Sanlam Universal Funds plc - 99 COMPANY XYZ LIMITED

SANLAM UNIVERSAL FUNDS PLC Unaudited condensed interim financial statements for the six months ended 30 June 2013

SANLAM UNIVERSAL FUNDS PLC

UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS for the six months ended 30 June 2013 Contents Page(s) Company information 1 – 6 Economic & market review 7 – 10 Investment Manager’s reports 11 - 39 Statement of comprehensive income

of the Company 40 of the Funds 41 - 48

Statement of financial position


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


Statement of cash flows


Portfolio of investments 76 - 191

8IP Asia Equity Opportunities Fund 76 - 78 8IP Asia Pacific Equity Fund 79 - 81 Centre Global Equity Fund 82 - 85 Grindrod International Property Fund 86 - 87 P-Solve Inflation Plus Fund 88 - 89 Sanlam African Frontier Markets Fund 90 - 91 Sanlam Global Best Ideas Fund 92 - 93 Sanlam Global Bond Fund 94 - 102 Sanlam Global Financial Fund 103 - 105 Sanlam Global Property Fund 106 - 110 Sanlam Strategic Cash Fund 111 - 112 Sanlam World Equity Fund 113 - 126 Sanlam World Equity Tracker Fund 127 - 144 SIIP India Opportunities Fund 145 - 146 SIM Global Equity Income Fund 147 - 148 SPI Strategic Investment Grade Bond Fund 149 - 152 Sanlam Fund of Alternative UCITS Fund 153 Sanlam Accel Income Fund 154 Sanlam North America Equity Tracker Fund 155 - 165


UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS for the six months ended 30 June 2013 Contents (continued) Page(s) Portfolio of investments (continued)

Sanlam UK Equity Tracker Fund 166 - 168 Sanlam Europe (ex UK) Equity Fund 169 - 175 Sanlam Equity Allocation Fund 176 - 179 Sanlam Emerging Market Equity Tracker Fund 180 - 191

Notes to the unaudited condensed interim financial statements 192 - 264 Statement of changes in composition of the portfolios 265 – 287


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COMPANY INFORMATION Directors of Sanlam Global Peter Murray – Irish* Funds Plc (the “Company”) Paul Dobbyn – Irish* Anton Gildenhuys – South African* *non-executive Director Registered number 267451 Funds of the Company 8IP Asia Equity Opportunities Fund 8IP Asia Pacific Equity Fund Centre Global Equity Fund* Grindrod International Property Fund 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 Strategic Cash Fund Sanlam World Equity Fund*** Sanlam World Equity Tracker Fund SIIP India Opportunities Fund SIM Global Equity Income Fund SPI Strategic Investment Grade Bond Fund**** Sanlam Fund of Alternative UCITS Fund Sanlam Accel Income Fund Sanlam North America Equity Tracker Fund Sanlam UK Equity Tracker Fund Sanlam Europe (ex UK) Equity Fund Sanlam Equity Allocation Fund Sanlam Emerging Market Equity Tracker Fund Registered office of the Company Beech House

Beech Hill Road Dublin 4 Ireland

Manager & secretary Sanlam Asset Management (Ireland) Limited Beech House Beech Hill Road Dublin 4 Ireland *The SPI Global Equity Fund's name was changed to Centre Global Equity Fund on 31 August 2012. **The Sanlam Universal Bond Fund's name was changed to Sanlam Global Bond Fund on 9 October 2012. ***The Sanlam Universal Equity Fund's name was changed to Sanlam World Equity Fund on 9 October 2012. ****The Sanlam Principal Monthly Income Investment Grade Bond Fund name was changed to SPI Strategic Investment Grade Bond Fund on 24 September 2012.


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COMPANY INFORMATION (CONTINUED) Administrator* Sanlam Asset Management (Ireland) Limited Beech House Beech Hill Road Dublin 4 Ireland Registrar & Transfer Agent J.P. Morgan Administration Services (Ireland) Limited JPMorgan House IFSC Dublin 1 Ireland Investment manager** Sanlam Investment Management (Pty) Limited 55 Willie Van Schoor Avenue Bellville 7530 South Africa Investment manager – Centre Global Centre Asset Management LLC Equity Fund 48 Wall Street Suite 1100 New York, N.Y. 10005 United States of America Investment manager – SPI Sanlam Private Investments (UK) Limited Strategic Investment Grade Bond 16 South Park Fund and Sanlam Strategic Cash Sevenoaks Fund Kent TN13 1AN United Kingdom Investment manager – Sanlam Alliance Bernstein Limited Global Property Fund 50 Berkeley Street London W1J 8HA United Kingdom Investment manager – Grindrod Grindrod Bank Limited International Property Fund 5 Arundel Close Kingsmead Office Park Durban, KZN 4001 South Africa Investment managers – P-Solve P-Solve Investments Limited Inflation Plus Fund 11 Strand London WC2N 5HR United Kingdom Investment manager – 8IP Asia Eight Investment Partners (Pty) Limited Equity Opportunities Fund and Level 11, 131 Macquarie Street 8IP Asia Pacific Equity Fund Sydney New South Wales Australia, 2000


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COMPANY INFORMATION (CONTINUED) Investment manager – Sanlam BlackRock Investment Management UK Limited Global Bond Fund 33 King William Street London EC4R 9AS United Kingdom Investment managers – Sanlam FOUR Capital Partners Limited World Equity Fund 6-8 Long Lane London, EC1A 9HF United Kingdom Sanlam Investment Management (Pty) Limited

55 Willie Van Schoor Avenue Bellville 7530 South Africa Eight Investment Partners (Pty) Limited Level 11, 131 Macquarie Street Sydney New South Wales Australia, 2000 Centre Asset Management LLC 48 Wall Street Suite 1100 New York N.Y. 10005 United States of America Sanlam International Investments Limited 4th Floor 52/54 Brook Street London W1K 5DS United Kingdom Alliance Bernstein Limited 50 Berkeley Street London W1J 8HA United Kingdom Investment Manager – Sanlam Fund of Sanlam International Investments Limited Alternative UCITS Fund and Sanlam 4th Floor Accel Income Fund 52/54 Brook Street London W1K 5DS United Kingdom Investment Manager - Sanlam Equity FOUR Capital Partners Limited Allocation Fund 1 Ely Place London, EC1N 6RY United Kingdom


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COMPANY INFORMATION (CONTINUED) Investment allocation manager**** Sanlam International Investments Limited 52/54 Brook Street London, W1K 5DS 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 1 Royal Exchange London EC3V 3LL United Kingdom J.P. Morgan Securities Limited 60 Victoria Embankment London EC4G 0JP United Kingdom Investment Advisor Sanlam International Investments Limited 4th Floor 52/54 Brook Street London W1K 5DS United Kingdom Custodian Northern Trust Fiduciary Services (Ireland) Limited George's Court 54-62 Townsend Street Dublin 2 Ireland Sub-custodian J.P. Morgan (Ireland) plc J.P. Morgan House IFSC Dublin 1 Ireland Broker NCB Stockbrokers Limited 3 George’s Dock IFSC Dublin 1 Ireland Auditor*** Ernst & Young Harcourt Centre Harcourt Street Dublin 2 Ireland


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COMPANY INFORMATION (CONTINUED) Legal adviser Maples and Calder 75 St. Stephens Green Dublin 2 Ireland Stock lending agent J.P. Morgan Chase Bank (London Branch) 125 London Wall London EC2Y 5AJ United Kingdom Distributors Sanlam Collective Investments Limited 2 Strand Road Bellville 7530 South Africa Sanlam Investment Management (Pty) Limited 55 Willie van Schoor Avenue Bellville 7530 South Africa P-Solve Investments Limited 126 Jermyn Street London SW1Y 4UJ United Kingdom


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COMPANY INFORMATION (CONTINUED) Distributors (continued) P-Solve Investments Limited 11 Strand London WC2N 5HR United Kingdom Acordias Limited 91 Peterborough Road London SW6 3 BU United Kingdom Grindrod Bank Limited 20 Kingsmead Boulevard Durban 4001 South Africa Grindrod Bank Limited 5 Arundel Close Kingsmead Office Park PO Box 3211 Durban, KwaZulu Natal, 4001 South Africa Eight Investment Partners Pty Limited

Level 11, 131 Macquarie Street Sydney New South Wales

Australia 2000 *Sanlam Asset Management (Ireland) Limited was appointed Administrator to Sanlam Global Funds Plc with effect from 11.59pm on 31st December 2012, replacing J.P. Morgan Administration Services (Ireland) Limited. **The Sanlam World Equity Tracker Fund, SIIP India Opportunities Fund, Sanlam African Frontier Markets Fund, Sanlam Global Financial Fund, Sanlam Global Best Ideas Fund, Sanlam North Anerica Equity Tracker Fund, Sanlam UK Equity Tracker Fund, Sanlam Europe (ex UK) Equity Fund, Sanlam Emerging Market Equity Tracker Fund and SIM Global Equity Income Fund are managed by Sanlam Investment Management (Pty) Limited. ***The auditor has not expressed an opinion nor have they reviewed the unaudited condensed interim financial statements for the six months ended 30 June 2013. **** Sanlam International Investments Limited is the investment allocation manager to 8IP Asia Equity Opportunities, 8IP Asia Pacific Equity Fund, Centre Global Equity Fund, Sanlam Global Bond Fund, Sanlam Global Property Fund, Sanlam Strategic Cash Fund, Sanlam World Equity Fund, Sanlam World Equity Tracker Fund, SIIP India Opportunities Fund, Sanlam Fund of Alternative UCITS Fund, Sanlam North America Equity Tracker Fund, Sanlam UK Equity Tracker Fund, Sanlam Europe (ex UK) Equity, and Sanlam Equity Allocation Fund.


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ECONOMIC & MARKET REVIEW for the six months ended 30 June 2013 Economic Review Monetary policy decisions and “market guidance” by central banks dominated economics news in the second quarter of 2013. In April this year, the Bank of Japan (BOJ) announced an extraordinarily large expansion of its balance sheet, through which the Bank aims, roughly, to double the size of the country’s monetary base, in a bid to end deflation and achieve a 2% inflation target by end-2014. The US Federal Reserve, however, signalled a possible slowdown in the pace of asset purchases, with Chairman Ben Bernanke indicating on May 22, 2013 that the US Federal Open Market Committee (FOMC) may consider scaling back quantitative easing within the “next few meetings” if US real economic activity data continued to improve. Subsequently, the FOMC left the Federal funds target rate unchanged at the conclusion of its June 19 meeting and indicated the current low range of the Federal funds target rate of 0 to 0.25% would be appropriate for as long as unemployment remains above 6.5%; inflation forecasts between one to two years forward do not exceed 2.5 % and long-term inflation expectations remain anchored. This statement clears up the Federal Reserve’s position on interest rates. The policy rate is unlikely to go up for quite some time – possibly not before 2015. But the prospect of expected moderation in the pace of asset purchases caused heightened volatility in global debt and currency markets. In response to the ensuing increase in bond yields, the European Central Bank (ECB) moved to calm debt markets and announced in early July it expected policy rates to stay low for an extended period, while leaving the door ajar for a possible further cut in interest rates. In a similar move, the Bank of England (BOE) indicated it considered the accompanying increase in UK interest rates “unwarranted”. The BOE is expected to supply more detailed forward guidance in August 2013. On the growth front, global real economic activity has continued along a modest path and reflects a marked divergence between regions. Currently, the global PMI (manufacturing) remains consistent with positive, but low single-digit industrial production growth. The PMI survey data has shown a relative improvement in the Euro area in recent months, but has been disappointing in the emerging markets of Asia, including China. Although emerging markets (EM) growth continues to outperform in absolute terms, a broader improvement in real economy outcomes in developed markets (DM) has been evident in 1H13 relative to EM. In particular, EM has experienced a slowdown in productivity growth (and rising labour costs), while also being adversely impacted by a slowdown in global trade growth. Amongst DM the US and Japan fared better than Europe in 1H13. In the US, house sales have increased and house prices advanced by double digits over the past year; the unemployment rate has declined and growth in private sector credit extension is in positive territory. In Japan, the advance in GDP growth has lifted in 1H13, driven by consumption and exports. The former has, partially, benefited from positive wealth effects that reflect the bounce in the equity market. The latter has benefited from the depreciation of the currency against the backdrop of the announcement on large – scale quantitative easing by the Bank of Japan. But, even so, it is clear central bank balance sheet expansion in developed markets has failed to ignite a strong recovery in real economic activity. Global real GDP growth has continued to disappoint in the aftermath of the Great Recession.


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ECONOMIC & MARKET REVIEW (CONTINUED) for the six months ended 30 June 2013 Economic Review (continued) Meanwhile, the ECBs July 2013 Bank Lending Survey indicates banks in Europe have continued deleveraging as they adjust to new bank legislation. At least, however, business surveys, including PMI (manufacturing) data suggest the Euro area economy is stabilising. Also, the relative slowdown in unit labour cost growth amongst some economies of the periphery of Europe, relative to Germany, is encouraging. Elsewhere, in China, concern has emerged around the uncomfortably high level of debt to GDP, which suggests vulnerability in the event of any sustained slowdown in real economic activity. Concomitantly, the Peoples’ Bank of China (PBOC) appears to be moving to rein in excessive leverage – notably the boom in off-balance sheet lending. China, seemingly, still has room on the fiscal policy front to boost real economic activity. However, policymakers appear increasingly preoccupied with a shift away from growth driven by state spending towards growth through private sector spending, implying an attempted shift towards the more efficient allocation of available savings to more productive endeavours. Even so, it seems unlikely China can return to and sustain the levels of productivity growth that characterised its earlier development. Given the moderate growth backdrop, global inflation remains benign. Softer commodity prices have dampened the annual advance in headline CPI, while core CPI remains contained at close to 2%. That said inflation is generally more elevated in EM relative to DM, notably in the emerging markets of Europe and Africa, as well as Latin America. This has necessitated the Central Bank of Brazil, for example, to hike interest rates, despite softer real economic activity data. Economic outlook The apparent stabilisation of the Euro area economy is a welcome development, not least because the recession in Europe has been partly responsible for the underperformance of EM exports. While Europe is unlikely to return to robust growth anytime soon, this development may lift global real economic activity to an extent in 2H13. But, ultimately, we do not believe the current environment of a high level of government claims on available savings; restraint of financial sector activity and weakened productivity growth are conducive to a robust global economic upswing. On balance, despite some possible acceleration in 2H13, growth generally appears set to continue at a moderate pace through the remainder of 2013 and into 2014. Although EM continues to deliver relatively stronger growth than DM in absolute terms they are not without risk. Weaker productivity growth and higher labour costs suggest lower returns on capital. Moreover, although timing and extent are uncertain, a slower pace of asset accumulation (and the eventual termination of quantitative easing) in the US could heighten volatility in EM debt and currency markets – as witnessed in recent months. Risk also lingers in DM. The continued sluggish performance of the Euro area economy implies it remains difficult to stabilise and reduce sovereign debt levels to comfortable levels. Given lower commodity prices relative to a year ago and low, stable core inflation, global headline CPI appears set to remain benign for the foreseeable future. One risk to the sanguine outlook for inflation would be any incidence of unsustainable fiscal policy. Also, EM inflation is relatively sticky compared with DM, with rising labour costs in some countries. Hence, the scope for maintaining very loose monetary policy stances appears to be drawing to a close in EM generally. In DM, given modest real GDP growth, low inflation and high unemployment rates, DM central banks are expected to maintain their policy rates at a low level for an extended period.


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ECONOMIC & MARKET REVIEW (CONTINUED) for the six months ended 30 June 2013 Market Review At the turn of the year, the US fiscal cliff was the key issue of focus in many investors’ minds, while the pending new Chinese leadership was an additional potential concern. Additionally, the looming threat of the US sequester also represented a potential significant drag on US economic growth. However, despite these issues, and others including the Cypriot crisis, and the temporary stalemate in the Italian elections, the overall global economy has moved forward over the first half of 2013. Perhaps the most radical developments over the period, which were unlikely to be predicted, much, if at all, before the last quarter of 2012, are the events in Japan. The depreciation in the Japanese yen, the extent of monetary easing planned in Japan and the overall rhetoric at least symbolise some significant changes occurring in Japan. The challenge for the government and Bank of Japan is to ensure that these are converted into genuine reform and economic growth that will lift the country out of the stagnation it has experienced for so many years. The US economy has delivered signs of continuation on the path to economic recovery, so much so that the US Federal Reserve’s comments towards the end of May, about the ending, at a future point in time, of the low US interest rate environment, spooked markets, and led to a market sell-off. With greater perspective the market has subsequently realised that the positive side to the Federal Reserve’s comments were that the US economy was clearly recovering and that this should have positive effects for the rest of the world. The concern that has developed, primarily during the second quarter, has been in the emerging markets, especially in China, where the level of economic growth has not been to the levels that Chinese officials, nor market participants, had been expecting or hoping for. Meanwhile, in the second quarter the euro-zone has been relatively absence from attracting any material headlines, especially of a negative economic nature, and this hints at the stabilisation that is occurring within that region. Equity Market Review From a market perspective 2013 started in a very similar manner to both 2012 and 2011. For the first quarter global equity markets as measured by the MSCI World Index delivered a return of 7.73%.1 The quarter saw positive returns produced in all three months of the period, though it was in January when markets rose over 5% that drove the overall quarterly return. The first quarter did exhibit some perverse qualities as the market rally, was somewhat unusually, primarily led by lower beta stocks. This was reinforced by the under-performance of emerging market securities during the first quarter which saw them fail to even deliver a positive absolute return. The second quarter started with the positive sentiment and confidence from the market rally over the first quarter, and so April again saw equity markets continue to rise. This also continued into May, but was brought to a sudden halt by the comments of the US Federal Reserve. This saw markets rapidly sell-off for almost a month, though signs of a rebound did emerge before the end of the quarter. This enabled global equity markets to produce a small positive absolute return for the second quarter of 0.65%. Consequently for 2013 to the end of June the MSCI World Index has risen by 8.43%, and by almost 13% over the last twelve months. This indicates the overall strength of equity markets over 2013 so far and more broadly since the European Central Bank’s comments in July 2012 about them being prepared to do whatever it takes to support the euro.

1 All performance figures are quoted in US dollar terms unless stated otherwise.


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ECONOMIC & MARKET REVIEW (CONTINUED) for the six months ended 30 June 2013 Equity Market Review (continued) At a sector level all sectors, except one, delivered positive absolute returns over the first half of 2013. Additionally, the relative performance of the sectors over the first and second quarters was fairly consistent, although there were some differences. The weakest sector by far has been the material sector, which declined by -11.76% in 2013 so far. This was the weakest sector in both the first and second quarters, and has struggled on the back of the slowdown in China, and their demand for raw materials. The next weakest sector has been the Energy sector, which in contrast to Materials, did produce a positive absolute return of not quite 3%, but it was increasingly weak as the year has progressed to the end of June. The strongest sectors have been Health Care and Consumer Discretionary rising by 17.33% and 16.64% respectively; both of these sectors have performed consistently well during 2013. The difference between those two sectors and the third best performing sector, Consumer Staples, which returned 10.54%, indicates the extent of the out-performance of both the Health Care and Consumer Discretionary sectors. At a regional level there have been some significant divergences. North America has performed strongly and has out-performed the overall MSCI World Index, by returning 11.64% for 2013 so far. However, Japan has fared even better and produced a return of 16.55%, which in local yen terms was almost 34%. All developed market regions produced positive absolute returns in local terms, but in US dollar terms the Pacific excluding Japan region was the weakest region, declining by -4.65%. Meanwhile Europe managed to produce a moderate gain of 2.18%. However, the really regional distortion during 2013 has been the weakness of emerging markets, which fell by -9.57% in the first six months of 2013. This is a differential of 18% between the performance of developed and emerging markets, and in an environment where economic prospects are improving and the wider global equity market is making positive progress. Fixed Income Market Review 2013 has proved to be a challenging market environment for fixed income investors. The first quarter saw global fixed income markets decline by -2.10%, as measured by the Barclays Capital Global Aggregate Bond Index. This saw the market decline in all three months of the quarter, with March being a more moderate decline than January and February. Furthermore none of the market declines were substantial, but just a steady drift downwards. In the second quarter, things started well, with April producing a positive absolute return of nearly 1.4% – the first month to do so since September 2012 – though market sentiment subsequently deteriorated and this caused the market to fall by almost -3% in May and by over -1% in June. As a result the second quarter saw global bond markets drop -2.79%, which was the worst quarterly return since the first quarter of 2009. Consequently, global bond markets have fallen -4.83% in the first six months of 2013. Bonds are therefore under-performing equities by almost -13% in 2013 so far. The reason for the negative sentiment in fixed income markets has been primarily related to the expectation of rising interest rates at some future point. Investors are aware that the current low interest rate environment will not last, and are gradually adjusting their expectations. Given the low interest rate environment it is also very difficult to see how yields can fall much further, if at all, and so the most likely trend to develop is to a scenario of rising interest rates. This is negative for bond returns and has led to the negative sentiment in global bond markets, and consequently declining fixed income markets. Within the fixed income market global corporate bonds have generally fared better than their sovereign counterparts. For the first quarter corporate bonds, as measured by the Barclays Capital Global Aggregate Corporate Index, declined -1.13%, and in the second quarter they fell -2.51%. However, on both occasions this segment of the global bond market out-performed the wider overall bond market. The primary reason behind this is that sovereign bonds have been the area most directly impacted by the expectation of rising interest rates, and so sovereign bonds have weakened significantly. Corporate bonds however, have been more indirectly impacted; it is difficult for corporate bonds to produce positive absolute returns in an environment where yields look set to rise, and hence why corporate bonds too have delivered negative absolute returns.


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8IP ASIA EQUITY OPPORTUNITIES FUND Investment Objective The investment objective of the 8IP Asia Equity Opportunities Fund (the “Fund”) is to provide long-term capital growth. Fund Performance

Note: Fund launched 12 October 2010. Performance figures shorter than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against the MSCI Asia Pacific excluding Japan Index (NDUEACAPF). The Fund has continued to perform poorly during 2013 so far. In the first quarter the Fund under-performed its benchmark by -2.66%, while in the second quarter the Fund under-performed by -1.10%. It is also worth noting that the market conditions over the two quarters did contain some material differences, although the Fund was unable to out-perform in either environment. As a result for 2013 year-to-date the Fund finds itself -3.55% behind its benchmark and the Fund has also produced a negative absolute return of -9.35%. Over the last twelve months the Fund has just managed to deliver a positive absolute return, with a rise of 1.89%, but this is substantially behind its benchmark, which means the Fund has under-performed by -7.53%. Since inception the Fund continues to materially under-perform its benchmark, and is now -8.73% behind.

Fund Outlook The outlook for the Fund and Asia Pacific excluding Japan equity market is heavily dependent on the overall equity market environment. While things certainly appear to be improving in the USA, and the situation in Europe looks to be stabilising, the situation in emerging markets, Asia Pacific and Japan is less clear. The major problem in the Asia Pacific excluding Japan region today appears to be the slowdown in Chinese economic growth, which has come under increasing scrutiny in recent months. The challenge for the new Chinese leadership is to maintain economic growth at a sustainably high level, without generating other issues within the economy. The knock-on effects to the other countries in the region are substantial and so the need for China to grow at high single digit levels is crucial to the development of the overall region. If China does succeed in achieving this then the region should start to perform much better. Investment Managers Eight Investment Partners (Pty) Limited.

-20%

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms -0.69% -8.71% -9.35% 1.89% -7.54% Benchmark 1.97% -7.61% -5.80% 9.42% 1.19% Excess return -2.66% -1.10% -3.55% -7.53% -8.73%


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8IP ASIA PACIFIC EQUITY FUND Investment Objective The investment objective of the 8IP Asia Pacific Equity Fund (the “Fund”) is to provide long-term capital growth. Fund Performance

Note: Fund launched 13 September 2010. Performance figures shorter than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against the MSCI Asia Pacific Index (NDUEACAP). The Fund has continued to perform poorly during 2013 so far. In the first quarter the Fund under-performed its benchmark by -2.68%, while in the second quarter the Fund under-performed by -1.17%. It is also worth noting that the market conditions over the two quarters did contain some material differences, although the Fund was unable to out-perform in either environment. As a result for 2013 year-to-date the Fund finds itself -3.80% behind its benchmark and the Fund has also produced a negative absolute return of -1.54%. Over the last twelve months the Fund has delivered an absolute return of approaching 9%, but this is substantially behind its benchmark, which means the Fund has under-performed by -5.65%. Since inception the Fund continues to materially under-perform its benchmark, and is now -4.51% behind. Fund Outlook The outlook for the Fund and Asia Pacific equity market is heavily dependent on the overall equity market environment. While things certainly appear to be improving in the USA, and the situation in Europe looks to be stabilising, the situation in emerging markets, Asia Pacific and Japan is less clear. Japan is clearly undertaking some substantial measures to reignite economic growth there, but it is still not clear how successful those will be. The major problem in the Asia Pacific region today appears to be the slowdown in Chinese economic growth, which has come under increasing scrutiny in recent months. The challenge for the new Chinese leadership is to maintain economic growth at a sustainably high level, without generating other issues within the economy. The knock-on effects to the other countries in the region are substantial and so the need for China to grow at high single digit levels is crucial to the development of the overall region. If China does succeed in achieving this then the region should start to perform much better. Investment Managers Eight Investment Partners (Pty) Limited.

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms 2.78% -4.20% -1.54% 8.68% 1.19% Benchmark 5.46% -3.03% 2.26% 14.33% 5.70% Excess return -2.68% -1.17% -3.80% -5.65% -4.51%


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CENTRE GLOBAL EQUITY FUND Investment Objective The Centre Global Equity Fund (the “Fund”) aims to provide above average long-term capital growth by investing in global equity markets. Fund Performance

Note: The Fund launched 20 December 2006. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against MSCI AC World Index. The Fund has struggled during 2013, due primarily to the under-performance of emerging market equities witnessed in 2013 so far. In the first quarter the Fund failed to keep up with the market rally and under-performed its benchmark by -4.22%. In the second quarter the Fund fared somewhat better, but produced a negative absolute return and also under-performed its benchmark by -1.51% for the period. As a result for 2013 so far the Fund has just managed to deliver a positive absolute return, but the Fund is almost -6% behind its benchmark. This has caused the Fund to under-perform by -3.82% over the last twelve months. The Fund’s track record since inception remains over -2% behind its benchmark, but the overwhelming majority of that was attributable to the investment manager appointed to the Fund prior to April 2011.

Fund Outlook The outlook for global equity markets will determine the Fund’s future direction and return profile. While some regional equity markets, and indeed the MSCI All Country World Index, have recently reached all time highs, there still remains scope for further progress, if global economic growth can be achieved, and also if the under-performance of emerging markets can reverse. The extent and timing of economic growth will be a significant factor in determining whether equity markets can move forward, and the regional differences are likely to contribute to performance differences in regional equity markets. In the short-term the immediate direction for the market is unclear, especially with the under-performance of emerging markets in 2013 so far, but as the signs of economic growth emerge, it means that it is probably more likely that equity markets will move higher. This Fund will benefit further if emerging markets do at least stop materially under-performing. Investment Managers Centre Asset Management LLC

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms 2.28% -1.94% 0.30% 12.75% -1.14% Benchmark 6.50% -0.42% 6.05% 16.57% 1.05% Excess return -4.22% -1.51% -5.75% -3.82% -2.19%


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GRINDROD INTERNATIONAL PROPERTY FUND Investment Objective The Grindrod International Property 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. Fund Performance

Note: The Fund launched 17 November 2010. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against the GPR 250 REIT Index.

Recent comments from Federal Reserve Chairman, Ben Bernanke, which suggested an imminent end to quantitative easing in the United States, sent global bond yields higher during the second quarter of 2013. Investors responded by offloading investments in other interest-rate sensitive sectors and global REITs registered their first quarterly decline since the third quarter of 2011. The Fund marginally underperformed the GPR 250 REIT Index during the second quarter, due to an overweight allocation to the Healthcare sector in the United States, as well as an overweight position in Canadian REITS. The Fund has recently built up a cash balance equivalent to 12% of the value of the Fund which will be invested on market pullbacks. Fund Outlook

The prospect of a steady increase in global yields is likely to dampen further substantial price increases in global listed real estate markets, despite a moderate pick-up in property fundamentals in many of the world’s supply-constrained markets. In the short-term, investors should therefore expect higher levels of price volatility, although an improvement in property fundamentals should lead to higher earnings and capital growth in the longer-term. Over and above the improvement in property fundamentals, many REITs have focused on creating additional value in their property portfolios, through redevelopments or refurbishments, which should support an acceleration in earnings growth during 2014 and 2015. Investment Managers

Grindrod Bank Limited

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms 8.76% -5.14% 3.17% 13.77% 6.59% Benchmark 7.43% -4.22% 2.90% 10.68% 13.21% Excess return 1.33% -0.92% 0.27% 3.09% -6.62%


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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: Fund launched 1 March 2004. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against UK Retail Price Index. The Fund size as at 30 June 2013 was £50.8m. The Fund has returned 4.73% over the year to date, outperforming its benchmark which returned 1.18% for the same period. The main contributors to performance over the year so far have been allocations to US and Japanese Equities, boosted by Quantitative Easing in the former and a robust stimulus package in the latter. With a significant tail risk event averted in the US and Europe, continued loose monetary policy, and improving investor confidence, the first half of this year saw risky assets make a strong start. While the return of European debt issues in the form of a banking crisis in Cyprus slowed momentum in late March, some equity markets still reached record highs over H1 and others surpassed levels last seen before the 2008 financial crisis. Whilst April and May were generally positive months for on-risk assets, volatility increased in June as a result of the mounting Fed tapering speculation, with Emerging Market Equities and riskier credit in particular suffering. Other Developed Equity market returns were mixed, with gains coming from Japan and the US, and small losses in the UK and Europe in the final month.

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6.00%

8.00%

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms 6.83% -1.97% 4.73% 9.28% 7.18% Benchmark 0.77% 0.40% 1.18% 3.27% 3.43% Excess return 6.06% -2.37% 3.55% 6.01% 3.75%


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P-SOLVE INFLATION PLUS FUND (CONTINUED) Fund Outlook

In the short term going forward we have reason to be nervous as possible tapering from the Fed later this year could have a dramatic effect on equity markets should fundamental economic data in the US continue to recover. Until economic fundamentals dramatically improve in the Eurozone, there is still a possibility an event could flare up leading to a pullback in risky assets. Overall, asset movements over the last couple of months have shown us that in the short term unconventional economic policy such as QE can create significant volatility in markets, whether it is the prospect of increases in Japan or tapering in the US. We still believe that in the long term fundamentals will play out as the underlying economics and policies still need to be in place to stimulate growth.

Investment Managers

P-Solve Investments Limited


17

SANLAM AFRICAN FRONTIER MARKETS FUND Investment Objective The Sanlam African Frontier Markets Fund (the “Fund”) aims to achieve long-term capital growth by investing in listed African equities (excluding South Africa) that offer above average growth potential. Fund Performance

Note: Fund launched 5 January 2009 and started trading 1 March 2010. Performance figures shorter than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against MSCI EFM Africa ex South Africa. The Fund outperformed the benchmark by 5.90% for the six months to June 2013. On a quarterly basis, the fund also outperformed the benchmark by 2.64%. In the first half of the year, the best performing market in USD terms was Ghana which posted a 47% return while the worst performing market was Egypt which declined by 21%. However, the month of June saw a massive sell-off in the major African markets with markets index performances as follows: Nigeria (- 4.3%), Egypt ( -11.9%) and Kenya (-10.3%). Our fund’s geographic exposure to these countries is; Nigeria (44%), Egypt (26.5%) and Kenya (11%). The MSCI EFM Africa ex ZA index closed the month of June with a loss of 10.7%. MSCI World also lost 2.6% for the month. This downtrend is in line with most emerging markets, as escalating political tensions in Egypt, weak growth numbers from China, resurfacing debt worries in Europe and the overhang of the tapering off of the QE programme by the US Fed are plaguing global markets.

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms 8.69% -3.18% 5.23% 27.15% 3.48% Benchmark 5.46% -5.82% -0.68% 21.09% -1.09% Excess return 3.23% 2.64% 5.90% 6.06% 4.57%


18

SANLAM AFRICAN FRONTIER MARKETS FUND (CONTINUED) Fund Outlook In Egypt, a political settlement is in the making following the announcement of a transition government after the deposition of Morsi from office. Egypt is expected to finish constitutional amendments by November and we see the country holding presidential election within the first half of 2014 which should see the country moving forward. In Kenya, a gradual recovery in economic activity appears intact following the holding of peaceful elections in March. Although inflation is rising, the trend is unlikely to persuade the Central Bank to begin tightening the policy stance just yet. Most of the pressure on inflation has come from food inflation, mostly on account of unwinding base effects. We remain bullish on Nigeria with valuations that remain attractive amidst strong corporate and country fundamentals. Nigeria’s inflation is coming down and so are rates. This is supportive for consumers and lending in the market and we continue holding some exposure in the banking industry. We will maintain a higher exposure to this geography in the short term and review as the year goes. Investment Managers Sanlam Investment Management (Pty) Limited.


19

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

Note: Fund launched 30 September 2006. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against MSCI World Index. The Fund lost 3.8% during the second quarter, after experiencing a torrid June during which its primarily financial emerging markets investments underperformed significantly and its largest holding, DBA Telecommunications, suffered a meltdown. This is on the back of a disappoining first quarter lagging the benchmark largely due to the negative trend of emerging markets. In particular, the divergence in performance between the Indian and USA markets of more than 10% during the first quarter is the cause of most of the Fund’s underperformance over this three month period. Our positioning favoured India over the USA, because we believe that the market is currently discounting an overly pessimistic view of the prospects of the Indian economy and that shares there are consequently undervalued. This is especially true for the financial sector where most of our exposure resides. Much of the damage to the value of our investments in emerging markets was done by the devaluation of their domestic currencies against the US Dollar as a result of the flight of capital in response to higher yields in the USA and fear induced by the expectation of the phasing out of quantitative easing by the US Federal Reserve. During the quarter our Fund was negatively impacted by the movements of the Indian Rupee (-9%), Russian Rouble (-6%), Thai Baht (-6%) and Turkish Lira (-8%) against the US Dollar. This impact was exacerbated by sharp declines in the prices of the shares, mainly in banks, owned in these countries. Our exposure to emerging markets is predominantly in the financial sector, where we believe that the superior growth and returns are not receiving the recognition that they deserve. The results published continue to be satisfactory and the companies being sold down are growing their net asset value per share and paying dividends confirming that this is a “market sell-down” and generally not company specific.

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms 2.83% -3.78% -1.06% 7.15% 7.76% Benchmark 7.73% 0.65% 8.43% 18.58% 5.81% Excess return -4.91% -4.43% -9.49% -11.43% 1.95%


20

SANLAM GLOBAL BEST IDEAS FUND (CONTINUED) Fund Performance (continued) On the positive we are delighted about the Fund’s American shares performance which all outperformed the benchmark significantly. Notable performances were delivered by Berkshire Hathaway (+26%), Cisco Systems (+29%), Hewlett Packard (+45%), Lockheed Martin (+18%), Medtronic (+26%) and Microsoft (+30%). Unfortunately their combined weight in the portfolio was not sufficient to offset the negative effect of our emerging markets exposure and DBA Telecommunications. A well-known trap for portfolio managers to fall into is to get “wedded” to their investment ideas. But the equally damaging trap is to react emotionally and sell “at the bottom”. We therefore visited the region this past quarter to test our view of the outlook for those companies to gain greater clarity and ensure we make objective decisions based on the facts. Fund Outlook The Fund experienced a difficult first half, largely due to its on-going relatively large exposure to emerging markets, particularly in the financial sector, which has detracted from its performance. Whilst the Fund’s developed market exposure, particularly in respect of the United States, has markedly increased during the past year, it remains significantly tilted towards Asian emerging markets. Having been significantly left behind, the valuation of most of these shares now appears ever more compelling, making the argument for a further reduction in the exposure to these markets less obvious. Investment Managers Sanlam Investment Management (Pty) Limited


21

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: Fund launched 17 August 2004. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against the Barclays Global Aggregate Index. The Fund has delivered a relatively strong performance in 2013 so far. The Fund struggled slightly in the first quarter as it failed to protect capital in a falling market environment and so the Fund under-performed by -0.08%. In contrast, in the second quarter the Fund did exhibit some defensive characteristics, as despite the market decline, the Fund managed to out-perform by +0.52%. As a result for 2013 so far the Fund had out-performed by +0.43%, though this has been in a declining return environment, where the Fund is down -4.40% for 2013 so far. The Fund’s performance over the last twelve months has also seen the Fund deliver strong out-performance of +1.16%. Since inception the Fund remains behind its benchmark though the under-performance now is -0.69%. Fund Outlook The outlook for global bonds is mixed. The continuation of low interest rates globally and monetary stimulus should act as a force to keep bond yields low, but the improving economic environment and slowly emerging central bank rhetoric, primarily from the USA at this time, of an end to the prevailing low interest raw environment, acts as a contrary force, which could see rising yields. If yields do rise, especially in sovereign markets, then the likelihood is that non-sovereign yields will also rise, and hence the outlook for global bonds could be quite bearish and potentially significantly so. In this environment the Fund will continue to seek to out-perform, but the challenge of delivering absolute returns could be substantial. The Fund will still be able to deliver out-performance though the opportunities to do so will depend upon the overall sentiment and direction of global bond markets. Investment Managers BlackRock Investment Management (UK) Limited.

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms -2.18% -2.27% -4.40% -1.02% 3.96% Benchmark -2.10% -2.79% -4.83% -2.18% 4.65% Excess return -0.08% 0.52% 0.43% 1.16% -0.69%


22

SANLAM GLOBAL FINANCIAL FUND Investment Objective The Sanlam Global Financial Fund (the “Fund”) will be used as an investment vehicle for investors wishing to achieve steady growth in the US Dollar value of investments primarily through global investment in securities of companies of which the principal operations specifically focus on, and derive benefit from or pertain to, the provision of banking, insurance and other financial services. Fund Performance

Note: Fund launched 8 April 2004. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against MSCI World Financial Index. The Fund had a very poor first six months of the year, especially quarter two due to its 50% exposure to emerging markets. Most of the damage was done by the currency falls (Brazilian real and Indian rupee sharp declines). On top of this the Indonesian, Thai, Russian, Korean and Indian bank shares that the Fund owns declined by 10%-20%. This blow was reduced by the developed market investments of the Fund, where most investments were flat or gained up to 10%. India has been our problematic country this year, but the banks (and many industrial companies) have reported satisfactory results this quarter, and it seems as if the economic growth and the market have bottomed. Unless we have a repeat of an emerging market crisis like 1997 the price moves seem overdone. Whilst forecast emerging market growth rates are not as strong as they have been over the past five years, we believe that a repeat of 1997 collapse is unlikely and hence we remain invested in the majority of our holdings except for tactical switches and a complete disinvestment from our Chinese bank holdings. We are slowly increasing the Fund’s investment in Europe, but we remain concerned about the risk of unexpected outcomes in Europe. The criticism could be that the investments in European and especially US banks have been too small (combined investment in US and European banks was 20% of the Fund). However, whilst the US economy has indeed surprised via the speed of the housing recovery and we should have had a larger investment there, we remain cautious about Europe’s outlook and purposely invested only a small percentage.

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms 4.18% -4.96% -0.99% 14.52% 11.10% Benchmark 7.43% 1.70% 9.25% 29.00% 0.18% Excess return -3.25% -6.65% -10.24% -14.47% 10.93%


23

SANLAM GLOBAL FINANCIAL FUND (CONTINUED) Fund Performance (continued) Over the past 14 years our formula of investing in companies when the valuations are low has delivered very good results. Hence, whilst the short-term pain caused by the decline in Indian bank shares hurts, we are excited about the returns they should deliver over the next 12 months. In summary, 2013 has been an unsatisfactory year in terms of investment returns for the Fund and the investor, especially when measured relative to the index. However, we remain confident that the emerging market banks we are invested in will generate better returns on their capital than their developed market counterparts and eventually the market will recognise this, besides, we are not entirely comfortable with the markets recent “risk-on” approach and remain cautious. Fund Outlook Emerging markets were hit hard in quarter two by investors moving funds from emerging markets to developed markets. Whilst the Funds’ investments in developed markets performed well, this was undone by the 45% of the Fund invested in financial services companies in emerging markets. However, these companies are well positioned, and hence are unlikely to be much affected operationally. Their high returns on capital will ensure continued growth in the net asset value per share and should eventually be reflected in share prices. Hence, whilst the immediate outlook ito emerging markets is uncertain, we don’t think it will affect the longer-term outlook of the Fund. Investment Managers Sanlam Investment Management (Pty) Limited


24

SANLAM GLOBAL PROPERTY FUND Investment Objective The Sanlam Global Property Fund (the “Fund”) aims to provide long-term capital growth. Fund Performance

Note: Fund launched 14 December 2011. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against the EPRA/NAREIT Developed (Gross) Total Index. The Fund has delivered mixed performance over 2013 so far. In the first quarter the Fund performed very well producing a substantial return, which enabled it to out-perform its benchmark by +2.84%. However, in the second quarter, with the deteriorating market conditions the Fund struggled and fell over -5%, whilst also under-performing its benchmark by -1.26%. As a result for 2013 year-to-date the Fund has only risen 3.39%, but the Fund is materially out-performing its benchmark by +1.37%. Additionally, over the last twelve months the Fund has risen by almost 17%, and has out-performed its benchmark by almost +3.3%. Since inception the Fund has risen over 22% and is out-performing its benchmark by +0.71%. Fund Outlook While this is a global listed property fund, the investments it holds are not independent of the broader global equity market. Hence, the performance of this Fund and its benchmark will be driven by a combination of the specific features of the listed property market, and also the behaviour of the wider global equity market. The outlook for the overall equity market is broadly improving, especially as the economic growth in the USA accelerates. Hence this should be a net positive effect. However, for the global listed properties the substantial returns witnessed prior to 2013 are not expected to be repeated in the foreseeable future. Instead, more moderate return levels of high single digits are a more reasonable expectation for the next twelve month. With the anticipated pending rising interest rate environment, property securities will also potentially suffer from being perceived as quasi-fixed income substitutes and this could lead to some headwinds. Investment Managers AllianceBernstein Limited

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms 8.95% -5.10% 3.39% 16.77% 22.03% Benchmark 6.11% -3.85% 2.02% 13.50% 21.32% Excess return 2.84% -1.26% 1.37% 3.27% 0.71%


25

SANLAM STRATEGIC CASH FUND Investment Objective The Sanlam Strategic Cash Fund (“the Fund”) aims to provide a high degree of safety of principal together with an investment return exceeding that available from cash deposits in US Dollar. Fund Performance

Note: Fund launched 5 August 1999. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. Benchmark until 25 September 2011: Federal Reserve Effective Overnight rate. Benchmark since 25 September 2011: 3 Month USD LIBOR. The Fund has struggled during 2013 so far. The Fund started the year reasonably well producing an absolute return of 0.10%, although this did lead the Fund to lag its benchmark by -0.10% for the first quarter. However, with the change in market conditions in the second quarter, the Fund suffered and was not quite able to produce a positive absolute return, with a decline of -0.01%. This caused the Fund to under-perform by -0.11% over the period. For the year-to-date the Fund now finds itself -0.12% behind its benchmark, though it has produced a positive absolute return. Over the last twelve months the Fund has struggled, though most of this was due to the previous investment manager who ceased to be appointed during December, and so the Fund finds itself -0.63% behind its benchmark. This has also filtered through to the Fund’s since inception numbers where the Fund is -0.77% behind its benchmark.

Fund Outlook There appear to be clear signs emerging that the US economy is recovering, and this has led the US Federal Reserve to start to signal to market that the historically low level of US interest rates is approaching an end, although it is also clear that US interest rates are not about to rise in the short-term. As a result US yield levels, in anticipation of this, are expected to rise, but this is unlikely to be seen in any significant way at the short-end of the US curve during the remainder of 2013, but could well form a key component of the outlook for 2014. Such an environment could make it challenging at the short-end of the bond spectrum, and this could easily impact non-sovereign bonds also, meaning that positive absolute returns for this Fund would require very careful security selection. Investment Managers BlackRock Investment Management UK Limited.

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms 0.10% -0.01% 0.09% -0.07% -0.09% Benchmark 0.11% 0.10% 0.21% 0.56% 0.68% Excess return -0.01% -0.11% -0.12% -0.63% -0.77%


26

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 launched 17 August 2004. Performance figures longer than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against the MSCI World. The Fund’s performance for 2013 so far has been disappointing, though it is showing signs of improvement. In the first quarter of 2013 the Fund had a very disappointing period of performance and failed to keep pace with the market rally, and consequently the Fund under-performed its benchmark by -1.38%. In the second quarter the Fund also struggled, but it did successfully manage to out-perform its benchmark by +0.27%. As a result the Fund finds itself -1.10% behind its benchmark for the first six months of 2013. The Fund is lagging behind its benchmark by an almost identical amount over the last twelve months, although the Fund has delivered some substantial absolute returns over that period. Since inception the Fund continues to lag its benchmark, and it is now -1.16% behind over that period. Fund Outlook The outlook for global equity markets will determine the Fund’s future direction and return profile. While some regional equity markets, and indeed the MSCI World Index, have recently reached all time highs, there still remains scope for further progress, if global economic growth can be achieved. The extent and timing of economic growth will be a significant factor in determining whether equity markets can move forward. And the regional differences are likely to contribute to performance differences in regional equity markets. The Fund will continue to seek to add value from both stock selection and allocation effects and over the long-term expects that these factors will lead to the Fund out-performing relative to its benchmark. In the short-term the immediate direction for the market is unclear, but as the signs of economic growth emerge, it means that it is probably more likely that equity markets will move higher. Investment Managers FOUR Capital Partners Limited Sanlam Investment Management (Pty) Limited Eight Investment Partners (Pty) Limited Centre Asset Management, LLC Sanlam International Investments Limited Alliance Bernstein Limited

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms 6.35% 0.92% 7.33% 17.51% 4.82% Benchmark 7.73% 0.65% 8.43% 18.58% 5.98% Excess return -1.38% 0.27% -1.10% -1.07% -1.16%


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SANLAM WORLD EQUITY TRACKER FUND Investment Objective The objective of the Sanlam World Equity Tracker Fund (“the Fund”) is to replicate the performance of world equity markets by tracking the MSCI World Index in US$. Fund Performance

Note: Fund launched 17 August 2004. Performance figures longer than 12 moths are annualised. Figures are quoted gross of fees. The Fund is benchmarked against the MSCI World. The Fund has had slightly disappointing performance in 2013. The Fund performed broadly in line with its benchmark, with a differential of 0.06%. The second quarter saw the Fund perform much the same as the first quarter, and differed to its benchmark by around 0.08%. Due to the performance of the Fund being under-performance in both the first and second quarters the Fund’s performance from the first two quarters of 2013 did not offset, and the Fund consequently finds itself 0.15% away from its benchmark return year-to-date. However, over the last twelve months the Fund is almost perfectly in line with its benchmark. Since inception, the Fund continues to lag relative to its benchmark.

Fund Outlook The outlook for global equity markets will determine the Fund’s future direction and return profile. While some regional equity markets, and indeed the MSCI World Index, have recently reached all time highs, there still remains scope for further progress, if global economic growth can be achieved. The extent and timing of economic growth will be a significant factor in determining whether equity markets can move forward. And the regional differences are likely to contribute to performance differences in regional equity markets. In the short-term the immediate direction for the market is unclear, but as the signs of economic growth emerge, it means that is it probably more likely that equity markets will move higher. The Fund itself will continue with its objective of tracking the performance of the market benchmark over time. The Fund should be able to achieve such an objective over the long-run, regardless of the overall market direction and volatility. Investment Managers Sanlam Investment Management (Pty) Limited.

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms 7.67% 0.56% 8.28% 18.56% 5.40% Benchmark 7.73% 0.65% 8.43% 18.58% 5.98% Excess return -0.06% -0.08% -0.15% -0.02% -0.58%


28

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: Fund launched 13 September 2010. Performance figures shorter than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against the Bombay Stock Exchange 500 Index. The Fund has produced disappointing performance over 2013 so far. The market conditions over both the first and second quarters have been very difficult with both seeing the market fall in US dollar terms. In the first quarter the Fund under-performed its benchmark by -0.33%, while in the second quarter, market conditions worsened further, and so the market fell even more than in the first quarter, while the Fund itself under-performed by -0.79%. Hence, for 2013 year-to-date the market has fallen by over -13%, while the Fund has declined by -14.14%, and so the Fund is under-performing by just over -1%. However, despite this the Fund is continuing to out-perform over the last twelve months, by +0.82%, and this has just enabled the Fund to produce a positive absolute return. Since inception, both the Fund and benchmark are down in absolute terms, and the Fund still finds itself behind its benchmark by -1.83%.

Fund Outlook The Fund’s performance will primarily be driven by the behaviour of the Indian equity market, which will continued to be determined by both specific domestic and international factors. The outlook for global equity markets is broadly positive: things certainly appear to be improving in the USA, and the situation in Europe looks to be stabilising, but the situation in emerging markets and the Asia Pacific region is less clear. In India the economic growth outlook is disappoint, while the twin deficits are potentially got to lead a sovereign credit rating cut for the country. The Indian rupee also looks set to depreciate further, despite the efforts of the Indian central bank to manage the currency volatility. In this expected future difficult environment the Fund will continue to focus on stock selection, whilst being acutely cognisant of its sector and macro exposures and positioning. Investment Managers Sanlam Investment Management (Pty) Limited.

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund USD-terms -6.15% -8.51% -14.14% 0.60% -12.21% Benchmark -5.82% -7.72% -13.09% -0.22% -10.39% Excess return -0.33% -0.79% -1.05% 0.82% -1.83%


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SIM GLOBAL EQUITY INCOME FUND Investment Objective The objective of SIM Global Equity Income Fund (the “Fund”) is to generate a growing stream of dividend income for investors through investing in equities, while at the same time pursuing moderate growth in the capital invested. Fund Performance

Note: Fund launched 5 September 2012. Performance figures shorter than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against the Barclays Global Aggregate Index. The second quarter of 2013 proved to be a difficult one for global equity markets, particularly in the developing world. This is evident when comparing the returns of MSCI World index (0.65%) and the MSCI Emerging Markets index (-9.1%). This is in sharp contrast with the first quarter of 2013 with really good returns from developed markets companies. Speculation regarding the timing of the end of quantitative easing and the first interest rate hike in the USA heralded a move out of high yielding equities and weighed on the performance of the MSCI World High Dividend Yield index (-1.3%) and the fund (-2.0%). The Fund paid its maiden distribution during the quarter. The payment equated to 1.5% of the initial unit price on 6 September 2012 and represents an annualised return of 3.0%. This is lower than the projected forward yield of 4.2% (net of withholding taxes), because the fund missed out on a number of dividends during its first six months as a result of the launch date. Our calculations show that the Fund would have collected dividends representing an additional 0.5% of its value had it been launched in time to qualify for all of the dividends paid by its investee companies during the period. We consequently expect the yield during the second six month period to exceed that of the first. Our reasoning is simple; the prospective dividend yield of a share is simply the dividends expected to be received during the next 12 months divided by the current share price. Similarly, the prospective dividend yield of the Fund is simply the weighted aggregate of the prospective dividend yields of the shares comprising the Fund.

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1st Qtr 2013 2nd Qtr 2013 Year to date Inception Fund USD-terms 4.67% -1.67% 2.92% 4.05% Benchmark 8.46% -1.33% 7.03% 10.39% Excess return -3.80% -0.34% -4.11% -6.34%


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SIM GLOBAL EQUITY INCOME FUND (CONTINUED) Fund Outlook Based on the consensus dividend expectations for the companies in the Fund, it is projected to achieve a gross yield, calculated on the initial capital value, in the region of 4.6% during the next twelve months. After taking into account the withholding taxes levied on these dividends in the various jurisdictions where the Fund is invested, this yield is expected to be reduced to around 4.2% on a net basis. Given that the dividends declared to date have been in line with expectations, we are reasonably confident that these projections will be met. The corresponding projections for the Fund’s benchmark, the MSCI World High Yield Index, are 4.1% and 3.5% respectively. In an effort to enhance the Fund’s net yield, investments in regions with low dividend taxes have been favoured over those with relatively high taxes. This has resulted in a greater exposure to companies domiciled in Europe and the United Kingdom and a smaller exposure to companies domiciled in the United States when compared to the benchmark. Because the United States market has outperformed European markets during the year to date, the total return of the Fund has lagged that of the benchmark. While it is possible that this trend will continue during the rest of the year, we are confident of achieving our objective of delivering a superior net yield combined with an acceptable level of capital appreciation. Investment Managers Sanlam Investment Management (Pty) Limited


31

SPI STRATEGIC INVESTMENT GRADE BOND FUND Investment Objective The SPI Strategic Investment Grade Bond Fund (the “Fund”) objective is to provide a total return through generating an income, that may be received monthly, and the potential for capital growth. The Fund mainly invests in investment grade government and corporate bonds, in the UK and overseas. Fund Performance

Note: Fund launched 01 March 2012. Performance figures shorter than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against the HFRU Hedge Fund Composite Index. The Fund has returned 5.75% over the past 12 months, to the end of June. Over the same period, the IMA £ Strategic Bond Sector returned 8.1%. The FTSE Gilts Index, for comparison purposes, was down 2.4% in the last year. After benefiting earlier in 2013 from local currency emerging market bond exposure, the Fund has recently seen holdings in Brazil, Mexico, Turkey, as well as Australia, contribute significantly to the downside in May and June. In addition the sharp rise in global bond yields, as speculation that Central Bank support may be withdrawn earlier than anticipated, also led to most other areas of the bond market seeing short term price declines. This included corporate bonds and high yield sectors in the UK and overseas. Fund Outlook With the central banks of the UK, Europe and Japan still on a dovish footing, including most recently the Bank of England’s publication of forward interest rate guidance, we expect significant market focus to be on when, and how fast, the Federal Reserve tapers their current purchases of US Treasuries and Mortgages. With yields on 10 year US and UK government bonds around 1% higher than in Q2, we may see support for gilts and corporate bonds in the near term.

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1st Qtr 2013 2nd Qtr 2013 Year to date 12 Months Inception Fund GBP-terms 2.75% -4.20% -1.57% 5.75% 6.00% Benchmark 1.63% -1.95% -0.35% 7.02% 5.94% Excess return 1.12% -2.25% -1.22% -1.27% 0.06%


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SPI STRATEGIC INVESTMENT GRADE BOND FUND (CONTINUED) Fund Outlook (continued) Forward looking economic indicators finally seem to be improving which, when coupled with expansionary monetary policy, is likely to lead to higher inflation expectations and a steeper yield curve. Risks abound however, with continuing trouble in Europe, a slowdown in China or the failure of Shinzo Abe’s economic agenda in Japan being only some of the possible downside scenarios. Low liquidity in times of market stress and historically high valuations have caused concerns regarding the high yield sector. As such, we have reduced exposure to lower rated corporate bonds, to fund enhanced index-linked gilt exposure while also adding short dated bank bonds that are likely to be held until redeemed by the issuer, where yields have become particularly attractive. Yields on local currency emerging market bonds have climbed significantly since early May. We think that both the bond and the currency side of the potential return equation offer significant potential upside from current levels. Investment Managers Sanlam Private Investments Limited


33

SANLAM FUND OF ALTERNATIVE UCITS FUND Investment Objective The investment objective of the Sanlam Fund of Alternative UCITS Fund (the “Fund”) is to provide capital growth over the long term. Fund Performance

Note: Fund launched 29 January 2013. Performance figures shorter than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against the HFRU Hedge Fund Composite Index. The Fund’s performance for 2013 has been in line with the benchmark, but below the investment manager’s expectations, as the Fund under-performed the benchmark by -0.13% during the first half of 2013. The Fund commenced trading at the end of January 2013 and was not fully invested until the middle of March. This caused the Fund to miss out on upside performance during the positive months of February and March. This resulted in the Fund under-performing the benchmark during the relevant part of the first quarter by -1.03%. Once the Fund was fully invested the Fund was able to make up for most of the under-performance during the second quarter, and has ended the period since inception to the end of the first half of 2013 broadly in line with its benchmark. Fund Outlook The investment manager is optimistic on the Fund’s outlook coming into the second half of 2013. The investment manager made further changes to the Fund towards the end of June and in the middle of July, therefore by the end of July the Fund will resemble how it was envisaged to look when it was launched in January 2013. The Fund now consists of twelve underlying managers giving good diversification across regions, strategies and asset classes. While the Fund maintains an equity bias, coming into the second half of 2013 the Fund has decreased the European exposure and increased the US equity exposure. US equity exposure has increased from under 5% in the first quarter, to just below 20%. With the current set of investment managers in the Fund in place, the investment manager does not anticipate any material changes in the near term. The investment manager continues to search through the universe of UCITS Funds in the hope of find managers that offer something unique or that are superior offerings to what is currently in the Fund. Investment Managers Sanlam International Investments Limited

-3%

-2%

-1%

0%

1%

2%

3%

2nd Qtr 2013 Inception Fund USD-terms -1.12% -0.81% Benchmark -1.99% -0.68% Excess return 0.87% -0.13%


34

SANLAM ACCEL INCOME FUND Investment Objective The investment objective of Sanlam Accel Income Fund (the “Fund”) is to provide income to investors and capital growth over the long term. Fund Performance

Note: Fund launched 8 March 2013. Performance figures shorter than 12 months are annualised. Figures are quoted gross of fees. The Fund is benchmarked against the Income Yield Benchmark Index. It is still early days for the Fund having been launched just a few months ago, and the start-up phase is always difficult with cash flows quite lumpy and able to cause large tracking errors especially in volatile markets. With that in mind we are quite pleased that though the Fund lagged the benchmark in March, it has outperformed since (through the second quarter), and is now only marginally behind benchmark since inception. Fund Outlook There is some concern that rising interest rates will be a drag on the performance of a Fund that has a large bond allocation and stock exposure to the income sector which is often seen the closest equity alternative to bonds. There are ways to moderate the risks though and we are active in managing these. Keeping bond duration down mitigates price risk in fixed income, and in equities we can bias our portfolio towards managers who prefer ‘dividend’ stocks where the promise is for greater dividend growth in future in preference to shares with current high dividends but lower longer term dividend growth rates. Whilst this effectively means reducing the near term potential yield, the aim is to preserve and grow capital slightly more with the aim of protecting value and enhancing income when economic and dividend growth becomes more elusive. Investment Managers Sanlam International Investments Limited

-3%

-2%

-1%

0%

1%

2%

3%

2nd Qtr 2013 Inception Fund GBP-terms -1.87% -1.85% Benchmark -2.09% -1.77% Excess return 0.22% -0.09%


35

SANLAM NORTH AMERICA EQUITY TRACKER FUND Investment Objective The investment objective of Sanlam 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 As the Fund launched on 11 June 2013, a performance report is not presented. Investment Managers Sanlam Investment Management (Pty) Limited


36

SANLAM UK EQUITY TRACKER FUND Investment Objective The investment objective of Sanlam 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 As the Fund launched on 11 June 2013, a performance report is not presented. Investment Managers Sanlam Investment Management (Pty) Limited


37

SANLAM EUROPE (EX UK) EQUITY FUND Investment Objective The investment objective of Sanlam Europe (Ex UK) Equity 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 As the Fund launched on 11 June 2013, a performance report is not presented. Investment Managers Sanlam Investment Management (Pty) Limited


38

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 As the Fund launched on 25 May 2013, a performance report is not presented. Investment Managers FOUR Capital Partners Limited


39

SANLAM EMERGING MARKET EQUITY TRACKER FUND Investment Objective The investment objective of the Sanlam 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 As the Fund launched on 11 June 2013, a performance report is not presented. Investment Managers Sanlam Investment Management (Pty) Limited


40

STATEMENT OF COMPREHENSIVE INCOME OF THE COMPANY for the six months ended 30 June 2013

Six months ended 30

June 2013 Six months ended 30

June 2012 US$ US$ Investment income Net gains on financial assets and liabilities at fair value through profit or loss – held for trading 69,455,176 156,876,553 Income from stock lending 928,195 1,147,610 Income from financial assets at fair value through profit or loss 63,593,653 56,961,657 Bank interest 59,533 48,684 Other income 152,987 4,415 Net investment income 134,189,544 215,038,919 Operating expenses Management fee (6,921,483) (5,224,373) Custody fees (574,608) (582,800) Other operating expenses (535,218) (423,018) Administration fees (441,635) (162,353) Audit fee (116,495) (119,517) Non Distributing Class Fee (102,524) (88,661) Directors’ fees (27,084) (33,670) Distributing Class Fee (990) (1,079) Performance fee - (1,463,531) Total operating expenses (8,720,037) (8,099,002) Operating profit 125,469,507 206,939,917 Finance costs Distribution to shareholders (4,374,881) (2,228,596) Interest expense (18,341) - Income equalisation (14,958,375) (2,742,541) Total finance costs (19,351,597) (4,971,137) Profit before tax 106,117,910 201,968,780 Withholding tax (9,384,948) (8,618,353) Change in net assets attributable to holders of redeemable participating shares 96,732,962 193,350,427 The attached notes form an integral part of these audited unaudited condensed interim financial statements.


41

STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS for the six months ended 30 June 2013

8IP Asia Equity Opportunities

Fund 8IP Asia Pacific

Equity Fund Centre Global

Equity Fund Grindrod

International Property Fund

P-Solve Inflation Plus

Fund US$ US$ US$ US$ GBP

Investment income Net gains on financial assets and liabilities at fair value through profit or loss – held for trading (2,194,230) (384,862) (236,590) 220,823 2,046,133 Income from stock lending 2,517 2,910 10,182 3,166 2,002 Income from financial assets at fair value through profit or loss 377,990 316,697 466,721 259,382 360,420 Bank interest 55 61 59 118 704 Other income 3,150 3,349 1,450 2,795 4,013 Net investment (deficit)/income (1,810,518) (61,845) 241,822 486,284 2,413,272

Operating expenses Management fee (19,431) (32,334) (173,036) - (17,643) Distributing Class Fee - - - (990) - Non Distributing Class Fee - - - (102,524) - Performance fee - - - - - Administration fees (5,485) (4,847) (9,258) (4,653) (8,793) Audit fee (4,316) (4,316) (4,316) (4,316) (2,554) Directors’ fees (145) (154) (177) (61) (423) Custody fees (9,120) (8,762) (10,951) (1,657) (1,998) Other operating expenses (16,207) (16,330) (9,306) (10,138) (9,743) Total operating expenses (54,704) (66,743) (207,044) (124,339) (41,154)

Operating (loss)/profit (1,865,222) (128,588) 34,778 361,945 2,372,118

Finance costs Distribution to shareholders - - - (664) (1,136,554) Interest expense - - - - - Income equalisation 4,361 (76,563) (4,782) 161,740 12,792

Profit/(loss) before tax (1,860,861) (205,151) 29,996 523,021 1,248,356 Withholding tax (28,515) (20,964) (78,906) (53,274) (16,500) Change in net assets attributable to holders of redeemable participating shares (1,889,376) (226,115) (48,910) 469,747 1,231,856 Distribution per share (in cents/pence) Management fee Class A - - - - 1.50 Management fee Class A (GBP) - - - - - Management fee Class A (EUR) - - - - - Management fee Class A (Income) - - - - - Management fee Class B - - - - 2.60 Management fee Class C - - - - 2.70 Management fee Class C (GBP) - - - - - Management fee Class D - - - - - Management fee Class F - - - - - Management fee Class F (GBP) - - - - - Management fee Class F (EUR) - - - - - Management fee Class P (Accumulation) - - - - - Management fee Class P (Income) - - - - - Distributing Class - - - 0.70 - Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.


42

STATEMENTS OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED) for the six months ended 30 June 2013

Sanlam African Frontier

Markets Fund

Sanlam Global Best Ideas

Fund Sanlam Global

Bond Fund Sanlam Global Financial Fund

Sanlam Global Property Fund

US$ US$ US$ US$ US$ Investment income Net gains on financial assets and liabilities at fair value through profit or loss – held for trading 2,777,993 (6,295,828) (22,340,656) (7,694,330) (4,781,086) Income from stock lending - 149,439 14,353 76,463 27,522 Income from financial assets at fair value through profit or loss 2,103,788 10,746,298 5,523,491 8,464,096 1,895,982 Bank interest 1,582 3,704 3,869 2,067 737 Other income 5,054 18,021 17,293 11,270 5,099 Net investment income/(deficit) 4,888,417 4,621,634 (16,781,650) 859,566 (2,851,746)

Operating expenses Management fee (361,859) (1,402,032) (549,247) (1,457,356) (185,215) Distributing Class Fee - - - - - Non Distributing Class Fee - - - - - Performance fee - - - - - Administration fees (12,682) (73,434) (38,264) (64,159) (12,651) Audit fee (4,316) (8,129) (10,790) (8,129) (4,316) Directors’ fees (311) (3,555) (2,982) (2,239) (507) Custody fees (80,401) (155,201) (7,178) (95,765) (1,658) Other operating expenses (13,384) (74,409) (35,178) (58,148) (15,493) Total operating expenses (472,953) (1,716,760) (643,639) (1,685,796) (219,840)

Operating profit/(loss) 4,415,464 2,904,874 (17,425,289) (826,230) (3,071,586)

Finance costs Distribution to shareholders (6,512) (5,295) - - - Interest expense - - - - - Income equalisation (2,196,547) (2,248,664) (554,948) 225,307 2,554,902

Profit/(loss) before tax 2,212,405 650,915 (17,980,237) (600,923) (516,684) Withholding tax (161,661) (1,504,588) (1) (888,716) (363,121) Change in net assets attributable to holders of redeemable participating shares 2,050,744 (853,673) (17,980,238) (1,489,639) (879,805) Distribution per share (in cents/pence) Management fee Class A - - - - - Management fee Class A (GBP) 11.33 4.22 - - - Management fee Class A (EUR) - - - - - Management fee Class A (Income) - - - - - Management fee Class B - - - - - Management fee Class C - - - - - Management fee Class C (GBP) 11.74 3.17 - - - Management fee Class D - - - - - Management fee Class F - - - - - Management fee Class F (GBP) - - - - - Management fee Class F (EUR) - - - - - Management fee Class G - - - - - Management fee Class P (Accumulation) - - - - - Management fee Class P (Income) - - - - - Distributing Class Fee - - - - - Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.


