATEMENT OF FINANCIAL POSITION OF THE COMPANY as at 30 June 2017

30 June 2017 31 December 2016

USD USD

Assets

Cash and cash equivalents 186,638,236 171,189,783

Margin accounts 12,240,890 15,062,061

Accrued income 14,727,359 10,184,349

Amounts receivable on sale of securities 6,048,930 972,172

Amounts receivable on issue of shares 2,500,315 17,716,670

Other debtors 984,629 675,490

Financial assets at fair value through profit or loss

- Transferable securities 4,301,517,233 3,832,094,932

- Collective investment schemes 45,265,850 89,562,744

- Derivative financial assets 10,464,406 8,868,281

Total assets 4,580,387,848 4,146,326,482

Liabilities

Amounts payable on repurchases of shares (33,591,036) (1,843,994)

Amounts payable on purchases of securities (9,716,198) (38,745,430)

Financial liabilities at fair value through profit or loss

- Derivative financial liabilities (8,577,868) (8,179,706)

Accrued expenses (4,237,848) (3,018,533)

Bank overdraft (865,444) -

Administration fees accrued (314,177) (161,000)

Liabilities (excluding net assets attributable to

holders of redeemable participating shares) (57,302,571) (51,948,663)

Net assets attributable to holder of redeemable

participating shares 4,523,085,277 4,094,377,819

The unaudited condensed interim financial statements were approved by the Board of Directors on 30 August 2017. The accompanying notes form an integral part of these unaudited condensed interim financial statements.


106

STATEMENTS OF FINANCIAL POSITION OF THE FUNDS as at 30 June 2017


Equity Fund


Fund1



Fund

Sanlam Global Best Ideas Fund

USD USD GBP USD USD Assets

Cash and cash equivalents 43,748 930,262 941,630 3,367,440 1,088,375 Margin accounts - - - - - Accrued income - 138,030 119,541 134,098 300,976 Amounts receivable on sale of securities - - - - - Amounts receivable on issue of shares - - - - - Other debtors 35 4,643 528 2,697 1,401 Financial assets at fair value through profit or loss

- Transferable securities - 35,223,034 34,909,070 68,529,489 111,376,061 - Investment funds - - 16,886,262 - - - FDI assets - - - - -

Total assets 43,783 36,295,969 52,857,031 72,033,724 112,766,813

Liabilities

Bank overdraft - - - - - Financial liabilities at fair value through profit or loss

- FDI liabilities - - - - - Accrued expenses (40,702) (73,497) (25,143) (232,249) (136,078) Administration fees accrued (3,081) (5,226) (4,914) (7,157) (895) Amounts payable on purchases of securities - - - - - Amounts payable on repurchases of shares - (10,000) - - -

(8,114)


holders of redeemable participating shares) (43,783) (88,723) (30,057) (239,406) (145,087)


participating shares - 36,207,246 52,826,974 71,794,318 112,621,726



107

STATEMENTS OF FINANCIAL POSITION OF THE FUNDS (CONTINUED)as at 30 June 2017

Sanlam Global Bond Fund

Sanlam Global Financial Fund




USD USD USD USD USD Assets

Cash and cash equivalents 17,705,497 4,656,968 1,744,788 7,105,267 5,763,534 Margin accounts 865,507 - - - - Accrued income 3,830,824 540,195 401,534 515,291 831,550 Amounts receivable on sale of securities - - 533,695 - - Amounts receivable on issue of shares - - - - 315,144 Other debtors 5,129 3,293 882 33,108 212,541


- Transferable securities 457,417,022 114,058,348 124,807,901 334,689,074 671,267,712

- Investment funds - - - 11,088,620 -

- FDI assets 5,703,441 - 88,410 - -

Total assets 485,527,420 119,258,804 127,577,210 353,431,360 678,390,481

Liabilities


- FDI liabilities (5,369,453) - (92,632) - - Accrued expenses (233,489) (155,908) (112,869) (592,506) (249,334) Administration fees accrued (10,572) (16,218) (6,073) (51,634) - Amounts payable on purchases of securities (695,771) (1,288,224) (1,000,894) (60,811) (999,750) Amounts payable on repurchases of shares (233,391) (5,290) (4,450) (365,646) -


holders of redeemable participating shares) (6,542,676) (1,465,640) (1,216,918) (1,070,597) (1,249,084)


participating shares 478,984,744 117,793,164 126,360,292 352,360,763 677,141,397


108

STATEMENTS OF FINANCIAL POSITION OF THE FUNDS (CONTINUED)as at 30 June 2017


Fund





Tracker Fund USD USD GBP GBP USD

Assets

Cash and cash equivalents 133,795 2,112,877 - 1,320,213 293,901 Margin accounts - - - - -

Accrued income 69,281 398,151 1,706,965 121,438 57,783

Amounts receivable on sale of securities - - - - -

Amounts receivable on issue of shares - 46,188 815,469 - 28,517

Other debtors 79,737 381 33,981 6,574 47,136


- Transferable securities 37,899,273 111,382,168 114,840,276 - 71,791,726

- Investment funds - - - 38,198,816 -

- FDI assets - - 1,285,125 - -

Total assets 38,182,086 113,939,765 118,681,816 39,647,041 72,219,063

Liabilities

Bank overdraft - - (69,651) - - Financial liabilities at fair value through profit or loss

- FDI liabilities - - (1,911,698) - - Accrued expenses (135,100) (117,630) (111,816) (52,730) (39,542) Administration fees accrued (4,196) (9,371) - - - Amounts payable on purchases of securities - - - - - Amounts payable on repurchases of shares - - - (78,261) -


holders of redeemable participating shares) (139,296) (127,001) (2,093,165) (130,991) (39,542)




109

STATEMENTS OF FINANCIAL POSITION OF THE FUNDS (CONTINUED) as at 30 June 2017


2

Satrix Europe (ex-UK) Equity Tracker Fund

3


Satrix Emerging Markets Equity Tracker Fund

4


GBP EUR USD USD USD Assets

Cash and cash equivalents 323,619 19,111,343 1,653,076 339,395 219,744

Margin accounts - - - - 3,738,194

Accrued income 250,962 50,768 149,146 166,317 -

Amounts receivable on sale of securities - - - - 66,809

Amounts receivable on issue of shares - - - 6,178 19,322

Other debtors 13,822 44,941 - 110,941 95,173



- Investment funds - - - - -

- FDI assets - - - - 356,052

Total assets 48,756,620 255,603,387 111,020,909 45,989,435 44,686,304

Liabilities

Bank overdraft - - - - -


- FDI liabilities - - - - (3,908)

Accrued expenses (24,575) (76,881) (119,690) (127,262) (99,863)

Administration fees accrued - - (2,079) - -

Amounts payable on purchases of securities (104,810) (1,118,125) - (80,636) -

Amounts payable on repurchases of shares - (954,599) - - -


holders of redeemable participating shares) (129,385) (2,149,605) (121,769) (207,898) (103,771)




110



High Quality Fund


Fund


Sanlam FOUR Active European (ex-UK)

Equity Fund


GBP USD USD GBP GBP Assets

Cash and cash equivalents 27,759,101 23,479,910 914,774 10,711,096 2,446,111

Margin accounts - - 398,235 - -

Accrued income 24,317 366,507 53,696 - 275,609

Amounts receivable on sale of securities - 651,210 - - 130,815

Amounts receivable on issue of shares 691,917 - - - -

Other debtors 38,911 12,299 13,315 - 1,273



- Investment funds 4,555,742 - - - -

- FDI assets - - 148,349 - -

Total assets 157,285,111 236,469,547 19,710,208 10,711,096 187,792,056

Liabilities



- FDI liabilities - - (105,177) - -


Administration fees accrued - (8,732) (4,035) (8,182) (13,734)

Amounts payable on purchases of securities (1,026,139) (425,891) (314,925) - -

Amounts payable on repurchases of shares - (6,001,597) - (10,593,206) (1,542,494)


holders of redeemable participating shares) (1,178,381) (6,554,139) (465,272) (10,711,096) (1,661,756)


participating shares 156,106,730 229,915,408 19,244,936 - 186,130,300


111



Equity Fund


Fund


Fund


Bridge Global Equity Income Growth

Fund1

GBP GBP GBP USD USD Assets

Cash and cash equivalents 5,908,379 2,503,185 8,139,190 3,014,986 139,209 Margin accounts - - 4,728,167 816,051 - Accrued income 381,521 185,472 1,637,524 11,779 15,443 Amounts receivable on sale of securities - 7,499 - 513,651 - Amounts receivable on issue of shares - - - - - Other debtors 1,549 12,727 9,255 27,459 11,195 Financial assets at fair value through profit or loss



- FDI assets - - 917,923 13,073 -

Total assets 165,226,283 61,981,197 122,149,261 13,204,674 5,656,877

Liabilities



- FDI liabilities - - (323,228) (14,084) - Accrued expenses (99,549) (47,550) (61,552) (36,563) (27,462) Administration fees accrued (12,286) - (3,093) (1,259) (2,443) Amounts payable on purchases of securities - - - (321,929) -

Amounts payable on repurchases of shares (2,313,742) - - - -


holders of redeemable participating shares) (2,425,577) (47,550) (387,873) (373,835) (29,905)





112




Fund1


Fund



Equity Fund USD USD USD USD USD

Assets

Cash and cash equivalents 3,813,034 126,391 929,723 832,376 1,791,500

Margin accounts - - - - 2,993

Accrued income 17,022 26,596 37,378 30,729 112,894

Amounts receivable on sale of securities - - 328,136 - -

Amounts receivable on issue of shares - - 126,948 - -

Other debtors 18,939 12,834 16,902 18,099 20,368




- FDI assets - - - - 1,486,850

Total assets 26,951,966 9,930,999 47,645,318 31,222,648 159,769,508

Liabilities



- FDI liabilities - - - - (1)


Administration fees accrued - (2,712) (14,426) - - Amounts payable on purchases of securities - - (758,693) - -

Amounts payable on repurchases of shares (4,627) - - - (10,000,000)


holders of redeemable participating shares) (203,710) (38,715) (836,068) (112,890) (10,050,354)





113



Securities Fund


Salam Centre Active US

Treasury Fund


USD USD USD USD Assets

Cash and cash equivalents 128,314 420,352 642,866 2,668,538

Margin accounts - - 278,261 -

Accrued income 86,681 79,583 175,825 12,735

Amounts receivable on sale of securities - 3,775,766 - -

Amounts receivable on issue of shares - - - -

Other debtors 4,987 3,566 971 21,259


- Transferable securities 20,230,026 67,489,611 8,930,332 10,877,497

- Investment funds - - - 1,093,185

- FDI assets 13,261 - 12,579 -

Total assets 20,463,269 71,768,878 10,040,834 14,673,214

Liabilities

Bank overdraft - - - - Financial liabilities at fair value through profit or loss

- FDI liabilities (89,369) - (188) -

Accrued expenses (135,565) (37,412) (10,235) (40,405)

Administration fees accrued (4,980) (2,485) (1,913) -

Amounts payable on purchases of securities (112,957) (911,394) - -

Amounts payable on repurchases of shares - (3,000,000) - -


holders of redeemable participating shares) (342,871) (3,951,291) (12,336) (40,405)


participating shares 20,120,398 67,817,587 10,028,498 14,632,809


114

STATEMENTS OF FINANCIAL POSITION OF THE FUNDS as at 31 December 2016


Equity Fund


Fund1



Fund


USD USD GBP USD USD Assets

Cash and cash equivalents 746,067 196,811 852,633 1,583,458 1,597,539 Margin accounts - - - - - Accrued income 34,681 162,684 66,443 - 208,439 Amounts receivable on sale of securities - - - - - Amounts receivable on issue of shares - 11,897 - - - Other debtors 872 89 710 4,345 2,405 Financial assets at fair value through profit or loss

- Transferable securities 34,977,241 38,122,913 31,109,402 64,278,749 100,991,007 - Investment funds - - 19,118,399 - - - FDI assets - - - - -

Total assets 35,758,861 38,494,394 51,147,587 65,866,552 102,799,390

Liabilities


- FDI liabilities - - - - - Accrued expenses (32,732) (72,184) (16,997) (167,911) (129,265) Administration fees accrued (1,664) (4,597) (4,200) (6,187) (4,014)

Amounts payable on purchases of securities - - - - -

Amounts payable on repurchases of shares - - - - (11,971)







115

STATEMENTS OF FINANCIAL POSITION OF THE FUNDS (CONTINUED) as at 31 December 2016

Sanlam Global





USD USD USD USD USD Assets

Cash and cash equivalents 27,315,533 1,471,095 3,275,100 9,022 17,035,493 Margin accounts 1,420,949 - - - - Accrued income 3,139,880 32,965 282,354 - 656,978 Amounts receivable on sale of securities - 98,118 134,697 - 244,617 Amounts receivable on issue of shares - - - - - Other debtors 3,742 4,393 1,413 - 28,259




- FDI assets 5,318,331 - - - -

Total assets 370,170,779 139,722,498 117,397,074 9,022 757,489,896

Liabilities


- FDI liabilities (6,133,748) - (351,139) - - Accrued expenses (138,162) (157,798) (77,854) (4,970) (489,131) Administration fees accrued (8,246) (17,010) (4,569) (4,052) (47,237) Amounts payable on purchases of securities (3,990,254) (505,086) (885,461) - (1,307,793) Amounts payable on repurchases of shares (2) (156) (269) - -


holders of redeemable participating shares) (10,270,412) (680,050) (1,319,292) (9,022) (1,844,161)




116



Fund1


Fund



2


USD USD USD GBP GBP Assets

Cash and cash equivalents 14,605,551 1,003,929 2,995,062 1,120,395 879,378 Margin accounts - - - - -

Accrued income 480,486 2,364 328,378 1,451,103 69,198

Amounts receivable on sale of securities 1,835 - - - -

Amounts receivable on issue of shares - - - 91,007 -

Other debtors 117,255 44 1,834 32,363 5,796


- Transferable securities 491,925,995 27,651,801 101,926,904 80,386,490 -

- Investment funds - - - - 40,983,966

- FDI assets - - - 178,853 -

Total assets 507,131,122 28,658,138 105,252,178 83,260,211 41,938,338

Liabilities


- FDI liabilities - - - (361,120) -

Accrued expenses (185,738) (56,201) (92,556) (56,396) (48,113) Administration fees accrued - (2,743) (3,687) - - Amounts payable on purchases of securities (8,523,928) - - - - Amounts payable on repurchases of shares (842,080) - (126,102) - (63,977)


holders of redeemable participating shares) (9,551,746) (58,944) (222,345) (417,516) (112,090)




117



Tracker Fund1


2


3



4

USD GBP EUR USD USD Assets

Cash and cash equivalents 7,508 1,412,568 536,625 932,444 176,318

Margin accounts - - - - -

Accrued income 6,286 79,142 35,628 71,980 20,412

Amounts receivable on sale of securities - 1,648 187,877 1,907 -

Amounts receivable on issue of shares 19,830 - - - 14,959

Other debtors 35,198 9,672 28,727 1,312 77,901




- FDI assets - - - - -

Total assets 6,360,298 37,407,997 119,430,790 96,728,066 38,532,608

Liabilities



- FDI liabilities - - - - -


Administration fees accrued - - - (1,087) -

Amounts payable on purchases of securities (6,390) (1,206,863) - - -

Amounts payable on repurchases of shares - (12) - - -


holders of redeemable participating shares) (36,145) (1,223,206) (44,946) (78,402) (108,320)




118



Sanlam P2strategies UK

Fund


America Fund

Sanlam P2strategies Emerging

Market Fund

Sanlam P2strategies Europe (ex-UK)

Fund USD GBP USD USD EUR Assets

Cash and cash equivalents 387,495 - - - -

Margin accounts 4,109,324 - - - -

Accrued income - - - - -

Amounts receivable on sale of securities 110,767 - - - -

Amounts receivable on issue of shares - - - - -

Other debtors 91,053 - - - -


- Transferable securities - - - - -


- FDI assets 48,952 - - - -

Total assets 46,532,233 - - - -

Liabilities



- FDI liabilities (262,268) - - - -

Accrued expenses (124,700) - - - -

Administration fees accrued - - - - -

Amounts payable on purchases of securities - - - - -

Amounts payable on repurchases of shares (133,995) - - - -


holders of redeemable participating shares) (520,963) - - - -


participating shares 46,011,270 - - - -


119



High Quality Fund


Fund


Sanlam FOUR Active European (ex-UK)

Equity Fund


GBP USD USD GBP GBP Assets

Cash and cash equivalents 16,903,453 17,646,671 2,513,759 1,167,680 1,862,359

Margin accounts - - 226,451 - -

Accrued income 48,417 146,633 93,016 - 171,843

Amounts receivable on sale of securities - - - 28,051 -

Amounts receivable on issue of shares 470,468 5,100,437 - 3,043,562 2,382,936

Other debtors 34,134 17,256 15,100 2,050 499




- FDI assets - - 253,131 - -

Total assets 106,638,028 186,006,504 14,888,969 81,496,363 187,471,409

Liabilities





Administration fees accrued - (5,610) (2,304) (4,344) (6,623)

Amounts payable on purchases of securities - (4,699,400) - (3,893,775) (646,444)

Amounts payable on repurchases of shares - - - - -


holders of redeemable participating shares) (100,502) (4,756,869) (38,987) (3,937,944) (705,207)




120



Equity Fund


Fund


Fund



Fund1

GBP GBP GBP USD USD Assets

Cash and cash equivalents 5,466,247 1,576,761 8,144,068 6,144,175 8,740

Margin accounts - - 6,579,538 789,415 -

Accrued income 152,236 74,914 1,289,835 3,368 11,161

Amounts receivable on sale of securities - 6,454 - - -

Amounts receivable on issue of shares 3,348,304 - 826,665 - -

Other debtors 6,509 9,007 5,950 28,349 12,431



- Investment funds - - 10,309,484 - -

- FDI assets - - 1,078,734 - -

Total assets 128,282,240 78,132,629 114,375,404 12,052,607 5,125,843

Liabilities



- FDI liabilities - - (742,629) (47,482) -


Administration fees accrued (8,887) - (2,833) (138) (1,001) Amounts payable on purchases of securities - - - - -

Amounts payable on repurchases of shares (525,740) (33) - - -







121




Fund1


Fund


Opportunities Fund


USD USD USD GBP USD Assets

Cash and cash equivalents 221,781 138,468 527,344 17,924 4,971,532

Margin accounts - - - - -

Accrued income 16,507 21,677 17,872 - -

Amounts receivable on sale of securities - - - - -

Amounts receivable on issue of shares - - - - -

Other debtors 23,508 14,085 18,096 428 4,178




- FDI assets - - - - -

Total assets 20,218,592 10,090,965 16,775,340 18,352 22,442,812

Liabilities





Administration fees accrued - (1,272) (8,737) (178) (805) Amounts payable on purchases of securities (1) - (641,874) - -

Amounts payable on repurchases of shares - - - - -







122



Equity Fund


Securities Fund


USD USD USD Assets

Cash and cash equivalents 7,763,087 5,584,192 3,031,311

Margin accounts 378,336 - -

Accrued income 112,193 58,404 29,053

Amounts receivable on sale of securities - - 137,351

Amounts receivable on issue of shares - - -

Other debtors 4,178 4,397 1,013


- Transferable securities 126,745,195 15,342,045 34,467,387

- Investment funds - - -

- FDI assets 1,670,400 22,081 -

Total assets 136,673,389 21,011,119 37,666,115

Liabilities

Bank overdraft - - -


- FDI liabilities - (19,950) -

Accrued expenses (23,562) (30,598) (20,615)

Administration fees accrued (997) (572) (997)

Amounts payable on purchases of securities

(6,946,460) (1,786,592) (2,344,188)

Amounts payable on repurchases of shares

- - -


holders of redeemable participating shares) (6,971,019) (1,837,712) (2,365,800)


participating shares 129,702,370 19,173,407 35,300,315


123

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES OF THE COMPANY for the six months ended 30 June 2017

Six months ended

30 June 2017 Six months ended

30 June 2016

USD USD

Operating activities


participating shareholders from operations 325,743,150 (30,360,277)

Capital transactions

Issue of shares during the period 945,903,348 399,121,643

Redemption of shares during the period (924,664,052) (486,755,583)

Net increase in net assets attributable to holders of redeemable participating shares from capital transactions

21,239,296 (87,633,940)

Net increase in net assets attributable to holders of redeemable participating shares in the period

346,982,446 (117,994,217)

Net assets attributable to holders of redeemable participating

shares at the beginning of the period 4,094,377,819 4,054,858,943

Exchange differences due to presentation of these financial statements in USD

81,725,012 (83,434,869)

Net assets attributable to holders of redeemable

participating shares at the end of the period 4,523,085,277 3,853,429,857



124

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS OF THE FUNDS for the six months ended 30 June 2017

Sanlam Centre Global Select Equity Fund


Fund1


Sanlam African Frontier Markets Fund


USD USD GBP USD USD Operating activities


participating shareholders from operations 79,862 (926,226) 1,165,976 13,149,155 12,361,523


Issue of shares during the period 18,985 161,430 751,787 2,719,397 1,567,947 Redemption of shares during the period (35,823,312) (1,445,570) (217,178) (9,766,688) (3,961,884)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions

(35,804,327) (1,284,141) 534,608 (7,047,291) (2,393,937)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period

(35,724,465) (2,210,367) (1,700,584) 6,101,864 9,967,586

Net assets attributable to holders of redeemable participating shares at the beginning of the period

35,724,465 38,417,613 51,126,390 65,692,454 102,654,140

Net assets attributable to holders of redeemable participating shares at the end of the period - 36,207,246 52,826,974 71,794,318 112,621,726



125

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS OF THE FUNDS (CONTINUED) for the six months ended 30 June 2017






USD USD USD USD USD Operating activities


participating shareholders from operations 23,351,595 17,895,293 8,786,112 11,104,883 56,980,332


Issue of shares during the period 101,881,324 10,359,099 4,252,155 48,193,483 168,039,998 Redemption of shares during the period (7,165,943) (49,503,676) (2,755,757) (462,583,338)

1 (45,458,309)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 94,715,381 (39,144,577) 1,496,398 (414,389,855) 122,581,689

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period 119,084,378 (21,249,284) 10,282,510 (403,284,972) 179,562,021

Net assets attributable to holders of redeemable participating shares at the beginning of the period 359,900,367 139,042,448 116,077,782 755,645,735 497,579,376

Net assets attributable to holders of redeemable participating shares at the end of the period 478,984,745 117,793,164 126,360,292 352,360,763 677,141,397

1During the period Sanlam Global Equity Fund, a sub-fund of Sanlam Global Funds Plc, redeemed shares in Sanlam World Equity Fund in the amount of USD 379,145,744. This redemption was made by

means of an in specie transfer of equity securities held by the Sanlam World Equity Fund to Sanlam Global Equity Fund.


126


SIIP India Opportunities Fund





USD USD GBP GBP USD Operating activities




Issue of shares during the period 3,947,182 1,108,943 35,135,229 1,946,422 75,408,501 Redemption of shares during the period (1,849,514) (3,770,946) (8,249,339) (5,640,509) (15,385,569)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 2,097,668 (2,662,002) 26,885,890 (3,694,087) 60,022,932

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period 9,443,596 8,782,931 33,745,956 (2,310,198) 65,855,368




127







GBP EUR USD USD USD Operating activities




Issue of shares during the period 9,490,856 116,674,852 - 2,681,323 5,830,902 Redemption of shares during the period (20,690) (2,382,795) - (2,261,988) (12,121,172)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 9,470,166 114,292,057 - 419,335 (6,290,271)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period 12,442,444 134,067,938 14,249,476 7,357,249 (1,428,737)




128


Sanlam Private Wealth Global High

Quality Fund


Fund


Sanlam FOUR Active European (ex UK)

Equity Fund


GBP USD USD GBP GBP Operating activities




Issue of shares during the period 43,768,144 52,594,370 3,320,357 42,139,642 1,287,742 Redemption of shares during the period (8,105,177) (11,507,110) (301,994) (126,835,502) (6,016,023)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 35,662,967 41,087,260 3,018,363 (84,695,860) (4,728,281)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period 49,569,204 48,665,773 4,394,954 (77,558,419) (635,902)


Net assets attributable to holders of redeemable participating shares at the end of the period 156,106,730 229,915,408 19,244,936 - 186,130,300


129


Sanlam FOUR Stable Global Equity Fund


Fund




Fund1

GBP GBP GBP USD USD Operating activities


participating shareholders from operations 7,399,816 3,659,275 5,182,138 309,634 448,261


Issue of shares during the period 32,383,718 8,391,055 3,490,617 1,580,051 180,337 Redemption of shares during the period (4,668,558) (28,213,963) (499,932) (1,029,759) (101,473)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 27,715,160 (19,822,908) 2,990,684 550,293 78,865

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period 35,114,976 (16,163,633) 8,172,822 859,927 527,126





130




Fund1


Fund



Equity Fund USD USD USD USD USD Operating activities


participating shareholders from operations 3,571,195 678,792 4,142,987 4,003,612 15,533,662


Issue of shares during the period 4,252,325 41,420 26,849,788 4,695,589 19,005,161 Redemption of shares during the period (1,249,758) (883,675) (215,989) - (14,522,039)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 3,002,567 (842,255) 26,633,799 4,695,589 4,483,122

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period 6,573,762 (163,463) 30,776,786 8,699,201 20,016,784





131


Sanlam Global Convertible Securities

Fund


Sanlam Centre Active US Treasury

Fund


USD USD USD USD Operating activities


participating shareholders from operations 917,232 7,279,823 (152,187) 936,895


Issue of shares during the period 29,759 34,196,252 10,180,685 16,950,4051

Redemption of shares during the period - (8,958,803) - (3,254,490)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 29,759 25,237,449 10,180,685 13,695,914

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period 946,991 32,517,272 10,028,498 14,632,809

Net assets attributable to holders of redeemable participating shares at the beginning of the period 19,173,407 35,300,315 - -

Net assets attributable to holders of redeemable participating shares at the end of the period 20,120,398 67,817,587 10,028,498 14,632,809

1Subscriptions include in specie transfers from SBSA ITF Autus BCI Global Equity Fund during the period in exchange for assets with a fair value at date of transfer of USD 16,950,405.


132

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS OF THE FUNDS for the six months ended 30 June 2016



Fund1




USD USD GBP USD USD Operating activities


participating shareholders from operations (1,502,328) 3,602,275 2,526,870 (5,231,266) (8,576,171)


Issue of shares during the period - 1,815,616 822,705 3,667,156 79,817 Redemption of shares during the period (454,112) (623,216) (501,940) (5,013,561) (18,453,608)


(454,112) 1,192,400 320,765 (1,346,406) (18,373,791)


(1,956,440) 4,794,675 2,847,635 (6,577,672) (26,949,962)


54,565,133 36,453,509 45,363,781 73,380,397 194,452,035




133







USD USD USD USD USD Operating activities


participating shareholders from operations 27,290,647 (8,900,889) 6,780,375 (335,551) (46,084,868)


Issue of shares during the period 27,627,869 3,792,344 6,528,582 967,627 49,366,113 Redemption of shares during the period (27,580,771) (52,745,987) (4,683,261) (5,548,489) (109,031,563)*

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 47,098 (48,953,643) 1,845,321 (4,580,862) (59,665,450)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period 27,337,745 (57,854,532) 8,625,696 (4,916,413) (105,750,318)

Net assets attributable to holders of redeemable participating shares at the beginning of the period 319,962,145 175,093,943 116,859,654 4,916,413 1,263,780,701

Net assets attributable to holders of redeemable participating shares at the end of the period 347,299,890 117,239,411 125,485,350 - 1,158,030,383

* A shareholder’s redemption from Sanlam World Equity Fund was made by means of an in-specie transfer of securities with a total fair value of USD 15,172,255 at the date of transfer. The in-specie assets were used as part of the shareholders subscription into Sanlam FOUR US Dividend Income Fund.


134







USD USD USD GBP GBP Operating activities


participating shareholders from operations (5,758,879) 35,781 119,056 662,748 418,801


Issue of shares during the period 95,792,488 445,465 10,449,718 9,669,531 3,261,328 Redemption of shares during the period (123,773,045) * (1,523,215) (590,714) (8,241,599) (4,269,285)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions (27,980,557) (1,077,750) 9,859,004 1,427,932 (1,007,957)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period (33,739,436) (1,041,969) 9,978,060 2,090,680 (589,156)



* Redemptions from Satrix World Equity Tracker Fund included an in-specie transfer of securities to Sanlam Managed Risk Fund with a total fair value of USD 14,964,304 at the date of transfer.


135







USD GBP EUR USD USD Operating activities


participating shareholders from operations (108,878) 1,113,091 (8,445,939) (6,568,006) 2,005,946


Issue of shares during the period 2,536,505 1,306,486 9,225,303 - 5,932,396 Redemption of shares during the period (19,398,200)* (8,470,975) (9,087,263)** - (8,613,529)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions (16,861,695) (7,164,489) 138,040 - (2,681,143)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period (16,970,573) (6,051,398) (8,307,899) (6,568,006) (675,197)



* Redemptions from Satrix North America Tracker Fund included an in-specie transfer of securities to Sanlam Managed Risk Fund with a total fair value of USD 10,066,045 at the date of transfer. ** Redemptions from Satrix Europe Ex UK Tracker Fund included an in-specie transfer of securities to Sanlam Managed Risk Fund with a total fair value of EUR 4,285,235 at the date of transfer.


136



Sanlam P2strategies UK Fund

Sanlam P2strategies North America Fund

Sanlam P2strategies Emerging Market

Fund

Sanlam P2strategies Europe (ex UK) Fund

USD GBP USD USD EUR Operating activities


participating shareholders from operations (2,697,730) 176,317 452,225 119,048 (471,546)


Issue of shares during the period 42,066,112* 458,159 1,845,037 710,792 957,437 Redemption of shares during the period (15,019,396) (9,012,845) (19,320,521)* (7,848,656) (9,675,144)*

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 27,046,716 (8,554,686) (17,475,484) (7,137,864) (8,717,707)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period 24,358,986 (8,378,369) (17,023,259) (7,018,816) (9,189,253)


Net assets attributable to holders of redeemable participating shares at the end of the period 61,865,648 - - - -

* The merger of Sanlam P2strategies Europe (ex UK) Fund and Sanlam P2strategies UK Fund and Sanlam P2strategies North America Fund (the “Merging Funds”) into Sanlam Managed Risk Fund was achieved partially by an in-specie transfer from Sanlam P2strategies North America Fund of cash and Satrix North America Tracker Fund units with a value of USD 10,946,941 at the date of transfer and an in-speie transfer Sanlam P2strategies Europe (ex UK) Fund of cash and Satrix Europe Ex UK Tracker Fund units with a value of EUR 4,534,507 at the date of transfer


137



Quality Fund


Fund


Sanlam FOUR Active European (ex UK)

Equity Fund


GBP USD USD GBP GBP Operating activities


participating shareholders from operations 8,548,717 9,581,655 (261,765) 133,036 2,093,843


Issue of shares during the period 16,735,451 21,643,407* 1,514,825 10,687,119 17,917,536 Redemption of shares during the period (6,365,394) (1,039,861) (229,030) (198,150) (8,576,912)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 10,370,057 20,306,546 1,285,795 10,488,969 9,340,624

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period 18,918,774 30,185,201 1,024,030 10,622,005 11,434,467

Net assets attributable to holders of redeemable participating shares at the beginning of the period 45,464,636 32,319,697 11,335,910 25,469,217 52,147,922 Exchange Difference - (4,478,695) - - -


* A shareholder’s subscription into Sanlam FOUR US Dividend Income Fund was made by means of an in-specie transfer of securities with a total fair value of USD 15,172,255 at the date of transfer. The in-specie assets arose from the shareholders redemption from Sanlam World Equity Fund.


138




Fund




Fund1

GBP GBP GBP USD USD Operating activities


participating shareholders from operations 9,369,986 (17,015,046) 2,070,929 (250,973) 179,546


Issue of shares during the period 13,639,135 20,856,766 562,754 5,825,850 142,270 Redemption of shares during the period (395,493) (17,484,095) (1,122,490) (3,047,830) (2,285)

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares from capital transactions 13,243,642 3,372,671 (559,736) 2,778,020 139,985

Net increase/(decrease) in net assets attributable to holders of redeemable participating shares in the period 22,613,628 (13,642,375) 1,511,193 2,527,047 319,531





139




Fund1


Fund


Opportunities Fund USD USD USD GBP Operating activities


participating shareholders from operations (197,429) 478,049 1,038,597 (154,227)


Issue of shares during the period 4,971,705 144,691 62,559 358,621 Redemption of shares during the period (5,611,315) (17,136) - -


(639,610) 127,555

62,559 358,621


(837,039) 605,604

1,101,156 204,394


18,789,944 9,609,524 6,911,951 504,053

Net assets attributable to holders of redeemable participating shares at the end of the period 17,952,905 10,215,128 8,013,107 708,447



140

STATEMENT OF CASH FLOWS OF THE COMPANY for the six months ended 30 June 2017

Six months ended 30 June

2017

Six months ended 30 June

2016

USD USD

Cash flows from operating activities

Purchases of financial assets and settlement of financial liabilities (2,585,423,676) (1,704,583,460)

Proceeds from sale of investments (including realised gains) 2,502,071,217 1,833,486,737

Dividends received 48,484,347 49,508,252

Income from financial assets through profit or loss 10,642,873 9,154,964

Interest received 524,597 13,621

Income from securities lending received 225,651 405,349

Other income received 275,974 (89,483)

Operating expenses paid (9,549,301) (8,392,104)

Net cash inflow from operating activities (32,748,318) 179,503,876

Cash flows from financing activities

Distributions paid to holders of redeemable participating shares (4,455,290) (5,891,641)

Proceeds from redeemable participating shares issued 976,207,070 348,503,624

Payments on redemption of redeemable participating shares (894,216,646) (477,876,073)

Income equalisation (35,096,600) (14,455,825)

Net cash used in financing activities 42,438,534 (149,719,915)

Net increase in cash and cash equivalents 9,690,216 29,783,961

Cash and cash equivalents at the start of the period 186,251,844 100,443,399

Exchange gains on cash and cash equivalents 2,071,622 1,082,093

Cash and cash equivalents at the end of the period 198,013,682 131,309,453



141

STATEMENTS OF CASH FLOWS OF THE FUNDS for the six months ended 30 June 2017


Equity Fund


Fund1



Fund


USD USD GBP USD USD


Purchases of financial assets and settlement of financial liabilities - (4,428,928) (20,098,303) (10,699,316) (7,911,570)

Proceeds from sale of investments (including realised gains) 37,328,454 6,166,886 19,811,464 19,039,922 8,995,094

Dividends received 166,045 747,314 111,840 1,593,012 1,384,568

Income from financial assets through profit of loss - - 96,470 - -

Interest received 1,716 416 (27,076) 4,054 2,921

Income from securities lending received 1,419 - 1,165 444 14,534

Other income 265 272 4,131 463 803

Operating expenses paid (66,058) (339,640) (40,514) (343,587) (400,515)

Net cash inflow/(outflow) from operating activities 37,431,841 2,146,320 (140,823) 9,594,992 2,085,835


Distributions paid to holders of redeemable participating shares - - (287,842) - (1,191)

Proceeds from redeemable participating shares issued 18,985 173,327 751,787 2,719,397 1,567,947

Payment on redemption of redeemable participating shares (35,823,312) (1,435,570) (217,178) (9,766,688) (3,965,741)

Income equalization (2,332,557) (154,640) 271 (982,998) (210,576)

Net cash provided/(used in) by financing activities (38,136,884) (1,416,883) 247,038 (8,030,289) (2,609,562)

Net increase/(decrease) in cash and cash equivalents (705,043) 729,437 106,215 1,564,703 (523,727)

Cash and cash equivalents at the start of the period 746,067 196,811 852,633 1,583,458 1,597,539

Exchange gains/(losses) on cash and cash equivalents 2,724 4,014 (17,218) 219,279 14,563

Cash and cash equivalents at the end of the period 43,748 930,262 941,630 3,367,440 1,088,375



142

STATEMENTS OF CASH FLOWS OF THE FUNDS (CONTINUED) for the six months ended 30 June 2017






USD USD USD USD USD


Purchases of financial assets and settlement of financial liabilities (129,809,645) (29,841,109) (61,174,608) (685,210,064) (157,229,484)

Proceeds from sale of investments (including realised gains) 13,318,515 72,289,001 56,614,650 1,133,634,889 22,148,341

Dividends received - 2,181,873 1,970,770 6,368,277 6,915,939

Income from financial assets through profit of loss 4,824,027 - - - -

Interest received 13,225 8,126 7,924 24,306 8,333

Income from securities lending received - 27 1,847 70,691 35,714

Other income 200,945 993 1,553 40,875 5,803

Operating expenses paid (300,628) (654,218) (264,407) (1,453,517) (996,081)

Net cash inflow/(outflow) from operating activities (111,753,561) 43,984,693 (2,842,271) 453,475,457 (129,111,435)


Distributions paid to holders of redeemable participating shares - (34,372) - - (12,928)

Proceeds from redeemable participating shares issued 101,881,324 10,359,099 4,252,155 48,193,483 167,724,854

Payment on redemption of redeemable participating shares (6,932,554) (49,498,542) (2,751,576) (462,217,692) (46,300,389)

Income equalisation 6,122,255 (1,637,296) (32,477) (49,323,892) (1,169,522)

Net cash provided by/(used in) financing activities 101,071,025 (40,811,111) 1,468,102 (463,348,101) 120,242,015

Net increase/(decrease) in cash and cash equivalents (10,682,536) 3,173,582 (1,374,169) (9,872,644) (8,869,420)

Cash and cash equivalents at the start of the period 28,736,482 1,471,095 3,275,100 17,035,493 14,605,551

Exchange gains/(losses) on cash and cash equivalents 517,058 12,291 (156,143) (57,582) 27,403

Cash and cash equivalents at the end of the period 18,571,004 4,656,968 1,744,788 7,105,267 5,763,534


143



Fund





Tracker Fund USD USD GBP GBP USD




Dividends received 156,185 2,367,356 239,077 746,604 221,450

Income from financial assets through profit of loss 3,123 - 3,059,684 - -

Interest received 1,047 3,878 13,458 39 737

Income from securities lending received - 12,966 - - 673

Other income 203 704 563 289 989


Net cash inflow/(outflow) from operating activities (2,945,927) 2,096,795 (27,256,316) 4,897,034 (62,939,201)


Distributions paid to holders of redeemable participating shares - (215,961) (2,015,923) (428,077) (8,813)



Income equalization (27,988) (57,282) 1,939,659 (348,328) 3,223,579

Net cash provided by/(used in) financing activities 2,069,680 (2,981,434) 26,085,164 (4,456,208) 63,229,011

Net increase/(decrease) in cash and cash equivalents (876,247) (884,639) (1,171,152) 440,826 289,810

Cash and cash equivalents at the start of the period 1,003,929 2,995,062 1,120,395 879,378 7,508

Exchange gains/(losses) on cash and cash equivalents 6,113 2,454 (18,894) 9 (3,417)

Cash and cash equivalents at the end of the period 133,795 2,112,877 (69,651) 1,320,213 293,901


144







GBP EUR USD USD USD



Proceeds from sale of investments (including realised gains) 275,521 2,482,299 12,384,112 1,306,245 10,460,372

Dividends received 948,180 3,053,242 2,269,506 370,180 (886)

Income from financial assets through profit of loss - - - - -

Interest received (1,620) (4,760) 2,285 231 (6,413)

Income from securities lending received 4,084 35,710 31,663 897 -

Other income 242 3,717 682 267 -


Net cash inflow/(outflow) from operating activities (11,833,488) (106,464,159) 729,594 (54,741) 5,460,095


Distributions paid to holders of redeemable participating shares (24,783) (12,478) - (173,598) -

Proceeds from redeemable participating shares issued 9,490,856 116,862,729 - 2,690,104 5,811,580

Payment on redemption of redeemable participating shares (20,702) (1,428,196) - (2,261,988) (12,255,167)

Income equalisation 1,299,575 9,938,132 - (40,481) 209,555

Net cash provided by/(used in) financing activities 10,744,946 125,360,187 - 214,037 (6,234,032)

Net increase/(decrease) in cash and cash equivalents (1,088,542) 18,896,028 729,594 159,296 (773,937)

Cash and cash equivalents at the start of the period 1,412,568 536,625 932,444 176,318 4,496,819

Exchange gains/(losses) on cash and cash equivalents (407) (321,310) (8,962) 3,781 235,056

Cash and cash equivalents at the end of the period 323,619 19,111,343 1,653,076 339,395 3,957,938


145



Quality Fund


Fund



UK) Equity Fund


GBP USD USD GBP GBP




Dividends received 880,567 1,886,152 164,035 1,914,074 2,265,310

Income from financial assets through profit of loss - - - -

Interest received 39,017 25,400 141,696 (3,831) 5,845

Income from securities lending received 5,100 - - - -

Other income 689 1,177 124 599 1,188


Net cash inflow/(outflow) from operating activities (23,944,622) (46,825,809) (4,236,306) 83,288,244 1,853,044


Distributions paid to holders of redeemable participating shares (85,040) (42,134) - - -



Income equalisation 542,997 394,527 130,021 (3,669,312) (362,241)

Net cash provided by/(used in) financing activities 35,899,475 52,541,687 3,148,384 (74,728,404) (1,165,092)

Net increase/(decrease) in cash and cash equivalents 11,954,853 5,715,878 (1,087,921) 8,559,840 687,952

Cash and cash equivalents at the start of the period 16,903,453 17,646,671 2,740,210 1,167,680 1,862,359

Exchange gains/(losses) on cash and cash equivalents (1,099,205) 117,361 (339,279) 983,576 (104,200)

Cash and cash equivalents at the end of the period 27,759,101 23,479,910 1,313,009 10,711,096 2,446,111


146



Equity Fund


Fund


Fund



1

GBP GBP GBP USD USD Cash flows from operating activities

Purchases of financial assets and settlement of financial liabilities (48,836,592) (15,757,871) (30,022,290) (6,019,192) -

Proceeds from sale of investments (including realised gains) 13,584,878 36,869,100 22,232,657 2,435,211 7,243

Dividends received 1,318,084 1,355,438 679,819 47,549 85,101

Income from financial assets through profit of loss - - 1,321,098 - -

Interest received 7,641 261 1,104 9,005 183

Income from securities lending received - - - 400 -

Other income 839 1,389 734 98 38


Net cash inflow/(outflow) from operating activities (34,087,561) 22,381,375 (5,917,301) (3,621,257) 50,152


Distributions paid to holders of redeemable participating shares (27) (4,523) (13,530) - -

Proceeds from redeemable participating shares issued 35,732,022 8,391,055 4,317,282 1,580,051 180,337

Payment on redemption of redeemable participating shares (2,354,816) (28,213,996) (499,932) (1,029,759) (101,473)

Income equalisation 1,446,682 (1,687,455) 267,390 (17,851) 1,329

Net cash provided by/(used in) financing activities 34,823,861 (21,514,919) 4,071,210 532,441 80,195

Net increase/(decrease) in cash and cash equivalents 736,300 866,456 (1,846,091) (3,088,816) 130,345

Cash and cash equivalents at the start of the period 5,466,247 1,576,761 14,723,606 6,933,590 8,740

Exchange gains/(losses) on cash and cash equivalents (294,168) 59,968 (10,158) (13,737) 124

Cash and cash equivalents at the end of the period 5,908,378 2,503,185 12,867,357 3,831,037 139,209



147




Fund1


Fund



Equity Fund USD USD USD USD USD Cash flows from operating activities

Purchases of financial assets and settlement of financial liabilities (4,145,651) (104,360) (28,319,467) (18,550,136) (76,202,004)

Proceeds from sale of investments (including realised gains) 4,802,083 854,420 1,952,387 9,661,098 54,568,659

Dividends received 110,477 172,160 453,974 494,647 797,658


Interest received 3,957 (56) 2,700 3,924 4,464

Income from securities lending received 47 - 157 - -

Other income 150 74 107 140 809


Net cash inflow/(outflow) from operating activities 599,604 849,039 (26,130,296) (8,643,871) (20,854,338)


Distributions paid to holders of redeemable participating shares - - - - -

Proceeds from redeemable participating shares issued 4,252,325 41,420 26,722,840 - 19,005,331

Payment on redemption of redeemable participating shares (1,245,131) (883,675) (215,989) 4,695,589 (4,522,106)

Income equalisation (9,503) (18,686) 45,464 (11,401) 27,015

Net cash provided by/(used in) financing activities 2,997,691 (860,941) 26,552,315 4,684,188 14,510,240

Net increase/(decrease) in cash and cash equivalents 3,597,295 (11,902) 422,019 (3,959,683) (6,344,098)

Cash and cash equivalents at the start of the period 221,781 138,468 527,344 4,971,532 8,141,423

Exchange gains/(losses) on cash and cash equivalents (6,042) (175) (19,640) (179,473) (2,832)

Cash and cash equivalents at the end of the period 3,813,034 126,391 929,723 832,376 1,794,493



148



Securities Equity Fund



Treasury Fund


USD USD USD USD Cash flows from operating activities

Purchases of financial assets and settlement of financial liabilities (9,101,223) (49,284,392) (9,133,781) (26,959,091)

Proceeds from sale of investments (including realised gains) 3,757,409 17,887,855 - 15,915,528

Dividends received 40,001 350,046 - 41,112

Income from financial assets through profit of loss 125,285 - - -

Interest received 747 (400) 52,714 2,149

Income from securities lending received - - - -

Other income 129 220 - -

Operating expenses paid (96,976) (5,341) (2,515) (69,199)

Net cash inflow/(outflow) from operating activities (5,274,628) (31,052,012) (9,083,582) (11,069,501)


Distributions paid to holders of redeemable participating shares - - (175,663) -

Proceeds from redeemable participating shares issued 29,759 34,196,252 10,180,685 16,950,405

Payment on redemption of redeemable participating shares - (5,958,803) - (3,254,490)

Income equalisation (61) 178,755 76 4,490

Net cash provided by/(used in) financing activities 29,698 28,416,204 10,005,098 13,700,405

Net increase/(decrease) in cash and cash equivalents (5,244,930) (2,635,808) 921,516 2,630,904

Cash and cash equivalents at the start of the period 5,584,192 3,031,311 - -

Exchange gains/(losses) on cash and cash equivalents (210,948) 24,849 (389) 37,634

Cash and cash equivalents at the end of the period 128,314 420,352 921,127 2,668,538


149

STATEMENTS OF CASH FLOWS OF THE FUNDS for the six months ended 30 June 2016


Equity Fund


Fund1



Fund


USD USD GBP USD USD




Dividends received 710,621 791,867 154,506 1,761,977 2,787,361


Interest received 1,214 123 524 1,601 2,639

Income from securities lending received 3,609 - 1,212 - 30,427

Other income 2,600 1,203 5,266 2,909 4,805


Net cash inflow/(outflow) from operating activities 2,094,740 (1,458,040) 2,218,420 (760,249) 19,450,036


Distributions paid to holders of redeemable participating shares - - (420,663) (1,713) (1,777)

Proceeds from redeemable participating shares issued - 1,815,616 822,706 3,667,156 79,817

Payment on redemption of redeemable participating shares (588,530) (623,216) (502,169) (5,001,606) (18,369,069)

Income equalization (5,775) 120,128 (1,151) (28,829) (1,995,701)

Net cash provided/(used in) by financing activities (594,305) 1,312,528 (101,277) (1,364,992) (20,286,730)

Net increase/(decrease) in cash and cash equivalents 1,500,435 (145,512) 2,117,143 (2,125,241) (836,694)

Cash and cash equivalents at the start of the period 1,581,765 318,694 636,581 3,422,371 3,288,445

Exchange gains/(losses) on cash and cash equivalents (96,149) 1,272 (69,442) (154,692) (91,932)

Cash and cash equivalents at the end of the period 2,986,051 174,454 2,684,282 1,153,438 2,359,819



150







USD USD USD USD USD




Dividends received - 3,460,942 1,943,182 - 14,972,629

Income from financial assets through profit of loss 4,621,831 - - 40,262 -

Interest received (11,068) 2,380 1,602 18 10,767

Income from securities lending received - 17,082 3,352 - 279,068

Other income 3,674 3,821 1,890 56,644 40,742

Operating expenses paid (333,809) (822,687) (266,297) (29,981) (1,496,552)

Net cash inflow/(outflow) from operating activities 7,756,119 48,112,032 (2,222,302) 4,824,786 76,389,289


Distributions paid to holders of redeemable participating shares - (35,054) - - -

Proceeds from redeemable participating shares issued 27,627,869 3,792,344 6,528,582 967,627 49,366,113


Income equalisation 99,848 (2,637,597) 217,523 (333,703) (7,334,293)

Net cash provided by/(used in) financing activities 146,946 (51,891,380) 2,054,607 (4,913,236) (66,992,242)

Net increase/(decrease) in cash and cash equivalents 7,903,065 (3,779,348) (167,695) (88,450) 9,397,047

Cash and cash equivalents at the start of the period 22,549,930 3,879,585 2,125,628 109,839 15,627,127

Exchange gains/(losses) on cash and cash equivalents (16,767) (77,226) 123,603 - (9,494)

Cash and cash equivalents at the end of the period 30,436,228 23,011 2,081,536 21,389 25,014,680


151



Fund





USD USD USD GBP GBP




Dividends received 6,311,028 115,256 748,589 79,759 897,038

Income from financial assets through profit of loss - 3,143 - 2,280,628 -

Interest received 3,640 (5) 1,194 (3,602) 379

Income from securities lending received 29,526 - 2,773 - -

Other income (156,554) 107 1,615 2,165 1,146


Net cash inflow/(outflow) from operating activities 34,082,296 1,529,900 (10,196,972) 7,850,975 1,365,761


Distributions paid to holders of redeemable participating shares (13,268) - (239,760) (1,775,999) (486,992)

Proceeds from redeemable participating shares issued 92,312,143 445,465 10,530,801 9,688,448 3,261,328


Income equalization (4,611,145) 11,253 282,491 (90,579) (122,459)

Net cash provided by/(used in) financing activities (36,085,315) (1,512,454) 9,982,817 (419,729) (1,394,827)

Net increase/(decrease) in cash and cash equivalents (2,003,019) 17,446 (214,155) 7,431,246 (29,066)

Cash and cash equivalents at the start of the period 4,284,180 17,037 1,659,647 222,737 747,084

Exchange gains/(losses) on cash and cash equivalents (29,264) (5,417) (2,031) (281,955) 264

Cash and cash equivalents at the end of the period 2,251,897 29,066 1,443,461 7,372,028 718,282


152



Tracker Fund





USD GBP EUR USD USD




Dividends received 171,611 797,087 2,276,637 2,093,140 314,200


Interest received 45 123 (1,874) 715 (151)

Income from securities lending received 357 2,852 18,512 9,376 1,453

Other income 13,075 (17,085) (45,816) 1,309 (172,836)

Operating expenses paid (21,861) (14,969) (66,278) (66,921) 259,380

Net cash inflow/(outflow) from operating activities 17,088,153 8,141,516 (409,557) (369,567) 3,433,530


Distributions paid to holders of redeemable participating shares (15,333) (35,254) (15,801) - (186,084)

Proceeds from redeemable participating shares issued 2,536,505 1,305,866 9,225,303 - 5,932,385

Payment on redemption of redeemable participating shares (19,030,288) (8,490,272) (9,130,967) - (8,625,991)

Income equalisation (674,597) (872,814) (42,678) - (217,426)

Net cash provided by/(used in) financing activities (17,183,713) (8,092,474) 35,857 - (3,097,116)

Net increase/(decrease) in cash and cash equivalents (95,560) 49,042 (373,700) (369,567) 336,414

Cash and cash equivalents at the start of the period 186,985 162,357 498,844 1,376,953 185,114

Exchange gains/(losses) on cash and cash equivalents (2,490) 7,715 (14,385) (29,126) 2,114

Cash and cash equivalents at the end of the period 88,935 219,114 110,759 978,260 523,642


153



Sanlam P2strategies UK

Fund


America Fund

Sanlam P2strategies

Emerging Market Fund

Sanlam P2strategies

Europe (ex UK) Fund

USD GBP USD USD EUR


Purchases of financial assets and settlement of financial liabilities (74,411,490) (738,208) (1,710,657) (1,222,046) (670,500)


Dividends received 126,588 - - - -


Interest received (8,452) (519) (40) (928) (1,823)

Income from securities lending received - - - - -

Other income 510 - 2 366 25


Net cash inflow/(outflow) from operating activities (20,789,005) 7,256,189 15,897,524 6,110,893 7,692,021


Distributions paid to holders of redeemable participating shares - - - - -

Proceeds from redeemable participating shares issued 41,855,385 458,159 1,902,801 725,679 957,438


Income equalisation (663,700) 222,223 417,567 195,707 180,538

Net cash provided by/(used in) financing activities 26,183,635 (8,356,844) (17,000,153) (6,927,270) (8,539,851)

Net increase/(decrease) in cash and cash equivalents 5,394,630 (1,100,655) (1,102,629) (816,377) (847,830)


Exchange gains/(losses) on cash and cash equivalents (1,456,715) 85,781 (22,132) (120,490) 38,736

Cash and cash equivalents at the end of the period 6,666,596 - - - -


154



Quality Fund


Fund



UK) Equity Fund


GBP USD USD GBP GBP



Proceeds from sale of investments (including realised gains) 8,478,016 29,563,320 408,212 6,115,769 9,189,668

Dividends received 414,626 476,217 118,770 704,930 761,281


Interest received 3,874 2,674 1,349 (728) (3)

Income from securities lending received 390 - - - -

Other income 1,336 1,473 277 578 1,437


Net cash inflow/(outflow) from operating activities (6,614,926) (17,452,854) (676,912) (10,910,257) (8,889,304)


Distributions paid to holders of redeemable participating shares (100,384) (42) - - -


Payment on redemption of redeemable participating shares (6,365,394) (953,957) (229,030) (159,635) (8,591,912)

Income equalisation 162,498 476,166 38,554 708,082 656,400

Net cash provided by/(used in) financing activities 10,233,286 19,775,406 1,324,349 11,235,566 9,982,025

Net increase/(decrease) in cash and cash equivalents 3,618,360 2,322,552 647,437 325,309 1,092,721


Exchange gains/(losses) on cash and cash equivalents 663,288 149,489 (8,173) 52,772 138,808

Cash and cash equivalents at the end of the period 8,393,421 5,715,487 2,294,687 403,858 1,390,350


155



Equity Fund


Fund


Fund



1

GBP GBP GBP USD USD Cash flows from operating activities

Purchases of financial assets and settlement of financial liabilities (9,616,491) (31,679,099) (13,330,859) (2,310,011) (425,386)

Proceeds from sale of investments (including realised gains) 3,676,132 25,860,388 11,171,471 2,225,084 310,398

Dividends received 798,444 2,163,126 305,982 39,970 82,363


Interest received 1,387 739 526 3,914 108

Income from securities lending received - - - 1,718 -

Other income 756 107,373 6,779 921 297


Net cash inflow/(outflow) from operating activities (5,227,344) (3,921,970) (1,108,083) (126,798) (79,081)


Distributions paid to holders of redeemable participating shares (20) (1,189,207) (5,776) - -

Proceeds from redeemable participating shares issued 3,893,274 20,856,767 467,674 5,825,850 142,270

Payment on redemption of redeemable participating shares (410,530) (16,946,087) (1,122,490) (3,016,940) (2,285)

Income equalisation 625,384 262,657 (29,178) (25,017) 1,790

Net cash provided by/(used in) financing activities 4,108,108 2,984,130 (689,770) 2,783,893 141,775

Net increase/(decrease) in cash and cash equivalents (1,119,236) (937,840) (1,797,853) 2,657,095 62,694

Cash and cash equivalents at the start of the period 2,013,571 1,180,549 5,339,165 4,734,455 128,883

Exchange gains/(losses) on cash and cash equivalents 277,692 (952) 2,846,405 (1,394) (246)

Cash and cash equivalents at the end of the period 1,172,027 241,757 6,387,717 7,390,156 191,331



156




Fund1


Fund


Opportunities Fund USD USD USD GBP Cash flows from operating activities

Purchases of financial assets and settlement of financial liabilities (9,235,737) (782,507) (1,348,845) (556,883)

Proceeds from sale of investments (including realised gains) 9,266,788 661,707 1,336,739 202,502

Dividends received 191,274 160,245 100,680 11,572

Income from financial assets through profit of loss - - - -

Interest received 479 121 161 5

Income from securities lending received 82 - - -

Other income 389 1,902 3,102 -

Operating expenses paid (172,644) (77,370) (51,085) 1,047

Net cash inflow/(outflow) from operating activities 50,631 (35,902) 40,752 (341,757)


Distributions paid to holders of redeemable participating shares - - - (1,385)

Proceeds from redeemable participating shares issued 4,971,705 144,691 62,559 358,621

Payment on redemption of redeemable participating shares (5,572,179) (17,136) - -

Income equalisation 17,386 616 (412) 974

Net cash provided by/(used in) financing activities (583,088) 128,171 62,147 358,210

Net increase/(decrease) in cash and cash equivalents (532,457) 92,269 102,899 16,453

Cash and cash equivalents at the start of the period 668,280 61,578 106,054 9,213

Exchange gains/(losses) on cash and cash equivalents (18,628) (1,588) (1,748) 220

Cash and cash equivalents at the end of the period 117,195 152,259 207,205 25,886



157

PORTFOLIO OF INVESTMENTS OF BRIDGE GLOBAL PROPERTY INCOME FUND as at 30 June 2017

Equities - 97.28%

Australia - 8.58%

279,865 General Property Group 1,029,276 2.84%

425,526 Growthpoint Properties Australia 1,025,897 2.84%

170,410 Westfield Corp 1,050,651 2.90%

Total Australia 3,105,824 8.58%

Canada - 3.01%

58,863 RioCan Real Estate Investment Trust 1,090,626 3.01%

Total Canada 1,090,626 3.01%

France - 2.96%

4,256 Unibail Rodamco 1,071,780 2.96%

Total France 1,071,780 2.96%

Great Britain - 10.94%

126,900 British Land 999,508 2.76%

28,000 Derwent London Plc 966,650 2.67%

134,400 Hammerson Plc 1,004,384 2.77%

75,300 Land Securities Group Plc 992,236 2.74%

Total Great Britain 3,962,778 10.94%

Mauritius - 2.31%

661,215 Mara Delta Property Holdings Limited 835,641 2.31%

Total Mauritius 835,641 2.31%

South Africa - 6.58%

1,208,100 Delta Property Fund Ltd 677,341 1.87%

1,431,359 Safari Investments RSA Limited 723,579 2.00%

1,731,754 Tower Property Fund 981,547 2.71%

Total South Africa 2,382,467 6.58%

United States - 62.90%

32,500 Acadia Realty Trust 903,500 2.49%

4,500 AvalonBay Communities Inc. 864,765 2.39%

7,000 Boston Properties Inc 861,140 2.38%

40,100 Columbia Property Trust Inc 897,438 2.48%

36,100 Cubesmart 867,844 2.40%

16,200 DCT Industrial Trust Inc 865,728 2.39%

100,500 DDR Corp 911,535 2.52%

7,600 Digital Realty Trust Inc 858,420 2.37%

Nominal Security Classification Fair Value

USD

% of

Net Assets



158

PORTFOLIO OF INVESTMENTS OF BRIDGE GLOBAL PROPERTY INCOME FUND (CONTINUED)

as at 30 June 2017

Equities - 97.28% (continued)

United States - 62.90% (continued)

30,700 Duke Realty Corp 858,065 2.37%

22,600 Education Realty Trust Inc 875,750 2.42%

13,000 Equity Residential 855,790 2.36%

7,100 Federal Realty Inv Trust 897,369 2.48%

25,000 Healthcare Realty Trust Inc 853,750 2.36%

25,100 Hudson Pacific Properties Inc 858,169 2.37%

41,000 Invitation Homes Inc 886,830 2.45%

49,600 Kimco Realty Corp 910,160 2.51%

21,000 Liberty Property Trust 854,910 2.36%

15,400 Macerich Co 894,124 2.47%

8,000 Mid-America Apartments 843,040 2.33%

15,100 Prologis Inc 885,464 2.45%

4,165 Public Storage Inc 868,527 2.40%

5,600 Simon Property Group Inc 905,856 2.50%

8,469 SL Green Realty Corp 896,020 2.47%

114,700 Spirit Realty Cap Inc 849,927 2.35%

9,700 Sun Communities Inc 850,593 2.35%

15,100 Taubman Centers Inc 899,205 2.48%

Total United States 22,773,919 62.90%

Total Equities 35,223,034 97.28%

Total financial assets at fair value through profit or loss 35,223,034 97.28%

Cash and cash equivalents 930,262 2.57%

Other net assets and liabilities 53,950 0.15%

Net assets attributable to holders of redeemable participating shares 36,207,246 100.00%


USD

% of

Net Assets

Financial assets at fair value through profit or loss (continued)


159

PORTFOLIO OF INVESTMENTS OF BRIDGE GLOBAL PROPERTY INCOME FUND (CONTINUED)

as at 30 June 2017 Bridge Global Property Income Fund

Summary

Classification Description

Fair Value % of % of

USD Net

Assets Total

Assets

Transferable securities and money market instruments admitted to official stock exchange listing or traded on regulated market 35,223,034 97.28% 97.04%

A Transferable securities and money market instruments other than those referred above - - -

B UCITS and AIFs

- - -

C Financial derivative instruments dealt in on a regulated market - - -

D Over the counter financial derivative instruments - - -

Cash and cash equivalents

930,262 2.57% 2.56%

Other net assets and liabilities

53,950 0.15% 0.15%



160

PORTFOLIO OF INVESTMENTS OF P-SOLVE INFLATION PLUS FUND

as at 30 June 2017

SANLAM RSALUNDS PLCCollective Investment Schemes – 31.95%

100,800 Blackrock Developed Real Estate Index Sub Fun 882,164 1.67%

1,796 Finsbury High Income Fund 1,479,362 2.80%

327,666 First State Investments ICVC - Asia Pacific 2,205,683 4.18%

41,766 GLG Treasury Plus Fund 662,857 1.25%

3,974 IFDC - Japan Dynamic Fund 662,943 1.25%

392,178 Institutional Sterling Liquidity Fund - Class A 392,178 0.74%

11,264 Marshall Wace UCIT Funds Plc 1,175,531 2.22%

28,647 Nomura US Higher Yield Bond Fund 3,651,495 6.91%

49,464 PIMCO Global Investors 962,569 1.82%

143,912 Pimco-Hi Yield Bond 2,941,565 5.57%

90,230 T Rowe Price fund Global Unconstrained Bond f 889,668 1.68%

81,961 T.Rowe Price Funds SICAV- Global Emerging Market 980,249 1.86%

Total Collective Investment Schemes 16,886,262 31.95%

Exchange Traded Funds – 49.55%

195,540 db x-trackes S&P 500 UCITS ETF 7,996,608 15.14%

28,401 ETFS Brent 1Mth Oil Security 442,090 0.84%

60,260 iShares Core S&P Small Cap ETF 3,257,485 6.17%

35,600 iShares Euro Stoxx UCITS ETF (DE) 1,183,921 2.24%

23,432 iShares MSCI Japan Monthly GBP Hedged 1,270,249 2.41%

50,722 iShares MSCI World Islamic 1,185,120 2.24%

2,090 SPDR Trust Series 1 388,704 0.74%

14,151 Vanguard Emerging Market ETF 441,748 0.84%

20,970 Vanguard FTSE 250 645,457 1.22%

113,110 Vanguard FTSE Developed ETF 3,594,556 6.80%

6,383 Vanguard Global ex- US Real Estate ETF 276,480 0.52%

4,868 Vanguard Reit Exchange Traded Fund 312,217 0.59%

8,828 Vanguard S&P 500 ETF 1,081,129 2.05%

11,860 Vanguard Small Cap Value ETF 1,122,756 2.13%

6,500 Vanguard Total Stock Market ETF 622,501 1.18%

228,980 WisdomTree Germany Equity UCITS ETF 2,345,328 4.44%

Total Exchange Traded Funds 26,166,349 49.55%


GBP

% of

Net Assets



161

PORTFOLIO OF INVESTMENTS OF P-SOLVE INFLATION PLUS FUND (CONTINUED)

as at 30 June 2017

Nominal Security Coupon Maturity Classification Fair Value % of

GBP Net Assets

Financial assets at fair value through profit or loss (continued) Government Debt – 16.55%

Great Britain – 16.55%

503,438 UK Gilt 1.250% 22/07/2018 508,369 0.96%

1,988,370 UK Treasury 4.500% 07/09/2034 2,809,676 5.32%

1,304,500 UK Treasury 0.500% 22/07/2022 1,292,994 2.45%

2,770,900 UK Treasury 1.500% 22/07/2026 2,849,510 5.39%

990,935 UK Treasury 4.250% 07/12/2027 1,282,171 2.43%


Total Government Debt 8,742,721 16.55%


Cash and cash equivalents 1,538,244 2.91%

Other net assets and liabilities (506,603) (0.96)%



Summary



GBP Net

Assets Total

Assets



B UCITS and AIFs

16,886,262 31.97% 31.95%




1,538,244 2.91% 2.88%


(506,602) (0.96)% (0.95)%



162

UNIVER PORTFOLIO OF INVESTMENTS OF SANLAM AFRICAN FRONTIERS MARKETS FUND as at 30 June 2017

Equities - 94.74%

Egypt - 16.76%

1,395,000 Commercial International Bank Egypt SAE (CIB) 6,277,500 8.72%

350,952 Credit Agricole Egypt 861,787 1.20%

179,404 Eastern Tobacco 2,798,001 3.89%

3,900,000 Global Telecom Holding 1,493,874 2.07%

273,942 National Societe Generale Bank 635,337 0.88%

Total Egypt 12,066,499 16.76%

Jersey Channel Islands - 2.25%

805,000 Centamin PLC 1,620,978 2.25%

Total Jersey Channel Islands 1,620,978 2.25%

Kenya - 13.71%

1 Co-operative Bank of Kenya Ltd - 0.00%

1,000,000 East African Breweries Ltd 2,496,386 3.47%

5,000,000 Equity Bank Ltd 1,819,277 2.53%

5,273,000 Kenya Commercial Bank Ltd 1,918,610 2.66%

16,583,304 Safaricom Ltd 3,636,339 5.05%

Total Kenya 9,870,612 13.71%

Mauritius - 7.36%

288,475 MCB Group Ltd 2,275,673 3.16%

1,105,617 Rockcastle Global Real Estate Company Limited 3,021,501 4.20%

Total Mauritius 5,297,174 7.36%

Morocco - 17.69%

72,849 Attijariwafa Bank 3,319,341 4.61%

23,599 Banque Centrale Populaire 708,749 0.98%

153,486 Douja Prom Addoha 773,970 1.07%

4,200 LafargeHolcim Maroc SA 908,912 1.26%

312,656 Maroc Telecom 4,546,894 6.32%

11,227 Societe des Brasseries du Maroc 2,483,083 3.45%

Total Morocco 12,740,949 17.69%

Nigeria - 22.18%

45,527,952 Guaranty Trust Bank 4,317,691 6.00%

582,174 Guinness Nigeria Plc 113,371 0.16%

777,829 Nestle Foods Nigeria Plc 1,908,770 2.65%

7,378,747 Nigerian Breweries Plc 3,235,587 4.49%

990,337 Seplat Petroleum Development 1,326,877 1.89%

10,348,285 Stanbic IBTC Holding Co 930,094 1.29%


USD

% of

Net Assets



163

SANLAM PORTFOLIO OF INVESTMENTS OF SANLAM AFRICAN FRONTIERS MARKETS FUND (CONTINUED)

as at 30 June 2017


Nigeria – 22.18% (continued)

46,314,427 United Bank for Africa Plc 1,105,007 1.54%

52,619,115 Zenith Bank Ltd 2,993,826 4.16%

Total Nigeria 4,098,833 22.18%

Senegal - 3.74%

64,843 Sonatel 2,692,044 3.74%

Total Senegal 2,692,044 3.74%

Zimbabwe - 11.05%

2,427,796 Delta Corporation Ltd 3,083,301 4.28%

13,535,392 Econet Wireless Zimbambwe Ltd 4,872,741 6.77%

Total Zimbabwe 7,956,042 11.05%



USD Net Assets

Corporate Debt - 0.44%

Zimbabwe – 0.44%

6,820,155 Econet Wireless Debenture 0.000% 31/12/2049 318,160 0.44%

Total Zimbabwe 318,160 0.44%

Total Corporate Debt 318,160 0.44%

Derivative Financial Instruments Rights - 0.05%

Nigeria – 0.05%

1,752,903 Stanbic IBTC Holding Co 35,807 0.05%

Total Nigeria 35,807 0.05%

Total Rights 35,807 0.05%






USD

% of

Net Assets



164

PORTFOLIO OF INVESTMENTS OF SANLAM AFRICAN FRONTIERS MARKETS FUND (CONTINUED)

as at 30 June 2017 Sanlam African Frontier Markets Fund

Summary



USD Net

Assets Total

Assets


A Transferable securities and money market instruments other than those referred above 35,807 0.00% 0.00%

B UCITS and AIFs

- - -




3,367,440 4.68% 4.67%


102,611 0.14% 0.14%



165

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL BEST IDEAS FUND as at 30 June 2017

SANLAM UNIVERSAL FUEquities - 98.89%

Bermuda - 1.20%

36,500 Essent Group Ltd 1,355,610 1.20%

Total Bermuda 1,355,610 1.20%

Canada - 2.12%

87,776 Lions Gate Entertainment Corporation 2,391,896 2.12%

Total Canada 2,391,896 2.12%

Cayman Islands - 0.00%

28,882,799 DBA Telecommunication Asia - 0.00%

Total Cayman Islands - 0.00%

France - 3.79%

49,564 AXA SA 1,354,789 1.21%

21,656 Scor SE 857,892 0.76%

41,554 Total SA 2,052,816 1.82%

Total France 4,265,497 3.79%


4,700,000 Accident Exchange Group Plc - 0.00%

342,984 Countrywide Plc 747,307 0.66%

108,390 GlaxoSmithKline Plc 2,305,951 2.05%

529,873 Howden Joinery Group PLC 2,805,971 2.49%

197,335 IG Group Holdings Plc 1,458,018 1.29%

47,006 Imperial Brands Plc 2,108,598 1.87%

681,727 Legal & General Group Plc 2,290,579 2.03%

58,326 Micro Focus International Plc 1,723,017 1.53%

53,231 Nielsen Holdings Plc 2,057,910 1.83%

200,000 OneSavings Bank Plc 975,600 0.87%

95,894 Royal Dutch Shell PLC 2,542,927 2.26%

1,052,471 Taylor Wimpey Plc 2,412,273 2.14%

63,700 TBC Bank Group Plc 1,312,517 1.17%


Hong Kong - 0.84%

1,783,224 Esprit Holdings Ltd 950,249 0.84%

Total Hong Kong 950,249 0.84%

India - 1.27%

124,460 LIC Housing Finance Ltd 1,429,501 1.27%

Total India 1,429,501 1.27%


USD

% of

Net Assets



166

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL BEST IDEAS FUND (CONTINUED)

as at 30 June 2017


Ireland - 3.82%

48,509 Medtronic Plc 4,305,174 3.82%

Total Ireland 4,305,174 3.82%

Netherlands - 3.95%

12,600 ASML Holding NV 1,640,801 1.45%

51,017 Unilever NV 2,813,465 2.50%

Total Netherlands 4,454,266 3.95%

Portugal - 0.99%

4,130,000 Banco Commercial Portugues SA 1,110,988 0.99%

Total Portugal 1,110,988 0.99%

Russia - 1.71%

459,800 Moscow Exchange Micex 811,191 0.72%

107,500 Sberbank of Russia 1,112,625 0.99%

Total Russia 1,923,816 1.71%

Singapore - 1.90%

756,826 Singapore Telecommunications Ltd 2,138,641 1.90%

Total Singapore 2,138,641 1.90%

Switzerland - 5.03%

29,653 Novartis AG 2,467,476 2.19%

9,213 Roche Holding AG 2,346,001 2.09%

50,000 UBS Group AG 846,715 0.75%

Total Switzerland 5,660,192 5.03%

Turkey - 0.83%

2,318,049 Turkiye Sinai Kalkin 936,079 0.83%

Total Turkey 936,079 0.83%


31,682 Altria Group Inc 2,359,359 2.10%

25,939 American International Group 1,621,706 1.44%

22,747 Apple Inc 3,276,023 2.91%

82,809 Bank of America Corp 2,008,946 1.78%

12,040 Bard CR Inc 3,805,964 3.38%

13,776 Berkshire Hathaway Inc. 2,333,241 2.07%

10,046 Boeing Com 1,986,597 1.76%

118,399 Cisco Systems Inc 3,705,889 3.29%

25,941 Citigroup Inc 1,734,934 1.54%


USD

% of

Net Assets



167


as at 30 June 2017



8,630 Credicorp 1,548,136 1.37%

119,103 HP Inc 2,081,920 1.85%

8,302 Illinois Tool Works 1,189,262 1.06%

36,632 JP Morgan Chase & Co 3,348,165 2.97%

140,780 MGIC Investment Corp 1,576,736 1.40%

58,899 Microsoft Corp 4,059,908 3.60%

1,260 NVR Inc 3,037,369 2.70%

77,228 Oracle Corp 3,872,212 3.44%

20,120 Pepsico Inc 2,323,659 2.06%

24,039 Philip Morris International Inc 2,823,381 2.51%

21,165 Time Warner Inc 2,125,178 1.89%

4,067 Transdigm Group Incorporated 1,093,494 0.97%

35,328 Twenty First Century Fox Inc. 1,001,196 0.89%

59,930 Verizon Communications Inc 2,676,474 2.38%

18,820 Wells Fargo & Co 1,042,816 0.93%

99,624 Wesco Aircraft Holdings Inc 1,080,920 0.96%


Total Equities 111,376,061 98.89%






USD

% of

Net Assets



168


as at 30 June 2017


Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




1,088,375 0.97% 0.97%


157,290 0.14% 0.14%



169

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL BOND FUND as at 30 June 2017


USD Net Assets


Debt – 95.50%

Corporate Debt – 38.72%

Australia - 0.87%

882,000 Queensland Treasury Corp 3.250 21/07/2026

687,940 0.14%

1,750,000 Westpac Banking Corp 3.350 08/03/2027

1,762,338 0.37%

800,000 Westpac Banking Corp 7.250 11/02/2020

685,246 0.14%

1,000,000 Westpac Banking Corp 4.322 23/11/2031

1,027,600 0.21%

Total Australia

4,163,123 0.87%

Austria - 0.06%

131,000 Autobahn Schnell AG 4.500 16/10/2017

151,656 0.03%

83,000 Energie Oberoesterreich 4.500 04/03/2025

119,231 0.02%

Total Austria

270,887 0.06%

Canada - 0.57%

1,274,000 CDP Financial 4.600 15/07/2020

1,063,311 0.22%

113,000 General Elec Cap Canada 5.730 22/10/2037

114,966 0.02%

1,613,000 Royal Bank of Canada 4.930 16/07/2025

1,456,530 0.30%

100,000 Toronto Dominion Bank 3.226 24/07/2024

80,988 0.02%

Total Canada

2,715,794 0.57%

European Union - 0.15%

500,000 Caja Ahorro Monte Madrid 4.000 03/02/2025

700,433 0.15%

Total European Union

700,433 0.15%

Finland - 0.14%

600,000 Finnvera Plc 0.500 13/04/2026

675,330 0.14%

Total Finland

675,330 0.14%

France - 2.13%

1,117,000 Caisse D'Amort Dette Soc 4.375 25/10/2021

1,521,830 0.32%

1,276,000 Caisse Francaise De Fin 4.250 07/02/2019

1,563,817 0.33%

420,000 CIE Financement Foncier 4.000 24/10/2025

605,428 0.13%

1,600,000 Credit Agricole London 1.750 12/03/2018

1,851,243 0.39%

900,000 Credit Agricole Public 1.875 07/06/2023

1,122,676 0.23%

100,000 Credit Agricole SA London 5.500 17/12/2021

154,371 0.03%

300,000 Electricite De France 6.125 02/06/2034

531,741 0.11%

180,000 GDF Suez 2.875 10/10/2022

182,014 0.04%

731,000 GDF Suez 6.375 18/01/2021

1,018,209 0.21%

130,000 GDF Suez 6.375 18/01/2021

181,077 0.04%

1,000,000 Reseau Ferre de France 4.250 07/10/2026

1,488,015 0.31%

Total France

10,220,422 2.13%

Germany - 1.20%

502,000 Ewe Ag 4.875 14/10/2019

635,365 0.13%

657,000 Hypothekenbank Frankfurt 4.375 02/07/2019

819,681 0.17%

160,000 KFW 0.000 29/06/2037

88,802 0.02%

541,000 KFW 2.250 21/09/2017

621,271 0.13%


170

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL BOND FUND (CONTINUED) as at 30 June 2017


USD Net Assets


Debt – 95.50% (continued)

Corporate Debt – 38.72% (continued) Germany - 1.20% (continued) 771,000 KFW 2.000 02/05/2025

753,907 0.16%

1,200,000 Land Nordrhein - Westfalen 1.250 16/09/2019

1,187,688 0.25%

66,000 Land Nordrhein - Westfalen 2.000 15/10/2025

84,391 0.02%

1,000,000 Landwirtsch Rentenbank 2.700 05/09/2022

766,610 0.16%

379,000 NRW Bank 3.875 27/01/2020

478,836 0.10%

188,000 RWE AG 5.750 14/02/2033

316,967 0.07%

Total Germany

5,753,518 1.20%

Great Britain 3.41%

202,000

Abbey National Treasury Services Plc 4.125 14/09/2017

264,519 0.06%

600,000 Bank of Scotland Plc 9.375 15/05/2021

1,006,077 0.21%

1,970,000 BG Energy Capital Plc 6.500 30/11/2072

2,003,195 0.42%

700,000 BP Capital Markets Plc 4.742 11/03/2021

762,083 0.16%

1,400,000 BP Capital Markets Plc 2.518 16/01/2020

1,413,986 0.30%

1,770,000 British Telecommunications 1.125 10/03/2023

2,044,483 0.43%

510,000 Centrica Plc 4.375 13/03/2029

779,152 0.16%

590,000 FCE Bank Plc 1.750 21/05/2018

684,107 0.14%

140,000 Glaxo Smith Kline Capital 5.250 10/04/2042

263,494 0.06%

210,000 HSBC Plc 6.000 29/03/2040

362,770 0.08%

1,775,000 Lloyd Bank Plc 6.500 24/03/2020

2,353,988 0.49%

710,000 Lloyds Bank Plc 1.000 19/11/2021

834,989 0.17%

400,000 National Grid Electricity Transmission 4.000 08/06/2027

610,314 0.13%

600,000 Nationwide Plc 0.625 25/03/2027

657,998 0.14%

609,000 Network Rail Infra Finance 4.750 22/01/2024

971,673 0.20%

283,000 Vodafone Group Plc 5.375 05/12/2017

375,297 0.08%

690,000 Vodafone Group Plc 7.875 15/02/2030

939,890 0.20%

Total Great Britain

16,328,016 3.41%

Hong Kong - 0.16%

665,000 AIA Group 4.875 11/03/2044

749,954 0.16%

Total Hong Kong

749,954 0.16%


350,000 Annington Repack 5.324 10/01/2023

541,587 0.11%

100,000 Heathrow Funding Ltd 4.625 31/10/2048

171,564 0.04%

300,000 Heathrow Funding Ltd 4.625 31/10/2048

514,691 0.11%

Total Jersey Channel Islands

1,227,842 0.26%

Korea (South) - 0.27%

1,316,000 Export-Import Bank of Korea 1.750 26/05/2019

1,308,157 0.27%

Total Korea (South)

1,308,157 0.27%


171



USD Net Assets



Corporate Debt – 38.72% (continued)

Malaysia - 0.08%

400,000

Export Import Bank of Malaysia 2.875 14/12/2017

401,216 0.08%

Total Malaysia

401,216 0.08%

Mexico - 0.33%

982,000 America Movil SAB 6.125 30/03/2040

1,204,069 0.25%

391,000 Petroleos Mexicanos 4.875 18/01/2024

396,720 0.08%

Total Mexico

1,600,790 0.33%

Netherlands – 2.28%

800,000 ABN Amro Bank NV 1.000 13/04/2031

881,613 0.18%

700,000 Cooperatieve Rabobank UA 1.375 03/02/2027

814,433 0.17%

253,000 ENBW International Finance BV 6.125 07/07/2039

471,261 0.10%

775,000 Enel Finance International NV 4.875 17/04/2023

1,096,329 0.23%

300,000 Iberdrola 4.250 11/10/2018

361,143 0.08%

2,086,000 Nederlandse Gasunie NV 2.625 13/07/2022

2,645,705 0.55%

34,000 Rabobank Nederland 3.250 01/11/2017

44,615 0.01%

376,000 Rabobank Nederland 4.125 14/07/2025

534,969 0.11%

188,000 RWE Finance BV 1.875 30/01/2020

224,220 0.05%

980,000 Shell International Finance 4.375 11/05/2045

1,029,137 0.21%

1,392,000 Shell International Finance 6.375 15/12/2038

1,860,547 0.39%

850,000 Unilever NV 1.125 29/04/2028

966,855 0.20%

Total Netherlands

10,930,827 2.28%

New Zealand - 0.17%

715,000

BNZ International Funding London 0.125 17/06/2021

814,438 0.17%

Total New Zealand

814,438 0.17%

Spain - 0.48%

900,000 Banco Bilbao Vizcaya ARG 3.875 30/01/2023

1,233,980 0.26%

200,000 Banco Santander SA 2.000 27/11/2034

242,074 0.05%

500,000 Fondo De Amortizacion Del Defi 5.600 17/09/2018

611,035 0.13%

200,000 Gas Natural Capital 4.125 26/01/2018

233,772 0.05%

Total Spain

2,320,862 0.48%

Supra-National - 0.56%

236,000 Asian Development Bank 5.820 16/06/2028

289,721 0.06%

525,000 Eurofima 2.875 04/02/2030

715,861 0.15%

279,000 Inter - American Development Bank 4.375 24/01/2044

337,808 0.07%

1,275,000 International Bank Recon & Development 0.000 26/11/2021

1,356,592 0.28%

Total Supra-National

2,699,982 0.56%


172



USD Net Assets




Sweden - 0.43%

560,000 Skandinaviska Enskilda 2.000 19/02/2021

679,649 0.14%

1,400,000 Swedish Export Credit 1.750 18/05/2020

1,399,748 0.29%

Total Sweden

2,079,397 0.43%

Switzerland - 0.09%

360,000 Pfandbrief Schweiz Hypo 1.625 15/03/2022

407,896 0.09%

Total Switzerland

407,896 0.09%

United States – 25.07%

1,433,000

American International Group Inc 4.125 15/02/2024

1,512,933 0.32%

1,104,000 Amgen Inc 2.125 13/09/2019

1,315,372 0.27%

1,976,000 Amgen Inc 3.625 15/05/2022

2,065,414 0.43%

570,000 Anadarko Petroluem Corp 3.450 15/07/2024

561,137 0.12%

1,408,000 Anheuser Busch Inbev 4.000 17/01/2043

1,403,494 0.29%

870,000 Anheuser Busch Inbev 3.750 15/01/2022

917,615 0.19%

920,000 AT&T Inc 2.500 15/03/2023

1,130,919 0.24%

2,120,000 AT&T Inc 4.450 15/05/2021

2,256,952 0.47%

700,000 AT&T Inc 5.000 01/03/2021

756,735 0.16%

614,000 Bank of America Corp 4.875 01/04/2044

688,902 0.14%

1,000,000 Bank of America Corp 1.375 10/09/2021

1,179,727 0.25%


817,144 0.17%


68,671 0.01%

447,000 Bank One Corp 7.625 15/10/2026

574,226 0.12%

775,000 Caterpillar Financial SE 3.250 01/12/2024

796,840 0.17%

2,262,000 Caterpillar Financial SE 7.150 15/02/2019

2,451,352 0.51%

431,000 Caterpillar Financial SE 7.150 15/02/2019

467,079 0.10%

1,140,000 Caterpillar Inc 3.400 15/05/2024

1,187,093 0.25%

1,143,000 Citigroup Inc 2.125 10/09/2026

1,386,885 0.29%

230,000 Citigroup Inc 5.150 21/05/2026

366,910 0.08%

1,911,000 Daimler Finance NA LLC 1.875 11/01/2018

1,913,656 0.40%

872,000 Dominion Resources Inc 4.900 01/08/2041

956,863 0.20%

1,230,000 Dow Chemical Co 3.000 15/11/2022

1,251,697 0.26%

473,021 Fannie Mae 3.000 01/11/2034

480,681 0.10%

1,259,870 Fannie Mae 3.000 01/07/2043

1,260,080 0.26%

1,145,740 Fannie Mae 3.500 01/03/2040

1,185,606 0.25%

882,441 Fannie Mae 3.500 01/05/2042

906,737 0.19%

4,361 Fannie Mae 4.500 01/03/2018

4,386 0.00%

1,820,021 Fannie Mae 4.500 01/05/2040

1,961,523 0.41%

18,101 Fannie Mae 5.500 01/03/2023

19,988 0.00%

1,662,831 Fannie Mae 5.500 01/11/2035

1,849,492 0.39%

2,800,507 Federal Home Loan Mortgage 3.000 01/09/2027

2,877,167 0.60%


3,024,616 0.63%

800,000 Federal Home Loan Mortgage 3.000 10/09/2021

835,672 0.17%


173



USD Net Assets




United States – 25.07% (continued)


1,339,421 0.28%

309,601 Federal Home Loan Mortgage 3.500 01/12/2044

318,363 0.07%

389,000 Florida Power & Light Co 4.125% 01022042 4.125 01/02/2042

414,553 0.09%

1,963,446 Fannie Mae 3.000 01/06/2042

1,963,772 0.41%

2,990,801 Fannie Mae 3.000 01/11/2042

2,998,704 0.63%

312,733 Fannie Mae 3.000 01/09/2027

321,287 0.07%

230,537 Fannie Mae 3.000 01/09/2034

234,265 0.05%

253,680 Fannie Mae 3.500 01/06/2039

262,732 0.05%

2,033,200 Fannie Mae 4.500 01/02/2045

2,190,601 0.46%

293,595 Fannie Mae 4.500 01/08/2040

316,013 0.07%

388,701 Fannie Mae 5.500 01/12/2038

431,109 0.09%

921,000 Freddie Mac 2.375 13/01/2022

940,184 0.20%

1,036,764 Freddie Mac 3.000 01/04/2028

1,066,123 0.22%

2,295,000 Freddie Mac 3.375 12/06/2020

2,407,960 0.50%

136,075 Freddie Mac 3.500 01/10/2041

140,292 0.03%

1,137,000 Freddie Mac 6.250 15/07/2032

1,616,496 0.34%

6,828,871 Freddie Mac 2.500 01/01/2029

6,937,062 1.45%

1,866,007 Freddie Mac 3.000 01/07/2045

1,873,275 0.39%

3,910,402 Freddie Mac 3.000 01/01/2047

3,920,715 0.82%

5,734,363 Ginnie Mae 3.500 15/12/2041

5,970,648 1.25%

971,161 Ginnie Mae 4.000 20/02/2041

1,022,400 0.21%

241,701 Ginnie Mae 2.500 15/09/2042

236,257 0.05%

256,554 Ginnie Mae 2.500 20/01/2045

253,009 0.05%

1,771,232 Ginnie Mae 4.000 15/08/2041

1,872,307 0.39%

1,037,282 Ginnie Mae 4.000 15/10/2044

1,108,183 0.23%

141,411 Ginnie Mae 4.000 15/03/2044

149,185 0.03%

778,852 Ginnie Mae 4.000 15/04/2044

831,495 0.17%

87,953 Ginnie Mae 4.000 20/11/2044

92,916 0.02%

1,139,227 Ginnie Mae 4.500 20/03/2046

1,217,503 0.25%

862,223 Ginnie Mae 4.500 20/08/2043

939,203 0.20%

764,863 Ginnie Mae 4.500 20/08/2043

829,146 0.17%

857,000 JP Morgan Chase & Co 4.850 01/02/2044

994,154 0.21%

2,000,000 JP Morgan Chase & Co 3.200 25/01/2023

2,038,400 0.43%

500,000 JPM Chase Commercial Mortgage 3.143 15/12/2047

511,645 0.11%

1,415,000 Kinder Morgan Ener Part 5.000 15/08/2042

1,385,695 0.29%

1,712,000 McDonald's Corp 3.250 10/06/2024

1,757,556 0.37%

600,000 McDonald's Corp 1.750 03/05/2028

700,722 0.15%

3,339,000 McDonald's Corp 2.750 09/12/2020

3,409,286 0.71%

1,000,000 Microsoft Corp 2.400 08/08/2026

961,780 0.20%

650,000 Microsoft Corp 4.100 06/02/2037

701,740 0.15%

2,290,000 Morgan Stanley 2.500 24/01/2019

2,308,228 0.48%

1,500,000 Morgan Stanley 2.800 16/06/2020

1,521,630 0.32%


174



USD Net Assets




United States – 25.07% (continued) 1,682,000 Morgan Stanley 3.625 20/01/2027

1,694,699 0.35%

200,000 New York NY 5.206 01/10/2031

232,678 0.05%

240,000 Oncor Electric Delivery Co 7.000 01/09/2022

289,104 0.06%

523,000 Oncor Electric Delivery Co 4.550 01/12/2041

573,574 0.12%

978,000 Pacific Gas & Electric 4.750 15/02/2044

1,115,957 0.23%

1,250,000 Philip Morris International Inc 2.875 03/03/2026

1,619,633 0.34%

350,000 Philip Morris International Inc 3.125 03/06/2033

468,453 0.10%

1,330,000 Philip Morris International Inc 4.500 20/03/2042

1,416,078 0.30%

1,088,000 Tennessee Valley Authority 5.500 18/07/2017

1,090,007 0.23%

2,936,000 Time Warner Inc 2.100 01/06/2019

2,939,787 0.61%

1,230,000 Verizon Communications 4.150 15/03/2024

1,294,575 0.27%

1,200,000 Verizon Communications 3.500 01/11/2021

1,242,564 0.26%

2,180,000 Wal-Mart Stores Inc 3.300 22/04/2024

2,280,302 0.48%

151,000 Wal-Mart Stores Inc 5.250 28/09/2035

279,357 0.06%

2,540,000 Wells Fargo & Company 3.000 22/01/2021

2,595,474 0.54%

Total United States

120,071,821 25.07%

Total Corporate Debt

185,440,704 38.72%

Government Debt – 56.78%

Australia - 0.92%

233,000 Australia (Commonwealth) 4.500 15/04/2020

191,409 0.04%

1,196,000 Australia (Commonwealth) 4.750 21/04/2027

1,088,236 0.23%

700,000 Australia (Commonwealth) 3.750 18/10/2019

551,482 0.12%

67,000 Australian Government 2.750 21/04/2024

52,558 0.01%


704,439 0.15%


155,695 0.03%


290,849 0.06%


374,382 0.08%


363,048 0.08%


490,113 0.10%


166,064 0.03%

Total Australia

4,428,276 0.92%

Austria - 0.44%

380,133 Republic of Austria 6.250 15/07/2027

674,227 0.14%


117,251 0.02%


40,431 0.01%


752,221 0.16%


503,017 0.11%

Total Austria

2,087,147 0.44%


175



USD Net Assets



Government Debt – 56.78% (continued)

Belgium – 1.11%

560,428 Belgium 5.500 28/03/2028

954,090 0.20%

470,331 Belgium 4.000 28/03/2022

642,896 0.13%

110,000 Belgium 4.500 28/03/2026

168,565 0.04%

593,660 Belgium 3.000 28/09/2019

730,860 0.15%

1,049,000 Belgium 4.500 28/03/2026

1,607,500 0.34%

262,128 Belgium 3.000 28/09/2019

322,708 0.07%

546,328 Belgium 3.750 22/06/2045

909,073 0.19%

Total Belgium

5,335,693 1.11%

Canada - 2.28%

350,000 British Columbia Province 5.750 01/06/2029

379,781 0.08%

730,000 British Columbia Province 6.200 02/06/2031

786,035 0.16%

1,755,000 Canada Government 4.700 02/06/2037

1,718,862 0.36%

1,337,000 Canada Government 4.700 18/06/2037

1,317,343 0.28%

186,000 Canada Government 3.750 01/06/2019

150,239 0.03%


507,154 0.11%


180,891 0.04%


620,449 0.13%


146,423 0.03%

815,000 Manitoba Province 2.500 01/06/2024

665,551 0.14%

1,420,000 Ontario Province 2.500 20/04/2026

1,398,373 0.29%

400,000 Ontario Province 0.750 15/12/2021

514,534 0.11%


870,564 0.18%


487,400 0.10%

1,523,000 Quebec Province 2.100 08/09/2019

1,190,850 0.25%

Total Canada

10,934,450 2.28%

Czechoslovakia - 0.07%

7,120,000 Czech Republic 2.500 25/08/2028

357,680 0.07%

Total Czechoslovakia

357,680 0.07%

Denmark - 0.30%

860,000 Denmark 4.500 15/11/2039

219,450 0.05%

7,273,763 Denmark 1.500 15/11/2023

1,215,911 0.25%

Total Denmark

1,435,362 0.30%

France - 3.55%

2,239,324 France Government 8.500 25/04/2023

3,808,487 0.80%


2,764,904 0.58%

143,120 France Government 4.000 25/04/2060

260,656 0.05%


2,229,735 0.47%


4,020,124 0.84%


242,128 0.05%


1,165,562 0.24%


1,296,608 0.27%


176



USD Net Assets



Government Debt – 56.78% (continued) France - 3.55% (continued) 909,918 France Government 2.500 25/05/2030

1,215,147 0.25%

Total France

17,003,350 3.55%

Germany – 1.96%

1,322,075 Germany Government 1.000 15/08/2024

1,606,916 0.34%

238,974 Germany Government 5.500 04/01/2031

439,860 0.09%


974,972 0.20%


1,930,296 0.40%


1,707,469 0.36%


1,612,552 0.34%


1,100,665 0.23%

Total Germany

9,372,730 1.96%

Great Britain 3.80%

1,148,188 UK Gilt 5.000 07/03/2025

1,939,242 0.40%

230,000 UK Government 4.750 07/12/2038

453,781 0.09%

1,538,750 UK Government 4.250 07/12/2027

2,585,734 0.54%

2,213,359 UK Government 4.500 07/12/2042

4,402,026 0.92%

120,000 UK Government 4.750 07/12/2030

217,524 0.05%

943,000 UK Treasury 4.250 07/12/2049

1,949,202 0.41%

675,000 UK Treasury 4.000 07/03/2022

1,017,709 0.21%

646,556 UK Treasury 3.750 07/09/2019

903,680 0.19%

86,000 UK Treasury 4.500 07/09/2034

157,842 0.03%

408,211 UK Treasury 4.000 22/01/2060

897,035 0.19%

641,091 UK Treasury 1.000 07/09/2017

835,223 0.17%

184,007 UK Treasury 1.750 07/09/2022

252,511 0.05%

500,000 UK Treasury 2.250 07/09/2023

706,341 0.15%

450,000 UK Treasury 2.750 07/09/2024

659,279 0.14%

894,092 UK Treasury 1.500 22/01/2021

1,204,951 0.25%

Total Great Britain

18,182,081 3.80%

Ireland - 0.54%

2,195,839 Irish Treasury 0.800 15/03/2022

2,601,292 0.54%

Total Ireland

2,601,292 0.54%

Israel - 0.08%

1,400,000 Israel Fixed Bond 1.750 31/08/2025

399,963 0.08%

Total Israel

399,963 0.08%

Italy - 3.32%

1,169,000 Buoni Poliennali Del Tes 5.000 01/08/2034

1,738,156 0.36%


3,316,768 0.69%


3,300,416 0.69%

154,000 Buoni Poliennali Del Tes 5.500 01/11/2022

216,248 0.05%


965,170 0.20%


177



USD Net Assets



Government Debt – 56.78% (continued) Italy - 3.32% (continued) 1,754,000 Buoni Poliennali Del Tes 4.500 01/03/2024

2,384,672 0.50%


1,697,309 0.35%


754,455 0.16%


1,550,745 0.32%

Total Italy

15,923,938 3.32%

Japan – 16.50%

165,750,000 Japan Government 3.000 20/09/2017

1,485,377 0.31%


4,868,794 1.02%


4,472,318 0.93%


8,435,264 1.76%


5,946,157 1.24%


2,067,759 0.43%


6,169,646 1.29%


3,327,679 0.69%


6,222,473 1.30%


7,888,501 1.65%

290,150,000 Japan Government 0.800 20/06/2023 2,712,819 0.57%

900,000 Japan Bank 2.375 20/04/2026

875,610 0.18%

1,410,000 Japan Financial Organisation 2.125 13/04/2021

1,394,603 0.29%

2,000,000 Japan Financial Organisation 2.125 12/02/2021

1,979,200 0.41%


2,696,576 0.56%

1,800,000 Tokyo Metropolitan Government 2.125 20/05/2019

1,802,124 0.38%


2,878,393 0.60%


5,819,955 1.22%


2,004,039 0.42%


5,980,440 1.25%

Total Japan

79,027,725 16.50%


270,000,000 Korea Treasury 5.500 10/12/2029

319,469 0.07%

378,930,000 Korea Treasury 3.000 10/12/2042

376,701 0.08%

707,610,000 Korea Treasury 3.000 10/09/2024

654,158 0.14%

Total Korea (South)

1,350,327 0.28%

Luxembourg - 0.28%

1,058,000

European Financial Stability Facility Bond 1.750 27/06/2024

1,322,352 0.28%

Total Luxembourg

1,322,352 0.28%

Malaysia - 0.19%

525,000 Malaysia Government 5.734 30/07/2019

127,872 0.03%

1,648,000 Malaysia Government 4.709 15/09/2026

402,827 0.08%


178



USD Net Assets



Government Debt – 56.78% (continued) Malaysia - 0.19% (continued) 711,000 Malaysia Government 4.012 15/09/2017

165,706 0.03%


123,647 0.03%


93,816 0.02%

Total Malaysia

913,868 0.19%

Mexico - 0.53%

23,377,900 Mexico Government 6.500 10/06/2021

1,289,397 0.27%

572,000 Mexico Government 4.750 08/03/2044

579,453 0.12%

13,000,000 Mexico Government 5.750 05/03/2026

671,869 0.14%

Total Mexico

2,540,718 0.53%

Netherlands - 0.88%

617,938 Netherlands Government 5.500 15/01/2028

1,057,195 0.22%

345 Netherlands Government 4.500 15/07/2017

394 0.00%


1,059,437 0.22%

1,092,295 Netherlands Government 4.000 15/07/2019

1,363,471 0.28%


739,410 0.15%

Total Netherlands

4,219,907 0.88%

New Zealand - 0.45%

2,539,000 New Zealand Government 5.500 15/04/2023

2,140,185 0.45%

Total New Zealand

2,140,185 0.45%

Norway - 0.21%

7,447,000 Norwegian Government 3.000 14/03/2024

983,366 0.21%

Total Norway

983,366 0.21%

Philippines - 0.19%

800,000 Republic of Philippines 8.375 17/06/2019

901,928 0.19%

Total Philippines

901,928 0.19%

Poland - 0.36%

3,146,000 Poland Government 5.750 23/09/2022

974,519 0.20%

685,000 Poland Government 4.000 22/01/2024

734,094 0.15%

Total Poland

1,708,613 0.36%

Spain - 2.66%

383,426 Spain Government 6.000 31/01/2029

633,130 0.13%


417,195 0.09%


1,109,225 0.23%


645,925 0.13%

1,901,000 Spain Government 4.650 30/07/2025

2,750,372 0.57%


923,352 0.19%


3,267,912 0.68%


1,079,562 0.23%


179



USD Net Assets



Government Debt – 56.78% (continued) Spain - 2.66% (continued) 412,000 Spain Government 5.850 31/01/2022

591,423 0.12%


74,409 0.02%


1,264,682 0.26%

Total Spain

12,757,186 2.66%

Supra-National - 1.74%

251,040

European Financial Stability Facility Bond 5.625 15/02/2028

425,462 0.09%

448,000 European Financial Stability Facility Bond 4.000 15/10/2037

762,070 0.16%

850,000 European Investment Bank 4.875 15/02/2036

1,097,206 0.23%

1,134,000 European Investment Bank 6.500 07/08/2019

946,765 0.20%


693,696 0.14%


2,152,756 0.45%


647,402 0.14%


535,552 0.11%


369,328 0.08%


715,843 0.15%


8,346,080 1.74%

Sweden - 0.12%

4,245,000 Sweden Government 2.250 01/06/2032

566,849 0.12%

Total Sweden

566,849 0.12%

Thailand - 0.35%

15,000,000 Thailand Government 5.125 13/03/2018

453,153 0.09%


523,510 0.11%


698,249 0.15%

Total Thailand

1,674,912 0.35%

Turkey - 0.28%

1,324,000 Republic of Turkey 7.500 14/07/2017

1,326,118 0.28%

Total Turkey

1,326,118 0.28%


400,000 US Treasury 1.125 28/02/2021

391,891 0.08%

5,240,500 US Treasury 1.375 31/08/2020

5,204,267 1.09%

695,000 US Treasury 1.500 31/05/2019

696,683 0.15%

4,314,000 US Treasury 1.750 31/01/2023

4,259,569 0.89%

410,000 US Treasury 2.000 31/05/2021

414,164 0.09%

1,651,300 US Treasury 2.250 15/11/2025

1,651,300 0.34%

2,979,300 US Treasury 2.500 15/02/2046

2,776,335 0.58%

2,990,000 US Treasury 2.750 15/02/2024

3,110,067 0.65%

839,000 US Treasury 5.250 15/02/2029

1,083,621 0.23%

2,369,800 US Treasury 6.750 15/08/2026

3,250,514 0.68%


180



USD Net Assets



Government Debt – 56.78% (continued)

United States – 13.39% (continued) 5,026,900 US Treasury 1.250 31/01/2019

5,018,849 1.05%

6,593,600 US Treasury 2.000 15/02/2022

6,643,052 1.39%

5,925,700 US Treasury 2.125 31/12/2021

6,001,623 1.25%

4,683,500 US Treasury 2.250 15/11/2024

4,708,381 0.98%

7,552,300 US Treasury 3.750 15/08/2041

8,849,172 1.85%

9,553,400 US Treasury 3.625 15/02/2020

10,074,732 2.10%

Total United States

64,134,220 13.39%

Total Government Debt

271,976,318 56.78%

Total Debt

457,417,022 95.50%

Derivative Financial Instruments

Buy Currency Buy Amount Sell currency Sell Amount Maturity Fair Value % of

USD Net Assets

Forward Contracts - 0.34%1,2

GBP 40,215,322 USD (51,420,115) 20/07/2017 926,262 0.19%

CHF 3,660,000 USD (3,712,043) 20/10/2017 132,311 0.03%

MXN 41,000,000 USD (2,160,631) 20/10/2017 67,831 0.01%

MXN 20,500,000 USD (1,079,948) 20/10/2017 34,283 0.01%

SEK 4,680,000 USD (524,605) 20/10/2017 33,101 0.01%

SEK 4,680,000 USD (524,605) 20/10/2017 33,101 0.01%

INR 246,000,000 USD (3,726,708) 23/10/2017 29,525 0.01%

EUR 493,000 USD (542,856) 20/10/2017 23,194 0.00%

EUR 1,025,000 USD (1,154,537) 20/10/2017 22,340 0.00%

PLN 1,100,000 USD (274,512) 20/10/2017 22,252 0.00%

PLN 1,100,000 USD (274,512) 20/10/2017 22,252 0.00%

EUR 965,000 USD (1,086,955) 20/10/2017 21,032 0.00%

CAD 738,000 USD (548,165) 20/10/2017 20,850 0.00%

MXN 20,500,000 USD (1,099,956) 20/10/2017 14,275 0.00%

CAD 502,000 USD (372,871) 20/10/2017 14,182 0.00%

USD 593,562 JPY (65,000,000) 20/10/2017 12,053 0.00%

USD 593,562 JPY (65,000,000) 20/10/2017 12,053 0.00%

USD 583,205 JPY (63,900,000) 20/10/2017 11,537 0.00%

EUR 135,000 USD (144,248) 20/10/2017 10,755 0.00%

EUR 135,000 USD (144,248) 20/10/2017 10,755 0.00%

EUR 135,000 USD (144,335) 20/10/2017 10,669 0.00%

USD 501,976 JPY (55,000,000) 20/10/2017 9,930 0.00%

HUF 44,000,000 USD (153,553) 20/10/2017 9,739 0.00%

HUF 44,000,000 USD (153,553) 20/10/2017 9,739 0.00%

CHF 251,000 USD (254,569) 20/10/2017 9,074 0.00%

ILS 700,000 USD (192,939) 20/10/2017 8,623 0.00%

CAD 295,000 USD (218,923) 20/10/2017 8,529 0.00%

EUR 100,000 USD (106,915) 20/10/2017 7,903 0.00%


181



USD Net Assets


Derivative Financial Instruments (continued)

Forward Contracts - 0.34% (continued)

SGD 535,000 USD (382,471) 20/10/2017 6,833 0.00%

SGD 535,000 USD (382,471) 20/10/2017 6,833 0.00%

USD 1,775,044 KRW (2,020,000,000) 20/10/2017 6,235 0.00%

USD 194,059 JPY (21,000,000) 20/10/2017 6,187 0.00%

USD 194,059 JPY (21,000,000) 20/10/2017 6,187 0.00%

CAD 305,000 USD (229,522) 20/10/2017 5,640 0.00%

AUD 383,000 USD (288,192) 20/10/2017 5,462 0.00%

GBP 185,000 USD (236,747) 20/10/2017 4,742 0.00%

SEK 955,000 USD (110,036) 20/10/2017 3,769 0.00%

SEK 955,000 USD (110,036) 20/10/2017 3,769 0.00%

AUD 255,000 USD (191,877) 20/10/2017 3,637 0.00%

SEK 840,000 USD (97,131) 20/10/2017 2,970 0.00%

EUR 135,000 USD (152,530) 20/10/2017 2,473 0.00%

CHF 150,000 USD (155,186) 20/10/2017 2,369 0.00%

CHF 150,000 USD (155,186) 20/10/2017 2,369 0.00%

EUR 121,500 USD (137,336) 20/10/2017 2,167 0.00%

EUR 121,500 USD (137,336) 20/10/2017 2,167 0.00%

EUR 115,000 USD (129,933) 20/10/2017 2,107 0.00%

SEK 340,000 USD (38,826) 20/10/2017 1,691 0.00%

SEK 340,000 USD (38,826) 20/10/2017 1,691 0.00%

DKK 440,000 USD (66,641) 20/10/2017 1,324 0.00%

DKK 440,000 USD (66,641) 20/10/2017 1,324 0.00%

DKK 478,000 USD (72,633) 20/10/2017 1,202 0.00%

DKK 478,000 USD (72,633) 20/10/2017 1,202 0.00%

CZK 1,000,000 USD (42,967) 20/10/2017 1,024 0.00%

CZK 1,000,000 USD (42,967) 20/10/2017 1,024 0.00%

CHF 116,000 USD (120,966) 20/10/2017 877 0.00%

CHF 116,000 USD (120,966) 20/10/2017 877 0.00%

SEK 210,000 USD (24,283) 20/10/2017 742 0.00%

ILS 170,000 USD (48,366) 20/10/2017 585 0.00%

ILS 170,000 USD (48,366) 20/10/2017 585 0.00%

GBP 18,600 USD (23,803) 20/10/2017 477 0.00%

NOK 370,000 USD (43,927) 20/10/2017 332 0.00%

NOK 370,000 USD (43,927) 20/10/2017 332 0.00%

THB 2,500,000 USD (73,370) 20/10/2017 314 0.00%

THB 2,500,000 USD (73,370) 20/10/2017 314 0.00%

SGD 100,000 USD (72,460) 20/10/2017 307 0.00%

SGD 100,000 USD (72,460) 20/10/2017 307 0.00%

USD 223,946 JPY (25,000,000) 20/10/2017 289 0.00%

THB 2,250,000 USD (66,086) 20/10/2017 230 0.00%

THB 2,250,000 USD (66,086) 20/10/2017 230 0.00%

USD 170,199 JPY (19,000,000) 20/10/2017 219 0.00%

PLN 164,000 USD (44,062) 20/10/2017 183 0.00%

PLN 45,000 USD (12,090) 20/10/2017 50 0.00%

Total Forward Contracts

1,641,794 0.34%


182


Nominal Security Maturity Classification Fair Value % of

USD Net Assets



Futures Contracts - 0.04%2,4

(148) OATU7 - Euro-OAT Future Sep 17 07/09/2017 190,825 0.04%

Total Futures Contracts

190,825 0.04%

Interest Rate Swaps- 0.81%2,3

110,000,000 IRS SWAP USD

13/09/2021 836,803 0.17%

7,500,000 IRS SWAP EUR

12/09/2046 755,274 0.16%


20/01/2047 307,837 0.06%

175,000,000 IRS SWAP NZD

27/02/2020 275,398 0.06%

13,500,000 IRS SWAP AUD

26/05/2029 236,847 0.05%

16,000,000 IRS SWAP GBP

01/06/2027 185,288 0.04%

16,000,000 IRS SWAP GBP

23/05/2027 168,690 0.04%

135,340,000 IRS SWAP JPY

13/11/2031 129,984 0.03%

1,300,000,000 IRS SWAP JPY

16/09/2031 117,864 0.02%


27/02/2020 111,809 0.02%

2,250,000,000 IRS SWAP JPY

14/09/2026 103,548 0.02%


17/11/2026 96,614 0.02%

95,000,000 IRS SWAP PLN

11/04/2019 93,280 0.02%


04/02/2020 92,021 0.02%


23/11/2026 88,504 0.02%


21/01/2026 70,802 0.01%


15/12/2021 42,849 0.01%


22/01/2046 32,658 0.01%


14/12/2026 29,579 0.01%


12/06/2020 29,237 0.01%


12/06/2020 26,136 0.01%

40,000,000 IRS SWAP PLN

11/04/2022 20,207 0.00%


13/06/2020 15,618 0.00%

167,000 IRS SWAP EUR

18/01/2021 2,981 0.00%

300,000 IRS SWAP EUR

12/03/2018 993 0.00%

Total Interest Rate Swaps

3,870,821 0.81%



USD Net Assets


Derivative Financial Instruments Forward Contracts - (0.21)%

1,2

JPY 432,000,000 CHF (3,803,497) 20/10/2017 (130,276) (0.03)%

USD 2,120,679 EUR (1,960,000) 20/10/2017 (129,741) (0.03)%

USD 1,612,149 EUR (1,490,000) 20/10/2017 (98,629) (0.02)%

USD 2,863,278 CNY (20,000,000) 20/10/2017 (66,557) (0.01)%

USD 828,099 GBP (660,000) 20/10/2017 (33,431) (0.01)%

USD 2,186,092 CLP (1,475,000,000) 20/10/2017 (28,035) (0.01)%

JPY 213,000,000 USD (1,932,299) 20/10/2017 (26,736) (0.01)%


183



USD Net Assets


Derivative Financial Instruments (continued) Forward Contracts - (0.21)% (continued)

USD 1,376,015 EUR (1,220,000) 20/10/2017 (24,756) (0.01)%

USD 400,877 NZD (575,000) 20/10/2017 (19,450) (0.00)%

USD 291,541 EUR (270,000) 20/10/2017 (18,465) (0.00)%

USD 291,541 EUR (270,000) 20/10/2017 (18,465) (0.00)%

JPY 146,500,000 USD (1,329,022) 20/10/2017 (18,389) (0.00)%

USD 647,276 AUD (867,000) 20/10/2017 (17,471) (0.00)%

USD 1,090,976 CLP (737,500,000) 20/10/2017 (16,087) (0.00)%

USD 363,926 GBP (291,000) 20/10/2017 (15,931) (0.00)%

USD 571,873 AUD (766,000) 20/10/2017 (15,436) (0.00)%

JPY 46,500,000 USD (430,475) 20/10/2017 (14,472) (0.00)%

USD 250,000 NZD (361,786) 20/10/2017 (14,466) (0.00)%

USD 798,540 EUR (708,000) 20/10/2017 (14,367) (0.00)%

USD 388,087 NZD (550,000) 20/10/2017 (13,965) (0.00)%

USD 275,385 NZD (395,000) 20/10/2017 (13,361) (0.00)%

USD 370,447 NZD (525,000) 20/10/2017 (13,330) (0.00)%

USD 194,083 EUR (180,000) 20/10/2017 (12,588) (0.00)%

JPY 84,400,000 USD (767,250) 20/10/2017 (12,182) (0.00)%

USD 592,751 THB (20,500,000) 20/10/2017 (11,452) (0.00)%

USD 1,096,654 CLP (737,500,000) 20/10/2017 (10,409) (0.00)%

USD 259,784 CAD (350,000) 20/10/2017 (10,074) (0.00)%

USD 205,000 EUR (187,043) 20/10/2017 (9,757) (0.00)%

USD 205,000 EUR (187,043) 20/10/2017 (9,757) (0.00)%

USD 135,593 DKK (940,000) 20/10/2017 (9,605) (0.00)%

USD 135,593 DKK (940,000) 20/10/2017 (9,605) (0.00)%

USD 214,747 EUR (195,000) 20/10/2017 (9,147) (0.00)%

USD 172,583 GBP (138,000) 20/10/2017 (7,555) (0.00)%

USD 289,687 CAD (385,000) 20/10/2017 (7,157) (0.00)%

USD 197,000 MXN (3,751,634) 20/10/2017 (6,912) (0.00)%

USD 197,000 MXN (3,751,634) 20/10/2017 (6,912) (0.00)%

USD 350,000 EUR (310,816) 20/10/2017 (6,870) (0.00)%

USD 270,850 MYR (1,200,000) 23/10/2017 (6,626) (0.00)%

USD 299,364 GBP (234,639) 20/07/2017 (6,054) (0.00)%

USD 197,000 AUD (264,680) 20/10/2017 (5,936) (0.00)%

RUB 11,200,000 USD (190,996) 20/10/2017 (5,881) (0.00)%

RUB 11,200,000 USD (190,996) 20/10/2017 (5,881) (0.00)%

USD 269,405 NOK (2,300,000) 20/10/2017 (5,721) (0.00)%

USD 269,405 NOK (2,300,000) 20/10/2017 (5,721) (0.00)%

USD 93,307 NZD (135,000) 20/10/2017 (5,378) (0.00)%

USD 76,920 EUR (71,500) 20/10/2017 (5,175) (0.00)%

JPY 34,300,000 USD (311,809) 20/10/2017 (4,951) (0.00)%

KRW 1,480,000,000 USD (1,300,527) 20/10/2017 (4,568) (0.00)%

USD 96,265 ILS (350,000) 20/10/2017 (4,517) (0.00)%

KRW 352,000,000 USD (312,057) 20/10/2017 (3,829) (0.00)%

KRW 352,000,000 USD (312,057) 20/10/2017 (3,829) (0.00)%

USD 304,000 JPY (34,281,472) 20/10/2017 (2,692) (0.00)%

USD 285,993 PLN (1,070,000) 20/10/2017 (2,678) (0.00)%

USD 285,993 PLN (1,070,000) 20/10/2017 (2,678) (0.00)%


184



USD Net Assets


Derivative Financial Instruments (continued) Forward Contracts - (0.21)% (continued)

USD 57,000 AUD (77,452) 20/10/2017 (2,384) (0.00)%

USD 143,905 NZD (200,000) 20/10/2017 (2,295) (0.00)%

USD 36,172 MXN (700,000) 20/10/2017 (1,875) (0.00)%

USD 95,418 THB (3,300,000) 20/10/2017 (1,844) (0.00)%

USD 38,000 AUD (51,635) 20/10/2017 (1,589) (0.00)%

USD 96,416 NZD (134,000) 20/10/2017 (1,538) (0.00)%

USD 171,000 JPY (19,283,328) 20/10/2017 (1,515) (0.00)%

JPY 26,000,000 USD (234,094) 20/10/2017 (1,490) (0.00)%

RUB 2,700,000 USD (46,067) 20/10/2017 (1,441) (0.00)%

RUB 2,700,000 USD (46,067) 20/10/2017 (1,441) (0.00)%

USD 56,427 MYR (250,000) 23/10/2017 (1,381) (0.00)%

JPY 4,229,869 USD (39,158) 20/10/2017 (1,316) (0.00)%

USD 228,567 EUR (200,000) 20/10/2017 (1,067) (0.00)%

JPY 25,800,000 USD (231,783) 20/10/2017 (968) (0.00)%

JPY 9,750,000 USD (87,949) 20/10/2017 (723) (0.00)%

USD 22,000 AUD (29,558) 20/10/2017 (663) (0.00)%

USD 137,140 EUR (120,000) 20/10/2017 (640) (0.00)%

JPY 10,800,000 USD (97,239) 20/10/2017 (619) (0.00)%

MYR 205,000 USD (48,009) 19/10/2017 (601) (0.00)%

MYR 205,000 USD (48,009) 19/10/2017 (601) (0.00)%

JPY 4,900,000 USD (44,200) 20/10/2017 (363) (0.00)%

USD 57,000 GBP (43,829) 20/10/2017 (213) (0.00)%

USD 57,000 GBP (43,829) 20/10/2017 (213) (0.00)%


(1,010,694) (0.21)%


USD Net Assets

Futures Contracts - (0.07)%

2,4

115 RXU7-Euro-Bund Future Sep17 07/09/2017 (341,249) (0.07)%

39 TYU7-US 10YR Note Future Sep17 20/09/2017 (17,063) (0.00)%


(358,311) (0.07)%

Interest Rate Swaps - (0.84)%2,3

100,000 IRS SWAP GBP

30/04/2018 (573) (0.00)%

167,000 IRS SWAP USD

10/10/2022 (1,563) (0.00)%

100,000 IRS SWAP GBP

17/12/2021 (2,729) (0.00)%

526,000,000 IRS SWAP JPY

02/03/2026 (11,008) (0.00)%

1,500,000,000 IRS SWAP JPY

06/04/2026 (20,246) (0.00)%


15/12/2031 (34,752) (0.01)%


02/03/2026 (46,081) (0.01)%


25/05/2027 (48,992) (0.01)%


07/06/2027 (49,325) (0.01)%


13/12/2021 (53,958) (0.01)%

90,000,000 IRS SWAP SEK

27/05/2027 (61,220) (0.01)%


06/04/2026 (78,695) (0.02)%


12/06/2020 (89,612) (0.02)%


185



USD Net Assets

Financial liabilities at fair value through profit or loss (continued)

Derivative Financial Instruments (continued) Interest Rate Swaps - (0.84)% (continued)


07/06/2027 (89,674) (0.02)%


12/06/2020 (94,333) (0.02)%


05/02/2019 (100,675) (0.02)%


14/06/2020 (106,004) (0.02)%


22/11/2021 (109,460) (0.02)%


17/11/2021 (124,345) (0.03)%


20/01/2027 (162,007) (0.03)%

4,000,000,000 IRS SWAP JPY

16/09/2021 (243,139) (0.05)%


26/05/2022 (309,042) (0.06)%


14/09/2026 (607,008) (0.13)%


14/09/2026 (776,031) (0.16)%


14/09/2020 (779,977) (0.16)%

Total Interest Rate Swaps

(4,000,447) (0.84)%

Total financial liabilities at fair value through profit or loss (5,369,453) (1.12)%


18,571,004 3.88%


2,662,730 0.56%



Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -

C Financial derivative instruments dealt in on a regulated market (167,486) (0.03)% (0.03)%

D Over the counter financial derivative instruments 501,473 0.10% 0.10%


18,571,004 3.88% 3.82%


2,662,730 0.56% 0.55%


The following entities act as counterparty or clearing broker to the open derivative positions at 30 June 2017: Statestreet1, JP Morgan

2,

Morgan Stanley3 and

BNP Paribas

4.


186

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL FINANCIAL FUND as at 30 June 2017


USD

% of

Net Assets


Equities – 96.83%

Austria – 1.11%

34,203 Erste Group Bank AG 1,308,678 1.11%

Total Austria 1,308,678 1.11%

Belgium – 1.22%

35,738 Ageas

1,438,177

1.22%

Total Belgium 1,438,177 1.22%

Bermuda – 8.68%

22,337 Credicorp

4,007,034

3.40%

75,092 Essent Group Ltd 2,788,917 2.37%

8,527 Renaissancere Holdings Ltd 1,185,679 1.01%

51,183 XL Group Limited 2,241,815 1.90%


Brazil – 0.44%

46,600 Itau Unibanco Holding SA

514,930

0.44%

Total Brazil 514,930 0.44%


4,000,000 DBA Telecommunication Asia

-

0.00%

Total Cayman Islands - 0.00%

Cyprus - 4.53%

463,676 TCS Group Holding - Reg S

5,332,274

4.53%

Total Cyprus 5,332,274 4.53%

France – 3.00%

80,037 AXA SA

2,187,742

1.86%

34,092 Scor SE 1,350,538 1.15%

Total France 3,538,280 3.00%

Great Britain – 15.83% 2,215,749 AccidentExchangeGroupPLC - 0.00%

283,220 AldermoreGroupPlc 800,560 0.68%

338,991 ArrowGlobalGroupPLC 1,786,988 1.52%

29,985 BankofGeorgiaHoldingsPlc 1,362,816 1.16%

91,741 IGGroupHoldingsPlc 677,832 0.58%

788,112 Legal&GeneralGroupPLC 2,648,029 2.25%

867,626 OneSavingsBankPlc 4,232,278 3.59%

308,155 ShawbrookGroupPlcLtd 1,358,874 1.15%

280,549 TBCBankGroupPlc 5,780,618 4.91%



187

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL FINANCIAL FUND as at 30 June 2017


USD

% of

Net Assets


Equities – 96.83% (continued)

Hungary – 1.19%

42,050 OTPBankNyrt 1,405,342 1.19%

Total Hungary 1,405,342 1.19%

India – 5.11%

232,080 LICHousingFinanceLtd 2,665,584 2.26%

633,708 PowerFinanceCorporation 1,203,282 1.02%

5,150 ShriramCityUnionFinance 189,989 0.16%

26,422 UjjivanFinancialServicesLtd 126,570 0.11%

80,957 YesBank 1,833,500 1.56%

Total India 6,018,925 5.11%

Indonesia – 11.41%

7,342,000 AdiraDinamikaMultiFinance 3,742,829 3.18%

4,880,232 BankNegaraIndonesia 2,414,689 2.05%

2,671,000 BankRakyatIndonesa 3,053,658 2.59%

20,008,000 PaninSekuritasTBKPT 4,229,894 3.59%

Total Indonesia 13,441,071 11.41%

Ireland – 1.61%

25,000 AlliedIrishBanksPLC 141,236 0.12%

6,689,489 BankofIrelandOrd 1,755,984 1.49%


Luxembourg – 0.14%

Norway – 2.18%

379,630 Sparebank1Nord-Norge 2,571,528 2.18%

Total Norway 2,571,528 2.18%

Portugal – 2.57%

11,267,840 BancoCommercialPortuguesSA 3,031,098 2.57%

Total Portugal 3,031,098 2.57%

Russia – 2.98%

896,808 MoscowExchangeMicex 1,582,172 1.34%

185,850 SberbankofRussiaADR 1,923,548 1.63%

Total Russia 3,505,720 2.98%

Switzerland – 2.22%

154,754 UBSGroupAG 2,620,652 2.22%


20,602 IdBHoldingsSA 164,591 0.14% Total Luxembourg 164,591 0.14%


188

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL FINANCIAL FUND (CONTINUED) as at 30 June 2017


USD

% of

Net Assets



Turkey – 5.10%

5,523,455 ISYatirimMenkul 2,418,986 2.05%

8,893,997 TurkiyeSinaiKalkin 3,591,592 3.05%

Total Turkey 6,010,578 5.10%


42,794 AmericanInternationalGroup 2,675,481 2.27%

112,598 BankofAmericaCorp 2,731,627 2.32%

12,515 BerkshireHathawayInc. 2,119,666 1.80%

68,016 CitigroupInc 4,548,910 3.86%

46,113 ENCORECAPITALGROUPINC 1,851,437 1.57%

32,603 IntercontinentalExchangeInc 2,149,190 1.82%

82,888 JPMorganChase&Co 7,575,963 6.43%

225,287 MGICInvestmentCorp. 2,523,214 2.14%

6,834 SignatureBank 980,884 0.83%

54,253 USBancorp 2,816,816 2.39%

43,578 WellsFargo&Co 2,414,657 2.05%


Total Equities

114,058,348 96.83%



4,656,968 3.95%


(920,852) (0.78)%



189

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL FINANCIAL FUND (CONTINUED) as at 30 June 2017


Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




4,656,968 3.95% 3.90%


(920,852) (0.78)% (0.77)%



190

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL PROPERTY FUND

as at 30 June 2017

Equities - 96.86%

Australia - 5.01%

326,770 General Property Group 1,201,782 0.95%

109,730 Goodman Group 663,053 0.52%

222,988 ING Office Fund 751,612 0.60%

79,340 Lend Lease Group 1,014,272 0.80%

562,160 Mirvac Group 919,364 0.73%

111,680 Sydney Airport 607,952 0.48%

128,670 Transurban Group 1,170,695 0.93%


Austria - 1.58%

29,587 Buwog AG 849,425 0.67%

46,958 CA Immobilien Anlagen AG 1,144,750 0.91%


Canada - 2.48%

29,410 Allied Properties Real Estate Investment Trust 881,100 0.70%

47,680 H&R Real Estate Investment Trust 808,185 0.64%

71,510 Killam Apartment Real Estate Investment trust 701,284 0.55%

140,960 Pure Industry Real Estate 746,521 0.59%

Total Canada 3,137,090 2.48%


339,000 Cheung Kong Property Holdings Ltd 2,655,426 2.10%

136,000 Kaisa Group Holdings Limited 43,030 0.04%

Total Cayman Islands 2,698,456 2.14%

Chile - 0.28%

139,951 Parque Arauco SA 352,270 0.28%

Total Chile 352,270 0.28%

China - 0.56%

204,000 Anhui Conch Cement Company Limited 709,477 0.56%

Total China 709,477 0.56%

France - 2.50%

20,250 Icade 1,698,682 1.34%

35,810 Klepierre 1,466,618 1.16%

Total France 3,165,300 2.50%

Germany - 3.85%

21,230 Aareal Bank AG 841,016 0.67%


USD

% of

Net Assets



191

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL PROPERTY FUND (CONTINUED)

as at 30 June 2017


Germany - 3.85% (continued)

33,160 Deutsche Wohnen AG 1,267,446 1.00%

40,787 Tag Immobilien AG 640,763 0.51%

53,224 Vonovia Se 2,111,784 1.67%

Total Germany 4,861,009 3.85%


33,960 Derwent London Plc 1,172,408 0.93%

172,140 Segro Plc 1,095,415 0.87%

127,517 Unite Group Plc 1,076,523 0.85%

90,860 Workspace Group Plc 1,052,488 0.83%


Hong Kong - 3.98%

381,500 Link Reit 2,902,813 2.30%

203,000 Wharf Holdings 1,682,435 1.33%

59,000 Wheelock & Co Ltd 445,149 0.35%

Total Hong Kong 5,030,397 3.98%

Japan - 10.02%

136 Daiwa Office Investment Corp 686,355 0.54%

8,300 East Japan Railway Co 793,801 0.63%

168 Frontier Real Estate Invest 693,084 0.55%

455 Fukuoka REIT Corporation 700,218 0.55%

449 Heiwa Real Estate Reit Inc 349,289 0.28%

348 Hulic REIT Inc 543,605 0.43%

100 Japan Real Estate 497,552 0.39%

934 Japan Rental Housing Investment Inc 690,004 0.55%

273 Kenedix Retail REIT Corporation 576,860 0.46%

595 Lasalle Logiport REIT 600,031 0.47%

51,500 Leopalace21 Corporation 319,956 0.25%

199 MCUBS MidCity Investment Corporation 596,026 0.47%

40,000 Mitsubishi Estate 745,349 0.59%

131,700 Mitsui Fudosan Co Ltd 3,142,162 2.49%

253 Premier Investment Corporation 247,258 0.20%

48,000 Sumitomo Realty Develop. 1,480,374 1.17%

Total Japan 12,661,924 10.02%

Mexico - 0.64%

156,400 Grupo Cementos De Chihuahua Sab De Cv 808,889 0.64%

Total Mexico 808,889 0.64%


USD

% of

Net Assets



192


as at 30 June 2017


Netherlands - 0.66%

20,900 Eurocommercial Properties NV 834,503 0.66%

Total Netherlands 834,503 0.66%

New Zealand - 0.53%

114,560 Fletcher Building Ltd 670,482 0.53%

Total New Zealand 670,482 0.53%

Norway - 0.85%

86,405 Entra ASA 1,072,598 0.85%

Total Norway 1,072,598 0.85%

Singapore - 1.70%

160,400 City Developments 1,250,248 0.99%

1,029,300 Mapletree Logistics Trust 893,516 0.71%


Spain - 2.88%

45,860 Axiare Patrimonio SOCIMI SA 783,007 0.62%

50,190 Hispania Activos Inmobiliarios Socimi Sa 829,155 0.66%

77,617 Inmobiliaria Colonial SA 675,721 0.53%

107,095 Merlin Properties Socimi SA 1,351,836 1.07%

Total Spain 3,639,719 2.88%

Sweden - 0.96%

63,050 Fabege AB 1,209,356 0.96%

Total Sweden 1,209,356 0.96%


18,520 Alexandria Real Estate Equit 2,231,104 1.77%

86,460 Armada Hoffler Properties Inc 1,119,657 0.89%

14,980 AvalonBay Communities Inc. 2,878,707 2.28%

19,880 Boston Properties Inc 2,445,638 1.93%

50,630 Brandywine Realty Trust 887,544 0.70%

102,610 Brixmor Property Group Inc 1,834,667 1.45%

11,920 Camden Property Trust 1,019,279 0.81%

74,310 Columbia Property Trust Inc 1,663,058 1.32%

34,890 Corporate Office Properties 1,222,197 0.97%

22,130 Digital Realty Trust Inc 2,499,584 1.98%


76,880 Empire State Realty Trust Inc 1,596,798 1.26%

22,240 Epr Properties 1,598,389 1.26%

3,020 Equinix Inc 1,296,063 1.03%


USD

% of

Net Assets



193


as at 30 June 2017



7,970 Essex Property Trust Inc 2,050,442 1.62%

101,430 GGP Inc 2,389,691 1.89%

53,848 Gramercy Property Trust 1,599,824 1.27%

37,790 Healthcare Realty Trust Inc 1,290,529 1.02%

176,900 Hong Kong Land Hldgs 1,301,984 1.03%

49,910 Hudson Pacific Properties Inc 1,706,423 1.35%

126,860 Independence Realty Trust Inc 1,252,108 0.99%

33,740 Liberty Property Trust 1,373,555 1.09%

91,140 Medical Properties Trust Inc 1,172,972 0.93%

27,720 Mid-America Apartments 2,921,134 2.31%

61,880 Monmouth Real Estate Investment Corporation 931,294 0.74%

29,090 National Retail Properties Inc 1,137,419 0.90%

62,310 National Storage Affiliates Trust 1,439,984 1.14%

41,880 Park Hotels & Resorts Inc 1,129,085 0.89%

29,730 Parkway Inc 680,520 0.54%

5,460 Public Storage Inc 1,138,574 0.90%

47,170 Realty Income Corp 2,602,841 2.06%

30,430 Regal Entertainment Group 622,598 0.49%

52,540 Retail Opportunity Investments Corp 1,008,243 0.80%

60,080 Rexford Industrial Realty Inc. 1,648,595 1.30%

42,230 Sabra Health Care REIT Inc 1,017,743 0.80%

17,550 Simon Property Group Inc 2,838,888 2.25%

62,780 STAG Industrial Inc 1,732,728 1.37%

65,914 Summit Hotel Properties Inc 1,229,296 0.97%

19,820 Sun Communities Inc 1,738,016 1.37%

53,740 Urban Edge Properties 1,275,250 1.01%

43,890 Washington REIT 1,400,091 1.11%

45,350 Welltower Inc 3,394,448 2.69%


Virgin Islands - 1.49%

1,043,222 Mas Real Estate Inc 1,877,750 1.49%

Total Virgin Islands 1,877,750 1.49%

Total Equities 124,807,901 96.86%


USD

% of

Net Assets



194


as at 30 June 2017


USD Net Assets



Forward Contracts - 0.07%

GBP 1,068,640 USD (1,366,385) 20/07/2017 24,614 0.02%5

SEK 3,691,000 USD (425,160) 15/09/2017 13,749 0.01%4

GBP 1,091,000 USD (1,414,286) 15/09/2017 8,309 0.01%2

CAD 429,000 USD (323,847) 15/09/2017 6,785 0.01%4

CHF 1,053,000 USD (1,096,740) 15/09/2017 6,601 0.01%3

AUD 470,000 USD (354,436) 15/09/2017 6,082 0.00%4

USD 569,578 JPY (63,152,000) 15/09/2017 5,603 0.00%2

GBP 197,000 USD (251,453) 15/09/2017 5,423 0.00%4

AUD 414,000 USD (313,166) 15/09/2017 4,397 0.00%4

JPY 63,152,000 USD (559,928) 15/09/2017 4,048 0.00%4

SGD 416,000 USD (300,567) 15/09/2017 1,978 0.00%4

USD 322,647 MXN (5,889,000) 15/09/2017 824 0.00%4

Total Forward Contracts 88,410 0.07%




Forward Contracts – (0.07)%

USD 1,040,021 EUR (951,000) 15/09/2017 (49,730) (0.04)%2

USD 959,798 EUR (848,000) 15/09/2017 (11,925) (0.01)%1

USD 246,038 EUR (225,000) 15/09/2017 (11,790) (0.01)%4

USD 869,872 NOK (7,344,000) 15/09/2017 (8,045) (0.01)%2

USD 416,237 NZD (580,000) 15/09/2017 (8,029) (0.01)%4

USD 155,687 MXN (2,887,000) 15/09/2017 (2,082) (0.00)%4

USD 13,166 GBP (10,320) 20/07/2017 (266) (0.00)%5

USD 13,166 GBP (10,320) 20/07/2017 (266) (0.00)% 5

GBP 1,068,640 USD (1,366,385) 20/07/2017 (266) (0.00)% 5

USD 285,946 CLP (190,397,000) 15/09/2017 (232) (0.00)%2

Total Forward Contracts (92,632) (0.07)%

Total financial liabilities at fair value through profit or loss (92,632) (0.07)%





195


as at 30 June 2017


Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -


D Over the counter financial derivative instruments (4,222) 0.00% 0.00%


1,744,788 1.38% 1.37%


(188,175) (0.15)% (0.15)%


The following entities act as counterparty to the open derivative positions at 30 June 2017: BNP Paribas

1, Citi

2, Standard

Chartered3, UBS

4 and Brown Brothers Harriman

5.


196

PORTFOLIO OF INVESTMENTS OF SANLAM WORLD EQUITY FUND

as at 30 June 2017

Equities - 94.98%

Australia - 1.00%

18,150 Aristocrat Leisure Ltd 314,386 0.09%

11,655 BHP Billiton Limited 208,326 0.06%

30,577 Challenger Financial Service 313,183 0.09%

2,961 Cochlear Ltd 353,409 0.10%

3,293 Common wealth Bank of Australia 209,374 0.06%

96,051 Fortescue Metals Group Ltd 384,964 0.11%

22,150 Orica Limited 351,700 0.10%

83,230 Qantas Airways 365,531 0.11%

6,980 Rea Group Limited 355,854 0.10%

47,810 Scentre Group 148,669 0.04%

20,581 Transurban Group 187,255 0.05%

7,769 Westpac Banking Corp Ltd 181,993 0.05%

64,800 Whitehaven Coal Limited 142,792 0.04%


Austria - 0.09%

12,800 Raiffeisen Intl Bank 322,851 0.09%

Total Austria 322,851 0.09%

Belgium - 0.27%

1,493 Anheuser Busch InBev SA NV 164,790 0.05%

54,036 Euronav SA 427,135 0.12%

4,742 KBC Bankverzekeringsholding 359,414 0.10%

Total Belgium 951,339 0.27%

Bermuda - 0.39%

95,500 Kerry Properties Ltd 324,181 0.09%

10,682 Norwegian Cruise line Holdings Ltd 579,926 0.16%

7,643 Signet Jewelers Ltd 483,343 0.14%


Brazil - 0.20%

217,513 Via Varejo SA 715,724 0.20%

Total Brazil 715,724 0.20%

Canada - 3.64%

10,530 Air Canada 140,876 0.04%

5,800 Bank of Montreal 425,122 0.12%

8,500 Bank of Nova Scotia 510,419 0.14%

26,016 BCE Inc 1,169,528 0.33%


USD

% of

Net Assets



197

PORTFOLIO OF INVESTMENTS OF SANLAM WORLD EQUITY FUND (CONTINUED)

as at 30 June 2017


Canada - 3.64% (continued)

9,239 Brookfield Asset Management 361,922 0.10%

4,591 Canadian National Railway Co. 371,846 0.11%

14,981 Canadian Western Bank 315,742 0.09%

6,720 CCL Industries Inc 339,388 0.10%

187 Constellation Software Inc 97,654 0.03%

24,350 CRH Medical Corporation 138,329 0.04%

72,100 Empire Company ltd 1,227,659 0.35%

9,500 Enbridge Inc 377,777 0.11%

16,570 Enerplus Corp 134,182 0.04%

43,940 Ivanhoe Mines Ltd 141,044 0.04%

47,000 Labrador Iron Ore Royalty Corp 568,732 0.16%

7,120 Linamar Corp 350,327 0.10%

28,327 Loblaw Companies Ltd. 1,573,020 0.45%

7,800 Magna International Inc 360,670 0.10%

21,230 Manulife Financial Corp 397,276 0.11%

4,123 Metro Inc 135,455 0.04%

20,200 Mullen Group Ltd 248,788 0.07%

8,870 Paramount Resources Ltd 130,343 0.04%

54,800 Power Corp. Of Canada 1,247,775 0.35%

3,660 Royal Bank of Canada 265,280 0.07%

23,904 Shaw Communications Inc. 520,548 0.15%

46,260 Silvercorp Metals Inc 147,778 0.04%

20,350 Suncor Energy Inc 594,045 0.17

21,000 Teck Resources Ltd 363,390 0.10%

12,340 Veresen Inc 174,210 0.05%

Total Canada 12,829,125 3.64%

Denmark - 0.28%

2,937 DSV A/S 180,320 0.05%

10,340 Novo Nordisk AS 442,479 0.13%

3,940 Vestas Wind Systems AS 363,454 0.10%

Total Denmark 986,253 0.28%


10,240 MTU Aero Engines Holding AG 1,443,333 0.41%

Total European Union 1,443,333 0.41%


USD

% of

Net Assets



198


as at 30 June 2017


Finland - 0.43%

5,399 Orion OYJ/New 344,449 0.10%

22,577 Sampo Oyj 1,156,171 0.33%

Total Finland 1,500,620 0.43%

France - 3.03%

19,394 Airbus Group SE 1,593,674 0.45%

4,488 AtoS 629,513 0.18%

17,916 BNP Paribas SA 1,289,421 0.37%

1,930 Danone 144,960 0.04%

6,609 L’Oreal SA 1,375,816 0.39%

41,094 Orange 651,449 0.19%

82,976 Peugeot SA 1,653,944 0.47%

3,374 Saint-Gobain SA 180,138 0.05%

1,586 Sanofi 151,614 0.04%

2,305 Schneider Electric SE 176,967 0.05%

19,800 Societe Generale SA 1,064,579 0.30%

2,210 Sodexo 285,521 0.08%

22,100 Stmicroelectronic 317,050 0.09%

19,862 Total SA 981,206 0.28%

1,963 Vinci SA 167,423 0.05%

Total France 10,663,275 3.03%

Germany - 2.17%

2,017 Basf SE 186,669 0.05%

8,852 Bayer AG 1,143,635 0.32%

1,506 Bayerische Motoren Werke 139,704 0.04%

4,733 Covestro AG 341,446 0.10%

1,930 Daimler AG 139,586 0.04%

8,207 Deutsche Telekom 147,244 0.04%

3,845 Deutsche Wohnen AG 146,964 0.04%

9,898 Henkel KGAA-VORZUG 1,361,238 0.39%

294 Hochtief AG 53,821 0.02%

4,430 Osram Licht AG 352,653 0.10%

22,216 Prosieben Sat 1 Media AG 929,011 0.26%

10,602 SAP SE 1,106,550 0.31%

1,296 Siemens AG 178,013 0.05%

21,420 Software AG 937,529 0.27%

33,830 Tui Ag 492,428 0.14%



USD

% of

Net Assets



199


as at 30 June 2017


Gibraltar - 0.04%

41,430 888 Holdings Plc 137,560 0.04%

Total Gibraltar 137,560 0.04%


30,600 3I Group Plc 359,235 0.10%

26,490 AA Plc 78,565 0.02%

48,964 Aggreko Plc 586,288 0.17%

18,803 Anglo American PLC 250,459 0.07%

17,783 Aon Plc 2,364,250 0.67%

197,887 Barclays Plc 521,901 0.15%

77,863 BBA Aviation Plc 311,347 0.09%

186,044 BP Plc 1,071,602 0.30%

24,597 Brewin Dolphin Holdings Plc 109,649 0.03%

12,200 British American Tobacco Plc 830,623 0.24%

85,727 BT Group Plc 328,686 0.09%

141,490 Centrica Plc 368,468 0.10%

5,873 Compass Group PLC 123,761 0.04%

34,458 Crest Nicholson Holdings 234,648 0.07%

4,505 Diageo 132,936 0.04%

56,880 Ferrexpo PLC 153,454 0.04%

90,430 GKN Plc 383,478 0.11%

37,233 GlaxoSmithKline Plc 792,116 0.23%

37,180 Great Portland Estates PLC 288,731 0.08%

211,013 HSBC Holdings 1,953,514 0.55%


192,603 ITV PLC 454,476 0.13%

75,654 John Laing Group Plc 298,184 0.09%

20,770 Kazakhmys PLC 139,816 0.04%

87,437 Legal & General Group Plc 293,785 0.08%

628,511 Lloyds Bank Plc 540,820 0.15%

25,762 Novae Group Plc 191,014 0.05%


37,130 Petrofac Ltd 213,480 0.06%

39,044 Prudential Corp 894,384 0.25%

1,828 Reckitt Benckiser Group Plc 185,093 0.05%

14,098 Reed Elsevier plc 304,422 0.09%

9,425 Rio Tinto Plc 397,470 0.11%

14,767 Rolls-Royce Holdings Plc 171,151 0.05%

109,410 Royal Bank of Scotland Group 351,816 0.10%

35,848 Royal Dutch Shell Plc 949,518 0.27


USD

% of

Net Assets



200


as at 30 June 2017


Great Britain - 6.69% (continued)

163,580 Sainsbury (J) Plc 535,579 0.15%

8,226 Shire Plc 453,482 0.13%

25,431 Smart Metering Systems Plc 174,500 0.05% 43,044 Sophos Group Plc 248,267 0.07%

16,738 Standard Chartered Plc 169,218 0.05%

6,447 Technipfmc Plc 175,358 0.05%

169,525 Tungsten Corp Plc 146,645 0.04%

3,798 Unilever Plc 205,275 0.06%

190,424 Vodafone Group PLC 539,374 0.15%

4,500 Whitbread Plc 232,212 0.07%

65,003 Worldpay Group Plc 266,182 0.08%


Hong Kong - 0.52%

19,555 AIA Group Ltd 142,906 0.04%

25,200 ASM Pacific Technology 340,558 0.10%

72,000 Boc Hong Kong Holdings Ltd 344,478 0.10%

87,000 Citic Pacific 130,835 0.04%

79,000 Hang Lung Group Ltd 326,864 0.09%

519,218 SJM Holdings Ltd 547,378 0.15%


Ireland - 2.34%

2,937 Accenture PLC 363,248 0.10%

8,222 Allergan Plc 1,998,686 0.57%

10,485 CRH Plc 372,887 0.11%

2,316 Ingersoll-Rand Plc 211,659 0.06%

35,160 Kenmare Resources Plc 116,513 0.03%

38,520 Medtronic Plc 3,418,650 0.97%

2,308 Paddy Power Betfair PLC 245,584 0.07%

2,890 Ryanair Holdings Plc 310,993 0.09%

8,205 Willis Towers Watson PLC 1,193,910 0.34%


Israel - 0.10%

3,140 Taro Pharmaceutical Industries 351,868 0.10%

Total Israel 351,868 0.10%

Italy - 2.00%

73,223 Azimut Holding Spa 1,466,643 0.42%

79,798 ENI-Ente Nazionale Idrocarburi SpA 1,198,526 0.34%

995,794 Intesa Sanpaolo SpA 3,154,922 0.89%


USD

% of

Net Assets



201


as at 30 June 2017


Italy - 2.00% (continued)

96,558 Mediobanca SpA 952,142 0.27%

55,570 Saras SPA 129,254 0.04%

28,619 Terna Spa 154,365 0.04% Total Italy 7,055,852 2.00%

Japan - 9.25%

18,900 Adeka Corporation 287,664 0.08%

2,400 Aisin Seiki Co Ltd 122,830 0.04%

3,700 Alps Electric Co Ltd 106,702 0.03%

2,900 Asahi Breweries 109,134 0.03%

14,289 Astellas Pharma Inc 174,813 0.05%

3,300 Benesse Holdings Inc 124,539 0.04%

14,400 Calbee Inc 332,347 0.10%

4,800 Central Japan Railway Co 782,270 0.22%

3,000 Daikin Industries Ltd 306,275 0.09%

1,600 Dainippon Screen Manufacturing Co Ltd 106,809 0.03%

3,800 Daiwa House Industry Co 129,812 0.04%

11,900 DIC Corporation 427,383 0.12%

65,000 Fuji Electric Holdings Co Ltd 342,501 0.10%

8,200 Fuji Heavy Industries 276,326 0.08%

26,200 Fujikura JPY 50 219,441 0.06%

39,000 Fujitsu 287,354 0.08%

6,400 Furukawa Electric Co Ltd 284,824 0.08%

62,000 Furukawa-Sky Alluminium Corp 169,969 0.05%

4,757 Hankyu Holdings Inc 171,057 0.05%

24,400 Hazama Ando Corp 153,762 0.04%

115,587 Hitachi 709,263 0.20%

6,000 Hitachi Chemical Company ltd 178,905 0.05%

8,200 Hitachi High-Technologies Corp 318,220 0.09%

28,315 Honda Motor Co 772,204 0.22%

2,500 Horiba Ltd 151,980 0.04%

6,300 Hoya Pentax HD Corporation 327,084 0.09%

5,500 Idemitsu Kosan Co Ltd 156,164 0.04%

5,200 Iida Group Holdings Co Ltd 86,597 0.03%

19,000 Inpex Holdings Inc 182,813 0.05%

5,100 Izumi Co Ltd 289,613 0.08%

27,400 Japan Post Holdings Co Ltd 339,970 0.10%

65,193 Japan Tobacco Inc 2,290,314 0.65%

2,200 JCU Corp 78,131 0.02%

9,700 JFE Holdings Inc 168,401 0.05%

1,200 Jowa Holdings Co Ltd 33,271 0.01%

31,000 JX Holdings Inc 135,396 0.04%


USD

% of

Net Assets



202


as at 30 June 2017


Japan - 9.25% (continued)

5,000 Kajima Corp 42,190 0.01%

2,058 Kao Corp 122,216 0.04%

6,500 KDDI Corp 172,118 0.05%

8,400 Keisei Electric Railway Co 224,299 0.06%

341 Keyence Corp 149,755 0.04%

15,200 KH Neochem Co Ltd 291,012 0.08%

50,644 Kinki Nippon Railway Co Ltd 195,183 0.06%

7,400 Kirin Holdings Company Limited 150,766 0.04%

2,400 Kohnan Shoji Co Ltd 44,710 0.01%

9,000 Kyudenko Corporation 322,430 0.09%

2,400 Maruha Nichiro Corporation 63,402 0.02%

33,600 Minebea Co Ltd 539,813 0.15%

14,600 Mitsubishi Chemical Holdings Corporation 120,867 0.03%

1,500 Mitsubishi Corp 31,455 0.01%

3,200 Mitsubishi Electric Corp 46,013 0.01%

152,909 Mitsubishi UFJ Holdings Inc 1,027,287 0.29%

56,000 Mitsui Mining & Smelting Co Ltd 218,816 0.06%

5,700 Mixi Inc 317,089 0.09%

3,000 Morinaga & Co Ltd 170,360 0.05%

11,000 Morinaga Milk Industry Co 83,810 0.02%

34,900 MS&AD Insurance Group Holdings 1,172,342 0.33%

2,300 Murata Manufacturing 349,453 0.10%

3,000 Namco Bandai Hldgs Inc 102,270 0.03%

6,200 Nichiha Corp 218,531 0.06%

54,000 Nippon Express Co 337,891 0.10%

30,600 Nippon Light Metal Holdings Co Ltd 72,721 0.02%

5,000 Nippon Meat Packers Inc 151,980 0.04%

5,200 Nippon Shinyaku Co Ltd 332,781 0.10%

13,000 Nippon Telegraph and Telephone Company 614,419 0.18%

6,800 Nippon Television Network Corp 114,271 0.03%

27,000 Nipro Corporation 352,069 0.10%

800 Nitori Holdings Co Ltd 107,094 0.03%

2,400 Nitto Denko Corp 197,383 0.06%

85,700 Nomura Securities 513,666 0.15%

8,100 NSK Ltd 101,151 0.03%

3,500 Obayashi Corp 41,153 0.01%

4,000 Omron Tateisi Electronics Co 173,565 0.05%

20,000 Orix Corporation 309,746 0.09%

5,000 Otsuka Holdings KK 213,173 0.06%


USD

% of

Net Assets



203


as at 30 June 2017



31,000 Prima Meat Packers Ltd 182,109 0.05%

2,000 Rohm Co. 153,627 0.04%

10,000 Sakata INX Corp 159,324 0.05%

9,800 Sankyo Co Ltd Gunma 332,336 0.09%

22,000 Sanyo Special Steel Co Ltd 124,539 0.04%

7,300 Sekisui Chemical Co Ltd 130,666 0.04%

16,000 Sekisui House Ltd 281,905 0.08%

2,946 Seven & I Holdings 121,354 0.04%

18,000 Shimizu Corporation 190,814 0.05%

8,900 Shin-Etsu Chemical Co 806,822 0.23%

1,500 Shionogi & Co Ltd 83,565 0.02%

16,500 Showa Denko K K 382,724 0.11%

500 SMC Corp 151,980 0.04%

7,500 Softbank Corp 607,276 0.17%

1,500 Sogho Security Services 67,557 0.02%

10,500 Sompo Japan Nipponkoa Holdings Inc 405,514 0.12%

13,700 Sony Corp 522,636 0.15%

2,600 Sony Financial Holdings Inc 44,294 0.01%

32,400 Sumitomo Corp 421,618 0.12%

14,600 Sumitomo Electric 224,815 0.06%

37,000 Sumitomo Heavy Ind 244,032 0.07%

3,000 Sumitomo Mitsui Financial 116,929 0.03%

18,700 Suzuki Motor Corp 887,147 0.25%

3,000 Taiyo Yuden Co Ltd 47,049 0.01%

13,400 Temp Holdings Co Ltd 251,183 0.07%

27,100 The Kysh Electric Power Co 329,011 0.09%

2,900 THK Co Ltd 82,083 0.02%

30,000 Tokuyama Corporation 144,459 0.04%

82,600 Tokyo Electric Power 340,399 0.10%

1,900 Tokyo Electron 256,377 0.07%

1,300 Tokyo Ohka Kogyo Co Ltd 43,333 0.01%

5,000 Tokyo Seimitsu Co Ltd 160,881 0.05%

28,000 Tokyo Tatemono Co Ltd 366,854 0.10%

15,000 TOPPAN PRINTING 164,486 0.05%

70,000 Tosoh Corp 717,134 0.20%

25,200 Toyo Tire & Rubber Co Ltd 513,421 0.15%

5,000 Toyoda Automat Loom 263,017 0.08%

6,021 Toyota Motor Co 315,814 0.09%

3,900 TV Asahi Corp 70,294 0.02%

3,000 Ut Group Co Ltd 48,198 0.01%

25,900 Yahoo Japan Corporation 112,729 0.03%


USD

% of

Net Assets



204


as at 30 June 2017



3,700 Yakuodo Co Ltd 108,349 0.03%

16,500 Yamaha Motor Co Ltd 425,607 0.12%

6,500 Zenkoku Hosho Co Ltd 265,843 0.08%

Total Japan 32,613,492 9.25%


69,076 Glencore Plc 258,061 0.08%

4,190 Wolseley Plc 256,875 0.07%

129,649 WPP Plc 2,721,968 0.77%



770 Samsung Electronics Ltd 1,253,510 0.36%

Total Korea (South) 1,253,510 0.36%

Marshall Islands - 0.05%

115,342 Navios Maritime Acquisition Corporation 169,553 0.05%

Total Marshall Islands 169,553 0.05%

Netherlands - 1.56%

15,732 ASML Holding NV 2,048,657 0.58%

3,940 Ferrari NV 337,929 0.10%

31,460 Fiat Chrysler Automobiles NV 331,406 0.09%

78,824 Ing Groep NV 1,358,423 0.39%

34,618 NN Group NV 1,229,536 0.35%

490 Schlumberger Ltd 32,262 0.01%

2,703 Unilever NV 149,064 0.04%


New Zealand - 0.04%

50,680 a2 Milk Company Limited 148,492 0.04%


Philippines - 0.11%

3,248,681 Vista Land & Lifescapes Inc 374,248 0.11%

Total Philippines 374,248 0.11%

Portugal - 0.09%

17,106 Jeronimo Martin 333,649 0.09%

Total Portugal 333,649 0.09%


USD

% of

Net Assets



205


as at 30 June 2017


Singapore - 0.86%

126,500 Best World International Limited 130,488 0.04%

531 Broadcom Limited Designs 123,750 0.03%

3,487,782 Cambridge Industrial Trust 1,494,836 0.42%

57,000 China Aviation Oil Singapore Corporation Limi 69,149 0.02%

12,682 DBS Bank Ltd 191,068 0.05%

3,694,178 Ezion Holdings Ltd 630,635 0.18%

131,000 Global Logistic Properties Limited 272,163 0.08%

103,100 Yanlord Land Group Ltd 131,440 0.04%


Spain - 0.63%

30,631 Banco Santander SA 202,483 0.06%

54,060 Distribuidora Interncional de Alimentacion SA 336,319 0.10%

13,160 Grifols SA 366,251 0.10%

24,250 Industria de Diseno Textil SA 930,208 0.27%

28,359 Int Consol Airlines Group SA 225,025 0.06%

7,340 Red Electrica Corporacion SA 153,260 0.04%

Total Spain 2,213,546 0.63%

Sweden - 1.10%

14,861 Atlas Copco AB 568,335 0.16%

136,200 Elekta AB 1,287,674 0.36%

6,660 Industrivarden AB 159,287 0.04%

10,324 Sandvik AB 161,964 0.05%

115,574 Skandinaviska Enskilda Banken SEB 1,394,403 0.40%

8,640 Swedish Match AB 303,519 0.09%

Total Sweden 3,875,182 1.10%

Switzerland - 2.94%

1,244 Baloise Holding 192,243 0.05%

9,653 Dufry AG 1,581,320 0.45%

1,352 Idorsia Ltd 25,517 0.01%

27,038 Nestle SA 2,352,785 0.67%

3,862 Novartis AG 321,364 0.09%

90 Partners Group Holding AG 55,792 0.02%

19,797 Roche Holding AG 5,041,113 1.43%

448 Swiss Life Holding Ag 151,171 0.04%

37,286 UBS Group AG 631,413 0.18%



USD

% of

Net Assets



206


as at 30 June 2017



2,269 3M Company 472,383 0.13%

4,200 Abbott Labs 204,162 0.06%

2,600 AbbVie Inc 188,526 0.05%

11,310 Activision Blizzard Inc 651,117 0.18%

9,440 Adobe Systems Inc 1,335,194 0.38%

2,796 Aetna Inc-New 424,517 0.12%

2,610 Air Products & Chemicals Inc 373,387 0.11%

400 Alleghany Corp 237,920 0.07%

800 Allegiant Travel Company 108,480 0.03%

6,700 Alliant Energy Corp 269,139 0.08%

4,671 Alphabet Inc 4,296,759 1.22%

4,777 Altria Group Inc 355,743 0.10%

3,363 Amazon.Com Inc 3,255,384 0.92%

39,300 American Eagle Outfitters 473,565 0.13%

3,443 American Financial Corp 342,131 0.10%


975 Ameriprise Financial 124,108 0.03%

24,646 Amerisourcebergen Corp 2,329,786 0.66%

2,530 Ametek Inc 153,242 0.04%

5,545 Amgen Corp 955,015 0.27%

5,800 Amphenol Corp 428,156 0.12%

22,211 Anadarko Petroleum Corp 1,007,047 0.29%

4,610 Analog Devices Inc. 358,658 0.10%

37,660 Apple Inc 5,423,793 1.54%

10,940 Applied Material Inc 451,931 0.13%

16,619 Arrow Electronics Inc 1,303,262 0.37%

3,373 Assurant Inc 349,746 0.10%

43,936 AT & T Inc 1,657,705 0.47%

17,219 Autoliv Inc 1,883,796 0.53%

538 Autozone 306,907 0.09%

17,800 Avnet Inc 692,064 0.20%


551 Bard CR Inc 174,177 0.05%

6,502 Baxter International 393,631 0.11%

800 Becton Dickinson & Co 156,088 0.04%

4,970 Berkshire Hathaway Inc. 841,769 0.24%

14,499 Best Buy Co Inc 831,228 0.24%

5,109 Boeing Com 1,010,305 0.29%

27,400 Bristol-Myrs Squib 1,526,728 0.43%

27,650 Cabot Oil & Gas Corp 693,462 0.20%


USD

% of

Net Assets



207


as at 30 June 2017



20,738 Campbell Soup 1,081,487 0.31%

4,200 Capital One Financial Corp 347,004 0.10%

3,388 Caterpillar Inc 364,074 0.10%

13,290 CBRE Group Inc 483,756 0.14%

14,262 CBS Corp 909,630 0.26%

2,684 CDW Corporation of Delaware 167,831 0.05%

16,452 Celgene Corp 2,136,621 0.61%

4,536 Centene Corp 362,336 0.10%

12,492 Centerpoint Energy Inc 342,031 0.10%

500 Charter Communication Inc 168,425 0.05%

6,661 Chevron Corp 694,942 0.20%

1,150 Chipotle Mexican Grill Inc 478,515 0.14%

2,607 Church&Dwight Co Inc 135,251 0.04%


11,481 Citigroup Inc 767,849 0.22%

4,688 Clorox Company 624,629 0.18%

3,610 CMS Energy Corporation 166,963 0.05%

16,120 Coach Inc 763,121 0.22%

17,583 Cobalt International Energy 43,430 0.01%

43,670 Coca-Cola Co. 1,958,600 0.56%

2,300 Colgate-Palmolive Co 170,499 0.05%

29,963 Comcast Corp 1,166,160 0.33%

9,226 Conagra Foods Inc 329,922 0.09%

6,381 Conocophillips Co 280,509 0.08%

1,841 Constellation Brands 356,657 0.10%

23,320 Corning Inc 700,766 0.20%

1,575 Costco Wholesale Corp 251,890 0.07%

11,800 CSG Systems International Inc 478,844 0.14%

15,409 CSX Corp 840,715 0.24%

2,320 Cummins Inc 376,350 0.11%

21,073 CVS Health Corporation 1,695,534 0.48%

29,900 Delta Air Lines INC 1,606,826 0.46%

6,025 Discover Financial Services 374,695 0.11%

5,420 Dollar Tree Stores Inc 378,966 0.11%

4,256 Dominion Resources Inc 326,137 0.09%

19,300 DOMTAR CORP 741,506 0.21%

2,100 Dow Chemical Co 132,447 0.04%

10,200 Dr Pepper Snapple Group 929,322 0.26%

3,536 DTE Energy Co 374,073 0.11%

50,380 Du Pont - 0.00%


USD

% of

Net Assets



208


as at 30 June 2017



16,167 Dun & Bradsheet Corp 1,748,461 0.50%

49,586 eBay Inc. 1,731,543 0.49%

3,500 Electronic Arts Inc 370,020 0.10%

3,000 Emerson Electric Co 178,860 0.05%

1,873 Entergy Corp. 143,790 0.04%

3,829 Eog Resources Inc 346,601 0.10%

12,200 Equitable Resources Inc 714,798 0.20%

44,619 Express Scripts Holdings Inc 2,848,477 0.81%

16,797 Exxon Corp 1,356,022 0.38%

16,989 Facebook Inc 2,564,999 0.73%

53,200 Federated Investors Inc 1,502,900 0.43%

3,800 Fidelity National Information 324,520 0.09%

12,738 Fifth Third Bancorp 330,678 0.09%

18,100 First American Financial Corporation 808,889 0.23%

2,700 Fiserv Inc 330,318 0.09%

20,600 Flowers Foods Inc. 356,586 0.10%

44,870 Gap Inc 986,691 0.28%

2,410 General Dynanics Corp 477,421 0.14%

72,030 General Electric Co 1,945,530 0.55%

21,200 General Mills Inc 1,174,480 0.33%

9,700 General Motors Co 338,821 0.10%

50,937 Gilead Sciences Inc 3,605,321 1.02%

3,339 Goldman Sachs Group 740,924 0.21%

13,344 Halliburton Co 569,922 0.16%

37,643 Hewlett Packard Enterprise 624,497 0.18%

10,183 Home Depot 1,562,072 0.44%

133,882 HP Inc 2,340,257 0.66%

1,670 Humana Inc 401,835 0.11%

26,000 Huntington Bancshares Inc 351,520 0.10%

56,131 Intel Corp 1,893,860 0.54%

10,600 International Business Machine Corp 1,630,598 0.46%

2,757 Intuit Inc 366,157 0.10%

27,976 Johnson & Johnson 3,700,945 1.05%


9,600 Keycorp 179,904 0.05%

15,000 Kforce Inc 294,000 0.08%

3,110 Kimberley Clark Corp 401,532 0.11%


5,920 Kla-Tencor Corp. 541,739 0.15%

1,700 Laboratory CRP of Amer Hldgs 262,038 0.07%


USD

% of

Net Assets



209


as at 30 June 2017



2,400 LAM Research Corporation 339,432 0.10%

2,309 Lennar Corp 123,116 0.03%

3,540 Liberty Sirius Group 147,618 0.04%

5,700 Lilly (Eli) & Co 469,110 0.13%

4,840 Lincoln National Corp. 327,087 0.09%

1,145 Lockheed Martin Corp 317,863 0.09%

6,008 Loews Corp 281,234 0.08%

4,000 Lowes Com 310,120 0.09%

3,270 Manpower Inc. 365,096 0.10%

3,830 Marathon Petroleum Corp 200,424 0.06%

3,500 Mastercard Inc 425,075 0.12%

54,000 Mattel Inc 1,162,620 0.33%

5,710 McDonald’s Corp 874,544 0.25%

1,290 MercadoLibre Inc 323,635 0.09%

7,685 Merck & Co’ 492,532 0.14%

12,734 MGE Energy Inc 819,433 0.23%

31,200 MGM Resorts International 491,400 0.14%

11,344 Microchip Technology Inc 875,530 0.25%

93,744 Microsoft Corp 6,461,774 1.83%

1,400 Mohawk Industries Inc 338,366 0.10%

3,900 Mondelez International Inc 168,441 0.05%

2,200 Monsanto Co 260,392 0.07%

8,600 Morgan Stanley 383,216 0.11%

4,131 Motorola Solutions Inc 358,323 0.10%

2,918 MSCI Inc 300,525 0.09%

18,363 Nasdaq OMX Group Inc 1,312,771 0.37%

31,100 National-Oilwell Inc 1,024,434 0.29%

29,700 Netapp Inc 1,189,485 0.34%

4,400 Netflix Inc 657,404 0.19%

18,630 Noble Energy Inc 527,229 0.15%

7,880 Nordstrom Inc. 376,900 0.11%

2,045 Northrop Grumman Corp 524,972 0.15%

4,200 Northwest Natural Gas Co 251,370 0.07%

6,038 Nucor Corp. 349,419 0.10%

7,300 Nvidia Corp 1,055,288 0.30%

17,100 Occidental Petroleum Corp 1,023,777 0.29%

66,300 Office Depot Inc 373,932 0.11%

25,800 Oge Energy Corp 897,582 0.25%

85,635 Oracle Corp 4,293,739 1.22%

1,100 O’Reilly Automotive Inc 240,614 0.07%


USD

% of

Net Assets



210


as at 30 June 2017



25,200 Owens & Minor Inc 811,188 0.23%

4,800 Paccar Inc 316,992 0.09%

5,964 Parker Hannifin Corp 953,166 0.27%

21,470 People’s United Financial 379,160 0.11%

5,632 Pepsico Inc 650,440 0.18%

92,497 Pfizer Inc 3,106,974 0.88%

6,439 Philip Morris International Inc 756,261 0.21%

5,000 Pinnacle West Capital 425,800 0.12%

2,000 PPG Industries Inc 219,920 0.06%

3,184 Praxair Inc 422,039 0.12%

238 Priceline Group Incorporated 445,184 0.13%

26,795 Procter & Gamble 2,335,184 0.66%

5,034 Prudential Financial 544,377 0.15%

2,900 Qualcomm Inc 160,138 0.05%

18,560 Quanta Services 610,995 0.17%

3,292 Quest Diagnostics Inc. 365,939 0.10%

9,800 Ralph Lauren Corp 723,240 0.20%

4,430 Raymond James Financial Inc 355,375 0.10%

3,490 Raytheon Company 563,565 0.16%

2,890 Realty Income Corp 159,470 0.05%

8,500 Regency Centers Corp 532,440 0.15%

710 Regeneron Pharmaceuticals 348,709 0.10%

55,925 Regions Financial Corp 818,742 0.23%

5,262 Republic Serv Inc 335,347 0.09%

7,320 Robert Half International Inc. 350,848 0.10%

6,400 Safety Insurance Group Inc 437,120 0.12%

4,100 Salesforce Com Inc 355,060 0.10%

1,770 Sba Communications Corporation 238,773 0.07%

2,800 Scana Corp 187,628 0.05%

12,400 Schweitzer-Mauduit International Inc 461,652 0.13%

2,413 Simon Property Group Inc 390,327 0.11%

8,500 Sonoco Products Co 437,070 0.12%

13,800 SpartanNash Co 358,248 0.10%

2,290 Stanley Black & Decker Inc 322,272 0.09%

37,500 Staples Inc. 377,625 0.11%

16,040 Starbucks Corp. 935,292 0.27%

1,614 State Street Corp 144,824 0.04%

2,300 Synopsys Inc 167,739 0.05%

5,122 Texas Instruments 394,035 0.11%

16,800 The Mosiac Company 383,544 0.11%


USD

% of

Net Assets



211


as at 30 June 2017



2,100 Thermo Fisher Scientific Inc 366,387 0.10%

2,300 TJX Cos Inc 165,991 0.05%

22,495 Tupperware Brands Corp 1,579,824 0.45%

9,500 Twenty First Century Fox Inc. 269,230 0.08%

6,137 UGI Corp 297,092 0.08%

680 United Continental Holdings 51,170 0.01%

30,318 United Healthcare Corp 5,621,564 1.60%

6,100 United Parcel Service Inc 674,599 0.19%

23,500 Universal Insurance Holdings Inc 592,200 0.17%

3,190 Valero Energy Corp 215,197 0.06%

3,420 Varian Medical Systems 352,910 0.10%

23,588 VeriFone Holdings Inc 426,943 0.12%


8,613 VF Corporation 496,109 0.14%

69,299 Viacom Inc 2,326,367 0.66%

10,737 Visa Inc 1,006,916 0.29%

18,017 Wal-Mart Stores Inc 1,363,527 0.39%

7,479 Walt Disney Co 794,644 0.23%

23,870 Welbilt Inc 449,950 0.13%

1,906 Wellcare Health Plans INC 342,241 0.10%

28,901 Wells Fargo & Co 1,601,404 0.45%

11,012 Western Digital Corporation 975,663 0.28%

6,189 Westrock Company 350,669 0.10%

14,400 Whole Foods Market Inc 606,384 0.17%

11,640 Williams Companies 352,459 0.10%

26,500 Wisdom Tree Investments Inc 269,505 0.08%

4,460 Wyndham Worldwide Corp 447,829 0.13%

12,400 Xilinx Inc 797,568 0.23%

5,101 Yum Brands Inc 376,250 0.11%

8,200 Zions Bancorporation 360,062 0.10%



22,912 Michael Kors Holdings Ltd 830,560 0.24%

Total Virgin Islands 830,560 0.24%

Total Equities 334,672,530 94.98%


USD

% of

Net Assets



212


as at 30 June 2017

Collective Investment Schemes - 3.15%

553,877 BlackRock Global Funds 11,088,620 3.15%



Warrants - 0.00%

Ireland - 0.00%

5,402 Kenmare Warrants - 0.00%

Total Ireland - 0.00%

Singapore - 0.00%

690,139 Ezion Holdings Ltd Call Warrant 16,544 0.00%

Total Singapore 16,544 0.00%

Total Warrants 16,544 0.00%






Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

11,088,620 3.15% 3.14%




7,105,267 2.02% 2.01%


(522,198) (0.15)% (0.15)%



USD

% of

Net Assets



213

PORTFOLIO OF INVESTMENTS OF SATRIX WORLD EQUITY TRACKER FUND as at 30 June 2017

Equities - 94.03%

Australia - 2.55%

32,021 Amcor Limited 398,534 0.06%

66,479 AMP Limited 264,911 0.04%

50,267 Australia and New Zealand Banking Group Ltd 1,108,448 0.16%

53,143 BHP Billiton Limited 949,898 0.14%

33,425 Brambles Ltd 249,708 0.04%

6,400 Caltex Australia Limited 155,329 0.02%

28,511 Common wealth Bank of Australia 1,812,772 0.27%

27,609 Crown Resorts Limited 260,314 0.04%

10,810 CSL Ltd 1,145,637 0.17%

49,448 Dexus Property Group 359,919 0.05%

94,967 Insurance Australia Group 494,368 0.07%

28,613 Lend Lease Group 365,785 0.05%

8,296 Macquarie Group Limited 563,715 0.08%

190,939 Mirvac Group 312,264 0.05%

43,602 National Australia Bank Ltd 990,602 0.15%

19,250 Newcrest Mining Ltd 297,968 0.04%

16,112 Orica Limited 255,828 0.04%

28,244 Origin Energy Limited 148,764 0.02%

40,149 Q.B.E. Insurance Group 364,060 0.05%

9,674 Rio Tinto Limited 469,950 0.07%

18,449 Santos Ltd 42,920 0.01%

185,663 Scentre Group 577,336 0.09%

146,951 South32 Limited 302,382 0.04%

40,142 Suncorp Group Ltd 456,767 0.07%

79,140 Sydney Airport 430,814 0.06%

76,181 Tabcorp Hldgs Ltd 255,609 0.04%

85,807 Telstra Corporation 283,295 0.04%

60,894 Transurban Group 554,040 0.08%

21,582 Wesfarmers Ltd 664,815 0.10%

51,150 Westfield Corp 315,362 0.05%

54,020 Westpac Banking Corp Ltd 1,265,449 0.19%

20,244 Woodside Petroleum Ltd 464,279 0.07%

33,612 Woolworths Limited 659,118 0.10%


Austria - 0.12%

9,922 Erste Group Bank AG 379,636 0.06%

8,350 OMV AG 432,989 0.06%



USD

% of

Net Assets



214

SANLAM PORTFOLIO OF INVESTMENTS OF SATRIX WORLD EQUITY TRACKER FUND (CONTINUED) as at 30 June 2017


Belgium - 0.49%

11,314 Ageas 455,301 0.07%

13,058 Anheuser Busch InBev SA NV 1,441,278 0.21%

9,456 Groupe Bruxelles Lambert SA 909,669 0.13%



Bermuda - 0.21%

6,257 Bunge Limited 466,772 0.07%

10,490 Invesco Ltd 369,143 0.05%

35,033 Marvell Technology Group Ltd 578,745 0.09%


Canada - 3.33%

8,520 Agnico-Eagle Mines 383,534 0.06%

4,300 Agrium Inc 389,022 0.06%

13,337 Bank of Montreal 977,561 0.14%

21,746 Bank of Nova Scotia 1,305,831 0.19%

16,670 Barrick Gold Corp. 264,723 0.04%

27,450 BlackBerry Ltd 273,845 0.04%

19,621 Brookfield Asset Management 768,619 0.11%

6,232 Cameco Corp. 56,655 0.01%

7,053 Can Imperial Bk of Commerce 572,177 0.08%

16,210 Canadian National Railway Co. 1,312,921 0.19%

21,179 Canadian Natural Resources Ltd 610,052 0.09%

3,153 Canadian Pacific Railway Ltd 506,407 0.08%

28,088 Cenovus Energy Inc 206,698 0.03%

9,504 Crescent Point Energy Corp 72,573 0.01%

33,474 Enbridge Inc 1,331,127 0.20%

20,382 Encana Corp 179,015 0.03%

18,799 Fortis Inc 659,578 0.10%

5,400 Franco-Nevada Corporation 388,945 0.06%

9,597 Goldcorp Inc 123,518 0.02%

10,625 Husky Energy Inc 120,391 0.02%

5,743 Imperial Oil Ltd 167,104 0.03%

7,084 Intact Financial Corporation 534,176 0.08%

13,629 Kinross Gold Corp 55,288 0.01%

7,635 Loblaw Companies Ltd. 423,977 0.06%

10,878 Magna International Inc 502,996 0.07%

42,927 Manulife Financial Corp 803,291 0.12%


USD

% of

Net Assets



215

UN PORTFOLIO OF INVESTMENTS OF SATRIX WORLD EQUITY TRACKER FUND (CONTINUED) as at 30 June 2017


Canada - 3.33% (continued)