43


Sanlam Strategic Cash

Fund Sanlam World

Equity Fund

Sanlam World Equity Tracker

Fund

SIIP India Opportunities

Fund

SIM Global Equity Income

Fund US$ US$ US$ US$ US$

Investment income Net gains on financial assets and liabilities at fair value through profit or loss – held for trading (237,786) 109,985,125 22,586,551 (2,702,958) 165,076 Income from stock lending 160 495,088 114,864 - - Income from financial assets at fair value through profit or loss 271,705 23,462,874 4,741,635 141,130 406,128 Bank interest - 43,684 522 42 110 Other income 2,472 56,652 9,422 3,934 6,666 Net investment income/(deficit) 36,551 134,043,423 27,452,994 (2,557,852) 577,980

Operating expenses Management fee (13,543) (1,619,985) (748,723) (24,812) (62,445) Distributing Class Fee - - - - - Non Distributing Class Fee - - - - - Performance fee - - - - - Administration fees (5,054) (130,481) (43,439) (4,470) (3,114) Audit fee (4,315) (14,387) (7,193) (4,316) (4,316) Directors’ fees (142) (11,988) (2,410) (140) (41) Custody fees (3,499) (158,570) (15,540) (13,635) (2,271) Other operating expenses (9,333) (132,648) (31,984) (22,958) (13,258) Total operating expenses (35,886) (2,068,059) (849,289) (70,331) (85,445)

Operating profit/(loss) 665 131,975,364 26,603,705 (2,628,183) 492,535

Finance costs Distribution to shareholders - - - - (194,293) Interest expense - - - - - Income equalisation 124,515 (12,066,031) (1,308,899) 588 (1,358)

Profit/(loss) before tax 125,180 119,909,333 25,294,806 (2,627,595) 296,884 Withholding tax - (4,970,316) (1,015,103) - (68,947) Change in net assets attributable to holders of redeemable participating shares 125,180 114,939,017 24,279,703 (2,627,595) 227,937 Distribution per share (in cents/pence) Management fee Class A - - - - 0.86 Management fee Class A (GBP) - - - - - Management fee Class A (EUR) - - - - - Management fee Class A (Income) - - - - - Management fee Class B - - - - - Management fee Class C - - - - 1.49 Management fee Class C (GBP) - - - - - Management fee Class D - - - - - Management fee Class F - - - - - Management fee Class F (GBP) - - - - - Management fee Class F (EUR) - - - - - Management fee Class P (Accumulation) - - - - - Management fee Class P (Income) - - - - - Distributing Class Fee - - - - - Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.


44


SPI Strategic Investment

Grade Bond Fund

Sanlam Fund of Alternative

UCITS Fund

Sanlam Accel Income Fund

Sanlam North America Equity

Tracker Fund

Sanlam UK Equity Tracker

Fund

GBP US$ GBP US$ GBP Investment income Net gains on financial assets and liabilities at fair value through profit or loss – held for trading (2,730,881) (897,806) (302,839) (2,582,926) (1,756,701) Income from stock lending 17,894 - - - - Income from financial assets at fair value through profit or loss 1,797,689 - 11,708 232,118 76,735 Bank interest - 1,016 15 20 1 Other income - - - - - Net investment (deficit)/income (915,298) (896,790) (291,116) (2,350,788) (1,679,965)

Operating expenses Management fee (138,735) - (14,917) - - Distributing Class Fee - - - - - Non Distributing Class Fee - - - - - Performance fee - - - - - Administration fees (1,762) (3,178) (2,158) (1,430) (802) Audit fee (6,384) (3,952) (1,987) (1,763) (968) Directors’ fees (442) (122) (49) (234) (46) Custody fees (77) (1,816) (955) (817) (458) Other operating expenses (15,159) (10,357) (4,670) (5,019) (2,149) Total operating expenses (162,559) (19,425) (24,736) (9,263) (4,423)

Operating (loss)/profit (1,077,857) (916,215) (315,852) (2,360,051) (1,684,388)

Finance costs Distribution to shareholders (1,493,528) - - - - Interest expense (8) - - - - Income equalisation 263,711 80,797 (53,579) - -

(Loss)/profit before tax (2,307,682) (835,418) (369,431) (2,360,051) (1,684,388) Withholding tax - - (782) (85,226) (7,674) Change in net assets attributable to holders of redeemable participating shares (2,307,682) (835,418) (370,213) (2,445,277) (1,692,062) Distribution per share (in cents/pence) Management fee Class A - - - - - Management fee Class A (GBP) - - - - - Management fee Class A (EUR) - - - - - Management fee Class A (Income) 2.11 - - - - Management fee Class B - - - - - Management fee Class C - - - - - Management fee Class C (GBP) - - - - - Management fee Class D - - - - - Management fee Class F - - - - - Management fee Class F (GBP) - - - - - Management fee Class F (EUR) - - - - - Management fee Class P (Accumulation) - - - - - Management fee Class P (Income) 2.54 - - - - Distributing Class Fee - - - - - Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.


45


Sanlam Europe (ex UK)

Equity Fund

Sanlam Equity Allocation

Fund

Sanlam Emerging

Market Equity Tracker Fund

EUR US$ US$ Investment income Net gains on financial assets and liabilities at fair value through profit or loss – held for trading (3,388,406) (4,203,457) (3,022,930) Income from stock lending - - - Income from financial assets at fair value through profit or loss 140,697 187,753 254,692 Bank interest - 745 Other income -

-

Net investment (deficit) (3,247,709) (4,015,704) (2,767,493)

Operating expenses Management fee - - - Distributing Class Fee - - - Non Distributing Class Fee - - - Performance fee - - - Administration fees (931) (1,217) (1,204) Audit fee (1,148) (1,501) (1,484) Directors’ fees (122) (108) (90) Custody fees (532) (696) (860) Other operating expenses (2,908) (3,712) (3,346) Total operating expenses (5,641) (7,234) (6,984)

Operating (loss) (3,253,350) (4,022,938) (2,774,477)

Finance costs Distribution to shareholders - - - Interest expense (4,727) (12,251) - Income equalisation 79 (6,183) -

(Loss) before tax (3,257,998) (4,041,372) (2,774,477) Withholding tax (35,268) (32,809) (27,914) Change in net assets attributable to holders of redeemable participating shares (3,293,266) (4,074,181) (2,802,391) Distribution per share (in cents/pence) Management fee Class A - - - Management fee Class A (GBP) - - - Management fee Class A (EUR) - - - Management fee Class A (Income) - - - Management fee Class B - - - Management fee Class C - - - Management fee Class C (GBP) - - - Management fee Class D - - - Management fee Class F - - - Management fee Class F (GBP) - - - Management fee Class F (EUR) - - - Management fee Class P (Accumulation) - - - Management fee Class P (Income) - - - Distributing Class Fee - - - Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above


46



Fund 8IP Asia Pacific

Equity Fund SPI Global

Equity Fund Grindrod

International Property Fund

P-Solve Inflation Plus


Investment income Net gains on financial assets and liabilities at fair value through profit or loss – held for trading 465,461 649,021 871,641 729,087 66,372 Income from stock lending 7,624 6,280 13,886 - 5,320 Income from financial assets at fair value through profit or loss 278,027 317,695

460,833 287,298 529,041

Bank interest (115) (3,201) 42 3 327 Other income - - - - - Net investment income 750,997 969,795 1,346,402 1,016,388 601,060

Operating expenses Management fee (25,711) (48,868) (163,923) - (12,949) Distributing Class Fee - - - (1,079) - Non Distributing Class Fee - - - (88,661) - Performance fee - - - - - Administration fees (10,450) (15,756) (14,265) (11,836) (10,955) Audit fee (2,985) (3,166) (3,175) (2,985) (3,346) Directors’ fees 2,162 (33) (92) (99) (327) Custody fees (11,679) (11,141) (19,903) (1,732) (2,764) Other operating expenses (28,765) (26,621) (6,465) (18,267) (17,565) Total operating expenses (77,428) (105,585) (207,823) (124,659) (47,906)

Operating profit 673,569 864,210 1,138,579 891,729 553,154

Finance costs Distribution to shareholders - - - (3,815) (1,012,510) Income equalisation 10,672 439 - (153,758) 122,399

Profit/(loss) before tax 684,241 864,649 1,138,579 734,156 (336,957) Withholding tax (9,927) (15,922) (89,009) (47,356) - Change in net assets attributable to holders of redeemable participating shares 674,314 848,727 1,049,570 686,800 (336,957) Distribution per share (in cents/pence) Management fee Class A - - - - 3.50 Management fee Class A (GBP) - - - - - Management fee Class A (EUR) - - - - - Management fee Class A (Income) - - - - - Management fee Class B - - - - 2.59 Management fee Class C - - - - - Management fee Class C (GBP) - - - - 2.66 Management fee Class D - - - - - Management fee Class F - - - - - Management fee Class F (GBP) - - - - - Management fee Class F (EUR) - - - - - Management fee Class P (Accumulation) - - - - - Management fee Class P (Income) - - - - - Distributing Class Fee - - - 3.96 - Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.


47



Markets Fund


Fund

Sanlam Universal Bond

Fund Sanlam Global Financial Fund


US$ US$ US$ US$ US$ Investment income Net gains on financial assets and liabilities at fair value through profit or loss – held for trading 4,421,790 45,519,291 3,132,600 27,610,987 3,135,879 Income from stock lending - 309,123 9,892 133,969 10,793 Income from financial assets at fair value through profit or loss 1,263,033 11,977,352

6,334,063 6,663,688 783,188

Bank interest 249 33,904 3,108 2,158 215 Other income - - 1,204 659 1,331 Net investment income 5,685,072 57,839,670 9,480,867 34,411,461 3,931,406

Operating expenses Management fee (125,880) (1,429,977) (393,183) (1,138,162) (86,134) Distributing Class Fee - - - - - Non Distributing Class Fee - - - - - Performance fee - - - (1,456,332) - Administration fees (18,939) (18,225) (4,276) (9,466) (2,284) Audit fee (3,153) (13,973) (16,536) (7,785) (4,420) Directors’ fees (51) (4,269) (3,994) (1,479) (396) Custody fees (114,621) (51,745) (57,211) (97,135) (13,844) Other operating expenses (18,759) (62,610) (12,634) (45,579) (8,693) Total operating expenses (281,403) (1,580,799) (487,834) (2,755,938) (115,771)

Operating profit 5,403,669 56,258,871 8,993,033 31,655,523 3,815,635

Finance costs Distribution to shareholders - (12,009) - - - Income equalisation - (360,534) - 158,883 107,211

Profit before tax 5,403,669 55,886,328 8,993,033 31,814,406 3,922,846 Withholding tax (82,736) (1,702,497) (254) (846,965) (165,975) Change in net assets attributable to holders of redeemable participating shares 5,320,933 54,183,831 8,992,779 30,967,441 3,756,871 Distribution per share (in cents/pence) Management fee Class A - - - - - Management fee Class A (GBP) - 2.71 - - - Management fee Class A (EUR) - - - - - Management fee Class A (Income) - - - - - Management fee Class B - - - - - Management fee Class C - - - - - Management fee Class C (GBP) - 7.10 - - - Management fee Class D - - - - - Management fee Class F - - - - - Management fee Class F (GBP) - - - - - Management fee Class F (EUR) - - - - - Management fee Class P (Accumulation) - - - - - Management fee Class P (Income) - - - - - Distributing Class Fee - - - - - Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.


48


Sanlam Strategic Cash

Fund

Sanlam Universal

Equity Fund


Fund


Fund

Sanlam Principal Monthly Income

Investment Grade Bond


Investment income Net gains on financial assets and liabilities at fair value through profit or loss – held for trading (163,628) 68,744,236 1,796,590 (396,172) 161,939 Income from stock lending - 512,513 133,940 - 766 Income from financial assets at fair value through profit or loss 233,321 21,607,207

4,794,347 117,878 640,993

Bank interest 86 10,757 1,153 49 (152) Other income 1,149 72 - - - Net investment income/(deficit) 70,928 90,874,785 6,726,030 (278,245) 803,546

Operating expenses

Management fee (53,548) (1,449,267) (250,319) (16,795) (14,089) Distributing Class Fee - - - - - Non Distributing Class Fee - - - - - Performance fee - - - (7,199) - Administration fees (17,674) (6,736) (2,918) (11,800) (295) Audit fee (2,227) (40,664) (8,244) (3,200) (1,099) Directors’ fees (7,420) (15,775) (1,631) (5) (46) Custody fees (2,189) (166,622) (14,204) (16,398) (13) Other operating expenses (25,518) (17,293) (27,825) (21,544) (47,447) Total operating expenses (108,576) (1,696,357) (305,141) (76,941) (62,989)

Operating profit/(loss) (37,648) 89,178,428 6,420,889 (355,186) 740,557

Finance costs Distribution to shareholders - - - - (391,721) Income equalisation (3,492) (495,944) (2,316,624) 77,692 25,409

Profit/(loss) before tax (41,140) 88,682,484 4,104,265 (277,494) 374,245 Withholding tax - (4,559,980) (1,143,582) 45,850 - Change in net assets attributable to holders of redeemable participating shares (41,140) 84,122,504 2,960,683 (231,644) 374,245 Distribution per share (in cents/pence) Management fee Class A - - - - - Management fee Class A (GBP) - - - - - Management fee Class A (EUR) - - - - - Management fee Class A (Income) - - - - 0.02 Management fee Class B - - - - - Management fee Class C - - - - - Management fee Class C (GBP) - - - - - Management fee Class D - - - - - Management fee Class F - - - - - Management fee Class F (GBP) - - - - - Management fee Class F (EUR) - - - - - Management fee Class P (Accumulation) - - - - - Management fee Class P (Income) - - - - 0.95 Distributing Class Fee - - - - - Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.


49

STATEMENT OF FINANCIAL POSITION OF THE COMPANY as at 30 June 2013

30 June 2013 31 December 2012 US$ US$ Assets Cash and cash equivalents 80,973,899 70,122,816 Margin accounts 929,670 7,214,709 Accrued income 13,612,025 8,338,207 Amounts receivable on sale of securities 55,040,900 63,594,704 Amounts receivable on issue of shares 662,028 800,077 Financial assets at fair value through profit or loss 3,790,982,567 3,602,416,030 Other debtors 312,857 350,691

Total assets 3,942,513,946 3,752,837,234

Liabilities Bank overdraft (1,064,178) (31,667) Margin accounts - (6,355,038) Financial liabilities at fair value through profit or loss (9,376,629) (8,874,780) Accrued expenses (4,571,799) (2,243,440) Administration fees accrued (405,926) (53,575) Amounts payable on purchases of securities (76,621,996) (80,699,998) Amounts payable on repurchases of shares (4,456,491) (1,294,132)

Liabilities (excluding net assets attributable to holders of redeemable participating shares) (96,497,019) (99,552,630)

Net assets attributable to holder of redeemable participating shares 3,846,016,927 3,653,284,604

The unaudited condensed interim financial statements were approved by the Board of Directors on 28 August 2013. The attached notes form an integral part of these audited unaudited condensed interim financial statements.


50

STATEMENTS OF FINANCIAL POSITION OF THE FUNDS as at 30 June 2013

8IP Asia Equity Opportunities Fund

8IP Asia Pacific Equity Fund

Centre Global Equity Fund

Grindrod International

Property Fund

P-Solve Inflation Plus Fund

US$ US$ US$ US$ GBP Assets Cash and cash equivalents 304,339 170,389 1,375,748 1,436,493 1,490,784 Margin accounts - - - - - Accrued income 152,831 110,445 73,445 47,431 97,193 Amounts receivable on sale of securities - - - - 7 Amounts receivable on issue of shares - - - - 109,704 Other debtors 21,277 20,605 5,014 9,772 6,704 Financial assets at fair value through profit or loss 18,127,399 17,566,425 22,587,186 11,107,734 49,184,689

Total assets 18,605,846 17,867,864 24,041,393 12,601,430 50,889,081

Liabilities Bank overdraft - - - - - Financial liabilities at fair value through profit or loss - - - - - Accrued expenses (65,429) (78,694) (208,888) (132,298) (54,473) Administration fees accrued (4,995) (2,535) (14,901) (4,233) (8,045) Amounts payable on purchases of securities - - - - - Amounts payable on repurchases of shares - - (15,851) (10,232) -

Liabilities (excluding net assets attributable to holders of redeemable participating shares) (70,424) (81,229) (239,640) (146,763) (62,518)

Net assets attributable to holder of redeemable participating shares

18,535,422 17,786,635 23,801,753 12,454,667 50,826,563


51

STATEMENTS OF FINANCIAL POSITION OF THE FUNDS (CONTINUED) as at 30 June 2013

Sanlam African Frontier Markets Fund

Sanlam Global Best Ideas Fund

Sanlam Global Bond Fund

Sanlam Global Financial Fund


US$ US$ US$ US$ US$ Assets Cash and cash equivalents 5,511,984 13,180,769 6,788,744 15,967,353 3,480,419 Margin accounts - - 929,670 - - Accrued income 689,028 1,535,506 2,876,094 1,277,317 377,641 Amounts receivable on sale of securities - 24,667,469 21,857,083 1,093,151 3,678,099 Amounts receivable on issue of shares - 107,329 - - - Other debtors 7,820 9,590 3,162 48,734 23,273 Financial assets at fair value through profit or loss 61,676,178 418,190,054 363,350,929 319,890,030 148,107,690 Total assets

67,885,010 457,690,717 395,805,682 338,276,585 155,667,122

Liabilities Bank overdraft - - - - - Financial liabilities at fair value through profit or loss - - (9,091,938) - (284,691) Accrued expenses (496,590) (589,746) (221,460) (409,850) (56,099) Administration fees accrued (7,749) (71,769) (32,161) (51,226) (10,939) Amounts payable on purchases of securities - (20,610,804) (26,590,013) (15,099,708) (3,318,265) Amounts payable on repurchases of shares - - (918,412) (2,931) (315,250)

Liabilities (excluding net assets attributable to holders of redeemable participating shares)

(504,339) (21,272,319) (36,853,984) (15,563,715) (3,985,244)


67,380,671 436,418,398 358,951,698 322,712,870 151,681,878


52


Sanlam Strategic Cash Fund

Sanlam World Equity Fund

Sanlam World Equity Tracker Fund

SIIP India Opportunities Fund


Fund US$ US$ US$ US$ US$

Assets Cash and cash equivalents - 23,503,596 1,342,658 270,163 516,957 Margin accounts - - - - - Accrued income 209,760 2,637,246 501,337 68,263 70,335 Amounts receivable on sale of securities - 451,593 23,775 243,643 - Amounts receivable on issue of shares - - - - - Other debtors 8,560 14,964 22,444 21,752 14,966 Financial assets at fair value through profit or loss 20,001,487 1,545,591,917 286,201,461 15,744,299 14,849,276

Total assets

20,219,807 1,572,199,316 288,091,675 16,348,120 15,451,534

Liabilities Bank overdraft (281,610) - - - - Financial liabilities at fair value through profit or loss - - - - - Accrued expenses (39,155) (905,205) (837,558) (89,721) (29,627) Administration fees accrued (5,831) (129,097) (40,381) (3,000) (2,177) Amounts payable on purchases of securities - (483,954) - (156,164) - Amounts payable on repurchases of shares (18,992) (2,613,507) (520) (50,000) -


(345,588) (4,131,763) (878,459) (298,885) (31,804)


19,874,219 1,568,067,553 287,213,216 16,049,235 15,419,730


53


SPI Strategic Investment Grade Bond Fund

Sanlam Fund of Alternative UCITS

Fund



Tracker Fund

Sanlam UK Equity Tracker Fund

GBP US$ GBP US$ GBP Assets Cash and cash equivalents - 2,530,700 141,804 598,239 73,362 Margin accounts - - - - - Accrued income 1,556,982 - 3,967 87,678 66,677 Amounts receivable on sale of securities - 2,994,626 - - 7,730 Amounts receivable on issue of shares - - 256,009 - - Other debtors 27,064 14,888 9,603 - 84 Financial assets at fair value through profit or loss 81,467,287 68,201,020 10,454,164 85,099,353 18,232,664

Total assets 83,051,333 73,741,234 10,865,547 85,785,270 18,380,517

Liabilities Bank overdraft (515,947) - - - - Financial liabilities at fair value through profit or loss - - - - - Accrued expenses (166,357) (13,787) (21,340) (7,673) (3,495) Administration fees accrued - (3,178) (2,159) (1,430) (802) Amounts payable on purchases of securities (6,517,384) - (315,000) - - Amounts payable on repurchases of shares (336,768) - - - -


(7,536,456) (16,965) (338,499) (9,103) (4,297)


75,514,877 73,724,269 10,527,048 85,776,167 18,376,220


54


Sanlam Europe (ex UK) Equity

Fund Sanlam Equity

Allocation Fund

Sanlam Emerging Market Equity Tracker Fund

EUR US$ US$ Assets Cash and cash equivalents 240,948 904,226 190,359 Margin accounts - - - Accrued income 14,721 78,001 184,393 Amounts receivable on sale of securities - 19,725 - Amounts receivable on issue of shares - - - Other debtors 97 - - Financial assets at fair value through profit or loss 41,447,505 47,297,425 31,830,037

Total assets 41,703,271 48,299,377 32,204,789

Liabilities Bank overdraft - - - Financial liabilities at fair value through profit or loss - - - Accrued expenses (4,561) (5,856) (5,618) Administration fees accrued (931) (1,217) (1,204) Amounts payable on purchases of securities - - - Amounts payable on repurchases of shares - - -


(5,492) (7,073) (6,822)


41,697,779 48,292,304 32,197,967


55

STATEMENTS OF FINANCIAL POSITION OF THE FUNDS (CONTINUED) as at 31 December 2012


Fund




Property Fund


US$ US$ US$ US$ GBP Assets Cash and cash equivalents 304,802 116,523 246,929 811,855 4,417,506 Margin accounts - - - - - Accrued income - 2,229 11,075 39,796 208,322 Amounts receivable on sale of securities - - 49 - - Amounts receivable on issue of shares - - 138,926 - - Other debtors 25,521 27,048 6,116 11,847 7,409 Financial assets at fair value through profit or loss 20,557,344 21,297,983 23,759,552 7,758,308 43,296,819

Total assets 20,887,667 21,443,783 24,162,647 8,621,806 47,930,056 Liabilities Bank overdraft - - - - (19,480) Financial liabilities at fair value through profit or loss - - - - - Accrued expenses (28,813) (32,663) (46,855) (28,866) (29,040) Administration fees accrued (5,289) (3,526) (10,492) (3,645) (6,303) Amounts payable on purchases of securities - (22) - (122) (216) Amounts payable on repurchases of shares - (50,165) - - -

Liabilities (excluding net assets attributable to holders of redeemable participating shares) (34,102) (86,376) (57,347) (32,633) (55,039)

Net assets attributable to holder of redeemable participating shares 20,853,565 21,357,407 24,105,300 8,589,173 47,875,017


56



Markets Fund


Fund



Fund



US$ US$ US$ US$ US$ US$ Assets Cash and cash equivalents 5,236,597 9,176,442 14,921,110 514,344 8,003,206 3,254,364 Margin accounts - - 7,214,709 - - - Accrued income 12,258 281,474 3,872,562 57,800 21,750 186,341 Amounts receivable on sale of securities 76 2,276,486 - 553 4,880,650 - Amounts receivable on issue of shares - 38,453 - 135,536 - - Other debtors 9,643 15,635 28,747 18,272 53,600 20,322 Financial assets at fair value through profit or loss 59,521,227 475,456,697 404,194,724 13,584,491 319,837,888 75,299,434

Total assets 64,779,801 487,245,187 430,231,852 14,310,996 332,797,094 78,760,461 Liabilities Margin accounts - - (6,355,038) - - - Financial liabilities at fair value through profit or loss - - (8,841,636) - - (33,144) Accrued expenses (143,111) (416,667) (183,518) (14,962) (299,930) (42,099) Administration fees accrued (2,137) (4,189) - - - (4,442) Amounts payable on purchases of securities - (8,084,925) (11,573,938) - (6,113,612) (970,675) Amounts payable on repurchases of shares (19,349) - (107,238) - - -

Liabilities (excluding net assets attributable to holders of redeemable participating shares) (164,597) (8,505,781) (27,061,368) (14,962)

14,296,034 (6,413,542) (1,050,360)

Net assets attributable to holder of redeemable participating shares 64,615,204 478,739,406 403,170,484 14,296,034 326,383,552 77,710,101


57





Fund


Fund

SPI Strategic Investment Grade

Bond Fund US$ US$ US$ US$ GBP

Assets Cash and cash equivalents 329,581 14,285,558 2,203,388 264,925 2,014,343 Margin accounts - - - - - Accrued income 73,632 1,272,899 305,328 3,867 1,143,613 Amounts receivable on sale of securities - 54,350,715 1,057 10 1,282,967 Amounts receivable on issue of shares - - - - 299,751 Other debtors 6,693 18,821 22,500 26,423 29,203 Financial assets at fair value through profit or loss 13,603,686 1,675,043,714 301,091,029 18,647,633 63,003,837

Total assets 14,013,592 1,744,971,707 303,623,302 18,942,858 67,773,714 Liabilities Bank overdraft - (8) - - - Financial liabilities at fair value through profit or loss - - - - - Accrued expenses (17,761) (674,341) (168,830) (45,039) (32,481) Administration fees accrued (5,996) (1,034) - (2,581) - Amounts payable on purchases of securities - (53,956,353) - - - Amounts payable on repurchases of shares (16,780) (1,040,687) (59,913) - -

Liabilities (excluding net assets attributable to holders of redeemable participating shares) (40,537) (55,672,423) (228,743) (47,620) (32,481)

Net assets attributable to holder of redeemable participating shares 13,973,055 1,689,299,284 303,394,559 18,895,238 67,741,233


58

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES OF THE COMPANY for the six months ended 30 June 2013

Six months ended 30 June 2013

Six months ended 30 June 2012

US$ US$ Operating activities Change in net assets attributable to participating shareholders from operations 96,732,962 193,350,427

Capital transactions

Issue of shares during the period 731,528,995 523,571,031 Redemption of shares during the period (620,900,029) (402,033,468)

Net increase in net assets attributable to holders of redeemable participating shares from capital transactions 110,628,966 121,537,563

Net increase in net assets attributable to holders of redeemable participating shares in the period 207,361,928 314,887,990

Net assets attributable to holders of redeemable participating shares at the beginning of the period 3,653,284,604 2,939,350,819 Exchange differences due to presentation of these financial statements in USD

(14,629,605)

139,614

Net assets attributable to holders of redeemable participating shares at the end of the period 3,846,016,927 3,254,378,423

The attached notes form an integral part of these audited unaudited condensed interim financial statements.


59

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS OF THE FUNDS for the six months ended 30 June 2013


Fund




Property Fund


US$ US$ US$ US$ GBP Operating activities Change in net assets attributable to participating shareholders from operations (1,889,376) (226,115) (48,910) 469,747 1,231,856


Issue of shares during the period 130,670 135,838 1,847,768 4,137,905 1,909,755 Redemption of shares during the period (559,437) (3,480,495) (2,102,405) (742,158) (190,065) Net increase in net assets attributable to holders of redeemable participating shares from capital transactions (428,767) (3,344,657) (254,637) 3,395,747 1,719,690

Net increase in net assets attributable to holders of redeemable participating shares in the period (2,318,143) (3,570,772) (303,547) 3,865,494 2,951,546

Net assets attributable to holders of redeemable participating shares at the beginning of the period 20,853,565 21,357,407 24,105,300 8,589,173 47,875,017 Exchange differences due to presentation of these financial statements in USD

- - - - -

Net assets attributable to holders of redeemable participating shares at the end of the period 18,535,422 17,786,635 23,801,753 12,454,667 50,826,563


60

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS OF THE FUNDS (CONTINUED) for the six months ended 30 June 2013

Sanlam African Frontier Markets

Fund





US$ US$ US$ US$ US$ Operating activities Change in net assets attributable to participating shareholders from operations 2,050,744 (853,673) (17,980,238) (1,489,639) (879,805)


Issue of shares during the period 28,346,205 7,845,086 44,477,918 21,929,311 104,812,533 Redemption of shares during the period (27,631,482) (49,312,421) (70,716,466) (24,110,354) (29,960,951) Net increase in net assets attributable to holders of redeemable participating shares from capital transactions 714,723 (41,467,335) (26,238,548) (2,181,043) 74,851,582

Net increase in net assets attributable to holders of redeemable participating shares in the period 2,765,467 (42,321,008) (44,218,786) (3,670,682) 73,971,777


- - - - -



61





Fund


Fund

SIM Global Equity Income Fund

US$ US$ US$ US$ US$ Operating activities Change in net assets attributable to participating shareholders from operations 125,180 114,939,017 24,279,703 (2,627,595) 227,937


Issue of shares during the period 7,559,478 61,188,332 39,768,380 58,953 3,468,807 Redemption of shares during the period (1,783,494) (297,359,080) (80,229,426) (277,361) (2,573,048) Net increase in net assets attributable to holders of redeemable participating shares from capital transactions 5,775,984 (236,170,748) (40,461,046) (218,408) 895,759

Net increase in net assets attributable to holders of redeemable participating shares in the period 5,901,164 (121,231,731) (16,181,343) (2,846,003) 1,123,696

Net assets attributable to holders of redeemable participating shares at the beginning of the period 13,973,055 1,689,299,284 303,394,559 18,895,238 14,296,034 Exchange differences due to presentation of these financial statements in USD

- - - - -

Net assets attributable to holders of redeemable

participating shares at the end of the period 19,874,219 1,568,067,553 287,213,216 16,049,235 15,419,730


62



Bond Fund


UCITS Fund



Tracker Fund


GBP US$ GBP US$ GBP Operating activities Change in net assets attributable to participating shareholders from operations (2,307,682) (835,418) (370,213) (2,445,277) (1,692,062)


Issue of shares during the period 17,523,138 76,916,519 11,220,212 88,221,444 20,068,282 Redemption of shares during the period (7,441,812) (2,356,832) (322,951) - - Net increase in net assets attributable to holders of redeemable participating shares from capital transactions 10,081,326 74,559,687 10,897,261 88,221,444 20,068,282

Net increase in net assets attributable to holders of redeemable participating shares in the period 7,773,644 73,724,269 10,527,048 85,776,167 18,376,220

Net assets attributable to holders of redeemable participating shares at the beginning of the period 67,741,233 - - - - Exchange differences due to presentation of these financial statements in USD

- - - - -



63



Equity Fund

Sanlam Equity Allocation

Fund


EUR US$ US$ Operating activities Change in net assets attributable to participating shareholders from operations (3,293,266) (4,074,181) (2,802,391)


Issue of shares during the period 44,991,045 67,464,402 35,000,358 Redemption of shares during the period - (15,097,917) - Net increase in net assets attributable to holders of redeemable participating shares from capital transactions 44,991,045 52,366,485 35,000,358

Net increase in net assets attributable to holders of redeemable participating shares in the period 41,697,779 48,292,304 32,197,967

Net assets attributable to holders of redeemable participating shares at the beginning of the period - - - Exchange differences due to presentation of these financial statements in USD - - -

Net assets attributable to holders of redeemable participating shares at the end of the period 41,697,779 48,292,304 32,197,967


64



Fund


SPI Global Equity Fund


Property Fund


US$ US$ US$ US$ GBP Operating activities Change in net assets attributable to participating shareholders from operations 674,314 848,727 1,049,570 686,800 (336,957)


Issue of shares during the period 1,214,730 1,698,134 2,699,328 1,735,371 4,672,415 Redemption of shares during the period (1,852,712) (2,819,790) (2,440,026) (5,407,673) (55,021) Net increase in net assets attributable to holders of redeemable participating shares from capital transactions (637,982) (1,121,656) 259,302 (3,672,302) 4,617,394

Net increase in net assets attributable to holders of redeemable participating shares in the period 36,332 (272,929) 1,308,872 (2,985,502) 4,280,437


- - - - -



65



Fund


Sanlam Universal Bond Fund



US$ US$ US$ US$ US$ Operating activities Change in net assets attributable to participating shareholders from operations 5,320,933 54,183,831 8,992,779 30,967,441 3,756,871


Issue of shares during the period - 10,677,491 13,495,671 4,558,551 14,583,024 Redemption of shares during the period - (24,064,773) (52,884,553) (8,166,477) (386,548) Net increase in net assets attributable to holders of redeemable participating shares from capital transactions - (13,387,282) (39,388,882) (3,607,926) 14,196,476

Net increase in net assets attributable to holders of redeemable participating shares in the period 5,320,933 40,796,549 (30,396,103) 27,359,515 17,953,347


- - - - -



66



Sanlam Universal Equity

Fund



Fund


Investment Grade Bond Fund

US$ US$ US$ US$ GBP Operating activities Change in net assets attributable to participating shareholders from operations (41,140) 84,122,504 2,960,683 (231,644) 374,245

Capital transactions Issue of shares during the period 128,859 166,973,508 208,317,861 11,371,845 49,977,434 Redemption of shares during the period (709,086) (179,874,187) (120,542,454) (1,232,664) (993,675) Net increase in net assets attributable to holders of redeemable participating shares from capital transactions (580,227) (12,900,679) 87,775,407 10,139,181 48,983,759

Net increase in net assets attributable to holders of redeemable participating shares in the period (621,367) 71,221,825 90,736,090 9,907,537 49,358,004

Net assets attributable to holders of redeemable participating shares at the beginning of the period 20,946,134 1,463,119,592 188,214,038 6,374,774 - Exchange differences due to presentation of these financial statements in USD

- - - - -

Net assets attributable to holders of redeemable participating shares at the end of the period 20,324,767 1,534,341,417 278,950,128 16,282,311 49,358,004


67

STATEMENT OF CASH FLOWS OF THE COMPANY for the six months ended 30 June 2013 30 June

2013 30 June

2012 US$ US$ Cash flows from operating activities Purchases of financial assets and settlement of financial liabilities (3,239,335,750) (3,232,967,270) Proceeds from sale of investments (including realised gains) 3,114,901,421 3,201,636,667 Dividends received 39,655,713 37,840,845 Interest received 9,024,017 6,996,847 Income from stock lending received 899,701 1,147,567 Other income 179,855 4,415 Operating expenses paid (5,982,343) (8,229,367) Net cash (outflow)/inflow from operating activities (80,657,386) 6,429,704 Cash flows from financing activities Distributions paid to holders of redeemable participating shares (4,195,968) (2,218,501) Proceeds from redeemable participating shares issued 729,084,427 481,319,487 Payments on redemption of redeemable participating shares (617,442,646) (405,515,992) Income equalisation (14,973,540) (2,743,604) Net cash provided by financing activities 92,472,273 70,841,390

Net increase in cash and cash equivalents 11,814,887 77,271,094 Cash and cash equivalents at the start of the period 70,950,820 90,413,185 Exchange losses on cash and cash equivalents (1,926,316) (232,353)

Cash and cash equivalents at the end of the period 80,839,391 167,451,926

The attached notes form an integral part of these audited unaudited condensed interim financial statements.


68

STATEMENTS OF CASH FLOWS OF THE FUNDS for the six months ended 30 June 2013


Fund




Property Fund


US$ US$ US$ US$ GBP Cash flows from operating activities Purchases of financial assets and settlement of financial liabilities (5,899,149) (5,275,336) (12,185,589) (3,123,576) (30,953,159) Proceeds from sale of investments (including realised gains) 6,148,437 8,622,373 13,130,667 - 27,114,522 Dividends received 196,644 187,517 325,445 198,473 296,904 Interest received 55 61 59 118 158,849 Income from stock lending received 2,517 2,910 10,182 3,166 2,002 Other income 3,150 3,349 1,450 2,795 4,013 Operating expenses paid (14,138) (15,260) (39,501) (18,244) (13,273) Net cash inflow/(outflow) from operating activities 437,516 3,525,614 1,242,713 (2,937,268) (3,390,142)

Cash flows from financing activities Distributions paid to holders of redeemable participating shares - - - (664) (1,136,554) Proceeds from redeemable participating shares issued 130,670 135,838 1,986,694 4,137,905 1,800,051 Payment on redemption of redeemable participating shares (559,436) (3,530,660) (2,086,554) (731,928) (190,065) Income equalisation 4,361 (76,563) (4,782) 161,740 12,792 Net cash (used in)/provided by financing activities (424,405) (3,471,385) (104,642) 3,567,053 486,224 Net increase/(decrease) in cash and cash equivalents 13,111 54,229 1,138,071 629,785 (2,903,918) Cash and cash equivalents at the start of the period 304,802 116,523 246,929 811,855 4,398,026 Exchange gains/(losses) on cash and cash equivalents (13,574) (363) (9,252) (5,147) (3,324) Cash and cash equivalents at the end of the period 304,339 170,389 1,375,748 1,436,493 1,490,784


69

STATEMENTS OF CASH FLOWS OF THE FUNDS (CONTINUED) for the six months ended 30 June 2013


Fund





US$ US$ US$ US$ US$ Cash flows from operating activities Purchases of financial assets and settlement of financial liabilities (1,110,164) (143,188,829) (391,508,671) (239,176,273) (129,750,868) Proceeds from sale of investments (including realised gains) 1,754,797 184,437,954 403,826,546 244,387,714 50,790,728 Dividends received 1,265,357 7,987,678 12,133 6,319,814 1,341,561 Interest received 1,582 3,704 6,511,694 2,067 737 Income from stock lending received - 149,439 14,353 76,463 27,522 Other income 5,054 18,021 17,293 11,270 5,099 Operating expenses paid (112,039) (1,470,056) (547,951) (1,519,784) (202,294) Net cash inflow/(outflow) from operating activities 1,804,587 47,937,911 18,325,397 10,101,271 (77,787,515) Cash flows from financing activities Distributions paid to holders of redeemable participating shares (6,512) (5,295) - - - Proceeds from redeemable participating shares issued 28,346,205 7,776,210 44,477,918 21,929,311 104,812,533 Payment on redemption of redeemable participating shares (27,650,831) (49,312,421) (69,905,292) (24,107,424) (29,645,701) Income equalisation (2,196,547) (2,248,664) (554,948) 225,307 2,554,902 Net cash (used in)/provided by financing activities (1,507,685) (43,790,170) (25,982,322) (1,952,806) 77,721,734 Net increase/(decrease) in cash and cash equivalents 296,902 4,147,741 (7,656,925) 8,148,465 (65,781) Cash and cash equivalents at the start of the period 5,236,597 9,176,442 15,780,781 8,003,206 3,254,364 Exchange gains/(losses) on cash and cash equivalents (21,515) (143,414) (405,442) (184,318) 291,836 Cash and cash equivalents at the end of the period 5,511,984 13,180,769 7,718,414 15,967,353 3,480,419


70





Fund


Fund

SIM Global Equity Income Fund

US$ US$ US$ US$ US$ Cash flows from operating activities Purchases of financial assets and settlement of financial liabilities (37,883,745) (1,035,656,857) (25,792,769) (5,325,200) (5,185,889) Proceeds from sale of investments (including realised gains) 31,248,155 1,275,862,142 63,263,873 5,459,755 4,104,196 Dividends received - 17,128,211 3,530,522 76,733 324,646 Interest received 135,577 43,684 522 42 110 Income from stock lending received 160 495,088 114,864 - - Other income 2,472 56,652 9,422 3,934 6,666 Operating expenses paid (16,524) (1,705,275) (140,124) (20,557) (65,296) Net cash inflow/(outflow) from operating activities (6,513,905) 256,223,645 40,986,310 194,707 (815,567) Cash flows from financing activities Distributions paid to holders of redeemable participating shares - - - - (194,293) Proceeds from redeemable participating shares issued 7,559,478 61,188,332 39,768,381 58,953 3,604,341 Payment on redemption of redeemable participating shares (1,781,279) (295,786,260) (80,288,819) (227,361) (2,573,048) Income equalisation 124,515 (12,066,031) (1,308,899) 588 (1,358) Net cash (used in)/provided by financing activities 5,902,714 (246,663,959) (41,829,337) (167,820) 835,642 Net increase/(decrease) in cash and cash equivalents (611,191) 9,559,686 (843,027) 26,887 20,075 Cash and cash equivalents at the start of the period 329,581 14,285,550 2,203,388 264,925 514,344 Exchange gains/(losses) on cash and cash equivalents - (341,640) (17,703) (21,649) (17,462) Cash and cash equivalents at the end of the period (281,610) 23,503,596 1,342,658 270,163 516,957


71



Bond Fund


UCITS Fund



Tracker Fund


GBP US$ GBP US$ GBP Cash flows from operating activities Purchases of financial assets and settlement of financial liabilities (156,033,492) (73,990,629) (10,694,939) (272,852,863) (60,058,685) Proceeds from sale of investments (including realised gains) 142,657,444 2,000,000 252,939 185,175,312 40,061,290 Dividends received 7 - 6,959 59,214 2,384 Interest received 1,384,305 1,016 15 20 1 Income from stock lending received - - - - - Other income 17,894 - - - - Operating expenses paid (26,544) (17,348) (10,840) (161) (210) Net cash inflow/(outflow) from operating activities (12,000,386) (72,006,961) (10,445,866) (87,618,478) (19,995,220) Cash flows from financing activities Distributions paid to holders of redeemable participating shares (1,493,528) - - - - Proceeds from redeemable participating shares issued 17,985,147 76,916,519 10,964,203 88,221,444 20,068,282 Payment on redemption of redeemable participating shares (7,267,306) (2,356,832) (322,951) - - Income equalisation 263,711 80,797 (53,579) - - Net cash (used in)/provided by financing activities 9,488,024 74,640,484 10,587,673 88,221,444 20,068,282 Net increase/(decrease) in cash and cash equivalents (2,512,362) 2,633,523 141,807 602,966 73,062 Cash and cash equivalents at the start of the period 2,014,343 - - - - Exchange gains/(losses) on cash and cash equivalents (17,928) (102,823) (3) (4,727) 300 Cash and cash equivalents at the end of the period (515,947) 2,530,700 141,804 598,239 73,362


72



Equity Fund

Sanlam Equity Allocation Fund


EUR US$ US$ Cash flows from operating activities Purchases of financial assets and settlement of financial liabilities (134,252,295) (217,083,377) (68,880,811) Proceeds from sale of investments (including realised gains) 89,415,067 165,775,516 34,018,641 Dividends received 90,707 76,942 42,385 Interest received (4,727) (12,251) 745 Income from stock lending received - - - Other income - - - Operating expenses paid (242) (160) (162) Net cash inflow/(outflow) from operating activities (44,751,490) (51,243,330) (34,819,202) Cash flows from financing activities Distributions paid to holders of redeemable participating shares - - - Proceeds from redeemable participating shares issued 44,991,045 67,464,402 35,000,357 Payment on redemption of redeemable participating shares - (15,097,917) - Income equalisation 79 (6,183) - Net cash (used in)/provided by financing activities 44,991,124 52,360,302 35,000,357 Net increase/(decrease) in cash and cash equivalents 239,634 1,116,972 181,155 Cash and cash equivalents at the start of the period - - - Exchange gains/(losses) on cash and cash equivalents 1,314 (212,746) 9,204 Cash and cash equivalents at the end of the period 240,948 904,226 190,359


73



Fund


SPI Global Equity Fund


Property Fund


US$ US$ US$ US$ GBP Cash flows from operating activities Purchases of financial assets and settlement of financial liabilities (6,630,691) (9,039,732) (15,515,297) (5,120,259) (16,512,579) Proceeds from sale of investments (including realised gains) 7,078,560 10,411,350 15,132,138 9,934,349 17,367,880 Dividends received 161,192 220,033 351,238 311,648 448,908 Interest received (115) (3,201) 42 3 179,512 Income from stock lending received 7,624 6,280 13,886 - 5,320 Other income - - - - - Operating expenses paid (69,776) (92,944) (212,150) (122,520) (51,128) Net cash inflow/(outflow) from operating activities 546,794 1,501,786 (230,143) 5,003,221 1,437,913 Cash flows from financing activities Distributions paid to holders of redeemable participating shares - - - (3,815) (1,012,510) Proceeds from redeemable participating shares issued 1,214,730 1,698,123 2,699,174 1,735,371 4,672,415 Payment on redemption of redeemable participating shares (1,807,625) (2,819,790) (2,389,372) (5,382,726) (55,021) Income equalisation 10,672 439 - (153,759) 122,399 Net cash (used in)/provided by financing activities (582,223) (1,121,228) 309,802 (3,804,929) 3,727,283 Net increase/(decrease) in cash and cash equivalents (35,429) 380,558 79,659 1,198,292 5,165,196 Cash and cash equivalents at the start of the period 111,401 79,974 105,171 (11,474) 783,987 Exchange gains/(losses) on cash and cash equivalents (96) (14,258) (292) (12,768) 101,991 Cash and cash equivalents at the end of the period 75,876 446,274 184,538 1,174,050 6,051,174


74



Fund


Sanlam Universal Bond

Fund



US$ US$ US$ US$ US$ Cash flows from operating activities Purchases of financial assets and settlement of financial liabilities (3,347,343) (127,135,504) (391,227,262) (151,240,861) (24,846,130) Proceeds from sale of investments (including realised gains) 2,761,678 148,088,023 429,683,049 169,050,759 15,291,456 Dividends received 1,116,598 9,633,369 21,441 5,323,586 569,452 Interest received 249 33,904 7,042,952 2,158 215 Income from stock lending received - 309,123 9,892 133,969 10,793 Other income - - 1,204 659 1,331 Operating expenses paid (253,334) (1,652,201) (508,913) (2,850,740) (115,015) Net cash inflow/(outflow) from operating activities 277,848 29,276,714 45,022,363 20,419,530 (9,087,898) Cash flows from financing activities Distributions paid to holders of redeemable participating shares - (12,009) - - - Proceeds from redeemable participating shares issued - 10,677,491 13,495,671 4,558,551 14,583,024 Payment on redemption of redeemable participating shares - (23,854,485) (53,305,691) (6,355,164) (386,548) Income equalisation - (360,534) - 158,883 107,211 Net cash (used in)/provided by financing activities - (13,549,537) (39,810,020) (1,637,730) 14,303,687 Net increase/(decrease) in cash and cash equivalents 277,848 15,727,177 5,212,343 18,781,800 5,215,789 Cash and cash equivalents at the start of the period 1,852,552 15,042,157 2,214,534 1,138,456 561,415 Exchange gains/(losses) on cash and cash equivalents (23,521) (252,263) (429,903) (170,617) (266,249) Cash and cash equivalents at the end of the period 2,106,879 30,517,071 6,996,974 19,749,639 5,510,955


75



Sanlam Universal Equity

Fund


Fund


Fund


Investment Grade Bond Fund

US$ US$ US$ US$ GBP Cash flows from operating activities Purchases of financial assets and settlement of financial liabilities (15,887,163) (2,124,309,931) (227,606,915) (13,745,400) (58,276,885) Proceeds from sale of investments (including realised gains) 19,526,701 2,141,236,437 141,298,897 3,582,696 39,090,460 Dividends received - 15,877,699 3,448,322 102,110 - Interest received 287,941 11,733 1,154 49 (421,917) Income from stock lending received - 512,513 133,940 - 766 Other income 1,149 72 - - - Operating expenses paid (93,816) (1,753,327) (263,653) (64,943) (61,096) Net cash inflow/(outflow) from operating activities 3,834,812 31,575,196 (82,988,255) (10,125,488) (19,668,672) Cash flows from financing activities Distributions paid to holders of redeemable participating shares - - - - (391,721) Proceeds from redeemable participating shares issued 128,859 166,973,508 208,317,861 11,371,845 23,292,183 Payment on redemption of redeemable participating shares (659,388) (183,988,032) (121,689,522) (1,232,664) (993,675) Income equalisation (3,492) (495,944) (2,316,624) 77,592 25,409 Net cash (used in)/provided by financing activities (534,021) (17,510,468) 84,311,715 10,216,773 21,932,196 Net increase/(decrease) in cash and cash equivalents 3,300,791 14,064,728 1,323,460 91,285 2,263,524 Cash and cash equivalents at the start of the period 323,191 65,780,417 1,778,286 191,291 - Exchange gains/(losses) on cash and cash equivalents (56,641) 929,560 (94,370) (39,197) 34,636 Cash and cash equivalents at the end of the period 3,567,341 80,774,705 3,007,376 243,379 2,298,160


76

SCHEDULE OF INVESTMENTS OF 8IP ASIA EQUITY OPPORTUNITIES FUND as at 30 June 2013 Nominal Security

Classification Fair Value % of

US$ Net Assets

Financial assets at fair value through profit or loss

Equity - 97.8%

Australia - 24.82% 69,474 AMP Ltd

270,216 1.46%

264,252 Atlas Iron Ltd

180,166 0.97% 13,850 Australia and New Zealand Banking Group Ltd

362,252 1.95%

18,319 BHP Billiton Ltd

525,915 2.84% 29,292 Breville Group Ltd

189,257 1.02%

21,045 Lend Lease Corp

160,818 0.87% 10,045 Macquarie Group Lld

384,904 2.08%

18,595 National Australia Bank Ltd

505,079 2.72% 7,953 Rio Tinto Ltd

381,165 2.06%

83,477 TPG Telecom Ltd

268,911 1.45% 22,365 Westpac Banking Corp Ltd

591,106 3.19%

14,285 Woodside Petroleum Ltd

457,690 2.47% 10,735 Woolworths Ltd

322,335 1.74%

Total Australia

4,599,814 24.82%

Bermuda - 0.8% 193,000 Noble Group Ltd

147,607 0.80%

Total Bermuda

147,607 0.80%

Cayman Islands - 4.17% 465,500 KWG Property Holdings Ltd

243,667 1.31%

201,462 Minth Group Ltd

313,250 1.69% 13,603 TPK Holding Co Ltd

217,402 1.17%

Total Cayman Islands

774,319 4.17%

China - 4.37% 664,000 Bank of China Ltd

273,092 1.47%

764,967 Beijing Capital Land Ltd

279,113 1.51% 768,000 Shanghai Electric Group Company Ltd

257,446 1.39%

Total China

809,651 4.37%

Hong Kong - 18.47% 256,000 Agile Properties Holdings Ltd

274,609 1.48%

11,000 Cheung Kong Holdings Ltd

149,197 0.80% 264,000 China Everbright Ltd

347,861 1.88%

220,600 China Insurance International

341,301 1.84% 60,581 China Overseas Land & Investments

158,947 0.86%

1,818,000 China South City Holdings Ltd

407,844 2.20% 370,000 Giordano International Ltd

322,955 1.74%

86,551 Great Eagle Hldg Co

330,863 1.79% 104,000 Hopewell Holdings Ltd

346,613 1.87%

675,000 Industial & Commercial Bank of China

425,563 2.30% 581,000 Yuexiu Real Estate Investment Trust

316,860 1.71%

Total Hong Kong

3,422,613 18.47%

India - 5.65% 27,634 GAIL India Ltd

145,118 0.78%

64,430 Tata Motors Ltd

303,791 1.64% 77,376 Yes Bank Ltd

598,023 3.23%

Total India

1,046,932 5.65%

Indonesia - 3.33% 161,783 Bank Central Asia

162,188 0.88%

790,500 Perusahaan Gas Negara

455,677 2.45% Total Indonesia

617,865 3.33%


77

SCHEDULE OF INVESTMENTS OF 8IP ASIA EQUITY OPPORTUNITIES FUND (CONTINUED) as at 30 June 2013 Nominal Security


US$ Net Assets

South Korea - 15.85% 1,152 Cheil Industries Inc

90,063 0.49%

4,690 GS Engineering & Construction Corp

114,786 0.62% 2,112 Hyundai Motor Co

415,552 2.24%

8,970 Kangwon Land Inc

247,323 1.33% 3,581 LG Corp

198,410 1.07%

4,382 LG Electronics Inc

279,113 1.51% 1,385 NCsoft Corp

195,772 1.06%

808 Samsung Electronics Co Ltd

946,126 5.10% 13,760 Shinhan Financial Group Ltd

451,431 2.43%

Total South Korea

2,938,576 15.85%

Malaysia - 3.2% 151,200 CIMB Group Holdings Berhad

393,641 2.12%

112,700 IJM Corporation Berhad

200,212 1.08% Total Malaysia

593,853 3.20%

Phillippines - 0.95% 2,580 Philippine Long Distance Telephone Co

175,929 0.95%

Total Phillippines

175,929 0.95%

Singapore - 2.68% 239,000 China Minzhong Food Corporation Ltd

196,921 1.06%

54,000 Keppel Land Ltd

142,632 0.77% 10,000 United Overseas Bank Ltd

156,588 0.85%

Total Singapore

496,141 2.68%

Taiwan - 9.91% 401,657 Advanced Semiconductor Energy

336,341 1.81%

56,800 Catcher Technology Co Ltd

295,026 1.59% 366,656 Chinatrust Financial Holding

226,459 1.22%

50,000 Hon Hai Precision Industry

123,194 0.66% 101,725 Pegatron Corp

167,656 0.90%

186,000 Taiwan Semiconductor Manufacturing Company Ltd

687,421 3.73% Total Taiwan

1,836,097 9.91%

Thailand - 3.6% 74,600 Kasikornbank PCL

457,860 2.47%

94,778 PTT Global Chemical PCL

210,142 1.13% Total Thailand

668,002 3.60%

Total Equity

18,127,399 97.80%

Total financial assets at fair value through profit or loss

18,127,399 97.80%

Cash and cash equivalents

304,339 1.64% Other net assets and liabilities

103,684 0.56%

Net assets attributable to holders of redeemable participating shares 18,535,422 100.00%


78

SCHEDULE OF INVESTMENTS OF 8IP ASIA EQUITY OPPORTUNITIES FUND (CONTINUED) as at 30 June 2013

Summary

Classification Description

Fair Value % of Net Assets

Tranferable securities and money market instruments admitted to

official stock exchange listing or traded on regulated market 18,127,399 97.80%

A Transferabe securities and money market instruments other than

those referred above

- 0.00%

B Collective Investment Schemes

- 0.00% C Financial derivative instruments dealt in on a regulated market - 0.00% D Over the counter financial derivative instrument

- 0.00%


304,339 1.64%

Other net assets and liabilities

103,684 0.56%



79

SCHEDULE OF INVESTMENTS OF 8IP ASIA PACIFIC EQUITY FUND as at 30 June 2013 Nominal Security


US$ Net Assets


Equity - 98.76%

Australia - 15.1%

79,383 AMP Ltd

308,756 1.74% 7,754 BHP Billiton Ltd

222,607 1.25%

27,402 Breville Group Ltd

177,046 1.00% 105,939 Macquarie Atlas Roads Group

188,086 1.06%

9,637 Macquarie Group Ltd

369,270 2.07% 12,367 National Australia Bank Ltd

335,913 1.89%

4,298 Rio Tinto Ltd

205,991 1.16% 87,134 TPG Telecom Ltd

280,692 1.58%

16,698 Westpac Banking Corp Ltd

441,327 2.48% 5,188 Woolworths Ltd

155,778 0.87%

Total Australia

2,685,466 15.10%

Bermuda - 0.69% 161,000 Noble Group Ltd

123,133 0.69%

Total Bermuda

123,133 0.69%

Cayman Islands - 2.49% 308,000 KWG Property Holdings Ltd

161,223 0.91%

92,538 Minth Group Ltd


138,579 0.77%


443,688 2.49%

China - 4.31% 470,000 Bank of China Ltd

193,303 1.09%

578,700 Beijing Capital Land Ltd

211,150 1.19% 27,500 Ping An Insurance Group Co of China Ltd

185,078 1.04%

528,000 Shanghai Electric Group Company Ltd

176,994 0.99% Total China

766,525 4.31%


184,503 1.04%

146,017 China Everbright Ltd

192,400 1.08% 177,200 China Insurance International Holdings

274,155 1.54%

1,306,000 China South City Holdings Ltd

292,984 1.65% 214,000 Giordano International Ltd

186,790 1.05%

53,449 Great Eagle Holdings Co


209,968 1.18%

262,000 Industrial & Commercial Bank of China Ltd

165,181 0.93% 374,100 Yuexiu Real Estate Investment Trust

204,023 1.15%

Total Hong Kong

1,914,326 10.77%


113,011 0.64%


237,016 1.33% 38,910 Yes Bank

300,727 1.69%

Total India

650,754 3.66%

Indonesia - 2.09% 645,500 Perusahaan Gas Negara PT

372,093 2.09%

Total Indonesia

372,093 2.09%


80

SCHEDULE OF INVESTMENTS OF 8IP ASIA PACIFIC EQUITY FUND (CONTINUED) as at 30 June 2013

Nominal Security

Classification Fair Value % of US$ Net Assets

Japan - 39.11% 15,048 Anritsu Corp

178,007 1.00%

10,800 Honda Motor Co

400,664 2.25% 21 Inpex Holdings Inc

87,526 0.49%

64,000 Isuzu Motors Ltd

437,491 2.46% 12,346 Komatsu Ltd

285,003 1.60%

31,859 Marubeni Corp

212,650 1.20% 15,825 Mitsubishi Corp

270,680 1.52%

34,000 Mitsubishi Electric Corp

317,991 1.79% 74,571 Mitsubishi UFJ Holdings Inc

459,453 2.58%

20,538 Mitsui & Co

257,630 1.45% 14,900 Nissan Motor Co Ltd

150,755 0.85%

2,000 Nitto Denko Corp

128,461 0.72% 40,463 Nomura Holdings Inc

297,780 1.67%

23,847 Orix Corp

325,306 1.83% 1,947 Osaka Securities Exchange Co

196,405 1.10%

17,341 SBI Holdings Inc

191,165 1.07% 9,600 Seven & I Holdings

350,347 1.97%

9,000 Softbank Corp

524,615 2.95% 20,600 Sumitomo Corp

256,541 1.44%

18,000 Sumitomo Metal Mining Co

200,423 1.13% 10,329 Sumitomo Mitsui Financial Group

473,140 2.66%

7,200 Takeda Pharmaceutical Co Ltd

324,736 1.83% 2,700 Tokyo Electron Ltd

136,454 0.77%

81,422 Toshiba Corp

391,003 2.20% 1,700 Toyota Motor Co

102,517 0.58%

Total Japan

6,956,743 39.11%

South Korea - 9.25% 3,900 Dongbu Insurance Co Ltd

164,360 0.92%

2,203 GS Engineering & Construction Corp

53,918 0.30% 1,186 Hyundai Motor Co

233,355 1.31%


273,890 1.54% 1,317 NCsoft Corp

186,160 1.05%

469 Samsung Electronics Co Ltd


185,034 1.04%

Total South Korea

1,645,892 9.25%

Malaysia - 1.93% 59,300 CIMB Group Holdings Berhad

154,384 0.87%

106,400 IJM Corporation Berhad


343,404 1.93%


127,515 0.72%

Total Phillippines

127,515 0.72%

Singapore - 0.95% 206,000 China Minzhong Food Corporation Ltd

169,731 0.95%

Total Singapore

169,731 0.95%

Taiwan - 6.49% 150,397 Advanced Semiconductor Energy

125,940 0.71%

73,562 Catcher Technology Co Ltd

382,089 2.15% 36,801 Hon Hai Precision Industry

90,673 0.51%

99,275 Pegatron Corp

163,618 0.92% 105,955 Taiwan Semiconductor Manufacturing Company Ltd 391,590 2.20%

Total Taiwan

1,153,910 6.49%


81

SCHEDULE OF INVESTMENTS OF 8IP ASIA PACIFIC EQUITY FUND (CONTINUED) as at 30 June 2013

Nominal Security


Thailand - 1.2%

96,177 PTT Global Chemical PCL


213,245 1.20%

Total Equity

17,566,425 98.76%


17,566,425 98.76%



49,821 0.28%


Summary


Fair Value % of

Net Assets





- 0.00%



- 0.00%


170,389 0.96%


49,821 0.28%



82

SCHEDULE OF INVESTMENTS OF CENTRE GLOBAL EQUITY FUND as at 30 June 2013

Nominal Security



Equity - 94.9%

Australia - 2.77% 6,600 Australia and New Zealand Banking Group Ltd

172,626 0.73%

30,000 Telstra Corp

130,960 0.55%


356,218 1.49%

Total Australia

659,804 2.77%

Belgium - 1.07% 2,859 Anheuser-Busch InBev SA/NV

254,195 1.07%

Total Belgium

254,195 1.07%

Brazil - 5.14% 19,150 Vale SA

234,605 0.99%

3,500 AmBev

130,901 0.55% 41,450 Petroleo Brasileiro SA

303,741 1.28%

13,500 CCR SA

108,220 0.45% 9,108 Banco Itaú Holding Financiera SA

118,676 0.50%

8,700 Cosan SA Industria e Comercio

170,454 0.72% 14,890 Cia de Saneamento Basico do Estado de Sao Pau

155,846 0.65%

Total Brazil

1,222,443 5.14%

Cayman Islands - 2.16% 13,000 Hengan International Group Company Ltd

141,629 0.60%

3,950 Tencent Holdings Ltd

154,920 0.65% 46,000 Sands China Ltd

216,769 0.91%


513,318 2.16%

China - 2.39% 55,940 China Petroleum & Chemical Corp

39,379 0.17%

128,400 China Life Insurance Co Ltd

304,603 1.28% 544,400 Bank of China Ltd

223,903 0.94%

Total China

567,885 2.39%

Denmark - 0.52% 2,200 Coloplast AS

123,198 0.52%

Total Denmark

123,198 0.52%

France - 8.17% 2,040 L'Oreal Groupe

334,828 1.41% 1,380 LVMH Moet Hennessy Louis Vuitton SA

223,362 0.94%

1,680 Dassault Systemes SA

205,261 0.86% 2,875 Sanofi SA

297,592 1.25%

2,670 Cie Generale d'Optique Essilor International SA

283,731 1.19% 3,080 BNP Paribas SA

168,075 0.71%

5,563 Total SA

271,243 1.14% 2,130 Groupe Danone SA

159,667 0.67%

Total France

1,943,759 8.17%


83

SCHEDULE OF INVESTMENTS OF CENTRE GLOBAL EQUITY FUND (CONTINUED) as at 30 June 2013

Nominal Security


Germany - 9.8% 2,710 Adidas AG

292,914 1.23%

2,861 SAP AG

209,256 0.88% 2,518 Bayer AG

268,200 1.13%

2,686 Basf SE

239,652 1.01% 1,300 Muenchener Rueckversicherungs AG

238,976 1.00%

4,934 Daimler AG

298,176 1.25% 3,781 Siemens AG

381,688 1.60%

810 Linde AG

150,954 0.63% 2,480 Deutsche Bank AG

104,233 0.44%

730 Volswagen AG

147,490 0.63% Total Germany

2,331,539 9.80%

Great Britain - 4.07% 7,300 Diageo Plc

208,160 0.87%

7,000 Imperial Tobacco Group Plc

242,075 1.02% 35,786 HSBC Holdings PLC

370,181 1.56%

2,100 Reckitt Benckiser Group Plc

148,048 0.62% Total Great Britain

968,464 4.07%

Greece - 0.96% 8,680 Coca Cola Hellenic Bottling Company SA A 229,074 0.96%

Total Greece

229,074 0.96%

Hong Kong - 4.87% 33,070 China Mobile Hong Kong Ltd

345,359 1.45%

13,800 Cheung Kong (Holdings) Ltd

187,174 0.79% 201,400 Li & Fung Ltd

276,801 1.16%

113,200 CNOOC Ltd

192,067 0.81% 37,000 AIA Group Ltd

156,706 0.66%

Total Hong Kong

1,158,107 4.87%

India - 1.73% 5,400 HDFC Bank Ltd

195,696 0.82%

7,500 Reliance Industries Ltd

215,925 0.91% Total India

411,621 1.73%

Italy - 2.09% 13,400 Assicurazioni Generali SPA

233,786 0.98%

92,700 Intesa Sanpaolo SPA

148,354 0.62% 2,300 Luxottica Group SPA

116,136 0.49%

Total Italy

498,276 2.09%

Japan - 9.28% 270 Yahoo Japan Corp

132,921 0.56%

38,800 Daiwa Securities Group Inc

325,384 1.37% 800 Fast Retailing Co Ltd

269,405 1.13%

39,800 Mitsubishi UFJ Holdings Inc

245,219 1.03% 8,830 Honda Motor Co Ltd

327,580 1.38%

1,630 Murata Manufacturing Co. Ltd

123,895 0.52% 42,800 Nomura Securities Co. Ltd

314,978 1.32%

7,800 Toyota Motor Corp

470,370 1.97% Total Japan

2,209,752 9.28%

South Korea - 1.38% 280 Samsung Electronics Co Ltd

327,865 1.38%

Total South Korea

327,865 1.38%

Mexico - 1.73% 380,050 America Movil SAB de CV

412,185 1.73%

Total Mexico

412,185 1.73%


84


Nominal Security


Netherlands - 0.39% 2,340 Unilever NV

92,039 0.39%

Total Netherlands

92,039 0.39%

Russia - 2.61% 4,180 Lukoil OAO

239,932 1.01%

34,470 Gazprom OAO

226,813 0.95% 13,700 Sberbank of Russia

155,594 0.65%

Total Russia

622,339 2.61%

Singapore - 0.54% 39,000 Singapore Technologies Engineering Ltd

128,842 0.54%

Total Singapore

128,842 0.54%

Spain - 2.29% 27,721 Banco Bilbao Vizcaya Argentaria SA

232,270 0.98%

13,788 Telefonica SA

176,473 0.74% 1,100 Inditex SA

135,627 0.57%

Total Spain

544,370 2.29%

Switzerland - 5.49% 540 Syngenta AG

210,932 0.89%

3,300 Novartis AG

234,020 0.98% 1,200 Roche Holding AG

298,034 1.25%

4,980 Nestle SA

326,053 1.37% 2,700 Compagnie Financiere Richemont SA

238,411 1.00%

Total Switzerland

1,307,450 5.49%

Taiwan - 2.1% 17,000 MediaTek Inc

197,260 0.83%

82,100 Taiwan Semiconductor Manufacturing Company LtD

303,426 1.27% Total Taiwan

500,686 2.10%

Turkey - 0.52% 28,200 Turkiye Garanti Bankasi AS

123,060 0.52%

Total Turkey

123,060 0.52%

United States - 22.83% 1,360 International Business Machines Corp

259,910 1.09%

790 Apple Inc

312,903 1.31% 1,250 Berkshire Hathaway Inc.