9,735 Metro Inc 319,829 0.05%

12,007 National Bank Of Canada 503,996 0.07%

16,635 Potash Corp of Saskatchewan 270,826 0.04%

8,089 PrairieSky Royalty Ltd 183,872 0.03%

12,493 Rogers Communications Inc 589,020 0.09%

26,468 Royal Bank of Canada 1,918,426 0.28%

19,495 Shaw Communications Inc. 424,535 0.06%

14,132 Sun Life Financial Inc 504,318 0.07%

34,809 Suncor Energy Inc 1,015,251 0.15%

9,564 Teck Resources Ltd 165,498 0.02%

9,087 Telus Corporation Com NPV (Non Canadian) 313,159 0.05%

9,107 Thomson Reuters Corporation 420,895 0.06%

33,040 Toronto-Dominion Bank 1,662,046 0.25%

21,186 Transcanada Corp 1,008,174 0.15%

10,286 Turquoise Hill Resources Ltd 27,316 0.00%

5,500 Valeant Pharmaceuticals International 95,428 0.01%

6,497 Wheaton Precious Metals Corp 128,830 0.02%

11,498 Yamana Gold Inc 27,703 0.00%

Total Canada 22,569,146 3.33%


70,381 Cheung Kong Property Holdings Ltd 551,303 0.08%

49,881 CK Hutchison Holdings Limited 626,180 0.09%

66,400 Sands China Ltd 304,076 0.05%

5,913 Seagate Technology 229,129 0.03%


Denmark - 0.69%

257 AP Moller - Maersk A/S 516,359 0.08%

7,956 Coloplast A/S 664,313 0.10%

21,310 Danske Bank A/S 819,024 0.12%

1,925 Genmab A/S 410,404 0.06%


USD

% of

Net Assets



216

UN PORTFOLIO OF INVESTMENTS OF SATRIX WORLD EQUITY TRACKER FUND (CONTINUED) as at 30 June 2017


Denmark - 0.69% (continued)

34,211 Novo Nordisk AS 1,463,988 0.22%

10,134 Novozymes AS 443,152 0.06%

12,415 William Demant Holdings 321,089 0.05%

Total Denmark 4,638,329 0.69%

Finland - 0.27%

10,321 Elisa Corporation 399,674 0.06%

5,786 Fortum Oyj 90,667 0.01%

4,551 Metso Oyj 157,692 0.02%

113,790 Nokia OYJ 695,446 0.10%

17,551 Upm-Kymmene Oy 499,973 0.08%


France - 3.51%

9,503 Accor SA 445,165 0.07%

8,199 Air Liquide 1,012,483 0.15%

10,986 Airbus Group SE 902,759 0.13%

7,639 Alstom 266,870 0.04%

3,426 AtoS 480,550 0.07%

32,001 AXA SA 874,719 0.13%

16,358 BNP Paribas SA 1,177,291 0.17%

6,371 Bouygues 268,453 0.04%

5,424 Cap Gemini 560,108 0.08%

12,795 Carrefour SA 323,455 0.05%

843 Casino Guichard 49,895 0.01%

5,330 Cie Generale D’Optique Essilor International 677,660 0.10%

23,919 Credit Agricole SA 384,503 0.06%

11,606 Danone 871,714 0.13%

6,403 Edenred 166,836 0.03%

1,128 Electricite De France 12,207 0.00%

14,646 Engie 220,895 0.03%

1,284 Hermes International 634,018 0.09%

3,975 L’Oreal SA 827,488 0.12%

4,815 LVMH Moet Hennessy Louis Vuitton SA 1,199,637 0.18%

5,436 Michelin 722,158 0.11%

35,603 Orange 564,402 0.08%

5,051 Pernod-Ricard 675,912 0.10%

1,683 Pinault-Printemps 572,785 0.08%

3,372 Renault SA 304,991 0.05%


USD

% of

Net Assets



217

I PORTFOLIO OF INVESTMENTS OF SATRIX WORLD EQUITY TRACKER FUND (CONTINUED) as at 30 June 2017


France - 3.51% (continued)

13,242 Saint-Gobain SA 706,990 0.10%

19,999 Sanofi 1,911,810 0.28%


7,750 Scor SE 307,012 0.05%

12,915 Societe Generale SA 694,396 0.10%

3,738 Sodexo 482,931 0.07%


14,027 Suez Environment SA 259,586 0.04%

33,919 Total SA 1,675,638 0.25%

3,143 Unibail Rodamco 791,495 0.12%

13,790 Veolia Environnement 291,163 0.04%

9,703 Vinci SA 827,562 0.12%

24,066 Vivendi SA 535,322 0.08%

Total France 23,767,430 3.51%

Germany - 3.25%

3,817 Adidas AG 730,776 0.11%

8,277 Allianz SE 1,628,583 0.24%

17,255 Basf SE 1,596,916 0.24%

14,078 Bayer AG 1,818,809 0.27%


27,852 Commerzbank AG 331,543 0.05%

16,715 Daimler AG 1,208,898 0.18%

47,886 Deutsche Bank AG 848,477 0.12%

5,233 Deutsche Boerse AG 551,971 0.08%

25,664 Deutsche Post AG 961,308 0.14%

65,104 Deutsche Telekom 1,168,046 0.17%

35,154 E.ON AG 330,920 0.05%

6,980 Henkel AG & Co KGAA 843,628 0.12%

9,452 K+S AG 241,857 0.04%

4,506 Linde AG 852,659 0.13%

7,765 MAN SE 831,894 0.12%

4,500 Merck KGAA 543,116 0.08%

9,399 Metro AG 317,039 0.05%

4,070 Muenchener Rueckversicherungs AG 820,091 0.12%

4,877 Osram Licht AG 388,237 0.06%

6,995 Porsche Ag 392,703 0.06%

8,665 RWE AG 172,520 0.02%

19,373 SAP SE 2,021,996 0.30%


USD

% of

Net Assets



218

PORTFOLIO OF INVESTMENTS OF SATRIX WORLD EQUITY TRACKER FUND (CONTINUED) as at 30 June 2017



14,068 Siemens AG 1,932,316 0.28%

7,649 ThyssenKrupp AG 217,154 0.03%

3,942 Volkswagen 599,942 0.09%



34,773 3I Group Plc 408,225 0.06%


5,985 Aon Plc 795,706 0.12%

21,826 Astrazeneca Plc 1,457,891 0.22%

89,163 Aviva Plc 610,072 0.09%

329,864 Barclays Plc 869,974 0.13%

33,071 Bhp Billiton Plc 505,900 0.07%

321,914 BP Plc 1,854,205 0.27%

66,997 British Aerospace Plc 552,093 0.08%

32,953 British American Tobacco Plc 2,243,567 0.33%

48,495 British Land 381,963 0.06%

183,228 BT Group Plc 702,516 0.10%

37,149 Capita Group Plc 334,156 0.05%

116,559 Centrica Plc 303,543 0.04%

51,951 Compass Group PLC 1,094,761 0.16%

48,270 Diageo 1,424,382 0.21%

30,222 Experian Group Ltd 619,176 0.09%

322,063 Genting Singapore Plc 253,842 0.04%


335,347 HSBC Holdings 3,104,572 0.46%

18,215 Imperial Brands Plc 817,090 0.12%

8,665 InterContinental Hotels Group PLC 480,952 0.07%

48,136 Kingfisher Plc 188,284 0.03%



14,823 Liberty Global Plc 476,115 0.07%

9,661 Liberty Global Plc - Series C 301,230 0.04%

1,410,818 Lloyds Bank Plc 1,213,979 0.18%

4,886 London Stock Exchange Group Plc 231,729 0.03%

67,676 Marks & Spencer Plc 293,414 0.04%

96,274 Morrison Supermarkets Plc 302,062 0.04%

53,820 National Grid Plc 666,346 0.10%

4,749 Next PLC 238,204 0.04%


USD

% of

Net Assets



219




140,335 Old Mutual Plc 353,047 0.05%

18,327 Pearson 164,852 0.02%

46,465 Prudential Corp 1,064,377 0.16%

12,576 Reckitt Benckiser Group Plc 1,273,373 0.19%


24,614 Rio Tinto Plc 1,038,020 0.15%



136,778 Royal Dutch Shell Plc 3,644,357 0.54%

20,585 Scottish & Southern Energy 389,069 0.06%

17,917 Shire Plc 987,726 0.15%

28,925 Sky Plc 373,999 0.06%

25,070 Smith & Nephew plc 432,096 0.06%

21,718 Smiths Group Plc 451,165 0.07%


251,474 Taylor Wimpey Plc 576,381 0.09%

10,387 Technipfmc Plc 282,526 0.04%

131,519 Tesco Plc 288,783 0.04%

21,080 Unilever Plc 1,139,336 0.17%

20,605 United Utilities Group Plc 232,516 0.03%

452,713 Vodafone Group PLC 1,282,305 0.19%


Hong Kong - 0.85%

223,225 AIA Group Ltd 1,631,310 0.24%

18,601 Bank of East Asia 79,941 0.01%

82,600 Boc Hong Kong Holdings Ltd 395,193 0.06%

41,100 CLP Holdings Ltd 434,870 0.06%

62,000 Galaxy Entertainment Group Ltd 376,451 0.06%

16,639 Hang Seng Bank 348,058 0.05%

164,227 Hong Kong & China Gas Co 308,822 0.05%

24,659 Hong Kong Exchanges and Clearing Ltd 637,433 0.09%

169,000 Li & Fung Ltd 61,481 0.01%

51,000 Link Reit 388,056 0.06%

33,855 Power Assets Holdings Limited 299,017 0.04%

30,242 Sun Hung Kai Properties 444,337 0.07%

14,500 Swire Pacific 141,627 0.02%

24,817 Wharf Holdings 205,680 0.03%



USD

% of

Net Assets



220



Ireland - 1.38%

11,078 Accenture PLC 1,370,127 0.20%

7,221 Allergan Plc 1,755,353 0.26%

19,643 CRH Plc 694,415 0.10%

8,334 Eaton Corp Plc 648,635 0.10%


19,285 Johnson Controls International PLC 836,198 0.12%

5,650 Kerry Group 485,754 0.07%

24,317 Medtronic Plc 2,158,134 0.32%

4,801 Pentair Plc 319,459 0.05%

4,300 Perrigo Company Plc 324,736 0.05%

28,890 Weatherford International Plc 111,804 0.02%


Israel - 0.19%

122,190 Bank Leumi Le-Israel 594,417 0.09%

20,975 Teva Pharmaceutical Industries Ltd 696,790 0.10%

Total Israel 1,291,207 0.19%

Italy - 0.70%

23,259 Assicurazioni Generali 382,521 0.06%

18,430 Atlantia SPA 518,282 0.08%

120,368 Enel SpA 644,843 0.09%

54,674 ENI-Ente Nazionale Idrocarburi SpA 821,176 0.12%

11,212 Finmeccanica Spa 186,185 0.03%

220,523 Intesa Sanpaolo SpA 698,672 0.10%

29,708 Mediobanca SpA 292,946 0.04%

28,633 Saipem SpA 105,683 0.02%

42,534 Telecom Italia RNC 31,311 0.00%

279,919 Telecom Italis Spa 258,133 0.04%

44,033 Unicredit SpA 821,667 0.12%

Total Italy 4,761,419 0.70%

Japan - 8.21%

16,900 Aeon Co Ltd 256,772 0.04%


17,000 Ajinomoto Co Inc 367,161 0.05%

31,000 Asahi Chemical Ind 333,178 0.05%

6,560 Asahi Glass Co 276,180 0.04%

42,800 Astellas Pharma Inc 523,619 0.08%


USD

% of

Net Assets



221




12,314 Bridgestone Corp 530,483 0.08%

15,146 Canon Inc 514,438 0.08%

2,700 Central Japan Railway Co 440,027 0.07%

29,350 Chiba Bank 212,647 0.03%

11,400 Chubu Electric Power Co Inc 151,442 0.02%

7,739 Chuo Mitsui Trust Holdings Inc 276,841 0.04%

22,000 Concordia Financial Group Ltd 110,950 0.02%

11,100 Credit Saison 216,764 0.03%

25,000 Dai Nippon Printing Co 277,704 0.04%

12,800 Daiichi Sankyo Co 301,572 0.04%

4,000 Daito TST & Construction 622,875 0.09%


27,824 Daiwa Securities 164,888 0.02%

9,777 Denso Corp 412,662 0.06%

5,600 East Japan Railway Co 535,576 0.08%

5,200 Eisai Co 287,192 0.04%

3,800 Fanuc Ltd 732,434 0.11%

1,400 Fast Retailing Co Ltd 466,293 0.07%


10,300 Fuji Photo Film Co 370,378 0.05%

59,721 Fujitsu 440,027 0.07%

97,000 Hitachi 595,210 0.09%

28,500 Honda Motor Co 777,250 0.11%


15,880 Isetan Mitsukoshi Holdings 159,153 0.02%

25,200 Itochu Corporation 374,355 0.06%

17,400 Japan Tobacco Inc 611,284 0.09%

13,656 JFE Holdings Inc 237,081 0.04%

77,140 JX Holdings Inc 336,917 0.05%

20,700 Kamigumi Company 217,041 0.03%

11,100 Kansai Electric Power Co 152,841 0.02%

16,381 Kansai Paint Co Ltd 376,902 0.06%

11,458 Kao Corp 680,443 0.10%

36,100 KDDI Corp 955,919 0.14%

33,411 Keikyu Corp 402,359 0.06%


2,280 Keyence Corp 1,001,292 0.15%

132,000 Kinki Nippon Railway Co Ltd 508,732 0.08%



USD

% of

Net Assets



222




13,400 Kobe Steel Ltd 137,638 0.02%

18,000 Komatsu Ltd 457,330 0.07%

12,800 Konica Minolta Inc 106,182 0.02%

25,000 Kubota Corp. 420,004 0.06%

12,155 Kurita Water Industries Ltd 331,057 0.05%

7,500 Kyocera Corp 434,312 0.06%

44,400 Marubeni Corp 286,832 0.04%

9,493 Mazda Motor Corp 132,488 0.02%

57,833 Mebuki Financial Group Inc 215,169 0.03%


24,900 Mitsubishi Corp 522,158 0.08%


27,550 Mitsubishi Estate 513,359 0.08%

11,500 Mitsubishi Gas 243,102 0.04%

74,700 Mitsubishi Heavy Industries 305,715 0.05%

21,931 Mitsubishi Motor 144,450 0.02%

17,400 Mitsubishi Tanabe Pharma 402,051 0.06%


32,300 Mitsui & Co 461,572 0.07%

18,100 Mitsui Fudosan Co Ltd 431,838 0.06%

42,000 Mitsui O.S.K. Lines Ltd 123,364 0.02%

360,800 Mizuho Financial Group Inc 659,620 0.10%

12,500 MS&AD Insurance Group Holdings 419,893 0.06%

4,500 Murata Manufacturing 683,712 0.10%

102,798 Nec Corp 272,664 0.04%

8,000 NGK Spark Plug Co Ltd 170,111 0.03%

6,782 Nidec Corp 694,800 0.10%

6,100 Nikon Corp 97,513 0.01%

2,600 Nintendo Co 871,989 0.13%

12,669 Nippon Steel Corp 286,194 0.04%

12,400 Nippon Telegraph and Telephone Company 586,061 0.09%

36,500 Nissan Motor Co Ltd 363,213 0.05%

3,400 Nitori Holdings Co Ltd 455,149 0.07%

5,100 Nitto Denko Corp 419,439 0.06%

67,300 Nomura Securities 403,381 0.06%

28,200 NTT Mobile Communications 665,656 0.10%

37,620 Obayashi Corp 442,332 0.07%

15,300 Ono Pharmaceutical 333,781 0.05%



USD

% of

Net Assets



223





37,461 Panasonic Corp 508,149 0.08%

21,000 Recruit Holdings Co Ltd 360,935 0.05%

69,633 Resona Holdings Inc 383,338 0.06%

15,000 Ricoh Company Ltd 132,443 0.02%

5,300 Secom Co 402,158 0.06%

19,300 Sega Sammy Holdings Inc. 259,738 0.04%

13,360 Seven & I Holdings 550,334 0.08%

2,900 Shimano Inc. 458,941 0.07%

7,700 Shin-Etsu Chemical Co 698,037 0.10%

7,800 Shionogi & Co Ltd 434,537 0.06%

13,000 Shiseido 462,145 0.07%

18,000 Shizuoka Bank 162,617 0.02%

15,400 Softbank Corp 1,246,941 0.18%

9,850 Sompo Japan Nipponkoa Holdings Inc 380,411 0.06%

18,200 SO-NET M3 INC 501,371 0.07%

23,070 Sony Corp 880,089 0.13%

50,000 Sumitomo Chemical Co 287,494 0.04%

25,800 Sumitomo Corp 335,733 0.05%




12,000 Sumitomo Realty Develop. 370,093 0.05%

8,900 Suzuki Motor Corp 422,225 0.06%

19,700 T&D Holdings Inc 299,752 0.04%

12,656 Takeda Pharmaceutical Co Ltd 643,107 0.10%

10,800 Terumo Corp 425,367 0.06%

8,300 Toho Co (Film) 255,612 0.04%

22,100 Tohoku Electric Power 305,879 0.05%

11,200 Tokio Marine Holdings 463,651 0.07%

24,600 Tokyo Electric Power 101,378 0.01%

4,400 Tokyo Electron 593,716 0.09%

68,755 Tokyo Gas Co 357,575 0.05%

34,000 Tokyu Corp 259,350 0.04%

27,000 Tokyu Fudosan Holdings Corp 159,573 0.02%

39,000 Toray Inds Inc 326,406 0.05%

125,800 Toshiba Corp 304,339 0.04%

43,510 Toyota Motor Co 2,282,193 0.34%

11,860 Toyota Tsusho Corp 355,219 0.05%


USD

% of

Net Assets



224




7,900 Trend Micro Inc 407,130 0.06%

5,100 West Japan Railway Co 360,246 0.05%


62,424 Yamada Denki Co Ltd 310,036 0.05%

8,500 Yamaha Motor Co Ltd 219,252 0.03%

6,300 Yamato Holdings Co Ltd 127,766 0.02%

Total Japan 55,579,001 8.21%


7,700 Delphi Automotive Plc 674,905 0.10%

235,176 Glencore Plc 878,593 0.13%

9,212 Wolseley Plc 564,757 0.08%

24,508 WPP Plc 514,543 0.08%


Luxembourg - 0.04%

11,007 ArcelorMittal 249,487 0.04%

Total Luxembourg 249,487 0.04%

Netherlands - 1.76%

39,314 Aegon NV 200,610 0.03%

7,770 Akzo Nobel NV 674,758 0.10%

7,715 ASML Holding NV 1,004,665 0.15%

30,832 CNH Industrial NV 348,895 0.05%

4,819 Ferrari NV 413,319 0.06%


5,203 Heineken Holding NV 505,517 0.07%

60,923 Ing Groep NV 1,049,924 0.16%

26,849 Koninklijke Ahold Delhaize NV 512,960 0.08%

22,471 Koninklijke Philips NV 797,467 0.12%

6,000 LyondellBasell Industries NV 506,340 0.07%

5,300 Mobileye NV 332,840 0.05%

10,000 Mylan NV 388,200 0.06%

5,154 NXP Semiconductors NV 564,105 0.08%

3,726 Randstad Holdings NV 217,387 0.03%

28,909 Relx NV 593,889 0.09%

114,146 Royal KPN NV 364,900 0.05%

23,255 Schlumberger Ltd 1,531,109 0.23%

28,504 Unilever NV 1,571,927 0.23%



USD

% of

Net Assets



225



New Zealand - 0.04%

88,314 Spark New Zealand Limited 244,528 0.04%


Norway - 0.21%

34,950 Norsk Hydro Asa 193,066 0.03%

56,537 Orkla ASA 572,597 0.08%

25,877 Statoil ASA 427,479 0.06%

15,861 Telenor ASA 262,208 0.04%

Total Norway 1,455,350 0.21%

Portugal - 0.06%

123,193 Energias De Portugal SA 402,538 0.06%


Singapore - 0.90%

7,864 Broadcom Limited Designs 1,832,705 0.27%

146,250 CapitaLand Limited 371,840 0.05%

48,562 DBS Bank Ltd 731,640 0.11%

36,091 Flextronics International Ltd 588,644 0.09%

38,400 Keppel Corp Ltd 175,458 0.03%

94,884 Oversea-Chinese Bank 743,715 0.11%

74,000 Singapore Press Holdings Ltd 173,631 0.02%

196,900 Singapore Telecommunications Ltd 556,401 0.08%

38,891 United Overseas Bank Ltd 653,174 0.10%

106,000 Wilmar International Ltd 257,954 0.04%


Spain - 1.14%

4,765 ACS Actividades Cons Y Serv 183,950 0.03%

13,163 Amadeus IT Holding SA 786,450 0.11%

116,764 Banco Bilbao Viscaya 968,154 0.14%

238,744 Banco Santander SA 1,578,195 0.23%

51,323 Bankia SA 247,889 0.04%


100,990 Iberdrola SA 799,097 0.12%


39,500 International Consolidated Airlines Group SA 313,270 0.05%


23,997 Repsol SA 366,996 0.05%

70,097 Telefonica SA 723,055 0.11%

Total Spain 7,745,817 1.14%


USD

% of

Net Assets



226



Sweden - 1.00%

25,400 Atlas Copco AB 875,447 0.13%

8,120 Getinge AB 158,537 0.02%

19,228 Hennes & Mauritz AB 477,860 0.07%

55,021 Nordea Bank AB 698,357 0.10%

29,088 Sandvik AB 456,335 0.07%

20,140 Securitas AB 338,612 0.05%

33,600 Skandinaviska Enskilda Banken SEB 405,385 0.06%

18,274 Skanska AB 432,514 0.07%

10,900 SKF AB-B 220,300 0.03%

34,685 Svenska Handelsbanken AB 495,271 0.07%

23,492 Swedbank AB 571,035 0.09%

15,999 Swedish Match AB 562,036 0.08%

48,941 Telefonaktiebolaget LM Ericsson 349,127 0.05%

50,960 Teliasonera 234,047 0.04%

29,135 Volvo AB 495,363 0.07%

Total Sweden 6,770,226 1.00%

Switzerland - 3.29%

35,823 ABB Ltd 884,555 0.13%

8,344 ACE Limited 1,213,051 0.18%

1,350 Actelion Ltd 376,916 0.06%

9,952 Compagnie Financiere Richemont SA 819,821 0.12%

32,118 Credit Suisse Group AG 464,187 0.07%

2,019 Geberit AG-Reg 941,498 0.14%

250 Givaudan 500,000 0.07%

8,201 Holcim Ltd 469,484 0.07%

7,080 Julius Baer Group Ltd 372,457 0.05%

51,834 Nestle SA 4,510,477 0.67%

37,823 Novartis AG 3,147,315 0.46%

11,956 Roche Holding AG 3,044,479 0.45%

2,451 Schindler Holding 518,569 0.08%

288 SGS SA 697,326 0.10%

3,298 Sonova Holdings AG 535,452 0.08%

954 Swatch Group AG 352,254 0.05%

8,041 Swiss RE AG 734,926 0.11%

816 Swisscom 393,705 0.06%

7,769 TE Connectivity Ltd 611,265 0.09%

57,063 UBS Group AG 966,322 0.14%

2,507 Zurich Financial Services AG 729,618 0.11%



USD

% of

Net Assets



227




9,498 3M Company 1,977,389 0.29%

28,850 Abbott Labs 1,402,399 0.21%

28,660 AbbVie Inc 2,078,137 0.31%



23,610 AES Corp 262,307 0.04%

6,412 Aetna Inc-New 973,534 0.14%

5,837 Aflac Inc. 453,418 0.07%

8,865 Agilent Technologies Inc. 525,783 0.08%

4,149 Air Products & Chemicals Inc 593,556 0.09%

4,700 Alexion Pharmaceuticals Inc 571,849 0.08%

10,400 Alliant Energy Corp 417,768 0.06%

8,161 Allstate Corp 721,759 0.11%

10,451 Alphabet Inc 9,586,238 1.41%

32,933 Altria Group Inc 2,452,521 0.36%

7,157 Amazon.Com Inc 6,927,976 1.02%

5,200 Amerada Hess Corp 228,124 0.03%

6,500 Ameren Corporation 355,355 0.05%

3,200 American Airlines Group Inc 161,024 0.02%

7,049 American Electric Power 489,694 0.07%

14,226 American Express 1,198,398 0.18%


10,051 American Tower Corp 1,329,948 0.20%

3,532 Ameriprise Financial 449,588 0.07%

4,930 Amerisourcebergen Corp 466,033 0.07%

12,815 Amgen Corp 2,207,127 0.33%

8,808 Amphenol Corp 650,207 0.10%

10,793 Anadarko Petroleum Corp 489,355 0.07%

8,175 Analog Devices Inc. 636,015 0.09%

36,200 Annaly Mortgage Management 436,210 0.06%

4,580 Anthem Inc 861,635 0.13%

8,974 Apache Corp 430,124 0.06%

90,351 Apple Inc 13,012,351 1.92%

11,740 Archer-Daniels-Midland Co. 485,801 0.07%

8,825 ARCONIC INC 199,886 0.03%


USD

% of

Net Assets



228




103,834 AT & T Inc 3,917,657 0.58%

5,981 Autodesk Inc 603,004 0.09%

8,951 Automatic Data Processing Inc 917,119 0.14%

790 Autozone 450,663 0.07%

4,383 AvalonBay Communities Inc. 842,281 0.12%

6,218 Avery Dennison Corp. 549,485 0.08%

7,498 Baker Hughes 408,716 0.06%

9,920 Ball Corp 418,723 0.06%

18,154 Bank New York Mellon 926,217 0.14%


2,000 Bard CR Inc 632,220 0.09%

11,640 Baxter International 704,686 0.10%

14,470 BB&T Corporation 657,083 0.10%

4,615 Becton Dickinson & Co 900,433 0.13%

12,262 Bed Bath & Beyond Inc. 372,765 0.06%


8,012 Best Buy Co Inc 459,328 0.07%

4,033 Biogen Inc 1,094,395 0.16%

4,500 Biomarin Pharmaceutical inc 408,690 0.06%

1,979 Blackrock Inc 835,949 0.12%

10,061 Boeing Com 1,989,563 0.29%

5,875 Boston Properties Inc 722,743 0.11%

27,628 Boston Scientific Corp 765,848 0.11%


5,100 C.H.Robinson Worldwide Inc 350,268 0.05%

12,729 CA Inc 438,769 0.06%

6,400 Campbell Soup 333,760 0.05%

9,128 Capital One Financial Corp 754,155 0.11%

6,626 Cardinal Health 516,298 0.08%

8,761 Carnival Corp 574,459 0.08%

10,343 Caterpillar Inc 1,111,459 0.16%

9,826 CBS Corp 626,702 0.09%

13,762 Celgene Corp 1,787,271 0.26%

12,204 Centerpoint Energy Inc 334,146 0.05%

23,215 CenturyLink Inc 554,374 0.08%

7,400 Cerner Corp 491,878 0.07%

23,491 Charles Schwab Corp 1,009,173 0.15%

4,346 Charter Communication Inc 1,463,950 0.22%

7,400 Cheniere Energy Inc 360,454 0.05%


USD

% of

Net Assets



229




30,306 Chevron Corp 3,161,825 0.47%

800 Chipotle Mexican Grill Inc 332,880 0.05%

5,086 Cigna Corp 851,346 0.13%

6,619 Cincinnati Financial Corp. 479,547 0.07%


48,088 Citigroup Inc 3,216,125 0.48%

5,786 Citrix Systems Inc 460,450 0.07%

3,349 Clorox Company 446,221 0.07%

6,535 CME Group Inc 818,443 0.12%

9,603 Coach Inc 454,606 0.07%

65,124 Coca-Cola Co. 2,920,811 0.43%

12,172 Cognizant Tech Solutions CRP 808,221 0.12%

15,050 Colgate-Palmolive Co 1,115,657 0.16%

81,030 Comcast Corp 3,153,688 0.47%

8,554 Comerica Inc 626,495 0.09%

12,894 Conagra Foods Inc 461,089 0.07%

3,954 Concho Resources Inc 480,530 0.07%

22,420 Conocophillips Co 985,583 0.15%

6,019 Consolidated Edison Inc 486,456 0.07%

4,199 Constellation Brands 813,472 0.12%

19,623 Corning Inc 589,671 0.09%

7,224 Costco Wholesale Corp 1,155,334 0.17%

9,712 Crown Castle International Corporation 972,948 0.14%

17,116 CSX Corp 933,849 0.14%

3,900 Cummins Inc 632,658 0.09%


11,492 Danaher Corp 969,810 0.14%

4,581 Darden Restuarants Inc 414,306 0.06%

6,574 Deere & Co 812,481 0.12%

5,547 Dell Technologies Inc 338,977 0.05%

6,808 Dentsply Sirona Inc 441,431 0.07%

12,697 Devon Energy Corporation 405,923 0.06%

8,868 Discover Financial Services 551,501 0.08%

10,300 Dominion Resources Inc 789,289 0.12%

4,964 Dover Corp. 398,212 0.06%

20,132 Dow Chemical Co 1,269,725 0.19%

10,349 DR Horton Inc 357,765 0.05%

5,514 Dr Pepper Snapple Group 502,381 0.07%

3,965 DTE Energy Co 419,457 0.06%


USD

% of

Net Assets



230




15,736 Du Pont De Nemours 1,270,053 0.19%

10,646 Duke Energy Corp 889,899 0.13%

4,184 Dxc Technology Co 320,996 0.05%

19,681 eBay Inc. 687,261 0.10%

5,300 Ecolab Inc 703,575 0.10%

5,900 Edison International 461,321 0.07%

4,800 Edwards Lifesciences Corp 567,552 0.08%

8,346 Electronic Arts Inc 882,339 0.13%

10,946 Emerson Electric Co 652,601 0.10%

5,879 Entergy Corp. 451,331 0.07%

10,921 Eog Resources Inc 988,569 0.15%

3,920 Equifax Inc 538,686 0.08%

11,517 Equity Residential 758,164 0.11%

5,590 Estee Lauder Cos 536,528 0.08%

16,226 Exelon Corp 585,272 0.09%

5,646 Expditors Intl Wash 318,886 0.05%

12,668 Express Scripts Holdings Inc 808,725 0.12%

67,062 Exxon Corp 5,413,915 0.80%

41,142 Facebook Inc 6,211,619 0.92%

6,844 Fastenal Co 297,919 0.04%

4,850 FDX Corp 1,054,051 0.16%

8,237 Fidelity National Information 703,440 0.10%

21,348 Fifth Third Bancorp 554,194 0.08%

10,303 FirstEnergy Corp 300,435 0.04%

5,917 Fiserv Inc 723,886 0.11%

6,428 Fluor Corp 294,274 0.04%

10,970 FNF Group 491,785 0.07%

64,015 Ford Motor Co 716,328 0.11%

7,696 Fortive Corporation 487,542 0.07%

10,120 Franklin Resources Inc 453,275 0.07%

25,996 Freeport-Mcmoran Inc 312,212 0.05%

6,590 Gap Inc 144,914 0.02%

4,669 General Dynanics Corp 924,929 0.14%


11,733 General Mills Inc 650,008 0.10%

27,400 General Motors Co 957,082 0.14%

18,517 GGP Inc 436,261 0.06%


6,280 Goldman Sachs Group 1,393,532 0.21%


USD

% of

Net Assets



231




9,700 Goodyear Tire Co 339,112 0.05%

1,440 Grainger (W.W.) Inc. 259,963 0.04%

10,859 H&R Block Inc 335,652 0.05%

16,820 Halliburton Co 718,382 0.11%

5,000 Harley Davidson 270,100 0.04%

9,609 Hartford Finl Serv 505,145 0.07%

7,600 HCA Holdings Inc 662,720 0.10%

19,000 HCP INC 607,240 0.09%

4,330 Hershey Foods Corp 464,912 0.07%

34,661 Hewlett Packard Enterprise 575,026 0.08%

20,915 Home Depot 3,208,361 0.47%

11,899 Honeywell International Inc 1,586,018 0.23%

29,649 Host Hotels & Resorts Inc 541,687 0.08%

34,661 HP Inc 605,874 0.09%

3,315 Humana Inc 797,655 0.12%

5,305 Illinois Tool Works 759,941 0.11%

3,195 Illumina Inc 554,396 0.08%

3,459 Incyte Corp 435,523 0.06%

80,659 Intel Corp 2,721,435 0.40%

12,575 Intercontinental Exchange Inc 828,944 0.12%


2,363 International Flavors & Fragrances 319,005 0.05%

7,356 International Paper Co 416,423 0.06%

7,022 Intuit Inc 932,592 0.14%

911 Intuitive Surgery Inc 852,122 0.13%

7,050 Jacobs Engineering Group Inc 383,450 0.06%

44,007 Johnson & Johnson 5,821,686 0.86%


11,042 Juniper Networks Inc 307,851 0.05%

6,720 Kellogg Co 466,771 0.07%

34,725 Keycorp 650,747 0.10%

6,160 Kimberley Clark Corp 795,318 0.12%


37,712 Kinder Morgan Inc 722,562 0.11%

4,943 Kla-Tencor Corp. 452,334 0.07%

6,468 Kohls Corporation 250,118 0.04%

11,804 Kraft Heinz Company 1,010,895 0.15%

14,886 Kroger Co 347,142 0.05%

5,228 L Brands Inc 281,737 0.04%


USD

% of

Net Assets



232




2,065 L3 Technologies Inc 345,020 0.05%

4,935 LAM Research Corporation 697,957 0.10%

9,330 Las Vegas Sands Corp 596,094 0.09%

11,900 Leucadia National Corp 311,304 0.05%

13,313 Liberty Media-Interactive 326,701 0.05%

17,380 Lilly (Eli) & Co 1,430,374 0.21%

5,821 Lincoln National Corp. 393,383 0.06%

4,431 Lockheed Martin Corp 1,230,090 0.18%

11,500 Loews Corp 538,315 0.08%

15,839 Lowes Com 1,227,998 0.18%

3,747 M&TBankCorp 606,827 0.09%

8,125 Macy’s Inc 188,825 0.03%

3,590 Manpower Inc. 400,824 0.06%

22,101 Marathon Oil Corporation 261,897 0.04%

11,500 Marathon Petroleum Corp 601,795 0.09%

9,156 Marriott International Inc. 918,438 0.14%

10,211 Marsh & McLennan Cos 796,050 0.12%

12,928 Masco Corp 493,979 0.07%

17,400 Mastercard Inc 2,113,230 0.31%

21,075 Mattel Inc 453,745 0.07%

13,838 McDonald’s Corp 2,119,428 0.31%

4,841 Mckesson Corp 796,538 0.12%

45,889 Merck & Co’ 2,941,026 0.43%

14,311 Metlife Inc 786,246 0.12%

6,841 Microchip Technology Inc 527,988 0.08%

22,463 Micron Technology Inc 670,745 0.10%

125,225 Microsoft Corp 8,631,759 1.27%

2,433 Mohawk Industries Inc 588,032 0.09%

26,371 Mondelez International Inc 1,138,963 0.17%

8,707 Monsanto Co 1,030,561 0.15%

10,439 Monster Beverage Corporation 518,610 0.08%

5,270 Moody’s Corp 641,254 0.09%

26,033 Morgan Stanley 1,160,030 0.17%

4,671 Motorola Solutions Inc 405,163 0.06%

9,373 Murphy Oil Corp 240,230 0.04%

7,714 National-Oilwell Inc 254,099 0.04%

9,891 Navient Corporation 164,685 0.02%

9,560 Netapp Inc 382,878 0.06%

8,099 Netflix Inc 1,210,072 0.18%


USD

% of

Net Assets



233




11,127 Newell 596,630 0.09%

8,088 Newmont Mining Corp 261,970 0.04%

31,375 News Corporation 429,838 0.06%

7,666 NextEra Energy Inc 1,074,237 0.16%

24,464 Nike Inc 1,443,376 0.21%

10,700 Noble Energy Inc 302,810 0.04%

5,606 Norfolk Southern Corp 682,250 0.10%

5,870 Northern Trust Corp 570,623 0.08%

3,393 Northrop Grumman Corp 871,017 0.13%

6,731 Nucor Corp. 389,523 0.06%

10,210 Nvidia Corp 1,475,958 0.22%

13,075 Occidental Petroleum Corp 782,800 0.12%

6,022 Omnicom Group 499,224 0.07%

6,500 Oneok Inc New 339,040 0.05%

53,060 Oracle Corp 2,660,428 0.39%

2,440 O’Reilly Automotive Inc 533,726 0.08%

8,644 Paccar Inc 570,850 0.08%

2,200 Palo Alto Networks Inc 294,382 0.04%

3,900 Parker Hannifin Corp 623,298 0.09%

12,200 Parsley Energy Inc 338,550 0.05%

5,882 Patterson Cos Inc 276,160 0.04%

8,248 Paychex Inc 469,641 0.07%

22,081 Paypal Holidings Inc 1,185,087 0.18%

23,131 Pepsico Inc 2,671,399 0.39%

98,391 Pfizer Inc 3,304,954 0.49%

9,998 PG&E Corp 663,567 0.10%


8,850 Phillips 66 731,807 0.11%

5,374 Pinnacle West Capital 457,650 0.07%

4,000 Pioneer Natural Resources Co 638,320 0.09%

7,956 PNC Financial Services Group Inc 993,466 0.15%

6,382 PPG Industries Inc 701,765 0.10%

11,978 PPL Corporation 463,069 0.07%

5,506 Praxair Inc 729,820 0.11%

911 Priceline Group Incorporated 1,704,044 0.25%

7,500 Principal Financial Group 480,525 0.07%

40,624 Procter & Gamble 3,540,382 0.52%

17,013 Progressive Corp-Ohio 750,103 0.11%

16,538 Prologis Inc 969,788 0.14%


USD

% of

Net Assets



234




7,327 Prudential Financial 792,342 0.12%

8,534 Public Service Enterprise Group 367,047 0.05%

3,408 Public Storage Inc 710,670 0.10%

25,942 Qualcomm Inc 1,432,517 0.21%

6,245 Quest Diagnostics Inc. 694,194 0.10%

5,363 Raytheon Company 866,017 0.13%

1,600 Regeneron Pharmaceuticals 785,824 0.12%

39,737 Regions Financial Corp 581,750 0.09%

6,687 Republic Serv Inc 426,163 0.06%

16,688 Reynolds American Inc 1,085,388 0.16%

6,045 Robert Half International Inc. 289,737 0.04%

5,347 Rockwell Collins 561,863 0.08%

3,289 Rockwell International Corp 532,686 0.08%

2,770 Roper Technologies Inc 641,338 0.09%

5,776 S&P Global Inc 843,238 0.12%

13,360 Salesforce Com Inc 1,156,976 0.17%

7,015 Sealed Air Corp. 313,991 0.05%

4,903 Sempra Energy 552,813 0.08%

5,400 Servicenow Inc 572,400 0.08%

2,540 Sherwin-Williams Co. 891,438 0.13%

6,200 Simon Property Group Inc 1,002,912 0.15%

15,328 Southern Co/The 733,905 0.11%

20,849 Sprint Corp 171,170 0.03%

3,872 Stanley Black & Decker Inc 544,907 0.08%

24,147 Staples Inc. 243,160 0.04%

25,866 Starbucks Corp. 1,508,246 0.22%

8,424 State Street Corp 755,886 0.11%

6,208 Stryker Corp. 861,546 0.13%

13,223 Suntrust Banks Inc 750,009 0.11%

18,030 Symantec Corp 509,348 0.08%

18,977 Synchrony Financial 565,894 0.08%

11,300 Sysco Corp 568,729 0.08%

6,516 T Rowe Price Group 483,552 0.07%

10,053 Target Corp 525,671 0.08%

2,827 Tesla Motors Inc 1,022,271 0.15%

5,329 Tesoro Petroleum Crp 498,794 0.07%

18,647 Texas Instruments 1,434,514 0.21%

9,119 Textron Inc 429,505 0.06%


USD

% of

Net Assets



235




10,000 The Mosiac Company 228,300 0.03%

7,322 Thermo Fisher Scientific Inc 1,277,469 0.19%

13,877 Time Warner Inc 1,393,390 0.21%

14,020 TJX Cos Inc 1,011,823 0.15%

6,100 T-Mobile US Inc 369,782 0.05%

5,715 Travelers Cos Inc 723,119 0.11%

6,000 Twenty First Century Fox Inc. 170,040 0.03%

27,180 Twenty-First Cent Fox 757,507 0.11%

18,900 Twitter Inc 337,743 0.05%

14,328 Union Pacific Corp 1,560,462 0.23%


10,608 United Parcel Service Inc 1,173,139 0.17%

7,468 Unum Group 348,233 0.05%

27,540 US Bancorp 1,429,877 0.21%

10,315 USD Waste Services 756,605 0.11%

12,145 UTD Technologies 1,483,026 0.22%

8,193 Valero Energy Corp 552,700 0.08%

4,512 Varian Medical Systems 465,593 0.07%

11,605 Ventas Inc 806,315 0.12%

3,122 VeriSign Inc 290,221 0.04%


5,500 Vertex Pharmaceuticals Inc 708,785 0.10%

9,100 VF Corporation 524,160 0.08%

9,030 Viacom Inc 303,137 0.04%

32,440 Visa Inc 3,042,223 0.45%

6,065 Vornado Realty Trust 569,504 0.08%

4,081 Vulcan Materials Co. 516,981 0.08%

16,476 Walgreens Boots Alliance Inc 1,290,236 0.19%


25,586 Walt Disney Co 2,718,513 0.40%

2,808 Waters Corp. 516,223 0.08%

75,247 Wells Fargo & Co 4,169,436 0.62%


18,333 Western Union Co 349,244 0.05%

7,897 Westrock Company 447,444 0.07%

15,878 Weyerhaeuser Co 531,913 0.08%

2,059 Whirlpool Corp 394,546 0.06%

10,350 Whole Foods Market Inc 435,839 0.06%

17,204 Williams Companies 520,937 0.08%


USD

% of

Net Assets



236




9,300 WR Berkley Corp 643,281 0.10%

10,400 Xcel Energy Inc 477,152 0.07%

8,410 Xerox Corporation 241,619 0.04%

7,369 Xilinx Inc 473,974 0.07%

9,649 Xylem Inc 534,844 0.08%

8,090 Yum Brands Inc 596,718 0.09%

4,084 Zimmer Biomet Holdings Inc 524,386 0.08%

11,100 Zoetis Inc. 692,418 0.10%



6,000 Michael Kors Holdings Ltd 217,500 0.03%


Total Equities 636,675,995 94.03%

Exchange Traded Funds - 5.10%

45,304 Ishares MSCI Canada 1,212,335 0.18%

84,283 Ishares S&P 500 Index Fund 20,515,325 3.03%

196,987 Ishares MSCI EAFE Index Fund 12,843,552 1.89%



Rights - 0.00%

Spain - 0.00%

23,997 Repsol SA 10,955 0.00%

Total Spain 10,955 0.00%


17,956 Safeway Stores Inc 9,550 0.00%

Total United States 9,550 0.00%







USD

% of

Net Assets



237



Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




5,763,534 0.85% 0.85%


110,151 0.02% 0.02%



238

PORTFOLIO OF INVESTMENTS OF SIIP INDIA OPPORTUNITIES FUND as at 30 June 2017

Equities - 99.51%

India - 99.51%

17,376 Aarti Industries Limited 246,523 0.65%

9,669 APL Apollo Tubes Ltd 231,790 0.61%

35,389 Asian Paints Ltd 604,029 1.59%

41,330 Aurobindo Pharma Ltd 437,861 1.15%

25,841 Bajaj Finance Limited 549,092 1.44%

3,670 Bajaj Finserv Ltd 233,916 0.61%

122,385 Bank of Baroda 306,152 0.80%

91,378 Berger Paints India Limited 348,218 0.92%

325,885 Bharat Electronics Ltd 814,714 2.14%

51,420 Bharat Petroleum Corporation Ltd 508,790 1.34%

782 Bosch Limited 282,296 0.74%

21,729 Britannia Industries Ltd 1,240,811 3.26%

28,383 Cadila Healthcare Ltd 230,662 0.61%

43,359 Century Plyboards India Ltd 197,437 0.52%

2,900 Cera Sanitaryware Ltd 129,885 0.34%

82,500 Edelweiss Capital Limited 244,424 0.64%

3,450 Eicher Motors Ltd 1,443,610 3.79%

21,647 Finolex Cables Ltd 152,856 0.40%

42,173 HCL Technololgies Ltd 555,324 1.46%

109,852 HDFC Bank Ltd 2,808,438 7.38%

77,261 HealthCare Global Enterprise Limited 301,416 0.79%

132,066 Hindalco Industries Limited 390,251 1.03%

33,288 Hindustan Petroluem Corporation Limited 262,899 0.69%

24,748 Hindustan Zinc Ltd 100,972 0.27%

80,329 Housing Development Finance Corporation Ltd 2,007,544 5.28%

339,498 Icici Bank Ltd 1,524,381 4.01%

39,859 Indusind Bank Limited 912,249 2.40%

80,724 Infosys Ltd 1,168,701 3.07%

402,906 ITC Ltd 2,017,962 5.30%

16,570 Jk Lakshmi Cement Ltd 124,339 0.33%

94,777 Kotak Mahindra Bank Ltd 1,401,784 3.68%

43,059 Larsen & Toubro Ltd 1,124,520 2.96%

79,247 LIC Housing Finance Ltd 910,201 2.39%

39,137 Mahanagar Gas Limited 598,745 1.57%

51,790 Marico Ltd 251,938 0.66%

18,242 Maruti Suziki India Ltd 2,037,506 5.36%

66,902 Natco Pharma Limited 1,037,076 2.73%

135,982 Oil & Natural Gas Corp 331,012 0.87%

603 Page Industries Ltd 156,179 0.41%

22,000 Petronet LNG Ltd 147,092 0.39%


USD

% of

Net Assets



239

PORTFOLIO OF INVESTMENTS OF SIIP INDIA OPPORTUNITIES FUND (CONTINUED) as at 30 June 2017


India - 99.51% (continued)

14,056 Pidilite Industries Ltd 175,233 0.46%

161,071 Power Grid Corporation of India Ltd 524,815 1.38%

82,562 Punjab National Bank 175,422 0.46%

32,881 Pvr Ltd 716,722 1.88%

63,907 Rbl Bank Ltd 502,148 1.32%

93,145 Reliance Industries Ltd 1,989,172 5.23%

1,299 Shree Cement Ltd 340,798 0.90%

176,027 State Bank of India 745,433 1.96%

9,453 Supreme Industries Limited 179,610 0.47%

13,468 Syngene International Ltd 98,051 0.26%

22,720 Tata Consultancy Services Ltd 830,589 2.18%

91,799 Tata Motors Ltd 614,480 1.62%

29,059 Tech Mahindra Ltd 171,782 0.45%

34,305 Techno Electric & Engineering Company Ltd 199,157 0.52%

8,618 Ultratech Cement Ltd 528,003 1.39%

43,277 United Phosphorus Ltd 562,830 1.48%

37,493 Yes Bank 849,135 2.23%

37,050 Zee Entertainment Enterprises Ltd 281,721 0.74%

Total India 37,858,696 99.51%



USD Net Assets


India – 0.11%

2,455,138 NTPC Ltd 8.490% 25/03/2025 40,577 0.11%

Total India 40,577 0.11%

Total Corporate Debt 40,577 0.11%






USD

% of

Net Assets



240

PORTFOLIO OF INVESTMENTS OF SIIP INDIA OPPORTUNITIES FUND (CONTINUED) as at 30 June 2017


Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




133,795 0.35% 0.35%


9,722 0.03% 0.03%



241

PORTFOLIO OF INVESTMENTS OF SIM GLOBAL EQUITY INCOME FUND

as at 30 June 2017

Equities - 97.86%

Belgium - 2.40%

67,790 Ageas 2,728,021 2.40%


France - 9.78%

108,566 AXA SA 2,967,557 2.61%

26,786 Sanofi 2,560,615 2.25%

80,296 Scor SE 3,180,887 2.79%

49,086 Total SA 2,424,905 2.13%

Total France 11,133,964 9.78%

Germany - 1.97%

24,218 Bayerische Motoren Werke 2,246,579 1.97%



316,383 Aberdeen Asset Management Plc 1,242,884 1.09%

33,763 Astrazeneca Plc 2,255,235 1.98%

471,924 BP Plc 2,718,254 2.39%



342,706 IG Group Holdings Plc 2,532,097 2.22%


1,245,374 Legal & General Group Plc 4,184,413 3.68%

79,032 Micro Focus International Plc 2,334,697 2.05%

462,102 Mitie Group Plc 1,662,648 1.46%


355,415 Sainsbury (J) Plc 1,163,669 1.02%

1,111,863 Taylor Wimpey Plc 2,548,400 2.24%

93,638 Unilever Plc 5,060,967 4.45%



Netherlands - 1.33%

79,485 Koninklijke Ahold Delhaize NV 1,518,589 1.33%


Norway - 1.46%

245,000 Sparebank 1 Nord-Norge 1,659,575 1.46%

Total Norway 1,659,575 1.46%


USD

% of

Net Assets



242

PORTFOLIO OF INVESTMENTS OF SIM GLOBAL EQUITY INCOME FUND (CONTINUED)

as at 30 June 2017


Singapore - 3.17%

1,277,156 Singapore Telecommunications Ltd 3,608,991 3.17%


Switzerland - 5.25%

37,669 Novartis AG 3,134,501 2.76%

11,132 Roche Holding AG 2,834,655 2.49%



40,346 Altria Group Inc 3,004,567 2.64%

15,100 Boeing Com 2,986,025 2.62%



140,565 HP Inc 2,457,076 2.16%


8,300 Lockheed Martin Corp 2,304,163 2.02%

24,887 McDonald’s Corp 3,811,693 3.35%

26,858 Pepsico Inc 3,101,830 2.73%


39,603 Procter & Gamble 3,451,401 3.03%

43,906 Reynolds American Inc 2,855,646 2.51%



Total Equities 111,382,168 97.86%






USD

% of

Net Assets



243

PORTFOLIO OF INVESTMENTS OF SIM GLOBAL EQUITY INCOME FUND (CONTINUED)

as at 30 June 2017


Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




2,112,677 1.86% 1.85%


317,719 0.28% 0.28%



244

PORTFOLIO OF SANLAM STRATEGIC BOND FUND as at 30 June 2017


GBP

% of

Net Assets


Equities – 10.26%


450,000 Aviva Plc

694,000 0.60%

250,000 Ecclesiastical Insurance

360,625 0.31%

1,100,000 General Accident Plc

1,633,125 1.40%

646,500 Lloyds Banking Group Plc

1,020,773 0.88%

385,000 National Westminster Bank Plc

573,650 0.49%

605,000 RSA Insurance Group Plc

807,675 0.69%

1,749,000 Santander Uk Plc

2,999,005 2.57%

2,943,000 Standard Chartered Plc

3,868,589 3.32%

Total Great Britain

11,957,442 10.26%

Total Equity

11,957,442 10.26%


GBP Net Assets


Brazil - 0.83%

700,000 Vale SA 5.625 11/09/2042

515,245 0.44%

600,000 Votorantim Cimentos SA 7.250 05/04/2041

454,450 0.39%

Total Brazil

969,695 0.83%

Columbia - 0.43%

600,000 Ecopetrol SA 7.375 18/09/2043

499,632 0.43%

Total Columbia

499,632 0.43%

France - 4.70%

1,800,000 AXA SA 6.686 06/07/2049

2,112,651 1.81%

1,500,000 Electricite De France 6.000 29/07/2049

1,579,253 1.35%

1,000,000 Electricite De France 5.875 22/07/2049

1,021,930 0.88%

715,000 Societe Generale 8.875 16/06/2050

762,683 0.65%

Total France

5,476,517 4.70%


900,000 Aviva Plc 6.125 29/09/2050

1,013,670 0.87%


260,000 0.22%


337,500 0.29%

700,000 Barclays Bank Plc 6.000 15/06/2049

703,462 0.60%

350,000 Barclays Bank Plc 6.369 15/12/2049

366,746 0.31%

1,350,000 Barclays Bank Plc 14.000 15/09/2049

1,643,443 1.41%

26,000 British Telecom Plc 3.500 25/04/2025

54,593 0.05%

2,471 Canary Wharf Finance 6.455 22/10/2033

4,361 0.00%


245

PORTFOLIO OF SANLAM STRATEGIC BOND FUND (CONTINUED) as at 30 June 2017


GBP Net Assets



Great Britain – 41.10% (continued) 2,392,864 Co-Operative Group Ltd 11.000 20/12/2025

3,029,186 2.60%

330,000 Coventry Building 12.125 01/09/2049

678,150 0.58%

150,000 CYBG Plc 5.000 09/02/2026

152,041 0.13%

1,350,000 Direct Line Insurance 9.250 27/04/2042

1,742,472 1.49%

235,000 Friends Life Holdings Plc 6.875 21/11/2050

259,675 0.22%

8,000 Hammerson Plc 6.000 23/02/2026

10,077 0.01%

10,000 HSBC Bank Plc 6.500 07/07/2023

12,439 0.01%

1,798,000 Investec Bank Plc 9.625 17/02/2022

2,279,585 1.96%

500,000 Legal & General 5.875 01/10/2048

531,795 0.46%

3,097,000 Liverpool Friendly Society Ltd 6.500 22/05/2043

3,318,590 2.85%

2,100,000 Lloyds Bank Plc 11.750 28/10/2049

4,263,000 3.66%

1,100,000 Lloyds Bank Plc 13.000 22/01/2049

2,072,279 1.78%

433,000 Nationwide Building Society 6.250 22/10/2049

491,455 0.42%

500,000 Nationwide Building Society 10.250 20/06/2050

752,663 0.65%

38,000 National Westminster Bank 11.500 17/12/2052

64,220 0.06%

998,000 National Westminster Bank 11.500 17/12/2052

1,686,620 1.45%

1,700,000 Old Mutual Plc 7.875 03/11/2025

2,006,859 1.72%

500,000 Paragon Group Comapanies 7.250 09/09/2026

538,223 0.46%

650,000 Paragon Group Companies 6.125 30/01/2022

696,345 0.60%

1,000,000 Paragon Group Companies 6.000 28/08/2024

1,068,670 0.92%

260,000 Pension Insurance 6.500 03/07/2024

278,599 0.24%

136,000 Principality Building Society 7.000 01/06/2045

146,078 0.13%

11,000 Prudent 6.875 20/01/2023

14,034 0.01%

2,800,000 RL Finance Bonds 6.125 30/11/2043

3,122,182 2.68%

900,000 Santander UK Plc 5.875 14/08/2031

1,081,643 0.93%

2,632,000 Scottish Widows Plc 7.000 16/06/2043

3,361,340 2.88%

2,453,000 SL Finance 6.750 12/07/2027

2,895,938 2.48%

200,000 Standard Chartered Bank Plc 5.375 14/07/2049

210,612 0.18%

1,880,000 Standard Chartered Bank Plc 7.750 31/01/2090

2,183,601 1.87%

200,000 Standard Chartered Bank Plc 5.125 06/06/2034

216,620 0.19%

500,000 Standard Life 6.546 06/01/2050

549,155 0.47%

500,000 Tesco Plc 4.875 24/03/2042

492,275 0.42%

500,000 Tesco Plc 5.200 05/03/2057

495,775 0.43%

500,000 Tesco Property Finance Plc 7.623 13/07/2039

589,171 0.51%

1,000,000 TSB Banking Group Plc 5.750 06/05/2026

1,083,220 0.93%

1,000,000 Virgin Money Holding 7.875 31/10/2165

1,010,870 0.87%

100,000 Yorkshire Building Society 13.500 01/04/2025

145,711 0.12%

Total Great Britain

47,914,941 41.10%

Ireland - 2.68%

402,000 Bank of Ireland 13.375 07/11/2049

837,165 0.72%

1,991,000 PGH Capital Ltd 6.625 18/12/2025

2,288,396 1.96%

Total Ireland

3,125,561 2.68%


246



GBP Net Assets



Italy – 0.87%

550,000 Assicurazioni 6.269 16/06/2049

597,218 0.51%

500,000 Telecom Italia Spa 5.303 30/05/2024

413,312 0.35%

Total Italy

1,010,529 0.87%

Jersey Channel Islands- 1.58%

1,511,000 HSBC Bank Plc 5.844 05/11/2094

1,846,714 1.58%


1,846,714 1.58%

Luxembourg - 0.40%

500,000 Telecom Italia Capital 7.721 04/06/2038

466,597 0.40%

Total Luxembourg

466,597 0.40%

Mexico - 1.57%

600,000 ALFA SA 6.875 25/03/2044

503,252 0.43%

600,000 Petroleos Mexicanos 6.750 21/09/2047

467,391 0.40%

1,000,000 Petroleos Mexicanos 6.875 04/08/2026

855,602 0.73%

Total Mexico

1,826,245 1.57%

Netherlands - 3.49%

1,570,000 Brit Insurance Holdings 6.625 09/12/2030

1,657,794 1.42%

1,300,000 Rabobank Nederland 6.910 10/12/2055

1,685,288 1.45%

700,000 Rabobank Stichting AK 6.500 29/12/2049

729,098 0.63%

Total Netherlands

4,072,180 3.49%

Russia - 0.44%

500,000 Gazprom (Gaz capital SA) 4.250 06/04/2024

517,310 0.44%

Total Russia

517,310 0.44%


2,770,000 Cheniere Energy Inc 4.250 15/03/2045

1,475,387 1.27%

600,000 Comision Federal De Electricity 6.125 16/06/2045

495,852 0.43%

785,000 DB Cap Fin Trust 1.750 27/06/2049

609,631 0.52%

2,500,000 Mellon Capital IV 4.000 20/12/2049

1,721,025 1.48%

100,000 Och Ziff Finance Co LLC 4.500 20/11/2019

72,532 0.06%

8,000 Wal-Mart Stores Inc 5.250 28/09/2035

11,396 0.01%

Total United States

4,385,824 3.76%


600,000 GTL Trade Finance Inc 7.250 16/04/2044

453,461 0.39%

Total Virgin Islands

453,461 0.39%


72,565,204 62.24%


247



GBP Net Assets



Europe - 0.01%


10,584 0.01%

Total Europe

10,584 0.01%


1,500,000 UK Gilt 2.500 17/07/2024

5,490,638 4.71%

2,670,000 UK Government 1.250 22/11/2027

5,008,427 4.30%

590,000 UK Treasury 0.125 22/03/2068

1,491,942 1.28%

113 UK Treasury 5.000 07/03/2025

147 0.00%

Total Great Britain

11,991,153 10.29%


2,700,000 UK Gilt 2.000 26/01/2035

7,162,628 6.14%

14,000,000 US Treasury 3.000 15/11/2045

11,153,265 9.57%

Total United States

18,315,892 15.71%

Total Government Debt

30,317,630 26.00%

Total Debt

102,882,834 88.24%


GBP Net Assets


Forward Contracts – 1.10%1

GBP 529 USD (670) 20/07/2017 12 0.00%

GBP 19,980,000 JPY (2,839,713,444) 24/07/2017 443,654 0.38%

GBP 575,000 JPY (80,957,930) 21/09/2017 18,035 0.02%

JPY 602,431,390 USD (5,300,000) 24/07/2017 63,415 0.05%

JPY 591,848,400 USD (5,200,000) 24/07/2017 67,609 0.06%

GBP 10,509,000 USD (13,577,355) 16/08/2017 61,843 0.05%

EUR 1,755,244 GBP (1,530,109) 16/08/2017 12,103 0.01%

GBP 15,900,000 USD (19,833,660) 06/07/2017 618,454 0.53%


1,285,125 1.10%



248



GBP Net Assets


Derivative Financial Instruments Forward Contracts - (1.64)%

1

USD 64,661 GBP (50,552) 20/07/2017 (759) (0.00)%

USD 255,494 GBP (200,121) 20/07/2017 (3,372) (0.00)%

USD 128 GBP (100) 20/07/2017 (2) (0.00)%

USD 8,940,666 GBP (6,992,434) 20/07/2017 (107,468) (0.09)%

USD 85,515 GBP (67,026) 20/07/2017 (1,173) (0.00)%

USD 9,334 GBP (67,026) 20/07/2017 (172) (0.00)%

USD 3,194 GBP (2,505) 20/07/2017 (45) (0.00)%

USD 36,400 GBP (28,522) 20/07/2017 (491) (0.00)%

USD 6,483 GBP (4,998) 20/07/2017 (5) (0.00)%

GBP 2,193,000 EUR (2,584,183) 16/08/2017 (77,545) (0.07)%

USD 792,242 EUR (707,000) 22/09/2017 (12,290) (0.01)%

JPY 662,845,400 GBP (4,750,000) 24/07/2017 (189,830) (0.16)%

JPY 59,414,000 GBP (4,000,000) 24/07/2017 (151,405) (0.13)%

USD 21,289,000 JPY (2,402,027,226) 24/07/2017 (132,165) (0.11)%

USD 6,668,506 GBP (5,200,000) 25/07/2017 (65,261) (0.06)%

USD 26,861,940 GBP (21,000,000) 13/09/2017 (348,836) (0.30)%

USD 1,277,970 GBP (1,000,000) 13/09/2017 (17,511) (0.02)%

JPY 162,877,605 GBP (1,150,000) 21/09/2017 (29,453) (0.03)%

USD 13,544,797 GBP (10,600,000) 22/09/2017 (189,713) (0.16)%

JPY 2,881,684,000 USD (26,000,000) 22/08/2017 (176,915) (0.15)%

JPY 2,903,671,250 USD (26,500,000) 15/09/2017 (395,333) (0.34)%

USD 1,060,325 USD (1,074,692) 21/09/2017 (11,956) (0.01)%


(1,911,698) (1.64)%

Total financial liabilities at fair value through profit or loss (1,911,698) (1.64)%


(69,651) (0.06)%


2,444,599 2.10%



249

PORTFOLIO OF SANLAM STRATEGIC BOND FUND (CONTINUED) as at 30 June 2017 Sanlam Strategic Bond Fund

Summary



GBP Net

Assets Total

Assets



B UCITS and AIFs

- - -


D Over the counter financial derivative instruments (626,573) (0.54)% (0.53)%


(69,651) (0.06)% (0.06)%


2,444,599 2.10% 2.06%


1Brown Brothers Harriman acts as counterparty to the open derivative positions at 30 June 2017.


250

UNI PORTFOLIO OF INVESTMENTS OF SANLAM ACCEL INCOME FUND as at 30 June 2017


1,263,932 Fidelity Institutional Funds ICVC - UK Corporate Bond Fund 1,672,182 4.23%

160,449 Henderson UK & Europe Funds - UK Equity Income Fund 1,180,265 2.99%

454,473 Henderson UK & Europe Funds - Strategic Bond Fund 626,718 1.59%

634,127 Unicorn Investment Funds - UK Income Fund 1,742,516 4.41%

211,346 Trojan Investment Funds - Trojan Income Fund 408,786 1.04%

825,121 Schroder UK Alpha Fund 1,534,725 3.88%

2,659 Vanguard Investment Series - UK Government Bond Index Fund 349,686 0.89%

1,534,888 JPMorgan Fund ICVC - Sterling Corporate Bond Fund 1,958,518 4.96%

818,263 Blackrock Continental European Income Fund 1,280,581 3.24%

1,436,538 Artemis Global Income Fund 1,415,564 3.58%

188,210 M&G Short Dated Coporrate Bond Fund 1,956,090 4.95%

614,406 Kames ICVC - High Yield Bond Fund 603,715 1.53%

1,435,959 PFS Chelverton UK Equity Fund 1,771,788 4.48%

1,385,425 Invesco Perpetual Fixed Interest - Corporate Bond Fund 1,669,853 4.23%

313,735 Artemis Income Fund 767,428 1.94%

1,272,131 Artemis Strategic Bond Fund 731,348 1.85%

4,486,600 Schroder Income Maximiser Fund 2,373,412 6.01%

1,218,933 Jupiter Strategic Bond - II 814,247 2.06%

6,364 Veritas Funds Plc - Global Equity Income Fund 1,324,319 3.35%

1,537,268 Lazard Global Equity Income Fund 1,684,846 4.26%

1,662,514 Kames ICVC - Sterling Corporate Bond Fund 1,850,379 4.68%

20,006 Muzinich Emerging Markets Short Duration Fund 1,876,136 4.75%

1,484,081 Cazenove Strategic Bond Fund 1,479,184 3.74%

5,324 PFS Twenty Four Dynamic Bond Fund 604,918 1.53%

85,471 Guinness Asset Management Fund Plc 1,338,496 3.39%

1,878,192 Fidelity Enhanced Income Fund 1,953,320 4.94%

94,549 Sanlam FOUR US Dividend Income Fund Class A G 1,348,918 3.41%

1,679,358 Sanlam Strategic Bond Fund 1,880,881 4.76%







GBP

% of

Net Assets



251

PORTFOLIO OF INVESTMENTS OF SANLAM ACCEL INCOME FUND (CONTINUED) as at 30 June 2017


Summary



GBP Net

Assets Total

Assets

Transferable securities and money market instruments admitted to official stock exchange listing or traded on regulated market - - -


B UCITS and AIFs

38,198,816 96.67% 96.35%




1,320,213 3.34% 3.33%


(2,979) (0.01)% (0.01)%



252

PORTFOLIO OF INVESTMENTS OF SATRIX NORTH AMERICA EQUITY TRACKER FUND as at 30 June 2017

Equities – 99.46%

Bermuda – 0.53%

1,583 ArchCapitalGroupLtd 147,678 0.20%

671 BungeLimited 50,057 0.07%

1,606 InvescoLtd 56,515 0.08%

2,760 MarvellTechnologyGroupLtd 45,595 0.06%

1,941 XLGroupLimited 85,016 0.12%

Total Bermuda 384,861 0.53%

Canada – 5.48%

910 Agnico-EagleMines 40,964 0.06%

516 AgriumInc 46,683 0.06%

2,239 AlimentationCouche-TardInc 107,133 0.15%

1,674 ARCResourcesLtd 21,854 0.03%

2,217 BankofMontreal 162,499 0.23%

3,826 BankofNovaScotia 229,748 0.32%

3,590 BarrickGoldCorp. 57,010 0.08%

949 BCEInc 42,662 0.06%

2,525 BlackBerryLtd 25,190 0.03%

11,044 BombardierInc 20,063 0.03%

3,512 BrookfieldAssetManage-ClA 137,577 0.19%

1,571 CamecoCorp. 14,282 0.02%

1,331 CanImperialBkofCommerce 107,978 0.15%

2,741 CanadianNationalRailwayCo. 222,006 0.31%

3,791 CanadianNaturalResources 109,198 0.15%

534 CanadianPacificRailwayLtd 85,766 0.12%

2,679 CenovusEnergyInc 19,715 0.03%

1,091 CGIGroupInc. 55,646 0.08%

2,110 CrescentPointEnergyCorp 16,112 0.02%

5,408 EnbridgeInc 215,054 0.30%

3,778 EncanaCorp 33,182 0.05%

2,198 FirstQuantumMinerals 18,561 0.03%

2,750 FortisInc 96,486 0.13%

680 Franco-NevadaCorporation 48,978 0.07%

2,312 GoldcorpInc 29,756 0.04%

1,231 HuskyEnergyInc 13,948 0.02%

1,017 ImperialOilLtd 29,592 0.04%

942 IntactFinancialCorporation 71,033 0.10%

1,073 LoblawCompaniesLtd. 59,585 0.08%

1,695 MagnaInternationalInc-CLA 78,376 0.11%

6,925 ManulifeFinancialCorp 129,587 0.18%

502 MethanexCorp 22,123 0.03%

1,781 NationalBankOfCanada 74,758 0.10%

1,724 PembinaPipelineCorporation 56,998 0.08%

2,884 PotashCorpofSaskatchewan 46,953 0.07%

1,561 PowerCorp.OfCanada 35,543 0.05%

1,171 PrairieSkyRoyaltyLtd 26,618 0.04%

1,696 RogersCommunicationsInc 79,963 0.11%


USD

% of

Net Assets



253

PORTFOLIO OF INVESTMENTS OF SATRIX NORTH AMERICA EQUITY TRACKER FUND (CONTINUED)

as at 30 June 2017


Canada – 5.48% (continued)

4,737 RoyalBankofCanada 343,342 0.48%

2,520 ShawCommunicationsInc. 54,877 0.08%

2,443 SunLifeFinancialInc 87,181 0.12%

5,494 SuncorEnergyInc 160,240 0.22%

1,722 TeckResourcesLtd 29,798 0.04%

1,707 ThomsonReutersCorporation 78,892 0.11%

5,838 Toronto-DominionBank 293,675 0.41%

3,256 TranscanadaCorp 154,943 0.21%

1,321 ValeantPharmaceuticalsInternational 22,920 0.03%

1,345 WheatonPreciousMetalsCorp 26,670 0.04%

5,102 YamanaGoldInc 12,293 0.02%

Total Canada 3,954,011 5.48%


1,045 Aon Plc 138,933 0.19%

2,202 Liberty Global Plc 70,728 0.10%

783 Liberty Global Plc - Series C 24,414 0.03%

1,314 Nielsen Holdings Plc 50,799 0.07%

1,440 Technipfmc Plc 39,168 0.05%

Total Great Britain 324,042 0.45%

Ireland – 2.19%

1,996 Accenture PLC 246,865 0.34%

1,193 Allergan Plc 290,006 0.40%

1,575 Eaton Corp Plc 122,582 0.17%


3,256 Johnson Controls International PLC 141,180 0.20%

499 Mallinckrodt PLC 22,360 0.03%

4,499 Medtronic Plc 399,286 0.55%

899 Pentair Plc 59,819 0.08%

536 Perrigo Company Plc 40,479 0.06%

1,165 Seagate Technology 45,144 0.06%

4,149 Weatherford International Plc 16,057 0.02%

627 Willis Towers Watson PLC 91,235 0.13%


Jersey Channel Islands – 0.13%

1,074 Delphi Automotive Plc 94,136 0.13%

Total Jersey Channel Islands 94,136 0.13%

Liberia – 0.10%

658 Royal Caribbean Cruises Ltd 71,873 0.10%

Total Liberia 71,873 0.10%


USD

% of

Net Assets



254


as at 30 June 2017



1,166 LyondellBasell Industries NV 98,399 0.14%

1,578 Mylan NV 61,258 0.08%


Singapore – 0.43%

1,325 Broadcom Limited Designs 308,791 0.43%



1,330 TE Connectivity Ltd 104,644 0.14%

Total Switzerland 104,644 0.14%


1,848 3MCompany 384,735 0.53%

5,420 AbbottLabs 263,466 0.37%

5,144 AbbVieInc 372,991 0.52%

2,230 ActivisionBlizzardInc 128,381 0.18%

1,726 AdobeSystemsInc 244,125 0.34%

2,949 AESCorp 32,763 0.05%

1,177 AetnaInc-New 178,704 0.25%

273 AffiliatedManagersGroup 45,280 0.06%

1,159 AflacInc. 90,031 0.12%

1,591 AgilentTechnologiesInc. 94,362 0.13%

2,388 AGNCInvestmentCorp 50,841 0.07%

671 AirProducts&ChemicalsInc 95,993 0.13%

771 AkamaiTechnologiesInc 38,404 0.05%

786 AlexionPharmaceuticalsInc 95,633 0.13%

261 AllianceDataSystemsCorp 66,996 0.09%

1,487 AllstateCorp 131,510 0.18%

795 AlphabetIncClA 739,096 1.02%

1,063 AlphabetIncClC 965,980 1.34%

6,084 AltriaGroupInc 453,075 0.63%

1,268 Amazon.ComInc 1,227,424 1.70%

1,044 AmeradaHessCorp 45,800 0.06%

1,440 AmerenCorporation 78,725 0.11%

826 AmericanAirlinesGroupInc 41,564 0.06%

1,599 AmericanElectricPower 111,083 0.15%

2,499 AmericanExpress 210,516 0.29%

3,155 AmericanInternationalGroup 197,251 0.27%

1,493 AmericanTowerCorp 197,554 0.27%

657 AmeripriseFinancial 83,630 0.12%

657 AmerisourcebergenCorp 62,106 0.09%

1,046 AmetekInc 63,356 0.09%

2,370 AmgenCorpComNpv 408,185 0.57%

1,436 AmphenolCorp-CLA 106,006 0.15%


USD

% of

Net Assets



255


as at 30 June 2017



1,849 AnadarkoPetroleumCorp 83,834 0.12%

1,330 AnalogDevicesInc. 103,474 0.14%

5,189 AnnalyMortgageManagement 62,527 0.09%

804 AnthemInc 151,257 0.21%

1,297 ApacheCorp 62,165 0.09%

16,504 AppleInc 2,376,906 3.29%

3,834 AppliedMaterialIncComStkNPV 158,383 0.22%

1,983 Archer-Daniels-MidlandCo. 82,057 0.11%

1,544 ARCONICINC 34,972 0.05%

19,306 AT&TInc 728,415 1.01%

925 AutodeskInc 93,259 0.13%

1,595 AutomaticDataProcessing 163,424 0.23%

124 Autozone 70,737 0.10%

541 AvalonBayCommunitiesInc. 103,964 0.14%

1,284 BakerHughes 69,991 0.10%

1,266 BallCorp 53,438 0.07%

3,407 BankNewYorkMellon 173,825 0.24%

31,731 BankofAmericaCorp 769,794 1.07%

1,972 BaxterInternational 119,385 0.17%

2,901 BB&TCorporation 131,734 0.18%

802 BectonDickinson&Co 156,478 0.22%

644 BedBath&BeyondInc. 19,578 0.03%

3,685 BerkshireHathawayInc. 624,128 0.86%

1,165 BestBuyCoInc 66,789 0.09%

677 BiogenInc 183,711 0.25%

792 BiomarinPharmaceuticalinc 71,929 0.10%

397 BlackrockInc 167,697 0.23%

1,867 BoeingComUSD5 369,199 0.51%

1,179 BorgwarnerIncorporated 49,942 0.07%

689 BostonPropertiesInc 84,761 0.12%

5,284 BostonScientificCorp 146,472 0.20%

5,269 Bristol-MyrsSquib 293,589 0.41%

793 C.H.RobinsonWorldwideInc 54,463 0.08%

1,453 CAInc 50,085 0.07%

1,836 CABOTOIL&GASCORP 46,047 0.06%

1,564 CapitalOneFinancialCorp 129,218 0.18%

1,189 CardinalHealth 92,647 0.13%

789 CarmaxInc 49,754 0.07%

1,837 CaterpillarInc 197,404 0.27%

1,601 CBREGroupInc 58,276 0.08%

1,325 CBSCorp-CLB 84,509 0.12%

658 CelaneseCorp-Series 62,471 0.09%

2,505 CelgeneCorp 325,324 0.45%

2,898 CenterpointEnergyInc 79,347 0.11%

1,615 CenturyLinkInc 38,566 0.05%

1,181 CernerCorp 78,501 0.11%

1,016 CFIndustriesHoldingsInc 28,407 0.04%


USD

% of

Net Assets



256


as at 30 June 2017



4,116 CharlesSchwabCorp 176,823 0.24%

679 CharterCommunicationInc 228,721 0.32%

1,027 CheniereEnergyInc 50,025 0.07%

5,560 ChevronCorp 580,075 0.80%

127 ChipotleMexicanGrillInc 52,845 0.07%

1,317 Church&DwightCoInc 68,326 0.09%

915 CignaCorp 153,162 0.21%

397 CimarexEnergyCo 37,322 0.05%

15,463 CiscoSystems 483,992 0.67%

1,244 CITGroupInc 60,583 0.08%

8,738 CitigroupInc 584,397 0.81%

790 CitrixSystemsInc 62,868 0.09%

533 CloroxCompany 71,017 0.10%

1,318 CMEGroupInc 165,066 0.23%

1,146 CoachInc 54,252 0.08%

12,019 Coca-ColaCo. 539,052 0.75%

2,084 CognizantTechSolutionsCRP 138,378 0.19%

2,650 Colgate-PalmoliveCom 196,445 0.27%

14,424 ComcastCorp-CLA 561,382 0.78%

1,869 ConagraBrandsInc 66,835 0.09%

534 ConchoResourcesInc 64,897 0.09%

3,950 Conocophillips 173,642 0.24%

1,075 ConsolidatedEdisonInc 86,882 0.12%

662 ConstellationBrands 128,249 0.18%

3,573 CorningInc 107,369 0.15%

1,335 CostcoWholesaleCorp 213,507 0.30%

1,452 CrownCastleInternationalCorporation 145,461 0.20%

477 CrownHoldingsInc 28,458 0.04%

3,168 CSXCorp 172,846 0.24%

649 CumminsInc 105,281 0.15%

3,165 CVSHealthCorporation 254,656 0.35%

2,114 DanaherCorp 178,400 0.25%

792 DavitaInc 51,290 0.07%

1,031 Deere&Co 127,421 0.18%

795 DellTechnologiesInc 48,582 0.07%

1,624 DevonEnergyCorporation 51,919 0.07%

1,442 DiscoverFinancialServices 89,678 0.12%

1,807 DiscoveryCommunicationsInc 45,559 0.06%

1,023 DISHNetworkCorporation 64,203 0.09%

929 DollarGeneralCorp 66,972 0.09%

915 DollarTreeStoresInc 63,977 0.09%

2,005 DominionEnergyInc 153,643 0.21%

661 DoverCorp. 53,025 0.07%

3,544 DowChemicalCo 223,520 0.31%

1,565 DRHortonInc 54,102 0.07%

901 DrPepperSnappleGroup 82,090 0.11%

920 DTEEnergyCo 97,327 0.13%


USD

% of

Net Assets



257


as at 30 June 2017



2,766 DuPontDeNemours 223,244 0.31%

2,109 DukeEnergyCorp 176,291 0.24%

1,130 DxcTechnologyCo 86,694 0.12%

664 EastmanChemicalCo 55,769 0.08%

3,449 eBayInc. 120,439 0.17%

921 EcolabInc 122,263 0.17%

1,220 EdisonInternational 95,392 0.13%

797 EdwardsLifesciencesCorp 94,237 0.13%

1,304 ElectronicArtsInc 137,859 0.19%

1,989 EmersonElectricCo 118,584 0.16%

884 EntergyCorp. 67,865 0.09%

1,964 EogResourcesInc 177,781 0.25%

291 EquinixInc 124,886 0.17%

782 EquitableResourcesInc 45,817 0.06%

1,324 EquityResidential 87,159 0.12%

787 EsteeLauderCos 75,536 0.10%

1,453 EversourceEnergy 88,212 0.12%

2,917 ExelonCorp 105,216 0.15%

1,584 ExpditorsIntlWash 89,464 0.12%

1,954 ExpressScriptsHoldingsInc 124,743 0.17%

12,257 ExxonCorp 989,508 1.37%

385 F5Networks 48,918 0.07%

7,396 FacebookInc 1,116,648 1.55%

1,165 FastenalCo 50,712 0.07%

804 FDXCorp 174,733 0.24%

1,351 FidelityNationalInformation 115,375 0.16%

3,813 FifthThirdBancorp 98,985 0.14%

1,816 FirstEnergyCorp 52,955 0.07%

942 FiservInc 115,244 0.16%

689 FluorCorp(New) 31,542 0.04%

785 FMCCorporation 57,344 0.08%

10,836 FordMotorCo 121,255 0.17%

1,444 FortiveCorporation 91,477 0.13%

1,531 FranklinResourcesInc 68,573 0.10%

4,213 Freeport-McmoranInc 50,598 0.07%

919 GeneralDynamicsCorporation 182,054 0.25%

26,558 GeneralElectricCo 717,332 0.99%

1,967 GeneralMillsInc 108,972 0.15%

4,279 GeneralMotorsCo 149,465 0.21%

1,135 GenuinePartsCo. 105,283 0.15%

2,175 GGPInc 51,243 0.07%

4,091 GileadSciencesInc 289,561 0.40%

1,173 GoldmanSachsGroup 260,289 0.36%

264 Grainger(W.W.)Inc. 47,660 0.07%

1,302 H&RBlockInc 40,245 0.06%

2,791 HalliburtonCo 119,204 0.17%

914 HarleyDavidson 49,374 0.07%


USD

% of

Net Assets



258


as at 30 June 2017



1,562 HartfordFinlServ 82,114 0.11%

1,072 HCAHealthcareInc 93,478 0.13%

2,574 HCPINC 82,265 0.11%

445 Helmerich&PayneInc 24,181 0.03%

506 HenryScheinInc 92,608 0.13%

771 HersheyFoodsCorp 82,782 0.11%

4,789 HewlettPackardEnterprise 79,450 0.11%

840 HollyFrontierCorporation 23,075 0.03%

3,711 HomeDepot 569,267 0.79%

2,254 HoneywellInternationalINC 300,436 0.42%

3,433 HostHotels&ResortsInc 62,721 0.09%

5,800 HPInc 101,384 0.14%

528 HumanaInc 127,047 0.18%

1,078 IllinoisToolWorks 154,424 0.21%

526 IlluminaInc 91,272 0.13%

663 IncyteCorp 83,478 0.12%

14,162 IntelCorp 477,826 0.66%

2,229 IntercontinentalExchangeInc 146,936 0.20%

1,449 InternationalPaperCo 82,028 0.11%

2,450 InterpublicGroupCos.Inc. 60,270 0.08%

2,671 IntlBusinessMachine 410,880 0.57%

952 IntuitInc 126,435 0.18%

139 INTUITIVESURGICALINC 130,016 0.18%

789 JacobsEngineeringGroupInc 42,914 0.06%

529 JMSmuckerCo/The-NewCom 62,597 0.09%

8,223 Johnson&Johnson 1,087,821 1.51%

10,264 JPMorganChase&Co 938,130 1.30%

1,344 JuniperNetworksInc 37,471 0.05%

413 KansasCitySouthern 43,220 0.06%

1,035 KelloggCo 71,891 0.10%

5,492 Keycorp 102,920 0.14%

1,067 KimberleyClarkCorpCOMUSD1.25 137,760 0.19%

2,000 KIMCOREALTYCORP 36,700 0.05%

6,289 KinderMorganInc 120,497 0.17%

650 Kla-TencorCorp. 59,482 0.08%

746 KohlsCorporation 28,848 0.04%

2,113 KraftHeinzCompany 180,957 0.25%

2,880 KrogerCo 67,162 0.09%

801 LBrandsInc 43,166 0.06%

528 LaboratoryCRPofAmerHldgs 81,386 0.11%

667 LAMResearchCorporation 94,334 0.13%

1,309 LasVegasSandsCorp 83,632 0.12%

1,017 LennarCorp-ClA 54,226 0.08%

1,195 Level3CommunicationInc 70,864 0.10%

1,688 LibertyMedia-InteractiveA 41,424 0.06%

1,695 LibertySiriusGroup 70,982 0.10%

3,175 Lilly(Eli)&Co 261,303 0.36%


USD

% of

Net Assets



259


as at 30 June 2017



967 LincolnNationalCorp. 65,350 0.09%

1,647 LKQCorp 54,269 0.08%

753 LockheedMartinCorpCOMSTKUSD0.01 209,040 0.29%

1,584 LoewsCorp 74,147 0.10%

2,761 LowesCom 214,060 0.30%

683 M&TBankCorp 110,612 0.15%

754 MacerichCo/The 43,777 0.06%

1,033 Macy'sInc 24,007 0.03%

520 ManpowerInc. 58,058 0.08%

3,149 MarathonOilCorporation 37,316 0.05%

1,950 MarathonPetroleumCorp 102,044 0.14%

1,295 MarriottInternationalInc. 129,901 0.18%

1,872 Marsh&McLennanCos 145,941 0.20%

1,823 MascoCorp 69,657 0.10%

3,055 MastercardIncorporated 371,030 0.51%

1,475 MattelInc 31,757 0.04%

1,287 MaximIntegratedProducts 57,786 0.08%

2,630 McDonald'sCorpNPV 402,811 0.56%

779 MckessonCorp 128,177 0.18%

8,590 Merck&Co 550,533 0.76%

2,739 MetlifeInc 150,481 0.21%

1,796 MGMResortsInternational 56,197 0.08%

3,673 MicronTechnologyInc 109,676 0.15%

22,977 MicrosoftCorp 1,583,805 2.19%

384 MohawkIndustriesInc 92,809 0.13%

665 MolsonCoorsBrewingCo-B 57,416 0.08%

4,739 MondelezInternationalInc 204,677 0.28%

1,455 MonsantoCo 172,214 0.24%

1,588 MonsterBeverageCorporation 78,892 0.11%

786 Moody'sCorp 95,640 0.13%

4,633 MorganStanley 206,446 0.29%

652 MotorolaSolutionsInc 56,554 0.08%

848 MurphyOilCorp 21,734 0.03%

1,275 National-OilwellInc 41,999 0.06%

1,552 NavientCorporation-WhenDistribute 25,841 0.04%

1,309 NetappInc 52,425 0.07%

1,446 NetflixInc 216,047 0.30%

1,735 NewellBrandsInc 93,031 0.13%

1,503 NewmontMiningCorp 48,682 0.07%

1,904 NewsCorporation 26,085 0.04%

1,470 NextEraEnergyInc 205,991 0.29%

4,237 NikeInc 249,983 0.35%

1,559 NobleEnergyInc 44,120 0.06%

615 NordstromInc. 29,415 0.04%

951 NorfolkSouthernCorp 115,737 0.16%

1,060 NorthernTrustCorp 103,043 0.14%


USD

% of

Net Assets



260


as at 30 June 2017



659 NorthropGrummanCorp 169,172 0.23%

1,067 NucorCorp. 61,747 0.09%

1,842 NvidiaCorp 266,280 0.37%

5,917 NYComBancorp 77,690 0.11%

2,230 OccidentalPetroleumCorp 133,510 0.18%

934 OmnicomGroup 77,429 0.11%

1,193 OneokIncNew 62,227 0.09%

9,495 OracleCorpComStkUSD0.01 476,079 0.66%

383 O'ReillyAutomotiveInc 83,777 0.12%

1,449 PaccarInc 95,692 0.13%

647 ParkerHannifinCorp 103,404 0.14%

1,475 PaychexIncComSTKUSD0.01 83,987 0.12%

3,782 PaypalHolidingsInc 202,980 0.28%

4,355 PepsicoIncCom 502,959 0.70%

18,634 PfizerInc 625,916 0.87%

1,853 PG&ECorp 122,984 0.17%

4,758 PhilipMorrisInternational 558,827 0.77%

1,550 Phillips66 128,170 0.18%

651 PioneerNatRes 103,887 0.14%

1,591 PNCFinancialServicesGroupInc 198,668 0.28%

915 PPGIndustriesInc 100,613 0.14%

2,216 PPLCorporation 85,671 0.12%

921 PraxairInc 122,079 0.17%

139 PricelineGroupIncorporated 260,002 0.36%

1,316 PrincipalFinancialGroup 84,316 0.12%

7,647 Procter&Gamble 666,436 0.92%

3,032 ProgressiveCorp-Ohio 133,681 0.19%

2,269 PrologisInc 133,054 0.18%

1,442 PrudentialFinancial 155,938 0.22%

1,734 PublicServiceEnterpriseGroup 74,579 0.10%

522 PublicStorageInc 108,853 0.15%

1,829 PulteGroupInc 44,865 0.06%

395 PVHCorp 45,228 0.06%

4,587 QualcommInc 253,294 0.35%

804 QuestDiagnosticsInc. 89,373 0.12%

826 RangeResourcesCorporation 19,138 0.03%

1,065 RaytheonCompany 171,976 0.24%

1,572 RealtyIncomeCorp 86,743 0.12%

796 RedHatInc 76,217 0.11%

266 RegeneronPharmaceuticals 130,643 0.18%

6,707 RegionsFinancialCorp 98,190 0.14%

1,306 RepublicServInc 83,231 0.12%

2,920 ReynoldsAmericanINC 189,917 0.26%

770 RockwellCollins 80,912 0.11%

524 RockwellInternationalCorp 84,867 0.12%

421 RoperTechnologiesInc 97,474 0.14%

1,557 RossStoresInc 89,886 0.12%


USD

% of

Net Assets



261


as at 30 June 2017



933 S&PGlobalInc 136,209 0.19%

2,234 SALESFORCECOMINC 193,464 0.27%

654 SbaCommunicationsCorporation 88,225 0.12%

4,089 Schlumberger 269,220 0.37%

918 SempraEnergy 103,505 0.14%

272 Sherwin-WilliamsCo. 95,461 0.13%

930 SimonPropertyGroupInc 150,437 0.21%

8,288 SiriusXMHoldingsInc 45,335 0.06%

679 SkyworksSolutionsInc 65,150 0.09%

3,024 SouthernCo/The 144,789 0.20%

4,809 SprintCorp 39,482 0.05%

648 StanleyBlack&DeckerInc 91,193 0.13%

2,751 StaplesInc. 27,703 0.04%

4,760 StarbucksCorp. 277,556 0.38%

1,455 StateStreetCorp 130,557 0.18%

1,317 StrykerCorp. 182,773 0.25%

2,248 SuntrustBanksInc 127,507 0.18%

2,795 SymantecCorp 78,959 0.11%

1,972 SyscoCorp 99,251 0.14%

927 TRowePriceGroup 68,793 0.10%

1,662 TargetCorp 86,906 0.12%

414 TeslaInc 149,707 0.21%

518 TesoroPetroleumCrp 48,485 0.07%

2,650 TexasInstruments 203,865 0.28%

1,303 TextronInc 61,371 0.09%

1,342 TheMosiacCompany 30,638 0.04%

1,321 ThermoFisherScientificInc 230,475 0.32%

522 Tiffany&Co. 49,000 0.07%

2,391 TimeWarnerInc 240,080 0.33%

2,109 TJXCosIncNew 152,207 0.21%

538 TractorSupplyCompany 29,165 0.04%

1,041 TravelersCosInc/The 131,718 0.18%

1,421 TrimbleNavigationLtd 50,687 0.07%

526 TripadvisorInc. 20,093 0.03%

1,533 TwentyFirstCenturyFoxInc. 43,445 0.06%

3,444 Twenty-FirstCentFox-ClassB 95,984 0.13%

2,353 TwitterInc 42,048 0.06%

1,065 TysonFoodsInc-CLA 66,701 0.09%

271 UltaSalonCosmetics&FragrancesInc 77,869 0.11%

39 UnderArmourInc 786 0.00%

1,515 UnderArmourIncClassA 32,966 0.05%

2,515 UnionPacificCorp 273,909 0.38%

544 UnitedContinentalHoldings 40,936 0.06%

2,946 UnitedHealthcareCorp 546,247 0.76%

1,967 UnitedParcelServiceInc 217,531 0.30%

1,343 UnumGroup 62,624 0.09%

5,294 USBancorp 274,864 0.38%


USD

% of

Net Assets



262


as at 30 June 2017



1,723 USDWasteServices 126,382 0.18%

2,350 UTDTechnologies 286,959 0.40%

1,457 ValeroEnergyCorp 98,289 0.14%

661 VarianMedicalSystems 68,209 0.09%

1,615 VentasInc 112,210 0.16%

509 VeriSignInc 47,317 0.07%

920 VeriskAnalyticsInc 77,620 0.11%

12,705 VerizonCommunicationsInc 567,405 0.79%

922 VertexPharmaceuticalsInc 118,818 0.16%

1,168 VFCorporation 67,277 0.09%

1,167 ViacomInc-ClassB 39,176 0.05%

5,834 VisaINC-ClassAShares 547,113 0.76%

523 VMWareInc-ClassA 45,726 0.06%

715 VornadoRealtyTrust 67,139 0.09%

649 VulcanMaterialsCo. 82,215 0.11%

2,895 WalgreensBootsAllianceInc 226,707 0.31%

4,480 Wal-MartStoresInc 339,046 0.47%

4,493 WaltDisneyCo 477,381 0.66%

395 WatersCorp. 72,617 0.10%

14,222 WellsFargo&Co 788,041 1.09%

1,591 WelltowerInc 119,086 0.16%

1,035 WesternDigitalCorporation 91,701 0.13%

2,302 WesternUnionCo 43,853 0.06%

1,325 WestrockCompany 75,075 0.10%

2,781 WeyerhaeuserCo 93,164 0.13%

282 WhirlpoolCorp 54,037 0.07%

1,435 WholeFoodsMarketInc 60,428 0.08%

3,161 WilliamsCompanies 95,715 0.13%

537 WorkdayIncClassA 52,089 0.07%

1,604 WRBerkleyCorp 110,949 0.15%

619 WyndhamWorldwideCorp 62,154 0.09%

280 WynnResortsLtd 37,554 0.05%

2,229 XcelEnergyInc 102,267 0.14%

913 XeroxCorporation 26,230 0.04%

1,034 XilinxInc 66,507 0.09%

1,456 YumBrandsInc 107,395 0.15%

883 ZillowGroupInc 43,276 0.06%

787 ZimmerBiometHoldingsInc 101,051 0.14%

1,717 ZoetisInc. 107,106 0.15%


Virgin Islands – 0.04%

748 Michael Kors Holdings Ltd 27,115 0.04%




USD

% of

Net Assets



263


as at 30 June 2017

Derivative Financial Instruments Rights – 0.00% United States – 0.00%

970 Safeway Stores Inc 516 0.00%

Total United States 516 0.00%

Total Rights 516 0.00%






Summary



USD Net

Assets Total

Assets


A Transferable securities and money market instruments other than those referred above 516 0.00% 0.00%

B UCITS and AIFs

- - -




293,901 0.41% 0.41%


93,894 0.13% 0.13%



USD

% of

Net Assets



264

PORTFOLIO OF INVESTMENTS OF SATRIX UK EQUITY TRACKER FUND as at 30 June 2017

Equities - 99.06%

Germany - 0.26%

11,322 Tui Ag 126,693 0.26%

Total Germany 126,693 0.26%


26,020 3I Group Plc 234,831 0.48%

23,658 Aberdeen Asset Management Plc 71,447 0.15%

5,711 Admiral Group Plc 114,391 0.23%


10,386 Antofagasta Plc 83,036 0.17%

13,055 Ashtead Group Plc 207,444 0.43%

9,241 Associated British Foods Plc 271,316 0.56%

32,775 Astrazeneca Plc 1,682,996 3.46%

26,863 Auto Trader Group Plc 102,079 0.21%

105,525 Aviva Plc 555,062 1.14%

6,515 Babcock Intl Group Plc 57,365 0.12%

438,944 Barclays Plc 889,959 1.83%

24,498 Barratt Development 138,046 0.28%

54,604 Bhp Billiton Plc 642,143 1.32%

503,221 BP Plc 2,228,263 4.58%



26,619 British Land 161,178 0.33%

219,440 BT Group Plc 646,799 1.33%

8,886 Bunzl Plc 203,312 0.42%

11,861 Burberry Group Plc 197,011 0.40%

18,292 Capita Group Plc 126,489 0.26%

4,745 Carnival Plc 241,046 0.50%

24,483 Carphone Warehouse Group Plc 69,434 0.14%

138,551 Centrica Plc 277,379 0.57%

63,354 Cobham Plc 82,107 0.17%


30,133 Convatec Group Plc 96,185 0.20%

3,414 Croda International Plc 132,634 0.27%

65,154 Diageo 1,478,018 3.04%

35,653 Direct Line Insurance Group Plc 126,711 0.26%

4,145 Easyjet Plc 56,331 0.12%


6,342 Fresnillo Plc 94,242 0.19%


GBP

% of

Net Assets



265

SANLAM PORTFOLIO OF INVESTMENTS OF SATRIX UK EQUITY TRACKER FUND (CONTINUED)

as at 30 June 2017



41,593 G4S PLC 135,760 0.28%

47,414 GKN Plc 154,570 0.32%


20,905 Hammerson Plc 120,099 0.25%

6,298 Hargreaves Lansdowne Plc 82,000 0.17%

3,304 Hikma Pharmaceuticals Plc 48,569 0.10%

512,454 HSBC Holdings 3,647,135 7.50%

6,612 IMI Plc 79,013 0.16%


11,178 Inmarsat Plc 86,015 0.18%

4,743 InterContinental Hotels Group PLC 202,384 0.42%

4,032 Intertek Group Plc 170,029 0.35%

23,667 Intu Properties Plc 63,688 0.13%

16,066 Investec PLC 92,139 0.19%

94,872 ITV PLC 172,098 0.35%

4,836 Johnson Matthey PLC 138,842 0.29%

60,791 Kingfisher Plc 182,799 0.38%



1,838,436 Lloyds Bank Plc 1,216,125 2.50%


40,312 Marks & Spencer Plc 134,360 0.28%

9,326 Mediclinic International Plc 69,152 0.14%

19,483 Meggitt Plc 92,914 0.19%

16,459 Merlin Entertainments Plc 79,086 0.16%

9,965 Mondi Plc 200,695 0.41%

53,496 Morrison Supermarkets Plc 129,032 0.26%


3,784 Next PLC 145,911 0.30%

124,756 Old Mutual Plc 241,278 0.50%

20,606 Pearson 142,490 0.29%

8,363 Persimmon Plc 187,498 0.39%

6,714 Petrofac Ltd 29,676 0.06%

3,872 Provident Financial Plc 94,206 0.19%

66,846 Prudential Corp 1,177,158 2.42%

17,109 Reckitt Benckiser Group Plc 1,331,765 2.74%


31,968 Rio Tinto Plc 1,036,403 2.13%




GBP

% of

Net Assets



266

UNI PORTFOLIO OF INVESTMENTS OF SATRIX UK EQUITY TRACKER FUND (CONTINUED)

as at 30 June 2017



211,248 Royal Dutch Shell Plc 4,325,403 8.90

25,644 Royal Mail Plc 108,013 0.22%

25,822 RSA Insurance Group Plc 158,934 0.33%

44,272 Sainsbury (J) Plc 111,433 0.23%

3,221 Schroders Plc 99,980 0.21%


25,376 Segro Plc 124,139 0.25%

6,106 Severn Trent Plc 133,233 0.27%

23,419 Shire Plc 992,497 2.04%

26,378 Sky Plc 262,197 0.54%

22,952 Smith & Nephew plc 304,114 0.63%

9,959 Smiths Group Plc 159,045 0.33%

12,967 St James Place Plc 153,270 0.31%


53,005 Standard Life Plc 211,543 0.43%

13,521 Tate & Lyle 89,509 0.18%

80,871 Taylor Wimpey Plc 142,495 0.29%

216,954 Tesco Plc 366,218 0.75%

3,573 The Berkeley Group Holdings PLC 115,301 0.24%

28,742 The Sage Group plc 197,745 0.41%

6,357 Travis Perkins Plc 92,494 0.19%

33,165 Unilever Plc 1,378,006 2.83%

17,155 United Utilities Group Plc 148,820 0.31%


5,263 Weir Group Plc 91,103 0.19%

4,920 Whitbread Plc 195,176 0.40%

24 William Hill Plc 61 0.00%



Ireland - 0.33%

2,260 DCC Plc 157,974 0.33%

Total Ireland 157,974 0.33%


316,674 Glencore Plc 909,488 1.87%

6,772 Wolseley Plc 319,164 0.66%

33,141 WPP Plc 534,896 1.10%



GBP

% of

Net Assets



267

PORTFOLIO OF INVESTMENTS OF SATRIX UK EQUITY TRACKER FUND (CONTINUED)

as at 30 June 2017


Switzerland - 0.21%

4,458 Coca-Cola HBC AG 100,662 0.21%



2,517 Randgold Resources 171,282 0.35%








Summary



GBP Net

Assets Total

Assets



B UCITS and AIFs

- - -




323,619 0.67% 0.66%


135,399 0.28% 0.28%



GBP

% of

Net Assets



268

PORTFOLIO OF INVESTMENTS OF SATRIX EUROPE (EX-UK) EQUITY TRACKER FUND as at 30 June 2017

Equities - 93.27%

Austria - 0.53%

3,382 Andritz AG 178,367 0.07%

13,584 Erste Group Bank AG 455,404 0.18%

6,925 OMV AG 314,637 0.12%


5,424 Voestalpine AG 221,299 0.09%


Belgium - 2.51%

10,749 Ageas 379,010 0.15%


5,825 Groupe Bruxelles Lambert SA 490,989 0.19%


9,427 Proximus SA 288,749 0.12%

3,673 Solvay SA 431,578 0.17%

5,959 UCB S.A. 358,911 0.14%

4,657 Umicore 283,611 0.11%


Denmark - 3.98%

320 APMoller-MaerskA/S 534,934 0.21%


5,207 Carlsberg A/S 487,039 0.19%

5,514 Chr Hansen Holding AS 351,128 0.14%

6,078 Coloplast A/S 444,671 0.18%

35,457 Danske Bank A/S 1,194,031 0.47%

7,153 Dong Energy A/S 282,727 0.11%

10,142 DSV A/S 545,585 0.22%

2,681 Genmab A/S 500,816 0.20%

2,307 H Lundbeck A/S 113,369 0.04%

9,133 ISS AS 314,068 0.12%

82,580 Novo Nordisk AS 3,096,327 1.22%

11,113 Novozymes AS 425,797 0.17%

5,185 Pandora AS 423,618 0.17%

44,655 TDC A/S 227,368 0.09%




15,954 Rexel SA 228,541 0.09%


EUR

% of

Net Assets



269

PORTFOLIO OF INVESTMENTS OF SATRIX EUROPE (EX-UK) EQUITY TRACKER FUND (CONTINUED)

as at 30 June 2017


European Union - 0.24% (continued)

6,231 Symrise AG 386,447 0.15%

Total European Union 614,988 0.24%

Finland - 2.21%

20,240 Fortum Oyj 277,895 0.11%

15,195 Kone OYJ -B 676,785 0.27%

6,560 Metso Oyj 199,162 0.08%

5,865 Nestle Oil Oyj 202,284 0.08%

263,246 Nokia OYJ 1,409,682 0.56%

5,998 Nokiaan Renkaat OYJ 217,368 0.08%

5,300 Orion OYJ/New 296,270 0.12%

22,448 Sampo Oyj 1,007,242 0.40%

26,574 Stora Enso OYJ 300,552 0.12%

25,761 Upm-Kymmene Oy 642,995 0.25%

7,101 Wartsila Oyj 367,477 0.14%


France - 16.21%

9,022 Accor SA 370,308 0.15%

10,554 Air Liquide 1,141,943 0.45%

26,867 Airbus Group SE 1,934,424 0.76%

7,627 Alstom 233,462 0.09%

3,615 Arkema 337,749 0.13%

4,768 AtoS 585,987 0.23%

55,809 AXA SA 1,336,626 0.53%

31,746 BNP Paribas SA 2,001,903 0.79%

55,544 Bollore 221,121 0.09%

11,612 Bouygues 428,715 0.17%

15,059 Bureau Veritas 291,768 0.12%

7,460 Cap Gemini 674,981 0.27%

26,342 Carrefour SA 583,475 0.23%

3,424 Casino Guichard 177,569 0.07%

1,572 Christian Dior SE 393,550 0.16%



16,774 Danone 1,103,897 0.44%

6,845 Dassault Systemes SA 537,264 0.21%

10,977 Edenred 250,605 0.10%

24,235 Electricite De France 229,796 0.09%


EUR

% of

Net Assets



270


as at 30 June 2017



48,310 Engie 638,417 0.25%

9,047 Eutelsat Communications 202,291 0.08%

24,931 Groupe Eurotunnel SA 232,806 0.09%

1,284 Hermes International 555,523 0.22%

1,395 Iliad SA 288,905 0.11%

2,658 Ingenico 211,284 0.08%

11,997 Klepierre 430,512 0.17%

8,383 Lagardere S.C.A. 231,790 0.09%

7,856 Legrand SA 481,180 0.19%

6,679 L’Oreal SA 1,218,250 0.48%

7,887 LVMH Moet Hennessy Louis Vuitton SA 1,721,732 0.68%

5,104 Michelin 594,106 0.23%

44,671 Natixis 262,531 0.10%

58,009 Orange 805,745 0.32%

9,966 Pernod-Ricard 1,168,514 0.46%

22,675 Peugeot SA 396,019 0.16%

2,290 Pinault-Printemps 682,878 0.27%

10,257 Publicis Groupe 669,885 0.26%

7,990 Renault SA 633,208 0.25%

9,087 Safran SA 729,141 0.29%

14,756 Saint-Gobain SA 690,286 0.27%

32,537 Sanofi 2,725,299 1.08%

15,936 Schneider Electric SE 1,072,015 0.42%

10,070 Scor SE 349,530 0.14%

1,677 Societe BIC SA 174,240 0.07%


5,031 Sodexo 569,509 0.22%


17,773 Suez Environment SA 288,189 0.11%

5,571 Thales SA 525,011 0.21%

64,587 Total SA 2,795,648 1.10%

4,792 Unibail Rodamco 1,057,355 0.42%

6,478 Valeo SA 382,137 0.15%

21,731 Veolia Environnement 402,024 0.16%

14,881 Vinci SA 1,112,057 0.44%

30,669 Vivendi SA 597,739 0.24%

1,975 Wendel 255,960 0.10%

9,816 Zodiac SA 233,130 0.09%

Total France 41,072,296 16.21%


EUR

% of

Net Assets



271


as at 30 June 2017


Germany - 20.18%

8,858 Adidas AG 1,485,930 0.59%

21,099 Allianz SE 3,637,468 1.43%

42,042 Basf SE 3,409,186 1.34%

37,766 Bayer AG 4,275,111 1.69%

17,488 Bayerische Motoren Werke 1,397,119 0.56%

4,654 Beiersdorf AG 428,354 0.17%

7,641 Brenntag AG 387,246 0.15%

48,709 Commerzbank AG 508,035 0.20%

5,088 Continental AG 961,378 0.38%

5,371 Covestro AG 339,501 0.13%

43,507 Daimler AG 2,757,039 1.09%

94,512 Deutsche Bank AG 1,467,299 0.58%


45,998 Deutsche Post AG 1,509,654 0.60%

151,607 Deutsche Telekom 2,383,262 0.94%


99,876 E.ON AG 823,777 0.32%

8,262 Evonik Industries AG 231,212 0.09%

5,988 Fresenius Medical Care 504,010 0.20%

19,243 Fresenius SE 1,444,380 0.57%

8,116 Gea Group AG 290,796 0.11%

3,767 Hannover Rueckversicherung Ag 395,347 0.16%

6,957 Heidelberg-Cement AG 588,910 0.23%

4,960 Henkel AG & Co KGAA 525,264 0.21%

8,265 Henkel KGAA-VORZUG 995,933 0.39%

3,370 Hugo Boss AG 206,581 0.08%

52,464 Infineon Technologies AG 969,797 0.38%

7,009 Innogy Se 241,565 0.10%

9,230 K+S AG 206,937 0.08%

4,378 Lanxess 290,218 0.11%

8,575 Linde AG 1,421,735 0.56%

11,969 Lufthansa AG 238,482 0.09%

2,922 MAN SE 274,288 0.11%

5,983 Merck KGAA 632,702 0.25%

9,871 Metro AG 291,737 0.11%

7,612 Muenchener Rueckversicherungs AG 1,343,899 0.53%

4,059 Osram Licht AG 283,115 0.11%

7,011 Porsche Ag 344,871 0.14%



EUR

% of

Net Assets



272


as at 30 June 2017



23,695 RWE AG 413,359 0.16%

45,097 SAP SE 4,124,121 1.63%

35,074 Siemens AG 4,221,156 1.67%

16,396 ThyssenKrupp AG 407,851 0.16%

5,829 United Internet AG 280,637 0.11%

8,480 Volkswagen 1,130,808 0.45%

1,757 Volkswagen AG 238,513 0.09%

22,301 Vonovia Se 775,294 0.31%

5,514 Zalando SE 220,615 0.09%

Total Germany 51,149,052 20.18%


10,595 Coca Cola European Partners PLC 376,652 0.15%


Ireland - 0.98%

1,283,398 Bank of Ireland 295,182 0.12%

39,580 CRH Plc 1,225,991 0.48%

7,745 Kerry Group 583,431 0.23%

3,960 Paddy Power Betfair Public Limited Company 370,141 0.15%


Italy - 3.36%


22,280 Atlantia SPA 548,979 0.22%

230,027 Enel SpA 1,079,747 0.42%


19,076 Finmeccanica Spa 277,556 0.11%


8,962 Luxottica Group SpA 453,925 0.18%

28,041 Mediobanca SpA 242,274 0.09%

10,530 Prysmian SpA 271,148 0.11%

45,592 Saipem SpA 147,445 0.06%

107,505 Snam Rete Gas 410,239 0.16%

366,320 Telecom Italia RNC 236,276 0.09%

455,764 Telecom Italis Spa 368,257 0.14%

78,364 Terna Spa 370,348 0.15%

56,868 Unicredit SpA 929,792 0.37%

Total Italy 8,521,223 3.36%


EUR

% of

Net Assets



273


as at 30 June 2017


Luxembourg - 0.68%

29,984 ArcelorMittal 595,482 0.23%

613 Eurofins Scientific Se 302,301 0.12%

3,183 Millicom International Cellular SDR 164,313 0.06%

17,947 Ses 368,362 0.15%

21,983 Tenaris SA 300,068 0.12%

Total Luxembourg 1,730,526 0.68%

Netherlands - 8.32%

12,995 ABN AMRO Group 301,614 0.12%

79,593 Aegon NV 355,860 0.14%

7,062 AerCap Holdings NV 287,294 0.11%

11,629 Akzo Nobel NV 884,851 0.35%

22,679 Altice NV 458,169 0.18%

17,004 ASML Holding NV 1,940,156 0.76%

48,194 CNH Industrial NV 477,844 0.19%

5,681 EXOR NV 269,223 0.11%

5,950 Ferrari NV 447,143 0.18%


3,853 Gemalto NV 202,475 0.08%

16,049 Heineken Holding NV 1,338,762 0.53%

173,592 Ing Groep NV 2,621,239 1.03%


8,570 Koninklijke DSM NV 545,395 0.21%

42,508 Koninklijke Philips NV 1,321,786 0.52%

14,608 NN Group NV 454,601 0.18%

16,006 NXP Semiconductors NV 1,534,966 0.61%

11,118 Qiagen N V 323,812 0.13%

5,604 Randstad Holdings NV 286,476 0.11%

46,261 Relx NV 832,698 0.33%

159,694 Royal KPN NV 447,303 0.18%

75,178 Unilever NV 3,632,601 1.43%

3,739 Vopak 151,803 0.06%

14,353 Wolters Kluwer 531,994 0.21%


Norway - 1.32%

45,754 DNB ASA 679,489 0.27%

17,814 Marine Harvest 266,231 0.10%

62,251 Norsk Hydro Asa 301,304 0.12%


EUR

% of

Net Assets



274


as at 30 June 2017


Norway - 1.32% (continued)

41,049 Orkla ASA 364,267 0.14%

9,231 Schibsted ASA 194,628 0.08%

51,267 Statoil ASA 742,060 0.29%

36,005 Telenor ASA 521,528 0.21%

8,456 Yara International ASA 277,336 0.11%

Total Norway 3,346,843 1.32%

Portugal - 0.36%

49,790 Banco Espirito Santo SA - 0.00%

132,682 Energias De Portugal SA 379,869 0.15%

23,254 Galp Energia SGPS SA 308,232 0.12%

13,504 Jeronimo Martin 230,783 0.09%


Spain - 7.56%

35,878 Abertis Infrastructure 581,941 0.23%

12,068 ACS Actividades Cons Y Serv 408,200 0.16%

3,366 Aena SA 575,081 0.23%

20,474 Amadeus IT Holding SA 1,071,814 0.42%

302,429 Banco Bilbao Viscaya 2,197,147 0.87%

244,721 Banco De Sabadell SA 435,359 0.17%


51,599 Bankia SA 218,367 0.09%

36,541 Bankinter SA 294,703 0.12%

165,683 Criteria Caixacorp SA 692,555 0.27%


11,013 Enagas 270,369 0.11%

15,500 Endesa SA 312,635 0.12%

25,786 Ferrovial SA 501,151 0.20%

7,007 Gamesa Corp Tecnologica SA 130,996 0.05%

16,695 Gas Natural SDG SA 342,081 0.13%

14,646 Grifols SA 357,143 0.14%

263,520 Iberdrola SA 1,826,984 0.72%

50,376 Industria de Diseno Textil SA 1,693,137 0.67%

39,233 International Consolidated Airlines Group SA 272,630 0.11%


54,604 Repsol SA 731,694 0.29%

207,299 Telefonica SA 1,873,568 0.74%

Total Spain 19,155,924 7.56%


EUR

% of

Net Assets



275


as at 30 June 2017


Sweden - 6.21%

15,385 Alfa Laval AB 275,162 0.11%

47,560 Assa Abloy AB 913,277 0.36%

50,507 Atlas Copco AB 1,525,275 0.60%

12,611 Boliden AB 300,776 0.12%

13,139 Electrolux 376,342 0.15%

27,258 Essity Aktiebolag 651,807 0.26%

12,253 Getinge AB 209,613 0.08%


12,088 Hexagon AB 502,240 0.20%

22,631 Investor AB 953,200 0.38%

12,020 Kinnevik AB 321,596 0.13%

10,390 Lundin Petroleum AB 174,724 0.07%

142,021 Nordea Bank AB 1,579,435 0.62%

53,691 Sandvik AB 738,026 0.29%


18,994 Skanska AB 393,898 0.16%

17,836 SKF AB-B 315,853 0.13%


42,033 Swedbank AB 895,228 0.35%

10,678 Swedish Match AB 328,671 0.13%

23,035 Tele2 AB 210,771 0.08%


131,354 Teliasonera 528,588 0.21%

71,706 Volvo AB 1,068,229 0.42%

Total Sweden 15,731,417 6.21%

Switzerland - 18.47%

90,237 ABB Ltd 1,952,307 0.77%

2,707 Actelion Ltd 662,216 0.26%

7,402 Adecco SA 493,013 0.20%

2,924 Baloise Holding 395,920 0.16%

152 Barry Callebaut AG 183,038 0.07%

24,541 Compagnie Financiere Richemont SA 1,771,336 0.70%

106,031 Credit Suisse Group AG 1,342,696 0.53%

1,702 Dufry AG 244,297 0.10%

1,782 Geberit AG-Reg 728,100 0.29%

419 Givaudan 734,251 0.29%

20,547 Holcim Ltd 1,030,629 0.41%


EUR

% of

Net Assets



276


as at 30 June 2017


Switzerland - 18.47% (continued)

10,344 Julius Baer Group Ltd 476,795 0.19%

2,886 Kuehne & Nagel International AG 421,889 0.17%

8 Lindt and Spruengli AG 488,622 0.19%

3,394 Lonza AG 642,825 0.25%

140,850 Nestle SA 10,739,025 4.24%

101,166 Novartis AG 7,375,970 2.91%

949 Partners Group Holding AG 515,466 0.20%

31,543 Roche Holding AG 7,037,693 2.78%

2,551 Schindler Holding 472,905 0.19%

266 SGS SA 564,320 0.22%

105 Sika AG 590,951 0.23%

2,440 Sonova Holdings AG 347,104 0.14%

5,948 Swatch Group AG 653,180 0.25%

1,646 Swiss Life Holding Ag 486,654 0.19%

4,708 Swiss Prime Site AG 374,659 0.15%

14,672 Swiss RE AG 1,174,960 0.46%

1,147 Swisscom 484,892 0.19%

165,771 UBS Group AG 2,459,667 0.97%

2,121 Vifor Pharma AG 204,832 0.08%

6,889 Zurich Financial Services AG 1,756,700 0.69%


Total Equities 236,384,415 93.27%


Rights - 0.00%

Spain - 0.00%

29,800 Repsol SA 11,920 0.00%





Other net assets and liabilities (2,053,896) (0.81)%



EUR

% of

Net Assets



277


as at 30 June 2017

Satrix Europe (Ex-UK) Equity Tracker Fund

Summary



EUR Net

Assets Total

Assets



B UCITS and AIFs

- - -




19,111,343 7.54% 7.48%


(2,053,896) (0.81)% (0.80)%



278

PORTFOLIO OF INVESTMENTS OF SANLAM EQUITY ALLOCATION FUND

as at 30 June 2017

Equities - 98.53%

Belgium - 1.38%


26,463 Euronav SA 209,181 0.19%



Denmark - 1.75%


8,609 Danske Bank A/S 330,877 0.30%

752 Genmab A/S 160,324 0.15%

23,923 Novo Nordisk AS 1,023,734 0.92%




4,889 MTU Aero Engines Holding AG 689,107 0.62%

Total European Union 689,107 0.62%

Finland - 1.52%

4,173 Kone OYJ -B 212,128 0.19%

71,843 Nokia OYJ 439,080 0.40%

16,416 Sampo Oyj 840,665 0.76%

6,577 Upm-Kymmene Oy 187,358 0.17%


France - 15.46%

4,868 Air Liquide 601,143 0.54%

12,420 Airbus Group SE 1,020,596 0.92%

2,727 AtoS 382,505 0.35%

24,285 AXA SA 663,809 0.60%

13,842 BNP Paribas SA 996,214 0.90%

2,051 Cap Gemini 211,796 0.19%

7,221 Carrefour SA 182,545 0.16%

685 Christian Dior SE 195,721 0.18%



7,387 Danone 554,830 0.50%

19,560 Engie 295,009 0.27%

335 Hermes International 165,417 0.15%

3,387 Legrand SA 236,767 0.21%

6,395 L’Oreal SA 1,331,267 1.20%

3,522 LVMH Moet Hennessy Louis Vuitton SA 877,491 0.79%


USD

% of

Net Assets



279

PORTFOLIO OF INVESTMENTS OF SANLAM EQUITY ALLOCATION FUND (CONTINUED)

as at 30 June 2017



2,202 Michelin 292,530 0.26%

45,043 Orange 714,051 0.64%

2,688 Pernod-Ricard 359,701 0.32%

32,202 Peugeot SA 641,876 0.58%

953 Pinault-Printemps 324,340 0.29%

2,464 Publicis Groupe 183,662 0.17%

2,410 Renault SA 217,980 0.20%

3,943 Safran SA 361,092 0.33%

6,146 Saint-Gobain SA 328,135 0.30%

15,051 Sanofi 1,438,804 1.30%


9,452 Societe Generale SA 508,202 0.46%

1,179 Sodexo 152,321 0.14%

29,439 Total SA 1,454,321 1.31%

1,238 Unibail Rodamco 311,763 0.28%

3,059 Valeo SA 205,948 0.19%

6,409 Vinci SA 546,619 0.49%

12,557 Vivendi SA 279,317 0.25%

Total France 17,132,889 15.46%

Germany - 14.74%

2,389 Adidas AG 457,381 0.41%

5,692 Allianz SE 1,119,958 1.01%

11,268 Basf SE 1,042,831 0.94%

14,636 Bayer AG 1,890,900 1.71%


1,389 Continental AG 299,536 0.27%

12,042 Daimler AG 870,928 0.79%

25,817 Deutsche Bank AG 457,443 0.41%


12,526 Deutsche Post AG 469,192 0.42%

41,713 Deutsche Telekom 748,383 0.68%


24,691 E.ON AG 232,427 0.21%

2,672 Fresenius Medical Care 256,681 0.23%

5,094 Fresenius SE 436,382 0.39%

1,851 Heidelberg-Cement AG 178,827 0.16%

1,311 Henkel AG & Co KGAA 158,452 0.14%

6,997 Henkel KGAA-VORZUG 962,274 0.87%


USD

% of

Net Assets



280

SANLAM PORTFOLIO OF INVESTMENTS OF SANLAM EQUITY ALLOCATION FUND (CONTINUED)

as at 30 June 2017



13,863 Infineon Technologies AG 292,467 0.26%

2,231 Linde AG 422,167 0.38%

1,648 Merck KGAA 198,901 0.18%

2,026 Muenchener Rueckversicherungs AG 408,232 0.37%


16,657 SAP SE 1,738,522 1.57%

9,517 Siemens AG 1,307,212 1.18%

10,350 Software AG 453,008 0.41%

5,309 Tui Ag 77,278 0.07%

2,372 Volkswagen 361,000 0.33%

5,582 Vonovia Se 221,479 0.20%

Total Germany 16,332,231 14.74%


13,143 AA Plc 38,980 0.03%


4,616 Associated British Foods Plc 176,292 0.16%

15,838 Astrazeneca Plc 1,057,916 0.95%

51,129 Aviva Plc 349,835 0.32%

317,743 Barclays Plc 838,006 0.76%

39,305 BBA Aviation Plc 157,167 0.14%

26,192 Bhp Billiton Plc 400,670 0.36%

285,366 BP Plc 1,643,691 1.48%




157,276 BT Group Plc 603,013 0.54%

2,378 Carnival Plc 157,140 0.14%

68,708 Centrica Plc 178,929 0.16%


18,286 Crest Nicholson Holdings 124,522 0.11%

32,135 Diageo 948,260 0.86%


44,475 GKN Plc 188,601 0.17%


260,590 HSBC Holdings 2,412,487 2.18%


99,661 ITV PLC 235,165 0.21%

38,146 John Laing Group Plc 150,350 0.14%


USD

% of

Net Assets



281

PORTFOLIO OF INVESTMENTS OF SANLAM EQUITY ALLOCATION FUND (CONTINUED)

as at 30 June 2017




1,053,116 Lloyds Bank Plc 906,184 0.82%



13,244 Novae Group Plc 98,198 0.09%

60,062 Old Mutual Plc 151,101 0.14%


47,150 Prudential Corp 1,080,069 0.97%

8,030 Reckitt Benckiser Group Plc 813,071 0.73%


19,370 Rio Tinto Plc 816,870 0.74%



32,005 Sainsbury (J) Plc 104,788 0.09%


15,985 Shire Plc 881,219 0.79%

13,308 Sky Plc 172,072 0.16%

10,669 Smart Metering Systems Plc 73,208 0.07%

11,183 Smith & Nephew plc 192,746 0.17%

21,072 Sophos Group Plc 121,538 0.11%


106,057 Tesco Plc 232,875 0.21%


18,245 Unilever Plc 986,110 0.89%


2,324 Whitbread Plc 119,925 0.11%



Guernsey Channel Islands - 0.10%

46,962 Market Tech Holdings Ltd 112,555 0.10%

Total Guernsey Channel Islands 112,555 0.10%

Ireland - 0.64%

10,319 CRH Plc 366,983 0.33%


1,835 Kerry Group 157,762 0.14%

171 Kerry Group PLC A 14,702 0.02%

1,069 Paddy Power Betfair PLC 113,747 0.10%



USD

% of

Net Assets



282

SANLAM PORTFOLIO OF INVESTMENTS OF SANLAM EQUITY ALLOCATION FUND (CONTINUED)

as at 30 June 2017


Italy - 4.06%


35,280 Azimut Holding Spa 706,652 0.64%

93,853 Enel SpA 502,795 0.45%



45,805 Mediobanca SpA 451,675 0.41%

23,121 Unicredit SpA 431,444 0.39%

Total Italy 4,501,637 4.06%


183,434 Glencore Plc 685,290 0.62%

3,379 Wolseley Plc 207,155 0.19%

16,665 WPP Plc 349,880 0.31%


Luxembourg - 0.16%

7,894 ArcelorMittal 178,927 0.16%


Netherlands - 5.37%

3,102 Akzo Nobel NV 269,382 0.24%

12,082 ASML Holding NV 1,573,346 1.42%

2,933 Heineken Holding NV 284,967 0.26%

78,299 Ing Groep NV 1,349,376 1.22%


2,305 Koninklijke DSM NV 167,417 0.15%

11,554 Koninklijke Philips NV 410,037 0.37%

69 NXP Semiconductors NV 7,552 0.01%

12,594 Relx NV 258,724 0.23%

20,825 Unilever NV 1,148,449 1.04%

3,889 Wolters Kluwer 164,514 0.15%


Norway - 0.55%

12,371 DNB ASA 209,680 0.19%

14,406 Statoil ASA 237,982 0.21%

9,774 Telenor ASA 161,580 0.15%

Total Norway 609,242 0.55%


USD

% of

Net Assets



283

PORTFOLIO OF INVESTMENTS OF SANLAM EQUITY ALLOCATION FUND (CONTINUED) as at 30 June 2017


Spain - 4.50%

837 Aena SA 163,208 0.15%

5,401 Amadeus IT Holding SA 322,694 0.29%

82,404 Banco Bilbao Viscaya 683,256 0.62%


45,593 Criteria Caixacorp SA 217,507 0.20%

69,542 Iberdrola SA 550,260 0.50%


14,245 Int Consol Airlines Group SA 113,032 0.10%

14,106 Repsol SA 215,729 0.19%

56,616 Telefonica SA 583,998 0.53%

Total Spain 4,983,653 4.50%

Sweden - 4.50%

12,697 Assa Abloy AB 278,267 0.25%

13,017 Atlas Copco AB 479,882 0.43%

68,640 Elekta AB 648,943 0.58%

7,643 Essity Aktiebolag 208,588 0.19%


5,670 Investor AB 272,561 0.25%

38,166 Nordea Bank AB 484,424 0.44%

12,894 Sandvik AB 202,282 0.18%


7,822 Svenska cellulosa AB 59,041 0.05%


11,353 Swedbank AB 275,965 0.25%


18,892 Volvo AB 321,208 0.29%

Total Sweden 4,990,570 4.50%


23,554 ABB Ltd 581,605 0.53%

1,226 Actelion Ltd 342,296 0.31%

2,023 Adecco SA 153,782 0.14%

6,723 Compagnie Financiere Richemont SA 553,824 0.50%

29,372 Credit Suisse Group AG 424,500 0.38%

4,564 Dufry AG 747,658 0.67%

471 Geberit AG-Reg 219,636 0.20%

118 Givaudan 236,000 0.21%

1,226 Idorsia Ltd 23,139 0.02%

4,520 Implenia AG 338,411 0.31%


USD

% of

Net Assets



284



Switzerland - 15.19% (continued)

929 Lonza AG 200,815 0.18%

51,057 Nestle SA 4,442,864 4.01%

28,406 Novartis AG 2,363,711 2.13%

13,039 Roche Holding AG 3,320,254 3.00%

69 SGS SA 167,068 0.15%

27 Sika AG 173,431 0.16%

404 Swatch Group AG 149,172 0.13%

4,146 Swiss RE AG 378,933 0.34%

340 Swisscom 164,044 0.15%

1,134 Syngenta AG 525,022 0.47%

45,969 UBS Group AG 778,453 0.70%

1,898 Zurich Financial Services AG 552,379 0.50%



8,148 Autoliv Inc 891,409 0.80%


Total Equities 109,212,208 98.53% Derivative Financial Instruments

Rights - 0.00%

Spain - 0.00%

14,192 Repsol SA 6,479 0.00%








USD

% of

Net Assets



285



Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




1,653,076 1.49% 1.49%


27,377 0.03% 0.02%



286

PORTFOLIO OF INVESTMENTS OF SATRIX EMERGING MARKET EQUITY TRACKER FUND as at 30 June 2017

Equities – 95.99%

Bermuda - 0.75%

26,100 Alibaba health Information 12,437 0.03%

96,500 Alibaba Pictures Group Ltd 16,070 0.03%

46,890 Beijing Enterprises Water Group Limited 36,399 0.08%

31,314 Brilliance China Automotive Holdings Limited 57,040 0.12%

19,737 China Gas Holdings Ltd 39,845 0.09%

8,721 China Resources Gas Group Ltd 29,772 0.06%

23,495 Cosco Pacific Ltd 27,568 0.06%

190,011 GOME Electrical Appliances Holdings Ltd 23,366 0.05%

13,460 Haier Electronics Group Co. Ltd 35,001 0.08%

122,070 Hanergy Thin Film Power Group Limited - 0.00%

36,175 Kunlun Energy Company Ltd 30,676 0.07%

16,242 Nine Dragons Paper Holdings Limited 21,638 0.05%

37,000 Sihuan Pharmaceutical Holdings Group Ltd 15,498 0.03%


Brazil - 6.56%

47,655 Ambev SA 263,893 0.58%

38,946 Banco Bradesco SA 329,981 0.72%

9,566 Banco Do Brazil 77,535 0.17%

30,467 Banco Itau Holding Financeira 338,625 0.74%

4,786 Banco Santander Brasil SA 36,186 0.08%

6,481 BB Seguridade Participacoes S/A 56,156 0.12%

21,564 Bovespa 128,804 0.28%

7,063 BR Malls Participacoes SA 25,526 0.06%

1,507 Braskem SA 15,587 0.03%

13,561 CCR SA 69,312 0.15%

3,080 Centrais Eletricas Brasileiras SA 15,286 0.03%

11,083 Cia Brasileira de Meios de Pagamentos 82,456 0.18%

4,135 Cia de Saneamento Basico do Estado de Sao Pau 39,593 0.09%

1,527 Companhia Brasileira de Distribuicao Grupo Pa 30,087 0.07%

7,068 Companhia Energetica de Minas Gerais 17,272 0.04%

1,503 Companhia Paranaense de Energia-Copel 11,150 0.02%

8,359 Companhia Siderurgica Nacional S.A. 18,151 0.04%

1,218 Cosan SA Industria e Comercio 12,738 0.03%

3,081 CPFL Energia S.A. 24,702 0.05%

6,174 Duratex SA 15,255 0.03%

2,320 EDP - Energias do Brasil SA 9,956 0.02%

6,181 Embraer SA 28,283 0.06%

2,420 Equatorial Energia SA 39,654 0.09%


USD

% of

Net Assets



287

PORTFOLIO OF INVESTMENTS OF SATRIX EMERGING MARKET EQUITY TRACKER

FUND (CONTINUED)

as at 30 June 2017


Brazil - 6.56% (continued)

2,026 Fibria Celulose S.A. 20,716 0.04%

7,597 Gerdau SA 23,619 0.05%

2,920 Hypermarcas SA 24,550 0.05%

37,300 Itausa-Investment Itau - pr 101,753 0.22%

6,936 JBS SA 13,698 0.03%

5,720 Klabin SA 28,077 0.06%

14,008 Kroton Educacional SA 62,997 0.14%

1,596 Localiza Rent a Car 21,793 0.05%

9,653 Lojas Americanas SA - Pref 40,872 0.09%

6,952 Lojas Renner SA 57,567 0.13%

1,057 Multiplan Empreendimentos Imobiliarios SA 20,881 0.05%

4,228 Perdigao SA 50,125 0.11%

66,841 Petroleo Brasileiro S.A. 256,678 0.56%

1,192 Porto Seguro SA 11,035 0.02%

4,780 Qualicorp SA 41,490 0.09%

2,507 Raia Drogasil SA 53,158 0.12%

4,300 Rumo SA 11,249 0.02%

4,310 Suzano Papel e Celulose SA 18,588 0.04%

3,928 Telefonica Brasil SA 53,340 0.12%

7,129 Tim Participacoes SA 21,108 0.05%

3,733 Ultrapar Participacoes SA 87,519 0.19%

31,467 Vale SA 265,372 0.58%

5,980 WEG SA 32,011 0.07%

Total Brazil 3,004,384 6.56%


925 58.Com Inc 40,802 0.09%

6,888 AAC Technologies Holdings Inc 86,115 0.19%

10,907 Alibaba Group Holding Ltd 1,536,796 3.36%

8,201 Anta Sports Products Limited 27,103 0.06%

500 Autohome Inc ADR 22,680 0.05%

2,676 Baidu Com Inc 478,629 1.05%

61,830 Belle International Holdings 48,789 0.11%

10,659 Chailease Holding 29,757 0.06%

8,490 China Conch Venture Holdings Limited 15,552 0.03%

40,226 China Evergrande Group 72,243 0.16%

57,400 China Huishan Dairy Holdings 3,088 0.01%

13,320 China Medical System Holdings 23,034 0.05%

28,863 China Mengniu Dairy Company Limtied 56,568 0.12%


USD

% of

Net Assets



288


FUND (CONTINUED)

as at 30 June 2017


Cayman Islands - 13.23% (continued)

20,220 China State Construction Intl Holdings Ltd 34,604 0.08%

54,491 Country Garden Holdings Company ltd 63,170 0.14%

3,664 Ctrip Com International Limited 197,343 0.43%

8,550 ENN Energy Holdings Ltd 51,585 0.11%

55,322 Fullshare Holdings Limited 22,110 0.05%

47,501 Geely Automobile Holdings Limited 102,467 0.22%

8,315 Hengan International Group Compnay Limited 61,351 0.13%

6,536 JD.Com Inc 256,342 0.56%

6,650 Kingsoft Corporation Ltd 17,335 0.04%

6,500 Minth Group Ltd 27,560 0.06%

800 Momo Inc 29,568 0.06%

788 Netease.Com Inc 236,896 0.52%

1,405 New Oriental Education and Technology Group 99,038 0.22%

29,670 Semiconductor Manufacturing International Cor 34,396 0.08%

4,030 Shenzhou International Group 26,483 0.06%

14,608 Shimao Property Holdings 25,000 0.05%

539 Sina Corp 45,799 0.10%

53,377 Sino Biopharmaceutical Ltd 47,178 0.10%

18,000 Sunac China Holdings Ltd 37,630 0.08%

6,659 Sunny Optical Technology Group Co Limited 59,710 0.13%

470 Tal Education Group 57,486 0.13%

55,236 Tencent Holdings Limited 1,975,494 4.31%

3,750 Vipshop Holdings Ltd 39,563 0.09%

47,395 Want Want China Holdings Ltd 31,995 0.07%

303 Weibo Corp 20,140 0.04%

260 YY Inc 15,088 0.03%


Chile - 1.17%

40,300 AES Gener SA 14,202 0.03%

276,302 Banco de Chile 35,885 0.08%

415 Banco de Credito e Inversiones (CBI) 23,191 0.05%

638,900 Banco Santander Chile 40,651 0.09%

12,640 Cencosud SA 33,572 0.07%

84,700 Colbun SA 18,216 0.04%

1,900 Compania Cervecerias Unidas SA 24,918 0.05%

35,920 Empresa Nacional de Electricidad SA 27,065 0.06%

2,261 Empresa Nacional de Telecomunicaciones SA 24,642 0.05%

10,530 Empresas CMPC SA 25,168 0.06%


USD

% of

Net Assets



289


FUND (CONTINUED)

as at 30 June 2017


Chile - 1.17% (continued)

5,223 Empresas Copec SA 57,032 0.12%

549,436 Enersis SA 86,253 0.19%

1,651,300 Itau CorpBanca 14,698 0.03%

2,260 LATAM Airlines Group SA 25,117 0.06%

7,240 S.A.C.I. Falabella 59,482 0.13%

780 Sociedad Quimica y Minera de Chile SA 25,876 0.06%

Total Chile 535,968 1.17%

China - 8.51%

238,640 Agricultural Bank of China 112,800 0.25%

16,472 Air China Ltd 16,986 0.04%

36,560 Aluminium Corp 18,733 0.04%

13,482 Anhui Conch Cement Company Limited 46,888 0.10%

24,659 Avichina Industry & Tech - H 14,467 0.03%

782,891 Bank of China 384,095 0.84%

77,549 Bank of Communications Co. Ltd. 54,735 0.12%

19,467 Beijing Capital International Airport Company 27,430 0.06%

7,715 BYD Company Limited 47,338 0.10%

82,700 CGN Power Co Ltd 23,094 0.05%

86,175 China Cinda Asset Management Company Limited 32,123 0.07%

70,729 China Citic Bank 43,308 0.09%

9,793 China Coal Energy Co 4,742 0.01%

23,501 China Communication Services Corporation Limi 13,547 0.03%

50,185 China Communications Const-H 64,671 0.14%

817,296 China Construction Bank 633,392 1.38%

33,500 China Galaxy Securitites Company 30,039 0.07%

65,300 China Huarong Asset Management Co Ltd 25,345 0.06%

74,405 China Life Insurance Ltd 227,315 0.50%

36,885 China Longyuan Power Group Corp 26,837 0.06%

37,110 China Merchants Bank 111,949 0.24%

47,640 China Minsheng Banking Corp Ltd 47,539 0.10%

16,860 China Oilfield Serv 13,520 0.03%

27,460 China Pacific Insurance Company Ltd 112,209 0.24%

251,134 China Petroleum & Cr 195,912 0.43%

18,000 China Railway Construction Corporation 23,472 0.05%

44,520 China Railway Group Ltd 35,073 0.08%

32,310 China Shenhua Energy 71,932 0.16%

39,531 China South Locomotive and Rolling Stock Corp 35,548 0.08%

14,600 China Southern Airlines Company Limited 12,343 0.03%


USD

% of

Net Assets



290


FUND (CONTINUED)

as at 30 June 2017


China - 8.51% (continued)

10,550 China Vanke Co Ltd 29,866 0.07%

9,800 Chongqing Changan Automobile Co 12,930 0.03%

39,511 Chongqing Rural Commercial Bank Co. Ltd 26,673 0.06%

18,970 CITIC Securities Co Ltd 39,220 0.09%

26,955 Dongfeng Motor Grp Co Ltd-H 31,870 0.07%

11,600 GF Securities Co Ltd 23,299 0.05%

35,460 Great Wall Motor Company Limited 43,788 0.10%

19,484 Guangzhou Automobile Group Company Ltd 34,193 0.07%

14,226 Guangzhou R&F Prop 22,123 0.05%

37,871 Haitong Securiies Co Ltd 61,222 0.13%

34,244 Huaneng Power Intl 23,775 0.05%

59,710 Huaneng Renewables Corp Ltd 18,433 0.04%

14,900 Huatai Securities Co Ltd 28,630 0.06%

15,353 Jiangsu Express Co Ltd - H- 21,673 0.05%

18,493 Longfor Properties 39,750 0.09%

8,276 New China Life Insurance Company Limited 42,087 0.09%

81,748 Peoples’s Insurance Company (Group) of China 34,347 0.07%

205,996 PetroChina Co Ltd-H- 126,132 0.28%

42,670 PICC Property & Casual Co Ltd 71,275 0.16%

50,760 Ping An Insurance Group Co of China Ltd 334,538 0.73%

28,655 Shandong Weigao Group Medical Polymer Company 22,501 0.05%

32,161 Shanghai Electric Group Company Ltd 15,449 0.03%

7,920 Shanghai Lujiazui Finance & Trade Zone Develo 12,704 0.03%

9,456 Shanghai Pharmaceuticals - H 28,162 0.06%

39,330 Sino-Ocean Land Holdings 19,245 0.04%

29,730 Sinopec Shanghai Petrochem-H 15,919 0.03%

13,070 Sinopharm Group Co 59,100 0.13%

10,300 Travelsky Technology Limited 30,346 0.07%

4,475 Tsingtao Brewery Company Limited 19,805 0.04%

27,449 Yanzhou Coal Mining CO-H 24,613 0.05%

13,980 Zhejiang Expressway Co Ltd 18,266 0.04%

5,976 Zhuzhou CSR Times Electric Co Ltd 29,319 0.06%

39,757 Zijin Mining Group Co Ltd 13,139 0.03%

5,196 ZTE Corporation 12,407 0.03%

Total China 3,894,181 8.51%

Colombia - 0.45%

1,500 Bancolombia SA 15,624 0.03%

4,559 Bancolombia SA-Pref 50,654 0.11%


USD

% of

Net Assets



291


FUND (CONTINUED)

as at 30 June 2017


Colombia - 0.45% (continued)

43,832 Ecopetrol SA 19,825 0.04%

5,689 Grupo Argos SA 38,672 0.09%

4,282 Grupo de Inversiones Suramericana 55,005 0.12%

6,298 Interconexion Electrica S.A. E.S.P 27,536 0.06%

Total Colombia 207,316 0.45%

Czech Republic - 0.15%

1,840 Cez 31,969 0.07%

865 Komercni Banka as 34,589 0.08%

Total Czech Republic 66,558 0.15%

Egypt - 0.12%

12,252 Commercial International Bank 54,072 0.12%

Total Egypt 54,072 0.12%

Greece - 0.37%

10,491 Alpha Bank AE 25,862 0.06%

19,100 Eurobank Ergasias SA 21,363 0.05%

3,340 Hellenic Telecommunications Organization SA 40,178 0.09%

989 Jumbo SA 18,060 0.04%

55,652 National Bank of Greece 21,151 0.04%

2,470 OPAP SA 27,908 0.06%

66,467 Piraeus Bank SA 16,310 0.03%

Total Greece 170,832 0.37%

Hong Kong - 4.95%

3,840 Beijing Enterprises Holdings Limited 18,520 0.04%

33,443 China Everbright Limited 52,803 0.12%

17,103 China Insurance International 43,335 0.09%

12,989 China Merchants Holdings Intl 36,022 0.08%

59,250 China Mobile Hong Kong Ltd 628,809 1.37%

40,062 China Overseas Land & Investments 117,262 0.26%

43,200 China Power International Develpment Limited 15,329 0.03%

23,492 China Resources Energy 46,102 0.10%

12,792 China Resources Enterprise Ltd. 32,281 0.07%

30,713 China Resources Land Ltd 89,504 0.20%

130,900 China Telecom Corp Ltd 62,209 0.14%

54,340 China Unicom Hong Kong Ltd 80,745 0.18%


USD

% of

Net Assets



292


FUND (CONTINUED)

as at 30 June 2017


Hong Kong - 4.95% (continued)

48,120 Citic Pacific 72,366 0.16%

179,650 CNOOC Limited 196,758 0.43%

44,620 CSPC Pharmaceutical Group Limited 65,159 0.14%

23,830 Fosun International 37,241 0.08%

33,750 Franshion Properties China Limited 13,921 0.03%

28,152 Guangdong Investment Ltd 38,802 0.08%

717,941 Industial & Comm Bank of China 484,660 1.06%

59,738 Lenovo Group Ltd 37,726 0.08%

8,159 Shanghai Industrial Holdings Ltd 24,143 0.05%

29,801 Sun Art Retail Group Ltd 23,744 0.05%

21,687 Tingyi(Cyman Island) Holdings ORD USD0.005 25,725 0.06%

28,248 Weichai Power Co LTD 24,750 0.05%


Hungary - 0.36%

453 Mol Magyar Olaj- es Gazipari R 35,507 0.08%

2,625 OTP Bank Nyrt 87,729 0.19%

1,670 Richter Gedeon Nyrt 43,583 0.09%

Total Hungary 166,819 0.36%

India - 8.76%

860 Acc Limited 20,869 0.05%

7,494 Adani Ports and Special Economic Zone 42,103 0.09%

6,050 Ambuja Cements Ltd 23,083 0.05%

960 Apollo Hospitals Enterprise 18,935 0.04%

12,000 Ashok Leyland Limited 17,428 0.04%

2,880 Asian Paints Ltd 49,157 0.11%

2,520 Aurobindo Pharma Ltd 26,698 0.06%

16,270 Axis Bank Limited 130,258 0.28%

695 Bajaj Auto Limited 30,020 0.07%

1,700 Bajaj Finance Limited 36,123 0.08%

445 Bajaj Finserv Ltd 28,363 0.06%

1,230 Bharat Forge Limited 20,798 0.04%

6,870 Bharat Heavy Electricals Limited 14,384 0.03%

4,359 Bharat Petroleum Corporation Ltd 43,131 0.09%

12,430 Bharti Airtel Limited 73,037 0.16%

4,700 Bharti Infratel Ltd 27,242 0.06%

73 Bosch Limited 26,352 0.06%

3,340 Cipla Ltd 28,717 0.06%


USD

% of

Net Assets



293


FUND (CONTINUED)

as at 30 June 2017



7,490 Coal India Ltd 28,311 0.06%

4,710 Dabur India Ltd 21,291 0.05%

1,235 Dr Reddy’s Laboratories Ltd 51,413 0.11%

125 Eicher Motors Ltd 52,305 0.11%

5,120 GAIL India Limited 28,639 0.06%

1,600 Glenmark Pharmaceuticals Limited 15,668 0.03%

2,320 Godrej Consumer Products Limited 34,757 0.08%

2,370 Grasim Industries Ltd 45,555 0.10%

5,160 HCL Technololgies Ltd 67,946 0.15%

540 Hero Honda Motors Limited 30,931 0.07%

14,737 Hindalco Industries Limited 43,547 0.09%

3,902 Hindustan Petroluem Corporation Limited 30,817 0.07%

6,725 Hindustan Unilever Limited 112,354 0.24%

15,137 Housing Development Finance Corporation Ltd 378,297 0.83%

22,374 Icici Bank Ltd 100,462 0.22%

9,680 Idea Cellular Ltd. 12,770 0.03%

3,130 Indiabulls Housing Finance Ltd 52,126 0.11%

5,800 Indian Oil Corporation Ltd 34,574 0.08%

17,837 Infosys Ltd 258,239 0.56%

32,660 ITC Ltd 163,578 0.36%

8,750 JSW Steel Limited 27,542 0.06%

3,340 Larsen & Toubro Ltd 87,227 0.19%

3,310 LIC Housing Finance Ltd 38,017 0.08%

2,075 Lupin Ltd 34,033 0.07%

4,000 Mahindra & Mahindra Financial Services Ltd 21,353 0.05%

3,880 Mahindra & Mahindra Ltd 80,975 0.18%

5,280 Marico Ltd 25,685 0.06%

1,090 Maruti Suziki India Ltd 121,746 0.27%

4,620 Motherson Sumi Systems Limited 33,031 0.07%

245 Nestle India Ltd 25,542 0.06%

21,795 NTPC Ltd 53,611 0.12%

12,960 Oil & Natural Gas Corp 31,548 0.07%

900 Piramal Enterprises Ltd 38,950 0.08%

12,407 Reliance Industries Ltd 264,960 0.58%

6,800 Rural Electrification Corporation Limited 18,094 0.04%

1,060 Shriram Transport Finance 16,400 0.04%

16,120 State Bank of India 68,264 0.15%

9,100 Sun Pharmaceutical Industries Ltd 78,256 0.17%

4,597 Tata Consultancy Services Ltd 168,055 0.37%


USD

% of

Net Assets



294


FUND (CONTINUED)

as at 30 June 2017



19,265 Tata Motors Ltd 118,007 0.26%

3,630 Tata Steel Limited 30,657 0.07%

4,864 Tech Mahindra Ltd 28,754 0.06%

3,650 Titan Industries Ltd 29,623 0.06%

833 Ultratech Cement Ltd 51,036 0.11%

4,182 United Phosphorus Ltd 54,388 0.12%

700 United Spirits Ltd 25,980 0.06%

14,736 Vedanta Ltd 56,794 0.12%

10,780 Wipro Ltd 43,098 0.09%

3,380 Yes Bank 76,550 0.17%

5,550 Zee Entertainment Enterprises Ltd 42,201 0.09%

Total India 4,010,655 8.76%

Indonesia - 2.44%

191,394 Astra International Tbk 128,060 0.28%

100,680 Bank Central Asia PT 136,992 0.30%

43,437 Bank Danamon Pt 16,689 0.04%

91,070 Bank Mandiri 87,049 0.19%

69,300 Bank Negara Indonesia 34,289 0.07%

111,715 Bank Rakyat Indonesa 127,720 0.28%

74,720 Bumi Serpong Damai 10,251 0.02%

4,511 Gudang Garam Tbk PT 26,480 0.06%

62,625 Hanjaya Mandala Sampoerna Tbk 18,028 0.04%

12,364 Indocement Tunggal Prakarsa 17,101 0.04%

29,000 Indofood CBP Sukses Makmur TBK 19,132 0.04%

28,445 Jasa Marga Persero Tbk PToperates 11,409 0.02%

293,026 Kalbe Farma Tbk PT 35,697 0.08%

26,726 Matahari Department Store TB 28,401 0.06%

104,549 Perusahaan Gas Negara PT 17,635 0.04%

143,595 PT Adaro Energy 17,009 0.04%

96,780 PT Charoen Pokphand Indonesia Tbk 23,072 0.05%

41,170 PT Indofood Sukses Makmur Tbk 26,543 0.06%

241,190 PT Lippo Karawaci Tbk 11,934 0.03%

528,080 PT Telekomunikasi Indonesia Persero Tbk 178,943 0.39%

13,943 PT XL Axiata Tbk 3,564 0.01%

40,754 Semen Gresik (Persero) Tbk PT 30,553 0.07%

79,700 Surya Citra Media Pt Tbk 15,475 0.03%

16,624 Unilever Idonesia Tbk PT 60,818 0.13%


USD

% of

Net Assets



295


FUND (CONTINUED)

as at 30 June 2017


Indonesia - 2.44% (continued)

15,557 United Tractors Tbk PT 32,014 0.07%


Ireland - 0.05%

2,039 Engie Brasil SA 20,917 0.05%


Isle of Man - 0.05%

1,960 New Europe Property Investment Plc 24,839 0.05%

Total Isle of Man 24,839 0.05%


645 Amorepacific Corp 121,376 0.27%

230 BGF Retail Co Ltd 20,310 0.04%

1,980 BS Financial Group Inc 18,956 0.04%

754 Celltrion Inc 75,876 0.17%

781 Cheil Industries Inc 101,058 0.22%

963 Cheil Worldwide 15,492 0.03%

70 CJ CheilJedang Corp 22,124 0.05%

168 CJ Corporation 27,834 0.06%

250 CJ E&M Corporation 16,568 0.04%

110 CJ Korea Express Corp 17,359 0.04%

337 Daelim Industrial Co 26,223 0.06%

3,919 Daewoo Securities Co Ltd 37,861 0.08%

260 Daum Kakao Corp 23,073 0.05%

1,810 DGB Financial Group Inc 18,673 0.04%

575 Dongbu Insurance Co Ltd 34,185 0.07%

510 Doosan Heavy Industries 9,341 0.02%

200 E- Mart Co Ltd 41,004 0.09%

720 GS Engineering & Construction Corp 19,168 0.04%

489 GS Holdings 29,158 0.06%

370 GS Retail Co Ltd 16,692 0.04%

2,480 Halla Visteon Climate Control Corporation 22,333 0.05%

3,120 Hana Financial Holdings 123,433 0.27%

776 Hankook Tire Co. Ltd 43,150 0.09%

225 Hanmi Pharm Co Ltd 35,274 0.07%

140 Hanssem Co Ltd 22,522 0.05%

1,525 Hanwha Chemical Corp 40,266 0.09%

510 Hanwha Corporation 21,135 0.05%

150 Honam Petrochemicals Corporation 45,114 0.10%


USD

% of

Net Assets



296


FUND (CONTINUED)

as at 30 June 2017


Korea (South) - 15.39% (continued)

370 Hotel Shilla Co Ltd 18,471 0.04%

5,705 Hynix Semiconductor Inc. 336,181 0.73%

241 Hyosung Corporation 35,293 0.08%

182 Hyundai Department Store Co Ltd 17,583 0.04%

580 Hyundai Development Company 23,808 0.05%

650 Hyundai Engineering & Construction Co Ltd 26,170 0.06%

210 Hyundai Glovis Co Ltd 28,825 0.06%

293 Hyundai Heavy Indust 45,214 0.10%

720 Hyundai Marine & Fire Insurance Co 24,771 0.05%

675 Hyundai Mobis 147,537 0.32%

2,111 Hyundai Motor Co Ltd 267,103 0.59%

62 Hyundai Robotics Co Ltd 20,951 0.05%

220 Hyundai Wia Corp 13,426 0.03%

1,870 Industrial Bank of Korea 23,298 0.05%

748 INI Steel Company 40,677 0.09%

1,200 Kangwon Land Inc 36,563 0.08%

3,845 KB Financial Group Inc 193,968 0.42%

70 KCC Corp 26,714 0.06%

2,610 Kia Motors Corporation 87,169 0.19%

710 Korea Aerospace Industries Ltd 35,383 0.08%

2,380 Korea Electric Power Corp 84,897 0.19%

276 Korea Gas Corporation 12,837 0.03%

480 Korea Investment Holdings Co Ltd 29,418 0.06%

104 Korea Kumho Petrochemical Co 6,683 0.01%

76 Korea Zinc Co Ltd 30,300 0.07%

330 Korean Air Lines Co Ltd 11,166 0.02%

1,128 KT&G Corp 115,386 0.25%

504 LG Chem LTD 128,227 0.28%

1,010 LG Corp 68,259 0.15%

2,285 LG Display Co Ltd 74,117 0.16%

1,000 LG Electronics Inc 70,118 0.15%

99 LG Household & Health Care Ltd. 86,036 0.19%

160 LG Innotek Co Ltd 23,081 0.05%

1,890 LG Telecom Ltd 25,778 0.06%

129 Lotte Shopping Co 34,230 0.07%

173 NCsoft Corporation 57,400 0.13%

269 NHN Corp 197,085 0.43%

190 OCI Company Ltd 14,901 0.03%

38 Orion Corp 26,512 0.06%

722 POSCO 181,166 0.40%

220 S1 Corporation 18,657 0.04%


USD

% of

Net Assets



297


FUND (CONTINUED)

as at 30 June 2017


Korea (South) - 15.39% (continued)

170 Samsung Biologics Co Ltd 43,400 0.10%

400 Samsung Card Co 13,656 0.03%

512 Samsung Electro-Mechanics Co 45,659 0.10%

1,122 Samsung Electronics Ltd 2,257,443 4.93%

332 Samsung Fire & Marine Insurance 81,710 0.18%

1,910 Samsung Heavy Industries Co Ltd 20,790 0.05%

645 Samsung Life Insurance Co Ltd 65,979 0.14%

584 Samsung SDI Co Ltd 87,566 0.19%

305 Samsung SDS Co Ltd 49,199 0.11%

4,140 Shinhan Financial Group Ltd 178,445 0.39%

100 Shinsegae Co Ltd 20,065 0.04%

321 SK C and C Co Ltd 78,020 0.17%

570 SK Energy Co LTD 78,988 0.17%

240 SK Telecom 55,815 0.12%

454 S-Oil Corp 37,629 0.08%

570 Woongjin Coway Co Lt 51,828 0.11%

2,743 Woori Bank 44,247 0.10%

1,760 Woori Investment &Securities Co Ltd 22,851 0.05%

108 Yuhan Corporation 23,228 0.05%


Malaysia - 2.35%

18,520 Airasia BHD 14,003 0.03%

20,308 AMMB Holding Berhad 23,055 0.05%

16,040 Astro Malaysia Holdings BHD 9,441 0.02%

27,012 Axiata Group Berhad 30,352 0.07%

1,118 British American Tobacco BHD 11,293 0.02%

33,653 CIMB Group Holdings Berhad 51,515 0.11%

41,448 Dialog Group BHD 18,513 0.04%

42,580 Digi.com BHD 49,529 0.11%

12,100 Felda Golbal Ventures Holdings Berhad 4,814 0.01%

18,000 Gamuda BHD 23,031 0.05%

26,956 Genting BHD 59,010 0.13%

6,695 Hong Leong Bank BHD 24,391 0.05%

32,000 IHH Healthcare Bhd 42,806 0.09%

26,380 IJM Corporation Berhad 21,234 0.05%

29,970 IOI Corporation BHD 31,026 0.07%

2,976 IOI Properties Group Sdn Bhd 1,523 0.00%

3,080 Kuala Lumpur Kepong Berhad 17,827 0.04%


USD

% of

Net Assets



298


FUND (CONTINUED)

as at 30 June 2017


Malaysia - 2.35% (continued)

31,167 Malayan Banking Berhad 69,824 0.15%

11,190 Malaysia Airports Holdings Berhad 22,284 0.05%

19,690 Maxis Berhad 25,423 0.06%

7,310 MISC Berhad 12,686 0.03%

5,980 Perlis Plantations Group Berhad 23,873 0.05%

28,088 Petronas Chemicals Group Bhd 46,394 0.10%

7,387 Petronas Gas Berhad 31,861 0.07%

28,040 Public Bank Berhad 132,552 0.29%

30,570 Resorts World Berhad 39,115 0.09%

7,825 RHB Capital Berhad 9,211 0.02%

29,387 SapuraKencana Petroleum Bhd 10,870 0.02%

29,171 Sime Derby Berhad 64,470 0.14%

13,400 Telekom Malaysia Berhad 20,730 0.05%

32,290 Tenaga Nasionl Bhd 106,219 0.23%

7,300 UMW Holdings Berhad 10,139 0.02%

48,440 YTL Corp Bhd 16,453 0.04%

Total Malaysia 1,075,467 2.35%

Malta - 0.03%

3,319 Brait SE 15,385 0.03%

Total Malta 15,385 0.03%

Mexico - 3.64%

25,559 Alfa SAB 36,500 0.08%

329,842 America Movil SAB de CV 266,350 0.58%

4,540 Arca Continental SAB de CV 34,248 0.07%

148,056 Cemex SAB de CV 139,619 0.31%

5,741 Coca-Cola Femsa SAB de CV 48,826 0.11%

9,664 Compartamos SAB de CV 14,555 0.03%

2,249 El Puerto de Liverpool SA de CV 17,809 0.04%

30,370 Fibra Uno Administracion SA 57,816 0.13%

17,919 Fomento Economico Mexicano SA DE CV 177,165 0.39%

1,940 Gruma SAB de CV 25,396 0.06%

3,960 Grupo Aeroportuario del Pacifico SAB de CV 44,766 0.10%

2,048 Grupo Aeroportuario del Sureste SAB de CV 43,374 0.09%

13,216 Grupo Bimbo SAB de CV 33,332 0.07%

4,465 Grupo Carso SAB de CV 18,875 0.04%

22,916 Grupo Financiero Banorte SAB de CV 146,252 0.32%

22,458 Grupo Financiero Inb 38,506 0.08%


USD

% of

Net Assets



299


FUND (CONTINUED)

as at 30 June 2017


Mexico - 3.64% (continued)

18,265 Grupo Financiero Santander Mexico SAB de CV 35,448 0.08%

36,720 Grupo Mexico SAB de CV 103,720 0.23%

22,790 Grupo Televisa SAB 111,490 0.24%

1,475 Industrias Penoles S.A. de C.V. 33,410 0.07%

4,437 Infrastraestructura Energetica Nova 23,743 0.05%

15,281 Kimberly-Clark de Mexico SAB de CV 32,455 0.07%

11,719 Mexichem SAB de CV 31,579 0.07%

3,840 OHL Mexico SAB de CV 5,565 0.01%

2,200 Promotora Y Operadora De Inf 26,314 0.06%

50,816 Walmart De Mexico SAB de CV 118,409 0.26%

Total Mexico 1,665,522 3.64%

Netherlands - 0.32%

28,475 Steinhoff International Holdings 146,236 0.32%


Peru - 0.06%

2,310 Compania de Minas Buenaventura SA 26,565 0.06%

Total Peru 26,565 0.06%

Philippines - 1.16%

23,640 Aboitiz Equity Ventures Inc 35,694 0.08%

18,900 Aboitiz Power Corpration 14,578 0.03%

21,000 Alliance Global Group Inc 5,954 0.01%

2,425 Ayala Corporation 40,870 0.09%

74,260 Ayala Land Inc 58,529 0.13%

7,100 Bank of Philippine Islands 14,641 0.03%

17,260 BDO Unibank Inc 42,436 0.09%

60,510 DMCI Holdings INC 16,917 0.04%

126,000 Energy Development Corp 15,115 0.03%

474 Globe Telecom Inc 19,248 0.04%

1,050 GT Capital Holdings Inc 25,191 0.06%

30,133 JG Summit Holdings INC 48,395 0.11%

151,600 Metro Pacific Investments Corporation 19,208 0.04%

1,070 PLDT Inc 38,146 0.08%

4,810 Security Bank Corporation 20,696 0.05%

2,182 SM Investments Corporation 34,741 0.08%

80,440 SM Prime Holdings INC 52,634 0.11%


USD

% of

Net Assets



300


FUND (CONTINUED)

as at 30 June 2017


Philippines - 1.16% (continued)

8,740 Universal Robina Corporation 28,230 0.06%

Total Philippines 531,223 1.16%

Poland - 1.27%

405 Bank Handlowy w Warszawie S.A 7,518 0.02%

1,632 Bank Pekao SA 54,968 0.12%

455 Bank Zachodni WBK SA 42,033 0.09%

400 CCC SA 24,290 0.05%

676 Eurocash SA 5,656 0.01%

1,159 Grupa Azoty SA 19,800 0.04%

1,821 KGHM Polska Miedz 54,380 0.12%

18 LPP SA 34,734 0.08%

173 MBANK SA 21,575 0.05%

5,433 PGE SA 17,757 0.04%

3,050 Polski Koncern Naftowy Orlen SA 92,110 0.20%

20,298 Polskie Gornictwo Naftowe i Gazownictwo SA 34,622 0.08%

9,089 Powszechna Kasa Oszczednosci Bank Polski S.A. 84,529 0.18%

6,130 Powszechny Zaklad Ubezpieczen SA 73,769 0.16%

13,470 Tauron Polska Energia SA 13,014 0.03%

Total Poland 580,755 1.27%

Qatar - 0.65%

600 Barwa Real Estate Co 5,224 0.01%

2,047 Commercial Bank of Qatar QSC 16,746 0.04%

9,370 Ezdan Holding Group 31,797 0.07%

2,055 Industries Qatar 52,898 0.12%

4,940 Masraf AL Rayan 52,596 0.11%

5,790 Qatar Gas Transport Company Ltd 26,593 0.06%

1,497 Qatar Insurance Company 27,196 0.06%

2,437 Qatar National Bank 83,423 0.18%

Total Qatar 296,473 0.65%

Russia - 0.15%

940 Magnit OJSC-SPON GDR 31,960 0.07%

336 Novatek OAO-Spons GDR REG S 37,430 0.08%

Total Russia 69,390 0.15%

South Africa - 6.12%

3,979 AngloGold Ashanti Limited 39,010 0.08%


USD

% of

Net Assets



301


FUND (CONTINUED)

as at 30 June 2017


South Africa - 6.12% (continued)

4,057 Aspen Pharmacare Holdings Limited 89,214 0.19%

6,551 Barclays Africa Group Ltd 72,129 0.16%

3,603 Bid Corp Ltd 82,575 0.18%

4,103 Bidvest Group Limited 49,522 0.11%

3,373 Coronation Fund Managers Limited 16,842 0.04%

3,561 Discovery Ltd 34,890 0.08%

31,891 FirstRand Limited 115,171 0.25%

16,235 Fortress Income Fund Ltd 43,149 0.09%

8,118 Gold Fields Ltd 27,937 0.06%

26,365 Growthpoint Properties Ltd 49,435 0.11%

9,739 Impala Platinum Holdings 27,488 0.06%

1,690 Imperial Holdings Limited 20,840 0.04%

2,348 Investec Limited 17,355 0.04%

1,001 Liberty Holdings Limited 8,625 0.02%

11,374 Life Healthcare Group Holdings 22,346 0.05%

12,794 MMI Holdings Limited 19,834 0.04%

1,250 Mondi Ltd 32,467 0.07%

2,540 Mr Price Group Limited 30,350 0.07%

16,626 Mtn Group Ltd 145,300 0.32%

4,304 Naspers Ltd 838,983 1.83%

2,018 Nedbank Group Ltd 32,272 0.07%

9,131 Netcare Limited 17,995 0.04%

950 PSG Group Limited 17,463 0.04%

7,382 Rand Merchant Investment Holdings Limited 22,046 0.05%

50,390 Redefine Properties Limited 40,603 0.09%

5,463 Remgro Ltd 89,318 0.19%

2,976 Resilient Property Income Fund Limited 27,750 0.06%

7,695 RMB Holdings Limited 34,627 0.07%

12,060 Sanlam Limited 59,857 0.13%

5,302 Sappi Limited 35,367 0.08%

5,445 Sasol 152,850 0.33%

4,371 Shoprite Holdings Limited 66,751 0.15%

15,730 Sibanye Gold Limited 18,133 0.04%

14,158 Standard Bank Group Limited 156,199 0.34%

2,219 The Spar Group Ltd. 26,193 0.06%

2,235 Tiger Brands Limited 62,980 0.14%

6,929 Truworths International Limited 37,946 0.08%

5,705 Vodacom Group Limited 71,781 0.16%


USD

% of

Net Assets



302


FUND (CONTINUED)

as at 30 June 2017


South Africa - 6.12% (continued)