139,900 0.59%

3,800 JP Morgan Chase & Co

200,602 0.84% 17,300 Cisco Systems Inc

420,563 1.77%

5,360 Coca-Cola Co.

214,990 0.90% 9,000 Bank of America Corp

115,740 0.49%

3,910 Exxon Corp

353,269 1.48% 10,150 General Electric Co.

235,379 0.99%

2,980 Infosys Technologies Ltd

122,746 0.52% 5,000 Intel Corp

121,100 0.51%

2,390 Johnson & Johnson

205,205 0.86% 8,130 Microsoft Corp

280,729 1.18%


85


Nominal Security


United States - 22.83% (continued)

6,850 Wells Fargo & Co

282,700 1.19% 4,300 Monsanto Co.

424,840 1.78%

6,590 Oracle Corp

202,445 0.85% 6,830 Pfizer Inc

191,308 0.80%

2,380 Procter & Gamble Co.

183,236 0.77% 4,740 Qualcomm Inc

289,567 1.22%

6,790 AT & T Inc

240,366 1.01% 1,860 Chevron Corp

220,112 0.92%

150 Google Inc

132,056 0.55% 500 Mastercard Inc

287,249 1.21%

Total United States

5,436,915 22.83%

Total Equity

22,587,186 94.90%


22,587,186 94.90%


1,375,748 5.78% Other net assets and liabilities

(161,181) (0.68%)


Summary


Fair Value % of

Net Assets





229,074 0.96%



- 0.00%


1,375,748 5.78%


(161,181) (0.68%)



86

SCHEDULE OF INVESTMENTS OF GRINDROD INTERNATIONAL PROPERTY FUND as at 30 June 2013

Nominal Security


US$ Net Assets


Equity - 89.19%

Australia - 10.85% 95,000 Charter Hall Retail REIT

331,244 2.66%

94,366 General Property Group

331,624 2.66% 32,997 Westfield Group

345,461 2.77%

156,403 Growthpoint Properties Australia

343,523 2.76% Total Australia

1,351,852 10.85%

Canada - 5.95% 10,140 Calloway Real Estate Investment Trust

247,132 1.98%

10,910 RioCan Real Estate Investment Trust

261,348 2.10% 7,500 Dundee Real Estate Investment Trust

232,060 1.87%

Total Canada

740,540 5.95%

Isle of Man - 8.4% 139,910 New Europe Property Investment PLC

1,045,869 8.40%

Total Isle of Man

1,045,869 8.40%

France - 3.74% 2,000 Unibail-Rodamco SE

465,419 3.74%

Total France

465,419 3.74%

Singapore - 7.16% 529,100 Fortune REIT

483,654 3.88%

140,000 Capitamall Trust

220,216 1.77% 140,000 CDL Hospitality Trust

187,653 1.51%

Total Singapore

891,523 7.16%

United States - 53.09% 18,100 BioMed Realty Trust Inc

366,163 2.94%

7,026 Digital Realty Trust Inc

428,586 3.44% 16,345 Prologis Inc

616,533 4.95%

35,000 Campus Crest Communities Inc

403,900 3.24% 38,400 Cubesmart

613,632 4.93%

24,200 Duke Realty Corp

377,278 3.03% 33,400 Glimcher Realty Trust

364,728 2.93%

15,100 Healthcare Realty Trust Inc

385,050 3.09% 8,600 Health Care Reit Inc

576,458 4.63%

20,000 Kinco Realty Corp

428,600 3.44% 11,000 Liberty Property Trust

406,560 3.26%

7,000 Macerich Co

426,790 3.43% 8,456 Post Properties Inc

418,487 3.36%

10,000 Realty Income Corp

419,200 3.37% 7,490 Regency Centers Corp

380,566 3.05%

Total United States

6,612,531 53.09%


87

SCHEDULE OF INVESTMENTS OF GRINDROD INTERNATIONAL PROPERTY FUND (CONTINUED) as at 30 June 2013

Nominal Security


US$ Net Assets

Total Equity

11,107,734 89.19%


11,107,734 89.19%



(89,560) (0.72%)


Summary


Fair Value % of

Net Assets





- 0.00%



- 0.00%


1,436,493 11.53%


(89,560) (0.72%)



88

SCHEDULE OF INVESTMENTS OF P-SOLVE INFLATION PLUS FUND as at 30 June 2013 Nominal Security


GBP Net Assets


Exchange Traded Funds - 66.79% 4,943 Finsbury High Income Fund

3,352,002 6.59% 30,101 iShares Core MSCI Emerging Markets ETF

905,788 1.78%

12,091 iShares Barclays Capital Emerging Market Local Govt Bond 695,151 1.37% 104,521 iShares MSCI Europe ex-UK UCITS ETF

1,990,602 3.92%

71,809 iShares MSCI Japan GBP Hedged UCITS ETF

2,842,200 5.59% 62,535 iShares MSCI World Islamic Fund

1,018,382 2.00%

400,032 iShares FTSE 100 UCITS ETF

2,496,200 4.91% 290,625 iShares S&P 500 Index Fund

3,071,906 6.04%

96,905 iShares S&P SmallCap 600 Fund

2,356,730 4.64% 31,758 ETFS Brent 1mth Oil Securities

1,331,922 2.62%

126,728 PowerShares Global Agriculture Fund

982,617 1.93% 84,094 Vanguard Emerging Market ETF

2,138,528 4.21%

143,928 Vanguard FTSE 100 ETF

4,186,866 8.24% 269,003 Vanguard S&P 500 ETF

5,423,100 10.67%

54,679 SPDR S&P 400 US Mid Cap ETF

1,153,277 2.28% Total Exchange Traded Funds

33,945,271 66.79%

Collective Investment Schemes - 22.27%

564,588 First State Investments ICVC

2,386,399 4.70% 118,671 GLG Treasury Plus Fund

1,577,337 3.10%

4,950 IFDC - Japan Dynamic Fund

605,979 1.19% 1,588,396 Institutional Sterling Liquidity Fund - Class A

1,588,396 3.13%

PIMCO Funds Global Investors Series PLC 105,890 Emerging Local Bond Fund Inst Acc GBP

1,884,839 3.71%

204,582 High Yield Bond Fund Inst Acc GBP

3,277,409 6.44% Total Collective Investment Schemes

11,320,359 22.27%

Nominal Security Classification Coupon Maturity Fair Value % of GBP Net Assets

Government Debt - 7.71% 1,684,994 Germany Government Bonds 3.750 04/07/2013 1,444,450 2.84%

2,610,829 United Kingdom Gilt 1.750 07/09/2022 2,474,609 4.87% Total Government Debt

3,919,059 7.71%


49,184,689 96.77%



151,090 0.30%



89

SCHEDULE OF INVESTMENTS OF P-SOLVE INFLATION PLUS FUND (CONTINUED) as at 30 June 2013

Summary







- 0.00%



- 0.00%


1,490,784 2.93%


151,090 0.30%



90

SCHEDULE OF INVESTMENTS OF SANLAM AFRICAN FRONTIER MARKETS FUND as at 30 June 2013

Nominal Security


US$ Net Assets


Equity - 91.53%

Botswana - 2.47% 6,228,532 Letshego Holdings Ltd

1,661,038 2.47%

Total Botswana

1,661,038 2.47%

Egypt - 26.69% 279,984 Credit Agricole Egypt

360,513 0.54%

945,727 Commercial International Bank

4,023,654 5.97% 220,043 Egyptian International Pharmaceutical Industries Co

1,324,201 1.97%

429,740 Oriental Weavers Co

1,264,607 1.88% 143,000 Orascom Construction Industries

4,905,103 7.28%

671,073 Telecom Egypt

1,097,315 1.63% 160,500 ElSwedy Cables Holding Co

411,497 0.61%

4,941,862 Orascom Telecom Holdings

2,759,283 4.10% 1,813,556 Talaat Moustafa Group

1,041,012 1.54%

603,834 Juhayna Food Industries

798,151 1.17% Total Egypt

17,985,336 26.69%

Ghana - 1.1% 2,915,000 UT Bank Ltd

743,039 1.10%

Total Ghana

743,039 1.10%

Kenya - 11.23% 1,486,850 Athi River Mining Ltd

1,107,781 1.64%

456,579 Bamburi Cement Co Ltd

1,142,776 1.70% 397,058 East African Breweries Ltd

1,539,235 2.28%

2,961,147 Equity Bank Ltd

1,077,251 1.60% 3,764,428 Kenya Commercial Bank Ltd

1,621,465 2.41%

14,166,087 Safaricom Ltd

1,080,185 1.60% Total Kenya

7,568,693 11.23%

Morocco - 3.16% 26,560 Attijariwafa Bank

1,017,409 1.51%

96,398 Maroc Telecom

1,114,883 1.65% Total Morocco

2,132,292 3.16%

Mauritius - 2.2% 119,908 Mauritius Commercial Bank

717,135 1.06%

23,040,000 State Bank of Mauritius Ltd

763,061 1.14% Total Mauritius

1,480,196 2.20%


91

SCHEDULE OF INVESTMENTS OF SANLAM AFRICA FRONTIER MARKETS FUND (CONTINUED) as at 30 June 2013

Nominal Security


US$ Net Assets

Nigeria - 44.68% 38,841,989 Access Bank Nigeria PLC

2,605,401 3.87%

26,445,534 Guaranty Trust Bank PLC

3,954,624 5.87% 378,403 Guinness Nigeria PLC

584,650 0.87%

150,648 Nestle Foods Nigeria PLC

889,982 1.32% 5,921,271 Nigerian Breweries PLC

5,688,064 8.44%

60,634,724 United Bank for Africa PLC

3,022,408 4.49% 4,528,500 West African Portland Cement Co

2,340,886 3.47%

39,936,399 Zenith Bank Ltd

4,866,097 7.22% 48,959,647 Diamond Bank PLC

1,822,805 2.71%

23,495,904 Dangote Flour Mills PLC

1,337,459 1.98% 27,172,953 FBN Holdings PLC

2,993,208 4.44%

Total Nigeria

30,105,584 44.68%

Total Equity

61,676,178 91.53%


61,676,178 91.53%



192,509 0.29%


Summary


Fair Value % of

Net Assets





- 0.00%



- 0.00%


5,511,984 8.18%


192,509 0.29%



92

SCHEDULE OF INVESTMENTS OF SANLAM GLOBAL BEST IDEAS FUND as at 30 June 2013

Nominal Security



Equity - 95.82%

Bermuda - 8.06% 1,175,665 Catlin Group Ltd

8,901,744 2.04%

733,744 Lancashire Holdings Ltd

8,814,276 2.02% 106,520 Renaissancere Holdings Ltd

9,244,871 2.12%

401,000 Tower Group International Ltd

8,224,510 1.88% Total Bermuda

35,185,401 8.06%

Canada - 1.45% 166,500 Potash Corp of Saskatchewan Inc

6,348,645 1.45%

Total Canada

6,348,645 1.45%

Cayman Islands - 3.9% 35,965,574 Chaoda Modern Agricultural Holdings Ltd A 3,825,533 0.88%

46,398,418 DBA Telecommunication Asia Holdings Ltd A 12,143,677 2.78% 2,510,000 Xingda International Holdings Ltd

1,067,920 0.24%


17,037,130 3.90%

Finland - 1.49% 160,000 Nokiaan Renkaat OYJ

6,512,741 1.49%

Total Finland

6,512,741 1.49%

France - 5.74% 364,449 Scor SE

11,169,898 2.56%

284,800 Total SA

13,886,407 3.18% Total France

25,056,305 5.74%

Great Britain - 11.38% 4,700,000 Accident Exchange Group PLC A - 0.00%

193,500 Bank of Georgia Holdings PLC

4,901,335 1.12% 1,365,000 IG Group Holdings PLC

12,008,191 2.75%

363,348 Imperial Tobacco Group

12,565,349 2.88% 4,017,338 Tesco PLC

20,193,323 4.63%

Total Great Britain

49,668,198 11.38%

Hong Kong - 3.81% 11,152,001 Esprit Holdings Ltd

16,621,172 3.81%

Total Hong Kong

16,621,172 3.81%

India - 6.75% 4,290,000 Andhra Bank

5,896,413 1.35%

2,625,000 Bharat Heavy Electricals Ltd

7,666,883 1.76% 5,113,546 Dena Bank

5,982,660 1.37%

206,500 Jammu & Kashmir Bank Ltd

4,244,395 0.97% 2,354,000 Power Finance Corp

5,685,743 1.30%

Total India

29,476,094 6.75%

Indonesia - 3.73% 12,094,500 Adira Dinamika Multi Finance

10,184,842 2.33%

84,515,000 Bank Bukopin Tbk PT

6,100,331 1.40% Total Indonesia

16,285,173 3.73%

Isreal - 2.14% 945,000 ICL-Israel Chemicals Ltd

9,342,047 2.14%

Total Isreal

9,342,047 2.14%


93

SCHEDULE OF INVESTMENTS OF SANLAM GLOBAL BEST IDEAS FUND (CONTINUED) as at 30 June 2013

Nominal Security


South Korea - 8.59% 1,049,900 DGB Financial Group Inc

14,290,835 3.27%

972,730 Korean Reinsurance Co

8,911,826 2.04% 18,500 Samsung Electronics Co Ltd

14,269,510 3.28%

Total South Korea

37,472,171 8.59%

Russia - 1.46% 558,750 Sberbank of Russia ADR

6,364,163 1.46%

Total Russia

6,364,163 1.46%

Thailand - 1.74% 5,762,370 Tisco Financial Group PCL

7,591,811 1.74%

Total Thailand

7,591,811 1.74%

Turkey - 1.23% 5,421,785 Turkiye Sinai Kalkinma Bankasi

5,366,991 1.23%

Total Turkey

5,366,991 1.23%

United States - 34.35% 164,000 American International Group

7,330,800 1.68%

160,650 Berkshire Hathaway Inc

17,979,948 4.12% 82,000 Caterpillar Inc

6,764,180 1.55%

607,000 Cisco Systems Inc

14,756,170 3.38% 111,000 Deere & Co

9,018,750 2.07%

680,300 Hewlett Packard Co

16,871,440 3.87% 215,500 Illinois Tool Works Inc

14,906,135 3.42%

113,000 Lockheed Martin Corp

12,255,980 2.81% 242,000 Medtronic Com

12,455,740 2.85%

813,200 Microsoft Corp

28,079,796 6.43% 108,616 World Acceptance Corp

9,443,073 2.17%

Total United States

149,862,012 34.35%

Total Equity

418,190,054 95.82%


418,190,054 95.82%



5,047,575 1.16%


Summary


Fair Value % of

Net Assets





15,969,210 3.66%



- 0.00%


13,180,769 3.02%


5,047,575 1.16%



94

SCHEDULE OF INVESTMENTS OF SANLAM GLOBAL BOND FUND as at 30 June 2013

Nominal Security Classification Coupon Maturity Fair Value % of US$ Net Assets


Debt - 95.19%

Australia - 1.88% 185,000 Australia Government Bond 3.000 20/09/2025 218,160 0.06%

1,400,000 Australia Government Bond 4.750 21/04/2027 1,367,457 0.38% 1,030,000 Commonwealth Bank of Australia 5.750 17/12/2013 954,920 0.27% 2,850,000 New South Wales Treasury Corp 2.750 20/11/2025 3,235,495 0.90% 1,000,000 Queensland Treasury Corp 6.000 14/10/2015 979,043 0.27%

Total Australia

6,755,075 1.88%

Belgium - 0.51% 755,000 Belgium Government Bond 2.750 28/03/2016 1,036,751 0.29%

600,000 KBC Bank NV

1.125 11/12/2017 775,663 0.22% Total Belgium

1,812,414 0.51%

Bermuda - 0.41% 800,000 Holcim GB Finance Ltd

8.750 24/04/2017 1,481,147 0.41% Total Bermuda

1,481,147 0.41%

Canada - 3.18% 1,100,000 Canadian Government Bond 4.000 01/06/2041 1,259,489 0.35%

600,000 Copernic Inc

1.177 25/12/2015 784,360 0.22% 1,000,000 Province of Ontario Canada 4.200 08/03/2018 1,028,818 0.29%

700,000 Province of Ontario Canada 6.200 02/06/2031 865,328 0.24% 3,500,000 Province of Quebec Canada 4.250 01/12/2043 3,457,034 0.96% 1,675,000 Province of Quebec Canada 5.000 29/04/2019 2,605,592 0.73% 1,435,000 Transcanada Pipelines Limited 0.750 15/01/2016 1,420,435 0.39%

Total Canada

11,421,056 3.18%

Cayman Islands - 0.94% 2,955,000 Petrobras International Finance Co 3.875 27/01/2016 3,036,706 0.85%

375,000 Saudi Electricity Company 5.060 08/04/2043 341,513 0.09% Total Cayman Islands

3,378,219 0.94%

Denmark - 0.25% 713,000 Dong Energy AS

2.625 19/09/2022 906,869 0.25% Total Denmark

906,869 0.25%

France - 5.94% 900,000 BNP Paribas SA

2.375 14/09/2017 894,420 0.25% 400,000 BPCE SA

4.250 06/02/2023 577,197 0.16%

500,000 BPCE SA

2.750 16/02/2017 688,280 0.19% 445,000 Caisse de Refinancement de l'Habitat SA 3.600 08/03/2024 640,454 0.18% 600,000 Credit Mutuel - CIC Home Loan SFH 4.125 19/01/2024 906,591 0.25% 600,000 EDF SA

5.500 17/10/2041 948,506 0.26%

900,000 EDF SA

4.250 31/12/2049 1,184,321 0.33% 2,697,000 EDF SA

5.250 31/12/2049 2,568,893 0.72%

529,528 FCT GINKGO Sales Finance 1.571 18/07/2038 694,540 0.19% 470,000 France Government Bond OAT 6.000 25/10/2025 826,319 0.23%

1,468,000 France Government Bond OAT 4.500 25/04/2041 2,327,864 0.65% 486,625 Red & Black Auto France 0.976 28/12/2021 634,979 0.18%

1,000,000 Red & Black Auto France 0.911 15/04/2024 1,296,336 0.36%

5,580,000 Societe Financement de l'Economie Francaise 3.375 05/05/2014 5,719,500 1.59%

1,100,000 Societe Generale SFH

1.750 05/03/2020 1,429,843 0.40% Total France

21,338,043 5.94%


95

SCHEDULE OF INVESTMENTS OF SANLAM GLOBAL BOND FUND (CONTINUED) as at 30 June 2013


Germany - 6.34% 2,575,000 Bayerische Landesbank

1.875 30/06/2014 3,399,690 0.95% 190,000 Deutsche Bank AG

0.960 09/03/2017 236,598 0.07%

816,342 Driver Ten GMBH

0.373 21/03/2019 1,062,295 0.30% 1,600,000 FMS Wertmanagement

1.375 15/01/2020 2,065,003 0.58%

1,080,000 Kreditanstalt fuer Wiederaufbau 0.500 25/07/2016 1,401,880 0.39% 900,000 Kreditanstalt fuer Wiederaufbau 5.500 07/12/2015 1,520,977 0.42% 760,000 Kreditanstalt fuer Wiederaufbau 5.050 04/02/2025 810,770 0.23%

1,275,000 Kreditanstalt fuer Wiederaufbau 2.625 16/08/2019 1,782,713 0.50% 750,000 Kreditanstalt fuer Wiederaufbau 1.250 17/10/2019 967,921 0.27%

1,415,000 Kreditanstalt fuer Wiederaufbau 1.375 21/02/2017 1,883,631 0.52% 1,250,000 Kreditanstalt fuer Wiederaufbau 1.875 13/06/2018 1,162,314 0.32%

500,000 Kreditanstalt fuer Wiederaufbau 1.875 20/03/2019 672,354 0.19% 1,355,000 Kreditanstalt fuer Wiederaufbau 3.750 16/08/2017 1,037,679 0.29% 1,080,000 Kreditanstalt fuer Wiederaufbau 4.125 04/07/2017 1,586,864 0.44%

700,000 Kreditanstalt fuer Wiederaufbau 5.500 08/08/2013 642,249 0.18% 1,110,000 State of Hesse

3.125 13/05/2014 1,479,278 0.41%

600,000 Muenchener Rueckversicherungs AG 6.625 26/05/2042 1,030,093 0.28% Total Germany

22,742,309 6.34%

Great Britain - 4.54% 924,000 Arkle Master Issuer Plc

1.974 17/05/2060 945,971 0.26% 526,768 Asset Backed European Securitisation 0.963 15/06/2019 799,559 0.22% 10,000 Aviva Plc

5.250 02/10/2023 13,054 0.00%

257,540 E-Carat Plc

1.300 18/06/2020 391,533 0.11% 771,273 Fosse Master Issuer Plc

1.904 18/10/2054 1,182,119 0.33%

268,000 GKN Holdings Plc

5.375 19/09/2022 408,484 0.11% 536,000 Hammerson Plc

2.750 26/09/2019 707,977 0.20%

65,561 Headingley RMBS

1.450 11/03/2051 85,403 0.02% 400,000 Legal & General Group Plc 6.385 02/05/2017 617,443 0.17% 447,202 London and Regional Debt Securitisation 4.756 15/10/2014 688,472 0.19% 627,000 Marks & Spencer Plc

5.625 24/03/2014 978,017 0.27%

252,000 Motor Plc

1.286 25/02/2020 252,711 0.07% 1,230,000 Northern Rock Asset Management PLC 5.625 22/06/2017 1,401,979 0.40%

255,566 Turbo Finance Plc

1.893 20/02/2019 389,047 0.11% 3,545,000 United Kingdom Gilt

4.250 07/09/2039 6,103,874 1.71%

85,000 United Kingdom Gilt

4.250 07/12/2040 146,072 0.04% 1,330,000 Vodafone Group Plc

4.375 19/02/2043 1,183,368 0.33%

Total Great Britain

16,295,083 4.54%

India - 0.56% 600,000 Bank of Baroda

5.000 24/08/2016 631,260 0.18%

1,380,000 IDBI Bank Ltd

4.375 26/03/2018 1,360,404 0.38% Total India

1,991,664 0.56%

Indonesia - 0.09% 385,000 Pertamina Persero

5.625 20/05/2043 336,875 0.09% Total Indonesia

336,875 0.09%

Ireland - 1.06% 178,152 Cars Alliance Auto Loans 1.379 25/09/2021 232,554 0.06%

255,000 CRH Finance Ltd

3.125 03/04/2023 325,115 0.09% 624,406 German Residential Asset Note 1.615 20/01/2021 812,287 0.23% 527,634 German Residential Asset Note 1.725 20/01/2021 684,580 0.19% 700,000 Intesa Sanpaolo Bank Ireland PLC 4.000 08/08/2013 913,040 0.25% 660,000 Ireland Government Bonds 3.900 20/03/2023 846,923 0.24%

Total Ireland

3,814,499 1.06%


96



Italy - 5.64% 100,000 ASSIC GENERALI SPA

7.750 12/12/2042 138,131 0.04%

738,866 AUTO ABS S.R.L.

2.800 27/04/2025 971,892 0.27% 68,556 AUTO ABS S.R.L.

0.347 25/10/2020 89,135 0.02%

1,305,000 Italy Buoni Poliennali Del Tesoro 4.500 01/05/2023 1,699,876 0.47% 635,000 Italy Buoni Poliennali Del Tesoro 4.750 01/09/2028 822,644 0.23% 15,000 Italy Buoni Poliennali Del Tesoro 5.000 01/09/2040 19,493 0.01%

1,600,000 Italy Buoni Poliennali Del Tesoro 4.000 01/02/2017 2,150,494 0.60% 1,220,000 Italy Buoni Poliennali Del Tesoro 3.750 15/04/2016 1,639,990 0.46%

440,000 Italy Buoni Poliennali Del Tesoro 4.750 01/09/2021 596,420 0.17% 425,000 Italy Buoni Poliennali Del Tesoro 5.500 01/11/2022 593,271 0.17%

1,300,000 Italy Buoni Poliennali Del Tesoro 4.750 01/09/2044 1,614,015 0.45% 1,250,000 Intesa Sanpaolo SPA

5.150 16/07/2020 1,659,191 0.46%

585,000 Italy Government Bonds

5.000 01/08/2039 765,360 0.21% 4,520,000 Italy Government Bonds

4.750 01/05/2017 6,210,005 1.73%

500,000 SNAM SPA

3.875 19/03/2018 686,427 0.19% 455,000 Telecom Italia SPA

4.000 21/01/2020 577,150 0.16%

Total Italy

20,233,494 5.64%

Japan - 17.91% 300,000,000 Japanese Government CPI Linked Bond 1.095 10/12/2016 3,237,797 0.90%

704,000,000 Japan Government Bonds 0.100 15/02/2014 7,087,486 1.97% 247,000,000 Japan Government Bonds 1.400 20/03/2020 2,628,649 0.73%

1,220,000,000 Japan Government Bonds 1.100 20/06/2020 12,710,943 3.54% 1,970,000,000 Japan Government Bonds 1.000 20/09/2021 20,240,446 5.64%

693,000,000 Japan Government Bonds 1.800 20/09/2031 7,182,558 2.00% 221,000,000 Japan Government Bonds 2.500 20/09/2037 2,543,959 0.71% 659,000,000 Japan Government Bonds 2.100 20/12/2027 7,378,504 2.06%

1,300,000 Takeda Pharmaceutical Co Ltd 1.625 17/03/2017 1,285,960 0.36% Total Japan

64,296,302 17.91%

South Korea - 1.04% 1,602,192 Korea Development Bank 1.000 22/01/2016 1,574,580 0.44%

1,089,909 Korea Development Bank 1.500 30/05/2018 1,404,811 0.39% 712,090 POSCO

5.250 14/04/2021 757,006 0.21%

Total South Korea

3,736,397 1.04%

Luxembourg - 1% 1,700,753 Bumper 2 SA

1.375 23/02/2023 2,228,449 0.62% 668,291 E-Carat SA

1.371 18/09/2020 875,807 0.24%

373,281 Highway 2012-I BV

1.230 26/03/2024 487,688 0.14% Total Luxembourg

3,591,944 1.00%

Malaysia - 0.21% 735,000 Hong Leong Bank Bhd

3.750 17/03/2016 766,679 0.21% Total Malaysia

766,679 0.21%

Mexico - 0.54% 600,000 America Movil SAB

5.000 16/10/2019 646,710 0.18% 1,040,000 Mexico Government Bonds 2.750 22/04/2023 1,292,293 0.36%

Total Mexico

1,939,003 0.54%


97



Netherlands - 2.04% 750,000 ABN Amro Bank NV

3.750 15/07/2014 1,008,727 0.28% 60,000 Achmea BV

5.125 24/06/2015 77,621 0.02%

105,000 Achmea BV

6.000 04/04/2043 140,601 0.04% 150,000 Enel Finance International NV 4.875 11/03/2020 209,146 0.06% 740,000 ING Bank NV

3.250 03/04/2019 1,015,095 0.28%

750,000 ING Bank NV

6.125 29/05/2018 1,057,966 0.29% 125,000 Netherlands Government Bonds 4.000 15/01/2037 201,817 0.06%

1,166,000 Petrobras Global Finance BV 3.250 01/04/2019 1,497,973 0.42% 240,000 Rabobank Nederland

3.875 08/02/2022 240,588 0.07%

747,968 Storm BV

1.010 22/03/2052 976,880 0.27% 699,392 Storm BV

0.950 22/08/2054 913,842 0.25%

Total Netherlands

7,340,256 2.04%

Norway - 1.99% 790,000 DNB Boligkreditt AS

1.875 21/11/2022 999,876 0.28% 1,060,000 DNB Boligkreditt AS

2.750 21/03/2022 1,450,403 0.40%

975,000 Sparebank 1 Boligkreditt AS 1.500 12/06/2020 1,243,340 0.35% 820,000 Sparebank 1 Boligkreditt AS 2.750 01/02/2019 1,136,775 0.32%

2,000,000 Statoil ASA

5.250 15/04/2019 2,306,200 0.64% Total Norway

7,136,594 1.99%

Russia - 0.73% 2,120,000 Gaz Capital SA

3.389 20/03/2020 2,633,601 0.73% Total Russia

2,633,601 0.73%

Slovenia - 0.8% 910,000 Slovenia Government Bond 2.750 17/03/2015 1,161,752 0.32%

1,830,000 Slovenia Government Bond 5.850 10/05/2023 1,703,456 0.48% Total Slovenia

2,865,208 0.80%

Spain - 5.56% 700,000 Banco Bilbao Vizcaya Argentaria SA 3.875 30/01/2023 927,691 0.26%

1,100,000 Banco Bilbao Vizcaya Argentaria SA 4.250 30/03/2015 1,484,399 0.41% 600,000 Banco Santander SA

3.250 17/02/2015 796,685 0.22%

2,125,000 Bonos Y Oblig Del Estado 3.150 31/01/2016 2,790,098 0.78% 1,201,000 Bonos Y Oblig Del Estado 3.250 30/04/2016 1,578,537 0.44% 2,200,000 Caja de Madrid

3.875 30/11/2013 2,888,716 0.80%

1,600,000 Santander International Debt SA 4.375 04/09/2014 2,143,214 0.60% 1,700,000 Santander International Debt SA 4.625 21/03/2016 2,297,608 0.64%

630,000 Spain Government Bond

5.400 31/01/2023 862,523 0.24% 456,000 Spain Government Bond

5.500 30/07/2017 640,042 0.18%

1,100,000 Spain Government Bond

4.100 30/07/2018 1,462,019 0.41% 1,200,000 Spain Government Bond

4.800 31/01/2024 1,556,162 0.44%

250,000 Telefonica Emisiones SAU 4.674 07/02/2014 332,228 0.09% 190,000 Telefonica Emisiones SAU 5.462 16/02/2021 196,023 0.05%

Total Spain

19,955,945 5.56%

Supra-National - 4.07% 480,000 European Financial Stability Facility 0.875 16/04/2018 612,917 0.17%

4,200,000 European Investment Bank 3.500 15/04/2016 5,901,404 1.64% 4,250,000 European Bond

2.500 04/12/2015 5,802,311 1.62%

1,160,000 International Finance Corp 3.500 06/06/2018 1,047,536 0.29% 1,320,000 Nordic Investment Bank

6.000 20/08/2014 1,250,297 0.35%

Total Supra-National

14,614,465 4.07%


98



Sweden - 2.97% 1,165,000 Nordea Bank AB

1.375 12/04/2018 1,497,825 0.42% 377,000 Stadshypotek AB

1.875 02/10/2019 361,279 0.10%

1,801,000 Swedbank Hypotek AB

2.000 31/01/2014 2,365,393 0.66% 895,000 Swedish Covered Bond Corp 3.000 03/02/2015 1,209,332 0.34%

2,475,000 Svensk Exportkredit AB

3.250 16/09/2014 2,560,140 0.71% 1,995,000 Svensk Exportkredit AB

3.625 27/05/2014 2,671,801 0.74%

Total Sweden

10,665,770 2.97%

Switzerland - 0.88% 3,050,000 Credit Suisse/New York

5.500 01/05/2014 3,173,525 0.88% Total Switzerland

3,173,525 0.88%

Turkey - 0.14% 540,000 Turkey Government Bonds 2.803 26/03/2018 514,350 0.14%

Total Turkey

514,350 0.14%

United States - 23.97% 134,000 Altria Group Inc

9.250 06/08/2019 176,599 0.05% 445,000 Altria Group Inc

9.950 10/11/2038 651,369 0.18%

4,070,000 Arkle Master Issuer Plc

1.674 17/05/2060 4,078,348 1.14% - AT&T Inc

4.300 15/12/2042 591 0.00%

1,200,000 BAE Systems Holdings Inc 4.950 01/06/2014 1,242,360 0.35% 585,000 Bank of America Corp

5.625 01/07/2020 645,226 0.18%

490,000 Bank of America Corp

5.700 24/01/2022 542,675 0.15% 1,400,000 Bank of America Corp

0.351 05/02/2014 1,818,071 0.51%

370,000 Boston Scientific Corp

6.250 15/11/2015 400,488 0.11% 3,175,000 California State Bonds

5.250 01/04/2014 3,274,060 0.91%

905,000 Capital One Bank

0.253 15/07/2016 904,659 0.25% 1,200,000 Capital One Bank

3.375 15/02/2023 1,120,080 0.31%

285,000 Citigroup Inc

6.375 12/08/2014 300,832 0.08% 1,600,000 Comcast Corp

6.400 01/03/2040 1,898,240 0.53%

1,520,000 Cox Communications Inc 8.375 01/03/2039 2,050,100 0.57% 500,000 Crown Castle Towers LLC 6.113 15/01/2020 574,524 0.16%

1,403,163 DBUBS Mortgage Trust

3.742 01/06/2017 1,485,445 0.41% 2,560,000 Directv Holdings

1.750 15/01/2018 2,474,156 0.69%

1,150,000 Directv Holdings

5.150 15/03/2042 1,042,820 0.29% 1,200,000 Freddie Mac Pool

4.000 15/08/2039 1,245,609 0.35%

5,598,275 Freddie Mac Pool

4.500 01/01/2040 6,035,028 1.68% 1,710,000 Fannie Mae Pool

4.000 15/08/2039 1,778,200 0.50%

4,594,753 Fannie Mae Pool

5.500 01/04/2034 5,029,464 1.40% 658,798 Fannie Mae Pool

6.000 01/10/2038 716,049 0.20%

702,496 Fannie Mae Pool

6.500 01/10/2038 779,619 0.22% 375,399 Freddie Mac Gold Pool

5.500 01/09/2019 404,942 0.11%

183,611 Freddie Mac Gold Pool

5.500 01/10/2019 198,060 0.06% 499,683 Freddie Mac Gold Pool

5.500 01/09/2034 541,149 0.15%

3,355,027 Fannie Mae Pool

4.000 01/02/2042 3,513,294 0.98% 1,626,118 Fannie Mae Pool

5.000 01/07/2035 1,758,733 0.49%

810,000 Fannie Mae Pool

5.000 15/08/2036 870,940 0.24% 1,185,394 Fannie Mae Pool

5.500 01/09/2034 1,299,858 0.36%

1,522,000 Ford Credit Auto Owner Trust 1.350 15/12/2016 1,533,754 0.43% 1,700,000 Ford Credit Floorplan Master Owner Trust 1.920 15/01/2019 1,729,551 0.48%

950,000 Ford Motor Credit Co LLC 12.000 15/05/2015 1,123,755 0.31% 720,000 Ford Motor Credit Co LLC 6.625 15/08/2017 814,320 0.23%

1,200,000 Ford Motor Credit Co LLC 8.000 15/12/2016 1,406,460 0.39% 102,000 Ford Motor Credit Co LLC 1.150 15/02/2016 102,845 0.03%

2,000,000 Goldman Sachs Group Inc 4.750 15/07/2013 2,002,800 0.56%


99



United States - 23.97% (continued) 345,000 Goldman Sachs Group Inc 6.150 01/04/2018 389,402 0.11%

1,060,000 Goldman Sachs Group Inc 5.750 24/01/2022 1,160,806 0.32% 3,100,000 Ginnie Mae Pool

0.000 15/07/2034 3,343,641 0.93%

1,033,624 Homes Master Issuer

1.677 15/10/2054 1,040,050 0.29% 1,595,000 International Paper Co

9.375 15/05/2019 2,081,874 0.58%

1,000,000 JPMorgan Chase & Co

3.700 20/01/2015 1,039,550 0.29% 160,000 JPMorgan Chase & Co

4.500 24/01/2022 167,976 0.05%

445,000 Kinder Morgan Energy Partners LP 6.850 15/02/2020 525,167 0.15% 368,000 Kraft Foods Group Inc

6.875 26/01/2039 444,912 0.12%

350,000 MetLife Inc

5.375 09/12/2024 585,174 0.16% 2,460,000 Morgan Stanley & Co.

6.000 13/05/2014 2,558,535 0.71%

515,000 News America Inc

6.400 15/12/2035 566,732 0.16% 1,495,000 Oracle Corp

5.375 15/07/2040 1,650,181 0.46%

1,000,000 PacifiCorp

6.000 15/01/2039 1,205,550 0.34% 900,000 Prudential Financial Inc

3.875 14/01/2015 937,485 0.26%

181,247 Santander Drive Auto Receivables Trust 0.910 15/05/2015 181,427 0.05% 350,000 Santander Drive Auto Receivables Trust 1.080 15/04/2016 351,295 0.10% 240,000 Santander Drive Auto Receivables Trust 1.220 15/12/2015 240,975 0.07% 689,612 SLM Student Loan Trust

1.293 15/08/2023 693,622 0.19%

479,113 SLM Student Loan Trust

1.593 15/08/2025 484,399 0.13% 1,282,631 SLM Student Loan Trust

0.593 25/03/2025 1,274,541 0.36%

2,440,000 SLM Student Loan Trust

1.576 25/01/2018 2,469,147 0.69% 1,340,000 Toyota Motor Credit Corp

1.250 05/10/2017 1,305,026 0.36%

155,000 Valet

1.150 21/09/2015 155,933 0.04% 510,000 Wells Fargo & Co

7.980 31/12/2049 578,850 0.16%

1,000,000 Wells Fargo & Co

3.450 13/02/2023 951,550 0.27% 175,000 Wells Fargo & Co

4.600 01/04/2021 190,566 0.05%

620,000 WM Covered Bond Program 4.375 19/05/2014 833,236 0.23% 1,145,000 CNPC General Capital

3.400 16/04/2023 1,061,415 0.30%

Total United States

86,034,090 23.97%

Total Debt

341,770,876 95.19%

Nominal Security


US$ Net Assets

Collective Investment Schemes - 5.35%

19,125,386 Institutional US Dollar Liquidity Fund - Class A B 19,126,935 5.34%

Total Collective Investment Schemes

19,126,935 5.34%


100


Derivative Financal Instruments

Forward Contracts - 0.44% - Classification D

Buy Buy Sell Sell Maturity Fair Value % of

Currency Amount Currency Amount US$ Net Assets ¹ USD 6,468,354 AUD (6,212,701) 17/07/2013 789,029 0.23% ² USD 36,497,529 EUR (27,950,000) 23/07/2013 160,363 0.04% ³ USD 1,170,645 NZD (1,400,000) 17/07/2013 90,565 0.03% 4 USD 1,821,483 BRL (3,865,733) 24/07/2013 79,333 0.02% 2 USD 2,455,000 JPY (236,882,950) 25/07/2013 69,991 0.02% 2 JPY 189,264,489 USD (1,865,000) 25/07/2013 40,572 0.01% 5 JPY 167,394,150 USD (1,650,000) 25/07/2013 35,375 0.01% 6 USD 545,927 AUD (560,000) 17/07/2013 34,004 0.01% 3 EUR 1,712,023 CHF (2,079,462) 22/07/2013 27,673 0.01% 5 EUR 3,000,000 USD (3,873,240) 23/07/2013 26,993 0.01% 2 USD 1,753,951 INR (104,325,000) 21/08/2013 25,237 0.01% 2 USD 3,955,325 GBP (2,592,466) 21/08/2013 24,591 0.01% 4 USD 7,282,576 JPY (720,898,512) 25/07/2013 24,351 0.01% 2 USD 2,882,103 EUR (2,200,000) 23/07/2013 21,933 0.01% 2 USD 1,184,272 EUR (895,000) 23/07/2013 20,703 0.01% 2 USD 2,407,123 EUR (1,840,000) 23/07/2013 14,980 0.00% 6 EUR 3,585,000 USD (4,647,053) 28/08/2013 14,518 0.00% 7 USD 549,376 CAD (565,000) 17/07/2013 13,975 0.00% 2 USD 619,620 GBP (400,000) 17/07/2013 12,989 0.00% 6 USD 1,871,730 EUR (1,430,000) 23/07/2013 12,619 0.00% 2 USD 1,865,000 JPY (184,255,845) 25/07/2013 9,856 0.00% 2 USD 626,874 EUR (475,000) 23/07/2013 9,337 0.00% 5 USD 365,087 GBP (235,000) 21/08/2013 8,776 0.00% 4 USD 306,741 EUR (230,000) 23/07/2013 7,723 0.00% 4 USD 3,334,070 EUR (2,560,000) 23/07/2013 5,871 0.00% 8 CZK 15,000,432 USD (746,703) 17/07/2013 3,944 0.00% 2 USD 370,272 JPY (36,420,000) 17/07/2013 3,597 0.00% 6 USD 760,765 GBP (500,000) 17/07/2013 2,476 0.00% 6 USD 396,480 GBP (260,000) 17/07/2013 2,170 0.00% 6 USD 1,259,436 JPY (124,925,000) 17/07/2013 1,696 0.00% 2 USD 1,510,953 JPY (150,000,000) 17/07/2013 756 0.00% Total Forward Contracts

1,595,996 0.44%

Nominal Security

Classification Maturity Fair Value % of

US$ Net Assets

Futures Contracts - 0.24% (46) Canada 10 Year Bond Future C 19/09/2013 229,368 0.06%

(4) Euro-Schatz Future

C 06/09/2013 806 0.00% (20) Long Gilt Future

C 26/09/2013 149,553 0.04%

(11) Japan 10 Year Bond Future C 10/09/2013 14,396 0.00% (118) Euro-Bobl Future

C 06/09/2013 134,465 0.04%

(9) Euro-Bund Future

C 06/09/2013 22,595 0.01% (109) US 10Year Note Future

C 19/09/2013 288,465 0.09%

(32) Australia 3 Year Bond Future C 16/09/2013 17,474 0.00% Total Futures Contracts

857,122 0.24%


363,350,929 101.21%


101


Nominal Security


US$ Net Assets

Financial liabilities at fair value through profit or loss

Short Securities - Debt – (1.74%) (6,246,900) Fannie Mae Pool

5.500 15/07/2034 (6,256,800) (1.74%) Total Short Securities – Debt

(6,256,800) (1.74%)


Forward Contracts – (0.54%) – Classification D

Buy Buy Sell Sell Maturity Fair Value % of

Currency Amount Currency Amount US$ Net Assets 3 USD 70,272 JPY (7,000,000) 17/07/2013 (204) 0.00% 3 USD 1,274,908 JPY (126,920,000) 17/07/2013 (2,918) 0.00% 2 JPY 236,871,000 USD (2,388,740) 17/07/2013 (3,930) 0.00% 2 KRW 300,000,000 USD (269,034) 14/08/2013 (8,504) 0.00% 6 AUD 580,000 USD (539,035) 17/07/2013 (8,830) 0.00% 2 DKK 7,402,141 USD (1,302,877) 17/07/2013 (12,570) 0.00% 1 PLN 3,660,857 USD (1,111,884) 17/07/2013 (13,871) 0.00% 6 USD 1,607,600 EUR (1,250,000) 23/07/2013 (17,497) 0.00% 2 USD 7,749,575 EUR (5,975,000) 28/08/2013 (19,709) (0.01%) 2 USD 1,845,000 JPY (185,293,350) 25/07/2013 (20,590) (0.01%) 2 SGD 1,266,000 USD (1,021,551) 17/07/2013 (23,336) (0.01%) 9 EUR 5,000,000 USD (6,524,585) 23/07/2013 (24,197) (0.01%) 6 USD 927,372 JPY (95,000,000) 17/07/2013 (29,085) (0.01%) 2 GBP 600,000 USD (940,195) 17/07/2013 (30,248) (0.01%) 1 NOK 3,843,000 USD (659,710) 17/07/2013 (30,841) (0.01%) 1 BRL 1,683,015 USD (795,000) 24/07/2013 (36,524) (0.01%) 4 GBP 4,693,000 USD (7,155,722) 17/07/2013 (38,425) (0.01%) 2 NZD 665,000 USD (555,689) 17/07/2013 (42,651) (0.01%) 3 CAD 1,347,000 USD (1,320,994) 17/07/2013 (44,560) (0.01%) 2 USD 3,665,820 EUR (2,855,000) 28/08/2013 (46,533) (0.01%) 1 MYR 2,783,000 USD (922,287) 14/08/2013 (48,517) (0.01%) 1 USD 1,765,000 JPY (180,758,062) 25/07/2013 (54,927) (0.02%) 3 CHF 3,347,638 USD (3,603,400) 17/07/2013 (64,969) (0.02%) 6 THB 30,345,000 USD (1,040,370) 17/07/2013 (66,471) (0.02%) 6 BRL 2,182,718 USD (1,065,000) 24/07/2013 (81,326) (0.02%) 6 JPY 235,552,340 USD (2,455,000) 25/07/2013 (83,388) (0.02%) 2 SEK 17,177,298 USD (2,641,008) 17/07/2013 (96,511) (0.03%) 2 KRW 3,929,239,460 USD (3,516,570) 14/08/2013 (104,290) (0.03%) 6 MXN 21,692,000 USD (1,786,148) 17/07/2013 (123,396) (0.03%) 2 INR 104,325,000 USD (1,875,000) 21/08/2013 (146,286) (0.04%) 2 EUR 9,000,000 USD (11,999,277) 23/07/2013 (298,579) (0.08%) 10 JPY 1,008,825,000 USD (10,469,605) 25/07/2013 (312,450) (0.10%) Total Forward Contracts

(1,936,133) (0.54%)


102


Nominal Security


US$ Net Assets

Futures Contracts – (0.23%) 144 US 5 Year Note Future

C 30/09/2013 (261,776) (0.08%) 99 US 2 Year Note Future

C 30/09/2013 (22,896) (0.01%)

33 Euro Buxl 30 Year Bond Future C 06/09/2013 (84,997) (0.02%) 53 US Long Bond Future

C 19/09/2013 (326,741) (0.09%)

14 US Ultra Bond Future

C 19/09/2013 (11,700) 0.00% 44 Australia 10 Year Bond Future C 16/09/2013 (118,764) (0.03%)

Total Futures Contracts

(826,874) (0.23%)

Interest Rate Swaps – (0.02%) 3,580,000 IRS EUR 0.877%/3ML6

D 10/01/2018 (38,174) (0.01%)

7,100,000 IRS EUR 0.9%/6ML2

D 30/11/2017 (30,396) (0.01%)

(2,020,000) IRS EUR 1.782%/3ML6

D 28/09/2022 (3,561) 0.00% Total Interest Rate Swaps

(72,131) (0.02%)

Total financial liabilities at fair value through profit or loss

(9,091,938) (2.53%)



(3,025,707) (0.84%)


The following institutions act as counterparties to the over the counter derivative financial instruments: 1UBS, 2Deutsche Bank, 3Barclays Bank, 4JP Morgan Chase Bank, 5Goldman Sachs, 6CitiBank, 7Credit Suisse, 8Royal Bank of Scotland, 9BNP Paribas and 10HSBC.

Summary







- 0.00%


19,126,935 5.35% C Financial derivative instruments dealt in on a regulated market 30,248 0.01% D Over the counter financial derivative instrument

(412,266) -0.12%


7,718,414 2.15%


(3,025,707) -0.84%



103

SCHEDULE OF INVESTMENTS OF SANLAM GLOBAL FINANCIAL FUND as at 30 June 2013

Nominal Security



Equity - 99.12%

Bermuda - 10.72% 1,208,139 Catlin Group Ltd

9,147,626 2.83%

840,226 Lancashire Holdings Ltd

10,093,417 3.13% 98,190 Renaissancere Holdings Ltd

8,521,910 2.64%

332,532 Tower Group International Ltd


34,583,184 10.72%

Brazil - 0.99% 246,000 Banco Itau Holding Financeira

3,205,353 0.99%

Total Brazil

3,205,353 0.99%

Cayman Islands - 2.45% 4,000,000 DBA Telecommunication Asia

1,046,904 0.32%

279,000 Greenlight Capital Re Ltd

6,843,870 2.13% Total Cayman Islands

7,890,774 2.45%

China - 0.88% 4,000,000 China Construction Bank

2,831,283 0.88%

Total China

2,831,283 0.88%

France - 4.58% 222,575 Scor SE

6,821,640 2.11%

231,920 Societe Generale

7,959,813 2.47% Total France

14,781,453 4.58%

Germany - 2.64% 316,124 ADC African Development Corp

3,534,408 1.10%

518,619 Commerzbank AG

4,516,004 1.40% 41,205 IdB Holdings S.A.

481,582 0.14%

Total Germany

8,531,994 2.64%

Great Britain - 8.68% 2,215,749 Accident Exchange Group PLC

0 0.00%

522,904 Bank of Georgia Holdings PLC

13,245,104 4.10% 1,013,274 Barclays PLC

4,279,480 1.33%

372,000 IG Group Holdings PLC

3,272,562 1.01% 1,264,000 Legal & General Group PLC

3,286,055 1.02%

537,398 Novae Group PLC

3,916,574 1.22% Total Great Britain

27,999,775 8.68%

India - 13.71% 5,103,428 Andhra Bank

7,014,433 2.17%

920,227 Citi Union Bank Ltd

694,104 0.22% 3,680,910 City Union Bank Ltd

3,405,736 1.06%

3,704,282 Dena Bank

4,333,873 1.34% 451,024 Jammu & Kashmir Bank Ltd

9,270,335 2.87%

14,324,097 Manappuram Finance Ltd

2,545,012 0.79% 4,428,500 Power Finance Corp Ltd

10,696,394 3.31%

216,223 Shriram City Union Finance Ltd

3,655,785 1.13% 221,500 Shriram Transport Finance Co Ltd

2,630,266 0.82%

Total India

44,245,938 13.71%


104

SCHEDULE OF INVESTMENTS OF SANLAM GLOBAL FINANCIAL FUND (CONTINUED) as at 30 June 2013

Nominal Security


Indonesia - 10.16%

11,572,000 Adira Dinamika Multi Finance PT

9,744,842 3.02% 101,093,500 Bank Bukopin TBK PT

7,296,974 2.26%

13,283,000 BFI Finance Indonesia

3,096,038 0.96% 67,035,500 Clipan Finance Indonesia

2,755,344 0.85%

16,426,800 Panin Sekuritas TBK PT

8,728,024 2.70% 29,397,750 PT Bank Pembangunan Daerah Jawa Timur TBK PT 1,164,121 0.37%

Total Indonesia

32,785,343 10.16%

South Korea - 6.28% 894,177 DGB Financial Group Inc

12,171,193 3.77%

882,710 Korean Reinsurance Co Ltd

8,087,093 2.51% Total South Korea

20,258,286 6.28%

Netherlands - 1.09% 388,053 ING Groep NV

3,531,424 1.09%

Total Netherlands

3,531,424 1.09%

Norway - 3.68% 420,130 DNB ASA

6,049,811 1.87%

1,018,400 Sparebank 1 Nord-Norge

5,835,912 1.81% Total Norway

11,885,723 3.68%

Poland - 3.54% 139,000 Kruk SA

2,580,117 0.80%

Total Poland

2,580,117 0.80%

Russia - 1.46% 1,003,970 Sberbank of Russia ADR

11,435,218 3.54%

Total Russia

11,435,218 3.54%

Switzerland - 2.89% 18,200 Zurich Financial Services AG

4,712,534 1.46%

Total Switzerland

4,712,534 1.46%

Thailand - 2.89% 232,400 Kasikornbank Pcl-Foreign

1,463,702 0.45%

5,963,820 Tisco Financial Group PCL

7,857,218 2.44% Total Thailand

9,320,920 2.89%

Turkey - 7.77% 9,786,458 IS Yatirim Menkul Degerler AS

7,557,306 2.34%

673,500 Turkiye Halk Banksai AS

5,707,036 1.77% 11,940,955 Turkiye Sinai Kalkin Bankasi AS

11,820,277 3.66%

Total Turkey

25,084,619 7.77%

United States - 16.8% 281,800 American International Group Inc

12,596,460 3.90%


1,652,510 0.51% 62,930 Berkshire Hathaway Inc - Class A

7,043,126 2.18%

436,100 Fifth Street Finance Corp

4,557,245 1.41% 111,100 JP Morgan Chase & Co

5,864,969 1.82%

245,600 New York Community Bancorp Inc

3,438,400 1.07% 393,100 US Bancorp

14,210,565 4.40%

55,933 World Acceptance Corp

4,862,817 1.51% Total United States

54,226,092 16.80%


105

SCHEDULE OF INVESTMENTS OF SANLAM GLOBAL FINANCIAL FUND (CONTINUED) as at 30 June 2013

Nominal Security


Total Equity

319,890,030 99.12%


319,890,030 99.12%



(13,144,513) (4.07%)


Summary


Fair Value % of

Net Assets





5,146,744 1.60%



- 0.00%


15,967,353 4.95%


(13,144,513) -4.07%



106

SCHEDULE OF INVESTMENTS OF SANLAM GLOBAL PROPERTY FUND as at 30 June 2013

Nominal Security


US$ Net Assets


Equity - 97.49%

Australia - 7.47% 201,050 Boral Ltd

774,614 0.51%

1,518,690 Dexus Property Group

1,487,140 0.98% 113,150 Goodman Group

505,328 0.33%

306,926 Investa Office Fund

817,383 0.54% 395,860 Mirvac Group

581,454 0.38%

585,738 Stockland

1,865,442 1.23% 315,140 Westfield Group

3,299,352 2.18%

704,240 Westfield Retail Trust

1,997,935 1.32% Total Australia

11,328,648 7.47%

Belgium - 0.57% 7,900 Cofinimmo SA

862,817 0.57%

Total Belgium

862,817 0.57%

Brazil - 0.39% 445,576 Rossi Residential S.A.

589,258 0.39%

Total Brazil

589,258 0.39%

Canada - 4.91% 36,100 Allied Properties Real Estate Investment Trust

1,095,422 0.72%

72,024 Brookfield Residential Properties Inc

1,588,849 1.05% 84,190 Chartwell Retirement Residence

782,922 0.52%

57,752 Cominar Real Estate Investment Trust

1,140,915 0.75% 30,103 Dundee Real Estate Investment Trust

931,427 0.61%

42,250 Granite Real Estate Investment Trust

1,459,738 0.96% 18,839 RioCan Real Estate Investment Trust

451,286 0.30%

Total Canada

7,450,559 4.91%

Cayman Islands - 0.96% 2,038,000 Country Garden Holdings Company Ltd

1,066,796 0.70%

1,041,000 Evergrande Real Estate Group Ltd

385,198 0.26% Total Cayman Islands

1,451,994 0.96%

France - 4.34% 17,110 Icade SA

1,411,152 0.93% 33,620 Klepierre SA

1,323,471 0.87%

16,550 Unibail-Rodamco SE

3,851,339 2.54% Total France

6,585,962 4.34%

Germany - 1.07% 31,180 LEG Immobilien AG

1,621,425 1.07%

Total Germany

1,621,425 1.07%

Great Britain - 3.47% 196,568 British Land Co Plc

1,689,000 1.12%

43,479 Intercontinental Hotels Group Plc

1,192,326 0.79% 54,773 Land Securities Group Plc

734,405 0.48%

45,120 Persimmon Plc

808,232 0.53% 29,280 Persimmon Plc

44 0.00%

25,930 The Berkeley Group Holdings Plc


5,262,121 3.47%


107

SCHEDULE OF INVESTMENTS OF SANLAM GLOBAL PROPERTY FUND (CONTINUED) as at 30 June 2013

Nominal Security


US$ Net Assets

Hong Kong - 9.54% 55,000 Cheung Kong Holdings Ltd

745,984 0.49%

426,000 China Overseas Land & Investments Ltd

1,117,699 0.74% 411,750 China Vanke Co Ltd

737,903 0.49%

189,462 Great Eagle Holdings Ltd

724,266 0.48% 141,000 Hang Lung Properties Ltd

491,742 0.32%

85,800 Henderson Land Development Co Ltd


741,552 0.49%

213,500 Link Reit

1,050,131 0.69% 1,386,000 New World Development Co Ltd

1,919,192 1.27%

246,000 Sun Hung Kai Properties Ltd

3,174,828 2.09% 303,000 Wharf Holdings Ltd

2,547,072 1.67%

141,000 Wheelock & Co Ltd

707,163 0.47% Total Hong Kong

14,469,708 9.54%

Italy - 0.44% 44,470 Buzzi Unicem SPA

667,166 0.44%

Total Italy

667,166 0.44%

Japan - 13.81% 53,600 Aeon Mall Co Ltd

1,325,835 0.87%

95 Daiwa House REIT Investment Corp

681,919 0.45% 78 Fukuoka REIT Corp

617,215 0.41%

155 Japan Excellent Inc

872,294 0.58% 122 Japan Real Estate Investment Corp

1,359,650 0.90%

504 Japan Retail Fund Investment Corp

1,051,332 0.69% 39,300 JS Group Corp

956,288 0.63%

270 Kenedix Realty Investment Corp

1,073,694 0.71% 85,000 Mitsubishi Estate Co Ltd

2,259,992 1.49%

150,700 Mitsui Fudosan Co Ltd

4,425,570 2.92% 67 Nippon Building Fund Inc

774,348 0.51%

98 Nippon Prologis REIT Inc

851,445 0.56% 1,015 Orix Jreit Inc

1,159,796 0.76%

37,000 Sekisui Chemical Co Ltd

392,238 0.26% 79,000 Sumitomo Realty & Development Co Ltd

3,145,525 2.07%

Total Japan

20,947,141 13.81%

Mexico - 1.6% 312,440 Fibra Uno Administracion SA

1,038,157 0.68%

648,020 Macquarie Mexico Real Estate Management SA de CV 1,387,719 0.92% Total Mexico

2,425,876 1.60%

Netherlands - 0.96% 19,599 Corio NV

778,788 0.51%

16,580 Vastned Retail NV

678,547 0.45% Total Netherlands

1,457,335 0.96%

Singapore - 2.98% 855,000 Capitacommercial Trust

987,602 0.65%

971,000 Mapletree Commercial Trust

907,226 0.60% 1,058,000 Mapletree Logistics Trust

917,606 0.60%

194,000 United Overseas Land Ltd

1,027,896 0.68% 419,000 Wing Tai Holdings Ltd

677,245 0.45%

Total Singapore

4,517,575 2.98%

Thailand - 0.74% 647,000 LPN Development PCL

501,051 0.33%

970,000 Supalai PCL

551,703 0.37% 115,800 Supalai PCL

65,863 0.04%

Total Thailand

1,118,617 0.74%


108


Nominal Security


US$ Net Assets

United States - 44.24% 83,650 Armada Hoffler Properties Inc

985,397 0.65%

131,940 Ashford Hospitality Trust Inc

1,510,713 1.00% 105,770 Associated Estates Realty Corp

1,700,782 1.12%

7,130 AvalonBay Communities Inc.

961,908 0.63% 6,810 Boston Properties Inc

718,251 0.47%

28,060 Brandywine Realty Trust

379,371 0.25% 18,121 Chambers Street Properties

181,210 0.12%

14,750 Corporate Office Properties Trust

376,125 0.25% 75,510 CyrusOne Inc

1,566,077 1.03%

36,850 DDR Corp

613,553 0.40% 19,970 Digital Realty Trust Inc

1,218,170 0.80%

98,730 Duke Realty Corp

1,539,201 1.01% 24,250 Equity Residential

1,407,955 0.93%

52,820 Extra Space Storage Inc

2,214,743 1.46% 118,400 General Growth Properties Inc

2,352,608 1.55%

65,906 Glimcher Realty Trust

719,694 0.47% 54,650 HCP Inc

2,483,296 1.64%

27,170 Health Care Reit Inc

1,821,205 1.20% 78,000 Hong Kong Land Holdings

535,860 0.35%

25,470 Kimco Realty Corp

545,822 0.36% 45,250 LTC Properties Inc

1,767,013 1.16%

8,040 Macerich Co

490,199 0.32% 40,260 Mack-Cali Realty Corp

985,967 0.65%

76,040 Masco Corp

1,482,020 0.98% 122,810 Medical Properties Trust Inc

1,758,639 1.16%

30,350 Mid-America Apartment Communities Inc

2,056,820 1.37% 65,440 Omega Healthcare Investors Inc

2,029,949 1.34%

96,230 Parkway Properties Inc

1,612,815 1.06% 38,820 Pebblebrook Hotel Trust

1,003,497 0.66%

85,106 Pennsylvania Real Estate Investment Trust

1,606,801 1.06% 35,380 Ply Gem Holdings Inc

709,723 0.47%

68,880 Prologis Inc

2,598,154 1.71% 14,020 Public Storage Inc

2,149,687 1.42%

78,260 Pulte Group Inc

1,484,592 0.98% 8,810 Realty Income Corp

369,315 0.24%

88,860 Regal Entertainment Group

1,590,594 1.05% 89,200 RLJ Lodging Trust

2,006,108 1.32%

16,930 Sabra Health Care REIT Inc

442,042 0.29% 36,554 Seaworld Entertainment Inc

1,283,045 0.85%

53,820 Senior Housing Properties Trust

1,395,553 0.92% 38,870 Simon Property Group Inc

6,138,350 4.05%

85,720 STAG Industrial Inc

1,710,114 1.13% 114,790 Strategic Hotel Capital

1,017,039 0.67%

37,580 Sun Communities Inc

1,869,981 1.23% 33,860 Ventas Inc

2,351,916 1.55%

16,570 Vornado Realty Trust

1,372,822 0.91% Total United States

67,114,696 44.24%

Total Equity

147,870,898 97.49%


109



1Forward Contracts - 0.16% - Classification D

Buy Buy Sell Sell Maturity Fair Value % of Currency Amount Currency Amount US$ Net Assets USD 832,868 AUD (862,000) 17/09/2013 48,494 0.03% USD 2,474,372 AUD (2,694,000) 17/09/2013 22,976 0.02% USD 1,106,629 CAD (1,141,000) 17/09/2013 27,064 0.02% USD 1,871,863 CAD (1,950,000) 17/09/2013 26,857 0.02% USD 1,224,778 CAD (1,251,000) 17/09/2013 41,135 0.02% CHF 405,000 USD (415,875) 17/09/2013 12,456 0.01% USD 980,120 CHF (920,000) 17/09/2013 7,121 0.00% USD 1,051,037 EUR (794,000) 17/09/2013 18,501 0.01% GBP 535,000 USD (804,869) 17/09/2013 6,165 0.00% USD 2,357,032 JPY (233,266,000) 17/09/2013 7,779 0.01% USD 633,960 JPY (61,978,000) 17/09/2013 9,771 0.01% USD 2,168,024 SEK (14,599,000) 17/09/2013 8,473 0.01% Total Forward Contracts

236,792 0.16%


148,107,690 97.65%

Financial liabilities at fair value through profit or loss


1Forward Contracts – (0.19%) – Classification D

Buy Buy Sell Sell Maturity Fair Value % of Currency Amount Currency Amount US$ Net Assets CAD 746,000 USD (706,925) 17/09/2013 (1,092) 0.00% CHF 515,000 USD (550,519) 17/09/2013 (5,851) 0.00% EUR 1,407,000 USD (1,840,915) 17/09/2013 (11,220) (0.01%) EUR 2,175,000 USD (2,845,763) 17/09/2013 (17,344) (0.01%) USD 789,089 EUR (613,000) 17/09/2013 (8,071) (0.01%) GBP 806,000 USD (1,224,413) 17/09/2013 (2,556) 0.00% JPY 259,018,000 USD (2,750,928) 17/09/2013 (142,323) (0.10%) USD 1,753,854 JPY (179,274,000) 17/09/2013 (51,638) (0.03%) SEK 12,665,000 USD (1,888,738) 17/09/2013 (15,273) (0.01%) SEK 13,568,000 USD (2,020,386) 17/09/2013 (13,345) (0.01%) SEK 4,571,000 USD (692,140) 17/09/2013 (15,978) (0.01%) Total Forward Contracts

(284,691) (0.19%)

Total financial liabilities at fair value through profit or loss

(284,691) (0.19%)



378,460 0.25%


1JP Morgan Chase acts as counterparty to the over the counter derivative financial instruments.


110


Summary







- 0.00%



(47,899) (0.03)%


3,480,419 2.29%


378,460 0.25%



111

SCHEDULE OF INVESTMENTS OF SANLAM STRATEGIC CASH FUND as at 30 June 2013



Debt - 100.64%

Corporate Bonds - 88.56%

Australia - 4.55% 900,000 National Australia Bank

1.700 10/12/2013 904,995 4.55% Total Australia

904,995 4.55%

France - 10.71% 600,000 Societe Generale SA

2.200 14/09/2013 600,840 3.02% 900,000 Electricite de France SA

5.500 26/01/2014 924,345 4.65%

600,000 Credit Agricole SA

2.625 21/01/2014 604,080 3.04% Total France

2,129,265 10.71%

Great Britain - 9.84% 135,000 SABMiller Plc

5.500 15/08/2013 135,776 0.68% 900,000 Barclays Bank Plc

2.375 13/01/2014 907,830 4.57%

900,000 Abbey National Treasury Services Plc 2.875 25/04/2014 912,060 4.59% Total Great Britain

1,955,666 9.84%

Netherlands - 13.87% 900,000 ING Bank NV

2.000 18/10/2013 903,645 4.55% 900,000 Volkswagen International Finance NV 1.625 12/08/2013 901,035 4.53% 940,000 ABN Amro Bank NV

3.000 31/01/2014 952,502 4.79%

Total Netherlands

2,757,182 13.87%

New Zealand - 4.54% 900,000 ANZ New Zealand International Ltd 6.200 19/07/2013 902,385 4.54%

Total New Zealand

902,385 4.54%

United States - 45.05% 600,000 American Express Co.

7.300 20/08/2013 605,070 3.04% 560,000 Goldman Sachs Group Inc 5.250 15/10/2013 567,000 2.85% 629,000 Morgan Stanley

4.750 01/04/2014 643,593 3.24%

800,000 PaineWebber Group Inc

7.625 15/02/2014 835,040 4.20% 900,000 Citigroup Inc

6.500 19/08/2013 906,615 4.56%

750,000 General Electric Capital Corp 5.500 04/06/2014 784,500 3.95% 449,000 International Business Machines Corp 6.500 15/10/2013 456,858 2.30% 580,000 Pacific Gas & Electric Company 6.250 01/12/2013 593,572 2.99% 700,000 Caterpillar Inc

7.000 15/12/2013 720,265 3.62%


1.650 30/09/2013 952,850 4.79% 500,000 Verizon Wireless Capital LLC 5.550 01/02/2014 513,425 2.58% 400,000 Goldman Sachs Group Inc 6.000 01/05/2014 416,840 2.10% 950,000 Daimler Finance NA

1.950 28/03/2014 956,412 4.83%

Total United States

8,952,040 45.05%

Total Corporate Bonds

17,601,533 88.56%


112

SCHEDULE OF INVESTMENTS OF SANLAM STRATEGIC CASH FUND (CONTINUED) as at 30 June 2013


Government Bonds - 12.08%

United States - 12.08%

1,000,000 US Treasury Bill

0.000 25/07/2013 1,000,000 5.03% 1,400,000 US Treasury Bill

0.000 29/08/2013 1,399,954 7.05%

Total United States

2,399,954 12.08%

Total Government Bonds

2,399,954 12.08%

Total Debt

20,001,487 100.64%


20,001,487 100.64%


(281,610) (1.42%) Other net assets and liabilities

154,342 0.78%


Summary


Fair Value % of

Net Assets





- 0.00%



- 0.00%


(281,610) (1.42)%


154,342 0.78%



113

SCHEDULE OF INVESTMENTS OF SANLAM WORLD EQUITY FUND as at 30 June 2013

Nominal Security


US$ Net Assets


Equity - 98.57%

Australia - 1.71% 75,106 Amcor Ltd

696,966 0.04%

278,254 AMP Ltd

1,082,255 0.07% 111,500 Australia and New Zealand Banking Group Ltd

2,916,327 0.19%


4,551,248 0.29% 198,013 Breville Group Ltd

1,279,374 0.08%

29,474 CSL Ltd

1,661,031 0.11% 16,930 Flight Centre Ltd

609,368 0.04%

551,747 Macquarie Atlas Roads Group

979,582 0.06% 73,469 Macquarie Group Ltd

2,815,180 0.18%

49,000 National Australia Bank Ltd

1,330,942 0.08% 554,628 Qantas Airways Ltd

685,227 0.04%

38,317 Rio Tinto Ltd

1,836,425 0.12% 130,000 Telstra Corp

567,493 0.04%

187,000 TPG Telecom Ltd

602,398 0.04% 234,913 Westfield Retail Trust

666,450 0.04%

77,623 Westpac Banking Corp Ltd

2,051,572 0.13% 81,787 Woolworths Ltd

2,455,781 0.16%

Total Australia

26,787,619 1.71%

Belgium - 0.15% 13,066 Anheuser-Busch InBev NV

1,161,705 0.07%

31,890 KBC Bankverzekeringsholding

1,185,925 0.08% Total Belgium

2,347,630 0.15%

Bermuda - 0.43% 18,657 Arch Capital Group Ltd

959,156 0.06%

34,090 Bunge Ltd

2,412,549 0.15% 1,368,000 Noble Group Ltd

1,046,251 0.07%

275,790 North Atlantic Drilling Ltd


6,743,412 0.43%

Brazil - 0.35% 30,162 Banco Itau Holding Financeira

393,008 0.03%

65,790 CCR SA

527,393 0.03% 68,500 Cia de Saneamento Basico do Estado de Sao Pau

716,954 0.05%

16,100 Companhia de Bebidas das Americas

602,146 0.04% 32,170 Cosan SA Industria e Comercio

630,287 0.04%

168,560 Petroleo Brasileiro S.A. - Petrobas

1,235,191 0.08% 106,865 Vale SA

1,309,193 0.08%

Total Brazil

5,414,172 0.35%

Canada - 2.95% 4,589 Agnico-Eagle Mines Ltd

126,155 0.01%

2,596 Agrium Inc

224,385 0.01% 21,846 Bank of Montreal

1,263,253 0.08%

30,531 Bank of Nova Scotia

1,627,124 0.10% 22,324 Barrick Gold Corp

351,292 0.02%

47,640 Brookfield Properties Co

789,860 0.05% 18,058 Cameco Corp

371,636 0.02%

14,276 Canadian Imperial Bank of Commerce

1,010,106 0.06% 14,525 Canadian National Railway Co

1,409,954 0.09%

31,980 Canadian Natural Resources

898,860 0.06% 40,485 Canadian Oil Sands Ltd

747,221 0.05%

7,909 Canadian Pacific Railway Ltd

956,143 0.06%


114

SCHEDULE OF INVESTMENTS OF SANLAM WORLD EQUITY FUND (CONTINUED) as at 30 June 2013

Nominal Security


US$ Net Assets

Canada - 2.95% (continued) 4,193 Catamaran Corp

203,469 0.01%

27,977 Cenovus Energy Inc

795,630 0.05% 24,584 CI Financial Corp

705,430 0.04%

17,764 Crescent Point Energy Corp

600,665 0.04% 1,933,042 Eastern Platinum Ltd

146,595 0.01%

26,020 Eldorado Gold Corp

160,575 0.01% 358,360 Eldorado Gold Corp

2,214,665 0.14%

33,517 Enbridge Inc

1,404,670 0.09% 16,713 Encana Corp

281,851 0.02%

13,795 First Quantum Minerals Ltd

204,002 0.01% 24,110 Fortis Inc

735,710 0.05%

18,809 Goldcorp Inc

465,723 0.03% 99,160 Goldcorp Inc

2,452,227 0.17%

58,789 Husky Energy Inc

1,561,539 0.10% 476,920 Iamgold Corp

2,065,064 0.13%

5,896 ING Canada Inc

331,157 0.02% 31,236 Kinross Gold Corp

159,600 0.01%

598,910 Kinross Gold Corp

3,054,441 0.20% 5,554 Magna International Inc

394,134 0.03%

58,938 Manulife Financial Corp

940,304 0.06% 40,028 Pengrowth Energy Corp

196,175 0.01%

21,114 Penn West Petroleum Ltd

222,168 0.01% 23,320 Potash Corp of Saskatchewan Inc

886,907 0.06%

13,257 Research In Motion Ltd

139,243 0.01% 23,143 Rogers Communications Inc

903,869 0.06%

33,022 Royal Bank of Canada

1,918,275 0.12% 9,314 Shoppers Drug Mart Corp

428,396 0.03%

12,219 Silver Wheaton Corp

238,727 0.02% 13,607 Sun Life Financial Inc

401,799 0.03%

39,534 Suncor Energy Inc

1,161,773 0.07% 290,076 Talisman Energy Inc

3,299,755 0.22%

112,930 Teck Cominco Ltd - Class B

2,413,314 0.15% 13,678 Teck Resources Ltd

291,350 0.02%

35,740 Thomson Reuters Corp

1,164,052 0.07% 10,105 Tim Hortons Inc

544,860 0.03%

20,663 Toronto-Dominion Bank

1,654,568 0.11% 8,202 Transcanada Corp

352,059 0.02%

5,430 Valeant Pharmaceuticals InternationalInc

466,767 0.03% 14,229 Vermilion Energy Inc

693,443 0.04%

21,205 Yamana Gold Inc

201,617 0.01% Total Canada

46,232,557 2.95%

Cayman Islands - 1.07% 550,000 China Shineway Pharmaceutical Group Ltd

875,042 0.06%

73,000 Hengan International Group Compnay Ltd

795,299 0.05% 436,650 HKT Trust and HKT Ltd

418,849 0.03%

370,000 MGM China Holdings Ltd

987,468 0.06% 864,000 Minth Group Ltd

1,343,421 0.09%

8,037,629 Prince Frog International Holdings Ltd

5,554,484 0.34% 220,923 Sands China Ltd

1,041,069 0.07%

6,855 Seagate Technology PLC

307,310 0.02% 43,964 Tencent Holdings Ltd

1,724,278 0.11%

6,925,807 Tiangong International Co Ltd

1,714,441 0.11% 69,939 TPK Holding Co Ltd

1,117,757 0.07%

671,000 Want Want China Holdings Ltd


16,824,123 1.07%


115


Nominal Security


US$ Net Assets

China - 0.55% 5,528,671 Bank of China Ltd

2,273,853 0.15%

1,138,000 Beijing Capital Land Ltd

415,221 0.03% 268,668 China Communications Construction Co Ltd

210,260 0.01%


984,206 0.06% 922,948 China Railway Construction Corp

802,025 0.05%

208,083 China Resources Petroleum Co Ltd

146,481 0.01% 1,183,435 PetroChina Co Ltd

1,258,779 0.08%

190,157 Ping An Insurance Group Co of China Ltd

1,279,776 0.08% 3,616,705 Shanghai Electric Group Company Ltd

1,212,376 0.08%

Total China

8,582,977 0.55%

Denmark - 0.46% 24,752 Coloplast AS

1,386,088 0.09%

182,300 Novozymes AS

5,827,144 0.37% Total Denmark

7,213,232 0.46%

Finland - 0.68% 1,182,800 Nokia OYJ

4,376,298 0.28%

162,300 Sampo OYJ

6,317,293 0.40% Total Finland

10,693,591 0.68%

France - 3.56% 76,300 AtoS SA

5,656,040 0.36%

297,279 BNP Paribas

16,222,421 1.03% 9,119 Cie Generale D'Optique Essilor International SA

969,042 0.06%

10,400 Danone

779,594 0.05% 8,330 Dassault Systemes SA

1,017,750 0.06%

39,900 European Aeronautic Defense and Space Co NV

2,130,127 0.14% 55,210 L'oreal SA

9,061,704 0.58%

5,920 LVMH Moet Hennessy Louis Vuitton SA

958,190 0.06% 19,636 Michelin - Class B

1,753,761 0.11%

27,117 Sanofi

2,806,884 0.18% 174,474 Societe Generale

5,988,187 0.38%

173,032 Total SA

8,436,772 0.55% Total France

55,780,472 3.56%


1,106,804 0.07%

7,357 Basf SE

656,410 0.04% 10,535 Bayer AG

1,122,117 0.07%

18,951 Beiersdorf AG

1,650,698 0.11% 21,700 Bilfinger Berger AG

1,995,937 0.13%

90,304 Daimler AG

5,457,334 0.34% 14,880 Deutsche Bank AG

625,397 0.04%

88,187 Henkel AG & Co KGAA

6,899,727 0.44% 3,300 Linde AG

614,996 0.04%

10,709 Muenchener Rueckversicherungs AG

1,968,607 0.13% 25,114 SAP AG

1,836,861 0.12%

16,839 Siemens AG

1,699,881 0.11% 3,650 Volkswagen AG

737,450 0.05%

40,263 Volkswagen AG

7,846,365 0.49% Total Germany

34,218,584 2.18%


116


Nominal Security


US$ Net Assets

Great Britain - 7.15% 225,469 Aberdeen Asset Management PLC

1,309,109 0.08%

66,100 Amec PLC

1,007,591 0.06% 47,108 Aon PLC

3,031,400 0.19%

96,600 ARM Holdings PLC

1,164,826 0.07% 228,000 Avanti Communications Group PLC

909,510 0.06%

1,069,478 Barclays PLC

4,516,853 0.29% 725,600 BBA Aviation PLC

3,082,672 0.20%

46,400 Betfair Group PLC

599,970 0.04% 332,700 BG Group PLC

5,644,243 0.36%

387,326 BT Group PLC

1,816,490 0.12% 86,300 Cairn Energy PLC

331,299 0.02%

22,500 Croda Internationa PLC

845,328 0.05% 22,286 Diageo PLC

635,487 0.04%

223,800 DS Smith PLC

839,802 0.05% 92,834 Easyjet PLC

1,824,858 0.12%

5,639 Ensco PLC

327,739 0.02% 78,800 Experian Group Ltd

1,366,122 0.09%

220,500 Fenner PLC

1,026,748 0.07% 297,600 G4S PLC

1,039,998 0.07%

1,558,000 Genting Singapore PLC

1,621,509 0.10% 672,200 GKN PLC

3,071,953 0.20%

256,362 GlaxoSmithKline PLC

6,408,078 0.40% 114,450 Hargreaves LansdownPLC

1,541,508 0.10%

177,853 HSBC Holdings PLC

1,839,766 0.12% 291,864 Imperial Tobacco Group PLC

10,093,280 0.64%

292,320 Invensys PLC

1,829,383 0.12% 964,400 ITV PLC

2,049,332 0.13%

591,000 Legal & General Group PLC

1,536,439 0.10% 13,907 Liberty Global PLC

1,030,231 0.07%

938 Liberty Global PLC - Series C

63,681 0.00% 7,326 Mead Johnson Nutrition Co

580,439 0.04%

203,500 Mears Group PLC

1,193,745 0.08% 151,100 Novae Group PLC

1,101,222 0.07%

376,800 Pace PLC

1,382,495 0.09% 246,200 Prudential Corp

4,014,333 0.26%

316,000 Qinetiq PLC

864,650 0.06% 1,219,161 Raven Russia Ltd

1,289,799 0.08%

109,055 Reckitt Benckiser Group PLC

7,688,270 0.48% 137,400 Reed Elsevier PLC

1,556,769 0.10%

56,068 Rightmove PLC

1,772,269 0.11% 95,000 Rio Tinto PLC

3,865,994 0.25%

21,590 Royal Dutch Shell PLC - Class B

716,018 0.05% 93,700 Shire PLC

2,963,211 0.19%

114,200 Standard Chartered PLC

2,471,764 0.16% 139,700 Tullow Oil PLC

2,121,033 0.14%

4,256,103 Vodafone Group PLC

12,126,634 0.76% 53,900 Weir Group PLC

1,758,515 0.11%

242,000 William Hill PLC

1,618,350 0.10% 267,300 Wolfson Microelectronics PLC

642,607 0.04%

Total Great Britain

112,133,322 7.15%

Greece - 0.08% 48,940 Coca Cola Hellenic Bottling Co SA A 1,291,578 0.08%

Total Greece

1,291,578 0.08%


117


Nominal Security


US$ Net Assets


583,061 0.04%

457,328 AIA Group Ltd

1,936,931 0.12% 49,500 Cheung Kong Holdings Ltd

671,385 0.04%

117,050 Cheung Kong Infrastructure Holdings

780,213 0.05% 497,208 China Everbright Ltd

655,149 0.04%

233,300 China Insurance International

360,950 0.02% 207,339 China Mobile Hong Kong Ltd

2,165,295 0.15%


1,591,822 0.10% 503,212 CNOOC Ltd

853,803 0.05%

1,632,000 Giordano International Ltd

1,424,491 0.09% 277,543 Hong Kong & China Gas Co

678,453 0.04%

333,500 Hopewell Holdings Ltd

1,111,495 0.07% 4,788,688 Industrial & Commerce Bank of China

3,019,092 0.20%

1,062,030 Lenovo Group Ltd

962,594 0.06% 849,200 Li & Fung Ltd

1,167,127 0.07%

628,481 PCCW Ltd

294,137 0.02% 102,623 Power Assets Holdings Ltd

885,160 0.06%

2,877,000 Yuexiu Real Estate Investment Trust

1,569,030 0.10% Total Hong Kong

20,710,188 1.32%


1,070,130 0.07%

6,350 HDFC Bank Ltd

230,124 0.01% 17,650 Reliance Industries Ltd

508,144 0.03%


1,443,348 0.09% 283,564 Yes Bank Ltd

2,191,608 0.15%

Total India

5,443,354 0.35%

Indonesia - 0.14% 3,885,010 Perusahaan Gas Negara

2,239,479 0.14%

Total Indonesia

2,239,479 0.14%

Ireland - 0.89% 17,421 Accenture PLC

1,253,615 0.08%

135,482 Covidien PLC

8,513,689 0.54% 9,395 Eaton Corp PLC

618,285 0.04%

45,176 Ingersoll-Rand PLC

2,508,172 0.16% 12,215 Paddy Power PLC

1,046,819 0.07%

Total Ireland

13,940,580 0.89%

Italy - 1.21% 104,993 Assicurazioni Generali SpA

1,831,781 0.12%

129,400 Azimut Holding Spa

2,353,492 0.15% 211,454 ENI-Ente Nazionale Idrocarburi SpA

4,337,941 0.28%

1,328,000 HERA SPA

2,515,465 0.16% 4,722,075 Intesa Sanpaolo SpA

7,557,039 0.47%

9,000 Luxottica Group SpA

454,446 0.03% Total Italy

19,050,164 1.21%

Japan - 5.83% 103,900 Aeon Co Ltd

1,361,903 0.09%

111,952 Anritsu Corp

1,324,309 0.08% 212,300 Daiwa Securities Group Inc

1,780,388 0.11%

2,710 Fast Retailing Co Ltd

912,609 0.06% 190,357 Honda Motor Co Ltd

7,061,971 0.45%

352 Inpex Holdings Inc

1,467,110 0.09% 405,280 Isuzu Motors Ltd

2,770,413 0.18%

19,800 Japan Airlines Co Ltd

1,016,611 0.06%


118


Nominal Security


US$ Net Assets

Japan - 5.83% (continued) 49,400 Kao Corp

1,678,496 0.11%

58,604 Komatsu Ltd

1,352,854 0.09% 119,500 Konica Minolta Holdings Inc

901,092 0.06%

127,454 K's Holdings Corp

4,041,882 0.26% 206,574 Marubeni Corp

1,378,824 0.09%

83,375 Mitsubishi Corp

1,426,096 0.09% 241,640 Mitsubishi Electric Corp

2,259,977 0.14%

43,000 Mitsubishi Estate Co Ltd

1,143,290 0.07% 570,061 Mitsubishi UFJ Holdings Inc

3,512,306 0.22%

106,655 Mitsui & Co

1,337,885 0.09% 41,000 Mitsui Fudosan Co Ltd

1,204,037 0.08%

644,136 Mizuho Financial Group Inc

1,335,870 0.09% 135,300 MS&AD Insurance Group Holdings

3,435,282 0.22%

11,240 Murata Manufacturing Co Ltd

854,344 0.05% 179,000 Nippon Express Co

848,777 0.05%

17,200 Nippon Telegraph & Telephone Corp


1,514,633 0.10%

15,500 Nitto Denko Corp


2,666,984 0.17%

165,550 Orix Corp

2,258,333 0.14% 215,000 Osaka Gas Co

906,926 0.06%

20,600 Otsuka Holdings Co Ltd

679,201 0.04% 166,700 Sankyo Co Ltd

7,862,574 0.50%

68,300 Seven & I Holdings Co Ltd

2,492,575 0.16% 53,392 Softbank Corp

3,112,249 0.20%

147,350 Sumitomo Corp

1,835,014 0.12% 149,330 Sumitomo Metal Mining Co

1,662,730 0.11%

72,385 Sumitomo Mitsui Financial Group Inc

3,315,733 0.21% 35,500 Suzuki Motor Corp

817,361 0.05%


2,444,538 0.16% 81,080 THK Co Ltd

1,701,921 0.11%

21,300 Tokyo Electron

1,076,472 0.07% 118,000 Toppan Printing

818,504 0.05%

516,624 Toshiba Corp

2,480,919 0.16% 57,500 Toyota Motor Co

3,467,482 0.21%

1,550 Yahoo Japan Corp

763,063 0.05% 62,700 Yamaha Motor Co Ltd

811,130 0.05%

206,723 Yaskawa Electric Corp

2,511,977 0.16% Total Japan

91,492,258 5.83%

Jersey - 0.26% 7,285 Delphi Automotive PLC

369,277 0.02%

311,300 Glencore International PLC

1,285,004 0.08% 141,514 WPP PLC

2,408,292 0.16%

Total Jersey

4,062,573 0.26%

South Korea - 1.12% 19,091 GS Engineering & Construction Corp

467,247 0.03%

8,597 Hyundai Motor Co

1,691,525 0.11% 5,608 LG Chemicals Ltd

1,237,980 0.08%


546,124 0.03% 10,472 NCsoft Corp

1,480,232 0.09%

6,462 Samsung Electronics Co

4,984,301 0.32% 4,584 Samsung Electronics Co Ltd

5,367,625 0.34%

3,559 Samsung Fire & Marine Insurance Co Ltd


1,083,500 0.07%

Total South Korea

17,582,085 1.12%


119


Nominal Security


US$ Net Assets

Malaysia - 0.15% 777,400 CIMB Group Holdings BHD

2,023,919 0.12%

221,348 IJM Corporation BHD


2,417,145 0.15%

Marshall Islands - 0.13% 604,843 Navios Maritime Acquisition Corp

2,050,418 0.13%

Total Marshall Islands

2,050,418 0.13%

Mexico - 0.08% 1,186,532 America Movil SAB de CV

1,286,858 0.08%

Total Mexico

1,286,858 0.08%

Netherlands - 2.92% 256,781 Aegon NV

1,715,545 0.11%

57,000 ASML Holding NV

4,492,122 0.29% 74,300 European Aeronautic Defense and Space Co

3,982,082 0.25%

62,500 Gemalto NV

5,649,538 0.36% 42,577 Heineken NV

2,709,496 0.17%

852,010 ING Groep NV

7,753,601 0.50% 72,714 LyondellBasell Industries NV

4,818,030 0.31%

114,250 Schlumberger Ltd

8,187,155 0.52% 163,398 Unilever NV

6,426,946 0.41%

Total Netherlands

45,734,515 2.92%

Norway - 0.14% 147,800 Gjensidige Forsikring ASA

2,162,177 0.14%

Total Norway

2,162,177 0.14%


910,674 0.06%

14,415,270 Vista Land & Lifescapes Inc

1,879,017 0.12% Total Phillippines

2,789,691 0.18%

Russia - 0.36% 5,855 Lukoil OAO

336,077 0.02%

108,872 OAO Gazprom

716,378 0.05% 19,267 Sberbank of Russia

221,185 0.01%

51,072 Sberbank Of Russia

580,038 0.04% 336,840 Sberbank of Russia ADR

3,836,608 0.24%

Total Russia

5,690,286 0.36%

Singapore - 0.8% 9,219,744 Cambridge Industrial Trust

5,270,294 0.34%

2,394,282 Ezion Holdings Ltd

4,002,111 0.26% 141,900 Haw Par Corp Ltd

808,907 0.05%

671,700 Mapletree Logistics Trust

582,567 0.04% 156,600 Singapore Technologies Engineering Ltd

517,349 0.03%

82,000 United Overseas Bank Ltd

1,284,018 0.08% Total Singapore

12,465,246 0.80%

Spain - 1.13% 116,531 Banco Bilbao Vizcaya Argentaria SA

976,394 0.06%

151,483 Banco Santander SA

965,379 0.06% 303,657 Distribuidora Interncional de Alimentacion SA

2,293,613 0.15%

166,000 Gas Natural SDG SA

3,342,876 0.21% 403,000 Iberdrola SA

2,125,023 0.14%

4,500 Inditex SA

554,836 0.04% 167,600 Obrascon Huarte Lain SA

5,697,790 0.36%


120


Nominal Security


US$ Net Assets

Spain - 1.13% (continued) 52,485 Telefonica SA

671,756 0.04%

76,647 Zardoya Otis SA

1,085,135 0.07% Total Spain

17,712,802 1.13%

Sweden - 0.95% 155,100 Electrolux AB - Class B

3,893,358 0.25%

71,100 Getinge AB

2,147,202 0.14% 323,000 Skandinaviska Enskilda Banken SEB

3,068,031 0.20%

21,296 Tyco International Ltd

701,703 0.04% 355,900 Volvo AB

4,735,911 0.30%

25,809 Weatherford International Ltd

353,583 0.02% Total Sweden

14,899,788 0.95%

Switzerland - 3.46% 11,703 ACE Ltd

1,047,184 0.07%

78,000 Adecco SA

4,439,125 0.28% 13,826 Compagnie Financiere Richemont SA

1,220,844 0.08%

17,368 Nestle SA

1,137,125 0.07% 57,396 Novartis AG

4,070,251 0.26%

92,103 Roche Holding AG

22,874,873 1.46% 9,436 Schindler Holding AG

1,312,384 0.08%

1,100 Sika AG

2,843,585 0.18% 15,638 Syngenta AG

6,108,439 0.39%

7,871 TE Connectivity Ltd

358,445 0.02% 522,105 UBS AG

8,872,805 0.57%

Total Switzerland

54,285,060 3.46%

Taiwan - 0.7% 924,548 Advanced Semiconductor Engineering Inc

774,202 0.05%

294,867 Catcher TechnologyCo Ltd

1,531,573 0.10% 2,793,526 Chinatrust Financial Holding Co Ltd

1,725,375 0.11%

205,000 Far Eastone Telecomm Co Ltd

549,461 0.04% 262,079 Hon Hai Precision Industry Co Ltd

645,730 0.04%

72,000 MediaTek Inc

835,453 0.05% 567,167 Pegatron Corp

934,766 0.06%

1,064,978 Taiwan Semiconductor Manufacturing Company Ltd

3,935,958 0.25% Total Taiwan

10,932,518 0.70%

Thailand - 0.07% 518,071 PTT Global Chemical PCL

1,148,679 0.07%

Total Thailand

1,148,679 0.07%

Turkey - 0.03% 118,850 Turkiye Garanti Bankasi AS

518,641 0.03%

Total Turkey

518,641 0.03%

United States - 55.03% 16,053 3M Co

1,755,396 0.11% 90,467 Abbott Laboratories

3,155,489 0.20%

104,386 AbbVie Inc

4,315,317 0.28% 3,049 Actavis Inc

384,845 0.02%

18,448 Adobe Systems Inc

840,491 0.05% 10,071 ADT Corp

401,329 0.03%

115,014 AES Corp

1,379,018 0.09% 13,278 Aetna Inc

843,684 0.05%

13,631 Aflac Inc

792,234 0.05% 14,698 Agilent Technologies Inc

628,486 0.04%

9,570 Air Products & Chemicals Inc

876,325 0.06%


121


Nominal Security


US$ Net Assets

United States - 55.03% (continued) 345,897 Alcoa Inc

2,704,915 0.17% 3,086 Alexion Pharmaceuticals Inc

284,653 0.02%

8,517 Allergan Inc

717,472 0.05% 9,353 Allstate Corp

450,066 0.03%

20,272 Altera Corp

668,773 0.04% 47,961 Altria Group Inc

1,678,155 0.11%

30,193 Amazon.Com Inc

8,384,294 0.53% 10,118 Amerada Hess Corp

672,746 0.04%

37,519 Ameren Corp

1,292,154 0.08% 12,146 American Capital Agency Corp

279,237 0.02%

73,235 American Capital Ltd

927,887 0.06% 22,952 American Express Co

1,715,892 0.11%

138,262 American International Group

6,180,311 0.39% 20,007 American Tower Corp

1,463,912 0.09%

27,253 American Water Works Co Inc

1,123,641 0.07% 10,343 Ameriprise Financial Inc

836,542 0.05%

77,739 Amerisourcebergen Corp

4,340,168 0.28% 82,402 Amgen Corp

8,129,781 0.53%

78,639 Anadarko Petroleum Corp

6,757,449 0.43% 36,730 Analog Devices Inc

1,655,054 0.11%

62,218 Annaly Capital Management Inc

782,080 0.05% 8,140 Apache Corp

682,376 0.04%

54,236 Apple Inc

21,481,795 1.37% 57,800 Applied Material Inc

862,376 0.05%

71,142 Archer-Daniels-Midland Co

2,412,425 0.15% 186,537 Arrow Electronics Inc

7,433,499 0.47%

138,194 AT & T Inc

4,892,068 0.31% 28,500 Autoliv Inc

2,208,746 0.14%

17,180 Automatic Data Processing Inc

1,183,015 0.08% 19,354 Avon Products Inc

407,015 0.03%

14,829 Baker Hughes Inc

684,062 0.04% 1,373,370 Bank of America Corp

17,661,538 1.13%

175,821 Bank Of New York Mellon

4,931,779 0.31% 14,790 Baxter International Inc

1,024,503 0.07%

20,127 BB&T Corp

681,903 0.04% 42,676 Becton Dickinson & Co

4,217,669 0.27%

9,519 Bed Bath & Beyond Inc

674,897 0.04% 79,930 Bemis Company Inc

3,128,460 0.20%


2,774,049 0.18% 31,260 Biogen Idec Inc

6,727,152 0.43%

4,190 Blackrock Inc

1,076,202 0.07% 12,811 BMC Software Inc

578,289 0.04%

15,122 Boeing Co

1,549,098 0.10% 385,048 Boston Scientific Corp

3,569,395 0.23%

38,410 Bristol-Myers Squibb Co

1,716,543 0.11% 108,713 Broadcom Corp

3,670,151 0.23%

5,637 Brown-Forman Corp - Class B

380,779 0.02% 4,430 Cabot Oil & Gas Corp

314,619 0.02%

143,150 Calpine Corp

3,039,075 0.19% 12,108 Cameron International Corp

740,525 0.05%

56,408 Capital One Financial Corp

3,542,986 0.23% 79,262 Cardinal Health Inc

3,741,166 0.24%

5,017 Carmax Inc

231,585 0.01% 10,069 Carnival Corp

345,266 0.02%

14,692 Carter's Inc

1,088,236 0.07% 14,188 Caterpillar Inc

1,170,368 0.07%

34,295 CBOE Holdings Inc

1,599,519 0.10%


122


Nominal Security


US$ Net Assets

United States - 55.03% (continued) 9,483 CBS Corp - Class B

463,434 0.03% 12,026 Celgene Corp

1,405,960 0.09%

13,310 CenturyLink Inc

470,509 0.03% 1,394 CF Industries Holdings Inc

239,071 0.02%

41,073 Charles Schwab Corp

871,980 0.06% 18,480 Chesapeake Energy Corp

376,622 0.02%

70,239 Chevron Corp

8,312,083 0.53% 603 Chipotle Mexican Grill Inc

219,703 0.01%

5,723 Cigna Corp


11,507,139 0.73%

9,762 CIT Group Inc

455,202 0.03% 115,420 Citigroup Inc

5,536,697 0.35%

7,944 Citrix Systems Inc

479,262 0.03% 20,152 Clorox Co

1,675,437 0.11%

9,014 CME Group Inc

684,884 0.04% 10,216 Coach Inc

583,231 0.04%

68,809 Cobalt International Energy Inc

1,828,255 0.12% 329,389 Coca-Cola Co

13,211,793 0.84%

18,926 Coca-Cola Enterprises Inc

665,438 0.04% 9,619 Cognizant Tech Solutions Corp

602,246 0.04%

82,780 Colgate-Palmolive Co

4,742,466 0.30% 120,977 Comcast Corp-Class A

5,066,517 0.32%

34,726 Comcast Corp-Special Class A

1,377,580 0.09% 7,182 Concho Resources Inc

601,277 0.04%

46,387 Conocophillips

2,806,414 0.18% 307,749 Corning Inc

4,379,268 0.28%

11,412 Costco Wholesale Corp

1,261,825 0.08% 3,431 Cree Inc

219,104 0.01%

6,516 Crown Castle Intl Corp

471,693 0.03% 33,466 CSX Corp

776,077 0.05%

8,280 Cummins Inc

898,049 0.06% 30,565 CVS Caremark Corp

1,747,707 0.11%

18,718 Danaher Corp

1,184,849 0.08% 2,422 Davita Inc

292,578 0.02%

12,375 Deere & Co

1,005,469 0.06% 31,049 Dell Inc

414,504 0.03%

130,960 Delta Air Lines Inc

2,450,262 0.16% 10,731 Devon Energy Corp

556,724 0.04%

17,404 Directv

1,072,434 0.07% 29,418 Discover Financial Services

1,401,474 0.09%

4,893 Discovery Communications Inc

340,846 0.02% 6,118 Dollar General Corp

308,531 0.02%

5,162 Dollar Tree Stores Inc

262,436 0.02% 11,696 Dominion Resources Inc

664,567 0.04%

31,060 Dow Chemical Co

999,200 0.06% 24,866 Du Pont De Nemours & Co

1,305,465 0.08%

50,380 Du Pont 'S' Fractional Share

0 0.00% 16,946 Duke Energy Corp

1,143,855 0.07%

129,090 eBay Inc.

6,676,535 0.43% 7,089 Ecolab Inc

603,912 0.04%

45,279 EMC Corp

1,069,490 0.07% 21,784 Emerson Electric Co

1,188,099 0.08%

39,000 Eog Resources Inc

5,135,520 0.33% 1,306 Equinix Inc

241,244 0.02%

18,573 Equity Residential

1,078,348 0.07% 5,241 Estee Lauder Cos Inc

344,701 0.02%

24,898 Exelon Corp

768,850 0.05% 13,629 Expeditors international of washington

518,038 0.03%


123


Nominal Security


US$ Net Assets

United States - 55.03% (continued) 154,603 Express Scripts Holdings Inc

9,537,459 0.61%

251,085 Exxon Corp

22,685,530 1.45% 4,645 F5 Networks Inc

319,576 0.02%

37,575 Facebook Inc

934,115 0.06% 6,033 Fastenal Co

276,613 0.02%

10,815 FDX Corp

1,066,143 0.07% 240,451 Fifth Third Bancorp

4,340,141 0.28%

9,984 Fluor Corp

592,151 0.04% 5,621 FMC Technologies Inc

312,977 0.02%

91,920 Ford Motor Co

1,422,002 0.09% 2,796 Franklin Resources Inc

380,312 0.02%

23,646 Freeport-Mcmoran Copper & Gold Inc

652,866 0.04% 244,820 General Electric Co

5,677,376 0.36%

21,563 General Mills Inc

1,046,452 0.07% 53,413 General Motors Co

1,779,187 0.11%

15,008 Genuine Parts Co

1,171,675 0.07% 213,985 Gilead Sciences Inc

10,958,172 0.70%

26,796 Goldman Sachs Group Inc

4,052,895 0.26% 22,760 Google Inc - Class A

20,037,221 1.28%

3,331 Green Mountain Coffee Roasters Inc

250,025 0.02% 27,929 Halliburton Co

1,165,198 0.07%

17,335 Hanesbrands Inc

891,366 0.06% 58,620 Harley Davidson Inc

3,213,548 0.20%

61,758 HCA Holdings Inc

2,226,993 0.14% 8,423 HCP INC

382,741 0.02%


10,315,312 0.66% 27,109 HollyFrontier Corp

1,159,723 0.07%

147,347 Home Depot Inc

11,414,972 0.73% 85,573 Honeywell International Inc

6,789,362 0.43%

53,171 Host Hotels & Resorts Inc

896,995 0.06% 3,337 Humana Inc

281,576 0.02%

16,311 Illinois Tool Works Inc

1,128,232 0.07% 16,900 Infosys Technologies Ltd

696,111 0.04%

317,379 Intel Corp

7,686,919 0.49% 49,637 International Business Machine Corp

9,486,127 0.60%

155,400 International Game Technology

2,596,734 0.17% 15,247 International Paper Co

675,595 0.04%

13,014 Intuit Inc

794,244 0.05% 894 Intuitive Surgical Inc

452,883 0.03%

3,788 JM Smucker Co

390,732 0.02% 190,234 Johnson & Johnson

16,333,491 1.04%

21,360 Johnson Controls Inc

764,474 0.05% 205,375 JP Morgan Chase & Co

10,841,746 0.69%

158,535 Juniper Networks Inc

3,061,311 0.20% 12,263 Kimberley Clark Corp

1,191,228 0.08%

9,807 Kinder Morgan Inc

374,137 0.02% 8,926 Kohls Corp

450,852 0.03%

19,693 Kraft Foods Inc

1,100,248 0.07% 67,897 Kroger Co

2,345,162 0.15%

13,076 L Brands Inc

643,993 0.04% 11,200 L-3 Communication Holdings

960,288 0.06%

60,050 LAM Research Corp

2,662,617 0.17% 12,587 Las Vegas Sands Corp

666,230 0.04%

10,937 Liberty Media-Interactive A

251,660 0.02% 46,700 Lilly (Eli) & Co

2,293,904 0.15%

16,030 Lincoln Electric Holdings Inc

918,038 0.06% 1,989 LinkedIn Corp

354,639 0.02%


667,246 0.04%


124


Nominal Security


US$ Net Assets

United States - 55.03% (continued) 13,002 Lorillard Inc

567,927 0.04% 33,287 Lowes Com

1,361,438 0.09%

3,949 M & T Bank Corp

441,301 0.03% 14,812 Macy's Inc

710,976 0.05%

26,821 Manpower Inc

1,469,791 0.09% 27,265 Marathon Oil Corp

942,824 0.06%

24,353 Marathon Petroleum Corp

1,730,524 0.11% 100,235 Marriott International Inc

4,046,487 0.26%

12,089 Marsh & McLennan Cos

482,593 0.03% 5,355 Mastercard Inc - Class A

3,076,448 0.20%

24,546 Mattel Inc

1,112,179 0.07% 120,497 Maxim Integrated Products Inc

3,347,407 0.21%

21,357 McDonald's Corp

2,114,343 0.13% 10,942 McGraw-Hill Cos Inc

582,005 0.04%

15,042 Mckesson Corp

1,722,309 0.11% 299,115 Medtronic Com

15,395,449 0.98%

301,210 Merck & Co

13,991,205 0.89% 25,037 Metlife Inc

1,145,693 0.07%


31,482,624 2.01% 40,151 Mondelez International Inc

1,145,508 0.07%

101,146 Monsanto Co

9,993,225 0.64% 3,995 Monster Beverage Corp

242,776 0.02%

4,697 Moody's Corp

286,188 0.02% 35,500 Morgan Stanley

867,265 0.06%

12,553 Motorola Solutions Inc

724,685 0.05% 8,031 Mylan Inc

249,202 0.02%

77,931 National-Oilwell Inc

5,369,446 0.34% 107,869 Netapp Inc

4,075,291 0.26%

1,121 Netflix Inc

236,632 0.02% 13,448 Newmont Mining Corp

402,768 0.03%

42,800 News Corp - C;ass A

1,395,280 0.09% 10,686 NextEra Energy Inc

870,695 0.06%

115,718 Nike Inc

7,368,922 0.47% 8,636 Noble Energy Inc

518,505 0.03%

5,871 Norfolk Southern Corp

426,528 0.03% 33,603 Northeast Utilities

1,411,998 0.09%

29,327 Northrop Grumman Corp

2,428,276 0.15% 86,420 NRG Energy Inc

2,307,414 0.15%

6,030 Nucor Corp

261,220 0.02% 40,707 Nvidia Corp

571,119 0.04%

18,365 Occidental Petroleum Corp

1,638,709 0.10% 13,058 Omnicom Group

820,956 0.05%

527,622 Oracle Corp

16,208,548 1.03% 2,882 O'Reilly Automotive Inc

324,571 0.02%

7,742 Paccar Inc

415,436 0.03% 9,064 Parker Hannifin Corp

864,706 0.06%

20,922 Peabody Energy Corp

306,298 0.02% 41,822 People's United Financial Inc

623,148 0.04%

122,978 Pepsico Inc

10,058,371 0.64% 2,350 Perrigo Co

284,350 0.02%

397,135 Pfizer Inc

11,123,751 0.71% 22,230 PG&E Corp

1,016,578 0.06%

104,439 Philip Morris International

9,046,506 0.58% 17,136 Phillips 66

1,009,482 0.06%

5,500 Pioneer Natural Respurces

796,125 0.05% 12,612 PNC Financial Services Group Inc

919,667 0.06%

2,759 PPG Industries Inc

403,945 0.03% 9,105 Praxair Inc

1,048,532 0.07%


125


Nominal Security


US$ Net Assets

United States - 55.03% (continued) 5,091 Precision Castparts Corp

1,150,617 0.07%

1,355 Priceline.com Inc

1,120,761 0.07% 190,976 Procter & Gamble Co

14,703,242 0.94%

10,283 Prologis Inc

387,875 0.02% 12,858 Prudential Financial Inc

939,020 0.06%

2,647 Public Storage Inc

405,865 0.03% 52,226 Pulte Group Inc

990,727 0.06%

2,205 PVH Corp

275,735 0.02% 204,956 Qualcomm Inc

12,520,762 0.80%

89,650 Quanta Services

2,372,139 0.15% 12,277 Raytheon Co

811,755 0.05%

3,045 Regeneron Pharmaceuticals Inc

684,760 0.04% 31,849 Regions Financial Corp

303,521 0.02%

24,169 Republic Serv Inc

820,296 0.05% 13,260 Rockwell Collins Inc

840,817 0.05%

9,845 Rockwell International Corp

818,513 0.05% 20,500 Salesforce Com Inc

782,690 0.05%

12,333 Sandisk Corp

753,546 0.05% 9,898 Simon Property Group Inc

1,563,092 0.10%

10,092 SLM Corporation Securities

230,703 0.01% 21,768 Southern Co

960,622 0.06%

21,829 Southwestern Energy Co

797,413 0.05% 16,556 Spectra Energy Corp

570,520 0.04%

112,803 Sprint Corp

791,877 0.05% 69,400 ST Jude Medical Inc

3,166,722 0.20%

36,293 Staples Inc

575,607 0.04% 102,384 Starbucks Corp

6,705,128 0.43%

12,686 Starwood Hotels & Resorts Worldwide Inc

801,628 0.05% 15,519 State Street Corp

1,011,994 0.06%

246,515 Steel Dynamics Inc

3,675,539 0.23% 47,143 Stryker Corp

3,049,209 0.19%

11,040 Suntrust Banks Inc

348,533 0.02% 93,261 Symantec Corp

2,095,575 0.13%

24,778 Synopsys Inc

885,814 0.06% 24,252 Sysco Corp

828,448 0.05%

5,243 T Rowe Price Group Inc

383,525 0.02% 46,518 Target Corp

3,203,229 0.20%

4,262 Teradata Corp

214,080 0.01% 14,355 Tesoro Petroleum Corp

751,054 0.05%

27,171 Texas Instruments Inc

947,453 0.06% 5,377 The Mosiac Co

289,336 0.02%

12,614 Thermo Fisher Scientific Inc

1,067,523 0.07% 9,328 Time Warner Cable Inc

1,049,213 0.07%

24,349 Time Warner Inc

1,407,859 0.09% 61,799 TJX Cos Inc

3,093,658 0.20%

89,111 Towers Watson & Co

7,301,755 0.47% 15,661 Travelers Cos Inc

1,251,627 0.08%

73,803 Tupperware Brands Corp

5,733,755 0.37% 57,129 Tyson Foods Inc - Class A

1,467,073 0.09%

30,461 Union Pacific Corp

4,699,523 0.30% 76,577 United Continental Holdings Inc

2,396,094 0.15%

254,570 United Healthcare Corp

16,669,244 1.06% 34,310 United Parcel Service Inc

2,967,129 0.19%

18,119 United Technologies Corp

1,683,980 0.11% 44,140 Unum Group

1,296,392 0.08%

60,530 Urban Outfitters Inc

2,434,517 0.16% 37,935 US Bancorp

1,371,350 0.09%

19,703 Valero Energy Corp

685,073 0.04%


126


Nominal Security


US$ Net Assets

United States - 55.03% (continued) 6,097 Ventas Inc

423,498 0.03% 160,606 VeriFone Holdings Inc

2,699,787 0.17%

4,098 VeriSign Inc

183,017 0.01% 62,321 Verizon Communications Inc

3,137,239 0.20%

2,140 Vertex Pharmaceuticals Inc

170,922 0.01% 128,740 Viacom Inc - Class B

8,760,757 0.56%

53,203 Visa Inc - Class A Shares

9,722,848 0.63% 12,548 Vornado Realty Trust

1,039,602 0.07%

11,331 Vulcan Materials Co.

548,534 0.03% 24,588 Walgreen Co

1,086,790 0.07%

53,599 Wal-Mart Stores Inc

3,992,590 0.25% 115,029 Walt Disney Co

7,264,081 0.46%

29,680 Wellpoint Inc

2,429,011 0.15% 277,457 Wells Fargo & Co

11,450,650 0.73%

77,416 Western Digital Corp

4,806,759 0.31% 18,650 Western Union Co

319,102 0.02%

9,660 Westlake Chemical Corp

931,321 0.06% 1,783 Whirlpool Corp

203,904 0.01%

6,646 Whole Foods Market Inc

342,136 0.02% 24,051 Williams Cos

780,936 0.05%

42,669 Windstream Corp

328,978 0.02% 5,521 Wynn Resorts Ltd

706,688 0.05%

27,487 Xerox Corp

249,307 0.02% 33,593 Yahoo Inc

843,520 0.05%

15,498 Yum Brands Inc

1,074,631 0.07% 54,520 Zimmer Holdings Inc

4,085,729 0.27%

Total United States

862,714,143 55.03%

Total Equity

1,545,591,917 98.57%


1,545,591,917 98.57%



(1,027,960) (0.07%)

Net assets attributable to holders of redeemable participating shares 1,568,067,553 100.00%

Summary




official stock exchange listing or traded on regulated market 1,544,300,339 98.49%



1,291,578 0.08%



- 0.00%


23,503,596 1.50%


(1,027,960) (0.07)%

Net assets attributable to holders of redeemable participating shares 1,568,067,553 100.00%


127

SCHEDULE OF INVESTMENTS OF SANLAM WORLD EQUITY TRACKER FUND as at 30 June 2013

Nominal Security


US$ Net Assets


Equity - 98.77%

Australia - 3.29% 8,100 Amcor Ltd

75,166 0.03%

31,411 AMP Ltd

122,171 0.04% 20,837 Australia and New Zealand Banking Group Ltd

545,000 0.19%


1,113,410 0.39% 32,507 Brambles Ltd

277,858 0.10%

16,318 Commonwealth Bank of Australia

1,033,110 0.36% 6,909 Crown Ltd

76,570 0.03%

5,710 CSL Ltd

321,792 0.11% 174,101 Dexus Property Group

170,484 0.06%

26,773 Echo Entertainment Group Ltd

74,975 0.03% 40,665 Insurance Australia Group

202,450 0.07%

26,597 Lend Lease Corp

203,244 0.07% 5,466 Macquarie Group Ltd

209,446 0.07%

66,645 Mirvac Group

97,891 0.03% 26,415 National Australia Bank Ltd

717,486 0.25%

11,624 Newcrest Mining Ltd

104,996 0.04% 8,277 Orica Ltd

156,420 0.05%

7,891 Origin Energy Ltd

90,775 0.03% 11,117 Q.B.E. Insurance Group

153,524 0.05%

5,430 Rio Tinto Ltd

260,244 0.09% 17,817 Santos Ltd

204,308 0.07%

5,029 Sonic Healthcare Ltd

68,161 0.02% 16,356 Suncorp Group Ltd

178,424 0.06%

35,892 Tabcorp Hldgs Ltd

100,184 0.03% 39,612 Telstra Corp

172,920 0.06%

11,657 Toll Holdings Ltd

56,754 0.02% 19,534 Transurban Group

120,847 0.04%

13,207 Wesfarmers Ltd

478,628 0.17% 29,361 Westfield Group

307,394 0.11%

63,870 Westfield Retail Trust

181,200 0.06% 32,098 Westpac Banking Corp Ltd

848,348 0.30%

7,717 Woodside Petroleum Ltd

247,252 0.09% 15,568 Woolworths Ltd

467,453 0.17%

Total Australia

9,438,885 3.29%

Austria - 0.13% 4,472 Erste Group Bank AG

119,213 0.04%

3,650 OMV AG

164,658 0.06% 4,185 Verbund AG

79,380 0.03%

Total Austria

363,251 0.13%

Belgium - 0.38% 670 Ageas

23,496 0.01%

8,180 Anheuser-Busch InBev NV

727,288 0.25% 1,072 Delhaize Group

66,185 0.02%

3,512 Groupe Bruxelles Lambert SA

263,948 0.09% 100 KBC Bankverzekeringsholding

3,719 0.01%

Total Belgium

1,084,636 0.38%


128

SCHEDULE OF INVESTMENTS OF SANLAM WORLD EQUITY TRACKER FUND (CONTINUED) as at 30 June 2013

Nominal Security


US$ Net Assets

Bermuda - 0.3% 1,657 Bunge Ltd

117,266 0.04%

10,490 Invesco Ltd

333,582 0.12% 12,907 Marvell Technology Group Ltd

151,141 0.05%

2,659 Nabors Industries Ltd

40,709 0.01% 5,700 Seadrill Ltd

228,832 0.08%

Total Bermuda

871,530 0.30%


35,381 0.01%

2,900 Agrium Inc

250,661 0.09% 7,674 Bank of Montreal

443,752 0.15%


512,796 0.18% 12,600 Barrick Gold Corp

198,275 0.07%

8,678 Brookfield Asset Management Inc

310,957 0.11% 6,232 Cameco Corp

128,255 0.04%


371,679 0.13% 3,840 Canadian National Railway Co

372,752 0.13%

12,126 Canadian Natural Resources Ltd

340,825 0.12% 8,800 Canadian Oil Sands Ltd

162,419 0.06%

3,653 Canadian Pacific Railway Ltd

441,622 0.15% 11,722 Cenovus Energy Inc

333,359 0.12%

9,400 Crescent Point Energy Corp

317,848 0.11% 12,590 Enbridge Inc

527,637 0.18%

8,368 Encana Corp

141,119 0.05% 4,237 Enerplus Corp

62,416 0.02%

7,765 Fortis Inc

236,947 0.08% 10,205 Goldcorp Inc

252,682 0.09%


82,395 0.03% 5,527 Imperial Oil Ltd

210,360 0.07%

5,576 ING Canada Inc

313,184 0.11% 13,629 Kinross Gold Corp

69,637 0.02%

1,255 Loblaw Companies Ltd

56,570 0.02% 1,591 Magna International Inc

112,904 0.04%


446,779 0.16% 3,245 Metro Inc

216,805 0.08%

3,546 National Bank Of Canada


257,971 0.09%

4,450 Research In Motion Ltd (RIM)


334,396 0.12%

13,391 Royal Bank of Canada

777,894 0.27% 11,695 Shaw Communications Inc

279,820 0.10%

5,711 Shoppers Drug Mart Corp

262,677 0.09% 6,475 Silver Wheaton Corp

126,505 0.04%

7,061 Sun Life Financial Inc

208,503 0.07% 18,709 Suncor Energy Inc

549,795 0.19%

675 Talisman Energy Inc

7,678 0.00% 9,564 Teck Resources Ltd

203,719 0.07%

7,952 Telus Corp

231,421 0.08% 5,107 Thomson Reuters Corp

166,151 0.06%

320 Tim Hortons Inc

17,254 0.01% 10,439 Toronto-Dominion Bank

835,892 0.29%

5,543 Transcanada Corp

237,925 0.08% 10,286 Turquoise Hill Resources Ltd

60,844 0.02%



11,914,667 4.15%


129


Nominal Security


US$ Net Assets

Cayman Islands - 0.09% 5,913 Seagate Technology PLC

265,080 0.09%


265,080 0.09%

Denmark - 0.59% 20 AP Moller - Maersk A/S

143,056 0.05%

4,250 Coloplast A/S

237,996 0.08% 13,401 Danske Bank A/S

228,893 0.08%

4,631 Novo-Nordisk A/S

720,769 0.25% 5,375 Novozymes AS B Shares

171,810 0.06%

2,161 William Demant Holding A/S

178,489 0.07% Total Denmark

1,681,013 0.59%

Finland - 0.27% 10,321 Elisa Corp

201,402 0.07%

6,286 Fortum OYJ

117,679 0.04% 1,051 Kesko OYJ

29,185 0.01%

4,551 Metso OYJ

154,540 0.05% 59,719 Nokia OYJ

220,957 0.08%

4,301 Upm-Kymmene OYJ

42,104 0.02% Total Finland

765,867 0.27%

France - 3.82% 2,703 Accor SA

95,002 0.03%

3,596 Air Liquide

443,516 0.15% 3,222 Alstom India Ltd

105,389 0.04%

2,918 AtoS SA

216,308 0.08% 14,770 AXA SA

289,851 0.10%

9,838 BNP Paribas

536,857 0.19% 3,160 Bouygues SA

80,561 0.03%

3,174 Cap Gemini SA

154,120 0.05% 7,206 Carrefour SA

197,950 0.07%

843 Casino Guichard Perrachon SA

78,875 0.03% 3,571 Cie Generale D'Optique Essilor International SA

379,477 0.13%

5,386 Compagnie De Saint-Gobain SA

217,765 0.08% 23,919 Credit Agricole SA

205,327 0.07%

6,258 Danone

469,106 0.16% 6,403 Edenred

195,619 0.07%

1,828 Electricite De France SA

42,385 0.01% 6,029 European Aeronautic Defense and Space Co

321,868 0.11%

17,809 France Telecom SA

168,273 0.06% 14,646 Gdf Suez

286,465 0.10%

1,586 Lafarge SA

97,403 0.03% 3,159 L'OREAL SA

518,492 0.18%


356,246 0.12% 2,993 Michelin

267,316 0.09%

10,253 National Societe Generale Bank SAE

351,897 0.12% 3,412 Pernod-Ricard SA

377,884 0.13%

833 Pinault-Printemps-Redoute SA

169,102 0.06% 3,372 Renault SA

226,641 0.08%

13,084 Sanofi-Aventis SA

1,354,327 0.48% 6,826 Schneider Electric SA

494,557 0.17%

617 Sodexo

51,336 0.02% 6,119 Stmicroelectronic NV

55,057 0.02%

1,827 Suez Environment SA

23,571 0.01% 1,146 Technip SA

116,224 0.04%

20,959 Total SA

1,021,928 0.36%


130


Nominal Security


US$ Net Assets

France - 3.82% (continued) 1,640 Unibail-Rodamco SE

381,643 0.13%

1,808 Vallourec SA

91,375 0.03% 3,690 Veolia Environnement

41,932 0.01%

3,442 Vinci SA

172,525 0.06% 17,216 Vivendi SA

325,653 0.12%

Total France

10,979,823 3.82%


310,100 0.11%

5,327 Allianz SE

777,374 0.27% 9,820 Basf SE

876,166 0.31%

9,778 Bayer AG

1,041,487 0.36% 4,834 Bayerische Motoren Werke AG

422,711 0.15%

4,652 Commerzbank AG

40,508 0.01% 8,115 Daimler AG

490,413 0.17%

9,328 Deutsche Bank AG

392,050 0.14% 484 Deutsche Boerse AG

31,820 0.01%

17,807 Deutsche Post AG

442,050 0.15% 33,390 Deutsche Telekom AG

389,116 0.14%

12,725 E.ON AG

208,609 0.07% 5,800 Henkel AG & Co KGAA

453,790 0.16%

2,302 K+S AG

85,008 0.03% 3,432 Linde AG

639,596 0.22%

1,000 MAN SE

109,074 0.04% 415 Merck KGAA

63,151 0.02%

618 Metro AG


443,208 0.15%

2,046 Porsche AG

158,852 0.06% 3,065 RWE AG

97,704 0.03%

10,024 SAP AG

733,165 0.26% 7,775 Siemens AG

784,879 0.26%

7,649 ThyssenKrupp AG

150,106 0.05% 1,780 Volkswagen AG

359,633 0.13%

Total Germany

9,520,073 3.31%

Great Britain - 8.78% 8,884 3I Group PLC

45,491 0.02%

7,654 Aggreko PLC

190,624 0.07% 13,939 Anglo American PLC

267,659 0.09%

3,333 Aon PLC

214,479 0.07% 13,175 Astrazeneca PLC

622,480 0.22%

34,581 Aviva PLC

178,124 0.06% 121,370 Barclays PLC

512,596 0.18%

30,405 BG Group Plc

515,820 0.18% 25,371 Bhp Billiton Plc

647,263 0.23%

203,582 BP Plc

1,405,744 0.49% 19,055 British Aerospace PLC

110,694 0.04%

20,895 British American Tobacco PLC

1,067,252 0.37% 15,695 British Land Co PLC

134,858 0.05%

14,902 British Sky Broadcast Group PLC

179,014 0.06% 76,664 BT Group PLC

359,541 0.13%

12,306 Capita Group PLC

180,306 0.06% 69,759 Centrica PLC

381,119 0.13%

31,057 Compass Group Plc

395,691 0.14%


131


Nominal Security


US$ Net Assets

Great Britain - 8.78% (continued) 28,757 Diageo PLC

820,008 0.29% 11,335 Experian Group Ltd

196,510 0.07%

144,000 Genting Singapore PLC

149,870 0.05% 48,936 GlaxoSmithKline PLC

1,223,214 0.43%


1,871,005 0.65% 9,736 Imperial Tobacco Group PLC

336,692 0.12%

7,161 Intercontinental Hotels Group PLC

196,376 0.07% 12,550 Invensys PLC

78,540 0.03%

42,419 Kingfisher PLC

220,684 0.08% 22,198 Land Securities Group PLC

297,634 0.10%

95,604 Legal & General Group PLC

248,544 0.09% 3,823 Liberty Global PLC

283,208 0.10%

519 Liberty Global PLC - Series C

35,235 0.01% 585,815 Lloyd Banking Group PLC

561,202 0.20%

1,964 London Stock Exchange Group

39,828 0.01% 1,200 Mead Johnson Nutrition Co

95,076 0.03%

30,399 National Grid PLC

343,966 0.12% 2,449 Next PLC

169,309 0.06%

87,320 Old Mutual PLC

239,325 0.08% 14,936 Pearson PLC

265,282 0.09%

30,660 Prudential Corp

499,917 0.17% 9,693 Reckitt Benckiser Group PLC

683,347 0.24%

31,475 Reed Elsevier PLC

356,618 0.12% 14,769 Rio Tinto PLC

601,020 0.21%

3,576,069 Rolls-Royce Holdings PLC

5,424 0.00% 30,051 Rolls-Royce Holdings PLC

516,879 0.18%

14,230 Royal Bank of Scotland Group

59,031 0.02% 38,944 Royal Dutch Shell PLC - Class A

1,240,443 0.43%

29,482 Royal Dutch Shell PLC - Class B

973,045 0.34% 12,286 Sabmiller PLC

587,466 0.20%

7,285 Scottish & Southern Energy PLC

168,285 0.06% 8,600 Shire PLC

271,970 0.09%

23,313 Smith & Nephew PLC

259,898 0.09% 13,456 Smiths Group PLC

266,957 0.09%


590,453 0.21% 83,878 Tesco PLC

421,616 0.15%

15,608 Tullow Oil PLC

236,973 0.08% 12,470 Unilever PLC

503,491 0.18%

20,605 United Utilities Group PLC

213,769 0.07% 536,419 Vodafone Group PLC

1,528,382 0.52%

40,267 WM Morrison Supermarkets


25,225,142 8.78%

Greece - 0.01% 4,037 OPAP SA

33,747 0.01%

Total Greece

33,747 0.01%


132


Nominal Security


US$ Net Assets

Hong Kong - 1.01% 144,625 AIA Group Ltd

612,533 0.21%

18,601 Bank of East Asia Ltd

67,030 0.02% 46,100 Boc Hong Kong Holdings Ltd

141,756 0.05%

29,300 Cheung Kong Holdings Ltd

397,406 0.14% 25,100 CLP Holdings Ltd

203,067 0.07%

6,700 Hang Seng Bank Ltd

99,081 0.03% 48,535 Hong Kong & China Gas Co Ltd

118,644 0.04%

19,059 Hong Kong Exchanges and Clearing Ltd

287,745 0.11% 35,400 Hutchison Whampoa Ltd

372,202 0.13%

12,000 Power Assets Holdings Ltd

103,504 0.04% 25,242 Sun Hung Kai Properties Ltd

325,768 0.11%

14,500 Swire Pacific Ltd


2,904,278 1.01%


538,117 0.19%

4,590 Covidien PLC

288,436 0.10% 9,643 CRH PLC

194,941 0.07%

4,734 Eaton Corp PLC

311,545 0.10% 4,073 Ingersoll-Rand PLC

226,132 0.08%

Total Ireland

1,559,171 0.54%

Israel - 0.24% 59,290 Bank Leumi Le-Israel BM

196,678 0.07%

12,775 Teva Pharmaceutical Industries Ltd

496,391 0.17% Total Israel

693,069 0.24%


144,424 0.05%

12,840 Atlantia SpA

209,159 0.07% 77,468 Enel SpA

242,717 0.08%

32,878 ENI-Ente Nazionale Idrocarburi SpA

674,486 0.24% 11,432 Fiat Industrial SpA

127,295 0.04%

12,300 Fiat SpA

85,870 0.03% 4,512 Finmeccanica SpA

22,572 0.01%

93,023 Intesa Sanpaolo SpA

148,871 0.05% 6,966 Mediobanca SpA

36,225 0.01%

5,777 SAIPEM SpA

93,805 0.03% 42,534 Telecom Italia RNC

23,612 0.01%

149,419 Telecom Italia SpA

103,731 0.04% 40,089 Unicredit SpA

187,520 0.07%

9,524 Unione Di Banche Italiane SCPA


2,134,733 0.74%

Japan - 9.01% 5,900 Aeon Co Ltd

77,336 0.03%

4,900 Aisin Seiki Co Ltd

187,209 0.07% 18,000 Ajinomoto Co Inc

263,848 0.09%

6,000 Asahi Chemical Industry and Co Ltd

39,625 0.01% 1,800 Asahi Glass Co Ltd

11,706 0.00%

6,600 Astellas Pharma Inc

358,140 0.12% 22,000 Bank of Yokohama Ltd

113,400 0.04%

6,680 Bridgestone Corp

227,307 0.08% 9,963 Canon Inc

324,477 0.11%

1,700 Central Japan Railway Co

207,601 0.07%


133


Nominal Security


US$ Net Assets

Japan - 9.01% (continued) 3,350 Chiba Bank

22,799 0.01%

11,400 Chubu Electric Power Co Inc

161,365 0.06% 39,390 Chuo Mitsui Trust Holdings Inc

183,606 0.06%

3,100 Credit Saison Co Ltd

77,679 0.03% 9,000 Dai Nippon Printing Co Ltd

82,181 0.03%

12,800 Daiichi Sankyo Co

213,398 0.07% 2,000 Daito Trust & Construction Co Ltd

188,261 0.07%

15,000 Daiwa Securities Group Inc

125,793 0.04% 4,730 Denso Corp

222,143 0.08%

3,600 East Japan Railway Co

279,432 0.10% 5,200 Eisai Co Ltd

211,759 0.07%

2,200 Fanuc Ltd

318,494 0.11% 5,000 Fuji Photo Film Co

109,987 0.04%

24,000 Fujitsu Ltd

99,064 0.03% 68,000 Hitachi Ltd

436,082 0.15%

5,500 Hokkaido Electric Power Co Inc

75,083 0.03% 16,500 Honda Motor Co

612,126 0.21%

8,100 Hoya Pentax HD Corp

167,088 0.06% 15,880 Isetan Mitsukoshi Holdings

210,550 0.07%

25,200 Itochu Corp

290,486 0.10% 6,000 Japan Steel Works Ltd

32,981 0.01%

11,400 Japan Tobacco Inc

402,265 0.14% 8,600 JFE Holdings Inc

188,485 0.07%

14,430 Joyo Bank Ltd

78,883 0.03% 48,340 JX Holdings Inc

234,084 0.08%

20,700 Kamigumi Co

166,509 0.06% 11,100 Kansai Electric Power Co

151,867 0.05%

4,000 Kansai Paint Co Ltd

50,982 0.02% 5,751 Kao Corp

195,405 0.07%

5,000 KDDI Corp

259,740 0.09% 24,891 Keikyu Corp

213,502 0.07%

29,000 Keisei Electric Railway Co

271,227 0.09% 584 Keyence Corp

186,083 0.06%

61,000 Kinki Nippon Railway Co Ltd

267,754 0.09% 7,000 Kirin Holdings Company Ltd

109,514 0.04%

33,000 Kobe Steel Ltd

40,864 0.01% 5,500 Komatsu Ltd

126,966 0.04%

6,500 Konica Minolta holdings Inc

49,013 0.02% 25,000 Kubota Corp

364,442 0.13%

7,800 Kurita Water Industries Ltd

164,983 0.06% 2,600 Kyocera Corp

264,371 0.09%

23,000 Marubeni Corp

153,519 0.05% 22,000 Mitsubishi Chemical Holdings Corp

103,212 0.04%

16,300 Mitsubishi Corp

278,805 0.10% 22,500 Mitsubishi Electric Corp

210,435 0.07%

10,950 Mitsubishi Estate Co Ltd

291,140 0.10% 13,000 Mitsubishi Gas Chemical Co Inc

95,409 0.03%

39,700 Mitsubishi Heavy Industries Ltd

220,222 0.08% 12,200 Mitsubishi Tanabe Pharma Corp

157,827 0.05%

137,200 Mitsubishi UFJ Holdings Inc

845,328 0.29% 23,300 Mitsui & Co Ltd

292,276 0.10%

13,100 Mitsui Fudosan Co Ltd

384,705 0.13% 42,000 Mitsui OSK Lines Ltd

163,636 0.06%

283,800 Mizuho Financial Group Inc

588,571 0.20% 11,500 MS&AD Insurance Group Holdings

291,986 0.10%

4,500 Murata Manufacturing Co Ltd

342,042 0.12% 23,000 Nec Corp

50,247 0.02%


134


Nominal Security


US$ Net Assets

Japan - 9.01% (continued) 8,000 NGK Spark Plug Co Ltd

159,952 0.06%

1,800 Nidec Corp

125,400 0.04% 6,100 Nikon Corp

142,106 0.05%

1,600 Nintendo Co Ltd

188,463 0.07% 70,690 Nippon Steel Corp

190,727 0.07%

4,700 Nippon Telegraph & Telephone Corp


369,299 0.13%

1,200 Nitori Holdings Co Ltd

96,648 0.03% 3,400 Nitto Denko Corp

218,383 0.08%

5,250 NKSJ Holdings Inc


311,299 0.11%

63 NTT Mobile Communications

97,738 0.03% 20,720 Obayashi Corp

107,428 0.04%

2,800 Ono Pharmaceutical Co Ltd

189,711 0.07% 17,700 Orix Corp

241,453 0.08%

17,461 Panasonic Corp

140,103 0.05% 21,600 Resona Holdings Inc

105,032 0.04%

15,000 Ricoh Company Ltd

178,194 0.06% 3,300 Secom Co

179,402 0.06%

4,300 Sega Sammy Holdings Inc

107,489 0.04% 7,400 Seven & I Holdings

270,059 0.09%

28,000 Sharp Corp

112,755 0.04% 2,900 Shimano Inc

245,827 0.09%

5,200 Shin-Etsu Chemical Co

344,468 0.12% 4,000 Shionogi & Co Ltd

83,359 0.03%

4,000 Shiseido

59,479 0.02% 18,000 Shizuoka Bank Ord

193,718 0.07%

10,600 Softbank Corp

617,880 0.23% 11,670 Sony Corp

244,138 0.09%

50,000 Sumitomo Chemical Co

157,052 0.05% 16,000 Sumitomo Corp

199,255 0.07%

12,000 Sumitomo Electric Industries Ltd

143,280 0.05% 32,000 Sumitomo Heavy Industries Ltd

134,662 0.05%

14,100 Sumitomo Mitsui Financial Group Inc

645,877 0.22% 7,000 Sumitomo Realty & Development Co

278,717 0.10%

900 Suzuki Motor Corp

20,722 0.01% 10,600 T&D Holdings Inc

142,358 0.05%


407,273 0.14% 1,400 Terumo Corp

69,556 0.02%

11,000 Toho Co

226,135 0.08% 6,100 Tohoku Electric Power Co Inc

76,089 0.03%

2,200 Tokio Marine Holdings Inc

69,657 0.02% 24,600 Tokyo Electric Power Co Inc

127,049 0.04%

4,400 Tokyo Electron Ltd

222,370 0.08% 36,755 Tokyo Gas Co Ltd

202,776 0.07%

5,000 Tokyu Corp

32,669 0.01% 7,000 Tokyu Land Corp

64,130 0.02%

20,000 Toray Industries Inc

129,266 0.05% 17,800 Toshiba Corp

85,479 0.03%

29,466 Toyota Motor Co

1,776,919 0.63% 1,860 Toyota Tsusho Corp

47,881 0.02%

2,500 Trend Micro Inc

79,281 0.03% 2,500 West Japan Railway Co

105,960 0.04%

195 Yahoo Japan Corp

95,998 0.03% 3,150 Yamada Denki Co Ltd

127,643 0.04%

14,500 Yamaha Motor Co Ltd

187,582 0.07% 6,300 Yamato Holdings Co Ltd

132,622 0.05%

Total Japan

25,864,283 9.01%


135


Nominal Security


US$ Net Assets

Jersey - 0.3% 87,165 Glencore International PLC

359,805 0.13%

6,373 Wolseley PLC

293,179 0.10% 12,060 WPP PLC

205,238 0.07%

Total Jersey

858,222 0.30%

Luxembourg - 0.06% 15,285 Arcelormittal

170,376 0.06%

Total Luxembourg

170,376 0.06%


262,656 0.09%

15,280 Ahold (Kon)