10,329 Woolworths Holdings Ltd. 48,774 0.11%

Total South Africa 2,802,367 6.12%

Taiwan - 12.18%

37,474 Acer Inc 19,678 0.04%

70,000 Advanced Semiconductor Engr 89,992 0.20%

4,518 Advantech Co Ltd 32,054 0.07%

13,031 Asia Cement Corporation 11,197 0.02%

5,832 Asustek Computer Inc 55,200 0.12%

109,924 AU Optronics Corp 50,303 0.11%

6,121 Catcher Technology CO LTD 73,250 0.16%

78,740 Cathay Financial Holding Co 129,872 0.28%

47,236 Chang Hwa Commercial Bank 27,136 0.06%

15,459 Cheng Shin Rubber Industry Co. 32,928 0.07%

5,199 Chicony Electronics Co. Ltd 13,196 0.03%

45,502 China Airlines Ltd 13,827 0.03%

156,716 China Development Financial Holdings Corporat 45,557 0.10%

38,552 China Life Insurance Co Ltd 38,457 0.08%

127,680 China Steel Corp 104,036 0.23%

169,233 Chinatrust Financial Holding 111,151 0.24%

34,213 Chunghwa Telecom Co Ltd 121,646 0.27%

42,672 Compal Electronics 28,799 0.06%

20,584 Delta Electronics Inc 112,831 0.25%

74,230 E.Sun Financial Holding Company Ltd 45,699 0.10%

2,314 Eclat Textile Company Ltd 28,263 0.06%

30,411 Eva Airways Corp 15,068 0.03%

37,110 Far Eastern Textile Ltd 30,238 0.07%

15,484 Far Eastone Telecomm Co Ltd 39,507 0.09%

108,083 First Financial Holding CO 72,411 0.16%

29,291 Formosa Chemicals & Fibre 92,092 0.20%

11,728 Formosa Petrochemical Corp 40,541 0.09%

36,740 Formosa Plastics Corp 112,125 0.24%

8,736 Foxconn Technology Co KTD 26,402 0.06%

69,664 Fubon Financial Holding Co 111,118 0.24%

3,880 Giant Manufacturing Co. Ltd 22,226 0.05%

2,552 Hiwin Technologies Corp 17,265 0.04%

154,689 Hon Hai Precision Industry 595,839 1.30%

2,180 Hotai Motor Company Ltd 27,344 0.06%

7,995 HTC Corporation 19,109 0.04%


USD

% of

Net Assets



303


FUND (CONTINUED)

as at 30 June 2017


Taiwan - 12.18% (continued)

62,269 Hua Nan Financial Holdings Co. Ltd 36,183 0.08%

87,120 Innolux Display Corporation 45,604 0.10%

37,210 Inventec Co Ltd 30,381 0.07%

1,010 Largan Precision Co Ltd 161,267 0.35%

17,482 Lite On Tecno Corporation 28,777 0.06%

14,332 MediaTek Inc 122,913 0.27%

104,490 Mega Financial Holding Co Ltd 87,032 0.19%

2,221 Merida Industry Co Ltd 11,918 0.03%

51,629 Nan Ya Plastics Corp 128,329 0.28%

5,486 Novatek Microelectronics Ltd 22,215 0.05%

860 OBI Pharma Inc 6,823 0.01%

16,981 Pegatron Corp 53,277 0.12%

3,157 Phison Electronics Corp 39,027 0.09%

22,153 Pou Chen Corporation 30,704 0.07%

7,522 Powertech Technology Inc 23,253 0.05%

6,630 President Chain Store Corp 59,697 0.13%

30,700 Quanta Computer Inc 72,770 0.16%

5,176 Realtek Semi-conductor Corp 18,659 0.04%

7,732 Ruentex Industries Limited 11,557 0.03%

18,149 Siliconware Precision Industries Company 29,367 0.06%

95,254 Sinopac Financial Holdings 29,164 0.06%

18,616 Synnex Technology International Corporation 20,899 0.05%

2,450 TaiMed Biologics Inc 14,881 0.03%

106,916 Taishin Financial Holdings Co. Ltd 48,750 0.11%

36,241 Taiwan Cement Corp 41,998 0.09%

77,076 Taiwan Cooperative Financial Holding 40,980 0.09%

12,532 Taiwan Fertilizer Co 16,689 0.04%

15,537 Taiwan Mobile Co Ltd 58,567 0.13%

240,302 Taiwan Semiconductor Manufacturing Company Lt 1,649,480 3.60%

26,640 Teco Electric & Machinery 25,653 0.06%

51,923 Uni-President Enterprises Corp. 104,273 0.23%

24,605 Wistron Corp 25,071 0.05%

14,496 WPG Holdings Ltd 19,376 0.04%

98,348 Yuanta Financial Holdings Co Ltd 43,386 0.09%

9,670 Yulon Motor Co Ltd 8,691 0.02%

Total Taiwan 5,573,968 12.18%

Thailand - 2.10%

10,350 Advanced Info Service PCL 54,153 0.12%


USD

% of

Net Assets



304


FUND (CONTINUED)

as at 30 June 2017


Thailand - 2.10% (continued)

44,200 Airports of Thailand Plc 61,561 0.13%

4,410 Bangkok Bank Public Co 24,049 0.05%

36,000 Bangkok Dusit Medical Services 20,374 0.04%

8,700 BEC World Public Company Limited 5,385 0.01%

12,264 Berli Jucker PCL 17,262 0.04%

54,790 BTS Group Holdings 13,728 0.03%

4,500 Bumrungrad Hospital Public Company Limited 22,749 0.05%

49,623 C.P.Seven Eleven PCL-Foreig 91,786 0.20%

14,800 Central Pattana Public Company Limited 30,211 0.07%

29,100 Charoen Pokphand Foods Public Company 21,273 0.05%

4,600 Glow Energy Pcl 10,678 0.02%

17,737 Indorama Ventures-Foreign 19,868 0.04%

172,780 IRPC Pcl 27,248 0.06%

19,125 Kasikornbank Pcl-Foreign 111,903 0.24%

40,130 Krung Thai Bank Public Company Limited 22,239 0.05%

25,857 Minor International PCL 30,678 0.07%

19,090 PTT Exploration & Prod - For&Prod 48,534 0.11%

23,615 PTT Global Chemical PCL 47,682 0.10%

8,625 PTT PCL 94,068 0.21%

4,267 Siam Cement Pub Co-For Reg 63,392 0.14%

16,445 Siam Commercial Bank PCL 75,378 0.16%

9,250 Thai Oil PCL 21,540 0.05%

55,500 TMB Bank Public Corp - Foreign 3,763 0.01%

130,000 True Corporation PCL 23,758 0.05%

Total Thailand 963,260 2.10%

Turkey - 1.15%

26,934 Akbank T.A.S 75,063 0.16%

2,761 Anadolu Efes Biracilik ve Malt Sanayii AS 17,148 0.04%

2,424 Arcelik A.S. 17,964 0.04%

1,880 BIM Birlesik Magazalar AS 34,885 0.08%

583 Coca-Cola Icecek AS 6,695 0.01%

25,133 Emlak Konut Gayrimenkul Yatirim 21,013 0.05%

1,006 Ford Otomotiv Sanayi A.S 12,290 0.03%

10,831 Haci Omer Sabanci Holding A.S. 33,666 0.07%

9,830 Koc Holding AS 45,231 0.10%

1,596 Tupras-Turkiye Petrol Rafinerileri A.S. 45,932 0.10%

7,451 Turk Hava Yollari Anonim Ortakligi 17,057 0.04%

4,727 Turk Telekomunikasyon AS 8,388 0.02%


USD

% of

Net Assets



305


FUND (CONTINUED)

as at 30 June 2017


Turkey - 1.15% (continued)

11,389 Turkcell Iletisim Hizmet As 37,506 0.08%

26,970 Turkiye Garanti Bankasi 75,087 0.16%

19,454 Turkiye IS Bankasi 41,216 0.09%

10,517 Turkiye Vakiflar Bankasi T.A.O 19,351 0.04%

14,255 Yapi Ve Kredi Bankasi 18,202 0.04%

Total Turkey 526,694 1.15%

United Arab Emirates - 0.72%

20,600 Abu Dhabi Commercial Bank 39,316 0.08%

36,095 Aldar Properties PJSC 22,602 0.05%

22,600 Damac Properties Dubai Co 19,444 0.04%

1,900 DP World Ltd 39,748 0.09%

36,251 Emaar Properties 76,785 0.17%

19,410 Emirates Telecommunications Group Company 91,422 0.20%

14,906 National Bank of Abu Dhabi 42,612 0.09%

Total United Arab Emirates 331,929 0.72%


723 Credicorp 129,699 0.28%

820 Southern Copper Corp 28,397 0.06%

116,588 United MicroElectronics Corp 56,615 0.13%

3,561 Yum China Holding Inc 140,410 0.31%




49,226 iSahres MSCI Russia Capped ETF 1,417,708 3.10%







USD

% of

Net Assets



306


FUND (CONTINUED)

as at 30 June 2017 Satrix Emerging Market Equity Tracker Fund

Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




339,395 0.74% 0.74%


75,538 0.17% 0.16%



307

PORTFOLIO OF INVESTMENTS OF SANLAM MANAGED RISK FUND as at 30 June 2017


USD

% of

Net Assets



18,347,870 Satrix World Equity Tracker Fund

B 40,191,010 90.15%




USD Net Assets

Futures Contracts - 0.05%1

(35) S&P 500 Emini Future 15/09/2017 C 21,175 0.05%


21,175 0.05%


USD Net Assets


GBP 1,844,975 USD (2,359,022) 20/07/2017 42,495 0.10%

GBP 11,522,071 USD (14,732,350) 20/07/2017 265,383 0.60%

GBP 5,265 USD (6,737) 20/07/2017 116 0.00%

GBP 19,999 USD (25,351) 20/07/2017 680 0.00%

EUR 1,251 USD (1,399) 20/07/2017 30 0.00%

EUR 153,590 USD (171,633) 20/07/2017 3,831 0.01%

GBP 550,626 USD (704,042) 20/07/2017 12,682 0.03%

EUR 21,822 USD (24,385) 20/07/2017 544 0.00%

EUR 179 USD (200) 20/07/2017 4 0.00%

EUR 90,030 USD (212,353) 20/07/2017 4,740 0.01%

EUR 1,595 USD (1,783) 20/07/2017 39 0.00%

GBP 185,311 USD (236,943) 20/07/2017 4,268 0.01%

GBP 30,000 USD (38,986) 20/07/2017 64 0.00%


334,877 0.75%





USD Net Assets

Forward Contracts – (0.01)%2

USD 23,341 GBP (18,295) 20/07/2017 (472) 0.00%

USD 7,698 GBP (6,073) 20/07/2017 (207) 0.00%

USD 150,234 GBP (117,752) 20/07/2017 (3,038) (0.01)%

USD 266 GBP (209) 20/07/2017 (6) 0.00%

USD 6,890 GBP (5,400) 20/07/2017 (139) 0.00%

USD 2,279 GBP (1,786) 20/07/2017 (46) 0.00%


(3,908) (0.01)%


308

PORTFOLIO OF INVESTMENTS OF SANLAM MANAGED RISK FUND (CONTINUED) as at 30 June 2017

Fair Value % of

USD Net Assets



3,957,938 8.88%


81,441 0.18%



Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -

C Financial derivative instruments dealt in on a regulated market 21,175 0.05% 0.05%



3,957,938 8.88% 8.86%


81,441 0.18% 0.18%


The following entities act as counterparty or clearing broker to the open derivative positions at 30 June 2017: Goldman Sachs

1,

Brown Brothers Harriman2


309

PORTFOLIO OF INVESTMENTS OF SANLAM PRIVATE WEALTH GLOBAL HIGH QUALITY FUND as at 30 June 2017

Equities - 79.57%


40,000 Baidu Com Inc 5,500,002 3.52%

800,000 Hengan International Group Compnay Limited 4,537,746 2.91%

11,000 Netease.Com Inc 2,542,229 1.63%

150,000 Tencent Holdings Limited 4,124,149 2.64%


France - 2.49%

37,800 Pernod-Ricard 3,888,607 2.49%

Total France 3,888,607 2.49%

Germany - 3.19%

67,500 Fresenius Medical Care 4,984,831 3.19%



16,000 Aon Plc 1,635,302 1.05%


237,000 Diageo 5,376,345 3.44%


125,000 Unilever Plc 5,193,750 3.33%


Ireland - 4.30%

98,500 Medtronic Plc 6,720,386 4.30%


Spain - 0.85%

29,000 Amadeus IT Holding SA 1,331,999 0.85%

Total Spain 1,331,999 0.85%

Switzerland - 4.08%

24,000 Nestle SA 1,605,494 1.03%

24,300 Roche Holding AG 4,756,889 3.05%



8,000 Alphabet Inc 5,588,748 3.58%

36,000 Altria Group Inc 2,060,979 1.32%

48,700 American Express 3,153,820 2.02%

14,000 Automatic Data Processing Inc 1,102,737 0.71%


GBP

% of

Net Assets



310

PORTFOLIO OF INVESTMENTS OF SANLAM PRIVATE WEALTH GLOBAL HIGH QUALITY FUND (CONTINUED)

as at 30 June 2017



77,327 Cognizant Tech Solutions CRP 3,947,198 2.53%

8,700 Edwards Lifesciences Corp 790,812 0.51%

40,000 Johnson & Johnson 4,067,960 2.61%

37,784 Mastercard Inc 3,527,728 2.26%

72,200 Microsoft Corp 3,825,913 2.45%

43,000 Moody’s Corp 4,022,326 2.58%

180,000 Oracle Corp 6,938,195 4.44%

50,000 Paypal Holidings Inc 2,062,962 1.32%

47,000 Pepsico Inc 4,172,841 2.67%


3,500 Priceline Group Incorporated 5,032,920 3.22%

48,450 Procter & Gamble 3,246,017 2.08%

6,000 Stryker Corp. 640,129 0.41%

28,000 Waters Corp. 3,957,197 2.53%

33,000 Yum Brands Inc 1,871,218 1.20%

90,000 Yum China Holding Inc 2,728,092 1.75%


Total Equities 124,215,123 79.57%


2,500 Institutional Sterling Liquidity Heritage A 257,968 0.17%

54,917 Institutional Cash Series Plc 4,297,774 2.75%







GBP

% of

Net Assets



311

PORTFOLIO OF INVESTMENTS OF SANLAM PRIVATE WEALTH GLOBAL HIGH QUALITY FUND (CONTINUED)

as at 30 June 2017


Summary



GBP Net

Assets Total

Assets



B UCITS and AIFs

4,555,742 2.92% 2.90%




27,759,101 17.78% 17.65%


(423,236) (0.27)% (0.27)%



312

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR US DIVIDEND INCOME FUND as at 30 June 2017

Equities - 92.19%

Canada - 12.77%

87,100 Aecon Group Inc 1,095,378 0.48%

87,677 BCE Inc 3,959,214 1.72%

508,400 Bird Construction Inc 3,298,704 1.44%

447,000 Empire Company ltd 7,367,905 3.20%

279,100 Labrador Iron Ore Royalty Corp 3,396,000 1.48%

26,038 Magna International Inc 1,192,046 0.52%

288,000 Mullen Group Ltd 3,502,073 1.52%

243,300 Power Corp. Of Canada 5,551,447 2.41%

Total Canada 29,362,767 12.77%

Netherlands - 0.41%

9,500 Core Laboratories 948,670 0.41%



20,400 Allegiant Travel Company 2,776,440 1.21%

293,200 American Eagle Outfitters 3,506,672 1.53%

89,800 AmTrust Financial Services Inc 1,378,430 0.60%

41,300 AT & T Inc 1,553,706 0.68%

51,200 Avangrid Inc 2,267,648 0.99%

134,500 Avnet Inc 5,242,810 2.28%

18,100 Best Buy Co Inc 1,036,406 0.45%

61,400 Brinker International Inc 2,364,514 1.03%


24,000 Campbell Soup 1,247,760 0.54%


178,900 Coca-Cola Co. 8,020,087 3.49%

118,000 CSG Systems International Inc 4,790,800 2.08%


186,000 Dean Foods Company 3,195,480 1.39%

146,600 Delta Air Lines INC 7,897,342 3.44%

189,000 DOMTAR CORP 7,363,440 3.20%

12,300 Dr Pepper Snapple Group 1,118,070 0.49%

297,700 Federated Investors Inc 8,287,968 3.60%

155,720 First American Financial Corporation 6,966,913 3.03%

80,700 Flowers Foods Inc. 1,402,566 0.61%

29,500 General Mills Inc 1,621,615 0.71%


157,600 HP Inc 2,769,032 1.20%

131,700 Intel Corp 4,417,218 1.92%


USD

% of

Net Assets



313

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR US DIVIDEND INCOME FUND (CONTINUED)

as at 30 June 2017




26,730 Johnson & Johnson 3,545,467 1.54%

56,165 Kforce Inc 1,092,409 0.48%

32,400 Macy’s Inc 743,580 0.32%

274,400 Mattel Inc 5,726,728 2.49%

111,300 Medifast Inc 4,597,803 2.00%

56,600 MGE Energy Inc 3,630,890 1.58%

329,400 MGM Resorts International 5,237,460 2.28%

49,100 MOVADO GROUP 1,205,405 0.52%

29,500 National-Oilwell Inc 956,980 0.42%

169,600 Netapp Inc 6,800,960 2.96%

13,400 Northwest Natural Gas Co 799,980 0.35%

611,600 Office Depot Inc 3,452,482 1.50%

103,100 Owens & Minor Inc 3,307,448 1.44%

6,000 Pepsico Inc 691,080 0.30%

174,130 Pfizer Inc 5,855,992 2.55%

13,600 Pinnacle West Capital 1,158,584 0.50%

35,000 Qualcomm Inc 1,927,800 0.84%

31,100 Ralph Lauren Corp 2,279,941 0.99%

24,200 Safety Insurance Group Inc 1,662,540 0.72%

18,600 Sonoco Products Co 947,670 0.41%

84,300 SpartanNash Co 2,202,759 0.96%

29,000 Steelcase Inc-CL A 407,450 0.18%

50,200 Sturm Ruger & Co Inc 3,383,480 1.47%

56,800 The Buckle Inc The 1,019,560 0.44%

127,500 Universal Insurance Holdings Inc 3,289,500 1.43%


34,800 Viacom Inc 1,195,380 0.52%


80,600 Whole Foods Market Inc 3,390,842 1.47%


Total Equities 211,959,621 92.19%



USD

% of

Net Assets



314

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR US DIVIDEND INCOME FUND (CONTINUED)

as at 30 June 2017




Sanlam FOUR US Dividend Income Fund

Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




23,479,910 10.21% 9.95%


(5,524,123) (2.40)% (2.34)%



USD

% of

Net Assets


315

PORTFOLIO OF INVESTMENTS OF HIGH STREET GLOBAL BALANCED FUND as at 30 June 2017

7

Equities - 32.84%

Denmark - 1.76%

15,409 Novo Nordisk AS 659,396 1.76%


Germany - 3.42%

9,236 Daimler AG 667,986 1.78%

6,563 LEG Immobilien GmbH 616,531 1.64%



11,875 British American Tobacco Plc 808,496 2.15%


514,022 Hansteen Holdings Plc 832,456 2.21%

27,694 Royal Dutch Shell Plc 742,592 1.98%

108,192 Segro Plc 688,481 1.83%


Guernsey Channel Island - 1.83%

925,006 Sirius Real Estate Ltd 688,859 1.83%

Total Guernsey Channel Island 688,859 1.83%

Japan - 2.00%

9,300 Softbank Corp 753,023 2.00%

Total Japan 753,023 2.00%

Switzerland - 2.04%

3,011 Roche Holding AG 766,722 2.04%



880 Alphabet Inc 799,682 2.13%

6,330 Celgene Corp 822,077 2.19%

27,050 Cubesmart 650,282 1.73%

8,025 JP Morgan Chase & Co 733,485 1.95%

9,678 Lowes Com 750,335 2.00%

8,319 Visa Inc 780,156 2.07%




USD

% of

Net Assets



316

PORTFOLIO OF INVESTMENTS OF HIGH STREET GLOBAL BALANCED FUND (CONTINUED)

as at 30 June 2017


USD Net Assets



Canada – 2.81%

260,000 Barclays Bank Plc 10.180% 12/06/2021 326,786 0.87%

658,000 Standard Bank Plc 8.130% 02/12/2019 730,183 1.94%

Total Canada 1,056,969 2.81%


300,000 Jaguar Land Rover 4.250% 15/11/2019 309,585 0.82%

200,000 Old Mutual Plc 8.000% 03/06/2021 300,982 0.80%


Isle of Man – 0.55%

200,000 Sasol Financing International 4.500% 14/11/2022 204,940 0.55%

Total Isle of Man 204,940 0.55%

Luxembourg – 1.13%

300,000 Glencore Finance Europe 6.500% 27/02/2019 422,645 1.13%



330,000 Investec Bank Ltd 3.875% 24/07/2017 330,739 0.88%

650,000 Myriad International Holdings 6.380% 28/07/2017 651,398 1.73%


Total Corporate Debt 3,277,257 8.72%

Government Debt – 6.82% United States – 6.82%

583,000 US Treasury 0.000% 17/08/2017 582,345 1.55%

2,000,000 US Treasury 0.000% 26/04/2018 1,980,904 5.27%




317


as at 30 June 2017


USD Net Assets


Derivative Financial Instruments2


USD Net Assets

Forward Contracts - 0.04% EUR 1,520,000 USD (1,734,472) 14/09/2017 7,199 0.04%


7,199 0.04%

Futures - 0.00%1

12 UEAU7P17 - Euro Curr 2PM Op Sep17 Put 2,550 0.00%

Total Futures 2,550 0.00%

Options - 0.37%1


18 SPX Dec 17 Put Option (Strike 2425) 138,600 0.37%


Total Options 138,600 0.37%



Derivative Financial Instruments2


USD Net Assets

Forward Contracts – (0.54)%

USD 4,400,000 GBP (3,432,673) 14/09/2017 (75,844) (0.39)%

USD 1,700,000 EUR (1,509,233) 14/09/2017 (29,333) (0.15)%


(105,177) (0.54)%






318


as at 30 June 2017


Summary



USD Net

Assets Total

Assets



B Collective Investment Schemes

- - -




1,313,009 6.82% 6.86%


(293,084) (1.51)% (1.49)%


The following entities act as counterparty or clearing broker to the open derivative positions at 30 June 2017:BNP Paribas

1 and

Brown Brothers Harriman2.


319

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR GLOBAL EQUITY FUND

as at 30 June 2017 SANLAM UNIVERSA

Equities - 99.33%

Bermuda - 2.43%

58,865 Norwegian Cruise line Holdings Ltd 2,468,546 1.32%

41,984 Signet Jewelers Ltd 2,060,862 1.11%


Brazil - 1.56%

1,217,995 Via Varejo SA 2,905,723 1.56%

Total Brazil 2,905,723 1.56%

Canada - 1.05%


Total Canada 1,958,731 1.05%

France - 8.10%

44,396 Airbus Group SE 2,842,102 1.53%

83,618 BNP Paribas SA 4,696,899 2.52%


78,143 Total SA 3,013,439 1.62%

Total France 15,065,461 8.10%


271,834 Aggreko Plc 2,506,309 1.35%

26,686 Aon Plc 2,731,731 1.47%

426,898 HSBC Holdings 3,051,467 1.64%



Hong Kong - 1.27%

2,913,524 SJM Holdings Ltd 2,367,276 1.27%


Ireland - 4.64%

13,780 Allergan Plc 2,591,196 1.39%

61,529 Medtronic Plc 4,206,085 2.26%



Italy - 4.31%

435,702 ENI-Ente Nazionale Idrocarburi SpA 5,087,697 2.73%

1,191,173 Intesa Sanpaolo SpA 2,930,486 1.58%

Total Italy 8,018,183 4.31%


GBP

% of

Net Assets



320

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR GLOBAL EQUITY FUND (CONTINUED)



Japan - 6.64%

496,700 Hitachi 2,355,777 1.27%

133,703 Honda Motor Co 2,818,375 1.51%


152,141 MS&AD Insurance Group Holdings 3,950,181 2.12%

Total Japan 12,361,187 6.64%


220,297 WPP Plc 3,582,029 1.93%




3,027 Samsung Electro-Regs GDR 1,903,392 1.02%


Marshall Islands - 0.36%

626,207 Navios Maritime Acquisition Corporation 675,572 0.36%


Netherlands - 2.89%

195,191 NN Group NV 5,371,409 2.89%


Philippines - 0.93%

19,528,263 Vista Land & Lifescapes Inc 1,732,096 0.93%

Total Philippines 1,732,096 0.93%

Singapore - 2.73%


20,942,935 Ezion Holdings Ltd 2,755,011 1.48%


Switzerland - 3.37%

21,400 Roche Holding AG 4,220,274 2.27%

155,254 UBS Group AG 2,049,900 1.10%



GBP

% of

Net Assets



321

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR GLOBAL EQUITY FUND (CONTINUED)






121,595 Anadarko Petroleum Corp 4,239,942 2.28%

63,825 Arrow Electronics Inc 3,855,468 2.07%


24,351 Celgene Corp 2,471,316 1.33%

99,413 Cobalt International Energy 186,155 0.10%


95,647 eBay Inc. 2,543,560 1.37%



203,388 Hewlett Packard Enterprise 2,609,547 1.40%

306,364 HP Inc 4,147,965 2.23%


86,005 Microsoft Corp 4,539,170 2.44%

167,300 Oracle Corp 6,471,803 3.48%

66,997 Pfizer Inc 1,736,232 0.93%



132,444 VeriFone Holdings Inc 1,842,193 0.99%

125,663 Viacom Inc 3,326,288 1.79%

134,155 Welbilt Inc 1,926,985 1.03%

80,962 Wells Fargo & Co 3,480,049 1.87%

60,713 Western Digital Corporation 4,287,852 2.30%



125,953 Michael Kors Holdings Ltd 3,464,993 1.86%


Total Equities 184,882,505 99.33%


Warrants - 0.03%

Ireland - 0.00%

903 Kenmare Warrants - 0.00%



GBP

% of

Net Assets



322

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR GLOBAL EQUITY FUND (CONTINUED) as at 30 June 2017


Warrants - 0.03% (continued)

Singapore - 0.03%

3,017,562 Ezion Holdings Ltd Call Warrant 55,743 0.03%


Total Warrants 55,743 0.03%






Summary



GBP Net

Assets Total

Assets



B Collective Investment Schemes

- - -




2,446,111 1.31% 1.30%


(1,254,059) (0.67)% (0.67)%



GBP

% of

Net Assets



323

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR STABLE GLOBAL EQUITY FUND as at 30 June 2017

Equities – 97.63%

Canada – 2.95%


Total Canada 4,806,841 2.95%


71,186 Aon Plc 7,287,005 4.48%



Ireland – 9.64%

24,119 Allergan Plc 4,535,345 2.79%

115,512 Medtronic Plc 7,896,330 4.85%



Japan – 4.01%


Total Japan 6,527,256 4.01%


497,312 WPP Plc 8,086,293 4.97%


Singapore – 2.35%




40,037 Roche Holding AG 7,895,659 4.85%




27,419 Celgene Corp 2,782,678 1.71%


182,157 eBay Inc. 4,844,137 2.98%



322,778 HP Inc 4,370,200 2.68%

137,934 Microsoft Corp 7,279,878 4.47%

101,737 Nasdaq OMX Group Inc 5,608,587 3.45%

255,248 Oracle Corp 9,873,967 6.07%


GBP

% of

Net Assets



324

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR STABLE GLOBAL EQUITY FUND (CONTINUED) as at 30 June 2017



210,859 Pfizer Inc 5,464,427 3.36%

80,214 Procter & Gamble 5,377,063 3.30%




219,931 Viacom Inc 5,821,552 3.58%


Total Equities 158,934,834 97.63%






Summary



GBP Net

Assets Total

Assets



B UCITS and AIFs

- - -




5,908,379 3.63% 3.58%


(2,042,507) (1.26)% (1.24)%



GBP

% of

Net Assets



325

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR ACTIVE UK EQUITY FUND as at 30 June 2017

Equities - 48.90%

Canada - 0.35%

192,251 Entertainment One Ltd. 424,298 0.35%

Total Canada 424,298 0.35%

Germany - 0.59%

63,194 Tui Ag 712,828 0.59%



174,342 AA Plc 397,325 0.33%

1,184,754 Barclays Plc 2,430,523 2.01%

445,155 BBA Aviation Plc 1,365,736 1.13%

664,777 BP Plc 2,972,883 2.45%



554,712 BT Group Plc 1,626,416 1.34%

201,996 Crest Nicholson Holdings 1,060,479 0.88%

37,848 First Derivatives Plc 1,113,110 0.92%

452,945 GKN Plc 1,498,795 1.24%


212,759 Great Portland Estates PLC 1,268,044 1.05%

252,938 HSBC Holdings 1,808,001 1.49%


1,719,010 IQE Plc 1,478,349 1.22%

1,062,920 ITV PLC 1,929,200 1.59%

475,212 John Laing Group Plc 1,447,021 1.19%

439,278 Legal & General Group Plc 1,140,366 0.94%

2,493,764 Lloyds Bank Plc 1,660,597 1.37%

163,249 Novae Group Plc 935,417 0.77%

323,729 OneSavings Bank Plc 1,230,818 1.02%

172,553 Prudential Corp 3,080,934 2.54%

69,875 Reed Elsevier plc 1,165,515 0.96%

58,633 Rio Tinto Plc 1,923,456 1.59%



391,909 Sainsbury (J) Plc 995,449 0.82%

43,618 Shire Plc 1,869,249 1.54%

150,035 Smart Metering Systems Plc 780,932 0.64%

253,588 Sophos Group Plc 1,119,084 0.92%


GBP

% of

Net Assets



326

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR ACTIVE UK EQUITY FUND (CONTINUED) as at 30 June 2017





23,827 Unilever Plc 1,002,998 0.83%


25,500 Whitbread Plc 1,021,530 0.84%

370,033 Worldpay Group Plc 1,167,454 0.96%


Ireland - 1.75%


13,251 Paddy Power Betfair PLC 1,083,269 0.89%

3,516,871 Providence Resources Plc 558,303 0.46%


Israel - 0.45%

179,335 Telit Communications Plc 549,662 0.45%



410,233 Glencore Plc 1,188,855 0.98%


Spain - 0.85%

166,224 Int Consol Airlines Group SA 1,025,602 0.85%

Total Spain 1,025,602 0.85%



Warrants - 0.00%

Ireland - 0.00%

500 Kenmare Warrants - 0.00%


Total Warrants - 0.00%






GBP

% of

Net Assets



327

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR ACTIVE UK EQUITY FUND (CONTINUED) as at 30 June 2017

Sanlam FOUR Active UK Equity Fund

Summary



GBP Net

Assets Total

Assets



B UCITS and AIFs

- - -




2,503,185 4.04% 4.04%


158,148 0.26% 0.26%



328

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR MULTI-STRATEGY FUND as at 30 June 2017


GBP

% of

Net Assets


Equities – 25.01%

Canada – 2.05%

79,218 Brookfield Infra

2,501,621 2.05%

Total Canada

1,944,816 2.05%


450,000 Amedeo Air Four Plus Ltd 469,125 0.39%

1,582,215 Empiric Student Property Plc

1,764,170 1.45%

923,665 Grainger Plc

2,433,857 2.00%

3,775,712 Greencoat UK Wind Plc

4,610,144 3.79%

3,159,757 HICL Infrastructure Company Limited

5,090,369 4.18%

1,396,710 John Laing Environmental Assets Group Ltd

1,504,955 1.24%

42,000 Land Securities Group Plc

426,720 0.35%

1,698,416 Trixtax Big Box REIT Plc

2,489,878 2.04%

Total Great Britain

18,789,218 15.43%

Guernsey Channel Islands - 3.87%

4,267,990 Renewables Infrastructure Group Limited 4,716,129 3.87%

Total Guernsey Channel Islands

4,716,129 3.87%


2,318,147 Infrastructure Plc

4,446,206 3.65%


4,446,206 3.65%

Total Equities

30,453,173 25.01%



115,000 iShares MSCI Emerging Markets Index

3,651,074 3.00%

Total United States

3,651,074 3.00%

Total Exchange Traded Funds

3,651,074 3.00%


GBP Net Assets


Australia – 3.46%

4,000,000 National Australia FRN 7.125 12/06/2023

4,217,900 3.46%

Total Australia

4,217,900 3.46%


329

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR MULTI-STRATEGY FUND (CONTINUED) as at 30 June 2017


GBP Net Assets



France - 0.84%

1,000,000 Lafarge SA 6.625 29/11/2017

1,022,870 0.84%

Total France

1,022,870 0.84%

Germany - 1.07%

1,300,000 Daimler AG 1.750 08/11/2017

1,304,784 1.07%

Total Germany

1,304,784 1.07%


4,000,000 3I Group Plc 6.875 09/03/2023

4,958,820 4.07%

5,440,000 Anglian Water Services Finance 5.500 10/10/2040

5,504,926 4.52%

1,101,000 Aviva Plc 5.902 27/11/2049

1,200,910 0.99%

2,500,000 Barclays Bank 6.750 16/01/2023

2,566,050 2.11%

3,000,000 Barclays Bank 7.875 29/12/2049

3,243,825 2.66%

4,300,000 BG Energy Capital Plc 6.500 30/11/2072

4,397,266 3.61%

5,000,000 HSBC Holdings Plc 6.375 18/10/2022

5,069,775 4.16%

4,000,000 InterContinental Hotel 3.875 28/11/2022

4,390,100 3.61%

4,292,000 J Sainsbury Plc 6.500 30/07/2049

4,678,323 3.84%

3,000,000 Lloyds Bank Plc 7.000 27/06/2049

3,120,045 2.56%

5,000,000 Santander UK Plc 0.818 08/07/2019

5,037,275 4.14%

2,500,000 Standard Life Plc 6.546 06/01/2050

2,745,775 2.26%

4,022,000 Tesco Plc 6.125 24/02/2022

4,618,161 3.79%

2,500,000 Vodafone Group Plc 5.375 05/12/2017

2,548,925 2.09%

Total Great Britain

54,080,177 44.41%

Luxembourg - 0.44%

500,000 Glencore Finance Europe 6.500 27/02/2019

541,455 0.44%

Total Luxembourg

541,455 0.44%

Netherlands - 3.53%

4,100,000 Ing Bank 6.867 29/05/2023

4,298,235 3.53%

Total Netherlands

4,298,235 3.53%

Supra-National – 5.87%


7,147,535 5.87%


7,147,535 5.87%


72,612,955 59.64%


330

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR MULTI-STRATEGY FUND (CONTINUED) as at 30 June 2017


GBP Net Assets



Forward Contracts – 0.08%

2

GBP 3,728,155 USD (4,723,050) 26/07/2017 91,793 0.08%


91,793 0.08%


GBP Net Assets

Futures - 0.27%1

(31) ESU7-S&P500 Emini Fut Sep17 15/09/2017 C 14,811 0.01%

(11) GXU7-Dax Index Future Sep17 15/09/2017 C 97,858 0.08%

575 MWOU7 - MSCI World Ix Fut Sep17 15/09/2017 C 159,513 0.13%

(40) Z U7-FTSE 100 Idx Fut Sep17 15/09/2017 C 57,200 0.05%

Total Futures

329,381 0.27%

Options - 0.41%1

56 HSI July 17 Call Option (Strike – 26,600) 28/07/2017 C 13,822 0.01%

50 NKY Aug 17 Call Option (Strike – 20,750 ) 10/08/2017 C 29,239 0.02%

38 SPX Sep 17 Call Option (Strike – 2,535 ) 15/09/2017 C 8,931 0.01%

247 SX5E Dec 17 Call Option (Strike – 3,800 ) 15/12/2017 C 49,697 0.04%

50 UKX Dec 17 Call Option (Strike – 7,500 ) 15/12/2017 C 62,250 0.05%

95 UKX Dec 17 Call Option (Strike – 7,700 ) 15/12/2017 C 66,025 0.05%

22 NKY Sept 17 Put Option (Strike – 18,000) 08/09/2017 C 13,622 0.01%

55 SPX Dec 17 Put Option (Strike – 2,150) 15/12/2017 C 109,771 0.09%

155 SX5E Oct 17 Put Option (Strike – 3,300 ) 20/10/2017 C 84,981 0.07%

66 UKX Dec 17 Put Option (Strike – 6,650) 15/12/2017 C 58,410 0.05%

Total Options

496,748 0.41%



331

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR MULTI-STRATEGY FUND (CONTINUED) as at 30 June 2017 Financial liabilities at fair value through profit or loss



GBP Net Assetss


USD 3,919,104 GBP (3,065,104) 20/07/2017 (46,932) (0.04)%

USD 40,706 GBP (31,905) 20/07/2017 (557) 0.00%


(47,489) (0.04)%


GBP Net Assets

Futures - (0.18)%1

21 FAU7-S&P Mid 400 Emini Sep17 15/09/2017 C (35,925) (0.03)%

28 MFU7 - MDAX Index Fut Sep 17 15/09/2017 C (92,010) (0.08)%

78 YBYU7 - FTSE 250 Index Future Sep 17 15/09/2017 C (91,366) (0.08)%

Total Futures

(219,301) (0.18)%

Options - (0.05)%1

(1,150) EEM US Aug 17 Call Option (Strike – 42) 18/08/2017 C (49,626) (0.04)%

(9) NKY July 17 Call Opton (Strike – 20,250) 14/07/2017 C (6,811) (0.01)%

Total Options

(56,437) (0.05)%

Total financial liabilities at fair value through profit or loss

(323,228) (0.27)%


12,867,357 10.57%


1,582,134 1.30%

Net assets attributable to holders of redeemable participating shares

121,761,388 100.00%


332

PORTFOLIO OF INVESTMENTS OF SANLAM FOUR MULTI-STRATEGY FUND (CONTINUED) as at 30 June 2017 Sanlam FOUR Multi-Strategy Fund

Summary



GBP Net

Assets Total

Assets



B UCITS and AIFs

- - -




12,867,357 10.57% 10.53%


1,582,134 1.30% 1.30%


The following entities act as counterparty or clearing broker to the open derivative positions at 30 June 2017: BNP Paribas

1and Brown

Brothers Harriman2. All open option positions at 30 June 2017 are covered.


333

PORTFOLIO OF INVESTMENTS OF ANCHOR GLOBAL CAPITAL PLUS FUND

as at 30 June 2017

Equities - 19.65%

Denmark - 0.40%

1,200 Novo Nordisk A/S 51,468 0.40%


France - 1.63%


450 Unibail Rodamco 113,323 0.88%

Total France 209,774 1.63%

Germany - 0.89%




20,000 British Land 157,527 1.23%

2,000 Glaxo Smith Kline PLC-ADR (1 ADR REPR 2 OS) 86,240 0.67%

3,500 Royal Dutch Shell PLC 92,813 0.72%

25,000 Spire Health Care Group PLC 105,430 0.82%


Ireland - 0.38%

198 Allergan Plc 48,132 0.38%


Israel - 0.60%

700 Check Point Software Technologies Ltd 76,356 0.60%


Netherlands - 1.18%

1,834 Euronext NV 95,133 0.74%

1,011 Unilever NV 55,754 0.44%



600 Berkshire Hathaway Inc. 101,622 0.79%

3,100 Blackstone Group LP 103,385 0.81%

550 Boston Properties Inc 67,661 0.53%

400 Camden Property Trust 34,204 0.27%

350 Celgene Corp 45,455 0.35%


400 Equity Residential 26,332 0.20%

2,500 General Electric Co 67,525 0.53%


USD

% of

Net Assets



334

NLAM UNIVE PORTFOLIO OF INVESTMENTS OF ANCHOR GLOBAL CAPITAL PLUS FUND (CONTINUED) as at 30 June 2017



300 International Business Machine Corp 46,149 0.36%

700 Johnson & Johnson 92,603 0.72%


1,800 Newell 96,516 0.75%

1,200 Nike Inc 70,800 0.55%

2,000 Oaktree Capital Group LLC 93,200 0.73%

500 Splunk Inc 28,445 0.22%

800 Tractor Supply Company 43,368 0.34%

2,250 US Bancorp 116,820 0.91%

750 Walt Disney Co 79,688 0.62%

1,800 Wells Fargo & Co 99,738 0.78%




3,000 iShares $ Short Corporate Bond 303,165 2.36%

2,000 iShares Barclays TIPS Bond Fund 226,860 1.77%

5,472 ishares CMBS ETF 281,261 2.19%

2,250 iShares Core Euro Corporated Bond 333,008 2.60%

1,550 iShares iBoxx Investment Grade Corporate Bond 186,791 1.46%

5,000 iShares EPRA Asia Property Yield Fund 129,917 1.01%

5,000 iShares Msci Japan fund 67,934 0.53%

6,000 Powershares Financial Preferred Portfolio 114,600 0.89%

650 RBS Market Access Rici Agriculture Index ETF 58,413 0.46%

3,000 The Lyxor ETF Commodities CRB Non Energy 58,710 0.46%

1,500 UBS Etf CMCI Compos USD 87,660 0.68%

4,800 Vanguard Short Term Corporate Bond ETF 384,192 2.99%



USD

% of

Net Assets



335

PLANLA PORTFOLIO OF INVESTMENTS OF ANCHOR GLOBAL CAPITAL PLUS FUND (CONTINUED) as at 30 June 2017


USD Net Assets




150,000 UK Treasury 0.125 22/11/2019 227,130 1.77%

200,000 UK Treasury 0.500 22/07/2022 257,712 2.01%


Italy – 4.03%

450,000 Buoni Poliennali Del Tes 2.200 01/06/2027 516,333 4.03%

Total Italy 516,333 4.03%

Spain – 2.66%

300,000 Bonos Y Oblig Del Estado 1.500 30/04/2027 341,691 2.66%



500,000 US Treasury 0.125 15/04/2019 522,173 4.07%

1,000,000 US Treasury 0.000 24/05/2018 989,276 7.71%

600,000 US Treasury 1.250 31/05/2019 598,617 4.67%

600,000 US Treasury 1.875 28/02/2022 600,703 4.68%





USD Net Assets

Futures- 0.02%1

(3) OATU7 - Euro-OAT Fut Sep 17 07/09/2017 2,123 0.02%


Options - 0.08%1

150 IYR US Sept 17 Call Option (Strike – 82) 10,950 0.08% Total Options 10,950 0.08%


SANLAM UNI


336

PORTFOLIO OF INVESTMENTS OF ANCHOR GLOBAL CAPITAL PLUS FUND (CONTINUED) as at 30 June 2017


USD Net Assets


Derivative financial instruments


USD Net Assets

Futures - (0.08)%1

(9) BPU7 - BP Currency Future 18/09/2017 (4,213) (0.03)% (8) ECU7 - Euro Fx Curr Future 18/09/2017 (5,937) (0.05)%

0 TYH6A - US 10YR 21/03/2016 (94) 0.00%

0 ESM6A - S&P500 Emini Future 17/06/2016 (12) 0.00%

Total Futures (10,256) (0.08)%

Options - (0.03)%1

(10) US 5YR FUT Oct17 Put Option (3,828) (0.03)%

Total Options (3,828) (0.03)%






Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -

C Financial derivative instruments dealt in on a regulated market (8,133) (0.01)% (0.01)%



3,831,037 29.86% 29.74%


193,138 1.50% 1.50%


1BNP Paribas acts as counterparty to the open derivative positions at 30 June 2017. All open option positions at 30 June 2017 are

covered.


337

UN PORTFOLIO OF INVESTMENTS OF BRIDGE GLOBAL EQUITY INCOME GROWTH FUND as at 30 June 2017

Equities - 97.58%

France - 10.36%

2,124 Sanofi 203,044 3.61%

3,259 Total SA 160,998 2.86%


2,126 Vinci SA 181,325 3.22%


Germany - 3.85%

1,101 Allianz SE 216,633 3.85%



4,772 British Land 37,586 0.67%

12,111 Capita Group Plc 108,939 1.94%

5,737 Diageo 169,291 3.01%


5,201 Hammerson Plc 38,868 0.69%







1,268 ACE Limited 184,342 3.28%

2,079 Nestle SA 180,910 3.21%

2,068 Novartis AG 172,082 3.06%

668 Roche Holding AG 170,100 3.02%

636 Zurich Financial Services AG 185,097 3.29%



2,643 AbbVie Inc 191,644 3.41%

4,081 AT & T Inc 153,976 2.74%

3,898 Coca-Cola Co. 174,825 3.11%


407 Digital Realty Trust Inc 45,971 0.82%

921 Education Realty Trust Inc 35,689 0.63%

1,840 Exxon Corp 148,543 2.64%



USD

% of

Net Assets



338

PORTFOLIO OF INVESTMENTS OF BRIDGE GLOBAL EQUITY INCOME GROWTH FUND (CONTINUED) as at 30 June 2017



4,741 Intel Corp 159,961 2.84%

1,420 Johnson & Johnson 187,852 3.34%



1,614 McCormick & Co 157,381 2.80%

1,422 McDonald’s Corp 217,794 3.87%

2,762 Microsoft Corp 190,385 3.38%

1,871 Procter & Gamble 163,058 2.90%

778 Prologis Inc 45,622 0.81%

181 Public Storage Inc 37,744 0.67%

176 Simon Property Group Inc 28,470 0.51%


3,798 US Bancorp 197,192 3.50%

2,306 Wal-Mart Stores Inc 174,518 3.10%

3,578 Wells Fargo & Co 198,257 3.52%








USD

% of

Net Assets



339

PORTFOLIO OF INVESTMENTS OF BRIDGE GLOBAL EQUITY INCOME GROWTH FUND (CONTINUED) as at 30 June 2017 Bridge Global Equity Income Growth Fund

Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




139,209 2.47% 2.46%


(3,267) (0.07)% (0.06)%



340

PORTFOLIO OF INVESTMENTS OF ANCHOR GLOBAL EQUITY FUND as at 30 June 2017

Equities – 86.37%

Canada - 3.17%

1,625 Constellation Software Inc 848,600 3.17%

Total Canada 848,600 3.17%


1,997 Netease.Com Inc 600,358 2.24%

Total Cayman Islands 600,358 2.24%

Denmark - 1.21%

3,461 Pandora AS 322,721 1.21%



115,450 Domino’s Pizza Group Plc 441,371 1.65%


Ireland - 2.54%

2,793 Allergan Plc 678,950 2.54%


Japan - 3.59%

6,400 Ain Holdings Inc 462,555 1.73%

20,200 Start Today Company Limited 497,134 1.86%



3,920 Shire Plc 647,858 2.42%


Netherlands - 8.86%

2,328 Cimpress NV 220,066 0.82%

8,217 Euronext NV 426,233 1.59%

19,202 Unilever NV 1,058,944 3.96%

19,218 X5 Retail Group NV 665,904 2.49%




690 Alphabet Inc 641,479 2.40%

267 Amazon.Com Inc 258,456 0.97%

3,204 Automatic Data Processing Inc 328,282 1.23%

4,879 Bard CR Inc 1,542,301 5.77%


USD

% of

Net Assets



341

PORTFOLIO OF INVESTMENTS OF ANCHOR GLOBAL EQUITY FUND (CONTINUED)

as at 30 June 2017



8,053 Becton Dickinson & Co 1,571,221 5.87%


5,386 Celgene Corp 699,480 2.62%

8,815 Charles Schwab Corp 378,692 1.42%

4,338 Facebook Inc 654,951 2.45%

6,114 Intuit Inc 812,000 3.04%

5,472 Mastercard Inc 664,574 2.48%

29,635 Newell 1,589,029 5.94%


254 Priceline Group Incorporated 475,112 1.78%

8,654 Ross Stores Inc 499,595 1.87%

5,396 S&P Global Inc 787,762 2.95%

1,605 Sherwin-Williams Co. 563,291 2.11%

8,140 Starbucks Corp. 474,643 1.77%

7,620 Tractor Supply Company 413,080 1.54%

2,055 Walt Disney Co 218,344 0.82%








USD

% of

Net Assets



342

SANLAM UNI PORTFOLIO OF INVESTMENTS OF ANCHOR GLOBAL EQUITY FUND (CONTINUED) as at 30 June 2017


Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




3,813,034 14.26% 14.15%


(167,749) (0.63)% (0.62)%



343

PORTFOLIO OF INVESTMENTS OF BRIDGE GLOBAL MANAGED GROWTH FUND as at 30 June 2017

Equities - 90.26%

France - 8.52%

2,252 Sanofi 215,281 2.20%

4,107 Total SA 202,891 2.08%


2,559 Vinci SA 218,255 2.23%


Germany - 2.33%

1,154 Allianz SE 227,061 2.33%



23,625 British Land 186,079 1.91%

30,920 Capita Group Plc 278,126 2.85%

7,455 Diageo 219,987 2.25%


28,403 Hammerson Plc 212,258 2.17%







1,569 ACE Limited 228,101 2.34%

2,748 Nestle SA 239,125 2.45%

2,840 Novartis AG 236,321 2.42%

833 Roche Holding AG 212,115 2.17%

779 Zurich Financial Services AG 226,714 2.32%



3,352 AbbVie Inc 243,054 2.49%

5,543 AT & T Inc 209,137 2.14%

4,908 Coca-Cola Co. 220,124 2.25%




2,686 Exxon Corp 216,841 2.22%


6,119 Intel Corp 206,455 2.12%


USD

% of

Net Assets



344

PORTFOLIO OF INVESTMENTS OF BRIDGE GLOBAL MANAGED GROWTH FUND (CONTINUED)

as at 30 June 2017



1,745 Johnson & Johnson 230,846 2.36%



2,135 McCormick & Co 208,184 2.13%

1,478 McDonald’s Corp 226,370 2.32%

3,214 Microsoft Corp 221,541 2.27%

2,555 Procter & Gamble 222,668 2.28%

3,933 Prologis Inc 230,631 2.36%

806 Public Storage Inc 168,075 1.72%

919 Simon Property Group Inc 148,657 1.52%


4,268 US Bancorp 221,595 2.27%

2,828 Wal-Mart Stores Inc 214,023 2.19%

4,163 Wells Fargo & Co 230,672 2.36%




2,815 Ishares Core US Aggregate Bond ETF 308,271 3.16%

2,836 Ishares Core US Credit Bond ETF 316,724 3.24%

6,452 Ishares Global High Yield Corporate Bond ETF 325,761 3.33%

Total Exchange Traded Funds 950,757 9.73%



Other net assets and liabilities 715 0.01%



USD

% of

Net Assets



345

SANLAM UNIV PORTFOLIO OF INVESTMENTS OF BRIDGE GLOBAL MANAGED GROWTH FUND (CONTINUED)

as at 30 June 2017

Bridge Global Managed Growth Fund

Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




126,391 1.28% 1.27%


715 0.00% 0.00%



346

PORTFOLIO OF INVESTMENTS OF SIM GLOBAL EMERGING MARKET FUND

as at 30 June 2017

Equities - 98.71%

Austria - 0.89%



Bermuda - 2.98%

766,875 Brilliance China Automotive Holdings Limited 1,396,890 2.98%


Brazil - 13.43%

128,256 Banco Bradesco SA 1,091,912 2.33%

337,259 BR Malls Participacoes SA 1,218,886 2.61%

109,667 Cia. Hering 655,050 1.40%

235,879 Estacio Participacoes SA 1,042,961 2.23%

391,001 Itausa-Investment Itau - pr 1,066,635 2.28%

268,817 Kroton Educacional SA 1,208,924 2.58%

Total Brazil 6,284,368 13.43%


22,917 Alibaba Group Holding Ltd 3,229,005 6.90%

7,760 Baidu Com Inc 1,387,954 2.96%

150,114 MGM China Holdings Ltd 333,817 0.71%

8,730 Netease.Com Inc 2,624,500 5.61%

113,133 Sands China Ltd 518,088 1.11%

155,354 Vipshop Holdings Ltd 1,638,985 3.50%


Cyprus - 2.83%

115,328 TCS Group Holding - Reg S 1,326,272 2.83%

Total Cyprus 1,326,272 2.83%



22,467 Bhp Billiton Plc 343,687 0.73%

42,000 TBC Bank Group Plc 865,396 1.85%


Hong Kong - 6.81%

106,483 AIA Group Ltd 778,169 1.66%

133,900 China Mobile Hong Kong Ltd 1,421,056 3.04%

1,850,079 Esprit Holdings Ltd 985,875 2.11%



USD

% of

Net Assets



347

PORTFOLIO OF INVESTMENTS OF SIM GLOBAL EMERGING MARKET FUND (CONTINUED)

as at 30 June 2017


India - 6.27%

109,156 Axis Bank Limited 873,908 1.87%

39,634 Shriram Transport Finance 613,218 1.31%

50,393 Sun TV Network Ltd 636,659 1.36%

121,610 Vakrangee Ltd 810,735 1.73%

Total India 2,934,520 6.27%

Indonesia - 9.75%

1,930,000 Bank Negara Indonesia 954,944 2.04%

1,179,490 Bank Rakyat Indonesa 1,348,469 2.88%

2,126,580 Matahari Department Store TB 2,259,860 4.83%


Japan - 0.88%

5,109 Softbank Corp 413,677 0.88%



82,551 DGB Financial Group Inc 851,651 1.82%



Netherlands - 2.06%

27,800 X5 Retail Group NV 963,270 2.06%


Russia - 9.72%

68,122 Magnit OJSC-SPON GDR 2,316,148 4.95%

908,004 Sberbank of Russia 2,235,447 4.77%

Total Russia 4,551,595 9.72%

Switzerland - 1.46%

1,852 Swatch Group AG 683,830 1.46%


Taiwan - 1.62%

88,160 MediaTek Inc 756,072 1.62%

Total Taiwan 756,072 1.62%


USD

% of

Net Assets



348


as at 30 June 2017


Thailand - 1.95%

156,250 Kasikornbank PCL-NVDR 914,241 1.95%

Total Thailand 914,241 1.95%

Turkey - 2.94%

29,696 BIM Birlesik Magazalar AS 551,036 1.18%

2,043,882 Turkiye Sinai Kalkin 825,365 1.76%

Total Turkey 1,376,401 2.94%


5,083 Credicorp 911,839 1.95%



160,839 Arcos Dorados Holdings Inc. 1,198,251 2.56%








USD

% of

Net Assets



349


as at 30 June 2017

SIM Global Emerging Markets Fund

Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




929,723 1.99% 1.95%


(326,704) (0.70)% (0.69)%



350

PORTFOLIO OF INVESTMENTS OF ABSA AFRICA EQUITY FUND FUND

as at 30 June 2017 UNIVERSAL FUNDS PLC

Equities - 92.85%

Egypt - 30.14%

47,000 Alexandria Containers Goods 451,452 1.45%

238,500 Commercial International Bank 1,052,570 3.38%

360,000 Credit Agricole Egypt 884,005 2.84%

95,000 Edita Food Industries Group 531,050 1.71%

392,250 EFG-Hermes Holding SAE 528,687 1.70%

950,000 Egypt Kuwait Holding Company 608,000 1.95%

110,000 Egyptian International Pharmaceutical Industries Co 671,001 2.16%

171,000 ElSwedy Cables Holding Company 886,523 2.85%

1,210,000 MM Group for Industry and International Trade 531,604 1.71%

1,730,000 Obour Land For Food Industries 1,742,604 5.60%

686,045 Oriental Weavers Company 682,713 2.20%

470,100 Six of October Development and Investment Co 370,258 1.19%

1,000,000 Talaat Moustafa Group 435,479 1.40%

Total Egypt 9,375,946 30.14%


166,473 Old Mutual PLC 644,251 2.07%



171,650 Centamin PLC 345,641 1.11%


Kenya - 19.08%

77,050 British American Tobacco Plc Kenya Ltd 629,024 2.02%

4,512,400 Co-operative Bank of Kenya Ltd 737,207 2.37%

25,300,300 Kenya Electricity Generating 1,938,674 6.23%

11,997,500 Safaricom Ltd 2,630,777 8.46%

Total Kenya 5,935,682 19.08%

Mauritius - 4.86%

191,700 MCB Group Ltd 1,512,251 4.86%

Total Mauritius 1,512,251 4.86%

Morocco - 19.35%

29,540 Attijariwafa Bank 1,345,981 4.33%

85,000 Douja Prom Addoha 428,622 1.38%

6,600 Label Vie 970,417 3.12%

85,000 Maroc Telecom 1,236,138 3.97%

33,292 Residences Dar Saada 606,707 1.95%


USD

% of

Net Assets



351

PORTFOLIO OF INVESTMENTS OF ABSA AFRICA EQUITY FUND FUND (CONTINUED) as at 30 June 2017


Morocco - 19.35% (continued)

6,471 Societe des Brasseries du Maroc 1,431,195 4.60%

Total Morocco 6,019,060 19.35%

Nigeria - 6.61%

11,620,545 Guaranty Trust Bank 1,102,046 3.54%

528,835 Okomu Oil Palm Plc 84,245 0.27%

650,000 Seplat Petroleum Development 870,885 2.80%

Total Nigeria 2,057,176 6.61%

Senegal - 5.07%

37,977 Sonatel 1,576,666 5.07%

Total Senegal 1,576,666 5.07%

Togo - 3.00%

30,000,000 Ecobank Transnational Inc 934,118 3.00%

Total Togo 934,118 3.00%

United Arab Emirates - 1.14%

27,300 ADES International Holding Ltd 354,900 1.14%

Total United Arab Emirates 354,900 1.14%

Zambia - 0.42%

184,130 Lafarge Cement Zambia PLC 130,617 0.42%

Total Zambia 130,617 0.42%



USD Net Assets

Government Debt - 4.68%

Egypt - 4.68%

22,000,000 Treasury Bill 0.000% 03/04/2018 1,050,847 3.38%

8,575,000 Treasury Bill 0.000% 01/05/2018 404,290 1.30%

Total Egypt 1,455,137 4.68%




USD

% of

Net Assets



352

PORTFOLIO OF INVESTMENTS OF ABSA AFRICA EQUITY FUND FUND (CONTINUED) as at 30 June 2017





USD

% of

Net Assets


Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




832,376 2.68% 2.67%


(64,062) (0.21)% (0.21)%



353

PORTFOLIO OF INVESTMENTS OF SANLAM CENTRE AMERICAN SELECT EQUITY FUND

as at 30 June 2017

Equities - 104.43%

Canada - 1.51%

77,680 Suncor Energy Inc 2,268,256 1.51%

Total Canada 2,268,256 1.51%


58,000 Activision Blizzard Inc 3,339,060 2.23%


10,640 Alphabet Inc 9,780,550 6.53%

8,030 Amazon.Com Inc 7,773,040 5.19%

65,170 Apple Inc 9,385,783 6.27%

56,080 Applied Material Inc 2,316,665 1.55%


141,780 Cabot Oil & Gas Corp 3,555,842 2.38%

68,150 CBRE Group Inc 2,480,660 1.66%

42,560 CBS Corp 2,714,477 1.81%

5,870 Chipotle Mexican Grill Inc 2,442,507 1.63%

82,670 Coach Inc 3,913,598 2.61%

88,140 Comcast Corp 3,430,409 2.29%

119,570 Corning Inc 3,593,079 2.40%

28,190 Dollar Tree Stores Inc 1,971,045 1.32%

62,590 Equitable Resources Inc 3,667,148 2.45%

48,880 Facebook Inc 7,379,902 4.93%

108,580 Gap Inc 2,387,674 1.59%

12,340 General Dynanics Corp 2,444,554 1.63%


22,360 Home Depot 3,430,024 2.29%

37,980 Johnson & Johnson 5,024,374 3.36%

16,180 Kimberley Clark Corp 2,089,000 1.40%

30,370 Kla-Tencor Corp. 2,779,159 1.86%

32,960 Microchip Technology Inc 2,543,853 1.70%

113,950 Microsoft Corp 7,854,574 5.25%

22,560 Netflix Inc 3,370,690 2.25%

95,550 Noble Energy Inc 2,704,065 1.81%

40,960 Nordstrom Inc. 1,959,117 1.31%

37,400 Nvidia Corp 5,406,544 3.61%

17,760 Parker Hannifin Corp 2,838,403 1.90%

111,710 People’s United Financial 1,972,799 1.32%

95,160 Quanta Services 3,132,667 2.09%

33,340 Ralph Lauren Corp 2,460,492 1.64%

17,880 Raytheon Company 2,887,262 1.93%

163,150 Regions Financial Corp 2,388,516 1.60%


USD

% of

Net Assets



354

PORTFOLIO OF INVESTMENTS OF SANLAM CENTRE AMERICAN SELECT EQUITY FUND (CONTINUED)

as at 30 June 2017



47,010 Starbucks Corp. 2,741,153 1.83%


26,090 Visa Inc 2,446,720 1.63%

60,810 Williams Companies 1,841,327 1.23%

22,880 Wyndham Worldwide Corp 2,297,381 1.53%

42,080 Zions Bancorporation 1,847,733 1.23%


Total Equities 156,354,804 104.43% Derivative Financial Instruments


USD Net Assets


USD 4,298 GBP (5,495) 20/07/2017 99 0.00%


99 0.00%

Options - 1.00%1

655 SPX Dec 17 Put Option (Strike – 2,150) 1,486,850 1.00%

Total Options 1,486,850 1.00%


Financial liabilities at fair value through profit or loss Derivative Financial Instruments


USD 52 GBP (41) 20/07/2017 (1) 0.00%


(1) 0.00%

Total financial liabilities at fair value through profit or loss (1) 0.00%





USD

% of

Net Assets



355

PORTFOLIO OF INVESTMENTS OF SANLAM CENTRE AMERICAN SELECT EQUITY FUND (CONTINUED)

as at 30 June 2017

The following entities act as counterparty or clearing broker to the open derivative positions at 30 June 2017: Interactive Brokers

1and

Brown Brothers Harriman2. All open option positions at 30 June 2017 are covered.


Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -


D Over the counter financial derivative instruments 1,486,948 0.99% 0.93%


1,794,493 1.20% 1.12%


(9,917,091) (6.62)% (6.21)%



356

PORTFOLIO OF INVESTMENTS OF SANLAM GLOBAL CONVERTIBLE SECURITIES FUND (CONTINUED)

as at 30 June 2017

Equities - 8.71%

Bermuda - 3.13%

6,050 Bunge Ltd 630,713 3.13%



9,000 Amg Capital Trust 537,300 2.67%

90 Cowen Inc 78,175 0.39%

9,850 Ny Community Cap Trust V 507,275 2.52%




USD Net Assets


Austria – 2.96%

400,000 Steinhoff Finance Holding 4.000% 30/01/2021 596,183 2.96%


Bermuda – 0.73%

150,000 Ship Finance Int Ltd 5.750% 15/10/2021 146,325 0.73%


Cayman Islands – 4.18%

140,000 Ctrip.Com International Ltd 1.990% 01/07/2025 171,179 0.85%

350,000 Ctrip.Com International Ltd 1.990% 15/09/2022 378,627 1.88%

250,000 Semiconductor Manufacturing International 0.000% 07/07/2022 290,965 1.45%

Total Cayman Islands 840,771 4.18%

China – 2.82%

500,000 China Railway Construction Corp 0.000% 29/01/2021 567,985 2.82%


France – 1.99%

400,000 Total SA 0.500% 02/12/2022 401,072 1.99%



USD

% of

Net Assets



357


as at 30 June 2017


USD Net Assets

Corporate Debt - 91.83% (continued)


300,000 BP Capital Markets Plc 1.000% 28/04/2023 443,223 2.20%

400,000 Inmarsat Plc 3.875% 09/09/2023 467,788 2.32%

400,000 Sainsbury 1.250% 21/11/2019 540,394 2.69%


Hungary – 3.57%

500,000 Mnv Zrt 3.375% 02/04/2019 717,666 3.57%

Total Hungary 717,666 3.57%

Japan – 7.57%

20,000,000 KSHoldinsCorp 0.000% 20/12/2019 221,212 1.10%

30,000,000 Nagoya Railroad 0.000% 11/12/2024 291,191 1.45%

60,000,000 Toray Industries Inc 0.000% 30/08/2019 610,467 3.03%

40,000,000 Yamada Denki Co Ltd 0.000% 28/06/2019 399,751 1.99%

Total Japan 1,522,621 7.57%


300,000 Playtech Plc 0.500% 19/11/2019 428,854 2.13%

300,000 Primary Health Properties Plc 4.250% 20/05/2019 455,812 2.26%

300,000 Remgro Jersey Gbp Ltd 2.625% 22/03/2021 393,510 1.96%

200,000 Tullow Oil Jersey Ltd 6.625% 12/07/2021 209,726 1.04%


Marshall Islands – 0.58%

150,000 Aegean Marine Petroleum 4.250% 15/12/2021 115,938 0.58%


Mexico – 1.16%

200,000 Cemex Sab De CV 3.720% 15/03/2020 232,690 1.16%

Total Mexico 232,690 1.16%


750,000 Siemens Financieringsmat 1.650% 16/08/2019 913,170 4.54%

200,000 Stmicroelectronics NV 1.000% 03/07/2021 253,346 1.26%




358


as at 30 June 2017


USD Net Assets

Corporate Debt - 91.83% (continued)

Sweden – 4.42%

4,000,000 Ab Industrivarden 0.000% 15/05/2019 533,229 2.65%

3,000,000 Sas Ab 3.625% 01/04/2019 357,287 1.77% Total Sweden 890,516 4.42%

Taiwan – 2.31%

400,000 Nanya Technology 0.000% 24/01/2022 463,928 2.31%

Total Taiwan 463,928 2.31%


320,000 Aerojet Rocketdyne 2.250% 12/15/2023 338,944 1.68%

180,000 Alon USA Energy Inc 3.000% 15/09/2018 205,088 1.02%

110,000 Arbor Realty Trust Inc 6.500% 01/10/2019 117,013 0.58%

550,000 Arconic Inc 1.625% 15/10/2019 591,723 2.94%

315,000 Dycom Industries Inc 0.750% 15/09/2021 369,366 1.84%

350,000 Euronet Worldwide Inc 1.500% 01/10/2044 448,144 2.23%

185,000 Green Plains Inc 4.125% 01/09/2022 186,069 0.92%

380,000 Greenbrier Cos Inc 2.875% 01/02/2024 418,635 2.08%

92,000 Harmonic Inc 4.000% 01/12/2020 104,820 0.52%

130,000 Horizon Global Corp 2.750% 01/07/2022 123,292 0.61%

370,000 Intel Corp 2.950% 15/12/2035 483,268 2.40%

200,000 Kaman Corporation 3.250% 01/05/2024 202,620 1.01%

580,000 Liberty Media Corp 1.375% 15/10/2023 683,263 3.40%

200,000 Medicines Company 2.750% 15/07/2023 209,858 1.04%

400,000 Microchip Technology Inc 1.625% 15/02/2027 420,624 2.09%

490,000 National Health Investor 3.250% 01/04/2021 572,741 2.85%

200,000 NRG Yield Inc 3.250% 01/06/2020 200,460 1.00%

70,000 Synaptics Inc 0.500% 15/06/2022 70,985 0.35%

400,000 TCP Capital Corp 4.625% 01/03/2022 410,292 2.04%

160,000 Teligent Inc 3.750% 15/12/2019 172,456 0.86%

250,000 Teradyne Inc 1.250% 15/12/2023 286,798 1.42%

600,000 Teva Pharm Fin Co Llc 0.250% 01/02/2026 645,432 3.21%

180,000 Workday 1.500% 15/07/2020 239,555 1.19%

350,000 World Wrestling Entertainment 3.375% 15/12/2022 373,601 1.86%


Total Corporate Debt 18,476,563 91.83%



359


as at 30 June 2017



USD Net Assets


Forward Contracts – 0.06%

1

USD 1,407,129 JPY (156,000,000) 27/09/2017 13,153 0.06%

USD 107,336 JPY (12,000,000) 27/09/2017 107 0.00%

Total Forward Contracts 13,261 0.06%





USD 809,400 SEK (7,000,000) 05/09/2017 (22,491) (0.11)%

USD 1,737,243 EUR (1,540,000) 05/09/2017 (26,457) (0.13)%

USD 1,785,794 GBP (1,400,000) 27/09/2017 (40,421) (0.20)%

Total Forward Contracts (89,369) (0.44)%

Total financial assets at fair value through profit or loss (89,389) 100.54%




Sanlam Global Convertible Securities Fund

Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -


D Over the counter financial derivative instruments (76,108) (0.38)% (0.37)%


128,314 0.64% 0.63%


(161,834) (0.80)% (0.79)%


1Brown Brothers Harriman acts as counterparty to the open derivative positions at 30 June 2017.


360

PORTFOLIO OF INVESTMENTS OF SANLAM JAPAN EQUITY FUND as at 30 June 2017

Equities - 99.52%

Japan - 99.52%

54,500 Adeka Corporation 829,506 1.22%


11,200 Alps Electric Co Ltd 322,991 0.48%

8,800 Asahi Breweries 331,165 0.49%

41,600 Calbee Inc 960,114 1.42%

7,900 Central Japan Railway Co 1,287,486 1.90%

4,400 Daikin Industries Ltd 449,203 0.66%

4,800 Dainippon Screen Manufacturing Co Ltd 320,427 0.47%


31,500 DIC Corporation 1,131,308 1.67%

193,000 Fuji Electric Holdings Co Ltd 1,016,965 1.50%


7,800 Fujibo Holdings Inc 219,039 0.32%

77,200 Fujikura JPY 50 646,597 0.95%

126,000 Fujitsu 928,374 1.37%

18,600 Furukawa Electric Co Ltd 827,770 1.22%

180,000 Furukawa-Sky Alluminium Corp 493,458 0.73%

70,300 Hazama Ando Corp 443,012 0.65%

17,600 Hitachi Chemical Company ltd 524,789 0.77%

23,700 Hitachi High-Technologies Corp 919,733 1.36%

12,400 Honda Motor Co 338,172 0.50%

7,300 Horiba Ltd 443,783 0.65%


15,800 Idemitsu Kosan Co Ltd 448,616 0.66%

21,100 Iida Group Holdings Co Ltd 351,385 0.52%

15,600 Izumi Co Ltd 885,875 1.31%

8,800 JCU Corp 312,523 0.46%

31,300 JFE Holdings Inc 543,397 0.80%

7,900 Jowa Holdings Co Ltd 219,034 0.32%

91,700 JX Holdings Inc 400,509 0.59%

16,000 Kajima Corp 135,007 0.20%


47,000 KH Neochem Co Ltd 899,840 1.33%


14,800 Kohnan Shoji Co Ltd 275,713 0.41%

26,400 Kyudenko Corporation 945,794 1.40%

17,200 Maruha Nichiro Corporation 454,380 0.67%

98,400 Minebea Co Ltd 1,580,881 2.33%


4,300 Mitsubishi Corp 90,172 0.13%


USD

% of

Net Assets



361

PORTFOLIO OF INVESTMENTS OF SANLAM JAPAN EQUITY FUND (CONTINUED) as at 30 June 2017





156,000 Mitsui Mining & Smelting Co Ltd 609,559 0.90%

9,300 Morinaga & Co Ltd 528,117 0.78%

33,000 Morinaga Milk Industry Co 251,429 0.37%

22,900 MS&AD Insurance Group Holdings 769,244 1.13%

6,800 Murata Manufacturing 1,033,164 1.52%

9,000 Namco Bandai Hldgs Inc 306,809 0.45%

18,100 Nichiha Corp 637,971 0.94%

88,200 Nippon Light Metal Holdings Co Ltd 209,607 0.31%

16,000 Nippon Meat Packers Inc 486,337 0.72%

14,900 Nippon Shinyaku Co Ltd 953,547 1.41%

41,100 Nippon Telegraph and Telephone Company 1,942,510 2.86%

26,000 Nippon Television Network Corp 436,920 0.64%

84,000 Nipro Corporation 1,095,327 1.62%

2,600 Nitori Holdings Co Ltd 348,055 0.51%

8,000 Nitto Denko Corp 657,944 0.97%

24,300 NSK Ltd 303,453 0.45%

10,500 Obayashi Corp 123,458 0.18%

11,500 Omron Tateisi Electronics Co 498,999 0.74%



95,000 Prima Meat Packers Ltd 558,077 0.82%

10,300 Recruit Holdings Co Ltd 177,030 0.26%

5,700 Rohm Co. 437,837 0.65%

28,600 Sakata INX Corp 455,665 0.67%

64,000 Sanyo Special Steel Co Ltd 362,296 0.53%

22,200 Sekisui Chemical Co Ltd 397,367 0.59%

47,700 Sekisui House Ltd 840,429 1.24%

53,000 Shimizu Corporation 561,842 0.83%

21,000 Shin-Etsu Chemical Co 1,903,738 2.81%

4,400 Shionogi & Co Ltd 245,123 0.36%

56,300 Showa Denko K K 1,305,899 1.93%

1,400 SMC Corp 425,545 0.63%

20,300 Softbank Corp 1,643,695 2.42%

4,400 Sogho Security Services 198,166 0.29%

32,900 Sompo Japan Nipponkoa Holdings Inc 1,270,611 1.87%

42,300 Sony Corp 1,613,688 2.38%

8,500 Sony Financial Holdings Inc 144,806 0.21%



USD

% of

Net Assets



362






55,300 Suzuki Motor Corp 2,623,489 3.87%

9,500 Taiyo Yuden Co Ltd 148,990 0.22%

11,000 Teijin Ltd 211,580 0.31%

32,500 Temp Holdings Co Ltd 609,212 0.90%

8,200 THK Co Ltd 232,096 0.34%

5,400 Tokyo Electron 728,652 1.08%

3,700 Tokyo Ohka Kogyo Co Ltd 123,333 0.18%

13,000 Tokyo Seimitsu Co Ltd 418,291 0.62%

88,200 Tokyo Tatemono Co Ltd 1,155,589 1.70%

226,000 Tosoh Corp 2,315,318 3.41%

73,500 Toyo Tire & Rubber Co Ltd 1,497,477 2.21%

14,800 Toyoda Automat Loom 778,531 1.15%

18,900 TV Asahi Corp 340,654 0.50%

8,600 Ut Group Co Ltd 138,166 0.20%


10,800 Yakuodo Co Ltd 316,262 0.47%

48,000 Yamaha Motor Co Ltd 1,238,131 1.83%

22,300 Zenkoku Hosho Co Ltd 912,047 1.35%

Total Japan 67,489,611 99.52%







USD

% of

Net Assets



363



Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




420,352 0.62% 0.59%


(92,376) (0.14)% (0.13)%



364

PORTFOLIO OF INVESTMENTS OF SANLAM CENTRE ACTIVE US TREASURY FUND as at 30 June 2017


USD Net Assets




248,000 US Treasury 1.625% 15/11/2022 243,844 2.43%

1,645,000 US Treasury 8.125% 15/08/2019 1,876,071 18.71%

1,397,000 US Treasury 8.750% 15/08/2020 1,701,066 16.96%

777,000 US Treasury 8.875% 15/08/2017 784,375 7.82%

992,000 US Treasury 8.500% 15/02/2020 1,171,568 11.68%

992,000 US Treasury 3.125% 15/02/2043 1,049,118 10.46%

992,000 US Treasury 3.375% 15/05/2044 1,096,858 10.94%

248,000 US Treasury 2.500% 15/05/2024 254,006 2.53%

364,000 US Treasury 2.250% 31/07/2021 370,939 3.70%

165,000 US Treasury 2.375% 15/08/2024 167,488 1.67%

215,000 US Treasury 2.250% 15/11/2025 215,000 2.14%

Total Unites States 8,930,332 89.05%



USD Net Assets


Futures - 0.13%1

(7) FVU7 - US 5Y Note(CBT) Sep17 20/09/2017 4,048 0.04%

(12) TUU7-US 2Yr Note (CBT) Sep17 20/09/2017 3,562 0.04%

(4) USU7-US Long Bond (CBT) Sep17 20/09/2017 3,000 0.03% (2) TYU7-US 10YR Note Fut Sep17 20/09/2017 1,969 0.02%






USD Net Assets

Futures 0.00%1

(3) WNU7 - US Ultra Bond CBT Sep17 20/09/2017 (188) 0.00%

Total Futures (188) 0.00%

Total financial liabilities at fair value through profit or loss (188) 0.00%


365

PORTFOLIO OF INVESTMENTS OF SANLAM CENTRE ACTIVE US TREASURY FUND as at 30 June 2017


USD Net Assets




Sanlam Centre Active US Treasury Fund

Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




642,866 6.41% 6.40%


442,909 4.42% 4.41%


1Interactive Brokers acts as counterparty to the open derivative positions at 30 June 2017.


366

PORTFOLIO OF INVESTMENTS OF AUTUS GLOBAL EQUITY FUND as at 30 June 2017

Equities - 74.34%


3,250 Alibaba Group Holding Ltd 457,925 3.13%

8,165 JD.Com Inc 320,231 2.19%

7,550 Tencent Holdings Ltd ADR 271,498 1.85%


China - 2.91%

31,860 Ping An Insurance Group Co Of China Ltd 425,331 2.91%


Germany - 3.69%

1,770 Adidas Ag 169,867 1.16%

970 Bayer Ag 125,969 0.86%

1,780 Siemens AG 244,493 1.67%



320 Samsung Electronics Ltd 331,200 2.27%

Total Korea (South) 331,200 2.27%

Spain - 2.41%



Switzerland - 1.50%

2,521 Nestle SA 219,831 1.50%



2,660 Adobe Systems Inc 376,230 2.57%

480 Alphabet Inc 446,246 3.05%

470 Amazon.Com Inc 454,960 3.11%

4,250 Apple Inc 612,085 4.18%

1,135 Berkshire Hathaway Inc. 192,235 1.31%

570 Blackrock Inc 240,774 1.65%

4,975 Blackstone Group LP 165,916 1.13%

945 Charter Communication Inc 318,323 2.18%

3,600 Coca-Cola Co. 161,460 1.10%

6,505 Comcast Corp 253,175 1.73%

2,005 Estee Lauder Cos 192,440 1.32%

2,795 Facebook Inc 421,989 2.88%


USD

% of

Net Assets



367

PORTFOLIO OF INVESTMENTS OF AUTUS GLOBAL EQUITY FUND (CONTINUED) as at 30 June 2017



1,270 FDX Corp 276,009 1.89%

9,355 KKK & Co LP 174,003 1.19%

1,850 Kraft Heinz Company 158,434 1.08%

4,040 Lilly (Eli) & Co 332,492 2.27%

1,880 Masimo Corporation 171,418 1.17%

6,580 Microsoft Corp 453,559 3.10%

6,005 Nike Inc 354,295 2.42%

3,755 Oracle Corp 188,276 1.29%

2,100 Pepsico Inc 242,529 1.66%

4,985 Pfizer Inc 167,446 1.14%

1,525 Philip Morris International Inc 179,111 1.22%

1,875 Procter & Gamble 163,406 1.12%

7,445 Starbucks Corp. 434,118 2.97%

3,275 Visa Inc 307,130 2.10%

1,535 Walt Disney Co 163,094 1.12%


2,475 XPO Logistics Inc. 159,959 1.09%



Exchange Traded Funds 7.47%

2,927 Vanguard S&P 500 ETF 649,970 4.44%

3,270 Vanguard Small Cap ETF 443,216 3.03%







USD

% of

Net Assets



368

PORTFOLIO OF INVESTMENTS OF AUTUS GLOBAL EQUITY FUND (CONTINUED) as at 30 June 2017


Summary



USD Net

Assets Total

Assets



B UCITS and AIFs

- - -




2,668,538 18.24% 18.19%


(6,411) (0.05)% (0.04)%



369

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS for the six months ended 30 June 2017 1 General – The Company

Sanlam Universal Funds Plc (the “Company”) is an investment company with variable capital and was incorporated on 9 June 1997 with registration number 267451 under the laws of Ireland and is authorised in Ireland as an undertaking for collective investment in transferable securities pursuant to the UCITS Regulations. The Company is domiciled in Ireland. At 30 June 2017, the Company comprised thirty seven active separate investment sub-funds (“Fund(s)”). The Articles of Association of the Company provide segregated liability between the various Funds. A list of Funds active during the period and their status at the period end is set out below:

Name Status at 30 June 2017 Sanlam Centre Global Select Equity Fund Closed on 22 June 2017 Bridge Global Property Income Fund Active P-Solve Inflation Plus Fund Active Sanlam African Frontier Markets Fund Active Sanlam Global Best Ideas Fund Active Sanlam Global Bond Fund Active Sanlam Global Financial Fund Active Sanlam Global Property Fund Active Sanlam World Equity Fund Active Satrix World Equity Tracker Fund Active SIIP India Opportunities Fund Active SIM Global Equity Income Fund Active Sanlam Strategic Bond Fund Active Sanlam Accel Income Fund Active Satrix North America Equity Tracker Fund Active Satrix UK Equity Tracker Fund Active Satrix Europe (ex UK) Equity Tracker Fund Active Sanlam Equity Allocation Fund Active Satrix Emerging Markets Equity Tracker Fund Active Sanlam Managed Risk Fund Active Sanlam Private Wealth Global High Quality Fund Active Sanlam FOUR US Dividend Income Fund Active

High Street Global Balanced Fund Active

Sanlam FOUR Active European (ex UK) Equity Fund Closed on 30 June 2017

Sanlam FOUR Global Equity Fund Active

Sanlam FOUR Stable Global Equity Fund Active

Sanlam FOUR Active UK Equity Fund Active

Sanlam FOUR Multi-Strategy Fund Active

Anchor Global Capital Plus Fund Active

Bridge Global Equity Income Growth Fund Active

Anchor Global Equity Fund Active

Bridge Global Managed Growth Fund Active

SIM Global Emerging Markets Fund Active

ABSA Africa Equity Fund Active

Sanlam Centre American Select Equity Fund Active

Sanlam Japan Equity Fund Active

Sanlam Global Convertible Securities Fund Active

Sanlam Centre Active US Treasury Fund Active - launched 12 January 2017

Autus Global Equity Fund Active - launched 10 March 2017


370

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2017 1 General – The Company (continued)

During the period ended 30 June 2017, effective from 13 June 2017, a number of Funds had a change in name as follows:

Name at 31 December 2016 Name effective 13 June 2017 Grindrod Global Property Income Fund Bridge Global Property Income Fund Grindrod Global Equity Income Growth Fund Bridge Global Equity Income Growth Fund Grindrod Global Managed Growth Fund Bridge Global Managed Growth Fund

Wisian Capital South African Equity Fund was approved by the Central Bank of Ireland as an authorised designated sub-fund of the Company on 17 January 2017. As of the date of these financial statements the Fund has not yet launched.

Prices There is a single price for buying, selling and switching share classes in each Fund. This is represented by the Net Asset Value per share class of the relevant Fund. In the case of subscriptions, a preliminary charge of up to 5% may be added to the Net Asset Value per share of the classes of certain Funds, as set out in the relevant offering supplements. The Company may waive in whole or in part the preliminary charge.

A conversion fee of up to 2% may be charged on applications to convert shares of any class to shares of another class. A repurchase fee of up to 3% may be deducted from the Net Asset Value per share of the classes of certain Funds, as set out in the relevant offering supplements. The Company may waive in whole or in part the repurchase fee.

Dealing The Dealing Day is, except where otherwise clarified in the Prospectus or Fund supplement, any day other than Saturday or Sunday on which banks are open for business in Dublin or London. The valuation point is, except where otherwise clarified in the Prospectus or Fund supplement, the close of business in each relevant market on the business day immediately preceding a dealing day.

Shares Applications for shares, except where otherwise clarified in the Prospectus or sub-fund supplement, must be sent so as to arrive at the Registrar and Transfer Agent’s office, as detailed below, no later than 4.00pm (Irish time) on the business day preceding the relevant dealing day, or such later time as the Directors may from time to time permit. Applications which are received late, or Funds which are not cleared by the relevant time, will be held over and invested at the next dealing day.

Requests for repurchases, except where otherwise clarified in the Prospectus or sub-fund supplement, should be sent so as to arrive at the Registrar and Transfer Agent’s office by post, facsimile or telex by no later than 4.00pm (Irish time) on the business day preceding the relevant dealing day.