227,154 0.08% 3,166 Akzo Nobel NV

178,283 0.06%


286,629 0.10% 9,421 De Master Blenders

150,648 0.05%

2,603 Heineken NV

165,649 0.06% 45,647 ING Groep NV

415,404 0.14%

10,011 Koninklijke Philips Electronics NV

272,595 0.09% 926 Randstad Holdings NV

37,921 0.01%

20,717 Reed Elsevier NV

344,745 0.13% 18,138 Royal KPN NV

37,658 0.01%


947,990 0.33% 933 TNT Express NV

6,989 0.00%

16,011 Unilever NV


3,964,082 1.38%

New Zealand - 0.02% 35,039 Telecom Corp of New Zealand

60,892 0.02%

Total New Zealand

60,892 0.02%

Norway - 0.32% 37,850 Norsk Hydro Asa

150,218 0.05%

25,818 Orkla ASA

210,342 0.07% 11,803 Statoil ASA

242,140 0.08%

15,861 Telenor ASA

312,664 0.12% Total Norway

915,364 0.32%

Portugal - 0.12% 84,304 Energias De Portugal SA

271,259 0.10%

18,142 Portugal Telecom SGPS SA

70,520 0.02% Total Portugal

341,779 0.12%

Singapore - 0.76% 50,850 CapitaLand Limited

123,487 0.04%

17,562 DBS Bank limited

214,627 0.07% 26,291 Flextronics International Ltd

203,492 0.07%

38,400 Keppel Corp Ltd

314,878 0.12% 50,408 Oversea-Chinese Bank Corp Ltd

397,445 0.14%

19,000 Singapore Press Holdings Ltd

62,469 0.02% 125,900 Singapore Telecommunications Ltd

374,236 0.13%

24,725 United Overseas Bank Ltd

387,163 0.13% 42,000 Wilmar International Ltd

104,312 0.04%

Total Singapore

2,182,109 0.76%


136


Nominal Security


US$ Net Assets

Spain - 1.02% 996 ACS Actividades De Construccion Y Servicios SA 26,350 0.01%

77,710 Banco Bilbao Viscaya Argentaria SA

651,119 0.23% 8,966 Banco Popular Espanol SA

27,451 0.01%


628,631 0.21% 3,256 Distribuidora Internacional de Alimentacion SA

24,594 0.01%

49,309 Iberdrola SA

260,007 0.09% 2,967 Inditex SA

365,822 0.13%

1,603 Red Electrica de Espana

88,048 0.03% 12,183 Repsol SA

256,743 0.09%


596,843 0.21% Total Spain

2,925,608 1.02%

Sweden - 1.36% 17,400 Atlas Copco AB

370,772 0.13%

8,120 Getinge AB

245,222 0.09% 12,816 Hennes & Mauritz AB

418,565 0.15%

5,870 Noble Corp

220,595 0.08% 25,892 Nordea Bank AB

287,757 0.09%

16,273 Sandvik AB

193,393 0.07% 20,140 Securitas AB

175,036 0.06%

33,600 Skandinaviska Enskilda Banken AB

319,151 0.11% 9,000 Skanska AB

148,435 0.05%

10,900 SKF AB

253,748 0.09% 7,969 Svenska Handelsbanken AB

317,891 0.10%

985 Swedish Match AB

34,753 0.01% 20,293 Telefonaktiebolaget LM Ericsson

228,388 0.08%

6,954 Teliasonera AB

45,062 0.02% 5,839 Tyco International Ltd

192,395 0.07%

19,966 Volvo AB

265,685 0.09% 13,790 Weatherford International Ltd

188,922 0.07%

Total Sweden

3,905,770 1.36%

Switzerland - 4.11% 27,023 ABB Ltd

585,755 0.20%

3,216 ACE Ltd


518,148 0.17%

14,318 Credit Suisse Group AG

379,059 0.13% 1,350 Geberit AG

334,290 0.12%

3,999 Holcim Ltd

278,307 0.10% 3,630 Julius Baer Group Ltd

141,525 0.05%

31,816 Nestle SA

2,083,070 0.73% 22,723 Novartis AG

1,611,407 0.56%

1,401 Pentair Ltd

80,824 0.03% 7,767 Roche Holdings AG

1,929,027 0.67%

2,451 Schindler Holding AG

340,892 0.12% 208 SGS SA

446,028 0.15%

698 Sonova Holdings AG

73,916 0.03% 587 Swatch Group AG

320,735 0.11%

5,591 Swiss RE AG

415,396 0.14% 466 Swisscom AG

203,696 0.07%

1,174 Syngenta AG

458,582 0.16% 4,744 TE Connectivity Ltd

216,042 0.08%

1,711 Transocean Ltd

82,205 0.03% 45,563 UBS AG

774,311 0.27%

957 Zurich Financial Services AG

247,795 0.09% Total Switzerland

11,808,778 4.11%


137


Nominal Security


US$ Net Assets

United States - 52.66% 6,498 3M Co

710,556 0.25%

16,105 Abbott Laboratoriess

561,742 0.20% 16,105 AbbVie Inc

665,781 0.23%

7,200 Activision Blizzard Inc

102,672 0.04% 6,716 Adobe Systems Inc

305,981 0.11%

2,919 ADT Corp

116,322 0.04% 11,910 AES Corp

142,801 0.05%

2,619 Aetna Inc

166,411 0.06% 6,821 Aflac Inc

396,437 0.14%

3,865 Agilent Technologies Inc

165,267 0.06% 2,142 Air Products & Chemicals Inc

196,143 0.07%

4,175 Alcoa Inc

32,649 0.01% 2,500 Allergan Inc

210,600 0.07%

5,200 Alliant Energy Corp

262,184 0.09% 5,561 Allstate Corp

267,595 0.09%

4,408 Altera Corp

145,420 0.05% 22,033 Altria Group Inc

770,935 0.27%

4,584 Amazon.Com Inc

1,272,931 0.44% 4,500 Amerada Hess Corp

299,205 0.10%

6,500 Ameren Corp

223,860 0.08% 7,049 American Electric Power Co Inc

315,654 0.11%

8,845 American Express Co

661,252 0.23% 7,721 American International Group Inc

345,129 0.12%

5,681 American Tower Corp

415,679 0.14% 4,632 Ameriprise Financial Inc

374,636 0.13%


197,080 0.07% 8,947 Amgen Corp

882,711 0.31%

4,404 Amphenol Corp

343,248 0.12% 6,193 Anadarko Petroleum Corp

532,164 0.19%

6,097 Analog Devices Inc

274,731 0.10% 6,600 Annaly Mortgage Management Inc

82,962 0.03%

4,474 Apache Corp

375,055 0.13% 9,861 Apple Inc

3,905,745 1.36%


265,854 0.09% 59,423 AT & T Inc

2,103,574 0.73%

5,981 Autodesk Inc

202,995 0.07% 4,651 Automatic Data Processing Inc

320,268 0.11%

601 Autozone Inc

254,638 0.09% 1,783 AvalonBay Communities Inc

240,545 0.08%

818 Avery Dennison Corp

34,978 0.01% 5,534 Avon Products Inc

116,380 0.04%

6,598 Baker Hughes Inc

304,366 0.11% 6,160 Ball Corp

255,886 0.09%


1,528,591 0.53% 15,354 Bank Of New York Mellon Corp

430,680 0.15%

2,000 Bard CR Inc

217,360 0.08% 7,040 Baxter International

487,661 0.17%

5,370 BB&T Corp

181,936 0.06% 1,890 Beam Inc

119,278 0.04%

991 Becton Dickinson & Co

97,941 0.03% 3,862 Bed Bath & Beyond Inc

273,816 0.10%


951,320 0.33% 3,812 Best Buy Co Inc

104,182 0.04%

3,251 Biogen Idec Inc

699,615 0.24% 4,615 BMC Software Inc

208,321 0.07%

8,561 Boeing Com

876,989 0.31%


138


Nominal Security


US$ Net Assets

United States - 52.66% (continued) 2,075 Boston Properties Inc

218,850 0.08% 18,228 Boston Scientific Corp

168,974 0.06%

16,567 Bristol-Myrs Squib Co

740,379 0.26% 9,055 Broadcom Corp

305,697 0.11%

3,900 C.H.Robinson Worldwide Inc

219,609 0.08% 5,629 CA Inc

161,158 0.06%

2,186 Cablevision Systems Corp

36,769 0.01% 2,020 Cameron International Corp

123,543 0.04%

4,100 Campbell Soup Co

183,639 0.06% 7,225 Capital One Financial Corp

453,802 0.16%

987 Cardinal Health Inc

46,586 0.02% 2,893 Carefusion Corp

106,607 0.04%

5,261 Carnival Corp

180,400 0.06% 6,443 Caterpillar Inc

531,483 0.19%

7,926 CBS Corp - Class B

387,344 0.13% 4,681 Celgene Corp

547,256 0.19%

12,204 Centerpoint Energy Inc

286,672 0.10% 9,132 CenturyLink Inc

322,816 0.11%



259,499 0.09%

20,283 Chevron Corp

2,400,290 0.84% 400 Chipotle Mexican Grill Inc

145,740 0.05%

3,179 Chubb Corp

269,102 0.09% 2,686 Cigna Corp

194,708 0.07%

2,219 Cincinnati Financial Corp


1,369,941 0.48%

28,562 Citigroup Inc

1,370,119 0.48% 22,490 Citizens Communications Co

91,085 0.03%


198,244 0.07% 1,435 Clorox Co

119,306 0.04%

2,235 CME Group Inc

169,815 0.06% 5,103 Coach Inc

291,330 0.10%

42,924 Coca-Cola Co

1,721,682 0.60% 4,836 Cognizant Tech Solutions Corp

302,782 0.11%


604,410 0.21% 15,922 Comcast Corp

631,626 0.22%

14,474 Comcast Corp

606,171 0.21% 1,799 Comerica Inc

71,654 0.02%

4,761 Computer Sciences Corp

208,389 0.07% 9,594 Conagra Foods Inc

335,118 0.12%

2,400 Concho Resources Inc

200,928 0.07% 11,420 Conocophillips

690,910 0.24%

5,647 Consol Energy Inc

153,034 0.05% 4,319 Consolidated Edison Inc

251,841 0.09%

3,999 Constellation Brands Inc

208,428 0.07% 7,323 Corning Inc

104,206 0.04%


481,975 0.17% 5,812 Crown Castle Intl Corp

420,731 0.15%

17,116 CSX Corp

396,920 0.14% 2,700 Cummins Inc

292,842 0.10%

14,628 CVS Caremark Corp

836,429 0.29% 7,392 Danaher Corp

467,914 0.16%

2,181 Darden Restuarants Inc

110,097 0.04% 5,374 Deere & Co

436,638 0.15%

21,175 Dell Inc

282,686 0.10% 3,508 Dentsply International Inc

143,688 0.05%


139


Nominal Security


US$ Net Assets

United States - 52.66% (continued) 2,050 Devon Energy Corp

106,354 0.04% 8,018 Directv

494,069 0.17%

5,568 Discover Financial Services

265,260 0.09% 3,200 Dominion Resources Inc

181,824 0.06%

1,964 Dover Corp

152,524 0.05% 13,039 Dow Chemical Co

419,465 0.15%

10,349 DR Horton Inc

220,227 0.08% 5,514 Dr Pepper Snapple Group

253,258 0.09%

3,965 DTE Energy Co

265,695 0.09% 8,121 Duke Energy Corp

548,168 0.19%

13,681 eBay Inc

707,581 0.25% 5,400 Ecolab Inc

460,026 0.16%

2,300 Edison International

110,768 0.04% 9,936 El Du Pont De Nemours & Co

521,640 0.18%

2,546 Electronic Arts Inc

58,482 0.02% 20,868 EMC Corp

492,902 0.17%

7,540 Emerson Electric Co

411,232 0.14% 1,743 Entergy Corp

121,452 0.04%

3,798 Eog Resources Inc

500,121 0.17% 4,020 Equifax Inc

236,899 0.08%


279,675 0.10% 3,990 Estee Lauder Cos Inc

262,422 0.09%

3,426 Exelon Corp

105,795 0.04% 2,246 Expeditors International of Washington

85,370 0.03%

9,768 Express Scripts Holdings Inc

602,588 0.21% 46,901 Exxon Corp

4,237,505 1.48%

2,944 Fastenal Co

134,982 0.05% 4,535 Fedex Corp

447,060 0.16%

10,970 Fidelity National Financial In

261,196 0.09% 6,537 Fidelity National Information Services Inc

280,045 0.10%

10,848 Fifth Third Bancorp

195,806 0.07% 5,615 FirstEnergy Corp

209,664 0.07%

1,300 Fiserv Inc

113,633 0.04% 3,928 Fluor Corp

232,970 0.08%

3,900 FMC Technologies Inc

217,152 0.08% 40,415 Ford Motor Co

625,220 0.22%

2,700 Forest Laboraties Inc

110,700 0.04% 2,340 Franklin Resources Inc

318,287 0.11%


275,990 0.10% 2,600 Gamestop Corp -Class A

109,278 0.04%

6,590 Gap Inc

275,001 0.10% 2,969 General Dynanics Corp

232,562 0.08%

107,294 General Electric Co

2,488,148 0.87% 12,717 General Growth Properties

252,687 0.09%

8,544 General Mills Inc

414,640 0.14% 12,000 General Motors Co

399,720 0.14%

18,772 Gilead Sciences Inc

961,314 0.33% 4,501 Goldman Sachs Group Inc

680,776 0.24%

2,785 Google Inc

2,451,830 0.85% 640 Grainger (W.W.) Inc.

161,395 0.06%

1,600 Green Mountain Coffee Roasters Inc

120,096 0.04% 2,659 H&R Block Inc

73,787 0.03%

12,420 Halliburton Co


274,100 0.10%

3,309 Hartford Financial Services Group Inc

102,314 0.04% 9,600 HCP INC

436,224 0.15%


140


Nominal Security


US$ Net Assets

United States - 52.66% (continued) 1,030 Hershey Foods Corp

91,958 0.03% 18,161 Hewlett Packard Co

450,393 0.16%

14,486 Home Depot

1,122,230 0.39% 8,647 Honeywell International Inc

686,053 0.24%

1,456 Hospira Inc

55,779 0.02% 13,649 Host Hotels & Resorts Inc

230,259 0.08%

200 Hudson City Bancorp Inc

1,835 0.00% 400 Humana Inc

33,752 0.01%


319,289 0.11% 3,495 Illumina Inc

261,566 0.09%

46,507 Intel Corp

1,126,400 0.39% 10,494 International Business Machine

2,005,508 0.70%

1,248 International Flavors & Fragrances Inc

93,800 0.03% 1,166 International Game Technology

19,484 0.01%

7,356 International Paper Co

325,944 0.11% 5,722 Intuit Inc

349,214 0.12%

400 Intuitive Surgical Inc

202,632 0.07% 2,700 Jacobs Engineering Group Inc

148,851 0.05%

3,237 JC Penney Company Inc

55,288 0.02% 27,811 Johnson & Johnson

2,387,852 0.83%


246,092 0.09% 38,456 JP Morgan Chase & Co

2,030,092 0.71%

6,342 Juniper Networks Inc

122,464 0.04% 3,520 Kellogg Co

226,090 0.08%

16,024 Keycorp

176,905 0.06% 3,260 Kimberley Clark Corp

316,676 0.11%

7,700 Kimco Realty Corp

165,011 0.06% 5,184 Kinder Morgan Inc

197,770 0.07%

4,343 KLA-Tencor Corp

242,035 0.08% 3,068 Kohls Corp

154,965 0.05%

7,023 Kraft Foods Inc

392,375 0.14% 5,008 Kroger Co

172,976 0.06%

5,228 L Brands Inc

257,479 0.09% 1,365 L-3 Communication Holdings Inc

117,035 0.04%


98,213 0.03% 7,030 Las Vegas Sands Corp

372,098 0.13%

994 Legg Mason Inc

30,824 0.01% 4,200 Leucadia National Corp

110,124 0.04%

13,313 Liberty Media Corp

306,332 0.11% 2,854 Life Technologies Corp

211,225 0.07%

11,109 Lilly (Eli) & Co

545,674 0.19% 2,093 Lincoln National Corp

76,332 0.03%

6,800 Linear Technology Corp

250,512 0.09% 3,331 Lockheed Martin Corp

361,280 0.13%

3,200 Loews Corp

142,080 0.05% 6,900 Lorillard Inc

301,392 0.10%

13,039 Lowes Com

533,295 0.19% 647 M & T Bank Corp

72,302 0.03%

4,625 Macy's Inc

222,000 0.08% 990 Manpower Inc

54,252 0.02%

11,501 Marathon Oil Corp

397,705 0.14% 5,400 Marathon Petroleum Corp

383,724 0.13%

2,741 Marriott International Inc

110,654 0.04% 2,696 Marsh & McLennan Cos Inc

107,624 0.04%

5,064 Masco Corp

98,697 0.03% 1,240 Mastercard Inc - Class A

712,380 0.25%


141


Nominal Security


US$ Net Assets

United States - 52.66% (continued) 5,875 Mattel Inc

266,196 0.09% 9,486 McDonald's Corp

939,114 0.33%

2,776 McGraw-Hill Cos Inc

147,655 0.05% 2,700 Mckesson Corp

309,150 0.11%

2,197 Meadwestvaco Corp

74,940 0.03% 8,394 Medtronic Inc

432,039 0.15%

34,076 Merck & Co

1,582,830 0.55% 7,711 Metlife Inc

352,855 0.12%

5,806 Microchip Technology Inc

216,274 0.08% 5,663 Micron Technology Inc

81,151 0.03%


2,718,167 0.95% 1,533 Mohawk Industries Inc

172,447 0.06%

21,071 Mondelez International Inc

601,156 0.21% 5,406 Monsanto Co

534,113 0.19%

3,170 Moody's Corp

193,148 0.07% 15,633 Morgan Stanley & Co

381,914 0.13%


113,786 0.04% 3,900 Murphy Oil Corp

237,471 0.08%

3,214 National-Oilwell Inc

221,445 0.08% 3,960 Netapp Inc

149,609 0.05%

10,898 Newell Rubbermaid Inc

286,073 0.10% 8,088 Newmont Mining Corp

242,236 0.08%

13,500 News Corp - Class A

440,100 0.15% 7,780 News Corp - Class B

255,340 0.09%

4,866 NextEra Energy Inc

396,482 0.14% 9,982 Nike Inc

635,654 0.22%

6,800 Noble Energy Inc

408,272 0.14% 1,206 Norfolk Southern Corp

87,616 0.03%

970 Northern Trust Corp

56,163 0.02% 4,093 Northrop Grumman Corp

338,900 0.12%

2,800 NRG Energy Inc

74,760 0.03% 6,731 Nucor Corp

291,587 0.10%

12,710 Nvidia Corp

178,321 0.06% 4,415 NYSE Euronext

182,781 0.06%

6,757 Occidental Petroleum Corp

602,927 0.21% 1,622 Omnicom Group

101,975 0.04%

5,800 Oneok Inc

239,598 0.08% 38,576 Oracle Corp

1,185,055 0.41%

1,440 O'Reilly Automotive Inc

162,173 0.06% 6,644 Paccar Inc

356,517 0.12%

3,572 Pall Corp

237,288 0.08% 1,900 Parker Hannifin Corp

181,260 0.06%

1,582 Patterson Cos Inc

59,483 0.02% 6,048 Paychex Inc

220,873 0.08%

3,289 Peabody Energy Corp

48,151 0.02% 14,968 Pepsico Inc

1,224,233 0.43%

2,000 Perrigo Co

242,000 0.08% 81,427 Pfizer Inc

2,280,770 0.79%

5,619 PG&E Corp

256,957 0.09% 17,953 Philip Morris International Inc

1,555,089 0.54%

6,350 Phillips 66

374,079 0.13% 3,774 Pinnacle West Capital Corp

209,344 0.07%

6,214 PNC Financial Services Group Inc

453,125 0.16% 3,013 PPG Industries Inc

441,133 0.15%

7,637 PPL Corp

231,096 0.08% 2,506 Praxair Inc

288,591 0.10%


142


Nominal Security


US$ Net Assets

United States - 52.66% (continued) 2,200 Precision Castparts Corp

497,222 0.17% 735 Priceline.com Inc

607,941 0.21%

7,500 Principal Financial Group Inc

280,875 0.10% 26,490 Procter & Gamble Co

2,039,465 0.71%

13,113 Progressive Corp

333,332 0.12% 7,038 Prologis Inc

265,473 0.09%

2,827 Prudential Financial Inc

206,456 0.07% 2,634 Public Service Enterprise Group

86,026 0.03%

1,805 Public Storage Inc

276,761 0.10% 1,988 QEP Resources Inc

55,227 0.02%

17,998 Qualcomm Inc

1,099,498 0.38% 2,090 Quest Diagnostics Inc

126,717 0.04%

29,987 Regions Financial Corp

285,776 0.10% 6,687 Republic Serv Inc

226,957 0.08%

6,045 Robert Half International Inc

200,875 0.07% 1,519 Rockwell Collins

96,320 0.03%

2,042 Rockwell International Corp

169,772 0.06% 1,670 Roper Industries Inc

207,447 0.07%

2,178 Safeway Stores Inc

51,531 0.02% 10,060 Salesforce.Com Inc

384,091 0.13%

4,713 Sandisk Corp

287,964 0.10% 1,915 Sealed Air Corp

45,864 0.02%

684 Sears Holdings Corp

28,783 0.01% 2,868 Sempra Energy

234,488 0.08%

1,234 Sherwin-Williams Co

217,924 0.08% 3,836 Simon Property Group Inc

605,781 0.21%

9,891 SLM Corp

226,108 0.08% 1,640 Southern Co

72,373 0.03%


273,975 0.10% 9,197 Spectra Energy Corp

316,929 0.11%

37,630 Sprint Corp

264,163 0.09% 723 SPX Corp

52,042 0.02%

3,360 ST Jude Medical Inc.

153,317 0.05% 2,872 Stanley Black & Decker Inc

222,006 0.08%

8,947 Staples Inc

141,899 0.05% 7,363 Starbucks Corp

482,203 0.16%



242,842 0.08%

3,008 Stryker Corp

194,557 0.07% 10,823 Suntrust Banks Inc

341,682 0.12%

6,030 Symantec Corp

135,494 0.05% 8,800 Sysco Corp

300,608 0.10%

4,616 T Rowe Price Group Inc

337,660 0.12% 6,653 Target Corp

458,126 0.15%


277,112 0.10% 5,219 Textron Inc

135,955 0.05%

5,000 The Mosiac Co

269,050 0.09% 4,894 Thermo Fisher Scientific Inc

414,179 0.14%

2,429 Time Warner Cable Inc

273,214 0.10% 9,977 Time Warner Inc

576,870 0.20%

9,636 TJX Cos Inc

482,378 0.17% 4,615 Travelers Cos Inc

368,831 0.13%

1,932 Ultra Petroleum Corp

38,292 0.01% 5,264 Union Pacific Corp

812,130 0.27%

11,631 United Healthcare Corp

761,598 0.26% 7,008 United Parcel Service Inc

606,052 0.21%


143


Nominal Security


US$ Net Assets

United States - 52.66% (continued) 7,645 United Technologies Corp

710,526 0.24%

3,968 Unum Group

116,540 0.04% 12,337 US Bancorp

445,983 0.15%

3,538 USD Waste Services

142,688 0.05% 6,438 Valero Energy Corp

223,849 0.08%

3,112 Varian Medical Systems Inc

209,904 0.07% 6,505 Ventas Inc

451,837 0.16%

222 VeriSign Inc


1,513,069 0.52%

1,400 VF Corp

270,284 0.09% 6,630 Viacom Inc - Class B

451,172 0.16%

5,810 Visa INC - Class A Shares

1,061,778 0.36% 240 Vornado Realty Trust

19,884 0.01%

981 Vulcan Materials Co

47,490 0.02% 11,189 Walgreen Co

494,554 0.17%


1,156,085 0.40% 17,972 Walt Disney Co

1,134,932 0.40%

1,208 Waters Corp

120,860 0.04% 4,580 Wellpoint Inc

374,827 0.13%

50,546 Wells Fargo & Co

2,086,033 0.72% 6,995 Western Union Co

119,684 0.04%

10,978 Weyerhaeuser Co

312,763 0.11% 659 Whirlpool Corp

75,363 0.03%


306,306 0.11% 11,504 Williams Cos Inc

373,535 0.13%

5,400 WR Berkley Corp

220,644 0.08% 3,200 Xcel Energy Inc

90,688 0.03%

15,541 Xerox Corp

140,957 0.05% 4,547 Xilinx Inc

180,107 0.06%

4,849 Xylem Inc

130,632 0.05% 17,831 Yahoo Inc

447,736 0.16%

6,290 Yum Brands Inc

436,149 0.15% 2,784 Zimmer Holdings Inc

208,632 0.07%

Total United States

151,242,448 52.66%

Total Equity

283,674,676 98.77%


144


Nominal Security


US$ Net Assets

Exchange Traded Funds - 0.88% 4,057 Ishares MSCI Canada Index Fund

106,091 0.04%

8,614 Ishares S&P 500 Index Fund

1,386,596 0.48% 17,866 Ishares MSCI EAFE Index Fund

1,025,150 0.36%

Total Exchange Traded Funds

2,517,837 0.88%

Rights - 0%

12,183 Repsol SA

A 6,779 0.00% 833 Groupe FNAC RTS

A 2,169 0.00%

Total Rights

8,948 0.00%


286,201,461 99.65%



(330,903) (0.12%)


Summary


Fair Value % of

Net Assets


official stock exchange listing or traded on regulated market

286,192,513 99.65%



8,948 0.00%



- 0.00%


1,342,658 0.47%


(330,903) (0.12)%



145

SCHEDULE OF INVESTMENTS OF SIIP INDIA OPPORTUNITIES FUND as at 30 June 2013

Nominal Security



Equity - %

India - 98.1% 10,596 Axis Bank Ltd

235,364 1.47%

20,630 Bank of Baroda

198,537 1.24% 11,150 Bata India Ltd

156,083 0.97%

50,840 Berger Paints India Ltd

195,571 1.22% 27,850 Bharat Petroleum Corp Ltd

171,297 1.07%

82,403 Bharti Airtel Ltd

402,968 2.51% 16,250 Cadila Healthcare Ltd

211,038 1.31%

40,518 Coal India Ltd

205,476 1.28% 103,260 Dabur India Ltd

268,968 1.68%

6,338 Dr Reddy's Laboratories Ltd

235,720 1.47% 4,456 Eicher Motors Ltd

244,751 1.53%

31,326 Emami Ltd

252,194 1.57% 668,104 GMR Infrastructure Ltd

197,094 1.23%

9,500 Godrej Consumer Products Ltd

130,398 0.81% 161,673 Gujarat Pipavav Port Inc

127,366 0.79%

46,943 Hathway Cable and Datacom Ltd

217,955 1.36% 16,215 HCL Technololgies Ltd

210,909 1.31%

70,245 HDFC Bank Ltd

788,284 4.91% 44,410 Hindustan Petroluem Corp Ltd

188,404 1.17%

41,356 Housing Development Finance Corp Ltd

609,353 3.80% 45,082 ICICI Bank Ltd

809,111 5.04%

65,152 IL&FS Transportation Networks Ltd

159,331 0.99% 34,017 Info Edge India Ltd

168,374 1.05%

12,251 Infosys Ltd

513,131 3.20% 23,314 ING Vysya Bank Ltd

236,872 1.48%

149,707 ITC Ltd

813,903 5.07% 210,750 Jaiprakash Associates Ltd

189,343 1.18%

79,123 Jyothy Laboratories Ltd

238,854 1.49% 89,555 Karnataka Bank Ltd

168,197 1.05%

278,971 KEC International Ltd

150,334 0.94% 21,706 Larsen & Toubro Ltd

512,234 3.19%

13,720 Lupin Ltd

179,710 1.12% 27,500 Mahindra & Mahindra Financial Services Ltd

120,353 0.75%

59,501 Max India Ltd

199,467 1.24% 99,322 NMDC Ltd

175,553 1.09%

42,544 Oil & Natural Gas Corp Ltd

236,110 1.47% 17,820 Oil India Ltd

171,614 1.07%

4,272 Oracle Financial Services Software Ltd

193,264 1.20% 100,185 PI Industries Ltd

216,457 1.35%

70,919 Reliance Industries Ltd

1,025,389 6.39% 13,950 Shriram Transport Finance Co. Ltd

165,653 1.03%

34,030 Sobha Developers Ltd

200,239 1.25% 8,020 Solar Industries India Ltd

124,797 0.78%

6,349 State Bank of India

207,923 1.30% 9,190 Sun Pharmaceutical Industries Ltd

155,819 0.97%

46,000 Tata Chemicals Ltd

217,085 1.35% 22,850 Tata Consultancy Services Ltd

581,457 3.62%

75,000 Tata Global Beverages Ltd

168,957 1.05% 143,536 Tata Power Company Ltd

207,629 1.29%

12,015 Tech Mahindra Ltd

213,434 1.33% 22,783 Thermax India Ltd

228,441 1.42%

10,000 Torrent Pharmaceuticals Ltd

137,823 0.86%


146

SCHEDULE OF INVESTMENTS OF SIIP INDIA OPPORTUNITIES FUND (CONTINUED) as at 30 June 2013

Nominal Security


India - 98.1% (continued)

6,870 Ultratech Cement Ltd

216,141 1.35% 56,309 Union Bank of India

175,883 1.10%

5,130 United Spirits Ltd

186,403 1.16% 6,099 VST Industries Ltd

163,097 1.02%

26,177 Yes Bank Ltd

202,317 1.26% 58,564 Zee Entertainment Enterprises Ltd

231,714 1.44%

21,855 Zydus Wellness Ltd

234,156 1.46% Total

15,744,299 98.10%

Total Equity

15,744,299 98.10%


15,744,299 98.10%



34,773 0.22%


Summary


Fair Value % of

Net Assets





- 0.00%



- 0.00%


270,163 1.68%


34,773 0.22%



147

SCHEDULE OF INVESTMENTS OF SIM GLOBAL EQUITY INCOME FUND as at 30 June 2013

Nominal Security



Equity - 96.3%

Australia - 2.03% 107,762 Tattersall's Ltd

312,625 2.03%

Total Australia

312,625 2.03%

Bermuda - 2.49% 50,727 Catlin Group Ltd

384,088 2.49%

Total Bermuda

384,088 2.49%

Finland - 2.13% 8,075 Nokia Renkaat OYJ

328,690 2.13%

Total Finland

328,690 2.13%

France - 8.93% 5,283 Sanofi SA

546,844 3.55% 8,388 Total SA

408,986 2.65%

13,740 Scor SE

421,113 2.73% Total France

1,376,943 8.93%

Great Britain - 41.86% 27,815 Bhp Billiton Plc

709,614 4.60%

20,830 Imperial Tobacco GroupPlc

720,346 4.67% 187,220 Legal & General Group Plc

486,721 3.16%

58,424 BP Plc

403,421 2.62% 113,302 Tesco Plc

569,517 3.69%

17,186 GlaxoSmithKline Plc

429,585 2.79%

8,007 Astrazeneca Plc

378,307 2.45%

84,529 Sainsbury Plc

455,531 2.95% 60,035 IG Group Holdings Plc

528,140 3.43%

12,531 Royal Dutch Shell Plc

399,861 2.59% 199,485 Vodafone Group Plc

568,379 3.69%

62,552 Amlin Plc

373,149 2.42% 40,093 Micro Focus International Plc

431,761 2.80%

Total Great Britain

6,454,332 41.86%

Israel - 5.01% 78,125 Israel Chemicals Ltd

772,325 5.01%

Total Israel

772,325 5.01%

Netherlands - 2.99% 30,987 Koninklijke Ahold NV

460,656 2.99%

Total Netherlands

460,656 2.99%

Singapore - 5.3% 274,923 Singapore Telecommunications Ltd

817,204 5.30%

Total Singapore

817,204 5.30%

Switzerland - 5.18% 6,811 Novartis AG

483,004 3.13%

1,272 Roche Holding AG

315,916 2.05% Total Switzerland

798,920 5.18%


148

SCHEDULE OF INVESTMENTS OF SIM GLOBAL EQUITY INCOME FUND (CONTINUED) as at 30 June 2013

Nominal Security


United States - 20.38% 18,115 Reynolds American Inc

876,224 5.68%

12,493 Lexmark International Inc

381,911 2.48% 6,128 Eli Lilly & Co

301,007 1.95%


460,196 2.98% 12,978 Philip Morris International Inc

1,124,155 7.29%

Total United States

3,143,493 20.38%

Total Equity

14,849,276 96.30%


14,849,276 96.30%



53,497 0.35%


Summary


Fair Value % of

Net Assets





- 0.00%



- 0.00%


516,957 3.35%


53,497 0.35%



149

SCHEDULE OF INVESTMENTS OF SPI STRATEGIC INVESTMENT GRADE BOND FUND as at 30 June 2013

Nominal Security Classification Coupon Maturity Fair Value % of

GBP Net Assets


Debt - 107.88%

Australia - 4.96% 1,500,000 BHP Billiton Finance Ltd

3.250 25/09/2024 1,418,528 1.88% 2,000,000 National Australia Bank Ltd 7.125 12/06/2023 2,328,930 3.08%

Total Australia

3,747,458 4.96%

Bermuda - 1.6% 1,100,000 Fidelity International Ltd

7.125 13/02/2024 1,209,049 1.60% Total Bermuda

1,209,049 1.60%

Brazil - 4.42% 3,800,000 Brazil Government Bond

12.500 05/01/2016 1,243,103 1.65%

7,000,000 Brazil Government Bond

10.000 01/01/2023 2,092,813 2.77% Total Brazil

3,335,916 4.42%

Cayman Islands - 1.41% 1,000,000 Petrobras International Finance Co 6.250 14/12/2026 1,066,275 1.41%


1,066,275 1.41%

France - 1.77% 1,400,000 Veolia Environnement

4.850 16/04/2049 1,335,432 1.77% Total France

1,335,432 1.77%

Germany - 0.42% 300,000 RWE AG

7.000 31/12/2049 318,902 0.42% Total Germany

318,902 0.42%

Great Britain - 56.56% 29,000 Aviva Plc

9.500 20/06/2016 34,981 0.05% 900,000 BAA SH Plc

7.125 01/03/2017 958,131 1.27%

309,000 British Telecommunications Plc 8.625 26/03/2020 406,871 0.54% 1,200,000 Bupa Finance Plc

5.000 25/04/2023 1,152,228 1.53%


7.000 08/12/2014 10,835 0.01% 2,600,000 Co-Operative Bank Plc

9.250 28/04/2021 1,900,054 2.52%

700,000 Co-Operative Bank Plc

7.875 19/12/2022 480,690 0.64% 2,200,000 Co-Operative Bank PLC

5.750 02/12/2024 1,433,916 1.90%

900,000 Daily Mail & General Trust Plc 5.750 07/12/2018 965,471 1.28% 1,000,000 Direct Line Insurance Plc 9.250 27/04/2042 1,193,640 1.58%

500,000 ENW Finance Plc

6.125 21/07/2021 588,808 0.78% 1,000,000 Friends Life Group Plc

12.000 21/05/2021 1,260,170 1.67%

1,000,000 GKN Plc

6.750 28/10/2019 1,116,175 1.48% 8,000 Hammerson Plc

6.000 23/02/2026 9,431 0.01%

10,000 HSBC Bank Plc

6.500 07/07/2023 11,671 0.02% 26,000 ILB British Telecom Plc

3.500 25/04/2025 47,126 0.06%

116,000 Land Securities Capital Markets Plc 5.292 28/11/2015 117,131 0.16% 1,197,000 Lloyds TSB Bank Plc

6.625 30/03/2015 1,266,959 1.68%

777,000 National Grid Electricity Transmission Plc 2.983 08/07/2018 1,280,453 1.70% 1,250,000 National Grid Gas Holdings PLC 4.188 14/12/2022 2,467,725 3.27%

52,023 Nats en Route Plc

5.250 31/03/2026 59,004 0.08% 57,000 Pearson Plc

7.000 27/10/2014 61,159 0.08%

11,000 Prudential Plc

6.875 20/01/2023 13,747 0.02% 780,000 Punch Taverns Finance PLlc 6.820 15/07/2020 783,370 1.04% 40,000 Rolls-Royce Plc

7.375 14/06/2016 46,808 0.06%

1,558,000 Royal Bank of Scotland PLC 3.158 01/01/2095 1,014,655 1.34%


150

SCHEDULE OF INVESTMENTS OF SPI STRATEGIC INVESTMENT GRADE BOND FUND (CONTINUED) as at 30 June 2013


GBP Net Assets

Great Britain - 56.56% 6,000 Safeway Ltd

6.500 05/08/2014 6,324 0.01% 1,600,000 Scottish Widows Plc

5.500 16/06/2023 1,545,904 2.05%

4,000 Segro Plc

6.250 30/09/2015 4,372 0.01% 70,000 Severn Trent Utilities Finance Plc 5.250 08/12/2014 73,945 0.10%

156,000 SSE PLC

5.875 22/09/2022 185,701 0.25% 1,000,000 SSE PLC

5.452 29/12/2049 1,032,380 1.37%

1,000,000 Tate & Lyle International Finance Plc 6.750 25/11/2019 1,196,190 1.58% 45,000 Tesco Plc

6.000 14/12/2029 51,372 0.07%

1,215,000 Tesco Plc

5.500 13/12/2019 1,383,739 1.83% 2,000,000 United Kingdom Gilt

4.250 07/06/2032 2,295,900 3.04%

2,200,113 United Kingdom Gilt

5.000 07/03/2025 2,724,730 3.61% 21,960 United Kingdom Gilt

5.000 07/09/2014 23,168 0.03%


4.250 07/03/2036 2,517,735 3.32% 6,000 United Kingdom Gilt

4.750 07/09/2015 6,569 0.01%



4.250 07/12/2055 1,853,120 2.45%



4.250 07/12/2046 2,054,655 2.72%



4.000 07/03/2022 2,273,200 3.01%



4.500 07/09/2034 2,484,773 3.28%


3.750 22/07/2052 1,560,975 2.06% 47,000 Vodafone Group Plc

5.625 04/12/2025 54,128 0.07%

Total Great Britain

42,708,981 56.56%

Ireland - 3.86% 71,000 GE Capital UK Funding

5.125 03/03/2015 75,540 0.10% 2,184,000 GE Capital UK Funding

5.625 25/04/2019 2,475,466 3.28%

307,000 GE Capital UK Funding

6.750 06/08/2018 364,082 0.48% Total Ireland

2,915,088 3.86%

Italy - 2.36% 700,000 Telecom Italia SPA

6.375 24/06/2019 718,781 0.95%

1,000,000 Telecom Italia SPA

5.625 29/12/2015 1,061,010 1.41% Total Italy

1,779,791 2.36%

Luxembourg - 3.29% 1,300,000 Finmeccanica Finance SA 8.000 16/12/2019 1,423,890 1.89%

1,000,000 Glencore Finance Europe SA 5.500 03/04/2022 1,063,950 1.40% Total Luxembourg

2,487,840 3.29%

Mexico - 4.68% 20,000,000 Mexico Government Bonds 10.000 05/12/2024 1,353,839 1.79%

41,450,000 Mexico Government Bonds 6.500 09/06/2022 2,179,808 2.89% Total Mexico

3,533,647 4.68%

Netherlands - 9.17% 800,000 Deutsche Telekom International Finance BV 6.500 08/04/2022 971,292 1.29%

850,000 Linde Finance BV

8.125 14/07/2066 972,987 1.29% 2,500,000 Petrobras Global Finance BV 5.375 01/10/2029 2,401,750 3.18% 1,200,000 PostNL NV

7.500 14/08/2018 1,367,772 1.81%

122,000 RWE Finance BV

5.625 06/12/2023 140,473 0.19% 983,000 Siemens Financieringsmaatschappij NV 6.124 14/09/2066 1,072,871 1.41%

Total Netherlands

6,927,145 9.17%


151



GBP Net Assets

Spain - 2.53% 900,000 Telefonica Emisiones SAU 5.888 31/01/2014 921,587 1.22%

1,000,000 Telefonica Emisiones SAU 5.289 09/12/2022 986,280 1.31% Total Spain

1,907,867 2.53%

Supra-National - 0.01% 9,000 European Investment Bank 5.375 07/06/2021 10,762 0.01%

Total Supra-National

10,762 0.01%

Turkey - 4.13%

3,500,000 Turkey Government Bond

9.000 08/03/2017 1,232,653 1.63%


9.500 12/01/2022 1,197,015 1.59%


8.500 14/09/2022 688,194 0.91%

Total Turkey

3,117,862 4.13%

United States - 6.71% 1,000,000 Goldman Sachs Group Inc 6.125 14/05/2017 1,101,685 1.46%

65,000 HSBC Finance Corp

6.250 19/08/2019 76,687 0.10% 5,000,000 United States Treasury Note/Bond 3.625 15/02/2021 3,876,112 5.13%


5.250 28/09/2035 9,166 0.02% Total United States

5,063,650 6.71%

Total Debt

81,465,665 107.88%


1Forward Contracts - 0% - Classification - D

Buy Buy Sell Sell Maturity Fair Value % of Currency Amount Currency Amount GBP Net Assets USD 73,132 GBP 46,602 19/07/2013 1,622 0.00% Total Forward Contracts

1,622 0.00%


81,467,287 107.88%


(515,947) (0.68%) Other net assets and liabilities

(5,436,463) (7.20%)


1JP Morgan Chase acts as counterparty to the over the counter derivative financial instruments.


152


Summary







- 0.00%



1,622 0.00%


(515,947) (0.68)%


(5,436,463) (7.20)%



153

SCHEDULE OF INVESTMENTS OF SANLAM FUND OF ALTERNATIVE UCITS as at 30 June 2013

Nominal Security



Collective Investment Schemes - 92.51% 1,732,550 Cazenove Absolute UK Dynamic Fund B 3,690,833 5.01%

7,198,178 Absolute Insight Emerging Market Debt Fund B 7,871,928 10.68% 67,351 Skyline UCITS Fund

B 8,861,324 12.02%

90,786 GLG Investments VI PLC

B 8,886,132 12.05% 504,024 GAM Star Emerging Market Rates B 5,588,066 7.58% 39,881 Aspect UCITS Funds PLC B 3,712,469 5.04% 4,296 CCP Quantitative UCITS Fund Faraday B 3,825,940 5.19%

1,288,875 Henderson Gartmore Fund United Kingdom Absolute Return Fund B 7,127,478 9.67%

627,903 LO Funds 1798 Europe Equity Long/Short B 6,503,193 8.82% 67,185 Select Equity Long/Short UCITS Sub-Fund B 7,317,192 9.93% 53,074 Swiss Hedge Luxtrade

B 4,816,465 6.52%

Total Collective Investment Schemes

68,201,020 92.51%


68,201,020 92.51%



2,992,549 4.06%


Summary


Fair Value % of

Net Assets


official stock exchange listing or traded on regulated market - 0.00%



- 0.00%


68,201,020 92.51% C Financial derivative instruments dealt in on a regulated market - 0.00% D Over the counter financial derivative instrument

- 0.00%


2,530,700 3.43%


2,992,549 4.06%



154

SCHEDULE OF INVESTMENTS OF SANLAM ACCEL INCOME FUND as at 30 June 2013

Nominal Security

Classification Fair Value % of GBP Net Assets


Collective Investment Schemes - 99.31% 325,460 Fidelity Institutional Funds ICVC - UK Corporate B 375,255 3.56%

45,860 Henderson UK & Europe Funds - UK Equity Income B 267,916 2.55% 390,117 Henderson UK & Europe Funds - Strategic Bond B 509,103 4.84% 266,299 Trojan Investment Funds - Trojan Income Fund B 396,839 3.76% 253,049 Cazenove Investment Fund Company - UK Equity B 395,945 3.76% 582,077 Cazenove Strategic Bond Fund B 584,464 5.55% 352,752 PFS Chelverton UK Equity Fund B 314,197 2.98% 200,610 Invesco Perpetual UK Invest - High Income Fund B 220,350 2.09%

285,852 Invesco Perpetual Fixed Interest - Corporate Bond Fund B 325,243 3.09%

574,584 M&G Corporate Bond

B 215,354 2.05% 196,036 JPMorgan Fund ICVC - Sterling Corporate Bond B 213,483 2.03% 422,934 PSigma Income Fund

B 345,622 3.28%

239,432 Artemis Income Fund

B 470,053 4.47% 535,783 Artemis Strategic Bond Fund B 279,357 2.65% 887,790 Schroder Income Maximiser Fund B 459,875 4.37% 851,912 Jupiter Strategic Bond - II

B 543,008 5.16%

940,287 Lazard Investment Funds - Global Equity Income B 918,003 8.72% 362,579 Threadneedle Investment Funds - UK Equity Inc B 402,825 3.83% 230,230 Kames ICVC - Sterling Corporate Bond Fund B 230,437 2.19% 551,503 Mellon Investments Funds - Newton Global High B 609,079 5.79% 251,038 Kames ICVC - High Yield Bond Fund B 247,122 2.35%

5,990 Vanguard Investment Series - UK Government Bond B 673,802 6.40% 3,329 Veritas Funds Plc - Global Equity Income Fund B 539,753 5.13%

905,936 SPI Strategic Investment Grade Bond Fund B 917,079 8.70% Total Collective Investment Schemes

10,454,164 99.30%


10,454,164 99.30%



(68,920) (0.65%)


Summary


Fair Value % of

Net Assets


official stock exchange listing or traded on regulated market - 0.00%



- 0.00%


10,454,164 99.30% C Financial derivative instruments dealt in on a regulated market - 0.00% D Over the counter financial derivative instrument

- 0.00%


141,804 1.35%


( 68,920) (0.65)%



155

SCHEDULE OF INVESTMENTS OF SANLAM NORTH AMERICAN EQUITY TRACKER FUND as at 30 June 2013

Nominal Security



Equity - 99.21%

Bermuda - 0.32% 2,858 Marvell Technology Group Ltd

33,467 0.04%

1,724 Arch Capital Group Ltd

88,631 0.10% 942 Bunge Ltd

66,665 0.08%

2,621 Invesco Ltd

83,348 0.10% Total Bermuda

272,111 0.32%


34,116 0.04%

1,485 Alimentation Couche-Tard Inc

87,842 0.10% 5,812 Barrick Gold Corp

91,458 0.11%

6,260 Talisman Energy Inc

71,211 0.08% 3,642 Bank of Montreal

210,600 0.25%


340,656 0.40% 1,265 National Bank Of Canada

89,985 0.10%

3,527 Brookfield Asset Manage Inc

126,382 0.15% 11,355 Bombardier Inc

50,376 0.06%

2,900 Research In Motion Ltd

30,460 0.04% 1,479 CGI Group Inc

43,182 0.05%

2,632 Cameco Corp


116,308 0.14%


165,709 0.19% 6,082 Canadian Natural Resources

170,946 0.20%

2,279 Canadian National Railway Co.

221,224 0.26% 900 Agrium Inc

77,791 0.09%


45,306 0.05% 5,241 Eldorado Gold Corp

32,343 0.04%

2,406 Fortis Inc

73,418 0.09% 3,542 First Quantum Minerals Ltd

52,380 0.06%

1,712 Imperial Oil Ltd

65,160 0.08% 4,206 Enbridge Inc

176,270 0.21%


166,162 0.19% 2,127 Pacific Rubiales Energy Corp

37,241 0.04%

1,422 Magna International Inc

100,911 0.12% 3,711 Sun Life Financial Inc

109,582 0.13%


53,708 0.06% 3,759 Transcanada Corp

161,349 0.19%

4,662 Goldcorp Inc


176,469 0.21%

3,034 Power Corporation Of Canada

81,164 0.09% 7,710 Royal Bank of Canada

447,880 0.52%

1,285 SNC Lavalin Group Inc

54,121 0.06% 950 Canadian Pacific Railway Ltd

114,848 0.13%

4,250 Encana Corp

71,673 0.08% 3,417 Shaw Communications Inc

81,757 0.10%

2,084 Shoppers Drug Mart Corp

95,853 0.11% 3,524 Teck Resources Ltd

75,063 0.09%

2,348 Thomson Reuters Corp

76,390 0.09% 4,937 Toronto-Dominion Bank

395,325 0.46%

7,638 Kinross Gold Corp

39,026 0.05% 1,526 ING Direct Canada Inc

85,710 0.10%


156

SCHEDULE OF INVESTMENTS OF SANLAM NORTH AMERICA EQUITY TRACKER FUND (CONTINUED) as at 30 June 2013

Nominal Security


Canada - 7.08% (continued)

2,488 Silver Wheaton Corp

48,609 0.06% 1,807 BCE Inc

73,863 0.09%

1,037 Franco-Nevada Corp

37,011 0.04% 8,239 Suncor Energy Inc

242,117 0.28%

1,479 Valeant Pharmaceuticals International Inc

127,136 0.15% 2,307 Pembina Pipeline Corp

70,376 0.08%

1,336 Tim Hortons Inc

72,037 0.08% 4,401 Cenovus Energy Inc

125,159 0.15%

3,647 Penn West Petroleum ltd

38,375 0.04% 2,166 ARC Resources Ltd

56,527 0.07%

3,578 Canadian Oil Sands Ltd

66,038 0.08% 2,767 Crescent Point Energy Corp

93,562 0.11%

1,218 Catamaran Corp


6,076,871 7.08%

Cayman Islands - 0.13% 663 Herbalife Ltd

29,928 0.03%

1,880 Seagate Technology PLC


114,208 0.13%

Great Britain - 0.48% 1,327 Ensco PLC

77,125 0.09%

1,141 Mead Johnson Nutrition Co

90,401 0.11% 1,687 Aon PLC

108,558 0.13%

1,590 Liberty Global PLC

117,787 0.14% 258 Liberty Global PLC

17,516 0.01%

Total Great Britain

411,387 0.48%


242,649 0.28%

1,509 Willis Group Holdings PLC

61,537 0.07% 2,058 XL Group PLC

62,399 0.07%

1,709 Ingersoll-Rand PLC

94,884 0.11% 2,598 Covidien PLC

163,258 0.19%

2,488 Eaton Corp PLC

163,735 0.20% Total Ireland

788,462 0.92%

Jersey - 0.1% 1,686 Delphi Automotive PLC

85,463 0.10%

Total Jersey

85,463 0.10%

Netherlands - 0.78% 346 Core Laboratories Inc

52,474 0.06%


508,213 0.59% 1,603 LyondellBasell Industries NV

106,215 0.13%

Total Netherlands

666,902 0.78%

Singapore - 0.07% 1,605 Avago Technologies Ltd

59,995 0.07%

Total Singapore

59,995 0.07%

Sweden - 0.26% 4,735 Weatherford International Ltd

64,870 0.08%

3,110 Tyco International Ltd

102,475 0.12% 1,538 Noble Corp

57,798 0.06%

Total Sweden

225,143 0.26%


157


Nominal Security


Switzerland - 0.43% 2,039 ACE Ltd

182,450 0.21%

2,404 TE Connectivity Ltd

109,478 0.13% 1,273 Pentair Ltd

73,439 0.09%

Total Switzerland

365,367 0.43%

United States - 88.64% 1,885 Amazon.Com Inc

523,446 0.61%

8,087 Abbott Laboratories

282,075 0.33% 4,071 AES Corp

48,811 0.06%

5,620 International Business Machine Corp

1,074,038 1.25% 2,771 Adobe Systems Inc

126,247 0.15%

1,350 Air Products & Chemicals Inc

123,620 0.14% 1,681 Allergan Inc

141,607 0.17%

5,010 El Du Pont De Nemours & Co

263,025 0.31% 1,052 Boston Properties Inc

110,954 0.13%

2,768 Allstate Corp

133,196 0.16% 3,883 Honeywell International INC

308,077 0.36%

1,951 Altera Corp

64,363 0.08% 7,350 Alcoa Inc

57,477 0.07%

3,968 Amgen Corp

391,483 0.46% 1,622 Amerada Hess Corp

107,847 0.13%

5,057 American Express Co

378,061 0.44% 2,754 American Electric Power Co Inc

123,324 0.14%

2,467 Aflac Inc

143,382 0.17% 7,138 American International Group inc

319,069 0.37%

1,850 Analog Devices Inc

83,361 0.10% 2,651 Anadarko Petroleum Corp

227,800 0.27%

1,069 Alexion Pharmaceuticals Inc

98,605 0.11% 2,904 Valero Energy Corp

100,972 0.12%

2,253 Apache Corp

188,869 0.22% 9,912 Comcast Corp

415,115 0.48%

5,186 Apple Inc

2,054,071 2.39% 6,983 Applied Material Inc

104,186 0.12%


124,924 0.15% 2,424 Ameren Corp

83,483 0.10%

1,494 Autodesk Inc

50,706 0.06% 2,705 Automatic Data Processing Inc

186,266 0.22%

191 Autozone Inc

80,925 0.09% 2,483 Avon Products Inc

52,217 0.06%

1,180 BMC Software Inc

53,265 0.06% 2,561 Baker Hughes Inc

118,139 0.14%

1,216 Ball Corp

50,513 0.06% 5,143 Berkshire Hathaway Inc

575,605 0.67%

2,959 Baxter International Inc

204,970 0.24% 1,339 Bed Bath & Beyond Inc

94,935 0.11%

1,173 Becton Dickinson & Co

115,928 0.14% 1,614 Ametek Inc

68,272 0.08%

4,048 Comcast Corp - Class A


751,979 0.88%

1,549 Best Buy Co Inc

42,334 0.05% 2,504 Yum! Brands Inc

173,627 0.20%

2,652 FirstEnergy Corp

99,026 0.12% 2,525 SLM Corp

57,722 0.07%

1,525 H&R Block Inc

42,319 0.05% 3,667 Boeing Co

375,647 0.44%


158


Nominal Security



805 Borgwarner Inc

69,351 0.08% 7,710 Boston Scientific Corp

71,472 0.08%

6,778 Annaly Mortgage Management Inc

85,199 0.10% 1,235 C.H.Robinson Worldwide Inc

69,543 0.08%

8,045 Bristol-Myers Squib

359,531 0.42% 368 Affiliated Managers Group Inc

60,330 0.07%

1,420 ONEOK Inc

58,660 0.07% 781 AvalonBay Communities Inc

105,365 0.12%

1,466 Sempra Energy

119,860 0.14% 1,699 FEDEX Corp

167,487 0.20%

1,066 VeriSign Inc

47,608 0.06% 1,005 Amphenol Corp

78,330 0.09%

1,878 Quanta Services

49,692 0.06% 17,373 Sirius XM Radio Inc

58,200 0.07%

5,444 CSX Corp

126,246 0.15% 1,139 Cabot Oil & Gas Corp

80,892 0.09%

926 Constellation Brands inc

48,263 0.06% 1,970 Cardinal Health Inc

92,984 0.11%

3,553 Caterpillar Inc

293,087 0.34% 2,193 Celgene Corp

256,384 0.30%



77,403 0.09%

3,562 CenturyLink Inc

125,917 0.15% 894 Cerner Corp

85,904 0.10%


1,002,852 1.17% 1,719 Chubb Corp

145,513 0.17%

1,088 Church&Dwight Co Inc

67,140 0.08% 1,557 Cigna Corp

112,867 0.13%

28,016 Cisco Systems Inc

681,069 0.79% 875 Clorox Co

72,748 0.08%

292 Equinix Inc

53,938 0.06% 20,639 Coca-Cola Co

827,830 0.97%


277,627 0.32% 1,497 Marriott International Inc

60,434 0.07%

2,100 NRG Energy Inc

56,070 0.07% 2,340 CA Inc

66,994 0.08%

1,027 Computer Sciences Corp

44,952 0.05% 2,492 Conagra Foods Inc

87,046 0.10%

1,928 Consolidated Edison Inc

112,422 0.13% 1,406 Cameron International Corp

85,991 0.10%

7,874 Corning Inc

112,047 0.13% 661 Cree Inc

42,211 0.05%

2,823 Broadcom Corp

95,304 0.11% 1,018 Cummins Inc

110,412 0.13%

1,821 DR Horton Inc

38,751 0.05% 3,181 Danaher Corp

201,357 0.23%

1,085 Moody's Corp

66,109 0.08% 1,720 Cognizant Technology Solutions Corp

107,689 0.13%

3,359 Target Corp

231,301 0.27% 2,110 Deere & Co

171,438 0.20%

8,265 Dell Inc

110,338 0.13% 7,702 Morgan Stanley

188,160 0.22%

2,190 Republic Serv Inc

74,329 0.09% 8,739 Walt Disney Co

551,868 0.64%

1,343 Dollar Tree Stores Inc

68,278 0.08% 1,099 Dover Corp

85,348 0.10%


159


Nominal Security



6,259 Dow Chemical Co

201,352 0.23% 1,640 Omnicom Group

103,107 0.12%

1,282 DTE Energy Co

85,907 0.10% 1,645 Crown Castle Intl Corp

119,082 0.14%

6,116 eBay Inc

316,320 0.37% 11,537 EMC Corp/Massachus

272,504 0.32%


707,236 0.82% 16,004 Citigroup Inc

767,712 0.90%

885 Eastman Chemical Co

61,959 0.07% 1,270 DISH Network Corp

54,000 0.06%

1,615 Ecolab Inc

137,582 0.16% 1,960 Electronic Arts Inc

45,021 0.05%

2,896 Salesforce.com Inc

110,569 0.13% 3,941 Emerson Electric Co

214,942 0.25%

1,303 Entergy Corp

90,793 0.11% 1,460 Eog Resources Inc

192,253 0.22%


120,184 0.14% 901 Equitable Resources Inc

71,512 0.08%

1,297 Estee Lauder Cos Inc

85,304 0.10% 1,722 Expditors International of Washington Inc

65,453 0.08%

23,616 Exxon Mobil Corp

2,133,706 2.49% 966 FMC Corporation

58,984 0.07%

2,165 NextEra Energy Inc

176,404 0.21% 721 Family Dollar Stores

44,926 0.05%

1,597 Fastenal Co

73,222 0.09% 5,128 Fifth Third Bancorp

92,560 0.11%

836 M&T Bank Corp

93,423 0.11% 692 TRW Automotive Holdings

45,976 0.05%

966 Fiserv Inc

84,438 0.10% 2,238 Macy's Inc

107,424 0.13%

1,789 Forest Laboratories Inc

73,349 0.09% 803 Franklin Resources Inc

109,224 0.13%


143,765 0.17% 1,704 Gap Inc

71,108 0.08%

1,730 General Dynamics Corp

135,511 0.16% 3,540 General Mills Inc

171,796 0.20%

1,137 Genuine Parts Co

88,766 0.10% 8,126 Gilead Sciences Inc

416,132 0.49%

1,286 Mckesson Corp

147,247 0.17% 3,805 Nvidia Corp

53,384 0.06%

54,439 General Electric Co

1,262,440 1.47% 349 WW Grainger Inc.

88,011 0.10%

688 Green Mountain Coffee Roaster

51,641 0.06% 975 Life Technologies Corp

72,160 0.08%

1,733 Nuance Communications Inc

31,853 0.04% 4,848 Halliburton Co

202,259 0.24%

2,254 Goldman Sachs Group Inc


78,119 0.09%

1,531 Consol Energy Inc

41,490 0.05% 737 Henry Schein Inc

70,568 0.08%

2,607 HCP INC

118,462 0.14% 2,677 Denbury Resources Inc

46,366 0.05%

706 Helmerich & Payne Inc

44,090 0.05% 993 Hershey Foods Corp

88,655 0.10%


268,113 0.31% 530 F5 Networks Inc

36,464 0.04%


160


Nominal Security



1,139 Crown Holdings Inc

46,847 0.05% 2,107 Reynolds American Inc

101,916 0.12%

850 SBA Communications Corp

63,002 0.07% 3,233 Juniper Networks Inc

62,429 0.07%

1,955 Hologic Inc

37,732 0.04% 1,800 Unum Group

52,866 0.06%

7,586 Home Depot Inc

587,687 0.69% 3,191 Centerpoint Energy Inc

74,957 0.09%

1,727 Health Care Reit Inc

115,761 0.13% 911 Humana Inc

76,870 0.09%

1,154 Red Hat Inc

55,184 0.06% 1,312 Biogen Idec Inc

282,342 0.33%


157,223 0.18% 1,705 Intuit Inc

104,056 0.12%

26,415 Intel Corp

639,771 0.75% 2,260 International Paper Co

100,141 0.12%

3,038 Interpublic Group Cos. Inc

44,203 0.05% 941 Jacobs Engineering Group Inc

51,877 0.06%

14,063 Johnson & Johnson

1,207,449 1.41% 2,356 Hartford Financial Services Group Inc

72,848 0.08%


133,175 0.16% 1,065 Kla-Tencor Corp

59,352 0.07%

2,253 Devon Energy Corp

116,886 0.14% 1,512 Kellogg Co

97,116 0.11%

6,239 Keycorp

68,879 0.08% 3,381 Kimco Realty Corp

72,455 0.08%

2,072 Kimberly Clark Corp

201,274 0.23% 703 Blackrock Inc

180,566 0.21%

1,420 Kohls Corp

71,724 0.08% 2,616 Kroger Co

90,357 0.11%


46,601 0.05% 1,031 Akamai Technologies Inc

43,869 0.05%

1,097 Lennar Corp

39,536 0.05% 1,873 Leucadia National Corp

49,110 0.06%

5,327 Lilly (Eli) & Co

261,662 0.31% 1,578 Lincoln National Corp

57,550 0.07%

1,669 Linear Technology Corp

61,486 0.07% 3,871 United Parcel Service Inc

334,764 0.39%

1,922 Agilent Technologies Inc

82,185 0.10% 1,590 Lockheed Martin Corp

172,451 0.20%

2,180 Loews Corp

96,792 0.11% 2,704 Carnival Corp

92,720 0.11%

1,015 Range Resources Corporation

78,480 0.09% 5,820 Lowes Com

238,038 0.28%

3,187 Dominion Resources Inc

181,085 0.21% 990 Macerich Co

60,360 0.07%

2,236 MGM Resorts International

33,048 0.04% 5,189 McDonald's Corp

513,711 0.60%

1,411 McGraw-Hill Cos Inc

75,051 0.09% 726 Manpower Inc

39,785 0.05%

662 Edwards Lifesciences Corp

44,486 0.05% 4,803 Host Hotels & Resorts Inc

81,027 0.09%

3,055 Marsh & McLennan Cos Inc

121,956 0.14% 2,240 Masco Corp

43,658 0.05%

2,324 Mattel Inc

105,300 0.12% 4,465 Metlife Inc

204,318 0.24%


161


Nominal Security



1,989 Maxim Integrated Products Inc

55,254 0.06% 5,352 Medtronic Inc

275,467 0.32%

2,638 Activision Blizzard Inc

37,618 0.04% 6,288 CVS Caremark Corp

359,548 0.42%

678 Laboratory Corp of Amer Holdings

67,868 0.08% 38,509 Microsoft Corp

1,329,716 1.55%

5,690 Micron Technology Inc

81,538 0.10% 3,449 3M Co

377,148 0.44%

434 Mohawk Industries Inc

48,821 0.06% 591 Kansas City Southern Railway Co

62,622 0.07%

1,166 Murphy Oil Corp

70,998 0.08% 2,391 Mylan Inc

74,193 0.09%

716 Illumina Inc

53,585 0.06% 3,341 Xcel Energy Inc

94,684 0.11%

17,941 Ford Motor Co

277,547 0.32% 2,346 National-Oilwell Inc

161,639 0.19%

2,152 Netapp Inc

81,303 0.09% 1,969 Newell Rubbermaid Inc

51,686 0.06%

2,884 Newmont Mining Corp

86,376 0.10% 3,770 Nike Inc

240,074 0.28%

2,048 Noble Energy Inc

122,962 0.14% 939 Nordstrom Inc

56,284 0.07%

1,723 Norfolk Southern Corp

125,176 0.15% 2,173 Northeast Utilities

91,309 0.11%

1,574 Coach Inc

89,860 0.10% 1,570 Northern Trust Corp

90,903 0.11%

1,490 Northrop Grumman Corp

123,372 0.14% 26,047 Wells Fargo & Co

1,074,960 1.25%

2,014 Nucor Corp

87,246 0.10% 2,821 Monsanto Co

278,715 0.32%

3,067 Capital One Financial Corp

192,638 0.22% 4,233 Occidental Petroleum Corp

377,711 0.44%

730 Oceaneering International Inc

52,706 0.06% 625 Onyx Pharmaceuticals Inc

54,263 0.06%

20,227 Oracle Corp

621,373 0.72% 2,042 Paccar Inc

109,574 0.13%

4,875 Exelon Corp

150,540 0.18% 943 Parker Hannifin Corp

89,962 0.10%

2,446 Paychex Inc

89,328 0.10% 3,562 PPL Corp

107,786 0.13%

7,971 Pepsico Inc

651,948 0.76% 565 Perrigo Co

68,365 0.08%

37,589 Pfizer Inc

1,052,868 1.23% 6,108 Conocophillips

369,534 0.43%

735 Petsmart Inc

49,238 0.06% 2,616 PG&E Corp

119,630 0.14%

739 Pioneer Natural Resources Co

106,970 0.12% 10,422 Altria Group Inc

364,666 0.43%

2,841 PNC Financial Services Group Inc

207,166 0.24% 2,002 Aetna Inc

127,207 0.15%

1,037 Fluor Corp

61,504 0.07% 784 PPG Industries Inc

114,785 0.13%

1,692 Praxair Inc

194,851 0.23% 830 Precision Castparts Corp

187,588 0.22%


256,080 0.30% 1,534 T Rowe Price Group

112,212 0.13%


162


Nominal Security



1,093 Quest Diagnostics Inc

66,269 0.08% 13,838 Procter & Gamble Co

1,065,388 1.24%

3,934 Progressive Corp

100,002 0.12% 3,259 Public Service Enterprise Group Inc

106,439 0.12%

2,051 Pultegroup Inc

38,907 0.05% 4,790 New York Community Bancorp

67,060 0.08%

8,870 Qualcomm Inc

541,868 0.63% 1,526 Realty Income Corp

63,970 0.07%

399 Regeneron Pharmaceuticals Inc

89,727 0.10% 9,639 US Bancorp

348,450 0.41%

1,272 Ross Stores Inc

82,438 0.10% 446 Rock-tenn Co

44,546 0.05%

668 Roper Industries Inc

82,979 0.10% 1,912 Peabody Energy Corp

27,992 0.03%

871 Rockwell International Corp

72,415 0.08% 2,056 Raytheon Co

135,943 0.16%

331 Alliance Data Systems Corp

59,921 0.07% 1,396 FMC Technologies Inc

77,729 0.09%

1,369 Sandisk Corp

83,646 0.10% 1,425 Safeway Stores Inc

33,716 0.04%

1,086 Rockwell Collins

68,863 0.08% 1,759 ST Jude Medical Inc.

80,263 0.09%

2,247 Travelers Cos Inc

179,580 0.21% 1,503 Fidelity National Information

64,389 0.08%

15,589 Merck & Co

724,109 0.84% 255 Priceline.com Inc

210,918 0.25%


125,767 0.15% 788 Joy Global Inc

38,242 0.04%

1,107 Zimmer Holdings Inc

82,959 0.10% 1,601 Wellpoint Inc

131,026 0.15%


76,766 0.09% 1,824 Principal Financial Group

68,309 0.08%

506 Sherwin-Williams Co

89,360 0.10% 1,024 Sigma-Aldrich

82,289 0.10%

1,651 Simon Property Group Inc

260,726 0.30% 2,477 Prudential Financial Inc

180,895 0.21%


75,836 0.09% 2,021 Edison International

97,331 0.11%

4,657 Southern Co

205,513 0.24% 4,160 BB&T Corp

140,941 0.16%

29,653 AT & T Inc

1,049,716 1.22% 10,218 Chevron Corp

1,209,198 1.41%

4,190 Staples Inc


160,547 0.19%

3,963 Starbucks Corp

259,537 0.30% 862 Public Storage Inc

132,170 0.15%

1,732 Stryker Corp

112,026 0.13% 249 Netflix Inc

52,561 0.06%

3,094 Suntrust Banks Inc

97,678 0.11% 4,001 Symantec Corp

89,902 0.10%

3,431 Sysco Corp

117,203 0.14% 226 Intuitive Surgical Inc

114,487 0.13%


206,953 0.24% 1,750 Textron Inc

45,588 0.05%

1,923 Thermo Fisher Scientific Inc

162,743 0.19% 774 Tiffany & Co

56,378 0.07%


163


Nominal Security



579 Davita Inc

69,943 0.08% 473 Tractor Supply Co

55,630 0.06%

1,699 Trimble Navigation Ltd

44,191 0.05% 1,881 Tyson Foods Inc

48,304 0.06%

3,968 Marathon Oil Cor

137,213 0.16% 2,354 Union Pacific Corp

363,175 0.42%

4,560 United Technologies Corp

423,806 0.49% 5,453 United Healthcare Corp

357,062 0.42%

16,722 Sprint Corp Fon Group

117,388 0.14% 771 Varian Medical Systems Inc

52,004 0.06%

1,726 Ventas Inc

119,888 0.14% 527 VF Corp

101,743 0.12%

1,177 Vertex Pharmaceuticals Inc

94,007 0.11% 941 Vulcan Materials Co

45,554 0.05%

1,227 Vornado Realty Trust

101,657 0.12% 4,582 Walgreen Co

202,524 0.24%


632,718 0.74% 2,771 USD Waste Services

111,754 0.13%

663 Waters Corp

66,333 0.08% 750 The JM Smucker Co

77,363 0.09%

1,205 Western Digital Corp

74,818 0.09% 3,165 Weyerhaeuser Co

90,171 0.11%

505 Whirlpool Corp

57,752 0.07% 438 Wynn Resorts Ltd

56,064 0.07%


98,018 0.11% 1,878 CME Group Inc

142,690 0.17%

3,851 Williams Cos Inc

125,042 0.15% 2,067 LKQ Corp

53,225 0.06%

1,250 Carmax Inc

57,700 0.07% 8,108 Xerox Corp

73,540 0.09%

1,851 Xilinx Inc

73,318 0.09% 6,022 Yahoo Inc

151,212 0.18%

616 Cimarex Energy Co

40,034 0.05% 3,766 TJX Cos Inc

188,526 0.22%

1,210 Hospira Inc

46,355 0.05% 8,423 Regions Financial Corp

80,271 0.09%

1,388 Google Inc

1,221,954 1.42% 2,090 Las Vegas Sands Corp

110,624 0.13%

4,464 News Corp

146,508 0.17% 6,264 News Corp

204,206 0.24%

1,013 Celanese Corp

45,382 0.05% 1,256 Molson Coors Brewing Co

60,112 0.07%

359 CF Industries Holdings Inc

61,569 0.07% 1,193 Ameriprise Financial Inc

96,490 0.11%

755 Gamestop Corp

31,733 0.04% 429 Intercontinental Exchange Inc

76,259 0.09%

2,518 Viacom Inc

171,350 0.20% 2,987 CBS Corp

145,975 0.17%

187 Chipotle Mexican Grill Inc

68,133 0.08% 536 Mastercard Inc

307,932 0.36%


73,364 0.09% 3,058 Liberty Interactive Corp

70,365 0.08%

5,577 Windstream Corp

42,999 0.05% 811 Wyndham Worldwide Corp

46,414 0.05%

3,477 Western Union Co

59,491 0.07% 2,381 Hertz Global Holdings Inc

59,049 0.07%


164


Nominal Security



3,975 Spectra Energy Corp

136,979 0.16%

1,491 NYSE Euronext

61,727 0.07% 2,575 Discover Financial Services

122,673 0.14%

647 Concho Resources Inc

54,167 0.06% 6,104 Bank New York Mellon

171,217 0.20%

572 Lululemon Athletica Inc

37,477 0.04% 514 VMWare Inc

34,433 0.04%

1,012 Teradata Corp

50,833 0.06% 383 Ulta Salon Cosmetics & Fragrances Inc

38,361 0.04%

8,491 Philip Morris International Inc

735,490 0.86% 2,723 Visa Inc

497,628 0.58%

1,427 Dr Pepper Snapple Group

65,542 0.08% 2,752 American Capital Agency Corp

63,268 0.07%

2,306 Lorillard Inc

100,726 0.12% 1,300 Discovery Communications Inc

100,373 0.12%

1,757 Marathon Petroleum Corp

124,852 0.15% 1,707 The Mosiac Co

91,854 0.11%

3,714 Kinder Morgan Inc

141,689 0.17% 1,015 Stanley Black & Decker Inc

78,460 0.09%

480 PVH Corp

60,024 0.07% 430 LinkedIn Corp

76,669 0.09%

1,805 Coca-Cola Enterprises Inc

63,464 0.07% 2,913 Prologis Inc

109,878 0.13%

1,440 HCA Holdings Inc

51,926 0.06% 999 Beam Inc

63,047 0.07%

1,076 Verisk Analytics Inc

64,237 0.07% 1,287 United Continental Holdings Inc

40,270 0.05%

361 Ralph Lauren Corp

62,720 0.07% 1,761 Cobalt International Energy Inc

46,790 0.05%

350 Charter Communication Inc

43,348 0.05% 1,180 CIT Group Inc

55,023 0.06%

2,390 General Growth Properties Inc

47,489 0.06% 1,732 Dollar General Corp

87,345 0.10%


85,556 0.10% 1,079 HollyFrontier Corp

46,160 0.05%

1,609 Time Warner Cable Inc

180,980 0.21% 5,084 Time Warner Inc

293,957 0.34%

676 O'Reilly Automotive Inc

76,131 0.09% 4,103 General Motors Co

136,671 0.16%

1,963 CBRE Group Inc

45,856 0.05% 847 Monster Beverage Corp

51,472 0.06%

856 Tripadvisor Inc

52,105 0.06% 2,972 Phillips 66

175,081 0.20%

2,151 American Tower Corp

157,389 0.18% 560 Liberty Media Corp

70,986 0.08%

4,335 Express Scripts Holdings Inc

267,426 0.31% 8,468 Facebook Inc

210,514 0.25%

3,719 Duke Energy Corp

251,033 0.29% 695 Actavis Inc

87,723 0.10%

1,476 ADT Corp

58,819 0.07% 2,978 Directv

183,504 0.21%

8,796 Mondelez International Inc

250,950 0.29% 3,166 Kraft Foods Inc

176,884 0.21%

8,060 AbbVie Inc

333,200 0.39% 1,395 L Brands Inc

68,704 0.08%

387 Fossil Group Inc

39,982 0.05% Total United States

76,033,444 88.64%


165


Total Equity

85,099,353 99.21%


85,099,353 99.21%



78,575 0.09%


Summary







- 0.00%



- 0.00%


598,239 0.70%


78,575 0.09%



166

SCHEDULE OF INVESTMENTS OF SANLAM UK EQUITY TRACKER FUND as at 30 June 2013

Nominal Security


GBP Net Assets


Equity - 99.22%

Great Britain - 95.42% 11,186 Aberdeen Asset Management Plc

42,820 0.23%

3,877 Amec Plc

38,964 0.21% 4,733 Antofagasta Plc

37,627 0.20%

23,961 Bhp Billiton Plc

403,024 2.19% 16,773 ARM Holdings Plc

133,345 0.73%

12,712 British Land Company Plc

72,013 0.39%

12,716 British Sky Broadcasting Group Plc

100,711 0.55%

10,341 Tullow Oil Plc

103,513 0.56% 36,417 Aviva Plc

123,672 0.67%

1,465 Croda International Plc

36,288 0.20% 28,883 Diageo Plc

543,000 2.95%

1,375 Schroders Plc

30,016 0.16% 33,824 British Aerospace Plc

129,546 0.70%

22,394 British American Tobacco Plc

754,118 4.10% 11,321 Hammerson Plc

55,167 0.30%

27,899 Standard Chartered Plc

398,119 2.17% 11,338 Imperial Tobacco Group Plc

258,506 1.41%

3,548 IMI Plc

43,995 0.24% 11,325 Sabmiller PLC

357,021 1.94%


168,832 0.92% 209,622 HSBC Holdings Plc

1,429,622 7.78%

68,887 Legal & General Group Plc

118,072 0.64% 9,485 Meggitt Plc

49,085 0.27%

27,947 Morrison WM Supermarkets Plc

73,165 0.40% 48,337 RSA Insurance Group Plc

57,521 0.31%

4,048 Associated British Foods Plc

70,233 0.38% 9,150 Pearson Plc

107,147 0.58%

2,100 Persimmon Plc

24,801 0.13% 29,512 Prudential Plc

317,254 1.73%

14,295 Rio Tinto Plc

383,535 2.09% 1,500 Travis Perkins Plc

21,840 0.12%

10,546 Scottish & Southern Energy Plc

160,616 0.87% 6,599 Serco Group Plc

40,683 0.22%

215,269 BP Plc

980,012 5.33% 503,720 Lloyd Banking Group Plc

318,150 1.73%

5,754 Tate & Lyle Plc

47,442 0.26% 38,425 BG Group Plc

429,784 2.34%

92,498 Tesco Plc

306,538 1.67% 10,342 Smith & Nephew Plc

76,014 0.41%

54,783 GlaxoSmithKline Plc

902,824 4.91% 2,510 Weir Group Plc

53,990 0.29%

3,865 Babcock International Group Plc

42,631 0.23% 14,078 Astrazeneca Plc

438,530 2.39%

19,858 GKN Plc

59,832 0.33% 88,136 BT Group Plc

272,517 1.48%

2,607 Carnival Plc

59,700 0.32% 17,388 Marks & Spencer Plc

74,890 0.41%

131,641 Barclays Plc

366,554 1.99% 1,924 Intertek Group Plc

56,239 0.31%

11,600 William Hill Plc

51,144 0.28% 5,166 Burberry Group Plc

69,793 0.38%

9,952 Land Securities Group Plc

87,976 0.48%


167

SCHEDULE OF INVESTMENTS OF SANLAM UK EQUITY TRACKER FUND (CONTINUED) as at 30 June 2013

Nominal Security


GBP Net Assets

Great Britain - 95.42% (continued) 1,758 Next Plc

80,130 0.44%

28,160 Kingfisher Plc

96,589 0.53% 43,692 ITV Plc

61,212 0.33%

14,870 Sainsbury Plc

52,833 0.29% 17,195 G4S PLC

39,617 0.22%

58,143 Centrica Plc

209,431 1.14% 43,366 Royal Dutch Shell Plc - A

910,686 4.96%

30,098 Royal Dutch Shell Plc - B

654,932 3.56% 3,834 Bunzl Plc

49,075 0.27%

14,677 Cobham Plc

38,468 0.21% 41,609 National Grid Plc

310,403 1.69%

5,097 Inmarsat Plc

34,328 0.19% 3,019 Petrofac Ltd

36,168 0.20%

14,442 Unilever Plc

384,446 2.09% 563,336 Vodafone Group Plc

1,058,227 5.76%

26,172 Standard Life Plc

90,477 0.49% 8,020 Investec Plc

33,179 0.18%

11,298 Experian Group Ltd

129,136 0.70% 2,565 Severn Trent Plc

42,682 0.23%

2,040 WHITBREAD Plc

62,342 0.34% 2,798 Hargreaves Lansdown Plc

24,846 0.14%

4,315 Smiths Group Plc

56,440 0.31% 16,048 Anglo American Plc

203,168 1.11%

11,560 3I Group Plc

39,027 0.21% 7,080 Capita Group Plc

68,393 0.37%

7,332 Reckitt Benckiser Group PLC

340,791 1.85% 14,036 Reed Elsevier Plc

104,849 0.57%

6,340 Shire Plc

132,189 0.72% 2,702 Fresnillo Plc

23,832 0.13%

7,614 United Utilities Group Plc

52,080 0.28% 3,304 Aggreko Plc

54,252 0.30%

20,693 Rolls-Royce Holdings PLC

234,659 1.28% 2,436 Johnson Matthey Plc

64,018 0.35%

55,946 Old Mutual PLC

101,094 0.55% 22,713 Royal Bank of Scotland Group Plc

62,120 0.34%

3,264 Intercontinental Hotels Group Plc

59,013 0.32% 13,255 The Sage Group Plc

45,094 0.25%

16,409 Melrose Industries Plc

40,908 0.22% 8,930 Rexam Plc

42,641 0.23%

7,384 Invensys Plc


17,532,669 95.42%

Guernsey - 0.29% 18,888 Resoution Ltd

53,831 0.29%

Total Guernsey

53,831 0.29%

Jersey - 3.12% 118,189 Glencore International Plc

321,651 1.75%

13,926 WPP Plc

156,250 0.85% 3,157 Wolseley Plc

95,752 0.52%

Total Jersey

573,653 3.12%

Switzerland - 0.16% 1,906 Coca-Cola HBC AG

29,333 0.16%

Total Switzerland

29,333 0.16%


168

SCHEDULE OF INVESTMENTS OF SANLAM UK EQUITY TRACKER FUND (CONTINUED) as at 30 June 2013

Nominal Security


GBP Net Assets

United States - 0.23% 1,057 Randgold Resources Ltd

43,178 0.23%

Total United States

43,178 0.23%

Total Equity

18,232,664 99.22%


18,232,664 99.22%



70,194 0.38%


Summary


Fair Value % of

Net Assets





- 0.00%



- 0.00%


73,362 0.40%


70,194 0.38%



169

SCHEDULE OF INVESTMENTS OF SANLAM EUROPE (EX UK) EQUITY FUND as at 30 June 2013

Nominal Security

Classification Fair Value % of EUR Net Assets


Equity - 99.39%

Austria - 0.6% 1,059 Andritz AG

41,751 0.10%

2,653 Erste Group Bank AG

54,400 0.13% 14,925 Immofinanz AG

42,835 0.10%

1,776 OMV AG

61,627 0.15% 1,861 Voestalpine AG

50,489 0.12%

Total Austria

251,102 0.60%

Belgium - 2.73% 2,834 Ageas

76,447 0.18%

9,160 Anheuser-Busch InBev NV

626,452 1.50% 2,473 Belgacom SA

42,622 0.10%

1,169 Delhaize Group

55,516 0.13% 1,465 Groupe Bruxelles Lambert SA

84,692 0.20%

2,610 KBC Bankverzekeringsholding SA

74,659 0.18% 713 Solvay SA

71,799 0.17%

1,410 UCB SA

58,353 0.14% 1,531 Umicore SA

48,885 0.13%

Total Belgium

1,139,425 2.73%

Bermuda - 0.3% 4,048 Seadrill Ltd

125,004 0.30%

Total Bermuda

125,004 0.30%

Denmark - 2.65% 22 AP Moller - MAERSK A/S

113,964 0.27%

1,317 Carlsberg A/S

90,576 0.22% 1,420 Coloplast A/S

61,166 0.15%

8,213 Danske Bank A/S

107,904 0.26% 2,792 DSV A/S

52,290 0.13%

4,613 Novo-Nordisk A/S - Class B

552,260 1.32% 2,831 Novozymes A/S

69,606 0.17%

8,674 TDC A/S


1,101,769 2.65%

Finland - 1.76% 5,275 Fortum Oyj

75,960 0.18%

1,760 Kone OYJ - Class B

107,448 0.26% 1,852 Metso Oyj

48,374 0.12%

42,302 Nokia OYJ

120,391 0.29% 1,531 Nokiaan Renkaat OYJ

47,936 0.11%

5,618 Sampo Oyj

168,203 0.40% 7,600 Stora Enso OYJ

39,140 0.09%

7,381 Upm-Kymmene Oyj

55,579 0.13% 2,109 Wartsila Oyj

70,504 0.18%

Total Finland

733,535 1.76%

France - 21.73% 1,879 Accor SA

50,799 0.12%

3,538 Air Liquide SA

335,650 0.80% 2,473 Alstom SA

62,221 0.15%

714 Arkema

50,358 0.12% 727 AtoS

41,454 0.10%

19,860 AXA SA

299,787 0.72% 11,340 BNP Paribas

475,997 1.14%

2,479 Bouygues SA

48,613 0.12%


170

SCHEDULE OF INVESTMENTS OF SANLAM EUROPE (EX UK) EQUITY FUND (CONTINUED) as at 30 June 2013

Nominal Security


France - 21.73% (continued) 2,928 Bureau Veritas

58,253 0.14%

1,888 Cap Gemini SA

70,517 0.17% 6,908 Carrefour SA

145,966 0.35%

698 Casino Guichard Perrachon SA

50,235 0.12% 628 Christian Dior SA

77,872 0.19%

2,312 Cie Generale D'Optique Essilor International SA

188,983 0.45% 4,674 Compagnie De Saint-Gobain

145,361 0.35%

2,057 Compagnie Generale de Geophysique-Veritas

34,948 0.08% 14,632 Credit Agricole SA

96,615 0.23%

6,633 Danone

382,459 0.92% 775 Dassault Systemes SA

72,835 0.17%

2,366 Edenred

55,601 0.13% 2,792 Electricite De France SA

49,795 0.12%

5,482 European Aeronautic Defence and Space Co

225,118 0.54% 1,858 Eutelsat Communications

40,523 0.10%

21,918 France Telecom SA

159,300 0.38% 15,289 Gdf Suez

230,023 0.55%

7,503 Groupe Eurotunnel SA

43,848 0.11% 284 Iliad SA

47,187 0.11%

1,496 Klepierre

45,299 0.11% 2,066 Lafarge Cement WAPCO Nigeria PLC 97,598 0.23% 1,490 Lagardere S.C.A.

31,886 0.08%

2,704 Legrand SA

96,371 0.23% 2,659 L'Oreal SA

335,699 0.81%


346,608 0.83% 2,028 Michelin - Class B

139,324 0.33%

12,523 Natixis

40,274 0.10% 2,459 Pernod-Ricard SA

209,482 0.50%

869 Pinault-Printemps

135,694 0.33% 2,064 Publicis Groupe

112,901 0.27%

2,495 Renault SA

128,992 0.31% 2,097 Rexel SA

36,236 0.09%

2,508 Safran SA

100,634 0.24% 13,525 Sanofi

1,076,861 2.59%

5,675 Schneider Electric SA

316,268 0.76% 3,023 Scor SE

71,267 0.17%


238,234 0.57% 1,155 Sodexo

73,920 0.18%

7,382 Stmicroelectronic NV

51,091 0.12% 3,452 Suez Environment SA

34,258 0.08%

1,145 Technip SA

89,321 0.21% 1,067 Thales SA

38,279 0.09%

23,500 Total SA

881,368 2.12% 1,027 Unibail-Rodamco SE

183,833 0.44%

1,201 Vallourec SA

46,689 0.11% 4,128 Veolia Environnement

36,083 0.09%

5,337 Vinci SA

205,768 0.49% 16,331 Vivendi SA

237,616 0.57%

508 Wendel

40,208 0.10% 414 Zodiac SA

42,104 0.10%

Total France

9,060,484 21.73%


171


Nominal Security


Germany - 20.31%

2,330 Adidas AG

193,716 0.46% 5,043 Allianz SE

566,077 1.36%

10,304 Basf SE

707,164 1.70% 9,330 Bayer AG

764,407 1.83%

4,025 Bayerische Motoren Werke AG

270,734 0.65% 1,265 Beiersdorf AG

84,755 0.20%

619 Brenntag AG

72,733 0.17% 12,221 Commerzbank AG

81,856 0.20%

1,276 Continental AG

131,045 0.31% 10,213 Daimler AG

474,751 1.14%


372,592 0.89% 2,317 Deutsche Boerse AG

117,171 0.28%


189,403 0.45% 33,904 Deutsche Telekom AG

303,915 0.73%

20,610 E.ON AG

259,892 0.62% 2,704 Fresenius Medical Care

147,368 0.35%

1,548 Fresenius SE & Co KGAA

146,983 0.35% 2,248 Gea Group AG

61,213 0.15%

898 Hannover Rueckversicherung AG

49,677 0.12% 1,584 Heidelberg-Cement AG

81,845 0.20%

1,540 Henkel AG & Co KGAA

92,680 0.22% 2,029 Henkel AG & Co KGAA

146,595 0.35%

13,610 Infineon Technologies AG

87,512 0.21% 2,219 K+S AG

63,031 0.15%

1,136 Kabel Deutschland Holding AG

95,856 0.23% 928 Lanxess

42,948 0.10%

2,052 Linde AG

294,154 0.71% 3,528 Lufthansa AG

55,019 0.13%

532 MAN SE

44,635 0.11% 767 Merck KGAA

89,777 0.22%

1,582 Metro AG


300,051 0.72%

1,693 Porsche AG

101,108 0.24% 1,256 Prosieben Sat1 Media AG

41,473 0.10%

3,342 Qiagen NV

51,076 0.12% 6,134 RWE AG

150,406 0.36%

10,787 SAP AG

606,877 1.47% 9,507 Siemens AG

738,219 1.78%

4,409 ThyssenKrupp AG

66,554 0.16% 313 Volkswagen AG

46,919 0.11%

1,529 Volkswagen AG

237,622 0.57% Total Germany

8,468,212 20.31%

Ireland - 0.65% 8,249 CRH PLC

128,272 0.31%

5,762 Elan Corp

61,970 0.15% 1,875 Kerry Group

79,500 0.19%

Total Ireland

269,742 0.65%


185,035 0.44%

4,618 Atlantia SpA

57,864 0.14% 24,915 Enel Green Power SpaA

39,739 0.10%

78,011 Enel SpA

188,007 0.45% 29,057 ENI-Ente Nazionale Idrocarburi SpA

458,519 1.10%

9,768 Fiat Industrial SPA

83,663 0.20%


172


Nominal Security


Italy - 4.41% (continued) 13,243 Fiat SpA

71,115 0.17%

124,252 Intesa Sanpaolo SpA

152,954 0.37% 1,978 Luxottica Group SpA

76,826 0.18%

6,902 Mediobanca SpA

27,608 0.07% 2,507 PRYSMIAN SPA

35,975 0.09%

3,233 Saipem SpA

40,380 0.10% 21,476 Snam SpA

75,166 0.18%

70,577 Telecom Italia SpA

30,136 0.07% 112,926 Telecom Italia SpA

60,302 0.14%

17,629 Terna SpA

56,272 0.13% 45,811 Unicredit Spa

164,828 0.40%

12,323 Unione Di Banche Italiane SCPA


1,838,672 4.41%

Luxembourg - 0.86% 3,753 Acergy SA

50,337 0.12%

11,820 Arcelormittal

101,345 0.25% 760 Millicom International Cellular SDR

41,849 0.10%

3,691 Ses

81,202 0.19% 5,466 Tenaris SA

84,231 0.20%

Total Luxembourg

358,964 0.86%


108,834 0.26%

11,294 Ahold (Kon)

129,147 0.31% 2,746 Akzo Nobel N.V.

118,943 0.29%


209,503 0.50% 6,022 De Master Blenders 1753 NV

74,071 0.18%

2,631 Delta Lloyd NV

40,504 0.10% 841 Fugro NV-CVA

35,028 0.08%

853 Gemalto NV

59,335 0.14% 1,273 Heineken Holding NV

54,873 0.13%

2,592 Heineken NV

126,878 0.30% 44,727 ING Groep NV

313,089 0.75%

1,777 Koninklijke DSM NV

88,957 0.21% 10,239 Koninklijke Philips NV

214,456 0.51%

1,433 Randstad Holdings NV

45,140 0.11% 8,437 Reed Elsevier NV

107,994 0.26%

36,650 Royal KPN NV

58,530 0.14% 17,964 Unilever NV

543,501 1.31%

878 Vopak NV

39,795 0.10% 3,820 Wolters Kluwer

62,094 0.15%

1,411 Ziggo NV


2,474,060 5.93%

Norway - 1.55% 11,445 DNB ASA

126,769 0.30%

12,663 Norsk Hydro ASA

38,657 0.09% 10,288 Orkla ASA

64,472 0.15%

13,585 Statoil ASA

214,374 0.52% 8,705 Telenor ASA

131,995 0.32%

2,353 Yara International ASA


648,039 1.55%

Portugal - 0.44% 29,302 Energias De Portugal SA

72,522 0.17%

4,503 Galp Energia SGPS SA

51,222 0.12% 3,732 Jeronimo Martin

60,421 0.15%

Total Portugal

184,165 0.44%


173


Nominal Security


Spain - 6.69%

4,838 Abertis Infraestructuras SA

64,829 0.16% 1,835 ACS Actividades Cons Y Serv

37,342 0.09%

3,564 Amadeus IT Holding SA

87,514 0.21% 66,428 Banco Bilbao Viscaya

428,128 1.03%

36,406 Banco De Sabadell SA

46,418 0.11% 13,879 Banco Popular Espanol SA

32,685 0.08%


606,397 1.45% 4,775 Cintra Concesiones De Infrae

58,637 0.14%

16,497 Criteria Caixacorp SA

38,949 0.09% 7,963 Distribuidora Interncional de Alimentacion SA

46,265 0.11%

2,435 Enagas

46,228 0.11% 4,061 Gas Natural SDG SA

62,905 0.15%

1,820 Grifols SA

51,324 0.12% 54,484 Iberdrola SA

220,987 0.53%

2,569 Inditex SA

243,644 0.58% 12,958 International Consolidated Airlines Group SA

39,988 0.10%

1,283 Red Electrica de Espana

54,207 0.13% 9,505 Repsol SA

154,076 0.37%



2,790,671 6.69%

Sweden - 7.17% 3,880 Alfa Laval AB

60,589 0.15%

3,717 Assa Abloy AB

111,341 0.27%

12,117 Atlas Copco AB

198,606 0.48%

3,336 Boliden AB

31,617 0.08% 2,773 Electrolux AB - Classs B

53,543 0.13%

4,571 Elekta AB

53,143 0.13% 2,702 Getinge AB

62,767 0.15%

10,810 Hennes & Mauritz AB

271,566 0.65% 2,747 Hexagon AB-B SHS

56,141 0.13%

5,402 Investor AB-B

111,017 0.27% 2,683 Kinnevik Investment AB-B

52,570 0.13%

2,713 Lundin Petroleum AB

41,128 0.10% 28,909 Nordea Bank AB

247,134 0.59%

11,183 Sandvik AB

102,228 0.25% 3,402 Scania AB-B

52,077 0.12%

15,951 Skandinaviska Enskilda Banken AB

116,543 0.28% 5,240 Skanska AB

66,476 0.16%

4,505 SKF AB

80,670 0.19% 320 Sulzer AG

39,307 0.09%

6,371 Svenska cellulosa AB


172,905 0.41%

9,262 Swedbank AB

162,368 0.39% 2,673 Swedish Match AB

72,543 0.17%

6,063 Tele2 AB

54,422 0.13% 35,675 Telefonaktiebolaget LM Ericsson

308,838 0.74%

25,013 Teliasonera AB

124,676 0.30% 15,998 Volvo AB

163,750 0.39%

Total Sweden

2,990,182 7.17%

Switzerland - 21.61% 24,633 ABB Ltd

410,714 0.98%

1,419 Actelion Ltd

65,637 0.16% 1,668 Adecco SA

73,019 0.18%

1,285 Aryzta AG

55,469 0.13% 773 Baloise Holding AG

57,718 0.14%


174


Nominal Security


Switzerland - 21.61% (continued)

44 Barry Callebaut AG


358,350 0.86%

14,785 Credit Suisse Group AG

301,082 0.72% 480 Geberit AG

91,426 0.22%

94 Givaudan

93,151 0.22% 2,584 Holcim Ltd

138,326 0.33%

2,652 Julius Baer Group Ltd

79,531 0.19% 730 Kuehne & Nagel International AG

61,540 0.15%

2 Lindt and Spruengli AG

66,921 0.16% 662 Lonza AG

38,290 0.09%

36,937 Nestle SA

1,860,198 4.46% 25,848 Novartis AG

1,409,957 3.39%

257 Partners Group Holding AG

53,432 0.14% 7,657 Roche Holding AG

1,462,793 3.51%

740 Schindler Holding Part Cert AG

79,167 0.19% 70 SGS SA

115,461 0.28%

28 Sika AG

55,676 0.13% 668 Sonova Holdings AG

54,413 0.13%

312 Swatch Group AG

131,130 0.31% 660 Swatch Group AG

47,752 0.11%

392 Swiss Life Holding AG

48,948 0.12% 1,221 Swiss Prime Site AG

68,936 0.17%

4,219 Swiss RE AG

241,113 0.58% 279 Swisscom AG

93,808 0.22%

1,088 Syngenta AG

326,902 0.78% 4,202 Transocean Ltd

155,289 0.37%

40,594 UBS AG

530,645 1.28% 1,757 Zurich Financial Services AG

349,936 0.84%

Total Switzerland

9,007,670 21.61%

Total Equity

41,441,696 99.39%

Rights - 0.01% 9,505 Repsol SA

A 4,068 0.01%

869 Groupe FNAC RTS

A 1,741 0.00% Total Rights

5,809 0.01%


41,447,505 99.40%



9,326 0.02%



175


Summary







5,809 0.01%



- 0.00%


240,948 0.58%


9,326 0.02%



176

SCHEDULE OF INVESTMENTS OF SANLAM EQUITY ALLOCATION FUND as at 30 June 2013

Nominal Security



Equity - 97.94%

Belgium - 1.13% 6,150 Anheuser-Busch InBev

546,800 1.13%

Total Belgium

546,800 1.13%

Denmark - 1.58% 3,097 Novo-Nordisk A/S-B

482,017 1.00%

8,740 Novozymes AS B Shares


761,387 1.58%

Finland - 1.06% 7,738 Sampo

301,190 0.62%

57,098 Nokia OYJ

211,260 0.44% Total Finland

512,450 1.06%

France - 13.85% 5,150 European Aeronautic Defense and Space Co

274,941 0.57%

4,145 L'OREAL SA

680,325 1.41% 1,827 LVMH Moet Hennessy Louis Vuitton SA

295,712 0.61%

1,586 Pernod-Ricard

175,652 0.36% 3,752 Schneider Electric SA

271,840 0.56%

10,753 Vivendi SA

203,401 0.42% 14,144 France Telecom

133,644 0.28%

3,634 AtoS SE

269,385 0.56% 8,981 Sanofi-Aventis

929,625 1.92%


169,342 0.35% 12,892 AXA

252,996 0.52%

1,527 Cie Generale D'Optique Essilor International SA

162,269 0.34% 14,688 BNP Paribas

801,520 1.66%

10,151 Gdf Suez

198,546 0.41% 18,826 Total SA

917,927 1.90%

3,439 Vinci SA

172,375 0.36% 4,413 Danone

330,803 0.69%

2,372 Air Liquide SA

292,553 0.61% 671 Unibail-Rodamco SE

156,148 0.32%

Total France

6,689,004 13.85%


162,994 0.34%


157,784 0.33% 7,050 SAP AG

515,644 1.07%

13,472 E.ON AG

220,855 0.46% 6,159 Bayer AG

656,015 1.36%

6,802 Basf SE

606,892 1.26% 968 Bilfinger Berger AG

89,035 0.18%

3,319 Allianz SE


255,336 0.53%

1,167 Volkswagen AG

227,422 0.47% 6,210 Daimler AG

375,288 0.78%

6,371 Siemens AG

643,146 1.33% 1,378 Linde AG

256,807 0.53%


310,177 0.64% 2,475 Bayerische Motoren Werke AG

216,427 0.45%

21,925 Deutsche Telekom AG

255,507 0.53% 995 Volkswagen AG

201,031 0.41%

Total Germany

5,634,704 11.67%


177

SCHEDULE OF INVESTMENTS OF SANLAM EQUITY ALLOCATION FUND (CONTINUED) as at 30 June 2013

Nominal Security


Great Britain - 34.85% 3,131 AMEC PLC

47,727 0.10%

15,409 Bhp Billiton PLC

393,113 0.81% 15,731 ARM Holdings PLC

189,688 0.39%

6,225 Tullow Oil PLC

94,513 0.20% 1,003 Croda Internationa PLC

37,683 0.08%

19,101 Diageo PLC

544,667 1.13% 22,649 British Aerospace PLC

131,572 0.27%

14,846 British American Tobacco PLC

758,288 1.57% 10,740 Fenner PLC

50,010 0.10%


488,704 1.01% 7,355 Imperial Tobacco Group PLC

254,352 0.53%

7,444 SABmiller PLC

355,941 0.74% 13,138 Compass Group PLC

167,388 0.35%


1,405,853 2.91% 26,791 Legal & General Group PLC

69,649 0.14%

9,348 Mears Group PLC

54,836 0.11% 17,285 Pace PLC

63,419 0.13%

30,684 Prudential PLC

500,308 1.04% 14,810 Rio Tinto PLC

602,688 1.25%

6,967 Scottish & Southern Energy PLC

160,940 0.33% 141,510 BP PLC

977,134 2.02%

9,973 DS Smith PLC

37,423 0.08% 296,807 Lloyds Banking Group PLC

284,337 0.59%

39,961 BG Group PLC

677,937 1.40% 60,706 Tesco PLC

305,141 0.63%

46,696 GlaxoSmithKline PLC

1,167,223 2.42% 2,504 Weir Group PLC

81,694 0.17%

9,267 Astrazeneca PLC

437,839 0.91% 29,232 GKN PLC

133,590 0.28%

57,389 BT Group PLC

269,144 0.56% 123,682 Barclays PLC

522,361 1.08%

13,539 William Hill PLC

90,541 0.19% 44,547 ITV PLC

94,662 0.20%

14,268 G4S PLC

49,861 0.10% 38,477 Centrica PLC

210,214 0.44%

28,365 Royal Dutch Shell PLC - Class A (GBP)

903,481 1.87% 19,877 Royal Dutch Shell PLC - Class B

656,034 1.36%

27,624 National Grid PLC

312,566 0.65% 10,520 Qinetiq PLC

28,785 0.06%

9,576 Unilever PLC

386,642 0.80% 447,628 Vodafone Group PLC

1,275,397 2.64%

11,227 Experian Group Ltd

194,638 0.40% 31,962 BBA Aviation PLC

135,789 0.28%

12,012 Avanti Communications Group PLC

47,917 0.10% 10,179 Anglo American PLC

195,459 0.40%

2,540 Capita Group PLC

37,216 0.08% 4,783 Reckitt Benckiser Group PLC

337,197 0.70%

6,310 Reed Elsevier PLC

71,494 0.15% 4,180 Shire PLC

132,190 0.27%

4,785 Novae Group PLC

34,873 0.07% 2,288 Betfair Group PLC

29,585 0.06%

14,036 Rolls-Royce Holdings PLC

241,420 0.50% 3,940 Cairn Energy PLC

15,125 0.03%

13,611 Invensys PLC


16,831,428 34.85%


178


Nominal Security


Italy - 2.81%

8,755 Assicurazioni Generali SpA

152,746 0.32% 190,925 Intesa Sanpaolo SpA

305,550 0.63%

50,477 Enel SpA

158,151 0.33% 19,444 ENI-Ente Nazionale Idrocarburi SpA

398,890 0.83%

47,631 HERA SpA

90,221 0.19% 6,304 Azimut Holding SpA

114,655 0.24%

29,298 Unicredit SpA


1,357,257 2.81%

Jersey - 1.09% 89,117 Glencore International PLC

367,863 0.76%

9,287 WPP PLC

158,047 0.33% Total Jersey

525,910 1.09%

Netherlands - 4.54% 4,550 European Aeronautic Defense and Space Company

243,856 0.50%

6,869 Koninklijke Philips Electronics NV

187,040 0.39% 38,080 ING Groep NV

346,542 0.72%

19,230 Unilever NV

756,375 1.57% 4,942 ASML Holding NV

389,475 0.81%

2,998 Gemalto NV


2,194,402 4.54%

Norway - 0.59% 8,930 Statoil ASA

183,200 0.38%

6,943 Gjensidige Forsikring ASA


284,770 0.59%

Spain - 4.82% 8,080 Obrascon Huarte Lain SA

274,691 0.57%

42,421 Banco Bilbao Vizcaya Argentaria SA

355,439 0.74% 7,979 Gas Natural SDG SA

160,680 0.33%

6,224 Repsol SA

131,164 0.27% 79,401 Banco Santander SA

506,011 1.05%


399,777 0.83% 1,697 Inditex SA

209,235 0.43%

54,770 Iberdrola SA


2,325,800 4.82%

Sweden - 3.67% 15,200 Skandinaviska Enskilda Banken AB

144,378 0.30%

5,978 Swedbank Hypotek AB

136,242 0.28% 19,026 Nordea Bank AB

211,450 0.44%

7,079 Hennes & Mauritz AB


145,881 0.30%

23,574 Telefonaktiebolaget LM Ericsson

265,314 0.55% 3,342 Getinge AB

100,928 0.21%

7,097 Electrolux AB - Class B

178,151 0.37% 26,997 Volvo AB - Class B

359,245 0.74%

Total Sweden

1,772,786 3.67%

Switzerland - 16.07% 1,234 Syngenta AG

482,019 1.00%

47 Sika AG

121,499 0.25% 1,162 Zurich Financial Services AG

300,877 0.62%

17,350 Novartis AG

1,230,379 2.55% 16,473 ABB Ltd

357,072 0.74%

7,399 Roche Holdings AG

1,837,629 3.81% 3,616 Adecco SA

205,793 0.43%


179


Nominal Security


Switzerland - 16.07% (continued)

24,951 Nestle SA

1,633,602 3.38% 9,643 Credit Suisse Group AG

255,292 0.53%

40,407 UBS AG


310,818 0.64%

2,770 Swiss RE AG

205,803 0.43% 2,758 Transocean Ltd

132,508 0.27%

Total Switzerland

7,759,979 16.07%

United States - 0.21% 1,300 Autoliv Inc

100,748 0.21%

Total United States

100,748 0.21%

Total Equity

47,297,425 97.94%


47,297,425 97.94%



90,653 0.19%


Summary


Fair Value % of

Net Assets





- 0.00%



- 0.00%


904,226 1.87%


90,653 0.19%



180

SCHEDULE OF INVESTMENTS OF SANLAM EMERGING MARKET EQUITY TRACKER FUND as at 30 June 2013

Nominal Security



Equity - 84.45%

Bermuda - 0.61% 24,864 Brilliance China Automotive Holdings Ltd

27,890 0.09%

30,204 China Gas Holdings Ltd

30,881 0.10% 8,259 China Resources Gas Group Ltd

21,297 0.07%

17,544 Cosco Pacific Ltd

22,800 0.07% 8,877 Haier Electronics Group Co Ltd

14,146 0.04%

30,745 Kunlun Energy Company Ltd

54,544 0.17% 16,242 Nine Dragons Paper Holdings Ltd

10,554 0.03%

19,686 Sihuan Pharmaceutical Holdings Group Ltd

12,944 0.04% Total Bermuda

195,056 0.61%

Brazil - 11.21% 1,011 AES Tiete SA

9,652 0.03%

4,378 All America Latina Logistica SA

18,757 0.06% 3,506 Anhanguera Educacional Participacoes SA

20,483 0.06%

1,116 Arteris SA

10,205 0.03% 5,831 Banco Bradesco SA

80,810 0.25%

19,410 Banco Bradesco SA

253,174 0.79% 5,264 Banco Do Brazil SA

52,759 0.16%

1,725 Banco Estado Rio Grande Sul SA

11,820 0.04% 23,106 Banco Itau Holding Financeira SA

301,069 0.94%

7,056 Banco Santander Brasil SA

43,301 0.13% 5,571 BB Seguridade Participacoes SA

44,407 0.14%

16,268 BM&F Bovespa

91,065 0.28% 3,712 BR Malls Participacoes SA

33,590 0.10%

1,820 BR Properties SA

15,661 0.05% 2,151 Bradespar SA

19,679 0.06%

1,507 Braskem SA

11,241 0.03% 8,051 CCR SA

64,539 0.20%

3,155 Centrais Eletricas Brasileiras SA

12,474 0.04% 1,506 CESP - Companhia Energetica de Sao Paulo

13,389 0.04%

1,916 CETIP SA

19,819 0.06% 3,211 Cia Brasileira de Meios de Pagamentos

81,438 0.25%

3,218 Cia de Saneamento Basico do Estado de Sao Paulo

33,681 0.10% 1,306 Companhia Hering

18,514 0.06%

1,114 Companhia Brasileira de Distribuicao Grupo Pao De Acucar 50,251 0.16% 6,889 Companhia de Bebidas das Americas

260,584 0.81%

1,220 Companhia de Bebidas das Americas

45,628 0.14% 605 Companhia de Saneamento de Minas Gerais - Copasa MG 9,864 0.03%

5,018 Companhia Energetica de Minas Gerais

45,248 0.14% 1,013 Companhia Paranaense de Energia-Copel

12,699 0.04%

7,199 Companhia Siderurgica Nacional SA

19,465 0.06% 1,109 Cosan SA Industria e Comercio SA

21,728 0.07%

2,319 CPFL Energia SA

21,751 0.07% 2,897 Cyrela Brazil Realty SA

20,127 0.06%

2,522 Duratex SA

14,643 0.05% 1,512 Ecorodovias Infraestrutura e Logistica SA

10,724 0.03%

2,320 EDP - Energias do Brasil SA

11,905 0.04% 5,124 Embraer SA

47,597 0.15%

2,340 Fibria Celulose SA

26,230 0.08% 7,983 Gerdau SA

45,591 0.14%

3,230 Hypermarcas SA

21,255 0.07% 26,293 Itausa

98,718 0.31%


181

SCHEDULE OF INVESTMENTS OF SANLAM EMERGING MARKET EQUITY TRACKER FUND (CONTINUED) as at 30 June 2013

Nominal Security


Brazil - 11.21% (continued)

4,015 JBS SA

11,765 0.04% 4,116 Klabin SA

20,692 0.06%

1,702 Kroton Educacional SA

23,819 0.07% 1,410 Localiza Rent a Car

20,179 0.06%

4,746 Lojas Americanas SA

33,618 0.10% 1,204 Lojas Renner SA

34,871 0.11%

1,934 Marcopolo SA

11,150 0.03% 2,673 Metalurgica Gerdau SA

19,357 0.06%

707 Multiplan Empreendimentos Imobiliarios SA

16,583 0.05% 1,623 Natura Cosmeticos SA

35,062 0.11%

13,168 OGX Petroleo e Gas Participacoes SA

4,711 0.01% 10,078 Oi SA

17,892 0.06%

5,980 Perdigao SA

131,219 0.41% 38,337 Petroleo Brasileiro SA

280,930 0.87%

27,780 Petroleo Brasileiro SA

186,332 0.58% 1,122 Porto Seguro SA

12,043 0.04%

2,242 Qualicorp SA

17,160 0.05% 1,813 Raia Drogasil SA

17,777 0.06%

3,518 Souza Cruz SA

43,640 0.14% 2,709 Telefonica Brasil SA

61,836 0.19%

7,868 Tim Participacoes SA

28,828 0.09% 1,006 Totvs SA

15,942 0.05%

1,507 Tractebel Energia SA

23,663 0.07% 2,940 Ultrapar Participacoes SA

70,730 0.22%

3,587 Usiminas Usi Sd Mg

12,070 0.04% 12,418 Vale SA

163,661 0.51%

18,079 Vale SA

221,484 0.69% 2,020 WEG SA

25,753 0.09%

Total Brazil

3,608,302 11.21%

Cayman Islands - 3.08% 45,725 Belle International Holdings Ltd

62,844 0.20%

6,971 Chailease Holding Co Ltd

16,433 0.05% 11,713 China Mengniu Dairy Co Ltd

41,907 0.13%

20,915 China Shanshui Cement Group Ltd

9,411 0.03% 17,040 China State Construction International Holdings Ltd

26,539 0.08%

41,826 Country Garden Holdings Co Ltd

21,894 0.07% 6,702 ENN Energy Holdings Ltd

35,730 0.11%

65,093 Evergrande Real Estate Group Ltd

24,086 0.07% 77,276 GCL-Poly Energy Holdings Ltd

16,638 0.05%

44,984 Geely Automobile Holdings Ltd

19,487 0.06% 8,191 Golden Eagle Retail Group Ltd

10,941 0.03%

6,287 Greentown China Holdings Ltd

10,278 0.03% 6,920 Hengan International Group Co Ltd

75,390 0.23%

7,468 Kingboard chemical Holdings Ltd

15,386 0.05% 19,193 Lee & Man Paper Manufacturing Ltd

11,432 0.04%

2,058 Mstar Semiconductor Inc

14,801 0.05% 5,300 Shenzhou International Group Holdings Ltd

15,238 0.05%

13,008 Shimao Property Holdings Ltd

25,827 0.08% 37,134 Shui On Land Ltd

10,820 0.03%

26,000 Sino Biopharmaceutical Ltd

16,861 0.05% 19,754 Soho China Ltd

15,714 0.05%

9,450 Tencent Holdings Ltd


31,724 0.10%

11,121 Uni-President China Holdings Ltd

11,299 0.04% 56,045 Want Want China Holdings Ltd

78,906 0.25%


990,217 3.08%


182


Nominal Security


China - 8.31%

197,093 Agricultural Bank of China

81,315 0.25% 20,055 Air China Ltd

14,428 0.04%

51,157 Aluminium Corp

16,489 0.05% 11,954 Anhui Conch Cement Co Ltd

32,366 0.10%

684,078 Bank of ChinaLtd

281,350 0.87% 81,651 Bank of Communications Co Ltd

52,636 0.16%

19,467 Beijing Capital International Airport Co

12,700 0.04% 5,046 BYD Co Ltd

16,720 0.05%

21,880 China Bluechemical Ltd

13,371 0.04% 72,218 China Citic Bank International

33,333 0.10%

23,501 China Communication Services Corp Ltd

14,847 0.05% 43,631 China Communications Construction Co Ltd

34,146 0.11%

658,148 China Construction Bank Corp

465,851 1.45% 6,007 China International Marine Containers Group Co Ltd

10,363 0.03%

69,060 China Life Insurance Co

163,831 0.51% 25,278 China Longyuan Power Group Corp

26,203 0.08%

37,769 China Merchants Bank Co Ltd

63,109 0.20% 48,492 China Minsheng Banking Corp Ltd

47,453 0.15%

28,535 China National Building Material Co Ltd

25,569 0.08% 14,996 China Oilfield Services

29,349 0.09%

25,104 China Pacific Insurance Co Ltd

80,107 0.25% 235,056 China Petroleum Co Ltd

165,468 0.51%

19,392 China Railway Construction Corp

16,851 0.05% 39,468 China Railway Group Ltd

18,217 0.06%

32,269 China Shenhua Energy Co Ltd

82,376 0.26% 20,531 China South Locomotive and Rolling Stock Corp

12,071 0.04%

42,849 China Coal Energy Co

22,429 0.07% 27,273 Chongqing Rural Commercial Bank Co Ltd

11,569 0.04%

10,231 CITIC Securities Co Ltd

18,177 0.06% 28,782 Datang International Power Generation Co

11,652 0.04%

26,150 Dongfeng Motor Grp Co Ltd

34,929 0.11% 9,755 Great Wall Motor Co Ltd

42,070 0.13%

22,334 Guangzhou Automobile Group Co Ltd

21,107 0.07% 8,746 Guangzhou R&F Properties Co Ltd

12,652 0.04%

11,519 Haitong Securiies Co Ltd

13,960 0.04% 27,658 Huaneng Power International Inc

27,386 0.09%

5,800 Inner Mongolia Yitai Coal Co

28,002 0.09% 12,471 Jiangsu Express Co Ltd

12,863 0.04%

18,249 Jiangxi Copper Co Ltd

30,916 0.10% 12,904 Longford Properties Ltd

19,199 0.06%

6,149 New China Life Insurance Co Ltd

18,948 0.06% 38,586 People's Insurance Co of China Holdings Co

17,611 0.05%

193,795 PetroChina Co Ltd

206,133 0.64% 26,486 PICC Property & Casual Co Ltd

29,880 0.09%

17,637 Ping An Insurance Group Co of China Ltd

118,699 0.37% 15,815 Shandong Weigao Group Medical Polymer Co

17,291 0.05%

32,161 Shanghai Electric Group Co Ltd

10,781 0.03% 6,136 Shanghai Pharmaceuticals Holdings Co Ltd

11,503 0.04%

28,375 Sino-Ocean Land Holdings

15,402 0.05% 9,687 Sinopharm Group Co

24,329 0.08%

2,947 Tsingtao Brewery Co Ltd

21,087 0.07% 21,329 Yanzhou Coal Mining Co

15,290 0.05%

17,042 Zhejiang Expressway Co Ltd

13,886 0.04% 5,171 Zhuzhou CSR Times Electric Co Ltd

13,027 0.04%

66,537 Zijin Mining Group Co Ltd

11,753 0.04% 15,517 Zoomlion Heavy Industry Science and Technology Co Ltd 11,123 0.01%

Total China

2,674,173 8.31%


183


Nominal Security

Classification Fair Value % of US$ Net Assets Columbia - 1.15%

1,821 Almacenes Exito SA

30,178 0.09% 1,300 Banco Davivienda SA

15,592 0.05%

2,218 Bancolombia SA

30,325 0.09% 3,098 Bancolombia SA

43,319 0.13%

3,698 Cementos Argos SA

15,283 0.05% 799 Corporacion Financiera Colombiana SA

14,896 0.05%

46,717 Ecopetrol SA

98,711 0.31% 2,599 Grupo Argos SA

25,843 0.08%

1,207 Grupo Argos SA

12,064 0.04% 2,699 Grupo De Inversiones Suramericana SA

52,276 0.16%

800 Grupo De Inversiones Suramericana SA

15,719 0.05% 3,898 Interconexion Electrica SA

15,282 0.05%

Total Columbia

369,488 1.15%

Czechoslovakia - 0.28% 1,520 Cez Group

36,432 0.11%

197 Komercni Banka

36,572 0.11% 1,213 Telefonica 02 Czech Republic Co

16,692 0.06%

Total Czechoslovakia

89,696 0.28%

Egypt - 0.25% 5,638 Commercial International Bank

23,987 0.07%

1,102 Orascom Construction Industries SAE

37,800 0.12% 32,994 Orascom Telecom Holdings SAE

18,422 0.06%

Total Egypt

80,209 0.25%


15,175 0.05%

5,040 Beijing Enterprises Holdings Ltd

36,291 0.11% 33,872 China Cosco Holdings Co Ltd

14,848 0.05%

10,871 China Everbright Ltd

14,324 0.04% 9,265 China Insurance International Holdings Co Ltd

14,334 0.04%

11,441 China Merchants Holdings International Co Ltd 35,623 0.11% 54,535 China Mobile Hong Kong Ltd

569,523 1.77%


98,473 0.31% 17,016 China Resources Energy

40,542 0.13%

11,561 China Resources Enterprise Ltd

36,369 0.11% 18,679 China Resources Land Ltd

51,055 0.16%

130,852 China Telecom Corp Ltd

62,421 0.19% 45,578 China Unicom Hong Kong Ltd

60,526 0.19%

12,300 China Vanke Co Ltd

22,043 0.07% 15,290 Citic Pacific

16,401 0.05%

165,130 CNOOC Ltd

280,177 0.87% 19,008 Fosun International Ltd

13,944 0.04%

33,750 Franshion Properties China Ltd

11,270 0.04% 33,597 Fushan International Energy Group Ltd

13,038 0.04%

24,158 Guangdong Investment Ltd

20,931 0.07% 596,994 Industrial & Commercial Bank of China

376,383 1.17%

55,723 Lenovo Group Ltd

50,506 0.16% 21,990 Poly Hong Kong Investment Ltd

11,879 0.04%

7,449 Shanghai Industrial Holdings Ltd

23,097 0.07% 23,869 Sun Art Retail Group Ltd

34,529 0.11%

19,074 Tingyi (Cayman Island) Holdings Corp

49,676 0.15% 5,077 Weichai Power Co Ltd

14,990 0.05%

55,037 Yuexiu Property Co Ltd


2,002,347 6.22%

Hungary - 0.23%

397 Mol Magyar Olaj- es Gazipari R

29,700 0.09% 2,072 OTP Bank Nyrt

43,485 0.14%

Total Hungary

73,185 0.23%


184


Nominal Security


Indonesia - 3.17%

185,969 Astra International Tbk PT

130,505 0.41% 111,226 Bank Central Asia Tbk PT

111,505 0.35%

30,757 Bank Danamon PT

18,038 0.06% 85,341 Bank Mandiri Pereso Tbk PT

76,999 0.24%

71,072 Bank Negara Indonesia

30,638 0.10% 100,453 Bank Rakyat Indonesa Tbk PT

78,046 0.24%

155,059 Bumi Resources Tbk PT

8,550 0.03% 61,609 Global Mediacom Tbk PT

13,279 0.04%

4,571 Gudang Garam Tbk PT

23,187 0.07% 4,223 Indo Tambangraya Megah Tbk PT

11,918 0.04%

13,506 Indocement Tunggal Prakarsa Tbk PT

33,105 0.10% 14,500 Indofood CBP Sukses Makmur Tbk PT

17,734 0.06%

19,423 Jasa Marga Persero Tbk PT

11,780 0.04% 216,797 Kalbe Farma Tbk PT

31,297 0.10%

43,272 Media Nusantara Citra Tbk PT

13,556 0.04% 103,429 Perusahaan Gas Negara TbkPT

59,621 0.19%

143,595 Adaro Energy Tbk PT

12,380 0.04% 71,465 Charoen Pokphand Indonesia Tbk PT

36,897 0.11%

41,198 Indofood Sukses Makmur Tbk PT

30,356 0.09% 160,800 Lippo Karawaci Tbk PT

24,503 0.08%

25,097 XL Axiata Tbk PT

12,140 0.04% 27,444 Semen Gresik (Persero) Tbk PT

47,047 0.15%

8,253 Tambang Batubara Bukit Asam Tbk PT

11,004 0.03% 92,710 Telekomunikasi Indonesia Tbk PT

104,560 0.32%

13,328 Unilever Idonesia Tbk PT

41,086 0.13% 16,269 United Tractors Tbk PT

29,684 0.07%

Total Indonesia

1,019,415 3.17%

South Korea - 14.27% 1,750 BS Financial Group Inc

22,064 0.07%

612 Celltrion Inc

22,321 0.07% 411 Cheil Industries Inc

32,132 0.10%

940 Cheil Worldwide Inc

20,177 0.06% 100 CJ CheilJedang Corp

22,642 0.07%

99 CJ Corp

9,804 0.03% 314 Daelim Industrial Co

23,781 0.07%

530 Daewoo International Corp

16,347 0.05% 1,860 Daewoo Securities Co Ltd

16,310 0.05%

930 Daewoo Shipbuilding & Marine Engineering Co Ltd 20,489 0.06% 1,290 DGB Financial Group Inc

17,559 0.05%

500 Dongbu Insurance Co Ltd

21,072 0.07% 510 Doosan Heavy Industries & Construction Co Ltd 18,912 0.06%

1,060 Doosan Infracore Co Ltd

9,896 0.03% 199 E- Mart Co Ltd

34,901 0.11%

320 GS Engineering & Construction Corp

7,832 0.02% 527 GS Holdings

23,635 0.07%

2,590 Hana Financial Holdings Inc

75,141 0.23% 698 Hankook Tire Co Ltd

32,157 0.10%

920 Hanwha Chemical Corp

13,406 0.04% 510 Hanwha Corp

13,083 0.04%

210 Honam Petrochemicals Corp

26,202 0.08% 4,710 Hynix Semiconductor Inc

128,221 0.40%

197 Hyosung Corpporation

10,142 0.03% 102 Hyundai Department Store Co Ltd

13,350 0.04%

620 Hyundai Development Co

13,524 0.04% 625 Hyundai Engineering & Construction Co Ltd

30,484 0.09%


185


Nominal Security


South Korea - 14.27% (continued)

101 Hyundai Glovis Co Ltd

17,052 0.05% 414 Hyundai Heavy Industries Co Ltd

66,286 0.21%

720 Hyundai Marine & Fire Insurance Co

19,035 0.06% 101 Hyundai Mipo Dockyard Co Ltd

11,104 0.03%

609 Hyundai Motor Co Ltd

145,066 0.45% 1,404 Hyundai Motor Co Ltd

276,248 0.86%

302 Hyundai Motor Co Ltd

26,351 0.08% 198 Hyundai Motor Co Ltd

16,758 0.05%

100 Hyundai Wia Corp

14,833 0.05% 1,630 Industrial Bank of Korea

15,574 0.05%

514 INI Steel Comp

28,793 0.09% 880 Kangwon Land Inc

24,264 0.08%

3,570 KB Financial Group Inc

106,532 0.33% 2,405 Kia Motors Corp

130,314 0.40%

2,270 Korea Electric Power Corp

52,488 0.16% 206 Korea Gas Corp

9,490 0.03%

420 Korea Investment Holdings Co Ltd

15,227 0.05% 104 Korea Kumho Petrochemical Co Ltd

7,505 0.02%

103 Korea Zinc Co Ltd

24,894 0.08% 410 Korean Air Lines Co Ltd

11,001 0.03%

1,000 KT&G Corp

64,742 0.20% 417 LG Chemicals Ltd

92,054 0.29%

927 LG Corp

51,362 0.16% 2,110 LG Display Co Ltd

50,537 0.16%


66,434 0.21% 99 LG Household & Health Care Ltd

48,201 0.15%

1,910 LG Telecom Ltd

19,915 0.06% 102 Lotte Shopping Co Ltd

31,595 0.10%

204 LS Cable Ltd

12,371 0.04% 102 Mando Corp

9,122 0.03%

105 NCsoft Corp

14,842 0.05% 412 NHN Corp

104,431 0.32%

100 OCI Company Ltd

11,692 0.04% 605 POSCO

157,574 0.49%

1,243 Samsung C&T Corp

58,458 0.18% 400 Samsung Card Co Ltd

13,577 0.04%

615 Samsung Electro-Mechanics Co

46,739 0.15% 204 Samsung Electronics Co Ltd

157,350 0.49%

1,022 Samsung Electronics Co Ltd

1,196,709 3.72% 316 Samsung Engineering Co

20,431 0.06%

307 Samsung Fire & Marine Insurance Co Ltd

62,414 0.19% 1,560 Samsung Heavy Industries Co Ltd

48,730 0.15%

609 Samsung Life Insurance Co Ltd

57,389 0.18% 306 Samsung SDI Co Ltd

36,445 0.11%

614 Samsung Securities Co Ltd

24,698 0.08% 399 Samsung Techwin Co Ltd

22,699 0.07%

3,940 Shinhan Financial Group Ltd

129,261 0.40% 104 Shinsegae Co Ltd

19,147 0.06%

196 SK C and C Co Ltd

17,068 0.05% 202 SK Corp Ltd

29,875 0.09%

625 SK Energy Co Ltd

73,893 0.23% 97 SK Telecom Co Ltd

17,774 0.06%

407 S-Oil Corp

25,995 0.08% 503 Woongjin Coway Co Ltd

24,490 0.08%

3,390 Woori Finance Holdings Co

31,206 0.10% 1,660 Woori Investment & Securities Co Ltd

16,295 0.05%

104 Yuhan Corp

16,697 0.06% Total South Korea

4,596,611 14.27%


186


Nominal Security


Malaysia - 3.91% (continued)