371


Shares (continued) As at 30 June 2017, the following share classes were admitted to the official list of the Irish Stock Exchange:

Fund Share Class Date listed

Bridge Global Property Income Fund Non distributing (USD) 26 November 2010 P-Solve Inflation Plus Fund A 23 December 2005 B 1 March 2004

Sanlam African Frontier Markets Fund A (USD) 6 January 2009

D (USD) 1 March 2010

G (USD) 21 January 2013

H (USD) 6 August 2013

I (USD) 6 May 2015

Sanlam Global Best Ideas Fund A (USD) 4 September 2006

A (EUR) 22 February 2011

A (GBP) 20 December 2007

B 4 September 2006

C 4 September 2006

C (GBP) 3 November 2008

D (USD) 22 February 2011

F (USD) 27 July 2011

Sanlam Global Bond Fund A 17 August 2004

B 17 August 2004

C 17 August 2004

Sanlam Global Financial Fund A (USD) 19 May 2006

A (EUR) 22 February 2011

A (GBP) 20 December 2007

B 12 April 2004

C (USD) 13 November 2009

C (GBP) 3 July 2008

D (USD) 7 March 2011

F (GBP) 3 February 2012

G (USD) 30 April 2015

Sanlam Global Property Fund A (USD) 08 November 2012 B (USD) 28 March 2012 C (USD) 15 December 2011 Sanlam World Equity Fund A 17 August 2004 B 17 August 2004 C 17 August 2004


372

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2017

1 General – The Company (continued)

Shares (continued)


Satrix World Equity Tracker Fund A 8 December 2011

C 17 August 2004

I (USD) 11 June 2013

I (GBP) 23 May 2013

S 15 June 2015

SIIP India Opportunities Fund A (USD) 14 September 2010

C (USD) 7 March 2012

D (USD) 25 August 2010

SIM Global Equity Income Fund A (USD) 7 September 2012

A (GBP) 22 June 2016

B (USD) 21 October 2012

C (USD) 23 October 2012

C Accumulation (USD) 9 April 2015

C Accumulation (GBP) 13 May 2016

I (USD) 06 December 2012

Sanlam Strategic Bond Fund A Income (GBP) 8 March 2013 A Accumulation (GBP) 6 July 2012 I Income (GBP) 9 May 2014 I Accumulation (GBP) 9 May 2014 P Accumulation (USD) 29 May 2013 Sanlam Accel Income Fund A Net Accumulation 26 April 2013 A Net Income 12 March 2013 Satrix North America Equity Tracker Fund A (USD) 11 June 2013 I (USD) 11 June 2013 I (GBP) 11 June 2013

Satrix UK Equity Tracker Fund A (USD) 11 June 2013 C (USD) 11 July 2013 I (USD) 11 June 2013 I (GBP) 11 June 2013 Satrix Europe (ex UK) Equity Tracker Fund A (USD) 11 June 2013 C (USD) 11 July 2013 I (USD) 11 June 2013 I (GBP) 11 June 2013

Satrix Emerging Markets Equity Tracker Fund A (USD) 15 July 2013 I (USD) 11 June 2013 I (GBP) 11 June 2013


373

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2017 1 General – The Company (continued) Shares (continued)


Sanlam Managed Risk Fund A (USD) 2 January 2014

A (GBP) 10 July 2013

A (EUR) 14 July 2015

I (EUR) 12 May 2016

I (USD) 5 July 2013

I (GBP) 10 July 2013

N (EUR) 12 May 2015

N (GBP) 11 June 2015

N (USD) 11 June 2015

Sanlam Private Wealth Global High Quality Fund A Accumulation (GBP) 2 January 2015 C Accumulation (GBP) 3 March 2014 C Income (GBP) 3 March 2014 D Accumulation (USD) 3 March 2014 D Income (USD) 3 March 2014 E Accumulation (USD) 3 March 2014 E Income (USD) 3 March 2014 F Accumulation (GBP) 27 June 2016 F Income (GBP) 10 November 2015 G Accumulation (GBP) 12 July 2016 Sanlam FOUR US Dividend Income Fund Accumulation A (GBP) 30 December 2014 Distribution A (GBP) 30 December 2014 Accumulation A (USD) 11 June 2015 Distribution A (USD) 5 March 2015 Accumulation B (USD) 17 December 2014 Distribution A (EUR) 5 March 2015 Accumulation B (GBP) 1 June 2016

Sanlam FOUR Global Equity Fund A (EUR) 19 February 2015

A (GBP) 5 February 2015

A (USD) 19 February 2015

B (GBP) 5 February 2015

B (USD) 19 February 2015

C (GBP) 5 February 2015

Sanlam FOUR Stable Global Equity Fund A (EUR) 22 June 2015

A (GBP) 5 February 2015

A (USD) 5 February 2015

B (GBP) 5 February 2015

B (USD) 5 February 2015

Distribution A (GBP) 3 November 2015


374


1 General – The Company (continued) Shares (continued)


Sanlam FOUR Active UK Equity Fund A (GBP) 19 February 2015 B (GBP) 19 February 2015 B (USD) 12 August 2016 C (GBP) 19 February 2015 C (USD) 5 February 2015 D (GBP) 5 February 2015 I (GBP) 5 February 2015 Sanlam FOUR Multi-Strategy Fund A (GBP) 5 February 2015 A (USD) 5 February 2015 B (GBP) 5 February 2015 B (USD) 5 February 2015 Founder (GBP) 9 February 2015 Income Distribution A

(GBP) 23 July 2015 Income Distribution B

(GBP) 30 July 2015 Income Distribution

Founder (GBP) 5 August 2015 Anchor Global Capital Plus Fund A 2 March 2015 Bridge Global Equity Income Growth Fund A (USD) 13 March 2015 Anchor Global Equity Income Fund A 18 March 2015 Bridge Global Managed Growth Fund A (USD) 15 April 2015 SIM Global Emerging Markets Fund A1 (USD) 5 June 2015 B1 (USD) 23 November 2016 B2 (USD) 7 December 2016 C1 (USD) 5 June 2015 C2 (USD) 19 August 2016

ABSA Africa Equity Fund A (USD) 16 November 2016 Sanlam Centre American Select Equity Fund E (USD) 23 November 2016 Sanlam Japan Equity Fund E (USD) 23 November 2016 Sanlam Global Convertible Securities Fund A 28 November 2016


375

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2017 1 General – The Company (continued) Shares (continued)

Minimum Subscription The minimum initial subscription amounts for the active classes of each Fund at 30 June 2017 are as follows:

Fund Share Class

Minimum initial

investment

Bridge Global Property Income Fund Non distributing (USD) USD1,000 P-Solve Inflation Plus Fund A GBP£1,000 B GBP£500,000 B (Accumulation) GBP£500,000

C GBP£2,500,000

Sanlam African Frontier Markets Fund A (USD) USD1,000

D (USD) USD20,000,000

G (USD) USD50,000,000

H (USD) USD50,000,000

I (USD) USD1,000,000

Sanlam Global Best Ideas Fund A (USD) USD1,000

A (GBP) GBP£1,000

A (EUR) EUR€1,000

B USD750,000

C USD1,000,000

C (GBP) GBP£5,000,000

D (USD) USD10,000,000

E None

F (USD) USD1,000

Sanlam Global Bond Fund A USD1,000

B USD750,000

C USD1,000,000

E (USD) None

E (GBP) None


376


Minimum Subscription (continued)

Fund Share Class

Minimum initial

investment

Sanlam Global Financial Fund A (USD) USD1,000

A (GBP) GBP£1,000

A (EUR) EUR€1,000

B USD1,000,000

C (GBP) GBP£5,000,000

C (USD) USD5,000,000

D (USD) USD1,000

E None

F (GBP) GBP£1,000

G (USD) USD1,000,000 Sanlam Global Property Fund A (USD) USD1,000 B (USD) USD750,000 C (USD) USD1,000,000 E (USD) None E (GBP) None

Sanlam World Equity Fund A USD1,000

B USD750,000

C USD1,000,000

E None

Satrix World Equity Tracker Fund A USD1,000

C USD1,000,000

E None

I (USD) USD5,000,000

I (GBP) GBP$5,000,000

S USD10,000,000

SIIP India Opportunities Fund A (USD) USD500

C (USD) USD2,000,000

D (USD) USD10,000,000

E None


377


1 General – The Company (continued)


Minimum initial

Fund Share Class investment

SIM Global Equity Income Fund A (USD) USD1,000

A (GBP) GBP£1,000

B (USD) USD1,000,000

C (USD) USD10,000,000

C Accumulation (USD) USD10,000,000

C Accumulation (GBP) GBP£10,000,000

E USD20,000,000

I (USD) USD1,000 Sanlam Strategic Bond Fund A Income (GBP) GBP£500 A Accumulation (GBP) GBP£500 I Income (GBP) GBP£500,000 I Accumulation (GBP) GBP£500,000 P Income (GBP) GBP10,000,000 P Accumulation (GBP) GBP10,000,000 P Accumulation (USD) USD10,000,000

Sanlam Accel Income Fund A Net Accumulation GBP£1,000 A Net Income GBP£1,000 Satrix North America Equity Tracker Fund A (USD) USD1,000 E (USD) None I (USD) USD10,000,000 I (GBP) GBP£10,000,000 Satrix UK Equity Tracker Fund A (USD) USD1,000 C (USD) USD1,000,000 E (USD) None E (GBP) None I (USD) USD10,000,000 I (GBP) GBP£10,000,000 Satrix Europe (ex UK) Equity Tracker Fund A (USD) USD1,000 C (USD) USD1,000,000 E (USD) None E (EUR) None I (USD) USD10,000,000 I (GBP) GBP£10,000,000

Sanlam Equity Allocation Fund E None


378



Minimum initial


Satrix Emerging Markets Equity Tracker Fund A (USD) USD1,000

E (USD) None

I (USD) USD10,000,000

I (GBP) GBP£10,000,000

Sanlam Managed Risk Fund A (USD) USD1,000

A (GBP) GBP£1,000

A (EUR) EUR€1,000

I (USD) USD250,000

I (GBP) GBP£250,000

I (EUR) EUR€250,000

N (EUR) EUR€1,000

N (GBP) GBP£1,000

N (USD) USD1,000

N2 (GBP) GBP£10,000,000

Sanlam Private Wealth Global High Quality Fund A Accumulation (GBP) GBP£300 C Income (GBP) GBP£300 C Accumulation (GBP) GBP£300 D Income (USD) USD500 D Accumulation (USD) USD500 E Income (USD) USD500 E Accumulation (USD) USD500 F Income (GBP) GBP£500,000 F Accumulation (GBP) GBP£500,000 G Income (USD) USD750,000 G Accumulation (USD) USD750,000 Sanlam FOUR US Dividend Income Fund A Accumulation (GBP) GBP£1,000 A Accumulation (USD) USD1,000 B Accumulation (USD) USD10,000 B Accumulation (GBP) GBP£10,000 A Distribution (GBP) GBP£1,000 A Distribution (USD) USD1,000 A Distribution (EUR) EUR€1,000 High Street Global Balanced Fund A (USD) USD50,000

Sanlam FOUR Global Equity Fund A (EUR) EUR€1,000

A (GBP) GBP£1,000

A (USD) USD1,000

B (GBP) GBP£10,000

B (USD) USD10,000

C (GBP) GBP£1,000

C (USD) USD1,000


379



Minimum initial


Sanlam FOUR Stable Global Equity Fund A (EUR) EUR€1,000

A (GBP) GBP£1,000

A (USD) USD1,000

B (GBP) GBP£10,000

B (USD) USD10,000

Distribution A (GBP) GBP£1,000

Sanlam FOUR Active UK Equity Fund A (GBP) GBP£1,000 B (GBP) GBP£10,000 B (USD) USD10,000 C (GBP) GBP£1,000 C (USD) USD1,000 D (GBP) GBP£45,000,000 I (GBP) GBP£1,000 Sanlam FOUR Multi-Strategy Fund A (GBP) GBP£1,000 A (USD) USD1,000 B (GBP) GBP£10,000 B (USD) USD10,000 Founder (GBP) GBP£1,000 Income Distribution A

(GBP) GBP£1,000 Income Distribution B

(GBP) GBP£1,000 Income Distribution

Founder (GBP) GBP£1,000 Anchor Global Capital Plus Fund A USD1,000 B USD1,000 Bridge Global Equity Income Growth Fund A (USD) USD1,000 Anchor Global Equity Income Fund A USD1,000 B USD1,000 Bridge Global Managed Growth Fund A (USD) USD1,000 SIM Global Emerging Markets Fund A1 (USD) USD1,000 A2 (USD) USD1,000 B1 (USD) USD1,000 B2 (USD) USD1,000 C1 (USD) USD10,000,000 C2 (USD) USD10,000,000 E USD1,000


380



Minimum initial

Fund Share Class investment ABSA Africa Equity Fund A (USD) USD100 Sanlam Centre American Select Equity Fund C (USD) USD5,000 C (GBP) GBP£5,000 E (USD) None Sanlam Japan Equity Fund E (USD) None Sanlam Global Convertible Securities Fund A None Sanlam Centre Active US Treasury Fund C (USD) USD5,000 E (USD) None Autus Global Equity Fund B (USD) USD10,000,000

Minimum Additional Subscription

Minimum additional subscription amounts are the same as the minimum initial investment amounts as

detailed above and on the previous pages for all share classes of Sanlam FOUR US Dividend Income

Fund, Sanlam FOUR Global Equity Fund, Sanlam FOUR Stable Global Equity Fund, Sanlam FOUR

Active UK Equity Fund and Sanlam FOUR Multi-Strategy Fund.

There are no minimum additional subscription amounts for the remainder of the Funds with the exception

of the following share classes:

Minimum additional

Fund Share Class Investment Bridge Global Property Income Fund Non distributing (USD) USD500 P-Solve Inflation Plus Fund A GBP£500 B GBP£50,000 B (Accumulation) GBP£50,000


381


2 Significant accounting policies

These financial statements have been prepared in accordance with the UCITS Regulations issued by the Central Bank of Ireland and IAS 34 Interim Financial Reporting (“IAS 34”) issued by the International Accounting Standards Board (“IASB”).

(l) Changes in accounting policy and disclosures Change in functional and presentational currency

There have been no changes to the significant accounting policies since the last audited financial

statements to 31 December 2016.

During 2016, the Sanlam FOUR US Dividend Income Fund changed its functional and presentation

currency from GBP to USD reflecting the fact that substantially all of the Fund’s assets and liabilities are

denominated in USD and the Fund’s operations are primarily conducted in USD. The comparative figures

for the period ended 30 June 2016 have been restated in USD. Subscriptions and redemptions, income

and expenses were translated at the average exchange rate for the period resulting in a currency

adjustment of USD 4,478,695. The currency adjustment is recognised in the statement of changes in net

assets attributable to holders of redeemable shares.

(a) Standards, interpretations and amendments to published standards that are not yet effective

The following new standards, amendments to standards and interpretations that may be relevant to

investment funds have been issued to date and are not yet effective for these financial statements of the

Company for the period ended 30 June 2017, and have not been applied nor early adopted in preparing

these financial statements:

Standard: Narrative: Effective date: IFRS 9 Financial Instruments: Classification and Measurement 1 January 2018 IFRS 15 Revenue from Contracts with Customers 1 January 2018

IFRS 2 Classification and Measurement of Share-based Payment Transactions (Amendment) 1 January 2018

IFRS 16 Leases 1 January 2019

IFRS 10/IAS 28 Sale or contribution of asset between an investor and its Associate or Joint Venture (Amendment) Not specified

*Annual periods beginning on or after.

IAS 8, Accounting Polices, Change in Accounting Estimates and Errors (“IAS 8”) states that financial statements disclose either:

(i) A discussion of the impact that initial application of the IFRS is expected to have on the entity’s financial statements; or

(ii) If that impact is not known or reasonably estimable, a statement to that effect.

Other than as set out below, the Directors anticipate that the adoption of new standards, interpretations and amendments that were in issue at the date of authorisation of these financial statements, but not yet effective, will have no material impact on the financial statements in the year of initial application. IFRS 9, Financial Instruments: Classification and Measurement (“IFRS 9”) IFRS 9, issued on 24 July 2014 is the IASB’s replacement of IAS 39. IFRS 9 includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting.

The IASB completed its project to replace IAS 39 in phases, adding to the standard in each phase. The complete standard issued on 24 July 2014 includes requirements previously issued and additional amendments to incorporate a new expected loss impairment model and to introduce limited amendments to the classification and measurement requirements for financial assets.


382


2. Significant accounting policies (continued)

(a) Standards, interpretations and amendments to published standards that are not yet effective (continued)

IFRS 9, Financial Instruments: Classification and Measurement (“IFRS 9”) (continued) This version of IFRS 9 supersedes all previous versions and is mandatorily effective for periods beginning on or after 1 January 2018 with early adoption permitted (subject to local endorsement requirements). IFRS 9 uses business models and contractual cash flow characteristics to determine whether a financial asset is measured at amortised cost, fair value through profit or loss or fair value through other comprehensive income, replacing the four category classification in IAS 39. The approach is also based on how an entity manages its financial instruments (its business model) and the contractual cash flow characteristics of the financial assets. Most of the requirements for financial liabilities were carried forward unchanged from IAS 39. However, some changes were made to the fair value option for financial liabilities to address the issue of own credit risk. IFRS 9 introduces a substantially-reformed model for hedge accounting with enhanced disclosures about risk management activity.

As part of IFRS 9, the IASB has introduced a new, expected loss impairment model that will require more timely recognition of expected credit losses. Specifically, the new standard requires entities to account for expected credit losses from when financial instruments are first recognised and it lowers the threshold for recognition of full lifetime expected losses.

Based on an initial assessment, IFRS 9 is not expected to have a significant impact on the financial statements of the Company as financial instruments that are currently measured at fair value through profit or loss will continue to be measured at fair value through profit or loss under IFRS 9. Similarly, those financial instruments currently measured at amortised cost will continue to be measured at amortised cost under IFRS 9. Application of the new standard may result in additional disclosure in the financial statements.


383


3 Distributions per share

The total aggregate distributions per share class during the period ended 30 June 2017 were as follows:

P-Solve Inflation Plus

Fund Sanlam Global

Best Ideas Fund Sanlam Global Financial Fund


Fund

Distribution per share (in pence)

Share Class A (GBP) - £1.12 £1.25 -

Share Class B £0.15 - - -

Share Class C £0.96 - - -

Share Class C (GBP) - £2.89 £3.56 -

Share Class I (GBP) - - - £2.64

SIM Global Equity Income

Fund

Sanlam Strategic Bond

Fund Sanlam Accel Income Fund

Satrix North American

Equity Tracker Fund

Distribution per share (in cents/pence)

Share Class A $1.59 - - -

Share Class A (Income) - £2.78 £1.91 -

Share Class B $1.53 - - -

Share Class C $1.62 - - -


Share Class P (Income) - £2.87 - -


Share Class I (Income) - £2.79 - -

Satrix UK Equity Tracker

Fund


Satrix Emerging Markets Equity

Tracker Fund

Sanlam Private Wealth

Global High Quality Fund


Share Class C Income (GBP) - - - £0.46

Share Class D Income (USD) - - - $0.73

Share Class E Income (USD) - - - $0.73

Share Class F Income (GBP) - - - £0.24

Share Class G Income (GBP) - - - £0.17

Share Class I (GBP) £3.96 £2.76 £2.05 -

Sanlam FOUR

US Dividend Income Fund


Equity Fund


Fund


Fund

Distribution per share (in cent/pence)

Share Class A Distribution (EUR) €12.58 - - -

Share Class A Distribution (GBP) £15.01 £12.68 - -

Share Class A Distribution (USD) $11.97 - - -

Share Class A Income (GBP) - - - £15.52

Share Class B Income (GBP) - - - £15.74

Share Class Founder Income (GBP) - - - £15.45

Share Class I (GBP) - - £18.54 -


384


3 Distributions per share (continued)

The total aggregate distributions per share class during the period ended 30 June 2016 were as follows:


Treasury Fund

Distribution per share (in cents)

Share Class C $0.96

Share Class E $1.74


Fund


Fund Sanlam Global

Best Ideas Fund Sanlam Global Financial Fund


Share Class A (GBP) - £0.89 £0.72 £1.27

Share Class B £0.81 - - -


Share Class C (GBP) - £1.58 £2.14 £3.17


Fund


Fund

Sanlam Private Wealth Strategic

Investment Grade Bond


Distribution per share (in pence/cents)

Share Class A - $1.75 £2.96 -

Share Class A (Income) - - - £1.98

Share Class B - $1.68 - -

Share Class C - $1.78 - -

Share Class P (Income) - - £3.53 -

Share Class I (GBP) £2.20 - £3.03 -

Share Class I (Income) - - £2.96 -

Satrix North American

Equity Tracker Fund

Satrix UK Equity Tracker

Fund


Satrix Emerging

Markets Equity Tracker Fund

Distribution per share (in pence) Share Class I (GBP) £2.04 £3.63 £3.24 £2.03


385


3 Distributions per share (continued)

The total aggregate distributions per share class during the period ended 30 June 2016 were as follows

(continued):

4 Investments in subsidiaries

The Funds of the Company did not hold investments in any subsidiaries at 30 June 2017 or 31 December 2016.

Further details regarding the fair values of intercompany positions held by the Funds are disclosed in note

8.





Equity Fund

Sanlam FOUR Active UK

Equity Fund

Distribution per share (in pence/cents)

Share Class A Distribution (EUR) - €10.49 -

Share Class A Distribution (GBP) - £12.79 £9.59 -

Share Class A Distribution (USD) - £10.09 -

Share Class C Income (GBP) £0.48 - - -

Share Class D Income (GBP) $0.74 - - -

Share Class E Income (GBP) $0.74 - - -

Share Class F Income (GBP) £0.25 - - -



Fund


Opportunities Fund


Share Class Founder Class Income (GBP) - £23.04

Share Class A Distribution (GBP) - £23.04

Share Class A Income (GBP) £14.62 -

Share Class B Distribution (GBP) - £23.06

Share Class B Income (GBP) £14.69 -

Share Class Founder Income (GBP) £14.53 -


386


5 Fair value of financial instruments

The following tables show financial instruments recognised at fair value. The fair value hierarchy shall

have the following levels:

Quoted prices in active markets for identical assets or liabilities (Level 1);

Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and

Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

The inputs or methodology used for valuing securities are not necessarily an indication of the risks

associated with investing in those securities.

Assets measured at fair value at 30 June 2017

The following tables analyse within the fair value hierarchy the Funds’ financial assets measured at fair

value through profit or loss at 30 June 2017:

Bridge Global Property Income Fund

Level 1 Level 2 Level 3 Total

USD USD USD USD

Equity 35,223,034 - - 35,223,034

Total financial assets at fair value through

profit or loss 35,223,034 - - 35,223,034



GBP GBP GBP GBP

Bonds 8,742,721 - - 8,742,721

Collective Investment Schemes 12,571,910 4,314,352 - 16,886,262

Exchange Traded Funds 26,166,349 - - 26,166,349


profit or loss 47,480,980 4,314,352 - 51,795,332



USD USD USD USD

Bonds - 318,160 - 318,160

Equity 68,175,522 - - 68,175,522

Rights - 35,807 - 35,807


profit or loss 68,175,522 353,967 - 68,529,489


387


5 Fair value of financial instruments (continued)

Assets measured at fair value at 30 June 2017 (continued)



USD USD USD USD

Equity 111,376,061 - - 111,376,061


profit or loss 111,376,061 - - 111,376,061



USD USD USD USD

Bonds 271,976,318 185,440,704 - 457,417,022

Futures 190,825 - - 190,825

Forward Currency Contracts - 1,641,794 - 1,641,794

Swaps - 3,870,821 - 3,870,821


profit or loss 272,167,143 190,953,319 - 463,120,463



USD USD USD USD

Equity 114,058,348 - - 114,058,348


profit or loss 114,058,348 - - 114,058,348



USD USD USD USD

Equity 124,807,901 - - 124,807,901

Forward Currency Contracts - 88,410 - 88,410


profit or loss 124,807,901 88,410 - 124,896,311



USD USD USD USD

Equity 334,672,530 - - 334,672,530

Collective Investment Schemes 11,088,620 - - 11,088,620

Rights - 16,544 - 16,544


profit or loss 345,761,150 16,544 - 345,777,694


388






USD USD USD USD

Equity 636,675,995 - - 636,675,995


Rights - 20,505 - 20,505


profit or loss 671,247,207 20,505 - 671,267,712



USD USD USD USD

Bonds - 40,577 - 40,577

Equity 37,858,696 - - 37,858,696


profit or loss 37,858,696 40,577 - 37,899,273



USD USD USD USD

Equity 111,382,168 - - 111,382,168


profit or loss 111,382,168 - - 111,382,168



GBP GBP GBP GBP

Bonds 30,317,630 72,565,204 - 102,882,834

Equity 11,957,442 - - 11,957,442



profit or loss 42,275,072 73,850,329 - 116,125,401



GBP GBP GBP GBP



profit or loss 38,198,816 - - 38,198,816



USD USD USD USD

Equity 71,791,210 - - 71,791,210

Rights - 516 - 516


profit or loss 71,791,210 516 - 71,791,726


389






GBP GBP GBP GBP

Equity 48,168,217 - - 48,168,217


profit or loss 48,168,217 - - 48,168,217



EUR EUR EUR EUR

Equity 236,384,415 - - 236,384,415

Rights - 11,920 - 11,920


profit or loss 236,384,415 11,920 - 236,396,335



USD USD USD USD

Equity 109,212,208 - - 109,212,208

Rights - 6,479 - 6,479


profit or loss 109,212,208 6,479 - 109,218,687



USD USD USD USD

Equity 43,948,896 - - 43,948,896



profit or loss 45,366,604 - - 45,366,604



USD USD USD USD



Futures 21,175 - - 21,175


profit or loss 40,212,185 334,877 - 40,547,062



GBP GBP GBP GBP


Equity 124,215,123 - - 124,215,123


profit or loss 128,770,865 - - 128,770,865


390






GBP GBP GBP GBP

Equity 211,959,621 - - 211,959,621


profit or loss 211,959,621 - - 211,959,621



USD USD USD USD

Bonds 2,563,249 3,277,257 - 5,840,506

Equity 12,341,333 - - 12,341,333

Options 138,600 - - 138,600


Futures 2,550 - - 2,550


profit or loss 15,045,732 3,284,456 - 18,330,188



GBP GBP GBP GBP

Equity 184,882,505 - - 184,882,505

Warrants - 55,743 - 55,743


profit or loss 184,882,505 55,743 - 184,938,248



GBP GBP GBP GBP

Equity 158,934,834 - - 158,934,834


profit or loss 158,934,834 - - 158,934,834



GBP GBP GBP GBP

Equity 59,272,314 - - 59,272,314


profit or loss 59,272,314 - - 59,272,314


391






GBP GBP GBP GBP

Bonds - 72,612,955 - 72,612,955

Equity 30,453,173 - - 30,453,173



Futures 329,381 - - 329,381

Options 496,748 - - 496,748


profit or loss 34,930,377 72,704,748 - 107,635,125



USD USD USD USD

Bonds 4,053,635 - - 4,053,635

Equity 2,521,529 - - 2,521,529


Futures 2,123 - - 2,123

Options 10,950 - - 10,950


profit or loss 8,820,748 - - 8,820,748



USD USD USD USD

Equity 5,491,030 - - 5,491,030


profit or loss 5,491,030 - - 5,491,030



USD USD USD USD

Equity 23,102,971 - - 23,102,971


profit or loss 23,102,971 - - 23,102,971



USD USD USD USD

Equity 8,814,421 - - 8,814,421

Exchange Traded Funds 950,757 - - 950,757


profit or loss 9,765,178 - - 9,765,178


392






USD USD USD USD

Equity 46,206,231 - - 46,206,231


profit or loss 46,206,231 - - 46,206,231



USD USD USD USD

Bonds 1,455,137 - - 1,455,137

Equity 28,886,307 - - 28,886,307


profit or loss 30,341,444 - - 30,341,444



USD USD USD USD

Equity 156,354,804 - - 156,354,804

Forward Currency Contracts - 99 - 99

Options 1,486,850 - - 1,486,850


profit or loss 157,841,654 99 - 157,841,753



USD USD USD USD

Equity 67,489,611 - - 67,489,611


profit or loss 67,489,611 - - 67,489,611



USD USD USD USD

Bonds - 18,476,563 - 18,476,563

Equity 1,753,463 - - 1,753,463



profit or loss 1,753,463 18,489,824 - 20,243,287

Sanlam Centre Active U.S Treasury Fund


USD USD USD USD

Bonds 8,930,332 - - 8,930,332

Derivatives 12,579 - - 12,579


profit or loss 8,942,911 - - 8,942,911


393






USD USD USD USD


Equity 10,877,497 - - 10,877,497


profit or loss 11,970,682 - - 11,970,682

Assets measured at fair value at 31 December 2016

The following tables analyse within the fair value hierarchy the Funds’ financial assets measured at fair

value through profit or loss at 31 December 2016:



USD USD USD USD

Equity 34,977,241 - - 34,977,241


profit or loss 34,977,241 - - 34,977,241



USD USD USD USD

Equity 38,122,913 - - 38,122,913


profit or loss 38,122,913 - - 38,122,913



GBP GBP GBP GBP

Bonds 11,022,115 - - 11,022,115


Collective Investment Schemes 14,966,301 4,152,098 - 19,118,399


profit or loss 46,075,676 4,152,098 - 50,227,801



USD USD USD USD

Equity 64,278,749 - - 64,278,749


profit or loss 64,278,749 - - 64,278,749



USD USD USD USD

Equity 100,991,007 - - 100,991,007


profit or loss 100,991,007 - - 100,991,007


394



Assets measured at fair value at 31 December 2016 (continued)



USD USD USD USD

Bonds 191,084,676 141,887,668 - 332,972,344

Futures 153,709 - - 153,709


Swaps - 3,536,185 - 3,536,185


profit or loss 191,238,385 147,052,290 - 338,290,675



USD USD USD USD

Equity 138,115,927 - - 138,115,927


profit or loss 138,115,927 - - 138,115,927



USD USD USD USD

Equity 113,418,261 - - 113,418,261



profit or loss 113,418,261 285,249 - 113,703,510



USD USD USD USD

Equity 739,438,879 - - 739,438,879

Rights - 85,670 - 85,670


profit or loss 739,438,879 85,670 - 739,524,549



USD USD USD USD

Equity 475,453,004 - - 475,453,004


Rights - 9,550 - 9,550


profit or loss 491,916,445 9,550 - 491,925,995


395






USD USD USD USD

Bonds - 40,330 - 40,330

Equity 27,611,471 - - 27,611,471


profit or loss 27,611,471 40,330 - 27,651,801



USD USD USD USD

Equity 101,926,904 - - 101,926,904


profit or loss 101,926,904 - - 101,926,904



GBP GBP GBP GBP

Bonds 15,150,252 57,634,383 - 72,784,635

Equity 7,601,855 - - 7,601,855



profit or loss 22,752,107 57,813,236 - 80,565,343



GBP GBP GBP GBP



profit or loss 40,983,966 - - 40,983,966



USD USD USD USD

Equity 6,290,960 - - 6,290,960

Rights - 516 - 516


profit or loss 6,290,960 516 - 6,291,476



GBP GBP GBP GBP

Equity 35,904,967 - - 35,904,967


profit or loss 35,904,967 - - 35,904,967


396






EUR EUR EUR EUR

Equity 118,641,933 - - 118,641,933


profit or loss 118,641,933 - - 118,641,933



USD USD USD USD

Equity 95,720,423 - - 95,720,423


profit or loss 95,720,423 - - 95,720,423



USD USD USD USD

Equity 36,593,203 - - 36,593,203

Rights - 430 - 430



profit or loss 38,242,588 - - 38,243,018



USD USD USD USD


Futures 46,544 - - 46,544



profit or loss 41,831,186 2,408 - 41,833,594



GBP GBP GBP GBP

Equity 84,418,600 - - 84,418,600



profit or loss 89,181,556 - - 89,181,556



USD USD USD USD

Equity 163,095,507 - - 163,095,507


profit or loss 163,095,507 - - 163,095,507


397






USD USD USD USD

Bonds 580,548 3,794,820 - 4,375,368

Equity 7,412,144 - - 7,412,144



profit or loss 7,992,692 4,047,951 - 12,040,643

Sanlam FOUR Active European (ex-UK) Equity Fund


GBP GBP GBP GBP

Equity 77,255,020 - - 77,255,020


profit or loss 77,255,020 - - 77,255,020



GBP GBP GBP GBP

Equity 182,912,879 - - 182,912,879

Warrants - 140,893 - 140,893


profit or loss 182,912,879 140,893 - 183,053,772



GBP GBP GBP GBP

Equity 119,308,944 - - 119,308,944


profit or loss 119,308,944 - - 119,308,944



GBP GBP GBP GBP

Equity 76,465,493 - - 76,465,493


profit or loss 76,465,493 - - 76,465,493


398






GBP GBP GBP GBP

Bonds - 70,719,510 - 70,719,510

Equity 15,421,620 - - 15,421,620



Futures 259,008 - - 259,008

Options 774,742 - - 774,742


profit or loss 26,764,854 70,764,494 - 97,529,348



USD USD USD USD

Equity 1,765,797 - - 1,765,797



profit or loss 5,087,300 - - 5,087,300



USD USD USD USD

Equity 5,093,511 - - 5,093,511


profit or loss 5,093,511 - - 5,093,511



USD USD USD USD

Equity 19,956,796 - - 19,956,796


profit or loss 19,956,796 - - 19,956,796



USD USD USD USD

Equity 8,990,005 - - 8,990,005

Exchange Traded Funds 926,730 - - 926,730


profit or loss 9,916,735 - - 9,916,735


399






USD USD USD USD

Equity 16,212,028 - - 16,212,028


profit or loss 16,212,028 - - 16,212,028



USD USD USD USD

Equity 17,467,102 - - 17,467,102


profit or loss 17,467,102 - - 17,467,102



USD USD USD USD

Equity 126,745,195 - - 126,745,195

Options 1,670,400 - - 1,670,400


profit or loss 128,415,595 - - 128,415,595



USD USD USD USD

Bonds - 13,972,065 - 13,972,065

Equity 1,369,980 - - 1,369,980



profit or loss 1,369,980 13,994,146 - 15,364,126



USD USD USD USD

Equity 34,467,387 - - 34,467,387


profit or loss 34,467,387 - - 34,467,387


400



Liabilities measured at fair value at 30 June 2017

The following tables analyse within the fair value hierarchy the Funds’ financial liabilities measured at fair

value through profit or loss at 30 June 2017:



USD USD USD USD

Forward Currency Contracts (1,010,694) - (1,010,694)

Futures (358,311) (358,311) - (358,311)

Swaps - (4,000,447) - (4,000,447)

Total financial liabilities at fair value through

profit or loss (358,311) (5,011,141) - (5,369,453)



USD USD USD USD

Forward Currency Contracts - (92,632) - (92,632)


profit or loss - (92,632) - (92,632)



GBP GBP GBP GBP

Forward Currency Contracts - (1,911,698) - (1,911,698)


profit or loss - (1,911,698) - (1,911,698)



USD USD USD USD



profit or loss - (3,908) - (3,908)



USD USD USD USD



profit or loss - (105,177) - (105,177)


401



Liabilities measured at fair value at 30 June 2017 (continued)



GBP GBP GBP GBP


Futures (219,301) - - (219,301)

Options (56,437) - - (56,437)


profit or loss (275,739) (47,489) - (323,228)



USD USD USD USD

Futures (10,256) - - (10,256)

Options (3,828) - - (3,828)


profit or loss (14,084) - - (14,084)



USD USD USD USD



profit or loss - (89,369) - (89,369)

Sanlam Centre Active US Treasury Fund


USD USD USD USD

Futures (188) - - (188)


profit or loss (188) - - (188)

Liabilities measured at fair value at 31 December 2016

The following tables analyse within the fair value hierarchy the Funds’ financial liabilities measured at fair

value through profit or loss at 31 December 2016:



USD USD USD USD

Futures (103,757) - - (103,757)

Forward Currency Contracts - (2,115,323) - (2,115,323)

Swaps - (3,914,668) - (3,914,668)


profit or loss (103,757) (6,029,991) - (6,133,748)


402



Liabilities measured at fair value at 31 December 2016 (continued)



USD USD USD USD



profit or loss - (351,139) - (351,139)



USD USD USD USD



profit or loss - (361,120) - (361,120)



USD USD USD USD

Futures (48,507) - - (48,507)



profit or loss (48,507) (213,761) - (262,268)



GBP GBP GBP GBP

Futures (575,212) - - (575,212)


Options (3,528) - - (3,528)


profit or loss (578,740) (163,889) - (742,629)



USD USD USD USD

Futures (8,594) - - (8,594)

Options (38,888) - - (38,888)


profit or loss (47,482) - - (47,482)



USD USD USD USD



profit or loss - (19,950) - (19,950)


403



Significant transfers between levels 1, 2 and 3

Investments whose values are based on quoted market prices in active markets, and therefore classified

within level 1, include active listed equities, exchange traded derivatives, government bonds, futures

contracts, exchange traded option contracts and collective investment schemes. The Fund does not

adjust the quoted price for these instruments nor does it apply a discount to securities where the volume

traded in the market is low to the Fund’s holding.

Financial instruments that trade in markets that are not considered to be active but are valued based on

quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are

classified within level 2. Over-the-counter derivatives such as interest rate swaps and forward currency

contracts are classified within level 2. As level 2 investments include positions that are not traded in active

markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or

non-transferability, which are generally based on available market information.

Investments classified within level 3 have significant unobservable inputs, as they trade infrequently.

Level 3 instruments include illiquid equities.

The following tables show significant transfers between level 3 and level 1 of the fair value hierarchy for

financial assets recognised at fair value for the period ended 30 June 2017:

Sanlam Global Property Fund – 2017

Financial assets held for trading:

Transfer from level

3 to level 1

Equity 274,914

Sanlam Global Property Fund held a position in Kaisa Group Holdings Limited. Trading of the company’s shares were suspended in March 2015. A decision was taken by the Valuation Committee to write down the value of this position by 10%. Therefore the position was transferred from level 1 to level 3 of the fair value hierarchy. Subsequently, in March 2017, the suspension on trading was lifted and shares resumed trading. Therefore, the position was transferred from level 3 to level 1 of the fair value hierarchy and valued at the trading price.

The following tables show significant transfers between level 1 and level 3 of the fair value hierarchy for

financial assets recognised at fair value for the year ended 31 December 2016:

Satrix Emerging Markets Equity Tracker Fund – 2016


Transfer from level

1 to level 3

Transfer from level

3 to level 1

Equity 12,331 52,636

Satrix Emerging Markets Equity Tracker Fund held a position in Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Trading of the company’s shares on Shanghai Stock Exchange were suspended in February 2016. In March 2016, a decision was taken by the Valuation Committee to write down the value of this position by 25% with immediate effect. Therefore the position was transferred from level 1 to level 3 of the fair value hierarchy. Subsequently, in May 2016, the suspension on trading was lifted and shares resumed trading. Therefore, the position was transferred from level 3 to level 1 of the fair value hierarchy and valued at the trading price.


404



Significant transfers between levels 1, 2 and 3 (continued) At 31 December 2015 shares in Sihuan Pharmaceutical Holding Group Limited were suspended and were classified as level 3 due to the trading status. The position was valued at USD 40,305. In February 2016 the suspension on trading was lifted and the shares resumed trading on the Hong Kong Stock Exchange. Therefore the position was transferred from level 3 to level 1 of the fair value hierarchy.

Sanlam Four Active UK Equity Fund – 2016


Transfer from level

1 to level 3

Equity 110,004

Sanlam FOUR Active UK Equity Fund held a position in Petroceltic International Plc. The company entered into examinership in March 2016 and trading of shares on the Dublin and London Stock Exchange was suspended in May 2016. Following approval by the Valuation Committee, in April 2016 a decision was taken to write down the value of this position to GBP 0.03. The position was transferred from level 1 to level 3 of the fair value hierarchy due to the uncertainty around the valuation of the position. The company was subsequently subject to a takeover and the Fund's shares were disposed.

Level 3 Assets measured at fair value reconciliation

The following tables show a reconciliation of all movements in the fair value of financial instruments

categorised within Level 3 between 1 January and 30 June 2017:

Sanlam African Frontiers Market Fund

The level 3 position held by Sanlam African Frontiers Market Fund at 30 June 2017 is Stanbic IBTC Holding Co. Rights which is valued at USD Nil. This is a thinly traded illiquid position and is classified as level 3 due to its trading status.

There has been no movement in the value of the position in the period ended 30 June 2017 or the comparative period.

For the purpose of IFRS 7 for the reconciliation showing the change in fair value due to a change in inputs used, changes to one or more of the inputs to reasonably alternative assumptions, is irrelevant as there does not exist a reasonable alternative inputs.


The level 3 positions held by the Sanlam Global Best Ideas Fund at 30 June 2017 are Accident Exchange Group Plc which is valued at USD Nil (2016: USD Nil) and DBA Telecommunications Asia which is valued at USD Nil (2016: USD Nil). Accident Exchange Group Plc is a delisted security and classified as level 3 due to its trading status. Shares in DBA Telecommunications Asia have been suspended since June 2013. The position was written down by 50% on 17 December 2013 and subsequently written down to zero on 30 September 2014 pending further news and financial information from the company. There has been no movement in the value of the position in the period ended 30 June 2017 or the comparative period. For the purpose of IFRS 7 for the reconciliation showing the change in fair value due to a change in inputs used, changes to one or more of the inputs to reasonably alternative assumptions, is irrelevant as there does not exist a reasonable alternative inputs.


405


5 Fair value of financial instruments (continued) Level 3 Assets measured at fair value reconciliation (continued)


The level 3 positions held by the Sanlam Global Financial Fund at 30 June 2017 are Accident Exchange Group Plc which is valued at USD Nil (2016: USD Nil) and DBA Telecommunications Asia which is valued at USD Nil (2016: USD Nil). Accident Exchange Group Plc is a delisted security and classified as level 3 due to its trading status. Shares in DBA Telecommunications Asia have been suspended since June 2013. The position was written down by 50% on 17 December 2013 and subsequently written down to zero on 30 September 2014 pending further news and financial information from the company.

There has been no movement in the value of the positions during the period ended 30 June 2017 or the

comparative period.



Investment in securities

2017 2016

Balance as at 1 January 274,800 274,914

Realised gains/(losses) - -

Change in unrealised gains/(losses) - (114)

Gross Purchases - -

Gross Sales (274,800) -

Transfers in and out of level 3 - -

Balance as at 30 June/31 December - 274,800

Total unrealised gains and losses for the period/year included in profit

or loss for level 3 assets held at period/year end - (114)

The level 3 position held by the Sanlam Global Property Fund at 31 December 2016 was Kaisa Group Shares in Kaisa Group Holdings Limited were suspended on 31 March 2015 and were classified as level 3 due to the trading status. Following approval by the Valuation Committee, in July 2015 a decision was taken to write down the value of the position held in Kaisa Group Holdings Limited by an amount of 10% from the last available reported price. Subsequently, in March 2017, the suspension on trading was lifted and shares resumed trading. Therefore, the position was transferred from level 3 to level 1 of the fair value hierarchy and valued at the trading price. For the purpose of IFRS 7, for the reconciliation showing the change in fair value due to a change in inputs used, changes to one or more of the inputs to reasonably alternative assumptions is irrelevant in this case and would result in this position (possibly) being written down to zero.


406





2017 2016

Balance as at 1 January - 28,370

Realised gains/(losses) - 42,711

Change in unrealised - (28,370)

Gross Purchases - -

Gross Sales - (42,711)


Balance as at 30 June/ 31 December - -


or loss for level 3 assets held at period/year end - -

The level 3 positions held by Sanlam World Equity Fund at 30 June 2017 Du Pont ‘S’ Fractional Shares which are valued at USD Nil (2015: USD Nil). These securities are thinly traded and are classified as level 3 due to their trading status. There has been no movement in the value of the positions during the period ended 30 June 2017 or the comparative period. In 2016, the Fund held Rolls-Royce Group - C Shares which were thinly traded securities and were therefore classified as level 3 due to the trading status. The position was disposed of during the year ended 31 December 2016.




2017 2016




Gross Purchases - -



Balance as at 30 June/31 December - -



At 30 June 2017, Satrix World Equity Tracker Fund does not hold any level 3 positions. In 2016, the Fund held Rolls-Royce Group - C Shares which were thinly traded securities and were therefore classified as level 3 due to the trading status. The position was disposed of during the year ended 31 December 2016.


407


5 Fair value of financial instruments (continued) Level 3 Assets measured at fair value reconciliation (continued) For the purpose of IFRS 7 for the reconciliation showing the change in fair value due to a change in inputs used, changes to one or more of the inputs to reasonably alternative assumptions, is irrelevant as there does not exist a reasonable alternative inputs.



2017 2016




Gross Purchases - -






At 30 June 2017, Satrix UK Equity Tracker Fund does not hold any level 3 positions.

In 2016, the Fund held Rolls-Royce Group - C Shares which were thinly traded securities and were

therefore classified as level 3 due to the trading status. The position was disposed of during the year

ended 31 December 2016. For the purpose of IFRS 7 for the reconciliation showing the change in fair value due to a change in inputs used, changes to one or more of the inputs to reasonably alternative assumptions, is irrelevant as there does not exist a reasonable alternative inputs.


The level 3 position held by the Satrix Europe (ex-UK) Equity Tracker Fund at 30 June 2017 is Banco Espirito Santo SA which is valued at EUR Nil (2016: EUR Nil). Trading was suspended on this security during 2014 and the position is classified as level 3 due to its trading status. The position was written down to zero on 29 April 2015 pending further news and financial information from the company. There has been no movement in the value of the position during the period ended 30 June 2017 or the comparative period. For the purpose of IFRS 7 for the reconciliation showing the change in fair value due to a change in inputs used, changes to one or more of the inputs to reasonably alternative assumptions, is irrelevant as there does not exist a reasonable alternative inputs.


408





2017 2016




Gross Purchases - -






At 30 June 2017, Sanlam Equity Allocation Fund does not hold any level 3 positions.






2017 2016


Realised gains/(losses) - -


Gross Purchases - -

Gross Sales - -

Transfers in and out of level 3 - (40,305)



or loss for level 3 assets held at period/year end - 10,045

The level 3 positions held by the Satrix Emerging Markets Equity Tracker Fund at 30 June 2017 are African Bank Investments Limited which is valued at USD Nil (2016: USD Nil) and Hanergy Thin Film Power Group Limited which is valued at USD Nil (2016: USD 34,176). There has been no movement in the value of the position during the period ended 30 June 2017. Trading was suspended on African Bank Investments Limited on 10 August 2014 and it is classified as level 3 due to its trading status. The position was written down to zero on 3 October 2014 pending further news and financial information from the company.


409



Satrix Emerging Markets Equity Tracker Fund (continued)

Trading was suspended on Hanergy Thin Film Power Group Limited on 20 May 2015 and it is classified as level 3 due to its trading status. Following approval by the Valuation Committee, in July 2015 a decision was taken to write down the value of the positions held in Hanergy Thin Film Power Group Limited by an amount of 44.5% from the last available reported price. In January 2016, the Valuation Committee approved that this position be written down to zero value with immediate effect. The following movement in level 3 investments occurred during the year ended 31 December 2016: At 31 December 2015 shares in Sihuan Pharmaceutical Holding Group Limited was suspended and were classified as level 3 due to the trading status. The position was valued at USD 40,305. In February 2016 the suspension on trading was lifted and the shares resumed trading on the Hong Kong Stock Exchange. Therefore the position was transferred from level 3 to level 1 of the fair value hierarchy. Satrix Emerging Markets Equity Tracker Fund also held a position in Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Trading of the company’s shares on Shanghai Stock Exchange were suspended for a period from February 2016 to May 2016. As such the position was transferred to from level 1 to level 3 to reflect the lack of visibility on the fair value of the security and subsequently transferred from level 3 to level 1 once the suspension on trading was lifted. For the purpose of IFRS 7 for the reconciliation showing the change in fair value due to a change in inputs used, changes to one or more of the inputs to reasonably alternative assumptions, is irrelevant as there does not exist a reasonable alternative inputs.



2017 2016




Gross Purchases - -


Transfers in and out of level 3 - 110,004




At 30 June 2017 Sanlam FOUR Active UK Equity Fund does not hold any level 3 positions. The Fund held a position in Petroceltic International Plc. The company entered into examinership in March 2016 and trading of shares on the Dublin and London Stock Exchange was suspended in May 2016. Following approval by the Valuation Committee, in April 2016 a decision was taken to write down the value of this position to GBP 0.03. The position was transferred from level 1 to level 3 of the fair value hierarchy due to the uncertainty around the valuation of the position. The company was subsequently subject to a takeover and the Fund's shares were disposed.


410






6 Assets and liabilities not carried at fair value but for which fair value is disclosed

For all non-financial assets and liabilities at fair value through profit and loss, their carrying values are a reasonable approximation of fair value.


411


7 Exchange rates

The following period end USD exchange rates have been used in this report:

1 USD = 30 June 2017 31 December 2016 30 June 2016

AED 3.6730 3.6730 3.6729

AUD 1.3024 1.3833 1.2972

BRL 3.3065 3.2548 3.1069

BWP - 10.6838 9.8620

CAD 1.2991 1.3430 1.2483

CHF 0.9590 1.0159 0.9352

CLP 663.8763 670.6801 639.0001

CNY - 6.9472 6.1985

COP 3051.0696 3000.7097 2,602.6993

CZK 22.9075 25.6050 24.5254

DKK 6.5151 7.0445 6.6890

EGP 18.1180 18.1264 7.6299

EUR 0.8784 0.9476 0.8967

GBP 0.7688 0.8101 0.6359

GHS - - 4.3550

HKD 7.8066 7.7540 7.7520

HUF 270.7900 292.8400 282.6500

IDR 13338.9990 13510.0013 13,353.0000

ILS 3.4884 3.8490 3.7714

INR 64.6199 67.9380 63.6125

JPY 112.3500 116.7600 122.1200

KES 103.7502 102.4700 99.3000

KRW 1143.7800 1205.1000 1,117.6200

MAD 9.6577 10.1066 9.7233

MUR 34.4800 36.0100 34.9500

MXN 18.0803 20.6181 15.6888

MYR 4.2985 4.4860 3.7443

NGN 367.1600 314.9800 199.0200

NOK 8.3779 8.6130 7.8372

NZD 1.3652 1.4376 1.4765

PHP 50.4340 49.6060 45.0750

PLN 3.7053 4.1757 3.7576

QAR 3.7100 3.6408 3.6413

RUB 59.1364 61.1954 55.2650

SEK 8.4459 9.0821 8.2944

SGD 1.3766 1.4467 1.3474

THB 33.9250 35.8400 33.7800

TND - - 1.9513

TRY 3.5164 3.5226 2.6785

TWD 30.3750 32.3910 30.8880

TZS - 2181.0000 -

UGX - 3610.0000 3,303.0000

USD 1.0000 1.0000 1.0000

XOF 578.0856 627.8315 590.7000

ZAR 13.0559 13.7275 12.1514


412


7 Exchange rates (continued) The following average USD exchange rates have been used in this report:

1 USD = 30 June 2017 31 December 2016 30 June 2016

EUR 0.9233 0.9035 0.8964

GBP 0.7956 0.7438 0.6980

8 Related party transactions and significant agreements All related party transactions have been entered into and conducted under normal market conditions.

Significant Agreements

Directors’ interests

At 31 December 2016, Haydn Franckeiss had an interest of 60,604 shares in Sanlam Global Best Ideas Fund. During the period these shares were switched for shares in SIM Global Equity Income Fund. At 30 June 2017, Haydn Franckeiss had a beneficial interest of 60,123 shares in SIM Global Equity Income Fund. During the period Richard Aslett disposed of 20,403 shares in Sanlam Strategic Bond Fund. At 30 June 2017, Richard Aslett does not have an interest in any shares of the Company’s Funds. The other Directors who held office on 30 June 2017 had no interest in the shares of the Company or Funds at that date or at any time during the financial period. Manager

Pursuant to the Amended and Restated Management and Administration Agreement effective 29 August 2014, SAMI acts as both Manager and Administrator to the Company. SAMI is an ultimate subsidiary company of Sanlam Limited. Sanlam Life, a fellow subsidiary, is a significant indirect shareholder of the Company. The Manager is entitled to receive a management fee (a percentage of the net assets per annum) from each of the Funds as follows:

Fund

Share Class Rate of

Management fees

Sanlam Centre Global Select Equity Fund1, 3

A 1.50%

B 1.00%

C (USD) 1.00%

E None


2 Non distributing (USD) 0.20%


1 A 1.25%

B 0.60% B Accumulation 0.60%

C None

1 For these Funds, the Manager will pay, out of the management fee, the fees of the Investment Manager(s) and, where applicable, the

fees of the Investment Allocation Manager and Investment Advisors also. 2 For these Funds, the fees of the fees of the Investment Manager(s), the Investment Allocation Manager and Investment Advisors (as

applicable) are paid directly by the Fund. 3 Sanlam Centre Global Select Equity Fund closed during the period ended 30 June 2017.


413


8 Related party transactions and significant agreements (continued)

Significant Agreements (continued)

Manager (continued)

Fund

Share Class

Rate of

Management fees

Sanlam African Frontier Markets Fund1 A (USD) 1.75%

D (USD) 0.75%

G (USD) 1.50%

H (USD) None

I (USD) 1.00%

Sanlam Global Best Ideas Fund1 A (USD) 1.50%

A (GBP) 1.50%

A (EUR) 1.50%

B 0.85%

C 0.75%

C (GBP) 0.75%

D (USD) 0.75%

E None

F (USD) 1.50%

Sanlam Global Bond Fund1 A 1.00%

B 0.75%

C 0.60%

E (USD) None

E (GBP) None

Sanlam Global Financial Fund1 A (USD) 1.25%

A (GBP) 1.50%

A (EUR) 1.50%

B 1.00%

C (USD) 0.75%

C (GBP) 0.75%

D (USD) 1.50%

E None

F (GBP) 1.50%

G (USD) 1.00%


1 A (USD) 1.00%

B (USD) 0.75% C (USD) 0.60% E (USD) None E (GBP) None

1 For these Funds, the Manager will pay, out of the management fee, the fees of the Investment Manager(s) and, where applicable,

the fees of the Investment Allocation Manager and Investment Advisors also.


414




Manager (continued)

Fund

Share Class

Rate of

Management fees

Sanlam World Equity Fund1 A 1.50%

B 0.85%

C 0.75%

E None

Satrix World Equity Tracker Fund1 A 0.50%

C 0.75%

E None

I (USD) 0.30%

I (GBP) 0.30%

S 0.20%

SIIP India Opportunities Fund1 A (USD) 1.50%

C (USD) 0.75%

D (USD) 0.75%

E None

SIM Global Equity Income Fund1 A (USD) 1.25%

A (GBP) 1.25%

B (USD) 1.00%

C (USD) 0.75%

C Accumulation (USD) 0.75%

C Accumulation (GBP) 0.75%

E None

I (USD) 1.25%


2 A Income (GBP) 1.00%

A Accumulation (GBP) 1.00% I Income (GBP) 0.58% I Accumulation (GBP) 0.58% P Income (GBP) 0.35% P Accumulation (GBP) 0.35% P Accumulation (USD) 0.35% Sanlam Accel Income Fund

1 A Net Accumulation 1.00%

A Net Income 1.00% Satrix North America Equity Tracker Fund

1 A (USD) 0.50%

E None I (USD) 0.30% I (GBP) 0.30%


the fees of the Investment Allocation Manager and Investment Advisors also. 2 For these Funds, the fees of the fees of the Investment Manager(s), the Investment Allocation Manager and Investment Advisors (as

applicable) are paid directly by the Fund.


415




Manager (continued)

Fund

Share Class

Rate of

Management fees Satrix UK Equity Tracker Fund

1 A (USD) 0.50%

C (USD) 0.75% E (USD) None E (GBP) None I (USD) 0.30% I (GBP) 0.30% Satrix UK Equity Tracker Fund

1 A (USD) 0.50%

C (USD) 0.75% E (USD) None E (GBP) None I (USD) 0.30% I (GBP) 0.30% Satrix Europe (ex UK) Equity Tracker Fund

1 A (USD) 0.50%

C (USD) 0.75% E (EUR) None E (USD) None I (USD) 0.30% I (GBP) 0.30% Sanlam Equity Allocation Fund

1 E None

Satrix Emerging Markets Equity Tracker Fund1

A (USD) 0.75% E (USD) None I (USD) 0.30% I (GBP) 0.30%

Sanlam Managed Risk Fund1

A (EUR) 1.75% A (GBP) 1.75% A (USD) 1.75% I (EUR) 0.75% I (GBP) 0.75% I (USD) 0.75% N (EUR) 1.75% N (GBP) 1.75% N (USD) 1.75% N2 (GBP) 1.75%

1 For these Funds, the Manager will pay, out of the management fee, the fees of the Investment Manager(s) and, where applicable, the

fees of the Investment Allocation Manager and Investment Advisors also.


416




Manager (continued)

Fund

Share Class

Rate of

Management fees Sanlam Private Wealth Global High A Accumulation (GBP) 1.60% Quality Fund

1 C Accumulation (GBP) 0.55%

C Income (GBP) 0.55% D Accumulation (USD) 0.75% D Income (USD) 0.75% E Accumulation (USD) 1.25% E Income (USD) 1.25% F Income (GBP) 0.75% F Accumulation (GBP) 0.75% G Income (USD 0.75% G Accumulation (USD) 0.75% Sanlam FOUR US Dividend Income Fund

1 A Accumulation (GBP) 0.75%

A Accumulation (USD) 0.75% B Accumulation (USD) None

B Accumulation (GBP) None A Distribution (GBP) 0.75% A Distribution (USD) 0.75% A Distribution (EUR) 0.75% High Street Global Balanced

2 A (USD) 0.15%

Sanlam FOUR Active European (ex UK) Equity Fund

1,3 A (EUR) 0.75%

A (GBP) 0.75% B (EUR) None B (GBP) None B (USD) None C (GBP) 1.50% Sanlam FOUR Global Equity Fund

1 A (EUR) 0.75%

A (GBP) 0.75% A (USD) 0.75% B (GBP) None B (USD) None C (GBP) 1.50% C (USD) 1.50%




3 Sanlam FOUR Active European (ex UK) Equity Fund closed during the period ended 30 June 2017.


417




Manager (continued)

Fund

Share Class

Rate of

Management fees Sanlam FOUR Stable Global Equity Fund

1 A (EURO) 0.75%

A (GBP) 0.75% A (USD) 0.75% A Distribution (GBP) 0.75% B (GBP) None B (USD) None Sanlam FOUR Active UK Equity Fund

1 A (GBP) 0.75%

B (GBP) None B (USD) None C (GBP) 1.50% C (USD) 1.50% D (GBP) 0.45% I (GBP) 0.75% Sanlam FOUR Multi-Strategy Fund

1 A (GBP) 0.75%

A (USD) 0.75% B (GBP) None

B (USD) None

Founder (GBP) 0.50% Founder Income Distribution (GBP) 0.50% A Income Distribution (GBP) 0.75% B Income Distribution (GBP) None Anchor Global Capital Plus Fund

2 A 0.20%

B 0.20% Bridge Global Equity Income Growth Fund

2 A (USD) 0.20%


2 A 0.20%

B 0.20% Bridge Global Managed Growth Fund

2 A (USD) 0.20%





418



Significant Agreements (continued) Manager (continued)

Fund

Share Class

Rate of

Management fees

SIM Global Emerging Markets Fund2

A1 (USD) 1.15% A2 (USD) 1.60% B1 (USD) 0.90% B2 (USD) 1.35% C1 (USD) 0.75%

C2 (USD) 1.20%

E (USD) None ABSA Africa Equity Fund

1 A (USD) 1.71%


1 E (USD) None

C (USD) 0.75% C (GBP) 0.75% Sanlam Global Convertible Securities Fund

1 A 0.75%


1 E (USD) None


1 E (USD) None

C (USD) 0.60% Autus Global Equity Fund

2 B (USD) 0.15%



applicable) are paid directly by the Fund. Management fees earned by the Manager during the period and outstanding accrued management fees at 30 June 2017 are disclosed as part of the summary of management and investment management fees on pages 425 to 445.


419



Significant Agreements (continued) Performance Fee For certain share classes of SIIP India Opportunities Fund, Sanlam Global Property Fund, Sanlam Global Financial Fund, Sanlam Global Best Ideas Fund, Sanlam African Frontier Markets Fund, High Street Global Balanced Fund, Anchor Global Capital Plus Fund, Anchor Global Equity Fund and SIM Global Emerging Markets Fund, Sanlam Global Convertible Securities Fund and Autus Global Equity Fund, the Manager shall also be entitled to receive out of the assets of the Funds a performance fee in respect of each performance period. The performance periods for Sanlam African Frontier Markets Fund, Sanlam Global Financial Fund, Sanlam Global Best Ideas Fund, Sanlam Global Property Fund, SIIP India Opportunities Fund and Sanlam Global Convertible Securities Fund comprise each successive six month period from 1 January to 30 June and from 1 July to 31 December. The performance periods for Anchor Global Equity Fund, Anchor Global Capital Plus Fund and Autus Global Equity Fund comprise each annual period from 1 January to 31 December. The performance periods for High Street Global Balanced Fund comprise each calendar quarterly period, and the performance periods for SIM Global Emerging Markets Fund comprise each calendar monthly period.

(a) The performance fee shall be equal to 10% to 20% (depending on the fund) of the difference between the percentage movement in the Net Asset Value per Share (A) being the Initial Issue Price for the first performance period and the percentage movement in the relevant index as set out in the prospectus (the “Index”) (B) during the performance period multiplied by the average of the Net Asset Value of the Fund as at each Valuation Point during the performance period prior to any accrual for performance fees but after accruing for all other fees and expenses.

(b) Where the Fund has underperformed the Index during a performance period (where A-B is a negative number), the Manager will not repay any amounts of performance fee paid by the Fund in respect of previous performance periods but no further performance fees will be charged until such time as any underperformance is recaptured by the Fund (until A-B measured since the end of the last performance period in respect of which a performance fee was paid becomes positive).

(c) For the performance period in which any underperformance is first recaptured, the performance fee

will be calculated in accordance with paragraph (b) above, except that the performance fee will only take into account any subsequent outperformance (A-B will be measured since the end of the last performance period in respect of which a performance fee was paid). Performance fee calculations in subsequent performance periods will revert to being based on the performance over the relevant performance period as calculated in accordance with paragraph (a) above.

(d) The performance fee shall be calculated by the Administrator (subject to verification by the

Depositary) and accrued in the Net Asset Value calculated in respect of each Dealing Day based on the performance to date of the Fund during that performance period.

Net realised and unrealised capital gains plus net realised and unrealised capital losses as of the relevant Valuation Point shall be taken into account in calculating the Net Asset Value per Share. As a result, performance fees may be paid on unrealised gains which may subsequently never be realised. Benchmarks will take account of income and capital gains/losses.


420



Significant Agreements (continued) Administrator SAMI as the Administrator is a related party of the Company. In its role as Administrator, SAMI is entitled to receive out of the assets of each Fund an annual fee ranging from 0.00% - 0.15% of the net assets of the Fund. Certain Funds are also subject to a minimum annual fee and/or additional annual fee ranging from USD 10,000 – 25,000 per annum. In addition, the Administrator is entitled to receive its reasonable costs and expenses incurred in the performance of its duties as Administrator of the Company. These fees shall accrue and be calculated on each dealing day and shall be payable monthly in arrears. The administration fees earned by the administrator during the period and outstanding at the period end date are presented in the Statement of Comprehensive Income and Statement of Financial Position, respectively. Investment Managers, Investment Advisors and Investment Allocation Manager The Investment Managers are appointed by the Manager. For certain Funds, as noted on pages 412 to 418, the Manager will pay out of its fees, the fees of the Investment Managers, Investment Allocation Manager and Investment Advisors (as applicable) appointed to those Funds. For the remaining Funds of the Company, the fees of the appointed Investment Managers, Investment Allocation Manager and Investment Advisors (as applicable) are paid directly by the Fund. The table below sets out the rates for the annual Investment Management fees paid directly by these Funds to the Investment Managers (in respect of each share class of the relevant Fund). These fees are payable monthly in arrears and accrued by reference to the net assets of the relevant share class on each dealing day.

Bridge Global

Property

Income Fund


Fund

High Street Global Balanced

Fund

Anchor Global Capital Plus

Fund

Class A Shares (USD) - - 1.00% 1.25%

Class B Shares (USD) - - 0.50% No fee

Class C Shares (USD) - - 1.50% -

Class P Income (GBP) - 0.20% - -

Class P Accumulation (GBP) - 0.20% - -

Class P Accumulation (USD) - 0.20% - -

Class I Income (GBP) - 0.43% - -

Class I Accumulation (GBP) - 0.43% - -

Non Distributing Class (USD) 1.52% - - -

Bridge Global

Equity Income

Fund

Anchor Global Equity

Fund Bridge Global

Managed Fund Autus Global Equity Fund

Class A Shares (USD) 1.00% 1.25% 1.00% -

Class B Shares (USD) - No fee - 1.00%

Fees paid directly to the appointed Investment Managers, Investment Allocation Manager and Investment Advisors (as applicable) by these Funds during the period and outstanding accrued fees as at 30 June 2017 are disclosed as part of the summary of management and investment management fees on pages 425 to 445.


421



Significant Agreements (continued) Investment Managers, Investment Advisors and Investment Allocation Manager (continued) Five of the appointed Investment Managers, Sanlam FOUR Investments UK Limited, Sanlam Investment Management (Pty) Limited, Sanlam Private Investments (UK) Limited, Centre Asset Management LLC and Sanlam Private Investments (UK) Limited are related parties to the Company and the Manager. Sanlam FOUR Investments UK Limited is also the appointed Investment Allocation Manager for a number of the Funds. Securities Lending Effective from 24 February 2016, pursuant to the Securities Lending Agency Agreement, SAMI was appointed as securities lending agent to the Company. Prior to the appointment of SAMI, Brown Brothers Harriman & Co acted as securities lending agent to the Company Pursuant to the Securities Lending Sub-Agency Agreement, effective 24 February 2016 Brown Brothers Harriman & Co. was appointed by SAMI as securities lending sub-agent to the Company. The securities lending agent and securities lending sub-agent receive remuneration for their services provided as part of the Company’s securities lending arrangements, the terms of which are set out in the agreements referenced above. The securities lending sub-agent is not a related party to the Company. Further details on the Company’s securities lending activity are disclosed in note 13. Registrar and Transfer Agent Brown Brothers Harriman Fund Administration (Ireland) Limited is the appointed Registrar and Transfer Agent to the Company. Transfer agency fees are charged at normal commercial rates. The Registrar and Transfer Agent is not a related party of the Company. Depositary Brown Brothers Harriman Trustee Services (Ireland) Limited is the appointed Depositary to the Company. The Depositary is not a related party to the Company or to the Administrator. The Depositary will be entitled to receive from the Company, out of the assets of the Fund, an annual fee which will not exceed 0.02% of the net assets of the Fund (plus VAT, if any) together with reasonable costs and expenses incurred by the Depositary in the performance of its duties as Depositary of the Fund. These fees shall accrue and be calculated on each Dealing Day and shall be payable monthly in arrears. The Depositary shall also be entitled to be reimbursed out of the assets of the Fund all agreed transaction charges (which will be charged at normal commercial rates).

Distributors

The Distributors are appointed and paid by the Manager. Sanlam FOUR Investments UK Limited and Sanlam Investment Management (Pty) Limited and Sanlam Global Investment Solutions Ltd are related parties to the Company and the Manager.


422



Significant shareholders at period end

Shareholder Fund % held at

30/06/2017 % held at

31/12/2016

Agulhas Nominees (Pty) Ltd for SPI Sanlam Centre Global Select Equity Fund 0.00% 27.65%

BBH & CO ACF Sanlam Global Funds Plc/ Sanlam Centre Global Select Equity Fund 0.00% 69.11%

Agulhas Nominees (Pty) Ltd**** Bridge Global Property Income Fund 12.31% 11.98%

SGSS Bridge Global Property Income Fund Bridge Global Property Income Fund 54.96% 55.38%

Nortrust Nominees Limited Bridge Global Property Income Fund 18.85% 18.08%

KAS Nominees P-Solve Inflation Plus Fund 84.53% 84.89%

Standard Life Investment Funds P-Solve Inflation Plus Fund 14.52% 14.10%

Sentinel Mining Industry Retirement Sanlam African Frontier Markets Fund 35.14% 40.00%

Sanlam Life Insurance Ltd** Sanlam African Frontier Markets Fund 35.11% 37.97%

Municipal Gratuity Fund Sanlam African Frontier Markets Fund 15.10% 13.32%

Consolidated Retirement Fund Sanlam African Frontier Markets Fund 7.44% 6.58%

SBSA ITF Sim Global Best Ideas*** Sanlam Global Best Ideas Fund 37.80% 36.92%

Post Office Retirement Fund Sanlam Global Best Ideas Fund 25.65% 25.10%

Fundsettle EOC Nominees Ltd Sanlam Global Best Ideas Fund 8.53% 8.61%

Agulhas Nominees (Pty) Ltd for SPI Sanlam Global Best Ideas Fund 7.63% 8.00%

SBSA ITF Sanlam Value Fund Sanlam Global Best Ideas Fund 7.45% 7.26%

Clearstream Banking SA AFS Sanlam Global Bond Fund 8.33% 0.00%

BBH & Co ACF Sanlam Global Funds Plc Sanlam Global Bond Fund 15.83% 19.30%

BBH & CO ACF Sanlam Qualifying Investors Funds Plc Sanlam Global Bond Fund 28.75% 33.69%

Sanlam Life & Pensions Sanlam Global Bond Fund 35.42% 31.59%

Sanlam Life Insurance Ltd Sanlam Global Bond Fund 7.00% 9.28%

Agulhas Nominees (Pty) Ltd for SPI Sanlam Global Financial Fund 19.11% 14.39%

SBSA PPMSA Inv Sol Balanced Fund Sanlam Global Financial Fund 0.00% 8.88%

SBSA ITF Sanlam Value Fund Sanlam Global Financial Fund 15.59% 12.67%

SBSA ITF SIM Balanced Fund Sanlam Global Financial Fund 11.62% 8.59%

SBSA ITF Prudential Dividend Sanlam Global Financial Fund 11.77% 8.31%

SBSA I.T.F. SIM Global Financial Sanlam Global Financial Fund 8.23% 5.59%

SBSA ITF Prudential Balanced Fund Sanlam Global Financial Fund 0.00% 5.10%

SBSA ITF Prudential Inflation Plus Fund Sanlam Global Financial Fund 0.00% 7.95%

SIM (Pty) Ltd Pooled Segregated Fund Sanlam Global Financial Fund 5.41% 0.00%

Bank Lombard Odier & Co Ltd Sanlam Global Financial Fund 7.48% 0.00%

Sanlam Life Insurance Ltd** Sanlam Global Property Fund 31.29% 30.16%

Sanlam Life & Pensions Sanlam Global Property Fund 35.76% 36.10%

Standard Bank of SA Ltd*** Sanlam Global Property Fund 11.07% 10.99%

SBSA ITF SIM Inflation Plus Fund Sanlam Global Property Fund 7.39% 7.49%

BBH & Co ACF Sanlam Global Funds Plc Sanlam Global Property Fund 5.06% 5.44%

BBH & Co ACF Sanlam Global Funds Plc Sanlam World Equity Fund 15.02% 65.13%

Sanlam Life Insurance Ltd Sanlam World Equity Fund 17.33% 8.36%

*At 30 June 2017, Brown Brothers Harriman Trustee Services (Ireland) Limited held the Class E shares in each of these Funds on behalf of certain Funds of Sanlam Global Funds Plc, Sanlam Qualifying Investors Funds Plc and Sanlam Universal Funds Plc. **These significant shareholders are related parties to the Company and the Manager. ***These are investments by South African Unit Trusts. These Unit Trusts are managed by related parties to the Manager. ****These are nominee accounts managed by the related parties of the Manager.


423



Significant shareholders at the period end (continued)


30/106/2017 % held at

31/12/2016

SBSA ITF SIM Balanced Fund Sanlam World Equity Fund 45.49%% 16.79% SBSA ITF SIM Inflation Plus Fund Sanlam World Equity Fund 6.66% 0.00% SIM (Pty) Ltd Pooled Segregated Fund Sanlam World Equity Fund 9.37% 0.00% Sanlam Life Insurance Ltd** Satrix World Equity Tracker Fund 11.20% 14.19% SBSA ITF SIM Balanced Fund*** Satrix World Equity Tracker Fund 6.74% 8.29% SCB ATF Satrix MSCI World Satrix World Equity Tracker Fund 19.06% 19.04% SBSA ITF SIM Inflation Plus Fund Satrix World Equity Tracker Fund 12.10% 13.76% SIM (Pty) Ltd Pooled Segregated Fund Satrix World Equity Tracker Fund 5.73% 7.18% BBH & CO ACF Sanlam Universal Funds Plc Satrix World Equity Tracker Fund 5.94% 8.40% BBH & CO ACF Sanlam Global Funds Plc Satrix World Equity Tracker Fund 18.23% 0.00% Standard Bank of South Africa*** SIIP India Opportunities Fund 54.80% 52.83% BBH & Co ACF Sanlam Global Funds Plc SIIP India Opportunities Fund 44.43% 46.78% Agulhas Nominees (Pty) Ltd**** SIM Global Equity Income Fund 5.47% 5.50% Fundsettle EOC Nominees Ltd SIM Global Equity Income Fund 6.22% 5.70% SBSA ITF Sim Inflation Plus Fund*** SIM Global Equity Income Fund 8.53% 8.30% Sanlam Life Insurance Ltd SIM Global Equity Income Fund 61.96% 60.26% SBSA ITF SIM Global Equity Income SIM Global Equity Income Fund 0.00% 6.61% Principal Nominees Ltd**** Sanlam Strategic Bond Fund 67.58% 81.45% Cofunds Nominees Limited Sanlam Strategic Bond Fund 4.79% 6.23% Clearstream Banking SA Sanlam Strategic Bond Fund 12.01% 0.00% Cofunds Nominees Limited Sanlam Accel Income Fund 89.95% 90.10% Fundsettle EOC Nominees Ltd Satrix North America Equity Tracker Fund 2.52% 99.19% BBH & CO ACF Sanlam Global Funds Plc Satrix North America Equity Tracker Fund 97.43% 0.00% BBH & CO ACF Sanlam Qualifying Investors Funds Plc Satrix UK Equity Tracker Fund 76.37% 69.50% SBSA ITF SIM Balanced Fund Satrix UK Equity Tracker Fund 15.76% 20.30% SBSA ITF SIM Balanced Fund Satrix European (ex UK) Equity Tracker Fund 7.87% 15.37% BBH & CO ACF Sanlam Qualifying Investors Funds Plc Satrix European (ex UK) Equity Tracker Fund 36.39% 52.30% SBSA ITF SIM Inflation Plus Fund Satrix European (ex UK) Equity Tracker Fund 8.45% 14.73% BBH & CO ACF Sanlam Global Funds Plc Satrix European (ex UK) Equity Tracker Fund 38.66% 0.00% BBH & CO ACF Sanlam Qualifying Investors Funds Plc Sanlam Equity Allocation Fund 100.00% 100.00% SIM (Pty) Ltd Pooled Segregated Fund Satrix Emerging Market Equity Tracker Fund 19.08% 19.24% Cofunds Nominees Limited Satrix Emerging Market Equity Tracker Fund 22.80% 20.86% SBSA ITF SIM Inflation Plus Fund Satrix Emerging Market Equity Tracker Fund 33.26% 33.39% African Life Assurance Company Limited Satrix Emerging Market Equity Tracker Fund 0.00% 7.58% Sanlam Life Insurance Ltd Satrix Emerging Market Equity Tracker Fund 5.10% 5.15% Standard Bank In Trust For Sanlam Satrix Emerging Market Equity Tracker Fund 6.94% 6.97% Sanlam Developing Markets Ltd Satrix Emerging Market Equity Tracker Fund 7.75% 0.00% Fundsettle Nominees Ltd Sanlam Managed Risk Fund 63.17% 74.72% RBC IS GFP Sanlam Managed Risk Fund 29.49% 17.02% Agulhas Nominees (Pty) Ltd**** Sanlam Private Wealth Global High Quality Bond Fund 68.38% 60.82% Principal Nominees Limited Sanlam Private Wealth Global High Quality Bond Fund 20.98% 28.23% BBH & Co ACF Sanlam Global Funds Plc Sanlam FOUR US Dividend Income Fund 70.68% 89.66% Cofunds Nominees Limited Sanlam FOUR US Dividend Income Fund 6.62% 7.46% Clearstream Banking SA FBO 15888-34419 Sanlam FOUR US Dividend Income Fund 11.19% 0.00% Nortrust Nominees Limited Sanlam FOUR US Dividend Income Fund 5.39% 0.00% Fundsettle EOC Nominees LTD High Street Global Fund 36.33% 25.20% Clearstream Banking SA AFS High Street Global Fund 17.89% 18.29% Raubenheimer High Street Global Fund 5.29% 6.37% Mackenzie High Street Global Fund 5.58% 6.72% Sirius Trustees Ltd High Street Global Fund 5.38% 9.20% *At 30 June 2017, Brown Brothers Harriman Trustee Services (Ireland) Limited held the Class E shares in each of these Funds on behalf of certain Funds of Sanlam Global Funds Plc, Sanlam Qualifying Investors Funds Plc and Sanlam Universal Funds Plc. **These significant shareholders are related parties to the Company and the Manager. ***These are investments by South African Unit Trusts. These Unit Trusts are managed by related parties to the Manager. ****These are nominee accounts managed by the related parties of the Manager.


424



Significant shareholders at the period end (continued)


30/06/2017 % held at

31/12/2016

Davies High Street Global Fund 5.38% 6.48%

JPMBI Re: Sanlam Life & Pensions Sanlam FOUR Global Equity Fund 17.92% 16.12%

BBH & CO ACF Sanlam Global Funds Plc Sanlam FOUR Global Equity Fund 78.36% 79.06%

BBH & CO ACF Sanlam Global Funds Plc Sanlam FOUR Stable Global Equity Fund 92.96% 93.12%

JPMI Re: Sanlam Life and Pensions Sanlam FOUR Active UK Equity Fund 82.52% 67.02%

BBH & CO ACF Sanlam Global Funds Plc Sanlam FOUR Active UK Equity Fund 13.48% 28.50%

JPMBI Re: Sanlam Life & Pensions Sanlam FOUR Multi-Strategy Fund 88.12% 90.28%

Capital International (Nominees) Ltd Anchor Global Capital Plus Fund 89.92% 89.78%

SBSA ITF Anchor BCI Global Capital Anchor Global Capital Plus Fund 9.21% 8.85%

Bridge Pension Fund Bridge Global Equity Income Growth Fund 31.34% 31.84%

SGSS Bridge Balanced Fund Bridge Global Equity Income Growth Fund 31.95% 32.45%

Bridge Global Equity Income Growth Bridge Global Equity Income Growth Fund 28.81% 27.64%

Capital International (Nominees) Ltd Anchor Global Equity Fund 71.48% 68.06%

SBSA ITF Anchor BCI Global Equity Feeder Anchor Global Equity Fund 13.56% 18.62%

SGSS Bridge Global Income Growth Bridge Global Managed Growth Fund 97.87% 98.42%

Sanlam Life Insurance Ltd SIM Global Emerging Markets Fund 40.89% 55.39%

Agulhas Nominees (Pty) Ltd for SPI SIM Global Emerging Markets Fund 12.60% 11.95%

BBH & CO ACF Sanlam Global Funds Plc SIM Global Emerging Markets Fund 30.81% 23.85%

SBSA ITF Sim Global Emerging Markets SIM Global Emerging Markets Fund 6.65% 5.28%

SGSS ITF ABSA Africa Equity Fund ABSA Africa Equity Fund 100.00% 100.00%

BBH & CO ACF Sanlam Global Funds Plc Sanlam Centre American Select Equity Fund 90.42% 100.00%

Clearstream Banking SA FBO 15888-34419 Sanlam Centre American Select Equity Fund 9.58% 0.00%

Sanlam Life Insurance Ltd Sanlam Global Convertible Securities Fund 99.74% 99.89%

BBH & CO ACF Sanlam Global Funds Plc Sanlam Japan Equity Fund 100.00% 100.00%

SBSA ITF AUTUS BCI GLOBAL EQUITY FUND Autus Global Equity Fund 100.00% 0.00%

Sanlam Life Insurance Ltd Sanlam Centre Active U.S Treasury Fund 99.95% 0.00%

*At 30 June 2017, Brown Brothers Harriman Trustee Services (Ireland) Limited held the Class E shares in each of these Funds on behalf of certain Funds of Sanlam Global Funds Plc, Sanlam Qualifying Investors Funds Plc and Sanlam Universal Funds Plc. **These significant shareholders are related parties to the Company and the Manager. ***These are investments by South African Unit Trusts. These Unit Trusts are managed by related parties to the Manager. ****These are nominee accounts managed by the related parties of the Manager.

Management and investment management fees The Manager may rebate a portion of its fees to certain of the Funds of Sanlam Universal Funds plc, Sanlam Global Funds plc and Sanlam Qualifying Investors Funds plc where those Funds are themselves invested into Funds of the Company or enter into special fee arrangements and/or rebate agreements, in its sole discretion, with certain shareholders who may be affiliates of the Manager, including Botswana Insurance Fund Management, Sanlam Private Investments (Pty) Limited, Sanlam Life Insurance Limited, Sanlam Life & Pensions (UK) Limited and Sanlam Collective Investments Limited. With the exception of P-Solve Inflation Plus Fund, rebate income earned by each of the Funds of the Company, as disclosed on the Statement of Comprehensive Income, was paid from the profits of the Manager.