13,100 Airasia Berhad

13,140 0.04% 10,000 Alliance Financial Group Berhad

16,665 0.05%

16,000 AMMB Holding Berhad

36,926 0.11% 24,000 Axiata Group Berhad

50,031 0.16%

1,000 British American Tobacco Berhad

18,740 0.06% 12,200 Bumi Armada Berhad

14,884 0.05%

44,300 CIMB Group Holdings Berhad

115,333 0.36% 28,200 Digi.com Berhad

42,206 0.13%

12,100 Felda Golbal Ventures Holdings Berhad

17,197 0.05% 16,000 Gamuda Berhad

23,846 0.07%

19,300 Genting Berhad

63,354 0.20% 5,100 Hong Leong Bank Berhad

22,290 0.07%

18,900 IHH Healthcare Berhad

23,473 0.07% 12,100 IJM Corporation Berhad

21,496 0.07%

29,900 IOI Corporation Berhad

51,143 0.16% 5,000 Kuala Lumpur Kepong Berhad

34,147 0.11%

4,000 Lafarge Malayan Cement Berhad

12,803 0.04% 38,800 Malayan Banking Berhad

126,877 0.39%

19,900 Maxis Berhad

42,986 0.13% 11,000 MISC Berhad

17,639 0.05%

5,000 Perlis Plantations Group Berhad

22,261 0.07% 26,000 Petronas Chemicals Group Berhad

54,119 0.17%

2,000 Petronas Dagangan Berhad

15,910 0.05% 5,000 Petronas Gas Berhad

32,858 0.10%

10,000 Public Bank Berhad

53,641 0.17% 28,100 Resorts World Berhad

34,370 0.11%

6,000 RHB Capital Berhad

16,281 0.05% 32,700 SapuraKencana Petroleum Berhad

42,052 0.13%

24,900 Sine Darby Berhad

75,004 0.23% 10,000 Telekom Malaysia Berhad

16,979 0.05%

26,000 Tenaga NasionlBerhad

67,771 0.21% 15,400 UEM Land Holdings Berhad

15,108 0.05%

5,000 UMW Holdings Berhad

22,953 0.07% 47,300 YTL Corp Berhad

24,688 0.08%

Total Malaysia

1,259,171 3.91%

Mexico - 5.39% 26,919 Alfa SAB de CV

64,547 0.20%

356,368 America Movil SAB de CV

386,500 1.20% 2,949 Arca Continental SAB de CV

22,470 0.07%

101,617 Cemex SAB de CV

107,323 0.33% 3,877 Coca-Cola Femsa SAB de CV

54,297 0.17%

9,798 Compartamos SAB de CV

16,786 0.05% 3,393 Controladora Comercial Mexican SAB de CV

12,826 0.04%

1,620 El Puerto de Liverpool SAB de CV

18,957 0.06% 17,489 Fomento Economico Mexicano SAB de CV

180,294 0.56%

2,923 Grupo Aeroportuario del Pacifico SAB de CV

14,724 0.05% 1,911 Grupo Aeroportuario del Sureste SAB de CV

21,156 0.07%

14,974 Grupo Bimbo SAB de CV

45,111 0.14% 5,141 Grupo Carso SAB de CV

24,106 0.07%

17,118 Grupo Financiero Banorte SAB de CV

100,802 0.31% 18,234 Grupo Financiero Inbursa

40,055 0.12%

18,396 Grupo Financiero Santander Mexico SAB de CV

52,258 0.16% 35,166 Grupo Mexico SAB de CV

101,165 0.31%

5,907 Grupo Modelo SAB de CV

53,487 0.17% 23,426 Grupo Televisa SAB de CV

116,425 0.36%


187


Nominal Security


Mexico - 5.39% (continued)

1,510 Industrias CH SAB de CV

9,915 0.03% 1,297 Industrias Penoles SAB de CV

38,988 0.12%

14,349 Kimberly-Clark de Mexico SAB de CV

46,114 0.14% 9,797 Mexichem SAB de CV

40,599 0.13%

5,864 Minera Frisco SAB de CV

17,383 0.05% 6,700 OHL Mexico SAB de CV

16,076 0.05%

48,459 Walmart De Mexico

135,687 0.43% Total Mexico

1,738,051 5.39%

Morocco - 0.05% 396 Attijariwafa Bank

15,169 0.05%

Total Morocco

15,169 0.05%

Peru - 0.08% 1,670 Compania de Minas Buenaventura SA

24,649 0.08%

Total Peru

24,649 0.08%

Phillippines - 1.02% 18,160 Aboitiz Equity Ventures Inc

21,144 0.07%

18,900 Aboitiz Power Corp

15,255 0.05% 21,000 Alliance Global Group Inc

11,397 0.04%

1,750 Ayala Corp

23,542 0.07% 53,400 Ayala Land Inc

37,652 0.12%

7,050 Bank of Philippine Islands

15,698 0.05% 13,690 BDO Unibank Inc

26,989 0.08%

8,350 DMCI Holdings Inc

9,993 0.03% 305 Globe Telecom Inc

11,389 0.04%

7,980 International Container Terminal Services Inc

16,103 0.05% 3,960 Jollibee Foods Corporation

13,593 0.04%

400 Philippine Long Distance Telephone Co

27,276 0.08% 2,020 SM Investments Corp

50,131 0.16%

64,800 SM Prime Holdings Inc

24,498 0.08% 7,990 Universal Robina Corp

23,165 0.06%

Total Phillippines

327,825 1.02%

Poland - % 405 Bank Handlowy w Warszawie SA

11,307 0.04%

1,282 Bank Pekao SA

57,730 0.18% 302 Bank Zachodni WBK SA

25,386 0.08%

201 BRE Bank SA

23,111 0.07% 676 Eurocash SA

11,913 0.04%

619 Grupa Azoty SA

13,751 0.04% 1,346 KGHM Polska Miedz SA

48,894 0.15%

8,211 PGE SA

37,961 0.12% 3,014 Polski Koncern Naftowy Orlen SA

42,165 0.13%

17,132 Polskie Gornictwo Naftowe i Gazownictwo SA

29,831 0.09% 8,596 Powszechna Kasa Oszczednosci Bank Polski SA

91,870 0.29%

594 Powszechny Zaklad Ubezpieczen SA

73,060 0.23% 6,895 Telekomunikacja

15,835 0.04%

Total Poland

482,814 1.50%

Russia - 0.07% 400 Magnit OJSC

22,880 0.07%

Total Russia

22,880 0.07%


188


Nominal Security


South Africa - 6.99%

2,605 ABSA Group Ltd

38,975 0.12% 7,303 African Bank Investments Ltd

12,008 0.04%

1,024 African Rainbow Minerals Ltd

15,451 0.05% 704 Anglo Platinum Ltd

20,924 0.06%

3,417 AngloGold Ashanti Ltd

48,191 0.15% 2,770 Aspen Pharmacare Holdings Ltd

63,371 0.20%

296 Assore Ltd

9,543 0.03% 1,958 Barloworld Ltd

16,078 0.05%

2,698 Bidvest Group Ltd

66,584 0.21% 2,753 Discovery Ltd

23,316 0.07%

1,225 Exxaro Resources Ltd

17,968 0.06% 28,196 FirstRand Ltd

82,184 0.26%

6,486 Gold Fields Ltd

33,177 0.10% 14,877 Growthpoint Properties Ltd

39,555 0.12%

3,497 Harmony Gold Mining Co Ltd

12,596 0.04% 5,133 Impala Platinum Holdings Ltd

48,096 0.15%

1,627 Imperial Holdings Ltd

34,401 0.11% 2,248 Investec Ltd

14,493 0.05%

827 Kumba Iron Ore Ltd

38,378 0.12% 1,001 Liberty Holdings Ltd

12,096 0.04%

8,380 Life Healthcare Group Holdings Ltd

31,661 0.10% 995 Massmart Holdings Ltd

17,974 0.06%

9,237 MMI Holdings Ltd

20,632 0.06% 2,142 Mr Price Group Ltd

29,070 0.09%

15,576 Mtn Group Ltd

288,752 0.90% 3,537 Naspers Ltd

260,142 0.81%

1,811 Nedbank Group Ltd

32,027 0.10% 8,136 Netcare Ltd

18,886 0.06%

4,642 PPC Ltd

13,932 0.04% 25,868 Redefine Properties Ltd

27,339 0.08%

3,881 Remgro Ltd

74,274 0.23% 1,830 Reunert Ltd

12,722 0.04%

6,643 RMB Holdings Ltd

26,370 0.08% 6,221 RMI Holdings Inc

15,795 0.05%

16,015 Sanlam Ltd

74,223 0.23% 5,497 Sappi Ltd

13,513 0.04%

5,094 Sasol Ltd

221,479 0.69% 3,829 Shoprite Holdings Ltd

71,562 0.22%

10,990 Standard Bank Group Ltd

123,437 0.38% 11,234 Steinhoff International Holdings Ltd

27,753 0.09%

1,904 The Foschini Group Ltd

18,943 0.06% 1,682 The Spar Group Ltd

20,334 0.06%

1,535 Tiger Brands Ltd

45,762 0.14% 4,008 Truworths International Ltd

35,111 0.11%

3,483 Vodacom Group Ltd

36,853 0.11% 6,746 Woolworths Holdings Ltd

43,778 0.13%

Total South Africa

2,249,709 6.99%

Taiwan - 11.44% 27,162 Acer Inc

19,444 0.06%

57,314 Advanced Semiconductor Engergy Inc

47,994 0.15% 3,046 Advantech Co Ltd

14,503 0.05%

23,088 Asia Cement Corp

28,366 0.09% 6,018 Asustek Computer Inc

51,696 0.16%

88,165 AU Optronics Corp

31,997 0.10% 6,070 Catcher Technology Co Ltd

31,528 0.10%


189


Nominal Security


Taiwan - 11.44% (continued)

66,605 Cathay Financial Holding Co

90,702 0.28% 42,563 Chang Hwa Commercial Bank Ltd

23,454 0.07%

17,326 Cheng Shin Rubber Industry Co

54,573 0.17% 5,074 Chicony Electronics Co Ltd

13,177 0.04%

44,759 China Airlines Ltd

16,840 0.05% 116,543 China Development Financial Holdings Corp

32,673 0.10%


17,922 0.06% 107,792 China Steel Corp

88,110 0.27%

116,384 Chinatrust Financial Holding Co Ltd

71,883 0.22% 33,066 Chunghwa Telecom Co Ltd

112,297 0.35%

44,295 Compal Electronics Inc

24,851 0.08% 16,210 Delta Electronics Inc

73,672 0.23%

38,485 E.Sun Financial Holding Co Ltd

23,449 0.07% 10,279 Epistar Corp

18,071 0.06%

28,963 Eva Airways Corp

16,538 0.05% 31,543 Far Eastern Textile Ltd

34,028 0.11%

14,094 Far Eastone Telecomm Co Ltd

37,776 0.12% 61,066 First Financial Holding Co

36,090 0.11%

30,576 Formosa Chemicals & FibreCorp

74,826 0.23% 11,348 Formosa Petrochemical Corp

28,905 0.09%

37,934 Formosa Plastics Corp

91,570 0.28% 8,095 Foxconn Technology Co Ltd

19,622 0.06%

53,519 Fubon Financial Holding Co

72,793 0.23% 3,112 Giant Manufacturing Co Ltd

21,345 0.07%

2,042 Hiwin Technologies Corp

12,170 0.04% 92,036 Hon Hai Precision Industry Co Ltd

226,765 0.70%

3,080 Hotai Motor CoLtd

33,124 0.10% 7,119 HTC Corp

56,651 0.18%

46,610 Hua Nan Financial Holdings Co Ltd

26,072 0.08% 69,089 Innolux Display Corp

34,390 0.11%

1,031 Largan Precision Co Ltd

32,955 0.10% 20,617 Lite On Tecno Corp

36,108 0.11%

10,281 MediaTek Inc

119,296 0.37% 75,247 Mega Financial Holding Co Ltd

56,998 0.18%

2,034 Merida Industry Co Ltd

12,055 0.04% 44,870 Nan Ya Plastics Corp

94,419 0.29%

5,100 Novatek Microelectronics Ltd

24,707 0.08% 14,237 Pegatron Corp

23,464 0.07%

21,078 Pou Chen Corp

19,966 0.06% 8,109 Powertech Technology Inc

15,201 0.05%

5,180 President Chain Store Corp

33,891 0.11% 21,909 Quanta Computer Inc

47,416 0.15%

4,958 Radiant Opto-Electronics Corp

16,227 0.05% 5,125 Realtek Semi-conductor Corp

12,115 0.04%

7,195 Ruentex Development Co Ltd

13,008 0.04% 6,092 Ruentex Industries Ltd

13,428 0.04%

66,008 Shin Kong Financial Holding

22,198 0.07% 28,504 Siliconware Precision Industries Co

35,779 0.11%

3,913 Simplo Technology Co Ltd

16,937 0.05% 59,151 Sinopac Financial Holdings Co Ltd

28,065 0.09%

12,946 Synnex Technology International Corp

16,875 0.05% 68,235 Taishin Financial Holdings Co Ltd

29,989 0.09%

32,152 Taiwan Cement Corp

39,502 0.12% 42,437 Taiwan Cooperative Financial Holding Co Ltd

23,455 0.07%

9,932 Taiwan Fertilizer Co

23,942 0.07% 18,510 Taiwan Glass Industry Corp

16,702 0.05%


190


Nominal Security


Taiwan - 11.44% (continued)

13,942 Taiwan Mobile Co Ltd

55,009 0.17% 229,276 Taiwan Semiconductor Manufacturing Company Ltd

847,361 2.63%

19,527 Teco Electric & Machinery Co Ltd

19,505 0.06% 6,170 Tripod Technology Corp

13,292 0.04%

7,148 TSRC Corp

13,685 0.04% 15,358 Unimicron Technology Corp

14,676 0.05%

37,781 Uni-President Enterprises Corp

73,464 0.23% 54,860 Walsin Lihwa Corp

15,544 0.05%

22,020 Wistron Corp

22,178 0.07% 15,296 WPG Holdings Ltd

18,080 0.06%

75,199 Yuanta Financial Holdings Co Ltd

39,059 0.12% 11,040 Yulon Motor Co Ltd

17,644 0.05%

Total Taiwan

3,684,062 11.44%

Thailand - 2.74% 10,900 Advanced Info Service Public Co Ltd

98,772 0.31%

4,000 Airports of Thailand Public Co Ltd

21,658 0.07% 5,100 Bangkok Bank Public Co Ltd

33,432 0.10%

7,600 Bangkok Bank Public Co Ltd

50,797 0.16% 2,800 Bangkok Dusit Medical Services Public Co Ltd

14,171 0.04%

22,300 Bank of Ayuhya Public Co Ltd

25,439 0.08% 1,100 Banpu Public Co Ltd

8,519 0.03%

9,100 BEC World Public Co Ltd

17,179 0.05% 40,100 C.P.Seven Eleven Public Co Ltd

50,254 0.16%

12,100 Central Pattana Public Co Ltd

17,497 0.05% 29,100 Charoen Pokphand Foods Public Co Ltd

24,079 0.07%

4,600 Glow Energy Public Co Ltd

10,606 0.03% 99,500 IRPC Public Co Ltd

10,551 0.03%

6,300 Kasikornbank Public Co Ltd

38,666 0.12% 10,800 Kasikornbank Public Co Ltd

68,021 0.21%

32,500 Krung Thai Bank Public Co Ltd

21,200 0.07% 12,900 PTT Exploration & Production Public Co Ltd

65,702 0.20%

16,500 PTT Global Chemical Public Co Ltd

36,584 0.11% 7,800 PTT Public Co Ltd

83,965 0.26%

2,700 Siam Cement Public Co Ltd

39,737 0.12% 1,200 Siam Cement Public Co Ltd

17,198 0.05%

16,600 Siam Commercial Bank Public Co Ltd

91,748 0.28% 900 Siam Makro Public Co Ltd

22,558 0.07%

7,900 Thai Oil Public Co Ltd


884,326 2.74%

Turkey - 1.94% 17,333 Akbank T.A.S

70,608 0.22%

2,051 Anadolu Efes Biracilik ve Malt Sanayii AS

29,763 0.09% 2,425 Arcelik A.S.

16,024 0.05%

2,024 BIM Birlesik Magazalar AS

43,847 0.14% 601 Coca-Cola Icecek AS

17,287 0.05%

7,473 Emlak Konut Gayrimenkul Yatirim

10,535 0.03% 1,006 Ford Otomotiv Sanayi A.S

13,869 0.04%

8,094 Haci Omer Sabanci Holding A.S.

42,578 0.13% 6,775 Koc Holding AS

32,514 0.10%

1,432 Tupras-Turkiye Petrol Rafinerileri A.S.

34,956 0.11% 5,994 Turk Hava Yollari Anonim Ortakligi

23,299 0.07%

5,707 Turk Telekomunikasyon AS

22,183 0.07% 7,012 Turkcell Iletisim Hizmet As

40,702 0.13%

21,936 Turkiye Garanti Bankasi

95,725 0.30%


191


Nominal Security


Turkey - 1.94% (continued)

6,070 TURKIYE HALK BANKASI

51,435 0.16% 15,583 Turkiye IS Bankasi

46,034 0.14%

7,552 Turkiye Vakiflar Bankasi T.A.O

18,826 0.06% 8,490 Yapi Ve Kredi Bankasi

19,316 0.05%

Total Turkey

629,501 1.94%

United States - 0.54% 601 Credicorp

76,904 0.24%

1,427 Southern Copper Corp

39,414 0.12% 120,867 United MicroElectronics Corp

58,358 0.18%

Total United States

174,676 0.54%

Total Equity

27,191,532 84.45%

Exchange Traded Funds - 14.41% 10,900 iShares MSCI Chile Capped Investable Market I

586,311 1.82%

92,365 iShares MSCI India Index Fund

2,168,730 6.74% 98,046 iShares MSCI Russia Capped Index Fund

1,883,464 5.85%

Total Exchange Traded Funds

4,638,505 14.41%


31,830,037 98.86%



177,571 0.55%



Summary







- 0.00%



- 0.00%


190,359 0.59%


177,571 0.55%



192

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS for the six months ended 30 June 2013 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 2013, the Company comprised twenty three separate investment sub-funds (“Fund(s)”). The Articles of Association of the Company provides 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 2013 8IP Asia Equity Opportunities Fund Active 8IP Asia Pacific Equity Fund Active Centre Global Equity Fund Active Grindrod International Property 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 Strategic Cash Fund Active Sanlam World Equity Fund Active Sanlam World Equity Tracker Fund Active SIIP India Opportunities Fund Active SIM Global Equity Income Fund Active SPI Strategic Investment Grade Bond Fund Active Sanlam Fund of Alternative UCITS Fund Active – launched on 29 January 2013 Sanlam Accel Income Fund Active – launched on 8 March 2013 Sanlam North America Equity Tracker Fund Active – launched on 11 June 2013 Sanlam UK Equity Tracker Fund Active – launched on 11 June 2013 Sanlam Europe (ex UK) Equity Fund Active – launched on 11 June 2013 Sanlam Equity Allocation Fund Active – launched on 21 May 2013 Sanlam Emerging Market Equity Tracker Fund Active – launched on 11 June 2013 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.


193

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2013 1 General – The Company (continued)

Dealing The Dealing Day is, except where otherwise clarified in the Prospectus or sub-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 sub-fund supplement, the close of business in each relevant market on the business day immediately preceding a dealing day. Shares Applications for shares must be sent so as to arrive at the Administrator’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 should be sent so as to arrive at the Administrator’s office by post, facsimile or telex by no later than 4.00pm on the business day preceding the relevant dealing day. As at 30 June 2013, the following Share classes were admitted to the official list of the Irish Stock Exchange. Fund Share Class Launched 8IP Asia Equity Opportunities Fund A 12 October 2010 A (GBP) 16 June 2011 C 11 November 2011 D 12 October 2010 8IP Asia Pacific Equity Fund A 13 September 2010 A (GBP) 16 June 2011 D 18 October 2010 Sanlam World Equity Fund A 17 August 2004 B 17 August 2004 C 17 August 2004 Centre Global Equity Fund A 20 December 2006 B 20 December 2006 C 20 December 2006 Grindrod International Property Fund Distributing 17 November 2010 Non distributing 17 November 2010


194

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2013

1 General – The Company (continued) Shares (continued)

As at 30 June 2013, the following Share classes were admitted to the official list of the Irish Stock Exchange. Fund Share Class Launched P-Solve Inflation Plus Fund A 1 March 2004 B 1 March 2004 Sanlam African Frontier Markets Fund A 5 January 2009 A (GBP) 5 January 2009 C 5 January 2009 C (GBP) 5 January 2009 D 1 March 2010 Sanlam Global Best Ideas Fund A 1 September 2006 A (EUR) 20 January 2011 A (GBP) 20 December 2007 B 1 September 2006 C 1 September 2006 C (GBP) 1 October 2008 D 21 December 2010 F 08 April 2011 F (GBP) 08 April 2011 Sanlam Global Bond Fund A 17 August 2004 B 17 August 2004 C 17 August 2004 Sanlam Global Financial Fund A 17 August 2004 A (EUR) 20 December 2010 A (GBP) 20 December 2007 B 12 April 2004 C 11 November 2009 C (GBP) 03 July 2008 D 07 March 2011 F 08 April 2011 F (GBP) 01 January 2012 Sanlam Global Property Fund A 06 November 2012 B 22 February 2012 C 14 December 2011 E 28 March 2012 Sanlam Strategic Cash Fund A 21 May 2001 B 5 August 1999 F 16 November 2011


195

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2013 1 General – The Company (continued) Shares (continued) Fund Share Class Launched Sanlam World Equity Tracker Fund A 17 August 2004 B 17 August 2004 C 8 December 2011 SIIP India Opportunities Fund A 13 September 2010 A (GBP) 16 June 2011 C 20 March 2012 D 24 October 2010 SIM Global Equity Income Fund A 05 September 2012 C 21 October 2012 E 05 September 2012 I 06 December 2012 SPI Strategic Investment Grade Bond A Income 22 May 2012 Fund A Accumulating 04 July 2012 P Income 01 March 2012 P Accumulating 01 March 2012 Sanlam Fund of Alternative UCITS Fund Class A (GBP) 04 June 2013 Sanlam Accel Income Fund A Net Accumulation 12 March 2013 A Net Income 12 March 2013 Sanlam North America Equity Tracker Fund A 11 June 2013 I 11 June 2013 I (GBP) 11 June 2013 Sanlam UK Equity Tracker Fund A 11 June 2013 C 11 June 2013 I 11 June 2013 I (GBP) 11 June 2013 Sanlam Europe (ex UK) Equity Fund A 11 June 2013 C 11 June 2013 I 11 June 2013 I (GBP) 11 June 2013 Sanlam Emerging Market Equity Tracker Fund A 11 June 2013 B 11 June 2013 I 11 June 2013 I (GBP) 11 June 2013


196


Minimum Subscription The minimum initial investment for each of the Funds is as follows:

Minimum initial

Fund Share Class investment 8IP Asia Equity Opportunities Fund A US$ 500 A (GBP) GBP£500 B US$500 C US$2,000,000 D US$10,000,000 E None 8IP Asia Pacific Equity Fund A US$ 500 A (GBP) GBP£500 B US$500 C US $2,000,000 D US $ 10,000,000 E None Centre Global Equity Fund A US$5,000 B US$5,000,000 C US$20,000,000 E Class E None Grindrod International Property Fund Distributing US$10,000 Non distributing US$1,000 P-Solve Inflation Plus Fund A (GBP) GBP£1,000 B (GBP) GBP£500,000 C (GBP) GBP £2,500,000 D (GBP) GBP £1,000,000

Sanlam African Frontier Markets Fund A Net Accumulation (GBP)

GBP£1,000

A Net Income (GBP) GBP£1,000


197


Minimum Subscription (continued)

Minimum initial

Fund Share Class investment

Sanlam Global Best Ideas Fund A US$1,000 A (GBP) GBP£1,000 A (EUR) EUR€1,000 B US$750,000 C US$1,000,000 C (GBP) GBP£5,000,000 D US$10,000,000 E None F US$1,000 F (GBP) GBP£1,000 F (EUR) EUR€1,000

Sanlam Global Bond Fund A US$1,000 B US$750,000 C US$1,000,000 D US$10,000,000 E None Sanlam Global Financial Fund A US$1,000 A (GBP) GBP£1,000 A (EUR) EUR€1,000 B US$1,000,000 E None C (GBP) GBP£5,000,000 C US$5,000,000 D US$1,000 F US$1,000 F (GBP) GBP£1,000 F (EUR) €1,000 Sanlam Global Property Fund A US$1,000 B US$750,000 C US$1,000,000 E None


198


Minimum Subscription (continued) Minimum initial Fund Share Class investment Sanlam Strategic Cash Fund A US$1,000 B US$1,000,000 E None F US$750,000 Sanlam World Equity Fund A US$1,000 B US$750,000 C US$1,000,000 E None

Sanlam World Equity Tracker Fund A US$1,000 B US$1,000,000 C US$1,000,000 E None I US$10,000,000 I (GBP) GBP£10,000,000 SIIP India Opportunities Fund A US$ 500 A (GBP) GBP£500 B US$500 C US $2,000,000 D US $10,000,000 E None SIM Global Equity Income Fund A US$1,000 B US$10,000,000 C US$15,000,000 A (GBP) GBP£1,000 B (GBP) GBP£10,000,000 I US$1,000 E US$20,000,000 SPI Strategic Investment Grade Bond A Income (GBP) GBP£500 Fund A Accumulation (GBP) GBP£500 P Income (GBP) GBP£10,000,000 P Accumulation (GBP) GBP£10,000,000 P Accumulation US$10,000,000 I Income (GBP) GBP£500,000 I Accumulation (GBP) GBP£500,000 Sanlam Fund of Alternative UCITS Fund Class A (GBP) GBP£1,000 Class A US$1,000 Class E US$10,000,000


199


Minimum Subscription (continued) Minimum initial Fund Share Class investment Sanlam Accel Income Fund A Net Accumulation GBP£1,000 A Net Income GBP£1,000 Sanlam North America Equity Tracker Fund A US$1,000 B US$10,000,000 C US$1,000,000 E None I US$10,000,000 I (GBP) GBP£10,000,000 Sanlam UK Equity Tracker Fund A US$1,000 B US$10,000,000 C US$1,000,000 E None I US$10,000,000 I (GBP) GBP£10,000,000 E (GBP) None Sanlam Europe (ex UK) Equity Fund A US$1,000 B US$10,000,000 C US$1,000,000 E None I US$10,000,000 I (GBP) GBP£10,000,000 E (GBP) None Sanlam Equity Allocation Fund A US$1,000 B US$750,000 C US$1,000,000 E None Sanlam Emerging Market Equity Tracker Fund A US$1,000 B US$10,000,000 E None I (GBP) US$10,000,000 I (GBP) GBP£10,000,000


200


Minimum Additional Subscription

There are no minimum additional subscription amounts except for Class A and Class B Shares of the P-Solve Inflation Plus Fund which is GBP 500 and GBP 50,000 respectively, and the Non-distributing Class and Distributing Class of Grindrod International Property Fund is USD 500 and USD 5,000 respectively.

2 Significant accounting policies

The financial statements are prepared in accordance with the Non-UCITS Notices, and IAS 34 Interim Financial Reporting. There have been no changes to the significant accounting policies since the last audited financial statements to 31 December 2012, with the exception of new standards, amendments to published standards and interpretations which are effective for the first time in the current period as set out below. Standards and amendments to existing standards effective 1 January 2013 IFRS 13, Fair value measurement (“IFRS 13”) This standard is effective for annual periods beginning on or after 1 January 2013 and accordingly has been adopted for the first time in the current period. This standard improves consistency and reduces complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. The requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRS.

If an asset or a liability measured at fair value has a bid price and an ask price, the standard requires valuation to be based on a price within the bid-ask spread that is most representative of fair value and allows the use of mid-market pricing or other pricing conventions that are used by market participants as a practical expedient for fair value measurement within a bid-ask spread. On adoption of the standard, the Company changed its valuation inputs for listed financial assets and liabilities to last traded prices to be consistent with the inputs prescribed in the Company’s prospectus for the calculation of its per share trading value for subscriptions and redemptions. The use of last traded prices is recognised as a standard pricing convention within the industry. In the prior year, the Company utilised bid and ask prices for its listed financial assets and liabilities in accordance with IAS 39. As a result of this change, there is no difference at 30 June 2013 between the Net asset value per share for shareholder dealing and the net asset value per share for financial reporting purposes. The differences at 31 December 2012 and 30 June 2012 are reconciled at note 11. The change in valuation inputs is considered to be a change in estimate in accordance with IAS 8.


201

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2013 2 Significant accounting policies (continued)

Standards and amendments to existing standards effective 1 January 2013 (continued) IFRS 7, (Amendment) Financial Instruments: Disclosures (“IFRS 7”) The amendment, issued in December 2011, amended the required disclosures to include information that will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the entity’s recognised financial assets and recognised financial liabilities, on the entity’s financial position. This change will be applicable for annual periods beginning on or after 1 January 2013. The Directors consider that the adoption of the amendment did not have any impact on the financial position or performance of the Company. No additional disclosures were required as the Company did not set-off any financial assets and liabilities in the current or prior period. Standards effective after 1 January 2013 that have been early adopted by the Fund IFRS 10, Consolidated Financial Statements (“IFRS 10”) The Company has elected to early adopt IFRS 10. IFRS 10 was issued in 12 May 2011 and replaces the previous consolidation requirements in IAS 27 and SIC-12. The standard provides for a single basis for consolidation based on control. It provides detailed guidance on how to apply the control principle in a number of situations, including agency relationships and holdings of potential voting rights. For financial statements prepared in accordance with IFRSs as adopted by the EU, IFRS 10 is effective for annual periods beginning on or after 1 January 2014, with earlier application permitted. The IASB has also issued IFRS 11, IFRS 12 and revised versions of IAS 27 and IAS 28 and these four standards must be applied at the same time as IFRS 10. Further amendments to IFRS 10 were introduced by Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27), issued on 31 October 2012 and effective 1 January 2014, subject to endorsement by the EU. This amendment defines an investment entity and sets out an exception to consolidating the subsidiaries of an investment entity. The Directors consider that the Company meets the definition of an investment entity and accordingly is required to value its investments in subsidiaries at fair value and to not consolidate. Adoption of the amendment did not have any impact on the financial position or performance of the Company as the Company did not consolidate under the existing requirements of IAS 27. IAS 32, (Amendment) Financial Instruments: Presentation (“IAS 32”) The amendment, issued in December 2011, clarified the requirements for offsetting financial instruments. The amendment addresses inconsistencies in current practices when applying the offsetting criteria of IAS 32, Financial Instruments, Presentation. The amendment will be applicable for annual periods beginning on or after 1 January 2014 and are required to be applied retrospectively. The Directors consider that the adoption of the amendment did not have any impact on the financial position or performance of the Company.

3 Fair value of financial instruments

During the period ended 30 June 2013, there were no significant transfers between levels of the fair value hierarchy.


202

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2013 4 Exchange rates

The following period ended USD exchange rates have been used in this report: 1 USD = 30 June 2013 31 December 2012 30 June 2012 ARS 4.9170 4.5232 AUD 0.9633 0.9753 BRL 2.0481 2.0182 CAD 0.9957 1.0195 CHF 0.9155 0.9465 CLP 478.3800 502.1600 CNY 6.2350 6.3551 CZK 19.0400 20.1181 DKK 5.6608 5.8587 EGP 6.3666 6.0591 EUR 0.7583 0.7880 GBP 0.6153 0.6375 GHS 1.9045 1.9425 HKD 7.7509 7.7568 HUF 220.9500 225.1200 IDR 9,635.0000 9,403.0000 ILS 3.7312 3.9077 INR 54.8700 55.5250 JPY 86.4600 79.7900 KES 86.1200 84.1000 KRW 1,065.9000 1,142.4800 MAD 8.4639 8.7421 MUR 30.5500 30.6500 MXN 12.9885 13.4251 MYR 3.0567 3.1565 NGN 156.1500 162.6000 NOK 5.5668 5.9438 NZD 1.2125 1.2441 PHP 40.9720 41.9400 PLN 3.0954 3.3373 RUB 30.5500 32.4314 SAR 3.7506 3.7505 SEK 6.5059 6.9036 SGD 1.2215 1.2667 THB 30.6000 31.5800 TND 1.5531 1.5808 TRY 1.7845 1.8086 TWD 29.0680 29.8170 USD 1.0000 1.0000 ZAR 8.4858 8.1802

The following average USD exchange rates have been used in this report: 1 USD = 30 June 2013 31 December 2012 30 June 2012 EUR 0.7789 0.7721 GBP 0.6313 0.6346


203

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2013 5 Related party transactions and significant agreements

All related party transactions have been entered into and conducted under normal market conditions. Significant Agreements Manager The Manager, Sanlam Asset Management (Ireland) Limited (“SAMI”), is a related party to the Company. Pursuant to the Management and Aministration Agreement effective 31 December 2012, 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 8IP Asia Equity Opportunities Fund A 1.50% A (GBP) 1.50% B 1.10% C 0.75% D 0.75% E None 8IP Asia Pacific Equity Fund A 1.50% A (GBP) 1.50% B 1.10% C 0.75% D 0.75% E None Centre Global Equity Fund A 1.50% B 1.00% C 0.75% E None Grindrod International Property Fund Distributing 1.75% Non distributing 1.75% P-Solve Inflation Plus Fund A (GBP) 1.25% B (GBP) 0.60% C (GBP) * D (GBP) 0.35%

Sanlam African Frontier Markets Fund A 1.75% A (GBP) 1.75% C 1.00% C (GBP) 1.00% D 0.75% G 1.50% H None * The Manager is not entitled to receive any fee in respect of Class C Shares, but will agree a separate fee with each holder of Class C Shares to be paid directly by such Shareholder.


204

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2013 5 Related party transactions and significant agreements (continued)

Significant Agreements (continued) Manager (continued) Fund Share Class Rate of Management fees Sanlam Global Best Ideas Fund A 1.50% A (GBP) 1.50% A (EUR) 1.50% B 0.85% C 0.75% C (GBP) 0.75% D 0.75% E None F 1.50% F (GBP) 1.50% F (EUR) 1.50%

Sanlam Global Bond Fund A 1.00% B 0.75% C 0.60% D 0.50% E None Sanlam Global Financial Fund A 1.25% A (GBP) 1.50% A (EUR) 1.50% B 1.00% C (GBP) 0.75% C 0.75% D 1.50% E None F 1.50% F (GBP) 1.50% F (EUR) 1.50% Sanlam Global Property Fund A 1.00% B 0.75% C 0.60% E None


205


Significant Agreements (continued) Manager (continued) Fund Share Class Rate of Management fees Sanlam Strategic Cash Fund A 0.60% B 0.40% E None F 0.75% Sanlam World Equity Fund A 1.50% B 0.85% C 0.75% E None

Sanlam World Equity Tracker Fund A 1.00% B 0.40% C 0.50% E None I 0.30% I (GBP) 0.30% SIIP India Opportunities Fund A 1.50% A (GBP) 1.50% B 1.10% C 0.75% D 0.75% E None SIM Global Equity Income Fund A 1.25% A (GBP) 1.25% B 1.00% B (GBP) 1.00% C 0.75% E None I 1.25% SPI Strategic Investment Grade Bond A Income (GBP) 1.00% Fund A Accumulation (GBP) 1.00% P Income (GBP) 0.15% P Accumulation (GBP) 0.15% P Accumulation 0.15% I Income (GBP) 0.15% I Accumulation (GBP) 0.15% Sanlam Fund of Alternative UCITS Fund A 0.75% A (GBP) 0.75% E None


206


Significant Agreements (continued) Manager (continued) Rate of Fund Share Class Management fees Sanlam Accel Income Fund A Net Accumulation 1.00% A Net Income 1.00% Sanlam North America Equity Tracker Fund A 0.50% B 0.40% C 0.75% E None I 0.30% I (GBP) 0.30% Sanlam UK Equity Tracker Fund A 0.50% B 0.40% C 0.75% E None E (GBP) None I 0.30% I (GBP) 0.30% Sanlam Europe (ex UK) Equity Fund A 0.50% B 0.40% C 0.75% E None E (GBP) None I 0.30% I (GBP) 0.30% Sanlam Equity Allocation Fund A 1.00% B 0.85% C 0.75% E None Sanlam Emerging Market Equity Tracker Fund

A

0.75% B 0.60% E None I 0.45% I (GBP) 0.45%


207


Significant Agreements (continued) Performance Fee For certain share classes of the 8IP Asia Equity Opportunities Fund, 8IP Asia Pacific Equity Fund, Centre Global Equity Fund, SIIP India Opportunities Fund, Sanlam Global Property Fund, Sanlam Global Financial Fund, Sanlam Global Best Ideas Fund, Sanlam African Frontier Markets Fund, and Sanlam Emerging Market Equity Tracker 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. Details of the performance fees applicable are set out in the relevant offering supplements. 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 0.025% - 0.035% 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. Details of the fees applicable to each Fund are set out in the relevant offering supplements. 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. Transfer agency fees are charged at normal commercial rates. Prior to the current reporting period, J.P. Morgan Administration Services (Ireland) Limited acted as administrator to the Company, and was entitled to receive out of the assets of the Fund an annual fee which will not exceed 0.025% of the net assets of the Fund, plus USD 20,000 per annum and USD 20,000 for each additional Investment Manager (where there is more than one Investment Manager) (plus VAT, if any) together with transfer agency fees which will be charged at normal commercial rates and its reasonable costs and expenses incurred by the Administrator in the performance of its duties as Administrator of the Fund. These fees accrued and were calculated on each dealing day and were payable monthly in arrears.

J.P. Morgan remain as the appointed Registrar and Transfer Agent to the Company. Transfer agency fees are charged at normal commercial rates.

Custodian The Custodian is not a related party to the Company or to the Administrator. The Custodian will be entitled to receive from the Company out of the assets of the Fund an annual fee which will not exceed 0.0012% of the net assets of the Fund (plus VAT, if any) subject to certain minimums per Sub-Fund together with reasonable costs and expenses incurred by the Custodian in the performance of its duties as Custodian of the Fund. These fees shall accrue and be calculated on each Dealing Day and shall be payable monthly in arrears. The Custodian 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).


208


Significant Agreements (continued) Investment Managers and Investment Advisor The Investment Managers and Investment Advisor are appointed and paid by the Manager. Sanlam International Investments Ltd, Four Capital Partners Ltd, Sanlam Investment Management (Pty) Ltd, Eight Investment Partners (Pty) Ltd, Centre Asset Management LLC, Principal Investment Management (Pty) Limited and P-Solve Investments Limited are related parties to the Fund and the Manager. Distributors The Distributors are appointed and paid by the Manager. Sanlam Collective Investments Limited, Sanlam Investment Management (Pty) Limited and P-Solve Investments Limited are related parties to the Fund and the Manager. Significant shareholders at the period-end

Shareholder Fund % held at

30/06/2013 % held at

31/12/2012 Northern Trust Fiduciary (Services) Ireland Ltd* Sanlam World Equity Fund

73.92% 67.32%

Sanlam Life Insurance Ltd** Sanlam World Equity Fund 9.05% 12.58% Agulhas Nominees (Pty) Ltd**** Centre Global Equity Fund 91.34% 91.77% Sanlam Life Insurance Ltd** Sanlam World Equity Tracker Fund 36.70% 43.41% SBSA ITF Sim Balanced Fund*** Sanlam World Equity Tracker Fund 16.34% 13.57% SBSA ITF Symmetry Inflation Plus*** Sanlam World Equity Tracker Fund 7.24% 10.50% Northern Trust Fiduciary (Services) Ireland Ltd* 8IP Asia Equity Opportunities

22.39% 22.10%

Northern Trust Fiduciary (Services) Ireland Ltd* 8IP Asia Equity Opportunities

56.44% 55.71%

SBSA ITF Sanlam Asia Pacific*** 8IP Asia Equity Opportunities 15.40% 15.30% Northern Trust Fiduciary (Services) Ireland Ltd* 8IP Asia Pacific Equity Fund

67.95% 60.41%

SBSA ITF Sanlam Asia Pacific*** 8IP Asia Pacific Equity Fund 26.03% 22.21% Standard Bank of South Africa*** 8IP Asia Pacific Equity Fund - 13.27% Northern Trust Fiduciary (Services) Ireland Ltd* SIIP India Opportunities Fund

62.71% 66.60%

Standard Bank of South Africa*** SIIP India Opportunities Fund 33.33% 32.41%

Mine Employees Pension Fund** Sanlam African Frontier Market Fund

- 11.20%

Sanlam Life Insurance Ltd** Sanlam African Frontier Markets Fund

57.98% 65.39%

Sentinel Mining Industry Retirement Sanlam African Frontier Markets Fund

36.40% 23.32% Mine Employees Pension Fund** Sanlam Global Financial Fund - 22.39% Sentinel Mining Industry Retirement Sanlam Global Financial Fund 55.54% 47.73% Northern Trust Fiduciary (Services) Ireland Ltd* Sanlam Global Best Ideas Fund

33.74% 43.95%

Sanlam Life Insurance Ltd** Sanlam Global Best Ideas Fund 10.84% 15.68% SBSA ITF Sim Global Best Ideas*** Sanlam Global Best Ideas Fund 15.85% 10.84% African Life Assurance Company** SIM Global Equity Income Fund 13.53% 14.09% Agulhas Nominees (Pty) Ltd**** SIM Global Equity Income Fund 20.99% 19.73% Northern Trust Fiduciary (Services) Ireland Ltd* SIM Global Equity Income Fund

- 11.72%


209


Significant shareholders at the period-end (continued)

Shareholder Fund % held at

30/06/2013 % held at

31/12/2012 SBSA ITF Sim Inflation Plus Fund*** SIM Global Equity Income Fund 14.89% 15.52% SBSA ITF Symmetry Inflation Plus*** SIM Global Equity Income Fund 14.38% 14.98% Botswana Insurance Fund Management** Sanlam Global Bond Fund 29.06% 30.21% Northern Trust Fiduciary (Services) Ireland Ltd* Sanlam Global Bond Fund

47.97% 23.18%

Sanlam Life Insurance Ltd** Sanlam Global Bond Fund 11.75% 28.03%

Principal Nominees Ltd**** SPI Strategic Investment Grade Bond Fund

88.50% 93.11%

Northern Trust Fiduciary (Services) Ireland Ltd* Sanlam Global Property Fund

55.23% 17.94%

Sanlam Life Insurance Ltd** Sanlam Global Property Fund 23.49% 49.84% Standard Bank of SA Ltd*** Sanlam Global Property Fund - 21.38%

Agulhas Nominees (Pty) Ltd**** Grindrod International Property Fund

38.46% 49.04%

BNP Paribas Securities Nominees Ltd Grindrod International Property Fund

13.40% 18.44%

Grindrod Pension Fund Grindrod International Property Fund

14.01% - KAS Nominees P-Solve Inflation Plus Fund 87.79% 91.67% Northern Trust Fiduciary (Services) Ireland Ltd* Sanlam Strategic Cash Fund

76.89% 67.28%

Sanlam Collective Investments Scheme**** Sanlam Strategic Cash Fund

11.49% 16.35%

Sanlam Man Global Sanlam Emerging Market Equity Tracker Fund

98.15% -

Chase Nominees Limited Sanlam Equity Allocation Cl E USD Shares

100.55% -

Chase Nominees Limited Sanlam Eur ex UK Equ Tracker

130.37% -

Somers Dublin Ltd Sanlam Fd of Alternative UCITS Fund

26.54% -

Sanlam Life & Pensions Sanlam Fd of Alternative UCITS Fundd

73.16% -

Northern Trust Fiduciary (Services) Ireland Ltd*

Sanlam North America Equity Tracker Fund

100.35% -

Chase Nominees Limited Sanlam UK Equity Tracker

152.49% -

* At 31 December 2012 Northern Trust Fiduciary (Services) Ireland Limited held all of the Class E shares in each of the Funds on behalf of some of the Funds of Sanlam Global Funds plc, Sanlam Qualifying Investor Funds plc and Sanlam Investments and Pensions.

** 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.

The Manager may have entered into special fee arrangements and/or rebate agreements with some of the significant shareholders. These rebates are paid from the profits of the manager.


210


Management Fees A summary of fees earned by the Manager during the period and outstanding accrued fees as at 30 June 2013 follows:

8IP Asia 8IP Asia Centre Grindrod

Equity Pacific Global International

Opportunities Equity Equity Property

Fund Fund Fund Fund

USD USD USD USD

Fees incurred during the period ended 30/06/2013 Class A Management Fees 7,571 6,747 149,791 102,524

Class A (EUR) Management Fees - - - - Class A (GBP) Management Fees - - - - Class A (Income) Management Fees - - - - Class B Management Fees - - 23,107 990 Class C Management Fees 103 - 138 - Class C (GBP) Management Fees - - - - Class D Management Fees 11,755 25,585 - - Class F (EUR) Management Fees - - - - Class F Management Fees 2 2 - - Class F (EUR) Management Fees - - - - Class F (GBP) Management Fees - - - - Class P Income Management Fees - - - - Class P Accumulating Management Fees - - - - Distributing Class Management Fees - - - - Non-distributing Class Management Fees - - - - Performance Fees - - - -

19,431 32,334 173,036 103,514

Fees accrued at 30/06/2013 Class A Management Fees 7,571 6,747 149,791 102,524 Class A (GBP) Management Fees - - - - Class A (Income) Management Fees - - - - Class B Management Fees - - 23,107 990 Class C Management Fees 103 - 138 - Class C (GBP) Management Fees - - - - Class D Management Fees 11,755 25,585 - - Class F (EUR) Management Fees - - - - Class F Management Fees 2 2 - - Class F (EUR) Management Fees - - - - Class F (GBP) Management Fees - - - - Class P Income Management Fees - - - - Class P Accumulating Management Fees - - - - Distributing Class Management Fees - - - - Non-distributing Class Management Fees - - - - Performance Fees - - - -

19,431 32,334 173,036 103,514


211


5 Related party transactions and significant agreements (continued)

Management Fees (continued) A summary of fees earned by the Manager during the period and outstanding accrued fees as at 30 June 2013 follows (continued):

Sanlam Sanlam

P-Solve African Global Sanlam

Inflation Frontier Best Global

Plus Markets Ideas Bond

Fund Fund Fund Fund

GBP USD USD USD

Fees incurred during the period ended 30/06/2013 Class A Management Fees 188 19,995 558,559 445

Class A (EUR) Management Fees - - - - Class A (GBP) Management Fees - - - - Class A (Income) Management Fees - - - - Class B Management Fees 17,455 165,758 406,033 28,485 Class C Management Fees - - 335,219 520,317 Class C (GBP) Management Fees - - - - Class D Management Fees - - 219 - Class F (EUR) Management Fees - - - - Class F Management Fees - 212 1,559 - Class F (EUR) Management Fees - - - - Class F (GBP) Management Fees - - - - Class G Management Fees - 175,894 99,829 - Class H Management Fees - - 2 - Class I Management Fees - - 414 - Class J Management Fees - - 205 - Performance Fees - - - -

17,643 361,859 1,402,039 549,247

Fees accrued at 30/06/2013 Class A Management Fees 188 19,995 84,456 73 Class A (GBP) Management Fees - - - - Class A (Income) Management Fees - - - - Class B Management Fees 17,455 165,753 64,101 1,333 Class C Management Fees - - 52,629 85,295 Class C (GBP) Management Fees - - - - Class D Management Fees - - 82 - Class F (EUR) Management Fees - - - - Class F Management Fees - 212 159 - Class F (EUR) Management Fees - - - - Class F (GBP) Management Fees - - - - Class G Management Fees - 175,894 14,476 - Class H Management Fees - - - - Class I Management Fees - - 57 - Class J Management Fees - - 32 - Performance Fees - - - -

17,643 361,859 215,992 86,701


212



Sanlam Sanlam Sanlam Sanlam

Global Global Strategic World

Financial Property Cash Equity

Fund Fund Fund Fund

USD USD USD USD

Fees incurred during the period ended 30/06/2013 Class A Management Fees 257,666 - 11,601 158

Class A (EUR) Management Fees - - - - Class A (GBP) Management Fees - - - - Class A (Income) Management Fees - - - - Class B Management Fees 211,279 17,405 1,942 192,755 Class C Management Fees 988,411 167,810 - 1,427,072 Class C (GBP) Management Fees - - - - Class D Management Fees - - - - Class F (EUR) Management Fees - - - - Class F Management Fees - - - - Class F (EUR) Management Fees - - - - Class F (GBP) Management Fees - - - - Class G Management Fees - - - - Class H Management Fees - - - - Class I Management Fees - - - - Class J Management Fees - - - - Performance Fees - - - -

1,457,356 185,215 13,543 1,619,985

Fees accrued at 30/06/2013 Class A Management Fees 40,594 - 11,601 27 Class A (GBP) Management Fees - - - - Class A (Income) Management Fees - - - - Class B Management Fees 37,257 447 1,942 27,384 Class C Management Fees 182 27,432 - 234,155 Class C (GBP) Management Fees - - - - Class D Management Fees 150,474 - - - Class F (EUR) Management Fees - - - - Class F Management Fees 1,774 - - - Class F (EUR) Management Fees - - - - Class F (GBP) Management Fees - - - - Class G Management Fees - - - - Class H Management Fees 403 - - - Class I Management Fees 408 - - - Class J Management Fees 490 - - - Class K Management Fees 70 Performance Fees - - - -

231,652 27,879 13,543 261,566


213



Sanlam SIIP

SIM Global SPI Strategic

World Equity India Equity Investment

Tracker Opportunities Income Grade Bond

Fund Fund Fund Fund

USD USD USD GBP

Fees incurred during the period ended 30/06/2013 Class A Management Fees 919 1,111 21,863 13

Class A Income Management Fees - - - 12,549 Class A Accumulation Management Fees - - - 5,468 Class B Management Fees 103,174 - - - Class C Management Fees 644,630 23,699 39,579 Class C (GBP) Management Fees - - - - Class D Management Fees - - - - Class F (EUR) Management Fees - - - - Class F Management Fees - 2 - - Class F (EUR) Management Fees - - - - Class F (GBP) Management Fees - - - - Class G Management Fees - - - - Class I Management Fees - - 1,003 - Class P Income Management Fees - - - 101,754 Class P Accumulation Management Fees - - - 18,951 Performance Fees - - - -

748,723 24,812 62,445 138,735

Fees accrued at 30/06/2013 Class A Management Fees 919 1,111 21,863 13 Class A Income Management Fees - - - 12,549 Class A Accumulation Management Fees - - - 5,468 Class B Management Fees 103,174 - - - Class C Management Fees 644,630 23,699 39,579 - Class C (GBP) Management Fees - - - - Class D Management Fees - - - - Class F (EUR) Management Fees - - - - Class F Management Fees - 2 - - Class F (EUR) Management Fees - - - - Class F (GBP) Management Fees - - - - Class G Management Fees - - - - Class I Management Fees - - 1,003 - Class P Income Management Fees - - - 101,754 Class P Accumulation Management Fees - - - 18,951 Performance Fees - - - -

748,723 24,812 62,445 138,735


214




Fund of Accel North America UK Equity Alternative Income Equity Tracker UCITS Fund Fund Tracker Fund Fund

Fees incurred during the period ended 30/06/2013 Class A Management Fees - 13,641 - -

Class A (EUR) Management Fees - - - - Class A (GBP) Management Fees - - - - Class A (Income) Management Fees - - - - Class B Management Fees - 1,276 - - Class C Management Fees - - - - Class C (GBP) Management Fees - - - - Class D Management Fees - - - - Class F (EUR) Management Fees - - - - Class F Management Fees - - - - Class F (EUR) Management Fees - - - - Class F (GBP) Management Fees - - - - Class G Management Fees - - - - Class H Management Fees - - - - Class I Management Fees - - - - Class J Management Fees - - - - Performance Fees - - - -

- 14,917 - -

Fees accrued at 30/06/2013 Class A Management Fees - 13,641 - - Class A (GBP) Management Fees - - - - Class A (Income) Management Fees - - - - Class B Management Fees - 1,276 - - Class C Management Fees - - - - Class C (GBP) Management Fees - - - - Class D Management Fees - - - - Class F (EUR) Management Fees - - - - Class F Management Fees - - - - Class F (EUR) Management Fees - - - - Class F (GBP) Management Fees - - - - Class G Management Fees - - - - Class H Management Fees - - - - Class I Management Fees - - - - Class J Management Fees - - - - Performance Fees - - - -

- 14,917 - -


215



Sanlam Sanlam Sanlam

Europe (ex UK) Equity Emerging Market

Equity Allocation Equity Tracker

Fund Fund Fund

Fees incurred during the period ended 30/06/2013 Class A Management Fees - - -

Class A (EUR) Management Fees - - - Class A (GBP) Management Fees - - - Class A (Income) Management Fees - - - Class B Management Fees - - - Class C Management Fees - - - Class C (GBP) Management Fees - - - Class D Management Fees - - - Class F (EUR) Management Fees - - - Class F Management Fees - - - Class F (EUR) Management Fees - - - Class F (GBP) Management Fees - - - Class G Management Fees - - - Class H Management Fees - - - Class I Management Fees - - - Class J Management Fees - - - Performance Fees - - -

- - -

Fees accrued at 30/06/2013 Class A Management Fees - - - Class A (GBP) Management Fees - - - Class A (Income) Management Fees - - - Class B Management Fees - - - Class C Management Fees - - - Class C (GBP) Management Fees - - - Class D Management Fees - - - Class F (EUR) Management Fees - - - Class F Management Fees - - - Class F (EUR) Management Fees - - - Class F (GBP) Management Fees - - - Class G Management Fees - - - Class H Management Fees - - - Class I Management Fees - - - Class J Management Fees - - - Performance Fees - - -

- - -


216



Sanlam Centre Sanlam 8IP Asia

World Global World Equity Equity

Equity Equity Tracker Opportunities

Fund* Fund** Fund Fund

USD USD USD USD

Fees incurred during the period ended 30/06/2012 Class A Management Fees (108) (143,335) (767) (18,391)

Class A (GBP) Management Fees - - - (1) Class B Management Fees (18,791) (20,588) (98,213) - Class C Management Fees (1,430,368) - (151,339) (130) Class D Management Fees - - - (7,189) Performance Fees - - - -

(1,449,267) (163,923) (250,319) (25,711)

Fees accrued at 30/06/2012 Class A Management Fees (22) (22,332) (108) (2,059)

Class B Management Fees (2,725) (3,135) (15,000) - Class C Management Fees (214,090) - (53,533) (19) Class D Management Fees - - - (1,160) Performance Fees - - - -

(216,837) (25,467) (68,641) (3,238)

* The Sanlam Universal Equity Fund's name was changed to Sanlam World Equity Fund on 9 October 2012. ** The SPI Global Equity Fund's name was changed to Centre Global Equity Fund on 31 August 2012.


217


Management Fees (continued) A summary of fees earned by the Manager during the period indicated and outstanding accrued fees as at 30 June 2012 follows (continued):

Sanlam

8IP Asia SIIP African Sanlam

Pacific India Frontier Global

Equity Opportunities Markets Financial

Fund Fund Fund Fund

USD USD USD USD

Fees incurred during the period ended 30/06/2012 Class A Management Fees (6,363) (982) - (227,471)

Class A (EUR) Management Fees - - - (1) Class A (GBP) Management Fees (2) (1) - (5,798) Class B Management Fees - - - (135,397) Class C Management Fees - (14,732) - (1,030) Class C (GBP) Management Fees - - - (295) Class D Management Fees (42,503) (1,080) (125,880) (766,968) Class F (EUR) Management Fees - - - (19) Class F Management Fees - - - (459) Class F (GBP) Management Fees - - - (724) Performance Fees - (7,199) - (1,456,332)

(48,868) (23,994) (125,880) (2,594,494)

Fees accrued at 30/06/2012 Class A Management Fees (975) (157) - (33,825)

Class A (GBP) Management Fees - - - (1,525) Class B Management Fees - - - (22,044) Class C Management Fees - (3,477) - (121,538) Class C (GBP) Management Fees - - - (47) Class D Management Fees (5,896) - (20,845) (176) Class F (EUR) Management Fees - - - (15) Class F Management Fees - - - (32) Class F (GBP) Management Fees - - - (186) Performance Fees - - - -

(6,871) (3,634) (20,845) (179,388)


218


Management Fees (continued) The summary of fees earned by the Manager during the period indicated and outstanding accrued fees as at 30 June 2012 follows (continued):

Sanlam Sanlam

SPI Strategic Sanlam

Global Global Investment Global

Best Ideas Bond Grade Bond Property

Fund Fund* Fund** Fund**

USD USD GBP USD

Fees incurred during the period ended 30/06/2012 Class A Management Fees (640,015) (285) - -

Class A (EUR) Management Fees (2) - - - Class A (GBP) Management Fees (5,589) - - - Class A (Income) Management Fees - - (104) - Class B Management Fees (366,124) (72,763) - (831) Class C Management Fees (319,460) (320,135) - (85,303) Class D Management Fees (96,866) - - - Class F Management Fees (847) - - - Class F (GBP) Management Fees (1,074) - - - Class P Income Management Fees - - (11,850) - Class P Accumulating Management Fees - - (2,135) - Performance Fees - - - -

(1,429,977) (393,183) (14,089) (86,134)

Fees accrued at 30/06/2012 Class A Management Fees (98,591) (47) - -

Class A (GBP) Management Fees (645) - - - Class A (Income) Management Fees - - (104) - Class B Management Fees (58,453) (14,144) - (287) Class C Management Fees (49,690) (50,449) - (15,066) Class C (GBP) Management Fees - - - - Class D Management Fees (15,535) - - - Class F Management Fees (109) - - - Class F (GBP) Management Fees (172) - - - Class P Income Management Fees - - (11,850) - Class P Accumulating Management Fees - - (2,135) - Performance Fees - - - -

(223,195) (64,640)

(14,089) (15,353)

* The Sanlam Global Property Fund (formerly Sanlam Universal Bond Fund) commenced operations on 14 December 2011,

therefore no comparative information is available. ** The SPI Strategic Investment Grade Bond Fund (formerly Sanlam Principle Monthly Income Investment Grade Bond Fund)

commenced operation on 01 March 2012; therefore no comparative information is available.


219


Management Fees (continued) The summary of fees earned by the Manager during the period indicated and outstanding accrued fees as at 30 June 2012 follows (continued):

Grindrod P-Solve Sanlam

International Inflation Strategic

Property Fund Plus Fund Cash Fund*

USD GBP USD

Fees incurred during the period ended 30/06/2012 Class A Management Fees - (389) (15,073)

Class A (EUR) Management Fees - - - Class A (GBP) Management Fees - - - Class A (Income) Management Fees - - - Class B Management Fees - (12,560) (3,962) Class C Management Fees - - - Class C (GBP) Management Fees - - - Class D Management Fees - - - Class F (EUR) Management Fees - - - Class F Management Fees - - (34,513) Class F (GBP) Management Fees - - - Class P Income Management Fees - - - Class P Accumulating Management Fees - - - Distributing Class Management Fees (1,079) - - Non-distributing Class Management Fees (88,661) - - Performance Fees - - -

(89,740) (12,949) (53,548)

Fees accrued at 30/06/2012 Class A Management Fees - (62) (2,348)

Class A (GBP) Management Fees - - - Class A (Income) Management Fees - - -

Class B Management Fees - (2,211) (565) Class C Management Fees - - - Class C (GBP) Management Fees - - - Class D Management Fees - - - Class F (EUR) Management Fees - - - Class F Management Fees - - (5,689) Class F (GBP) Management Fees - - - Class P Income Management Fees - - - Class P Accumulating Management Fees - - - Distributing Class Management Fees (172) - - Non-distributing Class Management Fees (10,176) - - Performance Fees - - -

(10,348) (2,273) (8,602)

* The Sanlam US Dollar Liquidity Fund's name was changed to Sanlam Strategic Cash Fund on 22 September 2011.


220


Some of the Sanlam Universal Funds plc sub-funds operate as master funds to some of the Sanlam Global Funds plc sub-funds. Some of the Sanlam Universal Funds plc sub-funds operate as master funds to some of the Sanlam Qualifying Investors Funds plc sub-funds. Sanlam Investment and Pensions Limited invest in the E classes of the Sanlam Global Bond Fund and the 8IP Asia Equity Opportunities Fund. Related Transactions 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 2013:

Sanlam

Sanlam

Sanlam Europe Sanlam Global World (Ex-UK) Global Property Equity Fund Equity Fund Bond Fund Fund USD USD USD USD Subscriptions: Global Equity Fund - - - - Global Best Ideas Feeder Fund - - - - Global Balanced Fund 310,000 - 1,900,000 1,000,000 Sanlam International Multi-Asset III Fund - - - - Sanlam Accel Income Fund - - - - Sanlam Institutional Bond Fund - - - - Sanlam Institutional Equity Flexible Fund - 57,835,823 - - 310,000 57,835,823 1,900,000 1,000,000

Sanlam

North Sanlam America SPI Strategic Equity Equity Investment Sanlam Allocation Tracker Grade Bond Strategic Fund Fund Fund Cash Fund USD USD USD USD Subscriptions: Global Equity Fund - 88,221,089 - - Global Best Ideas Feeder Fund - - - - Global Balanced Fund - - - 7,650,000 Sanlam International Multi-Asset III Fund - - - - Sanlam Accel Income Fund - - 963,000 - Sanlam Institutional Bond Fund - - - - Sanlam Institutional Equity Flexible Fund 67,464,401 - - - 67,464,401 88,221,089 963,000 7,650,000


221


Related Transactions (continued)

Sanlam

Emerging Sanlam Market UK Equity Equity Tracker Tracker Fund Fund USD USD Subscriptions: Global Equity Fund - 35,000,000 Global Best Ideas Feeder Fund - - Global Balanced Fund - - Sanlam International Multi-Asset III Fund - - Sanlam Accel Income Fund - - Sanlam Institutional Bond Fund - - Sanlam Institutional Equity Flexible Fund 30,343,711 - 30,343,711 35,000,000

Sanlam

Sanlam Sanlam Sanlam Global World Global Best Global Property Equity Fund Ideas Fund Bond Fund Fund USD USD USD USD Redemptions: Global Equity Fund 167,740,000 - - - Global Best Ideas Feeder Fund - 20,641,765 - - Global Balanced Fund 9,105,000 - 1,575,000 1,910,000 Sanlam International Multi-Asset I Fund - - 2,279,538 - Sanlam International Multi-Asset II Fund - - 584,628 558,682 Sanlam International Multi-Asset III Fund - - - 907,196 Sanlam Institutional Bond Fund - - 6,508,550 - Sanlam Institutional Equity Flexible Fund - - - - 176,845,000 20,641,765 10,947,716 3,375,878


222


Related Transactions (continued)

Sanlam Sanlam SIM Global

Equity World Equity Equity Sanlam Allocation Tracker Income Strategic Fund Fund Fund Cash Fund USD USD USD USD Redemptions: Global Equity Fund - - 1,749,419 - Global Best Ideas Feeder Fund - - - - Global Balanced Fund - - - 1,160,000 Sanlam International Multi-Asset I Fund - - - - Sanlam International Multi-Asset II Fund - 2,143,954 - - Sanlam International Multi-Asset III Fund - 2,026,829 - - Sanlam Institutional Bond Fund - - - - Sanlam Institutional Equity Flexible Fund 15,104,100 - - - 15,104,100 4,170,783 1,749,419 1,160,000


223


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 2012:

Sanlam

Sanlam World World Equity

8IP Asia Equity

8IP Asia Pacific

Equity Tracker Opportunities Equity Fund Fund Fund Fund USD USD USD USD Subscriptions: Global Equity Fund 80,659,500 76,386,723 194,000 1,584,386 Global Best Ideas Feeder Fund - - - - Global Balanced Fund - - - - Global Bond Fund - - - - Sanlam Investments and Pensions Fund - - - - Total subscriptions: 80,659,500 76,386,723 194,000 1,584,386 SIIP Sanlam Sanlam Sanlam Indian Global Global Global Opportunities Best Ideas Bond Property Fund Fund Fund Fund USD USD USD USD Subscriptions: Global Equity Fund 4,671,000 - - - Global Best Ideas Feeder Fund - 89,056 - - Global Balanced Fund - - - 6,900,000 Global Bond Fund - - - - Sanlam Investments and Pensions Fund - - - - Sanlam Institutional Bond Fund - - 245,000 - - Total subscriptions: 4,671,000 89,056 245,000 6,900,000

8IP Asia Sanlam Sanlam Pacific Global Global Equity Best Ideas Bond Fund Fund Fund USD USD USD Redemptions: Global Equity Fund 713,386 - - Global Best Ideas Feeder Fund - 3,860 - Global Balanced Fund - - 7,200,000 Sanlam Institutional Bond Fund - - 9,260,821 Total redemptions: 713,386 3,860 16,460,821

6 Efficient portfolio management

The Funds may enter into forward foreign currency contracts for efficient portfolio management. 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. The primary purposes 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.


224

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2013 6 Efficient portfolio management (continued)

Hedging is used by the Funds to limit or control risks, such as adverse movements in exchange rates and interest returns. Return enhancement can be accomplished through the use of futures in the Funds. Interest rate swaps are used for hedging against adverse movements in interest rates. By purchasing certain instruments, the Funds may more effectively achieve the desired portfolio characteristics that assist the Funds in meeting their investment objectives. Details of the net unrealised gain/(loss) on open forward foreign currency exchange contracts, if any, is disclosed in the schedule of investments of each Fund.

7 Soft commissions

During the period Investment Manager and connected persons to the Sanlam Universal 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.

8 Contingent and cross liability of funds The Directors are not aware of any such existing or contingent liability at 30 June 2013. The Company’s amended Articles provide for segregated liability between the various Funds. The Companies Acts of Ireland provide for segregated liability between 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 2013, there was no cross liabilities held between the Funds.

9 Stock lending activities The Company has entered into arrangements whereby it 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. The collateral held is in a form required by the Central Bank of Ireland. Stock lending activities are conducted through JP Morgan Bank Plc, London in accordance with the terms of the Stock Lending Agreement, dated 12 March 2004, between the Company, the Manager and JP Morgan Bank Plc. Aggregate income arising from stock 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 a counterparty on cash collateral less any commissions or similar transaction costs.