425



Management and investment management fees (continued)

A summary of management and investment management fees earned during the period and outstanding accrued fees as at 30 June 2017 is as follows:

Sanlam Centre

Global

Select Equity

Fund

Bridge Global Property

Income Fund


Fund

Sanlam African Frontier

Markets Fund

USD USD GBP USD

Fees incurred during the period ended 30/06/2017 Class A Management Fees (22,223) - (193) (10,826)

Class B Management Fees (2,992) - (23,753) -

Class B (Accumulation) Management Fees - - (1) -

Class C Management Fees (129) - - -

Class D Management Fees - - - (92,194)

Class G Management Fees - - - (190,370)

Non-Distributing Class Management Fees - (312,614) - -

(25,344) (312,614) (23,947) (293,390)

Fees accrued at 30/06/2017

Class A Management Fees (95) - (20) (5,155)

Class B Management Fees - - (8,196) -





(112) (46,229) (8,216) (53,078)


426




A summary of management and investment management fees earned during the period and outstanding accrued fees as at 30 June 2017 is as follows (continued):


Sanlam Global Bond

Fund

Sanlam Global

Financial Fund

Sanlam Global

Property Fund

USD USD USD USD

Fees incurred during the period ended 30/06/2017 Class A Management Fees (129,503) (48) (158,431 (132)

Class A (EUR) Management Fees (2) - (1,193) -

Class A (GBP) Management Fees (736) - (3,432) -

Class B Management Fees (157,304) (1,784) (116,811) (102,603)

Class C Management Fees (63,263) (261,270) (84,890) (132,424)

Class C (GBP) Management Fees (65) - (8,542) -

Class D Management Fees - - (1,993) -

Class F Management Fees (56) - - -

Class F (GBP) Management Fees - - (1,138) -

Class G Management Fees - - (193,062) -

(350,929) (263,102) (569,492) (235,159)


Class A Management Fees (21,833) (8) (26,988) (23)

Class A (EUR) Management Fees - - (208) -

Class A (GBP) Management Fees (129) - (599) -

Class B Management Fees (26,647) (155) (21,713) (17,737)



Class D Management Fees - - (339) -


Class F (GBP) Management Fees - - (178) -

Class G Management Fees - - (22,411) -

(59,488) (43,880) (79,389) (40,802)


427







Fund


Fund


Fund

USD USD USD USD

Fees incurred during the period ended 30/06/2017 Class A Management Fees (763) (165,918) (801) (60,955)

Class A (GBP) Management Fees - - - (117)

Class B Management Fees (169,027) - - (344)

Class C Management Fees (1,119,725) (198,009) (68,342) (23,328)

Class C Accumulation Management Fees - - - (329,012)

Class C (GBP) Accumulation Management Fees - - - (333)


Class I Management Fees - (521,098) - (34,833)

Class I (GBP) Management Fees - (1,061) - -

Class S Management Fees - (14,850) - -

(1,289,515) (900,936) (69,226) (448,922)


Class A Management Fees (130) (28,349) (144) (10,574)


Class B Management Fees (28,539) - - (59)


Class C Accumulation Management Fees - - - (57,116)

Class C (GBP) Accumulation Management Fees - - - (58)


Class I Management Fees - (93,386) - (6,057)

Class I (GBP) Management Fees - (187) - -

Class S Management Fees - (2,842) - -

(222,849) (157,617) (13,873) (77,529)


428







Satrix North America

Equity Tracker Fund

Satrix UK Equity

Tracker Fund

GBP GBP USD GBP

Fees incurred during the period ended 30/06/2017 Class A Management Fees - - (211) (45)

Class A Accumulation Management Fees (4,677) (22,932) - -

Class A Income Management Fees (181) (35,837) - -

Class I Management Fees - - (3,671) (13,976)

Class I (GBP) Management Fees - - (925) (1,076)

Class I Accumulation Management Fees (8,373) - - -

Class I Income Management Fees (11,877) - - -

Class P Income Management Fees (126,325) - - -

Class P Accumulation Management Fees (13,523) - - -

Class P (USD) Accumulation Management Fees (11,292)

(176,248) (58,769) (4,807) (15,097)


Class A Management Fees - - (29) (8)

Class A Accumulation Management Fees (1,801) (11,884) - -

Class A Income Management Fees (70) (18,573) - -

Class I Management Fees - - (280) (2,380)

Class I (GBP) Management Fees - - (148) (182)

Class I Accumulation Management Fees (3,225) - - -

Class I Income Management Fees (4,575) - - -

Class P Income Management Fees (48,658) - - -

Class P Accumulation Management Fees (5,209) - - -

Class P (USD) Accumulation Management Fees (4,350) - - -

(67,888) (30,457) (457) (2,570)


429






Sanlam Equity

Allocation Fund

Satrix Emerging

Market Equity Tracker Fund


EUR USD USD USD

Fees incurred during the period ended 30/06/2017

Class A Management Fees (16,009) - (51,130) (4,362)

Class A (EUR) Management Fees - - - (204)

Class A (GBP) Management Fees - - - (20,241)

Class C Management Fees (4,867) - - -

Class I Management Fees (77,979) - (29,110) (117,574)

Class I (GBP) Management Fees (904) - (14,758) (40,332)

Class I (EUR) Management Fees - - - (738)

Class N Management Fees - - - (6,066)

Class N (EUR) Management Fees - - - (1,429)

Class N (GBP) Management Fees - - - (5,104)

(99,759) - (94,998) (196,050)


Class A Management Fees (2,812) - (8,998) (693)

Class A (EUR) Management Fees - - - (32)



Class I Management Fees (13,652) - (4,948) (18,692)

Class I (GBP) Management Fees (156) - (2,704) (6,412)

Class I (EUR) Management Fees - - - (117)

Class N Management Fees - - - (964)

Class N (EUR) Management Fees - - - (227)

Class N (GBP) Management Fees - - - (811)

(17,489) - (16,650) (31,169)


430






High Quality Fund

Sanlam FOUR US Dividend

Income Fund

High Street Global

Balanced Fund

Sanlam FOUR Active

European ex-UK Equity

Fund

GBP USD USD GBP


Class A Management Fees - - (102,273) -


Class A (EUR) Management Fees - - - (36,890)

Class A (USD) Accumulation Management Fees - (3,342) - -

Class A (GBP) Accumulation Management Fees (5,943) (75,067) - -

Class A (USD) Distribution Management Fees - (4,063) - -

Class A (EUR) Distribution Management Fees - (901) - -

Class A (GBP) Distribution Management Fees - (34,347) - -

Class B Management Fees - - - (42,724)

Class B (GBP) Management Fees - - - (2,076)

Class B (EUR) Management Fees - - - (4,298)

Class B (USD) Accumulation Management Fees - (100,413) - -

Class C (GBP) Management Fees - - - (57)

Class C (GBP) Accumulation Management Fees (3,401) - - -

Class C (GBP) Income Management Fees (85,376) - -

Class D (USD) Accumulation Management Fees (196,054) - - -

Class E (USD) Accumulation Management Fees (253,121) - - -

Class F (GBP) Accumulation Management Fees (3,427) - - -

Class F (GBP) Income Management Fees (3,437) - -

Class G Accumulation Management Fees (9,897) - - -

Class G Income Management Fees (18) - - -

(560,674) (218,133) (102,273) (94,553)


431






High Quality Fund


Income Fund

High Street Global

Balanced Fund

Sanlam FOUR Active

European ex-UK Equity

Fund

GBP GBP USD GBP


Class A Management Fees - - (15,884) -


Class A (EUR) Management Fees - - - (14,633)

Class A (USD) Accumulation Management Fees - (1,586) - -

Class A (GBP) Accumulation Management Fees (1,072) (33,545) - -

Class A (USD) Distribution Management Fees - (1,961) - -

Class A (EUR) Distribution Management Fees - (405) - -

Class A (GBP) Distribution Management Fees - (17,050) - -

Class B Management Fees - - - (28,661)

Class B (GBP) Management Fees - - - (585)

Class B (EUR) Management Fees - - - (3)

Class B (USD) Accumulation Management Fees - (28,303) - -


Class C (GBP) Accumulation Management Fees (835) - - -

Class C (GBP) Income Management Fees (14,785) - - -

Class D (USD) Accumulation Management Fees (42,339) - - - Class E Accumulation Management Fees (47,846) - - -

Class F (GBP) Accumulation Management Fees (748) - - -

Class F (GBP) Income Management Fees (813) - - -

Class G Accumulation Management Fees (1,775) - - -

Class G Income Management Fees (6) - - -

(110,219) (82,850) (15,884) (47,303)


432


8 Related party transactions and significant agreements (continued) Management and investment management fees (continued) A summary of management and investment management fees earned during the period and outstanding accrued fees as at 30 June 2017 is as follows (continued):

Sanlam FOUR Global Equity

Fund

Sanlam FOUR Stable

Global Equity Fund


Equity Fund


Fund

GBP GBP GBP GBP


Class (GBP) Founder Management fees - - - (7,311)

Class (GBP) Income Distribution Founder

Management fees - - - (2,146)

Class A (USD) Management Fees (19,864) (42,841) - (506)

Class A (GBP) Management Fees (788) (3,467) (4,422) (18,653)

Class A (EUR) Management Fees (13) (26,974) - -

Class A (GBP) Distribution Management Fees - (19) - (887)

Class B (USD) Management Fees (91,602) (79,874) (10,428) (65,558)

Class B (GBP) Management Fees (20,961) (215) (34,573) (1,994)

Class C Management Fees (1) - (538) -


Class D (GBP) Management Fees - - (242) -

Class I (GBP) Management Fees - - (1,695) -

(133,733) (153,390) (56,763) (97,055)


Class (GBP) Founder Management fees - - - (1,717)

Class (GBP) Income Distribution Founder

Management fees - - - (504)

Class A (USD) Management Fees (7,135) (15,602) - (119)

Class A (GBP) Management Fees (286) (1,306) (215) (4,381)

Class A (EUR) Management Fees (5) (9,796) - -

Class A (GBP) Distribution Management Fees - (9) - (208)

Class B (USD) Management Fees (43,394) (43,876) (506) (15,397)

Class B (GBP) Management Fees (10,129) (153) (1,678) (468)

Class C Management Fees - - (26) -

Class C (GBP) Management Fees (180) - (236) -

Class D (GBP) Management Fees - - (12) -

Class I (GBP) Management Fees - - (82) -

(61,129) (70,742) (2,755) (22,794)


433





Anchor Global Capital

Plus Fund

Bridge Global Equity Income

Growth Fund Anchor Global

Equity Fund

Bridge Global Managed

Growth Fund

USD USD USD USD


Class A Management Fees (81,138) (32,075) (157,528) (60,832)

(81,138) (32,075) (157,528) (60,832)


Class A Management Fees (11,968) (4,661) (24,183) (8,185)

(11,968) (4,661) (24,183) (8,185)


434



Management and investment management fees (continued) A summary of management and investment management fees earned during the period and outstanding accrued fees as at 30 June 2017 is as follows (continued):

SIM Global Emerging

Markets Fund ABSA Africa Equity Fund

Sanlam Centre American

Select Equity Fund


Securities Fund

USD USD USD USD


Class A Management Fees - (238,099) - (74,056)

Class A1 Management Fees (7,000) - - -

Class A2 Management Fees (22) - - -

Class B1 Management Fees (262) - - -

Class B2 Management Fees (73,528) - - -


Class C (GBP) Management Fees - - (18) -

Class C1 Management Fees (45,427) - - -


(150,206) (238,099) (35) (74,056)


Class A Management Fees - (43,467) - (12,487)

Class A1 Management Fees (1,576) - - -

Class A2 Management Fees (6) - - -

Class B1 Management Fees (83) - - -

Class B2 Management Fees (18,362) - -


Class C (GBP) Management Fees - - (12)



(34,333) (43,467) (24) (12,487)


435






Sanlam Centre American US

Treasury Fund

USD USD USD


Class B Management Fees - (57,213) -

Class C Management Fees - - (9)

- (57,213) (9)


Class B Management Fees - (12,696) -

Class C Management Fees - - (9)

- (12,696) (9)


436




A summary of management and investment management fees earned during the period and outstanding accrued fees as at 30 June 2016 is as follows:

Sanlam Centre

Global

Select Equity

Fund


Income Fund


Fund

Sanlam African Frontier

Markets Fund

USD USD GBP USD

Fees incurred during the period ended 30/06/2016 Class A Management Fees (84,723) - (207) (15,118)



Class B (Accumulation) Management Fees - - (5,670) -

Class C Management Fees (304) - - (26)




Class I Management Fees - - - (503)


(94,675) (332,755) (24,894) (327,174)


Class A Management Fees (13,860) - (35) (2,493)



Class B (Accumulation) Management Fees - - (962) -

Class C Management Fees (51) - - (4)




Class I Management Fees - - - -


(15,521) (57,666) (4,222) (55,568)


437





Sanlam Global Bond

Fund

Sanlam Global

Financial Fund

Sanlam Global

Property Fund

USD USD USD USD

Fees incurred during the period ended 30/06/2016 Class A Management Fees (170,209) (50) (135,708) (40)

Class A (EUR) Management Fees (1) - (573) -

Class A (GBP) Management Fees (764) - (2,022) -

Class B Management Fees (166,676) (3,062) (78,560) (81,481)



Class D Management Fees (34,232) - (1,529) -

Class F (EUR) Management Fees - - (191) -

Class F (GBP) Management Fees - - (2,132) -


Class G Management Fees (32,481) - (213,166) -

(500,260) (237,465) (660,562) (202,451)


Class A Management Fees (26,862) (8) (23,115) (14)

Class A (EUR) Management Fees - - (152) -

Class A (GBP) Management Fees (120) - (349) -

Class B Management Fees (26,880) (517) (13,560) (14,840)



Class D Management Fees (5,772) - (258) -

Class F Management Fees - - (23) -

Class F (EUR) Management Fees - - (298) -

Class F (GBP) Management Fees (8) - - -

Class G Management Fees (5,175) - (36,262) -

(78,462) (40,123) (104,057) (35,766)


438





Sanlam Strategic

Cash Fund Sanlam World

Equity Fund

Satrix World

Equity Tracker

Fund


Fund

USD USD USD USD

Fees incurred during the period ended 30/06/2016 Class A Management Fees (3,048) (670) (185,905) (494)

Class A (GBP) Management Fees - - - -

Class B Management Fees (3,774) (136,870) - -

Class C Management Fees - (989,932) (251,628) (61,640)

Class D Management Fees - - - (199)

Class I Management Fees - - (422,833) -


Class S Management Fees - - (6,767) -

(6,822) (1,127,472) (868,046) (62,333)


Class A Management Fees - (112) (29,535) (85)

Class B Management Fees - (22,513) - -

Class C Management Fees - (171,594) (39,024) (10,546)

Class D Management Fees - - - (32)

Class I Management Fees - - (70,164) -


Class S Management Fees - - (1,457) -

- (194,219) (140,310) (10,663)


439






Fund Sanlam Strategic

Bond Fund

Sanlam Accel

Income Fund


Tracker Fund

USD GBP GBP USD

Fees incurred during the period ended 30/06/2016 Class A Management Fees (56,809) - - (145)

Class A (GBP) Management Fees (6) - - -

Class A Accumulation Management Fees - (3,914) (32,512) -

Class A Income Management Fees - (135) (38,967) -

Class B Management Fees (315) - - -


Class C Accumulating Management Fees (58,120) - - -

Class C (GBP) Accumulating Management Fees (44) - - -

Class I Management Fees (24,684) - - (9,227)

Class I (GBP) Management Fees - - - (1,535)

Class I Accumulation Management Fees - (6,311) - -

Class J Management Fees - (9,887) - -

Class P Income Management Fees - (98,197) - -

Class P Accumulation Management Fees - (10,683) - -

Class P (USD) Accumulation Management Fees - (2,258) - -

(160,746) (131,385) (71,479) (10,907)


Class A Management Fees (9,692) - - (28)


Class A Accumulation Management Fees - (660) (15,557) -

Class A Income Management Fees - (4) (18,645) -

Class B Management Fees (54) - - -


Class C Accumulating Management Fees (11,203) - - -

Class C (GBP) Accumulating Management Fees (27) - - -

Class I Management Fees (4,573) (1,046) - (1,592)

Class I (GBP) Management Fees - - - (169)

Class J Management Fees - (1,814) - -

Class P Income Management Fees - (16,512) - -

Class P Accumulation Management Fees - (1,770) - -

Class P (USD) Accumulation Management Fees - (319) - -

(30,681) (22,125) (34,202) (1,789)


440





Satrix UK Equity

Tracker Fund


Sanlam Equity Allocation

Fund

Satrix Emerging


GBP EUR USD USD


Class A Management Fees (37) (6,589) - (33,165)

Class C Management Fees - (2,315) - -


Class I (GBP) Management Fees (1,404) (795) - (11,961)

(12,284) (61,394) - (64,659)


Class A Management Fees (6) (1,175) - (5,756)

Class C Management Fees - (381) - -


Class I (GBP) Management Fees (180) (126) - (2,029)

(2,092) (11,337) - (11,627)


441





Sanlam Managed Risk

Fund

Sanlam P2 Strategies

UK Fund


North America Fund

Sanlam P2 Strategies Emerging

Market Fund

USD GBP USD USD


Class A Management Fees (3,081) - - -

Class A (EUR) Management Fees (1,765) - - -

Class A (GBP) Management Fees (16,240) - - -

Class D Management Fees (52) - - -

Class I Management Fees (104,837) (3,477) (42,104) (10,113)

Class I (EUR) Management Fees (221) - - -

Class I (GBP) Management Fees (40,726) (14,972) (1,112) (4,889)

Class N Management Fees (5,871) - - -

Class N (EUR) Management Fees (1,471) - - -

Class N (GBP) Management Fees (6,915) - - -

(181,179) (18,449) (43,216) (15,002)


Class A Management Fees (656) - - -

Class A (EUR) Management Fees (376) - - -


Class D Management Fees (11) - - -

Class I Management Fees (22,324) - - -


Class I (GBP) Management Fees (8,672) - - -

Class N Management Fees (1,250) - - -

Class N (EUR) Management Fees (313) - - -

Class N (GBP) Management Fees (1,472) - - -

(38,580) - - -


442






Europe (ex UK) Fund




Income Fund

High Street Global

Balanced Fund

EUR GBP USD USD


Class A Management Fees - - - (65,759)


Class A (USD) Accumulation Management Fees - - (334) -

Class A (GBP) Accumulation Management Fees - (3,835) (41,203) -

Class A (USD) Distribution Management Fees - - (3) -

Class A (EUR) Distribution Management Fees - - (4) -

Class A (GBP) Distribution Management Fees - - (9) -

Class B (USD) Accumulation Management Fees - - (23,241) -

Class C (GBP) Accumulation Management Fees - (1,543) - -

Class C (GBP) Income Management Fees - (73,634) - -

Class D (USD) Accumulation Management Fees - (32,064) - -

Class E (USD) Accumulation Management Fees - (86,511) - -

Class F (GBP) Income Management Fees - (956) - -

Class I Management Shares (19,070) - - -


(19,919) (198,543) (64,794) (65,759)


Class A Management Fees - - - (11,755)

Class A (GBP) Management Fees - (657) - -

Class A (USD) Accumulation Management Fees - (17,543) (125) -

Class A (GBP) Accumulation Management Fees - - (9,830) -

Class A (USD) Distribution Management Fees - - (1) -

Class A (EUR) Distribution Management Fees - - (1) -


Class B (USD) Accumulation Management Fees - - (7,249) -

Class C (GBP) Accumulation Management Fees - (315) - -

Class C (GBP) Income Management Fees - (12,365) - -

Class D (USD) Accumulation Management Fees - (7,145) - -

Class F (GBP) Income Management Fees - (281) - -

- (38,306) (17,207) (11,755)


443





Sanlam FOUR Active

European ex-UK Equity Fund



Equity Fund


Equity Fund

GBP GBP GBP GBP


Class A (USD) Management Fees - (25,920) (1,535) -

Class A (GBP) Management Fees (25,279) (1,026) (540) (15,326)

Class A (EUR) Management Fees (31,880) (24) (14,182) -


Class B (USD) Management Fees - (15,210) (43,737) -

Class B (GBP) Management Fees (2,470) (17,438) (105) (38,533)

Class B (EUR) Management Fees (10,023) - - -

Class C Management Fees - - - (5,527)

Class C (GBP) Management Fees (56) (1,101) - (30,787)

Class D (GBP) Management Fees - - - (127)


(69,709) (60,719) (60,108) (317,647)


Class A (USD) Management Fees - (5,266) (164) -

Class A (GBP) Management Fees (6,084) (180) (312) (2,693)

Class A (EUR) Management Fees (7,720) (6) (3,152) -


Class B (USD) Management Fees - (10,636) (22,267)

Class B (GBP) Management Fees (1,339) (9,072) (52) (19,662)

Class B (EUR) Management Fees (6,452) - - -

Class C Management Fees - - - (241)

Class C (GBP) Management Fees (13) (208) - (4,039)

Class D (GBP) Management Fees - - - (3,506)


(21,607) (25,367) (25,949) (76,442)


444






Fund

Anchor Global Capital Plus

Fund

Bridge Global Equity Income

Growth Fund Anchor Global

Equity Fund

GBP USD USD USD


Class Founder Management Fees (7,555) - - -

Class Founder Income Distribution

Management Fees (1,151) - - -

Class A Management Fees (930) (70,427) (29,547) (114,836)


Class A (GBP) Income Distribution

Management Fees (88) - - -

Class B Management Fees (11,994) (950) - (506)

Class B (GBP) Management Fees (26,272) - - -

(64,363) (71,377) (29,547) (115,342)


Class Founder Management Fees (1,726) - - -

Class Founder Income Distribution


Class A Management Fees (197) (12,651) (5,069) (20,544)


Class A (GBP) Income Distribution


Class B Management Fees (3,249) (158) - (86)

Class B (GBP) Management Fees (7,053) - - -

(16,304) (12,809) (5,069) (20,630)


445






Fund

SIM Global Emerging

Markets Fund


Opportunities Fund

USD USD GBP


Class Founder Accumulation Management Fees - - (446)

Class Founder Distribution Management Fees - - (462)

Class A Management Fees (58,153) (716) -

Class A (GBP) Accumulation Management Fees - - (448)

Class A (GBP) Distribution Management Fees - - (569)

Class C Management Fees - (25,987) -

(58,153) (26,703) (1,925)


Class Founder Accumulation Management Fees - - -

Class Founder Distribution Management Fees - - (3)

Class A Management Fees (9,956) (141) -

Class A (GBP) Accumulation Management Fees - - (1)

Class A (GBP) Distribution Management Fees - - (120)

Class C Management Fees - (4,662) -

(9,956) (4,802) (124)

Related Transactions

Certain Sanlam Universal Funds plc sub-funds operate as master funds to certain sub-funds of Sanlam Global Funds plc and Sanlam Qualifying Investors Funds plc.

Sanlam Investments and Pensions Limited invests in the E Class of the Sanlam Global Bond Fund.

SAMI is appointed as Investment Manager to certain segregated portfolios which also invest into Class E share classes of sub-funds of the Company.

The following transactions occurred between Sanlam Universal Funds plc, Sanlam Global Funds plc, Sanlam Qualifying Investors Funds plc and Sanlam Investments and Pensions during the period ended 30 June 2017:

Sanlam

Global Bond Fund

Sanlam World Equity

Fund


Equity Fund


Equity Tracker Fund

USD USD USD USD

Subscriptions:

Sanlam Global Equity Fund - - 39,459,620 68,071,641

BIFM Global Fixed Income Fund 1,914,709 - - -

Sanlam BIFM World Equity Fund - 3,249,325 - -

Total Subscriptions 1,914,709 3,249,325 39,459,620 68,071,641


446



Related Transactions (continued)

Sanlam

Accel Income Fund

Sim Global Emerging

Markets Fund

Sanlam FOUR Active

European Ex-UK Equity

Fund

Salam Centre American

Select Equity Fund

USD USD USD USD

Subscriptions:

Sanlam Global Balanced Fund - - - 11,600,000

Sanlam Global Equity Fund - 9,565,219 39,459,620 -

Sanlam FOUR US Dividend Income Fund 600,000 - - -

Total Subscriptions 600,000 9,565,219 37,316,201 11,600,000

Sanlam

Strategic Bond Fund


USD USD

Subscriptions:

Sanlam Global Balanced Fund - 6,600,000

Sanlam Global Equity Fund - 30,716,201

SPW Global Balanced Fund 1,429 -

Total Subscriptions 1,429 37,316,201


Equity Fund

Sanlam World Equity

Fund


Fund


Fund USD USD USD USD

Redemptions:

Sanlam Global Balanced Fund 700,000 41,267,323 - -

Sanlam Global Equity Fund 5,500,000 461,177,958 7,500,000 -

Mpile Global Equity Fund 76,980 - - 1,044,212

Total Redemptions 6,276,980 502,445,281 7,500,000 1,044,212

Salam Four Active

European (ex UK) Equity

Fund


Income Fund

Sanlam Centre

American Select Equity

Fund

Sanlam Four Active UK

Equity Fund USD USD

Redemptions:

Sanlam Global Balanced Fund 11,949,366 400,000 -

Sanlam Global Equity Fund 108,769,776 - 14,600,000 18,950,000

Total Redemptions 120,719,142 400,000 14,600,000 18,950,000

Sanlam Four US Dividend

Income Fund Sanlam Japan

Equity Fund USD USD

Redemptions:

Sanlam Global Equity Fund 8,250,000 8,700,000

Total Redemptions 8,250,000 8,700,000


447



Related Transactions (continued) The following transactions occurred between Sanlam Universal Funds plc, Sanlam Global Funds plc, Sanlam Qualifying Investors Funds plc and Sanlam Investments and Pensions during the period ended 30 June 2016:

Sanlam

Global Bond Fund

Sanlam World Equity

Fund


Fund


Equity Fund USD USD USD USD

Subscriptions:

Sanlam Global Balanced Fund - 5,000,000 - -

Sanlam Global Equity Fund - - - 18,000,000

BIFM Global Fixed Income Fund 34,444 - - -

Sanlam BIFM World Equity Fund - 83,849 - -

Mpile Global Equity Fund - - 1,583,003 -

Sanlam Managed Risk Fund - - 34,438,351 -

Total Subscriptions 34,444 5,083,849 36,021,354 18,000,000


Fund

Satrix Emerging



Equity Tracker Fund

USD USD USD

Subscriptions:

Sanlam Global Equity Fund 26,500,000 - -

Sanlam P2 Strategies Emerging Markets Fund - 783,752 -

Sanlam P2 Strategies North America Fund - - 1,414,033

Total Subscriptions 26,500,000 783,752 1,414,033

Sanlam Global

Best Ideas Fund

Sanlam Global Bond

Fund

Sanlam World Equity

Fund


Fund USD USD USD USD

Redemptions:

Sanlam Global Balanced Fund - - 2,500,000 6,000,000

Sanlam Best Ideas Feeder Fund 3,200,765 - - -

Sanlam Global Equity Fund - - 83,972,255 -

Sanlam BIFM Global Fixed Income Fund - 1,180,500 - -

Sanlam BIFM World Equity Fund - - 5,700,000 -

Total Redemptions 3,200,765 1,180,500 92,172,255 6,000,000


Fund

Satrix Emerging



Equity Tracker Fund

USD USD USD

Redemptions:

Sanlam Managed Risk Fund 10,943,465 - -

Sanlam P2 Strategies Emerging Markets Fund - 7,358,033 -

Sanlam P2 Strategies North America Fund - - 17,599,528

Total Redemptions 10,943,465 7,358,033 17,599,528


448



Related Transactions (continued)

In-specie transfers The following in specie transactions occurred during the period ended 30 June 2017:

Subscriptions in Autus Global Equity Fund include in specie transfers from SBSA ITF Autus BCI Global Equity Fund during the period in exchange for assets with a fair value at the date of transfer of USD 16,950,404.

During the period Sanlam Global Equity Fund, a sub-fund of Sanlam Global Funds Plc, redeemed shares in Sanlam World Equity Fund in the amount of USD 379,145,744. This redemption was made by means of an in specie transfer of equity securities held by the Sanlam World Equity Fund to Sanlam Global Equity Fund. The equity securities transferred had an equivalent fair value at the date of transfer to the redemption amount.

The following in specie transactions occurred during the period ended 30 June 2016:

The Board of Directors and shareholders approved a merger, by way of amalgamation, of Sanlam P2strategies Europe (ex UK) Fund and Sanlam P2strategies UK Fund and Sanlam P2strategies North America Fund (the “Merging Funds”) into Sanlam Managed Risk Fund (formerly Sanlam P2strategies Global Fund) effective from 11 May 2016. To effect the merger the following transactions occurred: Redemptions from Sanlam P2strategies North America Fund and the subsequent subscription into Sanlam Managed Risk Fund included an in-specie transfer of cash and Satrix North America Tracker Fund units with a value of USD 10,946,941 at the date of transfer.

Similarly, redemptions from Sanlam P2strategies Europe (ex UK) Fund and the subsequent subscription into Sanlam Managed Risk Fund included an in-specie transfer of cash and Satrix Europe Ex UK Tracker Fund units with a value of EUR 4,534,507 at the date of transfer.

Subsequently, Sanlam Managed Risk Fund redeemed its interests in the Satrix North America Tracker

Fund and Satrix Europe Ex UK Tracker Fund by means of an in-specie transfer of assets with a fair value

of USD 10,066,045 and EUR 4,285,235, respectively.

Sanlam Manged Risk Fund also redeemed a portion of its interest in the Satrix World Equity Tracker Fund

by means of an in-specie transfer of assets with a fair value of USD 14,964,304.

Redemptions from Sanlam World Equity Fund included an in-specie transfer of securities and cash

positions to Sanlam FOUR US Dividend Income Fund with a total fair value of USD 15,172,255 at the

date of transfer.

Cross Investments

The following are the fair values of intercompany positions held by Funds within the Company at 30 June

2017:

Fund Name Position Held Fair Value at 30

Jun 2017

Sanlam Accel Income Fund Sanlam FOUR US Dividend Income Fund GBP 1,348,918

Sanlam Accel Income Fund Sanlam Strategic Bond Fund GBP 1,880,881

Sanlam Managed Risk Fund Satrix World Equity Tracker Fund USD 40,191,010

Further details regarding the intercompany positions as disclosed above and the investment strategies of the relevant funds are disclosed in the portfolio of investments on pages 157 to 368 and the reports of the investments managers on pages 19 to 87.


449


9 Transactions in Financial Derivative Instruments

The Funds may engage in transactions in Financial Derivative Instruments (FDI) for the purposes of efficient portfolio management, investment and/or to protect against risks within the conditions and limits laid down by the Central Bank from time to time. Hedging is used by the Funds to limit or control risks, such as adverse movements in exchange rates and interest returns. By purchasing certain instruments, the Funds may more effectively achieve the desired portfolio characteristics that assist the Funds in meeting their investment objectives. The relevant Investment Manager will look to ensure that the techniques and instruments used are economically appropriate in that they will be realised in a cost-effective way. Specific instruments At 30 June 2017, 10 Funds hold derivative financial instruments, namely forward currency contracts, futures contracts, interest rate swaps and option contracts. Details of the open derivative financial instruments at the reporting date are included in the Portfolio of Investment for each Fund.

Forward currency contracts Certain of the Funds may invest in Forward currency contracts. As part of its investment policy, a Fund may enter into transactions which alter the currency exposure of underlying assets in which the Fund is invested from time to time where the Investment Manager considers it appropriate to retain the currency exposure consistent with the Fund's investment objective. This may involve a Fund investing in an asset denominated in currency (X) where the Investment Manager wishes to translate the currency denomination of that asset (X) into a third party currency (Y) that may be different to the base currency through the use of forward currency contracts. There can be no guarantees that the practice of investing in an uncorrelated currency (Y) will be effective and there is a risk of loss in the event of adverse currency movements relative to both the currency of denomination and the base currency. Investment in FDI permits the Fund to manage risk and invest more efficiently to achieve the investment objective of the Fund. These strategies include increasing the level of exposure to non-base currency in the Fund’s portfolio in response to the Investment Manager’s views on market prospects and prices and values. Gains and losses arising from such transactions are reflected at Fund level in the Statement of Comprehensive Income. Where a Fund utilises FDI which alter the currency exposure characteristics of transferable securities held by that Fund, the performance of that Fund may be strongly influenced by movements in foreign exchange rates because currency positions held by the Fund may not correspond with the securities positions held. Futures contracts Certain of the Funds may invest in Futures contracts for hedging or investment purposes. Futures contracts allow investors to hedge against market risk or modify exposure to the underlying market. They can also be used to "equitise" cash balances as described in note 10. Using futures to achieve a particular strategy instead of transacting the underlying or related equity security or equity index, can result in both lower transaction costs as well as more timely execution of portfolio strategy. Since these contracts are marked to market daily, investors can, by closing out their position, exit from their obligation to buy or sell the underlying assets prior to the contract's delivery date. Futures contracts are valued based upon their quoted daily settlement prices. Changes in the value of open futures contracts are recognised as unrealised gains or losses on futures contracts until the contracts are terminated, at which time realised gains and losses are recognised.


450


9 Transactions in Financial Derivative Instruments (continued)

Interest rate swaps Interest rate swaps may be used for hedging against adverse movements in interest rate. Interest rate swaps involve the exchange by a Fund with a counterparty of their respective commitments to pay or receive interest. The differential to be paid or received on the interest rate swap is recognised over the life of the agreement as a realised gain or loss with payments made or received on a net basis on the stated payment dates. The interest rate swap agreements are stated at fair value. Unrealised gains/losses are reported in the Statement of Comprehensive Income.

Option contracts Put options are contracts sold for a premium that gives one party (the buyer) the right, but not the obligation, to sell to the other party (the seller) of the contract, a currency at a specified rate. Call options are similar contracts sold for a premium that gives the buyer the right, but not the obligation, to buy from the seller of the option. A Fund, where permitted to use options, may be a seller or buyer of put and call options. Options are liquid and traded efficiently. Changes in the value of open options contracts are recognised as unrealised gains or losses in the Statement of Comprehensive Income until the contracts are terminated, at which time realised gains and losses are recognised. All open option positions as at 30 June 2017 are covered and are not used for the purposes of obtaining leverage. Risks Market risk This is the general risk attendant to all investments that the value of a particular investment will change in a way detrimental to the portfolio’s interest. Management risk FDI are highly specialised instruments that require investment techniques and risk analyses different from those associated with stocks and bonds. The successful use of FDI draws upon the Investment Manager’s special skills and experience and usually depends on the Investment Manager’s ability to forecast price movements, interest rates, or currency exchange rate movements correctly. Should prices, interest rates, or exchange rates move unexpectedly, a portfolio may not achieve the anticipated benefits of the transactions or may realise losses and thus be in a worse position than if such strategies had not been used. The use of FDI requires an understanding not only of the underlying instrument but also of the FDI itself, without the benefit of observing the performance of the FDI under all possible market conditions. In particular, the use and complexity of FDI require the maintenance of adequate controls to monitor the transactions entered into, the ability to assess the risk that an FDI adds to a portfolio and the ability to forecast price, interest rate or currency exchange rate movements correctly. Counterparty and Credit Risk This is the risk that a loss may be sustained by a portfolio as a result of the failure of a counterparty to an FDI to comply with the terms of the FDI contract. The credit risk for exchange-traded FDI is generally less than for privately negotiated FDI, since the clearing house, which is the issuer or counterparty to each exchange-traded FDI, provides a guarantee of performance. This guarantee is supported by a daily payment system (i.e., margin requirements) operated by the clearing house in order to reduce overall credit risk. For privately negotiated FDI, there is no similar clearing agency guarantee. Therefore, the Investment Manager will consider the creditworthiness of each counterparty to a privately negotiated FDI in evaluating potential credit risk.

Liquidity Risk Liquidity risk exists when a particular instrument is difficult to purchase or sell. If an FDI transaction is particularly large or if the relevant market is illiquid (as is the case with many privately negotiated FDI), it may not be possible to initiate a transaction or liquidate a position at an advantageous price.


451


9 Transactions in Financial Derivative Instruments (continued)

Legal Risk The use of OTC FDI, such as forward contracts, swap agreements and CFDs, will expose the Fund to the risk that the legal documentation of the relevant OTC contract may not accurately reflect the intention of the parties. Other risks

Other risks in using FDI include the risk of mispricing or improper valuation of FDI and the inability of FDI to correlate perfectly with underlying assets, rates and indices. Many FDI, in particular privately negotiated FDI, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the portfolio concerned. FDI do not always perfectly or even closely track the value of the assets, rates or indices they are designed to track. Consequently, a portfolio’s use of FDI may not always be an effective means of, and sometimes could be counterproductive to, furthering the portfolio’s investment objective.

Collateral At 30 June 2017, the Funds have not received any collateral with respect to the open FDIs. Margin accounts, as disclosed in the Statement of Financial Position, represent cash deposited with brokers transferred against open FDIs. The balances may be restricted

Gains and losses on Financial Derivative Instruments Details of the net unrealised gains/(losses) on open forward currency contracts, interest rate swaps, futures and options if any, are disclosed in the Portfolio of investments of each Fund. Net realised and change in unrealised gains/(losses) on FDI’s are included in the Statement of Comprehensive Income of each Fund within Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading.


452


10 Efficient portfolio management

The Company on behalf of a Fund may employ techniques and instruments relating to transferable securities, money market instruments and/or other financial instruments in which it invests for efficient portfolio management purposes. Use of such techniques and instruments should be in line with the best interests of Shareholders and will generally be made for one or more of the following reasons: (a) the reduction of risk; (b) the reduction of cost; or (c) the generation of additional capital or income for the relevant Fund with an appropriate level of risk, taking into account the risk profile of the Fund and the risk diversification rules set out in the Central Bank Rules.

The Funds may engage in transactions in Financial Derivative Instruments (FDI) for the purposes of

efficient portfolio management. Further details on the Funds’ investments in FDIs are disclosed in note 9.

The Funds may enter into forward foreign currency contracts for efficient portfolio management purposes. Forward foreign currency exchange contracts are used to hedge against anticipated future changes in exchange rates which otherwise might either adversely affect the value of the Fund’s portfolio securities or adversely affect the price of securities which the Funds intend to purchase at a later date. The Funds may also enter into futures contracts for efficient portfolio management purposes. The primary purpose for which the Funds use futures contracts are cash equalisation, hedging and return enhancement. The purpose of cash equalisation is to expose uninvested cash within the Funds to equity market-like returns and ensure that the Funds’ liquid assets are utilised as though invested in the markets.

Interest rate swaps are used for hedging against adverse movements in interest rates. Options offer the ability, when used as a hedging tool to be utilised in efficient portfolio management, to provide offsetting insurance of asset value in an uncertain or highly volatile market environment. The Funds, where permitted, may use options to hedge or achieve exposure to a particular currency, underlying security or equity index. By purchasing certain instruments, the Funds may more effectively achieve the desired portfolio characteristics that assist the Funds in meeting their investment objectives.

The Funds also engage in securities lending activities for efficient portfolio management purposes, details

of which are set out in note 13. Disclosures in accordance with the EU Securities Financing Transactions

Regulation (“SFTR”) are set out in the unaudited schedules attached to these financial statements.

11 Soft commissions

During the period, Investment Manager and connected persons to the Sanlam World Equity Fund have entered into soft commission arrangements with brokers in respect of which certain goods and services used to support the investment decision process were received. The Investment Manager and connected persons do not make direct payment for these services but do transact an agreed amount of business with the brokers on behalf of the Company and commission is paid on these transactions.

The goods and services utilised for the Company include computer hardware and software used for economic and political analysis, portfolio analysis including valuation and performance measurement, market analysis, data and quotation services and investment related publications. The Investment Manager considers these arrangements are to the benefit of the Company and has satisfied itself that it obtains best execution on behalf of the Company and the brokerage rates are not in excess of customary institutional full service brokerage rates.


453


12 Contingent and cross liability of funds

The Directors are not aware of any such existing or contingent liability at 30 June 2017. The Company’s amended Articles provide for segregated liability between the various Funds. These provisions, and the Fund’s application of them may not yet have been fully tested by Irish or foreign courts. Accordingly, while the liabilities of one Fund will not generally impact on or be paid out of the assets of another Fund, it is not entirely free from doubt that the assets of any Fund are protected from the liabilities of other Funds of the Company.

As at 30 June 2017 and 31 December 2016, there were no cross liabilities held between the Funds.

13 Securities lending activities

Securities lending activities are conducted through SAMI and Brown Brothers Harriman & Co pursuant to the Securities Lending Agency Agreement and Securities Lending Sub-Agency Agreement dated 24 February 2016. In this arrangement, the Company transfers securities to a counterparty, in return for which it is agreed that securities of the same kind and amount should be transferred back to the Company at a later date. The arrangement has the substance of a loan of the Company’s securities in return for collateral. Aggregate income arising from securities lending activities consists of fees charged to counterparty, where the counterparty has provided collateral other than cash, plus net realised income derived from investments of cash collateral less any rebate payable to counterparty on cash collateral less any commissions or similar transaction costs.

The tables overleaf disclose the income arising from securities lending activities, the costs and fees incurred, the exposure at the reporting date and the amount of collateral held.

At 30 June 2017, all collateral is in the form of high quality government bonds.

At 30 June 2017, the counterparties to the Funds’ outstanding securities lending activities are Citigroup, Credit Suisse, Deutsche Bank, HSBC Bank, JP Morgan Securities, Societe Generale and UBS. In other months during the reporting period, additional counterparties included ING Bank, Merrill Lynch International and Morgan Stanley & Co. International and Goldman Sachs.

The Funds incurred the following costs and fees in relation to securities lending activities for the period ended 30 June 2017:

Sanlam

Centre Global

Select Equity

Fund

Bridge Global

Property

Income Fund

P-Solve

Inflation Plus

Fund

Sanlam

African

Frontiers

Market Fund

Sanlam Global

Best Ideas

Fund

Sanlam Global

Bond Fund

USD USD GBP USD USD USD

Securities lending

sub-agent fees 403 - 186 64 4,088 -

Manager fees 201 - 93 32 2,044 -

Sanlam Global

Financial Fund

Sanlam Global

Property Fund

Sanlam World

Equity Fund

Satrix

World Equity

Tracker Fund

SIIP India

Opportunities

Fund

SIM Global

Equity Income

Fund

USD USD USD USD USD USD

Securities lending

sub-agent fees 41 597 15,313 10,703 - 3,768

Manager fees 21 298 7,656 5,351 - 1,884


454


13 Securities lending activities (continued)

The Funds incurred the following costs and fees in relation to securities lending activities for the period

ended 30 June 2017(continued):

Sanlam

Strategic

Bond Fund

Sanlam Accel

Income Fund

Satrix North

America

Equity Tracker

Fund

Satrix UK

Equity Tracker

Fund

Satrix Europe

(ex UK)

Equity Tracker

Fund

Sanlam Equity

Allocation

Fund

GBP GBP USD GBP EUR USD

Securities lending

sub-agent fees - - 249 1,150 10,227 8,621

Manager fees - - 124 575 5,114 4,311

Satrix

Emerging

Market Equity

Tracker

Fund

Sanlam

Managed Risk

Fund

Sanlam

Private Wealth

Global High

Quality Fund

Sanlam FOUR

US Dividend

Income Fund

High Street

Global

Balanced

Fund

Sanlam FOUR

Active

European (ex

UK) Equity

Fund

USD USD GBP GBP USD GBP

Securities lending

sub-agent fees 363 - 1,447 - 800 -

Manager fees 181 - 723 - 400 -

Sanlam

FOUR Global

Equity Fund

Sanlam FOUR

Stable Global

Equity Fund

Sanlam FOUR

Active UK

Equity Fund

Sanlam FOUR

Multi-Strategy

Fund

Anchor Global

Capital Plus

Fund

Bridge Global

Equity Income

Growth Fund

GBP GBP GBP GBP USD USD

Securities lending

sub-agent fees - - - - 114 -

Manager fees - - - - 57 -

Anchor

Global

Equity Fund

Bridge Global

Managed Fund

SIM Global

Emerging

Market Fund

ABSA Africa

Equity Fund

Sanlam Centre

American

Select Equity

Fund

Sanlam Japan

Equity Fund


Securities lending

sub-agent fees 14 - 836 - - -

Manager fees 7 - 418 - - -

Sanlam Global

Convertible

Securities

Fund

Sanlam

Centre Active

US Treasury

Fund

Autus Global

Equity Fund

USD USD USD

Securities lending sub-agent fees - - -

Manager fees - - -


455



The Funds received income as follows under the terms of those agreements for the period ended 30 June 2017:

Sanlam Centre

Global

Select Equity

Fund

Bridge

Global Property

Income Fund

P-Solve

Inflation Plus

Fund

Sanlam African

Frontiers

Market Fund

Sanlam Global

Best Ideas

Fund

Sanlam Global

Bond Fund


Income 1,419 - 1,165 444 14,534 -

Sanlam Global

Financial

Fund

Sanlam Global

Property Fund

Sanlam World

Equity Fund

Satrix

World Equity

Tracker Fund

SIIP India

Opportunities

Fund

SIM Global

Equity Income

Fund


Income 27 1,847 70,691 35,714 - 12,966

Sanlam

Strategic Bond

Fund

Sanlam

Accel Income

Fund

Satrix

North America

Equity Tracker

Fund

Satrix UK

Equity Tracker

Fund

Satrix Europe

(ex UK)

Equity Tracker

Fund

Sanlam Equity

Allocation

Fund

GBP GBP USD GBP EUR USD

Income - - 673 4,084 35,710 31,663

Satrix

Emerging

Market Equity

Tracker Fund

Sanlam

Managed Risk

Fund

Sanlam Private

Wealth Global

High Quality

Fund

Sanlam FOUR

US Dividend

Income Fund

High Street

Global

Balanced Fund

Sanlam

FOUR Active

European

(ex UK) Equity

Fund

USD USD GBP USD USD GBP

Income 897 - 5,100 - - -

Sanlam FOUR

Global Equity

Fund

Sanlam FOUR

Stable Global

Equity Fund

Sanlam FOUR

Active UK

Equity Fund

Sanlam FOUR

Multi-Strategy

Fund

Anchor Global

Capital Plus

Fund

Bridge Global

Equity Income

Growth Fund

GBP GBP GBP GBP USD USD

Income - - - - 400 -

Anchor Global

Equity Fund

Bridge Global

Managed

Growth Fund

SIM Global

Emerging

Markets Fund

ABSA Africa

Equity Fund

Sanlam Centre

American Select

Equity Fund

Sanlam Japan

Equity Fund


Income 47 - 157 - - -


456



The Funds received income as follows under the terms of those agreements for the period ended 30 June 2017: (continued)

Sanlam Global

Convertible

Securities Fund

Sanlam Centre

Active US

Treasury Fund

Autus Global

Equity Fund

USD USD USD

Income - - -

Summary of collateral as at 30 June 2017:

Sanlam Centre

Global

Select Equity

Fund

Bridge

Global

Property

Income Fund

P-Solve

Inflation Plus

Fund

Sanlam

African

Frontiers

Market Fund

USD USD GBP USD

Aggregate value of securities on loan at the period end - - 139,747 4,631

Aggregate value of collateral held in respect of the loans - - 150,417 5,833

Collateral % - - 107.64% 125.95%

Sanlam

Global

Best Ideas

Fund

Sanlam

Global

Bond Fund

Sanlam

Global

Financial

Fund

Sanlam

Global

Property Fund

USD USD USD USD

Aggregate value of securities on loan at the period end - - - -

Aggregate value of collateral held in respect of the loans - - - -

Collateral % - - - -

Sanlam

World

Equity Fund

Satrix

World Equity

Tracker Fund

SIIP India

Opportunities

Fund

SIM Global

Equity Income

Fund

USD USD USD USD

Aggregate value of securities on loan at the period end 1,781,029 2,587,487 - -

Aggregate value of collateral held in respect of the loans 2,015,858 2,886,421 - -

Collateral % 113.19% 111.55% - -

Sanlam

Strategic

Bond Fund

Sanlam

Accel Income

Fund

Satrix North

America

Equity Tracker

Fund

Satrix UK

Equity Tracker

Fund

GBP GBP USD GBP



Collateral % - - 120.65% 125.95%


457


13 Securities lending activities (continued) Summary of collateral as at 30 June 2017: (continued)

Satrix

Europe (ex

UK) Equity

Tracker Fund

Sanlam

Equity

Allocation

Fund

Satrix

Emerging

Market Equity

Tracker Fund

Sanlam

Managed Risk

Fund

EUR USD USD USD

Aggregate value of securities on loan at the period end 1,158,359 1,180,253 1,684,501 -

Aggregate value of collateral held in respect of the loans 1,245,718 1,286,635 1,788,495 -

Collateral % 107.54% 109.01% 106,17% -

High Street

Global

Balanced

Fund

Sanlam

FOUR Active

European (ex

UK) Equity

Fund

Sanlam

FOUR Global

Equity Fund

Sanlam FOUR

Stable Global

Equity Fund

USD GBP GBP GBP

Aggregate value of securities on loan at the period end 183,989 - - -

Aggregate value of collateral held in respect of the loans 193,188 - - -

Collateral % 105.00% - - -

Sanlam

FOUR Active

UK Equity

Fund

Sanlam

FOUR Multi-

Strategy

Fund

Anchor

Global

Capital Plus

Fund

Bridge Global

Equity Income

Growth Fund

GBP GBP USD USD




Anchor

Global Equity

Fund

Bridge

Global

Managed

Growth Fund

SIM Global

Emerging

Markets Fund

ABSA Africa

Equity Fund

USD USD USD USD




Sanlam

Centre

American

Select Equity

Fund

Sanlam

Japan Equity

Fund

Sanlam

Global

Convertibles

Securities

Fund

Sanlam Centre

Active US

Treasury Fund

USD USD USD USD





458



Summary of collateral as at 30 June 2017: (continued)

Autus Global

Equity Fund

USD

Aggregate value of securities on loan at the period end -

Aggregate value of collateral held in respect of the loans -

Collateral % -


ended 30 June 2016:

Sanlam

Centre Global

Select Equity

Fund

Bridge Global

Property

Income Fund

P-Solve

Inflation Plus

Fund

Sanlam

African

Frontiers

Market Fund

Sanlam Global

Best Ideas

Fund

Sanlam Global

Bond Fund


Securities lending

sub-agent fees 513 - 198 9 2,596 -

Manager fees 1,027 - 397 19 5,193 -

Sanlam

Global

Financial

Fund

Sanlam Global

Property Fund

Sanlam

Strategic

Cash Fund

Sanlam World

Equity Fund

Satrix

World Equity

Tracker Fund

SIIP India

Opportunities

Fund


Securities lending

sub-agent fees 3,471 359 - 47,800 3,874 -

Manager fees 6,941 719 - 95,600 7,747 -

SIM Global

Equity

Income Fund

Sanlam

Strategic

Bond Fund

Sanlam Accel

Income Fund

Satrix North

America

Equity Tracker

Fund

Satrix UK

Equity Tracker

Fund

Satrix Europe

(ex UK)

Equity Tracker

Fund

USD GBP GBP USD GBP EUR

Securities lending

sub-agent fees 247 - - 42 74 2,718

Manager fees 495 - - 85 148 5,437

Sanlam

Equity

Allocation

Fund

Satrix

Emerging

Market Equity

Tracker Fund

Sanlam

Managed Risk

Fund

Sanlam P2

Strategies UK

Fund

Sanlam P2

Strategies

North America

Fund

Sanlam P2

Strategies

Emerging

Market Fund

USD USD USD GBP USD USD

Securities lending

sub-agent fees 1,689 204 - - - -

Manager fees 3,379 409 - - - -


459




ended 30 June 2016 (continued):

Sanlam P2

Strategies

Europe

(ex-UK)

Fund

Sanlam

Private Wealth

Global High

Quality Fund

Sanlam FOUR

US Dividend

Income Fund

High Street

Global

Balanced

Fund

Sanlam FOUR

Active

European (ex

UK) Equity

Fund

Sanlam FOUR

Global Equity

Fund

EUR GBP GBP USD GBP GBP

Securities lending

sub-agent fees - 52 - - - -

Manager fees - 103 - - - -

Sanlam

FOUR Stable

Global

Equity Fund

Sanlam FOUR

Active UK

Equity Fund

Sanlam FOUR

Multi-Strategy

Fund

Anchor Global

Capital Plus

Fund

Bridge Global

Equity Income

Growth Fund

Anchor Global

Equity Fund

GBP GBP GBP USD USD USD

Securities lending

sub-agent fees - - - 202 - 12

Manager fees - - - 404 - 23

Bridge Global

Managed Fund

SIM Global

Emerging

Market Fund

Sanlam FOUR

UK Income

Opportunities

Fund

USD USD GBP

Securities lending sub-agent fees - - -

Manager fees - - -

Sanlam Centre

Global

Select Equity

Fund

Bridge

Global Property

Income Fund

P-Solve

Inflation Plus

Fund

Sanlam African

Frontiers

Market Fund

Sanlam Global

Best Ideas

Fund

Sanlam Global

Bond Fund


Income 3,609 - 1,212 88 30,427 -

The Funds received income as follows under the terms of those agreements for the period ended 30 June 2016:

Sanlam Global

Financial

Fund

USD

Sanlam Global

Property Fund

USD

Sanlam

Strategic Cash

Fund

USD

Sanlam World

Equity Fund

USD

Satrix

World Equity

Tracker Fund

USD

SIIP India

Opportunities

Fund

USD


Income 17,082 3,352 - 279,068 29,526 -


460



The Funds received income as follows under the terms of those agreements for the period ended 30 June 2016 (continued):

SIM Global

Equity Income

Fund

Sanlam

Strategic Bond

Fund

Sanlam

Accel Income

Fund

Satrix

North America

Equity Tracker

Fund

Satrix UK

Equity Tracker

Fund

Satrix Europe

(ex UK)

Equity Tracker

Fund

USD GBP GBP USD GBP EUR

Income 2,773 - - 357 2,852 18,512

Sanlam Equity

Allocation

Fund

Satrix

Emerging

Market Equity

Tracker Fund

Sanlam

Managed Risk

Fund

Sanlam P2

Strategies

North America

Fund

Sanlam P2

Strategies UK

Fund

Sanlam P2

Strategies

Europe

(ex UK) Fund

USD USD USD USD GBP EUR

Income 9,376 1,453 - - - -

Sanlam P2

Strategies

Emerging

Market Fund

Sanlam Private

Wealth Global

High Quality

Fund

Sanlam FOUR

US Dividend

Income Fund

High Street

Global Balanced

Fund

Sanlam

FOUR Active

European

(ex UK) Equity

Fund

Sanlam FOUR

Global Equity

Fund

USD GBP USD USD GBP GBP

Income - 390 - - - -

Sanlam FOUR

Stable Global

Equity Fund

Sanlam FOUR

Active UK

Equity Fund

Sanlam FOUR

Multi-Strategy

Fund

Anchor Global

Capital Plus

Fund

Bridge Global

Equity Income

Growth Fund

Anchor Global

Equity Fund

GBP GBP GBP USD USD USD

Income - - - 1,718 - 82

Bridge Global

Managed Growth

Fund

SIM Global

Emerging

Markets Fund

Sanlam FOUR

UK Income

Opportunities

Fund

USD USD GBP

Income - - - Summary of collateral as at 30 June 2016:

Sanlam Centre

Global

Select Equity

Fund

Bridge

Global

Property

Income Fund

P-Solve

Inflation Plus

Fund

Sanlam

African

Frontiers

Market Fund

USD USD GBP USD



Collateral % - - 105.00% 105.00%


461



Summary of collateral as at 30 June 2016 (continued):

Sanlam

Global

Best Ideas

Fund

Sanlam

Global

Bond Fund

Sanlam

Global

Financial

Fund

Sanlam

Global

Property Fund

USD USD USD USD

Aggregate value of securities on loan at the period end 2,320,152 - 2,093,482 460,526

Aggregate value of collateral held in respect of the loans 2,436,161 - 2,198,156 483,552

Collateral % 105.00% - 105.00% 105.00%

Sanlam

Strategic

Cash Fund

Sanlam

World

Equity Fund

Satrix

World Equity

Tracker Fund

SIIP India

Opportunities

Fund

USD USD USD USD

Aggregate value of securities on loan at the period end - 13,832,282 1,478,761 -

Aggregate value of collateral held in respect of the loans - 16,198,361 1,552,700 -

Collateral % - 117.11% 105.00% -

SIM Global

Equity

Income

Fund

Sanlam

Strategic

Bond Fund

Sanlam

Accel Income

Fund

Satrix

North America

Equity Tracker

Fund

USD GBP GBP USD




Satrix UK

Equity

Tracker

Fund

Satrix

Europe

(ex UK) Equity

Tracker Fund

Sanlam

Equity

Allocation

Fund

Satrix

Emerging

Market Equity

Tracker Fund

GBP EUR USD USD

Aggregate value of securities on loan at the period end - 249,623 620,423 6,825

Aggregate value of collateral held in respect of the loans - 292,665 651,445 7,167

Collateral % - 117.24% 105.00% 105.00%

Sanlam

Managed

Risk Fund

Sanlam P2

Strategies

North

America

Fund

Sanlam P2

Strategies

UK

Fund

Sanlam P2

Strategies

Europe

(ex UK) Fund

USD USD GBP EUR





462


13 Securities lending activities (continued) Summary of collateral as at 30 June 2016 (continued):

Sanlam P2

Strategies

Emerging

Market Fund

High Street

Global

Balanced

Fund

Sanlam

FOUR Active

European (ex

UK) Equity

Fund

Sanlam FOUR

Global Equity

Fund

USD USD GBP GBP




Sanlam

FOUR Stable

Global Equity

Fund

Sanlam

FOUR Active

UK Equity

Fund

Sanlam

FOUR Multi-

Strategy

Fund

Anchor Global

Capital Plus

Fund

GBP GBP GBP USD




Bridge

Global Equity

Income

Growth Fund

Anchor

Global Equity

Fund

Bridge

Global

Managed

Growth Fund

SIM Global

Emerging

Markets Fund

USD USD USD USD




Sanlam FOUR

UK Income

Opportunities

Fund

GBP

Aggregate value of securities on loan at the period end -

Aggregate value of collateral held in respect of the loans -

Collateral % -


463


14 Fees of underlying investments

The table below and overleaf summarises the collective investment schemes in which the Funds of the Company hold investments at 30 June 2017 and details the investment management fees and incentive fees incurred relating to these collective investment schemes:

Period ended 30 June 2017

Collective Investment Scheme Name

Collective Investment

Scheme Type

Investment Management

Fees (%)1

Incentive Fees (%)

2 Fund Name

Sanlam Accel Income Fund Artemis Global Income Fund UK UCITS 0.75% -

Sanlam Accel Income Fund Artemis Income Fund UK UCITS 0.75% -

Sanlam Accel Income Fund Artemis Strategic Bond Fund UK UCITS 0.50% -

Sanlam Accel Income Fund BlackRock Continental European Income Fund

UK UCITS 0.75% -

Sanlam World Equity Fund BlackRock Global Funds - Asian Growth Leaders Fund X2

Luxembourg UCITS

0.00% -

Sanlam Accel Income Fund Cazenove Strategic Bond Fund UK UCITS 0.50% -

P-Solve Inflation Plus Fund DB X-Trackers S&P 500 UCITS ETF 0.15% -

P-Solve Inflation Plus Fund ETFS Brent 1Mth Oil Securities Fund

ETF 0.49% -

Sanlam Accel Income Fund Fidelity Enhanced Income Fund UK UCITS 0.75% -

Sanlam Accel Income Fund Fidelity Institutional Funds ICVC - UK Corporate Bond Fund

UK UCITS 0.35% -

P-Solve Inflation Plus Fund Finsbury High Income Fund Irish UCITS 1.00% -

P-Solve Inflation Plus Fund First State Investments ICVC - Asia Pacific Leaders Fund

UK UCITS 0.85% -

P-Solve Inflation Plus Fund GLG Treasury Plus Fund UK OEIC 0.25% 30.00%

Sanlam Accel Income Fund Guinness Asset Management Fund Plc

Irish UCITS 0.25% -

Sanlam Accel Income Fund Henderson UK & Europe Funds - Strategic Bond Fund

UK UCITS 0.60% -

Sanlam Accel Income Fund Henderson UK & Europe Funds - UK Equity Income Fund

UK UCITS 0.75% -

P-Solve Inflation Plus Fund IFDC - Japan Dynamic Fund Luxembourg

UCITS 1.75% 15.00%

P-Solve Inflation Plus Fund Institutional Cash Series Plc Irish UCITS 0.13% -


Institutional Cash Series Plc Irish UCITS 0.13% -


Institutional Sterling Liquidity Heritage

Irish UCITS 0.13% -

Sanlam Accel Income Fund Invesco Perpetual Fixed Interest - Corporate Bond Fund

UK UCITS 0.91% -

Anchor Global Capital Plus Fund iShares $ Short Corporate Bond ETF

ETF 0.20% -

Anchor Global Capital Plus Fund iShares Asia Property Yield UCITS ETF

ETF 0.59% -

Anchor Global Capital Plus Fund iShares Barclays TIPS Bond Fund ETF

ETF 0.20% -

Anchor Global Capital Plus Fund iShares CMBS ETF ETF 0.25% -

Anchor Global Capital Plus Fund iShares Core Euro Corporated Bond ETF

ETF 0.00% -

1 % of net assets

2 % of the gains in net assets above the benchmark


464

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED)for the six months ended 30 June 2017 14 Fees of underlying investments (continued)

Period ended 30 June 2017 (continued)



Scheme Type


Fees (%)1

Incentive Fees (%)

2 Fund Name

P-Solve Inflation Plus Fund iShares Core S&P Small Cap ETF ETF 0.07% -


iShares Core US Aggregate Bond ETF ETF 0.08% -


iShares Core US Credit Bond ETF

ETF 0.15% -

P-Solve Inflation Plus Fund iShares Developed Real Estate Index Fund

Irish UCITS 1.00% -

P-Solve Inflation Plus Fund iShares Euro Stoxx UCITS ETF ETF 0.20% -


iShares Global High Yield Corporate Bond ETF

ETF 0.55% -

Anchor Global Capital Plus Fund iShares iBoxx Investment Grade Corporate Bond ETF

ETF 0.15% -

Satrix World Equity Tracker Fund iShares MSCI Canada ETF ETF 0.48% -

Satrix World Equity Tracker Fund iShares MSCI EAFE Index ETF ETF 0.33% -

Sanlam FOUR Multi-Strategy Fund iShares MSCI Emerging Markets ETF

ETF 0.71% -

Anchor Global Capital Plus Fund iShares MSCI Japan ETF ETF 0.59% -

P-Solve Inflation Plus Fund iShares MSCI Japan Monthly GBP Hedged ETF

ETF 0.64% -


iShares MSCI Russia Capped ETF

ETF 0.62% -

P-Solve Inflation Plus Fund iShares MSCI World Islamic ETF

ETF 0.60% -

Satrix World Equity Tracker Fund iShares S&P 500 Index ETF ETF 0.07% -

Sanlam Accel Income Fund JPMorgan Fund ICVC - Sterling Corporate Bond Fund

UK UCITS 0.50% -

Sanlam Accel Income Fund Jupiter Strategic Bond UK UCITS 0.50% -

Sanlam Accel Income Fund Kames ICVC - High Yield Bond Fund

UK UCITS 1.00% -

Sanlam Accel Income Fund Kames ICVC - Sterling Corporate Bond Fund

UK UCITS 0.75% -

Sanlam Accel Income Fund Lazard Global Equity Income Fund

UK UCITS 0.75% -

Anchor Global Capital Plus Fund Lyxor ETF Commodities CRB Non-Energy USD

ETF 0.35% -

Sanlam Accel Income Fund M&G Short Dated Corporate Bond Fund

UK UCITS 0.40% -

P-Solve Inflation Plus Fund Marshall Wace UCITS Funds PLC - MW Liquid Alpha Fund

Irish UCITS 1.50% -

Sanlam Accel Income Fund Muzinich Emerging Markets Short Duration Fund

Irish UCITS 0.80% -

P-Solve Inflation Plus Fund Nomura US Higher Yield Bond Fund

Irish UCITS 0.50% -

Sanlam Accel Income Fund PFS Chelverton UK Equity Fund UK UCITS 0.75% -

Sanlam Accel Income Fund PFS Twenty Four Dynamic Bond Fund UK UCITS 0.75% -

P-Solve Inflation Plus Fund PIMCO Global Investors Irish UCITS 0.89% -

1 % of net assets



465

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED)for the six months ended 30 June 2017

14 Fees of underlying investments (continued)

Period ended 30 June 2017 (continued)



Scheme Type


Fees (%)1

Incentive Fees (%)

2 Fund Name

P-Solve Inflation Plus Fund PIMCO Hi-Yield Bond Fund Irish UCITS 0.55% -

Anchor Global Capital Plus Fund RBS Market Access RICI Agriculture Index ETF ETF 0.25% -

Sanlam Accel Income Fund Sanlam FOUR US Dividend Income Fund Irish UCITS 0.75% -

Sanlam Accel Income Fund Sanlam Strategic Bond Fund Irish UCITS 0.35% -

Sanlam Managed Risk Fund Satrix World Equity Tracker Fund Irish UCITS 0.00% -

Sanlam Accel Income Fund Schroder Income Maximiser Fund UK UCITS 0.75% -

Sanlam Accel Income Fund Schroder UK Alpha Fund UK UCITS 0.75% -

P-Solve Inflation Plus Fund SPDR Trust Series 1 ETF ETF 0.06% -

P-Solve Inflation Plus Fund T. Rowe Price Funds SICAV - Dynamic Global Bond Fund

Luxembourg

UCITS 0.50% -

P-Solve Inflation Plus Fund T.Rowe Price Funds SICAV- Global Emerging Market Fund

Luxembourg

UCITS 0.65% -

Sanlam Accel Income Fund Trojan Investment Funds - Trojan Income Fund UK UCITS 1.00% -

Anchor Global Capital Plus Fund UBS ETFs plc - CMCI Composite SF UCITS ETF ETF 0.37% -

Sanlam Accel Income Fund Unicorn Investment Funds - UK Income Fund UK UCITS 0.75% -

P-Solve Inflation Plus Fund Vanguard Emerging Market ETF

ETF 0.07% -

P-Solve Inflation Plus Fund Vanguard FTSE 250 ETF ETF 0.10% -

P-Solve Inflation Plus Fund Vanguard FTSE Developed Markets Index Fund ETF

ETF 0.05% -

P-Solve Inflation Plus Fund Vanguard Global ex-U.S. Real Estate Index Fund ETF

ETF 0.11% -

Sanlam Accel Income Fund Vanguard Investment Series - UK Government Bond Index Fund

Irish UCITS 0.15% -

P-Solve Inflation Plus Fund Vanguard REIT Index Fund ETF ETF 0.11% -

P-Solve Inflation Plus Fund Vanguard S&P 500 ETF ETF 0.03% -

Autus Global Equity Fund Vanguard S&P 500 Index Fund ETF

ETF 0.03% -

Anchor Global Capital Plus Fund Vanguard Short-term Corporate Bond ETF

ETF 0.10% -

Autus Global Equity Fund Vanguard Small-Cap Index Fund ETF

ETF 0.05% -

P-Solve Inflation Plus Fund Vanguard Small-Cap Value Index Fund ETF

ETF 0.06% -

P-Solve Inflation Plus Fund Vanguard Total Stock Market Index Fund ETF

ETF 0.04% -

Sanlam Accel Income Fund Veritas Funds Plc - Global Equity Income Fund

UK UCITS 0.75% -

P-Solve Inflation Plus Fund Wisdom Tree German Equity ETF

ETF 0.35% -

1 % of net assets



466


14 Fees of underlying investments (continued) The table below and overleaf summarises the collective investment schemes in which the Funds of the Company hold investments at 31 December 2016 and details the investment management fees and incentive fees incurred relating to these collective investment schemes:

Year ended 31 December 2016



Scheme Type


Fees (%)1

Incentive Fees (%)

2 Fund Name

Sanlam Accel Income Fund Artemis Global Income Fund UK UCITS 0.75% -

Sanlam Accel Income Fund Artemis Income Fund UK UCITS 0.75% -

Sanlam Accel Income Fund Artemis Strategic Bond Fund UK UCITS 0.50% -

Sanlam Accel Income Fund BlackRock Continental European Income Fund UK UCITS 0.75% -

Sanlam Accel Income Fund Cazenove Strategic Bond Fund UK UCITS 0.50% -

P-Solve Inflation Plus Fund DB X-Trackers S&P 500 UCITS ETF 0.15% -

P-Solve Inflation Plus Fund ETFS Brent 1Mth Oil Securities Fund ETF 0.49% -

Sanlam Accel Income Fund Fidelity Enhanced Income Fund UK UCITS 0.75% -

Sanlam Accel Income Fund Fidelity Institutional Funds ICVC - UK Corporate Bond Fund UK UCITS 0.35% -

P-Solve Inflation Plus Fund Finsbury High Income Fund Irish UCITS 1.00% -

P-Solve Inflation Plus Fund First State Investments ICVC - Asia Pacific Leaders Fund UK UCITS 0.85% -

P-Solve Inflation Plus Fund GLG Treasury Plus Fund UK OEIC 0.25% 30.00%

Sanlam Accel Income Fund Guinness Asset Management Fund Plc Irish UCITS 0.25% -

Sanlam Accel Income Fund Henderson UK & Europe Funds - Strategic Bond Fund UK UCITS 0.60% -

Sanlam Accel Income Fund Henderson UK & Europe Funds - UK Equity Income Fund UK UCITS 0.75% -

P-Solve Inflation Plus Fund IFDC - Japan Dynamic Fund Luxembourg

UCITS 1.75% 15.00%

P-Solve Inflation Plus Fund Institutional Cash Series Plc Irish UCITS 0.13% -

P-Solve Inflation Plus Fund Insight Liquidity Funds Plc Irish UCITS 0.10% -

Sanlam Private Wealth Global High Quality Fund Institutional Cash Series Plc Irish UCITS 0.13% -


Institutional Sterling Liquidity Heritage Irish UCITS 0.13% -

Sanlam Accel Income Fund Invesco Perpetual Fixed Interest - Corporate Bond Fund UK UCITS 0.91% -

Anchor Global Capital Plus Fund iShares Barclays TIPS Bond Fund ETF ETF 0.20% -

Anchor Global Capital Plus Fund iShares Currency Hedged MSCI Germany ETF ETF 0.53% -

Anchor Global Capital Plus Fund iShares CMBS ETF ETF 0.25% -

Anchor Global Capital Plus Fund iShares Core Euro Corporated Bond ETF ETF 0.00% -


iShares Core US Aggregate Bond ETF ETF 0.08% -


iShares Core US Credit Bond ETF ETF 0.15% -

1 % of net assets



467



Year ended 31 December 2016 (continued)



Scheme Type


Fees (%)1

Incentive Fees (%)

2 Fund Name

Anchor Global Capital Plus Fund iShares Core UK Gilt ETF ETF 0.20% -

P-Solve Inflation Plus Fund iShares Core S&P Small Cap ETF ETF 0.07% -

Anchor Global Capital Plus Fund iShares Cohen & Steers REIT ETF ETF 0.35% -


iShares Global High Yield Corporate Bond ETF ETF 0.55% -

Anchor Global Capital Plus Fund iShares Global REIT ETF ETF 0.14% -

Anchor Global Capital Plus Fund iShares iBoxx Investment Grade Corporate Bond ETF ETF 0.15% -

Anchor Global Capital Plus Fund iShares Italy Government Bond ETF ETF 0.20% -

Satrix World Equity Tracker Fund iShares MSCI Canada ETF ETF 0.48% -

Satrix World Equity Tracker Fund iShares MSCI EAFE Index ETF ETF 0.33% -

Anchor Global Capital Plus Fund iShares MSCI Japan ETF ETF 0.59% -

P-Solve Inflation Plus Fund iShares MSCI Japan Monthly GBP Hedged ETF ETF 0.64% -


iShares MSCI Russia Capped ETF ETF 0.62% -

P-Solve Inflation Plus Fund iShares MSCI World Islamic ETF ETF 0.60% -

Satrix World Equity Tracker Fund iShares S&P 500 Index ETF ETF 0.07% -

Anchor Global Capital Plus Fund iShares Spain Government Bond ETF ETF 0.20% -

Anchor Global Capital Plus Fund iShares Treasury Bond 3-7yr ETF ETF 0.20% -

Anchor Global Capital Plus Fund iShares $ Short Corporate Bond ETF ETF 0.20% -

Sanlam Accel Income Fund JPMorgan Fund ICVC - Sterling Corporate Bond Fund UK UCITS 0.50% -

Sanlam Accel Income Fund Jupiter Strategic Bond UK UCITS 0.50% -

Sanlam Accel Income Fund Kames ICVC - High Yield Bond Fund UK UCITS 1.00% -

Sanlam Accel Income Fund Kames ICVC - Sterling Corporate Bond Fund UK UCITS 0.75% -

Sanlam Accel Income Fund Lazard Global Equity Income Fund UK UCITS 0.75% -

Anchor Global Capital Plus Fund Lyxor ETF Commodities CRB Non-Energy USD ETF 0.35% -

Sanlam Accel Income Fund M&G Short Dated Corporate Bond Fund UK UCITS 0.40% -

Sanlam Accel Income Fund Muzinich Emerging Markets Short Duration Fund Irish UCITS 0.80% -

P-Solve Inflation Plus Fund Nomura US Higher Yield Bond Fund Irish UCITS 0.50% -

1 % of net assets



468



Year ended 31 December 2016 (continued)



Scheme Type


Fees (%)1

Incentive Fees (%)

2 Fund Name

Sanlam Accel Income Fund PFS Chelverton UK Equity Fund UK UCITS 0.75% -

Sanlam Accel Income Fund PFS Twenty Four Dynamic Bond Fund UK UCITS 0.75% -

P-Solve Inflation Plus Fund PIMCO Global Investors Irish UCITS 0.89% -

P-Solve Inflation Plus Fund PIMCO Hi-Yield Bond Fund Irish UCITS 0.55% -

Anchor Global Capital Plus Fund PowerShares Financial Preferred Portfolio ETF 0.50% -

Anchor Global Capital Plus Fund RBS Market Access RICI Agriculture Index ETF ETF 0.25% -

Sanlam Accel Income Fund Sanlam Strategic Bond Fund Irish UCITS 0.35% -

Sanlam Accel Income Fund Sanlam FOUR US Dividend Income Fund Irish UCITS 0.75% -

Sanlam Managed Risk Fund Satrix World Equity Tracker Fund Irish UCITS 0.00% -

Sanlam Accel Income Fund Schroder Income Maximiser Fund UK UCITS 0.75% -

Sanlam Accel Income Fund Schroder UK Alpha Fund UK UCITS 0.75% -

P-Solve Inflation Plus Fund SPDR Trust Series 1 ETF ETF

0.06% -

P-Solve Inflation Plus Fund T.Rowe Price Funds SICAV- Global Emerging Market Fund

Luxembourg

UCITS 0.65% -

Sanlam Accel Income Fund Trojan Investment Funds - Trojan Income Fund UK UCITS 1.00% -

Sanlam Accel Income Fund Unicorn Investment Funds - UK Income Fund UK UCITS 0.75% -

Anchor Global Capital Plus Fund UBS ETFs plc - CMCI Composite SF UCITS ETF ETF 0.37% -

P-Solve Inflation Plus Fund Vanguard Emerging Market ETF ETF 0.07% -

P-Solve Inflation Plus Fund Vanguard FTSE 250 ETF ETF 0.10% -

Anchor Global Capital Plus Fund Vanguard Global ex- US Real Estate ETF ETF 0.19% -

Sanlam Accel Income Fund Vanguard Investment Series - UK Government Bond Index Fund Irish UCITS 0.15% -

P-Solve Inflation Plus Fund Vanguard S&P 500 ETF ETF 0.03% -

Anchor Global Capital Plus Fund Vanguard Short-term Corporate Bond ETF ETF 0.10% -

Sanlam Accel Income Fund Veritas Funds Plc - Global Equity Income Fund UK UCITS 0.75% -

Anchor Global Capital Plus Fund Wisdom Tree Europe Hedged Equity ETF ETF 0.58% -

P-Solve Inflation Plus Fund Wisdom Tree German Equity ETF ETF 0.35% -

1 % of net assets



469


15 Net asset value per share


30 June 31 December 30 June

2017 2016 2016

Share class A

Net Asset Value - USD 9,249,819 USD 11,200,992

Number of Shares in Issue - 9,905,036 12,231,520

Net Asset Value per Share - USD 0.9339 USD 0.9157

Share class B




Share class C (USD)

Net Asset Value - USD 25,822 USD 61,532

Number of Shares in Issue - 25,100 61,147


Share class E






2017 2016 2016

Share class Non – Distributing

Net Asset Value USD 36,207,151 USD 38,417,613 USD 41,248,291

Number of Shares in Issue 26,470,099 27,504,574 28,182,649

Net Asset Value per Share USD 1.3679 USD 1.3968 USD 1.4636



2017 2016 2016

Share class A

Net Asset Value GBP 19,072 GBP 38,473 GBP 35,178

Number of Shares in Issue 9,436 19,464 19,464

Net Asset Value per Share GBP 2.0211 GBP 1.9767 GBP 1.8074

Share class B

Net Asset Value GBP 8,153,768 GBP 7,684,532 GBP 6,743,199




470


15 Net asset value per share (continued)

P-Solve Inflation Plus Fund (continued)


2017 2016 2016

Share class B Accumulation

Net Asset Value - GBP 1,806 GBP 1,995,805

Number of Shares in Issue - 1,413 1,713,694 Net Asset Value per Share - GBP 1.2778 GBP 1.1646

Share class C

Net Asset Value GBP44,654,132 GBP 43,401,191 GBP 39,437,157

Number of Shares in Issue 29,517,022 29,330,550 29,330,550 Net Asset Value per Share GBP 1.5128 GBP 1.4797 GBP 1.3446

Share class D




Share class G




Sanlam African Frontiers Markets Fund


2017 2016 2016

Share class A

Net Asset Value USD 3,763,992 USD 122,663 USD 132,968

Number of Shares in Issue 3,495,733 140,397 149,874


Share class A (GBP)

Net Asset Value - - GBP 25,535

Number of Shares in Issue - - 29,689

Net Asset Value per Share - - GBP 0.8601

Share class C

Net Asset Value - - USD 4,960


Net Asset Value per Share - - USD 0.9284

Share class C (GBP)





471



Share class H



Net Asset Value per Share USD 0.9453 0.7602 USD 0.7652

Share class I

Net Asset Value USD 90 USD 72 USD 73

Number of Shares in Issue 100 100 100


Share class A

Net Asset Value USD 17,678,255 USD 16,941,714 USD 21,390,421 Number of Shares in Issue 8,855,137 9,485,350 12,787,733


Share class A (EUR) Net Asset Value EUR 130 EUR 126 EUR 113

Number of Shares in Issue 112 112 112 Net Asset Value per Share EUR 1.1620 EUR 1.1303 EUR 1.0150

Share class C (GBP)




Sanlam African Frontiers Markets Fund (continued)


2017 2016 2016



2017 2016 2016

Share class A (GBP)




Share class B




Share class C





472



Share class D

Net Asset Value USD 110 USD 98 USD 9,275,368

Number of Shares in Issue 98 98 9,971,940


Share class E




Share class F

Net Asset Value USD 7,895 USD 7,062 USD 6,614



Share class G

Net Asset Value - - USD 6,930,153

Number of Shares in Issue - - 7,778,152

Net Asset Value per Share - - USD 0.8910

Share class A




Share class B




Share class C




Share class E




Sanlam Global Best Ideas Fund (continued)


2017 2016 2016



2017 2016 2016


473



Share class E (GBP)

Net Asset Value GBP 40,089,089 - -

Number of Shares in Issue 39,241,183 - -

Net Asset Value per Share GBP 1.0216 - -

Share class A




Share class A (EUR)

Net Asset Value EUR 150,029 EUR 142,018 EUR 108,228

Number of Shares in Issue 96,812 96,181 95,315 Net Asset Value per Share EUR 1.5497 EUR 1.4765 EUR 1.1355

Share class A (GBP)




Share class B




Share class C




Share class C (GBP)




Share class D




Sanlam Global Bond Fund (continued)


2017 2016 2016



2017 2016 2016


474



Share class E

Net Asset Value USD 24,733,232 USD 23,139,384 USD 110

Number of Shares in Issue 1,314,382 1,417,182 8 Net Asset Value per Share USD 18.8174 USD 16.3277 USD 13.0273

Share class F (EUR)

Net Asset Value - - EUR 2,100


Net Asset Value per Share - - EUR 1.2357

Share class F (GBP)


Number of Shares in Issue 63,751 92,600 140,974 Net Asset Value per Share GBP 1.7600 GBP 1.6216 GBP 1.2132

Share class G (USD)





2017 2016 2016

Share class A




Share class B




Share class C




Share class E




Share class E (GBP)

Net Asset Value GBP 1,050,639 - -



Sanlam Global Financial Fund (continued)


2017 2016 2016



475




2017 2016 2016

Share class A




Share class B




Share class C




Share class E

Net Asset Value USD 159 USD 447,270,490 USD 855,369,100

Number of Shares in Issue 73 226,105,496 466,712,433



2017 2016 2016

Share class A




Share class C




Share class I






Share class E





476




2017 2016 2016

Share class I (GBP)




Share class S





2017 2016 2016

Share class A




Share class C




Share class D




Share class E





2017 2016 2016

Share class A


Number of Shares in Issue 8,543,418 8,390,423 8,413,244 Net Asset Value per Share USD 1.1922 USD 1.0876 USD 1.1262

Share class A (GBP)




Satrix World Equity Tracker Fund (continued)




477




2017 2016 2016

Share class B (USD)




Share class B (GBP)




Share class C




Share class C Accumulating




Share class C Accumulating (GBP)




Share class E




Share class I





2017 2016 2016

Share class A Accumulating

Net Asset Value GBP 801,204 GBP 1,050,228 GBP 813,967



Share class A Income




SIM Global Equity Income Fund (continued)



478




2017 2016 2016

Share class P Accumulating (USD)




Share class P Accumulating




Share class P Income




Share class I Accumulating




Share class I Income





2017 2016 2016

Share class A Net Income




Share class A Net Accumulation





2017 2016 2016

Share class A




Sanlam Strategic Bond Fund (continued)




479




2017 2016 2016

Share class E

Net Asset Value USD 70,325,879 USD 134 USD 125

Number of Shares in Issue 47,064,486 97 97


Share class I


Number of Shares in Issue 787,184 4,013,515 4,715,841


Share class I (GBP)





2017 2016 2016

Share class A (USD)




Share class C (USD)




Share class E (USD)




Share class E (GBP) Net Asset Value GBP 125 GBP 119 GBP 107



Share class I (USD)




Share class I (GBP)




Satrix North America Equity Tracker Fund (continued)



480




2017 2016 2016

Share class A (USD)




Share class C (USD)

Net Asset Value USD 1,570,879 USD 1,255,584 USD 681,899

Number of Shares in Issue 1,224,782 1,148,151 658,966


Share class E (USD)




Share class E

Net Asset Value EUR 145 EUR 133 EUR 120


Net Asset Value per Share EUR 1.4517 EUR 1.3331 EUR 1.1975

Share class I (USD)




Share class I (GBP)





2017 2016 2016 Share class E







481



2017 2016 2016

Share class A




Share class E




Share class I




Share class I (GBP)






482




2017 2016 2016 Share class A




Share class A (GBP) Net Asset Value GBP 1,835,302 GBP 2,111,245 GBP 1,302,921 Number of Shares in Issue 1,612,327 1,994,024 1,275,895 Net Asset Value per Share GBP 1.1383 GBP 1.0588 GBP 1.0212

Share class A (EUR) Net Asset Value EUR 22,141 EUR 20,682 EUR 75,600 Number of Shares in Issue 19,318 19,318 72,755 Net Asset Value per Share EUR 1.1462 EUR 1.0706 EUR 1.0391

Share class D Net Asset Value - - USD 21,351 Number of Shares in Issue - - 20,214 Net Asset Value per Share - - USD 1.0562

Share class I




Share class I (GBP)




Share class I (EUR)




Share class N Net Asset Value USD 618,550 USD 730,501 USD 665,311 Number of Shares in Issue 537,269 685,728 645,143 Net Asset Value per Share USD 1.1513 USD 1.0653 USD 1.0313

Share class N (EUR) Net Asset Value EUR 155,107 EUR 145,842 EUR 151,104 Number of Shares in Issue 138,613 138,613 147,253 Net Asset Value per Share EUR 1.1190 EUR 1.0522 EUR 1.0262

Share class N (GBP) Net Asset Value GBP 547,893 GBP 528,524 GBP 510,195 Number of Shares in Issue 488,064 504,652 498,867 Net Asset Value per Share GBP 1.1226 GBP 1.0473 GBP 1.0227



483




2017 2016 2016 Share class N2 (GBP)

Net Asset Value GBP 216,930 - -

Number of Shares in Issue 209,075 - -



2017 2016 2016





Share class C Accumulating

Net Asset Value GBP 1,821,481 GBP 955,829 GBP 788,623



Share class C Income




Share class D Accumulating




Share class D Income




Share class E Accumulating




Share class E Income




Sanlam Managed Risk Fund (continued)



484




2017 2016 2016

Share class F Accumulating

Net Asset Value GBP 1,218,117 GBP 479,034 GBP 111

Number of Shares in Issue 892,994 392,014 100


Share class F Income

Net Asset Value GBP 1,237,087 GBP 753,273 GBP 549,143



Share class G Income

Net Asset Value USD 11,813 - -


Net Asset Value per Share USD 1.1356 - -

Share class G Accumulating

Net Asset Value USD 3,686,787 USD 2,869,304 -

Number of Shares in Issue 3,084,022 2,823,392 -

Net Asset Value per Share USD 1.1954 USD 1.0163 -


2017 2016 2016

Share class A Distributing

Net Asset Value GBP 14,222,401 GBP 1,995,631 GBP 1,374



Share class A (USD) Distributing


Number of Shares in Issue 161,205 104 103


Share class A (EUR) Distributing





Net Asset Value GBP15,134,634 GBP 12,835,667 GBP 9,787,375



Sanlam Private Wealth Global High Quality Fund (continued)



485




2017 2016 2016

Share class A (USD) Accumulating




Share class B Accumulating

Net Asset Value GBP 19,819,865 GBP 4,010 GBP 110

Number of Shares in Issue 1,487,154 296 10


Share class B (USD) Accumulating






2017 2016 2016

Share class A (USD)




Sanlam FOUR Active European (ex-UK) Equity Fund


2017 2016 2016

Share class A (EUR)

Net Asset Value - EUR 9,438,596 EUR 9,102,762


Net Asset Value per Share - EUR 16.7199 EUR 15.5669

Share class A (GBP)

Net Asset Value - GBP 1,859,435 GBP 5,883,936


Net Asset Value per Share - GBP 13.6069 GBP 12.1957

Share class B (EUR)

Net Asset Value - EUR 24,500,311 EUR 22,725,335


Net Asset Value per Share - EUR 14.6684 EUR 13.6057

Share class B (GBP)

Net Asset Value - GBP 3,486,497 GBP 3,898,061



Sanlam FOUR US Dividend Income Fund (continued)


486



Sanlam FOUR Active European (ex-UK) Equity Fund (continued)


2017 2016 2016

Share class B (USD)

Net Asset Value - USD 52,987,447 -

Number of Shares in Issue - 5,372,153 -

Net Asset Value per Share - USD 9.8634 -

Share class C (GBP)

Net Asset Value - GBP 7,854 GBP 7,064

Number of Shares in Issue - 600 600




2017 2016 2016

Share class A (USD)




Share class A (EUR)




Share class A (GBP)




Share class B (USD)




Share class B (GBP)




Share class C (GBP)





487



Sanlam FOUR Global Equity Fund (continued)


2017 2016 2016

Share class C


Number of Shares in Issue 153 - -




2017 2016 2016

Share class A (USD)




Share class A (EUR)

Net Asset Value EUR 7,119,632 EUR 6,968,600 EUR 4,397,239



Share class A (GBP)




Share class A (GBP) Distributing




Share class B (USD)

Net Asset Value USD 188,136,161 USD 138,676,733 USD120,298,220



Share class B (GBP)





488





2017 2016 2016

Share class A (GBP)

Net Asset Value GBP 639,578 GBP 1,571,658 GBP 2,221,613



Share class B (USD)


Number of Shares in Issue 917,402 2,019,892 -


Share class B (GBP)




Share class C (USD)




Share class C (GBP)




Share class D (GBP)

Net Asset Value GBP 74,191 GBP 129,951 GBP 8,867,922



Share class I (GBP)

Net Asset Value GBP 392,779 GBP 373,739 GBP 43,445,907

Number of Shares in Issue 34,699 34,697 4,865,784



489





2017 2016 2016

Share class Founder (GBP)




Share class A (USD)




Share class A (GBP)




Share class B (USD)


Number of Shares in Issue 354,464 367,694 2,647,907


Share class B (GBP)




Share class Founder (GBP) Income Distributing




Share class A (GBP) Income Distributing




Share class B (GBP) Income Distributing





490





2017 2016 2016

Share class A




Share class B






2017 2016 2016

Share class A (USD)






2017 2016 2016

Share class A




Share class B






2017 2016 2016

Share class A (USD)






2017 2016 2016

Share class A1 (USD)





491



SIM Global Emerging Markets Fund (continued)


2017 2016 2016

Share class A2 (USD)




Share class B1 (USD)

Net Asset Value USD 117,941 USD 9,978 -

Number of Shares in Issue 100,811 9,923 -


Share class B2 (USD)




Share class C1 (USD)




Share class C2 (USD)




Share class E (USD)

Net Asset Value USD 8,797,113 - -



Sanlam FOUR UK Income Opportunities Fund


2017 2016 2016

Share class Accumulation A (GBP)

Net Asset Value - - GBP 832

Number of Shares in Issue - - 100


Share class Accumulation B (GBP)





492



Sanlam FOUR UK Income Opportunities Fund (continued)


2017 2016 2016

Share class Accumulation Founder (GBP)

Net Asset Value - - GBP 813



Share class Distribution A (GBP)




Share class Distribution B (GBP)




Share class Distribution Founder (GBP)






2017 2016 2016

Share class A (USD)






2017 2016 2016

Share class C (USD)




Share class C (GBP)

Net Asset Value GBP 4,212 - -




493



Sanlam Centre American Select Equity Fund (continued)


2017 2016 2016

Share class E (USD)






2017 2016 2016

Share class A






2017 2016 2016

Share class E (USD)






2017 2016 2016

Share class C (USD)




Share class E (USD)






2017 2016 2016

Share class B (USD)





494


16 Significant events during the period Sanlam Centre Global Select Equities Fund and Sanlam FOUR Active European (ex UK) Equity Fund were closed with effect from 22 June 2017 and 30 June 2017, respectively. Sanlam Centre Active US Treasury Fund and Autus Global Equity Fund, authorised designated sub-funds of the Company, launched on 12 January 2017 and 10 March 2017, respectively. During the period ended 30 June 2017, effective from 13 June 2017, a number of Funds had a change in name as follows:

Name at 31 December 2016 Name effective 13 June 2017 Grindrod Global Property Income Fund Bridge Global Property Income Fund Grindrod Global Equity Income Growth Fund Bridge Global Equity Income Growth Fund Grindrod Global Managed Growth Fund Bridge Global Managed Growth Fund

Waisan Capital South African Equity Fund was approved by the Central Bank of Ireland as an authorised designated sub-fund of the Company on 17 January 2017. Effective from 12 June 2017 Sanlam Investment Management (Pty) Ltd replaced Sanlam Four Investments UK Limited and Milliman Financial Strategies Limited as Investment Manager of the Sanlam Managed Risk Fund. Effective from 21 June 2017 Sanlam Four Investments UK Limited replaced Sanlam Investment Management (Pty) Ltd as Investment Manager of the Sanlam Strategic Bond Fund. There were no other significant events during the period.


495

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2017 17 Index Tracking Tracking error is the volatility of the difference between the return of the Index tracking UCITS and the return of the index or indices tracked. The Company has six index-tracking Funds in existence at 30 June 2017. The table below compares the anticipated tracking error (disclosed as a range in the prospectus on an ex ante basis) against the actual realised tracking error of the Funds as at 30 June 2017. An explanation of the difference, if any is provided on the table below:

Fund Name

Benchmark Index

Anticipated

Tracking

Error

Realised

Tracking

Error

% %


MSCI World Index (Developed

Markets) in US Dollars

Unhedged with income

reinvested (or another

appropriate major world index

selected by the Manager) +/- 1.00 0.41

Satrix North America Equity Tracker Fund MSCI North America Index +/- 0.45 (0.88)


MSCI UK Daily Net Total Return

Index +/- 0.90 (0.31)

Satrix Europe (ex UK) Equity Tracker Fund MSCI Europe ex UK Index +/- 0.50 0.09

Satrix Emerging Markets Equity Tracker Fund MSCI Emerging Markets Index +/- 1.00 (0.49)

Fund Name Explanation of difference

Satrix World Equity Tracker Fund The Fund has tracked its benchmark index within the anticipated tracking error range.


The realised tracking error is outside the anticipated tracking error due to significant cash inflows over the period. These inflows have seen the AUM of the Fund increase by 1200% since 30 June 2016. With this increased scale, it is expected that the portfolio will see a reduction in the tracking error during the second half of 2017 to within the anticipated range.


The Fund has tracked its benchmark index within the anticipated

tracking error range.







Tracking difference is defined as the difference in the annual return of the Index-tracking UCITS and the annual return of the tracked index. The realised Fund performance against the performance of the relevant benchmark index during the period ended 30 June 2017 is set out in the Investment Manager’s report for each of the index- tracking Funds.


496


18 Significant events since the end of the period

Effective from 21 August 2017 the Sanlam FOUR US Dividend Income Fund changed its name to Sanlam

FOUR US Dividend Fund

There were no other significant events from 30 June 2017 to the date of approval of the financial

statements..

19 Off balance sheet arrangements

The Company was not party to off balance sheet arrangements for the six months from 1 January 2017 to 30 June 2017.

20 Approval of unaudited condensed interim financial statements

The unaudited condensed interim financial statements were approved by the Board of Directors on 30

August 2017.


497

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) P-Solve Inflation Plus Fund 1. Global Data

Proportion of Securities and Commodities on Loan GBP

Total Lendable Assets Excluding Cash and Cash Equivalents 34,909,070

Securities and Commodities on Loan 139,747

% 0.40%

Assets Engaged in SFTs

Fund Assets Under Management 36,295,969

Absolute Value of Assets Engaged in Securities Lending 139,747

%

0.39%

2. Concentration Data Top Ten Largest Collateral Issuers

Name and Value of Collateral and Commodities Received GBP

Federal Republic of Germany Bonds 57,234

United Kingdom Bonds 51,556

Netherlands Government Bonds 30,083

French Republic Bonds 11,543

Total 150,417

Top Ten Counterparties

Name and Gross Volume of Outstanding Transactions GBP

Securities Lending HSBC Bank Plc 102,297

UBS AG London Branch 37,450

Total 139,747

3. Aggregate Transaction Data Type, Quality and Currency of Collateral

Securities Lending Type Currencies GBP

Sovereign Bonds Investment Grade EUR 98,861

Sovereign Bonds Investment Grade GBP 51,556

Total 150,417


498

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) P-Solve Inflation Plus Fund (continued) 3. Aggregate Transaction Data (continued) Maturity Tenor of Collateral (Remaining Period to Maturity)

Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3

Months 3 Months to 1 Year

Above 1 Year

Open Maturity Total

Type GBP GBP GBP GBP GBP GBP GBP GBP

Securities Lending

-

-

11,172 2,648 - 136,597 - 150,417

Counterparty Details

Type Country of

establishment Settlement & Clearing GBP

Securities Lending UK Tri-party 150,417

Maturity Tenor of SFTs (Remaining Period to Maturity)

Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

-

-

-

- 139,747 139,747

4. Re-use of Collateral Re-use of Collateral Received The Fund does not re-use collateral received. Cash Collateral Reinvestment Returns The Fund has no returns on cash collateral. 5. Safekeeping of Collateral Received

Names and Value of Custodians Safekeeping Collateral GBP

Brown Brothers Harriman & Co

150,417

Number of Custodians Safekeeping Collateral

1 6. Safekeeping of Collateral Granted The Fund does not borrow stock from counterparties therefore no collateral has been granted. 7. Securities Lending Income and Costs

Information in respect to income, costs and fees incurred by the Fund in relation to securities lending activities is set out in Note 13 to the financial statements.


499

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Sanlam African Frontier Markets Fund 1. Global Data

Proportion of Securities and Commodities on Loan USD



% 0.01%




%

0.01%


Name and Value of Collateral and Commodities Received USD


United States of America Treasury Notes 1,166

Swiss Confederation Government Bonds 1,164

Netherlands Government Bonds 672

Swedish Government Bonds 495

French Republic Bonds 3

Total 5,833


Name and Gross Volume of Outstanding Transactions USD

Securities Lending Citigroup Global Markets Limited 4,631


Securities Lending Type Currencies USD


US Treasury Notes Investment Grade USD 1,166

Sovereign Bonds Investment Grade CHF 1,164

Sovereign Bonds Investment Grade EUR 675

Sovereign Bonds Investment Grade SEK 495

Total 5,833


500

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Sanlam African Frontier Markets Fund (continued) 3. Aggregate Transaction Data (continued) Maturity Tenor of Collateral (Remaining Period to Maturity)

Less than 1

Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total

Type USD USD USD USD USD USD USD USD

Securities Lending

-

-

-

- - 5,833 - 5,833


Type Country of

establishment Settlement & Clearing USD



Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

-

-

-

- 4,631 4,631


Names and Value of Custodians Safekeeping Collateral USD


5,833





501

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED)


1. Global Data



Securities and Commodities on Loan 1,781,029

% 0.53%



Absolute Value of Assets Engaged in Securities Lending 1,781,029

%

0.50%

2. Concentration Data

Top Ten Largest Collateral Issuers








Sweden Government Bonds 74,331

Total 2,015,858




Credit Suisse Securities (Europe) Limited 488,578

JP Morgan Securities Limited 332,356

HSBC Bank Plc 264,112

Total 1,781,029

3. Aggregate Transaction Data

Type, Quality and Currency of Collateral






Sovereign Bonds Investment Grade SEK 74,331

Total 2,015,858


502

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Sanlam World Equity Fund (continued) 3. Aggregate Transaction Data (continued) Maturity Tenor of Collateral (Remaining Period to Maturity)

Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

102,586

-

170 1,913,442 - 2,015,858


Type Country of


Securities Lending UK Tri-party 2,015,858


Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

-

-

-

- 1,781,029 1,781,029




2,015,858





503

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Satrix World Equity Tracker Fund 1. Global Data




% 0.39%




%

0.38%










Total 2,886,421



Securities Lending UBS AG London Branch 1,365,987


Merrill Lynch International 239,594

Deutsche Bank AG 232,140

Citigroup Global Markets Limited 168,216

J.P. Morgan Securities Ltd 119,147

Total 2,587,487


504

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Satrix World Equity Tracker Fund (continued) 3. Aggregate Transaction Data Type, Quality and Currency of Collateral


Sovereign Bonds Investment Grade EUR 2,018,471





Total 2,886,421

Maturity Tenor of Collateral (Remaining Period to Maturity)

Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

461,109 74,363 149,362 2,201,587 - 2,886,421


Type Country of




Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

-

-

-

- 2,587,487 2,587,487

4. Re-use of Collateral Re-use of Collateral Received The Fund does not re-use collateral received. Cash Collateral Reinvestment Returns The Fund has no returns on cash collateral.


505


Satrix World Equity Tracker Fund (continued) 5. Safekeeping of Collateral Received



2,886,421





506

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Satrix North America Equity Tracker Fund 1. Global Data




% 0.28%




%

0.28%





Swiss Confederation Bonds 35,370





Total 243,368






Credit Suisse Securities (Europe) Limited 298

Total 201,717


507

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Satrix North America Equity Tracker Fund (continued) 3. Aggregate Transaction Data








Total 243,368


Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

13,230

1,159

8,264 220,715 - 243,368


Type Country of




Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

-

-

-

- 201,717 201,717



508


Satrix North America Equity Tracker Fund (continued) 5. Safekeeping of Collateral Received



243,368





509

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Satrix UK Equity Tracker Fund 1. Global Data

Proportion of Securities and Commodities on Loan GBP



% 0.79%




%

0.78%


Name and Value of Collateral and Commodities Received GBP






French Republic Government Bonds 229

Total 477,565


Name and Gross Volume of Outstanding Transactions GBP



Securities Lending Type Currencies GBP






Total 477,565


510

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Satrix UK Equity Tracker Fund (continued) 3. Aggregate Transaction Data (continued) Maturity Tenor of Collateral (Remaining Period to Maturity)

Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

- - - 477,565 - 477,565


Type Country of

establishment Settlement & Clearing GBP



Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

-

-

-

- 379,184 379,184


Names and Value of Custodians Safekeeping Collateral GBP


477,565





511

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Satrix Europe (Ex-UK) Equity Tracker Fund 1. Global Data

Proportion of Securities and Commodities on Loan EUR



% 0.49%




%

0.45%


Name and Value of Collateral and Commodities Received EUR

French Republic Government Bonds 355,823







Total 1,245,718


Name and Gross Volume of Outstanding Transactions EUR

Securities Lending Merrill Lynch International 398,969




JP Morgan Securities Limited 98,966

Total 1,158,359


512


Satrix Europe (Ex-UK) Equity Tracker Fund (continued) 3. Aggregate Transaction Data Type, Quality and Currency of Collateral

Securities Lending Type Currencies EUR






Total 1,245,718


Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total

Type EUR EUR EUR EUR EUR EUR EUR EUR

Securities Lending

-

- 165,604 - 167,491 912,623 - 1,245,718


Type Country of

establishment Settlement & Clearing EUR



Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total

Type EUR EUR EUR EUR EUR EUR EUR EUR

Securities Lending

-

-

-

-

-

- 1,158,359 1,158,359



513


Satrix Europe (Ex-UK) Equity Tracker Fund (continued) 5. Safekeeping of Collateral Received

Names and Value of Custodians Safekeeping Collateral EUR


1,245,718





514

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Sanlam Equity Allocation Fund 1. Global Data




% 1.09%




%

1.06%










Total 1,286,635



Securities Lending Credit Suisse Securities (Europe) Limited 604,228




Deutsche Bank AG 50,882

Total 1,180,253


515

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Sanlam Equity Allocation Fund (continued) 3. Aggregate Transaction Data Type, Quality and Currency of Collateral







Total 1,286,635


Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

- 126,863 - 93,969 1,065,803 - 1,286,635


Type Country of




Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

-

-

-

- 1,180,253 1,180,253



516

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Sanlam Equity Allocation Fund (continued) 5. Safekeeping of Collateral Received



1,286,635





517

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Satrix Emerging Market Equity Tracker Fund 1. Global Data




% 3.71%




%

3.67%

2. Concentration Data

Top Ten Largest Collateral Issuers









Total 1,788,495



Securities Lending HSBC Bank Plc 1,506,667




Total 1,684,501

3. Aggregate Transaction Data



Sovereign Bonds Investment Grade EUR 1,027,423





Total 1,788,495


518

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) Satrix Emerging Market Equity Tracker Fund (continued) 3. Aggregate Transaction Data (continued) Maturity Tenor of Collateral (Remaining Period to Maturity)

Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

20,220 1,242 3 1,767,030 - 1,788,495


Type Country of




Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

-

-

-

- 1,684,501 1,684,501




1,788,495





519

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) High Street Global Balanced Fund 1. Global Data




% 1.01%




%

0.93%







Total 193,188



Securities Lending HSBC Bank Plc 183,989





Total 193,188


520

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR") DISCLOSURES (UNAUDITED) (CONTINUED) High Street Global Balanced Fund (continued) 3. Aggregate Transaction Data (continued) Maturity Tenor of Collateral (Remaining Period to Maturity)

Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

-

- - 193,188 - 193,188


Type Country of




Less than 1 Day

1 Day to 1

Week

1 Week to 1

Month 1 to 3


Above 1 Year

Open Maturity Total


Securities Lending

-

-

-

-

-

- 183,989 183,989




193,188





521

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) Sanlam Centre Global Select Equity Fund

Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017)

Bank of America Corp (1,104,819)

Samsung Electronics (928,161)

Citigroup Inc (875,465)

Apple Inc (874,262)

Ing Groep NV (836,204)

Facebook Inc (776,972)

Schneider Electri SE (756,799)

Unilever NV (741,784)

Amazon.Com Inc (733,237)

Thales Sa (705,829)

Safran SA (693,004)

Alphabet Inc Cl C (687,079)

Merck & Co (667,861)

Visa INC - Class A (644,337)

Berkshire Hath-B (620,084)

Pepsico Inc Com (619,790)

British Aerospace (616,996)

Conocophillips (614,691)

Kimberley Clark Corp (602,848)

CVS Health Corp (596,596)

Stryker Corp (595,101)

Home Depot (583,430)

British American Tob (581,515)

Capgemini SA (561,001)

Kerry Properties Ltd (534,644)

Banco Bilbao Viscaya (532,319)

Exelon Corp (518,747)

Amgen Corp Com Npv (513,553)

Nippon TeL & Tel (508,026)

Bridgestone Corp (505,882)

Walt Disney Co (505,116)

Securitas Ab-B (504,328)

Barrick Gold Corp (503,917)

Michelin Class B (502,314)

Aust And Nz Bank (474,686)

STRAUMANN HOLDING (464,951)

Roche Hldg-Genus (463,186)

Sony Corp (450,417)

Telstra Corporation (448,236)

Lvmh Moet Hennes (447,608)

Fonciere Des Regions (438,973)

Infineon Tech (435,363)

Daimler AG (435,345)

Contact Energy L (420,497)

Origin Energy (420,249)

Astellas Pharma Inc (416,248)


522

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Bridge Global Property Income Fund

Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

Hudson Pacific Prop 950,749

Invitation Homes Inc 948,488

SL Green Realty Corp 947,063

DDR Corp 290,868

KIMCO REALTY CORP 195,243

Spirit Realty Cap 191,072

British Land ORD 25P 190,873

Land Securities Grp 167,133

Hammerson Plc 157,805

Derwent London 83,550

Acadia Realty 52,619

Taubman Centers INC 49,981

Macerich Co/The 48,841

Simon Property 38,230

Westfield Corp 35,697

Federal Realty Inv 33,844

Cubesmart 30,629

RioCan Real Est Inv 16,245


Delta Property Fund Ltd (488,193)

Mid-America Apartment Comm (467,167)

Digital Realty Trust Inc (445,454)

Sun Communities Inc (418,293)

AvalonBay Communities Inc. (351,143)

DCT Industrial Trust Inc (331,980)

Prologis Inc (305,026)

Healthcare Realty Trust Inc (300,442)

Safari Investments RSA Limited (295,945)

Duke Realty Corp (262,105)

Equity Residential (255,582)

LIBERTY PROPERTY TRUST (242,128)

Columbia Property Trust Inc (220,530)

Cubesmart (190,323)

General Property Grp (182,215)

Boston Properties (176,666)

Public Storage Inc (161,243)

Grwthpnt Prop Austr (161,231)

Education Realty Trust Inc (160,591)

Mara Delta Prop Ltd (108,052)

Tower Property Fund (94,898)

Spirit Realty Cap (88,619)

Federal Realty Inv Trust (81,885)

Simon Property (79,729)

Hudson Pacific Prop (72,937)

Unibail-Rodamco (63,118)


523

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) P-Solve Inflation Plus Fund


Vanguard FTSE Developed ETF 3,592,883

Institutional Cash Series Plc - Insti Sterling Liquidity Fd 3,251,004

TSY 4.25% 07/12/2027 1,309,128

UK Tsy 0.5% 22072022 1,308,313

Ishare Euro Stoxx UCITS ETF (DE) 1,166,654

Marshall Wace UCIT Funds PLC 1,165,725

Vanguard Sml Cap ETF 1,161,010

db x-trackes S&P 500 UCITS ETF 1,157,137

Nomura US Higher Yield Bond Fund 965,700

Blackrock Developed Real Estate Index Sub Fund 903,589

T Rowe GLB Uncons BD 902,300

Vanguard Stock 649,198

UK GOV 4.5% 070934 538,638

UK Tsy 1.5% 220726 529,854

Insight Liquidity Funds Plc 513,781

Vanguard Reit ETF 329,680

Vanguard Glbl EX-US 270,324

Pimco-Hi Yield Bond 236,600

iShares Core S&P 146,784


Institutional Cash Series Plc - Insti Sterling Liquidity Fd (4,403,800) UK Gilt 1.00% 070917 (2,852,029) US Treasury 2.875% 15112046 (2,556,222) Finsbury High Income Fund (1,933,400) Insight Liquidity Funds Plc (1,899,722) iShares MSCI Japan Monthly GBP Hedged (1,283,689) Pimco-Hi Yield Bond (991,400) Nomura US Hg Yld BD (841,600) iShares EURO STOXX Banks 30-15 UCITS ETF (814,315) Vanguard S&P 500 ETF (634,361) T.Rowe-Glb Emk BD-IH (396,600) SPDR Trust Series 1 (305,952) Primco Global Plc (276,782) UK Tsy 1.5% 220726 (261,368) UK GOV 4.5% 070934 (258,225) GLG Treasury Plus Fd (102,000)


524

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Sanlam African Frontier Markets Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

Rockcastle Global Real Estate Company Limited 2,023,675

Centamin PLC 1,667,105

Global Telecom Hldg 1,625,716

Guaranty Trust Bank 1,325,724

Safaricom Ltd 1,016,307

ZENITH BANK LTD 931,237

VanEck Vectors Egypt Index ETF 649,707

Attijariwafa Bank 486,131

Stanbic IBTC Holding Co 357,892

Econet 0% 311249 318,160

Seplat Petroleum Dev 161,264

Guinness Nigeria Plc 130,727

Seplat Petroleum Dev 5,670


Centamin Plc (2,889,708)

Global Telecom H (2,380,230)

Eastern Tobacco (2,213,173)

Stanbic IBTC Hldg Co (1,350,287)

Umeme Ltd (1,081,584)

Equity Bank Ltd (1,041,692)

Societe des Brasseri (995,881)

Talaat Moustafa Group (977,188)

Qatar National Bank (789,906)

Credit Agricole Egypt (773,375)

DOUJA PROM ADDOHA (755,727)

Commercial International Bank Egypt SAE (CIB) (672,824)

VanEck Vectors Egypt Index ETF (653,061)

Delta Corp Ltd (546,319)

Ecobank Transnational Inc (540,437)

Lafarge Africa Plc (536,797)

Banque Centrale Pop (500,050)

Econet Wireless Zim (374,619)

Commercial Int Bank (205,575)

Global Telecom Hldg (97,957)


525

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Sanlam Global Best Ideas Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

ASML Holding NV 1,639,020

Howden Joinery Grp 1,624,890

Sberbank of Russ ADR 1,094,807

Banco Commercial Por 1,061,889

Credicorp 513,142

TBC Bank Group Plc 432,230

JP Morgan Chase & Co 334,866

Moscow Exchange Mic 214,502

Wells Fargo & Co 210,122

American Int Group 139,888

Mgic Invt Corp 112,432

OneSavings Bank Plc 99,167

Legal & Gen Grp 87,772

UBS Group AG 81,731

Scor SE 78,374

Turkiye Sinai Kalkin 69,575

Citigroup Inc 68,444

Bank Rakyat Indonesa 32,118

LIC Housing Finance 16,602


Deere & Co (2,124,666)

Bank Rakyat Indonesa (1,135,841)

Erste Group Bank AG (1,045,425)

Lockheed Martin Corp (1,010,678)

Illinois Tool Wo (997,479)

Renaissancere Hldgs (752,488)

American Int Group (662,692)

LIC Housing Finance (295,979)

HP Inc (242,335)

Bank of America Corp (215,918)

Scor SE (197,734)

Philip Morris Int (164,578)

Moscow Exchange Mic (94,086)


526

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Sanlam Global Bond Fund


FGCI 2.5% 010129 6,960,113

GNMA 3.5% 151241 6,664,362

US Treas 2.1% 311221 4,287,946

FGLMC 3% 010147 3,951,950

Japan Gvt 1% 200921 3,816,069

US Treas 2.7% 150224 3,127,267

Japan 2.5% 200936 3,075,447

Japan 0.10% 200327 2,748,302

USTreas 6.75% 150826 2,242,642

Japan 0.80% 200346 2,066,192

Japan 1.9% 200331 1,997,088

US Trea 3.75% 150841 1,985,080

Japan 2.125% 120221 1,963,000

FHLM 3% 010745 1,870,836

Shell 6.3% 151238 1,845,262

France 8.5% 250423 1,824,414

Tokyo 2.12% 200519 1,799,046

US Treas 1.7% 310123 1,765,684

Westpac 3.35% 080327 1,762,315

Morgan 3.625% 200127 1,674,851

Morgan 2.8% 160620 1,526,123

Euro Fin 3.5% 040222 1,447,378

BP Cap 2.5% 160120 1,417,122

Swedish 1.75% 180520 1,402,240

Buoni 4.5% 010324 1,398,612

Belgium 4.5% 280326 1,385,062

FHLM 3.5% 010446 1,369,248

US Treas 1.3% 310820 1,294,114

Sales Proceeds (USD)

(being the largest sales during the period ended 30 June 2017)

US Treas 1.2% 310119 (5,506,612)

GNMA 3.5% 151241 (650,655)

Euro-Bund Fut Jun17 (596,098)

IRS SWP GBP 080927 (577,223)

IRS SWP GBP 080946 (458,598)

FNMA 3% 010927 (328,786)

Gas Nat 4.12% 260118 (275,689)

GNMA 4.50% 200346 (269,982)

FNMA 4.5% 010245 (266,203)

GNMA 4.0% 150841 (249,882)

FNMA 4.5% 010540 (216,490)

FNMA 5.5% 011135 (215,836)

GNMA 4.50% 200843 (185,763)

IRS SWP GBP 020221 (172,646)

Euro-Bund Fut Mar 17 (168,354)

FHLM 4.0% 011044 (154,724)

IRS GBP 20180908 (146,601)

IRS SWP NZD 160320 (142,437)

IRS SWP GBP 110521 (141,724)

GNMA 4% 200241 (126,463)

FNMA 3% 011142 (126,120)


527

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Sanlam Global Financial Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

Citigroup Inc 3,688,339

Banco Commercial Portugues SA 2,716,256

Sberbank of Russia ADR 2,045,419

Intercontinental Exchange Inc 1,955,944

OneSavings Bank Plc 1,664,763

Indiabulls Housing Finance Ltd 1,345,693

OTP Bank Nyrt 1,318,507

TBC Bank Group Plc 1,240,054

Berkshire Hathaway Inc. 1,201,860

Shawbrook Group Plc Ltd 1,152,720

JP Morgan Chase & Co 1,134,545

Societe Generale 1,092,661

Wells Fargo & Co 1,029,560

Aldermore Group Plc 940,312

AXA 915,363

Ageas 866,212

TURKIYE HALK AS 793,386

LIC Housing Finance Ltd 742,190

Bank of Ireland Ord 694,394

Moscow Exchange Micex 585,850

Itau Unibanco Hldgs 511,832

Shriram Finance 425,556

UBS Group AG 386,828

Yes Bank 385,238

Mgic Invt Corp 315,890


528

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Sanlam Global Financial Fund (continued) Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017)

TBC Bank Group Plc (5,220,320)

Dewan Housing Finance Corporation Ltd (4,551,319)

American International Group (3,641,672)

OneSavings Bank Plc (3,057,827)

Bank of Georgia Holdings Plc (3,009,418)


Bank Rakyat Indonesa (2,564,669)

Erste Group Bank AG (2,522,111)

JP Morgan Chase & Co (2,350,405)

Renaissancere Holdings Ltd (2,203,949)

PRA Group Inc (2,174,209)

Yes Bank (2,161,165)

Citigroup Inc (2,054,100)

Indiabulls Housing Finance Ltd (1,829,594)

ENCORE CAPITAL GROUP INC (1,779,093)

Signature Bank (1,715,182)

Novae Group PLC (1,613,723)

AXA (1,587,736)

Sparebank 1 Nord-Norge (1,534,094)

Deutsche Boerse AG (1,483,855)

US Bancorp (1,405,924)

MGIC Investment Corp. (1,267,818)

Soc Generale-A (1,240,637)

TCS Group Holding - Reg S (1,236,868)

Adira Dinamika Multi Finance (1,193,401)

LIC Housing Finance Ltd (1,134,085)

Moscow Exchange Micex (1,128,813)

Arrow Global Group PLC (904,260)

PT Bank Pembangunan Daerah Jawa Timur (880,662)

Ageas (854,543)

Berkshire Hathaway Inc. (811,032)

TURKIYE HALK BANKASI AS (802,754)

Turkiye Sinai Kalkin (791,726)

Legal & General Group PLC (773,651)

Indusind Bank Ltd (763,575)


529

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Sanlam Global Property Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

Mas Real Estate Inc 4,673,213

Welltower Inc 3,207,956

GGP Inc 2,396,505

Essex Property TrInc 2,115,616

Hudson Pacific Prop 1,761,832

Epr Properties 1,619,899

STAG Industrial 1,582,120

Urban Edge Propertie 1,478,171

City Developments 1,448,859

Realty Income Corp 1,357,702

National Retail Prop 1,242,653

Deutsche Wohnen AG 1,186,660

Sabra Health Car 1,137,476

Medical Properti 1,131,271

Park Hotels & Resort 1,119,121

Retail Opportuni 1,115,177

Wharf Holdings 1,112,482

Camden Property Trus 1,059,272

Mid-America Apartmen 1,034,113

LEG Immobilien GmbH 993,469

Brixmor Property Gro 951,044

Entra ASA 937,609

Mapletree Logistics 932,400

Mirvac Group 927,427

Columbia Prop Trust 917,665

Healthcare Realty Tr 887,804

Cheung Kong Property 865,633

Buwog AG 857,806

Aareal Bank AG 838,000

Eurocommercial Prop 827,604

ICADE 719,704

Washington REIT 699,129

Anhui Conch Cement 697,372

Grupo Cementos 693,724

Hispania Activos 690,463

Daiwa Office Inv 685,216

Mitsui Fudosan Co 684,751

Alexandria Real Est 654,448

Digital Realty 647,687

Tag Immobilien AG 638,332


530

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Sanlam Global Property Fund (continued) Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017)

Mas Real Estate Inc (12,994,307)

Ventas Inc (2,413,313)

Extra Space Storage (2,064,810)

Federal Realty Inv (1,835,213)

Simon Property (1,801,469)

National Retail Prop (1,743,254)

Taubman Centers INC (1,430,859)

Apartment Int & Mng (1,209,131)

Prologis Inc (1,163,454)

LEG Immobilien GmbH (1,146,644)

Capitacommercial Tr (1,146,552)

DCT Industrial Trust (1,121,543)

Scentre Group (1,059,178)

Mercialys (1,053,638)

Apple Hosp REIT Inc (1,042,182)

United O/S Land (1,032,277)

DiamondRock Hosptlty (1,026,985)

Ramco Gershenson (958,158)

Spirit Realty Cap (936,547)

Cheung Kong Property (934,856)

Wharf Holdings (870,748)

Gecina (846,629)

Avalonbay Commun (792,988)

Kenedix Realty Inv (738,628)

Sino Land Co (675,563)

Education Realty Trs (658,922)

Buzzi Unicem SPA (652,476)

Goodman Group (652,201)

Big Yellow Group Plc (645,443)

Alstria Office Reit (642,349)

Sumitomo Realty Dev (625,749)

Kungsleden AB (595,874)

Boston Properties (587,566)

Concentradora Hipote (585,711)

Kenedix Res Invest (571,598)


531

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Sanlam World Equity Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

Apple Inc 12,125,282

BlackRock Global Fnd 11,000,000

Microsoft Corp 8,979,129

Intesa Sanpaolo SPA 8,351,502

Amazon.Com Inc 8,028,617

UnitedHealthcare 7,096,662

Facebook Inc 7,021,511

Noble Energy Inc 6,555,393

Johnson & Johnson 6,232,172

General Electric Co 5,902,536

Alphabet Inc Cl A 5,878,165

Alphabet Inc Cl C 5,599,680

Merck & Co 5,033,371

Applied Material Inc 4,951,784

CBRE Group Inc 4,878,916

Adobe Sys Inc 4,810,471


CBS Corp-CL B 4,595,123

Raytheon Co 4,564,077 Peugeot Sa 4,486,747 Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017)

Apple Inc (21,009,416)

Microsoft Corp (19,281,270)

Amazon.Com Inc (17,389,020)

UnitedHealthcare (14,747,204)

Alphabet Inc Cl A (13,924,274)

Alphabet Inc Cl C (13,818,231)

Facebook Inc (13,230,264)

Johnson & Johnson (12,176,379)

Nvidia Corp (11,125,775)

Home Depot (10,214,603)

Adobe Sys Inc (10,108,235)

Pepsico Inc Com (10,046,754)

Merck & Co (10,043,902)

Intesa Sanpaolo SPA (9,644,355)

CBS Corp-CL B (9,519,527)

Carnival Corp (9,385,341)

Procter & Gamble (9,375,308)

General Electric Co (9,300,579)


Parker Hannifin (8,805,287)


532

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Satrix World Equity Tracker Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

Ishares S&P 500 Index 20,060,398

Ishares MSCI EAFE In 12,345,330

Apple Inc 2,064,096


Ishares MSCI Canada 1,181,750


Alphabet Inc Cl C 1,156,471



Johnson & Johnson 974,376

Royal Dutch Shell A 819,701

Exxon Corp 794,496

General Electric Co 791,736

Nestle Sa-R 728,449

Actelion Ltd 689,429

Procter & Gamble 678,148


AT & T Inc 657,558

Berkshire Hath-B 648,063

Enbridge Inc 629,066


Ishares S&P 500 Index Fund (10,343,507)

Ishares MSCI EAFE Index Fund (6,342,009)

Altaba Inc (959,580)

Syngenta Ag (895,347)

Ishares MSCI Canada (592,555)

Mead John Nutrition (468,000)

Deutsche Boerse (466,582)

Enbridge Inc (378,043)

Technipfmc Plc (190,262)

Actelion Ltd (176,131)


Banco Popular Espano (136,406)

Liberty Lilac Group (121,297)

Logmein Inc (99,050)

Southwestern Energy (84,753)

Unicredit Spa-rt (81,052)

Bioverativ In-wi (70,708)

Frontier Communicati (66,479)

Conduent Inc (44,042)

Varex Imaging Corp (37,095)


533

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) SIIP India Opportunities Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

ITC Limited 879,413

Rbl Bank Ltd 455,908

Tata Motors Ltd 433,320

Oil & Natural Gas Corp 397,056

Hindalco Industries Limited 367,025

HealthCare Global Enterprise Limited 308,040

Icici Bank Limited 302,355

Hindustan Petroluem Corporation Limited 272,528

Bharat Electronics Ltd 257,753

Cadila Healthcare Ltd 240,230

Aarti Industries Limited 234,857

Bank of Baroda 231,377

Punjab National Bank 227,487

Edelweiss Capital Limited 223,760

APL Apollo Tubes Ltd 218,530

Bharat Electronics Ltd 209,813

Mahanagar Gas Limited 192,950

Voltas Ltd 182,889

Finolex Cables Ltd 180,161

Bosch Limited 177,088

Supreme Industries Limited 175,550

Century Plyboards India Ltd 168,731

Bajaj Finserv Ltd 166,579

Reliance Industries Ltd 161,604

HDFC Bank Ltd 158,352

Petronet LNG Ltd 148,307

Cera Sanitaryware Ltd 140,502

Page Industries Ltd 132,601

Indusind Bank Limited 123,402

Tata Consultancy Services 115,827

Hindustan Zinc Ltd 112,325

Jk Lakshmi Cement Ltd 107,562

Madras Cements Ltd 107,459

Eicher Motors Ltd 106,562

Maruti Suziki India Ltd 101,678

Pvr Ltd 87,870


534

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) SIIP India Opportunities Fund (continued) Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017)

Axis Bank Limited (829,731)

Bharat Petroleum Corporation Limited (571,315)

Sun Pharmaceutical Industries Limited (485,665)

Britannia Industries Ltd (337,982)

Vardhman Textiles Ltd (336,988)

Amara Raja Batteries Ltd (289,941)

Hero Honda Motors Limited (289,146)

Dr Reddy's Laboratories Limited (276,415)

Techno Electric & Engineering Company Ltd (217,344)

Ajanta Pharma Limited (212,203)

Cipla Ltd (194,482)

Pidilite Industries Ltd (190,258)

Dr Lal Pathlabs Ltd (188,295)

Maruti Suziki India Ltd (182,167)

Larsen & Toubro Ltd (180,184)

Voltas Ltd (173,742)

Bajaj Finserv Ltd (146,143)

Madras Cements Ltd (111,063)

Tata Motors Ltd (95,259)

HCL Technololgies Ltd (94,124)

Infrastructure Development Finance Company Ltd (91,992)

Aurobindo Pharma Ltd (84,257)

Reliance Industries (78,078)

Syngene International Ltd (65,463)

Indusind Bank Ltd (62,657)


535

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) SIM Global Equity Income Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

Unilever Plc 2,043,487

Sparebank 1 Nord-Norge 1,737,701

BP Plc 753,413

Royal Dutch Shell B 618,251

Intl BusinessMachine 432,272

HP Inc 325,384

Boeing Com USD5 290,011

Altria Group Inc 282,223


Legal & General Group PLC 240,915


McDonald's Corp NPV 209,902

Mitie Group Plc 207,935

British American Tob 196,699

Pepsico Inc Com 152,464

Roche Hldg-Genus 146,599

Taylor Wimpey Plc 109,025

Astrazeneca PLC 86,583

Aberdeen Asset Manager 59,831


Unilever NV (1,387,511)

Astrazeneca PLC (1,169,232)

Philip Morris International (1,159,395)

Imperial Brands PLC (1,120,538)

Verizon Comm (799,182)

HP Inc (788,126)

Vodafone Group PLC (713,467)

Icl-Israel Chem (319,066)

McDonald's Corp NPV (312,603)

Altria Group Inc (291,277)

SA (250,306)

Reynolds American IN (184,403)

Singapore Telecommun (183,944)


536

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Sanlam Strategic Bond Fund

Purchases Cost (GBP) (being the largest purchases during the period ended 30 June 2017)

UK Gilt 3.5% 220768 49,409,357

US TSY 2.87% 150845 49,006,898

US TSY 3% 150545 42,710,963

US TSY 3.6% 150221 41,443,656

ILB TSY 0.12% 220368 36,591,759

US TSY 2% 151126 28,170,023

US TSY 1.62% 151122 13,259,712

US TSY 3.3% 151119 13,174,972

US TSY 3% 150519 13,060,721

US TSY 2.375%1/25 11,923,565

US TSY 3% 151145 11,349,811

US TSY 2% 150225 10,710,891

US TSY 2% 150825 10,605,035

UK Gilt 5% 07032025 9,608,624

US TSY 3.3% 150544 7,750,608

UK Gilt 2% 260135 7,329,150

UK Gilt 2.5% 0724 5,554,425

UK Gilt 1.2% 221127 5,090,072

US TSY 1.3% 300618 4,131,073

US TSY 3.625% 150843 3,975,151

Sales Proceeds (GBP) (being the largest sales during the period ended 30 June 2017)

UK Gilt 3.5% 220768 (49,942,036)

US TSY 2.87% 150845 (49,326,397)

US TSY 3.6% 150221 (44,812,444)

US TSY 3% 150545 (42,738,125)

ILB TSY 0.12% 220368 (36,092,592)

US TSY 2% 151126 (28,052,511)

US TSY 1.62% 151122 (15,535,897)

US TSY 2.375%1/25 (15,492,209)

US TSY 2% 150825 (13,688,651)

US TSY 3% 150519 (13,070,727)

US TSY 3.3% 151119 (13,055,661)

US TSY 2% 150225 (10,481,205)

US TSY 5% 07032025 (9,604,402)

US TSY 3.3% 150544 (7,821,595)

US TSY 3.37%151119 (4,320,751)

US TSY 1.3% 300618 (3,990,745)

US TSY 3.625% 150843 (3,883,617)

CAN WHARF 6.4 221033 (2,973,876)

US TSY 3.6% 150244 (2,799,242)

US TSY 1.375 300918 (2,152,124)


537

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Sanlam Accel Income Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

M&G Sht Dated CrpBD 600,000

Sanlam FOUR US Dividend Income Fund Class A GBP Distribution 600,000

Invesco Perp Corp Bd 300,000


Blackrock Continental European Income Fund Class D (600,000)

Artemis Global Income Fund - I (600,000)

Schroder Income Maximiser Fund (500,000)

Fidelity Institutional Funds ICVC - UK Corporate Bond Fund (400,000)

Cazenove Strategic Bond Fund (400,000)

Unicorn Investment Funds - UK Income Fund (380,000)

PFS TwentyFour Investment Funds- Dynamic Bond Fund (350,000)

Kames ICVC - Sterling Corporate Bond Fund (350,000)

Muzin-Emrg Mk Sh Dur (300,000)

PFS Chelverton UK Equity Fund (280,000)

Hend UK Stra Bnd Fd (200,000)

Schroder UK Alph Fd (200,000)

JPM Fd - Corp Bnd Fd (200,000)

Veritas Fd Gl Eq Inc (200,000)

M&G Sht Dated CrpBD (200,000)

Fidelity Invest Fund (200,000)

PMI Inv Grd Bn C GBP (200,000)

Guinness Asset Plc (100,000)

Kame High Yld Bnd Fd (70,000)


538

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Satrix North America Equity Tracker Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

Apple Inc 2,289,166




Johnson & Johnson 998,708

Exxon Corp 981,559


Alphabet Inc Cl C 850,261


AT & T Inc 764,430


Bank of America Corp 712,558


Alphabet Inc Cl A 649,831

Pfizer Inc 617,107

Verizon Comm 601,383


Chevron Corp 584,532

Home Depot 529,785

Comcast Corp-CL A 529,435


Altaba Inc (171,170)

Apple Inc (144,665)

JP Morgan Chase & Co (124,169)


Microsoft Corp (96,363)

Exxon Corp (71,211)

Johnson & Johnson (65,445)


Mead John Nutrition (64,871)

Lockheed Martin Corp (64,758)

WR Berkley Corp (62,583)

Texas Instruments (56,106)

AT & T Inc (54,131)

General Electric Co (53,103)

Bank of America Corp (51,642)

Wells Fargo & Co (51,404)

Alphabet Inc Cl A (50,385)


Hewlet Packard Enter (48,412)

Chevron Corp (43,759)


539

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Satrix UK Equity Tracker Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

HSBC Holdings 826,026



BP Plc 550,542


GlaxoSmithKline plc 509,463

Lloyds Bank Plc 390,999

Astrazeneca PLC 363,280

Diageo 347,361

Reckitt Benckiser Group PLC 332,874

Vodafone Group PLC 325,904

Unilever Plc 276,732

Shire Plc 263,288

Rio Tinto PLC 261,066

Prudential Corp Ord 5P 252,778

Barclays PLC 239,201

Glencore Plc 234,291

National Grid PLC 231,087

Imperial Brands PLC 210,784

Bhp Billiton Plc 175,709

BT Group PLC 160,889

Standard Chartered PLC 152,842

Compass Group Plc 146,486

WPP Plc 140,916

Aviva PLC 125,981

Anglo American PLC 122,974

Sales Proceeds (GBP) (being the largest sales during the period ended 30 June 2017)

William Hill Plc (60,880)

Rolls-Royce Holdings (54,602)

NEX Group Plc (27,739)

Anglo American Plc (26,856)

Tui Ag (25,785)

Tullett Prebon Plc (19,516)


Royal Dutch Shell B (14,560)

Cobham PLC RTS (12,236)

Segro Plc RTS (4,359)

Rolls Royce Hold Plc (3,304)


540

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Satrix Europe (ex UK) Equity Tracker Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

Nestle Sa-R 5,254,066

Novartis-Reg Shs 3,768,735

Roche Hldg-Genus 3,576,602

Bayer AG 2,211,595

Siemens Ag 2,165,816

SAP SE 2,089,877

Banco Santander SA 1,880,783

Allianz SE 1,812,969

Unilever NV 1,806,433

Basf SE 1,781,248

Anheuser Busch InBev 1,659,259

Novo Nordisk AS 1,437,271

Daimler AG 1,428,896

Ing Groep NV 1,280,193

Deutsche Telekom 1,245,410

UBS Group AG 1,220,200

Banco Bilbao Viscaya 1,099,676


Iberdrola SA 1,008,024

Telefonica SA 1,007,308


Syngenta Ag (1,068,953)

Deutsche Boerse (339,925)

Technipfmc Plc (153,221)

Unicredit Spa-rt (136,988)

Svenska cellulosa AB (112,019)

SFR Group SA (88,626)

Aryzta AG (82,983)

Man SE (68,560)

Banco Popular Espano (46,131)

Idorsia Ltd (38,368)

Nestle Sa-R (36,487)

Marine Harvest (33,152)

Fortum Oyj (29,542)

Altice NV (28,563)


E.ON AG (28,389)

Zodiac SA (28,378)

Coca Cola European (28,218)

Genmab A/S (28,028)

Banco Bilbao RTS (22,503)


541

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Sanlam Equity Allocation Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

Intesa Sanpaolo SPA 1,017,318

Elekta AB 680,543

Peugeot Sa 656,070

Syngenta Ag 525,860

Ing Groep NV 490,152

SAP SE 420,002

Mediobanca 405,906

Software AG 400,684


ASML Holding NV 325,798

AP Moller -Maersk AS 315,457

Lonza AG-Reg 314,790

Genmab A/S 298,340


Swatch Group-B 292,036

Glaxosmithkline 260,082

HSBC Holdings 259,556

Unicredit SpA 238,648

MTU Aero Engines AG 203,737


Gemalto NV 170,928

Swisscom 165,628

Dassault Systeme 165,251


Criteria Caixacorp 155,328

Royal Bank of Scotld 154,464

Sodexo 149,754

Carnival PLC 149,433

Deutsche Bk -Reg 149,336

Aena SA 147,872

Sika AG-Bearer 142,530

BP Plc 139,143


542

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Sanlam Equity Allocation Fund (continued) Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017)

Intesa Sanpaolo SPA (828,161)

Novozymes AS (735,965)

Wirecard AG (628,387)

Leonardo SpA (623,411)

Gemalto NV (564,636)

Syngenta Ag (545,203)


NXP Semiconductors (409,504)

Julius Baer Grp Ltd (271,202)


Airbus SE (265,682)

WPP Plc (200,052)

Dassault Systeme (168,976)

Shire Plc (149,373)

AP Moller -Maersk AS (149,156)

Swisscom (147,233)

Genmab A/S (144,494)

Royal Bank of Scotld (141,463)

Swatch Group-B (140,835)

Pandora AS (138,454)

Lonza AG-Reg (135,941)

Dufry AG (131,849)

Telia Co AB (131,411)

Sodexo (131,269)

Sika AG-Bearer (129,566)

Thales Sa (126,635)

NN Group NV (125,656)

Kingfisher PLC (122,541)


543

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Satrix Emerging Markets Equity Tracker Fund Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017)

iShares MSCI Russia 47,619

Vodacom Group Limited 43,875

Icici Bank Ltd 43,610

Indian Oil Corp Ltd 38,668

Grasim Inds Ltd 35,921

Hyundai Heavy Indust 35,543

Momo Inc 30,456

Sunac China Holdings 29,298

Tencent Holdings Lim 28,185

CCR SA 27,509

Minth Group Ltd 26,472

Barclays Africa Grp 26,414

China Huarong -h 25,923

Sociedad Quimica 25,895

Haier Elec Grp Co 25,189

Samsung Biologics Co 23,925

Tech Mahindra Ltd 22,658

CCC SA 22,585

Richter Gedeon Nyrt 21,732

Hindustan Petro Corp 21,428

Shoprite Hldgs Ltd 21,250

Largan Precision Co 21,221

Bovespa 21,210

Autohome Inc ADR 21,207

LIC Housing Finance 21,190

Banco Bradesco SA-Pr 21,173

Tiger Brands Limited 21,157

Pow Zak Ub SA 21,145

Ctrip Com Int Ltd 21,131

Alibaba Group Holdin 21,125

ChinaMerchantsBank 21,101

Resorts World Bhd 21,039

Turkcell Iletisim Hi 21,024

Haitong Securiies Co 20,932

Fortress Income Fund 20,880

Taiwan Semiconductor 20,865

United Tractors Tbk 20,847

UnitedMicroElectrCor 20,804

Hynix Semiconductor 20,611

Kia Motors Corp 20,603

Hengan Intl Grp Ltd 20,588

Rural Elect Corp Ltd 20,414

Samsung Electronics 20,379

Damac Prop Dubai Co 18,443

Aluminium Corp 18,044

Hanssem Co Ltd 17,826


544

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Satrix Emerging Markets Equity Tracker Fund (continued)


iShares MSCI Russia (47,146)


Alibaba Group Holdin (32,298)

Bank Central Asia PT (30,217)

JD.Com Inc (29,877)

Tencent Holdings Lim (25,539)

Perdigao SA (24,293)

Companhia Sao Jose (24,211)

Taiwan Semiconductor (23,476)

SK C and C Co Ltd (23,110)

Vedanta Ltd (18,086)

Suzano Papel SA (16,951)

Geely Automobile Hld (16,849)

C.P.Seven Eleven PCL (16,825)

Novatek PJSC (16,601)

Jastrzebska Spol Weg (16,340)

IRPC Pcl-Foreign (15,961)

Hynix Semiconductor (14,785)

Hotai Motor Co. Ltd (14,254)

Bosch Limited (13,970)

Pow Zak Ub SA (13,928)

Magnit OJSC-SPON GDR (13,900)

NCsoft Corp (13,886)

ChinaMerchantsBank (13,841)

LG Household&Health (13,835)

Vodacom Grp Ltd (13,831)

Woolworths Holdings (13,766)

S-OIL CORP (13,738)

Shoprite Hldgs Ltd (13,710)

GS Holdings (13,707)

Cathay Financial Hld (13,706)

China Shenhua Energy (13,675)

Petroleo Brasileiro (13,653)

ITC Limited (13,639)

Bank Rakyat Indonesa (13,628)

Yapi Ve Kredi Bankas (13,621)

Sunny Optical Tech (13,579)

Southern Copper Corp (13,554)

LIC Housing Finance (13,510)

Itausa-Investment It (13,509)

Walmart De Mexico (13,476)

AIR CHINA LTD-H (13,470)

Discovery Ltd (13,458)

Mol Magyar Olaj- esR (13,452)

Banco Bradesco SA-Pr (13,448)

Grupo Mexico SAB (13,444)

Cencosud SA (13,439)

Grupo Televisa SAB (13,416)

Hindustan Petro Corp (13,368)

Resorts World Bhd (13,366)


545

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Satrix Emerging Markets Equity Tracker Fund (continued)

Sales (continued) Proceeds (USD) (being the largest sales during the period ended 30 June 2017)

Pou Chen Corp (13,338)

Cipla Ltd (13,308)

Shinhan Financial Gr (13,264)

Aluminium Corp (13,262)

National Bank of Abu (13,262)

Ctrip Com Int Ltd (13,238)

INI Steel Company (13,235)

UnitedMicroElectrCor (13,221)

Cia Brasil de Meios (13,193)

Yum China Holding (13,168)

Godrej Consumer Prod (13,141)

Largan Precision Co (13,113)

JG Summit Holdings (13,093)

United Tractors Tbk (13,090)

Woori Bank (13,045)

Kia Motors Corp (12,851)

AAC Technologies Hld (12,478)


546

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Sanlam Managed Risk Fund


Satrix World Equity Tracker Fund 4,454,822


Satrix World Equity Tracker Fund (10,416,414)


547

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED)


Purchases Cost (GBP) (being the largest purchases during the period ended 30 June 2017) Priceline Group Incorporated 4,974,030

Imperial Brands PLC 4,856,223

Fresenius Medical Care 4,431,494

Yum China Holding Inc 3,907,051

Oracle Corp Com Stk USD0.01 2,509,200

Medtronic Plc 2,427,143

Netease.Com Inc 2,340,238

Altria Group Inc 2,071,760

Hengan International Group Compnay Limited 2,067,788

Baidu Com Inc 2,061,024

Philip Morris Int 1,107,739

Diageo 1,091,342

Automatic Data 1,070,680


Waters Corp 913,582



Edwards Lifesciences 653,696

Unilever Plc 585,598

Moody's Corp 546,798

Pepsico Inc Com 464,794

Sales Proceeds (GBP) (being the largest sales during the period ended 30 June 2017) Amgen Corp Com Npv (3,016,128)

Nestle SA (2,674,875)

Yum China Holding Inc (2,622,844)

Paypal Holidings Inc (2,429,460)

Stryker Corp. (1,822,250)

British American Tob (1,202,505)

Netease.Com Inc (1,137,248)

Unilever Plc (642,545)

Moody's Corp (566,237)



548



Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017) DOMTAR 7,368,172

First American Fin 6,693,384

Coca-Cola Co. 6,647,466

MERIDIAN BIOSCI 6,089,088

Mattel Inc 5,807,537

Delta Air Lines INC 5,770,336

Intl BusinessMachine 5,429,754

Avnet Inc 5,116,804

Medifast Inc 4,929,414

CSG Systems Intl Inc 4,637,817

Labrador Iron Ore 4,569,642

Sturm Ruger & Co Inc 4,253,434

Netapp Inc 4,044,644

United Parcel -B 3,920,268

Federated Investors 3,919,443

EmpireCoLtdA 3,902,778

Wal-Mart Stores Inc 3,656,790

American Eagle 3,534,071

Dean Foods Company 3,491,632

Mullen Group Ltd 3,450,711

Intel Corp 3,264,595

HP Inc 3,153,192

Boeing Com USD5 3,064,497

Whole FoodsMarketInc 2,999,522

Cisco Systems 2,993,438

Aecon Group Inc 2,893,701

Owens & Minor Inc 2,872,391

Allegiant Travel Co 2,864,730

Pfizer Inc 2,707,805

Ralph Lauren Corp 2,607,755

Qualcomm Inc 2,598,717

CVS Health Corp 2,415,570

Avangrid Inc 2,342,492

Brinker Internationa 2,312,690

Power Corp Cda 2,291,396

Metlife Inc 2,284,961

SpartanNash Co 2,278,390


549


Sanlam FOUR US Dividend Income Fund (continued)

Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017) Best Buy Co Inc (6,103,318)

Bristol-Myrs Squib (5,554,640)

Apple Inc (5,499,761)


Dr Pepper Snapple (5,147,587)

AT & T Inc (4,994,431)

Mead John Nutrition (4,880,558)

Xilinx Inc (4,298,553)

Oge Energy Corp (4,276,173)

Johnson & Johnson (4,246,002)

United Parcel -B (3,686,030)

Boeing Com USD5 (3,371,049)

Quest Diagnostic (3,365,211)

Emerson Elec Co (3,057,994)

Schweitzer-Mauduit (2,864,034)

Campbell Soup (2,860,333)

SpartanNash Co (2,847,347)

Verizon Comm (2,450,462)

Pack Corp of America (2,366,038)

Metlife Inc (2,215,564)

Gen Mills Inc (2,068,238)

MERIDIAN BIOSCI (2,065,521)

Flowers Foods Inc. (1,988,509)

Intel Corp (1,974,199)


Block H & R Inc (1,972,854)

Aecon Group Inc (1,917,414)

Lilly (Eli) & Co (1,885,095)

Core Laboratories (1,848,792)

Sonoco Products Co (1,837,278)

BCE Inc (1,659,722)

Janus Henderson Grp (1,621,841)

Potash Corp Sas (1,601,157)

Cummins Inc (1,600,661)

National-Oilwell Inc (1,458,057)


550



Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017) Treas Bill 0% 260418 1,982,740

Softbank Corp 754,798


Celgene Corp 746,864


LEG Immobilien GmbH 524,331

Cubesmart 492,144



Daimler AG 324,908

Lowes Com 310,303

Segro Plc 236,350


Visa INC - Class A Shares 160,493

SPX Dec 17 2425 PO 151,560

Novo Nordisk AS 121,601

Apple Inc 30,366


MSFT Jun 17 P62.5 PO 21,612

Hansteen Holdings 21,363 Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017) Apple Inc (802,514)

Boeing Com USD5 (754,909)


Alcoa 6.75% 150718 (319,090)

Sirius Real Estate Ltd (236,919)

Segro Plc (217,108)

Glaxosmithkline (149,538)

GBP/USD Fut Mar 17 (68,594)

GBP/USD Mar 17 125 Put (64,500)

EuroCurr2PM OpSep17P (600)


551


Sanlam FOUR Active European (ex UK) Equity Fund

Purchases Cost (GBP) (being the largest purchases during the period ended 30 June 2017) Intesa Sanpaolo SPA 4,698,632

Elekta AB 3,717,657

Peugeot SA 3,136,563

Dufry AG 2,805,480

Autoliv Inc-Swed Dep 2,737,430

Azimut Holding Spa 2,675,018

Ing Groep NV 2,468,131

Mediobanca SpA 2,367,656


Software AG 1,959,636

SAP SE 1,929,383

MTU Aero Engines Holding AG 1,303,423

Nestle Sa-R 1,060,462

Implenia AG 762,069

Henkel KGAA-VORZUG 719,665

Inditex 714,199


AtoS 688,823

Sampo Oyj-A Shs 623,232

Skandinaviska 613,665

Bayer AG 561,616

L'oreal 529,896

Euronav SA 522,911


552


Sanlam FOUR Active European (ex UK) Equity Fund (continued)

Sales Proceeds (GBP) (being the largest sales during the period ended 30 June 2017) Intesa Sanpaolo SPA (10,373,117)

Nestle SA (8,330,605)

Dufry AG (8,183,156)

Autoliv Inc-Swed Dep (8,042,085)

ASML Holding NV (6,408,596)

Azimut Holding Spa (6,373,836)

Roche Hldg-Genus (5,764,882)

Henkel KGAA-VORZUG (4,266,724)

AtoS (4,226,529)

Inditex (4,181,553)

Sampo Oyj-A Shs (3,630,248)

Skandinaviska (3,575,680)

Bayer AG (3,565,170)

Elekta AB (3,561,930)

Wirecard AG (3,305,416)

Euronav SA (3,294,791)

L'oreal (3,214,711)

MTU Aero Engines AG (3,201,687)

Implenia AG (3,138,999)

Novozymes AS B Shares (3,101,462)

Peugeot Sa (3,053,171)

Ing Groep NV (2,575,049)

Mediobanca SpA (2,352,385)

Leonardo SpA (2,337,999)

Gas Natural Sdg (2,306,768)

Airbus SE (2,294,707)

Gemalto NV (2,255,401)

Software AG (2,235,459)

SAP SE (2,106,892)

Prosieben Sat 1 (2,002,398)

Orange (1,928,524)

Billerud (1,668,097)


553



Purchases Cost (GBP) (being the largest purchases during the period ended 30 June 2017) Intesa Sanpaolo SPA 2,864,048

Dun & Bradsheet Corp 2,480,953

Anadarko Petroleum Corp 2,437,657

Norwegian Cruise line Holdings Ltd 2,200,506

Signet Jewelers Ltd 1,969,884

Willis Towers Watson PLC 1,917,032

WPP Plc 1,746,251


Japan Tobacco 1,098,718

Michael Kors Holdings Ltd 1,022,394

Gilead Sciences Inc 822,780

Express Scripts Holdings Inc 813,688

Barclays PLC 737,562

Oracle Corp 687,450

Dxc Technology C 664,889

Viacom Inc-Class B 553,397

Bank of America Corp 548,335

Hewlet Packard Enter 502,293

SA 502,000

Soc Generale-A 458,573

Honda Motor Co Y50 420,790

Aggreko Plc 406,958

Allergan Plc 392,503

Loblaw Cos Ltd 302,500

Tupperware Brands Co 291,809


554


Sanlam FOUR Global Equity Fund (continued)

Sales Proceeds (GBP) (being the largest sales during the period ended 30 June 2017) Computershare Ltd (3,559,164)

Barclays PLC (3,061,388)

Western Digital Corporation (2,569,022)

BRP Inc (2,524,589)

Tupperware Brands Corp (1,316,111)

Airbus SE (1,266,243)

BNP Paribas (1,201,412)

Oracle Corp Com Stk USD0.01 (1,189,452)


Via Varejo SA (913,242)

Societe Generale (893,866)

Dxc Technology C (891,258)

Celgene Corp (834,684)

ENI-Ente Nazionale Idrocarburi SpA (703,822)

Navios Maritime Acquisition Corporation (686,881)

Samsung Electro-Regs GDR (680,838)

Aon Plc (676,525)

United Healthcare Corp (662,075)

Medtronic Plc (580,802)

JP Morgan Chase & Co (571,288)

MS&AD Insurance Grp (569,838)

Viacom Inc-Class B (539,944)

Hewlett Packard Enterprise (472,742)

HSBC Holdings (466,996)


555



Purchases Cost (GBP) (being the largest purchases during the period ended 30 June 2017) Dun & Bradsheet Corp 5,219,236

Willis Towers Watson PLC 3,386,869

WPP Plc 3,046,776

Japan Tobacco 2,801,143

Express Scripts Holdings Inc 2,700,108

Gilead Sciences Inc 2,485,867


Viacom Inc-Class B 2,096,904

United Healthcare Corp 1,947,186

Oracle Corp Com Stk USD0.01 1,907,131

Roche Hldg-Genus 1,703,324

Aon Plc 1,585,234

Medtronic Plc 1,562,965

Nasdaq OMX Group Inc 1,524,119


Tupperware Brands Corp 1,453,760

Allergan Plc 1,303,478

Loblaw Companies Ltd. 1,272,181

HP Inc 1,256,362

Procter & Gamble 1,239,851

Amerisourcebergen Corp 1,235,338

Pfizer Inc 1,143,873

eBay Inc. 978,160

Computershare Ltd 921,199

Verizon Communications Inc 831,709


Sales Proceeds (GBP) (being the largest sales during the period ended 30 June 2017) Computershare Ltd (6,246,919)

Tupperware Brands Corp (1,626,685)

Celgene Corp (1,511,278)

Aon Plc (1,248,847)


Oracle Corp Com Stk USD0.01 (774,235)


UnitedHealthcare (566,192)

Viacom Inc-Class B (480,757)

Medtronic Plc (463,755)


Gilead Sciences Inc (410,149)

Loblaw Cos Ltd (401,416)

Allergan Plc (376,268)


556



Purchases Cost (GBP) (being the largest purchases during the period ended 30 June 2017) GlaxoSmithKline plc 3,177,775

HSBC Holdings 2,371,491

Sainsbury (J) Plc 1,382,237

Sophos Group Plc 1,081,479

Imperial Brands PLC 996,545

Land Securities Grp 831,968

Great Portland Estates PLC 828,853

Great Port Est PLC 763,471


Paddy Power Betfair PLC 590,782


John Laing Group Plc 414,882


Bt Group Plc 350,276

Market Tech Hold Ltd 269,379

BBA Aviation PLC 246,792

Prudential Corp Ord 205,289

Lloyds Bank Plc 201,996

AA Plc 194,721

WHITBREAD 157,183


557


Sanlam FOUR Active UK Equity Fund (continued)

Sales Proceeds (GBP) (being the largest sales during the period ended 30 June 2017) Shire Plc (2,193,740)

Prudential Corp Ord (1,727,012)

WPP Plc (1,719,540)

Market Tech Hold Ltd (1,343,582)

Pets At Home Grp (1,192,625)

Barclays PLC (1,154,893)

BP Plc (1,079,789)

BBA Aviation PLC (1,046,355)

Royal Dutch Shell A (1,045,282)

Tullow Oil PLC (1,006,430)

Equiniti Group PLC (1,001,003)


IQE Plc (893,621)

OneSavings Bank Plc (849,700)

Land Securities Grp (847,445)

Rio Tinto PLC (847,115)

Glaxosmithkline (836,660)

Mears Group plc (821,032)

Tui Ag (800,369)

Gkn Plc (799,191)

Crest Nicholson Hold (793,627)

Watkin Jones Plc (770,482)

ITV PLC (766,962)

Unilever Plc (745,367)

AA Plc (638,813)

Vodafone Group PLC (628,459)

Glencore Plc (626,008)

Bt Group Plc (597,766)

HSBC Holdings (588,895)

Lloyds Bank Plc (580,664)

Telit Communications (554,095)

Legal & Gen Grp (539,950)

Rolls-Royce Holdings (530,443)

Int Consol Airlines (530,310)

Sophos Group Plc (485,211)

John Laing Grp Plc (475,252)

OPG Power Ven Plc (464,408)

Worldpay Group Plc (393,968)

Reed Elsevier plc (392,767)

Entertainment One (384,306)


558



Purchases Cost (GBP) (being the largest purchases during the period ended 30 June 2017) Ishares MSCIEmergMkt 7,239,714

Natl Aus FRN 120623 4,281,580

InterCon 3.8% 281122 3,331,500

Stan Life F/R Perp 2,762,250

Barclays6.75%01/2023 2,606,000

BG Energy F/R 301172 1,779,730

FOUR Multi Stra J 1,321,781

3I Group 6.8% 090323 1,255,000

AvivaPlc F/R 271149 1,153,298

Lloyds F/R 270649 1,044,500

Barclays F/R 291249 1,038,500

Grainger Plc 1,033,250

Trix Big Bo REIT Plc 751,247

HICL Infrastructure 517,275

Renewables Infrastru 488,256

Amedeo Air Four Plus 468,000

Brookfield Infra 220,880

SX5E Dec 17 3800 CO 142,231

SPX Dec 17 2150 PO 138,073

UKX Dec 17 7700 CO 137,530


Legal and General Gr (4,400,000)

Ishares MSCIEmergMkt (3,663,664)

European F/R 170220 (2,815,960)

FOUR Multi Stra J (1,722,778)

MSCI NTR Mar 17 (1,031,184)

MSCI World Fut Jun17 (885,870)

MDAX Ind Fut Mar 17 (491,725)

SX5E Jun 17 3400 CO (402,779)

FTSE 250 Fut Dec 17 (390,192)

UKX Jun 17 7100 CO (337,610)

UKX Jun 17 6700 CO (309,000)

SPX Mar 17 2300 CO (292,794)

MDAX Ind Fut Jun 17 (276,340)

FTSE 250 Fut Jun 17 (208,219)

HSI May 17 25000 CO (191,424)

S&P Mid400 Emi Jun17 (118,636)

Land Securities Grp (88,000)

S&P Mid400 Emi Mar17 (62,450)

NKY Jan 17 19000 CO (54,588)

HSI Mar 17 24200 CO (30,328)


559



Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017) Treas Bill 0% 240518 989,014

US Treas 1.2% 310519 599,292

US Treas 1.8% 280222 596,953

TSY ILB 0.12% 150419 523,942

Buoni 2.20% 010627 512,794

Buoni 1.20% 010422 511,335

Bonos Y 1.50% 300427 339,020

Bonos 0.4% 300422 336,313

UK Tsy 0.5% 220722 258,754

Tsy 0.125% 221119 227,180

British Land ORD 25P 163,406

iShares EPRA 132,292

Unibail-Rodamco 117,281

Digital Realty 116,476

Deutsche Wohnen AG 115,570

Liberty Prop Trust 103,752



Oaktree Cap Group 94,896

Royal Dutch Shell 94,866

Newell Brands Inc 94,807

Credit Agricole SA 94,722

Unilever NV 81,324


Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017) Buoni 1.20% 010422 (514,648)

iShares Global REIT ETF (364,969)

Bonos 0.4% 300422 (338,977)

iShares Cohen & Stee (230,555)

Sherwin-Williams (169,969)

iShares USD Treasury (154,791)

Vanguard Glbl EX-US (112,838)

iShares Spain Govt (108,136)

Ishares Italy Govt (105,010)

American Tower Corp (92,503)

Shimano Inc. (91,851)

iShares Core UK Gilt (86,264)

Ishare Hedged MSCI G (86,221)

Hitachi ORD (73,555)

Philip Morris Int (71,708)

WisdomTree Europoe H (71,652)

Avalonbay Commun (71,127)

Admiral Group Plc (62,732)

Fortinet INC (56,446)


Ctrip Com Int Ltd (38,345)

IYR US Jun 17 80 CO (33,850)


560



Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017) Berkshire Hathaway Inc. 1,357,770

Becton Dickinson & Co 493,701

Domino's Pizza Group Plc 440,153

Newell Brands Inc 330,586

Ross Stores Inc 307,665


Pandora AS 238,122

Shire Plc 176,311

Netease.Com Inc 165,786

TractorSupplyCompany 130,295

Intuit Inc 109,853

X5 Retail Group NV 74,283

Sherwin-Williams 40,177

Allergan Plc 28,990

Unilever NV 5,527


Paypal Holidings Inc (854,980)

Dollarama Inc (596,810)



Mastercard Incorporated (387,550)

Priceline Group Incorporated (381,989)

Activision Blizzard Inc (325,867)

Netease.Com Inc (253,423)

Pandora AS (220,421)


Charles Schwab Corp (211,002)

X5 Retail Group NV (191,896)

Starbucks Corp. (127,703)

Start Today CoLtd (87,495)

Intuit Inc (71,710)


561



Purchases Cost (USD)

(being the largest purchases during the period ended 30 June 2017)

Exxon Corp 13,664

Capita Group Plc 90,696

Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017) Diageo (31,276)

Coca-Cola Co. (13,267)

Colgate-Palmolive Co (17,260)

Intel Corp (24,042)

Johnson & Johnson (18,648)

McCormick&Co-Non Vtg (17,533)

McDonald's Corp NPV (59,809)



Procter & Gamble (14,738)

Us Bancorp (71,241)

Wal-Mart Stores Inc (30,903)

Allianz SE (105,028)

Sanofi-Aventis (56,365)

Zurich Finl Svcs (61,869)



SA (45,180)

Vinci SA (60,348)

Chubb Ltd (42,722)

AbbVie Inc (27,850)


562



Purchases Cost (USD) (being the largest purchases during the period ended 30 June 2017) Sberbank of Russia 1,785,749

Matahari Department Store TB 1,634,253

Magnit OJSC-SPON GDR 1,599,739

Alibaba Group Holding Ltd 1,557,670

Netease.Com Inc 1,296,938

China Mobile Hong Kong Ltd 1,207,286

Samsung Electronics 1,036,136

Esprit Holdings Ltd 1,006,401

Vipshop Holdings Ltd 990,324

Baidu Com Inc 976,976

X5 Retail Group NV 951,790

TBC Bank Group Plc 933,628

Estacio Participacoes SA 809,348

Kroton Educacional SA 796,896

TCS Group Holding - Reg S 732,193

Brilliance China Automotive Holdings Limited 698,692

BR Malls Participacoes SA 692,758

Banco Bradesco SA-Pref 646,426

Bank Rakyat Indonesa 636,737

Itausa-Investment Itau - pr 635,712

Bank of Georgia Holdings Plc 625,823

Credicorp 600,646

Vakrangee Ltd 598,039

Bank Negara Indonesia 573,279

Arcos Dorados Holdings Inc. 539,074

DGB Financial Group Inc 538,902

Axis Bank Limited 537,906

Kasikornbank PCL-NVDR 379,105

MediaTek Inc 339,717

Shriram Transport Finance 333,163

Sun TV Network Ltd 329,410

Turkiye Sinai Kalkin 302,699

AIA Group Ltd 299,273

Swatch Group AG 284,326

Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017) Bank of Georgia (999,639)

Sun TV Network (411,498)

China Mobile (HK) (328,136)

Softbank Corp (176,303)

Brilliance China Aut (146,276)

TCS Group Holding - Reg S (99,707)

Raiffeisen Intl Bank (65,038)


Itausa P-rts (4,665)


563




Safaricom Ltd 1,903,409

STOCK: GOVERNM:FORGN 1,427,148

Commercial Int Bank 1,093,821

Obour Land For Food Industries 1,067,141

Guaranty Trust Bank 923,673

Ecobank Transnational Inc 916,758

Label Vie 881,081

Societe des Brasseries du Maroc 842,983

Seplat Petroleum Development 818,570

EFG-Hermes Holding SAE 807,804

Credit Agricole Egypt 774,849

ElSwedy Cables Holding Company 704,096

Oriental Weavers Company 613,097

Egypt Kuwait Holding Company 610,834

Old Mutual PLC 593,963

Egyptian International Pharmaceutical Industries Company 530,330

Alexandria Container 456,326

ADES Intl Hoding Ltd 450,450

Talaat Moustafa Grp 432,756

DOUJA PROM ADDOHA 403,750

MM Group 401,835

Edita Food Industrie 401,349

Six of October Development and Investment Co 364,794

Alexandria Mineral Oils Company 340,544

MCB Group Ltd 249,709

Eastern Tobacco 241,231

Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017) Maroc Telecom (1,401,109)

Umeme Ltd (1,027,621)

Seplat Petroleum Development (622,706)

Letshego Holding Ltd (615,150)

Guaranty Trust Bank (605,062)

Safaricom Ltd (596,781)

ZENITH BANK LTD (555,761)

Attijariwafa Bank (546,533)

Centamin Plc (546,116)

KCB Group Ltd (531,782)

Alexandria Mineral Oils Company (468,197)

EAST AFRICAN BREWERIES LTD (454,101)

Obour Land For Food Industries (450,787)

Co-operative Bank of Kenya Ltd (293,671)

EFG-Hermes Holding (284,606)

Athi River Mining Lt (230,419)

Eastern Tobacco (227,186)

Commercial Int Bank (116,233)

Barclays Bank Ltd (87,278)


564




Equitable Resources 3,597,703

CABOT OIL & GAS 3,365,969

Noble Energy Inc 3,183,153

Raytheon Co 2,727,320

Chipotle Mex Grill 2,596,381

Microchip Technology 2,493,967

CBRE Group Inc 2,472,937

Gap Inc 2,427,408

Suncor Energy Inc 2,364,492

Ralph Lauren Corp 2,356,611

Applied Material Inc 2,224,406

Dollar Tree Stores 2,170,596

SPX Dec 17 2150 PO 2,131,230

Wyndham Worldwide Co 2,126,201

SPX Sep 17 2100 PO 2,004,200

People's United Fin 1,998,448

UnitedHealthcare 1,958,583

Nordstrom Inc. 1,834,923

Whole FoodsMarketInc 1,372,807

Apple Inc 1,357,872

General Electric Co 1,322,695

Johnson & Johnson 1,135,945


CBS Corp-CL B 1,123,167

Comcast Corp-CL A 1,107,464


Intl BusinessMachine 1,101,597

Corning Inc 1,087,694


Quanta Services 1,014,662

Netflix Inc 944,186

Starbucks Corp 941,697

Nvidia Corp 761,572


Adobe Sys Inc 707,302


565


Sanlam Centre American Select Equity Fund (continued)

Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017) Bard CR Inc (3,620,065)

Carnival Corp (3,453,853)

Merck & Co (3,383,081)


Becton Dickinson (2,575,080)

Berkshire Hath-B (2,252,516)

TwentyFirst Cent Fox (2,054,072)

JM Smucker Co (2,046,920)

Whole FoodsMarketInc (2,024,141)

Exelon Corp (1,990,271)

Altria Group Inc (1,984,605)

Colgate-Palmolive Co (1,957,569)

L3 Tech Inc (1,670,528)

Verizon Comm (1,643,197)

Urban Outfitters Inc (1,490,880)

Pfizer Inc (1,487,946)


Mastercard Inc (1,350,127)

AbbVie Inc (1,345,334)

Celgene Corp (1,344,040)

Firstenergy Corp (1,224,946)

Walt Disney Co (1,208,289)

Gilead Sciences Inc (1,183,130)

Coca-Cola Co. (1,121,836)

Intl BusinessMachine (1,116,062)

Intel Corp (1,104,045)

Alphabet Inc Cl A (1,072,165)

Alphabet Inc Cl C (1,051,363)

Qualcomm Inc (999,382)

SPX Sep 17 2100 PO (702,000)

Starbucks Corp (635,019)


566




BP Cap 1% 280423 428,474

Yamada 0.00% 280619 411,461

Nanya Tech 0% 240122 411,200

Euronet 1.5% 011044 407,470

Ares Cap 3.7% 010222 400,000

Microc 1.625% 150227 400,000

Greenb 2.8% 010224 383,088

British 1.5% 100917 379,966

WWE 3.3% 151223 348,802

Siemens 1.65% 160819 288,375

Semicon 0.00% 070722 274,375

Stmicro 1.0% 030721 259,600

Tullow 6.625% 120721 221,500

Cemex 3.72% 150320 213,483

K S Holdin 0% 201219 207,501

Bunge Ltd 203,161

Toray 0% 300819 202,956

Kaman 3.25% 010524 198,103

Green 4.125% 010922 192,812

Alon USA 3% 150918 191,465

Medicnes 2.7% 150723 188,769

ShipFin 5.75% 151021 148,406

Steinhof 4.0% 300121 144,195

AegeanM 4.25% 151221 136,460

Remgro 2.625% 220321 123,469

Playtech 0.5% 191119 122,684

Horizon 2.75% 010722 120,797

Arbor 6.50% 011019 116,888

Square 0.37% 010322 110,000

Harmonic 4.0% 011220 102,696


567


Sanlam Global Convertible Securities Fund (continued)


Stmicro 0% 030719 (519,400)

Asics Corp 0% 010319 (458,698)

Molina 1.62% 150844 (454,415)

Terady 1.25% 151223 (416,663)

Ares Cap 3.7% 010222 (402,500)

British 1.5% 100917 (379,819)

Workday 1.5% 150720 (213,351)

Aceto 2% 011120 (198,148)

Medici 2.75% 150723 (188,769)

Remgro 2.625% 220321 (123,030)

Square 0.37% 010322 (111,167)

Nagoya 0% 111224 (96,553)

TCP 4.625% 010322 (80,000)

Neur Bio 2.2% 150524 (70,175)

Dycom 0.75% 150921 (44,721)


568




Mitsubishi UFJ Hldgs 1,560,520

Minebea Mitsumi Inc 1,374,474

Suzuki Motor 1,339,254

Toyo Tire & RubberCo 1,326,437

Softbank Corp 1,248,214

Shin-Etsu Chemical 1,170,504

Yamaha Motor Co Ltd 1,164,226

Murata Manufacturing 1,074,920

Sony Corp 1,038,641

Nipro Corporation 998,504

Tosoh Corp 966,490

Fujitsu 946,767

Central Japan Rl 915,868

Nippon TeL & Tel 896,523

Subaru Corporation 887,688

Asahi Breweries 763,132

Furukawa Elect 741,557

DIC Coporation 721,746

Otsuka Holdings KK 705,137

Showa Denko K K 666,415

KH Neochem Co Ltd 650,405

Keisei Electric 642,666

Sompo Holdings Inc 641,295

Sumitomo Electric 616,376

Fuji Electric Holdng 597,368

Kirin Holdings Ltd 591,729

Sumitomo Heavy Ind 584,406

Persol Hldngs Co Ltd 579,338

Tokyo Tatemono Co Ld 567,101

JFE Holdings Inc 531,925

Omron Tateisi Elec 493,547

Sumitomo Mitsui Fin 486,569

Orix Corporation 484,435

Rohm Co. 478,741


569


Sanlam Japan Equity Fund (continued)

Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017) Subaru Corporation (1,609,180)

Mitsubishi UFJ Hldgs (1,080,832)

Sumitomo Mitsui Fin (1,008,466)

Kirin Holdings Ltd (873,244)

Softbank Corp (761,545)

Mitsub Elec Corp (701,910)

Toyota Motor Co (682,472)

Teijin Limited (569,498)

Honda Motor Co Y50 (509,078)

Screen Holdings Co (508,172)

Asahi Breweries (462,420)

Fujitsu General Ltd (456,889)

Mitsubishi Chem Hold (434,453)

Morinaga & Co Ltd (431,431)

Persol Hldngs Co Ltd (415,772)

Hitachi ORD (385,750)

Mitsui Fudosan Co (381,861)

Fuyo General Lease C (377,313)

MORINAGA MILK INDUS (373,285)

Hitachi Kokusai Elec (370,864)

Mitsubishi Corp (347,040)

Nitori Holdings Co (332,237)

Shimamura Co (330,557)

Resona Holdings Inc (320,063)

Murata Manufacturing (314,687)

Central Japan Rl (276,070)

Mitsui & Co (270,237)

Yahoo Japan Corp (270,148)

Namco Bandai Hldgs (260,026)

Nippon TeL & Tel (258,452)

Nichiha Corp (255,012)

Lixil Group Corp (246,816)

Maruha Nichiro (237,897)

SOHGO SECURITY (236,502)

DIC Coporation (221,785)


570




US TSY 8.125% 19 1,928,248

US TSY 8.75% 150820 1,742,539

US TSY 8.5%150220 1,201,405

US TSY 3.3% 150544 1,064,385

US TSY 3.125% 150243 1,018,195

US TSY 8.875% 8/17 814,150

US TSY 2.25% 310721 370,086

US TSY 2.50% 150524 252,340

US TSY 1.62% 151122 242,110

US TSY 2.2% 151125 212,716

US TSY 2.375% 150824 166,083


571




Apple Inc 1,522,066


Visa INC - Class A Shares 1,363,244

Vanguard S&P500 ETF 1,289,075

Nike Inc 1,172,288

Berkshire Hath-B 1,052,220

Verisign Inc 988,503

Simon Property 931,260


Amazon.Com Inc 853,000

Gilead Sciences Inc 841,197

Blackrock Inc 730,113

Starbucks Corp 692,635

Comcast Corp-CL A 684,960

Adidas Ag-adr 680,014

Schroder Europea 676,983

Adobe Sys Inc 660,704

Inditex 614,890

Facebook Inc 509,302

Ping An Insurance Group Co Of China Ltd 483,444

Bayer Motoren Wk 464,588

Siemens Ag 459,444

Vanguard Sml Cap ETF 430,674

Nestle SA-Spons Adr For Reg 396,296

Roche Hldgs AG 345,517

Alibaba Group Holdin 344,768

Lilly (Eli) & Co 340,864

Charter Comm Inc 325,990

Samsung Elec-Gdr 319,679


572

PURCHASES AND SALES FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED) (CONTINUED) Autus Global Equity Fund (continued)

Sales Proceeds (USD) (being the largest sales during the period ended 30 June 2017) Visa INC - Class A Shares (1,085,783)

Verisign Inc (1,007,964)


Simon Property (930,396)

Apple Inc (927,668)

Nike Inc (850,687)

Berkshire Hathaway Inc. (844,765)

Gilead Sciences Inc (831,634)

Schroder European Real Estate Invest Trust Plc (700,082)

Vanguard S&P 500 ETF (661,858)

Adidas Ag (530,262)

Blackrock Inc (508,101)


Bayer Motoren Wk (473,378)


Comcast Corp-CL A (442,157)

Adobe Systems Inc (366,207)

Roche Holdings AG (361,429)

Inditex (316,904)

Starbucks Corp. (287,266)

Siemens Ag (232,023)


Nestle SA-SponsAdr (177,204)

Anthem Inc (171,099)

American Express (168,315)

XPO Logistics Inc. (165,763)

Chevron Corp (164,699)

AT & T Inc (162,866)

China Constr-adr (162,585)

General Electric Co (158,743)


573

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Sanlam Asset Management (Ireland) Limited Beech Hill House Beech Hill Road Dublin 4 Ireland

Sanlam Universal Funds Plc

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