225


9 Stock lending activities (continued)

The Funds received income as follows under the terms of those agreements for the period ended 30 June 2013:

8IP Asia 8IP Asia Centre P-Solve Sanlam Sanlam

Equity Pacific Global Inflation Global Universal

Opportunities Equity Equity Plus Best Ideas Bond

Fund Fund Fund Fund Fund Fund

USD USD USD GBP USD USD Income 2,084,389 691,805 1,932,759 2,780,939 28,066,901 28,912,469

Sanlam Sanlam Sanlam Sanlam SIM Global SPI Strategic

Global Global World World Equity Equity

Investment Grade

Financial Property Equity Tracker Income Bond

Fund Fund** Fund Fund Fund Fund*

USD USD USD USD USD GBP Income 22,686,778 8,071,034 132,889,344 24,136,746 695,861 5,339,604

Summary of collateral as at 30 June 2013:

8IP Asia 8IP Asia Centre P-Solve

Equity Pacific Global Inflation

Opportunities Equity Equity Plus

Fund Fund Fund Fund

USD USD USD GBP Aggregate value of securities on loan at the period end 263,494 332,702 948,793 1,373,764 Aggregate value of collateral held in respect of the loans 1,820,895 359,103 983,966 1,407,175

Collateral % 691.06% 107.94% 103.71% 102.43%


Global Global Global Global

Best Ideas Bond Financial Property

Fund Fund Fund Fund**

USD USD USD USD Aggregate value of securities on loan at the period end 13,615,571 14,245,441 11,076,244 3,873,411 Aggregate value of collateral held in respect of the loans 14,451,330 14,667,028 11,610,534 4,197,623

Collateral % 106.14% 102.96% 104.82% 108.37%


226



Summary of collateral as at 30 June 2013: (continued)

Sanlam Sanlam SIM Global SPI Strategic

World World Equity Equity Investment Grade

Equity Tracker Income Bond

Fund Fund Fund Fund*

USD USD USD GBP Aggregate value of securities on loan at the period end 64,828,188 9,998,292 339,433 2,605,905 Aggregate value of collateral held in respect of the loans 68,061,156 14,138,453 356,428 2,733,699

Collateral % 104.99% 141.41% 105.01% 104.90%


227

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2013 9 Stock lending activities (continued)

The Funds received income as follows under the terms of those agreements for the period ended 30 June 2012:

Sanlam

Sanlam World

Centre Global

World Equity 8IP Asia Equity 8IP Asia Pacific SIIP India

Equity Equity Tracker Opportunities Equity Opportunities


USD USD USD USD USD USD

Income 512,513

13,886 133,940 7,624 6,280 -

Sanlam African

Frontier Sanlam Global

Sanlam Global

Best Sanlam

Universal

Sanlam Principle Monthly Income

Investment Grade

Sanlam Global

Markets Financial Ideas Bond Bond Property


USD USD USD USD GBP USD

Income -

133,969 309,123 9,892 766 10,793

Grindrod P-Solve Sanlam

International Inflation Strategic

Property Plus Cash

Fund Fund Fund

USD GBP USD

Income - 5,320 -

Summary of collateral as at 30 June 2012:

Sanlam

Sanlam Centre World 8IP Asia 8IP Asia

World Global Equity Equity Pacific

Equity Equity Tracker Opportunities Equity

Fund Fund Fund Fund Fund

USD USD USD USD USD

Aggregate value of securities on loan at the period end 91,234,274 1,683,775 18,730,445 821,836 3,250,592 Aggregate value of collateral held in respect of the loans 97,241,206 1,803,504 19,798,982 884,821 3,478,611

Collateral % 106.58% 107.11% 105.70% 107.66% 107.01%


228



Summary of collateral as at 30 June 2012: (continued)

Sanlam

SIIP African Sanlam Sanlam Sanlam

India Frontier Global Global Global

Opportunities Markets Financial Best Ideas Bond


USD USD USD USD USD

Aggregate value of securities on loan at the period end - - 6,822,217 30,158,703 14,561,979 Aggregate value of collateral held in respect of the loans - - 7,230,613 33,519,722 14,839,898

Collateral % - - 105.99% 111.14% 101.91%

SPI Strategic

Investment Sanlam Grindrod P-Solve Sanlam

Grade Global International Inflation Strategic

Bond Property Property Plus Cash


GBP USD USD GBP USD

Aggregate value of securities on loan at the period end - 3,534,487 - 231,580 - Aggregate value of collateral held in respect of the loans - 3,749,631 - 432,733 -

Collateral % - 106.09% - 186.86% -


229


10 Fees of underlying investments

The following tables summarise the investment management fee and incentive fees paid by the Funds in which the Company held investments:

Incentive fees as a %

Investment of Net Asset Gains

Management Fees above the

Period ended 30 June 2013 as a % of Net Assets Benchmarks Absolute Insight Emerging Market Debt Fund 1.00% - Artemis Income Fund 1.50% - Artemis Strategic Bond Fund 1.00% - ASPECT UCITS FUNDS 1.50% - Cazenove Absolute UK Dynamic Fund 1.00% - Cazenove Investment Fund Company - UK Equity 0.75% - Cazenove Strategic Bond Fund 0.50% - CCP Quantitative UCITS Fund Faraday USD Class 2.00% - ETFS Brent 1Mth Oil Security 0.49% - Fidelity Institutional Funds ICVC - UK Corpor 0.35% - Finsbury High Income Fund 1.00% - First State Investments ICVC - Asia Pacific L 0.85% - GAM Star Plc Emerging Market Rates 0.15% - GLG Investments VI PLC - GLG A 2.00% - GLG Treasury Plus Fund 0.25% - Henderson Gartmore Fund United Kingdom Absolu 1.00% - Henderson UK & Europe Funds - Strategic Bond 0.60% - Henderson UK & Europe Funds - UK Equity Incom 0.75% - IFDC - Japan Dynamic Fund 0.44% - Institutional Cash Series Plc - Insti Sterlin 0.00% - Invesco Perpetual Fixed Interest - Corporate 0.75% - Invesco Perpetual UK Invest - High Income Fun 1.00% - iShares Core MSCI Emerging Markets ETF 0.18% - IShares III Plc Barclays Capital Emerging Mar 0.50% - iShares MSCI Europe Ex-UK 0.00% - iShares MSCI Japan Monthly GBP Hedged 0.64% - iShares MSCI World Islamic 0.60% - Ishares PLC-IFTSE 100 0.40% - Ishares S&P 500 Index Fund 0.00% - iShares S&P SmallCap 600 0.14% - JPMorgan Fund ICVC - Sterling Corporate Bond 0.50% - Jupiter Strategic Bond - II 0.50% - Kames ICVC - High Yield Bond Fund 1.00% - Kames ICVC - Sterling Corporate Bond Fund 0.75% - Lazard Investment Funds - Global Equity Incom 0.75% - LO Funds 1798 Europe Equity Long/Short 1.50% - M&G Corporate Bond 0.50% - Mellon Investments Funds - Newton Global High 0.75% - PFS Chelverton UK Equity Fund 0.75% - PIMCO Global Investors 0.89% - Pimco-Hi Yield Bond 0.55% - Powershares Global Fund Agriculture NASDAQ OM 0.75% -


230


10 Fees of underlying investments (continued)

Incentive fees as a %

Investment of Net Asset Gains

Management Fees above the

Period ended 30 June 2013 as a % of Net Assets Benchmarks PSigma Income Fund 0.75% - Schroder Income Maximiser Fund 0.75% - Select Equity Long/Short UCITS Sub-Fund 1.55% - Skyline UCITS Fund 1.50% - SPDR S&P 400 US Mid Cap ETF 0.30% - SPI Strategic Investment Grade Bond Fund 0.15% - Swiss Hedge Luxtrade 1.65% - Threadneedle Investment Funds - UK Equity Inc 0.75% - Trojan Investment Funds - Trojan Income Fund 1.00% - Vanguard Emerging Market ETF 0.18% - Vanguard FTSE 100 ETF 0.10% - Vanguard Investment Series - UK Government Bo 0.15% - Vanguard S&P 500 ETF 0.09% - Veritas Funds Plc - Global Equity Income Fund 0.75% -

Period ended 30 June 2012:

Investment Management Fees

as a % of Net Assets

Incentive fees as a % of Net Asset Gains

above the benchmarks

Institutional US Dollar Liquidity Fund 0.03% iShares MSCI India 0.99% - iShares MSCI Canada 0.52% - iShares MSCI EAFE Index Fund 0.34% - Alpine Global Premier Properties Fund 1.00% - CBRE Clarion Global Real Estate Income Fund 0.85% - LMP Real Estate Income Fund Inc 0.32% - Neuberger Berman Real Estate Securities Income Fund 0.07% - New Europe Property Investment PLC 1.00% - Nuveen Real Estate Income Fund 0.70% - RMR Real Estate Fund 0.85% - RMR Real Estate Income Fund 0.85% - SPDR S&P 500 ETF Trust 0.10% - Asia Pacific Leaders Fund 0.85% - Global X Uranium 0.69% - iShares Barclays Capital Emerging Market Local Government Bond Fund 0.50% - iShares Markit IBOXX Euro High Yield 0.50% - iShares MSCI World Islamic Fund 0.60% - iShares PLC-FTSE 100 0.40% - iShares S&P 500 Index Fund 0.00% - iShares S&P North American Technology-Multime 0.48% - iShares S&P SmallCap 600 0.00% - PIMCO Emerging Local Bond Fund 0.89% - Powershares Global Fund Agriculture NASDAQ OM 0.75% - Source Physical Markets Gold P-ETC 0.29% - SPDR Barclays Capital High Yield Bond 0.40% - Vanguard Emerging Markets 0.11% -


231

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2013 11 Net asset value per share

8IP Asia Equity Opportunities Fund

Period Ended Year Ended Period Ended 30/06/2013 31/12/2012 30/06/2012 Share class A

Net Asset Value USD 823,721 USD 1,350,491 USD 1,583,482 Number of Shares in Issue 1,089,002 1,608,904 2,106,940

Net asset value per share for financial statement purposes USD 0.7570 USD 0.8394 USD 0.7516 Add: IAS 39 valuation adjustment - USD 0.0018 USD 0.0025 Net asset value per share for shareholder dealing USD 0.7570 USD 0.8412 USD 0.7541

Share class A (GBP) Net Asset Value GBP 79 GBP 82 GBP 76

Number of Shares in Issue 100 100 100

Net asset value per share for financial statement purposes GBP0.7854 GBP 0.8157 GBP 0.7560 Add: IAS 39 valuation adjustment - GBP 0.0018 GBP 0.0026 Net asset value per share for shareholder dealing GBP0.7854 GBP 0.8175 GBP 0.7586

Share class C Net Asset Value USD 25,158 USD 27,813 USD 24,811

Number of Shares in Issue 27,441 27,441 27,441


Share class D Net Asset Value USD 2,890,502 USD 3,178,991 USD 1,923,668

Number of Shares in Issue 3,657,230 3,638,149 2,468,142


Share class E Net Asset Value USD 14,795,922 USD 16,296,137 USD 14,481,384




232

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2013 11 Net asset value per share (continued) 8IP Asia Pacific Equity Fund


Net Asset Value USD 850,678 USD 901,380 USD 803,875 Number of Shares in Issue 873,953 907,045 887,094




Net asset value per share for financial statement purposes GBP 0.8995 GBP 0.8596 GBP 0.8152 Add: IAS 39 valuation adjustment - GBP 0.0019 GBP 0.0026 Net asset value per share for shareholder dealing GBP 0.8995 GBP 0.8615 GBP 0.8178








233

NOTES TO AND FORMING PART OF THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS (CONTINUED) for the six months ended 30 June 2013 11 Net asset value per share (continued)



Net Asset Value USD 19,264,459 USD 19,562,593 USD 18,720,090 Number of Shares in Issue 22,501,120 22,763,652 24,333,715


Share class B Net Asset Value USD 4,501,389 USD 4,506,789 USD 3,968,781



Share class C Net Asset Value USD 35,812 USD35,825 USD 82

Number of Shares in Issue 38,863 38,863 100


Share class E Net Asset Value USD 94 USD 93 USD 83




234


11 Net asset value per share (continued)


Property Fund

Period Ended Year Ended Period Ended

30/06/2013 31/12/2012 30/06/2012 Share class Distributing



Share class Non – Distributing Net Asset Value USD 12,346,897 USD 8,484,325 USD 7,293,353




235



P-Solve Inflation

Plus Fund


30/06/2013 31/12/2012 30/06/2012 Share class A

Net Asset Value GBP 29,980 GBP 28,745 GBP 60,648 Number of Shares in Issue 19,464 19,283 42,167

Net asset value per share for financial statement purposes GBP 1.5396 GBP 1.4907 GBP 1.4383 Add: IAS 39 valuation adjustment - GBP 0.0026 GBP (0.0024) Net asset value per share for shareholder dealing GBP 1.5396 GBP 1.4933 GBP 1.4359

Share class B Net Asset Value GBP 6,153,271 GBP 5,310,857 GBP 4,575,363


Net asset value per share for financial statement purposes GBP 1.5895 GBP 1.5437 GBP 1.4846 Add: IAS 39 valuation adjustment - GBP 0.0027 GBP (0.0025) Net asset value per share for shareholder dealing GBP 1.5895 GBP 1.5464 GBP 1.4821 Share class C

Net Asset Value GBP 44,643,308 GBP 42,535,416 GBP 37,501,196 Number of Shares in Issue 38,931,958 38,061,939 34,998,903

Net asset value per share for financial statement purposes GBP 1.1461 GBP 1.1175 GBP 1.0715 Add: IAS 39 valuation adjustment - GBP 0.0020 GBP (0.0018) Net asset value per share for shareholder dealing GBP 1.1461 GBP 1.1195 GBP 1.0697


236



Sanlam African

Frontier Markets Fund


Net Asset Value USD 10,489 USD 23,322,047 USD 92 Number of Shares in Issue 9,019 21,099,125 100


Share class A (GBP) Net Asset Value GBP 60,261 GBP 52,024 GBP 84

Number of Shares in Issue 57,347 52,930 100


Share class C Net Asset Value USD 118 USD 111 USD 92


Net asset value per share for financial statement purposes USD 1.1805 USD 1.1073 USD 0.9138 Add: IAS 39 valuation adjustment - USD 0.0127 USD 0.0101 Net asset value per share for shareholder dealing USD 1.1805 USD 1.1200 USD 0.9239 Share class C (GBP)

Net Asset Value GBP 112 GBP 98 GBP 84 Number of Shares in Issue 107 100 100



237



Sanlam African

Frontier Markets Fund (continued)

Period Ended Year Ended Period Ended 30/06/2013 31/12/2012 30/06/2012 Share class D


Net asset value per share for financial statement purposes USD 1.0937 USD 1.0313 USD 0.8570 Add: IAS 39 valuation adjustment - USD 0.0118 USD 0.0095 Net asset value per share for shareholder dealing USD 1.0937 USD 1.0431 USD 0.8665 Share class G

Net Asset Value USD28,041,017 - - Number of Shares in Issue 28,336,496 - -

Net asset value per share for financial statement purposes USD 0.9896 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing USD 0.9896 - -


238



Sanlam Global

Best Ideas Fund


30/06/2013 31/12/2012 30/06/2012 Share class A


Net asset value per share for financial statement purposes USD1.7534 USD 1.7657 USD 1.6562 Add: IAS 39 valuation adjustment - USD 0.0196 USD 0.0047 Net asset value per share for shareholder dealing USD1.7534 USD 1.7853 USD 1.6609 Share class A (EUR)

Net Asset Value EUR 104 EUR 103 EUR 102 Number of Shares in Issue 112 112 111

Net asset value per share for financial statement purposes EUR 0.9310 EUR 0.9281 EUR 0.9098 Add: IAS 39 valuation adjustment - EUR 0.0103 EUR 0.0025 Net asset value per share for shareholder dealing EUR 0.9310 EUR 0.9384 EUR 0.9123

Share class A (GBP)

Net Asset Value GBP 82,970 GBP 141,149 GBP 306,381 Number of Shares in Issue 84,388 150,815 336,854






239



Share class C (GBP) Net Asset Value GBP 78,781 GBP 80,971 GBP 53,760









Sanlam Global

Best Ideas Fund (continued) Period Ended Year Ended Period Ended 30/06/2013 31/12/2012 30/06/2012 Share class C




240


Sanlam Global

Best Ideas Fund (continued)


30/06/2013 31/12/2012 30/06/2012 Share class F



Share class F (GBP) Net Asset Value GBP 17,158 GBP 16,325 GBP 90,897




241


Sanlam Global

Bond Fund







Share class C Net Asset Value USD 170,279,905 USD 154,361,646 USD 102,530,309







242







Share class A (EUR) Net Asset Value EUR 106 EUR 106 EUR 97



Share class A (GBP) Net Asset Value GBP 338,090 GBP 967,866 GBP 824,278










243



Sanlam Global

Financial Fund (continued)


30/06/2013 31/12/2012 30/06/2012

Share class C (GBP) Net Asset Value GBP 773,299 GBP 71,952 GBP 50,415


Net asset value per share for financial statement purposes GBP 1.8971 GBP 1.7800 GBP 1.6045 Add: IAS 39 valuation adjustment - GBP 0.0146 GBP 0.0095 Net asset value per share for shareholder dealing GBP 1.8971 GBP 1.7946 GBP 1.6140 Share class D


Net asset value per share for financial statement purposes USD 1.0588 USD 1.0684 USD 0.9327 Add: IAS 39 valuation adjustment - USD 0.0088 USD 0.0056 Net asset value per share for shareholder dealing USD 1.0588 USD 1.0772 USD 0.9383 Share class E

Net Asset Value USD 113 USD 113 USD 98 Number of Shares in Issue 8 8 8


Share class F Net Asset Value USD 339,658 USD 131,752 USD 25,625


Net asset value per share for financial statement purposes USD1.0058 USD 1.0184 USD 0.8936 Add: IAS 39 valuation adjustment - USD 0.0084 USD 0.0054 Net asset value per share for shareholder dealing USD1.0058 USD 1.0268 USD 0.8990

Share class F (EUR) Net Asset Value EUR 42,045 EUR 22,044 EUR 10,542




244


11 Net asset value per share (continued) Sanlam Global

Financial Fund (continued)


30/06/2013 31/12/2012 30/06/2012 Share class F (GBP)

Net Asset Value GBP 258,668 GBP 219,169 GBP 100,019 Number of Shares in Issue 224,284 200,171 100,648 Net asset value per share for financial statement purposes GBP 1.1533 GBP 1.0949 GBP 0.9938 Add: IAS 39 valuation adjustment - GBP 0.0090 GBP 0.0059 Net asset value per share for shareholder dealing GBP 1.1533 GBP 1.1039 GBP 0.9997


245





30/06/2013 31/12/2012 30/06/2012 Share class A

Net Asset Value USD 108 USD 104 USD 603,548 Number of Shares in Issue 100 100 605,867


Share class B Net Asset Value USD 750,777 USD 16,893,294 USD 38,138,749

Number of Shares in Issue 649,285 15,072,887 32,852,197

Net asset value per share for financial statement purposes USD 1.1564 USD 1.1208 USD 1.1609 Add: IAS 39 valuation adjustment - USD 0.0016 USD 0.0015 Net asset value per share for shareholder dealing USD 1.1564 USD 1.1224 USD 1.1624 Share class C Net Asset Value USD 65,571,447 USD 46,491,343 USD 7,107,667 Number of Shares in Issue 48,541,320 35,551,943 6,982,952

Net asset value per share for financial statement purposes USD 1.3509 USD 1.3077 USD 1.0179 Add: IAS 39 valuation adjustment - USD 0.0019 USD 0.0012 Net asset value per share for shareholder dealing USD 1.3509 USD 1.3096 USD 1.0191 Share class E Net Asset Value USD 85,359,546 USD 14,325,360 - Number of Shares in Issue 71,708,172 12,462,969 -

Net asset value per share for financial statement purposes USD 1.1094 USD 1.1494 - Add: IAS 39 valuation adjustment - USD 0.0017 - Net asset value per share for shareholder dealing USD 1.1904 USD 1.1511 -


246



Sanlam Strategic

Cash Fund


30/06/2013 31/12/2012 30/06/2012 Share class A


Net asset value per share for financial statement purposes USD 1.1946 USD 1.1974 USD 1.2026 Add: IAS 39 valuation adjustment - USD (0.0003) USD 0.0001 Net asset value per share for shareholder dealing USD 1.1946 USD 1.1971 USD 1.2027

Share class B Net Asset Value USD 877,230 USD 1,088,624 USD 1,706,916

Number of Shares in Issue 693,393 859,464 1,343,218




Net asset value per share for financial statement purposes USD 0.9985 USD 0.9979 USD 0.9992 Add: IAS 39 valuation adjustment - USD (0.0003) USD 0.0001 Net asset value per share for shareholder dealing USD 0.9985 USD 0.9976 USD 0.9993 Share class F

Net Asset Value USD 100 USD 99 USD 9,289,898 Number of Shares in Issue 100 100 9,333,750



247


11 Net asset value per share (continued) Sanlam World

Equity USD Fund










Share class E

Net Asset Value USD 1,159,027,490 USD 1,239,607,984 USD 1,171,872,907 Number of Shares in Issue 750,924,152 862,540,370 893,055,823



248











Net asset value per share for financial statement purposes USD 1.2293 USD 1.1375 USD 1.0412 Add: IAS 39 valuation adjustment - USD 0.0005 USD 0.0008 Net asset value per share for shareholder dealing USD 1.2293 USD 1.1380 USD 1.0420 Share class E

Net Asset Value USD 152 USD 3,758,081 USD 94,223,257 Number of Shares in Issue 101 2,532,784 69,543,924



249


Sanlam World Equity Tracker Fund (continued)

Period Ended Year Ended Period Ended 30/06/2013 31/12/2012 30/06/2012 Share class I

Net Asset Value USD 97 - - Number of Shares in Issue 100 - -


Share class I (GBP) Net Asset Value GBP 1,176 - -

Number of Shares in Issue 1,247 - -



250


SIIP India

Opportunities Fund



Net asset value per share for financial statement purposes USD 0.6848 USD 0.8013 USD 0.6893 Add: IAS 39 valuation adjustment - USD 0.0023 USD 0.0015 Net asset value per share for shareholder dealing 0.6848 USD 0.8036 USD 0.6908







Share class D

Net Asset Value USD 73 USD 84 USD 72 Number of Shares in Issue 103 104 104



251


SIIP India Opportunities Fund (continued)

Period Ended Year Ended Period Ended 30/06/2013 31/12/2012 30/06/2012





252


SIM Global Equity

Income Fund


Net Asset Value USD 4,373,387 USD 2,844,999 - Number of Shares in Issue 4,281,807 2,843,794 -


Share class C

Net Asset Value USD 10,755,014 USD 9,769,972 - Number of Shares in Issue 10,566,978 9,768,937 -

Net asset value per share for financial statement purposes USD 1.0178 USD 1.0001 - Add: IAS 39 valuation adjustment - USD 0.0066 - Net asset value per share for shareholder dealing USD 1.0178 USD 1.0067 - Share class E

Net Asset Value USD 99 USD 1,680,964 - Number of Shares in Issue 95 1,673,818 -

Net asset value per share for financial statement purposes USD 1.0406 USD 1.0043 - Add: IAS 39 valuation adjustment - USD 0.0066 - Net asset value per share for shareholder dealing USD 1.0406 USD 1.0109 - Share class I

Net Asset Value USD 291,848 USD 99 - Number of Shares in Issue 284,287 100 -



253


SPI Strategic Investment Grade Bond Fund


Share class A Accumulating Net Asset Value GBP 1,873,623 GBP 647,159 -

Number of Shares in Issue 1,798,266 611,323 -

Net asset value per share for financial statement purposes GBP 1.0413 GBP 1.0586

-

Add: IAS 39 valuation adjustment - GBP 0.0045 - Net asset value per share for shareholder dealing GBP 1.0413 GBP 1.0631

-

Share class A Income Net Asset Value GBP 2,857,679 GBP 1,777,603 -

Number of Shares in Issue 2,843,017 1,697,475 -


-


-

Share class P Accumulating Net Asset Value GBP 13,487,140 GBP 10,304,705 -

Number of Shares in Issue 12,530,920 9,453,190 -


-


Share class P Income Net Asset Value GBP 57,249,243 GBP 55,011,766 - Number of Shares in Issue 56,520,959 52,324,877 -

Net asset value per share for financial statement purposes GBP 1.0123 GBP 1.0514 - Add: IAS 39 valuation adjustment - GBP 0.0044 - Net asset value per share for shareholder dealing GBP 1.0123 GBP 1.0558 -


254


SPI Strategic Investment Grade Bond Fund (continued)


Share class P Accumulating (USD) Net Asset Value USD 71,521 - - Number of Shares in Issue 75,500 - -



255



UCITS Fund

Period Ended Year Ended

Period Ended

30/06/2013 31/12/2012 30/06/2012 Share class A (GBP)

Net Asset Value GBP 25,588 - - Number of Shares in Issue 25,648 - -

Net asset value per share for financial statement purposes GBP 0.9977 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing GBP 0.9977 - - Share class E

Net Asset Value USD 73,685,439 - - Number of Shares in Issue 74,289,880 - -



256


Sanlam Accel

Income Fund


Period Ended

30/06/2013 31/12/2012 30/06/2012 Share class A Net Accumulating

Net Asset Value GBP 1,327,026 - - Number of Shares in Issue 1,363,663 - -

Net asset value per share for financial statement purposes GBP 0.9746 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing GBP 0.9746 - - Share class A Net Income

Net Asset Value GBP 9,200,022 - - Number of Shares in Issue 9,418,495 - -

Net asset value per share for financial statement purposes GBP 0.9783 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing GBP 0.9783 - -


257


Sanlam North America

Equity Tracker Fund


Period Ended

30/06/2013 31/12/2012 30/06/2012 Share class A



Share class E


Net asset value per share for financial statement purposes USD 0.9723 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing USD 0.9723 - - Share class I


Net asset value per share for financial statement purposes USD 97.66 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing USD 97.66 - - Share class I (GBP)

Net Asset Value GBP 100 - - Number of Shares in Issue 100 - -



258


Sanlam UK Equity

Tracker Fund


Period Ended

30/06/2013 31/12/2012 30/06/2012 Share class A


Net asset value per share for financial statement purposes USD 0.9465 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing USD 0.9465 - - Share class E


Net asset value per share for financial statement purposes USD 0.9172 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing USD 0.9172 - - Share class E (GBP)


Net asset value per share for financial statement purposes GBP 0.9412 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing GBP 0.9412 - - Share class I




259


Sanlam UK Equity

Tracker Fund (continued)


Period Ended

30/06/2013 31/12/2012 30/06/2012 Share class I (GBP)




260



Equity Fund


Period Ended

30/06/2013 31/12/2012 30/06/2012 Share class A




Net asset value per share for financial statement purposes USD 0.9359 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing USD 0.9359 - - Share class E (EUR)

Net Asset Value EUR 95 - - Number of Shares in Issue 100 - -

Net asset value per share for financial statement purposes EUR 0.9461 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing EUR 0.9461 - - Share class I




261



Equity Fund (continued)


Period Ended

30/06/2013 31/12/2012 30/06/2012 Share class I (GBP)




262


Sanlam Equity

Allocation Fund


Period Ended

30/06/2013 31/12/2012 30/06/2012 Share class E




263


Sanlam Emerging Market

Equity Tracker Fund


Period Ended

30/06/2013 31/12/2012 30/06/2012 Share class B




Net asset value per share for financial statement purposes USD 0.9200 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing USD 0.9200 - - Share class I


Net asset value per share for financial statement purposes USD 0.9699 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing USD 0.9699 - - Share class I (GBP)


Net asset value per share for financial statement purposes GBP 100 - - Add: IAS 39 valuation adjustment - - - Net asset value per share for shareholder dealing GBP 100 - -


264


Sanlam Strategic

Investment Fund


Period Ended

30/06/2013 31/12/2012 30/06/2012 Share class A

Net Asset Value USD 71,579 - - Number of Shares in Issue 75,500 - -


12 Significant events during the period

J.P. Morgan Administration Services was resigned as administrator and registrar of the Company from 31 December 2012 and Sanlam Asset Management (Ireland) Limited was appointed as Administrator and registrar effective 1 January 2013.

13 Significant events since the end of the period

There were no significant events since the end of the period. 14 Off balance sheet arrangements

The Company was not party to off balance sheet arrangements for twelve months from 01 January 2013 to 30 June 2013.

15 Approval of unaudited condensed interim financial statements

The Financial Statements were approved by the Board of Directors on 28 August 2013.


265

Purchases and Sales for the period ended 30 June 2013 8IP Asia Equity Opportunities Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) Minth Group Ltd 349,581

KWG Prop Hold Ltd 339,018

TPG Telecom Ltd 319,569

China South City 300,037

China Insurance Intn 266,261

Beijing Capital Land 258,132

Giordano Intl 236,956

Yuexiu REIT 234,813

IJM Corp Berhad 212,678

Shanghai Elec Group 209,235

Bank of China 209,139

GCL-Poly Energy Hldg 201,440

NCsoft Corp 188,978

Hopewell Holdings 184,057

China Minzhong Food 177,651

Hopewell Holdings 166,171

Agile Properties 160,010

China Insurance Intn 159,840

Atlas Iron Ltd 150,488

Great Eagle 125,888 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) PING AN INSURA-H 406,878

AIA Group Ltd 352,702

Yue Yuen Industr Hld 290,603

Yanzhou Coal Mining 273,734

China Const Ba-h 266,923

AIA Group Ltd 263,675

GCL-Poly Energy Hldg 247,317

China Const Ba-h 237,322

China Resources Ent. 233,064

CHEIL INDUS INC 229,943

CNOOC Limited 228,050

TencentHoldingsLtd 214,592

IOI Corporation 210,947

Genting Singapore 205,483

China Mobile (HK) 198,760

SK ENERGY CO 194,210

LGCorp 190,653

PetroChina Co Ltd 184,556

China Overseas Land 183,225

Leighton Hldgs 180,546


266

Purchases and Sales for the period ended 30 June 2013 (continued) 8IP Asia Pacific Equity Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) TPG Telecom Ltd 276,472 Shanghai Electric Group 220,952 Bank of China 220,394 China Overseas Land 217,105 China South City 215,538 Yuexiu Reit Mtn Co Ltd 211,671 IJM Corp Berhad 200,793 Macquarie Atlas Roads Group 187,424 Beijing Capital Land Ltd 185,267 NCsoft Corp 179,700 China Insurance International Holdings Co Ltd 176,243 Hopewell Holdings Ltd 175,103 GCL-Poly Energy Holdings Ltd 168,985 Agile Properties Holdings Ltd 167,816 China Minzhong Food Corp Ltd 167,512 Minth Group Ltd 160,621 Osaka Securities Exchange 157,695 China Insurance International Holdings Co Ltd 157,280 KWG Property Holdings Ltd 142,380 Great Eagle Holdings Ltd 133,107 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) Mizuho Financial Group 412,810 Orix Corp 274,598 Genting Singapore PLC 222,307 China Construction Bank 222,211 IOI Corp 219,573 Woodside Petroleum Ltd 211,916 Yue Yuen Industrial Holdings Ltd 209,111 Orix Corp 206,436 Nomura Securities Co Ltd 203,299 China Cosco Holdings Co Ltd 202,177 SK Energy Co Ltd 192,378 Cheil Industries Inc 189,848 Kasikornbank PCL 188,399 GCL-Poly Energy Holdings Ltd 187,906 Cnooc Ltd 182,892 Fortescue Metals Group Ltd 179,045 SBI Holdings Inc 177,553 Tencent Holdings Ltd 160,944 AIA Group Ltd 155,703 Yanzhou Coal Mining Co 154,340


267

Purchases and Sales for the period ended 30 June 2013 (continued) Centre Global Equity Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) CVS Caremark Corp 418,235 Daiwa 329,985 Nomura Securities Co Ltd 297,244 Muenchener Rueckversicherungs 289,905 Mastercard Inc 262,986 Canon Inc 258,116 Imperial Tobacco Group PLC 256,934 L'oreal 238,585 Reliance Industries Ltd 234,495 Apple Inc 229,017 Cheung Kong Holdings Ltd 227,497 HDFC Bank ADR 224,611 China Shenhua Energy Co Ltd 222,078 Mediatek Inc 207,983 Companhia de Saneamento Basico 201,801 Samsung Electronics Co Ltd 199,339 Cosan SA Industria E Comercio 184,582 Turkiye Garanti Bankasi 172,243 Australia And New Zealand Bank 167,434 Danone 163,975 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) CVS Caremark Corp 473,600 Want Want China Holdings Ltd 389,466 Walt Disney Co 358,943 Whole Foods Market Inc 315,682 Home Depot 303,136 CCR SA 286,173 Allianz SE 276,084 Companhia de Saneamento Basico 270,789 Delta Electronics Inc 270,126 Intel Corp 262,350 Apple Inc 251,124 Philip Morris International Inc 243,291 Industrial & Commercial Bank of China 242,340 Banco Santander SA 237,202 Infosys Technologies Ltd 236,224 Statoil ASA 231,071 ASML Holding NV 230,446 Sap AG 229,779 Eni SpA 220,716 Common wealth Bank 220,643


268

Purchases and Sales for the period ended 30 June 2013 (continued) Grindrod International Property Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) Prologis Inc 195,823 Cubesmart 172,170 Health Care Reit Inc 167,654 Unibail-Rodamco SE 160,061 Digital Realty Trust Inc 154,242 Post Properties Inc 130,762 Glimcher Realty Trust 129,684 Liberty Property Trust 127,491 BioMedical Realty Trust Inc 120,028 Healthcare Realty Trust Inc 118,292 Glimcher Realty Trust 114,222 Regency Centers Corp 112,898 BioMed Realty Trust 110,541 Duke Realty Corp 109,944 Campus Crest Communities Inc 106,235 Macerich Co 104,897 Realty Income Corp 104,675 Realty Income Corp 103,238 Kimco Realty Corp 103,147 Kimco Realty Corp 99,298


269

Purchases and Sales for the period ended 30 June 2013 (continued) P-Solve Inflation Plus Fund Purchases Coupon Maturity Cost (USD) (being the largest 20 purchases in the period to 30 June 2013)

Institutional Cash Series

3,083,200 UK Treasury Index Linked Bond 1.75% 07/09/2022 2,529,893 Vanguard S&P 500 ETF

1,406,496

iShares Europe Ex-UK

1,226,646 iShares Europe Ex-UK

1,222,133

ishares PLC-FTSE100

1,220,283 ishares PLC-FTSE101

1,218,687

Vanguard S&P 500 ETF

1,203,705 iShares MSCI Japan Monthly

1,198,281


1,186,337 Vanguard S&P 500 ETF

1,161,125


1,087,578 Vanguard S&P 500 ETF

1,051,240

Vangrd FTSE Emerging Markets EFT

1,030,932 iShares Core MSCI Emerging Markets

1,018,373

IShares IBoxx H/Y Corp Bond

1,016,680 iShares Europe Ex-UK

971,067

Vangruad FTSE 100 ETF

911,046 Vangruad FTSE 100 ETF

908,361

iShares MSCI Japan Monthly

807,363 Sales Coupon Maturity Cost (USD) (being the largest 20 sales in the period to 30 June 2013)

iShares Europe Ex-UK

2,642,683 Vangrd FTSE Emerging Markets EFT

2,458,308

Source Physical Gold P ETC

2,233,611 iShares Markit iBoxx

1,624,683

Institutional Cash Series PLC

1,495,000 iShares S&P North American Natural Resources

1,076,908

Australia Government Bond 5.50% 15/12/2013 1,062,229 Bundesrep Deutschland 3.75% 15/07/2013 1,033,205 IShares IBoxx H/Y Corp Bond

1,015,589

Australia Government Bond 5.50% 15/12/2013 1,012,852 Source Physical Gold P ETC

981,859

Source Physical Gold P ETC

976,214 GLG Treasury Plus Fund

954,751

Pimco-Hi Yield Bond

929,000 RSA 7.50% 15/01/2014 887,463 Pimco-Hi Yield Bond

790,000

Pimco-Hi Yield Bond

559,070 Pimco Global Investment Grade Fund

527,000

iShares iii PLC

487,911 New Zealand Government Bond 6.50% 15/04/2013 477,781


270

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam African Frontier Markets Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) Guinness Nigeria PLC 12,075 United Bank for Africa 347,720 Diamond Bank PLC 157,819 Diamond Bank PLC 244,776 UBA Registrars Ltd 19,558 UBA Capital PLC 56,682 Letshego Holdings Ltd 271,533 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) West African Portland Cement Co 272,036 United Bank for Africa 259,327 United Bank for Africa 232,449 FBN Holdings PLC 216,507 United Bank for Africa 165,698 United Bank for Africa 140,000 United Bank for Africa 75,729 United Bank for Africa 75,294 United Bank for Africa 55,100 United Bank for Africa 53,286 UBA Capital PLC 43,367 United Bank for Africa 27,313 United Bank for Africa 24,329 UBA Capital PLC 18,464 UBA Registrars Ltd 11,003 UBA Registrars Ltd 8,592


271

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam Global Best Ideas Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) SPDR Trust Series 1 24,986,822 Caterpillar Inc 11,056,637 Samsung Electronics Co Ltd 9,455,629 Deere & Co 7,448,907 Nokiaan Renkaat OYJ 6,538,476 Sberbank of Russia ADR 5,834,640 Sberbank of Russia ADR 5,726,772 Samsung Electronics Co Ltd 4,616,699 Bank of Georgia 3,569,020 Sberbank of Russia ADR 3,056,573 China Construction Bank 2,947,042 American International Group 2,776,100 ICL-Israel Chemicals Ltd 2,560,752 China Construction Bank 2,529,928 Ing Groep NV 2,493,708 Potash Corp of Saskatchewan 2,468,842 Ing Groep NV 2,457,480 Bank Rakyat Indonesia 2,452,780 American International Group Inc 2,412,097 American International Group Inc 2,270,630 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) SPDR Trust Series 1 13,112,100 SPDR Trust Series 1 11,089,761 Ahold (Kon) 9,121,594 China Const Ba-h 7,930,265 Citigroup Inc 7,504,455 Sberbank of Russ GDR 5,771,220 Sberbank of Russ GDR 5,659,848 Ing Groep Nv 5,503,215 Sberbank of Russ ADR 4,864,973 Caterpillar Inc 4,389,520 Sberbank of Russ GDR 4,356,818 Bank Rakyat Indonesa 3,872,580 JP Morgan Chase & Co 3,795,496 Hana Financial 2,805,688 Amlin Plc 2,672,637 Ing Groep Nv 2,613,659 Catlin Group Ltd 2,531,333 Ahold (Kon) 2,514,799 Berkshire Hath-B 2,480,853 Ing Groep Nv 2,282,810


272

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam Global Bond Fund Purchases Coupon Maturity Cost (USD) (being the largest 20 purchases in the period to 30 June 2013)

Blackrock Investment Management UK Ltd

12,966,821 Blackrock Investment Management UK Ltd

12,001,622


8,132,463 Japan Government Bond 0.10% 15/02/2014 8,024,348 Federal National Mortgage Association 5.50% 15/04/2036 6,285,600 Federal National Mortgage Association 5.50% 15/04/2036 6,266,747 Federal National Mortgage Association 5.50% 15/02/2038 6,256,350 Federal National Mortgage Association 5.50% 15/02/2038 6,256,350 Federal National Mortgage Association 5.50% 15/06/2034 6,249,661 Federal National Mortgage Association 5.50% 01/05/2034 6,215,672 Blackrock Investment Management UK Ltd

6,197,454

Federal National Mortgage Association 5.50% 15/03/2037 6,191,180 Federal National Mortgage Association 5.50% 15/06/2034 6,180,047 Federal National Mortgage Association 5.50% 15/03/2037 6,138,788 Federal National Mortgage Association 5.50% 01/05/2034 6,124,688 Gaz Cap 3.38% 20/03/2020 5,497,281 Blackrock Investment Management UK Ltd

5,496,494



4,478,611

Buoni 4.75% 01/09/2028 3,671,206 Sales Coupon Maturity Cost (USD) (being the largest 20 sales in the period to 30 June 2013)



6,597,337

Federal National Mortgage Association 5.50% 15/04/2036 6,285,150 Blackrock Investment Management UK Ltd

6,187,332

Federal National Mortgage Association 5.50% 15/06/2034 6,180,047 Federal National Mortgage Association 5.50% 15/03./2037 6,138,788 Federal National Mortgage Association 5.50% 01/05/2034 6,124,688 Blackrock Investment Management UK Ltd

6,116,217

International Financial Institutions 3.00% 22/04/2014 5,601,837 Blackrock Investment Management UK Ltd

5,159,433


4,826,705 KFW Bank 1.88% 16/11/2015 4,583,732 Blackrock Investment Management UK Ltd

3,758,299

Japan Government Bonds 2.10% 20/12/2027 3,680,264 Blackrock Investment Management UK Ltd

3,447,350


3,446,699 Government National Mortgage Association 5.00% 15/01/2034 3,377,063 Government National Mortgage Association 5.00% 15/03/2034 3,375,609 Government National Mortgage Association 5.00% 15/03/2034 3,371,492 Government National Mortgage Association 5.00% 15/02/2034 3,370,523


273

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam Global Financial Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) JP Morgan Chase & Co 6,009,083 Commerzbank AG 5,284,406 Ing Groep NV 4,714,188 Sberbank of Russia ADR 4,584,360 Sberbank of Russia ADR 4,335,515 American International Group 3,599,063 Deutsche Bank 3,503,089 Axis Bank Ltd 3,370,305 Banco Itau Holding SA 3,196,489 Zurich Financial Services 3,106,595 Societe Generale 2,988,348 Bank of China 2,821,388 Power Financial Corp 2,773,900 China Construction Bank 2,694,439 Legal & General Group 2,557,509 Sberbank of Russia ADR 2,484,061 Resona Holdings Inc 2,319,982 Commerzbank AG 2,291,766 Commerzbank AG 2,244,500 Barclays PLC 2,241,501 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) Deutsche Bank AG 6,509,384 Hana Financial 6,248,513 Legal & General Group 5,840,293 Citigroup Inc 5,766,135 Commerzbank AG 5,474,036 Resona Holdings Inc 5,060,831 Bank Rakyat Indonesia 4,780,586 Bank of China 4,686,509 Sberbank of Russia 4,534,530 Sberbank of Russia 4,284,849 Commerzbank AG 4,012,953 Morgan Stanley 3,985,795 Unicredit Spa 3,831,431 Banco Espirito 3,716,246 Erste Group Bank AG 3,526,741 JP Morgan Chase & Co 3,485,374 Intesa Sanpaolo SPA 3,425,440 Axis Bank Limited 3,384,948 JP Morgan Chase & Co 3,349,520 Hana Financial 3,337,672


274

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam Global Property Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) Mitsubishi Estate Co Ltd 2,537,083 Mitsui Fudosan Co Ltd 2,183,887 Unibail-Rodamco SE 2,098,189 Westfield Group 1,645,468 Sun Hung Kai Properties Ltd 1,561,577 Sumitomo Realty & Development Co 1,479,169 HCP Inc 1,337,578 Health Care Reit Inc 1,312,701 Wharf Holdings Ltd 1,246,852 Ventas Inc 1,245,308 Parkway Properties Ltd 1,176,458 Seaworld Entertainment Inc 1,155,456 Westfield Retail Trust 1,117,200 Simon Property Group Inc 1,071,808 Stockland Trust 1,005,016 Icade 943,353 lEG Immobilien Management GMBH 923,867 British Land Co Ltd 923,865 Prologis Inc 901,146 lEG Immobilien Management GMBH 851,867 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) Mitsubishi Estate Co Ltd 1,272,979 West Fraser Timber Co Ltd 1,238,829 Mitsubishi Estate Co Ltd 1,053,954 DDR Corp 812,454 DDR Corp 786,528 Spirit Realty Capital Inc 781,020 General Growth Properites Inc 676,539 NVR Inc 664,809 Chambers Street Properties Inc 631,144 Spirit Realty Capital Inc 616,630 Commonwealth Properites Inc 612,883 Ryman Hospitality Properties Inc 599,899 American Realty Capital Properties Inc 580,710 Global Logistic Properties Ltd 559,658 Simon Property Group 541,086 Swire Properties Ltd 541,078 Sovran Self Storage Inc 539,460 Kerry Properties Ltd 516,232 Parkway Properties Ltd 487,934 Pulte Group Inc 484,130


275

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam Strategic Cash Fund Purchases Coupon Maturity Cost (USD) (being the largest 20 purchases in the period to 30 June 2013)

US Department of The Treasury 0.00% 25/07/2013 2,199,966 US Department of The Treasury 0.00% 25/04/2013 1,699,811 US Department of The Treasury 0.00% 27/06/2013 1,699,534 US Department of The Treasury 0.00% 25/07/2013 1,699,412 US Department of The Treasury 0.00% 29/08/2013 1,699,178 US Department of The Treasury 0.00% 26/09/2013 1,699,089 US Department of The Treasury 0.00% 28/03/2013 1,299,898 US Department of The Treasury 0.00% 30/05/2013 1,199,917 US Department of The Treasury 0.00% 27/06/2013 999,994 US Department of The Treasury 0.00% 28/02/2013 999,983 US Department of The Treasury 0.00% 25/04/2013 999,794 Daimler Group 1.95% 28/03/2014 962,075 Deutsche Bank AG London Branch

952,936

Elec & Eltek International Co Ltd 5.50% 26/01/2014 935,235 Citi group 6.50% 19/08/2013 918,414 Abbey National Treasury Services PLC 2.88% 25/04/2014 915,579 ANZ International 6.20% 19/07/2013 911,700 Volkswagen international 1.63% 12/08/2013 903,699 Paine 7.63% 15/02/2014 847,176 US Department of The Treasury 0.00% 25/04/2013 799,894 Sales Coupon Maturity Cost (USD) (being the largest 20 sales in the period to 30 June 2013)

US Department of The Treasury 0.00% 27/06/2013 1,699,793 US Department of The Treasury 0.00% 25/07/2013 1,699,705 US Department of The Treasury 0.00% 26/09/2013 1,699,316 US Department of The Treasury 0.00% 29/08/2013 1,399,660 US Department of The Treasury 0.00% 25/07/2013 1,199,955 US Department of The Treasury 0.00% 07/03/2013 999,947 US Department of The Treasury 0.00% 28/02/2013 699,968 US Department of The Treasury 0.00% 21/03/2013 549,953 US Department of The Treasury 0.00% 27/06/2013 399,985 US Department of The Treasury 0.00% 29/08/2013 299,873


276

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam World Equity Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) Express Scripts Inc 5,188,241 Biogen Idec Inc 4,794,144 Nike Inc 4,543,042 Eog Resources Inc 4,127,789 Gilead Sciences Inc 3,963,219 Express Scripts Inc 3,811,845 Philip Morris Int 3,630,237 CVS Caremark Corp 3,614,639 VeriFone Holdings Inc 3,570,368 Eldorado Gold Corp 3,479,660 Becton Dickinson and Co 3,374,115 Broadcom Corp 3,358,540 Bemis Company Inc 3,341,817 American International Group Inc 3,338,414 Steel Dynamics Inc 3,325,170 Maxim Integrated 3,314,602 NRG Energy Inc 3,299,319 Netapp Inc 3,249,147 AbbVie Inc 3,238,215 Alcoa Inc 3,227,535 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) William Hill PLC 4,632,114 Intuit Inc 4,580,896 Cognizant Technology Solutions 4,526,038 Apple Inc 4,478,351 Mastercard Inc 4,435,780 Abbott Laboratories 4,276,922 Want Want China Holdings Ltd 4,138,296 Cintas Corp 4,066,101 Sap AgG 4,003,499 Merck & Co Inc 3,949,637 Omnicom Group 3,843,198 Verizon Commercial 3,840,388 Huntsman Corp 3,686,112 Gilead Sciences Inc 3,663,882 Total System Services Inc 3,627,444 Suncor Energy Inc 3,596,641 Philip Morris International Inc 3,595,677 Robert Half International Inc 3,572,627 Varian Medical Systems Inc 3,513,884 Caterpillar Inc 3,504,753


277

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam World Equity Tracker Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) Ishares S&P 500 Index Fund 2,731,188 Ishares MSCI EAFE Index Fund 2,357,327 Ishares S&P 500 Index Fund 1,533,615 Ishares S&P 500 Index Fund 1,089,675 Ishares S&P 500 Index Fund 957,695 Ishares MSCI EAFE Index Fund 897,420 Ishares S&P 500 Index Fund 862,901 Ishares S&P 500 Index Fund 839,544 Ishares S&P 500 Index Fund 818,726 Ishares MSCI EAFE Index Fund 811,293 Ishares MSCI EAFE Index Fund 810,296 Ishares S&P 500 Index Fund 801,931 Ishares MSCI EAFE Index Fund 678,627 Ishares MSCI EAFE Index Fund 623,797 Ishares MSCI EAFE Index Fund 616,334 Ishares MSCI EAFE Index Fund 612,541 Ishares S&P 500 Index Fund 564,383 Ishares MSCI EAFE Index Fund 549,264 Ishares S&P 500 Index Fund 528,963 Ishares S&P 500 Index Fund 512,769 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) Ishares S&P 500 Index Fund 3,423,173 Ishares S&P 500 Index Fund 3,351,467 Ishares S&P 500 Index Fund 3,063,381 Ishares MSCI EAFE Index Fund 3,010,291 Ishares MSCI EAFE Index Fund 2,631,131 Ishares MSCI EAFE Index Fund 2,369,954 Ishares S&P 500 Index Fund 2,131,500 Ishares S&P 500 Index Fund 1,803,559 Ishares MSCI EAFE Index Fund 1,705,685 Ishares MSCI EAFE Index Fund 1,562,050 Ishares MSCI EAFE Index Fund 1,391,655 Ishares MSCI EAFE Index Fund 1,257,914 Ishares S&P 500 Index Fund 1,252,508 Ishares S&P 500 Index Fund 1,070,859 Ishares S&P 500 Index Fund 1,044,016 Ishares MSCI EAFE Index Fund 1,040,995 Ishares S&P 500 Index Fund 981,714 Ishares MSCI EAFE Index Fund 927,732 Ishares S&P 500 Index Fund 879,828 Ishares MSCI EAFE Index Fund 783,930


278

Purchases and Sales for the period ended 30 June 2013 (continued) SIIP India Opportunities Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) Dabur India Ltd 197,369 Hindustan Petro Corp 193,571 Jaiprakash Associates Ltd 186,309 Zydus Wellness Ltd 182,590 Shriram Transport Co Ltd 181,783 Cadila Healthcare Ltd 178,802 NTPC Ltd 153,446 Ranbaxy Laboratories Ltd 153,050 United Spirits Ltd 147,965 HCL Technololgies Ltd 147,151 Bata India Ltd 146,991 Bharat Petro Corp 146,461 Oil India Ltd 141,333 Lupin Ltd 138,409 Persistent Systems Ltd 135,686 Godrej Consumer Products Ltd 125,135 Infosys Ltd 123,476 Sun Pharmaceutical Industries Ltd 120,870 Gujarat Pipavav Port Ltd 118,562 Sobha Developers Ltd 110,729 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) Bajaj Auto Ltd 297,574 LIC Housing Finance Ltd 243,893 Acc Ltd 236,531 Cummins India Ltd 232,594 Persistent Systems Ltd 228,456 NTPC Ltd 220,767 Crisil Ltd 219,836 TTK Healthcare Ltd 212,641 Tata Motors Ltd 192,630 Tata Steel Ltd 189,353 Britannia Industries Ltd 187,652 Multi Commodity Exchange of India Ltd 184,060 Exide Industries Ltd 177,949 Jubilant Foodworks Ltd 174,439 Ranbaxy Lab Ltd 162,956 Strides Arcolab Ltd 145,425 Divi's Laborator Ltd 139,381 Gujarat Mineral Development Corp 116,567 Gujarat Mineral Development Corp 96,487 Wockhardt Ltd 84,458


279

Purchases and Sales for the period ended 30 June 2013 (continued) SIM Global Equity Income Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) Philip Morris International Inc 998,357 Micro Focus International PLC 339,035 Tattersall's Ltd 316,244 Nokiaan Renkaat OYJ 313,109 China Mobile Ltd 229,551 LCL Israel Chemicals Ltd 169,776 Sanofi 131,405 Bhp Billiton PLC 121,591 Philip Morris International Inc 97,866 Philip Morris International Inc 85,268 Imperial Tobacco Group PLC 84,052 Lockheed Martin Corp 74,893 Novartis AG 74,201 IG Group Holdings PLC 72,894 China Mobile Ltd 72,522 Reynolds American Inc 62,103 British Sky Broadcasting Group PLC 58,069 Tesco PLC 58,055 LCL Israel Chemicals Ltd 57,256 Bhp Billiton PLC 56,672 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) Altria Group Inc 992,149 China Mobile Ltd 652,482 British Sky Broadcasting Group PLC 525,451 Ahold NV 163,465 Altria Group Inc 108,452 Roche Holdings Inc 104,703 Singapore Telecommunications Ltd 102,143 LCL Israel Chemicals Ltd 90,491 Sainsbury PLC 90,104 Lexmark International Inc 77,238 Singapore Telecommunications Ltd 76,969 British Sky Broadcasting Group PLC 74,160 Lockheed Martin Corp 71,184 Roche Holdings Inc 67,868 China Mobile Ltd 67,125 Vodafone Group PLC 64,202 Vodafone Group PLC 63,528 Lilly (Eli) & Co 60,927 Ahold NV 60,332 Imperial Tobacco Group PLC 58,432


280

Purchases and Sales for the period ended 30 June 2013 (continued) SPI Strategic Investment Grade Bond Fund Purchases Coupon Maturity Cost (USD) (being the largest 20 purchases in the period to 30 June 2013)

UK Governement Bond 4.5% 4.50% 4,901,720 US Department of The Treasury 5.00% 07/09/2014 4,800,825 UK Governement Bond 4.5% 4.25% 4,710,560 UK Gilt Index-Linked Stock 2.50% 01/04/2020 3,761,370 US Department of The Treasury 3.60% 15/02/2021 3,612,990 ILB TSY Floating 26/07/2016 3,442,770 ILB TSY Floating 26/07/2016 2,751,280 UK TB 5.00% 07/03/2025 2,738,802 ILB UK Government 22/07/2030 2,662,824 TeleCommunication Systems Inc 4.75% 07/12/2038 2,543,900 TeleCommunication Systems Inc 4.25% 07/03/2036 2,495,218 UK Government Bond 01/03/2020 2,470,580 UK Government Bond 4.50% 07/09/2034 2,461,704 UK Gilt Ind Link 2.50% 01/07/2024 2,444,470 UK Gilt Index-Linked Stock 2.50% 01/04/2020 2,439,593 TeleCommunication Systems Inc 4.25% 01/12/2027 2,428,960 UK Government Bond 2,411,980 UK Governement Bond 4.5% 4.25% 2,374,180 UK TB 4.25% 07/06/2032 2,307,800 GE Cap 5.60% 25/04/2019 2,306,700 Sales Coupon Maturity Cost (USD) (being the largest 20 sales in the period to 30 June 2013)

UK Governement Bond 4.5% 4.50% 4,892,000 UK Governement Bond 4.25% 4.25% 4,695,640 UK Gilt Index-Linked Stock 2.50% 01/04/2020 3,744,000 ILB TSY Floating 26/07/2016 3,433,640 ILB TSY Floating 26/07/2016 2,739,992 ILB UK Government 22/07/2030 2,646,880 UK Government Bond 01/03/2020 2,484,720 TeleCommunication Systems Inc 4.25% 01/12/2027 2,466,040 UK Gilt Index-Linked Stock 2.50% 01/04/2020 2,371,200 US Department of The Treasury 5.00% 07/09/2014 2,345,926 UK Gilt Index-Linked Stock 2.50% 01/07/2024 2,311,323 TeleCommunication Systems Inc 4.00% 07/09/2016 2,242,120 European Investment Bank 3.00% 04/02/2020 2,154,123 UK Governement Bond 4.25% 4.25% 2,028,899 UK Gilt Index-Linked Stock 2.50% 01/04/2020 1,918,050 Queen Tresuryy 6.00% 21/07/2022 1,883,221 USA Treasury 3.63% 01/04/2028 1,846,230 Russia Government Bond 7.85% 10/03/2018 1,822,216 TeleCommunication Systems Inc 4.25% 01/12/2027 1,795,845 UK TB 5.00% 17/03/2025 1,788,318


281

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam Fund of Alternative UCITS Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) Absolute Insight Emerging Market Debt Fund 5,000,000 Select Equity UCITS 5,000,000 Henderson Gartmore Fund 2,750,000 Cazenove Absolute UK Dynamics Fund 2,545,039 Henderson Gartmore Fund 2,500,000 GLG Investments VI PLC 2,500,000 GLG Investments VI PLC 2,500,000 CCP Quantitative Ucits Faraday 2,500,000 Lombard Odier funds 2,500,000 Skyline Ucits Fund 2,470,443 CCP Quant Ucits Faraway 2,055,868 Swiss Hedge Luxtrade 2,020,720 GAM Star Fund PLC 2,000,000 Aspect Ucits Funds 2,000,000 Skyline Ucits Fund 1,971,171 Lombard Odier funds 1,900,000 Skyline Ucits Fund 1,884,375 Henderson Gartmore Fund 1,500,000 Absolute Insight Emerging Market Debt Fund 1,500,000 GLG Investment VI PLC 1,500,000 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) Henderson Gartmore Fund 2,000,000 Aspect Ucits Funds 2,000,000 Swiss Hedge Luxtrade 994,626 Aspect Ucits Funds - Aspect Ucits Funds -


282

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam Accel Income Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) Veritas Funds Global Equity Income 250,000 SPI Strategic Investment Grade Bond 200,000 Henderson UK Equity Income Fund 150,000 Henderson UK & Europe Funds - Strategic Bond Fund 150,000 Cazenove UK Equity Income Fund 150,000 Cazenove UK Equity Income Fund 150,000 Cazenove Strategic Bond Fund 150,000 Vanguard UK Government Bond 150,000 Invesco Perp Corp Bond 150,000 SPI Strategic Investment Grade Bond 150,000 Lazard Investment Fund Global Equity Income 150,000 Trojan Investment - Inc Fund 140,000 Trojan Investment - Inc Fund 140,000 Lazard Investment Fund Global Equity Income 140,000 Artemis Income Fund 135,000 Henderson UK & Europe Funds - Strategic Bond Fund 125,000 Veritas Fund Global Equity Income Fund 125,000 Lazard Investment Fund Global Equity Income 125,000 Cazenove Strategic Bond Fund 120,000 Vanguard UK Government Bond 120,000 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) Fidelity UK Corp Bond 40,000 Veritas Funds Global Equity Income 97,939 Invesco Perp High Income Fund 40,000 JP Morgan Funds - Global Corp Bond Fund 75,000


283

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam North America Equity Tracker Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) SPDR Trust Series 1 88,221,089 Exxon Corp 2,287,387 Apple Inc 2,280,077 Apple Inc 2,252,145 Exxon Corp 2,191,565 Microsoft Corp 1,427,793 Johnson & Johnson 1,370,690 Google Inc 1,364,676 General Electric Co 1,352,103 Microsoft Corp 1,342,039 Chevron Corp 1,337,119 General Electric Co 1,288,027 Chevron Corp 1,286,855 Johnson & Johnson 1,245,841 Procter & Gamble Co 1,233,597 Google Inc 1,222,596 International Business Machine 1,191,455 Pfizer Inc 1,189,199 International Business Machine 1,172,613 AT & T Inc 1,153,297 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) SPDR Trust Series 1 83,059,950 SPDR Trust Series 1 5,631,540 Apple Inc 2,280,077 Exxon Corp 2,191,565 Microsoft Corp 1,342,039 General Electric Co 1,288,027 Chevron Corp 1,286,855 Johnson & Johnson 1,245,841 Google Inc 1,222,596 International Business Machine 1,172,613 AT & T Inc 1,095,382 Procter & Gamble Co 1,090,434 Pfizer Inc 1,081,811 Wells Fargo & Co 1,024,607 JP Morgan Chase & Co 1,007,221 Coca-Cola Co 873,855 Philip Morris International Inc 801,550 Verizon Commercial 777,822 Citigroup Inc 759,815 Bank of America Corp 739,133


284

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam UK Equity Tracker Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) iShares MSCI Europe 20,038,987 HSBC Holdings PLC 1,618,173 HSBC Holdings PLC 1,557,701 Vodafone Group PLC 1,114,635 Vodafone Group PLC 1,113,715 BP PLC 1,046,016 BP PLC 1,038,996 Royal Dutch Shell PLC 986,675 Royal Dutch Shell PLC 977,470 GlaxoSmithKline PLC 976,551 GlaxoSmithKline PLC 976,233 British American Tobacco 847,389 British American Tobacco 844,763 Royal Dutch Shell PLC 707,645 Royal Dutch Shell PLC 699,779 Diageo PLC 599,076 Diageo PLC 591,379 Astrazeneca PLC 495,757 Astrazeneca PLC 493,340 Rio Tinto PLC 492,337 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) iShares MSCI Europe 20,235,969 HSBC Holdings PLC 1,557,701 Vodafone Group PLC 1,113,715 BP Plc 1,038,996 Royal Dutch Shell PLC 977,470 GlaxoSmithKline PLC 976,233 British American Tobacco 847,389 Royal Dutch Shell PLC 699,779 Diageo PLC 591,379 Astrazeneca PLC 495,757 Bg Group PLC 468,401 Bhp Billiton PLC 464,484 Rio Tinto PLC 463,616 Standard Chartered PLC 432,435 Barclays PLC 427,965 Unilever PLC 416,363 Sabmiller PLC 396,488 Glencore International PLC 392,328 Reckitt Benckiser 360,808 Tesco PLC 356,117


285

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam Europe (ex UK) Equity Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) iShares MSCI Europe 44,926,867

Nestle Sa-R 1,973,325


Roche Hldg-Genus 1,570,068


Novartis-Reg Shs 1,510,077


Sanofi-Aventis 1,172,212


Total SA 941,645

Total SA 934,600

Bayer AG 807,978

Bayer AG 798,034

Siemens Ag 792,599

Siemens Ag 782,644

Basf SE 777,335

Basf SE 775,891

Banco Santander SA 690,145

Anheuser-Busch InBev 684,985

Anheuser-Busch InBev 680,677 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) iShares MSCI Europe 45,037,340





Total SA 941,645

Bayer AG 807,978

Siemens Ag 792,599

Basf SE 775,891

Banco Santander SA 690,145

Anheuser-Busch InBev 684,985

Sap Ag 649,377

Allianz SE 608,186

Novo Nordisk-B 600,314

Unilever NV 589,578

UBS AG-REG 565,119

Eni Spa 535,811

Telefonica SA 527,215

BNP Paribas 522,094

Banco Bilbao Viscaya 486,917


286

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam Equity Allocation Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) iShares MSCI Europe 67,464,401 Roche Holdings Inc 2,310,589 Nestle SA 2,191,171 HSBC Holdings PLC 1,950,707 Nestle SA 1,914,520 HSBC Holdings PLC 1,844,575 Vodafone Group PLC 1,703,851 Novartis AG 1,640,416 Roche Holdings Inc 1,599,358 GlaxoSmithKline PLC 1,589,976 Novartis AG 1,493,983 BP PLC 1,332,973 Sanofi 1,272,092 Vodafone Group PLC 1,264,424 Total SA 1,254,895 Royal Dutch Shell PLC 1,245,676 BP PLC 1,203,229 Sanofi 1,148,533 GlaxoSmithKline PLC 1,135,924 BNP Paribas 1,125,030 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) iShares MSCI Europe 67,686,852 Roche Holdings Inc 2,310,589 Nestle SA 2,191,171 HSBC Holdings PLC 1,950,707 Vodafone Group PLC 1,703,851 Novartis AG 1,640,416 GlaxoSmithKline PLC 1,589,976 BP Plc 1,332,973 Sanofi 1,272,092 Total SA 1,254,895 Royal Dutch Shell PLC 1,245,676 BNP Paribas 1,125,030 British American Tobacco 1,073,939 Unilever NV 1,044,776 Sap AG 970,306 BG Group Plc 954,184 UBS AG 932,913 L'oreal 928,864 Royal Dutch Shell PLC 903,247 Siemens AG 890,795


287

Purchases and Sales for the period ended 30 June 2013 (continued) Sanlam Emerging Market Equity Tracker Fund Purchases Cost (USD) (being the largest 20 purchases in the period to 30 June 2013) iShares MSCI India 2,356,652 iShares MSCI India 2,297,366 iShares MSCI Russia 2,112,364 iShares MSCI Russia 1,983,471 Samsung Electronics Co Ltd 1,389,714 Samsung Electronics Co Ltd 1,349,502 Taiwan Semiconductor Manufacturing Co 839,481 Taiwan Semiconductor Manufacturing Co 837,025 iShares MSCI Chile 646,069 iShares MSCI Chile 623,916 China Mobile Ltd 581,320 China Mobile Ltd 579,173 China Construction Bank 538,482 China Construction Bank 534,080 Industrial & Commercial Bank of China 420,630 Industrial & Commercial Bank of China 416,035 Tencent Holdings Ltd 374,665 Petroleo Brasileiro SA 372,257 Banco Itau Holding SA 370,828 Petroleo Brasileiro SA 360,398 Sales Proceeds (USD) (being the largest 20 sales in the period to 30 June 2013) iShares MSCI India 2,297,366 iShares MSCI Russia 1,983,471 Samsung Electronics Co Ltd 1,389,714 Taiwan Semiconductor Manufacturing Co 837,025 iShares MSCI Chile 623,916 China Mobile Ltd 579,173 China Construction Bank 534,080 Industrial & Commercial Bank of China 420,630 Tencent Holdings Ltd 374,665 Petroleo Brasileiro SA 360,398 America Movil SAB de CV 356,932 Banco Itau Holding SA 351,010 Bank of China 324,262 Banco Bradesco SA Pref 312,427 Cnooc Ltd 291,825 Mtn Group Ltd 283,056 Companhia De Bebidas Das Americas 264,701 Hyundai Motor Co 263,781 Naspers Ltd 262,004 Petroleo Brasileiro SA 247,087


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Issued by Sanlam Asset Management (Ireland) Limited Beech Hill House Beech Hill Road Dublin 4 Ireland

Sanlam Universal Funds plc - 99 COMPANY XYZ LIMITED

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